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VJth Congress, 1st Session

Economic Indicators
DECEMBER

1961

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1961




JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vice Chairman
SENATE
HOUSE OP REPRESENTATIVES
JOHN SPARKMAN (Alabama)
RICHARD BOLLING (Missouri)
J. WILLIAM FULBRIGHT (Arkansas)
HALE BOGGS (Louisiana)
WILLIAM PROXMIRE (Wisconsin)
HENRY S. REUSS (Wisconsin)
CLAIBORNE PELL (Rhode Island)
MARTHA W. GRIFFITHS (Michigan)
PRESCOTT BUSH (Connecticut)
THOMAS B. CURTIS (Missouri)
JOHN MARSHALL BUTLER (Maryland)
CLARENCE E. KILBURN (New York)
JACOB K. JAVITS (New York)
WILLIAM B. WIDNALL (New Jersey)
WM. SUMMERS JOHNSON, Executive Director
JOHN W. LEHMAN, Deputy Executive Director
RICHARD J. BARBER, Clerk

COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman
KERMIT GORDON
JAMES TOBIN

[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 Join
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that .
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant a
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies tc
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depositor)
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 20 cents a single copy
or by subscription at $2.00 per year (foreign, $2.75) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON 25, D.C.
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $4.60 per year.
The 1960 Supplement to Economic Indicators, which describes each series and
gives annual data for years not shown in the monthly issues, is now available at
60 cents a copy.

Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
.
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment

.

iv
1
2
3
4
5
6
7
8

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work
Average Hourly and Weekly Earnings—Selected Industries

9
10
11
12
13

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Trade Sales and Inventories
Manufacturers' Sales, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Balance of Payments

14
15
16
17
18
19
20
21
22

PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers

23
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Bank Loans, Investments, Debits, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices

26
27
28
29
30

FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public




NOTE.—Detail in these tables will not necessarily add to totals because
of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.

31
32

ill

TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose about $10 billion (seasonally adjusted annual rate), or 2 percent, from the second to the
third quarter of 1961, accordins to current estimates.
[Billions of dollars; quarterly data at seasonally adjusted annual rates!

Period

1951
1952
1953
1954..
1955
1956
1957
1958-.
1959
1960
1960: First quarter.-.
Second quarter.
Third quarter..
Fourth quarter.
1961: First quarter....
Second quarter,.
Third quarter..

Personal
Disposable consumption
personal expenditures

227. 5
238. 7
252. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 3
351. 8
345. 7
352.7
354.4
354. 9
354.3
361.8
367. 8

209. 8
219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293. 2
314.0
328.9
323.8
329.9
329.7
332.3
330. 7
336. 1
341.0

International

Business

Persons

Personal
Gross
Excess
saving
Gross
private
of
( + ) or retained domestic investearndisment
invest^
saving
ings 2
ment

17.7
18. 9
19.8
18.9
17.5
23.0
23.6
247
23.4
22. 9
21.8
22. 8
24. 6
22. 7
23. 7
25.8
26. 8

31.5
33.2
34. 3
35. 5
42. 1
43. 0
45. 6
44.8
50.7
51.7
52.0
51. 9
51.7
51.2
50.4
53. 9
54. 9

56. 3
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72. 4
72. 4
78.9
74.6
70.5
65.6
59.8
68.8
73.2

Foreign
Net exports of goods Excess of
transfers
and services
net
trans(+) or
of net
fers by
Imexports
ExGovern- Net
ports
ment exports ports

2. 1
1. 5
1. 6
1. 4
1. 5
1. 5
1. 5
1.3
1.5
1.6
1.5
1.6
1.5
1. 6
1. 6
1.5
1. 7

-24. 8
~16. 6
-16. 0
-13. 4
-21. 8
-24. 3
-20. 5
-11.9
-21. 7
-20.7
-26.9
-22. 7
-18.8
-14. 4
— 9. 4
-14. 9
-18. 3

2. 4
1.3

5. 1

17. 9
17.4
16. 6
17.5
19.4
23. 1
26. 2
22. 7
23. 1
26.7
25.6
26.7
26.8
27.6

5.3
3.9
2.6

27.6
26.4
27.0

A

i!o
1.1

2. 9
4. 9
1.2

-.7
3.0
1.8
2.3
3.0

15.5
16. 1
17. 0
16. 5
18.3
20. 2
21. 3
21. 5
23.8
23.6
23.9
24.4
23.8
22.4
22.3
22.5
24.3

-0.2
2

1. o

.4
.4
-1. 5

-3. r>
.i
2. 3
— 1. 5
-. 3
7

-1.4
-3. 0
-3. 7
-2.4
—. 9

Government
Net receipts

Period

1951.
19521953.
1954.
19551956.
1957.
1958195919601960: First quarter
Second quarterThird quarter. Fourth quarter .
1961 First quarter
Second quarter.
Third quarter. _

Expenditures

Surplus
(+) or
deficit
Tax and TransPurTrans- (-) on
Total
nontax
chases
fers,
income
fers,
Net
goods expendi- interest,
and
receipts receipts interest, of and
and subor
tures and sub- product
sidies
accruals sidies
account

66. 6
72. 2
75.7
68.5
78.4
84. 2
87.5
82.0
94, 9
102.0
103. 5
103. 3
101. 5
99.7
97.1
100.7
103. 0

85. 5
90. 6
949
90.0
101. 4
109. 5
116. 3
115.1
129. 3
139.1
139. 5
140. 1
138.8
138.3
136.8

141. 9
145.3

18.9
18.4
19. 2
21.5
23.0
25.3
28.7
33. 1
344
37. 1

60. 5
76.0
82. 8
75.3
75.6
79.0
86.5
93.5
97.1
100. 1

36.0
36.8
37.3
38.6
39. 7

96. 9
99.6
101.9
101.6

41. 2
42. 3

105.0
107.3
109. 0

1
Personal income (p. 3) less personal taxes and nontax payments (fines, penaltles.etc.
GO. I3l>i:.y.
s
Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and excess oJ wage accruals over disbursements.
a
Net foreign investment with sign changed.

IV




79.4
94. 4
102.0
96.7
98. 6
104.3
115.3
126. 6
131.5
137.2
132. 9
136. 4
139.2
140.2
1447
148. 5
151. 3

18. 9
18.4
19.2
21.5
23. 0
25.3
28.7
33.1
34 4
37.1
36.0
36.8
37. 3
38.6
39.7

41. 2
42. 3

6. 1
-3.9
-7. 1
-6.7
2. 9
5.2
1.0
-11. 4
-2. 2
1.9
6. 5
3. 5
-.5
-1.9
-7.9
-6. 6
-6.0

Gross
Total
Statis- national
tical
income
product
or
discrepor
receipts
ancy
expenditure

327.7
345. 6
364 1
362. 3
396. 5
421. 6
443.4
446.0
484 4
507.1
502. 7
509. 5
509. 1
507.4
503.4
517.9
527.4

1. 2
1.4
1. 3
.9
1.0
-2.4
—. 6
-1.5
-1. 7
-2.6
-1. 1
-2.9
-4 0
-2. 9
-2. 6
-1.7
-1.5

329. 0
347.0
365. 4
363. 1
397. 5
419. 2
442. 8
444. 5
482. 8
5044
501.5
506. 4
505. 1
504 5
500.8
516. 1
525. 8

4
Government transfer payments to persons, foreign net transfers by GovernlijeilL, IIKL ii,l,eit»L pmu
ment, net interest paid by government, and subsidies less current surplus ot
government enterprises,
NOTE.—Data for Alaska and Hawaii Included beginning 1960.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product in current prices (seasonally adjusted) rose almost 2 percent in the third quarter of 1961; when
adjusted for price changes, the increase was about 1 Vk percent.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

500

GROSS NATIONAL

PRODUCT

300

300

ZOO

200
GOVERNMENT PURCHASES
OF GOODS AND SERVICES

100

SOORCE:. DEPARTMENT 'or COMMERCE.!

COUWCII OF KONOftlC ADVISERS

[Billions of dollars]
Government purchases of goods and
Total
Personal Gross
Net
services
Total
congross
private exports
national
gross
sump- domestic of goods
Federal
State
tion
product national
and
in 1960 product expend- invest- services Total Total i National Other and
2
ment
local
defense
prices
itures

Period

334. S
S6S. 3
391.8
406.6
425. S
416. 6
449. 6
459. 1
467.6
459. 9
491. 0
504. 4

258. 1
284. 6
329. 0
347. 0
365.4
363. 1
397. 5
419.2
442. 8
444. 5
482.8
504.4

181.2
195.0
209.8
219. 8
232. 6
238.0
256. 9
269. 9
285. 2
293. 2
314,0
328. 9

33.0
3. 8
22.2
40.2
50.0
.6
39.0
19. 3
56.3
2.4
60. 5
38. 8
49.9
1.3
52. 9
76.0
50.3
-.4
58. 0
82.8
48. 9
1. 0
75. 3
47. 5
63. 8
1. 1
75.6
45.3
2. 9
67. 4
79.0
45.7
66. 1
4. 9
49.7
86.5
56.6
1.2
52. 6
93. 5
7
72.4
97. 1
53. 5
72. 4
3. 0 100. 1
52. 9
Seasonally adjusted annual rates

1 960 : First quarter
Second quarter _ _
Third quarter
Fourth quarter . .

504. 5
507. 6
504. 1
501. 2

501. 5
506. 4
505. 1
504.5

323.8
329.9
329.7
332. 3

78.9
74.6
70.5
65.6

1.8
2.3
3.0
5.1

96. 9
99.6
101.9
101.6

1961: First quarter
Second quarter
Third quarter

498. 1
BIO. 1
518.1

500.8
516. 1
525. 8

330. 7
336. 1
341. 0

59. 8
68.8
73. 2

5. 3
3.9
2.6

105.0
107.3
109. 0

1949
1950 —
1951
1952_
1953
1954
1955
1956
_ .
1957
1958
1959
1960

1
2

.

Less Government sales.
These expenditures correspond closely with budget expenditures for "major
national security," shown on p. 31.
3 Gross national product in current prices divided by gross national product
in 1960 prices.




1961

I960

1955

Implicit
price
deflator
for total

GNP,

1960=100'

13. 6
14.3
33.9
46.4
49. 3
41.2
39. 1
40.4
44.4
44.8
46.2
45. 5

8.9
5.2
5.2
6.7
9.0
6.7
6. 6
5.7
5.7
8.3
7.8
8. 0

17. 9
19. 7
21.7
23. 2
24. 9
27. 7
30.3
33.2
36.8
40.8
43. 6
47. 2

77. 2
78.6
84. 0
85. 3
85. 9
87. 2
88. 4
91. 3
94.7
96.7
98.3
100. 0

51.8
52. 9
54. 0
53. 0

45.5
45.5
45.4
45.7

6.9
7.9
9.1
7.9

45.0
46. 8
48.0
48.6

99.4
99. 8
100. 2
100. 7

54.7
56.6
57.4

47.2
48.8
49.0

8.0
8.3
8.9

50.3
50.6
51.6

100.9
101.2
101.5

NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

NATIONAL INCOME
National income increased $8.3 billion (seasonally adjusted annual rate) in the third quarter. The largest ii
creases were $6.0 billion in compensation of employees and $1.5 billion in corporate income.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL NATIONAL INCOME

400

400

300

300
COMPENSATION OF EMPLOYEES

200

200

•100

100

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

PROPRIETORS' AND
RENTAL INCOME

1955

1961

SOURCE: DEPARTMENT OF COMMERCE..

couflaroF ECONOMIC ADVISERS.

[Billions of dollars]

Period

1949.
1950
1951
1952
1953
1954
1955
1956_
1957
1958
1959
1960

,__
.-- .
--

_-

Total
national
income

Compensation
of employees '

217.7
241 9
279. 3
292. 2
305. 6
301. 8
330. 2
350. 8
366. 9
367. 4
399. 6
417. 1

Proprietors' income

140. 8
154.2
180. 3
195. 0
208.8
207.6
223. 9
242. 5
255. 5
257. 1
278. 4
293. 7

Farm

12. 9
14. 0
16. 3
15. 3
13.3
12.7
11. 8
11. 6
11. 8
13. 5
11. 3
12. 0

Business
and professional

Rental
income
of
persons

22. 7
23.5
26.0
26.9
27.4
27.8
30. 4
32. 1
32. 7
32.5
35.0
36.2

8.3
9.0
9. 4
10. 2
10. 5
10. 9
10. 7
10. 9
11.9
12.2
11. 9
11.7

Net
interest
4. 8
5. 5
6. 3
7. 1
8.2
9. 1
10. 4
11.7
13. 4
14.8
16. 6
18.4

Corporate profits and inventory valuation adjustment
Total

Profits Inventory
valuation
before
taxes adjustment

28. 2
35.7
41. 0
37.7
37.3
33. 7
43. 1
42. 0
41. 7
37. 2
46.4
45.1

26. 4
40.6
42. 2
36. 7
38. 3
34. 1
44. 6
44. 7
43. 2
37.4
46. 8
45.0

1.9
-5.0
— 1. 2
1. 0
— 1. 0
-. 3
1 7
-2. 7
— 1. 5
g

—! 5
.0

Seasonally adjusted annual rates
1960: First quarter _ _
Second quarter
Third quarter
Fourth quarter

413. 5
419. 2
419. 0
416.5

290. 2
294. 6
296. 0
294. 0

10. 5
12. 3
12. 4
12. 7

35. 8
36. 4
36. 3
36.3

11. 7
11.7
11.7
11.7

17.8
18. 3
18. 6
18. 9

47. 4
45. 9
44. 1
42. 9

48. 1
46. 3
43. 2
42.6

-0. 7

1961: First quarter
__
Second quarter _
Third quarter

412. 2
426. 0
434. 3

292. 6
300. 2
306. 2

12. 9
12. 9
12. 8

36. 0
36.3
36. 6

11.5
11. 5
11.5

19. 2
19. 6
20.2

40.0
45. 5
47.0

39.6
45. 2
47.2

.4
.3




1

Includes employer contributions for social insurance. (See also p. 3.)
NOTE,—Data for Alaska and Hawaii included beginning 1960.

Source: Department of Commerce.

'. ^
9
.3

—. 2

SOURCES OF PERSONAL INCOME
Personal income rose $3.8 billion (seasonally adjusted annual rate) in November. Labor income accounted for $2.5
billion of the rise and farm income $0.7 billion. Most other major sources of income rose slightly.
BILLIONS OF DOLLARS
450

BILLIONS OF DOLLARS
450

400

400

350

350

300

300

£50

250

200

ZOO

BUSINESS. PROFESSIONAL, AND RENTAL INCOME
\

1955

FARM PROPRIETORS' INCOME

1956

SOURCE' DEPARTMENT OF COMMERCE.

Total
personal
income

Period

1952 .
1953
1954
1955
1956
1957.
1958 .
1959
1960

.

