Full text of Economic Indicators : August 1950
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Economic Indicators
AUGUST
1950
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1950
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
JOSEPH C. O'MAHONEY, Wyoming, Chairman
EDWARD J. HART, New Jersey, Vice Chairman
FRANCIS J. MYERS, Pennsylvania
JOHN J. SPARKMAN, Alabama
PAUL H. DOUGLAS, Illinois
ROBERT A. TAFT, Ohio
RALPH E. FLANDERS, Vermont
ARTHUR V. WATKINS, Utah
WRIGHT PATMAN, Texas
WALTER B. HUBER, Ohio
FRANK BUCHANAN, Pennsylvania
JESSE P. WOLCOTT, Michigan
ROBERT F. RICH, Pennsylvania
CHRISTIAN A. HERTER, Massachusetts
THEODOBB J. KEEPS, Staff Director
GROVER W. ENSLET, Associate Staff Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
(Created pursuant to Sec. 4 (a) of Public Law 304, 79th Cong.)
LEON H. KEYSERLING, Chairman
JOHN D. CLARK
ROY BLOUGH
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT BESOLUTION [S. J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Committee on the Economic Report be authorized to issue a monthly publication entitled "Economic Indicators,"
and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the
Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint
Committee on the Economic Report; and the required number of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed
for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce
11
Contents
THE TOTAL OUTPUT OF THE ECONOMY
The Nation's Economic Budget
Gross National Product
1
2
PRICES
Consumers' Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
3
4
5
6
EMPLOYMENT
Labor Force
Non agricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries
Work Stoppages
7
8
9
10
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Weekly Production—Selected Indicators
Production of Selected Manufactures
New Construction
New Housing Starts
Expenditures for New Plant and Equipment
New Corporate Security Issues
Inventories and Sales
Merchandise Exports and Imports
11
12
13
14
15
16
17
18
19
PURCHASING POWER
National Income
Corporate Profits
Personal Income
Consumer Income, Spending, and Saving
Personal Consumption Expenditures
,
Per Capita Income
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
Farm Income
»
Consumer Credit
,
20
21
22
23
24
25
26
27
28
29
MONEY, BANKING, AND FEDERAL FINANCE
Bank Loans and Investments
Money Supply
Federal Cash Receipts From and Payments to the Public
30
31
32
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC BUDGET
Consumer income and saving in the 1st half of 1950 were substantially higher than in 2nd half of 1949, due
in part to payment of the National Service Life Insurance dividend. This payment ($5.2 billion at an annual
rate) more than accounted for the Government cash deficit in the 1st half of 1950,
BILLIONS OF DOLLARS
ANNUAL RATES, SEASONALLY ADJUSTED
50
100
I960,
FIRST HALF
BUSINESS
1949,
SECOND HALF
1950,
FIRST HALF
INTERNATIONAL
1949,
SECOND HALF
I960,
FIRST HALF
GOVERNMENT
(Federal, state, and lacot)
1949,
SECOND HALF
Tfdflsfif (
1950,
FIRST HALF
EXCESS
OF RECEIPTS (+), EXPENDITURES (-)
{949, SECOND HALF
1950,-P'lRST HAUF
-25
CONSUMERS
BUSINESS
INTERNATIONAL
GOVERNMENT (Federal, stote.ond local
!/
TRANSFER PAYMENTS ARE INCLUDED IN RECEIPTS OR EXPENDITURES Of THE SEPARATE ACCOUNTS-BUT NOT IN THE TOTAL GROSS NATIONAL PRODUCT,
NOTE: SEE PAGE 2 FOR THE NATIONS ECONOMIC BUDGET TOTAL (GROSS NATIONAL PRODUCT)
SOURCE:
ECONOMIC REPORT.OF THE PRESIDENT, JULY i960, APPENDIX A.
COUNCIL OF ECONOMIC ADVISERS
GROSS NATIONAL PRODUCT
Gross national product rose $7.4 billion (annual rate) from 1st to 2nd quarter 1950 to a
peacetime high of $268 billion, The chief factor in the rise was an increase of $4.4 billion,
or about 13 percent, in gross private domestic investment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
ANNUAL RATES, SEASONALLY ADJUSTED
ANNUAL TOTALS
GROSS NATIONAL PRODUCT
'ERSONAL CONSUMPTION EXPENDITURES
GROSS PRIVATE DOMESTIC INVESTMENT
***••»»•••••»•••••••••<
GOVERNMENT" PURCHASES OF GOODS AND SERVICES'
NET FOREIGN INVESTMENT"
I
I
I
I
I
I
I
1
I
1950
SOURCE: DEPARTMENT OF COMMERCE ,
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total gross
national
product
Period
1939
1944
1946 _
1947
1948__
1949
91. 3
213. 7
211. 1
233. 3
259. 1
255. 6
_
Personal
private Net foreign
consump- Gross
domestic
tion expen- investment
investment
ditures
67. 5
111. 6
146. 9
165. 6
177. 4
178. 8
9. 9
7. 7
28. 7
30. 2
43. 1
33.0
0. 9
— 2. 1
4. 6
8. 9
1. 9
.4
Government
purchases of
goods and
services
13. 1
96. 5
30. 9
28. 6
36. 6
43. 3
Annual r ates, seasonall 7 adjusted
1949: First quarter
Second quarter
Third quarter
Fourth quarter
_ _
1950: First quarter
Second quarter * _ __
258.
255
254
253.
8
2
4
8
262. 5
269. 9
4
4
o
6
37. 5
31 3
32 1
31 2
1. 0
1 3
1
—.7
42. 9
44 3
43 2
42. 8
182 4
184 5
40 5
45. 9
1. 9
—2. 0
41. 4
41. 4
177
178
179
180
* Revised estimates, based on additional data, became available after chart was prepared.
NOTE.—Detail will not necessarily add to totals because of roiuiding.
Source: Department of Commerce,
PRICES
CONSUMERS' PRICES
In June, consumers' prices continued the relatively marked upward movement begun in
May. Food prices rose sharply and rents moderately, while other prices changed little.
A partial survey indicates a further rise of 2 to 3 percent in food prices between
June 15 and July 15.
PERCENT OF 1935-39 AVERAGE
PERCENT OF 1935-39 AVERAGE
220
22Q
[
|
1939 40
.[
(
41
42
t
[
43
|
[
|
(
I
I
I
!
I
I
I
I
I
I
I
I
)
I
I | K
I
I
I
I
I
I
I
t
I
I
I f
t I
J
I
t ... I
I
I
I
It
44
1940
SOURCE; DEPARTMENT OF LABOR
[1935-39=100]
Period
1940 monthly average
1942 monthly average
1943 monthly average
1944 monthly average
1945 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: May 15
June 15
July 15___
August 15
..
September 15
October 15 _
November 15
December 15
1950: January 15
_>
February 15
March 15
April 15
May 15
June 15
All items
100.2
116.5
123.6
125.5
128.4
139.3
159.2
171.2
169. 1
169 2
169. 6
168. 5
168. 8
169. 6
168 5
168 6
167. 5
166. 9
166. 5
167. 0
167 3
168. 6
170 2
Food
96.6
123.9
138.0
136. 1
139. 1
159.6
193.8
210.2
201.9
202 4
204 3
201. 7
202 6
204 2
200 6
200 8
197. 3
196. 0
194 8
196. 0
196 6
200 3
204 6
NOTE.—Prices are for moderate-income families injarge^cities.
Source: Department of Labor.
Apparel
101.7
124.2
129.7
138.8
145.9
160.2
185.8
198.0
190. 1
191 3
190. 3
188. 5
187. 4
187 2
186 8
186 3
185. 8
185. 0
184 8
185. 0
185 1
185 1
185 0
Rent
104.6
108.5
108.0
108.2
108.3
108.6
111.2
117,4
120. 8
120 4
120. 6
120. 7
120. 8
121. 2
121 5
122 0
122. 2
122. 6
122. 8
122. 9
123. 1
123. 5
123 9
Fuel, electricity, and
refrigeration
House furnishings
99.7
105.4
107.7
109.8
110. 3
112.4
121. 1
133.9
137.5
135.4
135. 6
135. 6
135.8
137. 0
138. 4
139. 1
139. 7
140. 0
140. 3
140. 9
141.4
138. 8
138. 9
100.5
122.2
125.6
136.4
145.8
159.2
184.4
195.8
189.0
189.5
187. 3
186. 8
184.8
185. 6
185. 2
185. 4
185. 4
184. 7
185.3
185.4
185. 6
185.4
185. 2
Miscellaneous
101.1
110. 9
115.8
121.3
1241
128.8
139.9
149.9
154.6
154.5
154.2
154.3
154.8
155.2
155.2
154.9
155.5
155.1
155.1
155.0
154.8
155.3
155.3
WHOLESALE PRICES
Wholesale prices rose sharply following the Korean outbreak, with farm and food prices
leading the trend at first. More recently, industrial prices have also shown large rises.
PERCENT OF 1926 AVERAGE
200
PERCENT OF 1926 AVERAGE
220
i i 11 i i i i ! i i i i I i i i i i i i i i i I i i i i r I
LATEST DATA PLOTTED :
[1926=100]
Period
All commodities
Farm products
Foods
Other than
farm products and foods
1942 monthly average_
1946 monthly average.
1947 monthly average.
1948 monthly average.
1949 monthly average.
