Full text of Economic Indicators : July 1953
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83d Congress, 1st Session
Economic Indie
JULY 1953
Prepared for the Joint Committee on the Economic Report
by the Office of the Economic Adviser
to the President
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1953
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Gong.)
JESSE P. WOLCOTT, Michigan, Chairman
RALPH E. FLANDERS, Vermont, Vice Chairman
RICHARD M. SIMPSON (Pennsylvania)
HEI^RY O, TALLE (Iowa)
GEORGE H. BENDER (Ohio)
EDWARD J. HART'(New Jersey)
WRIGHT PATMAN (Texas)
RICHARD BOLLING (Missouri)
ROBERT A. TAFT (Ohio)
ARTHUR V. WATKINS (Utah)
BARRY GOLDWATER (Arizona)
JOHN J. SPARKMAN (Alabama)
PAUL H. DOUGLAS (Illinois)
J. WILLIAM FULBRIGHT (Arkansas)
GROVER W. ENSLEY, Staff Director
JOHN W. LEHMAN, Clerk
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
ARTHUR F. BURNS, Economic Adviser
[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 the 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
Contents
THE TOTAL OUTPUT OF THE ECONOMY
Page
The Nation's Economic Accounts
Gross National Product
1
2
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
3
4
5
6
EMPLOYMENT AND WAGES
Civilian Labor Force
Nonagricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
t
7
8
9
10
11
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Weekly Production—Selected Indicators
Production of Selected Manufactures
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
New Construction
New Housing Starts
-.
Inventories and Sales
Merchandise Exports and Imports
12
13
14
15
16
17
18
19
20
PURCHASING POWER
National Income
Corporate Profits
Personal Income
Consumer Income, Spending, and Saving
Per Capita Disposable Income
Farm Income
21
22
23
24
25
26
CREDIT, MONEY, AND FEDERAL FINANCE
Bank Loans and Investments
Consumer Credit
,,...
Bond Yields and Interest Rates
Money Supply
Federal Budget Receipts and Expenditures
Federal Cash Receipts From and Payments to the Public.
27
28
29
30
31
32
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC ACCOUNTS
On the basis of the national income and product accounts, the excess of business investment over gross retained earnings
increased from the first to the second quarter. Similarly, there was a rise in the excess of government expenditures over
receipts. Personal saving, however/ increased.
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL TOTALS
CONSUMERS
DISPOSABLE INCOME
:XPENDITURES
I
I
I
I
I
I
I
I
I
t
I
r
BUSINESS
GOVERNMENT-FEDERAL, STATE, AND LOCAL
URES FOR GOODS
^EXCESS OF RECEIPTS
I
I94O
I
I
2
42
I960
3
1951
1952
1953
JL/ INCLUDES NET FOREIGN INVESTMENT IN ADDITION TO GROSS PRIVATE DOMESTIC INVESTMENT.
£/ INCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES.
NOTE; THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES, OR GROSS NATIONAL PRODUCT, BECAUSE OF
STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT, SEE SENATE REPORT NO. 1295, JOINT ECONOMIC REPORT, PP. 92-93, 99-105, AND THE
ANNUAL ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1953, APPENDIX A.
SOURCE ! DEPARTMENT OF COMMERCE
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
GROSS NATIONAL PRODUCT
Total output of goods and services rose in the second quarter to an annual rate of $368 billion, according to preliminary
estimates. Consumer spending increased, as did private domestic investment and government expenditures. But in
the governmental sphere, only expenditures for national security programs were at a higher rate.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
GROSS NATIONAL
"
PRODUCT-
PERSONAL CONSUMPTION
EXPENDITURES*
IMESTIC INVESTMENT
DS AND
A
IVERNMENT PURCHASES OF GOODS
SERVICES
NET FOREIGN
I
1940
I
I
42
I
I
44
I
46
I
I
48
I
I
I
50
I
I
S
52
_L
I
1952
1951
1950
I
3
1953
•^PRELIMINARY ESTIMATES
SOURCE: DEPARTMENT OF COMMERCE
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Billions of dollars]
Period
1939
1944
1946
1947
1948
1949
1950
1951
1952
_
..
..
1952: First quarter
Second quarter
Third quarter
Fourth quarter
1953: First quarter 2
Second quarter
Government purchases of goods and services
Personal Gross
Federal
conTotal
Net
private
sump- domestic foreign
gross
State
Less
national
tion
investGovernand
Total
Other
Total National
1
ment
product expend- investlocal
ment
security
ment
itures
sales
5.2
3.9
7.9
1.3
67.5
9.9
0.9
.
91. 3
13. 1
1.2
88.6
1.6
-2. 1
89.0
7.5
111.6
7.7
96.5
213.7
21.2
2. 5
2.7
30.9
20.9
10.0
28.7
4. 6
211. 1
146.9
13.3
3.8
12.8
30.2
15.8
8.9
165. 6
28. 6
233.3
1.3
.6
5.6
15.6
21.0
16. 1
42. 7
177. 9
259.0
1.9
36. 6
.4
18.2
25.4
43.6
19.3
6.6
258.2
180. 6
.5
33.5
.2
19.7
22.2
18.5
3.9
41. 9
284.2
194.3
-2.3
50.3
4.2
.4
21.7
37. 1
.2
62.6
40.9
329.2
58. 5
208.0
49.2
23.4
.4
54.4
52. 1
77.8
5.6
0
346. 1
216.3
Seasonally adjusted annual rates
...
339. 7
342.6
343.0
359. 0
361. 0
368.0
213. 2
214.9
215.0
222.0
226.2
228.0
50.0
49.3
51.7
57. 3
54.4
58.0
2.2
.4
-1.6
-.9
-2.0
-2.5
74. 4
78.0
77. 9
80. 6
82. 4
84.5
51.2
54.9
54. 8
56. 6
57. 5
59. 5
46.4
50.3
49.6
50.4
51.2
53.2
5.2
5. 1
5.6
6.5
6.5
6.5
.4
.4
.4
.3
.3
.2
23.2
23.0
23. 1
24.0
25.0
25.0
»Includes expenditures for military services, international security and foreign relations (except foreign loans), atomic energy, merchant marine, promotion of
defense production and economic stabilization, and ciyil defense. For further details, see Annual Economic Report of the President, January 1953 (p. 165), and Survey
of Current
Business, July 1952 (p. 12).
2
Preliminary estimates by Office of the Economic Adviser to the President.
•NOTE.- The figures beginning with 1950 are being revised by the Department of Commerce and will be published in Survey of Current Business, July 1953 and
Economic Indicator*, August 19.53.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
PRICES
CONSUMER PRICES
The consumer price index rose 0.3 percent in May, the third! month in a row in which there has been a rjse. Prices
for most major commodity groups advanced slightly. The largest increases were 0.5 percent for food and 0.4
percent for medical care.
INDEX, 1947- 49 * 100
I4O
INDEX, 1947-49 MOO
140
1948
OFFICE « THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE: DEPARTMENT OF LABOR
[1947-49= 100]'
Period
1939
1942
1945
1946
1948
1949
1950
monthly average.
monthly average
monthly average
monthly average
monthlv average
monthly average
monthly average
June
1951 monthly average
1952 monthly average
1952* April
- Mav
June
July
August
September
October
November
December
1953" Januarv
Februarv
March
April
Mav
All
items
Food
59.4
69.7
76.9
83.4
102.8
101.8
102. 8
101.8
111.0
113.5
112.9
113.0
113.4
114. 1
114.3
114. 1
114.2
114.3
114. 1
113. 9
113. 4
113.6
113.7
114.0
47. 1
61.3
68.9
79.0
104. 1
100.0
101. 2
100.5
112. 6
114.6
113.9
114.3
114. 6
116.3
116.6
115.4
115.0
115.0
113.8
113. 1
111.5
111.7
111.5
112. 1
3
Housing
Total
Rent
w
w«
101.7
86.6
90.4
90.9
91.4
100.7
105.0
108.8
108.7
113. 1
117.9
116.9
117.4
117.6
117.9
118.2
118.3
118.8
119.5
120.7
121. 1
121.5
121.7
122. 1
123.0
(')
103.3
106. 1
104.9
112.4
114. 6
114.0
114.0
114.0
114.4
114.6
114. 8
115.2
115. 7
116.4
116.4
116. 6
116.8
117.0
117. 1
Other
Trans- Medical Personal Reading
goods
and
Apparel portaand
recreacare
care
tion
services
tion
52.5
(')
0)
«
(»)
<•)
(«)
64.9
(')
W
(')
(')
(')
76.3
0)
«
(')
(>)
83.7
(')
(»)
(')
«
(»)
100. 5
100.4
101.3
100.9
100.9
103.5
103. 4
104. 1
101. 1
104. 1
99.4
108.5
105, 2
103. 4
101. 1
106.0
111.3
98. 1
102. 5
103. 7
99.2
105.4
109.9
96.5
109. 7
106. 5
110.5
111. 1
118.4
106.9
115. 4
107. 0
111. 8
117.2
126.2
105.8
116. 2
106. 2
111.3
115.9
106.0
124.8
15, 8
106. 2
111. 6
116. 1
125. 1
105.8
15.7
106. 8
111.7
117.8
126.3
105.6
HI, 0
107. 0
111.9
118.0
126.8
105.3
15. 9
107. 0
112. 1
118. 1
127.0
105. 1
15, 9
107. 3
112. 1
118.8
127.7
105.8
Ufi, 8
107. 6
112,3
118.9
128.4
105.6
115.8
107, 4
112.4
118.9
105.2
128.9
116,9
108. 0
112.5
119.3
128.9
105. 1
107,
8
112.4
119.4
104. 6
129.3
16-0
16 H
107, 5
112. 5
119.3
104. 6
129.1
17,6
107,
7
112. 4
119.5
129.3
104.7
107, 9
J7, U
112. 5
120.2
129.4
104.6
18 0
108 0
112, 8
120.7
129.4
104.7
i The new base 1947-49=100
is in compliance 3with recommendations of the U. S. Bureau of the Budget. Beginning with January 1W3 Uw lnd« «t ry*'t u ht*# l*w»t»
J
changed.
Not available.
Food prices rose 1.9 percent between mid-May and mid-June, according to preliminary <lntt».
Source: Department of Labor.
Wholesale prices, which were higher on the average in May than in April, fell slightly in June. Prices of farm products and foods declined throughout June, while industrial prices rose a little during the last half of the month.
INDEX, 1947-49*100
120
INDEX, 1947-49 = 100
ALL COMMODITII
i'-v—,-'X,
:
V
) I I I I I II II I I I I I
I I I I I I I I I I I
y
/"'/
I I I I I I I I I i
| | I I I I I I I
1953
1951
SOURCE
DEPARTMENT OF LABOR
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[1947-49=100]
Period
1942
1946
1947
1948
1949
1950
monthly average.
monthly average.
monthly average.
monthly average.
monthly average.
monthly average.
June
1951 monthly average.
1952 monthly average.
1952: April
May
._
June
July.....
August.
September
October
November
December
1953: January
February
March
April
May
Week ended: 2
1953: June 2
9
16
23____.
