Full text of Economic Indicators : July 1954
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Economic Indicators
JULY 1954
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1954
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
JESSE P. WOLCOTT, Michigan, Chairman
RALPH E. FLANDERS, Vermont, Vice Chairman
RICHARD M. SIMPSON (Pennsylvania)
HENRY O. TALLE (Iowa)
GEORGE H. BENDER (Ohio)
EDWARD J. HART (New Jersey)
WRIGHT PATMAN (Texas)
RICHARD BOLLING (Missouri)
ARTHUR V. WATKINS (Utah)
BARRY GOLDWATER (Arizona)
FRANK CARLSON, (Kansas)
JOHN SPARKMAN (Alabama)
PAUL H. DOUGLAS (Illinois)
J. WILLIAM FULBRIGHT (Arkansas)
GROVER W. ENSLEY, Staff Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
ARTHUR F. BURNS, Chairman
NEIL H. JACOBY
WALTER W. STEWART
[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
Labor Force
Nonagricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
7
8
9
10
1]
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
111
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC ACCOUNTS
Economic activity as measured by over-all expenditures and incomes declined slightly during the second quarter of
191)4, according to preliminary estimates.
BILLIONS OF DOLLARS
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
CONSUMERS
ffeO
SAVING
^—'
DISPOSABLE INCOME
EXPENDITURES
JOO
50
I
I
I
I
I
J
I
BUSINESS
GOVERNMENT-FEDERAL, STATE, AND LOCAL
1954*
Lf INCLUDES NET FOREIGN INVESTMENT IN ADDITION TO GROSS PRIVATE DOMESTIC INVESTMENT,
JL/ INCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION
I/ PRELIMINARY ESTIMATES.
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,
PR 92-93, 99-105, AND THE ANNUAL ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1953, APPENDIX A.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISIRS
GROSS NATIONAL PRODUCT
According to preliminary estimates, gross national product declined three-tenths of one percent from the first to the
second quarter cf 1954. Major changes in components were a decline of $2.8 billion (seasonally adjusted annual
rate) in Federal expenditures and an increase of $1.7 billion in personal consumption expenditures.
BILLIONS OF DOLLARS
ANNUAL TOTALS
BILLIONS OF DOLLARS
400
SEASONALLY ADJUSTED ANNUAL RATES
GROSS NATIONAL
> PRODUCT
300
PERSONAL CONSUMPTION
> EXPENDITURES
S
.—. — —
200
200
7
GOVERNMENT PURCHASES OF
GOODS AND
I
SERVICES
-50
I943
I945
I952
I95I
•^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERSSOURCE: DEPARTMENT OF COMMERCE ( E X C E P T AS NOTED).
.
.
1953: First quarter
Second quarter
Third quarter
Fourth quarter1954: First quarter 2
Second quarter
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Government purchases of goods and services
Personal Gross
Federal
Total
conNet
private
gross
sump- domestic foreign
State
Less:
national
tion
investGovernTotal
and
Other
Total National
1
ment
product expend- investlocal
security
ment
ment
itures
sales
Period
1939
1944
1946
1947
1948
1949
1950
1951
1952
1953
I954
I953
91. 3
213.7
211. 1
233.3
259.0
258.2
286. 8
329.8
348.0
367.2
67.5
111.6
146. 9
165. 6
177.9
180.6
194. 6
208. 1
218.1
229.8
9.9
7.7
28.7
30.2
42.7
33.5
52.5
58.6
52. 5
54. 4
5.2
0.9
13. 1
1.3
89.0
88.6
96. 5
-2. 1
20.9
30.9
4. 6
21.2
15.8
28.6
8.9
13.3
21.0
16. 1
36.6
1.9
43.6
25.4
19.3
.5
22. 1
42.0
18. 5
-2.3
41. 1
62.9
37.4
.3
54.2
48.9
77.5
-.2
84. 9
59. 7
51.8
-2.0
Seasonally adjusted annual rates
363.9
371.4
369. 5
363.5
357.2
356. 0
227. 7
230.4
231.0
230.0
229.8
231.5
54. 9
58.5
55. 2
48. 8
46.2
46.0
-2. 1
-2.5
-2. 1
-1. 0
-1.0
1.0
83. 4
85.0
85.5
85. 7
82.2
79. 5
58. 5
60.5
60.4
59. 5
55. 1
52.3
51.6
53. 5
52. 1
50.0
46.9
45. 5
3.9
1. 6
2.5
3.8
5.6
6.6
3.9
4.1
5.8
8.5
1.2
2.7
1.3
.6
.4
.2
.4
.5
.6
7.9
7.5
10.0
12. 8
15.6
18.2
19.9
21. 8
23.4
25. 2
7.6
7.6
8.8
10. 0
8.7
7.3
.7
.7
.5
.5
.5
.5
24. 9
24. 6
25. 2
26. 3
27. 1
27.2
» Includes expenditures for military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promotion of the merchant marine, promotion of defense production and economic stabilization, and civil defense. For further details, see Annual Economic PepoTt of the
President, January 1954 (p. 167), and Survey of Current Business, July 1953 (p. 10). These expenditures are not comparable with the "national security" category in
The Budget ofthe'U. S. Government for the Fiscal Year Ending June SO, 1956, and shown on p. 31 of Economic Indicators.
- Preliminary estimates by Council of Economic Advisers.
NOTE.—The national income and expenditure series are being revised by the Department of Commerce and will be published in Survey of Current Business, July
1954 and Economic Indicatory, August 1954.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
PRICES
CONSUMER PRICES
Consumer prices rose 0.3 percent between April and May. The increase resulted mainly from advances in food
prices and housins- Other major groups of goods and services were practically unchanged during the month.
INDEX, I947-49MOO
INDEX, I 947-49 s|00
140
140
1954
COUNCIl Of ECONOMIC ADVISERS
[1947-49=100]>
Period
1939 monthly average
1942 moDthly average
1945 monthly average
1946 monthly average - -1948 month lv average.
1949 monthly average
1950 monthly average.
1951 monthlv average
1952 monthly average
1953 monthly average.
1953: April
May...
June
July
August
September
October
November
December
1954: January . . .
February
March
April
Mav
All
items
Food
59.4
69.7
76.9
83.4
102.8
101.8
102.8
111.0
113.5
114. 4
113.7
114.0
114.5
114.7
115.0
115. 2
115.4
115. 0
114. 9
115.2
115.0
114. 8
114 6
115.0
47. 1
61.3
68.9
79.0
104. 1
100.0
101.2
112. 6
114.6
112. 8
111.5
112. 1
113.7
113.8
114. 1
113. 8
113.6
112.0
112. 3
113. 1
112. 6
112. 1
112.4
113. 3
Housing
Total
Rent
0)
(«)
86.6
90. 4
90. 9
91.4
100. 7
105. 0
108.8
113. 1
117.9
124. 1
122. 1
123.0
123. 3
123.8
125. 1
126. 0
126.8
127. 3
127. 6
127.8
127. 9
128. 0
128. 2
128. 3
w
(«)
101.7
103.3
106. 1
112.4
114. 6
117.7
117.0
117. 1
117.4
117.8
118.0
118.4
118.7
118. 9
118.9
118.8
118.9
119. 0
118. 5
118. 9
Apparel
52.5
64.9
76.3
83.7
103.5
99.4
98. 1
106. 9
105.8
104. 8
104. 6
104. 7
104. 6
104.4
104. 3
105. 3
105.5
J05. 5
105. 3
104. 9
104. 7
] 04. 3
104. 1
104, 2
Reading Other
and
Medical Personal
goods
care
recreaand
care
tion
services
(>)
W
W
W
(')
(3)
(>)s
«
0)
()
(>)
( )
«
W
(>)
W
W
<«)100. 5
100.9
100. 4
100.9
101.3
104. 1
108. 5
104. 1
101. 1
103.4
106.0
101. 1
111.3
103. 4
105. 2
111. 1
118.4
110.5
106.5
109.7
117.2
126.2
111. 8
107. 0
115.4
121. 3
129.7
112.8
108. 0
118. 2
120. 2
129.4
107. 9
112.5
m. 9
120.7
129.4
112.8
108.0
118.0
121. 1
129.4
112.6
107.8
118.2
121. 5
129. 7
112.6
107.4
118.3
121. 8
130.6
112.7
107.6
118. 4
130. 7
112.9
122.6
107. 8
118. 5
130.7
113.2
122.8
108. 6
119. 7
130. 1
123. 3
108. 9
113. 4
120. 2
128. 9
123. 6
108. 9
113. 6
120. 3
123.7
130. 5
113. 7
108. 7
120.3
124. 1
129. 4
113. 9
108. 0
120. 2
124. 4
129. 0
114. 1
108. 2
120. 1
124.9
129. 1
112.9
106. 5
120.2
125. 1
129. 1
113.0
106. 4
120. 1
Transportation
w-
3
•w
1
The new base 1947-49=100 is in compliance with
recommendations of the U. S, Bureau of the Budget. Beginning with January 1953 the index structure has been
s
changed.
Not available.
Source: Department of Labor.
n
WHOLESALE PRICES
Wholesale prices in June showed the largest decline for the year, due to a drop in prices of farm products and
processed foods.
I N D E X , 1947-49-100
120
INDEX, 1947- 49 « 100
120
1952
COUNCIl OF ECONOMIC ADVISERS
(1947-49=1001
194? monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthlv average
1953 monthlv average
1 958: Mav
June
July
August
September
October
November
December
1954 Januarv
February
March
April
May
Wee k ended:1
1954: June 1. .
8
15
22_
29
Julv 6
3
-
.
._ _
64 ?
104. 4
99 ?
103. 1
114 8
111. 6
110. 1
109 8
109. 5
110 q
110. 6
Ill 0
110. ?
109. 8
110 1
110 9
110. 5
110 5
111. 0 '
110. 9 !
59. ?!
107. 3
92 8
97. 5
113. 4
107. 0
97. 0
97 8
95. 4
97. 9
96. 4
98 1
95. 3
93. 7
94. 4
97. 8
97. 7
98 4
99. 4
98. 0
7 '
5 i
0 i
9
9
0
97. 9
96. 6
94. y
94. 4
94. 7
94. 6
110.
110.
110
109.
109.
110
Data for week nearest middle of month plotted as estimate for month.
Farm
products
All commodities
Period
Other than
farm product*and foods
(industrial)
Processec
foods
59. 1
106. 1
95. 7
99. 8
111. 4
108. 8
104. 6
104. 3
103. 3
105. 5
104. 8
106. 6
104. 7
103. 8
104. 3
106. ?
104. 8
105. 3
105. 9
106. 8
68.3
103.4
101. 3
105.0
115. 9
113.2
114.0
113. 6
113.9
114. 8
114.9
114. 7
114. 6
114. 5
114. 6
114. 6
114.4
114. 2
114. 5
114. 5
?,
8
8
5
6
0
114.4
114.4
114. 4
114. 4
114. 3
114. 4
106.
105.
104.
104.
104.
105.
Source: Department of Labor.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers declined 4 percent during the month ended June 15. Increases in the prices of potatoes,
several fruits, wool, corn, and cotton only partially offset the general downward movement of other prices, notably
those of hogs, cattle, commercial vegetables, and wheat. While prices paid declined 1 percent, the parity ratio
declined to 88.
