Full text of Economic Indicators : August 1959
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86th Congress, 1st Session
Economic Indicators
AUGUST 1959
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1959
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
JOHN SPARKMAN (Alabama)
RICHARD BOLLING (Missouri)
J. WILLIAM FULBRIGHT (Arkansas)
HALE BOGGS (Louisiana)
JOSEPH C. O'MAHONEY (Wyoming)
HENRY S. REUSS (Wisconsin)
JOHN F. KENNEDY (Massachusetts)
FRANK M. COFFIN (Maine)
PRESCOTT BUSH (Connecticut)
THOMAS B. CURTIS (Missouri)
JOHN MARSHALL BUTLER (Maryland)
CLARENCE E. KILBURN (New York)
JACOB K. JAVITS (New York)
WILLIAM B. WIDNALL (New Jersey)
RODERICK H. RILEY, Executive Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNIER, Chairman
KARL BRANDT
HENRY C. WALLICH
[PUBLIC LAW 120—81sr CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. J. Res. S5]
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.
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.. i
.
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
NOTE.—Detail in these tables will not
necessarily add to totals because of rounding.
.
31
32
ill
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates show a continued increase in total income and expenditures between the first and second quarters of
1959.
[Billions of dollars]
1958
Year
Economic group
ExRe- pendceipts itures
1959
Second quarter
Excess
of receipts
(+)
or expenditures
(-)
ExRe- pendceipts itures
Excess
of receipts
<+)
or expenditures
(-)
First quarter
Second quarter
Excess
of reExceipts
Re- pendceipts itures or<+)
expenditures
(-)
Excess
of reExRe- pend- ceipts
ceipts itures or expenditures
(-)
(+)
Seasonally adjusted annual rates
Consumers:
Disposable personal income 316. 5
Personal consumption ex293. 0
penditures
Personal net saving (-J-)
Business:
Gross retained earnings
Gross private domestic in-
327. 4
290. 9
303. 9
42. 9
44. 0
54. 9
49. 4
1. 3
1. 2
P)
77. 5
— 20. 4
1. 5
P)
1. 4
Q
1. 2
.l
.1
24. 1
69. 8
— 8. 4
-10. 9
Excess of transfers ( + )
or of net exports ( — )
311. 2
23. 5
51. 3
13
335. 3
22. 0
23. 5
Excess of investment
(— )
International:
Foreign net transfers by
government
Net exports of goods and
312.9
-1.8
2. 4
3. 2
Government (Federal, State,
and local) :
Tax and nontax receipts or
114 9
accruals
Less: Transfers, interest,
32. 9
and subsidies (net)
112. 3
125. 2
P)
33. 5
33. 3
33. 5
82 0
78. 8
91. 9
P)
Net receipts
Total government expenditures
Less: Transfers, interest,
125. 6
124. 6
130. 7
131. 2
32 9
33. 5
33. 3
33. 5
Purchases of goods
and services
92 6
91. 1
97. 4
97. 7
Surplus ( + ) or
deficit (— ) on
income and
product account.
Statistical discrepancy
-12.3
-10. 7
—2 I
GROSS NATIONAL PRODUCT.. 441. 7 441. 7
2. 1
434, 5 434. 5
i Not available.
NOTE.—For explanation and use of this arrangement, see Senate Report
No. 1295, Joint Economic Report, pp. 92-93, 99-105, and Economic Report of the
President, January 1953, Appendix A.
1. 5
-1. 5
-5. 5
.0
470. 2 470. 2
.0
P)
P)
484. 5 484. 5
Sources: Department of Commerce and Council of Economic Advisers.
P)
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product rose $14 billion (seasonally adjusted annual rate) between the first and second quarters of 1959,
according to current estimates. Increases occurred in all major components except net exports.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
500
SEASONALLY ADJUSTED ANNUAL RATES
GROSS NATIONAL PRODUCT
PERSONAL CONSUMPTION
EXPENDITURES v.
200
200
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
I
* GROSS PRIVATE DOMESTIC
r
\
I
INVESTMENT
NET EXPORTS OF GOODS ^
AND SERVICES
I
I
I
1953
I
I
I
J
1
1954
1955
1956
SOURCE: DEPARTMENT OF COMMERCE
1957
I
1958
J
I _L
1959
COUMOl OF ECONOMIC ADVISERS "
(Billions of dollars]
Total
Personal
Government purchases of goods and services
Net
Gross
Total
gross
conexports
private
Federal
national
gross
sumpState
Period
product national
tion domestic of goods Total
and
National
and
investin 1958 product expendTotal » defense 3 Other
local
services
ment
prices *
itures
1949
181.2
25a 1
323.8
17.9
13. 6
33.0
as 40.2 22.2
352. 2
1950.
284.6
195.0
5.2
19.7
39.0
19.3
50.0
.6
143
1951
329.0
5.2
21.7
209.8
2.4
60.5
38.8
378.6
33.9
56. 3
1952
347.0
6.7
2a2
391.6
219.8
52.9
46.4
1.3
76.0
49.9
1953.. __
_ 408.7
365.4
232. 6
—.4
9.0
249
82.8
sao 49. 3
50.3
402. 1
1954
363. 1
48.9
a7
41. 2
27.7
23ao
1.0
47.5
75.3
434. 9
397.5
1955....
39. 1
6.6
30.3
256. 9
1. 1
75. 6
45. 3
63.8
443.
6
419.
2
33.2
1956
40.4
5.7
269.9
45.7
67.4
2.9
79. 0
452. 0
86.2
1957
442.5
49.4
5.5
36.8
2848
443
66. 6
49
44L 7
441.7
52.2
92. 6
ai
1958
293. 0
1. 2
44 5
40.5
54 9
Seasonally adjusted annual rates
454. 2
1957: Third quarter
447. 8
5. 1
49. 7
44 9
5. 3
288. 2
36.9
86.6
67.9
Fourth quarter
447. 2
442. 3
28& 1
63.2
87.4
49. 1
5.7
3.5
3a3
43.9
433.2
1958: First quarter.
431.0
50. 1
ae
39.2
2.0
287.3
52. 4
44 0
89.3
Second quarter
434 5
290.9
435. 4
1. 2
91. 1
51. 3
44 3
7.5
39.7
51. 3
Third quarter
444. 0
444 0
8.9
40. 8
294 4
54 2
53. 1
44 5
1.6
93.8
42. 2
54 2
9.4
Fourth quarter...
.2
4548
457. 1
96. 5
299. 1
61. 3
45.3
470.2
303.9
97.4
53.8
1959: First quarter
45.8
•
as
43.6
465.5
69. 8
— 8
9
8.0
Second quarter
97.7
477. 8
53. 9
46. 2
311. 2
-1*.
43.8
4845
77.5
a9
1
1 Preliminary
estimates by Council of Economic Advisers.
Less Government sales.
* These expenditures correspond closely with the "major national security^
category In The Budget of the United States Government for the Fiscal Year
Ending June SO, 1959, shown on p. 31 of Economic Indicators.
Source: Department of Commerce (except as noted).
Compensation of employees increased $9 billion (seasonally adjusted annual rate) in the second quarter of 1959.
Business and professional income and net interest also increased but farm income dropped.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
SEASONALLY ADJUSTED ANNUAL RATES
300
300
COMPENSATION OF EMPLOYEES
200
200
PROPRIETORS' AND
RENTAL INCOME *
NET INTEREST »
1953
1954
I
CORPORATE PROFITS AND ^
INVENTORY VALUATION ADJUSTMENT
. 1958
1957
1956
1955
1959
C&UNCIl Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars]
Total
national
income
Compensation
of em- l
ployees
_
217.7
241.9
279.3
292. 2
305.6
301.8
330. 2
350.8
366. 5
366. 2
140.8
154.2
180.3
195.0
208.8
207.6
223.9
242. 5
255.5
256. 8
1957: Third quarter
Fourth quarter
1958: First quarter
Second quarter
Third quarter
Fourth quarter .
1959: First quarter.. . ..
Second quarter
371. 1
364. 3
355. 8
358.9
369. 5
380. 4
389.
4
(2)
258. 1
256. 0
252.5
253. 2
258. 5
262. 9
269. 9
278.9
Period
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
_
...
1
__
Proprietors' income
Farm
1
Includes employer contributions for social insurance. (See also p. 4.)
> Not available.
Business
and professional
Rental
income
of
persons
Net
interest
12. 9
22.7
8.3
14.0
23.5
9.0
16. 3
26. 0
9.4
15.3
26.9
10. 2
13.3
27.4
10.5
12.7
27. 8
10.9
11.8
30. 4
10.7
32. 1
11.6
10. 9
11.8
32.7
11. 5
14 2
32. 4
11. 8
Seasonally adjusted annual
12. 3
32. 9
11. 5
12. 1
32. 4
11.7
14. 6
31. 6
11.7
13. 9
32.0
11. 8
14. 2
32.6
11. 9
14. 1
33. 2
11.9
13. 2
33.7
12. 0
12. 1
34. 5
12.0
Corporate profits and inventory valuation adjustment
Total
Profits Inventory
before valuation
taxes adjustment
4. 8
5.5
6. 3
7. 1
8. 2
9. 1
10. 4
11.7
13. 3
14. 3
rates
28. 2
35.7
41. 0
37.7
37.3
33.7
43. 1
42. 0
41. 7
36.7
26.4
40.6
42.2
36.7
38.3
34. 1
44.9
44.7
43. 3
37. 1
1.9
-5.0
-1.2
1.0
-1.0
-.3
-1.7
-2.7
— 1.5
—.4
13. 5
13.8
13.9
14. 1
14. 4
14.7
15. 1
15.4
42.7
38. 5
31.5
33.8
38. 0
43. 5
45.
5
(2)
44.0
39.4
32.0
33. 6
38. 3
44 6
46. 5
(2)
-1.3
—.9
—.4
.2
-.3
— 1. 1
9
Source: Department of Commerce.
(2)
SOURCES OF PERSONAL INCOME
Personal income (seasonally adjusted) was about the same in July as in June. Labor income dropped about
billion (annual rate) as a result of reduced payrolls in industries affected by the steel strike.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
400
350
350
TOTAL PERSONAL INCOME
L
300
250
LABOR INCOME
200
BUSINESS, PROFESSIONAL, AND RENTAL INCOME
FARM PROPRIETORS* INCOME
50
50
1959
1953
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
personal
income
1950
1951
1952
1953
1954
1955
1956
1957
1958
1958: June
July
August —
September.
October
November.
December,
1959: January. _
February .
March
April .
May „June4
July
228.5
256.7
273.1
288.3
289.8
310.2
332.9
350.6
359.0
8
3
8
357. 1
363. 5
362. 4
364.2
364.3
367. 5
366.9
369. 0
371.0
375.4
379.0
381.3
383.8
384.1
[Billions of dollars]
Labor income Proprietors' income
(wage and
Rental
salary disDiviincome
Business
bursements
of
dends
Farm
and
proand other
fessional persons
labor income)1
150.2
14.0
23.5
9.0
9.2
9.4
16.3
9.0
175. 5
26.0
10.2
190.2
15.3
26.9
9.0
27.4
9.2
204.1
10.5
13.3
10.9
12.7
202.5
27.8
9.8
218.0
30.4
11.2
10. 7
11.8
235.7
32. 1
10.9
12.1
11.6
247.7
32.7
11.5
12.5
11.8
14 2
32. 4
248.7
12.4
11.8
Seasonally adjusted annual
3
13.4
32.3
11.8
12. 6
247. 2
8
14.1
32.4
11.8
12.6
252. 5
8
142
32. 6
12. 6
250. 6
11. 9
11.9
12. 6
143
32.8
251.8
11.9
14 2
33. 2
12.6
251.4
11.9
14 1
12.6
33. 1
255.5
142
33.4
10.8
256. 4
11.9
12. 7
12.0
13.5
33.5
25as
12.0
13.2
12.8
33.7
259.8
12.0
12,9
340
12.8
263.8
12.0
12.9
12. 2
34 3
267.2
12.0
13.0
12.0
345
269.7
12.0
347
12. 1
13. 1
" 271. 7
12.0
13. 3
12.2
271. 3
348
1
Compensation of employees (sec p. 3) excluding employer contributions for
social
insurance and the excess of wage accruals over disbursements.
