Full text of Economic Indicators : January 1962
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87th Congress, 2nd Session
Economic Indicators
JANUARY 1962
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1962
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
JOHN SPARKMAN (Alabama)
RICHARD BOLLING (Missouri)
J. WILLIAM FULBRIGHT (Arkansas)
HALE BOGGS (Louisiana)
WILLIAM PROXMIRE (Wisconsin)
HENRY S. REUSS (Wisconsin)
CLAIBORNE PELL (Rhode Island)
MARTHA W. GRIFFITHS (Michigan)
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)
WM. SUMMERS JOHNSON, Executive Director
JOHN W. LEHMAN, Deputy Executive Director
RICHARD J. BARBER, Clerk
COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman
KERMIT GORDON
JAMES TOBIN
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST 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, B.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.
Unless otherwise stated, all dollar figures are in current prices.
ill
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose about $10 billion (seasonally adjusted annual rate), or 2 percent, from the second to the
third quarter of 1961, according to current estimates.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
._
1960: First quarter
Second quarter.
Third quarter,.
Fourth quarter.
1961: First quarter
Second quarter. _
Third quarter. .
Personal
Disposable consumption
personal expendiincome ' tures
227. 5
238. 7
252. 5
256.9
274. 4
292. 9
308. 8
317. 9
337. 3
351. 8
345. 7
352. 7
354. 4
354.9
354. 3
361. 8
367.7
209. 8
219. 8
232. 6
238.0
256. 9
269. 9
285. 2
293.2
314. 0
328. 9
323. 8
329. 9
329. 7
332. 3
330. 7
336. 1
341. 0
International
Business
Persons
Personal
Gross
Excess
saving
Gross
private
of
(+) or retained domestic investearn-2
disinvestment
saving
ings
ment
(-)
(-)
17. 7
18. 9
19. 8
18. 9
17. 5
23. 0
23. 6
24.7
23. 4
22. 9
21. 8
22. 8
24. 6
22. 7
23. 7
25.8
26.8
56. 3
49. 9
50. 3
48. 9
63. S
67. 4
66. 1
56. 6
72. 4
72. 4
78. 9
74. 6
70. 5
65. 6
59. 8
68. 8
73. 2
31. 5
33. 2
34, 3
35. 5
42. 1
43. 0
45. 6
44. 8
50. 7
51. 7
52.0
51. 9
51. 7
51. 2
50. 4
53. 9
54. 9
— 24. 8
-16. 6
-16. 0
-13.4
21. 8
-24. 3
-20. 5
— 11. 9
— 21. 7
-20. 7
-26. 9
-22. 7
-18. 8
— 14. 4
— 9. 4
— 14. 9
-18. 3
Foreign
Net exports of goods Excess of
and services
net
transfers
trans( + ) or
fers by
of net
ImGovernNet
Exexports
ports
ment exports ports
(-)3
2. 4
1. 3
— .4
1. 0
1. 1
2.9
4. 9
1. 2
-.7
3.0
1. 8
2. 3
3.0
5. 1
5. 3
3.9
2. 6
2. 1
1. 5
1. 6
1. 4
1. 5
1. 5
1. 5
1. 3
1. 5
1. 6
1. 5
1. 6
1. 5
1. 6
1. 6
1. 5
1. 7
17. 9
17.4
16. 6
17. 5
19. 4
23. 1
26. 2
22. 7
23. 1
26. 7
25. 6
26. 7
26. 8
27.6
27. 6
26. 4
27. 0
15. 5
16. 1
17.0
16. 5
18. 3
20. 2
21. 3
21.5
23. 8
23. 6
23. 9
24. 4
23. 8
22. 4
22. 3
22. 5
24. 3
-0.2
.2
2. 0
.4
.4
— 1. 5
-3. 5
.1
2. 3
-1. 5
—. 3
-.7
— 1. 4
-3. 6
-3.7
-2.4
—.9
Government
Surplus
( + ) or
deficit
Tax and TransPurTrans- (-) on
nontax
Total
income
fers,
chases
fers,
Net
and
interest, of goods expendi- interest,
receipts receipts
or
and suband
tures and sub- product
accruals sidies * services
sidies * account
Net receipts
Period
1951
... 1952
1953
1954
1955
1956
1957
1958
1959 . . ...
I960
1 960 : First quarter
Second quarter
Third quarter
Fourth quarter
1 or. 1 : First quarter
Second quarter
Third quarter
1
66. 6
72. 2
75. 7
68. 5
78. 4
84. 2
87. 5
82.0
94. 9
102.0
103. 5
103. 3
101. 5
99. 7
97. 1
100. 7
103. 0
85. 5
90. 6
94. 9
90. 0
101. 4
109. 5
116. 3
115. 1
129. 3
139. 1
139. 5
140. 1
138. 8
138. 3
136. 8
141. 9
145. 3
Expenditures
18. 9
18. 4
19. 2
21. 5
23. 0
25. 3
28. 7
33. 1
34. 4
37. 1
36. 0
36. 8
37. 3
38.6
39.7
41. 2
42. 3
60. 5
76. 0
82. 8
75. 3
75. 6
79. 0
86. 5
93. 5
97. 1
100. 1
96. 9
99.6
101. 9
101. 6
105. 0
107. 3
109. 0
I'IT n u n ] income (p. 3) ]ess personaltaxes and nontax payments (fines, penal-
1
i M i l l 1 i r l h t i t r d corporate profits, corporate inventory valuation adjustment,
I - i t ul cm IM mi i it ion allowances, and excess of wage accruals over disbursements.
1
- ' - ' i N ' l H r n Investment with sign changed.
IV
79. 4
94. 4
102. 0
96. 7
98. 6
104. 3
115. 3
126. 6
131. 5
137. 2
132. 9
136. 4
139. 2
140. 2
144. 7
148. 5
151. 3
18. 9
18. 4
19. 2
21. 5
23. 0
25. 3
28.7
33. 1
34 4
37.1
36. 0
36.8
37.3
38. 6
39. 7
41.2
42. 3
6. 1
3 9
— 7. 1
-6. 7
2. 9
5. 2
1. 0
— 11 4
o o
— £t.
£t
1. 9
6. 5
3. 5
™
.O
-1.9
-7.9
-6.6
-6.0
Total
income
or
receipts
327. 7
345. 6
364. 1
362. 3
396. 5
421. 6
443. 4
446. 0
484. 4
507. 1
502. 7
509. 5
509. 1
507.4
503.4
517.9
527. 4
Gross
Statis- national
tical
product
or
discrepancy expenditure
1.2
1. 4
1. 3
.9
1. 0
-2. 4
— 6
-1.5
-1. 7
-2. 6
-1. 1
-2.9
-4.0
-2. 9
-2. 6
-1. 8
-1. 5
329. 0
347. 0
365. 4
363. 1
397. 5
419.2
442. 8
444. 5
482. 8
504. 4
501.5
506. 4
505. 1
504 5
500. 8
516. 1
525. 8
4
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
NoTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product in current prices (seasonally adjusted) rose almost 2 percent in the third quarter of 1961; when
adjusted for price changes, the increase was about 11/2 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
400
30O
200
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
IOO
IOO
SOORCE:. DEPARTMENT OF COMMERCE.
Period
I961
I960
I955
COUKCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Government purchases of goods
Personal Gross
Total
Net
services
Total
congross
private exports
national
gross
sump- domestic
Federal
of goods
tion
product national
and
Total Total > National2 Other
in 1960 product expend- investment services
defense
itures
prices
and
State
and
local
Implicit
price
deflator
for total
GNP,
1960= IOO3
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959 . ... .
1960
334. s
36%. 3
391, 8
406. 6
426. S
416. 6
449. 6
459. 1
467. 6
459. 9
491. 0
504.4
258.1
284.6
329. 0
347. 0
365. 4
363. 1
397. 5
419.2
442. 8
444.5
482. 8
504. 4
181.2
195.0
209. 8
219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293. 2
314. 0
328. 9
22.2
3. 8
33.0
40. 2
50. 0
19.3
39.0
.6
2. 4
56. 3
60. 5
38. 8
52. 9
76.0
49. 9
1.3
82. 8
50.3
58. 0
—.4
75. 3
47.5
1.0
48. 9
63. 8
45.3
75.6
1. 1
79. 0
45.7
67. 4
2.9
66. 1
86. 5
49. 7
4. 9
1.2
52. 6
93. 5
56. 6
72. 4
-. 7
53. 5
97. 1
72. 4
52. 9
3.0 100. 1
Seasonally adjusted annual rates
13.6
14. 3
33. 9
46. 4
49. 3
41.2
39. 1
40. 4
44. 4
44. 8
46.2
45. 5
8.9
5. 2
5.2
6.7
9.0
6. 7
6. 6
5.7
5.7
8. 3
7.8
8.0
17. 9
19. 7
21. 7
23. 2
24. 9
27.7
30. 3
33. 2
36. 8
40. 8
43. 6
47. 2
77. 2
78. 6
84. 0
85. 3
85. 9
87. 2
88. 4
91.3
94. 7
96. 7
98. 3
100. 0
1960: First quarter
Second quarter . _
Third quarter
Fourth quarter..
504. 5
507. 6
504. 1
501. 2
501. 5
506. 4
505. 1
78. 9
74. 6
70. 5
65. 6
1.8
2.3
3.0
5. 1
96. 9
99. 6
101. 9
101. 6
51. 8
52. 9
54. 0
53.0
45.5
45.5
45. 4
45. 7
6. 9
45.0
504. 5
323. 8
329. 9
329. 7
332. 3
99. 4
99. 8
100. 2
100. 7
1961: First quarter
Second quarterThird quarter
496. 1
BIO. 1
518. 1
500.8
516.1
525. 8
330.7
336. 1
341. 0
59.8
68. 8
73. 2
5. 3
3.9
2. 6
105. 0
107. 3
109. 0
54. 7
56. 6
57. 4
49. 0
47. 2
48.8
8.0
8. 3
8. 9
1
Less Government sales.
2
These expenditures correspond closely with budget expenditures for "major
national security," shown on p. 31.
s Gross national product in current prices divided by gross national product
in I960 prices.
7.9
9. 1
7.9
46. 8
48.0
48. 6
50. 3
50.6
51. 6
NOTE.—Data for Alaska and Hawaii included hepJnntiiK 1960.
Source: Department of Commerce.
100. 9
101. 2
101. 5
NATIONAL INCOME
National income increased $8.3 billion (seasonally adjusted annual rate) in the third quarter.
creases were $6.0 billion in compensation of employees and $1.5 billion in corporate income.
BILLIONS OF DOLLARS
The largest in-
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL INCOME
300
£00
200
100
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
RENTAL INCOME
1961
1955
SOURCE: DEPARTMENT OF COMMERCE..
COUNCU/OF ECONOMIC ADVISERS.
[Billions of dollars]
Proprietors' income
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. 5
35. 0
36. 2
8.3
9. 0
9. 4
10. 2
10. 5
10. 9
10. 7
10. 9
11. 9
12. 2
11. 9
11. 7
Total
national
income
Compensation
of employees '
217.7
241. 9
279. 3
292. 2
305. 6
301. 8
330. 2
350. 8
366.9
367. 4
399. 6
417. 1
140. 8
154.2
180. 3
195. 0
208. 8
207. 6
223. 9
242. 5
255. 5
257. 1
278. 4
293. 7
1960: First quarter
Second quarter Third quarter
Fourth quarter
413. 5
419. 2
419.0
416. 5
290. 2
294. 6
296.0
294.0
10. 5
12. 3
12. 4
12. 7
35. 8
36. 4
36. 3
36. 3
11.7
11.7
11.7
11. 7
1961: First quarter
Second quarter- Third quarter
412. 2
426. 0
434. 3
292. 6
300. 2
306. 2
12. 9
12. 9
12. 8
36. 0
36. 3
36. 6
11. 5
11. 5
11. 5
Period
1949.
19501951
1952
1953
1954
1955
1956
1957- 1958
1959
1960
Farm
12. 9
14,0
16.3
15. 3
13. 3
12. 7
11. 8
11. 6
11. 8
13. 5
11. 3
12. 0
Net
interest
4. 8
5.5
6. 3
7. 1
8. 2
9. 1
10. 4
11. 7
13.4
14.8
16. 6
18. 4
Corporate profits and inventory valuation adjustment
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. 2
46. 4
45. 1
26. 4
40.6
42. 2
36. 7
38. 3
34. 1
44. 9
44. 7
43.2
37.4
46. 8
45. 0
1. 9
5 0
-1. 2
1. 0
1 0
17. 8
18. 3
18. 6
18. 9
47. 4
45. 9
44. 1
42. 9
48. 1
46.3
43. 2
42. 6
-0.7
—. 4
.9
.3
19. 2
19. 6
20. 2
40. 0
45. 5
47. 0
39. 6
45. 2
47. 2
.4
.3
o
3
1 7
2 7
-1. 5
-. 3
5
.'o
Seasonally adjusted annual rates
'Includes employer contributions for social insurance. (See also p. 3.)
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
SOURCES OF PERSONAL INCOME
Personal income increased again in December but at a somewhat lower pace than in the two preceding months.
Labor income continued to rise. Dividend payments reflected year-end payments.
BILUIONS OF DOLLARS
45O 1
BILLIONS OF DOLLARS
~
I 450
SEASONALLY ADJUSTED ANNUAL RATES
4OO
300
250
Z
\
""""""""""
1955
FARM PROPRIETORS' INCOME
f—
1952
1953
1954 _
1955
1956
1957
1958
1959
1960
..
- ..
1960: November.
December.
1961: January...
February.
March
April
May
June_-_
July_
August
September.
October. _.
November.
December-1
1956
1961
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Labor income Proprietors' income
(wage and
Rental
Total
salary disDivipersonal bursements
Business income
dends
of
Farm
income
and proand other
persons
fessional
labor income)1
273. 1
26. 9
190. 2
15. 3
10. 2
9. 0
288. 3
13.3
27. 4
204. 1
10. 5
9.2
289. 8
202. 5
12. 7
27. 8
10. 9
9.8
310. 2
30. 4
11. 8
10.7
218. 0
11. 2
332. 9
32.
1
11.