INDEX, I9IO-I4* 100
325
INDEX, 1910-14 =100
325
300
300
275
275
PARITY INDEX
CES PAID, INTEREST, TAXES
AND WAGE RATES)
250
225
PARITY RATIO-
1949
1954
1953
•952
1951
1950
•^RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.
SOURCE DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1910-14=100]
Prices pai<i for items
use d in
Period
Family living
1939 monthly average
1942 monthly average
1944 monthly average
1946 monthly average
1948 monthly average.
1949 monthly average
1950 monthly average. .
1951 monthly average
1952 monthly average
1953 monthly average
1953: May 15
June 15
Julv 15
August 15
September 15 - October 15
November 15
December 15.. ..
1954: January 15
February 15 - March 15. .
April 15 .
May 15
June 15 __
..
_
120
149
175
202
251
243
246
268
271
270
270
271
271
273
270
270
270
270
271
271
272
273
276
275
J Ratio of mdex of prices received by farmers to parity iiHh
» Includes wartime subsidy payments paid on beef cuttl*-, *
Source: Department of Agriculture.
49433 — 54 - 2
Parity index
(prices paid,
Production and wage rates)
121
148
173
191
250
238
246
273
274
253
256
248
250
249
247
24 f>
248
123
152
182
208
260
251
256
282
287
27D
280
277
27D
27',»
277
27«i
2Y 4
2 >0
27 8
2 4
282
282?
•) tt
n
fi
'I «•
21 f»
"j y
28: .
28H
284f
28;
Prices
received
by farmers
2
Purity ratio *
1)5
15U
197
3 2,'if»
287
250
258
302
288
258
263
257
2W)
255
257
249
249
254
259
258
256
257
258
248
^ 4 , 1943
,«„*, and^ June
,n^
T
»«t>*. »««* , **"J t»«U*»foi 1«4ww«i October
1946.
77
105
108
113
130
100
101
107
100
92
94
93
93
91
93
90
90
91
92
91
90
91
91
88
STOCK PRICES
Stock prices recovered from the early June decline and moved on to new highs.
INDEX, 1939" 100
300
INDEX, 1939*100
300
WEEKLY AVERAGE
WEEKLY INDEX
TRANSPORTATION
UTILITIES
i
1941 42 43 44 45 46 47
48 49 50
51
52 53
A
S
0
N D
J
F
M
A
M
J
J
A
S
O
N
D
J F M A
1952
l
l
M J
I
I
I
I
I
J A S O N
50
D
1954
COUNCIL OF ECONOMIC ADVISERS
CompositeJ
index
Period
Weekly average:
1940
1946
1949
1950
1951
1952
1953
,_
-
1953: May _
June
July
August
September.
October
November.
December
1954: January
February
__
March
__
April
May
June
Week ended:
1954: June 4__
11
18
Julv
25 2
2
[1939=1001
Manufacturing
Total
Durable
goods
Nondurable
goods
Transportation
Utilities
Trade,
finance,
and
service
Mining
94.2
149.4
127.7
154. 1
184.9
195.0
193.3
93.4
146. 6
132. 1
165.7
206.8
220.2
220. 1
92.5
138.6
116.0
150. 2
178.5
188.8
192. 6 '
94.2
154.5
147.2
180.2
233.1
249.3
245.2
99. 2
202.4
136.0
160.0
199.0
220.6
218.7
99.9
121.0
98. 1
108.9
112.6
117.9
121. 5
90.4
204.3
160.7
183.8
207.7
206.0
207.1
75.6
125.5
129.4
143. 5
204.9
275.7
240.5
194. 1
187.3
190.4
190.2
181.0
187.1
191.2
193. 4
198. 4
203. 1
207. 1
215.8
223.2
223.9
220.9
212.7
216.7
216.6
205.0
213.5
218.7
221. 8
228. 4
233.9
239.8
252.9
262.9
263. 4
195.9
186.8
188.0
185.9
175.2
184.4
190.4
192. 1
198. 8
204.2
209. 6
223.2
232.5
236.6
243.8
236.4
242.9
244.7
232.2
240. 2
244.8
249. 1
255. 5
261.2
267. 5
280.3
290.8
288.0
225. 7
219.2
223.2
217.2
198.9
202.4
203.8
200.0
206.2
214. 6
212. 3
211.6
220.6
225.4
120. 0
116. 6
118.9
120.7
118.8
121.4
123.2
124. 5
126. 1
128.4
130.4
131. 8
134.2
134.3
209. 3
204.3
206.0
206.3
198.0
201.2
207.0
209.2
213.0
216. 0
214.6
219. 8
225.6
228.3
247. 0
237.4
236.8
236.3
219.2
218.8
231.4
229.6
238.6
250. 3
259.2
265.9
269.6
266.3
224.4
220.5
224.2
226.5
229. 2
263.7
259.0
263.8
267.0
271. 4
233. 7
230.5
237. 5
244. 5
249. 1
291.3
285. 1
287.9
287.5
291. 7
223.5
221. 5
227.9
228.6
226. 2
135. 3
133.0
134.0
134. 9
135. 3
228.0
225. 1
228.5
231.5
233. 5
272. 5
265.4
265.9
261.3
256. 0
^ lin-ludi',,'; :?f.f, common slocks: 08 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31
for lrn«l»'» JtrmtH'r, mi<l SiTvicr, nn«l 14 for mining. Indexes are for weekly closing prices.
» I tain IHTUIIH- available afu-i chart was prepared.
*
Source: Securities and Exchange Commission.
EMPLOYMENT AND WAGES
LABOR FORCE
Employment rose about 1 million from early May to early June as youths entered the labor force to take up summer
employment. Unemployment rose only slightly, in contrast to the substantial increase that usually occurs at this
time of year.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
70
\
AGRICULTURAL EMPLO
1954
COUNCIL OF ECONOMIC ADVISERS
Period
68-area sample : *
1939 monthly average..
1944 monthly average..
1949 monthly average
1950 monthly average,.
1953 monthly average. _
1953: May. . .. .
June
July
August
September
October
November
December
.
1954: Januarv
February
230-area sample : 5
1954: Januarv
Februarv. _ March
April. . . ..
Mav.
June
Total
Unemployment 3
Employment l
Insured
labor
TempounemployCivilian
%of
force (in- labor
ment
rary 3
Agricul- Nonagri- layoffs
cluding
Number i civilian
force
Total
(thousands4
labor of
tural
cultural
armed
persons)
force
forces)
Thousands of persons 14 years of age and over
17.2
9, 480
36, 140
9,610
45, 750
55, 230
55, 600
670
1.2
8,950
45, 010
53, 960
54, 630
66, 040
3, 395
5. 5
50, 684
185
8,026
62, 105
58, 710
63, 721
2,470
52, 450
92
3, 142
5.0
7,507
59, 957
1,599
63, 099
64, 749
2.4
1,524
142
61,
929
6,683
55,
245
63, 453
67, 001
1,058
2. 1
55, 068
126 ! 1, 306
62, 964
6,590
940
66, 497
61, 658
1,562
2.4
122
55, 046
8, 126
64, 734
63, 172
878
68, 290
2.4
55, 292
144
1,548
64, 668
63, 120
7,828
913
68, 258
1.9
1,240
55.
934
7,474
170
64,
648
63,
408
868
68, 238
2.0
55, 044
141
1,246
62, 306
7,262
63, 552
830
67, 127
1, 162
1.8
62, 242
133
7, 159
55, 083
63, 404
66, 954
897
1,428
2.3
6, 651
55, 274
183
61, 925
66, 874
63, 353
1, 198
1,850
3.0
55, 326
60, 764
195
62, 614
1,632
5,438
66, 106
2,359
3.8
273
54, 433
5,345
59, 778
2,205
62, 137
65, 589
5.3
54, 480
3,385
5, 626
60, 106
177
2,362
63, 491
66, 905
66, 292
67, 139
67, 218
67, 438
67, 786
68, 788
62, 840
63, 725
63, 825
64, 063
64, 425
65, 445
59, 753
60, 055
60, 100
60, 598
61, 119
62, 098
5,284
5, 704
5, 875
6,076
6,822
7,628
54, 469
54, 351
54, 225
54, 522
54, 297
54, 470
427
216
236
216
294
229
3,087
3,671
3,725
3,465
3,305
3,347
4.9
5.8
5.8
5. 4
5. 1
5. 1 i
2,205
2,362
2,389
2, 383
2,247
6
2, 114
1
Includes part-time workers and those with jobs but not at work for such reasons as vacation, illness, bad weather, temporary layoff, and industrial disputes.
2 The number of temporary layoffs, which the Census Bureau includes in the employment figure (see footnote
1), is shown separately so as to afford a basis for fur3
ther analysis of employment and unemployment.
See footnote 2.
« All programs. Weekly average for period. For description of series, see Labor Market and Employment Security, April 1954.
• Pertains to labor force data only. Data prior to 1953 not comparable with subsequent data.
* Preliminary estimate.
*7
Sources: Department of Commerce (labor force) and Department of Labor (insured unemployment).
NONAGRICULTURAL EMPLOYMENT • SELECTED INDUSTRIES
Manufacturing employment in June was nearly the same as in May.
A gain in the nondurable goods sector largely
offset a decline in the durable goods sector. Employment in cli other major industry groups, except government,
registered moderate increases during the month.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
if 1954 |
J
F
M
A
M
J
J
A
S
O
N
O
J
CONTRACT CONSTRUCTION
J
F
M
A
M
J
J
F
M
195
A
M
J
A
S
0
N
D
0
N
D
WHOLESALE AND RETAIL TRADE
A
S
O
N
J
D
F
M
A
M
J
COUNCIl OF ECONOMIC ADVISERS
[Thousands of wage and salary workers
Manufacturing
Period
Total
1939 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1 951 monthly average
1952 monthly average
1953 monthly average
1953: May
June
July
August
September
October
November
._
December
1954: January _ _
February
March
April 5 _ _ . _
Mav
June 2
10, 078
15, 321
14, 178
14, 967
16, 104
16, 334
17, 259
17,283
17,416
17; 336
17,537
17, 510
17, 301
16, 988
16, 765
16,434
16, 322
16,234
16,000
J .5, 835
15, 829
Durable Nondugoods rable goods
5,394
4,683
7,010
8, 312
6,705
7,473
6, 882
8,085
7,024
9,080
6,994
9,340
7,131
10, 129
7,014
10, 269
7, 115
10, 301
7, 146
10, 190
7,345
10, 192
7,365
10, 145
7, 229
10, 072
7,091
9, 897
6,992
9,773
9, 591
6,843
6, 842
9,480
6,845
9,389
6, 740
9,260
6, 683
9, 152
6, 741
9, 088
Contract Wholesale Finance,
construc- and retail service,
tion „
etc.
trade
1, 150
2, 169
2, 165
2, 333
2, 603
2,634
2, 644
2, 607
2, 711
2,768
2,825
2, 866
2. 889
2! 789
2,632
2,349
2, 356
2,415
2, 535
2. 631
2, 742
6,612
9, 519
9,513
9,645
10, 012
10; 281
10, 533
10, 405
10, 473
10,414
10, 392
10, 523
10, 669
10, 828
11, 361
10,421
10, 310
10,305
30, 49G
10, 360
10, 397
4, 703
6, 636
6,736
6,894
7, 140
7, 380
7, 511
7,548
7,613
7,674
7,668
7, 607
7,546
7, 501
7, 475
7,410
7, 424
7,463
7, 581
7, 640
7, 700
Government
(Federal,
State,
local)
3, 987
5,614
5, 837
5,992
6,348
6, 609
6i645
6,613
6,585
6, 405
6,422
6, 590
6, 692
e;7oo
6,
6,
6!
