Full text of Economic Indicators : August 1955
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84th Congress, 1st Session
:
<** •
* ^S ^
1
'**"
Economic Indicators
AUGUST 195S
Prepared for the Joint Committee on the Economic Report
&"'
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1955
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of PubUc Law 304, 79th Gong.)
PAUL H. DOUGLAS, Illinois, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
JOHN SPARKMAN (Alabama)
J. WILLIAM FULBRIGHT (Arkansas)
JOSEPH C. O'MAHONEY (Wyoming)
RALPH E. FLANDERS (Vermont)
ARTHUR V. WATKINS (Utah)
BARRY GOLDWATER (Arizona)
RICHARD BOLLING (Missouri)
WILBUR D. MILLS (Arkansas)
AUGUSTINE B. KELLEY (Pennsylvania)
JESSE P. WOLCOTT (Michigan)
HENRY O. TALLE (Iowa)
THOMAS B. CURTIS (Missouri)
GROVER W. ENSLEY, Staff Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
ARTHUR F. BURNS, Chairman
RAYMOND J. SAULNIER
JOSEPH S. DAVIS
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [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 House9 and the Congressional Library; seven hundred copies to the Joint
Committee on the Economic Report; and the required number of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed
for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce
11
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Per Capita Disposable Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
Page
1
2
3
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Nonagricultural Employment
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Sales and Inventories—Manufacturing and Trade
Merchandise Exports and Imports
16
17
18
19
20
21
22
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
23
24
25
CURRENCY, CREDIT, AND SECURITY MARKETS
Currency and Deposits
Bank Loans, Investments, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices
26
27
28
29
30
FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public
31
32
iii
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Estimates of total income and expenditures for the second quarter of 1955 reflect the continued rise in over-all
economic activity.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES
CONSUMERS
300
300
250
250
DISPOSABLE. INCOME
^EXPENDITURES
200
200
150
150
I
I
I
I
I
I
I
I
I
I
I
I
1
I
I
BUSINESS
100
100
GROSS RETAINED
EARNINGS^
0
I
I
I
I
I
I
I
GOVERNMENT-FEDERAL, STATE, AND LOCAL
100
100
(LESS TRANSFER PAYMENTS)
1955
FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT.
•^INCLUDES CORPORATE UNDISTRIBUTED PROFITS AND INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES.
^PRELIMINARY ESTIMATES.
NOTE: THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES.OR
GROSS NATIONAL PRODUCT, BECAUSE OF STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT, SEE SENATE REPORT
NO. 1295, JOINT ECONOMIC REPORT, PR 92-93, 99-105, AND THE ANNUAL ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1953, APPENDIX A.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS
GROSS NATIONAL PRODUCT OR EXPENDITURE
The gross national product rose substantially in the second quarter to a new record high of about $385 billion (seasonally adjusted annual rate), according to current estimates. Increases of about $5 billion in personal consumption
expenditures and $6 billion in gross private domestic investment were partially offset by a $1 billion decline in government purchases.
•v
BILLIONS OF DOLLARS
400
BILLIONS OF DOLLARS
4OO
350
300
300
____^
250
250
200
I 50
-50 L
I955
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars]
Personal Gross
Total
conNet
private
gross
sump- domestic foreign
national tion
investproduct expend- invest- ment
ment
itures
Period
1939
1946
1947
1948
1949_
1950.
1951
1952
1953
1954
_.
_
__
1954: First quarter
Second quarter _
Third quarter
Fourth quarter
1955: First quarter
Second quarter
J
91.1
209.2
232.2
257. 3
257.3
285. 1
32a 2
345.2
364.5
360.5
67.6
146. 6
165.0
177.6
180.6
1940
208.3
218. 3
230. 6
236.5
358. 3
357.6
358.8
367. 1
375.3
384.8
232. 2
235. 1
237.9
241. 0
245.8
250.5
Government purchases of goods and services
Federal
State
and
Total » Total * National Other
2
local
security
5.2
13.3
0.9
9.3
20.9
30.9
46
27. 1
28. 6
15.8
8.9
29.7
21.0
36.6
41.2
2.0
25.4
43.6
.5
32.5
22. 1
42. 0
-2.2
51. 2
41. 0
62.8
.2
56. 9
2
54.3
77.5
49. 6
59.5
84.5
-2.0
51.4
49. 2
77,0
-.3
47. 2
Seasonally adjusted annual rates
54.7
81.7
-1. 1
45.5
48.6
75.9
3
46. 9
47.7
75.8
-.7
45.9
45.7
74.5
.9
50.7
46.4
75.8
-.4
54. 1
45.2
74.9
-.7
60. 1
a2
1.3
21.2
13.3
16.0
19.3
18.5
37.3
48.8
51.4
43.2
3.9
2.5
3.8
5.6
6.6
3.9
4.2
5.8
8.5
6.3
10.0
12.8
15.6
18. 2
19.9
21.8
23.2
25.0
27.8
46.8
43.6
42. 1
40.5
41.2
40. 4
8.3
5.4
6. 1
5.5
5.5
5.2
27.0
27.3
28. 1
28.7
29.4
29.7
Less Government sales.
Includes expenditures for military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promotton of the merchant marine, promotion of defense production and economic stabilization, and civil defense. For further details, see Economic Report of the
President, January 1955 (p. 137), and National Income, 195J, Edition (p. 148). These expenditures are not comparable with the "national security" category in The
Budget of the U, S. Government for the Fiscal Year Ending June SO, 1955, and shown on p. 31 of Economic- Indicators.
- . 31 of E(
NOTE —The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
J
NATIONAL INCOME
The increase in general business activity during the second quarter was reflected in a $9 billion (seasonally adjusted
annual rate) rise in national income. Increases in employee compensation and corporate profits accounted for most
of the rise.
ilLLIONS OF DOLLARS
BILLIONS OF DOLLARS
150
300
300
250 -
250
ISO
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
1950
1955
-'PRELIMINARY ESTIMATES BY COUNCJL OF ECONOMIC ADVISERSSOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
national
income
Period
1939
_„
1946
1947
1948
1949
I960
_
1951- - _
1952
1953
.
1954
Proprietors' income
Farm
72.8
179. 6
197.2
221. 6
216.2
240. 0
277.0
289.5
303. 6
299. 7
-
-.
_ ...
1954* First quarter
Second quarter ~ „ _
Third quarter
Fourth quarter
1955: First quarter
Second quarter.
Compensation
of em-l
ployees
2
48.1
117.7
128.8
140. 9
140.9
154.3
180. 4
195. 3
209.2
207. 9
4.3
13. 9
14.5
16. 7
12.7
13. 3
16.0
14. 3
12.3
12. 0
297. 7
298. 9
298. 7
303. 2
311.4
320. 3
200. 7
207. 2
207. 8
209. 8
213. 1
219. 5
13. 2
11.9
11. 7
11.2
11.5
11.0
Business
and professional
Rental
income
of
persons
Net
interest
4.6
2.7
7.3
6.2
21. 3
3. 1
3.8
19. 9
6.5
7.2
4.5
21.6
5.2
21.4
7.9
5. 9
8.5
22.9
6.8
24.8
9. 1
7.4
25.7
9.9
8.8
25. 9
10.3
9.5
10.5
25.9
Seasonally adjusted annual rates
9.4
10. 4
25.3
9.5
10.5
25.9
10.6
9.5
26.0
9.7
26. 3
10.7
9.9
26.6
10.7
10.3
10.7
27.1
Corporate profits and inventory valuation adjustment
Total
Profits Inventory
before valuation
taxes adjustment
5.7
17.3
23.6
30. 6
28. 1
35. 1
39.9
36.9
37.2
33. 8
2
6.4
22. 6
29. 5
32.8
26.2
40. 0
41.2
35.9
38. 3
34.0
32.6
34.0
33. 1
35.5
39.6
41. 7
32. 7
33.7
33.5
36.0
40.9
42. 5
2
> Includes employer contributions for social Insurance. (See also p. 4.)
2 Preliminary estimates by Council of Economic Advisers.
NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey o/ Current Business, July 1955.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
-0.7
-5.3
-5.9
-2.2
1.9
-4.9
-1.3
1.0
-1. 1
f 2
-. 2
.2
F
c
— 1.3
o
.o
SOURCES OF PERSONAL INCOME
Personal income remained at a level of about $301 billion (seasonally adjusted annual rate) in June, Labor income
and investment income rose somewhat, while farm income and transfer payments declined.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY. ADJUSTED ANNUAL RATES
TOTAL PERSONAL INCOME*
LABOR INCOME
FARM PROPRIETORS'
INCOME
TRANSFER PAYMENTS
BUSINESS,PROFESSIONAL,AND RENTAL INCOME
;
1
..—•DIVIDENDS AND PERSONAL INTEREST
I95I
SOURCE: DEPARTMENT OF COMMERCE .
Period
1939
1946
1948_
1949
1950.
1951
1952
1953 _
1954
Total
personal
income
72.9
178.0
208.7
206.8
227.1
255.3
271.1
286.2
287.6
1954: May
286. 7
June
286.7
July
287. 1
August
286.7
September. _ 287.9
October.
288. 4
November. _ 290.8
December
293.4
1955: January
292.2
February
293.2
March
295.7
April
298.9
May 4
301.4
June _ _
301. 2
(Billions of dollars]
Labor income Proprietors' income
(wage and
Rental
salary disBusiness income Divibursements
of
dends
Farm
and proand other 1
fessional persons
labor income)
46.6
4.3
2.7
7.3
3.8
113.8
13.9
5.8
6.2
21.3
137.9
16.7
7.2
21.6
7.2
137.4
12.7
21.4
7.9
7.5
150.3
13.3
9.2
22.9
8.5
175.6
16.0
9.1
9.1
24.8
14. 3
190.5
25.7
9.9
9.0
204. 6
12. 3
25. 9
10.3
9.3
202.8
12. 0
25.9
10.5
10.0
Seasonally adjusted annual
202. 2
11.8
10. 5
25. 7
9.8
202. 4
11. 7
26.0
10.5
9.9
203.2
11.0
26. 0
10. 6
9.9
202.4
11. 6
10.6
9.9
25.9
202.4
12.5
26.0
10. 6
10.0
203.5
10.9
10.7
10.1
26.0
205.3
10.7
11.3
10. 1
26.3
205. 5
11. 5
10. 7
11.7
26. 7
206.1
11.7
10.7
10. 1
26. 6
207. 1
11.7
10.7
26.4
10.2
209. 4
10.7
11. 1
10. 4
26. 7
211.5
11.4
10.6
10.6
26.9
214.2
10.7
10.9
27. 2
10.7
214. 6
10. 5
10.7
10. 8
27. 1
1955
COUNCIL Of ECONOMIC AOVISIRS
Less: PerPersonal Transfer sonal contributions
interest
payincome ments for social
insurance
0.6
5.8
3.0
2.0
11.4
7.6
2.2
9.0
11.3
2.2
12.4
9.8
2.9
10.6
815.1
3.4
12.6
11.6
3.8
13. 2
12.3
3.9
14.0
13.8
4. 5
16.2
14.7
rates
4.5
16.5
14.7
4.5
16.0
14.7
4. 4
14. 7
16.1
4.6
16.1
14.7
4.5
16. 3
14. 7
4.5
17.0
14.8
4.5
16. 8
14.8
4.6
17.1
14.9
5.0
17.0
14.9
5.0
17.0
15. 1
5. 1
17.4
15.2
5. 1
17.6
15.3
5.2
15.4
17.5
5.2
17.2
15. 5
Nonagrieultural
personal
income8
67.1
161. 1
188.5
190.8
210.5
235.7
253.1
270. 2
271. 9
271.0
272.1
272. 1
271.5
272.1
273. 8
275.9
278. 1
276. 5
277.7
280. 9
283.7
286.6
286. 8
1 Compensation of employees (see p. 3) excluding employer contributions for social insurance.
s Includes $2.7 billion National Service Life Insurance
2
Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agridividend, most of which was paid in the first half of the year,
cultural net interest, and net dividends paid by agricultural corporations.
