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88th Congress, 2d Session

* \~-.-» \ ! >vA •"* '

Economic Indicators
DECEMBER

1964

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1964

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
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas),
WILLIAM PROXMIRE (Wisconsin)
CLAIBORNE PELL (Rhode Island)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)

HOUSE OF REPRESENTATIVES
WRIGHT PATMAN (Texas)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
THOMAS B. CURTIS (Missouri)
CLARENCE E. KILBURN (New York)
WILLIAM B. WIDNALL (New Jersey)
JAMES W. KNOWLES, Executive Director
MARIAN T. TRACY, Financial Clerk
HAMILTON D. GEWEHR, Administrative Clerk

COUNCIL OF ECONOMIC ADVISERS
GARDNER ACKLEY, Chairman
OTTO ECKSTEIN
ARTHUR M. OKUN
Economic Indicators -prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT 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 quantify 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 CommerceEconomic Indicators, published monthly, is available at 2 5 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
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 available
at 65 cents a copy.




TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose by $9.8 billion (seasonally adjusted annual rate) in the third quarter, according to current
estimates. Personal consumption expenditures, up $8.5 billion, accounted for most of the increase; net exports also
increased while gross private domestic investment and government purchases changed little.
[Billions of dollars; quarterly data at seasonally adjusted annual rates)
Persons

Period

Personal
Disposable consumption
personal expenditures

256. 9
274. 4
292. 9
308. 8
317. 9
337. 1
349. 9
364. 7
3S4. 6
402.5
395. 1
399. 1
404. 4
411. 2
419. 5
430. 2
435. 6

1954
1955
1950
1957
1958
1959
19GO
1961
1962
1963
1963:
III.
IV.
1964: !___
II...

Business

238. 0
256. 9
269. 9
285. 2
293. 2
313. 5
328. 2
337.3
356. 8
375. 0
369.2
372.0
377.4
381. 3
390. 0
396. 1
404. 6

International

Personal
Gross
Excess
saving
Gross
private
of
( + ) or retained domestic investearndis2
invest-3
ment
saving
ings
ment
18. 9
17. 5
23. 0
23. 6
24. 7
23. 6
21. 7
27.3
27.8
27. 5
25. 9
27. 1
27.0
29. 9
29.5
34. 0
31. 0

35. 5
42. 1
43. 0
45. 6
448
51. 3
50. 7
51.2
57. 5
59. 1
58.5
58. 5
60. 3
59. 7
64. 1
65. 1
65. 9

48. 9
63. 8
67. 4
66. 1
56.6
72. 7
71.8
68. 8
79. 1
82. 0
77.9
80.2
82. 8
87. 1
85.9
87.2
87.3

-13.4
-21.8
-24. 3
-20. 5
-11. 9
-21. 4
-21. 1
-17. 6
-21.7
-22.9
-19.4
-21. 7
-22. 5
-27.4
-21. 8
-22. 1
-21.4

Foreign
Net exports of goods Excess of
and services
net
transfers
trans(+) or
fers by
of net
GovernExNet
Imexports
ment exports ports
ports
1. 4
1. 5
1. 5
1. 5
1.3
1. 5
1. 6
1.6
1.6
1. 6
1. 5
1.6
1.6
1.7
1. 5
1.6
1.7

1.0
1. 1
2.9
4. 9
1.2
-.8
3.0
4.6
4.0
4.4
3.4
4.3
4.2
5.8
7.7
5.7
7.0

17. 5
19. 4
23. 1
26. 2
22. 7
22.9
26.3
27.6
29.2
30.7
28. 8
30.5
31.0
32.6
34. 5
33.7
35.7

16.5
18. 3
20. 2
21.3
21.5
23. 6
23. 3
23.0
25.2
26. 3
25.4
26.3
26. 8
26. 9
26. 8
27.9
28.7

0.4
.4
-1. 5
-3. 5
.1
2.3
-1.4
-3.0
-2.4
-2.8
-1.9
-2.6
-2.6
-4. 1
-6.2
-4. 1
-5. 2

Government
Net receipts

Period

1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1963: I.
III.
IV.
1964: I.

Expenditures

Surplus
Total
Statis(+) or income
tical
deficit
or
Tax and TransPurTrans- (-) on receipts discrepancy
nontax
fers,
chases
Total
fers,
income
Net
goods expendi- interest,
and
receipts receipts interest, of and
and subor
tures and sub- product
5
5
accruals sidies
sidies
account

68.5
78. 4
84. 2
87.5
82.0
95. 7
103. 5
103.8
114.4
123.4
118.6
122. 7
124. 4
128. 2
125. 2
124. 0
126. 6

90. 0
101. 4
109. 5
116. 3
115. 1
130.2
140. 6
145. 6
157.8
168. 9
164. 3
167. 6
169. 6
174. 1
172. 7
171. 1
173. 9

21. 5
23. 0
25. 3
28. 7
33.1
34. 4
37.1
41.8
43. 4
45. 4
45. 7
44. 9
45. 2
45. 9
47. 5
47. 1
47. 3

75.3
75. 6
79. 0
86. 5
93. 5
97.2
99. 6
108.0
116. 3
122. 6
121. 4
120. 9
122. 8
124. 8
125. 2
129. 6
129. 5

1
Personal incomo (p. f>) less personal taxes and nontax payments (fines, penalties, etc.).
2
Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and excess of wage accruals over disbursements.
Does not include retained earnings of unincorporated business which are included in disposable personal income.
s Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.




96.7
98.6
104. 3
115. 3
126. 6
131. 6
136.7
149. 8
159. 8
168. 0
167. 1
165. 8
168. 0
170.7
172. 7
176. 7
176. 8

21. 5
2. 9
23. 0
5. 2
25. 3
28. 7
1. 0
33. 1 -11. 4
34. 4 -1.5
37. 1
3.9
41. 8 -4.2
43.4
-1.9
45.4
.9
45.7
-2.8
1.6
44. 9
1.7
45.2
3.3
45.9
47.5
.0
47. 1 -5. 5
-2.9
47.3

362. 3
396. 5
421. 6
443. 4
446.0
485.7
505.6
521. 2
558.0
586. 7
573.7
581. 9
590. 7
600.8
610.3
620.9
629. 8

0. 9
1. 0
-2. 4
—. 6
-1. 5
-3.0
-3.0
_2. 6
-1. 8
-2.7
-1.9
-4. 3
-3.5
-1. 8
-1.6
-2. 4
-1.4

Gross
national
product
or
expenditure

363. 1
397. 5
419. 2
442.8
444. 5
482. 7
502.6
518.7
556.2
583.9
571.8
577. 4
587.2
599.0
608.8
618.6
628.4

Net foreign investment with sign changed.
!
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.

1

GROSS NATIONAL PRODUCT OR EXPENDITURE
The revised estimate of gross national product (seasonally adjusted) in the third quarter is about 11A percent above the
second quarter, measured in current dollars, or 1 percent in constant dollars.
SEASONALLY ADJUSTED ANNUAL RATES
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

GROSS NATIONAL PRODUCT

X
400

PERSONAL CONSUMPTION
EXPENDITURES

300

GOVERNMENT PURCHASES
OF GOODS AND SERVICES

X

_.„

100

„,.»«"""«•••„,„„„„„
NET EXPORTS OF GOODS
AND SERVICES

GROSS PRIVATE DOMESTIC
INVESTMENT

_1

\

L_
1958

\
1962

1

\

SOURCE: DEPARTMENT OF COMMERCE.

Period

1951
1952
1953
1954
1955
1956
1957
1958—
1959
1960
1961
1962
1963
1963: I
II
III
IV
1964: I
II
III
1
Less
3




COUNCIL OF ECONOMIC ADVISERS

Total
Personal
"Mot
gross
conTotal
private exports
sump- domestic of goods
national gross
tion
product national
and
in 1963 product expend- invest- services
ment
prices
itures
Billions of dollars5, quarter y data at
404.6
329.0
56.3
209.8
2.4
420.4
347.0
219. 8
49.9
1. 3
-.4
489. 6
365.4
232.6
50.3
431.0
238.0
48.9
363. 1
1.0
397.5
256.9
464.5
1. 1
63.8
269.9
419.2
67.4
2.9
474.4
483.6
285.2
442.8
66. 1
4. 9
56. 6
1. 2
476.4 444 5 293.2
482. 7
508.2
313. 5
72. 7
-.8
502. 6
521.1
328. 2
71.8
3.0
337. 3
581.2
518.7
68.8
4.6
556.2
356. 8
79. 1
4.0
564. 7
583.9
375.0
82.0
588.9
4.4
575.6
369. 2
571.8
77.9
3.4
577.4
372.0
578.5
80. 2
4.3
587.2
586. 6
377. 4
4.2
82.8
594. 7
599. 0
381.3
87. 1
5. 8
390.0
601.8
608.8
85.9
7.7
396. 1
608.5
87. 2
618.6
5.7
614.9
628. 4
404.6
7. 0
87.3

Government sales.
Prior to 1959, this category corresponds closely with budget expenditures for
national defense, shown on p. 35. Beginning with 1959, they differ because of
inclusion of space program expenditures in this table; these expenditures, small
in 1959-61, amounted to $3.1 billion in 1963.

1

1964

Gove rnment pmrchases of good s and
services
Federal
State
Total Total i National Other and
2
local
defense
seasonal ly adjust&d
60. 5
38. 8
52.9
76.0
58.0
82.8
47.5
75.3
45.3
75.6
79.0
45.7
86.5
49. 7
93.5
52. 6
97.2
53.6
99. 6
53. 1
108.0
57.4
62.9
116.3
122. 6
64. 7
121.4
65. 1
120.9
64.3
122. 8
64.4
64.9
124. 8
125.2
64. 3
129.6
67.1
129.5
65.5

annua i
33. 9
46.4
49.3
41.2
39.1
40.4
44.4
448
46.2
45. 7
49.0
53. 6
55.2
54.8
55.2
55. 5
55. 3
54.0
57.0
55.2

rates
5.2
6.7
9. 0
6.7
6.6
5.7
5.7
8.3
7.9
8.0
8.9
10.2
10. 3
11.3
9.9
9. 5
10. 5
11. 5
11.0
11.2

21. 7
23.2
24. 9
27.7
30.3
33. 2
36. 8
40. 8
43.6
46. 5
50.6
53. 5
57.9
56. 3
56.7
58.4
59.9
60.9
62. 5
64 1

Implicit
price
deflator
for total
GNP,
1963=100 •

81.3
82. 5
83. 1
84. 2
85. 6
88.4
91. 6
93.3
95. 0
96. 5
97.6
98.5
100.0
99. 3
99.8
100. 1
100.7
101.2
101.7
102.2

3
Gross national product in current prices divided by gross national product
in 1963 prices.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

NATIONAL INCOME
National income rose by $7.4 billion (seasonally adjusted annual rate) in the third quarter.
in compensation of employees. Other types of income were unchanged or higher.

Most of the rise was

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

500

400

COMPENSATION OF EMPLOYEES

300

200

PROPRIETORS' AND
RENTAL INCOME

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

100

NET INTEREST"

_J

COUNCIL OF ECONOMIC ADVISERS

*Sca Note, page 7.

SOURCE: DEPARTMENT OF COMMERCE.

L_

[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Total
national
income

Period

Compensation
of employees l

Proprieto rs' income
Farm

Business
and professional

Rental
income
of
persons

Corpora be profits and inventory val uation ad justment 2
Net
interest

Total

Profits Inventory
before
valuation
taxes 2 adjustment

279. 3
292.2
305. 6
301.8
330.2
350.8
366. 9
367. 4
400. 5
414. 5
426.9
455. 6
478. 5

180. 3
195. 0
208. 8
207. 6
223. 9
242. 5
255.5
257. 1
278. 5
293. 6
302. 2
323. 1
340. 3

16.3
15. 3
13. 3
12.7
11. 8
11. 6
11.8
13.5
11. 4
12. 0
12.9
13. 2
] 3. 0

26.0
26.9
27. 4
27. 8
30. 4
32. 1
32.7
32. 5
35. 1
34. 2
35. 3
30. (i
37.6

9. 4
10. 2
10. 5
10. 9
10. 7
10. 9
1 1. 9
12. 2
11. 9
12. 1
12.2
12.2
12.3

6.3
7. 1
8.2
9. 1
10.4
11.7
13. 4
14.8
16. 4
18.0
20. 1
22. 1
24.4

41. 0
37.7
37.3
33.7
43. 1
42. 0
41. 7
37.2
47.2
44. 5
44. 1
48. 4
50.8

42.2
36.7
38.3
34. 1
44. 9
44.7
43.2
37. 4
47. 7
44. 3
44.2
48.2
51. 3

-1. 2
1.0
-1.0
—.3
1.7
-2.7
— 1.5
—.3
-.5
.2
j
.3
-.4

1963: I
II_
III
IV

467. 9
474. ()
481. 9
490. 0

332. 7
IM2. 7
347. 7

J3. 2
1 2. 8
12. 9
13. 2

37. 1
37. 3
37. 8
38.3

12.3
12. 3
12.4
12.4

23. 5
24. 0
24.7
25.4

49. 1
50.2
51.4
53. 1

48.9
51. 1
51. 3
54.3

.2
-.9
.2
-1.2

1964: I
IT
III

<1«.)S. '1
507. 1
514. 5

352. 5
358. 6
364.8

12. 6
12.6
12. 6

38.6
39. 1
39. 6

12.4
12.4
12. 4

25.9
26. 5
27. 1

56.4
57. 9
58. 1

56.6
57.9
58.0

-.2
—.1
.1

1951_.
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963

..
.

1
Includes employer
2

Sec Note, page 7.

33S. i

contributions for social insurance. (See also p. 4.)




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

SOURCES OF PERSONAL INCOME
Personal income in November topped the half-trillion-dollar mark, totalling $502 billion (seasonally adjusted annual
rate). The over-the-month rise was 0.7 percent and over the year, 6.0 percent.
BILLIONS OF DOLLARS
500

BILLIONS OF DOLLARS
500

350

J958

1964
COUNCIL OF eCONOMIC ADVISERS

Period

Total
personal
income

1955
1956
1957
1958
1959
1960
1961
1962
1963
1963: Sept
Oct
Nov
Dec
1964: Jan
Feb
Mar
Apr
May
June
July....
Aug
Sept
O c t *4 _ _ _
Nov ___

310. 2
332. 9
351. 4
360. 3
383. 9
401.3
417.6
442.4
464. 1
468. 9
472. 7
473.8
477. 1
479. 4
480. 5
482. 9
486.6
487.8
489. 3
491. 4
494. 9
497.9
498. 7
502. 0

[Billions of dollars, monthly data at seasonally adjusted annual rates]
Wage
Rental
and
Other Propriet(:>rs' income income Divi- Personal Transfer
paysalary
labor 2
Business
interest
of
Farm
and pro- persons dends income ments
disburse- income
1
ments
fessional
210. 9
11.8
30.4
11.2
15. 8
17.5
7. 1
10.7
18.8
12. 1
227. 6
11. 6
10.9
8. 1
32. 1
17.5
12. 6
21. 9
19. 6
11.8
32. 7
238. 5
9. 1
11.9
12.2
12. 4
21.0
26. 3
239. 8
13.5
32.5
9. 4
13.7
23.5
27.5
10. 4
11. 4
11. 9
25a 5
35. 1
271. 3
25. 8
11. 0
12. 0
12. 1
14. 5
29. 5
34. 2
15.2
11.6
12.2
33.6
12.9
35.3
27.5
278.8
12. 3
13.2
12.2
297. 1
30.0
34.7
36.6
16. 5
312. 1
13. 0
37.6
18.0
32.9
13. 1
12.3
36.7
12. 9
316.0
37.9
36.6
12.4
18.0
33.7
13.3
318.2
13.2
38.2
12.4
34.0
37. 1
18. 5
13.4
13.2
34.2
37.2
12.4
318. 3
13. 5
38. 2
18. 8
13.2
37.2
320. 0
38.4
34.4
13. 5
12.4
20. 1
320. 8
12. 8
12.4
34.7
39.7
13. 6
38.3
19. 3
12. 6
323. 6
38.7
13. 7
12.4
19.4
35.0
37.5
325. 1
12.4
38.8
12.4
19.6
13.8
35. 3
37.8
38.2
327.7
13. 9
12.4
35. 5
12.5
39. 0
19.8
14. 0
12. 6
328. 7
35. 7
12.4
19. 8
39. 1
38. 0
14. 1
12. 6
39.3
12.4
19.9
35.9
330. 1
37.6
14. 2
12. 4
331. 8
12.4
20. 0
36. 0
39.5
37.8
334. 6
36.2
14 2
12. 6
12.4
38.0
39.6
20.0
337.2
14. 3
12. 7
12.4
36. 5
19. 9
39. 7
38.0
14.4
19. 9
12. 7
39. 8
12. 5
38. 3
337.3
36. 7
340. 1
19. 9
36.9
38.5
14. 5
12. 8
39. 9
12.5

Less: Personal contributions
for social
insurance
5.2
5.8
6.7
6.9
7.9

9. 2

9.6

10. 3
11.8
11.8
12. 1
11.9
12. 1
12. 2
12.3
12.4
12. 5
12. 5
12.6
12. 7
12. 8
12. 9
12. 9
13. 0

Nonagricultural
personal
income
295.0
317. 9
336. 1
343. 0
368.6
385. 1
400.4
424. 9
446. 6
451. 6
455. 1
456. 1
459. 5
462. 1
463.5
466. 1
469.7
470. 7
472. 1
474 4
477. 8
480.6
481.4
484 6

interest, and net dividends paid by agricultural
mnor iiems.
1
Personal income exclusive of net income of unincorporated farm enterprises,




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

DISPOSITION OF PERSONAL INCOME
According to current estimates, disposable personal income increased $5.4 billion (seasonally adjusted annual rate)
in the third quarter. Consumption spending advanced more rapidly and the saving rate fell from 7.9 percent to about
7.1 percent as consumers adjusted their spending to the effects of the tax cut.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS*

450

450

400 -

400

350

300

j

i

1^1250
DOLLARS*
2,400

2,200
2,000

2,000

1,800

,800

L700

1,700

1958

1964

1959

* SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: DEPARTMENT OF COMMERCE.

