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87th Congress, 1st Session

Economic Indicators
FEBRUARY 1961

Prepared for the Joint Economic Committee by the
Council of Economic Advisers
The November I960 issue of Economic Indicators introduced a number of
revisions resulting from the recent review of the needs of the Joint Economic
Committee and other users of the publication. The revised Indicators incorporates more seasonally adjusted data, expanded detail on some topics such as
unemployment, and new information such as the balance of payments.
The I960 revised edition of the Supplement to Economic Indicatorst which
describes each series and gives annual data for years not shown in the monthly
issues, is now available from the Superintendent of Documents, Government
Printing Office.




UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1961

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Viet Chairman
HOUSE OF REPRESENTATIVES
SENATE
RICHARD BOLLING (Missouri)
JOHN SPARKMAN (Alabama)
HALE BOGGS (Louisiana)
J. WILLIAM FULBRIGHT (Arkansas)
HENRY S. REUSS (Wisconsin)
WILLIAM PROXMIRE (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
CLAIBORNE PELL (Rhode Island)
THOMAS B. CURTIS (Missouri)
PRESCOTT BUSH (Connecticut)
CLARENCE E. KILBURN (New York)
JOHN MARSHALL BUTLER (Maryland)
WILLIAM B. WIDNALL (New Jersey)
JACOB K. JAVITS (New York)
WM . SUMMERS JOHNSON, Executive Director
JOHN W. LEHMAN, Deputy Executive Director and Clerk

COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman

KERMIT GORDON
TAMES TOBIN

[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—Isx SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled', That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 20 cents a single copy
or by subscription at $2.00 per year (foreign, $2.75) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON 25, D. C.
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $4.60 per year.
The I960 Supplement to Economic Indicators, which describes each series and
gives annual data for years not shown in the monthly issues, is now available at
60 cents a copy.
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
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment

iv
1
2,
3
4
5
6
7
8

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Unemployment Insurance Programs. . .
Nonagricultural Employment
Weekly Hours of Work
Average Hourly and Weekly Earnings—Selected Industries

:.

9
10
11
12
13

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Trade Sales and Inventories
Manufacturers' Sales, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Balance of Payments

14
15
16
17
18
19
20
21
22

PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers

23
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Bank Loans, Investments, Debits, 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 Pavments to the Public.




31
32

NOTE.—Detail in these tables will not necessarily add to totals because
of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
ill

TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
In current prices, total expenditures at $503.5 billion (seasonally adjusted annual rate) in the fourth quarter of 1960
were unchanged from the third quarter level but $1.5 billion below the second quarter peak.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons

Period

1951
1952.
_
1953
1954
1955
1956
1957
1958
_ __
1959
1960
1959: First quarter
Second quarter.
Third quarter _ _
Fourth quarter.
1960: First quarter. __
Second quarter.
Third quarter _ _
Fourth quarter.

Personal
Disposable consumption
personal expendiincome l
tures

227. 5
238.7
252. 5
256. 9
274.4
292. 9
308. 8
317. 9
337.3
354.2
329. 6
338. 3
338. 5
342. 4
347.0
354. 1
357. 5
358. 1

209. 8
219. 8
232.6
238.0
256.9
269. 9
285. 2
293. 5
313. 8
327.8
306. 1
313. 6
316. 0
319. 6
323. 3
329. 0
328. 3
330.8

International

Business
Personal
Gross
Excess
saving
Gross
private
of
(+) or retained domestic investdisearn2
investment
saving
ings
ment
(-)
(-)
17. 7
18.9
19.8
18. 9
17.5
23.0
23. 6
24.4
23. 4
26.4
23.6
24.8
22.5
22.8
23. 7
25. 2
29. 2
27. 2

56.3
49. 9
50. 3
4a 9
63. 8
67. 4
66. 1
56. 0
72.0
72.8
70.9
78.9
67. 5
70. 8
79. 3
75. 5
70.8
66. 0

31. 5
33.2
34.3
35. 5
42. 1
43. 0
45. 6
44. 6
50.5
(5)
49. 1
51.8
49.6
51. 0
52. 4
52. 1
51. 6
(5)

-248
-16.6
-16. 0
-13. 4
-21. 8
-24 3
-20. 5
— 11. 4
-21.6
(5)
-21.8
-27. 1
-17. 9
-19. 8
-26. 9
-23. 4
-19. 2
(5)

Foreign
Net exports of goods Excess of
net
and services
transfers
trans(+) or
fers by
of net
Govern- Net
ImExexports
ment exports ports
ports
(-)3
2. 1
1. 5
1. 6
1. 4
1. 5
1, 5
1.5
1.3
1. 5
1.6
1. 5
1. 4
1.2
1. 9
1. 6
1. 7
1.4
1. 7

2.4
1.3
—.4
1.0
1. 1
2. 9
4. 9
1.2
-1.0
3.0
-1.0
-2.2
-. 2
_. 4
1.2
2. 0
3.7
4.6

17.9
17.4
16. 6
17.5
19. 4
23. 1
26. 2
22.7
22.9
26.5
21. 8
22. 2
24. 0
23. 5
25. 2
26. 4
27. 3
27. 0

15.5
16. 1
17.0
16. 5
18.3
20.2
21.3
21. 5
23. 8
23. 5
22. 8
24. 4
24 2
23.9
23.9
24 4
23.5
22.4

— 0. 2
.2
2.0
.4
.4
-1. 5
-3. 5
.1
2. 5
-1.4
2.5
3.6
1.5
2.4
.3
—.3
— 2. 3
— 2. 9

Government
Net receipts

Surplus
(+) or
deficit
Tax and TransPurTrans- (-) on
nontax
fers,
chases
Total
fers,
income
Net
and
goods expendi- interest,
receipts receipts interest, of and
or
and subtures and sub- product
4
4
accruals sidies
services
account
sidies

Period

1951
1952
1953
1954 __
1955
1956
1957
1958
1959
_
1960
1959* First quarter
Second quarter
Third quarter
Fourth quarter
1960: First quarter
Second quarter
Third quarter
Fourth quarter

.

66.6
72.2
75.7
68.5
78.4
84 2
87.5
82. 1
946
(5)
92.6
97.3
94. 9
93. 6
101.4
100.8
98.9
(5)

85.5
90. 6
949
90.0
101. 4
109.5
116. 3
115.2
129. 1
(5)
126. 3
131. 3
129. 0
129. 7
137. 3
137.9
136.3
(5)

Expenditures

18. 9
18. 4
19. 2
21. 5
23.0
25. 3
28. 7
33. 1
345
37.3
33.8
34 0
34 1
36. 1
35. 9
37. 0
37.4
39. 1

60.5
76. 0
82.8
75.3
75. 6
79.0
86.5
93.5
97. 1
99.7
97. 1
97. 7
98. 1
96. 4
97. 5
98.6
100. 7
102. 1

» Personal income (p. 3) less personal taxes and nontax payments (fines, penalties, etc.).
> Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and excess of wage accruals over disbursements.
» Net foreign investment with sign changed.

iv



79. 4
94 4
102.0
96.7
98.6
104 3
115.3
126.6
131. 6
137.0
130. 8
131.6
132. 2
132. 4
133.4
135.6

isa i

141. 2

18.9
18. 4
19. 2
21. 5
23. 0
25. 3
28.7
33. 1
345
37.3
33. 8
34 0
34 1
36. 1
35. 9
37. 0
37.4
39. 1

6. 1
-3. 9
-7. 1
-6. 7
2. 9
5. 2
1.0
-11.4
-2.5
(5)
-4 5
-. 4
— 3. 2
-2.8
3.9
2.3
-1.8
5
()

Total
income
or
receipts

327.7
345. 6
364 1
362.3
396. 5
421. 6
443. 4
445.9
483. 9
(5)
472. 9
488. 8
484 3
488.9
502.3
508.7
509.4
(5)

Gross
Statis- national
tical
product
discrepor
ancy expenditure

1. 2
1. 4
1.3
.9
1.0
-2.4
-.6
-1. 7
-1. 8
(5)
.1
-1.0
-3.0
-2.6
-1. 1
-3.9
-5.8
(5)

329. 0
347.0
365. 4
363. 1
397.5
419.2
442.8
444 2
482. 1
503. 2
473. 1
487.9
481. 4
486.4
501. 3
505. 0
503.5
503. 5

4
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
«Not available.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
In constant (1960) prices, gross national product at $500.4 billion (seasonally adjusted annual rate) in the fourth
quarter of 1960 was $1.3 billion below the third quarter level and $5.9 billion below the second quarter peak.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

500 —

500

400 —

400

300

100

I960

1954
SOURCE'.. DEPARTMENT OF COMMERCE.

Period

1949
1950
1951
1952
1953
1954
1955__
1956
1957
1958
1959
1960

_

._

1959: First quarter
Second quarter __
Third quarter
Fourth quarter _ _
1960: First quarter
Second quarter__
Third quarter
Fourth auarter__
1
2

.COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Government, purchases of goods
Total
Personal Gross
Net
services
gross
Total
conprivate exports
national
gross
sump- domestic of goods
Federal
product national
tion
and
Total Total i National Other
in 1960 product expend- investservices
ment
defense 2
prices
itures

State
and
local

Implicit
price
deflator
for total
GNP,
1960-100*

334. 2
S62. 3
392. 0
406. 8
425. 5
416. 8
449.7
459. 2
467. 8
459. 7
490. 6
503. 2

258. 1
284. 6
329. 0
347. 0
365.4
363. 1
397. 5
419. 2
442. 8
444. 2
482. 1
503. 2

181. 2
195.0
209. 8
219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293. 5
313. 8
327. 8

40.2
22.2
33. 0
3. 8
50.0
39. 0
19. 3
.6
56. 3
2.4
60. 5
38. 8
49. 9
1.3
76. 0
52. 9
50. 3
82. 8
4
58. 0
1. 0
48. 9
75. 3
47. 5
63. 8
1. 1
75. 6
45.3
2. 9
67. 4
79. 0
45. 7
66. 1
4. 9
86.5
49.7
1. 2
56.0
93.5
52.6
72. 0
-1. 0
97. 1
53. 3
3. 0
72. 8
52. 4
99. 7
Seasonally adjusted annual rates

13. 6
14.3
33. 9
46. 4
49. 3
41.2
39. 1
40. 4
44. 4
44. 8
46. 0
45. 1

8.9
5. 2
5.2
6.7
9. 0
6. 7
6.6
5. 7
5.7
8. 3
7. 8
7. 9

17. 9
19. 7
21. 7
23. 2
24. 9
27. 7
30. 3
33. 2
36. 8
40.8
43.9
47. 3

77. 2
78. 6
83. 9
85. 3
85. 9
87. 1
88.4
91.3
94. 7
96. 6
98.3
100.0

485. 1
497. 9
488. 5
491. 5
504. 8
506. S
501. 7
•500. 4

473.
487.
481.
486.
501.
505.
503.
503.

306.
313.
316.
319.
323.
329.
328.
330.

70. 9
78. 9
67.5
70. 8
79. 3
75. 5
70.8
66. 0

45. 9
46. 4
46. 1
45.5
44. 9
44. 7
45. 1
45. 7

7. 9
7.8
8.0
7.5
7. 5
7.6
8.2
8.2

43.8
44. 0
44. 5
43. 9
45. 7
46. 9
48. 0
48. 8

97. 5
98. 0
98.5
99.0
99. 3
99. 7
100. 4
100. 6

1
9
4
4
3
0
5
5

1
6
0
6
3
0
3
8

Less Government sales.
These expenditures correspond closely with budget expenditures for "major
national security," shown on p. 31.




and

-1. 0
-2. 2
2
— !4
1. 2
2. 0
3. 7
4. 6

97. 1
97.7
98. 1
96. 4
97. 5
98. 6
100. 7
102. 1

53.3
53. 7
53. 6
52. 5
51.8
51. 7
52. 7
53. 3

3
Gross national product in current prices divided by gross national product
in 1960 prices.
Source: Department of Commerce.

NATIONAL INCOME
Compensation of employees declined $2 billion (seasonally adjusted annual rate) in the fourth quarter of 1960.
Farm proprietors' income and net interest rose.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL INCOME

300

300
COMPENSATION OF EMPLOYEES

.200

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

PROPRIETORS' AND
RENTAL INCOME

100*

I960

1954
SOURCE: DEPARTMENT OF. COMMERCE.

.COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Period

Total
national
income

Compensation
of em- l
ployees

Proprietors' income
Business
and professional

Farm

1949
. _
1950
. .
1951
1952
1953
1954
1955___
_ __
1956
1957
1958
1959
.
1 960 _

217.7
241.9
279. 3
292. 2
305. 6
301. 8
330. 2
350. 8
366.9
367.7
399. 6
(2)

140. 8
154.2
180. 3
195. 0
208. 8
207. 6
223. 9
242. 5
255.5
257.0
277. 8
294. 4

12. 9
14. 0
16. 3
15. 3
13. 3
12. 7
11.8
11. 6
11. 8
14. 0
11. 8
12. 0

1959: First quarter
_ _
Second quarter
Third quarter
Fourth quarter. _ _
1900: First quarter.
Second quarter
Third quarter
Fourth quarter

390. 9
405. 4
399. 4
402. 8
414. 4
419. 4
419. 3
(2)

270. 4
279. 7
279. 5
281. 6
290. 2
295. 0
297. 2
295. 2

13. 0
12. 0
11. 1
11. 2
10. 6
12. 1
12. 2
12. 8

Rental
income
of
persons

22. 7
23.5
26.0
26. 9
27. 4
27. 8
30. 4
32. 1
32. 7
32. 3
34. 7
35.9

8.3
9.0
9. 4
10. 2
10. 5
10. 9
10. 7
10.9
11. 9
12. 2
12. 4
12. 5

Corporate profits and inventory valuation adjustment
Net
interest
4.8
5.5
6.3
7. 1
8. 2
9. 1
10. 4
11.7
13.4
14. 7
16. 4
18. 7

Total

Profits Inventory
before valuation
taxes adjustment

28.2
35.7
41. 0
37.7
37. 3
33. 7
43. 1
42. 0
41. 7
37.4
46. 6
(2)

26. 4
40. 6
42.2
36.7
38. 3
34. 1
44. 9
44, 7
43. 2
37.7
47.0
(2)

1. 9
-5.0
— 1. 2
1. 0
— 1. 0
—.3
-1. 7
-2. 7
-1.5
—.2
-. 5
.0

45. 5
50. 4
44. 9
45. 5
48. 0
45. 3
42. 2
(2)

46. 4
51. 7
45. 3
44. 8
48. 8
45. 7
41. 5
(2)

—.9
-1.3
—.4
.7
—.8
—.4
.7
.4

Seasonally adjusted annual rates

1
3

Includes employer contributions for social insurance. (See also p. 3.)
Not available.




33.8
34.8
35. 0
35. 1
35. 4
36. 0
36. 1
35.9

12. 3
12. 4
12. 4
12. 5
12. 5
12. 5
12. 5
12. 5

15. 9
16. 2
16. 5
16. 9
17. 8
18. 5
19. 1
19. 4

Source: Department of Commerce.

SOURCES OF PERSONAL INCOME
Personal income at an annual rate of $406.3 billion (seasonally adjusted) in January 1961 was $600 million less
than in December 1960. Labor, business, and professional income accounted for the drop.
BILUONS OF DOLLARS

BILLIONS OF DOLLARS

450

45O

400

400

350

.350

BUSINESS, PROFESSIONAL, AND RENTAL INCOME

1955

1961

1956

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE.