1960: November,
December.
1961: January
February.
March
ApriL
May_ _
June
July
August
SeptemberOctober
November 4

273. 1
288. 3
289.8
310.2
332. 9
351. 4
360. 3
383. 3
402.2
406.0
4040
403.6
403.1
3
407. 3
409. 8
413.2
417. 3
3
421. 2
419. 4
•121. 1
425. 2
420. 0

[Billions of dollars]
Labor income Proprietors' income
Rental
(wage and
Divisalary disBusiness income
bursements
of
Farm and pro- persons dends
and other
fessional
labor income)1
15.3
190.2
26.9
U. 0
10. 2
9.2
204. 1
13. 3
27.4
10. 5
12.7
9.8
202.5
27.8
10. 9
11.8
30.4
11.2
218.0
10. 7
12.1
32. 1
11. 6
10.9
235. 7
12. 6
11. 8
32.7
11.9
247. 7
13.5
12.4
32.5
12. 2
249. 2
11. 3
35. 0
11. 9
13. 4
268. 8
12.0
282.2
36. 2
11. 7
14. 1
Seasonally adjusted annual
12. 8
14 4
36. 4
282. 7
11.7
12. 8
280. 9
36. 0
141
11. 6
12. 8
36.0
142
280.6
11.6
12. 9
14.2
35. 8
11.5
280. 2
13.0
142
36.0
11.4
281.7
12. 9
142
285. 3
36.1
11. 5
14.2
12.9
288.0
36.3
11. 5
13.0
36. 4
291.7
11. 5
14 3
12. 9
14 3
36. 6
293. 4
11.5
12.8
294. 0
14. 3
36. 6
11.5
12. 7
36. 8
11. 5
295. 2
14 4
13.5
297. 8
14 5
37.0
11.5
14. 2
14. 7
300. 3
37. 2
11.5

i Compensation of employees (see p. 2) excluding employer contributions for
social insurance nud the excess of wage accruals over disbursements,
3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
8
Includes stepped-up payment of National Service Life Insurance dividends




Less: PerPersonal Transfer sonal contributions
interest
payincome ments for social
insurance
13.2
12. 1
3. 8
14.3
3. 9
13.4
16.2
4. 6
14. 6
5.2
17.5
15.8
18.8
5. 8
17.5
21. 9
19. 6
6. 7
21.0
26.3
6.9
27. 2
7.9
23.6
29. 1
9. 3
26. 2
rates
30.7
9.3
26.7
31.0
9.2
26.7
31.1
9.6
26.8
31.1
26. 8
9. 4
= 33.7
26. 8
9. 6
32.5
26. 8
9. 6
33.0
9.7
27.0
33.0
9. 8
27. 1
3
35. 2
27.2
9.8
27.4
32. 5
9.8
32. 7
27. 5
9. 8
10.0
27.7
33. 1
27.9
33. 3
10. 1

Nonagricultum]
personal
income J
2r>4. 3
271.5
273.8
295. 0
317. 9
336. 1
343.0
368. 1
386. 2

389. 1
387. 2
386.8
386. 2
8
390. 4
392. 9
396.4
400.2
'4040
402. 4
404. 1
407.2
410.3

of $150 million ($1.8 billion at annual rate) in Marcn and $218 million ($2.6
billion at annual rate) in July.
* Preliminary.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
n

DISPOSITION OF PERSONAL INCOME
Disposable personal income (seasonally adjusted) increased again in the third quarter of 1961. Since the rate of in
crease was slightly more than in consumption expenditures, there was a small rise in the saving rate.




BILLIONS OF DOLLARS*

BILLK3NS OF DOLLARS*

400

350

DISPOSABLE PERSONAL INCOME

HP^

&a&**
\

300

__-»*^

^%T SAV

N

9%iiilili'
PER: ONAL

CONSUMPTION 1
EXPENDITURES

^

2SO

200 JA 1
>

1

1

I

I

I

1

1

1

i

i-

i

1

1

1

1

1

1

I

Jzoo

1

I

KA

DO -LARS*

DOLLA ?S*
PER CAPITA DISPOSABLE PERSONAL INCOME
2,000
M

^^SSseBssis* |Ojy|HII^*^

IN I960 PRICES -«-^

'WI!BBfl|J

ffiss!g!!S^'

1,800
^^ff**^

I

IN CURRENT PRICES

1,600

1,600

1,400 AA 1

1

1

1955

'

*SEASONALLY

I

I

I

1

1

1956

I

i

i

i

i

1958

1957

i

1959

i

1

|

i

1

I960

COUNCIL OF ECONOM C ADVISERS

Personal consumption expenditures

Disposable
personal
income '

Period

Total

.

207. 7.
227. 5
238. 7
252.5
256. 9
274.4
292. 9
308. 8
317. 9
337. 3
351. 8

195. 0
209. 8
219. 8
232. 0
238. 0
256. 9
269. 9
285. 2
293. 2
314.0
328. 9

1960: Fi rst quarter
Second quarter
T1lird quarter
Fc urth quarter. _

345. 7
352.7
354. 4
354. 9

323.
329.
329.
332.

1961: Fi rst quarter
Se cond quarter.
Th ird quarter

354. 3
361.8
367.8

330.7
336. 1
341.0

1953
1954
1955
1956_
1957_
1958
1959
1960

..

_.

1,400

ADJUSTED ANNUAL RATES.

SOURCE: DEPARTMENT OF COMMERCE

1950
1951
1952

i
I /yf
1961
^

„

8
9
7
3

NonDurable durable Services
goods
goods

Personal
saving

Billions of dollars
30. 4
99. 8
64. 9
12. 6
17.7
29. 5
110. 1
70. 2
29. 1
115. 1
18. 9
75. 6
32. 9
118. 0
81. 8
19. 8
119. 3
32. 4
86. 3
18. 9
124. 8
39. 6
92. 5
17. 5
100. 0
23. 0
38. 5
131. 4
137. 7
40. 4
107. 1
23. 6
37. 3
141. 6
114. 3
24. 7
147. 3
123. 2
23. 4
43. 5
152. 4
132. 2
22. 9
44. 3
Seasonally adjusted annual rates
21. 8
44. 7
150.5
128. 6
22. 8
153. 3
131. 2
45. 3
152. 7
24. 6
133. 6
43. 4
153. 1
22. 7
43. 8
135. 4
39. 4
42. 0
42. 3

153.7
154. 1
156. 2

1
Personal income (p. 3) less personal taxes and nontax payments (fines, penalties, etc.).
! Income in current prices divided by the implicit price deflator for personal
consumption expenditures on a 1860 base.
> Population of the United States including armed forces abroad. Annual
data as of July 1; quarterly data centered in the middle of the period, interpolated
from monthly figures.

137. 5
139. 9
142. 4

23. 7
25.8
26. 8

Per capita disposable personal
income '
Current
prices

1960

prices 2

Saving as
percent Populaof distion
posable
(thou-3
personal sands)
income
(percent)

Dollars
1, 369
1,674
1,474
1,690
1,520
1,706
1, 582
1,760
1,582
1,742
1, 660
1,820
1, 742
1,879
1, 804
1, 891
1,826
1,877
1,905
1, 934
1, 947
1, 947

6. 1
7.8
7.9
7.8
7.4
6. 4
7.9
7.6
7. 8
6. 9
6.5

151,
154,
157,
159,
162,
165,
168,
171,
174,
177,
180,

683
36(
028
63(
417
27(
17(1
198
060
07(
670

1,924
1, 956
1,957
1,951

1, 936
1, 958
1, 955
1,941

6.3
6. 5
6.9
6. 4

179,
180,
181,
181,

690
328
084
898

1, 940
1,974
1, 998

1, 923
1, 954
1,972

6. 7
7. 1
7.3

182, 602
183, 292
184, 054

. NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.

FARM INCOME
Gross and net farm incomes in the third quarter of 1961 were about the same as in the two previous quarters, and
remained above the levels of a year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL DATES

40

40

REALIZED GROSS
FARM INCOME •"
30

30

20
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE-IS

L~x'

10

1

1956

1955

1957

1958

1961

1960

1959

•"INCOME OF FARM OPERATORS FROM FARMINS.
SOURCE: DEPARTMENT OF AGRICULTURE.

.COUNCIL OF ECONOMIC ADVISERS

Income received by total
farm population

Income received by farm operators from farming
Realized gross

From
From
From agricul- nonagriall
tural
sources sources ' cultural
sources Total 2

Period

1952
1953
1954
1955
1956
1957
1958
1959
1960

..

_

1960: First quarter
Second quarter _
Third quarter
Fourth quarter
1961: First quarter
Second quarter
Third quarter
1

1

8

1
i

.

I 5

ProducCash tion exreceipts penses
frpm
marketings
Billions of dollars
37.0
32. 6
22. 6
35.3
31. 1
21,4
30.0
21. 7
33. 9
29. 6
21. 9
33. 3
34. 6
30.6
22. 6
34.4
29.8
23.4
37.9
33.4
25.3
37.5
33.4
26. 3
34.0
38.1
26.4
Seasonally adjusted annual
32. 7
36. 8
26. 4
38. 5
34. 4
26.5
34. 2
38. 3
26.3
26. 3
38.7
34.7

Net income of farm operators from farming (including net inventory change)
and wages received by Tarm resident workers.
2
Cash receipts from marketings, Government payments, and nonjnoney income furnished by farms.
2 Inventory of crops and livestock valued at the average price for the year.
• The number of farms (based on 1959 Census of Agriculture definition) is held
constant within u year.
,
77552°—01
2




39.3
39.2
39. 3

35. 3
34.0
34.4

Net income per
farm including net
inventory change *

Net

26.7
26. 7
26. 9

Excluding inventory
change

Including net in- Current 1960 5
ventory prices prices
change 3
Dollars

14.4
13. 9
12. 2
11.5
12. 0
11. 0
12. 6
11. 2
11. 7
rates
10.4
12.0
12. 0
12.4

15.3
13.3
12. 7
11.8
11. 6
11.8
13. 5
11.3
12.0

2,702
2,579
2,607
2,728
3,214
2,756
3,000

2, 905
2,773
2,773
2,812
3,246
2,784
3,000

10. 5
12.3
12.4
12.7

2,620
3,080
3,100
3,180

2, 620
3,080
3, 100
3, 180

12. 6
12. 5
12.4

12. 9
12. 9
12. 8

3,310
3,310
3,280

3,310
3,310
3, 280

' Income in current prices divided by the index of prices paid by farmers for
family living items on a 1960 base.
«Not available until fall of 1961.
Source: Department of Agriculture.

CORPORATE PROFITS
Corporate profits before taxes are estimated to have risen $2.0 billion (seasonally adjusted annual rate), in trie
third quarter to $47.2 billion. This brinss the total rise since the first quarter of this year to $7.6 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

10

10

1955

1956

1957

1961

I960

•^ EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corporate profits (before taxes) and inventory
valuation adjustment l
TransManufacturing
portation,
Period
All
All
NoncomDurable durable muniother
indusgoods
tries
Total indusgoods cations, industries
indusand
tries
public
utilities
1950 .
35. 7
12 0
20 4
8 4
4 0
11 3
1951 .
41. 0
24 4
13 5
12 0
10 9
4 5
1952 _
37. 7
21 1
11 8
9 3
11 8
4 8
1953
37 3
21 4
12 1
9 3
11 0
4 9
1954
33 7
18 4
10 1
8 3
4 4
11 0
1955
43 1
25 0
14 2
10 8
12 8
5 4
1956 _
...
42. 0
23. 5
12. 6
10 9
12 9
5 6
1957. .
41.7
22 9
13. 1
9 8
13 3
5 5
1958. ..
37. 2
18 3
9 0
9 3
5 6
13 3
1959..
46 4
24 8
13 2
6 4
15 2
11 6
1960 .
45 1
23 3
12 0
11 3
6 8
15 0
1960: First quarter
47.4
25. 5
13. 9
11. 5
6.7
15. 2
Second quarter.. 45. 9
23.4
12.0
11. 4
6. 9
15. 5
Third quarter
44. 1
22.6
11. 4
6. 6
14. 9
11. 3
Fourth quarter.. 42. 9
10.7
21. 6
10. 9
6.8
14. 6
1961: First quarter
40.0
18. 8
8. 5
10. 4
6.5
14.6
Second quarter .. 45. 5
22.3
11. 2
11. 2
7. 1
16. 1
2
2
2
2
Third quarter
47. 0
()
()
()
()
(2)




1
2

See p. 2 tor inventory valuation adjustment.
Not available.

Corporate profits
after taxes
Corpo-

Corpo-

profits
before
taxes

tax
liability

Total

40 6
42 2
36 7
38 3
34. 1
44. 9
44 7
43 2
37 4
46 8
45 0
48. 1
46.3
43. 2
42.6
39.6
45. 2
47.2

17 9
22 4
19 5
20 2
17 2
21 8
21 2
20 9
18 6
23 1
22 3
23. 9
23.0
21.4
21. 1
19. 6
22.4
23. 3

22 8
19 7
17 2
18 1
16 8
23 0
23 5
22 3
18 8
23 7
22 7
24. 2
23.3
21.7
21.4
20.0
22.8
23.8

Dividend
payments
9 2
9 0
9 0
9 2
98
11 2
12 1
12 6
12 4
13 4
14. 1
14.0
14.0
14. 1
14. 3
14.2
14.2
14.3

NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

Undistributed
profits

13 6
10 7
8 3
89
7 0
11 8
11 3
9 7
6 4
10 3
80
10.2
9.3
7.6
7.2

5. 8

8.6
9.5

GROSS PRIVATE DOMESTIC INVESTMENT
Private investment increased $4.4 billion (seasonally adjusted annual rate) in the third quarter of 1961.
investment and inventories contributed to the increase.

Both fixed

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

GROSS PRIVATE
DOMESTIC INVESTMENT

-20

1961

-20

COUNCIL OF"KONOMlC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE. .

[Billions of dollars]
Total
gross
private
domestic
investment

Period

1949 .
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959 .
1960

_

1960: First quarter
Second quarter
Third quarter
Fourth quarter
1961: First quarter
Second quarterThird quarter

New construction ]

Total

33. 0
50. 0
56.3
49.9
50.3
48. 9
63. 8
67. 4
66. 1
56. 6
72. 4
72. 4

36.0
43. 2
46. 1
46. 8
49. 9
50. 5
58. 1
62. 7
64.6
58. 6
66. 1
68. 2

78.9
74. 6
70. 5
65. 6
59. 8
68.8
73. 2

68.0
69. 3
68. 1
67.4
63.8
66.0
68. 7

Producers'
durable
ResidenequipTotal
tial
Other 3
ment
nonfarm
18.8
9.6
9. 2
17. 2
24.2
14. 1
10. 1
18.9
24.8
12. 5
12. 3
21. 3
25. 5
12. 8
12. 7
21. 3
27. 6
13. 8
13.8
22. 3
29.7
15.4
14.3
20. 8
34. 9
18.7
16. 2
23. 1
35. 5
17. 7
27.2
17.8
36. 1
17.0
19.0
28.5
35. 5
18.0
17.4
23. 1
40. 2
22. 3
17.9
25. 9
21. 1
40. 7
19. 6
27. 5
Seasonally adjusted annual rates

40. 9
40. 7
40. 4
40. 7
39.6
41.3
42. 7

1
Revisions In series on new construction shown on p. 17 have not yet been incorporated into these series.
3
"Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 17.




