Full text of Economic Indicators : June 1953
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83d Congress, 1st Session
;
&'
i6
JMfc
!
Economic Indicators
JUNE 1953
Prepared for the Joint Committee on the Economic Report
by the Office of the Economic Adviser
to the President
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1953
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Gong.)
JESSE P. WOLCOTT, Michigan, Chairman
RALPH E. FLANDERS, Vermont, Vice Chairman
RICHARD M. SIMPSON (Pennsylvania)
HENRY O. TALLE (Iowa)
GEORGE H. BENDER (Ohio)
EDWARD J. HART (New Jersey)
WRIGHT PATMAN (Texas)
RICHARD BOLLING (Missouri)
ROBERT A. TAFT (Ohio)
ARTHUR V. WATKINS (Utah)
BARRY GOLDWATER (Arizona)
JOHN J. SPARKMAN (Alabama)
PAUL H. DOUGLAS (Illinois)
J. WILLIAM FULBRIGHT (Arkansas)
GROVER W. ENSI.EY, Staff Director
JOHN W. LEHMAN, Clerk
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
ARTHUR F. BURNS, Economic Adviser
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. I. 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
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
THE TOTAL OUTPUT OF THE ECONOMY
The Nation's Economic Accounts
Gross National Product
Page
1
2
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
3
4
5
6
EMPLOYMENT AND WAGES
Civilian Labor Force
Nonagricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
7
8
9
10
11
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Weekly Production—Selected Indicators
Production of Selected Manufactures
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
New Construction
New Housing Starts
Inventories and Sales
Merchandise Exports and Imports
12
13
14
15
16
17
18
19
20
PURCHASING POWER
National Income
Corporate Profits
Personal Income
Consumer Income, Spending, and Saving
Per Capita Disposable Income
Farm Income
21
22
23
24
25
26
CREDIT, MONEY, AND FEDERAL FINANCE
Bank Loans and Investments
Consumer Credit
.,,,..*.*.
*
Bond Yields and Interest Rates
Money Supply.
Federal Budget Receipts and Expenditures
Federal Cash Receipts From and Payments to the Public
27
28
29
30
31
32
»• *
111
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC ACCOUNTS
On the basis of the national income and product accounts, the excess of business investment over gross retained earnings declined from the fourth quarter of 1952 to the first quarter of 1953. There was little change in the excess of
government expenditures over receipts. Personal saving dropped somewhat.
BILLIONS OF DOLLARS
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
CONSUMERS
DISPOSABLE INCOME
S
O I
I
1
I
I
I
^EXPENDITURES
I
t
I
I
I
I
!
BUSINESS
INVESTMENT-^
EXCESS OF GROSS
RETAINED EARNINGS
GROSS RETAINED
"
EARNINGS!/
I
I
I
I
GOVERNMENT-FEDERAL, STATE, AND LOCAL
EXPENDITURES FOR GOODS
AND SERVICES
^EXCESS OF RECEIPTS
1
2
3
4
1951
b INCLUDES NET FOREIGN INVESTMENT IN ADDITION TO GROSS PRIVATE DOMESTIC INVESTMENT
£/ INCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES
NOTE: THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES, OR GROSS NATIONAL PRODUCT, BECAUSE OF
STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT, SEE SENATE REPORT NO. 1295, JOINT ECONOMIC REPORT, PP. 92-93, 99-105, AND THE
ANNUAL ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1953, APPENDIX A.
SOURCE : DEPARTMENT OF COMMERCE
OfFlCt Of M ECONOMIC ADviMR 10 IHl
GROSS NATIONAL PRODUCT
X*T.LVVSItaJtkJ
A^flfc * *V^*.^^*JUI
A AXVXJ^VSXS*
Gross national product, measured at market values, was $361 billion (annual rate) in the first quarter, $2 billion higher
than in the fourth quarter of 1952. Consumer and government expenditures continued to increase while both domestic
and foreiqn investment drooped.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
GROSS NATIONAL
'
PRODUCT-
PERSONAL CONSUMPTION
EXPENDITURES5
• *v
MESTIC INVESTMENT
•*
'GOVERNMENT PURCHASES OF GOODS AND SERVICES
FOREIGN I
I
1940
I
I
42
I
44
I
I
46
I
I
48
I
I
5O
I
I
I
52
3
£
3
1951
SOURCE: DEPARTMENT orcOMMERCE
i
j
e
1
3
1952
I
2
1953
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Billions of dollars]
1939
1944
1946
1947
1948
1949
1950
1951
1952
1951:
1952:
1953:
Government purchases of goods and ser\ic3S
Personal Gross
Federal
Total
conNet
private
sump- domestic foreign
gross
Less
State
Period
national
tion
investGovernand
Total
l
Other
Total National
product expend- investment
local
ment
security
ment
itures
sales
7.9
5.2
3.9
67.5
1.3
91. 3
0.9
9.9
13. 1
1.2
1. 6
7.5
88. 6
111. 6
89.0
7. 7
-2. 1
96. 5
213. 7
2.7
21.2
2. 5
10.0
211. 1
146. 9
30. 9
20. 9
4. 6
28. 7
12. 8
1.3
13.3
3. 8
165. 6
28.6
15. 8
8.9
30.2
233.3
15.6
.6
16. 1
177. 9
21. 0
5. 6
259.0
36. 6
42. 7
1.9
.4
18. 2
25.4
19. 3
6. 6
258.2
180. 6
.5
43. 6
33. 5
.2
22.2
18. 5
19.7
284.2
41. 9
3. 9
194.3
50. 3
-2.3
.4
21. 7
37. 1
40.9
4.2
62. 6
329.2
.
208. 0
.2
58.5
49.2
.4
54.4
23. 4
52. 1
77.8
5. 6
346. 1
216. 3
0
Seasonally adjusted annual rates
41. 6
21. 7
Third quarter..
4. 5
0.5
330.9
206.4
45. 5
56.2
1. 1
67.3
Fourth quarter
44. 3
22. 3
.5
5. 1
71.2
48.9
337. 1
210. 5
52.9
2. 6
First quarter
23.2
.4
51.2
46. 4
5.2
74. 4
2.2
339. 7
213. 2
50. 0
.4
Second quarter
23.0
54. 9
5. 1
50.3
214. 9
342.6
.4
78. 0
49. 3
.4
Third quarter
49. 6
5. 6
54. 8
23. 1
77.9
343.0
215. 0
-1. 6
51. 7
Fourth quarter
50.4
24.0
56.6
6.5
.3
80.6
359.0
222.0
-.9
57.3
51.2
First quarter „__ _ _ 361.0
25.0
57.5
6.5
.3
82. 4
226.2
-2.0
54. 4
1
Includes expenditures for military services, international security and foreign relations (except foreign loans), atomic energy, merchant marine, promotion of
defense production and economic stabilization, and ciyil defense. For further details, see Annual Economic Report of the President, January 1953 (p. 165), and Survey
of Current Business, July 1952 (p. 12).
""
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
PRICES
CONSUMER PRICES
The overall consumer price index rose slightly between March and April, with fractional increases in all major commodity groups except food and apparel.
INDEX, 1347-49 «100
140
INDEX, 1947-49 = 100
140
120
O F M A M J J A S O N D
J F M A M J J A S 0 N 0
1948
1953
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE: DEPARTMENT OF L A B O R
[1947-49= 100)J
Period
1939
1942
1945
1946
1948
1949
1950
monthly average.
monthly average
monthlv average
monthly average
monthly average
monthly average
monthly average
June
1951 monthly average
1952 monthly average
1952- March
April
May
June -_
Julv
August
-- -September,
October
November
December
1953* January
February
M arch
April
_ _
All
items
59.4
69.7
76.9
83.4
102.8
101. 8
102.8
101. 8
111. 0
113. 5
112. 4
112. 9
113.0
113. 4
114. 1
114.3
114. 1
114. 2
114. 3
114. 1
113. 9
113. 4
113.6
113. 7
Food
Apparel
Housing
Total
47. 1
61.3
68.9
79.0
104. 1
100.0
101. 2
100.5
112. 6
114. 6
112. 7
113. 9
114.3
114. 6
116.3
116. 6
115.4
115. 0
115.0
113.8
113. 1
111. 5
111.7
3
111. 5
52.5
64.9
76. 3
83. 7
103.-5
99.4
98. 1
96.5
106. 9
105.8
106.4
106. 0
105.8
105. 6
105.3
105. 1
105.8
105. 6
105.2
105. 1
104.6
104, 6
104. 7
104. 6
(>)
wa
()
0)
101.7
103.3
106. 1
104. 9
112.4
114.6
114.0
114. 0
114.0
114.0
114.4
114. 6
114.8
115. 2
115. 7
116.4
116.4
116.6
116.8
117.0
Rent
86.6
90.4
90. 9
91.4
100.7
105. 0
108.8
108. 7
113. 1
117.9
116.7
116. 9
117.4
117. 6
117. 9
118. 2
118.3
11B. 8
119.5
120.7
121. 1
121.5
121.7
122. 1
Other
Trans- Medical Personal Reading
and
goods
portacare
and
care
recreation
tion
services
W
<»)
W
«
100. 9
108. 5
111.3
109.9
118.4
126.2
124.4
124.8
125. 1
126. 3
126.8
127.0
127.7
128. 4
128.9
128.9
129. 3
129. 1
129.3
129.4
(')
(8)
(')
W
100.9
104. 1
106.0
105.4
111. 1
117.2
115.7
115. 9
116. 1
117. 8
118.0
118. 1
118.8
118.9
118.9
119.3
119. 4
119.3
119.5
120. 2
W
Wa
()
(•)
101.3
101. 1
101. 1
99.2
110.5
111. 8
111.0
111. 3
111.6
111. 7
111. 9
112. 1
112. 1
112.3
112.4
112.5
112.4
112. 5
112.4
112.5
W
«
0)
«
100.4
104. 1
103.4
102.5
106. 5
107.0
106.3
106. 2
106.2
106. 8
107.0
107.0
107.3
107. 6
107.4
108.0
107.8
107.5
107.7
107. 9
«
W
(>)
W
100. 5
103.4
105. 2
103.7
109. 7
115.4
114.8
115. 2
115. 8
115. 7
116. 0
115. 9
115.9
115.8
115.8
115. 9
115.6
115. 8
117.5
117.9
i The new base 1947-49=100 is in compliance with recommendations of the U. S. Bureau of the Budget. Beginning with January 1953 the index structure has been
Changed.
> Not available.
8 Food prices rose 0.6 percent between mid-April and mid-May, according to preliminary data.
Q
Source; Department of L.aber.
•
.
&
Wholesale prices, on the average, were stable during May.
Prices of farm products declined throughout the month
while processed food prices increased toward the end of the month. Industrial prices showed little or no week-toweek changes.
INDEX, I947-49«IOO
120
INDEX, 1947-49 = 100
120
SOURCE: DEPARTMENT OF LABOR.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
(1947-49=100]
Period
1942 monthly average.
1946 monthly average,
1947 monthly average.
