Full text of Economic Indicators : February 1955
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84th Congress, 1st Session
Economic Indicators
FEBRUARY 1955
Prepared for the joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 195S
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Gong.)
PAUL H. DOUGLAS, Illinois, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
JOHN SPARKMAN (Alabama)
J. WILLIAM FULBRIGHT (Arkansas)
JOSEPH C. O'MAHONEY (Wyoming)
RALPH E. FLANDERS (Vermont)
ARTHUR V. WATKINS (Utah)
BARRY GOLDWATER (Arizona)
RICHARD BOLLING (Missouri)
WILBUR D. MILLS (Arkansas)
AUGUSTINE B. KELLEY (Pennsylvania)
JESSE P. WOLCOTT (Michigan)
HENRY O. TALLE (Iowa)
THOMAS B. CURTIS (Missouri)
GROVER W. ENSLEY, Staff Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
ARTHUR F. BURNS, Chairman
WALTER W. STEWART
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled* That the Joint
Committee on the Economic Report be authorized to issue a monthly publication entitled "Economic Indicators,"
and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the
Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint
Committee on the Economic Report; and the required number of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed
for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce
11
Contents
THE TOTAL OUTPUT OF THE ECONOMY
Fagt
The Nation's Economic Accounts
Gross National Product or Expenditure
1
2
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
3
4
5
6
EMPLOYMENT AND WAGES
Status of the Labor Force
Nonagricultural Employment
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
7
8
9
10
11
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Selected Weekly Indicators
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
New Construction.
New Housing Starts.... . .
Sales and Inventories—Manufacturing and Trade.
Merchandise Exports and Imports
.
..
......
12
13
14
15
16
17
18
19
20
PURCHASING POWER
National Income. . .
Corporate Profits
Sources of Personal Income
Disposition of Personal Income
Per Capita Disposable Income
,
Farm Income
21
22
23
24
25
26
CREDIT, MONEY, AND FEDERAL FINANCE
Bank Loans, Investments, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Money Supply
Federal Buaget Receipts and Expenditures
Federal Cash Receipts From and Payments to the Public
•*....-..-
27
28
29
30
31
32
lli
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC ACCOUNTS
Estimates of total income and expenditures for the fourth quarter of 1954 reflected the substantial rise in over-al
economic activity during the latter part of the year.
BILLIONS OF DOLLARS
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
CONSUMERS
300
250
200
DISPOSABLE INCOME
150
EXPENDITURES
100
50
0 I
too
I
I
I
I
I
I
I
I
I
I
I
I
I
I.-5M
I
I
I
i
I
I
I
I
i
i
i
j
I
i
BUSINESS
INVESTMENT1*
50
EXCESS OF GROSS
"RETAINED EARNINGS
GROSS RETAINED
EARNINGS!/
I
i
I
I
I
,
I
^GOVERNMENT-FEDERAL, STATE, AND LOCAL
100
k
EXPENDITURES FOR GOODS
>, AND SERVICES
Mr
EXCESS OF RECEIPTS
50
RECEIPTS
(LESS TRANSFER PAYMENTS)
I
1942
I
I
1944
1
1946
I
I
I
1948
I
I
1950
i
I
1952
1954
1951
1952
1953
1954
NET FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT.
2/ INCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES.
* 3/ PRELIMINARY- ESTIMATES.
NOTE: THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES, OR GROSS NATIONAL PRODUCT
BECAUSE OF STATISTICAL
DISCREPANCIES. FOR EXPLANATION ANB USE OF THIS ARRANGEMENT, SEE SENATE REPORT NO. 1295, JOINT ECONOMIC REPORT
*
PP. 92-93, 99-I05,1 AND THE ANNUAL ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1953, APPENDIX A.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product rose substantially in the fourth quarter of 1954. The rise of $6% billion (seasonally adjust*
annual rate) was due mainly to increases in consumer expenditures and in private investment.
BILLIONS OF DOLLARS
400
BILLIONS OF DOLLARS
ANNUAL TOTALS
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
I
I
I
1946
I
1948
1950
I
I
1952
I
1954
1954
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISIRS
[Billions of dollars]
Personal Gross
Total
conNet
private foreign
gross
sump- domestic
national
tion
investproduct expend- investment
ment
itures
Period
1939—.
1944.
1946
_>___
1948
1949
1950
1951
1952
1953
1954
__.
..
. .
1953: Third quarter _ _ > _ _ - _ _
, Fourth quarter
1954: First quarter
Second quarter
Third quarter
Fourth auarter. _ _.
„
Government purchases of goods and services
Federal
State
and
Total i Total i National2 Other
local
security
91. 1
211.4
209. 2
257.3
257.3
285. 1
328.2
346. 1
364. 9
357.2
67.6
109. 8
146. 6
177. 6
180. 6
194.0
208. 3
218.4
230. 1
234. 0
5.2
0.9
13.3
9.3
89.0
96. 5
— 2. 1
7. 1
20.9
4. 6
27. 1
30.9
21. 0
2. 0
41.2
36. 6
25.4
32. 5
.5
43. 6
22. 1
51.2
-2. 2
42.0
41.0
.2
62.8
56. 9
-.2
540
77.2
50. 7
60. 1
85.2
51.4
-1.9
50.0
—..4
46. 1
77.5
Seasonally adjusted annual rates
1.3
88.6
21. 2
16. 0
19.3
18.5
37.3
48.5
52.0
43. 6
3.9
1.6
2. 5
5.6
6. 6
3.9
42
5. 8
8.5
6. 7
8. 2
7.5
10.0
15. 6
18.2
19.9
21. 8
23.2
25. 1
27. 5
367.2
360.5
355. 8
356. 0
355. 5
362.0
231.2
229. 7
230. 5
233. 1
234. 8
237. 7
52. 4
45. 5
44. 5
45.6
45. 3
49. 5
52.3
50. 6
46. 9
44. 7
42. 1
40. 5
8.4
9.6
8.4
6.9
6. 1
5. 6
25. 1
26.2
26. 9
27.0
27.7
28. 2
-1.8
-.6
— 1. 1
10
2
."8
85.4
86.0
81.9
78.3
75. 6
74. 1
60.3
59.8
55.0
51.3
47.9
45. 9
1
Less Government sales.
3 Includes expenditures for military services, international security and foreign relations (except foreiim loans), development and control of atomic energy, promotion of the merchant marine, promotion of defense production and economic stabilization, and civil defense. For further details, see Economic Report of the
President, January 1955 (p. 137), and National Income, 1954 Edition (p. 148). These expenditures are not comparable with the "national security" category in The
Budget of the U. S. Government for the Fiscal Year Ending June SO, 1955,
55, and
and sshown on p~. 31 of Economic Indicators.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce
PRICES
CONSUMER PRICES
In December, the average of consumer prices declined slightly, and was at the lowest point for the year.
INDEX, !947-49
140
INDEX, I 947-49=100
140
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
1949
1950
1951
1952
1953
1954
SOURCE: DEPARTMENT OF LABOR
[1947-49=100]
Period
1939 monthly average.
1944 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average
1953 monthly average
1954 monthly average _ _
1953: November
December
1954: January
February
... ».
March _
April
_
May
June
July
August
September
October
November
December.
»Not available.
AH
items
Food
59.4
75.2
83.4
102.8
101.8
102.8
111.0
113.5
114. 4
114.8
115.0
114.9
115.2
115.0
114.8
114.6
115.0
115. 1
115.2
115.0
114.7
114.5
114. 6
114. 3
47. 1
67. 4
79.0
104. 1
100.0
101.2
112.6
114.6
112.8
112. 6
112.0
112.3
113. 1
112.6
112. 1
112.4
113.3
113.8
114.6
113.9
112.4
111.8
111. 1
110. 4
Housing
Total
Rent
(l1)
C)
«
101.7
103.3
106.1
112.4
114.6
117.7
119, 1
118.9
118. 9
118.8
11R9
119.0
118.5
118.9
118. 9
119. 0
119. 2
119.5
119.5
119.5
119. 7
86.6
90. 6
91.4
100.7
105.0
108.8
113. 1
117.9
124. 1
128. 5
127.3
127.6
127.8
127. 9
128.0
128. 2
128. 3
128.3
128. 5
128. 6
12R 8
129.0
129. 2
129. 4
Apparel
Trans
portation
52.5
72. 6
83. 7
103.5
99.4
98. 1
106. 9
105.8
104.8
104.3
105. 5
105. 3
104.9
104.7
104.3
104. 1
104,2
104. 2
104.0
103. 7
104.3
104. 6
104. 6
104. 3
«
0
(l)
100.9
108. 5
111.3
118.4
126.2
129. 7
128.0
130. 1
128. 9
130. 5
129. 4
129. 0
129.1
129. 1
128. 9
126. 7
126.6
126.4
125. 0
127. 6
127.3
Medical Personal
care
care
•(*)•'
«
C1)
100.9
104. 1
106.0
111. 1
117.2
121.3
125. 2
123.3
123. 6
123.7
124. 1
124. 4
124.9
125. 1
125. 1
125. 2
125.5
125.7
125. 9
126. 1
126. 3.
C1)
0
«
101 3
101.1
101. 1
110. 5
111. 8
112. 8
113.4
1 13. 4
113.6
113. 7
113. 9
114. 1
112,9
113. 0
112.7
113.3
113.4
113.5
113.4
113.8
113.6
Reading Other
and
goods
and
recreation
services
«1
C1)
w
0
100. 4
104. 1
103.4
106.5
107.0
108.0
107. 0
108. 9
108. 9
108. 7
108. 0
108. 2
106. 5
106. 4
106. 4
107.0
106. 6
106. 5
106.9
106.8
106; 6
C;
«
100.5
103. 4
105.2
109. 7
115.4
118. 2
120. 1
120. 2
120. 3
120.3
120.2
120. 1
120.2
120. 1
120. 1
120. 3
120. 2
120. 1
120. 1
120.0
119. 9
Source: Department of Labor.
WHOLESALE PRICES
In January, the average of wholesale prices increased 0.6 percent/ all major components increased with prices of farm
products showing the largest rise.
1950
SOUBCE:
DEPARTMENT
OF LABOR.
COUNCIL OF ECONOMIC ADVISERS i
11947-49*= 100]
Period
1939 monthly average.
1944 monthly average..
1946 monthly average.
1948 monthly average.
1949 monthly average.
1950 monthly average.
1951 monthly average.
1952 monthly average.
1953 monthly average.
1954 monthly average.
1953: December
1954: January
February
March
April
....
May
June
July
August..
September.:
October
November
December
.
1955: January
Week ended:
1955: February 1.
8.
Department of Labor.
99.2
103. 1
114.8
111. 6
110. 1
110. 3
110. 1
110.9
110.5
110.5
111.0
110.9
110.0
110.4
110.5
110.0
109.7
110.0
109. 5
110*2
36.5
68.9
83.2
107.3
92.8
97.5
113.4
107.0
97.0
95. 6
94.4
97.8
97.7
98.4
99.4
97.9
94.8
96.2
95.8
93.6
93. 1
93.2
89. 9
92. 9
43.3
60.4
77.6
106. 1
95.7
99.8
111.4
108.8
104.6
105.3
104.3
106.2
104.8
105.3
105. 9
106.8
105.0
106.5
106.4
105. 5
103.7
103.8
103.5
103. 7
Other than
farm products
and foods
(industrial)
58. 1
70.4
78.3
103.4
101.3
105. 0
115.9
113.2
114.0
114.5
114.6
114.6
114.4
114.2
114.5
1145
114.2
114.3
114.4
114.4
114.5
114.8
114. 9
115.3
110.4
110.3
93.8
93.4
103.2
103. 2
115.4
115.5
All commodities
50. 1
67.6
78.7
104.4
Farm
products
Processed
foods
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 2 percent during the month ended January 15, due to increases in the prices of cattle,
chickens, and commercial vegetables. Prices paid by farmers also increased, and the parity ratio was unchanged.
INDEX, 1910-14 = IOO
325
INDEX, 19IO-I4 =100
325
275
^+~
^
PARITY INDEX
(PRICES PAID, INTEREST, TAXES,
AND WAGE RATES)
I N D
1952
1951
1950
1953
1954
•VRATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.