6
12.1
235. 7
10.9
32. 7
351. 4
11. 8
12. 6
247. 7
11. 9
360. 3
32. 5
12. 2
12. 4
249. 2
13. 5
383. 3
11. 3
35. 0
11. 9
268. 8
13. 4
402. 2
282. 2
12. 0
36. 2
11.7
14. 1
Seasonally adjusted annual
406.0
12. 8
36. 4
282. 7
11. 7
14. 4
404.0
12. 8
36. 0
280. 9
11. 6
14. 1
403.6
12. 8
36. 0
280. 6
14. 2
11.6
403. 1
12. 9
35. 8
280. 2
11. 5
14, 2
3
407. 3
36.0
13. 0
281. 7
11. 4
14. 2
409. 8
12. 9
36. 1
285. 3
11. 5
14 2
413. 2
12. 9
36. 3
288. 0
14. 2
11. 5
417. 3
36. 4
291. 7
13. 0
11. 5
14. 3
3
421. 2
12. 9
293.4
36. 6
14. 3
11. 5
419. 4
294. 0
12.8
36. 6
14. 3
11. 5
421. 1
12. 7
36. 8
14. 4
295. 2
11. 5
425. 2
297. 8
37. 0
13. 5
11. 5
14. 5
429. 3
37. 3
300. 9
13. 8
11. 5
14. 8
431. 3
37. 4
301. 9
13. 5
11. 5
15. 5
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,
(arm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
3
Includes stepped-up payment of National Service Life Insurance dividends
50
""TRANSFER PAYMENTS^ _,_,_,,,_r^,f,,_,„,/,_,„,—,.l--- .-• — -•-•-•• •"*' -•*••"'" """*_"^^^^m
SOURCE: DEPARTMENT OF COMMERCE
Period
20O
DIVIDENDS AND
PERSONAL INTEREST
BUSINESS, PROFESSIONAL, AND RENTAL INCOME
Less: PerconPersonal Transfer sonal
tributions
interest
payfor social
ments
income
insurance
13.2
12. 1
3.8
14. 3
3.9
13. 4
14. 6
16. 2
4.6
5.2
17.5
15. 8
18.
8
5. 8
17.5
21. 9
6.7
19. 6
21. 0
26. 3
6. 9
27. 2
23. 6
7. 9
29. 1
26. 2
9. 3
rates
30. 7
9.3
26. 7
31. 0
9.2
26. 7
31. 1
9.6
26. 8
31. 1
26. 8
9. 4
3
33. 7
9.6
26. 8
32. 5
26. 8
9. 6
33. 0
27 0
9 7
27 1
33. 0
9 8
!
27 2
35. 2
9 8
32. 5
9.8
27. 4
32. 7
9.8
27.5
33. 1
27.7
10. 0
33. 2
27. 9
10. 1
33. 4
10. 1
28. 2
Nonagricultural
personal2
income
254. 3
271. 5
273. 8
295. 0
317. 9
336. 1
343.0
368. 1
386. 2
389. 1
387.2
386. 8
386. 2
3
390. 4
392. 9
396 4
400 2
1
404. 0
402. 4
404. 1
407. 2
410. 9
413. 1
of $150 million ($1.8 billion at annual rate) in March and $218 million ($2.6
billion at annual rate) in July.
* Preliminary.
NOTE,—Data for Alaska and Hawaii included beginning i960.
Source: Department of Commerce.
Q
DISPOSITION OF PERSONAL INCOME
Disposable personal income (seasonally adjusted) increased again in the third quarter of 1961. Since the rate of increase was slishtly more than in consumption expenditures, there was a small rise in the saving rate.
BILLIONS OF DOLLARS"
BILLIONS OF DOLLARS*
350
350
300
I
I
I
I
I
I
I
I
l
i
l
t
I
I
I
1,600
1,400
1955
1956
•SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: DEPARTMENT OF COMMERCE
Period
Disposable
personal
income:
COUNCIL OF ECONOMIC ADVISERS
Personal consumption expenditures
Total
1950
1951—
.
1952
1953 .
1954..
1955...
1956—
1957
1958
1959
1960
207. 7
227. 5
238. 7
252. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 3
351. 8
195. 0
209. 8
219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293. 2
314.0
328. 9
1960: First quarter.- _.
Second quarter
Third quarter.
Fourth quarter
345. 7
352. 7
354. 4
354. 9
323.
329.
329.
332.
liMil: First quarter
Second quarter. _
Third quarter.
354. 3
361. 8
367. 7
330. 7
336.1
341. 0
8
9
7
3
NonDurable durable
Services
goods
goods
Billions of dollars
30. 4
64. 9
12. 6
99. 8
29.5
70.2
17.7
110. 1
18. 9
29. 1
75. 6
115. 1
32. 9
81. 8
19. 8
118. 0
32. 4
86. 3
18. 9
119. 3
124. 8
92. 5
17. 5
39. 6
38. 5
131. 4
100. 0
23. 0
40. 4
137. 7
107. 1
23. 6
114. 3
24. 7
37. 3
141. 6
123. 2
23. 4
43. 5
147. 3
44. 3
152. 4
132. 2
22. 9
Seasonally adjusted annual rates
21. 8
44. 7
128. 6
150. 5
22. 8
45. 3
131. 2
153. 3
152. 7
133. 6
24. 6
43. 4
22. 7
43. 8
135. 4
153. 1
39. 4
42.0
42. 3
153. 7
154. 1
156. 2
' I VriHuial income (p. 3) less person;*! taxes and nontax payments (fines, penaltli'fi, f i r . ) ,
• Inrmni' in current prices divided by the implicit price deflator for personal
rnittiimpMmi expciHlStiirt'.s on a ItJW) base.
* I ' n p i i i n t l o n of (hi* United Ktuto.s including armed forces abroad. Annual
<trt( u n i t if J u l y | ; i t t i t i M c r l . v du(:i<i'Mlrrrd in the middle of the period. Interpolated
f t u t n t i i n n f h i y flnm-i.
Personal
saving
137. 5
139. 9
142. 4
23.7
25. 8
26. 8
Per capita disposable personal
income *
Current
prices
1960
prices 2
Saving as
percent Populaof distion
posable
(thoupersonal sands) 3
income
(percent)
Dollars
1,674
1,369
1,474
1,690
1,520
1,706
1,582
1, 760
1,742
1,582
1, 660 . 1,820
1, 742
1,879
1, 804
1,891
1,826
1,877
1,934
1,905
1, 947
1, 947
6. 1
7. 8
7.9
7. 8
7. 4
6. 4
7. 9
7.6
7. 8
6. 9
6. 5
151,
154,
157,
159,
162,
165,
168,
171,
174,
177,
180,
1, 924
1, 956
1, 957
1,951
1,936
1,958
1,955
1, 941
6. 3
6. 5
6.9
6. 4
179, 690
180, 328
181, 084
181, 898
1,940
1,974
1,998
1,923
1,954
1, 972
6. 7
7. 1
7.3
182, 602
183, 292
184, 054
NOTE.—Data for Alaska and Hawaii included beginning 1960,
Sources: Department of Commerce and Council of Economic Advisers.
683
360
028
636
417
270
176
198
060
076
670
FARM INCOME
Gross and net farm incomes in the third quarter of 1961 were about the same as in the two previous quarters, and
remained above the levels of a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
REALIZED GROSS
FARM INCOME-1/
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE-!/
10
1955
1956
1957
1958
1959
•"INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.
vCOUNOl OF ECONOMIC ADVISERS
Income received by total
farm population
Income received by farm operators from farming
Realized gross
Period
19521953195419551956.
19571958.
1959.
19601960: First quarter
Second quarter
Third quarter
Fourth quarter
From
all
sources
ProducCash tion ex- Exclud- Includreceipts penses
ing in- ing net in- Current
1960
2
from
ventory ventory3 prices prices "
marketchange change
ings
Dollars
Billions of dollars
22. 6
37. 0
32. 6
14. 4
15. 3
21. 4
35. 3
31. 1
13. 9
13. 3
2, 700
12. 2
12. 7
2, 903
21.7
33. 9
30. 0
2,572
33. 3
21.9
2, 766
29. 6
11. 5
11. 8
22. 6
12.0
2, 611
34. 6
2, 778
11. 6
30. 6
2, 724
34. 4
23. 4
11. 0
11. 8
29. 8
2,808
25. 3
12. 6
3,226
37. 9
13. 5
3,259
33. 4
26. 3
2, 760
11. 2
37. 5
2, 788
11. 3
33. 4
2,
990
34. 0
26. 4
11. 7
12. 0
2,990
38. 1
Seasonally adjusted annual rates
36. 8
26. 4
2, 620
2,620
32.7
10. 4
10. 5
3,080
3, 080
26. 5
12. 0
38. 5
34. 4
12. 3
38. 3
26.3
3, 100
3, 100
34. 2
12. 0
12. 4
38. 7
26. 3
3, 180
3, 180
34. 7
12. 4
12. 7
Net income of farm operators from farming (including net inventory change)
and1 wages received by farm resident workers.
Cash receipts from marketings, Government payments, and nomnoney income
furnished by farms.
;
Inventory of crops and livestock valued at the average price for the year.
* The number of farms (based on 1959 Census of Agriculture definition) is held
constant within a year.
78120°—62
2
Net income per
farm including net
inventory change 4
Net
From
From
agricul- nonagritural
cultural
sources : sources Total
1961: First quarter--.
Second quarterThird quarter, _
1
1961
I960
39. 3
39. 2
39. 3
fl
35. 3
34. 0
34. 4
26.7
26. 7
26. 9
12. 6
12. 5
12. 4
12. 9
12. 9
12. 8
3, 310
3, 310
3, 280
Income in current prices divided by the index of prices paid by funiirrs fur
family
living items on a 1960 base.
e
Not yet available.
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits before taxes are estimated to have risen $2.0 billion (seasonally adjusted annual rate), in the
third quarter to $47.2 billion. This brings the total rise since the first quarter of this year to $7.6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10 —I
1955
I
1956
1961
1957
-^ EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
fBillions of dollars; quarterly data at seasonally adjusted annual rates]
Corporate profits (before taxes) and inventory
valuation adjustment *
TransManufacturing
portation,
Period
All
NoncomAll
Durable durable muniother
indusgoods
Total indusgoods cations, industries
tries
and
induspublic
tries
utilities
12. 0
1950
35. 7
20. 4
8 4
4 0
11 3
1951
41. 0
24. 4
13. 5
10 9
12 0
4 5
1952.
37. 7
21. 1
11. 8
9 3
4 8
11 8
1953. . - _ .
37. 3
21. 4
12. 1
4 9
9 3
11 0
1954
18. 4
4 4
10. 1
8 3
33. 7
11 0
1955.
25 0
14. 2
12 8
43. 1
10 8
5 4
1956
12 6
42 0
23 5
12 9
5 6
10 9
1957
22 9
41 7
13 1
9 8
5 5
13 3
1958
9. 0
37. 2
5. 6
9. 3
18. 3
13. 3
1959
24. 8
13. 2
11 6
15. 2
46. 4
6 4
I960. .
12. 0
45. 1
23. 3
15. 0
6 8
11 3
I960: First quarter
6.7
47. 4
25.5
13. 9
11. 5
15. 2
Second quarter. - 45. 9
12.0
23. 4
11. 4
6. 9
15. 5
Third quarter
44. 1
22. 6
6. 6
14. 9
11. 4
11. 3
Fourth quarter- - 42. 9
10. 7
6.8
14. 6
21. 6
10. 9
I 1 M 1 I : Find quarter
8. 5
10.4
14. 6
40. 0
18. 8
6. 5
22. 3
Second quarter. _ 45. 5
11. 2
7. 1
16. 1
11. 2
Third quarter
47.0
(2)
(2)
(2)
(2)
(2)
2 for Inventory valuation adjustment.
Corporate profits
after taxes
Corpo-
Corpo-
profits
before
taxes
tax
liability
40 6
42 2
36 7
38 3
34 1
44 9
44 7
43 2
37 4
46 8
45 0
48. 1
46. 3
43. 2
42. 6
39. 6
45. 2
47.2
17 9
22 4
19 5
20 2
17 2
21 8
21 2
20 9
18. 6
23 1
22 3
23. 9
23. 0
21. 4
21. 1
19. 6
22. 4
23. 3
Total
22 8
19 7
17 2
18 1
16 8
23 0
23 5
22 3
18 8
23 7
22 7
24. 2
23. 3
21. 7
21. 4
20.0
22. 8
23. 8
Dividend
payments
9 2
9 0
9 0
9 2
9 8
11 2
12 1
12 6
12. 4
13. 4
14. 1
14. 0
14. 0
14. 1
14. 3
14. 2
14. 2
14. 3
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
Undistributed
profits
13. 6
10. 7
8. 3
8. 9
7. 0
11 8
11 3
9 7
6. 4
10. 3
8. 6
10.2
9. 3
7. 6
7. 2
5. 8
8. 6
9.5
GROSS PRIVATE DOMESTIC INVESTMENT
Private investment increased $4.4 billion (seasonally adjusted annual rate) in the third quarter of 1961.
investment and inventories contributed to the increase.
BILLIONS OF DOLLARS
Both fixed
BILLIONS OF DOLLARS
1955
1961
I960
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1949
1950
1951
1952
1953
1954
1955.
1956
1957
1958
1959
1960
-
1960: First quarter
Second quarter
Third quarter
Fourth quarter
1961: First quarter
Second quarter
Third quarter 3
Total
gross
private
domestic
investment
New construction '
Total
33. 0
50. 0
56. 3
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72. 4
72. 4
36. 0
43. 2
46. 1
46. 8
49. 9
50. 5
58. 1
62.7
64. 6
58. 6
66. 1
68. 2
78. 9
74. 6
70.5
65. 6
68. 0
69. 3
68. 1
67. 4
63. 8
66. 0
59. 8
68.8
73.2
68. 7
Producers'
durable
Residenz
equipTotal
Othei
tial
ment
nonfarm
9.6
18. 8
9. 2
17. 2
24. 2
14.1
10.1
18. 9
12. 5
24. 8
12. 3
21. 3
25. 5
12. 8
12. 7
21. 3
27. 6
13. 8
22. 3
13. 8
15.4
29. 7
14.3
20. 8
18.7
34. 9
16. 2
23. 1
17. 7
35. 5
17. 8
27. 2
17.0
36. 1
19.0
28.5
35. 5
18. 0
17. 4
23. 1
22. 3
40. 2
17. 9
25. 9
40. 7
19. 6
27. 5
21. 1
Seasonally adjusted annual rates
40. 9
40. 7
40. 4
40. 7
39. 6
41.3
42. 7
Bevisions in series on new construction shown on p. 17 have not yet been Incorporated Into these series.
2 "Other" construction in this series includes petroleum and natural gas well
drilling, -which are excluded from estimates on p. 17.
Change in business
inventories
Fixed investment
21. 5
21.2
21.0
20.5
19. 3
20. 6
22. 1
19. 3
19. 5
19. 4
20. 2
20. 4
20.7
20. 6
27. 1
28. 6
27.7
26. 7
24. 2
24, 7
26. 0
Total
Nonfarrn
-3. 1
6.8
10. 2
3. 1
.4
-1. 6
5.8
4. 7
1. 6
-2.0
6. 3
4. 2
— 2. 2
6. 0
9. 1
2. 1
1. 1
-2. 1
5. 5
5. 1
.8
-2.9
6. 2
4. 0
10.9
5.4
2. 4
-1.9
-4.0
2.8
4. 5
10. 8
5. 1
2. 0
— 2. 2
— 4. 3
2. <t
4. 1
NOTE,—Data for Alaska and Hawaii Included beginning 1960.
