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87th Congress, 1st Sessiofa

Economic Indicators
JANUARY 1961

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




UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1961

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. WILLIAM FULBRIGHT (Arkansas)

HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)

PRESCOTT BUSH (Connecticut)
THOMAS B. CURTIS (Missouri)
JOHN MARSHALL BUTLER (Maryland)
CLARENCE E. KILBURN (New York)
JACOB K. JAVITS (New York)
WILLIAM B. WIDNALL (New Jersey)
JOHN W. LEHMAN, Clerk, and Acting Executive Director

COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNIER, Chairman
KAJIL BRANDT
HENRY C. WALLICH

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

ii



Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment

Page
iv
1
2
3
4
5
6
7
8

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

9
10
11
12
13

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

14
15
16
17
18
19
20
21
22

PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers

23
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Bank Loans, Investments, Debits, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices

26
27
28
29
30

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




31
32

NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included
unless specifically noted.
Ill

TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that total expenditures in the third quarter of 1960 were slightly below the second quarter
level, though $22.1 billion (seasonally adjusted annual rate) above the third quarter of 1959.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons

Period

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

Business

Personal
Disposable consumption
personal
income 1 expenditures
227.5
238.7
252.5
256. 9
274. 4
292.9
308. 8
317.9
337.3
321.9
324. 9
329. 6
338. 3
338. 5
342.4
347. 0
354. 1
357. 5

209. 8
219.8
232. 6
238.0
256. 9
269.9
285.2
293. 5
313.8
294.8
300.2
306. 1
313. 6
316.0
319. 6
323.3
329.0
328.3

International

Personal
Gross
saving
Gross private Excess
of
(+) or retained domestic investdisearnment
investsaving
ings 2
ment
17. 7
18.9
19.8
18.9
17.5
23.0
23.6
24. 4
23. 4
27. 1
247
23.6
24. 8
22.5
22.8
23. 7
25. 2
29. 2

31. 5
33.2
34.3
35. 5
42. 1
43.0
45. 6
44. 6
50.5
43.7
48.6
49. 1
51.8
49.6
51. 0
52. 4
52. 1
51. 6

56. 3
49.9
50.3
48. 9
63. 8
67.4
66. 1
56.0
72.0
55.8
63.2
70.9
78.9
67. 5
70. 8
79.3
75. 5
70.8

-24. 8
-16.6
-16.0
-13.4
-21. 8
-24.3
-20.5
-11. 4
-21.6
-12.1
-14.6
-21.8
-27. 1
-17.9
-19. 8
-26. 9
-23.4
-19. 2

Foreign
Net exports of goods Excess of
net
and services
transfers
trans(+) or
fers by
of net
ImGovern- Net
Exexports
ment exports ports ports
2. 1
1.5
1.6
1.4
1. 5
1.5
1. 5
1.3
1.5
1.2
1.6
1.5
1.4
1.2
1. 9
1.6
1.7
1.4

2.4
1.3
-.4
1.0
1. 1
2.9
4.9
1.2
-1.0
1. 6
.4
-1.0
-2.2
2
-!4

1.2
2.0
3.7

17.9
17.4
16.6
17. 5
19.4
23. 1
26.2
22. 7
22.9
22.9
22.7
21.8
22.2
24.0
23. 5
25.2
26.4
27.3

15.5
16. 1
17.0
16. 5
18.3
20.2
21. 3
21.5
23.8
21.4
22.3
22. 8
24.4
24. 2
23.9
23.9
24.4
23.5

-0.2
.2
2.0
.4
.4
-1.5
-3.5
.1
2.5
-.4
1. 1
2.5
3. 6
1. 5
2.4
.3
-.3
-2.3

Government
Net receipts
Period

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

Tax and
nontax
Net
receipts receipts
or
accruals

66.6
72.2
75.7
68. 5
78. 4
84.2
87.5
82. 1
94. 6
82. 3
86.6
92. 6
97.3
94.9
93. 6
101.4
100. 8
98.9

85. 5
90.6
949
90.0
101.4
109.5
116.3
115. 2
129. 1
116.3
120.9
126.3
131. 3
129.0
129. 7
137.3
137.9
136. 3

Surplus
(+) or
deficit
PurTrans- (-) on
Transincome
fers,
Total
fers,
and
interest, of goods expendi- interest,
and sub- and
tures and sub- product
4
sidies
sidies
account
Expenditures

18.9
18. 4
19.2
21. 5
23. 0
25.3
28.7
33. 1
345
34 1
344
33.8
34 0
34 1
36. 1
35. 9
37.0
37.4

60. 5
76. 0
82.8
75. 3
75. 6
79. 0
86.5
93. 5
97. 1
94 8
97. 1
97. 1
97. 7
98. 1
96. 4
97.5
98. 6
100.7

i Personal income (p. 3) less personal taxes and nontax payments (fines, penaltics, etc.).
* undistributed corporate profits, corporate Inventory valuation adjustment,
rap! till consumption allowances, and excess of wage accruals over disbursements.
•Net foreign investment with sign changed.




79.4
94 4
102.0
96.7
98. 6
104 3
115. 3
126. 6
131.6
128.9
131. 6
130. 8
131.6
132. 2
132.4
133. 4
135.6
138. 1

18.9
18.4
19. 2
21.5
23.0
25. 3
28.7
33. 1
34 5
34. 1
34 4
33.8
340
34 1
36. 1
35. 9
37. 0
37. 4

6. 1
-3.9
-7. 1
-6.7
2.9
5.2
1. 0
-11.4
-2. 5
-12.5
-10. 6
-4.5
-.4
-3.2
-2.8
3. 9
2.3
-1.8

Gross
Total
Statis- national
income
tical
product
or
discrepor
ancy expendireceipts
ture

327. 7
345.6
364 1
362.3
396. 5
421. 6
443.4
445. 9
483.9
449.0
461. 5
472.9
488. 8
4843
488.9
502. 3
508.7
509. 4

1.2
1. 4
.3
9
1.
.0
-2. 4
—.6
-1.7
-1. 8
-2. 1
-.7
.1
-1.0
-3.0
-2.6
-1.1
-3.9
-5.8

329.0
347.0
365.4
363. 1
397. 5
419. 2
442.8
444. 2
482. 1
447. 0
461. 0
473. 1
487.9
481.4
486. 4
501.3
505.0
503.5

4
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product at an annual rate of $503.5 billion (seasonally adjusted) in the third quarter of 1960 was
$1.5 billion lower than in the second quarter, according to current estimates. Final purchases of goods and services—
total purchases excluding inventory change—rose $3.2 billion in the third quarter, following a rise of $9.8 billion
in the second quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

500

400

400

PERSONAL CONSUMPTION
EXPENDITURES

200
GOVERNMENT PURCHASES
OF GOODS AND SERVICES

JL

100

100

GROSS PRIVATE DOMESTIC
INVESTMENT

NET EXPORTS OF GOODS
AND SERVICES
'

1

I

1954

1956

1955

1957

1959

1958

SOURCE: DEPARTMENT OF COMMERCE.

Period

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

_

__

_

_ _ .

_ _- _

1958: Third quarter __..
Fourth quart er__
1959: First quarter
Second quarter...
Third quarter
Fourth quarter
I960: First quarter
Second quarter__
Third quarter

fCOUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Government purchases of goods and
Total
Personal Gross
Net
services
gross
Total
conprivate exports
national gross
sump- domestic of goods
Federal
State
product national
tion
and
and
in 1959 product expend- invest- services Total Total i National Other
2
ment
defense
local
prices
itures
328.4
356. 4
385. 3
399. 4
417. 6
409. 2
441.9
451. 2
459. 5
451. 3
Jf-O<Q. 1

258. 1
284. 6
329.0
347.0
365. 4
363. 1
397.5
419. 2
442. 8
444. 2
482. 1

181.2
195.0
209. 8
219.8
232. 6
238.0
256. 9
269. 9
285.2
293. 5
313. 8

22. 2
33.0
3. 8
40. 2
19. 3
50.0
.6
39.0
56.3
38. 8
2.4
60.5
49. 9
1. 3
76. 0
52. 9
58. 0
50.3
82.8
-.4
48.9
75.3
1. 0
47.5
63. 8
75. 6
45. 3
1. 1
45.7
67.4
2.9
79.0
86. 5
49. 7
66. 1
4. 9
93.5
56.0
1. 2
52.6
97. 1
53. 3
72.0
-1. 0
Seasonally adjusted annual rates

453. 6
466.5
476. 3
489. 3
480.0
483. 3
495. 9
497.4
492. 7

447.0
461. 0
473. 1
487. 9
481. 4
486. 4
501. 3
505. 0
503. 5

294.8
300. 2
306. 1
313. 6
316. 0
319. 6
323. 3
329. 0
328. 3

55.8
63.2
70. 9
78. 9
67.5
70. 8
79.3
75. 5
70.8

tOO)

i

1
Less Government sales.
2
These expenditures correspond closely with budget expenditures for "major
national security," shown on p. 31.




1960

94. 8
1. 6
97. 1
.4
97. 1
-1. 0
-2. 2
97. 7
—.2
98. 1
-. 4 96.4
1.2
97. 5
2. 0
98. 6
3.7 100. 7

53.7
54.3
53. 3
53.7
53. 6
52. 5
51. 8
51. 7
52. 7

Implicit
price
deflator
for total
GNP,
1959=1003

13. 6
14.3
33. 9
46. 4
49.3
41.2
39. 1
40. 4
44.4
44. 8
46. 0

8. 9
5.2
5.2
6.7
9.0
6.7
6.6
5.7
5.7
8.3
7.8

17.9
19.7
21. 7
23.2
24. 9
27. 7
30.3
33.2
36.8
40. 8
43. 9

78.6
79. 9
85. 4
86. 9
87. 5
88.7
90.0
92. 9
96.4
98. 4
100. 0

44. 9
45.5
45. 9
46.4
46. 1
45. 5
44. 9
44.7
45. 1

9. 1
9. 4
7. 9
7.8
8.0
7.5
7.5
7. 6
8.2

41.2
42. 8
43. 8
44. 0
44. 5
43. 9
45. 7
46. 9
48. 0

98. 5
98. 8
99. 3
99. 7
] 00. 3
] 00. (>
101. 1
101. f>
1 02. 2

2 Gross national product in current prices divided by gross i
in 1959 prices.
_
,„
Source: Department of Commerce.

NATIONAL INCOME
National income (seasonally adjusted) in the third quarter was about the same as in the second quarter. The drop in
corporate income was offset by a rise in the noncorporate area, particularly in compensation of employees and in net
interest.
Fill I ION'', Of HOI I ARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL INCOME
400

300
COMPENSATION OF EMPLOYEES

VJ-

_ t3» »*

I

2.00

200

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

PROPRIETORS' AND
RENTAL INCOME *V

1954

I960

1955

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF. ECONOMIC ADViSEfiS

[Billions of dollars]

Period

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

Total
national
income

Compensation
of em- 1
ployees

217. 7
241.9
279. 3
292. 2
305. 6
301. 8
330. 2
350. 8
366. 9
367. 7
399. 6

Business
and professional

Rental
income
of
persons

22. 7
23.5
26. 0
26. 9
27.4
27. 8
30. 4
32. 1
32. 7
32.3
34. 7

8.3
9.0
9.4
10. 2
10. 5
10. 9
10. 7
10.9
11. 9
12. 2
12. 4

Proprietors' income

140.8
154.2
180. 3
195. 0
208. 8
207. 6
223. 9
242. 5
255.5
257.0
277. 8

Farm
12. 9
14. 0
16. 3
15. 3
13.3
12. 7
11.8
11. 6
11.8
14. 0
11. 8

Corporate profits and inventory valuation adjustment
Net
interest
4.8
5. 5
6.3
7. 1
8.2
9. 1
10. 4
11.7
13. 4
14.7
16. 4

Total

Profits Inventory
before valuation
taxes adjustment

28. 2
35.7
41. 0
37. 7
37. 3
33.7
43. 1
42. 0
41.7
37. 4
46.6

26.4
40. 6
42. 2
36. 7
38. 3
34. 1
44. 9
44. 7
43.2
37. 7
47. 0

1. 9
-5. 0
— 1. 2
1. 0
-1. 0

38.5
44.0
45.5
50. 4
44. 9
45. 5
48. 0
45. 3
42. 2

38.8
44. 9
46. 4
51. 7
45. 3
44. 8
48.8
45. 7
41.5

-0. 2

3

—L 7
-2. 7
-1. 5
-. 2
___ _ £j

Seasonally adjusted annual rates
1958: Third quarter _ _ ...
Fourth quarter
11)59: First quarter. _ _ _
Second quarter _
Third quarter-. _
Fourth quarter.. _
I'.HiO; iMrst quarter
Second quarter
Third quarter
1

2

370.8
381. 9
390.9
405. 4
399.4
402. 8
414. 4
419.4
419. 3

258. 8
263. 4
270.4
279. 7
279.5
281. 6
290. 2
295. 0
297.2

Include;; employer contributions for social insurance. (See also p. 3.)




14. 0
13. 5
13.0
12. 0
11. 1
11.2
10. 6
12. 1
12. 2

32. 6
33.3
33.8
34. 8
35.0
35. 1
35.4
36.0
36. 1

12. 2
12. 2
12. 3
12.4
12. 4
12. 5
12.5
12. 5
12.5

14.8
15. 4
15.9
16. 2
16.5
16.9
17. 8
18.5
19. 1

Source: Department of Commerce.

