Full text of Economic Indicators : August 1962
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87th Congress, 2nd Session '.-' *- x.- • •"•"•". Economic Indicators AUGUST 1962 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1962 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) WRIGHT PATMAN, Texas, Chairman PAUL H. DOUGLAS, Illinois, Vice Chairman SENATE HOUSE OF REPRESENTATIVES RICHARD BOLLING (Missouri) JOHN SPARKMAN (Alabama) HALE BOGGS (Louisiana) J. WILLIAM FULBRIGHT (Arkansas) HENRY S. REUSS (Wisconsin) WILLIAM PROXMIRE (Wisconsin) MARTHA W. GRIFFITHS (Michigan) CLAIBORNE PELL (Rhode Island) PRESCOTT BUSH (Connecticut) THOMAS B. CURTIS (Missouri) CLARENCE E. KILBURN (New York) JOHN MARSHALL BUTLER (Maryland) JACOB K. JAVITS (New York) WILLIAM B. WIDNALL (New Jersey) WM. SUMMERS JOHNSON, Executive Director JOHN W. LEHMAN, Deputy Executive Director JOHN R. STARK, Clerk COUNCIL OF ECONOMIC ADVISERS WALTER W. HELLER, Chairman GARDNER ACKLEY KERMIT GORDON [PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required number of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at 20 cents a single copy or by subscription at $2.00 per year (foreign, $2.75) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON 25, D.C. Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription price is $4.60 per year. The I960 Supplement to Economic Indicators, which describes each series and gives annual data for years not shown in the monthly issues, is now available at 60 cents a copy. 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 Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment Page iv 1 2 3 4 5 6 7 8 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work Average Hourly and Weekly Earnings—Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction Housing Starts and Applications for Financing Trade Sales and Inventories Manufacturers' Sales, Inventories, and New Orders Merchandise Exports and Imports U.S. Balance of Payments 9 10 11 12 13 14 15 16 17 18 19 20 21 22 PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY, CREDIT, AND SECURITY MARKETS Money Supply Bank Loans, Investments, Debits, 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. Data for Alaska and Hawaii are not included unless specifically noted. Unless otherwise stated, all dollar figures are in current prices. 23 24 25 ill TOTAL OUTPUT, INCOME, AND SPENDING THE NATION'S INCOME, EXPENDITURE, AND SAVING Current estimates indicate that gross national product rose $7 billion (seasonally adjusted annual rate), or about percent, in the second quarter. The sain from the first quarter of 1961 was $51 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Persons Period 1951 1952 1953... 1954.. 1955 1956 1957 1958 1959 I960. 1961 1960: Third quarter,. Fourth quarter. 1961: First quarter... Second quarter. Third quarter.. Fourth quarter _ 1962: First quarter... Second quarter.. Personal Disposable consumption personal expenditures 227. 5 238. 7 252. 5 256. 9 274.4 292. 9 308. 8 317. 9 337. 1 349. 4 363. 6 351.7 352. 7 354. 3 361. 0 366. 3 372.6 375. 6 381. 8 209. 8 219. 8 232. 6 238. 0 256.9 269. 9 285. 2 293, 2 313. 5 328. 5 338. 1 329. 8 330. 5 330. 5 335. 5 340. 1 346. 1 350. 2 354. 9 International Business Personal Gross Excess saving Gross private of retained domestic invest( + ) or earndisinvestment ings 2 saving ment 17.7 18. 9 19.8 18. 9 17. 5 23.0 23. 6 24. 7 23. 6 20. 9 25.6 22. 0 22. 2 23. 8 25. 5 26. 3 26. 5 25. 4 26. 9 31. 5 33.2 34. 3 35. 5 42. 1 43. 0 45. 6 44. 8 51. 3 52. 1 53. 6 52.0 51. 2 50.0 53.3 54. 1 57. 1 57. 1 56. 3 49. 9 50. 3 48. 9 63. 8 67. 4 66. 1 56.6 72. 7 72. 4 69. 3 70. 3 66. 5 60. 1 67. 6 72. 4 76. 6 75.9 77.4 -24. 8 -16. 6 -16. 0 — 13. 4 — 21. 8 — 24. 3 — 20. 5 — 11. 9 — 21. 4 -20. 3 -15. 6 -18.3 -15. 3 -10. 1 -14. 3 — 18. 3 -19. 5 -18. 8 Foreign Net exports of goods and services net transfers by Net ExImGovernports ment exports ports 2. 1 1. 5 1. 6 1. 4 1. 5 1. 5 1. 5 1. 3 1. 5 1. 6 1. 6 1. 5 1. 6 1. 6 1.5 1.5 1. 6 1.7 1.7 2.4 1. 3 -. 4 1.0 1. 1 2.9 4.9 1.2 -. 8 2. 9 4.0 2.8 4. 9 5.3 4.0 2. 8 3.8 3.7 3.7 17. 9 17. 4 16. 6 17.5 19. 4 23. 1 26. 2 22. 7 22.9 26. 4 27.3 26. 5 27.2 27. 4 26. 4 26.9 28.3 28.2 29.0 15. 5 16. 1 17.0 16. 5 18.3 20. 2 21.3 21. 5 23.6 23.5 23.3 23. 6 22.3 22. 2 22. 4 24. 1 24. 5 24. 5 25.3 Excess of transfers (+) or of net exports -0.2 .2 2. 0 .4 .4 -1. 5 -3.5 .1 2. 3 -1. 3 -2. 4 -1. 3 -3.2 -3.7 -2. 4 -1. 3 -2. 2 -2. 0 -2. 0 Government Net receipts Period Expenditures Surplus (+) or deficit Tax and TransPurTrans- (-) on fers, Total fers, chases income N e t . nontax goods expendi- interest, and receipts receipts interest, of and and subor tures and sub- product 6 6 accruals sidies account sidies services Total income or receipts Gross Statis- national tical product discrepor ancy expenditure 85. 5 18. 9 60. 79. 4 18. 9 327. 7 1. 2 6. 1 66. 6 329. 0 1951 18. 4 94. 4 18. 4 347.0 72. 2 90. 6 76. 345. 6 1. 4 — 3. 9 1952 94. 9 19. 2 82. 102. 0 19. 2 364. 1 1.3 75. 7 -7. 1 365. 4 1953 21. 5 96. 7 21. 5 362. 3 90. 0 75. -6. 7 .9 68. 5 363. 1 1954.. 101. 4 1. 0 23. 0 98. 6 23. 0 2. 9 396. 5 75. 78. 4 397. 5 1955 25. 3 104. 3 25. 3 421. 6 -2. 4 84. 2 109. 5 79. 419. 2 1956 5. 2 28. 7 —. 6 116. 3 87. 5 86. 115. 3 28. 7 443. 4 442. 8 1. 0 1957 115. 1 33. 1 93. 126. 6 33. 1 -11. 4 446. 0 82.0 — 1. 5 444. 5 1958 34. 4 34. 4 130. 2 131. 6 485. 7 -3.0 482. 7 95. 7 97. 1959 — 1. 5 141. 0 37. 1 136. 8 37. 1 506. 8 -3.4 1960... 103. 8 99. 4. 2 503. 4 521. 8 144. 8 149. 3 41. 9 -3. 1 41. 9 107. — 4. 4 1961 103. 0 518. 7 -4. 2 140. 0 37. 3 138. 1 37. 3 507. 9 102. 7 100. 8 503. 7 1960: Third quarter. . 38. 8 140. 2 38. 8 506. 3 -3.0 139. 6 Fourth quarter. 100. 8 101. 4 503. 3 40. 3 40. 3 104. 8 503. 7 -3. 1 500. 8 138. 1 1961: First quarter 97. 8 145. 1 -6. 9 42. 1 42. 1 517. 6 — 4. 4 Second quarter. 143. 9 106. 0 148. 1 -4. 3 513. 1 101. 8 42. 4 42. 4 -3. 1 522. 3 145. 7 Third quarter. _ 106. 9 149. 3 525. 2 103. 3 -3.6 42. 4 112. 1 42. 4 154. 5 540. 4 Fourth quarter. 109. 1 151. 5 -2.9 — 1. 9 538. 6 42. 7 42. 7 -3.2 154. 6 157. 9 546.3 — 1. 4 545. 0 115. 2 First quarter 111. 9 552. 0 42. 9 42. 9 Second quarter. 116. 0 158. 9 smml income (p, IS) less personal taxes and nontax payments (fines, penal5 Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of UW.I I ill ItstrltuiUwl contornte profits, corporate inventory valuation adjustment, government enterprises. e*m?mmitUoii nHowanros, find excess of wage accruals over disbursements. NOTE.—Revised series beginning 1959. For details, sec Survey oj Current BusifnrnlKn investment with sign changed. ness, July 1962. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. iv GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product rose $7 billion (seasonally adjusted annual rate) in the second quarter, according to current estimates. Consumer expenditures accounted for almost $5 billion of the $ain and government purchases almost $1 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 60O 300 200 GOVERNMENT PURCHASES OF GOODS AND SERVICES IOO IOO G R O S S PRIVATE DOMESTIC, INVESTMENT "**^ NET EXPORTS OF GOODS AND SERVICES x. SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Personal Gross Total Net congross Total private exports national gross sump- domestic of goods tion product national and in 1961 product expend- invest- services ment itures prices Period 1949 1950 1951 1952 1953 1954-__ 1955— 1956 1957 1958 _ 1959 1960 _ 1961 337. 6 365. 6 395. 8 411. 1 429. 9 421. 2 454. 1 463. 8 472. 6 465. 1 496. 2 509. 4 518. 7 258. 1 284. 6 329. 0 347. 0 365. 4 363. 1 397. 5 419. 2 442. 8 444. 5 482. 7 503. 4 518. 7 181. 2 195. 0 209. 8 219. 8 232. 6 238. 0 256. 9 269. 9 285. 2 293. 2 313. 5 328. 5 338. 1 1960: Third quarter, _ _ Fourth quarter.. _ 1961: First quarter Second quarter-Third quarter Fourth quarter-. 1962: First quarter Second quarter. - 508. 8 506. 2 502. 4 513. 9 521. 7 536. 8 541. 5 545. 6 503. 503. 500. 513. 522. 538. 545. 552. 329. 8 330. 5 330.5 335. 5 340. 1 346. 1 350. 2 354. 9 ... ... .. 7 3 8 1 3 6 0 0 22. 2 33. 0 40. 2 3. 8 19. 3 50. 0 39. 0 .6 38. 8 56. 3 2. 4 60. 5 49. 9 52. 9 1. 3 76. 0 58. 0 50. 3 —. 4 82. 8 47. 5 48. 9 1. 0 75. 3 75. 6 45. 3 63. 8 1. 1 2. 9 45. 7 67. 4 79. 0 49. 7 66. 1 86. 5 4.9 52. 6 1. 2 56. 6 93. 5 72. 7 97. 2 53. 6 —. 8 53.2 72. 4 2. 9 99. 7 57. 0 69. 3 4. 0 107. 4 Seasonally adjusted annual rates 70. 3 2 . 0 100. 8 53. 6 o 66. 5 4, 9 101. 4 53. 6 60. 1 5.3 104. 8 55. 4 67. 6 4.0 106. 0 56. 6 72. 4 2. 8 106. 9 56. 5 76. 6 3. 8 112. 1 59. 5 3.7 115. 2 75. 9 61. 9 62. 1 77. 4 3. 7 116. 0 1 Less Government sales. 2 These expenditures correspond closely with budget expenditures for national defense, shown on p. 31. 3 Gross national product in current prices divided by gross national product in 19G1 prices. Government purchases of goods and services Federal State Total Total » National Other and 2 local defense Implicit price deflator for total GNP, 1961= 100s 13. 6 14. 3 33. 9 46. 4 49. 3 41. 2 39. 1 40. 4 44. 4 44. 8 46. 2 45. 7 49. 0 8. 9 5. 2 5. 2 6.7 9. 0 6. 7 6. 6 5. 7 5. 7 8.3 7. 9 8. 1 8. 7 17. 9 19. 7 21. 7 23.2 24. 9 27.7 30. 3 33. 2 36. 8 40. 8 43. 6 46. 5 50. 4 76.5 77.8 83.1 84.4 85.0 86.2; 87.5.' 90. 4 i 93.7 95.6 97. 3 98. 8 100. 0 45. 7 45. 8 47.7 49. 0 48. 4 50. 8 53. 0 53. 2 8. 4 8. 4 8. 2 8. 5 8. 7 9.2 9.6 9. 5 47.2 47. 8 49. 4 49. 4 50. 4 52. 6 53. 3 54. 0 99. 0 99. 4 99. 7 99. 8 100. 1 ion. :t KM). 6 101. 12 NOTE.—Revised series beginning 1959. For details, sec tiun-cy <>/ ('uncut Business, July 1962. Data for Alaska and Hawaii included beginning !%o. Source: Department of Commerce. -i NATIONAL INCOME Compensation of employees rose $61/2 billion (seasonally adjusted annual rate) in the second quarter of 1962. Other types of noncorporate income except farm proprietors' also rose. BILLIONS OF DOLLARS 5OO BILLIONS OF DOLLARS 5OO 20 0 CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT 1962 1956 SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total national income Period 1949 1950 1951 . 1952 1953 1954 1955 1956 1957-. 1958 1959 I960.. 1961 . .. _ 217.7 241.9 279. 3 292. 2 305. 6 301. 8 330. 2 350. 8 366. 9 367.4 400. 5 415. 5 427. 8 Compensation of employees ' Proprietors' income Farm 140.8 154.2 180. 3 195. 0 208. 8 207. 6 223. 9 242. 5 255.5 257. 1 278.5 293.7 302. 2 12.9 14.0 16. 3 15. 3 13. 3 12. 7 11. 8 11. 6 11.8 13. 5 11. 4 12. 0 13. 1 Business and professional Rental income of persons 22. 7 23.5 26. 0 26. 9 27.4 27. 8 30. 4 32. 1 32. 7 32. 5 35. 1 34. 2 34. 8 9. 0 9. 4 10.2 10. 5 10. 9 10. 7 10. 9 11. 9 12. 2 11. 9 11. 9 12. 3 a3 Net interest 4.8 5.5 6.3 7. 1 8. 2 9. 1 10. 4 11.7 13. 4 14.8 16. 4 18. 1 20.0 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 37.2 47.2 45. 6 45. 5 26. 4 40. 6 42. 2 36. 7 38. 3 34. 1 44. 9 44. 7 43.2 37.4 47.7 45. 4 45. 6 1. 9 — 5. 0 -1. 2 1. 0 -1. 0 -. 3 -1. 7 -2. 7 -1. 5 -.3 —.5 .2 .0 44. 4 43. 3 40. 1 45. 0 46. 0 51. 1 50. 4 (2) 43. 3 42. 