Full text of Economic Indicators : August 1952
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82d Congress, 2d Session
Economic Indicators
AUGUST
1952
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1952
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (&) of Public Law 304, 79th Cong.)
JOSEPH C. O'MAHONEY, Wyoming, Chairman
EDWARD J. HART, New Jersey, Vice Chairman
JOHN J. SPARKMAN, Alabama
PAUL H. DOUGLAS, Illinois
WILLIAM BENTON, Connecticut
ROBERT A. TAFT, Ohio
RALPH E. FLANDERS, Vermont
ARTHUR V. WATKINS, Utah
WRIGHT PATMAN, Texas
RICHARD BOLLING, Missouri
CLINTON D. McKINNON, California
JESSE P. WOLCOTT, Michigan
CHRISTIAN A. HERTER, Massachusetts
J. CALEB BOGGS, Delaware
GROVEE W. ENSLBY, 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—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. L Res. 55]
To print the monthly publication entitled ' 'Economic Indicators"
Resolved by the Senate and House of Representatives &j 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 draivn by Graphics Unit, Office of the Secretary, Department of Commerce
11
Contents
THE TOTAL OUTPUT OF THE ECONOMY
P.agc
The Nation's Economic Accounts
Gross National Product
1
2
PRICES
Consumers' Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
3
4
5
6
EMPLOYMENT AND WAGES
Civilian Labor Force
Nonagricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
7
8
9
10
11
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Weekly Production—Selected Indicators
Production of Selected Manufactures
Gross Private Domestic Investment
Expenditures for New Plant and Equipment.
New Construction
New Housing Starts
Inventories and Sales
Merchandise Exports and Imports
12
13
14
15
16
17
18
19
20
PURCHASING POWER
National Income
Corporate Profits
Personal Income
Consumer Income, Spending, and Saving
Per Capita Disposable Income
Farm Income
21
22
23
24
25
26
CREDIT, MONEY, AND FEDERAL FINANCE
Bank Loans and Investments
Consumer Credit
Bond Yields and Interest Rates
Money Supply
Federal Budget Receipts and Expenditures
Federal Cash Receipts From and Payments to the Public
*
27
28
29
30
31
32
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC ACCOUNTS
On the basis of the income and product accounts, the approximate balance between government expenditures and
receipts in the first quarter changed to an excess of expenditures of $3 billion (seasonally adjusted annual rate) in
the second quarter.
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL TOTALS
CONSUMERS
DISPOSABLE INCOME
^ EXPENDITURES
0 I
I
I
I
I
I
1
t
I
I
I
I
I
BUSINESS
INVESTMENT-*'
EXCESS OF GROSS
RETAINED EARNINGS
GOVERNMENT - FEDERAL, STATE, AND LOCAL
EXPENDITURES FOR GOODS
AND SERVICES
^EXCESS OF RECEIPTS
I
I
i
I
I
I
I
I
I
I
I
2
1950
I/
3
195!
1952
1953
INCLUDES NET FOREIGN INVESTMENT IN ADDITION TO GROSS PRIVATE DOMESTIC INVESTMENT.
J> INCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES.
3l/ PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
NOTE: THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES, OR GROSS NATIONAL PRODUCT, SECAUSE Of
STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT, SEE SENATE REPORT NO- 1295, JOINT ECONOMIC REPORT, PR 92-93, 99-105, AND THE
MIDYEAR ECONOMIC REPORT OF THE PRESIDENT, JULY 1952, APPENDIX A.
SOURCE; DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCIL OF ECONOMIC ADVISERS
GROSS NATIONAL PRODUCT
In the second quarter of 1952, gross national product was almost $4 billion higher (seasonally adjusted annual rate)
than in the previous quarter. National security expenditures increased about $4 billion, while the rise of about
$2 billion in personal consumption was approximately offset by a decrease in other government expenditures and in
investment (domestic and foreign).
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
350
I
2M
3
1952
4
I
2
1953
-^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED),
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Personal
private Net foreign
Total gross
consump- Gross
domestic
national
tion
expendinvestment investment
product
itures
Period
1939..
1944
1946
1947
1948.
1949 _
1950 . _
1951
...
91.3
213.7
211. 1
233.3
259. 0
258.2
284.2
329. 2
67.5
111.6
146. 9
165. 6
177. 9
180.6
194.3
208.0
9.9
7.7
28.7
30.2
42.7
33.5
50. 3
58.5
0.9
-2. 1
46
8.9
1.9
.5
-2.3
.2
Government purchases of goods and
services
Total
13. 1
96.5
30.9
28.6
36.6
43.6
41. 9
62. 6
National
security 1
Other 2
1.2
87.5
18.5
12.0
15.5
18.9
18.3
36.7
11.9
9.0
12.4
16.6
21. 1
24. 7
23.6
25. 9
22. 1
27. 3
34. 5
41. 1
43. 8
46.0
49.9
23.8
24. 6
25. 3
26. 2
27. 4
28.4
28. 1
Seasonally adjusted annual rates
1950: Fourth quarter
1951: First quarter _
Second quarter
Third quarter.
Fourth quarter
1952: First quarter 3
Second quarter
304.2
319.6
329.3
330. 9
337. 1
339. 4
343.2
199. 4
210.5
204.5
206. 4
210. 5
213.2
214.9
61.6
59.8
65. 2
56.2
52.9
50.0
49.3
-2.7
-2.7
-. 2
1. 1
2. 6
1. 9
.9
45. 9
51. 9
59.8
67. 3
71. 2
74. 4
78.0
J Includes expenditures for military services, international security and foreign relations (except foreign loans), atomic energy, merchant marine, promotion of
defense production and economic stabilization, and civil defense; -excludes Federal Government sales. For further detail, see Midyear Economic Report of the
President, July 1952 (p. 139), and Survey of Current Business, July 1952 (p. 12;.
* Residual;expenditures by the Federal Government for other than "national security" and total expenditures by State and local governments.
a Preliminary estimate.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
PRICES
CONSUMERS' PRICES
In June, consumers* prices reached a new all-time high—0.3 percent above May and 11.4 percent above June 1950.
PERCENT OF 1935-39 AVERAGE
250
PERCENT OF 1935-39 AVERAGE
250
175
125
J F M A M J . J A S O N D
J F M A M J J A S O N D
I95E
1947
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1935-39=100]
Period
1939 monthly average
1943 monthly average
1944 monthly average
1945 monthly average
1946 monthly average,
1948 monthly average
1949 monthly average
1950 monthly average
June 15
1951 monthly average
1951: May 15
June 15_ -.
July 15.
August 15
September 15
October 15
November 15 December 15
1952: January 15
February 15
March 15
April 15
May 15
June 15 *
_ _ _
All items
99.4
123.7
125. 7
128.6
139.5
171.9
170.2
171.9
170. 2
185. 6
185. 4
185. 2
185. 5
185. 5
186 6
187 4
188. 6
189. 1
189. 1
187. 9
188 0
188. 7
189. 0
189. 6
Food
95.2
138.0
136. 1
139. 1
159. 6
210. 2
201.9
204.5
203. 1
227.4
227. 4
226. 9
227. 7
227. 0
227. 3
229. 2
231. 4
232. 2
232.4
227. 5
227. 6
230. 0
230. 8
231. 5
Apparel
100. 5
129.7
138.8
145.9
160.2
198.0
190. 1
187.7
184. 6
204. 5
204. 0
204. 0
203. 3
203. 6
209. 0
208. 9
207. 6
206. 8
204. 6
204. 3
203. 5
202. 7
202. 3
202. 0
Rent
104.3
108.7
109. 1
109.5
110. 1
121. 2
126.4
131.0
130. 9
136.2
135. 4
135. 7
136. 2
136. 8
137. 5
138. 2
138. 9
139. 2
139. 7
140. 2
140. 5
140. 8
141. 3
141. 6
i Based on a special survey, the food index for July 15 is estimated at 235.1, or 1.5 percent above June 15.
NOTE.—Revised index of prices for moderate-income families in large cities.
Source: Department of Labor.
Fuel, electricity, and
refrigeration
99.0
107. 7
109.8
110.3
112.4
133.9
137.5
140.6
139. 1
144. 1
143. 6
143. 6
144. 0
144. 2
144. 4
144. 6
144. 8
144. 9
145. 0
145. 3
145. 3
145. 3
144. 6
144. 8
Housefurnishings
101.3
125.6
136.4
145. 8
159.2
195.8
189.0
190.2
184. 8
210.9
212. 6
212. 5
212.4
210. 8
211. 1
210. 4
210. 8
210. 2
209. 1
208. 6
207. 6
206. 2
205. 4
204. 4
Miscellaneous
100.7
115.8
121. 3
124. 1
128. 8
149.9
154.6
156.5
154. 6
165.4
165. 0
164.8
165. 0
165.4
166. 0
166. 6
168. 4
169. 1
169. 6
170. 2
170. 7
171. 1
171. 4
172. 5
WHOLESALE PRICES
Average wholesale prices in June were a little lower than in May as a result of slight declines in farm and industrial
prices. Week-to-week changes during July, however, were upward/ all three major wholesale price sectors showed
increases.
PERCENT OF 1947-49 AVERAGE.
PERCENT OF 1947-49 AVERAGE
120
I2O
1952
1947
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100]
All commodities
Period
1 942 monthly average
1 946 monthly average
1 947 monthly average
1 948 monthly average
1 949 monthly average
1 950 monthly average
1951 monthly average
1951- May
-
-
-
July - .
August
September
October
November
- -
-
DGQgTJiber
1952* January
February
March
April
•
way
Mav
J une
Week ended:
1952- July 1
g
15
22
29
August 5
-«
-
-
-
•
--
Farm
products
64.2
78.7
96.4
104.4
99.2
103. 1
100.2
114.8
115.9
115. 1
114.2
113.7
113.4
113.7
113.6
113. 5
113.0
112.5
112.3
111.8
111.6
111.3
59.2
83.2
100. 0
107.3
92.8
97. 5
94.5
113.4
115.7
113. 9
111. 1
110.4
109. 9
111. 5
112.0
111.3
110.0
107.8
108.2
108. 7
107.9
107.3
110. 7
110. 7
111. 1
111.2
111.7
111.8
107.7
107.6
109. 4
109.6
109.7
109.6
i Not available.
NoTE.—Revised index. For description of the revision see The Monthly Labor Review, February 1952.
Scarce: Department of Labor.
