Full text of Economic Indicators : January 1956
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84th Congress, 2d Session ublic Librar? Economic Indicators JANUARY 1956 Prepared for the Joint Committee on the Economic Report by the Council of Economic Advisers A number of subscribers to Economic Indicators have inquired about the Historical and Descriptive Supplement to Economic Indicators, which describes each series and gives data for years not shown in the monthly issue. This publication was issued in December 1953 but has been out of print in recent months. A revised version is now available for 40 cents a copy from: Superintendent of Documents Government Printing Office Washington 25, D. C. UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1956 JOINT COMMITTEE ON THE ECONOMIC REPORT (Created pursuant to Sec. 5 (a) of PubUc Law 304, 79th Cong.) PAUL H. DOUGLAS, Illinois, Chairman WRIGHT PATMAN, Texas, Vice Chairman JOHN SPARKMAN (Alabama) J. WILLIAM FULBRIGHT (Arkansas) JOSEPH C. O'MAHONEY (Wyoming) RALPH E. FLANDERS (Vermont) ARTHUR V. WATKINS (Utah) BARRY GOLDWATER (Arizona) RICHARD ROLLING (Missouri) WILBUR D. MILLS (Arkansas) AUGUSTINE B. KELLEY (Pennsylvania) JESSE P. WOLCOTT (Michigan) HENRY O. TALLE (Iowa) THOMAS B. CURTIS (Missouri) GROVER W. ENSLEY, Executive Director JOHN W. LEHMAN, Clerk COUNCIL OF ECONOMIC ADVISERS ARTHUR F. BURNS, Chairman RAYMOND J. SAULNIER JOSEPH S. DAVIS [PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [S. J. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Committee on the Economic Report be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Committee on the Economic Report; and the required number of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce 11 Contents TOTAL OUTPUT, INCOME, AND SPENDING The Nation's Income, Expenditure, and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Per Capita Disposable Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment Page 1 2 3 4 5 6 7 8 9 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Nonagricultural Employment Average Weekly Hours—Selected Industries Average Hourly Earnings—Selected Industries Average Weekly Earnings—Selected Industries 11 12 13 14 15 PRODUCTION AND BUSINESS ACTIVITY Industrial Production. Production of Selected Manufactures Weekly Indicators of Production New Construction Housing Starts and Applications for Financing Sales and Inventories—Manufacturing and Trade Merchandise Exports and Imports 16 17 18 19 20 21 22 PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers 23 24 25 CURRENCY, CREDIT, AND SECURITY MARKETS Currency and Deposits Bank Loans, Investments, and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices 26 27 28 29 30 FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public 31 32 111 TOTAL OUTPUT, INCOME, AND SPENDING THE NATION'S INCOME, EXPENDITURE, AND SAVING Current estimates of total income and expenditures for the third quarter of 1955 reflect the continued rise in over-all economic activity. BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES CONSUMERS 300 3OO 250 — — 250 200 — 200 — ISO ISO — BUSINESS IOO IOO — 50 GROSS RETAINED EARNINGS^ GOVERNMENT-FEDERAL, STATE, AND LOCAL IOC IOO EXPENDITURES FOR GOODS AND SERVICES (LESS TRANSFER PAYMENTS) 1955 FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT. •^INCLUDES CORPORATE UNDISTRIBUTED PROFITS AND INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES. -^PRELIMINARY ESTIMATES. NOTE" THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES.OR GROSS NATIONAL PRODUCT, BECAUSE OF STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT. SEE SENATE REPORT NO. 1295, JOINT ECONOMIC REPORT, PP 92-93, 99-105, AND THE ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1953, APPENDIX A. SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS. COUNCIL OF ECONOMIC ADVISERS GROSS NATIONAL PRODUCT OR EXPENDITURE According to current estimates, the gross national product rose about $7 billion (seasonally adjusted annual rate) too new nigh of $391.5 billion between the second and third quarters. Consumer expenditures accounted for most of the increase. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 400 400 SEASONALLY ADJUSTED ANNUAL RATES 350 350 "GROSS NATIONAL PRODUCT 300 PERSONAL CONSUMPTION EXPENDITURES 200 150 150 GOVERNMENT PURCHASES OF GOODS AND SERVICES 100 50 GROSS PRIVATE DOMESTIC INVESTMENT \ j j I 1950 1951 NET FOREIGN INVESTMENT I I 1952 I I 1953 I I 1955 1954 SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Personal Gross Total conNet private foreign gross sump- domestic national tion investproduct expend- investment ment itures Period 1939 1946. 1947 1948 1949 1950 1951 1952_._ 1953 1954. _ 1954: First quarter Second quarter Third quarter .- «. Fourth quarter 1955: First quarter Second quarter Third quarter . ,_ Government purchases of goods and services Federal State and Total i Total * National3 Other local security 91.1 209.2 232.2 257.3 257.3 285. 1 32a2 345.2 364.5 360.5 67.6 146. 6 165.0 177.6 180.6 194.0 20a3 218.3 230.6 236.5 5.2 0.9 13.3 9.3 20.9 30.9 27. 1 46 28.6 8.9 15.8 29.7 41.2 36.6 21.0 2.0 25.4 43.6 32. 5 .5 22. 1 51.2 -2.2 42.0 62.8 .2 41.0 5a9 543 77.5 -.2 49.6 -2.0 84.5 51.4 59.5 49.2 47.2 77.0 -.3 Seasonally adjusted annual rates 358.3 357.6 358.8 367. 1 375.3 384.8 391.5 232.2 235. 1 237.9 241.0 245.8 250.5 256.0 45.5 46.9 45.9 50.7 54. 1 60. 1 60.3 — 1. 1 -.3 -.7 .9 A -!7 -.5 81.7 75.9 75.8 74.5 75.8 749 75.8 547 48. 6 47.7 45.7 46.4 45.2 45.5 a2 1.3 21.2 13.3 16.0 19.3 18.5 37.3 48.8 51.4 43.2 3.9 2.5 3.8 5.6 6.6 3.9 42 5.8 8.5 6.3 10.0 12.8 15.6 18.2 19.9 21. 8 23.2 25.0 27.8 46.8 43.6 42.1 40.5 41.2 40.4 40.6 8.3 5.4 6. 1 5.5 5.5 5.2 5.2 27.0 27.3 28. 1 28.7 29.4 29.7 30.2 * Less Government sales. * Includes expenditures for military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promotion of the merchant marine, promotion of defense production and economic stabilization, and civil defense. For further details, see Economic Report of the President, January 1955 (p. 137). and National Income, 195A Edition (p. 148). These expenditures are not comparable with the "national security" category in The Budget of the U. S. Government for the Fiscal Year Ending June SO, 1956, and shown on p. 31 of Economic Indicators. Source: Department of Commerce. NOTE.—Detail will not necessarily add to totals because of rounding. NATIONAL INCOME According to preliminary estimates, national income rose by $5 billion (seasonally adjusted annual rate) between the second and third quarters, largely due to the increase in compensation of employees. BILLIONS OF DOLLARS 350 BILLIONS OF DOLLARS 350 300 300 150 ^» CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT 1955 1950 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT Of COMMERCE (EXCEPT AS NOTED). [Billions of dollars] Period Total national income Compensation of em-l ployees 1939 1946 1947 1948 1949 1950 1951-1 1952 1953 1954 72.8 179. 6 197.2 221. 6 216.2 240.0 277.0 289.5 303.6 299. 7 48.1 117.7 128.8 140. 9 140.9 154.3 180.4 195. 3 209.2 207. 9 1954: First quarter Second quarter Third quarter Fourth quarter 1955: First quarter . Second quarter Third quarter 297.7 298.9 298.7 303.2 311.4 320.7 325.7 206.7 207.2 207.8 209.8 213. 1 219.5 224. 3 Proprietors' income Farm J Includes employer contributions for social insurance. (See also p. 4.) NOTE.—Detail will not necessarily add to totals because of rounding. Business and professional Rental income of persons Net interest 4.3 13.9 14.5 16. 7 12. 7 13.3 16.0 14.3 12.3 12.0 7.3 2.7 4.6 6.2 21.3 3.1 19.9 3.8 6.5 21.6 7.2 4.5 21.4 5. 2 7.9 22.9 5. 9 8.5 6. 8 24.8 9. 1 25.7 9.9 7.4 25.9 10.3 8.8 25.9 10.5 9. 5 Seasonally adjusted annual rates 13.2 25.3 9.4 10.4 11.9 25.9 10. 5 9.5 11.7 10.6 26.0 9.5 11. 2 26.3 10.7 9.7 26.6 10.7 9.9 11.5 10.7 10.3 27. 1 11.0 27.6 10.7 10. 7 10.6 Source: Department of Commerce. Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment 5.7 17.3 23.6 30.6 28. 1 35. 1 39.9 36.9 37.2 33.8 6.4 22. 6 29.5 32.8 26.2 40.0 41.2 35.9 38.3 34.0 -0.7 -5.3 -5.9 -2.2 1.9 — 4. 9 -1.3 1.0 1. 1 -.2 32.6 34.0 33. 1 35.5 39.6 42.2 41. 9 32.7 33.7 33.5 36.0 40.9 43.0 44. 5 2 !2 —.5 -.5 — 1. 3 -.8 -2.6 SOURCES OF PERSONAL INCOME Personal income rose $2 billion (seasonally adjusted annual rate) between October and November. increase was accounted for by labor income. BILLIONS OF DOLLARS Most of the BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL PERSONAL INCOME* LABOR INCOME FARM PROPRIETORS' INCOME TRANSFER PAYMENTS 1953 1954 1955 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE. I BilHon« of dollar*! Total personal income Period 1939. 1948 1949 1950.1951 1952 1953 1954 . 72.9 208. 7 206.8 227.1 255.3 271. 1 286.2 287. 6 1954: OctoberNovember. _ December 1955: January February March . April May June July. August September. . October 4 November _ 288.4 290. 8 293.4 292.2 293.2 295.7 298.9 301.4 301.6 305.3 305.3 307.9 309. 2 311.4 Less: PerLabor income Proprietors' income sonal con- Nonagri(wage and Rental Transfer Personal tributions cultural salary disBusiness income Divi- interest paydends income ments for social personal1 bursements of Farm and proincome insurand other fessional persons ance labor income)1 67. 