Total
personal
income

Period
1952
1953
1954
1955
1956__
1957
1958
1959
1960

_

1959: December.
1960: January _ _
February.
March
April _ _
May
June__ _
July
August
September.
October___
November,
December1961: January 3 _

273. 1
288. 3
289. 8
310.2
332. 9
351. 4
360. 3
383. 3
404. 2
393. 9
395. 7
395. 7
397. 0
401. 9
404. 7
406. 1
407. 3
408.2
408. 8
409. 7
409. 0
406. 9
406. 3

[Billions of dollars]
Labor income Proprietors' income
Less: Per(wage and
Rental
sonal consalary disDivi- Persona] Transfer tributions
income
Business
interest
paybursements
of
and pro- persons dends income ments for social
and other 1 Farm
insurfessional
labor income)
ance
190. 2
15. 3
26. 9
10.2
12. 1
9.0
13. 2
3. 8
204. 1
13. 3
27. 4
9.2
13.4
10.5
14. 3
3. 9
202. 5
12. 7
27. 8
10. 9
14. 6
9. 8
16. 2
4. 6
30. 4
218.0
11. 8
10. 7
11. 2
15.8
17.5
5.2
32. 1
11. 6
235. 7
10. 9
12. 1
17. 5
18. 8
5.8
247. 7
11. 8
32. 7
11.9
12. 6
19. 6
21. 9
6.7
249. 1
14. 0
32. 3
12. 2
12. 4
20. 8
26. 4
6.8
268. 3
11.8
34.7
12. 4
13. 4
23. 5
27. 0
7.8
12. 0
283. 5
35. 9
12. 5
14. 0
26. 8
29. 0
9. 3
Seasonally adjusted annual rates
12. 3
275. 5
35. 2
12. 5
13. 6
24.8
27. 9
8.0
278. 8
11.3
35. 5
12. 5
13. 9
25. 2
27.7
9. 2
279. 3
10. 4
35. 5
12. 5
13.9
25. 5
27. 7
9. 1
280. 1
10. 1
35. 4
12. 5
13. 9
25. 9
28. 3
9.2
282. 5
11.7
35. 7
12. 5
13. 9
26. 2
28. 6
9.2
12. 1
284. 5
36. 0
12. 5
13. 9
26. 5
28.4
9. 3
285. 0
36. 2
12.5
12. 5
13. 9
26. 8
28. 5
9. 3
286. 2
12.0
36.2
12. 5
13.9
27. 1
28. 7
9.3
12. 2
286. 3
36. 1
12.5
14. 0
27. 4
29. 1
9.4
12. 2
286. 2
36. 1
12. 5
14. 0
27. 5
29.7
9. 3
286. 1
12.6
36. 1
12. 5
27. 6
14. 1
30. 0
9. 3
284. 7
12. 9
35. 9
12. 5
14. 1
27. 6
30. 5
9. 2
282. 4
12. 9
35. 7
12. 5
14. 0
27. 7
30.9
9. 2
282. 0
12. 9
35. 5
12. 5
14. 0
27. 7
31. 0
9. 3

1
Compensation of employees (see p. 2) excluding employer contributions for
social insurance and the excess of wage accruals over disbursements.
2
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.




3

Preliminary.
Source: Department of Commerce.

Nonagricultural
personal
income 2
254. 3
271. 5
273. 8
295.0
317. 9
336. 1
342. 6
367. 6
388. 1

377.4
380. 2
381. 2
382. 7
385. 9
388. 3
389. 3
391. 1
391. 8
392. 4
393. 0
392. 1
390. 1
389. 5

DISPOSITION OF PERSONAL INCOME
The increase in disposable income (seasonally adjusted) slackened noticeably in the fourth quarter of 1960. Since
the rise in income was less than that in consumption expenditures, the saving rate declined/ however, it was higher
than in the first half of 1960.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS*

300

300

200

200
DOLLARS*

DOLLARS*

2,000

2,000

1,800

1,800

1,600

1,600

1,400

1,400

I960

1954
"SEASONALLY ADJUSTED ANNUAL RATES.

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Period

1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960

_

1959: First quarter. __ _
Second quarterThird quarter.
Fourth quarter.
1960: First quarter
Second quarter
Third quarter
Fourth quarter.

Disposable
personal
income 1

Personal consumption expenditures

Total

189. 7
207. 7
227.5
238. 7
252. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 3
354. 2

181. 2
195. 0
209. 8
219. 8
232. 6
238. 0
256.9
269. 9
285. 2
293. 5
313. 8
327. 8

329. 6
338. 3
338. 5
342. 4
347.0
354. 1
357. 5
358. 1

306. 1
313. 6
316. 0
319. 6
323. 3
329. 0
328. 3
330. 8

NonDurable durable Services
goods
goods

Billions of dollars
24. 6
96. 6
60. 0
30. 4
99. 8
64.9
29. 5
110. 1
70. 2
29. 1
115. 1
75. 6
32. 9
118. 0
81. 8
32. 4
119. 3
86. 3
39. 6
124. 8
92. 5
38.5
131. 4
100. 0
40. 4
137. 7
107. 1
37. 3
142. 0
114. 2
43. 4
147. 6
122. 8
43. 6
152. 4
131. 7
Seasonally adjusted annual
41. 6
145. 3
119. 2
44. 4
147. 7
121. 4
44. 0
124. 1
148. 0
43.5
149. 6
126. 6
44. 2
150. 5
128. 6
44. 5
153.5
130.9
42. 7
152. 7
132.9
43. 2
152. 9
134. 7

1
Personal income (p. 3) less personal taxes and nontax payments (fines, penalties, etc.).
2 Income in current prices divided by the implicit price deflator for personal
consumption expenditures on a I960 base.




Personal
saving

8. 5
12. 6
17. 7
18. 9
19. 8
18. 9
17.5
23. 0
23. 6
24. 4
23.4
26. 4
rates
23. 6
24. 8
22. 5
22. 8
23.7
25. 2
29. 2
27. 2

Per capita disposable personal
income 1
Current
prices

1960
prices 2

Saving as
percent Populaof distion
posable
(thou-3
personal sands)
income
(percent)

Dollars
1, 272
1,580
1,676
1, 369
1, 474
1, 692
1,520
1,708
1, 582
1, 762
1, 582
1, 744
1, 660
1, 822
1, 742
1, 879
1,804
1,891
1, 826
1, 879
1,905
1,938
1, 969
1,969

4. 5
6. 1
7.8
7.9
7.8
7. 4
6. 4
7. 9
7. 6
7. 7
6. 9
7. 5

149,
151,
154,
157,
159,
162,
165,
168,
171,
174,
177,
179,

188
683
360
028
636
417
270
176
198
060
076
894

1, 917
1,953
1,936
1, 941
1, 951
1, 974
1,979
1, 965

7.2
7. 3
6. 6
6. 7
6.8
7. 1
8. 2
7. 6

176,
176,
177,
178,
178,
179,
180,
181,

012
714
493
291
938
576
309
123

1, 873
1, 914
1, 907
1,920
1, 939
1, 972
1,983
1, 977

3
Population of the United States, excluding Alaska and Hawaii; includes
armed forces abroad. Annual data as of July 1; quarterly data centered in the
middle of the period, interpolated from monthly figures.
Sources: Department of Commerce and Council of Economic Advisers.

FARM INCOME
Gross and net income of farm operators increased in the fourth quarter of 1960, lifting the year's totals to slightly above
1959.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

40

40

REALIZED GROSS
FARM INCOME-^

NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE-*/

1954

1956

1955

I958

I957

I959

I960

-^INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.

COUNCIL OF ECONOMIC ADVISERS.

Income received by total
farm population

Income received by farm operators from farming
Realized gross

Period

1952 _ _
1953
1954
1955
1956
1957
1958
1959
I960. _

___

1959: First quarter
Second quarter
Third quarter
Fourth quarter__
1960: First quarter
Second quarter
Third quarter
Fourth quarter.

From
all
sources

From
From
agricul- nonagritural
cultural
sources 1 sources

23. 4
21. 1
20. 2
19. 8
20. 1
20. 2
22. 2
20.4
20. 7

17.3
15. 1
14. 4
13. 5
13.4
13. 6
15. 8
13. 6
13. 8

(6)
6
(6 )
(6)
( 6)
(6 )
()
(6)
(6)

(6)
(6)
(6)
(6)
6
(6 )
(6 )
( 6)
()

6. 1
6. 0
5. 8
6. 3
6. 7
6. 6
6. 4
6. 8
6.9
(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)

ProducCash
tion ex- Excludreceipts penses ing infrom
Total 2
ventory
marketchange
ings
Billions of dollars
32. 6
37. 0
22.6
14. 4
31. 1
35. 3
21.4
13. 9
33. 9
30. 0
21.7
12. 2
33. 3
29. 6
21.9
11.5
34. 6
30. 6
22. 6
12. 0
34. 4
29.8
23. 4
11. 0
38. 2
33.5
25. 2
13. 0
33. 1
37. 5
26. 2
11.3
37. 9
33. 7
26. 3
11. 6
Seasonally adjusted annual rates
34. 0
38. 5
26. 2
12. 3
37. 8
33. 5
26. 3
11. 5
32. 4
36. 7
26. 1
10. 6
32. 7
36. 9
26. 1
10.8
32. 3
36. 5
26. 3
10.2
34. 1
38.3
26. 5
11. 8
38. 1
34. 0
26. 2
11. 9
38. 6
34. 3
26. 2
12. 4

1
Net income of farm operators from farming (including net inventory change)
and wages received by farm resident workers.
2
Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
3 Inventory of crops and livestock valued at the average price for the year.
* The number of farms (based on 1954 Census of Agriculture definition) is held
65728°—61
2




Net income per
farm including net
inventory change 4

Net

Including net in- Current
1960
ventory
prices prices 5
3
change
15. 3
13. 3
12. 7
11.8
11. 6
11.8
14. 0
11. 8
12. 0

Dollars
2,829
3,042
2,502
2,690
2,440
2, 624
2,313
2,487
2,338
2,487
2,426
2,501
2,952
2, 982
2,548
2,574
2, 640
2,640

13. 0
12. 0
11. 1
11. 2
10. 6
12. 1
12. 2
12. 8

2,800
2,590
2,390
2,410
2,330
2, 670
2, 690
2,820

2, 830
2, 620
2, 410
2,410
2, 330
2, 670
2,690
2, 820

constant within a year. The figures (in millions) for 1958, 1959, and 1960 are
4.7, 4.6, and 4.5, respectively.
5
Income in current prices divided by the index of prices paid by farmers for
family living items on a 1960 base.
6
Not available.
Source: Department of Agriculture.
-*

CORPORATE PROFITS
Corporate profits before taxes in the third quarter of 1960 are estimated to have been $41.5 billion (seasonally adjusted annual rate), about 9 percent below their second quarter level.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

I954

I955

I960

I956

•i'NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.

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

Period

1950
___ _ __ _
1951
__
_ _ _
1952
1953
1954
1955
1956
1957 _ _ _ _ _ _ _ _
1958
_
_
1959
3959: First quarter
Second quarter.. _
Third quarter
Fourth quarter, _
11)00: First quarter
Second quarter. _
Third quarter
Fourth quarter. _
1
2

Corporate profits (before taxes) and inventory
valuation adjustment l
TransManufacturing
portation,
All
All
NoncomDurable durable muniother
indusgoods
tries
Total indusgoods cations, industries
indusand
tries
tries
public
utilities
35. 7
12. 0
20. 4
8. 4
4. 0
11. 3
41. 0
24. 4
12. 0
13. 5
10. 9
4. 5
37. 7
21. 1
11. 8
9.3
4. 8
11.8
37. 3
21. 4
12. 1
9.3
4. 9
11. 0
33. 7
18.4
10. 1
8.3
4. 4
11. 0
43. 1
25. 0
14.2
10. 8
12. 8
5. 4
42. 0
12. 6
12. 9
23.5
10. 9
5. 6
41. 7
22.9
9. 8
13. 1
5. 5
13. 3
37. 4
18. 8
9.2
9. 6
13. 2
5. 4
46. 6
24. 8
12. 8
12. 0
15. 5
6.3
12. 6
24. 3
11. 7
45. 5
6.2
15.0
12. 3
50. 4
28. 1
15. 8
6. 5
15. 8
12. 2
44. 9
11. 5
23. 8
6. 1
15. 0
12. 0
45. 5
23. 2
11.3
6. 3
16. 0
12. 6
48. 0
26. 2
13. 6
6. 5
15. 3
45.3
11. 9
11. 6
6. 4
23.5
15. 5
42. 2
11. 1
21. 6
10. 5
14. 2
6. 4
2
2
2
2
2
()
()
()
()
()
(2)

See p. 2 for Inventory valuation adjustment.
Not available.




Corporate profits
after taxes
Corporate
profits
before
taxes

Corporate
tax
liability

Total

Dividend
payments

40. 6
42. 2
36. 7
38. 3
34. 1
44. 9
44. 7
43. 2
37. 7
47.0
46. 4
51. 7
45. 3
44. 8
48. 8
45. 7
41.5
(2)

17. 9
22. 4
19. 5
20. 2
17. 2
21. 8
21. 2
20. 9
18. 6
23. 2
22.9
25. 5
22. 3
22. 1
23. 8
22. 3
20.3
(2)

22. 8
19. 7
17. 2
18. 1
16. 8
23. 0
23. 5
22. 3
19. 1
23.8
23. 5
26. 2
22. 9
22. 7
25. 0
23. 4
21. 3
(2)

9. 2
9. 0
9. 0
9. 2
9. 8
11. 2
12. 1
12. 6
12.4
13. 4
13. 0
13. 2
13. 6
13. 8
13.9
13.9
14. 0
14. 1

Source: Department of Commerce.

Undistributed
profits

13. 6
10.7
8.3
8. 9
7. 0
11. 8
11.3
9.7
6.7
10. 5
10. 5
12. 9
9. 3
8. 9
11.0
9. 5
7.3
2
()

GROSS PRIVATE DOMESTIC INVESTMENT
The shift to liquidation of inventories accounted for most of the $4.8 billion (seasonally adjusted annual rate) decline
in gross private domestic investment during the fourth quarter of 1960.
The decline in producers1 durable equipment represented the first reduction in this series since the 1957-58 recession.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

GROSS PRIVATE
DOMESTIC INVESTMENT

60

NEW CONSTRUCTION

40

PRODUCERS'
DURABLE EQUIPMENT
„„,.„,,.««'''""'"

20
CHANGE IN BUSINESS
INVENTORIES

"S

1

\

1954

1956

1955

1957

1959

1958

I960

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Period

Total
gross
private
domestic
investment

Change in business
inventories

Fixed investment
New construction l
Total
Total

1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960.

33. 0
50.0
56.3
49.9
50.3
48. 9
63. 8
67. 4
66. 1
56.0
72. 0
72. 8

36. 0
43. 2
46. 1
46. 8
49. 9
50. 5
58. 1
62. 7
64.6
58. 5
66. 1
69. 2

18. 8
24. 2
24. 8
25.5
27.6
29. 7
34. 9
35. 5
36. 1
35. 4
40.3
40.4

1959: First quarter
Second quarter
Third quarter
Fourth quarter
1960: First quarter. _
Second quarter.
Third quarter
Fourth quarter

70. 9
78. 9
67. 5
70. 8
79.3
75.5
70. 8
66. 0

63.3
67.4
67. 6
66. 2
67. 9
70. 2
70. 2
69. 0

39.4
41.3
41. 1
39.4
40. 8
40.7
40. 5
40.3

Residential
nonfarm
9. 6
14. 1
12. 5
12. 8
13. 8
15. 4
18. 7
17.7
17.0
18.0
22. 3
21. 1

Other

2

Producers'
durable
equipment

9. 2
10. 1
12. 3
12. 7
13. 8
14. 3
16. 2
17. 8
19.0
17.4
18.0
19.3

Total

Nonfarm

17. 2
18.9
21. 3
21. 3
22. 3
20. 8
23. 1
27. 2
28.5
23. 1
25. 8
28. 8

-3. 1
6. 8
10. 2
3. 1
.4
-1.6
5.8
4. 7
1.6
-2.5
5.9
3.6

-2. 2
6.0
9. 1
2. 1
1. 1
-2. 1
5.5
5. 1
.8
-3.0
5. 4
3. 2

23. 9
26. 1
26.5
26.8
27. 1
29.5
29.7
28. 7

7.6
11. 5
I
4.' 7
11. 4
5. 3
.6
-3.0

(i. 0
1 1. 0
-— . .')