Period

1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963

COUNCIL OF ECONOMIC ADVISERS

Less: Equals:
PerDisPersonal sonal posable
income taxes personal
income

273. 1
288. 3
289.8
310. 2
332. 9
351. 4
360.3
383. 9
401. 3
417. 6
442. 4
464. 1

34. 4
35. 8
32. 9
35. 7
40. 0
42. 6
42. 3
46.8
51. 4
52. 9
57.9
61. 6

238. 7
252. 5
256.9
274. 4
292.9
308. 8
317. 9
337. 1
349. 9
364.7
384.6
402.5

1963: I

455.2

III—
IV__
1964: !__._
II_III.

466. 3
474. 5
480. 9
487. 9
494. 5

60. 1
61. 1
61.9
63. 3
61. 4
57.7
58. 8

395. 1
399. 1
404.4
411. 2
419.5
430. 2
435. 6

II— 460. 2

Per cap ita disposable Dersonal
inco me
Equals :
Personal
NonDurable durable Services saving Current 1963 1
prices prices
goods

L ess:
Persona 1 consump>tion expe nditures

Total

Billions of dollars3
219.8
115. 1
75.6
29. 1
32. 9
232. 6
118.0
81. 8
32. 4
119. 3
86. 3
238. 0
124. 8
256. 9
39. 6
92. 5
269.9
38. 5
131. 4
100. 0
137. 7
40. 4
107. 1
285. 2
141. 6
37.3
114. 3
293. 2
43.6
122. 8
147. 1
313. 5
328.2
44.9
151.8
131. 5
155.4
43.7
337. 3
138. 3
162.0
146. 4
356. 8
48. 4
52. 1
167. 5
375.0
155. 3
Seaso nally adjiisted annilal rates
152. 1
166. 0
51. 1
369. 2
372. 0
166. 6
51. 5
153. 9
52. 2
377.4
168. 6
156.6
53.6
168. 9
158.8
381. 3
172.9
390. 0
55. 9
161. 1
57.0
175. 3
396. 1
163.8
166. 4
404. 6
58.7
179.5

1
Income in current prices divided by the implicit price deflator for personal
consumption expenditures on a 1963 base.
2
Population of the United States including armed forces abroad. Annual
data as of July l; quarterly data centered in the middle of the period, interpolated
from monthly figures.




Saving as
percent Populaof distion
posable (thoupersonal sands) 2
income
(percent)

Dollars

18.9
19. 8
18.9
17.5
23.0
23.6
24. 7
23.6
21.7
27. 3
27. 8
27.5

1, 521
1,582
1,582
1,661
1,741
1,803
1,826
1,904
1,936
1,985
2,060
2,125

1,756
1,808
1,792
1,870
1,930
1,943
1,930
1,987
1,994
2,028
2,087
2, 125

25.9
27. 1
27.0
29.9
29.5
34.0
31. 0

2,097
2, 111
2, 131
2,159
2,195
2,244
2,264

2,105
2,115
2, 129
2, 148
2,175
2,215
2, 231

7.9

7. 8
7. 4
6. 4
7.9
7.6

7. 8

7.0
6.2
7.5
7.2
6.8
6.6
6.8
6.7
7.3
7.0

7. 9
7. 1

156, 947
159, 559
162, 388
165, 276
168, 225
171, 278
174, 154
177, 080
180, 684
183, 756
186, 656
189, 375
188, 444
189, 047
189, 756
190, 498
191, 120
191, 744
192, 434

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

FARM INCOME
Net farm income (seasonally adjusted) in the third quarter was virtually unchanged from the second quarter level.

BILL IONS OF DOLLARS

BILLIONS OF DOLL/*RS
SEASON ALLY ADJUSTED ANNUA L RATES

REALIZED GROSS
FARM INCOME

\

40

*

.

40

'-

-X

i—

20

20
NET FARM INCOME

INC1 .DOING NET INVENTC)RY
CHANGE
^*"-™"ir**ll**r^

»*^

10

10

0

I

!

1958

I

I

!

1

1959

1

I

I

t

i

1

I

1961

I960

Personal income received by
total i arm popu lation
From
all

1954
1955
1956
1957
1958
1959
1960
1961
1962
1963

19. 0
18. 3
18. 6
18. 8
20. 5
19.0
19. 6
20. 1
20. 4
19.9

1963: I
II
III
IV

1964: I
II

III

From
From
farm nonfarm
sources sources

I

!

1

1963

!

I

0

1964

13.2
12.2
12. 0
12.2
13. 8
11.8
12. 3
13. 1
13.3
13. 0

5.8
6.1
6.6
6.6
6.7

7. 1
7.2
7.0

7. 1
6. 8

Net tc) farm
open itors

Net inc Dme per
farm incl uding net
inventory change 3

ProducCash tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current 1963
from
Total »
ventory ventory2 prices prices 4
marketchange change
ings
Billions c)f dollars
Dol lars
33.9
12. 2
12. 7
2,645
21.7
30.0
2,939
33.3
21. 9
2,779
29. 6
11.8
2,529
11. 5
34.6
22. 6
2,574
30. 6
11. 6
12.0
2,798
34. 4
2,695
29. 8
23. 4
11. 8
11.0
2,837
37.9
12. 6
25. 3
3,201
33. 4
13. 5
3,334
26.2
11. 4
37. 5
33. 5
11.3
2,775
2,861
26. 2
37.9
12. 0
3,044
3, 106
34. 0
11. 7
39. 6
12.6
34. 9
27.0
3,389
12.9
3,458
12. 6
41. 0
13. 2
36. 1
28. 3
3,617
3,581
41.7
36.9
29. 2
12.5
13. 0
3,643
3,643
Seas onallv ad i us ted amnial rates
41.9
13.2
3,690
37. 0
3,690
29.3
12.6
12. 8
41. 5
36. 7
3,580
3, 580
29. 2
12.3
12. 9
41. 6
29. 2
12.4
3,610
3,610
36.8
42. 0
37.2
13.2
29.2
12. 8
3,690
3,690
41.9
12. 3
12. 6
29.6
3,630
3,630
36. 7
42.0
12. 3
12. 6
3,630
3, 590
29.7
36.8
41. 6
12. 5
12. 6
36. 2
3,630
3,590
29. 1

1 Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
2 Inventory of crops and livestock valued at the average price for the year.
3
Based on 1959 Census of Agriculture definition of a farm. The number of
farms is held constant within a year.




!

I ncome re ceived fro m farming

Realize d gross
sources

1

COUNCIL Of ECONOMIC AD VISERS

SOUFICE'. DEPARTMENT OF AGRICULTURE.

Period

1

1962

4
Income in current prices divided by the index of prices paid by farmers for
family living items on a 1963 base.
Source: Department of Agriculture.

CORPORATE PROFITS
According to current third quarter estimates, corporate profits before and after taxes were maintained at the seasonally adjusted peak rates reached in the second quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

20

1962
•M EXCLUDING INVENTORY VALUATION ADJUSTMENT.

1963

I

SEE NOTE ON TABLE BELOW.

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Con)orate pr ofits (befc>re taxes) and inveritory
Period

All

industries

1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1963: !____

!!___
III__
IV__
1964: !___.
II
IlL_

37. 3
33. 7
43. 1
42. 0
41.7
37.2
47. 2
44. 5

44. 1
48. 4
50. 8
49. 1
50.2
51. 4
53. 1
56. 4
57. 9
58. 1

valuation ad just me]at
TransCorpo- CorpoM anufactur ing
portation,
rate
rate
comAll
tax
profits
NonDurable durable muniother before liabilgoods
ity
Total indusgoods cations, indus- taxes
and
tries
indus—
tries
public
utilities
12. 1
21. 4
9.3
4. 9
20. 2
11. 0
38.3
18.4
10. 1
8.3
4.4
11. 0
34. 1
17. 2
14. 2
10. 8
25. 0
5.4
44. 9
12.8
21. 8
12. 6
10. 9
23. 5
5.6
12. 9
44. 7
21. 2
22. 9
13. 1
9.8
13.3
5. 5
43. 2
20. 9
18. 3
9.0
9. 3
5. 6
13. 3
37. 4
18. 6
13.4
25. 4
11.9
6.7
15. 1
47. 7
23. 2
23. 0
11.4
11. 6
7. 0
14. 4
22. 3
44. 3
21. 7
10. 8
10. 9
7. 3
44. 2
15. 1
22. 3
24.7
13. 2
11. 5
8. 0
15. 7
48. 2
23. 2
12. 3
14. 4
26.7
8. 4
15. 7
51. 3
24. 6
24. 7
13. 2
11. 6
8. 1
16. 2
48. 9
23. 4
12. 1
26. 6
14. 5
8.3
15. 3
51. 1
24.5
14. 7
13. 1
27. 8
8.4
15. 2
51. 3
24. 5
12.4
15. 4
27.8
8.7
16. 6
54. 3
26. 0
30. 6
16. 6
13. 9
8. 5
17.4
56. 6
25. 4
17. 0
14. 8
31. 7
8. 8
17.4
57. 9
26. 0
31. 2
14. 3
16. 9
9. 3
58. 0
17.6
26. 0

1
Includes depreciation, capital outlays charged to current accounts and accidental damages.
2 Corporate profits after taxes plus corporate capital consumption allowances.

40-495°—64




2

Cori)orate pr ofits
a fter taxe s

Total

18. 1
16. 8
23. 0
23. 5
22. 3
18.8
24. 5
22. 0
21. 9
25.0
26. 7
25.5
26.6
26. 7
28. 3
31. 2
31. 9
32. 0

Corporate
capital
conDiviUndend distrib- sumption
payuted
ments profits allowances l
9.2
9.8

11. 2
12. 1
12. 6
12.4
13. 7
14. 5
15.2
16. 5
18.0
17.2
17.7
17. 9
19. 1
19. 4
19. 8
20.0

8.9
7.0

11.8
11.3
9. 7
6. 4
10.8
7. 5
6. 7
8.5

8. 7
8. 3

8.9
8.9
9.2

11. 8
12. 1
12. 0

14. 1
15.8
18.4
20. 0
21. 8
22. 7
24. 3
25. 6
26.9
30. 5
31.8
31.3
31.6
32. 1
32. 4
33.0
33. 4
33. 8

Profits
plus
capital
consumption
allowances 2

32. 2
32.7
41.4
43. 5
44. 1
41.4
48.7
47. 6
48. 8
55. 5
58. 5
56. 8
58. 2
58. 8
60.7
64.2
65. 3
65. 8

NOTE.—Data beginning 1962 have been adjusted for effects of new depreciation
guidelines ($2J.£ billion for 1962) and therefore not comparable with previous data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment (seasonally adjusted) in the third quarter was about the same as in the second
quarter. Increases in nonresidential construction and producers' durable equipment were offset by decreases in
residential construction and the rate of change in business inventories.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1 100

100
SEASONALLY ADJUSTED ANNUAL RATES

GROSS PRIVATE
DOMESTIC INVESTMENT
X

80

60

40

20

20

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE.

[Billions of dollars, quarterly data at seasonally adjusted annual rates]

Total
gross
private
domestic
investment

Period

1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
_
1962
10():5
1963: T _ _
1I__
111
IV
196-1: I
II

__

III
1

.__ _
.

___ _

56. 3
49.9
50. 3
48.9
63. 8
67.4
66. 1
56. 6
72.7
71. 8
68. 8
79. 1
82. 0
77. 9
80.2
82. 8
87. 1
85.9
87.2
87. 3

New cons truction 1
Total
Total
46. 1
46. 8
49.9
50. 5
58. 1
62.7
64.6
58.6
66.2
68. 3
66.9
73. 3
77. 6
74. 3
76.6
78.6
80. 7
83.4
83. 5
84.5

24.8
25. 5
27.6
29.7
34.9
35. 5
36. 1
35. 5
40. 2
40. 7
41. 0
44. 2
46. 6
44. 7
45. 9
47. 2
48.3
49.2
48.9
48.9

Residential
nonfarm
12. 5
12. 8
13.8
15. 4
18.7
17. 7
17.0
18. 0
22. 3
21. 1
21. 1
23. 6
25.2
24. 3
25. 1
25.4
26.2
26.9
26. 2
25.7

Revisions in series on new construction shown on p. 19 have not yet been incorporated into these series.
1
"Other" construct ion in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.

8



Change in business inv entories

Fix*3d investnlent

Ottier

Total

12. 3
12.7
13. 8
14. 3
16. 2
17. 8
19.0
17. 4
17. 9
19. 7
19.8
20. 6
21. 3
20. 4
20.8
21.9
22. 1
22.3
22.7
23. 1

Produceirs' durable eqilipment

2

Nonfarm

10. 4
10.8
12. 1
12.7
14. 6
16. 3
17. 5
15. 9
16. 2
18. 0
18.2
19.0
19. 8
18. 8
19. 2
20. 3
20.6
20.8
21. 1
21. 6

Total

21.3
21.3
22. 3
20. 8
23. 1
27. 2
28. 5
23. 1
25.9
27. 6
25.9
29.0
31. 0
29.6
30.7
31.4
32.4
34.2
34.6
35.6

Nonfarm
18. 4
18. 6
19. 5
18. 5
20. 6
25. 0
26. 2
20. 3
23. 1
25. 1
23. 3
26. 3
27.9
26.6
27.7
28. 5
29. 1
30.7
31. 2
32. 1

Total

10.2
3.1

Non-

9. 1

2.1
1.1

.4
— 1.6

-2. I

-2.0

5. 1
.8
-2.9

5.8
4.7
1.6

6.6
3.5
1.9
5.9
4.4
3.6
3.6
4.2

6. 4

2.5
3.7
2.8

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

5.5

6.5
3.2
1.5
5.3

3. 9
3. 0

3.2
3.7
6.0
2.2
3.4

2. 7

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The November survey of plant and equipment expenditures indicated that total outlays in 1964 will be nearly 14
percent above those in 1963. According to current business planning, expenditures (seasonally adjusted) in the
first half of 1965 will run 8 percent above the 1964 total.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
50

1 50
SEASONALLY ADJUSTED ANNUAL RATES

40

30

30

20

20

COMMERCIAL
AND OTHER

MANUFACTURING

10

10
PUBLIC UTILITIES

'•"MMIHIII IIIIIIIIII""«IIII,,MI

TRANSPORTATION

|1
| Hi
i

-L/

1959

I960

1962

1961

1963

I

JL/i J-/t

1964

I 0

1965

-^ 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 anufaeturi Qg
Period

Total 1
Total

1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964 3
1964: I
II
III 3
IV
1965: I 33
II
1
2

28. 32
26.83
28. 70
35. 08
36.96
30. 53
32. 54
35. 68
34.37
37. 31
39. 22
44. 66
42. 55
43. 50
45. 65
46. 70
47. 90
48.70

11. 91
11. 04
11. 44
14.95
15.96
11. 43
12. 07
14. 48
13. 68
14. 68
15. 69
18. 51
17.40
17.80
18. 85
19. 75
20. 40
20. 70

Durable Nonduragoods
ble goods

5. 65
5. 09
5.44
7. 62
8.02
5.47
5.77
7. 18
6. 27
7.03
7.85
9. 35
8. 85
9. 00
9. 60
9. 80
10. 15

Excludes agriculture.
Commercial and other includes trade, service, finance, communications, and
construction.
3
Estimates based on anticipated capital expenditures as reported by business
in November 1904. Includes adjustments when necessary for systematic tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.




Transpoirtation

6.26
5.95
6.00
7.33
7. 94
5. 96
6. 29
7. 30
7. 40
7.65
7. 84
9. 16
8. 55
8. 80
9. 20
9. 95
10. 25

Mining
Railroads

0. 99
.98
.96
1. 24
1.24
. 94
. 99
.99
.98
1.08
1. 04
1. 18
1. 15
1. 15
1. 20
1. 25
1. 25

Other

1.31
. 85
. 92
1.23
1. 40
. 75
. 92
1. 03
.67
. 85
1. 10
1. 46
1. 40
1.25
1. 50
1.75
1. 70

1. 56
1. 51
1.60
1.71
1.77
1. 50
2. 02
1. 94
1.85
2.07
1. 92
2. 31
2.30
2. 25
2.40
2. 30
2. 35
27.95

Public
utilities

4.55
4. 22
4.31
4. 90
6. 20
6.09
5.67
5.68
5.52
5. 48
5.65
6. 14
5. 95
6.30
6.30
6.00
6.40

Commercial and
other 2

8.00
8.23
9.47
11.05
10. 40
9. 81
10.88
11.57
11. 68
13. 15
13. 82
15.06
14.30
14.75
15. 40
15. 55
15.80

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

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Both seasonally adjusted employment and unemployment showed good improvements in November.
rose by 374,000 and unemployment fell by 135,000.