SOURCE: DEPARTMENT OF AGRICULTURE.
1955
COUNCIL OF ECONOMIC ADVISERS
[1910-14=1001
Prices paid b y farmers for
items iised in
Period
Family living
1939 monthly average1944 monthly average
1946 monthly average1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average
1953 monthlv average
1954 monthly average
1953: December 15
1954" January 15
~February 15
March 15
April 15
-_
May 15
June 15
July 15
..
August 15
September 15
_._
October 15
November 15
December 15
1955: January 15
- --
120
175
202
251
243
246
268
271
270
274
270
271
271
272
273
276
276
277
277
273
273
272
272
273
Production
121
173
191
250
238
246
273
274
253
252
249
254
255
255
256
256
252
247
250
251
250
251
250
254
Parity index
(prices paid.
Prices
received
and wage rates) by farmers
123
182
208
260
251
256
282
287
279
281
278
282
282
283
283
284
282
280
282
280
279
279
279
2KB
2
2
95
197
236
287
250
258
302
288
258
250
254
259
258
256
257
258
248
247
251
246
242
244
239
244
i Percentage ratio of index of prices received by farmers to parity index.
i Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946.
Source: Department of Agriculture.
58519—55
2
Parity ratio l
77
108
113
110
100
101
107
100
92
89
91
92
91
90
91
91
88
88
89
88
87
87
86
86
STOCK PRICES
After a mild decline early in January, stock prices resumed their advance.
INDEX, 1939 = 100
INDEX, 1939 » 100
400
400
300
200
200
100
IOO
1955
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
Composite
index *
Period
Weekly average:
1944
1946
1948 .
1949
1950
1951
„__
1952
1953
1954
-_ _-1953: December
1954: January
February
March
.
April
May
June
July
August _
September
October
November
December
1955: January.
Week ended:
1955: January 7
14.,21
28
February 4
11 2
6
COUNCIL OF ECONOMIC ADVISERS
[1939=100]
Manufacturing
Durable Nondura- TransTotal
goods ble goods portation
Utilities
Trade,
finance, Mining
and service
108. 1
149. 4
132.7
127, 7
154. 1
184.9
195.0
193.3
229.8
193.4
198. 4
203. 1
207. 1
215. 8
223.2
223. 9
233.0
237. 1
240.4
243. 6
254. 4
267. 7
270. 6
106. 9
146. 6
136.8
132. 1
165. 7
206.8
220. 2
220. 1
271. 3
221. 8
228.4
233.9
239.8
252. 9
262.9
263. 4
275. 3
280. 0
285. 6
291.2
305. 2
322.7
326. 4
104.7
138. 6
124. 3
116. 0
150. 2
178.5
188.8
192. 6
245.2
192, 1
198.8
204.2
209. 6
223. 2
232.5
236. 6
254.3
257. 0
260. 2
267. 4
284.4
298. 3
306.9
109.2
154. 5
148. 6
147.2
180.2
233. 1
249.3
245. 2
295. 2
249. 1
255.5
261.2
267. 5
280.3
290. 8
288.0
294. 4
301.0
308.8
312. 8
324. 0
345. 0
344. 0
140. 8
202. 4
158. 1
136.0
160.0
199.0
220.6
218. 7
232. 6
200.0
206.2
214.6
212.3
211.6
220.6
225. 4
233. 5
237. 1
236. 0
240.4
259. 4
284.8
288. 1
99.0
121. 0
99.3
98. 1
108.9
112.6
117.9
121.5
135.8
124. 5
126. 1
128.4
130.4
131.8
134.2
134.3
138.6
140.8
139.8
138.2
141. 2
144. 1
145.3
117. 3
204.3
156.9
160.7
183.8
207.9
206.0
207.1
235. 6
209. 2
213.0
216.0
214. 6
219.8
225.6
228.3
236. 0
243. 1
247. 2
248.6
260.4
267.5
269.8
93.3
125.5
133.0
129.4
143.5
204.9
275. 7
240. 5
267.0
229.6
238.6
250.3
259.2
265.9
269.6
266.3
257.2
262. 6
267.8
269.4
277.9
310.3
314.4
269. 5
269. 4
269. 6
273. 8
279. 3
282.6
325. 6
324. 8
324. 7
330. 3
339. 0
342.2
304.
304.
305.
313.
319.
321.
345. 0
343. 0
342. 0
345. 8
356. 8
361.2
291. 0
284. 9
283. 5
293. 0
292. 6
298.3
143. 6
144. 8
146. 2
146. 5
147. 6
150.6
265.6
269. 5
269.4
274. 9
275. 3
277. 8
312. 3
315. 2
314.7
315. 3
312.4
316. 1
2
8
6
1
3
3
1
Includes 265 common stocks: 98 for durable goods manufacturing, 72 lor nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31
for trade, finance, and service, and 14 for mining. Indexes are for weekly closing prices.
»Data became available after chart was prepared.
Source: Securities and Exchange Commission.
EMPLOYMENT AND WAGES
STATUS OF THE LABOR FORCE
Unemployment rose between early December and early January by less than is usual between these months.
ment dropped less than seasonally*
MILLIONS OF PERSONS
Employ*
MILLIONS OF PERSONS
75
75
70
70
I960
1955
14 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF COMMERCE
Period
68-area sample : 5
1939 monthly average...
1949 monthly average..1950 monthly average..
1951 monthly average- _
1952 monthly average. _
1953 monthly average. _
230-area sample : 6
1954 monthly average. _
1 9 54 * Jan uary
February _
March
AprilMay
June ..
Julv
August
September
October
November
December
1955: January
-
COUNCIL OF ECONOMIC ADVISERS
Total
labor
force (including
armed
forces)
Civilian
labor
force
55, 600
63, 721
64, 749
65, 982
66, 560
67, 362
55, 230
62, 105
63, 099
62, 884
62, 966
63, 815
45, 750
58, 710
59, 957
61, 005
61, 293
62, 213
9,610
8,026
7, 507
7, 054
6,805
6,562
36,
50,
52,
53,
54,
55,
140
684
450
951
488
651
185
92
117
142
142
9,480
3,395
3, 142
1,879
1, 673
1, 602
17.2
5.5
5.0
3.0
2.7
2.5
2,470
1,599
996
1,064
1,058
67, 818
66, 292
67, 139
67, 218
67, 438
67, 786
68, 788
68, 824
68, 856
68, 565
68, 190
67, 909
66, 811
66, 700
64, 468
62, 840
63, 725
63, 825
64, 063
64, 425
65, 445
65, 494
65, 522
65, 243
64, 882
64t 624
63, 526
63, 497
61, 238
59, 753
60, 055
60, 100
60, 598
61,119
62, 098
62, 148
62, 276
62, 144
62, 141
61, 731
60, 688
60, 150
6, 504
5,284
5,704
5,875
6,076
6,822
7,628
7,486
6,928
7,527
7,239
6, 154
5,325
5, 297
54, 734
54, 469
54, 351
54, 225
54, 522
54, 297
54, 470
54, 661
55, 349
54, 617
54, 902
55, 577
55, 363
54, 853
221
427
216
236
216
294
229
298
143
198
136
120
137
251
3,230
3,087
3,671
3,725
3,465
3,305
3,347
3,346
3,245
3,099
2,741
2,893
2, 838
3, 347
5.0
4.9
5.8
5.8
5.4
5. 1
5. 1
5. 1
5.0
4.8
4,2
4.5
4. 5
5.3
2,039
2,205
2,362
2,389
2,383
2,244
2,082
2,037
1,871
1,752
1,631
1,643
1,869
6
2, 201
Employment 1
Unemployment 3
Insured
unemployTempo%of
ment
rary 2
Agricul- Nonagri- layoffs
(thousands4
Total
Number civilian
labor of
tural
cultural
persons)
force
Thousands of persons 14 years of age and over
1
Includes part-time workers and those with jobs but not at work for such reasons as vacation, illness, bad weather, temporary
layoff, and industrial disputes.
3
2 Shown separately so as to afford a basis for further analysis of employment and unemployment.
See footnote 2.
« 411 programs. Weekly average for period. For description of series, see Labor Market and Employment Security, April
1954,
e
«Pertains to labor force data only.
"
Preliminary estimate
i
Sources: Department of Commerce (labor force) and Pepartment of Labor (insured unemployment).
NONAGRICULTURAL EMPLOYMENT
Employment in nonagricuitural establishments declined between December and January as the usual after-Christmas
layoffs took place, especially in trade and the postal service. However, employment levels in trade, finance, and
the services were at alltime highs for January.
MILLIONS OF WAGE
AND SALARY WORKERS
II.0
MILLIONS OF WAGE
AND SALARY WORKERS
8.5
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
1
J
F
M
A
M
J
J
1
A
1
S
i
O
I
N
I
A I
D
J
CONTRACT CONSTRUCTION
F
M
A
M
J
J
A
S
O
WHOLESALE AND RETAIL TRADE
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[Thousands of wage and salary workers *]
Period
1939
_-_
1946
1948
1949
1950
1952
1953
19542
1953: December.
1954: January___
February__
March
April
May
June
July
August
September.
October
November.
December
"
1955: January 2 __
Total
adjusted
for
seasonal
variation
49, 109
48, 812
48, 607
48, 441
48, 268
45, 177
48, 102
47, 982
47, 945
48, 054
48, 209
48, S98
48, 390
48, 468
Government
Contract Wholesale
and retail (Federal,
Durable
Nondu- Mining construcState,
tion
trade
goods rable goods
local)
Not adjusted for seasonal variation
Manufacturing
Total
30, 287
41,412
44, 382
43, 295
44, 696
48, 306
49, 660
48, 280
50, 197
48, 147
47, 880
47, 848
48, 068
47, 935
48, 137
47, 808
48, 045
48, 526
48, 668
48, 827
49, 476
47, 802
Total
10, 078
14, 461
15,321
14, 178
14, 967
16, 334
17, 259
16, 040
16, 765
16, 434
16, 322
16, 234
16, 000
15, 836
15, 888
15, 627
15, 863
16, 019
16, 058
16, 107
16, 095
15, 932
4,683
7,739
8,312
7,473
8,085
9, 340
10, 129
9, 178
9,773
9,591
9,480
9, 389
9,260
9, 152
9, 123
8,863
8,875
8,950
9.065
9, 182
9, 201
9, 135
5,394
6, 722
7,010
6,705
6,882
6,994
7, 131
6, 863
6,992
6,843
6, 842
6,845
6,740
6,684
6,765
6,764
6,988
7,069
6,993
6,925
6,894
6, 797
845
852
982
918
889
885
844
745
822
805
790
772
749
737
744
735
737
719
716
721
720
712
1,150
1, 661
2,169
2, 165
2,333
2,634
2,644
2, 627
2,632
2,349
2,356
2,415
2,535
2,634
2,729
2,795
2,851
2,817
2, 777
2, 724
2, 547
2, 350
6,612
8,602
9,519
9,513
9, 645
10, 281
10, 533
10, 524
11,361
10, 421
10, 310
10, 305
10, 496
10, 375
10, 414
10,377
10, 350
10, 480
10, 581
10, 782
11,400
10, 508
3,987
5,607
5,614
5,837
5, 992
6, 609
6,645
6,710
6,955
6,659
6,639
6,667
6,699
6,701
6,625
6,467
6,454
6,738
6,865
6, 882
7, 129
6,839
Other
7,615
10, 230
10, 777
10, 685
10, 871
11, 565
11, 735
11, 633
11, 662
11,479
11,463
11,455
11, 589
11, 652
11,737
11,807
11,790
11, 753
11. 671
11,611
11, 585
1.1.461
1
Ineludes all full and part-time wage and salary workers in nonagnculturai establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed pprsons, domestic servants, and personnel of the armed forces. Total derived from this
table not comparable with estimates of n on agricultural employment of the civilian labor force reported by the Department of Commerce (p. 7) 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 enumeration of population, whereas the estimates in this table are based on reports from emnloyiner establishrnpnts.
» Preliminary estimates.
Sources: Department of Labor and Board of Governors of the Federal Reserve System.
8
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of factory production workers declined from 40.6 hours in December fo 40.2 in January—
a somewhat smaller decline than is usual at this time of year.
