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87th Congress, 2nd Session
u. s
/fit'
«a

Economic Indicators
JULY 1962

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1962

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
JOHN SPARKMAN (Alabama)
RICHARD BOLLING (Missouri)
J. WILLIAM FULBRIGHT (Arkansas)
HALE BOGGS (Louisiana)
WILLIAM PROXMIRE (Wisconsin)
HENRY S. REUSS (Wisconsin)
CLAIBORNE PELL (Rhode Island)
MARTHA W. GRIFFITHS (Michigan)
PRESCOTT BUSH (Connecticut)
THOMAS B. CURTIS (Missouri)
JOHN MARSHALL BUTLER (Maryland)
CLARENCE E. KILBURN (New York)
JACOB K. JAVITS (New York)
WILLIAM B. WIDNALL (New Jersey)
WM. SUMMERS JOHNSON, Executive Director
JOHN W. LEHMAN, Deputy Executive Director
JOHN R. STARK, Clerk

COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman
KERMIT GORDON
JAMES TOBIN

[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 20 cents a single copy
or by subscription at $2.00 per year (foreign, $2.75) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON 25, D.C.
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $4.60 per year.
The I960 Supplement to Economic Indicators, which describes each series and
gives annual data for years not shown in the monthly issues, is now available at
60 cents a copy.
ii



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

Page

iv.
~ 1
2
3
4
5
6
7
8

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work
Average Hourly and Weekly Earnings—Selected Industries

9
10
11
12
13

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Trade Sales and Inventories
Manufacturers' Sales, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Balance of Payments

14
15
16
17
18
19
20
21
22

PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers

23
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Bank Loans, Investments, Debits, and Reserves
Consumer Credit
Bond Yields and Interest Rates.
Stock Prices

26
27
28
29
30

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




NOTE.—Detail in these tables will not necessarily add to totals because
of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.

31
32

iii

TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Revised estimates indicate that gross national product rose $7 billion (seasonally adjusted annual rate), or abouf
percent, in the second quarter. The gain from the first quarter of 1961 was $51 billion.
fBiJJions of dollars; quarterly data at seasonally adjusted annual rates]

Period

1951
1952
1953
1954
1955
1956
1957
1968
1959
---1960
1961.1960: Third quarter.,
Fourth quarter.
1961: First quarter,,.
Second quarter.
Third quarter,Fourth quarter.
1962: First quarter,-_
Second quarter*.

Personal
Disposable consumption
personal
income' expenditures

227. 5
238. 7
252.5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 1
349. 4
363. 6
351.7
352.7
3543
361.0
366.3
372.6
375. 6
381. 6

209. 8
219.8
232. 6
238.0
256. 9
269. 9
285. 2
293.2
313. 5
328. 5
338. 1
329. 8
330.5
330. 5
335. 5
340. 1
346.1
350. 2
355. 0

International

Business

Persons

Personal
Gross
saving
Gross private Excess
of
(+) or retained domestic investearndisinvestment
ings 2
saving
ment

17.7
18. 9
19. 8
18. 9
17. 5
23. 0
23. 6
24.7
23. 6
20. 9
25.6
22.0
22.2
23.8
25. 5
26.3
26. 5
25. 4
26. 6

31. 5
33.2
34.3
35. 5
42. 1
43. 0
45. 6
44.8
51.3
52. 1
53. 6
52.0
51.2
50. 0
53.3
54. 1
57. 1
57. 1
W

56. 3
49. 9
50.3

4a 9

63. 8
67. 4
66. 1
56. 6
72.7
72. 4
69. 3
70. 3
66.5
60. 1
67.6
72. 4
76. 6
75. 9
77. 0

Foreign
Net exports of goods Excess of
net
transfers
and services
trans(+) or
fers by
of net
GovernExImNet
exports
ment exports ports
ports

-24. 8
-16. 6
-16. 0
— 13. 4
-21. 8
-24. 3
-20. 5
-11.9
-21.4
-20.3
-15. 6
-18. 3
— 15. 3
-10. 1
-14. 3

2. 1
1. 5
1. 6
1. 4
1. 5
I. 5
1.5
1. 3
1.5
1. 6
1. 6
1. 5
1.6
1.6
1.5
1.5
1. 6
1. 7
1. 7

— 18. 3

— 19. 5
— 18, 8

2. 4
1.3
-. 4
1.0
1. 1
2. 9
4.9
1. 2
,
0
*•""•« o

2.9
4, 0
2.8
4. 9
5. 3
4.0

2.8
3,8
3.7
3.5

17. 9
17. 4
16. 6
17.5
19. 4
23. 1
26. 2
22.7
22.9
26. 4
27.3
26. 5
27. 2
27. 4
26. 4
26. 9
28.3
28. 2

15. 5
16. 1
17. 0
16.5
18. 3
20. 2
21.3
21.5
23.6
23.5
23.3
23. 6
22.3
22.2
22. 4
24. 1
24. 5
24.5

-0.2
.2
2.0
.4
.4
-I, 5
-3. 5
.1
2.3
-1.3
-2.'1

-1. 3
•3.2
-3.7
-2.4
-1. 3
-2. 2
-2.0
-1.8

Government
Gross
Surplus Total
Statis- national
( + ) or
tical
product
deficit
or
Tax and TransPurTrans- (-)on receipts i discrep- expendiancy
nontax
chases
Total
fers,
fers,
income
Net
ture
and
goods expendi- interest,
receipts receipts interest, of and
or
and subtures and sub- product
accruals sidies 6 services
sidies
account
Net receipts

Period

1951.
1952.
1953.
1954.
1955.
1956,
1957.
19581959,
I960.

19611960: Third quarter
Fourth quarter
1961; First quarter
Second quarter
Third quarter _ _
Fourth quarter
1002; First quarter 4
Second nuarter

,

66. 6
72. 2
75. 7
68. 5
78. 4
84. 2
87.5
82. 0
f>5. 7
103. 8
103. 0
102. 7
100. 8
97. 8
101. 8
103. 3
109. 1
111.9
(*)

85. 5
90. 0
94. 9
90. 0

101. 4

109. 5
116. 3
115. 1
130, 2
141. 0
144,8
140. 0
139.6
138. 1
143. 9
145. 7
151. 5
154,6

Expenditures

18. 9
IS. 4
19. 2
21.5
23.0
25.3
28. 7
33. 1

34. 4
37.1
41. 9
37.3
38. 8
40, 3
42, 1
42. 4
42, 4
42, 7
43, 0

60. 5
76. 0
82. 8
75. 3
75.6
79.0
86. 5
93. 5
97. 2
99. 7
107. 4
100. 8
101. 4
104. 8
106.0
106. 9
112. 1
115.2
116. 5

'l-rannul Income (p. 3) less personal taxes and nontax payments (fines, penalUr». . ,
• t'iti||ilr|l>ut'<l corporate profits, corporate inventory valuation adjustment,
ottrititi <-mt9timption allowances, and excess of wage accruals over disbursements.
1
Ni>t lurplitn Investment will) sign changed.
' I'rcllniliinry estimates by Council of Economic Advisers.
' Nut nviillnbli!.

iv




79. 4
94. 4
302. 0
96. 7
98. 6
104.3
115. 3
126. 6
131. 6
136. 8
149. 3
138. 1
140. 2
145. 1
148. 1
149. 3
154. 5
157.9
159. 5

18. 9
18. 4
19. 2
21. 5
23.0
25.3
28.7
33. 1
34, 4
37. 1
41.9
37.3
38. 8
40. 3
42. 1
42. 4
42. 4
42.7
43. 0

6. 1
-3.9
-7. 1

-6.7
2. 9
5. 2
]. 0
-11. 4
-1. 5
4. 2
-4. 4
1.8
-.7
-6.9
-4. 3
-3.6
-2. 9

327. 7
345. 6
364. I
362. 3
396. 5
421.6
443. 4
446. 0
485. 7
506. 8
521.8
507.9
506. 3
503. 7
517. 6
525. 2
540. 4
546. 3
("1

1.2
1. 4
1.3
.9
1.0
-2. 4
-.6
-1. 5
-3. 0
— 3. 4
-3. 1
-4. 2
-3. 0
-3. 1
— 4, 4
-3.1
-1. 9
-1. 4

329. 0
347.0
365. 4
363. I
397.5
419.2
442. 8
444. 5
482. 7
503. 4
518. 7
503. 7
503. 3
500. 8
513. 1
522. 3
538. 6
545. 0
552. 0

' Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
NOTE.-—Series revised beginning 1959. For details, see Survey of Current Business, July 1962.
Data for Alaska and Hawaii included beginning I960.
Source: Department ol Commerce (except as noted).

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross National Product rose $7 billion (seasonally adjusted annual rate) in the second quarter, according to the
revised series. Consumer expenditures accounted for almost $5 billion of the gain and government purchases about
$11A billion.
BILLI 3NS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

6OO

600

-

GROSS NATIONAL PRODUCT

v

500

———
500

^
^
1

r—>^ ^-

-

too

400
PERSONAL CONSUMPT ION
EXPENDITURES

300

1

/

300

'
-

20O

200
GOVERNMENT PURCHASES
OF GOODS AND SERVICES

-

_,_,_

____^_A

IOO

•""•••.,

,,,c

""""....„

„

"

,„

100

'"

GROSS PRIVATE DOMESTIO^X"
INVESTMENT
*^"^

NET EX *ORTS OF GOODS
AN 0 SERVICES v^

0

... "
..« |

^v-^-^-

1

1

1

1956

0
1

1
1957

1

1

1
1958

1

1

1
1959

I

1
I960

1
1961

1

-^PRE LIM1NARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURC E: DEPARTMENT OF COMMERCE. (EXCEPT AS NOTED!.

1 -if 1
1962

1

COUN'at OF ECONOMIC ADVJS£fiS

(Billions of dollars]
Government purchases of goods and
Total
Personal Gross
Implicit
Net
services
gross
Total
conprice
private exports
national gross
sump- domestic of goods
Federal
deflator
Period
State for total
product national tion
and
in 1961 product expend- invest- services Total Total i National Other and
GNP,
2
ment
local 1961=100'
defense
prices
itures
1949
258. 1
181.2
3.8
22. 2
8. 9
17. 9
SS7. 6
33.0
40. 2
13. 6
76. 5
1950
365. 6
284. 6
195.0
.6
19. 3
5. 2
50. 0
39.0
14.3
19.7
77.8
329. 0
1951
_ . . . . . . S95. 8
209. 8
2. 4
5. 2
56. 3
60. 5
33. 9
21. 7
38.8
83. 1
1952
347. 0
219. 8
52. 9
411. 1
76. 0
6.7
49. 9
1.3
46. 4
23. 2
84. 4
365. 4
232. 6
1953
429. 9
82. 8
58. 0
9.0
50. 3
-. 4
49. 3
24. 9
85.0
1954
421. 2
363. 1
238.0
47. 5
6.7
48. 9
1. 0
75. 3
41.2
27. 7
86.2
397. 5
1955
256. 9
75. 6
6. 6
63. 8
1. 1
45. 3
39. 1
30. 3
87.5
454.1
419. 2
269. 9
2. 9
45. 7
5. 7
1956 ..
.. .. 463. 8
67. 4
79. 0
40. 4
33. 2
90. 4
442. 8
1957.-, . .. - - - 472. 6
285. 2
86. 5
49. 7
5. 7
66. 1
4. 9
44. 4
36. 8
93. 7
444, 5
293. 2
52. 6
8. 3
1958—- 465. 1
56. 6
1. 2
93.5
44. 8
40. 8
95. 6
496.2
482. 7
1959
313. 5
-.8
53. 6
7.9
72.7
97. 2
46. 2
43. 6
97. 3
503. 4
1960
72. 4
2. 9
53.2
8. 1
609. 4
328. 5
99. 7
45. 7
46. 5
98.8
518. 7
1961
518. 7
338. 1
57. 0
4.0 107. 4
8.7
49. 0
50. 4
100.0
69.3
Seasonally adjusted annual rates
1960: Third quarter-.Fourth quarter
1961: First quarter
Second quarter-Third quarter
Fourth quarter. _
1962: First quarter 4
Second quarter -

508. 8
508. 2
SOS. 4
513. 9
681. 7
536. 8
541. 5
545. 3

503. 7
503. 3
500. 8
513. 1
522. 3
538. 6
545. 0
552. 0

329. 8
330. 5
330. 5
335. 5
340. 1
346. 1
350. 2
355. 0

70.3
66. 5
60. 1
67. 6
72. 4
76. 6
75. 9
77.0

i Less Government sales.
f These expenditures correspond closely with budget expenditures for national
defense, shown on p. 31.
s Gross national product in current prices divided by gross national product
In 1961 prices.
* Preliminary estimates by Council of Economic Advisers.




2.8
4. 9
5. 3
4. 0
2. 8
3.8
3. 7
3. 5

100. 8
101. 4
104. 8
106. 0
106. 9
112. 1
115. 2
116. 5

53.6
53. 6
55. 4
56. 6
56. 5
59. 5
61. 9
62. 5

45. 7
45. 8
47. 7
49.0
48. 4
50. 8
53. 0
53. 3

8.4
8.4
8. 2
8. 5
8. 7
9. 2
9. 6
9. 8

47.2
47. 8
49. 4
49. 4
50.4
52. 6
53. 3
54.0

99. 0
99. 4
99. 7
99.8
100. 1
100. 3
100. (i
101. 2

NOTE.—Series revised beginning 1959. For details, sco Survey of Current
Business, July 1962.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
•»

NATIONAL INCOME
Compensation of employees rose $61/2 billion (seasonally adjusted annual rate) in the second quarter of
Other types of noncorporate income except farm proprietors' also rose.
BILLIONS OF DOLLARS
500

1962.

BILLIONS OF DOLLARS
1 5OO
SEASONALLY ADJUSTED ANNUAL RATES

400

COMPENSATION OF EMPLOYEES
., •
,-

200

ZOO

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

100

PROPRIETORS' AND
RENTAL INCOME 'V

1961

1956

1962

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

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
national
income

Period

1949
1950
1951
1952
1953

-.

1954
1955-. -

1956 ...
1957
1958
1959
I960
1901.

--

_

Compensation
of employees '

217.
241.
279.
292.
305.
301.
330.
350.
366.
367.
400.
415.
427.

7
9
3
2
6
8
2
8
9
4
5
5
8

140.
154.
180.
195.
208.
207.
223.
242.
255.
257.
278.
293.
302.

416,
414.
411.
424.
431.
444.
448.
(3)

6
4
8
3
3
0
9

Proprietors' income
Farm

8
2
3
0
8
6
9
5
5
1
5
7
2

12. 9
14. 0
16. 3
15. 3
13. 3
12. 7
11. 8
11. 6
11.8
13. 5
11. 4
12. 0
13. 1

8
9
1
2
5
9
2
7

12. 2
12. 7
12. 8
12. 7
13. 1
13. 6
12. 9
12. 8

Business
and professional

Rental
income
of
persons

22. 7
23. 5
26. 0
26. 9
27.4
27. 8
30. 4
32. 1
32. 7
32. 5
35. 1
34. 2
34. 8

8. 3
9. 0
9. 4
10. 2
10. 5
10. 9
10. 7
10. 9
11. 9
12. 2
11. 9
11. 9
12. 3

Corporate profits and inventory valuation adjustment
Net
interest
4. 8
5. 5
6. 3
7. 1
8. 2
9. 1
10. 4
11. 7
13. 4
14. 8
16. 4
18. 1
20. 0

Total

Profits Inventory
valuation
before
taxes adjustment

28. 2
35. 7
41. 0
37. 7
37. 3
33. 7
43. 1
42. 0
41. 7
37. 2
47. 2
45. 6
45. 5

26. 4
40. 6
42. 2
36. 7
38. 3
34. 1
44. 6
44. 7
43. 2
37. 4
47.7
45. 4
45. 6

44. 4
43. 3
40. 1
45. 0
46. 0
51. 1
50. 4
(3)

43.3
42. 8
39. 8
44. 8
46. 3
51. 4
50. 1
(')

1. 9
— 5. 0
— 1. 2
1. 0
— 1.0
O

-1.7
-2.7
-1.5
—.3
—. 5
.2
.0

Seasonal^ adjusted annual rates
J960: Third quarter. _

Fourth quarter,.

