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Congress, 2nd Session

Economic Indicators
JULY 19S8

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

as v >

™--4>,
\<?'
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1958

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
JOHN SPARKMAN, Alabama, Vice Chairman
RICHARD BOILING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
HENRY O. TALLE (Iowa)
THOMAS B. CURTIS (Missouri)
CLARENCE E. KILBURN (New York)

PAUL H. DOUGLAS (Illinois)
J. WILLIAM FULBRIGHT (Arkansas)
JOSEPH C. O'MAHONEY (Wyoming)
RALPH E. FLANDERS (Vermont)
ARTHUR V. WATKINS (Utah)
JOHN D. HOBLITZELL, Jr. (West Virginia)

RODERICK H. RILEY, Executive Director
JOHN W. LEHMAN, Clerk

COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNIER, Chairman
JOSEPH S. DAVIS
PAUL W. McCRACKEN

[PUBLIC LAW 120—81st1 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
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators/' and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint
Economic Committee; and the required number of copies to the Superintendent of Documents for distribution
to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to
the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.

11




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

Page

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
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

11
12
13
14
15

,

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.
294
30*

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

31'
32;




iit

TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Preliminary estimates show a small increase in total income and expenditures between the first and second quarters
of 1958.
[Billions of dollars]

1958

1957
Second quarter

Year
Economic group

ExRe- pendceipts itures

Excess
of receipts

(+>
or expenditures
(-)

Excess
of receipts

ExRe- pendceipts itures
or expenditures
(-)

(+)

First quarter

ExRe- pendceipts itures

Excess
of receipts

(+>

or expenditures
<-)

Second quarter *
Excess
of reEx- ceipts
Re- pendceipts itures or expenditures
(-)

<+)

Seasonally adjusted annual rates
Consumers:
Disposable personal income. 305. 1
Personal consumption ex284. 4
penditures

Gross retained earnings

45.6

Gross private domestic investment

282. 5
20. 7

Personal net saving (-f ) Business:

305. 0

305.7

-19. 7

Excess of receipts (+)
or of investment ( — ) -

18.8

67.0

49. 6

48. 0

(2)

-7. 2

4.2

1.0

.5
—.5

-4.2

-3. 5

19.6
(2)

-21. 8

3. 5

288.0

42.4

45.2

Excess of investment
(— )
International:
Net foreign investment

286. 2
23. 2

65. 3

;

307. 6

-1.0

Government (Federal, State,
and local) :
Tax and nontax receipts or
accruals
116 2
Less: Transfers, interest,
27. 4
and subsidies (net)

116. 3

110. 6

(-)

27. 5

30. 4

32. 4

88. 8

88.8

80. 2

(2)

Net receipts
Total government expenditures
Less: Transfers, interest,
and subsidies (net)

114. 5

115. 0

119. 9

123. 4

27. 4

27. 5

30. 4

32. 4

Purchases of goods
and services

87. 1

87. 5

89. 5

91. 0

Surplus (+) or
deficit (— ) on
income and
product account.
Statistical discrepancy-

.7

GEOSS NATIONAL PRODUCT.. 440.3 440. 3
8»Preliminary

1. 3

1. 7
.7

441. 2 441.2

estimates.
Not available.
NOTE.—Series revised beginning 1946. For details, see Survey of Current Business, July 1958.
For explanation and use of this arrangement, see Senate Report No. 1295, Joint




1.5

1.5

(2)

-9. 3

-1.7
425. 8 425. 8

-1.7

(2)

(2)

428. 0 428. 0

Economic Report, pp. 92-93, 99-105, and Economic Report of the President, January 1953, Appendix A.
Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Council of Economic Advisers.

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national expenditures rose $2.2 billion (seasonally adjusted annual rate) between the first and second quarters
of 1958, according to preliminary estimates. Increases occurred in personal consumption expenditures arid government purchases.
BILLIONS OF DOLLARS
5OO

BILLIONS OF DOLLARS
500
SEASONALLY ADJUSTED ANNUAL RATES

400

400

PERSONAL CONSUMPTION
EXPENDITURES N.

200

GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100

I952

1953

1957

1954

1958

I/ PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
COUNCIL Of ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

[Billions of dollars]
Total
Personal
Gross
gross
Total
conNet
national
sump- private foreign
gross
domestic
product national
tion
investin 1957 product expend- investment
ment
prices *
itures

Period

1939
1948. ._._
1949
1951
1952
1953
1954
1955
.
.
1956
1957.______

.

204.7
317.1
316.6
370.1
382.6
399.3
393.0
425. 1
435.3
440.3

91. 1
259.4
258. 1
329.0
347. 0
365.4
363. 1
397. 5
419.2
440. 3

67. 6
178.3
181. 2
209.8
219. 8
232.6
238.0
256. 9
269.4
284.4

9.3
43.1
33.0
56.3
49. 9
50. 3
48.9
63.8
68.2
65. 3

436.3
441.2
445. 6
438.9
425.8
428.0

279, 8
282.5
288.3
287. 2
286.2
288. 0

65. 9
67.0
66. 7
61.5
49.6
48. 0

0. 9
1. 9
.5
.2
—.2
— 2.0
-.4
4
L4
3. 5

Government purchases of goods and services
Federal
Total *

13.3
36.1
43. 4
62.6
77.5
84.4
76.6
77.1
80.3
87.1

Total

2

5.2
20.9
25.5
40.9
54. 3
59.5
48.9
46.8
47. 1
50.8

National
security3
1.3
15.8
19.3
37.2
48. 9
51.5
43.0
41.3
42.5
46.5

Other

State
and
local

3.9
5.6
6.6
4.2
5.8
8.4
6.2
5.9
5.0
4.8

8.2
15.2
17.9
21. 7
23.2
24. 9
27.7
30. 3
33. 1
36.3

5. 1
4.5
4. 5
5.0
5. 7
6.0

35. 9
36.0
36. 1
37.8
38. 6
39.2

Seasonally adjusted annual rates 1957: First quarter
Second quarter
Third quarter
Fourth quarter _ _ __
1958: First quarter
Second quarter *

» Preliminary estimates by Council of Economic Advisers.
• Less Qowrnmeut soles.
»Includes expenditures for military services, international security and foreign
tions (except foreign loans), development mnd control of atomic energy, promoi of the m<*relumt innr-liia, promotion of defense production and economic
iilfut'tUm,
«ind civil dnfwn^o. For further dt'tuils, sec Economic fteport of the
A
*"', Jftimary 1U65 (p. W), and Nattonul Income, W&4 Edition (j), 148).




4.2
4.2
3.6
1.9
.5
1.0

86.4
87. 5
87.0
88. 3
89.5
91.0

50.5
51.5
50.9
50.5
50.9
51.8

45.8
47.4
46.9
46.0
45.6
46,2

These expenditures are not comparable with the "major national security" category in The Budget of the United States Government for the Fiscal Year Ending
June S0t 1959, and shown on p. 31 of Economic Indicators.
NOTE.—Series revised beginning 1946. For details, see Survey of Current
Business, July 1958.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).

NATIONAL INCOME
Compensation of employees remained virtually unchanged between the first and second quarters of 1958.
proprietors* income rose $1 billion (seasonally adjusted annual rate).

Farm

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

40O

400
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL NATIONAL INCOME

300

300

COMPENSATION OF EMPLOYEES

X
200

200

100

100
PROPRIETORS* AND
RENTAL INCOME V.

CORPORATE PROFITS AND ^
INVENTORY VALUATION ADJUSTMENT

NET INTEREST.
1952

=1=
I

1953

1955

1954

1956

1957

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

1958
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Period

1939._1948.___1949 .
1951
1952
1953
1954. .
1955
1956
1957___

'

- —

1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter 2
Second quarter
i
3

Proprietors' income

Corporate profits and inventory valuation adjustment

Compensation
of employees *

72.8
223.5
217.7
279. 3
292.2
305. 6
301. 8
330.2
349.4
364. 0

48. 1
141. 0
140. 8
180. 3
195. 0
208. 8
207. 6
223. 9
241. 8
254. 6

7.3
2.7
46
4.3
4.2
22.4
7.3
17.8
12. 9
22.7
8.3
4.8
9.4
26. 0
6.3
16. 3
26.9
10. 2
7.1
15. 3
27.4
8.2
10.5
13. 3
12. 7
10.9
9. 1
27.8
10.4
30. 4
10.7
11. 8
30.
8
11.3
11. 6
10. 9
31.4
12. 6
11.8
11.6
Seasonally adjusted annual rates

361. 5
364. 1
368. 7
361. 5
350. 6
(3)

251. 6
254. 9
257. 3
254.8
250. 9
250. 7

11. 5
11. 6
11. 8
11.5
12. 6
13. 6

Farm

Includes employer contributions for social insurance. (See also p. 4.)
Preliminary estimates by Council of Economic Advisers,
»Not available.
Source: Department of Commerce (except as noted).




Rental
income
of
persons

Total
national
income

Business
and professional

31. 1
31. 4
31. 7
31, 3
30. 6
30. 7

11.4
11.7
12.0
12.2
12. 1
12. 1

Net
interest

12. 1
12. 5
12. 8
12.9
13. 0
13. 1 -

Total

Profits Inventory
valuation
before
taxes adjustment

5.7
30.8
28. 2
41.0
37.7
37.3
33.7
43. 1
42. 9
41. 9

6.4
33.0
26.4
42.2
36.7
38.3
34.1
44. 9
45. 5
43. 4

-0. 7
-2.2
1.9
-1.2
1.0
-1.0
-.3
-1.7
-2.6
-1.5

43.7
42. 0
43. 1
38. 8
31. 3
(3)

46.1
43. 5
44. 2
39. 9
31. 7
(3)

--2.4
-1.5
— 1.1
—L 1
-.3
(3)

NOTE.—Series revised beginning 1946. For details, see Survey e/ Current
Business, July 1958.
Detail will not necessarily add to totals because of rounding.

SOURCES OF PERSONAL INCOME
Personal income rose $1.9 billion (seasonally adjusted annual rate) in June.
accounted for the rise.

An

increase in labor income

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

350

TOTAL PERSONAL INCOME "

x

300

300

LABOR INCOME

/

^.^

„,

BUSINESS.PROFESSIONAL, AND RENTAL INCOME%

^f DIVIDENDS AND PERSONAL INTEREST

I I I II I ! I I I I

I I I I I I I I I I I

1952

1958

SOURCE: DEPARTMENT OF COMMERCE.

Total
personal
income

Period

1939
1949
1951
952
953
954 ___
955 _ _ _
950 _ __
957

..
...
_ _

1957: May
June
July
August
September.
October...
November.
1 )ecember.
1958: . J a n u a r y _ _
1'Ybruarv
Mnrcli
A p r i l ... .
IV! n v
.him- '

72. 9
208. 3
256. 7
273. 1
288. 3
289.8
310. 2
330. 5
347. 9

348. 6
350. 7
351. 8
352. 1
351.4
350. (i
350. 2
348. 4
MS. 2
MO. '1
M7. 1
MS. 1
MU. < >
1M K




[Billions of dollars]
Labor income Proprietors' income
(wage and
Rental
salary disincome
DiviBusiness
of
bursements
dends
Farm
and
proand other
fessional persons
labor income) 1
4.3
7.3
2. 7
46. 6
3.8
12.9
22. 7
137.4
8.3
7. 5
16. 3
26. 0
9.4
175. 5
9.0
15. 3
26. 9
190. 2
10. 2
9.0
13. 3
204. 1
27.4
9.2
10. 5
12. 7
202. 5
27. 8
10. 9
9.8
11. 8
30. 4
218.0
10. 7
11.2
11. 6
30. 8
235. 2
10. 9
12.0
11. 6
31.4
247. 1
12.4
11. 8
Seasonally adjusted annual
11. 6
31.4
247. 3
11. 7
12. 6
11. 5
31. 6
249.0
12.7
11.8
11.9
249. 6
11. 9
31. 8
12.8
11. 8
249. 9
31. 8
12.0
12. 8
11.7
12.1
249.3
12.7
31. 6
11.4
247. 8
31. 6
12. 1
12. 6
11. 4
247. 2
31. 2
12.2
12. 6
240. 5
]]. 8
31. 2
12.2
10.8
1 2. 0
244. 2
30. 9
12. 2
12. 5
12. 7
m4
12. 1
1,4 2. 2r
12.4
.m 5
12. 1
1-11. , >
.13. 0
12. 4
; in. <)
;'»(). o
12. 1
1 2. 4
1:1. «i
.MO. 7
12. 1
1 2. 4
1 41!. 0
1:1. 7
r.» ?
:u». v
I'J. 4
i:>. 7
1 44, ?