HOUR PER WEEK
HOURS PER W E E K
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
1954
RETAIL TRADE
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISf RS
[Hours per week, for product/on workers or nonsupervisory employees]
Manufacturing I
Period
Total
1939
1944
1946
1948
1949
1950
1951
1952
1953 2
1954
_
1953: December
1954: January
February
March
April
May
June .
July
August
September
October
November
December 2
1955: January 2
_„ __
•
_. ..
«_
__
___
Durable
goods
37. 7
45. 2
40. 4
40. 1
39. 2
40. 5
40. 7
40. 7
40. 5
39. 7
40. 2
39. 4
39. 6
39. 5
39. 0
39. 3
39 6
39. 4
39. 7
39. 7
39. 9
40 2
40. 6
40. 2
J Data beginning with January 1948 are not strictly comparable with those for earlier periods.
« Preliminary estimates.
Source: Department 01 Labor.
38. 0
46. 6
40. 2
40.5
39. 5
41.2
41. 6
41. 5
41.3
40. 2
40. 8
40. 1
40. 2
40. 0
39. 7
39. 9
40. 0
39. 7
40. 1
40. 1
40. 4
40. 8
41. 1
40. 9
Nondurable
goods
37. 4
43. 1
40. 5
39. 6
38. 8
39. 7
39. 5
39. 6
39. 5
39. 0
39. 3
38. 5
38. 8
38. 8
38. 1
38. 5
38. 9
39. 0
39. 2
39. 3
39. 2
39. 5
39.7
39. 2
"Qi-iilrlinrr
rsuiiuing
construction Retail trade
42.7
40.4
40.7
40.3
40.4
40.5
40. 2
39.9
39.3
39.2
39.2
39.0
39. 1
39. 1
39. 1
38.9
39.3
39.8
39.7
39.2
38.9
38.7
39.5
32.6
39. 6
38. 1
»37. 3
36.7
36.3
37.2
38. 1
37.0
36. 2
36.3
33.9
36.0
36.4
36.5
36.7
37. 1
36.9
37.0
36.0
36.6
35.8
35.9
(3)
* Not available.
(3)
AVERAGE HOURLY EARNINGS - SQ^ECTED INDUSTRIES
Earnings of production workers in manufacturing industries averaged $1.84 an hour in January, 1 cent more than in
December and 4 cents more than in January a year ago.
EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE !§S4»iO§
SOURCEi DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
All manufacturing
Period
1939
1944 .
1946
_
1948
._
1949. „.
1950
_.__
1951
1952
_
1953 3
1954
1953: December..
1954: January
February
March _
April
May
JuneJuly
August
September
October
November
December 3
1955: January 3
_
Current
prices
$0. 633
1.019
1.086
1. 350
1. 401
1. 465
1.59
1.67
1.77
1. 81
1.80
1.80
1. 80
1.79
1.80
1.81
1.81
1.80
1. 79
1.81
1.81
1.83
1.83
1. 84
1954
prices *
$1. 224
1.556
1. 496
1.508
1. 579
1. 637
I. 64
1. 69
1. 78
J. 81
I. 80
1. 79
1. 80
1. 79
1. 80
1. 81
1. 80
1. 79
I. 79
1. 81
1. 82
1. 83
1. 84
(4)
Durable goods
manufacturing
Current
prices
$0. 698
1. 117
1. 156
1. 410
1.469
1.537
1.67
1. 77
1.87
I. 92
1. 90
1.91
1.90
1. 90
1. 90
I. 91
1. 91
1. 91
I. 91
1. 93
1. 93
1. 94
1. 95
1. 96
1954
prices l
$1. 350
1, 705
1. 592
1.575
1. 656
1.717
1. 73
. 79
. 88
. 92
.90
. 90
.90
1. 90
.90
1.91
1. 90
1.90
1. 91
1. 93
1. 94
1. 94
1. 96
i4)
i Earnings in current prices divided by consumer price index on buse 1954=100
-._„ with January
nuary 1948 are not strictly comparable with those fc
» Data beginning
earlier periods.
Source: Department of Labor
10
Nondurable goods
manufacturing
Current
prices
$0. 582
. 861
1.015
1. 278
1.325
1.378
1.48
1,54
1. 61
I. 66
1. 64
1. 65
1.65
1. 65
1. 65
1. 66
1. 66
1. 66
1. 65
1. 66
1. 66
1. 67
1. 67
1. 68
1954
prices 1
$1. 126
1.315
1. 398
1.428
1.494
1. 540
1.53
1. 56
1, 61
1. 66
1. 64
1. 65
1. 65
1. 65
1. 65
1. 66
1. 66
1. 66
1. 65
1. 66
1. 66
1. 67
1. 68
(4)
Building
construction
Current
prices
$0. 932
1.319
1. 478
2
1. 848
1. 935
2.031
2. 19
2. 31
2. 48
2. 60
2.57
2.58
2.59
2. 59
2. 58
2. 58
2. 58
2. 58
2.60
2. 62
2.63
2.63
2. 64
(4)
1954
prices l
$1. 803
2. 014
2. 036
2
2. 065
2. 182
2.269
2. 26
2.34
2.49
2.60
2. 57
2. 57
2.58
2.59
2. 59
2.57
2. 57
2. 57
2.59
2.62
2. 64
2. 64
2. 65
(4)
Retail trade
Current
1954
prices prices l
$0. 542
$1. 048
1. 116
. 731
1.230
.893
1. 216
1.088
. 282
1. 137
.314
1. 176
1.26
. 30
1. 32
. 33
1.40
.40
1.45
1.45
1. 39
1.39
1.43
1.43
1.43
1.43
1.43
1.43
1.43
1.43
1.45
1.45
1. 46
1. 46
1.47
1.47
1. 47
1.47
1.47
1.47
1.47
1. 47
1. 46
1.46
1.44
1.43
(«>
(4)
3 Preliminary estimates.
Not available.
4
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings of factory production workers fell slightly between December and January, as a result of
the shorter workweek. The January average of $73.97 was $3.05 above January 1954.
DOLLARS PER WEEK
DOLLARS PER WEEK
NONDURABLE MANUFACTURING
1954 PRICES {J
1952
I
1953
1954
I
I
1955
1955
j/ EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1954 = 100
COUNCIL OF ECONOMIC ADVISERS
SOURCE:DEPARTMENT OF LABOR.
[For production workers or nonsupervisory employees]
All manufacturing
Period
1939
1944
1946
1948
1949
1950
1951
1952
1953 3
1954
1953*
1954*
_.
__- __ .
. . _.
December
January
February
March
April_
May
June
July
August
September October
November
December 3 „
1955: January 3 -- -
Durable goods
manufacturing
Building
construction
Retail trade
Current
prices
1954
prices l
Current
prices
1954
prices l
Current
prices
1954
prices *
Current
prices
1954
prices *
Current
prices
$23. 86
46. 08
43. 82
54. 14
54. 92
59.33
64. 71
67.97
71. 69
71. 65
72. 36
70.92
71. 28
70.71
70.20
71. 13
71.68
70. 92
71.06
71.86
72. 22
73.57
74. 30
__ _
- -- 73. 97
$46. 15
70. 35
60. 36
60. 49
61.92
66. 29
66. 92
68. 73
71. 91
71. 65
72. 29
70. 71
71. 14
70. 71
70. 34
70. 99
71. 47
70. 71
70. 92
71. 93
72. 44
73. 42
74. 60
$26. 50
52.07
46. 49
57. 11
58. 03
63. 32
69.47
73.46
77.23
77. 01
77.52
76. 59
76. 38
76.00
75.43
76. 21
76. 40
75. 83
76. 59
77.39
77. 97
79. 15
80. 15
80. 16
$51. 26
79. 50
64. 04
63. 81
65. 42
70. 75
71. 84
74. 28
77. 46
77. 01
77. 44
76. 36
76. 23
76.00
75. 58
76. 06
76. 17
75. 60
76.44
77. 47
78.20
79.31
80. 47
(4^
$21. 78
37. 12
41. 14
50. 61
51. 41
54.71
58. 46
60. 98
63.60
64.58
64. 45
63. 53
64.02
64.02
62.87
63. 91
64.57
64. 74
64.68
65.24
65.07
65. 97
66. 30
65. 86
$42. 13
56. 67
56.67
56. 55
57. 96
61. 13
60. 46
61. 66
63.79
64, 58
64. 39
63. 34
63. 89
64.02
63. 00
63. 78
64. 38
64. 55
64.55
65. 31
65.27
66. 10
66. 57
(4)
$30. 39
52. 18
56. 24
2
68. 85
70. 95
73. 73
81.47
88. 01
91.76
94. 21
93.29
87.46
93.24
94, 28
94. 17
94.69
95. 72
95. 20
96. 20
94. 32
96. 26
94. 15
94. 78
(4)
$58. 78
79.66
77. 47
2
76. 93
79. 99
82. 38
84. 25
88. 99
92. 04
94.21
93. 20
87.20
93.05
94. 28
94.36
94. 50
95.43
94. 92
96. 01
94, 41
96. 55
94. 34
95. 16
(4)
$23. 14
29. 53
36. 35
43. 85
45. 93
47.63
50. 65
52. 67
55. 02
56. 83
54.49
55.77
55. 91
55.91
55.91
56. 41
57.38
58. 51
58 36
57.62
57. 18
56.50
56. 49
(4)
c4)
» Earnings in current prices divided by consumer price index on base 1954=100.
8
Data beginning with January 1948 are not strictly comparable with those for
earlier periods.
Source: Department of Labor.
JSondurable goods
manufacturing
1954
prices l
$44. 76
45. 08
50. 07
48. 99
51.78
53. 22
52.38
53. 26
55. 19
56.83
54. 44
55. 60
55. 80
55.91
56.02
56.30
57.21
58.33
58.44
57. 68
57.35
56. 61
56. 72
C4)
* Preliminary estimates.
* Not available.
11
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The increase in industrial production, which began in September 1954, continued in January, The seasonally adjusted
index, which was 1 31 (1947-49=100) in January, had recovered over half of the 1953-54 decline.
INDEX, 1947-49=100
I N D E X , 1947-49=100
80
I960
1955
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
1939
1944
1946
1947
_
1948
_
_
1949
_
1950..
_
1951
1952
_
_
1953 1
1954
1953: December .
_
1954: January
.
February.
March
__
April
May
June
July
August
September
October
November
December—
1955: January J __ _ _
_ _ _
1
Preliminary estimates.
12
[1947-4 9= 100, seasonally adjusted!
Manufactures
Total
industrial
Nondurable
Durable
Total
production
_.
_„
_
.
58
125
90
100
104
97
112
120
124
134
125
126
125
125
123
123
125
124
123
123
124
126
128
130
131
57
130
90
100
103
97
113
121
125
136
127
127
127
126
125
125
126
125
124
125
126
128
130
132
133
49
159
86
101
104
95
116
128
136
153
138
142
141
139
135
134
136
135
134
135
136
138
142
145
146
66
99
95
99
102
99
111
114
114
118
115
112
113
114
114
115
117
116
114
114
115
117
118
118
119
Minerals
68
93
91
100
106
94
105
115
114
116
112
113
113
113
112
109
111
114
112
109
108
109
113
117
121
Source: Board of Governors of the Federal Reserve System.
PRODUCTION OF SELECTED MANUFACTURES
In January, production in most industries registered additional gains.
INDEX, 1947-49 = IOO, SEASON ALLY ADJUSTED
NDEX,l947-49a»OQ, SEASONALLY ADJUSTED
220
160
120
100
1952
1953
1954
1955
1952
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,
1953
1954
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100, seasonally adjusted]
Period
1939
1947
1948
1949
1950
1951 . 1952
1953 _
1954 i
1953: December
1954: January _ _
February
March _ _
April
May
-- June
July
August
September
October
November
December
1955: January 1
Primary
metals
-LJ-^J
_.