Period

1959___
1960
1961___
19622_.
1963___
1963:
Sept.
Oct_.
Nov_
Dec_.
1964:
Jan__
Feb..
Mar_
Apr..
May.
June.
July.

Total
labor
force
(including
armed
forces)
71,
73,
74,
74,
75,

946
126
175
681
712

75,811
76, 086
76, 000
75, 201

74, 514
75, 259
75, 553
76, 544
77, 490
79, 389
78, 958
A u g . 78, 509
S(«pt,_ 70, 865
<>(*_.. 77, 112
Nov 70, 897

1
3

Civilisin employ ment

Total
labor
force
XT
IN on- Unem- (includployagriing
Total
ment
cularmed
tural
forces)
Thousands of jiersons 14
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, 846 62, 657 4, 007 74, 681
68, 809 63, 863 4, 166 75, 712
Unadj listed
69,
69,
69,
68,

546
891
325
615

67, 228
68, 002
68, 517
69, 877
71, 101
71, 953
72, 405
72, 104
70, 805
71, 123
70, 793

64,
64,
64,
64,

220
541
548
576

63, 234
64, 071
64, 500
65, 448
66, 094
66, 100
66, 586
66, 704
65, 575
65, 997
66,248

Civiliam employment
Civilian
labor
force




Agricultural

Nonagricultural

Unemployment
rate (percent of
Unem- civiliaii labor
for ce)
ployment
Unad- Seasonjusted ally adjusted

Labor
force
participation
rate,
unad- l
justed

years of age and o ver
69, 394 65, 581 5,836
70, 612 66, 681 5,723
71, 603 66, 796 5,463
71, 854 67, 846 5, 190
72, 975 68, 809 4, 946
Seasonally adjust ecI

59, 745
60, 958
61, 333
62, 657
63, 863

3,813
3,931
4,806
4,007
4, 166

5. 5
5. 6
6. 7
5.6
5.7
4.8
4. 7
5.4
5.3

5.5
5.6
5.9
5. 5

57.2
57.3
57. 2
56. 5

6.4
6.2
5. 9
5. 3
4. 9
6. 1
5. 0
4.8
4.5
4.4
4. 5

5.6
5.4

55.9
56. 4
56. 6
57. 3
57. 9
59.2
58.8
58.4
57. 1
57. 2
57. 0

Percent

3, 516
3, 453
3,936
3, 846

75, 840
75, 910
76, 311
75, 964

73, 091
73, 168
73, 572
73, 224

69, 044
69, 067
69, 222
69, 205

4,877
4, 939
4, 903
4, 890

64, 167
64, 128
64, 319
64, 315

4,047

4, 565
4,524
4,293
3,921
3, 640
4,692
3, 813
3, 654
3,317
3,252
3, 373 1

76, S88
76, 567
76, 503
77, 328
77, 343
77, 084
76, 970
77, 066
76, 902
76, 924
77, 157

73, 667
73, 835
73, 760
74, 583
74, 595

69, 567
69, 832
69, 807
70, 559
70, 754
70, 387
70, 591
70, 488
70, 334
70, 325
70, 699

4, 936
4, 797
4, 600

64, 631
65, 035
65, 207
65, 811
65, 889
65, 549
65, 706
65, 678
65, 534
65, 580
66, 029

4, 100
4,003
3, 953

74, 340

74, 230
74, 315
74, 159
74, 187
74, 426

Total labor force us percent of noninstitutional population.
Not st i Id I y comparable with preceding data. See Employment and Earniji</.i. M a y lun:', p. X I V .

10

Total

Employment

4, 748

4, 865
4,838
4,885
4,810
4, 800
4,745
4,670

4,101

4, 350
4, 019

4,024

3, 841
8,953
3, 639
3, 827
3, 825
3,862
3, 727

NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.

58.3
58.3
58. 0
57.4
57.3

5.4
5.4

5. 1
5. 3

4.9

5. 1
5.2
5. 2
5. 0

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
In November, the over-all unemployment rate dropped to 5.0 percent, seasonally adjusted.
took a sharp drop from 5.7 percent to 5.2 percent from October to November.

Labor force time lost

PERCENT
10.0

8.0

2.0

1964
SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS.

Unei iploymen t rate
(percen t of civilijin labor
for ce in groi ip)

Period

Labor
force
time lost
Experi- Married through
unemenced
All
ployment Over 40
wage and men
(wife
workers salary
and part- hours
time
workers present) ___i i
work *•

1959
1960
1961
1962
1963

5. 5
5. 6
6. 7
5.6
5. 7

1963: Nov.. ___
Dec
1964: Jan
Feb
Mar__
Apr _ __ _
May
June
July
Aug___
Sept
Oct
Nov__

5.9
5. 5
5. 6
5. 4
5. 4
5. 4
5. 1
5.3
4. 9
5. 1
5. 2
5. 2
5. 0

Per cent
3.6
5.6
5. 7
3.7
4. 6
6. 8
5. 5
3. 6
3.4
5. 5
Seasonall y ad jus tec
5.7
3.4
3.3
5.3
5.3
3.2
5. 2
3. 0
2. 9
5. 1
2. 9
5. 0
2. 6
4. 8
2. 8
5. 3
2. 7
4. 8
2. 6
4. 9
4. 9
2. 9
2. 8
5. 0
4. 8
2. 5

6.6
6.7
8.0
6.7
J
6. 4

17, 345
17, 664
18, 210
19, 025
19, 257

6.3
6. 1
6. 2
6. 1
5.8
5. 9
5. 7
6. 1
f). 7
5. 7
5. 8
5. 7
5. 2

19, 101
20, 220
18, 337
18, 985
19, 466
20, 173
20, 450
19, 783
19, 195
19, 159
15, 079
20, 284
19,358

1
Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian labor
force. Beginning 1903, series not strictly comparable with preceding data.
2 Differs from total nonagricultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.




Persons at work i n nonagri cultural 2 idustries
ir
by hours worked p>er week
Urider 35 hours
35-40
hours

Part-ti me for
economi c reasons

Part-time for
economi s reasons

Total

Usually Usually Usually Usually
fullfullpartparttime 3
time 3
time 4
time 4
Thousan ds of pers ons 14 ye ars of age and over
27, 723 11, 702
1,032
1,304
28, 724 11, 528
1,243
1,317
29, 047 11, 132
1,297
1, 516
28. 853 11, 675
1,049
1,288
29, 422 11, 856
1, 219
1,070
IJn ad juste d
Seasonally7 adjusted
27, 028 16, 391
1,086
1, 075
1, 034
1, 168
30, 597 11, 773
1, 008
1, 039
1, 023
1,157
28, 842 13, 801
957
1,057
1, 015
1, 164
29, 968 13, 015
1,036
1, 106
1,085
1, 165
31, 090 11, 908
1,032
1, 049
1,003
1, 127
31, 279 11, 885
1,053
992
1,069
1, 154
31,055 12, 283
1, 137
932
931
1,216
30, 994 11, 320
1,088
1,431
1, 100
1, 150
29, 450 10, 476
1, 510
878
995
1, 176
30, 053 10, 284
904
1, 503
900
1,203
18, 907 28, 157
1, 056
965
978
1, 162
29, 065 13, 857
988
935
973
1,136
5
5
27,757 16,913
975
890
926
1,048

3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
< Primarily includes persons who could find only part-time work.
fi
Average hours worked: usually full-time, 23.4; usually part-time, 18.3.
NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
1 1

UNEMPLOYMENT INSURANCE PROGRAMS
Insured unemployment under State programs in November 1964 averaged 250,000 less than in November 1963.

MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

1961

I

I

I

WAN.

FEB.

MAR.

APR.

MAY

JUNE

JULY

AUG.

SEPT.

NOV.

J/ SEE NOTE Z ON TABLE BELOW.
SOURCE: DEPARTMENT OF LABOR.

Period

1960
1961
1962
1963
1963: Oct
Nov
Dec.
1964: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct 1
Nov
Week ended:
1964: Nov 7
14
21
28
Dec 5
12

COUNCIL OF ECONOMIC ADVISERS

AJl progranas
Insured Total
unem- benefits
Covered
ploypaid
employment
(mil(weekly
ment
lions
averof dolage)
lars)

Thou sands
46, 334
2,067
46, 264
2,994
47, 766
1, 924
1
2
48, 426
1, 973
49, 256
1,476
49, 058
1, 686
49, 309
2, 122
2,563
2,410
2, 200
1, 920
1, 605
1,448
1,491
___
1,396
1,256
1,264
1,426
1,304
1,380
1,398
1, 549
1,601

3, 022. 7
4, 358. 2
3, 160. 0
3, 025. 9
190. 0
181.3
254.5
345.6
307. 9
315. 6
280. 9
218. 3
199. 3
195.6
180. 2
163.7
157.8
154.7

Steite progra ms
Insured
unemployment




Initial
claims

Insurec I unemploymen t as perExhaus- cent of covered
emplo yment
tions
SeasonUnad- ally adjusted
justed

Weekly iiverage, t lousands
1,906
331
31
46
2,290
350
32
302
1,783
2
2294
1, 806
30
256
24
1,333
1,542
292
22
1,972
415
27
412
30
2,395
291
2,243
31
259
2, 050
32
34
1,755
246
1, 447
218
31
1,297
218
27
282
24
1,343
212
23
1,260
21
194
1, 125
20
225
1, 138
19
1,292
276

Per<sent
4.8
5.6
4. 4
4. 3
3. 1
3. 6
4.7
5.7
5.3
4. 9
4.2
3.4
3. 1
3. 1
2.9
2.5
2.6
3.0

1, 182
1,255
1,275
1,424
*1, 475

Benefil &s paid
Total Average
weekly
(milcheck
lions of
dollars) (dollars)

2.7
2. 9
2.9
3. 3
3.4

* Preliminary.
*Not charted.
2
Programs include Puerto Riean sugarcane workers for initial claims and
insured unemployment beginning July 1963.

12

DEC.

246
250
321
274
346
330

4. 1

4. 1
4.3
4. 3
4.0
3. 8
3.8
3. 6
3.6
3. 6
3. 5
& i
o. 4

3. 4
3. 4

2, 726. 7
3, 422. 7
2, 675. 4
2, 774, 7
172. 0
165.0
233. 0
319. 3
283. 8
292.6
258.0
201.5
183. 1
180. 5
164. 5
148. 4
143.2
140. 1

32. 87
33. 80
34. 56
35.27
35. 15
35. 37
35. 78
36. 07
36. 24
36. 26
36.02
35. 50
35.27
35. 35
35. 60
35. 40
35. 92
36.20

NOTE.—For definitions and coverage, see the 1969 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Rico since January 1961.
Source: Department of Labor.

NONAGRICULTURAL EMPLOYMENT
With the settlement of the automobile strike, employment in durable goods rose by 271,000 in November, on a
seasonally adjusted basis. Total nonagricultural employment rose by 418,000.
MILLIONS OF WAGE
AND SALARY W O R K E R S

MILLIONS OF WAGE
.
AND SALARY WORKERS
ALL NONAGRICULTURAL ESTABLISHMENTS

MANUFACTURING

S
DURABLE
GOODS
INDUSTRIES^,

NONDURABLE
- GOODS INDUSTRI

WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)

CONTRACT CONSTRUCTION
(ENLARGED SCALE)

11.0

2.5

1961

1962

1964

1962

1963

* SEASONALLY ADJUSTED DATA.
SOURCE: DEPARTMENT OF LABOR.

1964

'COUNCIirOF ECONOMIC ADVISERS

seasonally adjusted]
Manufac turing (iprivate)
Period

Total

2
1957 2 _ _ _ _
1958 2
1959 2
I960 2
1961 2
1962
1963 22_ _ _
1963: Oct.
Nov.
Dec.
2
1964: Jan_
Feb.
Mar.
Apr_
May
June
July.
Aug.

Sept,

( )ct

:5

Nov 3

52, 894
51, 368
53, 297
54, 203
53, 989
55, 515
56, 643
57, 070
57, 101
57, 291
57, 334
57, 684
57, 754
57, 827
57, 931
58, 104
58, 256
58, 301
f>S, -158
r>S, 1572
58, 71)0

1

NonTotal Durable durable
goods goods
17, 174 9,856
15, 945 8,830
16, 675 9,373
16, 796 9,459
16, 326 9,070
16, 853 9,481
17, 005 9,625
17, 066 9,667
17, 059 9,670
17, 115 9,717
17, 131 9,725
17, 171 9, 740
17, 208 9,784
17, 224 9, 798
17, 225 i), 780
17, 285 9, 826

17, ;m

17, 339
17, -Ml)
17, 104
17, 472

9, 890

1), SS(J
1), UNO
1), 01) 1
1), 1)02

7,319
7, 116
7,303
7,336
7,256
7,372
7,380
7,399
7,389
7,398
7, 406
7, 431
7,
7,
7,
7,

424
~!20
-M5
-15')

7, -ir>.j
7, -ir> >

7, -10;

7, -17*
7, 510

N onmanu:"aeturing

Transportation
Total Mining conand
struepublic
tion
utilities
28, 104
828 2,923 4,241
27, 584
751 2,778 3,976
28, 539
732 2,960 4,011
29, 054
712 2,885 4, 004
29, 069
672 2,816 3, 903
650 2, 902 3, 1)00
29, 772
30, 439
635 2, 983 3, 1)1 -i
30, 720
636 3,015 3, 010
30, 740
635 3, 015 :>, o;>2
30, 839
636 3, 052 :*, D:;I
032 2, '.)•! 1 ;>, »>:•;<»
30, 842
31, M5
>:*:* :*, i:;i> ;•;, IM;>
31, 151
>:*:> ; , i :rj :>, o-H)
Con-

tract

:
;
:
;
;
:
;

i, nm
i, :MD
i, -mi
i, -iiH
i, r>oo
i, oi-j
i, osx

: J, 250

038
(541

Includes nil full- and part-time wajro and salary workers in nona.erieidtural
establishments who worked during or received pay for any part of the pay period
ending nearest the l. r )th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nona^ricnltural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on an enu-




ji>.»
•»:n
r.v.)
>:>i)
;;M
>:u

: , osi
; , OIK;
: , loo
; , J07
; , 103

;>, 080
3, 102
3, 150

3, 1)04
3, 908
3, 905
3, 983
3, 1)99
4, 005
3, 995
3,999

Goveriament

(private)
Wholesale

and
retail
trade

10, 886
10, 750
11, 127
11, 31)1
11,337

1 1 , 500
1 1, 803
1 , 81)0
1, 1)10
1, 1)50
2, 021
2, 083
12, 077
12, 01)0
12, 135
12, 187
12,223
12,231

12, 229
12, 277
12, 290

Finance,
insur- Service
and
ance,
and
miscelreal
laneous
estate

2, 477
2, 511)
2, 51)4
2, 001)
2, 731
2, 800
2, S73
2, 81)3
2, 81)0
2, 904
2,1)11

2, 1)17
2, 1)24
2,931
2,934
2,943
2,948

2,951
2,960
2,965
2,969

Federal

2, 217
2, 191
2, 233
2,270
2,279
2,340
2, 358
2, 345
2, 345
2,346
2,342
8,437
2,337
8,455
2,337
8,461 2,341
8,489
2,339
8,509
2,323
8,561 2,322
8,573 2,328
8,592
2,320
8,635
2,331
8,639
2,338

0, 741)
0, 811
7, 115
7, 31)2
7, 010
7, 1)47
8, 230
8, 340
8, 352
8, 366
8, 401

State
and
local
5,399
5,648
5,850
6,083
6,315
6,550
6,841
6,939
6,957
6,991
7,019
7,031
7,058
7,096
7, 117
7, 147
7,129
7,143
7,189
7,265
7,292

meration of population, whereas the estimates in this table are based on reports
from (nnployin.fr establishments.
2
Series revised, see note, p. 14.
3
Preliminary.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.

