Full text of Economic Indicators : August 1960

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86th Congress, 2d Session

Economic Indicators
AUGUST 1960

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1960

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
WRIGHT PATMAN, Texas, Viet Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. WILLIAM FULBRIGHT (Arkansas)
JOSEPH C. O'MAHONEY (Wyoming)
JOHN F. KENNEDY (Massachusetts)
PRESCOTT BUSH (Connecticut)
JOHN MARSHALL BUTLER (Maryland)
JACOB K. JAVITS (New York)

.

;

HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
FRANK M. COFFIN .(Maine)
THOMAS B. CURTIS (Missouri)
CLARENCE E. KILBURN (New York)
WILLIAM B. WIDNALL (New Jersey)

JOHN W. LEHMAN, Clerk, and Acting Executive Director

COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNIER, Chairman
KARL BRANDT
HENRY C. WALLICH

[PUBLIC LAW 120—81sx 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

Pa

•

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

•

•

ee
1
2
3
4
5
6
7
8
9
10

(
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

NOTE.—Detail in these tables will not
necessarily add to totals because of rounding.
Ill

TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that total income and expenditures rose between the first and second quarters of 1960.
[Billions of dollars]

1959
Second quarter

Year
Economic group

1960

First quarter

Excess
Excess
of reof reEx- ceipts
ExExRe- pendRe- pendRe- pend- ceipts
(+)
ceipts itures or ex- ceipts itures or ex- ceipts itures
pendpenditures
itures
(-)
(-)

(+)

Second quarter

\

Excess
Excess
of reof receipts
ExRe- pend- ceipts
(+)
<+)
or ex- ceipts itures or expendpenditures
itures
<-)
(-)

Seasonally adjusted annual rates
Consumers:
Disposable personal income. 337. 3
Personal consumption ex-

338. 3

313. 8

Net receipts

79. 3

1. 4

75.5

(')

-26. 8
1. 6

-2.2

1.7
1. 2

3.6

2.0
.4

-.3

129. 1

131. 3

137. 3

34. 5

34.0

36.0

37.0

97. 3

101. 3

(i)

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

131. 7

133.5

135.6

34.5

34.0

36.0

37. 0

97. 1

of goods

Statistical discrepancy

(!)

131. 6

97.7

97. 5

98. 6

Surplus (+) or
deficit (— ) on
income and
product account.

-2.5

18

GROSS NATIONAL PRODUCT.. 482. 1 482.. 1

1. 8

1. 0

1 0

487.9 487.9

« -l

3.9

.4

* Not available.
Source; Department of Commerce.
NOTE.—Revised series beginning 1957. For details, see Survey oj Current Busness, July 1960.




(')

27. 1

2.5

25. 2

94. 6

Less: Transfers, interest,
and subsidies (net)

Purchases

23.7

78.9

-1.0

329. 0

52. 5

21. 6

Excess of transfers ( + )
or of net exports ( — )
Government (Federal, State,
and local) :
Tax and nontax receipts or

24. 8

72.0

1.5

354 1

323. 3

51. 8

50.5

Excess of investment
(_. }
International:
Foreign net transfers by
government
Net exports of goods and

313.6
23. 4

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

347. 0

11

501. 3 501.3

11

(i)

P)

505,0 505.0

For explanation and lise of tnis arrangement, see Senate Report No. 1296,
Joint Economic Report, pp. 92-93, 99-105.vand Economic Report of the President.
January 1953, Appendix A.
.

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product rose in the second quarter to an annual rate of $505 billion (seasonally adjusied), according to current estimates. Increases in personal consumption expenditures, net Sxportis, and State^ and focal purchases were partly offset by decreases in domestic -investment and fiederql purchqsesi ? r : *: r j %::^::/ 7 = 9
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

500

500

GROSS NATIONAL PRODUCT

400

400

300

300

200

200
GOVERNMENT PURCHASES
OF GOODS AND SERVICES

100

1960

1958

SOURCE: DEPARTMENT OF COMMERCE. .

Period

1951
1952
1953
1954
1955
1956.
1957
1958
1959

[Billions of dollars)
Total
Personal
Net
Gross
congross
Total
exports
national
gross
sump- private of goods
tion domestic and
product national
in 1959 product expend- invest- services
ment
itures
prices
33.0
181, 2
25ai
$28. 4
284.6
356.4
195.0
50.0
.6
209.8
329.0
S85. $
2.4
56.3
219. 8
347.0
S99.4
1.3
49.9
—.4
365.4
232.6
50.3
417. 6
363. 1
409.2
1.0
4&9
397.5
63. S
256.9
1.1
441.9
419. 2
269.9
67.4
2.9
451. 2
442. 8
285.2
459.5
4.9
ea i
451. S
444. 2
1.2
293.5
56.0
482. 1
313.8
-1.0
72.0
488.1

as

1949

1950..

COUNCIL Of ECONOMIC ADVISEES

".

23ao

Government purchases of goods and services
Federal
Total
40.2
39.0
60.5
76.0
82.8
75.3
75.6
79.0
86.5
93. 5
97. 1

1

Total

22.2
19.3
38.8
52.9
58.0
47.5
45.3
45.7
49. 7
52.6
53.3

National
defense 2
13.6
14.3
33.9
46.4
49.3
41.2
39.1
40. 4
44 4
448

4ao

Other

a9

5.2
5.2
6.7
9.0
6.7

a6

5.7
5.7

as

7.8

State
and
local
17.9
19.7
21.7
2a2
249
27.7
30.3
33.2
36.8
40. 8
43.9

Seasonally adjusted annual rates
1958: Third quarter . .
Fourth quarter
1959: First quarter.
Second quarter.
.
Third quarter ,^
Fourth quarter
1960: First quarter
...
Second quarter

458.6
466.5

476.. S
489.3
480.0

483. S

495.9
497,4

447.0
461.0
473. 1
487. 9
481.4
486.4
501.3
505.0

294 8
300.2
306. 1
313. 6
316. 0
319.6
323.3
329.0

55.8
63.2
70.9
7a9
67.5
70.8
79.3
75.5

1.6
.4
-1.0
-2.2
—.2
*— 4
1.2
2.0

948
97. 1
97. 1
97.7
9a 1
96.4
97.5
98.6

53.7
543
53.3
53.7
53.6
52. 5
51.8
51.7

449
45.5
45.9
46.4

9. 1
9.4
7.9
7.8

45.5
449
447

7.5
7.5
7.6

4ai

ao

41.2
42.8
43.8
440
445
43.9
45.7
46.9

1

Less Government sates.
* These expenditures correspond closely with the "major national security"
category in The Budget of the United States Government far the Fiscal Year Ending
June 30, mi, shown on p. 31 of Economic Indicators.




NOTE.—Kevised series beginning 1957. For details, see Survey of Current Business, July i960.
Source; Department of Commerce.

NATIONAL INCOME
Compensation of employees advanced by $4.8 billion (seasonally adjusted annual rate) in the second quarter.
Proprietors1 income and net interest also increased, while rental income was unchanged.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL NATIONAL INCOME

400

400

300

300
COMPENSATION OF EMPLOYEES

V
eoo

200

100

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

PROPRIETORS1 AND
RENTAL INCOME

1954

1955

100

1959

1956

SOURCE: DEPARTMENT OF COMMERCE. .

I960
. , COUNCIL OF ECONOMIC ADVISERS

[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. 9
367.7
399.6

140. 8
154.2
180. 3
195. .0
20&8
207.6
223. 9
242. 5
255. 5
257.0
277.8

1958: Third quarter.
Fourth quarter
1959: First quarter..
Second quarter..
Third quarter.
Fourth quarter..
1 960 : First quarter ...
Second quarter

370.8
381.9
390. 9
405.4
399. 4
402.8
414. 4
(2)

Proprietors' income

258.8
263. 4
270. 4
279.7
279. 5
281. 6
290.2
295.0

Period

1949
1950
1951
1952
1953.
1954
1955
1956
1957
1958
1959

*

-

»Includes employer contributions for social insurance. (See also p. 4.)
'Not available.




Farm

Business
and professional

Rental
income
of
persons

Net
interest

22.7
iag
as
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
11.6
32. 1
10.9
11.8
32.7
11.9
14.0
32.3
12.2
11.8
34.7
12.4
Seasonally adjusted annual
14.0
12.2
32.6
13. 5
33.3
12. 2
13.0
33. 8
12.3
12.0
34. 8
12.4
35.0
11.1
12.4
11.2
35. 1
12.5
10. 6
35.4
12.5
12. 1
36.0
12.5

4.8
5.5
6. 3
7.1
8.2
9. 1
10. 4
11.7
13. 4
14.7
16.4
rates
14. 8
15.4
15. 9
16.2
16.5
16.9
17.8
18. 5

Corporate profits and inventory valuation adjustment
Total

Profits Inventory
before valuation
taxes adjustment

28. 2
35.7
41.0
37.7
37.3
33. 7
43. 1
42. 0
41.7
37. 4
46. 6

26.4
40. 6
42.2
36.7
38.3
34 1
44.9
447
43.2
37.7
47.0

1.9
-5.0
-1.2
LO
-1.0
-.3
-1.7
-2.7
-1.5
-.2
-.5

38.5
440
45. 5
50.4
44.9
45. 5
48.0
W

38.8
449
46.4
51. 7
45.3
44 8
48.8
(2)

—0.2
-.9
-.9
-1.3
^:lv

(2)

A

*7
-.8

NOTE.—Revised series beginning 1957. For details, see Survey of Current
Business, July 1960.
Source: Department of Commerce.

SOURCES OF PERSONAL INCOME
Personal income rose $1.0 billion (seasonally adjusted annual rate) in July to $407.1 billion. Wage and salary
disbursements in contract construction and in Government accounted for about one-half of the rise.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

400

TOTAL PERSONAL INCOME

V
390

900

250
LABOR INCOME

BUSINESS, PROFESSIONAL, AND RENTAL INCOME

DIVIDENDS AND
PERSONAL. INTERES'

50

50

1954

1959

I960

SOURCE: DEPARTMENT OF COMMERCE

Period

1951

Total
personal
income

...

256.7
273.1
1953...
.... 288. 3
1954.. ....^... 289. 8
1955 . . •310.2
1956
332.9
1957
351,4
1958
360.3
1959
383. 3
1952....;

1959: June .
July
August...
September.
October. _
November.
December.
1960: January..
February.
March .
April . .
.
May....
June 8
July ....

386. 8
386.9
383.3
3843
384.3
388. 7
393. 9
395.7
395. 7
397. 0
401.9
404. 7
406. 1
407. 1

[Billions of dollars]
Labor income Proprietors' income
(wage and
Rental
. salary disDivi- Personal Transfer
Business income dends interest
paybursements
of
and pro- persons
income ments
and other 1 Farm
fessional
labor income)
26.0
9.4
11.2
12.6
175. 5
16.3
9.0
13.2
26. 9
12.1
190. 2
15.3
10.2
9.0
27.4
10.5
9.2
13.4
143
204.1
13.3
12.7
16.2
202. 5
27. 8
14.6
10.9
9.8
30.4
15.8
10.7
11.2
218.0
11.8
17.5
32.1
12.1
18.8
11. 6
10.9
17.5
235. 7
32.7
19. 6
21.9
11. 8
11.9
12.6
247. 7
26.4
14.0
32.3
12.4
20.8
249. 1
12.2
34.7
13.4
27.0
12.4
23.5
268. 3
11. 8
.Seasonally adjusted annual rates
23.2
26.6
12. 0
12.4
272.2
13. 3
35. 0
13.4
271. 7
23.5
12. 1
12.4
26.5
35. 1
26.7
23. 8
10.7
35.0
12.4
13.6
268. 9
240
27.2
349
269. 3
12. 5
13.8
10. 4
27.4
242
35.0
13.8
12. 5
269.0
10. 1
28.2
245
11.2
13.8
35. 1
271.3
12.5
27. 9
248
12. 3
13. 6
35. 2
12.5
275. 5
25.2
27.7
13.9
11.3
278.8
35.5
12.5
27.7
13.9
25. 5
279. 3
35.5
10. 4
12.5
25.9
28.3
13.9
380. 1
35.4
10. 1
12.5
26. 2
28. 6
13.9
11.7
35.7
12. 5
282. 5
28.4
12. 1
13.9
26. 5
36. 0
12.5
284.5
28.5
36.2
26.8
13.9
285. 0
12. 5
12.5
27. 1
28.8
13.9
12. 2
12. 5
36. 3
285.6

'Compensation of employees (see p. 3) excluding employer contributions for
social insurance and the excess of wage accruals over disbursements.
2
Personal Income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
:
;

4



Less: Personal contributions
for social
insurance
3.4
3.8
3.9
46
5.2
5.8
6.7
6.8
7.8

7.9
7.9
7.8
7.9
7.9
7.9
8.0
9. 2
9.1
9. 2
9.2
9.3
9.3
9.3

Nonagricultural
personal
income a
237.0
2543
271.5
273. 8
295. 0
317.9
336. 1
342.6
367. 6

371.0
371.0
368. 9
370. 1
370.3
373.5
. ... 377.4
380.2
381. 2
382. 7
385.9
388. 3
389.3
390. 7

»Preliminary estimates.
NOT?.—Revised series,beginning 1857. Jto details, see Suncy of Current
Business, July 1960.
•
,
Source: Department of Commerce.
.

