Full text of Economic Indicators : December 1954
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8$d Congress, 2d Session
Economic Indicators
DECEMBER 1954
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1954
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to See, 5 (a) of Public Law 304, 79th Cong.)
JESSE P. WOLCOTT, Michigan, Chairman
RALPH E. FLANDERS, Vermont, Vice Chairman
RICHARD M. SIMPSON (Pennsylvania)
HENRY O. TALLE (Iowa)
GEORGE H. BENDER (Ohio)
EDWARD J. HART (New Jersey)
WRIGHT PATMAN (Texas)
RICHARD BOLLING (Missouri)
ARTHUR V. WATKINS (Utah)
BARRY GOLDWATER (Arizona)
FRANK CARLSON, (Kansas)
JOHN SPARKMAN (Alabama)
PAUL H. DOUGLAS (Illinois)
J. WILLIAM FULBRIGHT (Arkansas)
GROVER W. ENSLEYS Staff Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
ARTHUR F. BURNS, Chairman
NEIL H. JACOBY
WALTER W. STEWART
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
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
ll
Contents
THE TOTAL OUTPUT OF THE ECONOMY
1'««<*.
The Nation's Economic Accounts
Gross National Product or Expenditure
,
]
2
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
3
4
5
6
EMPLOYMENT AND WAGES
Status of the Labor Force
Nonagricultural Employment
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
7
8
9
10
11
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Selected Weekly Indicators
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
New Construction
New Housing Starts
Sales and Inventories—Manufacturing and Trade
Merchandise Exports and Imports
,.
12
13
14
15
16
17
18
19
20
PURCHASING POWER
National Income
Corporate Profits
Sources of Personal Income
Disposition of Personal Income
Per Capita Disposable Income
Farm Income
—
21
22
23
• 24
25
,..
26
CREDIT, MONEY, AND FEDERAL FINANCE
Bank Loans, Investments, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Money Supply
Federal Budget Receipts and Expenditures
Federal Cash Receipts From and Payments to the Public
,
.„
27
28
29
30
31
32
111
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC ACCOUNTS
Current estimates of total income and expenditures reflect substantial stability of over-all economic activity from the
early part of the year through the ihird quarter.
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL TOTALS
CONSUMERS
300
250
200
DISPOSABLE INCOME
150
100
50
I
I
I
I
I
I
I
L
I
I
I
I
L
BUSINESS
100
^GOVERNMENT- FEDERAL, STATE, AND LOCAL
EXPENDITURES FOR GOODS
AND SERVICES
EXCESS OF RECEIPTS
RECEIPTS
(LESS TRANSFER PAYMENTS)
I
1942
I
1944
I
1946
I
I
I
1948
I
I
1950
J
1
1952
1954
1951
L J
1952
L
J
1953
1954
±S NET FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT.
2y JNCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES.
NOTE: THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES, OR GROSS NATIONAL PRODUCT,
BECAUSE OF STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT, SEE SENATE REPORT NO. 1295, JOINT ECONOMIC REPORT,
PP. 92-93, 99-105, AND THE ANNUAL ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1953, APPENDIX A.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC AD
GROSS NATIONAL PRODUCT OR EXPENDITURE
llu' gtcm national product changed very little between the second and third quarters, according to current estimates.
A further decline in Federal expenditures was almost offset by increases in other categories of expenditures.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
-GROSS NATIONAL
PRODUCT
250
300
250
PERSONAL CONSUMPTION.
EXPENDITURES
200
200
150
•GOVERNMENT PURCHASES
-OF GOODS AND SERVICES-
50
GROSS PRIVATE •—^
DOMESTIC INVESTMENT
NET FOREIGN INVESTMENT
I .. I I I I I
-50
1944
1946
1948
1950
-50
1952
1951
1952
1953
1954
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars]
Personal Gross
Total
conNet
private foreign
gross
sump- domestic
national
tion
investproduct expend- investment
ment
itures
Period
1939
1944
1946
1948
1949
1950
1951
1952
1953
_ _ _ _ _ ___
___
_.
...
_
1953: First quarter
Second quarter
Third quarter
Fourth quarter
1954: First quarter
Second quarter
Third Quarter
...
.
...
91. 1
211.4
209. 2
257. 3
257.3
285. 1
328.2
346. 1
364. 9
67. 6
109. 8
146. 6
177. 6
180. 6
194.0
208. 3
218.4
230. 1
361.8
369.9
367.2
360. 5
355. 8
356. 0
355. 5
228. 6
230. 8
231.2
229. 7
230. 5
233. 1
234.8
Government purchases of goods and services
Federal
State
and
Total i Total i National2 Other
local
security
5. 2
13. 3
0. 9
9.3
89. 0
96. 5
7. 1
-2. 1
20.9
30.9
4.6
27. 1
21. 0
2. 0
36. 6
41. 2
25. 4
43. 6
32. 5
.5
22. 1
42. 0
-2.2
51.2
41. 0
62.8
.2
56. 9
54. 0
77. 2
-.2
50. 7
60. 1
85.2
-1.9
51.4
Seasonally adjusted annual rates
58. 1
83. 0
1. 8
51. 9
62.2
86. 6
-3.3
55. 9
60.3
85.4
-1.8
52.4
59.8
86.0
-. 6
45. 5
55.0
-1. 1
81. 9
44. 5
51.3
78.3
-1.0
45.6
47. 9
75. 6
-. 2
45. 3
1. 3
88. 6
21.2
16. 0
19.3
18. 5
37.3
48. 5
52. 0
3. 9
1. 6
2.5
5. 6
6. 6
3. 9
4.2
5.8
8. 5
8. 2
7. 5
10. 0
15. 6
18. 2
19.9
21. 8
23.2
25. 1
51. 0
54. 3
52. 3
50. 6
46. 9
44. 7
42. 1
7. 7
8.3
8.4
9.6
8.4
6.9
6. 1
24. 9
24. 4
25. 1
26. 2
26. 9
27. 0
27. 7
i Less Government sales.
a Includes expenditures for military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promotion of the merchant marine, promotion of defense production and economic stabilization, and civil defense. For further details, see Annual Economic Report of the
President., January 1954 (p. 167), and Survey of Current Business, July 1953 (p. 10). These expenditures are not comparable with the "national security" category in
The Budget oftht 17. S, Government for the Fiscal Year Ending June SO, 1956, and shown on p. 31 of Economic Indicators.
NOTE.—The national income and expenditure series have been revised by the Department of Commerce. For details see Survey of Current Business, July 1954.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
PRICES
CONSUMER PRICES
In October, consumer prices declined slightly, on the average, for the third consecutive month.
INDEX, 1947-49 = 100
INDEX, 1 9 4 7 - 4 9 = 100
140
90
140
I I I I I I I I I I 1 1
I .1 I
SOURCE:
I I I t
I I I I 90
1954
1949
DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
11947-49=100]
All
items
Period
1939 monthly average
1944 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average
1953 monthly average
1953: September
October
__
November
December
1954- January
February ._
March
April- . ,
May
June
July
August
September
October
1
Not available.
-
59.4
75.2
83.4
102.8
101.8
102.8
111.0
113. 5
114. 4
115. 2
115. 4
115.0
114. 9
115. 2
115. 0
114. 8
114. 6
115 0
1 1 5. 1
115 2
]15 0
114. 7
114. f>
Food
Housing
Total
47. 1
67. 4
79.0
104. 1
100.0
101. 2
112. 6
114. 6
112. 8
113.8
1 1 3. f)
112. 0
112. 3
113. 1
112. 0
112. ]
112. 4
113. 3
1 1 3. 8
114. 6
1 1 3. 9
112. 4
111.8
1
C)
n)
0)
101. 7
103.3
106. 1
112. 4
114. 6
117. 7
118. 4
118. 7
118. 9
118. 9
118. 8
118. 9
1 1 9. 0
118. 5
118. 9
1 1 8. 9
119. 0
119. 2
119. 5
119. 5
Apparel
Rent
86. 6
90. 6
91. 4
100. 7
105. 0
108.8
113. 1
117.9
124. 1
126. 0
126.8
127. 3
127. 6
127.8
127. 9
128. 0
128.2
128. 3
128. 3
128. 5
128. 6
128. 8
129. 0
52.5
72. 6
83. 7
103.5
99.4
98. 1
106. 9
105. 8
104. 8
105. 3
105. 5
105. 5
105. 3
104. 9
104.7
104. 3
104. 1
104. 2
104. 2
104. 0
103. 7
104.3
104. 6
Transportation
C1)
w
(')
100.9
108. 5
111. 3
118. 4
126.2
129. 7
130. 7
130.7
130. 1
128. 9
130.5
129.4
129. 0
129. 1
129. 1
128. 9
126.7
126. 6
126. 4
125. 0
Source: Department of Labor.
Reading Other
goods
and
Medical Personal
and
recreacare
care
services
tion
C1)
0)
0)
100.9
104. 1
106.0
111. 1
117.2
121. 3
122.6
122.8
123. 3
123. 6
123.7
124. 1
124. 4
124.9
125. 1
125. 1
125.2
125.5
125. 7
125.9
«
0)
C1)
101.3
101. 1
101. 1
110.5
111.8
112. 8
112.9
113.2
113. 4
113.6
113.7
113.9
114. 1
112.9
113. 0
112.7
113.3
113. 4
113.5
113.4
C1)
C11)
C)
100.4
104. 1
103.4
106.5
107.0
108.0
107.8
108. 6
108.9
108. 9
108.7
108. 0
108. 2
106.5
106.4
106.4
107.0
106. 6
106. 5
106. 9
C11)
C)
0)100.5
103.4
105.2
109.7
115.4
118.2
118.5
119. 7
120.2
120. 3
120.3
120.2
120. 1
120.2
120. 1
120. 1
120.3
120. 2
120. 1
120. 1
WHOLESALE PRICES
In November, the average level of wholesale prices remained practically unchanged from the preceding month.
INDEX ,I947-49»IOO
120
I N D E X , 1947-49= 100
120
1954
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100]
Period
1939 monthly average - .
__ _ _
1944 montbly average
1946 monthlv average
_
__
1948 monthly average 1949 monthly average
1950 monthly average
..
1 951 monthly average
1952 monthly average
1953 monthly average
1953: October
November
December .»
1 954 : January
February.. . . . . . . .
March
..
April
May
June
July
August
September
October
_. . . . . .
November
Week ended:
1954: December 7
Source: Department of Labor.
All commodities
Farm
products
Processed
foodfi
50. 1
67 6
78 7
104. 4
99. 2
103. 1
114. 8
111. 6
110. 1
110. 2
109. 8
110. 1
110. 9
110. 5
110. 5
111. 0
110. 9
110. 0
110. 4
110. 5
110. 0
109. 7
109. 8
36. 5
68 9
83. 2
107. 3
92. 8
97. 5
113. 4
107. 0
97.0
95.3
93.7
94. 4
97. 8
97.7
98. 4
99.4
97.9
94. 8
96. 2
95. 8
93. 6
93. 1
93. 1
43. 3
60 4
77. 6
106. 1
95. 7
99. 8
111. 4
108. 8
104. 6
104.7
103. 8
104. 3
106. 2
104.8
105. 3
105. 9
106.8
105. 0
106. 5
106.4
105. 5
103. 7
103. 8
109. 3
90. 7
103. 4
Other than
farm products
and foods
(industrial)
58. 1
70. 4
78. 3
103.4
101.3
105.0
115.9
113.2
114.0
114.6
114.5
114. 6
114.6
114.4
114. 2
114.5
1145
114.2
114. 3
114.4
114.4
114. 5
114. 6
114. 5
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose about 1 percent during the month ended November 15, due to increases in prices of
commercial vegetables, eggs, milk, and wheat. Prices paid by farmers were unchanged.
I N D E X , 1910-14 e 100
INDEX, 1910-14 =100
325
300
275
275
250
225
225
1953
1952
1951
1950
1949
-J/RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.
SOURCE: DEPARTMENT OF AGRICULTURE
I
1954
COUNCIL OF ECONOMIC ADVISERS
fl91(M4=1001
Prices paid h y farmers for
items ijsed in
Period
Family living
1939
1944
1946
1948
949
950
951
952
953
mouth) v
nont.hlv
nonthlv
nont.hlv
nonthlv
nonthlv
nonthlv
no ni lil v
nonthlv
average
average
average
average.
average
average
average
average
average.