1 0.6 3.0 5.8 3.8 2.7 46.6 4.3 7.3 188.5 2.2 9.0 11.3 7.2 7.2 16.7 137.9 21.6 2.2 190.8 12.4 9.8 137.4 21.4 7.9 7.5 12. 7 2.9 210. 5 9.2 10.6 * 15. 1 22.9 8.5 13.3 150.3 235.7 3.4 12. 6 11.6 9.1 16.0 9. 1 175. 6 24.8 253.1 13.2 3.8 12.3 9.0 14.3 25.7 9.9 190.5 270.2 3.9 14.0 13.8 10.3 9.3 204.6 12.3 25.9 271.9 16.2 4.5 14.7 10.0 12.0 10.5 25.9 202.8 Seasonally adjusted annual rates 273. 8 4. 5 17.0 10. 1 14.8 10.7 26.0 203.5 10.9 275. 9 4.5 16.8 14.8 10. 1 11.3 26.3 10.7 205.3 278. 1 4.6 17. 1 14.9 11.7 10.7 11. 5 26. 7 205. 5 276.5 5.0 17.0 14.9 10.1 10.7 11.7 26.6 206. 1 277.7 5.0 17.0 15. 1 10.2 10.7 26.4 207. 1 11.7 280.9 5. 1 17.4 15.2 10.4 26.7 10.7 11. 1 209. 4 283.7 17.6 5. 1 15.3 10.6 10.6 11.4 211. 5 26.9 286. 6 5.2 17.5 15.4 10.7 10.7 27. 2 10.9 214.2 5.2 287. 2 17. 1 15.5 10.8 10.7 27.3 214.9 10. 5 291. 7 5.3 16.9 15.6 10.8 27.5 219.4 9.8 10.7 290.8 16. 9 5.3 15.7 11.0 218.2 10.7 10.6 27.5 293.0 5.3 16.9 15.8 11.3 11. 2 27. 8 10. 6 219.5 294.4 5.3 16.9 16.0 11.2 11.5 220.4 28.0 10. 7 296.4 5.3 17. 1 16. 1 11.5 10.7 11.3 222. 1 27.9 i Compensation of employees (see p. 3) excluding employer contributions for social insurance. a Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Detail will not necessarily add to totals because of rounding. * Includes $2.7 billion National Service Life Insurance dividend, most of which was paid in the first half of the year. * Preliminary estimates. Source: Department of Commerce. DISPOSITION OF PERSONAL INCOME According to current estimates, disposable personal income rose about $4^ billion (seasonally adjusted annual rate) between the second and third quarters. Consumption expenditures increased $5K billion, while personal saving declined. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 300 300 250 150 I 00 I960 1955 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE. Equals: Less: Personal Personal Disposable income taxes l personal income Period 1939 1946 1947 1948 1949 1950 1951 1952 1953 1954 ._ , . _ . - - -- . __ 1954* First quarter Second quarter _ _ Third quarter Fourth quarter 1955* First quarter Second quarter Third quarter 72.9 178.0 190. 5 208.7 206.8 227. 1 255.3 271. 1 286.2 287.6 285. 8 286.6 287.3 290. 8 293.6 300. 5 306. 1 2.4 18. 8 21. 5 21. 1 18.7 20.9 29.3 34. 4 35. 8 32. 8 Billions 32. 7 32. 7 32. 8 33. 1 32. 6 33.4 34. 4 i Includes such items as fines, penalties, and donations. NOTE.—Detail will not necessarily add to totals because of rounding. 708,13—56— Less: Personal consumption expenditures Total Saving Equals: as percent of disPersonal Nonsaving posable Durable durable income Services goods goods Billions of dollars 70.4 67. 6 6.7 35. 1 25. 8 159.2 146. 6 46.2 15. 9 84.5 165. 0 20. 6 169.0 93. 1 51. 3 187.6 22.2 177.6 98.7 56.7 188.2 180. 6 23.6 96.9 60. 1 206. 1 194. 0 28. 6 100. 4 65.0 226. 1 208.3 27. 1 111. 1 70. 1 236. 7 218.3 26.6 116.0 75. 7 250.4 230.6 29. 8 118.9 81. 8 254. 8 29. 3 236. 5 86.4 120.9 of dollars, seasonally adjusted annual rates 253. 1 232.2 28.3 119. 2 84. 7 253.9 29.0 235. 1 120.4 85.7 29.4 254.5 237. 9 12). 5 87.0 241. 0 30.4 257.8 122. 5 88. 1 261. 0 34.4 245. 8 122.4 89. 0 267. 1 250. 5 35. 1 125.3 90.2 271. 7 256. 0 37.2 127, 0 91.8 Source: Department of Commerce. 2. 9 12.6 4.0 10.0 7.6 12. 1 17.7 18.4 19. 8 18.3 4. 1 7.9 2.4 5.3 4.0 5. 9 7.8 7.8 7.9 7.2 21.0 18.8 16.6 16.8 15.3 16.6 15.7 8.3 7.4 6.5 6.5 5.9 6.2 5. 8 PER CAPITA DISPOSABLE INCOME Per capita disposable income (seasonally adjusted), measured in both current and constant prices, rose about 1 percent between the second and third quarters. In constant prices, it exceeded the level of the corresponding 1954 quarter by more than 5 percent. DOLLARS 2,000 DOLLARS 2,000 SEASONALLY ADJUSTED ANNUAL RATES 1954 PRICES-*7*- 1,500 1,500 1,000 1,000 1951 I960 1952 1954 1953 1955 -^SEE FOOTNOTE 2 ON TABLE BELOW. COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF C O M M E R C E , DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS Total disposable personal Per capita disposable personal income (dollars)1 income (billions of dollars)1 Period Current prices 1939 1946 1947 1948 1949 1950 1951 1952 1953 1954 - _- - - ._ - - - 1954 prices 8 70.4 159.2 169.0 187.6 188. 2 206. 1 226. 1 236.7 250.4 254.8 136.3 219.3 203. 1 209.6 212. 1 230. 3 233.8 239.4 251. 1 254.8 Current prices 538 1, 126 1, 173 1,279 1,261 1,359 1, 465 1,508 1,568 1,569 1954 prices a Population (thousands) * 1,041 1,551 1, 410 1,429 1,422 1,518 1,515 1,525 1,573 1,569 131, 141, 144, 146, 149, 151, 154, 157, 159, 162, 028 389 126 631 188 683 360 028 643 409 439 075 806 582 Seasonally adjusted annual rates 1954: First quarter Second quarter Third quarter __ Fourth quarter 1955: First quarter Second quarter Third Quarter 21 -_ -_ __ _ 253. 1 253. 9 254.5 257.8 252.6 253. 6 254. 2 258. 6 1 568 1 567 1 563 1 576 1,565 1, 565 1,561 1,581 161, 162, 162, 163, 261.0 267. 1 271.7 262.0 268.2 272.0 1 589 1 620 1 640 1,595 1,627 1, 642 164, 262 164, 911 165, 628 Income less taxes. Dollar estimates in current prices divided by consumer price index on base 1954=100. a Includes armed forces overseas. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures. Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers. FARM INCOME Gross and net farm income (seasonally adjusted) declined between the second and third quarters. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES NET FARM INCOME (INCi_. ADJUSTMENT FOR INVENTORY CHANGE ) -I/ 4-J 1950 1951 1952 1953 1954 1955 -I/ INCOME OF FARM OPERATORS FROM FARMING SOURCE: DEPARTMENT OF AGRICULTURE. Realized gross farm income l Period 1939 _ _ 1946 . _ _ ___ 1947 1948 1949_ _ 1950 1951 . 1952 1953. 1954 1954: First quarter. Second quarter Third quarter Fourth quarter 1955: First quarter Second quarter Third quarter COUr-JCIl OF ECONOMIC ADVISERS ___ . 10. 6 29. 3 34. 0 34. 6 31. 6 32. 1 37. 1 36.9 35. 2 34.0 35.7 33. 6 33.4 33.3 33. 9 33,2 32. 1 Farm operators' income Net income per farm (inNet income 2 cluding adjustment for Excluding Including Farm proinventory change) adjustment adjustment duction for invenfor invenCurrent 1954 expenses prices prices 6 tory change 3 tory change4 Dollars Billions of dollars 1,591 4. 4 4. 5 6. 2 697 3,417 15. 0 14. 9 2,518 14.3 17.2 15. 5 2,632 16. 8 3,043 15. 9 3, 049 3, 329 18. 6 17.7 12. 9 17.9 13. 7 2,534 2,248 13. 7 2,704 12. 9 2, 428 19. 2 2, 985 14. 8 16. 1 2, 919 22.3 2, 809 2, 778 14. 1 14. 9 22. 9 2,482 12. 8 13. 4 2,445 21.8 12. 3 22. 2 2,413 2, 413 11. 8 Seasonally adjusted annual rates 13.2 2, 627 13.4 2, 656 22. 5 2,324 2, 333 22. 3 11. 3 11.9 12.0 22. 0 11. 4 2, 353 2,337 2,349 2,333 22.0 11.9 11.3 2,377 2, 360 22.7 11.2 11.8 2,240 10.7 2,240 22.5 11.2 2,068 10.0 10. 3 2,060 22. 1 Number of farms (millions)0 6.4 5.9 5.9 5.8 5. 7 5.6 5. 5 5. 4 5. 2 5. 1 7 7 7 5. 1 5. 1 5. 1 5. 1 5.0 5.0 5.0 1 Includes cash receipts from farm marketings, value of farm products consumed directly in farm households, gross rental value of farm dwellings, and Government payments to farmers. 2 Excludes (a) farm wages paid to workers living on farms and (6) any income tos farm people from nonfarm sources. These items in 1954 were as follows: (a) 2.0 billion dollars and (6) 5.7 billion dollars. Realized gross income less farm production expenses. 4 Differs from farm proprietors' income on pages 3 and 4 because of revisions by the Department of Agriculture not yet incorporated into the national income accounts of the Department of Commerce. 8 Dollar estimates in current prices divided by index of prices paid by farmers for items used in family living, on base 1954=100. o For the quarterly data, the number of farms is held constant within a given year. ' Estimates by Council of Economic Advisers. Source: Department of Agriculture (except as noted) CORPORATE PROFITS Corporate profits, before and after taxes, increased between the second and third quarters, according to current estimates. BILLIONS OF DOLLARS BILLIONS OF DOLLARS I960 1951 1955 ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT. SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED). COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Corporate profits before taxes Period 6.4 22.6 29.5 32.8 26. 2 40.0 41.2 35.9 38.3 34.0 Corporate tax liability Corporate profits after taxes Total Dividend payments 1.2 7.7 11.7 13. 0 8.3 12.9 9.6 7.1 7.7 7.0 20.4 21.4 22. 2 10. 2 10.7 11.2 1954; First quarter Second quarter Third quarter Fourth quarter 32.7 33.7 33.5 36.0 1. 4 5. 0 3.8 13.4 9. 1 5.8 18.2 11.3 6.5 7.2 12. 5 20.3 10.4 7.5 15.8 22. 1 9.2 17.8 22. 5 18.7 9. 1 9.0 19.8 16.1 21. 3 17.0 9.3 17.0 10,0 17.1 Seasonally adjusted annual rates 9.7 16.4 16.3 16.9 16.8 9.8 10.0 16.7 16.8 10.6 18.1 17.9 1955 : First quarter Second quarter Third quarter 40.9 43.0 44. 5 20.5 21. 6 22. 3 1939 1946 1947 1948 1949 1950 1951 . 1952 1953 1954 . . . NOTE.—See p. 3 for profits before taxes and after inventory valuation adjustment. Detail will not necessarily add to totals because of rounding. Source: Department of Commerce. Undistributed profits 10.2 10.7 11.0 6.6 7.0 6.7 7.3 GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment (seasonally adjusted) increased slightly between the second and third quarters of 1955. Expenditures on fixed investment increased by $2 billion (annual rate), while additions to business inventories were smaller by about $2 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 70 70 I960 I955 SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total gross private domestic investment Period 1939 1946 1947 1948 1949 1950 1951 1952 1953 1954 _ __- _ -- - . ___ _ -__ 9.3 27. 