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84th Congress, 1st Session

<\,V°

Economic Indicators
JULY 195S
Prepared for the Joint Committee on the Economic Report




by the Council of Economic Advisers

The Joint Committee on the Economic Report in House Report 1256,
83d Congress, 2d session, directed the committee staff to sponsor an intensive
review of Economic Indicators. This review was undertaken with the cooperation of the Council of Economic Advisers and the Bureau of the Budget.
Comments and suggestions by the users of Economic Indicators have helped
the Joint Committee and the Council of Economic Advisers to make several
revisions and additions which have already been included in Economic Indicators, This issue contains additional improvements, including a new
arrangement of the charts and tables. The Joint Committee is grateful for
the assistance it has received and will continue to welcome comments directed
toward making Economic Indicators a more widely useful publication.
PAUL H. DOUGLAS, Chairman,
Joint Committee on the Economic Report.

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1955

JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec, 5 (a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
JOHN SPARKMAN (Alabama)
J. WILLIAM FULBRIGHT (Arkansas)
JOSEPH C. O'MAHONEY (Wyoming)
RALPH E. FLANDERS (Vermont)
ARTHUR V. WATKINS (Utah)
BARRY GOLDWATER (Arizona)

RICHARD BOLLING (Missouri)
WILBUR D. MILLS (Arkansas)
AUGUSTINE B. KELLEY (Pennsylvania)
JESSE P. WOLCOTT (Michigan)
HENRY O. TALLE (Iowa)
THOMAS B. CURTIS (Missouri)

GROVER W. ENSLEY, Staff Director
JOHN W. LEHMAN, Clerk

COUNCIL OF ECONOMIC ADVISERS
ARTHUR F. BURNS, Chairman
RAYMOND J. SAULNIER
JOSEPH S. DAVIS

[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

11




Contents
TOTAL OUTPUT, INCOME, AND SPENDING

Page

The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Per Capita Disposable Income
Farm Income
,
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment

1
2
3
4
5
6
7
8
9
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Nonagricultural Employment
Average Weekly Hours—Selected Industries
Average Hourly Earnings-—Selected Industries
Average Weekly Earnings—Selected Industries

11
12
13
14
15

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Sales and Inventories—Manufacturing and Trade.
Merchandise Exports and Imports

.

16
17
18
19
20
21
22

PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers

23
24
25

CURRENCY, CREDIT, AND SECURITY MARKETS
Currency and Deposits
Bank Loans, Investments, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices

.

26
27
28
29
30

FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public




31
32

TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Preliminary estimates of total income and expenditures for the second quarter of 1955 reflect the continued rise in
over-all economic activity.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

CONSUMERS
300

300

250

250
DISPOSABLE INCOME

^EXPENDITURES

200

200

ISO

ISO

I

I

t

I

I

I

I

I

I

l . i

I

I

l

.

l

t

I

BUSINESS
(00

100

INVESTMENT-:'

EXCESS OF INVESTMENT
GROSS RETAINED
EARNINGS^

GOVERNMENT-FEDERAL, STATE, AND LOCAL
100

100

EXCESS OF
^ EXPENDITURES

(LESS TRANSFER PAYMENTS)

50 —

i960

1955

FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT.
•^INCLUDES CORPORATE UNDISTRIBUTED PROFITS AND INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES.
•^PRELIMINARY ESTIMATES.
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 ADVISERS




GROSS NATIONAL PRODUCT OR EXPENDITURE
Recently revised eslimates indicate that the gross national product reached an all-time high of $375 billion (seasonally
adjusted annual rate) in the first quarter of this year. Preliminary estimates indicate a further rise of nearly $8 billion
to a new record of $383 billion in the second quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

400

400

350

300

250

250

200

ISO

100

-50

-50

1955
PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCEJEXCEPT AS NOTED).

[Billions of dollars]
Personal Gross
Total
conNet
private
gross
sump- domestic foreign
national tion
investproduct expend- investment
ment
itures

Period

1939
1946
1947
1948
1949
1950.
1951
1952
1953
1954....
1954: First quarter
Second quarter
Third quarter..
Fourth quarter
1955: First quarter 3
Second quarter „
1

COUNCIL OF ECONOMIC ADVISERS

..
.
.

_

91. 1
209. 2
232.2
257. 3
257.3
285. 1
328. 2
345.2
364. 5
360.5

67.6
146. 6
165. 0
177. 6
180. 6
194. 0
208. 3
218.3
230. 6
236. 5

358. 3
357. 6
358. 8
367. 1
375.3
383. 0

232. 2
235. 1
237. 9
241. 0
245. 8
249. 5

Government purchases of goods and services
Federal
State
and
Total i Total i National Other
2
local
security

1.3
5.2
0. 9
13.3
9.3
21. 2
30. 9
20.9
4.6
27. 1
13. 3
28.6
15. 8
8. 9
29.7
16.0
21. 0
36. 6
2. 0
41. 2
19.3
25.4
43. 6
.5
32.5
18. 5
22. 1
42. 0
-2.2
51. 2
41. 0
37.3
.2
62.8
56. 9
48. 8
54.3
—. 2
77.5
49. 6
51.4
59.5
84.5
51.4
-2.0
g
43. 2
49.2
77. 0
47.2
Seasonally adjusted annual rates •
46.8
54.7
81. 7
-1. 1
45.5
43. 6
48. 6
-.3
75.9
46.9
42. 1
47.7
75. 8
-.7
45. 9
45.7
40. 5
74.5
.9
50.7
41.2
46. 4
75.8
-.4
54. 1
40.3
45. 3
75.0
-.5
59. 0

3. 9
2.5
3.8
5. 6
6. 6
3. 9
4. 2
5.8
8.5
6.3

8.2
10.0
12.8
15. 6
18.2
19.9
21.8
23.2
25. 0
27.8

8.3
5.4
6. 1
5.5
5. 5
5.3

27.0
27. 3
28. 1
28. 7
29.4
29.7

Less Government sales.

* 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 end economic stabilization, and civil defense. For further details, see Economic Report o< the
President, January 1955 (p. 137). and National Income, 195J, Edition (p. 148). These expenditures are not comparable with the "national security" category in The
Budfet of the U. S. Government for the Fixed Year Endinc June SO, 1955. and shown on p. 31 of Economic Indicators.
a Preliminary estimates by Council of Economic Advisers.
NoTE.—The figures beginning with 1952 have been revised. For details, see Surrey of Current Business, July 1955.
Detail will not necessarily add. to totals because of rounding.
Source: Department of Commerce (except as noted).




NATIONAL INCOME
The continued increase in general business activity during the second quarter was reflected in a rise of over $8 billion
(seasonally adjusted annual rate) in national income, according to preliminary estimates. Increases in employee
compensation and corporate profits accounted for most of the rise.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

350

350

300 -

300

250

200

200

ISO

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

PROPRIETORS' AND
x* RENTAL INCOME

1955

I960
•^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC AOViSERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Total
national
income

Period

1939..
1946
1947__
1948__ . . _..«_
.
1949
1950..
„ __
1951__
1952
1953 _
1954

.

1954: First quarter
Second quarter
Third quarter
Fourth quarter
1955: First quarter 2
Second quarter

Compensation
of em-1
ployees

72.8
179. 6
197.2
22 L 6
216.2
240. 0
277.0
289. 5
303. 6
299. 7

48. 1
117. 7
128.8
140. 9
140.9
154. 3
180.4
195. 3
209. 2
207.9

297. 7
298.9
298. 7
303. 2
311.4
319.8

206. 7
207. 2
207. 8
209. 8
213. 1
219.0

Proprietors' income
Farm
4.3
13. 9
14. 5
16. 7
12. 7
13. 3
16. 0
14.3
12. 3
12.0

Business
and professional

Rental
income
of
persons

Net
interest

2. 7
7.3
4. 6
21. 3
6.2
3. 1
19. 9
3.8
6.5
21. 6
7.2
4.5
21.4
5.2
7.9
22.9
8.5
5. 9
24. 8
9. 1
6. 8
25. 7
9 9
7.4"
25. 9
10. 3
8.8
25. 9
10. 5
9.5
Seasonally adjusted annual rates
13. 2
25. 3
10. 4
9.4
11. 9
25.9
10. 5
9.5
26. 0
10. 6
11.7
9.5
9.7
11.2
26.3
10.7
26. 6
9.9
10.7
11.5
27. 1
10.7
10. 3
11.0

Corporate profits and inventory valuation adjustment
Total

Profits Inventory
before valuation
taxes adjustment

5.7
17.3
23. 6
30. 6
28. 1
35. 1
30. 9
36. 9
37. 2
33. 8

6.4
22. 6
29. 5
32.8
26. 2
40.0
41.2
35.9
38.3
340

0 7
-5.3
-5.9
-2.2
1.9
— 4. 9
-1. 3
1.0
— 1.1
-. 2

32. 6
34.0
33. 1
35.5
39. 6
41.7

32.7
33. 7
33. 5
36. 0
[ 40. 9
42.5

2
".2
rt
*— . u
—.5
-1.3
-.8

* Includes employer contributions for social insurance. (See also p. 4.)
2 Preliminary estimates by Council of Economic Advisers.
NOTE.—The figures beginning with 1952 have been revised. For details, see Survey of Current Business, July 1955.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).




SOURCES OF PERSONAL INCOME
Total personal income increased $2 billion (seasonally adjusted annual rate) in May and exceeded the $300 billion
level for the first time in history. Labor income rose materially. Farm income/ which fluctuates erratically on a
month-to-month basis, declined.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL PERSONAL INCOME*

LABOR

INCOME

FARM PROPRIETORS'
INCOME

TRANSFER PAYMENTS
fBUSINESS.PROFESSIONAL.AND RENTAL INCOME
-DIVIDENDS AND PERSONAL INTEREST

1952
SOURCE: DEPARTMENT OF COMMERCE

I l
1953

1955

COUNCIL OF ECONOMIC ADVISERS

Less: PerLabor income Proprietors' income
(wage and
Rental
Total
Personal Transfer sonal con- Non agrisalary disBusiness income Divi- interest
Period
pay- tributions cultural
personal bursements
dends
of
Farm
and proincome ments for social personal
income
insurincome3
and other
fessional persons
ance
labor income)1
1939
67. 1
0.6
3.0
5.8
72.9
46.6
3.8
2.7
4.3
7.3
2.0
11.4
161. 1
1946
7.6
178.0
5.8
13.9
6.2
21. 3
113. 8
2.2
188.5
1948
9.0
208. 7
7.2
11.3
137.9
7.2
16. 7
21.6
2.2
190.8
1949
9.8 8 12.4
206. 8
137.4
7.5
7.9
12.7
21.4
2.9
210.5
1950
227. 1
10. 6
15. 1
9.2
8.5
150.3
22.9
13. 3
235. 7
1951
34
12. 6
255. 3
11.6
9. 1
175. 6
9. 1
16. 0
24. 8
253.1
1952
3.8
13.2
271. 1
12. 3
9.0
9.9
190.5
14.3
25.7
3.9
270. 2
1953
14.0
13.8
286.2
9.3
204. 6
10.3
12. 3
25.9
271. 9
4. 5
1954
16. 2
14.7
287. 6
10.0
202.8
12.0
10.5
25. 9
Seasonally adjusted annual rates
4.5
270. 4
14.7
16. 4
1954: Anril
9. 8
286.4
10. 5
201. 7
12. 1
25.8
4.5
271.0
16.5
May
14.7
9.8
10. 5
286.7
202.2
25.7
11.8
272. 1
4.5
14.7
June
46. 0
9.9
286. 7
10. 5
202. 4
11.7
26.0
4.4
272. 1
July
16. 1
14.7
9.9
287. 1
10. 6
203.2
26. 0
11.0
4.6
271.5
14.7
August
9.9
16. 1
286.7
10.6
202.4
11. 6
25.9
272. 1
4. 5
14.7
16. 3
September. _ 287.9
10.0
202. 4
10.6
12. 5
26.0
4.5
273.8
17. 0
14.8
October
10. 1
10. 7
288.4
2J5. 0
203.5
10. 9
4. 5
275. 9
16. 8
14.8
November. _ 290. 8
10. 1
10.7
205.3
11.3
m.3
4.6
278. 1
17.1
14. 9
December
11.7
10. 7
293.4
26. 7
205. 5
11.5
5.0
276.5
17. 0
14.9
1955: January
10. 1
10.7
292.2
206. 1
11.7
26.6
5.0
277. 7
17.0
February
10.2
15.1
10.7
293.2
207. 1
11.7
26.4
5. 1
280.9
15.2
17.4
March
10.4
295.7
10. 7
209. 4
26.7
11. 1
5. 1
283. 7
April 4
17.6
15.3
10.6
298. 9
10. 6
211. 5
26.9
11.4
5. 2
286. 6
17. 6
15.4
Mav
• 301. 1
10.8
10. 6
214.0
10. 8
27. 2
Includes $2.7 billion National Service Life Insurance
tlon of rim loyet-s (sec p. 3) excluding emj loyr contributions for social insurance.
dividend, most of which was paid in. the first half of the year.
I income of unincorporated farm enterprises, farm wages, agri* Preliminary estimates.
•1 i l U i < i i < n < K pui«l by arrieiilhinil corporations,
imiint' \\-\\\\ lu.vj have brrn rvvls«-d. For details, see Survey of Current Business, July 1955.
Source: Department of Commerce.
11% txlil In I,.




