Full text of Economic Indicators : July 1959
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8bth Congress, 1st session Economic Indicators JULY 1959 Prepared for the Joint Economic Committee by the V A X Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1959 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.) PAUL H. DOUGLAS, Illinois, Chairman WRIGHT PATMAN, Texas, Vice Chairman SENATE JOHN SPARKMAN (Alabama) J. WILLIAM FULBRIGHT (Arkansas) JOSEPH C. O'MAHONEY (Wyoming) JOHN F. KENNEDY (Massachusetts) PRESCOTT BUSH (Connecticut) JOHN MARSHALL BUTLER (Maryland) JACOB K. JAVITS (New York) HOUSE OF REPKESENTATIVES RICHARD BOLLING (Missouri) HALE BOGGS (Louisiana) HENRY S. REUSS (Wisconsin) FRANK M. COFFIN (Maine) THOMAS B. CURTIS (Missouri) CLARENCE E. KILBURN (New York) WILLIAM B. WIDNALL (New Jersey) RODERICK H. RILEY, Executive Director JOHN W. LEHMAN, Clerk COUNCIL OF ECONOMIC ADVISERS RAYMOND J. SAULNffiR, Chairman KARL BRANDT HENRY C. WALLICH [PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [S. J. Res. 55] To print the monthly publication entitled " Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the Joint 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 die 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 Hpuse, 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 Uontents TOTAL OUTPUT, INCOME, AND SPENDING Page The Nation's Income, Expenditure, and Saving Gross National Product or Expenditure... National Income Sources of Personal Income Disposition of Personal Income Per Capita Disposable Income Farm Income Corporate Profits. , Gross Private Domestic Investment Expenditures for New Plant and Equipment ...... . „. «. .......... «. . :. =. .. 3. ... „ ... 1 2 3 4 5 6 7 8 9 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force. Nonagricultural Employment Average Weekly Hours—Selected Industries Average Hourly Earnings—Selected Industries Average Weekly Earnings—Selected Industries. .... ............ ......;.....,. 11 12 13 14 15 PRODUCTION AND BUSINESS ACTIVITY Industrial Production. ... ... ................ Production of Selected Manufactures ... Weekly Indicators of Production New Construction. ........ Housing Starts and Applications for Financing Sales and Inventories—Manufacturing and Trade. Merchandise Exports and Imports ... 16 17 18 19 20 21 22 .. PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers ,.... 23 24 25 ,... ...... „.,..,. 26 27 28 29 30 ...^ 31 32 CURRENCY, CREDIT, AND SECURITY MARKETS Currency and Deposits Bank Loans, Investments, and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices : FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public NOTE.—-Detail in these tables will not necessarily add to totals because of rounding. Ill TOTAL OUTPUT, INCOME, AND SPENDING THE NATION'S INCOME, EXPENDITURE, AND SAVING Preliminary estimates show a continued increase in total income and expenditures between the first and second quarters of 1959. [Billions of dollars] 1958 Second quarter Year Economic group ExRe- pendceipts itures 1959 Excess of receipts (+) or expenditures (-) ExRe- pendceipts itures Second quarter l First quarter Excess of receipts (+) or expenditures (-) ExReceipts penditures Excess of receipts (+> or expenditures (-) Excess of reExRe- pend- ceipts ceipts itures or expenditures <-> (+> : Seasonally adjusted annual rates Consumers: Disposable personal income. 316. 5 Personal consumption expenditures 293. 0 290. 9 69. 8 1. 3 82. 0 75. 6 -20. 4 1. 5 1. 2 Government (Federal, State, and local) : Tax and nontax receipts or 114. 9 accruals Less: Transfers, interest, 39 9 and subsidies (net) (2) -8. 4 .1 23. 8 23.5 51. 3 1. 2 311. 5 49 4 — 10. 9 Excess of transfers (-J-) or of net exports ( — ) Net receipts 22. 0 54. 9 1. 3 335. 3 303. 9 42. 9 44. 0 Excess of investment (-) _ International: Foreign net transfers by government Net exports of goods and services 327.4 23. 5 Personal net saving (-f ) Business: Gross retained earnings Gross private domestic investment 312.9 (2) 1. 4 — .9 .1 1 4 2. 4 2.8 112. 3 125. 2 (2\ 33. 5 33. 3 33.5 78. 8 91. 9 (2) Total government expenditures Less: Transfers, interest, and subsidies (net) 125. 6 124. 6 130. 7 131.3 32. 9 33. 5 33. 3 33 5 Purchases of goods and services 92.6 91. 1 97. 4 97 8 Surplus ( + ) or deficit (— ) on income and product account/Statistical discrepanc v -10. 7 -2. 1 GROSS NATIONAL PRODUCT.. 441. 7 441. 7 -2. 1 — 12. 3 -1. 5 434. 5 434. 5 1 Preliminary estimates by Council of Economic Advisers. Not available. NOTE.—Series revised beginning 1956. For details, ?ee Survey of Current Business, July 1959. For explanation and use of this arrangement, see Senate Report No. 1295. 2 -1. 5 5 5 .0 470.2 470. 2 .0 (2) (2) (2) 483. 5 483 5 Joint Economic Report, pp. 92-93, 99-105, and Economic Report of the President. January 1953, Appendix A. Sources: Department of Commerce and Council of Economic Advisers. GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product rose $13 billion (seasonally adjusted annual rate) between the first and second quarters of 1959 according to preliminary estimates. Increases occurred in all major components, except net exports." : BILLIONS OF DOLLARS BILLIONS OF DOLLARS 500 500 SEASONALLY ADJUSTED ANNUAL RATES 400 400 GROSS NATIONAL PRODUCT 300 300 PERSONAL CONSUMPTION EXPENDITURES x. 200 200 GOVERNMENT PURCHASES OF GOODS AND SERVICES 100 100 I 1 ' GROSS PRIVATE DOMESTIC INVESTMENT • NET EXPORTS OF GOODS AND SERVICES 1 u\ I 1954 1953 1956 1955 1958 1957 I/ PRELIMINARY ESTIMATE BY COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED) Period 1949 1950 _ 1951 1952.... 1953. ... 1954.. 1955 1956 1957 1958 ... 1959 COUNCIL Of ECONOMIC ADVISERS {Billions of dollars] Total Personal Net Gross gross Total conexports national gross sump- private of goods product national tion domestic and in 1958 product expend- investservices ment prices itures 323. 8 2sai 181.2 33.0 3.8 352.2 2846 195.0 50.0 .6 378. 6 329. 0 209.8 2.4 56.3 391. 6 347.0 219.8 49. 9 1.3 408.7 _. 4 365.4 232. 6 50.3 402. 1 363.1 238.0 48.9 1.0 434.9 397.5 256.9 1. 1 63.8 443. 6 419. 2 269.9 2.9 67.4 452. 0 442.5 284 8 66. 6 49 441.7 441.7 293. 0 54 9 1. 2 Government purchases of goods and services Federal Total 40.2 39.0 60. 5 76.0 82.8 75. 3 75.6 79. 0 86.2 92. 6 1 Total 22.2 19.3 38.8 52. 9 58.0 47.5 45. 3 45.7 49.4 52. 2 National defense a Other a9 State and local 13. 6 143 33. 9 46.4 49.3 41. 2 39. 1 40. 4 44 3 44 5 5.2 5.2 6.7 9.0 6.7 6.6 5. 7 5.5 ai 17.9 19.7 21. 7 23.2 249 27.7 30.3 33.2 36.8 40. 5 44 9 43.9 440 443 44 5 45.3 45.8 46. 2 5.3 5. 7 6. 6 7.5 8.9 9.4 8.3 8.0 36. 9 38.3 39.2 39.7 40.8 42.2 43.6 43. & Seasonally adjusted annual rates 1957: Third quarter... Fourth quarter .. 1958: First quarter. Second quarter Third quarter . . . Fourth quarter .. 1959: First quarter. 3 Second quarter . . 1 Less 2 454. 2 447.2 433. 2 435. 4 444 0 454 8 465.5 475.9 447.8 442. 3 431.0 434 5 444 0 457. 1 470.2 483. 5 288.2 288. 1 287.3 290. 9 294 4 299. 1 303.9 311.5 Government sales. These expenditures correspond closely with the "major national security" category in The Budget ol the United States Government for the Fiscal Year Ending June $0,1959, shown on p. 31 of Economic Indicators. 1 Preliminary estimates by Council of Economic Advisers. 67.9 63. 2 52.4 51. 3 54 2 61.3 69.8 75.6 5. 1 3.5 2.0 1.2 1.6 .2 -.9 — 1. 4 86.6 87.4 89.3 91. 1 93. 8 96.5 97.4 97.8 49. 7 49. 1 50. 1 51. 3 53. 1 54 2 53.8 54 0 NOTE.—Series revised beginning 1956. For details, see Survey of Current Business, July 1959. Sources: Department of Commerce and Council of Economic Advisors, NATIONAL INCOME Compensation of employees increased $9 billion (seasonally adjusted annual rate) in the second quarter of 1959. Business and professional income and net interest also increased but farm income dropped. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 400 40O 300 300 200 200 100 PROPRIETORS'AND RENTAL INCOME *• CORPORATE PROFITS AND ^ INVENTORY VALUATION ADJUSTMENT NET INTEREST 1 1953 T-~T 1954 1956 1955 i \ 1957 1958 J/ PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS. SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED). \ _L _L 1959 CbUNCIl OF ECONOMIC ADVISERS [Billions of dollars] Total national income Period 1949 1950. 1951. 1952 1953 1954 1955 1956 1957 1958 . 1957: Third quarter Fourth quarter.. ... 1958: First quarter Second quarter Third quarter Fourth quarter 1959: First quarter . 2 . . Second quarter Compensation of em- 1 ployees Farm Business and professional Rental income of persons Net interest Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment 217. 7 241.9 279. 3 292. 2 305. 6 301.8 330. 2 350. 8 366.5 366. 2 140.8 154.2 180.3 195.0 208.8 207.6 223.9 242.5 255. 5 256. 8 12. 9 22. 7 8.3 14.0 23. 5 9.0 16. 3 26. 0 9.4 15. 3 26. 9 10. 2 13. 3 27. 4 10. 5 12. 7 27.8 10. 9 30.4 11.8 10. 7 11. 6 32. 1 10. 9 11.8 32. 7 11. 5 14.2 32. 4 11.8 Seasonally adjusted annual 4.8 5.5 6.3 7. 1 8.2 9. 1 10.4 11.7 13. 3 14. 3 rates 28.2 35. 7 41. 0 37. 7 37. 3 33. 7 43. 1 42, 0 41.7 36.7 26. 4 40.6 42. 2 36. 7 38.3 34. 1 44. 9 44. 7 43.3 37. 1 1.9 -5.0 -1.2 1.0 -1.0 —.3 -1.7 — 2. 7 -1.5 —.4 371. 1 364. 3 355. 8 358. 9 369.5 380. 4 389. 4 (3) 258. 1 256.0 252, 5 253. 