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St. Louis Public Library
89th Congress, 1st Session

REFERENCE DEPI.

Economic Indicators
JANUARY

1965

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1965

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
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
WILLIAM PROXMIRE (Wisconsin)
CLAIBORNE PELL (Rhode Island)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)

HOUSE OF REPRESENTATIVES
WRIGHT PATMAN (Texas)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
THOMAS B. CURTIS (Missouri)

WILLIAM B. WIDNALL (New Jersey)
JAMES W. KNOWLES, Executive Director
MARIAN T. TRACY, Financial Clerk
HAMILTON D. GEWEHR, Administrative Clerk

COUNCIL OF ECONOMIC ADVISERS
GARDNER ACKLEY, Chairman
OTTO ECKSTEIN
ARTHUR M. OKUN
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 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce-

Economic Indicators, published monthly, is available at 25 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C 20402
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 available
at 65 cents a copy.




TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose $5 billion to $633.5 billion (seasonally adjusted annual rate) in the fourth quarter of 1964,
according to preliminary estimates. All major components, except net exports, showed some gain.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Personal
Disposable consumption
personal
income 1 expenditures

Period

1955
1956
1957
1958
1959
_ _ _
1960__
1961
1962
1963 5
19G4
__
196:5: HIIV
196-i: T
II
III 6
IV

._
-_

274. 4
292. 9
308. 8
317. 9
337. 1
349. 9
364. 7
384. 6
402. 5
431. 8
404. 4
411. 2
419. 5
430. 2
435. 6
442. 0

256. 9
269. 9
285. 2
293. 2
313. 5
328. 2
337. 3
356. 8
375. 0
399. 2
377. 4
381. 3
390. 0
396. 1
404. 6
406. 2

Business

In Vernation al

Personal
Gross
Excess
saving
Gross
private
of
( + ) or retained domestic investearndisinvestment
saving
ings 2
ment 3
(-)
(-)
17. 5
23. 0
23. 6
24.7
23. 6
21.7
27. 3
27. 8
27. 5
32. 6
27.0
29. 9
29. 5
34. 0
31. 0
35. 9

42. 1
43. 0
45. 6
44. 8
51. 3
50. 7
51. 2
57. 5
59. 1
65. 0
60. 2
59. 7
64. 1
65. 2
65. 9

63. 8
67. 4
66. 1
56. 6
72. 7
71. 8
68. 8
79. 1
82. 0
87. 7
82.8
87. 1
85. 9
87. 2
87. 3
90. 5

Foreign
Net e?sports of goods Excess of
arid servic 38
net
transfers
trans( + ) or
fers by
of net
GovernExImNet
exports
ment exports ports
ports
(-)4
1. 1
2. 9
4. 9
1. 2
—.8
3.0
4. 6
4. 0
4. 4
6. 7
4.2
5. 8
7.7
5.7
7.0
6. 5

1. 5
1. 5
1. 5
1.3
1. 5
1. 6
1. 6
1.6
1.6

— 21. 8
-24. 3
-20. 5
-11. 9
-21. 4
-21. 1
-17.6
-21. 7
-22. 9
-22. 6
-22. 6
-27. 4
-21. 8
-22.0
-21.4

1. 8

1. 6
1. 7
1. 5
1. 6
1.7
2. 2

19. 4
23. 1
26. 2
22. 7
22. 9
26. 3
27. 6
29.2
30. 7
34. 9
31. 0
32. 6
34. 5
33.7
35. 7
35. 7

18. 3
20. 2
21. 3
21. 5
23. 6
23. 3
23. 0
25. 2
26. 3
28. 2
26. 8
26. 9
26. 8
27.9
28.7
29. 2

0. 4
-1. 5
-3. 5
.1
2. 3
-1. 4
-3. 0
-2.4
-2. 8
-5. 0
-2. 6
— 4. 1
-6. 2
-4. 1
-5. 2
-4. 3

CJovernmeiit
I*vTet receiplbs

Surplus
( + ) or
deficit
Tax and TransPurTrans- (-) on
nontax
fers,
chases
Total
fers,
XT
J
income
JNet
interest,
goods expendi- interest,
and
receipts receipts and sub- of and
or
tures and sub- product
fl
c
services
accruals sidies
sidies
account

Period

1955
1956
1957
1958
1959
I960
_ .
1961
1962
1963_-19645
1963: III—IV
1964: I
TT
III B
IV

Expenditur es

-

- -

78. 4
84. 2
87. 5
82.0
95. 7
103. 5
103. 8
114. 4
123. 4
125. 7
124. 5
128. 1
125. 2
124. 1
126. 6

101. 4
109. 5
116. 3
115. 1
130. 2
140. 6
145. 6
157. 8
168.9
173. 3
169.7
174.0
172. 7
171. 1
173. 9

23. 0
25. 3
28. 7
33. 1
34. 4
37. 1
41.8
43. 4
45. 4
47. 5
45.2
45. 9
47. 5
47. 0
47. 3
48. 2

75.6
79. 0
86.5
93. 5
97. 2
99. 6
108. 0
116. 3
122. 6
128. 7
122. 8
124. 8
125.2
129. 6
129. 5
130. 3

„, .....
ul excess of wage, accruals over disbursements.
elude retained earnin of unineorpoi
eluded in disposable personal ine
3
Private business investment, irchases of capital goods by private nonprofit
Institutions, and residential housing.




98. 6
104. 3
115. 3
126. 6
131. 6
136.7
149. 8
159. 8
168.0
176. 2
168. 0
170. 7
172. 7
176. 6
176. 9
178. 5

23. 0
25. 3
28. 7
33. 1
34. 4
37. 1
41.8
43. 4
45. 4
47. 5
45. 2
45. 9
47. 5
47. 0
47. 3
4S. 2

2. 9
5. 2
1. 0

— 11. 4
— 1. 5
3.9

4. 2
-1. 9
.9

-2. 9
1. 7
3. 3
(7)

-5. 5
-3. 0

Total
Statistical
income
discrepor
ancy
receipts

396. 5
421. 6
443. 4
446. 0
485. 7
505. 6
521. 2
558. 0
586.7
624. 4
590. 7
600. S
610. 4
621. 0
629. 8

1.0

-2. 4
-. 6
-1. 5
-3. 0
-3.0
-2.6
-1. 8
- 2. 7
-2. 1
-3.5
-1. 8
-1.6
— 2. 4
1. 4

Gross
national
product
or
expenditure

397.5
419. 2
442.8
444. 5
482. 7
502. 6
518. 7
556. 2
583. 9
622. 3
587. 2
599. 0
60S. 8
618. 6
628. 4
633. 5

4 Net foreign investment with sign changed.
•> Preliminary estimates.
« Government, transfer payments to persons, foreign net transfers by Governrnent, net interest paid by government, and subsidies less current surplus of
7

Less than $50 million.
NOTE.— Hata for Alaska and Hawaii included beginning l^f.O.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product, seasonally adjusted, registered a gain of about 1 percent in the fourth quarter of 1964, as
strikes curbed output and sales of new cars. After adjustment for price changes, the gain was about one-half of
1 percent.
SEASONALLY ADJUSTED ANNUAL RATES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

600

000 -

GROSS NATIONAL PRODUCT

X

500 -

500

400

300

300

GOVERNMENT PURCHASES
OF GOODS AND SERVICES

100

100

1958

1959

1964

I/ PRELIMINARY ESTIMATES.
SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

Total
Personal Gross
Net
gross
Total
conprivate exports
national grOSS
sump- domestic of goods
product national
tion
and
in 1964 product expend- invest- services
ment
prices
itures

Period

Gove rnment \)urchases of good s and
services
Federal
State
Total Total i National Other and
2
local
defense

Implicit
price
deflator
for total
GNP,
1964= 100 3

Billions of dollars3, quarter y data at seasonal ly adjuslted annua 1 rates

1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964*
1963: TIT
IV
1964: I
II
III
IV ^

.

429. 0
448. 9
439. 8
473.4
488.5
493. 0
486. 0
518. 1
581. 2
54L 6
575. 7
595.8
622. 8
598. 0
606. 2
612. 9
620. 2
626. 6
629. 4

347. 0
365. 4
363. 1
397. 5
419. 2
442. 8
444. 5
482. 7
502. 6
518. 7
556. 2
583. 9
622. 3
587. 2
599. 0
608. 8
618. 6
628. 4
633. 5

219. 8
232. 6
238.0
256. 9
269. 9
285. 2
293. 2
313. 5
328. 2
337. 3
356. 8
375. 0
399. 2
377. 4
381. 3
390. 0
396. 1
404. 6
406. 2

49. 9
50. 3
48.9
63. 8
67. 4
66. 1
56. 6
72. 7
71.8
68. 8
79. 1
82. 0
87. 7
82. 8
87. 1
85. 9
87.2
87. 3
90. 5

1
Less Govern meni sales.
2
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 $4.3 billion in 1964.




1. 3
-. 4
1. 0
1. 1
2. 9
4. 9
1. 2
-.8
3.0
4.6
4.0

4. 4
6. 7
4. 2

5.8

7. 7
5.7
7.0

6. 5

76.0
82.8
75.3
75.6
79. 0
86. 5
93. 5
97. 2
99. 6
108. 0
116. 3
122. 6
128. 7
122. 8
124. 8
125. 2
129. 6
129. 5
130. 3

52. 9
58.0
47.5
45. 3
45. 7
49. 7
52. 6
53. 6
53. 1
57.4
62. 9
64. 7
65. 6
64. 4
64. 9
64. 3
67. 1
65. 5
65. 7

46. 4
49.3
41.2
39. 1
40. 4
44. 4
44. 8
46. 2
45. 7
49. 0
53.6
55. 2
55.3
55. 5
55. 3
54. 0
57.0
55. 2
55. 1

6. 7
9. 0
6. 7
6. 6
5. 7
5. 7
8. 3
7. 9
8. 0
8. 9
10. 2
10.3
11. 4
9. 5
10. 5
11. 5
11. 0
11. 2
11. 8

23. 2
24. 9
27. 7
30. 3
33. 2
36. 8
40. 8
43. 6
46. 5
50. 6
53. 5
57.9
63.0
58. 4
59.9
60. 9
62. 5
64. 1
64. 6

80. 9
81.4
82. 6
84. 0
86. 7
89. 8
91. 5
93.2
94. 6
95.8
96. 6
98. 1
100.0
98. 2
98. 8
99. 3
99. 7
100. 3
100. 7

3
Gross national product in current prices divided by gross national product
in 41964 nrices.
Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

NATIONAL INCOME
Compensation of employees rose $5.8 billion, or 1.6 percent, to $370.6 billion (seasonally adjusted annual rate)
in the fourth quarter of 1964. Rental, interest, and proprietors' incomes also increased.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

500

TOTAL NATIONAL INCOME

400

COMPENSATION OF EMPLOYEES

300

200

PROPRIETORS' AND
RENTAL INCOME

100

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

NET INTEREST!

. I960

1964

I963

I962

!/ PRELIMINARY ESTIMATES.
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

* Sea Note, poge 7.

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

Period

Total
national
income

Compensation
of em- l
ployees

Proprieto rs' income
Farm

Business
and professional

Rental
income
of
per-

1952
1953
1954
1955
1956
1957
1958
1959
1960
1961__
1962
1963 3
1964

292. 2
305. 6
301.8
330. 2
350. 8
366. 9
367. 4
400. 5
414. 5
426. 9
455. 6
478. 5
509. 8

195. 0
208. 8
207. 6
223. 9
242. 5
255. 5
257. 1
278. 5
293. 6
302. 2
323. 1
340. 3
361. 7

15. 3
13. 3
12. 7
11. 8
11. 6
11.8
13. 5
11. 4
12. 0
12. 9
13. 2
13. 0
12. 7

26. 9
27.4
27. 8
30. 4
32. 1
32. 7
32. 5
35. 1
34. 2
35. 3
36. 6
37. 6
39. 3

10. 2
10. 5
10. 9
10. 7
10. 9
11. 9
12. 2
11. 9
12. 1
12. 2
12. 2
12.3
12. 4

1963: III

481. 9
490. 0

342.7
347. 7

12. 9
13.2

37. S
38. 3

1964: I _ _
TI
III 3
IV

498. 4
507. 1
514. 5

352. 5
358. 6
364. 8
370. 6

12.6
12. 6
12. 6
12. 9

38. 6
39. 1
39. 6
39. 9

IV

1
Includes employer contributions
1
See Note, pase 7.
8

Preliminary estimates.




for social insurance.

(See also p. 4.)

Net
interest

Corpora be profits and inventory va uation ad justment 2
Total

Profits Inventory
before valuation
taxes 2 adjustment

9. 1
10.4
11. 7
13. 4
14. 8
16. 4
18. 1
20. 1
22. 1
24. 4
26. 8

37.7
37. 3
33. 7
43. 1
42. 0
41. 7
37. 2
47. 2
44. 5
44. 1
48. 4
50.8
57. 0

36. 7
38. 3
34. 1
44. 9
44. 7
43. 2
37. 4
47. 7
44. 3
44. 2
48.2
51. 3
57. 2

—. 3
— 1. 7
-2. 7
-1.5
-.3
-. 5
.2
-. 1
.3
__ 4
-.2

12.4
12.4

24.7
25.4

51.4
53. 1

51. 3
54.3

.2
-1.2

12. 4
12. 4
12. 4
12. 5

25. 9
26. 5
27. 1
27. 6

56.4
57. 9
58. 1

56.6
57.9
58. 0

-.2
-. 1
.1

7. 1
8.2

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

1. 0
-1. 0

SOURCES OF PERSONAL INCOME
Personal income rose $3% billion in December to a seasonally adjusted annual rate of $505.7 billion.
$2 billion in wages and salaries and $% billion in dividends were largely responsible for the rise.
BILLIONS OF DOLLARS
500

Increases of

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL PERSONAL INCOME

WAGE AND SALARY DISBURSEMENTS

DIVIDENDS AND
PERSONAL INTEREST

1

1958

BUSINESS, PROFESSIONAL,
AND RENTAL INCOME

J

V]

1959

SOURCE: DEPARTMENT OF COMMERCE.

Period
1956
1957
1958
1959
1960
1961
1962_
_ __
1963 4
1964
_„ ,__
1963: Oct
Nov
Dec
1964: Jan
Feb
Mar
Apr
May
June
July____
Aug
Sept____
Oct
N o v *4_ _ _
Dec _ _ _

Total
personal
income
332. 9
351. 4
360. 3
383. 9
401. 3
417. 6
442. 4
464. 1
491. 4
472. 7
473. 8
477. 1
479. 4
480. 5
482. 9
486. 6
487. 8
489. 3
491. 4
494. 9
497.9
498. 7
502. 3
505. 7

[Billions of dollars, monthly data at seasonally adjusted annual rates]
Less: PerWage
Rental
Other Proprietc>rs' income income
and
Divi- Personal Transfer sonal consalary
labor
Business
paydends interest ments tributions
of
for social
and pro- persons
disburse- income 2 Farm
income
1
fessional
ments
insurance
18.8
227. 6
32. 1
12. 1
8. 1
11. 6
10. 9
17. 5
5. 8
32. 7
12. 6
19. 6
9. 1
11. 8
21. 9
6. 7
238. 5
11. 9
13. 5
9. 4
32. 5
12. 2
239. 8
12. 4
26. 3
6. 9
21. 0
10. 4
11. 4
35. 1
258. 5
11. 9
27. 5
13. 7
23. 5
7.9
12. 0
271. 3
34. 2
12. 1
11. 0
25. 8
14. 5
29. 5
9. 2
12.9
12. 2
278. 8
11. 6
15.2
35. 3
27. 5
33. 6
9.6
12. 3
297. 1
13. 2
12.2
36. 6
34.7
16. 5
30. 0
10. 3
312. 1
13. 0
13. 1
37. 6
12. 3
32. 9
36. 7
18. 0
11.8
14. 1
12. 7
12. 4
331. 6
12. 7
39.3
36. 0
38. 2
19. 8
13. 2
38.2
318. 2
12. 4
13.4
37. 1
12. 1
34. 0
18. 5
13. 2
318. 3
13. 5
38.2
12. 4
37. 2
34. 2
18. 8
11. 9
320. 0
13. 5
13. 2
12. 4
37. 2
12. 1
38. 4
34. 4
20. 1
13.6
12. 8
320. 8
12. 4
12. 2
34. 7
39. 7
38. 3
19. 3
12. 6
323. 6
13.7
12. 4
38. 7
19. 4
35. 0
37. 5
12.3
12.4
13. 8
325. 1
12.4
38. 8
37. 8
19. 6
35. 3
12.4
327. 7
12. 5
13. 9
39.0
12.4
38. 2
12. 5
35. 5
19. 8
14. 0
328. 7
12. 6
39. 1
12.4
12. 5
19. 8
35. 7
38. 0
14. 1
12. 6
12. 4
330. 1
39.3
12. 6
37. 6
19. 9
35. 9
14. 2
12. 4
331. 8
39. 5
12. 4
12. 7
20. 0
36. 0
37. 8
334. 6
14. 2
12. 6
12. 4
39, 6
12. 8
20. 0
36. 2
38.0
14. 3
337. 2
12. 7
12. 4
39. 7
36. 5
12. 9
19. 9
38.0
14. 4
337.3
12. 9
12.7
39. 8
12. 5
19. 9
38. 3
36.7
340. 4
14. 5
12. 9
39. 9
12.5
19. 9
13. 0
36. 9
38.4
342. 4
14. 5
13. 1
40. 0
12. 5
37. 2
38. 4
20. 6
13. 1