Seasonally adjusted annual rates

1
Revisions in series on new construction shown on p. 17 have not yet been incorporated into these series.




21. 9
23. 5
22. 6
21.3
21.4
21. 3
21. 1
20. 5

17. 5
17. 8
18.5
18. 1
19. 3
19. 4
19. 5
19. 8

4. ;>

11.0
5. 0

. \\
— :?. -I

2 "Other" construction in this series includes petroleum and natural RHH v
Irilling, which are excluded from estimates on p. 17.
Source: Department of Commerce

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The October-November survey of business expenditures for plant and equipment indicated, a: small decline in anticipated outlays in the first quarter of 1961.
BILLIONS OF DOLLARS

BU-LIQKS OF DOLLARS

COMMERCIAL AND OTHER

X.

10

1961

1955
-^ SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION, AND DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Transportation

Manufacturing
Period
1950
1951
1952
1953
1954
1955
1956_ _
1957
1958
1959
19603

_.

1 959 : First quarter
Second quarter _ _
Third quarter
Fourth quarter
1960: First quarter
Second quarter
Third quarter 3
Fourth q uarter
1961: First quarter 3
1

Total i

.. .

_ _

_ _

Mining

Total

20. 60
25. 64
26. 49
28. 32
26. 83
28. 70
35. 08
36.96
30. 53
32.54
35.74

7. 49
10. 85
11. 63
11. 91
11. 04
11.44
14. 95
15. 96
11. 43
12.07
14. 45

30. 60
32. 50
33. 35
33. 60
35. 15
36.30
35. 90
35. 6
34. 9

11. 20
11. 80
12. 25
12. 85
14. 10
14. 70
14. 65
14.3
14.3

Durable NonduraRailroads Other
goods ble goods
3. 14
1. 11
1. 21
4.36
0. 71
5. 17
1. 47
1. 49
.93
5. 68
5. 61
6. 02
.98
1. 40
1. 50
1. 31
1. 56
5. 65
.99
6. 26
5.09
. 85
1. 51
.98
5. 95
.92
5. 44
. 96
1. 60
6. 00
7. 62
1. 23
1. 24
1. 71
7. 33
8. 02
1. 77
7. 94
1. 24
1. 40
5.47
. 94
. 75
1. 50
5. 96
.92
2. 02
5. 77
. 99
6. 29
7.20
1. 02
1. 94
1. 01
7. 25
Seasonally adjusted annual rates
5. 25
0. 95
1. 70
0. 65
5.95
2. 10
5. 75
1. 00
. 95
6. 05
2. 15
5. 85
1. 30
1.00
6. 40
6. 15
2. 15
1.05
. 85
6. 70
7. 15
2. 00
1. 00
1. 00
6. 95
2. 15
7. 40
1. 10
1. 05
7.30
1.00
1. 90
7.35
7. 30
1. 00
1. 8
6.9
1. 0
1. 0
7. 4
.7
7. 1
1. 6
1. 0
7. 2

Excludes agriculture.
" Commercial and other includes trade, service, finance, communications, and
construct ion.
3
Estimates based on anticipated capital expenditures as reported by business
in late October and November 1960. Includes adjustments when necessary for
systematic tendencies in anticipatory data.

8



Public
utilities

Commercial and
other 2 1

3. 31
3. 66
3. 89
4. 55
4. 22
4.31
4. 90
6. 20
6. 09
5. 67
5.74

6. 78
7. 24
7. 09
8. 00
8. 23
9. 47
11. 05
10. 40
9. 82
10. 88
11. 59

5. 80
5. 80
5. 60
5. 50
5. 75
5. 70
5. 60
5.9
5. 7

iU 35
10. 85
11. 05
11. 20
11. 35
11. 60
11. 75
11. 7
11.7

NOTE.—Quarterly anticipated data are rounded to nearest $100 million; beginning 1959 all other quarterly data are rounded to nearest $50 million.
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

'OrrenTp-loynTewt trrarreased by about 900,000 to 5,4 million in January while total employment fell by 11A million to
•64.5 million. <&i (tiro ugh both changes were aircm! normal for tire monrii, employment on a seasonally adjusted basis
\wassome 60(^000 be few its all-time peak irecKohed last sumrmer.
MILLIONS OF PERSONS*
SEASONAL!*

-.CIVILIAN LABOR FORCE

UNCMPLOYiMENT "
^**r

^ ^ T ^ ^ . ,
- . . ^ — *
-

.... , . , . , • ! , , , „ . , I , , . ,

, i| ,, ., ,, , ,

_L

GILLIAN LABOR fRC^CE

—
RATE

^UNEMPLOYMENT
[{•SEASONALt«f ADJUSTED)

(0 y

PERCENT OF CIVILIAN LABOR FORCE

-

10

11955

I960

1961

.14 *£ARS Of AGE ANOJ5VER.
COUNCIL OF ECONOMIC ADVISERJ

Period

Total
labor
force
(including
.armed
forces)

1953_
1954.
1955_
1956_
1957_
1958_
1959.
1960-

67. 4
67, 8
6.8.9
70.4
70.7
71.3
71.9
73. 1

1959: December..
1960: January. __
February __
March
April
May
June
July
August
September.
October
November.
December..
1961: January

71.8
70. 7
71.0
71.0
72.3
73.2
75. 5
75. 2
74. 6
73.7
73.6
73.7
73. 1
72. 4

Civilian
labor
force

Civilian employment
Total

Nonagricultural

Civilian employment
Unemployment

Millions of persons
63. 8 61. 9
55. 4
64. 5 60.9
54. 4
65. 8 62.9
56. 2
67. 5 64.7
58. 1
67. 9 65.0
58. 8
68. 6 64 0
58. 1
69. 4 65. 6
59.7
70. 6 66. 7
61. 0
Unadjusted
69. 3 65.7
60. 9
68. 2 64. 0
59. 4
68. 4 64.5
59.9
68. 5 64. 3
59.7
69. 8 66. 2
60.8
70. 7 67. 2
61. 4
73.0 68. 6
61.7
72. 7 68. 7
61. 8
72. 1 68.3
61. 8
71. 2 67. 8
61. 2
71. 1 67. 5
61.2
71.2 67.2
61. 5
70.5 66. 0
61. 1
69. 8 64. 5
59. 8

als may differ from sum of components because totals
and components have been seasonally adjusted separately. (Seasonally adjusted
data have been revised.)




Civilian
labor
force

Total

Agricultural

Nonagricultural

Unemployment

14 years of age and over

3.6
4. 1
3.9
4. 2
3. 7
3.5
4. 4
4. 0
3. 8
3. 4
3.6
4.0
4. 5
5. 4

69. 8
69. 8
70.0
69. 6
70. 5
70. 5
71. 2
70.7
70.8
71. 0
70.6
71.4
71. 1
71. 5

Seasonally adjusted l
66. 1
60. 3
66. 1
60. 3
66.7
60.8
65. 8
60.4
67.0
61. 3
67.0
61.6
67. 2
61. 6
66.9
61.2
66.7
61.0
67.0
61.0
66.4
60.7
67. 0
61.2
66.4
60.5
66. 6
60. 7

3.8
3. 7
3.4
3.8
3.6
3. 6
3.8
3.9
4. 1
4.0
4. 4
4. 4
4.8
4. 7

Unemployment
rate (percent of
civilian labor
force)
Unad- Seasonjusted ally adjusted
Percent
2.9
5.6
4. 4
4. 2
4.3
6.8
5.5
5. 6
5. 2
6. 1
5.7
6. 1
5.2
4. 9
6. 1
5. 5
5.3
4.8
5.0
5.7
6. 4

5. 5
5.3
4. 8
5.5
5. 1
5. 1
5. 4
5.5
5. 8
5. 7
(i 3
6.2
6. 8
6. G

NOTE.—For definitions and coverage, see Employment cmd Earnings, Department of Labor. Beginning January 1960, data include Alaska and Hawaii.
Source: Department of Labor.

UNEMPLOYMENT INSURANCE PROGRAMS
Total insured unemployment averaged 3.5 million in January, 660,000 above the December 1960 level.

MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

FEB.

JUNE

AUG.

NOV.

SOURCE: DEPARTMENT OF LABOR.

All programs
Insured Total
unem- benefits
Covered ploypaid
(milemploy- ment
(weekly lions of
ment
averdolage)
lars)

Period

1955
1956
1957
1958
1959
_ _
1960
1959: December
1960: January
February
March
April _ _
May
June
July
__ _
August
September
October
November
December
1961: January 2
Week ended:
1961: January 2 1 _ _
28 2-_
February 4 2
11
A

1
2

«J

Not available.
Preliminary.

10



COUNCIL OF ECONOMIC ADVISERS

Thousands
40, 014
1, 395
42, 758
1, 318
1,567
43, 447
44, 501
2, 766
45, 727
1, 856
2, 067
0)
46, 873
2,008
45, 446
2, 359
2, 326
45, 409
2, 370
45, 389
2, 078
V
1, 801
0)
1,700
0)
1, 826
(')
1, 804
C)
1, 781
«
1
1, 839
C1 )
2, 226
C)
2,845
0)
3,505
«

0)
(0
0)
C1)

*Not charted.

3,487
3, 551
3, 618

1, 560. 2
1, 540. 6
1, 913. 0
3, 892. 5
2, 651. 7
3, 022. 8
250. 8
264. 4
274. 6
314. 6
259. 6
223. 0
216. 8
198. 7
229. 7
230. 8
214. 9
258. 6
332.4
430. 0
0)
1

C)
C1)
0)

State programs
Insured
unemployment

Initial
claims

Insured unemployment as perExhaus- cent of covered
employment
tions
Unad- Seasonjusted ally adjusted

Weekly average, thousands
25
1, 254
226
20
1,212
226
23
1,450
268
50
2, 509
370
1,682
33
281
31
331
1, 906
27
1, 841
358
29
2, 180
386
30
2, 157
301
33
2, 209
301
35
1,939
293
31
264
1, 682
272
31
1, 588
29
1, 686
339
28
1, 657
306
27
274
1, 598
332
29
1, 678
31
2,039
396
494
36
2, 639
44
520
3,256

Percent
3. 5
3.2
3. 6
6. 4
4. 4
4. 8
4.8
5.6
5.5
5. 7
4. 9
4. 3
4. 0
43
42
4.0
4. 2
5. 1
6. 6
8. 1

3,232
3,294
3
3, 358

8.0
8. 1
8.3

488
492
496
510

«

0)
C1)
0)

4.8
4.3
4.2
4^6
4-2
4.1
4.2
4.6
5. 1
5. 3
5. 9
6.5
6. 5
6. 3
C1)
0)
0)
C1)

Benefits paid
Total Average
weekly
(milcheck
lions of
dollars) (dollars)

1, 350. 3
1, 380. 7
1, 733. 9
3, 512. 7
2, 279. 0
2, 726. 8
219. 5
235. 2
247. 8
287. 1
237. 4
204 9
198. 9
183.8
206.3
201. 8
189. 9
231. 1
300. 2
390.0

0)
0)
0)
0)

25. 04
27.02
28. 17
30. 58
30. 41
32. 87
31. 91
31. 90
32. 26
32. 39
32. 50
32. 24
32. 33
32. 37
32. 99
33. 54
33. 73
34 01
34 18
34 40
0)
0)
(')
0)

NOTE.—For definitions and coverage, see 1960 Supplement to Economic Indi
Gators. Data for Alaska and Hawaii included for all periods.
Source: Department of Labor.

NONAGRICULTURAL EMPLOYMENT
Payroll employment in nonagricultural establishments, seasonally adjusted, increased by about 125,000 in January.
Manufacturing employment continued to decline.
MILLIONS OF WAGE
AND SALARY WORKERS

1

MILLIONS OF WAGE
AND SALARY WORKERS
iiU

56

ALL NONAGRICULTURAL ESTABLISHMENTS

MANUFACTURING
1 8

54

52

50

^^xt
"
S
\^q

TOTAL^^ ^f

1 6

^
1

^%^

"

<

,

1

<|>

\ 2

46

\ 0

46

8

DURABLE
GOODS
INDUSTRIES

h——^

<v^_^~

NONDURABLE
^_ GOODS

/ -INDUSTRIES
6 ^ i i r i 1 i i i ii

4 4 ,i i i i i ! i i i i i
I960

1959

1958

3.5

1959

•
i i i f | | « I I i A.
I960

1961

12.5

CONTRACT CONSTRUCTION

WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)

(ENLARGED SCALE)
3.0

12.0

r^

vj

2.5

T^T, , i , , , , ,

1958

1961

v—
Y

•

r

2.0

1.5

10.5

I960
1961
* SE ASONALLY ADJUSTED DATA, EXCLU DING A L A S K A AND HAWAII.
80UF CE: DEPARTMENT OF LABOR.
1958

r^^i

11.5

^ i i i i 1 i it ii

1 1111 i1111i

1 1 11 1 1 1 11 1 1

1959

I960

1958

1959

1961

COUNC IL

OF ECONOMIC ADVISERS

[Thousands of wage and salary workers l]

Period
1954
1955
1956
1957
1958
1959
I960 3

1959: December.
1960: January
February __
March
April. _
May
June
July
August
September.
October
November _
December 3
1961 : January 3 __

Total,
Total
Total
unadjusted, including excluding
Alaska
excluding Alaska
and
and
Alaska and Hawaii
Hawaii
Hawaii
48, 431
48, 431
50, 056
50, 056
61, 766
51, 766
52, 162
52, 162
50, 543
50, 543
51, 975
52, 205
51, 975
52, 898
53, ] 37
52, 898
53, 756
52, 078
52, 060
52, 172
52, 844
52, 957
58, 309
52, 928
53, 062
53, 496
53, 891
58, 188
53, 803
51, 548

1

52, 902
53, 108
53, 201
53, 052
53, 362
53, 344
53, 388
53, 407
53, 304
53, 242
53, 047
52, 825
52, 447
52, 570

52, 674
52, 880
52, 972
52, 823
53, 128
53, 105
53, 140
53, 145
53, 046
52, 998
52, 809
52, 591
52, 215
52, 342

Manufacturing (private)
Total

Durable Nondura- Total 2
goods
ble goods

15, 995
16, 563
16, 903
16, 782
15, 468
16, 168
16,337

9, 122
6,873 25, 685
9,549
7,014 26, 579
9,835
7,068 27, 586
9, 821
6,961 27, 754
8, 743
6,725 27, 182
9,290
6, 878 27, 680
9, 432
6, 905 28, 103
Seasonally adjusted
9,542
6, 894 27, 931
9, 655
6, 907 28, 028
6, 900 28, 090
9, 667
6, 906 27, 815
9, 603
9, 552
6, 975 28, 086
9, 537
7, 003 28, 156
. 9, 499
6, 999 28, 222
9, 452
6, 965 28, 324
9, 338
6, 927 28, 307
9, 391
6, 884 28, 184
9, 266
6, 866 28, 153
9, 190
6,840 28, 030
9, 026
6, 758 27, 841
8, 925
6, 743 28, 041

16,
16,
16,
16,
16,
16,
16,
16,
16,
16,
16,
16,
15,
1 5,

436
562
567
509
527
540
498
417
265
275
132
030
784
668

Includes all full- and part-time wage and salary workers in nonagricultural
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. 9, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they




Nonmanufacturing (private)
Contract Wholesale
construc- and retail
tion
trade

Government
(Federal,
State,
local)

2, 593
2,759
2, 929
2, 808
2,648
2,767
2, 772

10, 520
10, 846
11, 221
11, 302
11, 141
11, 385
11, 642

6,751
6,914
7,277
7, 626
7, 893
8, 127
8, 458

2, 800
2,775
2, 781
2, 601
2, 752
2,783
2, 790
2, 858
2, 835
2, 800
2, 804
2,783
2,641
2, 672

11, 486
11, 594
11,627
11, 595
11,652
11, 675
11, 712
11, 736
11, 764
11, 665
11, 668
11, 568
11, 538
i i . 720

8, 307
8, 290
8, 315
8, 499
8, 5 1 5
8, -HM>
8, 420
S, 404
S, 4 7-1
8, f>3 ( .)
8, 524
S, 53 1

s, r>uo
s. r»:;;;

are not at work because of industrial disputes; and which arc based on an e n u meration of population, whereas the estimates in this table arc based on rrpoi M
from employing establishments.
2
Includes mining; transportation and public utilities; finance, insurance, :UK!
real estate; and service and miscellaneous, not shown separately.
3
Preliminary.
Source: Department of Labor.
1J

WEEKLY HOURS OF WORK
The average factory workweek increased 0.4 hours in January to 38.7 hours (seasonally adjusted).
hours below a year earlier.
HOURS PER WEEK (SEASONALLY ADJUSTED)

HOURS PER WEEK (SEASONALLY ADJUSTED)

46

It was 1.7

46

NONDURABLE MANUFACTURING

DURABLE MANUFACTURING
44

44

42

40

40

38
36

36

34
1958

I960

1959

34

1961

1958

I960

1959

44

BUILDING CONSTRUCTION

RETAIL TRADE

40
38

40

38

•fc—__-^A^^
-

^-^—^V

-

36
32

34

1958

1959

1958

I960

1959

SOURCE: DEPARTMENT OF LABOR.

