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88tb Congress, 2ft Hessian

Economic Indicators
JANUARY 1964

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1964

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
HOUSE OF REPRESENTATIVES
SENATE
WRIGHT PATMAN (Texas)
JOHN SPARKMAN (Alabama)
HALE BOGGS (Louisiana)
J. WILLIAM FULBRIGHT (Arkansas)
HENRY S. REUSS (Wisconsin)
WILLIAM PROXMIRE (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
CLAIBORNE PELL (Rhode Island)
THOMAS B. CURTIS (Missouri)
JACOB K. JAVITS (New York)
CLARENCE E. KILBURN (New York)
JACK MILLER (Iowa)
WILLIAM B. WIDNALL (New Jersey)
LEN B. JORDAN (Idaho)
JAMES W. KNOWLES, Executive Director
MARIAN T. TRACY, Financial Clerk
HAMILTON D GEWEHR, Administrative Clerk

COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman
GARDNER ACKLEY
JOHN P. LEWIS
Economic Indicators prepared under supervision of FRANCES M. JAMES

[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 2^, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 2 5 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) 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 $5.40 per year.
The 1962 Supplement to Economic Indicators, which describes each series
and gives annual data for years not shown in the monthly issues, is now available at 65 cents a copy.




TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose $9 billion (seasonally adjusted annual rate) in the third quarter, according to current
estimates. Personal consumption expenditures, up $41/* billion, accounted for the largest part of the increase, all
other components, except net exports, showed some gain.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

Personal
Disposable consumption
personal expendiincome l
tures

238. 7
252.5
256. 9
274. 4
292. 9
308.8
317. 9
337. 1
349. 9
364.4
384.4
377.3
382.7
386. 5
391. 4
394.5
400.0
404. 4

1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1962: !_

1963: I...
II__
III.

219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293. 2
313. 5
328. 2
336. 8
355. 4
348. 8
352. 9
356. 7
362. 9
367. 4
370.4
374. 9

International

Business

Persons

Personal
Excess
Gross
Gross
saving
of
private
( + ) or retained domestic investearndisment
invest-3
saving
ings 2
ment
18. 9
19. 8
18. 9
17. 5
23. 0
23. 6
24. 7
23.6
21.7
27. 6
29. 1
28.5
29. 8
29. 7
28. 5
27. 1
29. 6
29. 5

33.2
34. 3
35. 5
42. 1
43. 0
45. 6
44. 8
51.3
50.7
50.8
57. 6
56.6
57.2
57.4
59. 4
59. 3
59. 6
61. 9

49.9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72.7
71.8
69.0
78.8
77.3
79.6
78. 9
78. 8
77. 8
80. 7
83.7

-16.6
-16. 0
-13. 4
-21. 8
-24. 3
-20. 5
-11. 9
-21. 4
-21. 1
-18.2
-21. 1
-20.7
-22.4
-21. 5
-19. 5
-18. 5
-21. 1
-21,7

Foreign
Net exports of goods Excess <rf
and services
net
transfers
trans(+) or
fers by
of net
ImGovern- Net
Exexports
ports
ment exports ports
(-)*
1.5
1. 6
1.4
1. 5
1. 5
1.5
1.3
1.5
1.6
1. 6
1. 6
1.8
1. 5
1. 5
1. 5
1. 5
1. 8
1.7

1.3
—. 4
1.0
1. 1
2. 9
4. 9
1.2
-.8
3.0
4.4
3.8
3.3
4.4
4. 1
3.3
3. 6
4.8
4. 3

17.4
16. 6
17. 5
19. 4
23. 1
26. 2
22. 7
22.9
26.3
27.5
28. 9
27.9
29. 5
29. 4
28.8
28. 6
30.7
31.4

16. 1
17. 0
16. 5
18. 3
20. 2
21. 3
21. 5
23.6
23.3
23. 1
25. 1
24. 6
25. 0
25. 3
25.5
24.9
25.9
27. 1

0.2
2.0
.4
.4
-1.5
-3.5
.1
2.3
-1.4
-2.9
-2.2
-1.4
-3.0
-2.6
-1.7
-2.2
-3.1
-2.6

Government
Gross
Surplus Total
(+) or income Statis- national
tical
product
deficit
or
or
Tax and TransPurTrans- (-) on receipts discrep- expendiancy
fers,
nontax
Total
chases
fers,
income
Net
ture
goods expendi- interest,
and
receipts receipts interest, of and
and subor
tures and sub- product
accruals sidies 5 services
sidies 5 account
Net receipts

Period

1952
1953
1954
1955
1956.
1957.
1958.
1959
1960
1961
1962
1962: !___
I.
I.
III.
IV.
1963: !___
II_.
III.

72. 2
75.7
68.5
78.4
84. 2
87.5
82.0
95. 7
103. 5
103.2
113. 0
109.7
113. 6
114. 0
114. 8
118. 8
122. 5
125. 1

90. 6
94.9
90.0
101. 4
109.5
116. 3
115. 1
130. 2
140. 6
145. 5
156.8
153. 5
156. 7
157. 3
159.7
164. 0
167. 2
170. 1

Expenditures

18. 4
19. 2
21. 5
23. 0
25.3
28.7
33. 1
34. 4
37. 1
42. 2
43. 8
43. 9
43. 1
43. 3
44. 9
45. 2
44. 7
45. 0

76. 0
82.8
75.3
75.6
79.0
86. 5
93. 5
97. 2
99. 6
107. 9
117.0
115. 1
115.5
117.0
120. 2
123.0
123. 8
125.7

'Personal Income (p. 5) less personal taxes and nontax payments (fines, penalties, etc.).
* Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and excess of wage accruals over disbursements.
Does not include retained earnings of unincorporated business which are included in disposable personal Income.
1
Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.




4
4

94.4
102. 0
96. 7
98. 6
104. 3
115. 3
126. 6
131. 6
136.7
150.2
160. 7
159. 0
158.7
160. 2
165. 1
168. 2
168. 5
170.7

18.4
-3.9
345.6
19. 2 -7. 1 364 1
21.5
-6. 7 362. 3
2. 9
396. 5
23.0
421. 6
25. 3
5. 2
28. 7
1. 0
443. 4
33. 1 -11. 4
446.0
34. 4 -1. 5 485.7
37.1
3.9
505.6
42. 2 -4. 7 520. 1
43.8
-3. 9 556.7
43.9
-5. 4 545.2
43. 1 -1. 9 554. 9
43.3
-3. 0 559.4
44. 9 -5. 4 567. 1
45. 2 -4. 2 574. 1
44. 7 -1. 3 583. 8
45. 0
-. 6 593. 1

1. 4
1.3
.9
1.0
-2. 4
—. 6
-1.5
-3. 0
-3.0
-1.9
-1.8
-.9
-2.5
-2.6
-1.9
-2.3
-4. 1
-4.4

347.0
365.4
363.1
397.5
419.2
442.8
444.5
482. 7
502.6
518.2
554.9
544.5
552.4
556.8
565.2
571.8
579.6
58&7

Net foreign investment with sign changed.
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, seasonally adjusted, recorded a 1% percent gain in the third quarter.
for price changes, the gain was over 1 percent.
BILLIONS OF DOLLARS

After adjustment

BILLIONS OF DOLLARS

600

GROSS NATIONAL PRODUCT
500

500

400

40O

300

200

—

200

GOVERNMENT PURCHASES
OF GOODS AND SERVICES

100

1957

1958

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

Gove rnmeut pmrchases of good s and
Total
Personal Gross
Net
services
Total
congross
private exports
Federal
national gross
sump- domestic of goods
State
tion
product national
and
investin 1962 product expend- ment services Total Total * National Other and
2
local
defense
prices
itures

Period

Implicit
price
deflator
for total
GNP,
1962= 1003

Billions of dollars , quarterly data at seasonal ly adjust,ed annua rates

1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1962- I

II

.—

368. 6
398. 6
413. 9
432. 9
4^4.4
457. 6
467.4

476.4

-

III
IV

1963: I

II

III

468. 9
500.3
513. 1
522. 7
554. 9
546. 7
553. 6
555. 9
562. 6
566. 5
571. 6
578.2

284. 6
329. 0
347.0
365. 4
363. 1
397. 5
419. 2
442. 8
444. 5
482. 7
502. 6
518. 2
554.9
544.5
552. 4
556. 8
565. 2
571.8
579.6
588.7

195. 0
209. 8
219. 8
232. G
238. 0
256. 9
269. 9
285. 2
293. 2
313. 5
328. 2
336. 8
355. 4
348. 8
352.9
356. 7
362. 9
367. 4
370.4
374.9

50. 0
56. 3
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72. 7
71.8
69. 0
78. 8
77. 3
79. G
78. 9
78. 8
77. 8
80. 7
83. 7

i Less Government sales.
* Prior to 1959 this category corresponds closely with budget expenditures for
national defense, shown on p. 35. Beginning with 1959, they differ because of
Inclusion of space program expenditures in this table; these expenditures, small
in 1959-61, amounted to $1.6 billion in 1962.




0.6
2. 4
1. 3
—.4
1. 0
1. 1
2. 9
4.9
1. 2
—.8
3. 0
4. 4
3. 8
3. 3
4. 4
4. 1
3. 3
3. G
4. 8
4. 3

39. 0
60. 5
76. 0
82.8
75. 3
75.6
79. 0
86.5
93. 5
97. 2
99. G
107. 9
117. 0
115. J
1 1 5. 5
1 1 7. 0
120. 2
] 23. 0
123. 8
125. 7

19.3
38. 8
52. 9
58. 0
47. 5
45.3
45.7
49. 7
52. 6
53. 6
53. 1
57. 4
62. 4
61. 8
61. 9
62. 4
63. 6
65. 5
66. 5
66. 4

14.3
33.9
46. 4
49.3
41.2
39. 1
40. 4
44.4
44.8
46. 2
45. 7
49. 0
53. 3
52. 5
52. 9
53. 5
54. 3
56. 4
56.7
56. 7

5.2
5.2
6.7
9.0
6.7
6.6
5. 7
5.7
8.3
7.9
8.0
8. 9
10. 0
9. 9
9.8
9.7
10. 4
10. 1
10.6
10.8

19. 7
21. 7
23.2
24. 9
27.7
30. 3
33.2
36. 8
40.8
43. 6
46.5
50.6
54. 6
53. 3
53. 6
54. 6
56.6
57.5
57. 3
59.4

77. 2
82. 5
83. 8
84. 4
85. 6
86. 9
89. 7
92, 9
94. 8
96. 5
98. 0
99. 1
100.0
99. 6
99. 8
100. 2
100.5
100. 9
101. 4
101.8

3
Gross national product in current prices divided by gross national product
in 1962 prices.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

NATIONAL INCOME
According to current estimates, national income rose by $7.4 billion (seasonally adjusted annual rate) or about
percent in the third quarter as all major components scored advances.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

500

1

500

SEASONALLY ADJUSTED ANNUAL RATES

TOTAL NATIONAL INCOME

400

300 —

400

300

COMPENSATION OF EMPLOYEES

200

200

100

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

PROPRIETORS' AND ,
RENTAL INCOME "V

100

I960

1957

1962

1961

1963

-^PRELIMINARY ESTIMATES.

SOURCE: DEPARTMENT OF COMMERCE.

*SeeNote,page7.

COUNCIL OF ECONOMIC ADVISERS

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

Total
national
income

Period

1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962

_
_

1962: I
II
III
IV
1963: I
II
III

_

_

Compensation
of emploj^ees l

Proprieto rs' income
Business
and professional

Corpora ;e profits and inventory va uation ad justment *

Net
interest

Total

Profits
before
taxes 2

241. 9
279. 3
292. 2
305. 6
301.8
330. 2
350. 8
366.9
367. 4
400. 5
414.5
426. 1
453.7

154.2
180. 3
195. 0
208.8
207. 6
223. 9
242. 5
255. 5
257. 1
278. 5
293. 6
302. 1
322. 9

14.0
16. 3
15. 3
13. 3
12.7
11.8
11. 6
11.8
13.5
11. 4
12. 0
12. 8
13. 3

23. 5
26. 0
26. 9
27.4
27.8
30.4
32. 1
32.7
32. 5
35. 1
34. 2
35. 3
36.5

9.0
9.4
10.2
10. 5
10. 9
10. 7
10. 9
11. 9
12. 2
11. 9
12. 1
12. 1
12.0

5.5
6.3
7. 1
8.2
9. 1
10. 4
11.7
13.4
14. 8
16. 4
18.0
20.0
22. 0

35.7
41.0
37.7
37.3
33.7
43. 1
42. 0
41.7
37.2
47.2
44.5
43.8
47.0

40.6
42.2
36.7
38. 3
34. 1
44.9
44, 7
43.2
37.4
47. 7
44. 3
43. 8
46. 8

444.7
452. 4
455. 5
462. 2

316.0
322.5
325. 3
327. 7

13. 5
13. 1
13. 2
13.4

36.0
36.5
36. 6
36. 9

12.0
12. 0
12. 0
12. 0

21. 2
21.7
22.3
23. 0

46. 1
46. 5
46. 1
49. 3

45. 9
46.7
46.2
48.4

466. 7
474.6
482.0

332.0
338. 7
342.8

13.5
12. 6
12.7

37. 2
37. 4
37.8

12. 0
12.0
12. 1

23. 3
23. 7
24. 3

48.8
50.1
52.2

48.3
51.0
52.2

i Includes employer contributions for social insurance. (See also p. 4.)
»See Note, page 7.




Farm

Rental
income
of
persons

NOTE.-—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

Inventory
valuation
adjustment

-5.0
1.2
1. 0
-1. 0
-.3
-1.7

-2.7

-1.5

-.3
-.5
.2
.0
.2

.1
— i

—.2

.9
.4
-.9
.0

SOURCES OF PERSONAL INCOME
Personal income rose $11A billion (seasonally adjusted annual rate) in November. Proprietors' and rental income
were unchanged while income from other sources was somewhat higher than in October.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

500

5OO

550

I957

i

I958

I959

I960

I96I

I963

SOURCE: DEPARTMENT OF COMMERCE

Period

1954
1955
1956
1957
1958
1959
1960
1961
1962
1962: Sept..Oct
Nov
Dec
1963: Jan
Feb
Mar
Apr
May...
June
July...
Aug....
Sept
Get
Nov4___

Total
personal
income

289. 8
310. 2
332. 9
351. 4
360. 3
383. 9
401. 3
417. 4
442. 1
445. 5
447. 7
449. 9
452. 1
454. 0
452. 9
454. 8
457.4
460. 1
462. 6
464. 2
465. 1
467. 3
471. 2
472. 8

(Billions of dollars, monthly data at seasonally adjusted annual rates)
Wage
Rental
and
Personal Transfer
Other Proprietc3rs' income income
Divisalary
labor 2
Business
payof
dends interest ments
disburse- income
Farm
and pro- persons
income
ments l
fessional
196. 3
6.2
12. 7
14. 6
10. 9
27. 8
9. 8
16. 2
210. 9
7. 1
11. 8
10. 7
11. 2
15. 8
17. 5
30. 4
227. 6
11. 6
10. 9
12. 1
18. 8
8. 1
32. 1
17. 5
12. 6
32. 7
11. 9
19. 6
238. 5
9. 1
11. 8
21. 9
239. 8
12. 2
12. 4
26. 3
9. 4
13. 5
32. 5
21. 0
258. 5
10. 4
11. 4
11. 9
13.7
23. 5
35. 1
27. 5
271. 3
12. 0
12. 1
25. 8
11.0
34. 2
14. 5
29. 5
12. 1
278. 8
11. 4
12. 8
27. 7
35. 3
33. 6
15. 3
12. 1
297. 1
13. 3
12. 0
30. 0
34. 8
36. 5
16. 6
12. 2
299. 8
34. 7
12. 0
16. 6
30. 6
36. 6
13. 3
12. 3
12. 0
300. 1
13. 3
16. 8
35. 8
36. 8
30. 9
301. 5
12. 3
12. 0
36. 0
13.4
16. 9
37.0
31. 1
302. 9
12. 4
12. 0
13. 5
37. 0
17. 7
35. 7
31. 3
302. 8
12. 3
37. 1
12. 0
13. 6
17.0
39. 1
31. 5
304. 7
12. 5
12. 0
13. 5
37. 2
31. 7
17. 2
35. 7
306. 1
12. 5
12. 0
13.3
37. 2
17. 2
31. 8
36. 2
308.7
12. 8
12. 0
12. 5
31. 9
36. 4
37. 3
17. 3
311.2
12. 6
32. 1
12. 6
12. 0
17. 3
37. 4
36. 6
312. 9
12. 6
37. 6
12. 0
32. 3
18. 2
36. 4
12. 4
12. 7
12. 7
314. 1
12. 1
17. 5
32. 6
37. 7
36. 5
314. 4
12. 7
12. 1
32. 8
12.7
37. 9
17. 6
36. 7
12. 7
12. 1
316. 2
12. 7
37.9
17. 8
33. 0
36.8
318. 7
12. 8
12. 7
12. 2
33. 2
38. 2
18. 2
37. 3
319. 1
12. 2
12. 8
12. 7
38.2
33. 5
18. 5
37.8

umor Hems.
'Personal income exclusive of net income of unincorporated farm enterprises,




Source: Department of Commerce,

Less: Personal contributions
for social
insurance
4. 6
5.2
5. 8
6. 7
6.9
7. 9
9. 2
9. 5
10. 2
10. 2
10. 4
10.3
10. 3
11. 4
11. 5
11. 5
11. 6
11.7
11.8
11.8
11.9
11. 9
12.0
12.0

Nonagricultural
personal
income 3

273. 8
295. 0
317.9
336. 1
343.0
368. 6
385. 1
400. 3
424. 5
428. 1
430. 1
432.0
434. 1
435. 9
434.9
437.0
440.0
443. 1
445.8
447.0
448.0
450.3
454. 1
455. 8

DISPOSITION OF PERSONAL INCOME
According to current estimates, the saving rate declined slightly in the third quarter as seasonally adjusted personal
consumption expenditures rose a little faster than disposable personal income.
BILLIONS OF DOLLARS*

350

BILLIONS OF DOLLARS*

350

-

300

,200

2,000

1,800

1,800

1,600

1,600

1957

I SEASONALLY

1958

1959

ADJUSTED ANNUAL RATES.

