Full text of Economic Indicators : July 1950
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Economic Indicators
JULY 1950
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1950
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
JOSEPH C. O'MAHONEY, Wyoming, Chairman
EDWARD J. HART, New Jersey, Viti Qtairmm
FRANCIS J. MYERS, Pennsylvania
JOHN J. SPARKMAN, Alabama
PAUL H. DOUGLAS, Illinois
ROBERT A. TAFT, Ohio
RALPH E. FLANDERS, Vermont
ARTHUR V. WATKINS, Utah
.
WRIGHT PATMAN, Texas
WALTER B. HUBER, Ohio
FRANK BUCHANAN, PennsyiYaaia
JESSE P. WOLCOTT, Michigan
ROBERT F. RICH, Pennsylvania
CHRISTIAN A. HERTER, Massachusetts
THEODORE J. KBBPB, Staff Director
GIOVEB W. EiratBT, Aisoefati Staff Dtnttor
JOHN W. LBHMAK, Chrk
COUNCIL OF ECONOMIC ADVISERS
(Created pursuant to Sec. 4 (a) of Public Law 304, 79th Cong.)
LEON H. KEYSERLING, Chairman
JOHN D. CLARK
ROY BLOUGH
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of tbt United States of America in Congress assembled, That the Joint
Committee on the Economic Report be authorized to issue a monthly publication entitled "Economic Indicators,"
and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the
Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint
Committee on the Economic Report; and the required number of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed
for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce
11
Contents
THE TOTAL OUTPUT OF THE ECONOMY
The Nation's Economic Budget
Gross National Product
Page
1
2
PRICES
Consumers' Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
3
4
5
6
EMPLOYMENT
Labor Force
Nonagricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries
Work Stoppages
7
8
9
10
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Weekly Production—Selected Indicators
Production of Selected Manufactures
New Construction
New Housing Starts
Expenditures for New Plant and Equipment
New Corporate Security Issues
Inventories and Sales
Merchandise Exports and Imports
...
11
12
13
14
15
16
17
18
19
PURCHASING POWER
National Income
Corporate Profits
Personal Income
Consumer Income, Spending, and Saving
Personal Consumption Expenditures
Per Capita Income
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
Farm Income
Consumer Credit
20
21
22
23
24
25
26
27
28
29
MONEY, BANKING, AND FEDERAL FINANCE
Bank Loans and Investments
Money Supply
Federal Cash Receipts From and Payments to the Public
30
31
32
111
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC BUDGET
The Nation's Economic Budget total in 1st quarter of I960 was about 3 percent above 4th quarter of 1949,
according to revised estimates. The payment of the National Service Life Insurance dividend to veterans
resulted in a sharp rise in consumer disposable income
1949, 4th
TOTAL
Quarter
,B,LU«*S or DOLLARS,^
EXPENO.TU^^CE.PTSW
(Gross National Product)
z56
^yvQ^^^^v^^^vQvv^^$$^vQv^^^^9^&5v^^^^^$^^^$^^j^^^^^^^^^^^^^^^^^xxxyyv
CONSUMERS
-
0
-r-
1
,
1
Transfer paymenUz{^
fiiiiliiiliiiiiiiiiiiiiiiiiii
l££i;£j SUMER
173 e
^jii^^if SAVING
BUSINESS
litllllll272
»
EXCESS OF
INVESTMENT
INTERNATIONAL
EXCESS OF
RECEIPTS
1 03
I -0.5
GOVERNMENT
(Federal, state, and local)
rtlllllililllliiilllli
57.3
CASH
1DEFICIT
^
I603
^•Tra nsfer payments ^
I960, 1st Quarter
(BILLIONS OF DOLLARS)-17
TOTAL (Gross National Product)
263.9
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^O^^^^^^^C^^^^
CONSUMERS
Transfer payments ^>~-~^
:|:|:::!:j:!ii:!i|i|ll SUMER
:::?:::::;:;:ifi:;:;:a SAVING
&:::!&::::J&:&-:^:-:#:-:=&
?'%®%'^y?fiW//m^^'*'^"^^
182-7
BUSINESS
Illlilllll 265
411
EXCESS OF
INVESTMENT
INTERNATIONAL
3 EXCESS OF
1 RECEIPTS
GOVERNMENT
(Federal, state and local)
lillllllltlllllllillll
^•^^^^/^^^^^^^^M^/^y^W^^^^
57.6
IS"-9
1
^
,,
[
t
ES.
SOURCE: SEE ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1950, APPENDIX A
COUNCIL OF ECONOMIC AOV.SMS
CASH
DEFICIT
GROSS NATIONAL PRODUCT
Total gross national product rose $7.2 billion (annual rate) in 1st quarter of 1950. Personal consumption
expenditures were $2.9 billion higher. Private investment increased $7.4 billion due to the peak rate of
residential construction and a shift from inventory liquidation to accumulation. Government purchases and
net foreign investment decreased moderately.
BILLIONS OF DOLLARS
. BILLIONS OF DOLLARS
ISO
100
40
42
44
46
48
1947
SOURCE :
I960
1948
DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Total gross
national
product
Period
1939
1944
1946
1947
1948
1949
-
.
. . .
Personal
private Net foreign
consump- Gross
domestic
tion expen- investment
investment
ditures
91.3
213. 7
212. 6
235. 7
262.4
257.8
67.5
111.6
147.8
166.9
178.8
179.4
9.9
7.7
29.5
31.1
45.0
34.7
0.9
-2. 1
4.7
8. 9
1.9
.4
Government
purchases of
goods and
services
13. 1
96.5
30.7
28.8
36.7
43.4
Annual rates, seasonally adjusted
1948: Third quarter
Fourth quarter
1949: First quarter
Second quarter
Third quarter
Fourth quarter
1950: First quarter
.
266.5
270. 3
180.3
180.9
47. 1
48.0
-0. 1
1.0
39.2
40.3
262. 0
257.9
254. 6
256. 7
178. 7
179.3
179. 7
179.8
40.0
33.2
32. 1
33.7
LO
1.2
-.3
-.5
42. 3
44.2
43.2
43.7
263.9
182. 7
41. 1
-2. 1
42. 2
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
PRICES
CONSUMERS' PRICES
Consumers1 prices rose in Moy, moinly becouse of advances in food prices although rents and the miscellaneous
group also increased slightly. Other prices showed little change, except fuels, which declined substantially.
PERCi INT OF 1935-39 AVERAGE
220
MONTHLY AVERAGE
PERCENT OF 1935-39 AVE RAGE
220
s/Os
•" '
^^—-
200
V
F O O D * . / /\
//
180
160
f
APPAREL*.
/'
r
" '
*•
200
"*«•**•*""""
180
"%
-
i
160
/
140
140
/^
/
f
^^S^bLL
120
lOO
/ f^
IS
'
ITEMS
*
RENTVX"
•» . > • ' -•
, . . . . , -T-*———*"
^ ^** ' • • -*"•
120
^/—^
100
*-«-"'
80
80
~"~^-
0
*^-
I
939 40
1
1
41
I
42
I
43
I
44
1
45
I
46
1
47
i i i i i 1 i i i j i
I
48
,
, , i . I . , i , i
i
i i i • 1 i i i iT" 0
49
1948
1949
SOURCC; DEPARTMENT OF LABOR
1950
COUNCIL. Of ECONOMIC AOVISCKS
[1935-39=100]
Period
1940 monthly average
1941 monthly average
1942 monthly average
1943 monthly average
1944 monthly average
1945 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: April 15
May 15
June 15
July 15
August 15 « ...«
September 15
October 15 .
November 15
December 15
1950: January 15.
February 15 — . March IS-...
April 15 _ .
May 15
All items
100.2
105. 2
116.5
123.6
125.5
128.4
139.3
159.2
171.2
169. 1
169.7
169. 2
169. 6
168. 5
168. 8
169. 6
168, 5
168. 6
167. 5
166. 9
166. 5
167. 0
167. 3
168. 6
Food
96.6
105.5
123. 9
138.0
136. 1
139. 1
159. 6
,193. 8
210.2
201.9
202.8
202.4
204. 3
201.7
202. 6
204.2
200. 6
200.8
197.3
196.0
194. 8
196.0
196. 6
200.3
NOTE.—Prices are for moderate-income families in large cities.
Apparel
101. 7
106.3
124.2
129.7
138. 8
145.9
160.2
185.8
198.0
190. 1
192. 5
191. 3
190. 3
188.5
187.4
187.2
186.8
186.3
185.8
185.0
184.8
185.0
185. 1
185. 1
Rent
104.6
106.2
ioa5
108. 0
108.2
108.3
108.6
111.2
117.4
120.8
120.3
120.4
120.6
120.7
120.8
121.2
121.5
122.0
122.2
122. 6
122.8
122.9
123. 1
123. 5
Fuel, electricity, and
refrigeration
House furnishings
99.7
102.2
105.4
107.7
109.8
110.3
112.4
121. 1
133.9
137.5
137.4
135.4
135.6
135.6
135.8
137.0
138.4
139. 1
139.7
140.0
140.3
140.9
141.4
138. 8
100. 5
107.3
122.2
125.6
136.4
145.8
159.2
184.4
195. 8
189.0
191. 9
189.5
187.3
186.8
184.8
185.6
185. 2
185. 4
185.4
184.7
185.3
185.4
185.6
185.4
Miscellaneous
101. 1
1040
110.9
115.8
121.3
124. 1
128.8
139.9
149.9
154.6
154.6
154.5
154.2
154.3
154.8
155.2
155.2
154.9
155. 5
155. 1
155. 1
155.0
154.8
155.3
Source: Department of Labor.
3
WHOLESALE PRICES
Wholesale prices were slightly higher in June than a month earlier. Form product prices averaged slightly
higher for the month. Food prices were higher. Industrial prices continued to advance moderately.
"•-" i;
PERCENT' OF 1986
PERCENT OF (936 AVERAGE
200
AVERAGE
£20
1949:
";
'
1350
LATEST DAT* PLOTTED : MQNTHtt - JUNE
W E E K L Y - JULY 4
DEPAPTMiNT OF
[1926=100]
1942 monthly average.
1946 monthly average.
June
...
1947 monthly average.
1948 monthly average.
1949 monthly average.
98.8
121.1
112.9
152.1
165. 1
155.0
105.9
148.9
140. 1
181.2
I8&3
165. 5
99.6
130. 7
112.9
168. 7
179. 1
161.4
Other than ,
farm products andfoods
95.5
109.5
105. 6
135. 2
151.0
147.3
1949: May.
June
July
August
September
October
November
December
'-.