COUNCIL OF ECONOMIC ADVISERS

3.0
12.4
12. 6
13.2
14.3
16. 2
17. 5
18. 6
21. 5

Less: Personal contributions
for social
insurance
0.6
2.2
3.4
3.8
3.9
4.6
5.2
5.7
6.6

21. 8
21. 8
21.7
21. 5
21.5
22. 6
23.0
23.3
23. 9
23.8
24. 8
26. 1
20. 4
20. 0

6. 6
6. 6
6.7
6.7
6.6
6. 6
6.6
6. 6
6.7
6.7
6. 6
6. 6
6. 7
6. 7

Personal Transfer
payinterest
income
ments

5. 8
9.4
11.2
12. 1
13.4
14. 6
15. 8
17.0
18. 8
rates
18.7
18. 9
18. 9
19.0
19. 1
19. 1
19. 1
19.2
19. 3
19. 3
19. 3
19. 3
1 9. 3
19. 3

Nonagricultural
personal2
income

67. 1
192. 1
237.0
254. 3
271. 5
273. 8
295.0
315.4
332. 7
333.3
335. 6
336.2
336. 6
336. 1
335.7
335.2
333. 0
332. 5
330. 1
330. 5
331. 0
332.4
334. 4
o/ Curm// Kuti-

-t 1-1 I ' . I.iUl? jn-ruU'H- Of r i H U K l l t l K .

DISPOSITION OF PERSONAL INCOME
Disposable personal income rose $2.6 billion (seasonally adjusted annual rate) between the first and second quarters
of 1958. Total consumer expenditures rose $1.8 billion, though outlays for durable goods continued to fall.
BILLIONS' OF DOLLARS
350

BILLIONS OF DOLLARS
350

300

- 250

200

150

-

100

—

1957

1958

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

Period

1939—
1948
1949
1951
1952
1953
1954 „
1955
1956
1957

__

1957: First quarter
Second quarter
Third quarter^ _.
Fourth, quarter 1958: First quarter 2
Second quarter

COUNCIL OF ECONOMIC ADVISERS

Equals:
Less:
DisposPersonal Personal
able
income taxes 1 personal
income

72.9
210.4
208.3
256. 7
273. 1
288.3
289. 8
310. 2
330. 5
347.9

2.4
21. 1
18.7
29.2
34.4
35.8
32. 9
35.7
40. 1
42.7

342. 3
348. 4
351. 8
349.7
347.3
350. 0

42.3
42.7
43. 1
43.0
42.3
42.4

1




Total

Saving
Equals: as percent
Personal
of disNonsaving
posable
Durable durable
Services
income
goods
goods

Billions of dollars
70.4
67.6
6.7
189.3
178.3
22.7
24. 6
189.7
181. 2
227.5
209.8
29. 5
238.7
219.8
29. 1
232. 6
252.5
32.9
32.4
256.9
238.0
274. 4
256.9
39.6
269.4
38.4
290.5
284.4
305. 1
39.9
Seasonally adjusted annual
300. 0
279. 8
40. 2
282. 5
305. 7
39.5
40.4
308.7
288. 3
287.2
39.6
306.8
286.2
36.3
305.0
35.6
307. 6
288.0

Includes such items as fines, penalties, and donations.
NOTE.—Series revised beginning 1946. For details, see Survey of Current Businew, July I9f»8.
Detail will not nocesswily add to totnls hoctui»« of rounding.
BourtM«: Dfpurtimmt of <'ointnt?r«XJ-(wfctvpl »« itoUuj).

Less: Personal consumption
expenditures

35. 1
98.7
96.6
110. 1
115. 1
118.0
119.3
124.8
131.4
138.0
rates
135. 5
137. 1
140.5
138.8
139.8
141. 1

25.8
56.9
60.0
70.2
75.6
81.8
86. 3
92. 5
99. 6
106. 5

2.9
11.0
8.5
17.7
18.9
19. 8
18.9
17.5
21. 1
20. 7

4.1
5.8
4.5
7.8
7.9
7.9
7.3
6.4
7. 2
6.8

104. 1
105.9
107.4
108.7
110. 1
111.3

20.3
23.2
20.4
19.6
18.8
19. 6

6.8
7.6
6.6
6.4
6.2

» Preliminary estimates by Council of Economic Advisers.

a. 4

PER CAPITA DISPOSABLE INCOME
Per capita disposable income/ measured in current prices, rose a little in the second quarter, but was slightly lower
than in the first quarter when measured in constant prices.

SEASONALLY ADJUSTED ANNUAL RATES

2,000

2,000

1,800

1,800

1,600

1,600

1,400

1,400

1,200

I.20O

L

1

1952

1954

1953

1956

1955

1957

^SEE FOOTNOTE Z ON TA8LE BELOW.
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS.

I

1939
1948_.
1949... ._
1951..
-1952....
1953
1954
1955.
1956.
_..
1957
..

1957
prices *

Current
prices
_

_„

_
... . ...

70.4
189. 3
189. 7
227.5
238. 7
252. 5
256.9
274.4
290. 5
305. 1

In

COUNCtt Of ECONOMIC ADVISERS

Total disposable personal Per capita disposable perincome (billions of dollars) * sonal income (dollars) *
Period

I

1958

142. 6
221.4
223. 9
246. 5
252.9
265. 2
269.0
288.0
300. 4
305. 1

Current
prices
538
1,291
1,271
1,474
1,520
1, 582
1, 582
1, 661
1, 727
1,782

1957
prices *

Population
(thousands) 8

1,089
1,510
1,501
1,597
1,610
1,662
1,657
1,743
1, 786
1,782

131, 028
146, 631
149, 188
154, 360
157, 028
159, 636
162, 417
165, 270
168, 174
171, 229

1,786
1,796
1,786
1, 761
1, 726
1,722

170, 158
170,859
171,650
172, 440
173, 110
173, 770

Seasonally adjusted annual rates
1957: First quarter
Second quarter
.
Third quarter
Fourth quarter
.
1958: First quarter.. 4
Second quarter _.

„

i Income less taxes.
* Rftllar wtinutUtg in current prices divided by consumer price index on a 1957
ast'.
* Include* iinned forces overseas, Annual data as of July 1; quarterly data
enturiHl In Ui? muidlo of the i*crltKl» luU£ppi:ttcU from monthly ffcurus.

6



300.0
305.7
308.7
306. 8
305. 0
307. 6

3040
306. 9
306. 6
303. 8
298. 7
299. 2

1, 763
1,789
1,798
1, 779
1,762
l| 770

* Preliminary estimates.
NOTE.—Series revised beginning 1946 For details, see Survey of Current
Business, July 1958.
Sources; Department of Commerce, Department of Labor, and Council of
Economic Advisers.

FARM INCOME
In the second quarter of 1958, farm operators* net income (seasonally adjusted), whether excluding or including
inventory change, was 8 percent above the first quarter, according to preliminary estimates.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

40

40

30

NET FARM INCOME
(INCL. NET CHAN6E
IN tNYENTOttES)*

10

10

1953

1952

1954

1957

1956

1955

'INCOME OF FARM OPERATORS FROM FARMING.
SOURCE! DemRTMENT OF A

Period

1939 _
1948
1949
1951
1952 .
1953
1954

....
__

1955_.
1956 ......

Realized
gross farm
income *

_ __..
_ _
.

.

1957

10. 6
34.9
31.8
37.3
37.0
35.3
33. 9
33. 3
34. 6
34. 3

1958
COUNCIL Of ECONOMIC ADVISERS

Farm operators' income
Net income 2
Farm proExcluding
Including
duction
net change
net change
in invenexpenses
in inventories
tories *
Billions of dollars

6.2

ia9

18.0
22. 2
22.6
21.4
21.7
21. 9
22.5
23.5

44
16. 1
13. 8
15.2
14 4
13. 9
12.2
11. 5
12. 1
10. 8

Net income per farm including net change in
inventories
Current
1957
prices *
prices
Dollars

45
17.8
12.9
16.3
15.3
13.3
12.7
11.8
11.6
11. 6

697

1,660

3,065

3,483
2,658

2, 259
2,951

3, 139

2,829
2,502

2,978
2,662

2, 440
2,313
2,341

2, 542

2,388

2,435

2,413
2, 388

Number of
farms
(millions) 5

6.4
5.8
5.7
5. 5
5.4
5.3
5.2
5.1
5.iO
49

Seasonally adjusted annual rates
1957: First quarter .
Second quarter
Third quarter
Fourth quarter

34. 4
34.3
343
34.3
37. 0
38. 3

23. 4
23.6
23.4
23.6
242
24 5

1958: First quarter. _ _ _
Second Quarter 8
1
Cash receipts from farm marketings, value of farm products consumed in
farm households, gross rental value of farm dwellings, and Government payments
to farmers.
* Bealized gross farm income less farm production expenses. Excludes farm
wages paid to workers living on farms and any income to farm people from nonfarm
8 sources, which in 1957 amounted to $1.8 billion and $6.3 billion, respectively.
Data prior to 1946
on pages ;3 and 4
. , . differ
- . - - -from
. farm^ proprietors' income on
because of revisions by the Department of Agriculture not yet incorporated into
the national income accounts of the Department of Commerce.




11.0
10. 7
10.9
10. 7
12. 8
13. 8

11. 5
11. 6
11.8
11.5
12. 6
13.6

2,370
2,390
2,430
2,370

2, 390

2,650

2,600

2, 860

2, 800

2,390
2,430

2, 350

49
49
49
49
48
48

* Dollar estimates in current prices divided by the index of prices paid by
farmers
for items used in family living on a 1967 base.
6
8 The number of farms is held constant within a given year.
Preliminary estimates.
NOTE.—Series
revised beginning 1946. For details, see Farm Income Situation,
Jnlv
151958
_
J?'
Source: Department of Agriculture.

CORPORATE PROFITS
Corporate profits in the first quarter of 1958 were lower than in the fourth quarter of 1957. Profits before taxes were
lower by $8.2 billion (seasonally adjusted annual rate)/ profits after taxes fell $4.5 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

20

10

10

1957

1952
> NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.

1958
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Corporate
profits
before taxes

Period
1939
1948
1949
1951
1952..
1953...
1954
1955
1956...
1957.

.

6.4
33.0
26.4
42.2
36.7
38.3
34. 1
44. 9
45.5
43.4

_

__._

Corporate
tax
liability
1.4
12.5
10.4
22.4
19.5
20.2
17.2
21.8
22.4
21.6

Corporate profits after taxes
Total
5.0
20. 5
16.0
19. 7
17. 2
18.1
16. 8
23.0
23. 1
21.8

Dividend
payments

Undistributed
profits
1.2
13.3
8.5
10.7
8. 3
8.9
7.0
11.8
11. 0
9.4

3.8
7.2
7.5
9.0
9.0
9.2
9.8
11. 2
12.0
12. 4

Seasonally adjusted annual rates
1957: First Quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter
Second quarter *

_••<__

..

(2)

46. 1
43. 5
44.2
39.9
31.7

» Preliminary estimates by Council of Economic Advisers.
NOTE.—Series revised beginning J946. For details, see Survey of Current
Business, July 1958.
800 p, 3 for profits before taxey* and after Inventory valuation adjustment.
Detail will not neeosajirily add to totals because of rounding.

8



(2)

23.0
21.7
22.0
19. 9
16. 1

(2)

23.1
21.8
22. 1
20.0
15.5

12. 5
12. 6
12.7
12.0
12.5
12.4

* Not available.
Source: Department of Commerce (except as noted).