98.8
121.1
152. 1
165. 1
155.0
105.9
148.9
181.2
188.3
165.5
99.6
130.7
168.7
179. 1
161.4
95.5
109.5
135.2
151.0
147.3
1949: June
July
August
September
October
November
December
154.5
153.6
152.9
153.5
152.2
151.6
151.2
168.8
166.2
162. 3
163. 1
159.6
156.8
154.9
162.4
161.3
160. 6
162.0
159.6
158.9
155.7
145. 1
145.0
145.3
145.0
145.0
145.4
1950: January
February
March
April
May
June J
151. 5
152.7
152.7
152. 9
155.9
157.3
162.2
154.7
159. 1
159.4
159.3
164. 7
165.9
175.9
1548
156,7
155.5
155.3
159.9
162. 1
171.3
145.8
145.9
146.1
146. 4
147.6
148.8
150.7
159. 0
161.9
163.3
163.7
165.3
165. 5
171.3
176.3
176.9
177.0
179. 2
177.5
165.2
171. 9
175.4
173.8
175. 2
174.7
149. 0
149. 9
150. 6
151. 7
153.4
154.4
July _ . _ _ _ _ _ _ _ _
Week ended:
1950: July 4
11
18
25
August 1
1
Estimates based on change in weekly data.
Source: Department of Labor.
145.5
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers advanced 16 points from June 15 to July 15, as prices for most agricultural 'commodities advanced. Prices paid rose 1 point.
PERC ENT
350
OF 1910-14 AVERAGE
PERCENT OF 1910-14 AVE RAGE
350
MONTHLY AVERAGE
PRICES RECEIVED
%
300
300
^'\.
f'\
//
250
1
:
—T^—
%
IL B ;
^ ^* c ^^^
PRICES PAID
AND WAGE RATES)
250
200
200
(^
ISO
150
-^/^—^
^>
100
N^*-*-*-^*^-^
—J**^
Jt
100
PARITY RATIO*
50
50
1
0
1939
1
40
41
I
1
1
1
1
42
43
44
45
46
1
47
1
48
i Mii 1iit it
1
1
1
1 1
1 1
1 1
1
L 1
i i j i j J_L_i_i_L_L_
49
1950
1949
1948
•5
C UNC L EC
[1910-14=100]
Prices paid by
farmers (includPrices
ing interest, Parity ratio *
received
taxes, and
by farmers
wage rates)
Period
1939 monthly average. .
•„.
1 942 monthly average
1944 monthly average
.......
1946 monthly average
1 947 monthly average
1948 monthly average
1949 monthly average
..
1949: June 15
~
Julv 15 _ „.
August 15
September 15
October 1 5
.. _ » _ _
November 15
_
December 15 ~ _ _ _
1950: January 15
Februarv 15 _ March 15
April 15
May 15
June 15
July 15
_ _ _
1
2
1946.
71131—50
.
-_-
_.. _
...
__
2
2
196
234
275
285
249
123
152
182
207
240
259
250
77
104
108
113
115
110
100
249
246
244
247
242
237
233
252
250
249
248
246
245
246
99
98
98
100
98
97
95
235
237
237
241
247
247
263
249
248
250
251
254
255
256
94
96
95
96
97
97
103
95
158
Ratio of index of prices received to index of prices paid, interest, taxes, and wage rates,
Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June
Source: Department of Agriculture.
O
STOCK PRICES
Stock prices for industrials recovered, during July, part of the drop which occurred after
the Korean outbreak. Railroad stocks rose to new 1950 highs while utilities fell to their
lows for the year.
PERCENT OF 1935-39 AVE RAGE
175
PERC ENT OF 1935-39 AVERAGE
175
WEEKLY AVERAGE
150
A-
INDUSTRIALS
x
^X
,%/
UJA
jfy\
VA /*\
\ ,a/tKAvL
*\\ / / /
InA^r r±J ^\
125
^
VW ..4
/A\A
a / V \
1!
100
\A
^
-.\i VT^
* r \ . - ' ' S RAILROADS \
U /
'\s«
\
vx^'x
//
W
^.
,'rfl
^y^Y
%f
v^x*
s ***».> -0^X1^ '
UTILITIES
100
w
\r
f
75
125
f
V-^v*.
COMPOSITE INDEX
A
150
75
50
50
.1
"i
1
1
I
t
1
1
!
?
1
I
J
939 40 41 42 43 44 45 46 47 48 49
1 1
! t 1_ 1 I 1 J, J 1 '
1948
II
t I !
1 1 1 1 1
1 j
1
1
1
1
1949
1 1 1
I I I
I 1 0
1950
SOURCE: STANDARD AND POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
[1935-39=100]
Composite
index l
Period
Weekly average:
1939
1942 _
1946
-_
1948
1949— _
1949: June
July
August
September
October
November
December
1950: Januarv
February
March __
April
Mav
June
July
„__
__
__
_
__
_ .
__
__
_
-LX«,J__
Week ended:
1950: July 5
_ _
12
19
• _ _. ^_:
_ „__ _
26 ._
_..
Ansrnst 2 _
_
Industrials
94. 2
69. 4
139. 9
124. 4
121. 3
94 g 71. 3
143. 4
130. 6
127. 5
112. 0
117. 8
121. 8
123. 8
127. 3
129. 1
132. 7
135.
136.
138.
141
146
147.
138.
1
7
8
8
9
7
2
140. 9
134 3
138. 8
138. 9
143. 5
Railroads
74. 7
66. 1
143. 0
114. 7
96. 4
98. 6
61. 3
120. 2
96. 2
97. 5
117.0
123. 8
128. 0
130. 3
134. 4
136. 5
140. 3
88. 4
90. 6
94. 2
95. 1
97. 6
96. 2
101. 0
93. 0
95. 4
98. 5
100.0
101. 2
102. 6
104. 1
142. 6
144. 4
146. 5
150. 0
156. 1
157. 6
147. 2
107.
107.
108.
109.
109.
107.
109.
8
2
5
5
7
1
7
105.
107.
109.
111.
112.
111.
103.
8
4
6
0
8
5
0
150.
142.
147.
147.
153.
102.
104.
111.
120.
119.
5
7
4
1
0
106.
101.
103.
101.
102.
2
2
2
3
8
4
9
8
9
6
- -
Utilities
1
Composite index prior to June 23,1948, was based on 402 common stocks, and included 354 industrials, 20 railroads, and 28 utilities; thereafter,
416 common
stocks are represented, with 365 industrials, 20 railroads, and 31 utilities.
3
Data became available after chart was prepared.
Source: Standard & Poor's Corporation.
EMPLOYMENT
]
LABOR FORCE
Nonagricultural employment rose in July as school-age persons found jobs. Agricultural employment,
however, dropped because of bad weather. There was a slight decrease in unemployment. The survey
week ending July 8 was too early to reflect much of the impact of the Korean outbreak.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
70
UNEMPLOYMENT
\
B
60
50
"
40
"
30
_
B
U
%m
%
**t
TOTAL
LABOR FORCE
>?*•-
60
mm^Mm%^%^^
«
A6R cu
' <50
" "
•
m
~
-
-
40
30
NONAGR CULTURAL EMPLOYMENT
20
-
10
-
-
i 1 ! 1 f ! I f t i i
0
PERCENT
20
-
I $ i t t 1 i f t l i
_L_U__1_1^L 1 i
I 1 1
-
20
-
1 0
n
PERCENT
2O
i
i i M r - M D i r>vft/irMT - nrnrriMT r\r r\\n\ I A M i A RAD pr»F?r-F
1 5
10
-
5
-
r^m
0
1939
1944
mm -
|11| |tij [;|ij
1947
1948
-
.
1939
1944
1947
1948
1949
monthly
monthly
monthly
monthly
monthly
average :_•
average
average
average
average
55, 600
65, 890
61, 608
62, 748
63, 571
S^^rr^-^
:::::::^:::::::ji:;::-:::i(::::::::j:;:::;:^;S;J;:> |
'Wmm/fMmMmmi/i/M:,
A
A
s o
5
|
|
l949
Total
civilian
labor
force
Thousands of persons,
370
55, 230
54, 630
11, 260
1,440
60, 168
61, 442
1,306
1,466
62, 105
0
l950
Civilian labor force
Armed
forces
( |
o
l948
MONTHLY AVERAGE
Period
10
-^^^^^^^
1949
Total labor
force (including
armed
forces)
15
-
Employment 1
Agricul- NonagriTotal
tural
cultural
Unemployment
Unemployment as percent of total
civilian
labor force
14 years of age and over
36, 140
9, 610
45, 750
45, 010
8, 950
53, 960
8,266
49, 761
58, 027
7,973
51, 405
59, 378
50, 684
8,026
58, 710
9, 480
670
2, 142
2,064
3,395
17.2
1.2
3.6
3.4
5. 5
1949: June
July
_ _
August _ __ _
September
October
November
December .
64, 866
65, 278
65, 105
64, 222
64, 021
64, 363
63, 475
1,468
1,463
1,468
1,459
1,445
1,436
1, 430
63,
63,
63,
62,
62,
62,
62,
398
815
637
763
576
927
045
59, 619
59, 720
59, 947
59,411
59, 001
59, 518
58, 556
9, 696
9,647
8,507
8, 158
7,710
7, 878
6, 773
49, 924
50, 073
51, 441
51, 254
51, 290
51, 640
51, 783
3, 778
4,095
3, 689
3, 351
3,576
3,409
3,489
6.0
6.4
5.8
5.3
5.7
5.4
5.6
1950: January
February
March
April _ _
May
"
June _
July
62, 835
63, 003
63, 021
63, 513
64, 108
66, 177
65, 742
1,408
1, 366
1,346
1, 330
1,320
1,311
1, 315
61, 427
61, 637
61, 675
62, 183
62, 788
64, 866
64, 427
56, 947
56, 953
57, 551
58, 668
59, 731
61, 482
61, 214
6, 198
6, 223
6, 675
7, 195
8,062
9, 046
8, 440
50, 749
50, 730
50, 877
51,473
51, 669
52, 436
52, 774
4,480
4, 684
4; 123
3, 515
3, 057
3, 384
3, 213
7.3
___
7.6
6.7
5.7
4.9
5.2
5.0
1
Includes part-time workers and those who had jobs but were not at work for such reasons as vacation, illness, bad weather, temporary lay-off, and industrial
disputes.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source; Department of Commerce.
