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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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102