I960

1961

1962

SOURCE: DEPARTMENT OF COMMERCE.

Period

1951_
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962

Personal
income

Less: Equals :
13
DisPer- posable
sonal personal
taxes income

256.7
273. 1
288.3
289.8
310. 2
332.9
351.4
360. 3
383. 9
401.3
417. 4
442. 1

29. 2
34.4
35. 8
32. 9
35. 7
40.0
42. 6
42.3
46. 8
51.4
52.9
57.7

227. 5
238. 7
252. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 1
349.9
364. 4
384.4

433. 5
440. 7
III
444. 5
IV.. 449.9
1963: !__.. 453. 9
II
459. 9
IIL_ 465. 2

56. 2
57. 9
58. 1
58.5
59.4
59. 9
60.8

377. 3
382.7
386.5
391.4
394. 5
400. 0
404.4

1962: I
II

1

COUNCIL OF ECONOMIC ADVISERS

L ess:
Persona 1 consump>tion expe nditures
Total

NonDurable durable Services
goods

Billions of dollars3
110. 1
29. 5
70. 2
209. 8
115. 1
29. 1
75. 6
219. 8
32. 9
118. 0
81. 8
232. 6
32. 4
119. 3
86.3
238.0
124. 8
92. 5
39.6
256. 9
131. 4
100. 0
38. 5
269.9
137. 7
107. 1
40. 4
285. 2
141. 6
114. 3
37. 3
293. 2
122. 8
147. 1
43. 6
313.5
44. 9
151. 8
131. 5
328.2
43. 6
155. 1
138. 0
336.8
161. 4
48. 2
145. 7
355. 4
Seaso nally adjiisted annijal rates
142. 6
158. 9
47. 3
348.8
160. 6
144. 8
352. 9
47. 5
162. 5
47. 7
146. 6
356.7
163. 6
148.9
362. 9
50.5
165.3
151. 4
50. 6
367. 4
165. 9
153. 5
51. 0
370. 4
168. 6
155. 5
374. 9
50.8

Income in current prices divided by the implicit price deflator for personal
consumption expenditures on a 1962 base.
'Population of the United States inciudlng armed forces abroad. Annual
data as of July 1; quarterly data centered in the middle of the period, interpolated
from monthly figures.




1963

Per cap ita disposable personal Saving as
percent
inco me
Equals :
of disPersonal
posable
saving Current
1962
personal
prices prices 1 income
(percent)
Dol lars
17. 7
1, 475
1,715
7.8
1, 521
18. 9
1, 732
7.9
1, 582
1, 784
19. 8
7.8
1, 582
1, 768
7. 4
18.9
1, 660
17.5
1,846
6.4
1, 741
23. 0
1,903
7.9
23.6
1,803
1,916
7.6
24. 7
7. 8
1,825
1,903
1,904
23. 6
1,961
7.0
21. 7
1, 937
6. 2
1, 968
27. 6
1, 983
2,001
7.6
29. 1
2,060
2,060
7.6
28. 5
29. 8
29. 7
28. 5
27. 1
29. 6
29. 5

2, 033
2,055
2,067
2,085
2,094
2, 117
2,132

2,041
2,059
2,065
2,075
2,075
2,092
2, 100

7. 6
7.8
7.7
7.3

6. 9
7. 4
7.3

Population
(thou-2
sands)

154,
156,
159,
162,
165,
168,
171,
174,
177,
180,
183,
186,

283
947
559
388
276
225
278
154
080
676
742
591

185, 607
186, 258
186, 980
187, 738
188, 356
188, 953
189, 654

NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source?: Department of Commerce and Council of Economic Advisers.

FARM INCOME
Net farm income (seasonally adjusted) turned up slightly in the third quarter, following a decline in the preceding
period.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

50

50

REALIZED GROSS
FARM INCOME
40

•40

30

NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE

10

10

_j
1957

!_

I960

1958

SOURCE: DEPARTMENT OF AGRICULTURE.

COUNCIL OF ECONOMIC ADVISERS

Personal income re ceived by
total 1 ?arm popiilation

]income re ceived fro m farming •

Realize d gross
Period

1953
1954
1955
1956
1957
1958
1959
1960
1961
1962

From
all
sources

1962: I
II

Ill
IV
1963: I
II
III

_.

_

_

From
farm
sources

20.0

_

13.8
13.2
12.2
12.0
12.2
13.8
11.8
12.3
13.0
13.4

19. 0
18. 3
18. 6
18. 8
20. 5
19.0
19.6
20.1
20.5

From
nonfarm
sources

6.3
5.8
6.1
6.6
6.6
6.7

7. 1

7.2
7.0

7. 1




Net t D farm
oper ators

Net income per
farm incl uding net
inventoryr change3

Produc~
Cash tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1962
from
Total i
ventory ventory2
prices prices 4
marketchange change
ings
Dol lars
Billions <)f dollars
2, 664
13.3
2, 927
21. 4
35.3
13. 9
31. 1
2, 645
12.2
12.7
2,907
21. 7
33. 9
30.0
2,529
11.8
2,779
11. 5
21. 9
33. 3
29.6
2,574
34. 6
22. 6
12.0
11.6
2,768
30.6
2,695
11.0
2,807
34. 4
23. 4
11. 8
29.8
3,201
12. 6
13. 5
37. 9
3,300
33.4
25. 3
2,832
2,775
11. 3
26. 2
11. 4
37.5
33. 5
12. 0
26.2
3,044
11.7
3,106
37.9
34. 0
12. 8
39.6
12.5
3,359
3,393
34. 9
27. 1
3,602
13.3
3,602
12. 6
28. 2
40. 8
35.9
Seas onally ad listed anrmal rates
13. 5
3,660
13.0
3,660
41.0
28. 0
36. 1
13. 1
3,550
40. 5
12.4
3,550
28. 1
35. 6
13.2
3,580
28.3
12.4
40.7
3,580
35. 8
13. 4
3,630
41. 0
3,630
12.6
28. 4
36. 2
13.5
3,770
41.3
12.7
3,730
28. 6
36. 4
12.6
3,520
12.0
3,490
40. 6
35.6
28. 6
12. 7
12.2
41. 1
3,550
28.9
3,510
36. 1

1
Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
* Inventory of crops and livestock valued at the average price for the year.
• Based on 1959 Census of Agriculture definition of a farm. The number of
terns is held constant within a year.

6

1963

1961

< Income in current prices divided by the index of prices paid by farmers for
family living items on a 1962 base.
Source: Department of Agriculture.

CORPORATE PROFITS
Current estimates indicate that corporate profits continued to advance strongly in the third quarter, rising by $1.2
billion (seasonally adjusted annual rate) before taxes and $0.7 billion after taxes.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

10

1957

1958

I

1959

-^EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.

Period

1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1962: I
11—

III..
1V_.
1963: T
II—

III—

1961

Includes depreciation, capital outlays charged to current accounts and accidental damages.
2 Corpornte profits after taxes plus corporate capital consumption allowances.

27-124°—64-




1962

1963
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally
Corj)orate pr ofits (befc>re taxes) and inveri tory
valuation adjustmei it
TransCorpoM anufactur ing
portation,
rate
comAll
profits
NonAll
Durable durable muni- other before
indusgoods
goods cations, indus- taxes
Total industries
and
tries
public
tries
utilities
9.3
4.8
21. 1
11.8
11.8
36. 7
37. 7
9. 3
4. 9
21. 4
12. 1
37.3
11. 0
38. 3
4. 4
10. 1
8. 3
11.0
34. I
33. 7
18. 4
10. 8
14. 2
5. 4
25. 0
12.8
44. 9
43. 1
10.9
12. 9
12. 6
5.6
42. 0
23. 5
44. 7
5. 5
9.8
13. 1
13.3
41. 7
22. 9
43. 2
9.3
5. 6
13. 3
9. 0
37. 2
18. 3
37. 4
11.9
6. 7
47.2
13. 4
25. 4
15. 1
47.7
11.4
7. 0
14. 4
23. 0
44. 5
11. 6
44. 3
7.2
10. 9
11. 1
14. 6
22. 0
43.8
43. 8
7. 6
14. 9
24. 5
13. 2
11.3
47. 0
46. 8
11. 0
7.4
14. 7
24. 0
13.0
46. 1
45. 9
7. 5
12.7
15. 0
46. 5
24. 1
11.3
46. 7
11.3
7. 6
24.7
46. 1
13. 5
13.8
46. 2
11. 6
7. 9
16. 2
13.7
48. 4
25. 2
49. 3
11.0
8. 1
16. 4
24. 2
48. 3
48. 8
13. 2
7. 9
11.5
16. 2
14. 5
50. 1
26. 0
51. 0
8.3
12.6
16. 4
52. 2
27. 6
15. 0
52. 2

1

1

* SEE NOTE ON TABLE BELOW.

adjusted annual rates]
CoriDerate pr ofits
a fter taxe s
Corporate
tax
DiviUnliabil- Total
dend distribpayity
uted
ments profits
19. 5
20. 2
17. 2
21. 8
21. 2
20. 9
18. 6
23. 2
22. 3
22. 0
22. 2
21.7
22. 1
21. 9
22. 9
22. 9
24. 2
24.7

17.2
18. 1
16.8
23. 0
23. 5
22.3
18. 8
24. 5
22. 0
21. 8
24. 6
24. 2
24. 6
24. 3
25. 5
25.4
26. 8
27.5

9.0

9. 2

9.8

11.2
12. 1
12. 6
12. 4
13. 7
14. 5
15. 3
16. 6
16. 2
16. 4
16. 5
17. 1
17. 1
17. 6
17.6

8.3
8.9
7.0

11.8
11.3
9. 7
6. 4
10. 8
7. 5
6.5

8. 1

8.0

8. 2
7. 8
8. 4
8. 3
9. 2
9.8

Corporate
capital
consumption
allowances l

Profits
plus
capital
consumption
allowances 2

12.3
14. 1
15.8
18.4
20. 0
21. 8
22. 7
24. 3
25. 6
26.8
30.8
30.3
30.7
31. 0
31.3
31.7
32. 1
32.7

29.6
32.2
32.7
41.4
43. 5
44. 1
41.4
48.7
47.6
48.6
55.4
54.5
55.3
55.3
56.8
57.1
58.9
60.2

NOTE.—Data beginning 1962 have been adjusted for effects of new depreciation
guidelines ($2H> billion for 1962) and therefore not comparable with previous data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment increased $3 billion (seasonally adjusted annual rate) in the third quarter as outlays
for residential construction, other construction, and producers' durable equipment each rose by close to a billion
dollars.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

GROSS PRIVATE
DOMESTIC INVESTMENT

-20

1957

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, quarterly data at seasonally adjusted annual rates)

Period

1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1962: I
II
III
IV
1963: I
II
III

Total
gross
private
domestic
investment
50. 0
56. 3
49. 9
50. 3
48. 9
(53. 8
67. 4
GO. 1
56. 6
72. 7
71. 8
69. 0
78. 8
77. 3
79. 6
78. 9
78.8
77.8
80. 7
83.7

New cons truction 1
Total
Total
43. 2
46. 1
46. 8
49. 9
50. 5
58. 1
62. 7
(>4. 6
58. 6
66. 2
68. 3
67. 1
73. 2
69. 1
73. 2
75. 3
74. 9
72.7
76. 5
79. 5

Residential
nonfarm

24. 2
24. 8
25. 5
27. 6
29. 7
34. 9
35. 5
36. 1
35. 5
40. 2
40. 7
41. 6
44. 4
41. 7
44. 5
46. 0
45. 0
43. 7
45. 8
47. 9

1
Revisions in series on new construction shown on p. 19 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. 19.




Change in business inv entories

Fix(?d investnlent

14. 1
12. 5
12. 8
13. 8
15. 4
18. 7
17. 7
17. 0
18. 0
22. 3
21. 1
21. 0
23. 2
21. 2
23. 3
24. 2
23. 7
22. 7
24. 8
25. 9

Otb er

Total
10. 1
12. 3
12. 7
13. 8
14. 3
16. 2
17. 8
19. 0
17. 4
17. 9
19.7
20.5
21. 2
20. 5
21. 2
21. 7
21. 2
21. 0
21. 0
22. 0

Produceirs' durable eqi lipment

2

Nonfarm
8. 5
10. 4
10. 8
12. 1
12. 7
14. 6
16. 3
17. 5
15. 9
16. 2
18. 0
18. 6
19. 5
19. 0
1 9. 4
19. 8
19. 5
19. 4
19. 1
20. 2

Total
18. 9
21. 3
21. 3
22. 3
20. 8
23. 1
27. 2
28. 5
23. 1
25. 9
27. 6
25. 5
28. 8
27. 4
28.7
29. 3
29. 9
29. 0
30.7
31. 6

Total

Non-

Nonfarm
16. 2
18. 4
18. 6
19. 5
18. 5
20. 6
25.0
26. 2
20.3
23. 1
25. 1
22. 9
26.0
24. 7
25. 8
26. 6
26. 8
25. 9
27. 6
28.8

6.8
10. 2
3. 1
.4
-1. 6
5. 8
4. 7
1. 6
-2.0
6. 6
3. 5
1.9
5.5
8. 1
6. 5
3.6
4, 0
5. 1
4.3
4. 2

NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

6.0
9. 1
2. 1
1. 1
-2. 1
5. 5
5. 1
.8
-2.9
6.5
3.2
1.5
4.9
7.6
5. 8
2. 8
3. 2
4.3
3.6
3.7

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Plant and equipment outlays, according to the November survey, are expected to be $400 million (seasonally adjusted
annual rate) less in the current quarter than anticipated in August. Plans for 1964 call for no change in the first quarter
from the current quarter level but for an increase of $950 million in the second quarter.
BILLIONS OF DOLLARS
50

BILLIONS OF DOLLARS

50

TRANSPORTATION """""'""""

••

,

,1,4

"""

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

COUNCIL OF ECONOMIC ADVISERS

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

M anufacturi ng
Period

1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963*
1963: I
II
III
IV*
1964: I 3
113
1
3

Total

]

25. 64
26. 49
28.32
26. 83
28. 70
35. 08
36. 96
30. 53
32.54
35. 68
34. 37
37. 31
39. 05
36. 95
38. 05
40. 00
40.75
40.75
41. 70

Total

10. 85
11. 63
11. 91
11. 04
11. 44
14. 95
15. 96
11. 43
12. 07
14. 48
13. 68
14. 68
15. 62
14. 85
15. 30
15.95
16.25
16.40
16. 55

Durable Nonduragoods ble goods
5. 17
5. 68
6. 02
5. 61
5. 65
6. 26
5. 09
5. 95
5. 44
6. 00
7. 62
7. 33
8.02
7. 94
5.47
5. 96
6. 29
5. 77
7. 18
7.30
6. 27
7.40
7.65
7.03
7.85
7.77
7. 50
7. 35
7. 65
7. 65
8.00
8. 00
8. 20
8. 05
8. 20
8. 20

Excludes agriculture.
Commercial and other includes trade, service, finance, communications, and
construction.
* Estimates based on anticipated capita] expenditures as reported by business
In November 1963. Includes adjustments when necessary for systematic tendencies
in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.




Transpo rtation
Mining
Railroads Other

0.93
. 98
.99
.98
.96

1. 24
1. 24
. 94
. 99
.99

. 98
1.08
1. 04
1.05
1. 00
1. 05
1. 05
1. 05

1. 47
1. 40
1.31

.85
.92

1. 23
1. 40
. 75
.92

1. 03
. 67
. 85
1. 08
. 90
1. 00
1. 20
1. 30
1. 15

1. 49
1. 50
1. 56
1. 51
1. 60
1.71
1.77
1. 50
2. 02
1. 94
1. 85
2.07
1. 91
1. 70
2. 05
1. 85
2. 05
2. 20
25. 15

Public
utilities

3. 66
3. 89
4. 55
4. 22
4.31
4. 90
6. 20
6. 09
5. 67
5. 68
5.52
5. 48
5. 64
5. 20
5. 45
5. 90
5. 80
5. 60

Commercial and
other 2

7.24
7.09
8.00
8.23
9.47
11.05
10.40
9.81
10.88
11.57
11.68
13. 15
13. 75
13.25
13.30
14.05
14.30
14.35

Annual total is the sum 01 unadjusted expenditures; it does not necessarily
coincide with the average ol 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

On a seasonally adjusted basis, there was a significant rise in employment and a significant decline in unemployment
In December.
MILLIONS OF PERSONS 7

MILLIONS OF PERSONS*
SEASONALLY ADJUSTED

TOTAL LABOR FORCE
75

\

CIVILIAN LABOR FORCE
70

10

PERCENT OF CIVILIAN LABOR FORCE

PERCENT OF CIVILIAN LABOR FORCE
LJfJE MP LO rM Ef^1" R AT E
( S Et kSO NAL LY A D JUS TE D)
~T~

n

H

SI

IS 57

~

}

FT

rl

--

195<)

|<J513

j.