NONAGRICULTURAL EMPLOYMENT - SELECTED INDUSTRIES
Manufacturing employment rose by 230,000 in June, the greatest June rise since 1946
Employment in contract construction increased considerably more than usual, and employment
in trade showed a larger than seasonal increase.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
9 0
80
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
1948
r
J
F
M
A
M
J
J
A
S
O
N
D
i
J
i
F
i
M
i
A
M
J
J
A
S
O
N
D
CONTRACT CONSTRUCTION
I
I
1
!
1
1
1
1
1
1
~1
SOURCE: DEPARTMENT Or LABOR
[Thousands of wage and salary workers *]
Manufacturing
Period
Total
1939 monthly average
1943 monthly average.
1946 monthly average
1947 monthly average
1948 monthly average. _
1949 monthly average
1949: May-... _
June
July
__,
August
September
October. _
November.
December.
1950: January .
February .__ „
March
April 33
May 3
June
_
10, 078
17, 381
14, 461
15, 247
15, 286
14, 146
13, 877
13, 884
13, 757
14, 114
14,312
13, 892
13, 807
14, 031
13, 980
13, 997
14, 103
14, 167
14, 416
14, 645
Contract
construction
Durable Nondurgoods able goods
Trade
5,394
6,304
6,722
6,874
6,970
6, 681
6,436
6,492
6, 502
6,812
•6,903
6,906
6,757
6,728
6,638
6, 673
6, 685
6,613
6,605
6, 684
6,705
7,322
8,815
9, 196
9,491
9,438
9, 342
9, 336
9,220
9, 213
9,409
9,505
9,607
10, 156
9,246
9,152
9,206
9, 338
9, 333
9,396
4,683
11,077
7,739
8,373
8,315
7,465
7,441
7,392
7, 255
7, 302
7,409
6, 986
7,050
7,303
7, 342
7,324
7,418
7, 554
7,811
7,961
1, 150
1,567
1,661
1, 982
2, 165
2, 156
2, 137
2,205
2, 277
2,340
2, 341
2,313
2,244
2,088
1, 919
1,861
1,907
2, 068
2,234
2,397
Finance
and
service
Government
(Federal,
State,
local)
Transportation
and
public
utilities
4, 610
5, 187
5,994
6,427
6, 515
6,544
6, 567
6,608
6, 631
6,616
6, 604
6, 561
6, 534
6,508
6,473
6, 473
6,499
6, 560
6,604
6,654
3,987
6,049
5,607
5,454
5,613
5,813
5,813
5,803
5,738
5, 763
5,893
5,866
5,783
6,041
5,777
5, 742
5, 769
5, 915
.5, 900
5, 832
2, 912
3,619
4, 023
4,122
4, 151
3,977
4,021
4,031
4,007
3, 992
3,959
3,871
3,892
3,930
3,869
3, 841
3,873
3,927
3,887
4,000
Mining
845
917
852
943
981
932
974
968
943
956
948
593
917
940
861
595
938
938
938
941
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked or received pay during the pay period ending nearest
the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 6) which include proprietors, self
employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are based on an
enumeration
of population, whereas the estimates in this table are based on reports from employing establishments.
2
Not available.
3 Preliminary estimate.
•
Source: Department of Labor.
8
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek for durable goods manufacturing was 'X2 hour longer in June as record
construction and automobile production continued. It was also X2 hour longer in nondurable manufacturing, chiefly because of seasonal expansion in some industries.
HOUf *S PER W E E K
HOURS PER WEEK
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
42
42
^^K^A^V
40
_/
40
\^^
38
38
36
36
34
34
1 1 | 1 1 1 1 ! 1 1 1
0
1947
1 II 1 1
II I 1 1
M 1 M 1 1 M
1949
1 I
M 1 II I 1 1! 1 I
1949
0
40
40
v^N/1v-x
TM , , 1 , , , , ,
1947
r^rv
h\X
M
1 1 1 1 1
1 1 1 1 1
U 1 LJ_L1 1 1 I 1 J L 11 1 1 1 1 1 I I
1948
1949
1950
1
1 ..
M,M
. . .
1949
1948
^\^-S\^Sf ^<^sr—
38
/
36
\/
V
34
0
^.
RETAIL TRADE
42
36
iii 1iii i
1947
BUILDING CONSTRUCTION
*
i
1950
42
38
^^^^
34
M . MI , M
,7
1950
0
1 M
1 1 1 M
1947
M 1
M i l l
M i l !
1948
I l 1 M
! 1 1 1 1
1949
M M 1 1 M M 1
1950
•>
[Hours per week, selected industries :
Manufacturing f
Period
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average —
1949: May . _
June
July „
August
September...
October
.
November
December
1950: January . .
.„ _
February
March
April 83
May
June 3
1
Total
_
. ._
__
For production and related workers.
„_ _
37. 7
44. 9
40 4
40. 4
40. 1
39. 2
38. 6
38. 8
38 8
39. 1
39. 6
39. 7
39. 1
39. 8
39. 7
39. 7
39 7
39 7
40. 0
40 5
Durable
goods
38. 0
46. 6
40. 2
40. 6
40. 5
39. 5
39. 0
39. 2
38 8
39.3
39. 6
39. 9
39. 0
40. 1
40. 0
40. 1
40 2
40 7
40. 9
41. 4
* Not available.
Nondurable
goods
37.4
42. 5
40. 5
40. 1
39. 6
38. 8
38. 1
38. 5
38. 7
38. 9
39. 6
39. 6
39. 3
39. 5
39. 4
39. 3
39 2
38 5
38. 9
39. 4
Building
construction
Retail trade
(2)
(2)
(2)
(2)
(2)
(2)
37. 3
36. 7
37.2
37. 1
37. 1
37.2
36. 5
36.9
36. 1
35. 8
34. 8
33.7
34. 5
35. 6
36. 8
(2)
(2)
(2)
40. 3
40.3
40.4
40. 3
40.5
40. 9
40.9
40. 5
40. 4
40. 1
40. 7
40.4
40.4
40.3
40.3
40. 4
^ Preliminary estimate.
Source: Department of Labor.
9
WORK STOPPAGES
Work stoppages declined moderately in June. The number of workers involved in work stoppages
decreased by 20 percent.
MILLIONS OF MAN-DAYS IDLE
20
MILLIONS OF MAN-DAYS IDLE
20
MONTHLY AVERAGE
1939 1940 1941 1942 1943
1949
1950
SOURCE DEPARTMENT OF LABOR.
Workers involved in
stoppages
Beginning
In effect
Percent of
during
in
estimated
month
period
working time (thousands)
(thousands)
1, 170
0. 28
2,360
.32
840
.05
2, 120
.09
3,470
.47
4, 600
1.43
2, 170
.41
1,960
.37
3, 030
.59
Man-days of idleness
during period
Period
1939
1941
1942
1944
1945
1946
1947
1948
1949
1949: May ___
June
July
August
September. _ _
October
November.
December
1950: January 1 1
February
March 1
April i_._
May l*
June
1
Preliminary estimate.
10
Monthly
average
(thousands)
1,483
1, 917
348
727
3, 167
9,667
2,883
2,842
4,208
Number of stoppages
Beginning
in
period
In effect
during
month
2,613
4,288
2, 968
4,956
4,750
4, 985
3, 693
3, 419
3,606
3,430
4,470
2, 350
2, 140
6, 270
17, 500
6,270
1,350
.49
.61
.35
.27
.87
2. 49
.93
. 19
231
572
110
134
507
570
57
46
309
673
249
232
603
977
914
417
449
377
343
365
287
256
197
170
678
632
603
643
536
475
388
323
2, 600
7, 850
3, 750
3, 150
3,000
2,750
.38
1. 27
.49
.47
.40
.36
185
75
80
160
325
260
300
515
530
300
500
400
225
210
260
400
450
425
340
325
400
550
650
650
Source: Department o^Labor.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production in July remained at the postwar peak reached in June, according to preliminary
estimates of the seasonally adjusted index. Output of durable goods rose slightly^ mining fell.
PERCENT OF 1935-39 AVERAGE
400
[
1939 40
41
I
42
PERCENT OF 1935-39 AVERAGE
400
I
43
I
I
44
45
I
46
I
47
48
I
i
i
i
I
i
I
i
i
i
I
I
i
i
I
I
I
49
C O U N C I L OF ECONOMIC ADVISERS
[1935-39=100, seasonally adjusted]
Period
1943 monthly average
1946 monthly average __ _ _
1947 monthly average
1948 monthly average...
1949 monthly average
1949: May~
June
July
August
September
October
November
December _
1950: January1 .
February *
March
.,
April-. . „
May 1_ _
_
June
July 1
1
Preliminary estimate.
Total
industrial
production
239
170
187
192
176
174
169
161
170
174
166
173
179
183
180
187
190
195
199
199
1Manufactures
Total
258
177
194
198
183
179
175
168
178
184
176
179
188
192
192
194
199
203
207
207
Durable Nondurable goods
goods
176
360
165
192
172
220
177
225
202
168
161
201
161
194
154
185
165
193
172
199
177
175
177
181
176
203
179
209
180
207
181
211
180
222
181
231
183
236
182
238
Minerals
132
134
149
155
135
145
133
123
129
119
112
141
132
130
118
144
140
145
151
148
Source: Board, of Governors of the Federal Reserve System.
11
WEEKLY PRODUCTION - SELECTED INDICATORS
Production of many industries dropped during early July because of the holiday and vacations.
By the end of the month, steel and automobiles had recovered part of their drop but were
below their previous record rates. Electric power exceeded its previous peak.