Average hours per week l
Manufacturing industries
Building
NonDurable durable construc- Retail
All
trade
goods
tion
goods

Period

1954
1955
1956
1957
1958
1959 6
I960

39. 7
40. 7
40. 4
39. 8
39. 2
40.3
39. 7

1959: December
1960: January
February
March
April
May
June _
July
August - _
September
October
November 6
December
1961: January 6 __

40. 2
40. 4
40. 0
39.9
39. 6
40. 1
39.9
39.9
39. 7
39. 3
39.5
39. 1
38. 3
38. 7

.. _

Hours per week
40. 2
36. 2
39. 0
41. 4
36. 2
39. 8
41. 1
36. 4
39. 5
40. 3
36. 1
39. 1
39. 5
35. 7
38. 8
40. 8
39.6
35. 8
40. 1
39. 1
35. 5
Seasonally adjusted
40.6
39. 5
36. 7
41.2
39. 6
35. 1
40. 7
39. 2
35. 8
40. 3
34. 8
39. 0
40. 1
39. 1
36. 0
40. 5
39. 7
35. 4
40. 2
39.5
35.6
40. 2
39.4
36.0
40. 0
39. 2
35. 8
39. 7
38. 7
35. 3
40. 1
38.8
35.9
39. 4
38.7
35. 3
38.6
34. 1
37.7
39. 1
38. 4
(5)

1 Data relate to production workers or nonsupervisory employees.
2 Differs from total nonagricultural employment (p. 9), which includes persons
with jobs but not at work for such reasons as vacation, illness, bad weather, and
industrial disputes. Beginning January 1960, data include Alaska and Hawaii.
3
Includes persons who worked part-time because of slack work, material shortages or repairs, new job started, or job terminated.

12



1961

COUNCIL OF ECONOMIC ADVISERS

39. 1
39. 0
38. 6
38. 1
38. 1
38. 1
37. 7
37. 9
37. 5
37. 6
37. 6
37. 9
37. 6
37.6
37. 6
37. 7
37. 6
37.6
37.9
37. 4
(5)

Persons at work in nonagricultural 2 industries
by hours worked per week
Under 35 hours
Part-time for
economic reasons
Over 40 35-40
Total Usually Usually
hours
hours
partfulltime 4
time 3
Millions of persons 14 years of age and over
24. 4
15. 7
11. 8
(5)
(5)
27.0
8. 7
18. 0
(5)
(5)
0.9
27. 3
9. 4
1. 1
18. 7
1.2
1. 0
28. 6
17. 6
9.7
28. 3
1. 3
16. 6
10. 4
1. 6
17.3
27. 7
1.0
1. 3
11.7
28. 7
1. 2
1. 3
17.7
11.5

18. 9
17. 6
17. 1
17. 2
17. 0
18.0
18.0
17. 3
17. 1
18. 5
18. 6
17.0
18. 3
17. 7

29. 5
29. 5
28. 2
28. 9
27. 8
30. 6
29.8
28. 1
29. 1
29. 7
29.0
24. 6
29. 3
29. 5

10. 7
10.2
12. 2
11. 2
13. 8
10. 8
10. 2
9.3
8.8
10. 4
11. 7
18. 2
11. 6
10. 9

1.2
1. 1
1. 1
1. 1
1.2
1.2
1.4
1. 1
1. 2
1. 3
1. 3
1. 4
1. 5
M.7

* Primarily includes persons who could find only part-time work.
• Not available.
Preliminary.
Average boors worked: usually full-time, 25.0; usually part-time, 18.5.
Source: Department of Labor.

6
7

1. 1
1. 1
1.2
1. 1
1. 3
1. 2
1. 5
1.7
1. 6
1. 2
1. 2
1.3
1.3
7
1.4

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings and average weekly earnings for production workers in manufacturing industries in January
1961 were unchanged from December 1960. Hourly earnings were up 3 cents and weekly earnings were down $2.74
from a year earlier.

2.40 —

2.20

80

2.00

1.80

I960

1958
SOURCE: DEPARTMENT OF LABOR.

i

1961

COUNCIl OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]
Average hourly earnings— current prices
Period

Manufacturing industries
All

N
Durable d u ro n -l r
ab
goods

Manufacturing industries

Builds(. ruction

Average weekly earnings— current prices

Retail
trade

All

!!,< K ) < is

1951___
$!. f>«.)
1952
1. 67
1. 77
]953_
1. 8J
1054. _ _
... ...
1955
1. 88
1956
1. 98
1957
2. 07
1958___
2. 13
2. 22
1959...
2
I960
2. 29
2 27
1959: December. _ _
2. 29
1960: January
February
2. 29
March
2. 29
April
2. 28
May
2. 29
June
2. 29
2. 29
Julv.
August _
2. 27
September _ _ . 2. 30
October
2. 30
November2_ _
2. 30
December _
2. 32
1961 : Jamiarv 2 _ _ .
2. 32

$1. (57
$1. -IS
$2. 1 '.)
8 . 2(1
i. r>i
1. 77
2. 3 I
. 32
i. i . i
2. IS
i. S7
. 40
i. 06
2. 60
1. 92
. 45
2. 0 1
2. 66
I. 71
. 50
2. 10
2. SO
1. 57
1. 80
2. 20
2. DC)
1. 88
1. 64
2. 28
1. 94
3. 10
1. 70
2. 38
2. 01
3. 22
1. 76
2. 45
2. 08
3. 37
1. 81
2. 04
2, 43
.1. 73
3. 30
2. 46
2. 05
3. 32
1. 79
2.45
2. 05
3. 33
1. 79
2. 45
2. 06
3. 38
1. 79
2. 44
2. 06
3. 32
1. 79
2. 44
2. 07
3. 34
1. 81
2. 45
2. 08
3. 34
1. 82
2. 45
2. 08
3. 37
1. 82
2. 43
2. 07
3. 37
1. 81
2. 46
2.09
3. 40
1. 82
2. 46
2. 09
3. 42
1. 83
2. 46
2. 10
3. 42
1. 82
2. 11
2. 48
]. 78
3. 46
2. 12
2. 47
(3)
(3)
3
2 Earnings in current prices divided by the consumer price index on a 1960 base.
Preliminary.
6572$°—-61
3




$('»•!. 71
67. 97
71. 69
71. 86
76. 52
79. 99
82. 39
83. 50
89. 47
90. 91
92. 16
92. 29
91. 14
90. 91
89. 60
91. 37
91. 60
91. 14
90. 35
91. OS
91. 31
90. 39
89. 55
89. 55

Building construcNonDurable
tion
dura ble
goods
goods

Retail
trade

$69. 47
73. 46
77. 23
77. 18
83. 21
86. 31
88. 66
90. 06
97. 10
98. 25
99. 87
100. 86
98. 98
98. 74
97. 36
98. 58
98. 98
97. 76
97. 20
98. 15
98. 89
97. 42
96. 97
96. 08

$50. 65
52. 67
54. 88
56. 70
58. 50
60. 60
62. 48
64. 77
67. 06
68. 24
66. 09
66. 95
66. 95
66. 95
67. 48
67. 69
68. 80
69. 52
69. 32
68. 43
68. 44
68. 25
67. II
(3)

$58. 46
60. 98
63. 60
64. 74
68. 06
71. 10
73. 51
75. 27
79. 60
81. 33
81. 19
80. 77
79. 95
79. 93
79. 52
81. 35
82. 16
82. 37
81. 77
81. 72
81. 51
81. 48
80. IS
80. 98

$81. 47
88. 01
91. 76
94. 12
96. 29
101. 92
106. 86
110. 67
115. 28
119. 64
119. 13
114. 87
114. 22
115. 60
119. 19
119. 91
121. 24
123. 68
123. 68
122. 40
125. 17
117. 99
115. 91
(3)

Average
weekly
earnings,
all manufacturing
industries,
1960
prices l

$73. 79
75. 77
79. 30
79. 14
84. 55
87. 04
86. 73
85. 55
90. S3
00. 9!
92. 90
93. 13
91. 78
91. 46
89. 78
91. 55
91. 60
91. 05
90. 2<i
90. 90
90. 77
89. 76
88. 84
(3)

2

Not nvailablc.
Source: Department of Labor.

13

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) dropped in January for the sixth consecutive month.
8 percent below a year earlier.
INDE X, 1957 = 100 (SEASONALLY ADJUSTED)

INDE X, 1957*100 (SEASONALLY ADJUSTED)

130

It was

140

TOTAL

UTILITIES AND MINING

120

130
•

' —s

110

100

90

/^
^^

r

no
100

90

80

...,.!..,.,
I960

1958

1959

1

I 1 I f

I

!

I 1

~^/^

\

v/

s

-'~\/

80

1 I

1958

1961

1959

I960

1961

130

130

MANUFACTURING

MARKET GROUPS
120

120

NONDURABLE

1

^^^

\ ^<-v-<v^ ^^

r? \\«»\/
•'

NO

b

"*>^r
90

SOUf *CE".

! ,, ,,,
1958

FINAL PRODUCTS ^*\***S/

100

\

90

DURAE3LE

\ s''~

70

110

>

S^~
^

100

80

^J**S*^

*m+^S

k

70

UTILITIES^

120

»

^^

*Vx ^ MATERIALS

^-'y^
vy

t

80
70

I960

1959

1961

1958

1959

. .i.. Ii ...i
I960

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1961

COUNCIL OF ECONOMIC ADVISERS

[1957=100, seasonally adjusted]
Total
industrial
production

Period

1951
1952
1953
1954
1955
1956
1 957
1958
__
1959 1
I960
1959: December _
1960: January
February
March
April
Mav
June
July
__
\ugust
September
October
November
December
1961: January 1
1

Preliminary.

14



_ _ _
__

_____

80. 8
83. 8
90. 8
85. 4
96. 0
99. 3
100.0
92. 9
104. 9
108. 0
108. 8
111. 0
109. 6
109. 1
108. 8
109. 8
109. 4
109. 5
108. 4
106. 8
106. 3
104. 6
103. 2
102. 1

Market

Industry

Final products

Manufacturing
Total

81. 5
84. 8
92. 1
85. 8
96. 7
99. 5
100. 0
92. 4
105. 3
108. 2
109. 2
111. 8
110. 3
109. 6
109. 1
110. 3
109. 8
109. 9
108. 4
106. 7
106. 2
104. 1
102. 5
101. 0

NonDurable durable
80. 3
85. 1
96. 0
85. 0
97. 9
100. 0
100. 0
86. 8
101. 5
104. 3
106. 7
110. 9
109. 4
107. 8
106. 0
107. 1
105. 3
105. 6
103. 7
101. 9
100. 8
98. 0
95. 8
94. 5

81. 7
83. 3
86. 9
86. 9
95. 0
98. 9
100. 0
99. 9
110. 3
113. 5
112. 4
113. 1
111. 5
112. 0
113. 2
114. 7
115. 8
115. 6
114. 8
113. 1
113. 4
112. 3
111. 6
110. 5

Mining

Utilities
Total

87. 3
86. 5
88. 8
86. 2
94. 8
100. 1
100. 0
91. 4
95. 3
96. 8
98. 4
97. 8
96. 0
95. 8
97. 8
96. 8
97. 2
97. 5
98. 0
96. 4
96. 9
98. 0
97. 3
97. 5

60. 1
65. 2
71. 1
76. 5
85. 4
93. 6
100. 0
104. 5
115. 0
123. 9
119. 8
120. 2
120. 7
123. 6
123. 1
122. 0
123. 6
124. 5
125. 8
126. 6
124. 8
124. 6
126. 0
126. 0

79. 3
85. 2
90. 7
86. 5
94. 6
98.9
100. 0
95. 1
106. 5
110. 7
109. 1
111. 7
109. 7
110.0
110. 8
112. 3
112. 2
112. 0
111. 1
110. 3
110. 7
109. 1
108. 3
107. 0

Consumer
goods
80. 6
82. 5
88. 1
87. 2
96. 5
98. 7
100. 0
99.0
110. 0
114. 6
112. 6
116. 0
113. 4
113. 2
115. 1
116. 5
116. 8
115. 9
115. 1
114. 0
114. 7
112. 9
112. 1
110. 5

Equipment

75. 0
90. 0
96. 1
85. 0
90. 9
99. 1
100. 0
87.3
99. 5
102. 9
102. 4
103. 0
102. 3
103. 5
102. 3
104. 1
103. 2
104. 3
103. 1
103. 0
102. 7
101. 7
100. 7
99. 5

Source: Board of Governors of the Federal Reserve System.

Materials

82. 2
82. 7
90. 8
84. 4
97. 1
99. 7
100. 0
91. 0
103. 5
105. 6
108. 8
110. 3
109. 4
108. 2
107. 5
107. 3
106. 4
106. 2
105. 1
103. 7
102. 9
101. 2
99. 3
98. 0

PRODUCTION OF SELECTED MANUFACTURES
Production of most manufactures (seasonally
metals and foods, beverages, and tobacco.

adjusted) decreased further in January.

INDEX, 1957*100 (SEASONALLY ADJUSTED)

Exceptions were

primary

INDEX, 1957 = 100 (SEASONALLY ADJUSTED)

F60

££

TRANSPORTATION
EQUIPMENT
* ENT

/^\ /NA.

\

1958

fV

A

1QSQ
1959

1!