J3

WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek in manufacturing industries rose in November to the highest point of the year, 40.9 hours on
a seasonally adjusted basis. The average hours worked in contract construction again rose sharply.
HOURS PER WEEK (SEASONALLY ADJUSTED)

HOURS PER WEEK (SEASONALLY ADJUSTED)
46
NONDURABLE MANUFACTURING

46

DURABLE MANUFACTURING
44

44

42

42

40

40

38

38

-36

36

34k" " ' '
1961

t itiii

1962

t t t i t !. i 1 1 i t . t t i.i i I

1963

34

1964

1962:

1961

42

1963

1964

44

RETAIL TRADE

CONTRACT CONSTRUCTION

40

42

38

40

36

38

34

36

32

34

30
1961

1962

1963

i i i i f i t iii

32
1961

1964

SOURCE: DEPARTMENT OF LABOR.

f t t § > t ijf '
1963

1964

COUNCIL OF ECONOMIC ADVISERS

[Average hours per week; 1 seasonally adjusted]
Manlufaeturing Indus tries

Period

Durable
goods

1953
1954
1955
1956
1957
1958
1959
1960 _ _
1961
1962
1963
1963: Oct

40. 5
39.6
40.7
40. 4
39. 8
39. 2
40.3
39. 7
39. 8
40.4
40.5
40.6
Nov
40. 5
Dec
40.7
1964: Jan
40. 2
Feb
40.7
Mar
40. 6
Apr
40. 7
May
_
40.6
June
_
40. 6
Julv
40. 6
Alltf
40.8
Sept, _
40.5
OH. 40. 5
N o v •'
40.9
i production workers or nonsupervisory employees. Data for




41. 2
40. 1
41. 3
41.0
40. 3
39. 5
40. 7
40. 1
40. 3
40. 9
41. 1
41. 3
41. 2
41.3
41. 1
41. 3
41. 2
41. 4
41. 3
41. 4
41. 3
41.5
41. 4
41. 3
41. 6

Nondurable
goods
39.6
39.0
39. 9
39. 6
39. 2
38.8
39. 7
39. 2
39. 3
39.6
39.6
39.8
39. 7
39.7
39. 1
39.8
39.7
39.8
39.7
39. 6
39. 5
39.7
39. 4
39.8
40. 0

Contract construction
37.9
37.2
37.1
37.5
37.0
36.8
37. 0
36.7
36.9
37.0
37.3
37.5
37.1
37.4
35. 2
37.6
37.4
37.2
37. 3
37. 3
36.8
37. 0
35.6
37. 1
37. 7

Retail trade
39. 8
39. 7
39.6
39. 1
38.7
38.7
38. 7
38. 5
38. 1
37. 9
37.8
37. 7
37. 7
37.7
37. 3
37.5
37.4
37.4
37. 5
37.5
37.7
37.5
37. 3
37.4

NOTE.—Series revised. For details, see Employment and Earnings, December

'964.

Source: Department of Labor.

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
In November, average weekly earnings rose to a new high of $104.70 for production workers in manufacturing.

90

2.40

2-20

2.00
1963

1964

1961

1963

SOURCE: DEPARTMENT OF LABOR.

1964

COUNCIL OF ECONOMIC ADVISERS

[For productio n worker s or nous upervisor y employe36S]
Aver a ge hourly earnings-—current prices
Period

9f>-l
955
(
.>f)C>

Manufc icturing ii id us tries Contract
Retail
conNonDurable
structrade
All
durable
^oods
tion
^oods

$1. 7s
.

«.)fu
'.)f)S
<K r >'.)
«.NHL
_.
•Mil
SM12
9(13 _
J !>(»:*: ( ) c t _ _ .
Nov__
J)ec__

1904: Jan_._
Feb__
Mar__
Apr__
May._
June__
July__
Aug__
Sept..
Get 3 _
Nov 3

$1. 90
1. 99
2. 08
2. J 9
2. 26
2. 36
2. 43
2. 49
2. 56
2.64
2. 66
2. 67
2. 69
2. 69
2. 69
2.69
2. 70
2. 71
2. 71
2.71
2.71
2. 75
2. 70
2. 74

i. sr>
I. '.)f>

2.
2.
2.
2.
2.
2.

05
i1
11)
2(i
32
39

2. 46
2. 47
2. 49
2. 51
2. 52
2. 51
2. 51
2. 53
2. 53
2. 53
2. 53
2. 52
2. 57
2. 53
2.56

1

$1. 62
J. 67
1. 77
1. 85
1. 91
1. 98
2. 05
2. 11
2. 17
2. 22
2. 24
2. 25
2.27
2.28
2. 27
2. 27
2. 28
2. 29
2. 29
2. 29
2. 29
2. 32
2. 30
2. 31

$2. 39
2. 45
2. 57
2. 71
2. 82
2.93
3.08
3. 20
3. 31
3.41
3. 46
3.43
3.53
3. 57
3. 53
3. 51
3. 52
3. 50
3.49
3. 53
3. 54
3.58
3. 61

$1. 29
1.34
1.40
1.47
1. 52
1. 57
1. 62
1. 68
1.74
1. 80
1. 83
1. 83
1.80
1.84
1. 85
1. 85
1.86
1. 87
1. 87
1.87
1.87
1.89
1. 89

Aver,age weeklyy earnings — current prices
Manufsicturing iridustries

All

$70. 49
75.70
78. 78
81. 59
82. 71
88.26
89. 72
92. 34
96. 56
99.63
100. 78
100. 85
102. 66
100. 30
101. 15
101. 40
102. 47
102. 97
103. 48
102. 97
103. 07
104. 60
102. 97
104. 70

Earnings in current prices, adjusted to exclude overtime and interindustry shifts.
* Earnings in current prices divided by the consumer price index on a 1963 base.
Preliminary.

8

40-1S5

frt




3

Contract
conNonDurable
strucdurable
goods
tion
goods

$76. 19
82. 19
85. 28
88. 26
89. 27
96. 05
97.44
100. 35
104. 70
108. 50
110. 12
110. 00
111. 90
109. 21
110. 29
110. 29
111. 51
112. 47
113. 01
111. 92
112. 47
114. 13
111. 78
113. 98

$63. 18
66. 63
70.09
72. 52
74. 11
78. 61
80. 36
82. 92
85. 93
87.91
89.38
89. 10
90. 57
88. 24
89.44
89. 67
89. 83
90. 91
91. 37
91. 14
91. 83
91. 87
91. 77
92. 17

$88.
90.
96.
100.
103.
108.
113.
118.
122.
127.
134.
124.
124.
121.
126.
128.
130.
132.
133.
134.
136.
131.
138.

91
90
38
27
78
41
04
08
47
19
59
51
61
74
37
12
24
65
32
49
64
03
62

Retail
trade

$51. 21
53. 06
54. 74
56. 89
58.82
60. 76
62. 37
64. 01
65.95
68.04
68. 44
68.26
68. 40
68. 26
68.82
68. 64
69. 19
69.75
70. 50
71.62
71.43
70.50
70. 12

Manufac turiiig
in dust ries
Adjusted Average
weekly
hourly
earnearnings,
1957-59= ings,
1963
lOQi
prices 2
84. 3 $80. 38
86. 9
86.61
91. 5
88.72
96. 2
88. 88
100. 2
87. 62
103. 5
92. 81
106. 8
92.88
109. 8
94. 51
112. 5
97. 73
115. 4
99. 63
116. 1 100. 28
116.8 100. 15
117.2 101. 85
117. 6
99. 41
117. 7 100. 35
117. 8 100. 50
118. 1 101. 46
118. 2 101. 95
118. 3 102. 25
118.3 101. 45
118.4 101. 65
119. 3 102. 95
118.6 101. 25

NOTE.—Series revised, see note p. 14. Beginning 1959, data include Alaska
and Hawaii.
Source: Department of Labor.

15

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION

In November, the industrial production index rose 2]/2 percent to a record level of 1 34.9 (1957-59=100, seasonally
adjusted). Durable manufactures accounted for most of the increase.
INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)

INDEX, 1957-59«100 (SEASONALLY ADJUSTED)

150

160

UTILITIES AND MINING

TOTAL
140

,150

130

140

120

130

no

120

100

no

90

MINING

100

1961

1962

1963

1964

1961

1963

1964

1961

150

MANUFACTURING
140
130

NONDURABLE
\

1EO

DURABLE

110
100

90 U-t

1961

1962

1964
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Total
industrial
production

Period

1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1963: Oct
Nov

.

Dec

1964: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

Nov 1
1

Preliminary.

16



_

85.8
96.6
99.9
100.7
93. 7
105. 6
108. 7
109.7
118. 3
124. 3
126. 1
126. 1
127.0
127. 7
128. 2
129. 0
130. 5
131.3
131.6
132. 9
133.8
134. 0
131. 7
134. 9

[1957-59=100, seasonally adjusted]
Industry
Mi mufacturi ng
Non- Mining Utilities
Total Durable durable

86.3
97.3
100.2
100.8
93.2
106.0
108.9
109. 6
118. 7
124.9
126. 8
126. 9
127.9
128. 5
129. 1
129.9
131. 4
132. 2
132.4
133. 9
134. 5
134. 7
132. 1
135. 8

88.4
101. 9
104. 0
104.0
90.3
105.6
108. 5
107.0
117. 9
124. 5
126. 0
126. 4
127. 3
128. 1
128.9
130.0
131. 6
132.6
133. 2
135. 0
135.7
135. 1
129. 9
136. 6

83.6
91. 6
95. 4
96. 7
96. 8
106. 5
109.5
112.9
119. 8
125.3
127.7
127. 6
128. 7
128. 9
129.4
129. 8
131. 1
131. 7
131. 5
132. 5
133. 1
134. 1
134.9
134.9

90.2
99.2
104.8
104. 6
95. 6
99. 7
101. 6
102. 6
105. 0
107. 9
108. 6
107. 5
107. 3
108.8
108. 9
108.8
109. 9
111. 3
111. 4
110. 9
111. 9
112. 0
112. 2
112. 2

71.8
80. 2
87. 9
93. 9
98. 1
108.0
115. 6
122. 3
131. 4
140. 0
142. 3
142. 1
143.0
144. 5
143. 4
144. 8
147.5
148. 3
149. 7
151. 4
154. 5
153. 2
154.0
154.5

Mai^ket

Total
85. 7
93. 9
98. 1
99. 4
94. 8
105. 7
109. 9
111. 2
119. 7
124. 9
127.2
127. 0
128.0
128. 5
128. 1
128.7
130.6
131. 1
131. 7
132. 3
133. 3
132. 5
130. 7
134. 5

Qal produ(3ts
Consumer Equipment
goods
84. 3
93.3
95. 5
97. 0
96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
127. 4
126. 9
128. 0
128. 9
128. 8
128. 8
130. 8
131.0
131. 5
132. 1
133. 1
132. 0
129. 3
133. 5

88. 9
95. 0
103.7
104. 6
91.3
104. 1
107. 6
108.3
119. 6
124.2
127.0
127. 1
128. 1
127.9
127. 1
128. 8
130. 7
131. 3
132.0
132. 7
133.6
133.7
133. 6
136. 7

Source: Board of Governors of the Federal Reserve System.

TVTafo

rials

85.9
99.0
101. 6
101. 9
92.7
105.4
107. 6
108.4
117. 0
123. 7
125. 5
125. 7
125.9
126.7
128. 1
129.3
130.6
131. 3
131. 8
133.6
134 7
135. 7
132. 5
135.4

PRODUCTION OF SELECTED MANUFACTURES
In November, output of transportation equipment (seasonally adjusted) recovered most of the October drop caused
by auto work stoppages. Production of fabricated metals also rose. Most nondurable manufacturing industries
showed little or no change from October levels.
INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)

INDEX, 1957-59*100 (SEASONALLY ADJUSTED)
160

120

100

80

1961

1963

FT1964

COUNCIL OF ECONOMIC ADVISERS.

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[1957-59=100, seasonally adjusted!
Durab le manufeictures
Primary
metals

Period

1954
1955
1956
1957
1958
1959
1960_
___
1961
1962__
1963
1963: Oct
Nov
Dec
1964: Jan
Feb
Mar
Apr
May__
June
July
Aug
Sept
Oct
Nov l

_

_
__ _ _
__
._,
_ _
_

_

__

___

i Preliminary.




_ _ „

Fabricated
metal
products

Machinery

91.3
118. 4
116. 4
112. 2
87. 5
100.4
101.3
98. 9
104. 6
113. 3
108. 5
109. 7
110. 5
113. 6
117. 6
120. 9
123. 8
127. 1
126. 1
131. 2
132. 8
133. 0
133. 0
134

90. 2
98. 3
98. 8
101. 5
92.9
105. 5
107.6
106. 5
117. 1
123. 4
126. 8
126. 0
126.8
128.2
129. 0
129. 3
129. 5
130. 3
130. 6
133. 3
134.8
134. 4
130.4
136

87.7
96.5
107. 1
104.2
88. 8
107. 1
110. 8
110. 4
123. 5
129. 2
131.7
132. 8
133. 9
134. 7
133. 6
135. 9
137. 5
138.5
140. 1
141.9
142. 8
144. 1
145. 9
148

Nc>ndurable manufactu res

Transpor- Lumber Textiles,
and
tation
apparel,
prodequipand
ment
leather
ucts
83.8
102.0
97.4
106. 4
89. 5
104. 0
108. 2
103. 6
118. 3
127.0
130. 0
129. 6
131. 3
130. 8
131. 1
130. 1
133. 0
134. 1
134.9
134. 3
135. 3
130. 9
105.2
129

99. 6
109. 5
105.4
95. 9
95. 6
108. 5
102. 1
101. 3
106. 1
108. 9
112. 2
111. 8
111.0
112. 2
117.3
116. 1
115.4
114.9
109.0
116. 1
114. 1
109. 7
111. 1

86. 9
95. 5
98. 0
96. 9
95. 0
108. 1
107. 5
108. 4
115. 1
118. 5
120. 7
121. 3
121. 3
120.7
122.4
121. 7
121. 6
123. 5
122. 9
124.9
126.0
126. 6
127. 8
129

Paper
and
printing
85. 0
92. 5
97. 1
97. 8
97. 0
105. 2
109. 0
112. 4
116.7
120. 1
121. 7
121.7
123.9
123.4
124. 5
125.4
127. 5
128.2
126. 6
128.0
127. 9
128.4
128.6
129

Chemicals, Foods,
petrobeverleum, and ages, and
rubber tobacco
74.7
86. 8
91. 4
95. 6
95. 5
108. 9
113. 9
118. 9
131. 2
141. 8
146. 2
146. 0
146. 3
146.4
146.9
147.4
149.5
150.0
152. 1
152. 3
153. 6
156. 7
157. 2
157

Source: Board of Governors of the Federal Reserve System.

89. 8
93. 1
96.6
96.7
99. 4
103. 9
106. 6
110.2
113. 3
116.8
117. 8
117. 1
118.8
120.2
119.5
120.2
121. 2
120. 7
119. 5
120. 5
120.5
120.0
121. 1
122

17

WEEKLY INDICATORS OF PRODUCTION
Steel production continued to increase in November and early December,
work stoppages in October, increased sharply.
MILLIONS

MILLIONS OF TONS

Output of cars and trucks, depressed by

OF SHORT TONS

(DAILY A V E R A G E )

/ Vvt\ 1963 I V* » | V\l\V^ "'
^s~~MI
*
f

*

^x^/^y ^^

16.0

14.0

SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE R E P O R T S .

Period
Weekly average:
1957
1958
1959
1960
__ _
1961
1962
1963
1963: Oct
Nov
Dec
1964: Jan
Feb
Mar_
Apr
_
Mav
June
July
Aug
Sept
_
Oct 2
Nov . _ _
Week ended:
1964: Nov 7
14
21
28
Dec 5 2
12 2
1
2 Daily average.
Preliminary.
3

Electric
Bituminous Freight Paperboarcl
Steel pi-oduced
Car,3 and truicks
power
coal mined
loaded
produced
Index
Thousands
distributed (thousands (thousands (thousands assemb .ed (thoiisarids)
of net
(1957-59=
(millions of
of short
Total
of cars)
of tons)
Cars Trucks
tons
100)
kilowatt-hours) tons) l
2, 162
1, 635
1,792
1,899
1,880
1,886
2, 096
1,915
1, 979
1,980
2, 148
2,289
2,367
2, 459
2,494
2,371
2, 284
2,371
2, 490
2,608
2,631

116. 0
87. 8
96.2
101. 9
100. 9
101. 2
112. 5
102. 8
106. 2
106.3
115. 3
122. 8
127. 1
132. 0
133. 9
127. 3
122. 6
127. 3
133.6
140. 0
141.2

11,873
12, 082
13, 297
14, 424
15, 139
16, 325
17, 490
17, 250
17, 482
18, 792
18, 722
18, 668
18, 144
17, 770
17,915
18, 948
19, 546
19, 478
18, 867
18,268
18,685

1, 644
1,380
1,380
1,390
1,353
1,414
1, 535
1, 662
1, 559
1, 563
1, 555
1,392
1,415
1,476
1,531
1,651
1, 624
1,630
1,757
1,686
1,721

683
581
596
585
550
552
555
628
559
493
517
526
526
554
586
601
537
589
603
644
594

273
274
307
306
322
343
358
387
373
325
349
386
384
386
391
390
351
403
388
404
391

138. 6
98.4
129. 5
151.8
127.9
157. 5
175. 0
205. 8
205, 5
202. 0
189.9
201. 2
196. 6
214. 0
204. 9
213. 0
158. 8
64. 3
152. 8
112. 1
189. 1

ill. 6
81, 6
107.6
128, 8
106. 1
13-3. 4
146. 9
174. 9
175.7
173. 3
159. 8
168. 4
164. 0
178. 5
171. 6
177. 0
131. 4
41. 5
126.6
93. 5
160. 7

21. 9
23. 0
21. 8
24. 1
28. 1
30. 9
29. 8
28. 7
30. 1
32. 7
32. 6
35. 5
33. 4
36. 0
27. 5
22. 9
26. 2
18. 5
28. 5

2,634
2,612
2,634
2,612
2,634
2 , 629

141. 4
140.2
141. 4
140.2
141. 4
141. 1

18,408
18,558
19,133
18,640
19,769
3
20, 029

1,707
1,747
1,660
1 , 738
1,602

62S
627
608
513
578

410
400
380
372
388
400

181. 2
209. 3
189. 0
177. 1
256. 7
259. 8

154. 9
178.3
158. 9
150. 5
220. 7
222. 8

26.2
30. 9
30. 1
26. 6,
36. .1
3T- Q

Includes data for A laska.

