Full text of Economic Indicators : December 1951

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Economic Indicators
DECEMBER 1951
Prepared for the Joint Committee on the Economic Report




by the Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1951

JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79thi Cong.)
JOSEPH C. O'MAHONEY, Wyoming, Cbairmm
EDWARD J. HART, New Jersey, Viet Chapman
JOHN J. SPARKMAN, Alabama
PAUL H. DOUGLAS, Illinois
WILLIAM BENTON, Connecticut
ROBERT A. TAFT, Ohio
RALPH E. FLANDERS, Vermont
ARTHUR V. WATKINS, Utah

WRIGHT PATMAN, Texas
RICHARD W. BOLLING, Missouri
CLINTON D. McKINNON, California
JESSE P. WOLCOTT, Michigan
CHRISTIAN A. HERTER, Massachusetts
J. CALEB BOGGS, Delaware
GROVES W. ENSLEY, 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, Cbmrmm
JOHN D. CLARK
ROY BLOUGH

[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 Home of Representatives 0f 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 Armss 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

ii



Contents
THE TOTAL OUTPUT OF THE ECONOMY

Pagrt

The Nation's Economic Budget. .
Gross National Product

1
2

Consumers' Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices

3
4
5
6

Civilian Labor Force
Nonagricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
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
Personal Consumption Expenditures
Consumer Income, Spending, and Saving
Per Capita Disposable Income

..

12
13
14
15
16
17
18
19
20

....

..

....

Farm Income
Bank Loans and Investments
Consumer Credit
Bond Yields and Interest Rates
Money Supply
,—
Federal Cash Receipts From and Payments to the Public. .




7
8
9
10
11

21
22
23
24
25
26

27
, .4.

28
29
30
31
32
...
in

THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC BUDGET
In the third quarter, consumer income rose slightly and expenditures remained stable, thus raising the savings ratio
above the high level of the second quarter. With much smaller inventory accumulation, business investment dropped
$10 billion at a seasonally adjusted annual rate.
BILLIONS OF DOLLARS
ANNUAL RATES.SEASONALLY ADJUSTED

CONSUMERS

SECOND QUARTER

I95I
THIRD QUARTER

BUSINESS
I95i
SECOND QUARTER

I95I
THIRD QUARTER

INTERNATIONAL
1951
SECOND QUARTER

1951
THIRD QUARTER

GOVERNMENT (Federal, State, and local)
1951
SECOND QUARTER
Transfer payments *
1951
THIRD QUARTER

EXCESS OF RECEIPTS (+), EXPENDITURES (-)
1951, SECOND QUARTER
-50

-25

0

1951, THIRD QUARTER

25

50

-50

-25

0

25

CONSUMERS

BUSINESS

INTERNATIONAL

GOVERMENT (Federal.State,and 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 NATION'S ECONOMIC BUDGET TOTAL (GROSS NATIONAL PRODUCT),
SOURCE: MIDYEAR ECONOMIC REPORT OF THE PRESIDf NT, JULY 1951, APPENDIX A.




COUNCIL OF ECONOMIC ADVISERS

GROSS NATIONAL PRODUCT
According to revised estimates, gross national product in the third quarter remained at its second quarter level. Among
the major components, only consumer expenditures were stable. Government expenditures for national security
were almost 18 percent above the second quarter. Business investment dropped because of a slower rate of inventory
accumulation.
BILLIONS OF DOLLARS
350

940

42

BILLIONS OF DOLLARS
350

44

4b

48

50

3

4
1952

SOURCE: DEPARTMENT Of COMMERCE

COUNCIL OF

ECONOMIC ADVISERS

[Billions of dollars]
Total gross
national
product

Period

1939
1944
19461947.19481949--- 1950

_ _

91.3
213. 7
211. 1
233.3
259.0
257.3
282. 6

Personal
private Net foreign
consump- Gross
domestic
investment
tion expend- investment
itures

67.5
111.6
146.9
165. 6
177. 9
180.2
193. 6

9.9
7.7
28.7
30.2
42.7
33.0
48.9

0.9
-2. 1
4.6
8.9
1. 9
.5
-2.3

Government purchases of goods and
services
Total

13. 1
96.5
30.9
28.6
36. 6
43. 6
42.5

National
security l

Other 2

1. 3
87. 5
18. 5
12.9
15. 2
18. 5
18.8

11.8
9.0
12.4
15. 7
21.4
25. 1
23. 7

16.4
16. 2
17. 1
23. 2
28.3
34. 8
41. 0

24. 9
23.9
23. 7
24. 6
25. 1
25.6
27.2

Annual rates, seasonally adjusted
1950: First quarter
Second quarter
Third quarter
Fourth quarter
1951: First quarter.
Second quarter
Third quarter

264.4
275.0
287.4
303. 7
319.0
327.8
327. 6

184. 7
188. 7
202. 5
198.4
208. 2
201. 7
202.5

40. 1
47. 9
47.3
60.2
60. 1
65.6
55.7

-1.7
-1.6
-3.2
-2.7
-2.7
.0
1. 2

41.3
40. 1
40.8
47.8
53. 4
60.4
68. 2

1 Based on Treasury Bulletin break-down of Federal budgetary expenditures adjusted to the concept of purchases of goods and services; includes "national defense
and 2related activities," Atomic Energy, Mutual Defense Assistance, and other unilateral transfers since 1947; excludes Federal Government sales.
Eesidual; expenditures by the Federal Government for other than "national defense" and total expenditures by State and local governments.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.




PRICES

CONSUMERS' PRICES

Higher retail food prices and rents combined to raise the consumers1 price index 0.4 percent between mid-September
and mid-October. Housefurnishing prices fell slightly and apparel prices were little changed after rising sharply th^
month before.
PERCENT OF 1935-39 AVERAGE

PERCENT OF 1935-39 AVERAGE

J A S 0 N D J F M A M J J A S O N

F M A M J J A S O N O J F M A M J J A S O N D J F M A M J J A S O N D

1946

1947

1950

1948

1951
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR,

[1935-39=100]
Period
1939 monthly average
1943 monthly average
1944 monthly average
1945 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
June 15
...
October 15
November 15
December 15
~
1951 1 January 15
February 15
March 15 „
April 15....-.-.
May 15
June 15
July 15
August 15
September 15
October 15 1

All items

99.4
123.7
125. 7
128.6
139. 5
171.9
170.2
171. 9
170. 2
175. 6
176 4
178. 8
181, 5
183 8
184. 5
184. 6
185. 4
185, 2
185. 5
185 5
186. 6
187.4

Food
95. 2
138.0
136. 1
139. 1
159.6
210. 2
201. 9
204.4
203. 1
210. 6
210 8
216 3
221. 9
226 0
226. 2
225. 7
227. 4
226. 9
227. 7
227 0
227. 3
229. 2

Apparel

100.5
129.7
138.8
145.9
160.2
198.0
190. 1
187.7
184 6
193 0
194 3
195 5
198 5
202 0
203. 1
203 6
204. 0
204 0
203 3
203 6
209 0
208. 9

Rent

104.3
108.7
109. 1
109.5
110. 1
121.2
126.4
131.0
130 9
132 0
132 5
132 9
133 2
134 0
134. 7
135 1
135. 4
135 7
136 2
136 8
137 5
138. 2

Fuel, electricity, and
refrigeration

99.0
107.7
109.8
110.3
112.4
133.9
137.5
140. 6
139 1
142 0
142 5
142 8
143 3
143 9
144. 2
144 0
143. 6
143 6
144 0
144 2
144 4
144. 6

Housefurnishings

101.3
125.6
136.4
145.8
159. 2
195. 8
189.0
190.2
184 8
198 7
201 1
203 2
207 4
209 7
210. 7
211 8
212. 6
212 5
212 4
210 8
211 1
210. 4

Miscellaneous

100.7
115.8
121.3
124. 1
128. 8
149.9
1546
156.5
154 6
158 3
159 2
160 6
162 1
163 2
164. 3
164 6
165. 0
164 8
165 0
165 4
166 0
166. 6

* A special survey of food prices indicated a rise of 0.9 percent between October 15 and November 15.
NOTE.—Prices are for moderate-income families in large cities.
Source: Department of Labor.
The index has been revised, beginning with January 1940, to correct the downward bias resulting from the failure to take account of the differentials in rent between
aewly built^housing and comparable existingjdwellings. Certain changes, starting with January 1950, in commodity coverage aa.d weighting were linked into the index
providing anjmproved and consistent series.




WHOLESALE PRICES
The all commodity index of wholesale prices was stable in November in spite of small price increases in farm products.
PERCENT OF 1926 AVERAGE

PERCENT OF 1926 AVERAGE

220 I

220

••OTHER THAN FARMPRODUCTS AND FOODS
(INDUSTRIAL.)

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 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 Jf

1946

J947

1948

1949

1950

1951

COUNCIL OF ECONOMIC ADVISERS

[1926=100]

1942 monthly average
1946 monthly average .
..
1947 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
June
October
;
November
December
^ _. ,
1951: January..;
February
March
f April
May
.
| June
i July ...
August
f: September
October..
,
November * _ _ _ _ _ _
_
Week ended:
1951: November 6
13
. ..
.
20

27

.

* Estimates based on change in weekly data.