Source: Department of Commerce.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the October-November survey, business firms are planning to spend $35.9 billion (seasonally adjusted
annual rate) on new plant and equipment in the current quarter, nearly 3% percent more than in the third quarter of
1961. A further rise of about 2 percent, largely in manufacturing, is anticipated for the first quarter of 1962.
BILLIONS OF DOLLARS
BILLIONS Of DOLLARS
SEASONALLY- ADJUSTED ANNUAL RATES
<^MANUFACTURING
COMMERCIAL AND OTHER
JL.
PUBLIC UTILITIES
\
TRANSPORTATION
JJ
1955
1956
1959
1958
1957
I960
1962
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 i
Total
1951.-1952
1953
1954
1955
1956
1957
1958
1959-.1960-1961 3
--
_
--
_
.
I960: First, quarter. ._ ..
Second quarter
Third quarterFourth quarter
)',)(> 1 : 1'irst quarter
Second quarter
Third (junrtor. :1
l''oi:rl.li oiiarl.or
l!M"i'J: K i r s ! q u a r t e r -1
25. 64
26. 49
28. 32
26. 83
28. 70
35. 08
36. 96
30. 53
32. 54
35. 68
34. 50
10. 85
11. 63
11. 91
11. 04
11. 44
14. 95
15. 96
11. 43
12. 07
14. 48
13. 72
35. 15
36. 30
35. 90
35. 50
33. 85
33. 50
34. 70
35. 90
36. 50
14. 10
14, 70
14. 65
14. 40
13. 75
13. 50
13. 65
14. 00
14. 55
Durable
goods
Nondurable goods
Mining
Public
utilities
Commercial and
other 2
Railroads
Other
5. 17
.93
1.47
5. 68
5. 61
6. 02
. 98
1. 40
5. 65
.99
6. 26
1.31
5. 09
. 98
. 85
5.95
. 92
5. 44
. 96
6. 00
7. 62
1. 24
1. 23
7. 33
8. 02
1. 24
7. 94
1. 40
5.47
. 94
. 75
5. 96
. 99
. 92
5. 77
6. 29
.
99
7. 18
1. 03
7.30
6. 27
. 67
7.45
. 99
Seasonally adjusted annual rates
7. 15
1. 00
1. 00
6. 95
7. 40
1.10
7.30
1. 05
7. 35
1. 00
1. 00
7. 30
6. 85
7. 55
. 90
1. 00
6. 50
. 95
. 70
7. 25
6. 20
. 70
1. 00
7. 30
6. 10
1.00
. 65
7. 55
6. 35
. 60
1. 00
7. 65
6. 70
1. 00
.70
7. 85
1. 49
1. 50
1. 56
1. 51
1. 60
1. 71
1. 77
1. 50
2. 02
1. 94
1. 84
3. 66
3.89
4. 55
4. 22
4 31
4 90
6. 20
6. 09
5. 67
5. 68
5. 56
7.24
7. 09
8. 00
8. 23
9.47
11.05
10. 40
9. 82
10.88
11.57
11.71
2. 00
2. 15
1. 90
1. 80
1. 75
1. 80
1. 90
1. 90
1. 80
5. 75
5. 70
5. 60
5. 70
5. 35
5.50
5. 65
5.70
5. 50
11. 35
11. 60
11. 75
11.65
11.30
11.05
11. 85
12. 65
12. 90
ii'lc:. n n - l r i i l l u i v .
ner f l u I n u t ( ni her Includes tnido, service, finance, communications, and
-Mi.ii
i m i r - , t . i i . - . f i j nti m i l If Ipnd'd c M p l t n l expenditures ns reported by business
i r i n h i - j u t n l N u v c i n b i T l U f l l . h i f h i d f s adjustments when necessary f o r
l I' 1 l' i i ' i i in Irr, in t i n t i r l j m i u i y diltu
nt expense
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT,AND WAGES
STATUS OF THE LABOR FORCE
In December, civilian employment dropped 800,000 to 66.5 million. On a seasonally adjusted basis, the employment fell 300,000, while the labor force fell about 400,000, and the unemployment rate remained unchanged at
6.1 percent.
MILLIONS OF PERSONS*
NONAGRICULTURAL
55
IO
MILLIONS OF'PERSONS*
EMPLOYMENT
•4 55
S
10
AGRICULTURAL EMPLOYMENT
***•***"**
UNEMPLOYMENT'
•" "•*!••,*»*—»L«i•«.—»• "•«,»»"
PERCENT OF CIVILIAN-LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
UNEMPLOYMENT RATE
(SEASONALLY ADJUSTED)
_- -
p-
"i™*-.
'• f
1T
#!•
J—h-i
«
1
1955
•>
J
1956
-•
;
» Tl T-
'- 'i
?;
-
1958
1957
r
- -r
:
^
-]
», H
*i
•« :
*
f
I9S9
-^,
.^
T\ 5 ^S ,.
Period
1953_
1954.
1955_
1956_
1957_
1958.
1959.
I960-
67. 4
67.8
68.9
70. 4
70. 7
71.3
71. 9
73. 1
1960: November.
December1961: January
February__
March
April
May
June
July
August
September^
October
NovemberDecember .
73. 7
73. 1
72.4
72. 9
73. 5
73. 2
74. 1
76. 8
76. 2
75. 6
73. 7
74. 3
74. 1
73. 4
"F
*
-*
:
I960
COUNCIL OF ECONOMIC ADV15EM
Civilian
labor
force
Civilian employment
Total
Nonagrieultural
Civilian employment
Unemployment
Civilian
labor
force
Millions of persons 14 years of age
61. 9
55. 4
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
70. 6 66. 7
61. 0
Unadjusted
71. 2 67. 2
61. 5
71. 4
61. 1
70. 5 66. 0
71. 1
69. 8 64. 5
59. 8
71. 5
59. 9
71. 9
70. 4 64. 7
72. 2
71. 0 65. 5
60. 5
70.7 65. 7
60.7
71. 4
71.5 66. 8
71.4
61. 2
62. 0
72, 4
7 4 3 68. 7
62. 0
71. 6
73. 6 68. 5
62. 2
73. 1 68.5
71. 8
71. 1 67. 0
61. 4
71. 0
71. 8 67. 8
61. 9
71. 3
62. 1
71.3 67. 3
71.5
70. 6 66.5
62. 0
71. 1
Total
Agricultural
Nonagricultural
Unemployment
and over
Seasonally adjusted'
67. 0
61. 2
60. 5
66. 4
66. 6
60. 7
66. 8
60. 9
67. 1
61. 2
66. 5
61. 2
66. 6
61. 5
67. 3
61. 9
66. 8
61. 4
67. 0
61. 4
61. 2
66. 3
61. 3
66. 7
61. 8
67. 2
61. 4
66. 9
Unemployment
rate (percent of
civilian labor
force)
Unad- Seasonadjusted ally
justed
Percent
2. 9
5. 6
4. 4
4. 2
4. 3
6. 8
5.5
5. 6
63. 8
1
Seasonally adjusted totals may differ from sum of components because totals
and components cave been seasonally adjusted separately.
X
1
;I
s
4
i »j I j ai i- '
1
1961
* 14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR.
Total
labor
force
(including
armed
forces)
r^'*
4. 4
4.8
4. 7
4. 9
5.0
4. 9
4. 9
4.9
4. 9
5. 0
4.8
4. 8
4. 3
4. 3
5.7
6. 4
7. 7
8. 1
7. 7
7. 0
6. 7
7. 5
7.0
6.2
5.7
5. 5
5. 6
5. 8
6.2
6. 8
6. 6
6.8
6. 9
6.8
6. 9
6. 8
6. 9
6. 9
6. 8
6. 8
6. 1
6. 1
NOTE.—For definitions and coverage, see Itrnyloi/ment and Earnings, Department of Labor. BeijinninK January UiGO, datu include Alaska and Hawaii.
Source: Department of Labor.
v
UNEMPLOYMENT INSURANCE PROGRAMS
Insured unemployment averaged 2.5 million in December, or about 340,000 more than November.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
OCT
SOURCE:DEPARTMENT OF LABOR.
All programs
Insured
Total
unem- benefits
Covered ploypaid
employment
(milment
(weekly lions of
averdolage) '
lars) !
Period
1956
1957
1958 .
1959
1960
1960: November
December
1961: January
February
March
April
May
June
July.
August.
September
October
November 3
December
Week ended:
1961: December
1902: January
COUNCIL OF ECONOMIC ADVISERS
.
_
__
2
9
16
23
3 0 33_ _ _
6
Thousands
42, 758
1, 318
43, 447
1, 567
44, 501
3,269
45, 727
2,099
46, 334
2,067
46, 270
2, 225
46, 282
2, 847
44, 756
3, 515
44, 467
3,638
44, 873
3, 403
2
3, 626
(2)
3, 290
(2)
2, 877
(2 )
2, 678
(2)
2, 357
(2)
2,122
(2)
2,018
(2 )
2,
172
(2)
2, 513
()
(22)
(2)
()
(22)
(2)
()
2, 313
2,367
2,460
2,530
3
2, 814
1, 540. 6
1, 913. 0
4, 209. 2
2, 803. 0
3, 022. 7
258. 6
332. 4
436. 4
435. 5
500. 9
419. 4
457. 2
403. 9
321. 9
333. 5
263. 4
255. 3
261. 4
305. 1
(2)
(22)
(2)
(2 )
()
(2)
State programs
Insured
unemployment
Exhaustions
Weekly average, thousands
1, 212
226
20
1, 450
268
23
2, 509
370
50
1,682
281
33
], 906
331
31
2, 039
396
31
2, 639
494
36
3, 266
541
44
3, 394
480
49
372
3, 168
53
2, 779
367
58
2, 328
297
54
1,991
279
53
1, 958
357
50
1, 744
271
44
1, 558
257
38
1, 502
277
35
1,662
34
320
2,000
400
37
1,796
1, 849
1, 944
2, 027
2,296
1
Includes Federal and State programs for temporary extension of benefits be'lunlng
June 1958.
1
3
Not available.
Preliminary.
10
Initial
claims
347
359
380
410
457
467
(2)
(22)
()
(22)
(2)
()
Insured unemployment as percent of covered
employment
Unad- Seasonadjusted ally
justed
Percent
3. 2
3. 6
6. 4
4. 4
4. 8
5. 1
6. 6
8. 1
8. 4
7.8
6. 8
5. 7
4. 9
4.8
4.3
3. 8
3.7
4. 1
4. 9
4. 4
4.6
4.8
5.0
5.7
6.3
6.4
6. 1
6. 3
6. 3
5.9
6.6
5.3
% O
a?
if.
5. &
5. 1
5. 1
5. 1
4.8
(22)
(2)
()
(22)
()
(2)
Benefits paid
Total Average
weekly
(milcheck
lions of
dollars) (dollars)
1, 380. 7
1, 733. 9
3, 512. 7
2, 279. 0
2, 726. 7
231. 1
300. 2
397. 6
399. 3
461. 5
362. 5
320. 1
264. 4
224.0
237. 2
185. 0
180.9
190. 9
230. 0
(22)
(2)
()
(22)
(2)
()
27.02
28. 17
30. 58
30.41
32. 87
34, 01
34. 18
34. 34
34. 45
34.37
34. 18
33. 46
32. 92
32. 91
33. 36
33. 12
33.30
33. 67
33. 75
(2)
(22 )
(2 )
()
(22)
()
NOTE.—For definitions and coverage, see I960 Supplement to Economic
Indicators,
Data for Alaska and Hawaii included for all periods.
Source: Department of Labor.
NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment of 54.5 million, seasonally adjusted, in December was about the same as in
November.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
ALL NONAGRICULTURAL ESTABLISHMENTS
MANUFACTURING
<?
>
DURABLE
GOODS
IP
NONDURABLE
. GOODS INDUSTRIES
6 Lj,-f J I IJLU 4 A '
CONTRACT CONSTRUCTION
(ENLARGED SCALE)
1958
1959
I960
1961
K SEASONALLY ADJUSTED DATA, INCLUDING A L A S K A AND .HAWAII
SOURCE: DEPARTMENT OF LABOR.
I960
1961
BEGINNING 1959.
COUHCH. OF ECONOMIC KIVKSK
[Thousands of wage and salary workers ']
Manufacturing (private)
Total,
unadjusted
Total
49, 022
50, 675
52, 408
52, 904
51, 423
53, 380
54, 347
49, 022
50, 675
52, 408
52, 904
51, 423
53, 380
54, 347
16,314
16, 882
17, 243
17, 174
15, 945
16, 667
16, 762
9, 129
9, 541
9,834
9, 856
8, 830
9, 369
9, 441
54, 595
54, 706
„ 52, 864
52, 523
52, 785
53, 171
53, 708
June
54, 429
July._
54, 227
August
54, 538
September
54, 978
October 3
55, 065
November 3
55, 121
December
55, 503
53, 995
53, 707
53, 581
53, 485
53, 561
53, 663
53, 894
54, 182
54, 335
54, 333
54, 304
54, 385
54, 517
54, 491
16, 351
16, 174
16, 021
15, 962
16, 023
16, 119
16, 275
16, 373
16, 392
16,381
16, 323
16,361
16, 469
16,521
9, 111
8, 988
8, 863
8,797
8, 820
8, 904
9,058
9, 114
9, 138
9, 131
9, 105
9, 112
9, 221
9, 265
Period
1954
1955
1956
1957
1958
1959 ,-1960
-
1960: November
December
1961: January. _
February
March _
April
May
Total
Durable Nondura- Total 2
goods ble goods
1
Includes all full- and part-time wage and salary workers In nonagricultural
establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of non agricultural 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
are not at work because of industrial disputes: and which are based on an enu-
7, 185 25, 957
7, 340 26, 879
7,409 27, 888
7,319 28, 104
7, 116 27, 585
7,298 28, 523
7,321 29, 065
Seasonally
7,240 29, 022
7, 186 28, 890
7, 158 28, 889
7, 165 28, 841
7,203 28, 826
7, 215 28, 810
7, 217 28, 845
7, 259 28, 988
7, 254 29, 108
7,250 29, 087
7,218 29, 045
7,249 29, 057
7, 248 29, 053
7, 256 29, 003
Nonmanufacturing (private)
Government
Contract Transporta- Wholesale (Federal,
construc- tion and pub- and retail State,
trade
tion
lic utilities
local)
2,612
4,084
10, 235
6, 751
2, 802
4, 141
6, 914
10, 535
4, 244
2,999
10, 858
7,277
2, 923
4, 241
10, 886
7, 626
2, 778
3, 976
10, 750
7, 893
2, 955
4, 010
11, 125
8, 190
2,882
11,412
4,017
8, 520
adjusted
2, 832
3, 976
11,371
8,622
11,334
2, 757
3, 950
8, 643
11,347
2, 773
3, 931
8, 671
3, 922
8, 682
2, 765
11, 296
2, 792
3, 919
11, 252
8, 712
2, 766
3, 901
8, 734
11, 320
2, 742
3, 903
11, 355
8, 774
8,821
11,392
2,795
3,914
3, 942
2,776
11,437
8,835
2,770
3, 939
11,410
8, 865
2, 754
3, 939
11, 363
8, 936
11,365
2, 758
3, 929
8, 967
2, 720
3, 926
11, 368
8, 995
2,703
3, 908
11, 339
8, 967
meration of population, whereas the estimates in this table are based on reports
from
employing establishments.