DISPOSITION OF PERSONAL INCOME
Disposable personal income rose $7.1 billion (seasonally adjusted annual rate) between the first and second quarters
of 1960. Total consumption expenditures also rose, but by a smaller amount than income.
BILLIONS OF DOLLARS
400

BILLIONS OF DOLLARS
400

DISPOSABLE' PERSONAL INCOME

V

300

300

TOTAL PERSONAL CONSUMPTION
EXPENDITURES

£00

200

100

— 100

I960

1954

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

Equals:
Personal Less:
Disposincome Personal
able
1
taxes personal
income

Period

1949
1950
1951_.
1952
1953
1954
1955
19561957
1958
1959

.

__
. . .

..

_______
_

__

...
_

1958: Third quarter.
...
Fourth quarter
1959: First quarter .
Second quarter
Third quarter
Fourth quarter _ _ _ _
1960: First quarter
.. _ _.._
Second quarter _ _
'__'
1

Includes such items as fines and penalties.
59578*




208. 3
228. 5
256.7
273. 1
288. 3
289. 8
310. 2
332. 9
351. 4
360.3
383.3

18. 7
20.8
29. 2
34.4
35. 8
32. 9
35. 7
40. 0
42.6
42.4
46.0

364. 7
368.1
374.7
384.5
384.8
389.0
396. 2
404. 2

42. 8
43. 2
45. 1
46. 2
46. 3
46. 5
49.2
50.0

Less: Personal consumption
expenditures

Total

Saving
Equals: as percent
Personal
of dissaving
Durable Nonposable
goods durable Services
income
goods

Billions of dollars
189. 7
181. 2
24. 6
207.7
30.4
195. 0
227.5
29. 5
209.8
23a7
29. 1
219.8
252. 5
232. 6
32. 9
256. 9
238.0
32. 4
274 4
256.9
39.6
292. 9
269.9
38.5
308. 8
285.2
40.4
317.9
293. 5
37.3
337.3
43.4
313.8
Seasonally adjusted annual
321.9
36. 7
294.8
300.2
324.9
39.6
329. 6
306. 1
41.6
338. 3
313.6
44.4
338. 5
316. 0
44.0
342. 4
319. 6
43. 5
347.0
44.2
323. 3
354. 1
329.0
44.5

96. 6
99.8
110. 1
115. 1
118. 0
119.3
1248
131. 4
137.7
142.0
147.6
rates
143.0
143.8
145. 3
147.7
148.0
149.6
150.5
153. 5

as

45

60. 0
649
70. 2
75.6
81.8
86.3
92.5
100.0
107. 1
1142
122. 8

12.6
17.7
18.9
19.8
18.9
17.5
23. 0
23.6
244
23.4

7.8
7.9
7. 8
7. 4
6.4
7.9
7.6
7.7
6.9

115,1
116.9
119.2
121.4
124 1
126.6
128. 6
130.9

27. 1
24 7
23.6
24 8
22. 5
22.8
23.7
25. 2

8.4
7.6
7.2
7.3
6.6
6.7
6.8
7.1

ai

NOTE.—Revised series beginning 1957. For details, see Survey of Current Bustness, July i960;
Source: Department of Commerce.

PER CAPITA DISPOSABLE INCOME
Per capita disposable income (seasonally adjusted), measured in both current and constant prices, increased in the
second quarter oM 960.
•-•-.;.^
i ^ T
,

DOLLARS

DOLLARS
—"j 2,200

SEASONALLY ADJUSTED ANNUAL RATES

e,ooo

2,000
PER CAPITA
DISPOSABLE PERSONAL INCOME
IN 1959 PRICES -^

1,800

1,800

1,600

1,600

1*100

I960

1954

J/SEE FOOTNOTE E ON TABLE BELOW.

SOURCES: DEPARTMENT OF COMMERCE, AND COUNCIL OF ECONOMIC ADVISERS.

Total disposable personal Per capita disposable personal income (dollars)1
income (billions of dollars) *
Period

1949
1950
1951
1952
1953
1954
1955
19Sfi
1957
1958
1959

1959
prices a

Current
prices

189.7
207.7
227.5
238.7
252.5
256.9
274.4
292.9
308.8
317.9
337.3

;

_

_

231. 6
250.2
256.8
263. 8
276.3
278.3
29a 3
310.9
318.4
321.4
337.3

Current
prices

1,272
1,369
1,474
1,520
1,582
1,582
1, 660
1,742
1,804
1,826
1,906

1959
prices a

Population
(thousands) 8

1, 553
1,649
1, 664
1,680
1, 731
1,714
1,793
1,849
1,860
1, 846
1, 906

149, 188
151, 683
154, 360
157, 028
159, 636
162, 417
165, 270
168, 176
171, 198
174, 054
176, 947

1, 866
1,871
1,885
1,922
1,905
1,909
lt 920
1, 941

174, 450
175, 242
175, 926
176, 599
177, 358
178, 144
178, 794
179, 427

Seasonally adjusted annual rates
1958: Third quarter
Fourth quarter.
1959: First quarter
Second quarter
Third quarter.,..
Fourth quarter
1960: First quarter
Second quarter,.

...

. ...
. .,_

..
. ..
.

iIncome less tares.
'Dollar estimates in current prices divided by the implicit deflator for per*
sonal consumption expenditures on a 1959 base.
* Population of the United States, excluding Alaska and Hawaii; includes
armed forces abroad. Annual data as of July i; quarterly data centered in the
middle of the period, interpolated from monthly figures.




321. 9
3249
329.6
338. 3
338. 5
342. 4
347.0
354.1

325. 5
327.9
331. 6
339.3
337. 8
340.0
343.2
34R2

1,845
1,854
1, 874
1,916
1,909
1,922
1, 941
1, 974

NoTE.—Revised series beginning 1957. For details, see Survey of Current Bu»i»
*&», July 1960.
Sources: Department of Commerce and Council of Economic Advisers.

FARM INCOME
Gross and net incomes of farm operators, responding to rising prices of farm products, increased From the first to the
second quarter of 1960. They were larger in the second quarter of 1960 than in the corresponding quarter of
1959.

BILLIONS Of DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

40

40

REALIZED GROSS
FARM INCOME*"

30

20

•20
NET FARM INCOME
(INCL. NET CHANGE
IN INVENTORIES)-1^

10

10

1954

1955

1956

1957

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

Period

Realized
gross farm
income *

1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959

31. 8
32.5
37.3
37.0
35.3
33.9
33. 3
34.6
34. 4
38.2
37. 5

1958 : Third quarter
Fourth quarter
1959: First quarter
Second quarter
Third quarter
Fourth quarter
1960: First quarter.
Second quarter— _ _

38.4
38. 4

3as

37. 8
36.7
36.9
36.5
38.3

1959

I960
COUNCIL OF ECONOMIC ADVISERS

Farm operators' income
Net income 2
Net income per farm including net change in
Excluding
Including
Farm proinventories
duction
net change
net change
in invenin invenexpenses
1959
Current
tories
tories
prices
prices 8
Billions of dollars
Dollars
18.0
13.8
12.9
2, 689
2,259
13.2
19.3
14.0
2, 916
2,479
15.2
22.2
16.3
2, 951
3, 173
144
22. 6
15. 3
2,829
3,010
21.4
1&9
13.3
2,502
2, 690
12.2
21.7
12.7
2, 624
2,440
11.5
21.9
11.8
2, 487
2, 313
12.0
22.6
11.6
2, 461
2,338
11.0
23.4
11.8
2,426
2, 476
13. 0
2,982
25. 2
14.0
2,952
11. 3
26. 2
11.8
2, 548
2,548
Seasonally adjusted annual rates
25.4
13.0
14.0
2,980
2,950
25. 7
12.7
13. 5
2, 870
2,840
26.2
12.3
13.0
2, 830
2,800
11. 5
26.3
12.0
2,620
2, 590
26. 1
10. 6
2,390
2,390
11. 1
26. 1
10. 8
11.2
2, 410
2, 390
10.2
26.3
10.6
2, 330
2,330
11. 8
12. 1
26. 5
2,640
2,670

i Cash receipts from farm marketings, value of farm products consumed in
farm households, gross rental value of farm dwellings, and Government payments
to8farmers.
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 1959 amounted to $1.8 billion and $6.8 billion,
respectively.




1958

Number of
farms
(millions) 4

5.7
5.6
5.5
5. 4
5.3
5.2
5.1
5.0
4.9
4.7
46
47
47
46
46
46
46
45
45

* Dollar estimates in current prices divided by the index of prices paid by
farmers for items used in family living on a 1959 base.
* The number of farms is held constant within a given year.
NOTE.—Revised series beginning 1958. For detafls, see Farm Income Situation,
July 1960.
Source: Department of Agriculture.

CORPORATE PROFITS
Corporate prdfifs before faxes in the firsf quarter of 1960 rose $4,0 billion (seasonally adjusted annual rate), or about
9 percent* On an after-tax basis, the increase in earninss was almost entirely retained by corporations.
BILLIONS OF DOLLARS

BILUONS OF DOLLARS

60

50

40

10

1960
^ NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT

COUNCIL OF ECONOMIC ADVISERS'

SOURCE: DEPARTMENT OF COMMERCE.

[Billions of dollars]
J

-

i949j...
1950
1951
1952.
1953
1954.
1955,
1956
1957
1958
1959

;

..

i.

Corporate
profits
before taxes

Period

-

10. 4
17.9
22.4
19.5
20.2
17.2
21.8
21. 2
20. 9
38.6
23.2

26. 4
40.6
42. 2
36.7
38.3
34. 1
44 9
44.7
43.2
37.7
47.0

...

-.

-L

Corporate
tax
liability

..

Corporate profits after taxes
Total

16.0
22.8
19.7
17.2
18. 1
16.8
23.0
23.5
22.3
19.1
23. 8

Dividend
payments

Undistributed
profits
8.5
13.6
10. 7
8.3

7.5
9.2
9.0
9.0
9.2
9.8
11,2
12. 1
12.6
12. 4
13.4

a9

7.0
11.8
11.3
9.7
6.7
10.5

Seasonally adjusted annual rates
1958i Third quarter.
Fourth quarter.
1959: First quarterSecond quarter.
Third quarter
Fourth quarter
1960: First quarter^.
Second quarter

,
.

...
..
__

(>)

• Not available.
NOTE.—Revised series beginning 1957. For details, see Survey of Current
" ' w, July i960.

8



19.6
22. 7
23.5
26.2
22.9
22.7
25. 0

19.1
22. 1
22. 9
25. 5
22.3
22. 1
23.8

38.8
44. 9
46.4
51.7
45.3
44.8
48. 8

..
^
.. .
..
.

(')

0)

12.6
12.0
13.0
13. 2
13. 6
13.8
13. 9
13. 9

7.0
10.8
10. 5
12.9
9.3
8.9
11.1
(')

See p. 3 for profits before taxes and after inventory valuation adjustment.
Source: Department of Commerce.

GROSS PRIVATE DOMESTIC INVESTMENT
During the second quarter of 1960, slower inventory accumulation reduced private domestic investment by $3.8 billion
(seasonally adjusted annual rate), despite a 9-percent rise in expenditures on,producers1 durable equipment.
ilLLIONS OF DOLLARS

-20

BILLIONS OF OQLLARS

-20

1954

SOURCE". DEPARTMENT O* COMMERCE.