98 8
121 1
152. 1
165 1
155 0
161 5
157 3
169 1
171. 7
175. 3
180 1
183 6
184 0
183. 6
182. 9
181. 7
179. 4
178 0
177. 6
178. 2
178. 2

105 9
148 9
181. 2
188 3
165 5
170 4
165 9
177 8
183. 7
187. 4
194. 2
202 6
203 8
202. 5
199. 6
198. 6
194. 0
190. 6
189. 2
192. 4
194. 9

99 6
130. 7
168. 7
179 1
161. 4
166 2
162 1
172. 5
175. 2
179. 0
182. 2
187 6
186. 6
185. 8
187. 3
186. 3
186. 0
187. 3
188. 0
189. 5
188. 9

Other than
farm products
and foods
95. 5
109. 5
135. 2
151. 0
147. 3
153 2
148. 7
161. 5
163. 7
166. 7
170. 3
171. 8
172. 4
172.3
171. 7
170. 5
168. 6
167. 2
166. 9
166.7
166.9

177. 2
177. 3
177. 2
177. 6

193. 3
195. 1
195. 7
197. 7

190. 1
190. 4
189. 8
189. 9

165.2
165.2
165. 1
165.2

All commodities

Period
..

.
_

Farm
products

Sotiree: Department of Labor.

Foods

PRICES RECEIVED AND PAID BY FARMERS
In November, the parity ratio rose for the second month as the increase in prices received by farmers exceeded the
increase in prices paid.
PERCENT OF 1910-14 AVERAGE

PERCENT OF 1910-14 AVERAGE

1947

I95O

1948

SOURCE: DEPARTMENT OF AGRICULTURE.

COUNCIL OF ECONOMIC ADVISERS

[1910-14=100]
Prices paid by
Prices
farmers (includreceived
ing interest, Parity ratio *
by farmers
taxes, and
wage rates)

Period

1939 monthly average
_ _
1942 monthly average
•
1944 monthly average
1946 monthly average
_
1947 monthly average
1948 monthly average
1949 monthly average
'
1950 monthly average
.
June 15
.
October 15November 15
December 15
--1951: January 15
February 15
March 15 . .
April 15
.
May 15^ _ .._ _ - - _ _
June 15
July 15
_ _ _
August 15
September 15
- - October 15
November 15
1
2

95
158

2 196
2
234

- -.
-

..

.

---- - _ _

275
285
249
256
247
268
276
286
300
313
311
309
305
301
294
292
291
296
301

123
152
182
207
239
259
250
255
254
261
263
265
272
276
280
283
283
282
282
282
282
283
284

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, lambs, milk, and butterfat between October 1943 and June 1948.
Source: Department of Agriculture.
92220—51-




77
104
108
113
115
110
100
100
97
103
105
108
110
113
111
109
108
107
104
104
103
105
106

STOCK PRICES
A substantial recovery movement in the last week of November brought stock prices on December 1 to a level
somewhat higher than a month earlier.
PERCENT OF 1939 AVERAGE

PERCENT OF I939 AVERAGE

250

1940 41

SOURCE:

42

43

44

45

46

47

49

50

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

SECURITIES AND EXCHANGE COMMISSION,

Compositel
index

Period
Weekly average:
1940
1942
._1946
1948
1949
1950
June
October.
November
December
1951: January
February
March.
April

.
I
_

May

June
.July
August
September „ _ _
October. _
_
November
Week ended:
1951: Novembers. _ _ _
10

- . .

48

17 _
24
December 1

_

COUNCIL

[1939=100]
Manufacturing
Total

J A S O N D

OF ECONl

Durable
goods

Nondurable
goods

Transportation

Utilities

Trade,
finance,
and
service

Mining

90.6
74.9
149. 6
132.3
127.6
154. 1
158.3
164. 9
165. 9
165.2
176.7
184.0
179. 9
183. 1
181. 6
178. 8
181. 8
189.7
194.4
191. 4
185.0

93.4
75. 5
146. 6
136. 2
132. 1
165.7
171. 1
180.3
181.8
180. 4
194.2
203. 0
198.4
203.8
202. 6
199.9
204.4
214. 8
220.4
215. 8
207. 5

92.5
73.7
138.8
124.4
116. 0
150.4
156.0
166. 0
166.0
161. 7
174. 8
181.6
178. 2
181. 2
175.3
168. 9
170.3
178. 5
185. 2
185. 1
178. 4

94.2
77. 1
154.4
147. 0
147,2
180.2
185. 0
193.7
196. 5
197. 9
212. 3
222. 8
217. 0
224. 8
228. 1
228. 7
236. 2
248. 8
253.0
244. 3
234. 6

99. 1
90.8
202.6
158. 1
138. 8
159.9
149. 5
171.4
171. 1
184.4
202. 0
213. 1
200.0
201.9
196. 7
188.3
187. 9
195. 5
203. 6
203. 3
194. 0

97.7
69. 8
121. 0
99.4
98. 1
107, 2
114.8
107. 8
107.4
106.5
110.3
112. 1
112. 9
111. 4
110.4
109. 9
111.2
114. 1
115. 0
114. 3
113.8

86.7
71.3
204.3
156. 9
160.5
183. 8
182. 4
198. 3
200.8
195.7
205. 1
213.2
209. 7
207.8
206. 0
200. 9
202. 2
206.0
214.4
214. 0
207.8

75.9
59.7
125.5
133.2
129.2
143. 5
143.0
154. 5
157.6
159.7
175. 9
184.2
176.7
183 4
187.7
186. 0
195.2
218.6
230. 9
243. 6
238.8

185.5
186. 8
186. 0
181.8
187. 0

208. 3
209. 8
208. 6
203. 4
210. 0

177.3
181. 0
179. 4
176.0
180. 1

237. 2
236. 7
235. 8
228. 8
237.8

192.4
195.5
197. 3
190. 6
198. 6

113.5
114. 3
114. 1
113. 1
114. 2

207.4
208. 8
209.0
206. 0
209. 5

246.4
242. 4
239. 5
226. 9
233.8

i Includes 205 common stocks, distributed as follows: 14 for mining, 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for
transportation, 28 for utilities, and 32 for trade, finance, and serYiee.




EMPLOYMENT AND WAGES
CIVILIAN LABOR FORCE
Nonagricultural employment advanced about 150,000 to 54.3 million in November, almost 600,000 above a year
ago. Employment in agriculture declined seasonally to 7.0 million. Unemployment, increasing slightly to 1.8
million, was at the lowest November level since 1947.
MILLIONS OF PERSON1

MILLIONS OF PERSONS*
70

UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE

i j j
1949

S

0

N

D

J

M

A

M

J

J

A

S

O

N

O

I960

|

J

F

J

J

A

S

0

N

D

1951

COUNCIL OF ECONOMIC ADVISERS

Period

1939 monthly average
1 944 monthly average
1947 monthly average
1948 monthly average
1949 monthly average. _
1950 monthly average
June
October
November
December
1951: January
February ' March .
April _
Mav
June
Julv
August
September _
October
November

_

__

_

-

_- _
.

X»J.«J

1

*

_ - -

-

_ _ __ _
- -

Civilian labor force
UnemEmployment 1
ployTotal
NonagriAgriculment
Total
cultural
tural
Thousands of persons, 14 years of age and over
9,480
36, 140
9,610
45, 750
55, 230
670
45, 010
8,950
53, 960
54, 630
2, 142
49, 761
8,266
58, 027
60, 168
2,064
51, 405
7,973
59, 378
61, 442
3,395
50, 684
8,026
58, 710
62, 105
3, 142
52, 450
7,507
59, 957
63, 099
3,384
52, 436
9,046
61, 482
64, 866
1,940
53,273
8,491
63, 704
61, 764
2,240
53, 721
7,551
63, 512
'61, 271
2,229
54, 075
6,234
60, 308
62,538

Unemployment as percent of total
civilian
labor force

2,503
2,407
2, 147
1,744
1, 609
1,980
1,856
1, 578
1,606
1,616
1,828

4. 1
3.9
3.4
2.8
2. 6
3. 1
2.9
2.5
2.5
2.5
2. 9

61, 514
61,313
62, 325
61, 789
62, 803
63, 783
64, 382
64, 208
63, 186
63, 452
63, 164

59, 010
58, 905
60, 179
60, 044
61, 193
61,803
62, 526
62, 630
61, 580
61, 836
61, 336

6,018
5,930
6,393
6,645
7,440
8,035
7,908
7, 688
7,526
7,668
7, 022

52, 993
52, 976
53, 785
53, 400
53, 753
53,768
54, 618
54, 942
54, 054
54, 168
54, 314

17.2
1.2
3.6
3.4
5.5
5.0
5.2
3.0
3. 5
3.6

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.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.




NONAGRICULTURAL EMPLOYMENT - SELECTED INDUSTRIES
Manufacturing employment declined slightly in October but was about 100,000 higher than in October a year ago.
Trade employment increased seasonally. Other major industry groups showed minor fluctuations.
MILLIONS OF WAGE
AND S A L A R Y W O R K E R S

MILLIONS OF WAGE
AND S A L A R Y WORKERS

9.5

8.5 I

I

'

DURABLE MANUFACTURING

J

F

M

i
A

.

i
'

t
M

J

'

NONDURABLE MANUFACTURING

i . i
J
A

i
S

i
O

o r~

N

O

i
J

i
F

i
M

i
A

i

i
M

J

i
J

i
A

i
S

i
O

i
N

D

TRADE

CONTRACT CONSTRUCTION

9,0

L_

0
F

M

A

M

J

J

I
A

|
S

|
0

|
N

D

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR.