1 29.7 41. 2 32. 5 51. 2 56. 9 49.6 51. 4 47.2 Change in business inventories Fixed investment New construction Total 8.9 21. 0 30. 7 37.0 35.3 43. 9 46. 5 46.8 50. 2 50. 1 Total 4.8 10. 3 14.0 17. 9 17. 5 22. 7 23. 3 23.7 25. 8 27. 8 Residential nonfarm Commercial and industrial * 2.7 4.0 6.3 8.6 8.3 12. 6 11. 0 11. 1 11. 9 13. 5 1.2 4. 2 4.9 5.7 5.3 5.7 7. 2 7. 5 8.4 8. 6 All other 2 0.8 2. 1 2.8 3.6 3.9 4. 5 5. 1 5. 2 5.4 5.7 Producers' durable equipment Total Nonfarm 4.2 10. 7 16.7 19. 1 17.8 21. 1 23. 2 23. 1 24. 4 22. 3 0.4 6. 1 -1.0 4. 2 -2.7 7.4 10.4 2.8 1. 2 -2.9 0.3 6.4 1.3 3.0 -1.9 6. 4 9. 0 2. 1 1. 9 -3.2 22. 9 22. 4 22.2 21. 9 21. 5 23.2 25. 1 -3.2 -2.7 -4.9 -.6 1.5 4.3 2. 4 -3.4 -3.2 -5.4 -1.0 1.5 4.2 2. 0 Seasonally adjusted annual rates 1954: First quarter Second quarter Third quarter Fourth quarter 1955: First quarter- _ Second quarter Third quarter. 45. 5 46. 9 45. 9 50. 7 f>J. 1 60 1 ('»(). ?> 48.8 49.7 50. 7 51. 3 52. 7 55. 8 57. '.) 25. 9 27.3 28. 5 29. 4 31. 2 32. 6 32. S public utility. Includes petroleum and natural gas well drilling. NOTE.—Details will not necessarily add to totals because of rounding. 11.8 13.0 14.2 15. 0 16. 1 16. 9 ] G. 7 8.5 8. 5 8. 6 8. 7 9. 3 9. 8 10. 2 5.6 5. 8 5. 7 5. 7 5. 8 5.9 5.9 i Includes 1 Source: Department of Commerce. EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to a survey taken in October and November, business expenditures on plant and equipment are expected to total $28.3 billion in 1955, about $1!/2 billion more than in 1954. Expenditures are expected to reach $30.9 billion (seasonally adjusted annual rate) in the fourth quarter of 1955. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 30 20 MANUFACTURING^ COMMERCIAL AND OTHER JIIL.llle.bit PUBLIC UTILITIES. -° oJL TRANSPORTATIOI I960 I95I J 1952 I I 1953 J SEE NOTE 3 ON TABLE BELOW. SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE. J I I 1955 1954 1956 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Transportation Mining Durable NonduraRailroads Other goods ble goods 0.36 0.28 0.33 1.19 0.76 .92 .58 3.68 .43 3. 11 1.30 .89 3.41 5.30 .69 1.32 5.65 1.28 .88 3.48 .89 4.56 1.35 2.59 .79 1.21 4.36 .71 1. 11 3. 14 1.47 1.49 .93 5.68 5. 17 6.02 1.40 1. 50 .98 5. 61 6.26 1.56 1.31 .99 5.65 .85 .98 1.51 5.09 5.95 1.60 5.90 .93 5.42 .93 Seasonally adjusted annual rates .74 5.39 .80 1. 46 478 .94 1.62 .80 5.78 5.06 .99 .96 1.60 6.20 5.77 1.66 6.41 .97 1. 15 6.23 1. 64 1.41 6. 64 .95 6.80 Manufacturing Period Total i Total 1939 1946 1947_ 1948 . . . -__ 1949 1950 1951 1952 .-1953 1954 1955 3 4 5.51 14.85 20. 61 22.06 19.28 20.60 25.64 26. 49 28.32 26.83 28. 27 1.94 6.79 8.70 9. 13 7. 15 7.49 10.85 11. 63 11.91 11.04 11.32 1955: First quarter Second quarter Third quarter 3 Fourth quarter _ _ _ 11)56: First quarter 3 25.65 27. 19 29.65 30. 86 31. 60 10. 17 10.84 11. 97 12.64 13.44 Public Commerand utilities cial other J 3.31 3.66 3.89 4.55 4.22 4.38 2.08 5.33 7.496.90 5.98 6.78 7.24 7.09 8.00 8.23 9. 11 4.01 4.09 4.43 4. 70 4. 52 8. 46 8.90 9.70 9. 74 9.64 0.52 .79 1.54 2.54 a 12 Kxcludos agriculture. Cmmnereial and other includes trade, service, finance, communications, and construction. Estimates based on anticipated capital expenditures as reported by business in late October and November 1955. Annual total is sum of seasonally unadjusted expenditures; it does not necessarily coincide with average of seasonally adjusted figures, which include adjustmon *, when necessary, for systematic tendencies in anticipatory data. N'OTK.—Thew figures do not agree with the totals included In the gross national product estimates of the Department of Commerce, principally because the hi t i c r «x>vi*r u^rU'iiHnml inve.st.mont and also certain equipment and construction outlays charged to current expense, mil will not ni'twutarUy Hfld to totals because of rounding. ifi^s: HiTurithtf and KxoimnKo Commission and Department of Commerce. 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In line with seasonal expectations, employment (inclusive of agriculture) declined between November and December/ unemployment remained about the same. Employment in December was about 3Vz million higher than a year earlier and unemployment about 400,000 less, as the labor force increased by about 3 million. MILLIONS OF PERSONS MILLIONS OF PERSONS 75 75 70 1955 14 YEARS OF AGE AND OVER COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE Total Unemployment 3 Insured unemployment 4 Employment l labor Tempo%of Thousands % of covered force (in- Civilian rary labor Period civilian of persons employment NonagriAgriculcluding Number Total layoffs * force labor (all pro(State protural cultural armed grams) grams) force forces) Thousands of persons 14 years of age and over 5 17.2 9,480 9, 610 36, 140 55, 600 55, 230 45, 750 1939 1949 _ 6.2 185 3,395 5.5 2,470 8,026 50, 684 63, 721 62, 105 58, 710 1,599 92 3, 142 4.6 5.0 52, 450 7,507 1950 _-- 64, 749 63, 099 59, 957 3.0 117 1, 879 2. 8 7, 054 996 53, 951 1951 - ..... 65, 982 62, 884 61, 005 167 1,673 2.7 1,064 2.9 6,805 54, 488 1952 66, 560 62, 966 61, 293 142 1, 602 6, 562 2.5 2.8 55, 651 1,058 1953 . - _ _ 67, 362 63, 815 62, 213 221 3,230 5.2 6,504 5.0 2,039 54, 734 67, 818 64, 468 61, 238 1954_ 4. 5 4.6 137 2,838 1,869 5,325 55, 363 1954: December 66, 811 63, 526 60, 688 5,297 5.5 5.3 2,201 54, 853 251 3,347 66, 700 63, 497 60, 150 1955*. January 2, 109 5.3 5.2 5,084 54, 854 145 3,383 February 66, 550 63, 321 59, 938 5.0 1,875 4.7 75 3,176 5, 692 54, 785 66, 840 63, 654 60, 477 March 4.1 4.6 1,651 108 2,962 6, 215 55, 470 April 67, 784 64, 647 61, 685 3. 6 133 2,489 1,392 3.8 6,963 55, 740 68, 256 65, 192 62, 703 May 3. 2 1,226 7,681 4.0 56, 335 107 2,679 69, 692 66, 696 64, 016 June _ 3.1 1,202 3.7 157 2,471 7,704 57, 291 70, 429 67, 465 64, 994 July 1, 068 2.7 57, 952 173 2,237 3.3 7,536 August 70, 695 67, 726 65, 488 2. 4 3.2 951 116 2, 149 7,875 56, 858 September 69, 853 66, 882 64, 733 864 3.2 2.2 117 2,131 57, 256 7,905 October 70, 250 67, 292 65, 161 2. 4 956 3.6 86 2,398 6,920 57, 887 70, 164 67, 206 64, 807 November 6 6 124 2,427 3.6 1, 237 3. 2 5, 884 58, 281 December 69, 538 66, 592 64, 165 1 Includes part-time workers and those with jobs but not at work for such reasons as vacations, illness, bad weather, temporary layoff, and industrial disputes; excludes armed forces. 2 Shown separately so as to afford a basis for further analysis of employment and unemployment. a See footnote 2. < Weekly average. « Data for 1949-53 (1953 revised series) based on 68area sample; beginning 1954, on 230-area sample. Starting July 1955, data are for week ending nearest 15th of month; previously, for week containing 8th of month. * Preliminary estimate. Sources: Department of Commerce (labor fon-o and Department of Labor (insured unemployment)) 11 NONAGRICULTURAL EMPLOYMENT Employment in nonagricultural establishments rose by over |/2 million, but somewhat less than seasonally between November and December. Employment in durable goods manufacturing remained about the same, as expected at this time of year/ in nondurable goods, the decline was greater than seasonal. MILLIONS OF WAGE AND SALARY WORKERS DURABLE J F MILLIONS OF WAGE AND SALARY WORKERS MANUFACTURING M A M J J A S O N O NONDURABLE MANUFACTURING J A CONTRACT CONSTRUCTION F M A M J M M J J A S O N D WHOLESALE AND RETAIL TRADE I J F J A I S I O I N f I nl D J I F I 1 M A I M I J J I A SOURCE: DEPARTMENT OF LABOR 1 S I O 1 N I D COUNCIL OF ECONOMIC ADVISERS l [Thousands of wage and salary workers ] Period 1939 1948 1949 1950 1952 1953 1954 - .1954: NovemberDecember. 1955: January February __ March April May June July August September. October... November 22_ December . Total adjusted for seasonal variation 48, 386 48, 880 48, 398 48, 440 48, 766 48, 881 49, 214 49, 505 49, 640 49, 7J,2 49, S/)7 .',<), <M2 50, 1S1 r>o,(mi Government Contract Wholesale and retail (Federal, Durable Nondu- Mining construcState, tion trade goods rable goods local) Not adjusted for seasonal variation Manufacturing Total 30,311 44, 448 43, 315 44, 738 48, 303 49, 681 48, 285 48, 808 49, 463 47, 741 47, 753 48, 212 48, 643 48, 918 49, 508 49, 420 49, 858 50, 322 50, 47 J 50, (MO r>i, ir><) Total 10, 078 15, 321 14, 178 14, 967 16, 334 17, 238 15, 989 16, 057 16, 050 15, 925 16, 060 16, 201 16, 255 16, 334 16, 577 16, 475 16, 807 16, 915 16, 9i)9 17, 075 16, 984 4,683 8,312 7,473 8,085 9,340 10, 105 9, 120 9, 121 9, 144 9, 113 9, 220 9, 323 9,418 9,501 9,624 9,511 9,578 9,645 9, 762 9, 8(.)5 9, 883 5, 394 7,010 6,705 6, 882 6,994 7, 133 6,870 6,936 6,906 6, 812 6, 840 6,878 6,837 6,833 6,953 6,964 7,229 7,270 7,237 7, 180 7, 101 845 982 918 889 885 852 770 749 747 741 737 739 739 742 760 749 754 758 751 754 753 1, 150 2, 169 2, 165 2,333 2,634 2,622 2,527 2, 598 2,426 2,237 2, 169 2,255 2,399 2,526 2,615 2,701 2,746 2,748 2,685 2, 569 2, 396 6,612 9,519 9,513 9,645 10, 281 10, 527 10, 498 10, 745 11, 354 10, 419 10, 309 10, 408 10, 549 10, 534 10, 643 10, 633 10, 638 10, 824 10, 909 11, 116 11,674 3,995 5,650 5,856 6,026 6,609 6, 645 6,751 6,917 7,166 6,835 6, 873 6,922 6,927 6,881 6, 851 6,696 6,717 6, 911 7,054 7,074 7, 343 Other 7,632 10, 807 10, 686 10, 878 11,563 11,797 11,751 11, 742 11,720 11,584 11, 605 11,687 11,774 11, 901 12, 062 12, 166 12, 196 12, 166 12, 073 12, 052 12, 019 J Includes all full- and part-time wane and salary workers in nonapricultural establishments who worked during or received pay for any part of the pay period anding 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 nonapricnltural employment of the civilian labor force reported by the Department of Commerce (p. 11) which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments. • Preliminary estimates. 