Full text of Economic Indicators : February 1959

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86th Congress, 1st Session

Econom:

ST. LOWS
MAR 3
IBiC

FEBRUARY 1959

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1959

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
JOHN SPARKMAN (Alabama)
RICHARD BOLLING (Missouri)
J. WILLIAM FULBRIGHT (Arkansas)
HALE BOGGS (Louisiana)
JOSEPH C. O'MAHONEY (Wyoming)
HENRY S. REUSS (Wisconsin)
PRESCOTT BUSH (Connecticut)
THOMAS B. CURTIS (Missouri)
JOHN MARSHALL BUTLER (Maryland)
CLARENCE E. KILBURN (New York)
JACOB K. JAVITS (New York)
WILLIAM B. WIDNALL (New Jersey)
RODERICK H. RILEY, Executive Director
JOHN W. LEHMAN, Clerk

COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNIER, Chairman
KARL BRANDT

[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
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint
Economic Committee; and the required number of copies to the Superintendent of Documents for distribution
to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to
the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.

11



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
Per Capita Disposable Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Nonagricultural Employment
..
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries

Jrage

1
2
3
4
5
6
7
8
9
10

7. . .

.
.
.

11
12
13
14
15

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Sales and Inventories—Manufacturing and Trade
Merchandise Exports and Imports

16
17
18
19
20
21
22

PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers

23
24
25

CURRENCY, CREDIT, AND SECURITY MARKETS
Currency and Deposits
Bank Loans, Investments, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices

26
27
28
29
30

FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public

31
32




iii

TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates show a marked increase in total income and expenditures between the third and fourth quarters
of 1958.
[Billions of dollars]

1957

1958

Fourth quarter
Economic group

Year

Third quarter

Fourth quarter

Excess
of reEx- ceipts
Re- pendceipts itures or expenditures
(-)

Excess
of reEx- ceipts
Re- pendceipts itures or expenditures
(-)

Excess
of reEx- ceipts
Re- pendceipts itures or expenditures
(-)

Excess
of reExRe- pend- ceipts
(+)
ceipts itures or expenditures
(-)

(+>

(+>

(+>

Seasonally adjusted
annual rates
Consumers:
Disposable personal income. 306. 8
Personal consumption ex-

311. 6
287. 2

Business:
45. 4
Gross retained earnings
Gross private domestic investment . „
___

291. 5

61. 5

44.5
54. 4

16. 1
1.4

54. 5

61.6

1.3
.4

1. 7

1. 4
— .1

— 1. 9

-12. 4

-10.0
1.2

1.3

Excess of transfers (+)
or of net exports ( — ) _

19.9
49. 2

— 9. 4

3.3

295.9
23. 6

21. 0
45. 0

Excess of investment
(— )

315. 8

315. 1
290 6

19. 6

Personal net saving (+) .

International:
Foreign net transfers by
government
Net exports of goods and

Seasonally adjusted annual rates

—. 5

.9

Government (Federal, State,
and local):
Tax and nontax receipts or
114. 7
accruals
Less: Transfers, interest,
30. 2
and subsidies (net)

114.4

116 0

120. 2

33. 3

34. 1

34.0

84. 5

81. 1

81.9

86. 2

Net receipts
Total government expenditures
Less: Transfers, interest,
and subsidies (net)

117. 1

124. 6

126. 1

129. 2

30.2

33. 3

34. 1

34.0

Purchases of goods
and services

86.9

91.2

92. 0

95. 2

Surplus (-J-) or
deficit (— ) on
income and
product acuountStatistical discrepancy

.7

GROSS NATIONAL PRODUCT.. 438.9 438.9

.7

437.7 437.7

NOTE.—Series revised beginning 1958. See note, p. 2.
For explanation and use of this arrangement, see Senate Report No. 1295,
Joint Economic Report, pp. 92-93, 99-105, and Economic Report of the President,
January 1953, Appendix A.




-1.2

— 1. 2

-9.0

— 10. 2

— 10. 2

-2. 3

3. 0

439. 8 439.8

-3.0

.7

453.0 453.0

Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Council of Economic Advisers.

.7

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national expenditures rose $13.2 billion (seasonally adjusted annual rate) between the third and fourth quarters
of 1958, according to current estimates. Increases occurred in all major components except net exports.
BILLIONS OF DOLLARS
500

BILLIONS OF DOLLARS
5OO
SEASONALLY ADJUSTED ANNUAL RATES

GROSS NATIONAL PRODUCT

300

300

PERSONAL CONSUMPTION
EXPENDITURES x.

200

GOVERNMENT PURCHASES
OF GOODS AND SERVICES
(00

1952

1953

1957

1958
COUNCIL OF ECONOMIC ADVISERS

SOURCE : DEPARTMENT OF COMMERCE.

Period

[Billions of dollars]
Total
Personal
Net
Gross
gross
Total
conexports
national
gross
sump- private of goods
product national
tion domestic
and
in 1958 product expend- investservices
ment
prices
itures

1948
1949
1951
1952
1953.
1954
1955
1956
1957
1958

323.7
324.0
379. 6
393. 3
411. 1
403. 2
435. 4
446. 1
451. 1
437. 7

259. 4
258. 1
329.0
347.0
365. 4
363. 1
397.5
419. 2
440. 3
437.7

1957: First quarter.
Second quarter..
Third quarter.
Fourth quarter
1958: First quarter.
Second quarter
Third quarter
Fourth quarter

452.4
453. 7
453. 3
444.4
429. 2
430. 4
439. 4
451.6

436. 3
441. 2
445. 6
438. 9
427. 1
430.4
439.8
453.0

178.3
181. 2
209. 8
219. 8
232. 6
238. 0
256. 9
269. 4
284. 4
290. 6

43. 1
33.0
56.3
49.9
50. 3
48.9
63.8
68. 2
65.3
54.4

3.5
3.8
2.4
1. 3
_. 4
1.0
1. 1
2.8
4. 9
1.4

Government purchases of goods and services
Federal
Total *
34. 5
40.2
60.5
76.0
82. 8
75.3
75.6
78.8
85.7
91.2

Total i National
defense 2

19.3
22.2
38.8
52.9
58.0
47.5
45. 3
45.7
49.4
51.7

11. 6
13.6
33.9
46.4
49.3
41. 2
39. 1
40. 3
44. 3
44.4

Other
8.2
8.9
5.2
6.7
9.0
6. 7
6. 6
5.7
5.5
7.6

State
and
local

;

15.2
17.9
21.7
23.2
24.9
27. 7
30. 3
33. 1
36. 3
39.6

Seasonally adjusted annual rates

1
Less
2

279.8
282.5
288.3
287.2
286.2
288.3
291. 5
295. 9

Government sales.
These expenditures correspond closely with the "major national security"
category in The Budget oj the United States Government /or the fiscal Year
Ending June SO, I960, shown on p. 31 of Economic Indicator*.




65. 9
67. 0
66. 7
61.5
50.9
50. 7
54. 5
61. 6

5. 6
6. 0
4. 8
3.3
1.7
1. 7
1.7
.4

85.0
85.7
85.8
86.9
88.3
89. 7
92.0
95. 2

49. 1
49.7
49.7
49. 1
49.7
50.7
52. 2
54. 2

'

43.7
44. 9
44.9
43.9
43.7
44. 1
44. 5
45.3

5. 8
5. 1
5.2
5.7
6. 3
6. 9
8.0
9.2

35. 9
36. 0
36. 1
37.8
38.6
39. 1
39.9
41.0

NOTE.—Revised farm inventory data for 1958 have been incorporated into
GNP and related series.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce and Council of Economic Advisers.

NATIONAL INCOME
National income rose $8.2 billion (seasonally adjusted annual rate) between the third and fourth quarters of 1958.
Increases in compensation of employees and corporate profits accounted for most of the rise. Income of farm proprietors declined.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

400

400
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL NATIONAL INCOME

300

300

COMPENSATION OF EMPLOYEES

200

too
PROPRIETORS* AND
RENTAL INCOME X.

CORPORATE PROFITS AND ^
INVENTORY VALUATION ADJUSTMENT

NET INTEREST.

1952

=1=

I

1954

1953

1955

1956

1957

y PRELIMINARY ESTIMATES BY COUNCIL OF .ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

l

I

1958
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Total
national
income

Period

1948
1949 .
1951- -1952_._
1953
1954
1955
1956
1957 1958
1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter .
Second quarter
Third quarter
Fourth quarter

_

Compensation
of employees l

Proprietors1 income

Farm

Corporate profits and inventory valuation adjustment

Net
interest

Total

Profits
before
taxes

Inventory
valuation
adjustment

223. 5
217. 7
279. 3
292.2
305. 6
301. 8
330. 2
349. 4
364. 0
360.5

141. 0
140. 8
180. 3
195. 0
208. 8
207. 6
223. 9
241. 8
254. 6
253.8

17.8
22. 4
7.3
12.9
22. 7
8.3
16.3
26. 0
9.4
15.3
26. 9
10.2
13. 3
27.4
10.5
12.7
27.8
10. 9
11. 8
30.4
10. 7
11. 6
30.8
10.9
11.6
31. 4
11.8
14.2
31.0
12.2
Seasonally adjusted annual

4. 2
4. 8
6.3
7. 1
8.2
9. 1
10.4
11. 3
12. 6
13.2
rates

30.8
28.2
41.0
37.7
37. 3
33. 7
43. 1
42.9
41. 9
36.2

33.0
26. 4
42.2
36.7
38.3
34. 1
44.9
45.5
43.4
36.4

-2.2
1.9
-1.2
1,0
-1.0
—.3
— 1.7
-2.6
— 1. 5
— 2

361. 5
364. 1
368. 7
361. 5
351. 7
353. 9
364. 3
2
372. 5

251.6
254, 9
257. 3
254.8
250. 9
250. 7
255.3
258.4

11.5
11. 6
11.8
11. 5
13. 7
14. 9
14. 4
13. 7

12. 1
12. 5
12. 8
12. 9
13. 0
13. 1
13. 2
13. 3

43.7
42.0
43. 1
38. 8
31.3
32. 5
38.0
2 43. 0

46. 1
43. 5
44. 2
39. 9
31. 7
32.0
37. 9
2
44. 0

— 2. 4
-1.5
— 1. 1
— 1. 1
-.3
.5
.2
*~1. 0

1
Includes employer contributions for social insurance. fSee also p. 4.)
* Preliminary estimates by Council of Economic Advisers.




Business
and professional

Rental
income
of
persons

31. 1
31. 4
31.7
31. 3
30. 6
30. 7
31. 1
31. 8

11. 4
11. 7
12.0
12. 2
12. 1
12. 1
12.2
12.3

NOTE.—Series revised beginning 1958. See note, p. 2.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).

SOURCES OF PERSONAL INCOME
income rose $2.4 billion (seasonally adjusted annual rate) in January. A continued rise in wages and
and a return of dividend payments to the November level accounted for most of the rise.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

350

300

LABOR INCOME

200

ISO

FARM PROPRIETORS'
INCOME

. DIVIDENDS AND PERSONAh INTEREST^^_^
.

1959
SOURCE: DEPARTMENT OF COMMERCE.

Period

Total
personal
income

1949
1951 ....
1952
1953
1954
1955
1956
1957
1958.
1957: December..
1958: January-February.
March
April . ..
Mav« . ..
June
July
August
September.
October. _.
NovemberDecember—
1959: January *..

