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85th Congress, 2nd Session

Economic Indicators
ST. LOUIS
AUG 26 is,•'-.«

AUGUST

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNI T£D_ STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1958

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
JOHN SPARKMAN, Alabama, Vice Chairman
RICHARD BOILING (Missouri)
PAUL H. DOUGLAS (Illinois)
HALE BOGGS (Louisiana)
J. WILLIAM FULBRIGHT (Arkansas)
HENRY S. REUSS (Wisconsin)
JOSEPH C. O'MAHONEY (Wyoming)
HENRY O. TALLE (Iowa)
RALPH E. FLANDERS (Vermont)
THOMAS B. CURTIS (Missouri)
ARTHUR V, WATKINS (Utah)
CLARENCE E. KILBURN (New York)
JOHN D. HOBIJTZELL, Jr. (West Virginia)
1
/ i •
\ RODERICK H. RILEY, Executive Director
JOHN W. LEHMAN, Clerk

! v v^ : *H.;^ i

..

•

.. - . , - •:;.

• .

•"

•

" •'

COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNffiR, Chairman
JOSEPH S. DAVIS
PAUL W. McCRACKEN

[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
Economic Committee 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
Economic Committee; 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.

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.

1
2
3
4
5
6
7
8
9
10

....
,

fc

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Nonagricultural Employment
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings'—Selected Industries.

...

11
12
13
14
15

...

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production..
New Construction
Housing Starts and Applications for Financing
Sales and Inventories—-Manufacturing and Trade.
Merchandise Exports and Imports

*

,

16
17
18
19
20
21
22

PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers

23
24
25

,

CURRENCY, CREDIT, AND SECURITY MARKETS
Currency and Deposits
Bank Loans, Investments, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices

,

26
27
28
29
30

FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public




31
32
* ••
111

TOTAL OUTPUT, INCOME,AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates show an increase in total income and expenditures between the first and second quarters of 1958.
[Billions of dollars]

1958

1957
Second quarter

Year

Excess
Excess
of reof reExExRe- pend- ceipts
Re- pend- ceipts
(+)
'(+)
ceipts itures or ex- ceipts itures or expendpenditures
itures
(-).
(-)

Economic group

First quarter
Excess
of receipts

ExReceipts pend- or exitures
penditures
(-~)

<+)

Second quarter
Excess
of reExRe- pend- ceipts
ceipts itures or expenditures

w

(->

Seasonally adjusted annual rates
Consumers:
Disposable personal income. 305. 1
Personal consumption ex2844
penditures

23.2

Excess of investment
(_)
International:
Net foreign investment

(>)

.5

42

.5
—.5

-4 2

-3. 5

49.2
-7.2

— 21. 8

3.5

Excess of receipts (+)
or of investment ( — ) -

(l)
49. 6

67. 0
- 19. 7

19.2

18. 8

42.4

45.2
65.3

2sas

286. 2

282. 5

45.6

307. 5

305.0

20. 7

Personal net saving ( + ) .
Business:
Gross retained earnings
Gross private domestic investment

305. 7

-.5

Government (Federal, State,
and local) :
Tax and nontax receipts or
116. 2
accruals
Less: Transfers, interest,
and subsidies (net)...... 27.4

116. 3

110. 6

«

27.5

30.4

32. 3

88.8

88.8

80. 2

(')

Net receipts
Total government expenditures
Less: Transfers, interest,
and subsidies (net) -

114. 5

115. 0

119.9

123. 2

27. 4

27. 5

30. 4

32.3

Purchases of goods
and services

87. 1

87. 5

89. 5

90. 9

Surplus (+) or
deficit (-— ) on
i n c o m e and
product accountStatistical discrepancy.

«, .

L3

1.7
.7

GROSS NATIONAL PRODUCT.- 440. 3 440. 3

.7

»Not available.
NOTE.—Revised series beginning 1846. JOT details, see Survey of Current
usiness July 1958.
For explanation and use of this arrangement, see Senate Report No. 1295, Joint




1.5

1.5

441.2 441.2

— 9. 3

-1.7
425.8 425. 8

-1.7

0)
P)

W

429.0 429,0

Economic Report, pp. 92-93, 99-105, and Economic Report of the President January 1953, Appendix A.
Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Council of Economic Advisers.

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national expenditures rose $3.2 billion (seasonally adjusted annual rate) between the first and second quarters
of 1958, according to current estimates. Increases occurred in personal consumption expenditures and government
purchases.
BILLIONS OF DOLLARS
500 1

BILLIONS OF DOLLARS
500
SEASONALLY ADJUSTED ANNUAL. BATES

GROSS NATIONAL PRODUCT
400

400

300

300

PERSONAL CONSUMPTION
EXPENDITURES v.

200

200

GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100

100

1952

1953

SOURCE: DEPARTMENT OF COMMERCE

Period

1939
1948
1949
1951
1952
1953
1954
1955
1956
1957

-

—
~

..

1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter
Second quarter

1958
COUNCH OF ECONOMIC ADVISERS

[Billions of dollars]
Total
Personal
Government purchases of goods and services
Gross
gross
Total
conNet
private foreign
Federal
national gross
sumpState
product national tion domestic invest- . Total 2
and
2 National
investTotal security* Other
in 1957 product expendment
local
ment
prices *
itures
5.2
13.3
1.3
3.9
8.2
91.1
204.7
67.6
0.9
9.3
20.9
15.8
5.6
36.1
15.2
317.1
259.4
1.9
178.3
43.1
19.3
6.6
43.4
25.5
316.6
.5
17.9
258. 1 181.2
33.0
4. .2
37.2
40.9
.2
62.6
21.7
370.1
329.0
209.8
56.3
54.3
48.9
5.8
23.2
— 2
77,5
382.6
347.0
219.8
49.9
8.4
-ao 84.4 59.5 51.5
24.9
399.3
365.4
232.6
50.3
6.2
76.6
43.0
48.9
—.4
27.7
393.0
363. 1 238.0
48.9
5.9
77.1
46.8
41.3
—.4
30.3
.. 425. 1
397.5
256.9
63.8
42.5
5.0
80.3
47.1
33. 1
1.4
419. 2
435. 3
269. 4
68.2
50.8
46.5
4.8
87.1
3.5
36.3
440.3
284.4
440.3
65.3
Seasonally adjusted annual rates
86.4
50.5
45.8
5.1
35. 9
4.2
436.3
65. 9
279.8
47.4
4.2
87. 5
51.5
4.5
36.0
441. 2
67.0
282.5
"•
46.9
50.9
36. 1
87.0
4.5
3.6
445.6
66.7
288. 3
46.0
5.0
50.5
37.8
88.3
1.9
287.2
438.9
61.5
5.7
50.9
45.6
38.6
89.5
49.6
.5
286.2
425.8
51.9
6. 2
46. 0
39. 1
90.9
49.2
.5
429.0
288.3

* Preliminarv estimates by Council of Economic Advisers.
* Less Government sales.
* Includes expenditures for military services, international security and foreign
relations (except foreign loans), development and control of atomic energy, promoilon of the merchant marine, promotion of defense production and economic
stabilization, and civil defense. For further details, see Economic Report of the
President, January 1966 (p. 137), and National Income, 1954 Edition (p. 148).




1957

These expenditures are not comparable with the "major national security" category in The Budget of the United States Government for the Fiscal Year Ending
June SO, 1959, and shown on p. 31 of Economic Indicators.
NOTE.—Revised series beginning 1946. For details, see Survey of Current
Business, July 1958.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).

NATIONAL INCOME
Compensation of employees remained virtually unchanged between the first and second quarters of 1958.
proprietors1 income rose about $1 billion (seasonally adjusted annual rate).
BILLIONS OF DOLLARS

Farm

BILLIONS OF DOLLARS

400

400
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL NATIONAL INCOME

300

300

COMPENSATION OF EMPLOYEES

V
200

200

100

100
PROPRIETORS' AND
RENTAL INCOME X.

CORPORATE PROFITS AND ^
INVENTORY VALUATION ADJUSTMENT

NET INTEREST.
1953

1955

1954

1956

1

I

i_

1952

1957

I

1958
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars]
Total
national
income

Period

1939
1948
1949
1951
1952
1953 _1954
1955 .
1956
1957

- -

1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter
Second quarter

-

,-

Compensation
of em- 1
ployees

Proprietors' income
Farm

Net
interest

Corporate profits and inventory valuation adjustment
Total

Profits Inventory
before valuation
taxes adjustment

72.8
223.5
217. 7
279. 3
292. 2
305.6
301.8
330.2
349.4
364.0

48. 1
141.0
140. 8
180. 3
195. 0
208. 8
207.6
223. 9
241. 8
254. 6

43
7.3
2.7
4.6
22. 4
7.3
17. 8
42
12.9
22.7
8.3
48
16.3
26.0
9.4
6.3
15.3
10.2
26.9
7.1
13.3
27. 4
8.2
10.5
12.7
10.9
27. 8
9.1
11. 8
30. 4
10. 7
10.4
11. 6
30. 8
10.9
11.3
31.4
11.8
11. 6
12. 6
Seasonally adjusted annual rates

5.7
30.8
28.2
41.0
37.7
37. 3
33.7
43. 1
42.9
41.9

6.4
33.0
26.4
42,2
36.7
38. 3
34 1
449
45.5
43.4

-0.7
-2.2
1.9
-1.2
1.0
-1.0
-.3
-1.7
-2.6
-1.5

361.5
364. 1
368. 7
361. 5
350. 6
(2)

251. 6
254. 9
257. 3
254.8
250.9
250. 7

11.5
11.6
11.8
11. 5
12.6
13.4

12.1
12.5
12. 8
12. 9
13. 0
13. 1

43. 7
42. 0
43. 1
38.8
31.3
(2)

46.1
43.5
442
39.9
31.7
(2)

—2.4
-1.5
-1. 1
— 11
-.3
.5

* Includes employer contributions for social insurance. (See also p. 4.)
2 Not available.




Business
and professional

Rental
income
of
persons

31. 1
31.4
31. 7
31.3
30.6
30.7

11.4
11.7
12. 0
12.2
12. 1
12. 1

NOTE.—Revised series beginning 1946. For details, see Survey of Current
Business, July 1958.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.

SOURCES OF PERSONAL INCOME
Personal income rose $6.9 billion {seasonally adjusted annual rate) in July. Part of the increase was accounted for
by lump-sum payments of retroactive pay increases to Federal Government employees. Labor income of non-Federal
employees and transfer payments also rose.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

350

350-

TOTAL PERSONAL INCOME

\

300

300

250

LABOR 4NCOME
,•
•
^^

200

ISO

*f DIVIDENDS AND PERSONAL INTEREST
*^"

• * * " " *-*-~-—* «-—"~- rmmm

1952

1958

SOURCE: DEPARTMENT OF COMMERCE.

' COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars)
Period

1939
1949
1951
1952
1953
1954
1955_
1956
1957
1957: June
July
August
September.
October
November.
December.
1958: January..
February.
March
April
May
June
Julys

Labor income Proprietors' income
(wage and
Rental
Total
salary disDivipersonal bursements
Business income dends
of
income
Farm
and pro- persons
and other
fessional
labor income)1
72.9
46.6
2.7
4.3
3.8
7.3
208.3
137. 4
12.9
8.3
7.5
22.7
9.4
256. 7
16.3
175. 5
26.0
9.0
190. 2
10.2
9.0
273.1
15.3
26.9
9.2
288.3
204. 1
13.3
27.4
10.5
289.8
202. 5
12.7
10. 9
9.8
27.8
310.2
218.0
30.4
11.2
11.8
10. 7
235.2
330. 5
11.6
10. 9
12.0
30.8
11. 6
31.4
12.4
347.9
247.1
11.8
Seasonally adjusted annual
249.0
350.7
11.5
31. 6
11.8
12.7
249.6
11.9
11. 9
351.8
31. 8
12.8
12.0
352.1
249.9
11.8
31.8
12.8
11.7
351.4
12.1
249.3
31. 6
12.7
12. 1
350.6
11.4
247.8
12.6
31.6
350.2
247.2
11.4
12.2
31.2
12.6
348.4
31.2
12.2
11.8
246.5
10.8
348.2
244. 2
12.0
12.2
30. 9
12.5
12. 7
12,1
12.4
242.2
346.4
30,4
12.1
12.4
347.1
13.0
241.5
30.5
13.4
12.1
12.4
30.6
240.9
348. 1
12.1
12.4
13.7
30.7
349.9
242.0
13.2
12. 2
352.0
244.7
30. 8
12.5
12. 2
12. 5
358.9
13.0
251.4
30. 9

i Compensation of employees (sec p. 3) excluding employer contributions for
toclal Insurance and the excess of wage accruals over disbursements.
* Personal Income exclusive of net income of unincorporated farm enterprises,
form WUKCS, agricultural net interest, and net dividends paid by agricultural
corporations,

4



Less: PerPersonal Transfer sonal contributions
interest
payincome ments for social
insurance
3.0
0.6
5.8
12.4
2.2
9.4
3.4
12.6
11.2
12.1
13.2
3.«8
3.9
13.4
14.3
16.2
4.6
14.6
5.2
17.5
15.8
5.7
18.6
17.0
21. 5
6.6
18.8
rates
6.6
18.9
21.8
21.7
18.9
6.7
6.7
19.0
21.5
19.1
6.6
21.5
19.1
22.6
6.6
23.0
6.6
19.1
19.2
23.3
46
19.3
6.7
23.9
19.3
23.8
6.7
6.6
19.3
24.8
26. 1
19.3
6.6
26.4
6.7
19. 3
19. 3
6.7
26.0
19. 3
7.0
26.5

Nonagricultural
personal
income a

67.1
192.1
237.0
254.3
271.5
273.8
295.0
315.4
332.7
335. 6
336.2
336. 6
336.1
335.7
335.2
333. 0
332. 5
330.1
330.5
33LO
332.4
335.1
342.2

*Preliminary estimates.
NOTE.—Revised series beginning 1946. For details, see Survey o/ Current BM«*ness, July 1968.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce

DISPOSITION OF PERSONAL INCOME
Disposable personal income rose $2.5 billion (seasonally adjusted annual rate) between the first and second quarters
of 1958. Total consumer expenditures rose $2.1 billion, though outlays for durable goods continued to fall.
BILLIONS OF DOLLARS
350

BILLIONS OF DOLLARS
350

300

300

- 250

250 TOTAL PERSONAL CONSUMPTION
EXPENDITURES

200

150

- ISO

-

—

100

1952

1953

1957

Less: Personal consumption
Equals:
expenditures
Saving
Less: DisposEquals: as percent
Personal Personal able
Personal of disincome taxes * personal
Nonposable
Durable durable Services saving
income Total
income
goods
goods

Period

_

._
.. _ .

„

1957: First quarter
Second quarter
Third qiiart-fii"

Fourth quarter
1958: First quarter
Second quarter^

.

72.9
210.4
208. 3
. 256.7
27&1
288. 3
289. 8
310. 2
330.5
347.9

2.4
21.1
18. 7
29.2
34.4
35. 8
32. 9
35.7
40. 1
42.7

342. 3
348.4
351.8
349. 7
347.3
349.8

42. 3
42. 7
43. 1
43.0
42.3
42.3

Billions of dollars
70.4
35. 1
67.6
6.7
189.3
178.3
22.7
98. 7
189. 7
181.2
24.6
96.6
227.5
29.5
110. 1
209.8
219.8
115. 1
23a7
29. 1
232. 6
252.5
32.9
nao
32.4
119.3
256.9
238. 0
124. 8
274.4
256.9
39. 6
38.4
131.4
290. 5 269.4
305. 1 284.4
39.9
138.0
Seasonally adjusted annual rates
135. 5
300.0
279. 8
40. 2
305. 7
282.5
39.5
137. 1
40.4
308. 7
288.3
140.5
306. 8 287,2
138. 8
39. 6
286.2
305.0
36. 3
139.8
35.6
307. 5 288. 3
141. 4

i Includes such items as fines, penalties, and donations.
NOTE.—Revised series beginning 1946, For details, see Survey oj Current Business, July 1958.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
29870°—58-




1958
COUNCIL pT ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

1939
1948
1949
1951
1952
1953
1954 ...
1955 .
1956
1957

100

25. 8
56.9
60.0
70.2
75.6
81.8
86.3
92. 5
99. 6
106.5

2.9
11.0
8.5
17.7
18. 9
19. 8
1&9
17.5
21. 1
20.7

4,1
5.8
4.5
7.8
7.9
7.9
7.3
6.4
7.2
6.8

104. 1
105.9
107. 4
108. 7
110.1
111. 3

20. 3
23. 2
20.4
19. 6

6.8
7.6
6.6
6.4
6.2
6. 2

ias

19.2

PER CAPITA DISPOSABLE INCOME
Per capita disposable income, measured in current prices, rose a little in the second quarter, but (ell slightly when
measured in constant prices.
DOLLARS

DOLLARS
SEASONALLY ADJUSTED ANNUM. RATES

2,000

2,000

L800

1,800

1,600

1,600

1,400

1,400

1,200

U200

I

)
1952

I
I
1953

l

1954

i

i

I

1956

1955

1957

J^SEE FOOTNOTE* 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS.

I

1939
19481949
1951
1952,..
.
1953....
,
1954
1955._
1956
_
1957

•„

Current
prices
__

___

1957
prices 2

70.4
189. 3
189. 7
227. 5
238.7
252.5
256.9
274. 4
290.5
305. 1

In

COUNCIL OF ECONOMIC ADVlSttS

Total disposable personal Per capita disposable perincome (billions of dollars) * sonal income (dollars)l
Period

1

1958

142.6
221.4
223.9
246.5
252.9
265.2
269. 0
288.0
300.4
305. 1

Current
prices
538
1,291
1, 271
1,474
1,520
1,582
1, 582
1,661
1, 727
1,782

1957
prices 2

Population
(thousands) 8

1,089
1, 510
1,501
1, 597
1,610
1,662
1, 657
1,743
1,786
1,782

131, 028
146, 631
149, 188
154, 360
157, 028
159,636
162, 417
165/270
168, 174
171, 229

1,786
1,796
1, 786
1,761
1,726
1,722

170. 158
170, 859
171, 650
172, 440
173, 110
173, 770

Seasonally adjusted annual rates
1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter
Second quarter

..

.

.

.

• Income less taxes.
8
Dollar estimates in current prices divided by consumer price index on a 1957
base.
3
Includes armed forces overseas. Annual data as of July 1; quarterly data
centered in the middle of the period, interpolated from monthly figures.

6



300.0
305.7
308. 7
306. 8
305. 0
307.5

304.0
306.9
306.6
303. 8
298. 7
299. 1

1,763
1,789
1,798
1, 779
1, 762
1,770

NOTE.—Kevised series beginning 1946. For details, see Survey of Current
Business, July 1968.
Sources: Department of Commerce, Department of Labor, and Council of
Economic Advisers.

FARM INCOME
In the second quarter of 1958/farm operators* net income (seasonally adjusted), whether excluding or including
inventory change, was 6 percent above the first quarter, according to current estimates.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

40

40

30

30

20

20
NET FARM INCOME
(INCL NET CHANGE
. IN INVENTORIES)!/

l

^**%«**

******

±

10

10

1952

1953

1954

1955

* INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.

Period

1939
1948
1949
1951
1952
1953
1954
1955
1956
1957

- .
_

1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter
Second quarter.

Realized
gross farm
income *
10. 6
34. 9
31. 8
37. 3
37.0
35.3
33. 9
33. 3
34. 6
34.3
34. 4
34.3
34.3
34.3
37. 0
38.0

1957

1958

COUNCIL OF tCONOMKT ADViSBI*

Farm operators' income
Net income 2
Net income per farm including net change in
Including
Excluding
Farm proinventories
duction
net change
net change
in invenin invenexpenses
Current
1957
3
tories
tories
prices
prices *
Billions of dollars
Dollars
6. 2
4.4
45
697
1,660
17. 8
16. 1
18. 9
3,065
3,483
12. 9
13. 8
18. 0
2,259
2,658
22. 2
16. 3
15. 2
2,951
3,139
22. 6
14. 4
15.3
2,829
2,978
2,502
21.4
13. 3
13. 9
2,662
12.2
12. 7
21.7
2,440
2,542
21.9
11.5
11.8
2,313
2,435
12. 1
22.5
11.6
2,341
2,413
23.5
10.8
2,388
11.6
2,388
Seasonally adjusted annual rates
11.0
2,370
23. 4
2, 390
11.5
10.7
23.6
2,390
11. 6
2,390
23.4
2,430
10.9
2,430
11.8
23.6
2, 370
10.7
11.5
2, 350
12. 8
12. 6
24. 2
2, 650
2,600
24. 4
13.4
2, 820
13.6
2,760

J Cash receipts from farm marketings, value of farm products consumed in
farm households, gross rental value of farm dwellings, and Government payments
to farmers.
2 Realized gross farm income less farm production expenses. Excludes farm
wages paid to workers living on farms and any income to farm people from nonfarm sources, which in 1957 amounted to $1.8 billion and $6.3 billion, respectively.
3
Data prior to 1946 differ from farm proprietors' income on pages 3 and 4
because of revisions by the Department of Agriculture not yet incorporated into
the national income accounts of the Department of Commerce.




1956

Number of
farms
(millions) 5
6.4
5.8
5.7
5.5
5.4
5.3
5.2
5.1
5.0
4.9
4.9
4.9
4.9
4.9
4.8
4.8

* Dollar estimates in current prices divided by the index of prices paid by
farmers for items used in family living on a 1957 base.
fi The number of farms is held constant within a given year.
NOTE.—Revised series beginning 1946. For details, see Farm Income Situation,
July 15, 1958.
Source: Department of Agriculture.

CORPORATE PROFITS

;S

r

Corporate profits in the first quarter of 1958 were lower than in the fourth quarter of 1957. ; Profits before taxes fell
$8.2 billion (seasonally adjusted annual rate); profits after taxes fell $4.5 billion.
BILLIONS OF OCULARS

BrtUQNS OF DOLLARS

to

10

1957
> NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT
SOURCE: DEPARTMENT OF COMMERCE.

1958

1

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Corporate
profits
before taxes

Period

1939
1948
1949
1951
1952
1953...
1954
1955
1956
1957.

_

_

_>

Corporate
tax
liability

6.4
33.0
26.4
42.2
36.7
3a3
34. 1
44.9
45. 5
43. 4

.
„ ,

_

1.4
12.5
10. 4
22.4
19.5
20.2
17. 2
21. 8
22.4
21.6

Corporate profits after taxes
Total
5.0
20. 5
16. 0
19.7
17.2
18.1
16. 8
23.0
23. 1
21. 8

Dividend
payments

Undistributed
profits
1.2
13.3

3.8
7.2
7.5
9.0
9.0
9.2
9.8
11. 2
12.0
12.4

as

10. 7
8.3
8.9
7.0
11.8
11. 0
9.4

Seasonally adjusted annual rates
1957: First quarter.
Second quarter
Third quarter
....
Fourth quarter. ..
1958: First quarter
.
.
Second quarter

..
.

«. .
_ . _

0)

i Not available.
NOTI,—Revised series beginning 1946. For details, see Survey of Current
Bu9ine$9, July 1958.
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.

8



23.0
21.7
22.0
19.9
16.1

46.1
43. 5
44 2
39.9
31.7

0)

23.1
21. 8
22. 1
20.0
15. 5
«

12.5
12.6
12.7
12.0
12. 5
12.4

10. 6
9.2
9.4

ao
3.0

0)

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment (seasonally adjusted) dropped slightly in the second quarter of 1958, according to
current estimates. All components of fixed investment declined, while business inventories were liquidated at a
slower rate than in the first quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
80

GROSS PRIVATE
DOMESTIC INVESTMENT"

-80

1952

1953

1957

1958
COUNCIL OF ECONOMIC ^ADVISERS,

SOURCE*: DEPARTMENT OF COMMERCE

IBillions of dollars]

Period

1939
1948
1949
1951
1952
1953
1954
1955
1956
1957...