1O NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels. ^^ Source: Department of Labor. AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES The average workweek of factory production workers rose to 41.4 hours in December, the highest level since December 1952. The increase was largely concentrated in nondurable goods manufacturing. HOUR P E R W E E K HOURS PER W E E K DURABLE MANUFACTURING I952 NONDURABLE MANUFACTURING I952 I953 RETAIL TRADE 1954 1955 1955 SOURCE: DEPARTMENT OF LABOR. .COUNCIL OF ECONOMIC ADVISERS [Hours per week, for production workers or nonsupervisory employees] Manufacturing 5 Period 1939, ._ 1946 1947 1948 1949 1950 1951. __ _. 1952 1953 _ 1954 1954: November ... December 1 955 : January FebruaryMarch April May- - June July _ _ _.„ August. _ September October November22 December Total . . . _ _ _ __ . AJ.WJ'- _ . __ _ ___ 37.7 40.4 40.4 40. 1 39. 2 40. 5 40. 7 40. 7 40. 5 39. 7 40. 2 40.5 40. 2 40.4 40. 6 40. 3 40. 8 40. 7 40. 4 40. 6 40. 9 41. 1 41. 2 41. 4 Durable goods 38. 0 40. 2 40. 6 40.5 39. 5 41.2 41. 6 41.5 41.3 40.2 40. 8 41. 1 40. 9 41. 1 41.4 41.2 41. 6 41.2 40. 9 41. 1 41. 4 41. 7 41. 9 42 0 i Data beginning with January 1948 are not strictly comparable with those for earlier periods. * Preliminary estimates. NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment. Source: Department of Labor 70843—56 3 Building Nondurable construction goods 37.4 40. 5 40. 1 39. 6 38. 8 39. 7 39. 5 39. 6 39. 5 39.0 39. 5 39.8 39. 3 39. 5 39.7 39.0 39. 6 39. 9 39. 7 39. 9 40. 1 40. 3 40. 3 40. 7 32. 6 38. 1 37. 6 *37. 3 36. 7 36. 3 37. 2 38. 1 37. 0 36. 2 35 8 36.0 35. 1 34. 7 35. 9 35. 4 36. 7 36.7 37 2 36. 7 37.4 36 3 34. 7 3 () 3 Retail trade (3) 42 7 40. 7 40 3 40. 3 40 4 40. 5 40 2 39. 9 39 2 39 2 38 7 39 5 38.9 38 9 38 8 38 6 38 8 39 1 39 7 39 6 39 1 38 7 38 (i Not available. 13 AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing were $1.93 in December, the same as in November and 10 cents higher than a year earlier. .LARS PER HOUR DOLLARS PER HOUR NONDURABLE MANUFACTURING 1955 EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1954*100 SOURCE; DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS [For production workers or nonsupervisory employees] Building Durable goods Nondurable goods Retail trade construction manufacturing manufacturing 1954 Current 1954 1954 Current Current 1954 Current 1954 prices1 prices prices * prices prices * prices prices * prices prices l $1. 048 $1. 224 $0. 698 $1. 350 $0. 582 $1. 126 $0. 932 $1. 803 $0. 542 1.230 .893 2.036 1. 478 1.398 1.592 1.015 1.496 1. 156 1.213 1.009 1.407 2 1.681 2 2.020 1. 171 1.553 1.292 1.487 1.216 2. 065 1.088 1. 848 1.428 1.278 1.575 1. 410 1.508 1.282 1. 137 2. 182 1. 935 1.494 1.325 1. 656 1. 469 1. 579 1.314 1. 176 2.269 2.031 1.540 1. 717 1.378 1.537 1.637 1.30 1.26 2.26 2. 19 1. 53 1.73 1.48 1.67 1.64 1.33 1.32 2.34 2.31 1. 56 1. 54 1.79 1.77 1. 69 1.40 1.40 2.49 1.61 2.48 1.61 1.88 1.87 1.78 1.45 1.45 2. 60 2.60 1. 66 1. 92 1. 66 L 92 1.81 1.46 1.46 2.64 2.63 1.67 1.67 1.94 1.94 1. 83 1.45 1.44 2. 66 2. 65 1.67 1. 68 1. 96 1. 84 1.95 1.49 2.66 1.48 2.65 1.69 1.68 1.97 1. 96 1.85 1.49 1.48 2.65 2.66 1.69 1.97 1.68 1.86 1.96 1.49 1.48 2. 64 2.63 1.68 1. 69 1.98 1.97 1.86 1. 50 1.49 2. 64 2.63 1.70 1.99 1. 69 1. 98 1.87 1.51 1.50 2.64 2.63 1.71 1.70 2.00 1.99 1.88 1. 51 1.51 2 65 2. 64 1.71 1.70 2.00 1.99 1.88 1.52 1. 52 2.66 2.66 1.71 2.02 2.02 1.89 1.71 1.52 1.52 2.68 2.67 1.71 1. 70 2.02 2.01 1.89 1. 53 1. 53 2. 69 2. 69 1. 72 1. 72 2.04 1.90 2. 04 1.52 1.52 2.70 2.70 1.72 1. 72 2. 04 2.04 1. 91 1. 52 1.52 2. 68 2. 69 1. 74 2. 06 2.06 1. 74 1. 93 (4) 2.06 (4) 1. 75 (4) (4) (4) (4) (4) All manufacturing Period Current prices $0. 633 1939 . 1946 _._ 1.086 1947 1.237 1.350 1948 1.401 1949 1950 1.465 1.59 1951 1952 1.67 1.77 1953 1. 81 1954 1954: November 1. 83 December _ „ 1.83 1.84 1955: January__ 1.85 February — March 1.85 April _ 1. 86 Mav « 1.87 June 1.87 July . __ 1. 89 1.88 August 1.90 September ( H'tobor _ , :! 1.91 1 )wt*n».btT3 .- - . . . . . _ _ _ _ 1. 93 ]. 93 November -.. 1 1 U KurnliiR.s In current prices divided by consumer price index on base 1954 = 100. Ditta beginning with January 1918 arc not strictly comparable with those for earlier periods. NotK. - -HrjrinninE with 1953, duta aro based on first quarter 19M benchmark levels of employment. Boure*: Ih'imrlmrnt of l/nbor, 5 Preliminary estimates. * Not available. AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES Average weekly earnings of factory production workers rose from $79.52 in November to a new high of $79.90 in December, reflecting the increase in the average workweek. The December figure was $5 ? 78 higher than a year earlier. DOLLARS PER WEEK DOLLARS PER .WEEK NONDURABLE MANUFACTURING 1954 PRICES J/ 1952 _!/ EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1954*100. SOURCE:DEPARTMENT OF LABOR. Period 1939 1946 1947 ___ 1948 1949 _ 1950. 1951 1952 .. 1953 1954 1954: November December1955: January February . March April May_ June July AugustSeptember . October. _ _ November 33 December [For production workers or nonsupervisory employees] Building Durable goods Nondurable goods Retail trade All manufacturing manufacturing construction manufacturing 1954 l 1954 Current 1954 Current 1954 l Current 1954 Current Current prices l prices prices prices 1 prices prices prices prices * prices prices $44 76 $23. 86 $46. 15 $26. 50 $51. 26 $21. 78 $42. 13 $30. 39 $58. 78 $23. 14 50.07 77. 47 56.24 41. 14 36.35 56. 67 64. 04 46. 49 60. 36 43.82 48.87 40.66 46.96 56.44 2 63.30 2 76.08 63.05 52.46 60.06 49.97 48. 99 76. 93 43. 85 50. 61 68. 85 63.81 56.55 57. 11 54. 14 60.49 51.78 79. 99 51.41 45. 93 57.96 70.95 65. 42 61.92 58. 03 54.92 53. 22 82.38 54. 71 47.63 61. 13 73. 73 70. 75 63.32 66. 29 59.33 52.38 50. 65 84.25 58.46 71.84 60.46 81.47 66.92 69.47 64.71 53.26 52.67 88.99 60. 98 61. 66 88.01 74.28 73.46 68.73 67.97 55.05 92.04 54.88 91.76 63.60 77.46 63.79 77.23 71.91 71.69 56.84 94.12 56.84 94. 12 64.74 64.74 77. 18 77. 18 71.86 71.86 56. 61 56.50 94. 34 94. 15 66. 10 65.97 79.31 _> 73. 42 79. 15 73.57 57. 11 95.78 56.88 95.40 66. 47 66. 74 80. 47 80. 15 74.42 74. 12 57.80 57.57 93.39 66.02 93.02 66.29 80.48 80. 16 74.27 73.97 57.80 57.57 92.33 66. 63 66.36 91.96 80.88 80.56 75.04 74.74 57.42 57.65 94.80 66. 97 94. 42 81.89 66.70 81. 56 75. 41 75. 11 57.80 93.57 65.91 57.51 93. 10 81.99 66.24 81.58 75.34 74.96 58.49 58.20 97.01 96.52 67.32 67.66 83.20 82. 78 76. 68 76.30 59.22 97. 18 96.89 59. 04 68. 03 82.24 67.83 81.99 76.34 76. 11 60.40 60.34 99.05 67. 96 98.95 67.89 82. 62 82.70 76.44 76. 36 60. 37 60. 19 98.28 97.99 67.83 68.03 82. 86 82.61 76.56 76.33 59.82 59.76 68. 90 100. 61 100. 51 84.38 68.97 84.46 77.71 77.63 58. 76 58.82 97.91 98. 01 69. 32 69.25 84.99 85.07 78.42 78.50 58. 55 93. 34 93. 15 58.67 69. 98 70. 12 86. 14 86.31 79. 52 79. 36 4 4 4 4 4 4 71.23 86. 52 79. 90 (4) () () () () () () Earnings in current prices divided by consumer price index on base 1964—100. Data beginning with January 1&48 are not strictly comparable with those for earlier periods. NOTE.- Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment. Source: Dojwrtrnont of Labor. 1 COUNCIL OF ECONOMIC ADVISERS »Preliminary estimates. < Not available. 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION In November, the index of industrial production, seasonally adjusted, increased one point to a new peak of 144 (1947-49=100). INDEX, 1947-49=100 INJDEX, 1947-49 = 100 160 100 -^ 1950 1955 COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. [1947-49=100, seasonally adjusted] Total industrial production • j Fenod T) 1939 ._ __ 1946 1947 1948 .. 1949 . 1950 . 1951 1952.l 1953 1954 1 1954-1 October . November . December 1955%1 January February. March. April . May -« . June _ _ _ July August September October November __ 1 16 Preliminary estimates. _ __ - - - - - « -... _ _ _ __._ __ -- -- 58 90 100 104 97 112 120 124 134 125 126 128 130 132 133 135 136 138 139 139 140 142 143 144 Manufactures Minerals Total 57 90 100 103 97 113 121 125 136 127 128 130 131 133 134 136 138 140 141 141 142 144 145 146 Durable 49 86 101 104 95 116 128 136 153 137 139 142 143 145 147 148 151 153 155 155 158 160 162 163 Nondurable 66 95 99 102 99 111 114 114 118 116 117 118 119 121 121 124 126 127 128 126 125 127 128 129 68 91 100 106 94 105 115 114 116 111 109 113 116 120 123 121 119 121 122 120 121 122 122 125 Source : Board of Governor! of the Federal Reserve System. PRODUCTION OF SELECTED MANUFACTURES In November, production of most manufacturing industries equaled or was slightly above the October levels. INDEX,1947-49 = 100, SEASONALLY ADJUSTED 220 JNDEX,1947-49»IOO, SEASONALLY ADJUSTED 180 ^MACHINERY \ 200 x FABRICATED METAL PRODUCTS 160 140 100 160 CHEMICAL AND PETROLEUM PRODUCTS X 100 PAPER AND PRINTING /••—••"•-. .