* Compensation of employees (see p. 3) excluding employer contributions for
social insurance and the excess of wage accruals over disbursements.
2
Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other
minor items.
» Personal income exclusive of net income of unincorporated farm enterprises,




1964
COUNCIL OF ECONOMIC ADVISERS

Nonagricultural
personal
income 3
317. 9
336. 1
343. 0
368. 6
385. 1
400, 4
424. 9
446. 6
474 2
455. 1
456. 1
459. 5
462. 1
463. 5
466. 1
469. 7
470. 7
472. 1
474. 4
477. 8
480. 6
481. 4
485. 0
488. 3

farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
4
Preliminary.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

DISPOSITION OF PERSONAL INCOME
According to preliminary estimates, disposable personal income advanced $61/2 billion (seasonally adjusted annual
rate) in the fourth quarter of 1964.
Consumer spending, held down by auto strikes, increased $1% billion and the
saving rate rose to 8.1 percent.
BILLIONS OF DOLLARS*

BILLIONS OF D O L L A R S *

45O

400

2.OOO

2,000

1,800

1,800

1,700 Lyv

I,TOO
1958

1959

* SEASONALLY ADJUSTED ANNUAL RATES.
JJ PRELIMINARY ESTIMATES.
SOURCE: DEPARTMENT OF COMMERCE

Personal
income

Less : Equals:
T)
Disrer- posable
sonal personal
taxes income

1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963 3
1964

288. o
289. 8
310. 2
332. 9
351. 4
360. 3
383. 9
401. 3
417. 6
442. 4
464. 1
491. 4

35. 8
32. 9
35. 7
40. 0
42. 6
42. 3
46. 8
51. 4
52. 9
57. 9
61. 6
59. 5

252. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 1
349. 9
364. 7
384. 6
402. 5
431. 8

1963:

466. 3
474. 5
480. 9
487. 9
494. 5
502. 2

61. 9
63. 3
61.4
57. 7
58. 8
60. 2

404. 4
411. 2
419. 5
430. 2
435. 6
442. 0

Period

IIIIV__
1964: I
II...
III..
IV »_

COUNCIL OF ECONOMIC ADVISERS

Per cap ita disposable personal Saving as
percent
inco me
Equals:
of disPersonal
posable
Nonsaving Current
1964
personal
Total Durable durable Services
goods
prices prices l
income
(percent)
Billions of dollars
Dol lars
•62. 9
232. 0
81. 8
19. 8
1, 582
118.0
1,833
7. 8
32. 4
18.9
238. 0
119. 3
86, 3
7. 4
1,815
1, 582
124. 8
256. 9
39. 6
92. 5
17. 5
1, 661
1, 896
6. 4
131.4
269. 9
100. 0
38. 5
23. 0
7. 9
1,741
1, 956
137. 7
40. 4
107. 1
285. 2
23. 6
7. 6
1,968
1,803
37. 3
114. 3
293. 2
141. 6
24. 7
1,957
1, 826
7. 8
122. 8
43. 6
147. 1
23.6
313. 5
2,015
1,904
7. 0
44. 9
328. 2
151. 8
1,936
131. 5
21. 7
2,021
6. 2
337. 3
43. 7
155. 4
138. 3
27. 3
1, 985
2,057
7. 5
162. 0
146. 4
356. 8
48. 4
27. 8
2,060
2, 116
7. 2
52. 1
375. 0
167. 5
155. 3
2, 125
27.5
2, 155
6.8
57. 0
177. 1
399. 2
165. 1
2, 248
32. 6
2, 248
7. 5
Seaso nally adjiisted anmlal rates
52. 2
377. 4
168. 6
156. 6
2, 131
27. 0
2, 159
6. 7
53. 6
381. 3
168. 9
158. 8
2, 159
29. 9
2, 178
7. 3
172. 9
390. 0
55. 9
161. 1
2, 195
29. 5
2, 205
7.0
57.0
396. 1
175. 3
163. 8
34. 0
2, 245
2,243
7.9
404. 6
58. 7
179. 5
166. 4
2, 264
2, 261
31. 0
7. 1
56. 2
180. 8
406. 2
169. 2
35. 9
2, 288
2, 280
8. 1

L ess:
Persona i consump>tion expe nditures

1
Income in current prices divided by the implicit price deflator for personal
consumption expenditures on a 1964 base.
2
Population of the United States including armed forces abroad. Annual
data as of July l; quarterly data centered in the middle of the period, interpolated
from monthly figures.




8

Population
(thou-2
sands)

159, 559
162, 388
165, 276
168, 225
171, 278
174, 154
1 77, 080
180, 684
183, 756
186, 656
189, 375
192, 072
189,
190,
191,
191,
192,
193,

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

756
498
120
744
434
145

FARM INCOME
Net farm income, seasonally adjusted, rose 61/2 percent in the fourth quarter of 1964 excluding inventory change and
21/2 percent including the effects of changes in inventories.

BILL IONS OF DOLLARS

BILLIONS OF DOLL ftRS
SEASON RLLY ADJUSTED ANNUA L RATES

50

50

REALIZED GROSS
FARM INCOME

40
•—•*«*»

•

^—

40

\

""

pX

2

NET FARM INCOME

INC _UDING NET INVENTC)RY
CHANGE

in

10

!

0

!

1

t

1958

I

1

1959

!

f

|

f

!
1961

I960

1

!

Personal income re ceived by
total 1"arm popu lation

all

sources

1955
1956
1957
1958
1959
1960
1961
1962
1963 5
1964
1963: III
IV
1964: I
II
III
IV 5

_

18. 3

ia 6

18. 8
20. 5
19. 0
19. 6
20. 1
20. 4
19. 9
19.6

From
From
farm nonfarm
sources sources

1

!

!

1963

t

I

0

1964

12. 2
12. 0
12, 2
13, 8
11. 8
12.3
13. 1
13. 3
13. 0
12.7

6. 1
6. 6
6. 6
6.7

7. 1
7. 2

7.0

7. 1
6. 8
6.9

Net t<3 farm
oper a tors

Net iuc orne per
farm incl uding net
inventoryr change 3

ProducCash tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1964
from
Total i
ventory ventory prices prices 4
2
marketchange change
ings
Dol lars
Billions c}f dollars
11. 8
2,810
33. 3
21. 9
11. 5
2,529
29. 6
2, 574
22. 6
2, 829
34. 6
11. 6
30. 6
12.0
2, 695
11. 0
11. 8
2,867
23. 4
34. 4
29. 8
3, 201
12. 6
13. 5
33.4
25. 3
3,369
37. 9
2,891
37. 5
26. 2
11. 3
11. 4
2,775
33. 5
12. 0
26. 2
3, 044
3, 138
37.9
34. 0
11. 7
12. 9
27. 0
12. 6
39. 6
3, 389
34.9
3,494
12. 6
13. 2
3, 581
40. 9
36. 1
28. 3
3,654
29.2
12. 5
13. 0
36.9
41.7
3,643
3,680
12.7
29.4
12.6
3,656
3,656
42.0
36.7
Seas onallv ad. listed anrmal rates
12. 9
12. 4
3,610
29. 2
41. 6
36. 8
3,650
13. 2
42. 0
29. 2
3, 690
37. 2
12.8
3,730
12. 6
41. 9
3, 630
12.3
36. 7
29. 6
3,670
12. 6
12.3
3,630
42.0
36. 8
29.7
3,630
12. 6
12. 5
41. 6
3, 630
29. 1
3,630
36. 2
29.2
12.9
3,710
13.3
42.5
37. 1
3,710

i 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.
8
Based on 1959 Census of Agriculture definition of a farm. The number of
farms is held constant within a year.




f

] ncome re ceived fro m farming •

Realize d gross
From

1

i:OUNCIl OF ECONOMIC ADV1SERS _

SOUF?CE: DEPARTMENT OF AGRICULTURE.

Period

!

1962

4
Income in current prices divided by the index of prices paid by farmers for
family living items on a 1964 base.
• Preliminary.
Source: Department of Agriculture.

CORPORATE PROFITS
According to current estimates, corporate profits before and after taxes were maintained during the third quarter of
1964 at the seasonally adjusted record levels reached in the second quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

10

1962

U EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.

I

1964

i

1963

SEE NOTE ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS

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

Period

1954
1955 _ _ _ .
1956_ _ _.
1957
1958
_ __
1959
1960
1961
1962
1963
19643
1963: III..
1V__
1964: I
II...
I I I3 _
_
IV _.

Cor[)orate pr ofits (befc>re taxes) and inveritory
valuation adjustme at
TransCorpo- CorpoM anufactui -ing
portation,
rate
rate
comAll
tax
profits
TVr*n
All
Durable durable
muniother before liabilindusgoods
cations, indus- taxes
ity
Total
tries
goods
indusand
tries
inc us
tries
public
utilities
10. 1
18. 4
33. 7
8. 3
4. 4
11. 0
34. 1
17. 2
14. 2
43. 1
10. 8
5. 4
25. 0
12. 8
44. 9
21. 8
42. 0
23. 5
10. 9
12. 6
5.6
12. 9
44. 7
21. 2
22. 9
41. 7
13. 1
9.8
5. 5
13. 3
43. 2
20. 9
9.3
37. 2
18. 3
9. 0
5. 6
13. 3
37. 4
18. 6
25. 4
13. 4
47. 2
6.7
11. 9
15. 1
23. 2
47.7
23. 0
44. 5
11. 6
11. 4
7. 0
14. 4
44. 3
22, 3
44. 1
21. 7
10. 9
10. 8
7.3
15. 1
44,2
22. 3
24. 7
13. 2
48. 4
11. 5
8.0
48.2
15. 7
23.2
26. 7
14. 4
50. 8
12.3
8. 4
15. 7
51. 3
24.6
16.5
14.2
57.0
30.7
8.9
17.4
57.2
25.6
14.7
51. 4
13. 1
27.8
8. 4
15. 2
51. 3
24. 5
15.4
12. 4
53. 1
27. 8
8. 7
16. 6 , 54, 3
26.0
56. 4
30. 6
16. 6
13. 9
8.5
17.4
56. 6
25.4
17. 0
14. 8
57. 9
31. 7
8.8
17.4
57. 9
26. 0
31. 2
14. 3
58. 1
16. 9
9. 3
17.6
58. 0
26.0

1
Includes depreciation, capital outlays charged to current accounts and accidental damages.
2 Corporate profits after taxes plus corporate capital consumption allowances.
»Preliminary estimates.

42-200°— G




Cor]Derate pr ofits
a fter taxe s

Total

16. 8
23. 0
23. 5
22. 3
18. 8
24. 5
22. 0
21. 9
25. 0
26. 7
31.6
26. 7
28.3
31.2
31. 9
32. 0

Corporate
capital
conDiviUndend distrib- sumption
payuted
ments profits allow-1
ances
9.8
11. 2
12. 1
12. 6
12. 4
13. 7
14. 5
15. 2
16. 5
18.0
19.8
17.9
19. 1
19.4
19.8
20. 0
20.2

7.0
11. 8
11.3
9.7
6.4
10. 8
7.5
6. 7
8.5
8.7
11.8
8. 9
9.2
11.8
12. 1
12. 0

15. 8
18. 4
20. 0
21. 8
22. 7
24. 3
25. 6
26. 9
30.5
31.8
33.7
32. 1
32. 4
33.0
33.4
33. 8
34.4

Profits
plus
capital
consumption
allowances 2
32.7
41.4
43. 5
44. 1
41. 4
48.7
47. 6
48.8
55. 5
58. 5
65.3
58.8
60.7
64.2
65. 3
65. 8

NOTE.—Data beginning 1962 have been adjusted for effects of new depreciation
guidelines ($2^ 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 by slightly more than $3 billion (seasonally adjusted annual rate) in the
fourth quarter of 1964. Increased business inventory accumulations accounted for the entire increase, as a decline
in residential construction offset a rise in business fixed investment.
BILLIONS OF D O L L A R S
100

BILLIONS OF DOLLARS

1 100
SEASONALLY ADJUSTED ANNUAL RATES

GROSS PRIVATE
DOMESTIC INVESTMENT

I

X

80

80

60

JJPRELIMINARY ESTIMATES.
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Period

1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964 3
1963: III
IV
1964: I
II
III
IV3

Total
gross
private
domestic
investment
49. 9
50. 3
48. 9
63.8
67. 4
66. 1
56. 6
72. 7
71.8
68. 8
79. 1
82.0
87.7
82. 8
87. 1
85. 9
87. 2
87.3
90.5

New cons truction 1
Total
Total
46. 8
49. 9
50. 5
58. 1
62. 7
64. 6
58. 6
66. 2
68. 3
66. 9
73. 3
77. 6
84.0
78. 6
80.7
83.4
83. 5
84 5
84.5

Residential
nonfarm

25. 5
27. 6
29. 7
34.9
35.5
36. 1
35. 5
40. 2
40. 7
41. 0
44. 2
46. 6
48.9
47. 2
48.3
49. 2
48. 9
48. 9
48.6

1
Revisions in series on new construction shown on p. 19 have not yet been incorporated into these series.
8
"Other" construction in this series includes petroleum and natural gas well
drilling which are excluded from estimates on p. 19.

8



Change in business iriv entories

Fixe3d investnlent

12. 8
13. 8
15.4
18. 7
17. 7
17.0
18. 0
22. 3
21. 1
21. 1
23. 6
25. 2
26.0
25. 4
26. 2
26. 9
26. 2
25. 7
25.0

Otl er

Total
12. 7
13. 8
14. 3
16. 2
17. 8
19. 0
17. 4
17. 9
19. 7
19.8
20. 6
21. 3
22.9
21. 9
22. I
22. 3
22. 7
23. 1
23.6

Productirs' durable eqilipment

2

Nonfarm
10. 8
12. 1
12. 7
14. 6
16. 3
17. 5
15. 9
16. 2
18. 0
18. 2
19. 0
19. 8
21.4
20. 3
20. 6
20. 8
21. 1
21. 6
22. 1

rp

i

-i

lotal
21. 3
22. 3
20. 8
23. 1
27. 2
2a 5
23. 1
25. 9
27. 6
25. 9
29. 0
31.0
35.1
31. 4
32. 4
34.2
34.6
35. 6
35.9

Total

Nonfarm
18. 6
19. 5
18. 5
20. 6
25. 0
26. 2
20. 3
23. 1
25. 1
23. 3
26. 3
27. 9
31.5
28.5
29. 1
30.7
31. 2
32. 1
32.2

3. 1
.4
-1. 6
5.8
4. 7
1.6
-2. 0
6.6
3. 5
1.9
5. 9
4. 4
3.7
4.2
6. 4
2.5
3. 7
2.8
6.0

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

Nonfarm
2. 1
1. 1
-2. 1
5.5
5. 1
.8
-2.9
6. 5
3.2
L5
5.3
3.9
3.6
3. 7
6.0
2.2
3.4
2.7
6.3

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The November survey of plant and equipment expenditures indicated that total outlays in 1964 will be nearly 14
percent above those in 1963. According to business plans reported in the survey, expenditures (seasonally adjusted)
in the first half of 1965 will run 8 percent above the 1964 total.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

50

50

^_____

20

.

10 —'-

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 anufacturl Qg
Period

Total *
Total

1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964 3
1964: I
II
III 3
IV
1965: I 3 3
II
1

28. 32
26. 83
28. 70
35. 08
36. 96
30. 53
32. 54
35. 68
34. 37
37. 31
39. 22
44. 66
42. 55
43. 50
45. 65
46. 70
47. 90
48. 70

1L 91
11. 04
11. 44
14. 95
15. 96
11. 43
12. 07
14. 48
13. 68
14. 68
15. 69
18. 51
17. 40
17. 80
18. 85
19. 75
20. 40
20. 70

Durable
goods

5. 65
5. 09
5. 44
7. 62
8. 02
5. 47
5. 77
7. 18
6. 27
7. 03
7. 85
9. 35
8.85
9. 00
9. 60
9. 80
10. 15

Excludes agriculture.
» Commercial and other includes trade, service, finance, communications, and
construction.
s Estimates based on anticipated capital expenditures as reported by business
to November 1964. Includes adjustments when necessary for systematic tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.




Trans poirtation

Nondurable goods

6. 26
5. 95
6. 00
7. 33
7. 94
5. 96
6. 29
7. 30
7. 40
7. 65
7. 84
9. 16
8. 55
8. 80
9. 20
9. 95
10.25

Mining
Railroads

0.99
.98
. 96
1. 24
1. 24
. 94
. 99
. 99
. 98
1. 08
1. 04
1. 18
1. 15
1. 15
1. 20
1. 25
1.25

Other

1. 31
. 85
. 92
1. 23
1. 40
. 75
. 92
1. 03
.67
. 85
1. 10
1. 46
1. 40
1. 25
1. 50
1. 75
1. 70

1. 56
1. 51
1. 60
1. 71
1.77
1. 50
2. 02
1. 94
1. 85
2. 07
1. 92
2. 31
2. 30
2. 25
2. 40
2. 30
2. 35

Public
utilities

4.55
4. 22
4. 31
4. 90
6. 20
6. 09
5. 67
5. 68
5. 52
5. 48
5. 65
6. 14
5. 95
6. 30
6. 30
6. 00
6. 40

Commercial and
other 2

8. 00
8. 23
9. 47
11. 05
10. 40
9. 81
10. 88
11. 57
11.68
13. 15
13. 82
15. 06
14.30
14. 75
15. 40
15. 55
15. 80

27.95
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department ol 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
Seasonally adjusted nonagricultural employment rose by 379,000 in December 1964 but the continuing long-run
decline in agriculture employment offset 1 30,000 of this increase. As a result, total employment rose by 249,000.

