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,:

Economic Indicators
JUNE 1950
Prepared for the joint Committee on the Economic Report




by the Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1950

JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304$ 79th Cong.)
C. O'MAHONEY, Wyoming, Chairman
EDWARD J. HART, New Jersey, Vm Chairman
FRANCIS J. MYERS, Pennsylvania
JOHN J. SPARKMAN, Alabama
PAUL H. DOUGLAS,
ROBERT A. TAFT, Ohio
RALPH E. FLANDERS, Vermont
ARTHUR V. WATKINS, Utah

WRIGHT PATMAN, Texas
WALTER B.
Ohio
BUCHANAN, Pennsylvania
P. WOLCOTT, Michigan
ROBERT F. RICH Pennsylvania
A. HERTER, Massachusetts

THEODOEE J. KBEPS, Staff Director
GROVES. W. ENSLEY, Associate Staff Director

JOHN W. LEHMAN, Clerk

COUNCIL OF ECONOMIC ADVISERS
(Created pursuant to Sec, 4 (a) of Public Law 304, 79th Cong.)
LEON H. KEYSERLING, Chairman
JOHN D. CLARK, Vies Chairman
ROY BLOUGH

, - [PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
|S. J. Ees. 55]
To print the monthly publication entitled "Economic Indicators'*
TLesolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Committee on the Economic Report 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
Committee on the Economic Report; and the required number of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed
for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce

11




Contents
TOTAL OUTPUT OF THE ECONOMY
The Nation's Economic Budget
Gross National Product

1
2

Consumers' Prices
Wholesale Prices.
Prices Received and Paid by Farmers. . .
Stock Prices

3
4
5
6

Labor Force
Nonagricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries.
Work Stoppages

7
8
9
10

ACTIVITY
Industrial Production
Weekly Production—Selected Indicators
Production of Selected Manufactures
New Construction
New Housing Starts
Expenditures for New Plant and Equipment
New Corporate Security Issues
Inventories and Sales
Merchandise Exports and Imports
National Income
Corporate Profits
Personal Income
Consumer Income, Spending, and Saving
Personal Consumption Expenditures
Per Capita Income
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
Farm Income
Consumer Credit

MONEY; BANKING,

•,

20
21
22
23
24
25
26
27
28
29

FEDERAL

Bank Loans and Investments
Money Supply
Federal Cash Receipts From and Payments to the Public




..

11
12
13
14
15
16
17
18
19

30
31
32
iii

THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC BUDGET
The Nation's Economic Budget total in 1st quarter of I960 was about 3 percent above 4th quarter of 1949,
according to revised estimates. The payment of the National Service Life Insurance dividend to veterans
resulted in a sharp rise in consumer disposable income
1949,
TOTAL

4th

(BILLIONS OF DOLLARS)1

Quarter

EXCESS OF
EXPENDITURES H, RECEIPTS W

(Gross National Product)

-

CONSUMERS
icpME';i;iij;!li|i;i|:;j;:^

0

-:=££: =jj SAVING

BUSINESS

INTERNATIONAL
EXCESS OF
I RECEIPTS

GOVERNMENT

(Federal, state, and local)

I960, 1st

Quarter

(BILLIONS OF DOLLARS)-^

TOTAL (Gross National Product)

CONSUMERS
.....,,..,,, cpN!HjljJjlji!|:jjj:|ji;jii!:l!l|^

I N C 0 M E:;::j;::j::;;;£;;:i;|:!:j:!:|:!^

•:-*::::-:::;:;:3
:-:,:::-:-:-:-:Vd

201.3

SUMER
SAVING

BUSINESS

EXCESS OP
INVESTMENT
INTERNATIONAL
EXCESS OF
RECEIPTS

GOVERNMENT

(Federal, state and local)

CASH
DEFICIT

SOURCE: SEE ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1950, APPENDIX A




COUNCIL OF ECONOMIC 4DV1SERS

GROSS NATIONAL PRODUCT
Total gross national product rose $7.2 billion (annual rate) in 1st quarter of 1950. Personal consumption
expenditures were $2.9 billion higher. Private investment increased $7.4 billion due to the peak rate of
residential construction and a shift from inventory liquidation to accumulation. Government purchases and
net foreign investment decreased moderately.
BILLIONS OF DOLLARS

. ^BILLIONS Of DOLLARS

ANNUAL TOTALS

ANNUAL RATES,SEASONALLY ADJUSTED

NATIONAL PRODUCT

AL CONSUMPTION

EXPENDITURES

R1VATE DOMESTIC INVESTMENT

50

\E

-50

I

I

I

I

I

I

I

I

EIGN INVESTMENT

J

1

46

1948
SOURCE:

I

48

1949

DEPARTMENT OF COMMERCE

[Billions of dollars]
Total gross
national
product

Period

1939
1944
1946
1947
1948-.1949. ...

. ...
-

91.3
213. 7
212.6
235.7
262.4
257.8

Personal
consump- Gross private Net foreign
domestic
tion expen- investment investment
ditures

67.5
111. 6
147.8
166.9
178.8
179.4

9.9
7.7
29.5
31. 1
45.0
34.7

0.9
•-2. 1
4.7
8. 9
1.9
.4

Government
purchases of
goods and
services
13. 1
96.5
30. 7
28.8
36.7
43.4

Annual rates, seasonally adjusted
1948: Third quarter
Fourth quarter
1949: First quarter
Second quarter
Third quarter _
Fourth quarter.
1950: First quarter

„.

266. 5
270.3

180.3
180.9

,47. 1
48.0

-0. 1

39.2
40. 3

262.0
257.9
254. 6
256. 7

_ ._

178.7
179.3
179.7
179.8

40. 0
33. 2
32. 1
33.7

1.0
1. 2

-'.5

42. 3
44.2
43.2
43.7

263.9

182.7

41. 1

-2. 1

42. 2

NOTE.—Detail will not necessarily add to totals because of rounding.




i. a
Q

Source: Department of Commerce.

PRICES
CONSUMERS' PRICES
Consumers' prices recorded a further slight advance in April. There were small increases in all major groups
except miscellaneous goods and services, which showed a small decrease.
PERCENT OF 1935-39 AVERAGE
220

1939 40

41

42

43

44

PERCENT OF 1935-39 AVERAGE
22O

45

46

47

48

49

rr. . . . i .
F M A M J

<l

A

S

0

N

0

J

1948
SOURCE; DEPARTMENT OF

M A M J

J A S 0

N 0

J

F M A M J

1949

J

A S 0

N D

i960

LABOR

[1935-39=100]
Period
1940 monthly average
1941 monthly average.—
1942 monthly average
1943 monthly average
1944 monthly average
1945 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: March 15
„
April 15_.
May 15__
June 15
July 15
August 15
September 15
._
October 15 November 15 _ _
December 15
1950: January 15
February 15
March 15
April 15

AD items

100. 2
105. 2
116.5
123. 6
125.5
128.4
139. 3
159.2
171. 2
169. 1
169.5
169. 7
169. 2
169. 6
168. 5
168. 8
169. 6
168. 5
168. 6
167. 5
166.9
166. 5
167.0
167. 3

Food

-

96.6
105.5
123. 9
138. 0
136. 1
139. 1
159.6
193. 8
210. 2
201. 9
201. 6
202.8
202. 4
204.3
201. 7
202. 6
204. 2
200. 6
200.8
197.3
196. 0
194.8
196.0
196. 6

Apparel

101. 7
106.3
124. 2
129. 7
138.8
145. 9
160. 2
185.8
198. 0
190. 1
193. 9
192. 5
191. 3
190. 3
188.5
187. 4
187. 2
186.8
186.3
185.8
185.0
184. 8
185.0
185. 1

NOTE. —Prices are for moderate-income families in large cities.




Rent

104. 6
106. 2
108, 5
108.0
108. 2
108. 3

ioa 6

111. 2
117.4
120.8
120. 1
120.3
120. 4
120. 6
120.7
120. 8
121.2
121. 5
122. 0
122. 2
122. 6
122.8
122. 9
123. 1

Fuel, electricity, and
refrigeration

99.7
102. 2
105.4
107.7
109. 8
110. 3
112. 4
121. 1
133.9
137.5
138. 9
137. 4
135. 4
135.6
135. 6
135.8
137.0
138. 4
139. 1
139. 7
140.0
140.3
140.9
141.4

House furnishings
100.5
107. 3
122.2
125. 6136. 4
145.8
159. 2
184. 4
195.8
189. 0
193.8
191. 9
189. 5
187. 3
186.8
184.8
185. 6
185.2
185. 4
185.4
184.7
185.3
185. 4
185.6

Miscellaneous

101. 1
104. 0
110. 9
115.8
121. 3
124. 1
128. 8
139. 9
149. 9
154. 6
154.4
154. 6
154.5
154. 2
154. 3
154.8
155. 2
155. 2
154. 9
155. 5
155. 1
155.1
155. 0
154.8

Source: Department of Labor.

WHOLESALE PRICES
Wholesale prices of farm products and foods increased sharply during May; industrial prices advanced steadily.

PERCENT OF 1926

PERCENT OF 1926 AVERAGE

AVERAGE

220

200

> In i i i I i i i i i I i i i i i I i i i i i I i i i i i f i i i i i I M i i t I i M i rh 1 i i i I t i .11 t I i i 1 1 1 1 i i i i t I i i n i

LATEST DATA PLOTTED ;
SOURCE:

MONTHLY - MAY
WEEKLY -MAY30

DEPARTMENT OF LABOR.

COONCIt OF ECONOMIC ADVISERS

[1926=100]

1942 monthly average
1946 monthly average
June
1947 monthly average
1948 monthly average
1949 monthly average
1949: April
May
June
July.
August
September
October
November
December
1950: January
February
March fc
April1 _
May
Week ended:
1950: May 2

•
.

... .
'
..
„_.
._

_ _ _

9

16_
23
30
1

Estimate based on change in weekly data.