1953: Ololwr 15
November 15
December 15,, .
.
.
1 954 ' .) an 1 1 arv 15
_
February 15
March J5
A p r i l 15,.
_ _
M a v 15
.
,) u n c 15
. I n l v 15
August 1 5 _ _ _ _ _ _
_ . _Pen! ember 1 5
October 15
_ _
November ] 5
__
120
175
202
251
243
246
268
271
270
270
270
270
271
271
272
2T6
276
276
277
277
273
273
272
Parity index
(prices paid,
Prices
received
7
b} farmers
Pi eduction and wage rates)
Paritv ratio l
95
2 197
2236
287
250
258
302
288
258
249
249
254
259
258
256
257
258
248
247
251
246
242
244
77
108
113
110
100
101
107
100
92
90
90
91
92
91
90
91
91
88
88
89
88
87
87
121
173
191
250
238
246
273
274
253
245
247
250
254
255
255
256
256
252
247
250
251
250
251
123
182
208
260
251
256
282
287
279
276
277
278
282
282
283
283
284
282
280
282
280
279
279
' Pern-mage ratio of index of prices received by farmers to parity index.
' Includes wartime subsidy payments paid on beef catiie, sheep, lambs, milt, and butterfat between October 1943 and June 1946.
Source: Department of Agriculture.
55396—54
STOCK PRICES
Stock prices continued upward at an increased rate in November.
INDEX, 1939 = 100
300
WEEKLY AVERAGE
WEEKLY INDEX
Y/
UTILITIES
194! 42 43 44' 45 46 47 48 49 50 5! 52 53
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
1953
1952
J A S O N D
1954
COUNCIL OF ECONOMIC ADVISERS
Compositel
index
Period
Weeklv average:
* 1944
1946
1948
1949
1950
1951
_.
1952
19S3 ..
1953: October
November
December
1954: Januarv
February
March
April
May
__
June
July
August
September..
October
November
_ _
Week ended:
1954: November 5
12 ___
19
26
December 3 2
10
11939=1001
Manufacturing
Total
Durable
goods
Nondurable
goods
Transportation
Utilities
Trade,
finance,
and
service
Mining
108. 1
14W 4
132. 7
127 7
154. 1
184.9
195.0
193. 3
187. 1
191.2
193.4
198.4
203. 1
207. 1
215. 8
223.2
223.9
233.0
237. 1
240.4
243. 6
254.4
106. 9
14ft 6
136.8
132. 1
165 7
206. 8
220.2
220. 1
213. 5
218.7
221. 8
228. 4
233.9
239. 8
252. 9
262.9
263. 4
275. 3
280.0
285. 6
291.2
305.2
104. 7
1 38. 6
124.3
116. 0
150 2
178.5
188.8
192. 6
184. 4
190.4
192. 1
198. 8
204. 2
209. 6
223. 2
232. 5
236.6
254.3
257.0
260. 2
267.4
284. 4
109.2
154. 5
148. 6
147. 2
180.2
233. 1
249. 3
245. 2
240. 2
244. 8
249. 1
255.5
261.2
267. 5
280. 3
290.8
288.0
294. 4
301. 0
308. 8
312. 8
324. 0
140. 8
202. 4
158. 1
136. 0
160.0
199.0
220.6
218. 7
202.4
203.8
200.0
206.2
214. 6
212. 3
211. 6
220. 6
225.4
233. 5
237. 1
236. 0
240. 4
259.4
99.0
121. fi
99.3
98. 1
108.9
112.6
117.9
121. 5
121. 4
123.2
124. 5
126. 1
128. 4
130. 4
131. 8
134. 2
134.3
138. 6
140. 8
139. 8
138.2
141. 2
117.3
204. 3
156.9
160. 7
183.8
207.7
206.0
207. 1
201. 2
207.0
209. 2
213. 0
216.0
214. 6
219. 8
225. 6
228. 3
236.0
243. 1
247.2
248. 6
260. 4
93.3
125 5
133.0
129. 4
143.5
204. 9
275.7
240.5
218. 8
231.4
229. 6
238. 6
250.3
259. 2
265. 9
269. 6
266.3
257. 2
262.6
267. 8
269.4
277. 9
247.7
254. 1
254. 2
261. 6
263. 5
264.3
296.5
304.9
304. 3
315. 0
317. 2
318. 1
276. 0
284. 6
285.2
291. 6
291. 1
291.8
315. 1
323. 3
321. 6
336. 2
341. 0
342. 1
247.7
260. 0
262. 5
267. 6
272. 2
277. 1
139.6
141.0
141. 3
142. 8
144. 1
143.8
253. 0
259. 0
263. 1
266. 4
266. 8
266.4
273.2
275. 3
278. 0
285. 1
285. 9
301.3
1
Includes 265 common stocks: 98 for durable goods manufacturing, 72 lor nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31
for trade,
finance, and service, and 14 for mining. Indexes are for weekly closing prices.
1
Data became available after ebart was prepared.
Source: Securities and Eiehange Commission.
EMPLOYMENT AND WAGES
STATUS OF THE LABOR FORCE
Unemployment rose between early October and early November by less than is usual at this time of the year.
agricultural employment rose more than seasonally for the third consecutive month.
.IONS OF PERSONS
1940
42
44
MILLIONS OF PERSONS
46
48
50
52
1954
* 14 YEARS OF AGE AND O V E R .
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
68-area sample : 6
1939 monthly average.,
1949 monthly average..
1950 monthly average..
1951 monthly average..
1952 me nthly average. .
1953 monthly average..
1953: October
November
December
1954: January
February. _ . .
230-area sample: 6
1954 : January
February
March
April
Mav
June
Julv
August
September
October
November
1
2
Non-
Total
labor
force (including
armed
forces)
Unemployment 3
Tempo%of
rary
Agricul- Nonagri- layoffs 2 Number civilian
Total
labor
tural
cultural
force
Thousands of persons 14 years of age and over
Employment *
Civilian
labor
force
Insured
unemployment
(thousands4
of persons)
55,
63,
64,
65.
60,
67,
66,
66,
66,
65,
66,
600
721
749
982
560
001
954
874
106
589
905
55, 230
62, 105
63, 099
62, 884
62, 966
63, 453
63, 404
63, 353
62, 614
62, 137
63^491
45,
58,
59,
61,
61,
61,
62,
61,
60,
59,
60,
750
710
957
005
293
929
242
925
764
778
106
9,610
8, 026
7, 507
7, 054
6, 805
6,683
7, 159
6, 651
5,438
5, 345
5 ? 626
36, 140
50, 684
52, 450
53. 951
54, 488
55, 245
55, 083
55, 274
55, 326
54, 433
54, 480
185
92
117
142
142
133
183
195
273
177
9,480
3,395
3, 142
1, 879
1, 673
1,524
1, 162
1,428
1,850
2,359
3,385
17.2
5.5
5.0
3.0
2. 7
2.4
L8
2.3
3.0
3.8
5.3
2,470
1,599
996
1, 064
1,058
897
1, 198
1, 632
2,205
2,362
66,
67,
67,
67,
67,
68;
68,
68,
68,
68,
67i
292
139
218
438
786
788
824
856
565
190
909
62, 840
63, 725
63, 825
64, 063
64, 425
65, 445
65, 494
65, 522
65, 243
64, 882
64, 624
59,
60}
60,
60,
61,
62.
62,
62,
62,
62,
61.
753
055
100
598
119
098
148
276
144
141
731
5,284
5,704
5. 875
6,076
6,822
7, 628
7,486
6,928
7,527
7,239
6. 154
54, 469
54, 351
54. 225
54; 522
54, 297
54, 470
54, 661
55, 349
54, 617
54. 902
55, 577
427
216
236
216 1
294
229
298
143 i
198
136 I
120
3,087
3,671
3,725
3, 465
3,305
3,347
3, 346
3, 245
3,099
2, 741
2. 893
4.9
5. 8
5. 8
5. 4
5. 1
5. 1
5. 1
5.0
4.8
4.2
4 5
2,205
2,362
2,389
2, 383
2,247
2,082
2,037
1,871
1,752
1,630
6
1,628
Includes part-time workers and those with jobs but not at work for such reasons as vacation, illness, bad weather, temporary
layoff, and industrial disputes.
3
Shown separately so as to afford a basis for further analysis of employment and unemployment.
See footnote 2.
< All programs. Weekly average for period. For description of series, see Labor Market and Employment Security, April 1954.
Pertains to labor force data only. Data prior to 1953 not comparable with subsequent data.
* Preliminary estimate.
Sources: Department of Commerce (labor force) and Department of Labor (insured unemployment).
1
NONAGRICULTURAL EMPLOYMENT
In November, employment in nonagriculturai establishments, taken as a whole, continued the more than seasonal
rise that began in September. Employment rose more than seasonally in the durable goods sector of manufacturing,
and fell less than seasonally in the nondurable goods sector.
MILLIONS OF WAGE
AND S A L A R Y WORKERS
MILLIONS OF WAGE
AND S A L A R Y W O R K E R S
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
J
CONTRACT CONSTRUCTION
F
M
A
M
J
J
A
S
O
N
D
WHOLESALE AND RETAIL TRADE
COUNCIL OF ECONOMIC ADVISERS
l
[Thousands of wage and salary workers ]
Period
1939
1944
1946
- ...
1948
1949
1950
1951
1952
1953
1953: October. _ „
November^
December.
1954: January
February..
March
April
Mav
June
July
August
SeptemberOctober2...2
November
Total
adjusted
for
seasonal
variation
49, 711
49, 422
49, 109
48, 812
48, 607
48, 441
48, 268
48, 177
48, 102
47, 982
47\ 945
48, 054
48, 167
48. US
Government
Contract Wholesale
and retail (Federal,
Durable Nondu- Mining construcState,
tion
trade
goods rable goods
local)
Not adjusted for seasonal variation
Manufacturing
Total
30, 287
41,480
41,412
44, 382
43, 295
44, 696
47, 289
48, 306
49, 660
50, 180
49, 851
50, 197
48, 147
47, 880
47, 848
48, 068
47, 935
48, 137
47, 808
48, 045
48, 526
48, 620
48, 673
Total
10, 078
17, 111
14, 461
15, 321
14, 178
14, 967
16, 104
16, 334
17, 259
17, 301
16, 988
16,765
16,434
16,322
16,234
16, 000
15, 836
15, 888
15, 627
15,863
16,019
16, 045
16, 071
4,683
10, 858
7, 739
8,312
7,473
8,085
9,080
9,340
10, 129
10, 072
9,897
9, 773
9,591
9,480
9,389
9,260
9, 152
9, 123
8,863
8, 875
8, 950
9,062
9, 158
5,394
6,253
6, 722
7,010
6,705
6,882
7,024
6,994
7,131
7, 229
7,091
6,992
6,843
6,842
6,845
6, 740
6,684
6,765
6,764
6,988
7,069
6,983
6, 913
845
883
852
982
918
889
916
885
844
826
829
822
805
790
772
749
737
744
735
737
719
713
719
1, 150
1,094
1, 661
2, 169
2, 165
2,333
2,603
2,634
2,644
2, 889
2,789
2,632
2,349
2,356
2,415
2,535
2,634
2, 729
2, 795
2,851
2, 817
2, 764
2, 692
6,612
7, 260
8,602
9,519
9, 513
9,645
10, 012
10, 281
10, 533
10, 669
10, 828
11,361
10, 421
10, 310
10, 305
10, 496
10, 375
10,414
10, 377
10, 350
10, 480
10,565
10, 727
3,987
6,026
5,607
5,614
5,837
5,992
6,348
6,609
6, 645
6,692
6,700
6,955
6,659
6,639
6,667
6,699
6,701
6,625
6,467
6,454
6, 738
6,865
6, 857
Other
7,615
9, 106
10, 230
10, 777
10, 685
10, 871
11, 306
11,565
11,735
11, 803
11, 717
11, 662
11,479
11,463
11,455
11,589
11, 652
11, /37
11, 807
11,790
11, 753
11 668
11, 607
1
Ineludes aJJ lull- and part-time wage and salary workers in nonaRricuItural establisUments wDo worked during or reevived pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this
table not comparable with estimates of nonaprieultural employment of the civilian labor force reported by the Department of Commerce (p. 7) which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are
based on an enumeration of population, whereas the estimates in this table arp based on reports from employing establishments.