* Preliminary estimates.
NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Disposable personal income rose by $6 billion (seasonally adjusted annual rate) in the second quarter. Personal
consumption expenditures rose almost $5 billion/ $3 billion of this rise was for increased purchases of nondurables.
The rate of personal saving rose moderately.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
250
200
200
I 00
1955
i960
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
Disposincome Personal able
l
personal
taxes
income
Period
1939
1946
1947
_
1948 - ._ . .
.
1949
1950
1951
1952
1953
1954
.
...
.
__
1 U5-I : Fin-4. quarter
Second < j u a n e r
Third quarter
T^uurtli quarter
1955; Pir^t quarter
>Se('ond quarter
...
.
72.9
178. 0
190. 5
208. 7
206. 8
227. 1
255. 3
271. 1
280. 2
287. (>
2Sf>.
2S6.
287.
2*K)
293.
300.
8
(i
3
8
(>
5
Less: Personal consumption
expenditures
Total
Equals :
Saving
as percent
of disPersonal posable
NonDurable durable Services saving
income
goods
goods
Billions of dollars
70. 4
6. 7
67. 6
35. 1
25.8
146. 6
15.9
159. 2
46.2
84.5
20. 6
93. 1
169. 0
} 65. 0
51. 3
187. 6
22. 2
177. 6
98.7
56.7
180. 6
18.7
188. 2
23. 6
96. 9
60. 1
20. 9
206. 1
194. 0
100.4
28.6
65. 0
22(1 1
29. 3
208. 3
27. 1
70. 1
111. 1
34. 4
236. 7
218. 3
26. 6
116.0
75. 7
5. 8
250. -1
29. 8
230. 6
118.9
81. 8
2. 8
251. 8
236. 5
29. 3
120. 9
86.4
illions of dollars, seasonally adjusted annual rates
253. 1
2. 7
232. 2
119.2
84. 7
28. 3
2. 7
2,r»H. 9
235. 1
29. 0
120.4
85. 7
r
2. 8
2, »-l. 5
237. 9
29. 4
121. 5
87.0
241. 0
io 1
30. 4
122. 5
257. 8
88. 1
12. 6
261. 0
245. 8
34. 4
122. 4
89. 0
33. J
250. 5
125.3
90. 2
267. 1
35. 1
2.4
18. 8
21.5
21. 1
i Includes such items us lines, penalties, and donations.
NuTtf.—Tho. tisures beginning with !Uf>2 are the revised series.
Detail svUl not necessarily add to totals because of rounding.
06672—55——2
Equals :
For details, see Hiirvey of Current Business, July 1955.
Source: Department of Commerce.
2.9
12. 6
4. 0
10.0
7.6
12. 1
17.7
18. 4
19. 8
18.3
4. 1
7.9
2.4
5.3
4.0
5.9
7.8
7.8
7.9
7.2
21.0
18. 8
16.6
16. 8
15.3
16.6
8. 3
7.4
6.5
6.5
5.9
6.2
PER CAPITA DISPOSABLE INCOME
Per capita disposable income (seasonally adjusted) reached a new high in the second quarter of this year,
constant prices, it exceeded that of the corresponding quarter of 1954 by 4 percent.
DOLLARS
2,000
In
DOLLARS
2,OOO
SEASONALLY ADJUSTED ANNUAL RATES
1954 PRICES^'
1,500
1,500
1,000
1,000
J_
1950
1951
1952
1953
1954
1955
%EE FOOTNOTE Z ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS-
Total disposable personal Per capita disposable personal income (dollars)1
income (billions of dollars)1
Period
Current
prices
1939
1946
1947
1948
1949
1950
1951
1952
1953
1954
_
_
_
-.
-.
--'
---
1954
prices 2
70. 4
159.2
169.0
187. 6
188.2
206. 1
226. 1
236. 7
250. 4
254.8
136.3
219.3
203. 1
209.6
212. 1
230.3
233. 8
239. 4
251. 1
254.8
Current
pricei
538
1, 126
1, 173
1,279
1,261
1,359
1,465
1, 508
1,568
1,569
1954
prices a
Population
(thousands) »
1,041
1,551
1,410
1,429
1,422
1,518
1,515
1, 525
1,573
1, 569
131, 028
141, 389
144, 126
146, 631
149, 188
151, 683
154, 360
157, 028
159, 643
162, 409
Seasonally adjusted annual rates
1954* First quarter
Second quarter
Third quarter
Fourth quarter
l')f)f)' First quarter
Second ciuarter.
-
-~
--
- - --
253. 1
253. 9
254. 5
257.8
252. 6
253.6
254. 2
258. 6
1,568
1, 567
1, 563
1,576
1, 565
1,565
1, 561
1, 581
161,
162,
162,
163,
261. 0
267. 1
262.0
268.2
1, 589
1,620
1, 595
1,627
164, 262
164, 911
J Income less taxes.
' I >oHnr estimates in current prices divided by consumer price index on base 1954=100.
i Includes armed forces overseas. .Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
NUTK. The Ili'ures bcpltmiii!' w i l h 11)52 arc the revised series. For details, see Survey of Current Business, July 1955.
; ourccr,: Department of Commcrc.-, I >cpartinent of Labor, and Council of Economic Advisers.
6
439
075
806
582
FARM INCOME
Gross and net farm income (seasonally adjusted) declined in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
NET FARM INCOME
(INCL, ADJUSTMENT FOR
INVENTORY CHANGE 5 -!/
\
•'
1
I960
I
1951
J7 INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.
Period
1939
1946
1947
1948
1949
1950
1951
1952
1953
1954
_ _ _ _ -- - -- - _
- _ _ _ -- - - --
1954" First quarter _
Second quarter
Third quarter
Fourth quarter
1 955 : First quarter
Second quarter
Realized
gross farm
income 1
10.4
29.0
34. 0
34.5
31. 8
32. 1
36. 9
36. 8
35. 3
34. 0
35. 8
33. 9
33. 3
32. 9
34. 2
33.3
IS52
1953
1954
1955
COUNCIL OF ECONOMIC ADVISERS
Farm operators' income
Net income per farm (inNet income 2
cluding adjustment for
Excluding
Including
Farm proinventory change)
duction
adjustment adjustment
for invenfor invenexpenses
1954
Current
tory change 3 tory change4
prices 5
prices
Billions of dollars
Dollars
6. 1
4. 3
4.3
1, 523
670
13.9
14. 8
14.2
2,353
3, 180
17. 2
14. 5
16. 8
2,466
2,867
18. 9
15. 6
16.7
2,884
3, 135
13. 6
18. 2
12.7
2,222
2,497
19. 7
13. 3
2,352
2,613
12.4
22. 4
14. 5
15. 8
2,877
2,819
23. 2
13. 6
14. 3
2, 579
2, 605
22. 4
12.9
2,235
2,258
12. 3
2,212
22. 4
12.0
11.6
2,212
Seasonally adjusted annual rates
22. 7
13. 2
2,458
13. 1
2,433
22. 5
2,194
11. 9
2, 194
11.4
22. 2
11. 1
11. 7
2, 157
2, 136
22. 1
11.2
2,086
10.8
2,065
2, 166
22.7
11.5
2, 144
11. 5
10.8
22. 5
2,050
11.0
2,050
Number of
farms
(thousands)8
6, 441
5,927
5,873
5,804
5, 723
5,648
5,596
5,535
5,482
5, 425
5,425
5,425
5,425
5,425
7
5, 365
7
5, 365
1 Includes cash receipts from farm marketings, value of farm products consumed directly in farm households, gross rental value of farm dwellings, and Government payments to farmers.
2 Excludes («) farm waps paid to workers living on farms and (b) any income to farm people from nonfarrn sources. These items in 1954 were as follows: (a) 2.1
billion dollars and (ft) 5.7 billion dollars.
a Rt-alixed gross income less farm production expenses.
* Same as farm proprietors' income on pages 3 and 4 except for 1951, which includes revisions by the Department of Agriculture not yet incorporated into the
nat ional income accounts of the Department of Commerce.
s Dollar estimates in current prices divided by index of prices paid by farmers for items used in family living, on base 1954=100.
8
For the quarterly data, the number of farms is held constant within a given year.
7 Estimate by Council of Economic Advisers.
Source: Department of Agriculture (except as noted).
NOTE —Estimates for 1952-55 reflect interim revisions made in connection with
the annual report on national income by the Department of Commerce. Final
revisions will be completed by the Department of Agriculture in October.
CORPORATE PROFITS
Corporate profits (seasonally adjusted), both before and after taxes, continued to rise in the second quarter of 1955,
according to preliminary estimates.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1955
ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Corporate
profits
before taxes
Period
1939
1946
1947.
1948
1949
1950
1951
1952 .
1953
1954
6.4
22. 6
29.5
32.8
26. 2
40.0
41. 2
35.9
38.3
34.0
_
.
Corporate
tax
liability
1.4
9. 1
11.3
12. 5
10. 4
17.8
22.5
19. 8
21.3
17. 1
Corporate profits after taxes
Total
5.0
13.4
18.2
20.3
15. 8
22. 1
18. 7
16. 1
17.0
17.0
Dividend
payments
Undistributed
profits
1.2
7.7
11.7
13.0
8.3
12. 9
9.6
7. 1
7.7
7. 0
3.8
5.8
6.5
7.2
7.5
9.2
9. 1
9.0
9.3
10.0
Seasonally adjusted annual rates
1954: First quarter
Second quarter
Third quarter
Fourth quarter
1955 : First quarter
Second quarter . .
32.7
33.7
33.5
36.0
_ _
1
16. 4
16. 9
16.8
18. 1
16. 3
16.8
16.7
17. 9
9.7
9.8
10.0
10. 6
40. 9
42. 5
20. 5
!21. 3
20. 4
i 21.2
10. 2
10.7
* Preliminary estimates by Council of Economic Advisers.
NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.
See p. 3 for profits before taxes and after inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
8
6. 6
7.0
6.7
7.3
1
10. 2
10.5
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment increased by $6 billion (seasonally adjusted annual rate) in the second quarter
of 1955. Investment in inventories and producers1 equipment rose considerably. Construction continued to increase.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
70
70
SEASONALLY ADJUSTED ANNUAL RATES
60
50
50
GROSS PRIVATE
*S
DOMESTIC INVESTMENT
40
40
30
20
10
v
*
I
I
I
I
i960
I
I
I
CHANGE IN BUSINESS —r\
INVENTORIES
*«
I
I
I
1952
1951
I
I
I
\
I
1954
1953
SOURCE: DEPARTMENT OF COMMERCE
\
1955
COUNCIl OF ECONOMIC ADVISiRS
[Billions of dollars]
Total
gross
private
domestic
investment
Period
1939
1946
1947
1948
1949
1950
1951
1952
1953
1954
_
...