2
Includes mining; finance, insurance, and real estate; and service and miscellaneous,
not shown separately.
2
Preliminary.
NOTE.—Revised series; see note, p. 13.
Source: Department of Labor.
11
WEEKLY HOURS OF WORK
The average workweek of production workers in manufacturing was 40.3 hours (seasonally adjusted) in December,
down from 40.6 hours in November.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
44
42
40
40
38
38
36
36
34 Ui
1958
1959
I960
I960
1961
44
CONTRACT CONSTRUCTION
RETAIL TRADE
40
38
36
34
32
1958
1959
1958
I960
Average hours per week:
Manufacturing industries
Period
All
1955
1956
1957
1958
1959
1960
. ...
1960: November
December
1961: January
February. _
March
April
May _
June
July
August- _
September
< Ictobcr
N ovt'inlxT °
Dcri-inlxT »
40.7
40. 4
39. 8
39. 2
40. 3
39. 7
39. 3
38.5
39.0
39. 3
39. 3
39. 7
39.8
39.9
40.0
40. 0
39. 6
40.2
40. 6
40. 3
Contract Retail
Non- construcDurable durable
trade
goods
tion
goods
Hours per week
41. 3
39. 9
37. 1
41. 0
39. 6
37. 5
40. 3
39. 2
37. 0
39. 5
38.8
36. 8
40. 7
39. 7
37.0
40. 1
39. 2
36. 7
iSeasonoMi/ adjusted
39. 7
38. 7
36. 8
39. 0
38. 1
34.8
39. 3
38. 7
37.5
38. 8
39. 6
38. 1
39. 7
39. 1
36. 9
40. 0
39.3
35. 7
40. 2
39. 3
36. 3
40. 4
39. 5
36. 8
40. 5
39. 5
36. 9
40. 5
39. 3
37. 1
39.8
39.2
36. 7
40.6
39. 6
37. 2
41.2
39. 7
37. 5
41. 0
39. 7
(5)
ll- to production workers or n on supervisory employees. Revised
l f , p. III.
n u t lot nl nonnprieuHural employment (p. 9), which includes persons
i l tuit ill \vork for Kiicli reasons( as vacation, illness, bad weather, and
.'-j'ttii-;;. 3U'f.'.lunii!jr January ] JGO, data include Alaska and Hawaii.
12
1961
COUNCIL OF ECONOMIC ADVISEE
SOURCE:DEPARTMENT OF LABOR.
3
39. 6
39. 1
38. 7
38. 7
38. 7
38. 5
38. 5
38.2
38.3
38.4
38.2
38. 2
38. 3
38. 1
38. 2
37.9
38. 0
38. 0
37. 9
(5)
Persons at work in nonagricultural 2industries
by hours worked per week
Under 35 hours
Part-time for
economic reasons
Over 40 35-40
hours
Total Usually Usually
hours
fullparttime 3
time *
Millions of persons 14 years of age and over
27.0
8. 7
18. 0
( )
(5)
1. 1
0.9
27. 3
9. 4
18. 7
1.2
1. 0
28. 6
9. 7
17. 6
1. 3
28. 3
1. 6
16. 6
10. 4
1.0
27. 7
11.7
1. 3
17. 3
1. 2
1. 3
28. 7
17.7
11. 5
5
17.0
18. 3
17.7
17. 4
17. 7
17. 7
18. 1
17.9
17.2
17.7
18.5
19. 3
19. 5
19. 7
24. 6
29. 3
29. 5
27.9
29. 6
29. 9
29. 8
29. 9
27. 8
28. 4
29. 0
28.4
29. 4
29. 1
18.2
11. 6
10. 9
12. 7
11. 4
11.3
11. 4
10. 5
9. 9
9. 7
1].2
11. 9
11. 3
11.3
1. 4
1. 5
1. 7
1. 7
1.5
1. 5
1. 3
1. 2
1. 1
1. 2
1. 1
1. 1
1. 1
n. i
1. 3
1. 3
1. 4
1. 4
1. 5
1. 5
1. 5
2. 0
1. 9
1.9
1. 4
1. 2
1. 3
'1.2
Includes persons who worked part-time because of slack work, material shortages or repairs, new job started, or job terminated.
*fi Primarily includes persons who could find only part-time work.
6 Not available.
Preliminary.
r
Average hours worked: usually full-time, 23.2; usually part-time, 17.3.
Source: Department of Labor.
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing were $2.37 in December, 1 cent above November.
Average weekly earnings increased 17 cents in December to $95.99.
AVERAGE HOURLY EARNINGS
AVERAGE WEEKLY EARNINGS
2.60
ZAO
«
9O
a.oo —
70
1958
1959
I960
1958
SOURCE: DEPARTMENT OF LABOR.
1
1961
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
Average hourly earnings— current prices
Average weekly earnings— current prices
Manufacturing industries Contract
conRetail
NonDurable durable
structrade
All
goods
tion
goods
Manufacturing industries Contract
conRetail
NonDurable durable
trade
strucAll
goods
tion
goods
1951__ .. $1. 56
1.65
1952
1. 74
1953
1954
1. 78
1. 86
1955
1. 95
1956
2. 05
1957
2. 11
1958
2. 19
1959
2. 26
1960
1960: November... 2. 27
December
2. 29
2. 29
1961: January
February
2. 29
2. 29
March.
April
2. 31
May
June
July
August
September
October 2
November2 __
December - _
2. 32
2. 32
2. 33
2. 31
2. 33
2. 34
2. 36
2. 37
$1. 65
1.75
1. 86
1. 90
1. 99
2. 08
2. 19
2. 26
2. 36
2. 43
2. 43
2. 46
2. 45
2. 45
2. 46
2, 47
2. 48
2. 49
2. 49
2. 48
2. 50
2. 51
2. 53
2. 54
$1. 44
1. 51
1. 58
1. 62
1. 67
1. 77
1. 85
1. 91
1. 98
2. 05
2. 07
2. 09
2. 09
2. 09
2. 09
2. 10
2. 11
2. 11
2. 12
2. 10
2. 12
2. 13
2. 13
2. 14
$2. 02
2. 13
2. 28
2. 39
2. 45
2. 57
2. 71
2. 82
2. 93
3. 07
3. 10
3. 16
3. 17
3. 16
3. 14
3. 15
3. 16
3. 16
3. 16
3. 17
3. 22
3. 22
3. 24
(3)
$1. 13
1. 18
1.25
1. 29
1.34
1. 40
1. 47
1. 52
1. 57
1. 62
1. 64
1. 61
1. 66
1. 65
1. 65
1. 67
1. 68
1. 69
1. 69
1. 69
1. 70
1.71
1.71
(3)
1
Earnings In current prices divided by the consumer price index on a I960 base.
- Preliminary.
Not available.
3
T812G"—62^-3
$63. 34
67. 16
70. 47
70. 49
75. 70
78. 78
81. 59
82. 71
88. 26
89. 72
89. 21
88. 62
89. 08
89. 31
89. 54
90. 78
92. 10
93. 03
93. 20
92. 86
92. 73
9-1. 5-1
95. 82
95. 99
$68. 48
72. 63
76. 63
76. 19
82. 19
85.28
88. 26
89. 27
96. 05
97. 44
96. 23
96. 19
96. 29
96. 29
97. 17
98. 31
99. 70
101. 09
100. 35
100. 44
100. 00
102. 66
103. 98
104. 39
$56. 88
59. 95
62. 57
63. 18
66. 63
70. 09
72. 52
74. 11
78. 61
80. 36
80. 52
79. 84
80. 47
80. 47
80. 88
81. 27
82. 29
83. 56
84. 16
83. 58
83. 74
84. 77
84. 99
85. 17
$76. 96
82. 86
86. 41
88. 91
90. 90
96. 38
100. 27
103. 78
108. 41
112. 67
110. 98
108. 07
115. 39
114. 08
112. 41
112. 77
116. 29
119. 13
119. 76
122. 05
120. 43
123. 00
138. 26
(;i)
$46. 22
47. 79
49. 75
51. 21
53. 06
54. 74
56. 89
58. 82
60. 76
62. 37
62. 48
61. 82
63. 25
62. 87
62. 70
63. 46
63. 84
64. 90
65. 57
65. 23
6-1. 60
64 64
64. 13
(3)
Average
weekly
earnings,
all manufacturing
industries,
1960 prices '
$72. 22
74. 87
77. 95
77. 63
83. 65
85. 83
85. 88
84. 74
89. 60
89. 72
88. 59
87. 92
88. 46
88. 60
88. 83
90. 06
91. 46
92. 20
92. 00
91. 76
91. 45
93. 1 1
94. 50
3
()
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) rose 0.9 percent in December. The December index
was 12.8 percent above the February 1961 low and 3.7 percent above the previous peak in January 1960.
INDEX, 1957=100 (SEASONALLY ADJUSTED)
ISO
TOTAL
INDEX, 1957 = 100 ( SEASONALLY ADJUSTED)
140
120
110
100
90
80
70
1961
I960
70
70
1958
1961
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
1951
1952
1953
_
1954
1955
1956
1957
1958
1959
I960
1000: November
December
1001: January
February . _
March.. . .
April.
Mnv ililiic
Jnlv
Hnntt'iiilx'r
IWt'lln-1
^MlVtstillH-r
t$*W;ttt|il'r 1, ,
. ..
-
COUNCIL OF ECONOMIC ADVISERS
[1957=100, seasonally adjusted]
Industry
Manufacturing
Total
industrial
production
Total
80. 8
83. 8
90. 8
85. 4
96. 0
99. 3
100. 0
92. 9
104. 9
108. 0
104. 5
1 03. 0
102. 3
102. 1
102. 6
105. 6
108.3
110. 4
112. 0
113. 0
111. 0
112.8
114. 2
115. 2
81. 5
84. 8
92. 1
85. 8
96. 7
99.5
100. 0
92. 4
105. 3
108. 2
104. 1
102. 4
101. 4
101. 3
101. 9
105. 2
108. 2
110. 5
112. 2
113. 1
111. 0
112. 8
114. 2
115. 3
NonDurable durable
80. 3
85. 1
96. 0
85. 0
97. 9
100. 0
100. 0
86. 8
101. 5
104. 3
98. 0
95. 8
94. 6
94. 3
94. 7
98. 7
102. 7
105. 3
107. 3
107. 9
105. 1
106. 8
109. 1
110. 3
81.7
83. 3
86. 9
86. 9
95.0
98.9
100. 0
99. 9
110. 3
113. 4
112. 3
133. 2
110. 5
110. 8
111. 6
113. 9
115. 5
117. 4
119. 0
120. 2
118. 9
121. 0
121. 2
122. 0
Mining Utilities
87.3
86.5
88. 8
86. 2
94. 8
100. 1
300.0
91. 4
95. 3
97. 1
98. 0
97. 8
97. 6
96. 3
96. 3
97. 4
97. 1
97.6
97. 8
98. 7
97. 1
99. 5
100. 6
100. 5
60. 1
65. 2
71. 1
76. 5
85. 4
93. 6
100. 0
104. 5
115. 0
123. 1
122. 9
122. 9
124. 6
125. 1
124. 9
127.1
130.4
131. 5
131. 7
134. 0
135. 4
135. 8
136. 0
137. 0
Market
Final products
ConTotal
sumer Equipment
goods
79. 3
85. 2
90. 7
86. 5
94. 6
98.9
100. 0
95. 1
106. 5
110. 6
109. 0
108. 0
106. 6
106. 6
106. 7
109. 2
110. 8
112. 7
114. 3
114. 7
112. 9
llf. 5
117. 1
118. 2
80.6
82. 5
88. 1
87. 2
96. 5
98.7
100.0
99. 0
110. 0
114. 4
112. 7
111.7
110. 2
110. 2
•110. 6
113.7
115. 4
117. 8
119. 5
119. 8
116. 4
119. 5
120. 8
122. 2
75.0
90. 0
96. 1
85. 0
90. 9
99. 1
100. 0
87. 3
99. 5
102. 9
101.7
100. 6
99. 5
99.5
99. 0
100.1
101. 6
102. 4
103. 9
104. 7
105. 9
107. 4
109.8
110. 5
Source: Board of Governors of the Federal Reserve System.
Materials
82. 2
82. 7
90. 8
84. 4
97. 1
99. 7
100. 0
91. 0
103. 5
105. 7
101. 1
99. 0
98. 1
98. 2
99. 1
102.9
106. 2
108. 7
109. 5
111. 2
109. 2
110. 6
111. 3
111. 8
PRODUCTION OF SELECTED MANUFACTURES
Output of most manufactures—durable and nondurable—continued to rise in December,
mstals and transportation led the increases.
INDEX, 1957 = 100 ( SEASONALLY ADJUSTED)
Production of primary
INDEX, 1957 = 100 (SEASONALLY ADJUSTED)
160
140
100
120
120 -
100
1958
1959
I960
1961
I9S9
1958
I960
1961
COUNCIL OF ECONOMIC ADV1SEKS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL 'RESERVE SYSTEM.
[1957=100, seasonally adjusted]
Durable manufactures
Period
1951
1952
1953
1954
1955
1956 -1957
1958
1959
1960
1960: November
December
1961: JanuaryFebruary
March
April
May
June
JulyAugust
September
October
November 1
December .
1
Preliminary.
• Not available.
Nondurable manufactures
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
Primary
cated
Machin- tation
and
and
petroapparel,
beverery
metals
equipmetal
prodand
print- leum, and ages, and
products
ment
ucts
rubber tobacco
leather
ing
_
..
_
-_ _ _
.