Not charted.

18



COUNCIL OF ECONOMIC ADVISERS

2l;0
IB; 8

Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Beports.

NEW CONSTRUCTION
New construction outlays (seasonally adjusted) rose slightly in November, reflecting an increase in public activity.
Outlays for private nonfarm residential construction continued the decline started earlier this year, while those for
private commercial and industrial continued to rise.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

70
SEASONALLY ADJUSTED ANNUAL RATES

-TOTAL NEW CONSTRUCTION-

60

40

30

0 ]• M J I I I f t J 14-1-1--I 1 1 ll_!..1-l-t -t t 1 I J \ J. ( t-J J I .A .! t.J I t I M M I I I I 1 ft I I I I 1 I I I t i l 1 I I f I I I 1 I l t l ! I I f I 1 1 IJ 0

30-

30

3NFARMJ,
PRIVATE RESIDENTIAL (NONFARM

****

-XI

,. ,..
.„..

""<"t<tU"'"

.

20
OTHER PRIVATE

I T l t t i I t t i t t
1958

t t t r f t l t t t
|959

t •t t t t

t f i f T

> t > t i*

l t i t

Jo

I i i t i t 1t i i i t 1 i t i f t t i

1964

* SEE NOTES IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.

Total new
dOristriictiort
expenditures

Period

1058
1959
1960
1961
1962
1963

__

__

50. 2
55.3
53.9
55. 4
59. 5
62. 5

COUNCIL OF ECONOMIC ADVISERS

Pr ivate

Total

Total l

34.7
39. 2
38. 1
38.3
41.7
43. 8

,:•'•• — • ':"-:•> -;, .,

19. 8
24. 3
21. 7
21.7
24. 3
25. 8

CommerNew
Additions cial and
housing
and al* industrial
Units
teratlons 2
Billions of dollars
15.4
3.7
19. 2
4. 3
16.4
16. 2
18.6
20. 1

Sea,tonally adjiisted annua / rales

20. 7
26. 6
1963: O e t _ _ . _ _ _
45.4
66. 0
21. 1
Nov____
27.0
66. 1
45.5
21. 0
Bee
26. 9
45.8
65. 2
21. 0
26.9
1964: Jan
45. 4
64. 7
21. 7
27. 6
46.3
Feb
65. 5
22. \\
28. 1
Mar
46. 9
66. 5
21. 0
27. 5
46. 4
Apr
66. 6
20. 7
26. 7
45. 8
May
65.0
20. 0
20. <»
46. 0
June _ _ _
66. 6
20. 7
20. 7
46. 3
July
66.6
20. 3
45. 1)
20. 3
Aug
66. 0
19. 9
26. 0
45. 1)
Sept
66. 5
19. 6
45. 4
65. 2
25.6
Oct
4
19, 5
45. 4
25. 5
65. 6
Nov
1
2 Includes nonhoosekeeping residential construction, not shown separately,
5 Not available for revised series beginning 1960.
Compiled by F. W. Dodge Corporation and relates to 48 States,
< Preliminary.




Federal,

Resi dential noiif arm

6. 0
6, 0
7. 0
7.5
7.9
8. 2

Qf of/3

Other

8. 9
8.9
9. 3
9. 2
9. 5
9. 8

and
local

15. 5
1 6. 1
1 5. 9
17. 1
17. 8
1 S. 7

1
Constructioi i con tracts-'
CommerTotal value cial and
(index,
industrial
1957-59 — floor space
100)
(millions of
square feet)

101. 7
1 05. 1
1 05. 2
1 07. 6
119. 7
132. 0

Seasonally
adjusted

359
440
461
443
500
534
Seasonally
adjusted
annual
rates
610
518
530
620
630
578
658
555
579
643
556
605
658

146
10. 2
19. 6
S. 0
144
9.9
S. 0
19.6
148
10. 2
S. 7
19.4
147
S. 0
19. 2
10. 0
143
19.3
10. 1
8. 6
140
10. 1
19. 6
S. 7
138
S. 0
10.3
20. 2
138
10.4
19. 2
8. 7
138
10.6
20. 6
8. 8
140
10.6
20.4
8. 9
121
20. 1
10. 4
9. 1
131
9. 3
10.6
20.6
19. 8
136
10. 5
9. 3
20. 3
10. 4
9.4
NOTE.—Data for Alaska and Hawaii included beginning January 1959.
Sources: Department of Commerce and F. W. Dodge Corporation.

-j Q

NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts, seasonally adjusted, dropped 11 percent in November while the number of housing
permits rose 3 percent. Housing starts were 10 percent below a year earlier and permits were down 8 percent.

MILLIONS OF UNITS
2.5

MILLIONS OF UNITS
2.5

SEASONALLY ADJUSTED, ANNUAL RATES

1964
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION

(VA).

COUNCIL OF ECONOMIC ADVISERS

[Thousands of units]
HOLising star ts

Period

1957
1958
1959
1960
1961
1962
1963
1963: Oct_.
Nov__
Dec...
1964: Jan.Feb__
Mar_
Apr__
May.
June.
JulyAug..
Sept 3
Oct 3 _
Nov 8

Total
private Total
and
private
public (includ(including
farm)
ing
farm)
1, 553. 5
1, 296. 0
1, 365. 0
1, 492. 4
1, 640. 9

1, 516. 8
1, 252. 1
1, 313. 0
1, 462. 8
1, 609. 2

167. 5
122. 3
97.4
100. 8
101. 1
133. 3
152. 3
160. 5
164.0
145. 1
144.8
126.0
143. 8
110.8

164.5
120.5
95.7
99. 6
100. 3
130. 1
148. 5
157.5
158. 5
142.7
141. 6
122, 6
141.8
108.9

Prhrate nonfa rm

Total

Onefamily

1, 174. 8 1, 022. 2
1, 314. 2 1, 105. 2
1, 494. 6 1, 211. 9
972. 3
1, 230. 1
946.4
1, 284. 8
1, 439. 1
967. 8
993. 2
1, 581. 7

161.2
117. 9
93.4
98. 3
97. 7
128. 3
145. 7
155. 2
155. 8
140.4
139.0
120.5
139.2
106.7

100.9
69.7
48. 6
53.8
61. 1
80.4
87.8
98. 9
99.2
89.4
87.6
78.7
90.3

Two or
more
families
152. 6
209. 0
282. 7
257.4
338. 6
471. 3
588. 5

Total
private
(including
farm)

1, 516. 8
1, 252. 1
1, 313. 0
1, 462. 8
1, 609. 2

60. 3
48. 1
44.8
44.5
36. 7
47.9
57. 9
56.3
56.6
51.0
51.4
42. 3
49. 1

1
Authorized by issuance of local building permit; in 10,000 permit-issuing
places prior to 1963, and 12,000 or more thereafter.
2
1 Units represented by mortgage applications for new home construction.
Preliminary.

20



1,864
1,577
1,570
1,718
1,657
1, 663
1,531
1,529
1, 611
1,505
1,430
1,457
1,599
1,420

Private nonf jirm
Total

Gover nment
home pirograms

FHA
VA
150. 1 128. 3
270. 3 102. 1
307.0 109. 3
225. 7
74.6
83.3
198. 8
197.3
77.8
71.0
166. 2
Se asonally ad j usted
1, 824
62
158
1, 544
67
153
1,524
157
73
75
1,688
158
192
1,613
83
68
1,638
165
146
60
1,501
1,507
174
61
152
60
1,585
56
1,483
145
52
1,408
142
52
136
1,433
1, 567
146
50
152
57
1,391

1, 174. 8
1, 314. 2
1, 494. 6
1, 230. 1
1, 284. 8
1, 439. 1
1, 581. 7

Propose id home
constr uction
New
private
Applica- Requests
housing
units tions for for VA
author- FHA appraisized 1 commitals 2
ments 2
159. 4
820. 3
198. 8
341.7
234.2
950. 8
234. 0
369. 7
1, 208. 3
242. 4
142. 9
998.0
1, 064. 2
243.8
177. 8
221. 1
171.2
1, 186. 6
190.2
1, 334. 7
139.3
annual ra tes
140
1,401
176
1,359
190
145
1,402
183
159
178
138
1,333
1,404
193
135
124
190
1,377
190
111
1,280
99
173
1,271
177
103
1,306
1,242
109
162
176
88
1,281
174
1,222
121
112
1,220
183
194
118
1,257

NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA)
and Veterans Administration (VA).

BUSINESS SALES AND INVENTORIES—Total and Trade
According to the advance report, November retail sales (seasonally adjusted) declined 1y^ percent from October, but
were
percent above a year earlier._
__
_
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS*

108

I96I

I

I962

I964

SOURCE: DEPARTMENT OF COMMERCE.

*

Total b usiness
Sales 2

Period

l

Inventories 3

SEASONALLY

Whol esale
Sales 2

1964

I96I

COUNCIL OF ECONOMIC ADVISERS

ADJUSTED.

4

Inventories 3

Sales 2
Total

Re tail

5

[nventories 3

NonDurable durable
goods
goods
stores
stores

Total

Durable
goods
stores

Nondurable
goods
stores

Millions of dollars, seasonall y adjustec1
1956
1957
1958
1959
1960
1961
1962
1963
1963: Sept
Get
Nov
Dec
1964: Jan
Feb
Mar
Apr
May_
JuneJuly
Aug
Sept(i (i
Oct
Nov °

__ _

_

__
_
_

_
_

54, 063
55, 878
54, 232
59, 583
60, 530
60, 747
65, 078
08, 002
68, 029
OS, 884
08, 338
70, 026
70, 992
71, 013
70, 649
71, 787
72, 660
72, 187
73, 693
73, 204
73,358
72,010

87, 304
89, 052
86, 922
91, 964
94, 610
95, 576
100, 271
105, 127
103, 140
103, 731
104, 529
105, 127
105, 417
105, 413
105, 721
106, 371
106, 507
106, 621
106, 634
106, 716
107,323
107,118

10, 513
10, 475
10, 257
11,413
11, 440
11, 629
12, 158
12, 692
12, 931
12, 954
12, 776
12, 986
13, 315
13, 245
13, 204
13, 228
13, 697
13, 623
13, 795
13, 770
13,792
13,984

13, 260
12, 730
12, 739
13, 952
13, 983
14, 251
14, 580
15, 597
15, 301
15, 488
15, 495
15, 597
15, 818
15, 719
15, 734
15, 879
16, 053
16, 043
16, 017
15, 986
16,222
16,270

i The term "business" here includes wholesale, retail, and manufacturing trade
(see page 22).
a
Monthly average for year and total for month.
"Book value, end of period, seasonally adjusted.
< Beginning January 1961, data include Alaska and Hawaii




15,811
16, 667
16, 696
17, 951
18, 294
18, 234
19, 613
20, 536
20, 426
20, 716
20, 558
21, 019
21, 000
21, 533
21, 223
21, 392
21, 777
21, 773
21, 935
22, 266
22,254
21,362
21,265

5,484
5, 696
5,284
5,972
5,894
5,608
6,245
6, 675
6, 606
6,941
6, 734
6,831
6,855
7,262
6,939
7,010
7,218
7,002
7,060
7,324
7,541
6,445
6,533

10, 326
10, 971
11, 412
11, 979
12, 400
12, 626
13, 367
13, 861
13, 820
13, 775
13, 824
14, 188
14, 145
14, 271
14, 284
14, 382
14, 559
14, 771
14, 875
14, 942
14,713
14,917
14,732

23, 402
24, 451
24, 113
25, 305
26, 813
26, 238
27, 938
29, 383
28, 752
28, 921
29, 254
29, 383
29, 608
29, 586
29, 661
29, 961
29, 926
30, 180
30, 129
29, 967
30,082
29,264

10, 495
11, 283
10, 526
11, 044
11, 951
11,019
11, 728
12, 509
12, 032
12, 116
12, 341
12, 509
12, 666
12, 708
12, 913
13, 045
13, 024
13, 079
12, 924
12, 762
12,867
11,982

12, 907
13, 168
13, 587
14, 261
14, 862
15, 219
16, 210
16, 874
16, 720
16, 805
16, 913
16, 874
16, 942
16, 878
16, 748
16, 916
16, 902
17, 101
17, 205
17, 205
17,215
17,282

5
Beginning January 1960, data include Alaska and Hawaii,
a Preliminary.
Source: Department of Commerce.

21

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
In October, manufacturers' shipments and new orders (seasonally adjusted) declined from their September levels,
while inventories registered the largest month-to-month rise so far in 1964.

BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS* ~

MANUFACTURERS' INVENTORIES

MANUFACTURERS' SHIPMENTS
TOTAL

- TOTAL -

60

50

40

DURABLE GOODS

MANUFACTURERS' NEW ORDERS

30

DURABLE GOODS

NONDURABLE
GOODS

A,
NONDURABLE GOODS

L±J

I963

I96I

I964
* SEASONALLY ADJUSTED.
SOURCE: DEPARTMENT OF COMMERCE.

.COUNCIL OF ECONOMIC ADVISERS^

Manufac turers' sh ipments 1 Manufact urers' inv entories 2
Period
Total

1956
1957
1958
1959
1960
1961
1962
1963
1963: Get
Nov
Dec
1964: Jan
Feb
Mar
Apr
May
June
July
Aug 4
Sept
Oct 4

27, 740
28, 736
27, 280
30, 219
30, 796
30, 884
33, 308
34, 774
35, 214
35, 004
36, 021
36, 677
36, 235
36, 222
37, 167
37, 186
36, 791
37, 963
37, 168
37,312
36,664

Durable
goods

14, 715
15, 237
13, 572
15, 544
15, 817
15, 532
17, 184
18, 071
18, 590
18, 272
18, 476
19, 144
19, 027
18, 887
19, 359
19, 138
19, 023
19, 861
19, 164
19,284
18,495

Nondurable
goods

13, 025
13, 499
13, 708
14, 675
14, 979
15, 352
16, 124
16, 704
16, 624
16, 732
17, 545
17, 533
17, 208
17, 335
17, 808
18, 048
17, 768
18, 102
18, 004
18,028
18,169

22



Ma nufaeture rs' new orde rs i

Durab>le goods
Total

Millions
50, 642
51, 871
50, 070
52, 707
53, 814
55, 087
57, 753
60, 147
59, 322
59, 780
60, 147
59, 991
60, 108
60, 326
60, 531
60, 528
60, 398
60, 488
60, 763
61,019
61,584

NonDurable durable
goods
goods
of dollars
30, 447
31, 7^58
30, 095
31, 839
32, 360
32, 646
34, 326
36, 028
35, 581
35, 704
36, 028
35, 955
35, 945
36, 079
36, 277
36, 300
36, 492
36, 597
36, 790
37,037
37,385

' M o n t h l y average for year and total for month.
Hook value, end of period, seasonally adjusted.
For minimi j>eriods. ratio of weighted average inventories to average monthly
ipnicnis: for monthly data, ratio of inventories at end of month to shipments
r mouth.
J
3

I964

Total

Total

seasonal y ad juste d
20, 195 28, 383 15, 381
20, 143 27, 514 14, 073
19, 975 26, 901 13, 170
20, 868 30, 679 15, 951
21, 454 30, 115 15, 223
22, 441 31, 061 15, 664
23, 427 33, 167 17, 085
24, 119 35, 036 18, 300
23, 741 35, 354 18, 622
24, 076 34, 953 18, 113
24, 119 35, 619 17, 974
24, 036 37, 148 19, 740
24, 163 36, 657 19, 499
24, 247 36, 547 19, 262
24, 254 38, 184 20, 461
24, 228 37, 893 19, 945
23, 906 37, 782 20,016
23, 891 39, 315 21, 254
23, 973 37, 509 19, 342
23,982 38,018 19,907
24,199 37,698 19,486
4

Preliminary.
Source: Department 01 Commerce.

NonMachinery durable
and
goods
equipment
2, 870
2, 566
2, 354
2,878
2,791
2, 854
3,090
3,326
3, 441
3,273
3, 612
3,617
3, 413
3,455
3, 610
3, 929
3, 916
3, 774
3, 772
3,686
3,783

13, 002
13, 441
13, 731
14, 728
14, 892
15, 397
16, 082
16, 736
16, 732
16, 840
17, 64 f)
17, 40S
17, lf>X
17, 2S.r>
17, 723
17,948
1 7, 7(>(j
18, 061
18. 167
18,111
18,212

Manufacturers'
inventoryshipratio 3
1. 73
1. 80
1. 84
1.70
1. 76
1. 74
1. 70
1. >9
I. >S
. "1
.

H

.
.
.
J.

i4
(>()
07
63

1.
1.
1.
1.
1.