8 39. 8 44. 8 46. 3 51. 4 50. 1 (2) 1. 2 .5 .3 .2 -. 3 3 Seasonally adjusted annual rates 1960: Third quarter Fourth quarter 1961: First quarter Second quarter Third quarter Fourth quarter 1962: First quarter Second quarter . 416. 6 414. 4 411. 8 424. 3 431. 3 444. 0 448. 9 (2) 295. 293. 294. 300. 304. 309. 315. 321. 8 9 1 2 5 9 2 7 ' Includes employer contributions for social insurance. (See also p. 3.) Not available. 2 12. 2 12. 7 12. 8 12. 7 13. 1 13. 6 12. 9 12. 8 34. 1 33. 8 33. 7 34. 5 35. 1 36. 0 36. 2 36. 8 11. 9 12. 0 12. 0 12. 2 12. 3 12. 5 12. 6 12. 8 18. 2 18. 8 19. 1 19. 8 20. 3 21. 0 21. 5 22. 0 .3 .0 NOTE.—Revised series beginning 1959. For details, see Survey of Current Business, July 1962. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. SOURCES OF PERSONAL INCOME Personal income extended its advance in July with a rise of $1.3 billion (seasonally adjusted annual rate), slightly more than the June rise. Labor income accounted for about two-thirds of the July rise. BUSINESS, PROFESSIONAL, AND RENTAL INCOME Total personal income Period 1953 1954 1955 1956 19571958 1959 1960 1961 ... _ „ 288. 3 289. 8 310. 2 332. 9 351. 4 360. 3 383. 9 400. 8 416. 4 ._ 1961: June July August September October NovemberDecember. 1962: January _ _ February. March April May June July * 3 416. 4 420. 1 418. 3 419. 7 423. 6 427. 8 430. o 428. 8 431. 9 435. 2 438. 3 439. 7 440. 7 442. 0 (Billions of dollars] Labor income Proprietors' income (wage and Rental salary disDiviincome Business bursements of and pro- persons dends and other 1 Farm fessional labor income) 204. 1 13. 3 27. 4 9.2 10. 5 12. 7 202. 5 27. 8 10. 9 9.8 11. 8 218. 0 30. 4 11.2 10. 7 11. 6 32. 1 235. 7 12. 1 10. 9 247. 7 11.8 32. 7 11. 9 12. 6 249. 2 13. 5 32. 5 12. 4 12. 2 268. 9 11. 4 35. 1 13.7 11. 9 282. 3 12. 0 34. 2 14. 4 11. 9 290. 2 34. 8 13. 1 12. 3 15. 0 Seasonally adjusted annual 290. 9 12. 8 34. 7 12. 2 14. 9 292. 3 13. 1 34. 8 12. 3 14. 8 292. 1 13. 1 35. 1 12. 3 14. 9 292. 9 13. 1 12. 4 35. 2 15.0 295. 1 13. 5 12. 4 35. 6 15. 3 298. 0 36. 1 13. 8 12.5 15. 4 299. 9 13. 5 36. 2 12. 5 15. 9 299. 2 13. 1 36. 1 12. 6 15. 6 302. 2 12. 8 36. 2 12. 6 15. 8 12. 9 304.3 36. 4 12. 7 15. 9 307. 5 12. 8 36. 6 12. 7 15. 8 308. 3 12. 8 36. 8 12. 8 15. 8 309. 3 12. 8 36. 8 12. 8 15. 8 12. 8 310. 2 36. 9 12. 8 15. 8 Compensation of employees (see p. 2) 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. 3 Includes stepped-up payment of National Service Life Insurance dividends of $21S million ($2.6 billion at annual rate). Less: PerPersonal Transfer sonal contributions payinterest income ments for social insurance 13.4 14. 3 3. 9 14. 6 16. 2 4. 6 15. 8 17. 5 5. 2 17. 5 18. 8 5. 8 19. 6 21. 9 6. 7 21. 0 26. 3 6. 9 23. 5 27. 5 7. 9 25. 8 29. 4 9. 2 27.4 33. 4 9. 7 rates 27. 3 33. 3 9. 7 3 27. 4 35. 0 9.7 27. 5 33. 0 9. 7 27 7 33. 1 9. 7 27] 9 33.5 9. 8 28. 1 33. 8 9. 9 28. 4 34. 0 9. 9 28. 6 33. 9 10. 3 28. 8 33. 8 10. 4 29. 0 34. 5 10. 4 29. 2 34. 2 10. 5 29. 4 34. 2 10. 5 29. 6 34. 1 10. 5 29. 8 34. 2 10. 5 Nonagricultural personal income! 271. 5 273. S 295. 0 317. 9 336. 1 343.0 368. 6 384. 7 399. 1 3 399. 5 402. 6 401. 0 402. 3 405. 9 409. 5 412. 7 411. 6 414. 8 418. 0 421. 2 422. 6 423. 5 424. 8 * Preliminary. NOTE.—Revised series beginning 1959. For details, see Survey of Current /;«* iness, July 1962. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. O DISPOSITION OF PERSONAL INCOME Both disposable personal income and personal consumption expenditures (seasonally adjusted) increased in the second quarter. With the increase in income being more than in expenditures, the saving rate rose. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* 1,800 1,600 1,600 1962 1956 * SEASONALLY ADJUSTED ANNUAL RATES. COUNClt OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE Disposable personal income ' Period 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 _ .. ... ... 1900: Third quarter Fourth quarter I'.ltil: First quarter Second quarter Third quarter Fourth quarter I ! M > 2 : l-'irst quarter Second quarter _ Personal consumption expenditures Total 207. 7 227. 5 238. 7 252. 5 256. 9 274. 4 292. 9 308. 8 317. 9 337. 1 349. 4 363. 6 195. 0 209. 8 219. 8 232. 6 238. 0 256. 9 269. 9 285. 2 293. 2 313. 5 328. 5 338. 1 351. 7 352. 7 354. 3 361. 0 366.3 372. 6 375. 6 381. 8 329. 8 330. 5 330. 5 335. 5 340. 1 346. 1 350. 2 354. 9 NonDurable durable Services goods goods Billions of dollars 12. 6 64. 9 30. 4 99. 8 17. 7 70. 2 29. 5 110. 1 18. 9 29. 1 75. 6 115. 1 32. 9 19. 8 118. 0 81. 8 18. 9 32. 4 86. 3 119. 3 124. 8 92. 5 17.5 39. 6 23. 0 100. 0 38. 5 131. 4 137. 7 23. 6 40. 4 107. 1 24. 7 141. 6 114. 3 37. 3 122. 8 23. 6 147. 1 43. 6 44. 8 20. 9 131. 9 151. 8 25. 6 155. 2 139. 1 43. 7 Seasonally adjusted annual rates 22. 0 44. 5 152. 5 132. 8 22. 2 152. 3 44. 0 134. 2 23. 8 40. 8 136. 2 153. 5 25. 5 43. 5 153. 9 138. 0 44. 0 26. 3 139. 9 156. 2 142. 3 26. 5 46. 6 157. 2 25. 4 144. 1 46. 3 159. 9 26. 9 146. 3 47. 2 161. 3 -mud income fp, 3) less personal taxes and nontax payments {lines, pcnai•. i. 1 mil in current, prices divided by the implicit price deflator for persona! i p l i o n expenditures on a 1961 base. u j a i k m of the United States including armed forces abroad. Annual uf J u l y 1; q u n r t e r l y datn centered in the middle of the period, interpolated m i l l i l y figures. (Series revised beginning 1950.) Personal saving Per capita disposable personal income ' Current prices 1961 prices - Dollars 1, 369 1, 1, 475 1, 1, 521 1, 1, 582 1, 1, 582 1, 1, 660 1, 1, 741 1, 1, 1,803 1, 825 1, 1, 904 1, 1, 934 1, 1, 979 1, 1, 942 1, 939 1, 940 1, 969 1, 989 2, 015 2, 024 2.050 Saving as percent Populaof distion posable (thoupersonal sands) 3 income (percent) 686 703 719 772 754 832 890 902 889 947 950 979 6. 1 7. 8 7. 9 7. 8 7. 4 6. 4 7. 9 7. 6 7. 8 7.0 6. 0 7. 0 151, 154, 156, 159, 162, 165, 168, 171, 174, 177, 180, 183, 689 283 947 559 388 276 225 278 154 080 676 742 1, 956 1, 947 1, 944 1, 971 1, 987 2, 009 2, 014 2,030 6. 3 6. 3 6. 7 7. 1 7.2 7. 1 6. 8 7. 0 181, 181, 182, 183, 184, 184, 185, 186, 102 939 666 375 150 952 607 258 NOTE.—Revised series beginning 1959. For details, see Survey of Current Business, July 1962. Data for Alaska and Hawaii included beginning I960. Sources: Department of Commerce and Council of 3'conomic Advisers. FARM INCOME Realized sross farm income, seasonally adjusted, was uncharged and production expenses rose slightly during the second quarter of 1962. Net farm income fell below the first quarter 1962 level but remained above the second quarter 1961 level. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 20 NET FARM INCOME INCLUDING NET INVENTORY CHANGE COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF AGRICULTURE. Personal income received by total farm population Income received by farm operators from farming Realized gross From Period all sources 1952 1953 1954 1955 1956 1957 1958- 1959 1960 . 1961 . _ . .. . -. _ 1960: Third quarter Fourth quarter 1961: First quarter Second quarter Third quarter Fourth quarter 1962: First quarter Second quarter „ From From farm nonfarm sources sources 22. 3 20.0 19.0 18. 3 18. 6 18. 8 20. 5 19. 0 19. 6 20. 3 15. 7 13. 7 13. 2 12. 2 12. 0 12. 2 13. 8 11. 8 12. 4 13. 3 (5) 5 (5) (5) (5) (5) (5) (5) () (5) 5 (5) (5 ) (5) (3) (5) (5) () 6. 6 6. 3 5. 8 6. 1 6. 6 6. 6 6. 7 7.2 7. 2 7. 0 s (5) (5) (5) (5) () « (5) (5) Net income per farm including net inventory change 3 ProducCash tion ex- Exclud- Includreceipts penses ing in- ing net in- Current 1961 from Total ! ventory ventory2 prices prices 4 marketchange change ings Billions of dollars Dollars 32. 6 22. 6 3, 173 37.0 14. 4 15. 3 2,951 2, 664 2,896 35. 3 31. 1 21. 4 13. 9 13. 3 21. 7 12. 2 12. 7 2,844 2, 645 33. 9 30. 0 33. 3 29. 6 21. 9 11. 8 2, 529 2,719 11. 5 34. 6 22. 6 30. 6 12. 0 2, 574 11. 6 2, 738 34. 4 29. 8 23. 4 11. 8 2, 695 2, 778 11. 0 37. 9 12. 6 3, 201 3,233 33. 4 25. 3 13. 5 11. 3 37. 5 33. 5 26. 2 11. 4 2, 775 2, 803 12. 0 37. 9 26. 2 11.7 3,044 3,044 34. 0 12. 8 3, 422 3, 422 13. 0 39. 9 35. 2 27. 1 Seasonally adjusted annual rates 38. 1 12. 2 34. 2 26. 3 3, 090 3, 090 11. 8 12. 3 38. 6 34. 7 26. 3 12. 7 3,220 3,220 39. 4 12. 5 35. 5 26. 9 12. 8 3,360 3, 360 39. 4 34. 5 12. 4 3, 330 27. 0 12.7 3,330 40. 1 35.2 12. 9 3, 440 27. 2 13. 1 3,440 40. 8 35. 8 27.3 13. 6 13. 5 3,570 3, 570 40. 3 12. 8 12. 9 35. 4 27. 5 3, 500 3, 470 40. 3 12. 7 12. 8 27.6 3,470 3, 440 35. 3 J Cash receipts from marketings, Government payments, and nonmoney income furnished by farms. 3 Inventory of crops and livestock valued at the average price for the year. 3 Series revised beginning 1952 on the basis of 1959 Census of Agriculture definition of a farm. The number of farms is held constant within a year. * Income in current prices divided by the index of prices paid by farmers for family living items on a 1961 base. 87947°—62 2 Net 5 Not available. NOTE.—Personal income, new se_ries; all other data revised beginning 1959. For details, see Farm Income Situation, July 1962. Source: Department of Agriculture. CORPORATE PROFITS Corporate profits before taxes are estimated to have declined $1.3 billion (seasonally adjusted annual rate) in the first quarter of 1962 to $50.1 billion, according to recent revisions. However, they were $10.3 billion above the first quarter of 1961. BILLIONS OF DOLLARS .BILLIONS Of DOLLARS I962 'EXCLUDING INVENTORY V A L U A T I O N ADJUSTMENT SOURCE: DEPARTMENT OF COMMERCE. Period 1950 1951 1952.. 1953... ... . 1954 1955. . 1956 1957 1958 1959 _ _ 1960 1961 1960: Third quarter Fourth quarter _ _ 1961: First quarter Second quarter _ _ Third quarter Fourth quarter . . 1962: First quarter Second quarter. _ 1 ] See p. 2 for inventory valuation adjustment. Not available. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates) Corporate profits (before taxes) and inventory Corporate profits valuation adjustment ' after taxes TransManufacturing Corpo- Corpoportarate rate tion, tax All Diviprofits All comNonUndisDurable durable muniother liabildend tributed before indusTotal goods payindustaxes ity Total industries profits goods cations, tries ments and industries tries public utilities 20. 4 12. 0 17. 9 22. 8 35. 7 8. 4 4. 0 11. 3 9. 2 13. 6 40. 6 24. 4 41. 0 13. 5 12. 0 22. 4 10. 9 4. 5 42. 2 19. 7 9.0 10. 7 21. 1 37. 7 11. 8 9. 3 4. 8 11. 8 36. 7 19. 5 17. 2 9. 0 8. 3 21. 4 12. 1 37. 3 4. 9 11. 0 20. 2 18. 1 9. 2 8. 9 9.3 38. 3 18. 4 33 7 10. 1 4. 4 11. 0 34. 1 16. 8 17. 2 9. 8 7. 0 8.3 25. 0 14. 2 21. 8 43. 1 5. 4 12. 8 44. 9 23. 0 11. 2 11. 8 10. 8 23. 5 12. 6 21. 2 42. 0 5. 6 12. 9 44. 7 23. 5 12. 1 11. 3 10. 9 22. 9 41. 7 13. 1 5. 5 13. 3 20. 9 22. 3 12. 6 9. 7 9.8 43. 2 37. 2 18. 3 9. 0 9. 3 5. 6 18. 6 18. 8 12. 4 6. 4 13. 3 37. 4 47.2 25. 4 13.4 6. 7 15. 1 23. 2 24.5 13.7 11. 9 47. 7 10. 8 24. 0 12. 2 14. 6 22. 4 23. 0 14. 4 45. 6 11. 8 7. 0 45. 4 8.6 22. 3 23. 5 7. 4 14. 7 23. 3 15. 0 8. 3 45. 5 11. 7 11. 