155.8
154, 5
153. 6
152.9
153.5
152.2
151.6
151.2
171.5
168.8
166.2
162.3
163.1
159. 6
156. 8
154.9
163.8
162.4
161. 3
160.6
162.0
159.6
158.9
155.7
146.^9
145.5
145.1:
14S.O
145.3
145.0
145. 0
US. 4
1950: January
February
March
April:
May
June 1
..
154.7
159.1
159.4
159. 3
164. 7
165. 8
154.8
156.7
155.5,
155. 3.
159.9.
162. 2
145.8
.145*9
146.1
-.
--.
151.5
152. 7
152. 7
152.9
155.9
157. 3
Week ended:
1950: June 6 ..'.
13 _.;,
20
""27-....
'July 4
157. 4
156.7
157. 1
157. 1
159.0
166.4
164. 5
166.2
165.0
171. 3
163. 2
161.0
162.5
162. 7
165.2
.Period
•-,
< Estimate based on incomplete clata.
All commodities
Farm products
Tbods
- wa4
-.14.7.'6
14&.-2'
• 148. 3
.148.7
149. 0
Source; Department ol Labor-
PRICES RECEIVED AND PAID BY FARMERS
A rise of 2 points in prices received, and a drop of 2 points in prices paid by formers, from May 15 to June 15,
raised the parity ratio to 99 — just equal to the June 1949 ratio.
PERC ENT OF 1910-14 AVERAGE
350
PERCENT OF 1910-14 AVE RAGE
350
MONTHLY
AVERAGE
PRICES RECEIVED
%
%
300
200
300
X,
—""
•—r~
—^
"^^=~'c:
,-'\
%
•'yA
//
,//
250
1
**«*i_
v
PRICES PAID
250
—^31
AND WAGE RATES}
200
~y^^^~^
f^
ISO
ISO
V*~*~*-*-***~^
**^ j^^
too
100
<r~~r~*
PARITY RATIO*
50
50
1
0
1939
i*
I
40
41
1
!
i
1
1
42
43
44
45
46
1
I
47
1
48
1 i I 1 I 1 I ! M 1
I ! 11 1 1 1 1 ! 11
1948
1949
1 M
I 111| 1I I
0
49
RATIO Of IHOex OF FHIceS HfCflVCO TO IHDCJC Of PHICCS PAIO, MTCffCST, Tttxes
AND WAGE
1950
RJkTfS.
S
-
—
-
_
•
[1910-14=100]
Prices paid by
Prices
farmers (includreceived
ing interest, Parity ratio *
taxes, and
by farmers
wage rates)
Period
1 939 monthly average
1 942 monthly average
1944 monthly average .....
1945 monthly average
1946 monthly average
.
1 947 monthly average
1948 monthly average
1949 monthly average
1949* May 15
.
June 15
.
July 15August 15
September 15
October 15_November 15
December 15
..
1950* January 15
Februarv 1 5
March 15
April 15
May 15—
June 15
21
1946.
69425—50
...
. _ ._
.._...-.
-
..
...
-
'. .
-_
-
.
...
-.-
-
--.1- -
2
2
2
95
158
196
206
234
275
285
249
123
152
182
189
207
240
259
250
77
104
108
109
113
115
110
100
253
249
246
244
247
242
237
233
253
252
250
249
248
246
245
246
100
99
98
98
100
98
97
95
235
237
237
241
247
249
249
248
250
251
254
252
94
96
95
96
97
99
Ratio of index of prices received to index of prices paid, interest, taxes, and wage rates.
Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June
Source: Department of Agriculture.
STOCK PRICES
After reoching new peok levels in June, the Korean development caused stock prices to break sharply, wiping
out most of the gains since April.
PERCENT OF 1935-39 AVE RAGE
PERC ENT OF 1935-39 AVERAGE
ITS
i
175
WEEKtr AVERAGE
WEEKLY AVERAGE
/I
ISO
INDUSTRIALS
//TLVV^
/%/
vA
///A^^r
125
/
V\
^
i '/V\
^ \ w .
/? /
s\
\\
-
ffi
ISO
125
* " ;r * " N « RAILROADS 5
-Xl,:?^~
S.^.1
0I
//
*
\Jfj' hA$£ rY^\ i/^
I/ A\ .
too
//'
A
^r\
^
^
COMPOSITE INDEX
f
\
'\
j^T^-Vf
^
^*t**m ,. *
IOO
-M**tffi^
v
75
w
V
75
50
50
=
~~
L 1 I 1I
I
I
I
I
1
1
I I
1
1
.:
1939 40 41 42 43 44 45 46 4? 48 49
I I I
1 ) 1
1948
II 1 1 1
1 1 I I ! |
.
|
I
~
| J
1949
SOURCE: STANDARD AND POOR'S CORPORATION
1
|
1
|
|
I
1
0
I960
\
COUNCIL OF ECONOMIC AOVI1CRS
[1935-39=100]
Composite
index l
Period
Weekly average:
1939
1942
1946
1948
1949
_ ...
-
_
1949: May
June
July
August-.
September
October
November
December
_ . ..
1950: January
February
March
ApriL . . - . . . „
May _ .. _
June
Week ended:
1950: June 7
14 .
-.
.
21. „ _ _
28
July 5 2
..
.
.
_ _ _
Industrials
Railroads
Utilities
94. 2
69. 4
139 9
124.4
121. 3
94. 8
71. 3
143. 4
130. 6
127. 5
74. 7
66. 1
143 0
114. 7
96. 4
98 6
61. 3
120 2
96. 2
97. 5
117 7
112. 0
117. 8
121. 8
123. 8
127. 3
129. 1
132. 7
123 5
117. 0
123. 8
128. 0
130. 3
134. 4
136. 5
140. 3
95 8
88. 4
90. 6
94. 2
95. 1
97. 6
96. 2
101. 0
95. 3
93. 0
95. 4
98. 5
100. 0
101. 2
102. 6
104. 1
135. 1
136 7
138. 8
141. 6
146. 9
147 7
142. 6
144 4
146. 5
150. 0
156. 1
157 6
107. 8
107. 2
108. 5
109. 4
109, 7
107 1
105. 8
107. 4
109. 6
111. 1
112. 8
111, 5
149. 2
149 0
149. 4
143 2
140.9
159. 3
158 9
159. 5
152 9
150.4
106. 7
109. 3
108. 6
103. 6
102.5
112. 9
112. 6
112. 5
108. 0
106.2
1 Composite index prior to June 23,1948, was based on 402 common stocks, and inclnded 354 industrials, 20 railroads, and 28 utilities; thereafter,
416 common stocks are represented, with 365 industrials, 20 railroads, and 31 utilities.
2 Data became available after chart was prepared.
Source: Standard & Poor's Corporation.
EMPLOYMENT
LABOR FORCE
Civilian employment of 61.5 million in June was a record high for the month of June. Agricultural
employment increased by about 1 million from May to June and nonagricultural employment by 34
million. Unemployment was j/3 million higher because of school -age persons seeking summer jobs;
unemployment among adult workers continued to decline.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
70
UNEMPLOYMENT
M
v.v.v.v.%
50
40
Ml
_1
wi%
.
W
y%y'
^
^
20
«
10
_.
Iv".*"--
T^
|.
«r_v~-
:
;
-v? >'
H:
-
'
~? '
1944
1947
1950* January
February
March
April
May
June
j?
V
- /-'i.. '.t^'--'^.i »-;, =
30
;7 -'•"-.- '•</ -
v^
^^<x^ r^^^-^^^^-fTf^r^-Tt.*^. •-!. - . -ri";--
'"•i '
,~
" ',~:r • "^ ~, '•>. •;.-.•; ' .. .vf ",;-,-'' ^'pl-^H'^^:
20
•, ^'-'> 1' £
^f-*-*^ ^
,; - l V ' \ : . : ? ' '.y^--^
1948
. _ .
__ ~_ _
•••'--
:
;
: '*'$
" 10
;
'r-.V'-v:'^ -^vr^ ^: "/.---*• »-rT- ; -
'^ivr.f':iX1 .i'-i- i ; r-'^v
t i l l
f 1
1 1 1 1 1
n
ZQ
-
-
15
-
-
10
-^^
^^m^
Sffl^^^rt^fflrtB^^^^^^S 1 i i i i i
i
Wi^SMSiSiS^S^
1949
55, 600
65, 890
61, 608
62, 748
63,571
-
^%^^f
f J^^'i/^-4^ ^ " -• '"
yt
•'•
>^VV^r^r.-^^':'.>:''Tl
•;•-:-; ; ;-.'_ ,_ -..- ..y-» : ;"'--5-- - . = -.v •
i i
Total labor
force (including
armed
forces)
average
average
average
average
average
1949: May.
June
July
August
September
October
November
December
_ 40
DTDrTMT HF riUI 1 l A f U 1 rtFtflR mPPP"
|ii| [iij |i|;j
tj
Period
monthly
monthly
monthly
monthly
monthly
."'•*;
PERCENT
1948
MONTHLY AVERAGE
1939
1944
1947
1948
1949
." !' ; -^- '"! " "''. ''"•-"'•t';j!
' "4
,•"•-;',.
;2",.:.:^^'
p3 ~
1939
1
NONAGR CULTURAL EMPLOYMENT
*\ 1 <l i >i 1 i l "i i ; 1
?B
f
•-'
"••"^v':--?\.-r"-''V-...C?- 'v ; :':.^
•• ' • '- ' ^ - - v . K V ^ v ' ' - ^
->>-":
IIMTR/IDI AYMTMT .
5
,
;.;•"-. ..r-r x' .*^:r;^ ; ^^r-"J rt?;;4c:vf^t^ /''::^' -^ •:--\ -r.--.^ ..--_
-
15
o
'•--;-.
•^Vr- --•;-= ^>J;:-:;;/
_
2O
"
.^,^-f-f,'' •-
r 5^ \f;^^^t: ^Vi
.j...r:
PERCENT
10
T
;
-
|;s.
0
:
.;^:^^ ':''*' :V^;^ ^/^5 V\~^x-.«
f
- rjf;^
£&i
:
-•;"": • *i . ;• ,?;-;\:"'!/ V-'-l' '-:• : - ;" •- -•' ' ':£? . " '•'-' ; • •'••\ '-' '•'-- '. ., • . • ;;:" :.- ' ' ^' '-': ^ -';•'•'. -i
,
. , _^. ,, ,rf .v.; ;
";••- " - - l - - v f-' . '-•; « -••- ; : -;- '>*VA~g{-:- .,,?.,: ^~i-^ ..^^.' -**• _...., ... ' ..-..