. Q
\J

-. 9
-1.3
—.4
.7
—.8
-. 4
.7

SOURCES OF PERSONAL INCOME
Personal income in November continued at the October level of $409.5 billion (seasonally adjusted annual rate).
Labor income dropped $400 million while transfers rose by $400 million. Other major sources of income showed
little or no change.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL PERSONAL INCOME

Y
350

250
LABOR INCOME

BUSINESS, PROFESSIONAL, AND RENTAL INCOME

FARM PROPRIETORS'INCOME

I DIVIDENDS AND
PERSONAL INTEREST

50

50
TRANSFER PAYMENTSs

e ^, n i 8 ,», C T ,r :

I960

1954

'COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Period

1951
1952
1953
1954___
1955__ _
1956
1957
1958_
_
1959

Total
personal
income

_ __

1959: October- _
November.
December1960: January. _
February.
March_J__
April _ _ _
May
June
July
August
September,
October___
November3

256. 7
273. 1
288.3
289. 8
310. 2
332. 9
351. 4
360. 3
383. 3
384. 3
388. 7
393. 9
395. 7
395. 7
397.0
401. 9
404.7
406. 1
407. 3
408. 2
408.8
409. 5
409.5

[Billions of dollars]
Labor income Proprietors' income
(wage and
Rental
salary disDiviBusiness income
bursements
of
dends
Farm
and pro- persons
and other
fessional
labor income)1
26.0
9.4
16.3
9.0
175. 5
15.3
26. 9
10. 2
9.0
190. 2
27. 4
9.2
13. 3
204. 1
10. 5
12.7
202. 5
27.8
9. 8
10. 9
30. 4
11.2
11. 8
10. 7
218. 0
32. 1
235.7
12. 1
11. 6
10.9
32. 7
11.8
247.7
11.9
12.6
32.3
12. 2
12.4
14 0
249. 1
34. 7
11. 8
12. 4
268. 3
13. 4
Seasonally adjusted annual
269.0
10. 1
35.0
12. 5
13. 8
271. 3
11.2
35. 1
12. 5
13.8
35.2
12. 3
275.5
12. 5
13. 6
35.5
12. 5
278. 8
11.3
13. 9
279. 3
10. 4
35. 5
12. 5
13.9
35.4
10. 1
280. 1
12. 5
13. 9
282. 5
11. 7
35. 7
12. 5
13. 9
284. 5
12. 1
36. 0
12. 5
13.9
36.2
285. 0
12.5
12. 5
13. 9
12.0
286. 2
36. 2
12. 5
13.9
12.2
286.3
36. 1
14. 0
12.5
12.2
36. 1
286. 2
12. 5
14. 0
12. 4
286. 1
36. 1
12. 5
14. 1
12. 4
36. 0
285. 7
12. 5
14. 1

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

corporations.



3

Less: PerPersonal Transfer sonal contributions
payinterest
income ments for social
insurance
3.4
12. 6
11.2
12. 1
13.2
3.8
3.9
13.4
14.3
4. 6
14. 6
16. 2
5.2
17.5
15.8
18. 8
5. 8
17.5
19. 6
21.9
6. 7
20. 8
26. 4
6. 8
27. 0
23. 5
7.8
rates
24. 2
27. 4
7. 9
24. 5
28.2
7.9
24. 8
27. 9
8. 0
9.2
25. 2
27. 7
27.7
25.5
9. 1
9. 2
25. 9
28. 3
26. 2
9.2
28. 6
26. 5
28.4
9. 3
26. 8
9. 3
28. 5
27.1
9. 3
28. 7
27. 4
9.4
29. 1
27. 5
9.3
29.7
27.6
30. 0
9.3
9 2
27. 6
30. 4

Preliminary.
Source: Department of Commerce.

N onagricultural
personal
income 2
237.0
254. 3
271.5
273. 8
295. 0
317.9
336. 1
342. 6
367. 6

370. 3
373.5
377. 4
380. 2
381. 2
382. 7
385. (.)
388. :>
389. M
391. 1
391. S
>

:- »02. -i
:w:\. o
::o:>. o

DISPOSITION OF PERSONAL INCOME
Disposable personal income rose $3.4 billion (seasonally adjusted annual rate) between the second and third quarters
of 1960. Total consumption expenditures declined slightly, while personal saving rose by $4 billion.
BILLIONS OF DOLLARS*1

BILLIONS OF DOLLARS*

400

350

350

300

300

250

250

200

200
DOLLARS*

DOLLARS*

2,000

2,000

1,800

1,800

1,600

1,600

1,400 lyul

1954

I

1,400

i960

1955

*SEASONAILY ADJUSTED ANNUAL RATES.
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Period

Disposable
personal
income l

Personal consumption expenditures

Total

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

189. 7
207. 7
227.5
238.7
252. 5
256.9
274.4
292. 9
308.8
317. 9
337. 3

181. 2
195. 0
209.8
219.8
232. 6
238.0
256. 9
269. 9
285. 2
293.5
313. 8

1958: Third quarter
Fourth quarter..
1959: First quarter
Second quarter
Third quarter
Fourth quarter
I960: First quarter
Second quarter
Third quarter

321.9
324. 9
329. 6
338.3
338.5
342.4
347.0
354. 1
357.5

294.8
300.2
306. 1
313.6
316. 0
319.6
323. 3
329. 0
328.3

NonDurable durable Services
goods
goods

Billions of dollars
24. 6
96. 6
60. 0
30.4
99. 8
64.9
110. 1
29.5
70.2
29. 1
115. 1
75. 6
32. 9
118.0
81.8
32.4
119.3
86.3
124. 8
39. 6
92. 5
131.4
38.5
100.0
40.4
137. 7
107. 1
37. 3
142. 0
114. 2
43. 4
147.6
122.8
Seasonally adjusted annual
143. 0
36. 7
115. 1
39. 6
143. 8
116. 9
41. 6
119.2
145.3
147.7
44. 4
121.4
44. 0
124. 1
148. 0
149.6
126. 6
43.5
44. 2
150. 5
128. 6
44.5
130.9
153.5
42.7
152.7
132.9

i Personal income (p. 3) less personal taxes and nontax payments (fines, penalties, etc,).
1
Incomo In current prices divided by the implicit price deflator for personal
consumption expenditures on a 1959 base.




Personal
saving

8. 5
12.6
17.7
18. 9
19. 8
18.9
17.5
23.0
23. 6
24.4
23. 4
rates
27. 1
24. 7
23.6
24. 8
22. 5
22.8
23. 7
25. 2
29. 2

Jfer capita disposable personal
income l

1959
Current
prices prices 2

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

Dollars
1,272
1,553
1,369
1,649
1,474
1, 664
1,520
1, 680
1,582
1,731
1,582
1,714
1, 660
1, 793
1, 742
1,849
1,804
1,860
1,826
1,846
1,905
1,905

4.5
6. 1
7. 8
7.9
7.8
7.4
6. 4
7.9
7. 6
7. 7
6. 9

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

1,866
1,871
1,884
1, 920
1,903
1,907
1,918
1,939
1,946

8.4
7. 6
7.2
7.3
6.6
6. 7
6.8
7. 1
8.2

174, 464
175, 287
176, 012
176, 714
177, 493
178, 291
178, 938
179, 576
180, 309

1,845
1, 854
1,873
1,914
1,907
1,920
1,939
1,972
1,983

188
683
360
028
636
417
270
176
198
054
080

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

FARM INCOME
Both gross farm income and farm production expenses were lower in the third quarter of 1960 than in the second
quarter. Net farm income rose slightly.

BILL IONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

40

40

_^-*>

\-~-^

/ ' /

1
*

,./—

REALIZED GRC ss
FARM INCOME JL/

'

30

30

20

20

NET FARM INCOME
l!\ CLUDING NET INVEN TORY

CHANGED

X- -,.
. * ..

JU--'

~»"~"

10

!

0

|

[

1

1954

1

I

1955

1

f

r

!

1956

i

i

1

f

1958

1957

i

!

1

1

1959

^INC OWE OF FARM OPERATORS FROM FARMING.
SOUf ?CE: DEPARTMENT OF AGRICULTURE.

1952
1953
1954__
1955
1956
1957
1958
1959

_

_
_

__

_ _ _ _ _ _

1958: Third quarter
Fourth quarter
1959: First quarter
Second quarter
Third quarter
Fourth quarter.
1960: First quarter
Second quarter
Third quarter

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

1

From
From
agricul- nonagritural
cultural
sources l sources

0

17.3
15. 1
14. 4
13. 5
13.4
13.6
15. 8
13. 6

6. 1
6.0
5. 8
6. 3
6. 7
6. 6
6. 4
6.8

i i

Net income per
farm including net
inventory change 4

Net

ProducCash
tion ex- Excludreceipts penses ing infrom
Total 2
ventory
marketchange
ings
Billions of dollars
32. 6
14. 4
37. 0
22. 6
13. 9
31. 1
21.4
35. 3
30.0
12. 2
33.9
21.7
29. 6
33. 3
21. 9
11. 5
34. 6
30. 6
22. 6
12.0
34. 4
29.8
23. 4
11. 0
38. 2
33. 5
13. 0
25. 2
33. 1
26.2
37. 5
11.3
Seasonally adjusted annual rates
33. 6
38. 4
25.4
13.0
33. 7
38. 4
12.7
25. 7
34. 0
26. 2
38. 5
12.3
37. 8
33.5
26.3
11. 5
32. 4
36. 7
26. 1
10. 6
32.7
36. 9
26. 1
10. 8
32. 3
10. 2
26.3
36.5
34. 1
38. 3
26. 5
11.8
34. 0
38. 1
26. 2
11.9

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




I

Income received by farm operators from farming
Realized gross

From
all
sources

1

I960

COUNCIL OF ECONOMIC ADV ISERS

Income received by total
farm population

Period

1

i

10

Including net in- Current
ventory
prices
change 3

1959
prices 5

15. 3
13.3
12.7
11.8
11. 6
11.8
14. 0
11.8

Dollars
2, 829
3,010
2,502
2, 690
2,440
2,596
2, 313
2,461
2,338
2, 461
2,476
2,426
2,952
2,952
2, 548
2,548

14. 0
13. 5
13.0
12.0
11. 1
11. 2
10. 6
12. 1
12. 2

2,950
2,840
2, 800
2, 590
2,390
2, 410
2, 330
2, 670
2, 690

2, 950
2,840
2, 800
2, 590
2, 390
2, 390
2, 330
2, 6-1 0
2, 660

constant within a year. The figures (in millions) for 1958, 1959, and 19UO arc
4.7, 4.6, and 4.5, respectively.
* Income in current prices divided by the index of prices paid by farmers for
family living items on a 1959 base.
6
Not available.
Source: Department of Agriculture.
r*

CORPORATE PROFITS
Corporate profits before taxes in the third quarter of i960 are estimated to have been $41.5 billion (seasonally adjusted annual rate), about 9 percent below their second quarter level.
BILLIONS OF DOLLARS

B I L L I O N S OF DOLLARS

10

1959

I

I960

ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.

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

Corporate profits
after taxes

Corporate profits (before taxes) and inventory
valuation adjustment l

Manufacturing
Period

All
industries

28.2
35. 7
41. 0
37. 7
37. 3
33. 7
43. 1
956
42. 0
957
_ _
41.7
9f>8___
37. 4
1)59
46.6
1958: Third quarter
38. 5
Fourth quarter _ _ 44. 0
( (
1 J5 J: First quarter
45.5
Second quarter- . 50. 4
44. 9
Third quarter
l-'ourth quarter. _
45. 5
48. 0
H M H I ; First, quarter
Second quarter- _ 45. 3
42. 2
Third quarter
1949
1950
1951
1952
1953_
954
955

NonDurable durable
goods
Total indusgoods
industries
tries
15. 3
20. 4
24. 4
21. 1
21. 4
18. 4
25. 0
23. 5
22.9
18. 8
24. 8
19. 6
22.9
24. 3
28. 1
23. 8
23. 2
26. 2
23.5
21. 6

for Inventory valuation adjustment.

6



7. 9
12. 0
13.5
11. 8
12. 1
10. 1
14. 2
12. 6
13. 1
9. 2
12.8
9.2
11.9
12.6
15. 8
11. 5
11. 3
13. 6
11. 6
10. 5

7. 4
8.4
10. 9
9.3
9.3
8. 3
10.8
10. 9
9. 8
9.6
12. 0
10. 4
10.9
11. 7
12. 3
12.2
12. 0
12. 6
11. 9
11. 1

Transportation,
All
comother
muni- induscations, tries
and
public
utilities
2. 9
10. 1
4. 0
11.3
4. 5
12. 0
11. 8
4.8
4. 9
11. 0
4. 4
11. 0
5.4
12. 8
12. 9
5. 6
5.5
13. 3
5. 4
13. 2
6. 3
15. 5
5.6
13. 3
15. 0
6. 1
6. 2
15. 0
6. 5
15.8
15. 0
6. 1
6.3
16. 0
6. 5
15. 3
6. 4
15. 5
6. 4
14.2

Corporate
profits
before
taxes

Corporate
tax
liability

Total

Dividend
payments

26. 4
40. 6
42.2
36.7
38.3
34. 1
44. 9
44. 7
43. 2
37.7
47. 0
38.8
44.9
46. 4
51.7
45. 3
44. 8
48. 8
45. 7
41.5

10. 4
17. 9
22.4
19. 5
20. 2
17.2
21. 8
21. 2
20. 9
18. 6
23.2
19. 1
22. 1
22. 9
25.5
22.3
22. 1
23.8
22. 3
20. 3

16. 0
22. 8
19.7
17. 2
18. 1
16. 8
23. 0
23.5
22. 3
19. 1
23.8
19.6
22.7
23. 5
26. 2
22. 9
22. 7
25. 0
23. 4
21. 3

7. 5
9. 2
9.0
9. 0
9. 2
9.8
11. 2
12. 1
12. 6
12. 4
13.4
12. 6
12.0
13. 0
13.2
13. 6
13. 8
13.9
13. 9
14.0

Source: Department of Commerce.

Undistributed
profits

8. 5
13. 6
10.7
8. 3
8. 9
7.0
11. 8
11.3
9.7
6. 7
10.5
7. 0
10. 8
10. 5
12. 9
9.3
8. 9
11.0
9. 5
7. 3

GROSS PRIVATE DOMESTIC INVESTMENT
A sharp drop In the rate of inventory accumulation and a small decline in residential construction expenditures
accounted for the third quarter decline in gross private domestic investment. Other major categories of investment
expendftures Increased slightly.
BILLIONS OF DOLLARS

iBiLUrOWS'QF iDOLLARS

GROSS PRIVATE
DOMESTIC INVESTMENT

I960

1954

SOURCE: ?DEPfltm»ENrr OF COMMERCE.