7 45. 6 Seasonally adjusted annual rates 21. 4 21. 9 7. 5 23. 1 11. 4 11. 7 14. 3 43. 3 14. 4 44. 4 7.0 21. 1 22. 3 6. 9 14. 1 42. 8 21. 7 14. 5 7. 1 43. 3 10. 7 11. 6 19. 4 6. 7 19. 4 14. 7 5. 6 8. 7 14. 0 39. 8 20. 3 40. 1 10. 7 21. 9 22. 9 7. 2 22. 9 14. 8 8. 1 45. 0 11. 2 14. 8 44. 8 11. 7 22. 6 8. 7 24. 0 12. 1 7. 5 14. 5 46. 3 23. 7 14. 9 46. 0 11. 9 25. 1 26. 3 27. 5 14. 9 12. 6 8. 0 15. 6 51. 4 15. 5 10. 8 51. 1 24. 4 8. 1 25. 6 15. 8 9.8 27. 0 14. 2 12. 8 15. 4 50. 1 50. 4 2 2 2 2 2 2 2 2 2 2 15. 8 () () () () () () () () () () NOTE.—Revised series beginning 1959. For details, see Survey of Current Bu$i~ ness, July 1962, (Data for Alaska and Hawaii included beginning 1960.) Source: Department of Commerce. GROSS PRIVATE DOMESTIC INVESTMENT In the second quarter, business fixed investment and residential construction rose while the inventory accumulation rate fell, resulting in a total gain of $1^ billion (seasonally adjusted annual rate) in private investment. BILLIONS OF DOLLARS B I L L I O N S OF D O L L A R S GROSS PRIVATE DOMESTIC INVESTMENT 60 1962 1957 SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total gross private domestic investment Period 1949 ... . 1950 1951 - 1952 1953 1954 1955 1956 1957_ 1958_1959 1960 1961 . ... . 1960: Third quarter Fourth quarter_ . 1961: First quarter Second quarterThird quarter Fourth quarter 1962: First quarter Second quarter New construction ' Total 33. 0 50.0 56. 3 49. 9 50. 3 48. 9 63. 8 67. 4 66. 1 56. 6 72.7 72. 4 69. 3 36. 0 43. 2 46. 1 46. 8 49. 9 50. 5 58. 1 62.7 64. 6 58.6 66. 2 68. 3 67. 1 70. 3 66. 5 60. 1 67. 6 72. 4 76. 6 75. 9 77. 4 68. 2 67.5 63. 7 65. 6 68. 4 70. 6 69. 2 73. 4 Producers' durable Residenequiptial Total Other > ment nonfarm 9. 6 17. 2 18. 8 9. 2 14. 1 24. 2 18.9 10. 1 12. 5 21. 3 24. 8 12. 3 12. 8 21. 3 25. 5 12. 7 22. 3 27. 6 13. 8 13. 8 15. 4 29. 7 14. 3 20. 8 18.7 34. 9 16. 2 23. 1 17. 7 35. 5 27. 2 17.8 17.0 36. 1 19.0 28. 5 18.0 35.5 17. 4 23. 1 22. 3 40. 2 17. 9 25. 9 21. 1 40. 7 27. 6 19. 7 21. 0 41. 6 20. 5 25. 5 Seasonally adjusted annual rates 40. 5 40. 7 39. 3 41. 0 42. 6 43. 2 41. 6 44. 5 1 Revisions in series on new construction shown on p. 17 have not yet been incorporated into these series. 2"Other" construction in this series includes petroleum and natural gas well drilling, which are excluded from estimates on p. 17. Change in business inventories Fixed investment 21. 0 20. 5 19. 0 20. 1 21. 9 22. 8 21. 2 23. 3 19. 5 20. 2 20. 3 20. 8 20. 7 20. 4 20. 5 21. 2 27. 7 26.8 24. 4 24. 6 25. 8 27.4 27. 6 28. 9 Total Nonfarm -3. 1 6. 8 10. 2 3. 1 .4 -1. 6 5.8 4. 7 1. 6 -2. 0 6. 6 4. 1 2. 1 -2. 2 6.0 9. 1 2. 1 1. 1 — 2. 1 5. 5 5. 1 .8 -2.9 6.5 3.7 1.9 2. 1 — 1. 1 -3.6 2. 1 4. 0 6.0 6.7 40 1. 7 -1. 5 -3.9 1.8 3. 8 5. 9 6. 6 3. 9 NOTE.—Revised series beginning 1959. For details, see Survey of Current Business, July 1962. Data for Alaska and Hawaii included beginning I960. Source: Department of Commerce. / EXPENDITURES FOR NEW PLANT AND EQUIPMENT Accordins to the May survey, business Firms are planning to spend $37.2 billion on new plant and equipment in 1962, about 8 percent more than in 1961. Expenditures (seasonally adjusted) increased 1 percent in the first quarter of 1962. Larger quarterly increases are anticipated for the remainder of 1962. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1961 SEE NOTE 3 ON TABLE BELOW. SOURCES: SECURITIES AND EXCHANGE 'COMMISSION, AND DEPARTMENT OF COMMERCE. 1962 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Manufacturing Period 1951 1952 1953 1954. 1955, 1956 1957 1958. 1959 1960 1961 1902' Total > .. 19GO: Third quarter Fourth quarter 1901: !•' irst quarter Second quarter _ Third quarter Fourth Quarter 19C>'2: Fir.st quarter 3 Second quarter Third quarter 3 . Total 25. 64 26. 49 28. 32 26. 83 28. 70 35. 08 36. 96 30. 53 32.54 35. 68 34. 37 37. 16 10. 85 11. 63 11. 91 11. 04 11. 44 14. 95 15. 96 11. 43 12. 07 14. 48 13. 68 14.74 35. 90 35. 50 33. 85 33. 50 34. 70 35. 40 35. 70 36. 95 37. 70 14. 65 14. 40 13. 75 13. 50 13. 65 14. 00 14. 20 14. 70 14. 80 Commercial and other 2 Railroads Other Public utilities 5. 68 1. 47 5. 17 0. 93 5. 61 6. 02 .98 1. 40 5. 65 6. 26 . 99 1. 31 5.09 5. 95 . 85 .98 5. 44 6.00 . 92 . 96 7. 62 7.33 1. 23 1. 24 8. 02 7. 94 1. 40 1. 24 5.47 5. 96 . 94 . 75 6. 29 5.77 . 99 . 92 7. 18 7. 30 1.03 . 99 .67 7. 40 6. 27 .98 7. 04 . 84 7. 70 1. 06 Seasonally adjusted annual rates 7. 30 7. 35 1. 00 1. 00 6. 85 7. 55 1. 00 . 90 6. 50 7. 25 . 70 . 95 . 70 6. 20 7.30 1. 00 6. 10 7. 55 1. 00 . 65 7.60 6. 40 .60 1. 00 1. 15 . 70 6. 55 7. 60 7. 05 7. 65 . 95 1. 05 7. 10 . 85 7. 70 1. 05 1. 49 1. 50 1. 56 1. 51 1.60 1.71 1.77 1. 50 2. 02 1. 94 1. 85 1. 88 3. 66 3. 89 4. 55 4. 22 4. 31 4, 90 6. 20 6. 09 5. 67 5. 68 5.52 5. 51 7. 24 7.09 8. 00 8. 23 9. 47 11. 05 10. 40 9. 82 10. 88 11. 57 11. 68 13. 12 1. 90 1. 80 1. 75 1. 80 ]. 90 1. 95 2. 05 2. 10 1. 80 5. 60 5. 70 5. 35 5. 50 5. 65 5. 55 5. 15 5. 35 5. 70 11. 75 11. 65 11. 30 11. 05 11. 85 12. 35 12. 45 12. 85 13. 50 Durable goods ; <'ninni(Tclal und other includes trade, service, finance, communications, and ronMTiictfon. 1 Ksihnntcs based on anticipated capital expenditures as reported by business Jri Mny fiXil'. Includes tiiljwinwnts when necessary for systematic tendencies in anticipatory data. 8 Transportation Nondurable goods Mining NOTE.™Beginning 1959 all quarterly data are 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 The seasonally adjusted unemployment rate declined to 5.3 percent in July. Total employment (seasonally adjusted) was little chansed, and the number of persons in the labor force was moderately reduced. MILLIONS OF PERSONS* MILLIONS OF PERSONS* CIVILIAN LABOR FORCE NONAGRICULTURAL EMPLOYMENT I AGRICULTURAL / '•«««ia»>M«»""»irmi«.ju,^ ^ ~~ UNEMPLOYMENT ^ EMPLOYMENT ^ PERCENT PERCENT OF CIVILIAN LABOR FORCE OF CIVILIAN LABOR FORCE UNEMPLOYMENT RATE (SEASONALLY ADJUSTED) - jr - T T 1• a F-t" ; T r>t~ ' y '>: .<! . 1957 1956 1959 I9S8 ,< -• 1955_ 19561957195819591960_ 1961- 1961: July August September. October November. December. . 1962: January February__. March April April* May2 June2 July2 S ;! ii 1962 1961 I960 * 14 YEARS OF AGE AND OVER. SOURCE DEPARTMENT OF LABOR. Period ;1 - K COUNCtt OF ECONOMIC ADVISERS Civilian emCivilian employment ployment Unem- Civilian NonNonlabor AgriployagriagriTotal ment force culTotal culcultural tural tural Thousands of persons 14 years of age and over 65, 848 62, 944 56, 225 2, 904 67, 530 64, 708 58, 135 2, 822 67, 946 65,011 58, 789 2,936 68, 647 63, 966 58, 122 4, 681 69, 394 65, 581 59, 745 3, 813 70, 612 66, 681 60, 958 3, 931 71, 603 66, 796 61, 333 4, 806 Seasonally adjusted : Unadjusted Unemployment rate (percent of Unem- civilian labor force) ployment Unad- Seasonjusted ally adjusted Percent 4. 4 4. 2 153 610 670 345 096 372 73, 639 73, 081 71, 123 71, 759 71,339 70, 559 68, 499 68, 539 67, 038 67, 824 67, 349 66, 467 62, 046 62, 215 61, 372 61, 860 62, 149 62, 049 5, 140 4, 542 4,085 3,934 3, 990 4,091 71, 633 71, 789 70, 981 71, 473 71, 482 71,272 66, 698 66, 998 66, 243 66, 822 67, 148 66, 936 5, 473 5,662 5, 156 5,472 5, 311 5, 204 61, 371 61, 417 61, 188 61, 369 61, 840 61, 618 4,923 4,887 4,867 4,762 4,370 4,274 7.0 6.2 5.7 5.5 5. 6 6.9 6. 8 6.8 6.7 6. 1 6.0 72, 564 73, 218 73, 582 73, 864 73, 654 74, 797 76, 857 76, 437 69, 721 70, 332 70, 697 70, 979 65, 058 65, 789 66, 316 67, 027 66, 824 60, 641 61, 211 61, 533 61, 979 4, 663 4, 543 4, 382 3, 952 61, 690 4, 159 4, 008 3,914 3,971 3, 963 3,903 3,917 6.7 6.5 5.8 5.6 5.5 5.5 5, 946 S, 719 67, 278 67, 894 67, 947 67, 704 6??, 499 67, 931 67, 711 67, 735 5,453 5, 603 5, 560 5, 347 61, 863 62, 775 63, $49 63, 500 71,435 71, 841 71, 774 71, 696 71, 484 71, 850 71, 706 71, 578 Total labor force Civilian (includ- labor ing force armed forces) 68, 896 70, 387 70, 744 71,284 71, 946 73, 126 74, 175 76, 75, 73, 74, 74, 73, 70, 769 71, 92% 74, 001 73, 582 68, 203 69, 539 69, 564 4,483 4, 018 * Seasonally adjusted totals may differ from sum of components because totals and components have been seasonally adjusted separately. J 1960 Population Census data used in estimation procedure; a]] other data based on 1950 Population Census. 5, Sao 5, SI 4 5, 190 5, 143 62, 206 62, 280 62, 353 6%, 238 62, 775 62, 747 62, 809 4.3 6. 8 5. 5 5. 6 6.7 5. 8 6. 2 5. 6 5.6 5.S 6.0 5. 6 6.5 6.4 B.B B.S NOTE.—For definitions and coverage, see Em-ployment and Ktirntngs, Department of Labor. Beginning 1960, data include Alaska aii'i Hawaii. Source: Department of Labor. 5? UNEMPLOYMENT INSURANCE PROGRAMS Insured unemployment averaged 1.7 million in July, about 1.0 million less than in July 1961. MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT (STATE PROGRAMS) SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS All programs Insured Total unem- benefits Covered paid ployemployment (milment (weekly lions of averdolage) ' lars) ' Period Thousands 43, 436 1, 567 _.- 44, 412 3, 269 45, 728 2,099 46, 334 2, 067 46, 264 2, 994 46, 654 2,877 46, 762 2, 678 47, 154 2, 357 „ „ 47, 224 2, 122 47, 129 2,018 2, 172 47, 237 47, 637 2, 533 2 3, 015 (2 ) 2, 925 ( 2) _. 2, 702 () 2, 216 (2) 2 1, 840 (2) 1, 667 (2) 1, 704 () 1957 1958 1959 I960 1961 1961' June July August September October November December 1962' January February March April May June 3 July Week ended: 1962: Julv 1, 913. 0 4, 209. 2 2, 803. 0 3, 022. 7 4, 358. 1 403.9 321. 9 333. 5 263. 4 255. 3 261. 4 286. 0 395. 2 350. 0 381. 0 297. 9 254. 3 215. 4 215. 0 (2) 2 (2) (2) (2 ) () (2) (2) (2) 2 (2 ) (2) (2 ) () 7 14.. .. 21... 28-3 August 4 3 II 1, 1, 1, 1, 1, 754 742 672 648 643 State programs Insured unemployment Weekly average, thousands 23 1, 450 268 50 2, 509 370 1, 682 281 33 31 331 1, 906 2, 290 350 46 279 53 1, 991 357 50 1, 958 1, 744 271 44 257 38 1, 558 1, 502 277 35 34 1, 662 320 35 394 2,017 39 429 2, 486 320 39 2, 410 39 273 2, 218 1, 831 267 39 33 1, 570 250 30 1, 469 258 29 1, 549 319 4 1 Includes Federal and State programs for temporary extension of benefits from June 1958 through June 1962, expiration date of program. 1 Nut Available. 'Preliminary. ' Not charted. 10 Initial claims Insured unemployment as perExhaus- cent of covered employment tions Unad- Seasonjusted ally adjusted 1, 1, 1, 1, 1, 603 584 516 491 486 407 307 294 278 297 281 2 (2) (2 ) (2) (2) (2 ) () Percent 3. 6 6. 4 4. 4 4. 8 5. 6 4. 9 4. 8 4. 3 3. 8 3. 7 4. 1 5. 0 6. 2 6. o 5. 5 4. 5 3. 9 3. 6 3. 8 4. 0 3. 9 3. 8 3. 7 3.7 5.3 5. 3 5. 2 5. 1 5. 1 5. 1 4.8 4.7 4.6 4.4 3. 9 S. 8 4-0 4.3 2 (2) (2) (2 ) (2) (2) () Benefits paid Total Average (milweekly lions of check dollars) (dollars) 1, 733. 9 3, 512. 7 2, 279. 0 2, 726. 7 3, 422. 7 264. 4 224. 0 237. 2 185. 0 180. 9 190. 9 218. 5 314. 9 280. 0 310. 2 239. 6 215. 0 188. 9 200. 0 (2) (2) (2) (2) (2) (2) 28. 17 30. 58 30. 41 32. 87 33. 80 32.92 32. 91 33. 36 33. 12 33. 30 33. 67 34. 11 34. 44 34. 50 34. 98 34. 52 34. 04 34. 20 34. 