..-,-.•
"
-•. ••>- H' -•-- - • • •:•
'.t? ':
^'/
;
:
c
;
:
4 - ;:.''A '' :-v.'? ''•'•?v'V^I- '*:\? •-•.-; ; ; ; ' ^ v - ; , r / f "^-^v>.i----' '-A -;? . . -i: -. ,v -'-' ' ••. i
.;; '.';
, *., .„
;.% ";
r
;
.i- 1
-f.-:;, -
"'}-\. -:.*•'-''.
ll-r^lv^^;
_
*•-•••
60
50
:
£••••• W"'i' - "•' "••?$"•'.. • '" 3. ; * : :~ t ." ^. • : - - - • - . - • - :~v. '-:•;- •:-* -.•?*-,/•. -
•t± i
. ^.4
_x£
^^^^^^^^^^^^AGRICULTURAL EMPLOYMENT 2^^^^£ yfiwwffiwffifflw
w?
. r,-.^.
r^-' ":
fORCE , ^ssssfefc,*-*^
-
Hi
w/w
^
^^^
Wk.
LftBOR
fi
A
P
»
ff
fe,-.-'
'f'-r.'T
30
">g?*^_
m
m
i^l
60
TOTAL
«949
Total
Armed
civilian
forces
labor
force
Thousands of persons,
370
55, 230
11, 260
54, 630
1,440
60, 168
61, 442
1,306
1,466
62, 105
5
0
195
°
Civilian labor force
Employment l
Agricul- NonagriTotal
tural
cultural
Unemployment
Unemployment as percent of total
civilian
labor force
14 years of age and over •
9,610
36, 140
45, 750
8,950
45, 010
53, 960
8,266
49, 761
58, 027
7,973
51, 405
59, 378
8,026
50, 684
58, 710
9,480
670
2, 142
2,064
3, 395
17.2
1.2
3.6
3.4
5.5
63, 452
64, 866
65, 278
65, 105
64, 222
64, 021
64, 363
63, 475
1,469
1,468
1,463
1,468
1,459
1,445
1,436
1,430
61,
63,
63,
63,
62,
62,
62,
62,
983
398
815
637
763
576
927
045
58, 694
59, 619
59, 720
59, 947
59,411
59, 001
59, 518
58, 556
8,974
9,696
9,647
8,507
8, 158
7,710
7,878
6,773
49, 720
49, 924
50, 073
51,441
51, 254
51, 290
51, 640
51, 783
3, 289
3,778
4,095
3,689
3,351
3, 576
3,409
3,489
5.3
6.0
6.4
5.8
5. 3
5.7
5.4
5. 6
62, 835
63, 003
63, 021
63, 513
64, 108
66, 177
1,408
1,366
1,346
1,330
1,320
1,311
61, 427
61, 637
61, 675
62, 183
62, 788
64, 866
56, 947
56, 953
57, 551
58, 668
59, 731
61, 482
6, 198
6, 223
6,675
7, 195
8,062
9, 046
50, 749
50, 730
50, 877
51, 473
51, 669
52, 436
4, 480
4, 684
4, 123
3, 515
3, 057
3.384
7.3
7.6
6.7
5.7
4.9
5.2
i Includes part-time workers and those who had jobs but were not at work for such reasons as vacation, illness, bad weather, temporary lay-off, and industrial
disputes,
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
NONAGRICULTURAL EN IPLC3YMENT
- SELECTED INDUSTRIES
Employment in durable goods manufacturing increased by about 200,000 in May. Employment in contract
construction again reached an all-time high for the m<Dnth.
MILL IONS OF WAGE
AND SALARY WORKERS
M1LLI ONS OF WAGE
AND SALARY WORKERS
9.0
8.0
DURABLE MANUFACTURING
8.5
cw^
^
™
NONDURABLE MANUFACTURING
7.5
>r_fVi
"^— ——-o^""^-^.
1948
8.0
ry-^^^Vrv
7.0
1949
^"^'X.
*
7.5
6.5
^r^^/'
UsCU
~~^
li--M«?
^~^^\
\
S
/
7.0
O
^~"
iQ^g
6.0
^
I
J
1
F
1
M
1
A
I
M
1
J
J
1
A
I
S
i
O
1
N
^
0 ^
D
1
J
3.0
1
F
1
M
1
1
A
1
M
J
1
J
1
1
A
S
1
O
I ^
N
O
10.5
TRADE
CONTRACT CONSTRUCTION
19 /j 8
2.5
10.0
1949
2.0
^^ -ii
^^\L
ii=M«|
15
9.0
10
I948v
\
9.5
:*Sr^
^ff^J
V^"^^
^^^x^xL
^^f****"1^
rt
^^^^^^^y^
"
8.5
0 [""
J
1
1
F
1
M
1
A
1
M
1
J
J
1
A
1
S
1
O
1
N
1
o l~~~
D
J
i
1
F
I
M
1
A
i
M
1
J
SOURCE: DEPARTMENT OF LABOR
1
4
1
A
1
S
i
O
1
N
O
COUNCIL Or ECONOMIC ADVISERS
[Thousands of wage and salary workers J ]
Manufacturing
Period
Total
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949* April
May
-—
June
Jxilv
August
Septem her
October _«
November
December
1950" Januarv ...
Febrnarv
March 8
April 33
Mav
-
10, 078
. 17, 381
14, 461
15, 247
15, 286
14, 146
14, 177
13, 877
13, 884
13, 757
14, 114
14, 312
13, 892
13, 807
14, 031
13, 980
13,997
14, 101
14, 153
14, 324
Contract
construcDurable Nondurtion
goods able goods
(2)
(22)
()
8,373
8,315
7,465
7,656
7,441
7,392
7,255
7,302
7,409
6,986
7,050
7,303
7,342
7,324
7,418
7,546
7,745
(2)
(22)
()
6,874
6,970
6, 681
6,521
6,436
6,492
6,502
6,812
6,903
6,906
6, 757
6,728
6,638
6,673
6, 683
6, €07
6,579
1,150
1,567
1,661
1,982
2, 165
2, 156
2,036
2, 137
2,205
2,277
2,340
2,341
2,313
2,244
2,088
1,919
1,861
1,903
2,065
2,243
Trade
6,705
7,322
8,815
9, 196
9,491
9,438
9,478
9,342
9,336
9,220
9,213
9,409
9, 505
9,607
10, 156
9,246
9,152
9, 199
9,332
9,318
Finance
and
service
4,610
5, 187
5,994
6,427
6,515
6,544
6,525
6,567
6,608
6,631
6,616
6,604
6, 561
6,534
6,508
6,473
6,473
6,497
6,559
6,600
Government
(Federal,
State,
local)
3,987
6,049
5,607
5,454
5,613
5,811
5,775
5, 813
5,803
5,738
5,763
5,893
5,866
5,783
6,041
5,777
5,742
5,769
5, 902
5,900
Transportation
Mining
and
public
utilities
2,912
3,619
4,023
4, 122
4, 151
3,979
3,991
4,021
4,031
4,007
3,992
3,959
3,871
3,892
3,930
3,869
3,841
3,873
3, 928
3,888
845
917
852
943
981
932
984
974
968
943
956
948
593
917
940
861
595
919
917
913
1
Includes all full- and pait-time wage and salary workers in nonagricultural establishments who worked or received pay during the pay period ending nearest
the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. 'Total derived from this table not comparable with estimates of nonagriculttiral employment of the civilian labor force reported by the Department of Commerce (p. 6) which include proprietors, selfemployed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are based on an
enumeration of population, whereas the estimates in this table are3 based on reports from employing establishments.
* Not available.
Preliminary estimate.
Source: Department of Labor.
8
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The workweek in nondurable manufacturing recovered part of its April decline due to a seasonal expansion
in food processing industries, and substantial overtime in the rubber products industry; it was stilt almost 2
hours less than the workweek in durables.
HOU *S PER WEEK
HOURS PER WEEK
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
42
42
40
— ^/^
SS
'^A^
\^/v
j40
38
38
36
36
34
34
0
i i i i i i I 1 1 11
1947
1 1 II
1 1 1 M 11
i ii i i i ii i it i i i t i1 i 1 1 ii
1948
1949
0
^,^
^^
\\sSS~
V
1 I 1 I ! I t 1 | 1 1| 1
1950
i i i 1 i 1 1 ii
1947
1 11 1 1 11 1 11 1 1 1 11 1 111 1 11
1948
1949
1950
RETAIL TRADE
BUILDING CONSTRUCTION
42
42
40
40
—S^s *—•**
—S\s( *-/\*
^— *•
-^y
38
38
*
36
v/^/l
V
34
c
36
34
V
i i i i i | t i t it
1947
I i i 1 I 1 I 1 i I I1
, ! 1
1 1 1 1
1949
1948
1 1 1
t
1 1 1 1 !
1 1 1 I
0
I
1 1 i i i 1 i i i ii
1950
1947
1 I 1 1 II I t I! 1
1948
•
,
i , . . .7
1949
SOURCE: DEPARTMENT OF LABOR
1950
COUNCIL OF ECONOMIC ADVISERS
[Hours per week, selected industries
Manufacturing
Period
1939 monthly average
1943 monthly average. _
1946 monthly average
1947 monthly average
1948 monthlv average
1949 monthly average —
1949- April
May
~ •
June
July
August
'
September
October _.
November
December1950: January
February
8
March
Aprils3 .
Mav
Total
- .
,
» For production an4 related workers
Durable
goods
37. 7
44. 9
40. 4
40. 4
40. 1
39.2
38.4
38. 6
38.8
38.8
39.1
39.6
39.7
39. 1
39.8
39.7
39.7
39.7
39.7
39. 9
(2)
(3)
(2)
(2)
(2)
(2)
(4
(a)
40.fi
40. 5
39.5
39.0
39. 0
39.2
38.8
39.3
39. 6
39.9
39. 0
40. 1
40.0
40. 1
40.2
40.8
40.8
3
"R-iiil
rJ-ivirr
jDUHuing
Nondurable construction
goods
Not available.
40. 1
39. 6
38. 8
37. 6
38. 1
38. 5
38. 7
38.9
39. 6
39. 6
39.3
39.5
39. 4
39. 3
39.2
38. 5
38.9
(2)
(2)
37.3
36.6
36. 4
37, 2
37. 1
37. 1
37.2
36. 5
36.9
36. 1
35.8
34.8
33.7
34.6
35. 7
2
()
Retail trade
(2)
(2)
(2)
(2)
40. 3
40. 3
40.4
40.2
40. 3
40. 5
40. 9
40. 9
40. 5
40.4
40. 1
40-7
40.4
40. 4
40.4
40.3
3
Preliminary estimate.
Source: Department of Labor.
