Full text of Economic Indicators : July 1958
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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. t*'or sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C, I'rlce 20 cents per copy ; $2.00 per year ; $2.50 foreign. 32 U, 8, GOVERNMENT PRINTING OFFICEil»S«