1
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
BOUNCE Of~KONOMJC>DVI5ERS
'Less: PerconPersonal Transfer sonal
tributions
interest
paysocial
income ments forinsurance
2.9
10.3
15.1
3.4
11.2
12.6
3.8
12.1
13.2
13.4
3.9
143
16.2
46
146
5.2
15.8
17.5
5.8
17.5
18. 8
19. 5
6.7
21.7
7.0
20. 4
26. 1
rates
7.0
20.4
26.4
7.2
20.4
26.8
7.1
27.2
20.5
7.1
27. 3
20. 6
7.1
20.7
27.4
7.1
20. 8
26.6
7.1
21.0
26.3
21.1
26.1
8.1
8.1
26.4
21.3
8.2
21. 6
26.6
8.3
26.9
21.8
a3
22.0
26.4
8.4
26.4
22.2
8.4
22. 4
26.5
Nonagricultural
personala
income
211. 3
237.0
2543
271.5
273.8
295.0
317.9
335.2
341. 1
8
3
3
339. 9
345. 7
344 5
346.1
346.3
349. 6
348.8
351.6
353.8
358.5
362.7
365. 3
367.8
368.1
3
Includes lump-sum retroactive salary payments to federal employees. At
seasonally adjusted annual rates, these amounted to $0.2 billion in June, $3.6 billion
in July, and $6.2 billion in August.
4
Preliminary estimates.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Disposable personal income rose almost $8 billion (seasonally adjusted annual rate) between the first and second
quarters of 1959. Total consumption expenditures rose about $7*14 billion.
BILLIONS OF DOLLARS
350
BILLIONS OF DOLLARS
.350
300
300
- 25O
200
-
ISO
- 150
100
1953
1958
1954
1959
COUNCa OF ECONOMIC AOVISBS *
SOURCE! DEPARTMENT OF COMMERCE
Equals:
Personal Less: Disposincome Personal
able
taxes 1 personal
income
Period
1949
1950
1951 .
1952
1953
1954
1955
1956
1957
1958
_•„
-
-
1957: Third quarter
Fourth quarter
1958: First quarter
Second quarter
Third quarter
Fourth quarter
1959: First quarter
Second quarter
-..
208. 3
22a5
256. 7
273. 1
288. 3
289. 8
310. 2
332.9
350. 6
359.0
18.7
20.8
29.2
34. 4
35.8
32.9
35.7
40.0
42.7
42.6
354.5
352.8
352. 2
355. 0
363. 4
366. 3
371.8
. _ 381. 1
43. 1
42.9
41.9
42. 1
42. 9
43.4
44. 4
45.8
* Includes such items as fines, penalties, and donations.
44695°—59-
Less: Personal consumption
expenditures
Total
Saving
Equals: as percent
of disPersonal
posable
•Durable Nonsaving
goods durable Services
income
goods
Billions of dollars
189. 7
181. 2
246
96.6
207.7
195. 0
SO. 4 *
99. 8
209.8
29.5
110. i
227.5
29.1
219.8
23R7
115. 1
118. 0
232.6
32.9
252.5
238.0
32.4
256.9
119. 3
274.4
39. 6
124 8
256.9
292.9
269.9
3a 5 131.4
284.8
137.7
307.9
40.3
316.5
293. 0
37.6
141.9
Seasonally adjusted annual rates
139. 7
311.5
288. 2
40.9
309.9
28a i 39.7 139. 0
287. 3
310.3
36.9
139. 5
3d 7
141. 5
312.9
290. 9
320.4
294 4
37. 1
143.1
322. 9
299. 1
143.6
39.8
327. 4
41. 3
303.9
145.3
335.3
44 1
147. 7
311. 2
Source: Department of Commerce.
as
60.0
649
70.2
75.6
81.8
86. 3
92.5
100.0
106.7
113. 4
19.8
18.9
17.5
23.0
23. 1
23.5
107.6
109.4
111. 0
112. 7
114 2
115. 7
117.4
119.4
23. 3
21.8
22. 9
22. 0
26.0
23. 7
23.5
24 1
12.6
17.7
ia9
45
6,1
7.8
7.9
7.9
7.3
a4
7.9
7.5
7.4
7.5
7.0
7.4
7.0
ai
7.3
7.2
7.2
PER CAPITA DISPOSABLE INCOME
Per capita disposable income, measured in both current and constant prices, increased in the second quarter of 1959.
DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
2,000
2,000
1,800
1,800
1,600
1,600
1,400
1,400
1,200
1,200
J
1955
1954
1953
1956
1957
%E£ FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL Of ECONOMIC ADVISERS
Total disposable personal
income (billions of dollars) 1
Period
1949
1950
1951
1952 ..
.
1953
1954 . . . .
1955
1956
1957. .
1958
_
1958
prices 2
Current
prices
_
_
.....
.. .
__
.. ..
. . . . .
..
-_
189.7
207. 7
227. 5
238.7
252.5
256. 9
274. 4
292.9
307.9
316. 5
I
1959
1958
230.2
249. 6
253.0
259.8
272.7
276.2
296. 1
311.3
316.4
316. 5
Per capita disposable personal income (dollars) *
Current
prices
1,271
1,369
1,474
1,520
1, 582
1,582
1,661
1,742
1,798
1,818
1958
prices 2
Population
(thousands) a
1,542
1, 645
1,640
1, 654
1,708
1,701
1,792
1,851
1,848
1,818
149, 188
151, 683
154, 360
157, 028
159, 636
162, 417
165, 270
168, 176
171, 196
174, 064
1,852
1, 829
1,804
1,799
1,833
1, 838
1,855
1,888
171, 612
172, 393
173, 054
173, 705
174, 460
175, 253
176, 104
176, 778
Seasonally adjusted annual rates
1957: Third quarter
Fourth quarter
1958: First quarter..
Second quarter
Third quarter
Fourth quarter
1959: First quarter..
Second quarter _ _
.
__
.
1
Income less taxes.
' Dollar estimates in current prices divided by consumer price index on a 1958
base.
1
Includes armed forces overseas and, beginning February 1959, Alaska.
311. 5
309.9
310.3
312. 9
320. 4
322.9
327.4
335.3
317.9
315. 3
312.2
312. 6
319.8
322. 3
326. 7
333.6
1,815
1,798
1,793
1,801
1,837
1,842
1,859
1,897
Annual data as of July 1; quarterly data centered in the middle of the period,
interpolated from monthly figures.
Sources: Department of Commerce, Department of Labor, and Council of
Economic Advisers.
FARM INCOME
Farm operators' net rncome (including net change in inventories and seasonally adjusted) was lower in the second
quarter of 1959 than in the first quarter, but remained above 1955-57 levels.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
i30
30
20
NET FARM INCOME
(INCL. NET CHANGE
IN INVENTORIES)J/
\
10
1954
1953
1955
1956
* INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.
Realized
gross farm
income 1
Period
1949
... .
1950
1951
1952
1953 _
1954 _
1955
1956
1957
1958
_-
_
1957' Third quarter
Fourth quarter
1958* First quarter _. .
Second quarter
Third quarter
Fourth quarter
1959- First quarter
Second quarter
31. 8
32.5
37. 3
37.0
35. 3
33. 9
33.3
34.6
34.4
38.3
34.7
34.6
38.3
38.0
38. 4
38. 5
38.2
37. 3
1958
1959
COUNCIL OF ECONOMIC ADVISERS
Farm operators' income
Net income 2
Net income per farm including net change in
Including
Farm proExcluding
inventories
duction
net change net change
in invenin invenCurrent
1958
expenses
prices
tories
tories
prices 3
Billions of dollars
Dollars
12.9
2,259
18.0
13. 8
2,658
13.2
14.0
2,479
2,883
19.3
22. 2
16. 3
2,951
3, 173
15. 2
2,829
14. 4
22. 6
15. 3
3,010
2, 502
21. 4
13. 3
13. 9
2, 662
12.7
21. 7
2,440
12. 2
2,596
2,313
11. 5
11.8
2,461
21. 9
22. 6
12. 0
2, 338
11. 6
2,461
2,426
23.4
2,476
11.8
11.0
14. 2
2,990
25. 2
13. 1
2,990
Seasonally adjusted annual rates
2,530
11.4
12.3
2, 560
23.3
12. 1
23. 6
11. 0
2,490
2,520
14.6
3,070
24.9
13.4
3,070
13.9
2,930
2,930
25.2
12. 8
14.2
2,990
2,990
25.2
13. 2
25. 3
13. 2
14. 1
2,970
2, 970
13.2
2,840
25. 7
12. 5
2,840
12. 1
2, 600
25. 8
2, 600
11.5
»Cash receipts from [arm marketings, value of farm products consumed in
farm households, gross rental value of farm dwellings, and Government payments
to2farmers.
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 1958 amounted to $1.8 billion and $6.2 billion, respectively.
1957
Number of
farms
(millions) *
5.7
5.6
5.5
5.4
5.3
5.2
5. 1
5.0
4.9
4.7
4.9
4.9
4.7
4.7
4.7
4,7
4.6
4.6
3
Dollar estimates in current prices divided by the index of prices paid by
farmers for items used in family living on a 1958 base.
*The number of farms is held constant within a given year.
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits before taxes in the first quarter of 1959 are estimated at $46.5 billion (seasonally adjusted annual
rate).
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1953
1954
1955
1958
1959
•k NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.
[Billions of dollars]
Corporate
profits
before taxes
Period
1949 .
1950
1951
1952
1953.
1954
1955
1956
1957
1958
_•_.
.
Corporate
tax
liability
26. 4
40. 6
42. 2
36.7
38.3
34. 1
44. 9
44. 7
43. 3
37. 1
_
10. 4
17. 9
22. 4
19. 5
20.2
17. 2
21. 8
21. 2
21. 1
18. 2
Corporate profits after taxes
Total
16.0
22.8
19.7
17. 2
18. 1
16. 8
23. 0
23.5
22.2
18. 9
Dividend
payments
Undistributed
profits
7. 5
9.2
9.0
9.0
9.2
9.8
11.2
12. 1
12.5
12.4
8.5
13. 6
10.7
8.3
8.9
7.0
11. 8
11.3
9.7
6.5
Seasonally adjusted annual rates
1957: Third quarter
Fourth quarter
1958: First quarter
Second quarter
Third quarter
Fourth quarter
1959: First quarter
Second quarter
. ...
440
39. 4
32.0
33. 6
38. 3
44. 6
46. 5
. ...
.
_.
_ .
..
.
.
P)
i Not available.
NOTE.—See p. 3 for profits before taxes and after inventory valuation adjustment.
8
21. 4
19. 2
15.7
16. 5
18. 8
21. 9
22. 6
1
C)
22. 5
20. 2
16.3
17. 1
19. 5
22. 7
23.8
1
C)
Source: Department of Commerce.
12.8
12. 2
12. 7
12. 6
12.6
12.0
12. 8
13.0
C1)
9.7
8.0
3.6
4.5
6.9
10.7
11.0
GROSS PRIVATE DOMESTIC INVESTMENT
Grbss private domestic investment rose about $7% billion (seasonally adjusted annual rate) between the first and second
quarters of 1959. Inventory accumulation and producers1 durable equipment accounted lor most of the rise, but
residential construction also contributed.
BILUOHS OF DOLLARS
80
BILLIONS OF DOLLARS
80
-20
1953
1954
1958
1959
COUNgH. Of'ECONOMIC ADVtSfRS
SOURCE: DEPARTMENT OF COMMERCE.
[Billions of dollars]
Total
gross
private
domestic
investment
Period
1949
1950
1951
1952
1953
1954
1955
1956
1957
195S
...
-
.
. .. -
.-.._
.. .
1957: Third quarter _
Fourth quarter
1958" First quarter
Second quarter
Third quarter
Fourth quarter..
1959: First quarter
Second quarter
.
New construction *
Total
Total
Residential
nonfarm
33.0
50.0
56.3
49. 9
50. 3
48. 9
63.8
67. 4
66. 6
549
36.0
43.2
46. 1
46. 8
49.9
50. 5
58. 1
62. 7
646
58. 7
18.8
242
248
25.5
27. 6
29.7
349
35.5
36. 1
35.8
9.6
141
12.5
12.8
13.8
15.4
18.7
17.7
17.0
18.0
67. 9
63.2
52. 4
51.3
542
61. 3
69. 8
77.5
65. 2
63.8
59. 3
57. 2
57.6
60.5
63.6
67.0
36. 2
36. 1
35. 5
346
35. 4
37.3
39. 7
41. 0
17.0
17.1
17. 1
16. 9
18.0
19.9
21. 9
23. 1
Other
Producers'
durable
equipment
9.2
10.1
12.3
12.7
13.8
143
16. 2
17.8
19.0
17.7
Seasonally adjusted annual rates
I "Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.
