Full text of Economic Indicators : December 1963
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88th Congress, 1st Session
Economic Indicators
DECEMBER
1963
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1963
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
HOUSE OF REPRESENTATIVES
SENATE
WRIGHT PATMAN (Texas)
JOHN SPARKMAN (Alabama)
HALE BOGGS (Louisiana)
J. WILLIAM FULBRIGHT (Arkansas)
HENRY S. REUSS (Wisconsin)
WILLIAM PROXMIRE (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
CLAIBORNE PELL (Rhode Island)
THOMAS B. CURTIS (Missouri)
JACOB K. JAVITS (New York)
CLARENCE E. KILBURN (New York)
JACK MILLER (Iowa)
WILLIAM B. WIDNALL (New Jersey)
LEN B. JORDAN (Idaho)
JAMES W. KNOWLES, Executive Director
MARIAN T. TRACY, financial Clerk
HAMILTON D. GEWEHR, Administrative Clerk
COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman
GARDNER ACKLEY
JOHN P. LEWIS
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sr CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 25 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) from:
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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 $5.40 per year.
The 1962 Supplement to Economic Indicators, which describes each series
and gives annual data for years not shown in the monthly issues, is now available at 65 cents a copy.
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose $9 billion (seasonally adjusted annual rate) in the third quarter, according to current
estimates. Personal consumption expenditures, up $4% billion, accounted for the largest part of the increase, all
other components, except net exports, showed some gain.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Business
Persons
Period
Personal
Disposable consumption
personal expenditures
238. 7
252. 5
256. 9
274. 4
292. 9
308. 8
317.9
337. 1
349. 9
364. 4
384. 4
377.3
382.7
386. 5
391. 4
394. 5
400. 0
404. 4
1952
1953
1954
1955
1956
1957
1958
1059
1960
1961
19G2
1962: I--II..
III.
IV.
1963: I—II-.
III.
219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293. 2
313. 5
328.2
336. 8
355. 4
348. 8
352. 9
356. 7
362. 9
367.4
370. 4
374.9
International
Personal
Excess
Gross
Gross
saving
private
of
( + ) or retained domestic investearndisment
investings 2
saving
ment 3
18. 9
19. 8
18. 9
17. 5
23. 0
23. 6
24.7
23. 6
21.7
27. 6
29. 1
28. 5
29. 8
29. 7
28.5
27. 1
29. 6
29. 5
33. 2
34.3
35. 5
42. 1
43. 0
45. 6
44. 8
51. 3
50.7
50. 8
57. 6
56. 6
57.2
57. 4
59. 4
59. 3
59. 6
62. 0
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56.6
72.7
71.8
69. 0
78.8
77. 3
79.6
78.9
78. 8
77.8
80. 7
83.7
-16. 6
-16. 0
-13. 4
-21. 8
-24. 3
-20.5
-11. 9
-21. 4
-21. 1
-18. 2
-21.1
-20. 7
-22.4
-21. 5
-19.4
-IS. 5
-21. 1
-21.7
Net exports of goods Excess of
Foreign
and services
net
transfers
trans( + ) or
fers by
of net
Im- exports
ExGovern- Net
ports
ment exports ports
1. 5
1.6
1. 4
1. 5
1. 5
1. 5
1. 3
1. 5
1.6
1. 6
1. 6
1. 8
1. 5
1.5
1.5
1.5
1.8
1.7
1.3
—. 4
1.0
1. 1
2.9
4.9
1. 2
—. 8
3. 0
4.4
3.8
3.3
4. 4
4. 1
3. 3
3.6
4.8
4. 3
17.4
16. 6
17.5
19. 4
23. 1
26. 2
22. 7
22. 9
26. 3
27.5
28.9
27.9
29. 5
29. 4
28. 8
28. 6
30. 7
31.4
16. 1
17. 0
16. 5
18. 3
20. 2
21. 3
21. 5
23. 6
23.3
23. 1
25. 1
24. 6
25. 0
25. 3
25. 5
24. 9
25. 9
27. 1
0.2
2. 0
.4
.4
-1.5
-3.5
.1
2.3
-1.4
-2.9
-2.2
-1.4
-3.0
-2. 6
-1.7
-2. 2
-3. 1
-2.6
Government
Gross
Surplus Total
( + ) or income Statis- national
tical
product
deficit
or
or
Tax and TransPurTrans- ( — ) on receipts discrep- expendiancy
nontax
fers,
Total
income
chases
fers,
Net
ture
interest,
goods expendi- interest,
and
receipts receipts and sub- of and
or
tures and sub- product
accruals sidies ' services
sidies 5 account
Net receipts
Period
1952
1953
1954
1955
1956.
1957
1958
1959
1960
1961
19G2
1962: I .
..
II-.
III.
IV.
1963: I—
II-.
III.
72 2
7.7
5'
68. 5
78. 4
84. 2
87.5
82. 0
95. 7
103. 5
103. 2
113. 0
109. 5
113. 4
134. 0
114. 8
] 3 S. S
122. 3
125. 0
90.6
94. 9
90. 0
101. 4
109. 5
110. 3
115. 1
330. 2
140. 6
145. 5
156. 8
153. 4
156. 6
357. 3
159. 7
364. 0
367. 1
370. 3
Expenditures
18. 4
19. 2
21.5
23. 0
25. 3
28. 7
33. 1
34. 4
37. 1
42. 2
43.8
43. 9
43.2
43. 3
44. 9
45. 2
44.8
45. 3
76. 0
82. 8
75. 3
75. 6
79. 0
86. 5
93. 5
97. 2
99. 6
107. 9
117. 0
315. 1
315. 5
337. 0
120. 2
3 23. 0
123. 8
325. 7
'Personal income (p. 5) less persona! taxes and nontax payments (fines, penalties, etc.)
• l ' n < i i s t r i i > i j . t r d corporate profits, corporate inventory valuation adjustment,
.'!!!oH'!)nre.s, n n d excess of wape accruals over disbursements,
capkaJ
Docs not include r turned earnings of unincorporated business which ore ineluded in ilisp
personal income.
0
Private I
m rest m e n f , purchases of capital goods by private nonprofit
institutions, and re idential housing.
94. 4
102. 0
96. 7
98. 6
104. 3
315. 3
126. 6
331. 6
136. 7
150. 2
160. 7
1.59. 0
15S. 7
3 60. 3
165. 3
ICS. 2
3 OS. 6
370. 8
18.4
-3.9
345. 6
19. 2
-7. 1
364. 1
21. 5
-6. 7 362. 3
23. 0
2. 9 396. 5
25. 3
5. 2
421. 6
1. 0
28. 7
443. 4
33. 1 -11. 4
446. 0
34. 4 — 3. 5 485. 7
37. 1
3. 9
505. 6
42. 2 -4.7
520. 1
43. 8 -3. 9 556. 7
43. 9 -5. 4 545. 2
43. 2
-1. 9 554. 8
43. 3 -3. 0 559. 4
44. 9 -5. 4 567. 1
-4. 2 574. 1
45. 2
44. 8 -1. 5 583. 7
45. 1
-. 7 593. 1
1.4
1.3
.9
1. 0
-2. 4
-. 6
-1. 5
~3. 0
-3.0
-1. 9
-1. 8
-.9
-2. 5
-2. 6
-1. 9
-2.3
-4. 1
-4- 4
347.0
365. 4
363. 1
397. 5
419. 2
442. 8
444.5
482. 7
502. 6
538. 2
554. 9
544. 5
552. 4
556. 8
565. 2
571.8
579. 6
588. 7
Net foreign investment with sign changed.
* (jovernment transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies le^s current surplus of
government enterprises.
NOTE. — Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce,
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product, seasonally adjusted, recorded a 1V^2 percent gain in the third quarter.
for price changes, the gain was over 1 percent.
BILLIONS OF DOLLARS
After adjustment
BILLIONS OF DOLLARS
600
CROSS NATIONAL PRODUCT
\
500
—
500
300
—
300
£00
— 200
400
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
1957
1958
1963
SOURCE: DEPARTMENT or COMMERCE.
OF ECONOMIC ADVISERS
Total
Personal Gross
Net
gross
conTotal
private exports
national gross
sump- domestic of goods
product national
tion
and
in 1962 product expend- investment services
prices
itures
Period
Gove rnment p urchases of good s and
services
Federal
State
Total Total i National Other and
2
local
defense
Implicit
price
deflator
for total
GNP,
1962= 1003
Billions of dollars , quarter y data at seasonal ly adjus ^ed annua rates
1950
1951
1952
1953-.
1954
1955__
.
1956
1957
1958...
1959
1960
1961
1962
1962- I
II
III.
._._
„ .
_
—
___
IV
1963: I
II
III
1
1
-
S68. 6
398. G
413. 9
43S. 9
424.4
457. 6
467.4
476.4
468. 9
500. S
SIS. 1
6SS. 7
664. 9
546. 7
663. 6
666. 9
66S. 6
666. 6
671. 6
678. S
284. 6
329. 0
347. 0
365.4
363. 1
397.5
419. 2
442. 8
444. 5
482. 7
502. 6
518. 2
554. 9
544. 5
552. 4
556. 8
565. 2
571. 8
579.6
588.7
195. 0
209. 8
219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293.
313.
328.
336.
355.
2
5
2
8
4
348. 8
352. 9
356. 7
362. 9
367. 4
370. 4
374. 9
50. 0
56.3
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72.7
71.8
69. 0
78. 8
77.3
79. 6
78. 9
78. 8
77. 8
80. 7
83. 7
Less Government sales.
Prior to 1959, this category corresponds closely with budget expenditures for
national defense, shown on p. 35. Beginning with I960, they differ because of
Inclusion of space program expenditures in this table; these expenditures, small
ta 1959-61, amounted to $1.6 billion to 1962.
0. 6
2.4
1. 3
-. 4
1. 0
1. 1
2. 9
4. 9
1. 2
—.8
3.0
4. 4
3. 8
3. 3
4. 4
4. 1
3. 3
3. 6
4. 8
4, 3
3
39. 0
60. 5
76. 0
82. 8
75. 3
75. 6
79. 0
86.5
93. 5
97. 2
99. 6
107. 9
117. 0
115. 1
115. 5
117. 0
120. 2
123. 0
123. 8
125. 7
19. 3
14.3
33. 9
5. 2
5. 2
38. 8
52. 9
58. 0
47. 5
45. 3
45. 7
46. 4
49. 3
41. 2
39. 1
6.7
9.0
6.7
5.7
8.3
61. 8
44. 4
44. 8
46. 2
45. 7
49. 0
53. 3
52. 5
52. 9
53. 5
54. 3
56. 4
56. 7
56.7
49. 7
52. 6
53. 6
53. 1
57. 4
62. 4
61. 9
62. 4
63. 6
65. 5
66. 5
66. 4
40. 4
6. 6
5. 7
7. 9
8. 0
8. 9
10. 0
9. 9
9.8
9. 7
10. 4
10. 1
10. 6
10. 8
19. 7
21. 7
23. 2
24. 9
27.7
30. 3
33. 2
36. 8
40.8
43. 6
46. 5
50. 6
54. 6
53. 3
53. 6
54. 6
56. 6
57. 5
57. 3
59. 4
77. 2
82. 5
83.8
84. 4
85. 6
86. 9
89. 7
92. 9
94. 8
96. 5
98. 0
99. 1
100. 0
99. 6
99. 8
100. 2
100. 5
100. 9
101. 4
101. 8
Gross national product in current prices divided by gross national product
in 1962 prices.
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
NATIONAL INCOME
According to current estimates, national income rose by $7.4 billion (seasonally adjusted annual rate) or about
11/2 percent in the third quarter as all major components scored advances.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1 50O
500
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL INCOME
400
—
400
300
COMPENSATION OF EMPLOYEES
200
ZOO
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
IOO
PROPRIETORS' AND
RENTAL INCOME 'V
IOO
I957
I963
-^PRELIMINARY ESTIMATES.
SOURCE: DEPARTMENT OF COMMERCE.
See Note,page 7.
COUNCIl OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1950.
1951
_
-
1952
1953
1954._
19551956
1957
1958--1959
1960
1961
1962
1962: I
II.
III
.--
--
- _-
IV
1963: I
II
III
1
- .
Compensation
of employees '
154. 2
241. 9
279. 3
292. 2
305. 6
301. 8
330. 2
350. 8
366. 9
367. 4
400. 5
414. 5
426. 1
453. 7
223. 9
242. 5
255. 5
257. 1
278. 5
293. 6
302. 1
322. 9
444.
452.
455.
462.
316.
322.
325.
327.
7
4
5
2
466. 7
474. 6
482. 0
Includes employer contributions for social insurance.
* See Note, page 7.
Proprieto rs' income
180. 3
195. 0
208. 8
207. 6
Farm
14.0
16. 3
15. 3
13. 3
12. 7
11.8
11. 6
11.8
13. 5
11. 4
12. 0
12. 8
13. 3
Business
and professional
23. 5
26. 0
26. 9
27.4
27. 8
30. 4
32. 1
32.7
32. 5
35. 1
34. 2
35. 3
36. 5
0
5
3
7
13. 5
13. 1
13. 4
36. 0
36. 5
36. 6
36. 9
332. 0
33R 7
342. 8
13.5
37. 2
(See also p. 4.)
13. 2
12. 6
12. 7
37. 4
37. 8
Rental
income
of
per9.0
9. 4
10. 2
10. 5
10. 9
10. 7
10. 9
11. 9
12. 2
Corpora ;e profits and inventory va uation ac justment 2
Net
interest
5.5
6. 3
7. 1
8. 2
9. 1
Total
35.7
41. 0
37.7
37. 3
33.7
Profits Inventory
before
valuation
taxes 2 adjustment
40. 6
42. 2
36.7
38. 3
12. 1
12. 0
10. 4
11. 7
13. 4
14 8
16. 4
18. 0
20. 0
22. 0
43. 1
42. 0
41. 7
37. 2
47. 2
44. 5
43. 8
47. 0
34. 1
44. 9
44. 7
43. 2
37. 4
47. 7
44. 3
43. 8
46. 8
12. 0
12. 0
12. 0
12. 0
21.2
21.7
22. 3
23. 0
46. 1
46. 5
46. 1
49. 3
45. 9
46. 7
46. 2
48. 4
12. 0
12. 0
12. 1
23. 7
24.3
11. 9
12. 1
23. 3
48. 8
50. 1
52.2
48. 3
51. 0
52. 2
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
-5.0
-1. 2
1.0
-1. 0
-.3
-1.7
-2. 7
-1. 5
—. 3
—. 5
.2
.0
.2
.1
<>
—. 1
.9
.4
—. 9
.0
SOURCES OF PERSONAL INCOME
Personal income rose $1% billion (seasonally adjusted annual rate) in November. Proprietors' and rental income
were unchanged while income from other sources was somewhat higher than in October.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
500
1957
1959
I960
SOURCE: DEPART)
Period
1954
1955--.
1956
1957
1958
1959
1960...
1961
...
1902
...
1962: Sept...
Oct
Nov
Dec
1963: Jan
Feb
Mar
Apr
May
June
July...
Aug
Sept
Oct
Nov 4
1962
1963
COUNCIL OF ECONOMIC ADVISERS
Total
personal
income
289. 8
310. 2
332. 9
351. 4
360. 3
383. 9
401. 3
417. 4
442. 1
445. 5
447. 7
449. 9
452. 1
454. 0
452. 9
454. 8
457. 4
460. 1
462. 6
464. 2
465. 1
467. 3
471. 2
472.8
IBillions of dollars, monthly data at seasonally adjusted annual ratesl
Vv age
Rental
and
Other Propriet ors' income income
Divi- Personal Transfer
salary
labor 2
Business
payof
dends interest ments
Farm
disburse- income
and pro- persons
income
ments '
fessional
6.2
12. 7
10. 9
196. 3
14. 6
27. 8
16.2
9.8
210. 9
7. 1
11. 8
30.4
10.7
15. 8
11. 2
17.5
11.6
10.9
227. 6
8. 1
32. 1
12. 1
17. 5
18. 8
11. 8
23a 5
9. 1
32.7
11. 9
12. 6
19. 6
21. 9
12. 2
13. 5
32. 5
21. 0
239. 8
9. 4
12. 4
26.3
258. 5
11. 4
10. 4
35. 1
11. 9
23. 5
27. 5
13.7
271.3
12. 0
34,2
12. 1
11. 0
14. 5
25. 8
29. 5
12. 8
12. 1
278. 8
11. 4
27. 7
35. 3
15. 3
33. 6
12. 1
13. 3
12. 0
297. 1
36. 5
16. 6
30.0
34. 8
299. 8
13. 3
12. 0
12. 2
36.6
16. 6
30. 6
34. 7
12. 3
12. 0
300. 1
13. 3
36. 8
16. 8
30. 9
35. 8
301. 5
12. 3
12. 0
13. 4
16. 9
37. 0
31. 1
36. 0
302. 9
12. 4
13.5
12.0
37. 0
31. 3
17.7
35.7
302. 8
13.6
12. 0
12. 3
37. 1
31. 5
17. 0
39. 1
12. 0
304. 7
13. 5
12. 5
37. 2
17. 2
31. 7
35.7
306. 1
12. 5
13. 3
12. 0
37. 2
17. 2
31. 8
36.2
308.7
12. 8
12. 0
12. 5
37. 3
31. 9
36. 4
17.3
311. 2
12. 6
12. 0
12. 6
37. 4
32. 1
36. 6
17.3
312. 9
12. 6
12. 4
37. 6
12. 0
32. 3
18. 2
36. 4
12.7
12. 7
12. 1
314. 1
37. 7
17. 5
32. 6
36. 5
314. 4
12. 1
12.7
12.7
37. 9
32. 8
17.6
36.7
12. 7
12. 7
12. 1
37. 9
316. 2
33.0
36. 8
17.8
12. 2
318.7
12. 8
12.7
33. 2
38. 2
18. 2
37. 3
12. 7
12. 2
319. 1
sa 2
18. 5
12. 8
33. 5
37. 8
1
Compensation 01 employees (see p, 3) excluding employer contributions for
soeijil iD-surorjco and tbc excess oi wspe accruals over disbursements,
1
Ernp.oyer contributions to private pension, health, and welfare funds; compensation for injuries; directors' lees; military reserve pay; and a few other
minor Items,
:
J'ersorml income exclusive of net income of unincorporated farm enterprises,
Lesa: Personal contributions
for social
insurance
4. 6
5. 2
5.8
6. 7
6. 8
7.9
9.2
9. 5
10. 2
10. 2
10. 4
10. 3
10. 3
11. 4
11. 5
11. 5
11.6
11.7
11.8
11. 8
11. 9
11. 9
12. 0
12. 0
Nonagricultural
personal
income 3
273. 8
295. 0
317. 9
336. 1
343.0
368.6
385. 1
400. 3
424. 5
42a 1
430. 1
432. 0
434. 1
435.9
434. 9
437.0
440. 0
443. 1
445.8
447.0
448. 0
450. 3
454. 1
455. 8
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations,
* Preliminary,
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department ol Commerce.