*.••••""— • M--' 120 FOODS, BEVERAGES, AND TOBACCO TEXT ILES AND APPAREL ' 60 80 1952 1953 1954 1955 i i i I i t t iJ 1952 1953 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1954 1955 COUNCIL OF ECONOMIC ADVISERS [1947-49=100, seasonally adjusted] Period 1939--- _ 1947 1948 1949 1950 -1951 1952 1953 J* _ _ - _ 1954 1954:1 October November December 1955 1 1 January February March Aoril May__ _ _ June July August September OctoberNovember. - Nondurable manufactures Durable manufactures Consumer FabriTranspor- Lumber Textiles Paper Chemical Foods, beverdurable and and petroMachin- tation Primary cated and and leum ages, and goods printery prod- apparel metal metals equipproducts tobacco ing products ucts ment 54 103 107 90 115 126 116 132 108 111 118 121 127 131 136 138 140 143 134 139 M6 147 150 52 103 104 93 115 122 121 136 123 124 125 125 125 126 129 130 134 135 135 137 Ml 142 142 'Preliminary estimates. Source: Board of Governors of the Federal Reserve Systc.i 38 103 104 93 114 130 147 160 142 147 148 145 145 146 146 149 151 155 158 160 163 166 165 47 96 102 102 120 135 154 189 175 169 175 187 191 193 195 197 199 194 203 206 205 209 210 80 101 106 93 113 113 111 118 115 128 124 131 129 127 127 127 128 133 125 127 127 130 131 80 99 103 97 110 106 105 107 100 102 103 104 106 104 109 112 112 110 110 107 109 112 113 66 96 103 101 114 118 118 125 125 127 127 127 130 131 134 135 138 139 139 138 140 141 141 49 97 103 100 118 132 133 142 142 143 145 148 148 151 154 156 159 161 160 160 163 161 163 65 101 100 100 103 105 106 107 106 105 106 106 107 106 108 110 110 1 110 i 107 1 107 107 110 110 98 102 101 133 114 105 127 116 112 119 125 131 135 139 144 145 147 153 152 154 152 152 17 WEEKLY INDICATORS OF PRODUCTION According to weekly indicators, production of steel in December continued close to the peak levels of November. Electric power reached a new all-time high. Car assemblies declined during the latter part of the month to a considerable degree as a result of the holidays. MILLIONS OF TONS MILLIONS OF SHORT TONS (DAILY AVERAGE) 3 BITUMINOUS COAL STEEL 1954 V x ^^1954 I SOURCES: AMERICAN IRON AND STEEL INSTITUTE, Period Weekly average: 1950 1951 1952 1953._. 1954. 1954 December 1955 January February March April May June July August September October November December 3 VV« <*mlf*d: 1U5/V: Dwwnber 3__ HK. 17,. 2-1 DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS. I I COUNCIL OF ECONOMIC ADVISERS Bituminous Freight Paperboard Electric Cars and trucks Steel produced coal mined power produced assembled (thousands) loaded Thousands Percent of distributed (thousands (thousands (thousand? of net theoretical (millions of of short Total of tons) Cars Trucks of cars) tons capacity * kilowatt-hours) tons) 2 1,857 2,018 1,782 2, 141 1,694 1,875 1,995 2, 124 2,253 2,288 2,331 2,272 2,059 2, 166 2,309 2,370 2, 389 2,368 96.9 100.9 85.8 94.9 71.0 78.6 82.7 88.0 93.4 94.8 96.6 94. 1 85.3 89.7 95. 7 98.2 99.0 98. 1 6, 183 6,958 7,451 8, 244 8,883 9,645 9,936 9,902 9,796 9,658 9,741 9,986 10, 386 10, 816 10, 540 10, 635 10, 993 11,348 1,687 1,772 1,548 1,521 1,304 1,502 1,463 1,481 1,373 1,363 1,515 1,607 1,565 1,593 1,630 1,602 1,749 1,768 748 779 730 737 651 610 631 644 656 693 766 756 758 781 792 826 757 672 214 229 213 241 236 227 243 260 270 263 275 278 232 282 274 290 291 270 2, 356 2,416 2,421 2, 338 2, 309 2, 403 2, 388 97.6 100. 1 100.3 96. 9 95. 7 97. 6 97.0 11, 359 11,426 11, 602 11, 614 10, 751 1,730 1,803 1,763 1,846 1,820 728 727 715 672 575 287 286 296 287 212 182 154. 2 129.8 106.8 141. 1 125. 6 159.4 178.9 185.0 198. 1 207.6 204. 2 168. 1 183. 8 149.2 131. 1 142. 1 197.9 172.9 206.2 206.3 196.4 170. 0 118.7 142.4 128.4 102.7 83. 4 118.0 106. 0 138.9 156. 9 169.2 174. 1 177.0 173.3 141. 8 158.0 128.7 110.3 119. 4 171.4 151. 1 25. 9 27.2 23.4 23.2 19.7 20.5 22.0 15.8 23.9 30. 6 30. 9 26.2 25. 8 20. 4 20. 9 22.7 26.5 21.8 177.7 178.4 169.3 150.9 105.7 122. 9 28.5 27. 9 27. 2 19. 1 13. 1 19.6 » i «.»., n< «,? ,M|,«i,-uy IM---«! on woi-kly not ton capacity of 1,906,268 for the first half of 1950; 1,928,721 beginning July 1,1950; 1,999,034 beginning January 1,1951; i i»4>.», f i t t i i h i f J..M.iur\ i , i'i.v_»; i»,-.>M,4M'» beginning January 1,1953; 2,384,549 beginning January 1,1954; and 2,413,278 beginning January 1,1955. * \i+n-, *«*.,.„;,. f.,i M.-H. 2 Preliminary estimates. t: ..»,„ » A, M», f \< *ii if nit nn«t {-'tor. i Inntltuta, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard if t*»t*i '\ «M!'« A u t i i t t i < t t l v t > lit*p(ir(o. NEW CONSTRUCTION Total new construction (seasonally adjusted) continued to decline slightly in December. 12.5 percent above 1954, with private outlays accounting for practically the entire gain. The total for 1955 was BILL.IONS OF DOLLARS 50 BILLIONS OF DOLLA RS 50 SEASONALLY ADJUSTED ANNUAL RATES 40 TOTAL NEW ^-^—^- 30 _^—' CONSTRUCTION . >i • -*-^*~*^r PRIVATE>^ ^-*~*~^~~—~^^—»~~~ 20 40 ~^~^ ' *~~ 30 20 PUBLIC *'* 10 1 0 .-'*.- 0 I 1 1 1 1 1 ! 1 1 1 1 I 1 1 1 I 1 I ! 1 I I i i i i i i i i i i l 1 1 ! I 1 1 1 1 1 1 1 i i i i i i 1 i i i I 1 I 1 1 1 i 1 1 1 1 1 20 20 PRIVATE RESIDENTIAL (NONFARM) \ 10 0 /— -. ^m~ ^*-«:.t:.^.r:.i.^~*r.: ^.~ 1.0 OTHER PRIVATE O ' 1 1 1 ! 1 1 1J 1] 1 i 1 I 1 1 ! 1950 1 1 1 1 1951 ) 1 1 i ! 1 1 1 1 1 I I 1 1 1 1 1 1 1 1 1 1 1952 1953 I 1 I 1 1 1 1 1 1 1 1 1 . 1 ! 1 1 I 1954 SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR. I 1 1 1 0 1955 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total new construction Period 8.2 12.0 16.7 21.7 22.8 28.5 31. 2 33.0 35. 3 37.6 1939 1946 1947 1948 1949 1950 1951 1952 1953 1954 Private Total Residential (nonfarm) private 2.7 4. 4 4.0 9.6 6.3 13. 3 8.6 16.9 16.4 8. 3 12.6 21.5 11.0 21. 8 22. 1 11. 1 11. 9 23.9 13. 5 25.8 Other 1. 7 5.6 6. 9 8. 3 8. 1 8.9 10. 8 11.0 11. 9 12. 3 Federal, State, and local Construction contracts awarded in 37 Eastern States * 3. 8 2.4 3.4 4. 8 6.4 7.0 9.4 10.9 11.4 11. 8 3.6 7.5 7.8 9.4 10.4 14. 5 15.8 16.8 17.4 19.8 Annual rates Seasonally Unadjusted adjusted 20.9 18.0 22. 9 21.9 24. 1 17. 8 25.6 19.0 26. 1 25. 6 24.4 27. 9 22.8 26. 2 25. 1 27. 1 23.9 27.3 22. 1 22.7 21. 2 24.4 22. 1 22. 4 25. 1 21. 6 24.0 23.0 Seasonally adjusted annual rates 1954: November December. 1955: January __ February March _ __ April May _. j June July.. August September _ _ _ October _ _ November 2 December _ _ _ _ _ _ _ __ -_ 39.0 41. 1 41. 1 41.4 41. 6 42.3 43.0 42. 8 42.8 42. 8 42. 9 42. 3 42. 2 41. 9 27.2 28.2 28.8 29. 3 29. 6 30.3 30.7 30. 5 30.9 31. 1 31. 2 30. 6 30. 2 29.8 14. 7 15.7 16. 1 16. 2 16. 2 16.7 17. 0 17.0 17. 2 17.2 17. 1 16. 5 16. 1 15.9 12. 5 12.5 12. 7 13. 1 13.4 13. 6 13. 6 13. 5 13. 7 13. 9 14. 1 14. 1 14. 1 13. 9 i Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Kesearch. Omits small contracts, and covers rural areas less fully than urban. Sources: Department of Commerce, Department of Labor, and F. W. Dodge Corporation (except as noted). 11.8 12. 9 12.3 12.2 12.0 12. 0 12. 3 12.2 11.9 11.7 11. 7 11. 7 12. 0 12. 0 * Preliminary estimates. 19 HOUSING STARTS AND APPLICATIONS FOR FINANCING The number of private nonfarm housing starts in November was at an annual rate of 1.2 million (seasonally adjusted). There was a slight decline from the preceding month. MILLIONS OF UNITS MILLIONS OF UNITS \ PRIVATE STARTS SEASONALLY ADJUSTED 1950 if SEE FOOTNOTE I ON TABLE BELOW. SOURCES: DEPARTMENT OF LABOR, FEDERAL HOUSING ADMINISTRATION ( F H A), AND VETERANS ADMINISTRATION (VA). COUNCIL OF ECONOMIC ADVISERS {Thousands of units] Proposed home construction Private, Requests seasonally Applications for FHA comfor VA adjusted l annual appraisals mitments rates 167.8 121. 7 (22) 293. 2 (2) 327. 0 () 397.7 (2) 164.4 192. 8 267.9 226. 3 251.4 253. 7 535. 4 338. 6 2 33. 1 () 21.0 21. 1 44. 6 28. 2 47.7 26.9 1,393 44. 3 24. 3 1,478 46.2 25.6 1,416 64.2 28.3 1,370 71.9 35. 6 1,367 65.9 33. 1 1,350 69.3 1,362 30. 1 52,4 30.8 1, 371 51. 4 1,283 24. 3 56. 0 26.4 1,310 4 45. 1 23. 1 1, 230 4 43. 1 1, 242 19. 2 16.3 1,203 30.4 New nonfarm housing starts Period Annual total: 1939. _ _ 1946 1948_ _ . 1949.. _ 1950_ _ . 1951..1952 1953... 1954... Monthly average: 195CL 1953_ 19541954- November, December 1955" Januarv February March April May June July AugustSeptember _ _ October November 4 Total 515. 0 670.5 931. 6 1, 025. 1 1, 396. 0 1, 091. 3 1, 127. 0 1, 103. 8 1, 220. 4 116. 3 92. 0 101.7 103.6 90.6 87. 6 89.9 113.8 132. 0 137.6 134. 8 122. 6 124.7 4 ] 1 3. 0 4 107. 0 00. 0 Publicly financed 56. 6 8.0 18. 1 36.3 43. 8 71.2 58.5 35.5 18.7 3. 6 3. 0 1. 6 .3 .7 .3 2.0 1.0 1.5 2. 5 3.4 .7 2. 4 4 1.4 3 .4 ".8 Total . 458.4 662. 5 913.5 988. 8 1, 352. 2 1, 020. 1 1, 068. 5 1, 068. 3 1, 201. 7 112. 7 89.0 100. 1 103.3 89.9 87.3 87. 9 112.8 130.5 135. 1 131.4 121.9 122. 3 4 111. 7 4 100. G 89. 2 Privately financed Government underwritten VA Total FHA 158. 