. .„•
_

Total
gross
private
domestic
investment
9.3
43. 1
33.0
56.3
49.9
50.3
48.9
63. 8
68.2
65.3

Change in business
inventories

Fixed investment
Total

8. 9
38.4
36.0
46. 1
46.8
49.9
50. 5
58. 1
62. 7
64 3

New construction 1
Producers'
durable
ResidenTotal
Other
equiptial
ment
npnfarm
42
2.7
2.1
48
10.1
18.9
19.5
9.3
9.2
17.2
9.6
18.8
12. 3
21. 3
12.5
248
12.7
25.5
12.8
21.3
27. 6
22.3
13. 8
13.8
15.4
29.7
143
20.8
16.2
349
18.7
23.1
17.7
27.0
35.7
18.1
17.0
19.5
27.9
36.5

Total

Nonfarm

0.4
47
— 3. 1
10.2
3.1
.4
-1.6
5.8
5.4
1.0

0.3
3.0
-2.2
9.1
2. 1
1. 1
-2.1
5.5
5.9
.2

1. 1
2.9
2.2
-2.3
-9.5
-8.0

.6
2.0
1.3
-3.1
-9.3
-7.8

Seasonally adjusted annual rates
1957: First quarter
..
Second quarter . . .
..
Third quarter .
..
Fourth quarter.. . '„
1958: First quarter
,
Second quarter . . .
...

65. 9
67.0
66.7
61.5
49.6
49.2

648
642
646
63. 8
59.2
57.2

36.1
36.1
36.6
37.1
36.3
34 9

i "Other" construction in this series indudes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.
NOTE.—Revised series beginning 1046. For details, see Survey of Current
Business, July 1958.
Detail will not necessarily add to totals because of rounding.
Boom: Department of Commerce.




17.2
16.5
16.9
17.6
17. 1

ia 2

18.9
19.6
19.7
19.6
19.2
18.7

28.7
28.1
28. 0
26. 7
22.9
22.3

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The April-May survey of business expenditures on plant and equipment indicated a continuing drop in outlays during
the remainder of this year, Outlays anticipated for the full year 1958 are 17 percent below outlays in 1957.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

20

10

10

1958

1952
J/ SEE NOTE 3 ON TABLE BELOW.

COUNCIL OF ECONOMIC ADVISERS

SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.

[Billions of dollars]
Manufacturing
Period
1939
1948
1949
1950
1951
1952
1953
1954_
1955
1956
1957 3
1958

Total *

_ .

' .

. .

1957: First quarter
Second quarter- . .
Third quarter
...
Fourth quarter
-»
1958: First quarter 3
Second quarter
Third quarter 3 __.

Total

5. 51
22.06
19. 28
20. 60
25. 64
26. 49
28. 32
26. 83
28. 70
35.08
36.96
30.77

1.94
9. 13
7.15
7.49
10. 85
11.63
11. 91
11.04
11.44
1495
15.96
12. 04

36.89
37.03
37.75
36. 23
32.41
31.36
30.31

16.12
16.25
16.37
15.27
13. 20
12. 18
11.68

Durable NonduraRailroads Other
goods ble goods
1.19
0.28
0.36
0.76
0.33
1.32
3. 48
5.65
1.28
88
456
1.35
.89
2.59
79
3. 14
436
1. 11
1.21
71
1.47
1.49
5.17
93
5.68
6.02
5.61
1. 40
1.50
98
1. 56
1. 31
5.65
6. 26
99
5.95
.85
1.51
5.09
98
.92
96
5.44
6.00
1. 60
1.71
7. 62
7.33
1 24
1. 23
8.02
7.94
1.77
1 24
1.40
1.47
6.33
94
.74
5.71
Seasonally adjusted annual rates
1.52
1.42
8.03
8.09
1.35
1.82
7.94
1.35
1.28
8.31
1.54
1. 81
8. 14
1. 24
8.23
1.91
1. 26
7.57
7.70
1.15
1.02
6.62
1.69
6.58
1.00
1.47
.78
6.40
.98
5. 78
.62
1.33
. 94
5.52
6. 16

* Excludes agriculture.
* Commercial and other Includes trade, service, finance, communications, and
construction.
s Estimates based on anticipated capital expenditures as reported by business
in late April and May 1958.
NOTE.—Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the average of seasonally adjusted figures, which include

10



Transportation
Mining

Public
utilities

Commercial and
other 2

0. 52
2.54
3. 12
3.31
3. 66
4 55
422
431
490
6.20
6.29

2.08
6.90
5. 98
6.78
7.24
7.09
8.00
8.23
9. 47
11. OS
10.40
9.30

5.72
5.93
6.64
6.43
5.87
6. 44
6.32

10. 76
10.40
10.15
10. 21
9.63
9.51
9.42

a 89

adjustments, when necessary, for systematic tendencies in anticipatory data.
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.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commerce.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Total employment rose by 200,000 in July, less than is usual at this time of year.
to 5.3 million.

Unemployment declined slightly
MILLIONS OF PERSONS-i/
75

MILLIONS OF PERSONS-!/
75

1958
14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF COMMERCE.

Period

1939
New definitions: l
1952
1953
1954
1955
1956
1957
1957: JuneJuly
August
September
October _>
November
December
1958: January
February
March
April
May
June
July

COUNCIL OF ECONOMIC ADVISERS.

Total
Civilian employment *
Insured unemployment2
Unemployment *
labor
Civilian
State pro% of civilian All proforce (in- labor
Agricul- Nonagri- Number labor force
grams
grams as
1
cluding
Total
force
tural
cultural
armed 1
Unad- Seas. (thousands % of covered
forces) justed adj. of persons) employment
Thousands of persons 14 years of age and over
55, 600
55, 230
45, 750
9,610
9,480 17.2
36, 140
5. 1

66, 560
67, 362
67, 818
68, 896
70, 387
70, 746
72, 661
73, 051
71, 833
71, 044
71, 299
70, 790
70, 458
69, 379
69, 804
70, 158
70, 681
71, 603
73, 049
73, 104

62, 966
63, 815
64, 468
65, 848
67, 530
67, 946
69, 842
70, 228
68, 994
68, 225
68, 513
68, 061
67, 770
66, 732
67, 160
67, 510
68, 027
68, 965
70, 418
70, 473

61, 035
61, 945
60, 890
62, 944
64, 708
65,011
66, 504
67, 221
66, 385
65, 674
66, 005
64, 873
64, 396
62, 238
61, 988
62, 311
62, 907
64, 061
64, 981
65, 179

6, 792
6,555
6,495
6,718
6,572
6, 222
7,534
7,772
6,823
6,518
6,837
5,817
5,385
4, 998
4,830
5,072
5, 558
6,272
6,900
6, 718

* See Monthly Reports on the Labor Force, Department of Commerce, for definitions, methods of estimation, periods to which data pertain, etc.




54, 243
55, 390
54, 395
56, 225
58, 135
58, 789
58, 970
59, 449
59, 562
59, 156
59, 168
59, 057
59, 012
57, 240
57, 158
57, 239
57, 349
57, 789
58, 081
58, 461

1, 932
1,870
3, 578
2, 904
2,822
2, 936
3, 337
3,007
2, 609
2, 552
2, 508
3, 188
3,374
4,494
5,173
5, 198
5, 120
4,904
5,437
5,294

3. 1
2.9
5.6
4.4
4.2
4.3
4. 8
4. 3
3.8
3.7
3.7
4,7
5.0
6.7
7.7
7.7
7.5
7.1
7.7
7.5

4.2
4.2
4.3
4.5
4.7
4.9
5.0
5.8
6.7
7.0
7.6
7.2
6.8
7.S

1,064
1, 058
2,039
1,388
1, 312
1,560
1,319
1,368
1, 228
1,240
1,314
1,623
2,256
3, 065
3,375
3, 505
3,527
3, 184
2,847
3
2, 718

2.9
2.8
5.2
3.4
3.1
3.5
3.0
3. 1
2.8
2.8
3.0
3.6
5.1
6.9
7.6
7.9
7.9
7.1
6.3
'6. 0

' Preliminary estimate.
Sources: Department of Commerce, Department of Labor, and Council of
Economic Advisers.

11

NONAGRICULTURAL EMI^OYMENT

"•' . ^/
'Employment In

Employment in nonagriculfural establishments increased by 1 31 ,000 (seasonally adjusted) In
?
manufacturing rose for the second consecutive month.
MILLIONS OF WAGE
AND SALARY WORKERS*

MILLIONS OF WAGE
AND SALARY WORKERS*

56

ALL NONAGRICULTURAL ESTABLISHMENTS

54
52
50
^48

[46

1955

1956

1957

1958

1958

12.0

CONTRACT CONSTRUCTION

WHOLESALE AND RETAIL TRADE

(ENLARGED SCALE)

(ENLARGED SCALE)

11.0

10.5

1i
L |

10.0

1955

1955

* SEASONALLY ADJUSTSD DATA
SOURCE: DEPARTMENT OP LABOR

1956

1957

1958

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers *J
Total

1939
1952
1953
1954
1955
1956
1957__

SO, Sll
48, SOS
49,681
48, 4S1
60, 056
61, 766
62, 162

1957: June
July
August
September^
October
November*
December.
19i8: January —
February
March
April
May 2
June _..«July ^

62, 517
62, 229
52, 477
62, 692
62, 570
52, S16
62, 610
60, 477
49,777
49, 690
49,726
49,949
50, S96
60, 199

Period

GovernContract Wholesale ment
Nondura- Mining construc- and retail (Federal,
State,
trade
tion
ble goods
local)
3,995
6,612
5,394
845
1, 150
6,609
6,994
2,634
10, 281
885
6,645
7,133
2,622
10, 527
852
6,873
6,751
10^ 520
777
2,593
6,914
7,014
10, 846
777
2,759
7,277
11, 221
7,068
2,929
807
11,302
7,626
6,961
809
2,808
Adjusted for seasonal variation
11, 327
7,609
2,899
6,988
823
11,368
7,638
6,983
2,847
828
7, 694
11, 402
6,963
820
2,805
2,782
7,685
6, 952
11, 349
814
7,674
11, 315
6, 923
802
2,763
11,290
7,671
6, 893
2,710
789
7,747
11, 237
6, 859
784
2,679
7,754
2,652
11, 305
6, 810
766
7,766
11, 235
6,753
2,455
747
11,116
7, 788
6,672
2,573
733
7,816
2,624
11,050
6,677
723
7,835
11, 087
2,698
6, 704
718
7, 875
11, 101
2,715
6, 715
711
7,899
11, 120
6,722
2,718
710

Manufacturing

Total,
unadjusted

Total

Durable
goods

30,311
48, 303
49, 681
48, 431
50, 056
51, 766
52, 162

10, 078
16, 334
17, 238
15, 995
16, 563
16, 903
16, 782

4,683
9,340
10, 105
9,122
9,549
9,835
9,821

52,415
52, 464
52, 457
52, 224
52, 015
51, 758
51, 516
51,223
50, 575
50, 219
50, 054
50, 147
50, 297
50, 428

16, 909
16, 876
16, 826
16, 678
16, 604
16, 455
16, 252
15, 965
15, 648
15, 389
15, 243
15, 202
15, 257
15, 313

9,921
9,893
9,863
9,726
9, 681
9, 562
9,393
9,155
8,895
8,717
8, 566
8,498
8,542
8,591

* includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force reported by the Department of Commerce (p. 11) which include proprietors, self-employed persons, and domestic servants; which count

12



Other
7, 632
11,563
11,797
11, 795
12i 197
12, 629
12, 835
12, 848
12, 907
12, 910
12, 916
12, 857
12, 843
12, 817
12, 781
12, 724
12, 620
12, 598
12, 607
12,638
12, 668

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.
* Preliminary estimates.
NOTE.—Data .beginning 1956 are the revised series.
Source: Department of Labor.

AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek in manufacturing was unchanged in July at 39.2 hours, although a small decline is usual at
this time of year.
HOURS PER WEEK
46

HOURS PER WEEK
46

NONDURABLE MANUFACTURING

DURABLE MANUFACTURING

1 1 1 111 M 11

JJ J II | t f l t t
1956

1955

1958

1956

1955

1957

1958

RETAIL TRADE

II I III M-NI
1955

I! I I III II I
•1958

•'COUNCIL OF iCONOMIC ADVISERS

SOURCE'- DEPARTMENT OF LABOR

[Hours per week, for production workers or nonsupervisory employees]
Manufacturing ;
Period

1939
1948 .....' . . .
..
1949
1951
1952
1953
1954
_
1955
«
1956 .
1957
1957: June
, .
July
" August
.
Reptembfir

*

Total
_

_

.--_
- « . . - „

.
,.