DISPOSITION OF PERSONAL INCOME
According fo current estimates, the saving rate declined slightly in the third quarter as seasonally adjusted personal
consumption expenditures rose a little faster than disposable personal income.
BILLIONS OF DOLLARS'
BILLIONS OF DOLLARS*
400
400
390
350
3OO
300
1,800
1,800
i.eoo
1,600
1957
1958
1963
I SEASONALLY ADJUSTED ANNUAL RATES*
souncE: DEPARTMENT OF COMMERCE.
Period
Personal
income
Less:
Personal
taxes
COUNCIL OF ECONOMIC ADVBEW
Equals:
Disposable
personal
income
Less:
Persona 1 consumf)tion expe nditures
Total
NonDurable durable
goods
^
Services
Equals:
Personal
saving
Per caf. ita dis- Saving as
posable personal percent
Populaincc me
of disposable
(tliou1962
persona) sands) '
Current
prices ' income
prices
(percent)
Dol lars
1,475
7.8 154, 283
1,715
1,732
1,521
7.9 156. 947
1, 784
1, 582
7.8 159, 559
7. 4 162, 388
1,582
1,768
6. 4 165, 276
1,660
1,846
1, 741
7.9 168, 225
1,903
7. 6 171, 278
1,803
1, 916
7.8 174, 154
1, 825
1,903
1. 904
1, 961
7. 0 177,080
1,937
6. 2 180, 676
1,968
Billions of dollar
^09. 8
110. 1
•M. b
7a *
17. 7
219. 8
29. 1
115. 1
75. 6
18.9
232. 6
32. 9
118. 0
81. 8
19. 8
238. 0
32. 4
119. 3
86. 3
18.9
124. 8
256. 9
39. 6
92. 5
17.5
269. 9
38. 5
131. 4
100. 0
23. 0
40. 4
285. 2
137. 7
107. 1
23. G
293. 2
37. 3
141. 6
114. 3
24. 7
313. 5
43. 6
147. 1
122. 8
23. 6
328. 2
44. 9
151. 8
131. 5
21. 7
336. 8
43. 6
155. 1
1,983
138. 0
27. 6
7. 6 183, 742
2,001
355. 4
48. 2
161. 4
29. 1
145. 7
2,060
2,060
7.6 186, 591
Seaso nally adjiJSted ann lal ratos
1962: I
433. 5
56. 2
377. 3
348. 8
158. 9
142. 6
47.3
2,041
7. 6 185, 607
28. 5
2,033
382. 7
352. 9
57. 9
160. 6
II— 440. 7
47.5
144. 8
7. 8 186, 258
29. 8
2,055
2,059
IIL_ 444. 5
356. 7
162. 5
58. 1
386. 5
47. 7
2,067
7, 7 186, 980
140. 6
29. 7
2, 065
362. 9
58. 5
391. 4
IV.- 449. 9
50. 5
163. 6
28.5
2,085
7.3 187, 738
148. 9
2, 075
1963: I
453. 9
367.4
394. 5
59. 4
50. 6
165. 3
151. 4
27. 1
6.9 188, 356
2,094
2, 075
370. 4
51. 0
1 05. 9
II — 459. 9 59. 9 400. 0
153. 5
2, 317
7. 4 1 88, 953
29. 6
2, 092
374. 9
404. 4
60. 8
50. 8
168. 6
155. 5
2, 132
III- 465. 2
29. 5
7.3 189, 654
2, 100
1
Income in c urrent pric es divided by the impl cit price deilator for per sona]
?s OTE. — Data for Alaska aiid Hawaii in eluded begin ning J960.
consumption e> penditures on a 1962 1 ase.
s nurces: Deptirtment of C amrnerce anc Council of ; "conomic Ac vjscrs.
!
Population of the Uri ted States including a rmed forces abroad. Armual
data as of J u l y ] : quarterly data centered in tho mi(Idle of the pe riod.interpo lated
1951_
... 256.
7
1952
273. 1
1953 ...
288. 3
1954
289. 8
1955 . .. 310. 2
1956 - .. 332. 9
1957
351. 4
360. 3
1958
1959 . . . 383. 9
401. 3
I960.
1961
417. 4
1962
442. 1
from monthly figures.
29. 2
34. 4
35. 8
32. 9
35.7
40. 0
42. 6
42. 3
46. 8
51. 4
52. 9
57.7
227.
238.
252.
256.
274.
292.
308.
317.
337.
349.
364.
384.
5
7
5
9
4
9
8
9
1
9
4
4
FARM INCOME
Net farm income (seasonally adjusted) turned up slightly in the third quarter, following a decline in the preceding
period.
BILL IONS
BILLIONS OF DOLL IRS
OF DOLLARS
SEASONALLY ADJUSTED ANNUA L RATES
REALIZED GROSS
FARM INCOME
•40
\
~x
/
.
— ^^_ -
1
—
-
40
-*^*
NET FARM INCOME
INC -UDING NET INVENTCJRY
CHANGE
/
*|
1
0
1957
1
1
1958
i
i
i
i
1959
I960
Personal income re ceived by
total farm popi.ilation
1962:
I
II
III
IV
1S)03: I
II
III
From
all
sources
_
.. .
...
From
farm
sources
20. 0
19. 0
18. 3
18.6
18.8
20. 5
19. 0
19. 6
20. 1
20. 5
13. 8
13. 2
12.2
12. 0
12. 2
13. 8
11. 8
12. 4
13. 0
13.4
From
nonfarm
sources
T
1
1
1962
1
1
0
1963
6.3
5.8
6. 1
6.6
6.6
6.7
7. 1
7. 2
7. 0
7.1
Net t(D farm
oper ators
Net inc orne per
farm incl uding net
inventor} change 3
Cash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1962
Total '
from
ventory ventory2
prices 4
prices
marketchange change
ings
Billions t)f dollars
Dol lars
2, 664
2, 927
35. 3
21. 4
13, 9
31. 1
13. 3
12. 2
33. 9
30. 0
21. 7
12. 7
2, 645
2,907
33. 3
29. 6
21. 9
11. 8
2, 529
2,779
11. 5
30. 6
22. 6
12. 0
2, 574
34, 6
11. 6
2,768
34. 4
2, 695
29. 8
23. 4
11. 8
2,807
11. 0
37. 9
12. 6
33. 4
25. 3
13. 5
3, 201
3,300
2, 832
37. 5
33. 5
26. 2
11.3
11. 4
2,775
34. 0
12. 0
37. 9
11.7
26. 2
3,044
3, 106
12, 5
12. 8
39. 6
34. 9
27. 1
3,393
3,359
12, 6
3,602
40. S
28. 2
13.3
3, 602
35.9
Seas onally ad usted anrmal rates
13. 0
41. 0
36. 1
13. 5
3, 660
3,660
28. 0
12. 4
40. 5
35. 6
13. 1
28. 1
3,550
3, 550
12, 4
40. 7
35. 8
13. 2
28. 3
3, 580
3,580
12, 6
41. 0
36. 2
13. 4
28. 4
3, 630
3,630
41.3
36. 4
28. 6
12.7
13. 5
3,730
3,770
12. 0
40. 6
35. 6
28. 6
12. 6
3,490
3,520
12. 2
12. 7
41. 1
36. 1
28. 9
3, 550
3, 510
1
i H".h receipt.*- irotn marketings. Government payments, and nonmoney inmin- furnlshitl by fumis.
' I n v e n t o r y oi rrujis and livestock valued at the average price for the year.
' Muw-nt nn HJMI On.fus of Agriculture definition of a farm. The number of
uins i? In-ld constant within a year.
T
I ncome re ceived fro m farming
Realize d gross
1953
1954
1955
1956
1957..
1958
1959
1960.
1061
1962
1
COUNCIL OF ECONOMIC ADV1SERS.
SOUR CE: DEPARTMENT OF AGRICULTURE.
Period
I
1961
* Income in current prices divided by the index of prices paid by farmers for
family living items on a 1962 base.
Source: Department of Agriculture,
CORPORATE PROFITS
Current estimates indicate that corporate profits continued to advance strongly in the third quarter, rising by $1.2
billion (seasonally adjusted annual rate) before taxes and $0.7 billion after taxes.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10
1957
I
1958
I
1959
EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.
Period
1952
1953.
1954_ ...
1955
1956.. ...
1957
1958
19591960
.
1961
1962
1962: I
11...
III—
IV..
1963: I
II—
III..
1961
1962
1963
* S E £ NOTE ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates!
Corjjorate pr ofits
Corf wrate pr ofits (befc re taxes) and inven tory
ivaluation adjustmei it
a fter taxes
TransCorpo- CorpoM anufactur ing
portation,
rate
rate
comAll
profits
Untax
DiviAll
Nonother before liabil- Total
Durable durable munidend distribindusuted
goods
ity
PayTotal
goods cations, indus- taxes
tries
and
ments profits
industries
induspublic
tries
tries
utilities
4. 8
19. 5
8. 3
21. 1
9.3
36. 7
9.0
37. 7
11. 8
17. 2
11. 8
4. 9
11. 0
20. 2
12. 1
9.3
8. 9
9. 2
37. 3
21. 4
38. 3
18. 1
17. 2
10. 1
8. 3
4. 4
11. 0
34. 1
16. 8
9. 8
7. 0
18. 4
33.7
14. 2
10. 8
5. 4
12. 8
21. 8
11. 8
25. 0
44. 9
23. 0
43. 1
11. 2
12. 6
5. 6
12. 9
21. 2
11. 3
42. 0
23. 5
10. 9
44. 7
23. 5
12. 1
13. 1
5. 5
20. 9
9. 7
22. 9
9. 8
13. 3
43. 2
22. 3
12. 6
41. 7
5. 6
18. 6
6. 4
18. 3
9. 0
9. 3
13. 3
37. 4
12.4
37. 2
18. 8
6. 7
23. 2
10. 8
25. 4
13. 4
15. 1
47. 7
24. 5
13.7
47. 2
11. 9
22. 3
11. 4
7. 0
14. 4
22. 0
7. 5
44. 5
23. 0
11. 6
44. 3
14. 5
22. 0
22. 0
11. 1
7. 2
14. 6
6. 5
10. 9
43. 8
21. 8
15. 3
43. 8
22. 2
13. 2
11. 3
7. 6
14. 9
24. 5
46. 8
24. 6
&1
47. 0
16. 6
7. 4
24. 0
13. 0
11. 0
14. 7
21. 7
24. 2
16. 2
8. 0
45. 9
46. 1
7. 5
22. 1
24. 1
11. 3
15. 0
24. 6
8. 2
12.7
46.7
16. 4
46. 5
11. 3
7. 6
24. 3
16.5
21. 9
24. 7
13. 5
13. 8
46. 2
7.8
46. 1
7. 9
22. 9
25. 2
13.7
11. 6
16. 2
25. 5
17. 1
8. 4
49. 3
48. 4
8. 1
22. 9
24. 2
13.2
11. 0
16. 4
25. 4
17. 1
8.3
48. 8
48. 3
7. 9
17.6
9. 2
26. 0
14. 5
11. 5
16. 2
24. 2
26. 8
50. 1
51. 0
8.3
12. 6
17. 6
52. 2
27. 6
15. 0
16. 4
27. 5
9. 8
52. 2
24. 7
1
Includes depreciation, capital outlays charged to current accounts and accidental damages.
s
Corporate profits after taxes plus corporate capital consumption allowances.
26-461—63-
Corporate
capital
consumption
allowances '
Profits
plus
capital
consumption
allowances 2
12. 3
14. 1
15. 8
18. 4
20. 0
21. 8
22. 7
24. 3
25. 6
26. 8
30. 8
30. 3
30. 7
31. 0
31. 3
31. 7
32. 1
32. 7
NOTE.—Data beginning 1962 have been adjusted for effects of new ilcpi
guidelines ($21$ billion for 1962) and therefore not com parable w i t h i > r r v l i >
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
29. 6
32. 2
32. 7
41. 4
43. 5
44. 1
41. -1
48. 7
47. (I
4S. C>
55. -1
.vt 5
r r
. >. >- :i
[>;")- :i
.Mi S
!,'i\ 1
r
. >s <j
111)
V
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment increased $3 billion (seasonally adjusted annual rate) in the third quarter as outlays
for residential construction, other construction, and producers' durable equipment each rose by close to a billion
dollars.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
80
GROSS PRIVATE
DOMESTIC INVESTMENT
60
40
PRODUCERS'
DURABLE EQUIPMENT
^w-™-'
2O
CHANGE IN BUSINESS
INVENTORIES
V
J
L
J
1957
L
1958
J
J
L
I960
1959
1961
J
L
1963
J_
1962
SOURCE: DEPARTMENT of COMMERCE.
-80
COUNOl Of ECONOMIC ADVtSEtS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
gross
private
Period
domestic
investment
1950
1951 . . .
1952
1953__
1954
1955
1956
1957
1958
1959 ...
19GO
19C1 . .
1902
1902: J
11
Ill
__
__
IV.
1903: !. . _
11
III ...
..
..
.
50. 0
56. 3
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72. 7
71. 8
69.0
78. 8
77.3
79. 6
78. 9
78. 8
77. 8
80. 7
83. 7
New cons truction '
Total
Residential
nonfarm
24, 2
14. 1
Total
43. 2
46. 1
46. 8
49. 9
50. 5
sa i
62. 7
64. 6
58.6
66. 2
68.3
67. 1
73. 2
69. 1
73. 2
75. 3
74. 9
72. 7
76. 5
79. 5
24. 8
25. 5
27. 6
29. 7
34.9
35.5
36. 1
12. 5
12. 8
13. 8
15. 4
18. 7
17.7
35. 5
17.0
18. 0
40. 2
40. 7
41. 6
44. 4
41. 7
44. 5
46. 0
45. 0
43.7
45. 8
47. 9
22. 3
21. 1
21. 0
23. 2
21.2
23. 3
24.2
23. 7
22. 7
24. 8
25. 9
» lip vis ton,! in st-rief on new construction shown on p. IS have not yet been inw*r|*oiutr"i into lh(»H- series.
• "oitw" oonsiruriion in this series includes petroleum and natural gas well
drilling, which ure ocJuded from estimates on p, 19.
Change in business inv entories
Fix<jd investnlent
Total
2
Oil er
Total Nonfarm
10. 1
12. 3
12. 7
13. 8
14, 3
16. 2
17. 8
19. 0
8. 5
10. 4
10. 8
12. 1
12. 7
14 6
16. 3
17. 5
17. 4
17. 9
15. 9
16. 2
18. 0
19. 7
20. 5
21. 2
20.5
21. 2
21. 7
21. 2
21. 0
21. 0
22. 0
18. 6
19. 5
19. 0
19. 4
19. 8
19. 5
19. 4
19. 1
20. 2
Produce;rs' durable eqilipment
Total
18. 9
21. 3
21. 3
22. 3
20. 8
23. 1
27. 2
2a 5
23. 1
25. 9
27. 6
16. 2
ia 4
ia 6
19. 5
18. 5
20. 6
25. 0
2d 2
20. 3
23. 1
25. 1
29. 3
22.9
26. 0
24,7
25. 8
26. 6
29. 9
29. 0
30.7
31. 6
26. 8
25.9
27. 6
28.8
25. 5
28. 8
27.4
28. 7
Total
Non-
Nonfarm
6. 8
10. 2
3. 1
.4
— 1. 6
5. 8
4.7
1. 6
—2.0
6. 6
3. 5
1.9
5. 5
ai
6. 5
3. 6
4. 0
5. 1
4, 3
4. 2
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
6.0
9. 1
2. 1
1. 1
-2. 1
5.5
5.1
.8
-2.9
6. 5
3.2
1. 5
4.9
7.6
5. 8
2.8
3. 2
4.3
3. 6
3.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Plant and equipment outlays, according to the November survey, are expected to be $400 million (seasonally adjusted
annual rate) less in the current quarter than anticipated in August. Plans for 1964 call for no change in the first quarter
from the current quarter level but for an increase of $950 million in the second quarter.
BILLIONS OF DOLLARS
50
BILLIONS OF DOLLARS
5O
10
1958
1964
1959
-^ SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates!
M anufacturi °g
Period
1951--3952
1953
1954
1955--.
1956
1957-,1958--.
1959
1960 - 1961
1962
1963 3—
1963: I
II
III 3
Total '
..
-
IV
1964: I 33
II .
...
1
_.
25. 64
26. 49
28.32
26. 83
28. 70
35. 08
36. 96
30. 53
32. 54
35. 68
34. 37
37.31
39. 05
36. 95
38. 05
40. 00
40. 75
40. 75
41. 70
Total
10. 85
11. 63
11. 91
11. 04
11. 44
14, 95
15. 96
11. 43
12. 07
14. 48
13. 68
14.68
15. 62
14. 85
15. 30
15. 95
16. 25
16. 40
16. 55
Durable
goods
5. 17
5. 61
5. 65
5. 09
5. 44
7. 62
8. 02
5.47
5.77
7. 18
6. 27
7. 03
7.77
7. 35
7. 65
8. 00
8. 05
S. 20
.Excludes agriculture.
- Commercial and other includes trade, Ferviee, finance, comirmiicaiions, and
construction.
3 Estimate? based on anticipate':! capital expenditures as reported by business
n November 1963. Includes adjustments when necessary for systematic tendencies
n anticipatory data.
NOTE.—Beginning 1969 all quarterly data are rounded to nearest $50 million.
Transpo rtation
Nondurable goods
5. 68
6. 02
6. 26
5. 95
6. 00
7. 33
7. 94
5. 96
6. 29
7.30
7. 40
7. 65
7. 85
7. 50
7. 65
8. 00
8. 20
8. 20
Mining
Railroads
0.93
.98
.99
.98
.96
1.24
1.24
. 94
.99
. 99
. 98
1. 08
1. 04
1. 05
1.