J Preliminary estimates.
Sources: Department of Labor and Board of Governors of the Federal Reserve System.
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
Although a decrease is usual at this time of the year, the average workweek of factory production workers rose from
39.9 hours in October to 40.1 hours in November.
HOURS PER WEEK
HOURS PER WEEK
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
BUILDING CONSTRUCTION
RETAIL TRADE
X^\A»-^/^\
- —i
36
1 i i l l
COUNCR OF ECONOMIC ADVISERS
[Hours per week, for production workers or non supervisory employees]
Manufacturing I
Period
Total
1939
.
.
1944
..
1946
1948
.
1949
..
1950
1951
.
1952
1953
. ... -.
1953: October
._
November
December..
.
.. .
1954: January
February.
..
March
April
Mav
.. .
.
" June .
July
August
..
September
2
October 2
November
.
Durable
goods
37. 7
45. 2
40. 4
40. 1
39. 2
40. 5
40. 7
40. 7
40. 5
40. 3
40. 0
40. 2
39. 4
39. 6
39. 5
39.0
39. 3
39. 6
39. 4
39. 7
39. 7
39. 9
40. 1
i Data beginning with January 1948 are not strictly comparable with those for earlier periods.
' Preliminary estimates
Source: Department of l^abor,
38. 0
46. 6
40. 2
40. 5
39.5
41. 2
41. 6
41. 5
41. 3
41. 0
40. 6
40. 8
40. 1
40. 2
40. 0
39. 7
39. 9
40. 0
39. 7
40. 1
40. 1
40 4
40. 6
Nondurable
goods
37. 4
43. 1
40. 5
39. 6
38. 8
39. 7
39. 5
39. 6
39. 5
39. 3
39. 1
39. 3
38. 5
38. 8
38. 8
38. 1
38. 5
38. 9
39 0
39. 2
39. 3
39 2
39.4
Building
construction Retail trade
32 6
39 6
38 1
1
37. 3
36. 7
36 3
37. 2
38 1
37 0
37. 7
36 7
36. 3
33.9
36. 0
36.4
36.5
36. 7
37. 1
36 9
37. 0
36. 0
36 6
(3)
1
Not available.
(s)
42 7
40 4
40 7
40 3
40 4
40 5
40 2
39 9
39 3
38 9
38 8
39 2
39. 0
39 1
39. 1
39. 1
38. 9
39. 3
3Q 8
39 7
39, 2
38 9
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Hourly earnings of production workers in manufacturing industries averaged $1.82 in November, 1 cent more than in
October, and 3 cents more than in November of last year.
DOLLARS PER
DOLLARS PER HOUR
HOUR
RETAIL TRADE
F^^
r
7
.1953 PRICES'
^
» >r*—*•
CURRENT PRICES
L
ft ri M
I I I M 1 I I'D 1 I I I I I I ! I I I I I I M I M I I IT' I I ' ' M I I
u EARNINGS IN CURRENT PRICES DIVIDED BY
CONSUMER PRICE INDEX
o rI....M
J
' -1_
L
^F
ON BASE 1953-100
SOURCE DEPARTMENT OF LABOR.
COUNCIl OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
1939
....
1944
1946
1948
1949
1950
1951
1952
1953
1953: October
November
December
1954: January
._
February
March
April
.
May
June.
Julv
August
September
October 3 3
.
November
All manufacturing
Current
prices
$0. 633
1.019
1.086
1.350
1.401
1.465
1.59
1.67
1.77
1.79
1.79
1.80
1.80
1.80
1.79
1.80
1.81
1. 81
1. 80
1. 79
1.81
1. 81
1. 82
1953
prices l
$1. 220
1. 551
1. 490
1. 502
1. 574
1. 630
1. 64
1.68
1.77
1.77
1.78
1.79
1.79
1.79
1. 78
1.80
1. 80
L 80
1. 79
1. 78
1.80
1. 81
(«)
Building
Durable goods Nondurable goods
Retail trade
construction
manufacturing
manufacturing
Current
Current
Current
1953
Current
1953
1953
1953
prices l
prices
prices prices l
prices prices l
prices prices l
$0. 698 $1. 345 $0. 582 $1. 121 $0. 932 $1. 796 $0. 542
$1. 044
1. 319
2.008
. 861
1. 113
1. 311
. 731
1. 700
1. 117
1. 392 2 1.478
2.027
1. 015
.893
1.225
1. 586
1. 156
1. 422
1. 210
1. 848 2 2. 056
1. 088
1. 278
1. 410
1. 568
2. 174
1. 489
1.935
1. 325
1. 137
1.278
1. 651
1. 469
2.031
2. 259
1. 533
1. 176
1. 308
1. 710
1. 378
1.537
2. 26
1.53
2. 19
1.72
1.26
1.30
1. 67
1. 48
1. 32
2.33
1. 55
1. 33
2.31
1.54
1.78
1.77
1.61
1.40
1.40
2.48
2.48
1. 61
1.87
1.87
1.62
2. 52
2.54
1.61
1.42
1. 41
1.88
1. 90
1.42
2. 55
2. 54
1. 62
1.41
1. 63
1.88
1. 89
2.56
1.39
1.63
2.57
1.38
1. 64
1.89
1.90
2. 56
1. 64
1.42
2.58
1.43
1.90
1. 65
1.91
1.64
2. 58
2. 59
1.43
1.42
1. 65
1. 90
1. 89
2. 58
1. 65
1.43
2.59
1.43
1. 65
1. 89
1. 90
2.57
2.58
1.65
1.43
1.43
1. 90
1.90
1. 65
2. 57
2. 58
1. 65
1. 66
1.45
1. 44
1. 91
1. 90
2. 56
2. 58
1. 65
1. 66
1. 46
1. 45
1. 90
1. 91
2. 58
2. 56
1. 65
1.47
1. 66
1. 46
1. 90
1. 91
2.59
2.60
1. 64
1. 47
1. 46
1. 90
1. 65
1.91
2. 62
2. 61
1.47
1. 66
1. 66
1. 47
1.93
1. 92
2. 62
2. 62
1. 66
1.47
1. 66
1. 47
1. 93
1. 493
(*}
(*}
M
(^
(^
1. 6?
()
1. 93
> Earnings in current prices divided by consumer price Index on base 1953=100.
Data beginning with January 1948 are not strictly comparable with those for
earlier periods.
Source: Department of Labor.
3
10
3
Preliminary estimates.
* Not available.
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
The average weekly earnings of factory production workers rose to $72.98 in November, 76 cents more than in
October, and $1.38 more than in November of last year. The gain for the month was due largely to the longer average
workweek.
D O L L A R S PER WEEK
D O L L A R S PER WEEK
DURABLE MANUFACTURING
I95i
NONDURABLE MANUFACTURING
RETAIL TRADE
1953 PRICES
1951
I
1952
I
1953
I
1954
r^^**»*
195!
-'EARNINGS IN CURRENT PRICES DIVIDED et CONSUMER PRICE INDEX ON BASE 1953*100.
SOURCE: DEPARTMENT OF LABOR.
COUNCIt OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
All manufacturing
Period
1939
1944
1946 _ .
1948
1949
.1950
-_ .- 1951 _ _
.
1952
1953 .
1953: October
November
December.
1954: January
February -March
April
May
.June
Julv „
August
September
_
October 3 3
November
1
3
Current
prices
1953
prices 1
$23. 86
4(j. 08
43. 82
54. 14
54.92
59.33
64. 71
67. 97
71. 69
72. 14
71.60
72. 36
70. 92
71. 28
70. 71
70. 20
71. 13
71. 68
70. 92
71.06
71. 86
72. 22
72. 98
$45. 97
70. 14
60. 11
60. 22
61. 71
66. 00
66. 71
68. 52
71.69
71. 50
71.24
72.07
70. 43
70. 93
70. 50
70. 06
70. 78
71. 25
70.43
70. 71
71. 65
72. 15
(4)
Building
Durable goods IS ondurable goods
construction
manufacturing
manufacturing
1953
Current
Current
Current
1953
1953
prices J
prices l
prices
prices
prices l
prices
$26. 50 $51. 06 $21. 78 $41. 97 $30. 39 $58. 55
79.42
52. 07
52. 18
37. 12
79. 25
56. 50
41. 14
46. 49
63. 77
56. 43 2 56. 24 2 77. 15
76. 59
57. 11
56. 30
63. 53
50. 61
68. 85
79. 72
51. 41
57. 76
70. 95
58.03
65. 20
82. 01
54. 71
60. 86
63. 32
70. 43
73. 73
83. 99
58. 46
60.27
81.47
69.47
71. 62
88. 72
74. 05
88.01
73.46
60.98
61. 47
91.76
77. 23
63.60
63. 60
91. 76
77.23
94. 91
77.90
77.21
63.67
63. 10
95. 76
93. 12
63.41
63.73
76.73
76. 35
93. 59
92. 92
77. 52
64. 19
93. 29
77.21
64.45
86. 85
87.46
76. 59
63.09
76.06
63. 53
92. 78
93. 24
76. 38
64.02
63.70
76. 00
94.00
76.00
63.83
64. 02
94.28
75. 77
93.98
62.74
94. 17
75.43
62.87
75. 28
94.22
76. 21
94.69
63. 91
63. 59
75. 83
95. 15
76. 40
64. 18
95. 72
64. 57
75. 94
94. 54
64.29
95.20
64. 74
75. 83
75.30
95. 72
76. 59
64. 36
96. 20
64. 68
76. 21
94. 04
94. 32
77.39
65.24
65.04
77. 16
95. 79
65.07
95.89
77. 97
65. 00
77. 89
4
4
78. 36
65. 80
(4)
()
()
(4)
Earnlnp.v In current prloKs divided by consumer price index on base 1953=100.
Data beginning with January 1948 are not strictly comparable_with those for
earlier periods.
Source: Department of Labor.
Retail trade
Current
prices
$23. 14
29.53
36. 35
43. 85
45. 93
47. 63
50. 65
52. 67
55.02
55.24
55. 10
54.49
55.77
55.91
55. 91
55.91
56.41
57. 38
58. 51
58. 36
57.62
57.4 18
()
1953
prices J
$44. 59
44.95
49. 86
48. 78
51. 61
52.98
52. 22
53.09
55.02
54.75
54. 83
54. 27
55. 38
55.63
55.74
55.80
56. 13
57. 04
58. 10
58.07
57.45
57. 12
(4)
2 Preliminary estimates.
* Not available.
11
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index in November, seasonally adjusted, increased to 129 (1947—49 = 100), due primarily to the continued increase in production of durable $oods.
175
INDEX, 1947 -49 « 100
175
150
150
75
1942
44
46
J F M A M J J A S O N DlJ F M A M J
1952
J A S O N D J
1953
F M A M J J A S O N*D
1954
PRELIMINARY ESTIMATES.
SOURCE: BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM,
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100, seasonally adjusted]
Total
industrial
Total
production
1939
1944
1946
1947
1948
1949
1950
_
1951
1952
1953
.
1953- October
November
December
1954* January
February
March
April
Mav
June
July
August
September
October
November1
1
12
-
_
_
_ ___
_>
Preliminary estimates.
--
____..
_
- - - __ -
--
- -- . _ -_
...
58
125
90
100
104
97
112
120
124
134
132
129
126
125
125
123
123
125
124
123
123
124
126
129
57
130
90
100
103
97
113
121
125
136
134
131
127
127
126
125
125
126
125
124
125
126
128
131
Manufactures
Minerals
Durable
49
159
86
101
104
95
116
128
136
153
151
146
142
141
139
135
134
136
135
124
135
1S6
139
144
Nondurable
66
99
95
99
102
99
111
114
114
118
117
115
112
113
114
114
115
117
116
114
114
115
117
118
68
93
91
100
106
94
105
115
114
116
114
111
113
113
113
112
109
111
114
112
1C9
108
109
110
Source : Board of Governors of the Federal Reserve System.
PRODUCTION OF SELECTED MANUFACTURES
In November, production in most industries registered additional gains.