DISPOSITION OF PERSONAL INCOME
Disposable personal income rose by $6 billion (seasonally adjusted annual rate) in the second quarter of this year,
according to preliminary estimates. Consumer expenditures rose less than disposable income, and the rate of consumer saving rose to about the level registered in the last half of 1954.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

300

300

250

200

100

200

—

I 00

±^LJ^!^_

1955
PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

COUNCIL OF ECONOMIC ADVISERS

Less :

Personal
Disposincome Personal able
1
taxes personal
income

Period

1939
. .
.
1946—
1947
1948
1949
1950
1951
1952
1953
1954

Equals :

72.9
178.0
190. 5
208.7
206.8
227. 1
255. 3
271. 1
286. 2
287.6

_
..

1954: First quarter
Second quarter
Third quarter
Fourth quarter.
1955: First quarter 2
Second quarter _

_ __
_ _

285. 8
286. 6
287.3
290. 8
293. 6
300. 3

2.4
18.8
21.5
21. 1
18.7
20.9
29.3
34.4
35.8
32.8
Billions
32. 7
32. 7
32.8
33. 1
32. 6
33.3

Less: Personal consumption
expenditures
Total

Equals :

Saving
as percent
of disPersonal posable
NonDurable durable Services saving
income
goods
goods

Billions of dollars
67. 6
70. 4
6. 7
35. 1
25.8
159.2
146.6
15.9
46. 2
84.5
169.0
165.0
20.6
93. 1
51. 3
177. 6
22.2
187. 6
98.7
56. 7
180.6
188. 2
23.6
96.9
60. 1
194.0
206. 1
28. 6
100.4
65.0
226. 1
208. 3
27. 1
111. 1
70. 1
236. 7
218. 3
26. 6
116.0
75.7
250.4
230. 6
29. 8
118.9
81. 8
236. 5
254. 8
29. 3
120. 9
86. 4
of dollars, seasonally adjusted annual rates
253. 1
232. 2
28. 3
119. 2
84. 7
-253. 9
29.0
235. 1
85. 7
120. 4
254. 5
29. 4
237. 9
87.0
121. 5
257. 8
30.4
241. 0
122. 5
88. 1
261.0
245. 8
34. 4
122. 4
89.0
1 24. 5
90. 0
267. 0
249. 5
35.0

2.9
12.6
4.0
10.0
7.6
12. 1
17. 7
18. 4
19.8
18. 3

4. 1
7.9
2.4
5.3
4.0
5.9
7.8
7. 8
7.9
7.2

21.0
18. 8
16.6
16. 8
15.3
17. 5

8.3
7. 4
6.5
6.5
5. 9
6.6

i Includes such items as fines, penalties, and donations.
2 Preliminary estimates by Council of -Economic Advisers.
NOTE.—-The figures beginning with 1952 have been revised. For details, see Survey of Current Business, July 1955.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
65336—55-




PER CAPITA DISPOSABLE INCOME
According to preliminary estimates, per capita disposable income (seasonally adjusted) reached another record
level in the second quarter of this year. In constant prices, it exceeded that of the corresponding quarter of 1954 by
4 percent.
DOLLA RS
2,000

DC)LLARS
2,000
SEASONALLY ADJUSTED ANNUAL RATES

1954 PRICES^-X

1,500

~~*^

1,500

\URRENT PRICES

I

1,000

0

*-— *1

• ^

^&

1

1

1

1

1

I960

1,000

1

1

1951

1

I

.

1952

1

1

f

1

1

1

1954

1953

i

1

0

1955

%E£ FOOTNOTE 2 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS.

Total disposable personal Per capita disposable personal income (dollars)1
Income (billions of dollars)1

Period

Current
prices

1939
1946
1947
1943
1949
1950
1951
1959
1953
1954

__

_

__

1954
prices 2

70. 4
159.2
169.0
187.6
188.2
206. 1
226. 1
236.7
250. 4
254.8

136.3
219.3
203. 1
209.6
212. 1
230. 3
233.8
239.4
251. 1
254.8

Current
prices
538
1, 126
1, 173
1,279
1,261
1,359
1,465
1,508
1, 568
1,569

1954
prices 3

Population
(thousands) 8

1,041
1,551
1,410
1,429
1,422
1,518
1,515
1, 525
1,573
1, 569

131, 028
141, 389
144, 126
146, 631
149, 188
151, 683
154, 360
157, 028
159, 643
162, 409
161, 439
162, 075
162, 806
163, 582

Seasonally adjusted annual rates
1954* First quarter
Second quarter
Tnird quarter
Fo urth quarter
1955* First quarter 4
Second quarter

-_

- --

-

253. 1
253.9
254.5
257. 8

252.6
253. 6
254.2
258.6

1,568
1,567
1,563
1,576

1,565
1,565
1, 561
1,581

261.0
267.0

262.0
268.3

1,589
1, 619

1, 595
1,627

'

1
Income loss taxes.
2 Dollar estimates in current prices divided by consumer price index on base 1954=100..
s Includes armed forces overseas. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
* Preliminary estimates.
NOTE.—The figures beginning with 1952 have been revised. For details, see Survey of Current Business, July 1955.
Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.




164, 262
164,911

FARM INCOME
According to preliminary estimates, gross and net farm income (seasonally adjusted) declined again in the second quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

30

30

20

N

1950

1951

J/ INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.

Realized
gross farm
income l

Period

1939
1946
1947
1948
19491950
19511952
1953
1954

_ ._ _
- -_. - _ -_.

_ _ _ _ _ _

_ _

--

- _ - - _ _ - - -

1954: First quarter
Second quarter
Third quarter.
Fourth quarter
1955: First quarter _
Second quarter

10.4
39.0
34.0
34.5
31. 8
32. 1
36. 9
36.8
35. 3
34.0
35.8
33. 9
33. 3
32. 9
34.2
33. 4

,X\

1952

NET FARM INCOME
(1NCL. ADJUSTMENT FOR
INVENTORY CHANGE) -i/
INVENTOR

1953

1954

1955
COUNCIL OF ECONOMIC ADVISERS

Farm operators' income
Net income per farm (inNet income 2
cluding adjustment for
Including
Excluding
Farm proinventory change)
duction
adjustment adjustment
for invenCurrent
for invenexpenses
1954
prices
tory change 3 tory change4
prices 5
Billions of dollars
Dollars
6. 1
4. 3
4. 3
670
1,523
13.9
14.2
14.8
2,353
3, 180
17.2
14. 5
2,466
16. 8
2,867
2,884
16. 7
18.9
15.6
3, 135
18. 2
13.6
12. 7
2, 222
2,497
2,352
19. 7
13. 3
12.4
2,613
22.4
15. 8
14.5
2,819
2,877
23.2
14. 3
13. 6
2,579
2,605
22. 4
2,235
12. 9
12. 3
2,258
12.0
22.4
2,212
2,212
11.6
Seasonally adjusted annual rates
13. 2
2,433
22.7
13. 1
2,458
22. 5
2, 194
11. 4
11. 9
2, 194
22. 2
11. 1
11.7
2, 157
2, 136
22. 1
11.2
2,065
10.8
2,086
22.7
2, 144
11.5
2, 166
11. 5
22. 4
2, 050
11.0
11.0
2,050

Number of
farms
(thousands)8

6,441
5,927
5,873
5,804
5,723
5,648
5,596
5, 535
5,482
5,425
5,425
5, 425
5,425
5,425
7
5, 365
7
5, 365

1
Includes cash receipts from farm marketings, value of farm products consumed directly in farm households, gross rental value of farm dwellings, and Government payments to farmers.
2 Excludes (n) farm wages paid to workers living on farms and (6) any income to farm people from nonfarm sources. These Items in 1954 were as follows: (a) 2.1
billion dollars and (b) 5.7 billion dollars.
3
Realized gross income less farm production expenses,
* Same as farm proprietors' income on pages 3 and 4 except for 1951, whieh includes revisions by the Department of Agriculture not yet incorporated into the
national income accounts of the Department of Commerce.
s Dollar estimates in current prices divided by index of prices paid by farmers for items used in family living, on base 1954=100.
6
For the quarterly data, the number of farms is held constant within a given year.
* Estimate by Council of Economic Advisers.
NOTE.—Estimates for 1952-55 reflect interim revisions made in connection with
Source: Department of Agriculture ^except as noted).
the annual report on national income by the Department of Commerce. Final
revisions will be completed by the Department of Agriculture in October.




CORPORATE PROFITS
Corporate profits (seasonally adjusted), both before and after taxes, continued to rise in the second quarter of 1955,
according to preliminary estimates.
_..-.:.....
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

^1955
.-_) ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Corporate
profits
before taxes

Period

1939
1946
1947
1948
1949 ..
1950
1951
1952 .
1953
1954

„

-_.
. __-'

Corporate
tax
liability

Corporate profits after taxes
Total

Dividend
payments

Undistributed
profits
1. 2
7. 7
11.7
13.0
8. 3
12. 9
9. 6
7. 1
7.7
7.0

6. 4
22. 6
29.5
32. 8
26. 2
40.0
41.2
35.9
38. 3
34.0

1. 4
9. 1
11.3
12. 5
10. 4
17.8
22. 5
19.8
21. 3
17. 1

32. 7
33. 7
33. 5
36.0

16.4
16. 9
16.8
18. 1

16. 3
16. 8
16. 7
17. 9

9. 7
9.8
10.0
10. 6

6. 6
7.0
6.7
7.3

40.9
42. 5

20.5
21. 3

20. 4
21. 2

10. 2
10. 6

10. 2
10. 6

5. 0
13.4
18.2
20.3
15. 8
22. 1
18. 7
16. 1
17.0
17.0

3. 8
5.8
6.5
7.2
7. 5
9.2
9. 1
9.0
9. 3
10.0

Seasonally adjusted annual rates
1954: First quarter
Second quarter
Third quarter
Fourth quarter
1955: First quarter
Second quarter

_

1

_ _ _

i Preliminary estimates by Council of Economic Advisers.
NOTK. - The fltrures beginning with 1952 have been revised. For details, see Survey of Current Business, July 1955.
r-'rr 11, 3 for i>rofits before, taxes and after inventory valuation adjustment.
•ci-s.sarily add to totals because of rounding.
Source: Department of Commerce (except as noted).




GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates, gross private domestic investment increased by almost $5 billion (seasonally
adjusted annual rate) in the second quarter of 1955. Investment in inventories and producers* equipment rose considerably and construction continued to increase.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

70

70

CHANGE IN BUSINESS _-^-\
INVENTORIES
^

-10

1950

1951

1955

1952

J/PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
gross
private
domestic
investment

Period

1939
1946
1947
1948
1949
I960
1951
1952
1953
1954

__ .
_

_--

_.
_.