1 158. 1 69.0 (22) (22) 294. 1 () (2 ) 363. 8 (2) () 686.7 486.7 3 200. 0 148.7 412. 2 263. 5 421.2 279.9 141.3 156. 6 408. 6 252. 0 307.0 583.3 276.3 57. 2 16.7 40. 6 13. 1 21.0 34.0 25.6 48.6 23. 0 62.4 36.0 26.3 29. 1 50.7 21.5 26. 1 46. 1 20.0 28.0 45.3 17.2 29.8 53.6 23.8 34. 5 25.8 60.3 65.9 37.8 28.0 39.5 71.6 32. 1 37. 4 63.3 26.0 40.8 67. 6 26. 9 33.3 58.0 24. 7 34. 8 53. 4 18.6 45. 6 17.5 28. 1 » Units represented by mortgage applications for new home construction. a Not available. 3 Partly estimated. Sources: Department of Labor. Federal lloiisine Administration (FHA), and Veterans Administration (VA) Digitized forOA FRASER 4 Preliminary estimates. SALES AND INVENTORIES - MANUFACTURING AND TRADE Sales of manufacturers and wholesalers (seasonally adjusted) increased in November, while retail sales were unchanged. According to preliminary estimates, retail sales increased in December. Manufacturers' new orders rose in November and continued to exceed sales. Inventories of manufacturers and distributors increased. BILLIONS OF DOLLARS, SEASONALLY'ADJUSTED BILLIONS OF DOLLARS, SEASONALLY ADJUSTED TOTAL* AND MANUFACTURING INVENTORIES ^ SALES 1952 1 1 1 1 1 MM) 1953 1954 INDEX, 1947-49- 100, SEASONALLY ADJUSTED MANUFACTURING INVENTORIES SALES 1952 1955 ' 1953 * WHOLESALE, MANUFACTURING,AND RETAIL. COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. M anuf acturing and trade Period 1939 1946.. _ 1948 1949 1950 1951.. . 1952 1953 1954 1954: October November-. December 1955: January February _ March April Mav June. July. August September October _ 6 • November 5 Decembei *»J.C*J _. . _ _ Sales l Inventories a 10. 8 27.2 36.4 34.7 39.9 4 44. 9 45. 9 48.4 46.7 45.6 47.6 48.7 48.7 48.9 50.7 50.9 51.7 52.2 51.9 52.8 53. 1 52.5 53. 4 20. 1 42.9 55.6 52. 1 64 1 4 75. 2 76.7 80.3 76.9 76.9 77. 1 76.9 76.9 77.3 77.5 77.7 78.3 78.8 79.2 79. 6 80. 0 80.8 81.4 Manufacturing Inven-a New l Sales * tories orders Billions 5. 1 12. 6 17.6 16.4 19.3 22. 3 22.8 24.9 23.4 22.5 24.0 24. 1 24.3 24. 6 26.0 26.0 26.7 27.1 26.7 27.2 27. 2 26. / 27.3 Wholesale Retail Inven-3 Sales * Inven-3 Sales » tories tories of dollars, seasonally adjusted 11. 5 5. 4 2.2 3. 1 24.5 13.7 6.6 6.0 31.7 17.4 8. 1 7.9 15. 9 7.9 28. 9 7.4 34.3 10.5 21. 0 8.7 24 5 42. 8 11. 1 9.4 23. 6 43.8 11.3 9.4 45.9 11.7 23.4 9.3 43.3 11.5 22.4 9. 1 22. 9 43. 2 11.7 9.0 43.3 11.7 23. 1 9.3 43.3 11.5 248 9.5 43. 2 24. 6 11.5 9.5 43.3 11.7 9.5 248 43.3 9.7 26.5 11.6 43. 3 26. 1 9.6 11.7 43. 5 27.7 9.7 11.8 43.8 9.7 27.8 11.8 43.9 27.0 9.6 11.9 44.3 28. 7 12.0 9.9 44. 7 12. 0 10. 0 28. 3 45.3 12. 2 27.5 10. 1 10.2 28. 2 45. 6 12.3 3.5 8.5 10. 9 10. 9 12. 0 U3. 2 13.7 142 142 14 1 14 4 15. 1 14.9 148 15. 1 15.3 15.4 15.3 15.5 15.7 15. 8 15: 8 15. 8 15.9 5.5 11.9 15.8 15.3 19.3 4 21. 2 21.6 22.7 22. 1 22.0 22. 1 22. 1 22.2 22. 4 22. 6 22.8 23.0 23.2 23. 4 23.3 23.2 23. 3 23.5 Department stores Inventories 3 Index 1947-49 = 100, seasonally adjusted 36 35 78 90 107 104 99 98 109 105 128 109 118 110 126 112 122 111 122 112 123 113 124 116 123 119 123 112 124 115 124 119 123 117 114 127 124 127 129 118 129 121 129 122 132 122 121 Sales * 1 4 Monthly average for year and total for month. Revised series on retail trade beginning with 1951; not comparable with previous a Book value, end of period. data. See Survey of Current Business, September and November 1052, for detail 1 6 * Book value, end of period, except annual data, which are monthly averages. Preliminary estimates. Not plotted. Sources: Department of Commerce and Board of Governors of the Federal Reserve System. 21 MERCHANDISE EXPORTS AND IMPORTS For the first 11 months of 1955, commercial exports were 11 percent higher and imports 1 2 percent higher than in the corresponding period of 1954. MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1,800 1,800 1,600 1,600 MERCHANDISE EXPORTS EXCLUDING GRANT-AID , bHIFMLNIb-^A SHIPMENTS^* /! * I/ » "i A I n '• '' \ /I » \ i ^ /»% i » ^ \V \'i/ \V^X ^ \/ \f *»»A * VA V \ A \ i: y /'-'• . \ / J A V V\y\ v ^J / V * \'-•v // 800 I960 l/SEE FOOTNOTES I AND 2 ON TABLE BELOW. COUNCIL OF ECONOMIC ADVISERS {Millions of dollars] Merchandise exports Period 1936-38 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average1951 monthly average-. 1952 monthly average 1953 monthly average _ 1954 monthly average _ 1954: October November _ December 1955: January _ _ _ _ _ February March __ _ „_ April «.j _ __ Mav June July August September October _ _3 November __ __ 1 Total _ — _ _ 247 812 1,278 1,054 1,004 856 1,253 1,267 1,314 1,258 1,265 1,250 1,318 1,168 1,237 1,343 1, 261 1,325 1,318 1,268 1, 234 1, 253 1,395 1, 302 Excess of exports over imports Grant-aid shipments 1 Excluding grant-aid shipments (2) (2) (22) () 54 96 24 89 166 293 188 104 85 98 85 yc 92 94 131 128 128 128 99 119 72 757 1,182 2 (2) () 833 1, 164 1, 100 1,022 1,070 1, 162 1, 165 1,221 1,083 1, 143 1, 251 1,167 1,190 1,190 1, 140 1, 106 1, 154 1, 275 1, 230 Merchandise imports 207 412 480 594 552 738 914 893 906 851 763 840 942 870 850 1,019 871 959 936 885 959 945 1,010 1,053 Total 40 400 798 460 452 118 339 374 408 407 502 411 376 297 388 324 390 363 382 382 275 308 385 249 Excluding grant-aid shipments (2) (22) () 345 702 95 250 207 116 219 398 326 279 212 293 232 296 232 254 254 147 209 266 177 Beginning with 1950, figures include only Department of Defense shipments of grant-aid military supplies and equipment under the Mutual Security Program. Shipments for the first 6 months of the program (July-December 1950) amounted to 282 million dollars. 3 3 Not available. Preliminary estimates. Sources: Department of Commerce and Department of Defense. NOTE—Detail will not necessarily add to totals because of rounding 22 PRICES CONSUMER PRICES The average of consumer prices of goods and services rose fractionally in November. INDEX, 1947-49- 100 INDEX, 1947-49 »100 140 140 . COUNCIL OF ECONOMIC ADVISERS [1947-49=100] Period 1939 „ _ 1946 _ 1947 1948 1949 _ _ 1950 1951 - 1952 . 1953 1954 _ 1954* October November - ~December 1955* January February March April Mav ivj.a.y — _ _ June July August September October November All items 59.4 83.4 95.5 102.8 101.8 102. 8 111.0 113.5 114. 4 114.8 114. 5 114.6 114.3 114.3 114.3 114.3 114.2 114. 2 114.4 114. 7 114. 5 114. 9 114.9 115. 0 Housing Food 47. 1 79. 0 95. 9 104. 1 100.0 101.2 112.6 114.6 112.8 112. 6 111.8 111. 1 110. 4 110. 6 110.8 110.8 111. 2 111. 1 111. 3 112. 1 111. 2 111.6 110. 8 109. 8 Total1 (22) () 95. 0 101.7 103.3 106. 1 112.4 114.6 117.7 119. 1 119.5 119.5 119. 7 119.6 119.6 119.6 119.5 119.4 119. 7 119.9 120.0 120.4 120.8 120.9 52.5 83.7 97. 1 103.5 99.4 98. 1 106. 9 105.8 104.8 104.3 104.6 104.6 104.3 103.3 103.4 103. 2 103. 1 103. 3 103.2 103.2 103.4 104. 6 104. 6 104. 7 (22) () 90.6 100.9 108.5 111.3 118.4 126. 2 129.7 128. 0 125. 0 127.6 127.3 127.6 127.4 127.3 125.3 125. 5 125.8 125. 4 125. 4 125. 3 126. 6 128. 5 Rent 86.6 91. 4 94. 4 100. 7 105. 0 108.8 113. 1 117.9 124. 1 128.5 129.0 129. 2 129.4 129.5 129. 7 130.0 129. 9 130.3 130. 4 130.4 130.5 130.5 130. 8 130. 9 i Includes, In addition to rent, homeowner costs, utilities, bousefurnishings, etc. a Not available. Apparel Transportation Reading Other goods and Medical Personal and recreacare care services tion (22) () 94. 9 100.9 104. 1 106.0 111. 1 117.2 121. 3 125. 2 125.9 126. 1 126.3 126.5 126.8 127.0 127.3 127.5 127.6 127.9 128.0 128.2 128.7 129.8 (22) () 97.6 101.3 101. 1 101. 1 110.5 111. 8 112. 8 113.4 113. 4 113.8 113.6 113.7 113.5 113. 5 113.7 113. 9 114.7 115. 5 115. 8 116.6 117. 0 117. 5 (2) (2) 95.5 100. 4 104. 1 103. 4 106.5 107.0 108.0 107. 0 106.9 106. 8 106. 6 106.9 106.4 106.6 106. 6 106.5 106. 2 106.3 106. 3 106.7 106. 7 106. 8 (22) () 96. 1 100. 5 103.4 105.2 109.7 115.4 118.2 120. 1 120. 1 120. 0 119. 9 119. 9 119. 8 119.8 119. 8 119.9 119. 9 120. 3 120. 4 120. (i 120. r> 120. (i Source: Department of Labor, 23 WHOLESALE PRICES The average of wholesale prices was virtually unchanged in December, while those of farm products and processed foods declined. Prices of industrial products rose slightly, INDEX ,1947-49-iOO INDEX, 1947-49= 100 SOURCE: 1952 1951 1950 1953 1955. COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF LABOR. [1947-49=100] 1939 .. 1947 1948 1949 1950 1951 1952 1953-1954- _ . . .. 1954: November . December 1955: January. .. February .. March April _ . May June . July August .. _ September . October November December .. Weekended: 1 1956: January 3 24 . . . .. . . _ — _ - .. _._ . . - -• . - _ - ... ...... .. _ . .. __ i Weekly series based on a smaller sample than the monthly series. Source: Department of Labor. 50 1 96. 4 104.4 99.2 103. 1 114. 8 111. 6 110. 1 110. 3 110. 0 109. 5 110. 1 110.4 110.0 110. 5 109.9 110. 3 110.5 110. 9 111. 7 111.6 111. 2 111. 3 36. 5 100.0 107.3 92. 8 97.5 113.4 107. 0 97.0 95. 6 93.2 89. 9 92. 5 93. 1 92. 1 94. 2 91.2 91. 8 89. 5 88. 1 89. 3 86. 8 84. 1 83. 4 43 3 98. 2 106. 1 95. 7 99. 8 111. 4 108. 8 104.6 105. 3 103 8 103. 5 103. 8 103. 2 101.6 102. 5 102. 1 103. 9 103. 1 101. 9 101.5 100.2 98. 8 98. 2 Other than farm products and foods (industrial) 58 1 95 3 103.4 101 3 105 0 115 9 113 2 114. 0 114 5 114 8 114 9 115. 2 115 7 115.6 115 7 115 5 115 6 116. 