9
WORK STOPPAGES
The 150,000 drop in man-days of idleness was largely due to the end of the Chrysler strike in May. The
number of workers involved increased because of a 6-day stoppage by 150,000 railway firemen.
MILLIONS OF MAN-DAYS IDLE
ZQ
MILLIONS OF MAN-DAYS IDLE
20
MONTHLY AVERAGE
1939 1940 1941 1942 (943 (944 1945 1946 1947 1943 1949
1948
I960
1949
SOURCE: DEPARTMENT OF LABOR.
Man -days of idleness
during period
Beginning
Monthly
Percent of
in
estimated
average
period
(thousands) working time (thousands)
Period
1,483
1,917
348
1,125
727
3, 166
9,667
2, 883
2,842
4,208
1939
1941
1942
1943
1944
1945
1946
1947
1948
1949
1949: April
May
June
July
August
September
October
November
December.
1950: January.
February
March *_
April i
Mav l
* Preliminary estimate.
10
Workers involved in
stoppages
.
0.28
.32
.05
. 15
.09
.47
1.43
. 41
.37
.59
In effect
during
month
(thousands)
Number of stoppages
Beginning
in
period
In effect
during
month
2,613
4,288
2,968
3,752
4,956
4,750
4, 985
3,693
3,419
3, 606
1, 170
2, 360
840
1,980
2, 120
3,470
4,600
2, 170
1, 960
3,030
1,880
3,430
4,470
2, 350
2, 140
6,270
-17, 500
6, 270
1, 350
.27
.49
.61
.35
.27
.87
2.49
.93
. 19
160
231
572
110
134
507
570
57
46
208
309
673
249
232
603
977
914
417
360
449
377
343
365
287
256
197
170
531
678
632
603
643
536
475
388
323
2, 600
7, 850
3,750
3, 150
33 000
.38
1.27
.49
.47
.40
185
75
80
160
325
300
515
530
300
500
225
210
260
400
450
340
325
400
550
650
Source: Department of Labor.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production reached a new postwar record in June, about I percent higher than the peak of
October-November, 1948, and 17 percent above the level of June 1949.
PERCENT OF 1935-39 AVERAGE
400
0 '
PERCENT OF 1935-39 AVERAGE
400
I
1 _ I
I
I
1
1 _1
1939 4O 41 42 43 44 45 46 47
48
49
194$
1950
1949
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF tCONOMIC ADVISERS
[1935-39=100, seasonally adjusted]
Total
industrial
production
Period
1943 monthly average
1946 monthly average,
__ _
1947 monthly average
1948 monthly average,
1949 monthly average .. ..
1949: April
May
June
July
August
September
October _
November
December
1950: January
._
February
March..
April..
May 1
June 1
* Preliminary estimate.
_
. ..
239
170
187
192
176
179
174
169
161
170
174
166
173
179
183
180
187
190
193
197
Bklanufaeture s
Total
258
177
194
198
183
184
179
175
168
178
184
176
179
188
192
192
194
199
202
205
Durable
goods
360
192
220
225
202
212
201
194
185
193
199
175
181
203
209
207
211
222
228
233
Nondurable goods
176
165
172
177
168
162
161
161
154
165
172
177
177
176
179
180
181
180
182
184
Minerals
132
134
149
155
135
148
145
133
123
129
119
112
141
132
130
118
144
140
143
148
Source: Board of Governors of the Federal Reserve System.
11
WEEKLY PRODUCTION - SELECTED INDICATORS
The steel industry continued to operate above stated capacity levels throughout June. Automobile production
was more than 10 percent above the peak output for May. Electric power production was at a new high.
Bituminous coal mining increased.
MILLIONS
BILLIONS OF KILOWATT
OF TONS
HOURS
7.0
3
STEEL
MILLIONS OF SHORT TONS
THOUSANDS
3.0
160
I
S
SOURCES: AMERICAN IRON, AND STEEL INSTITUTE, EDISON ELECTRIC INSTITUTE, DEPARTMENT OF THE INTERIOR, WARD'S AUTOMOTIVE REPORTS.
St eel
Period
Weekly average:
1947
1948
1949
Thousands of
net tons
. .
Week ended:
1949: June 4
11__
18..
25
July 2
9_ ...
1950: June 3
10_
17
24_ . .
July 1
82»
.
Percent of
theoreticall
capacity
I
N
J
O
COUNCIL OF ECONOMIC ADVISERS
Electric power,
by utilities
(millions of
kilowatt-hours)
Bituminous
coal
(thousands of
short tons) a
Cars and
trucks
(number)
1, 628
1,695
1,493
93.0
94. 1
81. 0
4,821
5, 300
5,500
2,058
1,948
1, 418
90, 860
100, 670
120, 800
1,
1,
1,
1,
1,
1,
692
643
598
556
473
128
91. 8
89. 1
86. 7
84. 4
79. 9
61. 2
5,018
5,300
5,373
5,466
5,410
4, 982
1,868
2, 178
365
1,989
'217
983
91, 555
130, 151
139, 005
145, 372
137, 802
111, 793
1, 935
1, 931
1, 927
1, 929
1,929
1, 765
101. 5
101. 3
101. 1
101. 2
101. 2
92.6
5,632
5, 921
6,012
6, 102
6, 115
1,689
1,768
1,740
1,770
1, 693
138, 402
191,417
195, 643
196, 348
185, 789
Based on weekly not ton capacity of 1,749,928 for 1947,1,802,476 for 1948,1,843,516 for 1949, and 1,906,268 for 1950.
Daily average for week.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports.
12
O
]PRODUCTION OF SELEC:TED
MANUFACTURES
llidustries with increased output in May included iron and stee»l, machinery, textiles, petroleum and coal
products, and chemical products. Decreases were reg istered \for the groups lumber and products and
nonferrous metals and products.
PERC ENT OF 1935-39 AVERAGE
PERC ENT OF 1935-39 AVERAGE
250
250
IRON A NO
200
150
A
x-\
/Y
-_y
f\ ,
\
--vf
/
1 %
k
i
150
V
v^^\'
0
// -sT"
=£
n
*v\
// \
350
300
250
I i t f
I ' *
200
100
-^ *—
1 1 1 i 1 1 1 1 1 1 1 UiiiiliMjT
0
'
300
^*x
r
20O
NONFjERROUS METALS AND PROD /TS \%//
1 :
100
=) != 'i
42
44
46
48
\
1 1 1 1 1 1 1 1 1 rr"
0
1 1 J 1 1 I 1 i i 1 iJ
1948
1949
-w
^*
v x
-
-*^xs^^- ^
i -SX^:
f
^^MANUFACTURED
*s~*^ *s*--.
s
FOOD
PRODUCTS
"
JL
L .
-J L
rr i i i i i i i i n nr, , , 1 1 1 1 « i • 1 1 1 1 1 1 1 1 1 1 1 1 1 . i , 1 1 1 , rri
40
1950
PRODUCTS
\/ \
y ^
/ f
ol i i i i i i i i i n lii 1 1 1 1 1 1 1 1 1
40
1
i
i
i
i
i
i
f
i
Vv,
ISO
~
I
250
/
X'-N
1 1 11 1 1 1 1 1 m
i
c AL
1
/
100"
I
H NERY^
N
-~
,-h\
350
ISO
1
L
J
n i i i i , i i i n 77. » M i , MI
r,-'
\
*
r
V
~"V>A
/ / ^s***^s
f
%
4 :" AND PRODUCTS'
too
'\
1 /N
\ 1
'
1
200
/*•
V
\
PETROLEUN AND COAL*.
PFOC UCTS
^y
I ^
f
*
42 44
46 48
(948
1949
1950
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[1935-39=100, seasonally adjusted]
Durable manufactures
Period
Iron and
steel
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: April
May
June
Julv
AugustSeptember
October
November „
„
December
1950: January
February
March
April 1
May
._ --.
i Preliminary estimate.
69425—50
3
208
150
195
208
188
219
204
177
156
178
179
102
145
201
203
201
205
222
225
Nondurable manufactures
Nonferrous Textiles
Lumber
and
Machinery metals and
and
products
products
products
129
131
143
145
131
126
126
123
115
126
132
133
147
159
144
150
156
159
157
443
240
276
277
234
240
232
225
217
216
224
226
217
227
229
237
243
251
256
267
157
187
193
159
167
145
133
127
141
157
164
163
165
179
188
199
196
192
153
162
163
169
147
129
123
126
120
140
155
169
175
173
178
179
173
174
175
Petroleum Manufacand coal tured food
products
products
185
173
193
218
209
209
207
202
198
203
208
198
205
219
211
205
206
206
213
145
150
157
159
163
162
163
165
161
166
167
165
160
160
161
161
166
164
164
Chemical
products
384
236
251
254
240
237
234
233
228
229
236
240
243
246
248
247
247
252
255
Source: Board of Governors of the Federal Reserve System.
13
NEW CONSTRUCTION
The expansion in new construction continued in June when it was 20 percent above a year earlier. The rise
was pronounced in all categories.
MILLIONS
OF
DOLLARS
2,000
1,500
_
ii I
I i
i
1,000
I
p
f
W
Ii
1939 1942 1944 1946 1947 1948
1947
1950
1948
*INCLUDES fUfUC HeHOfHri4i GOHSTRUCTIQM
SOURCES:
DEPARTMENT OF COMMERCE
AND DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1939 monthly average
1942 monthly average
_ _ _ _._
1944 monthly average
1946 monthly average
1947 monthly average _ _
1948 monthly average _
1949 monthly average
1949: May
June
July
_ . .
___
August
September _ _ _ _
October
November.- _
December
1950: January
February _ __
March
April
May
June 2
Total new
construction
683
1, 173
438
1,000
1,386
1,798
1,883
1,870
2,039
2, 119
2, 195
2,214
2, 177
2,044
1, 852
1,712
1,618
1,750
1,959
2,220
2,441
Private construction
Total
Residential
Other
private
(n on farm)
366
223
142
143
285
142
182
68
114
803
335
469
1,094
526
568
1,389
715
674
1,350
691
659
1,315
641
674
712
1,428
716
757
1,481
724
782
1,514
732
809
1, 513
704
832
1,506
674
1,484
837
647
1, 401
806
595
742
1,298
556
1,262
717
545
741
1,313
572
852
1,453
601
1,635
980
655
1, 086
712
1,798
Federal,
State, and
local *
317
888
256
197
291
409
532
555
611
638
681
701
671
560
451
414
356
437
506
585
643
1 Includes public residential construction.
Sources: Department of Commerce and Department of Labor2 Preliminary estimate.
NOTE.—Construction data have been revised. See May 1960 Supplement to Construction and Construction Materials. The chart has not
yet been revised to take account of the revisions.
