Full text of Economic Indicators : February 1960
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86th Congress, 2d Session
Economic Indicators
FEBRUARY 1960
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1960
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
SENATE
HOUSE OF REPRESENTATIVES
JOHN SPARKMAN (Alabama)
RICHARD BOLLING (Missouri)
J. WILLIAM FULBRIGHT (Arkansas)
HALE BOGGS (Louisiana)
JOSEPH C. O'MAHONEY (Wyoming)
HENRY S. REUSS (Wisconsin)
JOHN F. KENNEDY (Massachusetts)
FRANK M. COFFIN (Maine)
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)
JOHN W. LEHMAN, Cltrk, and Acting Executive Director
COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNIER, Chairman
KARL BRANDT
HENRY C. WALLICH
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 85]
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.
ii
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
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
1
2
3
4
5
6
7
8
9
10
•
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.
:-....'
...........*,.....
\..
.
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
NOTE.—Detail in these tables will not
necessarily add to totals because of rounding.
31
32
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that total income and expenditures rose between the third and fourth quarters of 1959.
[Billions of dollars)
1959
1958
Economic group
Third quarter
Year
Fourth quarter
Excess
of receipts
Excess
of reEx- ceipts
Re- pendceipts itures or(+)
expenditures
(-)
Excess
of reEx- ceipts
Re- pendceipts itures or(-f)
expenditures
•(;-)
ExRe- pendceipts itures
or expenditures
(-)
(+)
Seasonally adjusted
annual rates
Consumers:
Disposable personal income. 322.9
Personal consumption ex299. 1
penditures
Business:
Gross retained earnings
Gross private domestic investment
International :
Foreign net transfers by
government
Net exports of goods and
(+)
<-)'.
— 13. 2
67. 0
i
1. 5
1. 5
87.0
(1
H
1.7
.0
— .8
Government (Federal, State,
and local) :
Tax and nontax receipts or
120. 7
accruals
Less: Transfers, interest,
33.7
and subsidies (net)
69. 7
-16.4
<0
—. 6
1. 5
2. 3
1. 3
23J?
C1)
50. 6
71. 1
.2
317. 0
21. 9
23. 1
61. 3
1.5
340. 8
313. 3
311.6
C>
Excess of transfers ( -f- )
or of net exports ( — )
Net receipts
335. 1
334. 6
48. 1
Excess of investment
( )
Excess
of reEx- ceipts
Re- pendceipts itures or expenditures
Seasonally adjusted annual rates
23. 7
Personal net saving ( -f )
Fourth quarter
2.3
C1)
34. 1
128. 9
•0)
33. 9
35.7
(>)
95. 0
0)
Total government expenditures
Less: Transfers, interest,
and subsidies (net)
130. 2
131. 7
132. 3
133. 1
33. 7
34. 1
33. 9
35.7
Purchases of goods
and services
96. 5
97. 6
98. 4
97. 4
Surplus (-f) or
deficit (— ) on
income and
product account.
Statistical discrepancy
— 2. 4
-9. 5
0
-2.4
(')
GROSS NATIONAL PRODUCT.. 457. 1 457. 1
1
Not available.
Sources: Department of Commerce and Council o.f Economic Advisers.
0
479.5 479. 5
— 3. 4
-3.6
478.6 478.6
-3.6
0)
l
()
C)
483.5 483.5
NOTE.—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.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product rose $4.9 billion (seasonally adjusted annual rate) between the third and fourth quarters of
1959, according to current estimates. Gross private domestic investment and consumption expenditures increased
while government purchases and net exports declined.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
GROSS NATIONAL PRODUCT
300
300
PERSONAL CONSUMPTION
EXPENDITURES x.
200
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
100
1
i
I
GROSS PRIVATE DOMESTIC INVESTMENT
NET EXPORTS OF GOODS ,
AND SERVICES
I
1953
|
1954
1956
1955
1957
J I
1958
1949.
1950
1951
1952
1953.
1954.
1955
1956.
1957
1958
1959...
_
1958: First quarter.
Second quarter.
Third quarter
Fourth quarter
1959: First quarter
Second quarter
Third quarterFourth quarter
[Billions of dollars]
Total
Personal
Net
Gross
gross
Total
connational
gross
sump- private ofexports
goods
domestic
product national
tion
and
in 1959 product expend- invest- services
ment
prices
itures
181.2
258. 1
328. 2
33. 0
3. 8
356. 2
195.0
284.6
50.0
.6
385. 0
329.0
209.8
2. 4
56. 3
219.8
399. 0
347.0
49. 9
1. 3
232.6
365. 4
417. 1
—.4
50. 3
363. 1
238.0
1.0
408. 8
48. 9
397. 5
256. 9
1. 1
441. 5
63. 8
419. 2
450. 9
269.9
67. 4
2.9
442. 5
284. 8
458. 9
66. 6
49
.
441. 7
293. 0
1.2
448. 6
54 9
311.6
479.5
71. 1
479. 5
-.8
439.4
441. 9
450. 9
462.2
473.3
486. 1
477.3
480. 2
_L
431. 0
434. 5
444. 0
457. 1
470. 4
484.8
478. 6
483.5
287. 3
290. 9
294. 4
299. 1
303. 9
311. 2
313. 3
317.0
Government purchases of goods and services
Federal
Total
Total * National
defense 2
22. 2
40.2
39. 0
19.3
38.8
60.5
52.9
76.0
58.0
82.8
47.5
75.3
75.6
45. 3
79.0
45.7
86. 2
49. 4
52. 2
92. 6
53.5
97.6
Seasonally adjusted annual rates
50. 1
52. 4
2. 0
89.3
1.2
51. 3
51.3
91. 1
542
53. 1
1.6
93.8
542
.2
96. 5
61. 3
97.4
53. 8
70.0
-.9
53.9
77.7
97.7
-1.8
98. 4
53. 6
.0
67.0
52.7
97. 4
69. 7
-.6
1
Less Government sales.
* These expenditures correspond closely with the "major national security"
I
1959
COUNCIL OF ECONOMIC ADVBSRS
SOURCE: DEPARTMENT OF COMMERCE
Period
I
Other
State
and
local
13. 6
14 3
33. 9
46.4
49.3
41. 2
39. 1
40. 4
44 3
44 5
45.8
8.9
5.2
5. 2
6.7
9.0
6.7
6. 6
5.7
5. 5
8. 1
8.1
17.9
19.7
21.7
23.2
249
27.7
30.3
33.2
36.8
40. 5
44 1
44 0
44 3
44 5
45.3
45.8
46.2
45. 9
45. 3
6. 6
7. 5
8.9
9.4
39. 2
39.7
40.8
42. 2
43.6
43.8
44.8
44 7
as
8.0
8. 1
7.8
category in The Budget of the United States Government for the Fiscal Year Ending
June 30,1961, shown on p. 31 of Economic Indicators.
Source: Department of Commerce.
NATIONAL INCOME
Compensation of employees (seasonally adjusted) increased in the fourth quarter of 1959.
of national income also rose, with the exception of rentals, which remained constant.
Farm and all other forms
BILLIONS OF DOLLARS
400
BILLIONS OF DOLLARS
' '^~**+«'
i 4OO
300
300
COMPENSATION OF EMPLOYEES
X'
200
200
100
100
PROPRIETORS' AND
RENTAL INCOME x.
i
>*.
NET INTEREST •
CORPORATE PROFITS AND ^
INVENTORY VALUATION ADJUSTMENT
IZdXHtl!
1953
I
1954
1955
=1=
I
1957
1956
I
i
1958
i
I
1959
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars]
Period
1949 .
1950 .
1951.
1952
1953..
1954
1955
1956
1957.
1958...
1959
..
.. .
1958: First quarter .
Second quarter
Third quarter
Fourth quarter
1959: First quarter
Second quarter. . Third quarter ..
Fourth quarter.
1
3
Proprietors' income
22. 7
23. 5
26. 0
26. 9
27. 4
27.8
30. 4
32. 1
32. 7
32. 4
34. 5
8.3
9.0
9. 4
10. 2
10.5
10. 9
10. 7
10. 9
11. 5
11. 8
12. 0
Corporate profits and inventory valuation adjustment
Compensation
of em- 1
ployees
217.7
241.9
279.3
292. 2
305.6
301.8
330.2
350. 8
366. 5
366.
2
(2)
140.8
154.2
180.3
195. 0
208.8
207. 6
223. 9
242. 5
255. 5
256. 8
277. 4
12. 9
14.0
16. 3
15. 3
13. 3
12. 7
11. 8
11. 6
11. 8
14.2
11. 8
48
5.5
6.3
7. 1
8.2
9. 1
10. 4
11. 7
13. 3
14 3
15. 6
28. 2
35. 7
41. 0
37.7
37. 3
33.7
43. 1
42. 0
41. 7
36. 7
(2)
26.4
40.6
42.2
36.7
38.3
34. 1
44 9
44 7
43. 3
37. 1
(2)
1.9
-5.0
— 1. 2
1. 0
-1. 0
_. 3
-1. 7
__2. 7
-1. 5
355.8
358.9
369. 5
380. 4
389. 4
403. 9
398.
2
(2)
252. 5
253. 2
258. 5
262. 9
269.9
278.9
279.3
281. 6
Seasonally adjusted annual rates
14. 6
31.6
11. 7
13.9
13.9
32.0
14 1
11. 8
14 2
32.6
14 4
11. 9
14 1
33. 2
14 7
11. 9
13.2
33. 7
12. 0
15. 1
12. 1
34 5
12. 0
15. 4
10.3
34.8
12.0
15. 8
35. 1
12. 0
16. 1
11.6
31. 5
33.8
38. 0
43.5
45. 5
51. 0
46.0
(2)
32. 0
33.6
38.3
44 6
46. 5
52. 6
46.4
<2)
—.4
.2
—.3
i i
Farm
Includes employer contributions for social insurance. (See also p. 4.)
Not available.
Source: Department of Commerce.
Business
and professional
Rental
income
of
persons
Total
national
income
Net
interest
Total
Profits Inventory
valuation
before
taxes adjustment
—.4
<2)
_. 9
— 1. 6
-. 3
(2)
SOURCES OF PERSONAL INCOME
Personal income in January was at an annual rate of $393.3 billion (seasonally adjusted), 'slightly higher than in
December and 61/k percent above January 1959. Labor income accounted for most of the January rise.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
TOTAL PERSONAL INCOME
\
350
30.0
300
250
200
i960
."COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Total
personal
income
Period
1951
1952
1953
1954.. _
1955.
1956
1957 ...
1958 _
1959
.
256. 7
273. 1
288.3
289.8
310. 2
332.9
350.6
359.0
380. 1
December.
January..
February.
March
April
May
June
Julv
August
September
October...
November.
December.
lOfiO: J a n u a r y 3 .
366. 9
369. 0
371. 0
375.4
379.0
381. 3
383.8
383. 4
380. 0
380. 9
382. 6
387.0
392.1
393. 3
1958:
1959:
[Billions of dollars]
Labor income Proprietors' income
Rental
(wage and
Diviincome
salary disBusiness
of
dends
bursements
and
proFarm
and other
fessional persons
labor income) *
9.4
9.0
26.0
175. 5
16.3
26.9
10. 2
9.0
190. 2
15.3
9.2
27.4
10.
5
204. 1
13.3
10. 9
27.8
9.8
12.7
202.5
11.2
10. 7
30. 4
11.8
218. 0
12. 1
10. 9
32. 1
11. 6
235. 7
12. 5
11. 5
32. 7
247. 7
11.8
12. 4
32. 4
14.2
11. 8
248.7
12. 0
13. 2
34. 5
267. 8
11.8
Seasonally adjusted annual
10/8
33.4
11. 9
256. 4
14. 2
12.7
12.0
33. 5
258. 3
13.5
12.0
12.8
33. 7
259. 8
13. 2
340
12.0
12.8
263. 8
12.9
12. 9
12.0
343
267. 2
12. 2
12.0
13.0
34 5
269. 7
12.0
34.7
13. 1
12.0
271.7
12. 1
13.2
12.0
349
11.4
271. 6
12. 0
13. 4
34 9
10.0
268. 9
13.