INDEX, 1947-49= 100, SEASONALLY ADJUSTED
1947
49
51
53
INDEX, 1947-49 = 100, SEASONALLY ADJUSTED
I I I I I I I I I I I I I I I 1! I M 1I I . I I I I 1 I I I I I M
1952
1953
50
1954
SOURCE: BOARD OF GOVERNORS OF THE F E D E R A L R E S E R V E SYSTEM
COUNCIL OF ECONOMIC ADVSSERS
(1947-49=100, seasonally adjusted]
Durable manufactures
Period
1939
1947
1948
1949
1950...
1951
1952
1953
53
103
107
90
115
126
116
132
80
101
106
93
113
113
111
118
38
103
104
93
114
130
147
160
Transportation
equipment
48
96
102
102
120
135
154
189
128
122
113
111
109
103
103
106
108
103
105
105
110
118
117
115
110
115
120
116
114
120
108
96
97
116
127
(2)
159
152
146
143
141
138
138
138
139
141
144
147
148
150
189
180
182
185
179
173
174
178
170
170
166
161
164
185
Primary
metals
__
_
_-
..
1953: October
November
December
1954: January ...
February
March.
April
May
June .
Julv
August .
September
October. _ ]
November ___
Lumber
and
Machinery
products
Nondurable manufactures
Conand Chemicals sumer
Textiles Petroleum Food
and
and coal beverage
and allied durable
manugoods
apparel
products
products factures
80
45
63
66
99
98
101
97
97
102
103
104
99
103
101
97
101
99
100
110
133
110
121
103
114
106
122
105
136
105
105
137
123
105
127
107
130
107
147
102
98
95
97
98
99
101
101
99
98
99
97
103
2
()
129
129
128
124
126
122
124
125
124
122
121
125
127
129
108
108
103
105
106
106
107
110
108
105
105
105
105
(2)
146
145
145
143
146
146
146
148
148
148
149
150
150
151 i
118
112
109
112
113
112
116
119
119
117
115
107
104
128
1
Preliminary estimates.
2 Not available.
Source: Board of Governors of the Federal Reserve System.
55396—54
3
13
SELECTED WEEKLY INDICATORS
Production according to most weekly indicators, continued to improve in November and early December. Passenger car production is currently scheduled at 636,700 units in December—the highest monthly rate since 1950.
MILLIONS OF TONS
MILLIONS OF SHORT TONS (DAILY AVERAGE)
STEEL
BITUMINOUS COAL
I
J
F
M
A
M
J
J
A
S
0
N
D
J
F
M
A
I
I
M
BILLIONS OF KILOWATT HOURS
10
ELECTRIC POWER
1953
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Period
COUNCIL OF ECONOMIC ADVISERS
Bituminous Freight Paperboard
Electric
Cars and trucks
Steel produced
coal mined
power
produced assembled (thousands)
loaded
Thousands Percent of distributed (thousands (thousands
(thousands
of short
theoretical
(millions of
of net
Total
Cars Trucks
of tons)
of cars)
capacity 1 kilowatt-hours) tons) 2
tons
Weekly average:
1950
-- -1951
1952
1953
1953" October
November
December..
1954: January
February
March
April
May
June
Julv
August _ _ _
September
October 3
November
Week ended :
1954: November 6 _ _
13__
20__
27__
December 4 3s_
11 i
1,857
2,018
1,782
2, 141
2, 136
2,026
1, 798
1,795
1,771
1, 646
1, 625
1, 687
1, 716
1, 499
1,505
1, 591
1,738
1,882
96. 9
100.9
85.8
94. 9
94. 7
89. 9
79.7
75. 3
74.3
69. 0
68. 1
70. 7
72.0
62. 9
63. 1
66. 7
72. 9
78.9
6, 183
6,958
7, 451
8, 244
8,331
8, 352
8,502
8, 918
8, 576
8,526
8,347
8,406
8, 684
8,841
9, 122
9, 040
9; 124
9,240
1, 687
1, 772
1, 548
1,521
1, 503
1,496
1,466
1, 346
1, 2?6
1, 146
1, 109
1, 142
1,314
1, 182
1,271
1,357
1,389
1,482
748
779
727
735
803
699
578
622
616
602
624
674
670
658
677
687
726
671
214
229
213
241
256
249
213
225
234
235
235
245
239
200
247
236
255
255
154. 2
129.8
106. 8
141. 1
141. 8
103. 6
103.5
138.4
132.4
137.0
144. 1
144.5
128. 2
117. 6
116.4
82.8
70. 8
134. 2
128. 4
102.7
83. 4
118.0
121. 5
85.6
83.0
114. 1
110.9
115. 0
122.0
122. 3
109. 1
100.3
99.8
67.5
55. 8
113. 7
25.9
27.2
23.4
23. 2
20.2
18.0
20. 6
24.3
21. 5
21.9
22. 1
22. 2
19.2
17. 3
16.5
15. 3
15.0
20.5
1,822
1,874
1,892
1, 915
1, 941
1, 958
76. 4
78.6
79. 3
80.3
81. 4
82. 1
9, 357
9, 197
9, 317
9,087
9,612
1,418
1, 511
1. 495
1,470
1,417
695
709
697
584
662
260
258
257
245
246
112.7
137. 8
156. 0
130. 4
166.7
169.3
92.8
116.3
133.9
111. 9
145. 0
148. 1
19. 9
21. 5
22.0
18. 5
21.7
21. 2
' Percent of capacity based on weekly net ton capacity 011,906,268 for the first half of 1960,1,928,721 beginning July 1,1950,1,999,034 beginning January 1,1951,
2,077,040 beginning January 1,1952, 2,254,459 beginning January 1,1953, and 2,384,549 beginning January 3,1954.
» Daily average for week.
> Preliminary estimates.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports,
14
GROSS PRIVATE DOMESTIC INVESTMENT
According to current estimates, fixed investment rose by $700 million (seasonally adjusted annual rate) from the
second to the third quarter/ with a rise of $1.3 billion in construction partially offset by a $600 million decline in
producers' durable equipment. The decline of inventories continued, with the rate of decline exceeding that of the
preceding quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
70
70
SEASONALLY ADJUSTED ANNUAL RATES
ACROSS PRIVATE
DOMESTIC INVESTMENT
NEW CONSTRUCTION
PRODUCERS'DURABLE EQUIPMENT
CHANGE IN BUSINESS*^
INVENTORIES
I942
1944
1946
1948
I960
1952
1954
1951
1952
V,
1954
1953
SOURCE: DEPARTMENT OF COMMERCE,
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1939
1944
1946
1948
1949
1950 _ _
_
1951
1952_ _ _
1953
Total
gross
private
domestic
investment
9.3
7. 1
27. 1
41. 2
32. 5
51.2
56. 9
50. 7
51. 4
Change in business inventories
Fixed investment
New construction
Total
8.9
8.2
21.0
37.0
35. 3
43. 9
46. 5
47. 0
49. 9
Residential
nonfarm
Total
4.8
2. 7
10. 3
17.9
17.5
22. 7
23.3
23. 7
25.5
2. 7
.8
4.0
8.6
8. 3
12. 6
11. 0
11. 1
11. 9
CommerAll 2
cial and
industrial 1 other
1.2
1. 0
4.2
5.7
5.3
5. 7
7. 2
7. 5
8.4
0.8
.9
2. 1
3.6
3.9
4. 5
5. 1
5.2
5.2
Producers'
durable
equipment
Total
Nonfarm
4. 2
5.4
10.7
19. 1
17.8
21. 1
23.2
23. 3
24. 4
0.4
-1.0
6. 1
4.2
-2. 7
7. 4
10. 4
3. 6
1.5
0.3
-.6
6. 4
3.0
-1.9
6. 4
9. 0
3.0
2.2
24. 1
24. 4
24.6
24. 0
22. 7
22.4
21. 8
2. 8
3. 3
Seasonally adjusted annual rates
1953: First quarter. _ _
Second quarter
Third quarter
Fourth quarter
1 954 : First quarter
Second quarter
Third quarter
51. 9
55.9
52. 4
45. 5
44. 5
45. 6
45. 3
49. 1
50.3
50. 2
49. 7
48. 7
49. 4
50. 1
25. 0
25.9
25.6
25. 7
26.0
27. 0
28. 3
11. 7
12. 2
12. 1
11. 7
11. 7
12. 8
14. 0
8. 2
8.5
8.5
5. 1
5.2
5.0
8. 6
5. 4
8.8
5.5
5.5
5.6
8. 7
8. 7
5.4
2.0
-4. 2
-4. 2
-3.8
-4.8
6.2
2.9
-3.7
-4. 2
-4.0
-5.0
i Includes public utility.
2 includes petroleum and natural gas well drilling.
NOTE.—The national income and expenditure series have been revised by the Department of Commerce. For details see Survey of Current Business, July 1954.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
15
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to a survey made in November, expenditures for new plant and equipment will continue at a high rate in
the first quarter of 1955, although below the average for the year 1954. Business firms anticipate spending $26.6
billion (seasonally adjusted annual rate) in the fourth quarter of 1954 and $26.0 billion in the first quarter of 1955.
For the year 1954, expenditures are expected to total $26.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ANNUAL TOTALS
•'
I955
I95I
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OP COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Transportation
Mining
Durable NonduraRailroads Other
goods ble goods
0.36
0.33
0.76
1. 19
0. 28
. 92
.43
.58
3.68
3. 11
5. 65
.88
1.32
1.28
3.48
4. 56
.79
1.35
.89
2. 59
1.21
1. 11
4.36
.71
3. 14
.93
1.49
5.17
1.47
5.68
. 98
1.50
1.40
6. 02
5. 61
1.46
5.82
1. 01
1.31
6. 46
1.41
1.02
6. 08
. 85
5. 16
Seasonally adjusted annual rates
1. 59
1.06
1.30
6. 54
5. 76
1.52
1.26
1. 10
6.53
5. 69
1.06
1.47
.95
6.37
5.50
.92
1. 36
1. 06
6.08
5.29
1. 40
1.02
.79
5. 15
6. 15
1.39
. 62
6. 10
1. 10
5.01
1.40
.93
.
74
5.83
4. 96
M anuf aeturing
Period
1939
1946
1948
1949.
1950
1951 .
1952
1953 3
1954 *
1953: Third quarter
Fourth quarter
1954: First quarter
Second quarter
Third quarter
Fourth quarter 4
1955: First quarter 4
Total *
-- -
_
Total
5. 51
14. 85
22.06
19.28
20.60
25.64
26. 49
28.39
26. 68
1. 94
6. 79
9. 13
7. 15
7. 49
10.85
11. 63
12.28
11. 24
28. 92
28. 56
27.48
27. 19
27. 00
26. 59
26.03
12.30
12. 22
11.87
11. 37
11. 30
11. 11
10. 79
Public Commerand
utilities cial
other s
3.31
3.66
3.89
4. 55
4.21
2.08
5. 33
6.90
5.98
6.78
7.24
7. 09
7.78
7. 96
4. 72
4.46
4.29
4. 43
4. 12
4. 07
3.78
7. 94
8. 00
7.84
8.05
8.37
8. 30
8. 40
0.52
.79
2.54
a 12
i Excludes agriculture.
> Commercial and other includes trade, service, finance, communications, and construction.
* Annual total is sum of seasonally unadjusted quarterly expenditures; it does not necessarily coincide with average of seasonally adjusted figures, in part
because
of adjustments when necessary for systematic tendencies in anticipatory data.
4
Estimates based on anticipated capital expenditures as reported by business in November 1954.
NOTI.—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.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commerce.
16
NEW CONSTRUCTION
Expenditures for total new construction, seasonally adjusted, reached a new high in November—8 percent above
November 1953. Construction contracts awarded in 37 Eastern States continued at a high level.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3,5
SEASONALLY ADJUSTED
.TOTAL CONSTRUCTION
3.0
<*TOTAL PRIVATE
PRIVATE RESIDENTIAL
(NONFARM)
OTHER PRIVATE
FEDERAL, STATE, AND LOCAL
J
I
I
I
I
I
I
I
I
I
M
1952
1953
J
J
1954
SOURCES: D E P A R T M E N T OF C O M M E R C E AND DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS'
[Millions of dollars]
Period
1939 monthly average
1944 mon thl v average
1 946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
J952 monthly average
1953 monthly average
Total new construction
683
438
1, 000
1, 806
1,899
2,371
2,598
2, 751
2,938
Private construction
Residential
(nonfarm)
Total
private
366
182
803
1,404
1,365
1,788
1,814
1,842
1,990
223
68
335
715
689
1,050
914
925
994
Other
142
114
469
689
676
738
899
917
996
Federal,
State, and
local l
317
256
197
402
534
583
785
908
948
Seasonal!}7 adjusted
1953- October
November
_ _
December.