1948 monthly average.
1949 monthly average.
1950 monthly average.
June
1951 monthly average.
1952 monthly average.
1952: March
April
May..
June
July
August
September
October
November
December
1953: January
February
March
April
Week ended: 2
1953: May 5
12
19
26
June 2
1
Not available.
All commodities
Farm
products
64.2
78.7
96.4
104.4
99.2
103. 1
100:2
114.8
111. 6
112.3
111.8
111. 6
111.2
111. 8
112.2
111.8
111. 1
110.7
109.6
109. 9
109.6
110.0
109.4
83.2
100.0
107.3
92.8
97.5
94.5
113.4
107.0
108.2
108.7
107.9
107.2
110.2
109.9
106.6
104.9
103.6
99.2
99.6
97.9
99.8
97.5
109.9
109.9
109.9
109. 8
109. 8
99.0
98.5
98.2
97.3
97. 2
2 Weekly data not shown on chart.
59.2
98.2
106. 1
95.7
99.8
96.8
111.4
108. 8
109.2
108.0
108.6
108.5
110.0
110.5
110.3
108.5
107.7
104.3
105.5
105.2
104. 1
103.2
Other than
farm products
and foods
(industrial)
68.3
78.3
95.3
103.4
101.3
105.0
102.2
115.9
113.2
113.8
113.3
113.0
112.6
112.5
113.0
113.2
113. 0
112. 8
112.9
113. 1
113. 1
113.4
113.3
104.5
104. 5
104.5
104.8
105. 1
113.4
113.4
113.6
113. 5
113.4
Processed
foods
C1)
(')
Source: Department of La-bor.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose slightly between mid-April and mid-May, while prices paid by them were unchanged.
As a result, the parity ratio climbed 1 index point to 94 (1910-14=100).
INDEX, 1910-14*100
350
INDEX, I9IO-I4-IOO
1
350
AND WAGE RATES)
\ I 1I ! I I I I I I
i i i i t I i i i i i
I i i i I i i i i I
1952
1950
1953
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[1910-14=100]
Prices
received
by farmers
Period
1939
1942
1944
1946
1948
1949
1950
monthly average
- monthly average
monthly average _. _ _ _ - ._ ._
monthly average .
monthly average
- _ _ monthlv average . .
€
monthly average
•
.June 15
- « - « - •
1951 monthly average
1952 monthly average
_
_>
1952: April 15
Mav 15
June 15
July 15 _.
_
August 15
September 15
..
.
October 15_
_.
Novembpr 15
December 15
1953: January 15_
_
February 15
March 15
April 15
M av 15
2
2
.. .
95
158
196
234
285
249
256
247
302
288
290
293
292
295
295
288
282
277
269
267
263
264
259
261
Parity index
(prices paid,
interest, taxes, Parity ratio l
and wage
rates)
122
151
182
207
259
250
255
254
281
286
289
289
286
286
287
285
282
281
280
282
280
281
279
279
i Ratio of index of prices received by farmers to parity index.
Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June I
Source: Department of Agriculture.
84S7S—5S
2
78
105
108
113
1 10
100
100
97
10T
101
100
101
10?
ion
10:1
101
100
w
mi
w>
IN
«M
!i;»
iU
1
s
BTUUK
Stock prices of most major industrial groups fluctuated during the early weeks of May, but all major groups showed
sharp declines in the last week of the month.
INDEX, 1939X00
300 "
INDEX, 1939*100
300
100
1940 41 42 43 44 45 46 47 48 49 50 51
F M A M J
52
J
1953
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
(1939=1001
CompositeJ
index
Period
Weekly average:
1940
1946
1949 _
1950
June
1951
1952
1952: April
May June
July
August
September .
October
November
December __
1953: January
February
March
April
May
Week ended:
1953: May 1
8
15
22 _ _
29 2
June 5
6
.
__
Manufacturing
Total
Durable
goods
Nondurable
goods
Transportation
Utilities
Trade,
finance, Mining
and
service
94.2
149. 4
127.7
154. 1
158.3
184.9
195.0
191.3
190.4
196. 0
198.7
198. 7
194. 1
190.5
196.8
203.4
204.7
201.9
203. 9
193.7
194. 1
93.4
146.6
132. 1
165.7
171. 1
206.8
220. 2
214.8
213.7
221.6
225.3
225.2
219. 3
214.7
222. 6
230. 8
232.4
228. 6
232.2
220. 2
220. 9
92.5
138.6
116. 1
150.2
156.0
178.5
188.8
181.7
181.7
187. 1
191.7
194.3
190.9
188.3
196.3
204. 6
207.7
203.6
206.8
193. 8
195. 9
94.2
154.4
147.2
187.2
185.0
233. 1
249.3
245.2
243.3
253.4
256.3
253.7
245.6
239.2
247.0
254.9
255. 3
251.7
255.6
244.5
243.8
99.2
202.4
136.2
160.0
149.5
199.0
220.6
217. 1
* 215. 9
224.6
226.3
227. 9
221. 3
218.9
225. 1
237.7
239.2
234.8
238. 1
223.2
225.7
99.9
121.0
98. 1
108.9
114.8
112.6
117.9
116. 1
116.7
116.8
116.9
118.6
118.3
117.6
121.2
123. 2
124. 1
124.3
124. 3
120.4
120.0
90.4
204.3
160.5
185.7
182.4
207.7
205.8
202.9
201.3
203.8
208.3
209.5
206.3
201.7
205. 2
212.2
211.9
210.4
212.4
207.0
208.8
75.6
125.5
129.2
143.5
143.0
204.9
275.7
298.4
283.2
290. 5
288.9
278.2
2748
264.5
259.9
266.8
261.2
255.8
262.7
252.0
247.0
193.4
194. 8
194. 6
195. 8
191. 8
188.2
220.2
222.2
221. 6
222. 7
217. 6
213. 2
195. 4
197.4
196.4
197.2
192.9
188.2
243. 1
244. 9
244.9
245. 9
240.2
236. 0
222.7
224.2
225.7
231. 1
224. 6
219.9
119.6
119.7
120. 2
120. 8
119. 5
117. 8
207.2
209. 6
208.7
210. 4
208.2
205. 1
246. 9
249.4
247.4
249.5
241. 6
238. 6
» Includes 265 common stocks, distributed as follows: 14 for mining. 98 for durable poods manufacturing, 72 for nondurable goods manufacturing, 21 for
transportation, 28 for utilities, and 32 for trade, finance, and service. Indexes are for weekly closing prices.
2
Datn became available -after chart was prepared.
"
Source: Securities and Exchange Commission.
EMPLOYMENT AND WAGES
CIVILIAN LABOR FORCE
Total civilian employment moved up in May to 61.7 million. On account of bad weather, the rise in agricultural
employment was smaller than usually occurs this time of year. There was little overall change in nonagricultural
employment. Unemployment, dropping again, represented only about 2.1 percent of all civilian workers.
MILLIONS OF PERSONS"
MILLIONS OF PERSONS
LJNI IMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE
^f,
|"TV!i'i!.i
l£$?&j
r-^i
l#&sl
to*]
1944
1947
te»l
BiSi^
1953
1951
AW W *§t AND OVER.
fjf MMTMtNT Of COMMERCE
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
Total labor
force (including
armed
forces)
Period
HIJJM
HH4
11*4?
HHB
li>4|i
IHM)
monthly
fiuiiiOiiv
fiuinUtlv
titortthlv
mouth) v
ttiotilhlv
nvorage
average
fiv«rnge
average
average
Avorape.
__
JlltH', . . „ . . » _ . .
1W»I nifttithlv average
M>f»2 mint)! MY average
19&2: April. ., . . .
f^lttv . . . . ,
Jiittp. . ,
J u l v . , . . . . . . . . ..
AMinmt v . . . . > . .
Hiij»t«iiibpr
Dttinbi^. _ .
. .
NuvrmJw'i . . , „ . . > . . .
lit* writ bin. „ . . . . , . .
IPftHj JttliiiUfv ,
|^i»l>Hf ftVv . . . . . .....
MnMi t ..", . . . . . . .
ApMJ , , f c . . , , .
Mnv., , . . . , „ . . . . . . .
55, 600
65, 890
61, 608
62, 748
63, 571
64, 599
66, 177
65, 832
(2)
65, 260
66, 298
67, 884
67, 624
67, 419
67, 166
66, 566
67, 047
(22 )
f)
C22)
( 2)
()
C2)
Civilian labor force
1
UnemEmployment
ployNonagriAgriculTotal
ment
tural
cultural
Thousands of persons, 14 years of age and over
9,480
36, 140
45, 750
9,610
55, 230
670
54, 630
8, 950
53, 960
45, 010
2,142
8,266
49, 761
58, 027
60, 168
2,064
51, 405
7,973
59, 378
61, 442
3,395
50, 684
8,026
58, 710
62, 105
3, 142
52, 450
7, 507
59, 957
63, 099
3,384
61, 482
9,046
52, 436
64. 866
1,879
62, 884
53, 951
7,054
61, 005
1,673
62, 966
61, 293
54, 4F8
6,805
1,612
6,412
61, 744
60, 132
53, 720
1,602
54, 216
61, 176
6,960
62, 778
1,818
54, 402
62, 572
64, 390
8, 170
1,942
62, 234
64, 176
54, 636
7,598
1,604
6,964
55, 390
63, 958
62, 354
1,438
5< 712
62, 260
7,548
63, 698
1,284
61, 862
54, 588
7,274
63, 146
1,418
6,774
55, 454
62, 228
63, 646
1,412
62, 921
55, 812
61. 509
5,697
1.892
55, 072
60. 524
62,416
5.452
1,788
62, 712
60, 924
55, 558
^ 366
1,674
63, 134
55, 740
5,720
61, 460
1,582
62, 810
6,070
55, 158
61, 228
1,306
62, 964
6, 390
55, 268
61, 658
Total
Unemployment as percent of total
civilian
labor force
17.2
1.2
3.6
3.4
5.5
5.0
5.2
3.0
2.7
2.6
2.6
2.8
3.0
2.5
2.3
2.0
2.2
2. 2
3.0
2. 9
2. 7
2. 5
2. 1
* $<*»H**iiifc* fj*6ft itmi> w0r*rr» nmi those who had jobs but were not at work for such reasons as vacation, illness, bad weather, temporary lay-ofi,
•till if**i*»W*M «titt«ii*»,
*
«f *%W»
NOTI.—Detail will not necessarily add to totals because of rounding
Source: Department of Commerce.
JJMFLjUYMENT - SELECTED INDUSTRIES
Total employment in manufacturing industries declined slightly in April, mainly because of post-Easter reductions in
apparel, textile, and leather industries. Compared to April 1952, however, it was up about 1 million, with all major
industry groups except lumber reporting more workers. Construction employment continued to rise seasonally. The
nM^b^r of Fc^^f"*! omrJov<><>s rlror»r\oH rn^fy f^r«n <~rTcr»t+!nc« tno r\*c> of tn«> Stot^-on
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
J
F
M
A
M
J
J
A
S
O
N
D
J
CONTRACT CONSTRUCTION
F
M
A
M
J
J
A
S
O
N
D
WHOLESALE AND RETAIL TRADE
OFFICE OF 1HE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE: DEPARTMENT OF LABOR.