[Thousands of wage and salary workers
Manufacturing
Period
Total
1939 monthly average
1943 monthly average „
1946 monthly average .
1948 monthly average
1949 monthly average
1 950 monthly average
. June
September.,
October
November
December
1951: January _ _
February
March
April
May
JLC*J

__

June
July 2 _ __
August
2
September
October 2 _

10, 078
17, 381
14, 461
15, 286
14, 146
14, 884
14, 666
15, 685
15, 827
15, 765
15,789
15, 784
15, 978
16, 022
15, 955
15, 853
15, 956
15, 813
15, 980
16, 004
15, 926

Contract
construction
Durable Nondugoods rable goods
4,683
11,077
7,739
8,315
7,465
8,008
7,964
8, 423
8,618
8,664
8,717
8,742
8,877
8,969
9,003
8,975
8,998
8,839
8,866
8, 893
8. 913

5,394
1, 150
6,304
1,567
6,722
1, 661
6,970
2, 165
2, 156
6,681
6,876
2, 318
6,702
2,414
7,262
2,626
7,209
2, 631
2,571
7, 101
7,072
2,403
7,042
2,281
7, 101 - 2, 228
2,326
7, 053
6,952
2,471
6,878
2,598
2, 686
6,958
2, 754
6, 974
2, 799
7, 114
2, 752
7, 111
2. 738
7.013

Trade

6,612
7, 189
8, 612
9,491
9,438
9, 524
9,411
9,641
9, 752
9, 896
10, 443
9,592
9, 554
9,713
9,627
9, 683
9,732
9, 667
9,637
9, 769
9, 894

Finance
and
service

Government
(Federal,
State,
local)

Transportation
and
public
utilities

4, 703
5,320
6,207
6, 515
6, 545
6,573
6,653
6, 643
6,578
6,543
6,522
6,497
6,496
6,536
6,610
6, 673
6,728
6, 760
6, 751
6, 723
6, 660

3? 987
6,049
5, 607
5,613
5,811
5, 910
5,832
6,004
6,039
6,037
6,376
6, 088
6, 122
6,- 217
6, 292
6,377
6,377
6, 356
6, 400
6, 545
6, 532

2,912
3, 619
4,023
4, 151
3,979
4,010
4, 023
4, 139
4, 132
4, 123
4,125
4, 072
4,082
4,112
4, 132
4, 137
4, 161
4, 176
4, 187
4, 177
4, 156

Mining

845
917
852
981
932
904
946
946
939
938
937
932
930
924
911
915
927
906
925
917
913

* 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.
a Preliminary estimates.
Source: Department of Labor.

8



AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The workweek in durable manufacturing was unchanged in October but was 1A hour less than aSJyear ago. In nondurable industries, the workweek declined more than M hour to a level of 1 1 A hours below that of a year ago.
HOURS PER WEEK

HOURS PER WEEK

DURABLE MANUFACTURING

^
,T

T

T

i...m

BUILDING CONSTRUCTION

RETAIL TRADE

i I i i i 1 1 I i i i i l l i L i i i I i 1 1 i il i i i i i l j 1 1 LI I i

i... m

ITi 1 , 1 1 1 1 1 1 riTi 1 1 1 1 1 1 1 . 1 1 iTi 1 1 1 1 1 1 1 1 1 .T... i 1111 1 771
COUNCIL OP ECONOMIC ADVISERS

[Hours per week, selected industries*]
Manufacturing 5
Period

Durable
goods

Total
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average ...
1950 monthly average «...
June
September
October- -~
November-..
.
.
December.1951: January
February _
March
April _. . „
May_ __.
__•
June
July
August 3 _ _ 3
September
_
October 3 _
__ .
i For production and related workers.




.

37. 1
44 9
40 4
40. 4
40 1
39 2
40. 5
40. 5
41 0
41 3
41. 1
41. 4
41 0
40 9
41. 1
41 0
40 1
40 7
40 2
40 4
40. 6
40 4

38 0
46 6
40 2
40 6
40 5
39 5
41. 2
41. 3
41 7
42 1
41. 8
42. 2
41 5
41 6
41. 9
42 0
41 8
41 8
40 9
41 4
41. 6
41 6

2 Not available.

Nondurable construction
goods

(2)

(2)
2

37.4
42 5
40. 5
40. 1
39 6
38. 8
39. 7
39. 5
40. 1
40. 3
40. 3
40. 5
40. 2
40. 0
40. 0
39. 7
39. 3
39. 4
39. 3
39. 1
39. 4
38. 8

()
(2)
(2)

(2)
3

Retail trade

37. 3
36. 7
36.3
37.0
36. 7
37. 4
37. 3
36.7
36. 7
35. 3
35.8
36. 8
37,5
37. 7
38. 1
38. 3
38.3

(2)
(2)

(2)

40. 3
40. 3
40. 4
40. 5
40. 9
40. 4
40. 3
40. 0
40.7
40.3
40. 1
39.7
39. 9
39.8
40. 4
40. 8
40.8
40. 0

Preliminary estimates.
Source: Department of Labor.

AVERAGE HOURLY

- SELECTED INDUSTRIES

Average hourly earnings in both durable and nondurable goods manufacturing showed practically no change in
October. The increase in all manufacturing during the previous 12 months amounted to about 11 cents.
DOLLARS

PER

DOLLARS

HOUR

PER

HOUR

1.70

1948

1949

SOURCE:

195!

1950

* CURRENT DOLLARS DIVIDED BY CONSUMERS' PRICE INDEX

ON BASE OF

1950=100,

DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

[Production and related workers in selected industries]
All manufacturing

Durable goods
manufacturing

Nondurable goods
manufacturing

Building
construction

Retail trade

Period
Current
1950
1950
Current
dollars dollars * dollars dollars l
1939 monthly average
$0. 633
1943 monthly average
.961
1946 monthly average
1.086
1947 monthly average
1.237
1948 monthly average
1.350
1949 monthly average
1.401
1950 monthly average
1. 465
June _ _ _ _ _ _
1. 453
September.
_ _ 1.479
October
1.501
November
1.514
December
1.543
1951: January
..
1. 555
February
1.561
March
1.571
April
1.578
May _
1. 586
June _
1. 599
July 3
1. 598
August
1. 597
3
September
1. 612
October 3
1. 613
1
2 Current dollars
Not available.
8

$1. 095
1.335
1.337
1.333
1. 350
1.415
1.465
1.468
1.456
1.469
1.476
1.484
1.473
1. 460
1. 464
1. 469
1. 470
1. 485
1. 481
1. 480
1. 484
1. 480

$0. 698
1.059
1. 156
1.292
1.410
1. 469
1. 537
1. 522
1. 562
1.577
1.587
1.619
1. 630
1.639
1.654
1. 659
1. 665
1. 681
1. 682
1. 683
1. 703
1. 703

divided by consumers' price index on base 1950 = 100.

Preliminary estimates.
Source: Department of Labor*

10



1950
Current
dollars dollars l

$1. 208 $0. 582
.803
1.471
1.424
1.015
1.392
1. 171
1.278
1.410
1. 325
1.484
1.378
1. 537
1. 365
1. 537
1.537
1. 379
1. 404
1. 543
1.419
1.547
1.443
1. 557
1.456
1.544
1. 458
1.533
1.460
1.541
1. 465
1. 545
1.474
L 543
1.484
1. 561
]. 488
1. 559
1. 560 - 1. 482
1. 491
1. 568
1. 562
1. 491

Current
1950
Current
1950
dollars dollars! dollars dollars !

(2)
$1. 007
(2)
1. 115
1.250
(2)
1.262
(2)
1.278 $1. 848
1.935
1.338
1.378
2.031
1.379
1. 995
2.067
1.357
2.082
1. 374
1. 383
2.093
2. 120
1.338
1.379
2. 135
2. 157
1. 364
2. 163
1.361
1.364
2. 167
2. 182
1. 366
2. 194
1.378
1.379" 2. 195
2.207
1.373
1.373
2. 233
1. 368
(2)

(22)
(2)
(2)
()
$1. 848
1.955
2.031
2.015
2.034
2. 037
2.040
2. 038
2.022
2.018
2.016
2.018
2. 022
2. 037
2.034
2. 045
2. 056
(2)

(22)
(2)
()
$1. 009
1.088
1. 137
1. 176
1. 175
1.200
1. 199
L 198
1. 187
1.237
1. 236
1.233
1.249
1.252
1.256
1. 262
1. 262
1. 272
(2)

(22)
(2)
()
$1. 087
1.088
1. 148
1. 176
1. 187
1. 181
1. 173
1. 168
1. 141
1. 171
1. 156
1. 149
1. 163
1. 160
1. 166
1. 170
1. 170
1. 171
(2)

AVERAGE WEEKLY

-

Average weekly earnings in durable manufacturing were at the same level in October as in September—almost $71.
In nondurables, a shorter workweek accounted for a drop of about $1 in October, bringing average weekly earnings
to about $58.
DOLLARS PER W E E K

DOLLARS PER WEEK

1 1 . 1 1 1 1 iT 1 1 1 1 1 1 1 1 1 1 iTi, 1 1 1 1 1 ! i.... iTi 1 1 1 . i , i . m

o r^t »..i.. i » i . » J . . , , . i . . . . iL .. t . i , . . , t T..... i , r • m
RETAIL TRADE

1950 DOLLARS*

^\
• CURRENT DOLLARS

1948

1949

1950

1951

1948

1949

1950

1951

* CURRENT DOLLARS DIVIDED BY CONSUMERS' PRICE INDEX ON BASE 1950*100.
COUNCIL OF ECONOMIC ADVISERS

[Production and related workers in selected industries]
All manufacturing

Durable goods
manufacturing

Nondurable goods
manufacturing

Building
construction

Retail trade

Period
1950
1950
Current
Current
dollars dollars l dollars dollars l

1939 monthly average
$23. 86
1943 monthly average
,43. 14
43.82
1946 monthly average
1947 monthly average
49.97
1948 monthly average - _ _ • 54 14
1949 monthly average..54. 92
1950 monthly average
59.33
June
58. 85
September
__ 60. 64
October
61. 99
November
62.23
December
63.88
63. 76
1951" January
February
63.84
March
64.57
64. 70
April
64. 55
May
65. 08
June
_ _ __
64. 24
July
3
64. 52
August „ _ 3
_ _
September
65. 45
3
October
_
65. 17