1954" January
February
March
__
April
Mav
_.
June _ _ _ _
July
August _ _ _
September.. _ _ _ _ _ _
October _ 3_ _ _ _ _
November
2,880
2, 936
2, 955
2,958
3,047
2, 995
3,013
3,076
3, 076
3,086
3, 114
3, 153
3, 106
3, 177
1,982
2, 002
1,992
1,992
2, 000
2, 010
2,059
2, 130
2, 122
2, 168
2, 196
2, 216
2, 207
2,238
979
976
981
975
976
988
1,040
1, 104
1, 102
1, 145
1, 169
1, 196
1, 196
1, 207
1, 003
1, 026
1, Oil
1,017
1,024
1,022
1, 019
1, 026
1,020
1,023
1,027
1,020
1, Oil
1,031
898
934
963
966
1,047
985
954
946
954
918
918
937
899
939
Construction contracts
awarded in 37
Eastern States 2
296
166
624
786
863
1, 208
1,313
1, 398
l|454
Seasonally
Unadjusted
adjusted
1, 892
1,874
1, 621
1,394
1, 300
1,354
1,152
1,557
1,650
L 221
1,559
1,528
1, 692
1,484
1,674
1, 925
1,605
L 733
L 837
1, 611
1,573
1,527
1,816
1,579
1,965
1,946
1,499
1, 743
1
Includes Dublie residential construction.
* Preliminary estimates.
2 Compiled by F. W. Dodge Associates; seasonally adjusted by the National Bureau of Economic Research. Omits small contracts, and covers rural areas
less fully than urban.
Sources: Department of Commerce, Department of Labor, and F. W. Dodge Associates {except as noted).
\'J
NEW HOUSING STARTS
In November, nonfarm housing starts reached a new record for the month, totaling 103,000, or 26 percent higher than last year. On
a seasonally adjusted basis, private starts in November were at an annual rate of nearly 1.4 million units, the highest for any month since
Aug. 1950.
THOUSANDS OF UNITS
ISO
THOUSANDS OF UNITS
NEW NONFARM DWELLING UNITS
1953-^
«"r^lTl*g£^r*r'
IOO
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[Thousands of units]
New housing starts
Privately financed
Period
Total
Annual total: 1939
1946
1948 _
1949
1950
1951
1952
1953
Mo. av.: 1950
1951
.
1952
1953
1953: October _ _ _ ..
November..
December
1954: Januarv
February
March
April _ _
Mav
June_
_ __ __
July
August
September
October
November
"I O
**•'
l
515.0
t>70. 5
931.6
1, 025. 1
1, 396. 0
1, 091. 3
1, 12V. 0
1, 103. 8
116.3
90.9
93.9
92.0
90. 1
81. 5
65.8
66.4
75.2
95.2
107. 7
108. 5
116.5
116. 0
114.3
6
114. 0
5
106. 0
5
103. 1
Publicly
financed
56.6
8. 0
18. 1
36.3
43. 8
71.2
58. o
35.5
3.6
5.9
4.9
3. 0
(4)
1. 6
1.3
1.3
1. 3
2.0
1.2
1. 1
3.9
3. 1
1.3
5
2. 1
5.2
5
.3
Total
458.4
662.5
913. 5
988. 8
1, 352. 2
1, 020. 1
1, 068. 5
1, 068. 3
112.7
85.0
89. 0
89.0
90. 1
79.9
64.5
65. 1
73.9
93. 2
106. 5
107. 4
112. 6
112.9
113 0
Mil.
9
5
105. 8
5
102. 7
Government underwritten
Total
158. 1
152.0
396. 1
468. 8
686. 7
412.2
421. 2
408. 6
57.2
34.3
35. 1
34.0
36.4
33. 2
27.5
24. 7
30.5
36.4
43. 6
49.0
54. 6
52.2
60.2
59.8
58. 2
FHA
158. 1
69.0
294. 1
363. 8
486. 7
263. 5
279.9
252. 0
40. 6
22. 0
23. 3
21. 0
21.7
19. 7
15. 3
13. 2
16. 3
20.5
23. 8
24. 0
27. 7
25. 4
27. 0
25. 9
24. 7
VA
*83. 0
* 102. 0
105. 0
200. 0
148. 6
141.3
156. 6
16. 7
12. 4
11.8
13. 1
14. 7
13.5
12. 2
11. 6
14. 2
15. 9
19. 8
25.0
26.9
26. 8
33. 3
33. 9
33. 5
Private,
seasonally
adjusted
annual
rates
2
2
1,050
1, 077
1,060
1, 056
1, 152
1, 130
1, 102
1,083
1, 175
i; iss
1,211
M,232
M, 233
6
1, 385
2
3
4
Units in mortgage applications for new home construction.
Estimated.
Not available.
Less than 60 units.
Sources: Department of Labor, Federal.Housing Authority (FHA), and Veterans' Administration, (VA).
Proposed home
construction
Applications for Requests
for VA
FHA
appraisals
commit1
ments
167.8
121. 7
(3)
293.6
(33)
327.0
(3)
397. 7
()
164.4
192.8
226. 3
267. 9
251.4
253.7
33. 1
(3)
16. 1
13. 7
18. 9
22. 3
21.0
21. 1
17.6
19.3
22. 6
13.4
19.0
13.4
15.0
20. 1
34. 4
20.0
36.5
28. 1
42. 9
32.3
52.2
30. 3
52. 7
35.2
52. 3
30. 1
32. 2
55. 4
34. 8
51. 3
45. 6
29.3
6
Preliminary estimates.
SALES AND INVENTORIES - MANUFACTURING AND TRADE
Manufacturers' inventories (seasonally adjusted) increased slightly in October, due to an increase in inventories of
durable goods producers. Inventories of retailers continued to decline. Total sales by manufacturers and distributors
in October were lower than in September. However, retail sales in November exceeded every month this year except
June. Manufacturers' new orders in October exceeded sales for the second consecutive month.
BIL LIONS OF DOLLARS, SEASONALLY
ADJUSTED
BILL IONS
OF DOLLARS, SEASONALLY
TOTAL* AND MANUFACTURING
ADJUSTED
RETAIL
_
20
80
INVENTORIES1^
x^*"
-/
^ TOTAL
SALES***^
INVENTORIES*
-
l| |
0
60
M
111 M
1951
TOTA .
INDE X,
SALES*
M l !
! ! 1 1 1 I 1 1
1952
947-49 = 100, SEASONALLY
M i l !
1 M
M
1953
1 M
! 11
1954
ADJUSTED
DEPARTMENT STORES
/^
^
'."*
40
*"
140
~"*"*^fcjfc
s~>*>—**~J
*""""
X X ^^ MANUI"ACTURING
INVE NTORIES
/"'<
130
\
***—-^^^x^x,
-*--*1
*-~~*^/~~
120
-
\
\
INVENTORIES*^
*
/V
\ ,.S'^
^^f
^ / '***
x
'
A
20
^^/\//
MANUFACT JRIN6
SALES
110
\
A
L^ "/\/f ^ V
^^^M SALES
0
1
l I I ! 11 I 11 1
1 1 1 1 1 1 1 II ! 1
1951
1 1 1 ! 1 1 II ! 1 1
1952
MM!
M i l l
1953
100
1954
II! Ill
1951
!
II
M
1 1 1
1 1 1 1 1 1
1952
1 1 M
1953
1
^v
III
1
III
1954
* WHOLESALE, MANUFACTURING, AND RETAIL.
SOURCES:
DEPARTMENT OF
Period
1939
1944
1946.. ._ „
1948
_
1949
1950
1951
1952 .
1953
1953: September
October.
.._
November
December
1954: January
February
.__
March _
April
Mav
June
Julv
August
September
October e 6 _ _
November _ _ _ _
COMMERCE
AND
BOARD OF
GOVERNORS
Manufacturing
and trade 1
InvenSales 2
tories 3
10, 802
23, 785
27, 150
36, 438
34, 664
39,917
6
44, 821
46, 080
48,817
48, 652
48, 284
47,518
47, 209
46, 450
46, 714
47, 094
47, 636
46, 914
47, 779
47,417
46, 717
46, 999
46, 480
OF
THE
FEDEF AL
RES ERVE
SYSTEM.
Manufacturing
Sales
2
Inventories 3
COUNCIL OF ECONOMIC ADVISERS.
Retail
New
orders 2
Sales 2
Millions of dollars, seasonally adjusted
5, 1 12
1 1. 465
5,354
3, 503
13, 782
19, 507
11, 906
5,851
12,617
24, 457
8, 541
13, 694
17, 630
31,693
17, 350
10, 877
16,416
28, 860
10, 893
15, 903
34, 314
19, 285
20, 980 6 11,974
42, 004
22, 205
24, 391
13, 185
44, 190
23, 046
23,710
13, 674
25, 271
46, 722
14, 234
23, 846
47, 087
25, 379
13, 982
22, 661
47, 044
25,010
14. 040
22, 163
24, 256
46, 909
21,594
14, 104
24, 126
46, 722
22, 026
13, 932
23, 902
46, 382
20, 749
13, 622
23, 620
46, 115
22,016
13, 972
24, 064
45, 774
22, 859
13, 900
24,418
45, 183
23, 017
14, 242
23, 978
44, 798
14, 044
22, 819
24, 260
44, 535
22, 876
14, 439
24, 055
44, 194
22, 551
14, 272
23, 482
43, 929
22, 560
14, 150
23, 626
43, 668
14, 214
24, 463
23, 377
43, 773
23, 974
14, 071
14, 384
20, 051
31, 059
42, 892
55,612
52, 111
64, 721
5
75, 268
77, 109
81, 072
82, 000
81,805
81, 276
81, 072
80, 688
80, 390
80, 093
79,516
79, 372
79, 000
78, 349
78, 163
77, 790
77, 475
Inventories 3
5, 534
7,640
11, 852
15, 828
15, 311
18, 652
5
21, 239
21, 592
22, 661
22, 924
22, 720
22, 437
22, 661
22, 521
22, 421
22, 563
22, 690
22, 804
22, 600
22, 403
22, 451
22, 425
21, 996
Department stores
Inven-4
tories
Index 1947-49=100,
seasonally adjusted
35
35
62
58
90
77
104
107
98
100
109
105
109
129
110
118
112
126
107
128
110
128
113
127
112
123
107
120
109
119
121
105
111
120
121
108
112
122
111
124
112
124
107
125
124
113
114
Sales 2
s
J Also includes wholesale, not sbown separately In this table.
New series on retail trade beginning with 1951; not comparable with previous
2
Monthly average for year and total lor month.
data.
See Survey of Current Business, September and November 1952, for detail.
6
s4 Book value, end of period.
Preliminary estimates.
Book value, end of period, except annual data, which are monthly averages.
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
19
MERCHANDISE EXPORTS AND IMPORTS
Commercial exports rose sharply in October, while imports declined slightly from the preceding month. For the first
10 months of this year, commercial exports were 4 percent above and imports 8 percent below their levels in the
corresponding period of last year.
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
1,600
1,600
_
\
-. 1,200
1
MERCHANDISE EXPORTS
EXCLUDING GRANT-AID
SHIPMENTS-!/
I94S
I960
0
1952
N
0
1954
J/ SEE FOOTNOTES I AND 2 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE AND DEI
[Millions of dollars)
Merchandise exports
Period
1936-38 monthly average
1944 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average..
..
1952 monthly average
1953 monthly average
- . . .
1953: September ..
October
.. .
November .
December
.
1954 1 January
February ...
March . .
April.
May .. .. ......
June...
July
.
Ausrust
..