25 (2) (2) (2) 2 (2) (2) () NOTE.—For definitions and coverage, see 1960 Supplement to Economic Indicators. Data for Alaska and Hawaii included for all periods and for Puerto Rico since January 1961. Source: Department of Labor. NONAGRICULTURAL EMPLOYMENT Nonfarm payroll employment, seasonally adjusted, increased by 124,000 in July. ment rose substantially while manufacturins employment declined. MILLIONS OF WAGE AND SALARY WORKERS Construction and trade employ- MILLIONS OF WAGE AND SALARY WORKERS ALL NONAGRICULTURAL ESTABLISHMENTS CONTRACT CONSTRUCTION (ENLARGED SCALE) 1959 WHOLESALE AND RETAIL T R A D E (ENLARGED SCALE) I960 * SEASONALLY ADJUSTED DATA. SOURCE:DEPARTMENT OF LABOR. COUNCIL OF ECONOMiC ADVISERS l [Thousands of wage and salary workers ] Manufacturing (private) Period 1955 1956 1957 1958 1959 1960 3 1961 Total, unadjusted Total Total Durable Nondura- Total 2 goods ble goods 60, 675 52, 408 .. . 52, 904 .. . _ -- 51, 423 53, 380 54, 347 54, 076 50, 675 52, 408 52, 904 51, 423 53, 380 54, 347 54, 076 16, 882 17, 243 17, 174 15, 945 16, 667 16, 762 16, 268 9, 541 9, 834 9, 856 8,830 9, 369 9,441 9,044 54, 429 1961: June July 54, 227 August 54, 538 September 54, 978 October _ _ _ 55, 065 November 55, 129 December 55, 503 19G2: January 53, 737 February 53, 823 March. _ _ 54, 056 April 54, 849 55, 209 May 3 55, 751 June 3 July 66, 509 54, 182 54, 335 54, 333 54, 304 54, 385 54, 525 54, 492 54, 434 54, 773 54, 901 55, 260 55, 403 55, 508 55, 632 16, 373 16, 392 16,381 16, 323 16, 361 16, 466 16, 513 16, 456 16, 572 16, 682 16, 848 16, 891 16, 915 16, 885 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 114 138 131 105 112 213 244 217 312 385 490 544 548 545 3 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. 9, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are based on an enu- | 7,340 26, 879 7,409 27, 888 7, 319 28, 104 7, 116 27, 585 7,298 28, 523 7,321 29, 065 7,224 28, 977 Seasonally 7, 259 28, 988 7, 254 29, 108 7,250 29, 087 7. 218 29, 045 7, 249 29, 057 7, 253 29, 067 7, 269 29, 042 7, 239 28, 949 7, 260 29, 157 7, 297 29, 146 7, 358 29, 324 7, 347 29, 385 7,367 29, 404 7, 340 29, 548 Nonmanufacturing (private) Government Contract Transporta- Wholesale (Federal, construc- tion and pub- and retail State, tion trade lic utilities local) 2, 802 4, 141 10, 535 6,914 2, 999 4, 244 10, 858 7,277 2, 923 4, 241 10, 886 7, 626 2, 778 3, 976 10, 750 7, 893 2, 955 4,010 11, 125 8, 190 2, 882 11,412 4,017 8, 520 2, 760 3, 923 11, 365 8, 831 adjusted 2, 795 3, 914 11,392 8, 821 2, 776 3, 942 11,437 8,835 2, 770 3, 939 11, 410 8, 865 2, 754 3, 939 11,363 8, 936 2, 758 3, 929 11,365 8, 967 11,374 2, 739 8,992 3,927 2, 699 3, 911 11,366 8, 937 2, 594 3, 906 11, 384 9, 029 2, 694 3, 914 11, 447 9, 044 2, 648 3, 927 11, 460 9, 073 2, 734 3, 935 11, 546 9, 088 2,716 3,936 11,596 9, 127 2, 677 3, 936 9, 189 11, 609 2, 749 3, 906 9, 199 11, 653 meration of population, whereas the estimates in this table are based on reports from employing establishments, 2 Includes mining; finance, insurance, and real estate; and service ami miscellaneous, not shown separately. B Preliminary. NOTE—Beginning 1959, data include Alaska and Hawaii. Source: Department of Labor. 1 1 WEEKLY HOURS OF WORK In July, the average workweek of production workers in manufacturing declined 0.1 hours to 40.4 hours (seasonally adjusted). HOURS PER WEEK (SEASONALLY ADJUSTED) HOURS PER WEEK (SEASONALLY ADJUSTED) 46 46 DURABLE MANUFACTURING NONDURABLE MANUFACTURING 40 40 1961 1962 1961 1962 RETAIL TRADE 42 40 1 38 1959 i. »•.«*— .^s. I960 SOURCE:'DEPARTMENT Of LABOR. Average hours per week l Manufacturing industries Non- Contract Durable durable construc- Retail All trade goods tion goods Period 1956 1957 1958 1959 . 1960 6 1961 1961: June July August September October _. November December 1962: January February March April May. . June 55 July .COUNCIl OF ECONOMIC ADVISERS . __ . _ _ 40.4 39. 8 39.2 40.3 39.7 39.8 39. 9 40.0 40.0 39. 6 40. 2 40. 6 40. 4 39.8 40. 3 40. 5 40.8 40. 6 40. 5 40. 4 Hours per week 41. 0 39. 6 37. 5 40. 3 39. 2 37.0 39. 5 36. 8 38. 8 40. 7 39. 7 37. 0 40. 1 39.2 36. 7 40. 2 36.9 39. 3 Seasonally adjusted 40. 4 39. 5 36. 8 40. 5 39. 5 36. 9 40. 5 37. 1 39. 3 39.8 36. 7 39.2 37.2 40. 6 39. 6 41. 2 37. 5 39. 7 41. 2 35.5 39. 7 40. 3 39. 2 34. 4 40. 9 39. 5 37. 0 41. 0 39. 9 37. 3 41. 3 40. 2 36. 6 41. 1 40. 1 37. 5 41. 0 36. 7 40. 0 41. 0 39. 7 (6) 1 Data relate to production workers or nonsupervisory employees. Beginning 1959, data include Alaska and Hawaii. 3 Differs from total nonagricultural employment (p. 9), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather, and industrial disputes. Beginning I960, data include Alaska and Hawaii, See also footnote 2, page 9. 12 39. 1 38.7 38.7 38.7 38. 5 38. 1 38. 1 38. 2 37. 9 38. 0 38.0 37. 9 38. 1 37. 9 38. 0 38. 0 37. 8 38.0 37. 9 (6) Persons at work in nonagricultural 2industries by hours worked per week Under 35 hours Part-time for economic reasons Over 40 35-40 hours hours Total TJsuallv Usually partfull-" time 3 time * Millions of persons 14 years of age and over 0. 9 1. 1 18.7 27. 3 9.4 1.2 17.6 1. 0 28. 6 9.7 1.6 1.3 16. 6 28.3 10. 4 1. 3 27.7 1. 0 11. 7 17. 3 1.2 1. 3 17.7 28. 7 11. 5 1.3 1. 5 18. 2 29. 0 11. 1 17. 9 17. 2 17. 7 18.5 19. 3 19. 5 19.7 17. 8 18. 3 18. 9 18. 9 19. 5 19. 6 18. 7 29. 9 27. 8 28. 4 29. 0 28. 4 29. 4 29. 1 28. 3 28. 2 29. 5 30. 2 30. 2 29. 6 27. 7 10. 5 9. 9 9. 7 11.2 11. 9 11. 3 11.3 12. 1 12.5 11. 2 11. 0 11. 1 10. 3 9. 8 1.2 1. 1 1. 2 1. 1 1. 1 1. 1 1. 1 1.0 1.0 1. 1 1. 0 1. 1 1.0 '1. 0 2. 0 1. 9 1. 9 1.4 1. 2 1.3 1. 2 1. 1 1. 2 1. 2 1. 2 1. 2 1. 6 7 1. 7 3 Includes persons who worked part-time because o/slack work, material shortages or repairs, new job started, or job terminated. * Primarily includes persons who could find only part-time work. 5 Preliminary, 8 7 Not available. Average hours worked: usually full-time, 24.0; usually part-time, 16.8. Source: Department of Labor. AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing were $2.39, the prevailing level since April. age weekly earnings declined 71 cents to $96.56. Aver DOLLARS 2.60 100 2.00 1959 1961 I SOURCE: DEPARTMENT OF LABOR. 1962 COUNCIL OF ECONOMIC ADVISERS [For production workers or nonsupervisory employees] Average hourly earnings-— current prices Period 1952 1953 1954 Average weekly earnings— current prices Manufacturing industries Contract conRetail NonDurable durable structrade All goods tion goods Manufacturing industries Contract Retail conNonDurable durable structrade All goods tion goods $1. 65 1.74 1.78 1955 1. 86 1956 1. 95 1957._ 2. 05 2. 11 1958. 1959.. ^ _ 2. 19 1960 2 . . . 2. 26 1961 2. 32 1961: June _ . 2. 32 July. 2. 33 August 2. 31 September 2.33 October 2.34 November 2.36 December 2.38 1962: January 2. 39 February 2. 38 March 2. 38 April 2. 39 May 2 2. 39 2. 39 June 2 July 2. 39 1 2 Earnings $1. 75 1. 86 1.90 1. 99 2.08 2. 19 2. 26 2. 36 2. 43 2. 49 2.49 2.49 2. 48 2. 50 2. 51 2. 54 2. 55 2. 56 2. 55 2. 56 2. 56 2. 56 2. 56 2. 56 $1. 51 1. 58 1. 62 1. 67 1. 77 1. 85 1. 91 1. 98 2. 05 2. 11 2. 11 2. 12 2. 10 2. 12 2. 13 2. 14 2. 15 2. 16 2. 15 2. 16 2. 16 2. 17 2. 17 2. 18 $2. 13 2. 28 2.39 2. 45 2. 57 2.71 2. 82 2. 93 3.07 3. 19 3. 16 3. 16 3. 17 3.22 3. 22 3.24 3. 29 3. 33 3. 23 3. 27 3. 27 3.24 3. 23 (3) $1. 18 $67. 16 1. 25 70. 47 1. 29 70. 49 1. 34 75. 70 1. 40 78.78 1.47 81. 59 1.52 82.71 1.57 88. 26 1. 62 89. 72 1. 68 92. 34 1. 69 93. 03 1. 69 93. 20 1. 69 92. 86 1. 70 92.73 1. 71 94. 54 1. 71 95. 82 1. 69 96. 63 1. 72 94. 88 1. 73 95. 20 1.73 95. 91 1. 74 96. 56 1. 75 96. 80 1.3 75 97. 27 96. 56 () to current prices divided by tbeconsumer price index on a J961 base. Preliminary. ' Not available. 87947°—62 3 $72. 63 76. 63 76. 19 82. 19 85. 28 88. 26 89. 27 96. 05 97. 44 100. 10 101. 09 100. 35 100. 44 100. 00 102. 66 104. 39 105. 32 103. 17 103. 53 104. 45 105. 22 105. 22 105. 47 104. 45 $59. 95 62. 57 63. 18 66. 63 70. 09 72. 52 74. 11 78. 61 80. 36 82. 92 83.56 84. 16 83.58 83. 74 84.77 85. 39 85. 57 84 24 84 28 85. 32 85. 54 86. 37 87. 02 86. 98 $82. 86 86. 41 88. 91 90. 90 96. 38 100. 27 103. 78 108. 41 112. 67 117. 71 119. 13 119. 76 122. 05 120. 43 123. 00 118. 26 114 82 111. 22 113. 37 118. 05 120. 01 123. 44 121. 45 (a) $47. 79 49. 75 51. 21 53. 06 54. 74 56. 89 58.82 60.76 62.37 64. 01 64. 90 65. 57 65. 23 64. 60 64 64 64 13 64.73 64 84 65. 22 65. 39 65. 42 65. 98 66. 85 (") NOTE.—Beginning 1959, data include Alaska and Hawaii. Source: Department of Labor. Average weekly earnings, all manufacturing industries, 1 196] prices $75. 63 78. 83 7& 50 8458 86.67 86. 80 85. 62 90. 62 90. 72 92.34 93. 22 93. 01 92. 77 92. 36 94 16 95.44 96. 34 94. 60 94 63 95. 15 95. 60 95. 84 96. 21 (3) 13 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The production index (seasonally adjusted') rose almost 1 percent in July. equipment as well as materials contributed to the rise. INDEX, 1957 = 100 (SEASONALLY ADJUSTED) Output of consumer goods and business INDEX, 1957=100 ( SEASONALLY ADJUSTED) 150 80 1962 COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE F E D E R A L RESERVE SYSTEM. Total industrial production Period 1952 1953 1954 1955 1956 1957^ 1958 1959 1960 . .. _ . 1961 ' _.. 1961: June July _ _ August September October November December 1962: January February March April May June July ' 1 Preliminary, 14 _ .._ 83. 8 90. 8 85. 4 96. 0 99. 3 100. 0 92. 9 104. 9 108. 0 109.0 110. 4 112. 0 113. 0 111. 0 112. 8 114. 1 114. 8 113. 5 114. 8 115. 7 116. 7 117. 6 117. 9 118. 7 (1957=100, seasonally adjusted] Industry Manufacturing; Mining Utilities NonTotal Durable durable Market Final products ConTotal sumer Equipment goods 84. 8 92. 1 85.8 96. 7 99. 5 100. 0 92. 4 105. 3 108. 2 108. 8 110. 5 112. 2 113. 1 111. 0 112. 8 114. 2 115. 1 113. 5 115. 1 116. 0 117. 1 118. 0 118. 2 119. 2 85. 2 90. 7 86. 5 94. 6 98. 9 100. 0 95. 1 106. 5 110. 6 111. 9 112. 7 114. 3 114. 7 112. 9 115. 4 116. 9 117. 8 116. 1 116. 7 118. 1 119. 0 120. 3 120. 8 121. 7 85. 1 96.0 85. 0 97.9 100. 0 100. 0 86. 8 101. 5 104. 3 102. 9 105. 3 107. 3 107. 9 105. 1 106.7 108. 9 110. 2 108. 4 110.3 111. 8 113. 3 113. 8 113. 8 115. 0 83. 3 86. 9 86. 9 95. 0 98. 9 100. 0 99. 9 110. 3 113. 4 116. 8 117. 4 119. 0 120. 2 11 a 9 121. 2 121. 4 121. 6 120. 4 121. 6 121. 8 122. 2 123. 6 124. 2 124. 8 86. 5 88. 8 86. 2 94. 8 100. 1 100. 0 91. 4 95. 3 97. 1 98. 0 97. 6 97. 8 98. 8 97. 1 99. 8 100. 9 100. 9 99. 0 99. 0 99. 4 101. 1 100. 4 100. 3 100. 9 65. 2 71. 1 76. 5 85. 4 93. 6 100. 0 104 5 115. 0 123. 1 131. 2 131. 2 131. 6 134. 5 135. 4 135. 4 134. 6 134. 7 136. 6 136. 7 137. 5 137. 3 140. 0 141. 0 141. 0 82. 5 88. 1 87. 2 96. 5 98. 7 100. 0 99. 0 110.0 114. 4 116.2 117. 8 119. 5 119. S 116. 4 119. 3 120. 7 121.9 120. 5 120. 3 121. 7 122. 8 123. 8 124. 0 124. 5 90. 0 96. 1 85. 0 90. 9 99. 1 100. 0 87. 3 99. 5 102. 9 103. 5 102. 4 103. 9 104. 7 105. 9 107. 4 109. 4 109.7 107. 6 109. 6 110. 9 111. 5 113. 