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
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