96.9
88.5
100. 3
81. 3
105.5
103.7
100. 0
78. 0
89. 5
90. 3
73.6
69. 3
71.2
72. 6
73.5
82.0
89.9
92. 3
94. 6
98. 2
98. 7
96.0
96.9
100
90. 0
87. 8
98.8
88.8
96. 9
97. 4
100. 0
91. 6
103.9
106. 0
101.0
100. 7
96.5
95.7
96.3
98.6
104, 8
107. 3
108. 1
111. 0
105.3
109. 8
111. 9
112
79.6
88.4
96. 4
84. 3
92. 6
102. 8
100.0
85. 2
102. 8
106. 4
102. 1
101.2
101. 3
100. 8
100. 5
102. 9
104. 3
107.3
110.2
108.5
107.8
108. 6
110. 3
112
59.0
68. 6
86. 2
78.7
95.9
91. 5
100. 0
84.2
97. 8
101. 7
96. 7
93. 3
88. 9
87. 6
88. 1
94.0
99.0
100. 6
102. 2
102. 7
94. 5
100. 5
105.9
109
102. 2
100. 9
106.7
103. 9
114. 2
109. 9
100. 0
99.7
113. 1
106.5
95. 1
95. 9
100. 2
99. 2
99. 8
105.7
106. 6
110. 6
111. 2
108.8
107.4
103. 4
104. 3
(2)
90. 1
92. 2
93.6
89. 6
98. 4
101. 1
100.0
99. 2
115. 2
114. 8
111. 1
107. 5
105.0
107.4
110. 2
111.8
113.3
115. 7
118. 2
120.3
118. 1
121. 7
120. 9
121
71.8
81. 1
79. 4
74 5
80.2
84. 5
79.3
86.9
94. 6
91. 8
99. 3
96. 3
100. 0
100. 0
99. 2
98. 8
107. 6 „_ 112. 7
111. 5 • 117.7
111. 9
116. 0
114. 6
110. 8
114.0
111.1
111.4
113. 4
111. 2
113. 3
118.0
113.1
113.6
121.7
114. 9
124.6
114. 8
127. 4
127.3
117.8
117. 1
125. 7
128. 0
117. 4
128. 1
118.3
121
130
88. 3
90. 2
91. 2
92. 8
96. 2
99. 8
100.0
102. 1
106. 5
109. 4
109. 5
110. 4
110. 2
110. 1
111. 2
111.9
112. 1
113. 1
113.9
114. 2
113.8
116. 1
116.2
116
Source: Board of Governors ol the Federal Reserve System.
15
WEEKLY INDICATORS OF PRODUCTION
Steel production continued to increase during most of December and early January,
slightly. The holidays curtailed December production in most areas.
MILLIONS OF TONS
MILLIONS OF SHORT TONS
Auto assemblies dropped
(DAILY A V E R A G E )
SOURCES: AMERICAN iRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC iNSTfTUTE, AMD WARD'S AUTOMOTJVE REPORTS.
Period
Weeklv average:
1956
1957
1958
1959
1960 _
1960: November
December.
1961: January
February
March
April
May. 9.
June
July
August_September
October _
November 2
December _ \ \ r r k ended:
1901: December 2_9
16__
23 22 .
30 2_3
1902: January
6
1 323
1
I );illy uvcrn^c.
• ['rcliminm^ .
' N»l clurii'tl.
16
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Steel produced
Cars and trucks
power
coal mined
loaded
produced assembled (thousands)
Thousands
distributed (thousands (thousands
Index
(thousands
of net
(1957-59 = (millions of
of short
Total
Cars Trucks
of cars)
of tons)
tons
100)
kilowatHiours)
tons) '
2,204
2, 162
1, 635
1,792
1, 899
1, 439
1, 321
1, 448
1,560
1, 600
1, 768
2,027
1, 993
1, 831
1, 955
2, 083
2, 071
2, 039
2, 165
118. 3
116. 0
87. 8
96. 2
101. 9
77. 2
70. 9
77. 7
83. 7
85. 9
94. 9
108.8
107. 0
98. 3
104. 9
111. 8
111. 2
109. 4
116. 2
11, 292
11, 873
12,076
13, 206
14, 685
14, 394
15, 086
1 5, 098
14, 854
14, 473
14, 295
14, 223
15, 100
15,274
15, 917
15, 518
15, 146
Jo, 576
16, 287
1, 693
1, 644
1,380
1,380
1, 390
1,371
1, 273
1,303
1, 207
1, 081
1, 202
1, 288
1, 432
1, 288
1, 389
1,406
1,499
1, 504
1, 353
728
683
581
596
585
545
476
480
489
501
527
555
582
543
593
588
645
577
509
274
272
275
307
306
301
257
274
303
319
316
320
333
268
334
327
353
341
314
132.8
138. 6
98. 4
129. 5
151. 8
156. 3
136. 7
112. 2
113.2
109. 9
135. 8
141. 0
153. 1
118. 8
60. 3
103. 3
146. 2
174. 4
171. 2
111. 6
117. 6
81. 6
107. 6
128. 7
136. 1
116. 9
93. 8
91. 4
88.7
111. 7
118. 4
127. 5
97. 7
44. 6
83. 8
125. 1
149. 7
145. 4
21. 2
21. 0
16. 8
21. 9
23. 1
20.2
19. 9
18. 4
21. 9
21. 1
24. 1
22. 6
25. 5
21. 1
15.7
19. 6
21. 0
24. 7
25. 7
2,073
2, 158
2, 200
2, 225
2, 106
2,294
2, 300
111. 3
115. 8
118. 1
119. 4
113. 0
123. 1
123. 5
15,
16,
16,
16,
15,
16,
1, 478
1,404
1, 439
1, 435
1, 311
1, 479
574
561
533
520
422
469
332
339
342
335
241
163
190. 9
189. 2
193.4
174. 8
127. 2
139.6
168. 2
164.
161.
165.
149.
105.
121.
144.
26. 1
27. 8
28. 2
25. 5
21. 4
17. 6
24. 3
954
084
695
630
738
021
8
5
2
3
8
9
0
Sources: American Iron and Steel Institute, Edison Electric Institute, Departnient of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.
NEW CONSTRUCTION
In December, outlays for new construction were $1.2 billion (seasonally adjusted annual rate) below the November
level. The drop in public expenditures was partially offset by a rise in residential construction.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL NEW CONSTRUCTION
so
so
T , _ , , , ,.[_i , , , , I
!,,,,,!
I,,.,,, I
I
!,,,,,!
I
I
!
I
I
1961
*SEE NOTE 3 IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
Private
Total new
construction
expenditures
Period
Total
Residential
(nonfarm)
Commercial and
industrial
Other
Construction contracts '
CommerTotal value, cial and inFederal,
dustrial
States
State, and 48
(index,
floor space
local
1947-49 =
(millions
100)
of square
feet) 2
Billions of dollars
1956
1957
1958
1959_.
1959 (new series)
45.8
47.8
49.0
54. 1
56. 6
55. 6
3
1960 .
33. 1
33.8
33. 5
38.0
40. 3
39. 6
17.7
17.0
18.0
22. 3
25.0
22. 5
6.7
7. 1
6.0
6. 0
6.0
7.0
8.7
9.6
9. 5
9. 7
9.3
10.0
12.7
14. 1
15. 5
16. 1
16. 2
16.0
Seasonally
adjusted
Seasonally adjusted annual rates
1960:
November,
December
1961: January _
February
March
April
May
_
56. 1
56. 6
56.0
55. 7
55. 8
55. 5
55. 5
57.2
57. 0
58. 0
58. 9
58. 9
61. 2
60. 0
39. 6
39. 6
38.6
38. 0
38. 5
39. 0
39.2
40. 3
41.2
41. 3
41. 7
41.8
42. 2
42. 7
22. 0
21. 9
20. 6
20. 0
20. 5
21.0
21.3
22. 3
23. 1
23. 3
23. 8
24. 0
24. 6
25. 2
June
July
AugustSeptember
October
November
December 4 _
' Compiled by F. W. Dodge Corporation.
* Relates to 48 States beginning 1956 and to 37 Eastern States prior to 1956.
Seasonal
adjustment by National Bureau of Economic Research.
3
In addition to major differences between old and new series, data for
Alaska and Hawaii are included beginning January 1959.
7. 4
7.5
7.9
7. 8
7.7
7. 6
7. 4
7.3
7. 2
7. 2
7. 3
7.3
7. 2
7. 2
231. 3
235. 4
256. 8
265. 4
265. 4
265. 7
10. 2
10.2
10.0
10. 1
10.3
10.4
10.6
10. 8
10. 8
10. 7
10. 6
10. 5
10. 4
10. 3
16. 5
17.0
17.4
17. 8
17.3
16.5
16.3
16. 9
15. 9
16. 7
17.2
17. I
19. 0
17. 3
* Preliminary.
Sources: Department of Commerce and F. "\V.
noted).
280
302
273
239
262
261
257
281
277
293
2C.1
28!)
293
436
421
359
440
440
461
Seasonally
adjusted
annual
rates
489
469
404
421
454
427
433
4 IS
•123
'I'.l'.l
•170
• I I Ir )
r>2. >
17
HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housins starts decreased slightly in November to an annual rate of 1,350,000 units (seasonally adjusted).
The number (unadjusted) of FHA applications and VA appraisal requests also decreased.
MILLIONS OF UNITS (ANNUAL RATE)
MILLIONS OF UNITS (ANNUAL RATE)
I96I
I955
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION!FHA), AND VETERANS ADMINISTRATION CVA).
COUNCIL' OF ECONOMIC ADVISERET
[Thousands of units!
Total housing
starts (farm and
nonfarrn)
Period
Private
Total
private
and
public
Total
1955
1956
1957
1958
1959
1959 ... _
1960
1960: October
November
December.
1961: January
February
March
April
Mav...
June_
Julv
August
September
*
October 4
November *
1
1
Units rcprascnted by mortgage applications for new home construction.
Not nvntlalilo.
• Kw Housing Starts, C 2O-11 (Supplement), Bureau of the Census, May
HII-,O, for description. (Data lor Alaska and Hawaii included.)
Private
Government
programs
VA
FHA
Old series
1, 220. 4 1, 201. 7
(22)
1, 328. 9 1, 309. 5
(2 )
1, 118. 1 1, 093. 9
(2)
1, 041. 9
992. 8
(2)
1, 209. 4 1, 141. 5
(2)
1, 378. 5 1, 342. 8
()
New series 3
1, 553. 5 1, 516. 8 1, 531. 3 1, 494. 6
1, 296. 0 1, 252. 1 1, 274. 0 1, 230. 1
113. 2
110. 4
110. 1
107. 3
94. 5
92. 8
93. 5
91. 8
70. 9
64. 2
70. 4
63. 7
72. 5
71. 0
69. 8
68. 3
81. 0
77. 7
72. 5
75.8
109. 7
104. 6
107. 3
102. 2
115. 3
111. 0
113. 0
108. 7
130.7
128. 3
126. 6
124. 2
132. 4
138. 3
135. 3
129. 5
128. 5
126. 0
122. 7
125. 2
130. 1
127. 0
127. 3
124.2
128. 2
122. 4
126.5
120. 7
126. 0
128. 5
123. 8
121. 3
102. 5
105. 4
103. 8
100. 9
(22)
(2)
(2)
(2 )
(2)
()
1954
18
Total
private
and
public
Nonfarm housing starts
276. 3
276. 7
189.3
168. 4
295. 4
332. 5
307.
392.
270.
128.
102.
109.
Private housing
starts, seasonally adjusted annual rates
Proposed home
construction
Total
farm and Nonfarrn
nonfarm
Applications for Requests
for VA
FHA
commit- appraisals1
ments '
0
9
7
3
1
3
338.6
306.2
197.7
198. 8
341. 7
369. 7
535. 4
620. 8
401. 5
159. 4
234. 2
234 0
369. 7
242. 4
18. 3
14. 8
13. 2
14.3
16. 9
24.0
20. 8
23. 9
23.4
20. 6
24. 4
19. 6
22. 1
17. 4
234.0
142. 9
10. 0
10. 3
10. 0
9. 4
12. 0
17.7
17. 5
14. 7
17.6
15. 1
17. 4
15. 7
16. 1
New series 3
332. 5
260. 9
22. 6
20. 2
13. 8
14. 0
13. 0
20. 1
20. 1
23. 7
22. 1
21. 3
25. 5
20. 9
23. 4
22. 9
109. 3
74. 6
5. 9
5. 5
4.8
4. 9
4. 9
6. 4
6. 1
8.0
7. 8
7. 3
8. 4
7. 3
9. 2
7. 3
1, 273
1, 220
996
1, 1S7
1, 169
1, 296
1, 166
1,291
1, 381
1, 343
1, 326
1, 383
1,432
1,SBO
1, 237
1, 20S
987
1,098
1, 115
1, 262
1, 143
1, 268
1, 351
1,318
1,301
1, 365
1,402
1,328
ia 5
' Preliminary.
Sources:
Commerce, Federal Housing Administration (FHA),
^<^^~>. Department
^^^-. »uiw<. of
w. ^w«^**i,*v
and
Veterans Administration (VA).
TRADE SALES AND INVENTORIES
Trade sales (seasonally adjusted) increased in November.
Inventories of retailers rose while stocks of wholesalers
dropped slightly. According to preliminary estimates, retail sales decreased 1 percent in December.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS *
10
-
I
I
,-
I
INDEX, 1947-49'IOQ *
140
100
1958
1
1959
1958
•SEASONALLY ADJUSTED.
SOURCES; DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Wholesale
Period
Sales i
Inventories 2
|
Sales ' 3
Total
COUNCIL OF ECONOMIC ADVISERS
Retail
NonDurable durable
goods
goods
stores
stores
Department stores
Inventories 2
Total
NonDurable durable
goods
goods
stores
stores
Billions of dollars, seasonally adjusted
1953
1954
1955
1956
...
1957
1958
...
1959
1960
1960: October
November
December _
1961: January
February
March
_
April
May
JuneJuly
August
September.
October 6 6
November 6
December _ _ _
9. 8
9. 7
10. 6
11. 3
11.3
11. 1
12. 3
12. 3
12. 2
12. 2
12.3
12. 2
12. 4
12. 5
12. 1
12. 8
12. 8
12. 5
12. 8
12. 1
12. 8
13. 1
10. 5
10. 4
11. 4
13. 0
12. 7
12.0
12. 6
13. 2
13. 2
13. 3
13.2
13. 1
13. 2
13. 3
13. 4
13. 5
13. 5
13. 6
13. 6
13. 5
13. 4
13.3
14. 1
14. 1
15. 3
15. 8
16. 7
16.7
18.0
18. 3
18. 5
18. 4
17.9
17. 8
17.8
18. 1
17. 9
18. 0
18.2
18. 0
18.2
18. ]
18. 6
19. 2
19. 0
1
Monthly average lor year and total for month.
:
Book value, end of period, seasonally adjusted.
1
Beginning January I960, data include Alaska and Hawaii.
4
End
of period, except annual data, wbich are monthly averages.
6
Based on retail value.
c
Preliminary.
5.0
4. 8
5.6
5. 5
5.7
5. 3
6.0
5. 9
6. 1
5. 9
5.5
5. 4
5. 3
5. 5
5. 4
5.5
5.6
5. 5
5. 5
5.6
5. 9
6. 2
6.0
9. 1
9. 2
9. 7
10. 3
11. 0
11. 4
12. 0
12. 4
12. 5
12. 5
12. 4
12.4
12. 4
12. 6
12. 5
12.4
12. 6
12. 5
12.7
12. 5
12. 7
12. 9
13. 0
21. 5
20. 9
22.8
23. 4
24. 6
24. 3
25. 5
27. 2
27. 2
27. 4
27. 2
26. 8
26. 6
26. 1
26. 2
26. 2
26. 2
26. 3
26. 0
26. 3
26. 4
26. 8
9. 8
9. 3
10.5
10. 5
11. 4
10.7
11. 3
12. 3
12. 5
12. 5
12. 3
11. 9
11.7
11. 4
11. 2
11. 3
11. 4
11. 5
11. 0
11. 3
11. 3
11. 4
11. 7
11.7
12. 2
12. 9
13. 2
13. 6
14. 3
14. 9
14. 8
14.8
14. 9
14. 9
14. 9
14. 7
14. 9
14. 9
14. 9
14. 9
15.0
15. 1
15. 2
15. 3
Sales '
Inventories *
Index, 1947-49=100,
seasonally adjusted 5
131
118
128
118
136
128
148
135
152
135
148
136
144
156
165
145
167
148
144
169
166
146
142
162
145
161
146
161
148
162
144
164
149
163
166
151
150
169
150
170
152
170
155
171
157
NOTE.—Series on retail inventories revised beginning 194G. See Survey of
Current Business, December 1961.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System,
19
MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers' sales and inventories (seasonally adjusted) rose again in November.
from their October level.