1 114. 4 116. 3 Source: Board of Governors of the Federal Reserve System. Materials 82. 7 90. 8 84. 4 97. 1 99. 7 100. 0 91. 0 103. 5 105. 7 106. 4 108. 7 109. 5 111. 2 109.2 110. 7 111. 2 112. 1 111. 2 112. 7 113. 8 114. 7 115. 3 115. 2 116. 0 PRODUCTION OF SELECTED MANUFACTURES In July, production of primary metals (seasonally adjusted) registered a small rise, the first since February, of most other durable and nondurable manufactures increased. Output INDEX, 1957 = 100 (SEASONALLY ADJUSTED) INDEX, 1957 = 100 ( SEASONALLY ADJUSTED ) ISO [ 120 1961 SOURCE: BOARD OF GOVERNORS OF THE 1962 COUNCIL Of ECONOMIC ADVISEES FEDERAL RESERVE SYSTEM. [1957=100, seasonally adjusted] Durable manufactures FabriPrimary cated metals metal products Period 1952 1953 .-- _ 1954 . 1955 1956 1957 1958 1959 1960 1961 > 1961- June July August September October November December 1962: January February March.. April __ _ May. JuneJuly i ._ 1 1 Preliminary. Not available. _-. - -_ . .. _ _ _ 88. 5 100. 3 81. 3 105. 5 103. 7 100. 0 78. 0 89. 5 90.3 88. 2 92.3 94. 6 98. 2 98. 7 95. 9 96. 2 99. 0 100. 5 104. 7 104. 0 100. 2 91. 0 85. 7 86 87. 8 98. 8 88. 8 96. 9 97. 4 100.0 91. 6 103. 9 106. 0 104. 9 107. 3 108. 1 111. 0 105. 3 109. 8 111. 8 112. 2 110. 4 110. 6 111. 8 113. 3 115. 6 118. 5 119 Nondurable manufactures Transpor- Lumber Textiles, Machin- tation and apparel, ery equipprodand leather ment ucts 88. 4 96. 4 84, 3 92. 6 102. 8 • 100. 0 85. 2 102. 8 106. 4 106. 1 107. 3 110. 2 108. 5 107. 8 108. 4 109. 8 112. 2 111.4 112. 8 115. 6 117. 7 119. 0 121. 8 122 68. 6 86. 2 78. 7 95. 9 91. 5 100. 0 84.2 97. 8 101. 7 97. 3 100. 6 102. 2 102. 7 94. 5 100. 5 106. 0 107. 7 103. 5 104. 5 106. 6 109. 6 112. 6 109. 3 113 100. 9 106.7 103. 9 114. 2 109. 9 100. 0 99. 7 113. 1 106. 5 105. 2 110. 6 111. 2 108. 8 107. 4 103. 4 104. 7 106. 9 101. 4 113. 9 110. 8 112. 3 111. 5 114. 1 (2) 92. 2 93. 6 89. 6 98. 4 101. 1 100. 0 99. 2 115. 2 114. 8 115. 6 115. 7 118. 2 120. 3 118. 1 121. 7 121. 6 122. 9 119. 7 121. 1 121. 5 122. 4 122. 7 124. 7 124 Paper and printing 79. 4 84. 5 86. 9 94. 6 99. 3 100. 0 99. 2 107. 6 111. 5 114. 9 114. 9 114. 8 117. 8 117. 1 117. 4 118. 0 118. 7 118. 0 119. 3 118. 6 118. 0 119. 5 119. 5 121 Chemicals, Foods, petrobeverleum, and ages, and rubber tobacco 74. 5 80. 2 79. 3 91. 8 96. 3 100. 0 98. 8 112. 7 117. 7 122. 6 124. 6 127. 4 127. 3 125. 7 128. 4 128. 8 129. 6 127. 4 129. 9 129. 0 130. 8 134. 4 130. 8 138 90. 2 91. 2 92. 8 96. 2 99. 8 100. 0 102. 1 106. 5 109. 4 113. 2 113. 1 1 13. '.) 114. 2 113. S 110. 1 116. 1 1M. 0 115. :i ] 1 5. 1> m. o 1 16. 1 1 Hi. :> 1 1 1 . ,r> i ir. Source: Board of Governors of the Federal Reserve System. 15 WEEKLY INDICATORS OF PRODUCTION Weekly indicators of production were adversely affected in July by the July 4 holiday and vacation periods. Car and truck assemblies were unchansed. Althoush steel output declined for the month, it picked up some strength towards the end of the month. Most other indicators also declined. MILLIONS OF TONS MILLIONS OF SHORT TONS (DAILY AVERAGE) SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS. Electric Bituminous Freight Paper board Cars and trucks SteeJ produced power coal mined produced loaded Index distributed (thousands (thousands (thousands assembled (thousands) Thousands of net (1957-59 = (millions of of short Total Cars Trucks of tons) of cars) tons 100) kilowatt-hours) tons): Period Weekly average: 1956 1957 1958 1959- . . .. 1960 _. 1961. . 1961: June. _ July. August September October November.. _ _ December 1962: January-. ... February March April May June2 July Week ended: 1902: Julv COUNCIL OF ECONOMIC ADVISOS -_ 7 14 21 28 August 4* 11 5 _-- ' Dally averag : Preliminary, 16 125. 4 130. 1 12a 2 115. 6 91. 3 83.7 75.0 11, 292 11, 873 12,076 13, 206 14, 685 15, 139 15, 100 15, 274 15, 917 15,518 15, 146 15, 576 16, 287 16, 592 16, 340 15, 998 15, 388 15, 699 16, 254 16, 396 1, 693 1, 644 1,380 1,380 1,390 1,343 1, 447 1, 292 1,392 1,408 1,501 1, 525 1,392 1,447 1,374 1, 340 1,403 1,386 1,473 1,328 728 683 581 596 585 550 582 543 593 588 645 577 509 518 530 548 562 574 589 511 274 272 275 307 306 320 333 268 334 327 353 341 314 305 348 357 343 351 357 292 132. 8 138.6 98. 4 129. 5 151. 8 127. 8 153. 1 118.8 60.3 103. 3 146. 2 174. 4 171. 2 159. 5 158. 5 161. 3 172. 2 171. 9 158. 8 158. 9 111. 6 117. 6 81. 6 107. 6 128. 8 106. 1 127. 5 97. 7 44. 6 83. 8 125. 1 149.7 145.4 136. 7 134. 0 136. 9 147. 1 146. 9 132. 9 135. 8 21.2 21. 0 16. 8 21. 9 23. 0 21.7 25. 5 21. 1 15. 7 19. 6 21. 0 24. 7 25. 7 22. 8 24. 5 24. 4 25. 1 25. 1 25. 8 23. 1 66. 5 73.5 75.0 80. 7 84. 7 84.7 15, 442 16, 749 16, 759 16, 635 16, 565 17, 159 1, 620 964 1,255 1, 384 1, 398 420 498 558 567 568 238 244 333 355 366 362 130. 4 170. 8 173. 4 161. 2 136. 9 86. 7 112.3 146. 4 148. 3 136. 2 112. 2 66. 8 18. 0 24. 4 25. 1 25. 0 24. 7 19. 9 2,204 2, 162 1, 635 1, 792 1, 899 1,880 1, 993 1, 831 1,955 2,083 2, 071 2, 039 2, 165 2,337 2,425 2, 389 2, 153 1, 701 1, 560 1,398 118.3 116.0 87. 8 96. 2 101. 9 100. 9 107. 0 98. 3 104. 9 111. 8 111. 2 109.4 1,239 1,370 1, 398 1, 504 1, 578 '1,578 Charted. na 2 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 In July, expenditures for new construction (seasonally adjusted) were down about 1 percent. Outlays for public construction declined while those for private were uncnansed with a drop in residential being offset by a rise in commercial and industrial. BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL NEW CONSTRUCTION I956 I962 *SEE NOTE 9 IN TABLE BELOW. SOURCE: DEPARTMENT OF COMMERCE. COUNCIL Of ECONOMIC ADVISERS Private Total new construction expenditures Period 1957 1958 ._ 1959_ . 1959 (new series) 1960__ _ 47.8 49. 0 54. 1 56. 6 55. 6 57.4 3 1961 Total 33. 8 33. 5 38.0 40. 3 39. 6 40. 4 Residential (nonfarm) Commercial and industrial Billions of dollars 17. 0 7.1 18. 0 6.0 22. 3 6.0 25. 0 6.0 22. 5 7.0 22. 5 7. 4 Other 9.6 9.5 9. 7 9. 3 10.0 10. 4 Construction contracts ' CommerFederal, Total value, cial and industrial 48 States State, and (index, floor space local (millions 1957-59 = 100) of square feet) 2 14. 1 15. 5 16. 1 16. 2 16.0 17. 0 Seasonally adjusted Seasonally adjusted annual rates 1961' June July. . August Sept ember ~ _ October November „_ December 1962: January February _ . March April May. . -_ June _ July* 57. 2 57.0 58. 0 58.9 58. 9 61. 0 58. 9 59.0 56. 8 57. 9 58. 3 60. 7 62. 5 61. 7 40. 3 41. 2 41.3 41.7 41.8 42. 0 41. 9 41. 1 39. 9 40. 6 41.7 43. 5 44. 7 44. 7 22. 3 23. 1 23. 3 23. 8 24.0 24. 5 24. 4 23.2 22. 2 22. 5 23. 5 25. 0 26.0 25. 7 1 Compiled by F. W. Dodge Corporation. 2 Relates to 48 States beginning 1956 and to 37 Eastern States prior to 195G. 1 In addition to major differences between old and new series, data for Alaska and Hawaii are included beginning January 1950. 7.3 7.2 7.2 7.3 7. 3 7.2 7. 2 7. 5 7. 3 7. 4 7. 6 7.6 7.8 8. 1 93. 2 101. 7 105. 1 105. 1 105. 2 107.6 10. 8 10.8 10. 7 10. 6 10. 5 10. 4 10.3 10. 4 10. 3 10. 6 10. 7 10. 8 10. 9 10. 9 16. 9 15. 9 16. 7 17. 2 17. 1 19. 0 17.0 17.9 16. 9 17.3 16. 6 17. 3 17.8 16. 9 111 110 116 103 114 116 119 115 119 131 121 117 120 421 359 440 440 461 443 Seasonally adjusted annual rates 448 428 477 460 401 507 498 453 537 553 479 557 5!!2 * Preliminary. „ , ,, . I \V I)ucl ( ,, Sources: Department of. C ommcrcc and „ .... . ,, . K c ,, orporiillon. 17 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private housing starts of 1.4 million units (seasonally adjusted annual rate) in July were about the same as in June. FHA applications declined while VA appraisal requests rose. MILLIONS OF UNITS (ANNUAL R A T E ) MILLIONS OF UNITS (ANNUAL RATE) SEASONALLY ADJUSTED PRIVATE NONFARM HOUSING STARTS /-v*-"» ^\_>N \.^ T -*& 1962 SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION 1FHA1, AND VETERANS ADMINISTRATION |VA). COUNCIL OF ECONOMIC ADVISERS fThousands of units] Total housing starts (farm and nonfarm) Period 1955 1956 1957 1958 1959 Total private and public . 1959 1960 _ 1961- . 1961: June July August September October November December 1962: January February March April.. May 4 June 4 July*. Private Total private and public Total 18 Private Government programs VA FHA Old series 2 1, 328. 9 1, 309. 5 (2) 1, 118. 1 1, 093. 9 (2) 992. 8 1, 041. 9 (2) 1, 209. 4 1, 141. 5 (2) 1, 378. 5 1, 342. 8 () New series 3 1, 553. 5 1, 516. 8 1, 531. 3 1, 494. 6 1, 296. 0 1, 252. 1 1, 274. 0 1, 230. 1 1, 355. 4 1, 303. 7 1, 327. 2 1, 275. 5 129. 5 138. 3 132. 4 135. 3 122. 7 128. 5 125. 2 126. 0 130. 1 124. 2 127. 4 127. 0 128. 2 122. 4 120. 7 126. 5 128. 9 124. 0 126. 4 121. 5 105. 5 102. 5 100. 8 103. 8 82. 4 86. 7 84. 5 80. 2 83. 0 80. 6 79. 3 81. 7 77. 8 76. 4 76. 7 75. 3 117. 9 115. 4 116. 3 113. 8 151. 6 147. 0 144. 9 149. 5 152. 7 156. 4 154. 2 154. 9 132. 8 138. 3 135. 3 135. 8 128. 8 133. 2 130. 6 131. 4 (2) 2 (2) (2) (2) () i Units represented by mortgage applications for new home construction. Not available. a See Housing Starts, C 20-11 (Supplement), Bureau of the Census, May 1960, for description. (Data for Alaska and Hawaii included.) 1 Private housing starts, seasonally adjusted annual rates Nonfarm housing starts 276.7 189. 3 168. 4 295.4 332. 5 109. 3 74. 6 83. 3 7. 8 7. 3 8. 4 7. 3 9. 2 7. 3 5. 7 4. 0 5. 0 6. 1 7. 8 8. 1 7. 3 7. 4 Applications for FHA commitments ' Requests for VA appraisals 1 306.2 197.7 198.8 341.7 369. 7 392. 9 270.7 128. 3 102. 1 109. 3 332. 5 260. 9 244. 3 22. 1 21. 3 25. 5 20. 9 23. 4 22. 9 17. 3 18. 5 15. 5 21. 1 25. 5 26. 4 24. 1 25. 3 Total farm and Nonfarm nonfarm Proposed home construction 620. 401. 159. 234. 234. 369. 7 242. 4 243. 8 23. 4 20. 6 24, 4 19. 6 22. 1 17. 4 16. 4 14. 5 18. 7 24. 6 22. 7 23. 1 20. 4 19. 8 234. 0 142. 9 177. 8 17. 6 15. 1 17. 4 15. 7 16. 1 13. 5 11. 0 12. 9 12. 0 19.0 16. 3 17. 8 14. 7 17. 1 8 5 4 2 0 New series 3 1, 381 1, 343 1, 3S6 1, 383 1,434 1, 351 1, S97 1, 273 1,153 1,431 1,542 1,579 1,415 1,407 1,351 1,318 1,301 1,365 1,404 1, SS8 1, S57 1, 347 1,134 1,407 1, 521 1, 666 1,389 1,389 4 Preliminary. Sources: Department of Commerce, Federal Housing Administration (FIIA), and Veterans Administration (VA). TRADE SALES AND INVENTORIES Retail and wholesale sales (seasonally adjusted) declined by 11/2 percent in June while trade inventories were up slightly. Preliminary data show a 2 percent rise in retail sales in July. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS * RETAIL TRADE DURABLE GOODS STORES NVENTORIES 10 NONDURABLE SOODS STORES I INVENTORIES 1962 •SEASONALLY ADJUSTED. SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Wholesale Sales Period Sales > Inventories 2 Total COUKCtl OF ECONOMtC ADVISERS Department stores Retail 13 Inventories NonDurable durable goods goods stores stores Total 2 NonDurable durable goods goods stores stores Billions of dollars, seasonally adjusted 1954 1955 1956 1957 1958 1959 1960 1961 - 1961: May. June-- July August September October November December 3962: January February March. _ AprilMay 7 June 7 July * _ _ 9. 