__
September
-~
3
October
__
Total i
247
1, 188
812
1,054
1,003
856
1, 253
1,266
1,314
1,256
1, 253
1,247
1,353
1,092
1, 183
1, 125
1,425
1,399
1,473
1,291
1, 154
1, 108
1,274
Excess of e xports (+)
v+a f{
)}
or imports
Grant-aid
shipments 2
Excluding
grant-aid
shipments
942
54
247
757
24
89
166
293
205
234
216
215
169
184
203
167
264
359
268
200
157
107
833
1, 164
1, 100
1,022
1,052
1,019
1,030
1, 138
922
998
922
1,258
1, 134
1, 114
1,023
954
952
1, 167
Merchandise
imports
207
327
412
594
552
738
914
893
906
926
813
849
907
833
809
862
957
829
946
822
824
781
764
Total
+ 40
+ 861
+ 400
+460
+ 452
+ 118
+ 339
+ 373
+ 408
+ 330
+ 440
+ 398
+ 446
+ 259
+ 374
+ 263
+ 468
+ 570
+ 527
+ 469
+ 330
+ 328
+ 510
Excluding
grant-aid
shipments
-80
+ 345
+ 95
+ 250
+ 207
+ 116
+ 126
+ 206
+ 181
+ 231
+ 90
+ 190
+ 60
+ 301
+ 306
+ 168
+ 202
+ 129
+ 171
+ 403
i Includes shipments under the various grant-aid programs; for some of these programs separate data are not available.
3
Beginning with 1950, figures include only Department ol Defense shipments of grant-aid military supplies and equipment under the Mutual Security
Program.
Shipments for the first 6 months of the program (July-December 1960) amounted to 282 million dollars.
8
Preliminary estimates.
.—Detail will not necessarily add to totals because of rounding.
Sources,; Department of Commerce and Department of Defense.
20
PURCHASING POWER
NATIONAL INCOME
According to very preliminary estimates, national income declined by $1.5 billion (seasonally adjusted annual
rate) between the second and third quarters, reflecting a decline in corporate profits. Employee compensation
rose $600 million, while farm income declined by a similar amount. Other major components showed very little
change.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
350
350
SEASONALLY ADJUSTED ANNUAL RATES
300
-COMPENSATION
OF EMPLOYEES
100
IOO
PROPRIETORS'AND
-" RENTAL INCOME
CORPORATE PROFITS AND -^
INVENTORY VALUATION ADJUSTMENT
I942
I944
I946
I948
I960
I952
I954
I95I
I952
NET INTEREST
1954
1953
-'PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCll OF ECONOMIC ADVISERS
[Billions of dollars]
Total
j national
income
Period
1939
1944
1946
1948 _ _ _
1949
1950
1951
1952
1953
____!
!
_ J
_-
1953: First quarter
1_
Second quarter
Third quarter
Fourth quarter
1954* First quarter
Second quarter-. __
Third quarter- _
!
1
Compensation
of em- 1
ployees
Proprietors' income
Farm
Business
and professional
Rental
income
of
persons
Net
interest
72 8
182. 6
179. 6
221. 6
216 2
240.0
277. 0
291. 0
305. 0
48. 1
121.3
117. 7
140. 9
140.9
154. 3
180.4
195. 4
209. 1
2. 7
4. 6
4. 3
7. 3
5.4
3.3
11. 5
18. 0
6. 2
3. 1
13. 9
21.3
16. 7
21. 6
7. 2
4.5
5.2
12. 7
21. 4
7. 9
5.9
22. 9
8. 5
13. 3
6. 8
24. 8
16.0
9. 1
7.4
14.2
25.7
10. 0
8. 4
12. 2
26. 2
10. 6
Seasonally adjusted annual rates
305. 9
308. 2
306. 2
299. 9
298. 9
299. 6
2
298. 1
206. 2
210. 0
211. 4
208. 8
206. 4
206. 6
207. 2
13. 4
12. 1
11. 1
12. 3
13. 0
12. 2
11. 6
26. 5
26. 3
26. 1
25. 9
25. 6
25. 9
25. 9
10. 5
10. 5
10. 6
10. 8
10. 8
10. 9
]0. 9
7.9
8. 3
8. 6
8.9
9. 0
9. 1
9. 2
Corporate profits and inventory valuation adjustment
Total
Profits Inventory
before valuation
taxes adjustment
5. 7
23. 0
17.3
30. 6
28. 1
35. 1
39. 9
38. 2
38. 5
6.4
23. 3
22. 6
32. 8
26. 2
40.0
41. 2
37. 2
39.4
-0.7
-.3
-5.3
-2. 2
1. 9
-4.9
-1. 3
1.0
-1.0
41. 4
41. 0
38. 3
33. 1
34. 1
34. 9
2
33. 2
42. 4
41. 9
40. 9
32.5
34. 5
34. 5
2
33. 5
-0. 9
q
-2. 6
.6
—.4
.4
-. 3
1
2
Includes employer contributions for social insurance. (See also p. 23.)
Preliminary estimates by Council of Economic Advisers.
NOTE.—The national income and expenditure series have been revised by the Department of Commerce. For details see Surrey of Current Business, July 1954.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
21
CORPORATE PROFITS
According to preliminary estimates, corporate profits before taxes declined $1 billion (seasonally adjusted annual
rate) between the second and third quarters. Since the beginning of the year corporate profits, both before and
after tcxes, have been well below a year ago. Abolition of the excess profits tax has contributed to the relatively
favorable showing of profits after taxes.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
60
601
ANNUAL TOTALS
40
1949
i960
1951
1952
1953
1954"
1951
1954
-^NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT
•^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED)
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Corporate
profile
before taxes
Period
1939
1944
1946
1948
1949
1950
1951
1952
1953 .
_
'.
_ ...
6. 4
23. 3
22. 6
32. 8
26.2
40. 0
41.2
37.2
39. 4
Corporate
tax
liability
1. 4
12. 9
9. 1
12. 5
10. 4
17.8
22. 5
20. 0
21. 1
Corporate profits after taxe*
Total
5.0
10. 4
13.4
20. 3
15. 8
22. 1
18. 7
17.2
18.3
Dividend
pavmentp
3. 8
4. 7
5.8
7. 2
7. 5
9. 2
9. 1
9. 1
9.4
Undistributed
profits
1. 2
5. 7
7. 7
13. 0
8.3
12. 9
9. 6
8. 1
8.9
Seasonally adjusted annual rates
1953: First quarter. _
Second quarter
Third quarter
Fourth quarter
1954: First quarter
Second quarter
Third quarter J _
_ _ _
42. 4
41.9
40. 9
32. 5
34. 5
34.5
33. 5
22. 7
22. 5
21. 9
17.4
17. 0
17.0
16. 5
19. 7
19. 5
19.0
15. 1
17. 5
17.5
17. 0
9. 1
9.3
9. 5
9. 6
9. 6
9.6
9. 8
10. 6
10. 2
9. 5
5. 5
7.9
7.9
7. 2
i Preliminary estimates by Council of Economic Advisers.
NOTE.—See p. 21 for profits before taxes and inventory x 7 aluation adjustment.
The national income and expenditure series have been revised by the Department of Commerce. For details see Survey of Current Business,
July 1954.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted)
22
SOURCES OF PERSONAL INCOME
Personal income declined slightly in October. Farm income, which fluctuates considerably when measured on a
monthly basis, was responsible for the decline. Income derived from nonfarm sources, accounting for about 95 percent
of total personal income, increased somewhat.
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
BILLIONS OF DOLLARS
300
TOTAL PERSONAL INCOME
250
LABOR INCOME-v
200
150
BUSINESS, PROFESSIONAL,
AND RENTAL INCOME
FARM PROPRIETORS'
INCOME
50
1942
1944
1946
1948
1950
1952
1954
1951
1952
SOURCE: DEPARTMENT OF COMMERCE.
Total
personal
income
Period
] 939
1944
1946 ...
1948
1949
1950
1951
1952
1953
..
1953: September..
October. _ .
November. .
December
1954: January
February
March
April
May
June
July
August. _
September
__
October 4
72. 9
165. 7
178. 0
208. 7
206. 8
227. 1
255. 3
271.2
286. 1
287. 7
287. 8
287. 2
287. 0
284, 9
285. 0
285.0
284. 4
286. 2
286. 5
285. 7
285.4
286. 6
285.9
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Less: PerLabor income Proprietors' income
sonal con- NonagriRental
(wage and
Transfer
Personal
tributions cultural
income Divi- interest
salary disBusiness
paydends income ments for social personal2
of
bursements
Farm
and proinsurincome
and other
fessional persons
ance
labor income)1
67. ]
0.6
3.0
5.8
3.8
2. 1
4. 3
7. 3
46. 6
2.2
151. 6
6.2
3.6
4. 7
5.4
18.0
118.5
11.5
161. 1
2.0
11.4
7.6
5.8
6.2
21. 3
13. 9
113. 8
188. 5
2.2
9.0
11.3
7.2
7.2
21.6
137. 9
16. 7
190.8
2.2
12.4
9.8
21.4
7.9
7.5
12. 7
137. 4
3
2. 9
210. 5
15. 1
10. 6
9. 2
22. 9
8.5
150. 3
13. 3
235. 7
3.4
12. 6
11.6
9. 1
16. 0
24. 8
9. 1
175. (i
253. 3
3.8
12. 3
13. 1
9. 1
14.2
10.0
190. 6
25. 7
270. 0
4.0
13.8
12. 2
9. 4
10. 6
13. 5
204. 4
26. 2
Seasonally adjusted annual rates
271. 9
4.0
13. 7
12. 1
13. 9
26.0
9.5
10. 8
205. 7
272. 7
4.0
14. 6
14. 0
9.5
10. 8
205. 7
11.3
25. 9
271. 3
4.0
13. 9
14. 1
9.6
12. 2
204. 5
26. 1
10. 8
269. 6
4. 1
14. 4
14. 1
9. 6
202. 7
10.9
13. 4
25. 8
267. 9
4.7
14.2
14.8
9.7
13.2
10.9
201. 3
25. 5
268. 2
4.8
14.3
15. 0
9.6
10. 8
201. 3
13. 2
25. 6
268. 8
4. 7
15. 8
9.6
14.3
10.8
201. 1
12.5
25. 6
269. J
4.6
14.4
15. 9
9.6
10. 8
200. 9
11.5
25. 9
269. 7
4.6
14.4
15.8
9.6
11.0
12.6
201. 6
25. 8
270. 3
4. 7
14. 4
15. 8
9.6
12.2
202. 1
10.9
26.0
270. 6
4. 5
14. 5
15. 8
9.7
202. 3
26.0
10. 8
11. 1
270. 2
4. 7
14. 5
15. 5
9.8
202. 1
25.9
10.9
11.4
271. 1
4. 6
14.6
16. 0
9.8
25.9
11.8
11.0
202.0
271. 8
4. 6
16.4
14. 6
9.9
202. 4
10. 9
10. 4
25. 8
1
Compensation of employees (see p. 21) excluding employer contributions for social insurance.
3 Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations.
NOTE.—Detail will not necessarily add to totals because of rounding.
1954
3 Includes $2.7 billion National Service Life Insuranct
dividend, most of which was paid in the first half of the yew.
«Preliminary estimates.
90
Source: Department of Commerce.
oO
DISPOSITION OF PERSONAL INCOME
Disposable personal income rose slightly between the second and third quarters, according to current estimates. Consumer spending rose $1.7 billion (seasonally adjusted annual rate) to a record level of $234.8 billion. As a result,
the personal saving rate was reduced slightly to 7.3 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
1946
SOUHCL
1948
1950
1954
1952
Plf-'AfUMf NT OF
COUNCIL OF ICONOMIC ADVISERS
1 jCBK I
Personal
Disposincome Personal
able
l
taxes
personal
income
Period
1939
1944
1946
1948
1949
1950
1951
1952
1953
.
_ _ .
1953: First quarter .
Second quarter
Third quarter
Fourth quarter
1954: First quarter
Second quarter
Third Quarter
Kqualn:
--
-.
70. 4
146.8
159.2
187.6
188.2
206. 1
226. 1
236. 9
250. 1
Less: Personal consumption
expenditures
Total
Equals:
Saving
as percent
of disPersonal posable
Nonsaving
Durable durable
Services
income
goods
goods
Billions of dollars
67. 6
6.7
109.8
6.8
146. 6
15. 9
177.6
22.2
180.6
23.6
194. 0
28.6
27. 1
208.3
26.8
218. 4
29.7
230. 1
72.9
165.7
178.0
208.7
206.8
227. 1
255. 3
271. 2
286. 1
2. 4
18.9
18.8
21. 1
18.7
20.9
29.3
34. 4
36.0
283.3
286.4
287.5
287. 3
285. 1
285.7
286. 2
Billions of dollars, seasonally adjusted
30.4
228.6
247.8
35. 5
30.3
250.4
230. 8
35.9
231.2
30.3
251.2
36.3
28.0
251.2
229.7
36. 1
230. 5
28.0
32.8
252.3
233. 1
28.8
32.9
252. 9
23-1. 8
28. 9
32. 9
253. 2
35. 1
65. 4
84. 5
98. 7
96.9
100. 4
111. 1
116. 0
118.9
2f>. H
37. 7
46. 2
56. 7
60. 1
65.0
70. 1
75. 6
81.4
2. 1)
3d 9
12. fi
10. 0
7. fi .