2 258. 5 262. 9 269. 9 278. 9 12. 3 12. 1 14. 6 13. 9 14. 2 14. 1 13.2 12. 1 13. 5 13.8 13.9 14. 1 14. 4 14. 7 15. 1 15. 4 42. 7 38. 5 31. 5 33. 8 38. 0 43. 5 45. 5 (3) 44. 0 39. 4 32. 0 33.6 38.3 44. 6 46. 5 (3) -1.3 — .9 -. 4 .2 -.3 — 1. 1 -.9 (3) 1 Includes employer contributions for social insurance. CSee 2 Preliminary estimates by Council of Economic Advisers. 3 Not available. Proprietors' income also p. 4.) 32. 9 32. 4 31. 6 32. 0 32.6 33.2 33.7 34. 5 11.5 11.7 11.7 11. 8 11. 9 11. 9 12. 0 12. 0 NOTE.—Series revised beginning 1956. For details, see Survey of Current Business, July 1959. Source: Department of Commerce (except as noted). SOURCES OF PERSONAL INCOME Personal income rose $1.6 billion (seasonally adjusted annual rate) in June to a record of $382.9 billion, and salaries were largely responsible for the rise. Changes in other major sources of income were small. BILLIONS OF DOLLARS Wages BILLIONS OF DOLLARS 400 350 300 250 250* 200 1959 I953 SOURCE: DEPARTMENT OF COMMERCE Period 1950 1951 1952 1953 1954 1955 1956_ 1957 1958 Total personal income 228.5 256. 7 273. 1 288.3 289.8 310.2 332.9 350. 6 359.0 .. . _._ 1958: May June July August Septembers October November. December. 1959: January .. February . March April May June 4 3 3 3 354. 6 357. 1 363. 5 362. 4 364. 2 364. 3 367.5 366.9 369.0 371.0 375.4 379.0 381. 3 382. 9 [Billions of dollars] Labor income Proprietors' income Less: Per(wage and Rental sonal conPersonal Transfer salary distributions DiviBusiness income paybursements for social of dends interest Farm and proincome ments and other 1 insurpersons fessional ance labor income) 14. 0 150. 2 23.5 9.2 15.1 2.9 9.0 10.3 16. 3 3.4 175.5 26.0 9.4 12.6 9.0 11.2 190.2 12. 1 13.2 15.3 26.9 10.2 9.0 3.8 204. 1 13.3 27.4 9.2 3.9 13.4 10. 5 14.3 202. 5 12.7 14. 6 16.2 4.6 27.8 10. 9 9.8 5.2 218.0 11.8 30.4 11.2 10. 7 15.8 17.5 32. 1 11.6 12. 1 10. 9 17. 5 5.8 235. 7 18. 8 247.7 32. 7 6. 7 11. 8 19. 5 21.7 12.5 11.5 32. 4 14. 2 12. 4 26. 1 7.0 20. 4 248. 7 11.8 Seasonally adjusted annual rates 244.2 6. 8 13.8 32.0 12. 6 20.3 11. 8 26.8 3 7.0 247. 2 13.4 32. 3 12.6 20.4 26.4 11. 8 3 7.2 12. 6 252. 5 14. 1 32.4 20.4 26.8 11. 8 3 14.2 27.2 7. 1 32. 6 12. 6 250. 6 11. 9 20.5 7.1 32. 8 14. 3 12. 6 20. 6 27. 3 251. 8 11.9 7.1 14. 2 12. 6 20. 7 27.4 251. 4 33. 2 11.9 7.1 12. 6 26. 6 14. 1 20. 8 11.9 255.5 33. 1 7. 1 14.2 21.0 256. 4 33.4 10.8 26.3 11.9 12.7 26.1 8.1 258. 3 13.5 33. 5 12.0 21. 1 12. 8 21.3 26.4 8.1 259. 8 13. 2 33. 7 12.0 21. 6 8.2 12. 9 34.0 12. 8 26.6 263.8 12.0 12. 2 21. 8 26. 9 8.3 12. 9 267. 2 34.3 12.0 12.0 13.0 22.0 26.4 8. 3 269.7 34. 5 12.0 22. 2 26.2 8.4 271. 1 12. 1 13. 1 34. 6 12.0 1 Compensation of employees (sec p. 3) excluding employer contributions for social insurance and the excess of wage accruals over disbursements. 3 Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. VCOUNCIl OF ECONOMIC ADVISERS' Nonagricultural personal3 income 211.3 237.0 254.3 271.5 273. 8 295.0 317.9 335.2 341.1 337.1 339.9 345.7 344.5 346. 1 346. 3 349. 6 348.8 351. 6 353.8 358.5 362.7 365.3 366.9 3 includes lump-sum retroactive salary payments to Federal employees. At seasonally adjusted annual rates, these amounted to $0.2 billion in June, $3.6 billion in July, and $0.2 billion in August. 4 Preliminary estimates. NOTE.—Series revised beginning 1956. For details, see Survey of Current Business, July 1959. Source: Department of Commerce. DISPOSITION OF PERSONAL INCOME Disposable personal income rose almost $8 billion (seasonally adjusted annual rate) between the first and second quarters of 1959. Total consumption expenditures rose $7^/2 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 350 350 300 3OO - 250 200 150 - H 150 100 1953 1954 1955 1958 1959 I/ PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE. (EXCEPT AS NOTED). Equals: Personal Less: Disposable income Personal taxes l personal income Period 1949 1950 1951 _. 1952 . 1953 1954 1955 1956 1957 1958__ . __ _. _._ _« 1957' Third quarter Fourth quarter 1958: First quarter Second quarter Third quarter Fourth quarter 1959" First quarter 2 Second quarter - - „ __ 208. 3 228. 5 256. 7 273. 1 288. 3 289. 8 310. 2 332. 9 350. 6 359. 0 18. 7 20.8 29. 2 34. 4 35. 8 32. 9 35. 7 40. 0 42. 7 42. 6 354 5 352. 8 352. 2 355. 0 363. 4 366.3 371.8 3R1.1 43. 1 42. 9 41. 9 42. 1 42. 9 43. 4 44. 4 45. 8 i Includes such items as fines, penalties, and donations * Preliminary estimates by Council of Economic Advisers. 43346'—59- COUNCIL OF ECONOMIC ADVISERS ' Less: Personal consumption expenditures Total Saving Equals : as percent Personal of disDurable Nonsaving posable goods durable Services income goods Billions of dollars 181. 2 189. 7 24 6 96. 6 207.7 195. 0 30. 4 99.8 209. 8 227.5 29. 5 110. 1 238. 7 219. 8 29. 1 115. 1 252. 5 232. 6 32. 9 118. 0 256. 9 32. 4 119. 3 238. 0 274.4 256. 9 124 8 39. 6 292. 9 269. 9 38. 5 13L 4 307. 9 284 8 40. 3 137.7 316. 5 37.6 293. 0 141.9 Seasonally adjusted annual rates 311. 5 40.9 288. 2 139. 7 309.9 288. 1 39.7 139. 0 310. 3 287. 3 36.9 139. 5 312. 9 290. 9 36. 7 141. 5 320. 4 294 4 37. 1 143. 1 322. 9 299. 1 143.6 39.8 327.4 145.3 303. 9 41.3 335. 3 44 5 311. 5 148. 0 60. 0 64 9 70. 2 75.6 81. 8 86.3 92. 5 100. 0 106. 7 113. 4 8.5 12. 6 17.7 18. 9 19. 8 18. 9 17. 5 23. 0 23. 1 23.5 107. 6 109.4 111. 0 112. 7 114 2 115. 7 117. 4 119. 0 23. 3 21.8 22. 9 22. 0 26.0 23.7 23. 5 23, 8 • 45 6. 1 7.8 7.9 7.9 7.3 6. 4 7.9 7.5 7. 4 7.5 7.0 7.4 7.0 8. 1 7.3 7.2 7. 1 NOTE.—Series revised beginning 1956. For details, see Survey of Current Business, July 1959. Source: Department of Commerce (except as noted). PER CAPITA DISPOSABLE INCOME Per capita disposable income, measured in both current and constant prices, increased in the second quarter of 1959. DOLLARS DOLLARS SEASONALLY AD JUSTED ANNUAL RATES 2,000 2,000 1,800 1,800 1,600 1,600 L400 L400 L200 1,200 f t L I 1 I 1 1953 1955 •1954 1957 1956 1958 #SEE FOOTNOTE 2 ON TABLE BELOW. SOURCES: DEPARTMENT OF COMMERCE. DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS. 1949 1950_ 1951.. 1952 1953 1954 1955 1956. 1957 1958 _ Current prices : _ . _ 1958 prices 2 189. 7 207. 7 227.5 238.7 252. 5 256. 9 274.4 292.9 307.9 316. 5 In COUNCIL OF ECONOMIC ADVISERS Total disposable personal income (billions of dollars)l Period I 1959 230. 2 249. 6 253. 0 259. 8 272.7 276.2 296. 1 311.3 316. 4 316. 5 Per capita disposable personal income (dollars) * Current prices 1,271 1,369 1,474 1,520 1,582 1,582 1, 661 1,742 1, 798 1,818 1958 prices 2 Population (thousands) 3 1,542 1,645 1,640 1,654 1,708 1,701 1,792 1,851 1,848 1,818 149, 188 151, 683 154, 360 157, 028 159, 636 162, 417 165, 270 168, 176 171, 196 174, 064 1, 852 1, 829 1, 804 1, 799 1,833 1, 838 1, 855 1, 888 171, 612 172, 393 173, 054 173, 705 174, 460 175, 253 176, 104 176,778 Seasonally adjusted annual rates 1957: Third quarter. Fourth quarter . . 1958: First quarter Second quarter Third quarter^.... Fourth quarter _. 1959: First quarter 4 . Hecond quarter ,.. .. 4 Income 1 ._ .... less taxes. Dollar estimates in current prices divided by consumer price Index on a 1958 b«*«>. • Includes armed forces overseas and, beginning February 1959, Alaska. Annual data m of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures. * Preliminary estimates by Council of Economic Advisers. 6 311. 5 309.9 310.3 312.9 320. 4 322. 9 327.4 335. 3 317.9 315. 3 312. 2 312. 6 319.8 322.3 326. 7 333. 6 1, 815 1, 798 1, 793 1,801 1, 837 1,842 1, 859 1, 897 NOTE.—Series revised beginning 1956. For details, see Survey of Current Business, July 1959. Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers. FARM INCOME Farm operators' net income (Including net change in inventories and seasonally adjusted} was lower in the second quarter of 1959 than in the first quarter, but remained above 1955-57 levels. . BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 40 30 20 NET FARM INCOME (iNCL. NET CHANGE IN INVENTORIES)!/ \ 10 10 1954 1953 1955 1956 1957 JMNCOME OF FARM OPERATORS FROM FARMING. SOURCE: DEPARTMENT OF AGRICULTURE. 1958 1959 COUNCIL OF ECONOMIC ADVISERS 1 Realized gross farm income * Period .... 31.8 32.5 37.3 37.0 35.3 33.9 33.3 34.6 34.4 38.3 1957' Third quarter Fourth quarter 1958: First quarter Second quarter Third • quarter Fourth quarter 1959: First quarter. 5 Second quarter — 34. 7 34. 6 38.3 38. 0 38.4 38. 5 38.2 37.3 1949 1950 . 1951 1952 1953 1954 . 1955 1956 1957 1958.. ---. . ... _ ... . Farm operators income Net income 2 Net income per farm including net change in Excluding Including Farm proinventories duction net change net change in invenin invenexpenses Current 1 1958 tories tories prices | prices 3 Billions of dollars Dollars 18.0 12. 9 13.8 2,259 2,658 13.2 14. 0 2, 479 19.3 2,883 22. 2 16. 3 2, 951 15. 2 3, 173 22.6 14.4 2, 829 15. 3 3, 010 21.4 2, 502 13.9 13.3 2,662 21.7 12.7 12.2 2,440 2,596 21. 9 11.8 11.5 2,313 2, 461 12. 0 11.6 22.6 2,338 2,461 23.4 11.8 11.0 2, 426 2,476 13. 1 14.2 25. 2 2, 990 2,990 Seasonally adjusted annual rates 23.3 11.4 12.3 2,530 2,560 12. 1 23. 6 11.0 2,490 2, 520 24. 9 13. 4 14 6 3,070 3,070 12 8 25. 2 13 9 2,930 2,930 25.2 13.2 14.2 2, 990 2,990 13.2 25.3 14. 1 2, 970 2, 970 25.7 13.2 12.5 2, 840 2, 840 12. 1 25. 