Change in business
inventories
Fixed investment
19. 3
19.0
18.4
17.7
17.4
17.4
17.8
17.9
Source: Department of Commerce.
Total
Nonfarm
17.2
18.9
21.3
21.3
22. 3
20.8
23. 1
27.2
28.5
22.9
—3. 1
6.8
10.2
3. 1
.4
— 1.6
5.8
47
2.0
-3.8
-2.2
6.0
9.1
2.1
1.1
-2.1
5.5
5. 1
1.2
—49
29.0
27.7
23.8
22.6
22.2
23.2
23.9
26.0
2.7
—.6
— 6.9
— 5. 8
-3.4
.8
6.1
10.4
1.7
— 1.7
-8. 1
-7.0
—4 5
— .1
5. 4
9.8
EXPENDITURES FOR NEW PLANT AND EOUIPMENT^
i
^
!
The April-May survey of business expenditures on plant and equipment indicates rising outlays-in the second and
third quarters of 1959. Expenditures for the year 1959 have been raised above earlier anticipations, and are now
r
expected to be some 6.6 percent above actual outlays in 1958,
r
^
-?;
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
40
40
30
30
20
• COMMERCIAL AND OTHER
PUBLIC UTILITIES^
1953
•"'SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
[Billions of dollars]
Manufacturing
Period
1948
1949.
1950_.
1951
1952
1953
1954...
1955
1956
1957
1958
1959 »
Total »
Total
......
22.06
19. 28
20.60
25.64
26.49
2&32
26.83
28.70
35. 08
36. 96
30.53
32. 56
9. 13
7. 15
7.49
10. 85
11.63
11.91
11.04
11.44
1495
15.96
11.43
12.40
1958: First quarter
Second quarter
Third quarter
Fourth quarter
.
1959: First quarter
Second quarter*........
Third quarter1
32. 41
30. 32
29. 61
29.97
30.62
32.29
33.39
13. 20
1L 53
10. 86
10. 58
11. 20
11. 95
12.82
_
NonduraRailroads Other
ble goods
1.32
5. 65
1.28
3.48
0.88
1.35
.89
2.59
4. 56
.79
1.21
1.11
3.14
4.36
.71
1.49
1.47
5. 17
5.68
.93
6.02
5.61
1.50
.98
1.40
1.31
1.56
. 99
5. 65
6. 26
1.51
.85
5.95
.98
5.09
.92
.96
5. 44
1.60
6.00
7. 62
1.23
1.71
7.33
1.24
a 02
1.24
7.94
1. 40
1.77
5.47
. 94
.75
1.50
5.96
6.01
.87
1. 99
6. 38
. 98
Seasonally adjusted annual rates
6.62
6.58
1. 02
1.69
1.00
.92
.77
1.40
5.57
5.96
5. 16
5,70
.63
1.29
.88
5.72
4.86
.97
. 58 1.62
5.26
.63
1.71
5. 94
.95
1.02
.99
6.20
2.06
5. 75
.97
1.07
6. 31
2.06
6.51
Durable
goods
1
Excludes agriculture.
* Commercial and other Includes trade, service, finance, communications, and
construction.
* Estimates based on anticipated capital expenditures as reported by business
between late April and May 1969. Includes adjustments, when necessary, for
systematic tendencies In anticipatory data.
Non,—Annual total is the sum of unadjusted expenditures; it does not neoes-
10
Transportation
Mining
Public
utilities
Commercial and
other*
a 90
2.54
3. 12
3.31
3.66
3.89
4.55
4.22
4.31
4, 90
6. 20
6.09
5.89
5.98
6.78
7.24
7.09
8.00
a23
9.47
11.05
10.40
9.81
10.44
5.87
5.97
6. 10
6.26
5.80
5.91
5.94
9.63
9.73
9.85
9.96
10.33
10.36
10.53
sarily coincide with the averaee of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Oommission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Total civilian employment reached 67.6 million in July, 250,000 higher than in June and 2.4 million higher than in
July 1958. Unemployment declined by 240,000, somewhat less than is usual at this time of year.
MILLIONS OF PERSONS-!/
75
MILLIONS OF PERSONS-^
75
*I4 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF COMMERCE.
Period
COUNCIL OF ECONOMIC ADVISERS
Total
Insured unemployment2
Civilian employment 1
Unemployment *
labor
State pro% of civilian All proforce (in- Civilian
laborl
grams as
grams
Agricul- Nonagri- Number labor force
cluding
Total
force
tural
cultural
Unad- Seas, (thousands % of covered3
armedl
justed adj. of persons) employment
forces)
Thousands of persons 14 years of age and over
New definitions: l
1952
_ .
1953 „ .
1954
. 1955
- 1956
1957
1958
1958: June
July
August
September
October
November
December
1959: January
February
March
April
May
June
July
66, 560
67, 362
67, 818
68, 896
70, 387
76, 744
71,284
73, 049
73, 104
72, 703
71, 375
71, 743
71, 112
70, 701
70, 027
70,062
70, 768
71, 210
71, 955
73, 862
73, 875
62, 966
63, 815
64, 468
65, 848
67, 530
67, 946
68, 647
70, 418
70, 473
70, 067
68, 740
69, 111
68, 485
68, 081
67, 430
67, 471
68, 189
68, 639
69, 405
71, 324
71, 338
61, 035
61, 945
60, 890
62, 944
64, 708
65, Oil
63, 966
64, 981
65, 179
65, 367
64, 629
65, 306
64, 653
63, 973
62, 706
62, 722
63,828
65, 012
66, 016
67, 342
67, 594
6, 792
6,555
6,495
6, 718
6, 572
6,222
5,844
6,900
6, 718
6, 621
6, 191
6,404
5,695
4,871
4, 693
4,692
5, 203
5,848
6,408
7,231
6,825
i See Monthly Fttporti on the Labor Force, Department of Commerce, for definitions, methods of estimation, periods to which data pertain, etc.
* Weekly averages. Beginning July 1959, includes Alaska and Hawaii.
* Includes program for Federal employees for 1955-June 1959.
54, 243
55, 390
54, 395
56, 225
58, 135
58, 789
58, 122
58, 081
58, 461
58, 746
58, 438
58, 902
58, 958
59, 102
58, 013
58, 030
58, 625
59, 163
59, 608
60, 111
60, 769
1, 932
1,870
3,578
2, 904
2,822
2, 936
4,681
5,437
5,294
4,699
4, 111
3,805
3,833
4, 108
4,724
4,749
4,362
3,627
3,389
3,982
3,744
3. 1
2. 9
5. 6
4.4
4.2
4. 3
6.8
7.7
7. 5
6.7
6.0
5.5
5.6
6.0
7.0
7.0
6. 4
5.3
4. 9
5. 6
5. 2
6.8
7.3
7. 6
7.2
7. 1
6.9
6. 1
6.0
6. 1
6.8
5.8
4.9
4-9
6. 1
1,064
1,058
2,039
1, 388
1,312
1,560
2,758
2,847
2, 717
2,374
2,062
1,863
1,957
2,307
2,729
2,584
2,273
1,927
1, 586
1,408
4
1, 476
2.9
2.8
5.2
3.4
3. 1
3.5
6.1
6.3
6.0
5.2
4.5
4. 1
4.3
5. 1
6.0
5. 7
5.0
4. 4
3.6
3.3
4
3. 5
4
Preliminary estimate.
Sources: Department of Commerce, Department of Labor, and Council of
Economic Advisers.
11
NONAGRICULTURAL EMPLOYMENT
Employment in nondgricultural establishments, seasonally adjusted, increased by 164/000 in July. Effects of the
steal strike, which besan during the survey period, were reflected only to a small extent in the employment data.
MILLIONS OF WAGE
AND SALARY WORKERS*
MILLIONS OF WA6E
AND SALARY WORKERS *
56
ALL NONAGRICULTURAL ESTABLISHMENTS
52
50
48
10 *sz~
46
44
I95Y
1956
1958
1956
1959
12.0
CONTRACT CONSTRUCTION
-(ENLARGED SCALE) —
WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)
11.5
<**s*~*~~*
I II i i I I
1956
195?
10.0
1959
7»SEASONALLY ADJUSTED DATA
SOURCE: DEPARTMENT OF LABOR.
4
Period
Total,
unadjusted
Total
1952..
1953...
1954
1955
1956
1957
......
1958.....
48,808
49,681
48,431
50, 056
61, 766
52, 162
50,643
48, 303
49, 681
48, 431
50, 056
51, 766
52, 162
50, 543
1958: June
;..
July
..
August.
September.
October
November.
December.
1959: January .
February..
March
April ..
May......
June2.....
July ......
60, 418
60, 178
60, 676
61, 2S7
51, 136
61,432
51, 935
60, 310
60, 815
60, 878
61,430
61, 982
52, 680
62, 354
50, 315
50, 411
50, 570
50, 780
50, 582
50, 877
50, 844
51, 086
51, 194
51, 456
51, 887
52, 125
52,408
52, 572
1956
i i i t i I i t i t i 1 i i i i 1 i ill i
1957
1958
| 1 I I 1 1 f I 1Lf-
1959
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers *]
GovernManufacturing
ment
Contract Wholesale
Mining construc- and retail (Federal,
Durable
NonduraState,
Total
tion
trade
goods ble goods
local)
6,609
9,340
2, 634
10, 281
16, 334
6,994
885
6,645
2,622
10, 105
7,133
852
10, 527
17, 238
9,122
6,751
6,873
2, 593
10, 520
15, 995
777
6,914
9,549
10, 846
7,014
777
2,759
16, 563
11, 221
7,277
9,835
807
2,929
16, 903
7,068
9,821
7, 626
11,302
16, 782
6,961
2, 808
809
8,743
7, 893
721
11, 141
2, 648
6,725
15, 468
Adjusted for seasonal variation
7, 877
8, 556
6,719
2, 698
713
11, 105
15, 275
7, 903
8, 596
6,716
709
2, 693
11, 121
15, 312
7,989
2,711
701
8,605
6,725
11,175
15, 330
8, 005
8,801
707
2, 698
11, 151
6,728
15, 529
7, 986
2,698
8, 625
6,733
708
11, 154
15, 358
7, 980
2, 690
8,937
6,756
708
11, 119
15, 693
8, 049
2, 550
8, 956
709
6,745
15, 701
11, 143
2,650
8, 028
704
11, 216
9,007
6,757
15, 764
8, 040
2,626
9,049
6,770
693
11, 279
15, 819
8,056
2, 719
9, 192
6,814
Yk, 263
688
16, 006
8,074
2,829
11, 333
9, 319
701
6, 863
16, 182
8,079
2, 787
li, 363
9,462
6,910
708
16, 372
8, 100
11, 420
2,793
6,954
708
9,568
16, 522
8,154
2, 797
11, 432
6, 946
711
9, 631
16, 577
1
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, shown on p. 11 which include proprietors, self-employed
12
^A 1 1 I 1 t 1 1 i 1
~xv.
\>*vsS
Other
11, 563
11, 797
11, 795
12, 197
12, 629
12,835
12, 672
12,647
12,673
12, 664
12, 690
12, 678
12, 687
12, 692
12, 724
12, 737
12,724
12, 768
12, 816
12, 865
12, 901
persons, and domestic servants; which eount 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.
Source: Department of Labor.
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
,
The average workweek of production workers in manufacturing industries declined to 40.4 hours in July/ reflecting
chiefly the scheduling of vacations.
HOURS PER WEEK
46
HOURS PER WEEK
46
NONDURABLE MANUFACTURING
J I M I I I M I-
H 1 1 1 h nu
1956
1957
1958
1959
1 RETAO. TRADE
•-—/V/i*-^-/i
- /^'*
:
_u 1 1 1 1 1 1 1 H
1 1 1 1 1 1 1 1 1 1 1 II l f l l H i l t
SOURCE: DEPARTMENT OF LABOR.
1 1 1 1 t i n ill.
COUNCK OF ECONOMIC ADVISEftS
(Hours per week, for production workers or nonsupervisory employees]
Manufacturing •
Period
1949
1950 .. ._
1951
1952
_.