Change in business
inventories

Fixed investment

21. 5
21. 2
21. 0
20. 5
19. 3
20. 6
22. 1

19. 3
19.5
19.4
20. 2
20. 4
20. 7
20. 6

27.1
28. 6
27. 7
26. 7
24. 2
24.7
26. 0

Total

Nonfarm

-3. 1
6. 8
10. 2
3. 1
.4
-1. 6
5. 8
4. 7
1.6
—2.0
6. 3
4. 2

— 2. 2
6. 0
9. 1
2. 1
1. 1
— 2. 1
5. 5
5. 1
.8
-2.9
6. 2
4. 0

10. 9
5.4
2.4
— 1. 9
-4.0
2.8
4. 5

10.8
5.1
2.0
—2. 2
— 4.3
2.4
4. 1

NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.




EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the October-November survey, business firms are planning to spend $35.9 billion (seasonally adjusts
annual rate) on new plant and equipment in the current quarter, nearly 3H percent more than in the third quarter i
1961. A further rise of about 2 percent, largely in manufacturing, is anticipated for the first quarter of 1962.
BILLIONS Of DOLLARS

BILLIONS OF DOLLARS
SEASONALLY. ADJUSTED ANNUAL RATES

TOTAL

^•MANUFACTURING

.--———*-<
COMMERCIAL AND OTHER

PUBLIC UTILITIES
TRANSPORTATION
/

±l
1955

1956

1959

1958

1957

1961

I960

'SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AMD EXCHANGE COMMISSION. AND DEPARTMENT OF COMMERCE.

1962

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Manufacturing
Period

Total *
Total

1951-.
1952..
1953
1954
1955
1956
1957
1958
1959
1960
1961 »_

_

._

1960: First quarter
Second quarter
Third quarter
Fourth quarter
1961: First quarter..
Second quarter _
Third quarter 3
Fourth ouartcr
1962 : First quarter 3_

25. 64
26. 49
28. 32
26.83
28.70
35.08
36.96
30. 53
32. 54
35. 68
34. 50

10. 85
11. 63
11.91
11.04
11. 44
14. 95
15. 96
11.43
12. 07
14,48
13. 72

35. 15
36. 30
35. 90
35.50
33.85
33. 50
34. 70
35. 90
36.50

14. 10
14. 70
14. 65
14.40
13. 75
13. 50
13.65
14.00
14.55

Durable Nonduragoods
ble goods

Railroads

Other

5. 17
.93
5. 68
1. 47
1. 49
5. 61
6. 02
.98
1. 40
1.50
5. 65
6. 26
.99
1.31
1. 56
5. 09
.98
5.95
.85
1. 51
5. 44
. 96
6. 00
.92
1. 60
7. 62
1. 24
7. 33
1. 23
1.71
8. 02
7.94
1. 24
1. 40
1.77
5.47
.94
5.96
. 75
1. 50
5. 77
6. 29
.99
.92
2. 02
7. 18
.99
7.30
1. 03
1.94
6.27
7.45
. 99
.67
1.84
Seasonally adjusted annual rates
7. 15
1. 00
6. 95
1. 00
2. 00
7. 40
7.30
1. 05
1. 10 .2. 15
7.35
7.30
1.00
1. 00
1. 90
6. 85
7.55
.90
1.00
1.80
6. 50
7.25
.95
.70
1.75
6.20
1.00
7.30
.70
1. 80
6. 10
1. 00
/.55
1.90
. 65
6. 35
1. 00
7. 65
. 60
1. 90
6. 70
7. 85
1. 00
. 70
1.80

1
Excludes agriculture.
2
Commercial and other includes trade, service, finance, communications, and
construction.
> Estimates based on anticipated capital expenditures as reported by business
in late October and November 1961. Includes adjustments when necessary for
systematic tendencies in anticipatory data.

8

Transportation
Mining

Public
utilities

Commercial and
other 2

3.66
3.89
455
4.22
4. 31
4 90
6. 20
6. 09
5. 67
5.68
5. 56

7. 24
7.09
8. 00
8.23
9. 47
11.05
10.40
9. 82
10.88
11.57
11.71

5. 75
5.70
5. 60
5.70
5.35
5. 50
5.65
5.70
5.50

11.35
11.60
11.75
11.65
11.30
11.05
11.85
12. 65
12.90

NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.

EMPLOYMENT, UNEMPLOYMENT,ANU v..
STATUS OF THE LABOR FORCE
Civilian employment dropped to 67.3 million in November from 67.8 million in Ocfober. On a seasonally adjusted
basis, however, it rose by 500,000. The seasonally adjusted unemployment rate dropped sharply to 6.1 percent in
November from 6.8 percent in October.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*
SEASONALLY ADJUSTED

75

75

CIVILIAN LABOR FORCE
70

NONAGRICULTURAL EMPLOYMENT

55
10

55
10

AGRICULTURAL EMPLOYMENT
' " " " • I .,,
" " " • I I,,

t ,' " "" " " " " "
n." " ' " " " " "

UNEMPLOYMENT >

"n^"""'

• » ™ « » — *«—»••• • « « »
" «
- « »
«
» • • »—

—+4^

--»--'—"-""^
! I

1
,

I

I

1 ,

,

,

I ,

——~

I

l l . i l ,

PERCENT OF CIVILIAN LABOR FORCE

PERCENT OF CIVILIAN LABOR FORCE
'

UNEMPLOYMENT RATE
(SEASONALLY ADJUSTED)

'?
^-

>

;

rp

ppl

i* '?*
*'
.

y

3> *

•>
?!
t ^ ??

>?

;

•
*

•-

™
1T

V

:

r

r

f

C

1-!

:i

%

>;

;^ —

'

' s\

>

^

\

.,

1955

1956

1958

1957

1959

^

jl;
i?: 1 111i;-

i

I960

* 14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR.

Total
labor
force
(including
armed
forces)

Period

1953
1954
1955
1956
1957
1958
1959
1960

67. 4
67. 8
68.9
70.4
70.7
71. 3
71. 9
73. 1

1960: October
November
December
1961: January

73.6
73.7
73. 1
72. 4
72. 9
73. 5
73.2
74. 1
76. 8
76. 2
75. 6
73.7
74. 3
74. 1

February
March_
April

May
June
July_.
August
September
OctoberNovember

_

1961

COUNCIL OF ECONOMIC ADVISERS

Civilian
labor
force

Civilian employment
Total

Nonagricultural

Civilian employment
Unemployment

Millions of persons
63. 8 61. 9
55. 4
64. 5 60. 9
54. 4
56. 2
65. 8 62.9
67. 5 64. 7
58. 1
67.9 65.0
58. 8
68.6 64. 0
58.1
59. 7
69. 4 65. 6
70. 6 66. 7
61. 0
Unadjusted
61. 2
71. 1 67. 5
71.2 67. 2
61. 5
61. 1
70. 5 66.0
69. 8
59. 8
64. 7
59. 9
70. 4
60. 5
71.0 65.5
70. 7 65.7
60.7
71.5 66.8
61. 2
62.0
74. 3 68.7
73.6 68. 5
62.0
62. 2
73. 1 68.5
71. 1 67. 0
61. 4
71. 8 67. 8
61. 9
62. 1
71. 3 67. 3

1
Seasonally adjusted totals may differ from sum of components because totals
and components have been seasonally adjusted separately.




«
i Hi* i!?ii

Civilian
labor
force

AgriTotal cultural

Nonagricultural

14 years of age and over
1.9
3.6
2.9
2. 8
2. 9
4.7
3.8
3.9
Seasonally adjusted l
3. 6
5. 7
60. 7
70. 6 66. 4
4. 0
61.2
5. 8
71. 4 67.0
4. 5
71. 1 66. 4
5. 8
60.5
5. 4
5.7
60.7
71.5 66. 6
5.7
71. 9 66. 8
5. 8
60.9
72.2 67. 1
5. 5
5.8
61. 2
61.2
5. 0
71.4 66. 5
5.3
4.8
71.4 66. 6
61. 5
5. 2
5.6
61. 9
5. 6
72.4 67.3
61.4
5.5
5. 1
71.6 66. 8
4. 5
5.7
61. 4
71. 8 67.0
61.2
4. 1
5.2
71.0 66.3
61. 3
3.9
5.4
71.3 66. 7
4. 0
5.3
61.8
71. 5 67.2

Unemployment

Un employment
rate (percent of
civilian labor
force)
Unad- Seasonjusted ally adjusted
Percent
2. 9
5. 6
44
4.2
4.3
6. 8
5. 5
5.6

4.4
4. 4
4.8
4. 7
49
5.0
4. 9
4. 9
4.9
49
5.0
4.8
48
4.3

5.0
5.7
6. 4
7.7
8.1
7.7
7.0
6.7
7.5
7.0
6.2
5.7
5.5
5.6

6.3
6.2
6. 8
6. 6
6.8
6.9
6.8
6.9
6.8
6. 9
6.9
6. 8
6.8
6. 1

NOTE.—For definitions and coverage, see Employment and Earninet, Department of Labor. Beginning January 1960, data include Alaska and Hawaii.
Source: Department of Labor.
**

UNEMPLOYMENT INSURANCE PROGRAMS
Insured unemployment averaged 2.2 million in November, or about 150,000 more than October.

MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

JAN.

JUNE

APR.

JULY

DEO.

SEPT.

SOURCE: DEPARTMENT OF LABOR.

Period

1956
1957
1958
1959
I960. ..
1960: October ._ _ _ _
November
December
1961 : January
February
March
April
May
June
_July
August
September
October
November 2
Week ended:
1961: November 4
11
18
25
December 2*...
9»__
1

COUNCIL OF ECONOMIC ADVISERS

All programs
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milploy(weekly lions of
ment
ment
averdolage)
lars)
Thousands
42, 758
1, 318
43, 447
1,567
44, 501
2,766
45, 727
1,856
46, 334
2,067
46, 602
1, 839
46, 270
2,226
46, 282
2, 845
44, 756
3,515
44, 467
3, 638
44, 873 3 3, 403
1
3, 626
C)
3
3, 290
0)
s
2, 877
0)
3
2, 678
(')
3
2, 357
(')
3
2, 122
C)
3
1
2, 018
C)
3
2, 170
(')

(?)

0)

('
('))
W
1

C)

3
3
3
3
3

2, 031
2, 101
2, 113
2, 278
2, 314

1, 540. 6
1, 913. 0
3, 892. 5
2, 651. 7
3, 022. 8
214. 9
258.6
332. 4
436. 4
435. 5
500. 9
3
419. 6
3
457. 2
3
404. 0
3
322. 0
3
333. 5
3
263. 0
3
255. 3
3
270. 0

C)
«
«
C)

o
(')

Weekly
1,212
1,450
2,509
1,682
1,906
1,678
2, 039
2, 639
3,266
3,394
3, 168
2, 779
2, 328
1,991
1,958
1,744
1,558
1,502
1, 660

4

Not available.
* Preliminary.
'Includes Temporary Extended Unemployment Compensation program
beginning April This program Is excluded from State data.
* Not charted.

10




1,526
1, 595
1, 612
1,755
1, 796

State programs
Insured unemployment as perInitial Exhaus- cent of covered
employment
claims
tions
Unad- Seasonjusted ally adjusted
average, thousands
Percent
3.2
226
20
268
23
3.6
370
6. 4
50
281
4. 4
33
331
31
4.8
332
29
4. 2
5.7
6. 3
396
31
5.1
494
6. 6
36
6.4
6.1
541
8.1
44
480
6.3
49
8.4
372
53
e.s
7.8
367
5.9
58
6.8
297
e.e
54
5.7
279
53
4.9
6.3
357
4. 8
50
5.3
271
44
4. 3
B.S
257
5. 1
38
3.8
277
35
3.7
5. 1
320
4. 1
33
5. 1

299
314
323
316
347
359

(')
(')
(')
(')
(>)
C)

3.8
3.9
4. 0
4. 3
4.4

C1)

(')

8
f)
C)

Benefits paid
Total Average
(milweekly
lions of check
dollars) (dollars)

1, 380. 7
1, 733. 9
3, 512. 7
2, 279. 0
2, 726. 8
189. 9
231. 1
300. 2
397.6
399. 3
461.5
362. 5
320. 1
264.4
224.0
237.2
185.0
180.9
195. 0
(')
(')
(')
0)
0)

w

27.02
28. 17
30.58
30. 41
32. 87
33. 7,'{
34.01
34 IS
34.34
34. 45
34.37
34. 18
33. 46
32.92
32. 91
33. 30
33. 12
33.30
33.25

0)

(')
«
0)
0)
0>

NOTE.—For definitions and coverage, see 1960 Supplement to Economic
Indicators.
Data for Alaska and Hawaii included for all periods.
Source: Department of Labor.

NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment, seasonally adjusted, rose 58,000 to 54.5 million in November.
MILLIONS OF WAGE
AND SALARY WORKERS

MILLIONS OF WAGE
AND SALARY WORKERS'

ALL NONAGRICULTURAL ESTABLISHMENTS

CONTRACT CONSTRUCTION
(ENLARGED SCALE)

1.5 Uj,

10.5

1956

1959

I960

Lj,

1961

I960

X SEASONALLY ADJUSTED DATA, INCLUDING ALASKA AND HAWAII BEGINNING 1959.
SOURCE: DEPARTMENT OF LABOR.

1961

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers *
Manufacturing (private)

Period

1954
1955
1956
1957
1958
1959
1960

...

1960: October. _ _
November
December
1961: January
February
March
April. _
May
June
July.
August _
September
October 3_ 3
November

Total,
unadjusted

Total

49, 022
60, 676
52, 408
62, 904
51, 423
53, 380
54, 347

49, 022
50, 675
52, 408
52, 904
51, 423
53, 380
54, 347

16, 314
16, 882
17, 243
17, 174
15, 945
16, 667
16, 762

9, 129
9,541
9,834
9, 856
8,830
9,369
9,441

54, 882
54, 595
54,706
62, 864
52, 523
52, 785
53, 171
53, 708
64, 429
54, 227
54, 638
54, 978
55, 101
65, 077

54, 190
53, 995
53, 707
53, 581
53, 485
53, 561
53, 663
53, 894
54, 182
54, 335
54, 333
54, 304
54, 420
54, 478

16, 489
16, 351
16, 174
16, 021
15, 962
16, 023
16, 119
16, 275
16, 373
16, 392
16,381
16, 323
16, 369
16, 450

9,208
9,111
8,988
8,863
8,797
8,820
8,904
9,058
9, 114
9, 138
9, 131
9, 105
9, 123
9,210

Total

Durable Nondura- Total goods ble goods

1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 9, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes: and which are based on an enu-




Nonmanufacturin;; (private)

/|_ 084
'1, 141
4, 244
4, 241
3, 976
4, 010
4,017

10, 2:>5
10, 535
10, 858
10, 886
10, 750
11, 125
11,412

Government
(I'edenil,
SUiI.e,
local)
(i, 75 1
(i, '.) 1 4
7, 277
7, (126
7, 893
8, 190
8, 520

3,991
3,976
3,950
3,931
3,922
3,919
3,901
3,903
3, 914
3, 942
3,939
3,939
3,929
3,927

11, 423
11, 371
11, 334
11, 347
11, 296
11, 252
11, 320
11,355
11, 392
11, 437
11, 410
11, 363
11, 382
11, 347

8,590
8,622
8,643
8, 671
8,682
8,712
8,734
8, 774
8,821
8,835
8,865
8,936
8, 977
9,018

Contract Transporta- Wholesale
construc- tion and pub- : i n c l rel.nil
tion
lit: utilities
1,1-illll!