53
103
107
90
115
126
116
132
108
113
111
109
103
103
106
108
103
105
105
111
118
120
123
Durable manufactures
Nondurable manufactures
ConFabriTranspor- Lumber Textiles Paper Chemical Foods, sumer
Machin- tation
cated
and
beverand
and
petrodurable
and
ery
metal
leum ages, and goods
equipprod- apparel
printproducts
ment
ucts
ing
products tobacco
38
80
48
80
96
96
99
103
101
103
101
97
98
104
102
104
103
106
102
103
100
103
102
97
93
93
101
93
100
100
101
114
110
114
120
113
115
103
118
133
122
106
130
132
118
113
135
114
105
121
147
154
111
105
118
106
133
105
136
160
189
118
107
142
125
107
127
142
100
115
123
125
142
175
106
116
182
122
146
126
95
110
140
103
109
122
126
97
143
185
115
112
138
105
141
98
179
120
123
123
141
105
113
120
116
138
99
124
173
106
112
139
138
174
114
119
101
125
106
140
116
121
101
138
178
120
126
142
110
119
122
99
108
139
170
126
142
108
119
141
122
96
170
98
126
141
105
117
144
124
166
97
99
126
141
105
115
121
116
147
98
161
127
144
105
109
124
102
147
164
128
127
105
143
106
125
104
148
124
127
181
106
145
124
144
126
102
127
195
131
106
148
130
144
127
103
127
106
137
132
150
201
1
Preliminary estimates.
2 Not available.
Source: Board of Governors of the Federal Reserve System.
58519—55
13
SELECTED WEEKLY INDICATORS
Production, according to several weekly indicators, expanded throughout January. Steel production was at the highest
level in over a year/ electric power distribution was at an alltime high/ and the automobile industry produced more
c|ars and trucks than in any month on record except June and August 1950.
!
:
Mil.LIONS OF TONS
3
MIL LIONS OF SHORT TONS (DAILY AVERAGE)
3
STEEL
>m
...^"•-N.»"—
:
.
\.«.«
BITUMINOUS COAL
.-.953
.^
^
^
2
r
^i^
^x^,
-"./*•>
^^~~ty-^z>*^
s^^^^\ v
1954-^V
'^""^
\
1
I
^1954
!
1
0
J
j
!
1
F
1
M
1
A
1
M
1
J
1
J
1
1
1
A
S
O
1
N
2OO
ELECTRIC POWER
150
40
;
j
9
^^A ' ^
8
v/
• "**•.«<!**"
V"
^11953
1
0
~ -,W
I954
/^\
1
1
1
1
l
l
1
1
1
1
1
1
/X
100
A
1
A
1
x
s*
p^ *^vv^y ^V
I
*
»
* \ :
1954 »^jr»
*
s|
i
s
50
1
1
1
l
0
i
F
t
M
i
A
l
M
l
J
i
J
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Weekly average:
1950
1953 3.
1954
1953: December.
1954: January .
February _ _ _
March
April
May
June
July
August
September
October
November
December
1955: January 3 __ __
Week ended :
1955: January
1__
8__
15-_
22__
29_ _
February 5 33 _
12 _
1
1
CARS AND TRUCKS
t\
'
^
1
,£-effl
/^
J
Period
1
THOU 5ANDS
BILLIONS OF KILOWATT HOURS
II
jm
i
0
O
l
A S
1
l
0
1
N O
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Cars and trucks
Steel produced
coal mined
power
loaded
produced assembled (thousands)
Thousands Percent of distributed (thousands (thousands
(thousands
theoreticall (millions of
of short
of net
Total
Cars Trucks
of tons)
of cars)
tons
capacity kilowatt-hours) tons) 2
1,857
2, 141
1, 694
1,798
1,795
1,771
1,646
1,625
1,687
1,716
1,499
1,505
1, 591
1,738
1,886
1,874
1,995
1,850
1,960
2,007
2,008
2,051
2,070
2,095
1
96.9
94. 9
71.0
79. 7
75.3
74.3
69. 0
68. 1
70.7
72. 0
62.9
63. 1
66. 7
72. 9
79. 1
78. 6"
82.7
6
8
8
8
8
8
8
8
8
8
8
9
9
9
9
9
9
183
244
883
502
918
576
526
347
406
684
841
122
040
124
240
645
936
1,687
1,521
1,300
1,466
1,346
1,226
1, 146
1, 109
1, 142
1,314
1, 182
1, 271
1,357
1,389
1,482
1,489
1,444
748
735
652
578
622
616
602
624
674
670
658
677
687
726
671
610
631
214
241
237
213
225
234
235
235
245
239
200
247
236
255
255
227
243
154.2
141. 1
125.6
103.5
138.4
132.3
137. 0
144. 1
144. 5
128.2
117. 6
116.4
82.8
70.8
134. 2
159.4
178.9
128.4
118. 0
106.0
83. 0
114. 1
110.8
115.0
122. 0
122.3
109. 1
100.3
99.8
67.5
55.8
113. 7
138.9
156.9
25. 9
23.2
19.7
20.6
24.3
21.5
21.9
22. 1
22.2
19.2
17.3
16. 5
15.3
15. 0
20.5
20. 5
22.0
77. 6
81. 2
83.2
83.2
85.0
85. 8
86.8
9
9
9
9
10
10
425
833
928
981
003
047
1,486
1,418
1,447
1,423
1, 473
1, 450
529
602
645
636
642
641
141
204
256
252
258
259
142.4
171. 3
177. 3
183.6
183. 3
182.7
181. 9
124. 2
150. 6
155. 1
161.2
160. 7
164. 3
167. 1
18. 1
20.7
22. 2
22. 4
22.6
18.4
14.8
Percent of capacity based on weekly net ton capacity ol 1,906,268 for the first half of l«nn; 1,928,721 beginning July I. 1950; 1.999,034 beginning January 1,1951'
f ,077,040 Iwglnolng January 1,1952, 2,254,459 beginning January 1,1953; and 2,384,549 beginning January 1,1954; and 2,413,278 beginning January 1,1955.
» Dully nvcnige Cor w«ek.
» Preliminary estimates.
flourccii: Atriwrleun Iron and Ste«l Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads .National Paperboard
Awmolntlon, and Wnrd'a Automotive Reports.
14
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose by nearly 10 percent during the fourth quarter of 1954. A sharp reduction in
the rate of inventory liquidation and an increase in residential construction were responsible for the rise.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
70
70
SEASONALLY ADJUSTED ANNUAL-RATES
N
6ROSS PRIVATE
DOMESTIC INVESTMENT
3.0
NEW CONSTRUCTION
20
PRODUCERS' DURABLE EQUIPMENT
.XV
"S
x y
/
CHANGE IN BUSINESS
INVENTORIES
I
I
1942
I
1944
I
I
1946
I
I
1948
I
I
1950
I
I
I
1952
J
1954
I
J
I
1952
1951
\.
1953
SOURCE: DEPARTMENT OF COMMERCE.
1954
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars!
Total
gross
private
domestic
investment
Period
1939
1944___ _
1946
1948
1949
1950_ « _
1951
1952___
1953
1954
__ >_ __ _
__
_
___
9.3
7. 1
27. 1
41. 2
32.5
51.2
56. 9
50.7
51. 4
46. 1
Change in business inventories
Fixed investment
New construction
Residential
nonfarm
Total
Total
8.9
8.2
21. 0
37.0
35. 3
43.9
46. 5
47.0
49. 9
49. 8
2.7
.8
4.0
8.6
8.3
12. 6
11.0
11. 1
11.9
13.3
4.8
2.7
10. 3
17.9
17.5
22. 7
23.3
23.7
25.5
27. 6
Commercial and
industrial l
All
other 2
1.2
1.0
4. 2
5.7
5. 3
5.7
7.2
7.5
8. 4
14 . 3
0.8
.9
2. 1
3.6
3.9
4.5
5. 1
5.2
5.2
Producers'
durable
equipment
Total
Nonfarm
4.2
5.4
10.7
19. 1
17.8
21. 1
23.2
23.3
24. 4
22. 2
0.4
-1.0
6. 1
4.2
-2.7
7.4
10.4
3.6
1. 5
-3.7
0.3
-.6
6.4
3.0
-1.9
6.4
9.0
3.0
2.2
-3.8
24.8
24.0
22. 7
22.4
21. 8
21.7
2.0
-4.2
-4.2
-3.8
-4.8
-1.3
2.9
-3.7
-4. 2
-4.0
-5.0
— 1. 6
Seasonally adjusted annual rates
1953: Third quarter
Fourth quarter
1954: First quarter
Second quarter
Third quarter
Fourth quarter
52. 4
45.5
44. 5
45. 6
45.3
49.5
50.4
49.7
48.7
49.4
50. 1
50.8
i Includes public utility.
NOTE.—Detail will not necessarily add to totals because of rounding.
12. 1
11.7
11.7
12.8
14.0
14.8
25. 6
25.7
26. 0
27.0
28.3
29. 1
2
8.5
8.6
8.8
8.7
8.7
14. 3
5.0
5.4
5.5
5.5
5.6
Includes petroleum and natural gas well drilling.
Source: Department of Commerce.
15
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to a survey made in November, expenditures for new plant and equipment will continue at a high rate in
the first quarter of 1955, although below the average for the year 1954. Business firms anticipated spending $26
billion (seasonally adjusted annual rate) in the first quarter of 1955. For the year 1954, expenditures were expected
to total $26.7 billion.
.BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
30
20
ftNUFACTURlNG^
COMMERCIAL AND OTHER-
PUBLIC UTILITIES
TIES
t
TRANSPORTATION —**
I
I946
I948
1950
1952
1954
1951
1952
1953
|
.1
1955
1954
/
- SEE NOTE 4 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Transportation
Mining
Durable NonduraRailroads Other
goods ble goods
0.36
0.28
0.33
0.76
1. 19
.92
.58
.43
3. 11
3.68
1.32
1.28
.88
3.48
5.65
1.35
.89
.79
2.59
4.56
1.21
1. 11
3. 14
4.36
. 71
1.47
1.49
5.68
.93
5. 17
1. 50
6. 02
.98
1. 40
5. 61
5.82
1.46
1.31
1.01
6.46
1. 41
5. 16
6.08
1. 02
.85
Seasonally adjusted annual rates
1.59
1.30
5.76
6.54
1.06
1.52
1.26
1. 10
5.69
6.53
1.06
5.50
.95
1.47
6.37
.92
1.36
1.06
5.29
6.08
1.02
.79
1. 40
5. 15
6. 15
.62
5.01
1. 10
1. 39
6. 10
.74
1. 40
. 93
4. 96
5.83
Manufacturing
Total1
Period
1939
1946
1948
1949
1950
1951
1952
1953
1954
..
-
.
-
. ...
34
1953: Third quarter
Fourth quarter
1954: First quarter
Second quarter
Third quarter 4
Fourth quarter
1955: First quarter 4
..
Total
5. 51
14.85
22.06
19.28
20.60
25.64
26.49
28. 39
26. 68
1.94
6.79
9.13
7. 15
7. 49
10.85
11.63
12.28
11.24
28.92
28.56
27. 48
27. 19
27.00
26. 59
26. 03
12.30
12. 22
11.87
11.37
11.30
11. 11
10.79
Public
utilities
Commercial and
other3
0.52
.79
2.54
3.31
3.66
3.89
4.55
4.21
2.08
5.33
6.90
5.98
6.78
7.24
7.09
7.78
7.96
4.72
4.46
4,29
4.43
4. 12
4.07
3.78
7.94
8. 00
7.84
8.05
8.37
8.30
8.40
a 12
* Excludes agriculture.
> Commercial and other includes trade, service, finance, communications, and construction.
* Annual total is sum of seasonally unadjusted quarterly expenditures; it does not necessarily coincide with average of seasonally adjusted figures, in part
because
of adjustments when necessary for systematic tendencies in anticipatory data.
4
Estimates based on anticipated capital expenditures as reported by business in November 1954.
NOTE.—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.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commerce.
16
NEW CONSTRUCTION
Expenditures for total new construction, seasonally adjusted, were at an annual rate in excess of $40 billion in
January, a new record level. Construction contracts awarded were 31 percent higher than a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3.0
TOTAL NEW CONSTRUCTION^,
o
i i i i i I i i i i i I i i i i i I i i i i i
...«••
i.O
„..•••*
i i i i i I i i i i i
i i i i i I i i i i i I i i i i iI
PRIVATE RESIDENTIAL-^^
CNONFARM)
••"
^
^m
. - ^*-n"*ns~~~.****!!::
OTHER PRIVATE1^
I I I I I I I I I I ]
I I I I I I I I I I I
I I I I I I I I ! I I
I960
I95I
I952
i i i i i I i i i i i
1953
1 1 1 1 1 1 i i | 1 |
1954
SOURCES: DEPARTMENT OF C O M M E R C E AND DEPARTMENT OF LABOR.