5
12. 0
34 8
269. 4
9. 6
12. 0
13. 6
35. 0
10. 5
269. 4
12.0
13.7
35. 1
11. 6
271.4
12. 0
13. 5
35.2
12. 6
275. 7
12. 1
13.6
35. 2
12. 6
278.0
' romiuMisaiion of employees (see p. 3) excluding employer contributions for
tuMtl.'il
Insurance and the excess of wage accruals over disbursements.
r
Versonul income exclusive of net income of unincorporated farm enterprises,
lurin WHIT-, ufo'ieui rural net interest, and net dividends paid by agricultural
3
Less: PerPersona] Transfer sonal contributions
interest
paysocial
income ments forinsurance
11.2
12. 6
3.4
12. 1
13.2
3.8
13.4
14.3
3. 9
14 6
16.2
4.6
15.8
17.5
5. 2
17.5
18.8
5. 8
19. 5
21.7
6. 7
20.4
26.1
7.0
22. 4
26.8
8.3
rates
21.0
26. 3
7. 1
21. 1
26. 1
8. 1
21.3
26. 4
8. 1
21. 6
26. 6
8.2
21.8
26. 9
8.3
22.0
26. 4
8.3
22.2
26.4
8.4
22.4
26.3
8.4
22. 7
26. 5
8.4
23.0
27.0
8.4
23. 3
27. 2
8. 4
23.5
28.0
8.4
23. 8
27.7
8.5
24. 1
27.4
9.6
Preliminary estimates.
Source: Department of Commerce.
Nonagricultural
personal2
income
237.0
2543
271.5
273.8
295.0
317. 9
335.2
341. 1
3644
348.8
351. 6
353. 8
358. 5
362. 7
365. 3
367.8
368.2
366. 3
367.5
368. 1
371. 5
375.4
376.7
DISPOSITION OF PERSONAL INCOME
Disposable personal income rose by $5.7 billion (seasonally adjusted annual rate) between the third and fourth
quarters of 1959, according to current estimates. Total consumption expenditures also rose, but at a somewhat lower
rate than income.
BILLIONS OF DOLLARS
350
BILLIONS OF DOLLARS
350
300
250 -
200
150
-
-
150
100
1953
1954
1958
1959
COUNCIL OF. ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.
Equals:
Personal Less:
Disposincome Personal
able
taxes J personal
income
Period
1949...1950_
1951
1952
1953
1954. _
1955 _
1956 .
1957.
1958.
1959
>.
•..
_ . _ __
..
._
1958: First quarter
Second quarter
Third quarter.
Fourth quarter. _ . _ _
1959: First quarter
Second quarter
Third quarter
Fourth quarter
208. 3
228. 5
256. 7
273. 1
288. 3
289. 8
310. 2
332.9
350. 6
359.0
380. 2
18.7
20. 8
29. 2
34. 4
35.8
32. 9
35. 7
40. 0
42.7
42. 6
45.5
352. 2
355. 0
363. 4
366. 3
371. 8
381. 1
381. 0
386. 8
41. 9
42. 1
42.9
43. 4
44. 4
45. 8
45. 9
46. 1
* Includes such items as fines, penalties, and donations.
51457 o__60
2
Less: Personal consumption
expenditures
Total
Saving
Equals: as percent
Personal
of disDurable Nonsaving
posable
goods durable Services
income
goods
Billions of dollars
181.2
189. 7
24. t>
207. 7
195. 0
30.4
227. 5
209. 8
29. 5
23a 7
219. 8
29. 1
252. 5
232. 6
32.9
256. 9
238. 0
32. 4
274 4
256. 9
39.6
292. 9
269. 9
38.5
307. 9
284. 8
40.3
316. 5
293. 0
37.6
311. 6
334. 6
43.0
Seasonally adjusted annual
287. 3
310. 3
36.9
312. 9
290. 9
36. 7
320. 4
294 4
37. 1
322. 9 , 299. 1
39.8
327. 4
303.9
41.3
335. 3
311. 2
44 1
335. 1
313. 3
43.6
340. 8
317. 0
42.8
96. 6
99.8
110. 1
115. 1
118. 0
119.3
124 8
131. 4
137.7
141. 9
147. 9
rates
139. 5
141. 5
143. 1
143.6
145. 3
147. 7
148.0
150. 1
Source: Department of Commerce.
60. 0
649
70. 2
75. 6
81.8
86. 3
92. 5
100. 0
106. 7
113. 4
120. 7
12.6
17.7
18.9
19. 8
18. 9
17. 5
23. 0
23. 1
23. 5
23. I
a5
45
6. 1
7. 8
7. 9
7. 8
7. 4
6. 4
7.9
7. 5
7 i
6. 9
ill. 0
112. 7
114 2
115. 7
117. 4
119. 4
121. 6
124 1
22. 9
22. 0
26.0
23. 7
23.5
24 1
21. 9
23. 7
7. 4
7. 0
8. 1
1. 3
7. 2
7. 2
6. 5
7.0
PER CAPITA DISPOSABLE INCOME
Per capita disposable income, measured in both current and constant prices, increased in the fourth quarter of 1959
DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
2,000
2,000
1,800
1,800
1,600
1,600
1,400
I.40O
1,200
1,200
1
I
1954
1953
1955
I
I
I
1957
1956
J/SEE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVlSfftS
Total disposable personal Per capita disposable personal income (dollars) *
income (billions of dollars)1
Period
1959
prices 2
Current
prices
1949 ..... ...
.._.__".
1950
.....
1951 . . .
1952
1953
1954.....
_--._...
1955
1956
1957
1958
1959
_.
1958: First quarter.. .
Second quarter
Third quarter
Fourth quarter
1959: First quarter . • •
Second quarter. _
Third quarter
._
Fourth quarter
..
\.
I
1959
1958
_ .
189.7
207. 7
227. 5
238.7
252.5
256. 9
274. 4
292. 9
307. 9
316. 5
334. 6
231. 3
249. 6
256. 5
263. 5
276. 0
278. 0
296.0
310. 3
316. 8
319.7
334.6
Current
prices
1,272
1,369
1,474
1,520
1,582
1, 582
1,660
1,742
1,799
1,818
1, 891
1959
prices 2
Population
(thousands) 3
1, 551
1,645
1,662
1,678
1,729
1, 712
1,791
1, 845
1, 851
1,836
1,891
149, 188
151, 683
154, 360
157, 028
159, 636
162, 417
165, 270
168, 176
171, 198
174, 054
176, 947
1,815
1,817
1,857
1,858
1,872
1,905
1, 885
1,898
173, 038
173,692
174, 450
175, 242
175, 926
176, 599
177, 358
178, 140
Seasonally adjusted annual rates
1
J
.
..
:
Income less taxes.
Dollar estimates in current prices divided by the implicit deflator for personal
consumption expenditures on a 1959 base.
3
Population of the United States, excluding Alaska and Hawaii; includes
310. 3
312. 9
320. 4
322. 9
327.4
335.3
335. 1
340.8
-
314 1
315. 7
3240
325.5
329. 4
336. 3
334 4
338. 1
1,793
1,801
1,837
1,843
1,861
1,899
1,889
1,913
armed forces abroad. Annual data as of July 1; quarterly data centered in the
middle of the period, interpolated from monthly figures.
Sources: Department 01 Commerce and Council of Economic Advisers.
FARM INCOME
Farm operators' net income (seasonally adjusted and including net change in inventories) turned upward in the fourth
quarter of 1959 after declining for a year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
30
20
NET FARM INCOME
CINGL. NET CHANGE
IN INVENTORIES)*'
\
10
1953
1955
1954
1956
1957
1958
1959
J/INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.
Period
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
__
_. _
- - - -
1958: First quarter
Second quarter
Third quarter
Fourth quarter
1959: First quarter.
Second quarter
Third quarter___ _ _
Fourth quarter
Realized
gross farm
income 1
31. 8
32.5
37. 3
37.0
35. 3
33.9
33.3
34. 6
34.4
38. 3
37.0
38.3
38.0
38.4
38.5
38. 1
37.3
35.6
36.9
Farm operators' income
Net income 2
Net income per farm including net change in
Including
Farm proExcluding
inventories
duction
net change
net change
in invenin invenexpenses
Current
1959
tories
tories
prices
prices *
Billions of dollars
Dollars
18.0
13. 8
12. 9
2, 259
2,689
13.2
14.0
19.3
2,479
2, 916
22. 2
15. 2
16. 3
2,951
3, 173
22. 6
14 4
15. 3
2,829
3,010
21. 4
13. 9
2, 502
13. 3
2, 690
12.2
12.7
21.7
2,440
2, 624
21. 9
11. 5
11. 8
2, 313
. 2, 487
12.0
22.6
11. 6
2, 338
2,461
11.0
2,426
23. 4
11.8
2,476
25. 2
14.2
13. 1
2,990
3,020
11.0
26. 0
11. 8
2,547
2,547
Seasonally adjusted annual rates
24. 9
13. 4
14. 6
3, 070
3,100
25. 2
12.8
13. 9
2,930
2, 930
25.2
13. 2
14. 2
2, 990
3,020
25.3
13. 2
14. 1
2, 970
3, 000
25.9
12.2
13. 2
2,840
2, 870
26. 1
11.2
12. 1
2,600
2, 600
26. 1
9. 5
10.3
2,220
2,220
26.0
10. 9
11. 6
2,500
2,480
1
Cash receipts from farm marketings, value oi farm products consumed in
farm households, gross rental value#f farm dwellings, and Government payment?
to2farmers.
Realized gross farm income less farm production expenses. Excludes farm
wages paid to workers living on farms and any income to farm people from
nonfarm sources, which in 1959 amounted to $1.8 billion and $6.7 billion,
respectively.
Number of
farms
{millions) 4
5.7
5.6
5.5
5. 4
5.3
5.2
5. 1
5.0
4,9
4.7
46
4.7
4.7
4.7
4.7
4.6
4.6
4. 6
46
3
Dollar estimates in current prices divided by the index of prices paid by
farmers for items used in family living on a 1969 base.
* The number of farms is held constant within a given year.
._
,
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits before taxes in the third quarter of 1959 are estimated at $46.4 billion (seasonally adjusted annual
rate).
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
60
20
10
1953
1954
1955
1953
** NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
1959
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.
(Billions of' dollars]
Corporate
profits
before taxes
Period
1949
1950
1951
1952.
1953.
1954
1955
1956
1957
1958
1959 . .
-.
.
.
....
-.
.._.-..
..
...
_._
._
26. 4
40.6
42.2
36.7
38.3
34. 1
44 9
44, 7
43. 3
37.1
(')
Corporate
tax
liability
10. 4
17.9
22. 4
19. 5
20. 2
17.2
21. 8
21.2
21. 1
18.2
1
C)
Corporate profits after taxes
Total
16.0
22.8
19. 7
17.2
18.1
16. 8
23.0
23. 5
22.2
18.9
1
C)
Dividend
payments
7.5
9. 2
9.0
9.0
9. 2
9.8
11.2
12.1
12. 5
12.4
13.2
Undistributed
profits
8.5
13.6
10.7
8.3
8.9
7.0
11. 8
11.3
9.7
6.5
0
Seasonally adjusted annual rates
1958: First quarter . . .
Second quarter .
. .....
Third quarter
...
.
Fourth quarter
,
1959: First quarter
Second quarter
Third quarter.. ._ .
Fourth quarter
;
.....
.
..-:
32.0
33.6
38. 3
44. 6
46. 5
52. 6
46. 4
1
C)
« Not available,
NOTK.—See p. 3 for profits before taxes and after inventory valuation adjustment.
Nottrro: jDepnrtmeiit of Commerce.
8
15.7
16.5
18.8
21.9
22.6
25.6
22.6
1
C)
C1)
16, 3
17. 1
19. 5
22.7
23.8
27.0
23.8
12.7
12.6
12.6
12.0
12.8
13. 0
13. 4
13. 6
C1)
3.6
4.5
6.9
10. 7
11.1
14. 0
10. 4
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment increased $2.7 billion (seasonally adjusted annual rate) between the third cmd
fourth quarters of 1959. Inventory accumulation accounted for the rise, as fixed investment fell.
BILLIONS OF DOLLARS
BILLIOMS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
60
60
40
40
4-20
CHANGE IN BUSINESS
INVENTORIES
..
"*"*,
\
I
1959
t
-20
1953
1954
1955
1956
1957
1958
-20
COUNOl OF ECONOMIC ADVfSERS
SOU.RCE: DEPARTMENT OF COMMERCE.
[Billions of dollars]
Total
gross
private
domestic
investment
Period
1949
1950
1951
1952
1953...
1954
1955
1956
1957
1958
1959
-
...
....