1953
1954
1955.,.-.
1956
1957
1958.
_ _1958: June
July ,._.
August
September
October
November ..
December
.
1959 1 January
February
March
April
„
May
June *
July1. _
-
Total
....
_
-.-
._
.
. . . ..
-_
- - _.
_
.. _ __
„
- _
~ --
39. 2
40. 5
40. 7
40.7
40.5
39. 7
40.7
40.4
39.8
39.2
39. 2
39.2
39. 6
39.9
39.8
39.9
40.2
39.9
40. 0
40.2
40. 3
40.5
40.7
40. 4
Building
Nondurable construction
goods
39. 5
41.2
41.6
41. 5
41. 3
40.2
41.4
41. 1
40.3
39. 5
39. 6
39. 4
39. 8
40. 2
40. 1
40.3
40. 8
40. 4
40. 3
40. 8
40.9
41. 1
41. 4
40. 8
38. 8
39. 7
39. 5
39.6
39. 5
39. 0
39. 8
39. 5
39. 1
38. 8
38. 7
39. 0
39. 4
39. 5
39. 4
39.4
39. 6
39. 3
39. 4
39. 5
39. 5
39. 7
39. 7
39.8
36.7
36. 3
37. 2
38. 1
37.0
36.2
36.2
36. 4
36. 1
35.7
36. 2
3a 3
36. 7
36. 5
36. 8
35.4
34. 6
35.0
34.0
35.0
36. 1
36. 4
36. 8
3
()
T>rtf Q ;i
trade
40. 4
40.5
40.2
39.9
39. 2
39. 1
39.0
3&6
38. 1
38. 1
3&2
. 3a7
3a 7
38. 0
37. 9
37.7
38. 5
sa i
(3)
37.9
37. 9
37.9
37.9
3a 3
Source: Department of liabor.
1
Preliminary estimates,
a Not available
44695°—59
Durable
goods
3
13
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings ©(production workers in manufacturing industries were $2.23 in July, one cent lower than in
June but 10 cents higher than in July 1958.
DOLLARS PER HOUR
2.60
DOLLARS PER HOUR
3.40
2.40
3.00
1956
NONDURABLE MANUFACTURING
1958 PRICES
II I 1 I I I I I i1
1.60
1956
1958
SOURCE: DEPARTMENT OF LABOR.
(For production workers or nonsupervisory employees]
Building
Durable goods Nondurable goods
All manufacturing manufacturing
construction
manufacturing
Current
Current
Current
1958
Current
1958
1958
1958
prices
prices
prices l
prices
prices l
prices l
prices prices l
Period
1949
_ . ._
1950
1951
1952
1953
_
1954
1955
1956
1957
1958
1958- June
July
August
September
October
November
December
1959: January
February _
March. _ _
April
May
June 2
July 2
1
1
COUNCIL OF ECONOMIC ADVISERS.
$1. 401
1. 465
1. 59
1. 67
L 77
. 1. 81
1. 88
_. _
1. 98
__ .
2.07
;
2. 13
2. 12
2. 13
2. 13
2. 14
2. 14
2. 17
2. 19
2. 19
L 2. 20
2. 22
L 2. 23
2. 23
2. 24
2. 23
-:
„_
$1. 700
1. 761
1.77
1.82
1. 91
L 95
2. 03
2. 10
2. 13
2. 13
2. 12
2. 12
2. 13
2. 14
2. 14
2. 16
2. 19
2. 19
2. 20
2. 22
2. 22
2. 22
2. 22
(3)
-
$1. 469
1. 537
1.67
1. 77
1.87
1. 92
2. 01
2. 10
2. 20
2.28
2. 27
2.28
2. 29
2. 30
2. 29
2. 34
2. 36
2. 35
2. 36
2. 38
2. 39
2. 40
2. 40
2. 39
learnings in Current prices divided by consumer price index on a 1958 base.
Preliminary estimates.
14
$1. 783
1. 847
1. 86
1. 93
2. 02
2. 06
2. 17
2. 23
2. 26
2. 28
2. 27
2.27
2. 29
2. 30
2. 29
2. 33
2. 36
2. 35
2. 36
2. 38
2. 38
2. 39
2. 38
(3)
$1. 325
1. 378
1. 48
1. 54
1. 61
1. 66
1. 71
1. 80
1. 88
1. 94
1. 94
1. 94
1. 93
1. 95
1. 95
L 96
1.97
1. 98
1. 98
2.00
2. 00
2. 00
2. 00
2. 01
$1. 608
1. 656
1. 65
1. 68
1.74
1. 78
1. 84
1. 91
1. 93
1. 94
1. 94
1. 93
1. 93
1. 95
1. 95
1. 95
1.97
1. 98
1. 98
2. 00
1. 99
1.99
1.98
(3)
$1. 935
2. 031
2. 19
2. 31
2. 48
2. 60
2. 66
2. 80
2. 96
3. 10
3. 06
3. 09
3. 09
3. 13
3. 13
3. 14
3. 19
3. 19
3. 18
3. 17
3. 17
3. 17
3. 17
(3)
3 Not available.
Source: Department of Labor.
$2. 348
2. 441
2. 44
2. 51
2. 68
2. 80
2. 87
2. 98
3. 04
3. 10
3.05
3.08
3. 08
3. 12
3. 12
3. 13
3. 18
3. 18
3. 17
3. 16
3. 16
3. 16
3. 14
(3)
Retail trade
Current
prices
$1. 137
1. 176
1. 26
1. 32
1. 40
1. 45
1. 50
1. 57
1. 64
1.70
1. 70
1.71
1. 71
1. 71
1.71
1.71
1.68
1.74
1. 74
1.74
1. 75
1.76
1.76
(3)
1958
prices l
$1. 380
1. 413
1. 40
1. 44
1. 51
1. 56
1. 62
1. 67
1. 69
1. 70
1. 70
1. 70
1. 71
1. 71
1.71
1.70
1.68
1. 74
1.74
1.74
1.74
1.75
L 75
(3)
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Avcra$c weekly earnings of production workers in manufacturing industries declined to $90.09 in July primarily because of the seasonal reduction of the workweek.
DOLLARS PER WEEK
DOLLARS PER WEEK
SOU-
RETAIL TRADE
NONDURABLE MANUFACTURING
CURRENT PRICES
1 L Il-ll I M I 1
i I I I II
COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF LABOR.
Period
1949
1950
1951
1952 _
1953 -_
1954
1955
1956
1957
1958
1958- June
July
August
September.
October
November
_
December
1959' January
February. _ _
M arch
April
May
June 22_
July _
_
1
2
[For production workers or nonsupervisory employees]
Nondurable goods
Building
Durable goods
All manufacturing manufacturing
manufacturing
construction
Retail trade
Current
prices
1958
prices l
Current
prices
1958
prices 1
Current
prices
1958
prices 1
Current
prices
1958
prices l
Current
prices
$54. 92
59. 33
64.71
67.97
71. 69
71.86
76. 52
79. 99
82.39
83. 50
83. 10
83. 50
_ _ „ 84. 35
85. 39
85. 17
86. 58
88.04
_ _
87. 38
88.00
89. 24
89.87
90. 32
91. 17
90. 09
$66. 65
71. 31
71.98
73.96
77.42
77. 27
82. 55
85. 01
84. 68
83. 50
82. 93
83. 25
84. 18
85. 22
85. 00
86. 32
87. 86
87.21
87. 82
89. 06
89. 60
89. 96
90. 45
(3)
$58. 03
63. 32
69.47
73.46
77. 23
77. 18
83. 21
86. 31
88. 66
90. 06
89. 89
89. 83
91. 14
92. 46
91. 83
94. 30
96. 29
94. 94
95. 11
97. 10
97. 75
98. 64
99. 36
97. 51
$70. 42
76. 11
77. 27
79.93
83.40
82.99
89. 76
91. 72
91. 12
90. 06
89. 71
89. 56
90. 96
92. 28
91. 65
94. 02
96. 10
94.75
94. 92
96. 91
97.46
98. 25
98. 57
(3)
$51. 41
54. 71
58. 46
60. 98
63. 60
64. 74
68. 06
71. 10
73. 51
75. 27
75.08
75. 66
76. 04
77. 03
76. 83
77. 22
78. 01
77. 81
78. 01
79. 00
79. 00
79. 40
79. 40
80. 00
$62. 39
65. 76
65. 03
66. 35
68. 68
69.61
73.42
75. 56
75. 55
75. 27
74.93
75. 43
75. 89
76. 88
76. 68
76. 99
77.85
77. 65
77.85
78. 84
78. 76
79. 08
78. 77
(3)
$70. 95
73. 73
81.47
88. 01
91. 76
94. 12
96.29
101. 92
106. 86
110. 67
110. 77
112. 17
113. 40
114. 25
115. 18
111. 16
110. 37
111. 65
108. 12
110. 95
114. 44
115. 39
116. 66
(3)
$86. 10
88. 62
90. 62
95. 77
99. 09
101. 20
103. 87
108. 31
109. 83
110. 67
110. 55
111. 83
113. 17
114. 02
114. 95
110. 83
110. 15
111. 43
107. 90
110. 73
114. 10
114. 93
115. 73
(3)
$45. 93
47.63
50. 65
52. 67
54. 88
56. 70
58. 50
60. 60
62. 48
64. 77
64. 94
66. 18
66. 18
64. 98
64. 81
64. 47
64.68
66. 29
65. 95
65. 95
66. 33
66. 70
67. 41
(3)
Earnings in current prices divided by consumer price index on a 1958 base.
PreJiminary estimates.
3 Not available.
JLu i i L
1958
prices 1
$55. 74
57.25
56. 34
57.31
59.27
60. 97
63. 11
64.40
64. 21
64. 77
64. 81
65. 98
66.05
64. 85
64. 68
64. 28
64. 55
66. 16
65. 82
65.82
66. 13
66. 43
66. 88
(3)
Source: Department ol Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The index of industrial production (seasonally adjusted) dropped 2 points in July, returning to the May level.
drop was concentrated in steel and related industries.
The
INDEX, 1947-498
INDEX, I947-49-IOO
180
160
140
120
100
1953
1954
1956
1955
1957
1959
1958
'COUNCIL or ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,
{1947-49=100, seasonally adjusted]
Manufactures
Total
f>t*vif\r\
Minerals
production
1949...,
_
1950
1951
_
1952.
1953
1954
1955
.
1956. .
. . .
1957
.
1958..
..
.
...
1958: June.....
..
July
. . . .
August
September.. _
.
October
_
November
_,
-. ...
December.
.. ..
_ .
. .
1959: January.
-.^
_
..
February
._
,
.
March
April
_
May
,
•
.
June
. ..
... July*.
... ..
... _ _ _
1
Preliminary estimates.
16
97
112
120
124
134
125
139
143
143
134
132
134
136
137
138
141
142
143
145
147
150
153
155
153
Total
97
113
121
125
136
127
140
144
145
136
134
136
138
139
140
143
144
145
148
150
153
156
158
157
Durable
95
116
128
136
153
137
155
159
160
141
139
141
144
145
146
151
152
153
157
160
164
169
172
169
Nondurable
99
111
114
114
118
116
126
129
130
130
129
132
133
133
134
135
135
137
139
140
142
144
145
146
Source: Board of Governors of the Federal Reserve System,
94
105
115
114
116
111
122
129
128
117
112
116
120
123
122
123
124
124
124
123
124
126
125
119
PRODUCTION OF SELECTED MANUFACTURES
Production of most nondurable
In July, output of all durable manufactures except primary metals increased,
manufactures continued to rise slightly.
INDEX, 1947*49*100, SEASONALLY ADJUSTED
240 f
INDEX, 1947-49*100, SEA^>NALLY ADJUSTED
£20
160
2OO
140
180
120
180
METAL
PRODUCTS
I I I I I I I I II M I I I I I II
1956
1958
1957
1959
ISO
160
1958
1957
1956
1959
CHEMICAL AND PETROLEUM
-*VRODUG
160
140
FOODS, BEVERAGES
AND TOBACCO
120
80
100 —TEXTILES AND APPAREl^?^-\]-
1956
1957
1958
if"
y- -f f • I " "^Wfcjf
&T**f
i .mill 1 In hlTTlTmifi i 1 1 nil n
1958
1956
1957
1959
1959
COUNCIL OF ECONOMIC ADV1SEIS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE" SYSTEM.
