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Economic Indicators
DECEMBER
i
1950
-
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
!
A>
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1950
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
JOSEPH C. O'MAHONEY, Wyoming, Chairman
EDWARD J. HART, New Jersey, Via Chairman
FRANCIS J. MYERS, Pennsylvania
WRIGHT PATMAN, Texas
JOHN J. SPARKMAN, Alabama
WALTER B. HUBER, Ohio
PAUL H. DOUGLAS, Illinois
FRANK BUCHANAN, Pennsylvania
ROBERT A. TAFT, Ohio
JESSE P. WOLCOTT, Michigan
RALPH E, FLANDERS, Vermont
ARTHUR V. WATKINS, Utah
x
ROBERT F. RICH, Pennsylvania
CHRISTIAN A, HERTER, Massachusetts
THEODORE J. KREPS, Staff Director
GSOVBR W. ENSLEY, Associate Staff
Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
(Created pursuant to Sec. 4 (a) of Public Law 304, 79th Cong.)
LEON H. KEYSERLING, Chairman
JOHN D. CLARK
ROY BLOUGH
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. J. Res. 55]
To print the monthly publication entitled " Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Committee on the Economic Report 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
Committee on the Economic Report; and the required number of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed
for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce
11
Contents
THE TOTAL OUTPUT OF THE ECONOMY
The Nation's Economic Budget
Gross National Product
1
2
PRICES
Consumers' Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
3
4
5
6
Labor Force
Nonagricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
Work Stoppages
PRODUCTION
ACTIVITY
Industrial Production
Weekly Production—Selected Indicators
Production of Selected Manufactures
New Construction
New Housing Starts
Expenditures for New Plant and Equipment
New Corporate Security Issues
Inventories and Sales
Merchandise Exports and Imports
National Income
Corporate Profits
Personal Income
Consumer Income, Spending, and Saving
Personal Consumption Expenditures
Per Capita Disposable Income
Farm Income
Consumer Credit
MONEY,
..
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
FEDERAL FINANCE
Bank Loans and Investments
Money Supply
Federal Cash Receipts From and Payments to the Public
7
8
9
10
11
12
30
31
32
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC BUDGET
Consumer incomes and expenditures both increased sharply in 3rd quarter, Business income declined mainly
because the increase in inventory valuation adjustment more than offset the rise in corporate profits.
Business expenditures increased slightly. The government account changed from a deficit to a surplus.
BILLIONS OF DOLLARS
ANNUAL RATES, SEASONALLY ADJUSTED
50
100
CONSUMERS
1950,
SECOND QUARTER
Transfer!
payments \
1950,
THIRD QUARTER
BUSINESS
1950,
SECOND QUARTER
1950,
THIRD QUARTER
INTERNATIONAL
I95O,
SECOND QUARTER
1950,
THIRD QUARTER
GOVERNMENT
(Federal, state, ond local)
I960,
SECOND QUARTER
Transfer payments
1950,
THIRD QUARTER
EXCESS OF RECEIPTS {+}, EXPENDITURES (-)
1950, SECOND QUARTER
I960, THIRD QUARTER
-25
0
25
-25
1
CONSUMERS
0
m
25
i
BUSINESS
INTERNATIONAL
GOVERNMENT (Federal, state,ond local)
.^ TRANSFER PAYMENTS ARE INCLUDED IN RECEIPTS OR EXPENDITURES OF THE SEPARATE ACCOUNTS BUT NOT IN THE TOTAL GROSS NATIONAL PRODUCT.
NOTE: SEE PAGE 2 FOR THE NATIONS ECONOMIC BUDGET TOTAL (GROSS NATIONAL PRODUCT)
SOURCE: ECONOMIC REPORT OF THE PRESIDENT, JULY I95O, APPENDIX A.
COUNCIL OF ECONOMIC ADVISERS
GROSS NATIONAL PRODUCT
Total expenditures for goods and services rose $14 billion (annual rate), or 5 percent, in 3rd quarter.
Personal consumption expenditures increased 7 percent and business 'investment, 3 percent. Government
purchases showed little increase. Net foreign investment continued to drop.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
ANNUAL TOTALS
NATIONAL PRODUCT
iSONAL CONSUMPTION EXPENDITURES
PRIVATE DOMESTtClNVESTMENT
RNMENT PURCHASES OF GOODS AND SERVICES'
FOREIGN INVESTMENT"
-50 LJ
1950
SOURCE;-DEPARTMENT OF COMMERCE (EXCEPT AS NOTED}
[Billions of dollars]
Personal Gross private
Government
Total gross consumpNet
foreign
purchases
of
domestic
national
goods
and
investment
tion
expendinvestment
product
services
itures
Period*
1939.
1944
1946.
1947.
1948
1949
_
91.3
213.7
211. 1
233.3
259. 1
255.6
..
67.5
111.6
146.9
165.6
177.4
178.8
9.9
7.7
28.7
30.2
43. 1
33.0
0.9
-2.1
4.6
8.9
1.9
.4
13. 1
96.5
30.9
28. 6
36.6
43.3
Annual rates, seasonally adjusted
1949: First quarter
Second quarter
Third quarter
Fourth quarter..
1950: First quarter.
Second quarter
Third quarter
._•
.
_._ ._
.
258.8
255. 2
254.4
253.8
177.4
178.4
179.0
180.6
37.5
31.3
32. 1
31.2
1.0
1.3
.1
-.7
42.9
44.3
43.2
42.8
263.4
270.3
284.3
182.4
185.2
198.4
41.7
46.9
48.4
-1.7
-2.0
-3.3
41.0
40.2
40.8
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
PRICES
CONSUMERS' PRICES
Consumers* prices rose 0.6 percent from September 15 to October 15, to exceed the previous 1948 peak by
0.2 percent. The sharpest price increases were for apparel and housefurnishings. Food prices, although
slightly higher, were held down by seasonal declines in meat prices.
PERCENT OF 1935-39 AVERAGE
E20
PERCENT OF 1935-39 AVERAGE
220
I960
1949
1948
SOURCE: DEPARTMENT OF LABOR
[1935-39=100]
Period
1940 monthly average
1942 monthly average
1943 monthly average
1944 monthly average
1945 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: September 15 .
October 15
.
November 15
December 15
1950: January 15 .
February 15—
March 15
April 15 -.
May 15
June 15
July 15. __
August 15
September 15
October 15
All items
100.2
116. 5
123. 6
125.5
128.4
139.3
159. 2
171.2
169. 1
169 6
168. 5
168. 6
167. 5
166. 9
166. 5
167.0
167. 3
168 6
170. 2
172. 5
173. 0
173.8
174. 8
Food
96.6
123.9
138.0
136. 1
139. 1
159. 6
193. 8
210. 2
201.9
204 2
200. 6
200. 8
197 3
196 0
194. 8
196. 0
196. 6
200 3
204 6
210. 0
209.0
208.5
1
209. 0
Apparel
101.7
124.2
129.7
138. 8
145.9
160. 2
185.8
198.0
190. 1
187 2
186 8
186. 3
185 8
185 0
184. 8
185 0
185. 1
185 1
185 0
184. 7
185. 9
190.5
193. 4
Rent
104.6
108.5
108.0
108.2
108.3
108.6
111.2
117.4
120.8
121 2
121 5
122 0
122 2
122 6
122. 8
122 9
123. 1
123 5
123 9
124. 3
124. 6
124.8
125. 0
* A special survey indicates that food prices increased 0.2 percent between October 15 and November }5?
NOTE.—Prices are for moderate-income families in large cities.
Fuel, electricity, and
refrigeration
House fur*
nishings
99.7
105.4
107. 7
109.8
110.3
112.4
121. 1
133.9
137.5
137 0
138. 4
139. 1
139 7
140. 0
140. 3
140.9
141. 4
138 8
138 9
139. 5
140. 9
141.8
143. 1
100.5
122.2
125. 6
136.4
145.8
159.2
184.4
195. 8
189.0
185. 6
185. 2
185. 4
185. 4
184. 7
185.3
185. 4
185. 6
185. 4
185. 2
186.4
189.3
195.4
199.8
: Department of Labor.
Miscellaneous
101. 1
110. 9
115.8
121.3
124. 1
128. 8
139. 9
149.9
154. 6
155. 2
155.2
154.9
155. 5
155. 1
155. 1
155.0
154.8
155. 3
155. 3
156. 2
158. 1
158.8
159.5
WHOLESALE PRICES
Wholesale prices advanced to new postwar peaks during November, with prices* of industrial products,
farm products, and foods all increasing.
PERCENT OF I§26 AVERAGE
E20
PERCENT OF 1926 AVERAGE
160
120
100
LATEST DATA PLOTTED ;
SOURCE:
MONTHLY -. NOVEMBER
W E E K L Y - NOVEMBER 28
DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[1926=100]
monthly average
monthly average
monthly average
monthly average
monthly average.. _ _
October
November
1
. December
_
1950: January
February
March
„
April
May
June
July
August
September
October
November *
Week ended:
1950: November 7
14 _
21
28
_
December 5
1942
1946
1947
1948
1949
1949:
.
_ _
' Estimates based on change in weekly data.
Source: Department of Labor.