6,
6,
6,
6,
955
659
639
667
699
701
613
Transportation
and
public
utilities
2, 912
4, 141
3,949
3,977
4, 166
4, 185
4,224
4,233
4,260
4,283
4, 274
4,265
4,257
4,216
4, 187
4,069
4,039
3,992
4,008
4,011
4,039
Mining
845
982
918
889
916
885
844
842
846
836
844
839
826
829
822
805
790
772
749
736
742
1
Includes all full- and part-time wape arid salary workers in nonagrioultural establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this
table not comparable with estimates of nonapricultural employment of the civilian labor force reported by the Department of Commerce (p. 7) which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are
based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
2 Preliminary estimates
NOTE.—Beginning with 1951 .data have been adjusted to first quarter 1953 benchmark levels.
Source: Department of Labor.
8
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of factory production workers in June was 39.6 hours, an increase of 0.3 hours over May but
1.1 hours less than a year ago.
HOURS PER WEEK
HOURS PER WEEK
NONDURABLE MANUFACTURING
I I ! I I t 1.1.1 I 1 ! I
T
! 1 .! ! ! ! I ! ! 1 j I I I J I 1
T,,
RETAIL TRADE
^
0 1 i 1 I 1 1 1 1 I I ! I 1 ! I I I I I I t j J I I I I I I I1-I 1 1 1
1952
1
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISf RS
[Hours per week, for production workers or nonsupervisory employees]
Manufacturing
Period
1939 monthly average ~
1 943 monthly average
1946 monthlv average
. -_
1 948 monthly average
.
1 949 monthlv average
.
1950 monthlv average
1 951 monthly average . .
1952 monthly average
1953 monthly average
1953: May.
.
. . . ._
June.
July
August- _
...
September
October
__ November .
December
1954: January
_
February. .
March
_
April 2
- Mav 2
June . _
___
Total
— _-
37. 7
44. 9
40. 4
40. 1
39.2
40. 5
40. 7
40. 7
40. 5
40. 7
40. 7
40.3
40. 5
39. 9
40. 3
40. 0
40. 2
39. 4
39. 6
39 5
39.0
39. 3
39. 6
Durable
goods
38. 0
46. 6
40. 2
40. 5
39. 5
41.2
41. 6
41. 5
41.3
41. 5
41.4
40. 8
41. 1
40. 6
41. 0
40. 6
40. 8
40. 1
40. 2
40. 0
on *••/
o9.
39. 9
40. 3
Nondurable
goods
37.4
42. 5
40. 5
39. 6
38. 8
39. 7
39. 5
39. 6
39. 5
39. 5
39.7
39. 6
39. 6
39.0
39.3
39. 1
39. 3
38. 5
38. 8
38. 8
38.0
38. 5
38.9
Building
construction Retail trade
32. 6
38.4
38. 1
»37. 3
36. 7
36. 3
37.2
38. 1
37.0
37.3
37.8
37. 1
37.6
36. 1
37. 7
36.7
36.3
33.9
36.0
36.4
36.5
3
36. 6
(4)
24 Preliminary estimates.
i3 Data bepinninp with January 1948 are not strictly comparable with those for earlier periods,
Not available.
Data became available after chart was prepared.
NOTE.—BegirjDiDg with 1951, data have been revised as the result of adjusting employment series 10 a more recent benchmark.
Source: Departmeot of Labor.
42.7
40. 3
40. 7
40. 3
40. 4
40. 5
40. 2
39. 9
39. 3
39.0
39. 4
39. 9
39. 8
39. 1
38. 9
38.8
39. 2
39. 0
39. 1
39. 1
39. 1
3
38. 9
4
()
AVERAGE HOURLY EARNINGS • SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing industries rose slightly to $1.81 in June, or 4 cents
above June of 1953.
DOLLARS PER HOUR
DOLLARS PER HOUR
2.00
2.60
1952
ITl
I
I M I 1 M l t IT
1953
I
-^EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1953-100
SOURCE: DEPARTMENT OF LftiOR.
COUNCIL OF ECONOMIC ADVISERS
[For production workers or uonsupervisory employees]
All manufacturing
Period
1939 monthly average1943 monthly average _
1946 monthly average
1947 monthly average.
1948 monthly average-.
1949 monthly average. .
1950 monthly average _ __
1951 monthly average.
1952 monthly average _
1953 monthly average
1953:
May
June
July
August
September
October
November
December
1 954 : January
February
1V1 arch
April,
IVlav n
.lu ne •"',.
_.
..
..
Current
1953
prices prices l
$0. 633 $1. 220
. 961 1.485
1. 490
1.086
1.237
1.481
1.502
1.350
1. 574
1. 401
1.465
1.630
1.64
1. 59
1.68
1.67
1.77
1.77
1.77
1.76
1.77
1.77
1.76
1. 77
1.76
1.77
1.78
1.79
1.79
1.77
1.79
1.78
1.80
1.79
1.79
1.80
1. 79
1. 80
1. 78
1. 79
1. 80
1. 80
1. 80
1.79
1. 81
(6)
Building
Durable goods Nondurable goods
Retail trade
manufacturing
manufacturing
construction
Current
Current
Current
1953
Current
1953
1953
1953
prices
prices prices * prices prices *
prices l
prices l
prices
$1. 044
$0. 698 $1. 345 $0. 582 $1. 121 $0. 932 $1. 796 $0. 542
1.252
1.637
.803
1.241
1.049
.679
1.935
1.059
1.392
1.015
1.478
2.027
1.586
.893
1.225
1. 156
1.402 2 1.681
1.547
1. 171
2.013
1.009
1.208
1.292
1.422
1.210
1.278
1.568
1. 848 2 2. 056
1.410
1.088
2. 174
1.325
1.489
1.935
1.651
1.278
1. 137
1.469
2.031
1.710
1.533
2.259
1.378
1. 176
1.308
1.537
1.72
1.53
2. 19
1.30
1.48
2.26
1.26
1.67
1.54
1.55
1.33
2.33
1.78
2.31
1.32
1.77
1.61
1.61
2. 48
1.40
1.87
2.48
1.40
1.87
1.60
2. 44
1. 60
1.87
2.45
1.39
1.39
1. 86
1.60
2.44
1.87
1. 60
2. 44
1. 40
1. 40
1.87
1.61
1.61
1.87
2.47
1.41
2.46
1.41
1.88
1.61
1. 60
1.87
2.49
1.40
1. 41
2. 48
1.88
2.52
1.62
2.50
1.41
1. 63
1.42
1.89
1. 90
1.62
1.61
2.54
2.52
1. 41
1.88
1.42
1.90
1. 62
1.63
2.55
1.42
2. 54
1. 41
1. 88
1.89
1.63
2. 57
1. 64
1.89
2.56
1.38
1.39
1.90
1.64
1.65
2.58
1. 90
2.56
1.42
1.43
1.91
1.64
2. 59
1.65
1.89
1.42
2.58
1.43
1. 90
1. 65
1.65
2.59
2. 58
1.89
1.43
1.43
1. 90
2.58
1. 65
1.65
1.90
2.57
1.43
1.43
1. 90
4
4
4
4
1. 66
1. 565
2. 59
2. 58
1.90
1. 44
1.91
1.45
8
5
5
1.67
1. 91
()
()
()
(5)
()
(«)
i hum Ini';- in current prices divided by consumer price index on base 1953=100.
* Preliminary estimates.
" J>ai»i hri'lnnini' w i i h January J048 are not strictly comparable with those for 4 Data became available after chart was prepared,
lii-r jM'flod;..
'
* Not available.
?inning w i t h il»M, data bav<» boon revised as the result of adjusting employment series to a more recent benchmark. Source; Department of Labor.
10
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings of factory production workers rose 94 cents from May to June as a result of a longer workweek and a small increase in hourly earnings. The earnings of $71.68 a week were 36 cents under the earnings of
a year earlier.
D O L L A R S PER WEEK
RETAIL TRADE
1953 PRICES
n 1 1 1 1 1 1 1 1 1 iTi 1 1 1 ! 1 1 1 1 1 rT"i i i i
1953
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
All manufacturing
• Period
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1 948 monthly average
1949 monthly average
1 950 monthly average _
1951 monthly average
1952 monthly average
1953 monthly average
1953- May
June
July.
August
September
October
November. _
December.
1954: January
February
March
April 3May
June 3
Durable goods
manufacturing
Current
prices
1953
prices *
Current
prices
1953
prices l
$23. 86
43. 14
43.82
49.97
54. 14
54. 92
59.33
64. 71
67.97
71. 69
71.63
72.04
71.33
71.69
71.42
72. 14
71. 60
72.36
70.92
71.28
70. 71
70.20
70. 74
! 71.68
$45. 97
66.68
60. 11
59.84
60. 22
61.71
66. 00
66.71
68. 52
71.69
71.85
71.97
71. 12
71. 33
70.92
71. 50
71.24
72.07
70.43
70.93
70. 50
70. 06
70.39
(5)
$26. 50
49.30
46. 49
52.46
57. 11
58. 03
63. 32
69.47
73. 46
77.23
77. 19
77. 42
76. 70
77.27
77. 14
77. 90
76.73
77.52
76. 59
76.38
76. 00
75. 43
76. 21
76. 59
$51. 06
76.20
63.77
62.83
63.53
65.20
70.43
71.62
74.05
77.23
77.42
77.34
76.47
76.89
76.60
77.21
76.35
77.21
76. 06
76.00
75. 77
75. 28
75.5 83
C)
Building
Nondurable goods
manufacturing
construction
Current
1953
Current
1953
prices l
prices
prices J
prices
$21. 78 $41. 97 $30. 39 $58. 55
34. 12
52. 74
74. 39
48. 13
41. 14
56.24
56.43
77. 15
46.96
56. 24 2 63.30 2 75.81
50.61
56. 30
76. 59
68. 85
51. 41
57. 76
79. 72
70. 95
54. 71
60. 86
82.01
73. 73
58.46
60. 27
83.99
81. 47
60. 98
61.47
88. 01
88.72
63.60
63. 60
91.76
91.76
63.20
63.39
91.28
91. 01
63. 52
92. 23
92. 14
63.46
63.76
63. 57
91. 64
91.37
63. 76
63. 44
93.62
93. 15
63.57
63. 13
90.34
90.97
63. 67
63. 10
94. 91
95. 76
63.73
63.41
93. 12
93.59
64. 45
64. 19
92.92
93. 29
63. 53
63.09
87.46
86.85
64. 02
93. 24
92. 78
63. 70
64. 02
63.83
94. 28
94.00
62. 87
62.74 4 94. 17 4 93.98
63. 59
63. 91
94. 79
94. 32
64. 96
(5)
(5)
(5)
Retail trade
Current
prices
$23. 14
27.36
36. 35
40.66
43.85
45. 93
47.63
50. 65
52.67
55.02
54.21
55. 16
56.26
56. 12
55. 52
55.24
55. 10
54. 49
55.77
55.91
55. 91
55. 91
4
56. 41
(6)
1953
prices l
$44. 59
42. 29
49. 86
48.69
48. 78
51.61
52. 98
52.22
53. 09
55.02
54.37
55. 10
56.09
55. 84
55. 13
54. 75
54.83
54.27
55. 38
55. 63
55. 74
55. 80
4
56. 13
(5)
1
2
3
Earnings in current prices divided by consumer price index on base 1953= 100.
