Full text of Economic Indicators : December 1961
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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 investearn-2 disment invest^ saving ings 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 interest, of goods expendi- interest, and receipts receipts 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, net IIKL interest ii,l,eit»L paid pmu by government, and subsidies less current surplus ot ment, 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 Federal of goods State tion product national and Total Total i National Other and in 1960 product expend- invest2 services 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. 1 140. 8 154.2 180. 3 195. 0 208.8 207.6 223. 9 242. 5 255. 5 257. 1 278. 4 293. 7 Proprietors' income 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 dends bursements of Farm and proand other persons 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: PerconPersonal Transfer sonal tributions interest payfor social income ments 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] personalJ income 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 agriculnonagriall tural cultural sources sources ' 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) and2 wages received by Tarm resident workers. 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 '""""""••III.,,,, tn,.'""""'""""""""""" 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; 1 ;i?: 1 1 1i 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- Seasonadjusted ally justed 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)1 3 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 perof covered Initial Exhaus- cent employment claims tions Unad- Seasonadjusted ally justed 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) (') 8f) 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 <6 Primarily includes persons who could find only part-time work. 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 trade strucAll 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 3.3 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) 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 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 Total 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_ 9 . 16 2 _ 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 assembled (thousands) Thousands Index distributed (thousands (thousands (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 value, Federal, TotalStates State, and 48(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 (22) (2) (2) (2) (2) () 1959 1960 1960: October November. December. 1961: January February March April _ _ May. June. July August- ... September * October4 4 November 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 (22) 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 ' New series 3 338. 6 306.2 535.4 197.7 198. 8 341. 7 369. 7 620. 8 401. 5 159.4 234. 2 234. 0 369. 7 234.0 242.4 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 6 September _ 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 (includ-1 General 2imDomestic exports Imports for consumption 3 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 errors and dollar of of Private capital than Govern[net pay- omissions assets goods goods through liquid ment and and Total i grants (net dollar transacor receipts receipts) services assets services 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 1, 624 4,340 -3, 600 7,588 3 10, 260 3 3, 472 « 5, 868 4 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 Rent less modities Nonservices 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 maNon2 goods 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 •"'"«•>•.,„„,.<•,,„_ ./•••—..,, fii.m.. "•""""•..„.„„«••""•""•• '*" "''<»H.II 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, Producand and living tion rates products wage 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 Parity1 ratio 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 annual3 rates 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 instal-3 Total i bile 2 ment 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 2 Treasury (Standard3 & bonds 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 year 1961 54 year 1962 October 4 4 November 4 - - -- - . ._ Deremhpr 1961: January 4 4 _ _ __ _ February March 4 April44 ... .. 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. •3 Military functions and military assistance. 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 ]2 1962 Calendar year total: 1957— 1958 1959 1 I960 - 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 Preliminary. 32 ' Estimate (1962 Budget Review). Cash payments to the public Excess of re- Cash receipts ceipts ( + ) or from the payments public 82. 1 81. 9 81.7 95. 1 97. 1 102. 8 80.0 83.4 94, 8 94.3 99.3 111. 1 2. 1 15 -13. 1 .8 -2. 1 -8.4 84. 5 81. 7 87. 6 98. 3 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 21.4 19. 4 25. 8 28.5 23. 4 20. 6 24. 8 28. 4 23. 4 Cash payments to the public Excess of receipts ( + ) or payments (-) 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