98. 8
121. 1
152. 1
165. 1
155. 0
152 2
151. 6
151. 2
151. 5
152 7
152 7
152 9
155 9
157. 3
162 9
166. 4
169. 5
169. 1
171. 1
105. 9
148. 9
181.2
188. 3
165. 5
159 6
156. 8
154. 9
154. 7
159 1
159 4
159 3
164. 7
165. 9
176 0
177. 6
180. 4
177. 8
183. 0
99. 6
130. 7
168. 7
179. 1
161.4
159. 6
158. 9
155.7
154. 8
156. 7
155. 5
155. 3
159. 9
162. 1
171. 4
174. 6
177.2
172. 5
174. 9
Other than
farm products and foods
95. 5
109. 5
135.2
151.0
147. 3
145.0
145.0
145.4
145. 8
145.9
146. 1
146. 4
147. 6
148. 8
151. 5
155. 5
159.2
161. 5
163. 1
170. 0
171. 0
171. 2
171. 7
172.6
181. 3
183. 1
184. 9
185. 7
187.5
173. 6
176. 5
177.5
178. 2
180.0
162. 2
162.6
162.4
162.8
163.4
All commodities
Period
_
__
Farm products
Foods
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers jumped sharply in November, reaching a point 12 percent above the pre-Korean
level. Prices paid by farmers were at a record high.
PERCENT
OF 1910-14 AVERAGE
PERCENT OF 1910-14
AVERAGE
350
350
PRICES RECEIVED
.1
30©
PRICES PAID
(INCL. INTEREST, TAXES
AND WAGE RATES)
ZOO
100
^«p
PARITY RATIO*
I I I I I I I I I I I
1939 40
41
42
43
44
45
46
47
48
I I I I I I I I I I I
I M M I I I 1 I I
49
1949
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL ECONOMIC ADVISERS
[1910-14=100]
Prices paid by
Prices
farmers (includreceived
ing interest, Parity ratio *
taxes, and
by farmers
wage rates)
Period
1939 monthly average
1942 monthly average _
1944 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
.
1949 monthly average
1949* October 15
November 15
December 15
1950: January 1 5
Februarv 15 . March 15
April 15
..
May 15
June 15
-_
July 15
August 15
September 15
October 15
November 15
1
.
95
158
_ „
- - .
_
•
«
.....
--
'
_ _ . _
-«
-
...
.
- «
-
3
196
2
234
275
285
249
242
237
233
235
237
237
241
247
247
263
267
272
268
276
123
152
182
207
240
259
250
246
245
246
249
248
250
251
254
255
256
258
261
261
263
Ratio of index of prices received to index of prices paid, interest, taxes, and wage rates.
* Includes wartime subsidy payments paid on beef cattle, sheep, iambs, milk, and butterfat between October 1943 and June 1946.
Source: Department of Agriculture.
15086—50
77
104
108
113
115
110
100
98
97
95
94
96
95
96
97
97
103
103
104
103
105
STOCK PRICES
Industrial and railroad stock prices made record gains during most of November but declined sharply in the
last week of the month.
PERCENT
OF 1935-39 AVERAGE
PERCENT
OF 1935-39 AVERAGE
f
WEEKLY AVERAGE
WEEKLY AVERAGE
S\ /
J
150
Aty
INDUSTRIALS
^ y^
.•A
if\
1 25
' /
/
' ^—""""""""""N^
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x
// I
-"*
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• A
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t
s^
A
y
.\
v
r
.J
\i
/
/y /v
s
,
^\
'\/v\v^ \/~^Jf
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150
/^Hf'/^VI
A'
. -Av1
p,/V
125
..•"""••I
r
W/7>NRA1LBOAOS i
\A
V
v
^"^
,
rv
1
COMPOSITE INDEX
"V ?\
I
r"\-*
-^
y^X
UTILITIES
**'"
AX^"'I
l^^**"^
' K ^^^^^V
*,S* j. i
^^
/N<v/
^^H x1^»
JV
v/
\¥
x^/
"
0
1
I
I
1
I
1
I
I
I
1
1 1
I I I
I I I
| 1 1
1948
SOURCE: STANDARD AND
~
1 1
1 1 1 lj I 1 I 1
I I
1 1
1949
POOR'S CORPORATION
1 1 1
I I I
1
0
1950
COUNCIL OF ECONOMIC ADVISERS
[1935-39=100]
Period
Weekly average:
1939
_
1942
1946 _
.. _
1948
1949
1949: October
~ _ ._
November _ _ _;
December
1950: January
„
February
March
_
.
April
_
.
May
'_
June
__
July
August _
September
October
November
__
Week ended:
1950: November 1
8
15
" ' 2 22
_." -_
29
Composite
index l
Industrials
Railroads
Utilities
94. 2
69. 4
139. 9
124. 4
121. 3
127. 3
129. 1
132. 7
135. 1
136. 7
138., 8
141. 8
146. 9
147. 7
138. 2
147. 2
151. 7
157. 8
156. 1
94. 8
71. 3
143. 4
130. 6
127. 5
134. 4
136. 5
140. 3
142. 6
144. 4
146. 5
150. 0
156. 1
157. 6
147. 3
158. 0
163. 3
170. 6
168. 8
74. 7
66. 1
143. 0
114. 7
96. 4
97. 6
96.2
101.0
107.8
107. 2
108. 5
109.5
109. 7
107. 1
109. 7
120. 6
125. 1
129. 2
126. 5
98. 6
61. 3
120. 2
96.2
97. 5
101.2
102.6
104. 1
105. 8
107.4
109. 6
111.0
112.8
111.5
103. 0
104. 2
104. 9
106. 2
105. 0
154. 6
154. 1
157. 1
160. 0
154. 5
167. 0
166 6
169. 9
173. 5
167. 1
123.
123.
128.
131.
125.
105.4
104. 7
105. 3
105. 5
104.0
7
1
4
5
7
1
Composite index prior to June 23,1948, was based on 402 common stocks, and included 354 industrials, 20 railroads, and 28 utilities; thereafter,
416 common stocks are represented with 365 industrials, 20 railroads, and 31 utilities.
2 Data became available after chart was prepared.
Source: Standard & Poor's Corporation.
EMPLOYMENT AND WAGES
• T S "D/^'O TC^/^TDI^IC11
lJJHLJ5\JJX C \JK\JJLA
Most changes in the labor force in November were due to seasonal factors. Agricultural employment dropped*
nonagricultural employment increased. Unemployment was higher, chiefly because of women entering ;the
labor force in search of holiday jobs and a small number of factory workers affected by conversion t©
defense production.
MILLIONS
OF PERSONS
MtUJONS OF PERSONS
70
UNEMPLOYMENT
^5--^^
60
H
50
•
B
40
_
30
_
PU
^^
WMt
m
••
^^
X^-^_™,
60
^^^^^^^^^MAGRICULTURAL EMPLOYMENT W^mmm.^^XKm^^m
^^^^^^^^^
_
1
^
-
^^
^
^^
W&
TOTAL
LABOR FORCE
"' •
- • :-
_
_
50
'j _
40
- '•• _
30
NONAGR CULTURAL EMPLOYMENT
20
-
-
-
"- ; -
20
10
-
-
-
,,/-/:-: _
10
1 i t i 1 1 t 1i i J
:
0
1 i t 1 i I I 1 ! t ! ,
' i - i t- i i t-*4'-: i ' i -\-- i
PERCENT
20
._.
IIMCTMDI
nVft/lCTMT
_
DtTDCCTMT
HC
n\/ll
1AM
15
10
~
5
~
n
PERCENT
20
1
939
1944
pij jii| till
1947
1948
PHRTP
-
15
-
-
10
S ~
rmi
0
A BAP
~
~^—_
1949
^^^^^^^•ffl^^^ft^KS1^^^^:^^ |
I
l948
MONTHLY AVERAGE
5
^^^^^
WMMmMMMMMMim
1949
l950
Civilian labor force
Period
1939
1944
1947
1948
1949
monthly
monthly
monthly
monthly
monthly
average^
average
average
average
average
Employment 1
UnemployTotal
Agricul- NonagriTotal
ment
cultural
tural
Thousands of persons, 14 years of age and over
9,480
36, 140
45, 750
9, 610
55, 230
670
8, 950
45, 010
53, 960
545 630
2, 142
8,266
49, 761
58, 027
60, 168
2, 064
51, 405
61, 442
59, 378
7,973
3, 395
8,026
50, 684
58, 710
62, 105
Unemployment as percent of total
civilian
labor force
17. 2
1.2
3. 6
3.4
5. 5
1949: October
November
December
62, 576
62, 927
62, 045
59, 001
59, 518
58, 556
7,710
7,878
6,773
51, 290
51, 640
51, 783
3, 576
3, 409
3,489
5. 7
5.4
5.6
1950: January
February
March
April
May
_ _
June
July
August
September
October
November _ _ .
61, 427
61, 637
61, 675
62, 183
62, 788
64, 866
64, 427
64, 867
63, 567
63, 704
63,512
56, 947
56, 953
57, 551
58, 668
59, 731
61, 482
61, 214
62, 367
61, 226
61, 764
61,271
6, 198
6,223
6,675
7, 195
8,062
9,046
8,440
8, 160
7,811
8,491
7,551
50, 749
50, 730
50, 877
51, 473
51, 669
52, 436
52, 774
54, 207
53, 415
53, 273
53, 721
4,480
4, 684
4, 123
3, 515
3,057
3,384
3, 213
2,500
2,341
1,940
2,240
7.3
7.6
6.7
5.7
4.9
5.2
5.0
3.9
3.7
3.0
3. 5
i Includes part-time workers and those who had jobs but were not at work for such reasons as vacation, illness, bad weather, temporary lay-off, and industrial disputes.
i.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
0
\
i
NONAGRICULTURAL EMPLOYMENT - SELECTED INDUSTRIES
Manufacturing employment rose by 70,000 between mid-September and mid-October to nearly 15.8
million, a new postwar record. The increase reflected acceleration in plant and equipment expenditures
and record sales of consumers1 goods. Employment increased seasonally in trade.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
NONDURABLE MANUFACTURING
I
J
F
M
A
M
J
J
A
S
O
N
D
J
I
F
I
I
J
M A M
J
A
S O
N O
CONTRACT CONSTRUCTION
lbl*M
r~ i
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers *]
Manufacturing
Period
Total
1939 monthly average.