[Thousands of wage and salary workers *
Manufacturing
Period
Total
1939
1943
1948
1949
1950
monthly average
monthlv average
monthly average
monthly average
monthlv average
June _ _ _
1951 monthly average. __
1952 monthlv average
1952: April.. _ _ _
Mav
June
July
August
September _
October
November
December
1953: January 2
February
March 2 _
April 2
10, 078
17, 381
15, 321
14, 178
14, 967
14,733
16, 082
16, 209
15, 994
15, 855
15, 624
15, 402
16,280
16, 680
16,778
16, 874
16, 952
16, 884
17, 019
17, 136
17, 050
Durable Nondugoods rable goods
4,683
11,077
8,312
7,473
8,085
8,035
9,071
9,262
9,254
9, 189
8 833
8,530
9, 342
9,440
9,594
9, 750
9,856
9,880
9, 993
10, 103
10, 098
5, 394
6,304
7,010
6,705
6, 882
6,698
7,011
6. 946
6,740
6, 666
6, 791
6,872
7, 138
7, 240
7, 184
7, 124
7,096
7,004
7,026
7,033
6,952
Contract Wholesale Finance,
construc- and retail service,
etc.
trade
tion
1, 150
1,567
2, 169
2, 165
2,333
2,430
2,588
2,572
2,435
2,543
2, 690
2,751
2,812
2, 794
2,728
2,648
2,497
2,303
2,283
2,296
2,414
6,612
7, 189
9,519
9, 513
9,645
9,534
10, 013
10, 251
10, 125
10, 068
10, 144
10, 108
10, 110
10, 295
10, 442
10, 650
11,218
10, 283
10,202
10, 269
10, 290
4,703
5,320
6, 636
6,736
6, 894
6,992
7,068
7,237
7,207
7,273
7,332
7,379
7,378
7,340
7, 276
7,239
7,215
7,161
7, 173
7,220
7,326
Government
(Federal,
State,
local)
3,987
6,049
5,614
5,837
5,992
5,908
6,378
6,633
6,630
6,629
6,587
6,456
6,427
6,616
6,704
6,7427,095
6,675
6,625
6,632
6,615
Transportation
and
public
utilities
2,912
3,619
4, 141
3,949
3,977
3,984
4, 166
4,220
4,149
4, 184
4,225
4, 198
4,258
4,281
4,296
4,286
4,293
4,210
4,206
4,227
4,241
Mining
845
917
982
918
889
929
913
872
890
887
816
784
893
886
871
871
870
866
856
846
829
1
Revised series; see Employment and Payrolls, April 1953. Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked
during or received pay for any part of the pay period ending nearest 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. 7) which include proprietors, self-employed persons, and domestic servants; which count
persons as employed when they are not at
work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in tb?"s table are based on reports from employing
<»«t«blishments.
2 Preliminary estimates.
Source: Department of Labor.
8
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek in manufacturing industries declined 0.3 hours in April, but still was about equal to the April
1951 postwar peak for the month. Most of the decline took place in nondurable goods manufacturing, primarily
because of post-Easter slackening in apparel, textile, and leather output.
HOURS PER WEEK
HOURS PER WEEK
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
i....71
RETAIL TRADE
BUILDING CONSTRUCTION
SOURCE: DEPARTMENT OF LABOR.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Hours per week for production and related workers in selected industries J ]
Manufacturing r
Period
1939 monthly average
1943 monthly average
1 946 monthlv average
1947 monthly average
1948 monthly average
1 949 monthly average
1950 monthly average
June
1951 monthly average
1952 monthly average
1952: March
April
Mav
June
July
August
_
September
October
November
December
1953" January 8
February
March 3
April 3
Total
-
-
.
- -
-
.
_.
__»
_
-
37. 7
44 9
40 4
40 4
40 1
39. 2
40 5
40. 5
40 7
40 7
40 6
39 8
40 2
40 5
39 9
40 5
41. 2
41 4
41 1
41. 7
41 0
40 9
41 1
40. 8
Durable
goods
38 0
46 6
40 2
40 6
40 5
39. 5
41 2
41 3
41 6
41 5
41. 6
40 8
41 1
41. 2
40 2
41. 0
41. 9
42 2
41 9
42. 5
41 8
41 7
41 9
41. 8
Nondurable
goods
37 4
42 5
40 5
40 1
39 6
38 8
39 7
39 5
39 5
39 6
39 2
38 4
38 9
39. 5
39 4
39. 9
40. 3
40 3
40 1
40. 5
39 8
39 7
40 0
39. 4
Building
construction Retail trade
32. 6
38 4
38. 1
37 6
2
37. 3
36. 7
36 3
37. 0
37 2
38. 1 .
36. 8
37. 6
37. 9
38. 8
38. 5
38. 5
38. 8
38. 7
37. 1
38. 2
36. 9
37. 3
36. 9
(4)
(4)
i Revised series; see Employments and Payrolls, April 1953.
s Preliminary estimates.
Source: Department of kabor.
J Data beginning with January 1948 are cot strictly comparable with those for earlier periods.
*Not available,
42. 7
40. 3
40. 7
40. 3
40. 3
40.4
40. 5
40. 9
40. 2
39. 9
39. 9
39. 9
39. 7
40. 3
40. 6
40. 5
39.7
39.4
39.0
39. 8
39.3
39.2
39.2
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings in manufacturing industries averaged $1.75 in April, the same as in March but 10 cents
more than in April 1952.
DOLL/XRS
PER
HOUR
DOLL ARS PER HOUR
2.00
2.50
DURABLE MANUFACTURING
BUILDING CONSTRUCTION
1. 90
/a?^
2.40
<?*
.
1952 PRICES
1.80
2.30
1952 PRICES"7
1.70
/'
....-/
/"•-..
'**&**
-..•"'
*./
^...
/
/
•
"*••/
2.20
/
1.60
/
2.10
<.^?\^V
<
CURRENT PRICES
CURRENT PRICES
S
1.50
.J
2.00
~^
1.40
0
J;
^^r-
1.90
rr,i • , i , • M iT
i • , , , r[ , , . . . I
1
1950
1951
1952
T
ii.i.Tl
1
0
ITi i i • 1 • i , • .T
I960
1953
1.70
1 , i • , if • , • i • 1 • , . , if , . , i . I . • , .71
1
1951
1
1952
1
1953
1.50
NONDURABLE MANUFACTURING
RETAIL TRADE
1.60
1.40
J962 PRICES
/*X
..
/"•
4.50
/
1.40
i , ,
f*~
l
-^TS!*1*"^
/I952 PRICES*'
^u**Z^'
tr
-"
^r-i
CURRENT PRICES
SL
CURRENT PRICES
1
^^
1.30
0 JTn
1 1 1 • • 1 1 ifi • 1 1 1 1 1 1 1 • i;[i
1950
1
1951
J.IO
i i M l . . . ,,fi, , , , ! , , , , " ?
1952
1
1953
0
1
rr. • M i M 1 1 if • • • • 1 1 1 • i • if • 1 1 1 • i • 1 1 1 if 1 1 MI i M , iTi
I960
1
1951
I
1952
1
1953
11 EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 19 52 « 100.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE: DEPARTMENT OF LABOR.
[For production and related workers in selected industries l]
Period
1939 monthly average _ _
1943 monthly average
1946 monthly average
1947 monthlv average ._
1948 monthly average
1949 monthlv average
1950 monthly average
June .
1951 monthly average __ .
1952 monthly average
1952: March*... _ ...
April
May .
June
July
August
September
October
November
December
1953: January 4
February
March 4
April 4 ..
All manufacturing
Current 1952 2
prices prices
$1.20
$0.63
1.47
. 96
1.09
1.48
1. 24
1.47
1.49
1. 35
1.40
1. 56
1.46
1.61
1.62
1. 45
1.59
1.63
1.67
1.67
1.67
1.65
1.66
1. 65
1. 65
1. 66
1.65
1. 65
1. 64
1.63
1.66
1. 65
1.69
1.68
1. 70
1.69
1.71
1.70
1.73
1.72
1.73
1.74
1.74
1.74
1. 75
1.75
1.75
1. 75
Building
Durable goods Nondurable goods
Retail trade
construction
manufacturing
manufacturing
1952
Current 1952 2 Current 1952 2 Current 1952 2 Current
prices prices 2
prices prices
prices prices
prices prices
$1.03
$0.54
$1.78
$0.93
$1. 11
$1.34
$0. 58
$0. 70
1.04
.68
1.92
1.25
.80
1.23
1.63
1.06
1.21
.89
2.01
1.48
1.02
1. 39
1.58
1. 16
1.20
1.01
2.00
1.68
1.39
1. 53
1. 17
1.29
1.20
2.04
1.09
1.41
31.85
1.28
1.41
1.56
1.27
1. 14
1.94
2. 16
1.47
1.64
1. 32
1.47
1.30
1. 18
2.24
2.03
1.52
1.70
1.38
1. 54
1.32
1. 18
2.23
2.00
1.52
1.36
1.52
1.69
1.29
1.26
2.24
2. 19
1.51
1.67
1.71
1.48
1.32
1.32
2.31
2.31
1.54
1.54
1.76
1.76
1.30
1.29
2. 30
2.28
1. 55
1. 53
1.76
1.74
1.31
1.30
2.29
1.54
2.28
1.53
1.74
1.75
1.33
1.32
2.27
2.26
1. 54
1.53
1. 74
1.75
1.33
1.33
2.25
2.25
1.74
1.53
1. 53
1.74
1.32
1.33
2.28
2.29
1.54
1.53
1.72
1.73
1.32
1.33
2.29
2.31
1.54
1. 53
1.76
1.75
1.33
1.34
2.34
2.35
1.53
1. 54
1. 80
1. 79
1.34
1.35
2.37
2.38
1.53
1.54
1.80
1.81
1.34
1.35
2.37
2.39
1.56
1. 55
1. 82
1.81
1.31
1.32
2.40
2.39
1.56
1.57
1. 82
1.83
1.35
1.36
2.40
2.41
1.57
1.84
1.58
1.83
1.37
1.37
2.42
2.42
1. 58
1.85
1.85
1.58
1. 37
2.44
2.44
1.37
1. 59
1.59
1.85
1.85
5
5
5
5
1.59
()
1. 86
1. 59
1. 86
()
()
()
J Revised series; see Employment and Payrolls, April 1953.
s Earnings in current prices divided by consumer price index on base 1952=100.
a Data beginning with January 1948 are not strictly comparable with those for earlier periods.
10
< Preliminary estimates.
»Not available.
Source: Department of Labor.
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
In April, average weekly earnings in manufacturing industries declined slightly to $71.40 because of a seasonal drop
in hours worked in the consumer soft goods sector. However, there was a gain of $5.70 over a year ago, reflecting
both a longer workweek and higher wage rates.