14
NEW HOUSING STARTS
May recorded a further sharp advance in housing starts with a new all-time record of 140,000, During the
first 5 months of I960, there were 537,600 starts^ compared with 353,500 during the some period of 1949.
THOUSANDS OF UNITS
300
THOUSANDS OF UNITS
D ••*'•
SOURCE: DEPARTMENT
OF LABOR
COUHCIL Or ECOHOHlC ADV1SIB3
New nonfarm units started
1948
1949
39 300
42, 800
56, 000
67, 100
72 900
77, 200
81, 100
86, 300
93, 800
94, 000
79, 700
58, 800
53 500
50, 100
76, 400
99 500
100 300
97, 800
95 000
86, 700
82, 300
73, 400
63> 700
52, 900
50 000
50, 400
69, 400
88 300
95 400
95, 500
96 100
99, 000
102, 900
104, 300
95, 500
78, 300
849 000
931, 600
1 025 100
70, 750
77, 600
85, 425
1947
January
February. .
March
April
Mav
June
July
August
September. „
October
November
December
__
_
,
Total
Monthly average
i Preliminary estimate.
~ _
.
_ _
1950
1
1
1
78 700
82,900
110 000
126 000
140 000
Source: Department of Labor.
15
EXPENDITURES FOR NEW PLANT
AND EQUIPMENT
Plant and equipment expenditures by nonogricultural business firms rose more than seasonally in 2nd quarter
of 1950 and were only 3 percent below the level of a year previous. Outlays in 2nd quarter by manufacturing
companies and gas and electric utilities were considerably higher than the same quarter last year.
BILLIONS OF DOLLARS
E5
1939
1941
BILLIONS OF DOLLARS
25
1948
2*
1949
3
4
1950
* CSTlHfTIS MSfO OH PLJtftg ItftVKTCO IH lUff 1990
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND u.s.DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars, annual rates, not adjusted for seasonal variation]
Period?
1939...
1941
1945
1948 .
1949
1950 3
_
;
_-
..
1948' Third quarter
Fourth quarter
1949* First quarter
Second quarter
Third quarter
Fourth quarter
1950" First quarter 3
Second quarter
•_.__
-
Total i
Manufacturing
Mining
Transportation
Railroad
Other
Electric and Commercial
miscelgas utilities and
laneous J
5, 200
8, 190
6, 630
19, 230
18, 120
16; 090
1, 930
3,400
3,210
8,340
7,250
6,740
380
680
440
800
740
650
280
560
550
1,320
1,350
930
280
340
320
700
520
350
480
710
630
2,680
3, 140
2,940
1,850
2,490
1,480
5,390
5,120
4,480
19, 320
21, 640
8,360
9,280
800
880
1,320
1,640
680
680
2,760
3,400
5,440
5,760
17, 840
18, 640
17, 480
18, 520
7,400
7,520
6,760
7,320
760
760
720
720
1,440
1,520
1,240
1,200
520
560
560
480
2,720
3, 120
3, 160
3,560
5,040
5, 160
5,040
5,280
14, 800
18, 120
6,080
7,880
600
640
920
1,200
320
360
2,600
3,400
4,240
4,680
1 Excludes agriculture.
2 Commercial and miscellaneous composed of trade, service, finance, and communication.
s Figures foi second quarter of 1950 are based on anticipated capital expenditures reported in the May 1950 survey.
NOTE.—These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the
latter cover agricultural investment and also certain equipment and construction outlays charged to current expense. Figures for 1939-44 are Federal Reserve
Board estimates based on Securities and Exchange Commission and other data.
Detail will not necessarily add to totals because annual rates are based on quarterly figures rounded to the nearest 10,000,000.
Sources: Securities and Exchange Commission and Department of Commerce (except as noted).
16
NEW CORPORATE SECURITY ISSUES
New corporate security issues during 1st quarter of this year ro.se above the seasonally high 41h
quarter rate, and were substantially above 1st quarter of last year. Most of the additional proceeds
from the larger security issues were used for retirement of debt and stock.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3 O
3.0
1939
1943
1946
1947
1948
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
[Millions of dollars]
Proposed uses of net proceeds
Estimated
net proceeds
Period
New money
Plant and
equipment
Total
1939 quarterly average
1943 quarterly average
1946 quarterly average
1947 quarterly average
1948 quarterly average
1949 quarterly average
1948: First quarter.
Second quarter
Third quarter
Fourth quarter
1949: First quarter
Second quarter—
Third quarter
Fourth quarter
1950: First quarter
.
. — ». ..
- - ..
._-
-. -
--
.
529
287
1,689
1, 617
1,748
1, 520
1,769
1, 817
1, 352
2, 054
1, 195
2,475
1,006
1,403
1, 398
81
77
820
1, 148
1,491
1,209
1,511
1, 493
1,087
1,874
954
2,088
834
960
1,014
43
35
529
852
1, 060
948
918
1, 091
774
1, 459
762
1,679
677
675
777
Working
capital
Retirement
of debt and
stock *
39
42
291
296
431
261
593
402
314
415
193
409
157
285
237
448
210
869
469
257
311
260
325
265
180
241
386
172
444
384
1
Includes small amount for other purposes.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Securities and Exchange Commission.
17
INVENTORIES AND SALES
Manufacturers' sales rose sharply in May to a new postwar peak. The increase in overall retail sales
was moderate. Department store sales declined slightly. Manufacturers' inventories also reported a
substantial gain.
BILL IONS
OF DOLLARS
BILLIONS OF DOLLARS
TOTAL* AND MANUFACTURING
60
RETAIL
20
SEASONALLY..... .....ADJUSTED
MONTHLY AVERAG£
SEASONALLY AC JUSTED
MONTHLY AVERAGE
A
^INVENTORIES
i \
j '
....••***
.••****
TOTAL
....-
/-
NVENTORIEsV
f SALES
10
50
:
:
j
^-TO
40
TAL SALES*
M M ! ) ! ! !
0
1 ! ! 1 1 I ! 1 1 II
<K> 42 44 46 48
/A
^TWV
/ /A
,...•'
1 1 1 1 1 II
1
1949
1 1 II
1 1 11111
1950
PERC ENT OF 1935-1939 AVERAGE
^
DEPARTMENT
..."
STORES
400
-••*
30
1 II
1948
SEASONALLY ADJUSTED
MONTHLY AVERAGE
1 N
* - MANUFACTUR NG INVENTORIES
^ SALES
/
//
300
/***
ft
20
10
0
f^T
/
—*—/\
MANUFACT JRIN6
SALES'
i i i i i i. i i i
INVENTORIES^*
j j
^
200
^J
too
i|0 42 44 46 48
"x
/ '"
I 1 1 1 1 1 1 1 1 II
1 1 111 I 1U !1
1 1 1 1 1 1 1 It 1 1
1948
1949
1950
1 1 1 1 1 1 1 1 1
0
40 42 44
M I N I U M
1 1 i 1 1 I 1 1 II 1
i 1 1 1 1 i 1 1 11I
1948
1949
1950
46 48
* WHOLESALE. MANUFACTURING, AND RETAIL
SOURCE :
DEPARTMENT
OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total business l
InvenSales 3
tories 2
Period
COUNCIL. OF ECONOMIC
M anuf aeturi ng
Inventories 2
Sales 3
New
orders 4
Retail
InvenSales 8
tories 2
Millions of dollars, seasonally adjusted
1939
- _
1943
1945 __
1946
1947
1948 _ _
1949
_
1949: April
May
_
June
July
August September
October
November _
December
1950: January
__
February
7
March
_
April 77
Mav . _ _ _ _
_
--
__
_
20, 172
31, 143
30, 571
42, 709
51, 692
58, 546
53, 628
57, 806
56, 858
56, 435
55, 320
54, 631
54, 617
54, 356
53, 996
53, 628
54, 125
53, 932
54, 513
54, 748
55, 228
11, 109
22, 372
24, 181
27, 800
34, 739
38, 190
35, 997
35, 879
36, 039
36, 391
34, 820
37, 136
37, 239
34, 603
35, 496
34,651
35, 678
36, 463
37, 946
36, 822
39, 283
11,465
20, 098
18, 390
24, 818
29, 818
34, 066
30, 899
34, 018
33, 566
33, 251
32, 367
31, 638
31, 076
30, 744
30, 547
30, 899
31, 136
31, 098
31, 103
31,214
31, 500
5, 100
12, 822
12, 883
12, 841
17; 076
18, 998
17, 815
17, 643
17, 741
17, 989
17, 114
18, 946
18, 865
16,805
17, 313
16, 857
17, 650
18, 035
19, 144
18, 456
20, 100
1 Total business includes manufacturing, retail, and wholesale (not shown
separately in this table).
2 Book value, end of period.
2 Monthly average for year and total for month.
* Data for new orders not adjusted for seasonal variation.
18
(66)
()
(6)
14, 004
16, 768
18, 694
17, 189
15, 968
15, 734
16, 300
15, 496
18, 697
19, 441
18, 359
18, 138
16, 775
18, 646
17,983
20, 228
18, 320
19, 500
4
5,532
7,361
7,543
11,226
13, 221
14, 969
13, 698
14, 458
14, 139
14, 182
13, 862
13, 932
14, 355
14, 475
14, 336
13, 698
13, 998
13, 800
14, 282
14, 138
14, 273
3,504
5,277
6,315
8,358
9,909
10, 837
10, 682
10, 814
10, 759
10, 684
10, 549
10, 669
10, 856
10, 678
10, 630
10, 503
10,855
11, 101
11, 125
11,072
11,245
ADVISERS
Department stores
InvenSales5
tories s
1935-39=100, seasonally adjusted
106
102
168
155
207
166
264
213
286
255
302
291
285
270
293
278
273
291
285
265
256
280
253
283
263
289
270
276
277
273
271
293
272
282
279
280
285
274
286
292
290
285
8 Indexes computed from data on retail value of sales for month and retail
book value of inventories, end of period.
e Not available.
" Preliminary estimates.
Sources: Department of Commerce and Board of Governors of the Feq!eral
Reserve System.
MERCHANDISE EXPORTS AND IMPORTS
Imports rose sharply in May again approaching peacetime peaks in dollar value. Since exports
'ts rose only
slightly, the merchandise export surplus was cuj.
MILLIONS OF DOLLARS
1,600
MILLIONS OF
DC)LLARS
1,600
MONTHLY AVERAGES
1,200
1
1936-38
1946
1947 1948
1948
1 I
I 1
0
J50
VILIAN SUPPLIES FOR OCCUPIED AR
* RECORDED MERCHANDISE EXPORTS, INCLUDING REEXPORTS, *
**
I
1949
RECORDED GENERAL MERCHANDISE IMPORTS.
OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF THE ARMY, AND DEPARTMENT OF THE NAVY.
[Millions of dollars)
Exports *
Period
1936—38 monthly average
„1943 monthly average
1946 monthly average
1947 monthly average. ».
1948 monthly average
1949 monthly average
.1949- April
May
„.„«„ ».
June -«
July
August
September
-October - » .
,
November
,
December
1950*. January
_
February
March
April
- - -May
«.
«.
.
-.««..
-
--
.
,
-
--
-
247
1,080
849
1,278
1,054
1,000
1,166
1,092
1, 104
899
880
906
852
837
944
746
773
868
809
825
Imports *
207
282
410
478
592
552
534
541
526
456
491
530
557
593
605
623
600
664
583
660
Excess of
exports
40
798
439
801
462
448
632
551
578
443
389
376
295
244
339
123
173
204
226
165
1
Recorded merchandise exports, ineloding reexports, and civilian supplies lor occupied areas.
2 Recorded general merchandise imports.
Sources: Department of Commerce, Department of thw Army, and Department of the Navy.
19
PURCHASING POWER
NATIONAL INCOME
Notional income, after declining during each quarter of 1949, turned up in 1st quarter of 1950, according to
preliminary data. The increase represented a rise in'all major components except interest.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250 |
ANNUAL RATES, SEASONALLY; ADJUSTED
ANNUAL TOTALS
TOTAL NATIONAL
INCOME
E
\
CORPORATE PROFITS AND M:::::-:::-:
INVENTORY VALUATION :•:•::::::::::
:::•:•:::: ADJUSTMENT ::|::::::::::::::::::::.:::i:::i::
1947
P R E L I M I N A R Y ESTIMATES
[Billions of dollars]
Total
national
income
Period
1939
1944
1946
1947
1948
1949
72.5
183.8
179.6
201.7
226.2
221.3
..
_
Corporate profits and inventory
valuation adjustment
Compensation of
employees
Proprietors'
(business,
professional,
farm)
and rental
income
Net interest
47.8
121.2
117.0
127. 6
140. 3
141. 1
14.7
35.5
41.2
45. 1
49. 5
44. 8
4.2
3. 1
3.0
3.4
3.8
4.2
Total
Profits
before
taxes
5.8
24.0
18.3
25. 6
32.6
31.2
Inventory
valuation
adjustment
6.5
24.3
23.6
31.6
34.8
28.6
-0.7
-.3
— 5.2
— 6.0
-2.2
+ 2.6
Annual rates, seasonally adjusted
1948" Third quarter
Fourth quarter
230.4
234.3
143.3
144.9
49.9
49.7
3.9
4. 1
33.3
35.7
36.6
34.5
-3.3
+ 1.2
1949* First quarter
Second quarter
Third quarter
Fourth quarter
224. 7
220.8
220.7
219. 1
141. 9
140. 8
141, 1
140. 9
47. 1
45. 1
43. 1
43.7
4. 1
4.2
4.2
4. 3
31. 6
30.7
32.3
30.2
29.4
26.4
28. 9
29.5
+ 2.2
+ 4.3
+ 3.3
31. 6
-.7
1950 • First quarter
l
2
222. 7
142. 8
* Preliminary estimates.
2 Estimates by Council of Economic Advisers; based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
20
44.7
4.3
2
30. 9
2
+.7
Source: Department of Commerce (except as noted).
CORPORATE PROFITS
Profits in 1st quarter of I960 were the highest since the 4th quarter of 1948. Preliminary indications are
that profits rose in 2 nd quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
*
NO ALLOWANCE
COUNCIL OF CCONOMiC ADVISERS
SOURCE
[Billions of dollars]
Corporate
profits
before taxes
Period
1929
1939
1944 ..
1946
1947
1948
1949
9.8
6.5
24.3
23.6
31.6
34.8
28.6
. ..
1948: Third quarter
Fourth quErter
1949: First quarter
Second quarter
Third quarter
Fourth quarter
1950: First quarter
1
«.
_-_«
-..«.
36.6
34.5
Corporate
tax
liability
Total
Dividend
payments
1.4
8.4
5.8
1.5
5.0
3.8
13. 5
10.8
4.7
9.6
13.9
5.8
12.5
19. 1
7.0
21.2
13.6
7.9
17:4
11.2
8.4
Annual rates, seasonally adjusted
14.4
22.2
7.9
13.6
20.9
8.3
Undistributed
profits
2.6
1.2
6. 1
8. 1
12. 1
13.2
9.0
14.3
12. 6
29.4
26.4
28.9
29.5
11.5
10.6
11. 4
11.2
17.9
15.8
17.5
18.2
8.3
8.2
8. 1
8.9
9.6
7.6
9.4
9.3
31.6
12.3
19.3
8.6
10.7
1
Estimates by Council of Economic Advisers; based on incomplete dnta.
NOTE.—No allowance has been made for inventory valuation adjustment.
adjument.
Detail will not necessarily add to totals because of rounding.
Corporate profits after taxes
See p. 20 for profits before taxes and inventory valuation
Source: Department of Commerce (except as noted).
21
PERSONAL INCOME
Personal income dropped $ 6 billion (annual rate) from March to April, $ I .billion less than the drop in
transfer payments. Salaries and wages advanced; proprietors'income declined.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
250
DENDS AND INTEREST
J A S O N D
SOURCE:
J
F
M A M
J
J A S O N D ' J F M A M
J J A S O N
DI J
F M A M J
COUNCiC OF CCONOMIC ADVISERS
DEPARTMENT OF COMMERCE
fRillions of dollars!
Total
personal
income
Period
1939
1944
1947
1948
1949
.
. ...
72. 6
165.9
193.5
211.9
209.8
. .
210. 5
210. 2
209.4
207.2
209. 1
208.3
207.0
209.4
211.9
-
1949: April .
May
June
July..
August
September
October
November
December
1950: January
February
March
April*
•
- -
1
1
1
218. 1
219. 1
222. 8
i 216. 9
Proprietors1
(business,
Salaries, wages, professional,
Dividends
and other
and personal
farm)
labor income and rental
interest
income
14. 7
45.7
9.2
116.2
35.5
10.6
122. 0
45. 1
14.8
135. 1
49.5
16.2
135. 6
44.8
17.2
Annual rates, seasonally adjusted
45.0
136.0
17. 1
45.2
135. 8
17.0
135.0
45. 1
17.0
135. 1
42.8
16.9
135. 5
43.9
17. 1
135. 8
42.7
17.2
134. 8
42.9
17.3
134.7
44.9
17.4
136.6
43.5
18.9
135.9
135.3
137.3
139. 1
46.5
44. 1
43. 5
42.8
17.4
17.6
17.9
18.1
Transfer
payments
3.0
3.6
11.7
11. 1
12.2
12.4
12.2
12. 3
12.4
12.6
12.6
12.0
12.4
12.8
U8. 3
*22. 1
'24. 1
»16. 9
i Includes veterans' insurance dividend—$5.4 billion, annual rate (or $450 million, monthly total) in January, $9.5 billion, annual rate ($800
million, monthly total) in February, $10.6 billion, annual
rate ($887 million, monthly total) in March, and $4.1 billion, annual rate ($345 million,
2
monthly total) in April.
Preliminary estimate.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
22
CONSUMER INCOME, SPENDING, AND SAVING
Payment of the special insurance dividend to veterans during 1st quarter in 1950 distorted
disposable personal income. It accounted for ^/^ of the increase of $11 billion (annual rate).
Expenditures increased by only $3 billion, indicating that the insurance dividend was being
spent slowly. Correspondingly, consumer saving was temporarily high.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
150
1939
1940
PERSONAL INCOME LESS TAXES.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Disposable
personal
income 1
Period
70.2
75.7
92.0
116.7
132.4
147.0
151. 1
158. 1
172.0
190.8
191.2
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949.
1948: Third quarter
Fourth quarter
1949: First quarter
Second quarter
Third quarter
Fourth quarter
1950: First quarter.
~_
__
~-- ~-
-
-
~- -
—
i Income less taxes.
NOTE.—Detail will not necessarily add to totals because of rounding.
-
195.2
196.2
193.4
191. 4
189.5
190. 7
201. 3
Less: Personal Equals: PerNet saving as
consumption
sonal net
percent of disexpenditures
saving
posable income
Billions of dollars
67.5
2.7
3.8
72. 1
3.7
4.9
82. 3
9. 8
10.7
91.2
25.6
21.9
102. 2
30.2
22.8
111.6
35.4
24. 1
123. 1
28.0
18.5
147.8
10. 3
6.5
166. 9
5. 1
3.0
178.8
12.0
6.3
179.4
11.8
6.2
Annual rates, seasonally adjusted
180.3
15.0
7.7
180. 9
15.3
7.8
178.7
14.8
7.7
179.3
12. 1
6.3
179.7
5.2
9.8
179.8
10.8
5.7
182. 7
18. 6
9.2
Source: Department of Commerce.
23
PERSONAL CONSUMPTION EXPENDITURES
Personal consumption expenditures in first quarter of 1950 were I percent above the peak rate of 4th
quarter of 1948, according to revised estimates.
BILLIONS OF DOLLARS
EOO
SOURCE:
BILLIONS OF DOLLARS
ZOO
DEPARTMENT OF COMMERCE
COUNCIL Or ECONOMIC A D V I S E R S
[Billions of dollars)
Personal consumption expenditures
Period
Nondurable
goods
Total
1939.
1944
1946
1947
1948
1949
67.5
111. 6
147.8
166.9
178.8
179.4
35.3
67. 1
86.8
96.2
102.2
98. 9
Durable
goods
6.7
7. 1
16.5
22.0
23.5
24.4
Services
25.5
37.4
44.5
48.8
53.1
56. 1
Annual rates, seasonally adjusted
1948: Third quarter
Fourth quarter
1949: First quarter
Second quarter
Third quarter
Fourth quarter
1950: First quarter
..
..
NOTE.—Detail will not necessarily add to totals because of rounding.
24
180.3
180.9
178. 7
179.3
179. 7
179.8
182.7
101.8
103.3
100.4
99.8
97.6
97.7
98. 1
24.8
22.9
23.0
23.6
25.7
25.2
26.9
53.7
54.8
55.3
55.9
56.5
56.9
57.7
Source: Department of Commerce.
PER CAPITA INCOME
Per capita disposable income, including veterans' insurance dividend, increased in first quarter of 1950,
both in terms of current dollars ond in real purchasing power. Without the dividend, there was no increase.