-
;..-•
33. 0
50.0
56.3
49.9
50.3
48.9
63.8
67.4
66. 6
54.9
71. 1
Change in business
inventories
Fixed investment
Total
36. 0
43.2
46.1
46.8
49.9
50.5
58.1
62. 7
64. 6
58.7
66.3
New construction l
Producers'
durable
ResidenTotal
Other
equiptial
ment
nonfarm
18. 8
9.6
9.2
17.2
24.2
14.1
10.1
18.9
24.8
12.3
12.5
21. 3
25.5
12.8
12.7
21.3
27.6
13. 8
13.8
22. 3
29. 7
15.4
14.3
20.8
34 9
18. 7
16. 2
23. 1
35. 5
17.7
17.8
27.2
36.1
17.0
19.0
28. 5
18.0
35.8
17. 7
22.9
22. 2
40. 2
18.0
26. 1
Total
Nonfarm
-3. 1
6.8
10.2
3. 1
.4
-1.6
5.8
47
2.0
— 3. 8
48
— 2.2
6.0
9. 1
2. 1
1. 1
— 2. 1
5.5
5. 1
1.2
-49
3. 9
-6.9
-5.8
-3.4
.8
6.3
10.7
1 0
3.0
-8. 1
-7.0
45
1
Seasonally adjusted annual rates
1958 : First quarter
Second quarter
.
Third quarter
...
Fourth quarter .
1959: First quarter
Second quarter
Third quarter.. . ..
Fourth quarter
52. 4
51. 3
54. 2
61. 3
70.0
77. 7
67.0
69.7
59.3
57.2
57.6
60. 5
63. 6
67.0
68. 0
66. 7
35.5
34.6
35. 4
37. 3
39.7
41.0
41. 0
39. 2
l
" Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.
17. 1
16. 9
18.0
19. 9
21. 9
23. 1
22. 6
21. 3
18.4
17.7
17.4
17. 4
17. 8
17. 9
18. 3
17.9
23.8
22.6
22.2
23.2
23.9
26. 0
27.0
27.5
5.4
9.8
-1.8
2.3
Source- Department of Commerce.
9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The October-November survey of business expenditures on plant and equipment indicated rising outlays in the fourth
quarter of 1959 and the first quarter of 1960. Expenditures for the year 1959 were estimated to be below earlier
anticipations, reflecting for the most part the effects of the steel strike, and were expected to be 7 percent above
actual outlays in 1958.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
11960
, 1953
•tl NOTE 1 ON TAtLt ML.OW,
tOUNCtti ttCUftlTIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
[Billions of dollars]
Manufacturing
Period
1950
1951
1952
1953
1954.
1955.
1956
1957
1958
1959 3
.
,
1958: First quarter
Second quarter
Third quarter
Fourth quarter .
..
1959: First quarter
Second quarter
....
Third quarter. 3 . ...
Fourth quarter . . ......
1960: First quarter 3
Total i.
Total
20. 60
25. 64
26. 49
28.32
26. 83
28. 70
35. 08
36. 96
30. 53
32. 64
7. 49
10. 85
11.63
1L 91
11. 04
11. 44
14. 95
15. 96
11.43
12. 06
32. 41
30. 32
29. 61
29.97
30. 62
32. 51
33.35
33.95
34. 40
13. 20
11. 53
10. 86
10. 58
11.20
11.80
12. 25
12. 82
13. 84
Durable
goods
Railroads
3. 14
1. 11
4.36
.71
5. 17
1. 47
,93
5.68
5. 61
6. 02
1. 40
.98
5.65
6. 26
.99
1.31
5. 09
5.95
.85
.98
. 92
5. 44
6.00
.96
7. 62
1. 23
7.33
1.24
8. 02
7.94
1.24
1. 40
5.47
.94
.75
5.96
5. 77
6. 29
. 93
.99
Seasonally adjusted annual rates
6. 58
6. 62
1. 02
1.00
5.57
.92
.77
5. 96
5. 16
.63
5.70
.88
4 86
5.72
. 58
.97
5.26
5. 94
.63
.95
5. 74
1.00
6.06
.94
5.83
1.01
6. 42
1.28
6. 13
6. 69
.87
1.05
6. 97
6. 87
.84
.95
i Excludes agriculture.
a Commercial and other includes trade, service, finance, communications, and
construction.
* Estimates based on anticipated capital expenditures as reported by business
in late October and November 1959. Includes adjustments, when necessary, for
systematic tendencies in anticipatory data.
10
Nondurable goods
Transportation
Commercial and
other 2
Other
Public
utilities
1. 21
1. 49
1. 50
1. 56
1.51
1. 60
1. 71
1. 77
-1. 50
2. 04
3. 31
3.66
3.89
4. 55
422
431
4 90
6. 20
6.09
5.74
6.78
7.24
7.09
8.00
8. 23
9.47
11.05
10. 40
9.81
10.87
L 69
140
1. 29
1.62
1.71
2. 08
2. 17
2. 22
2. 15
5.87
5.97
6. 10
6.26
5.80
5. 82
5.58
5. 81
5.59
9. 63
9.73
9.85
9.96
10.33
10.87
11.06
11. 18
11.03
Mining
NOTE.—Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Total employment declined to 64.0 million in January, and unemployment increased, in line with seasonal expectations. The seasonally adjusted rate of unemployment was unchanged at 5.2 percent of the civilian labor force.
MILLIONS OF PERSONS-^
80
MILLIONS OF PERSONS-^
80
O
3 •
I960
1959
COUN(III OF ECONOMIC ADVISERS
Period
New definitions: *
1953.
1954_
1955
_ _ _ . ...
1956
1957-._
1958_
_
_
1959
__ __
1958: December
1959: January
February
March
April
..
May
June
July
August. . _
September
October
November
December
1960: January
Total
Civilian employment 1
Unemployment 1
Insured unemployment 2
labor
Civilian
% of civilian All proState proforce (inlabor
N on agri- Number labor force
grams
grams as
cluding
Total Agriculforce
*
tural
cultural
armed
Unad- Seas. (thousands % of covered3
forces) *
justed adj. of persons) employment
Thousands of persons 14 years of age and over
67, 362
67, 818
68, 896
70, 387
70, 744
71, 284
71, 946
70, 701
70, 027
70, 062
70, 768
71, 210
71, 955
73, 862
73, 875
73, 204
72, 109
72, 629
71, 839
71, 808
70, 689
63, 815
64, 468
65, 848
67, 530
67, 946
68, 647
69, 394
68, 081
67, 430
67, 471
68, 189
68, 639
69, 405
71, 324
71, 338
70, 667
69, 577
70, 103
69, 310
69, 276
68, 168
61, 945
60, 890
62, 944
64, 708
65, Oil
63, 966
65, 581
63, 973
62, 706
62, 722
63, 828
65, 012
66, 016
67, 342
67, 594
67, 241
66, 347
66, 831
65, 640
65, 699
64, 020
6, 555
6, 495
6,718
6. 572
6, 222
5,844
5,836
4,871
4, 693
4,692
5, 203
5,848
6, 408
7,231
6,825
6,357
6,242
6, 124
5, 601
4,811
4,611
1 See Employment and Earnings, Department of Labor, for definitions, methods
of estimation, periods to which data pertain, etc.
2 Weekly averages. Beginning January 1959, includes Alaska and Hawaii.
' Includes program for Federal employees for 1955-June 1959.
55, 390
54, 395
56, 225
58, 135
58, 789
58, 122
59, 745
59, 102
58, 013
58, 030
58, 625
59, 163
59, 608
60, 111
60, 769
60, 884
60, 105
60, 707
60, 040
60, 888
59, 409
1, 870
3, 578
2, 904
2, 822
2, 936
4, 681
3,813
4, 108
4,724
4,749
4, 362
3,627
3,389
3, 982
3,744
3, 426
3, 230
3, 272
3, 670
3,577
4, 149
2.9
5. 6
4,4
4. 2
4.3
6.8
5.5
6.0
7.0
7.0
6.4
5. 3
4.9
5. 6
5. 2
4. 8
4.6
4. 7
5.3
5.2
6. 1
6. 1
6.0
6. 1
5.8
5.3
4.9
4.9
5. 1
5.5
5.6
6.0
5. 8
5. 2
5. 2
1,058
2.039
1, 388
1, 312
1, 560
2,758
1,856
2,307
2,739
2, 596
2, 282
1,936
1,593
1,414
1, 477
1, 451
1,370
1,479
1, 853
2, 008
< 2, 360
2. 8
5.2
3. 4
3. 1
3. 5
6. 1
4. 4
5. 1
6. 3
6.0
5. 3
4.5
3.8
3.4
3. 5
3.4
3. 1
3. 4
4. 4
4.8
4
5. 6
* Preliminary estimate.
NOTE.—Beginning January I960, labor force data include Alaska and Hawaii.
Sources: Department of Labor and Council of Economic Adviseis.
11
NONAGRICULTURAL EMPLOYMENT
Employment in nonagricultural establishments, seasonally adjusted, increased in January /reflecting continued recovery
from the effects of the steel strike.
' ' .
.
'
'
"
'••
':
'
MIL LIONS OF WAGE •
AND SALARY WORKERS *
56
- '
'•
'
MILLIONS OF WAGE
AND SALARY WORKERS *
:-...
•'
,.:
'
,
"
MANUFACTURING
54
18
._
'
'^xV^VI
•"
»
'
n^,^^ ,
16
*S
V^~|
•^S
50
'
•
TOTAL-—^ • ' . '
iST-:
<
\—~n
&
' :- —• ~j
<
>
•12
48
DURABLE
GOODS
INDUSTRIES
10 ""
46
8
44
'
-^-V-.-'
NONDURABLE
X^^WGOODS
INDUSTRIES.
t u t • • • « » > »V
+^+4».« • • • • • * •
6
1958
1957
1959
I960
3.5
1958
1957
1959
I960
12.0
CONTRACT CONSTRUCTION
(ENLARGED SCALE)
WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)
3.0
A
11.5
-*\\/~\ y~i
V
p
•
(V~i
II. 0
2.0
i
^S^**
+*^^«
k
2.5
-
20
ALL NONAGRICULTURAL ESTABLISHMENTS
52
-
10.5
1.5 'X? i ? ? 1 « t i i i
1957
1 1 1 1 ! 1 1 1 1 I 1
1958
I 1 1 1 1 I I1 1 1 1
t i t i i 1 i i i t j*.
1959
I960
10.0
*j i i ? 1 i ii i i
1958
1957
*SE ASONALLY ADJUST ED DATA
SOUF?CE: DEPARTMENT OF LABOR.
1959
I960
COUNCIL <DF ECONOMIC ADVISERS
l
[Thousands of wage and salary workers l
Total,
Manufacturing
Private nonmanufacturing
Total
Total
unad- including excluding
justed,
Period
Contract Wholesale
Alaska
excluding Alaska
Durable Nondura- Total2 construcand
and retail
Total
and
Alaska and Hawaii
goods
ble
goods
tion
trade
Hawaii
Hawaii
1953.
_. 49, 681
2,622
10, 105
10, 527
17, 238
7,133 25, 798
49, 681
1954.... .
. 48, 431
9,122
15, 995
2, 593
10, 520
6,873 25, 685
48, 431
1955__._.__
50, 056
9,549
2, 759
16, 563
7,014 26, 579
10, 846
50, 056
1956
51, 766
2, 929
9, 835
11, 221
7,068 27, 586
16, 903
51, 766
1957
9,821
52, 162
6, 961 27, 754
11, 302
52, 162
16, 782
2,808
1958-3
.. 50, 543
2,648
11, 141
15, 468
8,743
6,725 27, 182
50, 543
1959
. 51, 952
2,764
11, 379
52, 182
9,280
6,876 27,670
51, 952
16, 156
Seasonally adjusted
1958: December, 51, 985
2, 550
6, 745 27, 094
11, 143
15, 701
8,956
50, 844
1959: January. . 50, 810
11,216
6,757 27,294
2, 650
15, 764
9,007
51, 086
February . 50, 815
6,770 27, 335
2,626
11, 279
51, 194
15, 819
9,049
March
50, 878
6,814 27, 394
2, 719
11, 263
9, 192
16, 006
51, 456
April
51, 480 -------- 51, 887
2, 829
9,319
6, 863 27, 631
11,333
16, 182
May
9,462
51, 982
2,787
11, 363
16, 372
6,910 27, 674
52, 125
2,799
11, 425
June
. 52, 580
6,954 27, 804
9, 573
52, 407
16, 527
July
.. 52, 848
2, 800
11,465
6,945 27,895
9,635
52, 558
16, 580
August.. _„ 52, 066
2, 814
11, 529
9, 094
6,943 27, 855
52, 023
16, 037
September. 52, 648
6, 927 27, 792
2, 776
11, 464
52, 154
9,214
16, 141
October... 52, 569
2,762
11,478
52, 002
16, 022
9, 129
6,893 27, 763
2, 792
11, 452
November.