—

-:

n

-l M

-

:

9 6C)

-

96 ?

96

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

Period

1958___
1959___
1960___
1961_._
1962 2 _.
1962:
Nov.,
Dec__
1963:
Jan_._
Feb__
Mar__
Apr__
May._
June._
July..
Aug__
Sept._
Oct._
Nov__
Dec__

Total
labor
force
(including
armed
forces)
71,
71,
73,
74,
74,

284
946
126
175
839

"1

-

:

FT

->

I<je;s
COUNCIL OF ECONOMIC ADVISERS

Civilkin employ ment

Total
labor
force
UnemNon(includployagriing
Total
ment
eularmed
tural
forces)
Thousands of j persons 14
63, 966 58, 122 4,681 71, 284
65, 581 59, 745 3, 813 71, 946
66, 681 60, 958 3, 931 7/>, 126
66, 796 61, 333 4,806 74, 175
67, 999 62, 744 4,012 74, 839
Unadji Listed

Civilkin emplo yment
Civilian
labor
force

Total

Agricultural

years of age and o ver
68, 647 63, 966 5, 844
69, 394 65, 581 5, 836
70, 012 66, 681 5, 723
71, 603 GO, 796 5, 463
72, Oil 07, 999 5, 255
H oasonnllv adjuster I

Nonagricultural

Unempl oyment
rate (pe rcent of
Unem- civiliaiQ labor
for ce)
ployment
SeasonUnad- ally adjusted justed

Labor
force
participation
rate,
unadjusted l

Percent
58,
59,
60,
61,
02,

122
745
958
333
744

4,681
3, 813
3, 931
4,800
4,012

6. 8
5. 5
5. 6
0. 7
5. 6

58. 5
58.3
58.3
58.0
57 5

74, 532
74, 142

67, 981
67, 561

63, 098
63, 495

3,801
3,817

74, 577
74, 848

77, S;>7
72, 084

67, 691
68, 091

//, 983

62, 70S
63, 248

4, 136
8, 993

5. 3
5.3

5. 8
5.5

56. 9
56. 6

73, 323
73, 999
74, 382
74, 897
75, 864
77, 901
77, 917
77, 167
75,811
76, 086
76, 000
75, 201

65, 935
66, 358
67, 148
68, 097
69, 061
70, 319
70, 851
70, 561
69, 546
69, 891
69, 325
68, 615

61, 730
62, 309
62, 812
63, 424
63, 883
64, 365
64, 882
65, 065
64, 220
64, 541
64, 548
64, 576

4, 672
4,918
4, 501
4,063
4,066
4, 846
4,322
3,857
3, 516
3,453
3, 936
3, 846

75, 064
75, 225
75, 430
75, 788
75, 726
75, 456
76, 013
75, 664
75, 885
75, 843
76, 076
76, 003

72, 348
72, 501
72, 698
73, 002
72, 989
72, 720
73, 269
72, 915
73, 136
73, 101
73, 337
73, 263

68, 171
68, 086
68, 636
68, 874
68, 676
68, 602
69, 161
68, 917
69, 076
69, 075
69, 045
69, 206

5, 183
4, 841
5, 008
f), 023
5, 033
4,909
5, 024
4, 838

62, 988
63, 245
63, 628
63, 851
63, 643
63, 693
64, 137
64, 079
64, 192
64, 156
64, 153
64, 323

4,177

6.6
6.9
6.3
5. 6
5. 6
6.4
5.7
5.2
4. 8
4.7
5. 4
5.3

5.8
6. 1
5. 6
5. 7
5.9
5.7
5.6
5.5
5. 6
5. 5
5.9
5.5

55. 9
56.3
56.5
56. 9
57. 5
59.0
58. 9
58.3
57.2
57. 3
57.2

1
Total
2

labor force as percent of noninstitutional population.
Averages have been adjusted by the Council of Economic Advisers for comparison with previous data.

10



4, 843

4, 884

4, 919
4, 892
4, 883

4,415

4,062
4, 128
4,313

4, 118

4, 108
3, 998
4,060
4,026
4,292
4,057

NOTE.—1960 Population Census data used in estimation procedure beginning
April 1962. For definitions and coverage, see Employment and Earnings, Department of Labor. Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate declined to 5.5 percent in December. The rate for experienced workers
and the measure of labor force time lost also dropped substantially. However, the rate for married men rose.

PERCENT

PERCENT

10.0

10.0

SEASONALLY ADJUSTED

LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK

8.0

UNEMPLOYMENT RATE,EXPERIENCED
WAGE AND SALARY WORKERS

4.0

UNEMPLOYMENT RATE,
MARRIED MEN

2,0

2.0

1963
SOURCE: DEPARTMENT OF LABOR.

linenaploymen t rate
(percen t of eiviliiin labor
for ce in groi P)
Period

COUNCIL OF ECONOMIC ADVISERS.

Persons at work i n nonagri cultural 3 idustries
ir
by hours worked j>er week
Urider 35 hours

Labor
force
time lost
through

Experienced Married ploy men t Over 40
All
workers wage and men 1 and part- hours
salary
time
work 2

1958
1959
1960.
1961
1962

6.8
5. 5
5.6
6.7
5. 6

1962: Dec
1963: Jan
Feb
Mar
Apr
May
June
July
Aug___ __
Sept.
Get
Nov
Dec

5.5
5.8
6. 1
5. 6
5. 7
5. 9
5. 7
5. 6
5. 5
5. 6
f>. 5
5. 9
5. 5

Per cent
7. 2
5. 1
3.6
5. 6
3.7
5.7
4. 6
6. 8
5. 5
3. 6
Seasonall.y adjusted
5. 5
3.5
5.7
3. 8
4. 1
6. 0
3. 5
5. 5
.4
3.3
3. 4
.5
3. 1
.6
3. 2
.4
3. 0
.4
2. 9
.4
2. 9
.4
3. 2
.6
.3
3. 4

8. 1
6. 6
6.7
8. 0
6. 7
6. 6
6.8
7. 1
6. 6
6. 6
6. 9
7.0
G. 8
(5. 7
6. 7
6. 6
6. 9
6. 5

Part-ti me for
economi c reasons

Part-ti me for
economi c reasons

Total

Usually Usually Usually
fullfullparttime 4
time 5
time 4
Thousan ds of pers ons 14 ye ars of age and over
16, 600 28, 273 10, 372
1,638
1, 315
17, 345 27, 723 11, 702
1, 032
1, 304
17, 664 28, 724 11, 528
1, 243
1,317
18, 210 29, 047 11, 132
1, 297
1, 516
19, 024 28 854 11, 675
1,049
1, 287
IJnadjuste< i
Seasonally7
20, 123 29, 052 12, 075
1,001
1, 165
995
18, 893 29, 587 11,080
1, 147
1,096
1,092
18, 358 28, 705 12, 812
1,005
1, 181
965
18,964 29, 705 11,706
1, 142
1,050
1,000
18,068 28, 437 14,311
1, 136
1,070
1,080
19, 894 30, 489 11, 408
1,021
1, 119
1,010
19, 706 30, 098 10, 595
1,069
1,550
1,067
18, 747 28, 467
9,888
924
1,042
1,559
1 8, 658 29, 020 10, 245
1, 183
1,608
1,222
20, 1 54 30, 308 10, 768
1,112
1, 158
1,211
20, 334 30, 626 11, 294 6 1,058 6 1,061
1,109
19, 101 27, 028 16, 391
1, 086
1, 075
1,054
1, 039
1,008
1,002

1
2 Married men living with their wives.
Assumes unemployed persons lost 37.5 hours a week; those on part-time for
economic reasons lost difference between 37.5 hours and actual number of hours
worked.
3
Differs from total nonaprieultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.




35-40
hours

Usually
parttime 5

adjusted
1,303
1,253
1,231
1,229
1,099
1, 184
1,257
1,219
1,309
1,218
1,245
1,180
1, 162

4
Includes persons who worked part-time because of slack work, material
shortages or repair?, new job started, or job terminated.
5
Primarily includes persons who could find only part-time work.
6
Average hours worked: usually full-time, 23.4; usually part-time, 18.2.
NOTE.—See note, p. 10. Beginning 1960, data Include Alaska and HawafL
Source: Department of Labor.

11

UNEMPLOYMENT INSURANCE PROGRAMS
In December, insured unemployment under State programs averaged 1,970,000.
coverage, this was 114,000 less than in December 1962.

After adjustment for extension of

MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

JAN,

FEB.

MAR.

JUNE

APR.

AUG.

SEPT.

DEC.

J/ SEE NOTE 2 ON TABLE BELOW.
SOURCE:DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

A 11 progranis

Period

1959
1960
1961
1962
1962: Nov
Dec__
1963: Jan
Feb
Mar...
Apr
May
June
July
Aug
Sept
_
Oct
Nov
Dec »
Week ended:
1963: Nov 30
Dec 7
14
21-__
28
1964: Jan 4

Stabte progra ms

Insured Total
unem- benefits Insured
Covered ploypaid
unem(milemploy- ment
ploy(weekly lions of
ment
ment
averdolage)
lars)
Thou sands
2, 099
-. 45, 728
46, 334
2,067
2,994
46, 264
47, 669
1,924
48, 229
1, 780
48, 432
2, 223
46,665
2, 778
46, 632
2, 726
47, 163
2,465
2, 089
1, 799
1,628
1,651
1,568
1,409
2
1, 476
1,686
2, 120

_
„_
_

1, 862
1,895
1,959
2,019
2,402

2, 803. 0
3, 022. 7
4, 358. 2
3, 160. 0
215. 5
236. 5
373.0
339.6
343. 0
297.8
254.6
205. 0
211. 8
204. 8
179.8
2
190. 0
181. 3
212. 0

Weekly iiverage, t lousands
33
1, 082
281
31
331
] , 900
46
2, 290
350
32
302
1,783
26
314
1, 625
422
28
2,063
447
2,591
35
36
2,546
325
272
36
2,298
37
273
1,918
33
239
1,624
32
240
1,468
28
298
1,493
26
1,419
246
24
1,261
223
2
2
24
256
1, 333
22
292
1, 542
23
1,970
415

1, 710
1,748
1,811
1,877
2,248

1
Preliminary.
* Programs include Puerto Rlcan sugarcane workers for initial claims and
insured unemployment beginning October 1963.

12



Initial
claims

Benefil bs paid
Insurec unemploymen t as perExhaus- cent of eovered
Total Average
emplo yment
(milweekly
tions
check
Season- lions of
Unad- ally ad- dollars) (dollars)
justed

259
377
378
438
453
447

Pensent

4. 4
4. 8
5. 6
4. 4
4.0

5. 1
6. 3
6. 2
5. 6

4.7
3.9

3. 5
3. 6
3. 4
3.0

3. 1
3.6
4.7

4.6
4.7

4.8
4.6
4*4
4.2
4.2
4.1
4.1
4.2
4.0
4.1
4.1
4.4

2, 279. 0
2, 726. 7
3, 422. 7
2, 675. 4
193. 6
214. 2
342. 4
313. 3
316. 4
274.8
235.9
188.2
195. 6
186.8
163. 1
172.0
165.0
195. 0

30.41
32. 87
33.80
34.56
34.97
35. 11
35. 53
35.72
35. 82
35.54
34.91
34.34
3443
34,67
34, 93
35.15
35.37
35. 15

4. 0
4. 1
4.3

4. 4
5. 3

NOTE.—For definitions and coverage, see the 1962 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Rico since January 1961.
Source Department of Labor.

NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment, seasonally adjusted, rose by 41,000 in November. Gains were concentrated in State
and local government and service industries.
MILLIONS OF WAGE
AND SALARY WORKERS
60

MILLIONS OF WAGE
AND SALARY WORKERS

ALL NONAGRICULTURAL ESTABLISHMENTS

MANUFACTURING

56

s
DURABLE
GOODS
INDUSTRIES

NONDURABLE
GOODS INDUSTRIES*

1963

I960
4.0

CONTRACT CONSTRUCTION

WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)

(ENLARGED SCALE)

3.5'

3.0

2.5

I960
1961
* SEASONALLY ADJUSTED DATA.
SOURCE: DEPARTMENT OF LABOR.

1962

1963

1963
COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers; l seasonally adjusted]
Manufa( Jturing ( private)
Period

Total

1956
_.
1957
1958
1959
1960
1961
1962
1962: Oct..
Nov.
Dec.
1963: Jan...
Feb__
Mar.
Apr__
MayJune .
July.
Aug._
.Sept.
Get 2 .
Nov2_

52, 408
52, 904
51, 423
53, 404
54, 370
54, 224
55, 841
56, 195
56, 205
56,211
56, 333
56, 458
56, 706
56, 873
57, 060
57, 194
57, 340
57, 344
57, 453
57, 622
57, 663

Total

17, 243
17, 174
15, 945
16, 675
16, 796
16, 327
16, 859
16, 910
16, 858
16, 851
16, 871
16, 872
16, 948
17, 037
17,095
17, 075
17, 103
17, 033
17, 076
17, 110
17, 072

NonDurable durable
goods goods
9,834
9, 856
8, 830
9,373
9,459
9,072
9,493
9, 543
9,509
9,518
9, 542
9,546
9,586
9,660
9,683
9,685
9,701
9, 652
9,705
9,714
9,705

7,409
7,319
7, 116
7,303
7,336
7,255
7,367
7,367
7,349
7,333
7,329
7,326
7,362
7,377
7,412
7,390
7,402
7,381
7,371
7,396
7,367

N onmanufacturing 5 (private)

Total

27, 887
28, 104
27, 585
28, 539
29, 054
29, 069
29, 794
29, 975
29, 999
29, 974
30, 048
30, 162
30, 303
30, 370
30, 485
30, 615
30, 748
30, 812
30, 825
30, 879
30, 914

TransContract portation
Mining conand
struc- public
tion utilities
822 2, 999 4, 244
828 2, 923 4, 241
751 2, 778 3,976
732 2,960 4,011
712 2,885 4,004
672 2,816 3,903
652 2,909 3,903
644 2,939 3,904
640 2,942 3,896
633 2, 913 3,898
631 2,967 3,821
631 2, 920 3,899
631 2,928 3,894
639 3, 005 3, 890
640 3,019 3,909
639 3,046 3,919
640 3,069 3,936
635 3, 083 3, 941
632 3,071 3,950
630 3, 061 3,934
627 3, 064 3,928

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 nonagrieultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they




Gover nment

Whole- Finance, Service
insursale
State
ance,
and
and
and
and miscel- Federal local
retail
real
trade estate laneous
10, 858 2, 429 6, 536 2, 209
5,069
10, 886 2, 477 6,749 2, 217
5,409
10, 750 2,519 6,811 2, 191
5,702
11, 127 2,594 7, 115 2,233
5,957
11, 391 2,669 7,392 2,270
6,250
11,337 2, 731 7,610 2, 279
6,548
11, 582 2,798 7,949 2,340
6.849
11,627 2,817 8, 044 2,342
6,968
11, 637 2,821 8,063 2,353
6,995
11, 629 2,822 8,079 2,349
7,037
11,685 2, 834 8,110 2,353
7,061
11, 729 2,839 8, 144 2,332
7,092
11,795 2,848 8,207 2,340
7,115
11,784 2,853 8, 199 2,339
7, 127
11,825 2,864 8,228 2, 345
7, 135
11, 864 2,865 8,282 2,349
7, 155
11, 884 2,870 8,349 2,351
7, 138
11,907 2, 873 8, 373 2, 348
7, 151
11, 922 2,873 8,377 2,347
7, 205
11, 937 2,887 8,430 2,352
7, 281
11, 951 2,890 8,454 2, 352
7,325

are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
" Preliminary.
NOTE.—-Beginning 1959, data include Alaska and Hawaii.
Source- Department of Labor.

13

WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek of production workers in manufacturing was unchanged in November at -40.6 hours (seasonally
adjusted).
HOURS PER WEEK (SEASONALLY ADJUSTED)

HOURS PER WEEK (SEASONALLY ADJUSTED)

46

46

DURABLE MANUFACTURING

NONDURABLE MANUFACTURING

44

42.

42

40

40

38

38

36

36

34k

I960

1962

34

1963

i 1 .i

1963

19.61

44

42

RETAIL TRADE

CONTRACT CONSTRUCTION

38
36

32

34

30 KM1960

1961

1962

32

1963

i i i i i 1F ii i K

I I 1 1 I 1 1t 1 11

1961]

I960;

SOURCE: DEPARTMENT OF LABOR.