64
59
63
64
68

.1. (»:*

MERCHANDISE EXPORTS AND IMPORTS
In October, seasonally adjusted exports retreated slightly from their previous high, while imports were almost unchanged.
The trade balance dipped to $584 million—down $1 30 million from September but 5]/2 percent above the average
of the first 9 months.
BILLIONS OF DOLLARS
2.5

BILLIONS OF DOLLARS
2.5

2.0

1958
•^ SEE NOTE I BELOW.
SOURCES: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
M erchandi se expo]rts

Period

Total ( including rees-ports)1
Season- Unadally ad- justed
justed

Monthly average :
1956
1957
1958
1959
1960
1961
1962
1963
1963: Sept
Oct
Nov__
Dec
1964: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
1

1,444
1, 625
1,364
1,366
1, 633
1,679
1, 745
1,857
1,980
1,946
1,945
2,049
2,037
2,029
2, 078
2,046
2,052
2,004
2,111
2, 085
2,271
2,134

1,766
2, 023
2,028
2,092
2, 025
1, 994
2, 127
2, 120
2, 204
2,031
2, 039
1, 897
2,084
2,255

Gener al 2im]Domesti c exports
poi ts
Indus- Finished
trial
Total > Food- mate- manu- Season- Unadally ad- justed
stuffs
facjusted
tures l
rials

1,432
1,611
1,351
1,352
1,617
1,659
1,723
1,834

216
441
530
208
198
368
366
210
230
510
254
486
440
281
314
488
U nadjust ed
493
1,744
289
569
1,999
354
2, 003
567
363
582
364
2, 068
1,998
548
355
1,966
347
527
542
364
2, 099
2, 084
307
r>:{ I
2, 173
378
r>r>2
2, 000
308
54V)
294
2, 013
586
515
1,868
308
569
2, 058
348
367
2,226
638

1,051
1,082
1,070
1,267
], 251
1, 226
1, 366
1,428

775
872
784
776
877
919

1,002
1,031
1,
1,
1,
,
,

<)02
070
07-1
122
()(.).r)
(Y.Y2

, 19,'J
, ISO
, 2<!U
, 143
, 134
, 045
1, 141
1,221

Total exports less Department of Defense shipments of grant-aid military
supplies and equipment under the Military Assistance Program.
2
Imports for immediate consumption plus entries into bonded warehouses.
3
Imports for immediate consumption plus withdrawals for consumption from
bonded warehouses.




Merchandise
Impo rts for consum ption
trade
Indus- Finished surplus,
seasontrial
Total Food- mate- manu- ally adfacstuffs
justed
rials
tures

M erchandijse impo rts

/, /fiiO

A W)

i, j,ur>

/, ,f7,S*

/ .',22
/, /,/,,<;

/, r,w

1, 54-1
1, 548
1,506
1,590
1,592
1,558
1,551

1, MS
1, 591
J, -125
1 , 530
1, 447
1 , 33S
] , 592
1, 502
1,458
1, 596
1, 612
1,492
1, 562
1,613

3

4

1,056
1, 102
1,101
1,284
1,251
1,221
1, 354
1, 418

521
267
274
534
489
288
569
285
274
539
522
277
297
561
310
574
U nadjust ed
1,375
540
323
1, 578
307
600
1, 428
310
538
1, 512
600
356
1,465
294
617
1,322
267
561
1, 567
353
613
342
1, 555
611
1,434
297
582
1, 577
632
303
1,615
294
659
1,491
280
625
1,568
320
614
1,644
351
628

268
294
326
431
438
423
496
533

393
543
294
99
382
453
380
428

506
012
f>73
556
553
494
601
603
556
642
662
586
634
665

529
488
479
572
616
583
555
504
504
499
522
493

714

584

Total adjusted to exclude $33.5 million of the value reported by economic
category.
Source: Department of Commerce.

23

U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The surplus on goods and services increased 7 percent to a seasonally adjusted annual rate of almost $7.9 billion in
the third quarter. Merchandise exports sharply reversed the previous quarters decline while imports continued to
rise/ but at a slightly slower rate.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

30

20

IMPORTS OF GOODS AND SERVICES

10

JO

1959

1958

I960

1962,

1961

SOURCE: DEPARTMENT OF COMMERCE.

Period

Total

1957
1958
1959
1960
1961
1962
1963

26, 481
23, 067
23, 476
27, 044
28, 438
30, 084
32, 020

1963: I
II
III
IV
1964: I
II 3
III

30, 140
31, 908
32, 148
33, 884
36,000
35,356
36,656

1
2




COUNCIL OF ECONOMIC ADVISERS.

[Millions of dollars]
Impor ts of good s and ser\dees
Es:ports o f goods 2ind ser\?ices
Incoirle on
Addendum :
investinents
Goods and
MiliMerMiliOther services
Mertary
Other
Total
chantary
Prichan- expend- servfinanced
Gov- serv1
1
dise
sales
vate
ices
by Govt.
dise
ernitures
ices
grants and
ment
capital
19, 390
20, 752 13, 291
375 2,612
205 3,899
3,216 4, 245
(2)
16, 264
300 2,538
20, 861 12, 952
307 3,658
3,435 4,474
(2)
2
16, 282
302 2,694
349 3,849
23, 342 15, 310
3, 107 4,925
()
19, 459
335 2,911
349 3,990
2, 239 23, 193 14, 723
3,048 5, 422
19, 913
402 3,464
380 4,279
2,687 22, 852 14, 497
2,954 5,401
20, 576
656 3,850
471 4,531
2,908 25, 021 16, 134
3,044 5,843
21, 989
659 3,969
498 4,905
3,338 26, 335 16, 996
2,897 6,442
Seaso nally ad; usted annua 1 rates
724 4, 144
492 4,820
19, 960
2,984 25, 308 16, 148
2,988 6, 172
21, 888
824 3,876
496 4,824
4,020 26, 124 16, 848
2,924 6,352
22, 440
468 3,852
500 4,888
3,044 26, 932 17, 472
2,844 6,616
23, 668
620 4,004
504 5,088
2,832 6,628
3,304 26, 976 17, 516
840 4,900
524 5,288
24,448
3,048 26,992 17,464
2,868 6,660
24,144
604 4,776
2,912 6,816
528 5,304
3,540 28,032 18,304
532 5,304
25,448
716 4,656
3,500 28,804 18,988
2,736 7,080

Adjusted from customs data for differences in timing and coverage.
Not available.

24

J964

3

Preliminary.
Source: Department of Commerce.

Balance
on

goods
serv5, 729
2, 206

134

3,851
5,586
5,063
5,685
4, 832
5,784
5,216
6,908
9,008
7,324
7,852

U.S. BALANCE OF INTERNATIONAL PAYMENTS
The U.S. deficit on regular transactions declined in the third quarter to a seasonally adjusted annual rate of $2.3
billion. A larger trade surplus, combined with some reduction in Government grants and capital outflows and reduced
level of direct investment abroad, contributed to this improvement.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

20

20

SEASONALLY ADJUSTED ANNUAL RATES

10

10
BALANCE ON GOODS AND SERVICES

T

••^

X

BALANCE ON.OTHER
.
REGULAR TRANSACTIONS

-10

-10

•20
f

10

I

f

I

I

I

I

I

T

10

BALANCE ON REGULAR TRANSACTIONS [SURPLUS OR DEFICIT (-T]

-10

-10

1959

1958

1964

I960

1962

1964

1963

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS.

[Millions of dollars]
Chang<3S in selec ted liabilities (decrease (-)) 6
To f oreigpn official

U.S. pr ivate capital f .net
U.S.

Period

Government
grants
Direct
investand
capital,
ment

net i

1957
1958
1959
1960
1961
1962____
1963

-2, 574
-2, 587
-2, 421
-2, 781
-3, 396
-3, 547
-3, 785

T QAQ •
I
II

m.___

IV
1964:
I
II

Longterm
portfolio 2

-2, 442
-859
-I, 181 -1,444

-1,372
— 926
-1,674
-863
-1,599 -1,025
-1,654 -1,227
-1,888 -1,685
Sejasonally

-3, 596 -2, 472 -2, 184
-4, 680 -1,908 -2, 392
-3, 164
-940 -1,212
-952
-3, 700 -2, 232

Errors Balance Selected
holH
special
and
on
unreregular Govern- Special
nonShortment
corded
transterm
trans- actions 4 trans- 5 marketactions able, conactions
vertible
bonds
and notes
-276
487
1, 157
520
22
488 -3, 529
-311
412 -4, 178
-77
435
863
— 772 -3, 918
37
-1,348
341
622
-1,556
-998 -3,071
701
162 -1, 111 — 3, 605
1,402
-553
-734
702
617
-339 — 3, 261
311
Quarterly ,
,adjusted £innual rat es
__472 -4, 680
144
-96
108
350
152
-2, 248 1,068
-44 -5,256
19
16
175
460 - 1 , 068-1,516
226
-848
-188
25
228 -1,592
264

-3,092 -2,084
-908 -2,528
-3,756 -2,284 -1,052 -2,468
III»___ -3,560 -2,076 -2,344 -1,212

1
2

Foreign
capital,
net 3

104
520
636

-680
-968
-216 -2,764
-704 -2,264

Includes associated Govt. liabilities and scheduled loan repayments.
Includes banking claims.
s Other than liquid funds; includes miscellaneous Govt. nonliquld liabilities.
4
Includes balance on goods and services (page 24) as well as net pensions and
remittance payments ($826 million in 1963).
5
Includes official debt prepayment, advances on military exports, and net
sales of those nonmarketable, medium-term, nonconvertible securities not
included under foreign capital.
e Includes short-term official and banking liabilities and foreign holdings of
U.S. Govt. bonds and notes (other than nonmarketable, nonconvertible).




148
-39
4

122
203

Other

To
other
foreign
holders 8

20
625
735
502
1,248
1,460
1,449
289
681
1,083
457
213
970
594
totals u]aad justed
-74
397
144
773
145
47
126
6

-399
92
181

233
109
558

Changes
in gold,
convertible
currencies, and
IMF
gold
tranche
position
(increase
(-))
— 1, 165
2,292
1,035
2,143
606
1,533
378

32
124
227
-5
— 51

303

10 70

Central banks and governments.
s Private holders; includes banks and international and regional organizations.
Excludes liabilities to IMF relevant to U.S. gold tranche position.
• Preliminary.
10
Total at end of third quarter was $15,870 million, of which $15,643 million
was U.S. gold stock. The increase in gold stock during quarter was $20 million.
NOTE.—Data exclude military grant aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
25

PRICES

CONSUMER PRICES

The over-all index of consumer prices rose by 0.1 percent in October. Price increases of 0.3 percent in nonfood
commodities and 0.2 percent in services more than offset a 0.3-percent decline in food prices.
INDEX, 1957-59 = 100
120

INDEX, 1957-59 = 100
|2O

100

95

1958

1964

-*/SEE NOTE BELOW.
SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS.

11957-59=100]
Co mmoditie 3

All
items

Period

1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1963: Sept
Oct

93. 6
93. 3
94. 7
98.0
100.7
101. 5
103. 1

_ _

Nov

Dec
__ ___
1964: Jan (new series) 1
Feb
Mar
Apr _
May
June. __ __ _
July
Aug
___ _
Sept
Oct.. _ _ _
NOT i-:. t'rio
ownership Iron

___ _ __

_

1042
105. 4
106. 7
107. 1
107. 2
107. 4
107.6
107.7
107. 6
107. 7
107. 8
107.8
108.0
108.3
108. 2
108.4
108.5

All commodities
95. 5
94. 6
95.5
98.5
100.8
100.9
101. 7
102. 3
103. 2
104 1
104 4
104 5
1047
104 9
104.9
1048
104 8
104 9
104 8
105.0
105.3
105. 2
105. 4
105. 5

Food
All
95. 4
94 0
94 7
97. 8
101. 9
100. 3
101. 4
102. 6
103. 6
105. 1
105. 4
104 9
105. 1
105.4
105. 8
106. 0
105. 7
105. 7
105. 5
106. 2
107.2
106. 9
107.2
106. 9

.January 1904, indexes revised to reflect transfer of homervict';; lo durable commodities.

26



Services

Comm odities leg>s food

95. 6
949
95. 9
98. 8
99. 9
101. 2
101.7
102. 0
102.8
103. 5
103. 7
104 2
104 5
104 5
1043
104 1
1043
104 3
1043
104 3
104. 3
104 2
104 3
104 6

NonDurable durable
97.7
94 9
95.4
98. 5
100. 0
101. 5
100.9
100.8
101.8
102.1
102. 2
102. 7
103. 1
103. 0
102.9
102.9
102.9
102. 9
102. 8
102. 9
102. 9
102. 8
102. 8
103. 1

94 4
94 4
96. 5
99. 1
99.8
101.0
102.6
103.2
103. 8
104 8
105.2
105.6
105. 8
105. 9
105.6
105. 3
105. 6
105. 6
105. 7
105. 6
105. 6
105. 6
105. 8
106. 0

All
services

88.7
90.5
92.8
96. 6
100.3
103. 2
106.6
108.8
110.9
113. 0
113. 5
113. 7
113. 9
114 1
114 2
114 3
114. 5
114. 8
114 9
115. 1
115. 3
115. 4
115. 5
115. 7

Rent
93. 5
94 8
96. 5
98. 3

100. 1
101. 6
103. 1
104 4
105.7
106. 8
107.0
107. 1
107. 2
107. 3
107.3
107. 5
107. 5
107. 7
107.7
107. 8
107.8
107. 9
107.9
108.2

Services
less
rent

87.4
89.4
91. 9
96. 1
100. 2
103. G
107. 4
110. 0
112. 1
114 5
1 ] 5. 1
115. 'I
115. f>
115. S
116. 0
116. 0
116.3
116. 5
116. 6
116. 8
117. 0
117. 2
117. 4
117. 6

Beginning with January 1964, new index with revised weights, coverage, and
sampling procedures. For details, see Department of Labor release, * '
Changes in the Consumer Price Index, March 3,1964.
Source: Department of Labor.

WHOLESALE PRICES
The over-all index of wholesale prices declined by 0.1 percent in November. Prices of processed foods fell by
0.8 percent, while farm products increased 0.2 percent and prices of industrial commodities were up 0.1 percent.
INDEX, 1957-59 = 100

INDE*,I957-59 = IOO

115

FARM PRODUCTS

no

TV*

I *1
105

105
PROCESSED FOODS

'COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)

,
V/

90

SOURCE". DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

All
commodities

Period

1956
1957
1958
1959
1960
_
1961
1962
1963
1963: Sept
Oct

-

___

Nov
Dec

1964: Jan
Feb
Mar
Apr
May
June _ _ __
July
Aug___ _
Sept
Oct_
Nov 3 _ 4
__
Week ended:
1964: Dec S
15

__
_ _
_ _ _ _ _ _
_ ._ - - .. . . ...

96. 2
99. 0
100. 4
100. 6
100. 7
100.3
100.6
100. 3
100.3
100. 5
100. 7
100. 3
101.0
100. 5
1 00. 4

i oo. 3

100. 1
100. 0
100. 4
1 00. 3
100. 7
100. S
100. 7
100. 7
100. 7

[1957-59=100!
products aiid foods (iridustrials)
Commodit ies other t han farm |
Consun ler finIndus- Indus- ProducProcFarm
ished gc>ods extrial in- er fintrial
All inessed
prodcludin % food
dustricrude termedi- ished
foods
ucts
DurNonmate- ate ma- goods
als1
terials 2
durable
able
rials
92. 0
94 3
102. 3
97.0
95. 9
97.7
96. 5
96. 6
97. 7
99. 6
98. 7
99. 9
99. 2
97. 9
99. 2
100. 9
102. 9
99. 4
100. 2
100. 1
99. 5
96. 9
99. 3
103. 6
102. 1
102. 3
99. 2
101. 3
100. 8
97. 2
101. 3
101. 0
102. 3
101. 4
100.0
101. 3
98. 3
100. 9
101. 5
96.9
102. 5
100.7
100. 1
100.8
1)7. 2
101. 5
96.0
100. 5
1)5. (i
100. 8
1)9. 1)
102. 9
100. 0
101. 6
97.7
101. 2
100. 7
1)4. 3
95.7
1)1). 6
103. 1
99. 5
101.9
101. 1
99. 6
100. 9
100. 7
99. 4
95.5
1)3. 1)
103. 0
101.9
102. 2
103.2
1 00. 1)
1)4. 4
99. 8
95. 1
99. 6
102.0
102. r>
100. 1)
96. 2
1)4. 5
99. 9
103.4
99.6
101. 7
101. 2
1)4. 5
103. 6
102. 2
93. 3
100. 4
100. 1
99. 5
96. 3
102. 5
101. 3
94.9
100.1
103. 5
102. 4
99. 5
94. 5
100. 1)
94. 9
100. 2
102. 1
101. 2
103.7
99. 6
(
.)f). 2
loo. r> 101. 1
100. 2
95. 2
103. 8
99. 6
101.5
<)4. 4
I 00. 4
101. 1
100. 2
96. 2
103.9
99. 7
101. 1
1)1). 4
1)3. 7
95. 6
100. 1
104. 3
101. 1
100. 1
101. 3
100. 2
1)3. 2
100. 9
100.0
101. 2
95.9
99.9
104. 1
1)4. 1
101. 2
96. 6
100. 0
100. 1
101. 1
101. 5
104.3
1)3. (>
101. 0
101. 1
100.0
99.9
101.4
98.3
104.3
1)5. 7
99.9
102. 2
101. 1
104.2
99.9
98. 1
101. 0
1)3. 8
101. 7
101. 5
99. 1
100. 4
104.3
100.0
101. 6
1)4. 0
100. 9
101. 6
100. 5
99. 7
104. 5
99. 9
101. 8
03. 2
93. 0

101. 0
100. 6

1
Coverage of the subgroups does not correspond exactly to coverage of this
index.
2
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.