5 117 5 118 5 119. 0 119 4 119. 7 111. 5 85. 5 98. 4 119. 6 All commodities Period Farm products Processed foods PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers declined 2 points in the month ended December 15. unchanged. The parity ratio dropped 1 point. The prices paid by farmers remained INDEX, I9IO-I4 = IOO INDEX, 1910-14*100 325 325 300 275 ^ PARITY INDEX (PRICES PAID, INTEREST, TAXES, AND WAGE RATES) 250 -09 I I I I 1 I \ I 1 I 1 I I I I 1 I I I I I I I I I I I I I 1 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 125 ^y\•***^ ^^~*^ . 100 ^ PARITY RATIO ^ ^*-»-«-.-*-*-*^r ••"^ •»^' 100 •»-•-• »-*-• • F *~**^^**s»_»-*^_ 11111111111 11111111111 I960 i i i i i 1 i i i ii i i i i i 1 i ii ii i i i i i i i i i i i i i i i i 1 i i i ii 1952 1953 1954 1955 1951 i/ RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX. SOURCE: DEPARTMENT OF AGRICULTURE. COUNCIL OF ECONOMIC ADVISERS Prices paid by farmers Parity index (prices paid, for items used in interest, taxes, and ProducFamily wage rates) living tion Index, 1910-14=100 Period 1939 1946 1947 1948 1949 1950 1951 1952 1953 _ . 1954 1954: November 15 December 15 _. 1955" January 15 February 15 March 15 April 15 May 15 June 15 July 15 August 15 September 15 October 15_ November 15 December 15 __ - . -- _ - .. _ __ . __-- _ .- -- - _ . - -_ - 75 -- 120 202 237 251 243 246 268 271 270 274 272 272 273 271 273 274 274 274 274 273 272 274 273 274 121 191 224 250 238 246 273 274 253 252 251 250 254 256 256 254 251 250 248 247 246 246 244 243 i Percentage ratio of index of prices received by farmers to parity index. »Includes wartime subsidies paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946. Source: Department of Agriculture. 123 208 240 260 251 256 282 287 279 281 279 279 283 283 284 284 282 282 281 279 279 280 279 279 Prices received by farmers 95 a 236 276 287 250 258 302 288 258 249 242 239 243 244 243 247 244 243 237 233 235 230 225 223 Parity1 ratio 77 113 115 110 100 101 107 100 92 89 87 86 86 86 86 87 87 86 84 84 84 82 81 80 25 CURRENCY, CREDIT, AND SECURITY MARKETS CURRENCY AND DEPOSITS Demand deposits and currency rose more than seasonally in November. At the end of the month, total deposits (excluding Government) and currency were 3 percent higher than a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH TOTAL DEPOSITS AND CURRENCY TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS 160 160 120 120 DEMAND DEPOSITS ADJUSTED TIME DEPOSITS CURRENCY OUTSIDE BANKS I ( ( I I I [ I I I COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. [Billions of dollars] Total deposits and currency End of period 1946 1948-. 1949 1950.. 1951 1952 1953 1954. 1954: October _ _ __ _ November . December -- 1955: January February March April May . June July 6 5 August 5 September October 5 November 5 - _ _ 167.5 172. 7 173.9 180. 6 189.9 200.4 205.7 214.8 211.3 213.3 214.8 213.4 212.0 210.6 213.0 212.6 213.5 214.6 214. 2 214. 8 216.6 217. 2 U. S. Government deposits l 3.5 3.6 4. 1 3.7 3.9 5. 6 4.8 5. 1 6.6 7.5 5. 1 4.2 5. 1 5.3 5.6 5.9 5.8 6.5 5.6 5. 1 5.3 5.0 Total excluding TJ. S. Government deposits (privately held money supply) 2 Demand Currency Time deposits outside Total deposits 4 adjusted * banks 54. 0 83.3 164. 0 26.7 57.5 85. 5 26. 1 169. 1 58.6 25. 4 85.8 169. 8 59.2 25. 4 92.3 176.9 61.4 98.2 26.3 186. 0 65.8 27.5 101. 5 1948 70.4 102.5 28. 1 200. 9 75.3 106.6 27.9 209.7 74.8 2fi. 9 103. 1 204.7 74.3 104.0 27.5 205.8 75.3 106.6 27.9 209.7 75.4 107.0 26.8 209.2 75.7 104.5 206.9 26.8 76.2 102.4 26.7 205.3 76.2 104.5 26.7 207. 4 76.5 103.3 26.8 206.7 77. 1 103.2 27.4 207.7 77. 1 27. 1 103.9 208. 1 77.4 27.3 103. 9 208.6 104.9 77.7 27.2 209. 7 77.9 106. 1 211. 3 27.3 77.4 27.9 106. 9 212. 2 i Includes U. S. Government deposits at Federal Reserve banks and commercial and savings banks, and U. 8. Treasurer's time deposits, open account. ' Includes deposits and currency held by State and local governments. »Includes demand deposits, other than interbank and TJ. S. Government, less cash items in process of collection. * Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits. • Preliminary estimates. NOTK.—Detail will not necessarily add to totals because of rounding. Source: Board of Governors of the Federal Keserve System. 26 BANK LOANS, INVESTMENTS, AND RESERVES In November; loans of commercial banks increased $2.2 billion, and their holdings of U. S, Government securities declined $1.5 billion. The expansion of loans continued in December. "Free11 reserves (excess reserves less borrowings at the Federal Reserve banks) improved during December. BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS TOTAL LOANS AND INVESTMENTS 120 80 120 80 BANK LOANS*, -INVESTMENT IN U.S. GC iVERNMENT SECURITIES 40 <> 20 40 20 ^INVESTMENT IN OTHER SECURITIES i i i I _L_L 1952 i i i i i I i i i i i 1955 1953 END OF MONTH SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM End of period 1949 _ 1950 . 1951 . 1952 _ _ 1953 1954 1954: October November . December - 1955: January February MarchApril ._-.-.--.May - -. June--July 4 4 August 4 September October 4 4 November - _ _ December 4 Total loans and investments 120.2 126.7 132.6 141.6 145.7 155.9 154.0 155.7 155.9 156.2 154.8 153.5 155.5 155.6 155.3 157.0 156.7 157.3 158.9 159. 4 [Billions of dollars] All commercial banks Investments U. S. Gov- Other Loans Total ernment securities securities 77.2 10.2 43. 0 67.0 52.2 12.4 74.4 62.0 74.9 57.7 13.3 61.5 64.2 14.1 77.5 63.3 67.6 78. 1 14.7 63.4 70.6 85.3 16.3 69.0 67.7 70. 2 86.3 16. 1 69.4 16.2 86.3 70. 1 85.3 70.6 16.3 69.0 85.7 70.6 69.0 16.7 71.2 83.6 66.8 16.8 17.0 81.2 72.3 64.2 72.9 17.0 82.6 65.6 81.7 73.8 65.0 16.7 75.2 80. 1 63.3 16.8 80.4 76.6 63.7 16.7 79.3 77.3 16.8 62.5 78.9 62.0 16.8 78. 4 79.2 79. 6 62.9 16.8 78.0 81.4 61. 4 16.6 itOUNCIl OF ECONOMIC ADVISERS. Weekly reporting member2 banks * Business loans a 13.9 17.8 21.6 23.4 23.4 22.4 21.0 22. 1 22.4 22.0 22.1 22.6 22.5 22.6 23.5 23.5 24. 2 24.7 25. 1 26.0 26.7 All member banks * J BorrowReserve balances ings at Federal Required Excess Reserve Banks 1 17.0 .8 1 15.6 .8 3 18.5 .8 19.6 .7 8 8 19. 3 .7 18.5 1 .8 1 18.2 .7 2 18.4 .8 2 18.6 .7 18.4 3 .7 4 .6 18. 2 18.0 .6 5 18.2 .6 5 18.2 .6 4 4 .6 18. 1 5 18.2 .6 18.2 .6 8 8 18. 1 .6 1) .5 18.3 18.4 1 0 .5 8 .6 18. 6 1 Member banks include, besides all national banks, those State banks that have taken membership in the Federal Eeserve System. 2 Commercial, industrial, and agricultural loans; revised series beginning January 1952 and again October 1955. Such loans by weekly reporting member I represent approximately 70 percent of business loans by all commercial banks. i Data are averages of daily figures on balances and borrowings during the period. * Preliminary estimates. NOTE.—Detail will not necessarily add to totals because of rounding. Source: Board of Governors of the Federal Reserve System. 27 CONSUMER CREDIT At the end of November, total consumer credit outstanding was $35.1 billion—$420 million higher than a month earlier. The increase in automobile credit outstanding was the smallest for any month since January of this year. BILLIONS OF DOLLARS 35 BILLIONS OF DOLLARS 35 1955 1950 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Total consumer End of period credit outstanding 1939 1946 1947 1948 1949 -. 1950 1951 1952 1953 1954 _ _ _ --_ 1954: October—November. December. 1955: January February. March April May June July August SeptemberOctober November1 7, 222 8,384 11, 570 14,411 17, 104 20, 813 21, 468 25, 827 29, 537 30, 125 28, 975 29, 209 30, 125 29, 760 29, 518 29, 948 30, 655 31, 568 32, 471 32, 896 33, 636 34, 293 34. 640 35, 059 Instalment credit outstanding Total 4,503 4, 172 6,695 8,968 11,516 14, 490 14, 837 18,684 22, 187 22, 467 21, 952 22, 014 22, 467 22, 436 22, 508 22, 974 23, 513 24, 149 24,914 25, 476 26, 155 26, 699 26, 963 27, 247 Automobile paper * 1,497 981 1,924 3, 054 4,699 6, 342 b,242 8,099 10, 341 10, 396 10, 340 10, 296 10, 396 10, 459 10, 641 11, 053 ll s 482 11, 985 12, 561 13, 038 13, 547 13, 929 14, 095 14, 172 Other Repair and consumer moderni- Personal zation loans goods loans 2 paper l 1,088 298 1,620 1,496 405 1,290 1,910 718 2,143 2,229 843 2, 842 2,444 887 3,486 2,805 1,006 4,337 3,235 1,090 4,270 3,851 1,406 5,328 4,366 1, 649 5,831 4,787 1, 616 5,668 4,651 1, 637 5, 324 4,689 1, 631 5,398 4,787 1, 616 5,668 4,794 1,574 5,609 4,833 1, 550 5,484 4,912 1,530 5,479 5,005 1,534 5,492 5,063 1,546 5, 555 1,562 5, 152 5,639 5, 192 1,570 5, 676 5,257 1,589 5, 762 5,311 1, 611 5, 848 5,324 1,627 5,917 5, 384 1, 634 6, 057 N oninstalment credit outstanding Total 2,719 4,212 4,875 5,443 5, 588 6,323 6, 631 7, 143 7, 350 7,658 7,023 7, 195 7,658 7,324 7,010 6,974 7, 142 7,419 7,557 7, 420 7,481 7,594 7,677 7,812 Charge accounts 1,414 2, 076 2,353 2,713 2, 680 3, 006 3,096 3,342 3,411 3, 518 2,892 3,042 3,518 3,225 2,831 2,735 2, 859 3,011 3,040 2, 991 3,019 3,108 3,218 3, 285 InstalInstalment ment credit 3 credit ex3 repaid tended 6,872 8, 495 12, 713 15, 540 18, 002 21, 256 22, 791 28, 397 30, 321 29, 304 2,454 2,554 3,046 2,389 2,416 3,159 3,089 3, 206 3,443 3, 131 3,436 3,241 3, 051 3, 103 Includes all consumer credit <°xtended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased. ' Includes only such loans held by financial institutions; those held by retail outlets are Included in "other consumer goods paper." 