2, 612
7, 185 25, 957
7,340 26, 879
2,802
7,409 27, 888
2, 999
7,319 28, 104
2, 923
7, 116 27, 585
2,778
7,298 28, 523
2, 955
7,321 29, 065
2,882
Seasonally adjusted
7,281 29, 111
2,877
7,240 29, 022
2,832
7,186 28, 890
2,757
7, 158 28, 889
2,773
7, 165 28, 841
2,765
7,203 28, 826
2,792
7,215 28, 810
2,766
7,217 28, 845
2,742
7,259 28, 988
2,795
7,254 29, 108
2,776
7,250 29, 087
2,770
7.218 29, 045
2,754
7,246 29, 074
2,753
7,240 29, 010
2,710

meration of population, whereas the estimates in this table are based on reports
from employing establishments.
2
Includes mining; finance, insurance, and real estate; and service and miscellaneous, not shown separately.
3
Preliminary.
NOTE.—Eevised series; see note, p. 13.
Source; Department of Labor.
11




WEEKLY HOURS OF WORK
The average workweek of production workers in manufacturing was 40.6 hours (seasonally adjusted) in Novemb
up from 40.2 hours in October.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
DURABLE MANUFACTURING

HOURS PER WEEK (SEASONALLY ADJUSTED)
46

44

44

42

42

40

4O

38

38

36

36

34 Uj,

34

1959

1958

NONDURABLE MANUFACTURING

1961

I960

1959

I960

1959

I960

1961

44

42

RETAIL TRADE

CONTRACT CONSTRUCTION

42
40
36

34

36

32

34
32

30

1958

1959

1961

I960

i I.I i

1958

SOURCE:DEPARTMENT OF LABOR.

Average hours per week 1
Manufacturing industries
Period

All

Durable
goods

Nondurable
goods

Contract
construction

Retail
trade

Hours per week

1955
1956
1957
1958
1959
1960

40. 7
40.4
39. 8
39. 2
40. 3
39. 7

41.3
41.0
40.3
39. 5
40. 7
40. 1

1960: October
November. _ .
December.
1961: January
February
March
.
.
April

39.5
39.3
38. 5
39. 0
39. 3
39. 3
39. 7
39. 8
39.9
40.0
40.0
39. 6
40.2
40. 6

39.9
39.7
39. 0
39.3
39.6
39.7
40.0
40.2
40. 4
40. 5
40. 5
39.8
40.6
41.3

39. 9
39. 6
39. 2
38. 8
39. 7
39.2

Seasonally

May

.„

June
. _
July
August
September
.
October 6. . . .
November 6

1961

COUNCIL OF ECONOMIC ADVISERS

37. 1
37.5
37.0
36.8
37.0
36.7

Persons at work in nonagricultural industries
by hours worked per week J
Under 35 hours
Part-time for
Over 40
35-40
economic reasons
hours
hours
Total
Usually Usually
fullparttime 3
time 4
Millions of persons 14 years of age and over

39. 6
39. 1
38.7
38. 7
38. 7
38. 5

18. 0
18. 7
17.6
16. 6
17. 3
17. 7

27.0
27. 3
28. 6
28.3
27. 7
28.7

8. 7
9.4
9.7
10.4
11.7
11.5

(s)
1. 1
1.2
1.6
1.0
1. 2

38. 4
38.5
38.2
38. 3
38. 4
38. 2
38. 2
38. 3
38. 1
38.2
37.9
38. 0
38. 0
0s)

18.6
17.0
18.3
17. 7
17. 4
17. 7
17. 7
18. 1
17.9
17.2
17.7
18. 5
19. 3
19.5

29. 0
24. 6
29. 3
29. 5
27. 9
29. 6
29.9
29.8
29.9
27.8
28. 4
29.0
28.4
29. 4

11.7
18. 2
11.6
10.9
12.7
11.4
11.3
11.4
10. 5
9.9
9. 7
13.2
11. 9
11. 3

1.3
1. 4
1. 5
1. 7
1.7
1.5
1.5
1.3
1.2
1. 1
1. 2
1. 1
1. 1
•M.I

(5)

0.9
1. 0
1. 3
1.3
1. 3

adjusted

38. 9
38.7
38. 1
38. 7
38. 8
39. 1
39.3
39.3
39. 5
39. 5
39.3
3R2
39.5
39. 6

37. 2
36. 8
34.8
37.5
38. 1
36. 9
35.7
36. 3
36. 8
36. 9
37.1
36.7
37.3
(5)

1.2
1.3
1.3
1.4
1.4
1.5
1. 5
1.5
2.0
1. 9
1. 9
1.4
1.2
7
1.3

1
3
Data relate to production workers or nonsupervisory employees. Kevised
Includes persons who worked part-time because of slack work, material shortseries; see note, p. 13.
ages or repairs, new job started, or job terminated.
!
Differs from total nonagricultural employment (p. 9), which includes persons < Primarily includes persons who could find only part-time work.
6
with jobs but not at work for such reasons as vacation, illness, bad weather, and
Not available.
industrial disputes. Beginning January 1960, data Include Alaska and Hawaii.
«Preliminary.
' Average hours worked: usually full-time, 23.5; usually part-time, 17.8.
Source: Department of Labor.

12

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing were $2.36 in November, 2 cents above October.
Average weekly earnings increased $1.28 in November to $95.82.

DOLLARS

DOLLARS

AVERAGE WEEKLY EARNINGS

£.60

2.40

100

e.2o

90

e.oo

80

1.80

70

1961

1958

SOURCE: DEPARTMENT OF LABOR.

.1961
COUNCIi OF ECONOMIC ADVBHIS

[For production workers or nonsupervisory employees]
Average hourly earnings— current prices

Manufacturing industries Contract
Manufacturing industries Contract
conRetail
conRetail
NonNonDurable durable structrade
Durable durable structrade
All
All
goods
tion
goods
tion
soods
goods
$1. 56
$1. 65
$1.44
$2. 02 $1. 13 $63. 34 $68. 48 $56. 88 $76. 96 $46. 22
1. 65
1. 75
1.51
2. 13
1. 18 67. 16
72.63
59. 95
82. 86
47. 79
62. 57
1.74
1. 86
1.58
2. 28
1. 25 70. 47
76. 63
86. 41
49. 75
1.62
1.78
1.90
2.39
1.29 70.49
76. 19
51.21
63. 18
88. 91
1.86
1.99
1.67
1.34 75.70
82. 19
66. 63
2. 45
53.06
90. 90
2.08
1. 95
1.77
2.57
1. 40 78. 78
70.09
54. 74
85. 28
96.38
2. 19
2. 05
1. 85
2.71
1. 47 81. 59
88. 26
72. 52 100. 27
56. 89
2. 11
2. 26
1. 91
2. 82
1. 52 82. 71
74. 11 103. 78
58.82
89. 27
2. 19
2. 36
1. 98
2. 93
1. 57 88. 26
96.05
78.61 108. 41
60.76
1.62 89, 72
2. 26
2.43
2.05
3.07
97.44
80.36 112. 67
62.37
2.27
2.43
2.06
3.12
1.64 90. 12
97. 69
80. 55 119. 18
62. 65
2.07
1. 64 89. 21
2. 27
2.43
3. 10
96. 23
80. 52 110. 98
62.48
2. 46
2. 29
2. 09
3. 16
1. 61 88. 62
96. 19
61.82
79. 84 108. 07
2. 29
2. 45
2. 09
3. 17
1. 66 89. 08
96. 29
80.47 115. 39
63.25
2. 29
2. 45
2.09
1. 65 89. 31
96. 29
3. 16
80.47 114. 08
62.87
2. 29
2. 46
2.09
3. 14
1. 65 89. 54
97. 17
80.88 112. 41
62.70
2. 47
2. 10
2.31
3. 15
1.67 90. 78
98. 31
81. 27 112. 77
63. 46
2. 11
2.32
2. 48
1.68 92. 10
82. 29 116. 29
3. 16
99. 70
63.84
2. 32
2.49
2. 11
1.69 93.03 101. 09
3. 16
83. 56 119. 13
64. 90
2.12
2. 33
2. 49
3. 16
1. 69 93. 20 100. 35
84. 16 119. 76
65. 57
2.48
2.10
2. 31
3. 17
1. 69 92. 86 100. 44
83.58 122. 05
65.23
2. 50
2. 12
3. 22
2.33
1.70 92.73 100. 00
83. 74 120. 43
64.60
2. 34
2. 51
2. 13
3. 21
1.71 94. 54 102. 66
84. 56 122. 94
64. 64
2. 14
2. 36
2.54
95.82 104. 65
85. 17
(3)
(3)
(3)
(3)

Period

1951
1952
. .„
1953
1954
-.1955
1956
1957
1958
1959
1960
1960: October
November
December
1961: January February
March
April
May
June
July
August _ _
September
October 2
November 2 -1
3

Earnings in current prices divided by the consumer price index on a 1960 base.
Preliminary.
• Not available.
77552"—61




Average weekly earnings—current prices

3

Average
weekly
earnings,
all manufacturing
industries,
1960 prices '
$72. 22
74.87
77. 95
77. 63
83. 65
85. 83
85. 88
84.74
89.60
89.72
89.58
88. 59
87.92
88.46

saeo

88. S3
90. 06
91.46
92. 20
92. 00
91.76
91.45
93. 14
3
()

NOTE.—Series revised to conform to 1957 Standard Industrial Classification and
March 1959 social security benchmark data. Beginning with 1959, data include
Alaska and Hawaii.
Source: Department of Labor.
TO

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) rose 1.2 percent in November.to a new high of 114.1
(1957 = 100). The rise since the February low is nearly 12 percent.
INDEX, 1957=100 ( SEASONALLY ADJUSTED)

INDEX, 1957*100 ( SEASONALLY ADJUSTED)
ISO

140

TOTAL

UTILITIES AND MINING

ieo

130

110

12O

100

110

90

100

80

90

UTILITIES^

70
19SS

1959

1958

1961

I960

1959

1961

70

1961

1961

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[1957=100, seasonally adjusted]
Total
industrial
production

Period

1951
1952
1953
1954.
._ ...
1955—
1956
1957..
1958 .
1959.
1960
1960: October
November
December
1961: January
February
March
_
iApril.
May
June__
July
August. .' •
September
October..
November i.
'Preliminary.

14




.
.._
^

80. 8
83. 8
90.8
85.4
96.0
99.3
100. 0
92. 9
104 9
108.0
106. 1
104.5
103.0
102.3
102. 1
102. 6
105. 6
108. 3
110.4
112.0
113.0
111. 1
112. 8
114. 1

Industry

Market

Manufacturing
Total

81. 5
84. 8
92. 1
85. 8
96. 7
99. 5
100. 0
92. 4
105.3
108.2
106.0
104. 1
102. 4
101. 4
101. 3
101. 9
105. 2
108. 2
110. 5
U2/211371
111. 1
112. 8
314.2

Final products

NonDurable durable
80. 3
85. 1
96. 0
85. 0
97. 9
100. 0
100.0
86.8
101. 5
104. 3
100. 6
98. 0
95.8
946
94. 3
94 798. 7
102. 7 1
105. 3
107.3
107. 9
105. 2
107. 1
109.3 ,

Mining

Utilities
Total

81. 7
87.3
83. 3
86.5
86.9
88.8
86. 9
86. 2
95. 0
94. 8
98. 9
100. 1
100. 0
100. 0
99. 9
91. 4
110. 3
95. 3
:
113.4
97. 1
113. 3 ;X'.96. 9
;
112.3
98. 0
111. :2
97. 8
:
110. 5 • 97. 6
110. 8 :';96, 3
111. 6 : :96. 3
113. 9
:97. 4
115. 5 ;':9t. i
117.: 4
: ;9t 6
119/0
: ,9t 8
!
120. 2
::.98: 7
119.0
"97:2
i20....3... ,,«_9S:,2,. .120. 8 . ,,-,m-6.

:

60. 1
65. 2
71. 1
76. 5
85. 4
93. 6
100. 0
104. 5
115. 0
123. 1
124.0
122. 9
122. 9
124 6
125. 1
.124 9
• 127. 1
.-ISO. 4
.131. 5

•.isr. 7

.134: 6
135: 5
-136. 5

137.0

Consumer
goods

Equipment

79. 3
85. 2
90. 7
86.5
946
98. 9
100. 0
95. 1
106. 5
110. 6
110. 4
109. 0
108.0
106.6
106. 6
106. 7
109.2
110. 8
112. 7
114. 3
114. 7
112. 9
115. 4
117.2

80. 6
82. 5
88.1
87.2
96. 5
98.7
100. 0
99. 0
110. 0
1144
114.3
112. 7
111.7
110. 2
110. 2
110. 6
113. 7
115,4
117.8
119. 5
119. S
116. 3
119. 2
121.2

75.0
90.0
96. 1
85. 0
90. 9
.99. 1
100.0
87, 3
99. 5
102.9
102.7
' 101. 7.
100. 6
99. 5
99. 5
99.0
100. 1
101. 6
102. 4
103. 9
104. 7
106.0
107. 7
109. 1

Source: Board of Qovsrnors of the Federal Reserve System.

Materials

82. 2
82.7
90. 8
84 4
97. 1
99. 7
100. 0
91.0
103.5
105.7
102. 8
101. 1
99.0
98. 1
98.2
99. 1
102.9
106.2
108. 7
109. 5
111.2
109.2
110.5
111. 1

PRODUCTION OF SELECTED MANUFACTURES
Output of most durable and nondurable manufactures (seasonally adjusted) continued to increase in November.
Transportation equipment again registered the largest increase—5 percent.
INDEX, 1957 = 100 (SEASONALLY ADJUSTED)

INDEX, 1957 = 100 (SEASONALLY ADJUSTED)

160

140

100

80

1958

1959

I960

1958

1961

1959

I960

1961

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[1957=100, seasonally adjusted]
Durable manufactures
Period

1951
-. ..
1952" -. ..
1953 ... -.
1954 .
1955
1956
1957 --- -1958
1959
1960
1960: October
November
December
1961: January
February
March
ApriL

.




. -_-._ .

._

.

May. _
June.
July
.
August
September
October
_
November 1 _

i Preliminary,
s Not available.