9.3
27. 1 '
29. 7
41.2
32. 5
51.2
56.9
49. 6
51.4
^47.2
Change in business inventories
Fixed investment
New construction
Total
8.9
21.0
30. 7
37.0
35.3
43.9
46.5
46. 8
50.2
50. 1
Residential
nonfarm
Total
4.8
10. 3
14.0
17.9
17.5
22.7
23.3
23. 7
25.8
27. 8
Commercial and
industrial l
All
other 2
Producers'
durable
equipment
2.7
4.0
6.3
8.6
8.3
12. 6
11. 0
11. 1
11. 9
13. 5
1. 2
4.2
4. 9
5. 7
5.3
5. 7
7. 2
7.5
8.4
8. 6
0.8
2. 1
2.8
3.6
3.9
4.5
5. 1
5.2
5.4
5.7
4.2
10. 7
16.7
19. 1
17.8
21. 1
23. 2
23. 1
24.4
22.3
0.4
6. 1
-1.0
4.2
-2.7
7.4
10.4
2.8
1.2
-2.9
0.3
6.4
1.3
3.0
-1.9
6.4
9-0
2. 1
1.9
-3.2
22.9
22.4
22. 2
21. 9
21.5
23.7
-3.2
-2.7
— 4. 9
-.6
1.5
4.3
-3.4
-3.2
-5.4
-1.0
1.5
4.2
Total
Nonfarm
Seasonally adjusted annual rates
1954: First quarter
Second quarter
Third quarter
Fourth quarter
1955: First quart er«
Second quarter
45. 5
46. 9
45. 9
50. 7
54. 1
60. 1
48. 8
49. 7
50.7
51. 3
52. 7
55. 8
25. 9
27.3
28. 5
29. 4
31. 2
32. 1
11. 8
13. 0
14. 2
15. 0
16.0
16. 4
8.5
8.5
8. 6
8.7
9.3
9.8
5. 6
5.8
5.7
5.7
5.9
5.9
i Includes public utility.
3
Includes petroleum and natural gas well drilling.
NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to a survey made in April and May, expenditures for new plant and equipment were expected to increase
9 percent between the first and second quarters—the largest quarterly rise since the last half of 1950. Plans for the
third quarter indicated an additional rise of 3 percent to a level of about $29 billion (seasonally adjusted annual
rate), equaling the previous peak in the third quarter of 1953.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
COMMERCIAL AND OTHER.
TRANSPORTATION
J
I
1951
1950
1952
1953
1954
- SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
1955
QF ECONOMIC ADVISERS
[Billions of dollars]
Transportation
Mining
Durable NonduraRailroads Other
goods
ble goods
0.36
0.28
0.33
0.76
1. 19
. 92
,.58
.43
3. 11
3.68
1. 30
.89
3.41
5. 30
.69
1.28
1.32
5.65
.88
3.48
.89
.79
1. 35
2.59
4. 56
1.21
1. 11
.71
3. 14
4.36
1.49
1.47
.93
5.68
5. 17
1. 50
1.40
6.02
.98
5. 61
1.56
.99
1.31
6.26
5.65
1.51
.85
.98
5.09
5.95
Seasonally adjusted annual rates
1.57
1.04
.94
6. 22
5.40
1.44
.91
1.04
5.90
5. 18
.80
1.51
1.00
5.06
5.93
1. 53
.68
.91
5.79
4.80
1. 46
.74
.80
4. 78
5.39
1.58
.80
. 94
5. 21
6.01
1.62
.86
.95
5. 92
5.38
Manufacturing
Period
1939
1946
1947 .
1948
1949
1950
1951
1952
1953
1954
Total *
_.
-
_
_
1 954 : First quarter
Second quarter
Third quarter
Fourth quarter
1955; First quarter 3
Second quarter
Third quarter 3
Total
5.51
14.85
20.61
22.06
19.28
20.60
25.64
26. 49
28.32
26.83
1.94
6. 79
8.70
9. 13
7. 15
7.49
10.85
11. 63
11.91
11. 04
27.46
26. 92
26.84
26. 18
25.65
27.86
28.83
11.62
11.09
10.98
10.58
10. 17
11.22
11.30
eludes agriculture.
mmcrcal and other includes trade,, service, finance, communications,, and construction..
,
,
Public
utilities
Commercial and
other 2
0.52
.79
1.54
2.54
a 12
3.31
3.66
3.89
4.55
4.22
2.08
5.33
7.49
6.90
5.98
6.78
7.24
7.09
8.00
8.23
4.33
4.37
4. 12
4.01
4. 01
4.37
4. 77
7.97
8.07
8.42
8.46
8. 46
8. 96
9. 34
ntmitrs hfisnd on anticipated capital expenditures as reported by business in April and May 1955.
rfc, Tl »M» figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the
>V*'t HIT
cultural investment and also certain equipment and construction outlays charged to current expense.
t iieei\ss:irily add to totals because of rounding.
rlties mid Kxcliun^.f Commission and Department of Commerce,
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Employment rose between early June and mid-July to an ailtime high of almost 65 million, as young workers found
jobs after the close of school. Unemployment declined by over 200,000; there is usually no change at this time
of year.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
75
75
55
50
14 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Total
Unemployment3 Insured unemployment 4
Employment l
labor
Tempo%of Thousands % of covered
force (in- Civilian
Period
rary
labor
cluding
Agricul- Nonagri- layoffs 2 Number civilian of persons employment
force
Total
(all pro(State prolabor
tural
armed
cultural
grams)
grams)
force
forces)
5
Thousands of persons 14 years of age and over
9,480
17.2
1939
9,610
36, 140
55, 600 55, 230 45, 750
6.2
2,470
5.5
1949
- ...
8,026
185 3,395
50, 684
63, 721 62, 105 58, 710
4.6
1,599
5. 0
92 3,142
1950
7,507
52, 450
64, 749 63, 099 59, 957
2. 8
996
3.0
1951 .
--_.
7,054
117 1,879
65, 982 62, 884 61, 005
53, 951
2.9
1,064
1952_>_
2.7
142 1, 673
6, 805
54, 488
66, 560 62, 966 61, 293
2.8
1,058
6,562
142 1,602
2.5
1953
67, 362 63, 815 62, 213
55, 651
5.2
2,039
221 3,230
5.0
6,504
1954
54, 734
67, 818 64, 468 61, 238
5.3
2,082
229 3,347
1954: June
5. 1
7,628
54, 470
68, 788 65, 445 62, 098
5. 1
2,037
July
5. 1
298 3,347
7,486
54, 661
68, 824 65, 494 62, 148
4.6
1,871
5.0
6,928
55, 349
143 3,245
August 68, 856 65, 522 62, 277
4. 3
1,752
4.8
September
198 3, 100
7,527
54, 618
68, 566 65, 244 62, 145
4.0
1,631
4.2
54, 902
136 2,741
7,239
October
68, 190 64, 882 62, 141
4.0
1,643
4.5
November
120 2,893
6,154
55, 577
67, 909 64, 624 61, 732
4.6
1,869
4.5
137 2,838
December
55, 363
5,325
66, 811 63, 526 60, 688
5.5
2,201
5.3
5,297
54, 853
1955: January
251 3,347
66, 700 63, 497 60, 150
5.2
2,109
5.3
February
5,084
145 3,383
54, 854
66, 550 63, 321 59, 938
4. 7
1,875
5.0
5,692
75 3,176
54, 785
March 66, 840 63, 654 60, 477
4. 1
1,651
4.6
April
108 2, 962
6, 215
55, 470
67, 784 64, 647 61, 685
3.6
1,392
3.8
133 2,489
6,963
May
55, 740
68, 256 65, 192 62, 703
3.2
1,226
4.0
107 2, 679
7,681
June
56, 335
69, 692 66, 696 64, 016
6
3.1
1, 202
3. 7
157 2,471
7,704
July
57, 291
70, 429 67, 465 64, 995
* jLJUuitiu.es pari-uuic wurjiers auu muse wiwi jous
but not at work for such reasons as vacations, Illness,
bad weather, temporary layoff, and industrial disputes; excludes armed forces.
3
Shown separately so as to afford a basis for further
analysis of employment and unemployment.
3 See footnote 2.
* Weekly average.
« Data for 1949-53 (1953 revised series) based on 68area sample; beginning 1954, on 230-area sample.
Starting July 1955, data are for week ending nearest
month.
e Preliminary estimate.
Sources; Department of Commerce (labor force)
and Department of Labor (insured unemployment).
11
NONAGRICULTURAL EMPLOYMENT
Employment in nonagricultural establishments (seasonally adjusted) rose by 200,000 from June to July. Employment fell less than seasonally in durable goods manufacturing and rose seasonally in nondurable goods manufacturing,
MILLIONS OF WAGE
AND SALARY WORKERS
DURABLE
J
MILLIONS OF WAGE
AND SALARY WORKERS
MANUFACTURING
F
M
A
M
J
NONDURABLE
J
A
S
O
N
D
S
L
CONTRACT CONSTRUCTION
MANUFACTURING
I
J
F
M
A
M
J
J
A
I
S
I
O
N
D
N
D
WHOLESALE AND RETAIL TRADE
^1955
J of
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
Period
1939
1946
1948
1949.
1950
1952_
1953
1954
1954: June
July
August
September.
October
NovemberDecember.
1955: January
February __
March
April
May
J u l v '-'
48, 170
48, 048
48, 029
48, 020
48, U9
48, S86
48, 880
48, 898
48, 440
48, 766
48, 881
4-9 214
40, 483
4-0, 684
S
O
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
Total
adjusted
for
seasonal
variation
A
Total
30,311
41, 287
44, 448
43, 315
44, 738
48, 303
49, 681
48, 285
48, 200
47, 866
48, 123
48, 490
48, 580
48, 808
49, 463
47, 741
47, 753
48, 212
48, 643
48, 918
49, 487
49, 465
[Thousands of wage and salary workers *1
GovernManufacturing
ment
Contract Wholesale
Durable Nondu- Mining construc- and retail (Federal,
Total
State,
tion
trade
goods rable goods
local)
Not adjusted for seasonal variation
10, 078
14, 461
15, 321
14, 178
14, 967
16, 334
17, 238
15, 989
15, 835
15, 584
15, 822
15, 972
16, 007
16, 057
16, 050
15, 925
16, 060
16, 201
16, 255
16, 334
16, 563
16, 557
4,683
7,739
8,312
7,473
8,085
9,340
10, 105
9, 120
9,066
8,811
8, 820
8,887
9,002
9, 121
9, 144
9, 113
9,220
9,323
9,418
9, 501
9,615
9,557
5,394
6,722
7,010
6, 705
6, 882
6,994
7, 133
6,870
6; 769
6, 773
7,002
7, 085
7,005
6,936
6,906
6, 812
6, 840
6,878
6, 837
6, 833
6, 948
7,000
845
852
982
918
885
852
770
771
760
763
744
743
749
747
741
737
739
739
742
760
748
1, 150
1,661
2, 169
2, 165
2,333
2, 634
2, 622
2, 527
2, 629
2,686
2, 735
2,698
2, 652
2,598
2,426
2,237
2, 169
2, 255
2,399
2, 526
2, 615
2, 694
6,612
8, 602
9,519
9,513
9,645
10, 281
10, 527
10, 498
10, 389
10, 351
10, 321
10, 447
10, 548
10, 745
10, 354
10, 419
10, 309
10, 408
10, 549
10, 534
10, 633
10, 624
3,995
5, 595
5,650
5, 856
6,026
6, 609
6,645
6,751
6,716
6,551
6,563
6,746
6,829
6,917
7, 166
6, 835
6,873
6,922
6,927
6, 881
6,851
6, 706
Other
7, 632
10, 116
10, 807
10, 686
10, 878
11, 563
11, 797
11, 751
11, 860
11, 934
11, 919
11, 883
11, 801
11, 742
11,720
11, 584
11, 605
11, 687
11, 774
11, 901
12, 065
12, 136
1
Includes all full- nud part-time wage and salary workers in nonagricultural establishments wlio worked during or received pay for auy part of the pay period
em) it ip nearest the* Jfith 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. 11) 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
bn«e<i on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
1
Preliminary estimates.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels.
Source: Department of Labor.
12
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
Tfie average workweek of factory production workers declined from 40.7 hours in June to 40.3 hours in July,
decline is usual at this time of year.
HOUR PER WEEK
A
HOURS PER WEEK
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
...;.T
1952
1954
J
1955
BUILDING CONSTRUCTION
i
1952
i
,
I
1954
RETAIL TRADE
V^pvy^
^
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[Hours per week, for production workers or nonsupervisory employees]
Manufacturing r
Period
1939
1946
1947 . .
1948
1949
1950
1951
1952
1953
1954
1954: June
July
August
September
October
November
December
1955: January
February—
March
April_
May. _
June22 --.