6,908 27, 846
52, 798
52, 253
9, 266
52,479
16, 174
3
2, 783
11, 482
December , 58, 789
6,891 27, 804
52,882
9,547
52, 654
16, 438
3
2,730
11,596
1960: January .. 52, 005
6,867 27, 977
9,637
52, 800
16, 504
53, 028
i Includes all full- and part-time wage and salary workers in nonagriculturai
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 persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, und domestic servants; which count persons as employed when they
12
Government
(Federal,
State,
local)
6, 645
6,751
6, 914
7,277
7,626
7,893
8,126
8,049
8,028
8,040
8, 056
8, 074
8,079
8, 076
8,083
8,131
8, 221
8, 217
8, 233
8,312
8,319
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 Includes mining; transportation and public utilities; finance, insurance, and
real estate; and service and miscellaneous, not shown separately.
»Preliminary estimates.
Source: Department of Labor.
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of production workers in manufacturing industries declined slightly to 40.4 hours in January.
The change was smaller than is usual at this time of year.
HOURS PEiR WEEK
HOURS PER WEEK
46
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
44
40
40
38
36
34
1
1957
RETAIL TRADE
^^x ,
1957
I
1958
SOURCE: DEPARTMENT OF LABOR
1957
^V/
k
~ -'^
>^/
I960
1959
1958
COUNCIL OF ICONOMIC ADVISERS
[Hours per week, for production workers or nonsupervisory employees]
Manufacturing r
Period
1950
1951
1952
_ .. .
1953 .
1954
1955
1956
1957
1958
1959 l
1958: December
1959: Januarv.
February
March
April
...
__
___ __
.
_
Mav
June. >_
July R .
Ausju t
September
October
November 1._
December .
1960: Januarv 1
1
9
Preliminary estimates.
Not available.
51457°—60-
Durable
goods
Total
__
.
_
_______
«
40. 5
40. 7
40. 7
40. 5
39. 7
40. 7
40. 4
39. 8
39 2
40 3
40. 2
39. 9
40. 0
40 2
40 3
40. 5
40. 7
40. 2
40. 5
40. 3
40. 3
39. 9
40. 5
40. 4
41 2
41 6
41 5
41 3
40 2
41 4
41 1
40 3
39 5
40 7
40 8
40 4
40 3
40 8
40 9
41 1
41 4
40 5
40 8
40. 8
40 9
40 1
41. 1
41. 2
Nondurable
goods
39 7
39 5
39 6
39 5
39 0
39 8
39 5
39 1
38 8
39 7
39 6
39 3
30 4
39 5
39 5
39 7
39 8
39 8
40 1
39. 8
39 5
39 6
39 8
39. 3
Building
construction
36
37
38
37
36
36
36
36
35
35
34
35
34
35
36
36
36
36
36
35
36
34
36
M
Retail
trade
3
2
1
0
2
2
4
1
7
9
6
0
0
0
1
4
8
3
9
8
0
8
1
40 5
40 2
39 9
39 2
39 1
39 o
38 6
38 1
38 1
38 1
38 5
38 1
37 9
37 9
37 9
37 9
38 3
38* 8
38 6
38 1
37 7
37 5
38 1
m
NOTE.—Data exclude Alaska and Hawaii.
Source: Department of Labor.
13
INDUSTRIES
Average hourly earninss of production workers in manufacturing industries were $2.29 in January, 10 cents above
the level of January 1959.
DOLLARS PER HOUR
DOLLARS PER HOUR
2.40
2.20
3.00
I957
1957
2.20
2.OO
NONDURABLE MANUFACTURING
RETAIL TRADE
1959 PRICES
"CURRENT PRICES
"X
CURRENT PRICES
1957
SOURCE:
1958
1959
1957
I960
I960
1959
1958
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF LABOR.
jFor production workers or nonsupervisory employees]
All manufacturing
Period
1950
1951
.
1952
1953
1954
_
.
1955
1956
1957
1958
1959 2
1958: December
1959: January
February
March-.
April . .
May
June
July
August
September
October.,
November 2
December
1960: January 2
1
2 Earnings in
Preliminary
3
_
.
Durable goods
manufacturing
Building
construction
Retail trade
Current
1959
prices
prices l
Current
prices
1959
prices l
Current
prices
1959
prices 1
Current
prices
1959
prices
$1. 776
1. 78
1. 83
1. 93
1. 97
2.05
2. 12
2, 16
2. 15
2. 22
2. 21
2. 20
2. 22
2. 24
2.24
2. 24
2.24
2.23
2. 19
2.21
2. 19
2. 21
2. 25
(3)
$1. 537
1. 67
1. 77
1. 87
1. 92
2. 01
2. 10
2. 20
2. 28
2.38
2.36
2. 35
2. 36
2. 38
2.39
2. 40
2. 40
2.39
2. 35
2. 37
2. 36
2.38
2.43
2.45
$1. 863
1.87
1.94
2.04
2.08
2. 19
2.25
2. 28
2.30
2.38
2. 38
2.36
2. 38
2. 40
2. 40
2.41
2.40
2. 39
2.35
2. 36
2.34
2.36
2. 41
$1. 378
1.48
1.54
1. 61
1. 66
1.71
1. 80
1.88
1. 94
2.01
1.97
1.98
1. 98
2.00
2.00
2.00
2. 00
2. 01
2.00
2.03
2.02
2. 03
2.04
2.05
$1. 670
1.66
1. 69
1.75
1. 80
1. 86
1. 93
1. 95
1.96
2.01
1. 98
1.99
1.99
2.01
2.01
2.01
2.00
2. 01
2.00
2.02
2.01
2.01
2.03
(3)
$2.031
2. 19
2. 31
2.48
2.60
2.66
2.80
2. 96
3. 10
3. 21
3. 19
3. 19
3. 18
3. 17
3. 17
3. 17
3. 17
3. 20
3. 23
3. 26
3.27
3.28
3. 29
0)
$2. 462
2. 46
2,54
2. 70
2. 82
2. 89
3.00
3.07
3. 13
3.21
3.21
3. 21
3.20
3. 19
3. 19
3. 19
3. 17
3. 19
3. 22
3.24
3.25
3.25
3.27
(3)
$1. 465
1. 59
1. 67
1.77
1. 81
1. 88
1. 98
2. 07
2. 13
2. 22
2. 19
2. 19
2. 20
2. 22
2. 23
2. 23
2. 24
2. 23
2. 19
2.22
2. 21
2. 23
2. 27
2. 29
current prices divided by consumer price index on a 1959 base.
estimates.
Not available.
14
Nondurable goods
manufacturing
(3)
NOTE.—Data exclude Alaska and Hawaii.
Source: Department of Labor.
1
Current
prices
$1. 176
1. 26
1. 32
1. 40
1.45
1. 50
1.57
1.64
1.70
1.76
1. 68
1.74
.74
.74
.75
.76
. 77
. 77
1. 77
1.78
1. 78
1. 77
1. 72
(3)
1959
prices '
$1. 425
1.41
1.45
1.53
1.57
1.63
1.68
1.70
1.72
1.76
1.69
1.75
1. 75
1.75
1. 76
1.77
1. 77
1.77
1. 77
1. 77
1. 77
1.76
1. 71
(3)
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings of production workers in manufacturing industries were $92.52 in January, $5.14 higher
than in January 1959.
DOLLARS PER WEEK
DOLLARS PER WEEK
110
130
100
IOO
I960
60
NONDURABLE MANUFACTURING
RETAIL TRADE
70
60
iii
50
I960
1957
1957
1959
1958
I960
ebU&Cll.OF ECONOMIC ADVISERS'1
SOURCE: DEPARTMENT OF LABOR.
[For production workers or nonsupervisory employees]
Current
1959
prices prices l
Durable goods
manufacturing
Current
1959
prices prices J
Building
Nondurable goods
construction
manufacturing
Current
1959 Current
1959
prices J
prices
prices
prices 1
Current
prices
$59. 33
64. 71
67. 97
71. 69
71. 86
76. 52
79. 99
•82. 39
83. 50
89. 47
88.04
87.38
88.00
89. 24
89.87
90. 32
91. 17
89. 65
88. 70
89. 47
•89. 06
88.98
91.94
92. 52
$63. 32
69.47
73. 46
77. 23
77. 18
83. 21
86.31
88.66
90.06
96.87
96. 29
94. 94
95. 11
97. 10
97. 75
98. 64
99. 36
96. 80
95. 88
96. 70
96. 52
95. 44
99. 87
100. 94
$54. 71
58.46
60. 98
63. 60
64. 74
68. 06
71. 10
73.51
75. 27
79. 80
78. 01
77. 81
78.01
79.00
79.00
79.40
79. 60
80. 00
80. 20
80. 79
79. 79
80. 39
81. 19
80. 57
$47. 63
50. 65
52. 67
54.88
56.70
58. 50
60.60
62. 48
64.77
67.06
64.68
66. 29
65. 95
65.95
66. 33
66. 70
67. 79
68. 68
68. 32
67.82
67. 11
66. 38
65. 53
(3)
All manufacturing
Period
1950__.
1951
1952
1953
.
1954
1955
1956
1957
1958—.
_
19592
_ _._
1958: December
1959: January
February
March
April
__
May
_.
June
July
August
September
October
November 2
December
1960: January 2
$71. 92
72. 63
74.61
78. 09
78.02
83. 26
85.73
85.38
84.26
89. 47
88. 66
87. 91
88.62
89.87
90. 41
90. 77
91. 26
89. 47
88. 52
89.02
88. 44
88.27
91. 30
(3)
$76. 75
77. 97
80.64
84. 13
83. 80
90. 54
92. 51
91. 88
90. 88
96. 87
96. 97
95. 51
95. 78
97. 78
98. 34
99. 14
99.46
96. 61
95. 69
96. 22
95.85
94.68
99. 18
(3)
J Earnings in current prices divided by consumer price index on a 1959 base.
* Preliminary estimates.
* Not available.
$66. 32
65. 61
66. 94
69. 28
70. 29
74.06
76. 21
76. 18
75. 95
79. 80
78.56
78.28
78.56
79. 56
79. 48
79.80
79. 68
79. 84
80. 04
80. 39
79. 24
79.75
80.63
(3)
$73. 73
81.47
88. 01
91. 76
94. 12
96.29
101. 92
106. 86
110.67
115. 24
110. 37
111.65
108. 12
110. 95
114.44
115. 39
116. 66
116. 16
119. 19
116.71
117. 72
114. 14
118. 77
(3)
$89. 37
91.44
96. 61
99. 96
102. 19
104. 78
109. 24
110. 74
111. 68
115.24
111. 15
112. 32
108. 88
111. 73
115. 13
115. 97
116. 78
115. 93
118. 95
116. 13
116. 90
113.23
117. 94
(3)
Retail trade
1959
prices l
$57. 73
56.85
57.82
59.78
61.56
63.66
64. 95
64.75
65. 36
67.06
65. 14
66.69
66. 41
66. 41
66. 73
67.04
67. 86
68.54
68. 18
67. 48
66. 64
65.85
65.07
(3)
Note.—Data exclude Alaska and Hawaii.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index for January was 3 percent higher than for December. Durable manufactures again
increased sharply; other major sectors were maintained at about their December levels.
INDEX, 1957* 100 (SEASONALLY ADJUSTED)
130
INDEX, 1957'100 (SEASONALLY ADJUSTED)
130
TOTAL
120
1957
ieo
IOO ?
80
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
1950
1951
.. .
1952
1953
1954
1955
_ _
.- _
1956
..
1957 __
___ .
1958 _
. _
1959 *
1958: December _
1959: January
February
March
April
._
- jMay
June
July
_.
August
.
September
October
November
December
1960: Januarv1
1
Preliminary.
16
Total
industrial
production
74
81
84
91
85
96
99
100
93
105
100
100
102
104
107
109
110
108
103
103
102
102
109
112
COUNCIL OF ECONOMIC ADVISERS
[1957=100, seasonally adjusted)
Industry
Manufacturing
Mining Utilities
NonTotal Durable durable
75
82
85
92
86
97
100
100
92
105
99
100
102
104
107
110
110
108
104
104
102
102
109
112
71
80
85
96
85
98
100
100
87
102
95
96
98
101
105
109
110
105
98
97
95
95
106
112
79
82
83
87
87
95
99
100
100
110
105
105
107
107
110
111
111
113
113
113
111
111
113
113
80
87
87
89
86
95
100
100
91
95
98
97
96
95
98
99
98
94
91
90
91
96
98
97
53
60
65
71
76
85
94
100
105
115
109
111
111
112
112
114
116
116
115
117
117
116
119
120
Market
Final products
ConTotal
sumer Equipment
goods
73
79
85
91
86
95
99
100
95
107
101
102
102
103
106
108
108
109
109
109
109
106
109
112
82
81
82
88
87
97
99
100
99
110
105
106
107
107
111
111
111
112
112
112
112
109
113
117
54
75
90
96
85
91
99
100
87
100
92
92
93
95
97
100
102
103
102
103
103
101
103
104
Materials
75
82
83
91
84
97
100
100
91
103
98
99
101
104
108
110
110
106
98
99
97
100
108
110
NOTE.—Revised series. See Federal Reserve Bulletin, December 1959 and
January 1960.