„„„,.„ ™ . „ „ » n T

_ _ - _.-.

„,_, . _ _ ^ ^ ^ ^ . ^ .

October « . . .
„
November. _
„ „ . ..
December
.
1958: January.
February
.
_.„
March. .„
April. _.
.
May » ' „ . .. .June *
July*

__.
.
..
.

» Data beginning with January 1948 are not strictly comparable with those for
earlier periods.
Horn—Bata beginning 1956 are the revised series.
298708—58




3

Durable
goods

37. 7
40. 1
39. 2
40. 7
40. 7
40. 5
39. 7
40. 7
40. 4
39. 8
'40. 0
39. 8
40. 0
39. 9
39. 5
39. 3
39. 4
38. 7
38. 4
38. 6
38. 3
38. 7
39. 2
39. 2

Building
Nondurable construction
goods

38. 0
40. 5
39. 5
41. 6
41. 5
41. 3
40. 2
41. 4
41. 1
40. 3
40. 5
40. 0
40. 3
40. 2
39. 8
39. 7
39. 7
38. 9
38. 6
39. 0
38.8
39. 1
39. 6
39. 4

37. 4
39. 6
38. 8
39. 5
39. 6
39. 5
39. 0
39. 8
39 5
39. 1
39. 2
39. 4
39. 5
39. 6
39.0
38. 8
39.0
38. 3
38. 1
38. 1
37. 7
38. 1
38. 7
38.8

32. 6
*37. 3
36. 7
37. 2
38. 1
37. 0
36. 2
36. 2
36. 4
36. 1
36. 9
36.8
37. 2
36. 8
36. 5
34.4
34. 9
35.2
33.0
35. 2
35. 5
36.3
36.2
3

()

Jctetaii
trade
TJ _j. 0 *l

<*)

42. 7
40.3
40. 4
40. 2
39. 9
39. 2
39. 1
39. 0
38. 6
38. 1
38. 2
38. 6
38. 6
38. 1
37. 6
37. 5
38. 3
37,8
37.8
37.8
37. 8
37. 8
38.2

2

Preliminary estimates*
» Not aTailable.
Source: Department of Labor.

13

AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES;

-'IW^iM'v^

Average hourly earnings of production workers in manufacturing rose by f cent to $2.13 in July, reflecting wage
increases in steel, aircraft, shipbuilding^ and chemicals.
::
,/
;
DOLLARS PC* HOUR

DOLLARS PER HOUR

2.40

3.10

BUILDING CONSTRUCTION
CURRENT PRICES

2.30

3.00

2.20

2.90

2.10

2.00

I.90»-U

1955

1957

1956

2.60
1958

2.00
NONDURABLE MANUFACTURING
CURRENT PRICES*^

1.90

1.60

1.70

1.60

1955

1956

SOURCE: DEPARTMENT OF LABOR.

Period

•COUNCIL Of ECONOMIC ADVJ5OS

[For production workers or nonstipervisory employees]
Building
Durable goods
AH manufacturing1 manufacturing Nondurable goods
Retail trade
manufacturing
construction
Current
1957
1957
Current
1957
1957
Current
Current
1957
Current
prices prices * prices prices 1 prices prices * prices prices * prices prices *

1939
_ $0. 633
1948
_
1.350
1949
1.401
1951
..-.
1.59
1952
1.67
1953
1.77
1954
1.81
1955
1^88
1956
1.98
1957
2.07
1957: June
2.07
July
2.07
August
2.07
September .
.
2.08
October
2.09
November
„
2. 11
December. „ .
2.10
1958: January
2.11
February „_
. . 2. 10
.
March. .».»„„ .
2. 11
April
2.11
2.12
May
. .
.
June *.«..»
2.12
July*
2.13

$1. 281
1.579
1.654
1.72
1.77
1.86
L90
1.97
2.05
2.07
2.07
2.06
2.06
2.07
2.08
2.08
2.08
2.07
2.06
2.06
2.05
2.06
2.06
(4)

$0. 698
1.410
1.469
1.67
1.77
1.87
1.92
2.01
2. 10
2.20
2. 19
2.20
2.21
2.22
2.23
2.24
2.24
2.24
2.24
2.25
2.25
2.26
2.27
2.28

$1. 413
1.649
1.734
1.81
1.88
1.96
2.01
2. 11
2.17
2.20
2. 19
2. 19
2. 19
2.20
2.21
2.21
2.21
2.20
2.20
2. 19
2. 19
2.20
2.21
«

Etw-nlnps in current prices divided by consumer price index on a 1957 base.
• DttU bryliinififf with January 1918 are not strictly comparable with those for
ritor period*.
Pr&Jlwlnwy

1

14



$0. 582
1.278
1.325
1.48
1.54
1.61
1.66
1.71
1.80
1.88
1.89
1.89
L88
1.90
1.90
1.91
1.92
1.92
1.92
1.93
1. 94
1.94
1. 94
1.94

$1. 178 $0. 932 $1.887
1.495 2 1. 848 * 2. 161
1.564
1.935
2.285
2.19
2.37
1.60
1.63
2.31
2.45
2*61
1.69
2.48
2.72
1.74
2.60
1. 79
2.66
2.79
2.90
1.86
2.80
2.96
2.96
1.88
2.94
2.94
1.89
2.94
1.88
2.95
2.95
1.87
2.97
3.02
3.00
1.89
3.02
1.89
3.00
2.99
1. 89
3.03
3.05
1.90
3.01
3.02
3.07
1.89
3.02
3.08
1.88
3.06
2.98
1.88
a oe 2.98
1.89
3.06
2.98
1.89
3.06
2.97
L89
4
4
()
C)
(4)

< Not available.
NOTE.—Data beginning 1956 are the revised series.
Source: Department of Labor.

$0. 542
1.088
1.137
1.26
1.32
1.40
1.45
1.50
1.57
1.64
1.66
1.67
1.66
1.67
1.67
1.66
1.63
1.68
1.68
1.67
1.68
1.69
1.71
C*)

$1. 097
1.273
1. 342
1.37
1.40
1.47
1.52
1.57
1.62
1.64
1.66
1.66
165
1.66
1.66
1.64
1.61
1.65
1. 65
1.63
1.64
1.64
1.66
<*)

AVERAGE WEEKliK EARNINGSAverage weekly earnings in manufacturing increased by 40 cents to $83.50 in July as a result of the rise in Jiquijy
earnings, They were $1.11 higher than in July 1957.
:
:
DOLLARS PER WEEK

DOLLARS PER WEEK

1OO

115

DURABLE MANUFACTURING

BUILDING CONSTRUCTION
CURRENT

99
CURRENT PRICES

90

105

100

80

-75

1955

1956

1957

1958

80

NONDURABLE MANUFACTURING
CURRENT FRICCSs

75

70

55

50

1955

1957

1956

1955

1956

1958

SOURCE: DEPARTMENT or LABOR.
[For production workers or nonsupervisory employees]
Durable goods Nondurable goods
Building
Retail trade
manufacturing
manufacturing
construction
Current
Current
1957
1957 Current
1957 Current
Current
1957
1957
prices prices * prices prices * prices prices * prices prices * prices prices1
All manufacturing
Period
1939
1948
1949..
1951
1952
1953.,.
_
1954,
1955..
1956
_
1957.
1957: June
July
August
September
October
.
.
November
December
1958: January
February . .
March
April
May
June 3
July*

.

$23. 86
54. 14
54.92
64,71
67.97
71.69
71.86
76.52
79.99
82.39
82. 80
82.39
82. 80
82. 99
82. 56
82. 92
82.74
81. 66
80.64
81.45
80.81
82.04
83. 10
83.50

$48. 30
63.32
64.84
70.11
72.00
75.30
75.25
80.29
82.72
82.39
82.80
81.98
82. 22
82.41
81. 99
81.94
81.76
80.29
79. 14
79.39
78.69
79.81
80. 76
(4)

$26. 50
57. 11
58.03
69.47
73.46
77. 23
77. 18
83.21
86.31

sa 66

88. 70
88. 00
89. 06
89. 24
88. 75

sa 93

88.93
87. 14
86. 46
87.75
87.30
8R37
89. 89
89. 83

$53. 64
66.80
68.51
75.27
77.82
81.12
80.82
87.31
89. 26
8a 66
88.70
87. 56
88. 44
8a 62

sa 13

87.88
87.88
85.68
8485
85.53
85.00
85.96
87. 36
(4)

i Earnings In current prices divided by consumer price index on a 1957 base.
a Data beginning with January 1948 are not strictly comparable with those for
earlier periods.
* Preliminary estimates.




$21. 78
50.61
51.41
58.46
60.98
63.60
64.74
68.06
71. 10
73.51
74.09
74.47
74. 26
75. 24
74 10
74 11
7488
73.54
73. 15
73.53
73.14
73.91
75.08
75.27

$4409 $30.39
59. 19 *6a85
60.70
70.95
63.34
81.47
64. 60
saoi
91. 76
66.81
67.79
94 12
71.42
96.29
73.53 101. 92
73.51 106. 86
7409 10a49
74 10 loase
73.74 110. 48
7472 111. 14
73. 58 110. 23
73.23 10423
73.99 106. 45
72.31 loaoe
71.79 101. 64
71.67 107. 71
71.22 10a 63
71.90 111. 08
72.96 110. 77
C4)
(4)

$61. 52
80. 53
83.77
88.27
93.23
96.39
98.55
101. 04
105. 40
106. 86
108. 49

2

ioao2

109. 71
110. 37
109. 46
102. 99
105. 19
106. 25
99.74
10498
105.77
108. 05
107. 65
(*)

$23. 14
43. 85
45.93
50. 65
52.67
5488
56.70
58.50
60. 60
62.48
63.41
6446
6408
63, 63
62. 79
62, 25
62.43
63.50
63.50
63.13
63.50
63.88
65.32
(4)

$46,84
51.29
5423
5488
55. 79
57,65
59.37
61.39
62.67
62.48
63.41
6414
63. 63
63.19
62.35
61.51
61.69
62.44
62. 32
61.53
61 83
62. 14
63. 48
<4>

* Not available.
-NOTE.—Data beginning 1956 are the revlsod aerial.
Source: Department of Labor,

IS

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The index of industrial production (seasonally adjusted) increased in July for the third consecutive month. The index,
which was 1 33 (1947-49=100) in July, had recovered about one-third of the 1957-58 decline.
INDEX, I947-49*4OO
180

INDEX, 1947-49 »IOO
180

140

140

1952"

1954

1953

1955

1956

1957

{958
COUNCIL OF ECONOMIC ADVISIRS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

11947-49 = 100, seasonally adjusted]
Total
industrial
production

1939
1948
_
1949
_
1951
1952
_.
1953
1954
1955
1956
1957
1957: J n . .
ue.
July
August
September
October
November.
December
1958: January
February...
March
April
_..
May
,
June
.
July'..
.
1

16

J'rrlimlnury c*Umttt*i,




.
_ _
.
.
_
. . .

.
:_
_._. .
. _
. .
.
. .
.
. . .
. . .
. .
. . . .
.
_

58
104
97
120
124
134
125
139
143
143
145
145
145
144
142
139
135
133
130
128
126
128
131
133

Manufactures
Minerals
Total

57
103
97
121
125
136
127
140
144
145
147
147
147
146
143
141
137
135
131
129
128
130
134
136

Durable

49
104
95
128
136
153
137
155
159
160
163
162
163
160
156
154
146
142
137
135
131
134
139
141

Nondurable

66
102
99
114
114
118
116
126
129
130
131
131
132
131
130
128
127
127
125
124
125
126
129
130

Source: Board of Governors of the Federal Reserve System.