28 ' Credit extended or repaid during the period. Source: Board of Governors of the Federal Reserve Systam. 6,060 ti, 785 10, 190 13, 267 15,454 18, 282 22. 444 24, 550 26, 818 29, 024 2,437 2, 492 2, 593 2,420 2,344 2,693 2,550 2, 570 2, 678 2, 569 2,757 2,697 2,787 2,819 BOND YIELDS AND INTEREST RATES Short-term interest rates and yields on corporate and municipal bonds increased during December, bonds changed very little. PERCENT PER A N N U M 4 PERCENT PER A N N U M 4 1955 I960 REVISED SERIES: BONDS DUE OR CALLABLE 10 TO 20 YEARS. SEE TABLE BELOW. SOURCES: SEE TABLE BELOW. Period 1939 1948 1949 1950 1951 1952 1953 1954. 1955: . . - ... - - _ . February March April May June July August September October _ November December- _ .......... Week ended: 1955: December 3 10 17 24 1956: January 31 7 COUNCIL OF ECONOMIC ADVISERS [Percent per annum] High-grade U. S. Government security yields municipal bonds 3-month 2 (Standard 3& Treasury Taxable bonds 1 Poor's) bills 0.023 2.76 2.40 2. 44 1. 040 2. 31 2.21 1. 102 2. 32 1. 218 1.98 1.552 2. 57 2.00 2. 68 2. 19 1.766 4 5 2.72 1.931 2. 92 3. 16 2. 52 .953 2.37 2. 71 2. 72 2.42 1. 177 2. 92 2. 72 2.92 1. 335 2.45 2.92 1. 620 2. 77 2.43 2.41 1.491 2. 76 2.91 2. 48 1.432 2.91 2.77 2.62 1. 622 2. 88 2. 96 2. 67 1.876 2. 91 3. 02 2. 086 2. 63 3.00 2.88 2. 259 2.56 2. 82 2. 96 2. 225 "2. 85 2.55 2. 96 2.71 2.97 2.562 2.88 2. 450 2.471 2. 591 2. 618 2. 688 2. 489 2. 96 2.96 2.97 2. 97 2.96 2. 96 2. 88 2. 88 2.88 2. 88 2. 89 2.90 1 Rate on new issues within period. First issued in 1941. The single series on these bonds (which continued through March 1953) included: October 1941-March 1952, bonds due or callable after 15 years; April 1952-March 1953, bonds due or callable after 12 years. 3 Weekly data are Wednesday figures. 2 Yields on Federal 2. 63 2.68 2.72 2. 72 2. 72 2.71 3.01 2.82 2.66 2. 62 2.86 2. 96 3.20 2.90 2.99 3.02 3.01 3.04 3.05 3.06 3. 11 3. 13 3. 10 3. 10 3 15 4. 96 3.47 3. 42 3.24 3.41 3.52 3.74 3. 51 3. 47 3.48 3.49 3.50 3.51 3. 52 3. 56 3.59 3.59 3. 58 3.62 Prime commercial paper, 4-6 months 0.59 1.44 1.49 1.45 2. 16 2.33 2.52 1.58 1.68 1.69 1.90 2. 00 2.00 2. 11 2. 33 2.54 2.70 2. 81 2.99 3. 3. 3. 3. 3. 3. 3. 59 3. 61 3. 62 3. 63 3. 63 3. 62 2. 88 3.00 3. 00 3.00 3. 00 3. 00 Corporate bonds ( Moody *s) Baa Aaa 12 13 17 17 16 13 * Bonds due or callable from 10 to 20 years. Bonds due or callable 20 years and after. Sources: Treasury Department and Board of Governors of the Federal System (except as noted). 8 29 STOCK PRICES Stock prices moved within a narrow range during December. INDEX, 1939 = 100 INDEX, 1939 = 100 500 500 300 100 100 I960 1955 1951 SOURCE: SECURITIES AND EXCHANGE COMMISSION. Composite index « Period Weekly average: 1946 1947 .. 1948 1949 _ . _ _ . _ 1950 1951 1952 1953 _ 1954 1955 1 January February March April May June July August September October November December Week ended : 1955: December 9 16 23 30 1956: January 6 2 __ _ .. _ _ _ _ COUNCIL OF ECONOMIC ADVISERS [1939=100] M anuf acturing TransDurable Nondura- portation Total ble goods goods Utilities Trade, Mining finance, and service 149.4 130.9 132.7 127.7 154. 1 184.9 195.0 193.3 229. 8 270. 6 281.0 279.6 286.8 289.0 302. 9 318.8 315.3 326.6 310.2 328.4 333.6 146.6 132.4 136.8 132.1 165.7 206.8 220.2 220. 1 271.3 326.4 340.0 336.9 347. 0 349.6 370. 1 394.6 390.0 407. 1 385. 1 410.6 418.7 138.6 119.9 124.3 116.0 150.2 178.5 188.8 192.6 245.2 306.9 320.0 318.2 326.8 324.5 344.4 366. 1 367.8 387.0 365.3 389.2 395.9 154.5 144.6 14a6 147.2 180.2 233. 1 249.3 245.2 295.2 344.0 358.2 353.8 365.3 372.4 393. 4 420. 7 410.0 425.2 402.9 429.9 439. 2 202.4 149.1 158. 1 136.0 160.0 199.0 220.6 218. 7 232.6 288. 1 300.3 305.4 320.5 326.0 336.5 333.9 323.6 331.3 309.3 324. 8 331.6 121.0 105.5 99.3 98. 1 108.9 112,6 117.9 121.5 135.8 145.3 150.0 150.9 152. 1 153.5 154.3 156.6 156.2 155.3 150.9 154.2 154.3 204.3 162.8 156.9 160.7 183.8 207. 9 206.0 207.1 235.6 269.8 276.0 274.6 277.3 280.5 294.2 304.3 302.4 319.7 307.0 324.9 323.2 125.5 117.2 133.0 129.4 143.5 204.9 275.7 240.5 267.0 314.4 314. 6 315.1 311.3 302.6 313.8 317.2 311.4 317. 1 294. 1 312.5 326.2 335.2 330. 7 334. 1 335.4 333. 1 420.7 415. 0 420.2 422. 1 418. 5 399.6 392. 1 397. 5 396. 5 389. 3 439.8 435. 6 440. 7 445. 3 444.9 335.9 327. 0 328. 4 328. 6 325.6 154.7 153. 6 153.9 154. 4 154.8 324.5 320.3 321. 1 321. 1 318.7 332.0 322. 6 324.0 323.2 331.8 1 Includes 265 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31 for trade, finance, and service, and 14 for mining. Indexes are for weekly closing prices. * Not charted. Source: Securities and Exchange Commission. Digitized30 for FRASER FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES The cumulative budget deficit for the first 5 months of the fiscal year was $6.7 billion, due primarily to seasonally low tax collections. For the same period last year, the budget deficit amounted to $7.1 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET EXPENDITURES NET BUDGET RECEIPTS FIRSTS MONTHS FIRST 5 MONTHS 25 BUDGET SURPLUS (+) OR DEFICIT (- MAJOR NATIONAL SECURITY EXPENDITURES 1951 1952 1953' (MAGNIFIED SCALE) 1954 1955 1956 1951 1952 1953 1954 1955 1956 FISCAL YEARS ^ESTIMATED SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Net budget expenditures Net budget Major receipts national1 Total security Period Fiscal year 1944 Fiscal year 1947 _. _ Fiscal year 1948 Fiscal year 1949 _ _. Fiscal year 1950 Fiscal vear 1951 - Fiscal year 1952 Fiscal year 1953 Fiscal vear 1954 _«_ Fiscal year 1955_ Fiscal year 1956 (estimated) -. 1954 : November December 1955* January February March _ _April May June3 _ July 3 . August - 3 September __ October3 3 November _ _ Cumulative totals for first 5 months: Fiscal year 1955 3 Fiscal year 1956 -- - -- -__ - - _ _ » __ _ Budget surplus (-f) or deficit (— ) Public debt (end of period) a 43. 6 39.8 41.5 37.7 36.5 47. 6 61.4 64. 8 64.7 60.4 62. 1 4.2 3.7 4.7 5.4 9.7 3.7 4.4 10.0 2.8 4.7 5.5 2.7 4.7 95. 1 39.0 33. 1 39.5 39.6 44. 1 65. 4 74.3 67.8 64.6 63.8 3.8 6.3 4.9 4.8 5.9 5.2 5.4 6.7 5.4 6.2 5.3 5.4 5.2 76. 8 14. 4 11.8 12. 9 13. 0 22.3 43. 8 50.3 46. 9 40.6 38.7 3.3 3.7 3.2 3. 1 3.6 3.3 3.3 3.9 3.0 3.5 3.5 3.3 3. 1 -51.4 + .8 + 8.4 -1.8 -3. 1 + 3.5 -4.0 -9.4 -3. 1 -4.2 -1.7 +.4 — 2.5 —.3 + .6 + 3.8 -1.5 -. 9 + 3.4 2.6 -1.5 + .2 -2.7 —.5 202. 6 258. 4 252. 4 252. 8 257. 4 255. 3 259.2 266. 1 271. 3 274.4 275.0 278.9 278. 8 278. 5 278. 2 274. 1 276. 7 277. 5 274. 4 277. 6 278. 4 277. 5 279. 9 280. 2 18. 5 20. 4 25. 3 27. 5 16.6 16. 4 -6.7 -7. 1 278.9 280. 2 1 Revised to include the items classified as "national security" in The Budget of Thr United States Government for the Fiscal Year Ending June 30,1956 These expenditure items are- Military functions of Defense Department, mutual military program, development and control of atomic energy, allocation of critical and strategic materials, and defense production expansion. 8 a Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation. Preliminary. NOTE.—Beginning with February 1954, the reporting of budget receipts and expenditures is on a basis consistent with that used in preparing budget estimates The figures shown above for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis. o -i Detail will not necessarily add to totals because of rounding. Sources: Treasury Department and Bureau of the Budget. 01 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC Federal cash payments exceeded cash receipts by $3% billion in the third quarter of this year. A substantial cash deficit is usual at this time of the year. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 80 80 m ^$ ™FIRST THREE QUARTERS P "\ ~ *'"•*.<'; CASH RECEIPTS \ C A S H PAYMENTS i| ?^ \\ \ $&< N V N\ •<\ u •" *-X' ii i 1 ''*•> '•"v"y J>^v 1 1 1 (MAGNIFIED SCALE) EXCESS OF CASH RECEIPTS m m EXCESS OF CASH PAYMENTS I960 1951 1952 -^PRELIMINARY ESTIMATES SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT. I954i/ 1953 I95417 1955^ CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Calendar year Calendar ^fear total: 1946. 1947 1948. 1949 1950. 1951 1952 1953. 1954 * Quarterly totals, not adjusted for seasonal variation: 1954: 1 First quarter _.. __ _ _ Second quarter. . _ _ Third quarter Fourth quarter 1 1955: First quarter Second quarter.Third quarter Cash receipts from the public Cash payments to the public Excess of receipts ( + ) or payments (— ) 41,441 44, 282 44, 922 41, 346 42, 419 59, 278 71, 339 70, 041 68, 562 41, 399 38, 616 36, 897 42, 642 41, 969 58, 034 72, 980 76, 194 69, 622 +42 -r-5, 666 -f-8, 027 -1,295 + 450 + 1, 244 -1, 641 -6, 153 — 1, 060 23, 693 19, 115 13, 501 12, 253 21, 287 20, 749 15, 314 16, 459 18, 431 18,582 16, 172 17, 161 18, 878 18, 571 + 7, 234 + 684 - 5, 082 -3,918 + 4, 126 + 1,871 -3,258 i Preliminary estimates. NOTB,—Detail will not necessarily add to totals because of rounding. Sources: Bureau of the Budget and Treasury Department. 32 For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25. D. C. Price 20 centi per copy: $2.00 per year *, $2.50 foreign. U. S . G O V E R N M E N T P R I N T I N G O F F I C E : 1956