1.
1.
1.
00
05
05
05
1. 47
1. 40
1.31
.85
. 92
1.23
1. 40
. 75
.92
1. 03
. 67
. 85
1.08
. 90
1. 00
1. 20
1. 30
1. 15
Other
1. 49
1. 50
1. 56
1.51
1. 60
1.71
1.77
1. 50
2. 02
1. 94
1. 85
2. 07
1. 91
1. 70
2. 05
1. 85
2. 05
2.20
25. 15
Public
utilities
Commercial and
other 2
3. 66
3. 89
4. 55
4. 22
4 31
4. 90
6. 20
6. 09
5. 67
5. 68
5. 52
5. 48
5. 64
5. 20
5. 45
5. 90
5. 80
5. 60
Annual loiaJ is the sum 01 unadjusted exfjcnoitures; it doc.s imi nc
coincide \vith the average oi seasonally adjusted figures.
r
J bese figures do nof asree with the totals included in the gross n;i! l u n : i l
estimates ol the Department of Commerce, principally becMiisc ! h < - h i i
agricuJtural Jn vest IT en t and also certain equipment and consinin i < > u
charged to current expense.
Sources: Securities and Exchange Commission nnd Dcparimm! i>i i 'n
7. 24
7. 09
8. 00
8. 23
9. 47
11. 05
10. 40
9. 81
10. 88
11. 57
11. 68
13. 15
13. 75
13. 20
13. 30
1-1. 10
14. 30
M. 35
•
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
On a seasonally adjusted basis, total employment was little changed in November.
in both unemployment and the civilian labor force.
There were significant increases
MILLIONS OF PERSONS'
MILLIONS OF PERSONS
SEASONALLY ADJUSTED
TOTAL LABOR FORCE
CIVILIAN LABOR FORCE
\
^TOTAL EMPLOYMENT
> NONAGR1CULTURAL
EMPLOYMENT
AGRICULTURAL EMPLOYMENT
UNEMPLOYMENT
1 l I l i l
I l I l l t l l I 1 1
i l iI
PERCENT OF C I V I L I A N LABOR F O R C E
l l l l I I
P E R C E N T OF CIVILIAN LABOR FORCE
Ul JEMPLO YM El JT It T E
S EAS ONAl t-1 A 0 u51 E 3)
r-H
-
r- ~
^
~-
- [-
H
j
1 957
9 5!9
* 14 Y E A R S OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR.
Period
1958...
1059...
I960...
1961...
1962 2 __
1962:
Oct___
Nov__
Dec..
1963:
Jan
Fcl>
Mar..
Apr..
M«v__
June
.lulv_.
AUK Srpl..
on...
Nnv
'Tuinl i
Total
labor
force
(including
armed
forces)
71, 284
71, 946
73, 126
74, 175
74, 839
Total
labor
Unemforce
JNon(includployagriing
Total
ment
cularmed
tural
forces)
Thous ands of ] jersons 14
63, 966 58, 122 4, 681 71, 284
65, 581 59, 745 3, 813 71, 946
66, 681 60, 958 3, 931 73, 126
66, 796 61, 333 4, 806 74, 175
67, 999 62, 744 4,012
74, 839
Unadj asted
63, 418
63, 098
63, 495
3,817
73, 323
65, 935
61, 730
62, 309
4,672
3, 294
3, 801
10
- - -
~
- -1
- -n
r- r-|
- --
v
n
n
t-
•• <
I' J6
9S *
4, 918
4, 501
Civiluin emplo yment
Civilian
labor
force
Total
Agricultural
Noncultural
years of age and o ver
68, 647 63, 966 5, 844 58,
69, 394 65, 581 5,836 59,
70, 612 66, 681 5,723 60,
71, 603 66, 790 5, 463 61,
72, Oil 67, 999 5, 255 62,
Seasonally adjustec 1
74, 651
74, 577
74, 848
71, 915
71, 827
72, 084
68, 076
67, 691
68, 091
5,040
75, 064
75. S25
72, 348
72, 501
72, 698
73, 002
72, 989
72, 720
68, 171
68, 086
68, 636
68, 874
5, 183
4,841
62, 812
75, ^SO
63, 424 4, 063
75, 738
69, 061 63, 883 4, 066 75, 726
70,319 64, 365 4, 846
75, 456
70, 851 64, 882 4,322 76, 013
70, 561 65, 065 3, 857 75, 664
69, 546 64, 220 3, 516
75, 885
69, 891 64, 541 3,453
75, 843
69, 325 64, 548 3, 936
76, 076
percent of n oninstitutiorial populat on.
adjusted \ty the Counci of Eeonoir ic Advisers
i i m r furec as
' A vcl iic'N h a v e tieei
puflson W'l Ui prt-viouii tttii.
»
- •"
9 60
Civilijin employ ment
66, 358
67, 148
68, 097
r-'
I
96 S
COUNCIL OF ECONOMIC ADVISERS
68, 893
67, 981
67, 561
74, 382
74, 897
75, 864
77, 901
77, 917
77, 167
75, 811
70, OS6
7(1, 000
7
'
9 5<)
74, 923
74, 532
74, 142
73, 999
T
1
[
Hn
73, 269
72, 915
73, 136
73, 101
73, 337
for com-
4, 983
4,843
5,008
5, OSS
5, OSS
4, 909
5, 024
4, 838
4, 884
4, 919
4, 892
Unemployment
122
745
958
333
744
4, 681
63, 036
62, 708
63, 248
3, 835
4, 136
62, 988
63, S45
63, 628
63, 851
63, 643
63, 693
64, 137
64, 079
64, 192
64, 156
64, 153
4,177
4,415
3,813
3, 931
4, 806
4, 012
3,993
4,062
4, 128
4, SIS
4, 118
4, 108
3, 998
4, 060
Unetnp oyment
rate (pe rcent of
civilia a labor
for ce)
Unad- Seasonjusted ally adjusted
Percent
6. 8
5. 5
5. 6
6. 7
5. 6
4. 6
5. 3
5.3
5. S
6. 6
6. 9
6. 3
5.8
6. 8
5.5
6. 1
5. 6
5. 7
5. 9
5. 7
Labor
force
participation
rate,
unadjusted '
58. 5
58. 3
58. 3
58. 0
57. 5
57.3
56. 9
56. 6
55. 9
56. 3
56. 5
5. 6
56. 9
57. 5
68, 676
5. 6
6. 4
59. 0
68, 60S
69, 161
5. 7
5.6
58. 9
58. 3
68, 917
5. 2
5.5
4. 8
57. 2
69, 076
5. 6
4,026
57. 3
4.7
69, 076
6. 5
57. 2
4, 292
5. 4
69, 045
5. 9
NOTE.— 19 50 Populat on Census < ata used \i\ estlmatiori procedure beginning
*fi prill 962. For defiiiit ons and cove rage, see E mploymcnt and Eornin gs, Departtnent of Labor. Beginiilng I960, da ta include jUaska and Hawaii.
Source: D spartment of Labor.
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate rose to 5.9 percent in November.
increased.
Other measures of joblessness also
PERCENT
10.0
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
; \
/ v\
6.0
UNEMPLOYMENT RATE .EXPERIENCED
WAGE AND SALARY WORKERS
\
4.0
>
UNEMPLOYMENT RATE.
MARRIED MEN
2.0
1957
1959
1962 '
SOURCE: DEPARTMENT OF LABOR.
Linen iploymen t rate
(percen t of civili.in labor
for ce m grou P)
Period
COUNCIL OF ECONOMIC ADVISERS.
Persons at work i n nonagn cultural 3 idustries
ir
by hours worked j)er week
Uiider 35 ho urs
Labor
force
time lost
through
Experienced Married ployment Over 40
All
workers wage and men ' and part- hours
salary
time
work 2
1958
1959..
1960
1961,
1962. .
6.8
5. 5
5. 6
6. 7
5. 6
1962: Nov
Dec
__
1963: Jan... ..
Feb
Mar
Apr
Mav
June _
July
Aug _. .
Sept... _
Oct
Nov.
5.8
5.5
5. 8
6. 1
5. 6
5. 7
5. 9
5. 7
5. 6
5. 5
5. 6
5. 5
5. 9
1
Per cent
7. 2
5. 1
5. 6
3. 6
5. 7
3. 7
6. 8
4. 6
5. 5
3. 6
Seasonall y adjuster
5. 6
3. 4
5. 5
3. 5
5. 7
3. 8
6. 0
4. 1
5. 5
3. 5
5. 4
3.3
5. 5
3.4
5. 6
3. 1
5. 4
3. 2
5. 4
3. 0
5. 4
2. 9
5. 4
2. 9
5. 6
3. 2
8. 1
6. 6
6. 7
8. 0
6. 7
16, 600
17, 345
17, 664
18, 210
19, 024
6. 9
6. 6
6. 8
7. 1
6. 6
6.6
6.9
7.0
6. 8
6. 7
6. 7
6. 6
6. 9
18, 799
20, 123
18, 893
18, 358
18, 964
18, 068
19, 894
19, 706
18, 747
18, 658
20, 154
20, 334
19, 101
Married men livinp with their wives.
" Assumes unemployed persons lost 37.5 hours a week; those on part-time for
economic rcasous Jost difierence between 37.5 hours and actua] number o/ hours
worked.
5
Differs from total non agricultural em ployment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
1963
35-40
hours
Part-t me for
economi c reasons
Part-t) me for
economi c reasons
Total
Usually
fulltime 4
Usually
parttime 5
Usually Usually
fullparttime 5
time *
Thousan ds of pers ons 14 vears of age and over
28, 273 10, 372
1, 638
1, 315
27, 723 11, 702
1,304
1, 032
28, 724 11, 528
1, 243
1, 317
29, 047 11, 132
1, 297
1, 516
28 854 11, 675
1, 049
1, 287
IJnadjuste 1
Seasonally7 adjusted
26, 308 15, 968
1, 211
1, 168
1, 145
1, 316
29, 052 12, 075
1, 001
1, 165
995
1, 303
29, 587 11,080
1, 147
1, 096
1,092
1, 253
28, 705 12, 812
1,005
1, 181
1, 231
965
29, 705 11, 706
1, 142
1,050
1, 229
1,000
28, 437 14,311
1, 070
1, 136
1, 099
1, 080
30, 489 11,408
1, 021
1, 119
1 , 1 S4
1,010
30, 098 10, 595
1,069
1, 550
1 , 257
1,067
28, 467
1,219
9,888
924
1, 559
1, 042
29, 020 10, 245
1, 183
1, 608
1, 222
], 309
30, 308 10, 768
1, 158
1, 112
1,211
1,21S
30, 026 11, 294 6 1,058 6 1, 061
J , '.''1 5
1, 109
1, ISO
27, 028 16, 391
1, 075
1, 086
1, 054
1
lueiuues persons wno wurneu pari,-ume Because ui slack
shortages or repair?, new job started, or job terminated,
s
Primarily include? person? who could find onjy part-ti me work.
6
Average hours worked: usually full-time, 23.4; usually• part-ti n 10,
NOTE.—See note, p. 10. Beginning 1960, data include A l a s k a :MH
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In November, insured unemployment under State programs averaged 1,542,000. After adjustment for extension of
coverage, this was 120,000 less than in November 1962.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
i
.
,
I
i
,
.
I
I
,
.
.
I
,
,
,
I
.
,
.
. I-V,
,
.
I .
NOV.
I/ SEE NOTE 2 ON TABLE BELOW.
SOURCE:DEPARTMENT OF LABOR.
1959
1960...
1961
1962
1962: Oct.
Nov.
Dec.
1963: Jan
Feb
Mar..
Apr__ _ . _
May
June__ . _.
July. .
Aug
Sept
Oct...
Nov '
Week ended:
1936: Nov 2.
9
16
23
30
Dec 7
1
Preliminary.
1
COUNCIL Of ECONOMIC ADVISERS
A 11 prograrns
Insured Total
unem- benefits Insured
Covered ploypaid
unem(milemploy- ment
ployment
(weekly lions of
ment
averdolage)
lars)
Period
Thou sands
2, 099
45, 728
46, 334
2, 067
46, 264
2, 994
47, 765
1,946
1, 539
48, 393
48, 229
1, 780
2, 223
48, 432
46, 665
2,778
46, 632
2, 726
47, 163
2,465
2, 089
1, 799
1, 628
1, 651
1, 568
1,409
* I , 476
1, 686
...
__
.
_
1,530
1, 591
1, 671
1, 656
1,861
2, 803. 0
3, 022. 7
4, 35a 2
3, 145. 2
19a 9
215. 5
236. 5
373. 0
339. 6
343. 0
297.8
254. 6
205. 0
212. 0
204. 8
179. 8
2
190. 0
203. 0
Stlite
Initial
claims
proptrams
Benefi ts paid
Insurec1 unemploymen t as perTotal Average
Exhaus- cent of covered
emplo yment
(milweekly
tions
check
Season- lions of
Unad- ally ad- dollars) (dollars)
justed
justed
Weekly iverage, t lousands
1, 682
281
33
1,906
331
31
46
2, 290
350
302
32
1,783
1,385
275
25
1, 625
314
26
422
28
2,063
447
2, 591
35
2, 546
36
325
272
2,298
36
1,918
273
37
1, 624
239
33
32
1,468
240
28
1, 493
298
26
1, 419
246
1,261
24
223
2
2
1, 333
256
24
22
1, 542
292
1, 389
1, 449
1, 526
1, 514
1,710
Programs include sugarcane workers for initial cl aims and insured unemployment beginning October 1963.
12
DEC.
273
313
282
318
259
377
Per ;ent
4. 4
4. 8
5. 6
4.4
3. 4
4.0
5. 1
6.3
6.2
5. 6
4. 7
3. 9
3.5
3. 6
3.4
3. 0
3. 1
3. 6
4.6
4.8
4.8
4-8
4.7
4-4
4.1
4.0
4.0
4.1
4-2
4.0
4.1
4-1
2, 279. 0
2, 726. 7
3, 422. 7
2, 675. 4
176. 6
193. 6
214. 2
342. 4
313. 3
316. 4
274. 8
235. 9
188. 2
195. 6
186. 8
163. 1
172. 0
185. 0
30.41
32. 87
33. 80
34. 56
34. 69
34. 95
35. 11
35. 52
35. 70
35. 80
35. 54
34. 91
34. 34
34. 43
34. 67
34. 93
1
35. 15
35. 25
3. 2
3. 4
3.6
3.5
4. 0
NoTE.— For de initions am coverage, see the 1SSI Supplement to Economic
Indiaitors. Data for Alaska a nd Hawaii iriciuded for a 11 periods an d for Puerto
Rico since Januar y 1961.
Soctree: Depart ment of Lab X.
NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment, seasonally adjusted, rose by 41,000 in November.
and local government and service industries.
Gains were concentrated in State
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
.
AND SALARY WORKERS
60
ALL NONAGRICULTURAL ESTABLISHMENTS
52
"HHilimiui"««»w>""HIM'"'I'l"f'*InlnlM"laMIml
48
Lj I I I I I M i l l
I960
t t i ii 1t i i i i
I 1I I I I I I I I I
1961
1962
' ' I t I t I I I < i I1 I I I I II
1962
1961
1 I I I 1I I I 1 I
1963
CONTRACT CONSTRUCTION
WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)
(ENLARGED SCALE)
3.5'
2.5
I960
1961
* SEASONALLY ADJUSTED DATA.
SOURCE:DEPARTMENT OF LABOR.
COUNCIl Of ECONOMIC A0VKEKS
1
[Thousands of wage and salary workers; seasonally adjusted]
N onmanu facturin 5 (private)
Manufac ituring ( private)
Period
1956__. ..
1957
.
1958
1959
1960
1961
1962
1962: Oct__
Nov_
Dec_
1963: Jan__
Feb..
Mar.
Apr__
May_
JuneJuly.
Aug..
Sept..
Get2..
Nov2.
Total
52, 408
52, 904
51, 423
53, 404
54, 370
54, 224
55, 841
56, 195
56, 205
56, 211
56, 333
56, 458
56, 706
56, 873
57, 060
57, 194
57, 340
57, 344
57, 453
57, 622
57, 663
Total
17, 243
17, 174
15, 945
16, 675
16, 796
16, 327
16, 859
16, 910
16, 858
16, 851
16, 871
16, 872
16, 948
17, 037
17, 095
17, 075
17, 103
17, 033
17, 076
17, 110
17, 072
NonDurable durable
goods goods
9, 834
9, 856
8, 830
9, 373
9,459
9,072
9, 493
9, 543
9, 509
9, 518
9,542
9, 546
9,586
9, 660
9, 683
9, 685
9, 701
9, 652
9, 705
9, 714
9, 705
7, 409
7, 319
7, 116
7, 303
7, 336
7,255
7, 367
7, 367
7, 349
7,333
7, 329
7,326
7, 362
7, 377
7,412
7,390
7,402
7, 381
7, 371
7, 396
7, 367
Total
27, 887
28, 104
27, 585
28, 539
29, 054
29, 069
29, 794
29, 975
29, 999
29, 974
30, 048
30, 162
30, 303
30, 370
30, 485
30, 615
30, 748
30, 812
30, 825
30, 879
30, 914
TransContract portation
Mining conand
struc- public
tion utilities
822 2, 999 4, 244
828 2, 923 4, 241
751 2, 778 3, 976
732 2, 960 4, Oil
712 2,885 4, 004
672 2, 816 3, 903
652 2, 909 3, 903
644 2, 939 3, 904
640 2, 942 3, 896
633 2, 913 3,898
631 2, 967 3, 821
631 2,920 3,899
631 2,928 3, 894
639 3,005 3,890
640 3, 019 3,909
639 3, 046 3,919
640 3, 069 3, 936
635 3,083 3,941
632 3,071 3, 950
630 3, 061 3, 934
627 3, 064 3, 928
Cover nment
Whole- Finance, Service
insursale
State
ance,
and
and
and
and
miscel- Federal local
retail
real laneous
tr8.d.G
estate
10, 858 2, 429 6, 536 2, 209
5,069
5, 409
10, 886 2,477 6,749 2, 217
5, 702
10, 750 2, 519 6, 811 2, 191
11, 127 2, 594 7, 115 2,233
5,957
11,391 2, 669 7, 392 2, 270
6, 250
6,548
11, 337 2,731 7,610 2,279
6,849
11, 582 2, 798 7, 949 2, 340
11, 627 2,817 8,044 2, 342
6, 968
11, 637 2, 821 8,063 2,353
6,995
11, 629 2, 822 8,079 2, 349
7,037
7,061
11, 685 2,834 8, 110 2,353
7, 092
11, 729 2, 839 8, 144 2,332
11,795 2,848 8, 207 2,340
7, 115
11,784 2,853 8, 199 2,339
7, 127
11,825 2,864 8, 228 2,345
7, 135
11, 864 2, 865 8,282 2,349
7, 155
11, 884 2, 870 8,349 2,351
7,138
11, 907 2, 873 8,373 2,348
7, 151
11, 922 2, 873 8,377 2,347
7, 205
11, 937 2,887 8, 430 2,352
7, 281
11, 951 2, 890 8,454 2, 352
7, 326
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek of production workers in manufacturins was unchanged in November at 40.6 hours (seasonally
adjusted).