-20

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
gross
private
domestic
investment

Feriod

1949
195©
1951
1952
1953
1-954
1955 _
1956 -1957 _
1958
1959

_ _ _ __
--- --

Change in business
inventories

Fixed investment
New construction 1
Total

Residential
nonfarm

Total

33. 0
50.0
56. 3
49. 9
50. 3
48.9
63. 8
67.4
66. 1
56.0
72.0

36.0
43. 2
46. 1
46. 8
49. 9
50.5
58. 1
62.7
64. 6
58. 5
66. 1

18.8
24. 2
24 8
25.5
27. 6
29. 7
349
35.5
36. 1
35. 4
40. 3

55.8
63.2
70. 9
78.9
67.5
70. 8
79.3
75.5
70. 8

57.3
60.3
63.3
67.4
67.6
66. 2
67. 9
70.2
70. 2

35.0
36.8
39. 4
41. 3
41. 1
39.4
40. 8
40.7
40. 5

9.6
14.1
12. 5
12. 8
13. 8
15.4
18.7
17. 7
17.0
18.0
22.3

Other

2

Producers'
durable
equipment

9. 2
10.1
12. 3
12. 7
13.8
14. 3
16. 2
17. 8
19.0
17.4
18.0

Total

Nonfarm

17.2
18.9
21.3
21.3
22. 3
20.8
23. 1
27. 2
28.5
23. 1
25.8

-3. 1
6.8
10.2
3. 1
.4
-1.6
5.8
47
1.6
-2.5
5. 9

-2.2
6.0
9. 1
2. 1
1. 1
-2. 1
5.5
5. 1
.8
-3.6
5.4

22.3
23.5
23. 9
26.1
26.5
26.8
27. 1
29.5
29. 7

-1.6
2. 9
7.6
11. 5
— .1
4.7
11. 4
5. 3
.6

-2. 6
2.0
6.9
11. 0
-. 5
4. 3
11. 0
5.0
.3

Seasonally adjusted annual rates
1958: Third quarter _ _
Fourth quarter
1959: First quarter
Second quarter
Third quarter
Fourth quarter1960: First quarter.
Second quarter
Third quarter

_
_

:

_j

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




18.0
19. 9
21. 9
23. 5
22.6
21.3
21. 4
21.3
21. 1

17.0
16. 9
17.5
17.8
18. 5
18. 1
19. 3
19. 4
19. 5

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

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The October-November survey of business expenditures for plant and equipment indicated a small decline in outlays
fn the first quarter of 1961. Expenditure projections for the second half of 1960 have been revised downward from
those reported earlier this year.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

20
__• X*MANUFACTURING
\

10

10

1955

1961

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

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Transportation

Manufacturing
Period

Total *
Total

1950
1951
1952
1953
1954
1955_
1956_
1957
1958
1959_ 3
I960

_
.

1959: First quarter
Second quarter
Third quarter
Fourth quarter. _
1960: First quarter
Second quarter
Third quarter 3
Fourth quarter
1961: First quarter 8

20. 60
25. 64
26. 49
28.32
26. 83
28.70
35. 08
36. 96
30. 53
32. 54
35. 74

7.49
10. 85
11.63
11. 91
11. 04
11. 44
14 95
15. 96
11. 43
12.07
14. 45

30. 60
32. 50
33. 35
33. 60
35. 15
36.30
35. 90
35.6
34. 9

11. 20
11.80
12.25
12. 85
14. 10
14. 70
14. 65
14.3
14.3

Durable Nondurable goods
goods

8



Railroads Other
1.21
1. 49
1. 50
1.56
1. 51
1. 60
1.71
1.77
1.50
2. 02
1.94

3. 31
3.66
3.89
455
422
431
4 90
6.20
6.09
5. 67
5.74

6.78
7.24
7.09
8.00
8.23
9.47
11.05
10. 40
9.82
10.88
11.59

1. 70
2. 10
2. 15
2. 15
2. 00
2.15
1.90
1.8
1.6

5. 80
5.80
5. 60
5. 50
5.75
5.70
5.60
5. 9
5.7

10.35
10.85
11.05
11.20
11. 35
11. 60
11.75
11.7
11.7

1. 11
4.36
3. 14
0. 71
1.47
.93
5. 17
5.68
6.02
1.40
5. 61
.98
1.31
5. 65
.99
6. 26
.85
5.09
.98
5.95
.92
.96
5. 44
6.00
7. 62
7.33
1. 24
1.23
8.02
1. 40
7. 94
1. 24
5.47
5. 96
. 94
. 75
.92
.99
6.29
5.77
1.02
7. 20
7. 25
1.01
Seasonally adjusted annual rates
0.65
5. 25
0. 95
5. 95
1.00
5. 75
6.05
. 95
1.30
5.85
1.00
6. 40
6. 15
.85
1.05
6.70
1.00
7. 15
1. 00
6.95
7. 40
1.05
1.10
7.30
1.00
1.00
7.35
7.30
6.9
7.4
1.0
1.0
7. 1
.7
7. 2
1. 0

1
Excludes agriculture.
2
Commercial and other includes trade, service, finance, communications, and
construction.
a Estimates based on anticipated capital expenditures as reported by business
In late October and November 1960. Includes adjustments when necessary for
systematic tendencies in anticipatory data.

Commercial and
other 2

Public
utilities

Mining

NOTE.—Quarterly anticipated data are rounded to nearest $100 million; beginning 1959 all other quarterly data rounded to nearest $50 million.
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES

STATUS OF THE LABOR FORCE

Total employment declined by 1.2 million in December, and unemployment increased by 500,000. Both changes
were larger than would be expected for seasonal reasons/ and the seasonally adjusted rate of unemployment increased to 6.8 percent of the civilian labor force.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

PERCENT OF CIVILIAN LABOR FORCE

10

PERCENT OF CIVILIAN LABOR FORCE

UNEMPLOY ME:NT RATE
(SEASONALL Y ADJU STED)

J~

r

r4-f"TT-f T'

,

1954

1955

1

! I

1

-

1957

1956

*c

Tf

„-

__
> ''

;{;

.1958

1

1959

X 14 YEARS OF AGE AND OVER.
SOURCE:DEPARTMENT OF LABOR.

Period

1950
1951
1952
1953
1954
1955
1956
1957
1958
1959

Total
labor
force
(including
armed
forces)

__ _

64. 7
66. 0
66.6
67. 4
67. 8
68.9
70. 4
70. 7
71.3
71.9

1959: December
1960: January
February
March.
April
May
June
July
August _
September
October _
_ _
November 2
December .

71.8
70. 7
71. 0
71.0
72. 3
73.2
75. 5
75. 2
74.6
73. 7
73. 6
73. 7
73. 1

_

r

\ '"'-

I960
COUNCIL OF ECONOMIC ADVISERS

Civilian employment

Civilian
labor Total
force

Nonagrieultural

Civilian employment
Unemployment

Millions of persons
52. 3
63. 1 59. 7
62. 9 60. 8
53. 7
54.2
63.0 61. 0
55. 4
63.8 61. 9
64. 5 60. 9
54. 4
56.2
65.8 62.9
67. 5 64. 7
58. 1
67. 9 65. 0
58. 8
68.6 64. 0
58. 1
69. 4 65. 6
59. 7
Unadjusted
69.3 65.7
60.9
68. 2 64. 0
59. 4
68. 4 64. 5
59. 9
68.5 64.3
59.7
69. 8 66. 2
60. 8
61. 4
70. 7 67.2
61. 7
73.0 68. 6
72. 7 68. 7
61. 8
72. 1 68. 3
61. 8
71. 2 67. 8
61. 2
71. 1 67.5
61.2
71. 2 67. 2
61. 5
61. 1
70. 5 66.0

1
Seasonally adjusted totals may differ from sum of components because totals
and components have been seasonally adjusted separately.
3 Not charted
 -



;*/

Civilian
labor Total
force

Agricultural

Nonagricultural

14 years of age and over
3. 4
2. 1
1. 9
1. 9
3. 6
2.9
2.8
2. 9
4.7
3. 8
Seasonally adjusted l
3.6
69. 9 66. 1
5. 7
60. 3
4. 1
69. 8 66. 1
5. 7
60.3
69.8 66.5
5.6
3.9
60.7
4.2
69. 6 65. 8
5.3
60. 3
3. 7
70. 5 67. 1
61. 3
5.8
70.6 67. 1
3.5
5.5
61.7
4. 4
71. 3 67. 4
5.8
61.7
70.8 67. 1
5.8
4.0
61. 4
3.8
70.8 66. 7
5. 8
61. 0
3.4
70. 9 67.0
6.0
61. 1
3.6
70. 6 66.3
5. 6
60. 8
4. 0
71. 2 66. 8
5.8
61.0
71. 2 66.4
4.5
5.8
60. 5

Unemployment

Unemployment
rate (percent of
civilian labor
force)
SeasonUnad- ally adjusted justed
Percent
5. 3
3. 3
3. 1
2. 9
5. 6
4. 4
4. 2
4. 3
6. 8
5. 5

3. 8
3. 6
3.4
3.8
3.6
3. 5
3.9
3.8
4. 2
4.0
4. 5
4.5
4.9

5.2
6. 1
5. 7
6. 1
5.2
4. 9
6. 1
5. 5
5. 3
4. 8
5. 0
5. 7
(>. 4

5. 5
5.2
4. 8
5. 4
5. 0
4. 9
5.5
5. 4
5. 9
5. 7
(\. 4
6. 3
6. 8

NOTE. — For definitions and coverage, see Employment mid Earnings, Dcpartment of Labor. Beginning January 1960, data include Alaska and Hawaii.
Source: Department of Labor.
9

UNEMPLOYMENT INSURANCE PROGRAMS
Total insured unemployment averaged 2.7 million in December, about 480,000 above the November level.

MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

1958

J

SEPT.

JAN.

DEC.

SOURCE: DEPARTMENT OF LABOR.

Period

COUNCIL OF ECONOMIC ADVISERS

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

Thousands
1954
36, 617
2, 048
1955.
40, 014
1,395
1956
42, 758
1, 318
1957__
43, 447
1,567
1958
44, 501
2,766
1959
1, 856
45, 727
1959: November
46, 194
1,853
December
46, 873
2,008
1960: January
2, 359
45, 446
February .
2, 326
45, 409
March
2, 370
45, 389
l
April.
2,078
()
May
_
1, 801
P)
June
1,700
P)
July
1,826
P)
August
1,804
P)
September.,
1,781
P)
October. _ __
1, 839
W
November
2,226
P)
December 2
2, 705
P)
Week ended:
1960: December 10
2,588
C1)
17
2,763
242___
2,907
312___
1
Not
2

available.
Preliminary.

10




p)
p)
p)

2, 291. 8
1, 560. 2
1, 540. 6
1, 913. 0
3, 892. 5
2, 651. 7
199.5
250. 8
264. 4
274.6
314. 6
259.6
223.0
216. 8
198.7
229. 7
230.8
214.9
258. 6
335.0
P)
P)
P)
P)

State programs
Insured
unemployment

Initial
claims

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

Weekly average, thousands
34
1, 865
303
1,254
226
25
1,212
226
20
1,450
268
23
2,509
370
50
1, 682
33
281
1, 677
357
23
1, 841
358
27
2, 180
386
29
2, 157
301
30
2, 209
33
301
1, 939
35
293
1,682
264
31
272
1, 588
31
339
1, 686
29
306
1, 657
28
274
27
1, 598
332
29
1,678
2,039
396
31
2,575
500
36
2,386
2, 557
2, 699

469
490
492
595

P)
P)
P)
P)

Percent
5. 2
3.5
3.2
3. 6
6. 4
4. 4
4. 4
4.8
5. 6
5.5
5.7
4. 9
4. 3
4. 0
4. 3
4.2
4. 0
4. 2
5. 1
6.5

6. 0
6.4
6. 7

5. 5
4.8
4.3
4.2
4.6
4.2
4-1
4.2
4.6
5. 1
5. 3
5. 9
6.5
6.4
P)
P)
P)
P)

Benefits paid
Total Average
(milweekly
check
lions of
dollars) (dollars)

2, 026. 9
1, 350. 3
1, 380. 7
1, 733. 9
3, 512. 7
2, 279. 0
168. 3
219. 5
235. 2
247. 8
287. 1
237.4
204. 9
198. 9
183.8
206. 3
201.8
189. 9
231. 1
302.0
P)
P)
P)
P)

24.93
25. 04
27. 02
28. 17
30. 58
30. 41
32.21
31. 91
31.90
32. 26
32. 39
32. 50
32. 24
32. 33
32. 37
32. 99
33. 54
33. 73
34.01
34. 20

P)
P)
P)
P)

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

NONAGRICULTURAL EMPLOYMENT
Payroll employment in nonagricultural establishments, seasonally adjusted, declined by 370,000 in December.
MILLIONS OF WAGE
AND SALARY WORKERS *

MILLIONS OF WAGE
AND SALARY WORKERS'*
56
ALL NONAGRICULTURAL ESTABLISHMENTS
54

52

48

44 Ly,i i i i I i i i i i

i i i i i I i 11 i i

i ii i i I iiii

1958

1959

I960

WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)

CONTRACT CONSTRUCTION
(ENLARGED SCALE)

11.5

3.0

2.5

10.5

8.0

1.5

10.0
1957

1958

1959

I960

*SEASONALLY ADJUSTED DATA, EXCLUDING ALASKA AND HAWAII.
SOURCE". DEPARTMENT OF LABOR.