4



98. 8
121. 1
112. 9
152. 1
165. 1
155.0
156. 9
155. 7
154. 5
153.5
152. 9
153.6
152. 2
151.6
151.2
151. 5
152. 7
152.7
152. 9
156. 1

105. 9
148. 9
140. 1
181. 2
188. 3
165. 6
170. 5
171. 2
168. 8
166.2
162. 3
163. 1
159. 6
156.8
154.9
154. 7
159. 1
159.4
159. 3
165.5

99. 6
130. 7
112. 9
168. 7
179. 1
161. 6
162. 9
163.8
,162. 4
161. 3
160. 6
162.0
159. 6
158.9
155.8
154.8
156. 7
155. 5
155. 3
159. 3

Other than
farm products and foods
95. 5
109.5
105.6
135. 2
151.0
147. 3
148.9
146.8
145.6
145.0
145.0
145.3
145. 0
144.9
145.5
145. 8
145. 9
146.1
146. 4
147.7

154.
155.
155.
156.
156.

162. 7
162. 9
164. 7
165. 3
167. 5

159. 0
158. 7
160. 5
160.7
161.5

146.7
147. 2
147.5
147. 6
147.6

All commodities

Period

5
1
9
1
8

Farm products

Foods

Source: Department of Labor.

PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 2 percent from April 15 to May 15, due to a sharp rise in hog prices, together
with price increases for other meat animals, cotton, wool, soybeans, and corn. Prices paid rose 1 percent. As a
result, the parity ratio was 1 percent higher.
PERC ENT OF 1910-14 AVERAGE
350
MONTHLY AVERAGE

PERCENT OF 1910-14 AVE RAGE
350

PRICES RECEIVED

^i^

%

3.00

s\
'S^

//

250

200

100

^•^

—•—PPRICES PAID

300

3

AND WAGE RATES)

iiffr-**1

^^3

250

'

200

f^
-/^_—^

150

1

150

N»*-+*-»-*»-«c

~x^

—'

7 •*•

100
*»*«

• ••*

PARITY RATIO*

50

50

1

0
1939

40

1

1
41

1

I

1

1

42

43

44

45

46

1

I
47

48

i i i i i 1 i i i i i

1

1948

iIf

1

i

1 1

1 1

1 1

1 1 I

1

1

1

1

i

1

1

1

1

1

49
1949

I960

RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, T,

[1910-14=100]
Prices paid by
farmers (includPrices
received
ing interest, Parity ratio *
Period
taxes, and
by farmers
wage rates)
77
95
123
1939 monthly average
104
152
158
1942 monthly average
2
108
182
196
1944 monthly average
2
109
206
189
1945 monthly average »
„.
2
207
113
234
1946 monthly average
115
240
275
1947 monthly average
110
285
259
1948 monthly average
100
250
249
1949 monthly average.
101
254
1949: April 15
_
256
100
253
253
May 15
___-_
99
252
249
June 15
.
98
250
. 246
July 15 .
98
244
249
August 15
100
248
. 247
September 15
* 98
242
246
October 15
_.
. __
97
237
245
November 15 ..
_>
95
246
233
December 15__
94
249
1950: January 1 5
_ _
235
96
248
237
February 15
.-..
..
95
250
March 15
,
237
96
251
241
April 15
_
—
.._-_ .
97
254
247
Mav 15
1
Ratio of index of prices received to index of prices paid, interest, taxes, and wage rates,
2
Includes wartime subsidy payments paid on beef* cattle, sheep, lambs, milk, and butterfat
between October 1943 and June 1946.
Source: .Department of Agriculture.
67616—50




1

0

1

STOCK PRICES
Stock prices advanced further in May and were at the highest level since August 1946.
PERCENT OF 1935-39 AVE RAGE
175

PERC ENT OF 1935-39 AVERAGE

1

its
WEEKLY AVERAGE

WEEKLY AVERAGE

&
^
«./

150

INDUSTRIALS

/A—

125

,&

//^A
100

*^/**NRAlLROADS |
p

125

100

V "

75

COMPOSITE INDEX

ISO

*"*

UTILITIES

1

*""'

v/

75

V

50

50

.1

19X9

i

i
40

i i

41 42

43

i

i i

i

44

45

47 48 49

46

i i

I I

I I I

|| |

|| |

1948
'

II

I I I

I I

I I I

1

I I

I I

1949

SOURCE: STANDARD AND POOR'S CORPORATION

1 1 1

1 1 1

1

0

1950
COUNCIL OF ECONOMIC ADVISERS

[1935-39=100]

Composite
index l

Period
Weekly average:
1939
1942
1946
1948
1949
1949: April
May
i»J.C*J _

_

June
July
_
August * '
_
September
October
November
_
December
_ _ __
1950: January
"February
__
March
April
' _

Mav
Week end ed:
1950: May 3

__

10
17 '

__ _-- _ -__
•

31

•

24

Industrials

Railroads

Utilities

94.2
69.4
139. 9
124.4
121. 3
118. 5
117. 7
112.0
117.8
121. 8
123.8
127. 3
129. 1
132.7
135. 1
136. 7
138-8
141. 6
146.9

94.8
71.3
143.4
130. 6
127. 5
124. 2
123.5
117. 0
123. 8
128.0
130. 3
134.4
136. 5
140.3
142. 6
144. 4
146. 5
150. 0
156. 1

74.7
66. 1
143.0
114. 7
96.4
97. 1
95. 8
88.4
90. 6
94.2
95. 1
97. 6
96.2
101. 0
107.8
107. 2
108. 5
109.4
109.7

98.6
61. 3
120.2
96.2
97.5
96. 1
95.3
9,3.0
95. 4
98. 5
100.0
101. 2
102.6
104. 1
105.8
107.4
109. 6
111. 1
112.8

144. 7
145. 3
147. 1
148. 4
148.8

153.4
154. 3
156. 3
157. 9
158. 4

110. 3
109. 3
109. 9
110.0
109. 2

111.9
112. 1
113. 1
113.7
113. 4

i Composite index prior to June 23,1948, was based on 402 common stocks, and included 354 industrials, 20 railroads, and 28 utilities; thereafter,
416 common stocks are represented, with 365 industrials, 20 railroads, and 31 utilities.
Source: Standard & Poor's Corporation.




Civilian employment again increased significantly. Unemployment declined by more than 500,000. During
the past three months there was a decrease of over 1.6 million in the number of jobless persons.
MILLIONS OF PERSONS
70

MILLIONS OF PERSONS
1 70
UNEMPLOYMENT

TMCNAGRICULTURAL EMPLOYMENT

-

1

'

'

""'

PERCENT
20
I I M C M D I nVflflCMT - D f D ^ C M T AT

15

-

10

-

5

~

-

p i

I—TO • 1 1 i l plf
1
l|

0

1944
1947
1948
MONTHLY AVERAGE

1949

SOURCE: DEPARTMENT OF COMMERCE

Total labor
force (including
armed
forces)

Period

1939 monthly
1944 monthly
1947 monthly
1948 monthly
1949 monthly
1949: April

average
average
average
average
average

Mav
T

J

June _ _
July
August
September
October
November
December
1950: January
February
March
April _ _
May

_ _
__ _
_

55, 600
65, 890
61, 608
62, 748
63, 571
62, 327
63, 452
64, 866
65, 278
65, 105
64, 222
64, 021
64, 363
63, 475
62, 835
63, 003
63, 021
63, 513
64, 108

Civilian labor force
Total
Employment 1
civilian
Agricul- Nonagrilabor
Total
tural
cultural
force
Thousands of persons, 14 years of age and over
370
36, 140
45, 750
9, 610
55, 230
54, 630
11,260
53, 960
8, 950
45, 010
8,266
1,440
49, 761
60, 168
58, 027
1, 307
7,973
59, 378
61, 442
51, 405
1,466
8,026
62, 105
50, 684
58, 710
1,492
57, 819
60, 835
49, 999
7, 820
8, 974
58, 694
1,469
49, 720
61, 983
9,696
59, 619
63, 398
1,468
49, 924
1,463
59, 720
9,647
63, 815
50, 073
1,468
51, 441
8, 507
63, 637
59, 947
59,411
62, 763
1,459
8, 158
51, 254
62, 576
1,445
59, 001
7, 710
51, 290
1,436
7,878
62, 927
59, 518
51, 640
58, 556
1,430
62, 045
6,773
51, 783
1,408
6, 198
56, 947
50, 749
61, 427
56, 953
1, 366
6,223
50, 730
61, 637
1,346
6, 675
57, 551
50, 877
61, 675
58, 668
7, 195
62, 183
1,330
51, 473
8, 062
1, 320
62, 788
51, 669
59, 731

Armed
forces

Unemployment
9,480
670
2, 142
2,064
3,395
3,016
3,289
3, 778
4,095
3,689
3,351
3, 576
3,409
3,489
4,480
4,684
4, 123
3,515
3,057

Unemployment as percent of total
civilian
labor force

17.2
1. 2
3.6
3.4
5. 5
5.0
5.3
6.0
6.4
5. 8
5.3
5.7
5.4
5.6
7. 3
7.6
6.7
5.7
4.9

i Includes part-time workers and those who had jobs but were not at work for such reasons as vacation, illness, bad weather, temporary lay-off, and industrial
disputes.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.




NONAGRICULTURAL EMPLOYMENT - SELECTED INDUSTRIES
Employment in most industrial and commercial industries and in Goverment
substantial gains in April.
The increase in durable manufacturing was almost entirely offset by a decline in nondurables which
seasonal. Construction reached an all-time April high. Government increased because of hiring of temporary
Census takers.
MILLIONS OF WAGE
AND SALARY WORKERS
9.0

MILLIONS OF WAGE
AND SALARY WORKERS
8.0

DURABLE MANUFACTURING

I
4

F

1
M

t
A

NONDURABLE MANUFACTURING

1
M

I
J

J

I

1
A

S

I
O

!