Period

Total
labor
force
(!D eluding
armed
forces)

1960___
1961___
19622
1963___
1964___

73, 126
74, 175
74, 681
75, 712
76, 971

1963:
Oct__
Nov.
Dec..
1964:
Jan__
Feb.
Mar_
Apr_
May.
June_
July.
Aug.
Sept.
Oct__
Nov_
Dec,

Civilhin employ inent

Total
labor
force
UnemNonploy- (includagriing
Total
ment
cularmed
tural
forces)
Thous ands of \persons 14
66, 681 60, 958 3, 931 73, 126
66, 796 61. 333 4,806 74, 175
67, 846 62, 657 4, 007 74, 681
68, 809 63, 863 4, 166 75, 712
70, 357 65, 596 3,876 76,971
Unadj listed

Civilisin emplo yment
Civilian
labor
force

Total

Agricultural

Nona«gricultural

Unempl oy merit
rate (pe rcent of
Unem- civiliaii labor
for ce)
ployment
Unad- Seasonjusted ally adjusted

years of age and o ver
70, 612 bb, b81 5,723 60, 958
71, 603 66, 796 5,463 61, 333
71, 854 67, 846 5, 190 62, 657
72, 975 68, 809 4, 946 63, 863
74, 233 70, 357 4,761 65, 596
Seasonally adjuster 1

3, 931
4,806
4, 007
4, 166
3,876

5.7
5.2

Labor
force
participation
rate,
unad- l
justed

Percent

58.3
58. 0
57.4
57.3
57.4

5. 6
6. 7
5. 6

76, 086
76, 000
75, 201

69, 891
69, 325
68, 615

64, 541
64, 548
64, 576

3, 453
3,936
3, 846

75, 981
76, 282
76, 120

73, 239
73, 543
73, 380

69, 118
69, 275
69, 333

4,913
4,904

64, 205
64, 371

64, 449

4,121
4,268
4,047

4.7
5.4
5.3

5.6
5.8
5.5

57.3
57. 2
56. 5

74, 514
75, 259
75, 553
76, 544
77, 490
79, 389
78, 958
78, 509
76, 865
77, 112
76, 897
76, 567

67, 228
68, 002
68,517
69, 877
71, 101
71, 953
72, 405
72, 104
70, 805
71, 123
70, 793
70, 375

63, 234 4, 565
64, 071 4, 524
64, 500 4, 293
65, 448 3,921
66, 094 3, 640
66, 100 4,692
66, 586 3, 813
66, 704 3, 654
65, 575 3,317
65, 997 3,252
66,248 3, 373
66, 590 3,466

76, 375
76, 551
76, 541
77, 252
77, 225
77, 049
76, 928
77, 006
77, 023
76, 996
77, 409
77, 432

73, 654
73, 819
73, 798
74, 507
74, 477
74, SOS
74, 188
74, 255
74, 280
74, 259
77, 140
74, 706

69, 568
69, 842
69, 812
70, 486
70, 639
70, 345
70, 496
70, 458
70, 465
70, 379
70, 755
71,004

4,883
4,791
4,637
4,791
4,849
4,826

64, 685
65. 051
65,175
65, 695
65, 790
65, 519
65, 682
65, 641
65, 650
65, 658
66, 084
66, 463

4,086
3,977
3,986
4,021
3,838
3,960
3,692
3,797
3,815
3,880
3,654
3,702

6.4
6.2
5.9

5.5
5.4

55. 9
56. 4
56. 6
57.3
57.9
59.2
58.8
58.4
57. 1
57.2
57.0
56.7

*
3 Total labor force as percent of noninstitutional population.
Not strictly comparable with preceding data. See Employment and Earning*. May 1962, p. XIV.

10



4,884

4,864

4,817
4,815
4,721
4,671
4,541

5. 3
4. 9
6. 1

5.4
5.4
5. 2

5.3

5.0
4.8
45

5. 0
5. 1
5. 1
5. 2

4.7

5.0

4. 4
4. 5

4.9

NOTE.—Seasonally adjusted series revised beginning 194*. See Monthly Report
on the Labor Force, January 1965. Beginning 1960, data include Alaska and
Hawaii.
Source: Department of Labor.

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The over-all unemployment rate rose slightly in December 1964 to 5.0 percent, seasonally adjusted.
experienced wage and salary workers declined to 4.5 percent.

The rate for

SEASONALLY ADJUSTED

LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK

\

UNEMPLOYMENT RATE .EXPERIENCED
WAGE AND SALARY WORKERS

V

v

\

UNEMPLOYMENT RATE
MARRIED MEN

2.0

1964

SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS.

Unei i ploy men 1i rate
(percen t of eivilkin labor
for ce in grou P)

Period

Labor
force
time lost
Experi- Married through
unemenced
All
ployment Over 40
wage and men
(wife
and part- hours
workers salary
present)
time i
workers
_ i
work *

1960
1961
1962
1963
1964

5. 6
6. 7
5. 6
5. 7
5.2

1963: Dec
1964: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

5. 5
5.5
5. 4
5. 4
5.4
5.2
5.3
5. 0
5. 1
5. 1
5.2
4. 9
5.0

Per cent
3. 7
5. 7
4. 6
6. 8
5. 5
3. 6
3. 4
5. 5
5.0
2.8
Seasonal!.y adjustec
5.3
3. 3
5.3
3.1
5. 2
3. 0
2.9
5. 2
5. 1
2.8
2.6
4.9
5. 3
2.8
4. 8
2. 7
2. 6
4.9
4.9
2.8
2. 9
5. 0
4. 7
2.4
4.5
2.6

6.7
8. 0
6. 7
J
6. 4
5.8

17, 664
18, 210
19,025
19, 257
19, 294

6. 1
6. 2
6.0
5. 9
5. 9
5.7
6. 1
5. 7
5.7
5.7
5.7
5. 2
5.3

20, 220
18, 337
18, 985
19, 466
20, 173
20, 450
19, 783
19, 195
19, 159
15, 079
20, 284
19,358
21,251

1
Man-hours lost by the unemployed and those on part-time lor economic
reason? as a percent of total man-hours potentially available to the civilian labor
force. Beginning 1963, series not strictly comparable with preceding data.
* Diners from total nonagriculttirai employment (p. 13), which includes person? with ; ol>? but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.




in
Persons at work i n nonagri cultural 2 dustries
by hours worked p er week
Ur der 35 ho urs
35-40
hours

Part-ti me for
economi 2 reasons
Total

Part-ti me for
economi<3 reasons

Usually Usually Usually
fullfullparttime 4
time 3
time 3
Thousan ds of persons 14 ye ars of age and over
28, 724 11, 528
1, 243
1, 317 1
29, 047 11, 132
1,516
1,297
28 853 11, 675
1, 049
1,288
29, 422 11, 856
1,219
1, 070
29, 127 13,850
985
1, 151
IJn ad juste d
SeasonallyT
30, 597 11, 773
1,039
1, 008
1, 031
28, 842 13, 801
1, 057
1, 015
981
29, 968 13, 015
1, 106
1,064
1, 036
31, 090 11, 908
1, 049
994
1, 032
31, 279 11, 885
1, 053
1,069
999
31,055 12, 283
931
1, 137
945
30, 994 11,320
1,431
1, 114
1,088
29, 450 10, 476
878
1, 510
981
30, 053 10, 284
904
1,503
900
18. 907 28, 157
1, 056
965
953
29, 065 13, 857
935
988
961
27,757 16,913 5 926
975
897
5
31,066 12, 298
1,021
1,044
968

Usually
parttime 4

adjusted
1, 167
1, 169
1, 177
1, 138
1, 168
1,204
1, 148
1, 173
1,177
1, 155
1, 137
1,052
1,088

3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
* Primarily includes person? who could find only part-time work.
5
Avera.ee hours worked: usually full-time, 23.3; usually part-time, 17.7.
NOTE.—See Note. p. 10. Beginning I960, data include Alaska and Hawafl.
Source: Department of Labor.
1 1

UNEMPLOYMENT INSURANCE PROGRAMS
In December 1964, insured unemployment under State programs averaged 297,000 less than in December
The insured unemployment rate rose to 3.6 percent, seasonally adjusted.

MILLIONS OF PERSONS

1963.

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

MAR.

AUG.

.APR.

SEPT.

OCT.

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

Period

1961
1962
1963
1964 i
__ _
1963: Nov
Dec
1964: Jan
Feb
Mar __
Apr__
Mav
June
__ _ _ _
July
Aug
_ -__ __
Sept
Oct
Nov
Dec *
Week ended:
1964: Dec 12
19
26
1965: Jan 2
9
16

COUNCIL OF ECONOMIC ADVISERS

A 11 progranis
Total
Insured
unem- benefits
plovpaid
Covered
(milemploy- merit
lions
(weekly
ment
averof dollars)
age)

Thou sands
46, -J64
2, 994
47, 766
1, 924
1
2
48, 426
1, 973
49.295
1,725
1 , 686
49,058
2, 122
49, 309
47, 692
2, 563
47, 677
2, 410
2, 200
48, 172
1
1, 920
48, 844
1
49, 396
1, 605
1
50, 146
1,448
1, 491
1, 396
1,256
1,264
1,417
1,793
1,661
1,707
1,927
2,145
2,161

4, 358. 2
3, 160. 0
3, 025. 9
2,745. 0
181. 3
254. 5
345. 6
307. 9
315. 6
280. 9
218. 3
199. 3
195. 6
180. 2
163. 7
157. 8
162. 0
230.0

Stiite progra ms
Insured unemploymen t as perInsured
cent of covered
unemInitial Exhausemplo vment
tions
ployclaims
ment
Unad- Seasonjusted ally adjusted
Per<3ent
Weekly •<iverage, t lousands
46
5. 6
2, 290
350
32
302
4. 4
1, 783
2
2
4. 3
294
30
1, 806
1,605
26
3. 8
268
292
22
1 , 542
3. 6
4. l
4. 7
4.3
1, 972
415
27
412
30
5. 7
2,395
291
4.0
5. 3
31
2, 243
4. 9
32
259
3. 8
2, 050
4.2
34
246
3. 8
1, 755
1, 447
31
3. 4
3. 6
218
1,297
3. 1
3. 6
218
27
282
24
3. 1
3. 6
1, 343
2. 9
212
3. 5
23
1,260
21
194
2.5
1, 125
3-4
0 i
2. 6
20
225
1, 138
3. 4
<z> /
20
3. 0
o. 4
276
1,293
3. 9
348
3. 6
23
1,675

4.3

1,536
1,583
1,800
*2,0ll
*2,023

> Preliminary.
*Not charted.
1
Programs include Puerto Riean sugarcane workers for initial claims and
Insured unemployment beginning July 1963.

12



330
311
371
392
442
352

Benefit ,s paid
Total Average
(milweekly
lions of
check
dollars) (dollars)
3, 422. 7
2, 675. 4
2, 774. 7
2 , 522. 4
165. 0
233. 0
319. 3
283. 8
292. 6
258. 0
201. 5
1X3. 1
ISO. 5
164. 5
148. 4
143. 2
147. 0
211. 4

33. 80
34. 56
35. 27
35. 85
35. 37
35. 78
36. 07
36. 24
36. 26
36.02
35. 50
35. 27
35. 35
35. 60
35. 40
35. 92
36. 38
36. 50

3.6
3. 7
4. 2
4. 7
4.7

NOTE.—For definitions and coverage, see the 196S 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
Nonagricultural payroll employment rose by 226,000 in December, led by a gain of 74,000 in durable goods manufacturing and 58,000 in contract construction.
MILLIONS OF WAGE
AND SALARY WORKERS

MILLIONS OF WAGE
AND SALARY WORKERS

ALL NONAGRICULTURAL ESTABLISHMENTS

MANUFACTURING
18

TOTAL

s
DURABLE
GOODS
INDUSTRIES*,

SUE i

NONDURABL
- GOODS INDUSTRIES*

50
4.0

CONTRACT CONSTRUCTION

WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)

(ENLARGED SCALE)

3.5

3.0

2.5

2.0 Lj, I i i I I

1961

1961

1962

* SEASONALLY ADJUSTED DATA.
SOURCE:DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

J

(Thousands of wage and salary workers; seasonally adjusted]
Manufac turing (]Drivate)
Period

Total

1958 2
2
1959 2
I960 2 _ __
1961 2 _ _ _
1962 2
1963
1964 32
1963 : Nov.
Dcc_
1964:2 J a n _
Feb.
Mar.
Apr_

51, 368"
53, 297
54, 203
53, 989
55, 515
56, 643
58, 178
57, 101
57, 291
57, 334 *
57, 684
57, 754
57, 827
57,931
58, 104
58, 256
58, 301
58, 458
58, 382
58, 871
59, 097

May

June
July_
Aug_
Sept
Oct.
Nov 3
Dec 3

Total

NonDurable durable
goods goods

15,945 8, 830
16, 675 9,373
16, 796 9,459
16,326 9,070
16, 853 9,481
17,005 9, 625
17,301 9,848
17, 059 9, 670
17, 115 9, 717
17, 131 9,725
17, 171 9, 740
17, 208 9, 784
17,224 9,798
17,225 9, 780
17,285 9,826
17, 344 9, 890
17,339 9,886
17, 449 9,986
17, 171 9, 702
17,512 10, 002
17, 593 10, 076

7, 116
7, 303
7,336
7,256
7, 372
7, 380
7, 454
7, 389
7, 398
7, 406
7,431
7,424
7,426
7,445
7, 459
7, 454
7,453
7,463
7,469
7,510
7,517

N onmanu "acturin^I (private )

Total
27, 584
28, 539
29, 054
29, 069
29, 772
30, 439
31, 376
30, 740
30, 839
30, 842
31, 145
31, 151
31, 166
31, 250
31,349
31, 461
31, 491
31, 500
31,615
31, 711
31, 813

Con- Transtract portation
Mining conand
strue- public
t ion utilities
751 2, 778 3,976
732 2, 960 4,011
712 2, 885 4,004
672 2,816 3, 903
650 2, 902 3, 906
635 2, 983 3,914
636 3, 105 3, 974
635 3,015 3, 932
636 3, 052 3,931
632 2,941 3, 936
633 3, 132 3, 943
633 3, 122 3,940
633 3, 081 3, 964
631 3, 093 3,968
639 3, 106 3,965
639 3, 107 3, 983
634 3, 103 3, 999
634 3,080 4,005
638 3, 106 3, 996
640 3, 167 3,997
644 3, 225 4, 003

1
Includes all full- and part-time wage and salary worners in nonagrlcultural
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. TotaJ derived from
this table not comparable with estimates of nonagrieulturaJ employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants: which ronnt person" a" emoloyed when they
are not at worfc because of industrial disputes; and which are based on an enu-




Cover nment

Whole- Finance, Service
insursale
State
and
ance,
and
and
and miscel- Federal local
retail
real laneous
trade
estate
10, 750 2,519 6 811 2, 191
5,648
11, 127 2,594 7 115 2,233
5,850
11,391 2, 669 7 392 2,270
6,083
11,337 2,731 7 610 2,279
6,315
11,566 2,800 7 947 2,340
6,550
11,803 2, 873 8 230 2,358
6,841
12, 184 2, 9 [5 8 532 2,348
7,153
11, 910 2, 896 8 352 2,345
6,957
11, 950 2,904 8 366 2,346
6,991
12, 021 2,911 8 401 2, 342
7,019
12, 083 2,917 8 437 2,337
7, 031
12, 077 2,924 8 455 2, 337
7,058
12, 096 2, 931 8 461 2,341
7, 096
12, 135 2, 934 8 489 2,339
7, 117
12, 187 2,943 8 509 2,323
7, 147
12, 223 2,948 8 561 2, 322
7, 129
12,231 2,951 8 573 2,328
7, 143
12, 229 2,960 8 592 2,320
7, 189
12, 278 2,964 8 633 2,331
7,265
12, 307 2,970 8 630 2,354
7, 294
12, 318 2,979 8 644 2, 361
7,330

meration of population, whereas the estimates in this table are based on reports
from employing establishment?.
2
Series revised, see note, p. 14.
3
Preliminary.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
1Q

WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
In December the average workweek in manufacturing reached its highest point of the year, 41.1 hours on a seasonally
adjusted basis. The average hours worked in contract construction rose to 39.2.
HOURS PER WEEK (SEASONALLY ADJUSTED)

HOURS PER WEEK (SEASONALLY ADJUSTED)

46

46

DURABLE MANUFACTURING

NONDURABLE MANUFACTURING

44

42
4O
38

38

36

36

34

J96|

J962

1963

1964

1963

1964

44

42

RETAIL TRA DE

42
40
38
*
34

32

^K

36
34

30

TJI , , , 1 ,,, , ,

1961

i

1962

, . . , . 1 . 1 1 1 1 ^

1962

1961

SOURCE: DEPARTMENT OF LABOR.