[1947-49=100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
FabriTranspor- Lumber Textiles
Primary cated Machin- tation
and
and
prod- apparel
metals
ery
metal
equipucts
ment
products
Period
1949...
1950
1951.
.
.
.
.
1952..
1953_
1954
1955
,
1956
1957
1958
1958: June
_
July
August . .
September
October
1
November
December
1959: January
February. .
.
.
.
.
March.
April
ATA<*J .
Mav
.
.
.
June1 .
.
.
.
July ..
J
Preliminary estimates,
*Not available.
..
90
115
126
116
132
108
140
138
131
104
103
102
109
113
122
123
123
125
138
146
149
154
150
113
93
115
122
121
136
123
134
, 135
139
128
125
129
132
135
133
136
136
136
135
138
142
148
150
152
93
114
130
147
160
142
155
171
168
145
141
144
147
148
147
150
152
154
158
159
163
170
178
181
102
120
135
154
189
175
203
199
213
187
185
185
186
178
183
203
204
204
204
207
211
213
216
218
93
113
113
111
118
115
127
123
114
115
113
114
120
118
120
125
125
127
126
129
133
139
130
(2)
97
110
106
105
107
100
109
108
105
103
102
107
108
109
111
110
110
112
114
115
119
122
123
125
ConPaper Chemical Foods, sumer
and and petro- bever- durable
leum ages, and goods
printproducts tobacco
ing
101
114
118
118
125
125
137
145
148
147
146
148
150
150
153
152
150
153
155
156
158
161
160
161
100
118
132
133
142
142
159
167
172
170
168
171
174
174
175
177
180
182
184
187
188
190
193
193
100
103
105
106
107
106
109
112
112
115
116
116
116
116
116
117
117
118
120
120
121
121
120
121
Source; Board of Governors of the Federal Reserve System.
101
133
114
105
127
116
147
131
130
113
111
114
115
103
108
133
134
133
132
135
137
141
145
147
17
WEEKLY INDICATORS OF PRODUCTION
Output of steel dropped sharply in July with the start of the steel strike.
Fewer freight carloadings also reflected the
strike. Auto assemblies decreased in late July and early August in preparation for the model changeover period.
MILLIONS OF TONS
MILLIONS OF SHORT TONS (DAILY AVERAGE)
3
STEEL
1957
1958
I 1 1 11 1 1 1 1 I t I I I 1 1 I 1 1 I I I 1 1 1 it 1 1 I 1 1 I I 1 1 1 I I I I 1 1 I 1 1 1 1 I
J
F
M
A
M
J
J
A
S
O
N
.1 I I I 1 I I I I I I I I I I I I I I I I I M 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 [.
O
J
BILLIONS OF KILOWATT HOURS
THOUSANDS
14
25O
F
M
A
M
J
J
A
S
O
N
D
10
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Period
Bituminous Freight Paperboard
Electric
Cars and trucks
Steel produced l
power
coal mined
produced assembled (thousands)
Index
Thousands
distributed (thousands (thousands (thousands
(1947-49= (millions of
of net
of short
Total
Cars Trucks
of tons)
of cars)
tons
100)
Tdlowatt-hours) tons) 2
Weekly average:
1955
1956
1958 ______ ........
1958: June
........
July_____...
August _______
September ____
October _____
November ___
December ____
1959: January _____
February ____
March ______
April -------May ________
June 3_________
July _______
Week ended :
1959: July
11...
18...
25...
August 1 3___
8 ..
15334_.
22 _
2,245
2,204
2, 162
1, 635
1, 661
1,458
1,650
1,783
1,995
1,998
1, 971
2, 103
2,401
2, 611
2, 630
2, 618
2,543
1, 184
139.7
137.2
134,6
101. 8
103.4
90.7
102.7
111.0
124. 2
124.3
122.7
130. 9
149. 5
162. 6
163.7
163.0
158. 3
73.7
10, 318
11, 292
11, 873
12, 314
11, 872
12, 051
12, 579
12, 214
12, 146
12, 386
12, 949
13,356
13, 170
12, 888
12, 583
12, 763
13, 402
13, 479
1,542
1,693
1,644
1,361
1,435
1,330
1, 306
1,458
1,470
1,445
1,514
1,374
1,407
1,339
1,357
1,351
1,513
1,236
724
728
683
581
623
553
631
642
682
615
531
569
573
600
633
686
703
559
269
274
272
275
272
234
296
286
311
304
262
272
304
312
311
320
319
275
176.7
132. 8
138. 6
98. 4
99.0
82. 8
53. 5
38.9
71. 9
149.7
1443
152. 6
144. 7
156. 1
157.3
157. 2
154. 7
145.6
152.7
111. 6
117. 6
81. 6
82. 1
68. 4
42, 0
29.0
56.7
126.2
1248
129.0
119. 6
131. 3
131.0
130. 4
127. 2
121.2
24 0
21. 2
21. 0
16. 8
2,252
1,097
365
345
318
335
337
140. 2
68. 3
22. 7
21. 5
19.8
20.9
2L 0
13, 502
13, 415
13, 577
13, 775
13, 675
844
1,212
1,214
1, 198
4
1, 140
554
585
536
544
532
180
275
313
331
337
148.9
154. 6
149. 6
142.6
119.4
4
84 6
123. 1
127. 5
124 4
122.5
108.2
72. 7
25.7
27.1
25. 1
20. 1
11.2
11.9
1
Weekly capacities (net tons) as of January 1 are: 2,413,278 (1955), 2,455,300
(W56),
2,559.631 W57). 2,699,320 (1958), and 2,831,486 (1959).
3
Dally average for week.
18
COUNCIL OF ECONOMIC ADVISERS
ia 9
14 4
11. 5
9.9
15. 2
23. 5
19.6
23.6
25. 1
24 8
26. 3
26. 8
27.5
24.4
3
Preliminary* 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 Reports.
NEW CONSTRUCTION
Hv r
Expenditures for private residential construction (seasonally adjusted) declined during July while outlays for private
nonresidential construction increased; public construction expenditures remained the same as in June,
BILlJONS OF DOLLARS
60
. .
.
.
BILLIONS OF DOLL
ARS
60
~r^*
SEASON ALLY ADJUSTED ANNUAL RATES
I
50
tin
101 AL NEVV CONSTRUCTION
1
*
-^
L,
+S
'
'^—^
4CT
•
40
. ^^^^
--
,--—
So-
~*~~*f*
W~*~
30
- "
ap
20
">%,»....
/PUBLIC
^,..L
to
f 1 1 1 1 1 ! f f f I
10
1
1
o'
*».«M_.^(*»<*"»»* .—....-.» '^""
1 1 I ! 1 f f f 1 If
f If ! 1 1 I1 t t 1
PRIVATE RESIDENT!
X(NONFARM)
*L
20
-"--1
^
.
M
.
.
.
*
"
"
"
.
.
.
.
.
^
^
a
******"*
v*
..X""-""
20
,
•—
'^~m.
OTHER PRIVATE
•
10
10
0 *l 1 1 1 1 1 1 1 1 U I ! I I I I'M f 1 1
1953
''
0
tyM.wW.^m'**1*1**
.
,
M i Ti 1 t i t M
J i I ] ) 1 I t I l i i ( t t 1 f l i i 11
! 1 I 1 f t ! ! I1I
1954
1 f 1 | 1 f 1 f 1 II
l i l t 1 f 1 II II
1 1 II 1 1 1 1 1 1 1
1993
1956
1957
- SOURCES: DEPARTMENT OF* COMMERCE AND DEWIRTMENT OF LABOR
! 1 1 t ! ! I 11 t 1
1958
i I 1 1 1 1 i in I*lo
1959
COUNCIL Of ECONOMIC ADVISERS
{Billions of dollars]
Period
1962 ...
1953
1954
1955
1956
1957-.
1958..
.
1958: June
July
August
. ..
September ...
October
November
December
1959: January
.....
.
February _ _ . _ ....
March
April
May
June
July*
-LT-tCiJ
.
.
.
.
.
Total new
construction
34.7
37.0
39.4
44.2
45. 8
47. 8
49. 1
_.
47.5
48.4
4a5
49. 3
50.4
52. 3
53.4
547
54.3
56.0
55.8
55.4
55.0
55.0
l
Private
Federal, Construction contracts
State, and
Eastern
Total
Residential
8
48 States1 37States
Other
local
private
(nonfarm)
16.8
11.0
23.9
12. 8
10. 8
17.4
11.2
12.0
25.8
13.8
19.8
27.7
15.4
12.3
11.7
23.7
32. 4
11.7
ia7
13. 7
31.6
»246
17.7
15.4
12. 7
3a i
32.2
140
25.3
17.0
33.8
16.8
18.0
35.4
33.8
15.8
15.3
Seasonally adjusted annual rates
41.9
147
32.7
15.7
17. 1
sa9
33.3
17. 6
15. 1
15. 6
15.0
42.6
33.5
18.0
15.5
36.4
33.9
15.4
1R4
15. 4
15.9
39.6
34. 5
15.4
19. 1
36.6
15.5
35. 4
16. 9
19. 8
29.7
36. 4
15.6
17. 1
20.8
37.4
17.3
35. 1
15.8
21.5
15.8
37.5
16.8
845
21 7
38.2
15.8
17.9
39.0
22. 4
38.9
15.7
39.2
23.2
16. 9
23.2
37.1
39. 1
16. 3
15. 8
16.2
40.5
16.0
39.0
22.8
39.0
16.0
22.6
16.4
»Compiled by F. W. Dodge Corporation; seasonally adjusted by the National
Bureau of Economic Kesearcb,. Omits small contracts, and coversmral areas less
folly than urban.
* Series begins January 1956. The 37 Eastern States data are probably indicative of the 48 States trend for other periods.
' Revised series beginning January 1056; not comparable with prior data.
Series discontinued beginning January 1958.
* Preliminary estimates.
Nora.—Data on new construction revised beginning 1959.
Sources: Department of Commerce, Department of Labor, and F. W. Dodge
Corporation (except as noted).
19
HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts (seasonally adjusted) decreased somewhat in July to an annual rate of 1,350,000 units.
Both FHA applications and VA qppraispl requests declined.
MILLIONS Of UNITS
1953
MILLIONS OF UNITS
1954
1955
1956
1957
1959
1958
I/SEE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENTS OF LABOR AND COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION <VAI
[Thousands of units]
New nonfarm housing starts
Period
Annual total: 1954..^
1955
1956
1957
1958
Monthly average: 1954_
1955,
1956.
1957.
19581958: June
.„
July.
August
September
October
November
.
December. ...
1959: January
February ...
March
._
April
..
May ^ . .
June
July*
._
Total
1, 220. 4
1, 328. 9
i, na i
1, 041. 9
1, 209. 4
101. 7
110. 7
93.2
86.8
100. 8
113.0
112.8
124.0
121.0
115.0
109.4
91.2
87.0
94.5
121.0
142.2
137.0
3
136. 0
126.0
Publicly
financed
18.7
19. 4
24.2
49.1
67. 9
1.6
1.6
2.0
4. 1
5.7
11.7
4.2
9.4
10. 1
2. 1
2.4
1.7
2.9
1.0
2.9
4,8
3.5
3
48
1.5
Total
1, 201. 7
1, 309. 5
1, 093. 9
992.8
1, 141, 5
100. 1
109. 1
91. 2
82.7
95. 1
101.3
108.6
114.6
110. 9
112.9
107.0
89. 5
84.1
93.5
118. 1
137.4
133. 5
3
131. 2
124. 5
Proposed home construction
Private,
Privately financed
seasonally Applications
Requests
for VA
adjusted for FH A comGovernment programs
annual
appraisals2
mitments •*
VA
Total * FHAi
rates
583.3
535. 4
276.3
338.6
307.0
620. 8
669. 6
306. 2
276.7
392.9
197. 7
270. 7
401. 5
460.0
189.3
159.4
296.7
168.4
128.3
198. 8
102. 1
341,7
397.5
295.4
234 2
2a2
44 6
48.6
23.0
25. 6
25.5
32. 7
51. 7
23. 1
55.8
38.3
22.6
16,5
33.5
15.8
16.6
13.3
24.7
140
10.7
19. 5
33. 1
24 6
8.5
2a5
33.4
2a 4
36.5
28.0
8.5
1,057
28.5
29.7
10.6
40.3
31.8
1, 174
43.6
33. 6
13.2
28.5
30.5
1, 228
144
36. 8
26.7
46.3
31.9
1,255
147
19. 1
49.4
34 7
31. 8
1, BOS
11.0
22.3
15.3
36.8
25.8
1, 4*7
23.0
340
25.0
9.0
148
1,43$
25. 5
17.9
6.9
26.7
19.8
1,864
6.2
21.0
29.5
26.1
20.0
1,403
23.2
38.9
9.7
39.8
30.0
1,403
39.1
11.0
44.6
33.5
1,434
20. 7
38.2
10.3
446
343
1,S70
3
27. 2
60.2
11.0
347
1, S70
45. 6
26.0
10.6
29.0
41.7
31. 1
1,850
1 Excludes armed forces Housing: 2,837 unit in 1956; 18,723 units in 1957; 32,658
units in 1958; and 11,016 units in the first 7 months of 1959. Also excludes starts
under
Certified Agent Program: 473 units in May-July 1959.