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: September _
October
November
December
1950: January
February
March
. .
April . _
May
June _
_ _
July 2
August 2
September
October 2
„
10, 078
17,381
14, 461
15, 247
15, 286
14, 146
14, 312
13, 892
13, 807
14, 031
13, 980
13, 997
14, 103
14, 162
14, 413
14, 666
14, 777
15, 442
15, 687
15, 757
Contract
construction
Durable Nondurgoods able goods
4,683
11,077
7,739
8,373
8,315
7, 465
7,409
6, 986
7,050
7,303
7,342
7,324
7,418
7,548
7,809
7,964
7,978
8, 287
8,435
8,563
5,394
6,304
6,722
6,874
6,970
6,681
6,903
6,906
6,757
6,728
6,638
6,673
6,685
6,614
6,604
6, 702
6,799
7, 155
7,252
7,194
1, 150
1, 567
1,661
1,982
2, 165
2, 156
2, 341
2,313
2,244
2,088
1, 919
1,861
1,907
2,076
2, 245
2,414
2,532
2,621
2,610
2,595
Trade
6,612
7,189
8,612
9, 196
9,491
9,438
9,409
9,505
9,607
10, 156
9,246
9,152
9,206
9,346
9,326
9,411
9,390
9,459
9,648
9,745
Finance
and
service
Government
(Federal,
State,
local)
Transportation
and
public
utilities
4,703
5,320
6, 207
6,427
6,515
6,545
6,604
6, 561
6,534
6,508
6,473
6, 473
6,499
6, 560
6,602
6,653
6,672
6,666
6,644
6,577
3,987
6,049
5,607
5,454
5,613
5,811
5,893
5,866
5,783
6,041
5,777
5,742
5,769
5,915
5,900
5,832
5,741
5,793
6,004
6,039
2,912
3,619
4,023
4,122
4, 151
3,977
3,959
3,871
3,892
3,930
3,869
3,841
3,873
3,928
3,885
4,023
4,062
4,118
4, 136
4,112
Mining
845
917
852
943
981
932
948
593
917
940
861
595
938
939
940
946
922
954
951
944
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked or received pay during the pay period ending nearest
the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 7) which include proprietors, selfemployed 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
enumeration
of population, whereas the estimates in this table are based on reports from employing establishments.
2
Preliminary estimates
Source: Department of Labor,
8
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek in manufacturing industries increased to 41,4 hours in October, the longest
workweek since December 1945.
HOUF?S PER WEEK
HOURS PER WEEK
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
A . .
42
,
42
-*T
vvv
40
40
^
38
38
36
36
34
34
0
Till, I . M . I
1 11 i 11 11 M I
1947
1 1 1 L 1 i 1 t 1 1 1
1 1 1 1 1 1 1 1 1 1 1
1949
I960
1948
0
^^
t ii i i Ii i i i t
1 1 1 1 1 1 1 1 1 1 i
1947
1948
1 11111111 11
1949
rV
M i l l Li . 1 1 I
(950
RETAIL TRADE
BUILDING CONSTRUCTION
42
42
40
40
^£\^_/\
yv^/X/T^/N
<%/
38
38
*
36
VX
v^
34
0
x .^
i i l i i 1 M 1M
1947
/A
36
¥
V
J LJ 1 1 I I l_l 1 1
f I11 1 1 I I t l 1
1948
1949
34
111 I I 11M
1 1
,1950
0
1 I 1 1 l 1 I I I M
1947
t i 1 1 i 1l i 1 1 t
1948
1 111 11 11111
1949
1 1 1 11
t M
1 1 1
1950
* NOT AVAILABLE PRIOR TO JANUARY 1943
[Hours per week, selected industries !]
Manufacturing
Period
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: September _ _
October
November
December _
1950: January
„_ .
February
March
April
Total
._
-
May
June
July__ 3
August
September
October3
1
3
__
For production and related workers.
.. _
.
37. 7
44. 9
40. 4
40. 4
40. 1
39. 2
39. 6
39. 7
39. 1
39. 8
39. 7
39. 7
39 7
39 7
39 9
40. 5
40. 5
41. 2
41. 0
41. 4
Durable
goods
38.0
46. 6
40. 2
40. 6
40. 5
39. 5
39 6
39. 9
39. 0
40 1
40. 0
40. 1
40 2
40 7
40 8
41. 3
41. 1
41. 8
41 7
42. 2
iNotaraqable,
Nondurable
goods
37.4
42. 5
40.5
40. 1
39. 6
38. 8
39. 6
39. 6
39. 3
39. 5
39. 4
39. 3
39.2
38 5
38. 9
39. 5
39. 8
40. 5
40. 2
40. 3
construction
Retail trade
(2)
(2)
(22)
()
(2)
(2)
(2)
37.3
36.7
36. 5
36.9
36. 1
35.8
34.8
33.7
34. 5
35. 6
36. 5
37. 0
36.9
37. 5
36.4
(2)
(2)
40.3
40.3
40.4
40. 5
40.4
40. 1
40.7
40.4
40.4
40.3
40.2
40.4
40.9
41.2
41.3
40.4
* Preliminary estimates.
Source: Department of Labor.
AVERAGE HOURLY EAFjNiisfGS
- SELECTED INDUSTRIES
Hourly earnings in industries manufacturing durable goo*js rose b y slightly over 1 cent between September and
October. But in nondurable goods industries, they r Dse by o ver 2 cents.
DOLL t^RS PER HOUR
1,60
DOLL ARS PER HOUR
DURABLE MANUFACTURING
1.50
^
NONDURABLE MANUFACTURING
1.50
1.40
^^
1949 DOLLARS*
/^x^^.
X***X
p^-A-—^
1.40
1.30
1.30
^^>T^
/
CURRENT
1949 DOLLARS*
1.20
~~/<\
DOLLARS
S*^
~, , , , ! , , , , , , , , , . ! , , , . .
1947
2.1 0
DOLLARS
I.! 0
1.20
0
CURRENT
^^r**-jt
1 1 , i .7
1 1 1 1 1 1 1 II 1 1
1948
1949
i 1J 1 1 1 1I 1 I 1
0
1950
1 1M 1
1947
Ll 1 L 1
M i l !
1948
1 i 1 I1
1949
i 1 i 1 1 1 1 I 1 1 1
IfSO
1.30
BUILDING CONSTRUCTION
, RETAIL TRADE,
X-N. /
2.00
1.20
^pXTl
''
1949 DOLLARS*
p^^^****^
1. 10
1.90
1949 DOLLARS*
J
/
S*****'^
1. 00
1.00
* * r * ^ * CURRENT
CURRENT DOLLAF
s
DOLLARS
^
.90
1.70
0
1 1 1 ! 1 1 1 1 1 1 1
1947
«sOURCE:
1 1 ! 1 1 IJ 1 1 1 1
1 1 1 l 1 1 1 1 1 1 1
1948
1949
1 1 1 1 1 1 1 I 1 1 1 1
1950
0[
1 l l 1
i l 1 l l
1947
i l i i i
i l l l l
I ' l l )
1948
J JJl 1 J
1949
11111 11111
I960
DEPARTMENT OF LABOR
[Selected industries l]
All manufacturing
Period
10
Nondurable goods
manufacturing
Building
construction
Retail trade
1949 2 Current
Current
1949
1949
1949
Current
1949
Current
Current
dollars dollars 2
dollars dollars 2 dollars dollars 2 dollars dollars 2 dollars dollars
$0. 633
1939 monthly average
.961
1943 monthly
average
1
1. 086
1946 month v average _
1.237
1947 monthly average
1. 350
1948 monthly average
1.401
1949 monthly average
1.407
1949' September
1.392
October
1. 392
November .
1.408
December
1. 418
1950* January
February
_ _ 1. 420
1.424
March _
April
1. 434
1.442
Mav
Aucojr
,,-- -1.453
June
1. 462
Julv
August * 4
.' - - - - 1.463
1.480
September
1. 497
October 4
i Production and related workers.
»Not available.
Source: Department of Labor,
Durable goods
manufacturing
$1. 077
1. 286
1. 287
1.312
1.334
1.401
1.403
1.398
1. 396
1.421
1.437
1.442
1.441
1.450
1. 446
1. 444
1.433
1.430
1. 440
1. 448
$0. 698
1.059
1. 156
1.292
1.410
1. 469
1.482
1.458
1.457
1. 476
1.485
1. 483
1.486
1. 499
1. 509
1. 522
1. 533
1.537
1. 561
1. 572
$1. 187
1. 418
1.370
1.370
1. 393
1. 469
1.478
1. 464
1.461
1.489
1. 505
1. 506
1.504
1. 516
1.514
1. 513
1. 503
1.502
1. 518
1. 520
$0. 582
.803
1.015
1. 171
1.278
1.325
1. 328
1. 325
1.325
1. 334
1.343
1.350
1. 353
1.355
1. 358
1. 365
1.375
1. 375
1. 381
1.402
$0. 990
1.098
1.232
1.242
1.263
1. 325
1. 324
1.330
1. 329
1.346
1.361
1. 371
1.369
1. 370
1. 362
1.357
1.348
1.344
1.343
1.356
(S)
(3)
(8)
(3)
$1. 848
1.935
1.938
1. 944
1.947
1.964
1.976
1.988
1. 995
1.986
1.998
1. 995
2.006
2. 031
2.076
(a)
(3)
(3)
(i)
«
$1. 826
1.935
1.932
1. 952
1. 953
1.982
2.002
2.018
2. 019
2.008
2.004
1.983
1.967
1. 985
2. 018
(3)
(3)
(B)
(3)
$1. 009
1. 088
1. 137
1. 150
1. 140
1. 138
1. 126
1. 153
1. 145
1. 148
1. 156
1. 162
1. 175
1. 189
1. 190
1.198
(3)
* Current dollars divided by consumers' price index «m tee 1949=100, ge§ note 3 to table on page 27.