101. 7
101.7

s Preliminary.
* Weekly series based on smaller sample than monthly series.
Source: Department of Labor.

27

PRICES RECEIVED AND PAID BY FARMERS
During the month ended November 15, the index of prices received by farmers fell by 1 point while the index of prices
paid was unchanged. The parity ratio declined by 1 point to 75.
INDEX, 1957-59 = 100

INDEX, 1957-59 = 100

no

70

70

1958
^RATlO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID,
INTEREST, TAXES, AND WAGE RATES, ON I9IO-|4*|OO BASE.
SOURCE: DEPARTMENT OF AGRICULTURE.

COUNCIL OF ECONOMIC ADVISERS

Prices i•eceived by farmers
Period

1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1963: Oct 15
Nov 15
Dec 15
1964: Jan 15
Feb 15
Mar 15
Apr 15
May 15
June 15
July 15
Ann; If)
S«'pt, l.r>
Ocl, in
Isov 1.r>__

All farm
products

_ _ __

Crops

102
96
95
97
104
99
98
99
101
100
100
100
98
101
99
99
98
97
96
97
96
98
98
97

1
Percenturo r a t i o of In* x of price;; received by farmers to Index oi prices paid,
i n t c r t ' N f , laxc:-, m u l wan- ti'S. on 11)10-14 = 100 base.

28



108
104
105
101
100
99
99
102
104
106
105
108
108
109
109
108
109
111
108
105
101
102
104
104

Price 3 paid by fairmers

Livestock All items,
interest,
and
taxes, and
products wage rates
Index, 1957-5!) =100
97
95
94
90
88
95
94
98
106
100
102
100
102
98
103
98
99
105
95
106
96
106
94
106
106
91
94
107
92
107
92
107
89
107
107
87
87
107
107
91
92
107
107
95
107
93
92
107

Family
living
items
94
95
96
99
100
101
102
102
103
104
104
104
104
104
105
104
105
105
105
105
105
105
105
105

Sour-ce: Department of Agriculture.

Production
items
97
96
95
98
100
102
101
101
103
104
104
103
103
104
103
104
104
103
103
103
103
103
103
103

Parity
ratio l

89
84
83
82
85
81
80
79
79
78
78
78
76
78
77
76
75
75
74
75
74
75
76
75

MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY

In November, the money supply rose by $0.5 billion (seasonally adjusted) or 0.3 percent while time deposits rose by
$2.0 billion or 1.6 percent. The money supply increase was somewhat slower than in the preceding 5 months but the
ate of increase in time deposits accelerated.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

160

160

120

TIME DEPOSITS AT ALL
COMMERCIAL BANKS
80

40

1961

1959

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF ECONOMIC ADVISERS.

[Averages of daily figures, billions of dollars]
M oney supp>iy
M oney supp iy
Period
Total

1958:
1959:
1960:
1961:
1962:
1963:
1963:

Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
1964: Jan
Feb
Mar
Apr

Mav
June
July
Aug
SeptOct

Nov 2
First half _ _ 2 _
Second half
1
Deposits
2

at all commercial banks.
Preliminary.




___

141. 1
142. 1
141. 1
145. 5
147. 6
153. 2
153. 5
153. 2
153. 8
153. 8
154. 2
154. 5
154. 5
155. 6
150. 7
157. 2
158. 0
158. 6
159. 1
159. 3
158. 9

Currency
outside
banks
Seasonal!]7
28. 6
28. 9
28. 9
29. 6
30. 6
32. 4
32. 3
32. 4
32. 6
32. 7
32. 9
33. 0
33. 3
33. 4

:>:*. 5

33. 7
33. 8
33. 9
34. 2
34, 2
34. 2

Time

De-

mand

de-

posits

de-

posits
adjustec
112. 6
113. 2
112. 1
116. 0
117. 1
120. 7
121. 2
120. 7
121. 2
12L 1
121. 3
121. 5
121. 3
122. 1
1 23. 3
123. 5
124. 2
124. 7
124. 9
125. 1
124. 7

1

Total

Currency
outside
banks

De-

Time

de-

posits

mand
posits

de-

l

U.S.
Government
de-

mand
de-

posits

1

(Jn ad justed

65. 4
67. 4
72. 9
82. 8
97. 9
112. 3
111. 1
112. 3
113. 9
115. 1
115. 7
116. 4
117. 4
118. 5
119. 4
120. 6
121. 7
123. 1
125. 1
124. 4
125. 8

144. 7
145. 6
144. 7
149. 4
151. 6
157. 2
154. 8
157. 2
157. 8
153.8
152.9
155. 0
152.4
153. 6
155. 2
155. 1
156. 9
158.8
160.4
161.0
159. 9

29. 2
29.5
29. 6
30.2
31. 2
33. 1
32. 6
33. 1
32.4
32.3
32.6
32.7
33. 0
33.3
33. 7
33. 8
33.8
34.0
34. 5
34. 5
34. 6

115. 5
116. 1
115. 2
119. 2
120. 3
124. 1
122. 1
124. 1
125.4
121. 5
120. 3
122. 3
119. 4
120. 3
121. 5
121. 3
123. 1
124. 8
125. 9
126. 5
125.3

64.6
66.6
72.1
81.8
96. 7
111. 0
110. 2
111. 0
113. 2
114. 6
115. 7
116. 7
118. 1
119. 2
120. 1
121. 1
122. 0
123. 3
124. 1
124. 0
124. 1

NOTE.—See note, p. 31.
Source: Board of Governors of the Federal Reserve System.

3.9
4.9

4. 7

4.9

5. 6
5. 2
4.4
5.2
4.2

4. 8
6. 1
4. 2
6. 9
7. 8
7.0
6.4
6.6

5. 6
5. 8
4. 6
7.0

29

SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Nonbank liquid asset holdings (seasonally adjusted) rose further in November with the largest increases in time
deposits and savings shares.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED, END OF MONTH

500

500

400

SAVING TYPE

300

ASSETSy

200
DEMAND DEPOSITS AND
CURRENCY
UMiMIMtlHMM"""

100

1961

1963

1962

-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]

U.S. Gov-

Time d eposits
End of period

Total
selected
liquid
assets

332.
343.
356.
373.

1955
1956
1957
1958
1959
1960
1961
1962
1963
1963: Nov
Dec
1964: Jan

5
2
0
1

393.9
399.2

Feb
Mar
Apr. -

_ _ _ _ _ _

Mav
June
July 3
Aug»
Sopt 3
Oc.fc 3
Nov:L_

424 6
459. 0
495. 3
493. 2
495. 3
498. 8
499. 5
503. 9
505. 9
507. 5
511.3
511. 7
514. 7
520. 7
523. 1
526. 5

Demand
deposits

and

currency

l

133. 3
134 6
133. 5
138.8
139. 7
138.4
142. 6
144 8
149. 6
149. 6
149. 6
149. 5
148. 4
150. 2
149. 9
149. 6
151. 1
151. 8
152. 1
154. 8
154 6
154. 7

Com-

49. 7
52. 0
57. 5
65. 4
67. 4
73. 1
82.5
98. 1
112. 9
111. 9
112.9




28. 1
30. 0
31. 6
33. 9
34 9
36. 2
38. 3
41.4
44 5
44.6
44. 5
45.0
45. 4
45. 6
46. 0
46. 3
46.8
47. 1
47.5
47. 9
48. 3
48. 6

1148

115. 5
115. 9
117.0
117. 9
118. 6
119. 8
120.6
121. 9
123.7
125. 7

with money supply, p. 29, except for deduction of demand
Iual savings banks and savings and loan associations. Data
>f month.
s of Hovcrnment agencies and trust funds, domestic comI snvlnps banks, Federal Reserve Banks, and beginning
\::\ mill loan association?.

30

Mutual
savings
banks

mercial
banks

3

Postal
Savings
System

Savings
and loan
shares

U.S. Government
savings
bonds 2

ernment
securities
maturing
within
year £2

1. 9
1. 6
1.3

1. 1
.9
.8
.6
.5
.5
.4
.5
.5

.4
.4

.4
.4
.4
.4

.4

.4
.4
.4

32. 0
37.0
41.7
47.7
54 3
61. 8
70.5
79.8
90.8
90.0
90. 8
91. 3
92. 3
93.4
940

94.8
95. 7
96. 5
97.7
98.9
99.7
100. 6

55. 9

548

51.6
50.5
47.9
47.0
47.4
47. 6
49.0
48.6
49. 0
49. 1
49.0
49. 0
49. 1
49. 1
49. 2
49. 3
49.3
49.4
49. 4
49. 5

Preliminary.
NOTE.—See note, p. 31.
Source: Board of Governors of the Federal Reserve System.

31. 6
33. 2
38. 8
35. 6
48. 8
41.9
42.6
46. 8
48. 1
48. 1
48.1
48. 6
48. 4
49. 3
49. 5
49. 4
49. 4
46.7
47. 1
47.4
46.8
47. 0

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total loans and investments at commercial banks rose strongly by $4.1 billion (seasonally adjusted) in November
but the average monthly increase from September to November about matched that in the first 9 months of this year
and in 1963.
BILLIONS

BILLIONS OF DOLLARS*

ILARS*
250

250

ALL COMMERCIAL BANKS

TOTAL
. LOANS AND INVESTMENTS.

150

ISO

BANK LOANS

INVESTMENTS IN U. S. GOVERNMI NT SECURITIES

INVESTMENTS

IN OTHER SECURITIES

,„„„....'«»"'••

I IIIII
1963

1961
* SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

END OF MONTH

All comnlercial bank s
(s easonally adjusted da ta)
Total
Investrnents
Loans,
loans excluding
and
inter- U.S. Gov- Other
investbank
securiernment
ments
securities
ties

End of period

1956
1957
1958
1959
1960
1961 5
1962 6
1963
1963: Nov 5
Dec
1964: Jan
Feb
Mar
Apr__
May
June
July
Aug 6
Sept
Oct 66
Nov

____

_

161. 6
166. 4
181. 2
185. 9
194. 5
209. 8
228. 3
246.5
244.2
246. 5
246. 7
248. 4
251. 4
251. 8
253. 5
256.3
254.5
258. 7
261. 7
260.8
264. 9

88. 0
91. 4
95.6
107. 6
113. 8
120. 5
133. 9
149. 4
148. 4
149. 4
151. 0
151. 8
153.9
155. 4
157. 3
160. 0
159. 7
161.5
163. 0
163. 1
165. 2

Billions of dollars
57. 3
16. 3
57. 1
17. 9
20. 5
65. 1
20. 5
57. 8
59. 9
20.8
65. 4
23. 9
65. 2
29. 2
62. 1
35. 0
61. 4
34. 4
62. 1
35. 0
60. 8
34. 9
61. 2
35. 4
62. 1
35. 4
60. 8
35. 6
60. 3
35. 9
36. 3
60. 0
36. 4
58. 4
60.2
37.0
61. 2
37. 5
59.9
37. 8
38.4
61. 3

• jLVABUjuei utuLL&s cu e ail iianuiiOti utiiaKS O.11U LlJOSe Ot/aie UallKS Wuiuli JuaVe laiten

membership in the Federal Reserve System.
3
Commercial and industrial loans.
3
Debits during period to demand deposit accounts except interbank and
U.S. Government.
«Averages of daily figures. Annual data are for December.




I I 1I ! I I

1964
COUNCIL OF ECONOMIC ADVISERS

Weekly
reporting
member
banks 1
Business
loans 2

30. 8
31. 8
31. 7
30. 7
32. 2
32.9
35.2
38. 7
37.3
38.8
37. 2
37.6
38. 2
38. 1
38.3
38. 7
38. 5
38. 9
40.0
39. 9
40. 5

Bank
j 1^1
debits
outside
New York
City (343
centers) ,
seasonally
adjusted
annual
rates 3

1,386
1,468
1,481
1,656
1, 786
1,832
2,021
2,199
2,247
2,821
2,355
2,240

& Q® &
&, O&&

2,451
2,318
2, 829
2,431
2, 378
2,425
2,454
2,470
8

A U member banks > 4

Total
reserves

19, 535
19, 420
18, 899
18, 932
19, 283
20, 118
20, 040
20, 746
20, 114
20, 746
20, 675
20, 148
20, 213
20, 273
20, 219
20, 558
20, 663
20, 564
20, 927
21, 032
21,161

Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
]Millions o [ dollars
652
688
577
710
557
516
482
906
769
87
568
149
304
572
327
536
409
376
327
536
256
427
395
304
357
259
375
213
333
255
388
270
265
397
334
413
421
331
412
309
430
397

-36

-133
41

-424

682
419
268
209
33
209
171
91
98
162
78
118
132
79
90
103
-33

Estimates.
• Preliminary.
NOTE.—Between January and August 1959, series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Data for all
member banks include Alaska and Hawaii beginning 1954 and l(J.r>9, respectively.
Source: Board of Governors of the Federal Reserve System.
Ol

CONSUMER AND REAL ESTATE CREDIT
Total consumer credit outstanding rose by $433 million in October, or slightly less than a year earlier.
ally adjusted increase of $410 million in instalment credit was less than in September.
BILLIONS OF DOLLARS

The season-

BILLIONS OF DOLLARS

TOTAL CONSUMER CREDIT OUTSTANDING

20

SEASONALLY ADJUSTED (ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED

1958

1

1959

1963

I960

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

I

1964

COUNCIL OF ECONOMIC. ADVISERS.

[Millions of dollars]

Period

1954
1955
1956

t ;. - 7

1:>

_

._

1959
1960
1961
1962
1963
1963: Sept
Oct
Nov
Dec
1964: Jan
Feb
Mar
Apr__
May
June
July
Aug
Sept
Oct_ _ _ _

Consu mer credit outstandin g (end of p eriod ;
imad justed)
tnstalment
NonAutomoTotal
Personal instalTotal *
bile
ment 2
paper
loans

32, 464
38, 830
42, 334
44,970
45, 129
51, 542
56, 028
57, 678
63, 164
69, 890
66, 538
67, 088
67, 746
69, 890
69, 203
68, 786
68, 913
69, 816
70, 945
71, 907
72, 456
73, 069
73, 495
73,928

23, 568
28, 906
31, 720
33, 867
33, 642
39, 245
42, 832
43, 527
48, 034
53, 745
51, 718
52, 257
52, 695
53, 745
53, 597
53, 552
53, 795
54, 382
55, 120
55, 914
56, 496
57, 055
57, 446
57,826

9,809
13, 460
14, 420
15, 340
14, 152
16, 420
17, 688
17, 223
19, 540
22, 199
21, 725
21, 971
22, 107
22, 199
22, 189
22, 271
22, 471
22, 830
23, 255
23, 702
24, 024
24, 251
24, 295
24,423

5,392
6, 112
6, 789
7, 582
8, 116
9,386
10, 480
11, 256
12, 643
14,391
13, 914
14, 041
14, 135
14, 391
14, 416
14, 479
14, 552
14, 748
14, 902
15, 087
15, 233
15, 415
15, 612
15,672

1
Also includes other consumer goods paper, and repair and modernization
loans, not shown separately.
2
Consists of single-payment loans, charge accounts, and service credit,
s End of period, unadjusted.