208.3
256.7
273. 1
288.3
289. 8
310.2
330. 5
347. 9
354.4
348.4
348. 8
347.5
348.7
349.7
351.4
353. 4
3
360. 1
357. 2
358. 7
358. 2
360. 7
359. 9
362. 3

[Billions of dollars]
Labor income Proprietors' income
Less: Per(wage and
sonal conRental
salary disDivi- Personal Transfer tributions
income
Business
payinterest
bursements Farm
of
and pro- persons dends income ments for social
and other l
insur. f essional
labor income)
ance
12. 9
137.4
22. 7
2.2
12.4
8. 3
9.4
7.5
3.4
16.3
26.0
175.5
9.4
12. 6
9.0
11.2
190.2
15. 3
10.2
13.2
3.8
26. 9
12. 1
9.0
204. 1
13. 3
3.9
27.4
10. 5
9.2
13.4
14.3
12.7
4.6
202.5
16.2
27.8
10. 9
14. 6
9.8
5.2
218.0
11.8
30.4
11. 2
17. 5
10.7
15.8
235.2
5.7
30. 8
11.6
10. 9
12. 0
17.0
18. 6
247.1
11.6
6.6
31. 4
21. 5
11.8
12.4
18.8
14. 2
246. 2
6.7
31.0
12. 2
12. 3
25. 9
19. 4
Seasonally adjusted annual rates
246.5
6.6
11.8
23.3
31. 2
12.2
19.2
10.8
12. 6
244. 2
6. 7
12.2
23.9
30.9
19. 3
12.5
242. 2
13.8
30.4
6. 7
12.1
12.4
23.8
19.3
14. 6
241. 5
6.6
12. 1
24.8
30.5
12.4
19.3
240. 9
12.1
6. 6
15. 0
26. 1
30.6
12.4
19.3
15.2
6.7
242. 0
12. 1
26.4
30. 7
12.4
19.3
6. 7
244. 7
14. 6
12. 2
26.0
30. 8
12. 5
19. 3
3
14 4
7. 0
12. 2
251. 2
31. 0
26. 5
12. 5
19. 3
6.8
14. 4
12. 2
247.6
26.8
19. 4
31. 1
12.5
6.8
248. 6
12. 3
27.0
14.3
31.3
19. 5
12.5
14. 1
6. 8
248. 2
26. 9
12. 3
12. 4
19. 5
31. 6
6. 8
251.3
12. 4
26.6
13. 6
12.3
19. 5
31. 8
252. 6
26.0
6.8
32. 0
13.5
12. 4
19. 6
10. 6
7.6
26.0
13.3
253. 9
12. 4
32. 3
12. 5
19. 6

1
Compensation of employees (see p. 3) excluding employer contributions for
social insurance and the excess of wage accruals over disbursements.
3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.




COUNCIL OF ECONOMIC ADVISERS

Nonagricultural
personal
income 2

192. 1
237.0
254.3
271.5
273.8
295.0
315.4
332. 7
336. 5
333.0
332.5
330.1
330.5
331.0
332.4
335. 1
3
342. 0
339. 2
340. 9
340.3
343. 2
342. 4
345. 1

3
Includes lump-sum retroactive salary payments to Federal employees at an
annual rate of $4.6 billion ($380 million multiplied by 12).
4
Preliminary estimates.
NOTE.—Series revised beginning 1958. See note, p. 2.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.

DISPOSITION OF PERSONAL INCOME
Disposable personal income rose slightly between the third and fourth quarters of 1958.
rose $4.4 billion (seasonally adjusted annual rate).

Total consumer expenditures

BILLIONS OF DOLLARS
350

BILLIONS OF DOLLARS
350

300

250 -

200

-

1952

1957

1953

I95S
COUNCIL OF ECONOMIC ADVISERS '

SOURCE: DEPARTMENT OF COMMERCE.

Equals:
DisposLess:
Personal Personal
able
income
taxes 1 personal
income

Period

1948_
1949
1951
1952
1953
1954.
1955
1956
1957
1958

.
__
_ .

_
_

1957: First quarter
Second quarter
Third quarter _
Fourth quarter- „
1958: First quarter
__
Second quarter
.. _
Third quarter
Fourth quarter, _

210.4
208.3
256. 7
273. 1
288. 3
289. 8
310.2
330. 5
347.9
354.4

21. 1
18. 7
29.2
34.4
35.8
32.9
35. 7
40. 1
42.7
42.8

342.3
348.4
351. 8
349. 7
348. 3
351. 3
358. 6
359. 5

42.3
42. 7
43. 1
43. 0
42. 3
42.3
43. 5
43. 7

* Includes such items as fines, penalties, and donations.
NOTE.—Series revised beginning 1958. See note, p. 2.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
36499°—59
2




(50

Less: Personal consumption
expenditures

Total

Durable
goods

Billions of dollars
178. 3
22. 7
189. 3
189. 7
181. 2
24. 6
227.5
209.8
29. 5
238.7
219.8
29. 1
252. 5
232. 6
32.9
256. 9
238. 0
32.4
274. 4
256. 9
39.6
290. 5
269. 4
38.4
284. 4
305. 1
39.9
311.6
290.6
36. 8
Seasonally adjusted annual
300. 0
279. 8
40.2
282. 5
305. 7
39.5
288. 3
308. 7
40.4
287.2
306.8
39. 6
306. 1
286.2
36. 3
309.0
288.3
35. 6
315.1
291.5
36. 1
315.8
295. 9
38. 9

Nondurable
goods

98. 7
96. 6
110. 1
115. 1
118. 0
119.3
124. 8
131.4
138. 0
141.9
rates
135. 5
137. 1
140.5
138.8
139. 8
141. 4
142. 9
143. 3

Saving
Equals: as percent
Personal
of disposable
saving
Services
income

56.9
60.0
70.2
75.6
81. 8
86.3
92. 5
99.6
106. 5
111.9

11.0
8.5
17. 7
18.9
19. 8
18.9
17.5
21. 1
20. 7
21. 0

5.8
4. 5
7.8
7.9
7.9
7.3
6.4
7. 2
6. 8
6. 7

104. 1
105.9
107.4
108.7
110. 1
111. 3
112. 5
113. 6

20.3
23. 2
20.4
19.6
19. 9
20. 7
23. 6
19.9

6.8
7. 6
6. 6
6. 4
6. 5
6.7
7.5

o. a

PER CAPITA DISPOSABLE INCOME
Per capita disposable income, measured in both current and constant prices, fell slightly in the fourth quarter of 1958,
DOLLARS

2,000

1,800

1,600

1,600

1,400

1,400

1,200

1,200

r,,,

i

1

t

!

1

1

1

1954

1953

1952

i

i

1

1

1956

1955

!

I

i

, , , 1

t

1957

^SEE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR. AND COUNCIL OF ECONOMIC ADVISERS.

1958
COUNCIL OF ECONOMIC ADVISERS

Total disposable personal Per capita disposable perincome (billions of dollars) *
sonal income (dollars) *
Period

1948
1949
1951.
1952..
1953
1954
1955
1956
1957
1958

Current
prices

.
...

-.-.
.

.
_

1958
prices 2

189.3
189.7
227.5
238.7
252. 5
256.9
274.4
290. 5
305. 1
311.6

227.5
230.2
253.0
259. 8
272.7
276.2
296. 1
308. 7
313.6
311. 6

Current
prices

1,291
1,271
1,474
1,520
1, 582
1,582
1,661
1, 727
1,782
1,790

1958
prices 3

Population
(thousands) *

1,552
1,542
1,640
1, 654
1,708
1,701
1,792
1,835
1, 831
1,790

146, 631
149, 188
154, 360
157, 028
159, 636
162, 417
165, 270
168, 176
171, 196
174, 064

1,836
1,846
1,836
1,811
1,780
1,777
1,802
1,798

170, 151
170, 839
171, 612
172, 393
173, 054
173, 705
174, 460
175, 253

Seasonally adjusted annual rates
1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter.
Second quarter
Third quarter
Fourth quarter
1
Income
2

.
.

. . .

.

Jess taxes.
Dollar entlniates in current prices divided by consumer price index on a 1958
bust'.
»Includes armed forces overseas. AnnuaJ data as of July 1; quarterly data
centered Jn the middle of the period, interpolated from monthly figures.




300.0
305. 7
308. 7
306. 8
306. 1
309.0
315. 1
315. 8

312.5
315.5
315.0
312. 1
307.9
308. 7
314. 5
315.2

1,763
1,789
1,799
1, 780
1,769
1,779
1,806
1,802

NOTE.—Series revised beginning 1958. See note, p. 2.
Sources: Department of Commerce, Department of Labor, and Council of
Economic Advisers.

FARM INCOME
Farm operators* net income (seasonally adjusted) was lower in the fourth quarter of 1958 than in the third quarter, but
was well above a year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

40

30

30

20

20
NET FARM INCOME
(I NCL NET CHANGE
IN INVENTORIES^

4.

.1,

10

1954

1953

1952

1955

J/INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.

Period

1948
1949
1951
1952
1953
1954
1955
1956
1957
1958

Realized
gross farm
income *

-_

— _.-

1957: First quarter
Second quarter
Third quarter _
Fourth quarter
1958: First quarter
Second quarter
Third quarter
Fourth Quarter

.

34. 9
31. 8
37. 3
37.0
35.3
33. 9
33. 3
34. 6
34. 3
38.0
34. 4
34. 3
34. 3
34.3
37.2
38.5
38. 1
38.0

1957

1958
COUNCIL of ECONOMIC-ADVISERS

Farm operators' income
Net income 2
Net income per farm including net change in
Farm proIncluding
Excluding
inventories
duction
net change net change
expenses
in invenin inven1958
Current
tories
tories
prices *
prices
Billions of dollars
Dollars
18. 9
16. 1
17.8
3, 065
3,523
18.0
12. 9
13.8
2,259
2,658
22. 2
15. 2
16.3
2,951
3,173
22.6
14.4
15.3
2,829
3,010
21.4
13.9
13.3
2, 502
2,662
21.7
12.2
12. 7
2,440
2,596
21. 9
11.5
11.8
2,313
2,461
22. 5
12. 1
11.6
2,341
2,464
11. 6
23. 5
10. 8
2,388
2,437
24.9
14.2
13.1
2,985
2,985
Seasonally adjusted annual rates
23. 4
11. 0
11.5
2,370
2,440
23.6
10.7
11.6
2, 390
2,440
23. 4
10. 9
11.8
2,430
2, 450
23.6
10.7
11. 5
2,370
2,390
24.6
12. 6
2,880
13.7
2,880
24.9
13. 6
14.9
3, 140
3, 140
24.9
13.2
14.4
3, 030
3,030
25. 2
12.8
13.7
2,880
2,880

1
Cash receipts from farm marketings, value of farm products consumed in
farm households, gross rental value of farm dwellings, and Government payments
to 2farmers.
Realized gross farm income less farm production expenses. Excludes farm
wages paid to workers living on farms and any income to farm people from nonterm sources, which in 1958 amounted to $1.9 billion and $6.2 billion, respectively.




1956

Number of
farms
(millions) 4

5.8
5.7
5.5
5.4
5.3
5. 2
5. 1
5. 0
4. 9
4.7

4. 9
4. 9
4. 9
4. 9
4. 7
4. 7
4. 7
4.7

* Dollar estimates in current prices divided by the index of prices paid by
farmers for items used in family living on a 1958 base.
* The number of farms is held constant within a given year.
NOTE.—Series revised beginning 1958. See note, p. 2.
Source: Department of Agriculture.

CORPORATE PROFITS
Corporate profits before taxes In the fourth quarter of 1958 are provisionally estimated at $44.0 billion (seasonally
adjusted annual rate).
BILLIONS OF DOLLARS

BILLIONS Of

DOLLARS

20

10

10

-

1957
4/HO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT
t/ PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS
SOURCE "DEPARTMENT' OF COMMERCE (EXCEPT AS NOTED)

1958

I

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Corporate
profits
before taxes

Period
1948
1949
1951
1952
1953
1954
1955
1956
1957.
1958

.

._

__

_._

_
_

.'

_

_.

...

...

.....
..
. ...
. ..

._

33.0
26.4
42.2
36. 7
38. 3
34. 1
44. 9
45. 5
43. 4
36.4

Corporate
tax
liability
12. 5
10.4
22.4
19.5
20. 2
17. 2
21. 8
22. 4
21. 6
18.6

Corporate profits after taxes
Total
20. 5
16.0
19.7
17.2
18. 1
16. 8
23.0
23.1
21. 8
17. 9

Dividend
payments

Undistributed
profits

7.2
7.5
9.0
9.0
9.2
9.8
11. 2
12.0
12. 4
12.3

13.3
8.5
10.7
8.3
8.9
7.0
11.8
11.0
9.4
5.6

Seasonally adjusted annual rates
1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter .
Second quarter
Third quarter
Fourth quarter

.

.

_

_
..

.

46. 1
43.5
44. 2
39.9
31. 7
32.0
37. 9
*44. 0

' Preliminary estimates by Council of Economic Advisers.
KOTE.—See p. 3 for profits before taxes and after inventory valuation adjust"H'llt.

8



23.0
21. 7
22.0
19.9
16. 1
16. 3
19.3
*22. 4

23. 1
21. 8
22. 1
20. 0
15. 5
15.7
18. 6
121.6

12.5
12. 6
12.7
12. 0
12.5
12.4
12.5
11.8

Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).