Preliminary estimates.
Data beginning with January 1948 are not strictly comparable with those for 84 Data became available after chart was prepared,
arlier periods.
Not available.
NOTE.—Beginning with 1951, data have been revised as the result of adjusting employment series to a more recent benchmark.
Source: Department of Labor.
11
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index is estimated to have increased in May to 125 (1947-49=100)—the first rise since
last July. Increases occurred in many lines. Although estimates are not available for June, fragmentary data
indicate that there was probably no change in total industrial production.
INDEX, I947- 49 = 100
175
INDEX, 1947 -49 * 100
175
150
150
125
100
1942
44
46
48
50
54
52
J F M A M J J A S O N blj F M A M J J A S O N o l j F M A M * J J A S 0 N D
1952
1953
1954
PRELIMINARY ESTIMATES.
SOURCE: BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM.
[1947-49=100, seasonally adjusted]
Total
industrial
Total
production
"P^Vfinrl
1939
1943
1946
1947
1948
1949
1950
1951
1952
1953...
1953- April
_
.
.
_
_
Mav
June
July
August
September
October
November _ _
December
1954* January
February _
March _ .
April1 _
Mav
-
-
A *<*J
' Preliminary estimates.
12
-
. .
..
COUNCIL OF ECONOMIC ADVISERS
_ _ .
-
58
127
90
100
104
97
112
120
124
134
136
137
136
137
136
133
132
129
126
125
124
123
123
125
57
133
90
100
103
97
113
121
125
136
138
139
138
139
138
135
134
131
127
127
126
124
125
126
Manufactures
Durable
49
162
86
101
104
95
116
128
136
153
155
156
154
157
157
152
151
146
142
140
139
135
134
135
Nondurable
66
103
95
99
102
99
111
114
114
118
121
123
121
121
119
117
117
115
112
113
113
114
115
117
68
87
91
100
106
94
105
115
114
116
115
117
119
120
119
118
114
111
113
113
113
112
111
112
Source: Board of Governors of the Federal Reserve System.
WEEKLY PRODUCTION - SELECTED INDICATORS
Steel production continued to show improvement in June but was cut back early in July as a result of the holiday and
vacations. Electric power distribution continued to exceed the levels of a year earlier. Auto assemblies were
about 10 percent lower than in May.
j
M I L L I O N S OF SHORT TONS (DAILY A V E R A G E S
M I L L I O N S OF TONS
^
!
|
BITUMINOUS COAL
STEEL
1953
;
" cif'~
^T_
\
ij
/****-*"*.
\
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i
1952 "^\l
f
o
-
~
\
\
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!
!
!
!
!
o !
/\ELECTRIC POWER /
p
•
:
' ~^~^^-'r^-et-Oo.
'
•'"-.-•"••.
"
%
,€>
/C
n
;
;
j
i
l
|
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i
°
":
•
^
;
CARS AND TRUCKS
"^A-
^ L-4\
jI
9*\ ^\ 9*
\
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1952> ^^
:
20
**•''. »^^--i
' V
;
i
^ <*"
\/"
\
I
THOUSANDS
B I L L I O N S OF K I L O W A T T HOURS
*
n
!
1
f^HR/^C^M
j
M
„r "
10
" I
0 1,
•"" f
\
"
:
i
W
j
t-
f
¥
i
M
\V i ' "
'1
1
V ". ."
!
J
i
"
!
c
I
i
t-
S
c
u
e
:
;
Period
1 Th
^ns °f !
Weekly average:
1950
1951
1952
1953
1953: Mav, ._
JUDC
Julv
August
September
October _
November
December.
1954: Januarv.
Februarv _ _ _
March
April
Mav
June s
Week ended:
1954: June 5_
12
19
26
Julv 33.
10-
...
._
__ _
.
. _ ._J
1, 857
2,018 l
1 782
2 141
2, 257
2 192
2, 099
2 123
2, 076
2, 136
2 026
1, 798 i
1 795
1, 771
1 646 !
1 . 625 1
1, 686
1 687
1 674
:
| Electric
Steel
1
746
J . 726
1 . 720
1.568
1.424
rcent of
soreti calJ
^ opacity
power, ! Bituminous ;
by utilities j
coal
! (millions
of [ (thousandis of
j! kilowatt-hours)
| short tons) 2 j
96.9
100. 9
85.8
94. 9
100. 1
97.2
93. 1
94. 2
92. 1
94. 7
89. 9
79. 7 •'
75. 3
74. 3
69.0
68. 3
70. 7
70. 7
70.2
73. 2 '
72. 3
72. l
65. 8
59. 7
pOT.c and
™r kg
/
vBum ber)
6, 183
6, 958
7, 451
8, 244
7,956
8,279
8, 238
8,488
8, 352
8,331
Si 352
8,502
8,918
8,576
8,526 !
8, 347
8,406
S'?6S4
1, 687
1, 772
1, 548
1, 507
1, 465
1, 603
1, 540
1, 549
1, 640
1, 503
1, 496
1, 466
L 346
L 226
i; 146 !
1. 109 ;i
1. 142
]. 306
154,212
129, 828
106, 834
140, 551
149. 834
150,449
154, 274
147, 542
128, 375
140,317
103i57H
103, f > l i
1 38, 387
1 32, 4 1 6
136, 951
1 4 4 , 140
144. 496
1 28, 209
8,
8.
8,
8.
1, 194
1 . 260
1 . 32" .
1, 447
111.
133,
133,
133.
246
658
850
981
i
:
:
i
314
704
893
02<>
:
.Percent ol capacity based on weekly net ion capacity 01 i,906.268 for the first half of I960, j.928,721 beginning July 1, 395U, I,v*y9,034 be^inninp, J a n u a r y I , iy, r )I,
-.077,040
beginning January 3,1952, 2,254*459 beginning January 1,1953, and 2,384,549 beginning January 3,1954.
3
Daily average for week,
* Preliminary estimates.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Repons.
13
PRODUCTION OF SELECTED MANUFACTURES
Production of most major groups of manufacturing industries in May equalled or exceeded somewhat their April levels.
[1947-49= 300, seasonally adjusted!
Period
metals
1939
1947
1948
1949
1950
1951.
1952.
1953
. -
1953: March
April
May
June
July . ...
August
Sep tem ber
October
November
.
December
1954: January..
February
March
April-3 _ _
Mav
4.t»J
1
. ..-
Durable manufactures
': TransporLumber i
and
JMachinery; g|°£
products
53
303
107
90
115
126
116
132
80
101
106
93
113
113
111
138
1
136
136
139
137
136
137
130
128
122
113
111
109
103
104
306
121
120
119
114
119
116
114
117
135
110
115
120
116
113
115
i
i
•
i
!1
Preliminary estimates.
Source: Board of Governors of the Federal Reserve Syitem.
14
i
i
i
|
Nondurable manufactures
Textiles i Petroleum j beverage I Chemicals
and
! and allied
i and coal j
qnn
apparel ! products i factl]re"s : products
38
303
104
93
114
130
147
360
48
96
102
102
120
135
154
189 i
80
99
103
97 !
110
106
105
107 !
63
97
104
99
130
122
123
130
66
301
99
300
303
105
305
307
163
164
162
161
164
165
161
159
352
146
143
141
138
138
338
190
190
192
188
196
191
186
189
380
382
183
178
171
172
177
110
113
115
113
111
106
102
102
98
95
96
95
97
101
103
128
131
131
131
132
132
131
129
129
128
124
126
122
122
121
107
108
109
106
108
108
109
108
308
103
305
106
107
106
309
45
97
103
101
32J
131)
337
147
i
i1
^
j
!
i
1
345
148
351
350
352
348
347
345
145
343
346
346
146
348
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment during the second quarter of 1954 was virtually unchanged from the first quarter
level, according to preliminary estimates. Small declines in inventory investment and in purchases of producers'
durable equipment were largely offset by a rise in residential construction. Nonresidential construction outlays did
not change between the two quarters.
. \
A
/
/ \/ \ I
V
^—-^—+—\r
94i
I943
I945
I94?
I949
I95I
I953
-''PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE ( EXCEPT AS NOTED )
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars |
Hew construction
Total gross
P iod
dPoSc
! investment
-
1939
1944
1946
1947
1948
1949*
1950.
1951
1952.
] 953
-
- '
_...
. . >_
_
i
.
_-
_ _
. -
i
-
9. 9
7. 7
28. 7
30. 2
42. 7
33. 5
52.5
58.6
52.5
54. 4
Residential
nonfarm
Total
4. 9
2.8
10.3
13. 9
17.7
17.2
22.7
23. 1
23.4
25. 1
2
:l
4. 0
6. 3
8.6
8. 3
12. 6
11. 0
11. 1
11.8
Other
Producers'
durable
equipment
2.2
2.0
6.3
7.6
9. 1
9.0
10. 1
12.2
12.3
13.3
Change in
business
inventories
4. 6
5. 7
12.3
17. 1
19.9
18. 7
22. 3
24.6
25.4
26. 7
0.4
—.8
6. 1
-. S
5. 0
-2. 5
7.5
10. 9
3. 7
2. 5
Seasonally adjusted annual rates
1953: First quarter
Second quarter
Third quarter
Fourth quarter
1954- First quarter ]
Second quarter
~ _
_..
54. 9
58.5
55. 2
48. 8
25. 0
25. 3
24.9
25. 3
12. 2
12. 0
11.5
J1.6
12. 8
13. 4
13.4
13.6
26.2
26.9
27. 1
26. 5
3. 7
6.3
3. 1
-3. 0
46. 2
46. 0
25. 8
2«. 5
11. 7
12. A
14. 1
]4. 1
25. 2
24. 7
-4. 8
- 5. 2
1
Preliminary estimates by Council of Economic Advisors.
NOTE.—The national income and expenditure series are beine revised by i l • Department of Commerce and \viJl be published in Survey of Current
1954 and Economic Indicators, August 1954.
Sourer: Department of Commerce (except as noted).
Detail will not necessarily add to totals because of r o u n d i n g .
15
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business expenditures tot new plant and equipment totaled $27.5 billion (seasonally adjusted annual rate) in the
first quarter of this year and aie scheduled at a rate of almost $27 billion in the second and third quarters, according
to a survey made in April and May.
BILLIONS OF DOLLARS
!953
1954
I
If SCE M O T E 4 ON 7A6LE BELOW,
SOURCES: S E C U R I T I E S A N D E X C H A N G E C O M M I S S I O N AND DEPARTMENT OF COMMERCE.
[Billions of dollars]
Period
1939
1945
__1948
1949. ._ _ _
1950
1951
1 952 s
] 953
j
! Total 1
i
i
!
i
i
i
'
22. 06
19. 28
20. 60
25. 64
26 49
39
Durable ! Nondura- Mining
goods
ble goods
Tot al
5. 51 i
a 69
Transportation j
Manufacturing
I
|
!