1964

1963

COUNCIL OF ECONOMIC ADVISERS

[Average hours per week; * seasonally adjusted]
Marlufacturing Indus tries

Period
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
19642
1963: Nov
Dec
1964: Jan
Feb
Mar_._
Apr
May
June
July
Aug
Sept _
Oct 2
Nov
Dec 2

Durable
goods

_ .

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

14



39. 6
40.7
40. 4
39. 8
39. 2
40. 3
39. 7
39. 8
40. 4
40.5
40. 7
40. 5
40.7
40.2
40.7
40.6
40.7
40.6
40. 6
40. 6
40.8
40.5
40. 5
40. 9
41. 1
Data for

40. 1
41. 3
41. 0
40. 3
39. 5
40. 7
40. 1
40. 3
40. 9
41. 1
41. 4
41.2
41.3
41. 1
41. 3
41.2
41. 4
41.3
41. 4
41.3
41.5
41. 4
41.2
41. 6
41. 9

Nondurable
goods
39.0
39.9
39.6
39.2
38.8
39.7
39. 2
39. 3
39.6
39. 6
39. 7
39.7
39.7
39. 1
39.8
39.7
39.8
39.7
39.6
39. 5
39.7
39.4
39.9
39.9
39. 8

Contract construction
37. 2
37. 1
37. 5
37.0
36. 8
37.0
36. 7
36. 9
37. 0
37. 3
37. 1
37.1
37.4
35. 2
37.6
37.4
37.2
37.3
37.3
36.8
37. 0
35.6
37. 1
37. 7
39. 2

Retail trade
39. 7
39. 6
39. 1
38.7
38. 7
38. 7
38.5
38. 1
37.9
37. 8
37. 4
37. 7
37.7
37. 3
37. 5
37. 4
37.4
37.5
37. 5
37.7
37. 5
37. 3
37. 5
37. 2

NOTE.—Series revised. For details, see Employment and Earnings, December
1964.
Source: Department of Labor.

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings for production workers in manufacturing rose $1.85 in December fo $106.55.
DOLLARS
120

AVERAGE WEEKLY EARNINGS

_DURABLE GOODS
INDUSTRIES

/'^

/

\A

>X/'
100

ALL MANUFACTURING
INDUSTRIES

\

2.20

NONDURABLE GOODS
INDUSTRIES

80

2.00 K,
1961

1962

1963

1962

1963

SOURCE: DEPARTMENT OF LABOR.

1964

COUNCIL OF ECONOMIC ADVISERS

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

1955
1956
1957
1958
1959
1960
1961
1962
1963 3
_
1964
1963: N o v _ _
Dec__
1964: Jan___
Feb..
Mar__
Apr_ _
May-_
June__
July__
Aug_.
Sept__
O c t _3
_
Nov3 _
Dec _

Aver,age weeklyY earnings— current prices

Manufg icturing iiidustries Contract
Retail
conNontrade
Durable durable strucAU
goods
tion
goods

Manuf*icturing iiidustries Contract
conRetail
NonDurable durable structrade
All
goods
tion
goods

1. 86
1. 95
2.05
2. 11
2. 19
2. 26
2. 32
2. 39
2.46
2.54
2. 49
2. 51
2. 52
2. 51
2. 51
2. 53
2. 53
2. 53
2. 53
2.52
2. 57
2. 53
2.56
2.58

1. 99
2.08
2. 19
2. 26
2.36
2. 43
2. 49
2. 56
2. 64
2. 71
2.67
2. 69
2. 69
2. 69
2. 69
2. 70
2.71
2.71
2.71
2. 71
2. 75
2. 70
2. 73
2.76

1.67
1.77
1. 85
1.91
1. 98
2. 05
2. 11
2. 17
2. 22
2.29
2. 25
2. 27
2. 28
2. 27
2. 27
2. 28
2. 29
2. 29
2. 29
2. 29
2. 32
2. 30
2.31
2. 32

2.45
2.57
2. 71
2. 82
2. 93
3.08
3.20
3.31
3.41
3.55
3. 43
3.53
3. 57
3. 53
3.51
3. 52
3. 50
3. 49
3. 53
3.54
3.58
3.61
3. 56

1. 34
1. 40
1. 47
1. 52
1. 57
1. 62
1. 68
1. 74
1. 80
1.87
1. 83
1. 80
1.84
1. 85
1. 85
1.86
1.87
1.87
1.87
1. 87
1. 89
1. 89
1. 89

75. 70
78.78
81. 59
82. 71
88. 26
89. 72
92. 34
96. 56
99.63
103. 38
100. 85
102. 66
100. 30
101. 15
101. 40
102. 47
102. 97
103. 48
102. 97
103. 07
104. 60
102. 97
104. 70
106. 55

1
Earnings in current prices, adjusted to exclude overtime and interindustry shifts.
2
Earnings in current prices divided by the consumer price index on a 1964 base.
3

Preliminary.

42r-2&6°—168——3




82. 19
85.28
88.26
89. 27
96. 05
97. 44
100. 35
104. 70
108. 50
112. 19
110. 00
111. 90
109. 21
110. 29
110. 29
111. 51
112. 47
113. 01
111. 92
112. 47
114. 13
111. 51
113. 57
116. 47

66. 63
70.09
72.52
74. 11
78.61
80.36
82. 92
85. 93
87.91
90. 91
89. 10
90.57
88.24
89.44
89.67
89. 83
90. 91
91. 37
91. 14
91. 83
91.87
92. 00
91. 94
92. 80

90. 90
96.38
100. 27
103. 78
108. 41
113. 04
118. 08
122. 47
127. 19
131.71
124. 51
124. 61
121. 74
126. 37
128. 12
130. 24
132. 65
133. 32
134. 49
136. 64
131. 03
138. 62
131. 36

53.06
54. 74
56. 89
58. 82
60.76
62.37
64. 01
65. 95
68.04
69.94
68.26
68. 40
68. 26
68. 82
68. 64
69. 19
69.75
70.50
71.62
71. 43
70. 50
70. 31
69. 55

Manufac turing
indust ries
Adjusted Average
weekly
earnings, earn1957-59= ings,
1964
100 l
prices 2
86. 9 $87. 72
91. 5
89. 93
96. 2
89. 96
100. 2
88.74
103. 5
93.99
106. 8
94.05
109. 8
95. 79
112. 5
99.04
115. 4 100. 94
118. 3 103. 38
116.8 101. 46
117.2 103. 18
117.6 100. 70
117.7 101. 66
117. 8 101. 81
118. 1 102. 78
118. 2 103. 28
118.3 103. 58

118.3
118. 3
119. 3
118. 6
119. 3

102.
102.
104.
102.
104.
105.

76
97
29
56
08
91

NOTE.—Series revised, see note p. 14. Beginning 1959, data include Alaska
and Hawaii.
Source: Department of Labor.

15

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION

The industrial production index rose 11A percent in December to 1 37.0 (1957—59=100, seasonally adjusted). The
over-the-year increase was 8 percent. The December sain was widespread among the industries/ with durable manufactures accounting for the largest share.

INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)
150

INDEX, 1957-59=100 (SEASONALLY ADJUSTED)
160

TOTAL

UTILITIES AND MINING
150

130
120

130

no

120

100

110

90

100

1964
150

MANUFACTURING
140
130
120

NONDURABLE
\
-DURABLE

no
100

90

1962
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Period

1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1963: Nov
Dec
_ _1964: Jan
Feb
Mar.__
_ -_
Apr
May__
June
__
July
Aug_
Sept
Oct..
Nov_
__
_
Dec l
_„_ _ _
1

Preliminary.

16



Total
industrial
production
96. 6
99.9
100. 7
93. 7
105. 6
108. 7
109.7
118. 3
124.3
131. 9
126. 1
127. 0
127.7
128. 2
129.0
130. 5
131. 3
131. 6
132.9
133. 8
134. 0
131. 4
134. 8
137. 0

[1957-59 = 100, seasonally adjusted]
Industry
Mi jnufactur] ng
Total
97. 3
100.2
100.8
93.2
106.0
108.9
109. 6
118. 7
124. 9
132. 8
126. 9
127. 9
128. 5
129. 1
129. 9
131. 4
132. 2
132. 4
133. 9
134.5
134.9
131. 8
135. 7
138. 2

Durable

Nondurable

101.9
104.0
104.0
90.3
105.6
108. 5
107.0
117. 9
124. 5
133.2
126. 4
127.3
128. 1
128. 9
130. 0
131. 6
132.6
133. 2
135. 0
135.7
135. 2
129. 6
136. 5
140.2

91. 6
95. 4
96. 7
96. 8
106. 5
109.5
112.9
119. 8
125. 3
132.3
127.6
128. 7
128. 9
129.4
129. 8
131. 1
131.7
131. 5
132. 5
133. 1
134. 4
134.5
134. 7
135. 7

Mining Utilities
99. 2
104.8
104. 6
95. 6
99. 7
101. 6
102. 6
105. 0
107.9
110.9
107. 5
107. 3
108. 8
108. 9
108.8
109. 9
111. 3
111. 4
110. 9
111. 9
111. 9
111. 9
112. 8
112. 3

80. 2
87. 9
93. 9
98. 1
108. 0
115. 6
122. 3
131.4
140. 0
150. 0
142. 1
143. 0
144. 5
143. 4
144. 8
147.5
148.3
149. 7
151. 4
154. 5
153.2
153.6
153. 5
154. 5

Ma rket
Fiiaal produ(its
ConEquipsumer
Total
ment
goods
93. 9
98. 1
99.4
94. 8
105. 7
109. 9
111. 2
119. 7
124. 9
131. 5
127. 0
128.0
128.5
128. 1
128.7
130. 6
131. 1
131.7
132. 3
133. 3
132. 5
130. 3
134. 7
137.3

93. 3
95. 5
97. 0
96.4
106. 6
111. 0
112. 6
119. 7
125. 2
131. 2
126. 9
128.0
128. 9
128. 8
128. 8
130. 8
131.0
131. 5
132. 1
133. 1
132.0
129. 2
133. 7
136.8

95. 0
103. 7
104. 6
91. 3
104. 1
107. 6
108.3
119. 6
124. 2
132. 1
127. 1
128. 1
127.9
127. 1
128. 8
130.7
131. 3
132.0
132.7
133. 6
133. 7
132. 6
136. 7
138.5

Source: Board of Governors of the Federal Reserve System.

Materials
99. 0
101. 6
101. 9
92. 7
105. 4
107. 6
108.4
117. 0
123. 7
132.4
125.7
125. 9
126. 7
128. 1
129. 3
130. 6
131. 3
131. 8
133. 6
134. 7
135. 6
132. 1
135. 4
136. 8

PRODUCTION OF SELECTED MANUFACTURES
In December, oufpuf of transportation equipment increased sharply as auto assemblies reached a seasonally adjusted
annual rate of 9 million units. Output of most other manufactures also rose.
INDEX, 1957-59=100 (SEASONALLY ADJUSTED)

INDEX. 1957-59=100 {SEASONALLY ADJUSTED)
160

140

MACHINERY

140
120

120
100
LUMBER AND PRODUCTS

100

1963

1962

1961

140

120

100

120
140
100
120
80
I

1961

1962

1

1963

I

1964

1963

I

1964

COUNCIL OF ECONOMIC ADVISERS.

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[1957-59=100, seasonally adjusted]
Durab le manuf*ictures
Pfvrmrl

1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1963: Nov
Dec
1964: Jan
Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct
Nov
Dec !
i Preliminary.




Primary
metals

._.

'

_

118. 4
116. 4
112. 2
87. 5
100.4
101. 3
98. 9
104. 6
113.3
128. 1
109.7
110. 5
113.6
117.6
120. 9
123. 8
127. 1
126. 1
131.2
132. 8
132. 8
131. 9
134.2
137

Nc ndurable manufactu res

FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
Machin- tation
cated
and
petroand
apparel,
bevermetal
ery
equipprodand
print- leum, and ages, and
ment
ing
products
leather
rubber tobacco
ucts

98. 3
98. 8
101. 5
92.9
105. 5
107.6
106. 5
117. 1
123. 4
132.6
126. 0
126.8
128.2
129.0
129. 3
129. 5
130.3
130.6
133. 3
134.8
134. 3
130. 8
136.9
139

96. 5
107. 1
104. 2
88.8
107. 1
110.8
110.4
123.5
129. 2
140. 9
132. 8
133. 9
134.7
133.6
135.9
137.5
138.5
140.1
141.9
142. 8
144. 1
144. 7
146. 9
149

102. 0
97. 4
106.4
89. 5
104. 0
108. 2
103. 6
118. 3
127.0
130.7
129.6
131. 3
130.8
131. 1
130. 1
133. 0
134. 1
134.9
134.3
135. 3
130. 9
105. 3
129. 5

141

109. 5
105.4
95. 9
95.6
108.5
102. 1
101.3
106. 1
108.9
113. 1
111.8
111.0
112.2
117.3
116. 1
115.4
114.9
109.0
116. 1
114. 1
109.7
110. 8
108. 7

95. 5
98. 0
96. 9
95. 0
108. 1
107. 5
108.4
115. 1
118. 5
125. 0
121. 3
121.3
120.7
122.4
121. 7
121. 6
123. 5
122. 9
124. 9
126.0
126.8
128. 5
129.9

131

92. 5
97. 1
97.8
97.0
105.2
109. 0
112. 4
116. 7
120. 1
127.5
121.7
123.9
123.4
124.5
125.4
127. 5
128. 2
126.6
128.0
127. 9
128. 2
128. 5
128. 8
130

86.8
91.4
95. 6
95. 5
108. 9
113. 9
118. 9
131. 2
141.8
151. 9
146. 0
146. 3
146.4
146. 9
147.4
149. 5
150.0
152. 1
152. 3
153.6
156. 9
155. 4
154.7
156

Source: Board of Governors of the Federal Reserve System.

93. 1
96. 6
96.7
99. 4
103. 9
106.6
110.2
113. 3
116.8
120. 4
117. 1
118. 8
120.2
119.5
120.2
121.2
120.7
119. 5
120. 5
120. 5
120.0
120.9
121. 7

122

17

WEEKLY INDICATORS OF PRODUCTION
Although steel production declined slightly in December 1964, the total output for the year was a record, exceeding
its previous record in 1955 by 8 percent. Auto assemblies increased sharply in December.
MILLIONS OF TONS

MILLIONS OF SHORT TONS

(DAILY AVERAGE)

20.0

'14,0
S

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

Period
Weekly average:
1958
1959
1960
1961
1962
1963
1964
1963: Nov
Dec
1964: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec 2
Week ended:
1964: Dec 19
26
1965: Jan 2 5
96
1622f5
23 i
1
2 Daily average.
Preliminary.
1

18

Electric
Bituminous Freight Paperboard
Steel p reduced
power
coal mined
produced
loaded
Index
Thousands
distributed (thousands (thousands (thousands
of net
(1957-59= (millions of
of short
of tons)
of cars)
100)
tons
kilowatt-hours) tons) 1
1,635
1,792
1,899
1,880
1,886
2, 096
2,427
1, 979
1,980
2, 148
2,289
2,367
2,459
2,494
2,371
2, 284
2,371
2,490
2,608
2,629
2,617

•87.8
96. 2
101.9
100. 9
101. 2
112. 5
130.3
106. 2
106.3
115.3
122.8
127. 1
132.0
133. 9
127.3
122.6
127.3
133.6
140.0
141. 1
140.5

12, 082
13, 297
14, 424
15, 139
16, 325
17,490
18, 727
17, 482
18, 792
18, 722
18, 668
18, 144
17, 770
17, 914
18, 948
19, 546
19, 470
18, 867
18,268
18,685
19, 729

1,380
1,380
1,390
1,353
1,414
1, 535
1,607
1, 559
1, 563
1,555
1,392
1,415
1,476
1,531
1, 651
1,711
1,630
1,757
1,684
1,721
1,609




N

D

2,645
2,557
2,620
2,656
2,670
2,680

142. 0
137.3
140.6
142.6
143.3
143.9

20, 580
18, 537
18, 767
20, 072
20, 435

1,648
1,432
1,570
1,618
1,568

546
417
431
538
539

Car s and triicks
assembled (thoiisands)

3
4

Total

Cars

274
307
306
322
343
358
383
373
325
349
386
384
386
391
390
351
403
388
404
391
371

581
596
585
550
552
555
566
559
493
517
526
526
554
586
601
537
589
603
644
594
529

Includes data for Alaska.
4
Covers period Jan. 1-9,1965.
* Not charted.

C overs period Dec. 19-31,1964.