Source: Board of Governors of the Federal Reserve System.
PRODUCTION OF SELECTED MANUFACTURES
In January, mosf durable goods manufactures registered sizable increases, while nondurable manufactures showed
little or no change.
INDEX, 1957 = 100 (SEASONALLY ADJUSTED)
INDEX, 1957*100 (SEASONALLY ADJUSTED)
160
120
140
^^X*^^
TRANSPORTATION
EQUIPMENT
S^sf\
120
80
1 ! 1 1 1 1 1 1 f I !
100
^^^^k.
»
1
V
1 I 1 i I t I1
140
120
TEXTILES, APPAREL,
AND LEATHER
100
'
c^C"
PAPER AND
PRINTING
-1
i ii i i I ii iii
80
I957
f M
120
M
1 1 1 1 1 1
I960
1959
1958
CHEMICALS, PETROLEUM,
AND RUBBER
,->'"M
F^VH"
-.3
100 iv
FOODS, BEVERAGES,
AND TOBACCO
1 1 M 1 111111
1957
1958
1959
I960
1 i I 1 l 1 i i i Ii I tII 1 1 IIIi i
1958
1957
1959
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
i i i i Mi ii i i
I960
COUNCIL OF ECONOMIC ADVISERS
[1957=100, seasonally adjusted]
Durable manufactures
Period
Primary
metals
Nondurable manufactures
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
cated
Machin- tation
and
apparel,
and
beverpetrometal
ery
equipprodand
print- leum, and ages, and
products
ucts
leather
ment
ing
rubber tobacco
1958
1959 1. .
78
90
92
104
85
103
84
98
100
113
99
115
99
108
99
113
102
107
1958' December
90
99
91
96
111
107
101
106
104
1959: January
February
March
92
102
109
99
99
101
92
94
96
96
96
99
111
109
112
109
109
111
102
105
104
106
108
110
103
105
104
113
122
118
104
109
112
100
104
107
102
104
105
115
118
112
116
118
119
107
108
107
110
111
115
108
108
105
81
46
45
111
106
106
108
107
108
106
102
98
117
113
112
120
117
116
109
110
111
117
116
117
106
108
108
43
77
109
99
95
105
107
104
109
98
79
93
111
112
115
115
116
11.8
110
109
111
114
114
115
106
107
108
118
109
111
107
117
US
116
109
April
May
June
July
August
September
October-.
November
December
1960: January1
i Preliminary.
* Not available.
.
.
.. ..
(2)
NoTE.—Kevised series; for details, see Federal Reserve Bulletin, December 1959
and January 1960.
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
In January, most weekly indicators of production continued to increase,
car and truck assemblies were the highest since early 1955.
MILLIONS OF TONS
Output of steel reached a montMy record;
MILLIONS OF SHORT TONS (DAILY AVERAGE)
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Period
Weekly average:
1956
1957
_
1958 3
1959
1958: December
1959: January
Februarv _ _ ..
March .
April. » _
M ay
June.
Julv
August
September
October
November
December
1960: Januarv 3
Week ended:
I960: January 16__
23_.
30-_
February 6 3
13 3_
203<_
Electric
Bituminous Freight Paper board
Steel produced *
Cars and trucks
power
coal mined
loaded
produced assembled (thousands)
Thousands
Index
distributed (thousands (thousands
(thousands
of net (1947-49 = (millions of
of short
Cars Trucks
Total
of cars)
of tons)
100)
tons
kilowatt-hours) tons) 2
2,204
2, 162
1, 635
1, 792
1, 971
2, 103
2, 401
2, 611
2,630
2, 618
2, 543
1, 184
325
359
385
1. 694
2,713
2, 719
137. 2
134. 6
101. 8
111. 6
122. 7
130. 9
149. 5
162. 6
163. 7
163. 0
158. 3
73.7
20. 2
22.3
24. 0
105. 5
168. 9
169. 3
11, 292
11,873
12, 314
13, 229
1 2, 949
13, 356
13, 170
12, 888
12, 583
12, 763
13, 402
13, 479
13, 859
13, 152
12, 922
13,318
13, 828
14, 345
1, 693
1,644
1, 380
1,374
1,531
1,374
1,407
1,339
1, 357
1,351
1,494
1, 251
1, 152
1, 296
1, 288
1,509
1, 536
1, 433
728
683
581
596
531
569
573
600
633
686
703
559
542
553
584
601
572
597
274
272
275
308
262
272
304
312
311
320
319
275
327
316
329
321
284
287
132. 8
138. 6
98.4
129. 2
144. 3
152. 6
144. 7
156. 1
157. 3
157.2
154. 7
145. 6
70. 8
78. 6
137. 7
72. 4
117.7
201.8
111. 6
117. 6
81. 6
107. 6
124. 8
129. 0
119. 6
131.3
131.0
130. 4
127.2
121. 2
57.8
60.3
116. 6
60.7
101. 8
171. 3
21. 2
21.0
16. 8
21. 6
19. 6
23. 6
25. 1
24. 8
26. 3
26. 8
27.5
24.4
13. 1
18. 4
21. 1
11. 7
15. 8
30.5
2, 727
2,727
2,717
2, 683
2,687
2, 699
169. 8
169. 8
169. 1
167. 0
167. 3
168. 0
14, 236
14, 523
14, 3 13
14, 097
1,471
1, 442
1, 487 ,
1, 420
606
587
602
588
325
322
326
321
325
203. 5
206.9
205. 9
192. 8
184.5
173.7
175. 1
173. 2
164. 0
154.6
29. 8
31. 9
32, 0
28. 7
30. 0
» Weekly capacities (net tons) as of January 1 are: 2.455,300 (1956). 2.559,631
(1957), 2.099,320 (1958), 2,831,486 (1959), and 2,341,832 (1960).
- Daily average for week.
Preliminary.
* Not charted.
18
COUNCIL OF ECONOMIC ADVISERS
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paper board
Association, and Ward's Automotive Reports.
NEW CONSTRUCTION
Expenditures for both private and public construction (seasonally adjusted) rose again during January.
of construction contracts declined in December.
The amount
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
60
SEASONALLY ADJUSTED ANNUAL RATES
.TOTAL NEW CONSTRUCTION '_
40
40
30
-PRIVATE
30
20
2
LIC
immrm
u—.
«n — ••,
•
I I I M I f I I t t I I t I I I I I I f I I I I 1 I I I I I I ! I I I I I I M I 1 f 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 1 I I I I I I M I 1.1
1954
I960
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.
[Billions of dollars]
Total new
construction
34. 7
Period
1952
1953......
1954..
1955
1956..
.
1957. .
1958 .
1959
_.
_
.
. .. . .
39. 4
44. 2
45.8
47.8
48. 9
54.3
23.9
25. 8
27.7
32. 4
33. 1
33.8
33.5
38. 3
53.1
54. 7
55.3
55.9
56.0
56.6
56.5
56. 1
54.8
53. 1
51. 8
50. 7
51. 9
549
35.9
36.8
37.2
37.9
38.9
39.6
39.4
39.6
39. 1
38. 4
37. 5
37. 0
37. 7
39. 1
37; 0
..
Total
private
Private
Residential
(nonfarm)
12.8
13. 8
15. 4
18. 7
17.7
17.0
18. 0
22. 3
Other
11.0
12.0
12.3
13.7
15.4
16.8
15.4
16. 0
Federal,
State, and
local
Construction contracts l
Eastern
3
48 States 2 37States
10.8
11.2
11.7
11.7
12.7
14.0
15.4
16. 0
16. 8
17. 4
19. 8
3 23. 7
24 6
25.3
31. 6
32. 2
35. 4
36. 3
Seasonally adjusted annual rates
1958: December. _ _ _ _ _
1959: JanuaryFebruary
March
April
_
May
June
July
August
September
October
_
November
December
1960: January 4
_
_
_
.
_
1 Compiled by F. W. Dodge Corporation; seasonally adjusted by the National
Bureau of Economic Research. 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.
20. 8
21. 5
21. 7
22. 4
23. 4
23.8
23.3
23. 1
22. 5
22. 3
21.7
21.0
21. 1
22. 1
15. 1
15.3
15.4
15.5
15. 5
15. 8
16. 2
16. 5
16.6
16. 1
15. 8
16.0
16. 6
17. 1
17.2
17. 9
18.1
18.0
17.1
17. 0
17.0
16.4
15. 7
14 8
14 2
13.6
14.2
15. 7
29.7
35. 1
345
39. 0
39.2
37. 1
40. 5
39.5
37.5
34 7
37.4
33.4
28.9
.
_
Revised series beginning January 1956; not comparable with prior data.
Series
discontinued beginning January 1958.
4
Preliminary estimates.
Sources: Department of Commerce and F. W. Dodge 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 1,210,000 units,
cations for FHA commitments decreased and VA appraisal requests were about the same as in December.
Appli-
MILLIONS OF UNITS
MILLIONS OF UNITS
I960
1954
-i/ SEE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION CVAJ.
[Thousands of units]
New nonfarm housing starts
Period
Total
Annual total : 1955
1, 328. 9
1956
1, lia 1
1957
1, 041. 9
1958
1, 209. 4
3
1959
1, 378. 5
Monthly average: 1955110. 7
1956.
93.2
1957.
86.8
1958100. 8
1959. s 114. 9
1958: December
..
91. 2
1959: January
87. 0
February
.
94.5
121. 0
March
April
142. 2
May
137. 0
June
136.7
July
128. 8
August 129. 3
September
120.3
October
105. 5
November
92. 5
3
December
83. 7
3
1960: January
__
75.9
Publicly
financed1
Total
19.4 1, 309. 5
24. 2 1, 093. 9
49. 1
992. 8
67. 9 1, 141. 5
3 35. 6 si, 342. 9
1.6
109. 1
2.0
91. 2
4. 1
82. 7
5. 7
95. 1
3
3.0
Mil. 9
1.7
89.5
84.1
2.9
1.0
93.5
2.9
118. 1
4.8
137. 4
3.5
133. 5
5.6
131. 1
1. 6
127. 2
4. 2
125. 1
116.9
3.4
102. 2
3.3
1. 8
90. 7
8.6
383.1
1, 1
74.8
Proposed home construction
Private,
Privately financed
seasonally Applications
Government programs
adjusted for FHA comannual
mitments 2
VA
FHA
Total
rates
392. 9
276.7
306. 2
669. 6
189. 3
270. 7
460.0
197. 7
168.4
128. 3
198. 8
296. 7
102. 1
295.4
341. 7
397. 5
109. 3
369.7
440.1
330.8
55.8
23.1
25.5
32.7
16.5
15. 8
22. 6
38. 3
16.6
24.7
14.0
10.7
24. 6
28. 5
33. 1
8.5
9.1
30. 8
27.6
36.7
25.0
34.0
9.0
23. 0
1,432
25.5
19.8
6. 9
26. 7
1,364
6.2
29.5
20.0
26. 1
1,40S
38.9
30.0
39. 8
9.7
1, 403
39. 1
44. 6
33.5
11.0
1, 4S4
34. 3
38. 2
10. 3
44. 6
1,370
60.2
34 7
11.0
45.6
1,368
42. 1
31.4
29. 0
10.6
1,875
31. 1
41.0
1,S40
25. 6
9.9
29.6
10.0
1, 823
25.5
39. 5
24 1
26.6
9.4
1, 180
36. 0
1,210
16. 1
20. 1
7.9
27. 9
8
18.2
6. 4
19.8
26.2
1, 330
4. 1
1,210
16.3
16. 1
20. 2
1 Military housing starts, including those financed with mortgages insured by
FHA under sec. 803 of the National Housing Act, are included in publicly
financed starts but excluded from the privately financed starts for FHA and total
Government
programs.
2
Units represented by mortgage applications for new home construction.
20
COUNCIL OF ECONOMIC ADVISERS
3
Requests
for VA
appraisals2
620. 8
401. 5
159. 4
234 2
234 0
51.7
33. 5
13.3
19. 5
19.5
14.8
17.9
21.0
23.2
18.9
20.7
27.2
26. 0
21. 2
17. 9
16.7
12. 2
11.1
11.2
Preliminary estimates.