' i l 1i 1 i I i 1l I
1955
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Total new construction
Period
1939 monthly average
1944 monthly average
1946 monthly average
1948 monthlv average
1949 monthlv average
1950 monthly average
1951 monthly average
1952 monthly average
1953 monthly average.
1954 monthly average.
-
_ -
683
438
1,000
1,806
1,899
2,371
2,598
2,751
2,938
3, 098
Private construction
Residential
(nonfarm)
Total
private
366
182
803
1, 404
1, 365
1,788
1,814
1, 842
1,990
2, 143
223
68
335
715
689
1, 050
914
•925
994
1, 121
Other
Federal,
State, and
local l
142
114
469
689
676
738
899
917
996
1,022
317
256
197
402
534
583
785
908
948
954
1, Oil
1, 017
1,024
1,022
1,019
1,026
1,020
1,023
1,027
1,020
1, Oil
1, 031
1,030
1,062
963
970
1,047
994
968
958
956
921
926
923
884
933
970
991
Seasonally adjusted
1953* December
1954* January
February
March
April
May
_ _ _
June
July
August
September
October
November
December3 1955: January
-
2, 955
2,965
3, 051
3,005
3,027
3,089
3,078
3,094
3, 145
3, 157
3, 105
3, 192
3,262
3,352
1,992
1,995
2,004
2, Oil
2,059
2, 131
2, 122
2, 173
2,219
2,234
2, 221
2,259
2, 292
2,361
981
978
980
989
1,040
1, 105
1, 102
1, 150
1, 192
1, 214
1, 210
1, 228
1, 262
1,299
Construction contracts
awarded in 37
Eastern States 2
296
166
624
786
863
1,208
1,313
1,398
1,454
1,648
UnSeasonally
adjusted
adjusted
1, 354
1,800
1, 152
1,557
1,221
1,650
1,559
1,528
1, 692
1,484
1,925
1,674
1, 788
1,605
1, 887
1,611
1,578
1,527
1,816
1, 579
1,965
1,946
1, A99
1, 743
1,829
1, 905
2,033
1,504
»Includes public residential construction.
a Preliminary estimates.
a Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Research. Omits small contracts, and covers rural areas
1 ess fully than urban.
Sourcesi Department of Commerce, Department of Labor, and F. W. Dodge Corporation (except as noted).
17
NEW HOUSING STARTS
In January, nonfarm housing starts reached a new record for the month, totaling 88,000 or 33 percent higher than a
year earlier. On a seasonally adjusted basis, private starts were at an annual rate of over 1.4 million units.
THOUSANDS OF UNITS
THOUSANDS OF UNITS
1150
I 50 I
NEW NONFARM DWELLING UNITS
50
50
I
I
J
I
SOURCE: DEPARTMENT OF LABOR.
J
I
COUNCIL OF ECONOMIC ADVISfRS
[Thousands of units]
Proposed home construction
Private
Privately financed
Requests
seasonally Applications
Period
Publicly
for VA
Total financed
adjusted for FHA comGovernment underwritten
1
appraisals
mitments
annual
Total
Total
FHA
VA
rates
167.8
458. 4
515.0
56.6
Annual total: 1939.. _ _
158. 1
158. 1 2
121. 7
662.5
152. 0
8.0
670. 5
1946.. - _
69.0 2 83. 0
(33)
293.2
913. 5
931.6
18. 1
1948___
396. 1
294. 1 2 102. 0
(3)
327. 0
988.8
36. 3
1949___ 1, 025. 1
363. 8 2 105. 0
468.8
(3)
397.7
43. 8 1, 352. 2
200. 0
686. 7
1950_._ 1, 396. 0
486. 7
()
164. 4
192. 8
71.2 1, 020. 1 * 412. 2
263. 5
1951___ 1, 091. 3
148. 6
226. 3
267. 9
421. 2
1952___ 1, 127. 0
58.5 1, 068. 5
279. 9
141. 3
251. 4
253. 7
35.5 1, 068. 3
1, 103. 8
408. 6
1953
156, 6
252.0
535. 4
338. 6
19. 4 1, 200. 8
582.3
1954 4 _ _ 1, 220. 2
276. 3
306. 0
3
33. 1
112. 7
3. 6
57.2
116. 3
Monthlv average: 1 950
I)
40. 6
16. 7
21. 1
21. 0
89.0
92.0
3. 0
34.0
13. 1
21. 0
1953_
44. 6
28. 2
100. 1
1. 6
48. 5
23.0
25. 5
19544
101. 7
19. 0
13.4
64. 5
1,060
12. 2
27. 5
65.8
1.3
15. 3
1953: December
20. 1
15. 0
65. 1
66.4
1, 056
1.3
24. 7
13.2
1954: January _ . _ _
11.6
34. 4
20.0
73. 9
75.2
30.5
1, 152
February
16. 3
14. 2
1.3
36.5
28. 1
93.2
2. 0
95. 2
March
1, 130
15. 9
36. 4
20. 5
42. 9
32.3
106.5
1. 2
107.7
13 102
19. 8
43. 6
23. 8
April
52. 2
30.3
107. 4
1,083
49. 0
25.0
24.0
108. 5
1. 1
Mav
52. 7
35. 2
112. 6
3. 9
1, 175
54. 6
116. 5
.1 uno
27. 7
26. 9
52. 3
30. 1
112. 9
3. 1
52.2
26.8
1, 188
116. 0
25. 4
.lul
55. 4
32. 2
113.0
1.3
60. 2
1, 211
114. 3
33. 3
August
27.0
51. 3
34.8
113. 4
2. 3
1,248
115. 7
S<-} <'inber
59.8
33.9
25. 9
45. 6
29. 3
110.5
Orl )l)cr,..
.2
1,287
110. 7
33.5
58. 2
24. 7
4
4
4
4
47. 7
26.9
102. 7
.3
103. 0
62.4
No r m l K T
36.0
1, 385
26. 3
4
4
4
4
44. 3
24. 3
89. 6
91. 0
1.
4
50. 7
29. 1
1, 473
1 >('( M l l l M T _ _
21.5
4
4
4
4
46.2
25.6
.2
I'.lfjfi: .hit m r v
26. 1
87.8
88. 0
45.8
19.8
1, 424
1
«Preliminary estimates.
Units in mortgage applications for new home construction.
2Estimated.
* Not available.
Houma: Department of Labor, Federal Housing Administration (FHA), and Veterans Administration (VA),
New housing starts
18
SALES AND INVENTORIES - MANUFACTURING AND TRADE
In December, total inventories (seasonally adjusted) were fractionally lower than in November. Total sales rose
3 percent, with retail trade showing a gain of 5 percent. Manufacturers' new orders continued to increase in December. Preliminary reports indicate that retail sales declined slightly in January, but exceeded the level of a year
earlier by 10 percent.
BIL LIONS .OF DOLLARS, SEASONALLY
BILL IONS
ADJUSTED
OF DOLLARS, SEASONALLY
_«•»*"" *"* «•!»«.
20
80
— —'"I
ADJUSTED
RETAIL
TOTAL* AND MANUFACTURING
INVENTORIES^^
«•» ***^
/""
^ TOTAL
/
SALES**^
INVENTORIES *
-
/
/
i i i i i jj 1 1 i j
0
60
1 1 1 1 1
1951
INDE X, 1947-49 = 100, SEASONALLY
TOTA . SALES*
/*""
1 1 1 1 1
1 ! 1 i 1 i 1 1 1 1 1
1 i 1 i 1 1 1 1 1 I 1
1953
1954
1952
ADJUSTED
DEPARTMENT STORES
-X^^xL^
140
,*-v^~**~/
t-\
s'*~~
40
s' ^**i MANUI•ACTURING
~
INVENTORIES
130
^T~
A
20
~*^-*^~^ ^~—^^r
120
\
\
\
* /
MANUFACT JRING^
SALES
no
0
I I III
I ||| I
I95I
1 1 1 1 1
M i l l
111M111111
1 L 1 1 1 1 1 II 1 !
1953
1954
1952
100
\
A
\^
rJ
INVENTORIES*^
l
v
*J
^ *•'
/-^
\x/^
i^S
'**
"AA/V Jv\r\i
M
v^« SALES
M 1 M 1| | | | 1
1 i ! 1i 1 1 I 1 1 i
1951
1952
M
i 1 1 i 1 1 M
K/^V/ '
V^/ V
1
1 1 1 1 1
1953
1 1 1 1 1
1954
IL-
Period
Manufacturing
and tradel
InvenSales 2
tories *
10, 802
1939..
1944
23, 785
1946 - ...
27, 150
1948
36, 438
1949
_
34, 664
1950
39, 917
6
1951
44, 821
1952
_
46,080
1953 6
48, 836
47, 312
1954
^ ....
1953: November
47, 518
December
47, 209
1954* January
46, 450
February
46, 714
March
47, 094
Aoril
47, 636
Mav - _
46, 914
June
47, 779
July
47, 417
August
«. 46, 717
September
46, 985
October.
46, 224
Novemberfl
47, 990
December
49, 566
6
1955: January _ _ _
Manufacturing
Sales 3
Inventories 3
Retail
New
orders 2
Inventories 8
Sales 2
Millions of dollars, seasonally adjusted
20,051
5, 112
11, 465
5, 354
3,503
19, 507
13, 782
11, 906
31, 059
5,851
42, 892
24, 457
12, 617
13, 694
8, 541
55, 612
17, 630
31, 693
17, 350
10, 877
52, 111
28,
860
16, 416
10, 893
15, 903
64, 092
34, 314
19, 285
20, 980
11, 974
5
42, 904
75, 268
22, 205
24, 391 U3, 185
44, 190
77, 109
23, 046
13, 674
23, 710
46, 722
81, 072
25, 280
23, 861
14, 228
43, 835
23, 982
14, 222
23, 090
77, 516
24, 256
46, 909
21, 594
81, 276
14, 104
24, 126
46, 722
22, 026
81, 072
13, 932
46, 382
23, 902
80, 688
20, 749
13, 622
22, 016
46, 115
23, 620
80, 390
13, 972
24, 064
45, 774
80, 093
22, 859
13, 900
24, 418
79, 516
23, 017
45, 183
14, 242
44, 798
23, 978
79, 372
22; 819
14, 044
44, 535
24, 260
22, 876
79, 000
14, 439
44. 194
24, 055
78, 349
22, 551
14, 272
23, 482
43^ 929
22, 560
78, 163
14, 150
23, 612
77, 790
43, 668
24, 463
14, 214
23, 141
43, 819
77, 542
23, 858
14,071
43, 811
24, 361
77, 653
14, 301
24, 366
24, 917
43, 835
77, 516
25, 409
15, 123
14, 942
6
5, 534
7,640
11,852
15, 828
15,311
19, 316
21,239
21, 592
22, 661
22, 173
22, 437
22, 661
22, 521
22, 421
22, 563
22, 690
22, 804
22, 600
22, 403
22, 451
22, 425
21, 996
22, 130
22, 173
Department stores
Inven-4
tories
Index 1947-49=100,
seasonally adjusted
35
35
62
58
90
77
104
107
98
100
105
109
109
129
110
118
112
126
111
122
113
127
113
123
107
120
109
119
105
121
111
120
108
121
112
122
111
124
112
124
107
125
124
113
114'
124
117
123
117
Sales 2
1
i Also includes wholesale, not shown separately in this table.
New series on retail trade beginning with 1951; not comparable with previous
a Monthly average for year and total for month.
data. See Survey of Current Business, September and November 1052, for detail.
> Book value, end of period.
* Preliminary estimates.
* Book value, end of period, except annual data, which are monthly average.
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
19
MERCHANDISE EXPORTS AND IMPORTS
Commercial exports rose in December, bringing the total for 1954 to a level 5 percent higher than in 1953.
also rose in December but the total for the year was 6 percent less than for the preceding year.