30
J
Not available.
All commodities
Farm
products
64. 2
78.7
96.4
104.4
99.2
103. 1
100.2
114.8
111. 6
111.8
111. 6
111.2
111.8
112.2
111.8
111. 1
110.7
109.6
109.9
109.6
110.0
109.4
109. 8
59.2
83.2
100.0
107.3
92.8
97.5
94.5
113.4
107.0
108.7
107.9
107.2
110.2
109.9
106.6
104. 9
103.6
99.2
99.6
97.9
99.8
97.3
97. 9
109. 7
109. 6
109.3
109. 6
109. 4
96. 6
96. 6
95.5
95.2
93. 4
2 Weekly data not shown on chart.
98.2
106.1
95.7
99.8
96.8
111.4
108.8
108.0
108.6
108.5
110.0
110.5
110.3
108.5
107. 7
104.3
105.5
105.2
104. 1
103.2
104.4
Other than
farm products
and foods
(industrial)
68.3
78.3
95.3
103.4
101. 3
105.0
102.2
115.9
113.2
113.3
113.0
112.6
112. 5
113.0
113.2
113. 0
112.8
112. 9
113.1
113. 1
113.4
113.2
113. 5
104. 9
104. 2
103.2
103.2
102. 9
113. 5
113.5
113.5
114. 0
114. 1
Processed
foods
P)
0)
Source: Department of Labor.
PRICES RECEIVED AJMU F/UJLJ & X
Prices received by farmers dropped 0.8 percent in June, thus continuing their decline over the past 2 years. Largely
responsible for the drop were sharp decreases in cattle and wheat prices. Truck crops and fruit were the only products
which showed price increases. Prices paid by farmers were 1.4 percent lower than in May and the parity ratio was
unchanged.
INDEX, I9IO-I4.IOO
350
0 I I I
INDEX,I9IO-I4«|00
I I I
I"950
1948
1951
»953
SOURCE: DEPARTMENT OF AGRICULTURE.
OFFICE OF THE ECONOMIC ADVISER 70 THE PRESIOEHT
[1910-14=100]
Period
1939
1942
1944
1946
1948
1949
1950
monthly average
monthly average
....
monthly average
monthly average . . . . - - . . . . . .
monthly average
monthly average . . . . . . . . . . .
.
'..
monthly average
June 15 . ..
1951 monthly average . . . . . . . .
1952 monthly average..
.
. .. .
.. . .
1952: Mav 15
June 15
July 15. _
August 15
September 15
October 15
November 15
_
.......
December 15
1953: January 15
_
February 15
March 15
April 15
May 15
June 15 _ _ _ _
Prices
received
by farmers
2
8
95
158
196
234
285
249
256
247
302
288
293
292
295
295
288
282
277
269
267
263
264
259
261
259
Parity index
(prices paid,
interest, taxes, Parity ratio *
and wage
rates)
122
78
105
151
182
108
113
207
110
259
250
100
100
255
97
254
107
281
101
286
101
289
102
286
103
286
103
287
101
285
100
282
99
281
96
280
282
95
94
280
94
281
93
279
94
279
94
275
i Ratio of index of prices received by farmers to parity index.
> Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1846.
Source: Department of Agriculture.
35666—53
2
Stock prices of all industrial groups continued to decline during the early weeks of June, but toward the close of the
month all registered some recovery.
INDEX, 1939 = 100
INDEX, 1939 = 100
300
300
1940 41 42 43 44
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
(1939=100)
Period
Weekly average:
1940
.. _
1946
_
1949
...
1950
.
June
1951
— fc_
1952
1952: May .
June
July
August
September
October
November
December
1953: January
February
March
April
May
June
Week ended:
1953: June 5
12 ___
19
26
July 4 2 __ ___ ,
Composite
index *
Manufacturing
Total
Durable
goods
Nondurable
goods
Transportation
Utilities
Trade,
finance,
and
service
Mining
94.2
149. 4
127.7
154. 1
158.3
184.9
195.0
190.4
196.0
198.7
198.7
194. 1
190. 5
196.8
203. 4
204. 7
201.9
203.9
193. 7
194. 1
187. 3
93.4
146.6
132. 1
165.7
171.1
206. 8
220. 2
213.7
221.6
225. 3
225.2
219.3
214. 7
222. 6
230. 8
232.4
228. 6
232.2
220. 2
220. 9
212. 7
92.5
138.6
116. 1
150.2
156.0
178.5
188.8
181.7
187. 1
191. 7
194. 3
190.9
188.3
196.3
204. 6
207.7
203.6
206.8
193.8
195. 9
186. 8
94.2
154.4
147.2
187.2
185.0
233. 1
249.3
243. 3
253.4
256. 3
253.7
245.6
239.2
247.0
254. 9
255.3
251.7
255. 6
244.5
243. 8
236.4
99.2
202.4
136.2
160.0
149.5
199.0
220. 6
215.9
224.6
226. 3
227.9
221. 3
218. 9
225. 1
237. 7
239.2
234.8
238. 1
223. 2
225. 7
212. 2
99.9
121.0
98. 1
108.9
114.8
112.6
117.9
116.7
116.8
116.9
118.6
118.3
117.6
121.2
123. 2
124. 1
124.3
124.3
120. 4
120. 0
116.6
90.4
204.3
160. 5
185.7
182. 4
207.7
205.8
201.3
203.8
208. 3
209.5
206.3
201.7
205.2
212.2
211. 9
210.4
212.4
207.0
208. 8
203.8
75.6
125. 5
129.2
143.5
143.0
204.9
275.7
283.2
290. 5
288.9
278. 2
274.8
264.5
259. 9
266.8
261. 2
255. 8
262. 7
252.0
247.0
237.4
188.2
186. 0
186.2
188.8
190. 1
213.2
211. 1
211. 8
214. 8
216. 1
188. 2
185.4
185.8
187. 6
188.3
236. 0
234. 6
235. 5
239. 6
241. 5
219.9
216.8
217. 6
222.4
225. 6
117.8
116.2
115. 4
117. 1
118. 1
205. 1
203. 6
202. 8
203. 7
205. 7
238. 6
235. 6
236. 5
238. 9
238.0
»Includes 265 common stocks, distributed as follows: 14 for mining. 98 for durable poods manufacturing, 72 for nondurable goods manufacturing, 21 for
transportation, 28 for utilities, and 32 for trade, finance, and service, indexes are for weekly closing prices.
3
Data became available after chart was prepared.
Source: Securities and Exchange Commission.
EMPLOYMENT AND WAGES
CIVILIAN LABOR FORCE
Seasonal factors accounted for the 1.8 million increase in the civilian labor force in June. Total employment reached
an all-time peak of 63.2 million/ with a larger-than-usual rise in agriculture and practically no change in nonagricultural industries. Unemployment rose somewhat as school-age youngsters entered the labor force to look for summer
jobs/ but it was the lowest postwar level for the month.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
NONAGRiCULTURAL EMPLOYMENT
iNl .MPLOYMENT
AS PERCENT OF CIVILIAN LABOR FORCE
til
_ m m m*
1939
1944
iliiliiif^^
1947
1951
* 14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF COMMERCE
Period
1939 monthly average
1944 monthly average
1947 monthly average
1948 monthly average.1949 monthly average
1950 monthly average June
1951 monthly average - -.
1952 monthly average - _ _
1952- May
June .
July
August,
September
._October
.
November
Dece m her
1953* January
February
M arch
April _
May 8
June
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
Total labor
force (including
armed
forces)
55, 600
65, 890
61, 608
62, 748
63, 571
64, 599
66, 177
65, 832
(2)
66, 298
67, 884
67, 624
67, 419
67, 166
66, 566
67, 047
66,2 508
f) '
(22)
(2)
()
(22)
()
Civilian labor force
UnemEmployment l
Total
ployAgriculNonagriTotal
ment
cultural
tural
Thousands of persons, 14 years of age and over
36, 140
9, 480
9,610
55, 230
45, 750
670
45,010
8,950
54, 630
53, 960
2,142
8,266
49, 761
60, 168
58, 027
2,064
61, 442
7,973
51, 405
59, 378
50, 684
8,026
62, 105
3,395
58, 710
3,142
7,507
52, 450
59, 957
63, 099
3,384
9,046
52, 436
64, 866
61, 482
7,054
1,879
62, 884
53, 951
61, 005
62, 966
1,673
54, 488
61, 293
6,805
1,602
6,960
54, 216
62, 778
61, 176
54, 402
8,170
64, 390
1,818
62, 572
1,942
54, 636
62, 234
64, 176
7,598
1,604
6,964
55. 390
62, 354
63, 958
1,438
5< 712
7,548
63, 698
62, 260
1,284
7,274
54, 588
63, 146
61, 862
1,418
6,774
55, 454
62, 228
63, 646
1,412
55, 812
62, 921
5,697
61, 509
1.892
55, 072
5,452
62,416
60. 524
62, 712
1, 788
5, 366
55, 558
60, 924
1, 674
55, 740
5,720
63, 134
61, 460
1,582
6,070
62, 810
55, 158
61, 228
62, 964
1, 306
6, 390
55, 268
61, 658
1, 562
55, 246
63, 172
64, 734
7,926
U uempluyment as percent of total
civilian
labor force
17.2
1.2
3.6
3.4
5.5
5.0
5.2
3.0
2.7
2.6
2.8
3.0
2. 5
2.3
2.0
2.2
2. 2
3.0
2. 9
2. 7
2.5
2. 1
2. 4
1
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 8industrial disputes.
Not available.
NOTE.-—Detail will not necessarily add to totals because of rounding
Source: Department of Couaiiiwot.
s Data became available after chart was prepared.
NONAGRICULTURAL EMPLOYMENT - SELECTED INDUSTRIES
The decline in manufacturing employment in May was less than is usual at this time of year. Federal employment
dropped slightly again, but was more than offset by an increase at the State-and-local level. Although construction
registered the smallest April-to-May gain in 7 years, it was above the May level of all earlier years except 1951 and
1952. Retail trade employment increased, reflecting a high level of consumer demand.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
DURABLE MANUFACTURING
J
F
M
A
M
J
J
NONDURABLE MANUFACTURING
A
S
O
N
D
J
CONTRACT CONSTRUCTION
F
M
A
M
J
J
-
A
S
O
N
D
WHOLESALE AND RETAIL TRADE
SOURCE: DEPARTMENT OF LABOR.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Thousands of wage and salary workers *]
Manufacturing
Period
Total
1939 monthly average
1943 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
June
1951 monthly average
1952 monthly average
1952: May
June
July
August
September
October
November
December.