2
Units represented by mortgage applications for new home construction.
20
COUNCR OF ECONOMIC ADVISERS
ia9
'* Preliminary estimates.
Sources: Department of Labor, Department of Commerce, Federal Housing
Administration (FHA), and Veterans Administration (VA).
SALES AND INVENTORIES—MANUFACTURING AND TRADE
Manufacturers' sales and inventories (seasonally adjusted) continued to increase in June/ new orders resumed their
upward trend, following a decrease in May.
Trade sales and inventories showed little change in June/ retail sales
were again unchanged in July, according to preliminary estimates.
BILLIONS OF DOLLARS, SEASON ALLY ADJUSTED
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
100
i l l I I I I I I l I I I I I l I I I I I I I l l I I l I l I I I l l l l li I l l l l l I i l I l \ \
INDEX. J947-49* 100. SEASONALLY ADJUSTED
ml l I I l I i l l l l I l l l I I I i i i i i I i i i i i I i i l l j
1957
1956
1958
1959
MANUFACTURING, RETAIL TRADE, AND WHOLESALE TRADE.
SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Manufacturing
and trade
Period
Sales l
Manufacturing
Wholesale
InvenInven- New
l
tories 2 Sales i tories 2 orders1 Sales
n±
"COUNOT OFECONOMIC ADVISlS" .
Retail
InvenInventories 2 Sales ' tories 2
Billions of dollars, seasonally adjusted
1952 _
1953
1954
1955___
1956
1957
1958
1958- May
June
Julv — - _
August
._
September
October
November
December
1959: January
February _ . _
March
April
.__
May 4
J u n e4
July
_
45. 9
48. 4
47. 4
52. 3
54. 8
56. 3
54. 0
52. 4
53. 2
54. 0
54. 4
54. 8
55. 6
56. 1
57. 4
57. 4
58. 0
59. 2
60. 6
61. 5
62. 1
75.4
78. 6
75. 5
81. 7
89. 1
90. 7
85. 1
86. 9
86. 4
85. 9
85. 4
85. 0
84. 9
85. 0
85. 1
85.5
86.0
86. 6
87.6
88.3
89. 1
22. 8
24. 5
23. 5
26. 3
27. 7
28. 4
26. 2
25. 2
25. 7
26.3
26. 4
26. 8
27. 2
27.5
28. 1
28.1
28. 5
29. 1
30. 3
30. 7
31.3
43. 8
45. 4
43.0
46. 4
52. 3
53. 5
49. 2
50. 9
50. 2
49. 8
49. 4
49. 3
49. 3
49. 3
49. 2
49. 5
49. 9
50. 5
51. 1
51. 6
52. 1
» Monthly average for year and total for month.
a
Book value, end of period, seasonally adjusted.
> Book value, end of period, except annual data, which are monthly averages.
23. 6
23. 1
22. 5
27. 2
28. 3
27.3
25. 9
25.0
25.8
26. 4
26. 1
27. 0
27.9
27.8
28.4
28. 5
29. 7
30. 2
31. 2
30. 5
31. 1
9. 6
9. 8
9. 7
10. 6
11. 3
11.3
11. 1
10. 7
10. 9
11.0
11. 1
11. 4
11.5
11. 6
11.7
11.8
11. 9
12. 2
12. 4
12. 5
12. 6
10. 0
10.5
10. 4
11. 4
13.0
12.7
12.0
12. 1
12. 1
12. 1
12. 1
12. 1
12. 1
12. 1
12. 0
11.9
11.9
12.0
12. 1
12. 2
12. 3
13.5
14, 1
14, 1
15.3
15. 8
16.7
16.7
16.6
16. 6
16. 7
16. 9
16. 6
16.9
17.0
17.6
17. 5
17.6
17. 9
18.0
18. 2
18. 2
18. 2
21. 6
22.7
22. 1
23.9
23.9
245
24.0
23.9
24. 1
24.0
23.9
23.7
23. 5
23.6
24.0
24.2
24.1
24.2
24. 5
24. 5
24. 7
Department stores
Inventories 3
Index, 1947-49 = 100
seasonally adjusted
114
121
118
131
118
128
128
136
135
148
135
152
136
148
134
144
133
147
140
148
147
148
135
150
152
135
153
137
143
150
152
138
140
150
138
148
141
151
144
151
144
155
147
Sales »
* Preliminary estimates.
Sources: Department of Commerce and Board oi Governors oi the Federal
Reserve System.
21
MERCHANDISE EXPORTS AND IMPORTS
In the first 6 months of1959, commercial exports were 4 percent lower and imports 18 percent higher than in the corresponding period of 1958.
BILLIONS OF DOLLARS
2.5
BILLIONS OF DOLLARS
2.5
2.0
2.0
1959
SOURCE: DEPARTMENT OF"COMMERCe.
[Millions of dollars]
Merchandise exports
Period
Total
1950 monthly average
1951 monthly average
1952 monthly average
1953 monthly average.
1954 monthly average
1955 monthly average
1956 monthly average
1957 monthly average
1958 monthly average
1958: May
.
June
July
August
September
October
.
November
December
1959: January . .
February
March
.
April
.
May
June .
1
.
. .
. _ ._
.
_.
.
..
...
'.
Grant-aid
shipments l
Commercial
exports
24
89
166
293
188
105
146
113
129
131
99
129
113
122
181
188
135
114
97
81
125
141
78
833
1, 164
1,100
1,022
1,071
1, 191
1,444
1, 625
1,360
1,507
1,308
1,287
1,283
1,239
1,418
1,408
1,379
1,286
1, 184
1,375
1,343
1,411
1,348
856
1,253
1,267
1,314
1,259
1,296
1,591
1, 738
1,488
1,638
1,406
1,416
1,396
1,361
1,599
1,596
1,514
1,400
1,280
1,456
1,468
1,552
1,426
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.
22
Merchandise
imports
738
914
893
906
851
949
1, 051
1,082
1,069
1,061
1,031
1,049
950
1,074
1,142
1,089
1,253
1,154
1, 118
1,301
1,221
1,264
1,369
Excess of exports
over imports
Total
119
339
374
408
408
347
540
656
419
577
375
366
446
287
457
507
260
246
162
155
247
288
56
Excluding
grant-aid
shipments
95
250
207
116
220
242
393
543
290
446
276
238
333
165
276
319
125
132
65
74
122
147
— 22
Sources: Department of Commerce and Department of Defense.
PRICES
CONSUMER PRICES
Consumer prices rose 0.4 percent in June.
apparel recorded price increases.
Food was the largest contributor to this result, but all groups except
INDEX, 1947-49 -100
ISO
INDEX, 1947-49-100
ISO
130 „„„„,
120
120
110
90f I I I I
1959
1953
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100]
Period
1949
1950
1951
1952
_
1953
1954
1955
1956
_._
1957
_ ... _ _
1958.
1958: May
_.
June
July
August
September
October
November
December
1959 1 January
February.March
ApriL . _
May
June
Housing
All
items
Food
101.8
102. 8
111.0
113.5
114. 4
114.8
114. 5
116.2
120. 2
123. 5
123. 6
123. 7
123.9
123. 7
123. 7
123. 7
123. 9
123. 7
123. 8
123. 7
123.7
123. 9
124.0
124.5
100.0
101. 2
112. 6
114. 6
112.8
112. 6
110.9
111.7
115. 4
120. 3
121. 6
121.6
121.7
120. 7
120. 3
119. 7
119. 4
118. 7
119. 0
118. 2
117. 7
117.6
117. 7
118. 9
Total i
103.3
106. 1
112. 4
114. 6
117. 7
119. 1
120.0
121. 7
125. 6
127. 7
127.8
127. 8
127. 7
127. 9
127. 9
127. 9
128. 0
128. 2
128.2
128. 5
128.7
128. 7
128.8
128.9
Rent
105.0
108.8
113. 1
117.9
124. 1
128.5
130.3
132.7
135. 2
137. 7
137.5
137. 7
137. 8
138. 1
138. 2
138. 3
138. 4
138. 7
138.8
139. 0
139. 1
139.3
139.3
139.5
i Includes, in addition to rent, homeowner costs, utilities, housefurnistiings, etc.
Apparel
Transportation
99. 4
98. 1
106.9
105.8
104.8
104.3
103.7
105. 5
106.9
107.0
106. 7
106.7
106. 7
106. 6
107. 1
107.3
107.7
107.5
106.7
106. 7
107.0
107.0
107. 3
107.3
108. 5
111.3
118.4
126. 2
129.7
128.0
126. 4
128. 7
136. 0
140.5
138.7
138. 9
140. 3
141.0
141. 3
142. 7
144. 5
144. 3
144. 1
144.3
144. 9
145. 3
145. 4
145. 7
Medical Personal
care
care
104. 1
106. 0
111. 1
117.2
121.3
125.2
128.0
132.6
138.0
144. 6
143.7
144. 2
145.0
145. 3
146.5
147. 1
147. 4
147.6
148. 0
149.0
149.2
149. 6
150.2
150. 6
101. 1
101. 1
110.5
111. 8
112. 8
113.4
115.3
120.0
124.4
128. 6
128.5
128. 6
128. 9
128. 9
128. 7
128. 8
129. 1
129. 0
129. 4
129.8
129.7
130.0
130. 7
131. 1
Reading Other
and
goods
recreaand
tion
services
104. 1
103.4
106.5
107.0
108.0
107.0
106.6
108. 1
112. 2
116.7
116.6
116. 7
116. 6
116.7
116.6
116.6
117.0
116. 9
117.0
117. 1
117. 3
117. 7
117.8
118. 1
103.4
105. 2
109.7
115. 4
118.2
120. 1
120. 2
122.0
125. 5
127.2
127. 2
127.2
127.2
127. 1
127. 1
127.2
127.3
127.3
127.3
127.4
127. 3
128. 2
128.4
129. 2
Source: Department of Labor.
23
WHOLESALE PRICES
Wholesale prices continued to decline slightly in July, as lower farm and processed food prices more than offset the
small average increase registered by industrial commodities.
INDEX, 1947-49-100
INDEX, 1*47-49-100
130
OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIAL)
100
80
1953
1955
1954
1956
1957
1958
SOURCE* DEPARTMENT OF LABOR
1959
COUNCIL OF -ECONOMIC ADVISERS '
[1947-49 = 100]
All commodities
Period
1949
1950
1951
_
1952 . •
1953
1954 ' _
1955
1956
1957
1958
1958* June
July
August
September
October
November
December
1959: January .
Febru ary
March
April....
May
.
June
'
July.
—
.„
-
. ..
.
_
_
_
.
—
.
-
...
---_
_
*
«
__-
—-
.
-
.___•
•
- .
.
. .
'
Source: Department of Labor.
24
'
.
. ..
.
_. •..
.
.......
•
.........