8 11.5 2,600 2, 600 i Cash receipts from farm marketings, value of farm products consumed in farm households, gross rental value of farm dwellings, and Government payments to31farmers. Realized gross farm income less farm production expenses. Excludes farm wages paid to workers living on farms and any income to farm people from nonfarm sources, which in 1958 amounted to $1.8 billion and $6.2 pillion, respectively. 3 Dollar estimates in current prices divided by the index of prices paid by farmers for items used in family living on a 1958 base. Number of farms (millions) 4 5. 7 5.6 5. 5 5.4 5.3 5. 2 5. 1 5.0 4.9 4.7 4.9 4.9 4.7 4.7 4.7 4.7 4.6 4. 6 *6 The number of farms is held constant within a given year. Preliminary estimates. NOTE.—Series revised beginning 1956. Tor details, see Farm Income Situation, July 1959. Source: Department of Agriculture. CORPORATE PROFITS Corporate profits before taxes in the first quarter of 1959 are estimated at $46.5 billion (seasonally adjusted annual rate). BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1958 1959 i* NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT. COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE. [Billions of dollars] Corporate profits before taxes Period 1949 1950 1951 1952 1953 1954. 1955 1956 1957 1958 .. .._ . _.___ 26. 4 40. 6 42. 2 36. 7 38. 3 34 1 44 9 44 7 43. 3 37. 1 _ _ _ „ . Corporate tax liability _ 10. 4 17.9 22. 4 19. 5 20.2 17.2 21.8 21. 2 21. 1 18.2 Corporate profits after taxes Total 16. 0 22.8 19. 7 17. 2 18. 1 16. 8 23.0 23. 5 22. 2 18.9 Dividend payments Undistributed profits 8.5 13.6 10.7 8.3 8.9 7.0 11.8 11.3 9.7 6.5 7.5 9.2 9.0 9.0 9. 2 9.8 11.2 12. 1 12. 5 12.4 Seasonally adjusted annual rates 1957: Third quarter Fourth quarter. 1958: First quarter Second quarter Third quarter Fourth quarter 1959: First quarter. L__ . Second quarter * . '. ' Prelimfnary estimates by Council of Economic Advisers. »Not available. 8 __ (2) 440 39. 4 32.0 33. 6 38.3 44 6 46. 5 (2) 21.4 19.2 15.7 16. 5 18. 8 21.9 22.6 (2) 22.5 20.2 16.3 17. 1 19. 5 22.7 23.8 12.8 12.2 12.7 12.6 12. 6 12.0 12. 8 13.0 (2) 9.7 8.0 3.6 45 6.9 10.7 11.0 NOTE.—Series revised beginiiing 1956. For detailsj see Survey of Current Business, July 1959. See p. 3 for profits before taxes and after inventory valuation adjustment. Source: Department of Commerce (except as noted). GROSS PRIVATE DOMESTIC INVESTMENT (iross private domestic investment rose about $6 billion (seasonally adjusted annual rate) between the first and second quarters of 1959. Inventory accumulation and producers1 durable equipment accounted for most of the rise, but residential construction also contributed. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 80 8O •20 1958 I/PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS. SOURCE: DEPARTMENT OF COMMERCE. (EXCEPT AS NOTED). 1959 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total gross private domestic investment Period 1949 1950 1951. 1952 _..-. 1953. 1954 1955 .. ... 1956 1957 1958 -- 36.0 43. 2 46. 1 46.8 49.9 50.5 58.1 62. 7 64. 6 58.7 .- 67.9 63.2 52. 4 51. 3 542 61.3 69. 8 75.6 65.2 63.8 59.3 57.2 57.6 60.5 63. 6 66.6 _ _ 195f • Third quarter Fourth quarter 1958* First quarter Second quarter Third quarter Fourth quarter 1959* First quarter 2 Second quarter Total 33.0 50. 0 56. 3 49. 9 50. 3 48.9 63.8 '67. 4 66. 6 54.9 ... New construction l Producers' durable ResidenTotal Other equiptial ment nonf arm 18. 8 9.2 17.2 9.6 24.2 14. 1 10.1 18. 9 24. 8 12. 5 12.3 21. 3 12.7 25.5 12.8 21.3 27. 6 13.8 13.8 22. 3 29. 7 15.4 14.3 20.8 18.7 16.2 34.9 23.1 17. 7 35. 5 17. 8 27. 2 36. 1 17.0 19.0 28.5 35. 8 18.0 17.7 22. 9 Seasonally adjusted annual rates 36.2 36. 1 35.5 34.6 35.4 37.3 39. 7 40. 8 i "Other" construction in this series includes petroleum and natural gas well drillin?. which are excluded from estimates on p. 19. a Preliminary estimates by Council of Economic Advisers. Change in business inventories Fixed investment 17.0 17.1 17.1 16. 9 18.0 19. 9 21. 9 23. 1 19. 3 19. 0 18.4 17.7 17. 4 17.4 17. 8 17.7 29.0 27. 7 23.8 22.6 22.2 23.2 23.9 25.8 Total — 3. 1 6.8 10. 2 3. 1 .4 — 1.6 5. 8 4.7 2.0 — 3. 8 2.7 -.6 -6.9 -5.8 -3.4 .8 6. 1 9.0 Nonf arm — 2. 2 6.0 9. 1 2. 1 1. 1 -2.1 5.5 5.1 1.2 -4.9 1. 7 -i. r -8.1 -7.0* -4.& —.1 5.4 8.4 NOTE.—-Series revised beginning 1956. For details, see Survey of Current Business, July 1959. Source: Department of Commerce (except as noted). EXPENDITURES FOR NEW PLANT AND EQUIPMENT The April-May survey of business expenditures on plant and equipment indicates rising outlays in the second and third quarters pf 1959. Expenditures for the year 1959 have been raised above earlier anticipations, and are now expected to be some 6.6 percent above actual outlays in 1958. i ' ' ? BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 40 40 30 to 10 COMMERCIAL AND OTHER UTILITIES^ TRANSPORTATION 1953 1954 1956 1955 J/. 1957 1959 1958 SEE NOTE 3 ON TABLE BELOW. COUNCIL Of ECONOMIC ADV1SKS SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE. [Billions of dollars! M anuf actur ing Period 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 19595 Total * „ , 1958: First quarter Second quarter . Third quarter . Fourth quarter »„.»__ .. 1959: First quarter 3 . Second quarter *. Third quarter' Total 22.D6 19.28 20.60 25. 64 26. 49 28. 32 26. 83 28.70 :35. 08 36. 96 30. 53 32.56 9. 13 7.15 7.49 10.85 1L63 11. 91 11.04 11. 44 14.95 15,96 11. 43 12. 40 32. 41 30. 32 29. 61 29.97 30.62 32.29 33.39 13. 20 11.53 10. 86 10. 58 11.20 11. 95 12. 82 Durable NonduraRailroads Other goods ble goods 3. 48 1.32 1.28 5.65 0.88 2. 59 4.56 1.35 .89 .79 3.14 1.21 4.36 1. 11 .71 5. 17 5.68 1.47 1.49 .93 6.02 5. 61 1.50 1. 40 .98 5.65 6.26 .99 1. 56 1.31 5.09 1.51 5.95 .85 .98 5.44 .92 1. 60 6.00 .96 7.62 1.71 7.33 1.23 1.24 a 02 7.94 1.77 1.24 1.40 5.47 5.96 .94 .75 1.50 6.01 6.38 1.99 .87 .98 Seasonally adjusted annual rates 6.58 6.62 1.02 1.69 1.00 5.57 5.96 .92 .77 1. 40 5. 16 5. 70 .63 1.29 .88 4.86 5.72 1.62 .58 .97 5.26 5. 94 .95 .63 1.71 5. 75 6.20 1.02 .99 2. 06 2.06 6. 31 6.51 .97 1.07 i Excludes agriculture. * Commercial and otber Includes trade, service, finance, communications, and construction. * Estimates based on anticipated capital expenditures as reported by business between late April and May 1959. NOTE,—Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the average of seasonally adjusted figures, which Include 10 Transportation Mining Public Commerand utilities cial other * a 90 2. 54 3.12 3.31 3.66 3.89 4.55 4.22 4.31 4.90 6. 20 6.09 5.89 5.98 6.78 7.24 7.09 8.00 8.23 9.47 11.05 10.40 9.81 10.44 5.87 5.97 6. 10 6.26 5.80 5.91 5, 94 9.63 0.73 9.85 9. .96 10. 33 10.36 10.53 adjustments, when necessary, for systematic tendencies in anticipatory data. 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. Sources: Securities and Exchange Commission and Department of Commerce. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE Total civilian employment increased by 1.3 million from May to June. and graduates entered the labor force. Unemployment rose seasonally as students MILLIONS OF PERSONS^ 75 . MILLIONS OF PERSONS-!/ 75 14 YEARS OF AGE AND OVER. SOURCE: DEPARTMENT OF COMMERCE. Period New definitions: 1 1952 1953 „ 1954 .. 1955 1956 . 1957 - 1958 1958: May... June July.. August September October i November December 1959* January February March April _ May June 1 COUNCIL OF ECONOMIC ADVISERS Total Civilian employment * Unemployment * Insured unemployment1 labor All pro% of civilian State proforce (in- Civilian laborJ Agricul- Nonagri- Number labor force grams grams as cluding Total force tural cultural armedl Unad- Seas, (thousands % of covered forces) justed adj. of persons) employment Thousands of persons 14 years of age and over 66, 560 67, 362 67, 818 68, 896 70, 387 70, 744 71, 284 71, 603 73, 049 73, 104 72, 703 71, 375 71, 743 71, 112 70, 701 70, 027 70, 062 70, 768 71, 210 71, 955 73, 862 62, 966 63, 815 64, 468 65, 848 67, 530 67, 946 68, 647 68, 965 70, 418 70, 473 70, 067 68, 740 69, 111 68, 485 68, 081 67, 430 67, 471 68, 189 68, 639 69, 405 71, 324 61, 035 61, 945 60, 890 62, 944 64, 708 65, Oil 63, 966 64, 061 64, 981 65, 179 65, 367 64, 629 65, 306 64, 653 63, 973 62, 706 62, 722 63, 828 65, 012 66, 016 67, 342 6,792 6,555 6,495 6,718 6,572 6,222 5,844 6,272 6,900 6,718 6,621 6,191 6,404 5,695 4,871 4,693 4,692 5,203 5,848 6,408 7, 231 See Monthly Reports on the Labor Force, Department of Commerce, for definitions, methods of estimation, periods to which data pertain, etc. 2 Weekly averages. ' Preliminary estimate. 54, 243 55, 390 54, 395 56, 225 58, 135 58, 789 58, 122 57, 789 58, 081 58, 461 58, 746 58, 438 58, 902 58, 958 59, 102 58, 013 58, 030 58, 625 59, 163 59, 608 60, 111 1,932 1,870 3,578 2,904 2,822 2,936 4,681 4,904 5,437 5,294 4,699 4, 111 3,805 3,833 4, 108 4,724 4,749 4,362 3,627 3,389 3,982 3. 1 2.9 5.6 44 4.2 4. 3 6.8 7. 1 7.7 7.5 6.7 6.0 5.5 5.6 6.0 7.0 7.0 6. 4 5.3 4.9 5. 6 7.2 6.8 7.3 7.6 7.2 7. 1 5.9 6. 1 6.0 6. 1 5.8 5.3 4.9 4.9 1,064 1,058 2,039 1,388 1,312 1,560 2,758 3,186 2,847 2,717 2, 374 2,062 1,863 1,957 2,307 2,729 2,584 2,273 1,927 1,586 1 1, 406 8 2.9 2.8 5.2 3.4 3.1 3.5 6.1 7.1 6.3 6.0 5.2 4.5 4. 1 4.3 5.1 6.0 5.7 5.0 4.4 3.6 3. 