July
Total
_ ..
_
.
_ ..
. _
... _
.
.
.
.
_ -
.
„
__
_ _
_ _
_ _._
__ _
_
_
. _
_ _
37.7
40.4
40.4
40. 1
39.2
40. 5
40. 7
40. 7
40. 5
39. 7
39. 5
39, 4
39. 7
39. 7
39. 9
40.2
40.5
40. 2
40.4
40. 6
40. 3
40. 8
40. 7
40. 3
Durable
goods
38.0
40.2
40.6
40. 5
39.5
41.2
41. 6
41.5
41.3
40. 2
40. 0
39.7
40. 1
40. 1
40. 4
40.8
41. 1
40. 9
41. 1
41. 4
41. 2
41. 6
41. 3
40. 7
1 Data beginning with January 1948 are not strictly comparable with those for earlier periods.
2 Preliminary estimates.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.
Source: Department of Labor.
66672—55
3
T)__*| J'_ _.
15 uil ding
Nondurable construction Retail trade
goods
37.4
40. 5
40. 1
39. 6
38. 8
39. 7
39. 5
39. 6
39. 5
39. 0
38. 9
39. 0
39. 2
39. 3
39. 2
39. 5
39.8
39. 3
39. 5
39 7
39.0
39. 6
39. 9
39. 7
32. 6
38. 1
37. 6
*37. 3
36.7
36.3
37. 2
38. 1
37. 0
36. 2
37. 1
36.9
37.0
36.0
36.6
35. 8
36.0
35. 1
34. 7
35. 9
35.4
36. 7
36.8
(3)
42.7
40. 7
40. 3
40. 3
40. 4
40. 5
40. 2
39. 9
39. 2
39. 2
39 3
39. 8
39.7
39. 1
38.9
38. 7
39. 5
38. 9
38. 9
38 8
38.6
38. 8
39. 1
(3)
»Not available.
13
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing were $1.88 in July, 1 cent higher than in June and
8 cents higher than in July of last year.
DOLLARS PER HOUR
DOLLARS PER HOUR
EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1954*100.
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
All manufacturing
Period
Current
1954
prices prices l
1939
$0. 633 $1. 224
1946
1.086
1.496
1947 .. _ _ _ _
1.237
1.487
1948
1.350
1.508
1949
_ _ _ 1.401
1.579
1950
._
1.465
1.637
1951
1. 64
1.59
1952
1.69
1.67
1953
1.77
1. 78
1954
1.81
1.81
1954: June1.80
1.81
July
1.80
1.79
August.
1. 79
1.79
Septemb er .
1.81
1.81
October
1.82
1.81
November . . _
1.83
1.83
December
1.84
1.83
1955 1 January
1.84
1.85
February
1.85
1.86
March
. 1.85
1.86
April
1. 86
1.87
May.
1.87
1.88
3
June
1.87
1.88
July*
1.88
(4)
1
2
Durable goods Nondurable goods
Building
Retail trade
manufacturing
manufacturing
construction
1954 Current
Current
1954 Current
1954 l Current 1954
prices prices 1 prices prices l
prices prices *
prices,^ prices
$0. 698 $1. 350 $0. 582 $1. 126 $0. 932 $1. 803 $0. 542
$1. 048
1.592
1.015
1. 156
1.478
2.036
1.398
1.230
.893
1.292
1.553
1. 171
1.213
1.407 2 1.681 2 2.020
1.009
1.410
1.575
2. 065
1.216
1.278
1.428
1. 848
1.088
1. 656
1.469
1.325
2. 182
1. 494
1. 282
1. 935
1. 137
1.717
1.537
1.378
2.031
1. 314
1.540
2.269
1. 176
1.67
1.73
1.48
2. 19
1.53
2.26
1.30
1. 26
1.77
1. 54
1. 79
1.56
1.32
2.31
2.34
1.33
1.87
1.61
1.88
2. 48
1.61
2.49
1.40
1.40
1.92
1. 92
1. 66
1.66
2.60
2.60
1.45
1.45
1.90
1. 66
2.58
1.66
2.57
1.46
1.91
1.46
1.91
1. 66
1.90
1.66
2.58
1.47
1.47
2.57
1. 65
2. 60
1.91
1. 91
2.59
1.46
1.46
1.65
2.62
1.93
1.93
2.62
1.66
1.46
1. 66
1.46
1. 66
1.93
1. 94
2.63
1.47
1.66
2.64
1.47
1.94
1.94
1.67
2. 64
1.67
2.63
1.46
1.46
1.96
1.95
1.67
2.65
2.66
1. 68
1.44
1.45
1.96
1.97
1.68
2.65
2.66
1.69
1.48
1.49
1.97
1.96
1.68
2. 65
1.69
1.48
1.49
2.66
1. 98
1.68
1. 97
1.49
2.64
1.69
2.63
1.48
1. 99
1.98
1. 69
2.63
2.64
1.70
1.49
1. 50
1.99
2.00
1.70
1.71
2. 63
2.64
1. 50
1.51
1. 99
2. 00
1.70
1. 71
2. 64
2 65
1. 51
1.51
1.71
2.00
(4)
(4)
(4)
(4)
(4)
(4)
Earnings in current prices divided by consumer price index on base 1954=100.
Data beginning with January 1948 are not strictly comparable with those for earlier periods.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.
Source: Department of Labor.
14
* Preliminary estimates.
* Not available.
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings of factory production workers declined from $76.11 in June to $75.76 in July as a result
of the shorter workweek. The July figure was $4.84 higher than a year earlier.
LLARS PER WEEK
DOLLARS PER WEEK
NONDURABLE MANUFACTURING
J/ EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1954 = 100.
COUNCH. OF ECONOMIC ADVISERS
SOURCE:DEPARTMENT OF LABOR.
Period
1939
1946
__
_
1947
1948
... _.
1949 ..
_
1950
1951
1952
__
1953
1954
1954: June
July « .
August
..
.
September
»
October...
November
December
1955: January .
February.
March
AprilMay
June 3*
July _ _
[For production workers or nonsupervisory employees]
Durable goods
Building
All manufacturing manufacturing Nondurable goods
Retail trade
manufacturing
construction
1954 Current 1954 l Current
Current 1954 l Current
1954 Current
1954
prices prices l
prices
prices
prices
prices
prices
prices l
prices * prices
$23. 86 $46. 15 $26. 50 $51. 26 $21. 78 $42. 13 $30. 39 $58. 78 $23. 14
$44. 76
64.04
41. 14
60.36
46.49
43. 82
56. 67
56. 24
77.47
50.07
36.35
46.96
56.44 2 63. 30 2 76.08
60.06
52.46
63.05
49.97
40. 66
48.87
54. 14
50. 61
60.49
57. 11
63.81
56. 55
68. 85
76. 93
48.99
43.85
61.92
65. 42
54.92
58.03
51. 41
57.96
79. 99
70.95
51. 78
45. 93
63.32
54. 71
70. 75
66. 29
61. 13
53.22
59.33
73.73
82.38
47.63
66.92
71.84
58.46
69.47
64.71
60. 46
84. 25
81.47
52. 38
50.65
73.46
74.28
60.98
68. 73
61. 66
67.97
88.01
53.26
88.99
52.67
77.23
63. 60
77.46
71.69
71.91
92. 04
63.79
91.76
54.88
55.05
64.74
71.86
77. 18
77. 18
64.74
94. 12
71.86
94. 12
56.84
56.84
76.40
95.72
64.57
71.29
76. 17
64. 38
71. 50
57.21
57. 38
95.43
70.92
64. 74
70.71
75.83
75. 60
64. 55
95.20
94. 92
58.33
58.51
76.44
70. 92
76. 59
64. 68
71.06
64.55
96.20
96. 01
57.84
57.96
77.39
77.47
65.24
71.86
71.93
94. 32
65. 31
94.41
57.09
57. 15
65.07
72. 22
72.44
77.97
78.20
96.26
65.27
57. 18
57. 35
96. 55
73.42
79. 15
65.97
73.57
79.31
66. 10
94. 15
94.34
56.50
56.61
80.47
66.47
74. 12
74.42
66.74
80. 15
95. 40
56. 88
95. 78
57. 11
80. 16
66. 02
74. 27
80. 48
66. 29
93.02
73. 97
93.39
57.57
57.80
75.04
66.36
74.74
80.56
80.88
66.63
57.80
91. 96
57.57
92.33
81.56
81.89
66.70
94.42
75.41
66.97
75. 11
57. 42
57.65
94. 80
81.58
81.99
75.34
74.96
66.24
65. 91
93. 10
93.57
57.51
57.80
67. 32
82.78
83.20
96. 52
76.30
76.68
67.66
97.01
58.49
58. 20
82. 19
82. 44
67. 83
76. 11
97. 15
76. 34
68.03
59. 22
97. 44
59. 04
4
4
4
4
4
4
67. 89
81. 40
75. 76
()
()
()
()
()
()
W
1 Earnings in current prices divided by consumer price index on base 1954=100.
2
Data beginning with January 1948 are not strictly comparable with those for earlier periods.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.
Source: Department of Labor.
3
Preliminary estimates.
* Not available.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
According to preliminary estimates, the seasonally adjusted index of industrial production reached a new high of
140 (1947-49=100) in July. Durable goods manufacturing reached the previous peak in 1953 for the first time
since the current expansion began.
INDEX, 1947-49=100
INDEX, I94T-49MOO
1955
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1947-49=100, seasonally adjusted]
Total
industrial
production
T>_ *^. J
s. enod
1939
1946
1947
1948
_
1949
1950 .
1951
1952.. .
1953
1954 i
1954- June
July
_
August
September
October
November
December1955* January
February
March _>
April
May
June
July »
.
. _.
-
»Preliminary estimates.
16
-
---
_,
-
58
90
100
104
97
112
120
124
134
125
124
123
123
124
126
128
130
132
133
135
136
138
139
140
Manufactures
Minerals
Total
57
90
100
103
97
113
121
125
136
127
125
124
125
126
128
130
131
133
134
136
138
140
141
143
Durable
49
86
101
104
95
116
128
136
153
137
135
134
135
137
139
142
143
145
147
148
151
153
155
157
Nondurable
66
95
99
102
99
111
114
114
118
116
116
114
114
115
117
118
119
121
121
124
125
127
128
128
68
91
100
106
94
105
115
114
116
111
114
112
109
108
109
113
116
120
123
121
120
121
123
122
Source : Board of Governors of the Federal Reserve System.
PRODUCTION OF SELECTED MANUFACTURES
production.
Durable goods manufacturing industries shared unevenly in the July rise
facturing showed i'tfle change,
, 1947-49 = 100, SEASON ALLY ADJUSTED
Nondurable goods manu-
INDEX,I947-49 = 100, SEASONALLY ADJUSTED
MACHINERY
FABRICATED METAL
100
L L
L
CHEMICAL AND PETROLEUM PRODUCTS
120
PAPER AND PRINTING
FOODS, BEVERAGES,
AND
TOBACCO
19
TEXT ILES AND APPAREL V
80
1952
1953
1954
1955
1952
1953
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1954
1955
COUNCIL OF ECONOMIC ADVISERS
{1947-49=100, seasonally adjusted]
Durable manufactures
Period
1939
__
1947
1948 _1949
1950
1951
-_ _- ..
.