_l

I
N

D

J

F

M

I
A

I
M

I
J

J

I
A

I

f

I

S

O

N

O

S

O

N

0

CONTRACT CONSTRUCTION

J

f

M

A

M

SOURCE: DEPARTMENT OF LA 80S

COUNCII. OF ECONOMIC ADVISERS

[Thousands of wage and salary workers l]
Manufacturing
Period
Total
1939 monthly
1943 monthly
1946 monthly
1947 monthly
1948 monthly
1949 monthly
1949: March
April

average
average
average
average
average
average

May

June
,
July
August September
October
November
December
1 950 * January 3
February
March 8
April 3

,

10, 078
17, 381
14, 461
15, 247
15, 286
14, 146
14, 475
14, 177
13, 877
13, 884
13, 757
14, 114
14, 312
13, 892
13, 807
14, 031
13, 980
13, 996
14, 094
14, 113

Durable
goods
2
(2)
(2)
()

8,373
8,315
7,465
7,819
7,656
7, 441
7?392
7,255
7,302
7,409
6,986
7,050
7,303
7,342
7,325
7,418
7,535

Contract
construction
Nondurable goods
1, 150
(2)
2
1,567
(2)
1, 661
()
6,874
1,982
6, 970
2, 165
6,681
2, 156
6,656
1,947
6,521
2,036
6,436
2,137
6,492
2,205
6,502
2,277
6,812
2,340
6,903
2,341
6,906
2,313
6,757
2,244
6,728
2,088
6,638
1, 919
6,671
1,860
6,676
1,898
2,042
6,578

Trade
6,705
7,322
8,815
9, 196
9,491
9,438
9,310
9,478
9,342
9,336
9,220
9,213
9,409
9,505
9,607
10, 156
9,246
9,154
9,201
9,316

Finance
and
service
4,610
5, 187
5, 994
6,427
6,515
6,544
6,469
6, 525
6,567
6,608
6,631
6,616
6, 604
6,561
6,534
6,508
6,473
6,473
6,498
6,556

Government
(Federal,
State,
local)
3,987
6, 049
5, 607
5,454
5, 613
5,811
5,761
5,775
5,813
5,803
5,738
5,763
5, 893
5,866
5,783
6,041
5,777
5,742
5,769
5,902

Transportation
and
public
utilities
2,912
3,619
4,023
4, 122
4,151
3,979
3, 975
3,991
4,021
4,031
4,007
3,992
3,959
3,871
3, 892
3,930
3, 869
3,841
3,873
3, 930

Mining
845
917
852
943
981
932
981
984
974
968
943
956
948
593
917
940
861
601
930
935

1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked or received pay during the pay period ending nearest
the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 6) which include proprietors, selfemployed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are based on an
enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
2
3
Not available.
Preliminary estimate.
Source: Department of Labor.

8




AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The workweek in durable manufacturing industries increased sharply in April. In contrast, weekly hours in
nondurable goods manufacturing dropped sharply.
HOU *S PER WEEK

HOURS PER WEEK

DURABLE MANUFACTURING

NONDURABLE MANUFACTURING
42

42

40

\

^^jX ^•^VA^

40

^

\^/V

38

38

36

.

r\r

r~}rx

-

-

36

34

V ^ ^ l r^^*^
^

34

0

i I 1 1 I 11 1M 1
1947

1 I 1 11 1 1 1 M 1

1 1 M 1 I M 11 1

1948

1949

! ! I 1 1 1I111 1

0

\f

1 1 ! 1 1 1 11 1 I 1

1950

I 1 I I i 1I 1 1 1 1
I

1947

1948

! 1 1 1 1 II 1 1 1

1 I 1 1 ! 111 1 1 I

1949

1950

RETAIL TRADE

BUILDING CONSTRUCTION
42

42

40

40

_J~\

^%r

'«*!&&

38

38

*

v^N/l\/-x

\

36

36

\,
v

34

0

•^v^/V /iWa«i^^ .
^»*wr
'^y

M

1 1 1 1 ! 1 1 1 1

1947

1 1 1 1 1 1 I 1 1 1 1

1 1 1 1 1 M i l l !

1949

1948

34

1 1 1 1 1 1 1 1 I 1 1

0

TIi ii i, M ii

i ii ii1 ii I1 I
1

1947

1950

M i l l ,

....

1949

1948

1 I 1 ! 1 1 1 1 1 1 1

I960

SOURCE: DEPARTMENT OF LABOR

[Hours per week, selected industries l]
Manufacturing r
Period
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average. .. .
1949 monthly average.—
1949* February
..
March
April
May ._
._
June
July
August
September
October
November
December
1950: January 3
February
March 8
April 3

Total

.

i For production and related workers,




....

,_

37, 7
44. 9
40. 4
40. 4
40. 1
39. 2
39. 4
39. 1
38. 4
38. 6
38 8
38.8
39. 1
39. 6
39. 7
39 1
39. 8
39. 7
39 7
39. 7
39 7

Durable
goods

Nondurable
goods

(2)

(2)
(2)

(2)
(2)

40.6
40. 5
39. 5
39 9
39. 5
39 0
39. 0
39 2
38 8
39.3
'39. 6
39. 9
39 0
40 1
40. 0
40 1
40. 2
40 8

2 Not available.

(2)

40. 1
39. 6
38. 8
38. 8
38. 6
37 6
38. 1
38 5
38 7
38. 9
39. 6
39. 6
39 3
39.5
39. 4
39 3
39 2
38 5

Building
construction Retail trade
(2)
(2)
(2)

(2)

37. 3
36. 6
36 5
36. 1
36 4
37. 2
37 1
37. 1
37.2
36. 5
36.9
36. 1
35. 8
34. 8
33 6
34. 6
2

()

(2)
(2)
(2)

40. 3
40. 3
40.4
40 2
40. 1
40 2
40. 3
40 5
40 9
40. 9
40 5
40. 4
40 1
* 40. 7
40. 4
40 3
40. 4
(2)

3 Preliminary estimate.
Source: Department of Labor.

WORK STOPPAGES
Man-days of idleness decreased from March to April. Although the number of stoppages beginning in April
increased, most of the April stoppages involved relatively small numbers of workers.
MILLIONS OF MAN-DAYS IDLE

MILLIONS OF MAN-DAYS IDLE

20

EO
MONTHLY AVERAGE

1
1939

)

1

1

1940 1941 1942 1943

Workers involved in
stoppages
Beginning
In effect
Percent of
during
in
estimated
month
period
working time (thousands) (thousands)
1, 170
0.28
2, 360
.32
840
.05
1,980
. 15
2, 120
.09
3,470
.47
4,600
1.43
2, 170
.41
1,960
.37
3, 030
.59
520
490
.45
160
208
.27
231
309
.49
572
673
. 61
110
249
. 35
134
232
.27
507
603
.87
570
977
2.49
914
57
.93
46
417
. 19
300
185
.38
75
515
1.27
80
530
.49
160
300
.47

Man-days of idleness
during period
Period

1939
1941
1942
1943
1944
1945
1946
1947
1948
1949
1949: March. _ _.
April
May

Monthly
average
(thousands)

_ _

June
_
July
August
* September _
October _ _
November
December
1950: January 1
February . _
March l
April x __

10

i Preliminary estimate.,




1,483
1,917
348
1,125
727
3,166
9,667
2, 883
2,842
4,208
3,460
1,880
3,430
4,470
2,350
2, 140
6,270
17, 500
6,270
1, 350
2, 600
7,850
3, 750
3,150

Number of stoppages
Beginning
in
period
2,613
4,288
2,968
3,752
4,956
4,750
4,985
3,693
3,419
3,606
289
360
449
377
343
365
287
256
197
170
225
210
260
400

In effect
during
month

436
531
678
632
603
643
536
475
388
323
340
325
400
550

Source; Department of Labor,

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production rose further in April and May, reflecting higher output of durable goods.

PERCENT OF 1935-39 AVERAGu
400

PERCENT OF 1935-39 AVERAGE
400

1939 40 41 42 43 44 45 46 47 48 49

1948

1950

* PRELIMINARY ESTIMATE
COUNCIL Or ECONOMIC ADVISERS

SOURCE: BOARD OF GOV!




[1935-39=100, seasonally adjusted]
Period
1943 monthly average _ _ _
1946 monthly average
1947 monthly average
1948 monthly average.,-. _.
1949 monthly average
1949: March
April
May
_- _ June
July
August
September
October
November
December
1950* January_.
FebruaryMarch
Aprill1
May XUCUjr

1

Preliminary estimate.

Total
industrial
production
239
170
187
192
176
184
179
174
169
161
170
174
166
173
179
183
180
187
189
193

IManufacture s

Total
258
177
194
198
183
193
184
179
176
168
177
184
176
179
188
192
192
194
198
201

Durable
goods

Nondurable goods

360
192
220
225
202
223
212
201
194
185
193
199
175
181
203
209
207
212
222
228

176
165
172
177
168
168
162
161
161
154
165
173
177
177
176
179
180
180
179
180

Minerals
132
134
149
155
135
136
148
145
133
123
129
119
112
141
132
130
118
144
141
145

Source: Board of Governors of the Federal Beserve System,

11

WEEKLY PRODUCTION - SELECTED INDICATORS
With the steel industry operating above stated capacity levels throughout May, a record number
of tons were produced. Automobile production also established a new high. Electric power production
continued at its April rate. Bituminous coal mining dropped.
MILLIONS OF TONS

BILLIONS OF KILOWATT HOURS

3

7.0

J

F

M

A

M

J

J

A

S

0

ND

0

F

M

A

M

J

J

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

St eel

Period

Weekly average:
1947
1948.
...
1949._
Week ended:
1949: May 7
14. -

Thousands of
net tons
1 628
1,695
1,493

Percent of
theoretical
capacity1

93.0
94. 1
81. 0

COUNCIL OF ECONOMIC ADVISERS

Electric power, Bituminous
coal
by utilities
(thousands of
(millions of
kilowatt-hours) short tons) 2

4, 821
5, 300
5,500

2,058
1, 948
1,418

Cars and
trucks
(number)

90, 860
100, 670
120, 800

123, 577
1, 881
5, 284
97 3
1 794
112, 557
1, 857
5, 257
96 2
1 774
21
1, 869
5, 255
110, 630
95. 6
1, 762
28
1, 895
111, 285
5, 270
94 1
1 735
June 4 _ _
5, 018
1, 868
91, 955
1 692
91. 8
11__
_
2, 178
5, 300
130, 151
89. 1
1, 643
1950: May 6 .
1, 803
5, 872
139, 492
100 2
1 910
13
1, 662
167, 282
5, 864
100. 1
1, 908
1,602
20
167, 035
5,845
1, 931
101. 3
27 _
5, 894
1, 700
176, 063
1, 941
101 8
3
3
5, 632
June 3_
139, 061
101. 5
1, 935
10__^___
101. 3
1,931
1 Based on weekly net ton capacity of 1,749,928 for 1947, 1,802,476 for 1948, 1,843,516 for 1949, and 1,906,268 for 1950.
2
Daily average for week.
8
Data became available after chart was prepared.
Sources: American Iron and Steel Institute, Edfson Electric Institute* Department of th^ Interior, and Ward's Auto*
motive Reports,

12




]PRODUCTION OF SELEC3TED MANUFACTURES
Iron and steel and machinery industries further increaset* their output in April while other durable
goods and most nondurable goods industries except textiles continued at their previous high levels.