7 10. 6 11.3 11. 3 11. 1 12. 3 12. 3 12. 6 12. 8 12. 8 12. 5 12. 8 12. 1 12. 9 13. 1 12. 7 13. 1 12.7 12. 8 13. 1 13.4 13. 2 1 Monthly average for year and total for month. 2 Book value, end of period, seasonally adjusted. 3 10.4 11.4 13.0 12. 7 12. 0 12. 6 13. 2 13. 5 13. 5 13. 5 13. 6 13. 6 13.5 13. 4 13. 3 13. 5 13.6 13. 6 13.7 13.7 13. 8 13.9 14. 1 15. 3 15. 8 16. 7 16. 7 18.0 18. 3 18. 2 18. 0 18. 2 18. 0 18. 2 18. ] 18. 6 19. 1 18. 8 18.8 19. 0 19. 3 19. 6 19.4 19. 1 19. 5 Beginning January 1960, data include Alaska and Hawaii. « Daily average; revised index base. 5 End of period, except annual data, which are monthly averages. 4. 8 5. 6 5. 5 5. 7 5. 3 6. 0 5. 9 5. 6 5. 5 5. 6 5. 5 5. 5 5. 6 5. 9 6. 2 5. 9 5. 9 6. 0 6. 2 6. 3 6. 2 6. 0 6. 3 9. 2 9. 7 10. 3 11. 0 11. 4 12. 0 12. 4 12. 6 12. 4 12. 6 12. 5 12. 7 12. 5 12.7 12. 9 12. 9 12. 9 13. 0 13. 1 13. 3 13. 3 13. 1 13. 1 20. 9 22. 8 23. 4 24. 6 24. 3 25. 5 27. 2 26. 9 26. 2 26. 2 26. 3 26. 0 26. 3 26. 4 26. 8 26. 9 26. 9 26. 9 26. 8 26. 9 26.9 27. 0 9. 3 10. 5 10. 5 11. 4 10. 7 11. 3 12. 3 11. 5 11. 3 11. 4 11. 5 11. 0 11.3 11. 3 11. 4 11. 5 11. 5 11. 5 11. 4 11. 4 11. 4 11. 5 11. 7 12. 2 12. 9 13. 2 13. 6 14. 3 14. 9 15. 3 14. 9 14. 9 14. 9 15. 0 15. 1 15. 1 15. 3 15. 3 15. 3 15. 4 15. 4 15. 4 15. 5 15.6 Sales * Inventories 5 Index, 1957-59=100, seasonally adjusted 6 80 80 85 88 94 94 96 99 99 97 103 105 109 106 109 110 107 109 109 108 110 110 110 110 111 110 112 109 112 112 113 113 114 109 110 114 117 116 113 115 115 116 111 118 115 6 Based on retail value. ? Preliminary. Sources: Department of Commerce and Board of Governors of UK Heserve System. 19 MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS In June, manufacturers' sales (seasonally adjusted) were down 1% percent, inventories up slightly, and new orders down 2 percent. Preliminary data indicate that new orders for durable goods increased 5 percent in July. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS * 4O MANUFACTURERS' INVENTORIES MANUFACTURERS' SALES DURABLE GOODS .MANUFACTURERS' NEW ORDERS. 30 NONDURABLE GOODS NONDURABLE GOODS „„„..»" ' DURABLE GOODS -J-LJ 1959 I I960 1961 * SEASONALLY ADJUSTED. SOURCE- DEPARTMENT OF COMMERCE. 1962 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted] Manufacturers' sales * Period Total 1954 1955 1956 _ 1957 '. 1958 1959 1960, . 1961. _ 1961: May June _ -July August September. October November December 1962: January ._ February March April 3 _ Mav 3 June 3 4 July .. _ . 1 z NonDurable durable goods goods 23.5 26. 3 27. 7 28. 4 26. 2 29. 7 30. 4 30. 7 30.7 30. 8 31. 1 31. 4 31. 4 31. 8 32. 2 32. 4 32. 0 32. 8 33.2 33. 5 33. 5 33. 0 Monthly average for year and total for montb. Book value, end of period, seasonally adjusted. 20 11. 2 13. 1 13. 8 14.2 12. 4 14. 5 14.7 14. 5 14.6 14.7 14.8 15.0 15. 0 15. 3 15. 6 15. 7 15. 5 16. 0 16. 3 16. 4 16. 4 15. 9 16. 4 12. 3 13. 3 13. 9 14. 2 13. 8 15. 2 15. 7 16. 2 16. 2 16. 2 16. 3 16. 3 16. 4 16. 5 16. 6 16. 7 16. 5 16. 9 16. 9 17. 1 17. 1 17. 1 Manufacturers' inventories 2 NonDurable durable goods goods Total 24. 1 26. 7 30.7 31. 1 27. 9 30. 1 30. 9 31. 5 30. 2 30. 2 30. 4 30. 8 31. 1 31. 4 31. 5 31. 5 31. 9 32. 2 32. 4 32. 5 32. 6 32.5 43. 0 46. 4 52.3 53. 5 49. 2 52.4 53. 7 55. 2 53. 4 53. 4 53. 6 54. 0 54. 4 54. 8 55. 0 55. 2 55. 7 56. 2 56. 6 56. 7 56. 8 56. 9 3 18. 9 19. 7 21. 6 22. 4 21. 3 22. 3 22. 9 23. 7 23. 2 23. 2 23. 2 23. 2 23. 3 23. 4 23. 5 23. 7 23. 8 24. 0 24. 2 24. 2 24. 2 24. 4 Manufacturers' new orders Total 22. 5 27. 2 28. 3 27. 3 25. 9 30. 1 29. 9 31. 0 31. 0 31. 0 31. 3 32. 1 32. 2 32. 6 32. 7 32. 8 32. 9 33. 1 33. 0 32. 7 33. 1 32. 4 Preliminary, Source: Department of Commerce. l Durable goods NonMachinery durable and goods Total equipment 10. 2 3. 1 12. 3 13. 9 4. 2 13. 3 14. 4 4. 7 13. 9 13. 1 4.4 14. 2 12. 0 3. 9 13. 9 14. 9 5. 0 15. 3 14. 3 4. 9 15. 7 14. 7 5. 2 16.2 14 8 5.2 16. 2 14. 9 5.3 16. 2 15.0 5. 3 16. 3 15. 6 5.5 16. 5 15.7 5. 5 16. 5 16. 1 5.6 16. 6 16. 1 5.7 16. 6 16. 2 5. 5 16. 6 16. 4 5.8 16. 5 16.2 5.7 16. 9 16. 0 5. 6 17. 0 15.7 5. 5 17. 0 16.0 5. 6 17. 1 5. 6 15. 3 17. 0 16. 1 5. 6 * Not charted. MERCHANDISE EXPORTS AND IMPORTS In June, exports rose nearly 5 percent while imports fell slightly, raising the monthly trade surplus to $51 3 million (seasonally adjusted). BILLIONS OF DOLLARS BILLIONS OF DOLLARS 2.5 2.5 1956 I/SEE NOTE I BELOW. SOURCES: DEPARTMENT OF COMMERCE, AND DEPARTMENT OF DEFENSE. COUNCIL Of ECONOMIC ADVISERS [Millions of dollars] Merchandise imports General 2imImports for consumption 3 Domestic exports ports Indus- Finished Indus- Finished manu- Season- Unad- Total Food- trial manuTotal ' Food- trial ally ad- justed facstuffs matefacstuffs materials tures ' justed rials tures Merchandise exports Total (including reexports)1 Season- Unadally ad- justed justed Period Monthly average: 1953 1954 1955 1956 1957 1958 1959. 1,022 1,071 1, 191 1, 445 1, 626 1, 364 1, 367 1, 634 1, 672 I960 1961 1961: May ._ June July August _ September October. . _ November December 1962: January February March April _ _ May ... June. 1 ._ 1,577 1,595 1, 668 1, 660 1, 668 1, 778 1, 716 1, 719 __ 1, 660 1, 852 1, 632 1, 795 .. 1, 775 1, 859 1, 676 1, 644 1, 558 1, 598 1, 556 1,817 1, 759 1, 777 1, 592 1, 712 1 , 783 1, 799 ], 892 1, 894 1,012 254 143 131 1, 060 310 162 351 1,180 1,432 216 441 530 1, 611 208 368 1,351 198 1,352 366 210 1, 617 510 230 1, 652 486 254 Unadjusted 1, 658 473 262 1, 623 240 457 446 1, 538 231 493 1, 578 226 452 1, 540 225 522 1, 794 309 1, 740 513 288 284 513 1, 758 254 415 1, 567 420 1, 691 284 427 1, 761 298 1, 775 417 285 450 1, 866 343 3, 872 318 468 Total exports less Department of Defense shipments of grant -old military 3 Imports for immi "bonded warehouses. 614 620 667 775 872 784 776 877 911 274 910 898 441 858 853 276 394 958 954 477 260 521 1, 064 1, 056 267 534 1, 105 1, 102 274 489 1, 105 "1, 101 288 1,302 1, 284 285 569 274 1, 251 1, 251 539 1, 227 1,219 276 520 Unadjusted 1, 223 1, 217 265 525 1, 232 1, 201 286 504 1, 285 1, 259 530 274 1, 252 1, 267 529 285 516 1, 197 1, 196 266 1, 359 1, 354 296 579 1, 342 1, 337 295 563 1, 295 1, 273 280 548 602 1, 373 1,354 285 1, 224 1, 208 519 263 1, 386 1, 369 586 297 555 1, 333 1, 326 288 1, 454 1, 399 316 573 560 1, 350 1, 321 271 183 183 217 268 294 326 431 438 423 Total adjusted to exclude $33.5 million of the value reported y ,,,„„„„„• 922 927 862 860 862 963 940 961 898 987 1, 036 1, 074 1, 074 1, 086 4 1, 155 1, 177 1, 366 1, S61 1, S80 1, 318 1,311 1, 398 1, 3 SO 1, 314 1, 336 1, 374 1, 385 1, 346 427 411 455 453 415 479 479 445 467 410 486 •183 r,m •190 21 U.S. BALANCE OF PAYMENTS In the second quarter, a rise in imports of goods and services were matched by a rise in exports. A sharp fall in outflow of U.S. capital reduced the overall deficit, as measured by U.S. gold sales and increases in foreign dollar assets, to $1.0 billion (seasonally adjusted annual rate). BILLIONS OF DOLLARS* BILLIONS OF D O L L A R S * U.S. PAYMENTS TOTAL .IMPORTS OF GOODS! AND SERVICES 1 ...i.. . t.. U.S. RECEIPTS B il 1 1 ! ! 1959 1 30 m HH tag IB 1 ! ! I960 I ! EXPORTS OF GOODS AND SERVICES 1 1961 1 1 I960 1962 SEASONALLY A D J U S T E D ANNUAL R A T E S . INCLUDES UNRECORDED T R A N S A C T I O N S , EXCLUDES LIQUID DOLLAR ASSETS. SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS F Millions of dollars 1 U.S. receipts (recorded) Period 1954 1955 1956 1957 1958 195!) 1960 1961 .. Exports of goods and services 17, 759 19, 804 23, 595 26, 481 23, 067 _ _ 23, 476 27, 013 _ 28, 066 1961: Fi rst quarter (Second quarter Third quarter Fourth quarter 1962: First quarter 6 Second quarter __ 1 Includes 1 28, 27, 27, 29, 29, 29, 276 312 564 112 004 888 Increase in foreign Balance Unreon regold and corded U.S. grants and capital (net) corded recorded transactransliquid tions—• dollar U.S. actions Private capital [net pay- errors and Governasset? through ment ments ( — ) omissions Total i grants (net or receipts receipts) transacand Total Direct tions with ( + )] capital the U.S. U.S. payments (recorded) Foreign capital Imports other of than goods liquid and dollar services assets (net) 240 394 653 487 22 863 335 606 15, 17, 19, 20, 20, 23, 23, 22, 931 795 628 752 861 342 188 923 792 1, 096 28 508 1, 120 21, 22, 23, 24, 24, 25, 792 040 708 152 180 024 2 3, 4, 6, 6, 6, 5, 7, 7, 8, 4, 8, 9, 8, 791 1, 554 1, 622 667 2, 211 1, 255 051 823 2,362 3,071 1, 951 098 2, 574 3, 577 2, 442 853 245 2 2, 587 2, 936 1, 181 152 1, 986 2,375 1, 372 2, 769 3, 882 1, 694 493 608 2, 777 3, 953 1, 475 Seasonally adjusted annual rates 3, 316 4, 236 1, 828 436 -188 3, 504 1, 076 200 4, 052 3, 380 1, 716 296 3, 928 4, 692 1, 280 500 716 3, 640 4, 204 1, 324 remittances and pensions not shown separately. Kxcludes $1,375 million increase in U.S. subscription to International Monetary Fund. 1 Includes advance <'ebt repayment and interest payments on U.S. Government loans of $774 million ($3.1 billion at annual rate). * Before adjustment for receipts of principal and interest on Government loans pftld in the previous quarter. 22 - 1, 723 — 1, 648 - 1, 478 -637 -4, 017 -4, 155 -3, 333 — 1, 859 — 1, 160 2, 168 — 4, 412 — 4, 032 -2,772 173 503 543 1, 157 488 412 — 592 -602 — 116 — 1, 464 772 - 1, 600 868 1, 550 1, 145 935 — 520 3, 529 3,743 3, 925 2, 461 1, 276 3 -704 4 3, 640 5 5, 632 1, 904 976 * Includes over $400 million ($1.7 billion at annual rate) of subscriptions to international organizations and other special capital outflows. « Preliminary. NOTE.—Data exclude goods and services transferred under military grants. Source: Department of Commerce. PRICES CONSUMER PRICES Consumer prices rose 0.1 percent in June. Higher food prices, especially for fresh fruits, and a further small price gain for services were the principal causes of the advance. INDEX, I957-59-IOO INDEX, 1957-59-100 90 1956 1958 1957 1959 I960 1961 SOURCE: DEPARTMENT OF LABOR. All items Period 1951 1952_ 1953 1954 1955 1956 1957 1958 . . .. --- 1959 1960 1961 ._ -- - 1961: May June July August September OctoberNovember December 1962: January February March _ , April May June Source: Department of Labor. _ . I96E COUNCIL OF ECONOMIC ADVISERS 90. 5 92. 5 93. 2 93.6 93. 3 94.7 98.0 100.7 101. 5 103. 1 104.2 103. 8 104. 0 104. 4 104. 3 104. 6 104. 6 104. 6 104. 5 104. 5 104. 8 105. 0 105. 2 105.2 105.3 [1957-59=100] Services Commodities Commodities less food Services All All comRent Food less Non- services modities All Durable durable rent 95. 5 96.7 96. 4 95. 4 94. 4 95.3 98. 4 100. 7 101. 0 101. 7 102. 4 101. 9 102. 2 102. 8 102. 5 102. 8 102. 9 102. 6 102. 4 102. 3 102. 7 102. 8 103. 1 103. 0 103. 1 95. 4 97. 1 95.6 95. 4 94. 0 94. 7 97. 8 101. 9 100. 3 101. 4 102. 6 102. 3 102. 5 103. 4 102. 7 102. 6 102. 5 101. 9 102. 0 102. 5 103. 1 103. 2 103. 4 103. 2 103. 5 95. 9 96. 7 96. 8 95. 6 94. 6 95. 9 98. 9 99. 