1953" January
February
March 2 _
April22
Mav
_
10,078
17, 381
15, 321
14, 178
14, 967
14, 733
16, 082
16,209
15, 855
15, 624
15, 402
16,280
16, 680
16, 778
16, 874
16, 952
16, 884
17,013
17, 131
17, 077
17, 039
Durable Nondugoods rable goods
4,683
11,077
8, 312
7,473
8,085
8,035
9,071
9,262
9, 189
8,833
8,530
9, 142
9,440
9,594
9,750
9,856
9,880
9,989
10, 101
10, 113
10, 090
5,394
6,304
7, 010
6,705
6, 882
6,698
7,011
6, 946
6,666
6,791
6,872
7,138
7,240
7,184
7,124
7,096
7,004
7', 024
7, 030
6,964
6, 949
Contract Wholesale Finance,
construc- and retail service,
etc.
tion
trade
1, 150
1,567
2,169
2, 165
2,333
2,430
2,588
2,572
2; 543
2, 690
2,751
2,812
2,794
2,728
2,648
2,497
2,303
2,280
2,292
2,402
2, 480
6,612
7,189
9,519
9,513
9,645
9.534
10, 013
10, 251
10, 068
10, 144
10, 108
10, 110
10, 295
10, 442
10, 650
11,218
10, 283
10, 214
10, 280
10, 304
10, 315
4,703
5,320
6,636
6,736
6,894
6,992
7,068
7, 237
7,273
7,332
7,379
7,378
7,340
7,276
7,239
7,215
7,161
7, 171
7,219
7,327
7,395
Government
(Federal,
State,
local)
Transportation
and
public
utilities
3,987
6,049
5,614
5,837
5,992
5,908
6,378
6, 633
6,629
6,587
6, 456
6,427
6,616
6,704
6,742
7,095
6,675
6,625
6,632
6, 614
6,616
2,912
3,619
4,141
3,949
3,977
3,984
4, 166
4,220
4, 184
4,225
4, 198
4,258
4,281
4,296
4,286
4,293
4,210
4,210
4,231
4, 239
4,274
Mining
845
917
982
918
889
929
913
872
887
816
784
893
886
871
871
870
866
856
846
833
829
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average length of the workweek for manufacturing industries was 40.6 hours in May, as overtime continued to be
widespread. This represented a small reduction from the April level, but was about equal to the post-World War II
peak for the month reached in 1951.
HOURS PER WEEK
HOURS PER WEEK
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
1 1 1 1 1 1 1 1n
i 111
RETAIL TRADE
BUILDING CONSTRUCTION
SOURCE: DEPARTMENT OF LABOR.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Hours per week r j
Manufacturing
Period
Total
1939 monthly average
1943 moDthly average
1946 monthlv average
1947 monthly average
._
1948 monthly average
_
1949 monthlv average
- _ _«
1950 monthly average
.
June
1951 monthly average 1952 monthly average
.. 1952: April
__
_
Mav
-June.
__ . _
Julv
. . .
August
September
October
November
December
1 953: January
February
._ .
March3 3
April3
Mav
1
37 7
44 9
40. 4
40 4
40 1
39 2
40 5
40 5
40 7
40. 7
39. 8
40 2
40 5 «
39 9
40 5
41. 2
41 4
41. 1
41. 7
41. 0
40 9
41 1
40. 8
40 6
Durable
goods
38 0
46 6
40. 2
40 6
40 5
39 5
41 2
41 3
41 6
41 5
40 8
41 1
41 2
40 2
41 0
41 9
42 2
41 9
42. 5
41. 8
41 7
41 9
41 6
41 3
Nondurable
goods
37 4
42 5
40. 5
40 1
39 6
38 8
39 7
39 5
39 5
39. 6
38. 4
38. 9
39. 5
39 4
39. 9
40. 3
40 3
40. 1
40. 5
39. 8
39 8
40. 0
39. 5
39 5
Revised series; see Employments and Payrolls, April 1953.
* Preliminary estimates.
Data beginning with January 1948 are not strictly comparable with those for earlier periods. " " • Not available.
Building
construction Retail trade
32 6
38.4
38. 1
37. 6
2
37. 3
36. 7
36. 3
37. 0
37. 2
38. 1
37. 6
37. 9
38. 8
38. 5
38. 5
38. 8
38. 7
37. 1
38.2
36. 9
37. 1
36. 7
36. 7
(4)
(4)
Source: Department of Labor.
42. 7
40. 3
40. 7
40. 3
40.3
40.4
40. 5
40. 9
40. 2
39. 9
39.9
39. 7
40.3
40. 6
40.5
39.7
39.4
39.0
39.8
39.3
39.2
39. 1
39.1
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings in manufacturing, including overtime, continued at $1.75 in mid-May for the third consecutive month. Again they were 10 cents higher than in the corresponding month of last year. The figures do not
reflect the recent wage agreements in the automobile and steel industries.
DOLL/VRS PER HOUR
DOLLARS PER HOUR
2.00
2. DO
DURABLE MANUFACTURING
BUILDING CONSTRUCTION
^
1.90
1.80
1952 PRICES""'
/
""****"
CURRENT PRICES
,
.
/
^
2.00
1.90
ITU • 1 1 ii M rf l i i . . 1 . , , • ill , , , • 1 • , i ,,1•
1
1950
/
2.10
s
1.50
0
/
/
1.60
1951
i
1
1952
CURRENT PRICES
C^
1953
1.70
"
\^
«rr, , , , i , , , , , -
I, , , i7i
Jf
Si/
.-•-•^f
••...«..••" jr* ^
****«.**
2.20
1.70
1.40
1952 PRICES"^
2.30
f'
f
1950
r,,i,,i,,,,n
f i i i i i 1 i i . 1 ll
1
1
1951
1952
i
1953
I.5O
NONDURABLE MANUFACTURING
RETAIL TRADE
1.60
PRICES
1952
/-X-.......
^
/I952 PRICES
/"'
.^TSf^^U
1.50
""
^-V^^
/
1.40
f^
ST>-^
CURRENT PRICES
V
CURRENT PRICES
<
^
^"
1.30
0
1.10
(
1 M 1 1 1 I 1 1 1 l"f l I 1 t 1 1 1 I I 1 iTl i 1 I I 1 i i 1 I ll
1950
1
1951
I
1952
1
,,,,T
1953
0
|T. » M 1 » , , i rf
1950
1
I
I,,,,,?.,
1951
i
1952
i
ifi 1 1 ii 1 ii i iTl
1953
J EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INt>EX ON BASE 19 52 » 100.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Average hourly earnings l]
All manufacturing
Period
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1 950 monthly average
June ...
1951 monthly average
1952 monthly average
1952: April...
May .
June __
July
August
September. _ .
October
November
December
1953: January
February.
March 4 >
April 44
May
. .-
_
Current
prices
$0.63
.96
1.09
1.24
1.35
1.40
1.46
1.45
1. 59
1.67
1. 65
1. 65
1.65
1. 64
1.66
1.69
1.70
1.71
1. 73
1.74
1.74
1.75
1.75
1.75
1952
prices 2
$1.20
1.47
1.48
1.47
1.49
1.56
1. 61
1.62
1. 63
1.67
1.66
1. 66
1. 65
1. 63
1. 65
1.68
1.69
1.70
1.72
1. 73
1.74
1.75
1.75
1.74
Building
Durable goods Nondurable goods
Retail trade
construction
manufacturing
manufacturing
1952 2 Current 1952 2
Current
1952
Current
1952 Current
prices prices
prices prices 2 prices prices 2 prices prices
$1.03
$0.54
$1.78
$0. 93
$1. 11
$1.34
$0. 58
$0. 70
1.04
.68
1. 92
1.25
1.23
.80
1.06
1.63
1.21
.89
2.01
1.48
1.39
1.02
1.16
1.58
1.20
1.01
2.00
1.68
1.39
1. 17
1. 53
1.29
3
1.20
1.09
2.04
1.85
1.41
1.28
1.41
1.56
1.27
1.14
2.16
1. 94
1.47
1.32
1.64
1.47
1.30
1.18
2.24
2.03
1.52
1.70
1.38
1. 54
1.32
1. 18
2.23
2.00
1. 52
1.52
1. 36
1.69
1. 29
1.26
2.24
2. 19
1.51
1.67
1. 71
1.48
1.32
1.32
2.31
2. 31
1. 54
1.54
1.76
1.76
1.31
1.30
2.
29
2.28
1.54
1.
53
1. 74
1.75
1.33
1.32
2.27
2. 26
1. 54
1. 74
1.53
1.75
1.33
1.33
2.25
2.25
1.53
1.74
1.74
1.53
1.32
1.33
2.28
2.29
1.53
1.54
1. 72
1.73
1.32
1.33
2.31
2.29
1.53
1.54
1.76
1.75
1.34
1. 33
2. 34
2.35
1.53
1.80
1.54
1. 79
1.34
1.35
2.37
2. 38
1. 53
1.54
1.80
1. 81
1.34
1.35
2.39
2.37
1.55
1.82
1.56
1.81
1.32
1.31
2. 40
2.39
1.56
1.57
1. 82
1.83
1.35
1.36
2.41
2.40
1.57
1.84
1.58
1.83
1.37
1.37
2.42
2.42
1.58
1.58
1.85
1.85
1.37
1.37
2.44
2.44
1.59
1.59
1.85
1. 85
1.38
1.38
2.43
2.5 43
1.59
1.59
1. 85
1. 85
5
5
5
1.59
()
1.85
1. 84
1. 60
()
..( )
()
' Revised series; see Employment and Payrolls, April 1953.
* Earnings In current prices divided by consumer price index on Tmse 1952= 100.
Data beginning with January 1948 are not strictly comparable with those for earlier periods.
1
10
* Preliminary estimates.
»Not available.
Source: Department of Labor.
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings of $71.05 in May were 35 cents below April but $4.72 above May of last year.
The gain over a year ago reflects higher wage rates and longer hours as well as a larger proportion of workers in
the higher-paid durable goods industries.
DOLLARS PER WEEK
DOLLARS PER WEEK
DURABLE MANUFACTURING
BUILDING CONSTRUCTION
NONDURABLE MANUFACTURING
i960
1951
1952
I
1953
'EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1952 = 100
OFFICE OF-THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE: DEPARTMENT OF LABOR.
[Average weekly earnings l]
Period
1939
1943
1946
1947
1948
1949
1950
monthlv average
monthly average
monthly average
monthly average
monthly average
monthly average
monthlv average.
June __
1951 monthly average
]952 monthly average
1952: April
Mav .
_
June
_ _ _
July
August
September
October
November...