__ _ _

_„

9.3
27. 1
29.7
41. 2
32.5
51. 2
56.9
49.6
51. 4
47.2

Change in business inventories

Fixed investment
New construction
Total
8.9
21.0
30. 7
37.0
35.3
43.9
46. 5
46.8
50.2
50. 1

Residential
nonfarm

Total
4.8
10.3
14.0
17.9
17.5
22. 7
23.3
23.7
25. 8
27. 8

Commercial and
industrial 1

2.7
4. 0
6.3
8.6
8.3
12. 6
11.0
11. 1
11.9
13. 5

1.2
4. 2
4.9
5. 7
5.3
5.7
7.2
7.5
8.4
8.6

All
other

2

0.8
2. 1
2.8
3.6
3.9
4.5
5. 1
5.2
5.4
5.7

Producers'
durable
equipment

Total

Nonfarm

4. 2
10.7
16.7
19. 1
17.8
21. 1
23.2
23. 1
24. 4
22. 3

0. 4
6. 1
-1.0
4.2
-2.7
7.4
10.4
2.8
1.2
-2.9

0.3
6.4
1.3
3.0
-1.9
6.4
9.0
2. 1
1.9
-3.2

22.9
22.4
22. 2
21. 9
21.5
23.5

-3.2
-2.7
-4. 9
—.6
1. 5
3.5

-3.4
-3.2
-5.4
-1.0
1.5
3.5

Seasonally adjusted annual rates
1954: First quarter.
Second quarter
Third quarter
Fourth quarter
1955: First quarter 3
Second quarter _ _

45.5
46.9
45. 9
50.7
54. 1
59.0

48. 8
49.7
50.7
51.3
52.7
55.5

25.9
27. 3
28. 5
29.4
31. 2
32.0

11.8
13.0
14.2
15.0
16.0
16. 3

8.5
8.5
8.6
8.7
9.3
9.8

5.6
5. 8
5. 7
5.7
5.9
5.9

3
1 Includes public utility.
Preliminary estimates by Council of Economic Advisers.
Includes petroleum and natural gas well drilling.
NOTE.—The figures beginning with 1952 have been revised. For detailss see Survey of Current Business, July 1955.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).

2




9

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to a survey made in April and May, expenditures for new plant and equipment were expected to increase
9 percent between the first and second quarters—the largest quarterly rise since the last half of 1950.
Plans for the
third quarter indicated an additional rise of 3 percent to a level of about $29 billion (seasonally adjusted annual
rate)/ equaling the previous peak in the third quarter of 1953.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

30

20

MANUFACTURING^

COMMERCIAL AND OTHER'

TRANSPORTATION

I

I

J

I

J

I
1952

1951

1950
-*

I

I

I

1953

I

1954

1955

SEE NOTE 3 ON TABLE BELOW.

SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.

CQUNCIL QF ECONOMIC ADVISERS

[Billions of dollars]
Transportation
Mining
Durable NonduraRailroads Other
goods ble goods
0.36
0.28
0.33
0.76
1.19
.92
.58
.43
3. 11
3. 68
1.30
.89
3.41
5.30
.69
1.32
1.28
.88
5. 65
3. 48
.89
1.35
2.59
4.56
.79
1.21
1. 11
.71
3. 14
4 36
1.47
1.49
5.68
.93
5. 17
1.50
1.40
6. 02
.98
5. 61
1.56
1.31
6.26
.99
5. 65
1.51
.85
.98
5.09
5.95
Seasonally adjusted annual rates
1.04
1. 57
6.22
.94
5.40
1.44
1.04
.91
5. 18
5.90
,80
1.51
1.00
5.06
5.93
1.53
.68
4.80
.91
5.79
.74
1. 46
.80
4.78
5. 39
.80
1.58
5.21
.94
6.01
1.62
.86
. 95
5.92
5.38

Manufacturing
Period
1939
HMti
1947 .
J948
1949
1950
1951
_
1952.
1953
.
1954

Total »

_ .
.

1954: First quarter
Second quarter
Third quarter
Fourth quarter
1955: First quarter 3
Second quarter
Third quarter 3

_

Total

5.51
14. 85
20. 61
22. 06
19.28
20.60
25.64
26.49
28.32
26.83

1.94
6. 79
8. 70
9. 13
7. 15
7. 49
10.85
1 1. 63
11.91
11. 04

27.46
26.92
26.84
26. 18
25. 65
27. 86
28. 83

1 1. (52
11.09
10.98
10.58
10. 17
11.22
11.30

Public
utilities

Commercial and
other 3

0.52
.79
1.54
2.54
3. 12
3.31
3.66
a 89
4.55
4.22

2.08
5.33
7.49
6.90
5.98
6.78
7.24
7.09
8.00
8.23

4.33
4.37
4. 12
4.01
401
4.37
477

7.97
8.07
8.42
8.46
a 46
8.96
9.34

i Excludes agriculture.
Commercial and other includes trade, service, finance, communications, and construction.
Estimates based on anticipated capital expenditures as reported by business in April and May 1955.
NOTE.—These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the
latter cover agricultural investment and also certain equipment and construction ou tlays charged to current expense.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commerce.
a
3

1.0



EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Employment rose between early May and early June to an all-time high of 64 million. Unemployment rose as young
workers sought jobs at the close of school/ but the rise was smaller than usual at this time of year.
MILLIONS OF PERSONS
75

MILLIONS OF PERSONS
75

1950
14 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Total
Unemployment 3 Insured unemployment 4
Employment l
labor
TempoCivilian
%of Thousands % of covered
force (in- labor
rary
Period
cluding
force
Total Agricul- Nonagri- layoffs 2 Number civilian of persons employment
labor
(all pro- (State protural
cultural
armed
grams)
grams)
force
forces)
Thousands of persons 14 years of age and over
68-area sample : 6
5. 1
17.2
9,480
36, 140
9,610
1939
55, 600 55, 230 45, 750
6. 2
2,470
5. 5
50, 684
185 3, 395
8,026
1949 ... _
63, 721 62, 105 58,710
4. 6
1,599
92 3, 142
5.0
52, 450
7,507
64, 749 63, 099 59, 957
1950
2. 8
996
7,054
117
1,879
3 0
53, 951
1951
„_ 65, 982 62, 884 61, 005
2. 9
1,064
2. 7
142
1, 673
6,805
54, 488
1952
66, 560 62, 966 61, 293
2.8
1,058
142 1,602
6,562
2.5
55, 651
67, 362 63, 815 62, 213
1953
230-area sample : 3
5.2
1954
2, 039
221 3, 230
54, 734
6, 504
5. 0
67,818 64, 468 61, 238
5.7
2, 244
6,822
294 3,305
54, 297
5. 1
1954: May67, 786 64, 425 61, 119
5.3
2,082
54, 470
229 3,347
7, 628
5. 1
June
68, 788 65, 445 62, 098
5. 1
2,037
7,486
298 3, 3-47
54, 661
5. 1
Julv
68, 824 65, 494 62, 148
4.6
1,871
5.0
6,928
55, 349
143 3, 245
August
68, 856 65, 522 62, 277
4. 3
1,752
7,527
4.8
198 3, 100
54,618
September- 68, 566 65, 244 62, 145
4.0
4.2
1,631
54, 902
7,239
136 2, 741
October
68, 190 64, 882 62, 141
4.0
1,643
4.5
55, 577
6, 154
120 2, 893
November _ 67, 909 64, 6?4 61, 732
4.6
1,869
4.5
5,325
137 2, 838
55, 363
December __ 66, 811 63, 526 60, 688
5.5
2, 201
5,297
5.3
54, 853
251 3,347
66, 700 63, 407 60, 150
1955: January
5. 2
2, 109
5,084
5.3
54, 854
145 3,383
February___ 66, 550 63, 321 59, 938
4.7
1,875
5, 692
75 3, 176
5.0
54, 785
66, 840 63, 654 60, 477
March
4. 1
1, 651
4.6
6,215
55, 470
108 2, 962
April
67, 781 64, 647 61,685
3. 6
1,392
6,963
133 2,489
3.8
55, 740
68, 256 65, 192 62, 703
Mav
3. 2
«1. 225
7,681
107 2. 679
4.0
56, 335
June
69, 692 66, 696 64,016
5

i Includes part-time workers and those with jobs
but not at work for such reasons as vacations, illness,
bad weather, temporary layoff, and industrial disputes; excludes armed forces.




2 Shown separately so as to afford a basis for further
analysis of employment and unemployment.
* See footnote 2.
« Weekly average.

Pertai.is to labor furce data only.
• Preliminary estimate.
Sources: Department of Commerce (labor force)
and Department of Labor (insured unemployment).

11

NONAGRICULTURAL EMPLOYMENT
Employment in nonagricultural establishments (seasonally adjusted) rose 116,000 from May to June. Employment
rose more than seasonally in durable goods manufacturing and slightly less than seasonally in nondurable goods
manufacturing.
MILLIONS OF WAGE
. AMD-SALARY. WORKERS

MILLIONS OF WAGE
AND SALARY WORKERS

8.5

II.0

NONDURABLE MANUFACTURING

*"

-1954

J
J
3 §

F

M

A

|

M

J

,

J

A

SON

,

0

_.

,

—_-

J

.

M

A

M

J

J

A

S

I
O

N

0

M §

CONTRACT CONSTRUCTION

WHOLESALE AND RETAIL TRADE

I

SOURCE: DEPARTMENT

F

I

I

I

I

I

1

OF LABOR

I

I

I

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers *

Period

1939
1946
1948
1949
1950
1952
1953
1954
1954: Mav
June
July
August
September.
October
November.
December.
1955: January
February __
March
April 2
May
June 2 _ —

Total
adjusted
for
seasonal
variation

48, 183
48, 170
48, 048
48, 029
48, 020
48, 129
48, 386
48, 380
48, 398
48, 440
48, 766
48, 881
49, 214
49, 330

Manufacturing
Total

Total

Contract Wholesale
Durable
Nondu- Mining construc- and retail
tion
trade
goods rable goods

Government
(Federal,
State,
local)

Other

Not adjusted for seasonal variation
30,311
41, 287
44, 448
43, 315
44, 738
48, 303
49, 681
48, 285
47, 939
48, 200
47, 866
48, 123
48, 490
48, 580
48, 808
49, 463
47, 741
47, 753
48, 212
48, 643
48, 922
49, 336

10, 078
14,461
15, 321
14, 178
14, 967
16, 334
17, 238
15, 989
15, 781
15, 835
15, 584
15, 822
15, 972
16, 007
16, 057
16, 050
15, 925
16, 060
16, 201
16, 255
16, 333
16, 481

4,683
7, 739
8,312
7,473
8,085
9,340
10, 105
9, 120
9,095
9,066
8, 811
8,820
8,887
9,002
9, 121
9, 144
9, 113
9, 220
9,323
9,418
9, 500
9,568

5,394
6, 722
7,010
6,705
6,882
6,994
7, 133
6, 870
6,686
6,769
6,773
7,002
7, 085
7,005
6,936
6,906
6, 812
6, 840
6,878
6,837
6, 833
6, 913

845
852
982
918
889
885
852
770
761
771
760
763
744
743
749
747
741
737
739
739
741
757

1,150
1, 661
2, 169
2,165
2,333
2,634
2,622
2,527
2,542
2,629
2,686
2,735
2,698
2,652
2,598
2,426
2,237
2, 169
2, 255
2,399
2, 529
2, 610

6, 612
8,602
9, 519
9,513
9,645
10, 281
10, 527
10, 498
10, 351
10, 389
10, 351
10, 321
10, 447
10, 548
10, 745
10, 354
10, 419
10, 309
10, 408
10, 549
10, 534
10, 598

3,995
5,595
5,650
5,856
6,026
6,609
6, 645
6,751
6,736
6,716
6,551
6,563
6,746
6,829
6,917
7, 166
6,835
6,873
6,922
6,927
6, 881
6,832

7,632
10, 116
10, 807
10, 686
10, 878
11, 563
11,797
11,751
11,768
11, 860
11,934
11,919
11, 883
11, 801
11, 742
11,720
11, 584
11,605
11, 687
11, 774
11, 904
12, 058

i Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this
prietors, 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,
a Preliminary estimates.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels.
Sources: Department of Labor and_Board of Governors of the Federal Beserve System.