J 9 G I : First quarter
Second quarter. _ . _
Third quarter. _
l ' ' i > u r l h quarter
IDfiL'.' First. qii;irlcr
iScM-nml quarter i
1

295.
293.
294.
300.
804.
309.
315.
321.

Includes employer fonl.rilmtions for social insurance. (See also p. 3.)
I'rHiniiimry rslimati's l>y Cotinc.il of Economic Advisers.
' Nut nvnlhihlc.




34. 1
33. 8
33. 7
34. 5
35. 1
36. 0
36. 2
36. 8

11. 9
12. 0
12. 0
12. 2
12. 3
12. 5
12. 6
12. 8

18. 2
18. 8
19. 1
19. 8
20. 3
21. 0
21. 5
22. 0

1. 2
.5
.3
.2
—. 3
-. 3
.3
.0

NOTE.— Series revised beginning 1959. For details, see Survey of Current Butiness, July 1962.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).

SOURCES OF PERSONAL INCOME
Personal income continued to advance in June with a rise of $0.7 billion (seasonally adjusted annual rate), or about
half as much as in May.
Labor income accounted for most of the rise in these 2 months.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

-

450

400

350

300

250

250

BUSINESS, PROFESSIONAL,
AND RENTAL INCOME
V

FARM PROPRIETORS INCOME

""""""""TRANSFER PAYMENTS
| "*"" /
_
^-^-•-•-^•^L——™""S"'-1 ~i"'"!^l__"

1956

I

1957

1961

SOURCE: DEPARTMENT OF COMMERCE.

Total
personal
income

Period

1953
1954
1955
1956
1957
1958
1959
1960. _ _
1961

288. 3
289. 8
310.2
332. 9
351. 4
360. 3
383. 9
400. 8
416. 4

...

1961: May
June _ _
July
August
September.
October. _ _
NovemberDecember.
1962: January, _
February.
March
April

3

May
June 4

413. 3
416. 4
420. 1
418. 3
419. 7
423. 6
427. 8
430. 5
428. 8
431. 9
435.2
438. 3
439. 7
440. 4

[Billions of dollars]
Labor income Proprietors' income
(wage and
Rental
salary disDiviBusiness income dends
bursements
of
Farm
and pro- persons
and other
fessional
labor income)1
27. 4
9.2
204. 1
13. 3
10. 5
12. 7
27. 8
202. 5
9. 8
10. 9
30. 4
11. 8
218. 0
10. 7
11. 2
11. 6
32. 1
10. 9
12. 1
235. 7
11. 8
32. 7
12. 6
247.7
11. 9
32. 5
13. 5
12. 2
12. 4
249. 2
11. 4
35. 1
268. 9
13. 7
11. 9
12. 0
34. 2
282. 3
14. 4
11. 9
34. 8
13. 1
12. 3
15. 0
290. 2
Seasonally adjusted annual
34. 5
12. 6
12. 2
14. 9
287. 9
12. 8
34. 7
12. 2
14. 9
290. 9
34. 8
12. 3
292. 3
14. 8
13. 1
12. 3
35. 1
292. 1
14. 9
13. 1
292. 9
35. 2
12. 4
15. 0
13. 1
12. 4
35. 6
15. 3
295. 1
13. 5
12. 5
36. 1
15. 4
298. 0
13. 8
36. 2
12. 5
15. 9
299. 9
13. 5
36. 1
12. 6
15. 6
299. 2
13. 1
36. 2
12. 6
302. 2
12. 8
15. 8
12. 9
36. 4
12. 7
15. 9
304. 3
12. 7
12. 8
36. 6
15. 8
307. 5
36. 8
12. 8
15.8
12. 8
308. 3
36. 8
12. 8
15. 8
12. 8
308. 9

Compensation of employees (see p. 2) excluding employer contributions for
social insurance and the excess of wage accruals over disbursements.
s
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
3
Includes stepped-up payment of National Service Life Insurance dividends
of $218 million ($2.6 billion at annual rate).




1962
COUNCIL OF ECONOMIC ADVISERS

Less: PerPersonal Transfer sonal contributions
payinterest
income ments for social
insurance
13. 4
14. 3
3. 9
14. 6
4. 6
16. 2
15. 8
5. 2
17.5
17. 5
18. 8
5. 8
21. 9
19. 6
6. 7
21. 0
26. 3
6. 9
23. 5
7. 9
27. 5
25. 8
29. 4
9. 2
27. 4
33. 4
9. 7
rates
27. 2
33. 6
9. 6
27. 3
33. 3
9. 7
27. 4
'35. 0
9. 7
27. 5
33. 0
9. 7
27. 7
33. 1
9. 7
33. 5
9. 8
27. 9
9.9
28. 1
33.8
28. 4
34. 0
9.9
28. 6
33. 9
10. 3
10. 4
28. 8
33.8
10. 4
29. 0
34. 5
29. 2
34. 2
10. 5
10. 5
29. 4
34. 2
10. 5
29. 6
34. 2

* Preliminary.
.—Series revised beginning 1959. For details, see jS'i
Business July1t962 "*
Data for Alaska antd Hawaii included beginning li*GO.
Source: Department of Commerce.

Nonagricultural
personal
income 3

271. 5
273. 8
295. 0
317. 9
336. 1
343.0
368. 6
384. 7
399. 1
396. 7
399. 5
3 402. 6
401. 0
402. 3
405. 9
409. 5
412. 7
411. 0
414. 8
418. (1
•121. 2
•12'J. (i
•1 '.'.'!, '.'

DISPOSITION OF PERSONAL INCOME
Both disposable personal income and personal consumption expenditures increased in the second quarter.
increase in" income being more than in expenditures, the saving rate rose.
BILLIONS OF DOLLftRS*

With the

BILLIONS OF DOLLARS*

400

400

350

350

—

300

250

£00

200

COLLARS*
2,200

DOLLARS*
PER CAPITA DISPOSABLE

PERSONAL INCOME

^.iwmaftffX'

IN 1961 PRICES

2,000

X
uunirf""1""1""""01"

2,000
|

I
T

. i i * " *"
nM« * * " "

' H ,I
« J,(

1,800 -

1,800

^
IN CURRENT PRIC ES
'

^-

/iA..J~
1

i

1956

i

—
i

:

i

;

1957

i

1958

i

1

I

1

!

i

1959

I

I

I960

l

I

1961

•SEASONALLY ADJUSTED ANNUAL RATES-^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS,
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

Period

1950
1951
1952
1953
1954
1955
1956
1957_
1958 .,
1959__ ,
1960
1961

Disposable
personal
income '

207.
227.
238.
252.
256.
274.
292.
308.
317,
337.
349.
363.

7
5
7
5
9
4
9
8
9
1
4
6

1960: Third quarter
351. 7
Fourth quarter . . . 352. 7
1961: First quarter
354. 3
Second quarter
361. 0
Third quarter
366. 3
372. 6
Fourth quarter
1902: First quarter
375. 6
Second quarter *
381. 6

195. 0
209. 8
219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293.2
313.5
328. 5
338. 1
329.
330,
330.
335.
340.
346.
350.
355.

8
5
5
5
1
1
2
0

NonDurable durable Services
goods
goods




Personal
saving

Billions of dollars
30. 4
99. 8
64. 9
29. 5
110. 1
70.2
29. 1
115. ]
75. 6
32. 9
81. 8
118. 0
32. 4
119. 3
86. 3
124. 8
39. 6
92.5
38.5
131.4
100. 0
107. 1
40. 4
137. 7
37. 3
141. 6
114. 3
43. 6
147. 1
122. 8
131. 9
44. 8
151. 8
43.7
139. 1
155. 2
Seasonally adjusted annual
132. 8
44. 5
152. 5
44. 0
152. 3
134.2
40, 8
153. 5
136.2
43. 5
153. 9
138.0
44. 0
156. 2
139. 9
46. 6
157.2
142. 3
46. 3
159. 9
144. 1
47. 0
161. 8
146. 2

• l'i'rsnn;il income (p. 3) less personal taxes and uontax payments (flues, pecaltics. etc.),
:
Income in current prices divided by tbe implicit price deflator for personal
eonsuniption expenditures on a 1961 base.
'Population of the United States including armed forces abroad. AtmuaT
data a? of July 1; quarterly data centered in the middle of the period, Interpolated
from montny figures, (Series revised beginning J9W.)

L^ 1

I

1 JIA 1,600

1962

*

COUNCIL OF ECONOMIC ADVISERS

Personal consumption expenditures

Total

I

12. 6
17. 7
18.9
19. 8
18. 9
17.5
23.0
23.6
24. 7
23. 6
20. 9
25. 6
rates
22. 0
22 2
23! 8
25. 5
26. 3
26. 5
25. 4
26. 6

Per capita disposable personal
income >
Current
1961
prices prices 3

Saving as
percent Populaof distion
posable
(thou-3
personal sands)
income
(percent)

Dollars
1,686
1,369
1,703
1, 475
1,719
1, 521
1,582
1,772
1, 754
1, 582
1,832
1, 660
1,741
1,890
1,902
1,803
1,889
1,825
1, 947
1,904
1,934
1,950
1,979
1,979

6. 1
7. 8
7. 9
7.8
7. 4
6.4
7.9
7.6
7.8
7.0
6.0
7.0

151, 689
154, 283
156, 947
159, 559
162, 388
165, 276
168, 225
171, 278
174, 154
177, 080
180, 676
183, 742

1,956
1,947
3,944
1, 971
1, 987
2,009
2,014
2,029

6. 3
6.3
6.7
7. 1
7.2
7. 1
6.8
7.0

181, 102
181, 939
182, 666
183, 375
184, 150
184, 952
185, 607
186, 258

1, 942
1,939
1,940
1, 969
1,989
2,015
2,024
2, 04.9

' Preliminary.
NOTE.—Series revised beginning 1959. For details, see Survey of Current Busi~
nets, July 1962.
Data lor Alaska and Hawaii included beginning I960.
Sources: Department of Commerce and Council of Economic Advisers,

FARM INCOME
Realized gross farm income, seasonally adjusted, was unchanged and production expenses rose slightly during
the second quarter of 1962. Net farm income fell below the first quarter 1962 level but remained above the second
quarter 1961 level.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

50

REALIZED GROSS
FARM INCOME

30

20

NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE

10

SOURCE: DEPARTMENT OF AGRICULTURE.

COUNCIl OF ECONOMIC ADVISERS

Income received by total
farm population

Income received by farm operators from farming
Realized gross

Period

1952
1953
1954
1955
1956. .
1957
1958.
1959.
1960
1961

From
all
sources

.-

_ -

1960: Third quarter
Fourth quarter . _ _
1961: First quarter
__
Second quarter
Third quarter
Fourth quarter
1962: First quarter 7
Second quarter

From
From
agricul- nonagritural
cultural
sources ' sources Total 2

(")
(6)
(6)
(6)
6
(6)
()
(")
6
( 6)
(6)
()

17. 3
15. 1
14. 4
13. 5
13. 4
13. 6
15. 4
13.2
13. 8
14. 7

(6)
(")
(6)
(«)
(')
(a)
(8)
(e)
(6)
(6)

6
(fl)
( 6)
( 6)
(6 )
(e )
()
(")
(6)

(«)
(e)
(')
(6)
(8)
(6)
(«)
(6)

(6)
(6)
(6)
(6)
(6)
(>)
(6)
(6)

86574°—62

2

Net income per
farm including net
inventory change *

ProducCash
tion ex- Exclud- Includreceipts penses ing in- ing net in- Current
1961
from
prices prices 5
ventory ventory3
marketchange change
ings
Dollars
Billions of dollars
2,951
3, 173
32. 6
15. 3
37.0
22.6
14, 4
2, 664
2,896
31. 1
21.4
13. 9
13. 3
35. 3
2, 844
2, 645
12. 7
30.0
21. 7
12. 2
33. 9
2,529
2,719
29. 6
21. 9
11. 8
33. 3
11. 5
2, 574
2,738
34. 6
30. 6
12.0
11. 6
22. 6
2, 695
2,778
34. 4
29. 8
11. 8
11.0
23. 4
3, 233
3, 201
12. 6
13. 5
37. 9
33. 4
25. 3
2, 803
2, 775
11. 4
37. 5
33. 5
11.3
26. 2
3,044
3,044
12. 0
37.9
34. 0
26.2
11. 7
3, 422
3, 422
12. 8
13. 0
39.9
35. 2
27. 1
Seasonally adjusted annual rates
3, 090
3, 090
12. 2
34. 2
11. 8
38. 1
26. 3
3, 220
3, 220
12. 7
34. 7
12. 3
38. 6
26. 3
3,360
12. 8
3, 360
39. 4
12. 5
35. 5
26. 9
3, 330
3, 330
12. 7
39. 4
12.4
34. 5
27.0
,'i, 440
3, 440
35.2
12. 9
13. 1
40. 1
27. 2
3, 570
3, 570
13. 6
40. 8
13. 5
35. 8
27. 3
3, 500
3, -170
12. 9
40. 3
12. 8
35. 4
27. 5
:>. -no
3, 470
12. 8
40. 3
12. 7
35. 3
27. 6

J
Net income of farm operators from farming (including net inventory change)
and wages received by farm resident workers,
3
Cash receipts from marketings. Government payments, and nonmoney income furnished by farms.
»Inventory of crops and livestock valued at the average price for the year,
* Series revised beginning 1952 on the basis of 1959 Census of Agriculture definition of a farm. The number of farms is held constant within a year.




Net

5
Income in current prices divided by the index of prices paid by i
family living items on a 1961 base.
6
Not yet available.
7
Preliminary.
NOTE.—Series revised beginning 1959. For details, see Farm Inroinr
July 1962.
Source: Department of Agriculture.

CORPORATE PROFITS
Corporate profits before taxes are estimated to have declined $1.3 billion (seasonally adjusted annual rate) in the
first quarter of 1962 to $50.1 billion, accordins to recent revisions. However, they were $10.3 billion above the
first quarter of 1961.
^
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

20

10

I956

I

I957

I958

1959

I960

1962

1961

I* EXCLUDING INVENTORY V A L U A T I O N ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

(Billions of dollars; quarterly data at seasonally adjusted animal ratesi

Period

1950
95!

.. . . .

952
95:i
95-1
955
951 i

957

'.i.'iS
959
191 it)

19111

19110: T h i n l i j i i ! HIT . . _
!''< i i i r l h qi : t r l i T _ _
19111

Kir:.l i|ll!l l l - r

Srrt DM ! i p n r l i T ^ _
T!n i ' i t < | i i : f t IT

I 1 1 n n t l i i j i ;i rt c!1
19I1'J: Kir.sl i | i i n InSrciinil i|i n r l r r




Corporate profits (before taxes) and inventory
Corporate profits
valuation adjustment J
after taxes
TransManufacturing
Corpo- Corpoportarate
rate
tion,
All
tax
profits
DiviNonAll
comUndisDurable durable
other
before
dend
liabilindustributed
muniTotal
goods
industaxes
ity
payTotal
tries
goods
cations,
profits
industries
ments
indusand
tries
tries
public
utilities
35. 7
20. 4
12. 0
8. 4
4. 0
11. 3
17.9
22. 8
9. 2
13. 6
40. 6
24. 4
41. 0
10. 9
13. 5
12. 0
4. 5
42. 2
22. 4
19. 7
10. 7
9. 0
21. ]
37. 7
11.8
9.3
4. 8
11. 8
17. 2
9. 0
8. 3
36. 7
19. 5
21. 4
37. 3
12. 1
9. 3
4. 9
11. 0
8. 9
18. 1
9.2
38. 3
20. 2
18. 4
8. 3
33. 7
10. 1
4. 4
11. 0
16. 8
7. 0
34. 1
17. 2
9.8
14. 2
25. 0
10. 8
43. 1
12. S
23. 0
11. 8
5. 4
44. 9
21.8
11. 2
42. 0
23. 5
12. 6
10. 9
12. 9
23. 5
11. 3
5. 6
44. 7
21. 2
12. 1
22. 9
41. 7
9. 8
13. 1
13. 3
9. 7
22. 3
5. 5
12. 6
43. 2
20. 9
37. 2
18.3
9. 0
9. 3
13. 3
6. 4
5. 6
18. 8
12. 4
37. 4
18. 6
25. 4
13. 4
47. 2
11. 9
15. 1
6. 7
23. 2
24. 5
10. 8
47. 7
13. 7
45.6
24. 0
12. 2
11. 8
7. 0
14. 6
22. 4
23. 0
8. 6
45. 4
14. 4
23. 5
11. 7
45. 5
14. 7
11. 7
7. 4
22. 3
23. 3
8. 3
45. 6
15.0
Seasonally adjusted annual rates
44. 4
23. 1
14. 3
21. 4
21. 9
7. 5
11. 4
11.7
7. 0
43. 3
14. 4
43. 3
22. 3
11. 6
14. 1
21. 7
7. 1
10. 7
42. 8
21. 1
14. 5
6. 9
19. 4
40. 1
10. 7
6. 7
14. 0
20. 3
5. 6
8. 7
39. 8
19. 4
14. 7
22. 9
22. 9
45. 0
11. 2
7. 2
14. 8
21. 9
8. 1
11. 7
44. 8
14. 8
46. 0
24. 0
12. 1
11. 9
14. 5
23. 7
8.7
7. 5
22. 6
14. 9
46. 3
51. 1
27. 5
12. 6
26. 3
10.8
14. 9
15. 6
8.0
51. 4
25. 1
15. 5
50. 4
27. 0
14. 2
12. 8
8. 1
15. 4
25. 6
15. 8
9. 8
24. 4
50. 1
3
15. 8
(-)
(2)
C2}
(2)
(2)
(2)
(2)
(2)
(2)
(2)
NOTE.—Series revised beginning 1959. For details, see Survey of Current Business, July 1962. (Data for Alaska and Hawaii included beginning 1960.)
Source: Department of Commerce (except as noted).