December
1953: January
February
_ _ March4 4 _ _
April 4
Mav
Building
construction
Durable goods
All manufacturing manufacturing
Nondurable goods
manufacturing
Current 1952 2
prices prices
Current 1952 2
prices prices
Current 1952 2
prices prices
Current
prices
1952
prices 2
Current
prices
$23. 86
43. 14
43. 82
49. 97
54. 14
54. 92
59. 33
58. 85
64. 71
67. 97
65 67
66. 33
66. 83
65. 44
67. 23
69 63
70.38
70.28
72. 14
71.34
71. 17
71.93
71.40
71. 05
$26. 50
49. 30
46. 49
52.46
57. 11
58. 03
63. 32
62. 86
69.47
73. 04
70. 99
71.51
71.69
69.55
72. 16
75.42
76. 38
76.26
77. 78
76.91
77. 15
77.52
76.96
76.41
$21. 78
34. 12
41. 14
46.96
50.61
51. 41
54. 71
53.92
58.46
60.98
58.75
59.52
60.44
60. 68
6L45
62.06
62.06
62.56
63.59
62.88
62. 88
63.60
62.81
63.20
$41. 64
52.33
55. 97
55. 84
55. 86
57.31
60. 39
60. 11
59. 78
60.98
59.05
59. 76
60.50
60. 38
61.02
61. 75
61. 69
62. 13
63.27
62.63
62. 94
63.54
62. 68
62.95
$30. 39
48. 13
56. 24
63.30
3
68. 85
70.95
73.73
73. 82
81.47
88.01
85.73
85.65
87.30
88. 17
88. 94
91. 18
92. 11
88. 67
91. 68
88.93
89. 78
•89. 55
89. 18
(5)
$58. 11
73.82
76.52
75.27
3
75. 99
79. 10
81. 38
82.30
83.30
88.01
86. 16
85.99
87.39
87. 73
88. 32
90. 73
91. 56
88.05
91. 22
88. 58
89.87
89. 46
89.00
(•)
$23. 14
27.36
36. 35
40. 66
43. 85
45.93
47.63
48.06
50.65
52. 67
51.87
52.40
53.60
54, 00
53.87
53. 20
53. 19
52. 65
52.54
53. 45
53.70
53. 57
53.96
(5)
$45. 62
66. ] 7
59. 62
59. 42
59. 76
61. 23
65. 49
65. 61
66. 17
67. 97
66. 00
66. 60
66. 90
65. 11
66. 76
69. 28
69.96
69. 79
71.78
71.06
71.24
71.86
71.26
70.77
$50. 67
75.61
63.25
62. 38
63. 04
64. 69
69. 89
70.08
71. 03
73. 04
71.35
71. 80
71. 76
69. 20
71. 66
75. 04
75. 92
75. 73
77.39
76. 60
77.23
77. 44
76.81
76. 11
i Revised series; see Employment and Payrolls, April 1953.
* Earnings in current prices divided by consumer price index OB base 1952«=100.
* Data beginning with January 1948 are not strictly comparable with tnose lor earlier; periods.
* Preliminary estimates.
* Not available.
Source. .Department of Labor.
Retail trade
1952
prices 2
$44. 24
41.96
49. 46
48.35
48. 40
51.20
52.57
53.58
51. 79
52.67
52. 13
52. 61
53. 65
53. 73
53.50
52. 94
52. 87
52. 28
52.28
53.24
53.75
53. 52
53.85
(5)
11
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
According to preliminary estimates, industrial production in June, while slightly below the March figure, was at the
same level as in April and May. There was a very small drop in durable goods output, largely because of declines
in steel production and truck assemblies. Nondurable goods production was again at a record level. Mineral
fuels production increased.
INDEX, 1935-39 = 100
400
INDEX, 1935-39*100
00
DURABLE MANUFACTURES-*-
S
300
200
NONDURABLE
MANUFACTURES
1
I
I
1941 42. 43 44
I
!_
45 46
I
I
47
I
I
48 49
I
50
I
51
I
52 53
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J *J A S O N D
PRELIMINARY ESTIMATES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[1935-39= luu, seasonally adjusted]
• j
Period
T>
1943
1946
1947
1948
1949
1950
1951
1952
1952:
1953:
12
monthly average
monthly average
monthly average
.
monthly average..
monthly average
monthly average
June
monthly average
monthly average
May
June
.
July
i
August
September
October
November
.
December
January
February
.
March
Aprill
. _ _
May 1
June
i_. .
i Preliminary estimates,
Total
industrial
production
239
170
187
192
176
200
199
220
219
211
204
193
215
228
230
234
235
236
240
243
241
241
241
IManufactures
Total
258
177
194
198
183
209
208
229
230
224
214
202
225
237
242
245
247
249
254
258
255
254
254
Durable
goods
Non duraable goods
360
192
220
225
202
237
237
273
280
277
247
230
267
290
300
304
313
316
322
328
326
320
319
176
165
172
177
168
187
184
194
189
181
186
179
191
194
195
197
194
195
199
201
198
201
201
Minerals
132
134
149
155
135
148
151
164
160
140
147
142
156
175
164
171
168
164
163
162
164
167
168
: Board of Qovernore of the Federal Reserve System.
WEEKLY PRODUCTION - SELECTED INDICATORS
The steel industry operated at nearly full capacity levels during June. Electric power generation increased during
the month as a result of hot weather and high industrial activity. Auto assemblies approached their previous high
levels, while truck production was lower than in May.
Bituminous coal output rose.
MILLIONS OF TONS
MILLIONS OF SHORT TONS (DAILY AVERAGE)
3
3
2 *S
I
J
I
I
I
I
I
__!
I
I
I
J
F
M
A
M
J
J
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARE'S AUTOMOTIVE REPORTS.
St<jel
Period
Weekly average:
1950
June
1951
1952
1952: May
June
July
August
September
October
November
December
1953: January
February
March
April
May
June 3
Week ended:
1953- June 6
13
20
27
July 4 8
Thousands of
net tons
_
. _.
. »_
. _ _ . _ -_
Percent of
theoretical
capacity *
A
S
C
N
D
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
Electric power, Bituminous
by utilities
coali
(thousands of
(millions of
kilowatt-hours) short tons) 2
Cars and
trucks
(number)
1, 857
1,898
2,018
1, 782
1,852
382
868
1, 919
2, 118
2,214
2, 200
2, 193
2, 234
2,233
2,295
2,225
2,257
2,205
96.9
99. 6
100. 9
85. 8
89.2
18.4
17.7
92. 4
102. 0
106. 6
105. 9
105.6
99. 1
99. 1
101.8
98.7
100. 1
97. 8
6, 183
6,038
6,958
7,451
7,026
7, 176
7,076
7, 622
7,599
7,707
7, 841
7,970
8, 156
8, 136
8, 116
8,018
7,956
8, 279
1,687
1,777
1,772
1, 542
1, 381
1,321
1,183
1, 314
1, 875
1, 213
1,762
1,643
1, 510
1,413
1,387
1,463
1,466
1, 628
154, 214
192, 825
129,828
106, 765
114,006
118, 361
44, 587
73, 216
1 27, 345
1 35, 640
127, 234
113, 122
137, 890
146, 188
1 58, 658
2,246
2,208
2, 183
2, 183
2, 166
99. 6
97. 9
96. 8
96. 8
96. 1
8,096
8,245
8, 329
8, 446
1,
1,
1,
1,
123, 7UH
1 55, 7!M
158, -11M)
1 1)2. 924
180, 04I»
523
558
037
795
1 (if>, 322
149,709
1 50, 252
^Percent of capacity based on weekly net ton capacity of 1,906,268 for the first half of 1950,1,928,721
beginning July 1, 1950, l,inw,G34 b^'iiminf? Juimat >• I, IUM.
2
2,077,040 beginning January 1, 1952, and 2,254,459 beginning January 1, 1953.
Daily average for week.
> I'rrlituiimty wt i n m t w .
Sources: American Iron andpteel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive KOIHHU.
84378—63
8
13
PRODUCTION OF SELECTED MANUFACTURES
Among the durable goods industries, only nonferrous metals increased output in May. The declines were minor
except for lumber and products which experienced a further cut of 8 percent. All of the major nondurable goods
industries equaled or exceeded their April production levels.
INDEX, 1935-39 = 100, ADJUSTED FOR SEASONAL VARIATION
X, 1935-39*100, ADJUSTED FOR SEASONAL VARIATION
300
1 1 1 1
1941 43 45 47 49 51 53
t I I I I I I I I I I I t I I I I I I I I I I I I I I I I
1951
I
1952
I
1953
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1935~39=«100t seasonally adjusted]
Durable manufactures
Period
1943
1946
1947
1948
1949
1950
monthly average
monthly average. .
monthly average
monthly average
monthly average
monthly average.
June
1951 monthly average
1952 monthly average ..
1952: April
May . .
June
_ „ _
July
August
September
October
November.
December
1953: January
February
March
April 1
Mav
,
> Preliminary eatimatos
14
Iron and
steel
Lumber
and
products
208
150
195
208
188
229
231
259
243
245
246
140
139
244
270
281
283
286
287
290
297
292
291
129
131
143
145
130
160
155
157
154
152
142
146
141
149
155
155
161
165
171
175
172
168
154
Nondurable manufactures
Nonferrous Textiles
Machinery metals and
and
products products
443
240
276
277
234
270
262
336
356
354
353
352
331
336
354
363
371
385
393
398
405
402
398
267
157
187
193
160
206
207
207
222
218
216
210
201
213
225
237
240
246
249
259
259
263
264
153
162
163
170
147
182
173
174
161
144
151
154
147
170
177
172
176
169
169
173
173
168
175
Petroleum Manufac- Chemical
and coal tured food
products products products
185
173
193
218
209
229
222
267
270
261
209
251
259
280
282
279
290
291
293
293
289
286
288
145
149
157
159
163
164
164
165
164
163
160
166
162
164
168
165
161
164
165
165
168
164
164
384
236
251
254
241
264
261
299
301
292
292
298
299
302
302
304
308
309
310
310
314
319
323
Source: Board of Governors of tht Federal Resenre System
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose $3.6 billion (seasonally adjusted annual rate) in the second quarter/ according
to preliminary estimates. There was a sharp upturn in the rate of inventory accumulation and a small increase of
investment in producers' durable equipment and in nonresidential construction.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
-
7.01
1 70
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
-"
]*•••••.»
NEW CONSTR!
RUCTION*'
.XX
-CHANGE IN BUSINESS
INVENTORIES
V
I
I I I I I I I I I
1940
42
44
46
48
50
I I
I
2
52
1950
J_
_L
3
1952
1951
1953
-^PRELIMINARY ESTIMATES
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars]
Total gross
private
domestic
investment
Period
1939
1944
1946
1947
1948
1949
1950
1951
1952
_
-._ _.
..
-
_
_ .
—
-_
. .-.
-.
-__ .
9. 9
?! 7
28. 7
30. 2
42. 7
33. 5
50. 3
58. 5
52. 1
New construction
Residential
nonfarm
Total
4.9
2. 8
10. 3
13. 9
17. 7
17.2
22. 9
23. 3
23.5
2. 7
.8
4. 0
6. 3
8. 6
8. 3
12. 6
11. 0
11. 1
Other
Producers'
durable
equipment
2.2
2. 0
6. 3
7. 6
9. 1
9. 0
10. 3
12.3
12. 4
Change in
business
inventories
4.6
5. 7
12. 3
17. 1
19. 9
18. 7
22. 0
24. «,)
25. 6
6. 0
-2. 6
5. 5
10. 8
3. 1
25. 7
25.7
25. 0
25. C
27. 5
28. 0
.6
.1
3. 7
8. 1
1. 7
4. 5
0.4
— o
£
•"*•.
6. 1
~. $
Seasonally adjusted annual rates
1952: First quarter
Second quarter
Third quarter
Fourth quarter
1953: First quarter l
Second quarter .