* Preliminary estimates.
(33)
()
(3)
$1. 070
1.075
1. 137
1. 147
1. 145
1. 141
1. 136
1. 168
1. 162
1. 162
1. 169
1. 165
1. 168
1. 166
1. 163
1. 165
(3)
AVERAGE
EAiJNIIsfGS -
Average weekly earnings in manufacturing continued their ste ady rise in October. In durable goods industries,
they increased by $1.25, largely because of the lon^3er workvweek. In nondurable goods industries, they
increased by about $1.00, due chiefly to wage rate ncreases
DDL LARS PER WEEK
65
//
60
1949 DOLLARS*
55
DOL LARS
60
/
DURABLE MANUFACTURING
f^/^
y-Cr^
RRENT
rs^^v
+s
55
v-T
2£^rS>~
£
50
45.
fj
mill
IT,, M l , , , , ,
1948
1949
40
1
0
' ' 1 ' I 1 1 LLJ,
1947
1 1 I 1i 1I M i l
i ...i1 i..i.
1948
1949
50
BUILDING CONSTRUCTION
RETAIL TRADE
/^
¥
i
/"
75
1949 DOLLARS*
65
b>/^W
y
45
+ 1949 DOLLARS*
-/
^^*^^A
'*""
X*V
'~'r^\
40
1950
H
fe^^
~
'•"•"""'''^CURRENT DOLLARS
35
^"CURRENT C OLLARS
60
0
w
^^xX^-. CURRENT DOLLARS
1950
80
70
rS~
. -*
DOLLARS
45
1947
1949 DOLLARS*
^^jr^^
50
0
PER WEEK
NONDURABLE MANUFACTURING
30
T, . . . I . . . . .
1947
1 MM h l l l l
i i 1 i 41 n i \\
1948
1949
,M,,i,,,,r
0
1950
I ' 1 ! ' 1 1 ' 1 ' '
i i I i I 1 i I i i i_
1947
1948
1949
1950
^
COUNCIL OF
ECONOMIC ADVISORS
[Selected industries *]
All manufacturing
Period
i For production and related workers.
Not available.
Source: Department of Labor,
Nondurable goods
manufacturing
Building
construction
Retail trade
1949
1949 2 Current
1949 2 Current
1949 Current
Current
1949 Current
dollars dollars dollars dollars *
dollars dollars 2 dollars dollars 2 dollars dollars
$23. 86
1939 monthly average - 1943 monthly average.. _ . 43. 14
43. 82
1946 monthly average
1947 monthly average .
49.97
1948 monthly average
54. 14
54.92
1949 monthly average
1949: September.
55. 72
October
55. 26
November
54. 43
December
. .. . 56. 04
1950: January...
56. 29
February
56. 37
March. ... _
56. 53
April
56.93
57.54
May
June
58. 85
59.21
July 4
60. 28
August
4
September
.
60. 68
October 4
61.98
8
Durable goods
manufacturing
8
8
$40. 58
57.75
51.92
52. 99
53. 50
54.92
55.55
55. 48
54. 59
56.55
57. 03
57.23
57. 22
57. 56
57. 71
58. 50
58. 05
58. 92
59. 03
59. 94
$26. 50
49.30
46.49
52. 46
57. 11
58. 03
58.69
58. 17
56. 82
59. 19
59. 40
59.47
59.74
61. 01
61.57
62. 86
63 01
64.25
65. 09
66. 34
$45. 07 $21. 78
34.12
66. 00
41. 14
55. 08
46.96
55.63
50.61
56. 43
51.41
58.03
52. 59
58. 51
52.47
58.40
52. 07
56.99
52. 69
59.73
60. I8- 52. 91
53. 06
60. 38
53. 04
60.47
52. 17
61. 69
52. 83
61.76
53.92
62. 48
54. 73
61.77
55. 69
62.81
55. 52
63 32
56. 50
64. 16
$37. 04
46.68
49. 93
49.80
50. 01
51. 41
52. 43
52. 68
52.23
53. 17
53. 61
53.87
53. 68
52. 75
52. 99
53. 60
53.66
54. 44
54, 01
54. 64
(8)
P)
«
(3)
$68. 85
70. 95
70.69
71.80
70. 21
70.26
68. 76
67.00
68.83
70. 70
72. 93
73.82
74.02
75. 57
76.16
P)
(33)
(33)
(3)
()
()
«
3
$40.
66
()
43.85
$68. 03
45. 93
70.95
46.58
70.48
46. 06
72. 09
45. 63
70. 42
45. 83
70.90
46. 58
69. 67
46.26
68. 02
46.26
69.67
46. 47
71.49
46.94
73. 15
48. 06
73. 38
72.57^ 48. 99
49. 15
73.87
48. 40
74.09
3
(3)
()
P)
(3)
(3)
$43. 12
43.33
45. 93
46.44
46.24
45.77
46.25
47. 19
46.96
46. 82
46.99
47.08
47. 77
48. 03
48. 04
47.08
(3)
Current dollars divided by conmrnen' prioe tncjei on. the base 1948^100, gee note 3 to table on page 27.
Preliminary estimates.,
11
WORK STOPPAGES
Man-days of idleness resulting from work stoppages decreased In October.
the month.
No large stoppages began during
MILLIONS OF MAN-DAYS IDLE
MILLIONS OF MAN-DAYS IDLE
20
20
MONTHLY AVERAGE
0 I
I
1939
I
I
I
I
I
I
I
I
I
1940 1941 1942 1943 1944 1945 1946 1947 1948 1949
SOURCE: DEPARTMENT OF LABOR.
COUNCIL Of ECONOMIC ADVISERS
Man-days of idleness
during period
Period
Monthly
average
(thousands)
Workers involved in
stoppages
Beginning
Percent of
in
estimated
period
working time (thousands)
In effect
during
month
(thousands)
1, 170
2,360
840
2, 120
3,470
4,600
2, 170
1,960
3,030
Number of stoppages
Beginning
in
period
In effect
during
month
2,613
4,288
2,968
4,956
4,750
4,985
3,693
3,419
3,606
1,483
1,917
348
727
3,167
9,667
2,883
2,842
4,208
0.28
.32
.05
.09
.47
1.43
.41
.37
.59
_.
6,270
17, 500
6,270
1,350
.87
2.49
.93
. 19
507
570
57
46
603
977
914
417
287
256
197
170
536
475
388
323
1950: January 1
February
*
March11
.. ..
April ...
May *
June 1*
July
...
August * 1
September ^
October1
2,600
7,850
3,750
3, 150
3,000
2,750
2,900
2,900
3, 500
2,450
.38
1.27
.49
.47
.40
.36
.41
.35
.48
.30
185
75
80
160
325
260
225
350
275
180
300
515
530
300
500
400
400
465
460
300
225
210
260
400
450
425
425
560
525
525
340
325
400
550
650
650
650
800
800
800
1939
1941
1942
1944
1945
1946
1947
1948
1949
1949: September
October
November
December
1
Preliminary estimates.
12
Source: Department of Labor.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Preliminary estimates indicate that industrial production in November dropped just below the high October
level because of the storms. The expansion in Octooer was primarily the result of increased output of
machinery and producers' durable goods and the record production of nondurable goods.
PERCENT
PERCENT OF 1935-39 AVERAGE
OF 1935-39
AVERAGE
40O
400
I
1939 4O
4i
42
43
44
45
46
47
48
I
.
.
.
.
.
,
,
, I
,
,
, , .
49
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[1935-39=100, seasonally adjusted]
Period
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average1949 monthly average 1949: September
OctoberNovember. _ „
December.1950: January
February
March
April __ _
. _
Mavj
June
July
.
August
SeptemberOctober 1 __ _
_
November 1
1
75986—50-
Preliminary estimates.
Total
industrial
production
239
170
187
192
176
174
166
173
179
183
180
187
190
195
199
196
209
212
215
214
1Manufacture s
Total
258
177
194
198
183
184
176
179
188
192
192
194
199
204
208
206
218
220
224
222
Durable
goods
Nondurable goods
360
192
220
225
202
199
175
181
203
209
207
211
222
231
236
235
247
252
260
256
176
165
172
177
168
172
177
177
176
179
180
181
180
181
183
181
195
194
195
195
Minerals
132
134
149
155
135
119
112
141
132
130
118
144
140
145
151
144
159
163
167
164
Source: Board of Governors of the Federal Reserve System.
13
WEEKLY PRODUCTION - SELECTED INDICATORS
Steel mill operations averaged 102.7 percent of rated capacity during November, breaking all previous
tonnage records. Electric power production established new peaks; coal output continued at a high rate.
Although assembly of cars and trucks declined because of changing models and taking inventories,
production' was above last year,
MILLIONS OF TONS
BILLIONS
OF KILOWATT HOURS
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, EDISON ELECTRIC INSTITUTE, DEPARTMENT OF THE INTERIOR, WARD'S AUTOMOTIVE .REPORTS.
St eel
Period
Thousands of
net tons
Percent of
theoretical
capacity *
Bituminous
Electric power,
coal
by utilities
(thousands of
(millions of
kilowatt-hours) short tons) 8
Cars and
trucks
(number)
Weekly average:
1947__
.
1948
1949
....