1957

1958

1959

I960

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers
Total,
Nonmanufacturing (private)
Manufacturing (private)
Total
Total
unadjusted, including excluding
Period
Contract
Alaska
excluding Alaska
Durable Nondura- Total 2 construc- Wholesale
and
Total
and
and retail
goods
ble goods
Alaska and Hawaii
Hawaii
tion
trade
Hawaii
2,622
10, 105
7, 133 25, 798
1953>_ __
17, 238
10, 527
49, 681
49, 681
9, 122
1954
15, 995
6,873 25, 685
2, 593
48, 431
10, 520
48, 431
9,549
7,014 26, 579
16, 563
2,759
1955
50, 056
50, 056
10, 846
9, 835
1956
16, 903
7,068 27, 586
2,929
11, 221
51, 766
51, 766
9, 821
16, 782
52, 162
1957
_ _ _
6, 961 27, 754
2,808
11, 302
52, 162
15, 468
8,743
6, 725 27, 182
2, 648
50, 543
11, 141
1958
50, 543
2, 767
52, 205
51, 975
16, 168
9,290
6, 878 27, 680
1959
51, 975
11, 385
Seasonally adjusted
52, 479
52, 253
16, 174
2, 792
1959: November. 52, 793
G, 908 27, 84t5
11, 452
',!, 266
December. 53, 756
52, 902
52, 674
16, 436
9, 542
6,894 27, 931
2,800
11,486
16, 562
52, 880
9, 655
6, 907 28, 028
1960: January... 52, 078
2,775
11, 594
53, 108
52, 972
16, 567
53, 201
9,667
6, 900 28, 090
2, 781
February __ 52, 060
11, 627
March
53, 052
52, 823
16, 509
6, 906 27, 815
52, 172
9, 603
2, 601
11, 595
9,552
2, 752
53, 362
16, 527
April
53, 128
11,652
6,975 28, 086
52, 844
53, 344
16, 540
9, 537
2, 783
53, 105
7,003 28, 156
52, 957
11, 675
Mav__ .
9,499
53, 388
16, 498
53, 309
53, 140
6, 999 28, 222
2, 790
11, 712
June
9,452
53, 407
53, 145
16, 417
6, 965 28, 324
52, 923
2, 858
11, 736
July
16, 265
53, 062
9, 338
2, 835
53, 304
53, 046
August
6, 927 28, 307
11, 764
52, 998
53, 242
16, 275
September. 53, 496
9, 391
6,884 28, 184
11, 665
2,800
53, 047
16, 132
52, 809
October 3 _ _3 53, 391
9,266
6, 866 28, 153
2, 804
11, 668
52, 822
9, 194
52, 588
16, 031
53, 133
2, 789
November
6, 837 28, 035
11, 575
52, ?24
9, 047
5?, 456
December 3 53, 316
15, 800
6, 753 27, 835
2,624
11, 554
1
Includes all full- and part-time wage and salary workers in nonagriculturai
establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes'proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 9, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they




Government
(Federal,
State,
local)
6, 645
6, 751
6,914
7,277
7, 626
7, 893
8, 127
8, 233
8, 307
8, 290
8,315
8,499
8,515
8,409
8,420
8,404
8, 474
8, 539
8,524
8, 522
8, 589

are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
2
Includes mining; transportation and public utilities; finance, insurance, and
real estate; and service and miscellaneous, not shown separately.
3
October and November revisions and December (preliminary) not charted.
Source: Department of Labor.

11

WEEKLY HOURS OF WORK
The average factory workweek declined 0.5 hours in December to 38.5 hours (seasonally adjusted).
HOURS PER WEEK (SEASONALLY ADJUSTED)
46

HOURS PER WEEK (SEASONALLY ADJUSTED)
46

DURABLE MANUFACTURING

NONDURABLE MANUFACTURING

44

42

42

40

38

38

36

36

34 L^

34 h,

1958

1959

I960

42

1957

I960

1958

44

BUILDING CONSTRUCTION

RETAIL TRADE
42

38

40

36

38

34

36
34

30

M I I II

1957

1958

II I I I

1959

1957

1959

Average hours per week
Manufacturing industries
Period
All

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

40. 7
40.5
39.7
40.7
40. 4
39.8
39.2
40. 3

1959: November. _
December...
1960: January
February
March
April
May
June
July
August
September. _
October 6
November °_
December e _.

39. 7
40.2
40. 4
40. 0
39.9
39.6
40. 1
39. 9
39.9
39. 7
39. 3
39.5
39.0
38. 5

Non- Building
Durable durable construc- Retail
trade
goods
tion
goods
Hours per week
38. 1
41. 5
39.6
41.3
39.5
37.0
36. 2
40. 2
39.0
41.4
36.2
39.8
36. 4
39. 5
41. 1
36. 1
40. 3
39. 1
35.7
39. 5
38.8
40. 8
39. 6
35. 8
Seasonally adjusted
35. 6
39. 9
39. 5
40.6
39.5
36.7
39. 6
35. 1
41. 2
39.2
40.7
35.8
40.3
39. 0
34. 8
40. 1
36. 0
39. 1
40.5
39.7
35.4
40. 2
39. 5
35. 6
40.2
39.4
36.0
40. 0
39. 2
35. 8
39. 7
38. 7
35. 3
40. 1
38.8
35.9
39.4
38. 7
35. 2
38. 8
37.9

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

12




I960

COUNCIL OF ECONOMIC ADVtSeRS.

SOURCE: DEPARTMENT OF LABOR.

39.9
39.2
39. 1
39.0
38. 6
38. 1
38. 1
38. 1
37. 9
37.9
37. 5
37.6
37. 6
37.9
37.6
37. 6
37.6
37.7
37. 6
37.6
37. 9

Persons at work in nonagricultural 2industries
by hours worked per week
Under 35 hours
Part-time for
economic reasons
Over 40 35-40
Total Usually Usually
hours
hours
partfulltime 4
time 3
Millions of persons 14 years of age and over
7.3
19.4
25. 1
8.6
26.3
18. 1
24. 4
11.8
15. 7
18.0
27.0
8.7
0. 9
1. 1
9.4
27.3
18. 7
1.0
1. 2
28. 6
17.6
9.7
1.3
1.6
10. 4
16. 6
28.3
1.3
1.0
17.3
27.7
11.7

17.4
18.9
17. 6
17. 1
17.2
17.0
18.0
18. 0
17.3
17. 1
18. 5
18.6
17. 0
18.3

26. 4
29.5
29.5
28. 2
28.9
27. 8
30.6
29. 8
28. 1
29. 1
29. 7
29.0
24. 6
29. 3

14.2
10. 7
10.2
12.2
11.2
13. 8
10. 8
10.2
9. 3
8.8
10.4
11. 7
18.2
11. 6

1.2
1. 2
1. 1
1. 1
1. 1
1.2
1. 2
1. 4
1. 1
1.2
1.3
1. 3
1. 4
M. 5

1. 1
1. 1
1. 1
1.2
1. 1
1. 3
1.2
1.5
1.7
1. 6
1.2
1. 2
1.3
1, 3

* Primarily includes persons who could find only part-time work.
8
Not available.
6
October and November revisions and December (preliminary) not charted.
7
Average hours worked: usually full-time, 24.6; usually part-time, 18.4.
Source: Department of Labor.

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings for production workers in manufacturing industries of $2.32 and weekly earnings of $90.02
in December were little changed from November levels.

AVERAGE HOURLY EARNINGS

2.40

/

AVERAGE WEEKLY EARNINGS

%tl*

-

*

W

DURABLE GOODS
£
INDUSTRIES
„»,/

\ *X *
2.20

2.00

1.80

1957

I

1958

SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

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

Manufacturing industries
All

Building con- Retail
Nontrade
Durable durable struction
goods
goods

$1. 465 $1. 537
1950
1. 67
1. 59
1951
1. 67
1952
1. 77
1.87
1. 77
1953
___ _
1954
1. 81
1. 92
2. 01
1. 88
1955
_- _
2. 10
1956
__ _ _ 1. 98
2. 07
2. 20
1957
2. 28
2. 13
1958
2. 38
2. 22
1959
_ _
1959: November___ 2. 23
2.38
2. 27
2. 43
December
2. 46
1960: January
2.29
February
2. 29
2.45
March.
2. 29
2.45
2. 44
April
2.28
2. 44
2. 29
May
2. 29
2.45
June
2. 45
2. 29
July
2. 27
2. 43
August
2.30
2.46
September
2
2. 46
October 2
2. 30
2. 46
2.30
November 2 _
2.47
2. 32
December

$1. 378
1. 48
1. 54
1. 61
1. 66
1. 71
1. 80
1. 88
1. 94
2. 01
2.03
2. 04
2.05
2.05
2. 06
2. 06
2.07
2. 08
2.08
2. 07
2.09
2. 09
2. 10
2. 11

$2. 031
2. 19
2. 31
2. 48
2. 60
2. 66
2. 80
2. 96
3. 10
3. 22
3.28
3. 30
3. 32
3.33
3. 38
3. 32
3. 34
3. 34
3. 37
3.37
3. 40
3. 42
3. 41
(3)

$1. 176
1. 26
1. 32
1. 40
1. 45
1. 50
1. 57
1. 64
1. 70
1. 76
3. 77
1. 73
1. 79
1. 79
1. 79
1. 79
1. 81
1. 82
1. 82
1. 81
1. 82
1.83
1.3 82
()

1 Earnings in current prices divided by the consumer price index on a 1959 base.
October and November revisions and December (preliminary) not charted.
63844°—61
3

2




Average weekly earnings — current prices
Manufacturing industries
All

$59. 33
64. 71
67. 97
71. 69
71. 86
76. 52
79. 99
82. 39
83. 50
89.47
88. 98
92. 16
92. 29
91. 14
90. 91
89. 60
91. 37
91. 60
91. 14
90. 35
91.08
91. 31
90. 16
90. 02

Building conNonDurable durable struction
goods
goods

Retail
trade

$54. 71
58. 46
60. 98
63. 60
64. 74
68. 06
71. 10
73. 51
75. 27
79. 60
80. 39
81. 19
80. 77
79. 95
79. 93
79.52
81. 35
82. 16
82.37
81. 77
81.72
81. 51
81. 48
80. 60

$47. 63
50. 65
52. 67
54. 88
56. 70
58. 50
60. 60
62. 48
64. 77
67. 06
66.38
66. 09
66. 95
66. 95
66. 95
67.48
67. 69
68. 80
69. 52
69. 32
68. 43
68. 44
68. 25
(3)

$63. 32
69. 47
73. 46
77. 23
77. 18
83.21
86. 31
88. 66
90. 06
97. 10
95. 44
99.87
100. 86
98. 98
98. 74
97. 36
98. 58
98. 98
97. 76
97. 20
98. 15
98. 89
97. 42
97. 07

$73. 73
81. 47
88. 01
91.76
94. 12
96. 29
101. 92
106. 86
110. 67
115. 28
114. 14
119. 13
114. 87
114. 22
115. 60
119. 19
119. 91
121. 24
123. 68
123. 68
122. 40
125. 17
117. 30
(3)

Average
weekly
earnings,
all manufacturing
industries,
1959
prices *

$71. 92
72. 63
74. 61
78. 09
78. 02
83.26
85. 73
85.38
84. 26
89.47
88.27
91. 52
91. 74
90. 42
90. 10
88. 45
90. 11
90. 25
89. 70
88. 93
89. 47
89. 3-1
88. 22
:i
()

3

Not available.
Source: Department of Labor.

13

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL

PRODUCTION

The industrial production index for November dropped 2 points to 105 (1957 = 100), seasonally adjusted.

INDEX, 1957=100 (SEASONALLY ADJUSTED)

INDEX, 1957=100 (SEASONALLY ADJUSTED)

130

130
TOTAL

UTILITIES AND MINING

j^L

120

^~^
90

90

.

%

s.//

/"V/» •*"•%_„

80

1957

1

1958

80

1957

I

1958

1959

I

I960

1959

1957

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

I960

COUNCIL OF ECONOMIC ADVISERS

(1957=100, seasonally adjusted]
Total
industrial
production

Period

1950
1951
1952
1953
1954
_
1955
1956
1957_
1958
1959
1959: October
November...
December.
1900: January
_ _
February
March__
April
Mav _
.June
July
August
September
October 1
November
1

I'ri'limirmry.

14



__

75
81
84
91
85
96
99
100
93
105
102
103
109
111
110
109
109
110
109
110
108
107
107
105

Industry

Market

Manufacturing
Total
76
82
85
92
86
97
100
100
92
105
102
102
109
112
110
110
109
110
110
110
108
107
106
105

Final products

NonDurable durable
71
80
85
96
85
98
100
100
87
102
96
96
107
111
109
108
106
107
105
106
104
102
101
99

Mining Utilities
Total

Consumer
goods

Equipment

82
53
54
74
60
79
81
75
65
85
83
90
71
91
88
96
87
77
87
85
97
85
95
91
99
94
99
99
100
100
100
100
95
99
105
87
110
100
107
115
112
109
103
117
106
109
118
101
109
102
120
113
112
120
116
103
121
102
110
113
124
113
110
104
123
111
115
102
122
112
117
104
117
124
112
103
112
116
104
125
126
115
111
103
127
114
110
103
114
110
126
103
110
113
127
103
Source: Board of Governors of the Federal Reserve System.

79
82
83
87
87
95
99
100
100
110
111
111
112
113
112
112
113
115
116
116
115
113
113
112

80
87
87
89
86
95
100
100
91
95
91
96
98
98
96
96
98
97
97
98
98
96
96
96

Materials

75
82
83
91
84
97
100
100
91
104
97
100
109
110
109
108
108
107
106
106
105
104
103
101

PRODUCTION OF SELECTED MANUFACTURES
Production of most durable manufactures (seasonally adjusted) dropped further in November.
durables showed little or no change.

Output of non-

INDEX, 1957=100 (SEASONALLY ADJUSTED)

1NDEX, 1957*100 (SEASONALLY ADJUSTED)
160

140

100

60

120
LUMBER
AND PRODUCTS

80
! I I I I I 1 I I II

1957

1958

1959

I960

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF ECONOMIC ADVISERS

[1957 = 100, seasonally adjusted]
Nondurable manufactures

Durable manufactures

FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
beverand
petroPrimary
cated
Machin- tation
apparel,
and
print- leum, and ages, and
and
ery
equipmetals
metal
proding
rubber tobacco
leather
products
ment
ucts

Period

1950
1951
1952
__ __ __
1953
1954_ _
_
1955
1956
1957
1958
1959
1959: October..
November
December
1960: January
February
March _ __
April
May__
_ _ _ _
June
July
August
September
October 1
_
November
1

Preliminary.
- Not available.




_ __

89
97
89
100
81
106
104
100
78
90
44
79
114
115
110
106
99
94
88
85
83
80
78
76

84
90
88
99
89
97
97
100
92
104
99
95
105
109
108
107
104
108
108
109
108
106
106
102

70
80
88
96
84
93
103
100
85
103
107
104
108
110
108
108
107
109
109
110
107
105
103
102

53
59
69
86
79
96
92
100
84
98
98
79
93
108
107
104
102
106
102
102
101
102
104
98

103
102
101
107
104
114
110
100
100
113
111
112
115
115
115
110
114
110
109
111
102
103
100
(2)

92
90
92
94
90
98
101
100
99
115
115
116
117
116
114
115
116
118
119
119
117
112
112
110

78
81
79
85
87
95
99
100
99
108
110
109
111
111
110
110
110
112
112
112
112
112
113
112

65
72
75
80
79
92
96
100
99
113
115
114
115
116
115
116
118
119
122
122
120
117
117
116

87
88
90
91
93
96
100
100
102
107
106
107
108
109
107
1 08
109
110
1 10
1 !()
1 10
IK)

no

1.10

Source: Board of Governors of the Federal Reserve System.