98. 2
106. 1
95.7
99.8
96.8
111. 4
112.3
111. 3
110.7
111.2
110.9
111. 6
111.0
110. 7
110. 1
109.5
109.2
108.0
108.6
108.7
Other than
farm products
and foods
(industrial)
68. 3
78. 3
95. 3
103.4
101. 3
105.0
102.2
115. 9
116.8
116. 2
115.7
114.9
114. 8
114.6
114.5
114. 6
114.3
114.2
113.8
113. 3
113.0
112. 6
108.0
108. 1
109.2
109.2
109.7
109.7
111. 9
111. 9
111. 9
112.0
112.5
112.7
Processed
foods
(i)
(i)
PRICES RECEIVED AND PAID BY FARMERS
From mid-June to mid-July, prices received by farmers increased 1 percent while prices paid by farmers did not
Thus the parity ratio rose to 103, its highest level since January.
PERCENT OF 1910-14 AVERAGE
PERCENT OF 1910-14 AVERAGE
. 35Q
350
PARITY
{PRICES PAID, INTEREST TAXES,
AND WAGE RATES)
200
I 1 1 ! 1
! I 1 I 1
1
1
1
1
1
J F M A M J J A S O N O J F M A M J
1947
1
1
1
1
1
!
1
J A S O N D J F I
1948
I 1 1
1
1
1 1 1 1 1
1 1 1
A M J J A S O N D J F
1 1 1 1 1
1 ! 1 1 1
1 1 1 1 1
A M J J A S O N D J F M A M J
f950
1949
1
1
1
1
1
1
1
1
1
1
J A S O N D J F M A M J J A S O N D
1951
1958
-^RATiO OF INDEX OF PRICES RECEIVED TO PARITY INDEX
SOURCE: DEPARTMENT OF AGRICULTURE.
COUNCIL OF ECONOMIC ADVISERS
[1910-14=100]
Prices
received
by farmers
Period
1939
1942
1944
1946
1947
1948
1949
1950
monthly average
monthly average
monthly average
monthly average
monthly average
monthly average
monthly average
monthly average
June 15
1951 monthly average
1951: June 15. _
July 15
August 15
September 15October 15
November 15
December 15
1952"
January 15
February 15
March 15
April 15
May 15
June 15_
Julv 15
1
_ _ _ _ _ . . _ _ . .
- _
„_.__.
- _.
..
-
^.__
.„
. - .-
_-
- -
_
.
~ -
-
-
-
1
.
...
..
Parity index
(prices paidf
interest, taxes, Parity ratio 3
and wage
rates)
95
. 3 158
196
2
234
275
285
249
256
247
302
301
294
292
291
296
301
305
122
151
182
207
239
259
250
255
254
281
282
282
282
282
283
284
284
78
105
108
113
115
110
100
100
97
107
107
104
104
103
105
106
107
300
289
288
290
293
292
295
287
288
288
289
289
286
286
105
100
100
100
101
102
103
Ratio of index of prices received by farmers to parity index..
'Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946.
Source: Department of Agriculture.
23228-—52
2
STOCK PRICES
The trend of stock prices was upward during July, and the monthly average was the highest in recent years.
groups, except utilities and mining, prices were higher than in June.
PERCENT OF 1939 AVERAGE
PERCENT OF 1939 AVERAGE
1940 41
42
43
44
In al
45
46
47
48 49
50
51
1952
I960
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
Period
Weekly average:
1940
1942
..
1946
.- ..
1949
1950
June
19511951: July
August.
September
October
November
December
1952: January
:
February
_
March
April
May__
June
July
Week ended:
1952: July 5 _ _
12
19
25 2
August 1
_ _
COUNCIL OP ECONOMIC ADVISERS
Composite
index *
[1939=100]
Manufacturing
Total
Durable
goods
Nondurable
goods
Transportation
Utilities
90. 6
74.9
149. 6
127 6
154. 1
158.3
184.7
181.8
189. 1
194.0
191.4*
185. 0
190.2
195.3
193. 1
192. 5
191. 1
190.4
196.0
198. 7
93. 4
75. 5
146. 6
132. 1
165. 7
171. 1
206.6
204.4
214. 0
219. 9
215. 8
207.5
214.5
221. 5
218. 1
216. 3
214. 5
213.7
221. 6
225. 3
92. 5
73.7
138.8
116. 0
150. 4
156.0
178.3
170. 3
177. 7
184.5
185. 1
178.4
182. 1
185.2
182. 6
181. 5
181. 3
181.7
187. 1
191. 7
94. 2
77. 1
154.4
147.2
180.2
185.0
233.0
236.3
248. 0
252.8
244. 3
234. 6
244.6
255. 1
251. 1
248. 4
245. 0
243.3
253.4
256.3
99. 1
90.8
202. 6
138. 8
159. 9
149.5
199. 2
187.9
195. 1
202. 3
203.3
194.0
203. 6
210.6
208. 6
214. 0
217. 1
215. 9
224. 6
226. 3
97.7
69. 8
121. 0
98. 1
107 2
114.8
112. 5
111.2
113. 9
114. 9
114.3
113.8
115.0
116.4
116. 8
116. 7
116. 6
116. 7
116. 8
116.8
199. 3
198. 4
197.5
199. 7
200. 7
226.0
224. 7
223. 8
226. 6
228.2
191. 8
191. 3
190. 7
192.9
195. 6
257. 6
255. 6
254. 3
257. 8
258.4
228.
226.
224.
226.
229.
116.8
116. 8
116. 7
117. 1
119.2
4
2
0
6
9
Trade,
finance,
and
service
86.7
71.3
204. 3
160.5
183.8
182. 4
2oao
202.2
205.5
213. 1
214. 0
207. 8
209. 0
209. 1
206. 0
202. 9
202.5
Mining
75. 9
59. 7
125. 5
129. 2
143. 5
143. 0
204. 9
195. 2
217. 4
229.4
243. 6
238.8
238. 1
245.8
258. 0
294. 9
298.4
283. 2
201.3
203. 8
208. 3
290.5
207. 9
208. 4
295. 5
207.9
208.9
210.0
288. 8
290.2
281.3
288.4
285. 9
1 Includes 265 common stocks, distributed a? follows: 14 for mining, 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for
transportation, 28 for utilities, and 32 for trade, finance, and service.
2 Begining with July 25, indexes are computed on the basis of Friday prices since the markets are closed on Saturday.
Source: Securities and Exchange Commission.
EMPLOYMENT AND WAGES
CIVILIAN LABOR FORCE
Total employment declined almost 340,000 in July to 62.2 million. An increase of over 225,000 in nonagricultural
employment was not offset—due partially to the steel strike—by a seasonal decrease of about 575,000 workers in
agriculture. A rise of about 125,000 in unemployment brought the total to 1.9 million, or 3 percent of the total
civilian labor force.
MILLIONS
MSLLlOr4S OF PERSONS
OF PERSONS*
PERCENT
PERCENT
£0
20
UN Ef IPLOYMENT AS PERCENT OF CIVILIAN LABOR FOflGE
pwssi
1939
1944
mm
mm
1947
•rt*
m
I960
•vA:|s^^^::y;:
J
195!
F M A
v:vT-v/.-:4 ;:-:-.iv :::|:-:. i
MR ft llitepp
;
, , , .
:
:
M J
J A
1950
S 0
N 0
1951
1952
* 14 YEARS OF ASE AND OVER.
COUNCIL OF ECONOMIC ADVISERS
SOURCE-' DEPARTMENT OF COMMERCE
Period
1 939 monthly average _
_
1 944 monthly average
1947 monthly average
1948 monthly average
1 949 monthly average- 1 950 monthly average- - June
1951 monthly average
1951:
A
. 7 W J - . Mav
***»J
June
__
July
An a:\ist
September October
November
December
1952* January
Februarv.. _
March
April
May
_ __
June
-_ _ _
Julv
_ _
- --
-
-
-
Civilian labor force
UnemEmployment l
Total
ployNonagriAgriculTotal
ment
tural
cultural
Thousands of persons, 14 years of age and over
9,480
55, 230
45, 750
9,610
36, 140
54, 630
670
53, 960
8, 950
45, 010
2, 142
60, 168
8, 266
49, 761
58, 027
2,064
61,442
59, 378
7,973
51, 405
62, 105
58, 710
8, 026
50, 684
3, 395
63, 099
7, 507
3, 142
59, 957
52, 450
3,384
64. 866
9,046
52, 436
61, 482
62, 884
1,879
7,054
61, 005
53, 951
62, 803
1,609
61, 193
7,440
53, 753
1,980
63, 783
61,803
8,035
53, 768
64. 382
1,856
62, 526
7,908
54, 618
62, 630
64, 208
54, 942
7,688
1, 578
1,606
61, 580
7, 526
54, 054
63, 186
61,836
63, 452
1,616
7,668
54, 168
7,022
54, 314
1,828
63, 164
61, 336
1,674
61,014
54, 636
62, 688
6,378
2, 054
61,780
59, 726
6, 186
53, 540
59, 752
6,064
2,086
61, 838
53, 688
1,804
6,012
59, 714
53, 702
61, 518
1,612
6,412
60, 132
61, 744
53, 720
61, 176
6,960
54,216
1, 602
62, 778
64, 390
62, 572
8, 170
54, 402
1,818
1, 942
64, 176
62, 234
54, 636
7, 598
Unemployment as percent of total
civilian
labor force
17.2
1.2
3.6
3.4
5. 5
5.0
5.2
3.0
2.6
3. 1
2.9
2.5
2.5
2.5
2.9
2.7
3. 3
3.4
2.9
2.6
2.6
2.8
3.0
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.
Source: Department of Commerce.
NOTE.—Detail will not necessarily add to totals because of rounding.