1952
1953
_ _
1954 l
__ _
1954: June
July
- - August _ _ _ _
September
October
NovemberDecember
1955: January
February
March
ADril
May
June
July i
_
Nondurable manufactures
FabriTranspor- Lumber
Textiles
Primary
Machin- tation
cated
and
and
metals
ery
metal
equipprodapparel
products
ment
ucts
53
103
107
90
115
126
116
132
108
108
103
105
105
111
118
121
127
131
136
138
140
142
139
103
104
93
115
122
121
136
123
122
122
124
122
124
125
125
125
126
129
130
134
135
138
38
103
104
93
114
130
147
160
142
139
141
144
147
147
148
145
145
146
146
149
151
155
158
48
96
102
102
120
135
154
189
175
170
170
166
167
169
175
187
191
193
195
197
199
194
204
80
101
106
93
113
113
111
118
115
108
96
97
116
128
124
131
129
127
127
127
128
133
W
80
99
103
97
110
106
105
107
100
99
98
99
98
102
103
104
106
105
109
112
113
112
111
Paper
and
printing
96
103
101
114
118
118
125
125
126
126
126
127
127
127
127
129
130
133
134
137
138
138
Consumer
Chemical Foods,
durable
and petro- beverleum
ages, and goods
products tobacco
97
103
100
118
132
133
142
142
142
141
141
144
143
145
148
148
151
153
155
158
160
162
101
100
100
103
105
106
107
106
108
105
105
105
105
106
106
107
106
108
110
110
109
109
98
102
101
133
114
105
127
116
118
116
115
114
112
119
125
131
135
139
144
145
147
155
i Preliminary estimates,
2Not available.
Source: Board of Governors of the Federal Reserve System,,
17
WEEKLY INDICATORS OF PRODUCTION
Electric power production was at a new high during July. Car and truck assemblies during the month were higher
than in June, but steel and paperboard output and bituminous coal mining were lower.
MILLIONS OF TONS
MILLIONS OF SHORT TONS (DAILY AVERAGE)
BITUMINOUS COAL
.•••...
... .......... ***"%..•••.. ...
A
*^«*
J
F
M
BILLIONS OF KILOWATT HOURS
SOURCES: AMERICAN IRON AND STEEL INSTITUTE,
Period
Weekly average:
1950
1951
. __
1952
1953
__1954
1954: July
_ _
August
September
October
November
December
1955: January—
February
March
April
May
June 3
July
_
Week ended :
1955: July
2
9
16
23
30 3
August 6 3
13 ___
DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Steel produced
Cars and trucks
power
coal mined
produced
loaded
Thousands Percent of distributed (thousands (thousands (thousands assembled (thousands)
theoretical (millions of
of net
of short
Total
Cars Trucks
of tons)
of cars)
capacity 1 Mlowatt-hours) tons) 2
tons
1,857
2,018
1,782
2, 141
1,694
1,499
1, 505
1,591
1,738
1,886
1,875
1,995
2, 124
2,253
2,288
2,331
2,272
2,061
96.9
100.9
85.8
94.9
71.0
62.9
63. 1
66.7
72.9
79. 1
78.6
82.7
88.0
93.4
94.8
96.6
94. 1
85.4
6, 183
6,958
7,451
8, 244
8,883
8,841
9, 122
9, 040
9, 124
9,240
9,645
9,936
9,902
9,796
9,658
9,741
9,986
10, 386
1,687
1,772
1,548
1,521
1,304
1, 184
1,288
1,379
1,410
1,498
1,502
1,444
1,463
1,376
1,366
1,523
1,617
1,573
748
779
730
737
651
658
677
687
726
671
610
631
644
656
693
766
756
758
214
229
213
241
236
199
246
235
254
254
227
243
260
270
263
275
278
232
154.2
129.8
106.8
141. 1
125.6
117.6
116.4
82.8
70.8
134.2
159.4
178. 9
185. 0
198. 1
207.6
204.2
168. 1
183.8
128.4
102.7
83.4
118. 0
106.0
100.3
99.8
67.5
55.8
113.7
138.9
156.9
169.2
174. 1
177.0
173.3
141.8
158.0
25.9
27.2
23.4
23.2
19.7
17.3
16.5
15.3
15. 0
20.5
20.5
22.0
15. 8
23.9
30.6
30.9
26.2
25. 8
1,716
2,073
2, 202
2, 195
2, 190
2, 098
2, 192
71. 1
85. 9
91. 2
91.0
90. 7
86. 9
90.8
10, 138
9,759
10, 440
10, 620
10, 727
4
10, 925
1, 723
1,478
1,622
1, 582
1, 602
697
653
799
786
796
765
279
156
226
265
280
278
184. 7
155. 7
195.4
196.4
187. 5
165. 7
158.4
134. 1
167.5
169. 1
161. 4
142. 6
26.3
21. 6
28. 0
27.3
26. 1
23. 1
* Percent of capacity based on weekly net ton capacity of 1,906,268 for the first half of 1950; 1,928,721 beginning July 1,1950; 1,999,034 beginning January 1,1951;
2,077,040 beginning January 1,1952; 2,254,459 beginning January 1,1953; 2,384,549 beginning January 1,1954; and 2,413,278 beginning January 1,1955.
2
3
4
Daily average for week.
Preliminary estimates.
Not plotted.
Sources: American Iron and Steel Institute, Edison Electric Institute, Pepartment of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.
18
NEW CONSTRUCTION
In July, expenditures for total new construction, expressed as a seasonally adjusted annual rate, continued at $42
billion. Private construction rose to a new high, while public construction declined. On a seasonally adjusted
basis, construction contracts awarded were 5 percent below the June level, but nearly 25 percent higher than a year
earlier.
BILLIONS OF DOLLARS
50
BILLIONS OF DOLLARS
50
0
I I I I I I I I I I I
I I I I I I I I I I 1 I I I I I I I I I I I I I I I I -I I I 1 I I I I I I I I I I I I I I I I I I I I I I I I I I I I
20
PRIVATE RESIDENTIAL^
(NONFARM)
>y
t.-
^
*
..»**"***
OTHER PRIVATE
1 1 1 I 1 1 1 1 1 1 i
I960
i i i 1 i 1 i l I 1 I
1951
I i i l i 1 i i i i |
1952
1 1 1 1 1 I M i l l
1 1 i I i 1 1 1 i 1 1
1954
1953
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR.
l i j i i 1 l l I i i
1955
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total new
construction
Period
1939. _
1946
1947 _
1948
1949 _
1950__~
1951 _
1952. _
1953
1954
_
__
_
-_
_
_
__
_
_ - _ ...
_
_ _ _ _ _
8.2
12.0
16.7
21.7
22. 8
28.5
31. 2
33.0
35.3
37. 6
Private
Total
Residential
(nonfarm)
private
4. 4
2. 7
9.6
4. 0
13. 3
6.3
16.9
8.6
16.4
8. 3
12. 6
21.5
21.8
11.0
22. 1
11. 1
11. 9
23.9
25. 8
13. 5
Other
1.7
5.6
6.9
8. 3
8.1
8.9
10.8
11.0
11. 9
12. 3
Federal,
State, and
local
3. 8
2.4
3.4
4. 8
6.4
7.0
9.4
10. 9
11. 4
11.8
Seasonally adjusted annual rates
1954: June
- -_
July
August _
September
OctoberNovember _
__
December
_ __ _
1955: January
February.. _ _
March- _ _
April
May
June 2
_
______
Julv
37. 3
37.6
38.4
38.4
37. 6
39.0
41. 1
41. 1
41. 4
41.3
41.9
42. 4
42.0
42. 0
25.5
26.2
26.7
27.0
26. 9
27.2
28. 2
28.8
29.2
29.4
30. 0
30.0
29.8
30. 3
13. 2
13.8
14.3
14.6
14. 5
14. 7
15. 7
16.0
16. 1
16.0
16. 4
16. 4
16.3
16. 6
12. 3
12.4
12.4
12.4
12. 3
12.5
12.5
12. 7
13. 1
13.4
13. 6
13.6
13. 5
13. 7
1
Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Research.
Omits small contracts, and covers rural areas less fully than urban.
Sources: Department of Commerce, Department of Labor, and F. W. Dodge Corporation (except as noted).
11.8
11.4
11. 7
11.4
10. 8
11.8
12. 9
12.4
12.2
12.0
11. 9
12. 3
12.2
11. 7
Construction contracts awarded in
37 Eastern States 1
3. 6
7.5
7.8
9.4
10.4
14.5
15.8
16.8
17.4
19. 8
Annual rates
UnSeasonally
adjusted
adjusted
20. 8
22. 0
18. 9
21. 8
28. 6
18. 0
21.9
18. 0
19. 0
25. 6
27. 9
26. 2
27. 1
27. 3
2 Preliminary estimates.
19.3
19. 3
18. 3
18. 9
23.4
20. 9
22. 9
24.4
25.6
26. 1
24.4
22. 8
25. 1
23. 9
19
HOUSING STARTS AND APPLICATIONS FOR FINANCING
The number of private nonfarrn housing starts declined from 1.3 to 1.2 million units (seasonally adjusted annual rate)
between June and July.
MILLIONS pF UNITS
MILLIONS OF UNITS
•I/SEE FOOTNOTE I ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Proposed home construction
New nonfarm housing starts
Period
Annual total: 1939___
1946
1948.-1949
1950___
1951 .
1952___
1953
1954___
Monthly average: 1950_
19531954.
1954: June
July
August
September
October
November
December
1955: Januarv
Februarv
March
April
Mav
June 4
Julv
1
Total
515. 0
670. 5
931. 6
1, 025. 1
1, 396. 0
1, 091. 3
1, 127. 0
1, 103. 8
1, 220. 4
116. 3
92.0
101. 7
116.5
116. 0
114.3
115. 7
110. 7
103.6
90.6
87.6
89.9
113.8
132.0
4
132. 0
4
129. 0
115.0
Publicly
financed
56.6
8.0
18. 1
36. 3
43.8
71.2
58.5
35.5
18.7
3.6
3.0
1.6
3.9
3. 1
1.3
2.3
.2
.3
.7
.3
2.0
1.0
1.5
4
2. 5
4
2. 5
.8
Total
458.4
662. 5
913.5
988. 8
1, 352. 2
1, 020. 1
1, 068. 5
1, 068. 3
1, 201. 7
112. 7
89.0
100. 1
112. 6
112.9
113.0
113.4
110.5
103.3
89. 9
87.3
87.9
112.8
130.5
* 129. 5
4
126. 5
114. 2
Privately financed
Government underwritten
Total
VA
FHA
158. 1
158. 1 2
152.0
83. 0
69.0
294. 1 2 102. 0
396. 1
2
468.8
363.8 2 105. 0
200. 0
686.7
486.7
412.2
148. 6
263. 5
421. 2
141.3
279. 9
408. 6
156. 6
252.0
307.0
583.3
276. 3
57.2
40. 6
16. 7
13. 1
34.0
21.0
25.6
48.6
23. 0
27. 9
55.6
27.7
52.2
26. 8
25. 4
60.3
33.3
27.0
33. 9
59.8
25. 9
58.2
33.5
24.7
62. 4
36. 0
26.3
29. 1
50.7
21.5
26. 1
46. 1
20.0
28.0
45.3
17.2
53. 6
29.8
23.8
34. 5
25.8
60.3
37.8
65. 9
28.0
39. 5
32. 1
71. 6
37.4
62.9
25. 5
Private,
seasonally
adjusted
annual
rates
4
4
1, 175
1, 188
1, 211
1,248
1,287
1,393
1,478
1,416
1,370
1,367
1,350
1, 306
1, 320
1,202
Units represented by mortgage applications for new home construction.
* Estimated.
* Not available.
Sources: Department of Labor, Federal Housing Administration (FHA), and Veterans Administration (VA).
20
Applications
for FHA commitments l
167.8
121.7
293.2
327.0
397.7
192.8
267. 9
253. 7
338.6
33. 1
21. 1
28.2
35.2
30. 1
32.2
34. 8
29.3
26. 9
24. 3
25.6
28.3
35.6
33. 1
30. 1
30.8
24.3
Requests
for VA
appraisals
3
(3)
()
(3)
(8)
164. 4
226.3
251.4
535. 4
3
()
21. 0
44. 6
52.7
52.3
55.4
51.3
45.6
47.7
44. 3
46.2
64.2
71.9
65.9
69.3
52.4
51.4
i Preliminary estimates.