1
i
I
!
1.
3.
9.
7.
7.
10.
11.
12.
94
98
13
15
49
85
63
28
0. 76
1.59
3. 48
2.59
3. 14
5. 17
5. 61
5. 82
\
!
1
!
|
i
!
:
1. 19
2. 39
5. 65
4. 56
4. 36
5. 68
6. 02
G. 46
!
i
!
;
1
I
i
1
0. 33
.38
.88
.79
. 71
. 93 !
. 98
1. 0] s
Railroads Other
0.28
.55
1. 32
1.35
1. 11
1.47
1. 40
1. 33
0.36
.57
1. 28
.89
1.21
1.49
1.50
]. 46
|
!
i
!
!
i
'
|
Public i Commerand
utilities i cial
other 2
0.52
. 50
2.54
3. 12
3.31
3.66
3. 89 i
4. 55
2. OS
2. 70
6.90
5. 98
6. 78
7.24
7. 09
7. 78
4
4
4
4
4
4
4
7 4' :/
7 ^
7* Q-4
8 00
7 84
7" 98
8 20
Seasonally adjusted annual rate?
J953i First quarter
!
Second quarter
i
Third quarter
-!
Fourth quarter _ _ _ i
1954: First quarter 4
'
Second quarter4 _
1
Third quarter
.1
1
3
1
27 84 :
28 48 !
28. 92 j
28. 56 i
27 48
26. 94 !
26. 79
32
3/; '
32
12
12.
11
11.
11.
26
30
22
87
42
02
i
i
'
1
i
5
5
5
5.
5
5
5
98
88
76
69
50
54
09
1
^
1
i
i
i
6
6
6
6
6
5
5
36 !:
38
54 ^
53 1
37 ;
87
94 !
90 :
93
1 00
1. 10
95 '
98
3. 04
1
1
1
1.
1
34 i
34
30
26
06
86
.70
1 38 1 38
1. 59
1. 52
1 47 '<
1. 27
1. 30 i
40
64
72
46
?9
44
53
Excludes agriculture.
Commercial and other includes trade, service, finance, communications, and construction.
Annual total is sum of seasonally unadjusted quarterly expenditures; it does not necessarily coincide with average of seasonally adjusted figures, in part
l»eeaus«- of a d j u s t m e n t s when necessary for systematic tendencies in anticipatory data.
» EMmmti-y based on anticipated capital expenditures as reported by business in April and May ]95~.
Noil - Those figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the
J M t e r eovi'i u r r i n i l i u r u l investment and also certain equipment and construction outlays charged to current expense.
1 > H » i i l v ill not necessarily odd to totals because of rounding.
.SOUK-IT• SrnnitH-Muid Kxehange Commission and Department of Commerce.
16
NEW CONSTRUCTION
New construction expenditures, seasonally adjusted, remained at a monthly rate of above $3 billion during June.
The total for the first 6 months of this year was about 2 percent above the corresponding period of 1953. The increase
occurred almost entirely in private building.
BILLIONS OF DOLLARS
3.5
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
»TOTAL CONSTRUCTION
2.5
^TOTAL PRIVATE
PRIVATE RESIDENTIAL
(NONFARM)
OTHER PRIVATE
I.O
FEDERAL, STATE, AND LOCAL
I
I
M
I952
J
J
A
S
1954
I953
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars, seasonally adjusted]
Total new
construction
Period
1939 monthly average
1942 monthly average
1944 monthly average
1946 monthly average
1948 monthly average 1949 monthlv average
1950 monthly average
1951 monthlv average
1952 monthlv average
1953 monthlv average
1953: M a v _ _
June
-_
Julv
August
September _ _ . _
October _
November
December.. _ _
_
1954: Januarv
Februarv,
M arch _ _ _
April
_
Mav.2 _
June _
1
_ _
__
_ __ .
683
1,173
438
1,000
1,806
1,899
2,371
2, 598
2,751
2,938
2, 932
2, 961
2, 916
2, 883
2, 925
2, 880
2, 936
2, 955
2, 956
3, 050
3, 001
3, 025
3, 068
3, 035
Includes public residential construction.
Private construction
Residential
Total
Other
(nonfarm)
private
142
223
366
142
143
285
114
182
68
469
335
803
689
1,404
715
676
689
1,365
738
1,050
1,788
914
899
1,814
917
1,842
925
994
996
1,990
1,009
2,012
1, 003
1,001
2, 032
1,031
993
1,015
2, 008
995
2, 000
1,005
999
1 , 994
995
1,003
979
], 982
1,026
976
2, 002
1 , 992
981
1,011
1,021
971
1, 992
1,032
972
2,004
981
2,017
1J036
1,031
1,032
2, 063
1,036
1,071
2, 107
1,029
2, 082
1,053
:
Federal,
State, and
local i
317
888
256
197
402
534
583
785
908
948
920
929
908
883
931
898
934
963
964
1,046
984
962
961
953
Preliminary estimates.
Sources- J^epart.raent of Commerce nnd Department of Labor.
17
NEW HOUSING STARTS
Nonfarm housing starts declined about 4 percent during May to a total of 106,000. On a seasonally adjusted basis,
private starts fell to an annual rate of 1,038,000 units—about the same as a year ago.
THOUSANDS OP UNITS
THOUSANDS or
NEW NONFARM DWELLING UNITS
COUNCIL Ot ECONOMIC ADVISHS
All n«'W ttnufnrin himning unit*
Period
Total
Annual totals: 1949
1950
1951
1952
1953
Monthly average: 1949
1950
1951...
1952..
1953
1953: April.
May June
.
July
August- . .
.
September
__
October
November
December
.
1954: January. 2 .
February
..
2
March2
April 2
Mav _.
_
-
_
_
.
..
.
. ...
.
_-
_
_ _ -
..
1, 025, 100
1, 396, 000
1, 091, 300
1, 127, 000
1, 103, 800
85, 400
116,300
90, 900
93, 900
92, 000
111, 400
108, 300
104, 600
96, 700
93, 200
95, 100
90 100
81, 500
65, 800
66, 000
73, 000
97 000
110 000
106, 000
Public
36, 300
43, 800
71, 200
58, 500
35, 500
3,000
3,600
5, 900
4,900
3,000
4, 000
2,700
2,600
300
1,000
3, 000
(i)
1,600
1, 300
1, 300
1,200
1 200
900
500
a
J Less than 50.
Preliminary estimates.
NOTE.—Data are currently being revised by tbe Department of Labor. New series will be available about July 15, 1954,
Source: Department of Labor.
18
Privnlr
988 800
1, 352 200
1, 020, 100
1, 068 500
1, 068, 300
82 400
112, 700
85 000
89, 000
89, 000
107 400
105 600
102' ooo
96, 400
92 200
92 100
90 100
79 900
64 500
64 700
71 800
95 800
109 100
105 500
nn mini
rntw: j»rivnt«
1
1
1
1
141 000
039 000
037 000
006 000
962 000
1 023 000
1 030 000
1
1
1
1
090 000
075 000
078 000
180 000
1 l Ai 000
1 159 000
1 038 000
INVENTORIES AND SALES
Business sales at both the manufacturers1 and distributors' levels (seasonally adjusted) dropped in May.
Manufacturers1 inventories were reduced again but at a slower rate/ wholesale and retail inventories, however, rose. Manufacturers 1 new orders, which had been rising since January, rose again, though only slightly.
BILLIONS OF DOLLARS, SEASONALLY
ADJUSTED
BILLIONS OF DOLLARS, SEASONALLY
TOTAL* AND MANUFACTURING
ADJUSTED
RETAIL
I INVENTORIES
*TOTAl
INVENTORIES" 1
I I I I I I I I I 1 1
195!
1952
INDEX, 1947-49= 100, SEASONALLY
1953
1953
ADJUSTED
1952
COUNCIL OF ECONOMIC ADVISERS
Period
Total business *
Inven-2
Sales 8
tories
Retail
InvenSales 3
tories a
Manufacturing
Inventories 2
Sales 3
New
orders3
Millions of dollars, seasonally adjusted
1939
1946
1948
1949
1950
1951
1952
. . .
1953
1953: April
May
June
July
August
September
October. .
November
December
1 954 : January
^February
March
April 6
May
June 6
20, 051
42, 892
55, 612
52,111
64, 721
6
75, 268
77, 109
"... 81, 072
78, 996
79, 678
80, 167
81, 116
81, 586
82, 000
81, 805
81, 276
81, 072
80, 688
80, 390
80, 093
79, 516
79, 422
10, 802
27, 150
36, 438
34, 664
39, 917
5
44, 821
46, 080
48, 817
50, 186
49, 395
50, 003
50, 398
48, 138
48, 652
48, 284
47, 518
47, 209
46, 450
46, 714
47, 094
47, 636
47,021
5, 534
11,852
15, 828
15,311
18, 652
6
21,239
21, 592
22, 661
22, 387
22, 455
22, 294
22, 743
22, 775
22, 924
22, 720
22, 437
22, 661
22, 521
22, 421
22, 563
22, 690
22, 844
3,503
8,541
10, 877
10, 893
11,974
6
13, 185
13, 674
14, 234
14, 280
14, 424
14,412
14, 469
14, 073
13, 982
14, 040
14, 104
13, 932
13, 622
13, 972
13, 900
14, 242
14, 030
11,465
24, 457
31, 693
28, 860
34, 314
42, 904
44, 190
463 722
45, 164
45, 673
46, 160
46, 485
46, 888
47, 087
47, 044
46, 909
46, 722
46, 382
46,115
45, 774
45, 183
44, 805
5, 112
12, 617
17, 630
16,416
19, 285
22, 205
23, 046
25, 271
26, 358
25, 816
25, 882
26, 366
25, 067
25, 379
25, 010
24, 256
24, 126
23, 902
23, 620
24, 064
24,418
24, 099
5,354
13, 694
17, 350
15, 903
20, 980
24, 391
23, 710
23, 846
25, 682
25, 883
25, 152
24, 525
22, 339
22, 661
22, 163
21, 594
22, 026
20, 749
22,016
22, 859
23, 017
23, 053
Department stores
InvenSales 3
tories *
Index 1947-49=100,
seasonally adjusted
35
35
90
77
104
107
98
100
105
109
109
129
110
118
112
126
111
125
117
127
115
128
113
130
112
131
107
128
128
110
113
127
112
123
107
120
TOO
119
121
105
1131
120
108
121
7
11 3
1
Also includes wholesale, not shown separately in this table.
• New series on retail trade beginning with 1951; not comparable with preview
* Book value, end of period.
data.
See Survey of Current Buiinesg, September and November 1952. few detail.
6
>4 Monthly average for year and total for month.
Preliminary'estimates
Book value, end of period, except annual data, which are monthly averages.
* Estimate became available after chart was roparrd.
Sources: Department of Commerce and Board of Govern on of the Federal Reserve By stem.
19
MERCHANDISE EXPORTS AND IMPORTS
Commercial exports and imports, which increased sharply in April following the shipping strike, decreased in May.
For the first 5 months, commercial exports were 2 percent above, and imports were 9 percent below, their corresponding levels in 1953. The export surplus increased slightly in May. Grant-aid shipments were ai their highest level
for the year.