COUNCIL OF KONOMfc UMSmS

[Billions of dollars]
Total
gross
private
domestic
investment

Period

1*949
i960
1951
1952
1953
1954
1955
1956
1957
1958.
1959

1958: Third quarter

Fourth, quarter
1959: First quarter
Second quarter
Third quarter
Fourth quarter
1960: First q-uarter
Second quarter

New construction l
Total

Total

33.0
50.0
56. 3
49.9
50.3
48.9
63.8
67.4
66.1
56.0
72.0

_ __ .

36.0
43.2
46. 1
46.8
49.9
50. 5
58. 1
62. 7
64.6
58.5
66. 1

18. 8
24,2
24 8
25. 5
27. 6
29.7
34.9
35.5
36. 1
35.4
40.3

55. 8
63.2
70.9
78.9
67.5
70.8
79.3
75.5

57.3
60.3
63. 3
67.4
67.6
66.2
67.9
70. 2

Residential
nonfarm
9.6
14. 1
12.5
12.8
13.8
15.4
18.7.
17.7
17.0
18.0
22.3

Other

9. 2
10.1
12. 3
12. 7
13. 8
14.3
16.2
17.8
19.0
17.4
18.0

Producers'
durable
equipment

17.2
18.9
21. 3
21.3
22.3

Total

"

Nonfarm

23. 1
27.2
28.5
23.1
25.8

-3. 1
6.8
10.2
3.1
.4
-1.6
5.8
4.7
1.6
-2. 5
5.9

-2.2
6.0
9. 1
2.1
1. 1
-2. 1
5.5
5.1
.8
-3.6
5.4

Seasonally adjusted annual rates
35.0
18.0
17.0
22.3
36.8
19.9
16.9
23. 5
39.4
21.9
17.5
23.9
41.3
23.5
17.8
26.1
41.1
22.6
18.5
26.5
39.4
21.3
18. 1
26.8
21. 4
40.8
19.3
27.1
40.7
21.3
19.4
29.5

— 1.6
2. 9
7,6
11.5
—. 1
47
11.4
5.3

-2.6
2.0
6. 9
11. 0

* "Other" construction in this series includes petroleum and natural gas well
drUling, which are excluded from estimates on p. 19.




Change in business
inventories

Fixed investment

2as

*""""» O

43
11. 0
5.0

NOTE.—Eevised series beginning 1957* For details, see Survey of CurrentBusiness, July 1960.
Source: Department of Commerce.

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The April-May survey of business expenditures on plant and equipment tended to confirm the earlier anticipation of
increases in the first and second quarters. This survey indicated a continued advance in the third quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

10

10

1954
V SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION. AND DEPARTMENT OF COMMERCE.

F gCONOMlC ADWSHff

[Billions of dollars]
, . . „ • . .-Manufacturing
Period

1950
1951
1952
1953
1954.
1955
1956
1957
1958
1959.
19603

-.

1958: Third quarter
Fourth quarter
". _
1959: First quarter.
Second quarter.,
Third quarter
. ..
..
Fourth quarter
1960: First quarter 8
Second quarter « „ .
Third quarter8
1
2 Excludes

Total »

Total

20. 60
25.64
26. 49
28.32
26.83
2&70
35.08
36.96
30.53
32.54
36.85

7. 49
10. 85
11.63
11.91
11.04
11.44
14.95
15. 96
11.43
12.07
14. 90

29. 61
29. 97
30.60
32. 50

10. 86
10. 58
11. 20
11.80
12.25
12.85
14. 10
14.8
15. 1

sa 35

33. 60
35. 15
37.0
37.5

Durable NonduraRailroads Other
goods
blegoods
3. 14
1.21
4.36
0. 71
1.11
5. 17
1.49
.93
5.68
1. 47
6.02
1. 50
5.61
.98
1,40
5.65
1. 56
6.26
.99
1.31
1.51
5.09
.85
5.95
.98
5.44
.92 , 1. .60
6.00
.96
7.62
1.24
7.33
1. 23
1. 71
a 02
1.40
1.77
7.94
1.24
5.47
.94
5.96
. 75 1.50
2.02
5.77
6.29
.99
.92
1.06 ^2. 14
7.47
1.07
7.43
Seasonally adjusted annual rates
1. 29
5. 16
5. 70
0. 88
0. 63
5.72
L 62
4.86
. 58
. 97
5.25
5.95
.65
1.70
.95
LOO
5.75
2. 10
6.05
. €5
5.85
1. BO
2. 15
6.40
1.00
6. 15
1.05
2. 15
6.70
.85
2.00
7.15
1.00
1.00
6.95
2.4
7.3
7.5
1. 1
1. 1
1. 2
2. 3
7.6
7.6
1. 1

agriculture.
Commercial and other includes trade, service, finance, communications, and
construction,
' Estimates based on anticipated capital expenditures as reported by business
tn late April and May 1960. Includes adjustments when necessary for systematic tendencies in. anticipatory data.

10



Transportation
Mining

Public
utilities

Commercial and
other *

3.31
3.66
3.89
4.55
4.22
4.31
490
6.20
6.09
5.67
5.85

9.47
11. 05
10.40
9.81
10.88
11.82

6. 10
6.26
5.80
5.80
5.60
5. 50
5.75
5.8
5.9

9. 85
9.96
10.35
10. 85
11. 05
11.20
11. 35
11. 9
12.0

6.78
7.24
7.09

a oo
a 23

NOTE.—Quarterly anticipated data are rounded to nearest $100 million; be*
ginning 1959 all other quarterly data rounded to nearest $50 million.
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average 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 Commission and Department of Commerce.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Total employment increased by 110,000 in July and unemployment declined 400,000.
*
rate of unemployment at 5.4 percent of the labor force was about the same as in June.

The seasonally adjusted

MILLIONS OF PERSONS-*/

MILLIONS OF PERSONS-*/

8O

60

55

I960
. 14 YEARS OF AGE AND OVER.

SOURCE: DEPARTMENT OF LABOR.

Period

New definitions: 1
1953
1954
1955
1956
1957
_
1958_1959
1959: June
July
August
September
October
.
November
December
1960: January
February
March
-- _
April
May
June .
July

COUNCIL OF ECONOMIC ADVISERS

Total
Unemployment l
Civilian employment l
Insured unemployment 2
labor
Civilian
All pro% of civilian
State proforce (inlabor
Agricul- Nonagri- Number labor force
grams
grams as
cluding
Total
force *
cultural
tural
armedl
Unad- Seas, (thousands % of covered
3
forces)
justed adj. of persons) employment
Thousands of persons 14 years of age and over
67, 362
67, 818
68, 896
70, 387
70, 744
71, 284
71, 946
73, 862
73, 875
73, 204
72, 109
72, 629
71, 839
71, 808
70, 689
70, 970
70, 993
72, 331
73, 171
75, 499
75, 215

63, 815
64, 468
65, 848
67, 530
67, 946
68, 647
69, 394
71, 324
71, 338
70, 667
69, 577
70, 103
69, 310
69, 276
68, 168
68, 449
68, 473
69, 819
70, 667
73, 002
72, 706

61, 945
60, 890
62, 944
64, 708
65, Oil
63, 966
65, 581
67, 342
67, 594
67, 241
66, 347
66, 831
65, 640
65, 699
64, 020
64, 520
64, 267
66, 159
67, 208
68, 579
68, 689

6,555
6,495
6,718
6. 572
6,222
5,844
5,836
7,231
6,825
6,357
6,242
6, 124
5,601
4,811
4,611
4, 619
4,565
5,393
5,837
6,856
6,885

i See Employment and Earnings, Department of Labor, for definitions, methods
of estimation, periods to which data pertain, etc.
a Weekly averages. Beginning January 1959, includes Alaska and Hawaii.
»Includes program for Federal employees for 1955-June 1959.




55, 390
54, 395
56, 225
58, 135
58, 789
58, 122
59, 745
60, 111
60, 769
60, 884
60, 105
60, 707
60, 040
60, 888
59, 409
59, 901
59, 702
60, 765
61, 371
61, 722
61, 805

1,870
3,578
2, 904
2,822
2, 936
4,681
3,813
3,982
3,744
3,426
3,230
3,272
3,670
3,577
4, 149
3,931
4,206
3,660
3,459
4,423
4,017

2.9
5.6
4.4
4. 2
4.3
6.8
5.5
5.6
5.2
4.8
4.6
4.7
5.3
5.2
6. 1
5.7
6. 1
5.2
4.9
6. 1
5. 5

5.1
5. 1
5.4
5.6
6. 0
5.9
5.5
5.2
4.8
5.4
5.0
4.9
5.5
5.4

1,058
2. 039
l", 388
1, 312
1,560
2,758
1,856
1,414
1,477
1, 451
1,370
1,479
1,853
2,008
2,359
2,326
2, 370
2,078
1,801
1,700
« 1, 825

2.8
5.2
3.4
3. 1
3.5
6. 1
44
3.4
3. 5
3. 4
3. 1
3. 4
4. 4
4. 8
5.6
5. 5
5. 7
4.9
4.3
4.0
* 4. 3

4

Preliminary estimate.
NOTE.—Beginning January 1960, labor force data include Alaska and Hawaii.
Sources: Department of Labor and Council of Economic Advisers.

11

NQMAORICUIjTURAL
the number of employees on the payrolls of nonagriculfural establishments, seasonally adjusted, increased slightly in
Ju|y. Reductions in manufacturing industries were offset by increases in construction arid other industries.
MIL LIONSOFWAGE
••.. '
... ANP SALARY WORKERS *
56

,

MILLIONS OF WAGE
AND SALARY WORKERS *

r

20

ALL NONAGRICULTURAL ESTABLISHMENTS

MANUFACTURING

54

18
.p—

52 ———N
.

T TAL

"^

16

^"^S

"
°
!V^_^-iST*^>N^"1
-

<*

4

*

50

h
~
^
48

DURABLE
GOODS
INDUSTRIES

10
^*^

46

8
i t i t i 4 t it i i

44
195?

1958

1959

6

** • »
- • » .

'

^HH^.
1 1 1 1 1 t I1 1 1 I

1958

1959

I960

12.0

CONTRACT CONSTRUCTION
(ENLARGED SCALE )

WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)

3.0

2.5

'^».^.^- ***********

-———"T-t 1 1 Ii » V
. . . I
.....

I95T

1960

3.5

NONDURABLE
GOODS
INDUSTRIES.

11.5

^X

r^~"1-^

V
V-

...

\

2.0

II. 0

^

^-^V-H

10.5

1.5 r\l t i l i l l l l t
1957

10.0
1958

1959

I960

1957

1958

1959

I960

BUI.
*SE ASONALLY ADJUST ED DATA.EXCLUDIN6 ALASKA AND HAY

souriCEI DEPARTMENT OF LABOR.

COUNCIL (DF ECONOMIC ADVISERS

(Thousands of wage and salary workers
Total,
Private nonmanufacturing
Manufacturing
Total
Total
unadincluding excluding
justed,
Contract
Period
Alaska
excluding Alaska
Durable Nondura- Total2 construc- Wholesale
and retail
Total
and
and
goods ble goods
Alaska and Hawaii
trade
tion
Hawaii
Hawaii
2,622
10, 527
17, 238
10, 105
7, 133 25, 798
1953
49, 681
49, 681
10,520
9, 122
2,593
1954_
15, 995
6,873 25, 685
48, 481
48, 431
10, 846
9, 549
7, 014 26, 579
16, 563
1955
2,759
60, 056
50, 056
11, 221
2,929
27, 586
9,835
16, 903
7,068
1956
61, 766
51, 766
11, 302
9,821
2,808
16, 782
6,961 27, 754
1957
52, 162
5%, 162
11, 141
2,648
8,743
15, 468
6,725 27, 182
50, 543
1958
50, 548
11, 385
2,767
9,290
6,878 27, 680
16, 168
1959
51, 975
51, 975
52, 205
Seasonally adjusted
11, 425
2, 799
t>,954 27, 804
V, 573
16, 527
52, 407
52, 580
1959: June
11, 465
2,800
9, 635
6, 945 27, 895
16, 580
July
.
. 52, S4S
52, 558
2, 814
11, 529
9, 094
6,943 27, 855
16, 037
52, 023
August . 52, 066
11, 464
2,776
9, 214
6, 927 27, 792
16, 141
52, 154
September. 52, 648
2,762
11, 478
9, 129
16, 022
6,893 27, 763
52, 002
October ..' 52, 569
11,452
2,m
9, 266
6,908 27, 846
16, 174
November- 52, 793
52, 253
52, 479
11, 486
2, 800
9, 542
6,894 27, 931
16, 436
52, 674
December. 53, 756
52, 902
11. 594
2, 775
16, 562
9, 655
6,907 28, 028
52, 880
1960: January... 52, 078
53, 108
11, 627
2, 781
9,667
6, 900 28, 090
16, 567
52, 972
February.. 52,060
53,201
11, 595
2, 601
6, 906 27, 815
March.
16, 509
9,603
52, 823
52, 172
53, d52
2,752
11, 652
9, 552
6,975 28, 086
16, 527
April
. 52, 844
53, 128
53, 362
2, 783
11, 675
9, 537
7, 003 28, 156
16, 540
May 3
53, 105
52, 957
53, 344
11,695
2, 796
9,494
6, 995 28, 209
16, 489
53, 114
June3
53, 362
53, 284
2,862
11,731
9,444
6, 973 28, 321
16, 417
53, 133
Julv _..__ 52, 910
53, 395
» Includes all full- and part-time wage and salary workers in nonagricultural
estahlishments 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
persons, and domestic servants; which count persons as employed when they




Government
(Federal,
State,
local)
6,645
6,751
6, 914
7,277
7,626
7,893
8,127

8, 076
8,083
8, 13i
8, 221
8, 217
8,233
8,307
8,290
8,315
8, 499
8, 515
8, 409
8, 416
8, 395

are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates to this table are based on reports
from employing establishments.
.
,
xil. .
A
2 Includes mining; transportation and public utilities; finance, insurance, and
real estate; and service and miscellaneous, not shown separately,
* Preliminary estimates,
g011Pfie. iWartment of Labor

AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average factory workweek declined to 39.8 hours in July.