15

WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production fell again during December.

MILLIONS OF TONS

The holiday season accounted for part of the drop.

MILLIONS OF SHORT TONS (DAILY AVERAGE)

CARS AND TRUCKS

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

Period
Weekly average:
1956
1957
1958
... _
1959
__ _
1959: November
December
1960: January
February
March _ _
April
May _ _
June
Julv. _ August
September
October, _
November
December 3
Week ended:
1960: December 3 _ _
10__
17__
24__
3
3135
_
19()i : January
7




COUNCIL OF ECONOMIC ADVISERS

nilectric
.bituminous Freight Paper board
Steel produced '
Cars and trucks
power
coal mined
loaded
produced
Thousands
Index
distributed (thousands (thousands (thousands assembled (thousands)
of net (1947-49 = (millions of
of short
Total
Cars Trucks
of cars)
of tons)
100)
tons
kilowatt-hours) tons) 2
2,204
2, 162
1,635
1,792
1,694
2, 713
2, 720
2, 688
2, 611
2,279
1,993
1,726
1, 437
1, 544
1,509
1, 550
1, 438
(4)

137.2
134. 6
101. 8
111. 6
105. 5
168. 9
169. 3
167. 3
162. 5
141. 9
124. 1
107.5
89. 4
96. 1
93. 9
96. 5
89. 5
(4)

1, 393
1, 396
1,387
1, 325
1, 103
1, 361

86.7
86. 9
86. 3
82.5
68. 7
84. 7

11, 292
11, 873
1 2, 076
13, 206
13,318
13, 828
14, 345
14, 122
14, 027
13, 318
13, 382
13, 883
14, 102
14, 665
14, 014
13, 787
14, 001
14, 674
14,
14,
15,
15,
13,

368
604
021
114
956

' W e e k l y capacities (net tons) as of January 1 are: 2,455,300 (195G), 2,559,631
(19f>7), 2,099,320 (1%s), 2,s;'.l,'!X(j (1959), and 2,841,832 (1900).
2
I )aily average.
3
4
6
Preliminary.
Not available.
Not charted.

16

_

1,693
1,644
1,380
1,380
1, 512
1, 560
1,444
1,387
1,439
1,368
1,411
1,475
1, 269
1,351
1,378
1, 355
1, 540
1, 226

728
683
581
596
601
572
597
573
580
622
640
613
574
592
582
639
545
470

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

132. 8
138.6
98. 4
129.5
72.4
117. 8
201.8
187. 8
171. 5
163.8
174. 3
156. 4
123. 0
80. 6
117. 1
162. 9
156. 3
136. 7

111. 6
117. 6
81. 6
107.6
60. 7
101. 9
171.3
157. 4
143. 1
137.3
146. 3
131. 8
103.5
65. 1
98. 3
145.3
136. 1
116. 9

21. 2
21.0
16. 8
21. 9
11. 7
15. 8
30.5
30.3
28.4
26. 5
28.0
24. 6
19. 5
15. 5
18.7
17. 6
20. 2
19.9

1,221
1, 246
1,223
1, 258
5
1, 323

523
518
486
468
406

280
317
300
286
164
167

158. 3
157. 7
153. 0
134. 3
101.9
91.4

135. 3
135.3
130.7
114. 9
86. 5
74.5

22. 9
22. 4
22.3
19. 4
15.4
16. 9

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

NEW CONSTRUCTION
Expenditures (seasonally adjusted) for private construction rose during December due to greater activity in residential
building, while outlays for public construction declined.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

60

60

10

I960

1954
* SEE NOTE 4 IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

Private
Period

Total new
construction
expenditures

Total

Residential
(nonfarm)

Commercial and
industrial

Other

Federal,
State, and
local

Construction contracts
CommerTotal value cial and in(index,
dustrial
1947-49 = floor space
2
100)
(millions
of square
feet) 3

Billions of dollars

1952
1953___
_ _
1954
1955
1956
1957
1958___
_ _ _ _ _
1959 (new series) 4

34. 7
37.0
39. 4
44. 2
45.8
47. 8,
48.9
56.2

23. 9
25.8
27.7
32. 4
33. 1
33. 8
33. 5
39.9

12. 8
13. 8
15. 4
18.7
17.7
17. 0
18. 0
24. 5

3.5
4. 0
4. 2
5.6
6.7
7. 1
6.0
6. 0

7.6
8.0
8. 1
8. 1
8.7
9. 6
9. 5
9.4

10. 8
11. 2
11. 7
11. 7
12.7
14. 0
15. 4
16.3

Seasonally
adjusted

Seasonally adjusted annual rates
1959: November 4
December1960: January
February
March
April
May. __
June
July
August
September
October
November 5
December

54.3
55.4
54.7
54.9
54. 4
54. 2
55.3
55. 2
55.4
55. 3
55.3
54.7
55. 0
54. 8

39. 7
40. 1
39. 9
39. 7
39. 3
38.7
38.9
39. 1
39.0
38. 7
38.7
38. 3
38.7
38.9

24.0
23. 9
23. 2
22. 5
22. 4
21. 9
22.2
22. 4
22. 3
21. 8
21.7
21. 2
21. 5
22. 0

1 Compiled by F. W. Dodge Corporation. Omits small contracts, and covers
rural areas less fully than urban.
2 Eelates to 48 States.
s Relates to 48 States beginning 1956 and to 37 Eastern States prior to 1956.
Seasonal adjustment by National Bureau of Economic Research.
4
Series
 on new construction beginning January 1959 not comparable with prior


6.2
6. 5
6. 7
7. 1
6. 9
6.8
6.7
6. 7
6.7
6. 9
7. 1
7. 2
7. 2
7.2

168. 8
175. 6
192.4
230. 0
231.3
235. 4
256. 8
265. 4

9.5
9.8
10. 0
10. 1
10.0
10.0
10.0
10. 1
10.0
10. 0
9.9
9.9
9.9
9.7

14. 6
15.3
14. 8
15.2
15. 2
15. 4
16.3
16. 1
16.4
16. 6
16. 6
16. 4
16. 3
16.0

231
244
235
234
252
266
244
272
285
276
271
294
280

197
235
238
299
436
421
359
443
Seasonally
adjusted
annual
rates
432
473
436
429
439
465
473
457
460
493
473
483
489

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

17

HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts in November remained somewhat above an annual rate of 1.2 million (seasonally adjusted).
The number of FHA applications declined while VA appraisal requests increased slightly.

MILLIONS OF UNITS (ANNUAL RATE)

MILLIONS OF UNITS (ANNUAL RATE)
SEASONALLY ADJUSTED

PRIVATE NONFARM
HOUSING STARTS

,->
x^ '

^
%
*

I960

I954
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATIONIFHAJ, AND VETERANS ADMINISTRATION (VA).

COUNCIL OF ECONOMIC ADVISERS

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

1954
1955
1956
1957
1958
1959
1959
1959: August
September
October _
November _
December.
19GO: January
February __
March _
April _
May
June__
Julv
August.. __
September
October 4 4
November

Total
private
and
public
(2)
2
(2 )
( 2)
(2 )
()
(2)
1, 553. 5
142. 4
140. 0
123. 3
106. 5
96.4
88.4
90.2
93. 3
125. 2
130.0
127. 3
114. 9
129. 6
102. 3
112. 0
97.3

Private

Total
private
and
public

Private
Government
programs
FHA
VA

Total

Old series
1, 220. 4 1, 201. 7
(2)
2
1, 328. 9 1, 309. 5
()
1, 118. 1 1, 093. 9
(2)
2
992. 8
1, 041. 9
(2 )
1, 209. 4 1, 141. 5
(2)
1, 378. 5 1, 342. 8
()
New series 3
1, 516. 8 1, 531. 3 1, 494. 6
137. 8
142. 0
138.2
132.4
136. 3
136. 1
117. 9
121. 2
120. 0
102. 5
104.3
104,7
93.6
92.8
95. 6
84.3
83.0
87.1
87. 9
88. 8
86.5
92. 3
89. 2
90. 2
123.4
121.7
123. 5
125. 5
127. 3
128. 2
125. 7
120. 6
122.2
113.2
109. 4
111. 1
122. 7
124.8
127.5
100. 3
94. 7
96. 7
109. 2
106. 1
108. 9
94. 7
96. 3
95.7

Units represented by mortgage applications for new home construction.
2 Not available.
IO
3 See Housinq Starts. C 20-11 (Supplement), Bureau of the Census, May
•*•*J 1950, lor description, (Data for Alaska and Hawaii included.)




Private housing
starts, seasonally adjusted annual rates

Nonfarm housing starts

276. 3
276. 7
189.3
168. 4
295. 4
332. 5

Total
farm and Nonfarm
nonfarm

Proposed home
construction
Applications for
FHA
commitments l

Requests
for VA
appraisals 1

338. 6
306. 2
197.7
198.8
341. 7
369. 7

307. 0
392. 9
270.7
128. 3
102. 1
109.3

535.4
620. 8
401. 5
159.4
234. 2
234. 0

369. 7
25.6
25. 5
24. 1
16. 1
18.2
16.3
21. 1
27.4
22.5
22.4
23.7
19. 6
22. 9
20. 1
18. 3
14. 8

234. 0
21.2
17. 9
16. 7
12. 2
11. 1
11.2
12. 9
12. 9
13. 7
14. 4
15. 2
8. 5
12. 4
11.6
10.0
10. 3

New series 3

332. 5
31.3
29.8
26. 8
20.3
20. 0
15. 9
17.6
21. 9
25. 4
25. 2
26.5
23. 6
26.3
21. 9
22.6
20. 2

109.3
9. 9
10. 0
9. 4
7.9
6. 4
4. 1
4.8
5.2
7. 3
6.9
7.7
7.4
8.2
6. 8
5.9
5. 5

1,450
1, 509
1, 878
1, 856
1,451
1,866
1, 867
1, 112
1,827
1, 888
1, 802
1, 182
1,292
1,066
1,258
1,285

1,446
1,468
1,854
1, 828
1, 401
1,291
1,847
1, 098
1,807
1,815
1,285
1,164
1,278
1, 044
1,217
1,221

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

TRADE SALES AND INVENTORIES
Retail sales during November declined about $100 million (seasonally adjusted) while inventories rose by a like
amount. Wholesale sales and inventories remained unchanged. Retail sales dropped $200 million, or about
percent in December, according to preliminary estimates.
BILLIONS OF DOLLARS *

BILLIONS OF DOLLARS *

I

RETAIL TRADE

14 '—•

DURABLE GOODS STORES

10

INVENTORIES

T-~

I

I

,

1

I

I960

INDEX, !947-49sIOO *
NONDURABLE

GOODS STORES

180

INVENTORIES

.X^^x.^

8

n ' r , .. . . i
1957

i..
1959

I

*SEASONALLY ADJUSTED.
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Wholesale

lietail
Sales

Period

Sales i

Inventories 2

COUNCIL OF ECONOMIC ADVISERS

Total

Department stores

13

Inventories

Nondurable
goods
stores

Durable
goods
stores

Total

2

NonDurable durable
goods
goods
stores
stores

Billions of dollars, seasonally adjusted

1952
1953
1954
1955.
_- _
1956
1957
1958
_ _ _
1959
1959: October
November
December
1960: January _
February
March
April
May_
June
July
August.
September
October _ 6_
November
December 6 _ _ _
1
2

9. 6
9.8
9.7
10. 6
11. 3
11.3
11. 1
12. 3
12.0
12. 3
12. 7
12. 4
12.5
12. 2
12. 6
12.4
12. 5
12.3
12. 3
12. 2
12.2
12. 2

10. 0
10. 5
10. 4
11. 4
13. 0
12.7
12. 0
12. 6
12. 5
12. 6
12. 6
12. 7
12.7
12. 8
12.9
13. 1
13. 0
13.0
13. 1
13. 1
13. 2
13. 2

13. 5
14. 1
14. 1
15. 3
15. 8
16. 7
16. 7
18. 0
18.3
17.8
17.5
18. 1
18. 1
18. 2
18.9
18. 5
18.5
18. 1
18. 2
18. 1
18. 5
18.4
18.2

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




4. 6
5.0
4. 8
5.6
5. 5
5.7
5. 3
6.0
6. 4
5.7
5.3
5.9
6.0
5.9
6. 3
6. 1
6.0
5. 7
5.8
5.8
6. 1
6.0
5. 6

8. 9
9. 1
9. 2
9. 7
10. 3
11.0
11. 4
12. 0
12.0
12. 2
12. 2
12. 2
12. 1
12.3
12. 6
12. 4
12. 5
12.4
12. 4
12.3
12. 4
12.4
12. 5

21. 6
22. 7
22. 1
23. 9
23. 9
24. 5
24. 0
24.3
24.7
24. 2
24.3
24.5
24.8
25. 1
25. 0
25. 2
25.3
25. 4
25.2
25. 3
25. 4
25. 5

9. 9
10.7
10. 1
11. 2
10.7
11. 4
10. 8
11.0
11. 6
11. 0
11.0
11. 3
11. 6
11.6
11. 6
11.8
11.8
11.9
11.7
11.8
11.9
12. 1

11. 7
12. 0
12. 0
12.7
13. 2
13. 1
13.2
13. 3
13. 1
13. 2
13. 3
13. 2
13.2
13. 5
13.3
13.4
13. 5
13. 5
13. 6
13.6
13. 5
13.5

Sales i

Inventories 4

Index, 1947-49=100,
seasonally adjusted 5
121
114
118
131
118
128
128
136
148
135
152
135
136
148
144
156
148
158
146
160
146
161
146
161
142
160
162
138
154
159
141
161
145
165
149
167
143
169
144
168
150
167
142
169
146

« Based on retail value.
Preliminary; December not charted.

6

Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.
-i *

19

MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers* sales, inventories, and new orders (seasonally adjusted) declined in November due to reductions in
durable goods industries. The drop in new business was centered in machinery and transportation equipment industries.

BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS *

MANUFACTURERS' INVENTORIES

TOTAL'
50

^MANUFACTURERS' NEW ORDERS.
NONDURABLE
GOODS

NONDURABLE
GOODS

,,„„.,...••«"""•«..«•
D U R A B L E GOODS
1957

1957

1959

* SEASONALLY ADJUSTED.
SOURCE'. DEPARTMENT OF COMMERCE.

I

I960

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted]
Manufacturers' sales

1

Manufacturers' inventories 2

Manufacturers' new orders

1

Durable goods
Period

1952
1953
1954
1955
1956
1957
1958
1959
1959:

Total

__
__
.

__ _ _

__
October.
November
December _
1960: January
February
March
April
May
June
July
August
September..
October 3 - 8
November
C* J

__ _

NonDurable durable
goods
goods

22.8
24. 5
23.5
26. 3
27. 7
28. 4
26.2
29. 7
29. 4
29. 0
30. 8
31. 1
31. 6
30.8
31.0
31. 0
30.8
30. 4
30. 1
30. 1
29.6
29. 2

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

20




10. 9
12.4
11.2
13. 1
13. 8
14. 2
12.4
14. 5
14. 0
13. 5
15. 0
15.4
15.7
15. 2
15.0
15. I
14. 9
14.7
14. 4
14. 4
14. 1
13. 8

11. 9
12. 1
12. 3
13.3
13. 9
14. 2
13.8
15. 2
15.3
15. 5
15. 8
15. 7
15. 9
15. 7
16.0
15. 9
15. 9
15.7
15.7
15.7
15.5
15. 5

Total

43. 8
45. 4
43. 0
46. 4
52.3
53. 5
49. 2
52. 4
51. 5
51. 6
52. 4
53. 3
53.9
54. 3
54. 7
55.0
55. 1
54.9
55. 0
54. 7
54. 4
54. 0

NonDurable durable
goods
goods
24. 4
26. 2
24. 1
26. 7
30. 7
31. 1
27. 9
30. 1
29. 2
29.3
30. 1
30.8
31. 3
31. 8
31.9
32. 1
32. 2
32.0
32. 1
31. 8
31.4
31. 0

19.4
19. 2
18.9
19. 7
21. 6
22.4
21. 3
22. 3
22. 3
22. 3
22. 3
22. 6
22. 6
22. 6
22. 7
22. 9
22. 9
22.8
22.9
22. 9
23.0
23.0

Total
Total

23. 6
23. 1
22. 5
27. 2
28. 3
27.3
25.9
30. 1
30. 4
29. 2
30.7
29.8
30. 6
30.3
30. 4
30. 5
30. 1
29.2
30.0
30. 4
29. 2
29.0

3 Preliminary.
Source: Department of Commerce.

11. 7
11.0
10.2
13. 9
14. 4
13. 1
12. 0
14. 9
15. 1
13. 7
14.8
14.2
14 8
14.6
14. 5
14. 7
14,3
13. 8
14,4
14. 6
13.7
13.5

NonMachinery durable
and trans- goods
portation
equipment
6. 4
5.6
5. 0
7. 1
7.5
6.8
6. 3
7.9
8. 6
7. 0
7. 7
7.8
8. 3
8.4
8.2
8. 3
8.2
7.7
8. 1
8.6
8. 1
7.6

11. 9
12. 1
12. 3
13. 3
13.9
14. 2
13. 9
15. 3
15. 4
15. 5
16.0
15. 6
15.8
15. 7
15. 9
15.8
15. 8
15. 4
15. 6
15. 8
15. 5
15.5

MERCHANDISE EXPORTS AND IMPORTS
The merchandise trade surplus rose further in November to $548 million (seasonally adjusted), as a decline in imports exceeded a small decrease in exports.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

2.5

I 2.5

SEASONALLY ADJUSTED

2.0

2.0
MERCHANDISE EXPORTS EXCLUDING
MUTUAL SECURITY PROGRAM
SHIPMENTS

X
1.5

1.0

1954
SOURCES: DEPARTMENT OF COMMERCE, AND DEPARTMENT OF DEFENSE.

Period

Monthly average:
1950 _ _
1951
1952
1953
1954
1955 _ _ _
1956
1957
1958 _
1959
1959- October
November
December
1960: January
February
March
April_
_ _ _ _
May
June
_ _
July
August
September
October
November

833
1, 164
1, 100
1,022
1,071
1, 191
1,444
1, 625
1,362
1,362
1,884
1,877
1,487
1,562
1,585
1,498
1,626
1,688
1,627
1,786
1,625
1,610
1,707
1,676

1,398
1,376
1,569
1,484
1,497
1,634
1,708
1,716
1, 638
1, 629
1,550
1,556
1,690
1,723

822
116
1, 151
190
1,088
175
1,012
143
1,060
131
162
1, 180
1,432
216
1, 610
208
1,349
198
1,346
210
Unadjusted
1,382
216
212
1,360
1,554
218
1,466
205
1,480
224
222
1,616
1,691
245
1,700
234
1,622
221
1,612
210
1,532
218
1,541
242
1, 676
246
1,709

1
Total exports less Department of Defense shipments of grant-aid military
supplies and equipment under the Mutual Security Program,
a Imports for immediate consumption plus entries into bonded warehouses.




COUNCIL OP ECONOMIC ADVISERS

[Millions of dollars]
Merchandise exports excluding
Merchandise imports
Mutual Security Program shipments
General 2imTotal (includImports for consumption 3
Domestic exports
ports
ing reexports)1
Indus- Finished
Indus- Finished
Season- Unad- Total i Food- trial manu- Season- Unad- Total Food- trial manually adally ad- justed
stuffs matefacfacstuffs matejusted
tures
rials
rials tures * justed justed

251
345
300
254
310
351
441
529
368
365
368
426
505
482
459
484
494
508
525
510
501
476
524

798
722
830
778
797
910
952
958
876
892
813
822
905

738
914
893
906
851
949
1,051
1,082
1,070
1,268

455
616
612
614
620
667
775
872
782
772
1,201
1,298
1 0/f.O
1, <? / <Q

1,202
1,804
1,251
1,805
1,229
1,271
1,264
1,227
1, 178
1, 196
1,128

1,202
1,282
1,478
1, 137
1,288
1, 375
1,257
1,260
1,313
1, 155
1,228
1, 160
1, 157
4
1, 161

221
729
383
901
485
258
896
263
459
898
274
441
853
276
394
945
260
468
1,043
267
508
1,079
274
511
1,062
287
450
1,249
285
533
Unadjusted
1,212
232
522
1,261
239
551
1,432
606
317
1,162
217
535
1,289
540
283
298
570
1,366
1,246
279
510
1,253
300
500
1,296
293
551
465
1, 145
263
539
280
1,245
268
478
1, 159
1, 157
268
463

125
158
174
183
183
217
268
294
325
431
458
471
508
410
465
498
458
453
451
417
426
412
425

8
Imports for immediate consumption plus withdrawals for consumption from
bonded warehouses.
<Not charted.
Sources: Department of Commerce and Department of Defense.

21

U.S. BALANCE OF PAYMENTS
The over-all balance of payments deficit rose $1.3 billion (seasonally adjusted annual rate) in the third quarter of
1960, despite a $1.1 billion improvement i n t h e surplus o n goods a n d services.
•'• ^ ; ' ' " _ _ ; _ _

BILLIONS OF DOLLARS *

BILLIONS OF DOLLARS *

40

40
U.S. PAYMENTS
TOTAL
U.S. PAYMENTS

30

-t
U.S. RECEIPTS

20

IMPORTS OF GOODS
AND SERVICES !

j

i

i

j

i

i

i

0 L~L.

20

U.S. RECEIPTS

-

FOREIGN
LONG-TERM

30

EXCESS OF RECEIPTS

y yi

uiy u y

20
EXPORTS OF GOODS •
AND SERVICES
•

— EXCESS OF PAYMENTS -

, 4

-20

1959

1957

1958

SEASONALLY ADJUSTED ANNUAL RATES.
INCLUDES UNRECORDED. TRANSACTIONS.
SOURCE'. DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
U.S. receipts
(recorded)
Exports Foreign Imports
of
longof
goods
term
goods
and
capital
and
services
(net)
services

Period

1951
1952
1953
1954
1955
1956 _
1957
1958
1959

863
105
081
949
003
705
733
325
464

182
141
206
244
346
530
361
24
548

23, 492
23, 308
22, 456
22, 756
24, 612
24, 032
25, 876
27, 240
27, 844

-104
208
288
760
632
512
740
608
__4

18,
18,
17,
17,
_ _
_ .. 20,
_ 23,
26,
_
23,
23,
_

_

-

J958: Third quarter
Fourth quarter. __
1959' First quarter
Second quarter. __
Third quarter
Fourth quarter
1900* First quarter
Second quarter
T h i r d q u arter 3

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

528
3, 191 1, 068
4,716
850
2,380 1, 158
4,083
721
369
2, 055
3,041
664
1,554 1, 619
3, 788
779
4,007 2 2,211 1, 211
2
2, 327 2,990 1, 859
5, 982
2, 574 3, 175 2,058
6,451
6, 153 2 2, 587 2, 844 1,094
2
1, 981 2, 301 1, 310
5, 061
Seasonally adjusted annual rates
3, 036 2, 612 1,028 I
6, 376
20, 808
2, 676 2,572 1, 268
5, 976
21, 912
4, 408 2 1, 896 1,768 1,236
22, 484
2, 424 2,516 1, 480
23, 864 2 5, 696
2,336 2, 188 1,284
5,368
24, 132
1, 268 2,732 1,240
4,772
23, 760
2,304 2, 296 1, 172
5,376
23, 712
868
2,812 2,308
5,976
24, 084
2, 280 4, 128 1, 604
7, 284
23, 552

15,
15,
16,
16,
17,
19,
20,
21,
23,

142
760
644
088
937
829
923
053
560

' Includes remittances and pensions, not shown separately.
- includes U.S. subscriptions to international financial institutions.
* I'rHiminury.

22




-813
-1,597
-2, 398
-1,683
-1, 595
-1, 576
-280
-3, 857
-4, 609
3, 796
-4, 372
-4, 148
-6,044
-4,256
-3, 988
-2, 472
-2, 212
-2,996

470
505
296
167
446
643
748
380
783
188
216
576
1,404
-252
1,404
-88
-636
-1, 132

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

343
1,092
2, 102
1,516
1,149
933
-468
3,477
3, 826
6, bus
4, 156
3,572
4, 640
4, 508
2,584
2,560
2,848
4, 128

PRICES

CONSUMER PRICES

Consumer prices rose 0.1 percent in November. The rise resulted from 0.2 percent increase in food prices, which
usually drop at this time, and from 0.1 percent increase in prices for services.
INDEX, 1947-49 = 100

INDEX, 1947-49 = 100

150

140

140

130

100

1954

I

I960

1955

SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

[1947-49 = 100]
Services

Commodities
Period

1949
1950__ ___ _
1951
1952
__
_ _ _ _ _
1953
1954
1955__ _ _ . ___
1956
1957
1958 _
1959
1959: October ._
November
__ _
December,
1960: January
February _
March
April
May_ _
June
July _ _ _
August
September _
October
November
Source: Department of Labor.




All
items

101. 8
102. 8
111. 0
113. 5
114. 4
114. 8
114. 5
116. 2
120.2
123. 5
124. 6
125. 5
125. 6
125. 5
125. 4
125. 6
125. 7
126. 2
126. 3
126. 5
126. 6
126.6
126. 8
127.3
127. 4

All commodities

100. 6
101. 2
110. 3
111. 7
111. 3
110. 2
109. 0
110. 1
113. 6
116. 3
116. 6
117.3
117. 2
117. 1
116. 7
116. 7
116. 7
117. 4
117. 3
117. 6
117. 7
117. 6
117.7
118.2
118.3

Commodities less food
Food
All

100. 0
101. 2
112. 6
114.6
112. 8
112. 6
110.9
111. 7
115. 4
120. 3
118. 3
118. 4
117. 9
117.8
117. 6
117. 4
117. 7
119. 5
119. 7
120.3
120. 6
120. 1
120.2
120. 9
121. 1

101. 5
101.3
108. 9
109. 8
110.0
108. 6
107. 5
108. 9
112. 3
113. 4
115. 1
116. 3
116.5
116. 4
115. 9
116. 0
115. 7
115. 6
115. 3
115.3
115. 4
115.5
115. 6
115. 9
115. 9

All
NonDurable durable services

103. 3
104, 4
112. 4
113. 8
112. 6
108. 3
105. 1
105. 1
108. 8
110. 5
113. 0
113. 6
114. 1
113.8
113. 3
113.3
112. 5
112. 1
111. 9
111. 5
111. 1
111. 0
110. 0
110. 9
110. 7

101. 1
100. 9
108. 5
109. 1
110. 1
110. 6
110. 6
113. 0
116. 1
116. 9
118.3
119. 8
119. 8
119. 9
119.2
119. 4
119. 6
119. 7
119. 4
119. 6
119. 9
120. 1
120. 9
120. 9
121. 1

105. 1
108. 5
114. 1
119. 3
124. 2
127. 5
129. 8
132. 6
137. 7
142. 4
145.8
147.3
147. 6
147. 8
148. 2
148. 9
149. 2
149. 4
149. 6
149. 7
150. 0
150. 3
150. 8
151. 2
151.3

Bent

105. 0
108. 8
113. 1
117. 9
124. 1
128. 5
130. 3
132.7
135. 2
137. 7
139. 7
140. 4
140. 5
140.8
140. 9
141.0
141. 2
141. 4
141. 4
141. 6
141. 8
141. 9
142. 1
142.5
142. 7

Services
less
rent

105. 2
108. 1
114. 6
120. 1
124. 6
127. 7
130. 1
133.0
138. 6
143. 8
147. 5
149. 1
149. 5
149.7
150. 1
150. 9
151. 3
151.5
151. 7
151.8
152. 1
152. 5
153. 0
153. 4
153. 6

23

WHOLESALE PRICES
Wholesale prices, on the average, were unchanged from October to November.
changed little in December.