12




AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of factory production workers declined from 40.8 hours in May to 40.7 hours in June,
is usual at this time of year.
HOUR PER W E E K

rise

HOURS PER WEEK

DURABLE MANUFACTURING

NONDURABLE MANUFACTURING

I

I

RETAIL TRADE

1

J

SOURCE:DEPARTMENT OF LABOR-

COUNCIL OF ECONOMIC ADVISERS

[Hours per week, for production workers or nonsupervisory employees]
Manufacturing r
Period

1939
1946
1947
1948
1949
1950
1951
1952
1953
1954
1954: May__
June_July
August..
September.™
October
November . December
1955: January
February
March ._
April. _
May 2
June 2 -- _ _ _ _

Total

_

..
•

__

.„

37 7
40. 4
40. 4
40 1
39. 2
40. 5
40 7
40 7
40 5
39 7
39. 3
39 5
39 4
39. 7
39 7
39 9
40 2
40 5
40 2
40. 4
40 6
40 3
40 8
40. 7

Durable
goods
38 0
40 2
40 6
40 5
39 5
41 2
41 6
41 5
41 3
40 2
39 9
40 0
39 7
40 1
40 1
40 4
40 8
41 1
40 9
41 1
41 4
41 2
41 6
41. 3

1 Data beginning with January 1948 are not strictly comparable with those for earlier periods.
2 Preliminary estimates.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.
Source: Department of Labor.
65336—55—3




Building
Nondurable construction Retail trade
goods
37
40
40
39
38
39
39

4
5
1
6
8
7
5

3Q fi
QQ K

39
38
38
39
39
39
39
39
39
39
39
39
39
39
39

0
5
9
0
2
3
2
5
8
3
5
7
0
6
9

39
38
37
1 qy
36

49 7

fi
1
fi
o
7

40
40
40
40
40
40

36 3
37
38
37
3fi

9
1
ft
9

3Q Q
3Q 9

36 7
37 1

36
37
36
36
3^
36
35
34
35
35
36

(3)

7
3
3
4
5
2

9
0
0
6
8
0
1
7
9
4
7
(3)

39 2
38 9
30 3
39 8
39 7
39 1
38 9
38 7
39 5
38 9
38 9
38 8
38 6
38 9

* Not available.

13

AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
The average hourly earnings of production workers in manufacturing were $1.87 in June, the same as in May
6 cents more than in June of last year.
DOLLARS PER HOUR

and

RS PER HOUR

NONDURABLE MANUFACTURING

EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1954= 100 .
SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

[1'ur production workers or nonsupervisory employees]
All manufacturing
Period

Current
prices
1939
$0. 633
1. 086
1946
1. 237
1947
1948
_ -- 1. 350
1. 401
1949
- 1950
...
--_. 1. 465
1. 59
1951
1.67
1952
. __
1.77
1953
1.81
1954
- -1954: May
. .. .
1. 81
June.
1. 81
July
1. 80
August.
__ _ __
1. 79
September
1. 81
October
1. 81
November
1.83
December
1. 83
1. 84
1955' January
1.85
February
March
1. 85
April 3
1. 86
May 3
1. 87
1.87
June

1954
prices '
$1. 224
1. 496
1. 487
1. 508
1.579
1. 637
1. 64
1. 69
1.78
1. 81
1. 81
1. 80
1. 79
1. 79
1.81
1. 82
1.83
1. 84
1. 85
1.86
1. 86
1. 87
1. 88
(4)

Durable goods
manufacturing
Current
prices
$0. 698
1. 156
1.292
I. 410
1. 469
1.537
1.67
1. 77
1. 87
1. 92
1. 91
1.91
1. 91
1.91
1.93
1. 93
1. 94
1.95
1. 96
1.96
1. 97
1. 98
1. 99
1. 99

1954
prices '
$1. 350
1.592
1. 553
1. 575
1. 656
1. 717
1. 73
1. 79
1.88
1. 92
1. 91
1.90
1. 90
1.91
1.93
1. 94
1. 94
1. 96
1.97
1.97
1. 98
1.99
2. 00
(4)

Nondurable goods
manufacturing
Current
prices
$0. 582
1. 015
1.171
1. 278
1.325
1. 378
1.48
1. 54
1. 61
1. 66
1. 66
1. 66
1. 66
1. 65
1. 66
1. 66
1.67
1.67
1. 68
1. 68
1. 68
1. 69
1.70
1.70

i Earnings ID current prices divided by consumer price index on base 1954 = 100.
Data beginning with January 1948 are nor strictly coniDarahle with those for earlier periods.
NOTE.—Beginning with 1953. data are based on first quarter 1954 benchmark levels of employment,
Source: Department of Labor.

y

14



1954
prices *
$1. 126
1. 398
1.407
1. 428
1. 494
1. 540
1. 53
1. 56
1. 61
1. 66
1. 66
1.66
1. 66
1. 65
1. 66
1. 66
1. 67
1. 68
1. 69
1. 69
1. 69
1. 70
1. 71
(4)

Building
construction
Current
prices
$0. 932
1.478
1. 681
2
1. 848
1. 935
2. 031
2. 19
2. 31
2. 48
2. 60
2. 58
2. 58
2. 58
2.60
2. 62
2. 63
2.63
2. 65
2. 65
2. 65
2. 63
2. 63
2. 63
(4)

1954
prices '
$1. 803
2.036
2. 020
2
2. 065
2. 182
2. 269
2. 26
2. 34
2. 49
2. 60
2.57
2.57
2.57
2.59
2. 62
2.64
2. 64
2.66
2.66
2.66
2. 64
2.64
2. 64
(4)

Retail trade
Current
prices
$0. 542
.893
1. 009
1. 088
1. 137
1. 176
1. 26
1. 32
1.40
1. 45
1.45
1. 46
1. 47
1. 46
1.46
1.47
1.46
1. 44
1.48
1.48
1. 48
1. 49
1.50
«

3 Preliminary estimates.
* Not available.

1954
prices '
$1. 048
1. 230
1.213
1. 216
1. 282
1. 314
1. 30
1.33
1. 40
1.45
1.45
1. 46
1.47
1. 46
1. 46
1.47
1.46
1.45
1. 49
1. 49
1. 49
1. 50
1.51
(4)

AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
The average weekly earnings of factory production workers declined from $76.30 in May to $76.11 in June as a
result of a slightly shorter workweek. The June figure was $4.61 higher than a year earlier.
DOLLARS PER WEEK

DOLLARS PER WEEK

NONDURABLE MANUFACTURING
1954 PRICES y

1954

I

1955

J/ EARNINGS IN CURRENT PRICES DIVIDED BV CONSUMER PRICE INDEX ON BASE 1954 = 100.
COUNCIL OF ECONOMIC ADVISERS

SOURCE:DEPARTMENT OF LABOR.

[Jfor production workers or nonsupervisory employees]
Building
Durable goods Nondurable goods
Retail trade
construction
manufacturing
manufacturing
Period
Curreut
Current
1954
1954
Current
Current
1954
1954
Current
1954
prices ' prices prices '
prices! prices
prices l
prices
prices
prices * prices
$23. 86 $46. 15 $26. 50 $51. 26 $21. 78 $42. 13 $30. 39 $58. 78 $23. 14
$44. 76
1939
77.47
56. 67
41. 14
43. 82
60. 36
64. 04
46.49
36. 35
56. 24
1946
_
50. 07
56.44 2 63.30 2 76.08
46. 96
49. 97
1947
60.06
63.05
52.46
40. 66
48.87
60. 49
76. 93
56. 55
63. 81
50. 61
57. 11
68. 85
1948 - -- ----- — 54. 14
48. 99
43. 85
61. 92
54.92
57. 96
51. 41
65. 42
1949
58. 03
79. 99
70. 95
45. 93
51. 78
82. 38
54.71
59. 33
66. 29
70. 75
63. 32
61. 13
73.73
1950
47.63
53. 22
66.92
84. 25
58.46
69.47
60. 46
81.47
1951 ._- - - 64.71
71. 84
52. 38
50. 65
74. 28
60. 98
1952
67. 97
68. 73
73.46
61. 66
88.01
88.99
52. 67
53. 26
71. 91
92. 04
63. 60
1953___ .
77.23
63. 79
91.76
71. 69
77. 46
54.88
55. 05
64. 74
71. 86
64.74
94. 12
1954
71. 86
77. 18
94. 12
77. 18
56.84
56. 84
71. 13
76. 06
70. 99
63. 91
63. 78
94.69
1954: Mav
76. 21
56. 41
94.50
56. 30
71. 29
64. 38
95.72
71. 50
64. 57
June
76. 17
76. 40
57. 38
95.43
57.21
70. 92
64. 74
70. 71
94. 92
Julv --.
75. 83
75. 60
64.55
95. 20
58. 51
58. 33
August
70.92
64. 68
71.06
76. 44
76. 59
64.55
96.01
57. 96
96.20
57.84
94.32
71.86
77.47
September
71. 93
77.39
65. 31
94. 41
65.24
57.09
57. 15
72. 22
October _
72. 44
65. 07
77. 97
65. 27
96.26
96. 55
78. 20
57. 18
57.35
73.42
73.57
79. 15
November
94. 34
79. 31
65.97
66. 10
94. 15
56.50
56. 61
74. 12
74. 42
66.74
80. 15
80.47
66.47
December
95. 40
95. 78
56. 88
57. 11
74. 27
66.29
73.97
80. 16
66. 02
1955: January
93.02
93.39
80. 48
57.57
57.80
66.36
February.
74.74
75.04
80.56
66. 63
80. 88
91. 96
92. 33
57. 57
57.80
81. 56
March .
_
66.70
75. 11
75. 41
66. 97
94. 80
57. 42
81. 89
94. 42
57.65
74.96
81.58
75.34
65. 91
66. 24
81. 99
April 3
57. 51
93. 10
93. 57
57.80
83. 20
67. 32
May 3
. 76. 30
82. 78
67.66
96. 52
97.01
76.68
58. 35
58. 64
4
4
82. 19
67. 83
76. 11
m
i1
()
m
m
June
_.
m
m
All manufacturing

* Earnings iii eurreuc prices divided by consumer price index oa base 1954=100.
s Data beginning with January 1948 are not strictly comparable with those for earlier periods.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.
Source: Department of Labor.




3
Preliminary estimates.
< Not available.

15

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
According to preliminary estimates, the seasonally adjusted index of industrial production reached a new high of 1 39
(1947-49=100) in June.
iNDEX, 1947-49=100

INDEX, 1947-49 = 100

1955

I960

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[1947-49=100, seasonally adjusted]
Total
industrial
production

Jreriou

" £»•»»? rv/3
P

1939
14.
96—
1947
1948
1949
1950
1951
..
.
1952
1953
_.._._
1954 *
1954; May ._
June
July.
August
September
October
November
December
1955: January .
February
March
April
May.
June *
1

Preliminary estimates.

16



.
,

..
..

_

__ _

_
.
._

.
_ _

58
90
100
104
97
112
120
124
134
125
125
124
123
123
124
126
128
130
132
133
135
136
138
139

Manufactures
Minerals
Total
57
90
100
103
97
113
121
125
136
127
126
125
124
125
126
128
130
131
133
134
136
138
140
141

Durable
49
86
101
104
95
116
128
136
153
137
136
135
134
135
137
139
142
143
145
147
148
151
153
153

Nondurable
66
95
99
102
99
111
114
114
118
116
117
116
114
114
115
117
118
119
121
121
124
125
127
128

68
91
100
106
94
105
115
114
116
111
111
114
112
109
108
109
113
116
120
123
121
120
121
122

Source : Board of Governors of the Federal Reserve System.

PRODUCTION OF SELECTED MANUFACTURES
Production of nondurable goods industries in June equaled or exceeded the May levels.
tries continued to show advances, while others declined.
,1947-49 = 100, SEASONALLY ADJUSTED

Some durable goods indus-

INDEX,!947-49 = IOO, SEASONALLY ADJUSTED
180

^MACHINERY

A

FABRICATED METAL
PRODUCTS

120

100

100

80 LLJ.

1952

1953

1954

1955

1952

1953

1954

1955

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[1947-49=100, seasonally adjusted]
Durable manufactures
Nondurable
Transpor- Lumber Textiles Paper
FabriPrimary
Machin- tation
and
cated
and
and
metals
equipery
metal
prod- apparel printproducts
ucts
ment
ing

Period

1939
1947
1948
1949
1950
1951
1952
1953
1954 *
1954: May_
June
July
August
September
October
November
December
1955: January
February
March
ADril _ _
May
June *

.
.
i

. _
. _„

53
103
107
90
115
126
116
132
108
106
108
103
105
105
111
118
121
127
131
136
138
140
137

38
103
103
104
104
93
| 93
114
115
122
130
121
147
136
160
142
123
121
138
122
139
141
122
124
144
122
147
147
124
148
125
125
145
125
145
126
146
146
129
130
149
134
151
153
135

* Preliminary estimates.
2
Not available.
Source: Board of Governors of the Federal Reserve System.