DOLLARS
DOLLARS
:
1,600
ANNUAL RATES, SEASONALLY ADJUSTED
1,6 00
1948 DOLLARS
1,200
1,200
600
CURRENT DOLLARS
1939
1940
1941
1942
1943
1944
1945
1946
194?
1948
.SOURCE: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
Period
1939...
......
1940......
1941..
1942
1943
1944
1945...
1946
1947
1948
.
1949.
1949
3
4
1947
"PERSONAL INCOME LESS taxes
-
__
..
.
1948: Third quarter
Fourth quarter
1949: First quarter
Second quarter
Third quarter
./ Fourth quarter—
1950: First quarter,...
2
3
1948
2
3
1949
I
2
1950
COUNCIL Of ECONOMIC ADVISEMS
Per capita disposable
personal
income!
Current
1948 dollars8
dollars
.....
$923
$536
981
_
574
.. . _ .
1,125
691
.
1,262
867
1, 314
970
1,405
1,065
1,389
1,082
1, 342
1,119
.
1,282
1, 194
1,302
.
..
1,302
1,297
.
1,281
Annual rates, seasonally
adjusted
1,305
1,328
1,319
..
1, 328
1,315
1,304
.
1,298
1,285
1,284
1,267
1,292
1,269
_
.
1,334
1,370
Consumers'
price index3
1948=100
58.1
sas
81.4
68.7
73.8
75. 8
77.9
83.4
93.1
100.0
98.8
Not adjusted
for seasonal
variation
101. 8
100.7
99.2
99.0
98.7
98.2
97.4
3*
J
Income less taxes.
Current dollars divided by the consumers' price index on the base 1948=100,
- The consumers' price index has been roughly adjusted to take account of the understatement from December 1941-February 1947. This
adjustment is in line with the report of the Mitchell Committee, The unadjusted index will be found on page 3.
Sources: Department of Commerce and Department of Labor.
25
AVERAGE HOURLY EAE»NIN GS -. SELECTED INDUSTRIES
Hourly earnings in manufacturing reached a new peak of $l.4<1 in May, with increases in both durable
and nondurable industries.
DOLL/*RS PER HOUR
DOLL ARS PER HOUR
1.60
1.50
DURABLE MANUFACTURING
NONDURABLE
MANUFACTURING
,-1.40
1.50
1948 DOLLARS*
-^
1.40
-^"
J,s
-di^-^O'—^
x*—-%
1948
^^..^^A
DOLLARS*
1-
1.30
/x
XX
'"" ";p
1.20
1.30
J
CURRENT DOLLARS
S*^
CURRENT DOLLARS
1.10
1.20
0
-,,,,
1 1 1 1 1 ] 1 1 11 1
rl
1947
1948
l,,,,7
1949
0
1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 i IJ.LII L i i i i i 1 i i i i i
1950
1947
1948
1949
MMlllMlT
I95O
I.3O
2.10
BUILDING CONSTRUCTION
RETAIL TRADE
x'\
/
2.00
£=£&
1.20
^
1948 DOLLARS*
1.3 O
f^"^' ~~~~^\J
f^^
I.IO
1 948 DOLLARS* /~J
//
\
S***"^
i.ao
CURRENT DOLLARS
I.OO
** /"^^ CURRENT DOLLARS
"•',
^
.90
1.70
0
1
1 i ' \ 1 I 1Hl
1947
M l
1
' ' 1 i t it
1948
,,,,,!,,,,,
1 1 I I 111 11 i 1
1949
I95O
0
f 1 J l I 1 1 J 1 I 1 | i | I | 'I 1 i 1 1
111
- 1 1 1 J.J.J l { U
1947
1949
1948
SOURCE: DEPARTMENT OF LABOR
;
,,,,,I.M,7
1950
COUNCIL OP ECONOMIC ADVIStMS
[Selected industries
All manufacturing
Period
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: April
May.
June - July
August
_
September
October _ _
November
December
1950: January
February
March4 4
April4
_
May
Nondurable goods
manufacturing
Building
construction
Retail trade
Current
1948
1948
Current
Current
1948
Current
1948
Current
1948
dollars dollars 2 dollars dollars 3 dollars dollars a dollars dollars 2 dollars dollars 2
$0. 633
.961
1.084
- - 1.237
1. 350
1.401
1.401
1.401
1.405
1.408
1.399
1.407
1.392
1.392
1.408
1.418
1.420
1.423
1.434
1.441
* Production and related workers.
2 Not available.
26
Durable goods
manufacturing
$1. 090
1.302
1. 300
1.329
1. 350
1.418
1.414
1.418
1.418
1.434
1.419
1.420
1.415
1.413
1.440
1.454
1.459
1.459
1.468
1.463
(33)
(3)
()
$1. 292
1.410
1.469
1.467
1.467
1.475
1.477
1.473
1.482
1.458
1.457
1.476
1.485
1.483
1.486
1.498
1.506
(33)
(3)
()
$1. 388
1.410
1.487
1.480
1.485
1.488
1. 504
1.494
1.495
1. 482
1.479
1.509
1.523
1.524
1.524
1.533
1.529
(33)
()
(3)
$1. 171
1.278
1.325
1.321
1.323
1.324
1.332
1.319
1. 328
1.325
1.325
1,334
1.343
1.350
1.353
1.355
1.360
(33)
(3)
()
$1. 258
1. 278
1.341
1.333
1.339
1.336
1.356
1.338
1. 340
1.347
1.345
1.364
1.377
1.387
1.388
1.387
1.381
(33)
(3)
(3)
()
$1. 848
1.935
1.934
1.930
1.924
1.922
1.932
1.938
1.944
1.947
1.964
1.976
1.988
1.998
1.989
(3)
(33)
(3)
()
(3)
$1. 848
1.958
1.952
1.953
1.941
1.957
1.959
1.956
1. 976
1.977
2.008
2.027
2.043
2.049
2. 036
(3)
(33)
(3)
()
$1. 009
1.088
1. 137
1. 127
1.141
1. 147
1. 148
1.146
1. 150
1. 140
1. 138
1.126
1. 153
1.145
1. 147
1. 151
(3)
(33)
(3)
()
$1. 084
1.088
1. 151
1. 137
1. 155
1. 157
1. 169
1. 162
1. 160
1. 159
1. 155
L 151
1. 183
1. 177
1.176
1. 178
(3)
2
Current dollars divided by consumers' price index on base 1948=* 100. See note 3 to table on page 25.
«Preliminary estimates.
Source: Department of Labor.
AVERAGE WEEKLY EAFiNIN[GS
- SELECTED INDUSTRIES
Weekly earnings in manufacturing industries continued to rise or the sixth consecutive month, reaching a
record figure of $57.50 in May. The major increasej came i n the nondurable segment where weekly
earnings increased by $ .73 as the length of the wor *week in creased.
DOL LARS
60
DOL LARS PER WEEK
65
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
60
1948 DOLLARS
PER WEEK
,-r
•—X
/^
55
*"i^\^
1948 DOLLARS*
^^f
^
50
55
X^
^^
/ t a *^* CURRENT DOLLARS
V
45
50
40
45
0
«x-N/ ^ CURRENT DOLLARS
=
,,,,,,
1947
1
1 I
1948
I
i 1 11 ! I ! i 11 1
1 1 1 1 1 1 1
1949
0
1950
1 j I 1 ! 1i 1I i i
hilll
i i 1 1 i \ i i LJL L
1947
1948
:
1950
50
80
BUILDING CONSTRUCTION
RETAIL TRADE
\
'"'N.
^> 1948 DOLLARS*
* x^^^^^i
^Z
45
75
y|
^r^ N 7
70
1948
DOLLARS*
"Sv
65
A*"*^M
/
1
40
^'^^'^
-"""^•CURRENT DOLLARS
V
J
35
^s* CURRENT t OLLARS
60
0
1 1 l i l l • • 1 1?
1949
30
\ j | ii I i i i i i
1947
| i j ^ i | i i 1.1 i 1 l 1 t 1 i l t l l l
1948
1 1 1 1 1 1 1 1 1 \i
0
i i i l i 1l l i i i
1947
1950
1949
i i i il 1 i l i ||
, . , II 1, , , , ,
1 1 1 i 1 1 1 1 i iT
1949
I95O
1948
940 < 100
COUNCIL
All manufacturing
Period
1939
1943
1946
1947
1948
1949
May
_
$41. 07
58.46
52.45
53.67
54. 14
55.59
(33)
()
(3)
$52. 46
57. 11
58.03
(33)
()
(3)
$56. 35
57. 11
58.73
(33)
()
(3)
$46. 96
50.61
51.41
(33)
()
(3)
$50. 44
50. 61
52.03
(33)
()
(33)
()
$68. 85
70. 95
(33)
()
(33)
()
$68. 85
71. 81
(33)
(3)
()
$40. 66
43.85
45. 93
(33)
()
(3)
$43. 67
43.85
46.49
53.80
54.08
54.51
54.63
54. 70
55.72
55.26
54.43
56. 04
54.29
54.74
55.00
55.63
55.48
56.23
56. 16
55. 26
57.30
57.21
57.21
57.82
57.31
57. 89
58. 69
58. 17
56. 82
59. 19
57.73
57.90
58. 35
58.36
58. 71
59.22
59. 12
57. 69
60.52
49. 67
50.41
50. 97
51. 55
51.31
52. 59
52.47
52.07
52. 69
50. 12
51.02
51.43
52. 49
52.04
53. 07
53. 32
52.86
53.88
70.33
71.81
71.44
71.28
71.95
70.69
71.80
70.21
70.26
70. 97
72. 68
72. 09
72.59
72.97
71. 33
72.97
71.28
71.84
45. 31
45.98
46.45
46.95
46.87
46.58
46. 06
45.63
45.83
45.72
46.54
46.87
47.81
47.54
47.00
46.81
46.32
46.86
56.29
56.37
56.49
56.93
57.50
57.73
57.93
57.94
58.27
58.38
59. 40
59.47
59. 74
61. 12
61.44
60.92
61. 12
61.27
62.56
62.38
52.91
53.06
53.04
52. 17
52.90
54.27
54. 53
54.40
53.40
53.71
68.76
67.00
69. 13
71.01
(3)
70. 52
68.86
70.90
72.68
(3)
46.58
46.26
46.34
46.39
(3)
47.77
47.54
47.53
47.48
(3)
.
1950: January _
February
March4 4
April 4
May _
production and related workers.
Not available.
Retail trade
$23. 86
43. 14
43.74
49.97
54. 14
54.92
June
July _ _ _
August
September
October
November.