196,2
.COUNCIL OF ECONOMIC ADVISERS

1

[Average hours per week; seasonally adjusted]
Marmfacturing Indus tries

Period

1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1962:

Oct
Nov
Dec
1963: Jan
Feb
Mar___
Apr
May.
June
Julv_._
Aug.
Sept
Oct 22
Nov

.

;

Durable
goods

A 11

_____

40. 7
40. 5
39. 6
40. 7
40. 4
39.8
39. 2
40. 3
39. 7
39. 8
40. 4
40. 2
40. 4
40.2
40. 4
40.3
40. 5
40. 1
40. 5
40. 5
40. 4
40. 3
40.7
40. 6
40. 6

1
Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginning 1959.
2
Preliminary.

14



41. 5
41. 2
40. 1
41.3
41. 0
40. 3
39. 5
40. 7
40. 1
40. 3
40. 9
40. 8
40. 9
41. 1
40. 9
41. 0
41. 0
40. 7
41. 1
41. 3
41. 2
41. 0
41.3
41.2
41. 2

Nondurable
goods
39. 7
39. 6
39.0
39. 9
39. 6
39.2
38. 8
39. 7
39. 2
39. 3
39.6
39. 3
39. 5
39.4
39. 6
39. 7
39.8
39. 3
39. 7
39. 6
39. 5
39.6
39.7
39.8
39. 6

Source: Department of Labor.

Contract construction
38. 9
37. 9
37. 2
37. 1
37. 5
37.0
36. 8
37. 0
36.7
36. 9
37. 0
36. 8
36. 8
36. 1
37. 0
36. 1
37.3
37. 5
37. 5
37. 6
37. 3
37.2
37.3
37.6

Retail trade
40. 5
39. 8
39. 7
39. 6
39. 1
38.7
38. 7
38. 7
38. 5
38. 1
37. 9
37. 9
37. 9
37.9
37.8
37.8
37. 8
37. 9
37. 8
37. 9
37. 9
37.8
37. 7
37. 8

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing rose to $2.49 in November.
56 cents to $101.09.

AVERAGE HOURLY EARNINGS

Weekly earnings rose

AVERAGE WEEKLY EARNINGS

2.20

I960
1961
SOURCE: DEPARTMENT OF LABOR.

1962

1963

COUNCIL OF ECONOMIC ADVISERS

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

Manufr icturing i adustries Contract
Retail
conNonDurable durable structrade
All
goods
tion
goods

$1.74
1953
1.78
1954
1. 86
1955
1. 95
1956
2.05
1957
2. 11
1958
2. 19
1959
2.26
1960
2.32
1961
2. 39
1962
1962: Oct_-_ 2. 39
2. 41
Nov__
2. 42
I)cc__
1903: Jnn... 2. 43
2. 43
J'Yb. .
2. 4-1
Mnr._
Anr ._.. 2. 44
'2. 45
May .June
'2. 40
July... '2. 45
A I I K - - '2. 43
Sc-pt.
'2. 47
Oel 33
2. 47
2. 49
Nov

$1.86
1. 90
1. 99
2.08
2. 19
2.26
2.36
2.43
2.49
2. 56
2. 57
2. 58
2. 61
2. 60
2. 61
2. 0 1
2. 62
2. 03
•J. 04
'2. 03
2. 01
2. 05
2. 05
2. 00

$1. 58
1. 62
1.67
1. 77
1. 85
1.91
1. 98
2. 05
2. 11
2. 16
2. 17
2. 18
2. 19
2. 20
2. 19
2. 20
2. 2 1

Manuf*icturing iiidustries Contract
conNonDurable durable strucAll
goods
tion
goods

$1. 25 $70. 47
70. 49
1.29
1. 34
75.70
1. 40
78. 78
1. 47
81. 59
1.52
82. 71
1.57
88.26
1. 62
89. 72
1. 68 92. 34
96. 56
1.74
96. 32
1.76
1. 77
97. 36
1. 74
98. 01
97. 44
]. 78
1. 78
97. 20
. 78 98. 09
. 79 97. 30
. SO 99. 23
. SI 100. 37
. SO 99. 23
98. 42
1. SO
1. S2 100. 53
1. 82 100. 53

$76. 63
76. 19
82. 19
85. 28
88. 26
89. 27
96. 05
97. 44
100. 35
104. 70
105. 37
105. 78
1 07. .53
105. 82
1 00. 23
100. 49
100. 37
108. 30
1 09. 82
108. 09
107. 01
109. 45
109. 71
109. 86

$62. 57
63. 18
66. 63
70.09
72. 52
74. 11
78. 61
80. 36
82. 92
85. 54
85. 50
86. 33
86. 94
86. 24
85. 85
86. 68
85. 97
87. 52
88. 36
88. 36
88.40
89. 38
88. 98
89. 33

$86. 41
88. 91
90. 90
96.38
100. 27
103. 78
108. 41
113. 04
118. 08
122. 47
127. 25
121. 61
118. 67
121. 07
118. 33
122. 72
124. 58
128. 06
129. 79
130. 90
132. 70
132. 90
134. 98

Retail
trade

$49. 75
51.21
53. 06
54. 74
56. 89
58.82
60.76
62. 37
64. 01
65.95
66. 18
66. 38
66. 29
66. 93
66. 75
66.75
67. 48
67.68
68. 96
69. 30
69. 30
68.61
68.25

Manufac ituring
indusl ;ries
Adjusted Average
weekly
earnings, earn1957-59= ings,
1962
100 i prices 2
81. 6 $79. 72
84 3
79.38
86. 9
85. 54
91.5
87. 73
96. 2
87. 73
100. 2
86. 61
103. 9
91.65
106. 8
91.74
109.8
93. 37
112. 5
96. 56
113.0
95. 75

21
•»•»
''2
27
24
23
25
101. 09
1
Kurnim's in current prices, udjti.st.od to exclude overtime and Interindustry shifts.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
1
Karnin^.s In current prices divided by tlie consumer price index on a 1962 base.
1
Source: Department of Labor.
Prelim iuary.
27-124'




2.
•»
'*
•J.
2.
2.
2.

$2. 28
2. 39
2. 45
2.57
2.71
2. 82
2.93
3. 08
3. 20
3. 31
3. 34
3. 35
3. 41
3. 42
3. 4 1
3. 39
3. 34
3. 37
3. 3S
3. 40
3. 42
3. 47
3. 47

Aver age weekl y earnings3— current prices

113.5
113.9
114.0
114.4
114.6
114. 9
114.9
115. 1
115. 2
115. 0
116.0
116. 1
116. 7

96. 78
97. 62
96.86
96.52

97.31
96. 59

98.44

99. 28

97.67
96.87

98. 95

98.85

99.21

15

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION

The industrial production index (seasonally adjusted) increased slightly in November to a new high of 126.9 (195759=100). Output of business equipment continued to advance while production of consumer goods and materials
changed little.
INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)

INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)

140

150
TOTAL

120
120

90
80

1962

90

1963

1962
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Total
industrial
production

Period

1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1962: Oct
Nov
Dec
1963: Jan
Feb
Mar
Apr
May
June__
July
Aug___ _
Sept
Oct
Nov 1
1

Preliminary.

16




_ _ _
__ __
_ __

_

91. 3
85. 8
96. 6
99. 9
100.7
93.7
105.6
108. 7
109. 8
118. 3
119. 2
119. 5
119. 1
119.2
120. 2
121. 3
122. 5
124.5
125. 8
126.5
125. 7
125.8
126.6
126. 9

[1957-59=100, seasonally adjusted]
Industry
MJanufacturi Dg
Mining Utilities
NonTotal Durable durable

Total

92.7
86. 3
97. 3
100. 2
100. 8
93. 2
106. 0
108. 9
109. 7
118. 7
119. 7
119. 9
119. 7
119. 8
120. 6
121. 9
123. 1
125.2
126.4
126. 8
125.9
126. 1
127. 1
127.4

89.9
85.7
93.9
98. 1
99.4
94. 8
105. 7
109. 9
111. 3
119. 7
121. 4
121. 3
121. 7
122. 3
122. 6
122.4
122. 1
123.5
125. 2
125.9
126. 2
126. 5
127. 9
128. 2

99. 9
88.4
101.9
104. 0
104. 0
90.3
105. 6
108. 5
107. 0
117. 9
118. 8
119. 2
118. 9
119. 0
120. 0
121. 5
122. 8
125. 6
127.4
127.0
125. 0
125.3
126.3
126. 9

83. 6
83.6
91.6
95. 4
96.7
96. 8
106. 5
109. 5
112. 9
119. 8
121. 0
120. 9
120. 8
120. 7
121. 4
122. 5
123. 4
1 24. 8
125. 2
126. 4
127. 2
127. 1
128. 2
128. 2

92. 9
90.2
99. 2
104.8
104. 6
95. 6
99.7
101. 6
102.6
105. 0
105. 2
105. 7
103. 2
103.0
104.7
105. 4
107. 4
108. 5
109. 4
111. 3
111. 3
110. 4
110, 0
108.5

66.8
71.8
80.2
87. 9
93. 9
98. 1
108. 0
115.6
122.8
131.3
132. 5
133. 4
133. 8
135. 9
138.2
136.4
135.7
139. 1
141. 3
145.3
144. 6
142. 8
143. 5
145. 5

Mairket
Fi]nal produ<3tS

Consumer
goods
85. 0
84. 3
93. 3
95.5
97.0
96.4
106.6
111. 0
112. 7
119. 7
120. 6
120.5
121.2
121. 8
122. 9
123. 1
122. 5
124. 1
125. 9
126. 4
126. 7
126.6
127. 9
128. 1

TV/fof-o,

Equipment

100. 5
88. 9
95. 0
103. 7
104. 6
91.3
104. 1
107.6
108. 3
119. 6
123. 3
123. 1
122.4
122. 0
121. 5
120. 7
120.4
122. 1
123. 8
124. 8
125. 3
126.2
127. 8
128. 4

Source: Board of Governors of the Federal Reserve System.

rials
92. 6
85.9
99.0
101.6
101.9
92. 7
105.4
107.6
108.4
117. 0
117. 2
117.8
116. 9
116.8
118. 0
120. 2
122. 9
125. 7
126.6
126.7
125. 1
125. 0
125. 6
125. 9

PRODUCTION OF SELECTED MANUFACTURES
Output of most durable manufactures (seasonally adjusted) rose somewhat in November while production of most
nondurables was unchanged.
INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)
160

INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)
140

*
LUMBER
AND PRODUCTS

1961

1961

1962

196!

I960

1962

1962

063

1963

TRANSPORTATION
EQUIPMENT
CHEMICALS, PETROLEUM
AND RUBBER

FOODS, BEVERAGES,
AND TOBACCO
I960

1961

1962

1962

1961

1960

1963

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1963

COUNCIL OF ECONOMIC ADVISERS.

[1957-59 = 100, seasonally adjusted]
Durab le manufaictures
Period

1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1962: Oct
Nov
Dec
1963: Jan__

_ _

_-

Feb

Mar
Apr
May
June_
July
Ausj
Sept
Oct
Novi
1

Primary
metals

Preliminary.




-

__

112. 5
91. 3
118. 4
116. 4
112.2
87. 5
100. 4
101. 3
98.9
104.6
98.9
100. 7
99. 7
99. 6
105. 2
111. 9
120. 1
127. 4
125. 8
122.8
109.4
107.6
108.1
109

No ndurable manufactu res

FabriTranspor- Lumber Textiles,
cated
Machin- tation
and
apparel,
ery
metal
equipprodand
products
ment
ucts
leather

100. 3
90. 2
98. 3
98.8
101. 5
92.9
105. 5
107. 6
106. 5
117. 1
117. 8
117. 9
117. 2
118. 4
118.5
119. 3
120. 2
123. 3
125. 1
125.6
126. 4
125.7
126.3
127

100. 5
87. 7
96. 5
107. 1
104. 2
88.8
107. 1
110. 8
110. 4
123.5
126. 1
125. 9
125. 5
125. 2
126. 4
126. 2
125. 9
128. 4
129. 4
129. 6
130.5
131.3
132.6
133

91.7
83.8
102.0
97. 4
106. 4
89. 5
104. 0
108. 2
103. 6
118.3
121. 8
121. 5
121. 7
122. 4
122. 3
122. 1
123. 7
124. 5
130.4
129. 3
126.8
128.7
130. 9

131

102. 4
99.6
109.5
105.4
95. 9
95. 6
108. 5
102. 1
101. 3
106. 1
101. 9
106. 1
108.7
105.7
108.2
115. 7
108. 0
108. 9
106. 9
104. 1
110. 4
110.3
107.7

90. 7
86.9
95.5
98.0
96.9
95. 0
108. 1
107. 5
108. 4
115. 1
115. 8
115. 5
115. 2
115. 2
115. 6
115. 9
116. 2
116. 5
118. 0
118. 9
120. 2
121.0
122.4
122

Paper
and
printing

82.6
85. 0
92. 5
97.1
97.8
97.0
105. 2
109. 0
112. 4
116.7
117.2
116.9
115. 4
114. 5
115. 8
115. 7
119. 2
120. 5
121.6
122.3
122.4
122.0
122.3
122

Chemicals, Foods,
petrobeverleum, and ages, and
rubber tobacco

75. 2
74 7
86. 8
91. 4
95. 6
95. 5
108.9
113.9

nas

131.2
134 1
133.6
134 2
134 2
135. 3
138.2
139.7
141.3
141.3
143. 3
1444
144.8
146. 3
146

Source: Board oi Governors of the Federal Reserve System.

88. 2
89.8
93. 1
96.6
96.7
99.4
103.9
106. 6
110.4
113.4
113. 6
114 2
114 5
115. 0
115.0
115. 6
114.7
116.4
116. 1
116.9
117.5
116.5
117.7

118

17

WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production (unadjusted) declined slightly in December.
MILLIONS OF TONS

MILLIONS OF SHORT TONS (DAILY AVERAGE)

20.0

18.0

14.0
J

F

J

M A M

J

A

S

O

K

D

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

Electric Bituminous Freight Paperboard
Car 3 and tnicks
Steel pr<sduced
coal mined loaded
power
produced
distributed (thousands (thousands (thousands assembl ed (thouisands)
Index
Thousands
of net (1957-59 = (millions of
of short
Total Cars Trucks
of tons)
of cars)
100)
kilowatt-hours) tons) 1
tons

Period
Weekly average:
1956
1957
1958
1959
1960
1961
1962
1962: Nov
Dec
1963: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov 2
Dec
Week ended:
1963: Dec 7
14
21
28
1964: Jan 4 2
11 2

_.-.__
•„

2,204
2, 162
1,635
1,792
1,899
1,880
1,886
1,829
1,828
1,894
2,056
2, 275
2,493
2,594
2,416
1,958
1,757
1,836
1,915
1,829
1,828

118. 3
116.0
87.8
96.2
101. 9
100.9
101.2
98.2
98. 1
101. 7
110. 3
122. 1
133. 8
139.2
129. 7
105. 1
94. 3
98. 6
102.8
98.2
98. 1

11, 292
11, 873
12,082
13, 297
14, 424
15, 139
16, 325
16, 442
17, 252
17, 792
17, 550
16, 824
16, 357
16, 445
17, 625
18, 078
18, 257
17, 527
17, 250
17, 482
18, 792

1,693
1,644
1,380
1,380
1,390
1,353
1,414
1,504
1,324
1,418
1,421
1,294
1,493
1, 534
1,578
1,520
1,553
1,666
1,648
1,534
1,512

728
683
581
596
585
550
552
551
477
482
516
532
560
587
606
539
578
577
628
559
493

276
273
274
307
306
322
343
340
307
305
353
364
354
364
367
317
380
353
383
371
311

2,042
2,037
2,003
1,804
2,037
2,120

109. 6
109. 3
107.5
96.8
109. 3
113.8

18, 427
18, 993
19, 814
17, 932
18, 152

1,583
1,583
1,499
1,245
1,563

558
540
498
376
450

345
363
366

1 Daily average. Includes data for Alaska.
2 Preliminary; data for January 1964, not charted.
Covers period for Dec. 21-31,1963.

8




COUNCIL OF ECONOMIC~ADViSeRS

a 376

132.8

isae

98.4
129.5
151. 8
127.9
157.5
184. 1
181. 3
173.5
178.7
184.4
186.0
185. 1
200. 1
166. 1
48. 1
145. 7
205.8
205.5
202. 0

111. 6
117.6
81. 6
107.6
128.8
106. 1
133.4
158. 3
155.0
147.0
149.2
154.4
157.2
156.3
170.5
138. 5
29. 7
118. 9
174.9
175.7
173.3

21.2
21.0
16. 8
21.9
,23. 0
21.8
24 1
25.8
26.3
26.5
29.5
30. 0
28.8
28.8
29. 6
27.6
18.4
26.8
30.9
29.8
28.7

218.6
218. 1
215.5
155.7
146.4
210.8

187.3
188. 1
185. 0
132.5
124.5
179.3

31.3
29.9
30. 5
23.2
21. 9
31.5

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 for new construction (seasonally adjusted) in December showed a small decline from the November
rate (which was revised upward). The rate of private residential outlays was virtually unchanged throughout the
fourth quarter.
BILLIONS OF DOLLARS
70

BILLIONS OF DOLLARS
70

C

20

20

nTiiiiilMiiiltiiiiliii.iiitiiiliiiiiliiiitliliMliiiMltiiiiliiitilttliiltttiiliiiitT 0

20

Q 1 ! i t i t i I t i i f i I i i i i r 1 i t t f i I t i t ii 1 ?