68
106
94
115
114
116
111
122
129
128
127
128
129
129
127
123
123
122
119
112
109
109
112
114

PRODUCTION OF SELECTED MANUFACTURES
Almost all major groups of durable and nondurable manufactures registered production increases in July.
INDEX, 1947-49-tOO, SEASONALLY ADJUSTED

INDEX, 1947-49 • 1001 SEASONALLY ADJUSTED

220

160

200

140

120

100
180

160

140

140

120

120

100

1955

TEXTILES AND APPAREL
i i i i i 11 i i I i i i i i i I i I i i

1955

1958

1958

-SOURCE: BOARD OF BOVERHORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF eCpNOMlC AOVlSfeRS^

[1947-49=100, seasonally adjusted]
Durable manufactures
Period

1939
1948
.
1949
1951
_ .
1952
_ .
1953
1954
1955
„ .
1956
1957
1957: June.
July..
August
September . . .
...
October
November
December
1958: January „
February
March
.„
April
„
May
June,
July i
* Preliminary estimates
* Not available.




Nondurable manufactures

FabriTranspor- Lumber Textiles
Primary cated Machin- tation
and
and
metals
metal
ery
equipprod- apparel
products
ucts
ment

54
107
90
126
116
132
108
140
138
131
132
134
136
131
128
121
107
100
95
91
86
91
103
104

52
104
93
122
121
136
123
134
135
139
139
141
140
139
137
141
135
129
124
122
118
120
125
128

38
104
93
130
147
160
142
155
171
168
171
173
172
170
164
163
156
151
144
141
137
137
141
144

47
102
102
135
154
189
175
203
199
213
220
216
216
212
208
203
194
191
185
183
178
182
184
186

80
106
93
113
111
118
115
127
123
114
125
113
116
112
109
107
103
110
108
109
105
110
113
(2)

80
103
97
106
105
107
100
109
108
105
106
107
106
106
104
101
97
97
97
95
"98
99
102
104

ConPaper Chemical Foods, sumer
and and petro- bever- durable
leum ages, and goods
printproducts tobacco
ing
66
103
101
118
118
125
125
137
145
148
148
146
149
149
149
149
146
146
144
142
143
143
146
146

49
103
100
132
133
142
142
159
167
172
172
174
175
174
173
171
169
168
164
163
164
165
168
170

65
100
100
105
106
107
106
109
112
112
113
113
112
113
111
110
113
114
113
113
113
114
116
116

Source: Board of Governors of the Federal Reserve System.

102
101
114
105
127
116
147
131
130
134
132
135
134
129
128
119
113
110
104
97
105
111
114

WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production showed improvement during the latter part of July and early -August,auto assembly rate continued low because of model changeovers.

TKe

MILLIONS OF SHORT TONS {DAILY AVERAGE) .

MILLIONS OF TONS

BITUMINOUS COAL

STEEL
2.0

1957
1.5

y

V v***** Alp

1.0

i

t

J

i 1 , . . I , , i i I i i i I i i , iI t t 11 i .
F

M

A

M

J

t

J

I 11
A

t

I i , i i I i i i I t , i li t t
S

O

N

O

BILLIONS OF KILOWATT HOURS

THOUSANDS

250

10

O

SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.

Period
Weekly average:
1954 .
1955 .
1956
1957
..
..
1957: June_. .
July
August
September
October
November
December
.
1958: January
February
March
April
May
June 3
July
Week ended:
1958: July
12
19
26....
August 23
9 ___
163-..
23 3 __




0

."'cOUNCft. OF ECONOMIC ADVISERS ,

Bituminous Freight Paperboard
Electric
Steel produced 1
power
coal mined
loaded
Thousands
Index
distributed (thousands (thousands produced
(thousands
of net
(1947-49 = (millions of
of short
of tons)
of cars)
tons
100)
kilowatt-hours) tons) 2

Cars and trucks
assembled (thousands)
Total

Cars

Trucks

1,694
2,245
2,204
2, 162
2, 189
2,016
2,084
2,098
2,076
1,956
1,679
1,525
1,446
1, 412
1,290
1,422
1,661
1,441

105. 4
139. 7
137. 2
134. 6
136. 3
125. 5
129. 8
130. 6
129. 2
121.8
104.5
94.9
90. 0
87.9
80.3
88.5
103.4
89. 7

8, 883
10, 318
11,292
11, 873
11,989
12, 009
12, 162
11, 828
11,721
11,904
12, 129
12, 247
12, 212
11, 764
11, 239
11,261
11, 872
12, 051

1,303
1,542
1,693
1,635
1,688
1,632
1,594
1,698
1,684
1,551
1,480
1,450
1,310
1,228
1,183
1,139
1, 442
1,327

652
724
728
683
740
690
749
713
727
627
555
543
528
537
528
549
622
552

236
269
274
272
275
228
287
278
299
286
263
224
262
270
257
260
272
234

125. 6
176.7
132. 8
138. 5
148. 0
128.7
139. 4
84.3
91.7
157.9
146.5
120.9
116.3
103.2
88.8
96.6
99.0
82. 8

106.0
152.7
111.6
117. 6
124.9
108. 4
119. 5
70. 1
72. 8
136.3
126.4
103.7
98.0
86.2
71.9
79.8
82.1
68. 4

19.7
240
21. 2
20.9
23. 1
20.3
19.9
14. 2
18.9
21. 6
20. 1
17. 2
18.3
17.0
16.9
16.8
16.9
14.4

1,442
1,481
1,546
1,561
1,586
1,632
* 1, 678

89.8
92. 2
96.2
97. 2
98.7
101.6
104. 5

11, 851
12, 257
12, 319
12, 619
12, 707

1, 054
1,252
1,309
1,283
* 1, 315

491
582
608
622
619

134
255
290
299
289

88. 1
101.7
102. 1
79. 1
81. 1
4
73. 2

73. 1
85.5
85. 5
62. 8
65.6
59. 9

"15.0
16. 2
16. 6
16.3
15.4
13.3

»Weekly capacities (net tons) as of January 1 are: 2,384,549 (1954), 2,413,278
(1955), 2,455.300 (1956), 2,559,631 (1957), and 2,699,320 (1958).
* Daily average for week.
* Preliminary.

18

N

< Not charted.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Keports.

NEW CONSTRUCTION
The seasonally adjusted rate of private residential construction expenditures rose again during July, while private
nonrcsidcntial outlays were unchanged. Public construction expenditures increased somewhat in July.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

I I I I I I I I I I I I 1.1 ! 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 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 1 I I I I ! I I I I I I I I

i i i i I i i i i i If
1958 "

1 I .1 1 I I 'I 1 I I I I I I 1 1 I I I I I I I

1952
SOURCES:

1953

1954

1956

1955

DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR

1957

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total new
construction
8.2
34.8
37. 1
39. 6
44. 6
46.3
4a 5

Period
1939
1952
1953
1954
1955
1956
1957

_ .

1957: June
July
August
September
October
November
December
1958: January .
February
March
April
May
June
July «

-

:

48. 0
47.2
48. 4
48. 9
50.0
49. 6
50. 5
49.9
48. 9
48. 6
47. 5
47. 1
47.6
48. 4

Private
Federal,
State, and
Residential
Total
Other
local
(nonfarm)
private
2.7
4.4
1.7
3.8
10.9
23.8
12.8
11.0
13.8
11. 4
25.7
11.9
15.4
27.7
12. 3
11.9
18.7
12.0
32. 6
13.9
17.7
15. 6
33.3
13. 0
17.0
17. 1
14 4
34 1
Seasonally adjusted annual rates
33. 9
16. 5
17. 4
14 2
16. 6
17. 1
13. 5
33. 7
34 2
16. 9
17. 3
14 2
34 4
17.2
14 5
17.3
17.5
34 9
17. 4
15.0
17.7
17. 3
14 6
35.0
17.5
34 7
15. 8
17. 2
34 4
17.3
15. 5
17.0
34 0
17.3
14 9
16.7
33. 5
16. 8
15. 1
16.7
32. 8
16. 2
16.6
147
32. 6
16. 6
16. 0
146
16.4
32.9
147
16.5
17.0
14 9
33. 5
16. 5

i Compiled by F. W. Dodge Corporation; seasonally adjusted by the National
Bureau of Economic Research. Omits small contracts, and covers rural areas less
fully than urban.
a Series begins January 1956. The 37 Eastern States data are probably indicative of the 48 States trend for other periods.
* Revised series beginning January 1956; not comparable with prior data.
Series discontinued beginning January 1958.
'••* Preliminary estimates.




Construction contracts l
48 States2 37 Eastern
States3
3.6
16.8
17.4
19.8
23.7
3
31. 6
24 6
32. 2
25.3
35. 3
31. 2
34 5
28. 7
31. 3
33.5
25.3
31. 2
29. 6
32. 1
30. 1
35.9
41.8

26. 8
247
28.0
23. 8
23.5
26.5
20. 3
(3)

NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce, Department of Labor, and F. W. Dodgi*
Corporation (except as noted).

19

HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts (seasonally adjusted) rose sharply in July to an annual rate of1,160,000 units,
cations for FHA commitments declined slightly and VA appraisal requests were about the same as in June.
MILLIONS OF UNITS

1952

MILLIONS OF UNITS

1953

1954

1955

1956

FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF LABOR, FEDERAL HOUSING ADMINISTRATION {FHAI, AND VETERANS ADMINISTRATION (VA).

[Thousands of units]
New nonfarm housing starts
Period

Annual total: 1950....
1953....
1954
1955
1956
1957
Monthly average: 1950_
1953.
1956J
19571957: June
July
..
August
September
October
November
December
1958: January.
February
March .
April.
May
Jurie,...__
Julv s _

Total

Publicly
financed

Total

1, 396. 0
1, 103. 8
1,220.4
1,328. 9
1, 118. 1
1, 041. 9
116. 3
92.0
93.2
86.8
99.9
97. 8
100.0
91.9
97.0
78.2
63.4
67.9
66. 1
81.4
99. 1
1
105. 0
6
115. 0
111.0.

43.8
35.5
18.7
19. 4
24. 2
49. 1
3. 6
3.0
2.0
4. 1
5.4
3.9
3.2
1.7
8.6
2.5
.9
5.0
5. 1
4. 1
4.9
5
7.0
5
10. 5
3.7

1, 352. 2
1,068. 3
1, 201. 7
1, 309. 5
1, 093. 9
992.8
112. 7
89.0
91.2
82.7
94. 5
93. 9
96. 8
90. 2
88.4
75.7
62. 5
62.9
61.0
77.3
94. 2
fi
98. 0
5
104. 5
107. 3

Privately financed
Government programs
Total i FHA*
VA
486. 7 3 200. 0
686. 7
156. 5
408. 6
252.0
583. 3
307. 0
276.3
276.7
392. 9
669. 6
460.0
189. 3
270. 7
296.7
128. 3
168. 4
57.2
40. 6
16.7
34.0
21.0
13.0
38.3
22. 6
15. 8
24.7
14.0
10.7
28.3
13.0
15.3
15. 7
28.0
12.3
17.7
29.3
11.6
28.2
16. 4
11.8
28.4
18. 7
9. 7
6.4
21.4
15.0
14.2
18.9
4.6
17. 4
4. 1
13.3
14. 1
11.3
2.8
3. 1
19.6
16.5
22. 7
27.4
4. 8
32. 0
26. 0
6.0
as
36.5
2&0
10. 6
40.3
29.7

i Excludes armed forces bousing: 2,837 units in 1956, 16,539 units in 1957, and
8,786 units in the first 7 months of 1958.
*
1 Units represented by mortgage applications for new home construction.
Partly estimated.
«Not available.

20



Appli-

1957

1958
COUNCIL OP ECONOMIC ADVISERS

Proposed home construction
Private,
seasonally Applications
Bequests
forVA
adjusted for FHA com2
appraisals
annual
mitments
rates
397.7
«
253. 7
251.4
535.4
338. 6
306.2
620.8
401.5
197. 7
159.4
198.8
33. 1
(4)
21.1
21.0
16.5
33. 5
16.6
13.3
995
16.6
13.7
1,015
18.4
14.0
1,066
22.3
145
1,01$
20.4
8.9
1,020
20.2
6.4
1,009
147
3.7
1,000
13.6
3.5
1,020
5.3
17.3
915
20. 6
5.3
918
8.4
25.0
983
31,6
248
8
1, 010
346
29.2
4
lt 090
33.4
2a4
1,160
31. 8
28.5

* Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Labor, Federal Housing Administration (FHA), and
Veterans Administration (VA).