New orders were unchanged
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
MANUFACTURERS' INVENTORIES
60
SO
10
DURABLE GOODS
\
_MANUFACTURERS' NEW ORDERS.
30
NONDURABLE GOODS
V
NONDURABLE GOODS
h
„_,»«**
^nn**"^ * ^
1
DURABLE GOODS
1961
ISS6
1959
* SEASONALLY ADJUSTED.
SOURCE- DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted]
Manufacturers' sales l
Period
Total
1953—
1954
1955
1956
1957
1958
1959
1960
1960: October
November
December.
1961: January
February
March
_
April
May
.
June
July._
August
September.
October 3 3
November
__ _
1
NonDurable durable
goods
goods
24. 5
23. 5
26. 3
27. 7
28. 4
26. 2
29. 7
30. 4
29. 6
29. 2
29. 1
28. 7
29. 0
29. 6
30. 1
30. 8
30. 9
31. 2
31. 4
31. 4
31. 8
32. 2
M o n t h l y average for year and total for month.
'• Hook v i i l u r , end of period, seasonally adjusted.
20
12.4
11. 2
13. 1
13. 8
14. 2
12. 4
14. 5
14. 7
14. 1
13. 8
13. 6
13. 2
13. 3
13.7
14 1
14.6
14.7
14. 8
15. 0
15. 0
15. 3
15. 7
12. 1
12. 3
13. 3
13. 9
14. 2
13. 8
15. 2
15. 7
15. 5
15. 4
15. 5
15. 5
15. 7
15. 9
16. 0
16. 2
16. 2
16. 4
16. 4
16. 4
16. 5
16. 6
Manufacturers' inventories 2
NonDurable durable
goods
goods
Total
45. 4
43. 0
46. 4
52.3
53. 5
49. 2
52, 4
53. 7
54. 4
54. 0
53.7
53. 7
53. 6
53. 3
53. 4
53. 4
53. 4
53. 6
54. 0
54. 4
54. 8
55. 0
26. 2
24. 1
26. 7
30. 7
31. 1
27. 9
30. 1
30. 9
31. 4
31. 1
30. 9
30. 8
30. 6
30. 3
30. 2
30. 2
30. 2
30. 4
30. 8
31. 1
31. 4
31. 6
3
19. 2
18. 9
19. 7
21. 6
22. 4
21. 3
22. 3
22. 9
23. 0
22. 9
22. 9
22. 9
23. 0
23. 0
23. 2
23. 2
23. 2
23. 2
23. 2
23. 3
23. 4
23. 4
Manufacturers' new orders
Total
23. 1
22. 5
27. 2
28.3
27. 3
25. 9
30. 1
29. 9
29. 2
29. 0
28. 7
28. 5
29. 1
29. 9
30. 4
31. 1
31. 1
31. 3
32. 1
32. 3
32. 7
32. 7
Preliminary.
Source: Department of Commerce.
l
Durable goods
NonMachinery durable
and
goods
Total
equipment
3.3
12. 1
11. 0
10.2
12. 3
3. 1
13. 3
13. 9
4. 2
14. 4
4. 7
13. 9
14. 2
13. 1
4. 4
12. 0
13. 9
3. 9
14. 9
15. 3
5. 0
14. 3
15. 7
4. 9
15. 5
13. 7
4. 7
4. 8
15. 4
13. 6
4.7
15. 5
13. 2
4.8
12. 9
15. 6
4. 8
15. 8
13. 4
16. 0
13. 8
5. 1
5.0
16. 1
14. 4
16. 3
14. 8
5. 2
16. 2
14. 9
5. 3
15. 0
16. 3
5. 3
5.6
16. 5
15. 6
16. 5
15. 8
5. 5
5. 7
16. 6
16. 1
16. 5
16. 2
5. 8
MERCHANDISE EXPORTS AND IMPORTS
Exports and imports (seasonally adjusted) both fell in November, but remained well above average levels earlier in
the year. The monthly trade surplus exceeded $400 million.
BILLIONS OF DOLLARS
£.s
BILLIONS OF DOLLARS
2.5
SEASONALLY ADJUSTED
e.o
MERCHANDISE EXPORTS EXCLUDING
MUTUAL SECURITY PROGRAM
SHIPMENTS
X
1.6
i.o
1.0
I9SS
SOURCES: DEPARTMENT OF COMMERCE, AND DEPARTMENT OF DEFENSE.
Period
[Millions of dollars]
Merchandise exports excluding
Merchandise imports
Mutual Security Program shipments
Total (includGeneral 5imDomestic exports
Imports for consumption 3
ing reexports)1
ports
Indus- Finished
Indus- Finished
Season- Unad- Total » Food- trial manu- Season- Unad- Total Food- trial manually ad- justed
ally
adstuffs matestuffs
facfacmatejusted
rials tures > justed justed
rials
tures
Monthly average:
1951
19521953
1954
..
1955 . _ _
1956
1957
1958—
1959_.
196CL
1960: October
November
December
1961: January
February
March... . . . .
April _
May
June
July
August
September
October
November
1, 164
1, 100
1,022
1,071
1, 191
1,444
1,625
1,364
1,366
1, 629
I, 707
1,677
1, 621
1,649
1,764
1,687
1,655
1,554
1,591
1,707
1,670
1, 629
1,820
1, 706
1,690
1,724
1,743
1,539
1, 606
1,889
1, 647
1,671
1,644
1,558
1,598
1,557
1,817
1,759
1,151
190
345
1,088
175
300
1,012
143
254
1,060
131
310
162
1, 180
351
1,432
216
441
1,610
529
208
1,350
198
368
1,351
210
365
230
1,613
509
Unadjusted
1,676
246
524
1,710
247
569
1,724
250
580
222
494
1,511
1,594
245
492
1,859
283
525
1,629
242
454
1,653
262
474
1,623
239
457
1,539
446
231
1,579
226
493
1,540
225
453
1,794
309
522
1,740
288
513
' Total exports less Department of Defense shipments of grant-aid military
supplies
ana equipment under the Mutual Security Program.
2
Imports for immediate consumption plus entries into bonded warehouses.
COUNCIL OF ECONOMIC ADVTStBS
914
893
906
851
949
1,051
1,082
1,070
1,267
1,221
616
612
614
620
667
775
872
784
776
874
905
894
894
795
856
1,051
933
917
927
862
860
862
963
940
1,196
1, 1S8
1,100
1,119
1,182
1,127
1,189
1,117
1,181
1,S71
1, S43
1,848
1,319
1,289
1, 157
1,161
1,157
1, 124
1,046
1,230
1,042
1,194
1,220
1,268
1,234
1,176
1,340
1,320
901
258
263
896
274
898
853
276
945
260
1,043
267
274
1,079
1,062
287
1,249
285
1,221
274
Unadjusted
1, 157
268
280
1,176
1,151
265
1, 112
260
250
1,037
311
1,235
251
1,046
264
1,188
1,189
287
1,241
275
1,250
285
266
1,176
301
1,335
1,315
295
485
459
441
394
468
508
511
450
534
509
158
174
183
183
217
268
294
325
431
438
463
465
474
470
438
502
428
497
492
511
511
495
555
541
425
431
412
382
348
422
367
427
410
455
454
415
479
479
3
Imports for immediate consumption plus withdrawals for consumption from
bonded warehouses.
Sources: Department of Commerce and Department of Defense.
21
U.S. BALANCE OF PAYMENTS
A sharp rise in imports of goods and services in the third quarter more than offset a rise in exports.The overall deficit
of the United States, as measured by U.S. gold sales and increases in foreign dollar assets, rose to $3.4 billion at a
seasonally adjusted annual rate.
BILL.IONS
40
OF DOLLARS *
BILL
40
U.S. PAYMENTS i*^
"v
/
^» »*»""^»fci»x ^s/
^"^^
20
TOTAL
\
30
U.S. RECEIPTS
20
U.S. PAYMENTS
_^^*>*
30-
i
^
IONS OF DOLLARS *
,
afffflnnt*.
J!
^^^^^^^^^Slt««
Iftll^liiliisn'^poRTs^iF^G'o'oo^'iil^i^ll^ l
l
l
l
l
l
l
|
l
|
l
i
l
l
|
l
IO
0
10
L
'
!
i
1 1 L
i i
1
1
!
0
20
40
U.S. RECEIPTS
TOTAL
IO
30
'/ ^fc_
O
1
1 1
|>g | |
11
1
1
| 1 ja
\
ML»tJlrf8frtl_
-*3
20
I
' i
l
l
l
l
l
l
i
i
l
l
i
l
l EXPORTS OF GOODS l
l
i
|
|
i
|
l
|
|
f
l
l
l
|
|
|
|
|
i
|
|
i
|
|
|
10
-10
-20
r
i
i
i
1958
*SE
i
i
t
i , , ,
1959
1
1960
,
,
,
,
0
196!
1958
1959
I960
1961
ASONALLY ADJUSTED ANNUAL RATES.
•^m CLUDES UNRECORDED TRANSACTIONS, EXCLUDES LIQUID DOLLAR ASSET s.
s<JURCE'- DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars)
U.S. receipts
(recorded)
Period
Increase
in foreign
Balance
Unreon regold and
corded
Foreign
U.S. grants and capital (net)
corded
recorded
transaccapital
transliquid
Exports other Imports
tions
—
U.S.
actions
dollar
of
Private
capital
of
errors
and
Governthan
(net pay- omissions
assets
goods
goods
liquid
through
ment
ments ( — )
and
and
Total
'
(net
dollar services
grants
transacor receipts receipts)
services assets
Total Direct
and
tions with
( + )]
(net)
capital
the U.S.
1954
1955 ... _
1956 .
1957
1958
1959
1960
.
17, 949
20, 003
23, 705
26, 733
23, 325
23, 709
27, 300
210
351
576
428
-27
709
200
1960:
26, 260
27, 312
27, 416
28, 212
28, 464
27, 528
27, 884
724
372
68
-364
796
1, 100
-8
First quarter
Second quarter
Third quarter
Fourth quarter
1901: First quarter
Second quarter
Third quarter
1
1 li
K
lury
Mi
$74n
' l<
in mi
U.S. payments (recorded)
16, 088
17, 937
19, 829
20, 923
21, 053
23, 537
23, 327
23,
24,
23,
22,
22,
22,
24,
700
096
496
016
076
088
112
3, 788
664
1, 554 1, 619
-1,717
4, 007
2, 211 1, 211
779
- 1, 590
6,017
2, 362 2, 990 1, 859
-1,565
6, 451
2, 574 3, 175 2, 058
-213
6, 153 2 2, 587 2, 844 1, 094
-3,908
2
5, 152
1, 986 2, 375 1, 372
— 4, 271
7, 454
2, 750 3, 856 1, 694
-3,281
Seasonally adjusted annual rates
5, 896
2, 328 2, 776 1, 376
-2, 612
6, 072
-2,484
2, 780 2, 440 1, 040
7, 588 3 2, 420 4 4, 340 1, 624 34-3, 600
10, 260
3, 472 5, 868 • 2, 736
-4, 428
8, 468
3,476 4, 156 2,000
-1,284
3, 912
32 3,060 1, 320
2, 628
7, 700
3, 736 3, 120 1, 652
-3,936
:!uilcs remittances and pensions not shown separately.
t- tides $1,375 million increase in U.S. subscription to International Monet nd.
•! idt-s U.S. subscription to International Development Association of
1 Ion ($2SC million at annual rate).
•! ides ttaRle direct Investment transaction of $370 million ($1,480 million
i nl rate).
22
167
446
643
748
380
528
-648
132
-568
-848
-1, 308
-100
-1, 636
500
1, 550
1, 144
922
-535
3, 528
3,743
3,929
2, 480
3, 052
4, 448
3
* 5, 736
1, 384
5
-992
6
3, 436
6
Includes advance debt repayment and interest payments on U.S. Governrnent
loans of $774 million ($3.1 billion at annual rate),
6
Belore adjustment for receipts of principal and interest on government loans
paid in the previous quarter,
,T
_
, ,
, ,
. *
,
^
j
NoTE.-Data exclude goods and services transferred under military grants.
Source: Department of Commerce.
PRICES
CONSUMER PRICES
The consumer price index declined in November as seasonal drops in food prices and a fall in the average of nonfood
commodity prices more than offset the continued rise in service prices.
INDEX, 1947-49 = 100
INDEX, 1947-49=100
130 H'^ar
'
1955
1956
1961
SOURCE: DEPARTMENT OF LABOR
_ All
items
Period
1950
1951-, ... ... _
1952
.
1953
1954
1955
1956
1957__
1958
1959
1960
1960: October
November. _
December
1961: January
February
March
April
May
JuneJuly
August _
September
October _ _
November
Source: Department of Labor.
COUNCIL OF ECONOMIC UfffHK
.
102. 8
111. 0
113. 5
114 4
114 8
114 5
116. 2
120. 2
123. 5
124 6
126. 5
127. 3
127.4
127.5
127.4
127. 5
127. 5
127. 5
127. 4
127. 6
128. 1
128. 0
128. 3
128. 4
128.3
[1947-49 = 100]
Commodities
Services
Commodities less food
Services
All comAll
Food
Rent
less
modities
Nonservices
All
Durable durable
rent
101. 2
110. 3
111. 7
111. 3
110. 2
109. 0
110. 1
113. 6
116. 3
116. 6
117. 5
118. 2
118. 3
118. 4
118. 0
118. 1
118. 0
117. 9
117.7
118. 0
118.7
118. 4
118. 7
118. 8
118. 5
101. 2
112. 6
114 6
112. 8
112. 6
110.9
111.7
115. 4
120. 3
118. 3
119. 7
120. 9
121. 1
121. 4
121. 3
121. 4
121. 2
121. 2
120. 7
120. 9
122. 0
121. 2
121. 1
120. 9
120. 3
101. 3
ioa 9
109. 8
110. 0
ioa 6
107. 5
ioa 9
112.3
113. 4
115. 1
115. 7
115. 9
115. 9
115. 9
115. 4
115. 5
115. 4
115. 2
115. 3
115. 6
116. 0
116. 1
116. 6
117.0
116. 9
104 4
112. 4
113. 8
112. 6
ioa 3
105. 1
105. 1
ioa s
110. 5
113. 0
111. 6
110. 9
110. 7
110. 8
110. 2
110. 3
109.9
110.7
110. 8
111. 2
111. 5
111. 9
111. 9
112. 7
112. 6
100. 9
ioa 5
109. 1
110. 1
110.6
110. 6
113. 0
116. 1
116. 9
118.3
120. 1
120.9
121. 1
121. 0
120. 5
120. 6
120.7
120. 0
120.0
120.3
120. 6
120.7
121. 5
121. 5
121. 5
ioa 5
114 1
119. 3
124 2
127. 5
129.8
132. 6
137. 7
142. 4
145. 8
150. 0
151. 2
151. 3
151. 4
151. 7
151. 9
152. 2
152. 3
152. 5
152. 7
152. 8
153. 0
1 53. 2
153. 4
153. 7
108. 8
113. 1
117. 9
124. 1
12a 5
130. 3
132. 7
135. 2
137.7
139. 7
141. 8
142. 5
142. 7
142. 8
142.9
143. 1
143. 1
143. 3
143. 4
143. 5
143. 6
143. 6
1 43. 9
144. 1
144. 2
108. 1
114 6
120. 1
124. 6
127. 7
130. 1
133. 0
isa 6
143. 8
147. 5
152. 1
153. 4
153. 6
153. 6
154. 0
154. 2
154. (i
154, 7
154. 9
155.r 0
15. . 2
15f. -1
1 5.rr. (i
15. . 8
15C. 1
23
WHOLESALE PRICES
The average of wholesale prices advanced 0.3 percent in December, led by processed food prices which rose 0.8
percent. Prices of farm products and industrials were also higher.