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
44
44
42
40
38
36
34
1963
I960
42
1963
44
CONTRACT
CONSTRUCTION
RETAIL TRADE
42
40
38
36
32
34
32
i i i Ii
I960
1961
1962
' ' '1 '
I960'
1963
I
I9EI 1
196,2
1963
.COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[Average hours per week;' seasonally adjusted]
Mariufacturing indus tries
Period
1952
1953
1954
1955_.
1956__
1957
1958
1959
1960
1961
1962
1962: Oct
Nov
Dec.
1963: Jan.
Feb.
__ ...
... ...
...
Apr
May
June.
July
Aug
Sept
Oct 2 2
Nov
..
...
...
.
Mar
.
...
Durable
goods
AH
...
40. 7
40. 5
39. 6
40. 7
40. 4
39. 8
39. 2
40. 3
39. 7
39.8
40. 4
40. 2
40. 4
40. 2
40. 4
40. 3
40. 5
40. 1
40. 5
40. 5
40. 4
40. 3
40. 7
40. 6
40. 6
' Dfiin relate to production workers or nonsupervisory employees. Data for
Abi.':k» nnd Hawaii included beginning 1959,
1
J'rtliintnnry.
14
41. 5
41. 2
40. 1
41. 3
41. 0
40. 3
39. 5
40. 7
40. 1
40. 3
40. 9
40. 8
40. 9
41. 1
40. 9
41. 0
41. 0
40. 7
41. 1
41. 3
41. 2
41. 0
41. 3
41. 2
41. 2
Nondurable
goods
39. 7
39. 6
39. 0
39. 9
39. 6
39. 2
38. 8
39. 7
39. 2
39. 3
39.6
39. 3
39. 5
39. 4
39. 6
39. 7
39. 8
39. 3
39. 7
39. 6
39. 5
39. 6
39.7
39. 8
39. 6
Source: Department of Labor.
Contract construction
38. 9
37.9
37.2
37. 1
37. 5
37. 0
36. 8
37. 0
36. 7
36. 9
37. 0
36. 8
36. 8
36. 1
37. 0
36. 1
37. 3
37. 5
37. 5
37. 6
37. 3
37. 2
37. 3
37. 6
Retail trade
40. 5
39. 8
39.7
39. 6
39. 1
38. 7
38. 7
38. 7
38. 5
38. 1
37. 9
37. 9
37. 9
37. 9
37. 8
37. 8
37. 8
37. 9
37. 8
37. 9
37. 9
37. 8
37.7
37. 8
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
hourly earnings of production workers in manufacturing rose to $2.49 in November. Weekly earninss rose
56 cents to $101.09.
DOLLARS
120
AVERAGE WEEKLY EARNINGS
DURABLE GOODS
INDUSTRIES
2.20
J
S*
NONDURABLE GOODS
INDUSTRIES
1962
I960
1961
SOURCE: DEPARTMENT OF LABOR.
1963
COUNCIL OF ECONOMIC ADVISERS
|For production workers or nonsupervisory employees]
Avera ge
Period
Manureicturing
iiidustries Contract
conRetail
Nontrade
Durable durable strucgoods
tion
goods
All
$1. 86
1. 90
1. 99
2. 08
2. 19
2. 26
2. 36
2. 43
2. 49
2. 56
2. 57
2. 58
2. 61
2. 60
2. 61
2. 61
2. 62
2. 63
2. 64
2. 63
2. 61
2. 65
2. 65
2. 66
1953--. _ - - $1. 74
1. 78
1954
1955. .. ... 1. 86
1. 95
1956
2. 05
1957 2. 11
1958
1959
1960
1961
1962
1962: Oct...
NovDec-_
1963: Jan—.
Feb—
Mar.
Apr
MayJune-.
July—
AugSept..
Oct 3 _
2.
2.
2.
2.
2.
2.
2.
2.
2.
2.
2.
19
26
32
39
39
41
42
43
43
44
44
2.45
2. 46
2. 45
2. 43
2. 47
2. 47
2. 49
Aver ige weekl .' earnings — current prices
hourly earmngs-— current prices
$1. 58
1. 62
1.67
1. 77
1. 85
1. 91
1. 98
2. 05
2. 11
2. 16
2. 17
2. 18
2. 19
2. 20
2. 19
2. 20
2. 21
2. 21
2. 22
2 22
2. 21
2 24
2. 23
2. 25
$2. 28
2. 39
2. 45
2. 57
2. 71
2. 82
2. 93
3. 08
3. 20
3. 31
3. 34
3. 35
3. 41
3. 42
3. 41
3. 39
3. 34
3. 37
3. 38
3.
3.
'•}.
3.
40
42
47
47
$1. 25
1. 29
1. 34
1. 40
1. 47
1. 52
1. 57
1. 62
1. 68
1. 74
1. 76
1. 77
1. 74
1. 78
1. 78
1. 78
1. 79
1. 80
1. 81
1. SO
1. 80
1. 82
1. 82
Manuf:icturing itidustries Contract
conNonDurable durable strucAll
goods
tion
goods
$70. 47
70. 49
75. 70
78. 78
81. 59
82. 71
88. 26
89. 72
92. 34
96. 56
96. 32
97. 36
98. 01
97. 44
97. 20
98. 09
97. 36
99. 23
100. 37
99. 23
98. 42
100. 53
100. 53
101. 09
3STov3
1
Earnings in current prices, adjusted to exclude overtime and interindustry shifts.
~2 Earnings in current prices divided by the consumer price index on a 1962 base.
Preliminary.
26-161—63
3
$76. 63
76. 19
82. 19
85. 28
88. 26
89. 27
96. 05
97. 44
100. 35
104. 70
105. 37
105. 78
107. 53
105. 82
106. 23
106. 49
106. 37
108. 36
109. 82
108. 09
107. 01
109. 4.5
109. 71
109. 86
$62. 57
63. 18
66. 63
70. 09
72. 52
74. 11
78. 61
80. 36
82. 92
85. 54
85. 50
86. 33
86. 94
86. 24
85. 85
86. 68
85. 97
87. 52
88. 36
88. 36
88. 40
89. 38
88. 98
89. 33
$86. 41
88. 91
90. 90
96. 38
100. 27
103. 78
108. 41
113. 04
118. 08
122. 47
127. 25
121. 61
118. 67
121. 07
118. 33
122. 72
124. 58
128. 06
129. 79
130. 90
132. 70
132. 90
134. 98
iletuil
trade
$49. 75
51. 21
53. 06
54. 74
56. 89
58. 82
60. 76
62. 37
64. 01
65. 95
66. 18
66. 38
66. 29
66. 93
66. 75
66. 75
07. 48
67. 68
68. 96
09. 30
69. 30
68. 61
68. 25
Manufac turi;i' r
indusl ries
Adjusted Average
weekly
earnings, earn1957-59 = ings,
1962
100 '
prices 81. 6 $79. 72
84. 3
79. 38
86. 9
85. 54
91. 5
87. 73
87. 73
96. 2
100. 2
86. 61
91. 65
103. 6
107. 0
91. 74
93. 37
110. 0
112. 6
96. 56
95. 75
113. 2
96. 78
113. 7
97. 62
114. 1
96. 86
114. 1
96. 52
114. 6
97. 3 1
114. 6
96. 5!)
115. 1
98. -M
115. 1
99. 2S
115. 1
97. 67
115. 1
96. 87
115. 1
!)s. !>;>
116. 1
98. S.">
116. 1
NOTE.—Beginning 1959, data include Alaska mid H:u\:
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) increased slightly in November to a new high of 126.9 (195759-100). Output of business equipment continued to advance while production of consumer goods and materials
changed little.
INDEX, 1957-59 MOO (SEASONALLY ADJUSTED)
140
INDEX, 1957-59*100 (SEASONALLY ADJUSTED)
150
130
140
120
130
110
120
UTILITIES AND MINING
TOTAL
110
IOO
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Total
industrial
production
Period
1953
1954
1955
1956
1957
1958
1959
1960___
1901
1 962
1962: Get
Nov
Dec
.- - 1 <>(>:}: .Ian
Fob
Mnr .
Apr __ . __
.Vlav
.Mine.
.lulv
AUK
( >ct
'^•pt. - . . Nov'
-
16
_
91. 3
85.8
96. 6
99. 9
100. 7
93. 7
105. 6
108.7
109. 8
118. 3
119. 2
119. 5
119. 1
119. 2
120. 2
121. 3
122. 5
124. 5
125. 8
126. 5
125. 7
125. 8
126. 6
126. 9
[1957-59=100, seasonally adjusted]
Industry
M anufactur ing
Mining Utilities
NonTotal Durable durable
Total
92. 7
86. 3
97. 3
100. 2
100. 8
93. 2
106. 0
108. 9
109.7
118. 7
119. 7
119. 9
119. 7
119. 8
120. 6
121. 9
123. 1
125. 2
126. 4
126. 8
125. 9
126. 1
127. 1
127. 4
89. 9
85. 7
93. 9
98. 1
99. 4
94. 8
105. 7
109. 9
111. 3
119. 7
121. 4
121. 3
121. 7
122. 3
122. 6
122. 4
122. 1
123. 5
125. 2
125. 9
126. 2
126. 5
127. 9
128. 2
99. 9
88. 4
101. 9
104. 0
104. 0
90. 3
105. 6
108. 5
107. 0
117. 9
118. 8
119. 2
118. 9
119. 0
120. 0
121. 5
122. 8
125. 6
127. 4
127. 0
125. 0
125. 3
126. 3
126. 9
83. 6
83. 6
91. 6
95. 4
96. 7
96. 8
106. 5
109. 5
112. 9
119. 8
121. 0
120. 9
120. 8
120. 7
121. 4
122. 5
123. 4
124. 8
125. 2
126. 4
127. 2
127. 1
128. 2
128. 2
92. 9
90. 2
99. 2
104. 8
104. 6
95. 6
99. 7
101. 6
102. 6
105. 0
105. 2
105. 7
103. 2
103. 0
104. 7
105. 4
107. 4
108. 5
109. 4
111. 3
111. 3
110. 4
110. 0
108. 5
66.8
71. 8
80. 2
87. 9
93. 9
98. 1
108. 0
115. 6
122. 8
131. 3
132. 5
133. 4
133. 8
135. 9
138. 2
136. 4
135. 7
139. 1
141. 3
145. 3
144. 6
142. 8
143. 5
145. 5
Ma rket
Fi rial produ cts
Consumer
goods
85. 0
84. 3
93. 3
95. 5
97. 0
96. 4
106. 6
111. 0
112. 7
119. 7
120. 6
120. 5
121. 2
121. 8
122. 9
123. 1
122. 5
124. 1
125. 9
126. 4
126. 7
126. 6
127. 9
128. 1
Equipment
100. 5
88. 9
95. 0
103. 7
104. 6
91. 3
104. 1
107. 6
108. 3
119. 6
123. 3
123. 1
122. 4
122. 0
121. 5
120. 7
120. 4
122. 1
123. 8
124.8
125.3
126. 2
127. 8
128. 4
Source: Board of Governors of the Federal Reserve System.
Materials
92. 6
85. 9
99. 0
101. 6
101. 9
92. 7
105. 4
107. 6
108. 4
117. 0
117. 2
117. 8
116. 9
116. 8
118. 0
120. 2
122. 9
125. 7
126. 6
126. 7
125. 1
125. 0
125. 6
125. 9
PRODUCTION OF SELECTED MANUFACTURES
Output of most durable manufactures (seasonally adjusted) rose somewhat in November while production of most
nondurabies was unchanged.
INDEX, 1957-59 = 100 t SEASONALLY ADJUSTED)
160
INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)
140
**| AND PRODUCT
. ... I
I960
I96i
1962
1963
I
I. . . .
I960
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS.
[1957-59=100, seasonally adjusted]
Durah le manufetctures
Period
Primary
metals
112. 5
1953
1954
1955
1956
1957
1958
91. 3
118. 4
116. 4
112. 2
87. 5
100. 4
1959
I960.-- --- ---
1961
1962
1962: Oot_
Nov
-
-
-
Dec
1963: Jan
Feb
Mar. _
Apr
May
June
July
-
__,
_
Aug
Sept.
Oct 1
Nov
1
-
Preliminary.
-_
.
__
-. — ..
101. 3
98. 9
104. 6
98. 9
100. 7
99. 7
99. 6
105.2
111. 9
120. 1
127. 4
125. 8
122. 8
109. 4
107.6
108. 1
109
Fabricated
metal
products
100. 3
90. 2
98. 3
98. 8
101. 5
92. 9
105.5
107. 6
106. 5
117. 1
117. 8
117. 9
117. 2
118. 4
118. 5
119. 3
120. 2
123. 3
125. 1
125. 6
126. 4
125.7
126. 3
127
Machinery
100. 5
87. 7
96. 5
107. 1
104. 2
88. 8
107. 1
110. 8
no. 4
123. 5
126. 1
125. 9
125. 5
125. 2
126. 4
126. 2
125. 9
128. 4
129. 4
129. 6
130. 5
131. 3
132. 6
133
Nc ndurable manufactu res
Transpor- Lumber Textiles,
and
tation
apparel,
prodequipand
ment
leather
ucts
91.7
83. 8
102. 0
97. 4
106. 4
89. 5
104. 0
108. 2
103. 6
118. 3
121. 8
121. 5
121. 7
122.4
122. 3
122. 1
123. 7
124. 5
130.4
129. 3
126. 8
128.7
130. 9
131
102. 4
99. 6
109. 5
105. 4
95. 9
95. 6
108. 5
102. 1
101. 3
106. 1
101. 9
106. 1
108. 7
105. 7
108. 2
115. 7
108. 0
108.9
106. 9
104. 1
110. 4
110. 3
107. 7
90. 7
86. 9
95. 5
98. 0
96. 9
95. 0
108. 1
107. 5
108. 4
115. 1
115. 8
115. 5
115. 2
115. 2
115. 6
115. 9
116. 2
116. 5
118. 0
118. 9
120. 2
121. 0
122. 4
122
Paper
and
printing
82. 6
85. 0
92. 5
97. 1
97. 8
97. 0
105. 2
109. 0
112. 4
116. 7
117. 2
116. 9
115. 4
114. 5
115. 8
H5. 7
119. 2
120. 5
121. 6
122. 3
122. 4
122. 0
122. 3
122
Chemicals, Foods,
petrobeverleum, and ages, and
rubber
tobacco
75.2
74. 7
86. 8
91. 4
95. 6
95. 5
108. 9
113. 9
118. 8
131. 2
134. 1
133. 6
134. 2
134. 2
135. 3
138. 2
139. 7
141. 3
141. 3
143. 3
144. 4
144. 8
146. 3
146
Source: Board oi Governors of the Federal Keservc System.
88. 2
89. 8
93. 1
96. 6
96. 7
99. 4
103. 9
106. 6
110. 4
113. 4
113. 6
114. 2
114. 5
115. 0
115. 0
115. 6
114. 7
116. 4
116. 1
116. 9
1 1 7. r>
1 1 <;. r,
1 1 7. 7
1 l.s
17
WEEKLY INDICATORS OF PRODUCTION
Production of steel and electric power (unadjusted) increased in November.
declined.
MILLIONS OF TONS
MILLIONS
OF SHORT
Most other weekly production indicators
TONS
(DAILY A V E R A G E )
\
X \
* >—-•;
QSi]^™.,^-X.. f f**~>
,,.".,..-•
\»t*
20.0
SOURCES: A M E R I C A N IRON AND STEEL INSTITUTE, DEPARTMENT OF THE I N T E R I O R ,
EDISON
Period
Weekly average:
1956
1957
1958
1959
1960
1961
1962
1962: Oct_
Dec__
1963: J a n _ _
Feb...
Mar..
Apr...
May..
June..
July-.
Aug..
Sept..
Oct...
Nov =.
Week ended:
r.>r,:i: Nov :
ELECTRIC
INSTITUTE, AND WARD'S
Electric
Bituminous Freight Paperboard
Steel produced
Cars and trucks
power
coal mined
loaded
produced
Index
Thousands
distributed (thousands (thousands (thousands assembled (thousands)
of net
(1957-59 = (millions of
of short
of cars)
Total
Cars Truck
of tons)
tons
100)
;ilowatt-hours) tons) '
2,
2,
i,
1,
1,
1,
1,
204
162
635
792
899
880
886
118. 3
116. 0
87. 8
96. 2
101. 9
100. 9
756
829
828
894
056
275
493
594
416
958
757
836
915
97S
101. 2
94. 3
98. 2
98. 1
101. 7
110. 3
122. 1
133. 8
139. 2
129. 7
105. 1
94. 3
98. 6
102. 8
106. 2
944
958
979
995
000
042
037
4. 4
5. 1
6. 2
7. 1
7.4
9. 6
9 3
il;it.;> for Alaska.
18
COUNCIL OF ECONOMIC ADVISERS
AUTOMOTIVE R E P O R T S .
11, 292
11, 873
! 2, 082
13, 297
1-i, 424
15, 139
16, 325
16, 176
16, 442
17, 252
17, 792
17, 550
16, 824
16, 357
16, 445
17, 625
693
644
1, 380
1, ;so
390
1 353
1, 414
493
504
324
1, 418
421
728
683
581
596
585
550
552
608
477 |
18, 078
18, 257
17, 527
17, 250
17, 482
493
534
578
520
1, 553
1, 666
], 642 '
1, 534
482
516
532
560
587
606
539
578
577
628
559
17, 457
17, 586
17, 037
17, 727
16, 976
18, 427
1, 608
1, 608
1, 619
1, 668
1, 385
1, 598
623
595
588
587
467
558
294
I
551 |
276
273
274
307
306
322
343
360
340
307
305
353
364
354
364
367
317
380
353
383
371
132. 8
138. 6
98. 4
129. 5
151. 8
127. 9
157. 5
185. 9
184. 1
181. 3
173. 5
178. 7
184. 4
186. 0
185. 1
200. 1
166. 1
48. 1
145. 7
205. 8
205. 5
111. 6
117. 6
81. 6
107.6
128. 8
106. 1
133. 4
158.6
158. 3
155. 0
147. 0
149. 2
154. 4
157. 2
156. 3
170. 5
138. 5
29. 7
118. 9
174. 9
175. 7
21.