DOLLARS PER WEEK
DOLLARS PER WEEK
DURABLE MANUFACTURING
BUILDING CONSTRUCTION
'^^CURRENT
RETAIL TRADE
NONDURABLE MANUFACTURING
^CURRENT PRICES
40
0
M i i t! i i i i i
1 ! 1 1| 1 1 \
EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1952*100
SOURCE: DEPARTMENT OF LABOR.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[For production and related workers in selected industries l\
Durable goods
All manufacturing manufacturing
Period
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthlv average
1949 monthly average .
1950 monthly average
June
1951 monthlv average
1952 monthly average
1952: March. __ _ _ _
April
May .
June
July
August . .
September
October
November.
December
1953: January 4
February
«
March4 4
April
Current 1952 2
prices prices
$23. 86
43.14
43. 82
49.97
54. 14
54.92
59.33
58. 85
64. 71
67.97
66.99
65. 67
66. 33
66.83
65.44
67.23
69. 63
70. 38
70.28
72. 14
71.34
71. 17
71.93
71. 40
$45. 62
66.17
59.62
59.42
59.76
61.23
65.49
65. 61
66. 17
67.97
67.67
66. 00
66.60
66.90
65. 11
66. 76
69. 28
69.96
69.79
71.78
71.06
71.24
71.86
71.26
Nondurable goods
manufacturing
Building
construction
Retail trade
1952
Current
prices prices 2
Current
prices
1952
prices 2
Current
prices
1952
prices 2
Current
prices
1952
prices 2
$50. 67
75.61
63.25
62.38
63. 04
64.69
69. 89
70.08
71.03
73.04
73. 11
71.35
71.80
71.76
69.20
71.66
75.04
75.92
75.73
77.39
76.60
77.23
77.44
77.59
$21. 78
34. 12
41. 14
46.96
50. 61
51.41
54. 71
53. 92
58.46
60. 98
59. 98
58. 75
59.52
60.44
60. 68
61.45
62.06
62.06
62.56
63.59
62.88
62. 73
63. 60
62. 65
$41. 64
52.33
55.97
55. 84
55.86
57. 31
60.39
60. 11
59.78
60. 98
60. 59
59.05
59. 76
60.50
60. 38
61.02
61.75
61.69
62. 13
63.27
62.63
62.79
63. 54
62.52
$30. 39
48. 13
56.24
63.30
3
68. 85
70. 95
73.73
73. 82
81.47
88. 01
83.90
85. 73
85. 65
87.30
88.17
88.94
91. 18
92. 11
88. 67
91. 68
88.93
90.27
90.04
(5)
$58. 11
73.82
76.52
75.27
3
75. 99
79. 10
81. 38
82.30
83.30
88.01
84.75
86. 16
85.99
87.39
87. 73
88.32
90. 73
91. 56
88.05
91. 22
88.58
90.36
89.5 95
()
$23. 14
27.36
36.35
40.66
43. 85
45.93
47. 63
48.06
50. 65
52. 67
51.47
51. 87
52.40
53. 60
54.00
53. 87
53.20
53. 19
52. 65
52.54
53.45
53. 70
53.70
(5)
$44. 24
41.96
49. 46
48. 35
48. 40
51. 20
52.57
53. 58
51. 79
. 52. 67
51.99
52. 13
52. 61
53.65
53. 73
53.50
52.94
52.87
52.28
52. 28
53.24
53.75
53.
65
(5)
$26. 50
49.30
46.49
52.46
57. 11
58.03
63. 32
62. 86
69.47
73.04
72.38
70.99
71. 51
71.69
69.55
72. 16
75.42
76.38
76.26
77.78
76.91
77. 15
77.52
77.75
i Revised series; see Employment and Payrolls, April 1953.
> Earnings in current prices divided by consumer price index on base 1952«=1QO.
' Data beginning with January 1948 are not strictly comparable with tnosejor earlier periods.
Source: Department of Labor.
*8 Preliminary estimates.
Not available.
11
AINU JBUJblJMtJSfc* AUT1V1TY
INDUSTRIAL PRODUCTION
Industrial production in May continued at the near-record level of April, according to preliminary estimates. Durable goods output was unchanged. Nondurable goods production continued at a high level. An increase in minerals
output was due to a pick-up in fuels production following a period of inventory adjustment.
INDEX, 1935-39 = 100
400
1941 42 43 44 45 46 47 48 49 50 51 52 53
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[1935-39=100, seasonally adjusted]
Period
12
1943 monthly average.
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1950 monthly average..
June
1951 monthly average
1952 monthly average.
1952: April
May
June
July
.
August.
September
October
.......
November .
December
1953: January
February
March..
....
April i
May i
1
Preliminary estimates.
Total
industrial
production
239
170
187
192
176
200
199
220
219
216
211
204
193
215
228
230
234
235
236
240
243
242
242
» lanufacture s
Total
258
177
194
198
183
209
208
229
230
225
224
214
202
225
237
242
245
247
249
254
258
256
256
Durable
goods
360
192
220
225
202
237
237
273
280
277
277
247
230
267
290
300
304
313
316
322
328
327
327
N on duraable goods
176
165
172
177
168
187
184
194
180
183
181
186
179
191
194
195
197
194
195
199
201
198
198
Minerals
132
134
149
155
135
148
151
164
160
166
340
147
142
156
175
164
171
168
164
163
162
162
166
Source: Board of Governors of the Federal Reserve System.
WEEKLY PRODUCTION - SELECTED INDICATORS
Steel production was maintained at full capacity during May.
Electric power generation continued to exceed
levels of a year ago. A sharp decline in the assembly rate of cars and trucks during the latter part of the month
resulted from suppliers' strikes. Bituminous coal production increased.
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
3
BITUMINOUS COAL
J
J
F
M
A
M
J
S
0
N
I
I
I
I
I
I
I
I
D
BILLIONS OF KILOWATT HOURS
THOUSANDS
200
0
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON EtECTRIC INSTITUTE, AND WARtfS AUTOMOTIVE REPORTS.
St<2el
Period
Weekly average:
1950 _
June
1951
__
1952
1952: April
May
__ June
._ -_
Julv a Augu *
September..
October
November
December - _
1953" January
February
March.
_>
April 3
May
Week ended:
1953: Mav 2
9
_ _ _ _ _ __ ___
16
23
30
_ __
June 6
13
Thousands of
net tons
Percent of
theoreticall
capacity
N
0
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
Electric power, Bituminous
by utilities
coal
(thousands of
(millions of
kilowatt-hours) short tons) 2
Cars and
trucks
(number)
1, 919
2, 118
2,214
2, 200
2, 193
2, 234
2,233
2,295
2,225
2, 258
96. 9
99. 6
100. 9
85. 8
89.7
89.2
18.4
17. 7
92. 4
102. 0
106.6
105. 9
105.6
99. 1
99. 1
101.8
98.7
100. 2
6, 183
6,038
6,958
7,451
7, 120
7,026
7, 176
7,076
7, 622
7,599
7,707
7,841
7,970
8, 156
8, 136
8, 116
8,018
7,958
1,687
1, 777
1,772
1, 542
1,545
1,381
1,321
1, 183
1, 314
1,875
1,213
1, 762
1,643
1,510
1,413
1,387
1,463
1,466
154, 214
192, 825
129, 828
106, 765
119, 425
114,006
118, 361
44, 587
73, 216
127,345
135,640
127, 234
113, 122
137, S90
146, 188
] 58, 658
2,262
2,259
2,262
2,250
2,262
2,246
3
2, 252
100. 3
100.2
100.3
99.8
100. 3
99. 6
3
99. 9
7,939
7,897
7,959
8,013
7,961
1,458
1,475
1, 521
1,464
1, 605
1 72, 700
107, 032
105, O i l
151, 001 >
1 1 3, 085
125, 201
1,857
1,898
2,018
1,782
1,863
1, 852
382
368
i or,, 322
149, 709
1
Percent of capacity based on weekly net ton capacity of 1,906,268 for the first half of 1950,1,928,721
beginning July 1, 1950, 1,999,034
iM^inninr J n n u m y I, H»M,
2
3
2,077,040 beginning January 1, 1952, and 2,254,459 beginning January 1, 1953.
Daily average for week.
J'rHiinimu\\ «•«« linith" .
Sources: American Iron and Steel Institute. Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports.
34378—53
3
13
PRODUCTION OF SELECTED MANUFACTURES
Overall production of durable goods in April was about the same as in March, with changes ranging from an increase
of 2 percent in stone, clay, and glass products to a decrease of 6 percent in lumber and products. Although output
of nondurable goods was down slightly from the record March level, production of chemicals, paper, and rubber
products was maintained at postwar peak rates.
X, 1935-39 = 100, ADJUSTED FOR SEASONAL VARIATION
INDEX, 1935-39 = 100, ADJUSTED FOR SEASONAL VARIATION
300
1941 43 45 47 49 51 53
1953
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE BOARD OF GOVERNORS OF THE FEDERAL. RESERVE SYSTEM
[1935-39=100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
1943 monthly average.
1946 monthly average ...
1947 monthly average
....
1948 monthly average
1949 monthly average
...
1950 monthly average
.
June
.
1951 monthly average
1952 monthlv average .. _ __
1952: March
..
April .
May . ..
June
..
July
._
August
September
October
November
December
1953: January
February
_
March
Audi i
1
Preliminary estimates
14
Iron and
steel
Lumber
and
products
208
150
195
208
188
229
231
259
243
263
245
246
140
139
244
270
281
283
286
287
289
297
292
129
131
143
145
130
160
155
157
154
158
152
142
146
141
149
155
155
161
165
171
175
173
162
Nonferrous Textiles
Machinery metals and
and
products
products
443
240
276
277
234
270
262
336
356
359
354
353
352
331
336
354
363
371
385
393
398
405
403
267
157
187
193
160
206
207
207
222
218
218
216
210
201
213
225
237
240
246
249
260
261
264
153
162
163
170
147
182
173
174
161
152
144
151
154
147
170
177
172
176
169
169
173
174
171
Petroleum Manufac- Chemical
and coal tured food
products products products
185
173
193
218
209
229
222
267
270
278
261
209
251
259
280
282
279
290
291
293
293
289
283
145
149
157
159
163
164
164
165
164
166
163
160
166
162
164
168
165
161
164
165
165
168
164
384
236
251
254
241
264
261
299
301
294
292
292
298
299
302
302
304
308
309
310
311
316
316
Source: Board of Governors of the Federal Reserve System.
GROSS PRIVATE DOMESTIC INVESTMENT
Total investment (seasonally adjusted annual rates) dropped about $3 billion in the first quarter. There was a sharp
decline in the rate of inventory accumulation. However, investment in new construction and producers1 durable
equipment, which account for most of total investment, increased.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
1 70
SEASONALLY ADJUSTED ANNUAL RATES
GROSS PRIVATE
..DOMESTIC INVESTMENT
PRODUCERS' DURABLE EQUI MENT<
*****?•••••.,
ISTRUCTION^
.X\
CHANGE IN BUSINESS
INVENTORIES
2
3
2
4
3
4
1952
1951
1953
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars]
Total gross
private
domestic
investment
Period
1939
1944
1946
1947
1948
1949
1950
1951
1952
_.