0

COUNCIL OF ECONOMIC ADVISERS'

98.4
129.5
151.8
127. 9
157. 5
175. 0
177.3
205. 5
202. 0
189.9
201. 2
196.6
214. 0
204.9
213. 0
158. 8
64.3
152.8
112. 1
189. 1
228.7

81. 6
107.6
128.8
106. 1
133.4
146.9
147.5
175. 7
173. 3
159. 8
168.4
164. 0
178. 5
171.6
177. 0
131. 4
41.5
126.6
93. 5
160.7
196.0

16.8
21. 9
23.0
21. 8
24.1
28. 1
29.7
29.8
28.7
30. 1
32.7
32. 6
35. 5
33. 4
36. 0
27. 5
22.9
26.2
18.5
28.5
32.7

399
543

255.9
142.9
142.7
247.9
243.4
246.3

219.7
121.3
119.3
213.3
207.1
209.2

36.3
21.5
23.3
34.6
36.3
37.1

340
406
406

Trucks

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

NEW CONSTRUCTION
New construction outlays (seasonally adjusted) charged little from November to December. Outlays in 1964 were
about 6 percent larger than in 1963, reflecting increases in public and in private nonresidential outlays.
BILLIONS

OF DOLLARS

BILLIONS

OF DOLLARS

20

,-L 20

T.' ' ^ * * t M t » i I t r t t 11 t t t i » I i i M i I M M » I i T t t I t i i i M I f i t t f t M n i I i •» i i i I i i n t i t t t t t I i i i t 11 o
30

TIAL (NONFARM)
PRIVATE RESIDENTIAL (NONFARM

"«••«.,

20

20
. OTHER PRIVATE

J? I ' l l

<"
[ f t t f.l j j 0

I , , ; i i I i t t t t

J960

1962,

J96I

J963

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

Total new
construction
expenditures

Period

1959
1960
1961
1962
1963 4
1964

55.3
53.9
55. 4
59. 5
62. 5
65.9

COUNCIL OF ECONOMIC ADVISERS

T>
Jrr ivate

Total

39.2
38. 1
38.3
41.7
43. 8
45.9

Resi dential noiifarm
CommerNew
Additions cial and
Total » housing and al- 2 industrial
units terations
Billions of dollars
24.3
19.2
4.3
6. 0
21.7
16. 4
7.0
21.7
16. 2
7.5
24.3
18. 6
7.9
25. 8
20. 1
8.2
26.5
20.5
9.0

Other

8.9
9.3

9. 2

9.5
9.8

10.4

Federal,
State,
and
local

16. 1
15. 9
17. 1
17. 8
18. 7
20.0

.

65. 1
65. 2
64. 7
65.5
66. 5
66. 6
65.0
66. 6
66.6
66.0
66.5
65. 3
65. 7
65.7

45. 5
45. 8
45. 4
46.3
46.9
46. 4
45. 8
46. 0
46.3
45. 9
45. 9
45. 5
45.5
45.4

1
Includes nonhousekeeping residential construction,
3
Not available for revised series beginning 1960.
3

27.0
26.9
26. 9
27.6
28. 1
27.5
26. 7
26.6
26.7
26. 3
26.0
25. 7
25. 6
25.4

not shown separately.

Com piled by F. W. Dodge Corporation and relates to 48 States.
* Preliminary.




21. 1
21. 0
21. 0
21.7
22. 3
21. 6
20. 7
20.6
20. 7
20. 3
19. 9
19. 6
19. 6
19.5

8. 6
8.7

8. 6

8.6
8.7
8.6
8.7
8.8
8.9

9. 1

9.3
9.3
9.4
9.4

105. 1
105. 2
107. 6
119. 7
132. 0

Seasonally
adjusted

Sea sonally adji istcd annuG •/ rates

1963: Nov
Dec
1964: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct 4
Nov
Dec 4

Constructori contracts3
CommerTotal value cial and
(index,
industrial
1957-59 = floor space
100)
(millions of
square feet)

9.9

10. 2
10. 0
10. 1
10. 1
10.3
10.4
10.6
10.6
10. 4
10. 6
10. 5
10. 5
10.6

19. 6
19. 4
19. 2
19.3
19.6
20. 2
19.2
20. 6
20.4
20. 1
20. 6
19. 8
20. 2
20.3

440
461
443
500
534

Seasonally
adjusted
annual
rates

144
148
147
143
140
138
138
138
140
121
131
136
143

NOTE.—Data for Alaska and Hawaii included beginning January 1959.
Sources: Department of Commerce and F. W. Dodge Corporation.

518
530
620
630
578
658
555
579
643
556
605
658
587
-j Q

NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
In December 1964, private nonfarm housing starts (seasonally adjusted) rose about 7 percent, and were close to the
level of October 1964 and of December 1963; for the year as a whole, they were 4 percent lower than in 1963.
Permits issued for new housing during 1964 were about 5 percent below 1963.

MILLIONS OF UNITS
2.5

MILLIONS OF UNITS
2.5

I964
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION (VA).

COUNCIL OF ECONOMIC ADVISERS

[Thous ands of urlite]
Hoiising star ts
T'rvf ol

Period

1958
1959
1960
1961
1962
1963
1964 3
1963: Nov__
Dec._
1964: Jan__
Feb__
MarApr- _
MayJune.
July__
Aug..
Sept..
Oct..
Nov3_
Dec8.

private
Total
and
private
public (includ(including
ing
farm)
farm)
1, 553. 5
1, 296. 0
1, 365. 0
1, 492. 4
1, 640. 9
1, 575. 7

1, 516. 8
1, 252. 1
1, 313. 0
1, 462. 8
1, 609. 2
1, 543. 9

122. 3
97.4
100.8
101. 1
133. 3
152. 3
160.5
164.0
145. 1
144. 8
126.0
143. 1
111.4
93.3

120. 5
95.7
99. 6
100. 3
130.1
148.5
157.5
158. 5
142.7
141. 6
122. 6
141.0
109.4
92.1

Prhrate nonfa rm

Total
private
(including
farm)

Onefamily

Two or
more
families

1, 314. 2
1, 494. 6 1, 211. 9
1, 230. 1
972.3
1, 284. 8
946. 4
1, 439. 1
967. 8
993.2
1, 581. 7
945.9
1,516.9

282. 7
257. 8
338. 4
471.3
588. 5
571.0

1, 516. 8
1, 252. 1
1, 313. 0
1, 462. 8
1, 609. 2
1, 543. 9

48.2
44.8
44.5
36.6
47. 9
57.9
56.3
56.6
51.0
51.4
43. 1
50.5
40.5
34.6

1,577
1,570
1,718
1,657
1,663
1,531
1,529
1,611
1,505
1,430
1,457
1,591
1,430
1,541

Total

117. 9
93.4
98. 3
97.7
128.3
145.7
155. 2
155. 8
140.4
139.0
120. 5
138.5
107.3
90.2

69.7
48.6
53.8
61. 1
8(X4
87.8
98.9
99.2
89.4
87.6
77.4
87.9
66.8
55.6

1
Authorized by issuance of local building permit; in 10,000 permit-issuing
places prior to 1963, and 12,000 or more thereafter.
2
1 Units represented by mortgage applications for new home construction.
Preliminary.

20



Private nonfiirm
Total

Gover nment
home pirograms

VA
FHA
1, 314. 2 270. 3 102. 1
1, 494. 6 307. 0 109.3
74. 6
1, 230. 1 225. 7
83. 3
1, 284. 8 198.8
77. 8
1, 439. 1 197. 3
71. 0
1, 581. 7 166.2
59.2
1,516.9 154.0
Se,asonally adj usted
67
1,544
153
73
1,524
157
75
1,688
158
192
83
1,613
68
1,638
165
60
146
1,501
61
1,507
174
60
152
1,585
56
1,483
145
52
1,408
142
52
136
1,433
50
146
1,559
57
152
1,404
53
1,502
151

Propose3d home
constr uction
New
private
Applica- Requests
housing
units tions for for VA
FHA
author- commit- appraisized l
als 2
ments 2
341.7
369.7
1, 208. 3
242. 4
998.0
243. 8
1, 064. 2
221. 1
1, 186. 6
190. 2
1, 334. 7
182.1
1,273.8
annual ra tes
190
1,359
1,402
183
178
1,333
193
1, 404
190
1,377
190
1,280
173
1,271
177
1,306
1,242
162
176
1,281
174
1.222
183
1,220
194
1,258
193
1,154

234.2
234. 0
142. 9
177.8
171 2
139.3
113.6
145
159
138
135
124
111
99
103
109
88
121
112
118
118

NOTE.—Data Include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA)
and Veterans Administration (VA).

BUSINESS SALES AND INVENTORIES—Total and Trade
According to the advance report, retail sales (seasonally adjusted) in December 1964 recorded gains of 5.4 percent
over November and of 8.5 percent over a year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS*

I08

-

WHOLESALE TRADE
{ENLARGED SCALE)

INVENTORIES
\

n-7

1961

1

1962

1963

1964

1961

1964

* SEASONALLY ADJUSTED.

SOURCE; DEPARTMENT OF COMMERCE.

Total b usiness l

COUNCIL OF ECONOMIC ADVISERS

Whol esale 4
Sales

Period

Sales 2

Inventories 3

Sales 2

Inventories 3

Total

2

Re tail 5

[nventories

NonDurable durable
goods
goods
stores
stores

Total

Durable
goods
stores

3

Nondurable
goods
stores

Millions of dollars, seasonall y adjustec 1

1957
1958
1959
1960
1961
1962
1963
1964 6
1963: Oct
_ _ -_Nov_
__
Dec
1964: Jan
Feb
Mar
Apr
_
_ _
May— - --June
_
July
Aug
-_ _
Sept
Oct 7
Nov
Dec 7

55, 878
54, 232
59, 583
60, 530
60, 747
65, 078
68, 002
72, 634
68, 884
68, 338
70, 026
70, 992
71, 013
70, 649
71, 787
72, 660
72, 187
73, 693
73, 204
73,358
72,131
73, 451

89, 052
86, 922
91, 964
94, 610
95, 576
100, 271
105, 127
107, 995
103, 731
104, 529
105, 127
105, 432
105, 428
105, 721
106, 371
106, 507
106, 621
106, 634
106, 716
107,323
107,320
107, 995

10, 475
10, 257
11,413
11, 440
11, 629
12, 158
12, 692
13, 734
12, 954
12, 776
12, 986
13, 315
13, 245
13, 204
13, 228
13, 697
13, 623
13, 795
13, 770
13,792
13,937
14, 245

12, 730
12, 739
13, 952
13, 983
14, 251
14, 580
15, 597
16, 360
15, 488
15, 495
15, 597
15, 818
15, 719
15, 734
15, 879
16, 053
16, 043
16, 017
15, 986
16,222
16,276
16, 360

1
The term "business" here includes wholesale, retail, and manufacturing trade
(see page 22).
2 Montniy average for year and total for month.
* Book value, end of period, seasonally adjusted.
< Beginning 1961, data include Alaska and Hawaii.




16, 667
16, 696
17, 951
18, 294
18, 234
19, 613
20, 536
21, 800
20, 716
20, 558
21, 019
21, 000
21, 533
21, 223
21, 392
21, 777
21, 773
21, 935
22, 266
22,254
21,383
21,631
22, 808

5, 696
5,284
5, 972
5,894
5, 608
6, 245
6, 675
7, 100
6,941
6,734
6,831
6, 855
7, 262
6, 939
7, 010
7,218
7, 002
7, 060
7, 324
7,541
6,496
6,704
7,767

10, 971
11, 412
11, 979
12, 400
12, 626
13, 367
13, 861
14, 700
13, 775
13, 824
14, 188
14, 145
14, 271
14, 284
14, 382
14, 559
14, 771
14, 875
14, 942
14,713
14,887
14, 927
15, 041

24, 451
24, 113
25, 305
26, 813
26, 238
27, 938
29, 383
29, 348
28, 921
29, 254
29, 383
29, 608
29, 586
29, 661
29, 961
29, 926
30, 180
30, 129
29, 967
30,082
29,267
29, 348

11, 283
10, 526
11, 044
11, 951
11, 019
11, 728
12, 509
12, 053
12, 116
12, 341
12, 509
12, 666
12, 708
12, 913
13, 045
13, 024
13, 079
12, 924
12, 762
12,867
12,038
12, 053

13, 168
13, 587
14, 261
14, 862
15, 219
16, 210
16, 874
17, 295
16, 805
16, 913
16, 874
16, 942
16, 878
16, 748
16, 916
16, 902
17, 101
17, 205
17. 205
17,215
17,229
17, 295

» Beginning 1960, data include Alaska and Hawaii.
Preliminary, data for year calculated on basis of no change from November.
* Preliminary.
Source: Department of Commerce.

6

21

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
According to preliminary estimates, manufacturers1 shipments and new orders of durable goods advanced strongly
in December (on a seasonally adjusted basis) from their November levels.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS*
40
1

MANUFACTURERS' INVENTORIES

MANUFACTURERS SHIPMENTS
TOTAL

TOTAL -

60

40

'

DURABLE GOODS

JO

MANUFACTURERS' NEW ORDERS

210

DURABLE GOODS

20

NONDURABLE
GOODS

NONDURABLE GOODS

20

JO
J962

J96|

1963

1961

1964

1964

* SEASONALLY ADJUSTED.

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

Manufac turers' sh ipments l Manufact urers' inv entories 2
Ferioa

T> •».**~>.y"l

Total

1957
1958
1959
1960
1961
1962
1963
1964 *
1963: Nov
Dee___-_
1964: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
N o v55
Dec

28, 736
27, 280
30, 219
30, 796
30, 884
33, 308
34, 774
37, 100
35, 004
36, 021
36, 677
36, 235
36, 222
37, 167
37, 186
36, 791
37, 963
37, 168
37,312
36,811
37, 575

NonDurable durable
goods
goods

15, 237
13, 572
15, 544
15, 817
15, 532
17, 184
18, 071
19, 200
18, 272
18, 476
19, 144
19, 027
18, 887
19, 359
19, 138
19, 023
19, 861
19, 164
19,284
18, 633
19, 345
20, 407

13, 499
13, 708
14, 675
14, 979
15, 352
16, 124
16, 704
17, 900
16, 732
17, 545
17, 533
17, 208
17, 335
17, 808
18, 048
17, 768
18, 102
18, 004
18,028
18, 178
18, 230

1
Monthly average for year and total for month.
2
Book value, end of period, seasonally adjusted.
3

Total

Millions
51, 871
50, 070
52, 707
53, 814
55, 087
57, 753
60, 147
62, 287
59, 780
60, 147
60, 006
60, 123
60, 326
60, 531
60, 528
60, 398
60, 488
60, 763
61,019
61, 777
62, 287

NonDurable durable
goods
goods
of dollars
31, 728
30, 095
31, 839
32, 360
32, 646
34, 326
36, 028
37, 938
35, 704
36, 028
35, 970
35, 960
36, 079
36, 277
36, 300
36, 492
36, 597
36, 790
37,037
37, 517
37, 938

For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.

22



1
7
Ma nufacturei rs new orde rs

Durab le goods
Total

Total

seasonal y adjuste d
20, 143 27, 514 14, 073
19, 975 26, 901 13, 170
20, 868 30, 679 15, 951
21, 454 30, 115 15, 223
22, 441 31, 061 15, 664
23, 427 33, 167 17, 085
24, 119 35, 036 18, 300
24, 349 37, 700 19, 800
24, 076 34, 953 18, 113
24, 119 35, 619 17, 974
24, 036 37, 148 19, 740
24, 163 36, 657 19, 499
24, 247 36, 547 19, 262
24, 254 38, 184 20, 461
24, 228 37, 893 19, 945
23, 906 37, 782 20, 016
23, 891 39, 315 21, 254
23, 973 37, 509 19, 342
23,982 38,018 19,907
24, 260 37, 846 19, 623
24, 349 37, 682 19, 420
20, 309
4

NonMachinery durable
and
goods
equipment
2, 566
2, 354
2,878
2,791
2,854
3,090
3,326
3,700
3,273
3, 612
3,617
3,413
3,455
3,610
3,929
3, 916
3, 774
3,772
3,686
3,786
3,895
3,867

13, 441
13, 731
14, 728
14, 892
15, 397
16, 082
16, 736
17, 900
16, 840
17, 645
17, 408
17, 158
17, 285
17, 723
17, 948
17, 766
18, 061
18, 167
18,111
18, 223
18, 262

Manufacturers'
inventoryshiprnents
ratio 3

1. 80
1. 84
1. 70
1. 76
1.74
1. 70
1. 69
1. 64
1. 71
1. 67
1. 64
1. 66
1.67
1. 63
1. 63
1. 64
1.59
1. 63
1. 64
1.68
1.66

Preliminary, data for year calculated on basis of no change from November.
«Preliminary.
Source: Department of Commerce.

MERCHANDISE EXPORTS AND IMPORTS
Exports increased moderately in November, while imports rose sharply to a new record high. As a result, the seasonally adjusted trade surplus declined further by almost $100 million, to the lowest monthly level of the past year.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
2.5

2.5

2.0

1964
& SEE NOTE I BELOW.
SOURCES: DEPARTMENT OF COMMERCE.