Sources: Department of Qommerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
SALES AND INVENTORIES—MANUFACTURING AND TRADE
Manufacturing and trade sales advanced by $2 billion in December. Inventories, following 4 months of liquidation, increased by $800 million, primarily in manufacturing. Preliminary estimates indicate that retail sales in
January were 2 percent more than in December.
BILL ONS OF DOLLARS (SEASONALLY ADJUSTED)
BILL IONS OF DOLLARS (SEASONALLY ADJUSTED)
too
30
TOTAL*AND MANUFACTURING
,_— NT
RETAIL
(ENLARGED SCALE)
^TOTAL INVENTORIES*
60
"~r
!>
60
TOTAL SALES*
/"*«1
.-
-
INVENTORIES
20
«>
^
,SALES
/
p
^—~* -
^V
X~V^/
i^^Nr
^^^
10
^
-^
>
...•"'"*-*
o1
.-
1 1 It 1 i Ml
11
II 1 l l 1 1 I 1 1 1 1
1 1 1 1 1 i I 1 11 ^
1 1 1 1 1 1 1 1 1 1
INOE K, 1947-49 « 100 (SEASONALLY ADJUSTED}
MANUFACTURING
160
INVENTORIES
DEPARTMENT STORES
^
40
-
160
-INVENTORIES
.MANUFACTURING SALES
^WX
-X-^/-
^\ **.
-
^^^
140
£0
^-'^*\
A
Vft'/l
_A/V
\s^
^1 1 • 1 1 1 . 1 1 1
V^SALES
01 I! ! 1 ! 1 I I 1 I 1
1957
1 1 1 I I 1 I l MI
1958
1 1 III I 1 M 1 1
1959
1 I M 1 1 1 1 1 I l<
I960
100
1957
i i i i i I i i i ii
1958
%
^
1959
1 1 1 1
1 1
*MAN UFACTURING, RETAIL TRADE, AND WHOLESALE TRADE.
SOU ftCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDI•RAL R ESERVE SYSTEM.
Period
1953
1954_
1955..
1956..
1957 ..
1958 4
1959
1958: November
December 1959: January
February
March - . ..
April ..
May
June
July
August
September
October.
November. _
December *
1960: January 4
Manufacturing
and trade
Manufacturing
I 1 1
1 1 1 1 1 1 1 1 1 1 U
I960
COUNCIL OF ECONOMIC ADVISERS
Retail
Department stores
Inven-2 Sales1 Inven-2 New Sales * Inven-2 Sales > Inven-2 Sales *
InvenSales i tories
tories orders *
tories
tories
tories 3
Index, 1947-49 = 100
Billions of dollars, seasonally adjusted
seasonally adjusted
24.5
10.5
14. 1
22.7
78.6
23. 1
48.4
45. 4
9.8
118
131
10. 4
22. 1
23.5
43.0
22.5
14. 1
9.7
75. 5
118
47. 4
128
27.2
11.
4
26.3
10.
6
81.7
46.
4
15.3
23.9
128
136
52.3
28.3
13.0
27.7
52.3
23. 9
11. 3
135
54. 8
89. 1
15.8
148
28.4
12.7
27.3
24. 5
90.7
53.5
16. 7
11.3
135
152
56.3
12. 0
24. 0
26. 2
49. 2
25.9
16. 7
136
54. 0
85. 1
11. 1
148
12.6
52. 3
30. I
12. 3
89. 2
29.7
18.0
24. 2
60.0
156
144
27.8
12. 1
85.0
27. 5
49. 3
17. 0
23. 6
11.6
137
152
56. 1
24. 0
28. 4
57.4
28. 1
49. 2
85.1
12.0
17. 6
143
11. 7
150
28.1
28. 5
11. 9
57.4
49. 5
11.8
17.5
24.2
138
85.5
152
28.5
29. 7
11.9
24.1
49. 9
17. 6
58.0
86.0
11.9
140
150
29. 1
30. 2
12.0
50. 5
12.2
17. 9
24. 2
59.2
86. 6
138
148
12. 1
30.3
12.4
18. 0
51. 1
60.6
87. 6
31. 2
24.5
141
151
30.7
30.5
12. 5
12.2
18. 2
51. 6
61.5
88. 3
24.5
144
151
31.2
31.4
52. 1
12. 6
12.4
18. 2
89.3
144
62.0
24.8
156
30. 8
52.2
30. 9
12. 5
12.5
89.9
18.3
25. 1
150
159
61. 7
12. 6
29.3
52. 1
29. 0
12.2
18. 1
89. 5
59.6
24.8
149
160
51.9
29.8
30.6
12. 5
12.5
89.2
60. 1
17.8
24.8
143
161
29.4
30. 4
12. 0
51. 5
12. 5
18. 3
24 7
144
59.7
88. 7
158
29.0
29.2
12. 3
51. 6
12.6
17.8
24. 2
145
59. 1
88.4
160
30. 9
52. 3
12. 8
24.2
30. 8
12.6
89.2
17.5
61. 1
149
161
17. 8
147
J Monthly average for year and total for month.
23 Book value, end of period, seasonally adjusted.
Book value, end of period, except annual data, which are monthly averages.
Wholesale
1 1
< Preliminary estimates.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.
21
MERCHANDISE EXPORTS AND IMPORTS
For the year 1959 as a whole, commercial exports were about the same as in 1958 and imports were 19 percent
higher.
BILLIONS OF DOLLARS
2.5
BILLIONS OF DOLLARS
2.5
2.0
1.0
1954
I960
1955
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Merchandise exports
Period
Total
1950 monthly average
1951 monthly average
1952 monthly average
1953 monthly average...
1954 monthly average.
1955 monthly average
1956 monthly average
1957 monthly average
1958 monthly average
1959 monthly average
1958: November
December
. . .
.
1959: January
February
_ ._ . . . _ .
March
April
__
May
......
June .
- __
July
August .
__,,.
September .
. __
October __
November
December
Grant-aid
shipments l
856
1, 253
1,267
1,314
1,259
1, 296
1, 591
1,738
1,491
1,464
1, 599
1,524
1,400
1,280
1, 456
1,479
1,551
1,422
1,468
1,397
1,479
1,482
1,479
1,674
1
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 oi the program (July-December 1950) amounted to $282 million.
22
24
89
166
293
188
105
146
113
129
102
188
135
114
97
81
136
140
76
115
97
80
84
102
105
Commercial
exports
833
1, 164
1, 100
1,022
1, 071
1,191
1,444
1, 625
1, 362
1, 362
1,410
1, 389
1,286
1, 183
1,375
1,343
1,410
1,347
1,353
1,300
1,399
1,398
1,376
1.569
Merchandise
imports
738
914
893
906
851
949
1, 051
1,082
1,070
1,268
1,086
1,254
1, 154
1, 118
1, 295
1,220
1,264
1, 369
1, 248
1, 189
1,392
1,202
1,282
1,478
Excess of exports
over imports
Total
119
339
374
408
408
347
540
656
422
196
513
270
246
162
161
258
287
53
220
208
87
280
196
197
Excluding
grant-aid
shipments
95
250
207
116
220
242
393
543
293
94
325
135
132
65
80
122
147
-22
105
110
7
196
94
92
Sources: Department of Commerce and Department of Defense.
PRICES
CONSUMER PRICES
Consumer prices declined slightly in December, as lower prices for food, apparel, and transportation more than offset
small price advances in other categories.
INDEX, 1947-49 = 100
INDEX, 1947-49*100
150
140
130
120
100
100
1954
I960
1955
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMK: ADVISERS
[1947-49=100]
Period
1949.
19501951
1952
1953.
19541955
._ .
1956
1957
1958
1959
1958: November .
December
1959: January
February . _
March
April
May
June
July.
August
September—
October
November
December
. ..
__
. _
Housing
All
items
Food
101. 8
102.8
111.0
113.5
114. 4
114. 8
114. 5
116. 2
120. 2
123.5
124.6
123.9
123. 7
123. 8
123.7
123.7
123. 9
124.0
124.5
124.9
124. 8
125. 2
125. 5
125. 6
125. 5
100.0
101. 2
112. 6
114. 6
112. 8
112. 6
110. 9
111. 7
115.4
120.3
118.3
119. 4
118. 7
119.0
118. 2
117.7
117.6
117. 7
11R9
119.4
118.3
118. 7
118. 4
117. 9
117. 8
Total i
103.3
106. 1
112.4
114. 6
117.7
119. 1
120.0
121. 7
125.6
127.7
129.2
128.0
128. 2
128.2
128. 5
128.7
128.7
128. 8
128.9
129.0
129.3
129. 7
130. 1
130. 4
130. 4
»Includes, in addition to rent, homeowner costs, utilities, housefumish ings, etc.
Rent
105. 0
ioa 8
113. 1
117.9
124. 1
128.5
130.3
132.7
135. 2
137.7
139. 7
138.4
138. 7
138. 8
139. 0
139. 1
139. 3
139. 3
139.5
139. 6
139. 8
140.0
140. 4
140. 5
140. 8
Apparel
Transportation
99.4
9a 1
106.9
105. 8
104.8
104.3
103.7
105.5
106.9
107.0
107.9
107. 7
107. 5
106.7
106.7
107.0
107. 0
107. 3
107.3
107. 5
108. 0
109.0
109. 4
109. 4
109. 2
108.5
111. 3
118.4
126. 2
129. 7
128.0
126. 4
128. 7
136.0
140. 5
146. 3
144. 5
144. 3
144. 1
144. 3
144.9
145. 3
145. 4
145. 9
146. 3
146. 7
146. 4
14a 5
149. 0
148. 7
Reading Other
Medical Personal
and
goods
and
recreacare
care
tion
services
Source: Department of Labor.
104. 1
106. 0
111. 1
117.2
121.3
125.2
128.0
132.6
138.0
144. 6
150.8
147. 4
147. 6
148. 0
149.0
149. 2
149. 6
150. 2
150. 6
151.0
151. 4
152.2
152. 5
153.0
153.2
101. 1
101. 1
110. 5
111. 8
112. 8
113. 4
115.3
120.0
124. 4
12a 6
131. 2
129. 1
129.0
129. 4
129.8
129. 7
130. 0
130.7
131. 1
131. 3
131. 7
132. 1
132. 5
132.7
132. 9
104. 1
103.4
106.5
107.0
108.0
107.0
106.6
108. 1
112. 2
116. 7
118. 6
117.0
116. 9
117.0
117. 1
117.3
117.7
117.8
nai
119. 1
119. 1
119. 6
119.7
120. 0
120. 4
103.4
105. 2
109. 7
115. 4
118.2
120. 1
120.2
122.0
125.5
127. 2
129. 7
127.3
127.3
127.3
127. 4
127.3
128.2
128.4
129. 2
130.8
131. 1
131.5
131. 6
131.6
131.7
23
WHOLESALE PRICES
Wholesale prices rose 0.3 percent in January, reflecting price increases in farm products and processed foods as well
as industrial commodities.
INDEX, 1947-49*100
INDEX, 1947-49-100
120
120
100
90
80
1954
1955
1956
1959
1958
1957
SOURCE: DEPARTMENT OF LABOR
I960
COUNCIL OF ECONOMIC ADVISERS
[1947-49 = 1001
Period
1949.
1950
....
1951
1952
.
.
.
.
.
.
1953.
1954
1955
_
1956
1957_
1958
1959
.
1958: December
1959: January
February
March
April
Nlay
June
July.
August
September
October
November
December
1960: January
Week ended:*
1960: February 2_
9_
i Weekly series based on smaller sample than monthly series.
24
All commodities
Farm
products
Other than
farm products
and foods
(industrial)
ioa7
88. 9
86. 5
85. 4
85.9
86.5
87. 1
107.6
107.2
107.2
107. 7
108.1
107.5
105.8
107.8
106. 4
104. 9
104. 7
105.5
101.3
105.0
115.9
113.2
114.0
114.5
117.0
122.2
125.6
126. 0
128.3
127.2
127.5
127.8
128. 1
128.3
128.4
128.2
128. 4
128. 4
128.4
128.4
128.5
128.6
128. 8
87.0
87. 0
105.4
105. 5
128.6
128.6
99. 2
103. 1
114.8
111.6
110. 1
110.3
110.7
114.3
117.6
119. 2
119. 5
119. 2
119. 5
119.5
119. 6
120.0
119.9
119.7
119. 5
119. 1
119. 7
119. 1
118. 9
118. 9
119. 3
92. 8
97.5
113.4
107.0
97.0
95.6
89.6
88.4
90.9
94 9
89. 1
90.6
91.5
91. 1
90.8
92.4
90.8
89.8
88.4
119.-2
119. 2
Source: Department of Labor.
