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: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON 25, D.C. Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription price is $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 H.5- G O V E R N M E N T PRINTING 0£FICE:J9S3