December
i For
1
Building
construction
ECONOMIC ADVISORS
1948
Current
Current
Current
1948
1948
Current
1948
Current
1948
dollars dollars 2 dollars dollars 2 dollars dollars 2 dollars dollars 2 dollars dollars 2
monthly average
monthly average
monthly average
monthly average
monthly average
monthlv average
1949: April
[Selected industries *]
Durable goods Nondurable goods
manufacturing
manufacturing
OF
2
4
Current dollars divided by consumers' price index on the base 1948= 100. See note 3 to table on page 25.
Preliminary estimates.
Source: Department of Labor.
27
FARM INCOME
Cosh receipts from form marketings in May were 7 percent below May 1949. Prices paid by farmers
averaged the same as last year.
BILLIONS OF DOLLARS
BILLIONS
OF DOLLARS
4
nl
I
1939 40
I
I
41
I
42
I
43
I
44
I
45
I
46
I
I
4?
SOURCE: DEPARTMENT OF AGRICULTURE.
1939 monthly average
1941 monthly average
1 942 monthly average
1944 monthly average
1945 monthly average
,
1 946 monthly average
1947 monthly average
.
1948 monthly average
1949 monthly average.. . -
1950: January..
February
March.
April44
May
-
.
AugUSt. -
September
October
November.
December
•
.
-
.
'.
.
' •
I
I
paid by
Farm income Prices
farmers (in el
Farm income
(millions of
interest, taxes,
(millions of
current
and wage rates)
1948 dollars) «
2
dollars) *
1948= 100
724
1,540
47
981
1, 924
51
2,271
1,340
,
59
2, 521
.
1, 765
70
2,544
1,857
73
2, 110
2,638
80
2, 542
2, 733
- _
93
2, 609
2, 609
100
97
2, 380
2,309
:
.
'
I
COUNCIL OF ECONOMIC ADVISERS
Period
1949: April
....
May'
June.....
July
I
48
-
.
•• '
1,850
1,944
2,053
2, 177
2, 417
2, 608
3, 139
3,050
2,326
98
98
97
97
96
96
95
95
95
1,888
1,984
2, 116
2,244
2,518
2,717
3,304
3, 211
2,448
2,254
1,614
1,707
1, 594
1, 801
96
96
97
97
98
2,348
1,681
1, 760
1,643
1, 838
i Includes cash farm income from marketings and Government payments.
3 Converted fromthe reported base, 1910-14*»100, to. the^base 1948=100.
3 Farm income in current dollars divided by prices paid by farmers, interest, taxes, and wage rates, 1948=100.
< Preliminary estimates.
Source: Department of Agriculture.
28
CONSUMER CREDIT
In May, total consumer credit rose nearly $500 million with all major categories participating in the increase.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
25
25
1943
1948
END OF YEAR
|948
SOURCE :
1950
1949
END OF
MONTH
COUNCIL OF ECONOMIC ADVISERS
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Millions of dollars]
Total
consumer
credit
outstanding
End of period
1939
1943
1946
1947
1948
1949... .
1949: April
May.
June
July
.
AugustSeptember
._
October
November
.
December. .
1950: January
February
March
April.2
Mav
..
.
..
.
Instalment credit
Total
Automobile
sale
credit
Other sale
credit and
loans
Other
consumer
credit *
7,969
5,378
10, 191
13, 673
16, 319
18, 779
15, 595
15, 843
16, 124
16, 198
16, 453
16, 803
17, 223
17, 815
18, 779
4,424
2,001
4,000
6,434
8,600
10, 890
8,630
8, 888
9, 123
9,335
9,622
9,899
10, 166
10,441
10, 890
1,267
175
544
1,151
1,961
3, 144
2,241
2,386
2,499
2,610
2,761
2,876
2,986
3,085
3, 144
3,157
1, 826
3,456
5,283
6,639
7,746
6,389
6,502
6,624
6,725
6,861
7,023
7,180
7,356
7,746
1,544
1,498
3, 054
3,612
3,854
3,909
3,232
3,235
3,274
3,123
3,064
3,123
3, 197
3,454
3, 909
2,001
1, 879
3, 137
3, 627
3,865
3, 980
3,733
3, 720
3,727
3,740
3,767
3,781
3,860
3,920
3,980
18, 344
18, 126
18, 302
18, 610
19. 091
10, 836
10, 884
11,077
11,315
11.667
3,179
3,256
3,355
3,470
3. 615
7,657
7,628
7,722
7,845
8.052
3,506
3,233
3,211
3,241
2 2Pfi
4,002
4,009
4,014
4, 054
i Includes single-payment loans of commercial banks and pawnbrokers and service credit.
NoTE.—Detail will not necessarily add to totals because of rounding.
Charge
accounts
4 12S
2 Preliminary estimates.
Source: Board of Governors of the Federal Reserve System.
29
MONEY, BANKING, AND FEDERAL FINANCE
BANK LOANS AND INVESTMENTS
Commercial banks continued to increase their loons in May. Their holdings of Government securities, which
had been contracting in previous months, rose $500 million.
BILLIONS OF DOLLARS
150
1939
1943
1948 1949
END OF YEAR
BILLIONS OF DOLLARS
150
F
M
A M
J M
A
S .0 N 0
J F
M
J
J A
0
N D
J
F M A M
END
J
A
S
0
N D
1950
1949
1948
OF MONTH
SOURCE : BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC
ADVISERS
[Billions of dollars, all commercial banks]
TW*-«1
lotai
End of period
Investments
loans and
investments
Bank loans
49.5
40.7
124.0
116.3
36.0
17.2
26. 1
38. 1
42.5
43.0
41.3
40.9
41.0
40.5
41.2
41.7
41.8
42.7
43.0
42.9
43. 1
43.7
43. 8
44. 1
1929
.
.
1939
1945. .
1947
1948 .
1949
1949: ApriL
_
AViOJ
Mav ..
June
July
August
. ....... ...... ... -September .
October. . . . .
.
November
.
December— .
- .
1950* January
..
.. ..
February.
March—
.
•
April 1
. May
1143
120.2
112. 5
113.4
113.8
114.8
117.9
118.5
119. 5
119.7
120. 2
121. 2
120.6
120.3
120. 4
121.2
Total
U.S.
Government
securities
13.5
4.8
23.4
97.9
78.2
71.8
77.2
71.2
72.6
72.7
74.3
76.7
76.8
77.7
77.0
77.2
78.3
77.5
76.7
76. 6
77. 1
16.3
90. 6
69.2
62.6
67.0
62.0
63.2
63.2
64. 4
66. 7
66. 7
67. 6
66.9
67.0
68. 0
67. 1
65. 8
65 6
66. 1
Other
securities
8.7
7. 1
7. 3
9.0
9. 2
10.2
9.2
9. 3
9. 5
9.8
10. 0
10. 2
10. 1
10. 1
10. 2
10 3
10. 4
10 9
11 0
11.0
1
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
30
Source: Board of Governors of the Federal Reserve System.
MONEY SUPPLY
The privately-held money supply increased $ I billion in May.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
200
TOTAL DEPOSITS AND CURRENCY
(EXCLUDING U.S. GOVERNMENT DEPOSITS)
1939
1943
1948
1949
END OF Y E A R
1948
1949
1950
END OF MONTH
SOURCE: BOARD Of GOVERNORS OF TH| FEDERAL RESERVE SYSTEM.
[Billions of dollars]
Total privately-held
money supply
End of period
1939.
1943.
1946.
1947.
1948
1949.
'
1949: April
May.
June
...
. , .. . . .
July
August..
September...
October
....
November
..
December
1950: January
February
March. April 3
May
.
. .
...
..
63.3
112.4
164.0
170. 0
169. 1
169.8
165.5
165.6
165. 6
166. 3
166.9
166. 3
167 7
168 1
169 8
169 7
16R 2
167. 1
168. 5
169. 5
Currency
outside
banks
6.4
18. 8
26. 7
26. 5
26. 1
25.4
24.9
25. 0
25. 3
24 9
25. 1
24. 9
24 9
25. 1
25 4
24 5
24. 7
24. 6
24. 6
24. 7
Adjusted
demand
deposits *
29 8
60 8
83. 3
87 1
85 5
85 8
82. 4
82 5
81 9
83 1
83 4
83 1
84 3
85 0
85 8
86 4
84. 5
83 3
84 5
85 3
Time
deposits *
27 1
32 7
54. 0
56 4
57 5
58 6
58 1
58 2
58 5
58 4
58 4
58 4
58 4
58 0
58 6
58 7
59 0
59 3
59 5
59 5
1
2 Includes
Includes
3
demand deposits, other than interbank and TJ. S. Government, less cash items in process of collection.
deposits in commercial banks, mutual savings banks, and Postal Savings System.
Preliminary estimates.
"
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System-
31
FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
In 2nd quarter of I960, cosh payments to the public were SJ.7 billion larger than .receipts. Receipts were
lorger and payments less than in the corresponding quarter of 1949.
BILLIONS OF DOLLARS
I
BILLIONS OF. DOLLARS
! 19,7 S
1
4
* I960
3
"
EXCESS OF GASH RECEIPTS
£J
TJ
— ™
U
EXCESS Of CASH HWMENTS
1947
1949
1948
CALENDAR
Calendar years
Calendar year total:
1946
1947
1948.
--1949
-
[Millions of dollars]
Federal cash
receipts from
the public '
Federal cash
payments to
the public *
41, 426
44, 279
44,920
41, 346
41, 372
38 584
36; 954
42, 634
._
10, 220
9,869
10 257
8,536
_.
-~
15, 037
10, 238
10,085
9, 560
8 637
9,033
8,798
10 486
__ -
13, 122
8,814
10, 143
9,267
9 964
11,389
10, 528
10, 753
12, 235
9, 300
10, 759 • • •
11, 000
-_..
-
-_._
,
Quarterly total, not adjusted for Beasonal:
1947- Third quarter .
._ -_
Fourth quarter.. __._
--_
1948' First quarter
Second quarter, _
Third quarter
Fourth quarter
...
.. -
„„__
„
-~_
1949: First quarter
.
._ _
Third quarter_
Fourth quarter
1
1950: First quarter 2
Second quarter
_
._ ._
1950
TEARS
'-.-
Excess of receipts (+) or
payments (— )
-f 54
-f 5( 695
+ 7 967
I, 288
•
. ;-'
-^.37.
•--.-+! 331
4-6 400
•4-1 205
-H, 287
—925
. -f g 158
2 575
—385
— 1 486
,
.
:
-t" 1, 476
— 1,700
1
Payments of refunds of Government receipts are now reported as deductions from total receipts; previously, they were reported as expenditures.
NOTE.—Detail wiil not neccssarUy add to totals because of rounding.
' Preliminary estimates based on incomplete data.
Sources: Treasury Department and Bureau of the Budget.
32
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