21.
16. ;
21. <
23. 0
21. 8
24. 1
27. 3
25. 8
26. 3
26. 5
29. 5
30. 0
28. 8
28. 8
29. 6
27. 6
18.4
26. 8
30. 9
29. 8
384
381
368
379
355
345
363
208.
220.
207.
219.
175.
218.
222.
175.
189.
176.
188.
148.
187.
192.
32.7
2
1
6
0
3
6
9
6
0
9
1
8
3
4
31. 1
30. 7
31. 0
26. 5
31. 3
30. 6
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.
NEW CONSTRUCTION
Expenditures for new construction (seasonally adjusted) registered a small decline in November,
ment expenditures was partially offset by a 3-percent rise in private residential outlays.
BILLIONS OF DOLLARS
A drop in govern-
BILLIONS OF DOLLARS
70
70~
PRIVATE RESIDENTIAL (NONFARM)
-s^
"""'
.„•••"""""""""••••..„,
T""""
ALL OTHER PRIVATE
' ' ' ' i I t t f t i I t i i i t
t l t
* SEE NOTES! IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.
ADVISERS
COUNCIL OF ECONOMIC Al
Pr vate
Total new
Resi dential noiifarm
Period
expenditures
1958
1959
1959 (new series)4
1960
1961 5
1962
49. 0
54. 1
56. 6
55. 6
57. 4
58. 8
Total
33. 5
38.0
40. 3
39. 6
40. 4
41. 2
Total '
18. 0
22. 3
25. 0
22. 5
22. 5
23. 9
CommerAdditions cial and
New
housing and al- 2 industrial
units terations
Billions of dollars
3. 9
13. 6
4. 4
17. 1
19. 2
5. 0
16. 4
5. 2
5. 1
16. 2
18.4
6. 0
6. 0
6. 0
7. 0
7. 4
7.9
Other
9. 5
9.7
9.3
10. 0
10. 4
9. 4
Constructiori contracts 3
CommerFederal, Total value cial and
(index,
State,
industrial
and
1957-59 = floor space
100)
(millions
local
of square
feet)
15. 5
16. 1
16. 2
16. 0
17.0
17.6
60. 8
60. 0
1963: Jan
.
Feb
Mar
Apr.. _ _
May. ...
June
Julv
Aug
Sept
Oct
Nov
6
1
3
59. 3
60. 4
59. 2
60. 1
59. 6
60. 5
62. 3
62. 7
64. 2
64. 2
65. 8
65. 5
42. 1
41.7
41. 8
41. 7
41. 4
41. 5
42.4
43. 1
43. 2
43. 9
44 6
44. 8
45. 5
46. 2
24. 4
24. 2
24. 4
24. 6
24. 3
24. 4
25. 0
25.6
25. 8
25. 9
25. 8
25. 9
26. 6
27. 4
18. 8
18. 6
18. 8
19. 1
18. 7
18. 8
19. 4
20. 1
20. 2
20. 3
20. 2
20. 1
20.8
21. 5
Includes nonhouseke eping residen ial construct ion, not sho^vn separately.
Not available for re^ Tised series beginning 1962
a Compiled by F. W. Dodge Corpo ation and re ates to 48 St ates.
4
In addition to majo differences b etween old a nd new serie,3, data for Alas ka
and Hawaii are include i beginning Jaternary 1959.
8. 1
8. 0
8. 0
7. 7
7. 7
7. 7
7. 7
7.6
7. 6
8. 1
8.7
9. 0
8. 9
8. 9
101. 7
105. 1
105. 1
105. 2
107.6
119. 7
Seasonally
adjusted
Sea tonally adjiisled annua I rates
1962: Oct
Nov
Dec
Jo
I963
1962
9.6
9.5
9. 5
9. 4
9. 4
9. 4
9.8
9.9
9. 8
10. 0
10. 1
10. 0
10. 0
9. 9
18.7
18. 2
17.4
18. 6
17. 8
18. 6
17. 1
17.3
19. 2
18. 8
19. 6
19. 4
20. 3
19. 4
117
123
138
121
130
118
125
144
135
126
132
128
146
359
440
440
461
443
500
Seasonally
adjusted
annual
rates
499
500
510
539
564
467
454
575
648
537
544
511
615
'Sen es have been revised begin ning 1962. Fc r details, seo Construction Activity, ^ November 1962 , C30-53. Da ta for 1950-61 t o be revised in he nenr f n l n n >
ePre iminary,
Sour ces: Dcpartm ^nt of ('online rcc and I1'. \V. ^odce Corporal Ion.
-I Q
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
In October, private nonfarm housing starts, following 2 months of sharp increases, dropped 16 percent to an annual
rate of 1.5 million units. This dropped starts back to nearly their August level. New units authorized declined
about 31/2 percent.
MILLIONS OF UNITS
MILLIONS OF UNITS
2.5
2.5
SEASONALLY ADJUSTED, ANNUAL RATES
2.0
PRIVATE NONFARM
HOUSING STARTS
1.0
FHA APPLICATIONS
J
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION WAI
[Thousands of unitsl
Hou sins star ts
Period
Total
private
and
public
(including
farm)
Total
private
(including
farm)
1950
1957 . _ .
1958
. _.
1959
3
1959
1, 553. 5 1, 516. 8
I960 3 - . . 1, 296. 0 1, 252. 1
3
1961
1, 365. 0 1, 313. 0
1962 3 .
1, 492. 4 1, 462. 8
1962: Oct..
Nov..
Dcc.1903: Jan Feb..
Mar .
Apr..
MHV.
,1 urn1-.
.Iiilv -
138.0
122. 5
94. 9
S3. 3
87. 6
128. 1
160. 3
169. 5
157. 3
135. 2
120. 9
93. 9
80. 6
86. 5
124. 4
158. 2
166. 4
153. 4
Priv ate nonfarm
Total
Onefamily
1, 093. 9
980. 7
992. 8
840. 2
932. 5
1, 141. 5
1, 342. 8 1, 078. 5
1, 494. 6 1, 211. 9
1, 230. 1
972. 3
1, 284, 8
946. 4
1, 439. 1
967. 8
131. 3
119. 8
92. 9
88. 1
77.6
54. 9
79. 4
46. 2
50. 9
85. 0
122. 6
155. 4
163.2
151.6
78.8
102. 8
103.9
98. 3
96. 5
Two or
more
families
113.
152.
209.
264.
282.
257.
338.
471.
2
6
0
3
7
4
6
3
43. 2
42. 2
37. 9
33. 3
34. 2
43.8
52. 5
59. 4
53.3
1 52. 3
52. 0
150. 2
148. 6
142. 0
1 47. 9
144. 4
93. 4
48. 5
S,-pt-\
1 47. 3
142. 1
145. 3
90. 8
51. 0
1 let/'
163. 4
104. 1
160. 5
157. 2
58. 1
1 1 S. 5
N..v''116. 9
114. 3
uthorirrd l>y issumiccof local building permit.
n i t s rcprcM'ntt'ii by nmrtjwo applications for new home construction.
rv, '-rili's; :-rr Housing Stnrts, ('20-50, July 1963,
Aim
20
Total
private
(including
farm)
Priv ate nonf<irm
Total
Gover nment
home p -ograms
FHA
VA
New
Propose d home
constr uction
private
housing Applica- Requests
tions for
units
for VA
FHA
author1
commit- appraisized
als 2
ments 2
921. 9
401. 5
197. 7
1, 093. 9 183. 4 270. 7
992. 8 150. 1 128. 3
820. 3
159.4
198.8
950. 8
1, 141. 5 270. 3 102. 1
341. 7
234. 2
1, 342. 8 307. 0 109. 3 1, 081. 1
234. 0
369. 7
369. 7
1, 516. 8 1, 494. 6 307. 0 109. 3 1, 208. 3
234.0
142. 9
242. 4
74. 6
1, 252. 1 1, 230. 1 225. 7
998. 0
83.3 1, 064, 2
236. 2
177.8
1, 313. 0 1, 284. 8 198. 8
221. 1
77. 8 1, 186. 6
1, 462. 8 1, 439. 1 197. 3
171. 2
Se,isonallv adjusted annual ra tes
70
1, 195
207
1, 491
173
176
1, 537
72
207
1, 564
183
1, 579
1,254
168
1, 562
75
1, 541
1, 248
172
199
176
203
172
74
1, 344
1, 317
1, 200
161
197
1, 193
150
164
78
1,380
1, 353
172
73
197
152
1,575
1, 549
1, 232
83
176
1, 590
1,214
251
119
1, 618
4
160
152
79
1,285
1, 618
1,590
180
1,554
72
1,571
1, 315
195
123
179
1, 256
182
72
122
1, 588
1, 573
164
172
63
151
1,455
1, 434
1,215
133
1,732
62
1, 319
140
173
1, 697
159
62
176
140
1, 367
1, 779
158
1,819
67
190
1,495
1,320
145
153
1,528
e
* Reflects new application fee scheduled May 1.
Preliminary.
NOTE.—Data for Alaska and Hawaii are included in all VA and FHA series
and Census series beginning with the new series in 1959.
Sources: Department of Commerce, Federal Housing Administration (FHA)
and Veterans Administration (VA).
TRADE SALES AND INVENTORIES
Preliminary estimates show a decline in November in retail sales (seasonally adjusted) at outlets for both durable and
nondurable goods. In part/ this decline may reflect the reduction in selling days due to the day of mourning for the
late President.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
RETAIL TRADE
DURABLE GOODS STORES
WHOLESALE TRADE
INVENTORIES
SALtS
-J.-*
''
INDEX, 1957-59-100
125
1962
I960
« SEASONALLY-ADJUSTED.
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Who esale
Re tail
Sales ' 3
Period
Sales '
Inventories 2
Total
Departm snt stores
I iventories
NonDurable durable
goods
stores
stores
Total
2
NonDurable durable
goods
stores
stores
Millions c f dollars, seasonall> ' adjusted
9, 076
9, 689
9, 611
9, 428
10, 477
10, 466
10, 638
11, 187
1962: Sept _ _ _._ _._
11, 403
11, 234
Oct
11, 386
Nov
11, 455
Dee
1963: Jan
11, 283
11, 548
Feb
11, 619
Mar
Apr
__
11, 472
May
. 11, 475
11, 662
June
July
11, 706
11, 670
Aug
11, 950
Sept7
7
12, 022
Oct
Nov 7
1955
1956
1957
1958
1959
1960
1961
1962
1
10, 757
11, 974
11, 778
11, 757
12, 811
12, 885
13, 131
13, 581
13, 399
13, 475
13, 437
13, 581
13, 493
13, 542
13, 573
13, 593
13, 726
13, 780
13, 831
13, 952
14, 122
14, 230
15, 321
15, 811
16, 667
16, 696
17, 951
18, 294
18, 234
19, 613
19, 844
19, 875
20, 112
20, 253
20, 387
20, 374
20, 350
20, 276
20, 200
20, 486
20, 719
20, 666
20, 426
20, 751
20, 586
Montuiy average for year and total for month.
* Book value, end of period, seasonally adjusted.
3
Beginning January 1960, data include Alaska and Hawaii.
* Daily average.
1
End of period, except annual data, which are monthly averages.
5, 696
5, 484
5, 696
5, 284
5, 972
5, 894
5, 608
6, 245
6, 273
6, 391
6, 437
6, 488
6, 624
6, 624
6, 576
6, 646
6, 512
6, 630
6, 773
6, 562
6, 606
6, 929
6, 801
9, 739
10, 326
10, 971
11, 412
11, 979
12, 400
12, 626
13, 367
13, 571
13, 484
13, 675
13, 765
13, 763
13, 750
13, 774
13, 630
13, 688
13, 856
13, 946
14, 104
13, 820
13, 822
13, 785
1963
COUNCa Of ECONOMIC A0VISEKSI
22, 769
23, 402
24, 451
24, 113
25, 305
26, 813
26, 238
27, 938
27, 493
27, 747
27, 729
27, 938
28, 002
28, 025
28, 066
28, 061
28, 062
28, 124
28, 259
28, 148
28, 147
28, 289
10, 532
10, 495
11, 283
10, 526
11, 044
11, 951
11, 019
11, 728
11, 580
11, 712
11, 695
11, 728
11, 676
11, 735
11, 724
11, 622
11, 584
11, 614
11, 673
11, 604
11, 605
11, 693
12, 237
12, 907
13, 168
13, 587
14, 261
14, 862
15, 219
16, 210
15, 913
16, 035
16, 034
16, 210
16, 326
16, 290
16, 342
16, 439
16, 478
16, 510
16, 586
16, 544
16, 542
16, 596
Sales «
Inventories a
Index, 195 7-59=100,
seasonally adjusted6
85
88
94
94
99
96
99
98
103
105
109
106
110
109
117
114
118
117
120
110
118
118
117
117
120
113
119
114
120
119
120
115
121
117
121
120
123
120
122
126
124
121
128
113
117
s
Based on retail value.
* Preliminary.
NOTE.—Data for wholesale sales and inventories and retail inventories
been revised beginning 1948.
Sources: Department of Commerce and Board of Governors of the Fu
Reserve System.
21
MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers' sales and new orders (seasonally adjusted) increased moderately in October, according to recently
revised series. Inventories rose markedly. Preliminary estimates indicate a 41/2 percent drop in new orders for
durable goods in November.
BILLIONS OF DOLLARS'
BILLIONS OF DOLLARS*
MANUFACTURERS', INVENTORIES
60
DURABLE COODS
MANUFACTURERS' NEW ORDERS
30
NONDURABLE
GOODS
DURABLE GOODS
\
NONDURABLE GOODS
)962
» SEASONALLY ADJUSTED.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCn OF ECONOMIC ADVISERS
Manu 'acturers' sales!
Manufact urers' inv entories2
Manufacturers' new orders i
Durat le goods
• J
Total
26, 486
27, 740
28, 736
27, 280
30, 219
30, 796
30, 884
33, 308
33, 167
33, 241
33, 673
32, 945
33, 542
34, 114
34, 244
34, 578
34, 836
34, 942
35, 641
34, 736
34,
. . 672
35, 157
1955
1956
1957__
1958
1959
1960
1961
1962
1962: Sept
Oct
NOT
Dec
1963: Jan
Feb
Mar
Apr
May
,)une
July
AllR
Srpt
Oct 4
Nov
1963
* '"
NonDurable durable
goods
goods
14, 080
14, 715
15, 237
13, 572
15, 544
15, 817
15, 532
17, 184
16, 993
17, 119
17, 162
16, 832
17, 301
17, 636
17, 622
17, 892
18, 112
18, 242
18, 746
18, 160
17, 937
18, 489
18, 230
12, 406
13, 025
13, 499
13, 708
14, 675
14, 979
15, 352
16, 124
16, 174
16, 122
16, 511
16, 113
16, 241
16, 478
16, 622
16, 686
16, 724
16, 700
16, 895
16, 576
16, 735
16, 668
1
M o n t h l y nvcnijrp for your and lotai for month.
:
Monk v;ihir, end o.' period, seasonally adjusted.
: 1
Total
Millions
45, 069
50, 642
51, 871
50, 070
52, 707
53, 814
55, 087
57, 753
57, 316
57, 442
57, 608
57, 753
57, 883
58, 021
58, 126
58, 309
58, 507
58, 706
58, 884
58, 917
59, 087
59, 408
NonDurable durable
goods
goods
of dollars
26, 405
30, 447
31,728
30, 095
31, 839
32, 360
32, 646
34, 326
34, 147
34, 166
34, 237
34, 326
34, 390
34, 496
34, 593
34, 787
34, 962
35, 156
35, 346
35, 507
35, 536
35, 676
I or mmim! periods, ralio of weighted average inventories to average monthly
!r,\ JUT j n n n t h j y Oato, ratio of inventories at end of month to sales for month.
seasonal
18, 664
20, 195
20, 143
19, 975
20, 868
21, 454
22, 441
23, 427
23, 169
23, 276
23, 371
23, 427
23, 493
23, 525
23, 533
23, 522
23, 545
23, 550
23, 538
23, 410
23, 551
23, 732
Total
Total
y adjusted
27, 423 14, 954
28, 383 15, 381
27, 514 14, 073
26, 901 13, 170
30, 679 15, 951
30, 115 15, 223
31, 061 15, 664
33, 167 17, 085
32, 633 16, 547
33, 400 17, 288
33, 165 16, 732
33, 355 17, 330
34, 742 18, 466
34, 636 18, 228
35, 364 18, 776
35, 752 19, 037
35, 438 18, 736
34, 425 17, 682
35, 207 18, 275
33, 938 17, 068
34, 991 18, 244
35, 285 18, 588
17, 755
NonMachinery durable
goods
and
equipment
2, 497
2,866
2, 572
2, 357
2, 882
2, 789
2, 858
3, 093
2, 981
3, 048
3, 157
3, 066
3, 254
3, 206
3, 217
3, 351
3, 416
3, 292
3, 334
3, 307
3, 415
3, 563
3. 277
12, 469
13, 002
13, 441
13, 731
14, 728
14, 892
15, 397
16, 082
16, 086
16, 112
16, 433
16, 025
16, 276
16, 408
16, 588
16, 715
16, 702
16, 743
16, 932
16, 870
16, 747
16, 697
* Preliminary.
s Not charted.
NOTE.—Data have been revised begining 1947. For details, see
turers, Shipments, Inventories and Orders: 1947-63. Series M3-1.
Source: Department of Commerce,
Manufacturers'
inventorysales
ratio 3
1. 62
1. 73
1. 81
1. 84
1. 70
1. 76
1. 74
1. 70
1. 73
1. 73
1. 71
1. 75
1. 73
1. 70
1. 70
I. 69
1. 68
1. 68
1. 65
1. 70
1. 70
1. 69
Manufac-
MERCHANDISE EXPORTS AND IMPORTS
In October, exports (seasonally adjusted) fell by 5 percent, ending the rise initiated in August.
in imports, the trade surplus declined.
