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
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