10.6
9.2
9.4
8.0
3.0
3.3
6. 1
19.8

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose $7,1 billion (seasonally adjusted annual rate) between the third and fourth
quarters of 1958. Higher.outlays for residential construction, and a decline in the rate of inventory liquidation
accounted for the improvement.
BILLIONS OF DOLLARS

BILLIOMS OF DOLLARS

80

80

-20

1952

1958

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
gross
private
domestic
investment

Period

1948
1949
1951
1952
1953
1954
1955
1956 -.
1957
.
1958

_.
- _. _

43. 1
33.0
56. 3
49.9
50.3
48. 9
63. 8
68. 2
65. 3
54. 4

Change in business
inventories

Fixed investment
New construction l
Total
Total

38.4
36.0
46. 1
46. 8
49.9
50. 5
58. 1
62. 7
64. 3
59.1

19.5
18. 8
24. 8
25.5
27. 6
29. 7
34. 9
35.7
36. 5
36.5

Residential
nonfarm

10. 1
9.6
12.5
12. 8
13.8
15. 4
18. 7
17.7
17.0
17. 8

Other

Producers'
durable
equipment

9. 3
9. 2
12. 3
12. 7
13.8
14.3
16. 2
18. 1
19. 5
18.7

Total

Nonfarm

18.9
17.2
21.3
21.3
22. 3
20.8
23. 1
27.0
27.9
22. 6

4. 7
— 3. 1
10.2
3. 1
.4
— 1.6
5.8
5.4
1.0
-4.7

3.0
-2.2
9.1
2. 1
1. 1
-2.1
5.5
5.9
.2
-5.8

28.7
28. 1
28.0
26.7
22.9
22.3
22. 3
23.0

1. 1
2. 9
2.2
-2.3
-8.2
-6. 5
— 4. 2
.0

.6
2. (>
1. 3
— 3. I
-9. 3
— 7. S
— f>. 1

Seasonally adjusted annual rates
1957: First quarter
Second quarter
Third quarter
Fourth quarter
1 958: First q uarter
Second quarter
Third quarter
Fourth quarter

.._

65. 9
67.0
66. 7
61.5
50.9
50. 7
54. 5
61. 6

64. 8
64. 2
64.6
63.8
59.2
57. 2
58. 6
61.6

36. 1
36. 1
36. 6
37.1
36.3
34.9
36. 3
38.6

i "Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.
NOTE.—Series revised beginning 1958. See note, p. 2.




17.2
16. 5
16. 9
17. 6
17. 1
16. 2
17. 9
20. 1

18. 9
19. 6
19.7
19.6
19. 2
18. 7
18. 4
18. 5

—.0

Detail will not necessarily add to total because of rounding.
Source: Department of Oommeree.

9

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The October-December survey of business expenditures on plant and equipment indicated that anticipated capital
outlays in the fourth quarter would be $29.9 billion (seasonally adjusted annual rate), slightly higher than expenditures
in the third quarter. A further moderate rise to $30.5 billion in the first quarter of 1959 was indicated.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

10

1952

1953

I

.

1954

1955

J/ SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.

.COUNCIL Or ECONOMIC ADVISERS.

[Billions of ^dollars]
Manufacturing
Period

Total i

i

Total

1948
1949. •"••
1950_.
1951.,

_.

.'

1952

.„

1953..

...^

1954
1955
1956
1957 3
1958

...^
^. _
__ .
....

_._

. ._
.
.
.

..

22. 06
19. 28
20. 60
25. 64
26. 49
28. 32
26. 83
28. 70
35. 08
36.96

30. 53

9. 13
7. 15
7.49
10.85
11. 63
11. 91
11. 04
1L 44
14 95
15. 96
11. 50

Durable
goods

3. 48
2. 59
3. 14
5. 17
5. 61
5. 65
5. 09
5. 44
7. 62
8.02
5. 54

Transportation

Nondurable goods

5. 65
4. 56
4. 36
5. 68
6. 02
6.26
5.95
6.00
7.33
7.94
5. 96

Mining
Railroads

0.88
.79
.71
.93
.98
. 99
.98
.96
1. 24
1.24
.92

Other

1.32
1.35
1. 11
1.47
1. 40
1. 31
.85
. 92
1. 23
1. 40
.76

1.28
.89
1.21
1. 49
1. 50
1.56
1.51
1.60
1.71
1.77
1. 50

Public
utilities

2.54
3. 12
3. 31
3.66
3.89
4. 55
4 22
4 31
490
6. 20
6. 10

Commercial and
other 2

6.90
5.88
6. 78
7. 24
7. 09
8. 00
8. 23
9. 47
11. 05
10. 40
9. 74

Seasonally adjusted annual rates
6. 64
10. 15
1957: Third quarter
16. 37
37. 75
8.23
1. 54
1.81
8. 14
1.24
6. 43
10. 21
15. 27
Fourth quarter _i
; _
7.57
1. 26
1.91
36. 23
7. 70
1.15
5. 87
1958: First quarter
.
1.02
1.69
9. 63
32. 41
13.20
6. 62
6. 58
1. 00
.77
5.97
9.73
11. 53
.92
1; 40
Second quarter
.
.
30. 32
5. 57
5.96
.63
6. 10
9.85
10. 86
Third quarter
5. 16
5. 70
.88
1. 29
29. 61
6.32
10. 79
.59
9. 68
5. 11
1. 64
Fourth quarter 3
29. 93
. 91
5. 68
3
.54
9. 94
1959: First quarter
11. 06
. 84
1. 72
6.41
5. 35
5. 71
30. 51
1
Kxcludes agriculture.
adjustments, when necessary, for systematic tendencies in anticipatory data.
1
These figures do not agree with the totals included in the gross national product
Commercial and other includes trade, service, finance, communications, and
const ruction.
estimates of the Department of Commerce, principally because the latter cover
1
K-'Uittmtcs based on anticipated capital expenditures as reported by business
agricultural investment and also certain equipment and construction outlays
tatweti hi to October and early December 1958.
charged to current expense.
Detail will not necessarily add to totals because of rounding.
None. Annual total is the sum of unadjusted expenditures; it does not necesSources: Securities and Exchange Commission and Department of Commerce.
sity colndUc with the average of seasonally adjusted figures, which include

10



EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Total employment declined by 1.3 million from December to January and unemployment increased by 600,000.
Both changes were less than is usual at this time of year.
MILLIONS OF PERSONS-!'

PERSONS-^

75

50

I953

1954

1955

1956

1957

1958

•^14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF COMMERCE.

Period

New definitions: l
1952_.
1953. >.__
1954 .
1955
__.
1956
___
1957
1958
._
1957: December __
1958: January
February
March
April
May
June .
July
-. August
September
October
November
December
1959: January -- _ _

COUNCIL OF ECONOMIC ADVISERS

Total
Civilian employment l
Unemployment l
Insured unemployment2
labor
Civilian
State pro% of civilian All proforce (inlabor
Agricul- Nonagri- Number labor force
grams
grams as
cluding
Total
force *
tural
cultural
armed
Unad- Seas, (thousands % of covered
forces) *
justed adj. of persons) employment
Thousands of persons 14 years of age and over
66, 560
67, 362
67, 818
68, 896
70, 387
70, 744
71, 284
70, 458
69, 379
69, 804
70, 158
70, 681
71, 603
73, 049
73, 104
72, 703
71, 375
71, 743
71, 112
70, 701
70, 027

62, 966
63, 815
64, 468
65, 848
67, 530
67, 946
68, 647
67, 770
66, 732
67, 160
67, 510
68, 027
68, 965
70, 418
70, 473
70, 067
68, 740
69, 111
68, 485
68, 081
67,430

61, 035
61, 945
60, 890
62, 944
64, 708
65, Oil
63, 966
64, 396
62, 238
61, 988
62, 311
62, 907
64, 061
64, 981
65, 179
65, 367
64, 629
65, 306
64, 653
63, 973
6?, 706

6,792
6, 555
6,495
6, 718
6,572
6,222
5,844
5,385
4,998
4,830
5,072
5,558
6,272
6,900
6, 718
6, 621
6,191
6,404
5,695
4,871
4,693

i See Monthly Reports on the Labor Force, Department of Commerce, for definitions, methods of estimation, periods to which data pertain, etc.
* Weekly averages.




1959

54, 243
55, 390
54, 395
56, 225
58, 135
58, 789
58, 122
59, 012
57, 240
57, 158
57, 239
57, 349
57, 789
58, 081
58, 461
58, 746
58, 438
58, 902
58, 958
59, 102
58, 013

1, 932
1,870
3,578
2, 904
2, 822
2,936
4,681
3,374
4,494
5, 173
5, 198
5, 120
4, 904
5,437
5,294
4,699
4, 111
3,805
3,833
4, 108
4,724

3. 1
2.9
5.6
4.4
4.2
43
6. 8
5.0
6.7
7.7
7.7
7.5
7. 1
7. 7
7. 5
6.7
6.0
5.5
5.6
6.0
7.0

5.0
5.8
6.7
7.0
7.5
7.2
6.8
7.3
7.6
7.2
7. 1
5.9
6. 1
6.0

1,064
1,058
2,039
1,388
1, 312
1,560
2, 758
2,256
3,065
3,375
3, 505
3, 527
3, 186
2,847
2, 717
2,374
2,062
1,862
1,957
2,307
3
2, 732

2.9
2.8
5.2
3.4
3. 1
3. 5
6. 1
5. 1
6. 9
7.6
7.9
7. 9
7. 1
0. 3
it. 0
5. 2
4. 5
4. I
4, a
5. 1

* o. o

* Preliminary estimate.
Sources: Department of Commerce, Department of Labor, and Council ol
Economic Advisers.

11

NONAGRICULTURAL EMPLOYMENT
Employment in nonagricultural establishments rose by 170,000 (seasonally adjusted) in January. Moderate job
increases occurred in nearly all major industrial groups.
MILLIONS OF WAGE
AND SALARY WORKERS *

MILLIONS OF WASE
AND SALARY WORKERS *

ALL NONAGRICULTURAL ESTABLISHMENTS

MANUFACTURING

54
TOTAL

52

50
DURABLE
j GOODS
/INDUSTRIES

48

NONDURABLE
GOODS
INDUSTRIES

46

1956

X

1957
12.0

CONTRACT CONSTRUCTION
-(ENLARGED SCALE)

1958

WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)

3-0

10.5

I I 1 I 1Mill!

1957

IO.O

1957

1958

1958

* SEASONALLY ADJUSTED DATA
SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers!
Period
1952—..
1953
195419551956
1957
1958 2-

Manufacturing

Total,
unadjusted

_

1957: December.
1958: January
February..
March
April
May
June
July
_
August
September.
October
November.
December2.
1050: January 2 __

Total

48, 303
49, 681
48, 431
50, 056
51, 766
52, 162
50, 536

48, 303
49, 681
48, 431
50, 056
51, 766
52, 162
50, 536

16, 334
17, 238
15, 995
16, 563
16, 903
16, 782
15, 464

9, 340
10, 105
9, 122
9,549
9,835
9,821
8,742

52, 610
50, 477
49, 777
W, 690
49, 726
49, 949
50, 413
50, 178
50, 576
51, 237
51, 136
51, 432
51, 909
50, 266

51,516
51, 223
50, 575
50, 219
50, 054
50, 147
50, 315
50,411
50, 570
50, 780
50, 582
50, 877
50, 818
50, 992

16, 252
15, 9t>5
15, 648
15, 389
15, 243
15, 202
15, 275
15, 312
15, 330
15, 529
15, 358
15, 693
15, 708
15, 714

9,393
9, 155
8,895
8,717
8,566
8,498
8,556
8,596
8,605
8,801
8, 625
8,937
8,960
8,978

Total

Durable
goods

Nondurable goods

II full- and part-time wage and salary workers in nonagricultural
1
) worked during or received pay for any part of the pay period
i.Mh of the month. Excludes proprietors, self-employed permit -.. ntul personnel of the armed forces. Total derived from
.•ritjiMi' with estimates of nonagricultural employment of the
*H>"it«'i by the Department of Commerce (p. 11) which in-




Government
Contract Wholesale
Mining construc- and retail (Federal, '
State,
tion
trade
local)
6,609
2,634
10, 281
885
6,645
2,622
852
10, 527
6, 751
10, 520
777
2,593
6, 914
2,759
10, 846
777
7,277
11, 221
2,929
807
7,626
11, 302
809
2,808
7, 893
720
2, 648
11, 136

6,994
7, 133
6,873
7, 014
7,068
6,961
6,722
Adjusted for seasona* variation
6,859
6,810
6,753
6,672
6,677
6,704
6,719
6,716
6,725
6, 728
6, 733
6, 756
6,748
6,736

784
766
747
733
723
718
713
709
701
707
708
708
709
704

2,679
2, 652
2,455
2, 573
2,624
2,698
2, 698
2,693
2, 711
2, 698
2, 698
2,690
2,542
2,590

11, 237
11, 305
11, 235
11, 116
11, 050
11,087
11, 105
11, 121
11, 175
11, 151
11, 154
11, 119
11, 122
11,201

7, 747
7,754
7,766
7, 788
7,816
7,835
7,877
7, 903
7, 989
8,005
7, 986
7,980
8, 053
8,072

Other

11, 563
11, 797
11, 795
12, 197
12, 629
12, 835
12, 675
12, 817
12, 781
12, 724
12,620
12, 598
12, 607
12, 647
12, 673
12, 664
12, 690
12, 678
12, 687
12, 684
12, 711

clude 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 employing establishments.
2 Preliminary estimates.
Source: Department of Labor.

AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of production workers in manufacturing industries declined from 40.3 hours in December to
39.9 hours in January. This was a smaller decline than is expected for seasonal reasons.
HOURS PER WEEK

HOURS PER WEEK
46

NONDURABLE MANUFACTURING

I I I I I 1 t I I 11

1956

4957

1959

; RETAIL TRADE

JJ i I III II I I I I I I I I I I II I
1956
1957

I II II I1 I I II

1 I j 1 1 1 | 111L
1959

1958

COUNCIt OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR.

[Hours per week, for production workers or nonsupervisory employees]
Manufacturing •
"Ruil/Hncr

Period
1948.... _
1949
1951 .. .
1952
1953
1954
1955
1956
1957 1
1958
1957; December
1958: January
February
March
April.
May
June
July...
August
September
October
November
December l
1959: January1
1
8 Preliminary

estimates
Not available.
36490*




_

Durable
goods

Total

....
_.

_

_

.
___

.

_

.
_

..
.
_

40. 1
39.2
40. 7
40. 7
40. 5
39. 7
40. 7
40. 4
39. 8
39. 3
39. 4
38. 7
38. 4
38. 6
38.3
38.7
39. 2
39. 2
39. 6
39. 9
39. 8
39. 9
40.3
39.9

Nondurable construction
goods

40. 5
39. 5
41. 6
41. 5
41. 3
40. 2
41. 4
41. 1
40. 3
39. 6
39. 7
38. 9
3a 6
39.0
38.8
39. 1
39. 6
39. 4
39. 8
40. 2
40. 1
40.3
40. 8
40.3

39. 6
38. 8
39 5
39 6
39. 5
39. 0
39. 8
39. 5
39. 1

3a 8

39.0
38. 3
38. 1
38. 1
37. 7
3a 1
38. 7
39. 0
39. 4
39. 5
39. 4
39. 4
39. 6
39.4

T? of oil

trade
40. 3
40. 4
40. 2
39. 9
39. 2
39. 1
39. 0
38. 6
38. 1
38. 0
38. 3
37.8
37. 8
37.8
37. 8
37. 8

37.3
36. 7
37. 2
38. 1
37.0
36. 2
36. 2
36. 4
36. 1
35.7
34. 9
35.2
33.0
35.2
35.5
36.3
36. 2
36.3
36. 7
36. 5
36. 8
35.4
34.5
(2)

sa 2

3§. 7
38. 7

sa o

37. 9
37.7
38.5

P)

Source: Department of Labor.

13

AVERAGE HOURLY EARNINGS

SELECTED INDUSTRIES

Average hourly earnings of production workers in manufacturing industries were unchanged in January. At $2.19,
they were 8 cents above the level of January 1958.

DOLLARS PER HOUR

DOLLARS PER HOUR

2.60

3.40

2.40

3.20

2.20

3.00

2.00
1956

1959

2.20
NONDURABLE MANUFACTURING

RETAIL TRADE

2.00
'-CURRENT PRICES
-CURRENT PRICES

1.40

1.60

I I I I II I I I I I

1956

II I Ml II Ml
1958

I I I I I I I I I II

M M I I U I 11

1956

1959

I I I MI I I I II

1957

1958

SOURCE: DEPARTMENT OF LABOR.

Period

1948
_.
1949
1951
1952
1953
1954
1955
1956 . .
_. _
1957.
2
1958
1957: December..1958: January
February
March
April
May _ .
June
July
August
September
October
November2
December
1959: January 2
1
3

COUNCIL OF ECONOMIC ADVISERS.

[For production workers or nonsupervisory employees]
Durable goods
Building
All manufacturing manufacturing Nondurable goods
construction
manufacturing
Current
1958
Current
Current
1958 Current
1958
1958
prices prices l
prices prices l
prices prices * prices prices l

$1. 350
1. 401
. 1. 59
1. 67
1.77
1.81
1. 88
1.98
2.07
2. 13
2. 10
2.11
2. 10
2. 11
2. 11
2. 12
2. 12
2.13
2. 13
2. 14
2. 14
2. 17
2. 19
2. 19

$1.623
1.700
1.77
1. 82
1.91
1. 95
2.03
2. 10
2. 13
2.13
2. 13
2. 13
2. 12
2. 11
2. 11
2.12
2. 12
2. 12
2. 13
2. 14
2. 14
2. 16
2. 19
(3)

$1. 410
1.469
1. 67
1.77
1.87
1. 92
2.01
2. 10
2.20
2.28
2. 24
2. 24
2.24
2. 25
2. 25
2.26
2.27
2.28
2.29
2.30
2.29
2. 34
2. 35
2. 34

Earnings in current prices divided by consumer price index on a 1958 base.
Preliminary estimates.

14



I I I I I1 I I I1 I
1959

$1. 695
1.783
1. 86
1.93
2.02
2.06
2. 17
2. 23
2.26
2. 28
2.27
2. 26
2. 26
2. 25
2. 25
2. 26
2.27
2. 27
2.29
2. 30
2. 29
2. 33
2. 35

C3)

$1. 278
1.325
1.48
1.54
1.61
1.66
1.71
1.80
1.88
1. 94
1. 92
1. 92
1.92
1.93
1. 94
1. 94
1. 94
1. 94
"1.93
1. 95
1. 95
1.96
1.97
1.98

$1. 536
1. 608
1. 65
1. 68
1.74
1.78
1.84
1.91
1. 93
1. 94
1. 95
1. 94
1. 94
1. 93
1.94
1.94
1. 94
1.93
1.93
1.95
1.95
1.95
1.97
(3)

$1.848
1. 935
2. 19
2.31
2.48
2. 60
2. 66
2.80
2.96
3. 10
3.05
3.07
3.08
3.06
3.06
3.06
3.06
3.09
3.09
3. 13
3. 13
3. 14
3. 18
(3)

3 Not available.
Source: Department of Labor.

$2. 221
2. 348
2.44
2.51
2.68
2.80
2.87
2. 98
3.04
3. 10
3. 10
3. 10
3. 10
3.07
3.06
3.06
3.05
3.08
3.08
3. 12
3. 12
3. 13
3. 17
(3)

Retail trade
1958
Current
prices prices l

$1.088
1. 137
1.26
1.32
1.40
1.45
1. 50
1.57
1.64
1.70
1. 63
1. 68
1. 68
1.67
1.68
1. 69
1.70
1.71
1.71
1.71
1. 71
1.71
1.68
(3)

$1. 308
1. 380
1.40
1.44
1. 51
1.56
1.62
1. 67
1.69
1.70
1. 65
1.70
1.69
1.67
1. 68
1. 69
1.70
1. 70
1.71
1.71
1. 71
1.70
1.68
C3)

AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing declined to $87.38 in January, reflecting the reduction of the workweek.
Howeve^ they were $5.72 higher than in January 1958.
DOLLARS PER WEEK

DOLLARS PER WEEK

RETAIL TRADE

NONDURABLE MANUFACTURING

1958 PRICES

CURRENT PRICES

M II M IM

i I 11 1 1 i i i i t

UU I I I i I M I I

I I I I I I I I I LJJ

1 1 111 I ? i r t I

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR .

Period

1948
1949
1951
1952
1953
1954
1955
1956
1957
19582
1957: December.
1958: January
February
March
April
May

June
July
August
September.
October
November2
December
1959: January2
1

[For production workers or nonsupervisory employees]
Durable goods
Building
All manufacturing manufacturing Nondurable goods
manufacturing
construction
Current
1958 Current
1958 Current
1958 Current
1958
prices prices 1 prices prices 1 prices prices 1 prices prices l

$54. 14
54. 92
64.71
67.97
71. 69
71. 86
76. 52
79. 99
_ .
82. 39
83.71
82.74
81. 66
„.
80. 64
81.45
80. 81
82.04
83. 10
. 83. 50
.
84.35
85. 39
_._ 85. 17
86. 58
88.26
87. 38

$65. 07
66. 65
71.98
73.96
77. 42
77.27
82. 55
85.01
84. 68
83.71
84.00
82.48
81.29
81. 61
80. 81
81. 96
82.93
83.25
84. 18
85. 22
85.00
86. 32
88.08
(3)

$57. 11
. 58. 03
69.47
73.46
77. 23
77. 18
83.21
86. 31
88. 66
90.29
88. 93
87. 14
86.46
87. 75
87. 30
88. 37
89. 89
89. 83
91. 14
92.46
91. 83
94. 30
95. 88
94. 30

Earnings in current prices divided by consumer price index on a 1958 base.
* Preliminary estimates.




I M I I I I M U.

$68. 64
70.42
77.27
79. 93
83.40
82.99
89.76
91.72
91. 12
90.29
90. 28
88. 02
87. 16
87.93
87. 30
88. 28
89.71
89. 56
90. 96
92. 28
91. 65
94.02
95. 69
(3)

$50. 61
51.41
58.46
60. 98
63. 60
64. 74
68.06
71. 10
73.51
75.27
74. 88
73. 54
73. 15
73. 53
73. 14
73. 91
75. 08
75. 66
76. 04
77. 03
76. 83
77. 22
78.01
78.01

$60. 83
62.39
65.03
66.35
68. 68
69. 61
73. 42
75. 56
75. 55
75.27
76.02
74.28
73. 74
73. 68
73. 14
73. 84
74. 93
75.43
75. 89
76.88
76.68
76.99
77.85
(3)

$68. 85
70. 95
81. 47
88.01
91.76
94. 12
96. 29
101. 92
106. 86
110. 67
106. 45
108. 06
101. 64
107. 71
108. 63
111. 08
110. 77
112. 17
113. 40
114. 25
115. 18
111. 16
109. 71
(3)

$82. 75
86. 10
90. 62
95.77
99.09
101. 20
103. 87
108. 31
109. 83
110. 67
108. 07
109. 15
102. 46
107. 93
108. 63
110. 97
110. 55
111. 83
113. 17
114. 02
114. 95
110. 83
109. 49
(3)

Retail trade

1958
Current
prices prices *
$43. 85
45. 93
50. 65
52. 67
54. 88
56. 70
58. 50
60. 60
62.48
64. 60
62.43
63.50
63.50
63. 13
63. 50
63. 88
64. 94
66. 18
66. 18
64. 98
64.81
64.47
64.68
(3)

$52. 70
55.74
56. 34
57. 31
59.27
60.97
63. 11
64.40
64.21
64.60
63.38
64. 14
64.01
63.26
63. 50
63. 82
64. 81
65. 98
66.05
64. 85
64. 68
64. 28
64. 55
(3)

* Not available.
Source: Department of Labor.

15

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION

The index of industrial production (seasonally adjusted) rose again in January, reaching a level 1% percent higher
than a year earlier and only 1 percent below August 1957.
INDEX, 1947-49-100

INDEX, 1947-49 = 100

180

ISO

^\

XDURABLE MANUFACTURES

140

1953

1954

1956

1955

1957

1958

1959
COUNCIl OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[1947-49=100, seasonally adjusted]
Total
industrial
production

Period

1948
.
1949
.
. . .
.
.
1951
' ..
. .
1952 .
. . . . .
. . . . .
...
..
1953
.
.
.
1954 .
1955
1956
... ..
.. .
1957
1958
.
..
.
.
1 957 : December
1958 z January
_
February.
.
.
.
.
March
.
April
'
May .— —
i
j
r

June-- .
July
August
September. .
October
November
December
1959: January *

i Preliminary estimates.

16



•
.

104
97
120
124
134
125
139
143
143
134
135
133
130
128
126
128
132
134
136
137
138
141
142
143

Manufactures
Total
103
97
121
125
136
127
140
144
145
136
137
135
131
129
128
130
134
136
138
139
140
143
144
145

Durable
104
95
128
136
153
137
155
159
160
142
146
142
137
135
131
134
139
141
144
145
146
151
152
154

Nondurable
102
99
114
114
118
116
126
129
130
130
127
127
125
124
125
126
129
132
133
133
134
135
135
137

Source: Board of Governors of the Federal Reserve System.