Such a reduction is usual at this time of year.

HOURS PER WEEK
46
NONDURABLE MANUFACTURING

HOURS PER WEEK
46 f

DURABLE MANUFACTURING

44
42

4E

40

40

38

38

36

36

34

34

1957

1958

1959

1958

1959

i960

i I I I ,i J i
1958

1957

I960

1959

I960

RETAIL TRADE

40
38
36
34

32

32
1957

1957

1958

SOURCE: DEPARTMENT OF LABOR

i \ tti I
COUNCIl OF ECONOMIC ADVISERSi

[Hours per week, for production workers or nonsupervisory employees]
Manufacturing 1
Period

1950
1951
1952
_
1953
_
1954
1955
1956
1957
1958
1959
1959: June
July
August .
« .
September
October
»
November
December
1960: January
_ __
February
March
.
April
_„
May l
_ .. . . ..
June
_
July *
* Preliminary estimates.
Not available.

3

59578°—60-




Durable
goods

Total

:

_
'

__ •
'„
-_-

40. 5
40 7
40. 7
40. 5
39. 7
40. 7
40. 4
39.8
39 2
40. 3
40. 7
40. 2
40. 5
40. 3
40. 3
39 9
40 6
40 3
39 8
39. 7
39.3
39. 9
40.0
39. 8

41 2
41 6
41.5
41. 3
40. 2
41. 4
41. 1
40. 3
39 5
40 8
41. 4
40 5
40 8
40 8
40. 9
40 1
41 1
41 0
40 4
40. 3
39.9
40. 4
40. 4
40. 1

Building
Nondurable construction
goods

39 7
39 5
39. 6
39. 5
39. 0
39. 8
39 5
39 1
38 8
39 6
39 8
39 8
40 1
39 8
39. 5
39 6
39 8
39 4
39 0
38. 8
38 6
39 3
39 5
39. 4

T»_4._ *1
net a ii
trade

36 3
37 2
38 1
37 0
36 2
36 2
36 4
36 1
35 7
35 8
36 8
36 3
36 9
35 8
36 0
34. 8
36 1
34. 6
34. 3
34 2
35 9
35 9
363

«

40 5
40 2
39 9
39 2
39 1
39 0
38. 6
38 1
38 1
38 1

38 3
38 8
38 fi
38 1

37 7
07 K
3JR 9,
37 4.
37 A.

(2)

37
37
37
37

4
7
4
8

NOTE.-—Data exclude Alaska and Hawaii
Source: Department of Labor.

13

AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing industries were $2.29 in July.,-.unchanged from June.
DOLLARS PER HOUR

DOLLARS PER HOUR

3.40

2.40

3.20

2.20

3.00

2.00

2.80

1957

1957

2.20

2.00

NONDURABLE MANUFACTURING

RETAIL TRADE

1959 PRICES

1.80

^CURRENT PRICES
.
CURRENT PRICES

1.80

1.60

1.40
1957

1958.

1959

I960

1957

1959

1958

I960
I Of" ECONOMIC ADVISER?

SOURCE: DEPARTMENT OF LABOR.

[For production workers or nonsupervisory employees]
All manufacturing
Period

1950
1951
—
1952
.
1953
1954
1955
_
1956
1957
1958
1959..
1959: June
July
August
September
October .
November
December..
1960: January
.February.
March. .»
April. .....
May 2
June2
July

Durable goods
manufacturing




Building
construction

Retail trade

Current
prices

1959
prices *

Current
1959
prices prices *

Current
prices

1959
prices l

Current
prices

1959
prices l

Current
prices

$1. 465
1.59
.
1.67
1.77
1.81
_ 1.88
1.98
2.07
2. 13
.. 2.22
2.24
2. 23
2. 19
.
2.22
„_•
2.21
.
2.23
2.27
2.29
«- -_ .
2. 29
2. 29
„• .
2. 28
2.29
2.29
...... 2. 29

$1. 776
1.78
1. 83
1.93
1.97
2.05
2. 12
2. 15
2. 15
2.22
2.24
2. 23
2. 19
2.21
2. 19
2.21
2.25
2. 28
2.27
2.27
2.25
2.26
2.26
(3)

$1. 537
1.67
1. 77
1.87
1.92
2.01
2.10
2.20
2.28
2.38
2.40
2.39
2.35
2.37
2. 36
2. 38
2.43
2.46
2.45
2. 45
2.44
2.44
2.45
2.44

$1. 863
1.87
1.94
2.04
2.08
2. 19
2.25
2.28
2.30
2.38
2.40
2.39
2.35
2. 36
2.34
2.36
2. 41
2. 45
2.43
2.43
2.41
2.41
2.41
(3)

$1. 378
1.48
1.54
1.61
1.66
1.71
1.80
1.88
1.94
2.01
2.00
2.01
2.00
2.03
2.02
2.03
2.04
2. 05
2. 05
2.06
2.06
2.07
2.08
2.08

$1. 670
1.66
1.69
1.75
1.80
1.86
1.93
1.95
1. 96
2.01
2.00
2.01
2.00
2.02
2.01
2.01
2.03
2.04
2. 03
2.04
2.03
2.04
2.05
(3)

$2. 031
2. 19
2. 31
2.48
2.60
2.66
2.80
2.96
3. 10
3.22
3.17
3.20
3.23
3.26
3.27
3.28
3.30
3.32
3. 33
3.38
3.32
3.34
3.33
(s)

$2. 462
2.46
2.54
2.70
2.82
2. 89
3.00
3.07
3. 13
3.22
3.17
3.19
3.22
3.24
3. 25
3. 25
3.28
3.30
3.30
3.35
3.28
3.29
3.28
(3)

$1. 176
1.26
1. 32
1.40
1.45
1.50
1.57
1.64
1.70
1.76
1.77
1.77
1.77
1.78
1.78
1.77
1.73
1.79
1.79
1.79
1.79
1. 81
1.82
(*)

i Earnings in current prices divided by consumer price index on a 1959 base.
*Preliminary estimates.
'Not available.

14

Nondurable goods
manufacturing

NOTE.—Data exclude Alaska and Hawaii.
Source; Department ol Labor.

1959
prices *
$1. 425
1.41
1.45
1.53
1.57
1.63
1.68
1.70
1.72
1.76
1.77
1.77
1.77
1.77
1.77
1.76
1.72
1.78
1.78
1.77
1.77
1.79
1.79
(8)

AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings of production workers in manufacturing industries were $?1.14 in July, slightly lower than
in June because of the reduced workweek.
DOLLARS PER WEEK
110

DOLLARS PER WEEK

100

120

130

100

I960
80

NONDURABLE MANUFACTURING

RETAIL TRADE

70
^•1959 PRICES

60

1957

I960

^CURRENT PRICES

1957

1959

1958

I960

COUNCIL OF ECONOMIC ADVIS&tS

SOURCE: DEPARTMENT OF LABOR.

[For production workers or nonsupervisory employees]

Current
1959
prices prices l

Durable goods
manufacturing
Current
1959
prices prices 1

Building
Nondurable goods
construction
manufacturing
1959
1959
Current
Current
prices prices * prices prices 1

$59. 33
64. 71
67.97
71. 69
71.86
76.52
79.99
82. 39
83. 50
89.47
91. 17
89. 65
88.70
89. 47
89. 06
88.98
92. 16
92. 29
91. 14
90. 91
89.60
91.37
91. 60
91. 14

$63. 32
69. 47
73. 46
77. 23
77. 18
83.21
86. 31
88. 66
90. 06
97. 10
99. 36
96. 80
95.88
96. 70
96. 52
95. 44
99. 87
100. 86
98. 98
98. 74
97.36
98. 58
98. 98
97. 84

$54. 71
58. 46
60.98
63. 60
64. 74
6a06
71. 10
73. 51
75. 27
79. 60
79. 60
80.00
80. 20
80. 79
79.79
80.39
81. 19
80. 77
79. 95
79. 93
79. 52
81. 35
82. 16
81. 95

All manufacturing
Period
1950—
_
1951_.
___ .
1952
1953..—
1954 . _
1955
_.
1956.
1957
1958
1959
1959: June
JulyAugust
September
October
..
November
December
I960: January
February
March
April
May
„__
Junea2
.
July ._

$71. 92
72. 63
74.61
78. 09
78.02
83.26
85. 73
85. 38
84. 26
89. 47
91.26
89. 47
88. 52
89.02
88.44
88.27
91.52
91. 74
90.42
90. 10
88. 45
90. 11
90.25
(3)

i Earnings in current prices divided by consumer price index on a 1959 base.
* Preliminary estimates.
»Not available.




$76. 75
77. 97
80. 64
84. 13
83. 80
90.54
92. 51
91. 88
90.88
97. 10
99. 46
96. 61
95.69
96. 22
95.85
94.68
99. 18
100. 26
98. 19
97. 86
96. 11
97.22
97. 52
(3)

$66. 32
65.61
66.94
69.28
70. 29
74.06
76.21
76.18
75.95
79.60
79.68
79.84
80.04
80. 39
79.24
79.75
80. 63
80. 29
79. 32
79. 22
78. 50
80. 23
80. 95
(3)

$73. 73
81.47
88. 01
91.76
94. 12
96.29
101. 92
106. 86
110. 67
115. 28
116. 66
116. 16
119. 19
116. 71
117. 72
114. 14
119. 13
11487
114.22
115. 60
119. 19
119. 91
120. 88
(3)

$89. 37
91.44
96.61
99. 96
102. 19
104. 78
109. 24
110. 74
111.68
115. 28
116. 78
115. 93
118. 95
116. 13
116. 90
113. 23
118.30
114. 18
113.31
11457
117. 66
118. 25
119. 09
(3)

Retail trade
1959
Current
prices prices *
$47. 63
50.65
52.67
54. 88
56. 70
58. 50
60. 60
62.48
64 77
67. 06
67. 79
68. 68
68.32
67.82
67. 11
66.38
66. 09
66. 95
66. 95
66.95
67.48
67. 69
68.80
(3)

$57. 73
56. 85
57. 82
59.78
61.56
63. 66
6495
64 75
65.36
67.06
67. 86
68. 54
68. 18
67.48
66. 64
65.85
65. 63
66.55
66. 42
66. 35
66. 61
66.76
67. 78
(3)

NOTE.—Data exclude Alaska and Hawaii
Source: Department of Labor.

15

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
In July, the industrial production index (seasonally adjusted) was unchanged from the June level.

INDEX, 1957-100 (SEASONALLY ADJUSTED)

INDEX, 1957*100 (SEASONALLY ADJUSTED]
130

130

TOTAL

120

100

90

80
1957

1958

I960

1959

120

100

90

90

80

80

1957
1958
1959
I960
SOURCE: BOARD OF OOVIRNORS OF'THE FEDERAL RESERVE SYSTEM.