COUNCIL OP ECONOMIC ADVISERS

I Millions of dollars)
Merchandise
Total ( includGener al 2i ru]Domes ti c expor ts
trade
Impc rts for consum ption
1
ing ree?rports)
por ts
Indus- Finished surplus,
Indus- Finished
Season- Unad- Total i Food- trial
manu- seasonmanu- Season- Unad- Total 4 Food- trial
ally adally ad- justed
facstuffs matestuffs matefac- J ally ad- justed
justed
justed
justed
tures
rials
tures
rials
M erchandi se expo rts

M erchandi se impo rts

3

Period

Monthly average :
1957
1958
1959
1960
1961
1962
1963
1964 5

1963: Oct
Nov
Dec
1964: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov _

1,625
1,364
1, 3€6
1, 633
1, 679
1, 745
1,863
2,093
1,952
1,952
2,055
2,048
2, 036
2, 086
2,055
2,062
2, 018
2, 118
2,085
2,271
2 ,184
2,184




2, 029
2, 036
2, 098
2, 031
2,001
2, 136
2, 130
2,215
2,040
2,046
1,897
2,085
2,255
2, 183

1,611
1,351
1,352
1, 617
1, 659
1, 723
1,839
2,064

530
208
368
198
366
210
230
510
254
486
440
281
314
494
566
348
U nadjust ed
354
575
2,005
2, Oil
363
574
588
2, 075
364
554
2,004
355
534
1,973
347
550
364
2, 108
367
2, 093
540
562
2, 184
378
2, 008
308
557
294
592
2, 020
1,869
515
308
569
348
2,058
367
638
2,226
390
2, 158
615

1, 105
1, 105
1, 302
1, 251
1, 226
1, 366
1, 429
1,540

872
784
776
877
919

1,002
1,031
1, 150
1, 076
1, 074
1, 122
1, 095
1,092
1, 193
1, 186
1,243
1, 143
1, 134
1,045
1, 141
1,221
1, 154

1,459
1, 465
1, 478
1,422

1,445
1,523
1,542
1, 548
1,506
1,590
1, 592
1, 558
1,551
1,698

1, 591
1,425
1, 530
1,447
1,338
1,592
1, 562
1,458
1, 596
1, 612
1,492
1, 562
1,613
1 , 672

1,102
1, 101
1,284
1, 251
1,221
1, 354
1,417
1,536

534
274
288
489
285
569
274
539
277
522
297
561
574
310
316
615
U nadjust ed
1, 578
367
600
1,421
316
538
1, 509
599
356
1,465
294
617
1,322
267
561
1,567
353
613
342
1, 555
611
1,434
297
581
1, 577
303
632
294
1, 615
659
1,491
280
625
1,568
320
614
1,644
351
628
1 , 655
379
620

294
326
431
438
423
496
532
605

£20
259
64
382
453
379
434
553

612
567
554
553
494
601
603
556
642
662
585
634
665
656

493
487
577
621
591
563
513
514
507
528
493
713
583
486

4
Data through 1959 have been adjusted to include imports of uranium ore.
* Preliminary, based on data for January-November.
Source: Department of Commerce.
g

U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The surplus on goods and services increased 7 percent to a seasonally adjusted annual rate of almost $7.9 billion in
the third quarter of 1964.
Merchandise exports sharply reversed the previous quarter's decline while imports continued to rise, but at a slightly slower rate.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

40

40

30

IMPORTS OF GOODS AND SERVICES

10

JO

I958

I963

J961

I964
COUNCIL OF ECONOMIC ADVISERS.

SOURCE: DEPARTMENT OF COMMERCE.

[Millions of dollars]
Impor ts of good s and ser\rices

E> ports o f Roods ;-tnd services

Incon ie on
invest!Tients
Total

Merchandise l

Military
sales

Private

Government

1957.
1958
1959
1960
1961
1962
1963

26, 481
23, 067
23, 476
27, 044
28, 438
30, 084
32, 020

19, 390
16, 264
16,282
19, 459
19,913
20, 576
21, 989

375
300
302
335
402
656
659

2,612
2, 538
2, 694
2, 911
3, 464
3,850
3, 969

205
307
349
349
380
471
498

1963: I
II
III
IV
1964: I
II

30, 140
31. 908
32, 148
33, 884
36,000
35,356
36 , 656

19, 960
21,888
22, 440
23, 668
24,448
24,144
25,448

724
824
468
620
840
604
716

4, 144
3,876
3, 852
4,004
4,900
4,776
4,656

Period

Addendum:
Goods and
Other
services
servfinanced
ices
by Govt.
grants and
capital
3, 899
(2)
3, 658
(2)
3, 849
(2)
3, 990
2, 239
4,279
2, 687
4, 531
2, 908
4, 905
3, 338

Balance
Milion
tary
Other
expend- serv- goods
itures
ices serv-

Total

Merchandise 1

20, 752
20, 861
23, 342
23, 193
22, 852
25, 021
26, 335

13, 291
12, 952
15, 310
14, 723
14, 497
16, 134
16,996

3, 216
3, 435
3, 107
3,048
2,954
3,044
2, 897

4, 245
4,474
4,925
5,422
5, 401
5, 843
6, 442

5, 729
2, 206

16, 148
16,848
17, 472
17, 516
17,464
18,304
18,988

2, 988
2,924
2,844
2, 832
2.868
2,912
2,736

6, 172
6,352
6, 616
6, 628
6,660
6,816
7,080

4,832
5, 784
5, 216
6, 908
9,008
7,324
7,852

134

3,851
5, 586
5, 063
5, 685

Seaso nalty ad; usted annua 1 rates

III

3

1

Ad-tinted from customs data for differences in timing and coverage.
'Not available.

24



492
496
500
504
524
528
532

4, 820
4, 824
4,888
5,088
5,288
5,304
5,304
3

2, 984
4, 020
3, 044
3,304
3,048
3,540
3,500

25, 308
26, 124
26, 932
26, 976
26,992
28.032
28,804

Preliminary.
Source: Department of Commerce.

U.S. BALANCE OF INTERNATIONAL PAYMENTS
The U.S. deficit on regular transactions declined in the third quarter of 1964 to a seasonally adjusted annual rate of
$2.3 billion. A larger trade surplus, combined with some reduction in Government grants and capital outflows and
reduced level of direct investment abroad, contributed to this improvement.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

20

2O

BALANCE ON F EGULAR TRANSACTI ONS

[SURPLUS OR

DEFICIT (-JTJ
-

ULJUU
-10

i

i i

^y m
1

1958

1

1

1

1

1

1

1

I960

1959

1

1

1961

I

1

1962

1

1

1

i i i
1964

1963

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS.

i Millions of dollars]
Change3S in selec ted liabilities (decrease

U.S. pr ivate capi tal, net
IJ.S.

Period

Government
grants
arid
capital,

net

Errors

and

on

unrecorded
transactions

regular
transactions 4

-2, 442
487
-276
-859
1, 157
22
1, 444
488
— 1, 181
-311
—/7
412
-1, 372
— 926
863
341
-1, 674
772
1, 348
-863
622
— 1, 599 — 1, 025 — 1, 556
— 998
— 1 . 654 -1, 227
162 -1, 111
-553
311
- 1 , 888 - 1 , 685 -734
-339
Sc>asonally adjusted ainnual rat es

520
— 3, 529
— 4, 178
-3, 918
-3, 071
-3, 605

Direct
investment

l

Longterm
portfolio 2

1957
1958
1959
1960
1961. _
1962
1963

— 2, 574
-2, 587
— 2, 421
-2. 781
— 3. 396
-3. 547
-3, 785

I
II
III
IV
1964:
I
II

-3. 596 -2, 472 -2. 184
— 4. 680 -1, 908 -2. 392
-3. 164
— 040 — 1, 212
2 232
— 952
— 3, 700

— 3.092
— 3.756
III ..- -3.560
9

Balance

-2.084
— 2.284
— 2.076

Foreign
capital,
Shortterm

144
-2,248

16
-848

— 908

2 528

-1.052
— 2,344

-2.468

— 1 ,212

net

3

-96
-472 -4, 680
__44 -5,256
1, 068
460 -1,068 -1, 516
-188
228 -1,592
104
520
636

-680
-968
-216 — 2,764
-704 -2,264

1
Includes associated (iovt. liabilities and scheduled loan repayments.
2
Includes hanking claims.
3
Other than liquid funds; includes miscellaneous Govt. nonliquid liabilities.
4

Includes balance on goods and services (page 24) as well as net pensions and
remittance payments ($H2f> million in 1963).
5
Includes official debt prepayment, advances on military exports, and net
sales of those nonmarketable. medium-term, nonconvertible securities not
included under foreign capital.
6
Includes short-term official and banking liabilities and foreign holdings of
U.S. Govt. bonds and notes (other than nonmarketable, nonconvertible).




-3,261

7

To foreig n official
Selected
hold
special
Govern- Special
To
nonment
other
markettransforeign
actions 5 able, con- Other holders 8
vertible
bonds
and notes

Changes
in gold,

convertible
currencies, and

IMF
gold
tranche
position
(increase

( — ))
625 -1, 165
502
2, 292
435
1,460
1, 035
37
289
2, 143
701
606
1, 083
1, 402
213
1, 533
702
617
594
378
Quarterly , totals ini ad jus ted
— 74
108
350
397
32
152
39
144
773
124
226
175
145
47
227
5
264
25
126
6
20
735
1,248
1,449
681
457
970

148
-39
4

122
203

-399
92
181

233
109
558

-51
303
w 70

Central banks and governments.
s Private holders: includes banks and international and regional organizations.
Excludes liabilities to IM F relevant to U.S. gold tranche position.
v
Prcli niiiary.
10 Total at end of third quarter was $15.870 million, of which $15.643 million
was U.S. gold stock. The increase in gold stock during quarter was $20 million,
NOTE.—Data exclude military grant aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
2J3

PRICES

CONSUMER PRICES

The over-all index of consumer prices rose by 0.1 percent in December 1964. Prices of food, other nondurable commodities/ and services increased slightly while durable commodity prices declined a little. The over-all index was
1.1 percent above the December 1963 level.
I N D E X , 1957-59 = 100
120

I N D E X , 1957-59 = 100
120

100

95

1964
NOTE BELOW.
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS.

[1957-59=100]
Co mmoditie 3
Period
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1S63: Nov
Dec
1964: Jan (new series) l
Feb
Mar
Apr
May
June
Julv__
Aug
Sept
Oct
Nov
Dec

All
items
93. 13
93. 3
94. 7
98. 0
100. 7
101. 5
103. 1
104. 2
105. 4
106. 7
108. 1
107. 4
107. 6
107.7
107. 6
107. 7
107. 8
107. 8
10R. 0
108. 3
108. 2
108. 4
108. 5
108. 7
108. 8

All commodities
95. 5
94. 6
95. 5
98. 5
100. 8
100. 9
101. 7
102. 3
103. 2
104. 1
105. 2
104. 7
104. 9
104. 9
104. 8
104. 8
104. 9
104. 8
105.0
105. 3
105. 2
105. 4
105. 5
105. 6
105. 7

Comm odities leg»s food
Food

26

95. 4
94. 0

94. 7
97. 8
101. 9
100. 3
101. 4
102. 6
103. 6
105. 1
106. 4
105. 1
105. 4
105.8
106. 0
105. 7
105. 7
105. 5
106. 2
107. 2
1 06. 9
107. 2
106. 9
106. 8
106. 9

1
See note.
NOTE.—Prior to January 1964, indexes revised to reflect transfer of homeownership from services to durable commodities.




Services

All
95. 0
94 9
95. 9
98. 8
99. 9
101. 2
101. 7
102. 0
102. 8
103. 5
104. 4
104. 5
104. 5
104.3
104. 1
104. 3
104. 3
104. 3
104. 3
104.3
104. 2
104. 3
104. 6
104. 8
104. 9

All
NonDurable durable services
94. 4
88.7
97. 1
94. 4
90. 5
95. 3
92. 8
95. 4
96. 5
96. 6
98. 5
99. 1
100. 0
100. :*
99. 8
103. 2
101. 0
101. 5
102. 6
106. 6
100. 9
103. 2
108. 8
100. 8
103. 8
110. 9
101. 8
102. 1
113. 0
104.8
115. 2
105.7
103. 0
103. 1
113. 9
105. 8
105. 9
114. 1
103. 0
102. 9
105. 6
114. 2
102. 9
105. 3
114. 3
105. 6
114. 5
102. 9
114. 8
102. 9
105. 6
105. 7
102. 8
114. 9
102. 9
105. 6
115. 1
102. 9
105. 6
115. 3
115. 4
105. 6
102. 8
105. 8
115. 5
102. 8
115. 7
106. 0
103. 1
106. 1
116. 0
103. 5
106. 3
116. 2
103. 4

Rent

93. 5
94. 8
96. 5
98. 3
100. 1
101. 6
103. 1
104. 4
105. 7
106. 8
107. 8
107. 2
107. 3
107.3
107. 5
107. 5
107. 7
107. 7
107. 8
107. 8
107. 9
107. 9
108. 2
108. 3
108. 4

Services
less
rent

87.4
89. 4
91. 9
96. 1
100. 2
103. 6
107. 4
110. 0
112. 1
114. 5
117. 0
115. 5
115. 8
116.0
116. 0
116.3
116. 5
116. 6
116. 8
117. 0
117. 2
117. 4
117. 6
117. 9
118. 2

Beeinnin" w i t h January 1964, new index with revised weight?, coverage, and
samplins procedures. For details, see Department of Labor release, Major
Changes in the Consumer Price Index, March 3, 1964.
Source: Department of Labor.

WHOLESALE PRICES
The over-all index of wholesale prices rose by 0.1 percent in December 1964. Prices of industrial commodities were
up 0.2 percent while farm product prices declined 1.3 percent and food prices were down 0.1 percent.
INDEX, I957-59»IOO

INDEX, 1957-59 = 100

115

115

FARM PRODUCTS

HO

110

105

105

100

95
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)

90

1959

I960

1961

1962

SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF'ECONOMIC ADVISERS

All
commodities

Period

1957
1958
1959
1960
1961
1962
1963 3
1964
.
1963: Oct _
Nov
Dec

1964: Jan
Feb
Mar
Apr
May_
June__
July
Aug
Sept
Oct
Nov
Dec 3 4
Week ended:
1965: Jan 12
19

__

11957-59=1001
Commodit,ies other t han farm jproducts aind foods (iridustrials)
Consunner tinIndusIndusFarm
Proctrial in- Produc- ished g<;>ods exAll intrial
prodessed
cludin g food
dustricrude termedi- er finucts
foods
Durmate- ate ma- goods
Nonals1
terials 2
rials
durable
able

99. 0
100. 4
100. 6
100. 7
100. 3
100. 6
100. 3
100. 5
100. 5
100. 7
100. 3
101.0
100. 5
100.4
100.3
100. 1
100.0
100.4
100. 3
100. 7
100. 8
100.7
100.8

99. 2
103. 6
97. 2
96. 9
96. 0
97. 7
95. 7
94. 3
95. 1
96. 2
93.3
96. 3
94. 5
95. 2
94.4
93. 7
93. 2
94. 1
93. 6
95. 7
93. 8
94. 0
92. 8

97. 9
102. 9
99. 2
100. 0
100. 7
101. 2
101. 1
101. 0
102. 2
102. 5
100. 4
102. 5
100.9
100. 5
100.4
99. 4
100. 2
101. 2
101. 0
102. 2
101.7
100. 9
100. 8

99. 2
99. 5
101. 3
101. 3
100. 8
100. 8
100. 7
101. 2
100. 9
100. 9
101.2
101.3
101.2
101. 1
101. 1
101. 1
100. 9
101. 1
101. 1
101. 1
101. 5
101. 6
101.8

101. 0
101. 0

93. 3
93. 7

101.9
102. 1

101. 9
101. 8

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




100. 9
96. 9
102. 3
9a 3
97. 2
95. 6
94.3
97. 1
94. 4
94- 5
94. 5
94.9
94. 9
95. 2
96. 2
95. 6
95. 9
96.6
98.3
98. 1
99. 1
99.8
100. 7

99. 6
99. 4
101. 0
101. 4
100. 1
99. 9
99. 6
100. 2
99. 8
99. 9
100. 1
100. 1
100. 2
100. 2
100. 2
100. 1
99. 9
100. 0
100. 0
99. 9
100. 4
100. 5
100. 6

97. 7
100. 2
102. 1
102. 3
102. 5
102. 9
103. 1
104. 1
103. 2
103.4
103. 6
103. 5
103.7
103. 8
103. 9
104.3
104. 1
104.3
104.3
104. 2
104. 3
104. 6
104.5

9R 7
100. 1
101. 3
100. 9
100. 5
100. 0
99. 5
99. 9
99. 6
99.6
99. 5
99. 5
99. 6
99. 6
99. 7
100. 1
100.0
100. 1
99.9
99.9
100. 0
99. 9
99.9

8 Preliminary.
4
Weekly series based on smaller sample than monthly series.
Source: Department of Labor.

99. 9
99. 3
100. 8
101.5
101. 5
101. 6
101.9
101. 6
102. 0
101. 7
102. 2
102.4
102. 1
101. 5
101. 1
101. 3
101. 2
101. 5
101.4
101. 0
101. 6
101. 9
102. 1

27

PRICES RECEIVED AND PAID BY FARMERS
During rhe month ended December 15, 1964, prices received and prices paid by farmers were unchanged from their
levels in November. The parity ratio also was unchanged.
INDEX, 1957-59 = 100

INDE)(, 1957-59 = 100

IIO
f^

100

IIO

PRICES PAID,
NTEREST, TAXES, A ND
WAGE RATES
^

\

/^V

<*-">s

,,.

X

/Vv/

Ik

A^X^-v

~^~-

100

PRICES RECEI VED
(ALL FARM PROD UCTS]

90

80

/^

1

1

!

t

I

1 1 »

1 !

1

!

»

t f

1f

!

I1 t 1

I

f

1 »

1!