106
94
115
114
116
111
122
129
128
117
123
121
118
112
109
108
112
116
120
123
122
123
123
122

PRODUCTION OF SELECTED MANUFACTURES
In January, production increases were rather general among both durable and nondurable manufactures.
INDEX, 1947-49« 100, SEASONALLY ADJUSTED

INDEX, 1947-49=100, SEASONALLY ADJUSTED

240

180

220

160

200

140

180

1956

1957

1958

1956

1959

1958

1957

1959

180

160

X —

,40

120

140

100

120

1956

1957

1958

FOODS, BEVERAGES

AND Toekcco

1956

1959

1957

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1959

1958

COUNCIL OF ECONOMIC ADVISERS

[1947-49=100, seasonally adjusted]
Durable manufactures
Period

1948. ._
1949 .
.
1951 .
.
1952
1953
_.
1954
1955
1956
1957 ..
.
1958
1957: December
1958: January
February
March.
April
May
June July
August
SeptemberOctober.
November
December
1959: January 1
1
8 Preliminary

estimates.
Not available.




Nondurable manufactures

FabriTranspor- Lumber Textiles
Primary
cated
Machin- tation
and
and
metals
metal
ery
equipprod- apparel
products
ment
ucts
107
90
126
116
132
108
140
138
131
104
107
100
95
91
86
91
103
102
109
113
122
123
122
125

104
93
122
121
136
123
134
135
139
128
135
129
124
122
118
120
125
129
132
135
133
136
136
137

104
93
130
147
160
142
155
171
168
145
156
151
144
141
137
137
141
144
147
148
147
150
152
156

102
102
135
154
189
175
203
199
213
187
194
191
185
183
178
182
185
185
186
178
183
202
204
206

106
93
113
111
118
115
127
123
114
115
103
110
108
109
107
109
113
114
120
118
120
125
125
(2)

103
97
106
105
107
100
109
108
105
103
97
97
97
95
98
99
102
107
108
109
111
110
109
110

ConPaper Chemical Foods,
sumer
and and petro- bever- durable
printleum ages, and goods
ing
products tobacco
103
101
118
118
125
125
137
145
148
147
146
146
144
142
143
143
146
148
150
150
153
153
150
153

103
100
132
133
142
142
159
167
172
170
169
168
164
163
164
165
168
171
174
174
175
177
180
181

100
100
105
106
107
106
109
112
112
115
113
114
114
113
113
114
116
116
116
116
116
117
111)
1 I \)

102
101
'114
105
127
116
147
131
130
113
119
11 .'i
110
101
97
105

in
1 11
1 1 r>
ion
i«m
1 :w
I;H
in/,

Source: Board of Governors of the Federal Keserve System.

17

WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production increased in January and early February.
rate in almost 2 years.
.
'
MILLIONS OF TONS

Steel production reached the highest

MILLIONS OF SHORT TONS (DAILY AVERAGE)

BITUMINOUS COAL

I

h.*.-. i * i * -i « i t t t i f i i i i i i i i i i i t i. i i i i i i i i. | i I i i i i i i i i i i i i i I
J
F
M
A
M
J
O
A
S
O
N
D

BILLIONS OF KILOWATT

J

F

M

A

M^

J

J

A

I

I I I I I I I .!

I ! i ..

I I I I I I I I I I I 1

1

1 I I I I I I I I 1

SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.

Period
Weekly average:
1955 . . .
1956
1957
1958
....
1957: December
1958: January
February
March
April _
May
June
Julv
August
September
October
November
December
1959: January 3
Week ended:
1959: January 10...
17
24...
31...
February 7 3
14 3 __
213..

D

I I 1

1

I f I 1

1

I I

COUNCIL OF ECONOMIC ADVISERS

Electric Bituminous Freight Paperboard
Steel produced *
Cars and trucks
power
coal mined loaded
produced
Thousands
Index
distributed (thousands (thousands (thousands assembled (thousands)
of net (1947-49 = (millions of
of short
Total Cars Trucks
of cars)
of tons)
tons
100)
kilowatt-hours) tons) 2
2, 245
2,204
2, 162
1, 635
1,679
1, 525
1,446
1,412
1, 290
1,422
1,661
1, 458
1, 650
1,783
1, 995
1,998
1, 971
2, 102

139. 7
137. 2
134. 6
101. 8
104. 5
94.9
90. 0
87.9
80. 3
88.5
103. 4
90. 7
102. 7
111.0
124. 2
124.3
122. 7
130. 9

10,318
11, 292
11, 873
12, 314
12, 129
12, 247
12, 212
11,764
11,239
11,261
11, 872
12, 051
12, 579
12, 214
12, 146
12, 386
12, 949
13, 356

1, 542
1,693
1,644
1,345
1,487
1,450
1,310
1,228
1, 183
1,139
1, 419
1, 313
1, 287
1,438
1,459
1,441
1,470
1,339

724
728
683
581
555
543
528
537
528
549
622
552
631
642
682
615
531
569

269
274
272
275
263
224
262
270
257
260
272
234
296
286
311
304
262
272

176. 7
132. 8
138. 6
98. 4
146.5
120. 9
116.3
103.2
88. 8
96.6
99.0
82. 8
53. 5
38.9
71. 9
149.7
144 3
152. 6

152. 7
111. 6
117. 6
81. 6
126. 4
103.7
98.0
86. 2
71. 9
79. 8
82. 1
68. 4
42. 0
29. 0
56. 7
126. 2
124. 8
129. 0

24.0
21. 2
21. 0
16. 8.
20. 1
17.2
18.3
17.0
16.9
16. 8
16. 9
14. 4
11.5
9.9
15. 2
23. 5
19. 6
23. 6

2,085
2, 111
2,056
2, 178
2,288
2,371
6
2, 439

129.8
131. 4
128. 0
135. 6
142.4
147. 6
151. 8

13, 554
13, 324
13, 394
13, 151
13, 292

1,366
1,382
1,334
1,431
5
1, 383

550
586
556
583
565

*304
306
293
294
298

155.9
158. 5
151.3
144. 6
139.0
5
140. 1

133.4
136.0
126.8
119. 7
114.3
115. 1

22. 6
22. 6
24. 5
24. 9
24. 8
25. 1

' Weekly capacities (net tons) as of January 1 are: 2.413,278 (1955), 2,455,300
(1950). 2,559.631 (1957). 2.099,320 (1958), and 2,831,486 (1959).
a
Daily average for week.
3
Preliminary.




ON

CARS AND TRUCKS

ELECTRIC POWER

18

S

HOURS

* For Jan. 1-10.
• Not charted.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Bailroads, National Paperboard
Association, and Ward's Automotive Reports.

1

NEW CONSTRUCTION
Expenditures for both public and private construction (seasonally adjusted) increased during January, (or the eighth
consecutive month. Construction contracts continue higher than a year previously.
BILLIONS OF DOLLARS
60

BILLIONS OF DOLLARS

20

10

n II

I I I I I I M I I I I I I I T 1 M I I I I I I I I I I I I 1 I I 1 I I ! I I 1 1I M I I I I I I I ! I I M I I I I I I I I I I I I I I t 1I M I M I t ! In

PRIVATE RESIDENTIAL
S (NONFARM)

20

1959

1953

COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR

[Billions of dollars]
Period

1952
1953
1954
1955
1956

Total new
construction

Private
Total
private

34. 8
37. 1
39. 6
44. 6
46.3
48. 1
49. 0

1957-__

1958

23.8
25.7
27. 7
32. 6
33.3
34 0
33. 9

50. 1
48. 8
48. 0
47.6
46. 6
46.5
47.1
47.8
48.5
49. 4
51.3
52.5
53.7
54.3

34. 6
34.0
33.6
33. 1
32. 4
32. 4
32.7
33. 1
33.6
34.2
35.3
36.2
36.6
37. 0

Residential
(nonfarm)

12.8
13.8
15.4
18.7
17.7
17. 0
17. 9

Other

11.0
11.9
12. 3
13.9
15. 6
17. 0
16. 1

Federal,
State, and
local

10. 9
11. 4
11. 9
12. 0
13. 0
14. 1
15.0

Construction contracts l
48 States 2

31. 6
32.2
35. 1

37 Eastern
States 3

16. 8
17.4
19.8
23. 7
3
24. 6
25. 3

Seasonally adjusted annual rates
1957:
1958:

December
January
February
March
April

May

1959:

June
July -_
August
September
October
November
December
January 4

__

..

1
Compiled by F. W. Dodge Corporation; seasonally adjusted by the National
Bureau of Economic Eeseareh. Omits small contracts, and covers rural areas less
fully than urban.
2
Series begins January 1956. The 37 Eastern States data are probably indicative of the 48 States trend for other periods.
8
Revised series beginning January 1956; not comparable with prior data.
Series discontinued beginning January 1958.




17. 5
17. 3
17.2
16.8
16. 2
16. 2
16.6
17.2
18.0
18.5
19. 5
20.2
20.6
21.2

17.1
16.6
16.3
16.3
16.2
16.2
16. 1
15.9
15.6
15.7
15.9
16.0
16.0
15.8

15.5
14.9
14.5
14.5
14.2
14.2
14. 4
14.7
14.9
15.3
16.0
16.4
17. 1
17.3

25. 3
31.2
29. 6
32. 1
30. 1
35.9
41.8
38.8
42. 6
36.2
39.5
36.5
29. 5

20. 3
(3)

* Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce, Department of Labor, and F. W. Dodg«
Corporation (except as noted).

19

HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts (seasonally adjusted) declined in January to an annual rate of 1,350,000 units,
appraisal requests and applications For FHA commitments rose somewhat.
MILLIONS OF UNITS

VA

MILLIONS OF UNITS

0.5

1956
i/SEE FOOTNOTE 2 ON TABLE BELOW.
'«•" v"'*' "'"" '• ••'-^B"'-'.'.''•'?$$$'*? .
SOURCES: DEPARTMENT OF LABOR, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA).

[Thousands of units]
New nonfarm housing starts
Period

Annual total: 1953
1954
1955
1956
1957
1958 3 -_Monthly average: 1953_
1956_
1957.
19583.
1957: December
1958: January
February
March
April
.
AJ-caj
Mav »
June.
_-.
July
August
September _ _ _
October _ _ _ _ _ _
November
December
1950: January 3

Total

1, 103. 8
1, 220. 4
1, 328. 9
1, 118. 1
1, 041. 9
1, 201. 7
92.0
93. 2
86.8
100. 1
63. 4
67.9
66. 1
81. 4
99. 1
108. 5
112.9
112. 8
124. 0
121. 0
135. 0
3
102. 0
3
91. 0
86. 0

Publicly
financed

35.5
18. 7
19. 4
24.2
49. 1
67. 2
3.0
2.0
4. 1
5.6
.9
5. 0
5. 1
4. 1
4. 9
7.2
11.6
4. 2
9.4
10. 1
2. 1
3
2. 0
3
1. 5
2. 7

Total

1, 068. 3
1, 201. 7
1, 309. 5
1, 093. 9
992. 8
1, 134. 5
89.0
91. 2
82. 7
94. 5
62. 5
62.9
61.0
77. 3
94. 2
101. 3
101.3
108. 6
114. 6
110.9
112. 9
3
100. 0
3
89. 5
83. 3

Privately financed
Government programs
Total i FHAi
VA
252. 0
156. 5
408. 5
307. 0
276. 3
583.3
392. 9
669. 6
276. 7
460. 0
270. 7
189. 3
298. 7
168. 4
128. 3
102, 1
397. 5
295. 4
34. 0
13. 0
21. 0
22. 6
38.3
15. 8
24. 7
JO. 7
14. 0
33. 1
24. 6
8. 5
4. 6
18. 9
14. 2
17.4
4. 1
13. 3
14. 1
2.8
11. 3
16. 5
3. 1
19.6
22. 7
27. 4
4.8
32. 0
26*. 0
6.0
36. 5
28. 0
8. 5
40. 3
29. 7
10. 6
13. 2
43. 6
30. 5
14.4
31. 9
46.3
14. 7
49. 4
34. 7
11.0
36. 8
25. 8
34. 0
9.0
25. 0
6. 9
26. 7
19. 8

' Kvrhjilc.i- armed forces housing: 2,837 units in 1956; 18,611 units in 1957; 30,841
m i l l " in l!i/,v mill i,7;w units iJi January 1U.P>9.
'
1 I nil 11'pn'sruh'd hv worl.juj^e applications for new home construction.
I'MTniiiiiui y r;>itumi.i';{.