MILLIONS OF TONS
BILLIONS OF KILOWATT HOURS
3
7.0
SOURCES; AMERICAN IROf4 AND STEEL INSTITUTE, EDISON ELECTRIC INSTITUTE, DEPARTMENT OF THE INTERIOR, WARD'S AUTOMOTIVE REPORTS.
St 3d
Period
Thousands of
net tons
Electric power,
by utilities
(millions of
kilowatt-hours)
Percent of
theoretical
capacity J
Bituminous
_,_ _i
coal
(thousands of
short tons) 2
Cars and
trucks
(number)
Weekly average:
1947
1948
1949
1 628
1 695
1 496
93 0
94. 1
81 0
4 821
5 300
5 500
2 058
1 948
1 418
92 163
82, 340
120, 350
Week ended:
1949: July 2 _ _ _
9
16__
23
30
August 6
13
1 473
1 128
1 434
1 444
1 502
1 499
1 517
79
61
77
78
81
81
82
5
4
5
5
5
5
5
410
982
342
462
518
466
530
217
983
1 151
1 213
1 276
1 254
1 328
137
111,
149
153,
136
142
140,
802
793
380
090
507
346
147
1950: July !.._
8
15__
22___
29
August 5_
12___
1 929
1 765
1 830
1 895
1, 893
1 920
1.927
101 2
92 6
96 0
99 4
99 3
99 5
99. 9
6 115
5, 380
6 006
6 186
6, 190
6 247
1 708
322
1 550
1 868
187,
128,
184
181,
185.
171,
893
056
791
156
528
502
9
2
8
3
5
3
3
i Based on weekly not ton capacity of 1,749,928 for 1947,1,802,476 for 1948,1,843,516 for 3949,1,906,268 for the first half of 1950, and increased capacity figures,
beginning July 1, 1950.
* Daily average for week.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports.
12
]PRODUCTION OF SELEC3TED MANUFACTURES
June output of metals, machinery, chemicals, and pe troleum
that in May. Lumber and cotton textiles de creasecJ.
PERC ENT OF 1935-39 AVERAGE (ADJUSTED FOR SEASONAL VARIATION)
PERC ENT OF 1935-39 AVERAGE
250
250
r\
,
AT
T
IRON A NO
S*\
200
150
A
0
350
^TEXTILES AND PRODUCTS
• i . 1 1 1 i 1 1 1T
K
l \XCHEM
300
300
H
1 ,, \f(
;\ M
l
250
r' '
200
/
150
0
1
/
NONFERROUS METALS AND PROD
44 46
48
!
250
/
1
200
/~*
Aw
1948
t 11 1 I 11 11
1949
_"
40
J \\
L
42 44
iLlM,_m
^^s.--^*—
^
^"MANUFACTURED FOOD
PRODUCTS
Ill 1 li 1 1 1 1 1 1 1 . i . i i n iTi
0
1
^
i960
LM
x/
V A
—«XS/^f
f
/ f
^
V
\ ^
150
IOO
M
r
C (VL PRODUCTS
1
f
f
/"
%
N./
1
\^
v-x
1
^ . . . . , . i , n rr; , , , i , . , i,
40 42
'
/
/»' '
I
J
IOO
"-^N
Kv
/
IOO
L
L
JJL
U~
i rrr. , 1 1 . , , i , M 1
0 n i i t . • i i i i
350
*
443
-^/"^/
t
1' ^jT\
y ^-v>>
150
\f
,,,,,!,,,,,
p(
PETROL EUN AND COAL*.
y«
00 UCTS
i
AND PRODUCTS*
^ i i i i i i . i n rTTi n 1 1 1 1 1 1
•^
1\
iV
f
V
r^ £\
//
\/ "• j:R
IOO
TT
products exceeded
and coa
46 48
1948
1949
1950
[1935-39=100, seasonally adjusted]
Durable manufactures
Period
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average.
1949: May
June__
_ _
July
August _ _
SeptemberOctober
November __
December
1950: January ~
February
March
AprilMay.
June1
1
Preliminary estimate.
71131—50
Iron and
steel
208
150
195
208
188
204
177
156
178
179
102
145
201
203
201
205
222
226
229
Nondurable manufactures
Lumber
Nonferrous Textiles
Machinery metals and
and
and
products
products products
129
131
143
145
130
126
123
115
126
132
133
147
158
144
150
156
159
158
150
443
240
276
277
234
232
225
217
216
224
226
217
227
229
237
243
251
259
264
267
157
187'
193
160
145
133
127
141
157
164
163
165
179
188
199
196
195
202
153
162
163
170
147
123
126
120
140
155
169
175
173
178
179
173
174
175
173
Petroleum Manufac- Chemical
and coal tured food
products products products
185
173
193
218
209
207
202
198
203
208
198
205
219
211
205
207
206
216
220
145
149
157
159
163
163
165
161
166
167
165
160
160
161
161
166
164
164
164
384
236
251
254
241
234
233
228
229
236
240
243
246
248
247
247
252
256
261
Source: Board of Governors of the Federal Reserve System.
13
NEW CONSTRUCTION
New construction, continuing to expand in July, was over 2.5 percent higher than a year earlier. The
July rise was relatively uniform in all categories of private construction.
MILLIONS OF DOLLARS
2,500
2,000
MILLIONS OF DOLLARS
2,500
ADJUSTED FOR SEASONAL VARIATION
2,000
TOTAL CONSTRUCTION^
1,500
1,500
1,000
1,000
PRIVATE RESIDENTIAL
(NON FARM)
OTHER PRIVATE ^^
FEDERAL, STATE, AND LOCAL
1949
I960
[Millions of dollars, seasonally adjusted]
Private construction
Total new
Total
Period
Residential
Other
construction
private
(nonfarm)
366
1939 monthly average __
223
142
683
285
1942 monthly average
142
143
1, 173
182
1944 monthly average
114
68
438
803
1946 monthly average- _ _ _ _
335
1,000
469
1, 094
526
1,386
1947 monthly average
568
1,389
1948 monthly average. _.
715
674
1, 798
1949 monthly average _ _ __
1,350
691
659
1,883
1, 309
644
1949: June
1,838
665
1,319
July _.
1,834
666
653
1, 322
676
August
646
1,853
September
1, 333
706
1,897
627
752
1,375
October
_ _ _
1, 934
623
1,428
792
November. _ _ _ _ _ _ _ _ _
1,985
636
December
842
1,471
2,039
629
1950: January
_
_ _
1, 506
2,068
863
643
February
1, 600
2, 127
956
644
March
1, 579
641
2, 167
938
April _ _
__
_._
1, 604
2, 183
957
647
May 2
1, 649
990
2,209
659
1,686
1,022
June 2 _ _ _
_ 2,254
664
1.739
Julv
2. 300
1,066
673
1981
Federal,
State, and
local l
317
888
256
197
291
409
532
529
515
531
564
559
557
568
562
527
588
579
560
568
561
1 Includes public residential construction.
Sources; Department of Commerce and Department of Labor,
2 Preliminary estimate.
NOTE.— Construction data have been revised. See May 1950 Supplement to Construction and Construction Materials. The chart has not
yet been revised to take account of the revisions.
14
NEW HOUSING STARTS
Housing starts rose moderately in June to an a l l - t i m e record of 142,000. During the first
half of this year there were 686,900 starts, compared with 449,000 in the corresponding
period last year.
THOUSANDS OF UNITS
THOUSANDS OF UNITS
200
200
SOURCE: DEPARTMENT OF LABOR
COUNCIL Of iOOWOMIIC ADVISERS
New nonfarm units started
ivioni/ii
1948
1949
1950
39, 300
42, 800
56, 000
67, 100
72, 900
77, 200
81, 100
86, 300
93, 800
94 000
79, 700
58, 800
53, 500
50, 100
76, 400
99, 500
100, 300
97, 800
95, 000
86, 700
82, 300
73 400
63, 700
52, 900
50, 000
50, 400
69, 400
88, 300
95, 400
95, 500
96, 100
99, 000
102, 900
104, 300
95, 500
78, 300
78, 700
82,900
117, 300
1
126, 000
1
140, 000
1
142, 000
849, 000
931, 600
1, 025, 100
70, 750
77, 600
85, 425
1947
January
February _ _
March
April _
May_
June
July
August
September
October
November
December. _
_ _ _ _ _
_ _ _ _ _
Total
Monthly average
1
Preliminary estimates.
Source: Department of Labor.
15
EXPENDITURES FOR NEW PLANT
AND EQUIPMENT
Plant and equipment expenditures by nonagricultural business firms rose more than seasonally in End quarter
of 1950 and were only 3 percent below the level of a year previous. Outlays in 2nd quarter by manufacturing
companies and gas and electric utilities were considerably higher than the same quarter last year.
BILLIONS OF DOLLARS
25
BILLIONS OF DOLLARS
25
TRANSPORTATION AND
:::
: : :ELEGTR1C AND GAS -x:
UTILITIES
1939
£STIMAT£S BASCO OH PLANS REPORTED IN MA
SOURCES: SECURITIES AND EXCHANGE COMW iSSION
AND
U . S . D E P A R T M E N T OF COMMERCE
[Millions of dollars, annual rates, not adjusted for seasonal variation]
Total i
Period
Manufacturing
Mining
Transportation
Railroad
Other
Electric and Commercial
miscelgas utilities and
laneous 2
5,200
8, 190
6,630
19, 230
18, 120
1,930
3,400
3,210
8,340
7,250
380
680
440
800
740
280
560
550
1,320
1 5 350
280
340
320
700
520
480
710
630
2,680
3, 140
1,850
2,490
1,480
5,390
5, 120
19, 320
21, 640
8,360
9,280
800
880
1,320
1, 640
680
680
2,760
3,400
5,440
5,760
1949: First quarter
._ _
Second quarter
Third quarter.
_ _.