1,628
1,695
1,496
93.0
94. 1
81.0
4,821
5S 300
5,500
2,058
1,948
1,427
92, 163
82, 340
120, 350
Week ended:
1949: November 5
12
19
26
December 3
10
162
387
1,058
1, 442
1, 617
1, 690
8. 8
21. 0
57. 4
78. 2
87. 7
91. 7
5, 435
5, 435
5, 644
5, 537
5, 743
5,881
457
1,213
2,431
2, 458
1, 591
1, 601
112,
111,
111,
71,
68,
46,
838
727
779
860
385
667
6,
6,
6,
6,
6,
1, 902
1,831
1, 974
1, 810
1,567
169,
153,
118,
116,
145,
553
695
404
059
864
_
1950: November 4 __ _
11
18__ _ 25
December 2
9
-
1,
1,
1,
1,
1,
1,
975
987
981
981
576
938
102. 4
103. 0
102. 7
102. 7
81. 7
100. 5
551
574
728
508
716
i Bawd on weekly net ton capacity of 1,749,928 for 1947,1,802,476 for 1948,1,843,516 for 1949,1,906,268for the first half of 1950, and 1,928,721 beginning July 1,1950.
Daily average for week.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports.
1
14
]PRODUCTION OF SELECTED
MANUFACTURES
~]
1deduction
of iron and steel and machinery climbed substantially above September levels in October; output of
Dther durable goods continued strong, There was increased activity among nondurable industries
manufacturing textiles, chemicals, and petroleum products.
/
PERC
250
IRON A W
200
150
S°\
V1^6
1OO
0
L
r-r i i . i i
300
250
200
150
Y^
\»w/^^
ER AND PRODUCTS*
I
I \
/ V
1 1 1 1 i 1 i ii iT
/ • ^»**w/|v
^
/X
^"TEXTILE s XND PRODUCTS
0 ^ i 1 1 1 i 1 1 1 1^
/
\Vv, ^
)\ r'
'
NONFERROUS METALS AND PROD ,CTS
L
%
\r^
100
1948
l . l l l l l MM 5
x^
XX
^^^^x~X
PRODUCTS
*
JL
_
J L
i i i i i i i i i n rTi i » 1 1 M 1 1 1
ol
1950
1949
^^ ,A/>- T*.
^**^** -**«^NX*Y..—^^_
i s~~*^f
y
| ^^
^-MANUFACTURED FOOD
%/
1 I I t 11 1 I i 1
PRODUCTS
i
i
i
1
/ /r
m.nrii.LLi
c M.
i
200
150
1
\
i \xCHEM
; \^
250
//
1 1 j i j i i 1 1 nn
JJ_L1 LLt I I I 1
K
1
,y
L~
ril 1 1 1 1 n 1 1 1
V
! \
300
/
•v r w
/A ^\ ^V>
150
100
/
K.vhy/
/
H NERYv
0 ^ 1 1 . . i I 1 i f=
40 42 44 46 48
^y»
-^'^\f
•\ /
200
350
IOO
PETROLEuw AND COALv,
/ V ••"»
N oc UCTS
*-~v|
J L-
f1l\/','
\,'\ \
J
250
Vjl ,--~
V
V.
i i i ri nTiiilm ii 1 1 1 1 1 1 1 1 1 1 1
n
\^\
350
^y-A
-nfx/
A
/Y
//
STEEL
40 42 44 46 48
S948
1 ! 1 1 1 I 1 Ii
1949
1 1
1 1 1 1 1 1 1 1 1 iTl
i950
s
E SYSTEM
[1935-39=100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
1943 monthly average.
1946 monthly average1947 monthly average1948 monthly average.
1949 monthly average. _ _ __
1949: September....
October
November
December
1950: January
February
March
April
May
June
July .....
August
September.
October 1
_
i Preliminary estimates.
Iron and
steel
208
150
195
208
188
179
102
145
201
203
201
205
222
226
231
228
236
245
254
Nonferrous Textiles
Lumber
and
Machinery
and
and
products
products products
129
131
143
145
130
132
133
147
159
144
150
156
159
158
155
151
165
165
165
-
443
240
276
277
234
224
226
217
227
229
236
243
251
258
262
265
279
286
300
267
157
187
193
160
157
164
163
166
180
190
200
198
107
207
202
212
216
222
153
162
163
170
147
155
169
175
173
178
179
173
174
175
173
165
189
191
194
Petroleum Manufac- Chemical
and coal tured food
products products products
185
173
193
218
209
208
198
205
219
211
205
207
206
216
222
229
238
242
247
145
149
157
159
163
167
165
160
160
161
161
165
164
164
164
167
168
168
164
384
236
251
254
241
236
240
243
245
248
247
247
252
256
261
263
267
270
275
Source: Board of Governors of the Federal Reserve System.
15
NEW CONSTRUCTION
Expenditures of $2.4 billion (seasonally adjusted) for new construction in November were practically
unchanged from the October level but- were 22 percent above a year ago. Private residential nonfarm
activity continued to decline moderately from its September peak. Other private and public construction
were above their October levels.
MILLIONS OF DOLLARS
2,500
MILLIONS OF DOLLARS
2,500
ADJUSTED FOR SEASONAL VARIATION
E.OOO
2,000
1,500
1,500
1,000
I.OOO
PRIVATE RESIDENTIAL
(NON FARM)
OTHER PRIVATE ^_^.
FEDERAL, STATE, AND LOCAL
1950
1948
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
Period
1 939 monthly average
1942 monthly average
1944 monthly average ._
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: October...
November
,_ .
December
1950: January _„
February
March _
April
May
June
July
August
September.
October 2 2
November
_
12 Includes public residential construction.
Preliminary estimates.
16
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars, seasonally adjusted]
Private construction
Total new
Residential
Total
Other
construction
(nonfarm)
private
142
223
366
683
142
143
285
1,173
182
114
68
438
469
335
803
1,000
526
568
1,094
1,386
674
715
1,389
1,798
659
1,350
691
1,883
752
623
1,375
1, 934
636
792
1,428
1,985
842
629
1,471
2,039
863
643
1,506
2,068
644
956
2, 127
1,600
641
938
1,579
2, 167
646
991
2,216
1,637
659
1,674
1,015
2,240
664
1,055
2,284
1,719
673
1,772
1,099
2,319
680
1, 128
2,369
1,808
688
1,824
1, 136
2,408
712
1,822
1,110
2,419
739
1,047
1,786
2,423
Federal,
State, and
local l
317
888
256
197
291
409
532
559
557
568
562
527
588
579
566
565
547
561
584
597
637
Sources: Department of Commerce and Department of Labor
NEW HOUSING STARTS
New housing starts in October dropped 10 percent below the September level and, for the first time this
year, were below the corresponding month of 1949. Credit restrictions probably contributed to the decline,
THOUSANDS OF UNITS
THOUSANDS OF UNITS
200
200
SOURCE:DEPARTMENT OF LABOR
New nonfarm units started
lYiOUlll
1948
1949
1950
39 300
42, 800
56 000
67, 100
72 900
77 200
81 100
86' 300
93, 800
94 000
79, 700
58, 800
53 500
50, 100
76 400
99 500
100 300
97, 800
95 000
86 700
82, 300
73 400
63 700
52, 900
50, 000
50, 400
69, 400
88, 300
95 400
95, 500
96 100
99, 000
102, 900
104 300
95, 500
78, 300
78, 700
82,900
117, 300
133, 400
149, 100
144, 300
144, 400
1
141, 000
1115,000
1
103, 000
849, 000
931, 600
1, 025, 100
70 750
77, 600
85, 425
1947
January
February
March
April .
1
_
May
June
July
August
September
October
November
December
Total
Monthly average
* Preliminary estimates.
.. _
_
Source; Department of Labor,
17
FOR NEW PLANT
AND
Nonfarm plant and equipment expenditures have risen in each quarter of 1950. Businessmen reported
in November that in the first quarter of next year outlays would exceed those of any previous first quarter
and show an increase of 30 percent over the first quarter of 1950.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
25
25
ANNUAL TOTALS
ANNUAL RATES
:: TRANSPORTATION AND':>S:
fexELEGTRIG AND
UTILITIES
MANUFACTURING
AND
MINING
;i
••£v*
/••:3
1939
1941
1948
1949
2
3
1
4
2
3
2
4
1949
1948
3
I960
4
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND U, S. DEPARTMENT OF COMMERCE
[Millions of dollars, annual rates, not adjusted for seasonal variation]
Period
Total »
Manufacturing
Transportation
Mining
Railroad
Other
280
560
550
1,320
1, 350
1,140
280
340
320
700
520
430
Electric and
gas utilities
Commercial
and miscellaneous *
1,850
1950
19, 230
18, 120
18, 130
7,950
380
680
440
800
740
690
1949: First quarter .
Second quarter
Third quarter
Fourth quarter
17, 840
18, 640
17, 480
18, 520
7,400
7,520
6,760
7,320
760
760
720
720
1,440
1,520
1,240
1,200
520
560
560
480
3,560
5,040
5,280
1950: First quarter
Second quarter _.
Third quarter 3 _
Fourth quarter 3
14, 800
17, 320
18, 760
21, 640
6,080
7,440
8,200
10, 080
600
640
720
800
920
1,200
1, 120
1,280
320
360
480
560
2,600
3,040
3,280
3,960
4,240
4,640
4,920
4,960
19, 240
8,760
680
1,280
600
2,960
4,920
1939
1941
1945
1948
1949 3
1951 : First quarter
5 ? 200
_
3
_
8, 190
6,630
1,930
3,400
3,210
8,340
7, 250
480
710
630
2,490
2,680
5,390
1,480
3, 140
5, 120
3,220
4,700
2,720
3,120
3, 160
5,040
5,160
21 Excludes agriculture.
3 Commercial and miscellaneous composed of trade, service, finance, and communication.
Revisions for actual third and anticipated fourth quarter of 1950 and first quarter of 1951 expenditures became available after the chart was prepared.