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
I,60O
1,600
1,200
MERCHANDISE EXPORTS
EXCLUDING GRANT-AID
SHIPMENTS
I/ SEE FOOTNOTES I AND 2 ON TABLE BELOW.
SOURCES: DEPARTMENT Of COMMERCE AND DEP
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Merchandise exports
Period
1936-38 monthly average
1946 monthly average
1948 monthly average
. . ..
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average
1953 monthly average
1953: April
May ...
June
July
August .
September
October
November.
December
1954: Januarv
February
_ _
March
April
_
Mav
1
Total »
Grant-aid
shipments 2
Excluding
grant-aid
shipments
247
812
1,054
1,003
856
1,253
1,266
1,312
1,394
1,453
1,384
1,358
1,186
1,255
1,253
1,246
1,351
1,092
1, 181
1, 123
1,421
54
757
24
89
166
292
340
368
372
398
275
205
234
216
215
169
184
204
167
833
1, 164
1, 100
1,020
1,054
1,085
1,012
960
911
1,051
1, 019
1,030
1, 136
922
997
919
1,254
1,388
262
1, 126
Merchandise
imports
207
412
594
552
738
914
893
906
1,013
902
933
908
840
925
814
849
907
834
809
858
957
819
(+ )
Excess of e xports
x_ /
( )\
or impc _rts
Total
+ 40
-f400
+ 460
+ 452
+ 118
+ 339
+ 373
+406
+ 380
+ 551
+ 451
+ 450
+ 346
+ 330
+ 440
+ 397
+ 444
+ 258
+ 372
+ 265
+ 464
+ 569
Excluding
grant-aid
shipments
+ 345
+ 95
+ 250
+ 207
+ 114
+ 41
+ 183
+ 79
+52
+ 71
+ 126
+ 206
+ 181
+ 228
+ 88
+ 188
+ 61
+ 296
+ 307
Includes shipments under the various grant-aid programs: for some of these programs separate data are not available.
* Beginning with I960, figures include only Department of Defense shipments of grant-aid military supplies and equipment under the Mutoal Security
Program.
Shipments for the first 6 months of the program (July-December 1950) amounted to 282 million dollars.
a
Preliminary estimates.
Sources: Department of Commerce and Department of Defense.
NOTE.—Detail will not necessarily add to totals because of rounding.
20
PURCHASING POWER
NATIONAL INCOME
Compensation of employees in the second quarter of 1954 fell somewhat below first quarter levels, according to
preliminary estimates. Proprietors' income also declined in the second quarter/ due to a fall in farm proprietors'
income.
BILLIONS OF DOLLARS
350
BILLIONS OF DOLLARS
350
SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL TOTALS
TOTAL NATIONAL INCOME
300
250
•->:<•: PROPRIETORS* w&\<<^swssA'^
:<« RENTAL INCOME rv/X-X-X-^XvX-X^^^^
yXw>v;>-Vi^>^^
200
1939
•
1949
1950
1951
1952
1953
1954
1951
PRELIMINARY .ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCIL OF ECONOMIC AJ.-VIMI
[Billions of dollars]
Total
national
income
Period
1939 .
1944
1946
1947
1948
1949
1950
1951
1952
1953
_.
~
Compensation of
employees
72.5
183.8
180.3
198.7
223.5
216.3
240. 6
278.4
291.6
306.4
47.8
121.2
117. 1
128.0
140.2
139. 9
153. 4
178. 9
193.2
207. 6
306.7
310.7
308. 1
300.8
1
299. 5
204. 5
208.0
210.4
207. 7
205. 1
204.0
Proprietors1
(business,
professional, Net interest
farm)
and rental
income
14.7
35.5
42. 0
42.4
47.3
42. 1
45.4
50.7
51.2
49.9
4.2
3. 1
2.9
3.5
4.3
5.0
5. 7
6.4
7.0
7.8
Corporate profits and invontor)
valuation adjufltmont
Total
Profits
before
taxes
6. 5
24. a
23. 5
30. 6
33. 8
27. 1
4L 0
5.8
24.0
18.3
24.7
31.7
29.2
36.0
42. 4
40.2
41. 1
•ia, 7
]llVt<ilf<>l
v/iinnl K
Afijuitttn*
_
•if
Vl! 1»
Seasonally adjusted annual rates
1953' First quarter
Second quarter
Third quarter
Fourth quarter
1954* First quarter ]
Second quarter _ _ _
1
50.8
49.7
49.1
50.0
49.9
49. 2
7.6
7.7
7. 9
8. 1
8. 1
8.2
43.8
45.2
40. 7
35.0
J36. 4
2
Preliminary estimates by Council of Economic Advisers.
Not available.
NOTE.—The national income and expenditure series are being revised by the Department of Commerce and \vill bo i>nHi>
July 1954 and Economic Indicators, August 1954.
Detail will not necessarily add to totals because of rounding.
Source: Department of < '
•M. <i
•If* i»
1
:tj u
ati. f.
1
1. O
CORPORATE PROFITS
Corporate profits, both before and after taxes, appear to have been somewhat leader in the first quarter of this year
than during the preceding quarter. Abolition of the excess profits tax contributed to the relatively favorable showing of profits after taxes.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
60
60
^-PROFITS BEFORE TAXES'^
1954
ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCIt OF ECONOMIC ADVISERS
[Billions of dollars]
Corporate
profits
before taxes
Period
1939
1944
1946
1947
1948
1949
1950
1951
1952
1953__.
Corporate
tax
liability
Corporate profits after taxep
Total
Dividend
payments
1953: First quarter
Second quarter- . _ > .
Third quarter
Fourth quarter _.
44.6
45.9
43.3
34.0
5.0
1.5
3.8
10.8
13.5
4.7
9.6
13.9
5.8
18.5
6.6
11.9
13.0
7 2
20.7
10.8
16.3
7.5.
18.2
22.7
9.1
23.6
20. 1
9.2
18.6
9. 1
20.6
19.0
22.9
9.3
Seasonally adjusted annual rates
20.3
24.4
9.2
25.0
20.8
9.4
19.6
9.6
23.6
15.4
18.6
9.4
1954: First quarter ] .
36.5
18.0
1
„
6. 5
24.3
23.5
30.5
33.8
27. 1
41.0
43.7
39.2
41. 9
Undistributed
profits
1.2
6. 1
8. 1
12.0
13.5
8.8
13.6
10.9
9.5
9.7
18.5
8.9
9.6
11. 1
11.4
10.0
6.0
Preliminary «'stimat»'s hy Council of Economic Advisers.
NOTI Sri- p. IM ior l u o f u ; - h.-luic iax««s and inventory valuation adjustment.
Tin- n n i m i i j t l iiM'oinc an«l » - x p r i i d i t n n > ,s<'ii*-s ar<> beinp revised by the Department of Commerce and will be published in Suwey of Current
tintsif, J u l \ IU.VJ uml J.t nmnjur hniirnUn^. August IVM.
i »riuil « ill HHi n.-iw.mih itiid in idial.v In-caus*- oJ lonndiiu
Source: Department of Commerce (except as noted).
PERSONAL INCOME
Personal income in April is estimated at an annual rate of $282 billion (seasonally adjusted), $900 million lower
than in March. Farm income (for which the monthly estimates are especially erratic) fell off at an annual rate of $800
million, while the sum of all olher incomes declined at a rate of $100 million. Wages and salaries extended their
decline. No data are available for May because the Department of Commerce is currently revising the series.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
250
250
200
100
IOO
1949
1950
1951
1952 1953
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.
Total personal income
Period
1939
1944
1948
1949
1950
1952
1953
_
1953: March
April
May
June
July
August
September
October
November
December
1954* January
February
March .
April s _.
-
--
72.6
165.9
209.5
205.9
226.7
269.7
284.5
283. 6
282. 7
284.7
286.3
287. 5
287.0
286.3
287.2
285.9
284. 6
283.7
283.0
282.9
282.0
[Billions of dollars]
Proprietors' income
Labor income
(salaries,
Dividends
Business,
wages, and
and personal
professional,
Farm
other labor
interest
and rental
income)1
income l
10.2
45.7
4.5
9.2
116.2
11.8
23.7
10.6
29.6
16.0
134.9
17.7
134.2
12.8
29.3
17.1
32.1
146.5
13.3
19.6
36. 1
184.9
14.8
21.0
12.4
37.2
198.9
22.2
Seasonally adjusted annual rates
197. 5
13.2
21.9
37.3
12. 1
37.1
197.9
22.0
22.1
199.3
12.5
37.3
37.2
200.7
12.6
22.3
11.9
202.4
22.4
37.3
202.2
22.5
11.4
37.3
201. 1
37.4
22.7
11. 4
37. 3
200. 7
11.9
22.8
12. 2
22. 7
199. 6
37.6
197.6
22.7
12.5
37.5
196.3
12.4
37.2
23.0
195.3
37.4
12.3
23.0
11.9
37.4
194.8
23. 1
194. 3
11. 1
23. 1
37.8
Transfer
payments
3.0
3.6
11.3
12.4
1
15.1
12.9
13. 7
13.7
13. 6
13.5
13. 5
13. 5
13.6
13. 6
14. 5
13. 8
14. 3
14. 7
15.0
15. 7
15. 8
1 Excludes social insurance contributions of employees and, beginning January 1952, of self-employed persons.
2 Includes $2.7 billion National Service Life Insurance dividend, most of which was paid in the first half of the year.
aPreliminary estimates.
NOTE.—The national income and expenditure series are being revised by the Department of Commerce and will be published in Survey of C-u
rent Rwiness, July 1954 and Economic Indicators, August 1954.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce,
23
CONSUMER INCOME, SPENDING, AND SAVING
According to preliminary estimates, disposable personal income declined somewhat in the second quarter of 1954,
but remained close to its all-time peak. Despite the fall in income, consumer spending for durable and nondurable
goods and for personal services rose during the period. These opposite changes in consumers' income and spending
are estimated to have reduced ihe rate of net personal saving from 8 percent of disposable personal income in the first
quarter to 7 percent in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
— 250
200
100
50
1941
1943
1945
1947
1949
1951
1953
1954
IS5I
•^PERSONAL INCOME LESS TAXES. ^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
Less:
Personal Personal
and Disposable
income tax
nontax personal
payincome
ments
Period
1939 .
1941
1942
1944
1946
1947
1948
1949
1950
1951 >
1952
1953
___
. __ _
_
_ _ _ _ _ _
_ ___
1953: First quarter
Second quarter
Third quarter _
Fourth quarter- _
1954: First quarter ]
Second quarter
!
Equals :
_
72. 6
95. 3
122. 7
165. 9
177. 7
191. 0
209. 5
205. 9
226. 7
254.3
269 7
284. 5
281.
284.
286.
285.
283.
282.