$41. 28
59. 92
53.97
53,: 85
54. 14
55.47
59. 33
59.44
59. 69
60. 66
60. 65
61.42
60. 38
59. 72
60. 18
60.24
59. 82
60. 43
59. 54
59. 80
60. 27
59. 79

$26. 50
49.30
46. 49
52.46
57. 11
58.03
63. 32
62.86
65. 14
66. 39
66.34
68.32
67.65
68. 18
69. 30
69. 68
69.60
70.27
68. 79
69. 68
70. 84
70. 84

i Current dollars divided by consumers' price index on base 1950=100.
* Not available.
* Preliminary estimates.
Source: Department of Labor,,




$45. 85
68.47
57.25
56. 53
57. 11
58.62
63.32
63.49
64. 11
64 96
64. 66
65.69
64.06
63. 78
6459
64 88
64 50
65. 25
'63. 75
64 58
65.23
64 99

1950
Current
dollars dollars l
$21. 78
34 12
41. 14
46. 96
50. 61
51. 41
54 71
53. 92
55. 30
56. 58
57. 19
58.44
58. 53
58. 32
58.40
58. 16
57. 93
58. 47
58. 48
57.95
58. 75
57. 85

$37. 68
47.39
50. 67
50.60
50. 61
51.93
5471
54. 46
54 43
55. 36
55.74
56. 19
55.43
5456
5443
54 15
53. 69
5429
54 20
53. 71
54. 10
53. 07

1950
1950
Current
Current
dollars dollars l dollars dollars *
(22)
(2)
()
(2)

$68. 85
70.95
73.73
73. 82
75.86
77. 87
78.07
77.80
78.35
76. 14
77.44
79.75
81. 83
82. 71
83. 63
84 53
85. 52
(2)

m(22)
( 2)
c)
$68. 85

71.67
73.73
7457
74.67
76. 19
76.09
7481
7420
71. 23
72. 17
7426
75.84
76.80
77.51
78. 34
78.75
(2)

(22)
()
(2)
$40. 66
43.85
45. 93
47.63
48. 06
48. 48
48.32
47.92
48.31
49. 85
49. 56
48.95
49. 84
49. 83
50. 74
51. 49
51. 49
50. 88
(2)

(22)
()
(2)
$43. 81
43.85
46.39
47.63
48. 55
47.72
47.28
46.71
46.45
47.21
46.36
45. 62
46. 41
46. 18
47. 11
47. 72
47. 72
46. 85
( 2 V-. j

11

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Total industrial production declined slightly in November after holding steady for the preceding two months. Production of durable goods, under the impact of the defense program, continued its slow odvance. Production of
nondurables continued to decline and fell to the July level. Textile output suffered most. Crude petroleum
production dropped.
PERCENT OF 1935-39 AVERAGE

PERCENT OF 1935-39 AVERAGE

400

400

^-DURABLE MANUFACTURES
'"•C

/

TOTAL

'•

1940

41

42

43

44

45

46

47

48

49

50

1951

1950

1949

COUNCIL OF ECONOMIC ADVISERS

[1935-39=100, seasonally adjusted]
Total
industrial
production

Period
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1950 monthly averageJune
October
November
December
1951: January
February
March »
April
May _
June
July
August
.
September.
_.
1
October 1
November




> Preliminary «sttmatef,

__

239
170
187
192
176
200
199
216
215
218
221
221
222
223
222
221
212
217
219
219
218

JManufacture 8

Total
258
177
194
198
183
209
208
225
224
229
231
232
234
234
233
231
222
226
228
227
227

Durable
goods
360
192
220
225
202
237
237
262
260
268
268
271
277
279
276
274
265
267
272
274
275

Nonduraable goods
176
165
172
177
168
187
184
196
195
197
201
201
199
198
198
197
187
193
192
189
187

Minerals
132
134
149
155
135
148
151
166
160
157
164
158
158
164
165
165
156
165
167
171
170

gource: Board of Governors of the Federal Beserve System,

WEEKLY PRODUCTION - SELECTED INDICATORS
Scheduled production of steel in November was at the highest average weekly rate since April, a record month. Bituminous coal output continued to rise and electric power production reached new highs.
The average weekly rate of
motor vehicle assemblies declined to the lowest level in two years.

MILLIONS OF TONS

MILLIONS OF SHORT TONS (DAILY AVERAGE)

3

BITUMINOUS COAL

STEEL-Scheduled output

/

v
\/
V

B

/•*....'
" """- ******"""*\ v.—*"""'

V

./^isso

\I

t
I

I

I

I

I

I

I

I

I

I

I

i

BILLIONS OF KILOWATT HOURS

ELECTRIC POWER

4

../s •
£_U

.

s s9
\4

- • I \V
U

\
I

*

..«•«•.v/ \•
.-sV/"6'

f
y

••^1

0 (~

\ j~
\j

.....',

I

I

J

F

I
M

I
A

I
M

I
J

I
J

I
A

O f~
S

O

N

I
J

D

. .1
F

I
M

I
A

M

SOURCE: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS

Steel i
Period

Weekly average:

1948
1949
1950

Thousands of
net tons
*

-.__ _
....

June _ -

. -

_ _ -

___

October
November .
December
1951:

January .
February
March.
April _

May
•

_ _

2,048

2,061

.__

June
July__
_
August. _ _
September .
October
November 3

Week ended:
1951* November

3

10

17
24
December

1,695
1, 496
1,857
1,898
1,976
1}870
1, 890
1, 996
1,941

_ _
__ ___
_

1,964
1,971

2,022

2, 053
2,056
2,089

__

_

1

8

2,053
2 ? 018

___ -

2,019
2, 021
2, 073
2, 079
2, 071

Percent of
theoretical
capacity

94 1
81.0
96.9
99. 6
102, 4
97.0
98.0
99.9
97. 1
102. 4
103. 1
102. 7
100. 9
98.2
98. 6
101.2
102.7
102. 9

104. 5
101. 0
101. 1
103. 7
104. 0
103. 6

Electric power?
by utilities
(millions of
kilowatt-hours)

5, 300
5,500

6f 183
6,038
6,522

6,615
6,852

6, 866
6,948
6,827

6, 722

6,557
6,804

6, 699
7,092

7,012
7, 175
7, 319
7,396
7,333

7, 157

COUNCIL OF ECONOMIC ADVISER!

Bituminous
coal
(thousands of
short tons) 2

1, 948
1, 427
1, 673
1, 762
1, 976
1,820
1, 900
1,980
1,685
1,662
1,734
1,638
1,726
1, 706
1, 747
1,779
1,909

1,877
1,907
1, 993
2, 018

Cars and
trucks
(number)

82, 340
120, 350
153, 546
192, 825
' 174, 346
141,002

149, 905
133, 950
151, 052
170, 253
152, 948
140, 461
147, 582
112,166
119,302
115,721

112, 441
104., 287
111,
109,
112,
78,
109,

735
697
817
110
074

i Weekly data are scheduled rates of operation; monthly figures are for actual output except latest month which is an average of the weekly estimates. Percent
of capacity based on weekly net ton capacity of 1,749,928 for 1947,1,802,476 for
1948, 1,843,516 for 1949S 1,906,268 for the first half of 1950,1,928,721
beginning July
2
3
1,1950, and 1,999,034 beginning January 1,1951.
Daily average for week,
Preliminary estimates.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports,

13

92220—51-




PRODUCTION OF SELECTED MANUFACTURES
Production of iron and steel, lumber, and nonferrous metals rose in October to about their June levels. Machinery
output reached a postwar high. Most nondurable manufactures changed little from September indexes/ textiles,
however/dropped 5 percent to the lowest point since 1949.
PERCENT OF 1935-39 AVERAGE (ADJUSTED FOR SEASONAL VARIATION)

PERCENT OF 1935-39 AVERAGE

300

300

(ADJUSTED FOR SEASONAL VARIATION)

\
\

..C

L PRODUCTS

_jS*

MANUFACTURED

100
1940

42 44

46 48

50

1949

1950

FOOD PRODUCTS

1940 42 44 46 48 50

1951

1951

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[1935-39=* 100, seasonally adjusted]
Durable manufactures
Period

1943
1946
1947
1948
1949
1950

monthly average..
monthly average .
monthly average
»
monthly average
monthly average.
monthly average
June
September
„„«
October
November
December
,
1951; January
February
March
April
.
May
.
June —
-,„
July
August
September
October 1
1

Preliminary estimates.

14



Iron and
steel

Lumber
and
products

208
150
195
208
188
229
231
245
253
246
253
255
252
263
264
263
261
253
254
258
260

129
131
143
145
130
159
155
166
166
169
173
171
169
169
170
163
153
141
146
146
151

Nondurable manufactures

Nonferrous Textiles
Machinery metals and
and
products products

443
240
276
277
234
270
262
283
303
311
321
322
328
335
337
336
338
327
328
336
342

- 267
157
187
193
160
207
207
216
223
227
227
224
217
209
211
206
205
199
197
199
207

153
162
163
170
147
182
173
191
197
193
194
194
194
188
185
190
185
160
170
164
155

Petroleum Manufac- Chemical
and coal tured food products
products products

185
173
193
218
209
229
222
243
251
253
263
272
269
269
255
263
263
262
265
265
266

145
149
157
159
163
164
164
167
162
161
165
168
166
167
168
167
165
164
165
166
164

384
236
251
254
241
263
261
271
277
280
283
287
288
292
296
298
302
305
306
303
302

Source: Board of Governors of the Federal Reserve System.