NOTE.—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. Figures for 1939-44 are Federal Beserve
Board estimates based on Securities and Exchange Commission and other data.
Detail will not necessarily add to totals because annual rates are based on quarterly figures rounded to the nearest 10,000,000*
Sources: Securities and Exchange Commission and Department of Commerce (except as noted).
18
NEW CORPORATE I
Net proceeds from new security issues showed a large seasonal decline in 3rd quarter of the year. About
f of the total
for financing expansion in
and working capital- the remainder for retirement of
and stock.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3...0
3,0
f.O
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
[Millions of dollars]
]3roposed
Estimated
net
cecds
Period
New money
Total
1939 quarterly average
~
1943 Quarterly average
-~»
- 1946 quarterly average
.
___..,_
1947 quarterly average
•
1948 quarterly average—
- ~..
.
1949 quarterly average
1948' Third quarter
- ____.Fourth, quarter
- - _-.
,
-~~
1949' First quarter
.
. .
-_„_
Second quarter
. ~.
,
Third quarter
- -.
~Fourth quarter
.
1950: First quarter
-Second quarter2
.
Third quarter
* Includes small amount for other purposes.
3
Preliminary estimates.
NOTs.—Detail will not necessarily add to totals
Source: Securities and Exchange Commissions
529
287
1,689
1, 617
1, 740
1 ? 490
1, 321
2, 051
1, 210
2 ? 441
1,009
1 ? 299
1,398
2, 193
1, 120
of net proceed i
81
77
820
1, 148
1, 482
1, 151
1, 056
I, 870
970
1, 986
788
861
1,014
3, 275
742
Plant and
equipment
43
35
529
852
1, 055
931
743
1, 469
784
1 ? 675
669
596
777
958
577
Working
capital
39
42
291
296
428
221
314
401
186
312
120
265
237
317
165
Retirement
of debt and
stock l
448
210
869
469
258
338
264
182
240
456
219
438
384
918
379
of
19
level. Manufacturer's new
orderSj inventories,
BILLIONS
OF
all
substantially.'
BILLIONS OF DOLLARS
DOLLARS
RETAIL
TOTAL* AND
20
60
MONTHLY AVERAGE
MONTHLY AVERAGE
SEASONALLY ADJUSTED
I1.
SEASONALLY ADJUSTED
. X,,
^-INVENTORIES
'f
.•
x
.-...X
^—^-
y- SALES
jf ** *'
TOTAL INVENTORIES*^"^
40 42 44 46 48
JLlJJjJjJ_LLL
1 I 1 1 1 1 1 1 i 11
1948
1949
-
1 II 1 1 1 1 1 1 1 1
1950
AVERAGE
DEPARTMENT
STORES
SEASONALLY ADJUSTED
MONTHLY AVERAGE
..^~fES
/\
s</K /
^C^^^
INV ENTORIES*^
,LLLJJJ
42 44 46 48
JJJLIlJ-LLLLL
40 42 44 46 48
I960
1948
1 1 ! 1 ! 1 1 1 1 II
1949
1 1111 111111
1950
•£• WHOLESALE, MANUFACTURIWC, AND RETA5L
COUNCIL OF ECONOMIC ADVISERS
Period
Total business 1
Inven8
tories f
Manufacturing
Inventories 2
Sales1
New
orders 4
Millions of dollars^ seasonally adjusted
1939
1943..
1945
1946..
1947
1948
1949.
1949: September ....
October
November - _
December
1950: January
February.
March
April.
May
....
June
July
August 7 _ 7
September
October 7 _ _
20, 172
31, 143
30, 571
42, 389
50, 794
56, 756
51, 594
52, 861
52, 535
52, 105
51, 594
52, 003
51, 796
52, 448
52, 837
53, 456
54, 117
53, 119
54, 374
56, 263
58, 130
11, 109
22, 372
24, 181
27, 559
33, 571
37, 023
34, 886
35, 995
33, 596
34, 404
33, 505
34, 244
35, 305
36, 599
35, 645
38, 652
395 896
41, 805
45, 085
41, 950
41, 798
11,465
20, 098
18, 390
24, 498
28, 920
32, 276
28, 865
29, 320
28, 923
28, 656
28, 865
29, 014
28, 961
29, 037
29, 315
29, 562
29, 904
29, 706
29, 736
30, 594
31, 400
5, 100
12.822
12, 883
12, 617
15, 918
17,811
16, 666
17, 621
15, 798
16, 221
15, 756
16,216
16, 877
17, 797
17, 206
19, 309
19, 838
20, 092
22,613
20, 965
21, 200 *
(«)
(8)
(fl)
13, 694
15, 622
17, 504
16, 102
18, 172
17, 151
16, 868
16, 009
17, 032
16, 861
18, 810
17, 182
19, 097
20, 666
22, 046
27, 134
23, 581
24, 600
Retail
InvenSales •
tories *
4
5,532
7,361
7, 543
11, 226
13, 221
14, 969
13, 698
14, 355
14, 475
14, 336
13, 698
13, 998
13, 800
14, 282
14, 138
14,416
14, 720
14, 125
15, 076
15, 793
16, 548
3,504
5,277
6,315
8,358
9,909
10, 837
10, 682
10, 856
10, 678
10, 630
10, 503
10, 855
11, 101
11, 125
11, 080
11, 327
11,699
12, 700
12, 682
12, 130
11,760
Department stores
InvenSales *
tories 5
1935-39=100, seasonally adjusted
102
106
168
155
166
207
264
213
255
286
302
291
285
270
289
263
276
270
277
273
271
293
272
282
279
280
285
274
286
292
285
290
276
298
362
268
284
335
309
320
292
328
1
Indeies computed from data on retail value of sales for month and retail
1 Total business includes manufacturing, retail, and wholesale (not shown
book value of inventories, end of period.
separately in this table).
• Not available.
2 Book value, end of period.
* Preliminary estimates.
'4 Monthly average for year and total for month.
Data for new orders not adjusted for seasonai variation.
Department of
and
of Oovemors erf thi Federal Beserve
20
MERCHANDISE EXPORTS
In October, merchandise imports rose to a new high of $921 million, 67.percent above the 1949
monthly average. As in August, they slightly exceeded exports, which remained virtually unchanged
in October after having increased greatly in September.
MILLIONS OF DOLLARS
1,600
MILLIONS OF
DOLLARS
,600
1,200
1936-38
1946
1947
1948
1949
COUHCIL Or ECONOMIC ADVISEf
SOURCES' DEPARTMENT OF COMMERCE, DEPARTMENT OF THE ARMY, AND DEPARTMENT OP THE HAVY.
of
Period
1936—38 monthly average .
. .. ....... ......
1943 monthly average
1946 monthly average
. .
- . . ..
1947 monthly average
.. ... ...
...--.
1948 monthly average
1949 monthly average
- .
1 949 : September
October
November
_
.. .
December «
. 1950* January
..
February
.
.
March..
.
April
..
-..-.
May
June_
.
Julv
..
. . .... ........ ..
August
September
October 3
J
24?
1,080
849
1,278
1, 054
1 S GG3
910
853
841
944
743
770
864
806
828
876
774
763
911
904
Imports f
207
282
410
480
594
555
530
557
593
605
623
600
664
583
659
685
707
820
857
921
Kxcess of
exports
40
798
439
799
461
448
379
296
248
339
120
170
200
223
169
191
67
— 57
53
17
1
Recorded
2
Recorded
8
merchandise exports, including reexports, and civilian supplies for occupied areas,
general merchandise imports.
Data became available after chart was prepared.
NOTE: Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce, Department of the Army, and Department of the Navy.
21
POWER
The increase of over $IO'/4 billion (annual
In national income
2nd and 3rd quarters was the
largest quarterly gain, dollar-wise, on record. Percentage-wise, the increase was more than 4l/2 percent,
or about the same as between the first two quarters of 1948.
BILLIONS OF DOLLARS
BILLIONS OF DOLL
250
:;•:•::;•;:::;:::CORPORATE PROFITS AND:
'•'-•-•rfrW:!:;:;INVENTORY VALUATION:':'
195!
SOURCE:DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
[Billions of
Total
national
income
Period
Compensation of
employees
Proprietors1
(business,
professional^
farm)
Corporate profits and inventory
valuation adjustment
Net
Profits
before
taxes
income
1939
1944
1946
1947
1948
1949
~-_
__ . _
-
72. 5
183.8
180.3
198.7 :
223.5
216.8
_-__
- _
47,8
121. 2
117. 1
128, 0
140. 2
140.6
147
35.5
42. 0
42. 4
47.3
41.7
.
4. 2
3. )
2. 9
3, 5
41
4.7
5.8
240
18.3
24 7
31.8
29.9
Inventory
valuation
adjustment
6.5
243
23. 5
30.5
33.9
27.6
-0.7
-».3
-5.2
-5.8
-2.0
+ 2.2
28. 3
26.4
28.2
27. 6
+.5
+ 3.9
+3.7
+.8
29. 2
37. 4
!42.0
-1.0
-2.3
-7.9
Annual rates, seasonally adjusted
1949: First quarter
Second quarter
Third quarter
Fourth quarter
1950: First quarter
Second quarter
Third quarter
218.
217.
216.
214
1
8
8
7
2
141. 5
140.5
140.0
140. 2
43.8
42. 2
40. 1
40.7
46
47
48
48
216. 9
229. 1
239. 7
142. 3
147. 9
155. 2
41.5
41. 2
45.4
5.0
5.0
5.0
i Estimates by Council of Economic Advisers; based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as notecQ.