SALES AND INVENTORIES^

^

Manufacturers* sales and new orders (seasonally adjusted) rose in June, and inventories continued to decline sharply.
Retail sales were unchanged in July, according to preliminary estimates. Department store sales were up.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
30

6ILLIONS OF DOLLARS, SEASONALLY ADJUSTED
lOOr
TOTAL AND MANUFACTURING

1LJ 11 \ 11 1 J I I I i I I I 1.1'] I I I 1 1 I 1 I 1 i

1..I

1 I I J J i l l I LJ..J I 1 I I I LI

INDEX.1947- 49 -100. SEASONALLY ADJUSTED

40

140

120

20
I t t i i \ \ \ I I M I | |_\ i l l I t J I I I I j J I I I 1 U f^ I I I 11 ill I i I 13

1955

P

1956

I

1957

1958

1958

I

MANUFACTURING, RETAIL TRADE, AND WHOLESALE TRADE.
SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Period

Manufacturing
and trade

Manufacturing

Wholesale

COUNCIL Of ECONOMIC ADVISERS

Retail

InvenInvenInven- New
Sales * tories 2 Sales i tories 2 orders * Sales i tories 2 Sales * Inventories 2
Billions of dollars, seasonally adjusted

1951
1952
1953. _
1954
_
1955
1956
1957
_
1957: May.
June
July— _
August
. _.
September
^_
October
.
November.
December,. .
1958: January
February.
March
April
,. .
May 4
June
_«
July 4 ....

44.7
45.9
48.4
47.4
52.3
54.8
56.3
56.8
56.4
57. 4
57,0
56.3
55.7
547
54.5
53. 8
52. 1
51.3
52. 1
52.4
53. 1

73.8
75.4
78.6
75.5
81.7
89. 1
90.7
90. 6
90.7
91.0
91.3
91.3
91. 1
91.0
90.7
90. 0
89.3
88.5
87. 6
86.9
86.5

22.3
22. 8
24.5
23.5
26.3
27.7
28.4
28.6
28. 1
29.0
28.6
28.2
28. 1
27.2
26.7
26.4
25. 5
249
24 9
25. 2
25.7

42.8
43.8
45.4
43.0
46. 4
52.3
53.5
53. 9
53.9
54 1
54 2
54 2
54 1
53. 9
53.5
52.9
52.4
52. 0
51. 5
50.9
50. 2

iMonthly average for year and total for month.
* Book value, end of period, seasonally adjusted*
8
Book value, end of period, eicept annual data, which are monthly averages.




245
23.6
23. 1
22.5
27,2
28.3
27.3
28. 4
27.1
27.3
27. 3
26. 6
26.2
26.0
25.1
24 4
24 1
24 8
24 5
25.0
25.4

9.4
9.6
9.8
9.7
10.6
11.3
11.3
11.5
11.4
11, 4
11. 4
11, 2
11. 0
10.9
10.9
10.7
10. 5
10.3
10. 7
10.7
10. 9

9.7
10.0
10. 5
10. 4
11.4
13. 0
12.7
12.7
12.7
12. 7
12. 8
12. 8
12.8
12. 8
12.7
12.6
12. 5
12. 4
12. 2
12. 1
12. 1

13. 0
13. 5
14 1
14 1
15.3
15. 8
16.7
16. 6
16. 8
17.0
17. 0
16. 9
16.7
16.6
16. 8
16.7
16.1
16. 1
16. 5
16.0
16. 6
16. 6

21.2
21.6
22.7
22.1
23.9
23.9
245
23.9
241
24 1
243
244
242
243
245
245
243
24 1
23. 9
23.9
24.0

Department stores
Inventories s
Index, 1947-49 ===100
seasonally adjusted
Sales *

112
114
118
118
128
135
136
135
138
138
144
136
129
133
138
130
124
131
130
134
133
140

131
121
131
128
136
148
152
152
153
154
153
154
155
154
150
147
146
142
143
144
148

* Preliminary estimates.
Sources: Department of Commerce and Board of Governors of the Federal
Eeserve System.

21

MERCHANDISE EXPORTS AND IMPORTS
In the first 6 months of 1958, commercial exports (merchandise exports excluding grant-aid shipments) were 19 percent
lower than in the corresponding period of 1957. In the first 5 months, imports were 4 percent lower than a year earlier.
BILLIONS OF DOLLARS
2.5

BILLIONS OP DOLLARS
2.5

2.0

2.0

MERCHANDISE EXPORTS
EXCLUDING GRANT-AID SHIPMENTS

1958

1952

! COUNCIL OF ECONOMIC ADVISERS'

SOURCE: DEPARTMENT OF COMMERCE. *

[Millions of dollars]
Merchandise exports
Period

1936-38 monthly average
. .
1949 monthly average
_.
1951 monthly average
1952 monthly average
1953 monthly average
1954 monthly average
1955 monthly average
1956 monthly average
1957 monthly average
1957: May
. .
June
.
. „
.
July
August
^__ __
_ _
September
_.
October
._
November
. _
December
__ _
1958: January
-—
February
March
April
_.
„
May
June

Total

247
1, 004
1,253
1,267
1,314
1,259
1,296
1,591
1,734
1, 813
1,786
1,692
1,677
1, 540
1,674
1,683
1,639
1,511
1,345
1,557
1,531
1, 638
1,408

Grant-aid
shipments l

(2)
(2)

i Beginning with 1950, figures include only Department of Defense shipments
of prant-aid military supplies and equipment under the Mutual Security Program. Shipments for the first G months of the program (July-December 1950)
amounted to 282 million dollars.

22



89
166
293
188
105
146
113
102
134
187
141
103
74
87
95
109
100
114
122
131
99

Excluding
grant-aid
shipments

(2)
(2)
1,164
1, 100
1, 022
1, 071
1, 191
1,444
1,621
1,711
1,652
1,505
1,536
1, 437
1,600
1,596
1, 543
1,402
1,245
1,442
1,409
1,507
1,309

Merchandise
imports

207
552
914
893
906
851
949
1,051
1,082
1, 106
984
1,146
1,042
1,009
1, 148
1,043
1, 141
1, 095
962
1,072
1, 057
1,063

Excess of exports
over imports
Total

40
452
339
374
408
408
347
540
653
708
802
546
635
532
526
640
498
416
383
485
473
575

Excluding
grant-aid
shipments
(2)
(2)

2 Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Department of Defense.

250
207
116
220
242
393
540
605
668
359
494
428
452
553
402
307
284
371
352
444

PRICES

CONSUMER PRICES

The consumer price Index rose fractionally in June. Although food prices were unchanged (or the second straight
month, small increases occurred in a number of other major components of the index.
INDEX, 1947-49-100
ISO

INDEX, 1947-49-1OO
150

140

110

100

100

90

1958

1952
SOURCE: DEPARTMENT OF LABOR.

* COUNCIL OF ECONOMIC ADVISERS

[1947-49=100]

1939
1948
1949
1951
1952
1953
1954
1955
1956___
^
1957
1957: May
June
July
August
September
October
November
December
1958: January

February
March
April

Housing

All
items

Period

_.._ .
'.

May

June

Food

59.4
102. 8
101. 8
111.0
113. 5
114.4
114.8
114. 5
116. 2
120. 2
119. 6
120.2
120. 8
121. 0
121. 1
121. 1
121. 6
121. 6
122.3
122. 5
123. 3
123. 5
123. 6
123. 7

47.1
104. 1
100. 0
112. 6
114.6
112. 8
112. 6
110.9
111.7
115.4
114.6
116.2
117. 4
117.9
117.0
116.4
116.0
116. 1
118.2
118. 7
120. 8
121. 6
121. 6
121.6

Total

1

76. 1
101.7
103.3
112,4
114.6
117.7
119. 1
120.0
121. 7
125. 6
125.3
125. 5
125.5
125.7
126.3
126. 6
126.8
127.0
127. 1
127.3
127.5
127. 7
127.8
127.8

Rent
86. 6
100.7
105.0
113. 1
117.9
124. 1
128.5
130.3
132.7
135.2
134.7
135.0
135.2
135. 4
135.7
136. 0
136. 3
136. 7
136. 8
137.0
137. 1
137. 3
137. 5
137.7

» Includes, in addition to rent, homeowner costs, utilities, housefurnishings, etc.
Source: Department of Labor.




Apparel

52.5
103.5
99.4
106.9
105. 8
104. 8
104. 3
103. 7
105.5
106. 9
106.5
106. 6
106.5
106.6
107. 3
107.7
107.9
107. 6
106.9
106. 8
106. 8
106. 7
106. 7
106.7

Other
Trans- Medical Personal Reading goods
and
portaand
care
care
recreation
tion
services
70.2
72. 6
59.6
63. 0
70.6
100.9
100.9
101.3
100. 4
100.5
108. 5
104. 1
101. 1 104. 1
103.4
118. 4
111. 1
110.5
109. 7
106. 5
126.2
117. 2
107.0
115.4
111.8
129.7
121. 3
118.2
108.0
112.8
128. 0
125.2
113.4
107.0
120. 1
126.4
128. 0
115.3
120. 2
106.6
128.7
132. 6
120.0
108. 1
122.0
136.0
138.0
124.4
112.2
125. 5
135.3
137.3
123. 4
111. 4
124.3
135. 3
137. 9
124. 2
111.8
124.6
135. 8
138.4
124. 7
112.4
126. 6
135.9
138. 6
124.9
126.7
112.6
135.9
139.0
125. 1 113.3
126.7
135. 8
139. 7
126.2
113. 4
126. 8
140.0
140. 3
126.7
114. 4
126.8
138. 9
140. 8
127.0
114. 6
126. 8
141. 7
138. 7
127.0
127.8
116.6
138. 5
141. 9
128. 0
127.0
116. 6
138. 7
142. 3
128. 3
117. 0
127.2
138. 3
142. 7
128. 5
117. 0
127.2
138.7
143. 7
116. 6
128. 5
127. 2
138.9
143. 9
110. 7
128. 6
127.2

23

WHOLESALE PRICES
The average of prices in primary markets remained unchanged in July.
processed foods were offset by a rise in industrial prices.

Declines in prices for farm products and

INDEX, 1947-49 »100

IWOEX, 1947-49-100

130

120

120

OTHER THAN FARM
PRODUCTS AND FOODS
STR1AU

80

1958
COUNCIL OF ECONOMIC ADVISERS

[1947-49=* 1001

1939
1948.. — _
1949,
1951
1952
1953
1954..
_
1955
1956
— -.
1957
1957: June."
.
July
August
September
October „„,
November
December
1958: January
February
March
April
May
June...
July
Week ended: J
1958: August 5...
12

. .. ... .

.. .

„__
.

.
-

_

_.- .'. .

_
. .

«

_ .^
„ ..-..
.

...
..

•
...._.
..

24

.
.

•

.
'

'

.

„

wli»» buffed on mimllor tumiplc limn monthly series.
Dcjmrtmenl of Lubor,




-....,
. ...„.

_.
_

50 1
104. 4
99. 2
114. 8
111. 6
110. 1
110. 3
110. 7
114. 3
117. 6
117.4
118. 2
118.4
118. 0
117. 8
118. 1
118. 5
118. 9
119. 0
119. 7
• 119. 3
119. 5
119. 2
119. 2

36. 5
107. 3
92. 8
113. 4
107.0
97.0
95. 6
89. 6
88. 4
90. 9
90. 9
92. 8
93. 0
91. 0
91. 5
91. 9
92. 6
93. 7
96. 1
100. 5
97. 7
9a 5
95. 6
95. 0

43 3
106. 1
95. 7
111 4
108 8
104 6
105 3
101.7
101. 7
105. 6
106. 1
107. 2
106 8
106 5
105. 5
106. 5
107.4
109. 5
109. 9
110. 7
111. 5
112. 9
113. 5
112. 7

Other than
farm products
and foods
(industrial)
58. 1
103.4
101.3
115 9
113 2
114. 0
114 5
117. 0
122. 2
125. 6
125. 2
125. 7
126 0
126 0
125 8
125. 9
126. 1
126. 1
125. 7
125. 7
125. 5
125. 3
125 3
125. 7

119. 2
119.0

93. 6
93. 1

111 9
111. 1

126 1
126. 0

All commodities

Period

> .