PERC ENT OF 1935-39 AVERAGE

PERC ENT OF 1935-39 AVERAGE

250

250

STEEL

IRON A NO

200

150

IOO

0

A

/*\

AT
//^\rL

\l

AND PRODUCTS'

:R

IOO

I

I

1 '

-%Xq
N

200

r

v^-v,

150
J

0

40 42

48

1

^^

150
1
f
/ S

100
1 11 1 1 1I I 1 U

,,,,,i,,irr

1949

0

1950

XX

i
i
i
i
i

200

1948

,,,,,i,,,m

' :

j \¥/^
1

/

!
44 46

AND

! V^.™

250

NONFERROUS METALS AND PROD /TS \S

/

A

'
PRODUCTS

C kL PRODUCTS.

*\
A ^

^ i . i . i i i i n IT, , , . 1 1 1 . i .

1Vr

">>>

Ju

H

Vv,

**

\

0 ~~l i \ i i i i i i j"**l fill IJ JjL J 1 1 j 1 1 1 1 1 1 1 I ! 1 1

/

*

'

/
L

300

N

/ M A CH

I/ / 1\ y v

250

ii 1 1 1 1 1 1 1 iT

K/N/I[W

L jr
f

35O

300

—""V

**-NL
*
^TEXTILES

*

.443

„

t

! '*"''

150

^vf

r-r , i i i i i i i n rTTiniiiiii Illlllll 1 1 1

I

200

V

J L-

350

IOO

,y

f\

"V

^\ PETROLE UM AND COAL*^
>"!
OC UCTS

i ,/

^"MANUFACTURED FOOD
PRODUCTS

"
II
L
JL
rr i i i i i i i i n fT*> • < > i > > > > *
40

x-N. «s**

^
-—^^^>

42 44 46 48

1948

I I ! ) ll 1 1

1949

III

. 1 1 1 . 1 1 1 1 rr
I960

COUNCIL OF ECONOMIC ADVISE* s

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[1935-39=100, seasonally adjusted]
Durable manufactures
Period

Iron and
steel

1 943 monthly average . _ _ _
1946 monthly average.
1947 monthly average ~
1948 monthly average
1949 monthly average
1949: March.
_ ___ __
April May _ _
June _ _
July
August_
September
October. _
November
December
1950: January
February.
March
April 1
1

Preliminary estimate.
67616—50




3

208
150
195
208
188
233
219
204
177
156
178
179
102
145
201
203
201
205
222

Nondurable manufactures

Lumber
Nonferrous Textiles
and
Machinery metals and
and
products
products products

129
131
143
145
131
129
126
126
123
115
126
132
133
147
159
144
150
156
153

443
240
276
277
234
252
240
232
225
217
216
224
226
217
227
229
237
243
251

267
157
187
193
159
183
167
145
133
127
141
157
164
163
165
179
188
199
198

153
162
163
169
147
142
129
123
126
120
140
155
169
175
173
178
179
173
163

Petroleum Manufac- Chemical
and coal tured food
products products products

185
173
193
218
209
213
209
207
202
198
203
208
198
205
219
211
205
206
203

145
150
157
159
163
162
162
163
165
161
166
167
165
160
160
161
161
166
162

384
236
251
254
240
245
237
234
233
228
229
236
240
243
246
248
247
247
250

Source: Board of Governors of the Federal Reserve System.

13

NEW CONSTRUCTION
New construction continued to rise rapidly in May, both in relation to the previous month and to
the previous year. The rise occurred in ail categories.
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS
2,000

1,500

1,500

1,000

I ,OOO

500

- ::•::: -

1939

1942

1944 1946

194?

1948

1948

1947

1949

1950

*iNciMoes PUBLIC aesioEHTiAi. coMsrnucriOM
SOURCES: DEPARTMENT OF C O M M E R C E AND DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Total new
construction

Period
1939 monthly average
1942 monthly average
1944 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: April
May
June
Julv
..... _
August September...
October _
November
December__
1950: January
February _
March
«
April 2
May
^
1

_.
_ .

. ..
.

_ _ _ _ _ _
_ _ _
__
__
_

_ __

_

526
1, 118
345
871
1, 194
1,565
1, 611
1,370
1, 576
1,735
1,833
1, 903
1,922
1,879
1,767
1,612
1,496
1, 395
1,540
1,702
1, 941

Private construction
Residential
Total
Other
(nonfarm)
private
141
317
176
251
141
110
152
45
107
688
422
265
932
438
493
1,214
602
612
1, 172
585
586
989
445
544
1,108
530
578
1,229
629
600
1,301
650
651
1, 343
675
668
1,368
710
658
1,343
715
628
1, 295
715
580
1,225
690
535
1, 139
650
489
1, 068
590
478
1,155
650
505
1, 254
720
534
1,410
825
585

Federal,
State, and
local *
208
867
193
184
262
351
439
381
468
506
532
560
554
536
472
387
357
327
385
448
531

Includes public residential construction.
Preliminary estimate.
Sources: Department of Commerce and Department of Labor.

14




NEW HOUSING STARTS
With 126,000 new housing units started in April, an alt time record was established for the second successive
month, indications are that the half-million mark for 1950 will be reached in May; it was reached last year
in July,
THOUSANDS OF UNITS

THOUSANDS OF UNITS

125

125

SOURCE: DEPARTMENT OF LABOR

New nonfarm units started
j."U
MontH

it /r _

1948

1949

--- ---

39, 300
42, 800
56, 000
67, 100
72, 900
77, 200
81, 100
86, 300
93, 800
94, 000
79, 700
58, 800

53, 500
50, 100
76, 400
99, 500
100, 300
97, 800
95, 000
86, 600
82, 200
73, 400
63, 600
52, 900

50, 000
50, 400
69, 400
88, 300
95, 400
95, 500
96, 100
99, 000
102, 900
104, 300
95, 500
78, 300

Total

_ _ _ _

849, 000

931, 300

1, 025, 100

Monthly average

__.

70, 750

77, 600

85, 425

1947

January
February
March
April
Mav
yj.a,j
June
July
August
September
October
November
December




__ __ _
_ _ __

__

_

.

-

_

Preliminary estimate.

1950
78, 700
80, 000
110, 000
126, 000

1
1
1

Source: Department of Labor.

15

EXPENDITURES FOR NEW PLANT
AND EQUIPMENT
Plant and equipment expenditures by nonagricultural business firms in 1949 were 6 percent less than in
1948. Anticipated expenditures for 1st half of 1950 were estimated at $17 billion (annual rate) 8 percent
below 1st half of 1949, according to plans reported by business in February of this year. Recent developments
indicate that the expenditures will be above the earlier estimates.
BILLIONS OF DOLLARS
25

BILLIONS OF DOLLARS
25

TRANSPORTATION AND
:
:ELECTRIC AND GAS:
UTILITIES

1939

194!

* ESTIMATES BASED OH PLANS REPORTED IN FEBRUARY I95O
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND U. S. DEPARTMENT OF COMMERCE

[Millions of dollars, annual rates, not adjusted for seasonal variation]
Period

Total i

Manufacturing

Mining

Transportation
Railroad

Other

Electric and Commercial
gas utilities and miscellaneous *

1,850
380
280
280
480
5,200
1,930
1939
-__
2,490
680
560
340
710
8,190
3,400
1941
_ 1,480
440
550
320
630
6,630
3,210
1945.
_
5,390
1,320
700
800
2,680
8,340
19, 230
1948
1,350
520
5, 120
740
3, 140
18, 120
7, 250
1949 3
_
4,480
650
930
350
2,940
16, 090
6,740
1950 -_
5,440
800
680
2,760
1,320
8,360
1948: Third quarter
19, 320
880
5,760
1,640
680
3,400
Fourth quarter _
21, 640
9,280
5,040
760
1,440
520
2,720
1949: First quarter. .
17, 840
7,400
5, 160
760
1,520
560
3,120
Second quarter
7,520
18, 640
5,040
720
1,240
560
3, 160
Third quarter _ _ _
6, 760
17, 480
1,200
480
5,280
720
3,560
Fourth quarter
7, 320
18, 520
3
680
320
4,680
1,000
2,960
16, 440
6,760
1950: First quarter 3
360
4,720
680
1,040
3,240
Second quarter
6, 960
17, 040
1
Excludes agriculture.
3
Commercial and miscellaneous composed of trade, service, finance, and communication.
3
Figures for 1950 are based on anticipated capital expenditures reported in the February 1950 survey. Revisions
based on the May survey will be published in the July issue of Economic Indicators.
NOTE.,—These figures do not agree with the totals included in the gross national product estimates of the Department of
Commerce, principally because the latter cover agricultural investment and also certain equipment and construction outlays
charged to current expense. Figures for 1939-44 are Federal Reserve Board estimates based on Securities and Exchange
Commission and other data.
Detail will not necessarily add to totals because annual rates are based on quarterly figures rounded to the nearest
10,000,000.
Sources: Securities and Exchange Commission and Department of Commerce (except as noted).

16




NEW CORPORATE SECURITY ISSUES
New corporate security issues during 1st quarter of this year rose above the seasonally high 41h
quarter rate, and were substantially above 1st quarter of last year. Most of the additional proceeds
from the larger security issues were used for retirement of debt and stock.
B I L L I O N S OF DOLLARS
3 0

1939

BILLIONS OF DOLLARS
3.O

1943

1946

1947

1948

SOURCE: SECURITIES AND EXCHANGE COMMISSION.