20



1959
COUNCIL OF ECONOMIC ADVIS1RS

Proposed home construction
Private,
Requests
seasonally Applications
for VA
adjusted for FHA com2
annual
appraisals 2
mitments
rates
251. 4
253. 7
535. 4
338. 6
620. 8
306.2
401. 5
197.7
159. 4
198.8
234.2
341. 7
21. 1
21.0
33.5
16. 5
13. 3
16.6
19. 5
28. 5
3. 5
13. 6
1,000
5.2
17. 3
1,020
915
5.3
20. 6
8.4
918
25.0
24. 8
31.6
983
29.2
1,039
34.6
28.4
33.4
1, 057
28.5
31.8
1, 174
28.5
33.0
1, 228
26.7
1,255
36.8
19. 1
31. 8
1,303
3
15.3
22. 3
1, 330
3
14.8
23.0
1, 430
17.9
1,350
25. 5

NOTE-.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Labor, Federal Housing Administration (FHA), and
Veterans Administration (VA).

SALES AND INVENTORIES—^MANUFACTURING AND TRADE
Tottrl manufactjuring and trade sales (seasonally adjusted) continued to advance in December, reaching the prerecession psak of $57.4 billion. Manufacturing and wholesale trade inventories were reduced further while retail
inventories rose. Retail sales in January were about the same as in December, according to preliminary estimates.
BILLIONS OF DOLLARS, SEASON ALLY ADJUSTED

BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

nl i l l I I I I I I I I I I I I I I 1 1 I I I 1 1 1 i i M I I i i i i i I i i i M I J | I I I f
INDEX, 1947-49* »OQ. SEASONALLY ADJUSTED

160

i i i t i I I I I I I I I I I I I I I I I I i I| | I I I I I I I 1 I I i i i i I I I I | 11^
1955
I
1956
I
1957
I
1953

1955

1958

MANUFACTURING, RETAIL TRADE, AND WHOLESALE TRADE.
SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Period

1952
1953
_.
1954
1955
1956
__
1957_.
1958 4
1957: November
December
1958: January
February
March
April
May
June ..
Julv
August
September
October .
November .
December *
1959: January 4

Manufacturing
and trade

Manufacturing

Ketail

Department stores

InvenInvenInvenInvenInven- New
Sales i tories 2 Sales * tories 2 orders * Sales i tories 2 Sales 1 tories 2 Sales *
tories 3
Index, 1947-49 = 100
Billions of dollars, seasonally adjusted
seasonally adjusted
10.0
114
45.9
75. 4
22. 8
23. 6
9. 6
21.6
121
43. 8
13. 5
48. 4
78.6
14 1
24. 5
23. 1
10. 5
22.7
118
45. 4
9.8
131
22. 1
10.4
47. 4
22.5
14 1
75.5
9.7
118
23. 5
43. 0
128
27.2
11. 4
52.3
81.7
46. 4
10. 6
15.3
23.9
128
136
26.3
13.0
54.8
89.1
52. 3
28.3
135
27.7
11.3
15.8
23.9
148
12. 7
56. 3
28.4
16. 7
152
90.7
27. 3
24 5
135
53.5
11.3
85.2
26.2
49.2
25. 9
11. 1
ia o 16.7 24 0
540
136
148
54. 7
16. 6
12. 8
26.0
10. 9
243
91.0
27. 2
133
154
53.9
54. 5
16. 8
90. 7
25. 1
10. 9
245
26.7
53.5
12.7
138
150
12. 6
16. 7
24 5
26. 4
52.9
24 4
10. 7
53. 8
90.0
130
147
52. 1
52. 4
10. 5
12. 5
16. 1
89. 3
25. 5
24 1
24 3
124
146
12. 4
24 1
51. 3
88.5
24. 9
52. 0
248
16. 1
131
10. 3
142
52. 1
12.2
16.5
51. 5
10. 7
23.9
87.6
24 9
245
130
143
52. 4
12. 1
16.6
23. 9
86.9
25. 2
50. 9
25. 0
134
10.7
144
86.4
53.2
24. 1
50.2
25.8
10. 9
12. 1
16. 6
133
25. 7
147
85. 9
26. 4
12. 1
16. 7
54. 0
26. 3
49. 8
11. 0
240
140
148
85.4
26.4
26.1
11. 1
12. 1
54.4
16. 9
49.4
23.9
147
148
12. 1
27.0
11. 4
16. 6
54. 8
85. 0
26. 8
49.3
23.7
135
150
84. 9
27.2
12. 1
55.6
27.9
11.5
16. 9
49. 3
23.5
152
135
12. 1
27.8
11. 6
17. 0
56. 1
85. 0
27. 5
23. 6
49. 3
137
153
57.4
28. 1
12. 0
17. 6
24 0
85. 2
28. 0
49. 2
11.7
144
150
5
17. 6
137

1
Monthly average for year and total for month.
2
Book value, end of period, seasonally adjusted.
3

Book value, end of period, except annual data, which are monthly averages.




Wholesale

COUNCIL OF ECONOMIC ADVISERS

< Preliminary estimates.
• Not charted.
Sources: Department of Commerce and Board of Governors of the Federal
Eeserve System.

21

MERCHANDISE EXPORTS AND IMPORTS
In 1958, commercial exports (merchandise exports excluding grant-aid shipments) were 16 percent lower than in 1957.
In the first 11 months of 1958, imports were 2 percent lower than a year earlier.
BILLIONS OF DOLLARS
2.5

BILLIONS OF DOLLARS
2.5

2.0

2.0

MERCHANDISE EXPORTS
EXCLUDING GRANT-AID SHIPMENTS

I952

1958
COUNCIL Of ECOK6MIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE.

[Millions of dollars]
Merchandise exports
Period
1949 monthly average
1951 monthly average
1952 monthly average
1953 monthly average..
1954 monthly average
1955 monthly average
1956 monthlv average
1957 monthly average
1958 monthly average
1957: November
December
1958: January
February
March
April ..
„
May _ _
June
July
August
September
October
November
December

Total

.. '

„
_

1,004
1,253
1,267
1,314
1,259
1,296
1,591
1,738
1,488
1,688
1,636
1,505
1,345
1,553
1,530
1, 638
1,406
1,416
1,396
1,361
1,599
1,596
1,514

Grant-aid
shipments l

(a)

1
Beginning with 1950, figures include only Department of Defense shipments
of grant-aid military supplies and equipment under the Mutual Security Program. Shipments for the first 6 months of the program (July-December 1950)
amounted to 282 million dollars.

22



89
166
293
188
105
146
113
129
87
95
108
100
114
122
131
99
129
113
122
181
188
135

Excluding
grant-aid
shipments

(2)
1, 164
1, 100
1,022
1,071
1, 191
1,444
1,625
1,360
1,601
1,541
1,396
1,245
1,438
1,408
1,507
1, 308
1,287
1, 283
1, 239
1,418
1,408
1,379

Merchandise
imports

552
914
893
906
851
949
1,051
1, 082

1,043
1, 141
1,095
962
1, 072
1,057
1,063
1, 037
1,050
952
1, 074
1, 142
1, 089

Excess of exports
over imports
Excluding
Total
grant-aid
shipments
452
(2)
339
250
374
207
408
116
408
220
347
242
540
393
656
543

645
495
409
383
481
473
575
370
366
444
287
457
507

2 Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Department of Defense.

558
400
301
284
366
351
444
271
237
331
165
276
319

PRICES

CONSUMER PRICES

Consumer prices declined slightly in December. Lower food and apparel prices accounted (or most of the decline.
Rents and costs of medical care continued to increase.
INDEX, 1947-49-100
150

INDEX, 1947-49-100
ISO

140

140

130

120

120

110

110

100

100

90 LL
1958
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR.

[1947-49=100]
Period

1948
1949
1951
1952
1953
1954
1955
1956
1957
1958.
1957: November
December
1958: January
February
March
April
May
June
Julv
August ...
September
October
November
December

All
items

102.8
101. 8
111.0
113. 5
114. 4
114.8
114. 5
116. 2
120. 2
123. 5
121. 6
121. 6
.
122. 3
. . 122. 5
..
123.3
123.5
.
123. 6
123. 7
123. 9
123.7
123. 7
123. 7
123. 9
123. 7

Housing
Food

104. 1
100.0
112.6
114. 6
112.8
112.6
110.9
111.7
115.4
120.3
116.0
116. 1
118. 2
118. 7
120. 8
121. 6
121. 6
121. 6
121. 7
120.7
120. 3
119.7
119. 4
118.7

Total i
101.7
103.3
112. 4
114. 6
117.7
119. 1
120.0
121. 7
125. 6
127. 7
126. 8
127.0
127. 1
127.3
127. 5
127.7
127. 8
127. 8
127. 7
127.9
127. 9
127.9
128. 0
128. 2

Rent
100.7
105. 0
113. 1
117.9
124. 1
128.5
130.3
132. 7
135.2
137.7
136. 3
136.7
136. 8
137.0
137. 1
137.3
137.5
137.7
137. 8
138. 1
138. 2
138. 3
138. 4
138. 7

Apparel

Transportation

103. 5
99.4
106. 9
105.8
104.8
104.3
103.7
105.5
106.9
107.0
107.9
107.6
106.9
106. 8
106.8
106. 7
106. 7
106.7
106.7
106.6
107. 1
107.3
107.7
107. 5

100.9
108. 5
118. 4
126.2
129.7
128.0
126. 4
128.7
136.0
140.5
140. 0
138.9
138. 7
138.5
138. 7
138. 3
138. 7
138.9
140. 3
141. 0
141. 3
142. 7
144. 5
144. 3

Reading Other
Medical Personal
and
goods
and
recreacare
care
tion
services
100.9
104. 1
111. 1
117.2
121.3
125.2
128.0
132.6
138.0
1444
140.3
140.8
141. 7
141.9
142. 3
142. 7
143.7
143.9
144. 6
145.0
146. 1
146.7
147. 0
147. 3

101.3
100.4
104. 1
101. 1
110.5
106.5
107.0
111. 8
108.0
112.8
107.0
113. 4
115.3
106. 6
120.0
108. 1
124.4
112.2
116.7
128. 6
114.4
126.7
114. 6
127.0
127.8 . 116.6
128.0
116. .6
128.3
117.0
128.5
117. 0
116.6
128.5
128. 6
116.7
116. 6
128. 9
116. 7
128. 9
128.7
116.6
116.6
128. 8
129. 1
117.0
116.9
129. 0

100.5
103.4
109.7
115.4
118. 2
120. 1
120.2
122.0
125.5
127.2
126.8
126.8
127.0
127.0
127. 2
127. 2
127. 2
127.2
127.2
127. 1
127. 1
127.2
127. 3
127.3

1

Includes, in addition to rent, homeowner costs, utilities, housefurnisiiings, etc.
Source: Department of Labor.




23

WHOLESALE PRICES
The average of prices in primary markets rose fractionally in January. Farm prices rose, as is usual for this season,
ending a decline that began in the spring of 1958. Food prices were unchanged and industrial prices increased very
little.
INDEX, 1947-49*100

INDEX, I947-49-IOO

OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIAL)

I20

IOO

I953

I955

I954

I956.

I957

1958

I959
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[1947-49 = 100]

1948
1949
1951
1952
1953
1954
1 955
1956
1957
1958
1957 : December
1958 : January

February
March
April
;
May
June
July
August
September
October
November
December
1059 : January

.
. __

104 4
99 2
114 8
111. 6
110. 1
110. 3
110 7
114 3
117 6
119. 2
118 5
118. 9
119. 0
119. 7
119 3
119. 5
119. 2
119 2
119. 1
119. 1
119 0
119 2
119. 2
119. 5

107 3
92 8
113 4
107. 0
97. 0
95. 6
89 6
88 4
90 9
94. 9
92 6
93. 7
96. 1
100. 5
97 7
98. 5
95 6
95 0
93. 2
93. 1
92 3
92 1
90. 6
91. 5

106 1
95 7
111 4
108 8
104. 6
105. 3
101 7
101 7
105 6
110. 9
107 4
109 5
109 9
110. 7
111 5
112 9
113 5
112 7
111. 3
111 1
110 0
109 5
108 8
108. 8

Other than
farm products
and foods
(industrial)
103 4
101 3
115 9
113 2
114 0
114 5
117 0
122 2
125 6
126 0
126 1
126 1
125 7
125 7
125 5
125 3
125 3
125 6
126. 1
126 2
126 4:
126 8
127 2
127 5

119. 3
119. 4

90. 8
91. 1

108. 3
107. 9

127 5
127. 6

All commodities

Period

__

_ _ _

__

Farm
products

Processed
foods

WtM*

JU51); February 3
10

. _

* \Ywl)y JJPI-IIW InustHl on smaller sample than monthly series.