3 Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers. 11 WUNAGRICULTURAIi Total employment in nonagricultural establishments (seasonally adjusted) advanced by'' goods manufacturing accounted for nearly 100,000 of the increase. - V vi . MILLIONS OF WAGE -< AND SALARY WORKERS* 20 AND SALArtY WORKERS* 56 ALL NONAGRieULTURAt ESTABLISHMENtS MANUPACTURING .52 50 DURABLE , GOODS /IINDUSTRIES 48 NONDURABLE GOODS " 46 1956 -M i i t I i i » i l 1 t i ii I i i t tt 1956 195? 1958 1957 12.0 CONTRACT CONSTRUCTION -(ENLARGED SCALE) i'ttHJ* 1959 WHOLESALE AND RETAIL TRADE " (ENLARGED SCALE) 34) 1 1.0 10.5 20 io,oW 1J I t LI I IJM- 1956 1957 1956 1957 1956 1959 *SEASpNAUl.t ADJUSTED DATA SOURCE: DEPARTMENT OF LABOR. COUNCIL OF KONOMIC ADVISERS [Thousands of wage and salary workers *} Period 1952— 195$...-.. 1954 ".. 1955 1956 195t 1958 j... fe_ Government Contract Wholesale (Federal, and retail Durable Nondura- Mining construcState, tion , trade goods ble goods local) [: L 6,609 2,634 6,994 885 9,340 10, 281 6,645 . 10, 105 852 2, 622 7,133 10, 527 9,122 6, 751 2,593 6,873 777 10, 520 9, 549 6,914 7 014 777 2,759 11, 221 7,277 9,835 807 2,929 7,068 9,821 7, 626 6,961 11, 302 809 2, 808 8,743 7,893 721 6,725 2,648 11, 141 Manufacturing Total, unadjusted Total 48,808 49,681 48, 481 60, 056 61, 766 62, 162 60, 543 48, 303 49, 681 48, 431 50, 056 51, 766 52, 162 50, 543 Total 16,334 17, 238 15,995 16, 563 16, 903 16, 782 15, 468 10, m Adjusted for seasonal variation 1958: May .. 49, 949 June .. 60, 41$ July 60, 178 August 60, 576 September. 51, 237 October 51, 136 November, 51, 4S® December- 61, 935 1959: January . 50, 310 February.. 60,315 March 50, 878 ' April. .... 61, 4SO May > 51, 983 June 2 .. 62, 616 60, 14-7 50, 315 50, 411 50, 570 50,780 50, 582 50, 877 50, 844 51, 086 51, 194 51, 456 51, 887 52, 127 52, 345 15, 202 15, 275 15, 312 15, 330 15, 529 15,358 15, 693 15, 701 15, 764 15, 819 16, 006 16, 182 16, 365 16, 487 8,498 8,556 8,596 8,605 8,801 8,625 8,937 8,956 9,007 9,049 9, 192 9,319 9,453 9,549 i Includes all tall* and part-time wage and salary workers in nonagrlcultiiral Mtablfehments who worked during or received pay for any part of the pay period ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from his table not comparable with estimates of nonagricultural employment of the ivUlan labor force reported by the Department of Commerce (p. 11) which in- L2 6,704 6,719 6,716 6,725 6, 728 6,733 6,756 6,745 6,757 6,770 6,814 6,863 6,912 6,938 718 713 709 701 707 708 708 709 704 693 688 701 708 701 2,698 2,698 2,693 2, 711 2,698 2,698 2, 690 2, 550 2,650 2,626 2,719 2,829 2, 791 2,784 Other 11, 563 11, 797 11, 795 12, 197 12,629 12, 835 12^672 <. ' 1V087 11, 105 11, 121 11, 175 11, 151 11, 154 11, U9 11, 143 11, 216 11, 279 11,263 11, 333 11, 360 11, 390 7,835 7,8f7 7,903 7,989 8,005 7, 986 7, 980 8,049 8,028 8,040 8,056 8, 074 8,085 8, 128 12,607 12, 647 12, 678 12,664 12,690 12, 678 12, 687 12, 692 12, 724 12,737 12, 724 12, 768 12, 818 1^, 860 elude proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments. ' Preliminary estimates. Source: Department of Labor. AVERAGE WEEKLY HOURS •- SELECTED INDUSTRIES In June, the average workweek in manufacturing industries was slightly higher than in May. reached the highest June level since 1955. HOURS PER WEEK HOURS PER WEEK 46 46 At 40.6 hours it NONDURABLE MANUFACTURING 1956 1958 1959 RETAIL TRADE -—'Xy _u 1 1 1 1 1 1 1 1 1 /^u/ 1 II 1 1 I 1 1 I I 1 1 11111i 1111 1 1 1 !!1 1 1 11 L tana mcc COUNCIL OF ECONOMIC ADVISERS SOURCE:DEPARTMENT OF LABOR. [Hours per week, for production workers or nonsupervisory employees] Manufaeturini • Period 1949 1950 . _ 1951 . 1952 .... ..... 1953 . 1954 1955 1956 _ 1957 1958 1958: May June July August .. September October. . November December. _. 1959: January . . .. February March Aprill May June 1 . . _ * Preliminary estimates. ' Not available. 43346 °—59 J Durable goods Total _ . . . _ _ . _. .. . „ .. .. _ _. ... .. . _ ._ . 39. 2 40. 5 40. 7 40. 7 40. 5 39. 7 40. 7 40. 4 39. 8 39. 2 38. 7 39. 2 39. 2 39. 6 39. 9 39.8 39.9 40.2 39.9 40.0 40. 2 40. 3 40. 5 40. 6 Building Nondurable construction goods 39. 5 41. 2 41. 6 41. 5 41. 3 40.2 41. 4 41. 1 40. 3 39. 5 39. 1 39. 6 39. 4 39. 8 40. 2 40. 1 40. 3 40. 8 40.4 40. 3 40. 8 40. 9 41. 1 41. 2 38. 8 39. 7 39 5 39. 6 39. 5 39. 0 39 8 39. 5 39 1 38. 8 38. 1 38 7 39. 0 39. 4 39. 5 39. 4 39. 4 39. 6 39. 3 39. 4 39. 5 39, 5 39. 6 39. 6 "D •n-J-n-H He tail trade 36 7 36 3 37 2 38 1 37 0 36. 2 36 2 36. 4 36 1 35. 7 36.3 36 2 36. 3 36. 7 36. 5 36. 8 35 4 34. 6 35.0 34. 0 35. 0 36. 1 36 5 (2) (2) 40 40 40 39 39 39 39 38 38 38 37 38 38 38 38 37 37 38 38 37 37 37 37 4 5 2 9 2 1 0 6 1 1 8 2 7 7 0 9 7 5 1 9 9 9 8 Source: Department ol Labor. 13 AVERAGE HOURLY EARNINGSVsii^^ Average hourly earnings of production workers In manufacturing industries, were $2.23 in june> unchdlnfed frpnr May and 11 cents higher than in June 1958. -; e ^ y ^ > ^ ^ ^ t2? 5\ DOLLARS PER HOUR 2.60 DOLLARS fER HOUR 3.40 2.40 3.20 2.20 3.00 2.00 2.80 1959 1956 2.20 NONDURABLE MANUFACTURING 1.80 1958 PRICES 2.00 1.60 -CURRENT PRICES 1.80 • \AQ 11 ml tint 1.60 1996 : t nl-ii i'l-i 111 1958 1957 1956 -.. V 1957 SOURCE: DEPARTMENT OF LABOR. Period 1949 1950 1951 1952 1953 1954... ..,.;-*..• 1955 1956 1957 195&. :. 1958: May % June _. •*.. July........ August^ September October November December.. 1959: January.. February . . March... . April^ _» May* June *.j COUNCIL OF ECONOMIC ADVISERS. [For production workers or nonsupervisory employees} Durable goods Nondurable goods Building All manufacturing1 manufacturing Retail trade manufacturing construction ! Current 1958 Current 1958 Current 1958 Current 1958 Current 1958 prices prices * prices prices * prices prices * prices prices l prices prices * $1. 401 $1.: 700 $1, 469; $1.783 $1.325 $1. 608 $1. 935 $2. 348 $1. 137 $1. 38C l. 761 1. 465 1. 537 1 847 1.378 2. 441 1.656 2.031 1. 41£ 1. 176 167 1.59 !7t 1.86 1.48 - 1.65 2. 19 2.44 1.40 1. 26 1.67 1.82 1.77 1.93 1.54 1.68 2.31 2.51 1.32 1.44 1.77 1.91 1.87 2.02 1.61 1.74 2.48 1. 40 2.68 1.51 1.92 1.81 1J95 2.06 1.66, 1.78 2. 60 2.80 1.45 1.56 2.01 2,03. 1.88 2.17 1.71 1. 84 2. 66 . 2.87 1. 50 1.62 2.10 2.10 1.98 1.80 2.23 1.91 2.80 1.67 2.98 1.57 2. 13 2.07 2.20 2.26 1.88 1.93 2. 96 3.04 1.64 1.69 2. 13 2. 13 2.28 1.94 .2.28 1.94 3.10 1.70 1, 70 3.10 2. 12 2.26 2t*2 2.26 1. 94 „ . 1,94 3. 06 3.06 1.69 1.69 2.27 2. 12 2U2 2.27 1.94 1.94 3.06 3.05 1.70 1.70 2.13 2, 12 2.28 2.27 1.94 1.93 1.71 3.08 1.70 3.09 2. 13 2.13 2.29 2.29 1.71 1. 93 3.09 1.71 3,08 1.93. 2. 14 2.30 2.30 2U4 1.95 1.95 3.13 3. 12 1.71 1.71 2. 14 2. 14 2.29 2.29 1. 95 1.95 3.13 3.12 1.71 1.71 2.34 2t 16 2. 17 2.33 1.96 1.95 3. 14 1.71 3. 13 1.70 2. 19 2i 19 2.36 2.36 1.97 1.97 3. 19 3.18 i. .as 1. 68 2j 19 2.35 2.19 2.35 1.98 1.74 1.98 3. 19 3.18 1.74 2.20 2.20 2.36 2.36 1. 98 1. 98 a 17 1.74 3. 18 1.74 2.22 2.22 2.00 2.00 2.38 2.38 3.17 3.16 1. 74 1.74 2.39 2.22 2.23 2.38 2.00 1.99 3.17 3.16 1 75 1.74 2.22 2.39 2.23 2.38 2.00 1. 76 3. 17 3.16 1.75 8 1.99 2. 21 82.38 2.40 2.23 1.98 2.00 (4) (4) (*)" (4) 1 Earnings In current prices divided by consumer price index on a 1058 base. «Preliminary estimates. . . . ' Data became available alter chart was prepared. 14 1959 * Not available. Source: Department of Labor. '• ";, :;~; %-.;.-^> AVERAGE, WEE3p^/iyua^^?.g§^ Average weekly earnings of production • • • workers • ' in manufacturing industries 'increased ' " again ' in' June' to a' record " ' level DOLLARS PER WEEK !: DOLLARS PER WEEK SOURCE.DEPARTMENT OF LABOR. . . . [ . >-• . - : ' . ' . . Period " /: [For production workers or nonsupervisory employees] Durable goods Nondurable goods Building All manufacturing manufacturing manufacturing construction Current !?58 l Current 1958 J Current 1958 Current 1958 prices prices prices prices prices prices * prices prices l 1949..-j^;.J..l. $5492 1950 J.l.l.i...- 59. 33 1951.. _ _ . 64.71 1952 67. 97 1953 i_ 71. 69 1954. __ 71.86 1955 1 76. 52 1966 i 79.99 1957 j 82.39 1958 83. 50 1958: May 82. 04 June ,__ . 83.10 July. 83.50 August84. 35 September 85. 39 October: 85. 17 November - 86.58 December 88.04 1959: January. 87.38 February „ .. 88.00 March - 89.24 April.. 89.87 May 22 i 90.32 June . 90.54 1 1 Earnings In ' COUNCn. OF ECONOMIC ADVISERS $60. 65 71. 31 71.98 73. 96 77.42 77.27 82.55 85.01 84.68 83/50 81.96 82.93 83.25 84.18 85.22 -85. 00 86.32 8,7. 86 87.21 87.82 89,06 89.60 89.96 89. 82 $70. 42 76. 11 77.27 79. 93 83.40 82. 99 89.76 91.72 86. 31: 88.66 91. 12 90.06 90.06 88.37 88.28 89. 89 89.71 89.83 89. 56 90.96 91. 14 92. 28 92.46 91.83 91.65 94.30 94.02 96. 29; 96. 10 94. 94 94.75 94.92 95.11 97. 10 96. 91 97.46 97.75 97.84 98. 23 98.88 3 98. 10 $58. 03 63. 32 69.47 73. 46 77.23 77. 18 83. 21 current prices divided by consumer price index on a 1968 base. Preliminary estimates. 3 Data became available aTter chart was prepared. ... $51. 41 54.71 58. 46 60. 98 63. 60 64.74 68. 06 71. 10 73. 51 75.27 73. 91 75. 08 75.66 76.04 77.03 76.83 77. 22 78.01 77.81 78.01 79.00 79.00 79. 20 79.20 $62. 39 65.76 65.03 66. 35 68. 68 69. 61 73.42 75.56 75.55 75.27 73.84 74.93 75.43 75.89 76.88 76.68 76.99 77. 85 77.65 77.85 78.84 78.76 78. 88 3 78. 57 $70. 95 73. 