NEW CONSTRUCTION
Total new construction (seasonally adjusted) increased by nearly $30 million in Nuvember, principally because of a
substantial rise in public construction. Private nonfarm residential construction increased for the third successive
month.

MILLIONS OF DOLLARS
3,000

MILLIONS OF DOLLARS
3,000

2,500

2,500

2,000

2,000

1,500

1,500

1,000

1,000

1952

SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR -

[Millions of dollars, seasonally adjusted]
Total new
construction

Period
1939 monthly average
1942 monthly average
1944 monthly average1946 monthly average
1948 monthly average _
1949 monthly average
1950 monthly average _
June
October
November
December
1951: January
February
March
April __
Mav
UU.O.J

-

-

-_ __

-

June
July _ _
.
August
__
September _ _ _
October 2
November

_____

* Includes public residential construction.
Preliminary estimates.

8




683
1, 173
438
1,000
1,798
1,883
2,325
2,316
2, 479
2,498
2,439
2,501
2, 572
2,672
2,645
2, 523
2,495
2,455
2,452
2,466
2, 412
2, 441

Total
private

Private construction
Residential
Other
(nonfarm)

366
285
182
803
1,389
1,350
1,732
1,737
1, 860
1, 833
1,807
1,825
1,908
1,916
1, 846
1,733
1,717
1,705
1,685
1, 682 .
1, 642
1,626

223
143
68
335
715
691
1,050
1,072
1,134
1,078
1,055
1,049
1, 103
1,078
991
864
846
831
814
825
850
866

142
142
114
469
674
659
682
665
726
755
752
776
805
838
855
869
871
874
871
857
792
760

Federal,
State, and
local 1
317
888
256
197
409
532
593
579
619
665
632
676
664
756
799
790
778
750
767
784
770
815

Sources: Department of Commerce and Department of Labor,

15

NEW HOUSING STARTS
New housing starts dropped by 5,000 in October to 86,000, 16 percent under October of last year. In the first
10 months of this year more than 940,000 units were started, about 22 percent fewer than in the same period of 1950,
but more than in the comparable period of any other year.

THOUSANDS OF UNITS
200

THOUSANDS OF UNITS

aoo

SOURCE:DEPARTMENT OF LABOR

New nonfarm units started
Month
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
141, 900
120, 600
102, 500
87, 300
93, 600

849, 000

931, 600

1, 025, 100

1, 396, 000

70, 750

77, 600

85, 425

.116, 300

1947

January _ _ _
February _ _ _ _ _ _
March
April
May
June
July
August
September
October
November
December
Total
Monthly average
1

Preliminary estimates.

16



1951
85, 900
80, 600
93, 800
96,200
101, 000
132, 500
90, 500
1
85, 000
1
91, 000
1
86, 000

Source: Department of Labor.

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Nonfarm plant and equipment expenditures in the third quarter of 1951 are estimated at an all-time high, 45 percent
above the third quarter of 1950, with manufacturing facilities outlays 78 percent above those of the third quarter
last year.

BILLIONS OF DOLLARS

25

ANNUAL

ANNUAL TOTALS

RATES

COMMERCIAL AND
MISCELLANEOUS

RANSPORTATION AN
ELECTRIC AND GAS
UTILITIES

SOURCES : SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars, annual rates, not adjusted for seasonal variation]
Period

1939
1941
1945
1948
.,--1949
_
„
1950 3
1951
-_-_
1949: First quarter..
Second quarter
Third quarter
Fourth quarter ._.
1950: First quarter
Second Quarter
Third quarter »
Fourth quarter
1951* First quarter
Second quarter
Third quarter 3 3
Fourth quarter

Total *
5,200
8,190
6,630
19,230
18, 120
18, 560
24, 830
17, 850
18, 640
17, 470
18, 530
14, 800
17, 310
18, 800
23, 330
20,660
25, 010
27, 200
26, 440

Manufacturing

1,930
3,400
3, 210
8,340
7,250
8,220
12, 830
7,410
7,520
6,770
7,300
6, 100
7,440
8, 190
11, 160
9, 820
12, 560
14, 610
14, 320

Mining

Transportation
Railroad

380
680
440
800
740
680
870
760
770
720
700
580
640
720
790
730
810
980
940

280
560
550
1, 320
1,350
1, 140
1, 580
1,420
1, 530
1,240
1, 210
930
1, 190
1, 140
1,280
1, 210
1,650
1,600
1,860

Other

.

280
340
320
700
520
440
520
520
550
540
480
320
360
490
580
500
540
470
540

Electric and
gas utilities

480
710
630
2,680
3, 140
3, 170
3, 680
2,710
3, 120
3, 180
3,550
2,610
3, 030
3,280
3,740
3,010
3,570
4,100
4,030

Commercial
and miscellaneous 2

1,850
2,490
1,480
5,390
5, 120
4,920
5, 360
5,020
5, 150
5,030
5,280
4,260
4, 650
4, 980
5,780
5,380
5, 870
53 430
4, 740

i Excludes agriculture.
*Commercial and miscellaneous composed of trade, service, finance, and communication.
* Estimates for third and fourth quarters based on anticipated capital expenditures of business as reported in a survey made in late July and during August.
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),



17

NEW CORPORATE SECURITY ISSUES
In the third quarter of 1951, total net proceeds from new security issues declined seasonally. The total, however,
was almost 25 percent above the corresponding period of a year ago.
BILLIONS

BILLIONS OF DOLLARS

OF DOLLARS

3.0

3.0

1939

SOURCE:

1943

1948 1949 I960

COUNCIL OF ECONOMIC ADVISERS.

SECURITIES AND EXCHANGE COMMISSION.

[Millions of dollars]
]deposed uses of net proceed s

Period

Estimated
net proceeds

New money
Total

1939 quarterly average
-.
1943 quarterly average
»
1946 quarterly average
1947 quarterly average - 1948 quarterly average- - . .
1949 quarterly average
_. _ .
1950 quarterly average
1949: Third quarter
Fourth quarter
1950: First quarter
__
_
Second quarter
,_
Third quarter
Fourth quarter
1951: First quarter
_
_ ._„_
Second quarter2
Third quarter
_
_ _ _ _ _ _
i3 Includes small amount for other purposes.
Preliminary estimates.
NOTE.—Detail will not necessarily addpo totals because of rounding.
Source: Securities and Exchange Commission.

18



529
287

1, 689
1, 617
1, 740
1, 490'
1, 565
1, 009
1, 299
1, 325
2, 222
1, 145
•1, 569
1,730
2, 361
1, 413

81
77
820

1, 148
1,482
1, 152
1,002
789
862
941

1,251
771
1 5 044
1, 461
1,987
1,260

Plant and
equipment
43
35
529
852

1, 055

931
741
669
596
759
948
571
687

1, 167
1,422
970

Working
capital
39
42
291
296
427
220
260
120
265
182
302
200
356
293
565
290

Retirement
of debt and
stock *
448
210
869
469
258
338
564
219
438
384
971
374
525
270
374
153

INVENTORIES AND SALES
In October retail sales, seasonally adjusted, were 1K percent above the September level and nearly 4 percent
above sales in October 1950. Department store sales, dropped 3 percent in October.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

RETAIL

TOTAL AND MANUFACTURING
MONTHLY AVERAGE

SEASONALLY ADJUSTED

MONTHLY AVERAGE

SEASONALLY ADJUSTED
INVENTORIES ..••"

I

\ .«"*!

TOTAL INVENTORIES

\:
i:

..•*«.*
,...»*
TOTAL SALES*

1940

42

44 46 48 50

PERCENT OF 1935-39 AVERAGE

MANUFACTURING
INVENTORIES

MANUFACTURING
SALES

1940 42 44 46 48 50

1940 42 44 46 48

I960

50

1952

1950

WHOLESALE, MANUFACTURING, AND RETAIL,
SOURCE: DEPARTMENT OF COMMERCE AND BOAR

Total business *
Period

Inventories 2

Sales 8

Retail
Inventories 2

Sales 8

Manufacturing
Inventories 2

Sales *

Millions of dollars, seasonally adjusted
6

1939 „ _ _ - --_ _ ()
(6)
1943
-- 1945
-_- .( )
1946 _ _ 0)
1947
( )
55, 647
1948
-_ - 50, 921
1949
60, 434
1950
52, 828
June
_September
55, 146
October- _
57, 112
58, 954
November
December
60, 434
62, 050
1951* January
63,416
February
65, 240
March
67, 361
April
__ - _
68, 981
May _ __
69, 442
June
70, 254
July
7
70, 083
August
7
September
69, 931
7
70, 062
October
6

6

10, 803
21, 920
23, 852
27, 151
33, 157
36, 438
34, 467
39, 096
39, 229
40, 800
41, 197
40, 611
42, 246
45, 899
44, 796
44, 205
43, 440
44, 737
43, 073
41, 793
43, 066
41, 358
43,611

(66)
(6)
()
(6)

(6)

15, 828
14, 502
17, 793
15, 574
16, 599
17, 390
17, 704
17, 793
18, 455
19, 044
19, 743
20, 346
20, 643
20, 282
20, 045
19, 429
18, 761
18, 661

3,504
5,270
6, 503
8,541
9,967
10, 877
10, 893
11, 962
12, 059
12, 362
12, 032
11, 767
12, 603
13, 578
13, 313
12, 616
12, 277
12, 420
12, 261
12, 085
12, 466
12, 292
12, 485

Department stores

Inven-s
New
Sales 3
tories
orders
(millions of Index 1935-39=100,
dollars) * seasonally adjusted

5, 112
11, 465
20, 098
12, 820
12, 873
18, 390
24, 498
12, 617
28, 920
15, 918
17, 630
31, 734
16, 339
28, 690
19, 069
33, 253
19, 271
29, 123
20, 101
30, 123
20, 684
30, 947
20, 524
32, 245
33, 253
21, 048
22, 560
34, 120
34, 657
22, 261
22, 605
35, 557
22, 479
36, 908
38, 068
23, 434
39, 009
22, 133
39, 894
21, 324
40, 580 . 21,776
20, 700
41, 098
22, 000
41, 300

1 Also includes wholesale, not shown separately in this table.
B Index of book value, end of period.
fl
Not available.
Book value, end of period. Revised trade data not available prior to 1948.
s Monthly average for year and total for month.
* Preliminary estimates.
« Data for new orders not adjusted for seasonal variation.
Source: Department of Commerce and Board of Governors of the Federal Reserve System.