Fourth quarter _ _ -
17, 840
18, 640
17, 480
18, 520
7,400
7,520
6,760
7,320
760
760
720
720
1,440
1,520
1, 240
1, 200
520
560
560
480
2,720
3,120
3, 160
3, 560
5,040
5, 160
5,040
5,280
1950: First quarter _ 3
Second quarter3
Third quarter
14, 800
18, 120
17, 920
6,080
7,880
7,680
600
640
680
920
1,200
1, 160
320
360
400
2,600
3,400
3,280
4,240
4, 680
4, 720
1939
1941
1945
1948
1949
___
_
1948: Third quarter.
Fourth quarter.
_ _
__
12 Excludes agriculture.
Commercial and miscellaneous composed of trade, service, finance, and communication.
* Figures for second and third quarters of 1950 are based on anticipated capital expenditures reported in the May 1950 survey.
NOTE.—These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the
latter cover agricultural investment and also certain equipment and construction outlays charged to current expense. Figures for 1939-44 are Federal Reserve
Board estimates based on Securities and Exchange Commission and other data.
Detail will not necessarily add to totals because annual rates are based on quarterly figures rounded to the nearest 10,000,000.
Sources: Securities and Exchange Commission and Department of Commerce (except as noted).
16
NEW CORPORATE SECURITY ISSUES
Net proceeds from new security issues increased about $800 million in 2nd quarter. Over half
of the increased proceeds was used for retirement of debt and stock.
BILLIONS OF DOLLARS
3.0
BILLIONS OF DOLLARS
3.0
[Millions of dollars]
Proposed uses of net proceeds
Estimated
net proceeds
Period
New money
Total
1939 quarterly
1943 quarterly
1946 quarterly
1947 quarterly
1948 quarterly
1949 quarterly
average
average
average
average
average
average
1948: Third quarter
Fourth quarter
1949: First quarter
Second quarter— »
Third quarter
Fourth quarter . _,
1950: First quarter
Second quarter
„
,
„.
_
._
._
Plant and
equipment
Working
capital
Retirement
of debt and
stock J
529
287
1,689
1,617
1,740
1,490
81
77
820
1,148
1,482
1, 151
43
35
529
852
1, 055
931
39
42
291
296
428
221
448
210
869
469
258
338
1,321
2,051
1,056
1,870
743
1,469
314
401
264
182
1,210
2,441
1,009
1,299
970
1,986
788
861
784
1,675
669
596
186
312
120
265
240
456
219
438
1,398
2, 193
1,014
1, 275
777
958
237
317
384
918
i Includes small amount for other purposes.
NOTE.—Detail will not necessarily add to totals because of rounding. Revision in data for 1948-50 became available after the chart was prepared.
Source: Securities and Exchange Commission.
12
INVENTORIES AND SALES
Manufacturers' and retailers' sales reached new postwar peaks in June. Manufacturers*
inventories rose moderately but were still below levels of a year previous.
BILL JONS OF DOLLARS
BILLIONS OF DOLLARS
RETAIL
TOTAL* AND MANUFACTURING
x
60
MONTHLY AVERAGE
j
50
/A'•
SEASONALLY...,,
.••'**'
TOTAL
20
ADJUSTED
v
....."*"
..,
I/A
„: / / ••
,.»
30
|
1
.|
10
^TO FAL SALES*
1 1 I I | i | | 1
0
1 M 11 t M I t1
40 42 44 46 48
^^vv ^
^••-......,
....-•"•""'"'"
1 1 i 11 1 1 1 1 1 1
1 1 M 1 1 1 11 ! t
1948
1949
1950
PERC ENT OF 1935-1939 AVERAGE
DEPARTMENT
..„..,§•»
*"* MANUFACTUR NG
^INVENTORIES
-«
''"••., ..,f SALES
/•-"
/V
INVENTORIES'^
:
;
:
:
1
40
SEASONALLY AC JUSTED
MONTHLY AVERAGE
400
STORES
SEASONALLY ADJUSTED
MONTHLY AVERAGE
INVENTORIES
^ SALES
/
/-**
20
10
0
300
/
^
^^^s^\>~^
/If
/
1 ! t 1! | | | f
ifO 42 44 46 48
MANUFACT JRING
SALES*'
^
200
IOO
It 1 i I 1 1 1 1 I F
1948
1 1 I M 1 i ! I M 1 1 1 1 1II It M
1949
1950
0 ,,l,l,-Li t I M I
*Q 42 44 46 48
II I M I 1 f I t 1 1 M ! f 1 I i 1 1 !
1948
1949
Period
Sales
3
New
orders 4
Millions of dollars, seasonally adjusted
1939
1943 ..
1945
.
1946
1947
1948
„
1949
1949: May
June
July
August
September
October
November
December
1950: January _ .
February.
March
April 77
May
,
June 7
_„
20, 172
31, 143
30, 571
42, 709
51, 692
58, 546
53, 628
56, 858
56, 435
55, 320
54, 631
54, 617
54, 356
53, 996
53, 628
54, 125
53, 932
54, 513
54, 756
55, 419
56, 475
11, 109
22, 372
24, 181
27, 800
34, 739
38, 190
35, 997
36, 039
36, 391
34, 820
37, 137
37, 239
34, 603
35, 496
34, 651
35, 678
36, 463
37, 946
36, 895
40, 039
41, 118
11,465
20, 098
18, 390
24, 818
29, 818
34, 066
30, 899
33, 566
33, 251
32, 367
31, 638
31, 076
30, 744
30, 547
30, 899
31, 136
31, 098
31, 103
31,219
31, 509
32, 200
5, 100
12, 822
12, 883
12, 841
17, 076
18, 998
17, 815
17, 741
17, 989
17, 114
18, 946
18, 865
16, 805
17, 313
16, 857
17, 650
18, 035
19, 144
18, 456
20, 695
21, 200
1 1 11 i 1 1 1 11
1950
COUNCIL OF ECONOMIC ADVISERS
Manufacturing
Inventories 2
""f
INVENTORIES^
EM
Total business l
InvenSales 3
tories 2
X/*
'^^^^
I
(6)
(6e)
()
14, 004
16, 768
18, 694
17, 189
15, 734
16, 300
15, 496
18, 697
19, 441
18, 359
18, 138
16, 775
18, 646
17, 983
20, 228
18, 594
20, 345
22, 600
Retail
Inven-2
Sales *
tories
4
5,532
7, '361
7,543
11, 226
13, 221
14, 969
13, 698
14, 139
14, 182
13, 862
13, 932
14, 355
14, 475
14, 336
13, 698
13, 998
13, 800
14, 282
14, 138
14, 416
14, 784
3,504
5,277
6,315
8,358
9,909
10, 837
10, 682
10, 759
10, 684
10, 549
10, 669
10, 856
10, 678
10, 630
10, 503
10, 855
11, 101
11, 125
11, 080
11, 328
11, 660
Department stores
InvenSales 5
tories 5
1935-39=100, seasonally adjusted
106
102
168
155
207
166
264
213
286
255
302
291
285
270
291
273
285
265
280
256
283
253
289
263
276
270
277
273
293
271
282
272
280
279
274
285
292
286
290
285
295
276
5
Indexes computed from data on retail value of sales for month and retail
1 Total business includes manufacturing, retail, and wholesale (not snown
book value of inventories, end of period.
separately in this table).
8 Not available.
23 Book value, end of period.
i Preliminary estimates.
Monthly average for year and total for month.
* Data for new orders not adjusted for seasonal variation.
Sources: Department of Commerce and Board of Governors of the Federal Beserve System,
18
MERCHANDISE EXPORTS AND IMPORTS
Imports rose again in June, bringing the average for the quarter to record levels. Since exports were
also higher, the export surplus increased moderately over the May figure.
MILLIONS OF DOLLARS
MILLIONS OF
DOLLARS
1,600
1,600
- 1,200
1946
1947
1948
1950
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF THE ARMY, AND DEPARTMENT OF THE NAVY.
[Millions of dollars]
Period
1936-38 monthly average
1943 monthly average
1946 monthly average
*
1947 monthly average
1948 monthly average. ._
1949 monthly average ...
1949: Mity.
*„
_
June*.
„_-.
-_July.
...
_
August
*...*»
September
*
October..
,
;
November
December.
1950: January
February
«. . .
March
..*
...
April
._*._,. . _ _ _ _ >
May . . .
_
June- _
Exports *
_ ..
-
_
.
^.._.._
*.
.
•
. ..
___
-._
_.
247
1,080
849
1,278
1,054
1,000
1,094
1, 107
900
883
909
852
841
944
746
773
868
810
824
876
Imports *
207
282
410
478
592
552
541
526
456
491
530
557
593
605
623
600
664
583
659
686
Excess of
exports
40
798
439
801
462
448
554
581
443
393
379
296
248
339
122
173
204
227
166
190
1
2
Recorded merchandise exports, including reexports, and civilian supplies for occupied areas.
Recorded general merchandise imports.
Sources: Department of Commerce, Department of the Army, and Department of the Navy.
19
PURCHASING POWER
NATIONAL INCOME
Total national income increased by about $6 billion (annual rate) in 2nd quarter of 1950,
according to preliminary data. The rise in compensation of employees was the principal
factor.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
250
SOURCE;DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
L OF ECONOMIC ADVISCF
[Billions of dollars]
Total
national
income
Period
1939.
1944
1946
1947
1948
1949
..
-- --
72.5
183. 8
180. 3
198.7
223. 5
216.8
Corporate profits and inventory
valuation adjustment
Compensation of
employees
Proprietors1
(business,
professional,
farm)
and rental
income
Net interest
47.8
121.2
117. 1
128. 0
140. 2
140. 6
14.7
35.5
42. 0
42. 4
47. 3
41.7
4.2
3. 1
2.9
3.5
4. 1
4.7
Total
5. 8
24.0
18. 3
24 7
31. 8
29. 9
Profits
before
taxes
Inventory
valuation
adjustment
6.5
24. 3
23.5
30.5
33. 9
27. 6
-0.7
-.3
-5.2
-5. 8
2
**• 7o
+ 2.0
Annual rates, seasonally adjusted
1949: First quarter-.