With the slight rise
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
2.5
1963
•" SEE NOTE I BELOW.
SOURCES: DEPARTMENT OF COMMERCE.
COUNCIt OF ECONOMIC ADVISERS'
[Millions of dollars]
M erchandi se
Total ( including ree>•ports)1
Period
SeasonUnadally adjusted
justed
M erchandi 3e
exports
Gener al
]Domest c expor ts
Total i
poi ts
i ni2
Indus- Finished
manu- SeasonFood- trial
Unadfacally adstuffs matejusted
justed
tures '
rials
Monthly average :
1955
1956
1957 _
1958
1959
1960
1961
1962
__
1,943
1,493
1, 695
1,839
1962: Sept
Oct
Nov.. .
Dec
1963: J a n _ _ _
1, 191
1,445
1, 626
1,364
1, 367
1, 634
1, 679
1, 742
.
Feb
982
2, 1SI
1, 991
Apr
1, 918
May
1, 900
June
1, 814
Julv
1, 779
Aug
1, 897
Sept
1, 992
Oct. _ _ _ 1, 899
Mar___ .
1,
1,
1,
1,
710
583
791
864
960
2, 021
2, 058
1, 968
2, 069
1, 777
1, 712
1, 816
1,765
2, 023
351
1,180
162
1,432
441
216
530
1, 611
208
1, 351
198
368
1, 352
366
210
1, 617
230
510
254
486
1, 659
440
1,719
281
U nadjust ed
465
1, 691
265
412
1, 562
246
476
267
1,765
1, 839
491
289
942
1, 997
2, 032
1, 941
2, 044
1, 752
1, 691
1, 792
1, 743
1, 999
140
328
347
360
375
280
294
282
288
234
522
495
464
509
458
454
518
493
1,064
1, 105
1, 105
1, 302
1, 251
1, 226
1, 366
775
872
784
776
877
919
998
962
904
1, 022
1,058
1,
1,
1,
1,
1,
1
Total exports less Department of Defense shipments of Errant-aid military
supplies and equipment under the Military Assistance Program.
2
Imports lor immediate consumption plus entries into bonded warehouses.
3
Imports for immediate consumption plus withdrawals for consumption from
bonded warehouses.
958
667
567
147
190
117
160
014
942
992
962
1,476
1,319
1, 432
1, 372
1, 093
1, 493
1,484
1, 423
1, 406
1, 410
1,489
1,532
1, 453
1, 475
1, 342
1, 439
1, 452
1, 366
1, 117
1, 390
1, 463
1, 461
1,462
1, 356
1, 505
1, 461
1, 398
1, 508
imports
Merchandise
trade
Impo rts for consum ption
Indus- Finished surplus,
seasonmanuFood- trial
Total
ally adfacstuffs matejusted
rials
tures
3
260
477
954
521
267
1,056
534
274
1, 102
4
489
288
1, 101
569
1,284
285
539
274
1, 251
277
522
1,221
561
1, 355
298
U aadjust ed
544
1, 345
297
322
541
1, 424
585
1, 470
345
329
527
1, 336
518
208
1, 139
1,367
323
553
575
317
1, 418
317
593
1, 457
594
299
1, 438
559
1,328
279
313
599
1, 505
629
304
1, 480
546
1, 375
325
607
367
1, 586
268
234
380
438
65
383
453
376
217
294
326
431
423
496
504
562
539
480
412
491
526
547
545
490
593
547
504
612
521
260
467
174
264
467
— 111
638
BGG
4!)5
494
4 dfi
S10
fid/,
/W.<>
J,S-',
* Total adjusted to exclude J33.5 million of the value reported by economic
category.
NOTE.—Seasonally adjusted series revised beginning 1001. Boomis*1 of rrvhlnnr,
being made in series, subgroups do not necessarily include all data in t o h i l : ,
Source: Department of Commerce.
OQ
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
A rise in exports of goods and services was exceeded by a rise in imports in the third quarter, which lowered the surplus
on goods and services to $5.2 billion (seasonally adjusted annual rate).
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
40
EXPORTS OF GOODS AND SERVICES
30
30
HO
IMPORTS OF GOODS AND SERVICES
1962
COUNCIL Of ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE.
[Millions of dollars, quarterly data at seasonally adjusted annual rates]
Expo Hs of goo ds and se 'vices
Impo rts of goo ds and se rvices
Balance
Incom<
MerMerMilitary Other on goods
vestrnents
Other
Military
chanchan- expend- services
and
Total
Total
sales
dise '
dise '
Private Govern- services
itures
services
ment
Period
1954
1955
1956
1957
1958
1959
I960. .
1961.
1962
1962: I ..
II
III
IV
1963: I
II
III
1
1963
17, 759
19, 804
23, 595
26, 481
23, 067
23, 476
. 26, 974
28, 311
29, 790
28, 824
30, 440
30, 200
29, 696
29, 788
31, 564
31, 964
12, 799
14, 280
17, 379
19, 390
16, 264
16, 282
19, 459
19,913
20, 479
20, 088
21, 048
21, 080
19, 700
19, 992
21, 924
22, 156
182
200
161
375
300
302
335
402
660
452
760
564
864
724
812
704
1, 955
2, 170
2, 468
2, 612
2, 538
2, 694
2, 873
3,464
3,850
3, 616
3, 760
3, 784
4,240
4, 252
3, 856
4, 012
Adjusted from customs data for differences in timing and coverage.
24
272
274
194
205
307
349
349
380
472
436
576
420
456
496
500
500
2, 551
2, 880
3, 393
3, 899
3, 658
3, 849
3,958
4, 152
4, 329
4, 232
4, 296
4, 352
4, 436
4, 324
4, 472
4, 592
15, 931
17, 795
19, 628
20, 752
20, 861
23, 342
23, 205
22, 867
24, 964
24, 476
24, 888
25, 128
25, 364
25, 028
25, 740
26, 724
10, 354
11, 527
12, 804
13, 291
12, 952
15, 310
14, 723
14, 497
16, 145
15, 768
16, 120
16, 508
16, 184
16, 008
16, 680
17, 616
Source: Department of Commerce.
2, 642
2, 901
2,949
3, 216
3,435
3, 107
3,048
2,934
3,028
3, 016
2, 992
2, 928
3, 176
2,992
2, 900
2, 828
2,935
3,367
3, 875
4, 245
4, 474
4,925
5, 434
5, 436
5,791
5, 692
5, 776
5, 692
6, 004
6, 028
6, 160
6, 280
1, 828
2,009
3,967
5, 729
2, 206
134
3,769
5,444
4,826
4, 348
5, 552
5, 072
4, 332
4, 760
5, 824
5, 240
U.S. BALANCE OF INTERNATIONAL PAYMENTS
The over-all payments deficit fell sharply in the third quarter to $1 billion (seasonally adjusted annual rate). A
substantial part of the improvement was due to smaller capital outflows and a reduction of Government srants and
capital outlays abroad.
BILLIONS OF DOLLARS
20
BILLIONS OF DOLLARS
£0
-20
10
10
OVER-ALL BA LANCE {SURPLUS C R DEFICIT (-Q
-
to
I
1
1957
1
I
1
1958
1
1
1
1959
I
1
1
I960
u f " i 12 IB ta CT
1
1961
1962
SOURCE: DEPORTMENT OF COMMERCE.
Period
1956
1957
1958
1959
1960
1961
1962
1962:
I
II
III
IV
1963:
I
II
III
3,967
5, 729
2, 206
134
3,769
5,444
4,826
4,348
5, 552
5,072
4,332
Direct
investments
Longterm
portfolio
Shortterm
Foreign
capital '
-2,362 -1,951
— 603
-517
-2, 574 -2, 442
-859
— 276
-2, 587 -1, 181 -1,444
-311
-926
-77
— 1, 986 -1,372
-2,769 -1,694
-850 -1,348
-1,598 -1,011 -1, 541
-2, 782
653
487
22
863
366
728
-2, 998 -1, 557 — 1, 209
-507
1,020
Season ally adjus ted annuf il rates
-796 -1,428 -1,220
-3,680
-3,364 -2,024 -1,316
4
-752
-1,776 -1, 436
-656
-3, 172 -1,972 -1,340
-156
4,760 — 3, 528 -2, 004 -2, 048
348
5, 824 -4, 608 -1, 952 — 2, 464 -2, 492
5, 240 -2, 228 -1, 104 — 1, 156
112
Unrecorded
transactions
Over;ill balance (surplus or deficit (-))
Liquid 1 abilities 3
Gold To monand con- etary
2
Total
Total vertible author- To other
curities
foreign
and
holders 5
rencies
institutions *
543
-935
1, 157
520
488 -3, 529
412 -3,743
-683 -3, 881
— 905 -2, 370
-1,025 -2, 186
i 241
306
-935
798
520
— 278
— 1, 254
-3,529 -2,275
-3,743
-731
— 3, 012
-289
-3,881 -1,702 -1,890
-741
-546
-2, 370
— 1,083
-907 -1,079
-2, 186
-200
Quai terly tota Is, unadju sted
-2,340
-1,808
-1,424
-3, 172
-472
-323
-693
-698
348
— 488 -3,460
1, 004
568 -4, 956
220 -1, 336 -1, 024
-689
-1, 173
-593
1,308
216
-108
-148
704 — 1, 876
1,852 -1,968
i Other than liquid funds.
* Equals changes in U.S. ?old and convertible currencies and liquid liabilities
to foreigners. Remittances and pensions, not shown separately in this table,
are included in over-all balance and amounted to $736 million in 1962.
3Minus Indicates increase in liabilities.
* To International Monetary Fund (IMF) and foreign central banks and
governments.
1963
COUNCIL OF ECONOMIC ADVISERS.
[Millions of dollars!
U.S. pr ivate cap: tal, net
Balance Government
on
grants
goods
and
and
services capital,
net
yy- _
— 189
207
-550
— 375
-78
9
-122
-167
-506
-601
-388
416
— 699
— 24
458
65
-217
-909
-382
— 394
-142
-44
6
To foreign commerciaJ bank? and other international and regional institutions
not listed in Tootnote 4, and other foreigners.
e Total atend of second quarter was $15,789 million, of which $15,635 million was
U.S. gold stock. The decline in gold stock during quarter was $195 million.
NOTE.—Data exclude military aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
Consumer prices increased by 0,1 percent in October. Lower food prices were more than offset by a 0.5 percent
over-all price rise in other commodities, together with some price increases in services.
INDEX, 1957-59 = 100
115
INDEX, I957-59-IOO
115
no
110
105
100
95
1957
1958
1963
SOURCE: DEPARTMENT OF LABOR.
COUNCU OF ECONOMIC ADVISERS
[1957-59 = 100]
Co mmoditie 3
All
Period
items
1952
1953
1954__
3955
_ _ _
1950 ...
1957
... ..
1958
]<)59
1900
VMl
1 !)U2
1962: Sept
Oct
Nov
Dec
I9<;:i-
Jan
I'd)
Mnr
Apr
MMV
.dim'
.liilv
\ur
I"''-! '1
<>,•!.
-
92. 5
93. 2
93. 6
93. 3
94. 7
98. 0
100. 7
101. 5
103. 1
104. 2
105. 4
106. 1
106. 0
106. 0
105. 8
106. 0
106. 1
106. 2
106. 2
106. 2
106. 6
107. 1
107. 1
107. 1
107. 2
All commodities
96. 7
96. 4
95. 4
94. 4
95. 3
98. 4
100. 7
101. 0
101. 7
102. 4
103. 2
104. 1
104. 0
103. 9
103. 6
103. 6
103. 8
103. 7
103. 6
103. 6
104. 1
104. 7
104, 7
104. 6
104. 7
Services
Comm odities les s food
Food
97. 1
95. 6
95. 4
94. 0
94. 7
97. 8
101. 9
100. 3
101. 4
102. 6
103. 6
104. S
104. 3
104. 1
103. 5
104 7
105. 0
104. 6
104. 3
104. 2
105. 0
106. 2
106. 0
105. 4
104. 9
All
96. 7
96. 8
95. 6
94. 6
95. 9
98. 9
99. 8
101. 3
101. 8
102. 1
102. 8
103. 4
103. 6
103. 5
103. 4
102. 6
102. 7
102. 9
103. 0
103. 0
103. 3
103. 5
103. 6
103. 8
104. 3
Non-
Durable
93. 2
94. 0
94. 4
94. 4
96. 5
99. 1
99. 8
101. 0
102. 6
103. 2
103. 8
104. 6
104. 6
104. 4
104. 6
104. 0
104. 1
104. 2
104. 3
104. 2
104. 5
104. 8
105. 0
105. 2
105. 6
Rent
durable
102. 7
101. 6
97. 7
94. 9
94. 9
98. 2
99. 7
102. 0
100. 7
100. 5
101. 5
101. 6
102. 0
102. 2
101. 7
100. 4
100. 6
100. 8
100. 9
101. 0
101. 3
101. 3
101. 4
101. 5
102. 2
All
services
84. 0
87. 5
89. 8
91. 4
93. 4
97. 0
100. 3
102. 7
105. 6
107. 6
109. 5
109. 8
109. 8
110. 0
110. 1
110. 5
110. 5
110. 8
111. 1
111. 1
111. 3
111. 5
111.7
111. 9
112. 1
85.7
90. 3
93. 5
94. 8
96. 5
98. 3
100. 1
101. 6
103. 1
104. 4
105. 7
105. 9
106. 1
106. 2
106. 2
106. 3
106. 4
106. 4
106. 5
106. 6
106. 7
106. 7
106. 8
107. 0
107. 1
Services
less
rent
83. 8
87. 0
89. 1
90. 8
92. 8
96. 7
100. 3
102. 9
106. 1
108. 3
110. 2
110. 5
110. 5
110. 6
110. 8
111. 2
111. 2
111. 6
111. 9
111. 9
112. 2
112. 4
112. 6
112. 8
112. 9
WHOLESALE PRICES
Wholesale prices increased 0.2 percent in November. Prices of farm products rose by 1.2 percent and processed
foods by 0.3 percent while industrial commodity prices were unchansed.
NDEX,1957-59-100
INDEX, 1957-59'IDO
1957
1963
SOURCE: DEPARTMENT OF LABOR.
.COUNCIL OF -ECONOMIC ADVISERS
All
commodities
Period
1955
1956
1957 1958-.
19591960
1961._.
1962 _
1962: June
July
Aug
SeptOct
Nov
Dec
1963: Jan
Peb
Mar
Apr
_
__
...
.
May
June
July
Aug..
Sept
Oct 3
Nov
..
93. 2
96. 2
99. 0
100. 4
100. 6
100. 7
100. 3
100. 6
100. 0
100. 4
100. 5
101. 2
100. 6
100. 7
100. 4
100. 5
100. 2
99. 9
99. 7
100. 0
100. 3
100. 6
100. 4
100. 3
100. 5
100. 7
[1957-59=100]
Commodiljes other 1 han farm ]aroducts aiid foods (iridustrials)
Consunner finIndus- Indus- ProducFarm
Procished gcDods extrial in- er finAll intrial
prodessed
cludin g food
dustricrude termediucts
foods
Durals '
mate- ate ma- goods
Non2
terials
rials
able
durable
92. 4
92. 5
97. 9
94. 3
92. 8
96. 6
85. 6
95. 8
96. 6
94. 3
96. 5
102. 3
97. 0
92. 0
95. 9
97.7
99. 2
97. 9
99. 2
100. 9
99. 6
97. 7
ga 7
99. 9
102. 9
103. 6
99. 5
96. 9
99. 4
100. 2
100. 1
99. 3
97. 2
99. 2
101. 3
102. 3
101. 0
102. 1
101. 3
100. 8
100. 0
96. 9
101. 3
102. 3
98.3
101. 4
100. 9
101. 5
96. 0
100. 7
100. 8
100. 1
102. 5
97. 2
100. 5
101. 5
97. 7
101. 2
100. 8
99. 9
95. 6
102. 9
100. 0
101. 6
95. 3
99. 8
100. 7
94. 4
100. 1
102. 8
100. 0
101. 4
96. 5
100. 8
100. 8
94. 4
100. 0
100. 2
103. 0
101. 5
97. 6
101. 5
100. 6
94. 8
99. 8
100. 1
103. 0
101. 4
100. 6
103. 3
100. 8
99. 8
102. 9
95. 1
100. 1
101. 7
98. 7
101. 5
100. 7
94 8
99. 7
102. 8
99. 9
101. 8
99. 3
101. 3
100. 7
94, 6
99. 6
102 9
100. 0
101. 7
97. 3
100. 9
100. 7
94. 8
99. 5
103. 0
99. 9
101. 8
98. 5
100. 8
100. 7
94. 7
99. 5
103. 0
99. 8
101. 7
96. 5
100. 5
100. 6
94, 9
99. 4
103. 0
99. 8
101. 7
95. 4
99.0
100. 6
94. 9
99. 3
102. 9
99. 7
101. 8
95. 4
99. 3
100. 4
94. 3
99. 3
102. 9
99. 5
101. 6
94. 4
101. 7
100. 5
99. 5
94. 1
102. 9
99. 4
101. 8
94. 9
102. 4
100. 7
93. 9
99.7
103. 0
99. 3
102. 1
96. 8
102. 2
100. 8
93. 9
99.7
103. 0
99. 4
H)'.!. i
96. 3
100. 9
100. 8
93. 9
99. 7
103. 0
99. 3
101. 1
95. 5
100. 9
99. 6
100. 7
93. 9
99. 4
103. 0
101. t
102. 2
95. 1
100. 9
99. 8
94. 4
103. 2
99. (i
HC", 0
96. 2
102. 5
100. 9
99. 9
99. 0
94. 6
103. 4
1 ( 1 1 , ','
1
Coverage 01 the subgroups does not correspond exactly to coverage ol this
Index.
a
Excludes Intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
8 Preliminary.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended November 1 5, both the index of prices received and prices paid by farmers were unchanged.
The parity ratio remained at 77.