10.6
9.2
9. 4
8.0
3.0
(*)

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment fell $1.6 billion (seasonally adjusted annual rate) in the second quarter of 1958,
according to preliminary estimates. All components of fixed investment contributed to the decline.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

i

80

.Q

0

SEASONALLY ADJUSTED ANNUAL RATES

60

7

GROSS PRIVATE
DOMESTIC INVESTMENT

NEW CONSTRUCTION*

...~-\-

„.««•••••••"*"

PRODUCERS'
DURABLE EQUIPMENT ^j^,,...,

.1

""""•"X
*'«...«.,.„

*****"

CHANGE IN BUSINESS
INVENTORIES

-20

-20

1952

1954

1953

1957

1956

1955

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

1958
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
gross
private
domestic
investment

Period

1939
__._
1948
_.1949
1951 . ' . .
1952
1953
1954
1955
1956
1957

_

9.3
43. 1
33.0
56.3
49.9
50.3
48.9
63. 8
68. 2
65. 3

Change in business
inventories

Fixed investment
New construction l
Total

8.9
38.4
36.0
46. 1
46.8
49.9
50. 5
58. 1
62.7
64. 3

Residential
nonfarm

Total
4.8
19.5
18.8
24. 8
25.5
27. 6
29. 7
34.9
35.7
36.5

2. 7
10. 1
9.6
12. 5
12. 8
13.8
15.4
18.7
17.7
17.0

Other

Producers'
durable
equipment

2. 1
9.3
9.2
12.3
12.7
13.8
14.3
16.2
18. 1
19.5

Total

Nonfarm

4.2
18.9
17.2
21. 3
21.3
22.3
20.8
23. 1
27.0
27.9

0.4
4.7
— 3. 1
10. 2
3. 1
.4
— 1.6
5. 8
5.4
1.0

0. 3
3.0
— 2.2
9. 1
2.1
1.1
-2.1
5.5
5.9
.2

28.7
28. 1
28.0
26.7
22.9
22.5

1.1
2.9
2.2
-2.3
-9. 5
-9. 5

.6
2.0
1.3
-3.1
-9.3
-9.3

Seasonally adjusted annual rates
1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter 2
Second quarter

65.9
67.0
66.7
61.5
49. 6
48.0

64.8
64.2
64. 6
63.8
59.2
57. 5

36. 1
36. 1
36.6
37.1
36.3
35. 0

i "Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.
* Preliminary estimates by Council of Economic Advisers.




17.2
16.5
16.9
17.6
17. 1
16.2

18.9
19.6
19.7
19.6
19. 2
18. 8

NOTE.—Series revised beginning 1946. For details, see Survey of Current ttusiness, July 1958.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).

9

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The April-May survey of business expenditures on plant and equipment indicated a continuing drop in outlays during
the remainder of this year. Anticipated outlays for the full year 1958 are 17 percent below outlays in 1957.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

10

10

1952

1958

1953

J/SEE NOTE 3 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVBEBS

SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OP COMMERCE.

[Billions of dollars]
Manufacturing
Period

1939
___
1948
...
1949
1950_____
_.
1951.
_.„
1952
.....
1953
1954.*...
.
1955. _
1956...
1957.3 _
1958 _..__
1957: First quarter
Second quarter.
Third "quarter. _
Fourth quarter.
1958: First quarter 3
Second quarter3
Third quarter _ _

Total V

..
.
_.

Total

5. 51
22.06
19. 28
20. 60
25. 64
26. 49
28. 32
26. 83
2a70
35.08
36. 96
30.77

1. 94
9. 13
7.15
7.49
10.85
11.63
IL 91
11. 04
11.44
14.95
15. 96
12. 04

36.89
37. 03
37.75
36. 23
32. 41
31. 36
30. 31

16. 12
16.25
16.37
15. 27
13. 20
12. 18
11.68

Durable NonduraRailroads Other
goods ble goods
0.33
0.36
0.76
1.19
0.28
1.32
3.48
.88
1.28
5.65
2.59
4 56
.79
1.35
.89
1. 11
1.21
3. 14
4,36
. 71
1.47 1 1.49
5.17
. 93
5.68
5. 61
. 98
6. 02
1.40
1.50
5.65
.99
1. 31
6. 26
1. 56
5.09
.85
5.95
. 98
1.51
.92
.96
5.44
1. 60
6. 00
7. 62
1.24
1.23
1.71
7.33
a 02
1.77
1. 24
1. 40
7. 94
1.47
5.71
. 94
. 74
6. 33
Seasonally adjusted annual rates
1.42
1.52
8. 09
1. 35
8.03
1.82
1. 28
1.35
8.31
7.94
1. 24
8.23
1.54
8. 14
1.81
1. 15
7. 57
1. 26
1.91
7.70
1.02
6. 58
6. 62
1.00
1. 69
1.47
. 98
. 78
5. 78'
6. 40
. 62
. 94
1.33
5. 52
6. 16

1
Excludes agriculture.
,> Commercial and other, includes trade, service, finance, communications, and
construction.
2
Estimates based on anticipated capital expenditures as reported by business
in Iat6 April and May 1958.
NOTE.—Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the average of seasonally adjusted figures, which include
adjustments, when necessaryt for systematic tendencies in anticipatory data,

10



Transportation
Mining

Public
utilities

Coinmeiv
ciai and
other a

0.52
2.54
3. 12
3.31
3. 66
3.89
4. 55
4. 22
4,31
4.90
6.20
6.29

2.08
6.90
5.98
6.78
7.24
7.09
8.00
8. 23
9.47
11.05
10.40
9.30

5.725.93
6. 64
6.43
5. 87
6. 44
6. 32

10. 76
10. 40
10. 15
10. 21
9. 63
9. 51
9.42

These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Detail will not necessarily add to totals because of rounding.
Sources; Securities and Exchange Commission and Department of Commerce.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Unemployment increased in June to 5.4 million as students and graduates entered the labor force. Total employment increased by 900,000, slightly less than is usual in June.
MILLIONS OF PERSONS-^
75

MILLIONS OF PERSONS^

75

1958
-^14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF COMMERCE.

COUNCll OF ECONOMIC ADVISERS

Total
Insured unemployment 3
Civilian employment l
Unemployment l
labor
Civilian
State pro% of civilian All proforce (in-* labor
Period
Agricul- Nonagri- Number labor force
grams
grams as
eluding
Total
force
*
tural
cultural
armed
Unad- Seas. (thousands % of covered
forces) *
justed adj. of persons) employment
Thousands of persons 14 years of age and over
1939
......
55, 600
55, 230
9, 610
9,480 17.2
45, 750
36, 140
5.1
New definitions: l
1952
_.^ 66, 560
6,792
62, 966
1,064
61, 035
54, 243
1, 932
2. 9
3. 1
67, 362
1953
6,555
2.9
2.8
63, 815
61, 945
1,870
1,058
55, 390
1954.
_
67, 818
64,468
60, 890
5.2
5.6
6,495
54, 395
2,039
3,578
1955_- .
68, 896
62, 944
6,718
65, 848
4, 4
3.4
1,388
2,904
56, 225
70, 387
6,572
1,312
67, 530
4.2
64,708
2,822
58, 135
3. 1
1956~
1957.
70, 746
6,222
67, 946
65, Oil
2, 936
58, 789
4.3
1,560
3.5
70, 714
1957: May
6,659
3.3
67, 893
4.0
1, 424
65, 178
58, 519
2,715
4.1
June _
72, 661
69, 842
7,534
66, 504
48
3.0
58, 970
1,319
3,337
4.2
July
70, 228
67, 221 , 7,772
73, 051
4. 3
59, 449
3,007
1,368
3.1
4.2
71, 833
68, 994
4.3
2.8
August-6,823
59, 562
3.8
1,228
66, 385
2, 609
September- — - 71, 044
6,518
2,552
68, 225
4.5
65, 674
3.7
1,240
2.8
59, 156
October
71, 299
6,837
3.7
68, 513
1,314
3.0
66, 005
59, 168
2, 508
4.7
November.-,. 70, 790
68, 061
5,817
4,7
4.9
64, 873
59, 057
3, 188
3.6
1, 623
December
5,385
70, 458
67, 770
64, 396
3,374
59, 012
5.0
5.0
2,256
5. 1
69, 379
66, 732
4,998
1958: January - 62, 238
4, 494
57, 240
6. 7
5,8
6.9
3, 065
February
69, 804
4,830
67, 160
6. 7
61, 988
7.7
57, 158
7.6
5, 173
3,375
March _
5,072
7.0
70, 158
67, 510
7.7
7.9
62, 311
57, 239
3,505
5, 198
April-70, 681
5,558
7.5
68, 027
62, 907
7.5
7.9
57, 349
5, 120
3,527
May
6,272
7. 2
71,603
68, 965
64, 061
57, 789
4,904
7.1
3, 184
7. 1
3
June
6,900
7. 7
73, 049
70, 418
64, 981
5,437
6.8
2, 845
«6. 3
58, 081
» See Monthly Reports on the Labor Force, Department of Commerce, for definitions,
methods of estimation, periods to which data pertain, etc.
3
Weekly averages.




8

Preliminary estimate.
Sources: Department of Commerce, Department of Labor, and Council of
Economic Advisers.

11

NONAGRICULTURAL EMPLOYMENT
Employment in nonagricultural establishments rose by 145,000 (seasonally adjusted) in June.
facturing increased for the first time since December 1956.

Employment in manu-

MILLIONS OF WAGE
AND SALARY WORKERS*

MILLIONS OF WAGE
AND SALARY WORKERS *

MANUFACTURING

ALL NONAGRICULTURAL ESTABLISHMENTS
54

52

50

DURABLE
j GOODS
/INDUSTRIES

10

NONDURABLE
GOODS
INDUSTRIES

X

1957

1955

CONTRACT CONSTRUCTION

WHOLESALE AND RETAIL TRADE

(ENLARGED SCALE)

(ENLARGED SCALE)

11.5

2.5

2.0

IO..O

1955
* SEASONALLY ADJUSTED DATA
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

l

[Thousands of wage and salary workers ].
Period

1939
1952
1953
1954 _ _ _ _ _ _
1955
1956
1957

___

1957: May
June
July
August _
September.
October. _ .
November.
December.
1958: January
February..
March
.
April 2
May
June 2.
_

Government
Contract Wholesale
and retail (Federal,
Nondura- Mining constructrade
State,
tion
ble goods
local)
6,612
3,995
5,394
845
1, 150
6,609
2, 634
10, 281
6,994
885
2, 622
6,645
852
10, 527
7,133
6,751
6,873
10, 520
777
2,593
6,914
7,014
10, 846
777
2, 759
11, 221
7,277
2,929
807
7,068
11, 302
7,626
6,961
809
2,808
Adjusted for seasonal variation
7,002
814
11, 298
7,608
2,891
11, 327
2,899
7,609
823
6,988
11, 368
2, 847
7,638
6,983
828
7,694
11, 402
2, 805
6, 963
820
2,782
7,685
6,952
814
11, 349
7,674
11,315
802
2,763
6,923
11,290
7,671
2,710
6, 893
789
7, 747
11, 237
784
2, 679
6, 859
7,754
2, 652
11, 305
766
6,810
7,766
11, 235
2, 455
747
6,753
11,116
7,788
6,672
2, 573
733
7,816
2,624
11,050
6,677
723
11,080
7,840
2,693
718
6,699
7,854
11,113
2,726
715
6,720

Manufacturing

Total,
unadjusted

Total

SO, Sll
48, SOS
49, 681
48, 431
50,056
51, 766
52, 162

30, 311
48, 303
49, 681
48, 431
50, 056
51, 766
52, 162

10, 078
16, 334
17, 238
15,995
16,563
16, 903
16, 782

4, 683
9, 340
10, 105
9, 122
9, 549
9, 835
9,821

52, 128
52, 517
52, 229
52, 477
52, 692
52, 570
52, 316
52, 610
50, 477
49,777
49, 690
49, 726
49, 947
50, 389

52, 340
52, 415
52, 464
52, 457
52, 224
52, 015
51,758
51, 516
51, 223
50, 575
50, 219
50, 054
50,144
50, 289

16, 930
16, 909
16, 876
16, 826
16, 678
16, 604
16, 455
16, 252
15, 965
15,648
15, 389
15, 243
15,203
15^247

9,928
9, 921
9,893
9,863
9,726
9, 681
9,562
9,393
9,155
8, 895
8,717
8,566
8,504
8,527

Total

Durable
goods

1
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 tho 16th of the month. Excludes proprietor?, self-employed pernonn, domestic servants, and personnel of the armed forces. Total derived from
thin table not comparable with estimates of nonugrlcultural employment of tho
civilian labor fore* rej>orted by the D^purtrnfnt of Opmmwco (p. 11) which Inproprietor*, (MI If-employed JHTHOIH, and tiouu'itle servants; which count

12



Other
7,632
11, 563
11, 797
11, 795
12, 197
12, 629
12, 835
12, 799
12, 848
12, 907
12, 910
12, 916
12, 857
12,843
12, 817
12, 781
12, 724
12, 620
12, 598
12, 610
12, 634

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,—Data beginning: 1956 have been revised.
Bourctt: Department of Labor.

AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek in manufacturing rose to 39.2 hours in June, a more-than-seasonal increase.
HOURS PER WEEK
46

HOURS PER WEEK
46

NONDURABLE MANUFACTURING

DURABLE MANUFACTURING

JJ I i I I I I I I I

.LI I I I I I I I I I

I 1 I I I I I I LL

I

I

I I > I I I I I |J.

1958

RETAIL TRADE

JJ I M I I I I I I I I I I I I I I I I I I

I I 1 1 1 1 1 1 I I I II I I I 1 1 I I LJ
1957
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

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

1939
1948
1949
1951 _
1952
1953
_ _ ._
1954
1955
1956
1957
1957- Mav
June
Julv
August
_
September
October
November
December
1958: January _ .
February
March
Aoril 2
May
_
June 2
J.<JVI

.

..
_

_.

.

LJ.^\

_
__.
_ _ _ _ _ _

_.

_

__ __

.

_

_ _ _ _ _ _ _
__ _ _ _ _ _ _' __

1
Data beginning with January 1948 arc not strictly comparable with those for
earlier periods.
NOTE.—Data beginning 195G have been revised.




Durable
goods

Total

37. 7
40. 1
39 2
40. 7
40 7
40. 5
39. 7
40. 7
40. 4
39. 8
39. 7
40. 0
39. 8
40. 0
39. 9
39. 5
39. 3
39. 4
38. 7
38. 4
38. 6
38. 3
38. 6
39.2

Nondurable
goods

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

37. 4
39 6
38 8
39. 5
39 6
39. 5
39. 0
39. 8
39. 5
39. 1
38. 9
39. 2
39. 4
39. 5
39. 6
39. 0
38. 8
39. 0
38. 3
38. 1
38. 1
37.7
38. 1
38. 7

Building
construction

32. 6
*37. 3
36. 7
37. 2
38 1
37. 0
36. 2
36. 2
36. 4
36. 1
36. 4
36. 9
36. 8
37. 2
36. 8
36. 5
34.4
34. 9
35. 2
33. 0
35. 2
35. 5
36.4

(3)

Retail
trade

C3)

42. 7
40. 3
40. 4
40. 2
39 9
39. 2
39. 1
39. 0
38. 6
38. 1
38. 0
38. 2
38. 6
38. 6
38. 1
37. 6
37. 5
38. 3
37. 8
37. 8
37. 8
37. 8
37. 8

2
Preliminary
1

estimates.
Not available.
Source: Department of Labor.

13

AVERAGE HOURLY EARNINGS - SEI^ECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing were $2.1 2 in June, unchanged from the revised May
figure and 5 cents above the level of June 1957.
DOLLARS PER HOUR

DOLLARS PER HOUR

2.40

3. SO

BUILDING CONSTRUCTION
CURRENT PRICES

2.30

3.00

2.10

2.80

NONDURABLE

MANUFACTURING
1.70

1.50

|.6O

JJ

*

1.40

1956

1957

SOURCE: DEPARTMENT or LABOR.

1939
__.
1948
1949
1951
1952____
„
1953
1954
1955
1956^
1957, _
_«
1957: May. .June _„
July.
_August
September.
October.
November
December
..
1958: January . _
February •«•
March
__
April-3 _ _ _
..
May 3_'_i.
__
June L' • -- .

[For production workers or nonsupervisory employees]
Building
Durable goods Nondurable goods
Retail trade
All manufacturing manufacturing
manufacturing
construction
1957 l
1957 Current
Current 1957 l Current
1957 Current
1957 Current
prices prices
prices prices 1 prices prices l prices prices * prices prices
$0. 633
1.350
1. 401
1.59
1. 67
1. 77
1.81
1.88
1. 98
2.07
2. 06
2. 07
2. 07
2.07
2. 08
2.09
2. 11
2. 10
2.11
2. 10
2. 11
2, 11
2. 12
2. 12

$1.281
1.579
1.654
1.72
1. 77
1.86
1. 90
1.97
2.05
2.07
2. 07
2.07
2.06
2.06
2.07
2.08
2.08
2.08
2.07
2. 06
2.06
2. 05
2.06
(4)

$0. 698
1. 410
1. 469
1.67
1. 77
1.87
1. 92
2. 01
2. 10
2.20
2. 18
2. 19
2. 20
2.21
2.22
2.23
2.24
2.24
2. 24
2.24
2. 25
2. 25
2.25
2. 26

•_ _ _




Jl-..

-KT _

$1. 413
1.649
•1. 734
1.81
1.88
1.96
2.01
2.11
2. 17
2.20
2. 19
2. 19
2. 19
2. 19
2.20
2.21
2.21
2.21
2.20
2. 20
2. 19
2. 19
2. 419
()

* Earnings in current prices divided by consumer price index on a 1957 base.
* Data beginning with January 1948 are not strictly comparable with those for
earlier
periods.
1
Preliminary estimates.

14

1958

•COUNCIL OF ECONOMIC ADVISERS

'T-k__ • . _ 1_ 1 _

Period

1957

Jl

$0. 582
1.278
1.325
1.48
1. 54
1.61
1.66
1. 71
1.80
1.88
1.88
1.89
1.89
1.88
1.90
1. 90
1. 91
1. 92
1. 92
1. 92
1. 93
1.94
1. 94
1.94

1_ I -

.

_

. Ji _

$1. 178
1. 495
1.564
1.60
1.63
1.69
1. 74
1.79
1.86
1.88
1.89
1.89
1.88
1.87
1. 89
1.89
1. 89
1.90
1.89
1.88
1. 88
1.89
1.89
(4)

$0. 932 $1. 887
1. 848 2 2. 161
1.935
2.285
2.37
2. 19
2.45
2.31
2.61
2.48
2.72
2.60
2. 79
2.66
2.80
2. 90
2.96
2. 96
2.94
2.93
2.94
2. 94
2.95
2. 94
2.97
2.95
3.02
3.00
3. 02
3.00
2.99
3.03
3.05
3.01
3.02
3.07
3.02
3.08
3.06
2.98
3.06
2.98
3.05
2.97
(4)
(4)

2

«Not available.
NOTE.—Data beginning 1956 have been revised.
Source: Department of Labor,

$0. 542
1.088
1.137
1.26
1.32
1.40
1.45
1.50
1.57
1.64
1.64
1.66
1.67
1.66
1.67
1.67
1.66
1.63
1.68
1.68
1.67
1.68
1.69
(4)

$1. 097
1.273
1. 342
1. 37
1. 40
1. 47
1.52
L57
1.62
1.64
L65
1.66
1.66
1. 65
1. 66
1.66
1.64
1.61
1.65
1.65
1. 63
1. 64
1.64
(4)

AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing rose to $83.10 in June because of the longer workweek, and were slightly
above the level of June 1957.
DOLLARS PER WEEK

•DOLLARS PER WEEK

DURABLE MANUFACTURING

CURRENT PRICES

85

75 UU n 1 1 1 1 1 n 1 1 1 1 1 1 n i.i i I { I 1 1 1 1 1 1 1 1 i M' i > I ,.i u i^L1955

1956

1957.

9ou^ nm i in 1 1 1 M 1 1 i i i i n 1 1 1 Li ni \ t n-i 11 i i r t^u

1958

1955

1956

1955

1956

1957

1958

NONDURABLE MANUFACTURING
CURRENT PRICES

55

1957

1956

1958

SOURCE: DEPARTMENT or LABOR

•COUNCIL Of ECONOMIC ADVISERS}

[For production workers or nonsupervisory employees]
All manufacturing
Period

1939
1948
1949
19511952
1953
1954
1955
1956
1957.
1957: M:y
June
Julv
Augi-st
September
October
November
December
1958: January
February
March
April 3
May
,.._ •„
June 3

1957
Current
prices prices 1
.

$23. 86
54. 14
54 92
64. 71
67.97
71. 69
71. 86
76.52
79.99
82. 39
81. 78
82. 80
82. 39
82. 80
82. 99
82. 56
82. 92
82.74
81. 66
80. 64
81. 45
80. 81
81. 83
83. 10

$48. 30
63. 32
64.84
70. 11
72. 00
75.30
75.25
80.29
82.72
82. 39
82. 19
82. 80
81. 98
82. 22
82. 41
81. 99
81.94
81. 76
80. 29
79. 14
79. 39
78. 69
79.60
(4)

Building
Durable goods Nondurable goods
manufacturing
manufacturing
construction
1957
1957
Current
Current
1957
Current
prices l prices prices l
- prices prices * prices

$26. 50
57. 11
58.03
69.47
73.46
77. 23
77. 18
83. 21
86. 31
88. 66
87. 85
88. 70
88. 00
89. 06
89. 24
88. 75
88.93
88. 93
87. 14
86.46
87. 75
87.30
87. 98
89.50

$53. 64
66.80
68. 51
75.27
77.82
81. 12
80.82
87. 31
89. 26
88. 66
88.29
88. 70
87. 56
88. 44
88. 62
88. 13
87.88
87. 88
85.68
84.85
85. 53
85. 00
85.4 58
()

i Earnings in current prices divided by consumer price index on a 1957 base.
* Data beginning with January 1948 are net strictly comparable with those for
earlier periods.
* Preliminary estimates.




$21. 78
50. 61
51. 41
58.46
60. 98
63. 60
64. 74
68.06
71. 10
73. 51
73. 13
74. 09
74.47
74.26
75.24
74. 10
74. 11
74. 88
73. 54
73. 15
73. 53
73. 14
73.91
75. 08

$44.09
59. 19
60.70
63.34
64.60
66. 81
67.79
71. 42
73. 53
73. 51
73. 50
74. 09
74. 10
73. 74
7472
73. 58
73.23
73. 99
72.31
71.79
71.67
71. 22
71.4 90
()

$30. 39 2$61. 52
80. 53
68. 85
70, 95
83. 77
81.47
88. 27
88.01
93.23
91.76
96. 39
94 12
98. 55
96.29 101. 04
101. 92 105. 40
106. 86 .106.86
106. 65 107. 19
108. 49 108. 49
108. 56 108. 02
110. 48 109. 71
111. 14 110. 37
110. 23 109. 46
104 23 102. 99
106. 45 105. 19
108. 06 106. 25
101. 64
99. 74
107. 71 10498
108. 63 105. 77
111. 02 108. 00
(4)
(4)

2

* Not available.
NOTE.—Data beginning 1956 have been revised.
Source: Department of Labor.

Retail trade

1957
Current
prices prices *
$23. 14
43.85
45.93
50. 65
52.67
5488
56.70
58. 50
60.60
62. 48
62.32
63. 41
64 46
6408
63. 63
62.79
62. 25
62.43
63.50
63.50
63. 13
63. 50
63.88
(4)

$46. 84
51.29
5423
5488
55.79
57.65
59.37
61.39
62.67
62.48
62,63
63.41
64 14
63. 63
63. 19
62.35
61.51
61; 69
62. 44
62. 32
61.53
61.83
62. 14
(4)

15

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The index of industrial production (seasonally adjusted) increased again in June. The estimated index of 130
(1947-49=100) was 2 points hicher than the revised May figure and 4 points above the April low.
INDEX, 1947-49 = 100

INDEX, 1947-49 = 100

180

180

1952

1954

1953'

1955

1958
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[1947-49 = 100, seasonally adjusted]
Total
industrial
production
1939
1948
1949
1951
1952 _ _ _
1953
1954
1955
1956
1957
1957: May
June
July
August.
September _
October _
November
December
1958- January
I'Vbruary
M nreh
April

_ _

_

. .

MMV ..,_":".".'. ""." :

,Jl»Mr '

16



~. ; ' ;".";"""

58
104
97
120
124
134
125
139
143
143
144
145
145
145
144
142
139
135
133
130
128
120
128
1 ,'U)

Manufactures
Minerals
Durable

Total

Nondurable

57
103
97
121
125
136
127
140
144
145
145
147
147
147
146
143
141
137
135
131
129

49
104
95
128
136
153
137
155
159
160
160
163
162
163
160
156
154
146
142
137
135

66
102
99
114
114
118
116
126
129
130
131
131
131
132
131
130
128
127
127
125
124

6$
108
94
115
114
116
111
122
129
128
130
127
128
129
129
127
123
123
122
119
112

128
130

131
134

125
126

110
109

132

138

127

114

of tlio I'Y< It-nil Ue.scrvo System.

PRODUCTION OF SELECTED MANUFACTURES
Almost all major industry groups of durable and nondurable manufactures registered increases in June.
significant rises were in primary metab, fabricated metal products, and machinery.