•\

IQ

80 L

,
^-.VIBER
i
LUME
' PAND PRODUCTS
\ AND PRC

CHEMICALS, PETROLEUM,
AND RUBBER

120

\

'"<
***

'?^S^rk*^~**~^~T

**+.+''

AND TOBACCO

1

1958

1959

i

I960

1

1

1

I

1

1

1

1

1

1

1

1

1

1

!

1

1

1

1

1

I

1

1

1

1

1

1

I

t

1

1

i

1961
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[1957=100, seasonally adjusted]
Nondurable manufactures

Durable manufactures
Period

1951
1952
1953
_ _
1954
_ _ _ _ _ _
1955
1956
1957
1958
1959
I960 1
.__
1959: December
_ _
1960: January
February
March
April
May

June
July
August
September
October
T\ ovember
December
1961 : January l
1

Preliminary.
- Not available.




Primary
metals
96. 9
88. 5
100. 3
81. 3
105. 5
103. 7
100. 0
78. 0
89. 5
90. 5
113. 8
115. 4
109. 8
105.7
99. 0
93. 6
87. 5
85. 1
82. 8
79. 8
78.3
73 6
69. 5
72

Transpor- Lumber Textiles, Paper Chemicals, Foods,
Fabribeverpetroapparel,
and
cated
Machin- tation
and
and
print- leum, and ages, and
ery
prodmetal
equiprubber tobacco
leather
ing
ment
products
ucts
90. 0
87. 8
98. 8
88. 8
96. 9
97. 4
100. 0
91. 6
103. 9
106. 0
105. 1
108. 6
108. 1
106. 6
103. 8
107. 9
108. 4
108. 7
107. 7
105. 8
105. 4
101. 0
101. 0
98

79. 6
88. 4
96. 4
84. 3
92. 6
102. 8
100. 0
85. 2
102. 8
106. 4
108. 2
109. 7
108. 0
108. 4
106. 8
108. 5
108. 6
110. 0
107. 2
105. 4
102. 0
101. 9
100. 8
100

59. 0
68. 6
86. 2
78. 7
95. 9
91. 5
100. 0
84.2
97.8
101. 7
93. 0
107. 5
106. 9
103. 9
102. 3
106. 4
101. 6
101. 5
101. 3
101. 5
102. 5
96. 8
93. 9
89

102. 2
100. 9
106.7
103. 9
114. 2
109. 9
100. 0
99.7
113. 1
106. 6
115. 3
115. 0
114. 5
110. 3
114. 4
110.2
108. 9
110. 9
102. 2
103. 0
100. 1
95. 3
93. 7
(2)

90. 1
92. 2
93. 6
89. 6
98. 4
101. 1
100. 0
99. 2
115. 2
115. 1
117. 3
116. 4
114. 3
115. 1
116. 1
118. 3
118. 9
118. 7
117. 1
112. 1
112. 1
111. 0
108. 0
107

81. 1
79. 4
84. 5
86. 9
94. 6
99. 3
100. 0
99. 2
107. 6
111. 6
110. 5
111. 3
110. 4
109. 6
110. 3
112. 1
112. 0
112. 3
112. 2
112. 3
112. 8
111. 9
111. 2
110

71.8
74.5
80. 2
79. 3
91. 8
96.3
100. 0
98. 8
112. 7
117.8
115. 1
116. 3
114. 8
115. 6
117. 9
119. 1
122. 4
122. 0
120. 2
117. 5
117. 1
116. 3
116. 1
114

Source: Board of Governors of the Federal Reserve System.

88.3
90. 2
91. 2
92. 8
96. 2
99. 8
100. 0
102. 1
106. 5
109. 4
107. 8
109.0
107. 2
108. 0
108. 5
109. 7
109. 8
109. 6
109. 7
109. 9
111. 1
1 09. 3
109. 7

no

15

WEEKLY INDICATORS OF PRODUCTION
Output of cars and trucks fell again in January. Most other weekly indicators of production recovered somewhat
from the low levels of December, which were partly influenced by the holiday season.

MILLIONS OF TONS

MILLIONS OF SHORT TONS ( D A I L Y AVERAGE)

—-1958
,

I

LI

,

1 ,

ff,

,

I

,

,

U

,

|

,

,

,

I

,

,

,

,

I

,

,

,

I

,

,

,

I

,

,

,

,

I

,

,

,

I

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

Bituminous Freight Paper board
Electric
Cars and trucks
Steel produced
coal mined
power
produced
loaded
distributed (thousands (thousands (thousands assembled (thousands)
Thousands '
Index
of net
of short
(1957-59 = (millions of
Total
Cars Trucks
of tons)
of cars)
tons
100)
kilowatt-hours) tons) 1

Period
Weekly average:
1957 - - - 1958
1959
1960 _
1959: December
1960: January _ _
February
March
April _

2, 162
1, 635
1, 792
1, 899
2,713
2, 720
2, 688
2, 611
2, 279
1, 993
1, 726
1, 437
1, 544
1, 509
1,550
1, 439
1, 321
1, 450

May

Daily average.
Prelim inary.

16



3

116. 0
87. 8
96. 2
301. 9
145. 6
146. 0
144. 3
140. 1
122. 3
107. 0
92. 7
77. 1
82. 9
81. 0
83. 2
77. 2
70. 9
77.8

11, 873
12,076
13, 206
14, 296
13, 828
14, 345
14, 122
14, 027
13, 318
13, 382
13, 883
14, 102
14, 665
14, 014
13, 787
14, 001
14, 674
14, 777

1, 644
1, 380
1, 380
1 , 382
1, 560
1, 444
1,387
1,439
1, 368
1,411
1, 475
1, 269
1,351
1,378
1, 355
1, 362
1, 226
1,257

683
581
596
585
572
597
573
580
622
640
613
574
592
582
639
545
470
480

272
275
308
305
284
287
321
318
310
315
313
264
318
301
322
299
267
274

138. 6
98. 4
129. 5
151. 8
117. 8
201. 8
187. 8
171. 5
163. 8
174. 3
156. 4
123. 0
80. 6
117. 1
162. 9
156. 3
136. 7
112. 2

117. 6
81. 6
107. 6
128. 7
101. 9
171. 3
157. 4
143. 1
137.3
146. 3
131. 8
103. 5
65. 1
98. 3
145. 3
136. 1
116. 9
93. 8

21. 0
16. 8
21. 9
23. 1
15. 8
30.5
30.3
28. 4
26. 5
28.0
24. 6
19. 5
15. 5
18. 7
17. 6
20. 2
19. 9
18. 4

1 , 061
1 , 482
1 , 499
1,466
1,492
1. 524

_

June
July
August
September
October
November
December
1961: January 2 _ . .
(Veek ended:
1961 : January 7 _ - _
14__.
21
28___
February 4 22 _ _
11 _ _
1
2

COUNCIL OF ICONOMIC ADVISERS

73. 1
79. 6
80. 5
78. 7
80. 1
81. 8

14, 245
14, 684
14, 817
15,361
1 5, 072
3
14, 744

1,366
1,304
1, 163
1, 171
1, 238

439
516
490
476
498
486

167
305
310
314
313
301

90. 4
131. 1
112. 0
115. 3
123. 6
113. 4

74. 2
110. 8
94. 2
96. 1
100. 6
91. 6

16.2
20. 3
17. 8
1 9. 2
23. 0
21. 8

Not charted.

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

NEW CONSTRUCTION
Expenditures (seasonally adjusted) For both private and public construction declined during January.
BILLJONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

60

60

TOTAL NEW CONSTRUCTION^^

«i^r

^^^ _^

*

t

V'

50

v*-~— ^-^

^^

— ,^&^^^

50

PRIVATE

40
K

++• *

-^ -

)
-+* ^-^

._

-.

40

•

30

30

PUBL 1 r»

20

20

\

...
...

LJi. „.—-"
10
0

'

1

10

,

,

, , , , , ,

PRIVATE

, , , , , ,

RESIDENTIAL

~~*>

•

-

ml" 1 * " ! ! ! , , , , , ,
il " " " * ! , , , , , , ,

*~

*-

K=^^,

'

_
' " » « .- • .„ „„ „
" " • «. » •. „ , „ „

.»*»

r

\0

..,
..„

H

^V
. ii " 1 1 " ' " . , , ,
w i " " " " "" ! , , , ,

, . , . , I . . , .,

^
"
|H
i

( NONFARM -w

20

"

--..-.

20

*

i

—
[

10
0

!

»

10

r

i

.

1955

.

.

< .

1

,

,

.

, I

1956

i , , i , 1 , , , , ,

1957

• i i .. i . . . . .
1958

"o
1959

I960

*SEE NOTE 4 IN TABL E BELOW.
SOURCE: DEPARTMENTf OF COMMERCE.

COUN CIL OF ECONOMIC ADVISERS

Private
Total new
construction
expenditures

Period

1954
1955
1956
1957
1958
1959 (new series) 4
1960

39. 4
44. 2
45. 8
47. 8
48. 9
56. 2
55. 2

1961

Total

27. 7
32. 4
33. 1
33. 8
33. 5
39. 9
38.9

Residential Commercial and
(nonfarm) industrial
Billions of dollars
4. 2
15. 4
18. 7
5. 6
17. 7
6. 7
17. 0
7. 1
18. 0
6. 0
24. 5
6.0
22. 0
6. 9

Other

8. 1
8. 1
8.7
9. 6
9. 5
9.4
10.0

Construction contrac ts
CommerFederal, Total value cial and industrial
(index,
State, and 1947-49 = floor space
2
local
(millions
100)
of square
feet) 3

11. 7
11.7
12. 7
14. 0
15. 4
16.3
16. 2

Seasonally
adjusted

Seasonally adjusted annual rates
1959: December 4
1960: January
February __
March__
ApriL
May___ ..
June
July
August
September
October
November
December
1961: January 5
1

_

_

55. 4
54. 7
54. 9
54. 4
54. 2
55. 3
55. 2
55.4
55. 3
55. 3
54. 7
55.4
56. 4
55. 3

40. 1
39. 9
39. 7
39. 3
38. 7
38.9
39. 1
39. 0
38. 7
38. 7
38. 3
38.6
38.6
38.2

23. 9
23. 2
22. 5
22. 4
21. 9
22. 2
22.4
22.3
21. 8
21. 7
21. 2
21.4
21. 5
20. 7

Compiled by F. W. Dodge Corporation. Omits small contracts, and covers
rural areas less fully than urban.
s Relates to 48 States.
3
Relates to 48 States beginning 1956 and to 37 Eastern States prior to 1956.
Seasonal adjustment by National Bureau of Economic Research.
* Series on new construction beginning January 1959 not comparable with prior




6. 5
6. 7
7. 1
6.9
6.8
6. 7
6. 7
6. 7
6. 9
7. 1
7.2
7. 2
7.3
7.5

192. 4
230. 0
231. 3
235. 4
256. 8
265. 4
265. 7

9.8
10.0
10. 1
10.0
10.0
10. 0
10. 1
10. 0
10. 0
9. 9
9. 9
9.9
9. 8
10. 0

15. 3
14. 8
15. 2
15. 2
15.4
16. 3
16. 1
16. 4
16. 6
16. 6
16.4
16. 8
17.8
17. 1

244
235
234
252
266
244
272
285
276
271
294
280
302

238
299
436
421
359
440
461
Seasonally
adjusted
annual
rates
473
436
429
439
465
473
457
460
493
473
483
489
469

data. (In addition to major differences between old and new series, data for
Alaska and Hawaii are included beginning January 1959.) For details, see Construction Activity, C 30-13, Bureau of the Census, August 1960.
6
Preliminary.
Sources: Department of Commerce and F. W. Dodge Corporation (except as
noted).

17

HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts in January rose to an annual rate of 1.1 million (seasonally adjusted).
FHA applications increased while the number of VA appraisal requests declined.

TRILLIONS OF UNITS (ANNUAL RATE)

The number of

MILLIONS OF UNITS (ANNUAL RATE)

196I

I955
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATIONIFHA), AND VETERANS ADMINISTRATION CVA).

COUNCIf OF ECONOMIC ADVISERS

[Thousands of units]
Total housing
starts (farm and
nonfarm)
Period

1954
1955
1956
1957
1958
1959

__

Total
private
and
public
_

..

_

1959
J9604
1959: December.
1900: January
February
March
April _
_
May
_ _ _ _
June__
July _
August
SeptemberOctober _
November 4
December
.11)01 : January 4 _

(2)
(2)
(2)
(2)
(2)
(2)
1, 553. 5
1, 279. 8
96. 4
88.4
90. 2
93.3
125. 2
130. 0
127. 3
114. 9
129. 6
102.0
110. 4
96. 0
72. 5
72. 0

Private

Total
private
and
public

Private
Government
programs
FHA
VA

Total

Old series
1, 220. 4 1, 201. 7
(2)
1, 328. 9 1, 309. 5
(2)
2
1, 118. 1 1, 093. 9
(2)
1, 041. 9
992. 8
(2)
1, 209. 4 1, 141. 5
(2)
1, 378. 5 1, 342. 8
()
New series 3
1, 516. 8 1, 531. 3 1, 494. 6
1, 238. 2 1, 257. 7 1, 216. 0
95. 6
93. 6
92. 8
84. 3
87. 1
83.0
88.8
87. 9
86.5
90.2
92. 3
89. 2
123. 4
121. 7
123. 5
127. 3
128. 2
125. 5
125. 7
122.2
120. 6
113.2
111. 1
109. 4
124. 8
127. 5
122. 7
100. 0
94. 4
96. 4
107.6
107. 4
104. 5
94. 3
95. 0
93.3
65. 8
71.9
65. 2
69. 4
70.5
67. 9

1
Units represented by mortgage applications for new home construction.
" Not available.
r
"I O
> See Housing Starts. C 20-11 (Supplement), Bureau of the Census, May
Au
I'JW, lor description. (Data for Alaska and Hawaii included.)




Private housing
starts, seasonally adjusted annual rates

Nonfarm housing starts

276.3
276.7
189. 3
168. 4
295. 4
332. 5

109. 3
74. 6
6. 4
4. 1
4. 8
5.2
7.3
6. 9
7. 7
7. 4
8.2
6. 8
5.9
5. 5
4. 8
4. 9

Applications for
FHA
commitments l

Requests
for VA
appraisals 1

338. 6
306.2
197.7
198. 8
341. 7
369. 7

307.0
392.9
270.7
128. 3
102. 1
109. 3

332.5
260. 9
20. 0
15. 9
17.6
21. 9
25.4
25. 2
26.5
23. 6
26.3
21. 9
22. 6
20. 2
13. 8
14. 8

Total
farm and Nonfarm
nonfarm

Proposed home
construction

535. 4
620. 8
401. 5
159. 4
234. 2
234. 0

369. 7
242. 4
18. 2
16.3
21. 1
27.4
22.5
22.4
23.7
19.6
22. 9
20. 1
18. 3
14. 8
13. 2
14.3

234.0
142. 9
11. 1
11.2
12. 9
12. 9
13.7
14.4
15. 2
8.5
12.4
11. 6
10.0
10. 3
10. 0
9. 4

New series 3
1,451
1, 366
1,867
1, 112
1,827
1, 833
1,302
1, 182
1,292
1,062
1, 236
1, 216
984
1,098

1,401

1,291
1, 847
1,098
1, 307
1, 315
1,285
1,164
1, 273
1,040
1,200
1,203
975
1, 070

* Preliminary.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).

TRADE SALES AND INVENTORIES
In December, retail sales fell $400 million (seasonally adjusted) while inventories were virtually unchanged. Among
wholesale firms December changes were relatively minor. In January, according to preliminary estimates, retail sales
declined again to the lowest point in 1 3 months.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS*
RETAIL TRADE
DURABLE GOODS STORES

INVENTORIES

-- V
I

I

I

INDEX, 1947-49 = 100 *
NONDURABLE

DEPARTMENT STORES

GOODS STORES

INVENTORIES

140

8
0 t.