I i t i i i I . , t it Ii t t i i I t t i i t I i \ \ t i Ii t t i • t i i it i I Q
I960

1957

1962

1961

* SEE NOTES IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

Pr] vate

Period

1958
1959...
1959 (new series)4
1960
1961 s
1962

Total new
construction
expenditures

49. 0
54. 1
55.3
53.9
55. 5
59. 0

Resi dential notif arm
Total

33.5
3&0
39.2
38. 1
38.3
41. 5

Total '

18. 0
22.3
243
21.7
21.7
242

CommerAdditions cial and
New
housing
and al- industrial
units terations 2
Billions of dollars
3. 9
13. 6
44
17. 1
19. 2
43
16.4
16. 2
18. 6

6. 0
6.0
6. 0
7. 0
7.5
7.9

Other

9.5
9.7
8.9
9.3
9.2
9.4

Constructioii contracts 8
CommerFederal, Total value cial and
(index,
State,
industrial
and
1957-59 = floor space
100)
local
(millions
of square
feet)
15.5
16. 1
16. 1
15.9
17.2
17.6

Seasonally
adjusted

/Sea,?ona% adjiisted annua I rates
1962: Nov
Dec
1963: Jan
Feb
Mar
Apr
May
June
July..
Aug
Sept
Oct
Nov 6
Dec

60.0
59.3
60.4
59.2
60. 1
59. 6
60.5
62.3
62.7
64 2
64 2
65. 9
65. 9
65.4

41.7
41.8
41.7
41. 4
41.5
42.4
43. 1
43.2
43.9
44 6
44 8
45. 6
45.6
45. 6

242
24 4
24 6
24 3
24 4
25.0
25.6
25. 8
25. 9
25.8
25. 9
26.5
26.7
26. 6

18.6
18.8
19. 1
18.7
18.8
19.4
20. 1
20. 2
20. 3
20. 2
20. 1
20.7
20. 9
20. 8

1
Includes nonhousekeeping residential construction, not shown separately.
> Not available for revised series beginning 1960.
«Complied by F. W. Dodge Corporation and relates to 48 States.
«In addition to major differences between old and new series, data for Alaska
&nd Hawaii are included beginning January 1959,




8.0
8. 0
7.7
7.7
7.7
7.7
7.6
7.6
8. 1
8.7
9.0
8.9
8.9
9. 0

101. 7
105. 1
105. 1
105. 2
107.6
119.7

9.5
9. 5
9.4
9.4
9.4
9.8
9.9
9.8
10.0
10. 1
10.0
10. 2
10.0
10. 0

18. 2
17.4
18. 6
17.8
18.6
17.1
17.3
19. 2
18.8
19.6
19.4
20.3
20.4
19. 8

123
138
121
130
118
125
144
135
126
132
128
146
144

359
440
440
461
443
500
Seasonally
adjusted
annual
rates
500
510
539
564
467
454
575
648
537
544
511
615
512

6
Series have been revised beginning 1959 (new series). For details, see Construction Activity, C3G-54, Bureau of the Census, January 1964.
6
Preliminary.
Sources: Department of Commerce and F, W. podge Corporation.
•• Q

NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
In November, private nonfarm housing starts, following 2 months of sharp increases, dropped 16 percent to an annual
rate of 1.5 million units. This dropped starts back to nearly their August level. New units authorized declined
about 3V2. percent.

MILLIONS OF UNITS

MILLIONS OF UNITS

2.5

2.5

SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION ( V A )

COUNCIL OF ECONOMIC ADVISERS

[Thousands of units)
HOLisine: star ts
Tntfll

Period

1956
1957
1958
1959
1959 33_
19603
1961
19623
1962: Oct..
Nov..
Dee._
1963: J a n _ _
Feb._
Mar_.
Apr__
MayJune.
July..
Aug..
Sept5,
Oct5Nov5-

private Total
and
private
public (includ(includ/ngx
ing
farm)
farm)

1, 553. 5
1, 296. 0
1, 365. 0
1, 492. 4

138. 0
122. 5
94. 9
83. 3
87. 6
128. 1
160.3
169. 5
157.3
152.3
147.9
147.3
163.4
118. 5

1
s

1, 516. 8
1, 252. 1
1, 313. 0
1, 462. 8

135. 2
120. 9
93. 9
80. 6
86.5
124. 4
158. 2
166. 4
153.4
150. 2
144.4
145.3
160. 5
116. 9

Pri\rate nonfa rm
Total

Onefamily

1, 093. 9 980. 7
992. 8
840. 2
1, 141. 5
932.5
1, 342. 8 1, 078. 5
1, 494. 6 1, 211. 9
1, 230. 1 972.3
1, 284. 8 946. 4
1, 439. 1 967. 8

131. 3
119. 8
92. 9
79.4
85. 0
122.6
155.4
163.2
151.6
148.6
142.0
142. 1
157.2
114. 3

88. 1
77. 6
54. 9
46.2
50.9
78.8
102.8
103. 9
98. 3
96. 5
93.4
90.8
104 1

Two or
more
families
113. 2
152.6
209.0
264. 3
282.7
257.4
338. 6
471. 3
43. 2
42. 2
37. 9
33.3
34.2
43.8
52. 5
59. 4
53.3
52. 0
48. 5
51.0
58. 1

Authorized by issuance of local building permit.
Units represented by mortgage applications for new home construction.
a New series; see Housing Starts, C20-50, July 1963.

20



Total
private
(including
farm)

1, 516. 8
1, 252. 1
1, 313. 0
1, 462. 8
1, 537
1, 579
1,562
1,344
1, 380
1, 575
1,618
1,618
1,571
1, 588
1,455
1,732
1,819
1,528
4

Priv ate nonf arm
Total

Gover nment
home p rograms

FHA
VA
183. 4 270. 7
150. 1 128. 3
270. 3 102. 1
307. 0 109. 3
307. 0 109. 3
74. 6
225. 7
83. 3
198.8
197.3
77. 8
S&isonally adjusted
173
70
1,491
72
1, 564
183
75
1,541
176
172
1,317
74
78
1,353
164
172
73
1,549
83
1,590
176
1,590
180
79
1,554
72
179
1,573
72
164
1,434
63
151
62
1,697
159
62
1,779
158
67
1,495
153

1, 093. 9
992. 8
1, 141. 5
1, 342. 8
1, 494. 6
1, 230. 1
1, 284. 8
1, 439. 1

Proposejd home
constr uction
New
private
Applica- Requests
housing
units tions for for VA
author- FHA appraisized1 commitals 2
ments 2
921. 9
401. 5
197. 7
820. 3
159.4
198. 8
341. 7
950. 8
234. 2
1, 081. 1
234. 0
369. 7
1, 208. 3 369. 7
234. 0
242. 4
142. 9
998. 0
1, 064. 2
236. 2
177. 8
221. 1
1, 186. 6
171. 2
annual ra tes
1, 195
207
176
207
1,254
168
172
199
1,248
1,200
203
161
197
1, 193
150
1,232
197
152
251
1,214
119
4
1,285
160
152
1,315
195
123
1,256
182
122
172
1,215
133
1,319
173
140
176
1,367
140
1,320
190
145

fi
Reflects new application fee scheduled May 1.
Preliminary.
NOTE.—Data for Alaska and Hawaii are included in all VA and FHA series
and Census series beginning with the new series in 1959.
Sources: Department of Commerce, Federal Housing Administration (FHA)
and Veterans Administration (VA).

TRADE SALES AND INVENTORIES
Preliminary estimates of retail sales (seasonally adjusted) in December show a rebound of
temporarily restrained November rate.

percent from the

BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS*

RETAIL TRADE
DURABLE GOODS STORES

10

}«*^*-"

i i i i M i 1 1 1 i M 11 i i i i I i n i i 1 t i m 1111 i i 11 M t i I i 1 1 1 I I
INDEX, 1957-59-100*
125
NONDURABLE GOODS STORES
INVENTORIES

10

u "
J

I960

1961

1962

I960

1963

1962

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

Wholesale

Retail
Sales 13

Period

Sales »

Inventories 2

Total

Departm ent stores

I]nventories> 2

NonDurable durable
goods
goods
stores
stores

Total

NonDurable durable
goods
goods
stores
stores

Millions c)f dollars, seasonal!] adjusted
r

1955
1956
1957
1958
1959
1960
1961
1962
1962: Oct
Nov
Dec
1963: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept7
Oct
Nov 7
Dec7___

__
__ _ _„
_ __ _

___

9,076
9, 689
9, 611
9, 428
10, 477
10, 466
10, 638
11, 187
11, 234
11, 386
11, 455
11, 283
11, 548
11, 619
11, 472
11, 475
11, 662
11, 706
11, 670
11, 950
11, 991
11, 657

10, 757
11, 974
11, 778
11, 757
12, 811
12, 885
13, 131
13, 581
13, 475
13, 437
13, 581
13, 493
13, 542
13, 573
13, 593
13, 726
13, 780
13, 831
13, 952
14, 122
14, 202
14, 245

15, 321
15, 811
16, 667
16, 696
17, 951
18, 294
18, 234
19, 613
19, 875
20, 112
20, 253
20, 387
20, 374
20, 350
20, 276
20, 200
20, 486
20, 719
20, 666
20, 426
20, 716
20, 622
21, 548

1
Monthly average for year and total for month.
* Book value, end of period, seasonally adjusted.
3
Beginning January 1960, data include Alaska and Hawaii.
4
Daily average.
8
End of period, except annual data, which are monthly averages.




5, 696
5, 484
5, 696
5, 284
5, 972
5, 894
5, 608
6, 245
6,391
6,437
6, 488
6, 624
6, 624
6, 576
6, 646
6, 512
6, 630
6, 773
6, 562
6, 606
6, 941
6,786
7, 188

1963

COUNCIL OF ECONOMIC ADVISERS

9,739
10, 326
10, 971
11, 412
11, 979
12, 400
12, 626
13, 367
13, 484
13, 675
13, 765
13, 763
13, 750
13, 774
13, 630
13, 688
13, 856
13, 946
14, 104
13, 820
13, 775
13, 836
14, 360

22, 769
23, 402
24, 451
24, 113
25, 305
26, 813
26, 238
27, 938
27, 747
27, 729
27, 938
28, 002
28, 025
28, 066
28, 061
28, 062
28, 124
28, 259
28, 148
28, 147
28, 373
28, 540

10, 532
10, 495
11, 283
10, 526
11, 044
11, 951
11, 019
11, 728
11, 712
11, 695
11, 728
11, 676
11, 735
11, 724
11, 622
11, 584
11, 614
11, 673
11, 604
11, 605
11, 664
11, 874

12, 237
12, 907
13, 168
13, 587
14,261
14, 862
15, 219
16, 210
16, 035
16, 034
16, 210
16, 326
16, 290
16, 342
16, 439
16, 478
16, 510
16, 586
16, 544
16, 542
16, 709
16, 666

Sales4

Inventories5

Index, 1957-59=100,
seasonally adjusted6
88
85
94
94
96
99
99
98
105
103
106
109
109
110
114
117
110
120
118
120
117
117
113
120
114
119
119
120
115
120
117
121
120
121
120
123
126
122
121
124
113
128
117
128
127

6
7
Based on retail value.
Prelimmary.
NOTE.—Data for wholesale sales and inventories and retail inventories have
been revised beginning 1948.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.

21

MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers1 sales and new orders (seasonally adjusted) declined in November. A substantial proportion of the
new orders decline occurred in the transportation equipment component. Inventories continued to rise sharply.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS

MANUFACTURERS' INVENTORIES
60

TOTAL

50

40

DURABLE GOODS

MANUFACTURERS1 NEW ORDERS

30
20

NONDURABLE
GOODS

DURABLE GOODS

NONDURABLE GOODS

20
10

I960

1961

1961

* SEASONALLY ADJUSTED.
SOURCE: DEPARTMENT OF COMMERCE.

*

Total

1955
1956
1957
1958
1959
1960
1961
1962
1962: Sept
Oct
Nov
Dec
1963: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept4
Oct
Nov 4

_ 26, 486
27, 740
28, 736
27, 280
30, 219
30, 796
30, 884
33, 308
33, 167
33, 241
33, 673
32, 945
33, 542
34, 114
34, 244
34, 578
34, 836
34, 942
35, 641
34, 736
34, 672
35, 214
35, 162

NonDurable durable
goods
goods

14, 080
14, 715
15, 237
13, 572
15, 544
15, 817
15, 532
17, 184
16, 993
17, 119
17, 162
16, 832
17, 301
17, 636
17, 622
17, 892
18, 112
18, 242
18, 746
18, 160
17, 937
18, 590
18, 348

12, 406
13, 025
13, 499
13, 708
14, 675
14, 979
15, 352
16, 124
16, 174
16, 122
16, 511
16, 113
16, 241
16, 478
16, 622
16, 686
16, 724
16, 700
16, 895
16, 576
16, 735
16, 624
16, 814

Manufac Durers' inventories 2

Total

Millions
45, 069
50, 642
51, 871
50, 070
52, 707
5:5, 814
55, 087
57, 753
57, 310
57, 442
57, 608
57, 753
57, 883
58, 021
58, 126
58, 309
58, 507
58, 706
58, 884
58, 917
59, 087
59, 322
59, 727

NonDurable durable
goods
goods
of dollars
26, 405
30, 447
31, 728
30, 095
31, 839
32, 360
32, 040
34, 320
34, 147
34, 100
34, 237
34, 320
34, 300
34, 400
34, 503
34, 787
34, 062
35, 156
35, 346
35, 507
35, 536
35, 581
35, 660

Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly
; for monthly data, ratio of inventories at end of month to sales for month.

22



1963

COUNCIL OF ECONOMIC ADVISERS

Man u 'acturers' sales l
TJ

1962

Ma nufacture rs' new orders 1

Durah>le goods
Total

Total

seasonal y ad juste d
18, 664 27, 423 14, 954
20, 195 28, 383 15, 381
20, 143 27, 514 14, 073
10,075 26, 901 13, 170
20, 868 30, 679 15, 951
21, 454 30, 115 15, 223
22, 441 31, 061 1 5, 664
23, 427 33, 167 17,085
23, Kit) 32, 033 10, 547
23, 270 33, 400 17, 288
23, 37 1
33, M 5 10, 732
r
23, 4'27 33, 3, r»
17, 330
23,
23,
23,
23
23,
23,
23,
23,
23,
23,
24,

403
525
533
522
545
550
538
410
551
741
067

34,
34,
35,
3f»,
35,
34,
35,
33,
34,
35,
35,

74'2
O: 0
3< 4
7f2
43S
425
207
1)38
901
354
144

18, 400
IS, '22S
18, 776
10, 037
18, 730
17, 08'2
18, 275
17, 008
18, 244
18, 022
18, 140

NonMachinery durable
and
goods
equipment
2,497
2,866
2, 572
2, 357
2, 882
2,789
2,858
3, 093
2, 081
3, 048
3, 157
3,
3,
3
3,
3,
3,
3
3,
3,
3,
3,
3,

000
254
'200
'217
351
410
'202
334
307
415
441
200

12, 469
13, 002
13, 441
13, 731
14,728
14, 892
15, 397
16, 082
16, 086
16, 112
10, 433
10, 025
10, 270
10, 408
10, 588
1 0, 7 1 5
10, 702
10, 743
10, 03'2
Hi, 870
10, 747
10, 732
10, 90S

Manufacturers'
inventorysales
ratio 3

1. 62
1.73
1.81
1.84
1.70
1.76
1.74
1. 70
1.73
1. 73
1. 71
1.75
1. 73
1.70
. 70
1. 00
. 08
. 08
. 05
. 70
. 70
. 08
. 70

4
Preliminary.
NOTE.—Data have been revised beginning 1947. For detail*, seo Manufacturer*, Shipments, Inventories and Orders: 1947-03. Series M3-1.
Source: Department of Commerce.

MERCHANDISE EXPORTS AND IMPORTS
With a small rise in exports (seasonally adjusted) and almost no change in imports, the trade surplus increased slightly.
BILLIONS OF DOLLARS
2.5

BILLIONS OF DOLLARS
2.5

2.0

-^ SEE NOTE I BELOW.
SOURCES: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[ Millions of dollars]
M erchandi se expo rts

Period

M erchandi se impo rts

Gener al 2imTotal ( includJDomest c expor ts
poi-ts
ing reeicports)1
Indus- Finished
Season- Unad- Total i Food- trial
manu- Season- Unadally adally ad- justed
facstuffs matejusted
rials
tures 1 justed justed

Monthly average :
1955
1956
1957
1958
1959
1960
1961
1962
1962: Oct
Nov
Dec
1963: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

1, 191
1, 445
1, 626
1,364
1, 3(i7
1, 634
1, 679
1, 742

1,493
1, 695
1, 839
982
2, 181
1,991
1, 918
1,900
1,814
1, 779
1,897
1, 992
1,899
1,940

1,583
1,791
1, 864
960
2, 021
2,058
1, 968
2,069
1,777
1,712
1,816
1,765
2, 023
2, 028

162
351
180
441
432
216
530
208
611
351
368
198
352
366
210
617
230
510
254
486
659
719
440
281
U nadjust ed
412
1, 562
246
267
476
1,765
1, 839
289
491
942
234
140
522
1,997
328
2,032
347
495
464
1, 941
360
2, 044
509
375
1,752
458
280
454
294
1,691
1,792
282
518
1,743
493
288
1,999
569
354
2, 003 _

667
775
872
784
776
877
919
998

1,
1,
1,
1,
1,
1,
1,
1,

904
1, 022
1,058
567
1, 147
1, 190
1, 117
1, 160
1, 014
942
992
962
1, 076

1 Total exports less Department of Defense shipments ol grant-aid military
supplies and equipment under the Military Assistance Program.
2
8 Imports for immediate consumption plus entries into bonded warehouses.
Imports for immediate consumption plus withdrawals for consumption from
bonded warehouses.