(66)
()
(6)

13, 694
15, 622
17, 337
15, 791
20, 643
20, 698
23, 485
23, 744
21, 367
22, 792
27, 940
25, 554
28, 220
23, 517
22, 830
22, 361
20, 790
22, 809
21, 283
23, 700

102
155
166
213
255
291
270
295
276
309
329
332
329
338
349
368
377
365
353
353
342
335
6
()

•

106
168
207
264
286
302
286
304
298
320
291
290
325
362
326
291
302
301
302
309
319
312
303

2




19

MERCHANDISE EXPORTS AND IMPORTS
In September merchandise imports fell sharply. With this sixth consecutive monthly decline, imports reached the
lowest point in 1 5 months, 35 percent below the post-Korean high of last March. With exports falling only slightly,
the merchandise export surplus rose to over $500 million.
MILLIONS OF DOLLARS
,600

MILLIONS OF DOLLARS
1,600

———

*

RECORDED MERCHANDISE EXPORTS, INCLUDING R E E X P O R T S , AND CIVILIAN SUPPLIES

** RECORDED GENERAL MERCHANDISE
SOURCES:

800

FOR OCCUPIED AREAS.

IMPORTS.

DEPARTMENT OF COMMERCE,

DEPARTMENT OF THE ARMY, AND DEPARTMENT OF THE N A V Y .

[Millions of dollars]
Exports 1

Period
1936-38 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average.
1950 monthly average
June
September „ _._
October.-.
November
- December _,
1951i January „
February., ,
March
April „ «
-i.«.j
_
Mav
June
:
July
•
August
SeDtember _
1
2

247

__-_

1, 065

207
282
411
480
594
552
738
687
859
922
855
867

974

1 023

__

1, 076
1, 284
1 372
I , 355
1, 292
1, 189
1, 267
1. 230

1, 080
812

_.
..

.

• „_

_
«

„„
_..___

1, 278
1, 054
1, 003
856
877
911
906
977

Recorded merchandise exports, including reexports, and civilian supplies for occupied areas.
Recorded general merchandise imports.
NOTE: Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce* Department of the Army, and Department of the Navy,

20



Imports 2

909

1, 100
1 033
1 018
929
894
880
718

Excess of
exports (+ )»
imports (— )

4-40
4-798
+400
+ 799
+ 461
+ 451
+ 119
+ 190
+ 52

— 16
+ 122
+ 198
49
+ 167
+ 184
+ 339
+ 337
+ 362
+ 295
+ 387
-4- HI 91

PURCHASING POWER

**>•
ANNUAL RATES, SEASONALLY ADJUSTED

•—.-—--------—-—---•"

..

Period

IQQQ
1Q47
1Q4Q
1 Q4.Q

1950

-

1950: First quarter.-Second quarterThird quarter. Fourth quarter1951: First quarter...
Second quarter Third quarter.

Total
national
income

Compensation of
employees

72.5
183. 8
180.3
198.7
223. 5
216. 7
239, 0

47.8
121.2
117. 1
128. 0
140. 2
139.9
153. 3

219. 3
230.6
245.8
260. 1
269.4
274.3
»279. 6

142.2
148.6
157.3
165.2

' "•••
Proprietors1
(business,
professional, Net interest
farm)
and rental
income

Corporate3 profits and itiventory
valu ation adjustm ent
'-'—
.,' ——
—— —
Inventory
Profits
valuation
before
Total
adjustment
taxes

5.8
4.2
24. 0
3. 1
18.3
2.9
24.7
3.5
31.7
4.3
30. 5
4.9
36.2
5.4
r
—
•
——
————— adjusted
Annual nites,—seasonally
——'
—
30.5
5.2
41.4
34.8
5.3
41.8
37.4
5.5
45.6
42. 2
5.6
47.2

14.7
35. 5
42.0
42.4
47.3
41.4
44. 0

6. 5
24. 3
23.5
30.5
33.8
28.3
_ 41.4 __
——01
——
n

37.5
45.7
50. 3

O. T/

.3
-5.2
P; R
-2. 1
. +2. 1
-5. 1
— — —•
•*•
1. 4
-2.7
-8.3
-8.2

Source: Department of Commerce (except as noted).

NOTE.—




21

CORPORATE PROFITS
After reaching an all-time peak in the first quarter of 1951, corporate profits before taxes (and before adjustment for
inventory valuation changes), according to preliminary indications, turned downward in the second and third quarters.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

60

60

SOURCE:DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

[Billions of dollars]
Corporate
profits
before taxes

Period

1939 -_
1944
.. _
1946
1947 ..
1948
.
1949_._,
.
1950-..
1950: First quarter
• ..
Second quarter
Third quarter
Fourth quarter
1951: First quarter
Second quarter
Third quarter * _ _

. ..

. _

6.5
24.3
23.5
30.5
33.8
28.3
41.4

31.9
37.5
45. 7
50.3
51.8
45.4
41.5

Corporate
tax
liability

Corporate profits after taxes
Total

Dividend
payments

1.5
5.0
3.8
10.8
13.5
4.7
9.6
5.8
13.9
6.6
18.5
11.9
7.2
13. 0
20.7
11.0
7.6
17.3
18.6
22. 8
9.2
Annual rates, seasonally adjusted
17.5
14.4
7.8
20.6
16. 9
a4
20.5
25.2
9.4
22.5
1L1
27.8
20.7
31. 1
8.8
18.4
27.0
9.6
245
9.6
17.0

Undistributed
profits
1.2
6. 1
8. 1
12.0
13.5
9,8
13.6
9.7
12.2
15.8
16.7
11.9
8.8
7.4

1
Estimates based on incomplete data; by Council of Economic Advisers.
NOTE.—No allowance has been made for inventory valuation adjustment. See p. 21 for profits before taxes and Inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).

22



PERSONAL INCOME
Personal income advanced at an annual rate of $4 billion in October, the largest monthly increase since last December.
The rise in labor income reflected the retroactive pay increase of Federal workers, about one-half of which was paid
in October. Farm income reached the highest level since 1948 as marketings of crops and livestock rose.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

300

300

1952

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

Total personal income

Period

1939
_1944
.__ -..-__
1947 _ _ _- .- _
1948 .
1949
1950

72.6
165.9
191.0
209.5
205. 1
224. 7

1950- June
September
October
November
December. _ .,
1951: January. _
February
March
April
May.
June
July.
August __ _
September _
October 2 ~

219. 0
231.5
234. 1
236.4
244.4
243. 6
243.3
245. 5
249. 0
249. 8
251.0
252.4
253. 7
253. 6
257. 5

-

[Billions of dollars]
Proprietors' income
Labor income
(salaries,
Dividends
Business,
wages, and
and personal
professional,
Farm
other labor
interest
and rental
income)
income
45.7
4. 5
10. 2
9.2
116.2
23.7
10.6
11.8
122. 3
15. 6
26. 8
14. 5
134.9
29. 6
17.7
16.0
134.2
28.4
13.0
17. 1
146. 4
13.7
30.3
19.3
Annual rates, seasonally adjusted
144. 6
12. 3
30.2
18. 4
153. 3
14.3
31.0
21.6
15. 1
31.2
156.0
19. 7
157.9
16.0
31.2
19. 5
159.6
16.3
25. 0
31.8
161. 7
33.0
17.5
18. 8
32. 3
163. 8
19. 2
15. 9
31. 9
166.0
15. 8
19. 7
168. 6
16.4
31. 7
20.2
168.9
16. 2
31. 8
20. 2
170.2
16.2
20.0
31. 8
170.9
31. 9
19. 7
17. 3
171.2
20. 1
17. 6
32. 1
172. 1
31. 5
16. 8
20. 7
32.0
18. 2
20.8
173.7

Transfer
payments

3.0
3.6
11.8
11.3
12.4
'15. 1
13. 5
11.3
12. 1
11. 8
11. 7
12. 6
12. 1
12. 1
12. 1
12.7
12. 8
12. 6
12.7
12. 5
12.8

1
Includes $2.7 billion National Service Life Insurance dividend, most of which was paid in the first half of the yemr,
* Preliminary estimates. Data became available after chart was prepared.
NOTE.—Detail will not necessarily add to totals beeaus© of rounding.
Source: Department of Commerce.