24



Source: Department of Labor.

PRICES RECEIVED AND PAID BY FARMERS
The index of prices received by farmers was unchanged in the month ended January 15.
(parity index) rose 3 points, and the parity ratio fell 1 point.

The index of prices paid
I N D E X , 1910-14 = 100
325

INDEX, 1910-14*100
3£5

300

275

225

200 I I I I I I I I I I !

1 1 I I I II I 1 N I EOO

M i l l IN 1 1 I 1 I 1 I I 1 I I I I

PARITY RATIO-1/

75

75

I I I I I I I I I II M i l l I I M II

1953

1954

1955

1956

I I I I I I I I I MI I I M I I I I I I
1958
1957

RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES,AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.

1959

COUNCIL OF ICONOMIC ADVISERS

Prices received by farmers
Period

1948
1949
1951
1952
1953
1954
1955
1956
1957_
1958_
1957:
1958:

All farm
products

.
_

.

_

-

December 15
January 15
February 15
March 15April 15
May 15
June 15
July 15
August 15
September 15
October 15
November 15-.
December 15
1959: January 15

__

Crops

287
250
302
288
255
246
232
230
235
250
237
241
246
256
257
256
249
250
248
254
249
247
244
244

i Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.




255
224
265
267
240
242
231
235
225
224
212
215
219
232
239
232
223
222
221
228
221
217
213
215

Prices paid by farmers
All items,
interest,
Livestock taxes, and Family
Producliving
and
tion
wage rates
items
items
products
(parity
index)
Index, 1910-14=100
260
250
251
315
272
238
243
251
282
268
273
336
274
271
287
306
277
269
256
268
255
270
249
277
276
270
251
234
250
274
278
226
282
244
286
257
272
264
287
293
284
288
258
259
259
290
285
263
260
286
291
269
287
293
263
277
272
294
265
288
277
295
288
266
294
271
287
265
287
265
273
293
264
271
293
287
294
265
286
277
294
287
265
273
272
294
263
288
295
287
265
269
298
288
268
270

NOTE.—Series revised beginning 1952.
Source: Department of Agriculture.

Parity
ratio i

110
100
107
100
92
89
84
83
82
85
82
83
85
87
87
87
85
85
85
86
85
84
83
82

25

CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
The total of demand deposits and currency declined somewhat more than seasonally in January.

(See Note, p. 27.)
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
260

220

TIME DEPOSITS

1958

1952

SOURCE: BOARD OF GOVERNORS OFTHE FEDERAL RESERVE SYSTEM.

End of period

1952
1953
_
1954__._
..
1955
1956.
1957 5
1958
1958: January
February ....
March
April
Mav..
.
June
July
August
September
October 5
November55
December
1959: January 5

Total
U. S.
deposits Government
and
curderency posits1
200.4
205. 7
214. 8
221. 0
226.4
232. 3
245. 9
227. 7
228. 0
230.9
234.4
234.2
239.5
237. 2
238.7
238. 1
240. 5
243. 4
245. 9
244. 4

5.6
4.8
5. 1
4.4
4.5
4.7
4. 9
2. 9
4. 2
6. 4
6.0
6. 1
10.0
4. 8
6.2
5.0
4.2
6.3
4. 9
5. 2

[Billions of dollars!
Total excluding U. S. Government deposits 2
Demand deposits
and currency,
Demand deposits and
seasonally adjusted
currency
Time
deTotal
Demand Currency
Demand Currency
posits z
Total deposits outside
Total deposits outside
adjusted banks
adjusted* banks
27.5
194. 8
65. 8
129. 0
101.5
70.4
130.5
28. 1
200. 9
102.5
27.9
134.4
106. 6
209.7
75. 3
28.3
78.4
138.2
109.9
216. 6
28.3
111.4
82.2
139.7
222.0
138.6
89. 1
110. 3
28. 3
227.7
97.9
143. 1
114 5
28. 6
241.0
27.5
104. 7
89. 8
107. 6
132. 2
27. 3
224.8
135.0
27.6
27.4
105.5
90. 9
133. 1
223. 9
133. 0
105. 6
27. 6
132. 0
224. 5
92.5
104. 6
27. 4
134. 0
106.4
27.8
107.2
27.6
135.0
228. 4
93. 6
134.8
107. 2
135.5
27.9
94. 6
107.6
27.8
133. 5
105. 8
228. 1
28.0
134,0
95. 5
106.2
27.8
229. 5
107.4
135.4
27.9
109. 5
28. 1
232. 4
137. 6
96. 5
108. 1
135. 9
109.2
28. 1
28.0
137.3
232. 5
97.0
107.5
135.5
108.9
27.8
97.2
27. 9
136.7
233. 1
135.9
108. 1
27.9
97.4
28.0
137.9
110. 0
110. 8
236. 2
138.8
28.2
110.3
111. 6
28. 8 * 138. 5
96. 7
140.3
237.0
110.3
28.0
97. 9
114. 5
138. 3
241. 0
28. 6
143. 1
110. 1
27. 7
138. 0
98. 2
140. 9
27.9
239. 2
113. 2

1
Includes U. 8. Government deposits at Federal Reserve Banks and commercial and savings banks, and U. S. Treasurer's time deposits, open account.
* Includes deposits and currency held by State and local governments.
* Includes deposits in commercial banks, mutual savings banks, and Postal
Savincs System, but excludes interbank deposits.
4
includes demand deposits, other than interbank and U. S. Government, <ess
cash Horns in process of collection.

26



COUNCIL OF ECONOMIC ADVISERS

* Preliminary estimates; January 1959 not charted.
NOTE.—See Note p. 27. Monthly data are for the last Wednesday of the month,
except tne unadjusted data for December 1957 and June 1958, which are for call
dates.
Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.

BANK LOANS, INVESTMENTS, AND RESERVES
Commercial bank loans declined $400 million in January, compared to a decline of $1.9 billion in January 1958.
(See Note below.) Borrowings at Federal Reserve Banks have continued to exceed excess reserves by a small margin.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

180

140

20

1958
END OF MONTH
COUNCIL OF ECONOMIC ADV1S6RS.

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

End of period

1951 _
1952
1953
1954
1955
1956
1957
1958 __ -1957: December
1958; January
February
March _
April
May.
JuneJuly.
August
September
October 4 4
November
December 4
1959: January 4

Total loans
and invest- •
ments
132.6
141. 6
145. 7
155.9
160.9
165. 1
170. 1
184. 6
170. 1
167. 7
168. 6
171. 4
175.6
175. 4
179. 9
177. 6
180. 0
179. 5
181. 4
183.6
184. 6
185. 1

[Billions of dollars]
All commercial banks
Investments
Loans
U. S. Gov- Other
ernment
Total
securities securities
57.7
74. 9
61. 5
13.3
64. 2
77. 5
14. 1
63.3
67.6
14.7
78. 1
63. 4
70.6
85. 3
69. 0
16.3
82.6
16.7
78.3
61. 6
90.3
74.8
58. 6
16.3
76.2
93.9
58. 2
17. 9
98.0
86.6
66. 2
20. 4
76.2
93.9
58. 2
17. 9
75. 6
92.0
17.9
57.7
92. 1
76.5
58. 3
18. 2
78.4
93.0
59. 6
18.9
93.5
82. 1
19.3
62.8
92. 9
82. 5
63. 1
19. 4
95. 6
84.3
64.2
20. 1
84.0
93.6
64. 1
19. 9
86.2
66.1
93.8
20.2
94.2
64.7
85.3
20. 6
94. 9
86.5
20.5
66.0
96.0
87. 6
67.3
20.3
98. 0
66.2
20.4
86.6
97. 6
87.6
67.2
20.3

1
Member banks include, besides all national banks, those State banks that
have taken membership in the Federal Reserve System.
2
3 Commercial, industrial, and agricultural loans.
Averages of daily figures on balances and borrowings during the period.
4
Preliminary estimates; January 1959 not charted.




Weekly
reporting
member
banks l
Business
loans 2
21. 6
23. 4
23. 4
22.4
26.7
31.3
32.2
31.4
32.2
30. 6
30.4
31.0
30. 2
29. 8
30.4
29. 5
29. 9
30. 2
30. 3
30. 6
31. 4
30. 3

All member banks 1
BorrowReserve balances 3 ings at
Federal
Required Excess Reserve
Banks 3
18.5
0.8
0.3
.7
19. 6
8
.7
19. 3
£
18.5
1
.8
18.3
.6
6
18.4
.6
8
18.5
.5
8
18. 1
.6
3
18.8
.6
7
18. 7
.6
5
18. 4
.6
2
18. 1
.6
1
17.8
.6
1
17. 6
.7
1
18. 0
.6
1
18. 0
.7
1
17.9
.6
3
17. 9
.6
5
18.0
.5
4
18. 0
.5
5
18. 4
.5
6
18. 4
.5
6

NOTE.—Beginning January 1959, data include all banks in Alaska (one previously included). Hence January declines are understated and increases are
overstated. Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.

27

CONSUMER CREDIT
In December, consumer credit outstanding increased $1.6 billion, compared to about $1.3 billion in December 1957.
BILLIONS OF DOLLARS
50

BILLIONS OF DOLLARS
50

TOTAL CREDIT OUTSTANDING

NON1NSTALMENT CREDIT
, , , , , , I , , - , , , , , ,

1952

1953

1957

1954

End of period

Total
consumer
credit
outstanding

1948
1949...
1951.
.
1952
_.
1953
1954.
1955
1956.
1957
_
1958
._
1957: November.
December.
1958: January..
February.
March
April
May
June
July
August
September.
October
November.
December.

14, 398
17, 305
22, 617
27, 401
31, 243
32, 292
38, 670
42, 097
44, 774
45, 065
43,438
44, 774
43, 904
43, 017
42, 500
42,617
42, 985
43, 079
42, 923
43, 128
43, 144
43, 1 64
43, 464
45, 065

[Millions of dollars]
Instalment credit outstanding
Total
8,996
11, 590
15, 294
19, 403
23, 005
23, 568
28, 958
31, 827
34, 095
33, 865
33, 566
34, 095
33, 713
33, 278
32, 940
32, 888
32, 910
33, 008
33, 074
33, 165
33, 079
33, 052
33, 126
33, 865

Automobile
paper l
3,018
4, 555
5,972
7,733
9,835
9,809
13, 472
14, 459
15, 409
14, 131
15, 459
15, 409
15,235
15, 030
14, 793
14, 691
14, 613
14, 590
14, 567
14, 514
14, 332
14,164
14, 066
14, 131

J
Include*!* all consumer credit extended for the purpose of purchasing autoitioMIw and other consumer goods and-secured by the items purchased.
J
Includes only such loans held by financial institutions; those held by retail
cutl«t£ nil? Included in "other consumer goods paper."

28



Non instalment credit
outstanding

Other Repair and
consumer moderni- Personal
zation
loans
goods
loans 2
paper J
2, 901
3,706
4,880
6, 174
6,779
6,751
7,634
8,510
8,692
9,007
8,289
8,692
8, 495
8,277
8, 179
8, 124
8, 158
8, 190
8, 197
8,254
8,312
8,411
8,528
9,007

1958
COUNCIL Of ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

853
898
1,085
1,385
1,610
1,616
1,689
1,895
2,091
2, 145
2, 095
2, 091
2,069
2,041
2,019
2,017
2,038
2,048
2,061
2,091
2, 107
2, 128
2, 146
2, 145
3

2,224
2,431
3,357
4, 111
4,781
5,392
6, 163
6,963
7,903
8, 582
7,723
7,903
7,914
7, 930
7,949
8,056
8, 101
8,180
8,249
8,306
8,328
8,349
8,386
8, 582

Total
5, 402
5,715
7,323
7,998
8,238
8,724
9,712
10, 270
10, 679
11,200
9,872
10, 679
10, 191
9,739
9,560
9,729
10, 075
10, 071
9, 849
9,963
10, 065
10, 112
10, 338
11,200

Charge
accounts
2,673
2,795
3,605
4,011
4, 124
4,308
4,579
4,735
4,829
5,018
4, 147
4,829
4,290
3,754
3,579
3,772
4,010
4,012
3,927
3,956
4,033
4, 191
4,297
5,018

Instal- Instalment
ment
credit ex- credit 3
3
tended
repaid
15, 585
18, 108
23, 576
29, 514
31, 558
31, 051
39, 039
40, 063
42, 426
40, 497
3, 428
4, 088
3,088
2,742
3, 156
3,335
3,371
3,477
3,483
3,385
3,297
3,475
3,338
4,350

Credit extended or repaid during the period.
Source: Board of Governors of the Federal Reserve System,

13, 284
15, 514
22, 985
25, 405
27, 956
30, 488
33, 649
37, 194
40, 158
40, 727
3,346
3, 559
3,470
3, 177
3,494
3,387
3,349
3,379
3,417
3,294
3,383
3,502
3,264
3,611

BOND YIELDS AND INTEREST RATES
Rates on Treasury bills declined somewhat in early February after rising in late January,
pal, and U.S. Government bonds increased during most of January.