[Millions of dollars]
Proposed
Estimated
net proceeds

Period

New money
Plant and
equipment

Total
1939
1943
1946
1947
1948
1949
1948:

quarterly average
quarterly average
quarterly average
quarterly average
quarterly average
quarterly average
First quarter
Second quarter
Third quarter
Fourth quarter «
1949: First quarter
Second quarter—
Third quarterFourth quarter
1950: First quarter
1

. .
.
.

_

..

-

..

-

.
_ -

...

-

_„

_.______._
.
„ .
. .

„

529
287
1, 689
1,617
1,748
1,520
1, 769
1,817
1, 352
2,054
1, 195
2,475
1,006
1,403
1,398

81
77
820
1,148
1,491
1,209
1,511
1,493
1,087
1,874
954
2,088
834
960
1,014

Includes small amount for other purposes.
.—Detail will not necessarily add to totals because of rounding.




of net proceeds

43
35
529
852
1, 060
948
918
1,091
774
1,459
762
1,679
677
675
777

Working
capital
39
42
291
296
431
261
593
402
314
415
193
409
157
285
237

Retirement
of debt and
stock l
448
210
869
469
257
311
260
325
265
180
241
386
172
444
384

Source: Securities and Exchange Commission-

INVENTORIES AND SALES
5sales in April, after adjusting for seasonal changes, declined moderately for manufacturers and most trade groups,
[)epartment store sales rose substantially, Inventories of manufacturers and wholesalers continued to increase while
t hose of retailers declined.
BILL IONS OF DOLLARS

BILLIONS OF DOLLARS

RETAIL

TOTAL* AND MANUFACTURING

60

20
SEASONALLY^.... ....

MONTHLY AVERAGE

A

X,,...

..X
.•*"**

50

ADJUSTED

TOTAL

MONTHLY AVERAGE

/:

....***

INVENTORIES*^

10

|
1

SEASONALLY ADJUSTED
^-INVENTORIES

,

f SALES

I

j:

^TO TAL SALES*

40

0

!"WVv /

J/A

30
/

"
^

' //

1 1 1 I I f M i
40 42 44 46 48

1 1 1 1 1 I 1 1i

MONTHLY AVERAGE

-^vv.^

1

10

0

MANUFACT DRING

STORES

SEASONALLY ADJUSTED

/N
'"

j/j

200

SALES'^

/
1

1950

400

f

t'Lr
r

! 1 1 1 1 1 1 1 1 1 1

1949

DEPARTMENT

X.......

INVENTORIES

300

20

1 I M 1 1 1 1i 11

PERC ENT OF 1935-1939 AVERAGE

""""••-,.

"^MANUFACTUR N6

M

1948

SALES

^^f<^X
INVENTORIES^

/

100

i ' M11 1 L

i10 42 44 46 48
SOURCE :

1 1 M

f 1 1 1 1 1 I

1948

1 i 1 1 1 1 1 1 M 1
1949

I M i i 1 i I rl I

\ i i i ( | i | j

0

M 1 I i 11 M M

40 42 44 46 48

1950

1948

1 1 1 I 1 1 11 1 1 1

1949

DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Total business l
Period

Inventories 2

-Sales s

Sales 3

Retail

New
orders 4

Inventories 2

Millions of dollars, seasonally adjusted

1939
1943
_ 1945 _ * _ _ _
1946
1947
_ -_
1948
1949
1949: March April
May_
t J
June
July
August
September
October
November
December
1950: January 7
February
__ _
March 7
7
April

20, 172
31, 143
30, 571
42, 709
51, 692
58, 546
53, 628
58, 216
57, 806
56, 857
56, 434
55, 320
54, 631
54, 601
54, 356
53, 996
53, 628
54, 123
53, 932
54, 513
54, 874

11, 109
22, 372
24, 181
27, 800
34, 739
38, 190
36, 008
37, 065
35, 879
36, 039
36, 392
34, 821
37, 136
37, 240
34, 603
35, 496
34, 651
35, 678
36, 463
37, 946
36, 666

11,465
20, 098
18, 390
24, 818
29, 818
34, 066
30, 899
34, 223
34, 018
33, 565
33, 250
32, 367
31, 638
31, 060
30, 744
30, 547
30, 899
31, 136
31, 098
31, 103
31, 300

5, 100
12, 822
12, 883
12, 841
17, 076
18, 998
17, 815
18, 451
17, 643
17, 741
17, 990
17, 114
18, 945
18, 866
16, 805
17, 313
16, 857
17,650
18, 035
19, 144
18, 300

* Total business includes manufacturing, retail, and wholesale (not shown
separately in this table).
2
8 Book value, end of period.
Monthly average for year and total for month.
4
Data for new orders not adjusted for seasonal variation.

18




1 11 1 1 1 1 1 1

1950

COUNCIL OF ECONOMIC ADVISERS

Manufacturing
Inventories 2

M

(6)
(6)
(6)
14, 004
16, 768
18, 694
17, 189
17, 962
15, 968
15, 734
16, 300
15, 496
18, 697
19, 441
18, 359
18, 138
16, 775
18, 646
17, 983
20, 223
18, 000

Sales 8

4

5, 532
7,361
7,543
11, 226
13, 221
14, 969
13, 698
14, 700
14, 458
14, 139
14, 182
13, 862
13, 932
14, 355
14, 475
14, 336
13, 698
13, 996
13, 800
14, 282
14, 153

3, 504
5, 277
6,315
8,358
9, 909
10, 837
10, 682
10, 724
10, 814
10, 759
10, 684
10, 549
10, 669
10, 856
10, 678
10, 630
10, 503
10, 855
11, 101
11, 125
11, 072

Department stores
InvenSales 5
tories 5
1935-39=100, seasonally adjusted
102
106
155
168
166
207
264
213
286
255
302
291
270
285
282
279
278
293
273
291
265
285
280
256
283
253
263
289
270
276
277
273
271
293
272
282
279
280
285
274
286
292

§ Indexes computed from data on retail value of sales for month and retail
book value of inventories, end of period.
6
Not available.
7 Preliminary estimates.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.

MERCHANDISE EXPORTS AND IMPORTS
Both exports and imports fell in April from their March levels. The steeper decline in imports
increased the merchandise export surplus, but this surplus remained much below a year ago.
MILLIONS OF DOLLARS

MILLIONS OF DOLLARS

1,600

1,600

1,200

1,200

1946

1947

1948

1949
1948

1950

SOURCES. DEPARTMENT OF COMMERCE, DEPARTMENT OF THE ARMY, AND DEPARTMENT OP THE NAVY

[Millions of dollars]
Exports *

Period
1936-38 monthly average.
1943 monthly average
1946 monthly average
1947 monthly average™ „..
1948 monthly average
1949 monthly average
1949: March
April
.
May
June
Julv - - -.
August-., .
September
October. .
November « _
December
1950 1 January
February
March
April
WJ

1
1

....
-

.
.

.

„« ._

~

-

.

_.

-_„

.

„

,

... „_
.. -

-

---

_

...

_

_
_ _ __
_ „

-„

247

._

.
_ _

1,080

849

1S278
1,054
1,000
1, 177
1S166
1,092
1, 104
899
880
906
852
837
944
745
770
867
808

Imports s
207
282
410
478
592
553
633
534
541
526
457
491
536
559
594
605
623
599
663

583'

Excess of
exports
40
798
439
801
462
447
544
632
551
578
442
389
370
293
243
339
122
171
204
225

Recorded merchandise exports, including reexports, and civilian supplies for occupied
Eecorded general merchandise imports.
Sources: Department of Commerce, Department of the Army, and Department of the Navy,




19

National income, after declining during each quarter of 1949, turned up in 1st quarter of I960, according to
preliminary data. The increase represented a rise in*all major components except interest.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
ANNUAL RATES, SEASONALLY ADJUSTED
TOTAL NATIONAL
INCOME
CORPORATE PROFITS AND : : : :
INVENTORY VALUATION : : : :-:-:-:-: : :-: :
:'•:'•:'•:'::': ADJUSTMENT ::,:::::::;:;;;:;:;x;x;:;:

r^-Xv.•>>:•; NET INTEREST :

|llPllliii|;lii|COMPENSAT! ON .OFjjjjjjjjl

3

4

1

2

3

4

I

3

Z

4

1

*

2

SOURCE: DEPARTMENT OF COMMERCE

of dollars]

Period

Total
national
income

Compensaof
employees

Proprietors5
(businesss
professional, Net
farm)

Corporate profits and inventory
valuation adjustment
Total

•

1939
.
.. ..
.. .
1944
1946.. . ... _
1947
1948. _
1949.-. ...

72.5
183.8
179.6
201.7
226. 2
221.3

47.8
121.2
117.0
127.6
140.3
141. 1

1948: Third quarter.-...
Fourth quarter __._
1949: First quarterSecond quarter
Third quarter
Fourth quarter
1950 : First quarter l

230. 4
234. S
224.7
220. 8
220. 7
219. 1
2
221. 6

143.3
1449
141. 9
140. 8
141. 1
140. 9
142. 8

14.7
35.5
41.2
45. 1
49.5
44.8

4.2
3.1
3.0
3.4
3.8
4.2

5.8
24.0
18.3
25.6
32.6
31.2

Profits
before
taxes

Inventory
valuation
adjustment

6.5
24.3
23.6
31.6
34.8
28.6

-0.7
-.3
-5.2
-6.0
-2.2
+ 2.6

36.6
34. 5
29.4
26. 4
28. 9
29.5
2
30. 5

-3.3
+ 1.2
+ 2.2
+ 4.3
+ 3.3
+.7
—.7

Annual rates, seasonally adjusted

1
2

20

49.9
49.7
47. 1
45. 1
43. 1
43.7
44. 7

3.9
4.1
4. 1
4.2
4.2
4.3
4.3

33.3
35.7
31. 6
30.7
32. 3
30.2
2
29. 8

Preliminary estimates.
Estimates by Council of Economic Advisers; based on incomplete data,
NOTE.—Detail will not
to
of rounding. Source: Department of Commerce (except as noted).




CORPORATE
Preliminary estimates indicate that the improvement in profits
continued into 1950.