73 81.47 88.01 91. 76 94. 12 96.29 101. 92 106. 86 110. 67 111.08 110. 77 112. 17 113. 40 114. 25 115. 18 111. 16 110.37 111. 65 108. 12 110. 95 114. 44 115. 71 W $86. 10 88.62 90.62 95. 77 99.09 101. 20 103. 87 108. 31 109, 83 110. 67 110. 97 110. 55 111. 83 113. 17 114. 02 114. 95 110. 83 110. 15 111. 43 107. 90 110.73 114. 10 115. 25 « Retail trade Current 1958 l 'prices prices $45.93 47.63 50.65 52.67 54.88 56. 70 58. 50 60. 60 62.48 64.77 63.88 64. 94 66. 18 66. 18 64.98 64.81 64.47 64.68 66.29 65.95 65.95 66. 33 66.53 <*) $55. 74 57. 25 56.34 57.31 59.27 60.97 63.11 64.40 64.21 64.77 63.82 64.81 65.98 66.05 64.85 64.68 64.28 64.55 66.16 65.82 65.82 66. 13 66.26 (4) «Not available. Source: Department of Labor. IS PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The index of industrial production (seasonally adjusted) continued to rise in June, reaching a level 23 percent above the April 1958 low. INDEX, 1947-49 MOO INDEX, 1947-49-100 180 180 160 ^.«*^/ \ ^DURABLE MANUFACTURES 140 IOO 1953 1954 1955 1956 1957 1958 1959 . COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. [1947-49 = 100, seasonally adjusted] Total industrial production T>__'._ J ireriod 1949 1950 1951__ 1952 1953 _ 1954 1955 1956 1957 1958... 1958: May June July August September October November December .... 1059: January February M arch April . ___ __ ... . . _ _ May June ' 1 Preliminary estimates. 16 _ _ «- _ . . . _ _ .. ; ._ 97 112 120 124 134 125 139 143 143 134 128 132 134 136 137 138 141 142 143 145 147 150 153 155 Manufactures Total 97 113 121 125 136 127 140 144 145 136 130 134 136 138 139 140 143 144 145 148 150 153 156 159 Durable 95 116 128 136 153 137 155 159 160 141 134 139 141 144 145 146 151 152 153 157 160 164 169 172 Nondurable 99 111 114 114 118 116 126 129 130 130 126 129 132 133 133 134 135 135 137 139 140 142 144 146 Source: Board of Governors of the Federal Reserve System. 94 105 115 114 116 111 122 129 128 117 108 112 116 120 123 122 123 124 124 124 123 124 126 126 PRODUCTION OF SELECTED In June; most durable manufactures again showed strong production gams, ' "gjhtly. < . — •" ,; - ; • ' . ' - ' • • ^ ' . ' •, , " Nondurable manufactures continued to INDEX, 1947-49-100, SEASONALLY ADJUSTED 240 INDEX, 1947-49-100, SEASONALLY ADJUSTED 180 220 160 200 140 ISO 120 1956 1958 1957 1959 1956 195? 1958 1959 1956 1957 1958 1959 180 160 140 120 80 100 1956 1957 1958 1959 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS {1947-49= 100, seasonally adjusted] Durable manufactures Period 1949. 1950.... 1951 1952 1953 1954 1955 1956. 1957 1958. ; 1958: May June „ July August September October j November . December 1959: January February March April May June * * Preliminary 1 estimates. Not available. Nondurable manufactures FabriTranspor- Lumber Textiles Primary cated Machin- tation and and metal metals ery prod- apparel equipproducts ment ucts 90 115 126 116 132 108 140 138 131 104 91 103 102 109 113 122 123 123 125 138 146 149 154 152 93 115 122 121 136 123 134 135 139 128 120 125 129 132 135 133 136 136 136 135 138 142 147 150 93 114 130 147 160 142 155 171 168 145 137 141 144 147 148 147 150 152 154 158 159 163 169 176 102 120 135 154 189 175 203 199 213 187 182 185 185 186 178 183 203 204 204 204 207 211 214 216 93 113 113 111 118 115 127 123 114 115 109 113 114 120 118 120 125 125 127 126 129 133 139 (2) 97 110 106 105 107 100 109 108 105 103 99 102 107 108 109 111 110 110 112 114 115 119 122 124 ConPaper CJhemical Foods, sumer and and petro- bever- durable printleum ages, and goods ing products tobacco 101 114 118 118 125 125 137 145 148 147 143 146 148 150 150 153 152 150 153 155 156 158 161 162 100 118 132 133 142 142 159 167 172 170 165 168 17i 174 174 175 177 180 182 184 187 188 191 192 100 103 105 106 107 106 109 112 112 115 114 116 116 116 116 116 117 117 118 120 120 121 121 122 Source: Board of Governors of the Federal Reserve System. 101 133 114 105 127 116 147 131 130 113 105 111 114 115 103 108 133 134 133 132 135 137 141 145 17 WEEKLY INDICATORS OF PRODUCTION Output of electric power, bituminous coal, and freight carloadings increased in June while auto assemblies dropped. Steel production, after declining somewhat in June and early July, dropped sharply with the start of the strike. MILLIONS OF TONS 3 MILLIONS OF SHORT TONS (DAILY AVERAGE) STEEL 1957 1958 I I -i i 1 1 I i I I I I I 1 1 1 I I 11 I i I I i I i I i i i I i i i i I i i i I i i i i h i i I i i ^ J F M A M J J A S - O N D THOUSANDS 25O BILLIONS OF KILOWATT HOURS 14 200 100 SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS. Period Weekly average: 1955 1956 1957 1958 1958: May June . Julv „ August September October . „ November December . 1959: January •„ February March April. . Mav June 3 Week ended: 1959: June 13 20 27 July 4 s 11 IS 33 25 * Bituminous Freight Paperboard Electric Cars and trucks Steel produced1 power coal mined produced assembled (thousands) loaded distributed Index (thousands (thousands Thousands (thousands of net (1947-49 = (millions of of short Total of cars) of tons) Cars Trucks kilowatt-hours) tons) a 100) tons 2,245 2,204 2, 162 1,635 1,422 1,661 1,458 1, 650 1,783 1,995 1,998 1,971 2, 103 2,401 2, 611 2,630 2,618 2,543 139.7 137.2 134. 6 101.8 88. 5 103.4 90. 7 102. 7 111.0 124 2 124.3 122.7 130. 9 149.5 162. 6 163.7 163.0 158.3 10, 318 11, 292 11, 873 12, 314 11,261 11, 872 12,051 12, 579 12, 214 12, 146 12, 386 12, 949 13, 356 13, 170 12, 888 12, 583 12, 763 13, 402 1,542 1,693 1,644 1,361 1, 153 1,435 1,330 1,306 1,458 1,470 1,445 1,514 1,374 1, 407 1, 339 1,357 1,353 1,513 724 728 683 581 549 623 552 631 642 682 615 531 569 573 600 633 686 703 269 274 272 275 260 272 234 296 286 311 304 262 272 304 312 311 320 319 176. 7 132.8 138.6 98.4 96.5 99.0 82.8 53.5 38.9 71. 9 149.7 1443 152.6 144.7 156.1 157.3 157. 2 154. 7 152. 7 111.6 117.6 81. 6 79.7 82.1 68.4 42.0 29.0 56.7 126.2 1248 129.0 119.6 131.3 131.0 130.4 127.2 240 21. 2 21. 0 16. 8 16. 8 16.9 14.4 11.5 9.9 15. 2 23.5 19.6 23.6 25. 1 248 26.3 26. 8 27.5 2, 604 2,620 2,486 2,215 2,252 1,097 374 162.1 163. 1 154.8 137.9 140.2 68. 3 23. 3 13, 503 13, 331 13, 749 13, 124 13, 502 1,518 1,556 1, 533 1,810 <800 709 724 698 573 554 330 328 324 275 ISO 155. 0 156.8 1544 132.2 148. 9 4 154 5 127.0 129.3 127.2 108.4 123. 1 126.8 27.9 27. 5 27.2 23.8 25.7 27.6 1 Weekly capacities (net tons) as of January 1 are: 2.413,278 (1955), 2,455,300 (1950), 2,559,031 (1957). 2.R99.320 (1958), and 2,831,486 (1959). • Daily average lor week. 18 COUNCIL OF ICONOMIC ADVISERS 3 Preliminary. * Not charted. Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Kailroads, National Paperboard Association, and Ward's Automotive Reports. NEW CONSTRUCTION Expenditures for both private residential and public construction (seasonally adjusted) declined during June while outlays for private nonresidenfial construction increased. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 20 n 1.1 i I f I I I M I I I I I I I 1 I ! t I I I I ...1 1 I f t I I .1 I I I J 1 I .1 I t I M I f f .1'J f f f I I. M t f I I I I M t I M I f ? I I I ! .M I I 1 f I M * 20 10 1959 1953 COUNCIL Of ECONOMIC ADVISERS SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR [Billions of dollars] Total new construction 347 37.0 39. 4 44. 2 45.8 47.8 49. 1 Period 1952 1953 _. 1954,.. . 1955..1956 1957 1958 1958: May june July August September. October November December 1959: January. February March April May. . . June 4 _ •. • ._ .. .. .... 47. 2 47.5 4&4 4a5 49. 3 50.4 52.3 53. 4 54.6 543 55.8 55.6 55.2 54 5 Private Federal, Construction contracts * State, and Eastern Residential Total 3 48 States* 37States Other local (nonfarm) private 16.8 10. 8 11.0 23.9 12.8 17.4 11.2 12.0 13.8 25. 8 19.8 11. 7 15.4 12.3 27.7 23.7 11.7 13.7 32.4 18.7 31.6 »246 12.7 17.7 15. 4 33. 1 32.2 25.3 140 17.0 16. 8 33.8 35.4 18.0 15. 3 15. 8 33.8 Seasonally adjusted annual rates 35,9 146 32. 6 16.9 15. 7 147 41.9 15.7 32. 7 17. 1 38.9 17. 6 15. 1 15. 6 33. 3 42.6 15.0 33.5 18.0 15.5 36. 4 15.4 15.4 33.9 18.4 39.6 15.9 15.4 19.1 34 5 36.6 16.9 19. 8 15. 5 35. 4 17.1 29.7 36.4 20.8 15. 6 17.3 21.5 35.1 37.3 15. 8 21. 7 15.7 345 16.8 37.5 39.0 22. 4 17.9 38.0 15.6 16.9 39. 2 38.6 23. 2 15.5 15.7 16.3 37.1 38. 9 23. 3 38.7 22.7 16.0 15. 8 1 Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Kesearch. Omits small contracts, and covers rural areas less fully than urban. *Series begins January 1956. The 37 Eastern States data are probably indicative of the 48 States trend for other periods. * Eevised series beginning January 1956; not comparable with prior data. Series discontinued beginning January 1958. < Preliminary estimates. NOTE.—Data on new construction revised beginning 1946. Sources: Department of Commerce, Department of Labor, and F. W. Dodge Corporation (except as noted). 19 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts (seasonally adjusted) increased somewhat in June to an annual rate of 1,370,000 units. Both FHA applications and VA appraisal requests rose. MILLIONS OF UNITS 1953 MILLIONS OF UNITS 1954 1955 1956 1957 1958 I/SEE FOOTNOTE 2 ON TABLE BELOW. SOURCES: DEPARTMENTS OF LABOR AND COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA). [Thousands of units] New nonfarm housing starts Period Total Annual total: 1954 1955 1956.... 