_

. _...
. - ...
„

.,

Farm
products

Processed
foods

PRICES RECEIVED AND PAID BY FARMERS
In the irionrii ended July 15, the index df prices received by farmers dropped 1 point.
(parity index) was unchansed and the parity ratio declined 1 point.

The index of prices paid
INDEX ,1910-14-100
325

INDEX, 1910-14-100
325

PRICES PAID, INTEREST, TAXES,
AND WAGE RATES

300

30O

275

275

250

250

225

225

200

2OO

100

100

1958
OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES.
SOURCE*. DEPARTMENT OF AGRICULTURE.

COUNCIL OF ECONOMIC ADYISpRS

Prices paid by farmers
All items,
interest,
Livestock taxes, and Family
Production
and
living
Grope
wage rates
items
products
items
(parity
index)
Index, 1910-14=100
121
82
120
107
123
250
255
315
260
251
238
224
272
243
251
268
273
336
282
265
274
268
306
271
287
242
272
270
253
279
274
242
252
255
281
249
236
236
281
273
249
240
278
230
285
258
233
286
249
296
287
257
240
245
296
254
257
237
287
295
232
257
261
287
295
287
258
227
260
296
258
255
286
225
296
289
260
223
258
298
263
263
219
289
299
289
264
224
267
301
229
273
302
290
265
280
304
269
245
293
252
271
306
293
275
271
294
246
280
306
270
232
293
275
305
270
293
277
305
228

Prices received by farmers
Period

1939
_
1948
1949._1951
1952.
.„.
1953—
_
1954
1955....1956
1957
1957: June 15
July 15
August 15
September 15
October 15_.
November 15
December 15
1958: January 15—
February 15
March 15.
April 15
May 15
June 15
July 15

All farm
products

.
__„

. ...

_ .

95
287
250
302
288
258
249
236
235
242
243,
246
247
245
241
242
243
247
252
263
264
264
255
254

»Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.




Parity
ratio *

77
110
100
107
100
92
89
84
82
82
82
S3
84
83
81
81
81
82
83
87
86
86
84
83

Source: Department of Agficulluro,

25

CURRENCY, CREDIT, AND SECURITY MARKETS

CURRENCY AND DEPOSITS

The foia! of demand deposits and currency remained unchanged in June, in accordance with the usual seasonal pattern. Time deposits continued to rise.
BILLIONS OF DOLLARS
240

BILLIONS OF DOLLARS

200

200

1952
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OFTffE FEDERAL RESERVE SYSTEM

End of period

1951
..
1952
'.
1953
. .
1954
. _ ' . . _ _
1955
1956
. ..
.
1957
1957: June
July
August . «
September
October
November . „ „
December
1958; January 5 5
_ .
February
5
March
April 65
May
. .
June 5
'.

Total
U.S.
deposits Governand
ment
curderency
posits l

189. 9
200.4
205. 7
214. 8
221. 0
226.4
232. 3
224.9
225.2
225.0
225.4
226. 9
227. 0
232. 3
227. 7
228. 0
230. 9
234.4
234.2
239.6

3.9
5.6
4.8
5. 1
4.4
4.5
4.7
5.2
4.2
4.9
4. 5
3. 9
3.8
4. 7
2. 9
4. 2
6. 4
6.0
6. 1
10. 2

[Billions of dollars]
Total excluding U. S. Government deposits 2
Demand deposits and
currency
Time
de- 8
Total
Demand Currency
posits
Total deposits outside
adjusted* banks
61. 5
124. 5
186.0
98.2
26.3
65. 8
129. 0
27. 5
194.8
101.5
70.4
200. 9
130. 5
102. 5
28. 1
75. 3
134.4
27.9
209.7
106. 6
216.6
78.4
109.9
28.3
138. 2
222. 0
82.2
28.3
139.7
111.4
138.6
89. 1
227.7
110.3
28.3
86. 4
27. 8
219.7
133. 3
105.6
221. 0
86.7
134. 3
106.6
27.8
87. 1
132. 9
220.0
105. 1
27.8
87. 7
133. 3
27. 8
220.9
105.5
88. 1
134. 9
107. 2
223.0
27.8
87. 6
223. 3
107. 2
28. 5
135. 7
227. 7
89. 1
28. 3
138. 6
110.3
89. 8
27. 3
224. 8
107. 6
135. 0
90. 9
133. 0
27. 4
105. 6
223.9
92. 5
132. 0
27.4
104. 6
224.5
93. 6
134. 8
107.2
27, 6
228. 4
94. 6
133. 5
228. 1
105.8
27.8
95.9
133.5
105. 7
27.8
229. 4

1
Includes U. S. Government deposits at Federal Keserye Banks and commercial and savings banks, and U. S. Treasurer's time deposits, open account.
2
Includes deposits and currency held by State and local governments.
* Includes deposits in commercial banks, mutual savings banks, and Postal
Savings System, but excludes interbank deposits.
4
Includes demand deposits, other than interbank and U. S. Government, less
cash items in process of collection.

26




fi

Demand deposits
and currency,
seasonally adjusted
Demand Currency
Total deposits outside
adjusted banks

185. 2
1S6.0
184- ?
133. 9
134.2
1S4.0
133. 2
IS®. %
138. 1
134.0
135.0
135.5
135.4

107.3
108.0
106.8
106. &
106.8
105.9
105.1
104-7
105.5
106. 4
107.2
107. 6
107. 4

27.9
28.0
27.9
27. 7
27. 7
28.1
28.1
27.5
27. 6
27.6
27.8
27.9
28.0

Preliminary estimates.
NOTE.—Monthly data are for the last Wednesday of the month, except the
unadjusted data for December 1957, which are for the last day of the month.
Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Beserve System.

BANK LOANS, INVESTMENTS, AND RESERVES
Commercial bank loans rose $2.1 billion in June, the same amount as in June 1957.
tially greater than borrowings again in July, .
BILLIONS OF DOLLARS
180

Excess reserves were substan-

BILLIONS OF DOLLARS
BO

40

20

1955
END Of MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Total loans
and investments

End of period
1949..
1951.
1952
1953.
1954,.
1955.
1956 ..
1957
1957: May
June
July
August
September
October
November
December
1958: January *4
February
March 4
April 4*
May
June 44
July

.

.

120.2
132.6
141.6
145.7
155.9
160.9
165. 1
170.1
165. 1
165.6
165.4
165. 9
166.3
167.9
167.3
170. 1
167.7
168. 6
171. 4
175. 6
175. 4
179.7

[Billions of dollars]
All commercial banks
Investments
U. S. Gov- Other
Loans
ernment
Total
securities securities
10. 2
77.2
43.0
67.0
57.7
74.9
61. 5
13.3
14. 1
642
77.5
63.3
63.4
14.7
78.1
67.6
69.0
16.3
70.6
85.3
16.7
61.6
82.6
78.3
58.6
16.3
74.8
90.3
76. 2
58. 2
17.9
93.9
73.9
91.2
57.1
16.8
55. 5
16.8
72.3
93.3
73.0
56. 3
16. 8
92.3
56.2
16.9
73. 1
92.8
17. 1
72.9
55.9
93. 4
17. 6
74.9
93.0
57.3
17.4
74. 3
56.9
92. 9
76.2
58.2
17.9
93.9
75. 6
57.7
17.9
92. 0
18.2
92. 1
76.5
58.3
78.4
59.6
18.9
93.0
82. 1
62.8
19.3
93.5
82.6
19.4
63. 2
92. 8
20.0
84.7
64.7
94.9

1 Member banks include, besides all national banks, those State banks that
have taken membership in the Federal Reserve System.
2 Commercial, industrial, and agricultural loans; revised series beginning
January 1952 and again October 1955. Such loans by weekly reporting member
banks represent approximately 70 percent of business loans by all commercial
banks.




COUNCIL OF fCQNOMJC ADVISERS

Weekly
All member banks l 3
reporting
Borrowmember
Reserve balances ings at
banks *
Federal
Business Required Excess Reserve
loans 2
Banks
17. 0
0.8
13.9
0.1
.8
21. 6
18. 5
.3
23.4
.7
19. 6
.8
.7
23.4
19.3
.8
22.4
18.5
.8
.1
.6
26.7
.6
18.3
18.4
.6
31.3
.8
32. 2
18. 5
.5
.8
18.4
.5
31.1
.9
32.5
.5
18.5
1.0
18.6
.5
31. 7
.9
32.0
.5
18.3
1.0
32.4
18.4
.5
1.0
31.8
.5
18.6
.8
31.5
18.4
.5
.8
32.2
.6
18.8
.7
30.6
18. 7
.6
.5
30.4
.6
18. 4
.2
31.0
18. 1
.6
.1
.6
30. 2
17. 8
.1
.1
17. 6
29. 8
.7
30.4
18.0
.6
.J
17.9
29. 5
.7
.1

3
Data are averages of daily figures on balances and IMMTU wings during tho
period.
4
Preliminary estimates.

NOTE,—Pet nil will not necessarily nd<1 to 4ol.nl* twom
Sourer; IJonrd «>f Oovvriioni of Mm I'Vclitr&i iifawjvt* M}

CONSUMER CREDIT
In June, total consumer credit outstanding increased about $100 million, compared with an increase of about $550
million in June 1957.
BILLIONS OF DOLLARS
50

BILLIONS OF DOLLARS
50

TOTAL CREDIT OUTSTANDING

2 V2

1952

1953

1954

1957

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Snd of period

Total
consumer
credit
outstanding

1939
..
.
1948.... .^._
1949.... . .
1951
1952.. ..
1953...
19541
1955.
1956
1957..
1957: May
June
July
August
SeptemberOctober
November.
December.
1958: January..
February .
March.
April.. . .
.
May
June.

7, 222
14, 398
17, 305
22,617
27,401
31, 243
32, 292
38, 670
42, 097
44, 776
41, 937
42, 491
42, 668
43, 101
43,270
43, 274
43, 530
44, 776
43, 966
43, 043
42, 562
42, 665
43, 027
43, 122

[Millions of dollars]
Instalment credit outstanding
Total

Automobile
paper *

4,503
8, 996
11, 590
15, 294
19, 403
23, 005
23, 568
28,958
31, 827
34, 105
32, 158
32, 608
32, 968
33,303
33, 415
33, 504
33, 596
34, 105
33, 737
33, 302
32, 983
32, 932
32, 957
33, 054

1, 497
3,018
4, 555
5,972
7,733
9, 835
9,809
13, 472
14, 459
15, 496
14, 883
15, 127
15, 320
15, 490
15, 556
15, 579
15, 542
15, 496
15, 326
15, 122
14, 889
14, 788
14, 713
14, 691

i Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.
* Includes only such loans held by financial institutions; those held by retail
outlets are included in "other consumer goods paper."

28



Nou instalment credit
outstanding

Other Repair and
-consumer moderni- Personal
zation
' goods
loans
paper *
loans 2

1, 620
2, 901
3, 706
4,880
6, 174
6,779
6,751
7,634
8, 510
8,687
8, 081
8, 165
8, 189
8,229
8, 228
8,236
8, 300
8,687
8, 499
8, 277
8, 192
8,134
8, 176
8,203

1958
COUNCIL OF ECONOMIC ADVISERS

298
853
898
1,085
1, 385
1, 610
1,616
1,689
1,895
1,984
1, 886
1, 905
1, 921
1, 954
1, 969
1,988
1,996
1,984
1, 963
1,936
1,915
1,914
1,933
1,942
3

1,088
2,224
2,431
3,357
4, 111
4,781
5,392
6, 163
6,963
7,938
7,308
7,411
7,529
7,630
7,662
7,701
7, 758
7,938
7,949
7,967
7,987
8,096
8, 135
8, 218

Total

2,719
5,402
5,715
7,323
7, 998
8,238
8,724
9,712
10, 270
10, 671
9,779
9,883
9, 700
9, 798
9,855
9,770
9,934
10,671
10, 229
9,741
9,579
9,733
10, 070
10, 068

Charge
accounts

1,414
2,673
2,795
3,605
4,011
4, 124
4, '308
4, 579
4,735
4,760
3,834
3,948
3, 886
3, 925
3,942
3,991
4, 135
4,760
4,264
3,710
3,528
3,694
3,956
3,949

Instal- Instalment
ment
credit ex- credit8
3
tended
repaid

6, 872
15, 585
18, 108
23, 576
29,514
31, 558
31,051
39, 039
40, 063
42, 411
3,748
3,674
3,837
3, 704
3,388
3,545
3,439
4,069
3,108
2,754
3, 164
3,345
3,386
3,484

Credit extended or repaid during the period.
Source: Board of Governors of the Federal Reserve System.