INDEX, 1957- 59 »IOO
INDEX, 1957-69 = 11
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
110
IOO
IOO
PRICES RECEIVED
IALL FARM PROOUCTS)
90
RATIO-1'
IOO
RAT 10-^
IOO
/",,„
PARITY RATIO
80
70
•^ RATIO OF INDEX OF PRICES RECEIVED, TO INDEX OF PRICES PAID,
INTEREST. TAXES AND WAGE RATES, ON 1910-14 • IOO BASE
SOURCE: DEPARTMENT OF AGRICULTURE,
COUNCIL OF ECONOMIC ADVISERS
Prices i•eceived by 'armers
Period
1953
1954
1955 - _ „ . - _ - _
1956 .
_ . _
1957 .
1958
1959
1960
1961
1962
1962: Oct 15_ .
Nov 15
Dec 15. - 19G3: Jan 15
Fob 15
Mar 1.x Apr 15
May 15
June 15
_. .
July 15. . _ _ _ _ .
All farm
products
_
104
.
__
Aug 15. . . .. .
Sept 15
Oct 15. .
Nov 15
105
102
96
95
97
99
98
99
100
._
101
101
. ..
.
101
101
100
99
- - _
.
100
_
99
100
__ _
. . . . 101
, _ . _ _ 100
100
100
100
Crops
108
108
104
105
101
100
99
99
102
103
102
100
100
103
104
107
109
110
109
107
105
104
105
108
1
Percentage ratio of index of prices received by farmers to index of prices paid,
Interest, taxes, and wa£e rates, on 1910-14=100 base.
28
Price s paid by fa rmers
Livestock All items,
interest,
and
products taxes, and
wage rates
Index, 1957-59=100
104
95
97
95
94
90
95
88
98
94
106
101
102
100
102
98
103
98
105
99
102
105
101
105
106
100
106
100
97
106
94
106
106
93
106
91
93
106
107
97
97
106
106
97
106
96
94
106
Family
living
items
94
94
94
96
99
100
101
101
102
103
103
103
103
104
104
104
104
104
104
105
104
104
104
104
Source: Department of Agriculture.
Production
items
97
97
96
95
98
101
101
101
101
103
103
103
104
104
104
104
104
104
104
104
104
104
104
103
Parity
ratio i
92
89
84
83
82
85
81
80
80
79
80
79
79
79
78
77
78
77
77
79
78
77
77
77
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
In November, the money supply rose $1.0 billion and time deposits $1.7 billion on a seasonally adjusted daily
average basis.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DOILY FIGURES, SEASONALLY ADJUSTED
MONEX SUPPLY
12.0
120
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
60
40
1957
1988
1963
1999
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS.
(Averages of daily figures, billions of dollarsi
M oney supp iy
M oney supp Iv
Period
1956:
1957:
1958:
1959:
1960:
1961:
1962:
1962:
Dec..
Dec
- Dec
Dec
__ ..
Dec
Dec._
...
Dec._ ......
Nov
_ _ ...
Dec
1963: Jan
Feb
Mar.. ._ .. ._
Apr..
May. ..
.
June.
July
..
Aug__
..
Sept
Oct z
. _ ...
Nov
First half
.
Second half 2
i Deposits at all commercial banks.
' Preliminary.
Total
136, 9
135.9
141. 2
142.0
141. 2
145. 7
147. 9
146. 9
147. 9
148. 7
148. 6
148. 9
149. 4
149. 4
149. 8
150. 7
150. 5
150. 9
152. 0
153. 0
153. 1
152. 9
Currency
outside
banks
Seasonally'
28. 2
28.3
28. 6
28.9
28.9
29. 6
30. 6
30. 5
30. 6
30. 7
30. 9
31. 1
31. 2
31. 3
31. 6
31. 6
31. 8
31. 8
32. 0
32. 3
32. 2
32. 4
Demand
deposits
Time
de-
posits '
adjustec
108. 7
107.5
112. 6
113. 2
112. 2
116. 1
117. 3
116. 4
117.3
118. 1
117. 7
117. 8
118. 2
118. 1
118.2
119. 1
118. 8
119. 1
120. 1
120. 7
120. 9
120. 5
52. 1
57. 5
65. 5
67.4
72. 7
82. 5
97. 5
96. 0
97. 5
99. 1
100. 3
101. 8
102. 6
103. 7
104. 5
105. 5
106. 7
107. 6
108. 9
110. 6
110. 0
111. 3
Total
140.3
139. 3
144. 7
145. 6
144. 7
149. 4
151. 6
148. 2
151. 6
151. 8
148. 3
147. 4
149.5
147. 3
148. 2
149. 4
149. 1
150. 5
152. 4
154. 4
154. 9
153. 9
Currency
outside
banks
De-
mand
deposits
Unad justed
28. a
111. 5
28. 9
no. 4
29. 2
115. 5
29. 5
116. 1
29. 6
115. 2
30. 2
119. 2
31. 2
120. 4
30. 8
117. 5
31. 2
120. 4
30. 5
121.3
117. 8
30. 5
30. 7
116. 7
30.9
118. 6
116. 2
31. 1
31.4
116. 7
117. 6
31. 8
117. 2
31. 9
32. 0
118. 6
32. 1
120. 3
121. 8
32. 6
122. 4
32. 5
32.7
121. 2
Time
de-
posits '
51. 4
56.7
64. 6
66. 6
72.1
81. 8
96. 6
95. 4
96. 6
98,4
99. 9
101. 7
102.9
104. 0
105. 0
106. 0
107. 3
108. 1
109. 3
110. 0
109. 9
110. 1
NOTE.—See note, p. 31.
Source: Board of Governors of the Federal Reserve System.
U.S.
Government
de-
mand
deposits '
3.4
3.5
3.9
4.9
4. 7
4.9
5.6
6. 0
5. 6
4.8
5. 6
5. 9
4. 2
7. 0
7.4
7.7
6. 2
(>. 5
5. 3
4. 5
4. 0
5. 0
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Most liquid assets (seasonally adjusted) continued to rise in November.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTEO.END OF MONTH
4OO
SAVING TYPE
300
300
ASSETS-"
200
OEMANO DEPOSITS AND
CURRENCY
J
.
100
.
1
1958
1959
1961
-BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS.
[Billions of dollars; seasonally adjusted]
Total
selected
liquid
assets
End of period
1955..
1956.
1957
1958
1959
1960
1901...
1962
1962: Oct
Nov
Dec
19G3: Jan.
Feb
Mar
Apr
May
June
.lulv
_
._
.
AUK
Sept3...
Oots
Nov » _ .
..
.
_
332. 5
343. 2
356. 0
373. 1
393. 9
399. 2
424. 6
459. 2
453. 4
456. 9
459. 2
462. 8
464. 6
466. 7
469. 9
473. 1
476. 3
478. 3
482. 7
484.2
489. 1
493. 0
Demand
deposits
and
currency 1
133. 3
134. 6
133. 5
138. 8
139. 7
138. 4
142. 6
144. 8
143.8
143. 4
144. 8
144, 4
144. 5
145. 0
145. 3
145. 2
146.5
146. 9
146. 2
147. 1
148. 7
149. 4
Time d eposits
Commercial
banks
49. 7
52. 0
57. 5
65. 4
67. 4
73. 1
82. 5
98. 1
95. 2
96. 9
98. 1
100. 1
101. 2
102. 2
102. 9
104. 0
105. 1
106. 2
107. 1
107. 9
110. 0
111. 8
in concept with money supply, p. 29, except for deduction of demand
hi l»y mutual savings banks and savings and loan associations. Data
jnc:;i!ny of month.
" hnMinps of Government agencies and trust funds, domestic conjd imitim! tmvlnps banks, Federal Reserve Banks, and beginning
'-HKi, savings and loan associations.
Mutual
savings
banks
28. 1
30.0
31. 6
33. 9
34.9
36. 2
38.3
41. 4
40. 9
41. 2
41. 4
41.7
41. 9
42. 2
42. 5
42. 8
43. 1
43. 3
43. 5
43. 7
44. 2
44. 6
Postal
Savings
System
1. 9
1. 6
1. 3
1. 1
.9
.8
.6
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.4
Savings
and loan
shares
32. 0
37. 0
41.7
47. 7
54.3
61. 8
70. 5
80. 0
78.3
79. 2
80.0
81. 1
82. 2
83. 4
84. 1
84. 9
85. 8
86. 4
87. 4
88. 5
89. 1
90. 1
U.S. Government
U.S. Gov- securities
ernment
maturing
savings
within
bonds J
year55. 9
31. 6
54. 8
33. 2
51. 6
38.8
50. 5
35. 6
47. 9
48. 8
47. 0
41. 9
47. 4
42. 6
47. 6
46. 8
47. 5
47. 2
47.5
48. 2
47.6
46.8
47.8
47. 1
47. 9
46. 5
47. 9
45. 5
48.0
46. 5
48. 1
47. 6
47.2
48. 2
46. 7
48. 3
48. 4
49. 5
48. 5
48. 0
48. 5
48. 1
48. 6
48. 0
» Preliminary.
NOTE.—See note, p. 3L
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans, seasonally adjusted, rose $2.5 billion in November.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS"
250
250
ALL COMMERCIAL BANKS
BANK LOANS
INVESTMENTS IN U.S. GOVERNMENT
SECURITIES
i960
1957
* SEASONALLY ADJUSTED.
SOURCE: BOARO OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
END OF MONTH
All comir ercial banks
(s easonally adjusted da ta)
Total
Investrnents
Loans,
loans excluding
and
interU.S. Gov- Other
investsecuribank
ernment
ments
securities
ties
End of period
1956-
101. 6
1G6. 4
181. 0
1957
1958.
1959
185.7
1960
1961 5
1962
1962: Oct-—
Nov.
Dec 5
194. 5
209. 6
...
1963: Jan
Feb-
Mar_
Apr
May
June..
July
Aug___
Sept 6
Oct 6 6
Nov
1
228. 1
224. 4
225. 9
228. 1
228. 9
232. 3
235. 0
232. 5
234. 8
240.3
237.8
238. 5
240. 7
241. 0
244. 0
88. 0
91. 4
95. 6
107. 8
114. 2
121. 1
134. 7
131. 6
132. 2
134. 7
134. 7
136. 8
137. 8
137.4
138. 9
141. 8
142. 4
142. 5
145. 0
146. 3
148. 8
Billions of dollars
16. 3
57. 3
17.9
57. 0
64. 9
20. 5
20. 4
57. G
59. 6
20. 7
64. 7
23.8
29. 1
64. 3
64. 2
28. 6
64. 6
29. 1
64. 3
29. 1
64 6
29. 6
65. 4
30. 1
66. 7
30. 5
31.2
63.9
64. 2
31. 7
32.5
66. 0
62. 4
33.0
62. 1
33.9
61. 7
34,0
34. 5
60. 2
60. 8
34. 4
Member banks are ail national banks and tbose State banks which have taken
membership in the Federal Reserve System.
2 Commercial and industrial loans.
1
Debits during period to demand deposit accounts except interbank and
tJ.S. Government.
* Averages of daily figures. Annual data are for December,
COUNCIL OF ECONOMIC ADVISERS
Weekly
reporting
member
banks *
Business
loans 2
Bank
debits
outside
New York
City (343
centers) ,
seasonally
adjusted
annual
rates 3
A 1 member banks ' 4
Total
reserves
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
]Vlillions o E dollars
30. 8
31. 8
31. 7
30.7
32. 2
32.9
35.2
34. 3
34. 7
35. 2
34. 3
34. 6
35.2
35. 0
35. 1
35. 6
1, 385
1, 468
1, 481
1, 666
1, 736
1, 83 S
S, OS1
S, 081
2,001
S, 067
S, 149
S, 086
S, 096
S, 199
S, 161
S, 105
35. 0
2, 277
35. 9
36. 3
37.3
2,316
2, 247
35.2
S, 190
2,275
19, 535
19, 420
18, 899
18, 932
19, 283
20, 118
20, 040
20, 205
19, 604
20, 040
20, 035
19, 581
19, 516
19, 574
19, 676
19, 735
20, 017
19, 721
19, 945
20, 004
20, 120
652
577
516
482
756
568
572
484
592
572
483
472
426
434
457
377
480
467
413
408
426
688
710
557
906
87
149
304
65
119
304
99
172
155
121
209
236
322
330
321
313
376
-36
-133
-41
-424
669
419
268
419
473
268
384
300
271
313
248
141
158
].'{7
92
95
50
* Estimates.
«Preliminary.
NOTE.— Between January and Aupust 1959. series for all commercial I m n k t
expanded to include data for all bank? in Alaska and Hawaii. U a i n lor nil
member banks include Alaska and Hawaii becinninp 19M and 1959, respectivHy.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
In October, total consumer credit outstanding increased $550 million compared to a rise of about $410 million in
October 1962.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
END OF MONTH
TOTAL CONSUMER CREDIT OUTSTANDING
60
SEASONAL LT ADJUSTED (ENLAF GED SCALE )
^imj»n^jC*""l•• '
ma^HK" •«mil*SS •STC^.-""—"""-""I
INSTALMENT CREDIT EXTENDED
\
n ...X... J.u.aiimiu"pim
m
—
1957
-
I
,
—
^!^p^"
y-1"
„„•««
_
INSTALMENT CREDIT REPAID
I
...
1958
1959
SOURCE'. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SVSTEM.
I960
1961
1962
I
1963
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Consumer credit outstandin g (end of r eriod;
Consum er instalni€ nt credit extended
Mortgage
and r epaid (seasonallv adji sted)
iinadiusted
debt outInstalment
To tal
Automob ile paper standing,
Period
nonfarm
NonI- to 4Total
bile
Total '
Personal instal- Extended Repaid Extended Repaid
2
family
ment
paper
loans
houses3
1953
31, 393
9, 835
12, 981
23, 005
4, 781
8, 388
31, 558
27, 956
10, 879
66, 100
1954
32, 464
9, 809
5, 392
8, 896
30, 488
23, 568
31, 051
11, 807
11, 833
75, 700
1955..
6, 112
9, 924
33, 634
16, 734
13, 082
38, 830
28, 906
38, 972
13, 460
88, 200
42, 334
1956
37, 054
31, 720
14, 420
6, 789
10, 614
39, 868
15, 515
14, 555
99, 000
1957
44, 970
7, 582
42, 016
39, 868
15, 340
11, 103
16, 465
15, 545
107, 600
33, 867
195S
45, 129
14, 152
40, 344
14, 226
33, 642
8, 116
11, 487
40, 119
15, 415
117, 700
1959
51, 542
48, 052
42, 603
39, 245
16, 420
9, 386
12, 297
17, 779
15, 579
130, 900
1960
42, 832
45, 972
56, 028
17, 688
10, 480
13, 196
49, 560
17, 654
16, 384
141, 300
1961
57, 678
17, 223
11, 256
14, 151
48, 396
47, 700
16, 007
16, 472
43, 527
153, 000
1962_-_
63, 164
19, 540
15, 130
55, 126
50, 620
19, 796
17, 478
48, 034
12, 643
168, 400
1962: Sept
60, 030
4, 543
4,293
1, 566
46, 145
18, 972
12, 243
13, 885
1, 467
164, 200
Oct.. „_- 60, 441
12, 306
4, 639
4, 271
46, 526
19, 193
13,915
1, 700
1, 494
Nov
61, 203
19, 416
4, 372
1, 776
47, 052
12,417
14, 151
4, 855
1, 523
Dec
63, 164
4, 826
4, 341
48, 034
19, 540
12, 643
15, 130
1, 739
1, 509
168, 400
1063: Jan
62, 462
47, 920
19, 582
12, 674
14, 542
4, 899
4, 414
1, 807
1, 564
Feb
61, 989
47, 852
4, 462
19, 678
12, 739
14, 137
4, 957
1, 809
1, 566
Mar
62, 149
4, 496
48, 075
19, 930
12, 819
14, 074
4,973
1,811
1, 546
171, 600
Apr
63, 167
48, 806
20, 376
13, 033
14, 361
5, 008
1,870
4, 487
1, 585
May
64, 135
49, 484
20, 794
4, 985
4, 544
13, 173
14, 651
1, 847
1, 611
.June
64, 987
50, 307
21, 236
5, 054
13, 368
14, 680
1,820
4, 568
176, 200
1, 588
.Iuly_ . . 65, 491
50, 894
21, 593
13, 526
14, 597
5, 100
4, 591
1, 854
1, 603
66, 308
51, 526
21, 819
5, 100
13, 743
14, 782
4, 619
1, 802
AUR
1, 607
Sept
66, 538
21, 725
5, 093
4, 752
51, 718
13,914
14, 820
1, 730
1, 659
Oct.
67, 088
21, 971
52, 257
14, 041
14. 831
5, 311
4, 780
1, 910
1, 676
> A i : w > f»rjit(f(\s otJier consumer goods paper, and repair and modernization
I n m r , no! shown separately.
• < 'on- !• i- o! situ'lc-p^ymont loans, charge accounts, and service credit.
' K m ! o! in-Mod, unadjusted.
32
NOTE.—Data have been revised beginning 19G2, For details, see Federal
Reserve bulletin, November 1963.
Data for Alaska and llawaii included beginning January and August 1959,
respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board,
BOND YIELDS AND INTEREST RATES
The yield on 3-month Treasury bills leveled out in late November and early December. Long-ferm yields have shown
no consistent trend recently, although most yields arc above their October levels.
PERCENT PER ANNUM
PERCENT PER ANNUM
COUNCIL OF ECONOMIC ADVISERS
Period
(Percent per annum I
Vi.b. Govejrnment secu rity vields
High-grade
municipal
3-month
bonds
3-5 year
Taxable (Standard &
3
2
Treasury
bonds
issues
bills i
Poor's) *
2. 658
3. 12
2.93
3. 08
3. 62
3. 47
3. 267
3. 60
2.90
1. 839
3.43
3.56
4 33
3. 405
4. 08
3. 95
3. 99
4. 02
2. 928
3. 73
2. 378
3. 60
3. 90
3. 46
2. 778
3.57
3.95
3. 18
2. 751
3. 46
3. 89
3. 03
3. 46
3. 87
2. 803
3. 03
2. 856
3. 44
3. 87
3. 12
3.47
2. 914
3. 89
3. 12
2. 916
3.48
3. 92
3. 18
3. 50
2. 897
3.93
3. 11
2. 909
3. 56
3.97
3. 11
2. 920
3. 57
3.97
3. 15
3.67
4, 00
2. 995
3. 27
3. 143
3. 78
4. 01
3. 31
_
3. 81
3. 22
3. 320
3.99
3. 88
4.04
3. 27
3. 379
3. 91
4. 07
.
3. 453
3. 32
4 11
3. 522
3. 97
3. 41
1956.
1957
1958
1959..