32



8,896
9,924
10, 614
11, 103
11, 487
12, 297
13, 196
14, 151
15, 130
16, 145
14, 820
14, 831
15, 051
16, 145
15, 606
15, 234
15, 118
15, 434
15, 825
15, 993
15, 960
16, 014
16, 049
16,102

Consum er instalme nt credit e xtended
and r epaid (seas onally adJListed)
Automob ile paper
To tal
Extended

31, 051
38, 972
39, 868
42, 016
40, 119
48, 052
49, 560
48, 396
55, 126
60, 822
5, 093
5,311
4,979
5,272
5,276
5,421
5,480
5,371
5,552
5,399
5,541
5,529
5, 617
5,507

Repaid

30, 488
33, 634
37, 054
39, 868
40, 344
42, 603
45, 972
47, 700
50, 620
55, 111
4,752
4,780
4, 596
4,812
4,848
4,842
4,956
4,959
5,059
5, 029
5,058
5, 094
5, 104
5,097

Extended

11, 807
16, 734
15, 515
16, 465
14, 226
17, 779
17, 654
16, 007
19, 796
22, 013
1, 730
1,910
1, 792
1,914
1,888
1,953
1,942
1,961
2, 023
1, 962
1,996
2,017
2, 024
1,924

Repaid

11, 833
13, 082
14, 555
15, 545
15, 415
15, 579
16, 384
16, 472
17, 478
19, 354
1,659
1, 676
1,638
1,707
1,684
1,716
1,735
1, 759
1,776
1,768
1,781
1,789
1,802
1,788

Mortgage
debt out standing,
nonfarm
1- to 4family
houses 3
75, 700
88, 200
99, 000
107, 600
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
178, 200

182, 200
185, 200
189, 600
194, 000

NOTE.—Data for Alaska and Hawaii 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
Yields on Treasury bills jumped to a new higher level following the increase in the Federal Reserve discount rate from
to 4 percent, announced on November 23. Most longer term yields rose briefly and then receded.
PERCENT PER ANNUM

PERCENT PER-ANNUM

1964
COUNCIL OF ECONOMIC ADVISERS

Period

1957
1958
1959
1960
1961
1962
1963
1963: Oct
Nov
Dec
1964: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
_Oct
Nov
Week ended:
1964: Nov 14__
21__
28__
Dec 5__
12__
19__

[Percent per annum]
High-grade
U.S. Govejrnment secui*ity yields
municipal
3-month
bonds
3-5 year
Taxable
3
Treasury
2
(Standard4 &
bonds
issues
bills i
Poor's)
3.267
3. 62
3.47
3. 60
2. 90
3. 43
3. 56
1. 839
4.08
3.405
4. 33
3.95
4. 02
2. 928
3. 99
3.73
2.378
3. 60
3. 90
3. 46
2.778
3.95
3. 57
3. 18
3.72
3. 157
4.00
3.24
3.453
3.91
4.07
3. 32
4. 11
3. 522
3.97
3. 41
3. 523
4. 04
4. 14
3. 41
3. 529
4. 06
4. 15
3. 25
4.02
3. 532
4. 14
3. 17
3. 553
4. 15
4. 18
3. 32
3.484
4. 18
4. 20
3. 29
3.482
4. 16
4. 07
3. 22
4. 03
3.478
4. 13
3. 20
4. 13
3. 99
3. 479
3. IS
4. 14
3. 99
3. 506
3. 20
4. 16
4. 03
3. 527
3. 24
4. 16
4. 04
3.575
3. 26
4. 04
3. 624
4. 12
3. 18

3. 574
3. 600
3. 758
3. 868
3. 815
3. 864

4. 00
4. 02
4. 11
4. 1 1
4. 06

4.
4.
4.
4.
4.

11
11
15
15
12

1
Kate on new issues within period.
~ Selected note and bond issues.
3
Series includes: April 1963 to date, bonds due or callable 10 years and after.
« Weekly data are Wednesday figures.
1
Data for first of the month, based on the maximum permissible interest rate
(6M percent since May 1961) and 30-year mortgages paid in 15 years.




3.
3.
3.
3.
3.

15
15
22
19
15

3. 89
3. 79
4. 38
4. 41
4. 35
4. 33
4. 26
4. 32
4. 33
4. 35
4. 37
4. 36
4. 38
4. 40
4. 41
4.41
4. 40
4. 41
4. 42
4. 42
4. 43

4.71
4.73
5. 05
5. 19
5. 08
5. 02
4. 86
4.83
4. 84
4. 85
4. 83
4. S3
4. 83
4. S5
4. 85
4. 85
4, 83
4. 82
4.82
4.81
4.81

Prime
commercial
paper,
4-6
months
3. 81
2. 46
3. 97
3. 85
2. 97
3. 26
3. 55
3. 88
3. 88
3. 96
3. 97
3. 88
4. 00
3.91
3. 89
4. 00
3.96
3. 88
3.89
4. 00
4. 02

4. 43
4. 42
4. 44
4.45
4. 45

4. 80
4.80
4.82
4.83
4. 83

4. 00
4.00
4.06
4. 13
4. 13

Corpora be bonds
(Moo dy'B)

Aaa

Baa

FHA
new home
mortgage
yields 5

5.44
5. 49
5. 77
6. 16
5.78
5. 60
5.46
5. 45
5. 45
5.45
5.45
5.45
5.45
5.45
5.45
5.45
5. 45
5.46
5. 46
5. 46
5.45

Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investor? Service.

33

COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices fell in late November, in the wake of the discount rate rise, and moved erratically lower through midDecember.
INDEX, 1941-43*10

80

70

COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS

60
50

40

40

PE
WEEKLY

MONTHLY

5
""**•%*

DIVIDEND YIELD ON COMMON STOCKS

4
*'

•*»,

1

3

2

1

~

>
^

^

l...:,;:~'

'

... . . _

r^.^\
%%
/
*[—•.

,

-

. • --

,„

1

3
1

I t

1

1 1 1

1

1

2

1 M

TIO

RATIO

25

25
PRICE / E ARNINGS RATIO ON CC MMON STOCKS

20

"- -*-'

10

x^-^""
. ^
—^\ 1 I 1
1
1
1

^-

15
A

1

V

1

1

I960

1959

1958

1

!
1961

-v

r\

I

!

I

1962

1

-—*~~"~*i
i i i

20
15
1

1963

SOURCE: STANDARD AND POOR'S CORPORATION.

'
'
1964

d 10

COUNCIL OF ECONOMIC ADVISERS.

1

Period

1958
1959
1960
1961
1962
1963
1963: Nov
Dec
1964: Jan
Feb__

Total

_

Sept
Or.i,
Nov
Week ended :
19(5-1- Nov

_ __
_ _
___ __

0

i ;> _ , _

'20

'2 7
Dec

I

1 i




46. 24
57.38
55. 85
66.27
62.38
69.87
72. 62
74. 17
76. 45
77. 39
78. 80
79. 94
80. 72
80. 24
83. 22
82. 00
83. 41
84. 85
85.44

49. 36
61. 45
59. 43
69. 99
65. 54
73. 39
76. 69
78.38
80. 85
81. 96
83. 64
84. 92
85. 79
85. 13
88. 19
86. 70
88. 27
89. 75
90. 36

85. 18
85. 10
86. 07
85. 58
84. 06
s:j. 78

___ _

Mar

Apr _ _
May
June __
Julv
Aug

Total

90. 09
89. 96
91. 05
90. 55
88. 84
88.50

Price i ndex Industrials
Capital Consumers'
goods
goods
1941-^13 = 10
47. 93
36. 33
63. 93
47.35
59. 75
47. 21
67.33
57. 01
58. 15
54. 96
63. 30
62. 28
66. 45
66. 44
68. 54
66. 38
71.89
67.36
72. 92
68. 11
75. 48
70. 15
76. 52
70. 93
76. 50
72. 67
72. 42
75. 85
77.76
75. 47
75. 91
75. 40
77.77
77. 74
79. 13
79.08
78. 97
79. 18
78. 69
78.29
79.87
79. 04
77.58
77. 01

•IV.'. arc Industrials; f>0 are public utilities; and 25
fur c a p i t a l ami consumer iroods arc Wednesday
arc a \ c i ; i ! ' c - of d a i l y fh'iircs.

79. 26
78. 69
79. 78
78.99
77. 51
76. 97

Railroads

Dividend
yield 2
(percent)

37. 22
44. 15
46.86
60. 20
59. 16
64. 99
64. 81
65. 64
67. 26
67. 20
66. 78
67.30
67. 29
67. 46
70. 35
71. 17
72. 07
73. 37
74. 39

27. 05
35. 09
30. 31
32. 83
30. 56
37.58
38. 60
39. 92
41. 00
41. 54
42. 88
43. 27
44. 86
46. 29
48. 93
47. 17
47. 14
48. 69
48. 01

3. 97
3. 23
3. 47
2. 97
3. 37
3. 17
3. 14
3. 14
3. 06
3. 05
3. 03
3. 00
3. 01
3. 05
2. 96
3. 03
3. 00
2. 95
2. 96

73. 67
74. 49
74. 89
74. 43
73. 89
74. 30

49. 14
47. 66
48. 03
47. 59
46. 37
45.65

2. 96
2. 96
2. 95
2. 98
3. 05
3. 06

Public
utilities

Price/
earnings
ratios 3
16. 64
17. 05
17. 09
20. 49
16. 24
17. 41
18. 22
18. 17
17. 61

2
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields

Source1: Sl.andn.rd and Poor's Corporation.

>f qu

;rly data.

FEDERAL FINANCE

FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
The budget deficit for the first 5 months of fiscal 1965 was $8.7 billion/ in the corresponding period of fiscal 1964
it was $9.1 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

NET BUDGET RECEIPTS

NET BUDGET EXPENDITURES

1960

1961

1962

1963

1965

1964

1960

NATIONAL DEFENSE

1960

1961

1961

1962

1963

1965

1964

BUDGET SURPLUS (+) OR DEFICIT (-}
(ENLARGED SCALE)

1962

1963

1964

1965

1960

1961

1962

1963

1964

1965

FISCAL YEARS

« ESTIMATE.

SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

Net
budget
receipts

Period

Fiscal year 1959
Fiscal year 1960
Fiscal year 1961
Fiscal year 1962
Fiscal year 1963
Fiscal year 1964 8
Fiscal year 1965
1963: Oct
Nov
Dec
_
1964: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct _
Nov
Cumulative totals first 5 months:
Fiscal year 1964
Fiscal year 1965

COUNCIL OF ECONOMIC ADVISERS*

_

67.9
77.8
77.7
81.4
86.4
89.4
91. 5
3. 4
7.1
8.8
5.9
8.0
10. 1
6.6
6.1
12. 3
3.5
6.7
10. 1
3. 4
7.0
31. 5
30.6

[Billions of dollars]
Net budg et expenditu res
N ational defeiase *
DepartTotal
ment of
Military
Total
Defense, assistance
military
80. 3
46. 5
2. 3
41. 2
76.5
41. 2
45. 7
1.6
81. 5
1.4
47.5
43. 2
87.8
51. 1
46. 8
1. 4
92.6
52.8
1.7
48. 3
54.2
97.7
1.5
49.7
97.2
1.2
52.7
48.6
8.8
4.6
4. 3
.1
4. 1
7.8
3.8
.1
8. 3
4. 5
4. 2
.1
.1
4. 3
4.0
8.5
4. 4
7.5
4. 0
.1
4. 4
7.9
4. 1
.1
4,6
7.9
4. 2
.1
4.7
7.5
4. 3
.2
9.5
5.7
5. 1
.3
7.4
3. 5
3.2
(4)
8. 1
3. 5
3.8
(4)
.1
8.4
4. 2
3.9
4. 2
8.3
3.9
(4)
7. 1
4.0
3.7
40.5
39.3

* In addition to items shown, also includes atomic energy and defense related
services.
2
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
* Preliminary estimates.




21.6
19.7

19.9
18. 3

.5
.2

Budget
surplus
or
deficit (-)

Public
debt
(end of2
period)

-12.4
1. 2
-3. 9
-6.4
-6.3
-8.3
-5.7
5.4
—.7
.5
-2.6
.5
2.3
-1.3
— 1.4
2.8
-3.9
— 1.4
1.6
-4.9
(5)

284.8
286. 5
289. 2
298. 6
306.5
312.5

-9. 1

308. 9
319.3

-8.7

307. 1
308.9
310. 1
309.3
311. 2
310.4
308.4
312. 3
312.5
312.0
314.9
316.5
316.5
319.3

* Less than $50 million. • Deficit of 15 million.
NOTE.—Total budget receipts and expenditures exclude certain intragovernmental transactions.
Sources: Treasury Department and Bureau of the Budget.

35

FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
(n the third quarter, cash payments exceeded cash receipts by $2.5 billion on a seasonally adjusted basis.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
35 I

1 35

CASH PAYMENTS

\
\

5 |

-'1

1
EXCESS OF CASH RECEIPTS

m
EXCESS OF CASH PAYMENTS

1958

1959

-5

I960

1961
CALENDAR YEARS

1962;

1963

SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

1964
COUNCIL OF ECONOMIC ADVISERS.

[Billions of dollars]
Period
Fiscal year:
1958
1959
1960
1961
1962
1963
1964
19651
Calendar vear:
1958
1959
1960
1961
1962
1963
Quarterly total (calendar years):
1963: 1
II
III
IV
_
190-1: I
_ _ _ _ _
1!
III
1

Estimate.

36



Cash receipts
from the
public

Cash payments to
the public

Excess of
receipts or
payments

81. 9
81. 7
95. 1
97. 2
101. 9
109. 7
115.4
118.8

83.5
94 8
94.3
99. 5
107.7
113.8
120. 1
122. 2
89. 0
95. 6
94. 7
104,7
111. 9
117.2
Unadjusted

1.7
3.4
-3.6
-6. 1
1.7
3.3
-4. 1

Excess of
receipts or
payments

-7.2
-8. 0
3. 6
-6. 8
-5. 7
-4.6

26. 5
29.1
30.9
30. 6
28. 6
30.0
31. 1

Cash payments to
the public

-1.6
-13. 1
.8
-2. 3
-5.8
-4.0
-4.7
-3.5

81.7
87. 6
98. 3
97. 9
106. 2
112. 6

Cash receipts
from the
public

28.2
32.6
27.3
24.5
30.3
33. 3
27.0

Se£isonally adjus ted

27.5
27.8
28.5
29.0
29. 7
28.4
28.2

28. 2
28.5
30. 4
30.0
30. 5
29. 3
30.6

Sources: Treasury Department and Bureau of the Budget.

-0.7
-.7
-1.9
-1.0
-.8
-.9
-2.5

FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, Federal receipts rose $1.7 billion (seasonally adjusted annual rate) and expenditures dropped by
$1.0 billion. As a result, the estimated deficit was $5.2 billion, compared to $7.8 billion in the preceding quarter.
BILLIONS OF DOLLARS"

BILLIONS OF DOLLARS*

140

140

120

120

RECEIPTS

\

100

EXPENDITURES

80

H 75
i

I

i

i

+20
SURPLUS

nnu0

ijjlHili^

LJ^IM^

P.JI^ <

r-~-

"yu

DEFICIT

-20

i

i
1958

i

1

1

1

1959

i

i

i

'

I960

i
1961

i

i

i
1962

i

I

I

t

i

1963

i
1964

i

-20

CALENDAR YEARS
*SEASONALLY ADJUSTED ANNUAL RATES,
SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS.

[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal (jrovernment receipts

Period

Fiscal year:
1961
1962
1963
1964
19651...Calendar
year:
1957
1958
1959
1960
1961
1962
1963
1963:1—
1I__
III.
IV_
1964: 1_._
IIIII.

Federa 1 Governinent expe nditures

Indirect ContriPersonal Corpo- business butions
rate
tax and profits tax and to social
Total nontax
tax
nontax
receipts accruals accruals insurance

Total

GrantsSubsidies Surplus
Purin-aid
less
or
Net
Trans- to State
chases
current deficit
and
interest surplus
of goods fer pay'(-)
paid
ments
and
local
of Govt.
goverservices
enterments
prises

95. 4
104.3
109.6
114.7
118. 0

44.2
47.7
50. 1
51.4
50.7

19.7
21.9
22. 1
23.5
25.7

13. 6
14.9
15.2
16. 0

18.0
19.7
22. 1
23.8

97. 8
106.2
112.3
118.5
121. 2

54.9
60.0
63.6
66. 1
66. 2

25.9
27. 8
29. 2
30.4

6.8
7.6
8.3
9.8

6.9
6.8
7.4
8. 1

3.3
4.0
3.8
4. 1

-2.4
-1. 9
-2.8
-3.9
-3.2

81. 7
78. 5
90. 3
96.6
98.3
106.4
113.6
110. 5
112.9
114.2
117.2
114.8
112.3
114.0

37.3
36. 6
40. 4
44.0
45. 1
49. 1
51.9
50. 7
51. 5
52.2
53.4
51.2
47.3
48. 2

19.9
17. 7
22.0
21.0
20.9
21.8
23. 0
22. 0
23. 0
23. 0
24.4
23.9
24.4
24.4

12. 2
11. 9
13.0
14.0
14. 1
15. 1
15. 6
15.4
15. 5
15.7
15. 9
15.9
16.4
16.6

12. 2
12. 4
14. 9
17. 6
18.2
20. 5
23. 0
22. 5
22. 9
23.2
23.5
23.9
24.2
24, 7

79.7
87.9
91. 4
93. 1
102.6
110.4
115. 2
115. 3
113. 9
114. 9
116.6
117. 2
120. 2
119.2

49. 7
52. 6
53. 6
53. 1
57.4
62. 9
64. 7
65. 1
64.3
64.4
64.9
64.3
67.1
65.5

17.4
21. 3
22. 2
23. 8
27.4
28.3
29.9
30. 1
29. 5
29.6
30.3
31.1
30.7
30.8

4. 1
5. 4
6.7
6.3
7.2
8.0
9.1
8.5
8.7
9.4
9.9
9.8
10. 4
10.6

5.7
5.6
6.4
7.1
6.7
7.1
7.7
7.6
7.5
7.8
7.9
8.3
8.4
8.4

2.8
3.0
2. 5
2.8
3.9
4.2
3.8
4.0
3. 9
3. 7
3.5
3.7
3.6
3.9

2.0
— 9. 4
-1. 1
3.5
-4.3
-4. 1
— 1.5
-4.8
-1.0
-.7
.6
-2.4
-7.8
-5.2

1
Preliminary estimates.
NOTE.—-Data for Alaska and Hawaii included beginning 1960.




Source: Department of Commerce.

37

UNITED STATES
GOVERNMENT PRINTING OFFICE

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PAYMENT OF POSTAGE. »3OO

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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
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
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
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
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
NOTB.— 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.

38



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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102