... |. . . . . I ..
1957
I
1958
I
1959
I
I960
195
*SEASONALLY ADJUSTED.
SOURCES; DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

wnoiesaie

uetail
Sales

Period

Sales i

Inventories 2

COUNCIl OF ECONOMIC ADVISERS

Total

Department stores

13

Inventories 2

NonDurable durable
goods
goods
stores
stores

Total

NonDurable durable
goods
goods
stores
stores

Billions of dollars, seasonally adjusted
1953 _ _ _ _
1954
_
. _
1955
1956__
1957__ __
1958
1959
I960 6
1959: November. _
December
1960: January __
February
March
April _
May_ __
June _ _
July
August.
September
October
November 6
December
1 961 : January 6 7
1
2
3
4
6

_ _

9. 8
9 7
10. 6
11. 3
11.3
11. 1
12. 3
12. 3
12. 3
12. 7
12. 4
12. 5
12. 2
12. 6
12. 4
12. 5
12. 3
12. 3
12. 2
12. 2
12. 2
12. 2

10. 5
10. 4
11. 4
13. 0
12. 7
12. 0
12. 6
13. 2
12. 6
12. 6
12. 7
12. 7
12. 8
12. 9
13. 1
13. 0
13. 0
13. 1
13. 1
13. 2
13. 3
13. 2

14. 1
14. 1
15. 3
15. 8
16. 7
16. 7
18. 0
18. 3
17. 8
17. 5
18. 1
18. 1
18. 2
18. 9
18. 5
18. 5
18. 1
18. 2
18. 1
18. 5
18.4
18. 0
17.7

Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
Beginning January 1960, data include Alaska and Hawaii.
End of period, except annual data, which are monthly averages.
Based, on retail value.




5.0
4. 8
5. 6
5. 5
5. 7
5. 3
6. 0
5. 9
5. 7
5. 3
5. 9
6. 0
5. 9
6. 3
6. 1
6. 0
5. 7
5. 8
5. 8
6. 1
5. 9
5. 6
5. 4

9. 1
9. 2
9. 7
10. 3
11. 0
11. 4
12. 0
12. 4
12. 2
12. 2
12. 2
12. 1
12. 3
12. 6
12. 4
12. 5
12. 4
12.4
12. 3
12. 4
12. 5
12. 4
12. 2

22. 7
22. 1
23.9
23. 9
24. 5
24. 0
24. 3
25. 4
24. 2
24. 3
24. 5
24. 8
25. 1
25.0
25. 2
25. 3
25. 4
25. 2
25. 3
25. 4
25. 4
25. 4

10. 7
10. 1
11. 2
10. 7
11. 4
10. 8
11. 0
11. 9
11. 0
11.0
11.3
11. 6
11. 6
11. 6
11. 8
11. 8
11. 9
11. 7
11.8
11. 9
11.9
11. 9

12. 0
12. 0
12. 7
13. 2
13. 1
13. 2
13.3
13. 5
13. 2
13. 3
13. 2
13. 2
13. 5
13. 3
13. 4
13. 5
13. 5
13. 6
13. 6
13. 5
13. 5
13. 5

Sales i

Inventories 4

Index, 1947-49=100,
seasonally adjusted 5
118
131
118
128
128
136
135
148
152
135
136
148
144
156
145
165
146
160
146
101
146
161
142
100
138
1 02
154
Jf><)
141
:ioi
jo:>
145
149
.1(17
I 09
143
144
J (IS
150
107
1011
142
1 47
10/
H2

6
7

Preliminary.
Not charted.
Sources: Department of Commerce and Board of Governors of tin 1
Reserve System.

19

MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers' sales, inventories, and new orders (seasonally adjusted) declined in December. The reductions were
generally centered in the durable goods industries. Sales and new orders of durable goods dropped further in
January, according to preliminary estimates.

BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS*

MANUFACTURERS' INVENTORIES
60

TOTAL'
50

40

DURABLE GOODS

^MANUFACTURERS' NEW ORDERS

NONDURABLE
GOODS

10

1957
1958
* SEASONALLY ADJUSTED.
SOURCE: DEPARTMENT OF COMMERCE.

I960

I960

1957

COUNCIl OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted]
Manufacturers' sales

l

Manufacturers' inventories 2

Manufacturers' new orders

1

Durable goods
Period

1953
1954
1955
1956
1957
1958
1959
_-_ _
I960 3
- 1959- December
I960' January
February
March
April
_ _
May
June
July
August
September
October 3
November 3
December
_
1961* January 3 4

Total

Durable
goods

Nondurable
goods

12.4
11.2
13. 1
13. 8
14. 2
12. 4
14.5
14. 7
15.0
15. 4
15.7
15.2
15. 0
15. 1
14. 9
14.7
14. 4
14. 4
14. 1
13.8
13. 6
13.2

12. 1
12.3
13.3
13. 9
14. 2
13. 8
15.2
15.7
15. 8
15.7
15.9
15. 7
16. 0
15. 9
15.9
15.7
15.7
15.7
15. 5
15.4
15.4

24.5
23.5
26. 3
27. 7
28. 4
26. 2
29.7
30. 4
30.8
31. 1
31. 6
30.8
31.0
31. 0
30. 8
30. 4
30. 1
30. 1
29. 6
29. 2
28. 9

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

20



Total

45. 4
43.0
46.4
52.3
53. 5
49. 2
52.4
53. 6
52. 4
53. 3
53.9
54.3
54.7
55. 0
55. 1
54. 9
55.0
54. 7
54. 4
54. 0
53. 6

Durable
goods

Nondurable
goods

26. 2
24. 1
26.7
30. 7
31. 1
27. 9
30. 1
30. 8
30. 1
30. 8
31. 3
31. 8
31.9
32. 1
32. 2
32. 0
32. 1
31. 8
31. 4
31. 1
30. 8

19. 2
18. 9
19. 7
21. 6
22. 4
21.3
22. 3
22. 9
22. 3
22. 6
22.6
22. 6
22. 7
22. 9
22. 9
22.8
22.9
22. 9
23. 0
22. 9
22. 9

Total
Total
23. 1
22. 5
27.2
28.3
27. 3
25. 9
30. 1
29. 9
30.7
29.8
30. 6
30. 3
30.4
30.5
30. 1
29. 2
30. 0
30. 4
29. 2
29.0
28. 8

* Not charted.
Source: Department of Commerce.

11. 0
10. 2
13.9
14.4
13. 1
12.0
14. 9
14. 3
14. 8
14.2
14.8
14. 6
14. 5
14. 7
14.3
13.8
14. 4
14. 6
13.7
13. 6
13.4
13. 1

NonMachinery durable
and trans- goods
portation
equipment
12. 1
5. 6
12.3
5.0
13.3
7. 1
13.9
7.5
14. 2
6.8
13. 9
6.3
15.3
7. 9
15.7
8. 1
16.0
7. 7
15. 6
7.8
15. 8
8.3
15. 7
8. 4
15. 9
8.2
15.8
8. 3
15.8
8. 2
15.4
7.7
15. 6
8. 1
15.8
8.6
15.5
8. 1
15.4
7.6
15.4
7.5

MERCHANDISE EXPORTS AND IMPORTS
The merchandise trade surplus fell slightly in December to $521 million (seasonally adjusted), as the decline «n imports
was somewhat less than the decline in exports.
BILLIONS OF DOLLARS
2.5

BILLIONS OF DOLLARS
2.5

SEASONALLY ADJUSTED

2.0
MERCHANDISE EXPORTS EXCLUDING
MUTUAL SECURITY PROGRAM
SHIPMENTS

1.5

1.5

1.0

1.0

1955
COUNCR OF ECONOMIC ADVISERS.

SOURCES: DEPARTMENT OF COMMERCE, AND DEPARTMENT OF DEFENSE.

Period

[Millions of dollars]
Merchandise exports excluding
Merchandise imports
Mutual Security Program shipments
Total (includGeneral 2imImports for consumption 3
Domestic exports
ing reexports)1
ports
Indus- Finished
Indus- Finished
$eason- Unadtrial
trial
Total i Food- mate- manu- Season- Unad- Total Food- mate- manually ad~ justed
ally ad- justed
facstuffs
facstuffs
jested
rials
tures
rials
tures * justed

Monthly average:
1951
1952
1953
1954
1955
1956
1957
1958
_
1959 ___
1960
1959: November
December
1960: January...
February
March
April
_ _ _
May
June
July.
August
September
.
October.
November. _
December
1

1, 164
1, 100
1,022
1,071
1, 191
1,444
1, 625
1, 362
1, 366
1, 629

1,381
1,497
1,561
1,584
1,496
1,621
1, 683
1,626
1, 786
1,622
1,610
1, 707
1,677
1, 621

1,380
1, 580
1, 484
1, 497
1,632
1, 703
1, 710
1,637
1, 629
1, 547
1,557
1,690
1, 724
1, 743

1, 151
190
345
1,088
175
300
1,012
254
143
1,060
131
310
162
1, 180
351
1,432
216
441
1, 610
529
208
1,349
368
198
1, 351
365
210
1, 612
510
230
Unadjusted
212
1,364
426
1, 564
218
505
482
1,466
205
1,480
224
459
222
1,613
484
1, 686
494
245
1,694
234
508
1,621
221
525
1, 612
510
210
1,529
218
501
1,541
242
476
1, 676
524
246
1,710
569
247
J , 724
250
580

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




914
893
906
851
949
1,051
1,082
1,070
1,267
1, 221

616
612
614
620
667
775
872
782
772
874
722
830
778
797
910
952
958
876
892
813
822
905
894
894

1,299
1, 833
1, 208
1,806
1,258
1,809
1,231
1,265
1,258
1,228
1, 177
1, 196
1, 128
1, 100

1, 283
1,467
1, 143
1,289
1,378
1, 261
1, 262
1,307
1, 150
1, 229
1, 160
1, 157
1, 161
1, 157

901
258
896
263
898
274
853
276
945
260
1,043
267
1,079
274
1,062
287
1,250
285
1, 221
275
Unadjusted
1,262
239
1,436
317
1, 168
217
1,290
283
1, 369
298
1,250
279
1,256
300
1,289
293
1, 140
263
1, 246
280
1, 159
268
1, 157
268
1, 176
280
1, 151
265

485
459
441
394
468
508
511
450
533
508

158
174
183
183
217
268
294
325
431
438

551
606
535
540
570
510
500
551
465
539
47S
463
465
474

471
508
410
465
498
458
453
451
417
426
412
425

4:;i

412

NOTE.—Totals for series revised beginning January 1959. lie vised data for
detail not yet available.
Sources: Department of Commerce and Department of Defense.

21

U.S. BALANCE OF PAYMENTS
The over-all balance of payments deficit rose $1.5 billion (seasonally adjusted annual rate) in the fourth quarter of
1960, despite a $1.5 billion improvement in the surplus on goods and services.

BILLIONS OF DOLLARS *

BILLIONS OF DOLLARS *
40
U.S. PAYMENTS

40
U.S. PAYMENTS

,- — 7
U.S. RECEIPTS

"

10

I

f

i

i

IMPORTS OF GOODS
AND SERVICES \

f

OL-J_i~

1

1

)

I

40
U.S. RECEIPTS

30

uyy
~

yu u y

EXCESS OF PAYMENTS -

10

EXPORTS OF GOODS
AND SERVICES

I960
:
J

1959

SEASONALLY ADJUSTED A N N U A L RATES.
INCLUDES UNRECORDED TRANSACTIONS.
SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[MillioDS of dollars]
U.S. receipts
(recorded)
Period

1952
1953
1954
1955
1956
1957
1958
1959
I960 3

Exports Foreign Imports
longof
of
term
goods
goods
and
and
capital
services
services
(net)

18, 105
_ _ _ _ _ 17, 081
_ _ _ _ _ _ _ 17, 949
20, 003
23, 705
26, 733
23, 325
_ ...
23, 464
27, 110

1959: First quarter
Second quarter
Third quarter
Fourth quarter. __
1960: First quarter
Second quarter. __
Third quarter
Fourth quarter 3 __

22,
22,
24,
24,
25,
27,
27,
27,

456
756
612
032
876
240
692
632

Increase
in foreign
Balance
Unregold and
on recorded
recorded
corded
U.S. grants and capital (net)
transacliquid
transtions —
dollar
actions
U.S.
Private capital [net pay- errors and
assets
Governomissions through
ments ( — )
ment
(net
Total i grants
transacor receipts receipts)
tions with
Total Direct
and
( + )]
the U.S.
capital
U.S. payments (recorded)

141
206
244
346
530
361
24
548
360

15, 760
16, 644
16, 088
17, 937
19, 829
20, 923
21, 053
23, 560
23, 270

288
760
632
512
740
608
-4
96

22, 484
23, 864
24, 132
23, 760
23, 712
24, 084
23, 400
21,884

2

2

850
4,083
2,380 1, 158
721
3,041
2, 055
369
664
1, 554 1, 619
3, 788
2, 211 1, 211
779
4,007
2, 362 2, 990 1, 859
6,017
2, 574 3, 175 2,058
6,451
2,587 2, 844 1,094
6, 153
5, 061 2 1, 981 2,301 1,310
2, 698 3, 442 1, 660
6, 960
Seasonally adjusted annual rates
4,408 2 1, 896 1, 768 1, 236
2, 424 2, 516 1, 480
5, 696
2, 336 2, 188 1, 284
5,368
4, 772
1, 268 2,732 1, 240
2, 304 2, 296 1, 172
5,376
868
2, 812 2, 308
5,976
7, 284
2, 280 4, 128 1, 604
9,204
3, 396 5, 036 2, 996

1
Includes remittances and pensions, not shown separately.
3 Excludes $1,375 million increase in U.S. subscription to International Monetary Fund.
3
Preliminary.

22



— 1, 597
-2,398
-1,683
-1,595
-1,611
— 280
-3, 857
-4, 609
- 2, 760

505
296
167
446
643
748
380
783
-1, 040

1,092
2, 102
1,516
1, 149
968
-468
3,477
3,826
3. 800

-4, 148
-6,044
-4,256
-3, 988
-2, 472
-2, 212
-2,996
-3, 360

576
1,404
-252
1,404
-88
-636
— 1, 132
-2, 304

3, 572
4, 640
4, 508
2, 584
2, 560
2,848
4, 128
5. 664

NOTE.—Data exclude goods and services transferred under military grants.
Source: Department of Commerce.

PRICES

CONSUMER PRICES

Consumer prices increased slightly in December as service and food prices continued to rise while the prices of
commodities except food were unchanged.
INDEX, 1947-49*100

INDEX, 1947-49 = 100

140

'30 ^

100

196!

1955
SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

[1947-49 = 100]
Services

Commodities
Period

1950
1951
1952
1953 ...
1954
__
1955
1956 __
1957___
1958
1959
1960 .
1959: November.
December
1960: January
February _ _ _
March
April. _
May _
June _
July _
August.
September. _ _ _
October.
November
December.
Source: Department of Labor.