99. 2
103. 1
114.8
111.6
110. 1
110.3
110. 7
114.3
117.6
119. 2
119. 2
119. 2
119. 1
119. 1
119. 0
119.2
119.2
119. 5
119.5
119.6
120.0
119. 9
119.7
119. 5
Farm
products
92. 8
97.5
113.4
107. 0
97. 0
95.6
89.6
88.4
90.9
949
95. 6
95.0
93.2
9a i
92.3
92. 1
90. 6
91. 5
91. 1
90.8
92.4
90.8
89. 8
88.4
Other than
Processed farm products
and foods
foods
(industrial)
95. 7
101. 3
99. 8
105. 0
111.4
115. 9
113.2
108. 8
114.0
104.6
114.5
105. 3
117.0
101. 7
122.2
101. 7
105.6
125. 6
110. 9
126. 0
113. 5
125.3
112. 7
125. 6
Hi. 3
126. 1
12a2
111. 1
110.0
126. 4
109. 5
126.8
127.2
ids.*
108. 7
127.5
107. 6
127. 8
107. 2
128. 1
107.2
128.3
107. 7
128.4
108. 1
128. 2
107, 5
128.4
PRICES RECEIVED AND PAID BY FARMERS
The index of prices received by farmers fell 2 points in the month ended July 15.
index) and the parity ratio were unchanged.
The index of prices paid (parity
325
INDEX ,1910-14-100
325
300
300
275
275
250
250
225
225
goo! in M i l l 1 1 1 In in li in ill in ill in ih 1 1 1 1 hi ii ill i n ilin i
200
INDEX, 1910-14x100
PARITY RATIO-1/
75
I I I I I I I M I I I I I I I I I I I II
1953
1954
1955
I I M I I II t II
1957
J956
RATIO OF INDEX OF R.RICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES,AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.
1958
1959
COUNCIl OF ECONOMIC ADVISERS
Prices received by farmers
Period
1949.
1950
1951
.
;.
....
All farm
products
__
.
1952.
.
.
1953.
.
1954
_
1955
.
1956—.
_
1957.
1958...
.. . .
1958: June 15
._
July 15
.
August 15. . _
September 15
.
October 15.......
._
November 15
December 15
1959: January 15 ...
February 15
March 15.
.
April 15
Mav 15..
_..
June 15
...
July 15
250
258
302
288
255
246
232
230
235
250
250
250
248
255
249
247
244
245
243
244
244
245
242
240
1
Percentage ratio of index of prices received by farmers to index of
prices paid, interest, taxes, and wage rates.
Crops
224
233
265
267
240
242
231
235
225
223
223
222
221
228
221
218
213
215
218
220
223
230
229
226
Prices paid by farmers
All items,
interest,
Livestock taxes,
Producand Family
tion
and
living
wage
rates
items
products
items
(parity
index)
Index, 1910-14=100
238
272
251
243
246
280
246
256
282
268
273
336
274
306
271
287
256
268
269
277
255
249
270
277
251
234
276
270
250
274
226
278
282
257
244
286
264
273
293
287
272
265
294
287
265
274
293
287
264
272
293
287
294
286
265
278
274
294
287
265
263
273
294
288
287
265
270
295
268
270
298
288
297
265
267
288
267
264
298
287
261
299
269
287
299
268
258
288
252
267
298
288
252
289
266
298
Source: Department of Agriculture.
Parity
ratio *
100
101
107
100
92
89
84
83
82
85
85
85
85
87
85
84
83
82
82
82
82
82
81
81
25
CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
The total of demand deposits and currency rose more than seasonally in July.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
260
220
TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS
40
1959
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
End of period
1952
1953
1954
1955 ...
.
1956
.
1957 .
1958
1958: July
August
September
October
..
November . _ _
December .
1959: January
February
March
April44
Mav
...
June *
Julv*
Total
U. S.
deposits Governand
ment
curderency posits '
200. 4
205.7
214. 8
221. 0
226. 4
232. 3
247. 5
237. 2
238.7
238. 1
240. 7
243.8
247. 5
245.1
242. 6
242. 1
245. 3
244. 8
245. 1
247. 6
5. 6
4. 8
5. 1
4. 4
4. 5
4. 7
4.9
4.8
6.2
5. 0
4.3
6.4
4.9
5.3
4.9
4. 4
5. 1
5. 7
5. 2
5.9
[Billions of dollars]
Total excluding U. S. Government deposits
Demand deposits and
currency
Time
de- 2
Demand Currency
Total
posits
Total deposits3 outside
adjusted banks
194. 8
27.5
101. 5
65. 8
129. 0
102. 5
70.4
28. 1
200. 9
130. 5
27.9
209.7
134.4
106. 6
75. 3
109.9
28.3
138.2
216. 6
78.4
111. 4
222. 0
82.2
28. 3
139. 7
28.3
227. 7
110. 3
89. 1
138. 6
28. 7
144.2
242.6
98.3
115.5
135.9
27. 9
232.4
96.5
108. 1
28.0
107.5
97.0
135.5
232.5
27. 9
233. 1
97.2
108. 1
135. 9
28. 0
236. 4
97. 5
111. 0
139. 0
237. 5
111.9
28.8
96. 8
140. 7
28.7
242. 6
144. 2
98. 3
115. 5
239. 8
27.6
141. 4
113. 8
98. 4
27.7
237. 7
139.0
111. 3
98.7
110. 3
237. 6
27.9
138.2
99.5
112.5
240.3
27. 9
99.9
140. 4
239. 1
28. 1
110. 7
100. 3
138.8
239. 9
28. 3
100.9
139. 0
110. 7
112. 4
241. 7
101.0
140. 7
28.3
'U. S. Government deposits at Federal Reserve Banks and commercial and
savings banks, and U. S. Treasurer's time deposits, open account.
2 Deposits in commercial banks, mutual savings banks, and Postal Savings
System;
excludes interbank deposits.
s
Demand deposits, other than interbank and U. S. Government, less cash
items in process of collection.
26
Demand deposits
and currency,
seasonally adjusted
Demand Currency
Total deposits outside
adjusted banks
137.6
137. S
136.7
138. 1
188.8
139.4
138.5
139. 1
140.3
140.7
140. 9
140.9
14^. 3
109.5
109.2
108.9
110. 2
110. 6
111. S
110.7
111.2
112.2
112.5
112. 6
112.5
113. 9
28
28
27
27
28
28
27
27
28
28
28
28
28
1
1
8
9
2
1
8
9
1
2
S
4
4
< Preliminary estimates.
NOTE.—See Note, p. 27. Monthly data are for the last Wednesday of the month,
except the unadjusted data for June 1958, which are for the call date.
Source: Board of Governors of the Federal Beserve System.
BANK LOANS, INVESTMENTS, AND RESERVES
Commercial bank loans rose $1.6 billion in July, compared with a decrease of $2.0 billion in July 1958. Borrowings
at Federal Reserve Banks continued to exceed excess reserves by about the same amount as in June.
BILLIONS OF DOLLARS
T2OO
BILLIONS OF DOLLARS
200
180
160
100
~ 20
20
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Total loans
and investments
End of period
1951
1952 _
1953
1954
1955
1956...
1957 ...
1958
..-. _.
1958: June
July
August
September
October
November
December
1959: January
February
Marcn
April44
May
June44
July
—
132.6
141.6
145.7
155. 9
160. 9
165.1
170. 1
185. 2
179.9
177. 6
180.0
179. 5
181.7
184.1
185.2
185. 6
183. 8
182.9
185.6
185. 5
185. 5
187.3
[Billions of dollars]
All commercial banks
Investments
U. S. Gov- Other
Loans
ernment
Total
securities securities
74.9
61. 5
13.3
57.7
14. 1
64.2
77.5
63.3
14.7
63.4
78. 1
67.6
69.0
16.3
85.3
70. 6
16.7
61. 6
82. 6
78. 3
16.3
74.8
58. 6
90.3
58.2
76.2
ITT 9
93.9
66.4
87.0
20.6
98. 2
64.2
95.6
84.3
20. 1
84.0
64. 1
19. 9
93.6
66.1
86.2
20.2
93.8
64, 7
20. 6
94. 2
85.3
86.7
20. 5
66. 2
95.0
88.0
96. 1
67.7
20. 3
87.0
66.4
98.2
20.6
20,4
87.9
67.5
97.7
20.4
97.9
86.0
65. 5
20. 6
99. 2
83.8
63. 2
101.2
84.4
63.5
20.9
62. 4
102.4
83. 1
20.8
60.6
1043
81. 2
20.6
105. 9
81.4
60. 8
20. 6
1
Member banks include, besides all national banks, those State banks that
have taken membership in the Federal Reserve System.
» Commercial and industrial loans and, prior to 1956, agricultural loans. Series
revised beginning January 1952, October 1955, and July 1959.
3 Averages of daily figures on balances and borrowings during the period,
«Preliminary estimates.
Weekly
reporting
memberJ
banks
Business
loans 2
21. 6
3
23. 4
23. 4
22.4
2
26. 7
30.8
31.8
30.8
29. 8
2& 9
29.3
29.7
29.7
30.0
30.8
29.7
29.7
30. 6
30.6
31.0
32.0
2
28. 6
All member banks l
BorrowReserve balances 8 ings at
Federal
Required Excess Reserve3
Banks
0.8
18.5
0.3
.7
19.6
.8
.7
19.3
.8
.8
18.5
.1
.6
.6
18.3
18.4
.6
.8
18.5
.5
18
.6
18.1
.3
18.0
.6
.1
.7
18.0
.1
.6
17.9
,3
17.9
.6
.5
18.0
.5
.4
18.0
.5
.5
18.4
.5
.6
18.4
.5
.6
.5
18.1
.5
18.0
.5
.6
18.2
.4
.7
.4
18. 1
.8
18.0
.4
.9
.4
18. 2
1.0
NOTE.—Beginning January 1959, data include all banks in Alaska (one previously included).
Source: Board of Governors of the Federal Keserve System,
27
CONSUMER CREDIT
Consumer credit outstanding rose about $925 million in June, compared with an increase of about $100 million in
June 1958.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL CREDIT OUTSTANDING
- 2
|958
1959
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Millions of dollars]
End of period
1949
1950
1951
1952
1953
1954
_
1955
_
1956__
1957
1958
1958: May
June
July
August
September.
October
November.
December.
1959: January..
February.
March
April
May
June
Total
consumer
credit
outstanding
17, 305
21, 395
22, 617
27, 401
31, 243
32, 292
38, 670
42, 097
44, 774
45, 065
42, 985
43, 079
42, 923
43, 128
43, 144
43, 164
43, 464
45, 065
44, 415
44, 071
44, 203
44, 916
45, 790
46, 716
Total
11, 590
14, 703
15, 294
19, 403
23, 005
23, 568
28, 958
31, 827
34, 095
33, 865
32, 910
33, 008
33, 074
33, 165
33, 079
33, 052
33, 126
33, 865
33, 768
33, 751
33, 943
34, 453
35, 029
35, 810
Automobile1
paper
4,555
6, 074
5,972
7, 733
9,835
9, 809
13, 472
14, 459
15, 409
14, 131
14, 613
14, 590
14, 567
14, 514
14, 332
14, 164
14, 066
14, 131
14, 155
14, 223
14, 375
14, 686
14, 991
15, 419
Other
Repair and
consumer moderni- Personal
goods
zation
loans
loans 2
paper l
3, 706
4, 799
4, 880
6, 174
6,779
6,751
7, 634
8, 510
8,692
9,007
8, 158
8, 190
8, 197
8,254
8,312
8,411
8,528
9,007
8,881
8, 767
8, 721
8, 777
8,911
9,077
J
Includes all consumer credit extended for the purpose of purchasing automobiles
and other consumer goods and secured by the items purchased. "
8
Includes only such loans held by financial institutions; those held by retail
outlets are included in "other consumer goods paper."
28
Non instalment credit
outstanding
Instalment credit outstanding
898
1,016
1, 085
1,385
1, 610
1, 616
1, 689
1,895
2, 091
2, 145
2,038
2,048
2, 061
2,091
2, 107
2, 128
2, 146
2, 145
2, 125
2, 116
2, 127
2, 149
2, 198
2, 240
2, 431
2, 814
3, 357
4, 111
4, 781
5, 392
6, 163
6, 963
7, 903
8,582
8, 101
8, 180
8,249
8,306
8,328
8,349
8,386
8,582
8,607
8, 645
8, 720
8, 841
8,929
9,074
Total
5, 715
6, 692
7,323
7,998
8, 238
8,724
9, 712
10, 270
10, 679
11, 200
10, 075
10, 071
9,849
9, 963
10, 065
10, 112
10, 338
11, 200
10, 647
10, 320
10, 260
10, 463
10, 761
10, 906
Charge
accounts
2,795
3,291
3, 605
4,011
4, 124
4,308
4,579
4,735
4, 829
5,018
4,010
4,012
3, 927
3,956
4,033
4, 191
4, 297
5,018
4,504
4,004
3,883
3,997
4,220
4,318
InstalInstalment
ment
credit excredit 3
3
tended
repaid
18, 108
21, 558
23, 576
29, 514
31, 558
31,051
39, 039
40, 063
42, 426
40, 497
3,371
3,477
3,483
3,385
3,297
3,475
3,338
4, 350
3,321
3,247
3,786
4,022
4,053
4,432
3
Credit extended or repaid during the period.