The most

INDEX, 1947-49-100, SEASONALLY ADJUSTED

INDEX, 1947-49-100, SEASONALLY ADJUSTED

140

120

1958

1955
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF ECONOMIC ADVISERS

[1947-49=100, seasonally adjusted]
Durable manufactures

Nondurable manufactures

ConPeriod

1939_
1948
1949 _„
1951
1952
•_
1953
1954 .
1955
1956
1957
1957: May
June
July
August.
.
September .
October
November
December
1958: January
February
March
April
May
June 1._
1

Preliminary estimate*,
* Not available.




FabriTranspor- Lumber Textiles
Primary
and
cated
Machintation
and
prodery
equipmetals
metal
apparel
products
ucts
ment

54
107
90
126
116
132
108
140
138
131
132
132
134
136
131
128
121
107
100
95
91
86
91
99

52
104
93
122
121
136
123
134
135
139
138
139
141
140
139
137
141
135
129
124
122
118
119
124

38
104
93
130
147
160
142
155
171
168
168
171
173
172
170
164
163
156
151
144
141
137
138
141

47
102
102
135
154
189
175
203
199
213
216
220
216
216
212
208
203
194
191
185
183
178
181
184

80
106
93
113
111
118
115
127
123
114
117
125
113
116
112
109
107
103
110
108
109
105
111
(2)

80
103
97
106
105
107
100
109
108
105
106
106
107
106
106
104
101
97
97
97
95
98
99
100

Paper
and
printing

66
103
101
118
118
125
125
137
145
148
148
148
146
149
149
149
149
146
146
144
142
143
143
145

sumer
Chemical Foods,
durable
and petro- beverleum
ages, and goods
products tobacco

49
103
100
132
133
142
142
159
167
172
173
172
174
175
174
173
171
169
168
164
163
164
105
100

65
100
100
105
106
107
106
109
112
112
112
113
113
112
113
111
110
113
114
113
113
113
113

m

102
101
114
105
127
116
147
131
130
126
134
132
135
134
129
128
119
113
110
104
97
105
109

INDICATORS OF PRODUCTION
Most weekly indicators of production declined in luly, reflecting the July 4 holiday, normal plant-wide vacation
shutdowns, and the closing of several automobile plants for model changeovers.
MILLIONS OF SHORT TONS (DAILY AVERAGE)

WILLIONS OF TONS

BITUMINOUS COAL

I I I 11 1 , 1 1 , I 1 1 1 1 1 1 1 1 1 I I t 1111.11 ' I I I 1 1 1 1 1 1 I 1 1 1 1 1 11 I t
J

F

M

A M

J

J

A

S O

.1 I I f I I I I I I I I I I t I 1 I I I I

N O

J

F

M

A

M

fit

I I I I I t ) I I t 1 1 i I I t I I I I L I I I I I I L.

J

J

A

S

0

N

0

BILLIONS OF KILOWATT HOURS

CARS AND TRUCKS

ELECTRIC POWER

13

nJ I I I I I I I I I t 1 i I 1 I I I I I I I 1 I I I 1 t I 1 1 1 I I 1 t t I 1 I I < 1 I 1 I 1 1 1 I 1

Q

| | | 1 I| | |

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

Period
Weekly average:
1954
1955
1956
1957
1957: May
June
July
August
September
October
November
December
1958: January ..
February.
March.
April May.__
June 3
Week ended:
1958: June 7 _
14
21
28 .. _July 5 _ _ _ _ .
123
193

Electric Bituminous Freight Paperboard
Steel produced l
Cars and trucks
power
coal mined
produced assembled (thousands)
loaded
distributed (thousands (thousands
Thousands
Index
{thousands
of net (1947-49 = (millions of
of short
of cars)
of tons)
Total
Cars Trucks
tons
100)
kilowatt-hours) tons) 3
1,694
2,245
2,204
2, 162
2, 210
2, 189
2,016
2, 084
2,098
2,076
1,956
1,679
1,525
1,446
1,412
1, 290
1,422
1,662

105.4
139.7
137. 2
134.6
137. 6
136. 4
125. 2
129. 8
130. 4
129.3
121. 9
104.3
94.9
90. 0
87.9
80.4
88. 6
103.6

8, 883
10, 318
11, 292
11, 873
11, 325
11,989
12, 009
12, 162
11, 828
11,721
11, 904
12, 129
12, 247
12, 212
11, 764
11, 239
11, 261
11, 872

1,303
1, 542
1,693
1,635
1, 619
1,688
1,632
1, 594
1, 698
1,684
1,551
1,480
1,450
1, 310
1,228
1,183
1,146
1,442

652
724
728
683
712
740
690
749
713
727
627
555
543
528
537
528
549
622

236
269
274
272
279
275
228
287
278
299
286
263
224
262
270
257
260
272

125. 6
176. 7
132. 8
138.5
138. 9
148. 0
12a7
139. 4
84. 3
91. 7
157.9
146. 5
120. 9
116. 3
103. 2
88. 8
96. 6
99.0

106.0
152.7
111. 6
117.6
116.6
124.9
108.4
119. 5
70. 1
72.8
136. 3
126. 4
103. 7
98.6
86.2
71.9
79. 8
82.1

19.7
24 0
21. 2
20.9
22. 2
23. 1
20.3
19.9
14.2
18.9
21.6
20. 1
17.2

1,685
1,728
1,751
1,666
1,376
1,442
1, 515

104.9
107.6
109.0
103.7
85.7
89.8
94.3

11, 681
12, 109
11, 941
11,757
11,210
* 11, 851

1,296
1,383
1,486
1,624
1, 240

613
622
628
627
458
491

249
291
270
277
194
134

89.9
95.6
101.5
109.0
43.0
88.1

73.7
78.2
84.4
92.3
35.3
73.1
85. 0

16.2
17.4
17.1
16.7
7.7
15.0
15.9

i Weekly capacities (net tons) as of January 1 are: 2,384,549 (1954), 2,413,278
(1955), 2,455,300 (1956), 2,559,631 (1957), and 2,699,320 (1958).
*1 Dally average for week.
Preliminary.

18



COUNCIL Of ECONOMIC ADVtSOtS

noo. s

ias

17.0
16. 9
16.8
16.9

* Not charted.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.

NEW CONSTRUCTION
The seasonally adjusted rate of private residential construction expenditures rose somewhat during June, while private
nonresidential outlays continued to decline. Public construction expenditures in June were the same as in May.
'felLLIONS OF DOLLARS

BILLIONS OF DOLLARS

30

30

20

20

10
:

* L L I I 1 I I I I i f 1 I t I ...I I t 1 t I t t..l_Ll I I I r I I I 1 t I I 1 J I I I I I 1 1 1 J 1 I I I I t I i i l l 1 J M M

I I I I I I I I t f I I I 1 I M

10

1952

1958

SOURCES: DEPARTMENT or COMMERCE AND DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

„

Total new
construction
8. 2
34,8
37. 1
39. 6
44. 6
46.3
48. 5

Total
private
4.4
23.8
25.7
27.7
32.6
33.3
34. 1

1957: May
June
July
August
September
October
November
December . ..
1958: January
February
March . _
April
May
',
June 4

48. 0
- 48.0
47. 2
48.4
48.9
50. 0
49. 6
50. 5
49.9
48. 9
48. 6
47.5
47. 1
47.4

33. 9
33.9
33.7
34.2
34 4
34.9
35.0
34.7
34 4
34 0
33. 5
32. 8
32.6
32.9

Period

1939
1952.
1953_
1954.
1955
1956
1957

..

1
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.
2
Series begins January 1956. The 37 Eastern States data are probably indicative
of
the 48 States trend for other periods.
8
Bevised series beginning January 1956; not comparable with prior data.
Series discontinued beginning January 1958.




Private
Federal,
State, and
Residential
Other
local
(nonfarm)
2.7
3.8
1.7
10.9
11.0
12.8
11.4
11.9
13. 8
11.9
15.4
12.3
13.9
12.0
18.7
13.0
17.7
15.6
14 4
17. 1
17.0
Seasonally adjusted annual rates
17. 6
14 1
16. 3
142
16. 5
17.4
13.5
16. 6
17. 1
142
16. 9
17.3
145
17. 2
17.3
15.0
17. 5
17. 4
146
17. 3
17.7
17.5
17. 2
15.8
15.5
17.3
17.0
149
17. 3
16. 7
16. 7
15. 1
16. 8
147
16.6
16. 2
14 6
16.6
16.0
146
16.3
16. 5

Construction contracts *
Eastern
3
48 States 2 37States
3.6
16.8
17.4
19.8
23.7
8
31. 6
24 6
32. 2
25.3

27.9
26.8
247

35. 9
35.3
31.2
345

2ao

2a7

31.3
33.5
25.3
31. 2
29. 6
32. 1
30. 1
35.9

23. 8
23. 5
26. 5
20.3
(3)

* Preliminary estimates,
NOTE.—Data on new construction for 1956 have been revised.
Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce, Department of Labor, and F. W. Dodge
Corporation (except as noted).

19

HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private ndnfarm housing starts (seasonally adjusted) rose again in June to reach the highest rate since August 1956.
Applications for FHA commitments and VA appraisal requests declined slightly.
MILLIONS OF UNITS

MILLIONS OF UNITS

M i f i l i II! I

I I I 1 I I I 1. II I

•I952

II I I I I I II I I

1953

1954

I I II i l l II I I

Ml n i l Ml I

1955

1956

" 1957 '

1958

I/ SEE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF LABOR, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTKATION (VA).

COUNCU. OF ECONOMIC ADVISERS

[Thousands of units]
New nonfarm housing starts
Privately financed

Period
Total
Annual total: 1950
1953_>__
1954
1955
1956
1957
Monthly average: 1950.
1953_
19561957-

1957: May
June
July.

_
__

September
October
..
November
DiKHunbtT
1U5H; January. .......

February . . ... .

Af*rii
IMlilV

1, 396. 0
1, 103. 8
1,220. 4
1, 328. 9
1, 118. 1
1, 041. 9
116. 3
92.0
93. 2
86.8
103.0
99.9
97.8
100,0
91. 9
97.0
78. 2
63. 4
67. 9
0(1 1
HI. 4
1
05, 0
1
105. 0

Publicly
financed

43.8
35.5
18.7
19.4
24.2
49. 1
3.6
3.0
2.0
4. 1
6. 1
5. 4
3.9
3. 2
1. 7
8.6
2.5
.9
5.0
5. 1
4. 1
* 4. a
•7,0
10, ft

Government programs
Total

1, 352. 2
1, 068. 3
1, 201. 7
1, 309. 5
1, 093. 9
992.8
112. 7
89.0
91. 2
82.7
96. 9
94.5
93.9
96.8
90.2
88.4
75.7
62. 5
62.9
01. 0
77. a
» 90. 7
• 9R 0

lot, ft

Total i
686.7
408. 6
583. 3
669. 6
460.0
296. 7
57.2
34.0
38.3
24. 7
27.0
28.3
28.0
29.3
28.2
28.4
21.4
18. 9
17.4
14. 1
10. (\
'27. 4

a-**, o

* l?l*Hl«k* iHIIIf-ff f«fW* jM«t# tlt| AM/ utiil« In U';'i, |ft,IMa unlla In IU/./, *t«l

.If i^t^ti^ fc- *«.«, fk«*«. ^.t*******!..**
* fully f*iif»t«<**lr

20




FHAi

486. 7
252. 0
276. 3
276. 7
189. 3
168.4
40. 6
21. 0
15.8
14.0
14. 9
15.3
15.7
17.7
16. 4
18. 7
15. 0
14. 2
13. 3
11. 3
1 6, 5
2, 7

ao
H, 0

VA
3

200. 0
156. 5
307. 0
392. 9
270. 7
128. 3
16.7
13.0
22. 6
10.7
12.0
13.0
12.3
11.6
11.8
9. 7
6.4
4. 6
4. 1
2. 8
3. 1
4. 8
ti. 0

a r»

Proposed home construction
Private,
seasonally Applications
Requests
for VA
adjusted for FHA com2
annual
appraisals
mitments
rates
397.7
253.7
535! 4
338. 6
306. 2
620. 8
197. 7
401. 5
198. 8
159. 4
33. 1
21. 1
16. 5
33! 5
16.6
13.3
16. 6
994
16.9
995
16. 6
13.7
18.4
1, 015
14.0
1,056
22.3
14.5
1,012
20.4
8.9
1,020
20.2
6.4
1,009
3.7
14.7
1, 000
13. 6
3. 5
1, 020
17.3
5. 3
915
20. 6
5.3
918
25.0
8.4
8
950
31. 6
24. 8
8
1,010
34. 6
29. 2
/, 000
33. 4