1t

t

! 1

f

90

T t

t

1 1 I t

t

1 1

i i t 1i T1i i » t , i t t f i 1 i f i i i

i f t t it ii f i ^

RATI 0^

80

HA'

100

100

90

90

**"*,**

I '%,„„,/'%
^

PARITY RATI 0
AwiiiinMiiiv

^
-i,,,-^

80
'\*

70

!

1 1 1 1 !

T 1 1 t

f

1958

!

t

!

1 . I 1 f

1959

1 1

,«»/

y<£

%y

:

o**

''f^

•

V

*'<"""»X°

80

^,,
,,^
^ i ^ ^
*_ ,
'•!«*>. »%»%
'*«•'
S°

t

1

1963

•J/RAT 0 OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID,
INTER!.ST, TAXES, AND WAGE R ATES, ON I9IO-I4 = IOO E3ASE.
SOURC E: DEPARTMENT OF AC RICULTURE.

1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1963: Nov 15
Dec 15_
1964: Jan 15
Feb 15
Mar 15
Apr 15
Mav 15
Jime 15
July 15
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15

All farm
products

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

Crops

104
105
101
100
99
99
102
104
106
106
108
108
109
109
108
109
111
108
105
101
102
104
104
105

1
Percentage ratio of indes of prices received by farmers to index of prices paid,
interest, taxes, and wage rates, on 1910-14=100 base.

28



-l_l_l_l

1

!

1

1 -J-J
-

L_

70

1964

COUh GIL OF ECONOMIC ADV ISERS

Price*s paid by fa rmers

Prices i eceived by armers
Period

t

La_L-l_LJU_U-!_l_.L_

1962

1961

I960

Livestock All items,
interest,
and
taxes, and
products wage rates
Index, 195 7-59=100
90
88
94
106
100
98
98
99
95
91
94
91
94
92
92
89
87
87
91
92
95
93
92
91

94
95
98
100
102
102
103
105
106
107
106
106
107
107
107
107
107
107
107
107
107
107
107
107

Family
living
items
95
96
99
100
101
102
102
103
104
105
104
104
104
105
104
105
105
105
105
105
105
105
105
105

Source: Department of Agriculture.

Production
items
96
95
98
100
102
101
101
103
104
103
103
103
104
103
104
104
103
103
103
103
103
103
103
103

Parity
ratio *

84
83
82
85
81
80
79
79
78
75
78
76
78
77
76
75
75
74
75
74
75
76
75
75

MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY

In December, the money supply rose by $0.3 billion (seasonally adjusted daily average) making the increase for
1964 as a whole 4.0 percent. Time deposits rose by $1.4 billion in December and were 12.6 percent above a year
earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

J60
MONEY SUPPLY

12.0

TIME DEPOSITS AT ALL
COMMERCIAL BANKS

«

80

40

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF ECONOMIC ADVISERS.

[Averages of daily fiprures, billions of dollars]
M oney supf >iy
M oney supp>iy
Period

1958:
1959:
1960:
1961:
1962:
1963:
1964:
1964-

Dec
Dec
Dec
Dec__
Dec
Dec
Dec 2
Jan
Feb
Mar
Apr _
M ay
June
Julv
Aug
Sept
Oct
Nov _
Dec 2
__.
First half 2
Second half _

deposits at all commercial banks.
Preliminary.

2




Total

_

141. 1
142. 1
141. 1
145. 5
147. 6
153. 2
159. 4
153. 8
153. 8
154. 2
154. 5
154. 5
155. 6
156. 7
157. 2
158. 0
158. 6
159. 1
159. 4
159. 4
159. 4

Currency
outside
banks
Seasonally7
28. 6
28. 9
28. 9
29. 6
30. 6
32. 4
34. 2
32. 6
32. 7
32. 9
33. 0
33.3
33. 4
33. 5
33.7
33.8
33. 9
34. 2
34. 2
34. 2
34. 2

Time

De-

mand

de-

posits

de-

posits
adjustec
112. 6
113. 2
112. 1
116. 0
117. 1
120. 7
125. 2
121. 2
121. 1
121.3
121. 5
121. 3
122. 1
123. 3
123. 5
124. 2
124.7
124. 9
125. 2
125. 2
125. 2

l

Total

Currency
outside
banks

De-

Time

de-

posits l

mand
posits

de-

U.S.
Government
de-

mand
de-

posits 1
1Jnad juste d

65. 4
67. 4
72. 9
82. 8
97. 9
112. 3
126. 5
113. 9
115. 1
115. 7
116. 4
117. 4
118. 5
119. 4
120. 6
121. 7
123. 1
125. 1
126. 5
126. 3
126. 7

144. 7
145. 6
144. 7
149. 4
151. 6
157. 2
163. 6
157. 8
153. 8
152. 9
155. 0
152. 4
153. 6
155. 2
155. 1
156. 9
158. 8
160.4
163. 6
162. 8
164. 4

29. 2
29. 5
29. 6
30.2
31. 2
33. 1
34. 9
32. 4
32. 3
32. 6
32.7
33. 0
33. 3
33.7
33.8
33.8
34.0
34. 5
34. 9
34. 9
35.0

115. 5
116. 1
115. 2
119. 2
120. 3
124. 1
128. 7
125. 4
121. 5
120. 3
122. 3
119. 4
120. 3
121. 5
121.3
123. 1
124. 8
125.9
128. 7
128.0
129. 4

64. 6
66. 6
72. 1
81.8
96. 7
111. 0
125. 0
113. 2
114. 6
115. 7
116. 7
118. 1
119. 2
120. 1
121. 1
122. 0
123. 3
124. 1
125. 0
124. 7
125. 3

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

3.9
4.9

4. 7
4, 9
5.6

5. 2
5. 5

4.2
4.8

6. 1
4. 2
6. 9
7. 8
7. 0
6.4

6. 6
5. 6
5. 8
5. 5
4.9

6. 1

29

SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Nonbcmk liquid asset holdings (seasonally adjusted), particularly saving type assets/ rose further in December, bringing the total increase in 1964 to 1 percent.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

500

500

40O

400

300

200

100

'ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF ECONOMIC ADVISERS.

[Billions of dollars, seasonally adjusted]
Total
selected
liquid
assets

End of period

1955
1956
1957
1958
1959
1960
1961__ _ _
]9fi2
1963
1964 3
1964: Jan _ __ _._
Feb
Mar__
Apr
__
Mav
June
July
Aug
Sept 3
Oct 3 _ _ _
_
Nov 33
Dec

_

_

332. 5
343. 2
3£6. 0
373. 1
393.9
399. 2
424. 6
459. 0
495. 3
529. 9
498. 8
499. 5
503. 9
505. 9
507. 5
511. 3
511.7
514. 7
520.7
522.9
526. 2
529. 9

Demand
deposits
and
currency l

133. 3
134. 6
133. 5
138. 8
139. 7
138.4
142 6
144. 8
149 6
156. 1
149. 5
148. 4
150. 2
149. 9
149. 6
151. 1
151. 8
152. 1
154.8
154. 6
154. 6
156. 1

Time d eposits

Commercial
banks




28. 1
30. 0
31. (')
33. 9
34. 9
36. 2
38. 3
41. 4
44. 5
48.8
45. 0
45. 4
45. 6
46. 0
46. 3
46.8
47. 1
47.5
47. 9
48. 3
48. 6
48. 8

49. 7
52. 0
57. 5
65. 4
67. 4
73. 1
82.5
98. 1
112. 9
126.9
114, 8
115. 5
115. 9
117.0
117. 9
118.6
119. 8
120. 6
121. 9
123.7
125. 7
126. 9

1
Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutuaJ savings banks and savings and loan associations. Data
for5 last Wednesday of month.
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February I960, savings and loan associations.

30

Mutual
savings
banks

3

Postal
Savings
System

Savings
and loan
shares

U.S. Government
savings
bonds 2

U.S. Government
securities
maturing
within
year 2

1. 9
1. 6
1. 3
1. 1
.9
.8
.6
.5
.5
.4
.5
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4

32. 0
37. 0
41.7
47. 7
54. 3
61. 8
70. 5
79.8
90. 8
101.4
91. 3
92. 3
9a 4
94. 0
94. 8
95.7
96.5
97.7
99.0
99. 7
100. 6
101. 4

55. 9
54. 8
51. 6
50. 5
47. 9
47. 0
47. 4
47. 6
49. 0
49. 9
49. 1
49.0
49. 0
49. 1
49. 1
49. 2
49. 3
49. 3
49. 4
49. 4
49.5
49. 9

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
48. 1
46. 4
48. 6
48. 4
49. 3
49. 5
49. 4
49.4
46.7
47. 1
47.4
46.8
46. 7
46. 4

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans (seasonally adjusted) rose fairly strongly in December, primarily reflecting the increase in
business loans. However, total bank investments declined. For 1964 as a whole, the 8 percent rise in total bank
credit matched 1963.
ARS*

BILLIONS OF DOLLARS*

250

250
ALL COMMERCIAL BANKS

TOTAL
. LOANS AND INVESTMENTS .

200

2OO

150

150

BANK LOANS

too

100

INVESTMENTS IN US. GOVERNMENT SECURITIES

50

50

INVESTMENTS

I

1 I I

I I

1I

t

1

1

t t 1 I 1 M

1958

1 1

1959

_|

IN OTHER SECURITIES

I M I TI t t II

_U

I960

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

1956
1957
1958
1959
1960
1961 5
1962 5 _
1963
1964 e
1964: Jan__
Feb
Mar
Apr
May_
June
July
Aug
Sept6
Oct 6
Nov
Dec 6 _ _ _

Total
Investraents
Loans,
loans excluding
and
inter- U.S. Gov- Other
investsecuribank
ernment
ments
ties
securities

161. 6
166. 4
181. 2
185. 9
194. 5
209. 8
22a 3
246. 5
266. 0
246. 7
24a 4
251. 4
251. 8
253. 5
256. 3
254. 5
258. 7
261. 7
260. 8
264. 9
266. 0

sa o

91. 4
95. 6
107. 6
113. 8
120. 5
133. 9
149. 4
166. 7
151. 0
151. 8
153. 9
155. 4
157. 3
160. 0
159. 7
161.5
163. 0
163. 1
165. 2
166. 7

Billions of dollars
57. 3
16. 3
17. 9
57. 1
20. 5
65. 1
57. 8
20. 5
20. 8
59. 9
65. 4
23. 9
65. 2
29. 2
62. 1
35. 0
60. 9
38.4
60. 8
34. 9
35. 4
61. 2
62. 1
35. 4
60. 8
35. 6
60. 3
35. 9
36.3
60. 0
36. 4
58. 4
60. 2
37.0
61. 2
37.5
59. 9
37.8
38.4
61. 3
60. 9
38. 4

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




M I I I I 11 I

1964

END OF MONTH

All comnlercial bank s
(s easonally adjusted da ta)
End of period

1963

1961

COUNCIL OF ECONOMIC ADVISERS.

Weekly
reporting
member
banks *
Business
loans 2

30. 8
31. 8
31. 7
30. 7
32. 2
32.9
35. 2
38. 8
42. 1
37. 2
37.6
38. 2
38. 1
38. 3
38. 7
38. 5
38.9
40. 0
39. 9
40. 5
42. 1

Bank
debits
outside
New York
City (343
centers),
seasonally
adjusted
annual
rates 3
I,3t5
1, 468
1,481
1, 656
1, 736
1,832
2, 021
2, 199
2,405
2, 355
2, 240
2, 322
2, 451
2,313
2, 329
2,431
2, 373
2, 425
2,454
2, 470
2,406

A Q member banks ! 4

Total
reserves

19, 535
19, 420
18, 899
18, 932
19, 283
20, 118
20. 040
20, 746
21,615
20, 673
20, 146
20, 213
20, 277
20, 220
20, 558
20, 665
20, 566
20, 928
21, 033
21,160
21,615

Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Vlillions o f dollars
652
688
577
710
557
516
482
906
769
87
149
568
572
304
327
536
414
243
256
431
393
304
358
259
380
213
337
255
390
270
400
265
334
417
420
331
415
309
430
396
414
243

-36

-133

-41

-424

682
419
268
209
171
175
89
99
167
82
120
135
83
89
106
-34
171

9
Preliminary.
Estimates.
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 Beserve System.
5

31

CONSUMER AND REAL ESTATE CREDIT
In December 1964, total consumer credit outstanding rose at about the same rate as a year earlier.
adjusted increase in instalment credit was greater than in the 2 preceding months.
BILLIONS OF DOLLARS

The seasonally

BILLIONS OF DOLLARS

TOTAL CONSUMER CREDIT OUTSTANDING

20

20

SEASONALLY ADJUSTED (ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED

/

1958

I

1959

|

1963

1961

I960

1964
COUNCIL OF ECONOMIC ADVISERS.

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[Millions of dollars]

Period

1955
1956
1957
1958
1959
1960
1961
1962
1963
19644
1963: Nov
Dec
1964: Jan
Feb
Mar
.__
Apr
M av _
June
July
Aug
Sept
Oct
Nov
Dec 4 _ _
1

Consu mer credit outstandin g (end of p>eriod;
tinadiusted )
Instalment
NonAutomoTotal
instalTotal l
Personal
bile
ment ^
38, 830
42, 334
44, 970
45, 129
51, 542
56, 028
57, 678
63, 164
69, 890
76, 700
67, 746
69, 890
69, 203
68, 786
68, 913
69, 816
70, 945
71,907
72, 456
73, 069
73, 495
73, 928
74, 371
76, 700

28, 906
31, 720
33, 867
33, 642
39, 245
42, 832
43, 527
48, 034
53, 745
59, 300
52, 695
53, 745
53, 597
53, 552
53, 795
54, 382
55, 120
55, 914
56, 496
57, 055
57, 446
57, 826
58, 085
59, 300

13, 460
14, 420
15, 340
14, 152
16. 4 20
17, 688
1 7. 223
19, 540
22, 199
24, 550
22. 107
22, 199
22, 189
22, 271
22, 471
22, 830
23, 255
23, 702
24, 024
24, 251
24, 295
24, 423
24, 367
24, 550

6, 112
6, 789
7, 582
8, 116
9, 386
10, 480
1 1, 256
12, 643
14,391
16, 050
14, 135
14,391
14, 416
14, 479
14, 552
14, 748
14, 902
15, 087
15, 233
15,415
15, 612
15, 672
15, 771
16,050

Also includes other consumer goods paper, and repair and modernization
loans, not shown separately.
2
Consists ol sineIe-pa\Tnent loans, charee accounts, nnd service credit.
' End of v
period, unadjusted.
* Preliminary estimates.
>
*
•*

32



9, 924
10, 614
11, 103
11, 487
12, 297
13, 196
14, 151
15, 130
16, 145
17, 400
15, 051
16, 145
15, 606
15, 234
15, 118
15, 434
15, 825
15, 993
15, 960
16, 014
16, 049
16, 102
16, 286
17, 400

Co us urn er instalme nt credit e x tended
and r epaid (seas onallv adji isted)
Automofc ile paper
To tal

Extended
38. 972
39, 868
42, 016
40, 119
48, 052
49, 560
48, 396
55, 126
60, 822
65, 800
4, 979
5, 272
5, 276
5, 421
5, 4SO
5, 371
5, 552
5, 399
5, 541
5, 529
5, 617
5, 507
5, 456
5, 700

Repaid
33, 634
37, 054
39, 868
40, 344
42, 603
45, 972
47, 700
50, 620
55, 111
60, 275
4, 596
4,812
4,848
4,842
4, 956
4, 959
5, 059
5, 029
5,058
5, 094
5, 104
5,097
5, 155
5, 200

Extended
16, 734
15, 515
16, 465
14, 226
17, 779
17, 654
16, 007
19, 796
22, 013
23, 525
1, 792
1,914
1, 888
1,953
1, 942
1, 961
2, 023
1, 962
1,996
2, 017
2,024
1, 924
1, 858
2, 050

Repaid
13, 082
14, 555
15, 545
15, 415
15, 579
16, 384
16, 472
17, 478
19, 354
21, 150
1, 638
1,707
1, 684
1, 716
1, 735
1, 759
1, 776
1, 768
1, 781
1, 789
1, 802
1, 788
1,818
1, 825

Mortgage
debt outstanding,
nonfarm
1- to 4houses 3
88, 200
99, 000
107, 600
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
197, 900

182, 200
185, 200
189, 600
194, 000
197, 900

NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
^
, , „,
,., ,-,, 1T1
^ T? * i-rr
0
0 ,
T Sources: Board of Governors of the Federal Reserve System and Federal Horn*
Loan Bank Board.