GROSS PRIVATE DOMESTIC INVESTMENT
In the second quarter, business fixed investment and residential construction rose while the inventory accumulation rate
fell, resulting in a total gain of about $1 billion (seasonally adjusted annual rate) in private investment.
B I L L I O N S OF D O L L A R S

BILLIONS OF DOLLARS
SEASONLLY ADJUSTED ANNUAL RATES

GROSS PRIVATE
DOMESTIC INVESTMENT

PRODUCERS
DURABLE EQUIPMENT
\
,n."'""""""" """"*"

CHANGE IN BUSINESS
INVENTORIES

V

\ t
V

>
1

J

1956

L

1958

1957

r

1959

I960

1961

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

1962
COUNCtl OF ECONOMiC ADVISERS

[Billions of dollars]
Total
gross
private
domestic
investment

Period

1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961

.

... .
. __

._
..

..
_

1960: Third quarter
Fourth quarter _ _ .
1961: First quarter
Second quarter
Third quarter,
Fourth quarter
1962: First quarter 3 :
Second quarter

Fixed investment
Total

33. 0
50. 0
56. 3
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72.7
72.4
69. 3

36. 0
43.2
46. 1
46. 8
49. 9
50. 5
58. 1
62. 7
64. 6
58. 6
66. 2
68. 3
67. 1

70. 3
66. 5
60. 1
67. 6
72. 4
76. 6
75. 9
77. 0

68. 2
67. 5
63.7
65. 6
68. 4
70. 6
69.2
73. 5

New construction '
Producers'
durable
Residenequiptial
Other 2
Total
ment
nonfarm
9. 6
9. 2
18. 8
17. 2
14. 1
10. 1
24. 2
18. 9
12. 5
12. 3
24. 8
21. 3
12. 7
12. 8
21. 3
25. 5
27. 6
13. 8
13. 8
22. 3
29. 7
15. 4
14. 3
20. 8
34. 9
18. 7
16. 2
23. 1
17.7
17.8
35. 5
27. 2
19. 0
36. 1
17. 0
28.5
35. 5
17. 4
18.0
23. 1
40. 2
22. 3
17.9
25.9
21. 1
40. 7
19. 7
27. 6
21. 0
20. 5
41. 6
25. 5
Seasonally adjusted annual rates
21. 0
19. 5
40. 5
27. 7
40. 7
20. 5
20. 2
26.8
20. 3
19. 0
39. 3
24.4
20. 8
20. 1
24. 6
41. 0
20. 7
42. 6
21. 9
25. 8
20. 4
22. 8
27.4
43. 2
21. 2
20. 5
41.6
27. 6
21. 2
28. 9
44. 6
23.4

1
Revisions in series on new construction shown on p, 17 have not yet been incorporated into these series.
a
"Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 17.
* Preliminary estimates by Council of Economic Advisers.




Change in business
inventories
Total

Nonfarm

-3. 1
6.8
10. 2
3. 1
.4
— 1. 6
5. 8
4. 7
1. 6
-2. 0
6. 6
4. 1
2. 1

-2. 2
6.0
9. 1
2. 1
1. 1
-2. 1
5.5
5. 1
.8
-2. 9
6. 5
3. 7
1. 9

2. 1
— 1. 1
— 3. 6
2. 1
4. 0
6.0
6.7
3.5

1. 7
— 1. 5

— :?. o
1. H

:;. s
5. '.)

(i. ii
3. 1

NOTE.—Series revised beginning 1959. For details, seo Su;rvey of Current
Business, July 1962.
Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce (except as noted).

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Accordins to the May survey, business firms are plannins to spend $37.2 billion on new plant and equipment in
1962, about 8 percent more than in 1961. Expenditures (seasonally adjusted) increased 1 percent in the first quarter
of 1962. Larger quarterly increases are anticipated for the remainder of 1962.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

— 10

10

1961

SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE 'COMMISSION, AND DEPARTMENT OF COMMERCE.

1962
! COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Transportation

Manufacturing
Period

Mining

Total i
Total

1951
1952
1953
1954
1955.
1956.
1957
1958
1959.
I960.
1961
1962'

25. 64
26. 49
28. 32
26. 83
28.70
35. 08
36. 96
30. 53
32. 54
35. 68
34. 37
37. 16

10. 85
11. 63
11. 91
11. 04
11. 44
14. 95
15. 96
11.43
12. 07
14. 48
13. 68
14.74

1900: Third quarter...
Fourth quarter .1901: First quarter ..
Second quarter
Third quarter
Kourt.li Quarter ._
I'.Hi'.!: Kirnl quarter 3
Second quarter
Third quarter 3 _ _

35. 90
35.50
33. 85
33. 50
34. 70
35. 40
35. 70
36. 95
37. 70

14. 65
14. 40
13. 75
13. 50
13. 65
14.00
14. 20
14.70
14.80

Durable NonduraRailroads Other
goods ble goods
1. 49
1.47
5. 17
5. 68
0.93
6. 02
1. 40
5. 61
.98
1. 50
6. 26
1. 56
5. 65
1.31
.99
1. 51
. 85
5.95
5.09
.98
. 92
5. 44
1. 60
6.00
. 96
1. 23
7. 62
7.33
1. 71
1. 24
8. 02
7. 94
1. 40
1. 24
1.77
.94
. 75
5.47
5. 96
1. 50
. 92
2. 02
6.29
5. 77
. 99
1. 94
7. 18
1. 03
7.30
. 99
7. 40
.67
6. 27
.98
1. 85
7. 04
.84
1. 88
7. 70
1. 06
Seasonally adjusted annual rates
7. 35
7. 30
1. 00
1. 90
1. 00
6.85
7. 55
1.00
1. 80
.90
. 70
6. 50
7. 25
1.75
. 95
6. 20
7. 30
. 70
1. 80
1. 00
. 65
7. 55
1. 00
1. 90
6. 10
6. 40
. 60
7. 60
1. 95
1.00
6. 55
.70
7. 60
2. 05
1. 15
7. 05
. 95
2. 10
7. 65
1.05
7. 10
. 85
1. 80
7. 70
1.05

floriculture.

riui ami other includes trade, service, finance, communications, and
.

i.

i n M n y iuna.
I n n n t l i 'ipnltiry ilnlii.

nn finflclpflted capital expenditures as reported by business
i'M tuijtwtiiicnts when necessary for systematic tendencies

8



Public
utilities

Commercial and
other!

3. 66
3. 89
4. 55
4. 22
4. 31
4 90
6. 20
6. 09
5. 67
5. 68
5. 52
5. 51

7. 24
7.09
8.00
8.23
9. 47
11. 05
10. 40
9. 82
10. 88
11.57
11. 68
13. 12

5. 60
5. 70
5. 35
5. 50
5. 65
5.55
5. 15
5. 35
5. 70

11. 75
11. 65
11. 30
11.05
11. 85
12.35
12. 45
12. 85
13. 50

NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with tbe average of seasonally adjusted figures.
These figures do not agree with the totals Included in the gross national product
estimates of tbe Department of Commerce, principally because tbe 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
Both the labor force and civilian employment (seasonally adjusted) declined moderately in June.
unemployment changed little.

The level of

MILLIONS OF PERSONS*

MILLIONS OF PERSONS**

UNEMPLOYMENT -v.
_._ — --.--»»«» — — •••
i i i i i I i I I> I

I i I I I I I II i I

PERCENT OF CIVILIAN LABOR FORCE

PERCENT OF

CIVILIAN LABOR

UNEMPLOYMENT RATE
(SEASONALLY ADJUSTED)
1

T

FT

-T

"-

r

-• -IT -|_.

*-•

-

-

':

• T

,.

,S

',» '1
s?J

I
1957

1956

'?

,

L
1958

I960

1959

1961

* 14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR.

Period

1955
1956
1957
1958
1959
1960
1961. ..
1961:
June
July
August
SeptemberOctober
NovemberDecember. _
1962:
January
February
March
April 2
April 2 . ...
May 2__ . _
June

Total
labor
force
Civilian
(includ- labor
ing
force
armed
forces)

ty

f
962

COUNCIL OF ECONOMIC ADVISERS

Civilian employment
Total

Nonagricultural

Civilian employment
Unemployment

Civilian
labor
force

Total

Agricultural

Nonagricultural

Unemployment

Unemployment
rate (percent of
civilian labor
force)
Unad- Seasonjusted ally adjusted
Percent
4. 4
4. 2
4.3
6. 8
5. 5
5. 6
6.7

Thousands
65, 848 62, 944
67, 530 64, 708
67, 946 65,011
68, 647 • 63, 966
69, 394 65, 581
70, 612 66, 681
71, 603 66, 796
Unadjusted

of persons 14 years of age and over
56, 225 2, 904
58, 135 2, 822
58, 789 2,936
58, 122 4, 681
59, 745 3, 813
60, 958 3, 931
61, 333 4, 806
Seasonally adjusted '

76, 790
76, 153
75, 610
73, 670
74, 345
74, 096
73, 372

74, 286
73, 639
73, 081
71, 123
71, 759
71, 339
70, 559

68, 706
68, 499
68, 539
67, 038
67, 824
67, 349
66, 467

62, 035
62, 046
62, 215
61, 372
61, 860
62, 149
62, 049

5, 580
5, 140
4,542
4, 085
3, 934
3, 990
4,091

71, 983
71, 633
71, 789
70, 981
71, 473
71, 482
71, 272

66, 900
66, 698
66, 998
66, 243
66, 822
67, 148
66, 936

5,504
5,473
5,662
5, 156
5,472
5,311
5,204

61, 543
61,371
61,417
61, 188
61, 369
61, 840
61,618

4,936
4,923
4,887
4, 867
4,762
4,370
4,274

7.5
7.0
6.2
5. 7
5. 5
5. 6
5.8

6.9
6.9
6.8
6. 8
6.7
6.1
6.0

72, 564
73, 218
73, 582
73, 864
73, 654
74, 797
76, 857

69, 721
70, 332
70, 697
70, 979
70, 769
71, 9SS
74, 001

65, 058
65, 789
66, 316
67, 027
66, 884
68, SOS
69, 539

60, 641
61, 211
61, 533
61,979
61, 863
62, 775
63, S49

4, 663
4, 543
4, 382
3,952
S, 946
3, 719
4, 463

71, 435
71, 841
71, 774
71, 696
71, 484
71, 850
71, 706

67, 278
67, 894
67, 947
67, 704
67, 499
67, 931
67, 711

5,453
5, 603
5, 560
5,347
B,S55
5, SI 4
5, 190

61, 690
62, 206
62, 280
62, 353
68, SS6
62, 775
68, 747

4, 159
4,008
3, 914
3,971
3, 968
3, 903
3,917

6.7
6. 5
6. 2
5. 6
5. 6
5. S
6.0

5.8
5. 6
5.5
5. 5
5. B
5.4
!>. C

68,
70,
70,
71,
71,
73,
74,

896
387
744
284
946
126
175

i Seasonally adjusted totals may differ from sum of components because totals
and components nave been seasonally adjusted separately.
3
1960 Population Census data used in estimation procedure; all other data
based on 1950 Population Census.




NOTE.—For definitions and coverage, see Employment and learnings, Department of Labor. Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
w

UNEMPLOYMENT INSURANCE PROGRAMS
Insured unemployment averaged 1.7 million in June, about 1.2 million less than in June 1961.

MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

JAN.

FEB.

APR.

AUG.

MAY

OCT.

SOURCE: DEPARTMENT OF LABOR.

Period

1957
1958
1959...
1960
1961

1961: May.

June
July
August
September...
October
November
December
1962: January
February
March
'
April

May

June *
Week ended:
1962: June

2.

16..
23-30 3 _
July 73.

COUNCIL OF ECONOMIC ADVISERS

All programs
Insured Total
unem- benefits
Covered ploypaid
employ- ment
(milment
(weekly lions of
averdolage) '
lars) i
Thousands
43, 436
1, 567
44, 412
3,269
45, 728
2, 099
46, 334
2,067
46, 264
2,994
45, 899
3, 290
46, 654
2, 877
46, 762
2, 678
47, 154
2, 357
47, 224
2, 122
47, 129
2,018
2, 172
47, 237
47, 637
2, 533
3,015
2, 925
2,702
2, 216
1, 840
1,668

1, 774
1, 730
1,671
1, 650
1, 600

1, 913. 0
4, 209. 2
2, 803. 0
3, 022. 7
4, 358. 1
457. 2
403. 9
321. 9
333. 5
263. 4
255.3
261. 4
286. 0
395. 2
350. 0
381. 0
297. 9
254 3
225. 0

State programs
Insured
unemployment

10

Initial
claims

Insured unemployment as perExhaus- cent of covered
employment
tions
Unad- Seasonjusted ally adjusted

Weekly average, thousands
1, 450
23
268
2, 509
50
370
1, 682
281
33
31
1, 906
331
2, 290
350
46
2, 328
297
54
53
1,991
279
1, 958
50
357
1, 744
44
271
1, 558
257
38
1, 502
277
35
1, 662
34
320
2,017
394
35
2, 486
39
429
2, 410
39
320
39
2, 218
273
39
267
1, 831
1,570
250
33
1,469
30
258

1, 538
1, 507
1, 464
1,463
1, 429

1
Includes Federal and State programs for temporary extension of benefits be(Inning June 1968.
1
Not available.
'Preliminary.




NOV.

231
245
238
277
275
407

Percent
3. 6
6. 4
4. 4
4. 8
5.6

5. 7
49
4. 8
4. 3
3. 8
3. 7
4. 1
5.0
6.2
d0
5. 5
45
3. 9
3. 6

6.6
5.3
5.S
5. S
6. 1
5. 1
6. 1
4.8
4.7
4.6

4.4
3. 9
3.8
4-0

Benefits paid
Total

Average
weekly
lions of
check
dollars) (dollars)

/mil-

1, 733. 9
3, 512. 7
2, 279. 0
2, 726. 7
3, 422. 7
320. 1
264. 4
224. 0
237. 2
185.0
180.9
190. 9
218. 5
314. 9
280. 0
310. 2
239. 6
215. 0
195. 0

28. 17
30. 58
30. 41
32.87
33.80
33.46
32. 92
32. 91
33. 36
33. 12
33. 30
33. 67
34. 11
34. 44
34. 50
34. 98
34. 52
34. 04
33. 80

3.8
3.7
3.6
3. 6
3.5

NOTE.—For definitions and coverage, see I960 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Rico since January 1961.
Source: Department of Labor.

NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment, seasonally adjusted, increased by 45,000 in June.
private sector declined slightly.
MILLIONS OF WAGE
AND SALARY WORKERS
60

However, employment in the

MILLIONS OF WAGE
AND SALARY WORKERS

ALL NONAGRICULTURAL ESTABLISHMENTS

MANUFACTURING

58

TOTAL

i

<•

54

DURABLE
GOODS
INDUSTRIES

52

"V.,-'"
NONDURABLE
GOODS INDUSTRIES •*«

50
48 Lj,

1959

1962

I960

4.0

CONTRACT CONSTRUCTION
(ENLARGED SCALE)

WHOLESALE AND RETAIL T R A D E
(ENLARGED SCALE)

Z.S

S..O
1959
I960
* SEASONALLY ADJUSTED DATA.
SOURCE: DEPARTMENT OF L-ABOR.

1961

1962

1962

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers l]
Manufacturing (private)
Total,
unadjusted

Period

1955
1956
.1957
1958
„
1959
1960
1961s

-_

SO, 675
52, 408
52, 904
51, 423
.. 63, 380
54, 347
64, 076

1961- May
June
July
August
September
October
November
December
1962: January
February. . _ _
March
April 3
Mav
June 3




53, 708
54, 429
54, 227
54, 5S8
54, 978
55, 065
55, 129
55, BOS
53, 7S7
53, 823
54, 056
54, 849
55, 177
55, 654

Total

Total

Durable Nondura- Total 2
goods ble goods

50, 675
52, 408
52, 904
51, 423
53, 380
54, 347
54, 076

16, 882
17, 243
17, 174
15, 945
16, 667
16, 762
16, 268

9,
9,
9,
8,
9,
9,
9,

53, 894
54, 182
54, 335
54, 333
54, 304
54, 385
54, 525
54, 492
54, 434
54, 773
54, 901
55, 260
55, 371
55, 414

16, 275
16, 373
16, 392
16, 381
16, 323
16, 361
16, 466
16, 513
16, 456
16, 572
16, 682
16, 848
16, 899
16, 904

9,058
9, 114
9, 138
9, 131
9, 105
9, 112
9, 213
9, 244
9, 217
9, 312
9, 385
9, 490
9, 543
9, 532

541
834
856
830
369
441
044

3rail
•iod

7, 340 26, 879
7, 409 27, 888
7, 319 28, 104
7, 116 27, 585
7,298 28, 523
7, 321 29, 065
7, 224 28, 977
Seasonally
7, 217 28, 845
7, 259 28, 988
7,254 29, 108
7, 250 29, 087
7. 218 29, 045
7, 249 29, 057
7, 253 29, 067
7, 269 29, 042
7, 239 28, 949
7,260 29, 157
7, 297 29, 146
7, 358 29, 324
7,356 29, 350
7, 372 29, 326

Nonmanufacturing (private)

Government
Contract Transporta- Wholesale (Federal,
construc- tion and pub- and retail State,
trade
tion
lic utilities
local)
2,802
10, 535
6, 914
4, 141
10, 858
2,999
4, 244
7,277
7,626
2, 923
4, 241
10, 886
2, 778
3,976
10, 750
7, 893
4, 010
11, 125
8, 190
2, 955
2, 882
4, 017
11, 412
8, 520
2, 760
3, 923
11, 365
8, 831
adjusted
2, 742
3, 903
11,355
8, 774
8,821
2, 795
3, 914
11, 392
2, 776
3, 942
11, 437
8,835
2, 770
3, 939
11, 410
8, 865
2, 754
3,939
11,363
8,936
2, 758
3, 929
11, 365
8, 967
11,374
8, 992
2, 719
3, 927
2, 699
3, 911
11, 366
8,937
2, 594
3, 906
9,029
11, 384
2, 694
3, 914
11, 447
9, 044
2, 648
3, 927
11, 460
9, 073
2, 734
3, 935
11, 546
9,088
3, 934
9, 122
2, 717
11, 575
2, 687
3, 929
11, 573
9, 184

m era t ion of population, whereas the estimates in this table are based on rcpor
from employing establishments,
2
Includes mining; finance, insurance, and real estate; and service and nifscellaneous, not shovra separately.
t Preliminary.
NOTE—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.

11

WEEKLY HOURS OF WORK
In June, the average workweek of production workers in manufacturing was 40.4 hours (seasonally adjusted), or
0.2 hours less than in May.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
DURABLE MANUFACTURING

HOURS PER WEEK (SEASONALLY ADJUSTED)
46
NONDURABLE MANUFACTURING

44

44

42

42

40

40

.38

36

36

36

34Uii ii I i t ' l l
1959

1961

I960

34

1962

1999

1961

1962

1961

1 i i i i k.
1962

44

42
CONTRACT

RETAIL TRADE

CONSTRUCTION

40

42

38

40

36

38

34

36

32

34

«• •*——

30

I9S9

32

1961

I960

r—*—-—»

Tj i i i , 1 , , , , i

I9.S9

1962

I960

SOURCE: DEPARTMENT OF LABOR.

Period

, COUNCIL OF ECONOMIC ADVISERS

Average hours per week 1
Manufacturing industries
Non- Contract
Durable durable construc- Retail
All
trade
goods
tion
goods

1956._
1957-.
1958..
1959..
I960..
19615.

40. 4
39.8
39.2
40. 3
39. 7
39. 8

1961 May
June
July
August
September.
October
November.
December-1962 January
February..
March
April 5
May
June 5

39.8
39.9
40. 0
40.0
39. 6
40.2
40. 6
40. 4
39. 8
40. 3
40. 5
40. 8
40.6
40. 4

Hours per week
41. 0
39. 6
37. 5
40.3
39. 2
37.0
39. 5
38.8
36.8
40. 7
39.7
37.0
40. 1
39.2
36.7
40. 2
36. 9
39. 3
Seasonally adjusted
40. 2
39.
36. 3
40. 4
36. 8
39.
40. 5
36. 9
39.
40. 5
39.
37. 1
39.8
39.
36. 7
40. 6
37.2
39.
41.2
37.5
39.
41.2
39.
35. 5
40. 3
34. 4
39.
40. 9
39.
37. 0
41. 0
37. 3
39.
41. 3
40.
36. 6
41. 1
40.
37. 6
40. 9
40.

* Data relate to production workers or nonsupervisory employees. Beginning
1959, data include Alaska and Hawaii.
J
Differs from total nonagricultural employment (p. 9), which includes persons
with jobs but not at work for such reasons as vacation, illness, bad weather, and
Industrial disputes. Beginning 1960, data include Alaska and Hawaii.
See also footnote 2, page 9.

12



s

39. 1
38.7
38.7
38. 7
38. 5
38. 1
38. 3
38. 1
38. 2
37.9
38. 0
38.0
37.9
38. 1
37. 9
38. 0
38. 0
37.8
38. 0

Persons at work in nonagricultural2industries
by hours worked per week
Under 35 hours
Part-time for
economic reasons
Over 40 35-40
hours
hours
Total Usually Usually
partfulltime l
time 3
time*
Millions of persons 14 years of age and over
0. 9
18. 7
27.
9
a
1.
18.7
27. 33
9. 4 ~ 4 E 1l
1.2
17.6
28.6
1.0
9.7
16. 6
1.6
1.3
28.3
10. 4
1. 0
17. 3
27. 7
1. 3
11.7
17. 7
28. 7
1. 2
11. 5
1. 3
29. 0
1. 3
1. 5
18.2
11. 1
18. 1
17.9
17. 2
17.7
18.5
19. 3
19.5
19.7
17. 8
18.3
18. 9
18. 9
19. 5
19. 6

29. 8
29. 9
27. 8
28.4
29. 0
28.4
29. 4
29. 1
28. 3
28. 2
29. 5
30. 2
30.2
29. 6

11.4
10. 5
9.9
9.7
11.2
11. 9
11. 3
11. 3
12. 1
12. 5
11. 2
11. 0
11. 1
10. 3

7

1.3
1.2
1. 1
1.2
1. 1
1. 1
1. 1
1. 1
1.0
1.0
1. 1
1. 0
1. 1
1. 0

7

1.5
2.0
1. 9
1. 9
1. 4
1. 2
1. 3
1. 2
1. 1
1. 2
1. 2
1. 2
1. 2
1.6

Includes persons who worked part-time because of slack work, material shortages or repairs, new job started, or job terminated.
* Primarily includes persons who could find only part-time work.
* Preliminary.
* Not available.
* Average hours worked: usually full-time, 23.7; usually part-time, 16.7.
Source: Department of Labor.

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing were unchanged in June at $2.39.
earnings rose 23 cents, reaching $97.03.

Average weekly

DOLLARS

1959

I

I960

1961

SOURCE: DEPARTMENT OF LABOR.

1962

COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]
Average hourly earnings— current prices
Manufacturing industries Contract
Retail
conNonDurable durable structrade
All
goods
tion
goods

Period

$1. 65
1. 74
1. 78
1. 86
1. 95
2. 05
2. 11
2. 19
2. 26
2. 32
1961
2. 32
1961: May...
June. .. .. _ - 2. 32
2. 33
July
2. 31
AugustSeptember
2. 33
2. 34
October,
2. 36
November
2. 38
December
1962: January
2. 39
2. 38
February
2. 38
March
2. 39
April 2
2. 39
May2
2. 39
June

1952
1953
1954
1955
1956
1957
1958
1959
1960 2

]
Earnings in current
1
Preliminary.
3

$1. 75
1. 86
1. 90
1. 99
2. 08
2. 19
2. 26
2. 36
2.43
2. 49
2. 48
2. 49
2. 49
2. 48
2. 50
2. 51
2. 54
2. 55
2. 56
2. 55
2. 56
2. 56
2. 56
2. 55

$1. 51
1. 58
1. 62
1. 67
1. 77
1. 85
1. 91
1. 98
2. 05
2. 11
2. 11
2. 11
2. 12
2. 10
2. 12
2. 13
2. 14
2. 15
2. 16
2. 15
2. 16
2. 16
2. 17
2. 17

$2. 13
2. 28
2. 39
2. 45
2. 57
2. 71
2. 82
2. 93
3. 07
3. 19
3. 16
3. 16
3. 16
3. 17
3. 22
3. 22
3. 24
3. 29
3. 33
3. 23
3. 27
3. 27
3. 22




3

Average weekly earnings — current prices
Manufacturing industries
All

$1. 18 $67. 16
1. 25 70. 47
1. 29 70. 49
1. 34 75. 70
1. 40 78. 78
1. 47 81. 59
1. 52 82. 71
1. 57 88. 26
1. 62 89. 72
1. 68 92. 34
1. 68 92. 10
1. 69 93. 03
1. 69 93. 20
1. 69 92. 86
1. 70 92. 73
1. 71 94. 54
1. 71 95. 82
1. 69 96. 63
1. 72 94. 88
1. 73 95. 20
1. 73 95. 91
1. 74 96. 56
1. 75 96. 80
97. 03

prices divided by the consumer price index on o 1961 base.

Not available.
86574°—62

|

NonDurable durable
goods
goods
$72. 63 $59. 95
62. 57
76. 63
76. 19
63. 18
66. 63
82. 19
70. 09
85. 28
72. 52
88. 26
74. 11
89. 27
96. 05
78. 61
97. 44
80. 36
82. 92
100. 10
82. 29
99. 70
83. 56
101. 09
84. 16
100. 35
83. 58
100. 44
83. 74
100. 00
84, 77
102. 66
104. 39
85. 39
85. 57
105. 32
84. 24
103. 17
84. 28
103. 53
104. 45
85. 32
105. 22
85. 54
86. 15
105. 22
104. 81
87. 02

Contract
construction

Retail
trade

$82. 86
86. 41
88. 91
90. 90
96. 38
100. 27
103. 78
108. 41
112. 67
117. 71
116. 29
119. 13
119. 76
122. 05
120. 43
123. 00
118. 26
114. 82
111. 22
1 13. 37
118. 05
120. 01
123. 00

$47. 79
49. 75
51. 21
53. 06
54. 74
56. 89
58. 82
60. 76
62. 37
64. 01
63. 84
64. 90
65. 57
65. 23
64. 60
64. 64
64. 13
64. 73
64. 84
65. 22
65. 39
65. 42
65. 98

NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.

Average
weekly
earnings,
all manufacturing
industries,
1961 prices '
S75. 63
78. 83
78. 50
84, 58
86. 67
86. 80
85. 62
90. 62
90. 72
92. 34
92. 47
93. 22
93. 01
92. 77
92. 36
94. 16
95. 44
96. 3 t
94. 60
94. 63
95. 15
95. 60
95. S I
pi

13

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) changed little in June. Production of business equipment
continued to increase while output of materials end consumer goods was about the same as in May.
INDEX, 1957=100 (SEASONALLY ADJUSTED)

INDEX, 1957 = 100 (SEASONALLY ADJUSTED)

I5O

80
1962
COUNCIL OF ECONOMIC ADVISERS

SOURCE: B O A R D OF GOVERNORS OF THE F E D E R A L RESERVE SYSTEM.

Total
industrial
production

Period

1952
1953
1954

1955

__

1956

1957
1958 ...
1959
1960
1961 '

1961: May
June
July
August
September
October. _
November, _
December,
1962: .I.'inuiiry. ,
1'Vbnmrv
Mnroh_.
April
Muy. . ,
June '.
' Preliminary.

14



[1957=100, seasonally adjusted]
Industry
Manufacturing

_

Total

83 8
90. 8
85. 4
96. 0
99. 3
100. 0
92. 9
104. 9
108. 0
109. 0
108. 3
110. 4
112. 0
113. 0
111. 0
112. 8
114. 1
114. 8
113. 5
114. 8
115. 7
116. 8
117. 5
117. 8

84. 8
92. 1
85. 8
96. 7
99. 5
100. 0
92. 4
105. 3
]08. 2
108.8
108. 2
110. 5
112. 2
113. 1
111. 0
112. 8
114. 2
115. 1
113. 5
115. 1
116. 0
117. 2
118. 0
118. 2

NonDurable durable
85. 1
96. 0
85. 0
97. 9
100. 0
100. 0
86. 8
101. 5
104. 3
102. 9
102. 7
105. 3
107. 3
107. 9
105. 1
106. 7
108. 9
110. 2
108. 4
110. 3
111. 8
113. 3
113. 9
113. 6

83. 3
86. 9
86. 9
95. 0
98. 9
100. 0
99. 9
110. 3
113, 4
116. 8
115. 5
117. 4
119. 0
120. 2
118. 9
121. 2
121. 4
121. 6
120. 4
121. 6
12]. 8
122. 5
123. 4
124. 2

Mining

Utilities

86. 5
88. 8
86. 2
94. 8
100. 1
100. 0
91. 4
95. 3
97. 1
98.0
97. 1
97. 6
97. 8
98. 8
97. 1
99. 8
100. 9
100. 9
99. 0
99. 0
99. 4
101. 1
99. 9
101. 7

65. 2
71. 1
76. 5
85. 4
93. 6
100. 0
104. 5
115. 0
123. 1
131. 2
130. 2
131. 2
131. 6
134. 5
135. 4
135. 4
134. 6
134. 7
136. 6
136. 7
137. 5
137. 0
140. 0
140. 5

Market
Final products
ConTotal
sumer Equipment
goods

85. 2
90. 7
86. 5
94. 6
98. 9
100. 0
95. 1
106. 5
110. 6
111. 9
110. 8
112. 7
114. 3
114. 7
112. 9
115. 4
116. 9
117. 8
116. 1
116. 7
118. 1
118. 9
120. 5
120. 8

82. 5
88. 1
87. 2
96. 5
98. 7
100. 0
99. 0
110.0
114. 4
116. 2
115. 4
117. 8
119. 5
119. 8
116. 4
119. 3
120. 7
121. 9
120. 5
120. 3
121. 7
122. 7
124. 1
124. 2

90. 0
96. 1
85. 0
90. 9
99. 1
100. 0
87. 3
99. 5
102. 9
103. 5
101. 6
102. 4
103. 9
104. 7
105. 9
107. 4
109. 4
109. 7
107. 6
109. 6
110. 9
111. 5
113. 5
114. 3

Source: Board of Governors of the Federal Reserve System.