Period

1950
1951
1952.
1953
1954
1955
„
1956
1957
1958
1959
1959: June
July
August
September
.
October
November. . . .
...
...
December. ,
1960: January
February
March
April
. .
May
June ,„..„„..„„_„.
July i
* Preliminary.

16



Total
industrial
production
75
81
84
91
85
96
99
100
93
105
110
108
104
103
102
103
109
111
110
109
109
110
109
109

1959

1957

[1957—100, seasonally adjusted)
Industry
Manufacturing
Mining Utilities
NonTotal Durable durable
76
82
85
92
86
97
100
100
92
105
110
108
104
104
102
102
109
112
110
110
109
110
110
110

71
80
85
96
85
98
100
100
87
102
110
105
98
97
96
96
107
111
109
108
106
107
105
105

1960

. COUNCIL OF 'ECONOMIC ADVISEES '

79
82
83
87
87
95
99
100
100
110
111
113
113
113
111
111
112
113
112
112
113
115
116
116

80
87
87
89
86
95
100
100
91
95
98
94
91
91
91
96
98
98
96
95
98
97
96
97

53
60
65
71
77
85
94
100
105
115
116
116
116
117
117
118
120
120
121
124
124
123

m

125

Market
Final products
ConTotal
sumer Equipment
goods
74
79
85
91
87
95
99
100
95
107
108
109
109
109
109
106
109
112

no

110
111
113
112
112

82
81
83
88
87
97
99
100
99
110
111
112
112
112
112
109
113
116
113
113
115
117
116
116

54
75
90
96
85
91
99
100
87
100
102
104
103
103
103
101
102
103
102
104
102
105
104
104

Source: Board of Governors of tne Federal Reserve System.

Materials
75
82
83
91
84
97
100
100
91
104
110
106
98
99
97
100
109
110
109
108
108
108
107
107

PRODUCTION OF SELECTED MANUFACTURES
In July/ most manufactures showed little or no change in production.
INDEX, 1957• 100 (SEASONALLY ADJUSTED)

INDEX, 1957«100 (SEASONALLY ADJUSTED)

160

140

140

12Q>

1957

I960

140

120

CHEMICALS, PETROLEUM,
AND RUBBER

100
100

FOODS, BEVERAGES,
AND TOBACCO

80
1 111111}4

80
1957

1

1958

1959

1957

I960

1959

1958

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1 \ 1 1 1 || li 1 1

I960

CqUNCa OF fptiJNQMi; ADVISERS

[1957=100, seasonally adjusted]
Durable manufactures
Period

1950
1951
_.
1952
.
1953
1954
1955
_.
1956..
1957
1958
1959.
1959: June
July.
August
.
.
September
October..
November
December
.
_.
1960: January
_. .
February _ _
.
March
April
May..
- ..
.
June 1 .
....
July
i Preliminary.
* Not available.




Nondurable manufactures

FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
Primary
cated Machin- tation
and
beverapparel, and
petrometal
equipmetals
ery
and
prodprint- leum, and ages, and
products
leather
ment
ucts
ing
rubber tobacco
89
97
89
100
81
106
104
100
78
90
118
81
47
45
44
79
114
115
110
106
99
94
87
83

84
90
88
99
89
97
97
100
92
104
112
111
106
106
99
95 ;

105
109
108
107
104
108
109
110

70
80
88
96
84
93
103
100
85
103
107
108
107
1Q8
107
104
108
110
108
108
107
109
108
109

53
59
69
86
79
96
92
100
84
98
105
106
102
98
98
79
93
108
107
104
102
106
102
100

103
102
101
107
104
114
110
100
100
113
112
117
114
113
111
112
115
115
115
110
114
111
111
(2)

92
90
92
94
90
98
101
100
99
115
119
120
117
116
115
116
117
116
114
115
116
119
118
119

78
81
79
85
87
95
99
100
99
108
107
109
110
111
110
109
111
111
110
110
110
112
112
111

Source: Board of Governors ol the Federal Reserve System.

65
72
75
80
79
92
96
100
99
113
115
117
116
117
115
114
115
116
115
116
118
119
122
124

87
88
90
91
93
96
100
100

103

107
106
106
108
108
106
107
108
109
107
108
109
110
109
109

WEEKLY INDICATORS OF PRODUCTION
Auto assemblies reflected the early model-changeover

Most weekly indicators of production declined in July,
period.
MILLIONS OF TONS

MILLIONS OF SHORT TONS (DAILY AVERAGE}

1 . , , I , , , -I , , , , I , , , I , , , I , , , , I , , , 1 , , , I , •, , , I , , , I

13

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

Period
Weekly average:
1956
1957
1958
1959
1959: June
July.
._ .
August
September
October
November
December
1960: January
February
March-.
April
Mav-t *
June 3
July ..
Week ended:
1960: July
9
16
23
30
August 6 33
IS ...
203.__

Electric Bituminous Freight Paperboard
Cars and trucks
Steel produced 1
power
coal mined
produced
loaded
Index
Thousands
distributed (thousands (thousands (thousands assembled (thousands)
of net (1947-49 = (millions of
of short
Total
Cars Trucks
of tons)
of cars)
100)
tons
kilowatt-hours) tons) 2
2,204
2, 162
1,635
1,792
2, 543
1, 184
325
359
885
1,694
2,713
2, 720
2, 688
2, 611
2,279
1,993
1,726
1, 435

137.2
134. 6
101.8
111. 6
158.3
73.7
20.2
22.3
24. 0
105. 5
168. 9
169. 3
167.3
162. 5
141. 9
124. 1
107. 5
89. 4

11,292
11,873
12,314
13, 229
13, 402
13, 479
13, 859
13, 152
12, 922
13,318
13, 828
14, 345
14, 122
14, 027
13,318
13, 382
13, 883
14, 102

1,693
1,644
1,380
1,374
1,519
1, 249
1, 150
1,295
1,286
1, 505
1, 553
1, 444
1,387
1,439
1,368
1,411
1,494
1,261

728
683
581
596
703
558
542
553
584
601
572
597
573
580
622
640
613
574

274
272
275
308
319
275
327
316
329
321
284
287
321
318
310
315
313
264

132. 8
138. 6
98.4
129.5
154.7
145. 6
70.8
78.6
137.7
72. 4
117.7
201.8
187.8
171.5
163.8
174, 3
156. 4
123. 0

111.6
117. 6
81.6
107.6
127.2
121.2
57.8
60. 3
116. 6
60. 7
101.8
171.3
157. 4
143. 1
137. 3
146.3
131. 8
103.5

21. 2
21. 0
16.8
21.9
27.5
24. 4
13. 1
18.4
21. 1
11.7
15. 8
30.5
30.3
28.4
26. 5
28.0
24. 6
19.5

1, 203
1,476
1, 550
1, 520
1, 537
1, 525
4
1, 589

74.9
91.9
96.5
94. 6
95. 7
94. 9
98.9

13, 031
14, 208
14, 425
14, 746
14, 709

776
1,224
1,321
1,372
4
1, 307

456
607
620
614
594

175
248
310
324
320
314

104.8
125. 3
132. 9
128.9
117. 4
97.8

89.8
105. 1
112.2
107.0
103.5
84.2

15.0
20. 2
20.7
21.9
13. 9
13. 6

1
Weekly capacities (net tons) as of January 1 are: 2,455,300 (1956), 2,559,631
.(1957), 2,699,320 (1958), 2,831,486 (1959), and 2,841,832 (1960).
a Daily average,
a Preliminary.
* Not charted.

18



COUNCIL OF ECONOMIC ADVISERS

Sources: American Iron and Steel Institute, Edison Electric Institute, Depart*
ment of the Interior, Association of American Eailroads, National Paperboard
Association, and Ward's Automotive Reports.

NEW CONSTRUCTIO1J
Expenditures for private construction (seasonally adjusted) rose somewhat during July; while outlays for public con*
struct ion declined.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

60

u-TOTAL NEW CONSTRUCTION

T.I t i i t f f t i t t ! t r r i i I t i f i i I f i 1.1.1 f i t i i i I i i ii-t f i i i i t t M i i i I i-i M i (•( i i-f I 1 i i i - f -I t t r I f i I i I ( i ill

1954

1960

« SEE NOTE IN TABLE BEUDW.
SOURCE: DEPARTMENT OF COMMERCE.

cburtai & ecONOMic ADVISERS
[Billions of dollars]
Total new
construction

Period
1952...

1953

1954..
1955

....:.:::

1956
1957
1958
1959

Private
Total
private

347
37.0
39.4
44. 2
45.8
47.8
48.9
56.1

23.9
25.8
27.7
32.4
33.1
33.8
33.5
39.8

57.9
57. 8
57.3
55.6
547
543
55.4
547
549
544
544
55.8
55.6
55.5

40. 8
41.3
41. 4
40. 5
39.8
39.6
40. 1
39.9
39.7
39.3
39.0
39. 5
39.8
40.0

Residential
(nonfarm)

12. 8
13.8
15.4
1R7
17.7
17.0
18.0
24. 5

Other

11.0
12.0
12.3
13.7
15.4
16.8
15.4
15.4

Federal,
State, and
local

Construction contracts *

10.8
11.2
11.7
11.7
12.7
140
15.4
16.3

16.8
17. 4
19.8
2a7
8
24 6
25.3

48 States 2

31.6
32. 2
35. 4
36.5

37 Eastern
States*

Seasonally adjusted annual rates
1959; June
July
August
September
October
November
December
1960: January..
February
March
April

May..

June
July 4 -

__
:
.
.. .
.
.

.
.

..
.
=

»Compiled by F. W. Dodge Corporation; seasonally adjusted by the National
Bureau of Economic Research. Omits smalj contracts, and covers rural areas less
fully than urban.
3
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.




25.2
25. 4
25.3
25. 0
24 5
24 0
23.9
23. 2
22.5
22.4
22.1
22. 6
23.0
23. 0

15.6
15. 8
16. 1
15. 5
15.3
15.6
16.2
16.6
17.2
16.9
16.9
16,9
16.8
17.0

17.1
16.5
16.0
15.2
149
146
15.3
148
15. 2
15.2
15.4
16.3
15.8
15.5

36.0
37.2
349
37.4
37.2
33. 1
35.1
32.9
340
33.8
37.3
33.9
342

* Preliminary estimates.
NOTE.—Series on new construction revised beginning January 1959; not comparable with prior data.
Sources; Department of Commerce and F. W. Podge Corporation (except as
noted).

19

HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts in June were at an annual rate of 1,334,000 (seasonally adjusted), about the same as in May.
The number of FHA applications and VA appraisal requests fell in July.
'""_illl_"
MILLIONS OF UNITS (ANNUAL RATE)

MILLIONS OP UNITS (ANNUAL RATE)
SEASONALLY ADJUSTED

PRIVATE NONFARM
HOUSING STARTS

1954

I960

SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATIONCFHAJ, AND VETERANS ADMINISTRATION (VA).

| COUNCIL OF ECONOMIC ADVISERS

[Thousands of units]

Period

1954

1QK5

1956
1957
1958
1959
1Q*1Q

1959; March
April
May
June >
July
August
September
October
November
December
I960* January
February
March
April _
May *
June44
July
1

Total housing
starts (farm and
nonfarm)
Total
private
Private
and
public
(2)
(2)
(2)
2
(2)
(2)
()
1, 553. 1
130.7
155.9
156. 0
153.3
149. 7
142. 4
139. 9
..
123.3
106. 5
96.3
„_•
88. 4
90.2
93.3
125. 1
130. 2
129.5
(5)

Nonfarm housing starts

Private
Total
Government farm and Nonfarm
Total
programs
nonfarm
private
VA
FHA
Old series
1, 220. 4 1, 201. 7 276. 3 307. 0
(2)
2
1, 328. 9 1, 309. 5 276.7 392. 9
(2)
1, 118. 1 1, 093. 9 189.3 270.7
(2)
1, 041. 9
992.8 168.4 128.3
(2)
1, 209. 4 1, 141. 5 295.4 102.1
(2)
1, 378. 5 1, 342. 8 332.5 109. 3
()
New series 3
New series 3
332.5 109. 3
1, 516. 8 1, 530. 9 1, 494 6
1, 680
1, 698
9.7
30.0
126.4
129.4
127.7
1, 699
1,618
11.0
33.5
149. 1
1543
150. 7
1,680
1,697
10.3
344
150.8
1543
152.5
1,668
1, 677
11.0
348
146.5
147. 8
152.0
1,646
1,678
10. 6
31.7
145. 1
146. 7
148. 1
1,450
9.9
1,446
31.3
137. 8
142.0
138. 2
1,468
1,609
10.0
29.8
132. 4
136. 0
136.3
1,378
9.4
1, 864
26.8
117. 9
121. 2
120. 0
1,828
1, 866
7.9
20.3
102. 5
1043
104. 7
l, 401
6. 4
20.0
1,461
92. 8
93.5
95. 6
1,291
1, 866
41
15.9
83. 0
84.3
87.1
1,847
1,867
48
17.7
86.5
88. 8
87.9
1, 098
1, 112
5. 2
21.9
89.2
90.2
92.3
1,806
1,825
7.3
25. 4
121. 6
123.3
123. 4
1,817
1, 886
6. 9
25.2
128.4
125. 7
127.5
1,316
7. 7
26. 5
1,884
127. 8
123.5
125. 2
5
7.4
23. 6
(5)
()
(5)
(5)
(5)
Total
private
and
public

Units represented by mortgage applications for new home construction.
* Not available.
»See Homing Storti, C20-11 (Supplement), Bureau of the Census, May 1960, for
description.