958
1,064
1, 105
1, 105
1,302
1,251
1, 226
1, 366
1, S19
1,482
1, 372
1, 098
1, 493

1,484

1, 423
1,406
1,410
1, 469
1,532
1, 453
1,475
1,480

1, 439
1,452
, 366
, 117
, 390
1, 463
, 461
, 462
, 356
, 505
1,461
1, 398
1, 598
1, 432

Merchandise
Impc rts for con sum ption
trade
Indus- Finished surplus,
seasontrial
Total Food- mate- manu- ally adstuffs
facjusted
tures
rials
3

260
954
477
521
267
1,056
1,102
274
534
4
489
288
1, 101
1,284
285
569
274
1,251
539
1,221
277
522
1, 355
561
298
U nadjust ed
322
1, 424
541
345
1,470
585
1, 336
320
527
, 139
208
518
323
, 3(>7
553
,418
317
575
317
, 457
593
,438
299
594
, 328
279
559
, 505
313
599
,480
304
629
, 375
325
546
1, 586
367
607
1, 428

217
268
294
326
431
438
423
496

234
380
521
260
65
383
453
376

562
539
480
412
491
526
547
545
490
593
547
504
612

174

264
467
— 111
638
506
495
494
403
310
364
539
424
460

* Total adjusted to exclude °33.5 million of the value reported by economic
category.
NOTE.—Seasonally adjusted series revised beginning 1961. Because of revisions
being made in series, subgroups do not necessarily include all data in totals.
Source: Department, of Commerce.

23

U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
A rise in exports of goods and services was exceeded by a rise in imports in the third quarter, which lowered the surplus
on goods and services to $5.2 billion (seasonally adjusted annual rate).

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

EXPORTS OF GOODS AND SERVICES

30

30

20

20

IMPORTS OF GOODS AND SERVICES

10

1958

1959

1961

1954
1955
1956
1957
1958
1959
1960
1961
1962
1962: I
II
III
IV
1963: I
II
III

[Millions of dollars, quarterly data at seasonally adjusted annual rates]
Impo rts of goo ds and seimces
Expo rts of goo ds and sei•vices
Balance
Income1 on inMer- Military
Mer- Military Other on goods
vestncients
Other
chanTotal
Total
and
chan- expend- services
sales
dise l
dise l
services
Private Govern- services
itures
ment
17, 759 12, 799
182
2, 642
272
2, 551 15, 931 10, 354
1, 828
1,955
2,935
19, 804 14, 280
200
2, 170
2,901
3,367
2, 009
274
2, 880 17, 795 11, 527
23, 595 17, 379
161
3,967
2,468
2,949
194
3,393 19, 628 12, 804
3,875
26, 481 19, 390
375
2, 612
3,216
5,729
205
4,245
3, 899 20, 752 13, 291
23, 067 16, 264
2, 206
300
2,538
3, 658 20, 861 12, 952
3,435
4, 474
307
23, 476 16, 282
302
2,694
3,107
134
4,925
349
3, 849 23, 342 15,310
26, 974 19, 459
335
2, 873
3,048
5,434
3,769
349
3,958 23, 205 14, 723
28,311 19,913
402
3,464
5,444
4, 152 22, 867 14, 497
2,934
5,436
380
29, 790 20, 479
472
5,791
660
3,850
4,329 24, 964 16, 145
4,826
3,028
28, 824 20, 088
452
3,616
4,232 24, 476 15, 768
3,016
5, 692
4, 348
436
30, 440 21, 048
3,760
2,992
760
576
4,296 24, 888 16, 120
5,552
5, 776
30, 200 21, 080
564
3,784
4,352 25, 128 16, 508
5,692
5, 072
420
2,928
29, 696 19, 700
864
4,240
456
6,004
4,332
4,436 25, 364 16, 184
3, 176
29, 788 19, 992
4, 252
724
496
4,324 25, 028 16, 008
2,992
6,028
4,760
31, 564 21, 924
812
3,856
4,472 25, 740 16, 680
2,900
500
6,160
5,824
31, 964 22, 156
704
4,012
500
4,592 26, 724 17, 616
2,828
6,280
5,240

i Adjusted from customs data for differences in timing and coverage.

24



1963
COUNCIL OF ECONOMIC ADVISERS.

SOURCE: DEPARTMENT OF COMMERCE.

Period

1962

Source: Department of Commerce.

U.S. BALANCE OF INTERNATIONAL PAYMENTS
The over-all payments deficit fell sharply in the third quarter to $1 billion (seasonally adjusted annual rate). A
substantial part of the improvement was due to smaller capital outflows and a reduction of Government grants and
capital outlays abroad.
BILLIONS OF DOLL/^RS

BILL.IONS OF DOLLARS

2O

20

SEASON/ LLY ADJUSTED ANNUA L RATES

_

tf\

10
Bfi LANCE ON GOODS A ND SERVICES

— X^

O

r-^

•^

-IO

(O

l

1

^

0

1

•RANSACTIONS
BA LANCE ON OTHER 1

l

^^^^^^^

l

l

\

"

t

|

I

£.

t

I

^JL

:

i

i

N /

1

l

1

l

-10

1

I

10

OVER-ALL BA LANCE [SURPLUS C R DEFICIT (-Q

-

UULJU UULJ U uuuy u

.
-10

i

1
1957

l

i

i i
1956

i

i
1959

i

i

i

i

1

I960

U
I
1961

U ULJ^U y y ^
1

i

i

SOUf ICE! DEPARTMENT OF C OMMERCE.

1956
1957
1958
1959
1960
1961
1962
1962:
I
II
III_
IV._._
1963:
I
II
!!!____

Direct
investments

Longterm
portfolio

Shortterm

3,967
5,729
2,206
134
3,769
5,444
4,826

-2,362
-2, 574
-2,587
-1,986
-2, 769
-2, 782
-2, 998

4,348
5,552
5,072
4,332

-796 -1, 428 -1,220
-3,680
4
-3,364 -2.024 -1,316
-656
-1,776 - 1, 436 -752
-156
-3, 172 -1,972 -1,340

Foreign
capital l

i

-10

Oven ill balance (surplus or deficit (-))
Liquid 1labilities 3
Gold To monand con- etary
2
Total
Total vertible author- To other
curities
foreign
rencies
and
holders 5
institutions 4
-935
520
-3,529
-3, 743
-3, 881
-2, 370
-2, 186

306
-935
-1, 241
798
520
278
-3,529 - 2, 275
-1, 254
-731
-3,743
-3, 012
-3,881 -1,702 -1,890
-289
-741
-2,370
-546 -1,083
-2, 186
-907 -1,079
-200
Qimr terly tota Is, unadji isted

1,308
-108 -2,340
216
-148 -1,808
704 -1,876 -1, 424
1,852 -1,968 -3, 172

— 472
-323
-693
-698

348
-488 -3, 460
1,004
568 -4, 956
220 -1, 336 -1, 024

-689
-1, 173
-593

Other than liquid funds.
•Equals changes in U.S. gold and convertible currencies and liquid liabilities
to foreigners. Remittances and pensions, not shown separately in this table,
ore Included in over-«ll balance and amounted to $736 million in 1962.
'Minus indicates increase in liabilities.
* To International Monetary Fund (IMF) and foreign central banks and
•overnments.




Unrecorded
transactions

-517
653
-603
-1,951
543
-2,442
-276
-859
487
1, 157
-311
22
-1, 181 -1,444
488
-77
412
-1,372
-926
863
-1,694
-850 -1,348
366
-683
-1,598 -1,011 -1,541
728
-905
-507
1,020 -1,025
-1,557 -1,209
Season ally adjuf- ted anniMU rates

348
4,760 -3,528 -2, 004 -2, 048
5,824 -4,608 -1,952 -2,464 -2, 492
112
5, 240 -2, 228 -1, 104 -1, 156

1

i
1963

COUN DIL OF ECONOMIC ADVI SERS.

[Millions of dollars]
U.S. pr ivate capi tal, net
Balance Government
on
grants
Period ' goods
and
and
services capital,
net

/

i

1962

-189
207
-550
-375
70
lO
6

-122
-167

416

-506
-601
-388
-217
-909
-382

-699
-24
458
65

-394
-142
-44

s To foreign commercial bank? and other international and regional institutions
not listed in footnote 4, and other foreigners.
6
Total at end of second quarter was $15,789 million, of which $15,635 million was
U.S. gold stock. The decline in gold stock during quarter was $195 million.
NOTE.—Data exclude military aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
OR

PRICES

CONSUMER PRICES

Consumer prices increased by 0.2 percent in November.
among all the major components.

The increase in the over-all index was broadly distributed

INDEX, 1 9 5 7 - 5 9 = 100

INDEX, 1957-59*100

115

115

105

100

95

95

1957
SOURCE:

DEPARTMENT

1963

1958
OF L A B O R

COUNCIL OF ECONOMIC ADVISERS

[1957-59=100]
Co m modi ties3
All
items

Period

1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1962: Oct
Nov
Dec
1963: Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sept _ _
Oct
Nov
Source: Department of Labor.

26



_

_

92. 5
93. 2
93. 6
93. 3
94.7
98. 0
100. 7
101. 5
103. 1
104. 2
105. 4
106.0
106. 0
105. 8
106. 0
106. 1
106.2
106. 2
106.2
106. 6
107. 1
107. 1
107. 1
107. 2
107. 4

All commodities
96. 7
96. 4
95. 4
94. 4
95. 3
98. 4
100. 7
101. 0
101. 7
102. 4
103. 2
104. 0
103. 9
103. 6
103. 6
103. 8
103.7
103. 6
103. 6
104. 1
104. 7
104. 7
104. 6
104. 7
104. 8

Services

Comm odities lesjs food
Food
97. 1
95. 6
95. 4
94. 0
94. 7
97. 8
101. 9
100. 3
101. 4
102. 6
103. 6
104.3
104. 1
103. 5
104. 7
105. 0
104. 6
104.3
104.2
105.0
106. 2
106.0
105. 4
104. 9
105. 1

All
96. 7
96. 8
95. 6
94 6
95. 9
98. 9
99. 8
101.3
101. 8
102. 1
102.8
103. 6
103. 5
103. 4
102. 6
102. 7
102. 9
103.0
103.0
103.3
103. 5
103. 6
103.8
104. 3
104. 5

All
NonDurable durable services

102. 7
101. 6
97.7
94. 9
94 9
98. 2
99.7
102. 0
100. 7
100. 5
101. 5
102. 0
102. 2
101. 7
100. 4
100. 6
100.8
100.9
101.0
101. 3
101. 3
101. 4
101. 5
102. 2
102. 5

93. 2
94 0
94 4
94 4
96. 5
99. 1
99. 8
101. 0
102. 6
103. 2
103. S
104 6
104 4
104 6
104 0
104 1
104 2
104 3
104.2
104 5
104 8
105.0
105.2
105. 6
105. 8

84 0
87. 5
89. 8
91. 4
93. 4
97. 0
100. 3
102. 7
105. 6
107. 6
109.5
109.8
110.0
110. 1
110. 5
110. 5
110.8
111. 1
111. 1
111. 3
111. 5
111.7
111. 9
112. 1
112.3

Rent
85. 7
90. 3
93. 5
94 8
96. 5
98. 3
100. 1
101. 6
103. 1
104 4
105. 7
106. 1
106.2
106. 2
106. 3
106. 4
106.4
106. 5
106.6
106. 7
106. 7
106. 8
107.0
107. 1
107. 2

Services
less
rent
83.8
87. 0
89. 1
90. 8
92. 8
96. 7
100. 3
102. 9
106. 1
108. 3
110. 2
110. 5
110. 6
110. 8
111. 2
111. 2
111. 6
111. 9
111. 9
112.2
112. 4
112. 6
112. 8
112. 9
113. 2

WHOLESALE PRICES
Wholesale prices declined in December, according to weekly indexes. Prices of farm products and processed foods
declined, while industrial commodity prices were essentially unchanged.
INDEX, 1957-59*100

INDEX,1957-59 = 100

COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)

90

1963
SOURCE: DEPARTMENT OF LABOR.

.COUNCIL OF ECONOMIC ADVISERS

All
com-

Period

1955
1956
1957
1958
1959
1960
1961
1962
_
1962: Oct
Nov
Dec
1963: Jan
Feb
Mar
Apr
May
June
July___
Aug.
_
Sept
Oct 3
Nov
Week ended: 4
1963: Dec 17
24
31...
1964: Jan 7

modities

._

1)3. 2
9(3. 2
1)1). 0
100. 4
100. (>
100. 7
100. 3
100. 0
100. 6
100. 7
100. 4
100. 5
100. 2
99. 9
99.7
100.0
100.3

Farm
products
(
.)7.
1)0.
1)1).
103.
1)7.
1)0.
1)6.
U7.

1)
()
2
(>
2
1)
0
7

Processed
foods
1M. 3
1)4. 3
1)7. 1)
102. 1)
1)1). 2
100. 0
100. 7
101. 2
101. 5
101. 3
100. 1)
100. 8
100. 5

100. 6
100. 4
100.3
100. 5
100. 7

1)8. 7
1)9. 3
1)7. 3
98. 5
96. 5
95. 4
95. 4
94.4
94. 9
96.8
96. 3
95.5
95. 1
96.2

99.0
99. 3
101. 7
102. 4
102. 2
100. 9
100. 9
102. 2
102. 5

100. 2
100. 5
100.6
100. 6

93. 1
95. 0
95. 5
94. 8

100.7
100. 9
101. 6
101. 5

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




Commodit,ies other t han farm ] products aiid foods (iridustrials)
Consuriner finIndusIndusAll intrial in- Produc- ished g(x>ds extrial
cludin g food
dustricrude termedi- er finals l
DurNonmate- ate ma- goods
terials 2
rials
durable
able
1)2. 4
96. 6
92. 5
85. 6
95.8
92.8
1)6. 5
102. 3
92. 0
97.7
97. 0
95. 9
1)1). 2
97. 7
100. 9
99. 6
99.9
98. 7
1)1). 5
1)6. 9
99. 4
100. 2
100. 1
99. 3
101. 3
102. 1
102. 3
101. 0
101. 3
100. 8
101. 3
98. 3
101. 4
102. 3
100. 9
101. 5
100. 8
102. 5
97. 2
100. 1
100. 5
101. 5
100. 8
102. 9
1)5. 6
99. 9
100. 0
101. 6
100. 7
1)4. 8
102. 8
99. 7
99. 9
101. 8
94. 6
100. 7
99. 6
102.9
100. 0
101. 7
1 00. 7
94. 8
103. 0
99. 5
99. 9
101.8
103. 0
1 00. 7
94. 7
99. 5
101. 7
99. 8
100. 6
94. 9
101. 7
99. 4
103. 0
99.8
1 00. (')
94. 9
102. 9
99. 3
99. 7
101.8
100. 4
102. 9
94. 3
99. 3
99. 5
101.6
100. 5
102. 9
94. 1
99.5
99. 4
101.8
100. 7
93. 9
103. 0
102. 1
99. 7
99. 3
100. 8
103. 0
93. 9
99. 7
102. 3
99. 4
93. 9
100. 8
99. 7
103. 0
99. 3
101. 9
100.7
99.6
93.9
103. 0
99. 4
101.9
100. 9
94. 4
103. 2
99. 8
99.6
102.0
100. 9
94. 6
99. 9
103. 4
99. 6
101. 7
101.
101.
101.
101.

0
1
1
1

3 Preliminary.
4
Weekly series based on smaller sample than monthly series.
Source: Department ol Labor.

O*7

PRICES RECEIVED AND PAID BY FARMERS
During the month ended December 15, the index of prices received declined 2 points while the index of prices paid
was unchanged. The parity ratio fell 1 point to 76.
INDEX, 1957-59 =100

INDE)<, 1957-59 = 100

MO

no

PRICES PAID,
f

NTEREST, TAXES, A ND
WAGE RATES

<v

\

*

7£**

t^z/^

^-%

*"*
1

,«1

^""^A.

Xj

™

\

PRICES RECEI VED
FARM PRODUCTS)

(ALL

90

1 1 .( 1 1 . 1 1 1 1

80

90

i . . , . 1 , . . , ,

80

RATI 0^
IOO

RA-

IOO

90

Qfi

/'''••»,
/

X'''',
80

70

u.,
,,/

i ....

*

* * """".. >j,,

PARITY RATI 0

\
^7 "^"^
\

1IMW/

^

1 . . . . t

1957

. * 1 1 * 1 1 . . ..

. . . . . 1 . .,

1958

!

«

1

!