.
9.9
7. 7
28.7
30. 2
42.7
33.5
50.3
58.5
52. 1
..
New construction
Residential
nonfarm
Total
4.9
2.8
10.3
13.9
17.7
17.2
22.9
23.3
23.5
2.7
.8
4.0
6.3
8.6
8.3
12.6
11.0
11. 1
Other
Producers'
durable
equipment
2.2
2.0
6.3
7.6
9. 1
9.0
10.3
12.3
12.4
Change in
business
inventories
4.6
5.7
12.3
17. 1
19.9
18.7
22.0
24. 9
25.5
0.4
-.8
6. 1
-.8
5.0
-2.5
5.5
10.3
3. 1
24.9
24.7
25.7
25.7
25.0
25.6
27. 5
a9
Seasonally adjusted annual rates
1951' Third quarter
Fourth, quarter
1952: First quarter
Second quarter
Third quarter
Fourth quarter
1953: First quarter
.„ _
._
..
56.2
52.9
50.0
49.3
51. 7
57.3
54. 4
NOTE.—Detail will not necessarily add to totals because of rounding.
22.4
22. 4
23. 7
23. 6
23.0
23.7
25. 2
9. 9
10.3
11.0
11.0
10.9
11.6
12. 2
12.5
12.1
12.7
12.6
12.2
12.0
13.0
5.8
.6
.1
3.7
8. 1
1. 7
Source: Department of Commerce.
15
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to spend about $28.7 billion (annual rate) for new plant and equipment in the third quarter, according
to a survey made in May. This is about the same as the total for the second quarter of this year, but about $3 billion
more than was spent in the third quarter of last year. All major industry groups reported plans for spending more
than a year ago.
BILLIONS OF DOLLARS
35
BILLIONS OF DOLLARS
35
1951
1953
1952
^ SEE NOTE 4 ON TABLE BELOW.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
[Billions of dollars]
Transportation
Mining
Durable NonduraRailroads Other
goods
ble goods
Manufacturing
Total1
Period
1939
1945
1948_. ..
1949.
_
1950. . . .
1951..
1952
..
_
. ..
5.51
a 69
22.06
19.28
20.60
25. 64
26. 46
Total
1.94
3. 98
9. 13
7.15
7.49
10.85
11.99
0. 76
1. 59
3.48
2. 59
3. 14
5.17
5.78
11.30
11. 69
11. 78
12.24
11. 64
12.23
12.48
12.90
13.02
(33)
1. 19
2. 39
5.65
4. 56
4.36
5. 68
6.21
0.33
. 38
.88
. 79
.71
. 93
.88
0.28
.55
1. 32
1. 35
1. 11
1. 47
1. 39
Public
utilities
Commercial and
other 2
0.36
.57
1.28
. 89
1. 21
]. 49
1.36
0.52
. 50
2.54
3. 12
3. 31
3. 66
3. 84
2.08
2.70
6.90
5. 98
6.78
7. 24
6.99
1. 58
1.43
1. 44
1. 36
1.27
1.38
1.27
1.27
1.36
3. 85
3. 73
3. 82
3. 75
3.71
4. 04
4. 20
4.67
4.77
7. 28
7. 15
7. 19
6. 89
6.80
7. 12
6. 98
7.27
7.30
Seasonally adjusted annual rates
1951: Third quarter
Fourth quarter
1952* First quarter
Second quarter
Third quarter
Fourth quarter
1953: First quarter 4
Second quarter
Third quarter 4
..
26.49
26.56
26.72
26.58
25.49
26.96
27. 18
28.41
28.68
()
(3s)
(3)
(3)
()
(3s)
(3)
()
(33)
()
(3)
(33)
(3)
()
(3)
(33)
()
0. 96
.96
.93
.90
.83
.87
.86
.88
.91
1.52
1.60
1.56
1.44
1.24
1.32
1. 38
1.42
1.31
' Excludes agriculture.
» Commercial and other includes trade, service, finance. communicatiODs, and construction.
* Not available.
* Estimates based on anticipated capital expenditures reported by business in May 1953.
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.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commerce.
16
UUJMJ5TKUUT1UJM
Expenditures for new construction, seasonally adjusted, have been about $2.9 billion for 4 consecutive months.,
Expenditures for each month of this year have exceeded those of a year ago, with the total for the first 5 months being
6 percent above the comparable period of 1952.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ADJUSTED FOR SEASONAL VARIATION
PRIVATE RESIDENTIAL
(NONFARM)
-FEDERAL, STATE AND LOCAL
I
J
.
F
-
M
A
M
J
J
A
S
O
N
D
J
F
I
M
I
A
I
M
1951
J
I
I
I
I
I
J
A
S
O
N
D
1952
I
I
I
I
I
J
F
M
A
M
I
J
I
J
I
A
I
S
I
O
1
N
I0
D
1953
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Millions of dollars, seasonally adjusted]
Total new
construction
Period
1939 monthly average
1942 monthly average
1944 roonthlv average .
1946 monthly average
1943 monthly average
1949 monthly average
1950 monthly average
June
«- 1951 monthly average
1952 monthly average
1952: April
May
June
July
August
September
October
November_December . 1953: January
FebruaryMarch
April 2
May
1
ID eludes
2
-_
_ .
.
public residential construction.
Preliminary estimates.
683
1,173
438
1,000
1, 806
1,899
2,396
2,389
2, 574
2,694
2,779
2,701
2,683
2,640
2, 634
2,654
2, 6«0
2.699
2,738
2, 768
2,914
2,979
2,926
2,872
Private construction
Total
Residential
Other
(nonfarm)
private
143
366
223
142
143
285
114
182
68
468
803
335
689
1,404
715
676
689
1, 365
751
1,801
1.050
736
1, 072
1, 808
914
893
1,807
890
1,815
925
904
1,857
953
896
902
1,798
888
1,773
885
888
1,784
896
887
902
1, 789
883
1,794
911
870
1,812
942
873
1,846
973
872
992
1, 864
918
950
1,868
950
1,965
1,015
976
1,063
2,039
984
1,022
2,006
999
1,967
968
Federal,
State, and
local l
317
888
256
197
402
534
595
581
767
879
922
903
910
856
845
860
848
853
874
900
949
940
920
905
8owpes: Department ol Commerce and Department of Labor,
17
NEW HOUSING STARTS
New nonfarm housing units started in April totaled 110,000; with private housing accounting for the entire gain.
This represented an increase of 1 3 percent from March and 4 percent from April 1952. For the first 4 months of
1953, total new homes started totaled 356,100, slightly above the number for the like period of last year.
THOUSANDS OF UNITS
THOUSANDS OF UNITS
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE DEPARTMENT OF LABOR
New nonfarm units started
1949
January
February
March
April
May
June
July
August
September
October
November
December
1953
1952
Month
_ _
Total
Monthly average. .
50,
50,
69,
88,
95,
95,
96,
99,
102,
104,
95,
78,
1951
1950
000
400
400
300
400
500
100
000
900
300
500
300
78,
82,
117,
133,
149,
144,
144,
141,
120,
102,
87,
93,
700
900
300
400
100
300
400
900
600
500
300
600
85,
80,
93,
96,
101,
132,
90,
89,
96,
90,
74,
60,
Monthly
total
900
600
800
200
000
500
500
100
400
000
500
800
64, 900
77, 700
103, 900
106, 200
109, 600
103, 500
102, 600
99, 100
100, 800
101, 100
86, 100
71, 500
1, 025, 100
1, 396, 000
1, 091, 300
1, 127, 000
85, 400
116, 300
90, 900
93, 900
Seasonally
adjusted
annual rate l
Monthly
total *
72, 100
77, 000
97, 000
110,000
2
2
2
Seasonally
adjusted
annual rate 1
1, 172, 000
227, 000
114, 000
1, 174, 000
2
1,
2
1,
2
1, 040, 000
1, 073, 000
1, 037, 000
1, 122, 000
1, 156, 000
1, 159, 000
1, 165, 000
i Seasonally adjusted annual rate data are shown monthly beginning with June 1952, the first month used in determining "periods of residential credit control
relaxation" pursuant to the provisions of the Defense Production Act Amendments of 1952 (sec. 607). For method of computing seasonally .adjusted annual
rates, see special release of August 28,1952, by the Department of Labor.
»Preliminary estimates.
Source: Department of Labor.
18
INVENTORIES AND SALES
Total business inventories (seasonally adjusted) increased about 1 percent in April, with the latest rise occurring in
retail inventories. There was a rise of 5 percent in manufacturers' sales and a drop in sales at the wholesale and
retail levels.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RETAIL
TOTAL AND MANUFACTURING
SEASONALLY ADJUSTED
••*****"********••••
_••* v
..•«••••w...«^«'
"*•*•••••....«._
,"*~
^ INVENTORIES
_ _ _
^^^-*^-^^"
SALES <
0
,
t i t i i 1 I 11 | t
, , , ,1
1950
—
I
1951
I
1
1
I
1
1
I
!
1
1
1
1
1
1 1 1
1952
t
1
1
1 1
«953
WDEX, 1947-49" 100
DEPARTMENT STORES
SEASONALLY ADJUSTED
tA.wA..
INVENTORIES
/
/**-•/
90 UULLLL
1950
1951
1952
1953
I960
1951
* WHOLESALE, MANUFACTURING, AND RETAIL.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
Total business *
InvenSales f
tories 3
Retail
InvenSales »
tories s
Manufacturing
Inventories a
Sales •
New
orders *
Millions of dollars, seasonally adjusted
1939
1943. _
1946
1947.
1948
1949
3950
June
1951
1952
1952: March
April
20, 051
31, 343
. 42, 942
50, 605
55, 647
.