._
50. 0
49.3
51. 7
57.3
54.4
58.0
23. 7
23. 6
23.0
23.7
25. 2
25. 5
11.0
11.0
10. 9
11.6
12. 2
12.0
12. 7
12. 6
12 2
i£o
13.0
13. 5
i Preliminary estimates by Office of the Economic Adviser to the President.
Source: Department of Commerce (except as noted).
NOTE.—The figures beginning with 1950 are being revised by the Department of Commerce and will be published in Survey of Current Business, July 1958
and Economic Indicators, August 1953.
Detail will not necessarily add to totals because of rounding.
15
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to spend about $28.7 billion (annual rate) for new plant and equipment in the third quarter, according
to a survey made in May.
This is about the same as the total for the second quarter of this year, but about $3 billion
more than was spent in the third quarter of last year. All major industry groups reported plans for spending more
than a year ago.
BILLIONS OF DOLLARS
35
BILLIONS OF DOLLARS
35
SEASONALLY ADJUSTED ANNUAL RATES
:&% TRANSPORTATION AND :£:•
Hi PUBLIC UTILITIES
**
W$i
1952
1953
SEE NOTE 4 ON TABLE BELOW.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCES: SECURITIES AND EXCHANGE CO MISSION AW DEPARTMENT OF COMMERCE.
[Billions of dollars]
Manufacturing
Feriod
1939.
1945
1948
1949
1950- . 1951
1952
Total !
5. 51
8.69
22.06
19.28
20. 60
25. 64
26. 46
Total
Transportation
Mining
Durable NonduraRailroads Other
ble goods
goods
1. 94
3.98
9. 13
7. 15
7.49
10.85
11.99
0.76
1. 59
3.48
2. 59
3. 14
5.17
5.78
11.30
11.69
11.78
12.24
11. 64
12.23
12.48
12. 90
13.02
(33)
1. 19
2.39
5.65
4. 56
4.36
5.68
6.21
0.33
.38
.88
.79
.71
.93
.88
0.28
.55
1.32
1.35
1. 11
1.47
1.39
Public
utilities
Commercial and
other *
0.36
.57
1.28
.89
1.21
1.49
1.36
0. 52
.50
2.54
3. 12
3.31
3.66
3.84
2.08
2.70
6. 90
5.98
6. 78
7.24
6.99
1.58
1.43
1.44
1.36
1.27
1.38
1.27
1.27
1.36
3.85
3.73
3.82
3.75
3.71
4.04
4.20
4.67
4.77
7.28
7.15
7. 19
6.89
6.80
7. 12
6.98
7.27
7.30
Seasonally adjusted annual rates
1951: Third quarter
Fourth quarter
1952: First quarter
.. _ _
Second quarter
Third quarter
Fourth quarter
1 953 : First quarter 4
Second quarter4
Third quarter _ _
26.49
26.56
26.72
26.58
25.49
26.96
27. 18
28.41
28. 68
()
(33)
(3)
()
(3)
(33)
(3)
()
(3)
(3)
(33)
(3)
()
(3)
(3)
(33)
()
0.96
.96
.93
.90
.83
.87
. 86
.88
.91
1.52
1.60
1. 56
1. 44
1.24
1.32
1.38
1.42
1.31
i Eicludes agriculture
• Commercial and other includes trade, service, finance. eommunieatioL'S, and construction.
• Not available.
• Estimates based on anticipated capital expenditures reported by business in May 1953.
NOT*.—Those figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the
latter cjov«r agricultural investment and also certain equipment and construction outlays charged to current expense.
Detail will not necessarily add to totals because of rounding,
flourc»»: 8*0urititt and Eiehange Commission and Department of Commerce.
16
NEW CONSTRUCTION
Expenditures for new construction, seasonally adjusted, have been about $2.9 billion each month since January.
Expenditures continue to exceed those of a comparable period a year 030, with the total for the first half-year being
8 percent above the first half of 1952.
BILLIONS OF DOLLARS
3.5
BILLIONS OF DOLLARS
3.5
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT Of LABOR.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Millions of dollars, seasonally adjusted]
Total new
construction *
Period
1939 monthly average
1942 monthly average
1944 monthly average
1946 monthly average
1 943 monthly average
1949 monthly average
1950 monthly average
June
_ _
1951 monthly average
1952 monthly average
1952: May
June
July
>
August
September
October
_
November
December
-
-- - - - - -
- -
1953: January
February
March
April
May
June 3
- ._ _ _
* Revised series, beginning with 1950.
2 Includes public residential construction,
a Preliminary estimates.
683
1,173
438
1,000
1,806
1,899
2,371
2, 366
2,575
2, 720
2,721
2,683
2, 659
2,658
2,713
2,744
2,781
2,774
2,829
2,985
3,038
2,981
2,892
2,909
Private construction
Total
Residential
Other
(nonfarm)
private
223
366
143
142
143
285
114
182
68
803
335
468
1,404
689
715
1,365
676
689
1,788
1,050
738
1,793
1,072
721
914
1,797
883
925
1,818
893
1,803
908
895
1,775
894
881
1,784
901
883
1,784
902
882
1,797
908
889
1,832
946
886
1,856
965
891
1, 871
980
891
1,865
1,959
2,045
2, 015
1,959
1,963
949
1,011
1,080
1.038
968
982
916
948
965
977
991
981
Federal,
State, and
local 2
317
888
256
197
402
534
583
573
778
902
918
908
875
874
916
912
925
903
964
1,026
993
966
933
946
Sources: Department of Commerce and Department of Labor.
NEW HOUSING STARTS
New nonfarm housing units started totaled 107,000 in May, a decrease of about 3,000 from April and the first Aprilto-May decrease since World War II.
THOUSANDS OF UNITS
THOUSANDS OF UNITS
SOURCE: DEPARTMENT OF LABOR
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
New nonfarm units started
1952
1953
Month
January
February
March
April
May
Jun6
July
August
September
October
November
D e ce mber
Total
Monthly average..
1951
1950
1949
Monthly
total
700
900
300
400
100
300
400
900
600
500
300
600
85, 900
80, 600
93, 800
96, 200
30], 000
132, 500
90, 500
89, 100
96, 400
90. 000
74; 500
60, 800
64, 900
77, 700
103, 900
106, 200
109, 600
103, 500
102, 600
99, 100
100, 800
101, 100
86, 100
71, 500
1, 025, 100
1, 396, 000
1, 091, 300
1, 127, 000
85, 400
116, 300
90, 900
93, 900
50,
50,
69,
88,
95,
95,
96,
99,
102,
104,
95,
78,
000
400
400
300
400
500
100
000
900
300
500
300
78,
82,
117,
133,
149,
144,
144,
141,
120,
102,
87,
93,
Seasonally
adjusted
annual rate 1
Monthly
total
72, 100
79, 200
97, 000
2
110,000
2
107, 000
2
1, 040,
1, 073,
1, 037,
1, 122,
1, 156,
1, 159,
1, 165,
000
000
000
000
000
000
000
Seasonally
adjusted
annual rate 1
1, 172, 000
1, 258, 000
114,000
174, 000
1, 067, 000
2
1,
2
1,
2
> Seasonally adjusted annual rate data are shown monthly beginning with June 1952, the first month u^ed in determining "periods of residential credit control
retexatinn" pursuant to the provisions of the "Defense Production Act Amendments of 1952 (sec. 607). For method of computing seasonally adjusted annual
rates, see special release of August 28,1952, by the Department of Labor,
» Preliminary estimates.
6ouro«: Department of Labor,
18
INVENTORIES AND SALES
Total business inventories, seasonally adjusted, increased in May while total sales declined.
rose moderately and manufacturers' new orders were unchanged.
BILLIONS OF DOLLARS
However, retail sales
BILLIONS OF DOLLARS
TOTAL* AND MANUFACTURING
RETAIL
SEASONALLY ADJUSTED
SEASONALLY ADJUSTED
...•;;•
....•i*
—Y-
^ INVENTORIES
.1950
1952
1953
1952
1953
INDEX, 1947-49* 100
140
0
II I I I I I I I I |
M I I I I I II I I J I Ij I j I ) I I )
1950
1951
1952
I I I |I | I I I I J
1953
* WHOLESALE, MANUFACTURING, AND RETAIL.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYS1
Total business l
Period
Inventories 2
Retail
InvenSales 8
tories 3
Sales *
Department stores
Manufacturing
Inventories a
Sales «
New
orders *
Millions of dollars, seasonally adjusted
1939
_
_
1943 - --1946
1947
„
1948
1949
.„
1950
June
1951
1952
1952: April
_>
May June _ _ _
Julv
August
September
October
November
December
1953r January _ _ _February
March
April 6
May
20, 051
31, 343
42, 942
50, 605
55, 647
52, 264
62, 423
54, 191
* 74, 059
74, 757
73, 876
73, 074
72, 913
72, 765
72, 714
73, 437
74, 189
74, 682
74, 757
74, 619
74, 941
75, 335
76, 474
77, 130
10, 802
21, 920
27, 150
33, 156
36, 438
34, 664
39, 425
39, 548
8
44, 454
45, 568
45, 763
45, 545
44, 395
44, 474
43, 628
46f 288
48, 344
46; 229
48, 023
47, 383
48, 827
49, 104
50, 050
49, 378
5,534
7,561
11,852
14, 060
15, 828
15,311
18, 652
16, 139
6
20, 754
20, 804
20, 477
20, 069
20, 125
20, 127
19, 74-5
20, 281
20, 652
20, 895
20, 804
20, 814
20, 973
2i; 096
21, 656
21, 739
3,503
5,270
8,541
9, 967
10. 877
10, 893
11, 974
12, 069
6
13, 185
13, 674
13, 363
13. 850
14i 014
13, 667
13, 359
13, 570
14, 202
14, 026
14, 410
14, 140
14, 514
14, 437
14, 354
14, 425
11,465
20, 098
24, 498
28, 920
31, 734
28, 973
34, 1 1 8
29, 603
43, 039
43, 824
43, 402
43, 144
42, 892
42, 748
43, 107
43, 224
43,415
43, 596
43, 824
43, 766
43, 848
44, 056
44, 574
45, 048
5, 112
12, 820
12, 617
15, 917
17,630
16,416
19,312
19, 502
22, 335
23, 065
23, 538
23, 247
21, 888
21, 858
21, 898
23, 663
24, 753
23, 430
24, 276
24, 292
25, 170
25, 469
26, 838
26, 314
5,354
12, 705
13, 694
15, 622
17, 351
15, 903
20, 966
20, 506
24, 431
23, 606
24, 251
22, 748
25, 042
23, 434
21, 852
24, 516
24, 152
23, 061
24, 466
24, 270
25, 530
24, 591
25,708
25, 700
InvenSales «
tories *
Index 1947-49=100,
seasonally adjusted
35
55
77
93
107
100
109
105
129
118
116
117
118
120
118
120
120
120
119
123
122
121
126
129
35
56
90
98
104
98
105
103
109
109
103
108
111
105
114
106
11 5
113
315
111
111
118
107
136
* Eevised series beginning with 1951; not comparable with previous data.
* Also includes wholesale, not shown separately in this table.