* t*l llmliuuy 04(111*111™,
Nv *,~ tHUil *»i twl titwiNiriiy iwl«t to toUl* Nrai»« erf rounding,
i»r l,*N«ff
lt«ff*lftg A<tittinl«itfiikm

SALES AND INVENTORIES—MANUFACTURING AND TRADE
Both sales and new orders (seasonally adjusted) of manufacturing industries rose in May, although inventories continued to decline. There was little change in retail and wholesale inventories and sales in May; preliminary estimates
indicate a slight drop in retail sales in June.
BILLIONS OF DOLLARS, SEASON ALLY ADJUSTED

BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
100
TOTAL AND MANUFACTURING

ill i I I l I I l l l l 1 I I I I l 1 1 l l l 1 1 1 i i i I l 1 i i i i i I i i i i i I i i i i i f

INDEXJ947-49°IOO. SEASONALLY ADJUSTED

40

20

oT i n i M 1 t M i I i l 11 I 1 I I i i l j I ! I n ! i l l i 1 1 i i i i 11 i 'f i i IY •'
1958
1957
1955
1956

1958

MANUFACTURING, RETAIL TRADE, AND WHOLESALE TRADE.
SOURCE: DEPARTMENT OF-COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Manufacturing
and trade

Period

Manufacturing

Wholesale

Inven-2 Sales i Inven-2 New l
Sales * tories
tories orders

Sales l

COUNCIL OF ECONOMIC ADVISERS

Retail

InvenInventories 2 Sales i tories 2

Billions of dollars, seasonally adjusted

1951
1952_..___
;___
1953.
1954
1955.
1956
1957
_
1957: April
May
June
July. .
August
September
October
November
December
1958: January
February _
March
.
April 4
May
June *

_ _

_

44. 7
45.9
48. 4
47. 4
52.3
54. 8
56. 3
56. 4
56. 8
56. 4
57. 4
57.0
56. 3
55.7
54.7
545
53.8
52. 1
51. 3
52. 1
52.3

73.8
75.4
7&6
75.5
81.7
89. 1
90.7
90. 1
90.6
90.7
91.0
91.3
91. 3
91. 1
91.0
90.7
90.0
89.3
88.5
87. 6
87. 0

22.3
22.8
24.5
23.5
26. 3
27. 7
28. 4
28.7
28.6
28. 1
29. 0
28.6
28.2
28. 1
27.2
26.7
26.4
25. 5
24 9
24 9
25. 1

42.8
43.8
45.4
43.0
46. 4
52.3
53.5
53.7
53.9
53.9
541
542
542
54 1
53.9
53. 5
52.9
52.4
52. 0
51. 5
51.0

i Monthly average for year and total for month.
3
Book value, end of period, seasonally adjusted.
8
Book value, end of period, except annual data, which are monthly averages.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.




245
23.6
23. 1
22.5
27.2
28.3
27.3
27.9
28.4
27. 1
27.3
27.3
26.6
26. 2
26. 0
25. 1
24 4
24 1
24 8
24 5
24 7
4

9.4
9.6
9.8
9.7
10. 6
11.3
11.3
11.3
11.5
11.4
11. 4
11. 4
11.2
11. 0
10. 9
10. 9
10. 7
10.5
10. 3
10. 7
10.7

9.7
13.0
10.0 , 13.5
10.5
14 1
10. 4
14 1
11.4
15.3
13.0
15.8
12.7
16.7
16. 4
12.8
16. 6
12.7
16. 8
12.7
17.0
12.7
12.8
17.0
12.8
16.9
12. 8
16.7
16. 6
12.8
12.7
16.9
12. 6
16. 7
12.5
16. 1
12.4
16. 1
12. 2
16. 5
12. 1
16.6
16. 5

21.2
21. 6
22.7
22. 1
23.9
23.9
245
23.7
23.9
24 1
24 1
243
24 4
242
24 3
24 5
245
243
24 1
23.9
23. 9

Department stores
Inventories 3
Index, 1947-49=100
seasonally adjusted
112
131
114
121
131
118
118
128
136
128
135
148
152
136
152
131
152
135
153
138
154
138
144
153
136
154
129
155
133
154
138
150
130
147
124
146
131
142
130
143
144
133
134
Salesi

Preliminary estimates.

21

MERCHANDISE EXPORTS AND IMPORTS
In the first 5 months of 1958. commercial exports (merchandise exports excluding grant-aid shipments) were 18 percent
lower than in the corresponding period of 1957. -in the first 4 months, imports were 4 percent lower than a year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

2.5

2.5

2.0

2.O

MERCHANDISE EXPORTS
EXCLUDING GRANT-AID SHIPMENTS

\

.O

.5

1958

1952

^COUNOt OF ECONOMIC ADVISERS'

SOUfcCE: DEPARTMENT OF~COMMERGE."

[Millions of dollars]
Merchandise exports
Period
1936-38 monthly average
1949 monthly average
1951 monthly average
1952 monthly average
•_
1953 monthly average
.„
1954 monthly average
1955 monthly average
1956 monthly average.
1957 monthly average.
1957: April....
May
June
__.
July....
......
August. _.
September
October...
November
.
December.
1958: January
February
March... _.
April
May
_ _

Total
.

_
_

247
1,004
1,253
1,267
1,314
1,259
1,296
1,591
1, 734
1,864
1, 813
1,786
1, 692
1,677
1,540
1,674
1,683
1, 639
1,511
1,345
1,557
1, 531
1, 638

Grant-aid
shipments *

(3)
(2)

1
Beginning with 1950, figures include only Department of Defense shipments
of prant-aid military supplies and equipment under the Mutual Security Program. Shipments for the first 6 months of the program (July-December 1950)
amounted to 282 million dollars.

22



89
166
293
188
105
146
113
84
102
134
187
141
103
74
87
95
109
100
114
122
131
2
Not
8

Excluding
grant-aid
shipments

(22)
()
1, 164
1, 100
1,022
1,071
1, 191
1,444
1, 621
1,780
1,711
1, 652
1,505
1,536
1,437
1,600
1,596
1,543
1,402
1, 245
1,442
1,409
1, 506

Merchandise
imports

207
552
914
893
906
851
949
1,051
1,082
1,119
1, 106
984
1,146
1,042
1, 009
1,148
1,043
1,141
1,095
962
1,086
3
1, 062

Excess of exports
over imports
Excluding
Total
grant-aid
shipments
40
(2)
452
(2)
339
250
374
207
408
116
408
220
347
242
540
393
653
540
745
661
708
605
802
668
546
359
635
494
532
428
526
452
640
553
498
402
416
307
383
284
471
357
»469
»347

available.
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Department of Defense.

PRICES

CONSUMER PRICES

The average of consumer prices rose fractionally in May, but food prices were unchanged after 5 months of steady rise.
INDEX, 1947-49-100
ISO

INDEX, 1947-49 « I O O
~~
- |50

140

140

130

130

120

110

100

100

I l I I I ion

1952

1958

SOURCE: DEPARTMENT OF LABOR.

COUNCIL Of ECONOMIC ADVISERS

[1947-49=100]
Period

1939
1948. .
1949
1951
1952
1953
1954
__..__
1955
____
1956
._
_ ._
1957
> _ _._
1957: April
May
.___ _
June
July
August
_
' .
September
October
November
December
1958: January
February _
March .
__..
April
May

Housing

All
items

Food

59.4
102. 8
101. 8
111. 0
113.5
114.4
114. 8
114. 5
116.2
120. 2
119.3
119.6
120.2
120. 8
121. 0
121. 1
121. 1
121. 6
121. 6
122.3
122. 5
123. 3
123. 5
123. 6

47. 1
104. 1
100.0
112.6
114. 6
112. 8
112. 6
110. 9
111. 7
115.4
113. 8
114. 6
116. 2
117.4
117. 9
117. 0
116. 4
116. 0
116. 1
118.2
118.7
120. 8
121. 6
121.6

Total i

76. 1
101. 7
103.3
112.4
114. 6
117. 7
119. 1
120. 0
121. 7
125.6
125.2
125. 3
125.5
125. 5
125.7
126.3
126. 6
126. 8
127^0
127. 1
127. 3
127.5
127. 7
127. 8

Rent

86.6
100. 7
105.0
113. 1
117.9
124. 1
128. 5
130.3
132. 7
135.2
134. 5
134. 7
135.0
135.2
135.4
135. 7
136.0
136.3
136. 7
136.8
137.0
137. 1
137.3
137.5

Apparel

Transportation

52.5
103. 5
99. 4
106.9
105.8
104. 8
104.3
103. 7
105.5
106.9
106.5
106.5
106.6
106.5
106. 6
107.3
107.7
107. 9
107. 6
106.9
106. 8
106. 8
106. 7
106. 7

70.2
100. 9
108. 5
118.4
126.2
129.7
128.0
126.4
128. 7
136. 0
135.5
135. 3
135.3
135. 8
135.9
135.9
135. 8
140.0
138.9
138. 7
138. 5
138. 7
138. 3

isa7

Medical Personal
care
care

72.6
100. 9
104. 1
111. 1
117. 2
121.3
125. 2
128. 0
132.6
138. 0
136. 9
137.3
137. 9
138.4
138.6
139. 0
139.7
140.3
140. 8
141. 7
141.9
142. 3
142.7
143. 7

59. 6
101.3
101. 1
110. 5
111.8
112.8
113.4
115.3
120.0
124. 4
123.3
123.4
124. 2
124. 7
124. 9
125. 1
126. 2
126. 7
127. 0
127. 8
128.0
128. 3
128. 5
128. 5

Reading Other
and
goods
recreaand
tion
services

63. 0
100.4
104. 1
106.5
107. 0
108.0
107.0
106.6
108. 1
112.2
111. 8
111. 4
111. 8
112. 4
112.6
113.3
113.4
114. 4
114.6
116. 6
116. 6
117.0
117.0
116. 6

70.6
100. 5
103.4
109.7
115.4
118. 2
120. 1
120.2
122.0
125.5
124.2
124. 3
124.6
126.6
126.7
126. 7
126.8
126. 8
126. 8
127. 0
127. 0
127. 2
127. 2
127. 2

i Includes, in addition to rent, homeowner costs, utilities, housefurnlshings, etc.
Source: Department of Labor.




23

WHOLESALE PRICES
Wholesale prices declined moderately in June, as farm product prices fell 3 percent. Processed food prices rose slightly,
while the average of industrial prices was unchanged.
INDEX, 1947-49*100

INDEX, 1947-49-IOO

130

OTHER THAN FARM
PRODUCTS AND FOODS
•

(INDUSTRIAL)

100

90

80

80

1952

1953

1954

1955

1956

1957

SOURCE: DEPARTMENT OF LABOR

1958
COUNCIt OF ECONOMIC ADVISERS

[1947-49=100]
Period
1939
..
.
...... _ _ _
_
1948
.
_
1949
_ ..
. .
.. ._
1951
.........
.
_ _ _ _ _
1952
1953_
_ _ _ . . ...
1954
.
1955
1956
. ...
1957
1957: May.
. . ..
June.
July .
August
September
_
October
..
.
November
.......
_ _
December
..
. .
.
1958: January.
,
_.
_ . ..
February
,.;
.
_ __
March
.. _ _ _ _ _
April
_ .„ „
May
Juno
„. . . .. ,
.
Ww'k wictod: '
1W58; July « , . . . .
. .
„
Ift,
,,,-..

24



All commodities

Farm
products

Processed
foods

Other than
farm products
and foods
(industrial)

50. 1
104. 4
99. 2
114. 8
111. 6
110. 1
110. 3
110. 7
114. 3
117. 6
117. 1
117. 4
118. 2
118. 4
118. 0
117. 8
118. 1
118. 5
118. 9
119. 0
119. 7
119 3
119. 5
119. 1

36. 5
107.3
92. 8
113. 4
107. 0
97. 0
95. 6
89. 6
88. 4
90. 9
89. 5
90. 9
92. 8
93. 0
91.0
91. 5
91. 9
92. 6
93. 7
96. 1
100. 5
97. 7
98. 5
95. 6

43. 3
106. 1
95. 7
111. 4
108. 8
104. 6
105. 3
101. 7
101. 7
105. 6
104. 9
106. 1
107. 2
106. 8
106. 5
105. 5
106. 5
107.4
109. 5
109. 9
110. 7
111. 5
112. 9
113. 4

58. 1
103.4
101.3
115. 9
113. 2
114. 0
114. 5
117. 0
122. 2
125. 6
125. 2
125. 2
125. 7
126. 0
126.0
125. 8
125. 9
126. 1
126. 1
125. 7
125. 7
125 5
125. 3
125. 3

119, 3
H9, 2

05. 7
1)5. 0

113. 0

125. 5
125. 7

m«

PRICES RECEIVED AND PAID BY FARMERS
In the month ended June 15, the index of prices received by farmers dropped 9 points,
(parity index) decreased 1 point and the parity ratio declined 2 points.