NONAGRICULTURAL EMPLOYMENT - SELECTED INDUSTRIES
The usual June rise in manufacturing employment did not occur, primarily because of the steel strike.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
"9.5
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
• 1951
N950
N950
6.0
o n i
J
i
F
i
M
»
A
i
M
i
J
i
J
»
A
i
S
i
i
0
N
~
0
"
D
I
J
CONTRACT CONSTRUCTION
-|
F
I
M
I
A
|
M
i
I
J
J
J
J
I
A
i
S
I
0
t
N
O
TRADE
-1950
i
J
i
F
i
M
i
A
i
M
I
J
J
A
I
I
I
—1
i
I
i
i
i
S
SOURCE: DEPARTMENT OF LABOR.
i
A
i
S
i
0
. i
N
D
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers *]
Manufacturing
Period
Total
1939 monthly average
1943 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
June
1951 monthly average
1951: May
June
- July
August
September
October
November
December
1952* Januarv
February
March
April 22
May
June 2 _ _
__
10, 078
17,381
14, 461
15, 286
14, 146
14,884
14, 666
15, 931
15, 853
15, 956
15, 813
16, 008
16, 039
15, 965
15, 890
15, 913
15, 776
15, 859
15, 869
15, 784
15, 671
15, 440
Contract
construcDurable Nondution
goods rable goods
4,683
11,077
7,739
8,315
7, 465
8,008
7,964
8,926
8,975
8,998
8, 839
8,878
8,913
8,942
8,976
9,000
8,946
9,010
9, 035
9,045
9,006
8,682
5,394
6,304
6,722
6,970
6,681
6,876
6,702
7, 005
6,878
6,958
6, 974
7, 130
7, 126
7,023
6,914
6,913
6,830
6,849
6,834
6,739
6,665
6,758
1, 150
1,567
1,661
2, 165
2, 156
2,318
2,414
2,569
2,598
2,686
2,754
2,809
2,768
2,761
2,633
2,518
2,316
2,308
2,296
2,410
2,517
2,661
Trade
6,612
7, 189
8,602
9,491
9,438
9,524
9,411
9,804
9,683
9,732
9,667
9,641
9,781
9,893
10, 109
10, 660
9, 720
9,643
9, 668
9,817
9,744
9.787
Finance
and
service
Government
(Federal,
State,
local)
4,703
5,320
6,207
6,515
6,545
6,573
6,653
6, 641
6,663
6,728
6, 760
6,753
6,729
6,668
6,641
6,614
6,580
6, 586
6,618
6,701
6,754
6.817
3,987
6,049
5,607
5,613
5,811
5,910
5,832
6,390
6,377
6,377
6, 356
6,401
6,544
6,532
6,497
6,881
6,509
6,490
6,528
6,551
6,602
6. 585
Transportation
and
Mining
public
utilities
2,912
3,619
4, 023
4, 151
3,979
4,010
4, 023
4, 144
4,137
4, 161
4, 176
4,190
4,178
4, 166
4,165
4, 161
4, 103
4, 111
4, 118
4,098
4, 138
4. 170
845
917
852
981
932
904
946
920
915
927
906
922
917
917
917
916
909
902
904
897
894
8A9
1 Includes all full- and part-time wage and salary workers in nonagrieultural 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 ^ndnagrieultural employment of the civilian labor force reported by the Department of Commerce (p. 7) which include proprietors, selfemployed 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 Preliminary estimates.
Source: Department of Labor
8
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
Average weekly hours in manufacturing increased slightly in June.
most significant gains.
HOURS PER WEEK
HOURS PER WEEK
DURABLE MANUFACTURING
I
The textile and leather industries showed the
NONDURABLE MANUFACTURING
I I I I III III I
I I I II
I II I I I I II
> I iii i iI i i iii
i'iiiI
I
1952
RETAIL TRADE
BUILDING CONSTRUCTION
1952
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR'.
[Hours per week, selected industries *
Manufacturing
Period
1939 monthly average
1943 monthly average - 1946 monthly average
1947 monthly average
1948 monthly average _1949 monthly average
1950 monthly average
June
1951 monthly average „_
1951: May. _
June
July
August
SeptemberOctober _ _ _
November
December
1952: January
February
March __ _
April 44
Mav
June 4
1
3
Total
37.7
44,9
40.4
40.4
40. 1
39.2
40.5
40.5
40.7
40.7
40.7
40. 2
40.3
40. 6
40. 5
40.5
41.2
40.8
40.7
40. 7
39.8
40.2
40.4
"
•—.
_ -
For production and related workers.
Not strictly comparable with previous data.
Durable
goods
2
Not available.
^Preliminary estimates.
38.0
46.6
40.2
40. 6
40.5
39.5
41.2
41.3
41.7
41.8
41.8
40. 9
41.3
41,6
41.7
41.5
42.2
41. 8
41.7
41.7
40.8
41. 1
41. 1
Building
Nondurable construction Retail trade
goods
37.4
42.5
40.5
40. 1
39.6
38.8
39. 7
39.5
39.5
39. 3
39.4
39.3
39. 1
39. 4
38.9
39.2
39.9
39. 5
39. 5
39. 3
38. 4
38. 9
39.4
32. 6
38.4
38. 1
37.6
337.3
36.7
36.3
37.0
37.3
37.5
37.7
38. 1
38.2
38. 2
38.5
36.4
37.7
37.5
37.9
36.9
37. 7
38. 2
2
()
(22)
(2)
()
(2)
40.3
40.3
40.4
40.5
40. 9
40.1
39. 8
40.4
40.8
40.8
40.0
39.8
39.4
40. 1
39.8
39.8
39. 8
39. 8
39. 7
Source: Department of Labor.
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings increased in most industries during June. However, the withdrawal from the payrolls ot me
relatively high-paid steelworkers caused the average for manufacturing industries to remain unchanged.
DOLL ARS PER HOUR
DOLLARS PER HOUR
1.90
1. f U
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
I 60
1.80
1951 PRICES
•V
—^
1.70
^
^S^X"***"*5*
1951 PRICES*^
^
1.60
X""***
4
^**
^-— -^"
/
^*S^ CURRENT
1.50
——\s
*
PRICES
^^cuRRENT
PRICES
1 30
*mmS^
1.20
1.40
0
rr, , , , i
1 1 1 1 1 i
1949
. . . . . 1 . . . ,T1
, LLI i_LL_L , u
, 1 1 1 1
1951
1950
0
1952
T. . . , ! ? . . . .
t t t l t l
1 , , , iT
. , , , . 1
1950
1949
2.40
1951
1952
1.40
BUILDING CONSTRUCTION
RETAIL TRADE
2.30
1.30
pz&
1951 PRICES *v^ ^. *—^"^X.
-
1951 PRICES *V
^
2.20
/
2.10
/•»»-». _^*"»^
/^
r
A
'
,
gf^
S**~*
_
s-^S
2.00
1.20
^
~-<;URRE
f^
"^
^T PRICES
URRENT PRICES
^
1.90
0
r<T^
rr.,,,1
1949
,
•
1950
[951
J_LJ 1 , J , 1 1 5
0 f, . . . 1 .r...
1952
1949
, i,.1 1,i.1 1
1950
..... 1 .....
1951
, , , , ," i , , . ,r
1952
b DARNINGS IN CURRENT PRICES DIVIDED BY CONSUMERS* PRICE INDEX ON BASE I95IMOO.
COUNCIL OF ECONOMIC ADVISERS
SOURCE : DEPARTMENT OF LABOR.
[Production and related workers in selected industries]
All manufacturing
Period
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
_
1948 monthly average . . .
1949 monthly average
1 950 monthly average _ _
June
__
1951 monthly average
1951: May.
j
June
.
July
August
September
October
November..
December,
1952: January
February
March
April44
May
_. _
June 4
Durable goods
manufacturing
Nondurable goods
manufacturing
Current
1951
prices prices l
1951
Current
prices prices l
Current
prices
1951
prices *
$0. 633
.961
1.086
1.237
1.350
1. 401
1.465
1.453
1.594
1. 586
1. 599
1.598
1.596
1. 613
1.615
L 626
1. 636
1.640
1. 644
1. 656
1. 654
1. 657
1. 658
$1. 181 $0. 698
1. 443
1. 059
1. 444
1. 156
1. 292
1.438
1. 458
1. 410
1. 469
1. 528
1. 582
1. 537
1.522
L585
1.594
1.678
1. 588
1. 665
1.602
1.681
1. 600
1. 682
1. 598
1. 684
1.605
1. 707
1. 599
1.705
1. 600 * 1. 712
L 605
1. 723
1. 609
1. 726
1. 625
1. 731
1.635
1. 746
1, 626
1. 741
1. 628
1.745
1. 622
1.746
$1. 302 $0. 582 $1. 086
.803
1. 590
1. 206
1.537
1. 015
1.350
L 362
1. 502
1. 171
1. 380
1. 523
1.278
1. 602
L445
1. 325
1. 660
1.488
1.378
1.660
1. 489
1. 365
1.678 , 1. 481 I. 481
1. 475
1. 474
]. 667
1.684
1. 484
1.487
1. 489
1. 684
1. 488
1. 482
1. 686
1. 481
1. 699
1. 482
1. 489
1. 491
1.476
1. 688
1. 685
1. 483
1.507
1. 487
1.515
1. 691
1. 694
1. 520
1.492
1. 522
1. 504
L 710
1. 724
1. 530
1.510
1. 712
1. 504
1. 530
1.504
1. 714
1. 531
1. 507
1. 540
1. 708
* Earnings in current prices divided by consumers' price index on base 1951 = 100.
2 Not available.
3 Not strietlyfcomparable with previous data.
* Preliminary£estimates.
10
Building
construction
Current
prices
Retail trade
1951
prices l
Current
prices
$0. 932 $1. 739
1. 252
1.880
1. 965
1.478
1. 681 3 1. 955
3
1. 848 ' 1.996
2. 110
1. 935
2.031
2. 193
1. 995
2. 176
2.201
2.201
2. 182
2. 184
2. 194
2. 198
2. 197
2. 195
2.209
2.207
2.236
2. 225
2. 239
2.217
2.224
2. 260
2. 253
2.211
2.234
2. 276
2. 285
2.258
2. 292
2.263
2. 239
2. 277
2. 267
2.227
(2)
(2)
(22)
()
- (2)
$1. 009
1.088
1. 137
1. 176
1. 175
T. 253
1.252
1.256
1. 262
1. 259
1.270
1.267
1.267
1.245
1. 287
1.281
1. 279
1.285
1, 309
(2)
1951
prices!
(2)
(22)
()
$1. 173
1. 175
1.240
1.270
1.281
1. 253
1.253
1.259
1.263
1. 260
1.264
1.254
1.247
1.222
1.263
1.266
1. 263
1. 264
1.286
(2)
Source: Department of Labor.
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing increased 37 cents in June to $66.98 because of the increase in the
workweek.
DOLLARS PER -WEEK
DOLLARS PER WEEK
60
70
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
r
-yP—-<^pw
1951 PRICES
1951 P R I C E S *£
^Ls L
"—\ ^^^
/
-\/^^
o c~i i_.j j i l i i 1 1 1 T 1 1 M 1 1 1 1 1 1 i T i 1 1 1 1 1 1 1 1 1 1 7 1 M 1 1 1 1 1 1 1 n
1949
on
n 1111111 i M
I
*^^^****^
^
^
^^t CURRENT PRICES
' l 1 1 1 1 1 1 1 1 1 |: " 1 1 1 1 1 1 1 1 1 1 i ^
1949
i960
i
1951
' M i ii 1 1 1 1 1 n
1
1952
RETAIL TRADE
1951 PRICES
•"CURRENT PRICES
35
1111111111n
o n 1 1 1 1 1 1 1 i 11
1952
I 1 1 II
1 1 1 1 1 1 11 M n
II
1949
' EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMERS' PRICE INDEX ON BASE 1951 • 100
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR.