See
Survey of Current Business, September and November 1952, for dtiuli
> Book value, end of period.
1
»Monthly average for year and total for month.
Preliminary estimates.
« Book value, end of period, except annual data, which are monthly averages.
Sources: Department of Commerce and Board of Governors of the Federal Eeserve System,
19
MERCHANDISE EXPORTS AND IMPORTS
Commercial exports and s^cmf-aid shipments rose in May for the third consecutive month, while imports dropped
sharply. As a result/ the gap between imports and commercial exports/ which has recently been narrowing, widened.
MILLIONS OF DOLLARS
1,600
MILLIONS OF DOLLARS
1,600
1,200
1,200
MERCHANDISE EXPORTS
EXCLUDING GRANT-AID
SHIPMENTS!/
1949
I/
.
1950
1951
SEE FOOTNOTES 1 AND 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE AND DEF
OFFICE OF THE ECONOMIC AOVlSEft 10 THf PRESIDENT
[Millions of dollars]
Merchandise exports
Period
Total
1936—38 monthly average 1946 monthly average . .
1947 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
June
1951 monthly average
. .
1952 monthly average
1952: April
. ..
May .
June
July
August
- September
October November .
......
December
1953: January
February
March
April 3
Mav
247
812
1,278
1,054
1,003
856
877
1,253
1,264
1,352
1,474
1,167
1,027
1,086
1,227
1,215
1, 189
1,383
1,287
1, 196
1,388
1,392
1, 430
Grant-aid
shipments 1
(22)
(2)
(2)
()
(22)
(2)
()
89
165
167
236
113
137
170
248
173
195
276
277
272
337
340
360
Excluding
grant-aid
shipments
(22)
(2)
(2)
(2)
(2)
(2)
()
1,164
1,099
1,185
1,238
1,053
890
916
980
1,042
994
1,107
1,010
924
1,051
1,052
1,070
Merchandise
imports
207
412
480
594
552
738
687
914
893
932
834
861
839
817
876
918
804
1,052
922
856
1,004
1,012
920
i Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program.
* Shipments began in July 1950. For the year 1950, total grant-aid shipments amounted to 282 million dollars.
NOTE .—Detail will not necessarily add to totals because of rounding.
8ot7ECK8: Department of Commerce and Department of Defense.
20
Excess of exports (-J-)
or imports ( — )
Excluding
grant-aid
shipments
Total
-HO
4-400
+ 799
4-461
4-452
4-119
4-190
4-339
4-371
4-420
4-640
4-306
4-188
4-269
4-351
4-297
4-385
4-331
4-365
4-340
4-384
4-379
4-510
(32)
(2)
()
(22)
( 2)
( 2)
()
4-250
4-206
4-253
4-404
4-193
4-51
4-99
4-103
4-124
4-190
4-55
4-88
4-68
4-47
4-40
4-150
* Preliminary estimates.
PURCHASING POWER
NATIONAL INCOME
Compensation of employees rose at a seasonally adjusted annual rate of $4 billion in the second quarter, with private
industries accounting for practically all of the increase. Both higher employment and increased wage rates contributed to the increase. Proprietors' and rental income was slightly lower as the drop in farm proprietors1 income was
only partially offset by a rise in business, professional, and rental income. Interest payments increased slightly.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
350
350
tt
>: CORPORATE PROFITS AND
^$:':::':'- '•:'•:'• INVENTORY VALUATION:
':•:•:•: :•:•:•:: ::•:•:::•:: ADJUSTMENT:::::::i
1939
1948
1949
1950
1951
1952
1952
1950
I
1953
•^PRELIMINARY ESTIMATES
SOURCE: DEPARTMENT OF COMMERCE
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Billions of dollars]
Total
national
income
Period
1939
1944
1946
1947
1948
1949
1950
1951
1952
..
...
___
72.5
183.8
180.3
198.7
223.5
216.3
239.2
277.6
290.4
Corporate profits and inventory
valuation adjustment
Compensation of
employees
Proprietors'
(business,
professional,
farm)
and rental
income
Net interest
47.8
121.2
117. 1
128.0
140. 2
139. 9
153.4
178. 9
190. 4
14.7
35. 5
42.0
42. 4
47.3
42. 1
45. 2
50. 6
52.5
4.2
3. 1
2.9
3.5
4.3
5.0
5.8
6.4
7.0
Total
5.8
24.0
18.3
24.7
31.7
29.2
34.8
41.6
40.5
Profits
before
taxes
6.5
24.3
23.5
30.5
33.8
27. 1
39.6
42.9
39.7
Inventory
valuation
adjustment
-0.7
-.3
-5.2
-5.8
-2. 1
+ 2.1
-4.8
— 1.3
+.8
Seasonally adjusted annual rates
1952: First quarter
Second quarter
Third quarter
Fourth quarter
1953: First quarter 1
Second quarter
288.0
285. 6
287.7
300.2
1
304. 9
(2)
186.5
186. 9
190. 3
197. 9
201. 6
205. 5
52. 1
51.9
52. 5
53. 6
53. 6
53.0
6.7
6.9
7. 1
7.2
7.4
7. 5
42.7
39.9
37.8
41.5
142.3
(2)
42. 7
38.2
37.2
40.3
'42. 8
(2)
—.1
4-1.7
+ .6
4-1.2
~. ft
1
2
Preliminary estimates by Office of the Economic Adviser to the President.
Not available.
NOTE.—The figures beginning with 1950 are being revised by the Department of Commerce and will be published in Survey of Current Business, July 1063 »iwi
Economic Indicators, August 1Q53.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
CORPORATE PROFITS
Corporate profits and dividends in the first quarter are estimated to have been about the same as a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
60
60
1952
1953
NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
PRELIMINARY ESTIMATES
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars}
Corporate
profits
before taxes
Period
1939
1944
1946
1947
1948.
1949.
1950
1951
1952
1951: Third quarter
Fourth quarter
1952: First quarter
Second quarter
Third quarter.
Fourth quarter
1953: First quarter J
6.5
24. 3
23.5
30. 5
33. 8
27. 1
39. 6
42. 9
39.7
..
.
. .
38.6
39.5
42.7
38.2
37.2
40.3
42.8
Corporate
tax
liability
Corporate profits after taxes
Total
Dividend
payments
5.0
3.8
1. 5
10. 8
4. 7
13.5
13.9
5.8
9. 6
18. 5
6. 6
11.9
7 2
20. 7
13. 0
16. 3
7.5
10.8
21.2
18.4
9.0
18.7
24.2
9.0
17.9
9. 1
21.8
Seasonally adjusted annual rates
16.9
9. 2
21.8
17.3
22.2
9.3
19.3
8.9
23.4
17.2
21.0
9.6
16.8
9.3
20.4
18.2
22. 1
9.0
19.3
23.5
9. 1
Undistributed
profits
1.2
6. 1
8. 1
12.0
13. 5
8.8
12. 3
9. 6
8.8
7.7
8. 0
10. 4
7. 6
7.5
9. 2
10.2
i Preliminary estimates by Office of the Economic Adviser to the President.
NOTE.—See p. 21 for profits before taxes and inventory valuation adjustment. Detail will not necessarily add to totals because of rounding.
The figures beginning with 1950 are being revised by the Department of Commerce and will be published in Survey of Current Business, July
1953 and Economic Indicators. August 1953.
Source: Department of Commerce (except as noted).
22
Personal income rose to $285 billion (seasonally adjusted annual rate) in the second quarter, according to preliminary estimates. Salaries and wages accounted for most of the increase. Farm proprietors' income dropped
moderately, primarily as a result of the further decline in agricultural prices. Changes in other major income shares
were minor.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
1953
SOURCE: DEPARTMENT OF COMMERCE.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Billions of dollars]
Total personal income
Period
_
72.6
165.9
209. 5
205.9
226. 3
254. 1
268. 3
1950: June. .
1952: May
June
July ...
Au gust
September
October
November
December—
1953: First quarter
January
February
March
Second quarter 3 __
221.0
264. 5
266.7
263.9
269.6
273. 8
276. 1
275.8
280.0
281.3
280.6
280.9
282.8
285.0
1939
1944
1948
1949
1950
1951
1952
_
. _
-_-
Proprietors' income
Labor income
(salaries,
Dividends
Business,
wages, and
and personal
professional,
Farm
other labor
interest
and rental
income)1
income J
45.7
4.5
10.3
9.2
116.2
23.7
10.6
11.8
134. 9
•29.6
17.7
16.0
134.2
12.8
29.3
17. 1
31.9
146.5
13.3
19. 5
170.7
15. 6
35.0
20.4
182.4
15. 2
37.0
21. 1
Seasonally adjusted annual rates
144. 9
12. 1
31.7
18.7
179.0
14.6
36.8
21.5
180.3
15.5
37.0
21.4
178.4
15.0
36.8
21. 3
183.5
36.8
21.4
14.8
186.4
37. 4
15. 7
21.4
188.6
37.9
15. 3
21.3
189.0
37.6
21.3
15. 1
191.1
38.4
21. 2
15. 9
192. 9
38.4
14. 9
21. 5
191.2
21. 4
15. 7
38. 7
192. 9
14. 6
21. 5
38. 5
194.6
14. 4
38. 3
21. 7
2). 9
196.8
38. 5
14.2
Transfer
payments
3.0
3.6
11.3
12.4
1
15. 1
12.4
12. 7
ia 6
12. 6
12.5
12. 4
13. 1
12. 9
13. 0
12. 8
13. 4
1 3, 0
13. (>
1 3. 4
1 3, 8
KI, o
1
Excludes social insurance contributions of employees and, beginning January 1952, of self-employed persons.
s Inoiii'1e,« $2.7 billion National Spr^ifp Lifp In?urnnpp ntx-iqpnri. ^nst of which was paid in trie drst half of the year.
Preliminary estimates by Office of Economic Adviser to the President.
NOTE.—The figures beginning with 1950 are being revised by the Department of Commerce and will be published in Survey '>/ Cunmt /taj/ftr*-*,
July 1953 and Economic Indicators, August 1953.
Detail will not necessarily add to totals because of rounding.
Source: Department of rowim-rce (wxivpi im IU*UH!) ,
23
CONSUMER INCOME, SPENDING, AND SAVING
Disposable personal income rose more than consumer spending in the second quarter.
saving increased and was 8.2 percent of disposable income.
In consequence, personal
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
250
1953
PRELIMINARY ESTIMATES
OFFICE Of THE "ECONOMIC ADVISER TO THE PRESIDENT
SOURCE: DEPARTMENT OF COMMERCE-
Disposable persona]
income *
Period
Less: Personal consumption expenditures
Total
Durable
goods
Nondurablegoods
Services
Equals:
Personal
net
saving
Net saving
as percent
of disposable
income
Billions of dollars
1939
1941
...
1942
1944
..
1946
1947
1948
1949 . . .
1950
1951
1952.
..
.
_
. . ..
_--
.