INDEX, 1947-49*100
INDEX, 1947-49=100
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)
1961
SOURCE: DEPARTMENT OF LABOR
COUNCIL Of ECONOMIC ADVISERS
[1047-49 = 100]
All
commodities
Period
1953
1954
1955.1956
1957.
1958
1959
19GO.
I960: October.. . ..
November. _
December..
1 90 1 : January
February _
March
April..
May
June
July..
August
September
( )ctobor
Noveinber.
Doermbcr.
_
..
110. 1
110. 3
110. 7
114 3
117. 6
119. 2
119. 5
119.6
119. 6
119. 6
119. 5
119. 9
120. 0
119. 9
119. 4
118. 7
118. 2
118. 6
118. 9
118. 8
118. 7
118. 8
119. 2
Farm
products
97. 0
95. 6
89. 6
88. 4
90. 9
94 9
89. 1
88. 8
89. 5
89. 9
88. 7
89. 7
90. 0
89. 9
88. 5
86. 8
85. 1
87. 1
88. 6
87. 2
87. 1
87. 6
87.9
Processed
foods
104 6
105. 3
101. 7
101. 7
105. 6
110. 9
107.0
107. 7
109. 0
109. 1
109. 2
109. 9
110. 5
109.6
108.7
107. 5
106. 7
107. 5
108. 1
108. 1
108. 3
107. 9
108. 8
ge of the subgroups does not correspond exactly to coverage ol this
index..
'Kxeludcs intermediate materials for food manufacturing and manufactured
anirrml feeds; includes, in part, groin products for further processing.
24
Commodities other than farm products and foods (industrials)
Consumer finIndusIndusished goods exAll intrial
trial in- Producer
fincluding food
dustricrude termediished
als 1
mate- ate maDurNon2
goods
terials
durable
rials
able
114. 0
108. 5
116. 2
123. 1
113. 8
106. 9
114. 5
103. 3
114. 7
116. 7
124 7
107. 2
117. 0
113. 4
120. 1
128. 5
115. 9
107. 8
122. 2
120. 0
126. 0
119. 7
138. 1
109. 9
125. 6
112. 4
118. 3
129. 3
146. 7
123. 3
126. 0
113. 7
129. 1
150. 3
125. 0
111. 7
128. 2
120. 0
153. 2
126. 5
131. 2
113. 4
128. 3
115. 3
131. 7
153. 8
114. 1
126. 1
128. 0
112. 7
131. 3
153. 4
125. 7
114. 8
127. 9
111. 8
131. 0
153. 6
125. 8
114 7
127. 9
130. 9
1 25. 8
111. 0
153. 8
114. 7
128. 1
111. 3
130. 8
154 0
114 9
125. 8
112. 1
128. 1
130. 7
153. 9
125. 6
115. 2
128. 2
130. 7
113. 3
153. 8
125. 5
115. 0
128. 0
113. 3
130. 6
153. 7
114. 2
125. 5
127. 6
113. 3
153.
7
129. 9
125. 5
113.5
127. 4
113. 6
129. 8
153.9
113. 8
125. 6
127. 4
114. 4
129. 6
153. 8
125. 6
113. 9
129. 5
127.4
115. 8
153. 8
125. 5
114 0
127. 5
116. 4
129. 8
153. 8
125. 5
113.9
127. 3
129. 6
117. 0
154. 0
125. 3
113. 8
127. 5
114. 1
129. 7
154. 1
125. 4
114. 1
114. 2
127. 7
129. 8
154. 3
114 5
125. 4
Source: Department of Labor.
PRICES RECEIVED AND PAID BY FARMERS
In the month ended December 15, the index of prices received and paid by farmers increased.
unchanged.
The parity ratio was
=ibo
INDEX, I9IO-I4
INDEX, I9IO-I4»IOO
325
325
PRICES PAID, INTEREST, TAXES,
AND WAGE RATES
250
225
200
ZOO
RATIO U
RATIO -^
PARITY RATIO
°""«.-.n,m.X,
,<••""""•«••«„.
\,.«'""S,
..X1"'"""'"""""'
"•""•>.,„„, «„„.••"""••»«>«."•"
"""""
''"'"
75
75
t
t t r I t 1 I I I I f
1955
1956
"" ""••„„„,*«•""•••«••'
1957
1958
1959
I960
•"RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WASE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.
1961
COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
1951
1952 ...
1953
1954
1955
1956
.
1957
1958
..
1959
1960
1960: November 15
December 15
1961: January 15
February 15
March 15. __
April 15
Mav 15
June 15
July 15
August 15
September 15 _
October 15
November 15
December 15
All farm
products
__
_ _„ _
302
288
255
246
232
230
235
250
240
238
241
242
241
244
243
239
236
234
237
241
242
240
238
240
Crops
265
267
240
242
231
235
225
223
221
221
219
217
218
221
224
226
230
231
232
229
229
226
223
224
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.
Prices paid by farmers
All items,
interest,
Livestock taxes,
Family
Producand
and
tion
living
wage
rates
items
products
items
(parity
index)
Index, 1910-14=100
282
273
268
336
274
287
271
306
269
256
277
268
277
255
249
270
234
276
251
270
274
250
226
278
286
282
244
257
264
293
287
273
297
256
288
266
299
290
265
253
262
297
291
260
298
263
265
291
301
291
267
261
302
267
263
291
302
268
259
290
302
267
290
251
302
266
241
291
265
236
300
290
264
300
290
241
290
265
301
251
266
252
301
291
252
301
265
291
291
265
250
301
302
267
255
292
Parity
ratio '
107
100
92
89
84
83
82
85
81
80
81
81
80
81
80
79
78
78
79
80
80
80
79
79
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The money supply increased more than seasonally in December.
BILLIONS OF DOLLARS
ISO
BILLIONS OF DOLLARS
ISO
130 -
- 130
120
IOO
100
80
80 U
1955
1956
1957
1961
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars!
Money supply
Seasonally adjusted
Period
Total
1953:
1954:
1955'
1956'
1957"
1958'
195^:
1960:
I960*
December
December
December
December
December
December
December
December
November
December
1961' January
February
March
April
May
June
July
August
September
__
( )ctober
November
December 2
First half
Second half
1
2
Deposits nt nil commercial banks.
* I'rclUnlnury.
26
128. 1
131. 8
134. 6
136. 5
135. 5
140. 8
141. 5
140. 4
140. 2
140. 4
140. 6
141. 2
141. 5
142. 0
142. 0
142. 1
142. 0
141. 8
143. 0
143. 7
144 1
144. 9
144. 4
145. 5
Currency
outside
banks
27. 7
27. 4
27. 8
28. 2
28. 3
28. 6
28. 9
29. 0
29. 0
29. 0
28. 9
28. 9
29. 0
29.0
29. 0
28. 9
29. 0
29.0
29. 2
29. 3
29. 4
29. 5
29. 4
29. 6
Eelated deposits
(unadjusted) 1
Unadjusted
Demand
deposits '
100.
104.
106.
108.
107.
112.
112.
111.
111.
111.
111.
112.
112.
113.
113.
113.
113.
112.
113.
114.
114.
J15.
114.
115.
4
4
8
3
2
2
6
4
2
4
7
3
6
0
0
2
0
8
8
4
6
4
9
9
Total
131. 4
135.0
137.9
139. 7
138. 8
144. 3
144. 9
143. 8
141. 4
143.8
143.7
140. 9
140. 1
141. 7
140. 0
140. 7
141. 1
141. 1
142. 4
143. 6
145. 3
148. 5
147. 4
149. 5
Currency
outside
banks
28. 2
27. 9
28. 3
28. 7
28.9
29. 2
29. 5
29. 5
29. 2
29. 5
28.8
28. 6
28.6
28. 7
28. 7
28. 9
29. 2
29. 2
29. 3
29. 4
29. 7
30. 1
30. 0
30. 2
Demand
deposits '
103. 3
107. 1
109. 6
111. 0
109.9
115. 1
115. 5
114. 3
112. 2
114. 3
114, 9
112. 3
111. 4
113. 0
111. 3
111. 8
111. 9
111. 9
113. 1
114. 2
115. 6
118. 4
117. 3
119. 3
Gross
time
44. 7
48. 5
50.0
51. 8
57. 1
65. 1
67. 0
72. 5
72. 0
72. 5
73. 7
75. 1
75. 9
76. 9
78. 1
79. 0
79. 9
80. 7
81. 3
82.0
82. 0
82. 3
82. 1
82. 4
NOTE.—See note, p. 27.
Source: Board of Governors of the Federal Reserve System.
U.S. Government
demand
3. 8
5. 0
3. 4
3. 4
3. 5
3. 9
4, 9
4. 7
5.8
4.7
4. 1
4. 8
4. 7
2. 9
4. 6
4. 5
4. 3
5. 5
5. 2
6. 5
5.8
4, 9
4. 3
5. 5
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans increased ?3.5 billion in December, compared to a rise of $2.6 billion in December 1960.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS
200
ISO
150
BANK LOANS
\__
100
INVESTMENTS IN U.S. GOVERNMENT SECURITIES
INVESTMENTS IN OTHER SECURITIES
1955
1956
1957
1958
1959
I960
1961
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
All commercial banks
End of period
»
1953
1954 _ _
1955
1956
1957
1958-.
1959
1960
1960: November.
December
1961: January
February
March
ApriL_ _
_
__ _
Mav
June-5
July 6
August _ 5
September
- _ _ ._ _ _
October 5 5
November
_
December 5
- _
Investments
Total
loans
and
investments
Loans
145. 7
155. 9
160. 9
165. 1
170. 1
185. 2
190. 3
199. 5
195. 5
199. 5
197. 0
199. 3
198.0
199. 7
201. 2
201. 8
205. 1
205. 1
210.0
210. 3
211. 3
215. 6
67. 6
70. 6
82. 6
90. 3
93. 9
98. 2
110.8
117. 6
115. 0
117. 6
114. 2
116. 7
116. 6
117. 2
117. 9
118. 0
118. 1
118. 5
120. 8
120. 5
121. 7
125. 2
U.S. Government
securities
Billions of dollars
63. 4
14. 7
69. 0
16. 3
61. 6
16. 7
16. 3
58. 6
17. 9
58. 2
66. 4
20. 6
58. 9
20.5
20. 9
61. 0
60. 2
20. 3
61. 0
20. 9
61. 9
20. 9
21. 3
61. 3
59. 7
21.7
60. 7
21. 8
61.5
21. 9
22. 1
61. 8
64. 7
22. 3
64. 2
22. 5
66.0
23. 2
66. 6
23.2
66. 2
23. 4
66. 5
23. 9
i Member banks are all national banks and those State banks which have taken
membership in the Federal Beserve System.
* Commercial and industrial loans and prior to 1966 agricultural loans. Series
revised
beginning January 1952, October 1955, July 1958, July 1959, and April 1961.
1
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
Weekly
reporting
member
banks *
Business
loans 2
23. 4
22. 4
26. 7
30. 8
31. 8
2
31. 7
2
30. 5
31. 9
31. 7
31. 9
31. 2
31. 3
32.0
2
31. 7
31. 5
31. 8
31. 3
31. 5
31. 8
31. 9
32. 1
32. 9
2
Bank
All member banks1
debits
outside
New York
Reserves *
BorrowCity (343
ings at
centers) ,
Federal
seasonally
adjusted Required Excess Reserve
Banks *
annual
rates *
Millions of dollars
441
693
1, 126 19, 227
703
246
1, 148 18, 576
594
839
1, 277 18, 646
652
688
1, S8S 18, 883
577
710
1, 468 18, 843
516
557
1,481 18, 383
18, 450
482
1,656
906
769
1, 738 18, 514
87
142
756
1, 768 18, 248
769
87
1, 711 18, 514
1, 783 18, 570
745
49
654
137
1, 775 18, 310
1, 775 18, 263
546
70
1, 783 18, 266
56
618
549
18, 307
96
1,87%
612
18, 430
63
1,846
1,817 18, 482
581
51
604
18,
619
67
1,854
1,818 18, 783
589
37
507
1, 891 19, 153
65
614
1,918
19, 218
105
572
19, 545
149
1
Preliminary.
NOTE.—Between January and August 1959, series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Data for all member banks include Alaska and Hawaii for all periods.
Source: Board of Governors of the Federal Reserve System.
27
CONSUMER CREDIT
In November, consumer credit outstanding rose about $5 50 mil lion, compared to a rise of $3 20 mil I ion in November 1960.
BILLIONS OF DOLLARS
BILLIONS Of DOLLARS
END OF MONTH
TOTAL CREDIT OUTSTANDING
NONINSTALMENT CREDIT
SEASONALLY ADJUSTED (ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED
^••IINSTALMENT CREDIT REPAID
3 Li i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i
1956
I
1957
I
1958
1959
1961
1960
Period
1951
1952
1953
1954 ...
1955
1956
__ . ._
1957.. ...
1958
1959
1960
1960: October
...
November
December _
1961: January. February
March
April
May
._
June
July.