6,060
13, 284
15, 514
22, 985
25,405
27, 956
30, 488
33, 649
37, 194
40, 133
3,376
3,224
3, 477
3,369
3, 276
3,456
3,347
3,560
3,476
3, 189
3,483
3,396
3,361
3, 387

BOND YIELDS AND INTEREST RATES

"

_

The Treasury bill rare, wtilch fluctuated around i percent during most of July, rose in August to the highest level since
mid-March. Yields on U. S. Government, municipal, and corporate Aaa bonds rose sharply.
PERCENT PER ANNUM

PERCENT PER ANNUM

CORPORATE Aaa BONDS
(MOODY'S)

1958

1952
SOURCES: SEE TABLE BELOW

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
U. S. Government
High-grade
security yields
municipal
bonds
3-montbt
Taxable
Treasury
(Standard &
bonds 2
Poor's) a
bills »
1.552
2. 00
2. 57
2. 19
1.766
2.68
2. 72
2.94
1. 931
2.55
.953
2.37
2.84
2. 53
1.753
2.93
2. 658
3.08
3.47
3. 60
3. 267
3. 75
3. 60
3. 165
3. 404
3. 63
a 91
3. 66
3. 90
3. 578
3. 79
3.73
3. 591
3.76
3. 57
3. 337
3. 102
3.47
3.30
3. 24
3. 31
2. 598
3.37
1. 562
3.28
3.45
3.25
1. 354
3. 12
3. 31
1. 126
3.14
3.25
1.046
3.20
3.26
.881
3.45
3.36
.962

Period

1951
1952..
1953
_
1954
.._.
.
1955
.-• _.
1956
1957
1957: July
August.. September
October
November
December
1958: January..
February
'.
March
.._„
April
May . .
.
June
• ..
July.___
Week ended:
1958: July 12

__.

19

26.
August 2
.
9. .
16
1

,

.934
1. 137
. 988
.984
1. 165
1. 524

3.31
3. 39
3. 38
3.44
3.53
* 3. 61

3.43
3.45
3.46
3. 52
3.63
3. 68

Corporate bonds
(Moody's)

3.36
3.89
3. 99
4. 10
4 12
4. 10
408
3.81
3.60
3.59
3.63
3.60
3.57
3.57

a 67

3.53
3. 88
471
473
482
4 93
499
5.09
5.03
483
466
468
467
462
4 55
453

Prime
commercial
paper,
4-6
months
2. 16
2.33
2. 52
1. 58
2.18
3. 31
3.81
3.88
3. 98
400
410
407
3. 81
3.49
2. 63
2.33
1. 90
1.71
164
1.50

3.63
3.67
3. 70
3.71
3. 77
<a83

451
4 52
455
4.56
460
466

1. 50
1. 50
1.50
1.50
1. 50
* 1.68

Aaa
2. 86
2. 96
3.20
2. 90

aoe

Baa
3. 41
3. 52
3.74

a si

«Weekly data are Wednesday figures.
Kate on new issues within period.
< Not charted.
* First issued to 1941. Series includes: October 1941-Mareh 1952, bonds due or
Sources: Treasury Department and Board of Governors of the Poderal Eesorro
callable alter 15 years; April 19S2-Mareh 1953, bonds due or callable after 12 years;
System (except as noted).
April 19S3 to date, bonds due or callable 10 years and after.




STOCK PRICES
Stock prices continued to increase in July and early August.
INDEX, 1939 «iOO

INDEX, 1939 « lOO

500

50O

300

300

200

20O

100

1958

1952
SOURCE: SECURITIES AND EXCHANGE COMMISSION

Period
Weekly average:
1948
1949
1951
1952
1953
1954
1955.
1956
1957
1957: July
August
September
-.
October
November.
December
1958 1 January
.
__....
February
___
March.
April
Mav
June
July
Week ended:
1958: July
11
-.
18 . .
.
25
August 1-.
8
_.
152
„.._
«M-«ftJ

COUNCIL OF ECONOMIC ADDERS

Composite
index *

[1939=1001
Manufacturing
Trade,
TransDurable Nondura- portation Utilities finance, Mining
Total
goods ble goods
and service

132. 7
127. 7
184. 9
195.0
193. 3
229. 8
304. 6
345.0
331. 4
361. 8
343. 2
327. 9
306. 4
301. 8
298.5
304.7
304.0
310.8
311.9
322.9
330.6
339.2

136.8
132. 1
206.8
220.2
220. 1
271. 3
3744
438. 6
422.1
468.0
441.2
419. 1
388.2
381.9
376. 1
381. 6
378. 1
388. 2
387.4
401.4
411. 7
423.6

124 3
116.0
178. 5
188. 8
192. 6
245. 2
352. 4
409. 8
391.2
433. 8
408. 1
385.8
356. 9
350. 1
335.6
346. 6
345. 8
351.6
339.8
353.2
362.2
376.5

148. 6
147. 2
233. 1
249. 3
245. 2
295. 2
394 4
465. 1
450. 7
499. 6
471.6
449.7
417.0
411. 1
413.2
413. 6
407. 7
421. 6
425. 7
438.4
449. 6
458.9

158. 1
136.0
199. 0
220.6
218. 7
232. 6
320.0
327. 1
275. 4
302. 3
285. 5
263. 3
240. 9
227. 8
2147
230. 2
231. 3
230. 6
233. 1
249.0
259.2
268.8

99.3
98. 1
112.6
117. 9
121. 5
135.8
152. 9
155. 8
156.0
158. 4
155. 2
152. 6
148. 8
149.3
152. 3
157. 8
160.5
161.7
165,7
168.9
171.3
173.4

156.9
160.7
207.9
206.0
207. 1
235.6
296. 9
306. 3
277. 5
290.8
281.6
277.2
266. 5
262. 0
257. 9
269. 7
277.5
283. 4
285. 6
301.0
305. 1
311. 9

133.0
129. 4
2049
275. 7
240. 5
267.0
312.9
357.5
342. 4
3&2. 5
353. 9
334 5
296.9
2842
2745
272. 1
266.8
283. 2
287.0
300. 1

337.0
337.6
346. 9
350. 4
354. 1
350,0

419.9
421. 0
435. 4
440. 1
446. 1
439.9

369.9
378.5
391. 0
399.2
401. 6
397.0

458.0
452.2
468.0
469.4
478.6
471. 0

2645
269. 6
279. 4
281. 8
285.6
279.0

1742
172, 7
173.5
174 8
173. 8
173. 2

311. 7
311.1
313.3
317. 2
320. 5
323.0

322.9
336.6
337. 6
339.7
346. 2
341.4

b common utock.i: WH for durnbto goods .manufacturing, 72 for nondurable good* nmmiffwttirtng, 21 for tnui*|K>Hrttio!), '«$ for utilities, 31 for trade,
xi, titid nervier, mid 14 for miuiiiK, Indoien arc for weekly closing prices.

30




* Not charted.
Source: Securities and Exchange Commission.

3ia 9

330.7

FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
The budget deficit for the first month of the current fiscal year was $3.7 billion.
the deficit amounted to $3.3 billion.

For the same period of last year,

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

NET BUDGET RECEIPTS

NET BUDGET EXPENDITURES
75

50

25

-0
1955

75

1956

1957

1954

1958

10

MAJOR NATIONAL SECURITY
_ EXPENDITURES

1955

1957

1958

1957

1958

BUDGET SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE)

f5
50

1955

1956

1957

1958

1953

1956

COUNCIl OF ECONOMIC ADVISERS

SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

Period

Fiscal year 1944
Fiscal year 1953 . . .
Fiscal year 1954
Fiscal year 1955
Fiscal year 1956
Fiscal year 1957 3
Fiscal year 1958
1957: May__
'. ' June
Julv3. 3
August - 3
September
October 3
November 3
December *•
.
1958: January 3 3
February
March 3
April33
May
June 3
July 3 4

_

. . ..
.
. . .

.
.

'.
.

..

.. .
. .

[Billions of dollars]
Net budget expenditures
Net
Budget
Major national security l
budget
Department surplus (+)
Total
receipts
or
of Defense
Total
deficit (-)
military
functions
43.6
-51.4
95. 1
76.8
76. 1
-9.4
74.3
64. 8
51.8
43. 6
47.9
64.7
67.8
-3. 1
40.3
64. 6
42. 1
60.4
-4.2
35. 5
68.2
66.5
+ 1.6
41.8
35. 8
44.4
71.0
69. 4
+ 1.6
38. 4
71.9
45.0
-2.8
69. 1
39. 0
5.9
3.9
5.3
-.7
3. 3
4.0
+ 5.4
6.3
3. 2
11.7
6.3
3.7
-3.3
3. 1
3.2
40
5.9
5. 1
-.8
3.5
5.7
3.5
+ 1.6
7.2
3.0
-3.4
6.5
3.7
3. 1
3.2
3.5
-1.0
5.8
3. 1
4.8
3.8
6.0
5.8
3.3
+.1
6.0
3.8
-L2
3. 1
4.8
3.6
5.5
6.3
3.2
+.8
3.7
+ 3.8
5.7
9.5
8.1
6. 1
3.7
-2. 6
3.5
3.2
3.7
5.8
-. 9
3.2
4.9
4. 3
+ 4.2
6.6
10.8
3.9
3.8
6.6
3. 2
-3.7
2.9

> Definition revised in 195S Federal Budget Midyear Review, October 1957, to
include the defense support portion of the mutual security program. Other items
included are: military functions of Department of Defense, military assistance
portion of the mutual security program, development and control of atomic
energy, stockpiling, and defense production expansion.




1954

FISCAL YEARS

* PRELIMINARY

Public
debt
(end of2
period)
202.6
266. 1
271.3
274.4
272.8
270. 6
276.4
275.3
270. 6
272.6
2740
274 5
2742
2749
275.0
2747
2748
272. 7
275.2
275.7
276. 4
275. 6

3
Includes guaranteed securities, except those held by the Treasury. Not all
of total shown is subject to statutory debt limitation.
* Preliminary.
* Not charted.
NOTE.—Detail win not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.

31

CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
According to preliminary estimates, Federal cash payments to the public in the fiscal year 1958 exceeded Federal
cash receipts by $1.5 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

EXCESS OF CASH RECEIPTS

(ENLARGED SCALE)

EXCESS OF CASH PAYMENTS
1952

I

1953

I

1954

W.M.NARY ESTATES.

1955

I

1956

.357*

1957

I

1958

CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS

SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.

[Millions of dollars]
Cash receipts
from the
public

Period
Fiscal year total:
1955
1956
1957
1958 *
Calendar year total:
1954
.. _
1955
1956
1957 !
. .
Quarterly total, not adjusted for seasonal variation:
1957: First quarter
Second quarter
Third quarter * 1
__ _
Fourth quarter
__
1958: First quarter l 1
Second quarter
.

Cash payments to
the public

67, 836
77, 088
82, 107
81, 855

. __

— 2, 702
+4, 471
+ 2, 099
- 1, 472

68, 589
71, 448
80, 330
84, 520

_

70, 538
72, 617
80, 008
83, 328
69, 661
72, 188
74, 807
83, 326

-1,072
— 740
+ 5, 524
-f 1, 194

24, 617
24, 846
18, 653
16, 404
23, 618
23, 180

19, 814
21, 574
21, 099
20, 839
19, 626
21, 764

+ 4, 802
4-3, 273
-2, 447
-4, 435
+ 3,992
+ 1, 417

1

Preliminary.
NOTE.—Detn.il will not necessarily add to totals because of rounding.
iSourcwr. UMPWIU of the Budget and Treasury Department.
For Bale by the Superintendent of Documents, TJ. S. GoYernment Printing Office, Washiagton 25, D. C.
J'rice 20 cents per copy ; $2.00 per year ; $2.SO foreign.

32




Excess of receipts (-f) or
payments ( — )