Primary
metals
96.9
88. 5
100. 3
81. 3
105. 5
103. 7
100. 0
78.0
89. 5
90.3
78.3
73.6
69. 3
71.2
72. '6
73. 5
82.0
8!). 9
!)2. 3
'.1-1. <i
'.is. :i
'.is. 7
!l.'i. S
'.IV

Nondurable manufactures

FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
cated
Machin- tation
and
petrobeverapparel,
and
metal
ery
print- leum, and ages, and
equipprodand
products
rubber tobacco
ment
leather
ing
ucts
90.0
87.8
98.8
88.8
96. 9
97. 4
100. 0
91. 6
103. 9
106.0
105.4
101.0
100. 7
96. 5
95.7
96. 3
98. 6
104. 8
107.3
108. 1
111.0
1 05. 3
1 Oil. 3
1 11

79.6
88. 4
96. 4
84. 3
92. 6
102. 8
100. 0
85. 2
102.8
106. 4
101.8
102. 1
101. 2
101. 3
100.8
100. 5
102. 9
104.3
107.3
110. 2
108. 5
107. 8
108. 7
110

59.0
68. 6
86. 2
78. 7
;. 95. 9
91.5
100. 0
.:••; 84.2
--: 97.8
101. 7
101.8
96. 7
93. 3
88. 9
87.6
88. 1
94.0
99.0
100. 6
102.2
102. 7
94.5
102. 4
108

102. 2
100. 9
106: 7
103. 9
114. 2
109. 9
100. 0
. 99. 7
113. 1
106. 5
100. 4
95. 1
95. 9
100.2
99.2
99. 8
105.7
106. 6
110. 6
111. 2
108. 8
107. 4
103. 3

cn

90. 1
92. 2
93. 6
89.6
98.4
101. 1
100.0
99. 2
115. 2
114.8
112. 1
111. 1
107. 5
105.0
107. 4
110.2
111. 8
113. 3
115. 7
118. 2
120.3
118. 1
121. 5
122

81. 1
79.4
84.5
86. 9
94. 6
99. 3
100. 0
99. 2
107.6
111. 5
112.8
111. 9
110. 8
111.1
111.4
111. 2
113. 1
113.6
114. 9
114. 8
117. 8
117. 1
117. 0
118

71.8
74. 5
80.2
79. 3
91. 8
96. 3
100. 0
98. 8
112. 7
117.7
116.8
116.0
114. 6
114. 0
113.4
113. 3
118.0
121. 7
124. 6
127.4
127. 3
125. 6
127. 0
128

88.3
90. 2
91. 2
92. 8
96. 2
99. 8
100.0
102. 1
106. 5
109. 4
110.8
109. 5
110.4
110.2
110. 1
111. 2
111.9
112. 1
113. 1
113. 9
114. 2
113.9
115. 1
115

Source: Board of Governors of the Federal Eeserve System.

15

WEEKLY INDICATORS OF PRODUCTION
Auto assemblies continued to increase in November. Electric power produced and bituminous coal mined also rose.
Steel output declined slightly during November but rose in early December.
MILLIONS OF SHORT TONS

MILLIONS OF TONS

(DAILY AVERAGE)

\3

12
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR.
EDISON ELECTRIC INSTITUTE. AND WARD'S AUTOMOTIVE REPORTS.

Period
Weekly average:
1956
1957.
1958
1959—
1960
1960: October ...
November
December
1961: January
February
March
April_
May_ __ .
June
July
August
September
October _ .
November *
Week ended:
1961: November 4..
11—
1825December 2 22
_
92 .
16 _
i Daily average.
* Preliminary.
'Not charted.

16




COUNCIL OF ECONOMiC ADVISERS

Bituminous Freight Paperboard
Electric
Steel produced
Cars and trucks
coal mined
power
loaded
produced
Thousands
Index
distributed (thousands (thousands (thousands assembled (thousands)
of net (1957-59 = (millions of
of short
of cars)
Total
of tons)
Cars Trucks
tons
100)
kilowatt-hours) tons) '
2,204
2, 162
1,635
1,792
1,899
1,550
1,439
1,321
1,448
1,560
1,600
1,768
2,027
1,993
1,831
1,955
2,083
2,071
2,039

118.3
116. 0
87. 8
96.2
101. 9
83.2
77.2
70.9
77.7
83.7
85. 9
94. 9
108. 8
107. 0
98.3
104. 9
111. 8
111,2
109.4

11,292
11, 873
12,076
13, 206
14, 685
14, 172
14, 394
15, 086
15, 098
14, 854
14, 473
14, 295
14, 223
15, 100
15, 274
15, 917
15, 518
15, 146
15, 576

1,693
1, 644
1, 380
1,380
1,390
1, 365
1,371
1,273
1,303
1, 207
1,081
1, 202
1, 288
1, 432
1,288
1,389
1,406
1,483
1,504

728
683
581
596
585
639
545
470
480
489
501
527
555
582
543
593
588
645
577

274
272
275
307
306
323
301
257
274
303
319
316
320
333
268
334
327
353
341

132.8
138.6
98.4
129.5
151. 8
162.9
156.3
136. 7
112. 2
113. 2
109. 9
135.8
141. 0
153. 1
118. 8
60. 3
103. 3
146. 2
174. 4

111. 6
117. 6
81. 6
107.6
128. 7
145. 3
136. 1
116. 9
93. 8
91. 4
88.7
111. 7
118. 4
127.5
97.7
44. 6
83. 8
125.1
149.7

21.2
21. 0
16. 8
21.9
23. 1
17.0
20. 2
19. 9
18. <1
21. !)
21. 1
24. 1
22. 0
25.5
21.1
15.7
19. (i
21.0
24. 7

2,044
2, 046
2,037
2,032
2,073
2, 158
"2, 200

109. 7
109.8
109.3
109. 1
111.3
115.8
118. 1

15, 396
15, 520
15, 678
15, 330
15, 954
16, 084

1,453
1,500
1,482
1,492
1,478
'1,419

619
605
591
495
574
561

353
345
345
332
332
339

179. 2
170.7
179.2
145. 9
190. 9
189. 2
8
192. 8

152.9
152. 3
154 2
124.3
164. 8
161. 5
165. 3

26.4
24. 5
25. 0
21. 0
26.1
27.8
27.5

Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Kailroads, National Psperboard
Association, and Ward's Automotive Reports.

IEW CONSTRUCTION
Sutlays for private residential construction increased in November.
ichanged.

Other private and public construction were

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS.
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL NEW CONSTRUCTION

30

eo

eo

10

10

it

I

I

I

I

I , , , , , I

I-

I

I

I

I

In

10

1955

1961

• SEE NOTE 4 IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

Construction contracts 1

Private
Total new
construction
expenditures

Period

1956
1957
1958
1959
1959 (new series) 3 _. .
1960
•_

45.8
47. 8
49.0
54. 1
56. 6
55. 6

Total

33. 1
33.8
33. 5
38.0
40.3
39.6

Residential Commercial and
(nonfarm) industrial
Billions of dollars
6.7
17. 7
17.0
7. 1
6.0
18.0
6.0
22. 3
6.0
25.0
7.0
22.5

Other

8.7
9.6
9.5
9.7
9.3
10.0

Federal, Total value,
State, and 48 States
(index,
local
1947-49 =
100)

12.7
141
15.5
16.1
16.2
16.0

Seasonally
adjusted

Seasonally adjusted annual rates

I960- October
November
December
1961: January .
February
March
April
May

_

June
__ _ _
July
August
September
__
October 4 November

55.6
56. 1
56. 6
56.0
55. 7
55.8
55.5
55. 5
57. 2
57.0
58.0
58.9
58.9
59. 5

39. 2
39.6
39.6
38. 6
38.0
38.5
39.0
39.2
40. 3
41. 2
41.3
41.7
41. S
42. 4

21. 8
22.0
21.9
20. 6
20.0
20. 5
21.0
21.3
22.3
23. 1
23.3
23. 8
24. 0
24.7

1
Compiled by F. W. Dodge Corporation.
* Eelates to 48 States beginning 1956 and to 37 Eastern States prior to 1956.
Seasonal adjustment by National Bureau of Economic Research.
>In addition to major differences between old and new series, data for
Alaska and Hawaii are included beginning January 1959.




7.3
7.4
7.5
7.9
7.8
7. 7
7. 6
7.4
7.3
7.2
7.2
7. 3
7.3
7.2

231. 3
235.4
256.8
265. 4
265.4
265.7

10.1
10.2
10. 2
10.0
10. 1
10. 3
10. 4
10.6
10. 8
10. 8
10. 7
10. 6
10. 5
10.5

16. 4
16.5
17.0
17.4
17.8
17.3
16.5
16. 3
16.9
15.9
16. 7
17.2
17.1
17. 1

294
280
302
273
239
262
261
257
281
277
293
261
289

Commercial and industrial
floor space
(millions
of square
feet) 2

436
421
359
440
440
461
Seasonally
adjusted
annual
rates
483
489
469
404
421
454
427
433
418
423
499
470
410

* Preliminary.
Sources: Department of Commerce and F. W. Dodge Corporation (except as
noted).

17




HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts decreased slightly in November to an annual rate of 1,350,000 units (seasonally adjuste<
The number (unadjusted) of FHA applications and VA appraisal requests also decreased.

MILLIONS OF UNITS (ANNUAL RATE)

MILLIONS OF UNITS (ANNUAL RATE)

SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION(FHA), AND VETERANS ADMINISTRATION (VAI.

COUNCIf OF ECONOMIC XOYISEBS',

[Thousands of units]
Total housing
starts (farm and
nonfarm)
Period

1954
1955
1956
1957
1958
1959

(2)
(2)
2
(2)
(2)
(2)
()

1959
1960
1960: October
November.
December.
1961: January
February
March April _ _
May.
June.
July
August- ...
September *
October4
November 4
1
J

18

Total
private
and
public

1, 553. 5
1, 296. 0
113.2
94. 5
70. 9
72. 5
81. 0
109. 7
115. 3
130.7
138. 3
128.5
130. 1
128.2
128. 5
105. 4

Nonfarm housing starts

Private
Government
Private
programs
Total
VA
FHA
Old series
1, 220. 4 1, 201. 7 276. 3 307.0
(2)
2
1, 328. 9 1, 309. 5 276.7 392.9
(2)
1, 118. 1 1, 093. 9 189. 3 270. 7
(2)
1, 041. 9
992.8 168. 4 128.3
(2)
1, 209. 4 1, 141. 5 295.4 102. 1
(2 )
1, 378. 5 1, 342. 8 332.5 109.3
(^
New series 3
1, 516. 8 1, 531. 3 1, 494. 6 332.5 109. 3
1, 252. 1 1, 274, 0 1, 230. 1 260.9
74. 6
110.4
110. 1
107.3
5. 9
22.6
92.8
93.5
91. 8
20. 2
5. 5
64.2
70. 4
63. 7
4.8
13. 8
71. 0
69.8
4. 9
68.3
14.0
75.8
77. 7
72. 5
4.9
13.0
104. 6
107. 3
102. 2
6.4
20. 1
111.0
113.0
6. 1
108. 7 , 20. 1
126.6
124.2
8.0
128. 3
23. 7
132.4
129. 5
22. 1
7.8
135.3
125.2
126.0
122. 7
21. 3
7.3
127.0
124.2
8. 4
127.3
25. 5
122.4
120. 7
20.9
126. 5
7.3
12a8
126.0
121. 3
9. 2
23.4
102. 5
100. 9
7. 3
103. 8
20. 9
Total
private
and
public

Units represented by mortgage applications for new home construction,
Not available.
' See Houtina Start*. C 20-11 (Supplement), Bureau of the Census, May
1960, for description. (Data for Alaska and Hawaii included.)

Private housing
starts, seasonally adjusted annual rates

Proposed home
construction
Applica- Requests
Total
tions for for VA
FHA
farm and Nonfarm
nonfarm
commit- appraisals1
ments '
338. 6

306.2

197.7
198. 8
341. 7
369. 7

620. 8
401. 5
159.4
234. 2
234. 0

369. 7

New series 3

535.4

234.0

242.4

1,S73
1,220
996
1, 1S7
1,169
1,S96
1,166
1,291
1,381
1,843
1,326
1,S83
1,432
1,350

1,SS7
1,S06
987
1,098
1,115
1,26S
1,143
1,268
1,361
1,318
1,301
1,365
1,402
1,328

18.3
148
13.2
14, 3
16.9
24,0
20.8
23. 9
23. 4
20. 6
24. 4
19. 6
22. 3
17.4

142. 9
10.0
10.3
10.0
9.4
12.0
17.7
17.5
14.7
17.6
15. 1
17.4
15.7
16. 1
13. 5

* Preliminary.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).

TRADE SALES AND INVENTORIES
Trade sales (seasonally adjusted) increased in October at both the wholesale and retail levels. Inventories of retail
nondurable goods stores rose slightly, while stocks of durable goods retailers and wholesalers showed no change.
According to preliminary estimates, retail sales increased more than 3 percent in November, surpassing the record
level of April 1960.
BILLIONS OF DOLLARS *

BILLIONS OF DOLLARS "
RETAIL TRADE

16
DURABLE GOODS STORES

10

10

J

I

,

I

,

I

r

I

INDEX, 1947-49=100 *
NONDURABLE GOODS STORES
INVENTORIES

14

10

120 -

0IW^_

1958

I960

•SEASONALLY ADJUSTED.
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Wholesale
Period

Sales 1

Inventories 2

Total

Department stores

Retail

Sales 13

NonDurable durable
goods
goods
stores
stores

Inventories 2

Total

NonDurable durable
goods
goods
stores
stores

Billions of dollars, seasonally adjusted

1953
1954
-1955
- . -1956
1957
1958
1959
1960
. ... _ - - ... 1960: September • _. ._
October
November
December 1961* January
February
March.
__
April .
Mav
ivj.t.J
June
July
August

September 6 _
October 8 .6 . ._
November .

9. 8
9.7
10.6
11.3
11.3
11. 1
12.3
12. 3
12. 2
12. 2
12. 2
12. 3
12. 2
12. 4
12. 5
12. 1
12. 8
12. 8
12. 5
12. 8
12. 4
12. 6

1
Monthly average lor year and total for montti.
5
3 Book value, end of period, seasonally adjusted.

10. 5
10. 4
11.4
13.0
12. 7
12.0
12.6
13. 2
13. 1
13.2
13.3
13.2
13. 1
13. 2
13. 3
13. 4
13.5
13. 5
13. 6
13.6
13. 5
13. 5

14. 1
14. 1
15.3
15. 8
16.7
16.7
18. 0
18. 3
18.1
18. 5
18.4
17. 9
17. 8
17.8
18. 1
17. 9
18.0
18.2
18.0
18. 2
18. 1
18. 6
19.3

Beginning January 1960, data include Alaska and Hawaii.
* End of period, except annual data, which are monthly averages.




5.0
4. 8
5. 6
5.5
5. 7
5. 3
6. 0
5.9
5.8
6. 1
5.9
5.5
5.4
5.3
5.5
5.4
5.5
5.6
5.5
5.5
5.6
5.9
6.3

5
6

9. 1
9.2
9. 7
10. 3
11. 0
11. 4
12. 0
12.4
12. 3
12. 5
12. 5
12. 4
12. 4
12. 4
12.6
12.5
12. 4
12. 6
12. 5
12. 7
12.5
12. 7
13.0

1961

COUNCIL OF ECONOMIC ADVISERS

22. 7
22. 1
23. 9
23. 9
24. 5
24.0
24. 3
25. 4
25.3
25. 4
25.4
25.4
25. 2
24. 9
244
24 4
24. 5
24. 6
24. 7
24. 5
24 7
24. 8

10.7
10. 1
11. 2
10. 7
11. 4
10. 8
11. 0
11. 9
11. 8
11. 9
11. 9
11.9
11.6
11.4
11.0
10.9
11.0
11. 1
11.2
10.8
11. 0
11.0

12.0
12. 0
12. 7
13.2
13. 1
13.2
13.3
13. 5
13. 6
13. 5
13.5
13. 5
13. 6
13. 5
13. 5
13. 5
13.5
13. 5
13.6
13.7
13. 7
13.8

Sales i

Inventories *

Index, 1947-49=100,
seasonally adjusted s
131
118
128
118
136
128
148
135
152
135
148
136
144
156
165
145
168
145
167
148
169
144
166
146
142
162
161
145
161
146
162
148
164
144
149
164
166
151
169
150
170
150
170
151
153

Based on retail value.
Preliminary.
Sources: Department of Commerce and Board of Governors ol the Federal
Eeserve System.