The index of prices paid

INDEX, I 9 I O - 1 4 « I O O

INDEX, I9IO-14 »IOO

325

325

PRICES

300

PAID, INTEREST, TAXES,
AND WAGE RATES

300

275

275

250

225

200

100

100

1952

1953

1954

1955

1956

•^RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.

1958
COUNCIl OF ECONOMIC AbVISfRS

Prices paid by farmers
All items,
interest,
Family
Livestock taxes,
Producand
living
tion
and
wage
rates
items
items
products
(parity
index)
Index, 1910-14=100
121
120
123
107
251
250
260
315
243
238
272
251
282
268
273
336
274
271
287
306
270
272
253
279
274
252
281
255
273
281
249
236
278
249
230
285
286
258
296
249
242
286
259
296
287
257
296
245
287
254
257
295
287
257
261
295
287
258
296
260
286
258
255
296
289
260
258
298
289
299
263
263
264
289
301
267
290
265
302
273
269
304
293
280
271
293
306
275
294
•J7I
306
280
305
2D3
275
«>70

Prices received by farmers
Period

1939
1948
_ _ _ _ _ _
1949 ..
_ _ _ _ _
1951 -.._
1952
_ _
1953 .
1954 __
1955—
1956 _
1957 _
1957: May 15
June 15
July 15
August 15
September 15
October 1 5
November 15
December 15_ _ __
1958: January 15
February 15_
March 15
April 15
May 15
June 15

All farm
products

_ _ _ _ _ _
_
_ _.

95
287
250
302
288
258
249
236
235
242
242
243
246
247
245
241
242
243
247
252
263
264
264
255

Crops

82
255
224
265
268
242
242
236
240
233
241
240
237
232
227
225
223
219
224
229
245
252
246
232

1
Percentage ratio of index of prices received by farmers to index of prices paid,
Interest, taxes, and wa^c rules.




Source: D o p u r t t i i m l of A K ? h

Parity1
ratio

77
110
100
107
100
92
89
84
82
82
82
82
83
84
83
81
81
81
82
83
S7
S('»
, v i(»
SI

CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
The total of demand deposits and currency declined less than seasonally in May. Time deposits continued to rise.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

240

200

1952
COUNCU. OF ECONOMIC* ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

End of period

1951
1952
1953
1954
1955
1956
.
1957
..
1957: May
_
June .
July...:
August.. __ __
September
October.
November
December
1958: January 5 5
February
March 5
Aprils
Mays

Total
U.S.
deposits Governand
ment
curderency posits *

189. 9
200.4
205.7
214.8
221. 0
226.4
232. 3
224.2
224.9
225.2
225.0
225. 4
226. 9
227. 0
232. 3
227. 7
228. 0
230. 9
234.4
234. 2

3. 9
5.6
4.8
5. 1
4. 4
4.5
4. 7
5.8
5.2
4.2
4.9
4.5
3.9
3. 8
4. 7
2. 9
4. 2
6.4
6.0
6. 1

[Billions of dollars]
Total excluding U. S. Government deposits 2
Demand deposits and
currency
Time
Total
deDemand Currency
posits * Total deposits outside
adjusted* banks
186.0
98.2
26. 3
61. 5
1245
194. 8
65.8
101. 5
129.0
27. 5
200. 9
70.4
130. 5
102.5
28. 1
209.7
75.3
27.9
134 4
106. 6
216.6
78.4
138.2
109. 9
28.3
82.2
222.0
111. 4
139.7
28. 3
227.7
89. 1
138. 6
28.3
110. 3
218. 4
132. 7
85.7
27. 9
1048
219.7
86.4
133. 3
105.6
27. 8
221. 0
86.7
134 3
27.8
106.6
87. 1 132.9
220. 0
105. 1
27.8
220. 9
87.7
133.3
105.5
27.8
223.0
88. 1
1349
107. 2
27.8
223. 3
87. 6
135.7
107.2
2as
227. 7
89. 1
138. 6
28.3
110. 3
224 8
89. 8
107.6
27. 3
135. 0
223. 9
90. 9
133. 0
27.4
105. 6
92. 5
224. 5
132. 0
104 6
27. 4
228.4
93.6
27. 6
107. 2
134 8
94 6
228. 1
133. 5
105. 8
27.8

1
Includes U. S. Government deposits at Federal Reserve Banks and commercial
8 and savings banks, and U. S. Treasurer's time deposits, open account.
1 Includes deposits and currency held by State and local governments.
Includes deposits in commercial banks, mutual savings banks, and Postal
Savings
System, but excludes interbank deposits.
4
Includes demand deposits, other than interbank and U. S. Government, less
cash Items In process of collection.

26



8

Demand deposits
and currency,
seasonally adjusted
Demand Currency
Total deposits outside
adjusted banks

134. 6
135.2
136.0
134- 7
133.9
134-2
134. 0
133. 2
132. 2
133. 1

134. o

135.0
135.5

106.6
107. S
108. 0
106. 8
106. 2
106. 5
105.9
105. 1
104.7
105.5
106.4
107.2
107. 6

28.0
27.9
28.0
27.9
27.7
27. 7
28.1
28.1
27.5
27. 6
27.6
27.8
27.9

Preliminary estimates.
NOTE.—Monthly data are for the last Wednesday of the month, except the
unadjusted data for December 1957, which are for the last day of the month.
Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.

BANK LOANS, INVESTMENTS, AND RESERVES
Commercial bank loans declined $700 million in May, compared to an increase of $200 million in May
Excess reserves in June continued substantially greater than borrowinss.
BILLIONS OF DOLLARS

1957.

BILLIONS OF DOLLARS
ISO

160

160

140

140

120

120

100

20

1955
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Total loans
and investments

End of period
1949...
1951-.
1952
1953
1954
1955
1956___.
1957
1957: April. _.

.

May

June
July
August
September
October
November .
December .
1958: January * 4
February
March 4
April44
May
June 4

.„

120.2
132. 6
141. 6
145. 7
155. 9
160. 9
165. 1
170. 1
165. 1
165. 1
165. 6
165. 4
165. 9
166. 3
167. 9
167. 3
170. 1
167. 7
168. 6
171.4
175. 6
175. 4

[Billions of dollars]
All commercial banks
Investments
U. S. GovLoans
Other
Total
ernment
securities securities
10.2
77.2
67.0
43. 0
74.9
61.5
57.7
13.3
141
64. 2
77.5
63. 3
63.4
14.7
67. 6
78. 1
70. 6
69.0
85. 3
16.3
61.6
16.7
82. 6
78. 3
74. 8
58.6
16.3
90.3
76. 2
58. 2
93.9
17.9
91. 0
74. 1
57.5
16.7
57. 1
91. 2
16.8
73. 9
55. 5
93. 3
16.8
72.3
16. &
73.0
56.3
92.3
56.2
16. 9
92.8
73. 1
55. 9
17. 1
72. 9
93. 4
57. 3
17. 6
74. 9
93.0
56. 9
17. 4
92.9
74.3
76.2
58.2
17.9
93. 9
57. 7
17. 9
92.0
75. 6
58. 3
18. 2
92. 1
76.5
59. 6
18.9
93.0
78. 4
19.3
82. 1
62.8
93. 5
19.4
63.2
82. 6
92. 8

1
Member banks Include, besides all national banks, those State banks that
have taken membership in the Federal Reserve System.
a Commercial, Industrial, and agricultural loans; revised series beginning
January 1952 and again October 1956. Such loans by weekly reporting mointwr
banks represent approximately 70 percent of business lowia by all eommerohU
banks.




COUNCIL Of ECONOMIC ADVISERS

Weekly
reporting
member
banks *
Business
loans 2
13. 9
21. 6
23.4
23.4
22. 4
26. 7
31.3
32. 2
31.3
31. 1
32.5
31.7
32.0
32.4
31. 8
31.5
32. 2
30.6
30.4
31.0
30.2
29.8
30. 4

All member banks l 3
BorrowReserve balances ings at
Federal
Required Excess Reserve
Banks
17.0
0.8
0.1
18. 5
.8
.3
19. 6
.7
.8
.7
19.3
.8
18. 5
.8
.1
.6
18.3
.6
.6
18. 4
.8
18. 5
.5
.8
18. 6
.5
1.0
18. 4
.5
.9
18. 5
.5
1.0
18. 6
.5
.9
.5
18.3
1.0
18.4
.5
1.0
18.6
.5
.8
18.4
.5
.8
.6
18.8
.7
.6
18. 7
.5
.6
18.4
.2
18. 1
.6
.1
17.8
.6
.1
17.6
.7
.1
18. 0
.1
.6

3
Data are averages of daily figures on balanced and borrowings during the
period.
* Preliminary cstlmnUts.
NOTE,— In-tail will not npf«<s!M*rUy n4t1 to totals twcrmxfl of rounding*
$our«n lUmrtl of Governor* of I he l?p«ti*fwl Ut»m*rve Hyuttttti.

27

CONSUMER CREDIT
In May, total consumer credit outstanding increased about $360 million, compared with an increase of $690 million
in May 1957.
BILLIONS OF DOLLARS
50

WLLIONS OF DOLLARS
50

I952

I953

»957

1954

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1958
COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

End of period

Total
consumer
credit
outstanding

1939__
1948__
1949
1951
1952
1953
1954
1955..____
1956
.
1957
1957: April
May
June_ „„.
July
August
September.
October
November.
December.
1958: January-.
February _
March
April
M ay

7,222
14, 398
17, 305
22, 617
27, 401
31, 243
32, 292
38, 670
42, 097
44, 776
41, 247
41, 937
42, 491
42, 668
43, 101
43, 270
43, 274
43, 530
44, 776
43, 966
43, 043
42, 502
42, 665
4.\ 027

Total
4,503
8,996
11, 590
15, 294
19, 403
23, 005
23, 568
28, 958
31, 827
34, 105
31, 786
32, 158
32, 608
32, 968
33, 303
33,415
33, 504
33, 596
34, 105
33, 737
33, 302
32, 983
32, 932
32, 957

Automobile1
paper
1,497
3,018
4, 555
5,972
7,733
9,835
9,809
13, 472
14, 459
15, 496
14, 691
14, 883
15, 127
15, 329
15, 490
15, 556
15, 579
15, 542
15, 496
15, 326
15, 122
14, 889
14, 788
14, 713

Other
Repair and
consumer moderni- Personal
zation
goods
loans
paper *
loans 2
1,620
2,901
3,706
4,880
6,174
6,779
6,751
7,634
8,510
8, 687
8,017
8,081
8, 165
8, 189
8,229
8,228
8,236
8,300
8,687
8,499
8,277
8, 192
8, 134
8, 176

' I Deludes ull eonsumer credit extended for the, pur|M>ses of purchasing automobiles and other consumer goods tuid {••eoureil by Mm items purchased.
* IneUidoH only MI eh UWMN held by financial InHtitui.lon.s; those held by retail
outlet* are Included in "'other consum
"

28



Nonlnstalment credit
outstanding

Instalment credit outstanding

298
853
898
1,085
1,385
1,610
1, 616
1,689
1,895
1,984
1,862
1,886
1, 905
1,921
1,954
1,969
1, 988
1,996
1,984
1,963
1,936
1,915
1,914
1, 933
3

1,088
2,224
2,431
3,357
4,111
4,781
5,392
6, 163
6,963
7,938
7,216
7,308
7,411
7,529
7,630
7,662
7,701
7,758
7,938
7,949
7,967
7,987
8,096
8, 135

Total
2,719
5,402
5,715
7,323
7, 998
8,238
8,724
9,712
10, 270
10, 671
9,461
9,779
9,883
9, 700
9, 798
9,855
9,770
9,934
10,671
10, 229
9,741
9,579
9,733
10, 070

Charge
accounts
1,414
2,673
2,795
3,605
4,011
4, 124
4, '308
4, 579
4, 735
4, 760
3, 735
3,834
3,948
3,886
3,925
3, 942
3,991
4,135
4,760
4,264
3,710
3,528
3, 694
3, 956

InstalInstalment
ment
credit excredit 3
3
tended
repaid
6,872
15, 585
18, 108
23, 576
29, 514
31, 558
31, 051
39, 039
40, 063
42, 411
3,594
3,748
3,674
3, 837
3,704
3,388
3, 545
3,439
4,069
3, 108
2, 754
3,164
3, 345
3,386

Credit extended or repaid during the period.
Source: Board of Governors of the Federal Reserve System.