In the last half of

has
MILLIONS OF DOLLARS

BILLIONS OF DOLLARS

3

4

I

2

1947
SOURCE: DEPARTMENT OF

3

4

' I

2

3

1949

1948

OF ECONOMIC ADVISERS

COMMERCE

of

Period

1929
1939..
1944
1946.. .
1947.
1948
1949.

..
—
..
.
. . ..
..
.
..
..
,

Corporate
profits
before

9.8
6.5
24.3
23.6
31. 6
34.8
28.6

Corporate
tax
liability

1.4
1.5
13.5
9.6
12.5
13.6
11.2

14.4
36.6
1948: Third quarter
13. 6
34. 5
Fourth quarter
29.4
11.5
1949: First quarter
26.4
10.6
Second quarter
11.4
28.9
Third quarter. _ » «_
11.2
29.5
Fourth quarter
12.2
30. 5
1950: First quarter1
1
Estimates by Council of Economic Advisers;
on incomplete
NOTE.—No allowance has been made for inventory valuation
taxes and inventory valuation adjustment.
Detail will not necessarily add to
because of rounding.




Dividend
payments

Total

Undistributed
profits

8.4
5.0
10. 8
13.9
19. 1
21.2
17.4

5.8
3.8
4.7
5.8
7.0
7.9
8.4

2.6
1.2
6. 1
8.1
12.1
13.2
9.0

22.2
20. 9
17. 9
15.8
17.5
18.2
18.3

7.9
8.3
8.3
8.2
8.1
8.9
8. 6

14.3
12. 6
9.6
7.6
9.4
9.3
9.7

p. 20 for profits before
of Cominerte (exeept as noted).

21

PERSONAL INCOME
Personal income dropped $ 6 biilion (annual rate) from March to April, $1 billion less than the drop in
transfer payments. Salaries and wages advanced; proprietors' income declined.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

250

250

1939

1944

1947

J

1948

A S 0

N D

J F M A M J

J A S O N D1 J F .M A ( V . J

SOURCE:

J A S O N

D

1949

1947

J

F M A M

1950-

DEPARTMENT OF COMMERCE

[Billions of dollars]
Total
personal
income

Period

1939
1944 . _
1947
1948
1949 ..
1949: March
April
May
June
July._
August
September
October
November _ _
December
1950: January
February „__
March _
April 2

„

72.6
165. 9
193.5
211. 9
209.8

._ _

_._ __
__ _

210.2
210. 5
210.2
209.4
207.2
209. 1
208.3
207. 0
209. 4
211.9
1
218. 1
1
219. 1
1
222. 8
1
216. 9

Proprietors'
(business,
Salaries, wages, professional, Dividends
and other
and personal
farm)
labor income
interest
and rental
income
9.2
45.7
14.7
10.6
116. 2
35.5
45. 1
14.8
122.0
135. 1
16.2
49.5
17.2
44. 8
135.6
Annual rates, seasonally adjusted
46.2
134. 4
17.0
45.0
17. 1.
136.0
45.2
17.0
135. 8
45. 1
17.0
135.0
42. 8
16. 9
135. 1
43.9
17. 1
135. 5
17.2
42.7
135.8
134. 8
42.9
17.3
17.4
44.9
134.7
18. 9
136.6
43.5
17.4
46.5
135.9
17.6
135. 3
44. 1
17.9
43. 5
137. 3
42. 8
18. 1
139. 1

Transfer
payments
3.0
3.6
11.7
11. 1
12.2
12. 6
12.4
12.2
12. 3
12.4
12.6
12. 6
12.0
12.4
12.8
J
18. 3
*22. 1
*24. 1
U6. 9

1
Includes veterans' insurance dividend—$5.4 billion, annual rate (or $450 million, monthly total) in January, $9.5 billion, annual rate V.POUI
million, monthly total) in February, $10.6 billion, annual rate ($887 million, monthly total) in March, and $4.1 billion, annual rate ($345 million,
monthly total) in April.
2 Preliminary estimate.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce,

22




CONSUMER INCOME, SPENDING,
Payment of the special insurance dividend to veterans during 1st quarter in I960 distorted
disposable personal income. It accounted for ^/4 of the increase of $1! billion (annual rate).
Expenditures increased by only $3 billion, indicating that the insurance dividend
spent slowly. Correspondingly, consumer saving was temporarily high.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ANNUAL TOTALS

ANNUAL RATES, SEASONALLY ADJUSTED

1.50

<§>X<^>%CONSUM PT!ON' EXPENDlf URES$£tt\:>"&%&&'jtt$'£
v»S^;^W4^^^

SOURCE: DEPARTMENT OF COMMERCE

Disposable
personal
income 1

Period

1939
1940
1941
1942
1943
1944
1945
1946
1947 .
1948
1949

_
- -•_.

___ ___
--_
_ _

----_

_ „

__-

-_

_

-

_

_ -- -- - _- --

---

_

_

_

_

_

_

70.2
75.7
92. 0
116.7
132.4
147.0
151. 1
158. 1
172. 0
190. 8
191. 2

195. 2
1948' Third quarter
-196.2
Fourth, quarter
-__ _ _
193.4
1949: First quarter
_ _ __ _ _ _ _ _ _
191.4
Second quarter
_ __ _ _
189.5
Third quarter
190. 7
Fourth quarter
_ _ _ _ _ _ ___
201.3
1950: First quarter
1
Income less taxes.
NOTE.—Detail will not necessarily add to totals because of rounding.




Less: Personal Equals: PerNet saving as
sonal net
consumption
percent of dissaving
expenditures
posable income
Billions of dollars
2.7
67.5
3.8
3.7
72. 1
4. 9
82. 3
9.8
10.7
25. 6
91. 2
21. 9
102.2
30. 2
22.8
35.4
111. 6
24. 1
123. 1
28. 0
18.5
147.8
10. 3
6.5
5. 1
166. 9
3.0
12. 0
178.8
6.3
11.8
179. 4
6.2
Annual rates, seasonally adjusted
15.0
180. 3
7.7
15. 3
180.9
7.8
14.8
178. 7
7.7
12. 1
179.3
6. 3
9. 8
179. 7
5.2
10. 8
179. 8
5.7
182. 7
18. 6
9. 2
Source: Department of Commerce.

23

PERSONAL CONSUMPTION EXPENDITURES
Personal consumption expenditures in first quarter of I960 were 1 percent above the peak rate of 4th
quarter of 1948, according to revised estimates.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

200

200
NNUAL RATES, SEASONALLY ADJUSTED

SOURCE:

DEPARTMENT OF COMMERCE

- ECONOMIC A D V I S E R '

[Billions of dollars]
Personal consumption expenditures
Period
Nondurable
goods

Total
1939_
1944_
19461947
1948.
1949.

67.5
111.6
147. 8
166.9
178.8
179.4

35.3
67. 1
86.8
96.2
102.2
98.9

Durable
goods
6.7
7. 1
16. 5
22.0
23.5
24.4

Services

25.5
37.4
44. 5
48.8
53. 1
56. 1

Annual rates, seasonally adjusted
1948: Third quarter
Fourth quarter
1949: First quarter _ _
Second quarter
Third quarter
Fourth quarter .»_
1950: First quarter.

.

_

180.3
180. 9
178. 7
179.3
179. 7
179.8
182. 7

101.8
103.3
100. 4
99.8
97. 6
97.7
98. 1

24. 8
22.9
23.0
23.6
25.7
25.2
26. 9

53. 7
54.8
55.3
55.9
56.5
56.9
57.7

NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.

24




1

PER CAPITA INCOME11
Per capita disposable income, including veterans' insurance dividend, increased in first quarter of I960,
both in terms of current dollars and in real purchasing power. Without the dividend, there was no increase.
0 DLLARS
1,600

DOLLA *S
1,600

~"

1948 DOLLARS** ^

"^"^^

~~

-

t
Z***"^
-*—*1-

1,200

--/ /^ -

-

'

1,200

'

-

800

800

/

CURRENT DOLLARS
_

.

•

_

400

400

1

0
1939

1

1940

1

1941

1942

1
1943

1
1944

1
1945

1
1946

1947

1
1948

1
1949

1

1
3
1947

#

L

U

.

LL

\
4

1

1
2

1
3

1948

0

1

4

1

2

3
1949

4

1

2

1950

A
COUNCIL OP ECONOMIC ADVISERS

Per capita disposable personal
income l
Current
1948 dollars *
dollars
$923
$536
—..
574
981
.
----- —
691
.
1, 125
867
1,262
.
- - — . — .
__
970
1,314
1,065
1, 405
1,082
- _ . .—
.
1,389
1,119
1, 342
.
1,194
1, 282
1,302
1,302
1,281
1,297
Annual rates, seasonally
adjusted
1, 328
1,305
1,328
1,319
1, 304
1,315
1,285
•1,298
1,267
1,284
,
*.„
1,269
1,292
1,334
_ _ __
1,370

Period

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949

-

-

- - -—_

-

__ •
-•-

1948: Third quarterFourth, quarter
1949: First quarter
Second quarter.
Third quarter
Fourth quarter-.
1950: First quarter

Consumers*
price index3
1948 = 100

58.1
58.5
61.4
68.7
73.8
75.8
77.9
83.4
93. 1
100.0
98.8
Not adjusted
for seasonal
variation
101.8
100.7
99.2
99.0
98. 7
98.2
97. 4

1
Income less taxes.
2
Current dollars divided
3

by the consumers' price index on the base 1948=100,
The consumers' price index has been roughly adjusted to take account of the understatement from December 1941-February 1947. This
adjustment is in line with the report of the Mitchell Committee. The unadjusted index will be found on page 3.
Sources: Department of Commerce and Department of Labor.




25

AVERAGE HOURLY EAFiNIN GS

- SELECTED INDUSTRIES

Average hourly earnings in durable goods manufactur ng increcjsed in April. In nondurable goods
manufacturing the increase was comparatively slight.
DOLL/IRS
1.60

DOLL ARS PER HOUR

PER HOUR

1.50

DURABLE MANUFACTURING

NONDURABLE
sf

1.50
1948

DOLLARS* j,*>»7*

^zix-^xy

1.40

~*^

1948

1.40

1.30

&r

,J

..