[Production and related workers in selected industries]
All manufacturing
Period
1939
1943
1946
1947
1948
1949
1950
monthly average-.
monthly average
monthly average
monthly average
monthly average
monthly average
monthly average
June
-_ _
1951 monthly average _ 1951: May
June
-- . - July
August
September
October
No vember
December _ _•
1952: January -_
February March
April 44
May
_.« _
June 4
1
Durable goods
manufacturing
Building
construction
Retail trade
Current
prices
1951 Current
prices * prices
1951
prices l
Current
prices
1951
prices 1
Current
prices
1951
prices 1
Current
prices
$23. 86
43. 14
43.82
49.97
54. 14
54. 92
59.33
58. 85
64.88
64.55
65. 08
64. 24
64.32
65.49
65.41
65. 85
67.40
66.91
66. 91
67. 40
65. 83
66. 61
66.98
$44. 51
64.77
58.27
58. 10
58. 47
59.89
64.07
64. 18
64. 88
64. 61
65. 21
64. 30
64. 38
65. 16
64. 76
64. 81
66. 14
65.66
66. 12
66. 54
64.73
65.43
65.54
$26. 50
49. 30
46. 49
52.46
57. 11
58. 03
63. 32
62. 86
69.97
69.60
70.27
68.79
69. 55
71.01
71. 10
71.05
72.71
72. 15
72. 18
72. 81
71. 03
71. 72
71. 76
$49. 44
74.02
61. 82
61.00
61. 67
63. 28
68. 38
68. 55
69.97
69. 67
70.41
68. 86
69. 62
70. 66
70. 40
69.93
71.35
70.80
71. 32
71. 88
69.84
70. 45
70. 22
$21. 78
34. 12
41. 14
46. 96
50. 61
51. 41
54.71
53. 92
58. 50
57. 93
58. 47
58.48
57.91
58. 67
58.00
59.07
60. 45
60.04
60. 12
60. 13
58. 75
-59. 56
60.68
$40. 63
51. 23
54. 71
54. 60
54. 65
56.06
59.08
58. 80
58. 50
57.99
58. 59
58. 54
57. 97
58. 38
57. 43
58. 14
59. 32
58.92
59.41
59. 36
57.77
58. 51
59. 37
$30. 39
48. 13
56.24
63. 30
8
68. 85
70.95
73.73
73.82
82. 10
81.83
82.71
83.63
84. 31
85.42
86.20
82. 26
84.94
85. 35
86. 60
84.57
85. 84
86. 60
(2)
$56. 70
72. 27
74.79
73. 60
3
74. 35
77.37
79.62
80.50
82. 10
81. 91
82.88
83. 71
84.39
85.00
85.35
80.96
83. 36
83.76
85. 57
83.48
84.41
85.07
(2)
(22)
()
(2)
$40. 66
43.85
45.93
47. 63
48. 06
50. 25
49.83
50.74
51.49
51. 37
50.80
50.43
49. 92
49.92
51.22
50. 98
50. 90
51. 14
51.97
Earnings in current prices divided by consumers' price index on base 1951=100.
* Not available.
Source: Department of Labor
Nondurable goods
manufacturing
•(2)
1951
prices 1
(22)
()
(2)
$47. 28
47.35
50.09
51.44
52.41
50.25
49.88
50.84
51.54
51. 42
50. 55
49.93
49. 13
48.99
50. 26
50.38
50.25
50.29
51.05
(2)
3 Not strictly comparable wltb previous dat§,
* Preliminary estimates.
.
11
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
In July, the index of total industrial production declined about 10 points to 192 percent of the 1935-39 average,
according to preliminary estimates. The decrease reflected curtailments in steel-consuming industries and reduced
operations because of vacation schedules in some other industries.
PERCENT OF 1935-39 AVERAGE
PERCENT OF 1935-39 AVERAOE
400
400
300
1952
i960
* P R E L I M I N A R Y ESTIMATES.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1935-39=100, seasonally adjusted]
Period
1943
1946
1947
1948
1949
1950
monthly average
monthly average.
monthly average
monthly average
monthly average.
monthly average..
..
June
1951 monthly average
1951: June
July. ...
August
September
October
November.
_
December
1952: January
February H.
March
April
May
_ _ •
Junel1
July
i Preliminary estimates.
12
Total
industrial
production
239
170
187
192
176
200
199
220
221
212
217
218
218
219
218
221
222
221
216
-211
203
192
Manufactures
Total
258
177
194
198
183
209
208
229
231
222
226
228
226
228
228
231
232
231
225
224
213
201
Durable
goods
360
192
220
225
202
237
237
273
274
265
267
271
274
277
282
282
284
284
277
277
248
227
Nonduraable goods
176
165
172
177
168
187
184
194
197
187
193
192
188
188
185
189
190
188
183
181
185
180
Minerals
132
134
149
155
135
148
151
164
165
156
165
167
174
170
163
167
167
164
166
141
146
142
Source: Board of Governors of the Federal Reserve System.
WEEKLY PRODUCTION - SELECTED INDICATORS
The low level of activity in the steel mills was reflected in reduced output of bituminous coal and motor vehicles during
July. Generation of electric power continued at a level well above that of last year.
MILLIONS OF TONS
MILLIONS OF SHORT TONS (DAILY AVERAGE)
3
CARS £ND TRUCKS
f\
fi :
I ?** V V* f\ / \
m
...„•. .f
i
i
F
i
M
i
AM
\|
i
i
J
i
J
i
i
A
S
i
ON
0
0
SOURCE: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR. EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Ste el i
Period
Weekly average:
1950
June_ _
1951_ __
_
1951: June.
July
AugustSeptember.
October _ _
November
December
1952: January. _
February
March
April
May
June 3
Julv
Week ended:
1952: July 5
12 _
19_
26
August 2. _
9
/\
\s
V
J
?
Thousands of
net tons
Percent of
theoretical
capacity
Electric power,
by utilities
(millions of
kilowatt-hours)
Bituminous
_ _ _i
coal
(thousands of
short tons) 2
96. 9
99. 6
100. 9
100. 9
98. 2
98. 6
101. 2
102/9
102. 5
100. 6
99. 3
100. 7
102. 2
89. 7
89. 1
18. 4
20.2
6 183
6, 038
6, 958
6, 804
6 760
7, 114
7, 012
7, 204
7, 340
7, 464
7, 509
7 443
7 382
7 158
7, 018
7, 176
7,076
1 687
1, 707
1, 777
1, 707
1, 688
1, 748
1, 790
1, 918
1, 990
1, 765
1, 919
1 751
1 580
1, 553
1, 383
1, 320
1, 150
276
295
316
317
891
13. 3
14. 2
15. 2
15. 3
42. 9
83.6
6 478
6, 988
7, 180
7, 328
7,404
1
1,
1,
1,
1,
1, 737
D
COUNCIL OF ECONOMIC ADVISERS
1, 857
1, 898
2, 016
2, 018
1, 964
1, 971
2, 022
2,058
2, 050 2, 010
2, 062
2, 091
2, 123
1, 863
1, 851
382
419
N
120
018
104
117
392
Cars and
trucks
(number)
154 214
192, 825
129, 828
147, 582
112, 786
120, 311
115, 721
112, 300
103, 362
90, 476
82, 195
104, 161
115, 014
119, 700
114, 870
118, 361
44, 764
79,
61,
26,
36,
19,
986
671
784
332
045
1
Weekly data are scheduled rates of operation; monthly figures are for actual output except latest month which is an average of the weekly estimates. Percent
of capacity based on weekly net ton capacity of 1,843,516 for 1949, 1,906,2682 for the first half of 1950, 1,928,721 beginning July 1,1950,1,999,034
beginning January
3
1, 1951, and 2,077,040 beginning January 1,1952.
Daily average for week.
Preliminary estimates.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports.
23228—52
3
13
PRODUCTION OF SELECTED MANUFACTURES
Output of machinery held steady in June but was slightly below the level of the first quarter of this year.
the nondurable manufactures, higher output of textiles and petroleum and coal products was noteworthy.
PERCENT OF 1935-39 AVERAGE (ADJUSTED FOR SEASONAL VARIATION)
PERCENT OF 1935-39 AVERAGE (ADJUSTED FOR SEASONAL VARIATION)
1940.42 44
46 48
50
I960
Among
1951
1951
SOURCE' BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1952
COUNCIL OF ECONOMIC ADVISERS
[1935-39=100, seasonally adjusted]
Durable manufactures
Period
1943 monthly average
1946 monthly average
1947 monthly average . _
1948 monthly average......
1949 monthly average
1950 monthly average
June
- .
1951 monthly average
1951: May
June
July
August
.. ..
September
October
November
December .
1952: January
February
March.
April
_ _
May
June *
i Preliminary estimates.
14
Iron and
steel
208
150
195
208
188
229
231
259
263
261
253
254
258
261
261
263
261
261
263
245
245
142
Lumber
and
products
129
131
143
145
130
160
155*
157
163
153
141
146
146
149
157
154
159
162
158
152
141
145
Nondurable manufactures
Nonferrous Textiles Petroleum Manufac- Chemical
Machinery metals and
and
and coal tured food
products products products products products
443
240
276
277
234
270
262
336
336
338
328
328
336
340
347
358
359
360
359
352
352
351
267
157
187
193
160
206
207
207
206
205
199
197
196
201
209
207
216
217
218
219
220
210
153
162
163
170
147
182
173
174
190
185
160
170
163
154
157
152
157
160
152
144
151
158
185
173
193
218
209
229
222
268
263
263
262
265
266
269
276
281
281
281
278
266
213
257
145
149
157
159
163
164
164
165
167
165
164
166
167
163
160
160
162
165
166
163
160
162
384
236
251
254
241
264
261
298
298
302
305
306
301
298
299
298
300
297
294
293
293
297
Source: Board of Governors of the Federal Reserve System.
GROSS PRIVATE DOMESTIC INVESTMENT
The small decline in total investment from the first to the second quarter was due to a drop in the rate of business
inventory accumulation, as other components remained stable.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1 70
70
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
GROSS PRIVATE
* DOMESTIC INVESTMENT
50
NEW CONSTRUCTION
CHANGE IN BUSINESS
INVENTORIES
I
I94O
I
I
42
I
I
I
44
1
46
I
48
I
i
50
I
!
1951
1950
1952
1953
•^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total gross
private
domestic
investment
Period
1939
1944_
1946
1947
1948
1949
1950
1951
_
9.9
7. 7
28. 7
30.2
42. 7
33.5
50.3
58.5
New construction
Residential
nonfarm
Total
4. 9
2.8
10.3
13.9
17. 7
17. 2
22. 9
23.3
2. 7
.8
4.0
6. 3
8. 6
8. 3
12. 6
11.0
Other
Producers'
durable
equipment
Change in
business
inventories
4. 6
5. 7
12. 3
17. 1
19. 9
18. 7
22.0
24. 9
0.