Weekly data suggest that prices also

INDEX, 1947-49-100

INDEX, 1947-49*100

COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS,

130

(INDUSTRIALS)

120

100

90

80

1954

1955

1956

1957

1959

1958

SOURCE: DEPARTMENT OF LABOR

I960
COUNCIL OF ECONOMIC ADVISERS

[1947-49 = 1001

All
commodities

Period

1950
1951- - _ __
1952
1953
1954
1955
1956_
1957
1958
1959
_ _
1959: November
December
1960: January..
February
March
April

_
__
__

May

June
July
August
September _ _
October
November.
Week ended: 3
I960: December 13 _ _ _ _ _ _ _ _
20

1961: January

27
3

Farm
products

Processed
foods

103. 1
114. 8
111. 6
110. 1
110.3
110. 7
114. 3
117. 6
119. 2
119. 5
118. 9
118. 9
119. 3
119. 3
120. 0
120. 0
119. 7
119. 5
119. 7
119. 2
119. 2
119. 6
119. 6

97.5
113. 4
107. 0
97.0
95. 6
89. 6
88. 4
90. 9
94. 9
89. 1
85. 4
85. 9
86. 5
87. 0
90. 4
91. 1
90. 4
89.0
88. 9
86. 6
87. 7
89.5
89. 9

99.8
111. 4
108. 8
104. 6
105. 3
101. 7
101. 7
105. 6
110. 9
107.0
104. 9
104. 7
105. 6
105. 7
107. 3
106. 8
107. 3
107.6
1Q8. 9
107. 8
108. 1
109.0
109. 1

119. 4
119. 5
119. 6
119. 6

88.5
88.9
89. 7
88.9

109.4
109. 6
109. 5
110. 0

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




24

Commodities other than farm products and foods
(industrials)
Consumer finIndus- Indus- Producished goods extrial in- er finAll intrial
cluding food
dustricrude termedi- ished
DurNonals1
mate- ate ma- goods
2
terials
rials
able
durable
105.0
109. 9
105.7
108. 7
105. 0
100.8
112. 1
115. 9
120. 8
119. 3
108. 5
118. 5
113.2
109.3
114. 7
121.3
113. 0
105. 9
114.0
116.2
108. 5
123. 1
113. 8
106. 9
114. 5
107. 2
116. 7
124. 7
114. 7
103. 3
117. 0
113. 4
107. 8
120. 1
128. 5
115. 9
122. 2
120. 0
126. 0
138. 1
119. 7
109. 9
112. 4
125. 6
129. 3
123. 3
118. 3
146. 7
126. 0
113. 7
129. 1
150. 3
125. 0
111.7
128. 2
120. 0
153. 2
126. 5
113. 4
131. 2
122. 6
128. 5
131. 6
113. 6
153. 6
126. 1
128. 6
120. 8
153. 5
126. 2
131. 7
113. 8
132. 1
128. 8
121. 4
153. 8
126. 4
113. 9
132. 2
119. 2
128. 7
126.4
153. 8
113. 8
132. 2
116. 8
128. 6
153. 9
126. 5
113. 8
132. 2
116. 2
128. 7
126. 5
113. 7
153. 9
128. 2
116. 0
153. 6
126.3
113. 2
131. 9
128. 2
115. 2
153. 7
126. 2
113. 6
131. 8
114. 8
128. 2
153. 6
126. 3
114 1
131. 7
128. 2
114. 4
131. 6
126. 2
153. 7
114 6
127. 9
114. 2
152. 6
114. 8
123. 6
131. 5
128.0
112. 7
131.3
153. 5
125.7
114.8
127. 8
111. 8
153.9
131. 0
125.8
114 7

127.8
127. 9
127. 9
127. 9

(4)
(4)
(4)
(4)

(4)
(4)
(4)
(4)

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
3
Weekly series based on smaller sample than monthly series.
4
Not available.
Source: Department of Labor.

(4)
(4)
(4)
(^

PRICES RECEIVED AND PAID BY FARMERS
The index of prices received by farmers increased slightly further in the month ended December 1 5 to equal the previous
high mark of the year established in the month ended April 1 5. The parity ratio remained at 81.
INDEX, 1910-14 olOO
325

INDEX, 1910*14*100
325
PRICES PAID, INTEREST, TAXES,
AND WAGE RATES

300

300

£75

275

250

250

225

225

200

200

RATIO U

RATIO ±*
100

—— ^
!

1 I 1 1 | 1 ! 1 1 1

1954

100
PARITY RATIO
%

"' """'""""N,,,,,

•••MMI*

i 111 1111 11i
1955

«•**

''••»*•*«»•

l%
«»»*

** ''"""'^"''M*1 •••!«,,

^

"«*l»,

•"--•-...,„„„....-"•--.-—-•""

t i i i t 1 t t i i i

1956*

t 1 1 1 1 1 1 1 I 1 1

1957

1958

75

1959

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

I960
COUNCIL OF ECONOMIC ADVISERS

Prices received by farmers
Period

All farm
products

1950
1951
1952
1953
_
1954
1955
1956
1957
1958
1959
1959: November 15
December 15 «
1960: January 15
February 15
March 15
April 15
May 15
_
June 15
July 15
August 15
September 15
October 15
November 15
December 15

258
302
288
255
246
232
230
235
250
240
231
230
232
233
241
242
241
236
238
234
237
240
241
242

_

Crops

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




233
265
267
240
242
231
235
225
223
221
217
218
220
218
222
225
228
221
226
218
222
220
218
217

Prices paid by farmers
'
All items,
interest,
Livestock taxes, and Family
Producand
tion
living
wage rates
products
items
items
(parity
index)
Index, 1910-14=100
246
246
280
256
268
282
273
336
274
306
271
287
269
256
268
277
249
270
255
277
234
270
251
276
274
250
226
278
244
282
257
286
264
287
273
293
256
266
297
288
264
243
296
290
264
240
291
296
242
265
290
299
289
245
299
266
267
257
300
289
257
268
302
291
252
291
267
301
290
265
248
299
249
290
263
298
262
247
290
298
251
263
290
298
262
258
297
290
262
291
261
297
264
263
290
298

Parity
ratio l

101
107
100
92
89
84
83
82
85
81
78
78
78
78
80
80
80
79
80
79
80
81
81
81

Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY

The money supply increased less than seasonally in November.

BILLIONS OF DOLL ARS

BILLI ONS OF DOLLARS

150

150

AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

TOTAL MONEY SUPPLY

140

^^^"^^^^^^

^^

140

^^a^^agtK^^fsfffac

^^^^^"^
^^^
~~ 130

130

p EMAND DEPOSITS AT Al f
COMMERCIAL BANK 5

120

120

JL^

.— ——;~ _ ^ *^**^

no

110

* —100

100

90

9O

80

1

1955

1

(

1

1 !

1

i i i i i 1 i > i i i

I 1 1 I (

1956

1

i i t i . 1 i i i i i

1957

f953

I 1

!

(

1 )

(

1959

|

1

1

!

| 1 1 ! 1 ! ! ! ! ! ! _
8960

.SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1952:
1953;
1954:
1955:
1956:
1957:
1958:
1959:
1959:
1960:

26




80-

1961
COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, billions of dollars]
Money supply
Seasonally adjusted
Unadjusted
Period
Currency Demand
Currency Demand
Total
deposits
Total
outside
deposits
outside
banks
banks
126. 5
December- _
99. 1 129. 8
27.4
102. 0
27. 8
128. 1
December
27.7
100.4 131.4
28. 2
103.3
December _
_
_ _ 131. 8
27.4
104. 4 135.0
27. 9
107. 1
December
134. 6
27. 8
106. 8 137. 9
28.3
109.6
December
136. 5
28. 2
108.3 139.7
28. 7
111.0
December._
_ _
135. 5
107. 2 138. 8
28. 3
28. 9
109. 9
140. 8
112. 2 144.3
December.
28. 6
29. 2
115. 1
December
141. 5
112. 6 144. 9
28.9
29. 5
115. 5
142. 2
November
29.0
29. 2
113. 2 143. 3
114. 1
December
112. 6 144. 9
141. 5
29. 5
28. 9
115.5
January _
141.3
29.0
112.3 144. 4
28. 8
115. 6
February _ _
141. 0
112.2
112. 1 140.8
29.0
28. 6
March
140. 6
29. 0
111. 6 139.3
110.6
28.7
29. 1
April _
111. 4 140. 1
140.5
111.4
28.8
May-139. 9
29.0
110. 9 138.0
28.8
109. 2
j
28.9
110. 5 138.0
139.4
June
109. 1
29.0
July
139. 6
28.9
29. 1
110. 7 138. 7
109. 6
139. 7
28. 9
August
29. 0
110. 8 138. 9
109.8
September. _
140. 4
29. 0
111. 5 139.7
29. 1
110. 7
140. 6
111. 6 140. 6
October
29. 1
29.0
111. 5
140. 2
29. 0
November
29.2
112. 2
111. 2 141. 4
29.0
111. 6 141. 7
November: First half _ _ _ 140. 6
29. 2
112. 4
139. 9
29. 0
Second half
110. 9 141. 2
29.3
111. 9
111. 4 143. 3
December: First half
140.3
28.9
29. 5
113. 8

J
I )cni;uul deposits at all commercial banks (member and nonmember).
- f-'co footnote 1, p. 27 for definition of member banks.
3 Preliminary.

1 ! 1 1 1 1 ,1 1 ! ,1,1^

Deposits at member2 banks
(unadjusted)
U.S.
Demand
Time Government
86.2
4.5
33. 1
3. 5
35. 8
86. 9
4.6
90. 5
39. 1
3.0
92.4
40. 3
93. 2
41.7
3. 0
92. 1
3. 1
45. 9
52.7
96.0
3.4
53. 7
95. 7
4.4
4.2
53. 8
94. 5
95.7
53. 7
4. 4
95. 6
53. 7
3. 6
53.5
3.6
92.8
91. 6
3. 8
53. 8
54.2
92. 3
3.3
54.5
5. 8
90.4
5. 7
90. 4
54. 9
90. 7
55. 5
6.0
56. 2
5. 5
91. 0
56.9
4.8
91. 6
92. 0
57.4
5. 1
5.2
92. 3
57. 6
57.6
5.2
92. 5
92.0
57. 5
5. 2
93. 8
57.8
3.6

NOTE.— Money supply figures are the new series as published in Federal
Reserve Bulletin, October 1960.
See also note, p. 27.
Source: Board of Governors of the Federal Reserve System.

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans increased $3.2 billion in December, compared to an increase of $1.3 billion in December
1959.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ALL COMMERCIAL BANKS

200

200

TOTAL LOANS AND INVESTMENTS

V
150

150

100

INVESTMENTS IN OTHER SECURITIES

i
I
1956

1955

1954

V
L
!957

1958

1959

I960

END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF ECONOMIC ADVISERS

All commercial banks

1952
1953
1954
1955
__ __
1956
1957
1958
_
1959
1959; November
December
1960: January
February _
March
April
May__
June
July
August
September
October
November 5
December 5 _

_ _

_

Investments

Total
loans
and
investments

End of period

-_ -

Loans

141. 6
145. 7
155. 9
160. 9
165. 1
170. 1
185.2
190. 3
188. 3
190.3
187. 8
186. 5
185.7
188. 8
188. 6
188.9
190. 9
191. 2
193. 3
195. 7
195. 7
200. 3

64. 2
67. 6
70. 6
82. 6
90. 3
93. 9
98.2
110.8
109. 5
110.8
109. 6
110. 3
111. 4
113. 0
113. 6
114. 8
114. 2
114. 7
115. 4
114. 8
115.0
118. 2

U.S. Government
securities

Billions of dollars
14. 1
63. 3
14. 7
63. 4
16. 3
69.0
16. 7
61. 6
16. 3
58. 6
58.2
17.9
20. 6
66. 4
20. 5
58. 9
58.5
20.3
58. 9
20. 5
58. 0
20. 3
56.2
20. 1
54. 2
20. 1
20. 0
55. 8
55. 1
19.8
54. 2
19. 9
20.0
56.7
56. 6
20. 0
20. 2
57.7
60. 5
20.4
60. 4
20. 3
20.8
61. 3

1
Member banks are all national banks and those State banks which have taken
membership in the Federal Keserve System.
2 Commercial and industrial loans and prior to 1956 agricultural loans. Series
revised beginning January 1952, October 1955, July 1958, and July 1959.
3
Debits during period to demand deposit accounts except interbank and
U.S. Government. Prior to 1955, relates to 344 centers outside New York City.
* Averages of daily figures. Annual data are for December.