48
96
102
102
120
135
154
189
175
178
170
170
166
167
169
175
187
191
193
195
197
201
195

80
101
106
93
113
113
111
118
115
120
108
96
97
116
128
124
131
129
127
127
127
128
(2)

80
99
103
97
110
106
105
107
100
101
99
98
99
98
102
103
104
106
105
109
112
113
114

96
103
101
114
118
118
125
125
126
126
126
126
127
127
127
127
129
130
133
134
137
138

manufactures
ConChemical Foods, sumer
and petro- bever- durable
leum ages, and goods
products tobacco
97
103
100
118
132
133
142
142
142
142
141
141
144
143
145
148
148
151
153
155
159
161

101
100
100
103
105
106
107
106
110
108
105
105
105
105
106
106
107
106
109
110
109
109

98
102
101
133
114
105
127
116
119
118
116
115
114
112
119
125
131
135
139
144
145
145

17

WEEKLY INDICATORS OF PRODUCTION
According to several weekly indicators, production continued at a high level during June and early July. Production
of electric power and paperboard was at record levels. Bituminous cocl mining increased. Steel production and
freight carloadings declined slightly. Car and truck assemblies fell, partly as a result of strikes.
MILLIONS OF SHORT TONS (DAILY AVERAGE)

MILLIONS OF TONS

BITUMINOUS COAL

I
J

F

M

BILLIONS OF KILOWATT

A

M

a

J

0

N

I

I

D

HOURS

SOURCES; AMERICAN IRON AND STEEL INSTITUTE,

Period

S

DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE,

AND WARD'S AUTOMOTIVE REPORTS.

COUNCIL OF ECONOMIC ADVISERS

bituminous Freight Paperboard
.h lee trie
Steel produced
Cars and trucks
power
coal mined
produced
loaded
Thousands Percent of distributed (thousands thousands (thousands assembled (thousands)
theoretical (millions of
of net
of short
Total
Cars Trucks
of tons)
of cars)
tons
capacity l kilowatt-hours) tons) 2

Weekly average:
1950
1951
.
1952 „
1953
1954
1954: June
July

August _ «
September
October
November
December
1955: January
February
March
April
May
June 3
Week ended :
1955: June 4
. .
11 __.
18
25 a
July 2 3 _ _
9
16 3

1,857
2,018
1,782
2, 141
1, 694
1, 716
1, 499
1,505
1,591
1, 738
1,886
1,875
1,995
2, 124
2, 2f>3
2,288
2,331
2,269

96.9
100.9
85. 8
94. 9
71. 0
72.0
62. 9
63. 1
66. 7
72. 9
79. 1
78 6
82. 7
88.0
93.4
94. 8
96.6
940

6, 183
6, 958
7, 451
8, 244
8, 883
8,684
8,841
9, 122
9, 040
9, 124
9, 240
9, 645
9, 936
9, 902
9, 706
9, 658
9,741
9,986

1,687
1,772
1,548
1.521
1,304
1,317
1, 184
1,288
1. 379
1,410
1, 498
1,502
1,444
1, 463
1, 376
1, 366
1, 523
1,617

748
779
727
735
652
670
658
677
687
726
671
610
631
644
656
693
766
756

214
229
213
241
236
239
199
246
235
254
2M
227
243
260
270
263
275
278

154.2
129.8
106. 8
141. 1
125. 6
128.2
117. 6
116. 482.8
70. 8
134. 2
159.4
178. 9
185. 0
198. 1
207. 6
204.2
168. 1

128.4
102.7
83.4
118. 0
106.0
109. 1
100.3
99. 8
67. 5
55.8
113. 7
138. 9
156. 9
169.2
174. 1
177.0
173.3
141. 8

25.9
27,2
23.4
23. 2
19.7
19.2
17.3
16. 5
15. 3
15.0
20. 5
20.5
22. 0
15. 8
23 9
30. 6
30.9
26.2

2,312
2,286
2,316
2,292
1,716
2,073
2, 233

95.8
94.7
96.0
95.0
71. 1
85.9
92, 5

9,537
10, 041
9,987
10, 226
10, 138
4
9, 759

1,598
1, 558
1,607
1,732
1,723
1, 468

714
787
785
799
697
653

263
283
286
281
279
156

149.9
159. 7
165. 4
180. 5
184.7
155.7
195. 2

125.0
134. 7
139.7
151.2
158. 4
134. 1
167. 4

24.9
25.0
25.7
29. 3
26.3
21.6
27. 8

4

4

Porcvnt of capacity based on weekly net ton capacity o f l , 906,268 for the first half of 1950; 1,928,721 beginning July 1,1950; 1,999,034 beginning January 1,1951;
" -pinning January 1,1952; 2,254,459 beginning January 1, 1953; 2,384,549 beginning January 1,1954; and 2,413,278 beginning January 1,1955.
iv or age for week.
Not plotted.
3 Preliminary estimates.

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

18




NEW CONSTRUCTION
Expenditures for total new construction, seasonally adjusted, continued at near record levels in June.
contracts awarded, seasonally adjusted, were 10 percent higher than in May.
BILLIONS OF DOLLARS

Construction

BILLIONS OF DOLLARS

TOTAL NEW CONSTRUCTION^*

O

I 1 I 1 1 1 I I I I I

I I I I I I I I I I I

I I I I I I I I 1 1 1

I I I I I I I I I I I

I I I I I I I i I

,.....,..•••*"••.

s'""

PRIVATE RESIDENTIAL—^...
(NONFARM) , . . .•
...' *

^ ^

*
. ^ ^•"•<|s«.'SJS«M»in: *f ft*
f

1 I 1 f 1 1 1 I 1 I 1

i i i i i 1 i i i i i

I960

1951

1 1 1 I

1 1 I 1 !

1 1

4

•"•""

IR**»*»»«*tS« ••!•• •»•»•

OTHER PRIVATE-^

i i i i i

i i i i i

Total new
construction

1939
1946
1947 _ .
1948
1949 _
1950
1951
1952 _ .
1953
1954

8.2
12.0
16.7
21.7
22. 8
28. 5
31. 2
33.0
35. 3
37. 6

_
_

_

i i i i i 1 i i t i |
1955

1 I 1 1 1 I I 1 1 ! I

1954

1953

1952

SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR.

Period

•***

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Private
Total Residential
priv ate (nonfarm)
4.4
2.7
9.6
4. 0
13. 3
6. 3
8. 6
16. 9
16. 4
8. 3
21. 5
12. 6
11.0
21. 8
22. 1
11. 1
11. 9
23. 9
25. 8
13. 5

Other
1.7
5.6
6.9
8. 3
8. 1
8.9
10.8
11.0
11.9
12. 3

Federal,
State, and
locall

Construction contracts awarded in
37 Eastern States 2

3.8
2.4
3.4
4. 8
6.4
7.0
9.4
10. 9
11. 4
11.8

3.6
7.5
7.8
9.4
10.4
14. 5
15.8
16.8
17.4
19. 8
Annual rates
UnSeasonally
adjusted adjusted
23. 1
20.1
20. 8
19.3
22. 0
19.3
18. 9
18. 3
21. 8
18.9
23. 6
23.4
18. 0
20.9
21. 9
22.9

Seasonally adjusted annual rates

1954: May
..
June
July _
August
September
OctoberNovember
December.

__

1955: January
February
March
April
May

June2
1

37.4
37. 3
37. 6
38.4
38.4
37. 6
39.0
41. 1
_

_

___ ,

25. 5
25. 5
26. 2
26. 7
27.0
26. 9
27.2
28.2

13.2
13. 2
13.8
14.3
14. 6
14. 5
14. 7
15. 7

12. 3
12. 3
12.4
12. 4
12.4
12. 3
12.5
12. 5

11.9
11. 8
11. 4
11. 7
11.4
10. 8
11. 8
12.9

41. 1
41. 4
41. 3
41. 9
42. 4
42. 0

28.8
29. 2
29. 4
30. 0
30. 0
29. 7

16.0
16. 1
16. 0
16. 4
16.4
16. 1

12. 7
13. 1
13.4
13. 6
13.6
13.5

12.4
12.2
12.0
11. 9
12. 3
12. 3

Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Research.
Omits small contracts, and covers rural areas less fully than urban.
Sources: Department of Commerce, Department of Labor, and F. W. Dodge_Corporation (except as noted)




18. 0
19.0
25. 6
27. 9
26. 2
27. 1

* Preliminary estimates.

24.4
25.6
26. 1
24.4
22.8
25. 1

19

HOUSING STARTS AND APPLICATIONS FOR FINANCING
In June, the number of private nonfarm housing starts continued at a seasonally adjusted annual rate of 1.3 million units
MILLIONS OF UNITS

MILLIONS OF UNITS

1955
J/SEE FOOTNOTE I ON TABLE BELOW.
SOURCES: DEPARTMENT OF LABOR, FEDERAL HOUSING ADMINISTRATION ( F H A ) , AND VETERANS ADMINISTRATION ( V A ) .

COUNCIL OF ECONOMIC ADVISERS

[Thousands of units]
New nonfarm housing starts
Period
Annual total: 1939_ _ _
1946___
1948...
1949_ _ _
1950
1951...
1952. _ _
1953. _ _
1954_
Monthly average: 1950_
1953_
1954.
1954: May
June
_
July
August _ _
September
October
November
December
1955: Januarv
February
March-April
Mav

,luno ',

Total

515.0
670, 5
931,6
1, 025. 1
1, 396. 0
1, 091. 3
1, 127. 0
1, 103. 8
15 220. 4
116. 3
92.0
101. 7
108.5
116. 5
116. 0
114. 3
115. 7
110.7
103.6
90.6
87.6
89.9
113. 8
4
127. 0
4
132. 0
129. 0

Publicly
financed

56.6
8.0
18. 1
36. 3
43.8
71. 2
58.5
35. 5
18.7
3.6
3.0
1.6
1. 1
3.9
3. 1
1.3
2.3
.2
.3
.7
.3
2.0
1.0
4
.5
4
2. 5
2.5

Total
458.4
662. 5
913.5
988. 8
1, 352. 2
1, 020. 1
1, 068. 5
1, 068. 3
1, 201. 7
112.7
89.0
100. 1
107.4
112. 6
112. 9
113.0
113. 4
110.5
103.3
89.9
87. 3
87.9
112. 8
4
126. 5
4
129. 5
126. 5

Privately financed
Government underwritten
FHA
Total
VA
158. 1
158. 1 2
152. 0
83. 0
69.0
294. 1 2 102. 0
396. 1
2
363. 8 2 105. 0
468. 8
686.7
200. 0
486. 7
412.2
263. 5
148.6
421.2
279. 9
141. 3
408. 6
252. 0
156.6
307.0
583.3
276.3
57. 2
16.7
40.6
34.0
21.0
13. 1
25.6
48.6
23. 0
24.0
25. 0
49. 0
27.9
55.6
27.7
52. 2
25. 4
26. 8
60.3
27.0
33.3
25. 9
59.8
33. 9
33.5
58.2
24. 7
62. 4
26.3
36. 0
21.5
29. 1
50. 7
46. 1
20.0
26.1
17.2
28.0
45.3
23.8
29.8
53.6
25.8
34.5
60.3
28.0
37.8
65. 8
39.5
71.6
32.0

Proposed home construction
Private,
seasonally
adjusted
annual
rates

4
4

20

167.8
121.7
293.2
327.0
397.7
192. 8
267. 9
253.7
338.6
33. 1
21. 1
28. 2
30.3
35.2
30. 1
32.2
34.8
29. 3
26.9
24. 3
25.6
28.3
35.6
33. 1
30. 1
30. 7

1,083
1, 175
1, 188
1,211
1,248
1,287
1,393
1,478
1,416
1,370
1, 367
1, 309
1, 306
1,320

» U n i t s i i-prt'sciitcd by mortgage applications for new home construction.
»Estimated.
* Not available.
H<HIHV<- I >i't>urtim-in of Labor, Federal Housing Administration (FHA), and Veterans Administration (VA).




Applications
for FHA commitments l

1

Requests
for VA
appraisals

(3)
(3)
(3)
(3)

(3)

Preliminary estimates.