20




Private housing
starts, seasonally adjusted annual rates

*
6 Preliminary.

Proposed home
construction
Applica- Requests
tions for for VA
tfHA
appraiscommitals1
ments *
338.6
30&2
197.7
198.8
341.7
369. 7

535.4
620. 8
401.5
159.4
2342
2340

369. 7
38. 9
39. 1
38. 2
60. 2
29.0
25.6
25.5
24 1
16. 1
18.2
16.3
21.1
27.4
22.5
22.4
23.7
19.6

2340
23.2
18.9
20.7
27.2
26.0
21.2
17.9
16.7
12.2
11. 1
11.2
12.9
12.9
13.7
144
15. 2
8. 5

Not available.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).

SALES AND INVENTORIES—MANUFACTURING AND TRADE
Business inventory accumulation tended to slow down appreciably during June while sales leveled off at the May
rate due primarily to a decline in manufacturing. New orders were reduced by $460 million. Preliminary July
estimates of retail sales indicate a drop of 1 percent from June.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
100

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

I960
^MANUFACTURING, RETAIL TRADE, AND WHOLESALE TRADE. ^ .
SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Period

Manufacturing
and trade

Manufacturing

.'COUNCIL OF ECONOMIC ADVISERS*

Wholesale

Retail

InvenInvenInven- New
Sales » tories 2 Sales i tories 2 orders1 Sales i tories 2 Sales l
Billions of dollars, seasonally adjusted

1953
1954
..
..
1955
1956
1957
1958
1959
1959: May
June...
.. .
July
August
September
October
November
December..
.
1960: January
February..
March
April ....May
June 4
July*..

4_a4
47.4
52.3
54.8
56.3
54 0
60.0
61. 5
62.0
61.7
59.6
60.1
59.7
59. 1
60. 9
61.6
62. 2
61.3
62. 6
61.9
61.9

78. 6
75.5
81.7
89. 1
90.7
85. 1
89. 4
88.3
89.3
89.9
89.5
89.2

sa 7

88.4
89. 4
90. 5
91. 4
92.3
92.6
93.2
93.4

24.5
23.5
26.3
27.7
2a 4
26. 2
29. 7
30.7
31. 2
30.9
29.3
29.8
29.4
29.0
30.8
31.1
31.6
30.8
31.0
31.0
30.8

45.4
43.0
46.4
52.3
53.5
49.2
52.4
51.6
52.1
52.2
52. 1
51.9
51. 5
51.6
52.4
53.3
53.9
54.3
54.7
55.0
55. 2

i Monthly average for year and total for month.
* Book value, end of period, seasonally adjusted.
'Book value, end of period, except annual data, which are monthly averages.
'Preliminary estimates.




23.1
22.5
27.2
28.3
27.3
25. 9
30. 1
30.5
31.4
30.8
29.0
30.6
30. 4
29.2
30.7
29.8
30.6
30.3
30. 4
30. 5
30. 1

9.8
9.7
10.6
11.3
11.3
11. 1
12.3
12.5
12.6
12.5
12.2
12.5
12. 0
12.3
12.7
12.4
12. 5
12.2
12.6
12. 4
12.6

10.5
10. 4
11. 4
13.0
12.7
12.0
12. 6
12. 2
12. 4
12.5
12.6
12. 5
12. 5
12.6
12. 6
12.7
12.7
12. 8
12. 9
13. 1
13.0

14. 1
14 1
15.3
15. 8
16.7
16. 7

iao

18.2
18. 2
18.3

ia i

17.8
18.3
17.8
17.5
18.1
18. 1
18.2
18.9
18.5
18.6
18.3

Inventories 2
22.7
22.1
23. 9
23. 9
24 5
24 0
24.3
245
248
25. 1
24.8
248
24 7
24 2
243
245
24 8
25.1
25.0
25.2
25.3

Department stores
InvenSales i
tories1
Index, 1947-49 =100
seasonally adjusted
118
131
118
128
136
128
135
148
152
135
148
136
156
144
152
145
144
155
158
147
144
159
144
160
147
158
160
146
146
161
146
161
142
160
162
138
154
159
141
161
164
145
150

Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.

21

MERCHANDISE EXPORTS AND IMPORTS
Commercial exports were 21 percent higher and imports 3 percent higher in the first 6 months of 1960 than in the corresponding period of 1959.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
2.5

.5

1.0

1.0

.5

.5

I960

4954

COUNCIL Of ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE.

[Millions of dollars]
Merchandise exports
Period
1950 monthly average
1951 monthly average.. . . .
... ...
..
1952 monthly average..,
. . ...»
.
1953 monthly average.
. ....
....
1954 monthly average.
.. .
..
1955 monthly average
.
1956 monthly averaee
..
„.
1957 monthly average
... . . .
...
1958 monthly average.. ... . .
..
1959 monthly average
1959: May
June.... ..
........
........
July

August
...
.
September .....
__
October .
....
..
November
December
.
1 960 : January
.
February
„._
March.
- ..
April .
. . .
Mav —
,t-.
. * .«*jr-•
. June

Total

Grant-aid
shipments l

856
1,253
1, 267
1,314
1,259
1,296
1,591
1,738
1,491
1,464
1,551
1,422
1,468
1, 397
1,479
1,482
1,479
1,674
1,562
1,576
1,751
1,823
1, 792
1,720

1
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



24
89
166
293
188
105
146
113
129
102
140
76
115
97
80
84
102
105
78
79
1-17
115
94
100

Commercial
exports
833
1, 164
1,100
1, 022
1, 071
1,191
1, 444
1,625
I f 362
1,362
1, 410
1, 347
1,353
1, 300
1,399
1,398
1,376
1, 569
1,484
1,497
1,634
1,708
1,698
1,620

Merchandise
imports
738
914
893
906
851
949
1,051
1,082
1, 070
1, 268
1,264
1, 369
1, 248
1,189
1,392
1 202
1, 282
1,478
1, 137
1,288
1, 375
1,257
1,260
1,313

Excess of exports
over imports
Excluding
Total
grant-aid
shipments
119
95
250
339
374
207
116
408
408
220
242
347
540
393
656
543
422
293
196
94
287
147
53
-22
105
220
208
110
7
87
280
196
196
94
92
197
424
347
288
209
376
259
566
451
532
43 8
407
307

Sources: Department o! Commerce and Department of Defense.

PRICES

CONSUMER PRICES

The consumer price index increased a little in June, as the prices of food and a number of other major categories
rose.
INDEX, 1947-49*100

INDEX, 1947-49*100

ISO

ISO

140

130

120

HO

100

100

1954

1955

1959

SOURCE: DEPARTMENT OF LABOR.

I960
COUNCIL OF ECONOMIC ADVISERS

11947-49=100]

1949
.
1950..1951
1952
1953
1954
1955
1956
1957
1958
1959
1959: May
June.......
July
August
September
October.
November .
December _ .
1960: January....
February
_
March
April
May
June
1

Housing

All
Items

Period

....
..
..
.,

_ .

...

Food

101.8
102. 8
111.0
113.5
1144
114.8
114.5
1 16. 2
120.2
123.5
124.6
124. 0
124.5
124.9
124,8
125. 2
125. 5
125. 6
125.5
125. 4
125. 6
125. 7
126.2
126. 3
126u 5

100. 0
101. 2
112.6
114.6
112.8
112.6
110.9
111.7
115.4
120. 3
118. 3
117.7
118. 9
119.4
118.3
118.7
118. 4
117. 9
117. 8
117.6
117.4
117. 7
119.5
119. 7
120. 3

Total'

Rent

103.3
106. 1
112.4
114.6
117. 7
119. 1
120.0
121.7
125.6
127. 7
129. 2
12a8

105.0
108. 8
113. 1
117. 9
124. 1
128. 5
130. 3
132.7
135.2
137. 7
139.7
139.3
139.5
139.6
139. 8
140.0
140. 4
140. 5
140. 8
140. 9
141.0
141.2
141.4
141. 4
141.6

m.9

129. 0
129. 3
129. 7
130. 1
130.4
130. 4
130.7
131.2
131.3
131. 4
131.2
131.3

Includes, in addition to rent, homeowner costs, utilities, housefumisblngs, etc.




Apparel

99.4
9a 1
106.9
105.8
104. 8
104.3
103. 7
105. 5
106. 9
107. 0
107.9
107.3
107.3
107.5
108.0
109. 0
109. 4
109. 4
109.2
107.9
108. 4
108.8
108. 9
108. 9
108.9

Transportation

108.5
111.3
118.4
126. 2
129. 7
128.0
126.4
128. 7
136. 0
140. 5
146. 3
145. 4
145.9
146. 3
146.7
146.4

i4as

149.0
14R7
147.6
147.5
146.5
146. 1
145.6
145.8

Reading Other
and
goods
Medical Personal
and
recreacare
care
tion
services

104.1
106.0
111. 1
117. 2
1213
125.2
128.0
132.6
138.0
144. 6
150. 8
150. 2
150.6
151.0
151.4
152.2
152.5
153. 0
153.2
153.5
1547
155.0
155.5
155.9
156. 1

101. 1
101. 1
110.5
111.8
112. 8
113.4
115. 3
120. 0
124 4
12a 6
131. 2
130. 7
131. 1
131.3
131. 7
132. 1
132. 5
132. 7
132. 9
132. 7
132. 6
132.7
132. 9
133. 2
133. 2

Source: Department of Labor.

104 1
103.4
106.5
107. 0
108. 0
107. 0
106. 6
108. 1
112. 2
116.7
118. 6
117. 8

nai

119. 1
119. 1
119.6
119. 7
120. 0
120.4
120.3
120. 6
120.9
121. 1
121.4
121. 1

103. 4
105.2
109.7
115.4
118. 2
120. 1
120. 2
122.0
125. 5
127.2
129.7
12a4
129.2
130.8
131. 1
131.5
131.6
131. 6
131. 7
131.8
131.8
131.7
131. 9
131.9
132. 0

23

WHOLESALE PRICES
Wholesale prices advanced a little in July as the processed foods index rose 1.1 percent,
declined slightly, and industrial products were again unchanged in price*
INDEX, 1947-49-100

1954

Farm products prices

INDEX. 1947- 49 «100

1955

1956

1957

1958

1959

I960
ECONOMIC ADVISERS

SOURCE". DEPARTMENT OF LABOR

[1947-49=100]
Period
1949...............
1950
1951.
1952
1953.......
1954....
1955
1956
1957....
1958
1959
1959: June
July.
August
September
October
November.....
December
1960: January
February
March
April
..
.
May..
.
June
July . _.
Week ended:1
I960: August 2.
9.
1

Weekly series based on smaller sample than monthly series.

24



All commodities

99.2
103. 1
114.8
111. 6
110. 1
110. 3
110.7
114.3
117.6
119. 2
119.5
119.7
119. 5
119.1
119. 7
119. 1
lia 9

Farm
products

Processed
foods

Other than
farm products
and foods
(industrial)

95. 7
99. 8
111.4
108. 8
104.6
105. 3
101. 7
101. 7
105.6
110.9
107.0
108. 1
107. 5
105.8
107.8
106. 4
1049
104 7
105. 0
105. 7
107.3
106. 8
107.3
107.6

101.3
105. 0
115. 9
113. 2
1140
1145
117. 0
122. 2
125. 6

119. 3
119. 3
120.0
120.0
119.7
119.5
119.7

92.8
97.5
113.4
107.0
97.0
95.6
89.6
88.4
90.9
949
89. 1
89.8
88. 4
87.1
88.9
86.5
85. 4
85.9
86.5
87.0
90. 4
91. 1
90.4
89.0
88.9

ioa 8

128. 8
128. 7
128.6
128.7
128. 2
128.2
128. 2

119.4
119. 4

87.2
87.1

107.9
107.8

128.3
128.3

ii& a

Source: Department of Labor.

isad

128.2
15&2
128. 4
12a4
12a4
12a4

128.6

PRICES RECEIVED AND PAID BY FARMERS
The index of prices received! by farmers increased in the monrh ended July 15.
slightly, the parity ratio advanced one point.