Other
securities

5

Weekly
reporting
member
banks 1
Business
loans 2

^ 23.4
23. 4
22. 4
2
26. 7
30. 8
31. 8
2
31. 7
2
30. 5
29. 9
30. 5
29. 9
30.2
31. 0
30. 9
31. 2
31. 6
31. 0
31.0
31. 5
33. 4
31. 7
32. 0

Bank
All member banks 1
debits
outside
Reserves 4
New York
BorrowCity (343
ings at
centers) ,
Federal
seasonally
adjusted Required Excess Reserve
Banks 4
annual
3
rates
Millions of dollars
1,045.0
i, 593
20, 457
723
441
19, 227
693
1,126. 3
246
703
1, 148. 4 18, 576
839
594
1, 276. 7 18, 646
652
688
18, 883
1,384. 8
710
577
1, 468. 3 18, 843
557
516
1,481.0
18, 383
482
906
1, 655. 6 18, 450
878
445
1, 695. 9 18, 176
906
482
1, 679. 7 18, 450
18, 334
544
905
1, 686. 9
816
455
1, 783. 6 17, 758
635
416
1, 708. 3 17, 611
602
17, 696
408
1,742.3
502
469
1, 757. 5 17, 770
425
466
1, 758. 4 17, 828
388
508
1, 699. 5 18, 010
293
17, 961
540
1,790. 3
225
639
1, 742. 8 17, 931
] 49
1, 722. 3 18, 095
638
142
756
1, 768. 9 18, 248
87
18,511
759
(6)
G

Preliminary, December not charted. Not available.
NOTE.—Between January and August 1959, series for all commercial banks
and all member banks were expanded to include data for all banks in Alaska and
Hawaii.
Source: Board of Governors of the Federal Reserve System.
0*7

CONSUMER CREDIT
Consumer credit outstanding rose about $280 million in November, compared to an increase of about $560 million in
November 1959.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

0 I i i i i i i i i i i i I i i i i 'I I i i i t i I i i i i i I i t i i i J i i t i i I i i i i i

1954

I

1955

I

1957

1956

1958

1959

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

[Millions of dollars]
Consumer credit outstanding
(end of period; unadjusted)
Instalment
NonAutomoinstalTotal
bile 2
Total *
ment 3
paper
21, 471
22, 712
27, 520
31, 393
32, 464
38, 882
42, 511
45, 286
45, 544
52, 119
49, 944
50, 503
52, 119
51, 468
51, 182
51, 298
52, 353
52, 991
53, 662
53, 809
54, 092
54, 265
54, 344
54, 626

14, 703
15, 294
19, 403
23, 005
23, 568
28, 958
31, 897
34, 183
34, 057
39, 852
38, 659
39, 024
39, 852
39, 738
39, 785
40, 020
40, 651
41, 125
41, 752
42, 050
42, 378
42, 517
42, 591
42, 703

6,074
5,972
7,733
9,835
9,809
13, 472
14, 459
15, 409
14, 237
16, 549
16, 626
16, 633
16, 549
16, 519
16, 626
16, 826
17, 170
17, 431
17, 755
17, 893
18, 020
18, 021
17, 992
17, 967

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




28

I

I960

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

6,768
7,418
8, 117
8,388
8,896
9,924
10, 614
11, 103
11,487
12, 267
11, 285
11,479
12, 267
11, 730
11,397
11, 278
11, 702
11, 866
11, 910
11, 759
11, 714
11, 748
11, 753
11, 923

Consumer instalment credit extended and
repaid (seasonally adjusted)
Automobile paper 2
Total i
Extended
21, 558
23, 576
29, 514
31, 558
31, 051
39, 039
40, 175
42, 545
40, 789
49, 045
4, 262
4, 185
4, 119
4, 159
4, 196
4, 259
4, 498
4, 254
4, 325
4,209
4, 071
4, 124
4, 095
4, 132

Repaid
18, 445
22, 985
25, 405
27, 956
30, 488
33, 649
37, 236
40, 259
40, 915
43, 407
3, 722
3,727
3, 773
3,849
3,765
3, 780
3,935
3,912
3, 934
4,017
3,918
3, 961
4, 000
3,946

Extended
8,530
8,956
11,764
12, 981
11,807
16, 745
15, 563
16, 545
14, 316
17, 941
1,595
1,465
1,355
1,453
1,533
1,590
1, 635
1,557
1,537
1, 416
1, 421
1, 421
1, 454
1, 481

Repaid

7,011
9,058
10, 003
10, 879
11, 833
13, 082
14, 576
15, 595
15, 488
15, 698
1,333
1,327
1,352
1,359
1,330
1,342
1,379
1,402
1,392
1,385
1,388
1,375
1,421
1,397

NOTE.—Series revised beginning 1958. For details, see Federal Pescrve Bulletin,
December 1960. Data for Alaska and Hawaii included beginning January and
August 1959, respectively.
Source: Board of Governors of the Federal Reserve System.

BOND YIELDS AND INTEREST RATES
The rate on 3-month Treasury bills was somewhat lower in December than November.
bonds were also lower while yields on corporate bonds were higher.

Yields on U.S. Government

PERCENT PER ANNUM

PERCENT PER ANNUM

2 -

I960
COUNCIL OF ECONOMIC ADVISERS

SOURCES: SEE TABLE BELOW.

Period
1953
1954
1955
1956
1957
_
_
1958
_.
1959 ...
....
1959: December
1960: January
.
..
February
March
..
April
.
J. AO.J
May
June .
.
July
__
August.
September
. ..
October
.. _
.
November.
December
.
Week ended:
1960: December 3
10
17
24 .
31 4
1961: January
7
.
..
14*
1
3

[Percent per annum]
U. S. Government
High-grade
security yields
municipal
bonds
3-month
Taxable
(Standard3 &
Treasury
bonds 2
Poor's)
bills i
2. 94
2. 72
1.931
2.37
.953
2.55
2. 84
2. 53
1. 753
2. 658
2. 93
3.08
3.267
3.47
3.60
1.839
3.56
3. 43
3. 405
4.08
3.95
4.27
4. 572
4.05
4.37
4. 436
4. 13
4. 22
3. 954
3. 97
3.87
4.08
3. 439
3.244
4. 18
3.84
3.392
4.16
3.85
2.641
3. 98
3.78
3. 72
2.396
3. 86
2.286
3.79
3.53
2. 489
3.84
3.53
2. 426
3. 91
3.59
2.384
3.93
3.46
2.272
3.45
3.88
2.326
2. 328
2.334
2.222
2. 148
2. 234
2. 385

Rate on new issues within period.
Series includes: April 1953 to date, bonds due or callable 10 years and after;
April 1952-Mareh 1953, bonds due or callable after 12 years; October 1941-Mareb
1952, bonds due or callable after 15 years.
8
Weekly data are Wednesday figures.




3.97
3. 93
3.86
3.86
3.82
3. 84

3.50
3. 47
3.44
3. 44
3.44
3.46

Corporate bonds
(Moody's)

3. 20
2.90
3.06
3.36
3. 89
3.79
4 38
4.58
4. 61
4. 56
4. 49
4. 45
4. 46
4. 45
4. 41
4.28
4.25
4. 30
4.31
4. 35

•6. 74
3. 51
3.53
3.88
4.71
4.73
5.05
5.28
5.34
5.34
5.25
5. 20
5.28
5. 26
5. 22
5.08
5.01
5. 11
5.08
5. 10

Prime
commercial
paper,
4-6
months
2.52
1. 58
2. 18
3.31
3.81
2.46
3.97
4.88
4. 91
4. 66
449
4.16
425
3. 81
3.39
3. 34
3.39
3.30
3.28
3.23

4.33
4.35
4.35
4. 34
4.35
4,34

5. 10
5. 11
5. 11
5.09
5.09
5.08

3.38
3. 30
3.25
3.15
3. 13
3.06

Aaa

Baa

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

29

STOCK PRICES
Stock prices were somewhat higher in December than November.
INDEX, 1957-59 = 100

INDEX, 1957-59 = 100

140

140

120

120

100

100

60

40

1954

1955

I960

SOURCE: SECURITIES AND EXCHANGE COMMISSION.

Period
Weekly average:
1951
1952
1953
_ _ _ ___
1954_
1955__
1956
1957
1958
1959
„
1959: November
December. _ _
1960: January
February
March
April
May
June
July
August
September
October
November
December
Week ended:
1960: December 9 _ _ _ _
16 _
23
30 2
1061: January
6

COUNCIL OF ECONOMIC ADVISERS

Composite
index 1

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

Utilities

Trade,
finance,
and
service

Mining

49. 6
52. 3
51.9
61.7
81. 8
92.6
89. 8
93.2
116. 7
116. 5
120.5
117. 6
114. 1
112. 1
113. 5
113. 2
117. 0
114. 5
115. 6
112. 1
109. 1
112. 6
115. 2

43.9
46. 8
46. 7
57.6
79. 5
93. 2
90.7
92. 5
116.5
117. 2
122. 1
117.5
112.8
109. 9
111. 0
110. 7
114. 6
111. 2
112.2
107. 6
104. 9
108. 5
110.3

39. 8
42. 1
43. 0
54.7
78. 7
91.5
88.5
90. 4
120.8
122. 8
128. 8
124.3
119. 1
115.8
118. 3
118. 7
123.4
119. 0
119.8
114. 1
109.4
113. 0
114.5

47. 4
50.7
49. 8
60.0
80. 1
94. 5
92.8
94. 4
112. 6
112. 2
115. 9
111. 2
107.0
104. 5
104. 3
103. 3
106. 6
104. 0
105. 1
101.7
100. 8
104.5
106. 4

67. 3
74. 6
73. 9
78. 6
108.2
110. 6
93.2
91. 0
115. 6
106. 6
107. 6
106. 4
103.0
97. 4
96. 5
95.8
97. 1
95.7
96. 1
91. 5
88.0
91. 7
92.6

62. 4
65.4
67. 3
75. 3
84.8
86.4
86. 3
95. 8
117. 6
114. 4
115. 1
120. 0
122.3
124.0
127. 1
126.4
129. 8
131. 0
132. 6
134. 2
130. 5
132. 0
138.5

61. 0
60.4
60.8
69. 1
87. 1
89.9
82. 2
95.1
122.3
125. 2
127.0
125. 6
12L9
122.2
125. 3
125.8
132.1
131. 0
131. 8
127.2
122.8
129. 3
132. 4

60. 0
80.7
70.4
78. 2
91. 6
104. 6
107.2
97.9
95. 0
82. 1
85. &
83. 3
78. 5
75.7
73. 4
70.9
70. 3
68. 6
71.6
70. 1
71. 8
74. 1
78.2

114.
115.
116.
117.
118.

110.3
111. 5
111. 0
111. 6
113.0

115. 3
116.7
114. 6
114. 9
117.0

105. 7
106. 8
107.6
108. 6
109. 2

92. 2
92. 3
92. 7
93.9
97.8

135.5
136. 5
141. 1
146. 2
144. 4

131. 7
133.0
133. 9
' 133. 4
132. 5

76. 7
78.8
80. 8
80.3
83. 3

6
8
2
4
3

* includes 300 common stocks: 108 for durable goods manufacturing, 85 for nondurable poods manufacturing, 18 for transportation, 34 for utilities, 45 for trade,
flimneo, and service, and 10 for mining.
3 Not charted.

30



Transportation

NOTE.—Data are the revised series, using new base period and expanded
verage.
coverage,
Indexes are based on weekly closing prices.
Source: Securities and Exchange Commission.

FEDERAL FINANCE

BUDGET RECEIPTS AND EXPENDITURES

For the first 5 months of the current fiscal year, there was a budget deficit of $5.7 billion.
year, the deficit was $6.4 billion.

For the same period last

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

NET BUDGET RECEIPTS

NET BUDGET EXPENDITURES
75

50

25

0

1956

1957

1958

1959

1956

I960
-HO

MAJOR NATIONAL SECURITY
-EXPENDITURES

1957

1958

1959

I960

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

+5
FIRST

5

MONTHS

0

50

-5

-10

-15

1956

1957

1958

1956

1961

1958

1959

I960

1961

FISCAL Y E A R S
«ESTIMATE
SOURCES'. TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.

Period

Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1959:

year 1955
year 1956
year 1957
year 1958
year 1959
year 1960
_ __
_
year 1961 4
October
November
December.
1960: January
_ _
February
March
April
May__ __
_
j
June
July 5 5
August _ _
September 5
_ _
October 5
November 5
Cumulative totals first 5 months: 5
Fiscal year 1960
Fiscal vear 1961_ _ _ _ __
1

-

-.
__

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Net budget expenditures
Net
Major national security l
budget
Department
Total
receipts
Total
of Defense,
military 2
64. 4
40. 6
60.2
37.8
66. 2
40. 6
38. 4
67. 8
69.0
70.6
40.8
43.3
71.4
41. 2
44. 1
68. 5
80. 3
46. 4
43. 6
67.9
76. 5
42. 8
45. 6
77.8
79.7
46. 0
80.8
43. 2
6.9
3. 7
3. 9
3.0
6. 6
3.7
:i 5
5. 9
6.6
4.2
4.0
7.3
6.2
49
3.3
3.5
6. 1
7. 2
3.7
3.5
6. 4
9. 6
4. 0
3.7
6. 0
3.4
5. 1
3.7
6. 1
6. 6
3.7
3. 4
6.5
10.9
4.0
3.7
6. 2
3.2
3.5
3. 1
6. 8
3.7
6. 5
4.0
6.8
3.7
9.0
3.9
6. 8
3. 5
2. 8
3. 7
6.8
6.3
3.6
3.9
26.2
27. 7

includes military activities of the Department of Defense (military functions
and the military assistance portion of the mutual security program), Atomic
Energy Commission, stockpiling, and defense production expansion.
2
Military functions and military assistance.
3
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.




32. 6
33. 4

18. 9
19. 0

17. 7
17.8

Budget
surplus
or
deficit ( - )

Public
debt
(end of3
period)

-4. 2
1. 6
1. 6
-2. 8
12. 4
1.2
1. 1
-3.8
—. 7
.7
— 1. 3
1. 1
3. 2
-1. 0
.5
4. 4
-3. 0
-.3
2. 2
-4.0
.o

274.4
272.8
270.6
276. 4
284 8
286. 5
283. 6
291. 4
290. f290. 9.
291.2
290. 7"
287. 0,
288. 9,
289.5
286. 5
288. 5
288. 8
28a 6
290. 6
290.6

-6. 4
-5. 7

290. 7
. 290. 0

liDstimate.
g

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

31

CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the third quarter of the current calender year, cash payments to the public exceeded cash receipts by $800 million.
On a seasonally adjusted basis, however, receipts exceeded payments by $1.7 billion.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED )
30

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED )
30

EXCESS OF CASH RECEIPTS

EXCESS OF CASH PAYMENTS

-5
1955

1957

i960

1958
CALENDAR YEARS

I

SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

Cash receipts
from the
public

Period
Fiscal year total:
1956__
1957._-___
1958
1959 1
I9602
1961
Calendar year total:
1956
1957
1958
1959 !_

. .

1961

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
of
Cash pay- Excess (+)re- Cash receipts
ceipts
or
from the
ments to
payments
the public
public
( )

77. 1
82. 1
81.9
81.7
95.0
100. 6

72. 6
80.0
83.4
94. 8
943
98. 1

74.8
83.3
89.0
95.6
Unadjusted

5.5
1.2
-7.3
-8.0

23.8
23.8
22. 7
24.5
24.4
23. 9
21.9
24.0
24.2

-5.5
-7.1
'. ^
4
-3.0
4. 5
3. 8
4.4

Excess of receipts (+)or
payments

4.5
2. 1
-1. 5
-13. 1
.7
2.5

80.3
84. 5
81. 7
87.6

Cash payments to
the public

Quarterly total (calendar years) :
1958: Third quarter
Fourth quarter
1959: First quarter
Second quarter
Third quarter 1
Fourth quarter *
1960: First quarter 1 1
Second quarter
Third quarter J _

18.3
16. 6
22.6
24, 1
21.4
19.4
25.8
28.4
23.4

Seasonally adjusted

.0
o

20.3
20.5
20.2
21.2
23.3
23.5
23.4
25.0
25. 3

23.3
23.5
24. 1
24. 0
23.8
23. 7
23.3
23. 6
23. 6

1

Preliminary.
a Estimate.
Sources: Treasury Department and Bureau of the Budget.

32

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