SALES AND INVENTORIES-MANUFACTURING AND TRADE
In July, retail sales increased 2 percent, according to preliminary estimates. Total sales of manufacturing and trade
firms (seasonally adjusted) increased 1 percent in June, due principally to a 2 percent increase in manufacturers' sales.
Manufacturers1 new orders increased slightly from the May level and continued to exceed sales. Inventories of
manufacturers and retailers also increased during June,
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
TOTAL* AND MANUFACTURING
RETAIL
-
^INVENTORIES
—»«""*"*"***"*
—T"
INVENTORIES
»^*———
^ SALES
I 1 1 1 t 1 I 1 1 11
1 J 1 II | | 1 1 I I
1 1 1! i i 1 1 1 1 1
1952
1953
1954
i I I I I i i II I I
1955
INDEX, 1947-49- 100, SEASONALLY ADJUSTED
140
INVENTORIES
i i i I i i i i i
*
WHOLESALE, MANUFACTURING, AND RETAIL..
SOURCES: DEPARTMENT OF COMMERCE AND BO/
Period
1939
1946 . .
1948
1949
1950
1951
1952__
1953
1954- 1954: May
_
June
July
August _ _ _ _
September
October
November
December
1955: January
February
March
April
May 5
June 5
July
Man uf acturiiig
Manufacturing
and trade
InvenNew
Sales i tories 2 Sales * Inven- orders l
tories 2
10.8
27.2
36.4
34. 7
39.9
4
44. 9
45.9
48.4
46. 7
46. 1
46. 9
46.6
46.3
46. 4
45.6
47. 6
48.7
48.7
48. 9
50.7
50.9
51.7
52.2
20. 1
42. 9
55. 6
52. 1
64. 1
4
75. 2
76.7
80.3
76. 9
78.9
78.6
77. 6
77. 3
77.0
76.9
77. 1
76.9
76.9
77. 3
77.5
77.7
78.4
78.8
Wholesale
Retail
InvenSales i tories 2 Sales *
Billions of dollars, seasonally adjusted
11. 5
5. 1
5.4
3. 5
3. 1
2.2
12. 6
24. 5
8. f,
13.7
6. 6
6.0
](). «»
17.6
31.7
17.4
8. 1
7.9
10. « :
16.4
7.9
15. 9
28. 9
7.4
Jl.'. < i
19.3
21. 0
34.3
10. 5
8.7
4
•« •»
22. 3
11. 1
24. 5
42.8
9.4
11. 3
23. 6
43. 8
22.8
9.4
-I. :\
11. 7
24.9
45. 9
23.4
9.3
i. :*
11. f>
22. 4
23. 4
43. 3
9. 1
-1. 0
23.2
21. 9
44. 3
11. X
8.9
-i. I
22. 0
23. 3
44. 2
1. '.)
9. 1
i, :•;
23.2
1. s
21.4
43. 4
9. 1
!. s
•J, 2
21. 9
23. 1
43. 1
9. 1
•i. 2
1, 7
42. 9
23. 3
9.2
23. 0
•I, 1
22.5
1. 7
22. 9
43. 2
9.0
-I. -l
1, 7
43. 3
24. 0
9.3
23. 1
5. 1
1. f>
24. 1
43.3
24. 8
9. 5
4. 9
1. 5
43.2
24. 3
24. 6
9. 5
1. 7
24. 8
24. 6
14. 8
43. 3
9. 5
1. 6
15. 1
26. 5
43.3
26.0
9. 7
1. 7
43. 3
15. 3
26. 1
26.0
9. 6
15.4
26.7
9, 7
27. 7
43. 5
1.8
27.2
15.3
27. 8
43.8
9. 7
11. 8
15. 6
I » r l ' ? U i :n
Iim-.M
tori*- '-'
I 1 «>
I , , ;-,
1
li'. ;•;
V1. ?
: i , r»
>',». i
J'J. S
!2. 0
22. 4
22. 5
22. 4
22. 0
22. 1
22. 1
22. 2
22. 4
22. 6
22. 8
23.0
23. 2
•i\\. ;•: lores
Inventories 3
• ! » . , ! . • > . HM7T-49 = 100,
..-.-. M i u i l h adjusted
35
:*5
90
77
104
107
98
100
105
109
109
129
110
118
112
126
111
122
121
108
112
122
111
124
112
124
108
125
113
124
114
124
117
124
118
123
112
121
113
123
123
119
124
117
116
128
123
i Monthly average for year and total for month.
* New series on retail trade beginning with 1951; not comparable with previous
2 Book value, end of period.
data. See Survey of Current Business, September and November 1952, for detail.
8
3 Book value, end of period, except annual data, which are monthly averages.
Preliminary estimates.
f\~t
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
"^
MERCHANDISE EXPORTS AND IMPORTS
For the first half of the year, commercial exports were 10 percent higher and imports 5 percent higher than in the corresponding period of 1954. Total merchandise exports were 1 percent lower than in the first half of 1954 because of
the decline in military aid shipments.
MILLIONS OF DOLLARS
1,800
MILLIONS OF DOLLARS
1,800
1,600
1,400
1,200
1950
I/SEE FOOTNOTES I AND 2 ON TABLE BEtOW.
SOURCES". DEPARTMENT OF COMMERCE AND DEI
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Merchandise exports
Period
Total
i Q^fi—-38 monthly average i oj.7 mnnt.lilv avGiase -i Q4.R monthly average
—— —
1 QAQ mnntlllv fLVBTfiffe
iQ^l monthly average
101^0 rvi ATI tM v
ftVGrace
___
i Q^4 rnonthlv averase
Tiilv "
September
H.
i
December
i Q ^ ^ • la niiarv
April
Miay
June
—
—
--
———
-
__ — —
Excess of exports (+)
or imports ( — )
Grant-aid
shipments 1
Excluding
grant-aid
shipments
54
96
757
1,182
24
89
166
293
188
264
359
268
200
153
104
85
98
85
95
92
94
131
128
833
1, 164
1, 100
1,022
1,070
1, 137
1, 115
1,023
955
961
1, 161
1, 164
1,221
1,080
1, 138
1, 250
1, 170
1, 177
1, 187
247
812
1,278
1,054
1,003
856
1,253
1,266
1,314
1,258
1,401
1,474
1,291
1, 156
1, 114
1, 265
1, 249
1,318
1, 166
1,233
1,342
1, 264
1,308
1, 315
Merchandise
imports
207
412
480
594
552
738
914
893
906
851
829
946
822
825
780
764
839
942
870
850
1,019
871
956
3
925
Total
+ 40
+ 400
+ 798
+460
+ 452
+ 118
+ 339
+ 373
+ 408
+ 407
+ 572
+ 528
+ 469
+ 331
+ 334
+ 502
+ 410
+ 376
+ 295
+ 384
+ 324
+ 393
+ 352
Excluding
grant-aid
shipments
+ 345
+ 702
3
+ 95
+ 250
+ 207
+ 116
+ 219
+ 308
+ 168
+ 202
+ 130
+ 181
+ 398
+ 325
+ 279
+ 210
+ 289
+ 231
+ 299
+ 221
+262
TI -rmiru? with 1950 figures include only Department of Defense shipments of grant-aid military supplies and equipment under the Mutual Security
Program Shipments for'the first 6 months of the program (July-December 1950) amounted to 282 million dollars.
22
NOTE—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Department of Defense-
PRICES
CONSUMER PRICES
The average of consumer prices increased slightly in June.
INDEX, 1947-49- IOO
140
INDEX, 1947-49 = 100
140
- 120
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100]
All
items
Period
1939
1946
1947
1948
1949 _
1950
1951
1952 „
1953
1954
1954: MayJune
July
August
September
October
November
December
1955: January
February .
March
April
May
June
i Not available.
_ _ _
59.4
83.4
95.5
102.8
101.8
102.8
111.0
113.5
114.4
114. 8
115. 0
115. 1
115. 2
115. 0
114. 7
114. 5
114.6
114.3
114.3
114. 3
114. 3
114.2
114. 2
114. 4
Food
Housing
Total
47.1
79.0
95. 9
104. 1
100.0
101.2
112.6
114. 6
112. 8
112. 6
113.3
113.8
114. 6
113.9
112.4
111.8
111. 1
110.4
110.6
110.8
110.8
111.2
111. 1
111. 3
1
C)
(>)
95.0
101.7
103.3
106. 1
112.4
114.6
117.7
119. 1
118.9
118. 9
119.0
119. 2
119. 5
119. 5
119. 5
119. 7
119. 6
119.6
119. 6
119.5
119. 4
119. 7
Apparel
Transportation
52.5
83. 7
97. 1
103.5
99.4
98. 1
106. 9
105.8
104. 8
104. 3
104.2
104. 2
104.0
103.7
104.3
104. 6
104. 6
104. 3
103.3
103. 4
103. 2
103. 1
103. 3
103. 2
«
«
90.6
100.9
108. 5
111.3
118.4
126.2
129. 7
128. 0
129. 1
128.9
126. 7
126. 6
126.4
125.0
127. 6
127.3
127. 6
127.4
127.3
125. 3
125.5
125.8
Rent
86.6
91.4
94.4
100.7
105.0
108.8
113. 1
117.9
124. 1
128. 5
128.3
128.3
128. 5
128. 6
128.8
129.0
129. 2
129. 4
129.5
129. 7
130. 0
129.9
130. 3
130. 4
Reading Other
Medical Personal
and
goods
care
care
recreaand
tion
services
(l)
C1)
94. 9
100.9
104. 1
106. 0
111. 1
117.2
121. 3
125.2
125. 1
125. 1
125.2
125. 5
125.7
125. 9
126. 1
126.3
126.5
126.8
127. 0
127.3
127.5
127.6
C1)
C1)
97.6
101. 3
101. 1
101. 1
110.5
111. 8
112.8
113. 4
113.0
112.7
113. 3
113.4
113.5
113. 4
113.8
113. 6
113.7
113.5
113. 5
113. 7
113. 9
114. 7
C1)
0)
95.5
100.4
104. 1
103.4
106.5
107.0
108.0
107.0
106.4
106.4
107.0
106. 6
106.5
106.9
106. 8
106. 6
106.9
106.4
106. 6
106. 6
106. 5
106. 2
(*)
C1)
96. 1
100. 5
103. 4
105.2
109.7
115.4
118.2
120. 1
120. 1
120. 1
120.3
120. 2
120. 1
120. 1
120. 0
119. 9
119.9
119.8
119.8
119.8
119. 9
119.9
Source: Department of Labor.
23
WHOLESALE PRICES
The average of wholesale prices increased in July, as increased prices for industrial commodities more than offset
declines in the average prices of farm products and processed foods.
I960
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100]
All commodities
Period
1939
1946
1947.
1948
194919501951
1952195319541954: June
July
August
September
October
NovemberDecember
1955: January
February _
March
April
May
June _
July
Week ended: 1
1355: August 2
9
1
24
.
«
_ _
50 1
78. 7
96. 4
104. 4
99. 2
103. 1
114. 8
111. 6
110. 1
110. 3
110. 0
110. 4
110. 5
110. 0
109. 7
110.0
109. 5
110. 1
110. 4
110. 0
110. 5
109. 9
110. 3
110. 1
_ _ _ _ _
no. i
Processed
foods
Other than
farm products
and foods
(industrial)
36 5
83. 2
100. 0
107. 3
92. 8
97. 5
113. 4
107. 0
97. 0
95. 6
94. 8
96. 2
95.8
93. 6
93. 1
93. 2
89. 9
92. 5
93. 1
92. 1
94. 2
91. 2
91. 8
89. 5
no. o
Weekly series based on a smaller sample than the monthly series
Source: Department of Labor.