6
4
8
9
2
5
2. 4
3. 3
6. 0
18. 9
18. 8
21. 5
21. 1
18. 6
20. 9
29. 3
34. 6
36. 6
Billions
36. 2
36. 7
37. 0
36. 6
33. 4
33. 2
COUNCIL OF ECONOMIC ADVISERS
Less: Personal consumption
expenditures
Total
Net saving
as percent
Personal
of disNonnet
posable
Durable durable Services saving
income
goods
goods
Billions of dollars
25. 5
35. 3
70. 2
6. 7
67. 5
28.5
44. 0
82. 3
9. 8
92.0
31. 2
52. 9
7. 1
116.7
91. 2
67. 1
37.4
7. 1
147. 0
111. 6
44. 5
16. 6
85. 8
158. 9
146. 9
21.4
49. 1
169. 5
95. 1
165. 6
188.4
22. 9
177. 9
100. 9
54. 1
57. 5
187. 2
99. 2
23. 8
180. 6
62. 7
102. 6
29. 2
194. 6
205. 8
67. 4
113. 4
27. 3
208. 1
225. 0
72. 7
118. 8
26. 7
235. 0
218. 1
78. 4
121. 2
247. 9
30. 1
229. 8
of dollars, seasonally adjusted annual rates
76. 3
121. 2
227. 7
30. 2
245. 4
77. 6
247. 7
230.4
122. 1
30. 7
79. 2
12L 3
30. 4
231. 0
249. 8
29. 1
1 20. 4
80. 5
249. 3
230. 0
1 20. 4
81. 3
249. 8
229. 8
28. 2
28. 5
82. 0
249. 3
231. 5 "
121. 0
Equals:
2. 7
9. 8
25. 6
35.4
12. 0
3. 9
10.5
6. 7
11. 3
16. 9
16. 9
18. 1
3.8
10. 7
21. 9
24. 1
7. 6
2. 3
5. 6
3. 6
5. 5
7. 5
7. 2
7. 3
17. 7
17. 2
18. 8
19. 3
20. 0
17. 8 !
!
7. 2
6. 9
?:?
8. 0
7. 1
I ' r H m i i i w j y estimates by Council of Economic Advisors.
Noil-.. Tin- national income and expenditure series are beinp revised by the Department of Commerce and will bo published in Survey of Current Bmincss, July
H».V1 and Krmtowic J-ndirafnry, August ]9.r>4.
iM'tnil will not necessarily add to totals because of roundini 1 .
Source: Department of Commerce (except as noted).
24
PER CAPITA DISPOSABLE INCOME
Per capita disposable income in both current and conslant prices continued to decline slightly in the second quarter
of 1954, according to preliminary estimates.
DOLLARS
— 2,000
SEASONALLY ADJUSTED ANNUAL RATES
1,500
1,000
1941
1943
1945
194?
COUNCIL Of ECONOMIC ADVISERS
Total disposable personal
income (billions of dollars)1
Period
Current
prices
1939
1941
1942
1944
1946
1947
1948
1949
1950
1951
1952
1953
..
.
-
.
-_
...
.
1954-
1953
1952
1951
j'SEE NOTE 2 ON TABLE BELOW.
^PRELIMINARY ESTIMATES.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS
Current
prices
1953
prices a
70.2
92.0
116. 7
147.0
158.9
189. 5
188.4
187.2
205.8
225.0
235.0
247.9
Per capita disposable per
sonal income (dollars)1
139.8
171. 3
193. 2
212. 7
206. 6
200.6
211. 4
21 2. .5
228. 9
232. 7
238. 3
247. 9
1953
prices* 3
536
690
865
, 062
,124
, 176 :
, 285
, 255 :
, 357
, 458
,4U7
Population
i (thouiiinds) *
, 0(1
, 28
, 43
, 53
, 4ti
, Hi)
, 44
, 42
. Mi
. M*
, *•!
. 553 '
, MH
133. 402
134, 800
1118,397
H I , 38H
144,126
Mf'». 631
Nil, 188
16),f»83
!M.3CiO
167,022
1 />!», 629
. ftf.ti
, !tfS
, ft»*»V
,MV
If»8, 714
i M), 306
MM), 022
HH). 704
,
I f » l , 436
! <>2, 078
Seasonally adjusted a n n u a l
1953: First quarter
Second quarterThird quarter ..
Fourth quarter.
245.4
247.7
249.8
249. 3
247.
248.
248.
247.
1954: First quarter_„4
Second quarter
249.8
249. 3
247. <»
247, «i
1 iDcome less taies.
2 Dollar estimates in current prices divided by an over-all implicit price index for JWT*OJUJ
of Commerce data, shifted from a 1939 base.
s Inclndine anriprl forces oversea?. Annual data a? of July 1: Quarterly d«n» «nni*r».d In
* Preliminary estimates.
NOTE.—The national income and expenditure 5
1954 and Economic Indicators, August 1954.
Sources: Department of Commerce and Council of Economic Adviser*
4
2
3
8
i e»twM*1lt»i***4
Mt;
fififj
Mil
s
*i«*i
f»5?^
I*
frjft
t*n r»f|«rtmrrit
*i w«»* «i*»»>iW| ft^iir*-*
.July
25
FARM INCOME
During the first 5 months of 1954, farmers received on the average $2.1 billion per month from cash marketings and
Government payments, about 4 percent below the same period of 1953. Livestock receipts were about the same as
last year. Crop receipts were about 10 percent lower.
BILLIONS OF DOLLARS
5
BILLIONS OF DOLLARS
5
I954
COUNCIL OF ECONOMIC ADVISERS
Parity index
Farm income
Farm income
(prices paid,
(millions of
(millions of
interest, taxes,
current
and wage rates) 1953 dollars) a
dollars)
1953 = 100 i
Period
1939 monthly average
1 942 monthl v average
1944 monthly average
1 946 monthly average
1948 monthlv average
1949 monthly average
1 950 monthly average.
1951 monthly average
1952 monthly average
1953 monthly average
1953: April.
May
June.. ..
July
August
September.
October
November. .
December
] 954 * January
February
IMarchApril 3
.
Mav
26
..
_. _ _
..
..
.
.
.
.
_
. .
715
1,345
1, 763
2, 111
2, 539
2, 344
2, 384
2 757
2,721
27 599
2, 020
2 009
2, 156
2, 404
2 461
3, 169
3 700
3 443
2, 986
2 629
1 960
2 014
1, 914
1,962
i Converted from the reported base, 1910-14 = 100, to the base 1953=100.
* f n n n income in current dollars divided by parity index on base 1953=100.
1
1'irlimiiifiry estimate.
N'i>Tf
I'uriu income includes cash receipts from marketings and Government payments.
44
54
65
75
93
90
92
101
103
100
100
100
99
100
100
99
99
99
100
101
101
101
101
102
1,625
2,491
2,712
2,815
2, 730
2,604
2,591
2, 730
2, 642
2, 599
2,020
2,009
2, 178
2, 404
2,461
3,201
3,737
3,478
2,986
2,603
1,941
1,994
1,895
1,924
Source: Department of Agriculture.
CREDIT, MONEY, AND FEDERAL FINANCE
BANK LOANS AND INVESTMENTS
Total loans and investments of commercial banks increased $1.6 billion in May. Of the increase, $1.2 billion
occurred in holdings of U. S. Government securities, reflecting in part purchases of the new 1 %-percent Treasury notes.
Loans of all commercial banks rose by $300 million, largely as a result of increased loans on securities.
BILLIONS OF DOLLARS
175
1945
BILLIONS OF DOLLARS
175
1950
1951
1952
o N o
1953
1953
END OF YEAR
1954
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
All commercial banks
End of period
1939
1945
._
1947.-..
1949.
1950
1952
1953
1953: April
._
May
June
July
August
September
October - _ _
NovemberDecember1954; January
February
March
April 2
May
•
June 2
Total
loans and
investments
-
.-
_
-
40.7
124.0
116.3
120.2
126.7
141. 6
146.4
138.5
138. 1
138.0
143. 2
143. 1
143.0
144.0
145. 5
145.7
145.3
144.9
142.8
144. 1
145. 7
Investments
Loans
17.2
26. 1
38. 1
43.0
52.2
64. 2
68.3
65.3
65.4
65.0
65.6
66.0
66.3
67. 1
67.2
67.6
66. 5
66.9
67.0
66.8
67. 1
Total
23. 4
97.9
78. 2
77.2
74.4
77.5
78. 1
73. 2
72.7
72.9
77.6
77. 1
76. 7
76.8
78.3
78. 1
78.9
78.0
75. 7
77.4
78.6
U. S.
Government
securities
16. 3
90.6
69. 2
67.0
62.0
63. 3
63.6
58.9
58.3
58.6
63.2
62.6
62. 2
62.3
63. 7
63.4
64. 2
63.0
60.6
62. 1
63.3
Other
securities
Weekly
reporting
member
banks—
business
loans l
7. 1
7.3
9.0
10.2
12.4
14. 1
14.6
14.4
14.4
14.3
14 3
14.5
14 5
14.5
146
147
147
15.0
15. 1
15.2
15. 3
* Commercial, industrial, and agricultural loans; revised series beginning January 1952.
2 preliminary estimates.
MOTE.-—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
47
7.2
147
13.9
17.9
23.4
23.4
23. 1
22.8
22.8
22.6
22.9
23. 1
23.3
23.2
23.4
22.5
22. 4
22. 8
22.2
21. 9
21.9
27
CONSUMER CREDIT
Consumer credit outstanding, increasing for the second month in a row, totaled $27.5 billion a! the end of May, o»
$190 million more than a month earlier. Most of the increase was due to a seasonal tise in charge accounts and an
increase in single-payment loans. Auto instalment credit, increasing for the first time since last November, was iargc-ly
responsible for the slight rise in instalment credit.
BILLIONS OF DOLLARS
30
1950
1951
END OF YEAR
1952
1954
1953
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Total
consumer
credit
outstanding
End of period
1939
1945
1950
1951
1952
1 953
1953: April
Mav
June
Julv
August
September
October
November
December
1 954 : January
February
March _
April
Mar
A
J-ttJ
~_
7,222
5, 665
20, 813
21, 468
25, 827
28, 896
26, 455
27, 056
27,411
27, 581
27, 810
27, 979
28, 166
28, 252
28, 896
28, 125
27, 478
27, 151
27, 330
27, 520
Instalment credit
Total
Autoi mobile
| paper *
4,503
2,462
14,490
14,837
18,684
21,807
19, 767
20,213
20, 635
21,004
21,218
21,347
21,486
21, 586
21,807
21, 444
21, 151
20, 900
20, 909
20,932
1
1,497
i
455
i
6,342
i 6,242
I 8,099
| 10,289
!
9, 111
i 9,432
i 9, 692
! 9,973
! 10, 136
! 10,232
10, 337
! 10, 358
10,289
I 10, 084
1
9, 915
i
9, 800
9, 798
;
9,838
|
Other Repair and
consumer moderni- Personal
loans
zation
goods
paper *
loans 2
1,620
816
4,337
4,270
5,328
5,605
5, 217
5,272
5,333
5,351
5,362
5, 352
5, 366
5, 406
5,605
5,495
5,377
5, 220
5, 188
5, 142
298
182
1,006
1,090
1,406
1, 606
1,435
1, 462
1, 493
1, 516
1, 534
1,562
1, 585
1, 604
1, 606
1,587
1.570
1, 554
1, 554
L 565
1,088
1,009
2,805
3,235
3,851
4,307
4,004
4, 047
4, 117
4, 164
4, 186
4,201
4, 198
4, 218
4,307
4,278
4,289
4, 326
4,369
4,387
Noninstalment credit
Total
2,719
3,203
6, 323
6, 631
7, 143
7, 089
6, 688
6, 843
6, 776
6, 577
6, 592
6,632
6,680
6, 666
7, 089
6, 681
6, 327
6, 251
6, 421
6, 588
Charge
accounts
1,414
1,612
3, 006
3, 096
3, 342
3, 249
2, 682
2, 763
2, 781
2, 705
2, 668
2,716
2,811
2, 840
3, 249
2, 893
2, 550
2, 438
2, 566
2, 639
i Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.
Includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper."
*Single-payment loans and service credit.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
8
28
Other 8
1,305
1,591
3,317
3,535
3,801
3,840
4, 006
4,080
3, 995
3,872
3, 924
3, 916
3, 869
3,826
3,840
3,788
3, 777
3, 813
3,855
3, 949
BOND YIELDS AND INTEREST RATES
As revealed by weekly data, the upward movement of yields on long-term public and private securities which prevailed during May was reversed early in June. On the other hand, the yield on 3-month Treasury bills turned up in
mid-June. The prime commercial paper rate was unchanged.
PERCENT PER ANNUM
PERCENT PER ANNUM
3.5
3.5
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U. ». Uo^^ernment secuinty yields
Period
1939
1946
1950
1951
1952 .
.
1953
1953: Mav
June
July
August _ _
September
October
November
December
1954" January
February
March
April ._ _ . .
Mav
June
Week ended:
1954- June 5
12 .
19
26
Julv "3
10
A A»J
.
_--
_
-
___.
--
3-month
Treasury
bills *
0.023
. 375
1. 218
1. 552
1. 766
1. 931
2. 200
2. 231
2. 101
2. 088
1. 876
1. 402
1. 427
1. 630
1 214
. 984
1. 053
1. Oil
. 782
. 649
. 714
. 616
. 633
. 635
. 646
Taxable bonds *
Old series8
2. 19
2. 32
2. 57
2. 68
2. 93
3. 09
3 09
2. 99
3. 00
2. 97
2. 83
2. 85
2. 79
2 68
2 60
2. 51
2. 47
2. 52
2. 54
2. 58
2. 56
2. 53
2. 50
2. 51
New series4
Coroorate
Aaa bonds
f IS^oodv's^
3 16
3. 26
3 29
3. 25
3. 22
3. 19
3. 06
3 04
2. 96
2 90
2 85
2. 73
2. 70
2 72
2. 70
3. 01
2 53
2. 62
2 86
2. 96
3 20
3 34
3 40
3 28
3. 24
3 29
3 16
3 11
3. 13
3 06
2 95
2 86
2 85
2 88
2 90
0 59
81
1 45
2 17
2 33
2 52
2 68
2 75
2 75
2 75
2 74
2 55
2 32
2 25
2 13
2 00
2 00
1 77
1 59
1 56
2. 74
2. 70
2. 68
2. 68
2. 67
2
2.
2.
2
2.
1
1
1
1
1
91
91
90
90
90
2
' Rate on
new issues within period.
Bonds in this classification were first issop.d in March 1941.
12MrPereent bonds first callable after 12 years. Prior to April 1952, only bonds due or callable after 15 years were included.
«8^-percent bonds of 1978-83. issued May 1,1953.
Source: Board of Governors of the Federal Reserve System
Prime
commercial
paper,
4-6 months
56
56
56
56
56
29
MONEY SUPPLY
The privately held money supply increased in May by $700 million, very largely as a result of an increase in time
deposits, though both currency and demand deposit holdings increased as well. U. S. Government deposits increased
by $600 million.
BILLIONS OF DOLLARS
225
TOTAL DEPOSITS AND CURRENCY
TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS
DEMAND DEPOSITS ADJUSTED
TIME DEPOSITS
-£-
RRENCY OUTSIDE BANKS
1941 42 43 44 45 46 47 48 49 50 51 52 53
END OF YEAR
1952
1953
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS
Total deposits and
currency
End of period
1939
1945
1946
1948
1949
1950
1951
1952.
1953
1953: ApriL
May
...
_
June
July
August September
October .
November..
December
1954: January
February MarchApril .
Mav 4
_.
64.7
176.4
167.5
172.7
173.9
180.6
189.8
200.4
205.8
195. 4
195. 3
196.6
201.3
201. 1
201.1
201.7
203.7
205. 7
203.5
202. 5
201. 3
202.3
203. 6
nrludes U. S. Government deposits at Federal Reserve banks and commercial and savings banks, and U. S. Treasurer's time deposits,
open ceo uni.
ncludra demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
nr hides deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.
'rellminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
IIWUUI.
30
-
[Billions of dollars]
Total excluding U. S. Government deposits
(privately held money supply)
U.S.
Government
Demand
Currency
l
Time
deposits
deposits
outside
Total
deposits *
adjusted a
banks
27. 1
29.8
6.4
63.3
1.5
48. 5
75.9
26.5
150.8
25.6
54.0
83.3
26.7
164.0
3.5
57.5
26. 1
85.5
169. 1
3.6
58.6
85.8
25.4
169.8
4. 1
59.2
25.4
92.3
176.9
3.7
61.4
98.2
186.0
26.3
3.9
65.8
101. 5
27.5
194. 8
5.6
70.1
103.3
27.8
201.3
4.5
67.2
98.0
192. 2
27.0
3.2
67.6
97.5
27.0
192.1
3.3
68.3
96.9
27.4
192.6
4. 1
68.4
97.4
27.2
193.0
8.3
68.7
97.5
27.3
193.4
7.7
69.1
97.7
27.5
194.3
6.8
69.6
27.4
100.3
197.3
4.4
69.3
100.2
27.9
197.4
6.2
70.4
102.5
28. 1
200.9
4.8
70.6
102.3
26.9
199.8
3.7
71.0
99.6
26.9
197.4
5.0
71. 7
96. 7
26. 9
195.2
6. 1
72.0
98.6
26. 7
197.3
5.0
72. 5
98. 7
26. 8
198.0
5. 6
FEDERAL BUDGET RECEIPTS AND EXPENDITURES
Budget receipts were somewhat higher in May than in April while expenditures were a little lower. The cumulative
budget deficit for the first 11 months of fiscal year 1954 was $6.5 billion, compared to a deficit of $10.3 billion at
the same time last year. The fiscal year totals will be affected by the seasonally high June receipts.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL BUDGET EXPENDITURES
NET BUDGET RECEIPTS
75
50 -
I960
I95I
I952
1953
1954
1955
1951
NATIONAL SECURITY PROGRAMS
1952
1953
1954
1955
BUDGET SURPLUS («•) OR DEFICIT (-)
(MAGNIFIED SCALE)
FIRST II MONTHS
(JULY- MAY)
-5
-10
I960
*EST.MATED
195!
1952
1953
1954
1955
1950
1952
1953
1954
1955
FISCAL YEARS
SOURCES, TREASURY DEPARTMENT AND BUREAU OF THE BUDGET,
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
surplus (-J-)
Net budget receipts Budget
or deficit ( — )
Budget expenditures
Period
Actual:
Fiscal year 1944
Fiscal vear 1947
Fiscal year 1 948
Fiscal vear 1950
Fiscal year 1 951
Fiscal year 1952 3
Fiscal year 1953
Estimated:
Fiscal vear 1954
Fiscal year 1955
Actual: 8
1953* February
March
April
Mav
. _
1 954 • Febr uar v . .
March
April
Mav
Public
Total
debt
National security l
CumulaCumulaTotal for tive fiscal Total for tive fiscal (end of3
CumulaCumulaperiod)
Total for tive fiscal Total for tive fiscal period year totals period
year
totals
period year totals period year totals
95. 1
39.0
33. 1
39.6
44.1
65.4
74.3
75.8
14.4
11.7
13.0
22.3
43.8
50.3
43. 6
39.8
41. 5
36.5
47.6
61.4
64.8
-51.4
-f.8
+ 8.4
-3- 1
+ 3.5
—4. 0
-9.5
202.6
258.4
252.4
257.4
255.3
259. 2
266.1
70.9
65.6
48.7
44.9
67.6
62.6
-3.3
-2.9
269.8
273.1
5.4
6. 1
6.5
6.5
4.7
5.6
5.3
5.2
46.3
52. 3
58.8
65.3
44. 4
50. 0
55.3
60.5
3.6
4. 6
4.6
4.6
3.6
3. 8
3.6
3.3
30.8
35.5
40. 1
44.6
30.9
34.7
38.3
41.6
4.9
10. 5
2.8
4.2
5.4
11. 4
2.8
3.6
37.6
48. 1
50.9
55. 1
36.2
47.7
50.4
54.0
g
+ 4*4
-3. 7
-2.3
+ .7
-f 5. 9
-2. 5
-1.6
-8.7
-4.2
-7.9
-10. 3
-8.2
-2.3
-4.8
-6.5
267.6
264. 5
2646
266.6
274.9
270.3
271. 1
273.6
J Revised to include the items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending June 80.1965. These
enditure item? are: Military services, foreign military assistance, development and control of atomic energy, and allocation of critical and strategic materials.
* Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.
»Itapinninp with February 1954, the reporting of budget receipts and expenditures has been changed to a basis consistent with that used in preparing budget
lninte:;. For comparative purposes, figures for fiscal 1953 are shown on a like basis.
NOTK.—3">»ittt for earlier months have not been published by the Treasury Department.
pptnJJ will not necessarily add to totals because of rounding.
Homing;: Treasury Department and Bureau of the Budget.
31
FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
The cash surplus of almost $7 billion for the first quarter of 1954 compares with a surplus of $4.4] billion for the
same quarter of 1953, reflecting a rise of $0.8 billion in receipts and a decline of $1.8 billion in payments.
BILLIONS OF DOLLARS
25
CASH RECEIPTS
/
CASH PAYMENTS
LL
I953
— Ca —EXCESS OF CASH RECEIPTS-
I
EXCESS OF CASH PAYMENTS-
CALENDAR YEARS
SOURCES: BUREAU OF THE iuoeit AND TREASURY DEPARTMENT.
COUNCIL OF ECONOMIC ADVISERS
f Millions of dollars!
Calendar year
Calendar vear total:
1946
_
1947
.
1948
1949
1950
1951
1952
1953
_
Quarterly totals, not adjusted for seasonal variation:
1952: Firit quarter
Second quarter
Third quarter
Fourth quarter
1953: First quarter
Second quarter
Third quarter
Fourth quarter
1954: First quarter
_
___
_.
l
Federal caeii
receipts from
the public
Federal cash
payments to
the public
Excess of re
ceipts ( +) or
payments (—)
41,441
44,282
44 5 922
41,346
42,419
59,278
71,339
70,382
41, 399
38, 616
36, 897
42, 642
41, 969
58, 034
72, 980
76, 541
+ 42
+ 5,666
+ 8,027
-1,295
+ 450
+ 1,244
— 1, 641
-6, 159
21,874
19, 389
15, 354
14, 722
16,921
18, 701
17, 921
19, 436
+ 4, 953
+ 688
-2,567
-4, 715
22, 539
18, 674
15, 502
13, 667
18, 166
21,049
19, 015
18,311
+ 4,373
-2,375
-3, 513
-4, 644
23, 353
16, 358
+ 6,995
1
Preliminary estimates.
NOTE.—Detail will not necessarily »dd to totals beneusp nf roundint.
Sources: Bureau of tb« Bud£ei and Treasury Department.
32
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