_.
6.
—.
5.
-2.
5.
10.
2. 1
2. 0
6. 3
7. 6
9. 1
9.0
10. 3
12.3
'
j
I
(
i
i
I
Seasonally adjusted annual rates
1950* Fourth quarter
61.6
24. 2
13. 1
11. 2
23. 8
13.6
1951* First quarter
Second quarter- _ __
Third quarter _ _
Fourth quarter
59.8
65. 2
56.2
52. 9
24. 7
23. 5
22.4
22.4
12. 8
10. 9
9.9
10. 3
11. 9
12. 6
12. 5
12. 1
24. 8
25. 4
24. 9
24. 7
10. 3
16.3
8. 9
5.8
50.0
49.3
23. 7
23.6
11.0
11.0
12. 7
12. 6
25. 7
25. 7
.6
.1
1952: First quarter
Second quarter *
__
* Preliminary estimates. Revised figures became available after chart was prepared.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
15
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Expenditures for new plant and equipment during the first half of 1952 are estimated to have been about 11 percent
above the first half of 1951. Expenditures for the third quarter, while slightly below the second quarter, are expected
to exceed the level of the third quarter of last year by about 6 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
30
TRANSPORTATION AND >
ELECTRIC AND GAS
UTILITIES
1939
1948
I95O
1951
1
2
3
1.950
JU SEE NOTC 4 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
[Millions of dollars, annual rates, not adjusted for seasonal variation]
Manufacturing
Period
1939
1941.
19451948
1949
1950. . . . . .
1951
1950: Third quarter
Fourth quarter
1951: First quarter
Second quarter
Third quarter
Fourth quarter
1952: First quarter 4
Second quarter4 _ _ _
Third quarter
Total '
5,213
8, 190
7,406
20, 032
18, 021
17, 832
23, 290
18, 048
22, 068
19, 452
23, 652
23, 376
26, 688
22, 208
25, 424
24, 672
Total
1,943
3,400
3,983
9, 134
7, 149
7,491
11, 130
7,436
9,896
8, 616
11, 208
11, 364
13, 340
10, 968
13, 004
12, 348
Transportation
Durable Nondurgoods able goods
756
(3)
1.590
3,483
2,594
3,135
5, 168
3,088
4,368
3,692
4,924
5,452
6,608
5,304
6,312
5,752
1,3 187
()
2,393
5,651
4,555
4,356
5,962
4,344
5,528
4,920
6, 284
5,904
6,732
5,664
6,692
6,596
Mining
380
680
443
802
738
684
796
720
792
732
812
796
844
752
868
868
Railroad
Other
280
560
552
1,319
1,350
1, 136
1,541
1, 140
1,280
1,212
1,648
1,508
1,796
1,504
1,624
1,560
280
340
321
700
525
437
511
492
580
500
544
480
520
536
644
480
Electric Commerand
and gas cial
miscelutilities laneous 2
480
710
630
2,683
3,140
3,167
3,577
3,284
3.740
3,012
3,572
3,732
3,992
3,044
3, 736
4, 144
1, 850
2,490
1, 477
5,394
5,119
4,917
5,735
4,976
5,780
5,380
5,868
5,496
6, 196
5,404
5,548
5, 272
1
Excludes agriculture.
»Commercial and miscellaneous composed of trade, service, finance, and communication.
34 Not available.
Estimates based on anticipated capital expenditures of business as reported in a survey made during the second quarter of 1952.
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 Beserve
Board estimates based on Securities and Exchange Commission and other data.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and E xchange Commission and Department of Commerce (except as noted).
16
NEW CONSTRUCTION
During July, new construction expenditures, seasonally adjusted, continued the moderate decline which had begun
in April. All of the drop was accounted for by public construction.
MILLIONS OF DOLLARS
3,500
MILLIONS OF DOLLARS
3,500
ADJUSTED FOR SEASONAL VARIATION
3,000
3,000
2,500
2,500
2,000
2,000
i TOTAL PRIVATE
I,50O
1,500
• PRIVATE RESIDENTIAL
(NONFARM)
1,000
1,000
OTHER PRIVATE »
FEDERAL, STATE, AND LOCAL
I
I
I
I
I
1950
I
I
I
I
I
I
|
|
I
I
I
I
1952
1951
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR.
[Millions of dollars, seasonally adjusted]
Total new
construction
Period
1939 monthly average
1942 monthly average
1944 monthly average
1946 monthly average
1943 monthly average
1949 monthly average
1950 monthly average
June
1951 monthly average
1951: June
July
August -September
October
November
December
1952: January February
March
April
i.<*3
Mav
June 2
July
1
1
- -
« _
.---
__
Includes public residential construction.
Preliminary estimates
683
1,173
438
1,000
1,798
1, 899
2,396
2,389
2,585
2,551
2,502
2, 505
2,523
2, 561
2,577
2,607
2,609
2, 743
2,854
2,811
2,743
2,722
2,686
Private construction
Total
Residential
Other
(nonfarm)
private
142
223
366
142
143
285
114
182
68
469
335
803
674
1,389
715
676
689
1,365
751
1,050
1,801
736
1,808
. 1, 072
893
914
1,807
916
1,766
850
834
915
1,749
912
812
1,724
901
821
1,722
877
1,732
855
864
870
1, 734
872
862
1,734
902
837
1,739
912
901
1,813
909
1,920
1,011
954
905
1,859
897
904
1,801
882
893
1,775
901
883
1,784
Federal,
State, and
local l
317
888
256
197
409
534
595
581
778
785
753
781
801
829
843
873
870
930
934
952
942
947
902
Sources: Department of Commerce and Department of Labor.
17
NEW HOUSING STARTS
New housing starts in June were at about the level of the preceding 3 months, but approximately 20 percent below
June 1951, when an unusually large number of public housing starts swelled the total.
THOUSANDS OF UNITS
THOUSANDS OF UNITS
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
New nonfarm units started
iviontn
\/f f\-r\4-\~t
January
February
March
April
May
'
June
.
.
July
August
September
October November
December
"- -
Total
Monthly average
J Preliminary estimates.
Source: Department of Labor.
18
1949
1950
1951
1952
500
100
400
500
300
800
000
700
300
400
700
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
133, 400
149, 100
144, 300
144, 400
141, 900
120, 600
102, 500
87, 300
93, 600
85, 900
80, 600
93, 800
96, 200
101, 000
132, 500
90. 500
89, 100
96, 400
90, 000
74, 500
60, 800
64, 900
77, 700
103, 900
1
108, 000
1
107 000
H06 000
849, 000
931, 600
1, 025, 100
1, 396, 000
1, 091, 300
70, 750
77, 600
85, 425
116,300
90, 900
1947
X
-
39, 300
42, 800
56, 000
67, 100
72, 900
77, 200
81, 100
86, 300
93, 800
94, 000
79, 700
58, 800
1948
53,
• 50,
76,
99,
100,
97,
95,
86,
82,
73,
63,
52,
INVENTORIES AND SALES
In June, total business sales dropped about 3 percent and inventories almost 1 percent. Lower sales were registered
at the manufacturing, wholesale, and retail levels, with manufacturing showing the largest drop. The only increase
in inventories was at the wholesale level.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RETAIL
SEASONALLY ADJUSTED
MONTHLY AVERAGE
INVENTORIES
..•'"
I\.-*"I
n I I I I I I I I I I I I I | I l l l l I
1940 42
44 46 48 50
t
i i I I I I I I I I I I I I I i
1950
1951
I i I i i I i i
1952
PERCENT OF 1947-43 AVERAGE
DEPARTMENT STORES
0
!„I I I J I I I I I I I I
1940 42 44 46 48 50
•*
I I I I I I I I I I I
1950
I I I I I I ( . 1 1 I ]„ I I I I I I I I I I I
1951
1952
1940 42 44 46 48
50
1950
195!
1952
WHOLESALE, MANUFACTURING, AND RETAIL.
SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,
Total business
Period
Inventories 2
J
Sales »
Retail
Inventories 2
Manufacturing
Sales
8
Inventories 2
Sales »
Millions of dollars, seasonally adjusted
1939
__
1943 1946
_ .
1947__
1948
.. _
1949
I960
June
1951
1951: May
JuneJuly
August
September
October
November
December
1952: January
February __ _
March
April 77 . _
May
June 7
20, 051
10, 803
31, 343
21, 920
27, 151
42, 942
33, 157
50, 605
36, 438
55, 647
34, 467
50, 921
60, 434
39, 109
39, 239
52, 828
70, 107
43, 455
44, 728
68, 981
43, 052
69, 442
41,691
70, 268
70, 124
42, 930
41, 215
69, 965
44, 175
70, 068
43, 648
69, 991
41, 609
70, 107
43, 989
70, 219
45, 144
69, 899
69, 972 . 42, 627
44, 807
70, 185
44, 637
69, 914
69, 344
43, 340
5,534
7^561
11,852
14, 060
15, 828
14, 502
17, 793
15, 574
18, 093
20, 643
20, 282
20, 045
19, 429
18, 761
18, 545
18, 280
18, 093
18, 061
17, 980
17, 887
18, 010
17, 997
17,737
3, 504
5,270
8,541
" 9, 967
10, 877
10, 893
11, 974
12, 059
12, 549
12, 411
12, 240
12,058
12,429
12, 258
12,551
12, 492
12, 318
12, 650
12, 862
12, 399
12,711
13, 098
13, 039
11,465
20, 098
24, 498
28, 920
31, 734
28, 690
33, 253
29, 123
42, 014
38, 068
39, 009
39, 908
40, 621
41, 132
41, 424
41, 676
42, 014
42, 206
42, 192
42, 332
42, 513
42, 450
42, 100
5, 112
12, 820
12, 617
15, 918
17, 630
16, 339
19, 064
19,271
22, 036
23, 434
22, 133
21, 249
21, 677
20, 591
22, 463
22, 214
20, 761
22, 484
23, 334
21, 914
23, 324
23, 105
21, 900
Department stores
Inven-5
New
Sales l
tories
orders
(millions of
Index 1947-49=100,
dollars) 4 seasonally adjusted
(66)
()
13, 694
15, 622
17, 337
15, 791
20, 731
20, 922
23, 991
23,582
24, 054
22, 556
22, 962
21, 536
24, 289
22, 627
20, 767
22, 565
22, 071
23, 133
23, 113
21,674
22, 500
35
55
77
93
107
100
110
105
129
136
135
138
134
128
121
117
119
118
116
115
116
118
118
35
56
90
98
104
98
105
103
109
104
105
105
109
107
108
113
109
108
106
105
103
108
111
1
Also includes wholesale, not shown separately in this table.