Farm
products
'
43 3
77 6
98. 2
106 1
95. 7
99. 8
111 4
108. 8
104. 6
105. 3
105. 0
106. 5
106.4
105. 5
103. 7
103. 8
103. 5
103. 8
103. 2
101. 6
102. 5
102. 1
103. 9
103. 1
58 1
78. 3
95. 3
103. 4
101. 3
105.0
115. 9
113. 2
114. 0
114. 5
114. 2
114. 3
114. 4
114. 4
114. 5
114. 8
114. 9
115. 2
115.7
115. 6
115. 7
115. 5
115. 6
116. 5
87. 2
87.8
101. 1
100. 9
116.7
116.7
PRICES RECEIVED AND PAID BY FARMERS
The index of prices received by farmers declined 2 percent during the month ended July 15. The index of prices
paid by farmers was slightly lower than a month earlier. The parity ratio dropped 2 points to 84—4 points below a
year earlier.
INDEX, I9IO-I4* IOO
325
INDEX, I9IO-I4 *!00
325
125
1955
1950
-^RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.
SOURCE. DEPARTMENT OF AGRICULTURE.
COUNCIL OF ECONOMIC ADVISERS
Period
1939
1946
1947
1948
_
_
1949
1950
1951
„
1952
1953
1954
_
1954* June 15
July 15
August 15
September 15
October 15
November 15
December 15
1955* January 15
February 15
March 15
April 15
May 15
June 15
J U ly 15
__
_
.
_
__
.
_
-
__..
--
-
-
Prices paid by farmers Parity index
(prices paid, Prices refor items used in
ceived by
interest,
taxes, and
farmers
Family
Producwage rates)
living
tion
Index, 1910-14=100
121
120
95
123
202
191
2 236
208
224
237
276
240
251
260
287
250
243
250
238
251
246
246
256
258
282
302
273
268
274
271
287
288
270
253
279
258
274
252
249
281
252
276
282
247
277
247
245
280
277
250
282
249
273
246
251
280
242
273
250
279
272
251
279
242
272
250
239
279
254
273
283
243
271
256
244
283
256
273
284
243
274
254
247
284
274
251
282
244
274
250
282
243
274
248
237
281
i Percentage ratio of index of prices received by farmers to parity index.
* Includes wartime subsidies paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946.
Source: Department>f Agriculture.
Parity
ratio l
77
113
115
110
100
101
107
100
92
89
88
88
88
88
87
87
86
86
86
86
87
87
86
84
25
CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
Demand deposits were unchanged between the end of May and the end of June/ a decrease is usual at this time
of the year. On a seasonally adjusted basis, total deposits (excluding Government) and currency have changed
very little since the end of April.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
END OF MONTH
TOTAL DEPOSITS AND
CURRENCY
TOTAL EXCLUDING U.S. GOVERNMENT
DEPOSITS
160
160
120
120
DEMAND DEPOSITS
ADJUSTED
TIME DEPOSITS
CURRENCY OUTSIDE
BANKS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
End of period
1946
--1948.
1949
1950.
~
1951
„__
____
1952
1953_._.
„-1954.
.
1954: May
—
June July
_
August
-September „
October
November
.
December
4
1955: January 4 .
February
March 4
April 44
May
June 4
~_
Total deposits and
currency
167. 5
172.7
173. 9
180.6
189.9
200.4
205.7
214.8
203. 6
205.3
204.8
206.3
207.7
211. 3
213.3
214.8
213.4
212.0
210. 6
213.0
212. 6
213.0
U. S.
Government
deposits *
3.5
3. 6
4. 1
3.7
3.9
5. 6
4.8
5. 1
5.6
6.8
4.4
6.0
5.2
6.6
7.5
5. 1
4.2
5. 1
5.3
5. 6
5.9
5.6
Total excluding U. S. Government deposits
(privately held money supply)
Currency
Demand
Time
Total
outside
deposits
deposits a
banks
adjusted a
164.0
169. 1
169.8
176, 9
186.0
194. 8
200.9
209.7
198.0
198.5
200.4
200.3
202. 5
204.7
205.8
209.7
209. 2
206. 9
205.3
207.4
206.7
207.4
26.7
26. 1
25. 4
25. 4
26.3
27.5
28. 1
27.9
26. 8
27. 1
26. 8
26.9
26.9
26.9
27.5
27.9
26.8
26.8
26.7
26.7
26.8
27. 1
83.3
85. 5
85.8
92.3
98.2
101.5
102.5
106.6
98.7
98. 1
100.0
99.4
101.2
103. 1
104.0
106.6
107.0
104.5
102.4
104.5
103.4
103.4
»Includes U. S, Government deposits at Federal Keserve banks and commercial and savings banks, and U. S. Treasurer's time deposits, open account.
* Includes demand deposits, other than interbank and U, S. Government, less cash items in process of collection.
> Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.
* Preliminary estimates.
Nora.—Detail will not necessarily add to totals because of rounding.
54.0
57. 5
58.6
59. 2
61.4
65. 8
70.4
75.3
72. 5
73.3
73.7
74. 0
74.4
74.8
74.3
75.3
75.4
75.7
76.2
76.2
76.5
77.0
Source: Board of Governors of the Federal Reserve Board.
BANK LOANS, INVESTMENTS, AND RESERVES
Total loans and investments of commercial banks were unchanged between the end of May and the end of June.
A rise of $1.8 billion in loans was offset by a decline in holdings of U. S. Government securities.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS
TOTAL LOANS AND INVESTMENTS
V
120
\ 8O
I 20
80
BANK LOANS*
40
20
40
20
^INVESTMENT IN OTHER SECURITIES
1952
1953
END OF MONTH
SOURCE: BOflRO OF GOVERNORS OF THE FEDERAL RESERVE SYStEM
Total loans
and investments
End of period
1949
1950__
1951
1952
1953
.
1954
-__
1954: May
June
July
..
August- -_..
September .
October . November
December _
1955: January * 4 ..
February _ »
March 4 .
April 4
.May 4 4
June July 4
_
-
__
-
120.2
126. 7
132.6
141.6
145.7
155.9
145. 7
146.4
147.3
149.5
150. 6
154.0
155.7
155.9
156.2
154.8
153.5
155.5
155.5
155.5
[Billions of dollars]
All commercial banks
Investments
U.S. Gov- Other
Loans
Total
ernment
securities securities
77.2
43.0
10.2
67.0
74.4
52. 2
12.4
62. 0
57.7
74.9
13.3
61.5
64.2
14. 1
77.5
63.3
67.6
63.4
78. 1
14.7
70.6
85.3
16.3
69.0
67. 1
78. 6
63.3
15.3
79.0
67.3
63.5
15.5
80. 0
67.3
64. 3
15.7
83.0
66.5
67.3
15.7
67.3
83.3
16.0
67. 3
70.2
67.7
86.3
16. 1
69.4
86.3
70. 1
16. 2
70.6
85.3
69.0
16.3
85.7
70.6
69.0
16.7
83.6
71.2
66.8
16.8
81.2
72.3
64. 2
17.0
82.6
72.9
65. 6
17.0
81.6
64. 9
73.9
16.7
79.8
63.0
16. 8
75.7
'COUNCIL OF ECONOMIC ADVISERS
Weekly
reporting
member
banks * 2
Business
loans 2
13. 9
17.9
21. 6
23.4
23.4
22.4
21. 9
21.9
21.5
20.8
21. 0
21.0
22. 1
22.4
22.0
22.1
22.6
22.5
22. 6
23. 5
23.5
All member banks *8
BorrowReserve balances ings at
Federal
Required Excess Reserve
Banks
17.0
.1
.8
15.6
.8
.1
18.5
.8
.3
.7
19.6
.8
19.3
.7
.8
18.5
.8
.1
18. 8
.7
.2
.9
18.8
.1
.8
18.3
.1
17.6
.8
.1
17.6
.8
.1
18.2
,7
.1
18.4
.8
.2
.7
18.6
.2
18.4
.7
.3
18.2
.6
.4
.6
18.0
.5
18.2
.6
.5
.6
18. 2
.4
.6
18. 1
.4
18.2
.5
.6
1 Member banks include, besides all national banks, those State banks that have taken membership in the Federal Eeserve System.
2 Commercial, industrial, and agricultural loans; revised series beginning January 1952. Such loans by weekly reporting member banks represent approximately
70 percent of business loans by all commercial banks.
* Data are averages of daily figures on balances and borrowings during the period.
< Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because>f rounding.
Source:lBoard of Governors of the Federal Reserve System.
27
CONSUMER CREDIT
In June, total consumer credit outstanding rose $900 million to a new high of $32,5 billion. The increase of $2,5
billion during the second quarter exceeds any past performance. Increased instalment financing of automobile purchases accounted for most of the rise.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
35
35
TOTAL CREDIT
OUTSTANDING
-INSTALMENT CREDIT
NONINSTALMENT CREDIT^
1955
1950
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars}
Total
consumer
End of period
credit
outstanding
1939
1946
1947 .
1948
--1949
1950
1951
.
1952
1953
1954
1954* May
June
July
August
September.
October
November.
December.
1U55: January
1'Y.bniary _
Miirch.."..
A p r i l . ..
7,222
8,384
11, 570
14,411
17, 104
20, 813
21, 468
25, 827
29, 537
30, 125
28, 372
28, 666
28, 725
28, 736
28, 856
28, 975
29, 209
30, 125
29, 760
29, 518
29, 948
{0, 655
JlllH'
VI, -171
May
M, r>os
Instalment credit outstanding
Total
4,503
4, 172
6,695
8,968
11,516
14, 490
14, 837
18, 684
22, 187
22, 467
21, 487
21,717
21, 849
21, 901
21, 935
21, 952
22, 014
22, 467
22, 436
22, 508
22, 974
23, 513
24, 149
24, 914
Automobile
paper *
1,497
981
1,924
3,054
4,699
6,342
6,242
8,099
10, 341
10, 396
10, 002
10, 168
10, 298
10, 349
10, 365
10, 340
10, 296
10, 396
10, 459
10, 641
11,053
11, 482
11, 985
12, 561
Other Repair and
consumer moderni- Personal
zation
loans
goods
paper l
loans 2
298
1,620
1,088
1,290
405
1,496
2,143
1,910
718
2,842
2,229
843
3,486
2,444
887
4,337
1,006
2,805
4,270
3,235
1,090
3,851
5,328
1,406
4,366
1,649
5,831
4,787
1,616
5,668
1,634
4,481
5,370
5,367
1, 635
4,547
5,328
1,637
4,586
1,642
5,294
4,616
4,641
1,642
5,287
5,324
4,651
1,637
4,689
5,398
1,631
5, 668
1,616
4,787
1,574
4,794
5,609
1,550
5,484
4,833
1,530
4,912
5,479
5,492
1,534
5,005
1,546
5,555
5,063
1,562
5, 152
5, 639
Noninstalment credit
outstanding
Total
2,719
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658
6,885
6,949
6,876
6,835
6,921
7,023
7, 195
7,658
7,324
7,010
6,974
7, 142
7,419
7,557
Charge
accounts
1,414
2, 076
2, 353
2,713
2,680
3,006
3,096
3,342
3,411
3,518
2,786
2,819
2,773
2,734
2,807
2,892
3,042
3,518
3,225
2,831
2,735
2,859
3,011
3,040
InstalInstalment
ment
credit ex- credit
8
tended
repaid *
8,495
12, 713
15, 540
18, 002
21, 256
22, 791
28, 397
30, 321
29, 304
2,397
2,703
2,549
2,477
2, 441
2,454
2,554
3,046
2,389
2,416
3,159
3,089
3,206
3,443
vdit i-jtiMuicd for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.
s held hy financial institutions; those held by retail outlets are included in "other consumer goods paper."
i<
l 'lurlnn HH* jmiiod.
Source: Board of Governors of the Federal Keserve System.