MILLIONS OF DOLLARS
1,600
Imports
MILLIONS OF DOLLARS
1,600
1,200
1,200
MERCHANDISE EXPORTS
EXCLUDING GRANT-AID «
SHIPMENTS.!/
/
1954
SEE FOOTNOTES I AND 2 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF DEFENSE.
[Millions of dollars]
Merchandise exports
Period
1936-38 monthly average .1944 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average1953 monthly average
1954 monthly average. _
1953: November.- December
1954: January
February
March
April
May
June. .
July
August
-- .. September
October _ _
November
December
1
1
Total »
247
1, 188
812
1,054
1,003
856
1,253
1,266
1,314
1, 256
1,247
1,353
1,092
1, 182
1,125
1, 426
1,400
1,473
1,291
1,155
1, 111
1,264
1,242
1,312
Excess of exports (+)
or imports ( — )
Grant-aid
shipments 2
Excluding
grant-aid
shipments
942
54
247
757
24
89
166
293
188
216
215
169
184
203
167
264
359
268
200
153
104
85
98
833
1 164
1 100
1 022
1 068
1 030
1 138
922
998
922
1,258
1,135
1, 114
1,023
955
959
1, 160
1, 157
1,214
Merchandise
imports
207
327
412
594
552
738
914
893
906
851
849
907
833
809
862
957
829
946
822
824
780
763
839
942
Total
+ 40
4-861
-f-400
+460
+ 452
+ 118
+ 339
+ 373
+ 408
+ 406
+398
+ 446
+ 259
+ 374
+ 263
+ 468
+ 570
+ 527
+ 469
+ 331
+ 331
+ 500
+ 403
+ %%
Excluding
grant-aid
shipments
-80
+ 345
+ 95
+ 250
+ 207
+ 116
+ 218
+ 181
+ 231
+ 90
+ 189
+ 60
+ 301
+ 306
+ 168
+ 202
+ 131
+ 178
+ 396
+ 318
+ 272
I Deludes shipments under the various grant-aid programs; for some of these programs separate data are not available*.
Ik'ptinim' with 1050,figuresinclude only Department of Defense shipments of grant-aid military supplies and equipment under the Mutual Security
Program. Shipments for the first fi months of the program (July-December 1950) amounted to 282 million dollars.
NOTK.- I h ' t n i l will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Department of Defense.
20
PURCHASING POWER
NATIONAL INCOME
Reflecting the quickened pace of general business activity, national income rose by about $4 billion (seasonally
adjusted annual rate) between the third and fourth quarters. Corporate profits, wage and salary income, and business
and professional incomes shared in the rise.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
350
350
SEASONALLY ADJUSTED ANNUAL RATES
-TOTAL NATIONAL
INCOME
-COMPENSATION
OF EMPLOYEES
150
PROPRIETORS'AND
RENTAL INCOME
CORPORATE PROFITS AND -^
INVENTORY VALUATION ADJUSTMENT
1942
1944
1946
^48
I960
1952
1954
1952
1951
"*••••....
-NET INTEREST
1954
1953
-'PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
national
income
Period
1939 1944
1946
1948
1949
1950
1951
1952
1953
1954
_
- _ _ __-_
1953: Third quarter
Fourth quarter
1954" First quarter _
Second quarter
Third quarter
Fourth Quarter _ _
Compensation
of em-1
ployees
Proprietors' income
Farm
Business
and professional
Rental
income
of
persons
Net
interest
72.8
182. 6
179. 6
221. 6
216.2
240.0
277.0
291.0
305.0
300.0
48. 1
121. 3
117. 7
140. 9
140.9
154. 3
180.4
195.4
209. 1
207.3
4.3
7.3
2.7
4.6
5.4
18.0
3.3
11.5
6. 2
13.9
21.3
3. 1
7.2
16. 7
21.6
4.5
12. 7
5.2
21.4
7.9
8.5
13. 3
22.9
5. 9
9. 1
16. 0
6.8
24.8
14.2
10.0
7.4
25.7
12. 2
10.6
8.4
26. 2
25. 9
10.9
9. 1
11. 9
Seasonally adjusted annual rates
306.2
299.9
298. 9
299.6
298. 8
2
302. 9
211.4
208.8
206. 4
206.6
207. 2
208. 9
11. 1
12. 3
13. 0
12. 2
11. 6
11.0
26. 1
25.9
25. 6
25.9
25. 9
26. 3
10.6
10. 8
10.8
10.9
10.9
10.9
8. 6
8. 9
9.0
9. 1
9.2
9.2
Corporate profits and inventory valuation adjustment
Total
Profits Inventory
before valuation
taxes adjustment
5. 7
23.0
17.3
30. 6
28. 1
35. 1
39. 9
38.2
38. 5
34. 9
6.4
23.3
22. 6
32.8
26.2
40. 0
41.2
37. 2
39. 4
35.0
-0.7
—.3
-5.3
— 2.2
1. 9
-4.9
-1.3
1.0
-1. 0
-.2
38. 3
33. 1
34. 1
34. 9
33. 9
2
36. 6
40.9
32.5
34.5
34. 5
34.2
2
37. 0
-2.6
.6
-.4
.4
-.3
-. 4
1
2
Includes employer contributions for social insurance. (See also p. 23.)
Preliminary estimates by Council of Economic Advisers.
Noil.—Detail will not necessarily add to totali because of rounding. .
Source: Department of Commerce (except as noted).
21
CORPORATE PROFITS
Corporate profits, both before and after taxes, rose in the fourth quarter of last year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
60
60
PROFITS BEFORE TAXES'^7
-'NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
•^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Corporate
profits
before taxes
Period
1939_.
1944
19461948
1949 ..
1950. ..
19511952
1953.
1954
6.4
23. 3
22. 6
32. 8
26.2
40. 0
41. 2
37. 2
39.4
35. 0
___ . _
..
Corporate
tax
liability
1.4
12. 9
9. 1
12. 5
10. 4
17.8
22.5
20. 0
21. 1
17.2
Corporate profits after taxes
Total
5.0
10. 4
13.4
20.3
15.8
22. 1
18. 7
17.2
18.3
17.8
Dividend
payments
3.8
4. 7
5.8
7.2
7.5
9.2
9. 1
9. 1
9.4
9. 9
Undistributed
profits
1. 2
5.7
7. 7
13.0
8.3
12. 9
9.6
8. 1
8.9
8. 0
Seasonally adjusted annual rates
1953: Third quarter
•Fourth quarter.
1954: First quarter
Secood quarter
Third quarterFourth quarter
._
40.9
32. 5
34. 5
34. 5
34.2
J
37. 0
21.9
17.4
17. 0
17.0
16.8
1
18. 2
i Preliminary estimates by Council of Economic Advisers.
NOTE.—Sec p. 21 for profits before taxes and inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
19.0
15. 1
17. 5
17.5
17.4
1
18. 8
9. 5
9. 6
9. 6
9.6
9. 8
10. 4
9. 5
5. 5
7. 9
7.9
7.6
'8.4
Source; Department of Commerce (except as noted).
SOURCES OF PERSONAL INCOME
In December, personal income rose by almost $2 billion (seasonally adjusted annual rate) to an alltime peak of
$291 billion. Year-end extra and special dividend payments accounted for most of the rise.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL PERSONAL INCOME
.250
LABOR INCOME-
BUSINESS, PROFESSIONAL,
AND RENTAL INCOME
FARM PROPRIETORS'
INCOME
1942
1944
1946
1948
1950
1952
1954
1951
1952
SOURCE: DEPARTMENT OF COMMERCE.
Period
1939
1944
1946 ....... ...
1948
1949
1950
1951
1952
1953 4
1954
1953: November..
December
1954: January
February
March
April,
Total
personal
income
72.9
165. 7
178.0
208.7
206.8
227. 1
255. 3
271.2
286. 1
286. 5
287.2
287.0
284.9
285.0
285.0
284.4
May
286.2
June_ .
286.5
July
285.7
285. 4
August
September. . 286.6
October
286.3
289. 3
November...
4
December __ 291. 1
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Less: PerLabor income Proprietors' income
Rental
sonal con(wage and
Personal
Transfer
salary distributions
Business income Divi- interest
payof
dends income ments for social
bursements
Farm
and proand other
insurfessional persons
ance
labor income)1
0.6
2. 7
3.0
5.8
3.8
46.6
4.3
7.3
2.2
6.2
5.4
3.6
4.7
18.0
118. 5
11.5
2.0
11.4
7.6
6.2
13.9
5.8
113.8
21.3
2.2
7.2
7.2
9.0
21.6
16.7
11.3
137.9
2.2
7.9
12.4
21.4
7.5
9.8
137.4
12.7
8
2.9
9.2
10.6
8.5
15. 1
22.9
13.3
150.3
3.4
12. 6
9. 1
9. 1
11.6
16.0
175. 6
24.8
3.8
14.2
10.0
9. 1
190.6
25.7
12.3
13.1
9.4
4.0
12.2
10.6
204.4
26.2
13.8
13.5
25.9
9. 9
14. 4
15. 9
4.7
11.9
10. 9
202. 3
Seasonally adjusted annual rates
4.0
9.6
12.2
10.8
14. 1
13. 9
26. 1
204.5
14. 1
14.4
4. 1
9.6
202. 7
13.4
10.9
25, 8
14.2
4.7
14. 8
9.7
10.9
13.2
25.5
201.3
4.8
15.0
14.3
9. 6
10. 8
25. 6
13. 2
201.3
4.7
9. 6
15.8
10.8
14.3
201. 1
12.5
25.6
9.6
14. 4
4.6
15. 9
10. 8
25.9
11.5
200.9
4.6
14.4
9.6
15.8
11.0
12.6
25. 8
201. 6
4.7
9.6
14. 4
15.8
202. 1
12.2
10.9
26.0
4.5
9. 7
14.5
15. 8
10. 8
26.0
202. 3
11. 1
4.7
14.5
15. 5
9.8
11.4
25.9
10.9
202. 1
4. 6
9.8
14. 6
16. 0
11.0
11.8
25.9
202.0
4.6
14.6
16.5
9.8
10.4
25.9
10.9
202.7
4. 7
9.9
14.7
16. 4
26.2
11.2
10.9
204. 7
4. 7
11. 5
14. 7
1.6. 7
26.7
204. 0
11. 3
11.0
» Compensation of employees (see p. 21) excluding employer contributions for social insurance.
* Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations.
NOTE.—Detail will not necessarily add to totals because of rounding.
1954
Nonagricultural
personal2
income
67.1
151.6
161. 1
188.5
190.8
210.5
235.7
253.3
270.0
270. 7
271.3
269. 6
267.9
268.2
268. 8
269. 1
269. 7
270.3
270.6
270.2
271. 1
272.3
274. 6
276. 1
3 Includes $2.7 billion National Service Life Insurance
dividend, most of which was paid in the first half of the year.
* Preliminary estimates.
Source: Department of Commerce.
^53
DISPOSITION OF PERSONAL INCOME
Disposable personal income rose $2.7 billion (seasonally adjusted annual rate) between the third and fourth quarters
of last year. Since consumer spending rose somewhat more, both the dollar amount and the rate of consumer saving
decreased slightly.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
150
1942
1944
1946
1948
1950
1952
1954
1954
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
Disposincome Personal
able
l
taxes personal
income
Period
1954
72.9
165.7
178.0
208.7
206.8
227. 1
255. 3
271.2
286. 1
286. 5
1953: Third quarter
Fourth quarter
I'JM: First quarter
HtM'ond quarter
Third quarter
I ' o u r t li q i i a r l o r .
287.5
287.3
285. 1
285.7
286. 2
289.0
1939
1944
1946
1948
1949
1950
1951
1952 .
1953__
.
. . . . . .