Processed
foods
95.7
99.8
111.4
108.8
104.6
105.3
101.7
101.7
105. 6
110. 9
107.0
108. 8
PRICES RECEIVED AND PAID BY FARMERS
The index of prices received by farmers rose 3 points in the month ended January 15.
and the parity ratio, at 77, was unchanged from December.
The par.ity index also rose,
INDEX, 1910-14=100
325
INDEX, 1910-14*100
325
PRICES PAID, INTEREST, TAXES,
AND WAGE RATES
300
300
275
275
250
250
225
225
200
200
100
100
PARITY RATIO -^
s—«,..,.........,,,..V"°--»-i
%to/"-',,,.,,^,f,,ltti
[
75
i 1 1 1 1 1II 1 I 1
1954
1
1 1 I 1 ( 1 1 t 1 1
1
1 1 1 1 1 1 1 1 1 1
1955
1956
1 1 1 I 1 1 1 I1 11
i r i i i Ii i i i i
1957
1958
•-••-•>..
\
1 1 )
' ' I 11 1!
1959
•^ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST,TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.
75
i i i \ \ 1 1 i i ii
1960
COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
1950
1951. ..
_
1952
1953
...''.
1954
.
1955
1956
1957
1958 ...
1959
1958: December 15
1959: January 15
February 15_.-. - .
March 15
April 15. .
Mav 15
.
June 15
July 15
August 15
September 15
..
October 15 November 1 5 . - .
. ......
December 15
.
_ _ __
1960: January 15__
All farm
products
Crops
258
302
288
255
246
232
230
235
250
240
244
245
243
244
244
245
242
240
239
239
235
230
228
231
i Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.
233
265
267
240
242
231
235
225
223
221
213
215
218
220
223
230
229
226
221
220
219
216
217
219
Prices paid by farmers
All items,
interest,
Livestock taxes,
Producand Family
and
tion
living
wage
rates
products
items
items
(parity
index)
Index, 1910-14=100
256
246
246
280
282
336
268
273
274
306
287
271
269
256
268
277
249
270
255
277
234
276
270
251
226
274
250
278
244
282
257
286
264
273
293
287
255
289
266
298
270
295
287
265
270
298
287
268
297
265
267
288
267
264
298
287
261
299
287
269
258
299
288
268
252
289
298
267
252
298
289
266
254
297
288
266
297
256
288
265
264
296
248
290
243
297
291
264
297
238
264
291
242
299
290
2P5
Parity
ratio *
101
107
100
92
89
84
83
82
85
80
83
82
82
82
82
82
81
81
80
80
79
77
77
77
Source: Department of Agriculture.
25
CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
The total of demand deposits and currency declined slightly more than seasonally in January.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
EWD OF MONTH
TOTAL DEPOSITS AND CURRENCY
TOTAL EXCLUDING U.S. GOVERNMENT
—:
DEPOSITS
:
200
DEMAND DEPOSITS
^-ADJUSTED
'*C...
.*'«**
/
T
,,."-•--••"'
DEPOSITS
,50
50
CURRENCY OUTSID E
BANKS
/
U.S. GOVERNMENT DEPOSITS
0
1 1 1 1 M
1954
1 1 1 M
1955
^.~U-.
I 1 1 1 1 M
1
1 1 1 1 M1TM M
1956
1
SOURCE: BOARD OF 6 OVERNORS OF THE FEDERAL RESERVE SYSTEM.
Total
U. S.
deposits Governand
ment
curderency posits l
End of period
1953
1954
_.
1955
1956
1957
1958 4
1959
1959: January..
February. _
March
.
April
Mav
June 4
Julv _ _4
August - 4
September
_.
October 4 4
November _ _
December 4
1960: January 4
..
_.
._
_.
.
..
205.7
214.8
221. 0
226. 4
232. 3
247.5
251. 6
245.1
242. 6
242. 1
245. 4
245.0
245.4
247. 6
247. 3
248. 5
248.2
247. 5
251.6
247. 1
4.8
5. 1
4.4
4.5
4.7
4.9
5. 5
5.3
4.9
4.4
5. 1
5. 7
5. 3
5. 6
6. 6
7. 1
6.0
5. 1
5.5
4. 4
•rfT-ttw
1958
0
1959
I960
COUN<III OF ECONOMIC ADVISiRS
[Billions of dollars]
Total excluding U. S. Government deposits
Demand deposits and
currency
Time
Demand Currency
de- 2
Total
Total deposits3 outside
posits
adjusted banks
70.4
130. 5
102.5
28. 1
200. 9
134. 4
27. 9
209. 7
75. 3
106. 6
138.2
78.4
109. 9
28. 3
216. 6
28.3
82. 2
111.4
222. 0
139.7
28. 3
89. 1
138. 6
110.3
227. 7
144
2
28. 7
242. 6
98. 3
115. 5
28. 8
246. 1
101. 2
144.9
116. 1
27.6
98.4
141. 4
113. 8
239.8
27. 7
98.7
139.0
111. 3
237.7
138.2
110. 3
27. 9
237. 6
99.5
27.9
99. 9
140. 4
112.5
240. 3
110.
7
100.
4
138.
9
28.
1
239.3
139. 1
110. 7
28. 3
101. 0
240. 1
28.4
112.7
242. 0
141. 1
100. 9
139. 6
111. 1
28.5
101. 2
240. 8
28.5
111.4
241. 4
101. 5
139.8
141.0
28.3
112. 7
242. 2
101. 1
142.2
29. 1
242. 4
100. 3
113. 1
144.9
116. 1
28. 8
246. 1
101.2
28.0
141.6
242. 6
113. 7
101.0
1
U.S. Government deposits at Federal Reserve Banks and commercial and
savings
banks, and U.S. Treasurer's time deposits, open account.
2
Deposits to commercial banks, mutual savings banks, and Postal Savings
System;
excludes interbank deposits.
3
Demand deposits, other than interbank and U.S. Government, less cash
items in process of collection.
26
1 1 1 1 1
1957
Demand deposits
and currency,
seasonally adjusted
Demand Currency
Total deposits outside
adjusted banks
i
i
139. 5
139. 6
140. s
140.4
140.6
140.9
141*2
140.9
140.8
140.4
140. 1
140. o
1S9. 8
111.5
111.6
112. 1
112.2
112.4
112.6
112.9
112.6
112.4
112.0
111. 8
111.8
111.4
28. 0
28. 0
28.2
28. 2
28. 2
28. 3
28.3
28.3
28.4
28.4
28. S
28. 2
28. A
4
Preliminary estimates.
NOTE.—Seasonally adjusted series revised beginning 1946.
See Note, p. 27. Monthly data are for the last Wednesday of the month.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, AND RESERVES
Commercial bank loans declined $2.5 billion in January compared to a decrease of J500 million in January 1959.
Borrowings at Federal Reserve Banks exceeded excess reserves by about the same amount as in December.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS
200
TOTAL LOANS AND INVESTMENTS
V
ISO
150
BANK LOANS
-V
100
100
INVESTMENTS IN U.S. GOVERNMENT SECURITIES
V
50
50
INVESTMENTS IN OTHER SECURITIES
.0
1954
1955
1956
1958
1957
1959
1960
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
End of period
Total loans
and investments
1952
1953
1954 .
1955
1956
1957
1958
1959 4
1958: December
1959: January
February
March
April
May
June 4
July 4
August
4
September
October 4 4
November
December 4
1960: January 4
141. 6
145. 7
155.9
160. 9
165. 1
170. 1
185. 2
191.0
185. 2
185. 6
183. 8
182.9
185.7
185. 8
185. 9
187.7
188. 2
187.8
188.3
188. 2
191.0
187.4
.
,
[Billions of dollars]
All commercial banks
Investments
U. S. GovLoans
Other
Total
ernment
securities securities
14. 1
64.2
77.5
63.3
63.4
147
67.6
78. 1
70.6
69.0
16.3
85.3
16.7
61. 6
82.6
78.3
16.3
74.8
58.6
90.3
76.2
17.9
93.9
58. 2
20.6
87.0
66. 4
98. 2
20. 4
112.0
79.0
58.6
98.2
66.4
20.6
87.0
20.4
97.7
87.9
67.5
20.4
86.0
97.9
65.5
63.2
20.6
99. 2
83.8
20.9
84. 5
63. 6
101. 2
102. 4
83.4
62.6
20.8
60.9
20.6
104.5
81.5
61.
1
20.6
81.7
105. 9
107.4
80.8
60.3
20.5
107. 8
80.0
59. 2
20. 7
80. 2
59. 6
20. 6
108. 2
78.7
58.4
20.3
109. 5
112.0
79.0
58.6
20.4
109. 5
77.9
57.7
20. 2
i Member banks include, besides all national banks, those State banks that
have
taken membership in the Federal Eeserve System.
3
Commercial and industrial loans and, prior to 1956, agricultural loans. Series
revised beginning January 1952, October 1955, and July 1958.
«Averages of daily figures on balances and borrowings during the period.
* Preliminary estimates.
COUNCIL OF ECONOMIC ADVISEXS
Weekly
reporting
member
banks l
Business
loans 2
223.4
23.4
22.4
2
26. 7
30.8
31.8
2
31.7
30.5
31.7
30. 5
30.5
31.5
31.5
32. 0
32.9
28. 6
29.0
29.5
29. 5
29. 9
30. 5
29.9
All member banks *
BorrowReserve balances 3 ings at
Federal
Required Excess Reserve3
Banks
.7
19.6
.8
.7
19.3
.8
18.5
.8
.1
.6
.6
18.3
18.4
.6
.8
18. 5
.5
.8
18. 1
.6
.3
18.2
.8
.4
18. 4
.5
.6
18. 4
.5
.6
18. 1
.5
.5
18.0
.5
.6
18. 2
.4
.7
18. 1
.4
.8
18. 0
.4
.9
18.3
.4
1.0
18. 1
.5
1.0
18.2
.4
.9
18.2
.4
.9
18.2
.4
.9
18.5
,5
.9
18.3
.5
.9
NOTE.—Between January and August 1959, these series (except that for weekly
reporting member banks) were expanded to include data for all toanks in Alaska
and Hawaii.
Source: Board of Governors of the Federal Eeserve System.
27
CONSUMER CREDIT
Consumer credif outstanding increased almost $1.7 billion in December, slightly more than the rise in December
1958.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
60
END OF MONTH
TOTAL CREDIT OUTSTANDING
40
40
20
20
NONINSTALMENT CREDIT
J
-.' -
(ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED
2
1954
1955
1956
1959
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
End of period
Total
consumer
credit
outstanding
1950__
1951.
1952
1953
.
1954..
1955...
1956_.. .
1957
_.
1958. _
1959..
1958: November.
December.
1959: January
February.
March
April. _
May
June
July
August
September.
October
November.
December.
21, 471
22,712
27, 520
31, 393
32, 464
38, 882
42, 511
45, 286
45, 586
52, 046
43, 970
45. 586
45, 094
44, 748
44, 925
45, 708
46, 603
47, 522
48, 047
48, 841
49, 350
49, 872
50, 379
52, 046
Total
14, 703
15, 294
19, 403
23, 005
23, 568
28, 958
31, 897
34, 183
34, 080
39, 482
33, 322
34, 080
34, 029
34, 025
34, 234
34, 762
35, 357
36, 135
36, 757
37, 510
37, 962
38, 421
38, 723
39, 482
6,074
5,972
7, 733
9,835
9,809
13, 472
14, 459
15, 409
14, 237
16, 590
14, 164
14, 237
14, 271
14, 339
14, 494
14,810
15, 128
15, 566
15, 923
16, 288
16, 470
16, 659
16, 669
16. 590
1
Includes all consumer credit extended for the purpose of purchasing automobiles
and other consumer goods and secured by the items purchased.
2
Includes only such loans held by financial institutions; those held by retail
outlets are included in "other consumer goods paper."