164. 4
226.3
251. 4
535.4
21.0
44. 6
52.2
52. 7
52.3
55. 4
51. 3
45. 6
47.7
44. 3
46.2
64.2
71.9
65.9
69.3
52.4

SALES AND INVENTORIES-MANUFACTURING AND TRADE
Total sales (seasonally adjusted) increased about 1 percent in May, largely as the result of increased sales by manufacturers. Inventories of manufacturers and distributors also increased during the month. Manufacturers' new orders
rose substantially. In June, retail sales continued at the record level reached in April.

B1LLK3NS OF DOLLARS, SEASONALLY ADJUSTED

BILL ONS OF DOLLARS, SEASONALLY ADJUSTED

RETAIL

TOTAL* AND M ANUFACTURIN6

~

-

^INVENTORIES
„-^«»**~*—'
BO

**

*

20

•.•»•—-**

*TOTAL
IN MENTOR IE

.—^^-*

^ SALES

0

60

1 1 M

1

M i l l

M

M

-^

INVENTORIES*^

^Sk /

x

Mill

1 M

1 1

1955

\«v

/

%

^r~~

"-\

MANUFACTURING'
SALES

1 10

,.^..

*

120

20

M i l l

1954

130

f

—^x^:~-

Mill

DEPARTMENT STORES

-/"^

• MANUFACTURING
INVENTORIES

1 1 1

INDEX ,1947-49-100, SE*TONALLY ADJUSTE D
140

.TOTAL SALES*

40

1 1 M
1953

1952

[V

%

wrtf
w

V

v^/y^yV VVA
v
f>

SALES^^

100

0

1 1 M

1 1 M

1 1 1

Mill

M i l l

1953

1952

'

Period

1939
1946
_ _ __
1948 _ _ _ _ _
1949
_ __
1950 _ _ _ __1951
1952
_
_
1953
1954 - _ _1954' April
May
_
June
~
July
August _
»
September
October
November
December
1955: January
February
March
April 5
May
_
June 5

M M 1

M i l l

1954

Mill
1955

M i l l

90

1 1 1 1 1
1952

M i l l

M 1 M 1M 1 M
1953

11111

M i l l

1954

M i l l

M i l l

1955

COUNCIL OF ECONOMIC ADVISERS

Manufacturing
Manufacturing
Retail
Department stores
Wholesale
and trade
InvenInven- New
InvenInvenInvenSales i tories 2 Sales i tories 2 orders 1 Sales i tories 2 Sales i tories 2 Sales 1
tories 3
Index 1947-49 = 100,
Billions of dollars, seasonally adjusted
seasonally adjusted
5. 1
11.5
20. 1
10. 8
3. 5
5.5
35
5.4
2.2
35
3. 1
12. 6
42.9
24. 5
27. 2
8. 5
13.7
6. 6
77
11. 9
90
6.0
31.7
55.6
36.4
17.6
10.9
17.4
104
15.8
107
8. 1
7.9
52. 1
16. 4
34. 7
28. 9
15. 9
10.9
15.3
7. 9
98
7.4
100
19.3
39.9 4 64. 1
34.3
21. 0
105
109
10. 5 4 12. 0 4 19.3
8.7
4
22. 3
42. 8
44. 9
75. 2
21. 2
11. 1
24.5
109
13. 2
9.4
129
76.7
22.8
43. 8
45. 9
13. 7
21. 6
23. 6
110
9.4
118
11.3
24. 9
80.3
48.4
45.9
23. 4
14.2
22. 7
112
11. 7
9.3
126
23.4
43. 3
76.9
46. 7
22, 1
22.4
111
122
14. 2
11.5
9. 1
23.7
44. 5
46.9
78.8
22. 3
14.2
22.7
111
11.6
9.0
120
23.2
44. 3
78.9
46. 1
21. 9
22. 8
121
108
8.9
11.8
14.0
44. 2
23.3
78.6
46.9
22. 0
112
22.6
122
14. 4
11.9
9. 1
23.2
43. 4
77. 6
46.6
22. 4
111
21.4
14.3
124
9. 1
11.8
77.3
43. 1
23. 1
46.3
22. 5
112
14.2
21. 9
9. 1
11.8
124
42.9
77.0
23.0
46.4
23. 3
14.2
9.2
22.4
11.7
108
125
22.5
43. 2
76. 9
45.6
11. 7
14. 1
22. 0
22.9
113
9.0
124
77. 1
43.3
24.0
47.6
22. 1
114
11. 7
14. 4
23. 1
9.3
124
24. 1
76.9
43.3
48.7
22. 1
24. 8
117
15. 1
9. 5
11.5
124
43.2
24.3
48.7
76. 9
22.2
14. 9
24. 6
9. 5
118
11.5
123
77.3
43.3
24.6
48.9
112
24. 8
22.4
11.7
121
9.5
14.8
77.5
43. 3
26. 0
50.7
22. 6
26. 5
9.7
113
11. 6
15. 1
123
43. 3
26.0
77.7
50. 9
26. 1
9. 6
22. 8
11.7
123
15.3
119
26.5
43. 5
78.3
51.6
23.0
117
9.7
15. 3
124
27.7
11.8
116
15.3

* Monthly average for year and total for month.
* New series on retail trade beginning with 1951; not comparable with previous
2 Book value, end of period.
data. See Survey of Current Business, September and November 1952, for detail,
s Book value, end of period, except annual data, which are monthly averages.
s Preliminary estimates.
Q1
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
" •*•




MERCHANDISE EXPORTS AND IMPORTS
For fhe first 5 months of the year, commercial exports were 11 percent higher and imports 6 percent higher than in the
corresponding period of 1954.
MILLIONS OF DOLLARS
1,800

MILLIONS OF DOLLARS
1,800

1,600

1,400

1950
if SEE FOOTNOTES I AND 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF DEFENSE.

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Merchandise exports
Period

1936-38 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
1954 monthly average
1954: April...
Mav
June
„
July
August
. .
September
October
November
December
_.
1955: January ..
February— .
March. .
April
May.

Total

247
812
1,278
1,054
1,003
856
1,253
1,266
1, 314
1,258
1,426
1,401
1,474
1,291
1, 156
1, 112
1,265
1,249
1,318
1, 165
1,233
1,342
1, 263
1,308

Excess of exports (+)
or imports ( — )

Grant-aid
shipments l

Excluding
grant-aid
shipments

(2)

(2)

(2)
2

()

54
96
24
89
166
293
188
167
264
359
268
200
153
104
85
98
85
95
92
94
131

757
1,182
(2)
(2)
833
1, 164
1, 100
1,022
1,070
1,258
1, 136
1, 115
1, 024
955
960
1, 162
1, 164
1,220
1,080
1, 138
1,250
1, 169
1, 176

Merchandise
imports

207
412
480
594
552
738
914
893
906
851
957
829
946
822
825
780
764
839
942
870
850
1,019
871
956

Total

+ 40
+ 400
+ 798
+460
+ 452
+ 118
+ 339
+ 373
+ 408
+ 407
+ 468
+ 572
+ 528
+ 4(>9
+ 331
+ 332
+ 502
+ 410
+ 376
+ 295
+ 384
+ 324
+ 392
+ 351

Excluding
grant-aid
shipments

(i)
(2)
(2)

+ 345
+ 702
+ 95
+ 250
+ 207
+ 116
+ 219
+ 301
+ 307
+ 168
+ 9()2
+ 131
+ 179
+ 398
+ 325
+ 278
+ 209
+ 289
+ 231
+ 298
+ 220

'Beginning with 1950, figures include only Department of Defense shipments of grant-aid military supplies and equipment under the Mutual Security
Program. Shipments for the first 6 months of the program (July-December 1050) amounted to 282 million dollars.
2 Not available.
NOT i—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Department of Defense.

22




CONSUMER PRICES
The average of consumer prices was unchanged in May.
INDEX, 1947-49* 100
140

.INDEX, 1947-49 = 100
140

1954

1953

1951

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMtNT OF LABOR

11947-49=100]

1939
1946
1947
1948
1949
1950
1951
1952
1953
1954

„

„
---

-_
_

_

- -_
__

_
1954: April
May
June
-- - Julv
August
September
October
November
December
1955* January
February „_ __
March
April
May
_
i Not available.




Apparel

Transportation

52. 5
83. 7
97. 1
103.5
99.4
98. 1
106. 9
105. 8
104. 8
104.3
104. 1
104. 2
104. 2
104.0
1 03. 7
104. 3
104. 6
1 04. 6
104. 3
1 03. 3
103. 4
1 03. 2
103. 1
103. 3

C1)
C1)
90.6
100. 9
108.5
111. 3
118. 4
126. 2
129. 7
128. 0
129. 1
129. 1
128. 9
126. 7
126. 6
126. 4
125. 0
1 27. 6
127.3
127. 6
127.4
127. 3
125. 3
125. 5

Housing

All
items

Period

Food

59.4
83.4
95. 5
102.8
101.8
102. 8
111.0
113. 5
114. 4
114.8
114.6
115.0
115. 1
115.2
115. 0
114. 7
114. 5
114. 6
114. 3
114. 3
114. 3
114. 3
114. 2
114. 2

47. 1
79.0
95. 9
104. 1
100.0
101. 2
112. 6
114. 6
112. 8
112. 6
112. 4
113. 3
113.8
114. 6
113. 9
112.4
111. 8
111. 1
110. 4

Total

no. 6

110.8
110. 8
111.2
111. 1

Rent

(')
C1)
95.0
101. 7
103. 3
106. 1
112.4
114. 6
117. 7
119. 1
118.5
118.9
118.9
119. 0
119.2
119.5
119. 5
119.5
119.7
119. 6
119. 6
1 1 9. 6
119. 5
119. 4

86.6
91. 4
94. 4
100. 7
105.0
108. 8
113. 1
117. 9
124. 1
128. 5
128. 2
128. 3
128. 3
128. 5
128. 6
128. 8
129. 0
129. 2
129. 4
129. 5
129. 7
] 30. 0
129. 9
130. 3

Reading Other
Medical Personal
and
goods
care
care
recreaand
tion
services
C1)
C1)
94. 9
100. 9
104. 1
106. 0
111. 1
117. 2
121. 3
125. 2
124.9
125. 1
125. 1
125. 2
125.5
125. 7
125.9
126. 1
126. 3
126.5
126. 8
127. 0
127. 3
127.5

C1)
C1)
97.6
101, 3
101. 1
101. 1
110.5
111. 8
112.8
113. 4
112. 9
113.0
112. 7
113.3
113.4
113.5
113. 4
113.8
113. 6
113.7
113.5
113. 5
113.7
113. 9

C1)
C1)
95.5
100.4
104. 1
103.4
106. 5
107.0
108.0
107. 0
106.5
106. 4
106. 4
107. 0
106. 6
106.5
106. 9
106.8
106.6
106.9
106.4
106. 6
106.6
106. 5

(l)

w96.1

100.5
103.4
105.2
109.7
115.4
118. 2
120. 1
120.2
120. 1
120. 1
120.3
120.2
120.1
120. 1
120. 0
119. 9
119.9
119.8
119. 8
119.8
119.9

Source: Department of Labor.

23

WHOLESALE PRICES
Wholesale prices increased slightly in June.

1955

1953

1952

COUNCIL OF ECONOMIC ADVISERS

[1947-49=100]
Period

1939
1946
1947
1948
1949
1950
1951
1952
.
1953
1954
1954: May
June
July
August
September..
October
November. _
December
1955: January
February
March
April
May
June
Week ended: 1
1955; July 5_
12_
\\Vi-u y :.«»rhv; b:»°.i'fj on a smaller sample than the monthly serie:
horn«v l.>opurtment of Labor.