As tlie index of prices paid declined

INDEX, 1910-14 «I

INDEX, 1910-14*100
B85
PRICES PAID, INTEREST, TAXES,
AND WAGE RATES
300

£75

250

250

225

225

200

200

RATIO **

•RATIO &

100

IOO

PARITY RATIO

\ j(

75

75
ill I I I I t I t 1

1954

i i I I ill I I t I

_J_ I .1 t I t I L i t 1

1955

l_i_

I I

J_.t

1956

.1 I I_L

1957

1958

1959

•I7 RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST* TAXES, AND WA6E RATES.
SOURCE*. DEPARTMENT OF AGRICULTURE.

1960
COUNCIl OF ECONOMIC ADVISERS

Prices received by farmers
Period

1950
1951....
1952
1953—
.
1954
1955.
19561957.-.. . . . .
...
1958
.. . . .
..
1959
..
.
1959: June 15
July 15
August 15
.
September 15... .
October 15
November 15...
._„_
December 15 ;
;.
1960: January 15..
February 15
.
March 15
April 15
..
.
May 15 .
June 15
July 15
_

All farm
products

Crops

258
302
288
255
246
232
230
235
250
240
242
241
239
240
235
231
230
232
233
241
242
241
236
238

1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, an& wage rates.
,




233
265
267
240
242
231
235
225
223
221
229
226
220
220
218
217
218
220
218
222
225
228
221
226

Prices paid by farmers
All items,
interest,
Livestock taxes, and Family
Producand
tion
living
wage rates
items
products
items
(parity
index)
Index, 1910-14=100
246
246
280
256
268
282
336
273
274
306
287
271
269
268
277
256
249
270
255
277
234
270
276
251
274
225
250
278
282
244
286
257
273
293
287
264
256
289
298
266
253
288
267
298
297
253
288
266
255
297
288
266
257
288
297
265
250
296
290
264
297
243
291
264
240
297
291
264
290
242
299
265
299
245
289
266
257
300
289
267
257
302
291
268
252
301
291
267
248
299
290
265
290
249
298
263

Parity
ratio l

101
107
100
92
89
84
83
82
85
81
81
81
80
81
79
78
77
78
78
80
80
80
79
80

• Source: Department of Agriculture.

25

CURRENCY, CREDIT; AND SECU^
CURRENCY AND DEPOSITS
The total of demand deposits and currency rose more than seasonally in July.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
END OF MONTH

£50
TOTAL DEPOSITS AND CURRENCY

TOTAL EXCLUDING U.S. GOVERNMENT
DEPOSITS

200

100

100

50

50

1954

1955

1

1956

1957

SOURQE: BOARD OP GOVERNORS or THE FEDERAL RESERVE SYSTEM.

End of period

1953
1954
1955
1956
1957
1958
1959
1959: June
.. .
July
August.....
September
October
November
December
I960: January.
February
March «..
April 4
May*
June 44
July

Total
U.S.
deposits Governand
ment
curdeposits *
rency
205.7
214.8
221.0
226. 4
232. 3
247.5
252.4
245.4
247.6
247.3
24a 5
24a2
247.7
252. 4
247.3
244. 9
2442
247. 1
246.2
247.8
249. 7

4,8
5. 1
4.4
4,5
4.7
49
5.8
5.3
5.6
6.6
7. 1
6.0
5.1
5.8
44
5.3
5.2
5.3
7.7
7.8
7.0




1959

I960
COUNCIL OP ECONOMIC ADVtSERS

[Billions of dollars]
Total excluding U. S. Government deposits
Demand deposits and
currency
Time
Total
Demand Currency
de- 8
Total deposits3 outside
posits
adjusted banks
102. 5
200.9
70.4
28. 1
130.5
27.9
75.3
134.4
106.6
209. 7
138.2
28.3
216. 6
78.4
109.9
28.3
222.0
82.2
139.7
111.4
2a 3
138. 6
110.3
227.7
89. 1
28.7
1442
242.6
9a3
115. 5
29.4
246,6
101.8
1448
115.4
240. 1
28.3
101.0
139. 1
110.7
100.9
141. 1
112. 7
242.0
28. 4
101.2
139. 6
111. 1
28.5
240.8
241. 4
111.4
28.5
101.5
139.8
242.2
101. 1
141. 1
112.7
28.3
242.6
142.2
113. 1
29. 1
100.3
246.6
29. 4
115.4
101.8
1448
101.0
242.9
1140
27. 9
141.9
239.6
101.2
28.0
110.5
138.4
239.0
102.2
28. 1
136.8
108.8
241. 7
139.5
27.9
111.5
102.3
238.5
102. 6
135.9
28. 1
107. 8
240. 0
28.3
108.0
136. 3
103.7
242.7
110. 1
1043
138.4
28.3

*TJ.S. Government deposits at Federal Reserve Banks and commercial and
savings banks, and U.S. Treasurer's time deposits, open account.
»Deposits in commercial banks, mutual savings banks, and Postal Savings
System; excludes interbank deposits.
1
Demand deposits, other than interbank and U.S. Government, less cash
items in process of collection,

26

1958

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

140.9
141. 2
140.9
140.8
140.4
140.1
140.2

140. o

139. 1
1S9.5
139.4
137.6
138. S
138.6

112.6
112.9
112.6
112.4
112.0
111.8
112.0
111.7
110.8
111.1
111.2
109.4
110.1
110. S

28. S
28.8
28. S
28.4
28.4
28. S
28.2
28.3
28.3
28.4
28.2
28.2
28.1
28.2

4
Preliminary estimates.
NOTE.—See Note, p. 27.
Monthly data are for the last Wednesday of the month, except the unadjusted
data for December 1959, which are for the call date.
Source: Board of Governors of tiie Federal Reserve System.

BANK LOANS, INVESTMENTS, AND RESERVES
Commercial bank loans declined $700 million in July, compared to an increase of $1.4 billion in July 1959.
reserves exceeded borrowings at Federal Reserve Banks by abbui the same amount tas In Jurie«

Excess

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ALL COMMERCIAL BANKS
200

£00

TOTAL LOANS AND INVESTMENTS

V
150

150

100

100

INVESTMENTS IN U.S. GOVERNMENT SECURITIES

50

60

INVESTMENTS IN OTHER SECURITIES

_L
1954

1955

1957

1956

1958

1959

i960

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

•COUNOL Of fCONOMIC*AOViSBE$

[Billions of dollars]
All commercial banks
End of period

1952
1953.
1954
1955
1956
1957....
1958 to
1959
1959: June
..
July
August
September.
October.. . „
November. . . .
December. .
1960: January
February
March*.
April* ..
May*
June *...
July*

Total loans
and investments

141.6
145.7
155.9
160.9
165.1
170. 1
185.2
190.3
185.9
187.7
188.2
187.8
188. 4
18& 3
190.3
187.8
186.5
185.7
188.8
188.6
188. 8
190.8

Loans

64.2
67.6
70.6
82.6
90.3
93.9
98.2
110. 8
104.5
105.9
107.4
107.8
108.2
109. 5
110.8
109.6
110.3
111.4
113.0
113.6
114.8
114. 1

Total

77.5
78. 1
85.3
78.3
748
76.2
87.0
79.4
81. 5
81.7
80.8
80.0
80.2

7a s

79.4
78.2
76. 3
743
75.9
75.0
740
76. 6

Investments
U. S. GovOther
ernment
securities securities
63.3
14 1
63.4
147
69.0
16.3
16.7
61. 6
58.6
16.3
sa2
17.9
20. 6
66.4
58.9
20.5
60.9
20.6
61. 1
20.6
60.3
20.5
59.2
20.7
20.6
59.6
5a 5
20. 3
58.9
20.5
sao
20.3
56. 2
20. 1
542
20. 1
55. 8
20.0
55. 1
19.8
54 1
19. 9
56.6
20.0

i Member banks include, besides all national banks, those State banks that
have taken membership in the Federal Reserve System.
3
Commercial and industrial loans and, prior to 1956, agricultural loans. Series
revised beginning January 1952, October 1955, July 1958, and Tuly 1959.
* Averages of daily figures on balances and borrowings during the period.
' Preliminary estimates.




Weekly
AH member banks l
reporting
Borrowmember
Reserve balances 8 ings at
banks J
Federal
Business Required Excess Reserve
Banks 3
loans *
8
0.7
0.8
19.6
23. 4
.7
.8
19.3
23. 4
22.4
ias
.8
.1
3
.6
.6
26. 7
ias
18.4
.6
30.8
.8
.5
31.8
18.5
.8
*31. 7
.6
iai
.3
8
30. 5
ia2
.8
•4
32.9
.4
18. 0
.9
.4
* 28.6
ias
1.0
29.0
.5
1.0
iai
.4
18.2
.9
29.5
ia2
29.5
.4
.9
29.9
.4
la 2
.9
30.5
.5
18.5
.9
29.9
18.3
.5
.9
30.2
17.8
.5
.8
31.0
17.6
.4
.6
30.9
17.7
.4
.6
31.2
17.8
.5
.5
31.6
17.8
.5
.4
31.0
18.0
.5
.4

NOTE.—Between January and August 1959, these series (except that for weekly
reporting member banks) were expanded to include data for all banks in Alaska
and Hawaii.
Source: Board of Governors of the Federal Reserve System.

27

CONSUMER CREDIT
Consumer credit outstanding rose about $650 million in June, compared to about $900 million in June 1959,
BILLIONS OF DOLLARS
60

BILLIONS OF DOLLARS

TOTAL CREDIT OUTSTANDING

1954

1

1955

1

1956

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

End of period

1950
1951
1£52_
..
.
1953
1954
1955
i
1956
1957
1958
1959
1959: May.,
June. .
.
July „
August
September.
October
November.
December.
1960: January
February..
March
April
May
June

Total
consumer
credit
outstanding

21, 471
22, 712
27, 520
31, 393
32, 464
38, 882
42,511
45, 286
45, 586
52, 046
46, 603
47, 522
48, 047
48, 841
49, 350
49, 872
50, 379
52, 046
51, 356
51, 021
51, 162
52, 169
52, 831
53, 497

[Millions of dollars]
Instalment credit outstanding
Total

Automobile
paper *

14, 703
15, 294
19, 403
23, 005
23, 568
28, 958
31, 897
34, 183
34, 080
39, 482
35, 357
36, 135
36, 757
37, 510
37, 962
38, 421
38,723
39,482
39, 358
39, 408
39, 648
40, 265
40, 740
41, 362

6, 074
5,972
7,733
9,835
9, 809
13, 472
14, 459
15, 409
14, 237
16, 590
15, 128
15, 566
15, 923
16, 288
16, 470
16, 659
16, 669
16, 590
16, 568
16, 677
16, 876
17, 218
17, 481
17, 807

Other
Repair and
consumer moderni- Personal
zation
goods1
loans
paper
loans 2

4, 799
4, 880
6, 174
6, 779
6,751
7,634
8,580
8,782
8,923
10, 243
8, 887
9, 040
9, 134
9,289
9,390
9,534
9,687
10, 243
10, 129
9, 997
9,940
10, 022
10, 080
10, 194

1
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



Noninstalment credit
outstanding

1,016
1,085
1,385
1,610
1,616
1, 689
1, 895
2,089
2,350
2, 704
2, 419
2, 467
2,517
2,569
2,613
2,653
2,683
2,704
2, 691
2,695
2,706
2,736
2,786
2,824
8

2, 814
3, 357
4, 111
4,781
5,392
6, 163
6,963
7,903
8, 570
9,945
8, 923
9,062
9, 183
9,364
9, 489
9, 575
9, 684
9, 945
9, 970
10, 039
10, 126
10, 289
10, 393
10, 537

Total
6,768
7, 418
8, 117
8,388
8,896
9,924
10, 614
11, 103
11, 506
12, 564
11,246
11,387
11, 290
11,331
11, 388
11, 451
11, 656
12, 564
11,998
11, 613
11, 514
11, 904
12,091
12, 135

InstalInstalment
ment
Charge credit ex- credit
accounts tended 8 repaid 8

3, 367
3,700
4, 130
4,274
4, 485
4, 795
4, 995
5, 146
5, 060
5, 351
4,359
4,446
4,407
4,365
4, 390
4, 525
4,614
5,351
4, 816
4, 305
4,118
4,451
4,547
4,628

21, 558
23, 576
29, 514
31, 558
31,051
39, 039
40, 175
42,545
40,818
48, 476
4,092
4, 454
4, 315
4, 193
4, 061
4,185
3,928
4, 686
3,534
3, 723
4, 201
4, 457
4, 335
4,561

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

18, 445
22, 985
25, 405
27, 956
30, 488
33, 649
37, 236
40, 259
40, 921
43, 239
3, 497
3,676
3, 693
3,578
3,609
3, 726
3, 626
3, 927
3,658
3,673
3, 961
3,840
3,860
3,930

BOND YIELDS AND INTEREST RATES
The rate on 3-month Treasury bills declined further in July and early August.
and corporate bonds also fell in July.