• Index of book value, end of period, except annual data, which are averages of
* Book value, end of period.
monthly figures.
1
Monthly average for year and total for month.
Not available.
T
* Data for new orders not adjusted for seasonal variation.
Preliminary estimates.
Sources: Department of Commerce and Board of Governors of the Federal Keserve System.
' AW
8
MERCHANDISE EXPORTS AND IMPORTS
The dollar value of exports dropped almost 20 percent in June, according to preliminary estimates, as both military
and nonmilitary items sent abroad decreased.
MILLIONS OF DOLLARS
1,600
MILLIONS OF DOLLARS
,600
1,200
1,200
O
F
M
A
M
J
J
A
S
O
N
O
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
O
I/ RECORDED MERCHANDISE EXPORTS, INCLUDING REEXPORTS, AND CIVILIAN SUPPLIES FOR OCCUpiEO AREAS.
SJ RECORDED GENERAL MERCHANDISE IMPORTS
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF THE ARMY, AND DEPARTMENT OF THE NAVY.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Exports *
Period
247
1936—38 monthly average
1943 monthlv average
1 946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
June
1951 monthly average
1951: March
_April
'
May
June
1,080
812
"
856
877
.
-««,-.
«
i
July
August
September
October
November
December
1952* January
February
March
April
May
June 3 _ _ _ _
20
1, 278
1, 054
1,003
-
-
--
-
_---.
--
•-- -
1, 252
1,295
1,370
1,354
1,297
1, 186
1, 269
1,232
1, 152
1,386
1,438
1,252
1,333
1,421
1,331
1, 461
1, 190
Imports *
Excess of
exports (+),
imports (— )
207
282
412
480
594
552
738
687
914
1, 102
1, 033
1,018
930
894
880
721
834
818
800
922
892
963
933
835
i3 Recorded merchandise exports, including reexports, and Department of Defense shipments under the Mutual Security Program.
Recorded general merchandise impoi ts.
8 Preliminary estimate.
NOTE: Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce, Department of the Army, and Department of the Navy.
+ 40
+ 799
+400
+ 799
+ 461
+ 452
+ 119
+ 190
+ 339
+ 194
+ 337
+ 337
+ 366
+ 292
+ 389
+ 510
+ 318
+ 568
+ 637
+ 330
+ 441
+ 458
+ 402
+ 626
PURCHASING POWER
NATIONAL INCOME
National income rose about $}£ billion (seasonally adjusted annual rate) during the second quarter. Compensation of employees rose by an equal amount, while a small decrease in proprietors' income was offset by an increase
in net interest. Corporate profits after adjustment for inventory valuation were unchanged from the first quarter level.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
350
350
~:::;: CORPORATE PROFITS "AND"::::
:•:•:•:::: INVENTORY VALUATION;.-;:;:
1939
1948
1949
1950
1951
I
1952
2
1953
•^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
[Billions of dollars]
Total
national
income
Period
1939
1944
1946
1947
1948
1949
1950
1951
_
__
_
_--
Corporate profits and inventory
valuation adjustment
Compensation of
employees
Proprietors'
(business,
professional,
farm) .
and rental
income
Net interest
47.8
121.2
117. 1
128.0
140.2
139. 9
153.4
178.9
14.7
35.5
42.0
42.4
47.3
42. 1
45. 2
50.6
4.2
3. 1
2.9
3.5
4.3
5.0
5.8
6.4
72.5
183.8
180.3
198.7
223.5
216. 3
239. 2
277. 6
Total
5. 8
24.0
18.3
24.7
31.7
29. 2
34.8
41. 6
Profits
before
taxes
Inventory
valuation
adjustment
6.5
24.3
23.5
30.5
33.8
27. 1
39. 6
42.9
0 7
-.3
-5.2
-5.8
-2. 1
+2.1
-4.8
-1.3
48.4
50. 1
43.3
38.6
39. 5
42.7
i 41.0
-8.6
— 9.4
— 2. 1
+ 3.2
+ 3.0
—.1
+ 1.7
Seasonally adjusted annual rates
1950: Fourth quarter
1951: First quarter
Second quarter____
Third quarter
Fourth quarter
1952: First quarter _ _ _
Second quarter
259.4
269. 6
274. 8
280.2
285. 6
288.0
288.4
-
165.4
172.9
178.2
181.0
183.4
186. 5
186. 9
48.0
49. 7
49.0
50.8
53. 1
52. 1
51.9
6.2
6.3
6.4
6. 5
6.6
6.7
6.9
39.8
40. 7
41. 2
41. 9
42. 5
42. 7
1
42.7
i Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
21
CORPORATE PROFITS
The annual rate of corporate profits before taxes declined about $1K billion from the first to the second quarter of this
year, according to preliminary estimates. Dividend payments increased, while undistributed profits fell.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
60
60
3
Z/
4
.
1
2
3
I-"
4
2*
3
4
I
2
NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE {EXCEPT AS NOTED).
[Billions of dollars]
Corporate
profits
before taxes
Period
1939
1944
1946
1947 .. .
1948
1949
1950
1951
...
_
6. 5
24. 3
23. 5
30. 5
33. 8
27. 1
39. 6
42. 9
..
Corporate
tax
liability
1. 5
13. 5
9. 6
11. 9
13. 0
10. 8
18.4
24. 2
Corporate profits after taxes
Total
5. 0
10. 8
13. 9
18. 5
20. 7
16. 3
21. 2
18. 7
Dividend
payments
3. 8
4. 7
5.8
6. 6
7 2
7. 5
9.0
9. 0
Undistributed
profits
1.2
6. 1
8. 1
12.0
13.5
8. 8
12. 3
9. 6
Seasonally adjusted annual rates
1950: Third quarter
Fourth quarter
1951: First quarter
Second quarter _
Third quarter __
Fourth quarter
1952: First quarter—
Second quarter 1
_
_
_ _
44. 3
48. 4
50. 1
43. 3
38. 6
39. 5
42. 7
41. 0
20. 6
22. 5
- 28.4
24. 5
21. 8
22. 2
24. 7
23. 7
23. 7
26. 0
21. 7
18. 8
16. 9
17. 3
18. 1
17. 3
9.3
10. 7
8. 6
9. 0
9. 2
9. 3
8. 9
9. 6
14.4
15. 3
13. 1
9. 8
7. 7
8. 0
9. 2
7. 7
1
Preliminary estimates by Council of Economic Advisers.
NOTE.—Corporate profits tax liability estimates for 1951 have been revised because of changes in the effective rate under 1951 tax legislation as
estimated from tax collections.
See p. 21 for profits before taxes and inventory valuation adjustment.
Detail will not neoftssarilv add to totals because of round ID g.
Source: Department of Commerce (except as noted).
22
PERSONAL INCOME
In June, personal income rose at an annual rate of $1 K billion (seasonally adjusted). Farm income accounted for
most of the gain. Salaries and wages also increased while other major components were practically unchanged.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS.
[Billions of dollars]
Totai persona] income
Period
1939
1944
1948
J949
1950
1951
72. 6
165. 9
209. 5
205. 9
226. 3
254. 1
.
1950: June.1951: April
May
June
July
August
September
October
November.
December.
1952: January
February
March
April
May___ _
June 3 __
__ __
_
_
_
__ __
221. 0
250. 0
251. 4
254. 3
254, 5
256. 7
257. 3
261. 7
260. 9
263. 4
263. 4
263. 5
261. 9
262. 5
264. 5
266. 0
Proprietor s' income 1
Labor income
(salaries,
Dividends
Business,
wages, and
professional, and personal
Farm
other labor
interest
and rental
income)1
income
45. 7
4. 5
10. 3
9. 2
116. 2
11. 8
23. 7
10. 6
134. 9
17. 7
29 6
16. 0
134. 3
13. 0
28.4
17 1
146. 5
13. 3
31. 9
19. 5
170. 7
15. 6
20. 4
35. 0
Seasonally adjust*3d annual rates
144. 9
168. 6
169. 5
172. 4
171. 5
172. 1
173. 0
174. 8
175. 5
176. 9
177.4
178. 8
178. 2
177. 8
179. 0
179. 6
12. 1
14. 7
14. 4
14. 2
.15.4
16. 2
15. 8
17. 4
16. 4
17. 1
16. 6
15. 2
14. 4
14. 4
14. 6
15. 5
31. 7
34. 4
34. 6
34. 6
34, 7
35. 3
35. 1
36. 0
36. 1
36. 2
36. 5
36. 6
35. 9
36. 5
36. 8
37. 0
Transfer
payments
18. 7
20. 3
20. 3
20. 4
20. 4
20. 5
21.0
20. 8
20. 5
21. 1
20. 1
20. 5
21. 0
21. 5
21. 5
21. 4
' Excludes employee contributions for social insurance, and self-employed contributions (which became effective January 1952).
* Includes $2.7 billion National Service Life Insurance dividend, most of which was paid in the first half of the year.
* Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
2
3. 0
3. 6
11.3
12. 4
15. 1
12.4
13. 6
12. 0
12. 6
12.7
12. 5
12. 6
12. 4
12. 7
12.4
12. 1
12. 8
12.4
12.4
12. 3
12. 6
12. 5
23
CONSUMER INCOME, SPENDING, AND SAVING
Personal consumption expenditures rose slightly more than disposable income in the second quarter, according to
preliminary estimates. Consequently, there was a slight decline in the rate of saving.
BILLIONS OF DOLLARS
250
1940
41
42
BILLIONS OF DOLLARS
25O
43
44
45
1953
PERSONAL INCOME LESS TAXES.
I/
PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCIL OF ECONOMIC ADVISERS.
Disposable personal
income l
Period
Less: Personal consumption expenditures
Total
Durable
goods
Nondurable goods
Services
Equals:
Personal
net
saving
Net saving
as percent
of disposable
income
Billions of dollars
1939
1941 _
1942__
1944
1946
1947
1948
1949
1950
1951
-. ...
.
_
__
_
70.2
92.0
116. 7
147.0
158.9
169.5
188.4
187.2
205. 5
225. 0
67.5
82.3
91. 2
111.6
146.9
165.6
177.9
180. 6
194.3
208.0
6.7
9.8
7.1
7. 1
16.6
21.4
22.9
23.8
29. 2
27. 1
35.3
44.0
52.9
67.1
85.8
95. 1
100.9
99.2
102. 8
113.5
25.5
28.5
31.2
37.4
44.5
49. 1
54. 1
57.5
62.4
67.3
2.7
9.8
25.6
35.4
12.0
3.9
10.5
6.7
11.2
17.0
3.8
10.7
21.9
24. 1
7.6
2.3
5.6
3.6
5. 5
7.6
16.6
7.5
18.7
20.7
21.1
17.3
16.5
7.7
3.4
8.4
9. 1
9. 1
7.5
7. 1
Seasonally adjusted annual rates
1950* Fourth quarter
1951 1 First quarter
Second quarter __
Third quarter
Fourth quarter
1952" First quarter
Second quarter ^
_ _ _ __
_ _ __ -
216.0
218. 0
223. 2
227. 1
231. 5
230.5
231. 5
199.4
210.5
204. 5
206.4
210.5
213.2
214.9
1
Income less taxes.