Second quarter
Third quarter
Fourth quarter
218.8
217. 8
216.7
214.2
141.5
140. 5
140.0
140. 2
43.8
42. 2
40. 1
40. 7
4.6
4.7
4.8
4.8
28.8
30.4
31. 8
28. 4
28. 3
26.4
28.2
27. 6
+ .5
+ 3. 9
+ 3.7
+. 8
1950: First quarter J
Second quarter _ _ _
217. 2
223. 6
142. 3
147. 6
41.5
41.3
5. 0
5.0
28.4
*29. 7
29. 2
i 32. 0
-.7
-2.3
i Estimates by Council of Economic Advisers. Kevised estimates, based on additional data, became available after the chart was prepared.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department]^ Commerce (except as noted).
20
CORPORATE PROFITS
Preliminary data indicate that corporate profits before taxes continued to rise in 2nd
quarter of 1950, reaching an annual rate of $32 billion. Dividend payments were unchanged from 1st quarter an<f undistributed profits $1.7J)illionJii£her.
BILLIONS OF DOLLARS
40
BILLIONS OF DOLLARS
40
ll NO ALLOWS*
SOURCE : DE
[Billions of dollars]
Corporate
profits
before taxes
Period
1939
1944
1946_ _ _
1947__
1948
1949__
6.5
24. 3
23.5
30.5
33.9
27.6
_
1949 : First quarter. _
Second quarter
Third quarter
Fourth quarter
1950: First quarter _ 1
Second quarter _
.
_ _
Corporate
tax
liability
Corporate profits after taxes
Total
Dividend
payments
5.0
1.5
3.8
13. 5
10.8
4.7
9.6
13.9
5.8
11. 9
18. 5
6.6
13. 0
20.9
7.5
10. 6
17.0
7.8
Annual rates, seasonally adjusted
Undistributed
profits
1.2
6.1
8. 1
12.0
13. 4
9. 2
28. 3
26.4
28. 2
27. 6
10. 9
10.0
10.8
10. 6
17.4
16.4
17. 3
16. 9
7.9
7.7
7.4
8.2
9.5
8.7
10.0
8.7
29. 2
32. 0
11. 4
12.5
17. 8
19. 5
8. 1
8. 1
9.7
11.4
1
Estimates by Council of Economic Advisers. Revised estimates, based on additional data, became available after the chart was
prepared.
NOTE.—No allowance has been made for inventory valuation adjustment. See p. 20 for profits before taxes and inventory valuation
adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
21
PERSONAL INCOME
The advance in personal income in June was paced by an increase in salaries and wages in manufacturing. The rise in proprietors' income was about evenly divided between farm and nonfarm.
BILLIONS OF DOLLARS
i/NATIONAL INSURANCE DIVIDEND PAYMENTS STARTEI
SOURCE: DEPARTMENT OF COMMERCE.
Total personal income
Period
1939
1944
1947
1948
1949
_
__ __-
_
72. 9
165.9
191. 0
209. 5
206. 1
1949: May
June
July. _ _ August
September
* October.
November
December.
207. 6
205.9
203. 5
204.3
203. 4
202. 4
205.7
208.4
1950:, January
February . .
March
April
May
June 2 _
214. 6
215. 4
219. 3
213. 8
214. 5
215. 8
[Billions of dollars]
Proprietors' income
Labor income
Dividends
(salaries,
Business,
wages, and
professional, and personal
Farm
other labor
interest
and rental
income)
income
14. 3
9.2
45. 7
10. 2
116. 2
11. 8
10. 6
23.7
26. 8
122.3
15. 6
14.5
135.0
29. 6
16. 1
17. 7
13.4
28. 3
134.9
17. 2
Annual rates, seasonally adjusted
28. 6
14. 0
17. 1
135. 6
28. 4
134. 5
16. 8
13. 8
16.6
134.3
12.3
27.9
134.2
12. 8
16. 8
27. 9
134. 6
11.6
27.7
17.0
12. 1
17.2
133. 3
27.7
28. 1
134.4
13. 1
17. 2
12. 7
136.0
18. 9
27.9
135. 2
134. 5
136.9
138. 6
141. 1
142. 3
14. 6
12. 3
11.4
11. 0
12. 1
12. 5
28.9
28. 7
28. 8
28.8
29.4
30. 2
17.5
17.7
18.0
18. 2
17.8
17.4
Transfer
payments
3.0
3. 6
11. 8
11.2
12. 3
12. 3
12. 4
12. 4
12.6
12. 6
12. 1
12.4
12. 9
1
1
18. 4
22. 2
*24. 2
1
17. 2
U4. 1
i- 13. 4
»Includes veterans' insurance dividend. During first quarter, the payment was at annual rate of $8.5 billion (or $2.1 billion, quarterly total)
and during second quarter at $2.0 billion (or $502 million, quarterly total),
a Preliminary estimate.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
22
CONSUMER INCOME, SPENDING, ANDSAVING
Disposable personal income in 2nd quarter declined about § 2 billion (annual rate) from the
1st quarter postwar peak rate of nearly $ 1 9 8 billion when the bulk of the NSLI dividend was
distributed. Consumer expenditures continued to rise.
BILLIONS OF DOLLARS
250
BILLIONS OF DOLLARS
250
ANNUAL RATES, SEASONALLY ADJUSTED
ANNUAL TOTALS
2
3
1949
PER
2 - ^ 3 4
1950
I
2
1951
COUNCIL OF ECONOMIC ADVISERS
Disposable
personal
income 1
Period
1939
1941
. _ _
1942
_ _ ...
1944
1946 _ _ -- -- ...
1947 . _
1948
1949—. —
,
__
1949* First quarter
Second quarter
Third quarter
Fourth quarter
..
1950* First quarter 2
Second quarter _
_
.
,_--.
'
-_-
•
...
_-
-
70. 2
92.0
116. 7
147.0
158. 9
169. 5
188. 4
187.4
189. 9
188. 2
185. 1
186. 8
Less: Personal Equals: PerNet saving as
consumption
sonal net
percent of dissaving
expenditures
posable income
Billions of dollars
2.7
67.5
3.8
82.3
9.8
10.7
21. 9
91. 2
25.6
35.4
111. 6
24. 1
12. 0
146. 9
7.6
3. 9
2.3
165. 6
10. 9
177.4
5.8
8. 6
4. 6
178. 8
Annual rates, seasonally adjusted
12. 5
177.4
6. 6
9. 8
5.2
178. 4
6.2
179.0
3,3
6. 2
3.3
180. 6
197. 7
195.5
182. 4
184.5
15. 3
11.0
7.7
5.6
1 Income less taxes.
2 Revised estimates, based on additional data, became available after the chart was prepared.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
23
PERSONAL CONSUMPTION EXPENDITURES
Corisumer expenditures increased again in 2nd quarter, with nondurabies, especially food and clothing,
registering the major gains, Expenditures for durable goods continued at a high level.
B I L L I O N S OF DOLLARS
200
ANNUAL TOTALS
BILLIONS OP D O L L A R S
200
ANNUAL RATES, SEASONALLY ADJUSTED
TOTAL EXPENDITURES^
COUNCIL OF ECONOMIC A D V I S E R S
fBillions of dollars]
Personal consumption expenditures
Period
Nondurable
goods
Total
1939
19441946.
1947.
1948
1949_
67. 5
111, 6
146. 9
165. 6
177.4
178.8
35.3
67. 1
85. 8
95. 1
100. 9
98. 5
Durable
goods
6.7
7. 1
16.6
21.4
22. 9
23.8
Services
25.5
37.4
44. 5
49. 1
53.7
56.4
Annual rates, seasonally adjusted
1949: First quarter
Second quarter-.
Third quarter
Fourth quarter
1950: First quarter.
Second quarter *
„
_„
177.4
178.4
179. 0
180. 6
182.4
184. 5
99.4
99.2
97. 6
97. 9
97. 5
99.0
22.4
23. 0
24.7
25.3
26. 9
26.7
55.6
56. 2
56.6
57.4
58.0
58.8
* Estimates by Council of Economic Advisers. Revised estimates, based on additional data, became available after the chart was prepared.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
24
PER CAPITA INCOME*
Per capita disposable incorr e declined in 2nd quarter of 1950, both in terms of current dollars
and in real purchasing power, as a result of the tapering off of the NSLI dividend.
DOLLARS
I 3 600
DOLLARS
1,600
ANNUAL
ANNUAL RATES, SEASONALLY ADJUSTED
AVERAGES
1949 DOLLARS-* 7
I, 200
1,200
I
I
1948
2
I
3
1950
1949
SOURCES : DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR I
Per capita disposable personal
income l
Period
Current
dollars
1939
1941
1942.
1944
1946
1947.
1948
1949
$536
691
867
1,065
1, 125
1,177
1,285
1,256
1949 dollars *
$912
1, 110
1,247
1,388
1,333
1,248
1,270
1,256
Annual rates, seasonally
adjusted
1949:
1950:
First quarter _.Second quarter
Third quarter . _
Fourth.- quarter
,
First quarter
Second auarter 4 _ _ _ _ _ __
.
__
-
„ _
_.
Consumers*
price index3
1949=100
58.8
62. 2
69.5
76. 7
84.4
94. 3
101.2
100. 0
Not adjusted
for seasonal
variation
$1, 280
1,264
1,237
1, 243
$1, 275
1,261
1, 239
1, 249
100. 4
100. 2
99. 9
99.5
1,310
1,291
1,329
1, 294
98.6
99.8
21
3
Income less taxes.