50. 1
78.7
96.4
104.4
99. 2
103.1
114.8
111.6
110. 1
110. 3
110.9
110. 0
110.4
110.5
110.0
109.7
110.0
109.5
110. 1
110.4
110.0
110.5
109.9
110. 3

36.5
83. 2
100.0
107.3
92.8
97.5
113.4
107.0
97.0
95.6
97.9
94.8
96.2
95.8
93.6
93. 1
93.2
89.9
92.5
93.1
92. 1
94.2
91.2
91. 8

43.3
77. 6
98.2
106. 1
95.7
99.8
111. 4
108.8
104. 6
105. 3
106.8
105. 0
106.5
106.4
105.5
103.7
103.8
103.5
103. 8
103.2
101.6
102.5
102. 1
103.9

Other than
farm products
and foods
(industrial)
58. 1
78. 3
95.3
103.4
101.3
105.0
115.9
113. 2
114.0
114.5
1145
114.2
114.3
114.4
114.4
114.5
114. 8
114. 9
115.2
115.7
115.6
115.7
115.5
115.6

110.0
110. 3

89. 8
89. 1

102.9
103.0

115.8
116.2

All commodities

Farm
products

Processed
foods

PRICES RECEIVED AND PAID BY FARMERS
The index of prices received by farmers declined 0.4 percent during the month ended June 15. The index of prices
paid by farmers was unchanged, and the parity ratio declined slightly. This ratio has been at the relatively low level
of 86 or 87 percent since October 1954.
INDEX,
325

INDEX, I9LO.-I4*IOO
325
PRICES RECEIVED

300

275
^PARITY INDEX
(PRICES PAID, INTEREST, TAXES,
AND WAGE RATES)

250

225

PARITY RATIO-

100

i960

1952

1951

•^RATtO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.
SOURCE: DEPARTMENT OF AGRICULTURE.

Period

1939
1946
_.
1947
1948
1949
_
___ . . _
1950
1951 ... _
...
_
1952
1953
1954...
1954: May 15
June 15
July 15
August 15
September 15October 15
November 15
December 15
..
1955* January 15
February 15
March 15 - .
_April 15
May 15
June 15

1953

1954

1955
COUNCIL, OF ECONOMIC ADVISERS

Prices paid by farmers Parity index
(prices paid, Prices refor items used in
ceived by
interest,
taxes, and
farmers
Family
Producwage rates)
living
tion
Index, 1910-14=100
121
120
95
123
202
2236
191
208
224
276
237
240
251
287
260
_
2£0
243
250
238
251
246
246
258
256
- 302
282
273
268
274
271
287
288
253
270
258
279
_ - _ _ ..
252
274
249
281
256
276
284
255
252
282
247
276
247
277
280
245
277
250
282
-249
.. .
.
246
273
251
280
242
273
250
279
;
272
251
279
242
272
250
279
239
254
283
273
243
256
271
244
283
.. . . ..
256
273
284
243
254
274
284
247
274
282
244
251
.
282
273
250
243

i Percentage ratio of index of prices received by farmers to parity index.
* Includes wartime subsidies paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946.
Source: Department of Agriculture.




Parity
ratio 1

77
113
115
110
100
101
107
100
92
89
90
88
88
88
88
87
87
86
86
86
86
87
87
86

25

CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
Demand deposits declined $1.1 billion during May.
The decline was larger than is usual at this time of year. At
the end of May, total deposits (excluding Government) and currency were 4.4 percent higher than a year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

END OF MONTH
TOTAL DEPOSrrS AND CURRENCY

TOTAL EXCLUDING U.S.

GOVERNMENT DEPOSITS

{ PRIVATELY HELD MONEY SUPPLY J

160
120

160
120
DEPOSITS
ADJUSTED

TIME DEPOSITS

CURRENCY OUTSIDE
BANKS

U.S. GOVERNMENT DEPOSITS

\
1954

1951

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
End of period

1946
1947
1948
1949
__
.
. . ...
1950
1951.
. . .
1952
1953
1954 .
__
1954: April
May_
..
June
Julv .
August
.
September
October . . .
November
December 1955: J a n u a r y 4 4
February
March 4 _
April 44
Mav .. .
1
3
8

26

Total deposits and
currency

167. 5
172.3
172.7
173.9
180. 6
189.9
200. 4
205.7
214. 8
202.3
203. 6
205.3
204.8
206. 3
207.7
211. 3
213.3
214.8
213.4
212.0
210.6
213.0
212.6

U.S.
Government
deposits 1
3. 5
2.3
3.6
4. I
3.7
3.9
5. 6
4.8
5. 1
5. 0
5. 6
6.8
4. 4
6. 0
5.2
6. 6
7.5
5. 1
4.2
5. 1
5.3
5.6
5.9

Total excluding U. S. Government deposits
(privately held money supply)
Currency
Demand
Time
outside
Total
deposits
deposits 3
banks
adjusted 3
164. 0
26.7
83.3
54.0
170.0
87. 1
26.5
56.4
169. 1
26. 1
85. 5
57.5
25.4
169.8
85.8
58.6
176 9
92. 3
25. 4
59.2
98.2
26.3
186.0
61.4
27.5
194. 8
101.5
65.8
200.9
28. 1
102.5
70.4
209. 7
27.9
106.6
75. 3
26. 7
197.3
98. 6
72.0
26. 8
198.0
98. 7
72. 5
27. 1
198.5
98. 1
73.3
26. 8
200. 4
100.0
73.7
26.9
99. 4
200.3
74. 0
202. 5
26. 9
101.2
74. 4
26.9
204. 7
103. 1
74.8
205.8
27.5
104.0
74.3
209. 7
27. 9
106. 6
75.3
209.2
26.8
107.0
75.4
206.9
104.5
26.8
75.7
205. 3
26. 7
76.2
102.4
26.7
207.4
104.5
76.2
103.4
76. 5
26.8
206.7

Includes U. S. Government deposits at Federal Reserve banks and commercial and savings banks, and U. S. Treasurer's time deposits, open account.
Includes demand deposits, other than interbank and U S. Government, less cash items in process of collection.
Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.

NOTE. —Detail will not necessarily add to totals because of rounding.



Source : Board of Governors of the Federal Reserve Board.

BANK LOANS, INVESTMENTS, AND RESERVES
Total loans and investments of commercial banks were unchanged between the end of April and the end of May.
A rise of $1 billion in loans was offset by declines of $0.7 billion in holdings of U. S. Government securities and $0.3
billion of other securities. Loans appear to have continued to rise during June.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS

TOTAL LOANS AND INVESTMENTS

i so

120
80

80

BANK LOANS*

40
20

40 J
20

INVESTMENT IN OTHER SECURITIES
1

j

I

I !

1952

I )

j

j

Li

1953

END OF MONTH
SOURCE : BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

End of period

1949
I960
_
1951
1952
1953
1954
1954: April

_. ...

May

June
July
August.
September .
October .
November
December
1955: January 4 _4 - _
February _ _
March 4
April44
May
_
June 4

Total loans
and investments
120.2
126. 7
132.6
141. 6
145. 7
155.9
144. 1
145. 7
146. 4
147.3
149. 5
150. 6
154. 0
155.7
155.9
156.2
154.8
153.5
155. 5
155. 5

[Billions of dollars]
A1J commercial banks
Investments
U. S. GovLoans
Other
ernment
Total
securities securities
77. 2
10. 2
(57. 0
43. 0
62. 0
12. 4
74. 4
52. 2
74. 9
57. 7
61. 5
13. 3
14. 1
77.5
63.3
64. 2
63. 4
14.7
78. 1
67.6
85.3
69.0
70.6
16. 3
62. 1
15.2
77. 4
66. 8
78.6
63. 3
15.3
67. 1
79. 0
63. 5
15. 5
67. 3
80.0
64. 3
15.7
67. 3
83. 0
15.7
67.3
66. 5
83.3
67. 3
16. 0
67. 3
86. 3
70. 2
16. 1
67.7
86.3
70. 1
16. 2
69. 4
85.3
69.0
16. 3
70.6
85.7
69. 0
16.7
70.6
83.6
66.8
71.2
16. 8
81.2
17. 0
. 64. 2
72.3
82.6
65.6
17.0
72.9
64. 9
81.6
16.7
73.9

COUNCIL OF ECONOMIC ADVISERS

Weekly
reporting
member
banks * 2
Business
loans 2
13. 9
17. 9
21. 6
23.4
23.4
22. 4
22. 2
21. 9
21.9
21. 5
20.8
21. 0
21. 0
22. 1
22. 4
22.0
22. 1
22. 6
22. 5
22. 6
23. 5

All member banks 13
BorrowReserve balances ings at
Federal
Required Excess Reserve
Banks
17.0
.8
.1
15. 6
.8
.1
18.5
.8
.3
19. 6
.7
.8
19.3
.7
.8
18.5
.8
.1
18. 6
.8
.1
18. 8
.7
.2
18.8
.9
.1
18. 3
.8
.1
17.6
.8
.1
17.6
.8
.1
18. 2
.7
.1
18.4
.8
.2
18.6
.7
.2
18. 4
.7
.3
18. 2
.6
.4
18.0
.6
.5
18.2
.6
.5
18. 2
.6
.4
18. 1
.6
.4

1 Member banks Include, besides all national banks, those State banks that have taken membership in the Federal Reserve System.
2 Commercial, industrial, and agricultural loans; revised series beginning January 1952. Such loans by weekly reporting member banks represent approximately
70 percent of business loans by all commercial banks.
3 Data are averages of daily figures on balances and borrowings during the period.
* Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.




27

CONSUMER CREDIT
Total consumer credif outstanding rose by more than $900 million during May to a record level of $31.6 billion.
Increased instalment financing of automobile purchases again accounted for most of the rise.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1950

1951

1955

1952

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Total
consumer
Rad of period
credit
outstanding
1939
1946
1947
1948
1949
1950
1951
1952
1953
.
1954
1954: April
May
June
July
August
September.
October__NovemberDecember.
1955* .lfl.nun.rv
FebruaryMarch.
April
Mnv

28

7.222
8,384
11,570
14,411
17, 104
20, 813
21,468
25, 827
29, 537
30, 125
28, 095
28, 372
28, 666
28, 725
28, 736
28, 856
28, 975
29, 209
30, 125
29, 760
29, 518
29, 948
;;<), 655

;M , 5 r>s




Instalment credit outstanding
Total
4,503
4, 172
6,695
8,968
11,516
14, 490
14,837
18. 684
22, 187
22, 467
21.426
21.487
21,717
21, 849
21, 901
21, 935
21, 952
22, 014
22, 467
22, 436
22, 508
22, 974
23, 513
LM. 1-10

Automobile
paper l
1,497
981
1,924
3, 054
4, 699
6, 342
b, 242
8, 099
10, 341
10, 396
9,942
10, 002
10, 168
10. 298
10, 349
10, 365
10, 340
10, 296
10, 396
10, 459
10, 641
11,053
11, 482
11, 085

Other Repair and
consumer moderni- Personal
zation
loans
goods
loans 2
paper *
1,088
298
1, 620
1,496
405
1,290
1,910
718
2, 143
2, 229
2, 842
843
2,444
887
3 3 486
2, 805
1,006
4,337
3, 235
1, 090
4, 270
3,851
1,406
5, 328
4, 366
1, 649
5,831
4 3 787
1,616
5,668
4,454
1, 617
5,413
1, 634
4,481
5, 370
4,547
1, 635
5, 367
4,586
1, 637
5,328
4,616
1,642
5,294
4, 641
1, 642
5,287
4,651
1, 637
5, 324
4, 689
1,631
5,398
4,787
1,616
5,668
4,794
1,574
5,609
4, 833
1,550
5,484
4,912
1,530
5,479
1,534
5,005
5,492
1, 546
5,063
5,555

jNuiuutitaliueJii credit
outstanding
Total
2,719
4,212
4,875
5,443
5,588
6, 323
6, 631
7, 143
7, 350
7,658
6, 669
6,885
6, 949
6, 876
6,835
6,921
7,023
7, 195
7, 658
7,324
7,010
6,974
7, 142
7,419

Charge
accounts
1,414
2,076
2, 353
2, 713
2, t>80
3,006
3,096
3,342
3,411
3,518
2, 723
2,786
2,819
2, 773
2,734
2, 807
2,892
3,042
3,518
3,225
2, 831
2,735
2,859
3,011 1

InstalInstalment
ment
credit ex- credit 3
3
tended
repaid

8,495
12,713
15.540
18, 002
21,256
22, 791
28, 397
30, 321
29, 304
2.400
2, 397
2,703
2, 549
2,477
2,441
2, 454
2,554
3,046
2,389
2,416
3, 159
3,089
3, 206

purpose of pim-hnsing automobiles and other consumer goods and secured by the items purchased,
millions: those held by retail outlets are included in "other consumer goods paper."
Source: Board of Governors of the Federal Eeserve System,

6, 785
10, 190
13, 267
15,454
18, 282
22, 444
24, 550
26, 818
29, 024
2,355
2,336
2,473
2,417
2,425
2, 407
2,437
2,492
2,593
2,420
2,344
2,693
2, 550
2, 570

BOND YIELDS AND INTEREST RATES
Yields of Federal and municipal securities increased in the latter part of June and early July. 'There was little change
in corporate bond yields. Rates on prime commercial paper rose in early July.
PERCENT PER ANNUM

PERCENT PER ANNUM

4

4

U.S. GOVERNMENT
_—
(OLD SERIES)

1950

1955

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF G O V E R N O R S OF THE FEDERAL RESERVE SYSTEM.