2 Preliminary estimates.
NOTE.—^Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
24
29.7
31.3
26.3
25.5
25.3
25. 2
26.4
105.3
113. 3
111. 3
113.2
116.2
118.0
117. 8
64.4
65.9
66. 9
67.6
69.0
70.0
70.8
PER CAPITA DISPOSABLE INCOME
Per capita disposable income, adjusted for price changes, has remained remarkably stable since 1950.
DOLLARS
1,600
SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL AVERAGES
1,200
CURRENT PRICES
1
|
I
I
I
I
|
I
|
I
I
I
I
47 1948 1949 1950 1951 1952
I960
I
1951
1952
1953
COUNCIL OF ECONOMIC ADVISERS
Total disposable personal Per capita disposable perincome (billions of dollars)1
sonal income (dollars)1
Period
Current
prices
1939
1941
1942
1944 1946
1947
1948
1949
1950
1951
- _
..__ -
_-
--_ ...
_ ...
.
70.2
92. 0
116. 7
147.0
158.9
169.5
188.4
187.2
205.5
225. 0
1951
prices 2
135.5
166. 1
187.3
205.9
200. 4
194.4
204.8
205.7
220.7
225.0
Current
prices
536
690
866
1,062
1, 124
1, 176
1,285
1,255
1, 355
1,458
1951
prices 2
1,035
1, 245
1,390
1,487
1,417
1,349
1,397
1,379
1,455
1,458
Population
(thousands)8
130, 880
133, 377
134, 831
138, 390
141, 398
144, 129
146, 621
149, 149
151, 689
154, 353
Seasonally adjusted annual rates
1950: Fourth quarter _ _
1951: First quarter
Second quarterThird quarter
Fourth quarter
1952: First quarter -_4
Second quarter
_
__*_ __
__
216. 0
226. 2
1,414
1,481
152, 774
218. 0
223.2
227. 1
231.5
219.8
223. 6
227.3
229.0
1,421
1,449
1,468
1,489
1,432
1,452
1,469
1,473
153, 396
154, Oil
154, 724
155, 466
230.5
231.5
227.5
228. 1
1,477
1,477
1, 458
1,455
156, 098
156, 700
i Income less taxes.
* Dollar estimates in current prices divided bj the price index of personal consumption expenditures. This price index was based on the Department of Commerce data, shifted from 1939 base.
» Provisional intercensal estimates of the population of the United States including Armed Forces overseas, taking into account the final 1950 Census total population count. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
* Preliminary estimates.
Source: Department of Commerce.
25
FARM INCOME
In June 1952, the increase in farm income was much more pronounced than in June 1951.
BILLIONS OF DOLLARS
5
1940 41
42
43
BILLIONS OF DOLLARS
5
44
45
46
47
48
49
50
51
M INCOME IN CURRENT PRICES DIVIDED BY PARITY INDEX ON BASE I95I»IOO.
NOTE: FARM INCOME INCLUDES CASH RECEIPTS FROM MARKETINGS AND GOVERNMENT PAYMENTS.
SOURCE: DEPARTMENT OF AGRICULTURE
Period
1939 monthly average
1941 monthly average
1944 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
June
1951 monthly average
1951: May
June
_
-
-
July
August September
October
._
November
December
1952: January-. February.
March
April 3
*.
Mav
June 3 '
«
_
.
_ _
_
--
-
Parity index
Farm income
(prices paid,
Farm income
(millions of
interest, taxes,
(millions of
current
and wage rates) 1951 dollars) *
dollars)
1951 = 100!
715
43
1 663
968
47
2 060
1, 763
65
2 712
2, 110
74
2 851
2, 540
2 761
- -92
2,350
89
2, 640
2, 421
91
2, 660
1, 885
90
2 094
2, 756
100
2 756
2, 153
101
2, 132
2, 169
100
2, 169
2,652
100
2 652
2,992
100
2, 992
3,395
100
3, 395
4,355
101
4, 312
3,601
101
-3 565
101
3, 115
3, 084
2,642
102
2, 590
102
2,043
2, 003
2, 122
102
2, 080
2, 100
103
.2 039
2, 177
103
2 114
2, 366
_
102
2 320
i Converted from the reported base, 1910-14=100, to the base 1951—100.
* Farm income in current dollars divided by parity index n base 1951=100.
* Preliminary estimates.
NOTE.—Farm income includes cash receipts from marketings and Government payments.
Source: Department of Agriculture.
26
COUNCIL OF ECONOMIC ADVISERS
CREDIT, MONEY, AND FEDERAL FINANCE
BANK LOANS AND INVESTMENTS
Total bank loans and investments expanded around $1.7 billion during June. Ail major components increased,
with loans showing the largest rise.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
150
150
m'•f£z*&*&*&£*la& .-•
«;.u;s%.!;r INVESTMENT IN,-,:»
1939
1945
1949
1950
1951
j F M A M J J A S - ' O N D J F M A M J J A S O N D J F M A M J J A S O t K D " )
1950
END OF. YEAR
195*
1952
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Billions of dollars]
All commercial banks
End of period
1939
1945
1947_
1948
1949
1950
..-
_-
- . ..
June
1951
1951: June
July
August
September^ .
October
November
December
1952: January
February
March
April
May
June 2 _
Julv
__ -
_ _ _
Investments
Total
loans and
investments
Bank loans
40.7
124. 0
116.3
114.3
120.2
126.7
121.8
132.6
126.0
126. 1
127.0
128. 6
130.5
131.9
132.6
132.8
132.2
132. 5
132. 3
133. 1
134.8
17.2
26. 1
38. 1
42.5
43. 0
52. 2
44. 8
57.7
54.8
54. 6
55.2
56.0
56.8
57. 3
57.7
57.5
57. 6
57.8
58.2
58. 5
59. 6
i Commercial .industrial, and agricultural loans.
NOTE.—Detail will not necessarily add to totals because of rounding.
Total
23.4
97.9
78.2
71.8
77.2
74.4
77.0
74.9
71. 2
71.5
71. 9
72. 6
73.7
74.6
74.9
75.3
74.6
74. 7
74. 1
74. 5
75.2
U. S.
Government
securities
16.3
90.6
69. 2
62. 6
67.0
62.0
65.8
61.5
58.5
58.7
59. 1
59.7
60.9
61.6
61.5
62.0
61.3
61. 1
60.4
60.7
61.2
Other
securities
Weekly
reporting
member
banks—
Business
loans *
7. 1
7.3
9.0
9.2
10.2
12.4
11.2
13.3
12.7
12.8
12.7
12.9
12.9
13.0
13.3
13.3
13.4
13. 6
13.7
13.8
14. 0
4.4
7.3
14.6
15.6
13.9
17.8
13.6
21.6
19.2
19.0
19.5
20. 1
20. 6
20.9
21.6
21.2
21.2
21.4
20. 9
20.5
20.8
20.6
a Preliminary estimates.
Source: Board of Governors of the Federal Reserve System.
27
CONSUMER CREDIT
During June, instalment credit climbed about $600 million or 4 percent, dollarwise the largest monthly increase on
record. In contrast, instalment credit crept up only $35 million during June 1951.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
25
25
M
A :M
J
J
A
S 0XN^
I9J52
1951
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Millions of dollars]
Instalment credit
End of period
1939
1943
1946 1949
1950
...
June
.. 1951
1951: May
June
..
July .
August
September
October
November
December
1952 1 Januarv
February
March
__
April 3
May
June 3 -
Total
consumer
credit
outstanding
Total
instalment
credit
7,031
4,600
8,677
16, 809
20, 097
17, 651
20, 644
19, 207
19, 256
19, 132
19, 262
19, 362
19, 585
19, 989
20, 644
20, 126
19, 717
19, 565
19, 788
20, 298
20, 941
4,424
2,001
4,000
10, 890
13, 459
12, 105
13, 510
12, 920
12, 955
12, 903
13, 045
13, 167
13, 196
13, 271
13, 510
13, 314
13, 185
13, 156
13, 319
13, 811
14, 404
Sale credit
Total
2,792
882
1,648
6,240
7,904
6, 995
7,546
7,248
7,234
7,173
7,247
7, 327
7,355
7,400
7,546
7,322
7,158
7,047
7,099
7; 421
7,795
Automobile sale
credit
1,267
175
544
3, 144
4, 126
3,790
4,039
3,980
4,041
4,061
4, 138
4, 175
4, 134
4, 100
4,039
3,962
3,927
3,891
3,946
4, 171
4,433
Other sale
credit
1,525
707
1, 104
3,096
3, 778
3,205
3,507
3,268
3, 193
3, 112
3, 109
3, 152
3,221
3,300
3,507
3,360
3,231
3,156
3, 153
3,250
3,362
Loans *
1,632
.1, 119
2,352
4,650
5,555
5, 110
5,964
5,672
5, 721
5,730
5, 798
5,840
5,841
5,871
5, 964
5,992
6,027
6,109
6,220
6,390
6,609
Charge
accounts
Other
consumer
credit 2
1,544
1, 498
3, 054
3, 909
4,239
3,392
4, 587
3,793
3, 804
3,743
3,724
3, 696
3,868
4, 190
4,587
4,253
3, 967
3, 855
3,913
3,921
3,972
i Includes repair and modernization loans insured by Federal Housing Administration.
*1 Includes loans by pawnbrokers, service credit, and unclassified single-payment loans under $3,000 made by commercial banks.
Preliminary estimates.
NotB.—Detail wiHlnot necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Eeserve System.
28
1,063
1,101
1,623
2, 010
2, 399
2,154
2,547
2,494
2,497
2, 486
2,493
2,499
2,521
2,528
2,547
2,559
2,565
2,554
2,556
2,566
2,565
BOND YIELDS AND INTEREST RATES
During July, a sharp climb in yields on new issues of Treasury bills resulted in the highest monthly average since March
1933. The rate on commercial paper and yields on long-term Government bonds were unchanged/ yields on corporate bonds rose slightly.
PERCENT PER
PERCENT PER ANNUM
ANNUM
3.5
3.5
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A
1947
1948
1949
1950
1952
•^SEE NOTE Z ON TABLE BELOW.
COUNCIL
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
OF
ECONOMIC ADVISERS
[Percent per annum]
U. S. Government security
yields
Period
Average:
1939_
1946
1947_
19481949
1950
3-month
Treasury
bills i
..