BOND YIELDS AND INTEREST RATES
Yields on taxable Treasury bonds rose slightly in late December but were steady in January. Interest rates on Treasury
bills and yields on corporate and municipal securities declined slightly in January from late November or December
higl-s.
^
PERCENT PER ANNUM

PERCENT PER ANNUM

1958

COUNCIL OF ECONOMIC ADVISERS

Period

1958
1959
1960
1961
1962
1963
1964
1963: Nov
.
Dec
1964: Jan _ _ _
Feb
Mar
Apr _ _
May
June
July
Aug
Sept
Oct
Nov
Dec
-__
Week ended:
1964: Dec 26___
1965: Jan 2 « _ _
96__
16 6 __
23 6 __
30 6 _
1
Rate on new issues within
3
Series includes: April 1953
4

(Percent per annum I
High-grade
U.S. Govej rnment secui*ity yields
municipal
3-month
bonds
3-5 year
Taxable
Treasury
(Standard &
bonds 3
issues 2
bills »
Poor's) 4
3. 43
1. 839
2. 90
3. 56
4. 08
4 33
3. 405
3. 95
4. 02
2 928
3. 99
3. 73
3. 90
2. 378
3. 60
3. 46
2. 778
3. 95
3. 57
3. 18
3.72
4. 00
3. 157
3. 23
4. 06
3. 549
4. 15
3. 22
3. 522
3. 97
4. 11
3. 41
4 04
3. 523
4. 14
3. 34
4. 15
4. 06
3. 23
3. 529
4 02
4. 14
3. 532
3. 17
4. 18
4. 15
3. 553
3. 32
3.484
4. 20
4. 18
3.29
3. 482
4. 16
4. 07
3. 21
4. 03
4. 13
3.478
3. 20
4. 13
3. 99
3. 479
3. 18
4. 14
3. 506
3. 99
3. 20
4. 03
4. 16
3. 527
3. 25
4 04
4. 16
3. 575
3. 26
4. 12
4. 04
3. 624
3. 18
4. 14
4. 07
3.856
3. 15
3. 868
3. 867
3. 829
3.814
3. 821
3. 848
2

4.
4.
4.
4.
4.

07
07
07
06
04

4.
4.
4.
4.
4.

14
15
15
15
14

period.
Selected note and bond issues.
to date, bonds due or callable 10 years and after.
Weekly data are Wednesday fieures.
* Data for first of the month, based on the maximum permissible interest rate
(5M percent since May 1961) and 30-year mortgages paid in 15 years.




3.
3.
3.
3.
3.

13
13
09
04
05

Corpora le bonds
(Moo dy's)
Aaa

Baa

3. 79
4 38
4. 41
4. 35
4. 33
4. 26
4. 40
4. 33
4. 35
4.37
4 36
4. 38
4. 40
4. 41
4.41
4. 40
4. 41
4. 42
4. 42
4.43
4 44

4.73
5.05
5. 19
5. 08
5. 02
4.86
4. 83
4 84
4 85
4. 83
4 83
4 83
4.85
4. 85
4. 85
4 83
4 82
482
481
481

4. 43
4. 43
4. 44
4 43
4. 43

4. 80
4 80
4 80

4 81

479

4 79

Prime
commercial
paper,
4-6
months
2. 46
3. 97
3. 85
2. 97
3. 26
3. 55
3. 97
3. 88
3. 96
3. 97
3. 88
4 00
3.91
3. 89
4. 00
3. 96
3. 88
3. 89
4 00
4 02
4 17

FHA
new home
mortgage
yields 5
5. 49
5. 77
6. 16
5. 78
5. 60
5.46
5. 45
5.45
5. 45
5. 45
5.45
5. 45
5.45
5.45
5.45
5. 45
5. 46
5. 46
5. 46
5. 45
5. 45

4 25
4. 25
4 25
4. 25
4 25

6

Not charted.
Sources: Treasury Department, Board of Governors 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 turned up in January, regaining their previous highs of mid-November 1964.
INDEX, 1941-43*10
60

80

MONTHLY

70

70

COMPOSITE PRICE INDEX FOR
600 COMMON STOCKS

60

60

50

50

40

40

PERCENT
WEEKLY

MONTHLY

"^-^

^N\

DIVIDEND YIELD ON COMMON STOCKS
j_

^

4, . . . .1 , . . . .

/^.^

,^
.

^'

—'

>-»

, , , , , , 1 , , , , , , . , , . .1 ,,.,

"r— —
1
,

*^^j
.1 , . , , ,

Snr-i

_i--

(-—•(__ j^

i r i i i 1 ! i t ». M

3
2
TIO
25

25
PRICE / E ARNIN6S RATIO ON CC MMON STOCKS
Xv

/^

\

20

^—

15
,

1

1

f

1958

^-__-^__--*^

C~~~~*~~~l

!

I

1959

\

\
I960

I

1

!

1

!

1961

f

I

1959
1960
1961
1962
1963 __ _ ___
1964
1963: Dec
1964: Jan
Feb
Mar
Apr_
May
June _ _
July
Aug___
Sept
Oct

Total

_
__

Total

Capital
goods

Consumers'
goods

Public
utilities

Railroads

Dividend
yield 2
(percent)

57. 38
55. 85
66. 27
62. 38
69. 87
81. 37
74. 17
76. 45
77. 39
78. 80
79. 94
80. 72
80. 24
83. 22
82. 00
83. 41
84. 85
85. 44
83. 96

61. 45
59. 43
69. 99
65. 54
73. 39
86. 19
78.38
80. 85
81. 96
83. 64
84. 92
85. 79
85. 13
88. 19
86. 70
88. 27
89. 75
90. 36
88. 71

1941-^13 = 10
63. 93
47. 35
47. 21
59. 75
67. 33
57. 01
54. 96
58. 15
63. 30
62. 28
76. 32
73. 83
68. 54
66. 38
71. 89
67. 36
72. 92
68. 11
75. 48
70. 15
76. 52
70. 93
72. 67
76. 50
72. 42
75. 85
77. 76
75. 47
75. 91
75. 40
77.77
77. 74
79. 13
79. 08
78. 97
79. 18
77. 15
77. 39

44. 15
46. 86
60. 20
59. 16
64. 99
69. 91
65. 64
67. 26
67. 20
66. 78
67. 30
67. 29
67. 46
70. 35
71. 17
72. 07
73. 37
74. 39
74. 24

35. 09
30. 31
32. 83
30. 56
37. 58
45. 46
39. 92
41. 00
41. 54
42. 88
43. 27
44. 86
46. 29
48. 93
47. 17
47. 14
48. 69
48. 01
45. 71

3. 23
3. 47
2. 98
3. 37
3. 17
3. 01
3. 14
3. 06
3. 05
3. 03
3. 00
3. 01
3. 05
2. 96
3. 03
3. 00
2. 95
2. 96
3.06

83.68
84.25
84. 23
84. 88
85. 78
86. 60

88.
89.
89.
89.
90.
91.

76.64
77. 36
77. 49
78. 24
79. 62
80. 95

74.43
74. 33
74. 22
74. 60
75.58
76.49

45. 52
45. 79
45. 60
46. 01
46. 68
47. 09

1

.1
*

Price/
earnings
ratios 3

3. 07
3. 05
3. 04
3. 02
3. 00
2. 97

36
05
05
75
68
52

*Not charted.
1
Includes 500 common stock, 425 are industrials; 50 are public utilities; and 25
are railroads. Weekly indexes for capital and consumer goods are Wednesday
figures; all other weekly indexes are averages of daily figures.

34

1
1964

COUNCIL OF ECONOMIC ADVISERS.

Price i ndex 1
Industrials

Nov
Dec___
Week ended:
1964: Dec 18
26
1965: Jan 2*
8*
15*
22




1

1963

1962

SOURCE: STANDARD AND POOR'S CORPORATION.

Period

.

\__— 1

^—^
1

20
p*-^-^

77.
78.
78.
78.
79.
79.

06
03
33
56
19
85

17. 05
17. 09
21. 06
16. 68
17.62
17. 78
18. 16
17. 61
17. 87

2
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
are averages of monthly data. Weekly data are Wednesday figures.
» Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
Source: Standard and Poor's Corporation.

FEDERAL FINANCE

FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
The budget deficit for fiscal 1965 is currently estimated at $6.3 billion, almost $2 billion below the fiscal 1964 deficit.
It is estimated to decline $1 billion further in fiscal 1966.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

NET BUDGET RECEIPTS

NET BUDGET EXPENDITURES

100

1961

1960

1962

1963

1964

1965

1960

1961

1962

1964

1963

1965

+ 10
NATIONAL DEFENSE

1960

1961

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

1962

1963

1964

1960

1965

1961

1962

1963.

Fiscal year 1959
Fiscal year 1960
Fiscal year 1961 ___ _
Fiscal year 1962
Fiscal year 1963
Fiscal year 1964 3
_
Fiscal year 1965 3 _ .
_
Fiscal year 1966 _ _ _ _
1963: Nov
Dec
1964: Jan
Feb
Mar
Apr
May
June
Julv
Aug
Sept
Oct
Nov
Dec
Cumulative totals first 6 months:
Fiscal year 1964
Fiscal year 1965

Net
budget
receipts

._.
___

Total

Total

Department of
Defense,
military

67. 9
77. 8
77. 7
81. 4
86. 4
89. 5
91. 2
94. 4
7. 1
8. 8
5. 9
8. 0
10. 1
6. 6
6. 1
12. 3
3. 5
6. 7
10. 1
3. 4
7.0
8.9

80. 3
76. 5
81. 5
87. 8
92. 6
97.7
97. 5
99. 7
7. S
8. 3
8. 5
7. 5
7. 9
7. 9
7. 5
9. 5
7. 4
8. 1
8.4
8. 3
7. 1
8. 8

46. 5
45. 7
47. 5
51. 1
52. 8
54. 2
52. 2
51. 6
4. 1
4. 5
4. 3
4. 4
4. 4
4. 6
4. 7
5. 7
3. 5
3.8
4. 2
4.2
4.0
4. 5

41. 2
41. 2
43. 2
46. 8
48. 3
4 9. 8
48. 1
47. 9
3. 8
4. 2
4. 0
4. 0
4. 1
4. 2
4. 3
5. 1
3. 2
3. 5
3. 9
3. 9
3. 7
4. 2

40.3
39. 5

48. 8
48. 1

26. 2
24. 2

24. 2
22. 5

1
In addition to items shown, also includes atomic energy and defense related
services.
1
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subiect to statutory debt limitation.
3
Preliminary estimates.




1965

COUNCIL OF ECONOMIC ADVISERS '

[Billions of dollars)
Net budji et expenditi res
N ational defe nse *
Period

1964

FISCAL YEARS

* ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND B U R E A U OF THE BUDGET.

Military
assistance
2. 3
1. 6
1. 4
1. 4
1. 7
1.5
1.2
1. 1
.1
.1
.1
.1
.1
.1
.2
.3
4
(4)
()

.1

(4)
.1
.6
.3

Budget
surplus
or
deficit ( — )

Public
debt
(end of 2
period)

-12. 4
1. 2
-3. 9
6. 4
-6. 3
-8.2
-6. 3
-5. 3
—.7
.5
-2.6
.5
2.3
-1. 3
-1. 4
2.8
-3. 9
-1. 4
1. 6
-4.9
(5)

284,8
286. 5
289. 2
298. 6
306. 5
312. 5
316. 9
322. 5
308. 9
310. 1
309. 3
311. 2
310. 4
308. 4
312. 3
312. 5
312. 0
314. 9
316. 5
316. 5
319. 3
318. 8

-8.6
-8. 6

310. 1
318. 8

* Less than $50 million. » Deficit of 15 million.
NOTE.—'lotal budget receipts and expenditures exclude certain intragovernmental transactions.
Qn
Sources: Treasury Department and Bureau of the Budget.
*3$

FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the fourth quarter of 1964, cash payments exceeded cash receipts by $1.5 billion, on a seasonally adjusted basis.
For the calendar year as a whole, the excess of payments was $5.8 billion.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
35

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
35

EXCESS OF CASH RECEIPTS

EXCESS OF CASH PAYMENTS
I958

-5

I959

I960

I96I

I9S3

|

1964

CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS.

SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

[Billions of dollar?!
Cash receipts
from the
public
_

Period
Fiscal year:
1958
1959
1960
1961
1962
1963
1964
1965 l!
1966 ___
Calendar year:
1959. _
1960
1961
1962
1963
1964 2

81. 9
81. 7
95. 1
97. 2
101. 9
109. 7
115.5
117.4
123. 5

_ _

Estimate.

36



2

Preliminary.

_ _

83.5
94. 8
94.3
99. 5
107.7
113.8
120.3
121. 4
127. 4

87. 6
98. 3
97. 9
106. 2
112. 6
115. 0

Quarterly total (calendar years):
1963: III
IV
1964: I
II
III
IV
[

Excess of
receipts or
payments

Cash payments to
the public

95. 6
94. 7
104. 7
111. 9
117.2
120. 9
Unadjusted

-3.6
-6. 1
1.7
3.2
-4. 1
-6. 6

Cash payments to
the public
. --

Excess of
receipts or
payments
..

-8.0
3.6
-6. 8
-5. 7
-4.6
-5.8

30. 9
30. 6
28. 6
30. 2
31. 1
30. 9

Cash receipts
from the
public

27.3
24. 5
30. 3
33. 4
27. 0
24. 3

-1. 6
- 13. 1
.8
-2. 3
-5.8
-4. 0
-4.8
-4.0
-3. 9

Se£isonally adjus ted
28. 5
29. 0
29. 7
28. 5
28. 2
28. 7

30. 4
30.0
30. 5
29. 5
30. 6
30. 2

Sources: Treasury Department and Bureau of the Budget.

— 1. 9
— 1.0
•— . o

-1. 0
-2.5
-1. 5

FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
Federal receipts rose $0.3 billion in calendar 1964 and expenditures by $4.0 billion, according to preliminary estimates. As a result, the deficit was $5.3 billion compared to $1.5 billion in the preceding year.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS*

140

140

•»*— I2O

+ 20
SURPLUS

^^ JJu^ LJLJLJLJ UU^LJ l^^--

OEfF|D

^W^

DEFICIT

1

t
1958

I

i

1

i
1959

t

i

1

i

I960

1

1

I

!

t

1962

1961

I

I
1963

\

1

i
1964

i

CALENDAR YEARS
• SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: DEPARTMENT OF COMMERCE.

eOUNCIL OF ECONOMIC ADVISERS.

[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal <Glovernme nt receipt s

Period

Fiscal year:
1961
1962.
1963— _ _
1964
1965 *
1966 l
Calendar
year:
1958
1959
1960
1961
1962
1963 2
1964
1963:III_
IV-

1964: !___
II _
III_
2
IV _

Personal Corporate
Total tax and profits
.
tax
receipts accruals

Federa 1 Governrnent expenditures

Indirect Contribusiness butions
tax and to social
nontax
insurance
accruals

Total

GrantsSubsidies Surplus
Purin-aid
less
or
chases
Net
current deficit
Trans- to State
and
interest surplus
of goods fer pay'
and
local
paid
ments
of Govt.
services
goverenterments
prises

95.4
104.3
109. 6
114. 7
116.0
121. 0

44.2
47.7
50. 1
51.4
50. 3
52.2

19.7
21.9
22. 1
23. 5
23. 9
24.7

13.6
14.9
15.2
16. 0
16. 8
16. 1

18. 0
19. 7
22. 1
23.8
25. 0
28.0

97. 8
106. 2
112.3
118.5
121. 0
127. 0

54. 9
60. 0
63. 6
66. 1
65. 9
66. 7

25.9
27. 8
29. 2
30.4
31. 8
35. 2

6. 8
7.6
8.3
9.8
10. 7
13. 0

6. 9
6. 8
7.4
8. 1
8.5
8. 6

3.3
4.0
3.8
4.1
4.1
3. 5

2. 4
1 9
-2.8
— 3. 9
— 5. 0
-6. 0

78. 5
90. 3
96. 6
98.3
106.4
113. 6
113. 9
114. 2
117. 2
114.8
112. 3
114.0

36. 6
40.4
44. 0
45. 1
49. 1
51. 9
49.0
52.2
53.4
51.2
47. 3
48. 2
49. 3

17.7
22.0
21.0
20. 9
21.8
23. 0
24. 0
23. 0
24.4
23.9
24. 4
24. 4

11.9
13.0
14.0
14. 1
15. 1
15. 6
16.4
15. 7
15.9
15. 9
16. 4
16. 6
16. 7

12.4
14.9
17.6
18.2
20.5
23. 0
24. 5
23. 2
23. 5
23. 9
24. 2
24. 7
25.0

87.9
91. 4
93. 1
102.6
110.4
115. 2
119. 2
114. 9
116. 6
117. 2
120. 2
119. 2
120. 3

52. 6
53. 6
53. 1
57.4
62. 9
64. 7
65. 6
64. 4
64. 9
64. 3
67. 1
65. 5
65. 7

21. 3
22. 2
23. 8
27. 4
28. 3
29. 9
31. 1
29. 6
30. 3
31. 1
30. 7
30. 8
31. 6

5. 4
6.7
6.3
7. 2
8. 0
9. ]
10. 4
9. 4
9. 9
9. 8
10. 4
10. 6
10. 7

5. 6
6. 4
7. 1
6. 7
7. 1
7.7
8.4
7.8
7. 9
8.3
8. 4
8. 4
8. 4

3.0
2. 5
2.8
3.9
4. 2
3. 8
3.8
3. 7
3. 5
3. 7
3.6
3.9
4.0

-9. 4
-1. 1
3. 5
-4.3
-4. 1
-1. 5
— 5. 3
—. 7
.6
-2.4
-7. 8
-5. 2

2
i Estimates.
Preliminary estimates.
NOTE.—Pnta for Alaska and TTa\vaii included beginning I960.




Source: Department of Commerce.

37

UNITED STATES
GOVERNMENT PRINTING OFFICE

PENALTY FOR PRIVATE USE TO AVOiD
PAYMENT OF POSTAGE. *3OO
CGPO1

DIVISION OF f»UBL!C 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
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, 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

Page
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

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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