All
items

102. 8
111. 0
113. 5
114. 4
114. 8
114. 5
116. 2
120. 2
123. 5
124. 6
126. 5
125. 6
125. 5
125. 4
125. 6
125. 7
126. 2
126. 3
126. 5
126. 6
126. 6
126. 8
127. 3
127. 4
127. 5

All commodities

101. 2
110. 3
111. 7
111. 3
110. 2
109. 0
110. 1
113. 6
116.3
116. 6
117. 5
117. 2
117. 1
116. 7
116. 7
116. 7
117. 4
117. 3
117. 6
117. 7
117. 6
117.7
118. 2
118. 3
118. 4

Commodities less food
Food
All

101. 2
112. 6
114. 6
112. 8
112. 6
110. 9
111. 7
115. 4
120. 3
118. 3
119. 7
117. 9
117. 8
117. 6
117. 4
117. 7
119. 5
119. 7
120. 3
120. 6
120. 1
120. 2
120. 9
121. 1
121. 4

101. 3

ioa 9

109. 8
110. 0
108. 6
107. 5

ioa 9

112. 3
113. 4
115. 1
115. 7
116. 5
116. 4
115. 9
116. 0
115. 7
115. 6
115. 3
115. 3
115. 4
115. 5
115. 6
115. 9
115. 9
115. 9

NonDurable durable
104. 4
112. 4
113. 8
112. 6
108. 3
105. 1
105. 1
108. 8
110. 5
113. 0
111. 6
114. 1
113. 8
113. 3
113. 3
112. 5
112. 1
111. 9
111. 5
111. 1
111. 0
110.0
110. 9
110. 7
110. 8

100. 9
108. 5
109. 1
110. 1
110. 6
110. 6
113. 0
116. 1
116. 9
118. 3
120. 1
119. 8
119. 9
119. 2
119. 4
119. 6
119. 7
119. 4
119. 6
119. 9
120. 1
120. 9
120. 9
121. 1
121. 0

All
services

108. 5
114 1
119. 3
124. 2
127. 5
129. 8
132. 6
137. 7
142. 4
145.8
150. 0
147. 6
147. 8
148. 2
148. 9
149. 2
149. 4
149. 6
149. 7
150.0
150. 3
150. 8
151. 2
151. 3
151. 4

Rent

108. 8
113. 1
117. 9
124. 1
128. 5
130. 3
132. 7
135. 2
137. 7
139. 7
141. 8
140. 5
140. 8
140. 9
141. 0
141. 2
141. 4
141. 4
141. 6
141. 8
141. 9
142. 1
142. 5
142. 7
142. 8

Services
less
rent

108. 1
114. 6
120. 1
124. 6
127. 7
130. 1
133.0
138. 6
143. 8
147. 5
152. 1
149. 5
149. 7
150. i
150. '.>
151. \\
151. 5
1 f> I . V
151. S
151'. !
J5^, ,r>
I5:i. 0
i :»:>,. J
15;>, »i
l .-.:•:. r,

23

WHOLESALE PRICES
Wholesale prices rose 0.3 percent in January, mainly reflecting higher farm and processed Food prices.
prices also rose a little.

INDEX, 1947-49-100

INDEX, 1947-49*100

130

Industrial

COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)

120

100

100

80

80

1955

1956

1957

1959

1958

i960

SOURCE: DEPARTMENT OF LABOR

1961
COUNCIL OF ECONOMIC ADVISERS

[1947-49 = 100)
All
commodities

Period

1953
1954
1955
1956
1957___
_
1958_-_
1959
I960- _
1959: December
1960: January _ _
February
March
__
April
May
June
July
August
September
October
November. _
December
1961: January
Week ended: 3
1961: February 7
14

110. 1
110. 3
110.7
114. 3
117. 6
119. 2
119. 5
119. 6

_
_

97. 0
95. 6
89. 6

sa4

3
3
0
0
7
5
7
2
2
6
6
5
8

90.9
94. 9
89. 1
88. 8
85. 9
86. 5
87. 0
90. 4
91. 1
90. 4
89. 0
88. 9
86. 6
87.7
89. 5
89. 9
88. 7
89. 7

120. 0
120. 0

90. 6
90.4

na 9

_ _

Farm
products

119.
119.
120.
120.
119.
119.
119.
119.
119.
119.
119.
119.
119.

Processed
foods
104 6
105. 3
101. 7
101. 7
105. 6
110. 9
107. 0
107. 7
104. 7
105. 6
105. 7
107. 3
106. 8
107. 3
107. 6

ioa 9

107. 8
108. 1
109. 0
109. 1
109. 2
109. 8
109. 9
110. 1

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

24



3

Commodities other than farm products and foods
(industrials)
Consumer finIndus- ProducIndusished goods extrial in- er finAll intrial
cluding food
dustricrude termedi- ished
DurNonals1
mate- ate ma- goods
2
terials
able
durable
rials
106. 9
114. 0
116. 2
113. 8
108. 5
123. 1
114. 7
107. 2
114. 5
124. 7
116. 7
103. 3
107. 8
117. 0
128. 5
113. 4
115. 9
120. 1
122. 2
109. 9
138. 1
119. 7
120. 0
126. 0
112. 4
123.3
146. 7
125. 6
118. 3
129. 3
150. 3
111. 7
126. 0
113. 7
129. 1
125. 0
153. 2
113. 4
128. 2
126. 5
120. 0
131. 2
114. 1
128. 3
126. 1
131. 7
1 53. 8
115. 3
126. 2
12& 6
153. 5
113. 8
120. 8
131. 7
121. 4
132. 1
126. 4
113. 9
128. 8
153. 8
132. 2
126. 4
113. 8
128. 7
119. 2
153. 8
132. 2
113. 8
153. 9
126. 5
128. 6
116. 8
113. 7
128. 7
132. 2
153. 9
126. 5
116. 2
128. 2
116. 0
153. 6
113. 2
126. 3
131. 9
128. 2
126. 2
113. 6
115. 2
153. 7
131. 8
114. 1
128. 2
114. 8
153. 6
131. 7
126. 3
12a 2
114. 4
153. 7
126. 2
114. 6
131. 6
152. 6
127. 9
114. 8
114. 2
131. 5
123. 6
128. 0
112. 7
131. 3
125. 7
153. 5
114. 8
127. 9
111. 8
154. 2
126. 5
114. 7
131. 0
127. 9
111. 0
154. 2
114. 7
126. 5
130. 9
128. 1
154. 2
111. 5
130. 9
126. 6
115. 0

128. 1
128. 2

4
(4 )
()

(4)
(4)

(4)
(4)

(4)
(4)

Weekly series based on smaller sample than monthly series,
< Not available.
„
^
,
A ,, ,
Source: Department of Labor.

(4)
(4)

PRICES RECEIVED AND PAID BY FARMERS
A slight decrease in the index of prices received by farmers and an increase in prices paid reduced the parity ratio
on January 15, 1961 to 80, the same as the average for 1960.
INDEX, 1910-14 «IOO
325

INDEX, 1910-14*100
325

300

200

RAtlO -^
100

PARITY RATIO
""**'«•«.,,,„,»",,„

..„,../""•••••••••....„.... , — ,.V'"^.«-'

>,!»**

***

*M*"""««ltf|

«
m,a, ,a ju
, , , » , n, A

i r i i i 11 i i i i

l l t l l l l . l t !

1955

1956

^nw

1957

1958

1959

I960

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

'i

!

1 1 1 1 1 1 1 1

t

1 j

1961
COUNCIL OF ECONOMIC ADVISERS •

Prices received by farmers
Period

1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1959: December 15 _
1960: January 15
February 15
March 15
April 15
May 15
June 15
July 15
August 15
September 15
October 15__
November 15
December 15
1961 : January 15

All farm
products

Crops

302
288
255
246
232
230
235
250
240
238
230
232
233
241
242
241
236
238
234
237
240
241
242
241

1
Percentage ratio of index of prices received by farmers to index of prices paid,
Interest, taxes, and wage rates.




265
267
240
242
231
235
225
223
221
221
218
220
218
222
225
228
221
226
218
222
220
218
217
218

Prices paid by farmers
All items,
interest,
Livestock taxes, and
Family
Producand
living
tion
wage rates
products
items
items
(parity
index)
Index, 1910-14=100
282
336
268
273
306
274
271
287
268
269
256
277
249
277
270
255
234
270
276
251
226
274
278
250
244
282
286
257
273
287
264
293
256
297
288
266
252
299
290
265
240
296
291
264
242
299
289
265
245
289
299
266
257
300
289
267
257
302
291
268
252
291
301
267
248
299
290
265
249
290
298
263
247
262
298
290
251
298
290
263
262
258
297
290
261
262
297
291
263
291
298
265
261
301
291
267

Parity
ratio l

107
100
92
89
84
83
82
85
81
80
78
78
78
80
80
80
79
80
79
80
81
81
81
SO

Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The money supply declined less than seasonally in January.

BILLIONS OF DOLLARS
150

BILLIONS OF DOLLARS
1 150
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

TOTAL MONEY SUPPLY

DEMAND DEPOSITS AT ALLCOMMERCIAL BANKS

120

120

110

100

1955

1956

1957

1961

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Period
1953:
1954:
1955:
1956:
1957:
1958:
1959:
1960:
1960:

December.
December
December _
December
December
December
December _
December
January __ _ _ __
February
March
April __
May
_ _ _
June
__
July
August. _ .
September. _
October
November
December _
1961: January 3 _
First half 3 3
_ _ __
Second half
1
Demand deposits at all commercial
2
See footnote 1, p. 27 for definition of
3

Preliminary.

26



COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, billions of dollars]
Money supply
Seasonally adjusted
Unadjusted
Currency Demand
Currency Demand
Total
deposits Total
outside
outside
deposits
1 2
1 2
banks
banks
128. 1
27.7
28. 2
100.4 131. 4
103. 3
131. 8
27.4
104. 4 135. 0
27. 9
107. 1
134.6
27. 8
106. 8 137. 9
28. 3
109. 6
136. 5
108. 3 139. 7
28. 2
28. 7
111. 0
135. 5
107. 2 138.8
28. 3
28. 9
109. 9
140. 8
112. 2 144. 3
29.2
28. 6
115. 1
141. 5
28.9
112. 6 144. 9
29. 5
115. 5
140. 4
111. 4 143. 9
29. 0
29. 5
114. 3
141. 3
29. 0
112. 3 144. 4
28. 8
115. 6
141.0
112. 1 140. 8
29. 0
112. 2
28. 6
140. 6
111. 6 139. 3
29. 0
28. 7
110. 6
140. 5
29. 1
111. 4 140. 1
28. 8
111. 4
139.9
29. 0
110. 9 138. 0
28. 8
109. 2
139.4
110. 5 138. 0
28. 9
29. 0
109. 1
139. 6
28. 9
110. 7 138. 7
29. 1
109.6
139. 7
28. 9
110. 8 138. 9
29.0
109. 8
140. 4
29.0
111. 5 139.7
29. 1
110. 7
111. 6 140. 6
140. 6
29. 0
29. 1
111. 5
140. 2
29. 0
111. 2 141. 4
29. 2
112. 2
140. 4
29. 0
111. 4 143. 9
29. 5
114. 3
140. 6
28.9
111. 7 143.7
28. 8
114. 8
140. 2
28. 9
29. 1
114. 9
m. 3 144. 0
112. 0 143. 4
141. 0
29. 0
28. 5
114. 8

banks (member and nonmember).
member banks.

Deposits at member banks
(unadjusted) 2
U.S.
Demand Time Government
35.8
3.5
86. 9
39. 1
4. 6
90. 5
3. 0
92. 4
40. 3
3. 0
93.2
41. 7
92. 1
45. 9
3. 1
96. 0
52.7
3.4
53.7
95. 7
4. 4
94. 2
58. 1
4. 1
53. 7
95. 6
3. 6
92. 8
53. 5
3.6
91. 6
53.8
3.8
92. 3
3. 3
54. 2
90. 4
54, 5
5.8
90. 4
54. 9
5. 7
90. 7
55. 5
6.0
56.2
91.0
5. 5
56. 9
91. 6
4. 8
92. 0
57. 4
5. 1
57. 6
92.3
5.2
94. 2
4. 1
58. 1
59. 0
94. 7
3. 6
4. 1
94. 6
58. 9
94. 8
3. 1
59. 2

NOTE.—See note, p. 27.
Source: Board of Governors of the Federal Reserve System.

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans declined $4.1 billion in January 1961, compared to a decrease of $1.2 billion in January
1960.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS

.,----

BANK LOANS
IOO

50

INVESTMENTS IN OTHER SECURITIES

V

I

I955

I
I956

I

I958

I957

I959

I960

I96I

END OF MONTH

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF ECONOMIC ADVISERS

All commercial banks
End of period

1953 _ _
1954
1955
1956
1957
1958
1959 5
1960 .
1959: December
1960: January
February
March
April
May

June__
July
August
_ _
September
October 5
November 5
December .
3961: January 5

Investments

Total
loans
and
investments

Loans

145. 7
155. 9
160. 9
165. 1
170. 1
185. 2
190. 3
200. 3
190. 3
187.8
186. 5
185. 7
188. 8
188. 6
188. 9
190. 9
191. 2
193. 3
195. 7
195. 7
200. 3
197. 2

67. 6
70. 6
82. 6
90. 3
93. 9
98. 2
110.8
118. 2
110. 8
109. 6
110. 3
111. 4
113. 0
113. 6
114. 8
114. 2
114. 7
115. 4
114. 8
115. 0
118. 2
114. 1

U.S. Government
securities

Billions of dollars
14 7
63. 4
69. 0
16. 3
16. 7
61. 6
58. 6
16. 3
58. 2
17.9
66. 4
20. 6
58. 9
20. 5
61. 3
20. 8
58. 9
20. 5
58. 0
20. 3
56. 2
20. 1
54 2
20. 1
55. 8
20.0
55. 1
19. 8
54. 2
19. 9
56. 7
20. 0
56. 6
20. 0
57. 7
20. 2
20. 4
60. 5
20. 3
60. 4
61. 3
20. 8
62. 2
20. 9

1
Member banks are all national banks and those State banks which have taken
membership in the Federal Reserve System.
2 Commercial and industrial loans and prior_to 1956 agricultural loans. Series

4

Averages of daily figures. Annual data are for December.




Other
securities

•bank and
/ork City.

Weekly
reporting
member
banks l
Business
loans 2

23. 4
22. 4
26. 7
30. 8
31.8
2
31. 7
2
30. 5
31. 9
30. 5
29. 9
30. 2
31. 0
30. 9
31. 2
31. 6
31. 0
31. 0
31. 5
31. 4
31. 7
31. 9
31. 2
2

Bank
All member banks l
debits
outside
New York
Reserves 4
BorrowCity (343
ings at
centers) ,
Federal
seasonally
adjusted Required Excess Reserve
Banks 4
annual
3
rates
Millions of dollars
441
1, 126. 3 19, 227
693
246
703
1, 148. 4 18, 576
1, 276. 7
594
839
18, 646
1, 384. 8
652
688
18, 883
710
577
1, 468. 3 18, 843
1, 481. 0
557
516
18, 383
482
1, 655. 6
18, 450
906
1, 782. 0
87
18, 515
768
482
1, 679. 7
906
18, 450
18, 334
544
905
1, 686. 9
816
1, 783. 7
17, 758
455
635
17, 611
1, 708. 3
416
602
408
1, 742. 3 17, 696
502
17, 770
469
1,757.5
425
17, 828
466
1, 758. 4
388
1, 699. 2
18, 010
508
293
17, 961
1, 789. 9
540
639
225
17, 931
1, 742. 4
i-19
1, 722. 0
1 8, 095
638
1, 767. 9
142
18, 248
756
87
1, 710. 7
768
18, 515
•19
1, 735. 9
731
18, 570

6
Preliminary.
NOTE.—Between January and August 1959, series for all commercial banks
and all member banks were expanded to include data for all banks in Alaska ami
Hawaii.
Source: Board of Governors of the Federal Reserve System.
O*7

CONSUMER CREDIT
Consumer credit outstanding rose about $1.4 billion in December 1960, compared to an increase of about $1.6
billion in December 1959.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

60 I

60

END OF MONTH

TOTAL CREDIT OUTSTANDING

40

20

NONINSTALMENT CREDJT

SEASONALLY ADJUSTED (ENLARGED SCALE)

I955

I956

I957

1961

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[Millions of dollars]
Consumer credit outstanding
(end of period; unadjusted)
Instalment
NonAutomoTotal
instalTotal *
bile 2
ment 3
paper

Period

1951
1952
__
1953
1954
1955
1956
_
1957
1958
1959
1960
1959- November
December
1960: January.
February
March
April
May
June

COUNCIL OF ECONOMIC ADVISERS

-

__

. . ..
__ _ ___

_

JU ] V

August
_ _
September
October
November
__
December

_ _

22, 712
27, 520
31,393
32, 464
38, 882
42,511
45, 286
45, 544
52, 119
56, 049
50, 503
52, 119
51, 468
51, 182
51, 298
52, 353
52, 991
53, 662
53, 809
54, 092
54, 265
54, 344
54, 626
56, 049

15, 294
19, 403
23, 005
23, 568
28, 958
31, 897
34, 183
34, 057
39, 852
43, 28.1
39, 024
39, 852
39, 738
39, 785
40, 020
40, 651
41, 125
41, 752
42, 050
42, 378
42, 517
42, 591
42, 703
43, 281

5, 972
7, 733
9, 835
9, 809
13, 472
14, 459
15, 409
14, 237
16, 549
17, 866
16, 633
16, 549
16, 519
16, 626
16, 826
17, 170
17, 431
17, 755
17, 893
18, 020
18, 021
17, 992
17, 967
17, 866

1
Also includes other consumer goods paper, repair and modernization loans,
and personal loans, not shown separately.
2
Consumer credit extended for the purpose of purchasing automobiles and
secured by the items purchased.
3
Consists of single-payment loans, charge accounts, and service credit.