8 101. 3 101. 8 102. 1 101. 5 101. 8 102. 1 102. 2 102. 6 103. 0 102. 9 102. 6 102. 0 102. 2 102. 4 102. 8 102. 6 102. 6 101. 4 102. 7 101. 6 97.7 94. 9 94. 9 98. 2 99. 7 102. 0 100. 7 100. 5 100. 0 100. 4 100. 6 101. 0 101. 0 101. 7 101. 6 101. 1 100. 8 100. 8 100. 9 101. 4 101. 5 101. 6 92. 7 93. 2 94. 0 94. 4 94. 4 96. 5 99. 1 99. 8 101. 0 102. 6 103. 2 102. 5 102. 7 103. 0 103. 1 103. 8 103. 8 103. 8 103. 6 102.9 103.3 103. 5 103. 8 103. 5 103. 4 80. 4 84. 0 87. 5 89. 8 91. 4 93. 4 97. 0 100. 3 102. 7 105. 6 107. 6 107. 4 107. 5 107. 6 107. 7 107. 9 108. 0 108. 2 108. 5 108. 7 108.9 109. 0 109. 2 109. 4 109. 5 82. 3 85. 7 90. 3 93.5 94. 8 96. 5 98.3 100. 1 101. 6 103. 1 104. 4 104. 3 104. 4 104. 4 104. 4 104. 7 104. 8 104. 9 105.0 105. 1 105. 2 105. 3 105. 4 105.5 105.6 80. 0 83. 8 87. 0 89. 1 90. 8 92. 8 96. 7 100. 3 102. 9 106. 1 108. 3 108. 1 108. 2 108. 3 108. 4 108. 6 108. 7 108. 9 109. 1 109. 3 109. 5 109. 6 109. 8 110. 1 110. 2 23 WHOLESALE PRICES Wholesale prices rose 0.4 percent in July, following three months of decline. INDEX, I957-59-IOO INDEX,1957-59-100 105 COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS (INDUSTRIALS] 90 SOURCE: DEPARTMENT OF LABOR. COUNCIl OF 'ECONOMIC ADVISERS [1957-59= 100] All commodities Period 1954 1955 1956 1957 1958 1959 1960 1961 3 _~1961: June July. August September __ October _ November December 1962: January February M arch April . ___ _ - ... ._. . _ _. May June 3 July Week ended: 4 1962: August 7 14 . _ . .. _. _ Farm products Processed foods 92. 9 93. 2 96. 2 99. 0 100. 4 100. 6 100. 7 100.3 99. 5 99. 9 100. 1 100. 0 100. 0 100. 0 100. 4 100. 8 100. 7 100. 7 100. 4 100. 2 100. 0 100. 4 104. 4 97. 9 96. 6 99. 2 103. 6 97. 2 96. 9 96. 0 92. 9 95. 1 96. 7 95. 2 95. 1 95. 6 95. 9 97. 9 98. 2 98. 4 96. 9 96. 2 95. 3 96. 5 97. 6 94 3 94. 3 97. 9 102. 9 99. 2 99. 9 100. 6 98. 9 99. 7 100. 2 100. 2 100. 4 100. 1 100. 9 101. 8 101. 7 101. 4 100. 0 99. 5 99. 7 100. 7 100. 6 100. 6 97. 6 97. 6 101. 5 101. 5 1 Coverage of the subgroups does riot correspond exactly to coverage of this Index. 3 Excludes intermediate materials for food manufacturing and manufactured animal feeds; includes, in part, grain products for further processing. 24 3 Commodities other than farm products and foods (industri.ils) Consumer finIndusIndustrial in- Produc- ished goods extrial All including food dustricrude termedi- er finished NonDurals ' mate- ate ma- goods durable terials 2 able rials 95.3 91. 8 88. 0 89. 8 83. 1 90. 4 92. 8 95. 8 92. 4 92. 5 96. 6 85. 6 92. 0 97. 7 102. 3 95. 9 96. 5 97. 0 98.7 99. 9 99. 2 100. 9 99. 6 97. 7 99.3 100. 2 100. 1 99. 5 96. 9 99. 4 102. 3 102. 1 101. 3 100. 8 101. 3 101. 0 102. 3 100. 9 101. 5 101. 3 98. 3 101. 4 102. 5 101. 5 100. 5 100. 8 97. 2 100. 1 102. 5 100. 6 101. 2 100. 6 96. 8 99. 9 102. 5 100. 6 101. 2 100. 6 97. 5 99. 8 102. 5 100. 5 100. 6 98. 7 99. 7 101. 3 102. 5 99. 9 100. 5 101. 2 100. 7 99. 2 99. 7 99. 8 102. 6 100. 3 101. 2 100. 5 102. 7 100. 4 101. 4 100. 7 97. 2 99. 8 102. 7 100. 3 101. 8 100. 9 97. 2 99. 9 102. 0 100. 0 102. 8 100. 2 101. 0 98. 5 102. 8 100. 1 101. 8 99. 9 100. 8 98. 2 102. 8 100. 0 100. 0 101. 3 100. 8 97. 1 101. 6 102. 9 99. 9 95. 8 100. 3 100. 9 102. 9 101. 7 100. 0 100. 2 100. 9 95. 3 102.8 100.0 101. 6 94. 4 100. 1 100. 7 102. 8 99. 9 101. 7 94. 4 100. 0 100. 8 100. 8 100. 8 (5) (5) 5 (5) () f5) (5) (5) (5) Preliminary. * Weekly series based on smaller sample than monthly scries. 5 Not available. Source: Department of Labor. (5) (5) PRICES RECEIVED AND PAID BY FARMERS The index of prices received by farmers rose slishtly between June 1 5 and July 1 5; a rise in livestock prices was partially offset by a sharp decline in crop prices. Prices paid were unchanged and the parity ratio rose to 79. INDEX, I9IO-I4 = IOO INDEX, I9IO-I4 > I O O 325 325 PRICES PAID, INTEREST, TAXES AND WAGE RATES 300 275 250 225 200 LJ_L 200 RATIO - RATIO •" 100 PARITY RATIO ,,,...".,,, > ,«••'''""""""""*""""••„, .,„,„ „„„.„„ » " " ".„ . " " " .. ! 75 ! ! 1956 1957 , , , i , 1 , , , , , 1959 1958 , I960 -^RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES SOURCE: DEPARTMENT OF AGRICULTURE. 1 1961 1962 COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period All farm products 1952 . 1953 1954 1955 _. 1956 1957 1958 1959 . 1960 _ _ _ _ _ _ . 1961 1961: June 15 July 15 _ _ .. August 15 September 15 October 15 November 15 December 15 _ 1962: January 15 _ . February 15__ . _ March 15 April 15 - _. _ _ __ Mav 15 June 15 Julv 15 1 _ _ _ __ Crops 288 255 246 232 230 235 250 240 238 240 234 235 240 242 240 239 240 242 243 244 242 242 239 240 Percentage ratio of index or price? received by farmers to index of prices paid, Interest, taxes, and \va^e rates. 267 240 242 231 235 225 223 221 221 226 231 229 228 229 226 224 224 225 226 233 236 243 236 231 Prices paid by farmers All items, interest, Livestock taxes, and Family Producand tion living wage rates products items items (parity index) Index, 1910-14=100 274 271 287 306 256 277 268 269 255 277 270 249 251 234 276 270 274 250 226 278 257 244 282 286 287 264 273 293 266 256 297 288 265 253 299 290 251 301 291 266 265 236 300 290 264 241 300 291 265 250 290 301 301 291 266 253 265 252 301 291 265 251 301 291 302 292 267 254 257 304 293 268 257 305 294 268 254 305 294 269 294 270 246 306 242 296 269 306 242 305 294 268 294 268 248 305 Source: Department of Agriculture. Parity ratio ' 100 92 89 84 83 82 85 80 80 80 78 78 80 80 80 79 79 80 80 80 7!) 7!) 78 7'.) 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY SUPPLY The money supply rose less than seasonally in July. BILLIONS OF DOLLARS 160 BILLIONS OF DOLLARS I 160 AVERAGES OF DAILY FIGURES. SEASONALLY ADJUSTED 150 TOTAL MONEY SUPPLY DEMAND DEPOSITS AT ALL COMMERCIAL BANKS 120 \ no 100 I i 1956 1957 1958 1961 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Period 1953; 1954: 1955: 1956: 1957: 1958: 1959: 1960: 1961: 1961: December December December December. December. . December. . December... December... December. July. .. . August September October November December 1962: January February March April. May Juno3 . July J''irst half 2 Second half _ 1 ; Deposits at all commercial banks. Preliminary. 26 1962 COUNCIL OF ECONOMIC ADVISERS (Averages of daily figures, billions of dollars] Money supply Seasonally adjusted Unadjusted Currency Private Private Currency Total Total outside demand outside demand banks deposits ' banks deposits * 128. 1 27.7 131. 4 100. 4 28. 2 103. 3 27. 4 131. 8 27. 9 135. 0 104. 4 107. 1 134. 6 137. 9 27. 8 106. 8 28. 3 109. 6 136. 5 28. 2 139. 7 108. 3 28. 7 111. 0 135. 5 28. 3 138. 8 107. 2 28. 9 109.9 140. 8 144. 3 112. 2 29. 2 28. 6 115. 1 141. 5 144. 9 28. 9 112. 6 29. 5 115. 5 140. 4 29. 0 143. 8 114. 3 111. 4 29. 5 144. 9 29. 5 148. 5 30. 1 115. 4 118. 4 142. 0 141. 1 29. 0 29. 2 111. 9 113. 0 141. 8 141. 1 29.0 112. 8 29. 2 111. 9 29. 2 142. 4 143. 0 113. 8 29. 3 113. 1 143. 7 143. 6 29. 3 114. 4 29. 4 114. 2 145. 3 144. 1 29. 4 29. 7 114. 6 115. 6 144. 9 29. 5 148. 5 30. 1 115. 4 na 4 144. 6 147. 8 29. 6 29. 4 115. 1 118. 3 144. 0 144. 4 114. 7 29. 6 29. 3 114. 8 144. 7 143. 2 29. 5 29. 9 114. 8 113. 7 145. 4 145. 7 30.0 115. 7 29. 7 115. 7 145. 4 143. 4 30.0 29. 7 115. 5 113. 7 143.9 145. 3 30. 0 30. 0 115. 3 113. 9 144. 1 145. 0 114. 9 30. 2 30. 1 113. 8 143. 6 145. 1 30. I 115. 0 30. 4 113. 2 144. 5 144. 9 114. 9 114. 4 30. 1 30. 0 Related deposits (unadjusted) ' Gross time 44. 7 48. 5 50. 0 51. 8 57. 1 65. 1 67. 0 72. 5 82. 3 79. 9 80. 7 81. 3 82.0 82. 0 82. 3 83. 9 85. 8 87. 7 89. 2 90. 2 91. 4 92. 5 92. 4 92. 6 NOTE,—See note, p. 27. Source: Board of Governors of the Federal Reserve System. U.S. Government demand 3. 8 5. 0 3. 4 3. 4 3. 5 3. 9 4. 9 4. 7 4. 9 4. 3 5. 5 5. 2 6. 5 5. 8 4. 9 3. 9 4. 7 5. 1 3. 9 7. 0 7.3 7. 1 8. 2 6. 1 BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES Commercial bank loans rose $200 million, seasonally adjusted, in July. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* 250 250 ALL COMMERCIAL BANKS BANK LOANS INVESTMENTS IN U.S. GOVERNMENT SECURITIES 50 1956 1959 * SEASONALLY ADJUSTED. SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. END OF MONTH CDUNCI1 OF ECONOMIC ADVISERS End of period 1955 -1956 1957 1958 1959 1960 ... .. ... 1961 -- ... 1961: June. . . July.. August September October November December 1962: January,. _ _ .. FebruaryMarch- _. April 65 May June 65 July 1 ... Member banks are all national banks and those State banks which have taken membership in the Federal Reserve System. 2 Commercial and industrial loans and prior to 1956 agricultural loans. Series revised beginning January 1952, October 3955, July 1958, July 1959, and April 1961. 3 Debits during period to demand deposit accounts except interbank and U.S. Government. Prior to 1955, relates to 344 centers outside New York City. * Averages of daily figures. Annual data are for December. Weekly reporting member banks * Bank All member banks' debits outside New York Reserves * BorrowInvestments City (343 To**1 Loans, ings at loa centers) , "f excluding Federal U.S. Gov- Other Business seasonally Required Excess Reserve --t- '££ ernment securi- loans 2 adjusted bank Banks * annual ments securities ties rates 3 Billions of dollars Millions of dollars 80. 5 839 60. 4 16. 7 * 26. 7 157. 6 1, 277 18, 646 594 161. 6 88.0 1,385 18, 883 16. 3 30. 8 652 57.3 688 710 166. 4 91. 4 57. 0 31.8 1, 468 18, 843 17.9 577 2 95. 6 64, 9 20. 5 181. 0 31. 7 516 557 1,481 18, 383 1, 666 18, 450 107. 8 57. 6 20. 4 " 30. 5 185. 7 906 482 114 2 194. 5 59. 6 20. 7 1, 736 18, 527 87 31. 9 756 121. 1 209. 6 32. 9 64. 7 23. 8 1,832 19, 550 149 568 115. 9 22. 1 201. 9 63.8 31. 8 1,824 18, 430 612 63 1, 840 18, 482 116. 3 64. 7 22. 3 203. 3 581 31. 3 51 116. 3 204. 0 65. 1 22. 6 1,833 18, 619 31. 5 604 67 206. 7 117. 4 66. 1 1,848 23. 2 31. 8 18, 783 584 37 1,906 118. 6 65. 3 23. 2 207. 1 31. 9 65 19, 153 507 119. 4 23. 6 32. 1 65. 3 1, 904 19, 218 208. 3 622 105 121. 1 64. 7 209. 6 23. 8 32. 9 1,917 19, 550 149 568 210. 7 120. 8 65. 7 24 2 32. 0 S, 010 19, 473 616 70 122. 6 66. 1 32. 2 1, 917 19, 069 502 24. 6 213. 3 68 123. 8 66. 1 215.2 1, 986 25. 3 33. 0 470 19, 077 91 124. 4 214. 9 64. 5 26. 0 32. 8 19, 213 2, 044 510 69 124. 5 65. 4 26. 2 32. 9 216. 1 2, 015 19, 320 497 63 125. 5 66. 4 27. 0 2, 000 19, 453 218. 9 33. 4 100 470 125. 7 63. 9 33. 0 2, 055 27. 8 19, 514 217. 4 532 89 All commercial banks (seasonally adjusted data) 5 Preliminary. NOTE.