1960
1961.
1962.
1962: Oct
Nov
Dec
1963: Jan
Feb
Mar
Apr
May
June
July
Aug.. —
Sept
Oct
Nov
Week ended:
1963: Nov 16...
23...
30__.
Dec 7..,
14...
21 -_
1
3.
3.
3.
3.
3.
6
3.
565
524
480
531
500
538
3. 97
3. 98
3. 97
3. 99
4.02
4 10
4. 10
4. 10
4 12
4. 12
* Selected note and bond issues.
Kate on new issues within period.
'Series includes: April 1953 to date, bonds due or callable 10 years and after.
'Weekly data are Wednesday figures.
ft
Data for first of the month; based on the maximum permissible interest rate
(6K percent since May 1961) and 25-year mortgages paid in 12 years.
3.
3.
3.
3.
3.
42
42
42
42
34
Corpora te bonds
(Moo dy's)
Aaa
Baa
Prime
commercial
paper,
4-6
months
3. 31
3. 81
2. 46
3.97
3. 85
2. 97
3. 26
3. 27
3. 23
3. 36
3. 89
3. 79
4. 38
4. 41
4. 35
4.33
4. 28
4 25
4, 24
4. 21
4. 19
4 19
4. 21
4 22
4.23
4. 26
4 29
4 31
4. 32
4, 33
3.88
4,71
4. 73
5. 05
5. 19
5. 08
5. 02
4, 99
483
484
3. 34
3. 25
3. 34
3. 32
3. 25
3.38
3. 49
3. 72
3.88
3. 88
3. 88
4 33
4. 33
4. 32
4, 33
4. 34
4 83
4 85
4 84
4 84
4 85
FH A
new home
mortgage
yields 6
4 79
5. 42
5. 49
5. 71
6. 18
5. 81
5.62
5. 56
5. 55
5. 53
5. 53
5. 52
5. 50
5. 47
5. 44
5. 44
5.44
5. 44
5. 44
5. 43
5. 43
3.88
3.88
3. 88
3. 88
3. 98
496
4 92
491
489
4. 88
487
4 86
4. 84
4 84
483
4 84
3. 29
a Not charted,
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, ami
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices reached a new record high in early December.
INDEX, I94I-43«IO
80
INDEX, 1941-43 = 10
80
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
60
WEEKLY
MONTHLY
x,''
'"\
K
OtVIOENO YIELD ON COMMON STOCKS
~~"^
s
i > i i i 1 i i i i i
0 U
I
SOURCE
I
I
I
I
. LI..I . 1 ,1 i i i «
I
STANDARD AND POOR'S CORPORATION
I
COUNCIL OF ECONOMIC ADVISERS.
Securities and Exchange Commission price index
| Standard and Poor's common stock data
M anufactur ng
Price ndex 2
DiviPrice/
TransUtilidend
DuraNonportaIndusTotal
Total
ties
yield 3 earnings
ble
tion
trial
ratio *
durable
Period
Composite
index '
1956
1957
1958
1959
1960
1901
1962
... ..
1962: Oct ..
Nov
Dec
1963: Jan
Feb
._ _
Mar
Apr
— ^_
May
June
July
Aug
..
Sept
Oct
_
Nov
Week ended:
1963: Nov 8
15
22
29
Dec 6
13
92. 6
89. 8
93. 2
116. 7
113. 9
134. 2
127. 1
114. 3
122. 8
128. 0
132. 6
135. 0
133. 7
140. 7
143. 2
142. 5
140. 7
144. 6
148. 2
148. 7
147. 3
93. 2
90. 7
92. 5
116. 5
110. 9
126. 7
118. 0
105. 6
114. 0
119. 1
123. 6
125. 5
124. 5
132. 0
134. 3
133. 7
131.8
135. 6
139. 4
139. 9
138. 0
1957-59=100
91. 5
94. 5
92. 8
88. 5
90. 4
94. 4
120. 8
112. 6
117. 3
104. 9
129. 2
124. 4
119. 4
116. 5
102. 5
108. 4
117. 3
110. 7
114. 0
123. 8
119. 2
127. 7
129. 7
121. 0
118. 7
129. 9
136. 9
126. 9
137. 7
130. 7
136. 7
130. 5
126. 6
136. 7
140. 5
130. 4
135. 5
143. 2
141. 6
138. 0
136. 6
139. 4
110. 6
93. 2
91. 0
115. 6
95. 8
105. 7
97. 8
86. 6
97. 2
102. 3
107. 3
110. 3
109. 3
116. 3
124. 2
127. 2
125. 8
128. 8
128. 0
128. 2
129. 5
86. 4
86. 3
95. 8
117. 6
129. 3
168.4
167. 2
154. 3
162. 0
167. 9
173. 0
177. 5
174. 5
179. 2
180. 6
178. 0
176. 7
180. 9
182. 9
184. 8
186. 4
1941-"13=100
46. 62
49. 80
44. 38
47. 63
46. 24
49. 36
57. 38
61. 45
55. 85
59. 43
66. 27
69. 99
62. 38
65. 54
56. 17
58. 66
62. 90
60. 04
62. 64
65. 59
65. 06
68. 00
65. 92
68. 91
65. 67
68. 71
68. 76
72. 17
70. 14
73. 60
70. 11
73. 61
69. 07
72. 45
70. 98
74. 43
72. 85
76. 63
73. 03
77. 09
72. 62
76. 69
4.09
4. 35
3. 97
3. 23
3. 47
2. 97
3. 37
3. 71
3. 50
3. 40
3. 31
3. 27
3. 28
3. 15
3. 13
3. 16
3. 20
3. 13
3. 06
3. 06
3. 12
149. 2
147. 0
141. 2
149. 1
150. 7
150. 8
140. 2
137. 4
131. 5
139. 3
140. 8
140. 9
139. 1
135. 9
129. 0
137. 8
137.8
137. 5
141. 4
139. 0
134. 0
140. 8
143. 8
144. 2
130. 2
131. 9
124. 0
132. 7
133. 7
135. 5
186. 8
186. 4
182. 0
190. 3
191. 9
191. 8
73. 17
73.07
71. 50
72. 62
73. 87
73. 96
3. 09
3. 12
3. 16
3. 20
3. 14
3. 15
1
Includes 300 common stocks: manufacturing, 193; transportation, 18; utilities,
34; trade, finance, and service, 45; and mining, 10.
'" Includes 500 common stock?, 425 are industrials: averages of daily figures.
'Aggregate cash dividends (based on iatcst known annual rate) divided by
the aggregate monthly market value oi the stocks in the group. Annual yields
34
77.35
77. 17
75. 37
76. 73
78. 11
78. 13
14. 05
12. 89
16. 64
17. 04
17. 08
21. 18
16.73
15. 23
18. 18
17. 52
18. 20
are averages 01 monthly data. Weekly data arc Wednesday figures.
< Ratio of quarterly earnings (seasonally adjusted annual rate) to price index
for last day in quarter. Annual ratios are averages of quarterly data.
Sources: Securities and Exchange Commission and Standard and Poor's
Corporation.
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
The bucket deficit for the first 5 months of fiscal 1964 was $9,1 billion.
it was $8.9 billion.
BILLIONS OF DOLLARS
In the correspondins period of fiscal 1963
BILLIONS OF DOLLARS .
NET BUDGET EXPENDITURES
NET BUDGET RECEIPTS
NATIONAL DEFENSE
BUDGET SURPLUS (+) OR DEFICIT
{ENLARGED SCALE)
(-)
FIRST 5 MON'THS
1959
1960
1961
1962
1963
1964
1962
1959
1963
1964
FISCAL Y E A R S
• PRELIMINARY.
SOURCES: T R E A S U R Y DEPARTMENT AND BUREAU OF THE BUDGET.
COUNCH OF ECONOMIC ADVISERS '
I Billions of dollars!
Net budg et expenditi res
Net
budget
receipts
Period
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1962:
year 1958
year 1959
year 1960
.
year 1961_ _
year 1962 3
year 1963
..
Aug
Sept
Oct
Nov
Dec__
. .
1963: Jan
...
Feb
Mar
Apr
._
May._
Jure
July..
Aug
Sept
_. ...
Oct
Nov
Cumulative totals first 5 months:
Fiscal year 1963
Fiscal year 1964
1
68. 5
...
.
.
...
.
67. 9
77. 8
77. 7
81. 4
86. 4
7. 1
10. 1
3. 0
7.0
8. 4
5. 5
7.3
9. 7
5. 7
Total
71. 4
80. 3
76. 5
81. 5
87.8
92. 6
8. 5
7. 3
8. 5
8. 1
7. 6
8.0
6. 8
7. 8
7.0
12. 0
3. 5
7. 3
10. 1
3. 4
7. 1
7. 6
7. 5
7. 7
7.9
8. 3
7. 8
8. 8
7.8
30. 8
31. 5
39. 7
40. 5
Ln addition to items shown, also includes atomic energy and defens e related
services.
3
Includes guaranteed securities held outside the Treasury. Not al of total
shown is subject to statutory debt limitation.
N ational defe nse J
Department of
Military
Total
Defense,
assistmilitarv
ance
functions
44. 2
2. 2
39. 1
46. 5
41.2
2. 3
45. 7
41. 2
1. 6
47. 5
43. 2
1. 4
I. 4
51. 1
46. 8
52. 7
48. 3
1. 7
4. 5
4. 1
.1
4. 0
.1
3. 7
4. 6
.1
4. 2
4. 6
4. 3
.1
4. 3
.1
4. 0
4. 2
4.6
.1
4. 1
.1
3.8
4. 5
.2
4. 1
4. 5
4. 1
.2
4. 5
4. 1
.2
4. 6
4. 0
.4
4. 2
.1
3. 8
4. 4
.1
4. 0
4. 2
.1
3. 9
4. 6
4. 3
.1
4. 1
3. 8
.1
3
21. 6
21. 6
20. 0
19. 9
.4
.5
Budget
surplus
or
deficit (-)
-2. 8
-12. 4
1. 2
-3. 9
-6. 4
-6. 2
— 1. 5
2. 7
-5.5
-1. 0
.8
-2. 5
.5
1.9
-1. 9
—. 5
4. 4
-4. 3
— 1. 0
2. 3
-5. 4
-. 7
— 8. 9
-9. 1
Public
debt
(end of2
period)
276. 4
284. 8
286. 5
289. 2
298. 6
306. 5
302 3
300. 0
302. 6
305.9
304. 0
303. 9
305. 2
303. 5
303. 7
305.
306.
305.
307.
307.
307.
308.
8
5
5
2
3
1
9
305. 9
308. 9
Prelimin ary.
NOTE.— T otai budget rec 3ipts and expen ditures exclude ce rtain intragovernmental tran actions,
Sources: ' 'reasury Depart ment and Bure au of the Budget.
35
FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the third quarter, cash payments exceeded cash receipts by $1.7 billion on a seasonally adjusted basis.
BILL ONS OF DOLLARS
SEASONALLY ADJUSTEC )
BILLION S OF DOLLARS
(S lASONALLY
ADJUST ED)
39
35
t
t
<
^••1
CASH PAYMENTS —__ /•
^^/
es
/«
/
f
~c^l—.- •
^ ^^*"— "^**>*
o' '
i
i
i
1
1
S*\
"'*^<»<.~
~- ^^^
>x^
_/^
25
p7^
"-5*-!
/
'
-
5
p
^
^ *
"
CASH RECEIPTS
««M<S
1
1
1
1
t
I
T
1
I
1
1
,
1
,
,
' '«
5
EXCESS OF CASH RECEIPTS
m h
H
EXCESS OF CASH 1
>AYMENTS
-5
1
I
!
i
1957
I
,
m '
HIJUU 0 " "1
t
,:
,
,
,
1959
1958
^ H m __
i i i
1
I960
1
t
1961
1
1
1
1962
M - m
i
i
i
, -5
1963
CALENDAR YEARS
COUNCK OF ECONOMIC ADVISlERS
SOURCES; TREASURY DEPA RTMENT, AND 3UREAU OF THE BUOSET
[Billions of dollars]
Cash receipts
from the
public
Period
Fiscal vear:
1958
1959.
1960
1961-..
1962
1903 ' , .
Calendar vear:
1958
1959.I960
1961
1962
_
.
_ .
..
Quarterly total (calendar years) :
1961: 111.
IV
1962: I
II
Ill
IV
1963: I _ .
II
III
i Preliminary.
36
Excess of re- Cash receipts
ceipts ( + ) or
from the
payments
public
Cash payments to
the public
81. 9
81. 7
95. 1
97. 2
101. 9
109. 8
83. 4
94. 8
94. 3
99. 5
107. 7
113. 9
89. 0
95. 6
94. 7
104. 7
111. 9
Unadjusted
Excess of receipts ( + ) or
payments
— 1. 5
-13. ]
.8
-2. 3
-5.8
— 4. 1
81. 7
87. 6
98. '4
97.9
106. 2
Cash payments to
the public
-7.3
23. 4
21. 3
26. 2
31. 0
26. 0
23. 0
28. 2
32. 6
27. 3
26. 7
27. 2
26. 0
27. 9
28. 5
29. 6
26. 6
29. 1
30. 9
-a o
3. 6
— 6. 8
— 5. 7
Ses sonally adjus ted
— 3. 3
— 5. 9
.3
3. 1
— 2. 5
— 6. 6
1. 6
3. 4
-3. 6
24. 6
25. 2
25. 3
26. 5
27. 3
27. 1
27. 4
27. f
28. 7
26. 3
26. 9
27. 6
27 0
28. 1
29. 2
28. 3
28. 2
30. 4
Sources: Treasury Department and Bureau of the Budget.
-1.7
-1.7
-2.2
~~ . O
n
-2. 1
-. 9
— .4
— 1. 7
FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
On a national income accounts basis, Federal Government expenditures rose less than receipts in the third quarter,
resulting in a drop in the deficit to $1.9 billion (seasonally adjusted annual rate).
BILLIONS OF DOLLARS*
120
BILLIONS OF DOLLARS*
I2O
100
+ 20
+ 20
SURPLUS
ULJLJLJ
-20
DEFICIT
I
I
I
!
I960
• SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: DEPARTMENT OF COMMERCE.
|
j [_J
l
1
1962
CALENDAR YEARS
1
1963
1
-20
COUNCIL OF ECONOMIC ADVISERS.
[Billions of dollars, quarterly data at seasonally adjusted annual rates!
Federa 1 Governrnent expenditures
Federal ' jovernme nt receipts
Period
Fiscal vear:
1961
1902_ ..
1963
Calendar
year:
1955
1956
1957
1958
1959
1960
1961
1962
1962: !___
IIIII.
IV1963:1...
II—
III-
Indirect ContriPersonal Corpo- business butions
rate
tax and profits tax and to social
Total non tax
tax
nontax
receipts accruals accruals insurance
Total
GrantsSubsidies Surplus
Purless
in-aid
or
current deficit
chases
Trans- to State _ Net
of goods fer payand
interest surplus
ments
of Govt.
and
local
paid
enterservices
governments
prises
95. 2
103. 6
108. 8
44. C
47. 6
49. 9
19. i
21. 3
21.5
13. 6
14. 9
15. 6
18. 0
19. 7
21. ;
97. 8
106. 4
112. 7
54. 9
60. 1
64. 5
25. 9
27. 8
29. 2
6.6
72. 8
31. 5
35. 2
37. 3
36. 6
40. 4
44. 0
45. 1
49. 0
47. 7
49. 3
49. 4
49. 7
50. 0
50. 4
51. 1
20. 9
20. 2
19. 9
17. 7
22. 0
21. 0
20. 7
20. 8
20. 4
20. 7
20. 5
21. 5
21. 5
22. 6
23. 1
11. 0
11. 6
12. 2
11. 9
13. 0
14. 0
14. 2
15. 2
15. 1
15. 2
15. 2
15. 4
15. 7
16. 0
16. 4
9. 3
10. 6
12. 2
12. 4
14. 9
17. 6
18. 2
20. 4
20. 1
20. 4
20. 5
20. 5
22. 8
23. 3
23.5
68. 9
71. 8
79. 7
87. 9
91. 4
93. 1
102. 8
109. 8
109. 0
108. 6
109. 1
112. 4
114. 5
115. 3
116. 1
45.3
45. 7
49. 7
52. 6
53. 6
53. 1
57. 4
62. 4
61. 8
61. 9
62. 4
63. 6
65. 5
66. 5
66. 4
14. 0
14. 9
17.4
21. 3
22, 2
23. 8
27. 4
28. 3
28. 2
27. 8
28. 1
29. 2
30. 1
29. 7
29. 8
3.0
77.5
81.7
78. 5
90. 3
96. 6
98. 2
105. 4
103. 4
105. 6
105. 6
107. 1
110. 0
112. 3
114. 2
NOTE.—Data for Alaska nml Hawaii included beginning 1960.
7.3
8. 1
3. 3
4. 1
5. 4
6. 7
6.3
7.0
7. 7
7. 4
7. 7
7. 5
8. 1
8. 2
8. 5
9. 2
7. 0
7. 0
7. 1
3. 4
4. 2
4. 9
5. 2
5. 7
5. 6
6. 4
7. 1
6. 9
7. 2
7. 0
7. 1
7. 2
7. 3
7. 4
7. 5
1. 6
2. 7
2. 8
7.6
3.7
3.0
2. 5
2.8
4. 1
4. 2
4. 6
4. 2
3. 9
4. 2
3. 4
3. 0
3. 2
-2. 7
-2. 7
—3.9
3.8
5. 7
2. 0
-9. 4
— 1. 1
3. 5
— 4. r>
— 4. :s
— 5.
—3
— ,'i.
— ,Y
— -1.
C»
0
li
.'i
li
- :(. 0
- i. '.i
Source: ne.p;trl.m<Mit (if Commerce.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
PENALTY
FOR
PRIVATE USE TO AVOID
PAYMENT OF POSTAGE. $30O
IGPOJ
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON 25. D.C.
OFFICIAL
BUSINESS
First-Class Mail
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
1
2
3
4
5
6
7
8
9
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
10
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
\\eekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Trade Sales and Inventories
Manufacturers' Sales, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
16
17
18
19
20
21
22
23
24
25
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
26
27
28
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
29
30
31
32
33
34
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
35
36
37
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.
For sale by the Superintendent of Documents, U.S. Government Printinc Office, Washington, D.C. S20402
Price 25 cents per copy; $2.60 per year; $3.50 foreign
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