70.2
92.0
116.7
147.0
158.9
169.5
188.4
187.2
205.5
225.0
234.3
67.5
82.3
91.2
111. 6
146.9
165. 6
177.9
180.6
194.3
208. 0
216.3
6.7
9.8
7.1
7.1
16.6
21.4
22.9
23.8
29.2
27. 1
25. 8
35.3
44.0
52.9
67.1
85.8
95. 1
100.9
99.2
102. 8
113. 5
119.0
25.5
28.5
31.2
37.4
44.5
49. 1
54. 1
57.5
62.4
67.3
71.5
2.7
9.8
25.6
35.4
12.0
3.9
10.5
6.7
11.2
17.0
18.0
3.8
10.7
21.9
24. 1
7.6
2.3
5.6
3.6
5.5
7.6
7.7
16.3
15.9
19.8
20.5
19.5
20. 5
7. 1
6.9
8.4
8.5
7.9
8. 2
Seasonally adjusted annual rates
1952: First quarter
Second quarter
Third quarter
Fourth quarter.
1953: First quarter 2
Second quarter
..
...
229. 5
230.8
234.8
242.5
245.6
248.5
213.2
214.9
215. 0
222.0
226.2
228. 0
25.2
26.4
24. 2
27.3
29.8
30.0
118.0
117.8
118.9
121.4
121.7
122.2
70.0
70.8
71.9
73.3
74.6
75.8
' Income less taxes.
* Preliminary estimates by Office of the Economic Ad\7iser to the President.
NOTE.—The figures beginning with 1950 are being revised by the Department of Commerce and will be published in Survey of Current Business, July 1953 and
onawic Indicators, August 1953.
Di'Utll will not necessarily add to totals because of rounding.
Buuree: Department of Commerce (except as noted).
24
lJ.MOWJLY.LEj
In the second quarter, per capita disposable income in both current and constant prices increased about 1 percent
further to a new record high.
DOLLARS
1,600
SEASONALLY ADJUSTED ANNUAL RATES
1,200
19
I960
-'SEE NOTE 2 ON T*BLE BELOW
1951
1953
1952
^PRELIMINARY ESTIMATES.
QrriCE Of THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCES' DEPARTMENT OF COMMERCE AND OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT.
Total disposable personal Per capita disposable perincome (billions of dollars)1
sonal income (dollars)1
Period
Current
prices
1939
1941
1942
1944
1946
1947
1948
1949
1950
1951
1952
..
-
__
_
__
_
_
70.2
92. 0
116.7
147. 0
158.9
169. 5
188.4
187.2
205. 5
225. 0
234.3
1952
prices 8
138.2
169.1
191.0
210.0
204.2
198.0
208.4
209.6
225. 1
229.4
234.3
Current
prices
536
690
865
1,062
1, 124
1,176
1,285
1,255
1,355
1,458
1,493
1952
prices *
1,055
1,268
1,416
1,517
1,445
1,374
1,421
1, 405
1,484
1, 486
1,493
Population
(thousands)1
131, 028
133, 402
134, 860
138, 397
141, 389
144, 120
146, 631
149, 188
151,677
154, 360
156, 981
Seasonally adjusted annual rates
1952: First quarter
Second quarter
Third quarter
Fourth quarter
1953: First quarter 4
Second quarter
.
.
_ .
229.5
230.8
234.8
242.5
230.9
230.8
234.1
241.5
1,471
1,473
1,492
1,534
1,480
1,473
1,488
1,528
156,0(14
156, Om»
157, 370
158, m
245. 6
248.5
244.4
247. 3
1,547
1,559
1,539
1,551
158, 752
] 51), :UiV
1
Income less taxes.
' Dollar estimates in current prices divided by an over-all implicit price index for personal consumption expenditures. This price index is based on Depurtmfei»|
of Commerce
data, shifted from a 1939 base.
8
Including armed forces overseas. Annual data as of July l: Quarterly data centered in the middle of the period, interpolated from monthly figures.
* Preliminary estimates by Office of the Economic Adviser to the President.
NOTE.—The income figures beginning with 1950 are being revised by the Department of Commerce and will be published in Survey of Current Business, Jul> J*&
and Economic-Indicators, August 1963.
Sources: Department of Commerce and Office of the Economic Adviser to the President,
FARM INCOME
Farm income in May was again well below the level of the corresponding month in both 1952 and 1951.
BILLIONS OF DOLLARS
5
BILLIONS OF DOLLARS
5
1940 41 42 43 44 45 46 47 48 49 5O 51
52
1951
U FARM INCOME IW CURRENT PRICES DIVIDED BY PARITY INDEX ON BASE 1952»100.
NOTE: FARM 'INCOME INCLUDES CASH RECEIPTS FROM MARKETINGS AND 6OVERNMCNT PAYMENTS.
SOURCE: DEPARTMENT OF AGRICULTURE.
Period
1939 monthly average
~
1941 monthly average
1944 monthly average
..
1946 monthly average
1948 monthly average
.
1949 monthly average
1950 monthly average
June
----1951 monthly average........... ..
1952 monthly average
1952: April
May
June ....
......
July
August ... . «
September. ..
.
October
.
November ..
December
1953* January.. . .
February . . . . .
.
March3 .
April8
May
..
26
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
Parity index
Farm income
Farm income
(prices paid,
(millions of
interest, taxes,
(millions of
current
and wage rates) 1952 dollars)8
dollars)
1952= 100 »
715
43
1 663
968
46
2 104
2
755
1 763
64
2, 111
72
2 932
2 539
2 790
01
87
2, 844
2 694
89
2 679
2 384
.
R9
2 122
1 889
.
..
2, 742
•98
2 798
2 785
100
2 785
2, 100
2 071)
101
2, 176
101
2, 154
2 HH1
1 00
.............
2,381
100
2,711
2 71 1
2, 882
. .
100
2 KS2
100
3,620
.
.
._
3 «20
99
4 1 65
4, 123
a <UH
3, 546
98
3,072
8, 135
98
2,742
99
2 770
1, 928
1, 889
...
98
2, 06<>
2,025
98
1,934
_.
98
1, 973
], 991
2, 032
98
i Converted from the reported base, 1910-14 -100, to the base 1952«100,
i Farm income in current dollars divided by parity index on base 1952-100.
»Preliminary estimates.
NOTE.—Farm income includes cash receipts from marketing!) and Government
Source: Department of Agriculture.
1953
CREDIT, MONEY, AND FEDERAL FINANCE
BANK LOANS AND INVESTMENTS
Bank loans rose about $200 million in May.
consecutive month.
Holdings of U. S. Government securities declined for the sixth
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
175
175
1939
1945
1950
END OF YEAR
1951
1952
1952
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL. RESERVE SYSTEM.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Billions of dollars]
All commercial banks
End of period
1939
1945
1947 .
. .
1949
1950
June.
1951
1952
1952 • April .. . May
..
June
July
August
September
October—
November
December
1953: January
February
March
April 2
May
June 2
Investments
Total
loans and
investments
Bank loans
40.7
124.0
116.3
120.2
126.7
121.8
132.6
141. 6
132.3
133. 1
134.4
136.8
136.6
137. 1
139.4
141. 7
141.6
140. 8
140. 1
140.0
138.4
138.0
17.2
26. 1
38.1
43.0
52.2
44.8
57.7
64.2
58.2
58.5
59. 2
59.7
60.2
61.2
62. 4
63.4
64.2
63.9
64. 1
65.2
65.3
65.5
.„
--
.
..
Total
» Commercial, industrial, and agricultural loans; revised series beginning January 1962.
NOTE.—Detail will not necessarily add to totals because of rounding,
23.4
97.9
78.2
77.2
74.4
77.0
74.9
77.5
74. 1
74.5
75.2
77.0
76.3
75.9
77.0
78.3
77.5
76.9
76.0
74.8
73. 1
72.6
U.S.
Government
securities
16.3
90.6
69.2
67.0
62.0
65.8
61.5
63.3
60.5
60.7
61.2
62.9
62.0
61.6
62. 9
64. 1
63.3
62.8
61.9
60.5
58.8
58.2
Other
securities
Weekly
reporting
member
banks—
business
loans l
7. 1
7.3
9.0
10.2
12.4
11.2
13.3
14. 1
13.7
13.8
14.0
14.1
14. 4
14.3
14.2
14.2
14. 1
14.2
14. 1
14.3
14. 4
14. 4
»Preliminary estimates.
Source: Board of Governors of the Federal Rwervn
4. 4
7.3
14. 6
13. 9
17. 8
1 3. 6
21. 6
23. 4
21. 0
20.7
21.0
20. H
21. 1
21. H
22. 5
23. 1
23. 4
23. 0
22, 0
211 a
2,'l J
22 S
22 h
27
CONSUMER CREDIT
Consumer credit outstanding at the end of May was almost $550 million higher than a month earlier. Although
all types of credit expanded, instalment credit, largely for automobiles, continued to account for the bulk of the
increase,
BILLIONS OF DOLLARS
30
1945
1950
END OF YEAR
1951
N D
1952
OTFICE OF THE ECONOMIC ADVISER 10 THE PRESIDENT
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
End of period
1939
1945
1950
-
June
1951..-.
1952
1952: April
May
June .
_.
July
___
August
September
October
November.
December
T953: January
February
March
_
April 4
Mav
Total
consumer
credit
outstanding
7,222
5,665
20, 813
18,417
21, 468
25, 705
20, 940
21, 705
22, 446
22, 751
23, 030
23, 414
24, 050
24, 525
25, 705
25, 508
25, 262
25, 676
26, 172
26, 716
1953
1952
END OF MONTH
[Millions of dollars]
Instalment credit
Total
4,503
2,462
14, 490
12, 931
14, 837
18, 639
14, 731
15, 308
16, 032
16, 465
16, 728
17, 047
17, 572
17, 927
18, 639
18, 785
18, 860
19, 267
19, 656
20, 085
Automobile1
paper
1,497
455
6,342
5,724
6,242
8, 110
6,186
6,539
6,974
7,200
7,272
7,388
7,639
7,866
8,110
8,273
8,470
8,778
9,074
9,380
Other Kepair and
consumer moderni- Personal
zation
loans
goods
paper l
loans 2
1,088
1,620
298
182
1,009
816
4,337
2,805
1,006
912
2,616
3,679
1,090
4,270
3,235
3,842
5,301
1,386
3,394
1,098
4,053
3,462
1,138
4, 169
3,556
4,324
1, 178
1,221
4,433
3,611
3,659
1,258
4,539
1,300
3,690
4,669
4,871
1, 347
3,715
3, 742
1,376
4,943
3,842
5,301
1,386
3,878
1,378
5,256
3,882
1,377
5, 131
3.952
1,383
5,154
3,996
1,401
5, 185
4, 042
1,428
5,235
Noninstalment credit
Total
2,719
3,203
6,323
5,486
6,631
7,066
6,209
6,397
6,414
6,286
6,302
6,367
6,478
6,598
7,066
6,723
6,402
6,409
6, 516
6, 631
Charge
accounts
1,414
1,612
3,006
2,350
3,096
3,313
2,535
2,659
2,661
2,573
2,579
2, 642
2,776
2,826
3,313
2,956
2,662
2,602
2, 677
2, 758
» Includes nil consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.