12. 1
17. 7 i
18. 4
20. 0
4. 1
25.2
7. 9
5. 3
4. 0
5. 9
7. R
7. 8
8. 0
annual rates
118.8
119. 6
118. 6
118.7
118. 8
120.0
121. )
79.4
80.9
82.3
83.0
83. 6
84. 3
84. 8
19. 2
19. 6
20.0
21.5
21.8
19.7
18.4
/. t
7. 8
8. 0
8. 0
8. <>
7.8
7. 3
1
Includes such items as fines, penalties, and donations.
NOTE.—The national income and expenditure series have been revised by the Department of Commerce. For details see Survey of Current Business, July 1954.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
24
PER CAPITA DISPOSABLE INCOME
Per capita disposable income declined very slightly in the third quarter, according to current estimates.
DOLLARS
2,000
DOLLARS
2,000
SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL AVERAGES
1953 PRICES^
1,500
1,500
CURRENT PRICES
1,000
1,000
500
I
1942
1944
1946
1946
I
I
I
I
1952
1950
i
1952
1951
1954
1954
1953
J^SEE NOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE AND
COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS
Total disposable personal Per capita disposable perincome (billions of dollars)1
sonal income (dollars)1
Period
1953
prices 3
Current
prices
1939
1944
1946
1948
1949
1950
1951
1952
1953
. . . .
-
- -
. . .
.. .
-
-
_
_ _ __
_
.- -.
_.
70.4
146. 8
159. 2
187.6
188. 2
206. 1
226. 1
236.9
250. 1
135.6
223. 4
218.4
208. 7
211. 5
229.3
233. 1
238.8
250. 1
Current
prices
538
1,060
1, 126
1, 279
1,261
1,359
1.465
1, 509
1,567
1953
prices *
Population
(thousands) '
1,037
1,613
1,545
1,423
1,417
1,512
1,510
1,521
1,567
131, 028
138, 397
141, 389
146, 631
149, 188
151, 683
154, 360
157, 022
159,629
Seasonally adjusted annual rates
1953: First quarter
Second quarter
Third quarter
Fourth quarter
1954 1 First quarter
Second quarter.
Third quarter. _
-
..
247.8
250. 4
251.2
251.2
249. 5
251.2
250.0
249. 7
1,561
1,572
1,570
1,563
1,572
1,577
1,562
1,554
158, 714
159, 306
160, 022
160, 764
252.3
252. 9
253.2
251.0
251.9
251.9
1, 563
1,560
1,555
1,555
1,554
1,547
161, 436
162, 078
162, 808
> Income less taies.
3 Dollar estimates in current prices divided by consumer price index on base 1953=100.
i Includes armed forces overseas. AnnaaJ data as of July 1: Quarterly data centered In the middle of the period, interpolated from monthly figures.
NOTE.—The national income and expenditure series have been revised by the Department of Commerce. For details see Survey of Current Business, July 1954,
Sources: Department of Commerce and Council of Economic Advisers,
28
FARM INCOME
During the first 10 months of 1954, farmers received an average of $2.4 billion per month from cash marketings and
Government payments, about 4 percent below the same period of 1953. Cash receipts from livestock and products
were down 3 percent and crop receipts about 53^ percent.
Parity index
(prices paid,
Cash receipts from marketings interest, taxes,
and
wage rates),
Livestock and
Crops
1953=100!
products
275
44
377
753
945
65
903
1, 144
75
1,095
1,423
93
1,049
90
1,280
1,029
92
1,331
1,099
1,634
101
1, ]87
1,537
103
1,179
1,439
100
1,742
99
1,475
2,309
1,572
99
1,811
99
1,559
1,466
100
1,461
1, 195
]01
1,416
643
101
1, 303
538
1,452
101
494
101
1,387
589
102
1,444
793
101
1, 344
977
100
1,251
1,219
101
1,350
1, 753
100
1,393
2,068
100
1,457
Farm income (millions of dollars, current prices)
Cash receipts
and Government
payments
Period
1939 monthly average
1944 monthly average
1946 monthly average .
1948 monthly average
1949 monthly average
1 950 monthly average
1951 monthly average
1952 monthlv average
.
1953 monthly average
1953' September
October
November
December
1954* January
Februarv
March
.
April
Mav
June
July
August
.._ _ _
September
3
October
_..
.
_ „.
-
-_
715
1,763
2, 111
2,539
2,344
2,384
2,757
2,747
2,636
3,222
3,888
3,374
2,939
2, 629
1, 960
2,014
1, 914
2,062
2,176
2,246
2,581
3, 158
3,535
* Converted from the reported base, 1910-14=100, to the base 1953=100.
' Farm income in current dollars divided by parity index on base 1953=100.
Preliminary estimates.
Source: Department of Agriculture.
1
26
Farm income
(millions of
dollars,
1953 prices) 2
1,625
2,712
2,815
2,730
2,604
2,59]
2,730
2,667
2,636
3, 255
3,927
3,408
2, 939
2, 603
1, 94]
1, 994
1,895
2 099
2\ 154
2,240
2, 555
3, 15S
3, 535
CREDIT, MONEY, AND FEDERAL FINANCE
BANK LOANS, INVESTMENTS, AND RESERVES
Total loans of commercial banks rose $600 million in October and appear to have increased further in November.
Investment holdings of commercial banks rose $3 billion, almost entirely in U. S. Government securities. The excess
reserve position of member banks was slightly lower in October than in September.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
175
175
1939
1945
1950
1951
1952
1953
END OF YEAR
END OF MONTH
SOURCE; BOARD OF GOVERNORS OK THE FEDERAL RESERVE SYSTEM.
COUNCIl OF ECONOMIC ADVl&ESS
[Billions of dollars]
All commercial banks
End of period
1939...
1948
]949
1 950
1 95 1
] 952
1 953
1 953 : September
October
November
..
December
1954: .January
February . _ _
March
April
_ _
Mav
__
June
July*
August 3 3
September
October s _ . .
November s
Total loans
and investments
40. 7
114. 3
120. 2
26. 7
132. (i
4 1 . (i
46. 4
43. 0
44. 0
45. 5
145. 7
145. 3144. 9
142. 8
144. 1
145. 7
146. 4
147.3
149. 5
150. 6
154. 1
Investments
Loans
Total
17.
42.
43.
52.
57.
M.
»8.
2
5
0
2
7
2
3
23. 4
1. 8
'.7. I
i7. 2
17. 6
H>. 5
60. 9
67. 0
66. 8
67. 1
67. 3
67.3
66.4
67.2
67.8
r». ,s
m. 3
^7 2
~4. 4
4. 9
7. 5
8. I
6. 7
8. 3
8. 1
"8. 9
"8. 0
"5. 7
"7. 4
"8. 6
79. 0
80. 0
83. 0
83. 3
86. 3
U. 8. GovOther
ernment
securities securities
7. 1
16. 3
9. 2
02. 6
10. 2
67. 0
12.4
02. 0
01. 5
13. 3
03. 3
14. 1
14. 6
03. 0
14. 5
62. 2
14.5
02. 3
14. 6
03. 7
14. 7
03. 4
14. 7
04. 2
15. 0
03. 0
15. 1
00. 6
15. 2
62. 1
63. 3
15. 3
15.5
63. 5
15. 6
64. 3
15. 7
67. 3
16. 0
67. 3
16. 1
70.2
Weekly
reporting
member
banks —
business
loans 1
4. 7
15. 6
13.9
17.9
21.6
23. 4
23. 4
23. 1
23.3
23. 2
23.4
22.5
22. 4
22. 8
22.2
21. 9
21.9
21.5
20. 8
21.0
21.0
22. 1
All member banks 2
BorrowReserve balances ings at
Federal
Required Excess Reserve
Banks
4. 4
6.0
0.0
17.2
.8
.1
.8
17.0
.1
.8
15. 6
.1
.8
18.5
.3
.7
19. 6
.8
.7
19.3
.8
.7
18.8
.5
18. 8
.8
.4
.7
19.0
.5
.7
19. 2
.4
19.2
.9
.1
.6
18. 9
.3
.7
18. 9
.2
.8
18.6
.1
.7
18. 8
.2
.9
18.8
.1
.8
.1
18.3
17.6
.8
.1
.1
17. 6
.8
.7
18.2
.1
1
Commercial, industrial, and agricultural loam; revised series beginnine January 1952.
3 Preliminary estimates.
2 Data are averages of daily figures on balances and borrowings during the period.
Member banks include, besides all national banks, those State banks that have taken membership in the Federal Reserve System.
Nor*.—Detail will cot necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
27
CONSUMER CREDIT
Total consumer credit outstanding rose in October for the sevenfh consecutive month, due primarily to an increase in
charge account credits and to instalment loans on consumer durables other than automobiles.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
35
35
1950
1955
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
(Millions of dollars)
Total
consumer
End of period
credit
outstanding
1939
1944
___ _ _
194t>
_
1948
1949
_ _ _ _ _ _
1950
1951
_ ___
1952
1953
1953: September,
October
NovemberDecember.
1954: January
February „_
M arch
Apri]__
May
June
July
August
SepU'inb'.T.
i )ctober
7,222
5, 111
8, 384
14,411
17, 104
20, 813
21,468
25, 827
29, 537
28, 344
28, 600
28, 760
29, 537
28, 724
28, 140
2V, 833
28, 095
28, 372
28, 666
28, 725
28, 736
28, S56
28, S7f>
Instalment credit outstanding
Total
4, 503
2, 176
4, 172
8,968
11,516
14, 490
14, 837
18. 684
22, 187
21, 581
21, 766
21, 907
22.. 187
21, 836
21,582
21,381
21,426
21, 487
21,717
21, 849
21,901
21, 935
21. 952
Automobile
paper *
1,497
397
981
3,054
4,699
6,342
b, 242
8,099
10, 341
10,260
10, 373
10, 404
10, 341
10, 158
10, 010
9.919
9,942
10, 002
10, 168
10, 298
10, 349
10, 365
10, 340
Other Repair and
consumer moderni- Personal
loans
zation
goods
loans 8
paper *
1,088
298
1,620
869
119
791
1,496
405
1,290
2.229
843
2, 842
2, 444
887
3,486
2,805
1,006
4, 337
3,235
1, 090
4, 270
3,851
1,406
5,328
4,366
I! 649
5,831
43 241
1,588
5,492
4,245
1, 619
5,529
4,271
1, 645
5, 587
4,366
1, 649
5,831
4,346
1,635
5, 697
4,361
1,623
5, 588
4,405
1, 614
5, 443
4,454
1, 617
5,413
4,481
1, 634
5, 370
4, 547
1, 635
5,367
4', 586
1, 637
5, 328
4, 616
1, 642
5,294
4, 641
] i 642
5. 287
4, 651
] , 637
5, 324
N oninstalment credit
outstanding
Total
2,719
2, 935
4,212
5,443
5, 588
6,323
6,631
7, 143
7, 350
6, 763
6,834
6,853
7,350
6.888
6, 558
6,452
6, 669
t>, 885
6,949
6,876
6,835
6, 921
7, 023
Charge
accounts
1,414
1, 517
2,076
2,713
2,680
3, 006
3,096 i
3,342
3,411
2,783
2,886
2,931
3,411
3,002
2,682
2,564
2,723
2,786
2,819
2,773
2,734
2,807
2,892
InstalInstalment
ment
credit 8
credit ex3
repaid
tended
4,894
8,495
15, 540
18, 002
21,256
22, 791
28, 397
30, 321
2,440
2,540
2, 355
2, 696
1,947
1,95(5
2,380
2,400
2,397
2,703
2,549
2,477
2,441
2,454
' Ineludes nil consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.
» Includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper."
<>edil extended or repnkl during the period.