Less: Personal consumption
expenditures
Equals:
Saving
as percent
of disPersonal posable
NonDurable
saving
Total goods durable Services
income
goods
Billions of dollars
2.4
70. 4
67. 6
6.7
25. 8
35. 1
18.9
146.8
109.8
65.4
6.8
37.7
159.2
18.8
146. 6
46.2
15.9
84.5
21. 1
187.6
177.6
22.2
98.7
56.7
188. 2
180. 6
18.7
23. 6
96.9
60. 1
20.9
206. 1
194.0
100. 4
28. 6
65. 0
29.3
226. 1
208.3
111. 1
70. 1
27. 1
34.4
236.9
218.4
26. 8
116.0
75.6
36.0
250. 1
230. 1
118.9
81.4
29.7
32.9
234.0
253. 5
120. 5
28. 9
84. 6
Billions of dollars, seasonally adjusted annual rates
36.3 251.2
231.2
30. 3
118. 6
82.3
36. 1
251. 2
229.7
28.0
118.7
83.0
32.8
252.3
230.5
28.0
118.8
83. 6
32.9
252. 9
233. 1
28.8
120.0
84.3
32. 9
253. 2
234. 8
121.
1
28. 9
84. 8
33. 1
255. 9
237. 7
29. 9
122. 1
85. 7
' hicludr:; - u r h Ht'jii,', u--: fine , penalties, and donations.
,..n
Driull w i l l not iii-tv surily add to totals because of rounding.
Equals:
2.9
36.9
12. 6
10.0
7.6
12. 1
17.7
18.4
20. 0
19.5
4. 1
25.2
7.9
5.3
4.0
5.9
7.8
7.8
8.0
7. 7
20.0
21. 5
21.8
19.7
18. 4
18. 2
8.0
8.6
8.6
7.8
7. 3
7. 1
Source: Department of Commerce,
PER CAPITA DISPOSABLE INCOME
Per capita disposable income in both current and constant dollars rose in the fourth quarter, reversing the mild declines
which had been experienced throughout the earlier quarters of 1954.
DC)LLARS
2,000
DOLLAF*S
2,000
SEASONALLY ADJUSTED ANNUAL RATES
1954 PRICES-^^
1,500
^~
_^~
~—»~-~Z*^~
**^,**~~~*"^
T
1,500
\URRENT PRICES
1,000
1,000
0
1
1
I
1
\
i960
\
1
1
\
1951
1952
1
1
i
|
I
1954
1953
1
1
0
1955
%EE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS.
Total disposable personal Per capita disposable personal income (dollars)1
income (billions of dollars)1
Period
1954
prices 2
Current
prices
1939
1944
1946
1948
1949
1950
1951
1952
Ig53
1954
-
__
..
:
.
-
-
_
_
_
COUNCIL OF ECONOMIC ADVISERS
_ .. _ _
_
70. 4
146.8
159.2
187.6
188.2
206. 1
226. 1
236. 9
250. 1
253.5
136.3
224.1
219.3
209.6
212. 1
230.3
233.8
239.5
250.9
253. 5
Current
prices
538
1,060
1, 126
1,279
1,261
1,359
1,465
1,509
1,567
1, 561
1954
prices 2
Population
(thousands) 3
1,041
1,618
1,551
1,429
1,422
1,518
1,515
1,526
1,572
1,561
131, 028
138, 397
141, 389
146, 631
149, 188
151, 683
154, 360
157, 022
159, 629
162, 414
Seasonally adjusted annual rates
1953: Third quarter .
Fourth quarter
1954: First quarter Second quarter..
Third quarter
Fourth quarter
- -
- _.
-
__
_
251. 2
251. 2
250.9
250.4
1,570
1, 563
1,568
1,558
160,022
160, 764
252.3
252. 9
253. 2
255. 9
251.8
252.6
252.9
256. 7
1,563
1,560
1, 555
1, 564
1,560
1,558
1,553
1,569
161, 436
162, 078
162,808
163, 582
i Income less taxes.
* Dollar estimates in current prices divided by consumer price index on base 1954=100.
' Includes armed forces overseas. Annnai data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.
25
FARM INCOME
In 1954, farmers received an average of $2.5 billion per month from cash marketings ana Government payments,
about 4 percent lower than in 1953, Cash receipts from livestock and products were down 4 percent and crop receipts
about 5 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
5
5
1954
"COUNCIL OF ECONOMIC ADVISERS
Parity index
(prices paid,
Cash receipts from marketings interest, taxes,
and
wage rates),
Livestock and
Crops
1953= 100 i
products
275
44
377
753
65
945
903
1,144
75
1,095
93
1,423
1,049
90
1,280
92
1,029
1,331
1,099
1,634
101
1, 187
103
1,537
1, 179
100
1, 439
1, 118
1,384
101
2,309
1,572
99
99
1, 559
1,811
1,466
100
1,461
1,416
101
1, 195
643
101
1,303
538
1,452
101
494
101
1,387
102
589
1,444
793
101
1, 344
977
100
1,251
1,219
101
1,350
100
1,753
1,393
2,068
100
1,457
1,748
100
1,511
1, 400
100
1,300
Farm income (millions of dollars, current prices)
Period
1939 monthly average
1944 monthly average
1946 monthly average
1948 monthly average
1949 monthly average .
.
1950 monthly average
1951 monthly average
.
1952 monthlv average
1953 monthly average
1954 monthly average3 _ _ _ _ _ _
1953: October
November ..
December
1954: January .. «.
February
March
April
May
June
July
August
September
October..
November 3
December
.
_
_
Cash receipts
and Government
payments
715
1,763
2,111
2,539
2,344
._ .
2,384
2,757
2,747
2,636
__
2,524
3,888
3,374
2,939
2,629
1,960
2,014
1,914
.....
2,062
.. .
2 r 176
2,246
2,581
3, 158
3, 535
_ _ 3,278
_
2.730
12 Converted from the reported base, 1910-14-100, to the base 1953-100.
Farm income In current dollars divided by parity index on base 1953—100.
Source: Department of Agriculture.
26
3 Preliminary estimates.
Farm income
(millions of
dollars,
1953 prices) *
1,625
2,712
2,815
2,730
2,604
2,591
2,730
2,667
2,636
2, 4§9
3,927
3,408
2,939
2, 603
1,941
1,994
1,895
2,022
2,154
2,246
2,555
3, 158
3, 535
3,278
2. 730
CREDIT, MONEY, AND FEDERAL FINANCE
BANK LOANS, INVESTMENTS, AND RESERVES
Total loans and investments of commercial banks rose by $1 billion in December. The $1.7 billion rise in loans was
partially offset by a $700 million reduction in bank holdings of U. S. Government securities.
BILLIONS OF DOLLARS
175
1939
1945
BILLIONS OF DOLLARS
175
1950
1951
1952
1953
1952
END OF YEAR
1953
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
All commercial banks
Total loans
and investments
End of period
1939
1949
1950
_ _
1951 .
1952
1953
1954 3
1953* November
December
1954: January
February
March
April
May
June3
July 3
August
3
September
October 3 3
November 3
December
1955: January 3 _
-_
40. 7
120. 2
126. 7
132.6
141. 6
145.7
156.8
145.5
145. 7
145.3
144. 9
142.8
144. 1
145. 7
146.4
147. 3
149.5
150.6
154. 1
155.8
156.8
Loans
17.2
43. 0
52. 2
57. 7
64. 2
67.6
71.2
67. 2
67.6
66.5
66. 9
67. 1
66. 8
67. 1
67. 3
67.3
66.5
67.3
67.8
69.5
71. 2
Total
23. 4
77.2
74. 4
74.9
77.5
78. 1
85. 7
78.3
78. 1
78. 9
78.0
75.7
77.4
78.6
79.0
80.0
83.0
83.3
86.3
86.3
85.7
Investments
U. S. GovOther
ernment
securities securities
16. 3
7. 1
10. 2
67. 0
12.4
62.0
61.5
13. 3
14. 1
63.3
63.4
14.7
69. 5
16. 2
63.7
14.6
63. 4
14. 7
64. 2
14.7
63.0
15. 0
60.7
15. 1
62. 1
15. 2
63. 3
15.3
63.5
15.5
64. 3
15.7
15.7
67.3
16.0
67.3
70.2
16. 1
16.2
70.2
69. 5
16.2
Weekly
reporting
member
banks
Business
loans l.
4.7
13.9
17. 9
21.6
23. 4
23.4
22.5
23.2
23. 4
22.5
22. 4
22.8
22.2
21. 9
21.9
21. 5
20.8
21. 0
21.0
22. 1
22. 5
22. 1
All member banks 2
BorrowReserve balances ings at
Federal
Required Excess Reserve
Banks
6.0
4 4
0 0
17.0
1
8
15. 6
1
8
18.5
8
3
19. 6
7
8
19.3
8
7
18. 5
2
8
19.0
7
5
19. 2
4
7
1
19.2
9
18.9
6
3
18. 9
2
7
1
18.6
8
18. 8
2
7
1
18.8
9
18.3
8
1
17. 6
1
8
1
17.6
8
18. 2
1
7
18.4
8
2
18. 6
7
2
18.4
7
3
i Commercial, industrial, and agricultural loans; revised series beginning January 1952.
3 Preliminary estimates.
3 Data are averages of daily figures on balances and borrowings during the period. Member banks include,
besides all national banks, those State banks that have taken membership in the Federal Reserve System.
NOTE.—Detail will noto
o totals because of rounding.
Source: Board of Governors of the Federal Re
27
CONSUMER CREDIT
Consumer credit outstanding rose $900 million in December to reach a new record. The increase was due largely to
a seasonal rise in charge account credit. For the year 1954 as a whole, instalment credit extended was $1 billion
below that in 1953, while repayments were $2.2 billion higher.
BILLIONS OF DOLLARS
35
BILLIONS OF DOLLARS
35
I950
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars)
Total
consumer
End of period
credit
outstanding
1939
1944
1946--.
1948.-- _ _
1949___
1950. _ _
1951.-. _
1952..-1953.--___
1954_
1953: NovemberDecember.
1954: January
February..
March
April
May
June*
7,222
5, 111
8,384
14,411
17, 104
20, 813
21, 468
25, 827
29, 537
30, 125
28, 760
29, 537
28, 724
28, 140
27, 833
28, 095
28, 372
28, 666
28, 725
28, 736
28, 856
28, 975
29, 209
HO, 125
Noninstalment credit
outstanding
Instalment credit outstanding
Total
4,503
2, 176
4, 172
8,968
11, 516
14, 490
14, 837
18, 684
22, 187
22, 467
21, 907
22. 187
21, 836
21, 582
21, 381
21, 426
21, 487
21,717
21, 849
21, 901
21, 935
21, 952
22, 014
22, *l(i7
Automobile
paper *
1,497
397
981
3,054
4,699
6,342
b, 242
8,099
10, 341
10, 396
10, 404
10, 341
10, 158
10, 010
9,919
9,942
10, 002
10, 168
10, 298
10, 349
10, 365
10, 340
10, 296
10, 396
Other Repair and
consumer moderni- Personal
zation
loans
goods
loans «
paper *
1,620
791
1,290
2,842
3,486
4,337
4,270
5,328
5,831
5, 668
5, 587
5, 831
5, 697
5,588
5,443
5,413
5,370
5,367
5, 328
5,294
5,287
5, 324
5,398
5,668
298
119
405
843
887
1,006
1,090
1,406
1, 649
1, 616
1,645
1,649
1,635
1,623
1,614
1,617
1,634
1, 635
1,637
1, 642
1,642
1,637
1,631
1, 616
1,088
869
1,496
2,229
2,444
2,805
3,235
3,851
4,366
4,787
4,271
4,366
4,346
4,361
4,405
4,454
4,481
4,547
4,586
4,616
4, 641
4,651
4,689
4, 787
Total
2,719
2,935
4,212
5,443
5,588
6,323
6,631
7, 143
7,350
7,658
6,853
7,350
6,888
6,558
6,452
6,669
t>, 885
6,949
6,876
6,835
6,921
7,023
7, 195
7, 658
Charge
accounts
InstalInstalment
ment
credit excredit 8
3
tended
repaid
1,414
1,517
2, 076
2,713
2,680
3,006
3,096
3,342
3,411
3,518
2,931
3,411
3,002
2,682
2,564
2,723
2,786
2,819
2,773
2,734
2, 807
2,892
3,042
3,518
4,894
8,495
15, 540
18, 002
21, 256
22, 791
28, 397
30, 321
29, 304
2,355
2,696
1, 947
1,956
2,380
2,400
2, 397
2,703
2,549
2,477
2,441
2,454
2,554
3, 046
July
August
September.