28



7,418
8, 117
8, 388
8, 896
9,924
10, 614
11, 103
11, 487
12, 267
12, 768
11, 479
12, 267
11, 730
11, 397
11, 278
11, 702
11, 866
11, 910
11, 759
11, 714
11, 748
11, 753
11,923
12, 768

Consumer instalment credit extended and
repaid (seasonally adjusted)
Automobile paper 2
Total i
Extended

23, 576
29, 514
31, 558
31, 051
39, 039
40, 175
42, 545
40, 789
49, 045
50, 343
4, 185
4, 119
4, 159
4, 196
4, 259
4, 498
4,254
4, 325
4, 209
4,071
4, 124
4, 095
4, 134
4, 007

Repaid

22, 985
25, 405
27, 956
30, 488
33, 649
37, 236
40, 259
40, 915
43, 407
46, 914
3,727
3, 773
3, 849
3, 765
3, 780
3, 935
3, 912
3,934
4, 017
3, 918
3, 961
4, 000
3,946
3, 931

Extended
8,956
11, 764
12, 981
11, 807
16, 745
15, 563
16, 545
14, 316
17, 941
17, 839
1, 465
1, 355
1, 453
1, 533
1, 590
1, 635
1, 557
1,537
1, 416
1, 421
1, 421
1,454
1, 482
1,325

Repaid

9, 058.
10, 003
10, 879
11, 833
13, 082
14, 576
15, 595
15, 488
15, 698
16, 522:
1, 327
1, 352
1, 359
1, 330
1, 342
1, 379
1, 402
1,392
1, 385'
1, 388
1, 375
1, 421
1, 397
1, 356

NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Source: Board of Governors of the Federal Reserve System.

BOND YIELDS AND INTEREST RATES
The rate on 3-month Treasury bills and the yields on U.S. Government, municipal, and corporate bonds averaged
obout the same in January as in December. In early February, however, the bill rate increased while the yields on
bonds declined.
PERCENT PER ANNUM

PERCENT PER ANNUM

1961

SOURCES: SEE TABLE BELOW.

COUNCIL OF ECONOMIC ADVISERS

Period

1954
1955
1956
1957
_
1958
1959_._
I960.
.
. . .
1960: January _ _
.
February
._
_ .
March .
_. _
April
_
.
May

June
July
August
September
October
November
December. _ . _ _ _
1961: January
Week ended:
1961: January 7
14

_

...

21
28
February 4
_
11.. . . . . . .
1
2

18

[Percent per annum]
U. 8. Government
High-grade
security yields
municipal
3-month
bonds
Taxable
2
Treasury
(Standard3 &
bonds
bills i
Poor's)
0.953
2.55
2. 37
2. 84
1.753
2.53
2.658
3.08
2.93
3.267
3. 47
3.60
1. 839
3. 43
3.56
3. 405
4.08
3. 95
4.02
2.928
3. 73
4.37
4. 436
4. 13
3. 954
4. 22
3. 97
3.439
4.08
3. 87
3. 244
4. 18
3. 84
3.392
4, 16
3. 85
2. 641
3. 98
3.78
2. 396
3. 86
3. 72
2. 286
3. 79
3. 53
2. 489
3. 84
3.53
2. 426
3. 91
3. 59
2. 384
3. 93
3. 46
2. 272
3.88
3.45
2. 302
3.89
3. 44
2. 234
2. 385
2.358
2.230
2. 299
2.374
2. 462

Rate on new issues within period.
Series includes: April 1953 to date, bonds due or callable 10 years and after;
April 1952-March 1953, bonds due or callable after 12 years; October 1941-March
1952, bonds due or callable after 15 years.
3
Weekly data are Wednesday figures.




3.84
3.90
3.92
3.89
3. 88
3. 84
4
3. 81

3.46
3.46
3.42
3. 40
3. 40
3. 35
3. 31

Corporate bonds
( Moody 's)

2. 90
3.06
3, 36
3.89
3. 79
4.38
4.41
4. 61
4. 56
4. 49
4. 45
4.46
4. 45
4.41
4. 28
4.25
4. 30
4. 31
4.35
4. 32

3. 53
3.88
4.71
4,73
5.05
5. 19
5.34
5. 34
5. 25
5. 20
5. 28
5. 26
5. 22
5.08
5.01
5. 11
5. 08
5. 10
5. 10

Prime
commercial
paper,
4-6
months
1. 58
2. 18
3. 31
3.81
2. 46
3.97
3.85
4.91
4.66
4. 49
4. 16
4.25
3. 81
3.39
3. 34
3. 39
3. 30
3. 28
3. 23
2.98

4.34
4. 33
4.32
4.31
4. 30
4.28
4
4. 27

5.08
5. 10
5. 11
5. 12
5. 09
5. 07
5. 07

3. 06
3. 00
3.00
2. 90
2.93
3.00
4
3. 00

Aaa

Baa

a 51

4

Not charted.
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Standard & Poor's Corporation, and Moody's Investors Service.

29

STOCK PRICES
Stock prices continued to rise in January.
INDEX, 1957-59=100

INDEX, 1957-59* 100

100

100

SOURCE: SECURITIES AND EXCHANGE COMMISSION.

Composite
index 1

Period
Weekly average:
1952
_ _
1953
1954
1955
1956
1957
_
1958
1959
_
1960 _
__
1959- December
i960' January
February
_ _
March
April
May
_ __ _
June
July
August
September
October
November
December
1961: January
Week ended:
1961: January 13
20
27

February 3
10
1

COUNCIL OF ECONOMIC ADVISERS

[1957-59=1001
Manufacturing
NonDurable
Total
durable
goods
goods




Utilities

Trade,
finance,
and
service

Mining

52. 3
51. 9
61.7
81.8
92. 6
89. 8
93. 2
116. 7
113. 9
120. 5
117.6
114. 1
112. 1
113. 5
113. 2
117. 0
114. 5
115.6
112. 1
109. 1
112. 6
115. 2
120. 9

46. 8
46. 7
57. 6
79. 5
93. 2
90. 7
92. 5
116. 5
110. 9
122. 1
117.5
112.8
109. 9
111. 0
110. 7
114. 6
111. 2
112. 2
107. 6
104. 9
108. 5
110. 3
115.3

42. 1
43. 0
54. 7
78. 7
91. 5
88. 5
90. 4
120. 8
117. 3
128. 8
124. 3
119. 1
115. 8
118. 3
118. 7
123. 4
119. 0
119. 8
114. 1
109. 4
113. 0
114. 5
118. 6

50. 7
49. 8
60.0
80. 1
94. 5
92. 8
94. 4
112. 6
104. 9
115. 9
111. 2
107.0
104.5
104.3
103. 3
106. 6
104. 0
105. 1
101. 7
100. 8
104. 5
106. 4
112. 2

74. 6
73.9
78. 6
108. 2
110. 6
93. 2
91. 0
115. 6
95. 8
107. 6
106. 4
103. 0
97. 4
96. 5
95. 8
97. 1
95. 7
96. 1
91. 5
88. 0
91. 7
92. 6
100. 3

65. 4
67. 3
75. 3
84. 8
86. 4
86. 3
95. 8
117. 6
129. 3
115. 1
120.0
122. 3
124.0
127. 1
126. 4
129. 8
131. 0
132. 6
134. 2
130. 5
132. 0
138. 5
148. 7

60. 4
60.8
69. 1
87. 1
89. 9
82. 2
95. 1
122. 3
127. 4
127.0
125. 6
121. 9
122. 2
125. 3
125. 8
132. 1
131. 0
131. 8
127. 2
122. 8
129. 3
132. 4
134.8

80.7
70. 4
78. 2
91. 6
104. 6
107. 2
97. 9
95. 0
73. 8
85.8
83. 3
78. 5
75. 7
73. 4
70. 9
70. 3
68. 6
71. 6
70. 1
71. 8
74. 1
78. 2
85. 1

120. 5
121. 2
123. 6
125. 5
124. 0

115.
115.
117.
119.
117.

118. 5
119. 0
120. 1
122. 2
119. 1

112. 1
112.3
115. 1
117.6
116. 7

100. 5
102. 2
100. 6
102. 2
101.3

147. 1
148.8
154. 4
155. 2
154. 8

134.5
135.3
136. 9
137. 0
138. 1

83. 8
86. 1
87. 2
89. 7
88. 6

1
5
5
8
8

Includes 300 common stocks: 108 for durable goods manufacturing, 85 for nondurable goods manufacturing, 18 for transportation, 34 for utilities, 45 for trade,
finance, and service, and 10 for mining.

30

Transportation

NOTE.—Indexes are based on weekly closing prices.
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 $6.5 billion,
year, the deficit was $6.9 billion.

For the same period last

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

NET BUDGET RECEIPTS

NET BUDGET EXPENDITURES

50

1956

1957

1958

1959

I960

1961

1958

MAJOR NATIONAL SECURITY
75 LEXPENDITURES

BUDGET SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE)
FIRST 7

MONTHS

1961

1956

1957

1959

i960

FISCAL Y E A R S
• ESTIMATE
SOURCES'- TREASURY DEPARTMENT, AND B U R E A U OF THE BUDGET.

[Billions of dollars]
Net budget expenditures
Net
Major national security 1
budget
Department
Total
receipts
Total
of Defense,
military 2

Period

Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1959:
1960:

year 1956
year 1957
year 1958
year 1959
year 1960
year 1961 4
year 1962 4 .
December _ _
January
February
March
April

May

_.
_.
_

COUNCIL OF ECONOMIC ADVISERS

_.

67. 8
70. 6
68.5
67.9
77. 8
79. 0
82. 3
7. 3
4. 9
7. 2
9. 6
5. 1
6. 6
10. 9
3. 1
6. 5
9. 0
2. 8
6. 3
7. 6
4.8

June
._ _ _
__
July 5
5
August
September 5
October 5
November 5 _
December 5
1961: January 5 _ _
Cumulative totals first 7 months: 5
Fiscal year 1960
38. 4
Fiscal year 1961 _ _ _ „
40. 2
1
Includes military activities of the Department of Defense (military functions
and the military assistance portion of the mutual security program), Atomic
Energy Commission, stockpiling, and defense production expansion.
2
Military functions and military assistance.
3
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.




Budget
surplus

Public
debt

(end of

or

deficit ( - )

period) 3

66. 2
69. 0
71. 4
80. 3
76. 5
78. 9
80. 9
6. 6
6.2
6. 1
6. 4
6. 0
6. 1
6. 5
6. 2
6.8
6.8
6. 8
6. 8
6. 8
6. 5

40. 6
43. 3
44 1
46. 4
45. 6
45. 9
47. 4
4.2
3. 5
3.7
40
3.7
3.7
4.0
3.5
4.0
3. 9
3. 7
3. 9
4. 2
3. 7

38. 4
40. 8
41.2
43. 6
42.8
43. 2
44. 7
4. 0
3. 3
3.5
3.7
3. 4
3. 4
3. 7
3. 2
3.7
3.7
3. 5
3. 6
4. 0
3. 5

2.' 2
— 4. 0
-. 5
.8
-1.6

290.2

45. 3
46. 7

26.6
26. 9

25. 0
25.3

-6. 9
-6. 5

291. 2
290. 2

1. 6
1. 6
-2. 8
12. 4
1. 2
.1
1. 5
.7
-1. 3
1. 1
3. 2
-1. 0
.5
4. 4
-3. 0
0

272. 8
270. 6
276.4

284.
286.
285.
283.
290.
291.

8
5
1
7
9
2

290.7
287.0

288.
289.
286.
288.
288.
288.
290.
290.
290.

9
5
5
5
8
6
6
6
4

4
8

Estimate.
Preliminary.
NOTE.—Total budget receipts and expenditures have been adjusted to exclude
certain intragovernmental transactions.
Sources: Treasury Department and Bureau of the Budget.

31

CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the fourth quarter of calendar 1960, cash payments to the public exceeded cash receipts by $3.9 billion,
seasonally adjusted basis, however, receipts exceeded payments by $500 million.

BILLIONS OF DOLLARS ( SEASONALLY ADJUSTED )
30

BILLIONS OF DOLLARS

On

(SEASONALLY ADJUSTED)
30

EXCESS OF CASH RECEIPTS

EXCESS OF CASH PAYMENTS

-5
I

1956

1958

1961

CALENDAR YEARS
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.

COUNCIL OP ECONOMIC ADVISERS

[Billions of dollars]
Period

Fiscal year total:
1957
1958
1959
1960__
1961 i
1962 !_
Calendar year total:
1956
1957
1958
1959 2
I960 . _
_._

Cash receipts
from the
public

Excess of re- Cash receipts
ceipts (+) or
from the
payments
public
(-)

82. 1
81. 9
81. 7
95. 1
99.0
103. 1

80.0
83. 4
94. 8
94, 3
97. 9
101. 8

80.3
84.5
81.7
87. 6
98.3

74.8
83.3
89.0
95. 6
94.7
Unadjusted

—.1
—.4
-3.0
-4.5
3.8
4.5
-. 8
-3. 9

Seasonally adjusted

20. 2
21. 2
23.3
23.5
23.4
25. 1
25. 2
24. 7

24. 1
24.0
23.8
23. 7
23. 3
23. 6
23. 6
24. 2

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

5. 5
1. 2
-7.3
-8.0
3.6

22. 7
24.5
24. 4
23.9
21. 9
24. 1
24, 2
24. 5

Cash payments to
the public

2. 1
— 1. 5
-13. 1
.8
1. 1
1. 3

Quarterly total (calendar years) :
22. 6
1959: First quarter
24. 1
Second quarter
21. 4
Third quarter
19. 4
Fourth quarter
1960: First quarter.
_
25.8
28.5
Second quarter.
23. 4
Third quarter 2 2
20. 6
Fourth quarter _
J
Estimate.
* Preliminary.
Sources: Treasury Department and Bureau of the Budget.

32

Cash payments to
the public

-3. 8
-2.9
-.5
—.1
.1
1.5
1.7
.5

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