I
June
1951
1951: June
July..
August
September
October
November
December
1952: January. . .
February
March
April
May
June
July
.
..
.
.
._
....
. . ..
.
.
,
. . . .
1
Rate on new issues within period.
1
16 years and over prior to April 1952; 12 years
1
_
0.023
.375
.594
1.040
1. 102
1.218
1. 174
1.552
1.499
1.593
1. 644
1.646
1.608
1.608
1.731
1.688
1.574
1.658
1. 623
1.710
1.700
1. 824
and over beginning in April.
Bonds in this classification were first issued in March 1941.
Source: Board of Governors of the Federal Reserve System.
Taxablea
bonds
(8)
2. 19
2.25
2.44
2.31
2.32
2.33
2.57
2.65
2.63
2.57
2.56
2.61
2.66
2.70
2.74
2. 71
2.70
2. 64
2.57
2. 61
2.61
Corporate
Aaa bonds
(Moody's)
3.01
2.53
2.61
2.82
2.66
2.62
2.62
2.86
2.94
2.94
2.88
2.84
2.89
2. 96
3.01
2.98
2.93
2.96
2. 93
2. 93
2.93
2.95
Prime
commercial
paper,
4-6 months
0.59
.81
1.03
1.44
1,48
1.45
1.31
2.17
2.31
2.31
2.26
2. 19
2.21
2. 25
2.31
2.38
2.38
2.38
2.35
2.31
2.31
2.31
MONEY SUPPLY
The total money supply reached a new high during June, with a rise of $2.1 billion. The gain was divided about
equally between U. S. Government deposits and privately-held demand and time accounts.
BILLIONS OF DOLLARS
225
BILLIONS OP DOLLARS
225
TOTAL DEPOSITS AND CURRENCY
TOTAL EXCLUDING U. S. GOVERNMENT DEPOSITS
(PRIVATELY-HELD MONEY SUPPLY)
125
DEMAND DEPOSITS ADJUSTED
TIME DEPOSITS^
CURRENCY OUTSIDE BANKS
U.S. GOVERNMENT DEPOSITS
1940 41
42 43 44 45 46 47 48 49
END OF YEAR
50 51
J F M A M J J A S O N D
1950
1951
END OF MONTH
1952
COUNCIL OF ECONOMIC ADVISERS
Total deposits and
currency
End of period
1939
1945
1946
1948
1949
1950
._
June«
_
_-
1951..
...
1951: May...
June
July
August
September. . .
October _.
November.
December
1952: January.February _
March
April __ __
Mav
June 4
64. 7
176.4
167.5
172.7
173.9
180.6
174.7
189.8
179. 1
181.3
180.8
181.6
183.8
185.8
187. 1
189.8
188.2
188.0
188.7
188. 7
189. 3
191.4
[Billions of dollars]
Total excluding U. S. Government deposits
(privately-held money supply)
U. S.
Government
Demand
Currency
Time
deposits l
deposits
Total
outside
deposits 3
adjusted 2
banks
6.4
27. 1
29.8
63. 3
1.5
75.9
150. 8
48.5
26.5
25. 6
26. 7
164.0
83.3
54.0
3.5
26. 1
169. 1
3.6
57.5
85.5
25.4
169.8
4. 1
85.8
58.6
59.2
25,4
176.9
92.3
3.7
25.2
85.0
170.0
59.7
4.8
98.2
61.4
186.0
3.9
26.3
24,9
5.4
89.5
59.3
173.7
89.0
25.8
174.7
59.9
6.6
25. 1
90.7
175.8
5. 0
60. 1
60.4
91.4
25.3
177.0
4.6
92.0
177.9
25. 4
5.9
60. 5
95.0
25.7
4.2
181.6
60.9
96.3
25.8
182.7
4.4
60.6
98.2
186.0
3.9
61.4
26,3
25.6
185.2
97.9
3.0
61.7
95.7
25. 6
183.4
62.0
4.6
25. 7
182. 9
94.8
62.5
5.8
25.9
62. 8
95. 1
183.8
4.9
26.0
184.4
95.3
63.0
4.9
26. 0
63.5
95. 8
185. 3
6. 1
i Includes U. 8. Government deposits at Federal Reserve banks and commercial and savings banks, and U. 8. Treasurer's time deposits,
open3 account.
/
Includes demand deposits, other than interbank and U. 8. Government, less cash items in process of collection.
1
Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.
* Preliminary estimates.
NOTE.—Detail will not Beerssarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
30
FEDERAL BUDGET RECEIPTS AND EXPENDITURES
Total budget expenditures declined from June to July. The large seasonal drop in interest payments was partly
offset by the increase in spending for national security. Spending for the latter purpose was almost 40 percent higher
than in July 1951. July receipts were seasonally low, but higher than a year ago. The public debt rose to $263
billion during the month.
BILlJONS
75
BILLJONS OF DOLLARS
75
TOTAL BUDGET EXPENDITURES
FISCAL YEAR 1952
»
25
Ta!GALYEAR
ISOO
*>'
^'
^r
\'''-'
0 J&T*** \
NET BUDGET RECEIPTS
/
/' ...-•••
,''' .-•••
50
S
+++*
_^^ -
OF DOLLARS
.++
..-""
..-'-^FISCAL YEAR
.,/
50
25
FISCAL YEAR 1952
1951
++
FISCAL YEAR
I9
!
1
1
1
1
I
1
1
0 —*€?****
75
^^ *****
J>,-^^^FISCAL YEAR 1951
^^
f
1
/:'--•"
/'---
1
1
1
i
1
1
!
1
1
-HO
MAJOR NATIONAL SECURITY PROGRAMS
BUDGET SURPLUS (+)
OR DEFlOlT
(-)
(MAGNIFIED SCALE)
+5
~
50
*
FISCAL YEAR 1951
0
FISCAL YEAR 1952
25
FISCAL YEAR
^"
^***
l99 3
,V
^***
^***
-*-**
i
0 ^rft---f** *T*
„***"***
1
1
„
.— *V
>FISCAL YEAR
1
1
1
1
I
\c~"
I
.
\
FISCAL YEAR
1953
* % ^***
-*****
/NX^-V
-5
*****
s**.
*%%
/
FISCAL YEAR 1952
^*^L
/
^X.
/
/
X,^,,
/
^^
/~
^
I
1
1951
1
-10
1
1
I
1
!
I
1
1
I
FISCAL YEARS -CUMULATIVE TOTALS
SC URGES: TREASURY
DEPARTMENT AND BUREAU OF THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
surplus (+) .
Net budget receipts Budget
or deficit (— )
Budget expenditures
Public
Major national
debt
Cumulasecurity programs 1
CumulaTotal for tive fiscal Total for tive fiscal (end of2
CumulaCumulaperiod)
Total for tive fiscal Total for tive fiscal period
year
year totals period
period year totals period year totals
totals
Total
Period
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1951:
year 1939
year 1944
year 1948
year 1950
year 1951
year 1952
June
July
August
September
October
November _
December.
1952: January
February.
March
April
May .
June
July
_ __
- -_
--
9.0
95.3
33.8
40. 2
44.6
66. 1
6.0
4.7
5. 1
5.2
5.5
5.2
5.6
5.5
5. 1
5.7
6.0
5.7
6. 9
6.7
44.6
4.7
9.8
15.0
20.5
25.6
31.3
36.7
41. 8
47.5
53.6
59.2
66. 1
6.7
1. 1
88.2
16. 4
17.8
8
26.4
46.2
3.5
3.4
3.6
3. 1
3.7
3.6
3.7
3.9
3.8
4. 1
4.5
4. 5
4.3
4
4. 7
26.2
3.4
7.0
10. 1
13.8
17.4
21. 1
25.0
28. 8
32.8
37.3
41.9
46.2
4
4. 7
5. 1
43. 9
42. 2
37. 0
48. 1
62. 1
7. 1
2.6
3. 6
6.2
2. 6
3.5
5.3
5.0
5. 6
9. 9
4.3
3. 8
9. 8
3.3
48. 1
2. 6
6. 2
12.4
15. 0
18.5
23.8
28.8
34. 3
44.2
48. 5
52. 3
62. 1
3. 3
-3.9
— 51. 4
+ 8.4
-3. 1
+ 3.5
—4. 0
+ 1.1
-2.2
-1.5
+ 1.0
-2. 8
-1.7
Q
-.5
+ .4
+4.2
-1.7
-1. 9
+ 2. 9
-3.4
45.9
202. 6
252.4
257.4
255. 3
+ 3.5
-2.2
-3.7
-2.6
-5.5
-7. 1
-7.5
-8.0
-7.5
-3.3
-5. 0
-6. 9
-4.0
-3.4
259.2
255.3
255.7
256.7
257.4
258.3
259.6
259. 5
259. 8
260. 4
258. 1
258.3
260. 0
259. 2
263. 1
i Includes expenditures for military services, international security and foreign relations, development and control of atomic energy, promotion of the merchant
marine, promotion of defense production and economic stabilization, and civil defense.
a Includes guaranteed securities, except those held by the Treasury.
« Preliminary estimates.
* Data for fiscal year not strictly comparable with monthly
figures.
^_
NOTB.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
OI
FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
The $0.7 billion excess of cash receipts over payments in the second quarter, which was the closing quarter for fiscal
year 1952, was sufficient to bring about a small cash surplus for the fiscal year.
BILLIONS OF DOLLARS
25
BILLIONS OF DOLLARS
25
1949
1952
EXCESS OF CASH RECEIPTS
EXCESS OF CASH PAYMENTS
2
3
1952
1951
1950
1949
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE-. BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
[Millions of dollars]
Federal cash
receipts from
the public
Calendar year
Calendar year total:
1946
1947
1948
1949
._
195<L_
_ _ _
1951—.
Quarterly total, not adjusted for seasonal variation:
1950: First quarter „
Second quarter
Third quarter
Fourth quarter
1951: First quarter
Second quarter
Third quarter- _
Fourth quarter
1952: First quarter.
Second Quarter
..
-
41, 399
38, 616
36, 897
42, 642
41, 969
58, 034
+42
+ 5,666
+ 8,027
— 1, 295
+450
+ 1,245
_- _
12, 235
9,303
10, 494
10, 387
18, 051
14, 462
13, 993
12, 770
21, 874
19, 389
10, 760
11, 105
9,351
10, 754
11, 179
14, 521
15, 270
17, 064
16, 921
18, 701
• + 1,475
— 1,803
+ 1,143
-367
+ 6,874
— 59
- 1, 277
— 4, 295
+4, 953
+ 688
. _ -. _
-_
Excess of receipts (+) or
payments (—)
41, 441
44, 282
44, 922
41, 346
42, 419
59, 276
._
_
Federal cash
payments to
the public
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
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