28
Noninstalment credit
outstanding
Other Repair and
consumer moderni- Personal
zation
goods
loans
loans 2
paper x
4,799
4, 880
6, 174
6,779
6, 751
7,634
8,580
8, 782
8, 923
10, 243
8,452
8,923
8,833
8,727
8, 691
8,755
8,887
9, 040
9, 134
9, 289
9,390
9,534
9,687
10.243
I960
COUNCIL OF ECONOMIC ADVJSESS
[Millions of dollars]
Instalment credit outstanding
Automo bilel
paper
I
1,016
1,085
1,385
1, 610
1, 616
1,689
1, 895
2, 039
2, 350
2,704
2,334
2,350
2,330
2,324
2,338
2,364
2, 419
2, 467
2, 517
2, 569
2, 613
2, 653
2,683
2,704
2,814
3, 357
4, 111
4,781
5,392
6, 163
6, 963
7,903
8, 570
9,945
8,372
8,570
8,595
8, 635
8, 711
8,833
8,923
9, 062
9, 183
9,364
9, 489
9, 575
9,684
9, 945
Total
6,768
7,418
8, 117
8,388
8,896
9,924
10,614
11, 103
11,506
12, 564
10, 648
11,506
11, 065
10, 723
10, 691
10, 946
11, 246
11,387
11,290
11,331
11,388
11, 451
11,656
12. 564
Charge
accounts
3,367
3,700
4, 130
4,274
4,485
4,795
4,995
5,146
5,060
5,351
4,370
5,060
4,619
4,098
4,004
4, 160
4,359
4,446
4,407
4,365
4,390
4,525
4,614
5,351
InstalInstalment
ment
credit excredit 3
3
tended
repaid
21, 558
23, 576
29, 514
31, 558
31, 051
39, 039
40, 175
42, 545
40, 818
48, 476
3, 374
4,393
3,369
3,290
3,830
4,073
4,092
4,454
4,315
4, 193
4,061
4, 185
3, 928
4,686
3
Credit extended or repaid during the period.
Source: Board of Governors of the Federal Reserve System.
18, 445
22, 985
25, 405
27, 956
30, 488
33, 649
37,236
40, 259
40, 921
43, 239
3, 284
3,635
3,447
3,294
3,621
3,545
3,497
3,676
3,693
3,578
3,609
3,726
3,626
3, 927
BOND YIELDS AND INTEREST RATES
The rate on 3-month Treasury bills dropped sharply in late January and early February.
and municipal bonds declined, while yields on corporate bonds changed little.
Yields on U-S. Government
PERCENT PER ANNUM
PERCENT PER ANNUM
1960
COUNCIL OF ECONOMIC ADVISERS
SOURCES: SEE TABLE BELOW.
Period
1953
_
1954
1955
-._
1956
1957
1958
1959 ... .
1959: January
February
March
_
April
May
June
July. August
September.
October™
November
December
1960: January
Week ended:
1960: January 16
23
30
February 6
20
.
....
...
._
..
[Percent per annum]
U. S. Government
High-grade
security yields
municipal
3-month
bonds
Taxable
2
(Standard3 &
Treasury
bonds
bills *
Poor's)
2. 94
2. 72
1.931
2. 55
2.37
.953
2.84
2. 53
1.753
2. 93
2.658
3. 08
3.47
3. 267
3. 60
1.839
3. 43
3. 56
3.405
3. 95
4.08
2. 837
3.91
3. 87
3.92
3.85
2.712
3.
92
2. 852
3.76
4.01
3.84
2.960
3.97
2. 851
4.08
4. 04
409
3. 247
4. 11
3. 243
4.04
4, 10
3. 358
3.96
4. 26
3. 998
4. 13
4. 11
4. 117
3.99
4. 12
4. 209
3. 94
4. 27
4 572
4. 05
4.37
4 436
4. 13
4.590
4. 436
4. 116
4. 039
3.563
4
4. 045
* Kate on new issues within period.
2
Series includes: April 1953 to date, bonds due or callable 10 years and after;
April 1952-Mareb 1953, bonds due or callable after 12 years; October 1941-Marcb
1952, bonds due or callable after 15 years.
4.37
4. 35
4.36
4.29
4. 20
4. 15
4.09
4.08
4.01
3. 95
Corporate bonds
(Moody's)
Aaa
Baa
3.20
2.90
3.06
3. 36
3. 89
3.79
4. 38
4. 12
4. 14
4, 13
4,23
4.37
4. 46
4,47
4. 43
4.52
4.57
4. 56
4. 58
4.61
3.74
3.51
3.53
3.88
4.71
4.73
5.05
4.87
4.89
485
4.86
4 96
5. 04
5.08
5. 09
5. 18
5.28
5. 26
5.28
5.34
4.61
4.61
4. 61
4.60
4.57
5.34
5.35
5. 36
5. 36
5.36
Prime
commercial
paper,
4-6
months
2.52
1.58
2. 18
3. 31
3. 81
2.46
3.97
3.30
3.26
3
Weekly data are Wednesday figures.
*Not charted.
Sources: Treasury Department and Board of Governors of the Federal
System (except as noted).
a 35
3.42
3.56
3.83
3.98
3.97
4 63
473
4 67
4 88
4.01
6. 00
4. PH
4. NO
4.75
4. 60
29
STOCK PRICES
Stock prices declined in January.
INDEX, 1939 = 100
600
INDEX, 1939s 100
600
'500
500
400
400
300
100
IOO
19.60
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
CompositeJ
index
Period
Weekly average:
1951
1952
1953
1954
1955
1956
1957 .
1958
...
1959 . . . . ' .
1959: January . .
February
March. _
April
May
June
July ..
August
September
October
November
December
1960: January
Week ended:
1960: January 8
15
22
29
February 5
. . .
.COUNCIL Of ECONOMIC ADV1SO5
[1939 = 100]
Manufacturing
TransDurable Nondura- portation
Total
goods
ble goods
Trade,
finance, Mining
and service
1849
195.0
193. 3
229. 8
304.6
345. 0
331. 4
340. 9
420. 2
409. 9
403. 9
413. 9
419. 4
425. 3
419. 0
434. 3
433.9
417. 2
416. 4
416.6
429.2
419.0
206. 8
220. 2
220. 1
271. 3
374. 4
438. 6
422. 1
426. 4
521.7
507. 6
495. 7
508. 5
514. 4
527. 3
520.9
542. 6
542.5
520. 3
517. 2
519. 0
538. 3
518.2
178. 5
188. 8
192.6
245.2
352. 4
409. 8
391. 2
385. 3
495. 2
473. 6
465. 6
475.0
480. 6
495. 0
495.8
521.8
516. 1
499.8
498. 4
496. 4
517.5
499. 1
233. 1
249.3
245. 2
295.2
394 4
465. 1
450. 6
458. 0
535. 9
529. 0
513. 8
529. 5
535. 5
546.8
533. 9
551. 2
556. 3
529. 0
524 4
529.6
547. 1
525.8
199.0
220. 6
218.7
232. 6
320.0
327. 1
275. 4
270. 2
347.0
349. 9
349.9
353. 0
360. 0
357. 7
357. 1
364 3
349. 4
333. 0
338.8
322. 3
327. 8
323.0
112. 6
117.9
121. 5
135. 8
152. 9
155. 8
156. 0
173.3
216. 2
212.7
214 9
221.0
226.3
221. 3
212.8
217.8
219.0
211.2
213. 4
211. 3
213.0
219.4
207.9
206. 0
207. 1
235. 6
296. 9
306.3
277, 4
3145
418.0
393.6
400. 5
405.0
405. 2
408. 9
417. .5
429. 4
425.4
424 5
42a4
4342
440. 5
434 0
204 9
275. 7
240. 5
267.0
312. 9
357.5
342. 3
313. 8
321. &
348. 1
345. 3
347. 5340. 2
334.0
325. &
321.4
3244
305. 4
291. 9
285.4
296.7
291.6
432. 5
423.6
416.9
403.2
405.6
401. 5
538.9
523. 8
514. 6
495.7
497.6
490. 1
521.6
504.7
495.6
474. 4
477.2
470.7
5444
531.2
522.1
505.5
506.8
498.4
329.3
327.6
321. 2
313.8
311. 7
313.2
220.4
221. 3
219. 8
216. 1
219. 5
220.6
446.5
440.7
4342
414.7
417.9
415.4
299.7
295.0
287. 1
284 7
282. 8
280.9
1
Includes 265 common stocks: 98 for 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
Utilities
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 $6.9 billion.
year, the deficit amounted to $1.33 billion.
BILLIONS OF DOLLARS
For the same period last
BILLIONS OF DOLLARS
FIRST 7 MOMTI
NET BUDGET RECEIPTS
NET BUDGET EXPENDITURES
75
OL.
1955
1956
1956
1957
MAJOR NATIONAL SECURITY
75L EXPENDITURES
1959
1958
I960
BUDGET SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE)
50 -
riMTT MONTHS'
1956
I960
* ESTIMATE
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDSET.
Period
Fiscal year 1955
Fiscal year 1956
Fiscal year 1957
Fiscal year 1958
_..Fiscal year 1959 3
Fiscal year I960 . . .
Fiscal year 1961 3
1958: December.
1959: January.
......
February
March
April
- - _ _ May«_
_ _ .. _
June
July 4
August* 4
«September
..
4
October
November44
December
.
1960: January 4
>_
Cumulative totals for first 7 months: 4
Fiscal year 1959
Fiscal year 1960
.
_
I960
FISCAL YEARS
f Billions of dollars]
Net budget expenditures
Net
Major national security 1
budget
Department
receipts
Total
of Defense
Total
military
functions
60. 4
64 6
40.6
35.5
68. 2
66. 5
40. 6
35. 8
71.0
69. 4
3R4
43.3
69. 1
71. 9
44. 1
39. 1
68. 3
80. 7
41.2
46. 4
78. 6
78.4
40. 9
45. 6
84. 0
79.8
45.6
41.0
6.2
7. 1
4.2
3.7
4. 5
6. 8
3.7
3. 3
6. 6
6. 3
3.6
3. 2
8.4
6.5
3.4
3.9
43
6. 4
3.9
as
5. 4
6. 2
3. 2
3. 6
10. 2
8. 6
45
40
3. 2
6.6
3.8
3. 4
5. 7
3.7
3.4
6.3
8.5
6.4
as
3.4
3.0
6. 9
3.9
3.6
5.9
6. 6
3.7
3.3
7.6
42
6.8
3. 9
4. 9
6.2
3. 1
3.5
33.4
38.8
* 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.
1959
1955
46. 7
45. 7
26.9
26.6
23.9
24 1
Budget
surplus
or
deficit ( — )
-4 2
1. 6
1. 6
-2.8
-12. 4
.2
42
-.9
— 2.2
.2
2.0
-2. 2
—.7
1. 5
Public
debt
(end of2
period)
-.6
2. 1
-3. 8
-. 7
.7
-1.3
2744
272.8
270.6
276.4
284 8
284 6
280. 1
283. 0
285.9
285. 2
282.2
285.5
286. 4
2848
288.8
290.5
288.4
291.4
290. 7
290. 9
291.2
— 13. 3
-6.9
285.9
291. 2
-as
*4 Estimates.
Preliminary.
Sources: Treasury Department and Bureau of the Budget.
31
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
For the calendar year 1959, cash payments to the public exceeded cash receipts by $8.0 billion.
with an excess of payments of $7.3 billion in calendar 1958.
BILLIONS OF DOLLARS
This compares
BILLIONS OF DOLLARS
EXCESS OF CASH RECEIPTS
(ENLARGED SCALE)
EXCESS OF CASH PAYMENTS
-15
1955
PRELIMINARY ESTIMATES
. SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT
1956
1
1957
CALENDAR YEARS
I960
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Cash receipts
from the
public
Period
Fiscal year total:
1956
_
1957
___
1958
1959 1
I960
19611
_
_ _
Calendar year total:
1956
1957
1958 2
_
1959
Quarterly total, not adjusted for seasonal variation:
1958: First quarter
Second quarter
Third quarter
. _.
Fourth quarter
1959: First quarter
._
Second quarter2 _ _
_>
Third quarter 2
Fourth quarter
__
__
_
_ _ _ _ _ _ _ _ _
72,616
80, 007
83, 412
94, 804
95, 338
96, 257
4, 471
2,099
- 1, 520
— 13, 144
— 542
5, 921
80, 332
84, 520
81. 729
87, 580
74, 806
83, 326
89. 015
95, 608
5, 526
1, 194
-7. 286
-8,028
23,
23,
18,
16,
19, 626
21,850
23, 789
23, 750
3, 992
1, 369
-5, 515
-7, 132
22,
24,
24,
23,
— 108
-389
-3, 014
-4, 519
618
219
274
618
734
530
378
966
* Preliminary.
i Estimates.
Sources: Bureau of the Bndaret and Treasury Department.
32
For sale by the Superintendent of Documents. U.S. Government Printing Office. Washington 25, D.C.
Price 20 cents per copy : $2.00 per year; $2.75 foreign.
Excess of receipts or
payments (— )
087
106
892
660
796
178
77,
82,
81,
81,
94,
102,
22, 628
24, 141
21,364
19, 447
__
Cash payments to
the public
@FedFRASER