1.30

1.20

/

CURF ENT

DOLLARS*

—*/r

f=^4

P""

r

''~^Jc^'

S^

CURRENT

DOLLARS

* 1.10

i iiii!iiiii
1947

2.10

_

f

DOLLARS

1.20

0

MANUFACTURING

1 1 1 11 111 111

t t i i i 1 i i i |i

•

1948

1 1 1 1 ! 1 1 1 1 1 1

1949

0

1 1 1 II

1 M M 1

1947

1950

11 1 1 i 1 | | | | |

"

M

1948

1 1 1 1 1 1 M 1
1949

1 1 1 1 1 I 1 1 M

1

1950

1.30

' RETAIL TRADE

BUILDING CONSTRUCTION
t\ ^

2.00

1.20

J
'

1948 DOLLARS*

1.90

-^J*-^^^^*^

£

1.10

f948 DOLLARS*' Jj

S^****^

1.80

CURRENT DOLLAF S

1.00

** / ^ ^ CURRENT DOLLARS

"^
.90

1.70

0

| II ! 1 1 1 1 1 II

l l 1 1 1 1 1 1 1 1 I

1947

1 1 1 I I I 1 1 II

1948

!

1949

i M i i 1r i i i i

0

1 1 i i i 1 1 i i i i i i i i i !i i i ii
1947

1950

1 1. , 1 ! 1 M 1 1
1949

1948

SOURCE: DEPARTMENT OF LABOR

1 1 1 1 1 1 1 1 1 1 1
1950

COUNCIL OF ECONOMIC ADVISERS

[Selected industries *
All manufacturing

Durable goods
manufacturing

Period
Current
dollars

1939 monthly average
1943 monthly average
1946 monthly average __
1947 monthly average
1948 monthly average
1949 monthly average..
1949: March _
_ _
April _ _
Mavt. J
June _
July
August
September
October
November
December
1950: January
February 4
March 4
April 4
1

$0. 633
. 961
1, 084
1. 237
1. 350
1.401
1. 400
1. 401
1. 401
1. 405
1.408
1. 399
1. 407
1.392
_ _ _
1. 392
_ _ _ _
1. 408
1.418
1. 420
_ __
1. 424
1. 433

Production and related workers.
s Not available.

26




2

2

Current
dollars

1948
dollars 2

$1. 090
1.302
1. 300
1. 329
1. 350
1. 418
1. 414
1. 414
1. 418
1. 418
1. 434
1. 419
1.420
1.415
1. 413
1.440
1. 454
1.459
1. 461
1. 467

(3)
(3)
(3)
$1. 292
1.410
1. 469
1. 464
1.467
1. 467
1.475
1. 477
1. 473
1.482
1. 458
1. 457
1.476
1. 485
1. 483
1.487
1. 496

(3)
(3)

1948
dollars

(3)

$1. 388
1.410
1. 487
1.479
1. 480
1. 485
1.488
1.504
1. 494
1.495
1.482
1.479
1.509
1. 523
1. 524
1. 525
1. 531

Nondurable goods
manufacturing

Building
construction

Retail trade

Current
1948
1948
1948
Current
Current
dollars dollars 2 dollars dollars 2 dollars dollars 2
(3)
(3)
(3)
$1. 171
1. 278
1.325
1.323
1. 321
1.323
1. 324
1. 332
1.319
1. 328
1.325
1.325
1. 334
1.343
1.350
1. 354
1.357

(3)
3
(3)
()
$1. 258
1.278
1. 341
1.336
1. 333
1. 339
1.336
1.356
1. 338
1. 340
1.347
1. 345
1.364
1.377
1.387
1.389
1. 389

(3)
3
(3)
(3)
()
$1. 848
1. 935
1. 933
1.934
1. 930
1.924
1. 922
1. 932
1. 938
1. 944
1. 947
1.964
1. 976
2. 001
2.010
«

a
(3)
(3)
(3)
()
$1. 848
1.958
1. 953
1.952
1.953
1. 941
1.957
1.959
1. 956
1.976
1. 977
2. 008
2.027
2. 057
2.062
(3)

(3)
(3)
(3)
$1. 009
1. 088
1. 137
1. 121
1. 127
1. 141
1. 147
1. 148
1. 146
1. 150
1. 140
1. 138
1. 126
1. 153
1. 147
1. 148
(8)

3
(3)
(3)
()
$1. 084
1.088
1. 151
1. 132
1. 137
1. 155
1. 157
1. 169
1. 162
1. 160
1. 159
1. 155
1. 151
1. 183
1. 179
1. 177

(3)

Current dollars divided by consumers' price index on base 1948=100. See note 3 to table on page 25.
* Preliminary estimates.
Source: Department of Labor.

AVERAGE WEEKLY EA£INI& FGS

- SELECTED INDUSTRIES

Average weekly earnings in durable manufacturing indus tries ros e $1.26 in April to a
record
$61.04, The increase partly reflects the overtime cur rently pi•evailing in this industrial sector, in
there was a drop of $.84 due to a shorter workweek.
DOL LARS PER WEEK
65

DOL LARS
60

DURABLE MANUFACTURING
60

I948 DOLLARS

\

Xo,RRENT

_s

50

55

*mS'

1948 DOLLARS*

\^J>

55

PER WEEK

NONDURABLE MANUFACTURING

/**/*

r
n

//

^^^j

*~\t7^

50

DOLLARS

45

*****^r^« CURR ENT DOLLARS

.

•
40

45

7,, , , ! , , , , ,

1 i 1 1 I.J—1 LLL1

1947

0

of

1948

1 M M 1M M 1

M

1949

M i 11M 11

0

|iiin

| M 1 | | \ | J| 1

1947

1950

,,,,,(,,,,,

1948

1 M

1949

1 I 1 M

M?

1950

50

80

RETAIL TRADE

BUILDING CONSTRUCTION

— »»

^ 1948 DOLLARS*

aC-**^^***^^

45

75

^f\ *^Vk/

70
1948

DOLLAF *
s

40

V

j^^

'^^^'^
******^ ^CURRENT DOLLARS

35

65

^CURRENT D OLLARS

30

60
0 TM , , ! , M M

, Ml , 1I 1 M ,

1947
*

CURRENT

SOURCE".

i i i i | I i i i i i _L_LJL_1_1 1 M M 1

1948

1949

1950

0

1 1 1 1 ' \ \ JJ J 1
1947

1 1 1 1 1 1 1 1 1 1 1
IS48

, , , , , i , , , ,T

ini|I
1949

1950

DOLLARS 0 V DEO BY CONSUMERS PR^CE INDEX ON BASE OF 1948 = 100
DEPARTMENT

OF

LABOR

COUNCIL

OF

ECONOMIC

ADVISORS

[Selected industries *]
All manufacturing
Period

1939 monthly average _
1943 monthly average
1946 monthly average _
1947 monthly average. _ _
1948 month! v average
1949 monthly average
1949: March
April
May_
June
July
August
_ _
September
October
November „
December
1950: January 4
February
March 4 _
April 4 .
__ _

Nondurable goods
manufacturing

Building
construction

Retail trade

1948
Current
1948
Current
Current
Current
1948
Current
1948
1948
dollars dollars 2 dollars dollars 2 dollars dollars 2 dollars dollars 2 dollars dollars 2
$23. 86
43. 14
43. 74
49.97
54. 14
54. 92
54.74
53. 80
54. 08
54.51
54. 63
54. 70
55.72
55. 26
54. 43
56. 04
56. 29
56. 37
56. 53
56. 89

i For production and related workers.
* Not available.




Durable goods
manufacturing

$41. 07
• 58. 46
52.45
53. 67
54. 14
55. 59
55.29
54.29
54. 74
55.00
55.63
55. 48
56.23
56. 16
55. 26
57.30
57. 73
57.93
57. 98
58. 23

a
(3)
(3)
(3)
(3)
(B)
()
$52. 46 $56. 35
57. 11
57. 11
58.03
58. 73
57. 83
58. 41
57.21
57.73
57. 21
57.90
57. 82
58. 35
57.31
58.36
58. 71
57. 89
58. 69
59. 22
58. 17
59. 12
56. 82
57. 69
59. 19
60. 52
59. 40
60.92
59.47
61. 12
59.78 •61.31
61. 04 ' 62.48

(3)
(3)
(3)

$46. 96
50. 61
51. 41
51. 07
49.67
50.41
50. 97
51.55
51. 31
52.59
52.47
52. 07
52. 69
52. 91
53. 06
53.08
52. 24

(3)
3
(3)
()
$50. 44
50. 61
52.03
51. 59
50. 12
51. 02
51. 43
52.49
52. 04
53.07
53.32
52. 86
53.88
54. 27
54. 53
54. 44
53.47

(3)
8
(3)
(3)
()
$68. 85
70. 95
69.83
70.33
71. 81
71.44
71. 28
71. 95
70. 69
71.80
70. 21
70.26
68. 76
67.23
69. 55
{i)

(3)

(3)

(3)

(3)
$68. 85
71.81
70. 54
70.97
72. 68
72.09
72.59
72. 97
71.33
72. 97
71. 28
71.84
70.52
69. 10
71. 33
(3)

(3)
(3)
(3)
$40. 66
43. 85
45.93
44. 95
45.31
45.98
46. 45
46.95
46. 87
46. 58
46.06
45. 63
45. 83
46.58
46. 22
46.38
(s)

3
(3)
(3)
()
$43. 67
43. 85
46.49
45. 40
45.72
46.54
46. 87
47.81
47. 54
47. 00
46.81
46. 32
46.86
47.77
47. 50
47.57
(3)

2

Current dollars divided by consumers' price index on the base 1948=100. See note 3 to table on page 25.
* Preliminary estimates.
Source: Department of Labor.

27

FARM INCOME
hcsrmers1 cash receipts in April were 14 percent below April 1949. This brought the average for the first
four months of 1950 more than 10 percent below cash receipts in the comparable period of last year; prices
paid were 2 percent below.
BILLIONS OF DOLLARS
4

BILLIONS OF DOLLARS
4

I
1939 40

41

42

43

44

45

46

47

I

48

F

I
M

1
A

SOURCE: DEPARTMENT OF AGRICULTURE.