1

1

1

,
,
IIIIIIL,. _

Jmi

'fining

1 _• . J-

t

!

i 1

1960

1959

-I/ RAT 0 OF INDEX OF PRICES DECEIVED, TO INDEX OF

1

<f£~?!tif—

I 1

Period

1

_

_

Crops

105
102
96
95
97
104
99
98
99
100
101
101
101
100
99
100
99
100
101
100
100
100
100
98

Percentage ratio of index of prices received by fanners lo index of prices paid
interest, taxes, and wage rates, on 1910-14=100 base.

28



•

1

!

!

1

1

!

!

!

!

1

8O

7O

1963

1962

COUI>4CIL OF ECONOMIC ADV ISERS

AH farm
products

_

X-,./X.....x

PRICES PAID,

Prices received by farmers

_

"«"

1

1 r ! i •

1961

INTERE ST, TAXES AND WAGE R &TES, ON 1910-14 = 100 EJASE.
SOURC E: DEPARTMENT OF AG RICULTURE.

1953
1954
1955
_.
1956
1957
1958
1959
1960
1961
1962
1962: Nov 15
Dec 15
1963: Jan 15
Feb 15
Mar 15
Apr 15
May 15
June 15
July 15
Aug 15
Sept 15
Oct 15
Nov 15___
Dec 15

^"V^

108
108
104
105
101
100
99
99
102
103
100
100
103
104
107
109
110
109
107
105
104
105
108
108

Price3 paid by farmers

Livestock All items,
interest,
and
taxes, and
products wage rates
Index, 195 7-59=100
104
95
97
95
90
94
88
95
94
98
106
101
102
100
102
98
98
103
99
105
101
105
106
100
100
106
97
106
94
106
93
106
91
106
93
106
97
107
97
106
106
97
96
106
94
106
91
106

Family
living
items
94
94
94
96
99
100
101
101
102
103
103
103
104
104
104
104
104
104
105
104
104
104
104
104

Sourer: Department of Agriculture.

Production
items

97
97
96
95
98
101
101
101
101
103
103
104
104
104
104
104
104
104
104
104
104
104
103
103

Parity
ratiol

92
89
84
83
82
85
81
80
80
79
79
79
79
78
77
78
77
77
79
78
77
77
77

7e

MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY

In December, the money supply changed little while time deposits rose $1.1 billion on a seasonally adjusted basis
omitted.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

160
MONEY SUPPLY

12.0

120

TIME DEPOSITS AT ALL
COMMERCIAL BANKS

—s=a

80

80

40

I960

1957

1961

(962

1963
COUNCIL OF ECONOMIC ADVISERS.

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[Averages of daily figures, billions of dollars]
M oney supp ly
M one}7 supj>iy
Period
Total

1956:
1957:
1958:
1959:
1960:
1961:
1962:
1963:
1963:

Dec
Dec
Dec
Dec
Dec
Dec
Dec 2
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec 2
First half 2
Second half

1

Deposits at all commercial banks.
* Preliminary.




__

136. 9
135. U
141. 2
142. 0
141. 2
145. 7
147. 9
153. 2
148. 7
148. 0
148. 9
149. 4
149. 4
149. 8
150. 7
150.5
150.9
152. 0
153. 1
153. 2
153. 2
153.2

Currency
outside
banks

Demand
deposits

Season all; 1
28. 2
28. 3
28. C)
28. (J
28. 9
29. 0
30. (i
32. 5
30. 7
30. 9
31. 1
31. 2
31. 3
31. 6
31. 6
31. 8
31. 8
32. 0
32. 3
32. 5
32. 5
32.4

ad jus I e(
108. 7
1 07. 5
] 1 2. 0
113. 2
112. 2
IK). 1
1 1 7. 3
120. 8
1 1 8. 1
1 17. 7
117. 8
118. 2
118. 1
1 18. 2
119. 1
118. 8
119. 1
120. 1
120. 9
120. 8
120. 7
120.8

Time
deposits l

52. 1
57. 5
65. f>
07. 4
72. 7
82. 5
<)7. 5
111. 8
99. 1
100. 3
101. 8
102. (i
103. 7
104. f>
1 05. 5
10(>. 7
107. 6
108. 9
110. 7
111. 8
111. 5
112. 0

Total

140.3
139. 3
144, 7
145. 0
144. 7
149. 4
151. 6
157. 1
151. 8
148. 3
147. 4
149. 5
147. 3
148. 2
149. 4
1 49. 1
150. 5
152. 4
154. 5
157. 1
156. 5
157.6

Currency
outside
banks

Demand
deposits

Unad justed
28.8
111. 5
110. 4
28. 9
29. 2
115. 5
116. 1
29. 5
29. (>
115. 2
30. 2
119. 2
1 20. 4
31. 2
33. 1
123. 9
30. 5
121. 3
117. 8
30. 5
30. 8
116. 7
30. 9
118. 6
31. 1
116. 2
31.4
116. 7
31. 8
117. 6
31. 9
117. 2
32. 0
118.6
32. 1
120. 3
121. 9
32. 6
33. 1
123. 9
33.2
123. 3
33. 1
124. 5

Time
deposits l

51. 4
56. 7
64. 6
06. 6
72. 1
81. 8
96. 6
110. 8
98. 4
99. 9
101. 7
102. 9
104. 0
105. 0
106. 0
107. 3
108. 1
109. 3
110.0
110. 8
110. 5
111. 0

NOTE.—See note, p. 31.
Source: Board of Governors of the Federal Reserve System.

U.S.
Government
demand
deposits l

3. 4
3.5
3.9
4.9

4. 7
4. 9
5. 6

5.4
4.8

5. 6
5. 9
4. 2
7.0
7.4

7. 7
6. 2

6.5

5. 3

4.6

5. 4

4.2

6. 5

29

SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Most liquid assets (seasonally adjusted) continued to rise in November.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

500

500

400

300

200

200

100

•BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE." BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF ECONOMIC ADVISERS.

[Billions of dollars; seasonally adjusted]

End of period

1955
1956
1957
1958
1959
1960
1961
1962
1962: Oct
N ov
Dec
1963: Jan
Feb
Mar
Apr
May
June
Julv
Aug 3
Sept
Oct 3
Nov 3
1

. _

Total
selected
liquid
assets

332. 5
343. 2
356.0
373. 1
393. 9
399. 2
424. 6
459. 2
453. 4
456. 9
459. 2
462. 8
464. 6
466. 7
469. 9
473. 1
476. 3
478.3
482.7
484.2
489. 1
493. 0

Demand
deposits
and
currency l

133. 3
134. 6
133. 5
138. 8
139. 7
138. 4
142. 6
144. 8
143. 8
143. 4
144.8
144. 4
144. 5
145. 0
145. 3
145. 2
146. 5
146. 9
146. 2
147. 1
148.7
149. 4

Commercial
banks




Mutual
savings
banks

49. 7
52.0
57. 5
65. 4
67. 4
73. 1
82. 5
98. 1
95. 2
96. 9
98. 1
100. 1
101.2
102. 2
102.9
104. 0
105. 1
106. 2
107. 1
107. 9
110. 0
111. 8

Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for last Wednesday of month.
2
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February 1960, savings and loan associations.

30

U q p~,r

Time c[eposits

28. 1
30.0
31. 6
33.9
34.9
36. 2
38.3
41. 4
40. 9
41. 2
41. 4
41.7
41. 9
42. 2
42.5
42.8
43. 1
43. 3
43. 5
43. 7
44. 2
44. 6
3

Postal
Savings
System
1.9
1.6
1.3

1. 1
.9
.8

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

Savings
and loan
shares
32. 0
37.0
41.7
47. 7
54.3
61. 8
70.5
80. 0
78.3
79. 2
80.0
81. 1
82. 2
83. 4
84. 1
84. 9
85. 8
86. 4
87. 4
88. 5
89. 1
90. 1

ernment
U.S. Gov- securities
ernment maturing
savings
within
bonds 2
year 2

55.9
54.8
51. 6
50.5
47.9
47.0
47. 4
47. 6
47. 5
47. 5
47. 6
47. 8
47. 9
47. 9
48. 0
48. 1
48. 2
48. 3
48. 4
48. 5
48. 5
48. 6

Preliminary.
NOTE.—See note, p. 31.
Source: Board of Governors of the Federal Reserve System.

31. 6
33. 2
38.8
35.6
48.8
41. 9
42. 6
46. 8
47. 2
48.2
46. 8
47. 1
46. 5
45.5
46. 5
47.6
47.2
46. 7
49. 5
48. 0
48. 1
48. 0

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans, seasonally adjusted, rose $1.8 billion in December.
BILLIONS OF DOLLARS
250

BILLIONS OF DOLLARS*

250
ALL

COMMERCIAL BANKS

BANK LOANS

INVESTMENTS IN U.S. G O V E R N M E N T SECURITIES

L 960

1957

•* SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

END OF MONTH

All corn ITlercial bnnkt3
(s easonally adjusted daita)
End of period

1956
1957
1958
1959
1960
1961 5
1962
1962: Nov 5
Dec
1963: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept6
Oct 6
Nov6
Dec

Total
Investrnents
Loans,
loans excluding
and
inter- U.S. Gov- Other
investbank
ernment
securiments
securities
ties

161. 6
166. 4
181.0
185.7
194. 5
209.6
228. 1
225. 9
228. 1
228. 9
232. 3
235.0
232.5
234. 8
240.3
237.8
238. 5
240. 7
241.0
244. 0
246. 3

88.0
91. 4
95. 6
107. 8
114. 2
121. 1
134. 7
132. 2
134.7
134. 7
136.8
137.8
137.4
138. 9
141.8
142.4
142. 5
145. 0
146.3
148. 8
150.6

Billions of dollars
57. 3
16. 3
57.0
17. 9
64. 9
20. 5
57. 6
20. 4
59. 6
20. 7
64. 7
23. 8
29. 1
64. 3
64 6
29. 1
64. 3
29. 1
64. 6
29. 6
65. 4
30. 1
66. 7
30.5
63.9
31. 2
64. 2
31. 7
66. 0
32.5
62. 4
33.0
62. 1
33.9
61. 7
34. 0
60. 2
34, 5
34. 4
60.8
60. 8
34. 9

1
Member banks are all national banks and those State banks which have taken
membership in the Federal Reserve System.
2
Commercial and industrial loans.
3
Debits during period to demand deposit accounts except interbank and
U.S. Government.
4
Averages of daily figures. Annual data are for December.




COUNCIL OF ECONOMIC ADVISERS'

Bank
Weekly
_1 U. • i
debits
reporting
outside
member
banks 1 .New York
City (343
centers) ,
Business seasonally
adjusted
loans 2
annual
rates 3

30. 8
31.8
31.7
30. 7
32. 2
32. 9
35. 2
34.7
35.2
34. 3
34. 6
35. 2
35. 0
35. 1
35. 6
35. 0
35.2
35. 9
36.3
37. 3
38. 7

1, S85
1,468

1,481

1,656
1, 786
1,882
2,021
2,091
2,067
2, 149
2,086
2,096
2, 199
2, 151
2, 105
2, 277
2, 190
2,275
2,316
2,247

A 11 member banks l 4

Total
reserves

19, 535
19, 420
18, 899
18, 932
19, 283
20, 118
20, 040
19, 604
20, 040
20, 035
19, 581
19, 516
19, 574
19, 676
19, 735
20, 017
19, 721
19, 945
20, 004
20, 119
20, 699

Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Vlillions o f dollars
652
688
577
710
557
516
482
906
87
756
568
149
572
304
592
119
572
304
483
99
472
172
426
155
434
121
457
209
377
236
480
322
467
330
413
321
408
313
415
376
505
327

-36

-133

-41

-424

669
419
268
473
268
384
300
271
313
248
141
158
137
92
95
39
178

e
* Estimates.
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 beginning 1954 and 1959, respectively.
Source: Board of Governors of the Federal Reserve System.

31

CONSUMER AND REAL ESTATE CREDIT
In November, total consumer credit outstanding increased about $660 million compared to a rise of $760 million in
November 1962.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
END OF MONTH

TOTAL CONSUMER CREDIT OUTSTANDING

60

60

40

20

20

SEASONALLY ADJUSTED { ENLARGED SCALE )

INSTALMENT CREDIT EXTENDED

A

I957

I

I958

I962

I959

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

I963

[Millions of dollars]
Consu mer credit outstandin g (end of i>eriod;
Consum er instalme nt credit e xtended
imad justed
and r epaid (seas onally adjiisted)
Instalment
Automob ile paper
To tal
NonAutomoTotal
Total »
bile
Personal instal- Extended Repaid Extended Repaid
ment 2
paper
loans

Period

1953
1954
1955
1956
1957
1958
1959_
1960
1961
1962_._
1962: Oct
Nov
Dec
1963: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

I

COUNCIL OF ECONOMIC ADVISERS

._.

31, 393
32, 464
38, 830
42, 334
44, 970
45, 129
51, 542
56, 028
57, 678
63, 164
60, 441
61, 203
63, 164
62, 462
61, 989
62, 149
63, 167
64, 135
64, 987
65, 491
66, 308
66, 538
67, 088
67, 746

23, 005
23, 568
28, 906
31, 720
33, 867
33, 642
39, 245
42, 832
43, 527
48, 034
46, 526
47, 052
48, 034
47, 920
47, 852
48, 075
48, 806
49, 484
50, 307
50, 894
51, 526
51, 718
52, 257
52, 695

9, 835
9, 809
13, 460
14, 420
15, 340
14, 152
16, 420
17, 688
17, 223
19, 540
19, 193
19, 416
19, 540
19, 582
19, 678
19, 930
20, 376
20, 794
21, 236
21, 593
21, 819
21, 725
21,971
22, 107

4, 781
5,392
6, 112
6,789
7,582
8, 116
9, 386
10, 480
11, 256
12, 643
12, 306
12, 417
12, 643
12, 674
12, 739
12, 819
13, 033
13, 173
13, 368
13, 526
13, 743
13, 914
14, 041
14, 135

* Also includes other consumer goods paper, and repair and modernization
loans, not shown separately.
* Consists ol single-payment loan?, charge accounts, and service credit.
» End of period, unadjusted.

32



8,388
8,896
9, 924
10, 614
11, 103
11, 487
12, 297
13, 196
14, 151
15, 130
13, 915
14, 151
15, 130
14, 542
14, 137
14, 074
14, 361
14, 651
14, 680
14, 597
14, 782
14, 820
14, 831
15, 051

31, 558
31, 051
38, 972
39, 868
42, 016
40, 119
48, 052
49, 560
48, 396
55, 126
4, 639
4, 855
4,826
4,899
4, 957
4,973
5, 008
4, 985
5, 054
5, 100
5, 100
5, 093
5, 311
4, 979

27, 956
30, 488
33, 634
37, 054
39, 868
40, 344
42, 603
45, 972
47, 700
50, 620
4, 271
4, 372
4, 341
4, 414
4, 462
4,496
4,487
4, 544
4, 568
4, 591
4, 619
4, 752
4, 780
4, 596

12, 981
11, 807
16, 734
15, 515
16, 465
14, 226
17, 779
17, 654
16, 007
19, 796
1, 700
1,776
1, 739
1,807
1, 809
1,811
1,870
1,847
1,820
1 , 854
1, 802
1, 730
1,910
1,792

Mortgage
debt outstanding,
nonfarm
1- to 4family
houses 3
66, 100
75, 700
88, 290
99, 000
107, 600
117, 700
130, 900
141, 300
153, 000
168, 400

10, 879
11, 833
13, 082
14, 555
15, 545
15, 415
15, 579
16, 384
16, 472
17, 478
1, 494
1, 523
1, 509
1, 564
1, 566
, 546
,585
, 611
, 588
,603
, 607
, 659
1, 676
1, 638 _

168, 400
171, 600
176, 200

_ _ _ _

NOTE.—Data have been revised beginning 1902. For details, see Federal
Reserve Bulletin, November 1963.
Data for Alaska and Hawaii included beginning January and August 1959,
respectively.
Sources: Board o/ Governors o/the Federal Reserve System and Federal Home
Loan Bank Board.

BOND YIELDS AND INTEREST RATES
The yield on 3-month Treasury bills changed little in December and early January.
•divergent movements.

Long-term yields have shown

PERCENT PER ANNUM

PERCENT PER A N N U M

1963

1957
SOURCES: SEE TABLE BELOW.

Period

1956
1957
1958
1959
1960
1961
1962
1962: Nov
Dec
1963: Jan
Feb
Mar
Apr
May
—
June
July
Aug
Sept
Oct
Nov
Dec
Week ended :
1963: Dee 7_._
14...
21_._
28___
1964: Jan 4 6 __
11 6 __

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum|
U.S. Govejrnment secui"ity yields
High-grade
municipal
3-month
bonds
3-5 year
Taxable
Treasury
(Standard 4 &
bonds 3
issues 2
bills *
Poor's)
2.658
3. 12
3. 08
2.93
3. 267
3. 62
3. 47
3.60
1. 839
2.90
3.43
3. 56
3. 405
4,33
4.08
3. 95
2. 928
4. 02
3. 99
3. 73
2. 378
3. 60
3. 90
a 46
2. 778
3. 95
3. 57
3. 18
2. 803
3. 46
a 87
3. 03
2. 856
3. 44
3. 87
3. 12
2. 914
a 89
3. 47
3. 12
2. 916
3. 92
3. 48
3. 18
2.897
3. 50
3. 93
3. 11
3.97
2.909
3. 56
3. 11
2. 920
3. 97
3. 57
3. 15
2. 995
3. 67
4. 00
3. 27
3. 143
4. 01
3.78
3. 31
3. 320
3. 99
3. 22
3. 81
3. 379
3.88
4. 04
3. 27
4. 07
3. 32
3. 453
a 91
4. 11
3. 522
3.97
3. 41
4. 04
4. 14
3.523
3. 41

3. 531
3. 500
3. 538
3. 522
3. 524
3.534

3. 99
4. 02
4.06
4.07
4. 08
4. 08

4.
4.
4.
4.
4.
4.