August
September
October
November
[Millions of dollars)
Consumer credit outstanding
(end of period; unadjusted)
Instalment
NonAutomoTotal
instal-3
Total !
bile 2
ment
paper
22, 712
15, 294
5,972
7,418
27, 520
19, 403
8, 117
7, 733
23, 005
31, 393
8,388
9, 835
32, 464
8,896
23, 568
9,809
38, 807
28, 883
13, 437
9,924
42, 262
31, 648
10, 614
14, 348
44, 848
33, 745
15, 218
11, 103
44, 984
33, 497
14, 007
11,487
51, 331
39, 034
16, 209
12, 297
55, 757
42, 588
17, 444
13, 169
53, 979
41, 859
17, 553
12, 120
54, 298
41, 996
17, 544
12, 302
55, 757
42, 588
17, 444
13, 169
54, 726
42, 122
12, 604
17, 220
41, 662
53, 843
17, 017
12, 181
53, 641
41, 465
16, 922
12, 176
53, 756
41, 423
12, 333
16, 877
54, 196
41, 584
12, 612
16, 933
54, 602
41, 888
12, 714
17, 061
54, 505
41, 909
17, 063
12, 596
42, 090
54, 739
12, 649
17, 061
54, 757
42, 039
16, 902
12, 718
54, 902
42, 181
12, 721
16, 913
55, 451
42, 419
16, 960
13, 032
1
Also includes other consumer goods paper, repair and modernization Joans,
mi iHsrsomil loans, not shown separately.
•Consumer credit extended for the purpose of purchasing automobiles and
criirni
by the items purchased.
3
Consists of single-payment loans, charge accounts, and service credit.
28
I
1962
COUNCIl Of ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Consumer instalment credit extended and
repaid (seasonally adjusted)
Automobile paper 2
Total '
Extended
23, 576
29, 514
31, 558
31,051
38, 944
39, 775
41, 871
39, 962
47, 818
49, 313
4,034
4,018
3, 984
3, 866
3, 812
3, 894
3, 800
3, 907
3, 962
3,909
4, 038
3,942
4, 209
4, 317
Repaid
22, 985
25, 405
27, 956
30, 488
33, 629
37, 009
39, 775
40, 211
42, 435
45, 759
3, 862
3, 856
3, 866
3, 875
3, 889
3, 907
3, 907
3, 895
3,962
3, 937
3, 994
3, 956
4,028
4,017
Extended
8,956
11, 764
12, 981
11,807
16, 706
15, 421
16, 321
14, 069
17, 544
17, 408
1,399
1, 408
1, 351
1, 286
1, 216
1,255
1,225
1, 270
1,296
1,300
1, 302
1,271
1,405
1, 511
Repaid
9, 058
10, 003
10. 879
11,833
13, 077
14, 510
15, 451
15, 281
15, 411
16, 172
1,365
1, 358
1,348
1,356
1, 353
1,348
1, 356
1, 336
1, 354
1, 364
1, 362
1,350
1,372
1, 359
NOTE.—Series revised beginning 1955. For details, see Federal Reserve Bulletin, December 1961.
Data for Alaska and Hawaii included beginning January and August 1959,
respectively.
Source: Board of Governors of the Federal Reserve System.
BOND YIELDS AND INTEREST RATES
The rate on 3-month Treasury bills and on most bonds averaged higher in December than November.
bills rose further in early January.
PERCENT PER ANNUM
PERCENT PER ANNUM
1961
1955
SOURCES: SEE TABLE BELOW.
COUNCIL Of ECONOMIC ADVISERS
[Percent per annum]
V. S. Government
High-grade
security yields
municipal
bonds
3-month
Taxable
(Standard3 &
a
Treasury
bonds
bills '
Poor's)
Period
1954
1955
1956
1957
_
1958
1959
. .
I960..
.._
1960: November
December
1961: January _
_
February
_ _
March
April
_ _
May
June
July
August
September
October
__
November
_ _
December
_
Week ended:
1961: December 2
9
16
23
30..
1962: January
6*
13*.
1
1
„-
._
. .
3.36
3. 89
3.79
4.38
4.41
4.31
4.35
4.32
4,27
4.22
4. 25
4. 27
4.33
4. 41
4.45
4.45
4.42
4. 39
4. 42
3.53
3.88
4.71
4.73
5.05
5. 19
5. 08
5.10
5. 10
5.07
5.02
5. 01
5. 01
5.03
5.09
5. 11
5.12
5. 13
5. 11
5. 10
Prime
commercial
paper,
4-6
months
1. 58
2. 18
3. 31
3. 81
•2. 46
3. 97
3.85
3.28
3.23
2.98
3.03
3.03
2.91
2.76
2.91
2. 72
2.92
3.05
3.00
2.98
3.19
4.38
4.39
4.42
4.44
4. 44
4. 43
4. 42
5. 10
5. 10
5.11
5. 11
5. 10
5.11
5.09
3. 10
3. 13
3. 15
3.25
3.25
3. 25
3. 25
Aaa
ago
a oe
4. 08
4.02
3. 93
3.88
3.89
3.81
3.78
3.80
3.73
3.88
3. 90
4,00
4.02
3. 98
3.98
4.06
4.01
4.05
4. 06
4.06
4. 07
4.06
4.08
3.50
3. 52
3.53
3.48
3.44
3. 39
3. 32
2. 55
2. 84
3.08
3.47
2.606
2.625
2. 579
2. 670
2.594
2.703
2.823
a 43
3
Corporate bonds
(Moody's)
2.37
2.53
2.93
3.60
3. 56
3. 95
3.73
3.46
3.45
3.44
3.33
3.38
3. 44
3. 38
3. 53
3.53
3.55
3.54
3.46
3.44
3.49
0.953
1. 753
2.658
3.267
1.839
3.405
2. 928
2. 384
2.272
2.302
2.408
2. 420
2.327
2. 288
2. 359
2.268
2.402
2.304
2.350
2.458
2.617
Eate on new issues within period.
Series includes: AprE 1953 to date, bonds due or callable 10 years and after;
April 1952-March 1953, bonds due or callable after 12 years; October 1941-March
1852, bonds due or callable after 15 years.
The rate on
Baa
a 51
Weekly data are Wednesday figures. • Not charted.
Sources: Treasury Department, Board of Governors of the Federal
Eeserve System, Standard & Poor's Corporation, and Moody's Investors
Service.
STOCK PRICES
Stock prices averaged somewhat higher in December than November but declined in early January.
1955
1956
1957
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
Period
Weekly average:
1952
1953
._. .
1954 _
1955
1956
1957_
_
1958 _
... .1959
1960
I960- November
December
1961: January...
._
February.
March
April
Mav
June
July . _ _
August
September
October
November
December\\Yck ended:
I'.MH: December 15
22
29 _ _
1W2: January 5 22
12
Composite
index '
[1957-59=1001
Manufacturing
NonDurable
Total
durable
goods
goods
Utilities
Trade,
finance,
and
service
Mining
52. 3
51. 9
61. 7
81. 8
92. 6
89.8
93.2
116. 7
113. 9
112. 6
115. 2
120. 9
125. 4
129. 8
133. 0
134. 9
132. 8
132. 7
137. 4
136. 2
138. 0
144. 0
145. 8
46. 8
46. 7
57. 6
79. 5
93. 2
90.7
92. 5
116. 5
110. 9
108. 5
110. 3
115. 3
119. 2
123. 9
125. 8
127. 6
126. 0
125. 2
130. 1
128. 9
129. 1
133. 7
135. 6
42. 1
43. 0
54. 7
78.7
91. 5
88.5
90. 4
120. 8
117. 3
113. 0
114. 5
118. 6
121. 4
127. 8
128. 5
130. 6
128. 0
126. 5
131.3
131.7
132. 2
135. 7
138. 1
50. 7
49. 8
60. 0
80. 1
94. 5
92. 8
94. 4
112. 6
104. 9
104. 5
106. 4
112. 2
117. 3
120. 3
123. 3
124. 9
124. 2
123. 9
129. 0
126. 4
126. 4
131. 9
133. 3
74. 6
73. 9
78.6
108. 2
110. 6
93. 2
91. 0
115. 6
95. 8
91. 7
92. 6
100. 3
102. 6
104. 2
103. 4
107. 5
105. 1
103. 2
107. 0
106.8
110. 1
109. 9
107.9
65. 4
67.3
75. 3
84. 8
86. 4
86. 3
95. 8
117. 6
129. 3
132. 0
138. 5
148.7
156. 0
159. 2
168. 9
170. 0
164. 0
166. 7
170. 6
168. 9
173.9
186.0
188.4
60. 4
60. 8
69. 1
87. 1
89.9
82. 2
95. 1
122. 3
127. 4
129. 3
132. 4
134. 8
139.8
146. 7
150. 4
153. 1
156. 0
158. 4
164. 2
166. 4
176. 6
187. 7
188. 0
80. 7
70. 4
78. 2
91. 6
104. 6
107. 2
97. 9
95. 0
73. 8
74. 1
78. 2
85. 1
89. 0
89. 2
93. 5
96. 9
97. 0
93. 1
92. 8
87. 3
90.2
95. 1
101. 1
146. 5
144. 3
145. 7
141.7
141. 6
136.0
134. 6
135. 9
132. 0
131. 9
138. 9
136. 8
138. 7
134. 6
134. 9
133. 4
132. 7
133. 2
129. 7
129. 1
107. 3
105. 9
108. 0
108. 0
109. 6
190. 8
184, 9
186. 7
182. 9
182. 6
188. 4
186. 2
187. 3
178. 0
178. 2
101. 3
100. 3
100. 6
99. 7
105. 2
1
tm-luili^ :wm rmnmon stocks: 108 for durable goods manufacturing, 85 fornon< ! i i r » l ' i « ('(KH|.S nwMiifndurine, 18 for transportation, 34 for utilities, 45 for trade,
f l i m m v , u i n i MTVItv, iinil 30 for milling.
30
Transportation
* Not charted.
NOTE.—Indexes are based on weekly closing prices.
Source: Securities and Exchange Commission.
FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
The budget deficit for the first 5 months of fiscal 1962 is $8.1 billion.
deficit was $5.7 billion.
BILLIONS
BILLIONS OF DOLLARS
100
NET BUDGET RECEIPTS
OF D O L L A R S
1957
1958
For the comparable period of 1961, the
1959
I960
1961
1962
1957
HO
MAJOR NATIONAL SECURITY
EXPENDITURES
1958
I960
1961
1962
BUDGET SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE)
JE22L
50 -
-5
-10
I960
1962
I960
1957
1961
1962
FISCAL Y E A R S
* ESTIMATE
SOURCES:' TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.
Period
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1960:
year 1956
year 1957
year 1958
year 1959
-year 1960
.
year 1961 5*
year 1962
October 4 4
November4 December
1961- January 4 4
February
March 4
April44
Mav
June 4
July 4 4
.
August
4
September
October 4 4
November
Cumulative totals first 5
Fiscal year 1961
Fiscal year 1962
„ .
_ _
-
.
_-
- - - - - -
months : 4
COUNCll OF ECONOMIC ADVISERS
[Billions of dollars]
Net budget expenditures
Net
Major national security *
budget
Department
Total
receipts
Total
of Defense,
military *
66.2
40. 6
38. 4
67. 8
69. 0
40. 8
70. 6
43. 3
71. 4
41. 2
44. 1
68. 5
80. 3
67. 9
46. 4
43. 6
76. 5
42. 8
45. 6
77. 8
81. 5
44. 7
77. 6
47. 4
89. 0
82. 1
48. 4
51. 1
6. 8
2. 8
3. 5
3.7
6.8
3. 6
6. 3
3.9
4. 0
6.
8
7. C
4. 2
4. 8
6. 5
3. 5
3. 7
6. 2
3. 6
6. 5
3.8
7. 0
4. 0
4. 3
8. 5
6. 5
3. 5
5. 1
3. 8
7. 2
4. 1
3.9
6. 5
7.9
4. 3
4. 6
10.7
6. 3
3. 2
3.5
3.0
7.6
3. 8
4.0
6.4
6. 8
3. 6
3.9
8.9
7. 8
3. 8
3. 1
4. 1
7.5
4. 0
6. 4
4. 3
27. 7
27. 9
1
Includes military activities of the Department of Defense (military functions
and the military assistance portion of the mutual security program), Atomic
Energy
Commission, stockpiling, and defense production expansion.
2
Military functions and military assistance.
3
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
33. 4
36. 0
19. 0
19. 7
17. 8
18. 5
Budget
surplus
or
deficit (-)
1.6
1.6
-2.8
-12. 4
1. 2
— 3. 9
— 6. 9
-4.0
—.5
.8
— 1.6
.3
1. 5
— 1. 3
-.7
2. 8
-3.3
— 1. 3
2.2
— 4. 7
— 1. 1
-5.7
-8. 1
Public
debt
(end ofa
period)
272. 8
270. 6
276.4
284. 8
286. 5
289. 2
(')
290. 6
290. 6
290. 4
290. 2
290. 7
287. 7
288. 2
290. 4
289. 2
292. 6
294. 0
294. 0
296. 0
297. 3
290. 6
297. 3
* Preliminary.
* Estimate (1962 Budget Review).
Not available.
NOTE.—Total budget receipts and expenditures have been adjusted to exclude
certain intragovernmental transactions.
Sources: Treasury Department and Bureau of the Budget.
ol
B
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the First quarter of the current fiscal year cash payments exceeded cash receipts by $3.3 billion or, on a seasonally
adjusted basis, by $900 million. The estimate of the cash deficit for the current fiscal year as a whole is $8.4 billion.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED )
30
BILLIONS OF DOLLARS
(SEASONALLY ADJUSTED )
30
EXCESS OF CASH RECEIPTS
u
U
y
EXCESS OF CASH PAYMENTS
1957
1958
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.
[Billions of dollars]
Period
Cash receipts
from the
public
Fiscal year total:
1957 . 1958 .
1959
1960
1961 2»
1962
Calendar year total:
1957 _ _
1958 .
1959. .
I9601
Quarterly total (calendar years) :
1959: Third quarter
Fourth quarter
1960: First quarter
Second quarter
Third quarter !
Fourth quarter *
1901: First quarter ' 1
Second quarter
Third quarter ]
1
Preliminary.
2
Estimate (196S Budget Review ).
32
Cash payments to
the public
Excess of re- Cash receipts
ceipts ( + ) or
from the
payments
public
(-)
82. 1
81. 9
81. 7
95. 1
97. 1
102. 8
80.0
83. 4
94. 8
94. 3
99. 3
111. 1
2. 1
— 1. 5
-13. 1
.8
2 1
-8. 4
84. 5
81.7
87. 6
98. 3
83. 3
89.0
95. 6
94. 7
Unadjusted
1. 2
— 7. 3
-8. 0
3. 6
24. 4
23. 9
-3. 0
4. 5
3.8
4. 5
—.8
-3. 9
1. 4
1. 2
— 3. 3
21. 4
19. 4
25. 8
28.5
23. 4
20. 0
24. 8
28. 4
23. 4
21. 9
24, 1
24. 2
24. 5
23.4
27.2
26. 7
Cash payments to
the public
Excess of receipts ( + ) or
payments
(-)
Seasonally adjusted
23. 2
23. 6
23. 5
25. 0
25. 1
24. 8
22. 5
24. 9
25. 2
23. 8
23. 6
23. 3
23. 6
23. 6
24. 2
24. 9
26. 6
26. 1
Sources: Treasury Department and Bureau of the Budget.
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