Nuti;.- ] >utu bi'piiijimi' J a n u a r y iwtt have been revised. Detail will not necessarily add to totals because of rounding;
Houuso: Board of Governors of the Federal Reserve System.
1
4,854
6,785
13, 267
15, 454
18, 282
22, 444
24, 550
26, 818
2, 269
2,355
2,214
2,416
2,298
2,210
2,581
2, 355
2,336
2,473
2,417
2,425
2,407
2,437
BOND YIELDS AND INTEREST RATES
The Treasury bill rate was higher in early December than in late November.
yields were little changed from their October levels.
Otherwise interest rates and bond
PERCEMT PER A N N U M
3.5
PERCENT PER A N N U M
3.5
1954
1949
S O U R C E : B O A R D OF GOVERNORS OF THE
Period
1939
1946
- _
- „._
1948
1949
I960. _ . _ _ _ _ _ . . .
3951
1952 ..... ,
... ........
1 953
1953: October
. . . ..
November ... . . . „ . . > ,
December
1 954 : January
____„
February
March
_
April
May
June
July
August _ _ _ _ _ _ _ _
September
October
November _
Week ended:
1954: November 6
13
20
27
December 4
11
COUNCIL OF ECONOMIC ADVISERS
F E D E R A L R E S E R V E SYSTEM.
[Percent per annum]
U. S. Government security yields
High-grade
3-month
Taxable bonds 2
municipal
Treasury
bonds 5
Old series s New series 4
bills * "
0. 023
2. 76
. 375
2. 19
1. 64
. 040
2. 44
2. 40
. J02
2. 31
2. 21
. 21 S
1. 98
2. 32
552
2. 57
2. 00
, 766
2. 68
2. 19
. 931
3. 16
2. 72
2. 93
. 402
3. 00
2, 83
2. 72
. 427
3. 04
2. 62
2. 85
Aaa
. 01 1
. 782
. 650
. 710
. 892
1. 007
. 987
. 948
2. 79
2. 68
2. 60
2. 51
2. 47
2. 52
2. 54
2.47
2. 48
2. 51
2. 52
2. 55
2.
2.
2.
2.
2.
2
2.
2.
2.
2.
2.
2.
96
90
85
73
70
72
70
62
60
64
65
68
2. 59
2. 50
2. 39
2. 38
2. 47
2. 49
2. 48
2. 31
2. 23
2. 29
2.32
2. 28
3. 01
2. 53
2. 82
2. 66
2. 62
2.86
2. 96
3. 20
3. 16
3. 11
3. 13
3. 06
2.95
2. 86
2.85
2. 88
2. 90
2.89
2. 87
2.89
2.88
2.89
1.023
. 940
. 931
.897
1. 029
1. 087
2. 54
2.55
2. 55
2. 56
2.57
2.56
2. 68
2.68
2.68
2. 68
2.68
2. 67
2. 30
2.28
2.28
2. 28
2.29
2.31
2.88
2.89
2.89
2.88
2.89
2.89
. <>:>o
.214
. 9S4
. or,:*
* Rate on new issues within period.
2 Bonds in this classification were first issued in March 1941.
a Beginning April 1952, 2Ji-pereent bonds first callable after 12 years. Prior
to that, only bonds due or callable after 15 years were included.
Corporate bonds
( Moody 's)
Baa
4. 96
3.05
3. 47
3.42
3. 24
3.41
3.52
3. 74
3.82
3.75
3.74
3. 71
3.61
3. 51
3.47
3. 47
3.49
3. 50
3.49
3.47
3. 46
3.45
0. 59
.81
1.44
1.49
1.45
2. 16
2.33
2. 52
2.55
2.31
2. 25
2. 11
2.00
2. 00
1. 76
1.58
1. 56
1.45
1.33
1.31
1.31
1.31
3.46
3.45
3. 45
3.45
3.45
3. 45
1.31
1.31
1.31
1.31
1.31
1.31
* 334-percent bonds of 1978-83, issued May 1,1953.
Standard and Poor's. Weekly data are Wednesday figures.
Source: Board of Governors of the Federal Reserve System.
8
Prime
commercial
paper.
4-6 months
MONEY SUPPLY
The privately held money supply increased by $2.3 billion in October, mainly due to an increase in demand deposits.
U. S. Government deposits increased by $1.4 billion.
H i l l ION?. Of
JONS OF D O L L A R S
Uui t AH;.
TOTAL DEPOSITS AND CURRENCY
r
TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS
(PRIVATELY HELD MONEY SUPPLY)
DEMAND DEPOSITS ADJUSTED
T I M E DEPOSITS
RENCY OUTSIDE BANKS
\
U.S. GOVERNMENT DEPOSITS
194! 42 43 44 45 46 47 48 49 50
51
52
53
1952
END OF Y E A R
1953
END OF MONTH
J F M A M J J A S O N D
1954
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars]
End of period
1939 .
1944 ._
1940
1948.
1949
1950
1951..
1952
1953 .
1953: September.
October
November
December _
1954: January __
February _
M arch
April
_ _
_„
Mav
June 4
July 4
Auirust __ 4
September
October 4
1
2
30
_
Total deposits and
currency
64.7
151. 4
167. 5
172. 7
173.9
180. 6
189. 8
200.4
205. 8
201. 1
201.7
203.7
205.7
203. 5
202. 5
201.3
202. 3
203. 6
205.3
204. 9
206. 3
207. 7
211. 4
U. S.
Government
deposits 1
1. 5
21. 2
3. 5
3.6
4. 1
3. 7
3. 9
5.6
4. 5
6. 8
4. 4
6. 2
4.8
3.7
5.0
6. 1
5.0
5.6
6. 8
4. 4
6.0
5. 2
6. 6
Total excluding U. S. Government deposits
(privately held money supply)
Currency
Demand
Time
deposits
outside
Total
deposits 3
adjusted 2
banks
29. 8
27. 1
6. 4
63. 3
39. 8
23. 5
66. 9
130. 2
54. 0
83. 3
26. 7
164. 0
57.5
85. 5
26. 1
169. 1
58. 6
25.4
85. S
169. 8
59.2
92. 3
25. 4
176. 9
61. 4
98. 2
26.3
186. 0
65.8
27. 5
101. 5
194. 8
70. 1
103.3
27.8
201.3
69. 1
97. 7
27. 5
194.3
69.6
100.3
27.4
197.3
69. 3
27.9
100.2
197.4
102. 5
70. 4
28. 1
200. 9
102. 3
26.9
70. 6
199. 8
71. 0
99. 6
26. 9
197.4
71.7
26.9
96.7
195.2
72. 0
98. 6
26.7
197. 3
72. 5
98. 7
26. 8
198.0
73.3
27. 1
98. 1
198. 5
73. 7
100.0
26. 8
200. 4
74. 0
26.9
99.4
200. 3
26.9
74. 4
101. 2
202. 5
74. 7
26. 9
103. 1
204. S
Includes U. S. Government deposits at Federal Reserve banks and commercial and savings banks, and U. S. Treasurer's time deposits, open account.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
*4 Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.
Preliminary estimates.
Source: Board of Governors of the Federal Reserve System.
NOTE.—Detail will not necessarily add to totals because of rounding.
FEDERAL BUDGET RECEIPTS AND EXPENDITURES
Budget receipts declined seasonally from $5.0 billion in September to $2.6 billion in October. Budget expenditures were $4.9 billion in October, substantially unchanged from the preceding month. The cumulative budget
deficit for the first 4 months of fiscal year 1955 was $7.1 billion, compared with $6.3 billion at the same time last year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL BUDGET EXPENDITURES
NET BUDGET RECEIPTS
75
75
50
50
25
1950
1951
1952
1953
1954
1955
NATIONAL SECURITY PROGRAMS
BUDGET SURPLUS (+) OR DEFICIT (-)
(MAGNIFIED SCALE)
75
50
25
-5
-10
1950
1951
1952
1953
1954
1955
1950
1951
1952
1953
1954
1955
FISCAL YEARS
* ESTIMATED
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Budget expenditures
Net budget
receipts
Period
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1953"
vear 1944
year 1947
vear 1948
year 1949
year 1950
vear 1951
vear 1952
vear 1953
year 1954
year 1955 (estimated)
Julv
August
September
October
1954: February
March
April
Mav
-
_ _
_ _
__
__
-
_ . _ _
_ _
June
_ .
__
Julv
August
__
_
September
October
.
_ .
.
Cumulative totals for first 4 months:
Fiscal year 1954
Fiscal vear 1955
__ ,
Total
National
security l
Budget surplus (+) or
deficit (-)
Public debt
(end of
period) -
43.6
39. 8
41. 5
37. 7
36. 5
47. 6
61. 4
64.8
64. 6
59.3
3.4
4. 4
5.9
3.0
5.4
11.4
2.8
3.6
10. 5
2. 8
3.9
5.0
2. 6
95. 1
39. 0
33. 1
39. 5
39.6
44. 1
65.4
74. 3
67. 6
64.0
5. 1
6.0
6.0
5.8
4. 7
5. 6
5.3
5. 2
7. 1
4. 8
6. 7
5. 0
4. 9
75. 8
14. 4
11. 7
12. 9
13.0
22. 3
43.8
50.3
46. 2
41. 9
3. 6
3. 9
4. 1
4. 2
3. 6
3. 9
3. 7
3. 3
4. 2
3. 2
3. 4
3.3
3.3
-51.4
+ .8
-1 8 4
-1. 8
-3. 1
+ 3. 5
-4. 0
-9.4
-3.0
-4.7
-1. 7
-1. 6
.2
-2. 7
+ .7
4-5. 9
-2. 5
-1. 6
+ 3. 4
-2. 0
-2. 8
—.1
-2. 2
202. (>
258. 4
252. 4
252. S
257. 4
255. 3
259. 1
266. 1
271.3
274. 5
272. 7
273.3
273.0
273. 5
274. 9
270.3
271. 1
273. 6
271.3
271.0
275. 0
274. 8
278. S
1 6. 6
14. 3
22. 9
21. 4
15. 8
13. 1
-6.3
-7. 1
273. 5
278. S
* Revised to include the items classified as "national security" in The Budget of The United Slates Government for the Fiscal Year Ending June SO, 1966. Thcwexpenditure items are: Military functions of Defense Department, mutual military prop-am, development and control of atomic energy, and allocation of critical nn«i
strategic materials.
»Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.
NOTE.—Beginning with February 1954, the reporting of budget receipts and expenditures is on a basis consistent with that used in preparing budget estinmic: .
The figures shown above for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis.
Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
31
FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
The cash deficit for the quarter ending in September was $4.8 billion, reflecting to a considerable degree the seasonally
low receipts during the first half of the fiscal year.
BILLIONS OF DOLLARS
25
BILLIONS OF DOLLARS
2S
CASH RECEIPTS
/
CASH PAYMENTS
u
I
2
1
3
2
3
4
I
2
i
2
3
«
1951
— f f — EXCESS OF CASH RECEIPTS-
TIT
IT
¥
EXCESS OF CASH PAYMENTS-
1951
3
1953
1952
CALENDAR YEARS
SOURCES" BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Cash receipts
from the
public
Calendar year
Calendar year total:
1946
1947
...
1948
1949
1950
1951
1952
_.
.
1953
Quarterly totals, not adjusted for seasonal variation:
1952: Third quarter
Fourth quarter
1953: First quarter
Second quarter
Third quarter
Fourth quarter
_
_
1954:l First quarter
Second quarter
Third quarter
Cash payments to
the public
Excess of receipts ( + ) or
payments (—)
41,441
44,282
44,922
41,346
42,419
59,278
71,339
70,382
41, 399
38, 616
36, 897
42, 642
41, 969
58, 034
72, 980
76, 541
+ 42
-1-5, 666
+ 8,027
-1,295
+450
+ 1,244
-1,641
-6, 159
15,354
14, 722
17, 921
19, 436
-2,567
— 4, 715
22, 539
18,674
15, 502
13, 667
18, 166
21, 049
19, 015
18,311
+ 4, 373
-2,375
-3,513
-4,644
23,353
18, 987
13, 500
16, 358
18, 342
18, 300
+ 6,995
+ 645
— 4, 800
» Preliminary estimates.
NOTB.—Detail win Dot necessarily add to totals because of rounding.
Sources: Bureau of the Budget and Treasury Department.
32
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