22
28. 8
30. 4
31.8 i
28.4
28.2
35. 0
*34 1
CORPORATE PROFITS
Estimated corporate profits for both 2nd and 3rd quarters of I960 have been revised upward by about
$2 billion (seasonally adjusted annual rates). Despite the high corporate tax liability, at an annual rate
of $17.6 billion in 3rd quarter, 67 percent higher than in 1949, profits after taxes were also running at
an all-time high. Both dividends and undistributed profits benefited in the increase.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
ANNUAL RATES, SEASONALLY ADJUSTED^
SOURCE: DEPARTMENT OF COMMERCE {EXCEPT AS NOTED)
[Billions of dollars]
Period
Corporate
profits
before
1939
1944
1946
1947
1948
1949
6.5
24. 3
23.5
30.5
33.9
27.6
1949: First quarter. .
Second quarter
Third quarter
Fourth quarter
28.3
26.4
28. 2
27. 6
1950: First quarter
Second quarter
Third quarter * _ _ _ _
29. 2
37.4
42.0
Corporate
tax
liability
Corporate profits after
Total
Dividend
payments
5.0
3.8
1.5
4.7
10.8
13. 5
5.8
9.6
13. 9
6.6
18.5
11. 9
7.5
20.9
13.0
17.0
7.8
10. 6
Annual rates, seasonally adjusted
7.9
17.4
10.9
7.7
16.4
10.0
7.4
17. 3
10.8
8.2
16.9
10. 6
12. 0
15. 1
17.6
17.2
22.2
24.4
8. 1
8.2
9. 4
Undistributed
profits
1.2
6. 1
8. 1
12.0
13.4
9.2
9.5
8.7
10.0
8.7
9. 1
14.0
15.0
1
Estimates by Council of Economic Advisers; based on incomplete data.
NOTE.—No allowance has been made for inventory valuation adjustment.
adjustment
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
See p. 22 for profits before taxes and inventory valuation
23
IMCOME
Personal income continued to increase in October due primarily to further advances in wages and salaries
and a gain in farm income. Transfer payments also rose as Old Age and Survisors1 Insurance benefits were
increased under the new Social Security Act. Dividends dropped.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ANNUAL RATES, SEASONALLY ADJUSTED
ESS, PROFESSIONAL, AND RENTAL INCOME
^
;•;-;• ".-FARM PROPRIETORS'INCOME.>>>':><
!939
1944
1348
1949
I960
J A S O N D J F M A M J J A S O N D J
F M A M J
J A S O N D J F M A M J
SOURCE:'DEPARTMENT OF COMMERCE.
[Billions of dollars]
Period
1939
1944
1947
1948
1949
.
_.
1949: September
October
November
December
1950: January
February
March.
April _
May
June
July
August
September
October2
24
Labor income
(salaries,
Total perwages, and
sonal income other
labor
income)
72. 6
165.9
191. 0
209. 5
206. 1
203.4
202. 4
205. 7
208.4
214. 6
215. 4
219.3
213. 8
214. 5
217. 1
220.7
225.4
228.7
230. 1
Proprietors' income
Dividends
Business,
professional, and personal
Farm
interest
and rental
income
45.6
4.5
116. 2
11.8
122. 3
15. 6
17.7
135. 0
13.4
134.9
Annual rates, seasonally
134. 6
11. 6
12. 1
133.3
134.4
13. 6
12. 7
136. 0
135.2
14.6
134. 5
12. 3
11.4
136. 9
138.6
11.0
12. 1
141. 1
143.6
12. 1
145. 1
13.6
148.9
13.7
151.2
13.3
153. 4
13. 9
10.2
23.7
26.8
29.6
28.3
adjusted
27.7
27.7
28. 1
27.9
28.9
28. 7
28. 8
28.8
29.4
30. 2
31.9
32.4
31.7
31.7
Transfer
payments
9.2
10.6
14.5
16. 1
17.2
3.0
3.6
11.8
11.2
12.3
17.0
17.2
17.2
18.9
17. 5
17. 7
.18. 0
18.2
17.8
17.8
17.8
18.4
21.1
19. 1
12.6
12. 1
12.4
12.9
*18.4
122. 2
124.2
i 17.2
114. 1
1
13. 4
12.3
12.0
11.4
12.0
1 Inchides veterans' insurance dividend. During first quarter, the payment was at annual rate of $8.5 billion (or $2.1 billion, quarterly total)
and 2during second quarter at $2.0 billion (or $502 million, quarterly total).
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Souree: Department of Commerce.
CONSUMER INCOME, SPENDING, AND SAVING
Consumption expenditures rose more rapidly than incomes in 3rd quarter, resulting in a drop in saving.
SILL10NS OF DOLLARS
2SO
BILLIONS OF DOLLARS
CONSUMPTION EXPENDITURES
xxxxxxxxxxxxxxxxxxx
OF ECONOMIC ftOVISERS
Disposable
personal
income l
Period
70.2
92.0
116.7
147.0
158. 9
169. 5
188.4
187.4
19391941
1942
1944.
1946
19471948
1949.
1949: First quarter
Second quarter
Third quarter
Fourth quarter
1950: First quarter
Second quarter .
Third quarter
189. 9
188.2
185. 1
186.8
- -
_
_
197. 5
195.6
204.7
Less: Personal
consumption
expenditures
Equals: Personal net
saving
Billions of dollars
2. 7
67.5
82.3
9.8
91.2
25. 6
111. 6
35. 4
146. 9
12. 0
165. 6
3. 9
177. 4
10. 9
178.8
8. 6
Annual rates, seasonally adjusted
12. 5
177.4
178.4
9. 8
6.2
179.0
6.2
180. 6
182.4
185.2
198.4
15. 0
10. 4
6.4
Net saving as
percent of disposable income
3.8
10.7
21.9
24. 1
7.6
2. 3
5.8
4. 6
6. 6
5.2
3.3
3.3
7.6
5.3
3. 1
*Income less taxes.
NotB .—Detail will not necessarily add to totals because of rounding.
Souree; Dtpartment of Commerce.
25
PERSONAL CONSUMPTION EXPENDITURES
Consumption expenditures rose $13 billion (annual rate) from 2nd to 3rd quarter. Expenditures for
'durable goods
25 percent above the high levels of first: half of this year. Expenditures for
nondurable goods and services also reached new highs.
BILLIONS OF DOLLARS
B I L L I O N S OF D O L L A R S
ANNUAL RATES, SEASONALLY ADJUS
TOTAL EXPENDITURES
1939
1944
1948
1949
1950
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars]
Personal consumption expenditures
Period
Nondurable
goods
Total
19391944_
194619471948.
1949-
67.5
111.6
146.9
165.6
177.4
178.8
35.3
67. 1
85. 8
95. 1
100.9
98.5
Durable
goods
6. 7
7. 1
16.6
21.4
22. 9
23.8
Services
25.5
37.4
44. 5
49. 1
53.7
56.4
Annual rates, seasonally adjusted
1949: First quarter..
Second quarter
Third quarter
Fourth quarter
1950: First quarter
Second quarter
Third quarter
.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
26
177.4
178.4
179.0
180. 6
182.4
185.2
198.4
99.4
99.2
97.6
97.9
97.4
99.3
104.9
22.4
23.0
24.7
25.3
26. 9
26.7
33. 5
55.6
56.2
56. 6
57.4
58. 1
59.2
59.9
PER CAPITA DISPOSABLE INCOME*
Per capita disposable income gained l-| percent in terms of purchasing power between the 2nd and 3rd
quarters.
DOLLARS
1,600
DOLLARS
1,600
ANNUAL
AVERAGES
1949 DOLLARS-*'
I, 200
S.EOO
CURRENT DOLLARS
2
1948
3
1949
2
3
I960
I
2
1951
SOURCES : DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
Period
1939
1941
1942
1944
1946
1947
1948
1949
-_
.
_
.
._
..
.
,..
„
.
_
. .. .
.
..
Per capita disposable
personal
income l
Current
1949 dollars 2
dollars
$912
$536
1, 110
691
1,247
867
1,388
1,065
1,333
1,125
1,248
1,177
1,270
1,285
1, 256
1,256
$1, 280
1,264
1,237
1,243
$1, 275
1,261
1,239
1, 249
58.8
62. 2
69.5
76.7
84.4
94.3
101. 2
100.0
Not adjusted
for seasonal
variation
100. 4
100.2
99. 9
99.5
1,309
1,291
1.345
1,327
1,294
1,314
98.6
99. 8
102.4
Annual rates, seasonally
adjusted
1949: First quarter
Second quarter . .
Third quarter
Fourth quarter..
1950: First quarter
Second quarter..
Third quarter
„
.*
.
„__
_
Consumers *
price index 2
1949 = 100
i Income less taxes.
*1 Current dollars dMded by the consumers' price index on the base 1949=100.
The consumers' price index has been roughly adjusted to take account of the understatement from December 1941-Febraary 1947, This
adjustment is in line with the report of the Mitchell Committee. The unadjusted index will be found on page 3.
Sources: Department of Commerce and Department of Labor.
27
FARM INCOME
Farm income in October was 6 percent higher than in October 1949. With prices paid also
increasing 6 percent, the purchasing power of farm income was about the same as in 1949.
BILLIONS OF DOLLARS
BILLIONS OP DOLkAJtt
4
MONTHLY AVERAGE
1949 DOLLARS*
I
1940 41
I
I
42
I
43
I
44
'
45
1
46
I
4?