52, 264
62, 423
54, 191
8
74, 059
74, 757
73, 620
73, 876
73, 074
May
June
72, 913
Julv
_. 72, 765
August
72, 714
September _
73, 437
October
74, 189
November
74, 682
December
74, 757
1953: January
74, 619
February
74, 941
March6
75, 335
April
75, 978
10, 802
21, 920
27, 150
33, 156
36, 438
34, 664
39, 425
39, 548
6
44, 454
45, 568
43, 444
45, 763
45, 545
44, 395
44, 474
43, 628
46, 288
48, 344
46, 229
48, 023
47, 383
48, 827
49, 120
49, 922
5,534
7, 561
11,852
14, 060
15, 828
15,311
18, 652
16, 139
8
20, 754
20, 804
20, 321
20, 477
20, 069
20, 125
20, 127
19, 745
20, 281
20, 652
20, 895
20, 804
20, 814
20, 973
21, 096
21, 500
3, 503
11,465
5, 270 . 20, 098
8,541
24, 498
9,967
28, 920
31, 734
10, 877
10, 893
28, 973
11,974
34, 118
12, 069
29, 603
6
13, 185
43, 039
43, 824
13, 674
13, 033
43, 237
13, 363
43, 402
13, 850
43, 144
14, 014
42, 892
42, 748
13, 667
13, 359
43, 107
13, 570
43, 224
14, 202
43,415
14, 026
43, 596
43, 824
14, 410
14, 140
43, 766
14, 514
43, 848
14, 453
44, 056
14. 365
44. 256
5, 112
12, 820
12,617
15, 917
17, 630
16,416
19,312
19, 502
22, 335
23, 065
22, 085
23, 538
23, 247
21, 888
21,858
21, 898
23, 663
24, 753
23, 430
24, 276
24, 292
25, 170
25, 469
26. 709
5,354
12, 705
13, 694
15, 622
17, 351
15, 903
20, 966
20, 506
24, 431
23, 606
23, 404
24, 251
22, 748
25, 042
23, 434
21, 852
24, 516
24, 152
23, 061
24, 466
24, 270
25, 530
24, 591
25. 850
Department stores
InvenSales »
tories *
Index 1947-49=100,
seasonally adjusted
35
35
56
55
90
77
93
98
104
107
100
98
109
105
105
103
129
109
109
118
114
105
103
116
118
108
111
118
120
105
118
114
120
106
120
115
113
120
119
115
111
123
122
111
121
113
107
126
1
Also includes wholesale, not shown separately in this table.
* Revised series beginning with 1951; not comparable with previous data.
> Book value, end of period.
See Survey of Current Business, September and November, 1962, for detail.
»Monthly average for year and total for month.
• Preliminary estimates.
« Book value, end of period, except annual data, which are monthly averages.
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
19
MERCHANDISE EXPORTS AND IMPORTS
During April there was a further harrowing of the gap between commercial exports (that is, exports exclusive of shipments under the Mutual Security Program) and imports, as imports increased more than total exports while grant-aid
shipments were unchanged.
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
1,600
1,600
1,200
1,200
MERCHANDISE EXPORTS
EXCLUDING GRANT-AID
SHIPMENTS!/
IS48
1949
1950
1951
I/ SEE FOOTNOTES I AND 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE AND DEP
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Millions of dollar?
Merchandise exports
Excess of e xports (+)
or impo rt/s v ;
T-tC
Period
Total
1936-38 monthly average .
1946 monthly average
1947 monthly average
1948 monthlv average
1949 monthlv average
1950 monthly average
June
1951 monthly average
1952 monthlv average
1952: March
April
May
June .
Julv
..
August
September
October
November
. ..
December
.
1953: Januarv
February
. __
Marchs
April
247
812
1,278
1,054
1,003
856
877
1,253
1, 2€4
1, 447
1,352
1, 474
1, 167
1,027
1, 086
1,227
1,215
1, 189
1,283
1,277
1, 196
1,378
1,384
Grant-aid
shipments l
(22)
(2 )
(2)
( 2)
(2)
(2)
()
89
165
117
167
236
113
137
170
248
173
195
276
2f8
272
328
328
Excluding
grant-aid
shipments
(2)
(22)
(2)
( 2)
(2 )
( 2)
()
1, 164
1,0£9
1,330
1, 185
1,238
1,053
890
916
980
1,042
994
1, 107
1,009
924
1,050
1,056
Merchandise
imports
207
412
480
594
552
738
687
914
893
964
932
834
861
839
817
876
918
804
1, 052
927
856
1,004
1,028
i Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program,
3 Shipments began in July 1950. For the year 1950, total grant-aid shipments amounted to ?8g million dollars.
nf\
NOTE.—Detail will not necessarily add to totals because of rounding.
*™
SOUBCBS: Department of Commerce and Department of Defense.
(
"\
Excluding
grant-aid
shipments
Total
-f-40
-f 400
+ 799
+ 461
4-452
4119
-f-190
-j-339
4-371
-f-483
4-420
+ 640
+ 306
+ 188
+ 269
+ 351
+ 297
+ 385
+ 331
+ 350
+ 340
+ 374
+ 356
(22)
(2 )
(2)
(2)
(2)
()
(2)
+ 250
+ 206
+ 366
+ 253
+ 404
+ 193
+ 51
+ 99
+ 103
+ 124
+ 190
+ 55
+ 82
+ 67
+ 45
+ 28
s Preliminary estimate,
PURCHASING POWER
NATIONAL INCOME
National income (seasonally adjusted) increased in the first quarter. There was a rise in compensation of employees,
primarily in manufacturing industries, in corporate profits, and in net interest. A decline in farm proprietors' lincome
~'
'~
offset a further increase in nonfarm business earnings.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
350
350
:-:::;: CORPORATE PROFITS'AND
•'•:• INVENTORY VALUATION:
:•:•:':'•:':'•.'•:•:•:• ADJUSTMENT :::•:;:••
1939
1948
1949
•^PRELIMINARY ESTIMATES
SOURCE: DEPARTMENT OF COMMERCE
OFFICE OF THE ECONOMIC ADVISER TO THkPRESIDENT
[BillioDS of dollars)
Total
national
income
Period
1939
1944
1946
1947
1948
1949
1950 ._
1951
1952 __ _
_.__
72.5
183.8
180. 3
198. 7
223.5
216.3
239. 2
277.6
290.4
Corporate profits and inventory
valuation adjustment
Compensation of
employees
Proprietors'
(business,
professional,
farm)
and rental
income
Net interest
47.8
121. 2
117. 1
128.0
140.2
139. 9
153.4
178. 9
190.4
14.7
35.5
4?. 0
42. 1
47. 3
42. 1
45. 2
50. 6
52.5
4.2
3. 1
2.9
3.5
4.3
5.0
5.8
6.4
7.0
Total
5.8
24. 0
18.3
24.7
31.7
29.2
34.8
41.6
40.5
Profits
before
taxes
Inventory
valuation
adjustment
6.5
24.3
23.5
30.5
33.8
27. 1
39.6
42. 9
39.7
-0.7
-.3
-5.2
-5.8
-2. 1
+ 2.1
-4.8
-1.3
38.6
39.5
42. 7
38.2
37.2
40. 3
*42. 8
+3.2
+ 3.0
-. 1
+ 1.7
+.6
+ 1.2
-. 5
+.8
Seasonally adjusted annual rates
1951: Third quarter
Fourth quarter
1952: First quarter
Second quarter
Third quarter
Fourth quarter
1953: First quarter
280. 2
285. 6
288.0
285. 6
287.7
300. 2
1
304. 9
181. 0
183.4
186.5
186. 9
190. 3
197. 9
201. 6
50. 8
53. 1
52. 1
51. 9
52.5
53. 6
53. 6
J Preliminary estimates by the Office of the Economic Adviser to the President.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as notedJ
6. 5
6.6
6. 7
6. 9
7. 1
7.2
7.4
41. 9
42.5
42.7
39.9
37.8
41. 5
1
42. 3
2J
CORPORATE PROFITS
Corporate profits and dividends in the first quarter are estimated to have been about the same as a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
60
60
NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
PRELIMINARY ESTIMATES
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE: DEPARTMENT OF COMMERCE
(Billions of dollars]
Corporate
profits
before taxes
Period
1939
1944_
1946
1947
1948
1949
1950
1951
1952
6.5
24.3
23.5
30.5
33.8
27. 1
39.6
42.9
39.7
1951: Third quarter
Fourth quarter. 1952: First quarter .
Second quarter
Third quarter
Fourth quarter
1953: First quarter 1
38.6
39.5
42.7
38.2
37.2
40.3
42.8
_.
Corporate
tax
liability
Corporate profits ufter taxes
Total
Dividend
payments
5.0
3.8
1.5
10.8
4.7
13. 5
13.9
9.6
5.8
6.B
18.5
11.9
7.2
13.0
20.7
10.8
16.3
7.5
21.2
18.4
9.0
18.7
24. 2
9.0
17.9
9. 1
21.8
Seasonally adjusted annual rates
9.2
16.9
21.8
22.2
17.3
9.3
19.3
8.9
23.4
17.2
21.0
9.6
20.4
16.8
9.3
18.2
22. 1
9.0
23.5
9.1
19.3
Undistributed
profits
1.2
6. 1
8. 1
12.0
13.5
8.8
12.3
9.6
8.8
7.7
8.0
10.4
7.6
7.5
9.2
10.2
i Preliminary estimates by the Office of the Economic Adviser to the President.
NOTE.—See p. 21 for profits before taxes and inventory valuation adjustment. Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
22
IJSIUUJYUt;
Total personal income in April was little changed from the March level. A billion-dollar increase in labor income
was practically offset by a decline in farm proprietors' income as both prices and volume of marketings fell below the
March level. Changes in other categories were minor.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
SOURCE: DEPARTMENT OF COMMERCE.
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
(BillioTiR of dollars!
Period
1939
1944
1948
1949
1950
1951
1952
*
Proprietors' income
Labor income
(salaries,
Dividends
Business,
Total per- wages,
and
professional, and personal
sonal income other labor
Farm
interest
and rental
income)1
income 1
45.7
72.6
4.5
10.3
9.2
—
23.7
165.9
116.2
11.8
10.6
209. 5
134. 9
29.6
16.0
17.7
12.8
205.9
134.2
29.3
17. 1
31.9
226.3
13.3
146.5
19.5
254. 1
20.4
170.7
15. 6
35.0
182. 4
21. 1
15. 2
37.0
268.3
Seasonally adjusted annual rates
1950: June
1952: March
April .
May
June
July
August
September
October
November
December..
1953: January. ....
February
March
April 3
221.0
261.9
262. 5
264.5
266. 7
263.9
269.6
273. 8
276. 1
275.8
280.0
280.6
280. 9
282.8
283. 1
144.9
178.2
177.8
179.0
180.3
178.4
183.5
186.4
188.6
189.0
191. 1
191.2
192. 9
194.6
195. 7
12. 1
14.4
14.4
14. 6
15.5
15.0
14.8
15. 7
15.3
15. 1
15.9
15.7
14. 6
14. 4
13.6
31.7
35.9
36.5
36.8
37.0
36.8
36.8
37.4
37. 9
37.6
38.4
38.7
38.5
38.3
38. 4
18.7
21.0
21.5
21.5
21.4
21.3
21.4
21.4
21.3
21.3
21. 2
21.4
21.5
21.7
21. 8
'Excludes social insurance contributions of employees and, beginning January 1952, of self-employed persons.
»Includes $2.7 billion National Service Life Insurance dividend, most of which was paid in tne first half of the year.
*Preliminary estimates.
NOTI.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce
Transfer
payments
9
3.0
3.6
11.3
12.4
15. 1
12.4
12.7
ia 6
12.4
12.3
12.6
12. 5
12.4
13. 1
12. 9
13. 0
12.8
13.4
13.6
13.4
13.8
13.6
23
CONSUMER INCOME, SPENDING, AND SAVING
Consumer spending rose more than disposable income in the first quarter,
although it remained at a high peacetime level.
In consequence the saving rate dropped,
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
250
1953
PERSONAL INCOME LESS TAXES.