Materials

82. 7
90. 8
84. 4
97. 1
99. 7
100. 0
91. 0
103. 5
105. 7
106. 4
106. 2
108. 7
109. 5
111. 2
109. 2
110. 7
111. 2
112. 1
111. 2
112. 7
113. 8
115. 1
115. 2
115. 3

PRODUCTION OF SELECTED MANUFACTURES
Output of primary metals and transportation equipment (seasonally adjusted) declined in June while production of
other durable and nondurable manufactures increased.
INDEX, 1957=100 (SEASONALLY ADJUSTED)

INDEX, I957 = IOO (SEASONALLY ADJUSTED)
160

120

CHEMICALS, PETROLEUM,
AND RUBBER

f^t~~

^^ ^»».
. '
.
,

/'""*—•!
i*S*-~r-*-"

1959

SOURCE:

BOARD OF GOVERNORS OF THE

1

^

f

. '
-'
— r—

,
*t^^— «X^

GES
AND TOBACfl O

I960

1961

1962

COUNCIL OF ECONOMIC ADVISERS

FEDERAL RESERVE SYSTEM.

[1957=100, seasonally adjusted]
Durable manufactures
FabriPrimary
cated
metals
metal
products

Period

1952
1953
1954

1955
1956 .
1957 .
1958
1959
1960

.

... .

-

1961 >

1961: May
June. _
July
August _ _
September .
October _ .
November
December
1962: January _ _
February _
March
April
May^
June ]
.
1

Preliminary.
• Not available.




..

.

. _ _.

88. 5
100. 3
81. 3
105. 5
103. 7
100. 0
78. 0
89. 5
90. 3
88. 2
89. 9
92. 3
94. 6
98. 2
98. 7
95. 9
96. 2
99. 0
100. 5
104. 7
104. 0
100. 2
91. 0
86

87. 8
98. 8
88. 8
96. 9
97. 4
100. 0
91. 6
103. 9
106. 0
104. 9
104. 8
107. 3
108. 1
111. 0
105. 3
109. 8
111. 8
112. 2
110.4
110. 6
111. 8
113. 2
115. 4
118

Nondurable manufactures

Transpor- Lumber Textiles,
Machin- tation
and
apparel,
ery
equipprodand
ment
ucts
leather
88. 4
96. 4
84.3
92. 6
102. 8
100. 0
85. 2
102. 8
106. 4
106. 1
104. 3
107.3
110. 2
108. 5
107. 8
108. 4
109. 8
112. 2
111. 4
112. 8
115. 6
117. 7
119. 5
121

68. 6
86. 2
78. 7
95. 9
91. 5
100. 0
84. 2
97. 8
101. 7
97. 3
99.0
100. 6
102. 2
102. 7
94. 5
100. 5
106.0
107. 7
103. 5
104. 5
106. 6
109. 6
112. 5
109

100. 9
106. 7
103. 9
114. 2
109. 9
100. 0
99. 7
113. 1
106. 5
105. 2
106. 6
110. 6
111. 2
108. 8
107. 4
103. 4
104. 7
106. 9
101. 4
113. 9
110. 8
112. 3
112. 5
(2)

92. 2
93. 6
89. 6
98. 4
101. 1
100. 0
99. 2
115. 2
114. 8
115. 6
113. 3
115. 7
118. 2
120. 3
118. 1
121. 7
121. 6
122. 9
119. 7
121. 1
121. 5
122. 4
122. 2
123

Paper
and
printing
79. 4
84. 5
86. 9
94. 6
99. 3
100. 0
99. 2
107. 6
111. 5
114. 9
113. 6
114. 9
114. 8
117. 8
117. 1
117. 4
118. 0
118. 7
118. 0
119. 3
118. 6
118. 0
119. 3
120

Chemicals, Foods,
beverpetroleum, and ages, and
rubber tobacco
74. 5
80. 2
79. 3
91. 8
96. 3
100. 0
98. 8
112. 7
117. 7
122. 6
121. 7
124. 6
127. 4
127. 3
125. 7
128. 4
128. 8
129. 6
127. 4
129. 9
129. 0
130. 7
134. 3
137

90. 2
91. 2
92. 8
96. 2
99. 8
100. 0
102. 1
106. 5
109. 4
113. 2
112. 1
113. 1
113. 9
114. 2
113. 8
116. 1
116. 1
114. 6
115. 3
115. 2
117. 0
116. 4
1 1 6. 2
117

Source: Board of Governors of the Federal Reserve System.

15

WEEKLY INDICATORS OF PRODUCTION
In June, steel continued to decline with a drop of 8 percent; car assemblies were down about 10 percent, primarily
as a result of a strike. Most other weekly indicators showed gains for the month.

MILLIONS OF TONS

MILLIONS

OF SHORT TONS

(DAILY AVERAGE)

1 i t t i i i i i |_L' ' 1 ' '-iJLJ1,4U ' ' ' '.'_' ' I ' ' ' ' t I i 1.1-LuJLL.i-i '

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

Period
Weekly average:
1956
1957. . ...
1958

1959 . ...

1960
1961
1961: May
June
July
August
September
October
November
December
1962: January
February March
April
May
June 2
Week ended:
1962: June 9
16
23
30
Julv 7 '
142
'1 Daily average.
Preliminary,

16



COUNCIL OF ECONOMIC ADVISERS

Electric
Bituminous Freight Paper board
Steel produced
Cars and trucks
power
coal mined
loaded
produced assembled (thousands)
distributed (thousands
Index
Thousands
of net
(1957-59 = (millions of
of short (thousands (thousands Total
Cars Trucks
of cars)
of tons)
tons
100)
kilowatt-hours)
tons) '

2, 204
2, 162
i, 635
1, 792
i 80 ci
1, 880
2, 027
1, 993
1, 831
], 955
2,083
2, 071
2, 039
2, 165
2, 337
2, 425
2, 389
2, 153
I, 701
1, 558

118. 3
116.0
87. 8
96. 2
101. 9
100. 9
108. 8
107. 0
98. 3
104. 9
111. 8
111. 2
109. 4
116. 2
125. 4
130. 1
128. 2
115. 6
91. 3
83. 6

11, 292
11, 873
12, 076
13, 206
14, 685
15, 139
14, 223
15, 100
15, 274
15, 917
15, 518
15, 146
1 5, 576
16, 287
16, 592
16, 340
15, 998
15, 388
15, 699
16, 254

1, 580
1, 587
1, 563
1, 501
1, 239
3
1, 370
3
Not Charted.

84. 8
85. 2
83. 9
80. 6
66. 5
73. 5

15, 876
15, 991
16, 628
16, 520
15, 442
^_ .

1, 693
1, 644
1, 380
1, 380
1 , 390
1, 343
1, 309
1, 447
1, 292
1, 392
1, 408
1, 501
1, 525
1, 392
1, 447
1, 374
1, 340
] , 403
1, 402
1, 473

728
683
581
596
585
550
555
582
543
593
588
645
577
509
518
530
548
562
574
589
581
590
593
590
420

274
272
275
307
306
320
320
333
268
334
327
353
341
314
305
348
357
343
351
357

132. 8
138. 6
98. 4
129. 5
151. 8
127. 8
141. 0
153. 1
118. 8
60. 3
103. 3
146. 2
174. 4
171. 2
159. 5
158. 5
161. 3
172. 2
171. 9
158. 8

111. 6
117. 6
81. 6
107. 6
128. 8
106. 1
118. 4
127. 5
97. 7
44. 6
83. 8
125. 1
149. 7
145. 4
136. 7
134. 0
136. 9
147. 1
146. 9
132. 9

21. 2
21. 0
16. 8
21. 9
23. 0
21. 7
22. 6
25. 5
21. 1
15. 7
19. 6
21. 0
24. 7
25. 7
22. 8
24. 5
24. 4
25. 1
25. 1
25. 8

346 176. 8 150. 1
26. 7
362 175. 7 147. 8
27. 9
359 132. 7 107. 4
25. 3
362 149. 9 126. 4
23. 5
238 130. 4 112. 3
18. 0
244 169. 8 144. 7
25. 2
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports,
1,
1,
1,
1,
1,

457
494
583
545
565

NEW CONSTRUCTION
In June, expenditures for new construction (seasonally adjusted) rose nearly 4 percent.
private construction, largely residential, increased.

Outlays for both public and

BILlJONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

/

•»• -

6O

TOTAL NEW CONSTRUCTION »
^

,*^

^^^ s

*-~r^

,-

60

\S

^/

SO

***—%^——

50

f RIVATE

—-~^

^

<**-*

40

3O

'

, ——
^

——

.*--*-* - .
. /

40

—»--'•'
SO
7

eo
f

»^T«*« «»i .r*****n**

V^
20"

N

^rr""?*"^*^

10

10
0

1

PRIVATE RESIDENTIAL
( NONFARM w
^\.

20

^

1 t-1 1

""""-«•

„

1958

1

- ,
i

47.8
49.0
54. 1
56. 6
55.6
57.4

1957
1958
1959
1959 (new series) 3
1960_.

1961

t

!

I ,

,

!

1

May
June 4 — _ —

- -

55.5
57. 2
57.0
58. 0
58.9
58. 9
61.0
58. 9
59.0
56.8
57. 9
58.3
60.7
63. 0

1

1

1

1

1

1

t

1

0

1 1

EO

10

i i i i i 1 i i i i i. i

t i i r f . i i i i

!

1

1

1

1

I

1 1 1

.

l|

'o

1962

1961

I960

1959

COUN CIL OF ECONOMIC ADVISERS

Total

33.8
33. 5
38.0
40. 3
39.6
40. 4

Residential Commercial and
(nonfarm) industrial
Billions of dollars
7. 1
17. 0
6.0
18.0
6.0
22. 3
25. 0
6.0
7.0
22. 5
22. 5
7.4

39. 2
40. 3
41. 2
41.3
41.7
41. 8
42. 0
41. 9
41. 1
39. 9
40. 6
41.7
43. 5
45.0

21.3
22. 3
23. 1
23.3
23. 8
24. 0
24. 5
24.4
23.2
22. 2
22. 5
23. 5
25. 0
26. 4

• Compiled by F. W. Dodge Corporation.
' Relates to 48 States beginning 1956 and to 37 Eastern States prior to 1956.
1
In addition to major differences between old and new series, data for Alaska
and Hawaii are included beginning January 1959.




I

. -1 —

Other

9. 6
9. 5
9.7
9.3
10.0
10.4

Construction contracts '
CommerFederal, Total value, cial and industrial
State, and 48 States floor space
(index,
local
1957-59= (millions
100)
of square
feet) 2

14. 1
15. 5
16. 1
16. 2
16.0
17. 0

7.4
7.3
7.2
7.2
7.3
7.3
7.2
7.2
7. 5
7. 3
7.4
7. 6
7.6
7.8

93. 2
101.7
105.1
105. 1
105.2
107. 6
Seasonally
adjusted

SeosoraaHj/ adjusted annual rafes

1961: May
June _ _
July
August
September
October
November
December
1962: January
February- .
March
April.

,

—

Private
Period

1

,./
.
,
^ " ^ S..
• "
f*-.*.*1^

•

*SEE NOTE 3 IN TABL E BELOW.
SOURCE: DEPARTMENT OF COMMERCE.

Total new
construction
expenditures

1

(

1 , , , , ,

1957

1956

I

1 I

.a»«*" —""""-"-i

10
, , , , , 1

> 1

-rf*

- . J - ^

o' '

1 t

10. 6
10. 8
10. 8
10.7
10. 6
10. 5
10. 4
10.3
10. 4
10. 3
10. 6
10. 7
10. 8
10. 9

16. 3
16. 9
15. 9
16. 7
17.2
17. 1
19. 0
17. 0
17. 9
16. 9
17. 3
16. 6
17.3
17. 9

102
111
110
116
103
114
116
119
115
119
131
121
117

421
359
440
440
461
443
Seasonally
adjusted
annual
rales
431
448
428
477
460
401
507
498
453
537
553
479
557

* Preliminary.
Sources: Department of Commerce and F. W. Dodge Corporation.

17

HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts declined 11 percent in June to an annual rate of 1,389,000 units (seasonally adjusted).
applications and VA appraisal requests also declined.

MILLIONS OF UNITS (ANNUAL RATE)

FHA

MILLIONS OF UNITS (ANNUAL RATE)
SEASONALLY ADJUSTED

PRIVATE NONFARM
HOUSING STARTS >-v-._-^

^\_A

V<' T ~~*V\

1962

SOURCES: DEPARTMENT OF COMMERCE) FEDERAL HOUSING ADMINISTRATION (FHfl), AND V E T E R A N S ADMINISTRATION (Vfl).

COUNCIL OF ECONOMIC ADVISERS

[Thousands of units]
Total housing
starts (farm and
nonfarm)
Period

Total
private
and
public

1955 —

1956.

1957
1958
1959

_

1959
I960
1961

1961: May. .
June
July
August
September.
October
November,
December
1962: January
February-.
March-April <_
May <
June'1
2

_

(2)
(2)
(2)
(2)
(2)
1, 553. 5
1, 296. 0
1, 355. 4
130. 7
138. 3
128. 5
130. 1
128. 2
128. 9
105. 5
86. 7
83. 0
77. 8
117. 9
151. 6
154. 1
135. 5

Private

Total
private
and
public

18

Private
Government
programs
VA
FHA

Total

Old series
1, 328. 9 1, 309. 5
(2)
2
1, 118. 1 1, 093. 9
( 2)
1, 041. 9
992. 8
(2)
1, 209. 4 1, 141. 5
(2 )
1, 378. 5 1, 342. 8
()
New series 3
1, 516. 8 1, 531. 3 1, 494. 6
1, 252. 1 1, 274. 0 1, 230. 1
1, 303. 7 1, 327. 2 1, 275. 5
126. 6
128. 3
124. 2
132. 4
135. 3
129. 5
126. 0
122. 7
125. 2
127. 4
124. 2
127. 0
126. 5
122. 4
120.7
126. 4
121. 5
124. 0
102. 5
103. 8
100. 8
82. 4
84. 5
80. 2
80. 6
81. 7
79. 3
76. 4
75. 3
76.7
116. 3
115. 4
113. 8
144. 9
149. 5
147. 0
152. 6
152. 0
150. 5
132. 7
132. 9
130. 1

Units represented by mortgage applications for new home construction.
Not available.
3 See IIousivQ Starts, C 20-11 (Supplement), Bureau of the Census, May 19GO,
for description. (Data for Alaska and Hawaii included.)




Private housing
starts, seasonally adjusted annual rates

Nonfarm housing starts

276.
189.
168.
295.
332.

7
3
4
4
5

392.
270.
128.
102.
109.

Total
farm and Nonfarm
nonfarm
9
7
3
1
3

Proposed home
construction
Applications for
FHA
commitments '

Requests
for VA
appraisals1

2
7
8
7
7

620. 8
401. 5
159. 4
234, 2
234. 0

369. 7
242. 4
243. 8
23. 9
23. 4
20. 6
24, 4
19. 6
22. 1
17. 4
16. 4
14. 5
18.7
24. 6
22. 7
23. 1
20. 4

234. 0
142. 9
177. 8
14.7
17.6
15. 1
17. 4
15.7
16. 1
13. 5
11. 0
12. 9
12. 0
19. 0
16. 3
17.8
14. 7

306.
197.
198.
341.
369.

New series 3
332. 5
260. 9
244. 3
23. 7
22. 1
21. 3
25. 5
20. 9
23. 4
22. 9
17.3
IS. 5
15. 5
21. 1
25. 5
26. 4
24. 1

109. 3
74. 6
83. 3
8.0
7. 8
7.3
8. 4
7.3
9. 2
7. 3
5. 7
4. 0
5. 0
6. 1
7. 8
8. 1
7. 3

1, 291
1, 381
1,343
1,326
1,383
1,4S4
1,361
1, 297
1, 273
1, 1SS
1,431
1, 542
1, 555
1,389

1,S68
1,351
1,318
1,301
1,385
1,404
1, 328
1, 257
1, $47
1, 134
1,407
1,521
1, 542
1,361

* Preliminary.
Sources: Department of Commerce, Federal Hous ing Administration (FHA),
and Veterans Administration (VA),

TRADE SALES AND INVENTORIES
Retail sales (seasonally adjusted) declined by Vz percent in May, while sales at wholesale advanced 2 percent.
Preliminary data show a 2 percent decline in retail sales for June.
BILLIONS OF DOLLARS*

—

14

BILLIONS OF DOLLARS*

RETAIL TRADE

16

WHOLESALE TRADE

-~

—

DURABLE GOODS STORES
INVENTORIES

x~~

>V

V

i^^^^

-

"7 V-^1

*^r ^
^
1

NVENTORIES

10

-

12

^***^~***st y

/v
**t2*K? *?--^ ^"y V

-

SALES

SALES

_,
--

6

.A
*\,

8

DEPARTMENT STORES
INVENTORIES

INVE NTORIES

_

Lx**- ""~

14

+~S*^

"
160

SALES
^V--»»-"- ,-«•»-—'v*"

."
' •

w

1959

*

, , , , , , , , , , , , , , , , , , ,,, , 1
1960

1961

v

x

<

100

1962

_

1 ,1 ,, 1 ,,, ,,

,,,,,,
I960

1959

1961

•SEASONALLY ADJUSTED.

SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Wholesale
1

•

Period

Sales '

Inventories 2

Total

Inventories

NonDurable durable
goods
goods
stores
stores

Total

Department stores

2

NonDurable durable
goods
goods
stores
stores

Billions of dollars, seasonally adjusted

1954
1955
1956
1957.
1958,
1959.
1960

...
..

1961
1961: April
.May
June.-July
... .._
August
September
October
November
December
1962: January
February _ _ -March
April 8
May °
June °

9. 7
10. 6
11. 3
11. 3
11. 1
12. 3
12. 3
12. 6
12. 1
12. 8
12. 8
12. 5
12. 8
12. 1
12. 9
13. 1
12. 7
13.1
12.7
12. 8
13. 1
13. 4

1
Monthly average for year and total for month.
1
Book value, end of period, seasonally adjusted.
1

10. 4
11. 4
13. 0
12. 7
12. 0
12. 6
13. 2
13. 5
13. 4
13. 5
13. 5
13. 6
13. 6
13. 5
13. 4
13. 3
13. 5
13.6
13. 6
13. 7
13. 7
13.7

14. 1
15. 3
15. 8
16.7
16. 7
18. 0
18. 3
18. 2
17.9
18. 0
18. 2
18. 0
18. 2
18. 1
18. 6
19. 1
18. 8
18.8
19. 0
19. 3
19. 6
19. 5
19. 1

UeRjnnlnR January I960, data include Alaska and Hawaii.
*End of period, except annual data, which are rr.onthly averages.




4.8
5. 6
5.5
5. 7
5. 3
6. 0
5. 9
5. 6
5. 4
5. 5
5. 6
5. 5
5. 5
5. 6
5.9
6. 2
5. 9
5. 9
6. 0
6. 2
6. 3
6.2
5. 9

9. 2
9. 7
10. 3
11. 0
11. 4
12. 0
12. 4
12. 6
12. 5
12. 4
12. 6
12.5
12. 7
12. 5
12. 7
12. 9
12. 9
12. 9
13. 0
13. 1
13. 3
13. 3
13. 1

1962

COUNCIL OF ECONOMIC ADVISERS

Retail

Sales l 3

1

i • i
i • i

*

\ /\/-'v,XV""
SALES

120

r, ,, , , i ,, , , ,

^c

-*J

N-^1

-~

12 -„*»*'"-•'

0

,....}

INDEX, 1947-49*100 *

NONDURABt E GOODS STORES
16 -

,,,,,,

,,,,,,

.1
<;

£

20. 9
22. 8
23. 4
24. 6
24. 3
25. 5
27. 2
26. 9
26. 2
26. 2
26. 2
26. 3
26. 0
26.3
26. 4
26. 8
26. 9
26. 9
26. 9
26. 8
26. 9
27. 0

9. 3
10. 5
10. 5
11. 4
10. 7
11. 3
12.3
11. 5
11. 2
11. 3
11. 4
11. 5
11. 0
11.3
11. 3
11. 4
11. 5
11. 5
11. 5
11.4
11. 4
11. 4

11. 7
12. 2
12.9
13.2
13. 6
14.3
14. 9
15. 3
14. 9
14, 9
14, 9
14. 9
15. 0
15. 1
15. 1
15. 3
15. 3
15. 3
15. 4
15. 4
15. 4
15. 5

Sales 'I

Inventories 4

Index, 1947-49=100,
seasonally adjusted 5
128
118
136
128
148
135
152
135
148
136
144
156
165
146
166
149
149
161
163
144
163
149
160
151
168
150
170
150
151
170
172
153
156
172
172
149
172
150
17.'!
156
172
158
160
375
154

6
6

Based on retail value.
Preliminary.
Sources: Department of Commerce and Board of Governor.-! of the
Keserve System.

19

MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
There was little change during May in manufacturers' sales, inventories, and orders (seasonally adjusted). Preliminary
data indicate that new orders for durable goods declined again in June.

BILLIONS OF DOLLARS *

BILLIONS OF DOLLARS*

40

MANUFACTURERS' INVENTORIES

20

40

DURABLE GOODS

eo

30

_MANUFACTURERS' NEW ORDERS.
NONDURABLE GOODS

NONDURABLE GOODS
tiiuiiiuiuitWfel . i i i n i
uuuu ii

DURABLE GOODS

20

10

1959

1961

I960

1959

* SEASONALLY ADJUSTED.
SOURCE'. DEPARTMENT OF COMMERCE.

1962

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted]
Manufacturers' sales '
Period
Total

1954
1955
1956
1957
1958
1959
1960
1961.. .
1961: April
. .
May
._
June _
July
August
September
October
November _
December. _
1962: January
_ .
February
March
April33
May . _ .
June 3 4 -_

NonDurable durable
goods
goods

23. 5
26. 3
27. 7
28. 4
26. 2
29. 7
30. 4
30.7
30.1
30.7
30. 8
31. 1
31. 4
31.4
31.8
32. 2
32. 4
32. 0
32. 8
33. 2
33.5
33. 5

1
Monthly average for year and total for month.
* Book value, end of period, seasonally adjusted.

20




11.2
13. 1
13. 8
14. 2
12. 4
14 5
14.7
14 5
141
146
14.7
14.8
15.0
15. 0
15. 3
15. 6
15. 7
15. 5
16. 0
16. 3
16. 4
16. 4
16. 0

12.3
13. 3
13. 9
14 2
13. 8
15. 2
15. 7
16. 2
16. 0
16. 2
16.2
16. 3
16.3
16. 4
16. 5
16. 6
16. 7
16. 5
16. 9
16. 9
17. 1
17. 1

Manufacturers' inventories 2

NonDurable durable
goods
goods

Total

43.0
46. 4
52.3
53. 5
49.2
52.4
53. 7
55. 2
53.4
53. 4
53. 4
53. 6
54. 0
54. 4
54. 8
55. 0
55. 2
55. 7
56. 2
56. 6
56. 7
56. 7

24. 1
26. 7
30. 7
31. 1
27.9
30. 1
30. 9
31.5
30.2
30. 2
30. 2
30. 4
30. 8
31. 1
31. 4
31. 5
31. 5
31. 9
32. 2
32. 4
32. 5
32. 6
3

18.9
19.7
21. 6
22. 4
21. 3
22. 3
22. 9
23. 7
23. 2
23. 2
23. 2
23. 2
23. 2
23. 3
23. 4
23. 5
23. 7
23. 8
24. 0
24. 2
24. 2
24. 2

Manufacturers' new orders
Total

22. 5
27. 2
28. 3
27. 3
25.9
30. 1
29. 9
31.0
30.4
31. 0
31. 0
31. 3
32. 1
32. 2
32. 6
32. 7
32. 8
32.9
33. 1
33. 0
32. 9
33.0

Preliminary.
Source: Department of Commerce.

1

Durable goods
NonMachinery durable
and
goods
Total
equipment
10.2
3. 1
12. 3
4. 2
13. 9
13. 3
14 4
4.7
13. 9
44
14. 2
13. 1
12. 0
3.9
13. 9
14 9
5. 0
15. 3
49
143
15. 7
5.2
147
16. 2
5.0
14 4
16. 0
5. 2
148
16. 2
14 9
5. 3
16. 2
15.0
5.3
16. 3
5. 5
15. 6
16. 5
15.7
5. 5
16. 5
16. 1
5. 6
16. 6
16. 1
5.7
16. 6
16. 2
5. 5
16. 6
16. 4
5. 8
16. 5
16. 2
5. 7
16. 9
5. 6
16. 0
17.0
5. 5
15.9
17. 0
5.6
15. 8
17. 2
5.6
15.3
* Not charted.

MERCHANDISE EXPORTS AND IMPORTS
In May, exports (seasonally adjusted) dropped about 1 percent and imports rose slightly, leaving a monthly trade
balance of $390 million.
BILLIONS OF DOLLARS
£.5

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED

8.0

z.o
MERCHANDISE EXPORTS EXCLUDING
MUTUAL SECURITY PROGRAM
SHIPMENTS

1.5

I.O

I.O

I9S6

I962

SOURCES: DEPARTMENT OF COMMERCE, AND DEPARTMENT OF DEFENSE.

Period

Monthly average:
1953
1954
1955
1956
1957
1958
1959
I960,
1961
1961: April
Mav
June
July
August . .
September
October
November
December.
1962: January February
March
April
Mav
± -1C.J -

1,022
1,071
1, 191
1,445
1, 626
1,364
1, 367
1, 634
1, 672
1,658
1,577
1,595
1,668
1,660
1,668
1, 773
1, 716
I, 719
1,660
1, 852
1,638
1, 795
1, 775

1, (J48
1,676
1, 644
1, 558
1,598
1,556
1, 817
1, 759
1, 777
1,592
1, 712
1,783
1, 799
1, 892

1,012
143
254
1,060
131
310
162
1, 180
351
1,432
216
441
1,611
208
530
1,351
198
368
1,352
210
366
1, 617
230
510
1, 652
254
486
Unadjusted
1, 630
243
454
262
1,658
473
240
1,623
457
1, 538
231
446
1,578
226
493
1, 540
225
452
1, 794
309
522
1, 740
288
513
284
1, 757
513
254
1,567
415
284
1, 691
420
1, 761
298
427
1, 775
285
417
1, 866
343
450

* Total exports less Department of Defense shipments of grant-aid military
supplies and equipment under the Mutual Security Program.
2 Imports for immediate consumption plus entries into bonded warehouses.
3 Imports for immediate consumption plus withdrawals for consumption from
"bonded warehouses.




COUNCIL OF ECONOMIC ADVISERS

(Millions of dollars]
Merchandise exports excluding
Merchandise imports
Mutual Security Program shipments
Total (includGeneral 8imDomestic exports
Imports for consumption 3
ing reexports)1
ports
Indus- Finished
Indus- Finished
Season- Unad- Total i Food- trial
manu- Season- Unad- Total Food- trial
manually ad- justed
ally ad- justed
stuffs matefacstuffs matefacjusted
rials
tures ' justed
rials
tures
614
620
667
775
872
784
776
877
911
934
922
927
862
860
862
963
940
961
898
987
I, 036
1, 074
] , 074

898
274
910
858
853
276
954
958
260
1,064 1,056
267
1, 105 1, 102
274
1, 105 '1, 101
288
1,302 1, 284
285
1,251 1,251
274
1,227 1,219
276
Unadjusted
251
1, 159 1, 063 1, 067
1, 155 1, 223 1,217
265
1, 177 1, 232 1, 201
286
1, S66 1,285 1, 259
274
1, 361 1, 252 1,267
285
266
1, S80 1, 197 1, 196
1, 318 1, 359 1, 354
296
295
1,811 1, 342 1,337
1, 295 1,273
1,296
280
1, S20 1,373 1, 354
285
1, 814 1, 224 1, 208
263
1, 336 1, 386 1, 369
297
288
1, 874 1, 333 1, 326
316
i, 38 ft ], 4.54 1,399

441
394
477
521
534
489
569
539
520

183
183
217
268
294
326
431
438
423

449
525
504
530
529
516
579
563
548
602
519
586
555
.573

366
427
411
455
453
415
479
479
44T,
407
410
<IS(i
•1S3
5 10

* Total adjusted to exclude $33.5 million of the value reported hy economic
category.
Sources; Pcpiirtmunt of Commerce nml Drpnrljnriil of 1 >rfrn,';<>.

21

U.S. BALANCE OF PAYMENTS
Despite a small decline in exports of goods and services and a slight rise in imports in the first quarter of 1962, the
over-all deficit, as measured by U.S. gold sales and increases in foreign dollar assets, fell sharply to $1.9 billion
(seasonally adjusted annual rate).
S1L -IONS OF D O L L A R S *
50

BIL LIONS OF DOLLARS *
50
U.S. PAYMENTS

40

40

U.S. PAYMENTS

30

^—•:
••»•""""

TOTAL
•w
S
^

1

30

'^~-'

/

5M§§?P^^

>?SSS

C A P I T A L , NET §
M ^S S
? i ? l

1

^iVA. «1S4 ;w_ - „ ^ii%^p|^**>* *•

U.S. RECEIPTS

20

_-T-**^"t*S

-^^^rrrfSr^^s^^^

20

•' • •

'
IMPOF TS OF GOODS

AN a

SERVICES

I

IO

10

*;\

i i i

0

1

1

i

1

i

i

\

\

1

0

i

l

1

l

1

1

t

.

. .1 . t

1

1

50
20 -

U.S. RECEIPTS

EXCESS OF
40

FOREIGN

10

CAP TflLj/

'

TOTAL ^

30

u yyu

0

uu

y EJ

^

I*********

sssk***^"-

kj

^1

20

EXPORTS OF GOOD
. ^^ AND SERVICES

-10

10
-20 -

E X C E S S OF

I
!
1
I _L 1
—L. -U___i__
I960
1961
1962
» SE A S O N A L L Y ADJUS T E O ANNUAL RATES.
•" IN CLUDES UNRECOR DED TRANSACTIONS, EXCLUDES LIQUID DOLLAR AS5E TS.
SO URGE: O E P A R T M E f - T OF COMMERCE.

O

' 1

I

i

1959

1959

I I I . .

I960

.. .!_, t _ _ J
1961

1

1962

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
U.S. receipts
(recorded)
Period

Exports
of
goods
and
services

1954
1955
195(1
1957
I95S
195!)
1960
196J

17, 759
19, 804
23, 595
26, 481
23, 067
23, 476
27, 013
28, 066

1961: First quarter
Second quarter
Third quarter
l'\>urth quarter
1902: l''irst quarter

28,
27,
27,
29,
29,

276
312
564
112
004

Increase
in foreign
Balance
Unregold and
on recorded
U.S. grants and capital (net)
corded
recorded
transacliquid
transtions—
U.S.
actions
dollar
Private capital [net pay- errors and
Governassets
ment
ments ( — ) omissions through
Total ' grants
(net
or receipts receipts)
transacand
tions with
Total Direct
( + )]
the U.S.
capital
U.S. payments (recorded)

Foreign
capita] Imports
other
of
than
goods
liquid
and
dollar
assets services
(net)
240
394
653
487
22
863
335
606

15, 931
17, 795
19, 628
20, 752
20, 861
23, 342
23, 188
22, 923

792
1, 096
28
508
1, 120

21, 792
22, 040
23, 708
24, 152
24, 180

2

1, 554 1, 622
667
3, 791
2, 211 1, 255
823
4,051
2, 362 3,071 1, 951
6, 098
2, 574 3, 577 2, 442
6, 853
6, 245 2 2, 587 2, 936 1, 181
5, 152
1, 986 2, 375 1, 372
2, 769 3, 882 1, 694
7, 493
7, 608
2, 777 3, 953 1, 475
Seasonally adjusted annual rates
3, 316 4, 236 1, 828
8, 436
4, 200
-188 3, 504 1, 076
4, 052 3, 380 1, 716
8, 296
3, 928 4, 692 1,280
9, 500
3, 640 4, 204 1, 324
8, 716

-1, 723
- 1, 648
- 1, 478
— 637
-4, 017
-4, 155
-3, 333
— 1, 859
— 1, 160
2, 168
— 4, 412
-4,032
-2, 772

173
503
543
1, 157
488
412
-592
— 602

1, 550
1, 145
935
520
3, 529
3,743
3, 925
2, 461

— 116
- 1, 464
772
- 1, 600
868

1, 276
-704
< 3, 640
5
5, 632
1, 904
3

c.s reinil lances and pensions not sbown separately.
>s $1,375 million increase in U.S. subscription to International Mono-

'Includes over $400 million ($1.7 billion at annual rate) of subscriptions to
international organizations and other special capital outflows.

o.s advance debt repayment and interest payments on U.S. Governis of $774 million ($3.1 billion at annual rate),

1
Kxcl
Inry F

NOTE.—Data exclude goods and services transferred under military grants.