* Rate on new issues within period.
* Selected note and bond issues.
* Series includes: April 1953 to date, bonds due or callable 10 years and after.
* Weekly data are Wednesday figures.
•Data for first of the month; based on the maximum permissible interest rate
<BJ£ percent since May 1961) and 25-year mortgages paid in 12 years.




a 42

12
12
15
16
15
16

3. 34
3. 32
3. 32 i
3.32
3.32
6

Corpora be bonds
(Moo dy's)

Aaa

Baa

3.36
3.89
3. 79
4. 38
4. 41
4. 35
4. 33
4. 25
4. 24
4. 21
4. 19
4. 19
4. 21
4. 22
4. 23
4. 26
4. 29
4. 31
4. 32
4. 33
4. 35

3.88
4.71
4. 73
5. 05
5. 19
5. 08
5. 02
4 96
4. 92
4. 91
4. 89
4. 88
4. 87
4. 86
4. 84
4, 84
4. 83
4. 84
4.83
4. 84
4. 85

4. 33
4. 34
4. 36
4.37
4. 37
4.37

4. 84
4. 85
4. 85
4. 85
4. 84
4.84

Prime
commercial
paper,
4-6
months
3. 31
3. 81
2. 46
3. 97
3. 85
2.97
3. 26

a 23
a 29

3. 34
3. 25
3. 34
3. 32
3. 25
3. 38
3. 49
3. 72
3.88
3. 88
3. 88
3. 96

FHA
new home
mortgage
yields 5
4. 79
5. 42
5. 49
5. 71
6. 18
5. 81
5. 62
5. 55
5. 53
5. 53
5. 52
5. 50
5. 47
5. 44
5. 44
5. 44
5. 44
5. 44
5. 43
5. 43
5. 44

3.88
3. 98
4. 00
4.00
4. 00
4. 00

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

33

COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices rose in December and early January.
INDEX, 1941- 43 =

INDEX, 1941-43*10

80

80

WEEKLY

70

COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS

70

60

60

50

50

40

PERCENT
WEEKLY

MONTHLY

'"\

""""-X*

DIVIDEND YIELD ON COMMON STOCKS

"*\.
jl 1 1 1 1 1 t 1 1 1 1

,.L-_..--. ^

ii i i 1 1 i i i i i i i i i i i i i i i i i 1 i i i i i i i i i i i

/^-^

I I 1 I I 1 1 1 I !1

I l l l l i i i i l l

^^-.-,_.~
I 1 .» ' ' 1 • 1 ' ' I »i
RATIO

25

25
PRICE /EARNINGS RATIO ON COMMON STOCKS

-A-

20

20

15
10

1962

1961
SOURCE: STANDARD AND POOR'S CORPORATION.

Secu

Period

Composite1
index

1956
1957__
1958__
_
1959
1960
1961
1962
1962: Nov
Dec
1963: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Week ended:
1963: Dec 6
13
20
27
1964: Jan 3
10

92. 6
89. 8
93. 2
116.7
113.9
134.2
127. 1
122. 8
128.0
132. 6
135. 0
133. 7
140.7
143. 2
142. 5
140.7
144. 6
148. 2
148. 7
147.3
151. 1

150.7
150. 8
151. 2
151.5
153. 6
155.2

COUNCIL OF ECONOMIC ADVISERS.

•ities and Exchange Commiss ion price index
Standard and Poor's5 common »stock data
M anufactur mg
Price ndex 2
DiviTransPrice/
Utilidend
DuraNonportaIndus- yield 3 earnings
Total
ties
Total
ble
durable
tion
trial (percent) ratio 4
1957-5 9=100
1941- 43=10
93. 2
91. 5
94.5
110. 6
86. 4
46. 62
49. 80
14. 05
4.09
90.7
88. 5
92.8
93. 2
86. 3
44. 38
47. 63
12. 89
4.35
92. 5
90. 4
94. 4
91. 0
95. 8
46. 24
49. 36
16. 64
3.97
116. 5
120. 8
112. 6
115. 6
117. 6
57. 38
61.45
17.04
3. 23
110. 9
117. 3
104. 9
95. 8
129. 3
55.85
59.43
17.08
3. 47
126. 7
129. 2
124. 4
105. 7
168.4
66.27
69. 99
21. 18
2. 97
118. 0
116. 5
119. 4
97. 8
167. 2
62.38
65. 54
16. 73
3. 37
114. 0
110.7
117. 3
97. 2
162.0
60.04
62. 90
3. 50
119. 1
114. 0
102. 3
123.8
62. 64
167. 9
65. 59
15.23
3.40
123. 6
119. 2
127. 7
107. 3
173. 0
65. 06
68. 00
3. 31
125. 5
121. 0
129.7
110.3
177. 5
65. 92
68. 91
3. 27
124. 5
118. 7
129. 9
109. 3
174. 5
65. 67
68.71
3. 28
18. 18
132. 0
126. 9
136.9
116. 3
179. 2
68. 76
72. 17
3. 15
134. 3
130. 7
137. 7
124. 2
180.6
70. 14
73. 60
3. 13
133.7
130. 5
136. 7
127.2
178. 0
70. 11
73. 61
17.52
3. 16
131. 8
126. 6
136.7
125. 8
176. 7
69. 07
72.45
3. 20
135. 6
130. 4
140. 5
128. 8
180. 9
70.98
74.43
3. 13
139. 4
135. 5
143. 2
128. 0
182. 9
72. 85
76. 63
18. 20
3.06
139.9
138. 0
141. 6
128. 2
184. 8
73.03
77.09
3. 06
138. 0
136. 6
139. 4
72. 62
129. 5
186. 4
76. 69
3. 12
141. 4
137.7
145. 0
134.9
74. 17
191. 3
78. 38
3. 14

140. 8
140.9
141.8
142.2
144. 6
145. 9

137.8
137. 5
137. 2
138. 4
141. 5
142. 9

143.8
144. 2
146. 2
145. 9
147. 7
148. 8

facturing, 19«i, transporta tion, 18; utilities.
84; trade, finance, and service, 45; and mining, 10.
8
Includes 500 common stock, 425 are industrials; averages of c aily figures,
1
Aggregate cash dividends (based on latest known annual i ate) divided by
the aggregate monthly market value o f the stocks n the group Annual yi elds

34




133.7
135. 5
134. 8
135. 6
138. 3
139. 8

191. 9
191. 8
190.9
190. 6
192. 1
195. 1

73. 87
73.96
74.47
74, 14
5
75. 13
5
75. 81

78. 11
78. 13
78.68
78. 32
79. 40
80. 13

3. 14
3. 15
3. 12
3. 15
5
3. 11
5
3. 07

are a verages of m onthly data, Weekly datta are Wedne sday figures
< B atio of quart erly earning s (seasonally adjusted an nual rate) to price index
for last day in qu arter. Annu al ratios are averages of q uarterly datji.
Soiirces: Securities and Es change Conimission amI Standard and Poor's
Corp oration.
SN ot charted.

FEDERAL FINANCE

FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
The budget deficit for the first 5 months of fiscal 1964 was $9.1 billion.
it was $8.9 billion.

In the corresponding period of fiscal 1963

BILLIONS OF DOLLARS .

BILLIONS OF DOLLARS
NET BUDGET EXPENDITURES

NET BUDGET RECEIPTS

NATIONAL DEFENSE

BUDGET SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE)
FIRST 5 MONTHS

« PRELIMINARY.
SOURCES: TREASURY DEPARTMEJ IT AND BUREAU OF THE BUDGET.

Period

Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1962:

year 1958
year 1959
year 1960
year 1961
year 1962 3
.__ __ ___
year 1963
Aug
Sept
Get
Nov
_
Dec
1963: Jan
_
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov_ _
Cumulative totals first 5 months:
Fiscal year 1963
Fiscal year 1964
1

FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS'

Net
budget
receipts
68. 5
07. 9
77. 8
77. 7
81. 4
86. 4
7. 1
10. 1
3. 0
7. 0
8. 4
5.5
7.3
9. 7
5.7
7. 0
12. 0
3. 5
7.3
10. 1
3.4
7. 1
30. 8
31.5

f Billions of dollars]
Net budg et expenditiires
N ational defe nse 1
Department of
Military
Total
To t«l
Defense,
assistmilitary
ance
functions
44. 2
71. 4
2. 2
39. 1
46. 5
80. 3
41. 2
2. 3
76. 5
45. 7
41. 2
1. 6
47. 5
81. 5
43.2
1. 4
87. 8
51. 1
46. 8
1. 4
92. 6
52.7
1. 7
48. 3
8. 5
4. 5
4. 1
.1
7. 3
4. 0
.1
3. 7
4. 6
8. 5
.1
4. 2
8. 1
4,6
4. 3
.1
4. 3
7. 6
.1
4.0
8.0
4. 2
4.6
.1
4. 1
6.8
.1
3. 8
4. 5
7. 8
.2
4. 1
7. 6
4. 5
4. 1
.2
4. 5
7.5
4. 1
.2
4. 6
7.7
.4
4.0
4. 2
7.9
3.8
.1
8. 3
4. 4
.1
4. 0
4. 2
7. 8
.1
3. 9
8. 8
4. 6
.1
4. 3
.1
4. 1
7. 8
3. 8
39. 7
40. 5

In addition to items shown, also includes atomic en ergy and defens e related
services.
2
Includes guaranteed securities held outside the Tre asury. Not al of total
ihown is subject to statutory debt limitation.




3

21. 6
21. 6

20. 0
19. 9

.4
.5

Budget
surplus
or
deficit (-)

Public
debt
(end of2
period)

-2. 8
-12.4
1. 2
-3.9
— 6.4
— 6. 2
-1. 5
2.7
-5.5
-1.0
.8
-2. 5
.5
1. 9
-1. 9
—. 5
4. 4
-4.3
— 1. 0
2. 3
-5. 4
n

276.4
284 8
286.5
289.2
298.6
306. 5
302 3
300.0
302. 6
305.9
304. 0
303.9
305.2
303. 5
303. 7
305.8
306.5
305. 5
307.2
307. 3
307. 1
308 9

-8.9
-9. 1

305. 9
308. 9

Prelimin ary.
NOTE.— T atai budget rec<jipts and expen ditures exclude ce rtain intragovernmental trans actions,
Sources: 1 reasury Depart ment and Biwe au of the Budget.

35

FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the third quarter, cash payments exceeded cash receipts by $1.7 billion on a seasonally adjusted basis.

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

BILLIONS OF DOLLARS

(SEASONALLY ADJUSTED)

35

35

1
EXCESS OF CASH RECEIPTS
1
i

i
l

l

i

1957

u

U

L
EXCESS OF CASH PAYMENTS —
1

i

l

J

1

1

195 3

1

u

1

s

1

1959

1

u

tr u

.••

J

1

l

I960
CALENDAR YEARS

i

i

1961

i

i

i

1962

u-y
i

i

i

.

1963

COUNCIL OF ECONOMIC ADVISERS

SOURCES. TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET

[Billions of dollars]
Cash receipts
from the
public

Period

Cash payments to
the public

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

Cash payments to
the public

Excess of receipts (4- ) or
payments

Fiscal year:

1958
1959
1960
1961
1962 l
1963

81. 9
81. 7
95. 1
97. 2
101. 9
109. 8
81. 7
87. 6
98.3
97.9
106. 2

.._

Calendar year:

1958
1959
1960
1961
1962

Quarterly total (calendar years) :

1961: III
IV
1962: I
II
III
IV
1963: I
II
Ill

»Preliminary.

36



_

_

83.5
94. 8
94.3
99. 5
107.7
113.9
89.0
95. 6
94. 7
104. 7
111. 9
Unadjusted

23. 4
21. 3
26. 2
31. 0
26. 0
23. 0
28.2
32.6
27.3

26. 7
27. 2
26.0
27.9
28. 5
29. 6
26. 6
29. 1
30.9

-1.6
-13. 1
.8
-2. 3
— 5. 8
-4. 1
-7.3
-8.0
3.6
-6. 8
-5.7.
Se£isonally ad jus ted

-3.3
-5.9
.3
3. 1
-2. 5
-6. 6
1. 6
3.4
-3. 6

24. 6
25. 2
25. 3
26. 5
27. 3
27. 1
27. 4
27.8
28.7

26. 3
26. 9
27. 6
27. 0
28. 1
29. 2
28. 3
28.2
30.4

Sources: Treasury Department and Bureau of the Budget.

-1.7
-1.7
-2.2
-.5
-.7
-2.1
—.9
*

— !L7

FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
On a national income accounts basis, Federal Government expenditures rose less than receipts in the third quarter,
resulting in a drop in the deficit to $1.8 billion (seasonally adjusted annual rate).

BILLIONS OF DOLLARS1*
120

BILLIONS OF DOLLARS*
120

100

4-20

uyyu

UUJLJLJ
I

* SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: DEPARTMENT OF COMMERCE.

1962

I960

CALENDAR YEARS

1963

COUNCIL OF ECONOMIC ADVISERS.

[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal (3 over ninent receipt s

Period

Fiscal vear:
1961
1962
1963
Calendar
vear:
*1955
1956
1957
1958
1959
1960
1961
1962
1962: !___
II. _
III_
IV_
1963: !___
IIIII-

Federa 1 Governinent expe nditures

Indirect ContriPersonal Corpo- business butions
rate
tax and
Total nontax profits tax and to social
nontax
tax
receipts accruals accruals insurance

Total

GrantsSubsidies Surplus
Purin-aid
less
or
Net
chases
Trans- to State
current deficit
interest surplus
of goods fer payand
(-)
and
ments
paid
of Govt.
local
enterservices
goverprises
ments

95. 2
103.6
109.3

44. 0
47. 6
50. 1

19. 5
21. 3
21.6

13. 6
14 9
15.6

18. 0
19. 7
21. 9

97. 8
106. 4
112. 6

54. 9
60. 1
64.4

25. 9
27. 8
29.3

6. 6
7. 3
7.9

7. 0
7. 0
7.6

3. 4
4.2
3.5

-2.7
-2. 7
-3. 3

72. 8
77. 5
81. 7
78. 5
90.3
96. 6
98. 2
105. 4
103.4
105. 6
105. 6
107. 1
110. 0
112. 3
114.3

31. 5
35. 2
37. 3
36. 6
40. 4
44. 0
45. 1
49. 0
47.7
49.3
49.4
49. 7
50. 0
50.4
51. 1

20. 9
20. 2
19. 9
17.7
22.0
21. 0
20. 7
20. 8
20. 4
20.7
20.5
21. 5
21. 5
22.6
23.2

11.0
11.6
12. 2
11. 9
13.0
14. 0
14. 2
15.2
15. 1
15.2
15.2
15. 4
15. 7
16.0
16.4

9.3
10.6
12. 2
12. 4
14. 9
17.6
18.2
20. 4
20. 1
20. 4
20.5
20.5
22. 8
23. 3
23.6

68. 9
71. 8
79.7
87.9
91. 4
93. 1
102.8
109. 8
109. 0
108. 6
109. 1
112. 4
114. 5
115.3
116. 1

45. 3
45.7
49. 7
52. 6
53. 6
53. 1
57. 4
62. 4
61. 8
61. 9
62.4
63.6
65. 5
66.5
66. 4

14. 0
14. 9
17.4
21. 3
22. 2
23.8
27. 4
28.3
28. 2
27. 8
28. 1
29.2
30. 1
29. 7
29.8

3.0
3.3
4. 1
5.4
6.7
6.3
7.0
7.7
7. 4
7.7
7.5
8.1
8.2
8.5
9.2

4. 9
5.2
5.7
5.6
6. 4
7.1
6. 9
7.2
7. 0
7. 1
7.2
7.3
7.4
7. 5
7.6

1. 6
2.7
2. 8
3.0
2. 5
2.8
4. 1
4. 2
4. 6
4. 2
3.9
4.2
3.4
3.0
3.2

3. 8
5.7
2.0
-9. 4
— 1. 1
3.5
-4. 5
-4.3
-5. 6
-3 0
-3.6
-5.3

NOTE.—Data for Alaska and Hawaii included beginning 1960.




— 4. 6
-3.0
-1. 8

Source: Department of Commerce.

37

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GOVERNMENT PRINTING OFFICE

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PAYMENT OF POSTAGE, $30O
IGPOI

DIVISION OF PUBLIC DOCUMENTS

WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS

First-Class Mail

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
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
;
New Housing Starts and Applications for Financing
Trade Sales and Inventories
Manufacturers' Sales, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
PRICES
Consumer Prices
_ __
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
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.

38



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