Source: Board of Governors of the Federal Reserve System,
15, 514
18, 445
22, 985
25, 405
27, 956
30, 488
33, 649
37, 194
40, 158
40, 727
3, 349
3,379
3,417
3, 294
3,383
3,502
3, 264
3,611
3,418
3, 264
3,594
3,512
3,477
3, 651
BOND YIELDS AND INTEREST RATES
Rates on Treasury bills, after changing little in July, declined in early August and more recently have risen.
on U.S. Government, municipal, and corporate bonds changed little in July.
Yields
PERCENT PER ANNUM J/
1953
1954
1955
±f 1953-58 DATA PLOTTED MONTHLY; 1959 WEEKLY
SOURCES: SEE TABLE BELOW.
Period
1952
1953
1054
1955
1956
1957
1958
..
1958: July
August
September
October
.. .
November..
December
1959: January
_ _
February
March
April_
May
June....
July...
Week ended:
1959: July
11
18.
25
August 1
. . .
8
15
22
__
_ .
.
__ _
„
•_..
COUNCIL OF'ECONOMIC ADVISERS*
[Percent per annum)
U. S Government
High-grade
security yields
municipal
3-month
bonds
Taxable
Treasury
(Standard
&
bonds 2
Poor's) 3
bills *
2. 19
1. 766
2. 68
1. 931
2.94
' 2. 72
. 953
2. 55
2. 37
1. 753
2.84
2. 53
2. 658
2. 93
3.08
3. 267
3.60
3.47
1.839
3.56
3.43
.962
3.36
3.45
1.686
3.74
3. 60
2. 484
3.96
3.75
3.94
3.76
2.793
3.84
2. 756
3.70
2.814
3.84
3.80
2. 837
3.87
3.91
3.92
2.712
3.85
2. 852
3.92
3.76
2.960
3.84
4 01
2.851
3.97
4,08
3. 247
409
404
3. 243
404
4. 11
3. 266
3. 401
3.337
3.047
3.043
3. 150
*3.417
1
Kate on new issues within period.
* Series includes: April 1953 to date, bonds due or callable 10 years and after;
April 1952-Mareh 1953, bonds due or callable after 12 years; October 1941-March
1952, bonds due or callable after 15 years.
4. 13
4.08
4 10
4 10
4 08
4
4 06
409
405
400
3. 97
3. 94
3.94
Corporate bonds
(Moody's)
Aaa
Baa
Prime
commercial
paper,
4r-6
2.96
3.20
2. 90
3. 06
3. 36
3. 89
3. 79
3.67
3.85
409
4 11
409
408
4 12
4 14
4 13
423
437
4 46
4 47
3.52
3.74
3. 51
3.53
3.88
471
473
4 53
4 67
4 87
4 92
487
4 85
487
4 89
485
486
496
5.04
5.08
months
2. 33
2.52
1. 58
2. 18
3.31
3.81
2. 46
1. 50
1. 96
2.93
3.23
3.08
3.33
3. 30
3.26
3.35
3.42
3.56
3.83
3.98
448
4 47
4 46
445
4 43
4
4 42
5.07
5.09
5.09
5.07
5.08
5.09
3.98
400
400
3.99
3.89
*3. 88
8
Weekly data are Wednesday figures.
*Not charted.
Sources: Treasury Department and Board of Governors of the
Federal Reserve System (except as noted).
29
STOCK PRICES
Stock prices reached another peak in late July and then declined.
INDEX, 1939* 100 J/
500
400
300
1953
1959
U 1953-58 DATA PLOTTED MONTHLY, 1959 WEEKLY
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
Composite
index *
Period
Weekly average:
1950
_
1951
1952
. _
1953
_
1954
1955
1956
1957
-.
1958
1958: July—.
August
September
October
November
December . .
1959: January
February
March
April.
May
June....
July...
Week ended:
1959: July 10..
17
24
31
August 7
143
COUNCIL OP ECONOMIC -ADVISERS
..
...
.
.
...
_._
_
.. . .
.
[1939=100]
Manufacturing
Trade,
Trans- Utilities finance,
Mining
Durable Nondura- portation
Total
and service
goods ble goods
isas
i4a 5
165. 7
206.8
220. 2
220.1
271. 3
374.4
438.6
422. 1
426. 4
423. 6
442.0
452.9
474.2
487.4
489. 8
507. 6
495.7
508. 5
514.4
527.3
520.9
542. 6
150. 2
17a 5
188.8
192.6
245.2
352. 4
409. 8
391. 2
385. 3
376. 5
399. 4
412. 9
437.2
448.0
451. 4
473.6
465. 6
475.0
480. 6
495.0
495.8
521. 8
180.2
233. 1
249.3
245.2
295. 2
394.4
465. 1
450. 7
458.0
458. 9
472. 9
481. 1
499. 2
514. 3
515. 6
529.0
513.8
529. 5
535.5
54a8
533. 9
551. 2
160.0
199. 0
220. 6
218.7
232.6
320. 0
327. 1
275. 4
270.2
268.8
282.6
292. 2
310.6
327.0
329. 8
349. 9
349. 9
353. 0
360. 0
357. 7
357. 1
364.3
112. 6
117, 9
121. 5
135. 8
152.9
155.8
156.0
173. 3
173. 4
173. 9
177. 5
183,4
189. 8
19& 7
212. 7
214.9
221. 0
226. 3
221.3
212. 8
217. 8
207. 9
206.0
207. 1
235.6
296.9
306. 3
277.5
314.5
311.9
324. 6
337.2
345.5
361. 9
374 9
393. 6
400. 5
405.0
405.2
408. 9
417. 5
429. 4
204.9
275.7
240.5
267. 0
312. 9
357. 5
342. 4
313. 8
330. 7
341. 1
340. 6
343. 9
341.4
339.0
348. 1
345.3
347. 5
340. 2
334.0
325.6
321.4
436.0
429.7
433. 1
441. 3
437. 5
433. 1
544. 3
536.0
540.9
554. 2
548. 3
541. 5
527. 7
516. 1
522.7
525. 2
520. 1
513. 5
549.0
543. 9
547. 1
570. 1
563. 6
556. 8
371. 5
360.5
359. 6
362. 4
352.9
347.0
218. 6
216. 7
218. 3
217.9
219. 3
219. 6
433.0
427. 3
427. 9
431.1
424.2
419.9
321. 2
315. 5
316. 2
332.6
328.6
325.8
1
Includes 265 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31 for trade,
finance, and service, and 14 for mining. Indexes are for weekly closing prices.
30
ioa 9
154. 1
184.9
195.0
193. 3
229.8
304. 6
345.0
331. 4
340. 9
339.2
351. 7
360. 5
376. 4
387.8
392. 8
409. 9
403. 9
4ia 9
419. 4
425. 3
419.0
434.3
2 Not charted.
Source: Securities and Exchange Commission.
FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
For the first month of the current fiscal year, there was a budget deficit of $3.3 billion.
year, the deficit amounted to $3.7 billion.
For the same period last
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET RECEIPTS
NET BUDGET EXPENDITURES
75
25
0
1954
1955
1957
•HO
BUDGET SURPLUS (t) OR DEFICIT H
MAJOR NATIONAL SECURITY
75 - EXPENDITURES
(ENLARGED SCALE)
+5
O
50
-5
-JO
-15
1959
Period
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
year
year
year
year
year
year
year
1953
1954
1955
.
1956
„ _ .
1957 ........
1958 3
1959
1958: May
June
July 3 3
August 3
September
_.
October3- 3_
November
December 3
1959: January 3 3
February _
March3 3
April3
May _ _ June 3
Julv 3 4
1
_
1954
FISCAL YEARS
•* P R E L I M I N A R Y
SOURCES:TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Net budget expenditures
Net
Budget
Major national security 1
budget
Department surplus ( + )
Total
receipts
or
of Defense
Total
deficit (-)
military
functions
.
...
50. 4
43.6
74.3
64. 8
-9. 4
.......
64. 7
46. 9
40. 3
-3. 1
67.8
-4. 2
. . . __
60. 4
40. 6
64. 6
35.5
40. 6
4-1-6
66. 5
35.8
68. 2
69.4
71.0
38.4
+ 1.6
43.3
44. 1
39. 1
-2.8
69. 1
71. 9
41.2
— 12. 5
46. 4
68. 2
80. 7
_ _
..
_ . . __
_ _
._ ...
_
266. 1
271.3
274.4
272.8
270.6
276.4
284. 8
4.9
10. 8
2.9
4.8
7. 2
2. 8
5. 0
6. 2
5.8
6. 6
6. 6
6. 2
6. 6
7. 1
6. 2
7. 1
3.7
4.3
3.8
3.6
3.9
4. 2
3. 6
4. 2
3.2
3.9
3.2
3.2
3. 5
3.8
3.2
3.7
-.9
+ 4.2
-3. 7
-1. 4
+.6
-4. 4
— 1.3
-.9
275.7
276.4
275. 6
278. 6
276. 8
280.3
283. 2
283.0
4.5
6. 6
8.4
4. 3
5. 4
10. 0
3. 2
6.8
6. 3
6. 5
6. 4
6. 2
8. 6
3.7
3. 6
3.9
3.9
3.6
4. 5
3. 8
3.3
3.2
3.4
-2.2
+ .2
+ 2. 0
— 2. 2
—.7
+ 1.4
-3.3
285.9
285. 2
282. 2
285. 5
286.4
284.8
288.8
Includes military functions of Department of Defense, military assistance
portion of the mutual security program, Atomic Energy Commission, stockpiling,
and defense production expansion.
3
Includes guaranteed securities, except those held by the Treasury. Not all
of total shown is subject to statutory debt limitation.
Public
debt
(end of2
period)
6.6
as
3.2
3. 9
3. 4
3
Prelim inary.
* Not charted.
Sources: Treasury Department and Bureau of the Budget.
31
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the second quarter of calendar year 1959, cash payments to the public exceeded cash receipts by $250 million.
This compares with an excess of receipts of $1.4 billion in the second quarter of calendar 1958.
BILLIONS OF
BILLIONS
DOLLARS
OF DOLLARS
O
•H5
EXCESS OF CASH RECEIPTS
(ENLARGED SCALE)
n
~L '
n
BS*£51
V,
EXCESS OF CAS H PAYMENTS
""
-15
' " "
1953
1954
1955
PRELIMINARY ESTIMATES
SOURCES: BUREAU OF THE BUDGET AtsO TREASURY DEPARTMENT
CALENDAR
I958"17
1957
1956
1958
isss^
YEARS
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Cash receipts
from the
public
Period
Fiscal year total:
1956 ...
1957
1958 l
.-1959 2
...
I960
Calendar year total:
1955
__
1956
_
1957
__
19531
Quarterly total, not adjusted for seasonal variation:
1957' Third quarter
. .
Fourth quarter
1958" First quarter
.
Second quarter1
Third quarter
Fourth quarter l
_ _ ..
1959' First quarter 1 l
Second quarter
-
-
_.
Cash payments to
the public
Excess of receipts (+ ) or
payments ( — )
77, 088
82, 107
81, 893
81, 549
93, 502
72, 617
80, 008
83, 413
94, 556
92, 875
+ 4, 471
+ 2, 099
- 1, 520
— 13, 007
+ 626
71,448
80, 330
84, 520
81, 729
72, 188
74, 807
83, 326
89, 015
-740
+ 5, 524
4-1, 194
-7, 288
18, 653
16, 404
23, 618
23, 219
18, 274
16, 618
22, 628
24, 019
21, 099
20,839
19, 626
21, 850
23, 789
23, 750
22, 734
24, 271
-2,447
-4,435
+ 3,993
+ 1,368
-5,516
-7, 133
-107
— 253
1
3
Preliminary.
Estimate.
Sources: Bureau of the Budget and Treasury Department.
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32
U. S. GOVERNMENT P R I N T I N G OFFICE: 1959
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