Yields on corporate, munici-

PERCENT PER ANNUM

PERCENT PER ANNUM

1953

SOURCES: SEE TABLE BELOW.

COUNCll OF ECONOMIC ADVISERS

Period
1952
_
1953
1954
_
1955
1956
1957
.
1958
.
1958: January
February
.
March-- _
April
May
June
July
_ _
August
September
October
November
December
1959: January . ..
Week ended:
1959' January
3
10
17 .
24
31 February 7
14
1
2

_-

_

-

_ - _

- ._

..

[Percent per annum)
U. S. Government
High-grade
security yields
municipal
bonds
3-month
Taxable
2
(Standard3 &
Treasury
bonds
Poor's)
bills i
2. 19
2. 68
1.766
2.72
2. 94
1.931
2. 37
2. 55
.953
2. 53
2.84
1.753
2. 93
3.08
2.658
3. 60
3.47
3. 267
3.56
3. 43
1.839
3.32
3. 24
2. 598
3.37
3.28
1. 562
3.45
3. 25
1. 354
3. 31
3. 12
1. 126
3.25
3. 14
1.046
3.20
3. 26
.881
3.45
3.36
.962
3.74
3. 60
1. 686
3.96
3. 75
2. 484
3.94
3. 76
2. 793
3.84
3. 70
2.756
3.84
3. 80
2. 814
3.87
3.91
2.837
2. 690
2. 678
2. 808
3. 035
2.975
2. 721
2. 810

Kate on new issues within period.
First issued in 1941. Series includes: October 1941-March 1952, bonds due or
callable after 15 years; April 1952-March 1953, bonds due or callable alter 12 years;
April 1953 to date, bonds due or callable 10 years and after.




4

3. 83
3. 84
3. 91
3.97
3. 94
3. 93
3. 92

3.86
3.86
3.85
3.87
3.90
3.90
3. 86

Corporate bonds
(Moody's)
Aaa

Baa

2. 96
3.20
2.90
3.06
3. 36
3. 89
3. 79
3. 60
3. 59
3.63
3.60
3.57
3.57
3.67
3.85
4.09
4. 11
4.09
4. 08
4 12

4

3. 52
3.74
3.51
3.53
3. 88
4.71
4.73
4. 83
4.66
4.68
4. 67
4.62
4. 55
4.53
4.67
4.87
4. 92
4.87
4.85
4.87

4. 10
4. 09
4. 11
4. 12
4. 16
4. 15
4. 14

4.87
4. 85
4.86
4. 88
4. 90
4.90
4. 90

* Weekly data are Wednesday figures.
* Not charted.
Sources: Treasury Department and Board of Governors of the
Federal Reserve System (except as noted).

Prime
commercial
paper,
4-6
months
2. 33
2. 52
1. 58
2. 18
3. 31
3. 81
2. 46
3. 49
2. 63
2. 33
1. 90
1.71
1.54
1. 50
1. 96
2.93
3. 23
3.08
3.33
3.30
3. 31
3. 25
3. 25
3. 33

a 38

4

3. 30
3. 25

29

STOCK PRICES
Stock prices reached a new high durins the week of January 23, but have declined somewhat since then.
INDEX, 1939 "100

INDEX, 1939* 100

500

5OO

300

200

200

1958

COUNCIL OF ECONOMIC ADVISERS

SOURCE'- SECURITIES AND EXCHANGE COMMISSION.

Period
Weeklv average:
1949
1951
.
1952
. .
1953
....
..
1954
1955__
1956
,
1957
1958
1958: January
February
....
March
_
April
__
May
June
„
July
August
.
September
October
November
December
.
1959: January
Week ended:
1959: January 9
16
23_
30
February 6
13*
I

Composite
index *

[1939 = 100]
Manufacturing
Trade/
TransDurable Nondura- portation Utilities finance, Mining
Total
and service
goods ble goods

127.7
184. 9
195. 0
193. 3
229. 8
304.6
345. 0
331.4
340. 9
3047
304.0
310. 8
311. 9
322. 9
330. 6
339. 2
351. 7
360. 5
376.4
387.8
392. 8
409. 9

132. 1
206. 8
220. 2
220. 1
271.3
374.4
438. 6
422. 1
426. 4
381. 6
378. 1
388.2
387. 4
401. 4
411.7
423. 6
442. 0
452.9
474. 2
487.4
489.8
507. 6

116. 0
178. 5
188. 8
192. 6
245.2
352. 4
409. 8
391. 2
385. 3
346.6
345. 8
351.6
339. 8
353. 2
362. 2
376.5
399. 4
412. 9
437. 2
448.0
451. 4
473. 6

147.2
233. 1
249. 3
245. 2
295. 2
394. 4
465. 1
450.7
458. 0
413. 6
407. 7
421. 6
425. 7
438. 4
449. 6
458.9
472. 9
481. 1
499. 2
514.3
515. 6
529. 0

136.0
199.0
220. 6
218.7
232. 6
320.0
327. 1
275. 4
270.2
230. 2
231.3
230.6
233. 1
249.0
259. 2
268.8
282. 6
292.2
310. 6
327. 0
329. 8
349. 9

98. 1
112. 6
117. 9
121. 5
135. 8
152. 9
155. 8
156. 0
173.3
157.8
160.5
161.7
165. 7
168. 9
171. 3
173. 4
173. 9
177. 5
183. 4
189. 8
198. 7
212. 7

160. 7
207. 9
206.0
207. 1
235.6
296. 9
306. 3
277. 5
314.5
269.7
277. 5
283. 4
285. 6
301.0
305. 1
311.9
324. 6
337.2
345. 5
361. 9
374. 9
393. 6

129. 4
204. 9
275. 7
240. 5
267.0
312. &
357.5342. 4
313. 8272. 3
266.8
283. %
287. 0
300. 1
318. 9
330. 7
341. 1
340. 6
343. 9
341.4
339. 0
348. 1

410. 0
411. 1
413, 2
408. 4
400. 1
400. 3

506. 7
508. 3
511.5
504.8
492. 2
490. 7

474. 2
476. 6
475. 5
470. 0
457. 8
458. 8

526. 8
527. 7
534.8
527. 2
514. 3
510. 5

347.5
356, 3
355. 9
349. 3
346. 0
346. 6

216. 3
213. 8
212. 5
212. 4
211. 3
213. 6

385. 5
397. 9
404. 8
397. 2
391. 6
399.0

343. 8
341. 3
360. 4
350. 1
350. 2343 0

1
Includes 265 common stocks: 98 ;or durable goods manufacturing, 72 for 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.

30



1959

a Not charted.
Source: Securities and Exchange Commission.

FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
For the first 7 months of the current fiscal year there was a budget deficit of $13.3 billion. For the same period of
last year, there was a deficit of $8.0 billion.
^_______
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

NET BUDGET RECEIPTS

FIRST 7 MONTHS

1959

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

FIRST 7 MONTHS
1958

1959

COUNCIL OF ECONOMIC ADVISERS

Period

Fiscal vear 1953 -_
Fiscal year ] 954
Fiscal vear 1955 -Fiscal year 1956 -_
Fiscal year 1957 -_
Fiscal year 1958 3
Fiscal year 1959
Fiscal year 1960 3 .
1957: December _
„_
1958i January
-February
_ _
March
_ April
May
j
«
June
July* 4
August
September 4
October 4
November44
December
4
1959: January
Cumulative totals for4 first 7 months:
Fiscal year 1958 4
Fiscal year 1959

--

_

1954

FISCAL YEARS

* ESTIMATED
SOURCES:TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

[Billions of dollars!
Net budget expenditures
Net
Major national security l
Budget
budget
Department surplus (+)
receipts
Total
or
of Defense
Total
deficit ( — )
military
functions
74. 3
50. 4
43. 6
64. 8
-9.4
40. 3
64. 7
67. 8
46. 9
-3. 1
64. 6
40. 6
60. 4
35. 5
-4. 2
40. 6
66. 5
35. 8
08. 2
+ 1.6
38.4
69. 4
+ 1.6
43. 3
71. 0
71. 9
44. 1
39. 1
69. 1
-2. 8
46. 1
40. 8
80. 9
-12. 9
68.0
77. 0
45. 8
40. 9
77. 1
+ .1
3. 7
3. 3
5. 8
6. 0
+ .1
6. 0
3. 7
3. 1
-1. 2
4. 8
5. 5
3. 2
3. 5
6. 3
+ .8
3. 1
3. 6
5. 7
+ 3.8
9. 5
6. 1
3. 7
3. 2
-2. 6
3. 5
3.7
3.2
5. 8
4. 9
-. 9
+ 4.2
6. 6
4.3
3.9
10. 8
3. 2
6. 6
3. 8
-3. 7
2. 9
3.2
3.6
6. 2
-1. 4
4. 8
3.9
6. 6
+.6
3.5
7. 2
4.2
-4. 4
7. 1
3.8
2. 8
3. 2
3. 6
6. 2
5.0
— 1.3
4. 2
3.7
7. 1
6.2
—.9
— 2. 2
3.7
3.3
6.8
4. 5
34. 1
33. 4

1 Includes military functions of Department of Defense, military assistance
portion of the mutual security program, Atomic Energy Commission, stockpiling, and defense production expansion.
2
Includes guaranteed securities, except those held by the Treasury. Not all
of total shown is subject to statutory debt limitation.




42. 1
46. 7

25.4
26. 9

22. 5
23.9

Public
debt
(end of
period) 2

-8.0
— 13. 3

3 Estimate.
* Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.

266. 1
271.3
274. 4
272. 8
270. 6
276.4
285. 1
285. 1
275. 0
274. 7
274.8
272. 7
275.2
275. 7
276. 4
275. 6
278. 6
276. 8
280. 3
283. 2
283. 0
285.9

274.7
285. 9

O1

CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
|n the fourth quarter of the calendar year 1958, cash payments to the public exceeded cash receipts by $7.3 billion..
For the year as a whole the excess of payments was $7.4 billion as compared to an excess of receipts of $1.2 billion
in 1957.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

80 -

EXCESS OF CASH RECEIPTS

(ENLARGED SCALE)

EXCESS OF CASH PAYMENTS

1952

1

1953

I

1954

1958"

I
1956
CALENDAR YEARS

1955

^PRELIMINARY ESTIMATES.
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.

I

1959

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Cash receipts
from the
public

Period
Fiscal year total:
1956
_
1957
_
1958
._
1959*
19601
Calendar year total:
1955...
_.
_. _
1956.
.
..
1957 2
_
1958 .
..
Quarterly total, not adjusted for seasonal variation:
1957: First quarter
Second quarter
Third quarter
Fourth quarter
__.
1958: First quarter ..
Second quarter
Third quarter 2 2
Fourth quarter _

Cash payments to
the public

77 088
82 107
81 893
81, 651
93, 502

_

.

_ _
_„
._

+ 4, 471
+ 2, 099
— 1, 520
— 13,248
+ 626

71, 448
80, 330
84, 520
81, 684

_

72 617
80 008
83 413
94, 899
92, 875
72, 188
74, 807
83, 326
89, 079

— 740
+ 5,524
+ 1, 194
— 7, 393

24, 617
24, 846
18, 653
16, 404
23, 618
23, 181
18, 274
16, 611

19, 814
21, 574
21, 099
20, 839
19, 626
21, 764
23, 791
23, 898

+4, 802
+ 3, 273
— 2, 447
— 4,435
+ 3 993
4-1, 416
— 5, 516
—7, 286

1
1

Kstitimtc.
I'n'lirninwy.
NOTE — J)et?Ul will not nw»ssarily add to totals because of rounding.
Kounvs; Hutwiu of tin 1 Bwlpci and Treasury Department.

32

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Excess of receipts (+) or
payments ( — )

U. S. GOVERNMENT P R I N