19




MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Sales, inventories, and new orders (seasonally adjusted) of manufacturers increased in October. The advances we
concentrated in durable soods industries. Durable goods sales and new orders rose
in November, accor
ing to preliminary estimates.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS*
MANUFACTURERS' INVENTORIES

MANUFACTURERS' SALES
30

60

NONDURABLE
GOODS

DURABLE GOODS
40

10

DURABLE GOODS
\

_MANUFACTURERS' NEW ORDERS.

30

NONDURABLE GOODS
\
NONDURABLE GOODS

'••--••....,„,..„

„...„„

»»•

10

1958

1958

I960

1959

I960

1959

* SEASONALLY ADJUSTED.
SOURCE: DEPARTMENT OF COMMERCE.

1961

.COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted]
Manufacturers' sales J
Period

1953
1954
1955
1956
1957
1958
1959
1960 .
1960: October.November _ _
December
1961: January
February ..
March
April
May
June
.
July
.
August
3
September
October3 3 .
November *

Total

;

_

NonDurable durable
goods
goods

245
23. 5
26. 3
27.7
28.4
26.2
29.7
30.4
29. 6
29. 2
29. 1
28.7
29.0
29. 6
30.1
30.8
30.9
31.2
31.4
31.4
31.8

1
Monthly average for year and total for month.
2
1 Book value, end of period, seasonally adjusted.

Preliminary.

20

12.4
11.2
13. 1
13. 8
14.2
12. 4
14.5
14.7
14. 1
13. 8
13.6
13. 2
13. 3
13. 7
141
146
14.7
14 8
15. 0
15. 0
15. 3
15.8

12. 1
12.3
13. 3
13. 9
142
13.8
15.2
15.7
15.5
15. 4
15.5
15. 5
15.7
15. 9
16.0
16.2
16. 2
16. 4
16. 4
16.4
16.4

Manufacturers' inventories 2
Total

45.4
43.0
46.4
52.3
53.5
49. 2
52. 4
53.7
54.4
540
53.7
53.7
53.6
53.3
53.4
53.4
53. 4
53. 6
54 0
54.4
54.8

NonDurable durable
goods
goods
26. 2
24. 1
26. 7
30. 7
31.1
27.9
30. 1
30.9
31.4
31. 1
30.9
30.8
30.6
30.3
30. 2
30.2
30. 2
30. 4
30. 8
31.1
31.3

19.2
18.9
19.7
21. 6
22. 4
21. 3
22. 3
22. 9
23.0
22.9
22.9
22. 9
23.0
23. 0
23. 2
23. 2
23. 2
23.2
23. 2
23. 3
23.4

Manufacturers' new orders
Total

23. 1
22.5
27. 2
28.3
27.3
25.9
30. 1
29. 9
29. 2
29. 0
28.7
28.5
29. 1
29.9
30.4
31. 1
31. 1
31. 3
32. 1
32.3
32.7

4
Not charted.
Source: Department of Commerce.

1

Durable goods
NonMachinery durable
and
goods
Total
equipment
12. 1
11.0
3.3
10.2
12. :j
3.1
13.9
4.2
13. U
14. 4
4.7
13. »
4.4
14. 2
13.1
12. 0
3. 9
13. 0
14. 9
5.0
15. .">
14 3
15.7
4. 9
13.7
15. r,
4.7
13.6
48
15. -1
13.2
4.7
15. r,
4.8
12. 9
15. C.
13. 4
4.8
15. K
13.8
16. 0
5. 1
144
5.0
16. I
148
5.2
16. :t
149
16.2
5.3
15.0
16. :;
5.3
16. 5
15. 6
5.6
16. f>
15. 8
5. 5
16. 1
5.7
16. r>
16. 2
5.8

3HANDISE EXPORTS AND IMPORTS
sorts and imports (seasonally adjusted) rose sharply in October.
rplus to a little over $500 million.
LLIONS OF DOLLARS
5

The greater rise in exports raised the monlhly

BILLIONS OF DOLLARS

1 2.5
SEASONALLY ADJUSTED

2.0
MERCHANDISE EXPORTS EXCLUDING
, MUTUAL SECURITY PROGRAM
SHIPMENTS

.5

1955
COUNCtt OF ECONOMIC ADVISERS

XIRCES: DEPARTMENT OF COMMERCE, AND DEPARTMENT Of DEFENSE.

Period

[Millions of dollars]
Merchandise exports excluding
I
• •»* i. j- •
Mutual Security Program shipments
I
Merchandise imports
Total (includGeneral 2imDomestic exports
Imports for consumption 3
1
ing reexports)
ports
Indus- Finished
Indus- Finished
Season- Unad- Total ' Food- trial
manu- Season- Unad- Total Food- trial manually ad- justed
ally adstuffs matefacstuffs matefacjusted
rials
tures 1 justed justed
rials
tures

r average:
1
2 ._.
3
4
.
5
6
7
8
9
_
0
sptember
ctober
ovember
'ecember __
inuary
ebruary
larch
pril
.JJM
lav
line --uly
ugust
eptember
'ctober

1, 164
1,100
1,022
1,071
1, 191
1,444
1, 625
1,364
1, 366
1,629
_ 1,610
1, 707
1, 677
1, 6S1
1,649
_ _ 1, 764
1, 687
1,655
1, 554
1, 591
1, 707
1,670
1,639
._ 1,820

1,557
1,690
1, 724
1,743
1,539
1,606
1, 889
1, 647
1,671
1, 644
1, 558
1, 598
1,557
1,817

1, 151
190
345
1,088
175
300
1,012
254
143
1,060
131
310
162
1,180
351
1,432
216
441
208
529
1, 610
1,350
198
368
1,351
210
365
1, 613
230
509
Unadjusted
1,541
242
476
246
524
1,676
1,710
569
247
1,724
250
580
494
1,511
222
492
1,594
245
1, 859
283
525
454
242
1, 629
262
474
1,653
1, 623
239 . 457
1, 539
446
231
1,579
226
493
225
453
1,540
522
1,794
309

exports less Department of Defense shipments of grant-aid military
nd equipment under the Mutual Security Program.
;s for immediate consumption plus entries into bonded •warehouses.




616
612
614
620
667
775
872
784
776
874
822
905
894
894
795
856
1, 051
933
917
927
862
860
862
963

914
893
906
851
949
1,051
1,082
1,070
1,267
1,221
1, 177
1, 196
1, 138
1,100
1,119
1, 122
1, 1S7
1, 129
1, 117
1,181
1, S71
1,248
1,1249
1,319

1, 160
1, 157
1, 161
1, 157
1,124
1,046
1,230
1,042
1, 194
1,220
1,268
1,234
1,176
1,340

901
258
896
263
898
274
853
276
945
260
267
1,043
1,079
274
1,062
287
1,249
285
1, 221
274
Unadjusted
1, 159
269
268
1,157
1,176
280
1, 151
265
1,112
260
250
1,037
1,235
311
1,046
251
1, 188
264
1,189
287
1,241
275
1,250
285
266
1,176
301
1,335

485
459
441
394
468
508
511
450
534
509

158
174
183
183
217
268
294
325
431
438

478
463
465
474
470
438
502
428
497
492
511
511
495
555

412
425
431
412
382
348
422
367
427
410
455
454
415
479

3
Imports for immediate consumption plus withdrawals for consumption from
bonded warehouses.
Sources: Department of Commerce and Department of Defense.

21

U.S. BALANCE OF PAYMENTS
^ sharp rise in imports of goods and services in the third quarter more than offset a rise in exports. The overall deficit!
f the United States, as measured by U.S. gold sales and increases in foreign dollar assets, rose to $3.4 billion af <t
zasonally adjusted annual rate.

BILl.IONS OF DOLLARS *

BILl.IONS OF DOLLARS *

40

40
U.S. PAYMENTS
TOTAL
U.S. PAYMENTS >»^_
-^^
,*•*—--*•

_^t^
— —'"•'TSi

/

30

rCI^p^^^' 'S/U.S. RECEIPTS

eo

20

wiiiii^^^^^^n^/ii

JJIjjlijJIM^^'^"^^"'
!
4

",-,, ~

f>

10

10

0

1

1

t

1

i

l

l

i

^

'

1

1

t

0

' .
i' •

'..1*'.^ f

'-r^^lMW^

'

•" - ' " ' * " !

:

'

<

' HMPORTS^F Godbs*
\
AND SERVICES ;

!.'

i

f

-1

}

; ~<
• • '

f .1 ! -...t.

' ' '\
''. •"•'"• 1

i.... [ .".<'| |

40

20

U.S. RECEIPTS

Ml""ll

0

•

20

I

SE

*/

I

1

1958

^^^^SS^^,

'.

IO

-10 -^ EXCESS OF P

-20

TOTAL

30

10

I

I

I

1953

I

I

I

I960

1

1

1

1961

' EXPORTS OF GOODS .
AND SERVICES
'.
,.

,- f
0

' rt *-i*!r—*m4-4mTr'i-ttf«™t: f
I9S8
I95S

ASONALLY ADJUSTED ANNUAL RATES.
CLUDES UNRECORDED TRANSACTIONS, EXCLUDES LIQUID DOLLAR ASSETS.
DEPARTMENT OF COMMERCE.

p

..;*...

„„,-

' - V •> -' ' ' -, , " ;,>'-:
1 ^Ul »1 ' JlMM Vi—°^~*" J '
i
I960
1961

COUNOl Of ECONOMIC ADVISERS

sc URGE:

[Millions of dollars]
U.S. receipts
(recorded)

Period

Increase
in foreign
Balance
Unreon regold and
corded
Foreign
U.S. grants and capital (net)
corded
recorded
transactransliquid
Exports capital Imports
tionsother
U.S.
actions
dollar
of
of
Private capital [net pay- errors and
than
Governassets
goods
omissions
goods
through
liquid
ment
and
and
(net
dollar services Total i grants
transacor receipts receipts)
services assets
and
Total Direct
tions with
(+)]
(net)
capital
the U.S.
U.S. payments (recorded)

1954
1955
1956
1957
1958
1959
1960

17, 949
20, 003
23, 705
26, 733
23, 325
23, 709
27, 300

210
351
576
428
— 27
709
200

16, 088
17, 937
19, 829
20, 923
21, 053
23, 537
23, 327

1960: First quarter . .
.
Second quarter
Third quarter
Fourth quarter
1961: First quarter
Second quarter
Third quarter

26, 260
27, 312
27, 416
28, 212
28, 464
27, 528
27, 884

724
372
68
-364
796
1, 100

23, 700
24, 096
23, 496
22, 016
22, 076
22, 088
24, 112

1
2

0

—O

664
1, 554 1, 619
3,788
-1,717
779
2,211 1, 211
4, 007
-1,590
2,362 2,990 1,859
6,017
— 1, 565
2, 574 3, 175 2,058
6,451
-213
6, 153 2 2,587 2,844 1,094
-3, 908
2
1, 986 2, 375 1,372
— 4, 271
5, 152
2, 750 3,856 1, 694
7, 454
-3, 281
Seasonally adjusted annual rates
2,328 2, 776 1, 376
-2, 612
5, 896
—2, 484
6, 072
2, 780 2, 440 1,040
2, 420 4,340 4 1, 624 3 -3, 600
7,588
10, 260 3 3, 472 « 5, 868 2, 736 "— 4, 428
-1,284
3,476 4,156 2,000
8,468
2, 628
32 3,060 1,320
3, 912
3, 736 3, 120 1,652
-3, 936
7, 700

Includes remittances and pensions not shown separately.
Excludes $1,375 million increase in tl.S. subscription to International Monetary Fund..
3
Includes U.S. subscription to International Development Association of
$74 million ($296 million at annual rate).
* Includes single direct investment transaction of $370 million ($1,480 million
at annual rate).

22




167
446
643
748
380
528
— 648

1, 550
1, 14-1
922
-535
3,528
3, 743
3, 929

132
— 568
— 848
-1,308
— 100
-1, 636
500

2,480
3,052
4,448
3
* 5, 730
1,384
6
—992
6
3, 430

fi
Includes advance debt repayment and interest payments on U.S. Government loans of $774 million ($3.1 billion at annual rate).
* Before adjustment for receipts of principal and interest on government loans
paid in the previous quarter.
NOTE.—Data exclude goods and services transferred under military grants.
Source: Department of Commerce,

PRICES

>NSUMER PRICES

consumer price index rose less than 0.1 percent in October. Service prices continued their upward trend.
Jity prices rose slightly, with a rise in new car prices partially offset by a seasonal drop in Food prices.

Com-

INDEX, I947-49»IOO

INDEX, I947-49=IOO

150

ISO -

SERVICES

}>^

140

--"

130

120

./
.

-yr-.,-,-"0',„>«"•"

FOOD .

' COMMODITIES "
LESS FOOD

IOO

I

1955

1957

1956

1958

1950
__ . .
1951- ..
1952.
1953
1954
1955
1956 ..
1957.
1958_
1959
1960.
1960: SeptemberOctober. _
NovemberID ecember
1961: January
February.
March
April
May
June

July
August. . _
September
October
Source: Department of Labor.




) )

1961
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR.

Period

! I t

I960

1959

All
items

102. 8
111. 0
113. 5
114. 4
114 8
114. 5
116. 2
120. 2
123.5
124.6
126. 5
126. 8
127.3
127.4
127. 5
127. 4
127. 5
127. 5
127. 5
127. 4
127. 6
12& 1
128.0
128. 3
128.4

[1947-49=100)
Commodities
Services
Commodities less food
Services
All comAll
Food
less
modities
Nonservices Rent
All
Durable durable
rent

101. 2
110.3
111. 7
111. 3
110. 2
109. 0
110. 1
113. 6
116. 3
116. 6
117. 5
117.7
118. 2
118.3
118. 4
118.0
118. 1
118. 0
117. 9
117.7
118. 0
118.7
118. 4
118.7
118. 8

101. 2
112. 6
114. 6

m8

112. 6
110. 9
111. 7
115.4
120.3
118.3
119. 7
120. 2
120. 9
121. 1
121. 4
121.3
121. 4
121. 2
121. 2
120. 7
120. 9
122.0
121.2
121. 1
120. 9

101.3

ioa 9

109. 8
110. 0

ioa e

107. 5
10&9
112.3
113. 4
115. 1
115. 7
115. 6
115.9
115. 9
115. 9
115.4
115. 5
115. 4
115. 2
115.3
115.6
116.0
116.1
116. 6
117.0

104 4
112. 4
113. 8
112. 6
108. 3
105. 1
105. 1
108. 8
110.5
113. 0
111. 6
110.0
110. 9
110.7
110.8
110.2
110.3
109. 9
110. 7
110. 8
111.2
111. 5
111.9
111. 9
112. 7

100.9
108. 5
109. 1
110. 1
110. 6
110. 6

na o

116. 1
116. 9

na 3

120. 1
120.9
120. 9
121. 1
121.0
120.5
120. 6
120.7
120. 0
120.0
120.3
120. 6
120. 7
121. 5
121.5

108. 5
114 1
119. 3
124 2
127.5
129.8
132. 6
137.7
142. 4
145. 8
150. 0
150.8
151. 2
151.3
151. 4
151.7
151. 9
152. 2
152. 3
152.5
152.7
152. 8
153.0
153.2
153.4

ioa s

113. 1
117. 9
124 1
12a5
130. 3
132. 7
135. 2
137. 7
139.7
141. 8
142.1
142. 5
142.7
142.8
142. 9
143.1
143.1
143.3
143.4
143.5
143. 6
143. 6
143.9
144. 1

ioa i

1146
120. 1
124 6
127.7
130. 1
133. 0
138. 6
143. 8
147.5
152. 1
153.0
153.4
153. 6
153. 6
1540
154.2
154.6
154. 7
154. 9
155.0
155.2
155. 4
155.6
155.8

23

WHOLESALE PRICES
Wholesale prices, on the average, increased slightly in November. Prices of farm products and industrial products
were higher in November than in October while processed food prices were lower.
INDEX, 1947-49 = 100

INDEX, 1947-49=100

COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)

130

120

100

1961
SOURCE: DEPARTMENT OF LABOR

Period

1953
.
1954
1955
1956
1957-.1958- 1959. 1960
1960: SeptemberOctober
November.- . . _
December
1961: January __
February _ _
March- - _
April- _
MajfJune
Julv
August
September _
October
November
Week ended :3
1961: December 5
12
1

COUNCIL OF ECONOMIC ADVISE!