1
OFFICE OF THE "ECONOMIC ADVISER TO THE PRESIDENT
SOURCE: DEPARTMENT OF COMMERCE
Disposable personal
income 1
Period
Less: Personal consumption expenditures
Total
Durable
goods
Nondurable goods
Services
Equals:
Personal
net
saving
Net saving
as percent
of disposable
income
Billions of dollars
1939
_
1941
1942
...
1944
_
1946.
. . . . .
1947
1948.
1949
1950
1951...
1952.
..
70.2
92.0
116.7
147.0
158.9
169.5
188.4
187.2
205.5
225.0
234.3
67.5
82.3
91.2
111. 6
146. 9
165.6
177.9
180. 6
194. 3
208.0
216.3
6.7
9.8
7. 1
7.1
16.6
21,4
22.9
23.8
29.2
27. 1
25.8
35. 3
44.0
52. 9
67. 1
85. 8
95. 1
100. 9
99. 2
102. 8
113. 5
119. 0
25. 5.
28.5
31. 2
37.4
44. 5
49. 1
54. 1
57. 5
62. 4
67.3
71.6
2.7
9.8
25.6
35. 4
12.0
3.9
10. 5
6. 7
11.2
17. 0
18.0
3.8
10.7
21.9
24. 1
7.6
2.3
5.6
3.6
5.5
7.6
7.7
20. 7
23. 1
16. 3
15. 9
19. 8
20. 5
19. 5
9. 3
9. 1
7. 1
6.9
8.4
8.5
7.9
Seasonally adjusted annual rates
1951: Third quarter
Fourth quarter
1952: First quarter
Second quarter .
Third quarter
Fourth quarter.
1953: First quarter —
i Income less taxes.
24
.
.
227. 1
231.5
229. 5
230 8
234.8
242. 5
245. 6
206.4
210.5
213. 2
214.9
215. 0
222.0
226.2
25.5
25.3
25.2
26.4
24.2
27.3
29.8
113.2
116.2
118.0
117.8
118. 9
121.4
121.7
NOTE .—Detail will not necessarily add to totals because of rounding.
67. 6
69. 0
70. 0
70.8
71. 0
73. 3
74.6
Source: Department of Commerce.
PER CAPITA DISPOSABLE INCOME
In the first quarter, per capita disposable income in both current and constant prices increased again, but at a slower
rate than in the preceding quarter.
DOLLARS
1,600
ANNUAL AVERAGES
1,600
SEASONALLY ADJUSTED ANNUAL RATES
1,200
1,200
CURRENT PRICES
I
I
I
I
I
I
I
I
I
I
I
I
J
I
J
I
1952
1953
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
Total disposable personal Per capita disposable personal income (dollars)1
income (billions of dollars)1
Period
Current
prices
1939
1941
1942
1944
1946
1947
1948
1949
1950
1951
1952
70.2
92. 0
116.7
147.0
158.9
169.5
188.4
187.2
205.5
225.0
234.3
.
. .-
-._
._ --- .
__
1952
prices 3
138.2
169. 1
191.0
210.0
204.0
198.0
208.4
209. 6
225. 1
229.4
234.3
Current
prices
536
690
865
1,062
1, 124
1, 176
1,285
1,255
1,355
1,458
1,493
1952
prices *
1,055
1, 268
1,416
1,517
1,443
1,374
1,421
1,405
1,484
1,486
1,493
Population
(thousands)8
131, 028
133, 402
134, 860
138, 397
141, 389
144, 126
146, 631
149, 188
151,677
154, 360
156, 981
Seasonally adjusted annual rates
1951"
Third quarter
Fourth quarter
1952: First quarter
Second quarter
Third quarter
Fourth quarter
1953: First quarter
._
_ »
227. 1
231.5
231.7
233.6
1,468
1,489
1,498
1,503
154, 722
155, 442
229.5
230.8
234.8
242.5
230.9
230.8
234.1
241.5
1,471
1,473
1,492
.1, 534
1,480
1, 473
1,488
1,527
156,
156,
157,
158,
245.6
244.6
1,547
1,541
158, 758
064
669
370
122
1
Income less taies.
'Dollar estimates in current prices divided by an over-all implicit price index for personal consumption expenditures. This price index is based on Department
of Commerce data, shifted from a 1939 base.
* Provisional intercensal estimates of the population of the United States including armed forces overseas, taking into account the final 1950 Census total popu' lation count. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
SourcesrDepartment, of Commerce and the Office of the Economic Adviser to the President*
25
FARM INCOME
Form income declined in April to a level well below that of the corresponding month in both 1952 and 1951.
BILLIONS OF DOLLARS
5
BILLIONS OF DOLLARS
5
1953
' FARM INCOME IN CURRENT PRICES DIVIDED BY PARITY INDEX ON BASE 1952*100.
NOTE: FARM INCOME INCLUDES CASH RECEIPTS FROM MARKETINGS AND GOVERNMENT PAYMENTS.
SOURCE: DEPARTMENT OF AGRICULTURE.
Period
1939 monthly average
1941 monthly average
1944 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
June
1951 monthly average ......
1 952 monthly average
1952* March
April
May
.
June
Julv
August September
October
- November ..
December
1953* January
February
March 3
April 3
26
-
-
-
Parity index
Farm income
Farm income
(prices paid,
(millions of
(millions of
interest, taxes,
current
1952 dollars) 2
and wage rates)
l
dollars)
1 952 = 100
1,663
43
715
2, 104
968
46
2,755
64
1,763
2,932
2, 111
72
2,790
2, 539
91
2,694
2,344
87
2,679
2,384
89
2, 122
89
1, 889
2,798
98
2, 742
2, 785
100
2,785
2, 101
101
2, 122
2,079
2, 100
101
2, 154
101
2, 176
100
2,381
2,381
2,711
100
2, 711
2,882
100
2,882
3,620
100
3,620
4, 165
99
4, 123
3,618
98
3, 546
3, 135
3,072
98
2,770
99
2,742
1,928
98
1, 889
2,066
98
2,025
1,973
98
1, 934
i Converted from the reported base, 1910-14=100, to the basei!952=100.
* Farm income in current dollars divided by parity index on base 1952=100.
* Preliminary estimates.
NOTE.—Farm income includes cash receipts from marketings, and Government payments,
Source: Department of Agriculture.
OFFICE OF THE ECONOMIC TOVfSfR TO THE PRESIDENT
CREDIT, MONEY, AND FEDERAL FINANCE
BANK LOANS AND INVESTMENTS
Bank loans changed very little during April.
month.
Holdings of Government securities declined for the fifth consecutive
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
175
175
1945
1950
1951
1952
1952
END OF YEAR
END OF MONTH
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
ui dollars]
All commercial banks
End of period
1939
1945
1947
1949
1950
_
June
1951
1952.
1952: March
April.
May
June
July
August
September . .. . .
October.. . . .
November
December
1953: January
February
March
April22
Mav
Investments
Total
loans and
investments
Bank loans
40.7
124.0
116.3
120.2
126.7
121.8
132.6
141. 6
132. 5
132. 3
133. 1
134.4
136.8
136. 6
137. 1
139.4
141. 7
141.6
140.8
140. 1
140.0
138.4
17.2
26. 1
38. 1
43.0
52.2
44. 8
57.7
64. 2
57.8
58.2
58.5
59.2
59. 7
60.2
61.2
62. 4
63.4
64. 2
63. 9
64. 1
65.2
65.3
Total
i Commercial, industrial, and agricultural loans; revised series beginning January 1952.
NOTE.—Detail will not necessarily add to totals because of rounding.
23.4
97.9
78.2
77.2
74.4
77.0
74.9
77.5
74.7
74. 1
74.5
75. 2
77.0
76. 3
75. 9
77.0
78. 3
77.5
76.9
76.0
74.8
73. 1
U. S.
Government
securities
16.3
90.6
69. 2
67.0
62.0
65.8
61.5
63. 3
61. 1
60.5
60.7
61.2
62.9
62.0
61. 6
62.9
64. 1
63.3
62.8
61.9
60.5
58. 8
Other
securities
7. 1
7.3
9.0
10.2
12.4
11.2
13.3
14. 1
13.6
13.7
13.8
14.0
14. 1
14. 4
14. 3
14.2
14.2
14. 1
14.2
14. 1
14.3
14.4
Weekly
reporting
member
banks—
business
loans *
4.4
7.3
14.6
13. 9
17.8
13. 6
21.6
23.2
21.5
21.0
20.7
21.0
20.8
21. 1
21.8
22.5
23. 1
23.4
23.0
22.9
23.3
23. 1
22.8
2 Preliminary estimates.
Source: Board of Governors of the Federal Reserve System.
27
CONSUMER CREDIT
( omumci credit outstanding rose $500 million in April. Instalment credit accounted for four-fifths of the increase,
and automobile instalment credit alone for three-fifths of the increase.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
30
1945
1950
END OF YEAR
1951
1952
1953
1952
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Total
consumer
credit
outstanding
End of period
1939
1945
1950
June
.
1951
1952
1952- March
April
-_
_ _.
Mav
June
July
August
September.
October
November
December
1953* January
February
March
April 4
- -
7,222
5, 665
20, 813
18,417
21,468
25, 705
20, 609
20, 940
21, 705
22, 446
22, 751
23, 030
23, 414
24, 050
24, 525
25, 705
25, 508
25, 262
25, 676
26, 177
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Millions of dollars]
Instalment credit
Total
4,503
2,462
14, 490
12, 931
14, 837
18, 639
14, 550
14, 731
15, 308
16, 032
16, 465
16, 728
17, 047
17, 572
17, 927
18, 639
18, 785
18, 860
19, 267
19, 666
Automobile
paper *
1,497
455
6,342
5,724
6,242
8, 110
6,090
6, 186
6,539
6,974
7; 200
7,272
7,388
7,639
7,866
8,110
8,273
8,470
8,778
9,073
Other Repair and
consumer moderni- Personal
zation
loans
goods
loans 2
paper J
1,088
298
1, 620
182
1,009
816
1,006
2,805
4,337
912
2,616
3,679
1,090
3,235
4,270
3,842
1,386
5 3 301
3, 337
1,079
4,044
3,394
1,098
4,053
3,462
1, 138
4, 169
3,556
1, 178
4,324
1,221
3,611
4,433
3,659
1,258
4, 539
1,300
3,690
4,669
1,347
3,715
4, 871
3,742
1,376
4,943
3,842
1,386
5; 301
3, 878
1,378
5,256
3,882
1,377
5,131
3. 952
1,383
5, 154
1,401
3,998
5, 194
Noninstalment credit
Total
2, 719
3,203
6,323
5,486
6,631
7,066
6,059
6.209
e;397
6,414
6,286
6,302
6,367
6,478
6,598
7,066
6,723
6,402
6,409
6, 511
Charge
accounts
1,414
1,612
3,006
2,350
3,096
3,313
2,410
2,535
2,659
2,661
2,573
2,579
2,642
2,776
2, 826
3, 313
2, 956
2, 662
2,602
2,673
1
Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.