Period

1939
.
1948
1949
1950
__
1951
1952
1953
1954
.
1954; June - _.
July
August September
October
November
December
1955: JanuaryFebruary
March
April_
May . _
June
Week ended:
1955: June 4 .
11..
J.

1.14.J

18.

25_ _
July 2
9
16

[Percent per annum]
U. S. Government security yields
High-grade
3-month
Taxable bonds 2
municipal
Treasury
bonds 6
Old series 8 New series 4
bills i
0.023
2.76
1.040
2. 44
2. 40
2.31
1. 102
2.21
2.32
1.218
1. 98
1. 552
2. 57
2.00
2.68
1.766
2. 19
2, 93
2.72
3. 16
1.931
.953
2. 53
2. 70
2.37
.650
2. 54
2. 70
2. 48
.710
2.47
2. 62
2. 31
.892
2. 48
2.60
2.23
1.007
2.51
2. 64
2.29
2. 52
.987
2.32
2. 65
2.55
.948
2. 68
2. 29
1. 174
2. 57
2. 33
2. 68
1.257
2. 65
2. 76
2. 39
4
2. 72
1. 177
2. 92
2. 42
2. 71
2. 92
1. 335
2. 45
2. 92
2. 77
1.620
2. 43
1. 491
2.75
2. 91
2. 41
1.432
2.76
2, 91
2.48
1. 434
1. 390
1. 514
1. 420
1.401
1. 541
1. 606

2. 74
2.74
2. 75
2. 78
2.81
2.82
2.83

* Rate on new issues within period.
2 Bonds in this classification were first issued in March 1941.
* Beginning April 1952, 2!-£-pereent bonds first callable after 12 years. Prior
to that, only bonds due or callable after 15 years were included.




2.90
2. 89
2. 90
2.93
2. 94
2. 94
2. 94

2. 45
2.45
2. 46
2.48
2. 55
2. 60
2. 62

Corporate bonds
( Moody 's)
Aaa
3.01
2.82
2.66
2. 62
2.86
2. 96
3.20
2.90
2.90
2. 89
2.87
2. 89
2.87
2.89
2. 90
2.93
2. 99
3. 02
3. 01
3. 04
3.05

Baa
4. 96
3.47
3.42
3. 24
3.41
3.52
3.74
3.51
3. 49
3.50
3.49
3.47
3. 46
3.45
3.45
3.45
3. 47
3.48
3.49
3.50
3.51

Prime
commercial
paper,
4-6 months
0.59
1.44
1.49
1.45
2. 16
2.33
2.52
1.58
1.56
1.45
1.33
1.31
1.31
1.31
1.31
1.47
1.68
1.69
1.90
2.00
2.00

3.05
3.04
3.05
3.05
3. 05
3.05
3. 05

3.50
3.50
3. 51
3. 51
3.51
3. 51
3. 52

2.00
2.00
2. 00
2.00
2.00
2. 05
2.06

4
3H-percent bonds of 1978-83, issued in May 1953; and 3-percent bonds of 1995,
issued in February 1955.
8
Standard and Poor's. Weekly data are Wednesday
figures.
OQ
Source: Board of Governors of the Federal Reserve System.
*M7

STOCK PRICES
Stock prices increased sharply in June and early July.
I N D E X , 1939 » 100

I N D E X , 1939 » 100

400

400

.

SOURCE: SECURITIES AND EXCHANGE COMMISSION.

Period
Weekly average:
1946
1947 _.
1948
1949 „._
1950
1951
1952.
1953
___
1954
1954: July
August
September
October
November.
December
1955: January
February
March
April
May
June
Week ended:
1955: June 3
10
17
24...
July ]
if, • ...
» lm>lud«>,s iv»5
for tmd« % , f i m u i c r ,

30



Composites
index

Z-,

;
|

/

_.

300

COUNCIL OF ECONOMIC ADVISERS

[1939—100]
Manufacturing
TransDurable Nondura- portation
Total
goods
ble goods

Utilities

Trade,
finance, Mining
and service

149. 4
130. 9
132.7
127.7
154. 1
184.9
195.0
193.3
229.8
233. 0
237. 1
240. 4
243. 6
254. 4
267.7
270. 6
281.0
279.6
286. 8
289.0
302. 9

146. 6
132.4
136. 8
132. 1
165. 7
206.8
220.2
220. 1
271.3
275. 3
280.0
285.6
291.2
305. 2
322.7
326. 4
340.0
336. 9
347. 0
349.6
370. 1

138. 6
119. 9
124. 3
116.0
150, 2
178. 5
188.8
192. 6
245.2
254.3
257.0
260. 2
267. 4
284. 4
298.3
306.9
320.0
318. 2
326.8
324. 5
344. 4

154. 5
144.6
148.6
147. 2
180. 2
233. 1
249.3
245. 2
295. 2
294. 4
301. 0
308.8
312.8
324. 0
1 345. 0
344. 0
358.2
353. 8
365. 3
372. 4
393. 4

202. 4
149.1
158. 1
136.0
160.0
199.0
220. 6
218. 7
232. 6
233.5
237. 1
236.0
240. 4
259.4
284. 8
288. 1
300.3
305. 4
320.5
326. 0
336.5

121. 0
105. 5
99.3
98. 1
108.9
112.6
117.9
121. 5
135. 8
138. 6
140.8
139.8
138. 2
141. 2
144 1
145. 3
150.0
150. 9
152. 1
153. 5
154.3

204.3
162.8
156. 9
160.7
183. 8
207.9
206.0
207. 1
235.6
236. 0
243. 1
247. 2
248. 6
260. 4
267.5
269.8
276.0
274.6
277.3
280.5
294.2

125.5
117.2
133. 0
129.4
143. 5
204.9
275.7
240.5
267.0
257. 2
262.6
267. 8
269. 4
277. 9
310.3
314. 4
314.6
315. 1
311. 3
302.6
313.8

294.3
299.7
306.5
311. 1
314. 2
318. 5
3 IS. 2

356.6
365. 0
375. 6
383. 1
388. 3
395. 0
393. 4

332. 1
340.2
351. 6
353. 6
355. 4
363. 2
365. 4

378.8
387.6
397.4
410. 0
418.3
424. 1
418. 9

333.9
336.4
336. 7
339. 1
338.0
331. 1
332. 6

154. 6
154.2
154. 4
154. 0
154. 1
154. 6
157. 0

287.8
290.9
297. 6
300. 5
299. 6
307.6
305.4

305.3
315. 3
317. 6
317.2
323. 1
313.3
315.8

• poods nianufari unit?. 72 lor nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31
Indr.xes tiro for weekly closing prices.
ared.
Source: Securities and Exchange Commission.

FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
The cumulative budget deficit of the Federal Government through May of the^fiscal year 1955 was $7.6 billion, compared with $6.5 billion at the same time last year.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

NET BUDGET RECEIPTS

TOTAL BUDGET EXPENDITURES
75

1951

1952

1954

1953

1955

1950

NATIONAL SECURITY PROGRAMS

1951

1952

1953

1955

BUDGET SURPLUS (+) OR DEFICIT {-)
(MAGNIFIED SCALE)

IRST II
tONTHS

1950

195!

1952

1953

19

1955

1950

195!

1952

1953

1954

1955

FISCAL YEARS

* ESTIMATED
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

COUNCIL OF ECONOMIC ADVISERS

ol dollars]

Net budget
receipts

Period
Fiscal year 1944
Fiscal year 1947
.. _
Fiscal year 1948
Fiscal year 1949
Fiscal year 1950
Fiscal vear 1951
Fiscal year 1952
Fiscal year 1953
Fiscal vear 1954
Fiscal year 1955 (estimated)
1954: April... . . .
IVIav
_ _
June
July

_

. .. . .

__

August
September
_ _
October
„
November.
December
1955: January _ _ _
February _ _
MarchApril
May
Cumulative totals for first 11 months:
Fiscal vear 1954
Fiscal vear 1955
._ _ _ _ _ _ __

„

43. 6
39.8
41. 5
37.7
36.5
47. 6
61. 4
64.8
64. 7
59.0
2. 8
3. 6
10. 6
2. 8
3.9
5.0
2.6
4.2
3.7
4.7
5.4
9.7
3.7
4. 4

54.0
50.3

Public debt
(end of
period) 3

Budget expenditures
National
Total
security *
95. 1
75. 8
39.0
14. 4
11.8
33. 1
39. 5
12. 9
39. 6
13.0
44. 1
22.3
65.4
43.8
74.3
50. 3
67. 8
46.5
63.5
40.6
5.3
3. 7
5. 2
3.3
4.5
7.3
3.2
4.8
6.7
3.4
5.0
3.3
4.9
3.3
3.8
3.3
6.3
3.7
3.2
4. 9
3. 1
4.8
5.9
3.5
5.2
3.3
5.4
3.3

Budget surplus (+) or
deficit (— )
-51. 4
+ .8
+ 8.4
-1.8
-3. 1
+ 3.5
-4.0
-9.4
-3. 1
-4.5
2 5
-1. 6
+ 3.3
-2. 0
-2.8
j
-2*. 2
+.4
-2.5
-.3
+ .6
+ 3.8
-1.5
-.9

202. 6
258.4
252. 4
252.8
257.4
255.3
259.2
266. 1
271. 3
274.4
271. 1
273. 6
271.3
271. 0
275.0
274.8
278.8
278.9
278.8
278. 5
278.2
274. 1
276.7
277.5

42.0
36.5

-6.5
-7. 6

273.6
277.5

60. 5
57.8

i Revised to include the Items classified as '"national security" in The Budget of The United States Government for the Fiscal Year Ending June SO, 1965. These
expenditure Items are: Military functions of Defense Department, mutual military program, 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.
NOTE.—Beginning with February 1954, the reporting of budget receipts and expenditure^ is on a basis consistent with that used in preparing budget estimates.
The figures shown above for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis.
Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department %nd Bureau of the Budget.
O Tl




CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
Federal cash receipts exceeded cash payments by $4.1 billion in the first quarter of this year. Because of the heavy
concentration of corporate tax payments in March, a substantial cash surplus is usual at this time of year.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

80

80

.i. . . •

•HO

(MAGNIFIED SCALE)

EXCESS OF CASH RECEIPTS

F^T^l

•

I

•

EXCESS OF CASH PAYMENTS

1950

1951

1952

^PRELIMINARY ESTIMATES
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT,

I954J/

1953

1954 *

1955 *

CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Calendar year
Calendar year total:
1946
1947
1948
1949
_
1950
1951
1952.
1953
19541
-_ —
.
_
Quarterly totals, not adjusted for seasonal variation:
1953: First quarter
..
Second quarter
Third quarter
Fourth quarter
«
...
. _ _
1954:1 First quarter
„ _
Second quarter.
- - - Third quarter
__
Fourth quarter
_
- 1955: ' First quarter

Cash receipts
from the
public

Cash payments to
the public

Excess of receipts (-{-) or
payments (—)

41,441
44, 282
44, 922
41, 346
42, 419
59, 278
71,339
70, 041
68, 562

41, 399
38,616
36, 897
42, 642
41, 969
58, 034
72, 980
76, 194
69, 622

+ 5, 666
+ 8, 027
— 1,295
+450
+ 1,244
-1,641
— 6, 153
— 1, 060

22, 539
18, 674
15, 357
13, 471
23, 693
19, 115
13, 501
12, 253
21, 287

18, 166
21, 049
18, 870
18, 109
16, 459
18, 431
18, 582
16, 172
17, 161

+ 4, 373
-2, 375
-3, 513
— 4,638
+ 7,234
+ 684
-5,082
--3,918
+ 4, 126

1

Preliminary estimates.
NOTE - JH*tftil w i l l not nccmvarily add to totals because of rounding,
oum*?; !itm»»u of tht< Bndpnt and Treasury Department.




\iy

Suiwrlntendent of Documents. TJ. S. Government Printing Office, Washington 25, D. C.
Price 20 cents per copy; $2.00 per year; $2.50 foreign.

+42


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102