23

PERSONAL CONSUMPTION EXPENDITURES
Consumer expenditures changed little from the second to the third quarter of this year, according to revised estimates.
The largest change was an increase of $1.0. billion in the estimated annual rate of expenditures for services.
BILLIONS OF DOLLARS
250

BILLIONS OF DOLLARS
250

I939

1944

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Personal consumption expenditures
Period

Nondurable
goods

Total
67.5
111.6
146. 9
165.6
177.9
180. 2
193.6

1939
1944
1946
1947
1948
1949
1950

35.3
67. 1
85.8
95. 1
100.9
98.7
102. 3

Durable
goods
6.7
7. 1
16.6
21.4
22. 9
23. 9
29.2

Services
25.5
37.4
44.5
49. 1
54. 1
57.6
62. 1

Annual rates, seasonally adjusted
1950: First quarter
Second quarter.,
Third quarter
Fourth quarter
1951: First quarter Second quarter
Third quart er__ _

__

- -

NOTE.—Detail will not necessarily add to totals because of rounding,
Source: Department of Commerce.

24



184. 7
188. 7
202.5
198.4
208. 2
201.7
202. 5

98. 4
100.4
105,5
104. 9
111.5
109.5
110.0

26.3
26.6
34. 3
29.4
31.5
25.9
25.3

60. 1
61.6
62.7
64.0
65.2
66.2
67.2

CONSUMER INCOME, SPENDING, AND SAVING
Personal saving absorbed almost 10 percent of disposable income in the third quarter.
rate of saving in 1950 as a whole.

This was almost twice the

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

250

250

. I940

41

42

43

44

45

46

47

48

49

50

5

SOURCE; DEPARTMENT OF COMMERCE

Disposable
personall
income

Period

19391941
1942
19441946
1947.
1948
1949
1950
1950: Firs~D quarter
Second quarter
Third quarter
Fourth quarter
1951: First quarter
Second quarter.
Third auarter__

•

'_
_ _

_

70.2
92.0
116.7
147. 0
158. 9
169. 5
188. 4
186.4
204.3
197. 3
197.5
207. 1
215, 2
216. 8
221.8
224. 7

Net saving as
Less: Personal Equals: Perpercent of disconsumption
sonal net
saving
posable income
expenditures
Billions of
2.7
3.8
- 67.5
82.3.
9. 8
10.7
21. 9
91.2
25.6
24. 1
35.4
111. 6
7.6
12.0
146. 9
2.3
3.9
165.6
5.6
10.5
177. 9
3.4
180.2
6.3
5.2
10. 7
193. 6
Annual
seasonally adjusted

184. 7
188.7
202. 5
198.4
208.2
201. 7
202. 5

12.5
8.9
4. 6
16. 8
8. 5
20. 1
22. 2

6.3

45
2. 2
7.8
3.9
9. 1
9. 9

i Income less taxes.
NOTE.—Detail will not necessarily add to totals beeatise>rrounding.
Source; Department of Commerce.




25

PER CAPITA DISPOSABLE INCOME
Per capita disposable income gained about 1 percent in both current and constant prices from the second to the third
quarter, according to revised estimates.
DOLLARS
1,600

DOLLARS

1,600
ANNUAL RATES, SEASONALLY ADJUSTED

ANNUAL AVERAGES

r95000LLARS

1,200

1,200

1
1944
•"SEE NOTE

1945

1946

i
1947

I

I

1948 1949

i960 1951

1949

2 ON TAJ

1951

i960

1952

SOURCE: DEPARTMENT OF COMMERCE

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

Period

Current
prices

1939
1941
1942
1944
1946
1947
1948
1949
1950

,__

.
_

.
-

.
.

70.2
92. 0
116.7
147. 0
158.9
169.5
188.4
186.4
204.3

1950
prices s
124.9
152.6
172.6
190.4
184.3
179.2
189.0
189. 6
204.3

Current
prices

536
690
866
1,062
1, 124
1, 176
1,285
1,250
1,347

1950
prices 2
954
1, 144
1,280
1,376
1,303
1, 243
1, 289
1,271
1,347

Population
(thousands)3

130, 880
133, 377
134, 831
138, 390
141, 398
144, 129
. 146, 621
149, 149
151, 689

Annual rates, seasonally adjusted
1950* First quarter
Second quarter
Third quarter
Fourth quarter
1951" First quarter
Second quarter
Third Quarter

_
_„_

- _ _ _
__

197. B
197.5
207. 1
215.2
216.8
221. 8
224. 7

202.4
200.5
204. 2
209.7
203. 6
207. 9
211.2

1, 308
1,305
1,362
1,409
1, 413
1, 440
1, 4.52

1,342
1,324
1,343
1,373
1,327
1, 350
1,365

150,
151,
152,
152,
153,
154,
154,

847
390
068
774
396
010
724

* Income less taxes.
3 Dollar estimates in current prices divided by the price index of personal consumption expenditures. This price index was based on the Department of Commerce data, shifted from 1939 base.
s Provisional intercensal estimates of the population of the United States including Armed Forces overseas, taking into account the final 1950 Census total population count. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
Source: Department of Commerce.

26



FARM INCOME
The farmers1 dollar income in October was about 20 percent ahead of a year ago, with real income more than 10 percent ahead.

1940 4|

42

43

44

0
1950

N D

1951

w
INCLUDES CASH FARM INCOME FROM MARKETING AND GOVERNMENT PAYMENTS.
** FARM INCOME IN CURRENT DOLLARS DIVIDED BY PRICES PAID BY FARMERS, INTEREST, TAXiS, AND WAGE RATES, 1950 = 100.

COUNCIL OF ECONOMIC ADVISERS

SOURCE! DEPARTMENT OF AGRICULTURE,

Period
1939
1941
1944
1946
1948
1949
1950

monthly average
monthly average.
monthly average
monthly average
monthly average
monthly average
monthly average
June
September
October ..
November
December
1951: January
February
March
_ „
April
j. j.<*j
Mav
June-July
August
4
September
October4
_ _

•_ .. __.-._„_
.,

.
_ _-

_ _ _
__

> ._

.
_ _
_ _ __

„
__

;__
_ _ _

_
„

paid by
Farm income Prices
farmers (incl. Farm income
(millions of
(millions of
interest, taxes,
current
1950 dollars) 3
and wage rates)
2
dollars) *
1950= 100
1, 508
724
48
1,887
52
981
2,484
71
1,764
2,637
2, 136
81
2,542
101
2, 567
2,407
2, 359
98
2, 349
100
2, 349
1, 859
100
1, 859
2,856
102
2,913
3,514
102
3, 584
3, 182
103
3,277
2, 588
104
2, 692
2,373
107
2, 539
1,758
108
1,899
1,883
2,071
110
1,925
111
2, 137
1,940
111
2, 153
1, 954
111
2, 169
2,389
2,652
111
2, 695
111
2, 992
3,059
111
3, 395
3,919
111
4,350

1
Includes cash, farm income from marketings and Government payments.
* Converted from the reported base, 1910-14=100, to the base 1950=100.
« Farm income in current dollars divided by prices paid by farmers, interest, taxes, and wage rates, 1950= 100.
* Preliminary estimates.
S0ure@:iDepartmeat,0£ Agriculture.




27

T"sTT*T\r*T5 W T

CREDIT, MONEY,

1

'C'TT^.T ft T^T^ncr
FEDERALi FINANCE

BANK LOANS AND INVESTMENTS
Total loans and investments increased $1.9 billion during October
$1.6 billion in September. Loans
expanded $800 million, the same as in September, while holdings of U.. S. Government securities jumped $1.1 billion.
"BILL IONS OF DOLLARS

BILLIONS OF DOLLARS

150

50

r-~H

-_

125

"~'""1

i
1

mo

1939

1945

1948

1949

1949

END OF Y E A R

1951

1950
END OF MONTH

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
All commercial banks
Investments

End of period

1939
1945
1947
1948
1949
1950

•„.

__

Total
loans
investments

loans

40. 7
124.0
116. 3
114. 3
120. 2
126. 7
121. 8
123. 6
124.4
125. 4
126.7
125.0
125. 0
' 125. 7
125.4
125. 1
126.0
126. 1
127.0
128. 6
130. 5

17.2
26. 1
38. 1
42. 5
43.0
52. 2
44. 8
48. 9
49. 8
51. 5
52.2
52.7
53. 5
54.4
54.4
54. 5
54.8
54. 6
55. 2
56. 0
56. 8

...

-_

.

___.
June-. _ _ _ _ _
September
October
November
December
1951: January
February _ .
March
._ _ . .
April
....
May.
_,
June
JulyAugust
September
October 2
November
i Commercial, industrial, and agricultural loans,
NOTB.—Detail will not
to

of




of the

Total

23.4
97. 9
78.2
71.8
77.2
74.4
77. 0
74.6
74. 6
73.9
74.4
72.3
71.5
71.3
71.0
70. 6
71. 2
71. .5
71. 9
72. 6
73. 6
8

of

U. S.
Government
securities

16.3
90. 6
69. 2
62.6
67.0
62.0
65.8
62. 5
62. 5
61. 7
62. 0
60.0
'59. 1
58. 8
58.5
58. 1
58.5
58.7
59. 1
59. 7
60. 8

Other
securities

7. 1
7. 3
9.0
9. 2
10. 2
12.4
11. 2
12. 1
12. 1
12. 1
12.4
12.4
12. 4
12.6
12. 6
12.5
12.7
12. 8
12. 7
12. 9
12.9

Weekly
reporting
member
banks—
Business
loans l

4,4
7.3
14. 6
15.6
13. 9
17.8
13. 6
15.7
16. 3
17. 1
17.8
18. 1
18. 7
19. 2
19. 1
19.0
19. 2
19.0
19.5
20. 1
20. 6
20.9

CONSUMER CREDIT
Consumer credit outstanding expanded about $1 80 million during October.
with instalment credit showing only a nominal rise.