6, 060
13, 284
15, 514
22, 985
25, 405
27,956
30, 488
33,649
37, 194
40, 133
3,332
3, 376
3,224
3,477
3, 369
3, 276
3,456
3,347
3,560
3, 476
3, 189
3, 483
3,396
3,361

BOND YIELDS AND INTEREST RATES
The Treasury bill rare remained under 1 percent through most of June and early July.
U. S. Government, and municipal bonds rose during this period.

Yields on corporate

PERCENT PER A N N U M

PERCENT PER ANNUM

I952

I958

SOURCES: SEE TABLE BELOW

COUNCIL OF ECONOMIC ADVISERS

[Percent per annuml
U. S. Government
High-grade
security yields
municipal
3-month
bonds
Taxable
Treasury
(Standard3 &
2
bonds
bills *
Poor's)
1. 552
2. 57
2. 00
1.766
2.68
2. 19
2. 94
2. 72
1. 931
2.37
. 953
2. 55
1.753
2.84
2. 53
2. 658
2. 93
3. 08
3. 267
3. 47
3. 60
3. 75
3. 316
3. 58
3. 60
3. 165
3. 75
3. 404
3. 63
3. 91
3. 66
3. 90
a 578
3. 73
3. 79
3. 591
3. 337
3. 57
3. 76
3. 102
3.47
3. 30
2.598
3. 24
3. 31
1. 562
3. 37
3. 28
1.354
3.25
3. 45
1. 126
3. 12
a si
1. 046
3. 14
3. 25
a 26
3. 20
. 881

Period

1951
1952
__
1953
__
1954
...
1955
..
1956
1957—
1957: June
..
July
August .
September
October
November
December
1958: January
February
March
April
May
June
Week ended:
1958: June 14
21
28
July
5
12 4
19

.
_

___

.841
. 953
1. 006
. 768
. 934
1. 137

1
Rate on new issues within period.
2 First issued in 1941. Series includes: October 1941-March 1952, bonds due or
callable after 15 years; A p r i l 1952-ISlarch 195,'J, bonds due or callable after 12 years;
April lOftl to date, bonds due or callable 10 years and after.
» \Veekly d a t a are Wednesday IU:ure;,.




Aaa,

3. 16
3. 22
3. 26
3. 26
3. 31
5
a 39
« Preliminary.
» Not ehai t e < l .
Souro
; 'if ,» .t
Hy"!' 1 '" o \.-. j » ( i»

3.22
3. 26
3. 35

a 37
3. 41]
3. -15

Corporate bonds
(Moody's)
Aaa

Baa

2.86
2.96
3.20
2. 90
3.06
3. 36

a 89
a 91
a 99
4.
4.
4.
4.

10
12
10
08

a si
a eo
a 59
a 63
3. 60
3. 57

a 57
a 56
a 57
3. 61
a 62

ft a <>:>
a o<>

3. 41
3. 52
3. 74

a 51
a 53
a 88
4. 71
4. 63
4. 73
4. 82
4. 93
4. 99
5. 09
5. 03
4. 83
4.66
4.68
4. 67
4. 62
4. 55
4.
4.
4.
•1.
-1.
-1.

55
5:>>
5-i
,r>:>
51
52

Prime
commercial
paper,
4^6
months
2. 16
2. 33
2. 52
1. 58
2. 18

a 31
a si
a 79
a 88
a 98
4. 00
4. 10
4.07

a 8i
a 49
2. 63
2. 33
1.90
1. 71
1. 54

1.
1.
1.
1.
1.
•• 1,

55
50
50
50
50
50

STOCK PRICES
Stock prices continued to rise in June and early July.
INDEX, 1939 «100

INDEX,1939 * 100
500

500

400

300

200

1952

1953

1958

1954

SOURCE: SECURITIES AND EXCHANGE COMMISSION

Period
Weekly average:
1948
1949— ...
1951__ ...
1952__
'.
1953—
1954
: .. _
1955
1956...
1957
1957: June
July
• August-. .
September
.
_ _ _
October
_.. _
November
«
December
_.
1958: January..
February. _ _
March
April
* ^«.jr
.
May
June
.
Week ended:
1958: June 6.
13. . 20 • .
27„
_.
Julv
3
1K.. ............ _ , _ ,

COUNCIL OF ECONOMIC ADVISERS

Composite
index *

[1939=1001
Manufacturing
Trade,
Trans- Utilities finance,
Mining
Durable Nondura- portation
Total
and service
goods
ble goods

132.7
127.7
184. 9
195. 0
193. 3
229. 8
304. 6
345. 0
331. 4
354 6
361. 8
343.2
327.9
306. 4
301.8
298. 5
304.7
304.0
310. 8
311.9
322.9
330. 6

136. 8
132. 1
206.8
220.2
220. 1
271.3
374.4
438. 6
422. 1
456. 6
468.0
441. 2
419. 1
388.2
381.9
376. 1
381.6
378. 1
388.2
387. 4
401. 4
411. 7

1243
116. 0
178. 5
188. 8
192. 6
245. 2
352. 4
409. 8
391. 2
421. 2
433.8
408. 1
385.8
356.9
350. 1
335.6
346. 6
345. 8
351. 6
339. 8
353.2
362. 2

148.6
147.2
23a 1
249. 3
245.2
295. 2
394 4
465. 1
450.7
489. 3
499. 6
471. 6
449.7
417. 0
411. 1
413.2
413. 6
407.7
421.6
425. 7
438.4
449. 6

158. 1
136. 0
199.0
220.6
218. 7
232. 6
320. 0
327. 1
275. 4
292. 8
302. 3
285. 5
263.3
240.9
227. 8
2147
230. 2
231. 3
230. 6
233. 1
249.0
259. 2

99. 3
98.1
112.6
117.9
121. 5
135. 8
152.9
155.8
156.0
159. 5
158.4
155. 2
152. 6

329. 2
331.8
330. 4
331.2
335 4
337. 0

410. 1
413. 1
411. 6
412. 1
418. 0
410. 9

362. 2
363. 3
361. 8
361. 7
366. 7
369. 9

446.4
451. 2
449. 8
450. 9
457.4
458. 0

256.6
261. 4
259. 2
259. 6
261. 5
264 5

« fncthidM 2fW wmmum utoeks; fw for <lumbio Komla ftmnufticturluK, 72 for nondurable gootta ttittimliH'tiiring, 21 fur irtuwpurinUtm, 2tt for utilities, 81 for trwk,

30



149. 3
152. 3
157. 8
160. 5
161.7
165. 7
168. 9
171.3

156.9
160. 7
207. 9
206.0
207. 1
235. 6
296. 9
306. 3
277.5
283. 4
290. 8
281.6
277.2
266.5
262. 0
257. 9
269.7
277.5
283.4
285. 6
301, 0
305. 1

133.0
129.4
204 9
275.7
240.5
267.0
312. 9
357.5
342.4
389.7
382.5
353.9
334 5
296. 9
2842
274 5
272. 1
266. 8
283.2
287.0
300. 1
318.9

170. 9
171. 8
170.6
171.9
173.0
174 2

302.6
305. 8
305.2
306. 8
311.5
311. 7

309. 1
322.4
321.5
322. 7
325.7
322. 9

i4a 8

finance, and service, and 14 for mining. Indexes are for weekly closing prices.
Source; Seouritius und Exchange Commission.

FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
For the fiscal year 1958, net budget receipts were $69.1 billion and net budget expenditures $71.9 billion, resulting
in a budget deficit of $2.8 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

NET BUDGET RECEIPTS

NET BUDGET EXPENDITURES

1953

19 f4

1955

1958

BUDGET SURPLUS (+) OR DEFICIT (-

MAJOR NATIONAL SECURITY
_ EXPENDITURES

(ENLARGED SCALE)

+5 -

25

1956

Period

year 1944
year 1953
year 1954
year 1955
year 1956
year 1957 3
year 1 958
April,..
Mav
June
Julv 3 3
August
3
September
October 3 3
November3
December
1958: January 3 3
February
March 3
April 33
May
June 3
-LAtfcJ

_
_

_

_ _

__

__ __

_

_ _

_

__

[Billions of dollars]
Net budget expenditures
Net
Major national security *
Budget
budget
Department surplus (+)
receipts
Total
or
of Defense
Total
deficit (-)
military
functions
43. 6
95. 1
76. 8
76. 1
-51. 4
64. 8
74.3
51. 8
43. 6
-9.4
64. 7
67. 8
47. 9
40.3
-3. 1
60.4
64. 6
42. 1
35. 5
-4.2
68.2
66. 5
41.8
+ 1.6
35.8
71.0
69. 4
44. 4
38. 4
+ 1.6
71.9
69. 1
45. 0
39.0
-2. 8
4. 3
6. 0
4. 0
3.5
-1.7
5. 3
5. 9
3.9
3.3
-.7
11. 7
6. 3
4.0
3. 2
+ 5.4
3. 1
6. 3
3.7
3. 2
-3. 3
5. 1
5. 9
4.0
3. 5
-. 8
7.2
5.7
3.5
3. 0
+ 1.6
3. 1
6.5
3.7
3. 2
-3.4
4.8
5.8
3. 5
3. 1
-1.0
6. 0
5.8
3. 8
3.3
+. 1
4. 8
6.0
3.8
3. 1
-1. 2
6.3
5. 5
3. 6
3.2
+.8
9. 5
5. 7
3.7
3. 1
+ 3. 8
6. 1
3. 5
3.7
3. 2
-2. 6
4. 9
5.8
3.7
3. 2
-. 9
10. 8
6. 6
4. 3
+ 4.2
3. 9

i Definition revised in 195S Federal Budget Midyear Review, October 1957, to
Include the defense support portion of the mutual security program. Other items
included are: military functions of Department of Defense, military assistance
portion of the mutual security program, development and control of atomic
energy, stockpiling, and defense production expansion.




1958

COUNCIL OF ECONOMIC ADVISERS

SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1957:

1957

FISCAL YEARS

* PRELIMINARY

Public
debt
(end of2
period)

202. 6
266. 1
271.3
274.4
272. 8
270. 6
276.4
274, 1
275.3
270. 6
272. 6
274.0
274.5
274.2
274. 9
275. 0
274.7
274. 8
272. 7
275. 2
275. 7
276. 4

2
Includes guaranteed securities, except those held by the Treasury. Not all
of 3total shown is subject to statutory debt limitation.
Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.

31

CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
According to preliminary estimates, Federal cash payments to the public in the fiscal year 1958 exceeded Federal
cash receipts by $1.5 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

60

20

t!5

(ENLARGED SCALE)

EXCESS OF CASH RECEIPTS

§88881

1 •

Fsssa

EXCESS OF CASH PAYMENTS
...

I

1953

1954.

1956

1955

1

19571'

1957

J/

I
1

1958

J/

CALENDAR YEARS

PRELIMINARY ESTIMATES.

COUNCa OF ECONOMIC ADVISERS

SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.

[Millions of dollars]
Cash receipts
from the
public

Period
Fiscal year total:
1955_—
1956 ..
1957 1
1958
Calendar year total:
1954 .
-- ...
1955
1956
.
1957 1
Quarterly total, not adjusted for seasonal variation:
1957: First quarter,
Second quarter1
Third quarter
.. .
. .. .
Fourth quarter *
1958: First quarter *
.
Second quarter 1

67,
77,
82
81

_

_

_
__
_

_
__
_

Cash payments to
the public

Excess of receipts (+) or
payments ( — )

836
088
107
848

70, 538
72, 617
80, 008
83, 320

— 2,702
-f 4 471
-f-2 099
— 1, 472

68, 589
71 448
80, 330
84, 520

69, 661
72, 188
74, 807
83, 326

— 1 072
— 740
4-5, 524
+ 1, 194

24, 617
24, 846
18, 653
16, 404
23, 618
23, 173

19, 814
21, 574
21, 099
20, 839
19, 626
21, 756

-f 4, 802
+3, 273
— 2,447
— 4, 435
+ 3, 992
+ 1, 417

i Preliminary.
NOTE,—Detail will not necessarily add to totals because of rounding.
Sources: Bureau of the Budget and Treasury Department.
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