1957 1958 Monthly average: 1954. 1955. 1956_ 1957. 1958. 1958: May.... June July August ... September OctoberNovember December 1959: January February _ _ March ApriL... May June 3 1, 220. 4 1, 328. 9 1, 118. 1 1, 041. 9 1, 209. 4 101. 7 110. 7 93.2 86.8 100. 8 108. 5 113.0 112.8 1240 121. 0 115. 0 109. 4 91. 2 87.0 94.5 121. 0 3 137. 0 3 134. 0 136.0 Publicly financed 18.7 19.4 24.2 49. 1 67. 9 1.6 1.6 2.0 4. 1 5.7 7.2 11.7 4.2 9.4 10.1 2. 1 2.4 1. 7 2.9 1.0 2.9 3 3. 8 3 3. 4 4. 8 Privately financed Government programs Total Total * FHA* VA 1, 201. 7 583.3 276. 3 307. 0 392. 9 1, 309. 5 669. 6 276.7 1, 093. 9 460.0 189.3 270.7 992. 8 296. 7 168.4 128. 3 102. 1 397. 5 1, 141. 5 295. 4 100. 1 48.6 23.0 25. 6 109. 1 55.8 23. 1 32.7 38.3 22. 6 91. 2 15. 8 82. 7 ; 24.7 14.0 10. 7 33. 1 95. 1 246 8.5 32. 0 101. 3 26.0 6.0 36.5 101. 3 28.0 8.5 40.3 29.7 108.6 10.6 43.6 114. 6 13. 2 30.5 144 46.3 31.9 110.9 112. 9 49.4 34 7 147 11.0 107. 0 36.8 25. 8 340 25.0 9.0 89.5 26. 7 19.8 84.1 6.9 6.2 26.1 20.0 93.5 30.0 9.7 39.8 118.1 3 44.6 11.0 33.5 133. 2 3 446 130. 6 343 10.3 45.7 347 11.0 131. 2 1 Excludes armed forces housing: 2,837 units in 1956; 18,723 units in 1957; 32,658 units in 1958; and 9,913 units in the first 6 months of 1959. Also excludes starts under Certified Agent Program: 170 units in May-June 1959. 2 Units represented by mortgage applications for new home construction. 20 1959 COUNCIL OF ECONOMIC Proposed home construction Private, seasonally Applications Requests adjusted for FHA comfor VA 2 annual mitments appraisals2 rates 338. 6 535.4 306.2 620. 8 197.7 401.5 198. 8 159.4 341. 7 2342 28. 2 44 6 25.5 51.7 16.5 33. 5 16. 6 13.3 28. 5 19. 5 34. 6 29.2 1, 039 33.4 28.4 1, 057 31.8 28. 5 1, 174 33. 6 1,228 28. 5 36. 8 1,255 26.7 31. 8 1,303 19.1 22.3 It427 15.3 23. 0 1,432 148 25.5 17. 9 1,864 29.5 21.0 1,403 38. 9 23.2 1,403 3 39.1 18.9 1, 390 3 38.2 20.7 1, 340 60. 2 27. 2 1, 370 3 Preliminary estimates. Sources: Department of Labor, Department of Commerce, Federal Housing Administration (FHA), and Veterans Administration (VA). SALES AND INVENTORIES—MANUFACTURING AND TRADE Manufacturers' sales and inventories rose in May while new orders fell/reflecting a drop in iron and steel orders from their recent hish levels. Retail sales advanced 2 percent in May but dropped slightly in June, according to prelirfiinary estimates. BILLIONS OF DOLLARS, SEASON ALLY ADJUSTED BILLIONS OF DOLLARS, SEASONALLY ADJUSTED lOOr 30 n i l I I I I I I I I I f 1 1 l i i i i I l i l i l I i i i l I 1 l i i i ii| i j , \ i t I i i i i i. f INDEX, 1947-49»tOO. SEASONALLY ADJUSTED" DEPARTMENT STORES 160 v-^V^^/A/ i I I i iII 1 1 1 1 1 1 1 1956 1956 1959 I9S8 1957 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 COUNCIL OF ECONOMIC ADVISERS Retail Inven-2 Sales * inven-2 New 1 Sales * Inven-2 Sales * Inven-2 Sales i tories tories tories orders tories Billions of dollars, seasonally adjusted 1952 1953 . 1954 1955. 1956 1957. 1958 •_ . 1958: April May . June Julv August . September October November December 1959 : January February . March April 4 May ... June 4 .... . 45.9 48.4 47.4 52.3 54.8 56.3 54. 0 52. 1 52.4 53.2 54.0 54.4 54. 8 55.6 56. 1 57.4 57.4 58.0 59. 2 60.6 61. 2 75. 4 78.6 75. 5 81.7 89. 1 90. 7 85. 1 87. 6 86. 9 86.4 85.9 85.4 85. 0 84.9 85.0 85.1 85.5 86. 0 86.6 87.6 88.2 22.8 24 5 23.5 26.3 27.7 28. 4 26.2 24 9 25.2 25.7 26.3 26. 4 26. 8 27. 2 27.5 28. 1 28.1 28. 5 29. 1 30. 3 30.5 43.8 45.4 43.0 46. 4 52. 3 53.5 49. 2 51. 5 50. 9 50. 2 49.8 49.4 49.3 49.3 49.3 49.2 49. 5 49.9 50. 5 51. I 51.5 * Monthly average for year and total for month. *1 Book value, end of period, seasonally adjusted. Book value, end of period, except annual data, which are monthly averages. 23. 6 23. 1 22. 5 27. 2 28.3 27. 3 25.9 24 5 25.0 25.8 26. 4 26.1 27.0 27.9 27.8 28.4 28.5 29. 7 30.2 31. 2 30.3 9.6 9.8 9.7 10. 6 11.3 11.3 11. 1 10.7 10. 7 10. 9 11.0 11. 1 11.4 11.5 11.6 11.7 11.8 11. 9 12.2 12.4 12.4 10. 0 10. 5 10. 4 11. 4 13. 0 12.7 12. 0 12. 2 12. 1 12. 1 12. 1 12. 1 12. 1 12.1 12. 1 12.0 11.9 11. 9 12.0 12. 1 12. 2 1959 13. 5 14 1 14 1 15.3 15.8 16. 7 16. 7 16. 5 16.6 16.6 16.7 16. 9 16.6 16.9 17.0 17.6 17.5 17.6 17. 9 18. 0 18. 3 18. 2 21.6 22.7 22. 1 23.9 23.9 245 240 23.9 23. 9 24 1 24 0 23. 9 23.7 23.5 23.6 24. 0 24.2 241 242 24 5 24 5 Department stores InvenSales1 tories 3 Index, 1947-49 = 100 seasonally adjusted 114 121 118 131 118 128 136 128 135 148 152 135 148 136 143 130 144 134 133 147 148 140 148 147 150 135 152 135 153 137 150 143 152 138 150 140 148 138 141 151 144 151 145 «Preliminary estimates. Sources: Department of Commerce and Board of Governors of the Federal Keserve System. 21 MERCHANDISE EXPORTS AND IMPORTS In the first 5 months of 1959, commercial exports were 6 percent lower and imports 16 percent higher than in the corresponding period of 1958. BILLIONS OF DOLLARS 2.5 BILLIONS OF DOLLARS 2.5 2.0 1959 1953 . COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF "COMMERCE. [Millions of dollars] Merchandise exports Period 1950 monthly average 1951 monthly average 1952 monthly average 1953 monthly average 1954 monthly average1955 monthly average 1956 monthly average 1957 monthly average 1958 monthly average 1958: April May . . . . June— July August September October. . November December 1959: January. ... February _._ March April Mav.__ 1 Total * . . -. . .' . » . Grant-aid shipments l 856 1, 253 1,267 1,314 1,259 1,296 1,591 1, 738 1, 488 1, 530 1,638 1,406 1,416 1,396 1, 361 1,599 1,596 1,514 1,400 1, 280 1, 456 1,468 1, 552 Figures include only Department of Defense shipments of grant-aid military supplies and equipment under the Mutual Security Program. Shipments for the first 0 months of the program (July-December 1860) amounted to $282 million. 22 24 89 166 293 188 105 146 113 129 122 131 99 129 113 122 181 188 135 114 97 81 125 141 Commercial exports 833 1, 164 , 100 ,022 ,071 , 191 ,444 1,625 1,360 1,408 1,507 1,308 1,287 1,283 1,239 1, 418 1, 408 1,379 1,286 1, 184 1,375 1,343 1,411 Merchandise imports 738 914 893 906 851 949 1, 051 1,082 1, 069 1,057 1,061 1, 031 1, 049 950 1, 074 1, 142 1,089 1, 253 1, 154 1,118 1, 301 1,221 1, 264 Excess of exports over imports Total 119 339 374 408 408 347 540 656 419 473 577 375 366 446 287 457 507 260 246 162 155 247 288 Excluding grant-aid shipments 95 250 207 116 220 242 393 543 290 351 446 276 238 333 165 276 319 125 132 65 74 122 147 Sources: Department of Commerce and Department of Defense. PRICES CONSUMER PRICES Consumer prices rose 0.4 percent in June. apparel recorded price increases. Food was the larsest contributor to this result, but all sroups except INDEX, 1947-49-100 ISO INDEX, 1947-49-1OO 50 140 100 100 1959 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR. [1947-49=100] Housing Period All items Food 1949. 1950 . 1951 1952 1953.. . _. 1954... . . 1955.. 1956 1957 1958 1958: May _ June July.. August ..... September October.. . November December . 1959: January February March April. . May ....... June ... 101. 8 102. 8 111.0 113.5 114.4 114.8 114.5 116.2 120.2 123.5 123.6 123.7 123. 9 123. 7 123.7 123.7 123.9 123.7 123.8 123. 7 123.7 123. 9 1240 124.5 100. 0 101. 2 112.6 114.6 112. 8 112. 6 110.9 111. 7 115.4 120. 3 121. 6 121. 6 121. 7 120.7 120. 3 119. 7 119. 4 118. 7 119.0 118. 2 117.7 117. 6 117.7 118. 9 Total i Rent 103. 3 106. 1 112. 4 114. 6 117.7 119. 1 120.0 121.7 125.6 127. 7 127.8 127.8 127. 7 127.9 127.9 127. 9 128.0 128. 2 128.2 128. 5 128. 7 128. 7 128. 8 128. 9 105. 0 108.8 113. 1 117.9 124. 1 128. 5 130.3 132.7 135.2 137.7 137. 5 137. 7 137. 8 138. 1 138. 2 138. 3 138. 4 138. 7 138. 8 139. 0 139. 1 139. 3 139. 3 139.5 i Includes, in addition to rent, homeowner costs, utilities, housefuraishings, etc. Apparel 99.4 98. 1 106.9 105.8 104.8 104.3 103. 7 105.5 106. 9 107.0 106.7 106. 7 106.7 106. 6 107. 1 107. 3 107.7 107. 5 106. 7 106.7 107. 0 107. 0 107.3 107.3 Other Trans- Medical Personal Reading and goods portaand care recreacare tion tion services 108.5 111.3 118. 4 126. 2 129.7 128.0 126.4 128. 7 136. 0 140.5 138. 7 138.9 140. 3 141.0 141.3 142. 7 144.5 144, 3 144. 1 144. 3 144.9 145. 3 145. 4 145. 7 104. 1 106. 0 111. 1 117. 2 121.3 125. 2 128. 0 132. 6 138.0 144 6 143. 7 144.2 145.0 145.3 146. 5 147. 1 147. 4 147.6 148.0 149.0 149. 2 149. 6 150.2 150. 6 101. 1 101. 1 110.5 111.8 112. 8 113.4 115.3 120.0 124.4 128. 6 128.5 128.6 128. 9 128.9 128. 7 128. 8 129. 1 129.0 129. 4 129. 8 129. 7 130. 0 130. 7 131. 1 1041 103. 4 106.5 107.0 108.0 107.0 106. 6 108. 1 112. 2 116. 7 116. 6 116. 7 116. 6 116. 7 116. 6 116.6 117. 0 116.9 117. 0 117. 1 117. 3 117.7 117. 8 118. 1 103.4 105.2 109. 7 115. 4 118.2 120. 1 120. 2 122. 0 125. 5 127. 2 127.2 127. 2 127.2 127. 1 127. 1 127. 2 127.3 127. 3 127. 3 127.4 127.3 128. 2 128.4 129.2 Source: Department of Labor. 23 WHOLESALE PRICES Wholesale prices declined in June. Prices of farm and industrial products accounted for the drop. INDEX, 1947-49-100 INDEX, 1947-49-100 120 80 1953 1954 1956 1955 1957 1958 195.9 COUNCIL OF ECONOMIC ADVISERS , SOURCE: DEPARTMENT OF LABOR [1947-49=100] All commodities Period 1949 1950.._ 1951 _ _ 1952 . . . 1953 . . . . 1954 1955-..*. 