I
J

' J

I
A

1
S

I
0

1
ND

itlClL Of ECONOMIC A D V I S E R S

Period
1939 monthly average
"
1941 monthly average..
1942 monthly average
- 1944 monthly average
1945 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: March...;. .
_. _
April _
May
_ _.
June___._
_
„
July
'
August- ^
.
September
__
October „
_ _ _
November^
.
December
1950: January
February
March 4
. .April 4
.

I
M

--

--

_

1
Includes cash farm income from marketings and Government payments.
2
Converted from the reported base, 1910-14=100, to the base 1948=100.
3

Farm income Prices paid by Farm income
farmers (incl.
(millions of
interest, taxes,
(millions of
current
and wage rates) 1948 dollars) 8
2
dollars) *
1948= 100
724
47
1,540
981
1,924
51
1,340
2, 271
59
1,765
2, 521
70
1,857
2,544
73
2, 110
80
2, 638
2,542
2, 733
93
2,609
100
2, 609
2,309
2,380
97
1,973
98
2,013
1,850
1,888
98
1, 944
1,984
98
2,053
2, 116
97
2,244
2,177
97
2,417
96
2,518
2, 608
96
2, 717
3, 139
3,304
95
3,050
95
3,211
2,326
95
2,448
2,254
2,348
96
1,614
96
1,681
1,707
97
1,760
1, 594
97
1,643

Farm income in current dollars divided by prices paid by farmers, interest, taxes, and wage rates, 1948=100.
< Preliminary estimates.
Source: Department of Agriculture.

28




CONSUMER CREDIT
Total instalment credit continued to advance in April.

B I L L I O N S OF DOLLARS

BILLIONS OF DOLLARS

25

25

(943

1948

1949

1948

END OF YEAR

1949

1950

END OF MONTHCOUNCIL OF ECONOMIC ADVISERS

SOURCE : BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Millions of dollars]
Total
consumer
credit
outstanding

End of period

1939
1943
_ 1946
1947
1948
1949
1949* March
April
. - May
June
July. . . .
August
September
October
.
November
December
_
1950* January
February
March
_ _
April 2

.

_

7,969
5,378
10, 191
13, 673
16, 319
18, 779
15, 335
15, 595
15, 843
16, 124
16, 198
16, 453
16, 803
17, 223
17, 815 .
18,779
18, 344
18, 126
18, 304
18, 629

Instalment credit
Total

Automobile
sale
credit

Other sale
credit and
loans

1,267
175
544
1,151
1,961
3, 144
2, 105
2,241
2,386
2,499
2,610
2,761
2,876
2,986
3,085
3, 144
3, 179
3,256
3,355
3,478

3,157
1,826
3,456
5,283
6,639
7,746
6,324
6,389
6,502
6, 624
6,725
6, 861
7, 023
7, 180
7,356
7,746
7,657
7,628
7,724
7, 843

4,424
2,001
4,000
6,434
8,600
10, 890
8,429
8,630
8,888
9, 123
9,335
9,622
9,899
10, 166
10,441
10, 890
10, 836
10, 884
11,079
11,321

i Includes single-payment loans of commercial banks and pawnbrokers and service credit.
NOTE.—Detail will not necessarily add to totals because of rounding.




Charge
accounts

1,544
1,498
3,054
3,612
3,854
3, 909
3, 121
3, 232
3,235
3,274
3,123
3, 064
3,123
3, 197
3, 454'
3,909
3, 506
3,233
3,211
3,241

Other
consumer
credit *

2,001
1,879
3,137
3,627
3,865
3, 980
3,785
3, 733
3,720
3,727
3,740
3,767
3,781
3, 860
3,920
3,980
4, 002
4,009
4, 014
4,067

2
Preliminary estimates.
Source: Board of Governors of the Federal Reserve System.

29

MONEY, BANKING, AND FEDERAL FINANCE
BANK LOANS AND INVESTMENTS
Commercial bank loans again increased moderately in April, as contrasted with last year when during the
single month a decline of more than $1 billion was reported. Their holdings of Government securities
continued to decline.
BILLIONS OF DOLLARS
150

1939

BILLIONS OF DOLLARS
150

1943
1948
END OF YEAR

S

1949

O N D

J

F M A M J . J

1949
END

A

S

O

N

D

1950

OF MONTH

S O U R C E : BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Billions of dollars, all commercial banks]
m j i
lotai
loans and
investments

End of period

1929
1939
.
1945
1947
1948. .
1949
1949' March
April
«
May
. .
June
July
. ..
August
September
October.
November
December
1950: January
February
March
April i

_
.
....
....

.

_

.
^
.

_

—.

___•
.
-

.

-

.

...

- '-

-

•

.
«

1
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.

30




49. 5
40. 7
124. 0
116.3
114. 3
120. 2
112. 5
112. 5
113.4
113. 8
114. 8
117.9
118. 5
119. 5
119.7
120. 2
121.2
120. 6
120. 3
120.4

Investments
Bank loans

36. 0
17. 2

26. r

38. 1
42,5
43.0
42.4
• 41.3
40.9
41. 0
40. 5
41.2
41. 7
41. 8
42. 7
43. 0
42. 9
43. 1
43. 6
43.8

Total

13. 5
23. 4
• 97. 9
78. 2
71.8
77.2
70. 1
7L 2
72.6
72.7
!
74. 3
76. 7
76. 8
77.7
77. 0
77.2
78. 3
77.5
76.7
76. 6

U. 8.

Government
securities

4. 8
16. 3
90. 6
69. 2
62.6
67.0
60. 9
62.0
63.2
63. 2
64.4
66.7
66. 7
67. 6
66.9
67.0
68. 0
67. 1
65. 8
65. 6

Other
securities

8. 7
7. 1

7.3
9.0
9.2

10.2
9. 2
9.2

9. 3
9.5

9. 8
10.0
10. 2
10. 1
10. 1
10. 2
10. 3
10.4
10. 8
11.0

Source: Board of Governors of the Federal Reserve System.

MONEY SUPPLY
With the end of the seasonally high tax collections in 1st quarter, the money supply began to expand
again in April.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

200
TOTAL DEPOSITS AND CURRENCY
(EXCLUDING U.S. GOVERNMENT DEPOSITS)

1939

1943

1948

1949

1949

END OF Y E A R

1950

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

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Adjusted
Total money Currency
Time
demand
outside
deposits *
supply
deposits *
banks
6.4
63.3
29.8
27. 1
1939 _
1943
__
112.4
32. 7
60. 8
18. 8
164.0
83.3
54.0
26. 7
1946
56. 4
170.0
87. 1
26.5
1947
—
169. 1
26. 1
85. 5
57. 5
1948
' - - - - 169.8
85.8
1949
25. 4
58. 6
166. 3
1949: February
- ' __
57. 8
25. 1
83. 4
164. 2
March
25. 1
58. 0
81. 1
82.4
April
- 165. 5
24.9
58. 1
165.6
82.5
25.0
May
,
58. 2
165. 6
25. 3
58. 5
June
81. 9
July
166.3
24.9
83. 1
58.4
166.9
83.4
August..
»-„__
25. 1
58. 4
September .
.
.
16b. 3
24. 9
83. 1
58. 4
October
•
167. 6
24. 9
84. 3
58. 4
November.
168. 1
85.0
25. 1
58. 0
169. 8
25. 4
December
..
85. 8
58. 6
169.7
86. 4
1950* January..
.
24. 5
58. 7
59. o
84. 5
168. 2
24. 7
February .
- _ _ - _ _ _
24. 6
167. 1
March
__
83. 3
59. 3
3
24.6
168.5
April
84.5
59.5
4
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
3
Includes deposits in commercial[ banks, mutual savings banks, and Postal Savings System.
3
NOTE .—Detail will not necessarily add to totals because of rounding,
Preliminary estimates.
Source: Board of Governors of the Federal Reserve System.




End of period

31

FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
The cash surplus of about $ 1.5 billion for the 1st quarter of I960 compares with a surplus of about $ 3.2
billion for the same quarter of 1949, reflecting a decline of about $900 million in receipts and an increase
of $ 800 million in payments.
BILLIONS

OF DOLLARS

X CASH

BILLIONS

OF DOLLARS

RECEIPTS

CASH PAYMENTS

2 1947 3

EXCESS OF CASH RECEIPTS

a

—

2

4

•

1948

3

4

1949

s1

I• •
H

1

#

• - i
i

EXCESS OF CASH PAYMENTS

1

2 ,947 3

4

.

2

|94Q

3

4

1

I960 '

2

|949

3

4

1

2

|95Q

3

4

SOURCE: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.

[Millions of dollars]
Calendar years
Calendar year total:
1946
1947
1948
__
. _ --___1949
Quarterly total, not adjusted for seasonal:
1947: First quarter «.
Second quarter
_
_
_ _
Third quarter
Fourth quarter. _
_ _ _ _ _ _
1948: First quarter
Second quarter
Third quarter
_
.
, „_
Fourth quarter
1949: First quarter. _
_
_
_ _
Second quarter _
Third quarter...
Fourth quarter
_ _
1950: First quarter 2_ _ _ _ _ _ _ _ _ _ _ _ _ _

Federal cash
receipts from
the public l

Federal cash
payments to
the public 1

41, 426
44, 279
44, 920
41, 346

41, 372
38, 584
36, 954
42, 634

+ 54
4-5, 695
+ 7,967
— 1,288

14, 345
9, 847
10, 220
9,869
15, 037
10, 238
10, 085
9,560
13, 122
8,814
10, 143
9,267
12, 235

9, 163
10, 628
10, 257
8,536
8,637
9,033
8,798
10, 486
9, 964
11, 389
10, 528
10, 753
10, 759

+ 5, 182
— 781
-37
+ 1,331
+ 6, 400
+ 1, 205
+ 1, 287
— 925
+ 3, 158
—2, 575
— 385
-1,486
+ 1,476

Excess of receipts (+) or
payments (—)

1
Payments of refunds of Government receipts are now reported as deductions from total receipts; previously, they were reported as expend
itures.
NOTE.—-Detail will not necessarily add to totals because of rounding.
2
Preliminary estimates based on incomplete data.
Sources: Treasury Department and Bureau of the Budget.

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