48
49
50
•INCLUDES CASH FARM INCOME FROM MARKETING
**FARM INCOME IN CURRENT DOLLARS DIVIDED BY
SOURCE: DEPARTMENT OF AGRICULTURE.
COUNCIL OF ECONOMIC ADVISERS
paid by
Farm income Prices
farmers (incl. Farm income
(millions of
(millions of
interest, taxes,
current
and wage rates)
1949 dollars) »
dollars) »
2
1949= 100
Period
1939 monthly average
1941 monthly average
1942 monthly average
1944 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: September
October
November-.
December
1950: January
February
March
April
^«j
Mav
June
_
July
August
September *»
October *..
28
.- - - - - - - - - - - - - . ..
-
,.
......
...-..
. ..
.
.
_,
_
.
_
.
724
981
1,339
1,764
2, 136
2,527
2,567
2,359
2,929
3,366
2,905
%2, 473
2,254
1, 614
1,674
1,594
1,819
1,859
2,356
2,551
2,913
3,580
1 Includes cash farm income from marketings and Government payments.
2 Converted from the reported base, 1910-14=100, to the base 1949=100.
s Farm income in current dollars divided by prices paid by fanners, interest, taxes, and wage rates, 1949»100.
* Preliminary estimates.
Source: Department of Agriculture.
49
53
61
73
83
96
104
100
99
98
98
98
100
99
100
100
102
102
102
103
104
104
1,478
1,851
2, 195
2,416
2.573
2,632
2,468
2,359
2,959
3,435
2,964
2,523
2,254
1,630
1,674
1,594
1,783
1,823
2,310
2,477
2,801
3,442
CONSUMER CREDIT
Consumer credit expanded slightly in October. Instalment credit, which had paced the growth in preceding
months, rose only $42 million, largely because of the impact of Regulation W and th« decline in
anticipatory buying. The increase in instalment credit was the smallest since the usual January decline.
BILLIONS OF DOLLARS
25
BILLIONS OF DOLLARS
25
COUNCIL OF ECONOMIC ADVISERS
SOURCE : BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Millions of dollars]
Total
consumer
credit
outstanding
End of period
1939
1943
1946
1947
1948
1949.
1949: September .
October
.
November
December. .
1950: January
February
March
April
May
June
July
August
September
October 2
_ _
...
1
....
Instalment credit
Total
Automobile
sale
credit
Other sale
credit and
loans
Charge
accounts
Other
consumer
credit *
7,031
4,600
8,677
11,862
14, 366
16, 809
14, 957
15, 336
15, 884
16, 809
4,424
2,001
4,000
6,434
8,600
10, 890
9,899
10, 166
10,441
10, 890
1,267
175
544
1,151
1,961
3, 144
2,876
2,986
3,085
3, 144
3, 157
1,826
3,456
5,283
6,639
7,746
7,023
7,180
7,356
7, 746
1,544
1,498
3,054
3,612
3,854
3,909
3, 123
3, 197
3,454
3,909
1,063
1,101
1,623
1,816
1,912
2,010
1,935
1,973
1,989
2,010
16, 368
16, 159
16, 338
16, 639
17, 077
17, 651
18, 295
18, 842
19,315
19, 366
10, 836
10, 884
11,077
11,322
11,667
12, 105
12, 598
13, 009
13, 337
13. 379
3, 179
3,256
3,355
3,470
3,600
3,790
3, 994
4,107
4,213
4,231
7,657
7,628
7,722
7,852
8,067
8,315
8,604
8,902
9, 124
9,148
3,506
3,233
3,211
3,241
3,290
3,392
3,527
3,636
3,741
3,703
2,026
2,042
2,050
2,076
2,120
2, 154
2,170
2,197
2, 237
2.284
i Other consumer credit includes single-payment loans under $3,000 made by commercial banks and pawnbrokers and service credit. The single-payment
3
loan item was revised in November to exclude loans over $3,000. See Federal Eeserve Bulletin for November 1950, pages 1465-6.
Preliminary estimates
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Eeserve System.
OQ
MONEY, BANKING, AND FEDERAL FINANCE
BANK LOANS AND INVESTMENTS
Commercial bank loans expanded in October but at a much lower rate than in September. There was no
change in investment total.
BILLIONS OF DOLLARS
150
1939
1943
BILLIONS OF DOLLARS
150
1943 1949
J F M A M J J
END OF YEAR
A S O N O
J F M A M J J A S
1948
END
O N O
J F M A M J j
1949
OF MONTH
A S O N O
1950
SOURCE : BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, all commercial banks]
End of period
m_.A_i
lotai
loans and
investments
Bank loans
40.7
124. 0
116.3
114. 3
120.2
118. 5
119. 5
119. 7
120.2
121.2
120.6
120.3
120. 3
121.2
121. 8
122. 3
123.3
123.7
124 5
17.2
26. 1
38. 1
42.5
43.0
41.7
41.8
42.7
43.0
42.9
43. 1
43. 7
43. 8
44. 1
44. 8
46.0
47.3
49.0
49.9
...
1945.
1947.
19481949
... 1949: September
October
November
December
1950: January
February
March
.
April
May
.
JuneJuly
August
September
October1
... .
-
..
__
. _
.
. ..
.
..
.
* Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Beserre System.
30
Total
23.4
97.9
78.2
71.8
77.2
76.8
77.7
77.0
77.2
78. 3
77.5
76.6
76.5
77. 1
77.0
76.3
76.0
74.6
74.6
Investments
U.S.
Government
securities
16.3
90.6
69.2
62.6
67.0
66. 7
67.6
66.9
67. 0
68.0
67.1
65.8
65.5
66.1
65. 8
65.0
64. 2
62. 5
• . 62.5
Other
securities
7.1
7.3
9.0
9.2
10.2
10.2
10. 1
10. 1
10. 2
10.3
10.4
10.8
11.0
11. 0
11.2
11.4
11.8
12. 1
12.1
MONEY SUPPLY
The privately-held money supply increased $ 1.3 billion during October, Demand deposits rose sharply. The
decline in time deposits, that started in July, subsided.
BILLIONS OF DOLLARS
200
BILLIONS OF DOLLARS
200
TOTAL DEPOSITS AND CURRENCY
(EXCLUDING U.S. GOVERNMENT DEPOSITS)
1939
1943
END
1948
1949
OF Y E A R
1950
1949
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Billions of dollars]
Total privately-held
money supply
End of period
1939
..
1943
.
:...
1946
1947
19481949
1949 : September
October
November
December
.
1950: January
February .
March
..
..
April
May
. June - - July
, August
'September
- October 3
_
-
_
-
..
.
-
....
-
-
»
...
-
--
63.3
112.4
164.0
170.0
169. 1
169. 8
166. 3
167. 7
168. 1
169.8
169.7
168. 2
167. 1
168. 4
169.2
170. 0
170. 2
171. 0
171.7
173. 0
Currency
outside
banks
6. 4
18.8
26. 7
26. 5
26. 1
25.4
24. 9
24. 9
25. I
25.4
24. 5
24. 7
24.6
24.6
24. 7
25. 2
24. 4
24. 5
24.5
24.6
Adjusted
demand
deposits *
29. 8
60. 8
83. 3
87. 1
85. 5
85. 8
83. 1
84 3
85. 0
85. 8
86.4
84. 5
83. 3
84.3
85.0
85. 0
86. 5
87. 4
88. 1
89.4
Time
deposits *
27. 1
32. 7
54. 0
56. 4
57. 5
58 6
58 4
58 4
58 0
58 6
58. 7
59 0
59 3
59. 5
59 5
59. 7
59. 4
59 1
59. 0
59. 0
i Includes demand deposits, other than interbank and U, S. Government, less cash items in process of collection.
* Includes deposits in commercial banks, mutual savings banks, and Postal Savings System.
s Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
31
FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
In 3rd quarter of I960, cash payments to the public were $ 1 . 1 billion smaller than receipts. In the
corresponding quarter of 1949 payments exceeded receipts by $386 million.
BILLIONS OF DOLLARS
X CASH
_
BILLIONS OF
DOLLARS
RECEIPTS
CASH PAYMENTS
J,
»
2
IQ47 3
2
4
%
w^
^
''/'.
m m
r
*"**'
2
4
,949 3
4
i
EXCESS OF CASH RECEIPTS
LJ
IQ/S.Q 3
u
EXCESS OF CASH PAYMENTS
I .
1 "P
1
I
1949 '
CALENDAR
YEARS
SOURCE: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
Calendar years
Calendar year total:
1946
1947
1948
1949
.
[Millions of dollars]
Federal cash
receipts from
the public
Federal cash
payments to
the public
41, 451
44, 282
44, 922
41, 346
41, 399
38, 616
36, 897
42, 642
4-52
4-5, 666
48,027
-1,295
10, 220
9,869
10, 288
8,536
4-1,332
15, 037
10, 239
10, 085
9,560
8,641
9,033
8,735
10, 488
4-6, 399
+ 1,205
+ 1,349
-926
13, 122
8,814
10, 143
9,267
9,964
11, 389
10, 528
10, 762
+ 3, 159
-2, 574
-386
-1,495
12, 235
9,303
10, 494
10, 760
11, 105
9,351
+ 1,475
-1,803
+ 1,143
.
Quarterly total, not adjusted for seasonal:
1947: Third quarter ..
__
Fourth quarter
1948: First quarter
Second quarter
Third quarter
Fourth quarter
1949: First quarter
Second quarter
Third quarter
Fourth quarter
1950: First quarter...
Second quarter
Third quarter *_
» „_.
_.
«,
1
Preliminary estimates based on incomplete data.
Sources: Treasury Department and Bureau of the Budget.
32
.-
Excess of receipts (+) or
payments (— )
NOTE.—Detail will not necessarily add to totals because of rounding.
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