6,785
10, 190
13, 267
15, 454
18, 282
22, 444
24, 550
26, 818
29, 024
2,336
2, 473
2,417
2,425
2,407
2,437
2,492
2,593
2,420
2,344
2,693
2,550
2,570
2, 678
BOND YIELDS AND INTEREST RATES
Interest rates rose during July and early August.
PERCENT PER ANNUM
PERCENT PER ANNUM
4
4
1950
1955
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
1939
1948
- ...
1949 . .. ..
_
1950
1951
1952
1953
1954 .
1954; June
July
_.
August
September
.. _ ._
October
November
December
1955: January.
February
...
March
April
May
June
July
Week ended:
1955: July
2
9
16
23 ...
30
August 6
13
[Percent per annum]
U. S. Government security yields
High-grade
3-month
municipal
Taxable bonds 2
Treasury
bonds 6
Old series 8 New series *
bills1
0.023
2.76
2.44
2.40
1.040
1. 102
2.31
2.21
2.32
1.98
1.218
1.552
2.57
2.00
2.68
2. 19
1.766
2.93
2.72
1.931
3. 16
.953
2.53
2.70
2.37
2.54
.650
2.70
2.48
.710
2.62
2.47
2.31
.892
2.60
2.48
2.23
2. 51
2.64
1.007
2.29
2.52
2.32
.987
2.65
2. 55
.948
2.68
2.29
2.57
1. 174
2.68
2.33
2.65
1.257
2.39
2.76
4
2.72
1. 177
2. 92
2. 42
2.92
2.71
1.335
2.45
2.77
2. 92
1.620
2.43
2.91
1.491
2.75
2.41
1.432
2.91
2.76
2.48
1.622
2.62
2. 87
2.96
1.401
1. 541
1.606
1.620
1.720
1.850
1.889
2. 81
2.82
2.83
2. 90
2.94
2.94
2.90
1 Rate on new issues within period.
2 Bonds in this classification were first issued in March 1941.
i Beginning April 1952, 2H-pereent bonds first callable after 12 yean. Prior
to that, only bondi due or callable after 16 years were included.
2.94
2. 94
2.94
2.96
2.99
3.03
3.02
2.55
2.60
2.62
2.62
2. 64
2.66
2. 66
Corporate bonds
( Moody 's)
Aaa
3.01
2.82
2.66
2.62
2.86
2.96
3.20
2.90
2.90
2.89
2.87
2.89
2.87
2.89
2. 90
2.93
2. 99
3. 02
3.01
3.04
3.05
3.05
Baa
4. 96
3.47
3.42
3.24
3.41
3.52
3.74
3.51
3.49
3.50
3.49
3.47
3.46
3.45
3.45
3.45
3.47
3.48
3.49
3.50
3.51
3. 52
Prime
commercial
paper,
4-6 months
0.59
1.44
1.49
1.45
2. 16
2.33
2.52
1.58
1.56
1.45
1.33
1.31
1.31
1.31
1.31
1.47
1.68
1.69
1.90
2.00
2.00
2.11
3.05
3.05
3. 05
3.05
3.07
3.09
3.09
3.51
3.51
3. 52
3.52
3.53
3.55
3.56
2.00
2.05
2.06
2. 14
2. 19
2.28
2.31
* 3H-pereent bonds of 1978-83, issued in May 1953; and 3-percent bonds of IQQ*
issued in February 1955.
'
8
Standard and Poor's. Weekly data are Wednesday figures.
Source: Board of Governors of the Federal Reserve System.
29
STOCK PRICES
Stock prices rose during'July and declined in early August.
INDEX, 1939 = 100
INDEX, 1939*100
500
500
400
300
300
200
I960
1955
1951
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
Period
Weekly average:
1946
.....
....
1947
1948
1949
1950
1951
1952_
1953
1954
1954: August
September
October
November
December
1955: January- - February
March..
April
May
June
July
Week ended:
1955: July
1
8
15
22
29
August 5 _
30
Composite
index *
COUNCIL Of ECONOMIC ADVISERS
M anuf acturing
TransDurable Nondura- portation
Total
ble goods
goods
Utilities
Trade,
finance, Mining
and service
149.4
130.9
132.7
127, 7
154. 1
184.9
195.0
193.3
229.8
237.1
240. 4
243.6
254.4
267.7
270.6
281.0
279.6
286.8
289. 0
302. 9
318.8
146.6
132.4
136.8
132. 1
165.7
206.8
220.2
220. 1
271.3
280.0
285.6
291. 2
305.2
322.7
326.4
340. 0
336. 9
347.0
349.6
370. 1
394.6
138.6
119. 9
124.3
116.0
150.2
178.5
188.8
192. 6
245.2
257.0
260. 2
267.4
284. 4
298.3
306. 9
320. 0
318.2
326. 8
324.5
344.4
366. 1
154.5
144.6
148.6
147.2
180.2
233. 1
249.3
245.2
295.2
301.0
308. 8
312.8
324.0
345.0
344. 0
358.2
353.8
365.3
372.4
393.4
420.7
202.4
149.1
158. 1
136.0
160.0
199.0
220.6
218.7
232.6
237. 1
236.0
240.4
259.4
284.8
288. 1
300.3
305.4
320.5
326.0
336.5
333.9
121.0
105.5
99,3
98. 1
108.9
112.6
117.9
12L5
135.8
140.8
139.8
138.2
141.2
144. 1
145. 3
150.0
150. 9
152. 1
153. 5
154.3
156. 6
204. 3
162.8
156.9
160.7
183.8
207.9
206.0
207.1
235.6
243. 1
247.2
248.6
260.4
267.5
269. 8
276.0
274.6
277.3
280.5
294. 2
304.3
125.5
117.2
133.0
129.4
143.5
204.9
275.7
240.5
267.0
262.6
267.8
269.4
277.9
310.3
314.4
314.6
315. 1
311.3
302.6
313. 8
317.2
314.2
318.5
318.2
321. 1
322. 1
315.6
388. 3
395. 0
393.4
397. 3
399. 2
389. 9
355.4
363. 2
365.4
371. 1
375. 2
369. 2
418. 3
424. 1
418. 9
421.2
420. 9
40S. 7
338.0
331. 1
332. 6
335. 9
331. 7
323. 9
154. 1
154. 6
157. 0
] 58. 2
159. 0
157. 6
299. 6
307. 6
305. 4
305. 5
303. 4
300. 8
323. 1
313.3
315.8
318.9
315. 1
312.0
1
Includes 2fi5 common stocks: 98 for durable goods manufacturing, 72 lor nondurable goods manufacturing, 21 for transportation, 29 for utilities ,31
for trade, finance, and service, and 14 for mining. Indexes arc for wee&ly closing prices.
Source: Securities and Exchange Commission.
FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
Fiscal year 1955 closed with a budget deficit of $4.2 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL BUDGET EXPENDITURES
NET BUDGET RECEIPTS
75
75
rrr^
50
__
%;>:;:
if
25
i
i
n
0
1950
<m
^7
!|
:
_
"•"<•"
:-:*x:
pi]
50
•//:••/.
'•/:••/:<
—
m
:,<;•.;:
.*«v.
AV. '
n
s n ^
K p B
££>
:>;-x
^V""^
1951
1952
:>g
W;.
25
1
'//'/.'
WA
1953
11 p H
•'/s-
;.%<
ii
;
O
1954
1955
1950
If H
1951
1952
Sf?
5S
1953
$n
-
'<-'/'-'
v^"^
n
M
^
us
3p&
>^
^
1954
^
^
K
1955
•HO
NATIONAL SECURITY PROGRAMS
BUDGET SURPLUS (+) OR DEFICIT (-)
75 —
(MAGNIFIED SCALE)
—
+5 50
ra
1 ft 1 ii
'• \'.
_
p^rs3
^xx
25
:>'>- ':
:•:'':::
':>><
ix§:
:g
|
1951
1952
11 i!
1954
£vi5
1953
H
1
pi p H 8
i^
KSJ-j
-5
1955
0
1950
0
^^
- IO
1950
1951
1952
1^
1953
1954
—
1955
FISCAL YEARS
[Billions of dollars]
Net budget
receipts
Period
Fiscal year 1944
Fiscal year 1947
Fiscal year 1948
Fiscal year 1949
Fiscal year 1950
Fiscal year 195 1
Fiscal year 1952
Fiscal year 1953
Fiscal year 1954
Fiscal year 1955
1954: ApriL
May
June
July
iTX«*J .
-,
- - --
--
--
>
.
September
October ..
November
December
1955: January
February
March-_
»
April .
_
May
June
-
.
».
-
-
--
....
-
.-
43.6
39.8
41. 5
37.7
36.5
47.6
61.4
64.8
64.7
60.3
2.8
3.6
10.6
2.8
3.9
5.0
2.6
4.2
3.7
4.7
5.4
9.7
3.7
4.4
10.0
Budget sur- Public debt
Budget expenditures
(end of
plus (+) or
National
Total
deficit (-)
period) 2
security 1
202. 6
95. 1
75.8
— 51. 4
+ .8
258.4
14.4
39.0
+ 8.4
252.4
11.8
33. 1
-1.8
12.9
252.8
39.5
-3. 1
257.4
39.6
13.0
44. 1
+3.5
255.3
22. 3
259.2
-4.0
65.4
43.8
-9.4
266. 1
74.3
50.3
-3.1
46.5
67.8
271.3
-4.2
274.4
40.4
64.5
271. 1
-2.5
3.7
5.3
-1.6
5.2
273.6
3.3
+ 3.3
7.3
4.5
271.3
-2.0
3.2
271.0
4.8
-2.8
6.7
275.0
3.4
-. 1
274.8
5. 0
3.3
-2.2
4.9
278.8
3.3
+.4
278.9
3.3
3.8
-2.5
3.7
6.3
278.8
-.3
278.5
4.9
3.2
+.6
278.2
3. 1
4.8
+ 3.8
274.1
5.9
3.5
-1.5
276.7
5.2
3.3
-.9
5.4
3.3
277.5
+ 3.4
274.4
3.9
6.7
i Revised to Include the items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending June 30,1965. These
expenditure items are: Military functions of Defense Department, mutual military program, development and control of atomic energy, and allocation ;of critical and
strategic materials.
* Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.
NOTE.—Beginning with February 1954, the reporting of budget receipts and expenditures is on a basis consistent with that used in preparing budget estimates.
The figures shown above for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis.
Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department <md Bureau of the Budget.
31
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
Federal cash receipts exceeded cash payments by $1.9 billion in the second quarter of this year. A cash surplus is
usual at this time of the year. For the entire fiscal year 1955, Federal cash payments exceeded cash receipts by
$3.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
80
60
+ 10
1954-s/
1953
-^PRELIMINARY ESTIMATES
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
1955^
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Cash receipts
from the
public
Calendar year
Calendar year total;
1046
_
1947
1948
1949
1950
1951
1952
1953
19541
Quarterly totals, not adjusted for seasonal variation:
1953: Third Quarter
Fourth quarter
»
1954:1 First quarter
Second quarter
Third quarter
,.
Fourth quarter
- «.
1955: l First quarter
Second quarter _ _
_
„
Cash payments to
the public
Excess of receipts (+) or
payments (— )
41, 441
44, 282
44, 922
41, 346
42, 419
59, 278
71, 339
70, 041
68, 562
41, 399
38, 616
36, 897
42, 642
41, 969
58, 034
72, 980
76, 194
69, 622
+42
+5, 666
+8, 027
1,295
+450
+ 1,244
-1,641
-6, 153
-1,060
15, 357
13, 471
23, 693
19, 115
13, 501
12, 253
21, 287
20, 749
18, 870
18, 109
16, 459
18, 431
18, 582
16, 172
17, 161
18, 878
-3, 513
-4, 638
+ 7,234
+ 684
-5,082
-3,918
+ 4, 126
+ 1,871
»Preliminary estimates.
Nots.—Detail will not necessarily add to totals because of rounding.
Sources: Bureau of the Budget and Treasury Department.
32
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