' Jicfo e adjustment for receipts of principal and interest on Government loans

paid in ihe previous quarter.

22



Source: Department of Commerce.

PRICES

CONSUMER PRICES

Consumer prices remained stable in May as the slight drop in prices of commodities was offset by the continued rise
in service prices.
I N D E X , 1957-59 = 100

INDEX, 1957-5.9 = 100

1956

1957

1959

1958

I960

1961

SOURCE: DEPARTMENT OF LABOR.

Eeriod

1951 ...
1952
1953
1954
1955
1956
1957
1958 ...
1959
1960
1961
1961: April ..

All
items

90. 5
92. 5
93.2
93. 6
93. 3
94. 7
98. 0
100. 7
101. 5
103. 1
104. 2
_ _
103. 9
May .
103. 8
104.0
June
July
104. 4
104. 3
August
September . . ..
. .. 104. 6
October
104. 6
104. 6
November
104.5
December
1962: January
104.5
February
104. 8
March."
...
105. 0
105.2
April
May
105. 2
Source: Department of Labor.




1962
COUNCIL Of ECONOMIC.ADVISERS

[1957-59=100]
Services
Commodities
Commodities less food
Services
All comAll
Food
Rent
less
modities
Non- services
All
Durable durable
rent
95. 5
96. 7
96. 4
95. 4
94. 4
95. 3
98. 4
100. 7
101. 0
101. 7
102. 4
102. 1
101. 9
102.2
102. 8
102.5
102. 8
102. 9
102. 6
102. 4
102. 3
102. 7
102. 8
103. 1
103. 0

95. 4
97. 1
95. 6
95. 4
94. 0
94. 7
97. 8
101. 9
100. 3
101. 4
102. 6
102. 7
102. 3
102. 5
103. 4
102. 7
102. 6
102. 5
101. 9
102. 0
102. 5
103. 1
103. 2
103. 4
103. 2

95. 9
96. 7
96. 8
95. 6
94. 6
95. 9
98. 9
99. 8
101. 3
101. 8
102. 1
101. 4
101. 5
101. 8
102. 1
102. 2
102. 6
103. 0
102. 9
102. 6
102. 0
102. 2
102. 4
102. 8
102. 6

101. 4
102. 7
101. 6
97. 7
94. 9
94. 9
98. 2
99. 7
102. 0
100. 7
100. 5
99. 9
100. 0
100. 4
100. 6
101. 0
101. 0
101. 7
101.6
101. 1
100. 8
100. 8
100. 9
101. 4
101. 5

92. 7
93. 2
94. 0
94. 4
94. 4
96. 5
99. 1
99. 8
101. 0
102. 6
103. 2
102.5
102. 5
102.7
103. 0
103. 1
103. 8
103. 8
103. 8
103. 6
102.9
103. 3
103. 5
103. 8
103. 5

80.4
84. 0
87.5
89.8
91. 4
93. 4
97. 0
100. 3
102. 7
105. 6
107. 6
107. 3
107. 4
107. 5
107.6
107. 7
107.9
108. 0
108. 2
108. 5
108. 7
108. 9
109. 0
109.2
109. 4

82. 3
85. 7
90.3
93. 5
94. 8
96. 5
98.3
100. 1
101. 6
103. 1
104. 4
104. 2
104. 3
104. 4
104. 4
104. 4
104. 7
104. 8
104. 9
105. 0
105. 1
105. 2
105. 3
105.4
105. 5

80. 0
83. 8
87. 0
89. 1
90. 8
92. 8
96. 7
100. 3
102. 9
106. 1
108. 3
108. 0
108. 1
108. 2
108. 3
108. 4
108.6
108.7
108. 9
109. 1
109. 3
109. 5
109. 6
109. 8
110. 1

23

WHOLESALE PRICES
Wholesale prices dropped in June for the third consecutive month.
1961.

Prices in June were 0.9 percent below February

INDEX, I957-59-IOO

INDEX, I957-59-IOO

COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)

SOURCE: DEPARTMENT OF LABOR.

Period
1954
1955
1956
1957
1958
1959- .
1960_.
3

.

1961 .

1961: May
June
July
August
September
October
NovemberDecember.
1962: January
February
March
April _

May.
June 3

COUNCIL OF ECONOMIC ADVISERS

All
commodities

92.9
93. 2
96. 2
99. 0
100. 4
100. 6
100. 7
100. 3
100. 0
99. 5
99. 9
100. 1
100. 0
100.0
100.0
100. 4
100. 8
100. 7
100. 7
100. 4
100. 2
100. 1

[1957-59=100]
Commodities other than farm products and foods (industrials)
Indus- Indus- Produc- Consumer finFarm
Procished goods extrial inAll intrial
essed
prodcluding food
dustricrude termedi- er finfoods
ucts
ished
1
DurNonmate- ate ma- goods
als
terials 2
rials
able
durable
104, 4
90. 4
89. 8
95. 3
97. 6
88. 0
83. 1
91. 8
92. 8
94. 3
92. 4
92. 5
85. 6
95.8
97. 9
96. 6
92. 0
94. 3
102. 3
97. 0
95. 9
96. 6
96. 5
97.7
98. 7
99.9
99. 2
97. 9
99. 2
100. 9
99. 6
97. 7
102. 9
100. 1
99. 3
103. 6
99. 5
96. 9
99. 4
100. 2
102. 3
102. 1
101. 3
100. 8
99. 2
101. 0
97. 2
101. 3
102. 3
100. 9
101. 5
96. 9
99. 9
101. 3
98. 3
101. 4
100. 6
97. 2
102. 5
100. 5
96. 0
100. 8
100. 1
101. 5
100. 0
102. 4
100. 5
94. 8
99. 7
100. 8
96. 5
100. 9
92. 9
102. 5
100. 6
98. 9
100. 6
99. 9
101. 2
96. 8
102. 5
100. 6
99. 7
100. 6
97. 5
99. 8
101. 2
95. 1
102. 5
100. 5
100. 2
100. 6
98. 7
99. 7
101. 3
96. 7
102. 5
100. 5
100. 2
99. 2
99. 9
101. 2
95. 2
100. 7
102. 6
100. 3
100. 4
100. 5
99. 7
99. 8
101. 2
95. 1
102. 7
100. 4
100. 1
97. 2
99. 8
101. 4
95. 6
100. 7
100. 3
100. 9
97. 2
99. 9
102. 7
101. 8
95. 9
100. 9
102. 0
97.9
100. 0
102. 8
100. 2
101. 8
101. 0
98. 5
99. 9
102. 8
100. 1
98. 2
101.7
100. 8
101.8
98. 2
102. 8
100. 0
101. 4
97. 1
100. 0
101. 3
98. 4
100. 8
99. 9
100. 3
102. 9
101. 6
96. 9
100. 0
100. 9
95. 8
102. 9
100. 0
99. 5
100. 9
100. 2
101. 7
96. 2
95. 3
102. 8
100. 1
99. 8
100. 8
100. 1
101. 6
95. 3
94. 4

1
Coverage of the subgroups does not correspond exactly to coverage of this
index.
^Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.

24



3

Preliminary.
Source: Department of Labor.

PRICES RECEIVED AND PAID BY FARMERS
The index of prices received by farmers declined between May 1 5 and June 1 5 as a result of a sharp decline in crop
prices. Prices paid declined slightly and the parity ratio fell 1 point to 78, the same as the level a year earlier.
INDEX, 1910-14.100
325

275 w

£50

£50

200

RATIO V
100

PARITY RATIO
/

""""'

"*"

•"»-•'"""""""•••"•—
,
1956

1957

**'anti

..... 1
1958

""*

*"""
1
I960

1959

-^ftATtO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE HATES.
SOURCE: DEPARTMENT OF AGRICULTURE.

"•*•..«*»

1

1
1961

""""".,„„„

, , , , , 1 , , , ,,

1962

COUNCIL OF ECONOMIC ADVISERS

Prices received by farmers
Period

1952
1953
1954
1955
1956
1957
1958
1959 _ _ _ . _ .
I960
..
1961

All farm
products

.

.
_

.
-

July 15.. -.
August 15
September 15
October 15
November 15
December 15
1962: January 15
February 15
March 15
April 15

..

June 15_

_.

... _
_ -

.

.
..

1961: May 15

June 15

_

.. .
... ... ..

_

May 15

1

.

Crops

288
255
246
232
230
235
250
240
238
240
237
234
235
240
242
240
239
240
242
243
244
242
242
239

Percentage ratio of index of prices received by farmers to index of prices paid,
Interest, taxes, and wage rates.




267
240
242
231
235
225
223
221
221
226
232
231
229
228
229
226
224
224
225
226
233
236
243
236

Prices paid by farmers
All items,
Livestock interest,
ProducFamily
taxes, and
and
tion
living
wage rates
products
items
items
(parity
index)
Index, 1910-14=100
274
271
306
287
256
269
268
277
255
249
270
277
234
270
251
276
250
274
226
278
244
257
282
286
264
287
273
293
266
256
288
297
265
253
290
299
266
251
291
301
266
241
302
291
265
236
290
300
264
241
290
300
250
265
290
301
266
253
291
301
252
291
265
301
265
251
291
301
254
292
267
302
257
268
304
293
268
257
294
305
254
269
294
305
246
270
294
306
242
269
296
306
242
268
294
305
Source: Department of Agriculture,

Parity
ratio '

100
92
89
84
83
82
85
80
80
80
78
78
78
80
80
80
79
79
80
80
80
79
79
78

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The money supply rose about seasonally in June.

BILLIONS OF DOLLARS
1 160

BILLIONS OF DOLLARS
160

AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

ISO

ISO

TOTAL MONEY SUPPLY

\
130

130

DEMAND DEPOSITS AT ALl
COMMERCIAL BANKS

120

\
110

110

1962

1957

COUNCtt OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Period

1953:
1954:
1955:
1956:
1957:
1958:
1959:
1960:
1961:
1961:

December
December
December
December
December
December
December
December ...
December .„
June
July.
. ..
August
September
October
November
December
1962: January
February
March
April
May
June 2
First half _ 2
Second half
1
3

_ _

Deposits at all commercial banks.
Preliminary.

26



[Averages of daily figures, billions of dollars]
Money supply
Seasonally adjusted
Unadjusted
Private
Currency
Currency
Total
demand
outside
Total
outside
deposits '
banks
banks
128. 1
100. 4
131. 4
27. 7
28. 2
131. 8
104. 4
27. 4
135. 0
27. 9
134. 6
106. 8
27. 8
137. 9
28. 3
136. 5
28. 2
108. 3
139. 7
28. 7
135. 5
107. 2
28. 3
28. 9
138. 8
140. 8
112. 2
144. 3
29. 2
28. 6
141. 5
112. 6
144. 9
29. 5
28. 9
140. 4
111. 4
29. 5
29. 0
143. 8
144, 9
115. 4
29. 5
148. 5
30. 1
142. 1
113. 2
28. 9
140. 7
28. 9
141. 1
142. 0
113. 0
29. 0
29. 2
112. 8
141. 8
141. 1
29. 0
29. 2
143. 0
113. 8
142. 4
29. 2
29.3
114. 4
143. 7
143. 6
29. 4
29. 3
144. 1
114, 6
29. 4
145. 3
29. 7
144. 9
115. 4
30. 1
29. 5
148. 5
147. 8
144. 6
115. 1
29. 4
29. 6
114, 7
144. 0
144. 4
29.3
29. 6
114. 8
144. 7
143. 2
29. 9
29. 5
115. 7
145. 7
145. 4
30. 0
29. 7
145. 4
115. 5
30. 0
143. 4
29. 7
145. 3
115. 3
30. 0
30. 0
143. 8
145. 5
115. 5
144, 1
30. 0
30. 0
145. 1
115. 1
30. 0
30. 1
143. 6

Related deposits
(unadjusted) 1
Private
demand
deposits '
103. 3
107. 1
109. 6
111. 0
109. 9
115. 1
115. 5
114. 3
118. 4
111. 8
111. 9
111. 9
113. 1
114. 2
115. 6
118. 4
118. 3
114.8
113. 7
115. 7
113. 7
113. 9
114. 1
113. 6

Gross
time

44. 7
48. 5
50. 0
51. 8
57. 1
65. 1
67. 0
72. 5
82. 3
79. 0
79. 9
80. 7
81.3
82. 0
82. 0
82. 3
83. 9
85. 8
87. 7
89. 2
90. 2
91. 4
91. 2
91. 6

NOTE.-—See note, p. 27.
Source: Board of Governors of the Federal Reserve System,

U.S. Government
demand
3.8
5.0
3. 4
3. 4
3. 5
3. 9
4. 9
4. 7
4. 9
4. 5
4. 3
5. 5
5.2
6. 5
5.8
4. 9
3. 9
4.7
5. 1
3. 9
7.0
7.2
6. 3
8. 2

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans rose $2.0 billion in June, compared to practically no rise in June 1961.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

250

250

ALL COMMERCIAL BANKS

200

200

150

ISO

BANK LOANS
100

INVESTMENTS IN U.S. GOVERNMENT SECURITIES

50
INVESTMENTS IN OTHER SECURITIES

1956

I

I
1958

I95T

1959

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

COUNCIL OF ECONOMIC ADVISERS

All commercial banks

1954
1955
1956
1957
1958
1959
1960
1961

-.

-

... ..
... -- .- ... -

1961: May
June-- ~
July
-August
September
October
November „
December
1962: January 5 5
February
March 5
April 6 -- .
5
May
June 5 _ -




Investments

Total
loans
and
investments

End of period

-- -_ - ..

-_

Loans

155. 9
160. 9
165. 1
170. 1
185. 2
190. 3
199. 5
215. 4
201. 2
201. 8
205. 1
205. 1
209. 9
210. 3
211. 3
215. 4
213. 7
214. 3
215. 2
217. 3
217. 7
220. 4

70. 6
82. 6
90. 3
93. 9
98. 2
110. 8
117. 6
124. 9
117. 9
118. 0
118. 1
118. 5
120. 5
120. 5
121. 7
124. 9
122. 4
123. 8
125. 4
126. 5
127. 2
129. 2 1

U.S. Government
securities

Other
securities

Billions of dollars
69. 0
16. 3
16.7
61. 6
58. 6
16. 3
58. 2
17. 9
66. 4
20. 6
20. 5
58. 9
61. 0
20. 9
66. 6
23. 9
21. 9
61. 5
22. 1
61. 8
22. 3
64. 7
64. 2
22. 5
66. 1
23. 3
66. 6
23. 2
66. 2
23. 4
66. 6
23. 9
67. 2
24. 1
66. 0
24. 5
64. 4
25. 4
64. 6
26. 2
64. 3
26. 2
64. 2
27. 0
s

Weekly
reporting
member
banks '
Business
loans 2

22. 4
26. 7
30. 8
31. 8
2
31. 7
2
30. 5
31. 9
32. 9
31. 5
31. 8
31. 3
31. 5
31. 8
31. 9
32. 1
32. 9
32.0
32. 2
33. 0
32. 8
32. 9
33. 4
2

Bank
All member banks 1
debits
outside
New York
Reserves *
BorrowCity (343
ings at
centers) ,
Federal
seasonally
adjusted Required Excess Reserve
Banks 4
annual
3
rates
Millions of dollars
246
1, 148 18, 576
703
839
1, 277
18, 646
594
688
652
1, 385
18, 883
710
1, 468 IS, 843
577
557
1, 481
18,383
516
906
482
i, ess 18, 450
87
1, 736
18, 527
756
149
1,8SS
19, 550
568
96
1,829
18, 307
549
63
1,824
612
18, 430
51
1, 840
18, 482
581
67
1,833
18, 619
604
37
1,848
584
18, 783
65
1,905
19, 153
507
] 05
1,904
622
19, 218
1-19
1,917
19, 550
568
70
2, Oil
19, 473
616
(IS
502
1, 917
19, 069
91
1, 987
470
19, 077
li'.l
2,046
510
19, 213
li.'!
2, 017
497
19, 320
Mill
L>, OfiO
470
19, 452

Preliminary.
NOTE.—Between January and August 1959, series for all common-mi h:ml.r.
expanded to include data for all hanks in Alaska and Hawaii. I >aLa fur nil i n r i n ber banks include Alaska and Hawaii beijiuninp 1954 and 1959, respectively.
Source: Board of Governors of tlic TYilrnl Kt-sorve Pyslem.
27

CONSUMER CREDIT
In May, total consumer credit outstanding rose about $900 million, compared to a rise of about $400 million in May
1961.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
END OF MONTH

TOTAL CREDIT OUTSTANDING

40

20
NONINSTALMENT CREDIT

I

SEASONALLY ADJUSTED (ENLARGED SCALE!
INSTALMENT CREDIT EXTENDED

I

1956

1957

I

1962

1958

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[Millions of dollars]
Consumer credit outstanding
(end of period; unadjusted)
Instalment
NonAutomoTotal
instalbile 2
Total >
ment 3
paper

Period

1952
1953
1954
1955
1956
1957
1958
1959
...
1960 .
1961
1961: April
May
June
July
August
September
October _
November..
December
1901? : .January
I'Vbruarv
March
April..
M M V ...