2 Includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper."
3 Single-payment loans and service credit.
* Preliminary estimates.
NOTE.—Revised series; see Federal Reserve Puttetin, April 1953. Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
28
Other *
] , 305
1, 591
3,317
3, 136
3, 535
3,753
3,649
3, 674
3, 738
3, 753
3,713
3,723
3, 725
3, 702
3, 772
3, 753
3, 707
3, 740
3, 807
3, 838
BOND YIELDS AND INTEREST RATES
Yields on U. S. Government and high-grade corporate bonds increased again in May.
term commercial paper rose sharply.
The interest rate on short-
PERCENT PER A N N U M
PERCENT PER
ANNUM
3.5
3.5
1953
-1/SEE »
SOURCI
OFFICE Of THE ECONOMIC ADVISER TO THE PRESIDENT
[Percent per annum]
U. S. Government security
yields
Period
3-month
Treasury
bills"
Average:
1939
1946
1947
1948.
1949
1950.
June
1951.
1952.
1952: April
May
-
June
July
August
September
October
November
December1953: January
February
March
April
May
- ---
«
......
...
._
..
._ _
.
.
-_ _ _-
* Rate of new issues within period.
* 15 years and over prior to April 1952; 12 years and over beginning in
April.
0.023
.375
.594
1.040
1. 102
1.218
1. 174
1.552
1.766
1.623
1.710
1.700
1.824
1.876
1. 786
1.783
1.862
2. 126
2.042
2.018
2. 082
2. 177
2. 200
Taxables
bonds
(')
2. 19
2.25
2.44
2.31
2.32
2.33
2.57
2.68
2.64
2.57
2.61
2.61
2.70
2.71
2.74
2.71
2.75
2.80
2.83
2. 89
2.97
3.09
Corporate
Aaa bonds
(Moody'sj
3.01
2.53
2. 61
2.82
2.66
2.62
2. 62
2.86
2.96
2.93
2.93
2.94
2.95
2.94
2.95
3.01
2.98
2.97
3.02
3.07
3. 12
3.23
3. 34
Prime
commercial
paper,
4-6 months
0.59
.81
1.03
1.44
1.48
1.45
1.31
2.17
2.33
2.35
2.31
2.31
2.31
2.31
2.31
2.31
2.31
2.31
2.31
2.31
2.36
2. 44
2. 68
* Bonds in this classification were first issued in March 1941.
Source: Board of Governors of the Federal Reserve System.
29
MONEY SUPPLY
The private money supply rose slightly in April, as is usual at this Hme of the year.
BILLIONS OF D O L L A R S
225
BILLIONS OF DOLLARS
225
TOTAL DEPOSITS AND CURRENCY
\
TOTAL EXCLUDING U. S. GOVERNMENT
DEPOSITS
(PRIVATELY HELD MONEY SUPPLY)
DEMAND DEPOSITS ADJUSTED
TIME DEPOSITS
CURRENCY OUTSIDE BANKS
U.S. GOVERNMENT DEPOSITS
_
V
_L
194041 42 43 44 45 46 47 48 49 50 51 52
END OF YEAR
1951
1952
END OF MONTH
SOURCE: BOARD OF GOVERNO
End of period
1939
1945
1946
1948
1949
1950
-
June
1951
1952.
1952: March. .
April
May
June._
July
August
September October
November. _
December __ _
1953: January
February
March __
ADril 4
1953
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
Total deposits and
currency
64.7
176.4
167.5
172.7
173.9
180.6
174.7
189.8
200.4
188.7
188.8
189.4
191.4
193.4
193. 1
194.2
196. 1
198.9
200.4
198.2
197.4
196.9
195. 4
[Billions of dollars]
Total excluding U. S. Government deposits
(privately held money supply)
U.S.
Government
Demand
Currency
Time
deposits *
deposits
outside
Total
deposits8
banks
adjusted a
6.4
29.8
27.1
63.3
1.5
26. 5
75.9
48.5
150.8
25.6
26. 7
83.3
54.0
164.0
3.5
26. 1
85.5
57.5
169. 1
3. 6
85 8
58.6
25. 4
169. 8
4. 1
25.4
59.2
92. 3
176.9
3.7
85.0
25 2
170.0
59 . 7
4.8
61.4
26. 3
98. 2
186.0
3.9
27. 5
101. 5
65.8
194.8
5. 6
25. 7
1M. 8
62.4
182.9
5.8
1)5. 1
62.7
25. 9
183. 8
5. 0
Uf». 3
63.0
26.0
184.4
5.0
y-J, 8
26.5
63. 7
184.9
6.5
26.2
63.8
ttt>. 7
185.8
7.6
U5, H
64. 1
26.3
186. 2
6.9
im, -i
64,5
26. 6
187.4
6.8
«,»x *•
64. 9
26. 7
190.2
5.9
911 •!
64. 8
27.4
191. 6
7.3
MM, ,'•
fi5. S
27.5
194. 8
5. 6
100. .'»
Wi. J
26.8
193.3
4. 9
«,m. a
<><*.. 4
26.9
191. 6
5.8
97.. 4
<»<». S
26. 9
191.0
5.8
us. o
fl?. 1'
192. 2
27.0
3. 2
i Includes U. 8 Government deposits at Federal Reserve banks and commercial and savings banks, and U. 8. Tr«uu»ur«trt tii»*
opens account.
Includes demand deposits, othw than interbank and U. 8. Government, less cash items in process of collection.
• Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank <fa|H»*it*.
nary estiri
*Preliminary
estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
30
FEDERAL BUDGET RECEIPTS AND EXPENDITURES
Budget expenditures dropped slightly in May/ bringing the total for the first 11 months of the fiscal year to $66.6
billion. With budget receipts totaling $55.5 billion, the cumulative deficit was $11.1 billion, compared to a deficit
of $6.9 billion at the same time last year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL BUDGET EXPENDITURES
X'^-r FISCAL YEAR
1952
-
-FISCAL YEAR 1951
J
MAJOR NATIONAL SECURITY PROGRAMS
A
S
O
N
D
BUDGET SURPLUS (+)
J
F
OR DEFICIT
M
A
M
J
{-)
(MAGNIFIED SCALE)
FISCAL YEAR 1951
»-f*" I
I
I
I
I
I
I
J
J
A
S
O
FISCAL YEARS-CUMULATIVE TOTALS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
Period
Fiscal year 1944
Fiscal year 1947
Fiscal year 1948
Fiscal year 1949
Fiscal year 1950
Fiscal year 1951
Fiscal year 1952
1952: April
May - . .
June
July
August
.
September
October. _ _
November
December
1953: January
. ..
February
March
„
April
Mav
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
[Billions of dollars]
surplus (-f-)
Budget expenditures
Net budget receipts Budget
or deficit ( — )
Public
Major national
Total
debt
Cumulasecurity programs l
CumulaTotal for
Total for tive fiscal (end of3
CumulaCumulative
fiscal
period)
Total for tive fiscal Total for tive fiscal period year totals period
year
period year totals period year totals
totals
88.2
43.9
95.3
-51.4
202.6
20.9
40.0
39.3
+ .8
258.4
42. 2
16. 4
33.8
+ 8.4
252.4
38.2
19. 1
40. 1
1 8
252.8
37.0
40. 2
17. 8
-3. 1
257.4
26.4
48. 1
44.6
-4-3.5
255.3
62. 1
'47. 2
66. 1
—4. 0
259.2
37.3
53.6
4.5
4.3
6.0
48. 5
-1.7
-5.0
258.3
59.2
41. 9
3. 8
5.7
4.5
52.3
— 6. 9
— 1. 9
260.0
46.2
66. 1
62. 1
9.8
6.9
4.3
+ 2.9
-4.0
259.2
4.7
4.7
6.7
3.3
6.7
-3.4
3.3
-3.4
263.1
4. 0
8.5
3.8
5.0
11.8
7.4
-4.4
-1.0
263.2
6. 6
6. 1
17.8
13. 0
4.5
14. 0
+.5
-3.9
262. 7
17.4
24.2
3. 1
4. 4
6.4
-3.3
17.0
-7.2
265.0
4. 2
21.2
29.4
3. 9
5.2
21.2
-1.0
-8.2
267. 5
36. 5
4. 6
6.0
25.9
7. 1
27. 2
-1. 1
-9.3
267.4
4.2
42.2
5. 1
30. 1
5.7
32. 3
-.7
-10.0
267.
5
i
4. 2
47. 8
5. 5
34. 2
37. 7
5. 6
-10. 1
267. 6
54.0
10. 5
38.9
6.2
4.7
48.2
4-413
5. 8
264. 5
60.4
6.4
4. 6
2.8
43. 5
51. 1
-3.5
264. 6
-9.3
4
4
6.2
4. 5
4.4
47. 9
66. 6
-11. 1
55. 5
-1. 9
266. (>
1 Includes expenditures for military services, international security and foreign relations, development and control of atomic energy, promotion of the merchant
marine,
promotion of defense production and economic stabilization, and civil defense.
2
Includes guaranteed securities, except those held by the Treasury.
* Preliminary estimates.
»Data for fiscal year not strictly comparable with monthly
figures.
OT
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
The seasonal rise in cash receipts in the first quarter of 1953 resulted in a large cash surplus. But the surplus was about
$600 million smaller than in the first quarter of 1952, reflecting cash payments about $1% billion higher than a year
ago and cash receipts only $650 million higher.
BILLIONS OF DOLLARS
25
BILLIONS OF DOLLARS
25
1
2
3
4
1
2
IS50
2
3
3
4
1953
1951
- EXCESS OF CASH RECEIPTS -
- EXCESS OF CASH PAYMENTS -
1950
1951
1953
CALENDAR YEARS
OFFICE OF THE ECONOMIC ADVISER TO THE PRESIDENT
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
[Millions of dollars]
Calendar year
Calendar year total:
1946
1947
1948
1949
1950
1951
1952
Quarterly totals, not adjusted for seasonal variation :
1951: First quarter
„_ .
Second quarter
Third quarter
Fourth quarter.. ..
. .
_ ~ . _ . ..
1952: First Quarter
Second quarter
Third quarter
Fourth quarter
_
. _
1953: First quarter
.
.
.
Federal cash
receipts from
the public
Federal cash
payments to
the public
41, 441
44t 282
44, 922
41 346
42. 419
59, 278
71, 339
41, 399
38, 616
36, 897
42 642
41, 969
58, 034
72, 979
+ 42
+ 5, 666
+ 8, 027
1 295
+ 450
+ 1, 244
— 1, 641
18, 051
14, 462
13, 993
12, 770
21, 874
19, 389
15, 354
14, 722
11, 179
14, 521
15,270
17, 064
16 921
18, 701
17, 921
19, 436
+ 6 874
— 59
-1,277
— 4,295
+ 4 953
+ 688
— 2 567
— 4, 715
18, 166
+ 4, 373
22, 539
-
Excess of receipts ( + ) or
payments ( — )
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Bureau of the Budget and Treasury Department.
32
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