1956 1957 1958 1958: May June _ . . ._ . - - . -. . _ . _ .. - _ ... July August September.October November December 1959: January February March April.. May June . 1 Week ended : 1959: July 7. 14 __ . . - .. . __ _. . . _ __. _ . _ .. _ .. ly series based on smaller sample than monthly series. 24 - __ _ _ . - Farm products 99.2 103. 1 114. 8 111. 6 110. 1 110. 3 110.7 114.3 117.6 119.2 119. 5 119.2 119.2 119. 1 119. 1 119. 0 119. 2 119.2 119. 5 119. 5 119. 6 120. 0 119.9 119.6 92. 8 97. 5 113. 4 107.0 97.0 95. 6 89.6 88.4 90.9 119. 4 119. 3 89.0 88. 3 Source: Department of Labor. 949 98. 5 95.6 95.0 93.2 93. 1 92.3 92. 1 90.6 91.5 91. 1 90. 8 92.4 90. 8 89.9 Other than Processed farm products foods and foods (industrial) 95.7 101. 3 99.8 105. 0 111.4 115. 9 113.2 108.8 104. 6 114.0 105.3 114.5 101.7 117.0 101.7 122. 2 105. 6 125. 6 110. 9 126. 0 112. 9 125. 3 113.5 125. 3 112. 7 125. 6 126. 1 111.3 111. 1 126.2 110. 0 126. 4 109.5 126. 8 108. 8 127. 2 127. 5 108. 7 107. 6 127,8 107. 2 128. 1 107.2 128.3 107.7 128.4 108.1 128. 1 107. 3 107. 1 128. 2 128.2 PRICES RECEIVED AND PAID BY FARMERS The index of prices received by farmers fell 3 points in the month ended June 15. index) and the parity ratio both fell 1 point. The index of prices paid (parity I N D E X , 1910-14 = 100 325 INDEX, 1910- I4*|p0. 325 300 275 275 250 225 225 200 200 Too PARITY RATIO-1/ 75 I I I M II IIII 1953 I M I I II M I ! M I I I I I I I II I I M I I M I II 1954 1955 1956 1957 RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES,AND WAGE RATES. SOURCE: DEPARTMENT OF AGRICULTURE. 1958 1959 COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period 1949. 1950 _ 1951 1952 1953 1954 _ 1955 _ 1956 1957 I 1958 1958: May 15 June 15 July 15 August 15 . September 15 October 15 November 15.. December 15 1959: January 15 February 15 March 15 April 15. Mav 15. ..... June 15 All farm products _ _ 250 258 302 288 255 246 232 230 235 250 256 250 250 248 255 249 247 244 245 243 244 244 245 242 1 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. Crops 224 233 265 267 240 242 231 235 225 223 232 223 222 221 228 221 218 213 215 218 220 223 230 229 Prices paid by farmers All items, interest, Livestock taxes, Producand Family and living tion wage rates products items items (parity index) Index, 1910-14=100 272 238 251 243 280 246 256 246 282 336 268 273 274 306 271 287 268 269 256 277 249 255 277 270 234 251 270 276 226 274 250 278 282 244 257 286 264 287 273 293 266 276 288 295 272 287 265 294 274 287 265 293 272 264 287 293 278 294 286 265 274 287 294 265 263 273 294 288 270 287 265 295 270 298 288 268 265 267 297 288 267 264 287 298 269 261 287 299 258 299 268 288 252 267 298 288 Source: Department of Agriculture. Parity1 ratio 100 101 107 100 92 89 84 83 82 85 87 85 85 85 87 85 84 83 82 82 82 82 82 81 25 CURRENCY, CREDIT, AND SECURITY MARKETS CURRENCY AND DEPOSITS The total of demand deposits and currency showed little change in June. BILLIONS OF DOLLARS B1LUON5 OF DOLLARS __ TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS 40 1953 1959 COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OFTHE FEDERAL RESERVE SYSTEM. Total U.S. deposits Governand ment curderency posits * End of period 1952 1953 1954 1955 . . 1956 .. 1957 1958 1958: June July August September October November December 1959: January February March April44 May June 4 . 200. 4 205.7 214.8 221. 0 226. 4 232. 3 247. 5 239.5 237.2 238.7 238. 1 240. 7 243. 8 247. 5 245. 1 242. 6 242. 1 245.3 244. 8 245. 1 5. 6 4. 8 5. 1 4.4 4. 5 4. 7 4.9 10.0 4. 8 6.2 5.0 4. 3 6. 4 4. 9 5.3 4. 9 4. 4 5. 1 5. 7 5. 3 [Billions of dollars] Total excluding U. S. Government deposits Demand deposits and currency Time Demand Currency de- 2 Total posits Total deposits3 outside adjusted banks 27.5 101.5 129. 0 194. 8 65. 8 102.5 28. 1 200. 9 70. 4 130.5 106.6 27. 9 134.4 209. 7 75. 3 109.9 28.3 216. 6 138. 2 78.4 111.4 28. 3 222.0 82.2 139.7 28. 3 110.3 227. 7 89. 1 138. 6 28.7 242. 6 1442 115. 5 98.3 106.2 134.0 27.8 95.5 229. 5 27.9 232. 4 108. 1 96. 5 135. 9 28.0 107.5 97.0 232.5 135.5 27.9 135.9 108. 1 97.2 233. 1 28.0 111.0 139.0 97. 5 236. 4 111.9 28. 8 237. 5 96. 8 140. 7 28.7 242. 6 144 2 115. 5 98. 3 27. 6 113. 8 141. 4 239.8 98.4 27.7 111. 3 139.0 237.7 98. 7 110. 3 27.9 237. 6 138. 2 99. 5 27.9 112.5 140.4 240.3 99.9 28. 1 110. 7 100. 3 138. 8 239. 1 110. 6 28. 3 138. 9 100. 9 239.8 1 U. S. Government deposits at Federal Reserve Banks and commercial and savings hanks, and U. S. Treasurer's time deposits, open account. 2 Deposits in commercial banks, mutual savings banks, and Postal Savings System; excludes interbank deposits. n Demand deposits, other than interbank and TJ. S. Government, less cash items in process of collection. 26 Demand deposits and currency, seasonally adjusted Demand Currency Total deposits outside adjusted banks 185.4 137. 6 1S7.3 136.7 138. 1 138.8 139. 4 138.5 189. 1 140.8 140.7 140. 9 140. 8 107. 4 109. 5 109.2 108.9 110.2 110.6 111.3 110.7 111.2 112.2 112.5 112.6 112. 4 28 28 28 27 27 28 28 27 27 28 28 28 28 0 1 1 8 9 2 1 8 9 1 2 3 4 «Preliminary estimates. NOTE.—See Note, p. 27. Monthly data are for the last Wednesday of the month, except the unadjusted data for June 1958, which are for the call date. Source: Board of Governors of the Federal Beserve System. BANK LOANS, INVESTMENTS, AND RESERVES Commercial bank loans rose $1.9 billion in June, compared with an increase of $2.7 billion in June 1958. ings at Federal Reserve Banks again rose. Excess reserves were unchanged. Borrow- BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL LOANS AND INVESTMENTS 40 20 1953 END OF MONTH i. _. I COUNCIL'OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. [Billions of dollars) All commercial banks End of period 1951 1952-.. 1953 1954 1955.. 1956 1957.... 1958... 1958: May June . July August September. October November December 1959: January.^. . February . _ March April44 _ M a y4 June Total loans and investments 132.6 141.6 145.7 155.9 160.9 165. 1 170. 1 185.2 175.4 179.9 177.6 180. 0 179.5 181.7 184.1 185. 2 185. 6 183.8 182.9 185.6 185.5 185.5 Loans 57.7 64.2 67.6 70.6 82.6 90. 3 93.9 98. 2 92.9 95.6 93.6 93.8 94 2 95.0 96.1 98. 2 97.7 97. 9 99. 2 101. 2 102. 4 104 3 Total 749 77. 5 78. 1 85.3 78.3 748 76. 2 87.0 82. 5 843 84 0 86.2 85.3 86.7 88.0 87.0 87. 9 86.0 83.8 844 83. 1 81. 2 Investments U. IS. GovOther ernment securities securities 61.5 13. 3 141 63.3 63.4 147 69.0 16.3 61.6 16.7 5ae 16. 3 17. 9 58. 2 66.4 20. 6 63. 1 19.4 642 20.1 19.9 64 1 66. 1 20.2 647 20. 6 66. 2 20.5 67.7 20. 3 66.4 20.6 20.4 67.5 20.4 65. 5 63. 2 20. 6 63.5 20.9 62. 4 20.8 60. 6 20.6 »Member banks include, besides all national banks, those State banks that nave taken membership in the Federal Reserve System, a Commercial and industrial loans and, prior to 1956, agricultural loans. *Averages of daily fieures on balances and borrowings during the period, «Preliminary estimates. Weekly reporting member banks l Business loans 2 21. 6 23.4 23.4 22.4 26.7 30. 8 31. 8 30.8 29.2 29.8 28.9 29.3 29.7 29.7 30. 0 30.8 29. 7 29.7 30.6 30. 6 31.0 32.0 All member banks V BorrowReserve balances 3 ings at Federal Required Excess Reserve3 Banks 0.8 0.3 18.5 .7 .8 19.6 .7 .8 19.3 .8 18. 5 .1 .6 .6 18.3 .6 18.4 .8 .5 18 18.5 .6 18.1 .3 .7 17,6 .1 .6 .1 18.0 18.0 .7 .1 .6 17.9 .3 .6 17. 9 .5 18.0 .5 .4 .5 18.0 .5 .6 18.4 .5 .5 .6 18.4 .5 18. 1 .5 .5 .6 18. 0 18.2 .4 .7 .4 .8 18. 1 .4 .9 mo NOTE.—Beginning January 1959, data include all banks in Alaska (one previously included). Source: Board of Governors of the Federal Reserve System. 27 CONSUMER CREDIT Consumer credit outstanding rose about $875 million in May, compared with an increase of about $370 million in May 1958. BILLIONS OF DOLLARS 50 BILLIONS OF DOLLARS 5O TOTAL CREDIT OUTSTANDING NONINSTALMENT CREDIT , , I , , , , , I , , , , , I 1953 1954 1958 1955 1959 COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. [Millions of dollars] End of period 1949 1950. . __ 1951 1952 1953 1954 1955 1956 1957 1958 1958: April ... May t J June Julv August September. October November. December. 