Current dollars divided by the consumers' price index on the base 1949=100.
The consumers' price index has been roughly adjusted to take account of the understatement from December 1941-February 1947. This
adjustment is in line with the report of the Mitchell Committee. The unadjusted index will be found oil page 3.
4 Revised estimates, based on additional data, became available after the cha,rt; was prepared.
Sources; Department of Commerce and Department of Labor.
25
AVERAGE HOURLY EARmm GS
- SELECTED INDUSTRIES
r
Hourly earnings in manufacturing passed the May p>eak to i each a new high of over $1.45 in June,
The increases in durable goods manufacturing were greater than those in nondurables,
DOLL*kRS PER HOUR
1.60
DURABLE
DOLL ARS PER HOUR
1.50
MANUFACTURING
NONDURABLE MANUFACTURING
1.40
1.50
*^
1949 DOLLARS*
X"""^
,
1.40
I.3O
1.30
^ ^ P \ ~
J
1.20
1949 DOLLARS'
f
r^^T^
y^
CURRENT DOLLARS
CURRE NT
S*^
DOLLARS
110
1.20
0
jS
f^Zs*
A—^
=iiii|
,
1947
,,,,,!,,,,,
1948
, , , , , ! , , , ,7
1949
0 7,
, M 1 M , , ,
1947
1950
2.10
I 1 ! I 1 J_ 1 L i I j 1 1 1 1 i 1 1 1 1 1 i
1948
1949
i 1 1 i 1 1 1 I 1 1 1
1950
1.30
BUILDING CONSTRUCTION
, RETAIL TRADE
2.00
1.20
S-s
1.90
1949 DOLLARS*
/
/
^—<*
_rtf ^jry, i
£»*^^
"*^
^**«—%./
1949 DOLLARS*
/
1.10
^•^^
KZ*
^»«*v
CURRENT DOLLARS
1.80
1.00
* * r ^ * » CURRENT DOLLARS
^
.90
1.70
0
-,,,,,,,,, ,,, ,,i
1947
,.,,.!,...,
1948
1949
i , , , ,7
0
"r, , , , i , , , , ,
1950
i i i l i ' 11 1 1 1
1 I 1 1 1 I 1 1 1 1 1
1948
1949
1947
. , i « i t . , i.7
1950
948
[Selected industries
All manufacturing
Period
1939 monthly average _
1943 monthly average-1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average _
1949- May
June
July
August
September
October
November
December
1950: January.February
March
April44
May
__
June 4
Nondurable goods
manufacturing
Building
construction
Retail trade
1949
1949
Current
Current
1949
1949
Current
Current
1949
Current
dollars dollars 2 dollars dollars 2 dollars dollars 2 dollars dollars 2 dollars dollars 2
„
_
__
_
* Production and related workers,
a Not available.
Source: Department of Labor.
26
Durable goods
manufacturing
$0. 633
.961
1.086
1.237
1.350
1.401
1.401
1.405
1.408
1.399
1.407
1. 392
1.392
1.408
1.418
1.420
1.424
1.434
1.443
1.454
$1. 077
1. 286
1. 287
1.312
1.334
1.401
1.400
1.401
1.414
1.402
1. 403
1. 398
1.396
1.421
1.437
1.442
1.441
1.450
1.447
1.444
$0. 698
1.059
1. 156
1.292
1. 410
1.469
1.467
1.475
1.477
1.473
1.482
1.458
1.457
1.476
1.485
1.483
1.486
1.498
1.509
1. 525
$1. 187
1.418
1. 370
1.370
1.393
1. 469
1.466
1.471
1.483
1.476
1.478
1.464
1. 461
1.489
1.505
1. 506
1.504
1.515
1. 514
1. 514
(3)
(3)
«
$1. 171
1. 278
1.325
1.323
1. 324
1.332
1.319
1. 328
1. 325
1.325
1.334
1.343
1.350
1. 353
1. 356
1.359
1. 364
(33)
(8)
()
$1. 242
1. 263
1. 325
1. 322
1.320
1.337
1. 322
1. 324
1.330
1.329
1. 346
1.361
1.371
1. 369
1.371
1.363
1. 355
(3)
(3)
(3)
(3)
$1. 848
1.935
1.930
1.924
1.922
1. 932
1.938
1.944
1. 947
1.964
1.976
1. 988
1.995
1.986
2. 000
(3)
(83)
(3)
()
(3)
$1. 826
1.935
1. 928
1.918
1.930
1. 936
1.932
1.952
1. 953
1.982
2. 002
2. 018
2.019
2.008
2.006
(3)
(3)
(3)
(3)
$1. 009
1.088
1. 137
1. 141
1. 147
1. 148
1. 146
1. 150
1. 140
1. 138
1. 126
1. 153
1. 145
1. 148
1. 153
1. 160
(3)
2
Current dollars divided by consumers' price index on base 1949=100. See note 3 to table on page 25.
* Preliminary estimates.
(3)
(3)
(8)
$1. 070
1. 075
1. 137
1. 140
1. 144
1. 153
1. 148
1. 147
1. 145
1. 141
1. 136
1. 168
1. 162
1. 162
1. 166
1. 163
(3)
USTIN
AVERAGE WEEKLY EAF
fGS - SELECTED INDUSTRIES
Weekly earnings in manufacturing industries <Continue»d to rise for the seventh consecutive
month, reaching a record figure of $58.89 in June. Fhe gain of almost $1.50 in durable
and of about $1.00 in nondurable manufacturim3 was d ue primarily to increased hours.
OOL LARS PER WEEK
65
DOL LARS
60
DURABLE MANUFACTURING
60
1949 DOLLARS'*
55
-^cr
NONDURABLE MANUFACTURING
*^V
/"V^
****/
55
«-*?'
y!949 DOLLARS*
45
=
r\s^
w
- - -
^^-S/^-- CURRENT DOLLARS
40
,,,,l
1
' ' ' ' Li 1 1 i i
1 1 I i 1 I l 1 1I 1
-1948
1947
1949
0
~
1 1 ! ! 1 1 1 1 1 1 1
1947
1950
1 11 1I I ! 11 1 1
1948
1949
1 i 1 11I l l 1I 1
1950
50
80
RETAIL TRADE
BUILDING CONSTRUCTION
y, 1949 DOLLARS*
75
70
-
DOLLARS
50
0
*S^ 2V
>^>-«.
50
JRRENT
45
PER WEEK
45
/
1949 DOLLARS*
y-^'
65
r^Y
40
V
Jr^***^
^.^j^^^
/+*' /"S\^.^^-^
^"*
DOLLARS
35
^•CURRENT D OLLARS
60
30
0 7,, . . 1 . . , , ,
1947
SOURCE :
DEPARTMENT
,
l l I i 1 1! l l l l
1948
1949
• , ., . i , , ..r
0 T,,,,!,,,,,
1950
1947
i i l l l 1 l 1 l i i
1948
! ' 1 ' 1 I 1 1 LJ 1
1949
, ,,, =
1950
OF LABOR
[Selected industries
All manufacturing
Period
1939
1943
1946
1947
1948
1949
monthly
monthly
monthly
monthly
monthly
monthly
1950: January-February
March
April 44 _
....
May
June *
Building
construction
Retail trade
$23. 86
43. 14
43, 82
49.97
54. 14
54. 92
$40. 58
57.75
51. 92
52.99
53.50
54. 92
$26. 50
49. 30
46.49
52.46
57. 11
58.03
$45. 07
66. 00
55. 08
55.63
56.43
58. 03
(33)
()
(3)
$46. 96
50. 61
51. 41
(33)
()
(3)
$49. 80
50.01
51. 41
(33)
()
(33)
()
$68. 85
70. 95
(33)
()
(33)
()
$68. 03
70.95
(33)
()
(3)
$40. 66
43.85
45. 93
(33) ()
(3)
$43. 12
43.33
45.93
54.08
54. 51
54.63
54. 70
55.72
55. 26
54.43
56.04
54.03
54. 35
54.85
54. 81
55.55
55.48
54. 59
56.55
57.21
57. 82
57. 31'
57.89
58. 69
58. 17
56. 82
59. 19
57. 15
57.65
57.54
58. 01
58.51
58.40
56. 99
59.73
50. 41
50. 97
51.55
51. 31
52.59
52.47
52. 07
53.69
50.36
50.82
51.76
51.41
52.43
52.68
52. 23
53. 17
71.81
71.44
71.28
71. 95
70.69
71.80
70. 21
70.26
71.74
71.23
71.57
72. 09
70.48
72.09
70. 42
70.90
45.98
46.45
46.95
46.87
46.58
46.06
45. 63
45.83
45.93
46. 31
47. 14
46.96
46.44
46.24
45.77
46. 25
56.29
56.37
56. 53
56.93
57.72
58. 89
57.03
57.23
57. 22
57.56
57.89
58.48
59.40
59.47
59.74
60.97
61.72
63. 14
60. 18
60.38
60.47
61. 65
61. 91
62.70
52.91
53.06
53.04
52.21
52.87
53.74
53. 61
53.87
53.68
52.79
53. 03
53.37
68. 76
67.00
68.83
70. 70
73.60
(3)
69. 67
68.02
69.67
71.49
73.82
46. 58
46.26
46.26
46.47
46.86
(3)
47. 19
46. 96
46.82
46.99
47.00
(3)
._
.
i For production and related workers.
> Not available.
Source: Department of Labor.
Nondurable goods
manufacturing
1949
Current
1949
Current
Current
1949
1949
Current
Current
1949
dollars dollars 2 dollars dollars 2 dollars dollars 2 dollars dollars 2 dollars dollars 2
average .
average.- _
average
average
average
average
1949: May
June
July
August
September
October
November .