Most of the gain was in charge accounts

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

25

25

1939

1943

1948

1949

1950

J F M A M J J A S O N D J F M A M J J A S O N D I J F M A M J J A S O N D
i960

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

[Millions of

End of period

Total
consumer
.

Total

Automobile

Other

Charge
accounts

loans

1939
1943 .....
1946—.
1948 .

1949

.... .^....... — .....
.....
..
..
. .'

1950

-

;.......—-

June
. •
September
.. . -. ..
October ...
..
..
November .
December
__ .
1951: January .... _ ..
February
„_..
March
April _
May
June.
July_ _. _
August
__
2
September
2
October _ _
_

7,031
4, 600
- 8, 677
14, 366
16, 809
20, 097
17, 651
19, 329
19, 398
19, 405
• 20S 097
19, 937
19, 533
19, 379
19, 126
19, 207
19, 256
19, 132
19, 262
19, 350
19. 528

4, 424
2,001
4,000
8,600
10, 890
13, 459
12, 105
13, 344
13, 389
13, 306
13, 459
13, 252
13, 073
12, 976
12, 904
12, 920
12, 955
12, 903
13, 045
13, 163
13. 167

1,267
175
544
1,961
3, 144
4, 126
3, 790
4,213
4,227
4, 175
4, 126
4,056
3,990
3, 946
3,934
3,980
4, 041
4,061
4, 138
4, 175
4. 129

' 3, 157
1, 826
3,456

7,746
9,333
8, 315
9, 131
9, 162
9, 131
9, 333
9, 1969,083
9,030
8,970
8, 940
8,914
8,842
S, 907
8, 988
9. 038

1, 544
1,498
3,054
• 3, 854
3,909
4,239
3,392
3,741
3,703
3,739
4,239
4,248
4,010
3, 938
3, 744
3,793
3, 804
3,743
3, 724
3, 688
3. 844

Other
consumer
credit l
1?063
1,101
1,623
1,912
2, 010
2, 399
2,154
2,244
2,306
2, 360
2,399
2,437
2,450
2, 465
2, 478
2,494
2,497
2,486
2,493
2,499
9, 517

* Includes loans by pawnbrokers, service credit, and single-payment loans under $3,000 made by commercial banks. The single-payment loan item was
revised in November to exclude loans over $3,000. See Federal Beserve Bulletin for November 1950,
1465-6.
s Preliminary estimates.
NOTE.—Detail will not necessarily
to
of rounding.
Sonr<»: Board of Governor! of the
System,




29

BOND YIELDS AND INTEREST RATES
Yields on long-term Government and corporate bonds

Yields on Treasury bills remained steady during November,
and interest rates on commercial paper rose moderately.
PERCENT PER ANNUM

PERCENT PER ANNUM

3.5

3.5

,„,.»• U.S. GOVERNMENT BONDS
******

(15 YEARS AND OVER)

J F M A M J J A 3 0 N D

J F M A M J J A S O N D

1946

1951

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

OP ECONOMIC ADVISERS

[Percent per annum]
U. S. Government security
yields
Taxable
3-month
bonds,
Treasury
15 years
bills i
and over

Period

Average:
1939
1945
1946
1947
1948_
1949
1950_

June
September
October
November
December
1951: January
February
March
April
May
June July
August
September
October
November

30

.„

_ « _

.
. __
.
> ...

_ ..
. _ _.

i Eate on new issues within period.
* Bonds in this classification were first issued in March 1941.
Source: Board of Governors of the Federal Eeserve System,,




,

0. 023
.375
.375
. 595
1.040
1. 102
1.218
1. 174
1.315
1. 329
1.364
1.367
1.387
1.391
1. 422
1. 520
1.578
1.499
1. 593
1. 644
1. 646
1. 608
1.608

(2)

2.37
2. 19
2.25
2.44
2. 31
2.32
2.33
2.36
2.38
2.38
2.39
2.39
2.40
2. 47
2.56
2.63
2.65
2.63
2.57
2.65
2.61
2.66

Corporate
Aaa bonds
( MoodyJs)

3.01
2. 62
2.53
2.61
2. 82
2.66
2.62
2.62
2.64
2.67
2.67
2.67
2.66
2. 66
2.78
2.87
2. 88
2.94
2.94
2.88
2.84
2.89
2. 96

Prime
commercial
paper,
4-6 months

0. 59
.75
. 81
1.03
1.44
1.48
1.45
1.31
1.66
1.73
1. 69
1.72
1.86
1.96
2.06
2. 13
2. 17
2.31
2. 31
2.26
2. 19
2. 21
2. 25

MONEY SUPPLY
The privately-held money supply soared $3.7 billion during October, the largest monthly increase in the postwar
period. Principal factors contributing to the rise were the growth in commercial bank loans and investments and the
Treasury cash deficit, which resulted in heavy transfers from Government deposits.
BILLIONS OF DOLL

BILLIONS OF DOLLARS

TOTAL DEPOSITS ADJUSTED AND CURRENCY
(PRIVATELY-HELD MONEY SUPPLY)

1940

41

42

43

44

45

46

47

48

49

50

END OF YEAR

I960

1949

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

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
End of period

1939
1945
1946
1948 - _
-.
1949
1950
_
-_
June- _ _
September
October .
November
December. . „
1951* January
February . .
March_
April
May
June
July
AugustSeptember
October 5

Total deposits and
currency

64.7
176.4
167.5
172.7
173.9
180. 6
174.7
176. 3
176. 3
177.4
180. 6
178.8
178.9
179.9
179.8
179. 2
181.3
180.8
181,6
183. 8
185. 8

U. S. Government
deposits *
1.5
25.6
3.5
3.6
4. 1
3.7
4.8
4.8
3.5
3.5
3.7
3.6
4.7
7.4
6.5
5.4
6.6
5.0
4. 6
5.9
4.2

Deposits adjusted and currency
(privately-held money supply)2
Adjusted
Currency
Time
Total
demand
outside
deposits 4
deposits s
banks

63.3
150. 8
164.0
169. 1
169.8
176.9
170. 0
171.6
172.8
173.9
176.9
175.2
174.2
172.5
173.3
173.7
174.7
175.8
177.0
177.9
181. 6

6.4
26.5
26. 7
26. 1
25.4
25.4
25. 2
24.5
24.6
24. 9
25.4
24.6
24.6
24.4
24. 6
24.9
25.8
25. 1
25. 3
25.4
25. 7

29.8
75.9
83.3
85.5
85.8
92.3
85.0
88.0
89.2
90.3
92.3
91.6
90.6
89.0
89.5
89.5
89.0
90.7
91.4
92.0
95, 0

27. 1
48.5
54.0
57.5
58.6
59.2
59.7
59.0
59.0
58.7
59.2
59.0
59.0
59, 1
59. 2
59.3
59.9
60. 0
60.3
60. 5
60.9

»Includes U . S . Government deposits at Federal .Reserve ban&s, commercial and savings banks, and U. b. Treasurer's time deposits, open
account.
'Includes deposits and currency held by State and local governments.
» 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, but excludes interbank deposits.
«Preliminary estimates.
Nof K.—Detail will not necessarily add to totali becauie of rounding.
Source: Board of Governors of the Federal Reserve System.




31

FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
The cash deficit in the third quarter resulted from a seasonal decline in cash receipts and a counter-seasonal rise in
payments. The dominant influence on the payments side was the expansion in the national security programs.
BILLIONS OF DOLLARS

201

BILLIONS OF DOLLARS

'

20

16
•*GASH RECEIPTS

CASH PAYMENTS
^\

/

3

3

4

4

1948

1

EXCESS OF CASH RECEIPTS

n n

1

1

u

EXCESS OF CASH PAYMENTS
\

2.

3

4

I

1 " LJ

n

I

', '^

U

Hj

1948

~

H

1

2

194
CALENDAR YEARS

* PRELIMINARY E S T I M A T E S .
SOURCE:

PI

COUNCIL OF ECONOMIC

BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.

ADVISERS

[Millions of dollarsl

Calendar year
Calendar year total:
1946
1947 ......... ..
.
..
.. .. ...
1948
.....
.
....
1949 . .
.
1950__ .. .. ...
.
Quarterly total, not adjusted for seasonal variation:
1949: First quarter
Second quarter
Third quarter
_ ....
_ _ .....
Fourth quarter _,__.,„
.... 1950: First quarter
Second quarter
„ ..
„ .. .
.
Third quarter
Fourth quarter
1951: First quarter
Second quarter
Third quarter *_
. ___
* Preliminary estimates based on incomplete data.
Sources: Treasury Department and Bureau of the Budget.

Excess of receipts (+) or
payments (—-)

Federal cash
receipts from
the public

Federal cash
payments to
the public

41,441
44, 282
44, 922
41, 346
42, 419

41, 399
38, 616
36, 897
42, 642
41, 969

+42
+ 5,666
+ 8, 027
— 1, 295
+450

13 122
8, 814
10, 143
9,267
12, 235
9,303
10, 494
10, 387
18, 051
14, 462
13, 993

9, 964
11, 389
10, 528
10, 762
10, 760
11, 105
9, 351
10, 754
11, 179
14, 521
15, 270

+ 3, 159
— 2, 574
— 386
— 1,495
+ 1, 475
— 1,803
+ 1, 143
— 367
+ 6,874
— 59
- 1, 277

•

NOTE.—Detail will not necessarily add to totals because of rounding.

For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C.
Price 15 cents per copy ; $1.75 per year ; $2.25 foreign,

32