*1 Includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper,"
HinrJo-pnyiiieiit loans and service credit.
4 Preliminary estimates.
NOT*-..—-Kovisod so.rl(?s; see Federal Kiscrve Bulletin, April 1953. Detail will not necessarily add to totals because of rounding.
Brinrw: Board of Governors of the Federal Reserve System.
28
Other 3
1,305
1,591
3, 317
3, 136
3,535
3,753
3,674
3,738
3,753
3, 713
3,723
3, 725
3, 702
3,772
3,753
3,767
3, 740
3, 807
3, 839
3, 873
BOND YIELDS AND INTEREST RATES
Yields on 3-month Treasury bills averaged higher in June than in May. Yields on long-term Government bonds
averaged the same in June as in May. However, the yield on these Government securities was lower at the end of
the month than at the beginning.
PERCENT PER'ANNUM
PERCENT PER ANNUM
3.5
3.5
1948
•^SEE NOTE 2 ON TABLE BEIOW.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Percent per annum]
U. S. Government security yields
Period
Average:
1939
1946
1948
1949
1950
June
1951.J
1952
1952: June
July
August
September..
October
November
December.
1 953: January
February
March . . .
April
May
June
Week ended:
1953: June 6
13 .
20
__
27
Jtilv 4
3-month .
Treasury bills l
.
..
.
. ..
.
J Rate of new issues within period.
* 15 years and over prior to April 1952; 12 years and over beginning in
April.
0.023
.375
1.040
1. 102
1.218
1.174
1.552
1. 766
1. 700
1.824
1.876
1.786
1.783
1.862
2. 126
2.042
2.018
2.082
2. 177
2. 200
2.231
2.416
2. 324
2.229
1. 954
2. 107
Taxablea
bonds
(')
-
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
4-6 months
2. 19
2.44
2.31
2.32
2.33
2.57
2.68
2.61
2.61
2.70
2.71
2.74
2. 71
2.75
2.80
2. 83
2.89
2. 97
3.09
3.09
3.01
2.53
2.82
2.66
2.62
2.62
2.86
2.96
2.94
2.95
2.94
2.95
3.01
2.98
2.97
3.02
3.07
3. 12
3.23
.3. 34
3. 40
0.59
.81
1.44
1.48
1.45
1.31
2.17
2.33
2.31
2.31
2.31
2.31
2.31
2.31
2.31
2. 31
2.31
2.36
2.44
2.68
2.75
3. 15
3. 10
3. 10
3. 05
3.01
3.39
3.41
3. 42
3.41
3.36
2.75
2. 75
2.75
2. 75
2.75
»Bonds in this classification were first issued in March 1941.
Source: Board of Governors of the Federal Reserve System.
29
MONEY SUPPLY
There was a slight decline in the total private money supply in May.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
225
225
TOTAL DEPOSITS AND CURRENCY
TOTAL EXCLUDING U. S. GOVERNMENT DEPOSITS
(PRIVATELY HELD MONEY SUPPLY)
DEMAND DEPOSITS ADJUSTED
CURRENCY OUTSIDE BANKS
U. S. GOVERNMENT DEPOSITS
194041
42 43 44 45 46 47 48 49 50
END OF YEAR
51
52
1951
1952
1953
END OF MONTH
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
End of period
1939_
1945 .
1946
.
1948
1949
_.
1950
June
19511952..
1952: April.
May
June
July. .
August
September .»
October _
November
December.
1953: January...
February
March
April 4
May _
Total deposits and
currency
64.7
176.4
167.5
172.7
173.9
180.6
1747
189.8
200.4
188.8
189.3
191.4
193.4
193.1
194.2
196.1
198.9
200.4
198.2
197.4
196.9
195.4
195.4
[Billions of dollars]
Total
U.S.
Government
deposits *
Total
1.5
25.6
3.5
3.6
4. 1
3.7
4.8
3.9
5.6
5.0
4,9
6.5
7.6
6.9
6.8
5.9
7.3
5. 6
4.9
5.8
5.8
3.2
3.3
e:Deluding U. S. Government deposits
(]privately held money supply)
Demand
Currency
Time
deposits
outside
deposits*
adjusted*
banks
27. 1
6.4
29.8
63.3
48. 6
75.9
26.5
150.8
540
26.7
83.3
1640
57.5
26. 1
85.5
169. 1
58.6
25.4
85.8
169.8
59.2
25.4
92.3
176.9
59.7
25.2
85.0
170.0
61.4
98.2
26.3
186.0
65.8
27.5
101.5
194.8
62.7
25.9
95. 1
183.8
63.0
26.0
95.3
184.4
63.7
26.5
94.8
184.9
63.8
26.2
95.7
185.8
64 1
26.3
95.8
186.2
64 5
26.6
96.4
187.4
64.9
98.6
26.7
190.2
648
27.4
99.4
191. 6
65.8
27.5
101.5
194.8
66. 1
100.5
26.8
193.3
66.4
26.9
98.3
191.6
66. 8
97.4
26.9
191.0
67. 2
27.0
98.0
192.2
67. 6
27.0
97. 5
192. 1
«™
open Deludes
account. TJ. S. Government deposits at Federal Reserve banks and commercial and savings banks, and U. 8. Treasurer'! time deposits,
J Includes demand deposits, other than interbank and TJ. 8. Government, less cash items in process of
of collection,
« Sdtataarest^m11 commercial ban&s, mutual savinp banks, and Postal Savings System, but exclu<ides interbank deposit?.
NOTE.— Detail will not necessarily add to totals because of rounding.
30
Source: Board of Governors of the Federal Reserve System)
FEDERAL BUDGET RECEIPTS AND EXPENDITURES
Total budget expenditures increased in June, due to heavy interest payments which fall due at the end of the fiscal
year. The rise in budget receipts reflected quarterly income tax payments. The budget deficit was $9.4 billion for
the fiscal year 1953.
BILLIONS-OF DOLLARS
BILLIONS OF DOLLARS
TOTAL BUDGET EXPENDITURES
NET BUDGET RECEIPTS
FISCAL YEAR 1952
FISCAL YEAR
-FISCAL YEAR 1951
1953
^FISCAL YEAR 1951
FISCAL YEAR
1993
J
A
S
0
N
D
J
F
M
A
M
J
J
MAJOR NATIONAL SECURITY PROGRAMS
A
S
0
BUDGET SURPLUS (+)
OR DEFICIT {-)
(MAGNIFIED SCALE)
/•»•
FISCAL YEAR 1951
/
V
FISCAL YEAR 1952
FISCAL YEAR
1953
J
M
J
J
C
^
I
A
/ ,\
S
FISCAL YEARS-CUMULATIVE TOTALS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
Period
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1952:
year 1944
year 1947
year 1948
year 1949
year 1950
year 1951
year 1952
year 1953
May
June
July
August
September
October
November
December
1953: January
February
March
April_
May
June
OFFICE OF THE ECONOMIC ADVISER [0 THE PRESIDENT
[Billions of dollars]
surplus (+)
Net budget receipts Budget
Budget expenditures
or deficit (— )
Public
Major national
debt
Total
Cumulasecurity programs *
CumulaTotal for tive fiscal Total for tive fiscal (end of2
CumulaCumulaperiod)
year
Total for tive fiscal Total for tive fiscal period year totals period
totals
period year totals period year totals
95.3
39.3
33.8
40. 1
40.2
446
66. 1
74.6
5.7
6.9
6.7
5.0
6. 1
6.4
5.2
7.1
5.7
5.6
6.2
6.4
6.2
8.0
sa2
59.2
66. 1
6.7
11.8
17.8
242
29.4
36.5
42.2
47.8
54.0
60.4
66.6
746
20.9
16.4
19.1
17.8
26. 4
»47.2
4
52. 7
45
43
47
3.8
45
44
3.9
46
42
4. 2
4.7
4.6
4. 5
4
4. H
4
41.9
46.2
47
8. 5
13.0
17.4
21.2
25. 9
30. 1
M. 2
38.0
48, 5
47, !»
f)2, 7
43.9
40.0
42.2
38.2
37.0
48. 1
62. 1
65.2
3.8
9.8
3.3
40
6. 6
8, J
4.2
0.0
6. 1
5, 5
JO. 6
2. 8
4, 4
!). 7
52. 3
62. 1
3.3
7.4
14. 0
17.0
21.2
27. 2
32.3
37. 7
48.2
51. 3
55. 5
65. 2
51. 4
+ .8
+ 8.4
-1.8
-3. 1
+ 3.5
-40
-9.4
-1.9
+2.9
— 3.4
1.0
+.5
-3. 3
-1.0
— 1. 1
j
i
+43
-3.5
-1.9
+ 1.8
-6.9
-40
— 3.4
-4.4
-3.9
-7.2
-8.2
-9.3
-10.0
-10. 1
-5.8
-9.3
-11. 1
-9.4
202.6
258.4
252.4
252.8
257.4
255.3
259.2
266.1
260.0
259.2
263.1
263.2
262.7
265.0
267.5
267.4
267.5
267.6
2645
2646
266.6
266.1
* Includes expenditures for military services, international security and foreign ruJmiwn, Oovulopuieui and control of atomic energy, promotion 01 tne merchan
marine,
promotion of defense production and economic stabilization, and civil <Sef*ms«,
s
Includes guaranteed securities, except those held by the Treasury.
* l*r$iliiiln»ry wlitimtes.
» D*ta for fiscal year not strictly comparable with monthly
figure*.
n -i
NOTE.
^-Detail
will
not
necessarily
add
to
totals
because
of
rounding.
ftotwo*;
Trwumry Department and Bureau of the Budget.
*"
FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
The $2.4 billion excess of cash payments over receipts in the second quarter, the closing quarter of the fiscal year
1953, brought the total cash deficit for the fiscal year to $5.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
25 I
125
CASH RECEIPTS .CASH PAYMENTS
1951
1950
1952-
2J/
,
3
1953
- EXCESS OF CASH RECEIPTS -
-EXCESS OF CASH PAYMENTS -
CALENDAR YEARS
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Millions of dollars]
Calendar year
Calendar year total:
1946
1947
1948
1949
_
1950
1951
1952
...
.
. .
Quarterly totals, not adjusted for seasonal variation:
1951: Third quarter
Fourth quarter.
1952: First quarter
Second quarter
Third quarter
Fourth quarter
_ .
.
1953: First quarter 1
Second quarter
Federal cash
receipts from
the public
Federal cash
payments to
the public
Excess of receipts (+) or
payments ( — )
41,441
44, 282
44, 922
41, 346
42, 419
59, 278
71, 339
41, 399
38,616
36, 897
42, 642
41, 969
58, 034
72, 979
4-42
+ 5, 666
+ 8,027
1,295
+ 450
+ 1,244
- 1, 641
13, 993
12, 770
21, 874
19, 389
15, 354
14, 722
15, 270
17, 064
16, 921
18, 701
17, 921
19, 436
- 1, 277
4, 295
+4, 953
+ 688
-2,567
-4, 715
22, 539
18, 700
18, 166
21, 050
+ 4, 373
2,350
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Bureau of the Budget and Treasury Department.
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