COUNCIL OF ECONOMIC ADVISERS

-

27, 520
31, 393
32, 464
38, 807
42, 262
44, 848
44, 984
51, 331
55, 757
57, 139
53, 756
54, 196
54, 602
54, 505
54, 739
54, 757
54, 902
55, 451
57, 139
56, 278
55, 592
55, 680
56, 650
57, 593

19, 403
23, 005
23, 568
28, 883
31, 648
33, 745
33, 497
39, 034
42, 588
43, 163
41, 423
41, 584
41, 888
41, 909
42, 090
42, 039
42, 181
42, 419
43, 163
42, 846
42, 632
42, 704
43, 285
43, 893

7, 733
9, 835
9, 809
13, 437
14, 348
15, 218
14, 007
16, 209
17, 444
16, 960
16, 877
16, 933
17, 061
17, 063
17, 061
16, 902
16, 913
16, 960
16, 960
16, 878
16, 900
17, 039
17, 343
17, 683

1
Also irii-hnU's oilier consumer goods paper, repair and modernization loans,
n<! personal loans, not shown separately.
:
< C o n s u m e r credit extended for the purpose of purchasing automobiles and
H'fitrod by iho Items purchased.
n
Consists of single-payment loans, charge accounts, and service credit.

28



8, 117
8,388
8,896
9,924
10, 614
11, 103
11, 487
12, 297
13, 169
13, 976
12, 333
12, 612
12, 714
12, 596
12, 649
12, 718
12, 721
13, 032
13, 976
13, 432
12, 960
12, 976
13, 365
13, 700

Consumer instalment credit extended and
repaid (seasonally adjusted)
Automobile paper 2
Total i
Extended

29, 514
31, 558
31,051
38, 944
39, 775
41, 871
39, 962
47, 818
49, 313
47, 984
3,800
3,907
3,962
3, 909
4,038
3, 942
4,209
4,317
4,315
4, 194
4, 302
4,363
4,625
4, 593

Repaid

25, 405
27, 956
30, 488
33, 629
37, 009
39, 775
40, 211
42, 435
45, 759
47, 412
3,907
3,895
3,962
3,937
3,994
3,956
4,028
4,017
4,051
3, 979
4, 066
4,094
4, 108
4, 180

Extended

11, 764
12, 981
11,807
16, 706
15, 421
16, 321
14, 069
17, 544
17, 408
15, 779
1,225
1,270
1,296
1,300
1, 302
1,271
1,405
1,511
1,471
1,474
1, 496
1, 526
1,606
1,604

Repaid

10, 003
10, 879
11,833
13, 077
14, 510
15, 451
15, 281
15, 411
16, 172
16, 262
1,356
1, 336
1,354
1, 364
1,362
1,350
1,372
1, 359
1,361
1, 380
1, 369
1, 393
1, 403
1, 418

NOTE.-—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Source: Board of Governors of the Federal Reserve System.

BOND YIELDS AND INTEREST RATES
The yield on 3-month Treasury bills rose in June and early July.

Most bond yields also increased.

PERCENT PER A N N U M

PERCENT PER ANNUM

1962

SOURCES: SEE TABLE BELOW.

COUNCIL OF ECONOMIC ADVISERS

Period

1954. .
1955
1956
1957
1958
... .
1959
1960
1961
1961: May. .
...
.
June
_ _
July
August
September
October
November..
Dfififimhpr
1962: January
. __
February
. _
March.
April _ _ _ _
.
May
June
Week ended:
1962: June 9
16 .. ..

.. .

...._.

...

23

July

30
7
14

21

..

.

[Percent oer annum]
U. fci. Government
High-grade
security yields
municipal
3-month
bonds
Taxable
Treasury
(Standard3 &
bonds 2
bills " "
Poor's)
0. 953
2. 55
2. 37
1. 753
2. 84
2. 53
2. 658
3. 08
2. 93
3. 267
3. 47
3. 60
1.839
3. 43
o. 56
3. 405
4. 08
3. 95
2. 928
4 02
3. 73
2. 378
3. 90
3. 46
2. 288
3. 73
3. 38
2. 359
3. 88
3. 53
2. 268
3. 90
3.53
2. 402
4 00
3. 55
2. 304
4. 02
3.54
2, 350
3. 98
3. 46
2. 458
3. 98
3. 44
2. 617
4 06
3. 49
2. 746
4. 08
3. 32
2. 752
4. 09
3. 28
2. 719
4 01
3. 19
2. 735
3. 89
3. 08
2. 694
3. 88
3. 09
2. 719
3. 90
3. 24

2.
2.
2.
2.
2.
2.
4
2.

691
671
721
792
930
974
983

i Kate on new issues witbin 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.



3. 88
3. 87
3. 90
3. 95
3. 99
4 03

3.
3.
3.
3.
3.
3.

23
24
24
24
27
29

Corporate bonds
(Moodv'st

3. 36
3. 89
3. 79
4 38
4. 41
4. 35
4. 27
4 33
4. 41
4 45
4. 45
4. 42
4. 39
4 42
4. 42
4. 42
4 39
4. 33
4 28
4. 28

3. 51
3. 53
3. 88
4 71
4. 73
5. 05
5. 19
5.08
5. 01
5.03
5. 09
5. 11
5. 12
5. 13
5. 11
5. 10
5. 08
5. 07
5. 04
5. 02
5. 00
5. 02

Prime
commercial
paper,
4-6
months
1. 58
2. 18
3. 31
3. 81
.'. 46
3. 97
3. 85
2. 97
2. 76
2. 91
2. 72
2. 92
3. 05
3.00
2. 98
3. 19
3. 26
3. 22
3.25
3. 20
3. 16
3.25

4. 28
4. 28
4 29
4 29
4 32
4 34

5. 00
5. 01
5. 02
5. 03
5. 04
5. 05

3. 25
3. 25
3. 25
3. 25
3. 28
3. 3H

Aaa
2. 90

a oe

Baa

3

Weekly data are Wednesday figures. * Not charted.
Sources: Treasury Department, Board of Governors of the Federal
Reserve System, Standard & Poor's Corporation, and Moody's Investors
Service.

OQ
"«

STOCK PRICES
Stock prices declined during most of June but rose in late June and early July.
INDEX, 1957-59= 100
220

INDEX, 1957-59 = 100
220

190

160

130

130

iJ 70
1956

1957

1961

1958

1962

SOURCE: SECURITIES AND EXCHANGE COMMISSION.

Period
Weekly average:
1953 _
1954
1955
1956
1957
1958
1959
1960

1961

1961- Mav
June
.
July
August
September.. _.
October. _
November December. _
1962: January
February
March
_
April

May
June
Week ended:
1962: June 15
22
29
July 6
13

Composite
index '

COUNCIL OF ECONOMIC ADVISERS

[1957-59=100]
Manufacturing
NonDurable
Total
durable
goods
goods

51. 9
61. 7
81. 8
92. 6
89. 8
93.2
116. 7
113. 9
134. 2
134. 9
132. 8
132. 7
137. 4
136. 2
138. 0
144. 0
145. 8
140. 4
142. 8
142. 9
138. 0
128. 2
114. 3

46. 7
57. 6
79. 5
93. 2
90. 7
92. 5
116. 5
110. 9
126. 7
127. 6
126. 0
125. 2
130. 1
128. 9
129. 1
133. 7
135. 6
130. 8
133. 4
133. 5
128. 2
119. 0
105.7

43. 0
54. 7
78. 7
91. 5
88. 5
90. 4
120. 8
117. 3
129. 2
130. 6
128. 0
126. 5
131. 3
131. 7
132. 2
135. 7
138. 1
133.6
134. 4
134. 0
128. 0
117. 4
103. 2

49. 8
60. 0
80. 1
94. 5
92. 8
94. 4
112. 6
104. 9
124. 4
124. 9
124. 2
123. 9
129. 0
126. 4
126. 4
131. 9
133. 3
128. 1
132. 6
133. 1
128. 5
120. 6
108. 1

113. 9
107. 0
111. 3
114. 2
117. 7

105. 3
98. 6
103. 0
105. 2
108. 4

102. 9
95. 2
100. 3
102. 0
106. 0

107.
101.
105.
108.
110.

1
Includes 300 common stocks: 108 for durable goods manufacturing, 85 for nondurable goods manufacturing, 18 for transportation, 34 for utilities, 45 for trade,
finance, and service, and 10 for mining.

30



7
8
6
2
6

Transportation
73. 9
78. 6
108. 2
110. 6
93. 2
91. 0
115. 6
95. 8
105. 7
107. 5
105. 1
103. 2
107. 0
106. 8
110. 1
109. 9
107. 9
108. 5
110. 5
107. 4
103. 1
98.5
90. 2
90. 2
85. 5
88. 1
89. 9
91. 9

Utilities

Trade,
finance,
and
service

Mining

67.3
75.3
84. 8
86. 4
86. 3
95. 8
117. 6
129. 3
168. 4
170. 0
164. 0
166. 7
170. 6
168. 9
173. 9
186. 0
188. 4
181. 4
183. 0
184. 2
180. 3
167. 1
151. 1

60. 8
69. 1
87. 1
89. 9
82. 2
95. 1
122. 3
127. 4
160. 2
153. 1
156. 0
158. 4
164.2
166. 4
176. 6
187. 7
188. 0
175. 2
176. 4
175. 2
172. 0
161.6
141. 3

70. 4
78. 2
91. 6
104. 6
107. 2
97. 9
95. 0
73. 8
92. 5
96. 9
97. 0
93. 1
92. 8
87. 3
90. 2
95. 1
101. 1
104. 1
109. 7
106. 6
103. 9
97. 5
88. 3

150.
143.
148.
153.
159.

141. 1
131. 4
134. 7
139. 7
141. 0

87. 1
83. 8
86. 9
88.9
92.5

3
0
1
1
3

NOTE.—Indexes are based on weekly closing prices.
Source: Securities and Exchange Commission.

FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
For the fiscal year 1962, the budget showed a deficit of $6.3 billion.
billion.
BILLIONS OF DOLLARS

In fiscal 1961, there was a deficit of $3.9

BILLIONS OF DOLLARS
IOO
NET BUDGET RECEIPTS

NET BUDGET EXPENDITURES

75

50

60

I960
NATIONAL DEFENSE

BUDGET SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE)

75

1957

1959

I960

1961

1962

FISCAL YEARS
* PRELIMINARY
SOURCES'. TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.

Period

Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1961:

year 1957
year 1958
year 1959
year 1960
year 1961 4
year 1962
.
April
... ..
May
June- _
. _. _
.
July 4 4
- August
September 4
October 4 4
November .
. _
December 4
4
1962: January 4
February
March 4
4
April4 .. .. ... ...
May 4
June _ _ _
_
1

_

COUNCIl OF ECONOMIC ADVfSERS

[Billions of dollars]
Net budget expenditures
Net
National defense 1
budget
Department
Total
receipts
Total
of Defense,
military 2
69. 0
43. 4
40. 8
70. 6
71. 4
44. 2
41. 3
68. 5
80. 3
67. 9
46. 5
43. 6
76. 5
42. 8
77. 8
45.7
81. 5
47. 5
44. 7
77. 7
87. 7
51. 1
48. 2
81. 4
6. 5
3. 5
3. 8
5. 1
7. 2
4. 2
3. 9
6. 5
8. 0
4. 3
4. 6
10. 8
6. 3
3. 2
3. 0
3. 5
7. 6
4.0
3. 8
6. 4
6. 8
3. 9
3. 6
8. 9
7. 8
4. 1
3.8
3. 1
7. 5
4. 3
4. 0
6. 4
7. 2
4. 3
4. 1
8.0
7. 4
4. 0
4. 3
5. 4
6. 9
4. 1
3. 9
6.7
7.7
4. 3
4. 6
9. 1
7. 3
4. 3
4. 0
5. 8
4. 5
7. 2
4. 8
7. 0
8.0
5.0
4.8
11. 6

Expenditures for military activities of the Department of Defense (military
functions and the military assistance portion of the mutual security program),
atomic energy, and defense related services.
2
Military functions and military assistance.
3
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.




Budget
surplus
or
deficit (-)
1. 6
-2. 8
-12. 4
1. 2
— 3. 9
-6. 3
-1. 3
-. 7
2. 9
— 3. 3
-1.3
2. 2
-4. 7
— I. 1
.8
-2. 0
—.1
1. 4
— 1. 5
-. 2
3. 6

Public
debt
(end of3
period)
270. 6
276. 4
284. 8
286. 5
289. 2
298. 6
288. 2
290. 4
289. 2
292. 6
294. 0
294. 0
296. 0
297. 3
296. 5
296. 9
297. 4
296. 5
297. 4
299. 6
298. 6

* Preliminary.
NOTE.—Total budget receipts and expenditures exclude certain Inlmgovern.
mental transactions.
Sources: Treasury Department and Bureau of the Budget.
/>i

CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the fiscal year 1962, cash payments to the public exceeded cash receipts by $5.7 billion. In fiscal 1961, cash
payments exceeded cash receipts by $2.3 billion.
BILLIONS OF DOLLARS

(SEASONALLY ADJUSTED)

BILLIONS Of DOLLARS (SEASONALLY ADJUSTED)

1

™"

EXCESS OF 3ASH RECEIPTS

EXCESS OF DASH PAYMENTS
1

I

I

1

I

!

1957

1956

i

i

i

1958

y

LJ

y

tiu u

•

>-

i

i
i
1959
CALENDAR YEARS

i

i

i

1

SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.

i

I

1962

1961

I960

COUHCIt OF ECONOMIC ADVISERS

[Billions of dollars!
Cash receipts
from the
public

Period
Fiscal vear total:
1957

1958 --_ 1959

1960__
196U
1962' ..
Calendar rear total:
1958."1959
1960
1961 '
...

-.

-. ...

-..-

.

Quarterly total (calendar years) :
1960: Third quarter
Fourth quarter
1001: First quarter
Second quarter _ _
Third quarter l - . . . _
Fourth quarter '
1002: First quarter !
Second quarter '
1

I'rt'iiniinnrv.

Cash payments to
the public

Kxcess of receipts ( + ) or Cash receipts
from the
payments
public
(-)

82. 1
81. 9
81. 7
95. 1
97. 2
101. 9

80. 0
83. 4
94. 8
94. 3
99. 5
107. 6
89. 0
95. 6
94. 7
104. 7
Unadjusted

-7. 3
-8. 0
3. 6
-6. 8

24. 2
24. 5
23. 4
27. 4
26. 7
27. 2
26. 0

—. 8
-3.9
1. 4
1. 1

Excess of receipts ( + ) or
payments
(-)

2. 1
— 1. 5
-13. 1
.8
-2. 3
-5. 7

81. 7
87. 6
98. 3
97.9

Cash payments to
the public

23. 4
20. 6
24. 8
28. 5
23. 4
21. 3
26. 2
31. 0

27. 7

Seasonally adjusted

Q

-9

— o. o

-5. 9
.3
3. 2

24, 9
24. 6
23. 3
24. 6
24. 9
25. 3
24. 6
26. 8

23. 6
24. 3
25. 1
26. 5
26. 2
26. 9
27. 8
26. 8

Sources: Treasury Department and Bureau of the Budget.
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



U.S. G O V E R N M E N T P R I N T I N G OFFICE: 1 9 6 2

1. 3
.3
— 1. 8
— 1. 9
-1. 4
— 1. 6
-3. 2
.0

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