1959: January _ _ February. March April May Total consumer credit outstanding 17, 305 21, 395 22, 617 27, 401 31,243 32, 292 38, 670 42, 097 44, 774 45, 065 42, 617 42, 985 43, 079 42, 923 43, 128 43, 144 43, 164 43, 464 45, 065 44, 415 44, 071 44, 203 44, 916 45, 790 Total 11,590 14, 703 15, 294 19, 403 23, 005 23, 568 28, 958 31, 827 34, 095 33, 865 32, 888 32,910 33, 008 33, 074 33, 165 33, 079 33, 052 33, 126 33, 865 33, 768 33, 751 33, 943 34, 453 35, 029 Automobile paper * 4,555 6, 074 5,972 7,733 9,835 9,809 13, 472 14, 459 15, 409 14, 131 14, 691 14, 613 14, 590 14, 567 14, 514 14, 332 14, 164 14, 066 14, 131 14, 155 14, 223 14, 375 14, 686 14, 991 Repair and Other consumer moderni- Personal zation loans goods loans 2 paper * 3,706 4, 799 4,880 6, 174 6,779 6,751 7,634 8, 510 8,692 9,007 8, 124 8, 158 8, 190 8, 197 8,254 8,312 8,411 8,528 9,007 8,881 8, 767 8, 721 8, 777 8, 911 1 Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased. 2 Includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper." 28 Non instalment credit outstanding Instalment credit outstanding 898 1,016 1,085 1,385 1,610 1,616 1,689 1,895 2,091 2, 145 2,017 2,038 2,048 2, 061 2,091 2,107 2, 128 2, 146 2, 145 2, 125 2, 116 2, 127 2, 149 2, 198 2,431 2, 814 3,357 4, 111 4,781 5,392 6, 163 6,963 7,903 8,582 8,056 8, 101 8, 180 8,249 8,306 8,328 8,349 8,386 8,582 8,607 8, 645 8,720 8,841 8,929 Total 5,715 6,692 7,323 7,998 8,238 8,724 9,712 10, 270 10, 679 11, 200 9,729 10, 075 10, 071 9,849 9,963 10, 065 10, 112 10, 338 11, 200 10, 647 10, 320 10, 260 10, 463 10, 761 Charge accounts 2,795 3,291 3, 605 4,011 4r 124 4,308 4,579 4,735 4,829 5,018 3,772 4,010 4,012 3,927 3,956 4,033 4, 191 4,297 5,018 4,504 4,004 3,883 3,997 4, 220 InstalInstalment ment credit 3 credit ex3 tended repaid 18, 108 21, 558 23, 576 29, 514 31, 558 31,051 39, 039 40, 063 42, 426 40, 497 3,335 3,371 3,477 3,483 3,385 3,297 3,475 3,338 4,350 3,321 3,247 3,786 4,022 4,053 3 Credit extended or repaid during the period. Source; Board of Governors of the Federal Reserve System, 15,514 18, 445 22, 985 25, 405 27, 956 30, 488 33, 649 37, 194 40, 158 40, 727 3, 387 3,349 3,379 3,417 3,294 3,383 3, 502 3,264 3,611 3,418 3,264 3,594 3,512 3,477 BOND YIELDS AND INTEREST RATES Rates on Treasury bills and on prime commercial paper increased in June and early July. ment, municipal, and corporate bonds rose slightly during this period. Yields on U.S. Govern- PERCENT PER ANNUM J/ 1953 1954 1955 1959 Jy 1953-58 DATA PLOTTED MONTHLY; 1959 WEEKLY SOURCES: SEE TABLE BELOW. Period 1952 1953 1954 1955 1956 _ 1957 1958. 1958: June July August.. September.. October November December 1959: January February March April May June Week ended: 1959: June 13 20 27 July 4 11 18 25 .. _ .. __ . . ... . __ _ ... ... _ __ _ .. ___ « „ 1 Bate 1 COUNCIL OF ECONOMIC ADVISERS [Percent per annum) U. S. Government High-grade security yields municipal bonds 3-month Taxable (Standard3 & 2 Treasury bonds bills » Poor's) 1. 766 2.68 2. 19 2.72 2.94 1.931 2.37 .953 2.55 2.84 2. 53 1.753 3.08 2.93 2.658 3. 267 3.47 3. 60 1.839 3.43 3.56 3.20 .881 3. 26 3.36 .962 3.45 3.60 3.74 1.686 2.484 3. 75 3.96 3.76 3.94 2.793 3.70 3.84 2. 756 3.80 2. 814 3. 84 3. 87 2. 837 3. 91 3.92 2.712 3. 85 3. 92 2. 852 3.76 4. 01 3.84 2. 960 4.08 3. 97 2. 851 4 09 4 04 3. 247 3. 3. 3. 3. 3. 3. 4 3. 283 276 281 164 266 401 337 on new issues within period. Series includes: April 1953 to date, bonds due or callable 10 years and after; April 1952-March 1953, bonds due or callable after 12 years; October 1941-March 1952, bonds due or callable after 15 years. 4.09 4. 09 4. 10 4 12 4 13 408 4 01 4. 06 4 10 4 10 409 4 09 Corporate bonds (Moody 's) Aaa Baa 2.96 3. 20 2. 90 3. 06 3.36 3.89 3.79 3. 57 3.67 3. 85 4.09 4 11 4.09 408 4 12 4 14 4 13 4 23 437 4 46 3. 52 3.74 3.51 3.53 3.88 471 473 4 55 4 53 467 4.87 492 487 485 487 4 89 485 486 496 5. 04 447 4 46 447 4 48 4 48 4 47 5.03 5.04 5. 04 5.05 5. 07 5.09 3 Weekly data are Wednesday figures. < Not charted. Sources: Treasury Department and Board of Governors of the Federal Keserve System (except as noted). Prime commercial paper, 4-6 months 2. 33 2.52 1. 58 2. 18 3.31 3.81 2.46 1.54 1. 50 1. 96 2.93 3.23 3.08 3.33 3. 30 3.26 a 35 3. 42 3.56 3.83 3.81 3.88 3.88 3. 88 3.98 400 29 STOCK PRICES Stock prices reached a new peak in early July and then declined. INDEX, 1939* 100 \J 500 500 40.0 300 300 200 100 100 1959 .1953 \j 1953-58 DATA PLOTTED MONTHLY, 1959 WEEKLY COUNCIL Of ECONOMIC ADVISERS SO.URCE*. SECURITIES AND EXCHANGE COMMISSION. Composite1 index Period Weekly average: 1950 195U 1952 1953 1954 1955>_ 1956 1957. 1958 1958: June July_ August September October November December 1959: January. February March April May. June _ _ Week ended: 1959: June 12 _ 19 26 July 2 10 172 .. _ __ _ .. . .. „ _ „. __ . „„ „ -_ [1939 = 1003 Manufacturing Trade, Trans- Utilities finance, Mining Durable Nondura- portation Total and service goods ble goods 154. 1 1849 195.0 193.3 229. 8 3046 345. 0 331.4 340. 9 330. 6 339.2 351. 7 360.5 376.4 387.8 392.8 409.9 403. 9 413.9 419. 4 425. 3 419. 0 165. 7 206. 8 220. 2 220. 1 271. 3 374 4 438.6 422. 1 426.4 411.7 423. 6 442.0 452.9 474 2 487.4 489. 8 507. 6 495.7 508. 5 5144 527. 3 520. 9 150. 2 178. 5 188. 8 192. 6 245. 2 352.4 409. 8 391.2 385. 3 362. 2 376. 5 399. 4 412. 9 437. 2 448. 0 451.4 473. 6 465. 6 475. 0 480. 6 495.0 495. 8 180.2 233. 1 249. 3 245. 2 295. 2 3944 465. 1 450.7 458. 0 449. 6 458.9 472.9 481. 1 499.2 514.3 515. 6 529.0 513. 8 529.5 535. 5 546.8 533.9 160. 0 199.0 220. 6 2ia 7 232. 6 320.0 327. 1 275. 4 270. 2 259.2 268.8 282. 6 292. 2 310. 6 327.0 329. 8 349.9 349.9 353.0 360.0 357. 7 357. 1 108.9 112.6 117.9 121. 5 135. 8 152. 9 155. 8 156. 0 173. 3 171. 3 173. 4 173.9 177. 5 183.4 189. 8 198. 7 212.7 214 9 221.0 226.3 221.3 212. 8 183.8 207.9 206. 0 207. 1 235. 6 296.9 306.3 277. 5 3145 305. 1 311.9 324 6 337. 2 345. 5 361. 9 374.9 393.6 400. 5 405. 0 405. 2 408.9 417.5 143.5 2049 275.7 240.5 267.0 3i2. 9 357. 5 342. 4 313. 8 31B. 9 330.7 341.1 340. 6 343. 9 341. 4 339. 0 348.1 345.3 347. 5 340. 2 3340 325.6 417.8 416. 4 421.8 431. 2 436. 0 429. 7 519.7 518. 1 524 9 537.7 544 3 536.0 494 9 495. 1 501. 1 517. 4 527.7 516. 1 532.4 529.2 536. 6 545. 8 549.0 543. 9 354 9 357. 2 363.3 367.4 371. 5 360. 5 211.9 210. 3 212. 7 217.3 218. 6 216. 7 416.4 416. 7 423. 4 427. 6 433.0 427.3 328.8 319. 5 323.3 321.4 321.2 315.5 1 Includes 265 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31 for trade, finance, and service, and 14 for mining. Indexes are for weekly closing prices. 30 s Not charted. Source: Securities and Exchange Commission. FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES For the fiscal year 1959, the budget showed a deficit of $12.5 billion. billion. ' . . . ' - . In fiscal 1958, there was a deficit of $2-8 , BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS NET BUDGET EXPENDITURES 25 0 1957 1956 •HO MAUQR NATIONAL SECURITY - EXPENDITURES 1958 BUDGET SURPLUS (t) OR DEFICIT H (ENLARGED SCALE) +5 50 25 -15 1955 1959 year year year year year year year 1953 . 1954 1955 1956 1957 19583 1959 . 1958: April May June.-. Julys August 3 3 September October3.. November 33 December 3 1959: January 3 February . March33 April3 . May June 3 .. ... ___ . . _ _ _. .. .... . . . . 1957 1958 1959 ... __„ Public debt (end of3 period) 266. 1 271. 3 2744 272.8 270. 6 276.4 284 8 3.5 4. 9 10. 8 2.9 4.8 7.2 2.8 5.0 6.2 6. 1 5. 8 6. 6 6.6 6.2 6. 6 7. 1 6. 2 7.1 3.7 3.7 4,3 3.8 3. 6 3.9 42 3.6 42 3.2 3.2 3.9 3.2 3.2 3. 5 3. 8 3.2 3.7 -2.6 -. 9 +42 -3.7 -1. 4 +.6 -4 4 -1.3 — 9 275.2 275.7 276.4 275.6 27R6 276. 8 280.3 283. 2 283. 0 4. 5 6.6 8.4 43 5.4 10. 0 6.8 6. 3 6.5 6.4 6. 2 8. 6 3.7 3.6 3. 9 3.9 3. 6 45 3.3 3.2 3. 4 3. 5 3.2 3. 9 -2.2 +.2 + 2.0 — 2. 2 -.7 + 1.4 285.9 285. 2 282. 2 285. 5 286.4 284 8 J Includes military functions of Department of Defense, military assistance portion of the mutual security program, Atomic Energy Commission, stockpiling, and defense production expansion. 2 Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation. 1956 [Billions of dollars] Net budget expenditures Budget Net Major national security * budget Department surplus (+) or receipts Total of Defense Total deficit (-) military functions 50. 4 -9. 4 43.6 743 64.8 -3. 1 64. 7 40.3 46.9 67.8 -42 40.6 35. 5 64.6 60.4 + 1.6 40.6 35.8 66.5 6R2 + 1.6 38.4 71.0 69. 4 43. 3 -2.8 44. 1 39. 1 71.9 69. 1 41. 2 ' — 12. 5 46.4 68. 2 80.7 _ . 1955 COUNCIL OF ECONOMIC ADVISERS Period Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal 1954 FISCAL YEARS * PRELIMINARY SOURCES:TREASURY DEPARTMENT AND BUREAU OF THE BUDGET. * Preliminary. Sources: Treasury Department and Bureau of the Budget. 31 JASH KfcUtlFTS rKUM AND PAYMENTS TO THE PUBLIC n the second quarter of calendar year 1959, cash payments to the public exceeded cash receipts by $250 million. This compares with an excess of receipts of $1.4 billion in the second quarter of calendar 1958. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 20 +15 EXCESS OF CASH RECEIPTS (ENLARGED SCALE) Hi • RW*»4 PHI m EXCESS OF CASH PAYMENTS 1 -15 1953 . 1954 1955 ^PRELIMINARY ESTIMATES SOURCES: BUREAU OF THE BUDGET AUO TREASURY DEPARTMENT 1956 1957 1 19 5 J/ 1958 1959^ CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Cash receipts from the public Period Fiscal year total: 1956. ._ _ 1957 1958 l _ _-. 1959 2 _ ,_I960 Calendar year total: 1955 _ _. 1956 1957 . . 19581 Quarterly total, not adjusted for seasonal variation: 1957: Third quarter Fourth quarter 1 958 : First quarter Second quarter . Third quarter l 1 „ ...... Fourth quarter 1 1951): First quarter J . Second quarter _ _ . .. . _ . __ Cash payments to the public Excess of receipts ( + ) or payments ( — ) 77, 088 82, 107 81, 893 81, 549 93, 502 72, 617 80, 008 83, 413 94, 556 92, 875 + 4, 471 + 2, 099 - 1, 520 — 13,007 + 626 71, 448 80, 330 84, 520 81, 729 72, 188 74, 807 83, 326 89, 015 -740 + 5,524 + 1,194 — 7, 288 18, 653 16, 404 23, 618 23, 219 18, 274 16, 618 22, 628 24, 019 21, 099 20, 839 19, 626 21, 850 23, 789 23, 750 22, 734 24, 271 -2,447 -4,435 + 3,993 + 1,368 -5,516 -7, 133 -107 -253 s: Hun-au of tho ttmlgct and Treasury Department. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington 25, D.C. Price 20 cents per copy ; $2.00 per year; $2.75 foreign. 32 If. S, G O V E R N M E N T P R I N T I N G OFFICE: 195S