October. ...
Novriiibrr.
1 )«'c<Miil»«'r
i itiritHiPM nil coimuintT cnMlii extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.
» iiiriintPH only •> «l» lo»*»9 ll"ltl h>' "iianciHl institutions; those held by retail outlets are included in "other consumer goods paper."
28
N o T t.~ *i >oiu! I' wiifuui 'iM-cltaanriiy »Ud to totals because of roundtog. Source: Board of Governors of the FederalJReserve System.
4,854
6,785
13, 267
15, 454
18, 282
22, 444
24, 550
26, 818
29, 024
2,214
2,416
2,298
2,210
2,581
2,355
2,336
2,473
2,417
2,425
2,407
2,437
2,492
2,593
BOND YIELDS AND INTEREST RATES
Rates on prime commercial paper and Treasury bills rose in January.
bonds also increased.
Yields on Federal municipal, and corporate
PERCENT PER ANNUM
PERCENT PER ANNUM
•4
4
TREASURY BILLS
1950
1951
1952
1954
1953
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
1939
1948
1949
.
1950
1951
1952
1953
1954
1953" December
1954: January
February
.
March
..
April
May
June
July
August
September
October
-~
November
December
1955* JanuaryWeek ended:
1955: January
8
15
22
29
February 5 _
12
[Percent per annum]
U. S. Government security yields
High-grade
3-month
municipal
Taxable bonds 2
Treasury
bonds 5
Old series 3 New series 4
bills *
2. 76
0.023
2.44
2.40
1.040
2.21
2.31
1. 102
2.32
1.98
1.218
2.57
2. 00
1.552
2. 19
2.68
1.766
2.72
2.93
1.931
3. 16
2. 53
2. 70
2. 37
.953
2. 79
2.96
2.59
1. 630
2.68
2. 90
2.50
1. 214
2.60
2.39
.984
2.85
2.51
2.38
2. 73
1.053
2.47
2.70
2.47
1.011
2.52
.782
2. 72
2.49
2.54
2.70
.650
2.48
2.47
2. 62
.710
2.31
2.48
.892
2.60
2.23
2.51
2.64
2. 29
1.007
2.52
2.32
2. 65
.987
2.
55
2.68
2.28
.948
2.57
2.33
2. 68
1. 174
2. 65
2.39
2.76
1.257
1. 049
1. 222
1.407
1.349
1. 134
1.088
2.62
2. 64
2. 65
2.67
2. 70
2.69
* Rate on new issues within period.
a Bonds in this classification were first issued in March 1941.
« Beginning April 1952, 2H-pereent bonds first callable after 12 years. Prior
to that, only bonds due or callable after 15 years were included.
1955
2.71
2. 76
2. 78
2. 78
2.82
2.82
2.36
2. 40
2.40
2. 41
2.43
2.41
Aaa
3. 01
2.82
2.66
2.62
2.86
2.96
3. 20
2. 90
3. 13
3. 06
2.95
2. 86
2.85
2. 88
2.90
2. 89
2.87
2. 89
2.87
2.89
2. 90
2. 93
Baa
4. 96
3.47
3.42
3.24
3.41
3.52
3.74
3. 51
3.74
3.71
3.61
3.51
3.47
3.47
3.49
3. 50
3.49
3.47
3.46
3.45
3. 45
3.46
Prime
commercial
paper,
4-6 months
0.59
1.44
1.49
1.45
2. 16
2.33
2.52
1. 58
2.25
2. 11
2.00
2.00
1.76
1.58
1.56
1.45
1.33
1.31
1.31
1.31
1.31
1.47
2.91
2. 92
2.93
2. 94
2. 96
2.97
3,45
3.45
3.46
3. 46
3.46
3.47
1.31
1.39
1.54
1. 60
1. 66
1.69
Corporate bonds
( Moody *s)
4
3H-percent bonds of 1978-83, issued May 1,1953.
»Standard and Poor's. Weekly data are Wednesday figures.
Source: Board of Governors of the Federal Reserve System.
29
MONEY SUPPLY
The privately held money supply rose about $3K billion in December to a level $8K billion above a year earlier.
During December, demand deposits rose $2.8 billion, while time deposits increased by $800 million.
BILLIONS OF DOLLARS
225
BILLIONS OF DOLLARS
225
TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS
(PRIVATELY HELD MONEY SUPPLY)
1941 42 43 44 45 46 47 48 49 50
END OF YEAR
51 52
O
53
1953
1952
N
O
J
F
M
A
M
J
J
A
S
O
N
D
1954
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS
{Billions of dollars]
Total deposits and
currency
End of period
1939 .
1944_
b
1946 «
1948--.
1949
__
1950- ...
1951
_
1952..1953 4
1954
__
1953: November .
December .
1954: January
February
March
April
May
.
June 4
J u l y 4_
August
4
Hoptomber
October 4
November 4
December <
_
_„ . __.
64. 7
151. 4
167. 5
172.7
173.9
180.6
189.9
200.4
205.7
214. 5
203.6
205.7
203. 5
202.4
201.3
202. 3
203.6
205. 3
204.8
206. 3
207. 7
211. 4
213. 3
211. 5
1. 5
21. 2
3. 5
3. 6
4. 1
3.7
3.9
5.6
4.8
5. 1
6.2
4. 8
3.7
5.0
6. 1
5. 0
5. 6
6.8
4. 4
6.0
5. 2
(K 6
7. 5
5. 1
Total excluding U. S. Government deposits
(privately held money supply)
Demand
Currency
Time
deposits
outside
Total
deposits 3
adjusted 2
banks
27. 1
29. 8
6.4
63. 3
39.8
66.9
130.2
23. 5
54.0
83. 3
26.7
164. 0
57. 5
85. 5
169. 1
26. 1
58.6
85. 8
25. 4
169. 8
59. 2
92.3
25. 4
176. 9
61.4
98. 2
26. 3
186.0
65. 8
101. 5
27.5
194. 8
70.4
102.5
200.9
28. 1
75. 1
27.4
106.8
209. 4
69.3
100.2
27. 9
197.4
70.4
102.5
28. 1
200.9
70. 6
102.3
26. 9
199.8
71.0
99. 6
26.9
197.4
71.7
96.7
26.9
195. 2
72. 0
98. 6
26. 7
197.3
72. 5
98.7
26. 8
198. 0
73.3
98. 1
27. 1
198. 5
73.7
100. 0
26. 8
200. 4
74. 0
99.4
26. 9
200. 3
74. 4
26. 9
101. 2
202. 5
74.7
103. 1
26. 9
204. 8
74. 3
104. 0
27. 5
205. 8
10(>. 8
75. 1
27. 4
209. -1
i Includes U. 8. Government deposits at Federal Reserve bunks and commercial and savings banks, and U. S. Treasurer's time deposits, open account.
Includes demand deposits, other t h a n interbank and U. S. Government, less cash items in process of collection.
Includes deposits in commercial bunks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.
Preliminary estimates.
Source: Board of Governors of the Federal Reserve System.
NOTE.—Detail will not necessarily add to totals because of rounding.
1
1
4
30
.
U. S.
Government
deposits l
FEDERAL BUDGET RECEIPTS AND EXPENDITURES
Although budget expenditures rose in December, reflecting in part the usual rise in interest payments/ the total for the
first 6 months of the fiscal year was about $3 billion less than in the corresponding period of a year earlier. The cumulative deficit for the current fiscal year was $9.3 billion compared with $8.7 billion at the same time a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL BUDGET EXPENDITURES
NET BUDGET RECEIPTS
75
75
50
50
25
+ 10
NATIONAL SECURITY PROGRAMS
75
BUDGET SURPLUS (+) OR DEFICIT {-)
MAGNIFIED SCALE)
+5
50
FIRST 6 MONTHS
-10
1950
1951
1952
1953
1950
19
1951
1953
1954
1955
FISCAL YEARS
* ESTIMATED
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Net budget
receipts
Period
Fiscal year 1944
__ _
Fiscal year 1947
Fiscal year 1948
Fiscal year 1949
Fiscal year 1950
Fiscal v ear 1951
Fiscal year 1952
Fiscal year 1953— .
Fiscal year 1954
Fiscal year 1955 (estimated)
1953: November
December . _.
1954: January
February
March
April
_
May
June
July
August
September
October . . .
November
December. _
_ _
Cumulative totals for first 6 months:
Fiscal year 1954
Fiscal year 1955
__ _
_
43,6
39.8
41. 5
37.7
36. 5
47.6
61.4
64.8
64.7
59.3
4.6
4.6
5.0
5.4
11.4
2.8
3.6
10.6
2.8
3.9
5.0
2.6
4.2
3.7
___
25.8
22.3
Budget expenditures
National
Total
security 1
75.8
95. 1
14.4
39.0
11.7
33. 1
39.5
12.9
39.6
13.0
44. 1
22. 3
65.4
43.8
74.3
50.3
67.8
46.5
64. 0
41. 9
5.2
3.7
4.2
6.4
5.2
3.8
4. 7
3.6
5.6
3.9
3.7
5.3
5.2
3.3
7.3
4.5
3.2
4.8
3.4
6. 7
5.0
3.3
4.9
3.3
3.8
3.3
3.7
6. 3
34.5
31. 6
23.8
20. 2
Budget surplus (+) or
deficit (— )
Public debt
(end of
period) 2
-51.4
+ .8
+ 8.4
-1.8
-3. 1
+ 3.5
-4.0
-9.4
-3. 1
-4.7
-.6
'—1.8
-.2
+.7
+ 5.9
-2.5
— 1. 6
+ 3.3
-2.0
-2.8
_. i
-2.2
+.4
-2.5
202. 6
258.4
252.4
252.8
257.4
255.3
259.2
266. 1
271.3
274. 5
275.3
275.2
274.9
274.9
270. 3
271. 1
273. 6
271.3
271.0
275.0
274.8
278. 8
278.9
278.8
-8. 7
-9.3
275.2
278. 8
* Revised to include the Items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending June SO, 1955. These
expenditure items are: Military functions of Defense Department, mutual military program, development and control of atomic energy, and allocation of critical and
strategic materials.
* Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.
NOTE.—Beginning with February 1954, the reporting of budget receipts and expenditures is on a basis consistent with that used in preparing budget estimates.
The fipires shown above for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis.
Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
Q1
FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
For the calendar year 1954 the cash deficit was $1.1 billion, about $5 billion less than in 1953. The cash deficit for
the quarter ending in December was $3.9 billion, reflecting to a considerable degree the seasonally low receipts during
the first half of the fiscal year.
BILLIONS OF DOLLARS
I 25
BILLIONS OF DOLLARS
25
1954-^
-EXCESS OF CASH RECEIPTS-
1
EXCESS OF CASH PAYMENTS-
2
3
4
1951
I954*
1952
CALENDAR YEARS
-'pRELIMINaRY ESTIMATES.
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT,
COUNCIl OF ECONOMIC ADVISERS
[Millions of dollars]
Cash receipts
from the
public
Calendar year
Calendar year total:
1946
1947
1948
1949.
1950
1951
_
1952
1953
1954 * _
_
Quarterly totals, not adjusted for seasonal variation:
1953: First quarter
Second quarter
Third quarter
Fourth quarter..
1954:1 First quarter
Second quarter
Third quarter
Fourth quarter
.
_
_
__
__ _
Cash payments to
the public
Excess of receipts (+) or
payments (— )
41,441
44, 282
44, 922
41, 346
42, 419
59, 278
71, 339
70, 041
68 562
41, 399
38, 616
36 897
42, 642
41, 969
58, 034
72, 980
76, 194
69 622
+5, 666
+8 027
— 1, 295
+450
+ 1,244
— 1, 641
— 6 153
— 1 060
22, 539
18, 674
15, 357
13, 471
18, 166
21, 049
18, 870
18, 109
+4 373
—2, 375
— 3,513
—4, 638
23, 693
19, 115
13 501
12. 253
16, 459
18, 431
18 582
16, 150
+ 7 234
+ 684
— 5 082
-3,897
+42
* Preliminary estimates.
Nofs.—Detail will not necessarily add to totals became of rounding.
Sources: Bureau of the Budget and Treasury Department.
32
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