December
Durable goods
manufacturing
(3)
a Current dollars divided by consumers' price index on the base 1949=100. See note 3 tOi.tabMon page 25.
«Preliminary estimates.
FARM INCOME
Farm income advanced slightly in J u n e but was 10 percent below the le^e! of J u n e 1949.
3ILLIONS OF D O L L A R S
BILLIONS OF DOLLARS
MONTHLY AVERAGE
1949 DOLLARS*
I
1940 41
42
43
44
45 .46
47
48
49
I
I
50
SOURCE: DEPARTMENT OF AGRICULTURE.
paid by
Farm income Prices
farmers (incl. Farm income
(millions of
(millions of
interest, taxes,
current
and wage rates)
1949 dollars) 3
2
dollars) 1
1949 = 100
724
1,478
49
1, 851
981
53
..
2, 195
1, 339
61
2,416
1, 764
73
2, 136
2, 573
83
2, 632
2, 527
96
.
2,468
2, 567
104
2,290
2,290
100
Period
1939 monthly average1941 monthly average
1942 monthly average
1944 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average.1949: May'
June .
JulyAugust »
September
October
November
December
1950: January
February
March
April 4
May
June 4
1
..
.
.
......
__
..
_. ...
.. -
.
-
.. .
-
-
_
.
.
.
-- -
.
- -
1, 946
2,053
2, 177
2,417
2, 608
3, 139
3, 050
2,326
101
101
100
100
99
98
98
98
1,927
2,033
2, 177
2,417
2, 634
3,203
3, 112
2,373
2,254
1, 614
1,707
1, 594
1, 809
1,851
100
99
100
100
102
102
2,254
1,630
1,707
1,594
1,774
1, 815
Includes cash farm income from marketings and Government payments.
2 Converted from the reported base, 1910-14=100, to the base 1949=100.
3 Farm income in current dollars divided by prices paid by farmers, interest, taxes, and wage rates8 1940=100,
* Preliminary estimates.
Source: Department of Agriculture.
28
CONSUMER CREDIT
Consumer instalment credit continued to rise sharply in June, reflecting a strong demand
for both automobiles and other consumer durables.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
25
25
1939
1943
I94CJ
N
1949
END OF YEAR
1948
0
I960
1949
END OF MONTH
SOURCE :
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Total
consumer
credit
outstanding
End of period
1939
- .
1943
_
1946
1947
. „1948
1949
1949: May
.
June
July.
August
September
October
November
December..
1950* January
February _ _
March
April
May
June 2 -
... .
.
_ _
. _
_
_
__._
Instalment credit
Total
Automobile
sale
credit
Charge
accounts
Other
consume!1
credit *
7,969
5,378
10, 191
13, 673
16, 319
18, 779
15, 843
16, 124
16, 198
16, 453
16, 803
17, 223
17, 815
18, 779
4,424
2,001
4,000
6,434
8, 600
10, 890
8,888
9, 123
9,335
9, 622
9,899
10, 166
10, 441
10, 890
1,267
175
544
1,151
1 ? 961
3,144
2,386
2,499
2,610
2,761
2,876
2,986
3,085
3,144
3,157
1,826
3,456
5,283
6,639
7,746
6,502
6,624
6,725
6,861
7,023
7,180
7, 356
7,746
1,544
1, 498
3,054
3, 612
3,854
3,909
3,235
3,274
3, 123
3,064
3, 123
3,197
3,454
3, 909
2,001
1,879
3,137
3,627
3,865
3,980
3,720
3,727
3,740
3,767
3,781
3,860
3,920
3,980
18, 344
18, 126
18, 302
18, 620
19, 077
19, 627
10, 836
10, 884
11, 077
11, 322
11,668
12, 063
3,179
3,256
3,355
3,470
3,600
3, 761
7,657
7,628
7,722
7,852
8,068
8,302
3, 506
3,233
3,211
3,241
3,290
3, 399
4,002
4,009
4,014
4,054
4, 128
4, 165
»Includes single-payment loans of commercial banks and pawnbrokers and service credit.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
Other sale
credit and
loans
2 Preliminary estimates.
29
MONEY, BANKING, AND FEDERAL
FINANCE
BANK LOANS AND INVESTMENTS
Commercial banks expanded their loans by nearly $1 billion in June.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ISO
150
1939
1943
1948
1949
J
F
M
A
END OF YEAR
M
J
J
A
S
O
N
J
O
END
SOURCE : BOARD OF GOVERNORS OF THE FEDERAL
J
A
S
O
N
D
OF
A
S
0
N D
1950
1949
1948
MONTH
RESERVE SYSTEM
'. OF ECONOMIC ADVISERS
[Billions of dollars, all commercial banks]
np_xei
End of period
1929
1939
1945
1947
1948
1949
1949: May
_
June
July
August
-•-.... .
September-.
October.
November
December
1950: January...
„
February
March,
April
._
_
M a y1
...
_
June
._
lotai
loans and
investments
Bank loans
49. 5
40. 7
124 0
116.3
114.3
120.2
113.4
113. 8
114.7
117.9
118. 5
119.5
119.7
120.2
121.2
120.6
120.3
120.4
121.2
122. 1
36.0
17.2
26. 1
38. 1
42.5
43.0
40.9
41. 0
40.5
41.2
41.7
41. 8
42.7
43.0
42.9
43. 1
43.7
43.8
44. 1
45.0
-
„
___
* Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
30
Total
13. 5
23.4
97.9
78. 2
71.8
77.2
72.5
72.7
74.3
76.7
76.8
77.7
77.0
77.2
78.3
77.5
76.7
76.6
77. 1
77.2
Investments
U.S.
Government
securities
4.8
16.3
90. 6
69.2
62.6
67.0
63.2
63. 2
64.4
66.7
66. 7
67.6
66.9
67.0
68.0
67.1
65. 8
65. 6
66. 1
66.0
Other
securities
8. 7
7. 1
7.3
9.0
9.2
10.2
9.3
9. 5
9.8
10.0
10.2
10. 1
10.1
10.2
10.3
10.4
10.9
11.0
11.0
11.2
MONEY SUPPLY
The money supply was slightly higher in June.
BILLIONS OF DOLLARS
B I L L I O N S OF DOLLARS
200
TOTAL DEPOSITS AND CURRENCY
(EXCLUDING U.S. GOVERNMENT DEPOSITS)
1939
1943
1948
1949
END OF YEAR
1949
1948
END OF M O N T H
SOURCE: BOARD OF GOVERNORS OP THE FEDERAL RESERVE SYSTEM.
[Billions of dollars]
End of period
1939
1943
_
1946
_
1947- .
1948-._
_
.
..
1949.
1949: May
..
.
..
...
June
• ......
.
July
_
August
, „„.
September
October
November
December..
1950: January
February....
.
March
.
April 3
May .
...
June 3
_ _
Total privately-held
money supply
63.3
112.4
164.0
170. 0
169. 1
169.8
165. 6
165. 6
166.3
166.9
166 3
167. 7
168. 1
169.8
169.7
168. 2
167. 1
168. 5
169. 5
169. 7
Currency
outside
banks
6. 4
18.8
26. 7
26. 5
26, 1
25.4
25. 0
25,3
24.9
25. 1
24 9
24. 9
25. 1
25.4
24. 5
24. 7
24.6
24. 6
24. 7
24. 6
Adjusted
demand
deposits *
29. 8
60, 8
83.3
87. 1
85. 5
85.8
82. 5
81,9
83. 1
83. 4
83 1
84. 3
85. 0
85. 8
86.4
84. 5
83. 3
84. 5
85. 3
85. 4
Time
deposits *
27 1
32. 7
54.0
56 4
57. 5
58 6
58 2
58 5
58.4
58.4
58 4
58 4
58 0
58 6
58, 7
59 0
59 3
59 5
59 5
59 7
1
Includes demand deposits, other than interbank and TJ. S. Government, less cash items in process of collection.
23 Includes deposits in commercial banks, mutual savings banks, and Postal Savings System.
Preliminary estimates.
NOTE.—-Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Eeserve System.
31
FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
In 2nd quarter of I960, cash payments to the public were $1.8 billion larger than receipts. Receipts were
larger and payments less than in the corresponding quarter of 1949.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
•CASH RECEIPTS
CASH PAYMENTS
2 ,047 3
4
I960
1949
1948
EXCESS OF CASH RECEIPTS
m
"~~
U
EXCESS OF CASH PAYMENTS
2
1947
CALENDAR
YEARS
SOURCE; BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
[ Millions of dollars]
Federal cash
receipts from
the public
Calendar years
Calendar year total:
1946
1947
1948
1949
_
.._
1949: First quarter
Second quarter
Third quarter
Fourth quarter
41, 372
38, 584
36, 954
42, 634
+ 54
+ 5,695
+ 7,967
-1,288
10, 220
9,869
10, 257
8,536
+ 1,331
15, 037
10, 238
10, 085
9,560
8,637
9,033
8,798
10, 486
+ 6,400
+ 1, 205
+ 1,287
-925
...... ..
13, 122
8,814
10, 143
9,267
9,964
11, 389
10, 528
10, 753
+ 3, 158
—2, 575
-385
-1,486
1950: First quarter. 1
Second quarter
_.. _
12,235
9, 308
10, 760
11, 105
+ 1,475
-1,802
_„
_
_.„
__
.
__
_
_
i Preliminary estimates based on incomplete data.
Sources: Treasury Department and Bureau of the Budget.
32
Excess of receipts (+) or
payments (—-)
41, 426
44, 279
44, 920
41S 346
_ _ _ _ „ _
Quarterly total, not adjusted for seasonal:
1947: Third quarter
Fourth quarter
1948: First quarter
Second quarter ..
Third quarter
Fourth quarter
Federal cash
payments to
the public
NOTE.—Detail will not necessarily add to totals because of rounding.
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