Yields on U.S. Government municipal,

PERCENT PER ANNUM

PERCENT PER ANNUM

I960

1954

COUNCIL OF ECONOMIC ADVISERS

SOURCES: SEE TABLE BELOW.

[Percent per annuml
U. S. Government
High-grade
security yields
municipal
3-month
bonds
Taxable
Treasury
(Standard3 &
bonds 2
bills «
Poor's)
2.94
1. 931
2.72
.953
2. 55
2. 37
1.753
2. 84
2. 53
2.658
3.08
2.93
3. 267
3. 47
3. 60
1.839
3. 43
3. 56
3. 405
4. 08
3.95
:i 243
4. 11
4.04
3.358
4. 10
3. 96
3. 998
4. 26
4 13
4. 117
4. 11
3. 99
4. 209
4. 12
3. 94
4. 572
4. 27
4. 05
4.37
4. 436
4. 13
3. 954
4. 22
3. 97
3. 439
4. 08
3.87
3. 244
4. 18
3.84
3. 392
4. 16
3.85
2. 641
3. 98
3. 78
2.396
3.86
3.74

Period

1953
1954
1955
.
1956......
1957
.
1958
_
1959
1959: July.
August
September
October
_ _ . _ ' _
November
December
1960: January . .
.
February
.
March
April
._
May
r__
June
July
..__
Week ended:
1960: July
9_
.
16 -...
23
30
.
August 6 ..
13

.-;

.

•

. 20

____:__

•

2.
2.
2.
2.
2.
2.
« 2.

307
567
307
404
131
215
278

i Rate on new issues within period.
;J 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-Mareh
1952, bonds due or callable after J5 years.




3. 91
3. 87
3.84
3.81
3.75
3.78

3.75
3. 75
3. 71
3. 68
3. 64
3. 57

Corporate bonds
(Mpody's)

3.20
2. 90
3.06
3.36
3. 89
3. 79
4. 38
4. 47
4. 43
4. 52
4. 57
4 56
4. 58
4. 61
4.56
4.49
4. 45
4. 46
4.45
4. 42

3. 74
3.51
3. 53
3.88
4.71
4. 73
5.05
5. 08
5. 09
5. 18
5.28
5. 26
5.28
5.34
5. 34
5. 25
5. 20
5. 28
5. -26
5.23

Prime
commercial
paper,
4—D
months
2.52
1. 58
2. 18
3.31
3.81
2. 46
3.97
3. 98
3. 97
4. 63
4.73
4 67
488
4.91
4 66
4 49
416
4 25
3. 81
3.39

4,44
4. 43
4.40
4.38
4.34
4. 30

5. 27
5. 26
5.20
5. 15
5. 15
5. 11

3.41
3.38
3. 38
3.38
3.38
3.38

Aaa

Baa

s

Weekly data are Wednesday figures.
<Not charted.
:
.
"Sources: Treasury Department and Board of Governors of the Federal Reserve
System (exccipt as noted).
. . . . . . . .„,.
.

29

STOCK PRICES
Stock prices declined in July.
INDEX, 1939=100
600

INDEX, 1939 = 100

600

500

500

400

400

300

300

200

200

iOO

100

I960

1954
SOURCE: SECURITIES AND EXCHANGE COMMISSION.

Period
Weekly average:
1951—
1952
1953
1954
1955
_
1956___.
1957
1958
1959
1959: Julv
August ...
September
October
„ .
November
....
December
„
1960: January ...
February
March
_ _
April
._ _
May
June
July... .
Week ended:
1960: July
8
15_
22__.
29 ..
August 5
12

Composite1
index

COUNCIL OF ECONOMIC ADVISERS

f 1939=100]
Manufacturing
TransDurable Nondura- portation
Total
goods ble goods




Trade,
finance, Mining
and service

184.9
195. 0
193. 3
229.8
304. 6
345. 0
331. 4
340. 9
420. 2
434.3
433. 9
417. 2
416. 4
416. 6
429. 2
419.0
405.0
396. 1
398.5
394.4
406.3
398.8

206. 8
220. 2
220. 1
271. 3
374. 4
438. 6
422. 1
426.4
521. 7
542.6
542. 5
520. 3
517.2
519.0
538.3
518.2
494.0
478. 2
478. 2
471. 6
484.8
472.5

178. 5
188. 8
192. 6
245. 2
352. 4
409.8
391. 2
385. 3
495.2
521. 8
516. 1
499. 8
498.4
496. 4
517.5
499. 1
474. 4
458. 2
459. 7
455.6
469.8
454.3

233. 1
249. 3
245.2
295.2
394.4
465. 1
450. 6
458.0
535.9
551.2
556. 3
529.0
524. 4
529. 6
547. 1
525.8
502. 5
487.4
485. 8
477. 2
489. 2
480. 1

199.0
220.6
218.7
232.6
320. 0
327. 1
275.4
270. 2
347.0
364.3
349.4
333. 0
338. 8
322. 3
327.8
323.0
311.9
295.0
291.7
289. 8
293.4
288. 4

112.6
117.9
121. 5
135. 8
152. 9
155. 8
156.0
173.3
216.2
217.8
219. 0
211.2
213. 4
211.3
213. 0
219.4
223. 7
226.4
232. 6
232. 0
239.7
240.2

207.9
206.0
207. 1
235.6
296. 9
306. 3
277. 4
3145
418.0
429,4
425.4
424.5
428.4
4342
440. 5
4340
419.9
4246
433.2
437.0
462.2
457. 7

2049
275.7
240.5
267.0
312.9
357. 5
342. 3
313. 8
321.8
321.4
324.4
305.4
291.9
285.4
296,7
291.6
278. 6
268.2
260.7
250.0
249.8
245.5

407. 7
398. 4
389.4
394. 1
392.9
402. 0

485.2
471. 7
458. 2
466. 7
465. 4
477. 1

467. 4
453. 9
438.8
447.9
446. 0
453. 0

492. 2
478.9
467. 1
474.8
474. 2
489. 9

293.8
288. 5
282. 5
284. 4
279.4
292. 2

242.3
240. 6
239.4
238. 5
237.4
240.3

467.3
458.3
451.2
448.6
448. 4
459. 9

249.4
242.2
240.7
245.6
251.8
259. 4

1
Includes 265 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31 for trade,

30

Utilities

finance, and service, and 14 for mining. Indexes are for weekly closing prices.
Source: Securities and Exchange Commission.

FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
Fpi- the fiscal year 1960, the budget showed a surplus of $1.1 billion. In fiscal 1959, there was a deficit of
$12.4 billion. For the first month of fiscal year 1961, there was a deficit of $3.0 billion, compared with a deficit
of $3.3 billion for the first month of fiscal 1960.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

NET BUDGET EXPENDITURES

NET BUDGET RECEIPTS
75

75

50

25

1956

75 -

1957

1958

1959

I960

1955

MAJOR NATIONAL SECURITY
EXPENDITURES

1956

1957

1958

1959

I960

BUDGET SURPLUS (+) OR DEFICIT (-}
(ENLARGED SCALE)
+5

-10

1957

1958

1959

* PRELIMINARY
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

Period
Fiscal year 1955
Fiscal year 1950-.
Fiscal year 1957 .
Fiscal year 1958
Fiscal year 19594
_
Fiscal year I960
4
1959: July 4
August
September 4 .. . . . .
October 4 ..
.
November 44
December
1960: January 4 4
February
March 4
April44
.
May 4
June
July

4

1

. .

.

. ..

...
_ _ ....

.
. . .
..

I960

1955

1957

1958

[Billions of dollars]
Net budget expenditures
Net
Major national security l
budget
Department
Total
receipts
Total
of Defense,
military 2
64. 4
60. 2
40.6
37.8
66. 2
67. 8
40.6
38. 4
69. 0
70. 6
43.3
40. 8
71.4
68. 6
44. 1
41. 2
80. 3
67. 9
46. 4
43. 6
76.6
77.7
45.6
42.8
6.5
3. 2
3.8
3.5
6.3
5.7
3.7
3. 5
6.3
8. 5
3.6
3. 8
6.9
3.0
3.9
3. 7
6.6
5. 9
3.7
3. 5
6.6
7.3
4.2
4.0
6. 2
4.9
3.5
3.3
7. 2
6. 1
3.7
3.5
6. 4
9.6
4.0
3.7
5. 1
6. 0
3.4
3.7
6. 5
6. 1
3. 4
3. 7
10. 8
6.6
4.0
3. 7
3. 1

Includes military functions of Department of Defense, military assistance
portion of the mutual security program, Atomic Energy Commission, stockpiling, and defense production expansion.
a Revised to include military assistance as well as military functions.
* Includes guaranteed securities, except those held by the Treasury. Not all
of total shown is subject to statutory debt limitation.




1956

FISCAL YEARS

6. 2

3:5

3.2

Budget
surplus
or
deficit (-)

Public
debt
(end of3
period)

-4. 2
1. 6
1.6
-2.8
-12. 4
1. 1
-3.3
—.6
2. 1
-3.8
-.7
.7
-1.3
1. 1
3.2
-1.0
.5
4.2

290.5
288.4
291.4
290. 7
290. 9
291.2
290.7
287.0
28R9
289. 5
286.5

-3.0

288. 5

274.4
272.8
270.6
276.4
2848
286.5

2sas

4

Preliminary.
NOTE.—Total budget receipts and expenditures have been adjusted to exclude
intragovernmental transactions.
Sources; Treasury Department and Bureau of the Budget.

31

CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the fiscal year 1960, cash receipts From the public exceeded cash payments by $700 million,
cash payments exceeded cash receipts by $13.1 billion.

BILLIONS OF DOLLARS

In fiscal 1959,

BILLIONS OF DOLLARS

100

CASH RECEIPTS
\ CASH PAYMENTS

H5

-15

1957
I
1958
CALENDAR YEARS

1954

•V PRELIMINARY ESTIMATES.
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.

1960^

[Millions of dollars]
Cash receipts
from the
public

Period
Fiscal year total:
1956
_ _ _ _ _
1957
1958
1959
•„
19601

.

Calendar year total:
l-Qftfi
1957..
1958
_
1959* .
^_
._
Quarterly total, not adjusted for seasonal variation:
1958? Third nnarter
Fourth quarter
.
.
'. . .
...

. .
. _.!._ .

1

i960: First quarter 1
Second quarter . _ . _ _ ^ _

72,616
80, 007
83, 412
94, 804
94, 286

4,471
2, 099
- 1, 520
-13,144
702

_

80, 332
84, 520
81, 729
87, 553

74,806
83, 326
89,015
95, 559

5, 526
1, 194
— 7, 286
-8,006

..

18, 274
16, 618

23, 789
23, 750

-5,515
.-7, 132

22, 628
24, 141
21, 364
19,420

22, 734
24, 530
24, 378
23, 917

-106
-389
-3,014
-*4,497

25, 776
28, 428

21,941

3, 835
4, 378

24, mo

1
Preliminary.
Sources: Bureau ot the Budget and Treasury Department.

32

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Price 20 cents per copy ; $2.00 per year ; $2.75 foreign.




Excess of receipts or
payments (— )

77, 087
82, 106
81, 892
81, 660
94, 988

_

1959: First quarter
Second quarter
Third quarter l
Fourth quarter *

Cash payments to
the public