All
commodities

110. 1
110.3
110. 7
114. 3
117. 6
119. 2
119.5
119. 6
119. 2
119. 6
119. 6
119. 5
119. 9
120. 0
119. 9
119. 4
118. 7
118.2
118.6
118. 9
118.8
118. 7
118. 8
118.8
119. 1

[1947-49 = 100]
Commodities other than farm products and foods (industrials)
Consumer finIndus- Indus- ProducFarm
Procished goods exAll intrial in- er fintrial
prodessed
cluding food
dustricrude termedi- ished
ucts
foods
als1
Durmate- ate ma- goods
Non2
terials
rials
able
durable
97.0
104. 6
114. 0
116.2
108. 5
113.8
123. 1
106. 9
95. 6
114. 5
105. 3
103. 3
116. 7
124. 7
114. 7
107. 2
89. 6
117. 0
101.7
120. 1
113. 4
128. 5
115. 9
107. 8
88. 4
122. 2
101.7
126. 0
120. 0
119. 7
138. 1
109.9
90. 9
105. 6
125. 6
118. 3
129. 3
123. 3
112. 4
146. 7
94 9
110.9
126. 0
113. 7
129. 1
150.3
125. 0
111.7
89. 1
107.0
128. 2
131. 2
153.2
120. 0
126.5
113. 4
sa 8 107.7 128.3 115.3 131.7 153. 8 126. 1
114. 1
87. 7
127.9
114.2
108.1
131. 5
152. 5
123.6
114.8
89. 5
109.0
128.0
112. 7
131. 3
153.4
125. 7
114. 8
89.9
127. 9
109. 1
131.0
111. 8
153. 6
125.8
114. 7
88.7
109. 2
127. 9
111. 0
130. 9
153. 8
125.8
114. 7
89.7
128. 1
109. 9
111. 3
130.8
154. 0
125. 8
114.9
90. 0
128. 1
110.5
112. 1
130.7
153. 9
125. 6
115.2
89. 9
109.6
128.2
113. 3
130. 7
153. 8
125. 5
115. 0
88. 5
108.7
128. 0
113. 3
130. 6
153. 7
125. 5
114. 2
86. 8
107.5
127.6
113. 3
129. 9
153.7
125. 5
113. 5
85. 1
106. 7
127.4
129. 8
125.6
113. 6
153.9
113. 8
87.1
107. 5
127. 4
114, 4
129. 6
153.8
125.6
113. 9
88.6
127.4
129. 5
108. 1
115. 8
153. 8
125.5
114 0
87. 2
108. 1
127. 5
116.4
129. 8
153. 8
125. 5
113.9
87. 1
129. 6
108.3
127. 3
154. 0
125. 3
117.0
113.8
87. 5
107.9
127.5
114. 1
154. 2
125.4
129. 7
114. 2
4
4
4
4
86.9
108. 2
127. 5
(4)
()
(4 )
(4)
87.8
108. 7
127. 7
(4)
()
(*)
()
(4)

Coverage of the subgroups does not correspond exactly to coverage of this
index.
2
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.

24




(;

3

Weekly series based on smaller sample than monthly series.
* Not available.
Source: Department of Labor.

S

RICES RECEIVED AND PAID BY FARMERS

n the month ended November 15, the index of prices received by farmers continued downward, while prices paid
emained unchanged. The parity ratio slipped back to the July level.
INDEX, 1910-14*100
325

INDEX, 1910-14 = 100
325

300

275

275

250

225

2E5

200

200

RATIO U

RATIO U
100

100

PARITY RATIO
•"'"«•>•.,„„,.<•,,„_

./•••—..,,

fi m
i. ..
" " " •. . „ • " • " •
• " " .„„ « • " " •

'*" "' » . I
'< H I

75

i tii i ii i i ii

1 1 i i 1 1 1 1 1 1 1

1955

1956

1

1958

1957

1 1 1

1

1 !

1 1 1 1

1959

i i t i i 1 i i i ir

I960

-^ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, .INTEREST, TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.

1

1

1

1 I 1 1 1 1

1

1

1961
COUNCIL OF ECONOMIC ADVISERS

Prices received by farmers
Period

1951
1952
1953
1954__.
..
1955 _ - —
1956
1957
1958
1959
..
I960—- _ _
1960: October 15
November 15
December 15
1961 • January 15
February 15
March 15
April 15

All farm
products

..

-

Mav 15

June 15
July 15
August 15
September 15
October 15
November 15

_

. .. .

Crops

302
288
255
246
232
230
235
250
240
238
241
241
242
241
244
243
239
236
234
237
241
242
240
238

1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.




265
267
240
242
231
235
225
223
221
221
222
219
217
218
221
224
226
230
231
232
229
229
226
223

Prices paid by farmers
All items,
interest,
Family
Livestock taxes, and
Producand
living
tion
products wage rates
items
items
(parity
index)
Index, 1910-14=100
282
268
336
273
271
306
287
274
268
269
256
277
249
270
277
255
234
270
276
251
274
226
250
278
282
244
257
286
287
264
273
293
288
256
297
266
290
253
265
299
257
262
296
290
291
262
260
297
263
291
298
265
261
291
301
267
291
302
267
263
290
259
302
268
290
251
302
267
241
302
291
266
290
236
265
300
290
241
264
300
290
251
301
265
252
291
266
301
252
291
301
265
291
250
265
301

Parity
ratio 1

107
100
92
89
84
83
82
85
81
80
81
81
81
80
81
80
79
78
78
79
80
80
80
79

Source: Department of Agriculture.

23

MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The money supply increased more than seasonally in November.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

150

:

AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

1 ISO

TOTAL MONEY SUPPLY
140

f

130

DEMAND DEPOSITS AT ALL.
COMMERCIAL BANKS

120

120

JL
110

110

100

IOO

90

r

I9S5

1956

1957

I >

' I t

I960

1958

[Averages of daily figures, billions of dollars]
Money supply
Seasonally adjusted
Unadjusted
Currency Demand
Currency
Total
outside
outside
Total
deposits '
banks
banks

Period

1953:
1954:
1955:
1956:
1957:
1958:
1959:
1960:
1960:

December.
December.
December.
December
December
December
December _ .
December
October. .
November .
December
1961: January
February
March
April
_
May.
_
June
July
August
September
October z
November _
First half 2
Second half
1
Deposits
3

_ _

at all commercial banks.
Preliminary,

26




128. 1
131. 8
134. 6
136.5
135. 5
140. 8
141. 5
140.4
140. 6
140. 2
140. 4
140. 6
141.2
141. 5
142. 0
142.0
142. 1
142. 0
141. 8
143. 0
143.7
144. 1
144.4
143. 7

-27. 7
27. 4
27. 8
28.2
28. 3
28. 6
28. 9
29. 0
29. 0
29. 0
29.0
28.9
28. 9
29. 0
29. 0
29. 0
28. 9
29.0
29.0
29. 2
29. 3
29. 4
29. 4
29.5

1961
COUNCIL Of ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

100.4
104. 4
106. 8
108. 3
107. 2
112. 2
112. 6
111.4
111. 6
111. 2
111. 4
111. 7
112. 3
112. 6
113. 0
113. 0
113. 2
113. 0
112. 8
113. 8
114. 4
114. 7
115. 1
114. 2

131. 4
135. 0
137.9
139.7
138.8
144. 3
144. 9
143. 8
140.6
141.4
143.8
143.7
140. 9
140. 1
141.7
140. 0
140.7
141. 1
141. 1
142. 4
143. 6
145. 3
145.6
145.0

28.2
27.9
28. 3
28. 7
28.9
29. 2
29. 5
29. 5
29. 1
29.2
29. 5
28. 8
28. 6
28. 6
28.7
28.7
28.9
29.2
29.2
29. 3
29. 4
29. 7
29.6
29. 8

Related deposits
(unadjusted) 1
Demand
deposits '

103.3
107. 1
109. 6
111.0
109. 9
115. 1
115. 5
114. 3
111. 5
112. 2
114.3
114.9
112. 3
111. 4
113.0
111.3
111. 8
111. 9
111. 9
113. 1
114. 2
115. 6
116.0
11-6. 3

U.S. Government
demand
44. 7
3. £
48.5
5. C
3. 4
50.0
3. 4
51. 8
57. 1
3. 5
3. S
65. 1
4.9
67. 0
4.7
72. 5
5.7
71. 8
72. 0
5. 8
72. 5
4. 7
4. 1
73.7
4. 8
75. 1
4.7
75. 9
76. 9
2.9
4. 6
78. 1
79. 0
4.5
4, 3
79.9
5. 5
80.7
5. 2
81. 3
82. 0
6. 5
82.0
5.8
82.2
5. 3
6. 3
81. 8

Gross
time

NOTE.—See note, p. 27.
Source: Board of Governors of the Federal Reserve System.

&NK LOANS, INVESTMENTS, DEBITS, AND RESERVES
>mmercial bank loans increased $1.2 billion in November, compared to a rise of $200 million in November 1960.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS

200

TOTAL LOANS AND INVESTMENTS

V
150

150

BANK LOANS

-v

100

INVESTMENTS IN U.S. GOVERNMENT SECURITIES

50

50

OTI
INVESTMENTS IN OTHER SECURITIES

I

I

1955

1956

1957

1958

1959

I960

1961

END OP MONTH

I

council or £CONOMIC"ADVISER!

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Weekly
Bank
All member banks l
reporting
debits
member
outside
Investments
banks l New York
Reserves 4
BorrowCity (343
ings at
centers) ,
Loans U.S. Gov- Other
Federal
seasonally
ernment securi- Business adjusted Required Excess Reserve
Banks *
loans J
securities
ties
annual
rates 3
Billions of dollars
Millions of dollars
67. 6
63. 4
14.7
23.4
441
1, 126 19, 227
693
70. 6
16. 3
22. 4
69. 0
246
703
1,148 18, 576
2
82. 6
61. 6
16.7
26. 7
839
594
1, 877 18, 646
90. 3
58.6
30.8
16.3
652
688
1,385 18, 883
93. 9
58. 2
17.9
577
710
31. 8
1,488 18, 843
1
98.2
66. 4
20. 6
557
31. 7
516
1,481 18, 383
2
110.8
58. 9
20. 5
30. 5
1,656
18, 450
482
906
117. 6
20. 9
31.9
1, 7S6
18, 514
769
87
61. 0
114. 8
60. 4
20. 4
149
31. 4
1, 7SS 18, 095
638
115. 0
20. 3
142
60. 2
31.7
756
1, 768 18, 248
769
87
117.6
61. 0
20.9
31. 9
1, 711 18, 514
114.2
20. 9
31.2
1, 783 18, 570
49
61. 9
745
116. 7
61. 3
654
137
21. 3
31. 3
1,775
18, 310
116. 6
21. 7
59. 7
1,775
18, 263
546
70
32.0
2
117. 2
60. 7
21. 8
1, 783 18, 266
56
31. 7
618
117. 9
61. 5
21. 9
549
1,872
96
31. 5
18, 307
22. 1
118.0
61. 8
612
31. 8
18, 430
63
1,846
118. 1
64. 7
18, 482
22.3
1,817
581
51
31. 3
118.5
64, 2
22. 5
67
604
18, 619
31. 5
1,854
120. 8
23. 2
66.0
1,818
590
37
31. 8
18, 783
120. 5
66. 6
23. 2
506
65
31.9
1,891
19, 153
121. 7
66. 2
32.1
23. 4
1,918
19, 215
601
105

All commercial banks
End of period

1953
1954

_

1955
.. „
1956 . . _
1957
1958
1959
I960.. .
1960: October _
November
December. _
1961: January
._ _
February,
March
April _
Mav

June__
July 6 5
August
September 5 _
October 5 6
November _ _

Total
loans
and
investments

145. 7
155. 9
160. 9
165.1
170. 1
185. 2
190. 3
199. 5
195. 6
195. 5
199. 5
197. 0
199. 3
198.0
199. 7
201. 2
201.8
205. 1
205. 1
210.0
210. 3
211. 3

1
Member banks are all national banks and those State banks which have taken
membership in the Federal Reserve System.
= Commercial and industrial loans and prior to 1956 agrlCDlturalloans. Series
revised beginning January 1952, October 1955, July 195S, July 1959, and April 1961.
3
Debits during period to demand deposit accounts except interbank and
TT.S. Government. Prior to 1955, relates to 344 centers outside New York City.
* Aver-ages of daily figures. Annual data are for December.




8

Preliminary.
NOTE.—Between January and August 1959, series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Data for all member banks include Alaska and Hawaii for all periods.
Source: Board of Governors of the Federal Reserve System.

27

CONSUMER CREDIT
In October consumer credit outstanding rose about $180 million, compared to a rise of $80 million in October 1960
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

60

TOTAL CREDIT OUTSTANDING

Pi i i i i I i i i i i i i i i i i I i i i i t I i i i i i I i i i , i I i i i i i I i i i i i I i i i i i I i i i . i I i i , . i I i i i i i

1955
I
1956
1957
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

June_

July
_ __
August
September
October

-

22, 712
27, 520
31, 393
32, 464
38, 882
42, 511
45, 286
45, 544
52, 119
56, 049
54, 265
54, 344
54, 626
56, 049
55, 021
54, 102
53, 906
53, 972
54, 390
54, 786
54, 687
54, 889
54, 869
55, 051

15, 294
19, 403
23, 005
23, 568
28, 958
31, 897
34, 183
34, 057
39, 852
43, 281
42, 517
42, 591
42, 703
43, 281
42, 782
42, 264
42, 058
41, 988
42, 127
42, 441
42, 457
42, 636
42, 554
42, 714




1961

I960

COUNCIL OF ECONOMIC ADVISERS

5,972
7,733
9,835
9,809
13, 472
14, 459
15, 409
14, 237
16, 549
17, 866
18, 021
17, 992
17, 967
17, 866
17,611
17, 383
17, 265
17, 200
17, 242
17, 358
17, 358
17, 350
17, 179
17, 186

1
Also includes other consumer goods paper, repair and modernization loans,
and personal loans, not shown separately.
2
Consumer credit extended for the purpose of purchasing automobiles and
secured by the items purchased.
2
Consists of single-payment loans, charge accounts, and service credit.