—Series for all commercial banks revised to show seasonally adjusted data. Between January and August 1959, series for all commercial banks expanded to include data for all banks in Alaska and Hawaii. Data for nli member bfmfcft include Alaska and Hawaii beginning 1954 and 1959, respectively. Source; Board of Governors o/ the Federal Reserve Sy.siom. 27 CONSUMER CREDIT In June, total consumer credit outstanding rose $700 million, compared to a rise of about $400 million in June 1961. BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH TOTAL CREDIT OUTSTANDING NONINSTALMENT CREDIT 1 SEASONALLY ADJUSTED (ENLARGED SCALE) INSTALMENT CREDIT EXTENDED ^INSTALMENT CREDIT REPAID D Ii i i i i I i i i i i I i i i it 1956 1957 .1 1958 1959 I960 1961 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. [Millions of dollars] Consumer credit outstanding (end of period; unadjusted) Instalment NonAutomoTotal instalbile 2 Total ' ment 3 paper Period 1952 1953. 1954 1955 1956 1957 1958 1959 1960 . 1961 1961: May June July August September October _ _ November December 1962: January February March April _ May June _ 27, 520 31, 393 32, 464 38, 807 42, 262 44, 848 44, 984 51, 331 55, 757 57, 139 54, 196 54, 602 54, 505 54, 739 54, 757 54, 902 55, 451 57, 139 56, 278 55, 592 55, 680 56, 650 57, 593 58, 277 19, 403 23, 005 23, 568 28, 883 31, 648 33, 745 33, 497 39, 034 42, 588 43, 163 41, 584 41, 888 41, 909 42, 090 42, 039 42, 181 42, 419 43, 163 42, 846 42, 632 42, 704 43, 285 43, 893 44, 559 7, 733 9, 835 9, 809 13, 437 14, 348 15, 218 14, 007 16, 209 17, 444 16, 960 16, 933 17, 061 17, 063 17, 061 16, 902 16, 913 16, 960 16, 960 16, 878 16, 900 17, 039 17, 343 17, 683 18, 033 1 Also includes other consumer poods paper, repair and modernization loans, and persona! loans, not shown separately. •Consumer credit extended for the purpose oJ" purchasing automobiles and secured by the items purchased. 3 Consists of single-payment loans, charge accounts, and service credit. 28 1962 COUNCIL OF ECONOMIC ADVISERS 8, 117 8, 388 8,896 9, 924 10, 614 11, 103 11, 487 12, 297 13, 169 13, 976 12, 612 12, 714 12, 596 12, 649 12, 718 12, 721 13, 032 13, 976 13, 432 12, 960 12, 976 13, 365 13, 700 13, 718 Consumer instalment credit extended and repaid (seasonally adjusted) Automobile paper 2 Total » Extended 29, 514 31, 558 31,051 38, 944 39, 775 41, 871 39, 962 47, 818 49, 313 47, 984 3, 907 3, 962 3, 909 4, 038 3, 942 4, 209 4,317 4, 315 4, 194 4, 302 4, 363 4, 625 4, 593 4, 477 Repaid 25, 405 27, 956 30, 488 33, 629 37, 009 39, 775 40, 211 42, 435 45, 759 47, 412 3, 895 3, 962 3,937 3, 994 3, 956 4, 028 4,017 4,051 3, 979 4,066 4,094 4, 108 4, 180 4, 159 Extended 11, 764 12, 981 11, 807 16, 706 15, 421 16, 321 14, 069 17, 544 17, 408 15, 779 1,270 1, 296 1, 300 1, 302 1,271 1, 405 1, 511 1,471 1, 474 1, 496 1, 526 1, 606 1, 604 1,536 Repaid 10, 003 10. 879 11,833 13, 077 14, 510 15, 451 15, 281 15, 411 16, 172 16, 262 1, 336 1,354 1,364 1, 362 1, 350 1, 372 1, 359 1, 361 1, 380 1, 369 1, 393 1, 403 1, 418 1, 402 NOTE.—Data for Alaska and Hawaii included beginning January and August 1959, respectively. Source: Board of Governors of the Federal Reserve System. BOND YIELDS AND INTEREST RATES The yield on 3-month Treasury bills rose durins July but declined in early August. Most bond yields rose. PERCENT PER ANNUM PERCENT PER ANNUM 1962 SOURCES: SEE TABLE BELOW. COUNCIl OF ECONOMIC ADVISER? [Percent per annum] U. S. Government High-grade security yields municipal 3-month bonds Taxable 2 Treasury (Standard & bonds Poor's) 3 bills i 0. 953 2. 55 2. 37 1.753 2.84 2. 53 2. 658 a os 2. 93 a 47 3.267 3. 60 1. 839 a 43 3. 56 3.405 4. 08 3. 95 4. 02 2. 928 3. 73 2. 378 3. 90 3. 46 2. 359 3. 53 3. 88 2. 268 3. 53 3. 90 2. 402 4.00 3. 55 4.02 2. 304 3. 54 2. 350 3. 98 3. 46 a 44 2. 458 3. 98 2. 617 4. 06 3. 49 2. 746 4. 08 3. 32 2. 752 4. 09 3. 28 2. 719 4. 01 3. 19 2.735 3. 89 3. 08 2. 694 3. 88 3.09 a 90 3. 24 2. 719 4. 02 2. 945 3. 30 Period 1954 1955 1956 1957 1958 1959 _ 1960 1961 1961- June July August September October November December 1962: January February March April _- ... - _ . _ _ May June July_._ Week ended: 1962- July 7 14 21 ... 28 August 4 11 18 1 J _ 2. 2. 2. 2. 2. 2. 4 2. 930 974 983 892 874 802 867 Rate on new issues within period. Series includes: April 1953 to date, bonds due or callable 10 years and after; April 1952-March 1953, bonds due or callable after 12 3rears; October 1941-March 1952, bonds due or callable after 15 years. 3. 99 4 03 4. 03 4. 02 4. 04 4. 02 3. 27 3. 29 3. 31 3. 33 3. 38 3. 37 Corporate bonds (Moody's) Aaa Baa 290 3.06 3. 36 3. 89 3. 79 438 4 41 4 35 4. 33 4. 41 4 45 4. 45 4. 42 4. 39 4 42 4 42 4 42 4 39 4 33 4 28 4 28 4 34 3. 51 3. 53 3. 88 471 473 5. 05 5. 19 5. 08 5. 03 5. 09 5. 11 5. 12 5. 13 5. 11 5. 10 5. 08 5. 07 5. 04 5. 02 5. 00 5.02 5. 05 432 4 34 4 33 4 35 4. 37 4. 36 Prime commercial paper, 4-6 months 1. 58 2. 18 5. 04 5. 05 . 04 . 0-1 . 07 . 07 3 Weekly data are Wednesday figures. ' N o t c h rtml, Sources: Treasury Department, Board of Oovorno s of tlw F*H|PH*I Reserve System, Standard & Poor's Corporntion, mnl Mmnly'i lnvt»i*wa Service. a 31 3. 81 2. 4(i 3. 97 3. 85 2. 97 2. 72 •I. !»'.' a. on a. (MI 2. (IH a. lit •i 't-t a, vfi a. 2» a. HI a, yu a, ar> a! an a ax a JIM a a;i OQ *•*** STOCK PRICES Stock prices rose somewhat in July. [1957-59=100] Manufacturing Composite index 1 Period Weekly average: 1953 1954 1955 1956 1957 1958 1959 1960 1961 1961: June.. Julv August September October November _ _ December 1902: January February March April May June Julv W.-cK ended: 1902: July 13 20 °7 August 3 10 .. _ _ Durable goods Total 30 Transportation Utilities Trade, finance, and service 51. 9 61. 7 81. 8 92. 6 89. 8 93. 2 116. 7 113. 9 134. 2 132. 8 132. 7 137. 4 136. 2 138. 0 144. 0 145. 8 140. 4 142. 8 142. 9 138. 0 128. 2 114. 3 116. 0 46. 7 57. 6 79. 5 93. 2 90. 7 92. 5 116. 5 110. 9 126. 7 126. 0 125. 2 130. 1 128. 9 129. 1 133. 7 135. 6 130. 8 133. 4 133. 5 128. 2 119. 0 105. 7 106. 8 43. 0 54. 7 78. 7 91. 5 88. 5 90. 4 120. 8 117. 3 129. 2 128. 0 126. 5 131. 3 131. 7 132. 2 135. 7 138. 1 133. 6 134. 4 134. 0 128. 0 117. 4 103. 2 104. 4 49. 8 60. 0 80. 1 94. 5 92. 8 94. 4 112. 6 104. 9 124. 4 124. 2 123. 9 129. 0 126. 4 126. 4 131. 9 133. 3 128. 1 132. 6 133. 1 128. 5 120. 6 108. 1 109. 2 73. 9 78. 6 108. 2 110. 6 93. 2 91. 0 115. 6 95. 8 105. 7 105. 1 103. 2 107. 0 106. 8 110. 1 109. 9 107. 9 108. 5 110. 5 107. 4 103. 1 98. 5 90. 2 90. 0 67. 3 75. 3 84.8 86. 4 86. 3 95. 8 117. 6 129. 3 168. 4 164. 0 166. 7 170. 6 168. 9 173. 9 186. 0 188. 4 181. 4 183. 0 184. 2 180. 3 167. 1 151. 1 156. 6 60. 8 69. 1 87. 1 89. 9 82. 2 95. 1 122.3 127. 4 160. 2 156. 0 158. 4 164. 2 166. 4 176. 6 187. 7 188. 0 175. 2 176. 4 175. 2 172. 0 161. 6 141. 3 139. 4 117. 115. 116. 118. 117. 108. 106. 107. 109. 108. 106. 0 104. 0 105. 4 107. 6 106. 6 110. 6 108. 8 109. 1 111. 0 109. 8 91. 9 89. 4 88. 9 90. 4 88. 8 159. 3 156. 4 157. 8 159. 3 157. 5 141. 138. 138. 139. 139. 7 6 4 3 1 4 5 3 4 2 1 Includes 300 common stocks: 108 for durable £X>ods manufacturing, S,r> for nondimiblo floods manufacturing, 18 for transportation, 34 for utilities, 45 for trade, ntmnoc and service, ami i- fur mining. Nondurable goods NOTE.—Indexes are based on weekly closing prices, Source: Securities and Excluinge Commission. 0 3 5 1 6 Mining 70. 4 78. 2 91. 6 104. 6 107. 2 97. 9 95. 0 73. 8 92. 5 97. 0 93. 1 92. 8 87. 3 90. 2 95. 1 101. 1 104. 1 109. 7 106. 6 103. 9 97. 5 88.3 90. 9 92, 5 91. 2 90. 9 93. 2 91. 8 FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES In July 1962, the first month of fiscal year 1963, there was a deficit of $3.7 billion, compared with a deficit of $3.3 billion for the first month of fiscal year 1962. BILLIONS OF DOLLARS BILLIONS OF DOLLARS I960 1959 1962 1963 1959 + 10 BUDGET SURPLUS ( + ) OR DEFICIT (ENLARGED SCALE ) (-) +5 fSSSSa O -5 1958 1963 1958 SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET. Period Fiscal year 1957 Fiscal year 1958 Fiscal year 1959 Fiscal year 1960 ... Fiscal year 1961 Fiscal year 1962 * 1961- May June _ _ July 4 4 August September 4 October 4 4 _ _ November4 December 1962- January 4 4 February March 4 April 44 Mav June 4 _ - July 4 1 1961 1932 1963 _ - - .. - _ - -- COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Net budget expenditures Net National defense 1 budget Department Total receipts Total of Defense, military 2 69. 0 40. 8 43. 4 70. 6 71. 4 44. 2 41. 3 68. 5 80. 3 46. 5 43. 6 67. 9 76. 5 42. 8 45. 7 77. 8 81. 5 44. 7 47. 5 77. 7 87.7 51. 1 48. 2 81. 4 7. 2 4. 2 3. 9 6. 5 8. 0 4. 6 4. 3 10. 8 6. 3 3. 5 3. 2 3. 0 7. 6 4. 0 3. 8 6. 4 6. 8 3. 9 3. 6 8.9 7. 8 4. 1 3. 8 3. 1 7. 5 4. 0 4.3 6. 4 7. 2 4. 3 4. 1 8. 0 4. 0 7. 4 4. 3 5. 4 6. 9 4. ] 3. 9 0. 7 7.7 4. 6 4. 3 9. 1 7. 3 4. 3 4. 0 5. 8 4. 5 7. 2 4. 8 7. 0 8. 0 5. 0 4. 8 11. 0 3. 7 7. 3 3. 9 3. 6 Expenditures for military activities of the Department of Defense (military functions and the military assistance portion of the mutual security program), atomic energy, and defense related services. 3 3 Military functions and military assistance. Includes guaranteed securities held outside the Treasury. Not ;i! shown is subject to statutory debt limitation. 1959 FISCAL YEARS * PRELIMINARY Budget surplus or deficit (-) Public debt (end of3 period) 1. 6 -2. 8 -12. 4 1. 2 -3. 9 -6. 3 — .7 2. 9 -3. 3 — 1. 3 2. 2 -4. 7 — 1. 1 .8 — 2. 0 -. 1 1. 4 -1. 5 O 3! 6 — 3. 7 270. 6 276.4 284. 8 286. 5 289. 2 298. 6 290. 4 289. 2 292. 6 294. 0 294. 0 296. 0 297. 3 296. 5 296. 9 297. 4 296. 5 297. 4 299. 6 298. 6 298. 3 * Preliminary. NOTE. — Total budget receipts and expenditures exclude certain i mental transactions, Sources: Treasury Department and Bureau of the lludgct. 31 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In the fiscal year 1962, cash payments to the public exceeded cash receipts by $5.7 billion. In fiscal 1961, cas! payments exceeded cash receipts by $2.3 billion. BILLIONS OF DOLLARS 30 (SEASONALLY ADJUSTED) BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) 30 EXCESS OF DASH RECEIPTS U 1 1 l 1 1956 I 1 UL U LJ LJ EXCESS OF DASH PAYMENTS 1 1 1 1968 1957 L U U uU LJ i i i 1 I 1959 CALENDAR YEARS 1 i960 1 ( 1961 SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET. { •1 l ( 1962 t COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Cash receipts from the public Period Fiscal year total: 1957. . .. 1958 . 1959 1960. 1961 1962 i Calendar year total: 1958 1959 I960 1961 ' _ ... _ .. Quarterly total (calendar years): 1960: Third quarter . Fourth quarter 1901: First quarter __ Second quarter _ Third quarter J Fourth quarter * 1962: First quarter 1 . Second quarter *_ Cash payments to the public Excess of re- Cash receipts ceipts ( + ) or from the payments public (-) 82. i 81. 9 81. 7 95. 1 97. 2 101. 9 2. 1 — 1. 5 — 13. 1 .8 -2. 3 -5.7 81. 7 87. 6 98. 3 97. 9 __ _ _. 80. 0 S3. 4 94. 8 94. 3 99. 5 107. 6 89. 0 95. 6 94. 7 104. 7 Unadjusted -7. 3 -8.0 3. 6 -6. 8 24. 2 24. 5 23 4 27. 4 26. 7 27. 2 26. 0 -. 8 -3.9 1. 4 1. 1 — 3. 3 -5.9 Excess of receipts ( + ) or payments (-) Cash payments to the public 23. 4 20. 0 24. 8 28. 5 23. 4 21. 3 26. 2 31. 0 27. 7 Seasonally adjusted Q 3. 2 24. 9 24. 6 23. 3 24. 6 24. 9 25. 3 24. 6 26. 8 23. 6 24. 3 25. 1 26. 5 26. 2 26. 9 27. 8 26. 8 1.3 .3 -1.8 — 1. 9 — 1. 4 — 1. 6 -3. 2 .0 Sources: Treasury Department and Bureau of tile Budset. 32 OI'FlCE 19G2