28

1959

[Millions of dollars]
Consumer credit outstanding
(end of period ; unadjusted)
Instalment
NonAutomoTotal
instalTotal i
bile 2
ment 3
paper

Period

1951
1952
1953...
1954
1955
1956
1957___
1958
1959
1960_
1960: September
October
November
December
1961: January
February
March
_ April
Mav
iiu-J

1958

7,418
8,117
8, 388
8, 896
9, 924
10, 614
11, 103
11, 487
12, 267
12, 768
11, 748
11, 753
11, 923
12, 768
12, 239
11, 838
11, 848
11, 984
12, 263
12, 345
12, 230
12, 253
12, 315
12, 337

Consumer instalment credit extended and
repaid (seasonally adjusted)
Automobile paper 2
Total i
Extended

23, 576
29, 514
31, 558
31, 051
39, 039
40, 175
42, 545
40, 789
49, 045
50, 343
4, 125
4, 108
4, 134
4,007
3,869
3, 803
4,002
3, 883
4,001
4, 116
3, 961
4,081
4,010
4, 336

Repaid

22, 985
25, 405
27, 956
30, 488
33, 649
37, 236
40, 259
40, 915
43, 407
46, 914
3,958
3, 994
3, 946
3, 931
3,972
4,011
3,954
4,022
3,974
4,016
4,035
4,055
4,085
4,152

Extended

8, 956
11, 764
12, 981
11, 807
16, 745
15, 563
16, 545
14, 316
17, 941
17, 839
1, 422
1, 460
1, 482
1,325
1,239
1, 190
1, 288
1, 243
1,315
1,347
1,301
1,297
1,239
1,488

Repaid

9, 05S
10, 003
10, 870
11, 83:!
13, 082
14, 570
15, 595
15, 488
15, 698
16, 522
1, 375
1, 417
1, 397
], 350
], 387
1, 36!5
1. 35.'!
j, 388
1, 365
1, 38<i

i, 40:;

1, 384
1, 37'1
1, 41!)

NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Source: Board of Governors of the Federal Reserve System.

:>ND YIELDS AND INTEREST RATES
2 rate on 3-month Treasury bills averaged somewhat higher in November than October, but yields on bonds averad about the same. There was some rise in interest rates in late November and early December.
PERCENT PER ANNUM

PERCENT PER ANNUM

1961

SOURCES: SEE TABLE BELOW.

COUNCIL OF ECONOMIC ADVISERS

Period
54

55
56
57

_

-

.-

58
59

60
60: October
.
.
November
December
61: January,
_
._
February
March
April
May
June
July
August
September
October
November
eek ended:
1961: November 4
11
18
25
December 2
9
16

.
_

--

- -

. ...

[Percent per annum]
U. IS. Government
High-grade
security yields
municipal
3-month
bonds
Taxable
Treasury
(Standard3 &
bonds 2
bills »
Poor's)
0.953
2.55
2.37
1.753
2. 84
2. 53
2. 658
3.08
2. 93
3.267
3. 47
3. 60
1.839
3. 43
3. 56
3. 405
4.08
3. 95
2. 928
4.02
3.73
2, 426
3. 91
3. 59
2. 384
3.93
3. 46
2. 272
3. 45
3. 88
2. 302
3. 89
3.44
2. 408
3.81
3.33
2. 420
3.78
3. 38
2.327
3.80
3. 44
2. 288
3.73
3. 38
2. 359
3.88
3. 53
2. 268
3. 90
3. 53
2. 402
4.00
3.55
2.304
4.02
3.54
2. 350
3.98
3. 46
2. 458
3.98
3. 44

2. 280
2. 349
2. 516
2. 537
2. 606
2. 625
2.579

Rate on new issues within period.
Series includes: April 1953 to date, bonds due or callable 10 years and after;
ril 1952-March 1953, bonds due or callable after 12 years; October 1941-March
2, bonds due or callable after 15 years.




3.95
3.96
4.00
3. 98
4.01
4.05
<4. 06

3.41
3. 39
3. 42
3. 46
3. 50
3. 52
3. 53

Corporate bonds
( Moody 's)
Aaa

2. 90
3. 06
3. 36
3. 89
3.79
4.38
4. 41
4. 30
4. 31
4. 35
4.32
4.27
4. 22
4. 25
4. 27
4.33
4. 41
4. 45
4.45
4. 42
4. 39
4. 40
4.39
4.39
4. 39
4. 38
4. 39
*4. 42

Baa

3. 51
3. 53
3. 88
4. 71
4. 73
5.05
5. 19
5. 11
5. 08
5.10
5. 10
5. 07
5.02
5.01
5. 01
5.03
5.09
5. 11
5. 12
5. 13
5. 11
5.
5.
5.
5.
5.
5.
5.

Prime
commercial
paper,
4-6
months
1. 58
2. 18
3. 31
3. 81
2. 46
3. 97
3. 85
3. 30
3. 28
3. 23
2. 98
3. 03
3.03
2. 91
2. 76
2. 91
2. 72
2. 92
3.05
3. 00
2. 98

12
11
11
10
10
10
11

3
Weekly data are Wednesday figures. * Not charted.
Sources: Treasury Department, Board of Governors of the Federal
Reserve System, Standard & Poor's Corporation, and Moody's Investors
Service.

2. 98
2. 88
2.98
3. 00
3. 09
3. 13
»3. 15
OQ
*w

STOCK PRICES
Stock prices rose in November and early December.

IS55

I

1956

SOURCE: SECURITIES AND EXCHANGE COMMISSION.

Period
Weekly average:
1952
__. .
1953
._ 1954
_ .
1955
1956.- ..
...
1957
.
___
1958
1959 .
... .
1960
.
1960: October
November _
December. _
1961: January
February
March
April
Mav

June.
July.. . ._
August _ _
September
October __
November
Week ended:
1961: November 17___ .
24 .
December 1
8
15J

Composite
index 1

[1957-59=1001
Manufacturing
NonDurable
Total
durable
goods
goods




Utilities

Trade,
finance,
and
service

Mining

52. 3
51. 9
61. 7
81. 8
92.6
89. 8
93. 2
116. 7
113. 9
109. 1
112. 6
115. 2
120. 9
125. 4
129.8
133. 0
134.9
132.8
132. 7
137. 4
136. 2
138.0
144. 0

46. 8
46. 7
57. 6
79. 5
93. 2
90. 7
92. 5
116. 5
110. 9
104. 9
108. 5
110. 3
115. 3
119. 2
123. 9
125. 8
127. 6
126.0
125. 2
130. 1
128. 9
129. 1
133. 7

42. 1
43. 0
54. 7
78. 7
91. 5
88. 5
90. 4
120. 8
117. 3
109. 4
113. 0
114. 5
118. 6
121. 4
127. 8
128. 5
130. 6
128.0
126. 5
131. 3
131.7
132. 2
135. 7

50. 7
49. 8
60.0
80. 1
94. 5
92. 8
94. 4
112. 6
104. 9
100.8
104. 5
106. 4
112. 2
117. 3
120. 3
123. 3
124. 9
124. 2
123. 9
129. 0
126. 4
126. 4
131. 9

74. 6
73. 9
78. 6
108. 2
110. 6
93. 2
91. 0
115. 6
95. 8
88.0
91. 7
92. 6
100.3
102. 6
104. 2
103. 4
107. 5
105. 1
103. 2
107.0
106. 8
110. 1
109.9

65. 4
67. 3
75. 3
84. 8
86. 4
86. 3
95. 8
117.6
129. 3
130. 5
132.0
138.5
148. 7
156. 0
159. 2
168. 9
170. 0
164.0
166. 7
170.6
168.9
173.9
186.0

60. 4
60. 8
69. 1
87. 1
89. 9
82. 2
95. 1
122. 3
127. 4
122. 8
129. 3
132. 4
134.8
139. 8
146. 7
150. 4
153. 1
156. 0
158. 4
164. 2
166.4
176. 6
187.7

80.7
70.4
78.2
91. 6
104. 6
107. 2
97. 9
95. 0
73. 8
71. 8
74. 1
78. 2
85. 1
89. 0
89.2
93. 5
96. 9
97.0
93. 1
92. 8
87.3
90. 2
95. 1

145.
145.
145.
146.
146.

134.
135.
135.
135.
136.

136. 3
136. 6
137. 6
138.3
138. 9

133. 3
133. 6
133. 3
133.7
133. 4

110. 9
109. 2
109. 5
108. 6
107. 3

187. 3
190. 3
188. 9
190. 7
190. 8

193.0
191.4
188. 6
189. 3
188. 4

94. 2
98.3
101. 5
102.0
101. 3

3
9
8
5
5

7
0
4
9
0

1
Includes 300 common stocks: 108 for durable goods manufacturing, 85 for nondurable goods manufacturing, 18 for transportation, 34 for utilities, 45 for trade,
finance, and service, and 10 for mining.

30

Transportation

a

Not charted.
NOTE.—Indexes are based on weekly closing prices.
Source: Securities and Exchange Commission.

FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
The budget deficit for the first 5 months of fiscal 1962 is $8.1 billion.
deficit was $5.7 billion.

For the comparable period of 1961, the

BILLIONS OF DOLLARS
100
NET BUDGET RECEIPTS

BILLIONS OF DOLLARS
NET BUDGET EXPENDITURES

0
1957

I960

1958

1961

1957

1958

1959

I960

1961

+ 10

MAJOR NATIONAL SECURITY
• EXPENDITURES

BUDGET SURPLUS (H-) OR DEFICIT (-)
(ENLARGED SCALE)
+5 h

FIRSTS .MONTHS.

-5

-10

-15

1961

1959

1962

1957

I9S8

1959

I960

FISCAL Y E A R S
*ESTIMATE
SOURCESr TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.

Period

Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1960:

year 1956
year 1957
year 1958
year 1959
year 1960 4
year 1961 5
year 1962
October 4 4
November 4

- - -- -

.

._

Deremhpr

1961: January 4 4 _ _

__

_

February
March 4
4
April4
... ..
May 4
June
July 4 4
August
September 4
October 4 4
_ _
November
_.
4
Cumulative totals first 5 months :
Fiscal year 1961
-Fiscal year 1962 _. ..
1

- -

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Net budget expenditures
Net
Major national security J
budget
Department
Total
receipts
Total
of Defense,
military 2
66. 2
67.8
40. 6
38. 4
69. 0
70. 6
43. 3
40. 8
71. 4
68. 5
44 1
41. 2
80. 3
67. 9
46. 4
43. 6
76.5
77. 8
42. 8
45. 6
81. 5
77. 6
47. 4
44. 7
89. 0
82. 1
48. 4
51. 1
6. 8
2. 8
3. 7
3. 5
6.8
6.3
3. 9
3.6
6.8
7.6
4. 2
4. 0
6. 5
4. 8
3. 7
3. 5
6. 2
6. 5
3. 8
3. 6
7.0
8. 5
4. 3
4.0
6. 5
5. 1
3. 8
3. 5
7. 2
6. 5
4. 1
3.9
7. 9
4. 6
10. 7
4.3
6. 3
3. 0
3.2
3.5
7.6
6.4
3. 8
4.0
6. 8
8.9
3. 9
3. 0
7. 8
3. 1
4. 1
3. 8
7. 5
6. 4
4. 3
4. 0

27. 7
27. 9

Includes military activities of the Department of Defense (military functions
and the military assistance portion of the mutual security program), Atomic
Energy Commission, stockpiling, and defense production expansion.
• Military functions and military assistance.
3
Includes guaranteed securities neld outside the Treasury. Not all of total
shown is subject to statutory debt limitation.




33. 4
36. 0

19. 0
19. 7

17. 8
18. 5

Budget
surplus
or
deficit (-)

Public
debt
(end of3
period)

1. 6
1. 6
-2. 8
12. 4
1.2
-3. 9
— 6. 9
— 4. 0
.5
.8
-1.6
.3
1. 5
— 1. 3
-. 7
2. 8
— 3. 3
— 1. 3
2. 2
— 4. 7
— 1. 1

272. 8
270.6
276. 4
284. 8
286. 5
289. 2
«
290. 6
290.6
290. 4
290. 2
290. 7
287. 7
288. 2
290. 4
289. 2
292. 6
294. 0
294. 0
296. 0

— 5. 7
-8. 1

290. 0

y.)7. 3

297. :;

< Preliminary.
' Estimate (196Z Budget Review).
' Not available.
NOTE.—Total budget receipts and expenditures have been adjusted to exclude
certain intragovernmental transactions.
Sources: Treasury Department and Bureau of the Budget.
31

CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter of the current fiscal year cash payments exceeded cash receipts by $3.3 billion or, on a seasonally
adjusted basis, by $900 million. The estimate of the cash deficit for the current fiscal year as a whole is $8.4 billion.
BILLIONS OF DOLLARS ( SEASONALLY ADJUSTED )

BILLIONS OF DOLLARS ( SEASONALLY ADJUSTED )
30

30

EXCESS OF CASH RECEIPTS

EXCESS OF CASH PAYMENTS

-5
1958

CALENDAR YEARS
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Cash receipts
from the
public

Period
Fiscal year total:
1957
1958
1959
I960.1961 ]
19622
Calendar year total:
1957—
1958 1959 1
I960

Preliminary.

32




Excess of re- Cash receipts
ceipts ( + ) or from the
payments
public

82. 1
81. 9
81.7
95. 1
97. 1
102. 8

-

Quarterly total (calendar years) :
1959: Third quarter
Fourth quarter.
1960: First quarter
_ _. .
Second quarter.
Third quarter ' 1
Fourth quarter .. __
1961: First quarter l !
Second quarter
Third quarter '_ _
..
1

Cash payments to
the public

' Estimate (1962 Budget Review).

80.0
83.4
94, 8
94.3
99.3
111. 1
83. 3
89. 0
95. 6
94. 7
Unadjusted

1. 2
-7.3
— 8. 0
3. 6

24.4
23.9
21. 9
24. 1
24. 2
24. 5
23. 4
27.2
26. 7

-3.0
-4. 5
3.8
4. 5

Excess of receipts ( + ) or
payments
(-)

2. 1
15
-13. 1
.8
-2. 1
-8.4

84. 5
81. 7
87. 6
98. 3

Cash payments to
the public

21.4
19. 4
25. 8
28.5
23. 4
20. 6
24. 8
28. 4
23. 4

Seasonally adjusted

O

-a 9
1.4
1. 2
-3.3

23.2
23.6
23. 5
25.0
25. 1
24. 8
22.5
24.9
25. 2

23.8
23.6
23.3
23. 6
23.6
24. 2
24 9
26.6
26. 1

Sources: Treasury Department and Bureau of the Budget.

For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington 25, D.O.
'<
Price 20 cents per copy; $2.00 per year; $2.75 foreign
U.S. GOVERNMENT PRINTING OFFICE:1961

-0.6
.0
.1
1.5
1.5
.6
-2.3
— 1. 7
-.9