Full text of Economic Indicators : June 1954
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83d Congress, 2d Session
Economic Indicators
JUNE
1954
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
COMMENTS INVITED
The Joint Committee in House Report 1256, February 26, 1954, directed the committee staff
to sponsor an intensive review of Economic Indicators. As part of this review, which is being undertaken with the cooperation of the Council of Economic Advisers and the Bureau of the Budget, it
would be helpful to receive comments from the users of Economic Indicators. The purpose of this
monthly publication is to provide the committee, the Congress, and others with information on
current economic trends in a concise and graphic form. Selections for inclusion are limited to
presently available data from Government or recognized private sources. If you have suggestions
relating to the series selected or to their presentation, would you please write to the Joint Committee
on the Economic Report, Senate Post Office, Washington 25, D. C., by June 30, 1954.
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1954
JOINT COMMITTEE ON THE ECONOMIC REPOR
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
JESSE P. WOLCOTT, Michigan, Chairman
RALPH E. FLANDERS, Vermont, Vice Chairman
RICHARD M. SIMPSON (Pennsylvania)
HENRY O. TALLE (Iowa)
GEORGE H. BENDER (Ohio)
EDWARD .). HART (New Jersey)
WRIGHT P ATM AN (Texas)
RICHARD ROLLING (Missouri)
ARTHUR V. WATKINS (Utah)
BARRY GOLD WATER (Arizona)
FRANK CARLSON, (Kansas)
JOHN SPARKMAN (Alabama)
PAUL H. DOUGLAS (Illinois)
J. WILLIAM FULBRIGHT (Arkansas)
GROVER W. ENSLEY, Staf Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
ARTHUR F. BURNS, Chairman
NEIL H. JACOBY
WALTER W. STEWART
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—!ST SESSION]
JOINT RESOLUTION |S. I. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House oj 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 oj the Secretary, Department of Commerce
11
Contents
THE TOTAL OUTPUT OF THE ECONOMY
The Nation's Economic Accounts
Gross National Product
1
2
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
3
4
5
6
EMPLOYMENT AND WAGES
Labor Force
Nonagncultural 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 New7 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
Persona 1 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
A 63-page Historical and Descriptive Supplement to Economic Indicators
describing each series and giving data for years not shown in the monthly
issues is now available for 35 cents a copy from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON 25, D. C.
Subscribers who wish to receive the monthly Economic Indicators at an
earlier date after release may wish to take advantage of provisions for
airmail subscriptions. Information on charges for this service may be
obtained from: Mr. H. Rutland, Chief of Mailing Lists, Superintendent of
Documents, Government Printing Office, Washington 25, D. C.
IV
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC ACCOUNTS
Economic activity as measured by over-all expenditures and incomes showed a further moderate decline in the first
quarter of 1954.
BILLIONS OF DOLLARS
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
CONSUMERS
SAVING
150
-
50
-
I
I
I
I
J
I
j
^—•
I
j
I
BUSINESS
100
GOVERNMENT- FEDERAL, STATE, AND LOCAL
* EXCESS OF RECEIPTS
RECEIPTS
(LESS TRANSFER PAYMENTS!
I
I
43
I
I
I
47
I
I
49
I
I
J
!
1951
1952
1953
1954
!/ INCLUDES NET FOREIGN INVESTMENT IN ADDITION TO GROSS PRIVATE DOMESTIC INVESTMENT.
2/ INCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCESNOTE: 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
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS
Gross national product declined about 1 !/2 percent in the first quarter of 1954.
A decline in inventory investment
accounted for most of the drop in total private investment. Lower Federal expenditures were partially offset by a
rise in State and local expenditures. Consumer expenditures were close to the level of the fourth quarter of 1953.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
GROSS NATIONAL
+ PRODUCT
300
250
150
PERSONAL CONSUMPTION
> EXPENDITURES
1
GOVERNMENT PURCHASES OF
GOODS AND
U
*
» SERVICES
SERVICES
GROSS PRIVATE
DOMESTIC INVESTMENT
NET FOREIGN
INVESTMENT
*
-50
1943
1945
195!
1952
SOURCE^ DEPARTMENT OF COMMERCE
1953
1954
COUNCIl OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1939
1944
1946
1947
1948
1949
1950
1951
1952
1953.
.
"... . .
-
1952- Third quarter
Fourth quarter
1953- First quarter .
Second quarter
Third quarter
Fourth quarter^
1 954: First quarter
-
Government purchases of goods and services
Personal Gross
Net
Total
conFederal
private foreign
sump- domestic
gross
State
Less:
tion
national
investTotal
National1 Other Governand
investTotal
ment
product expend- ment
local
security
ment
itures
sales
5.2
0. 9
67.5
9.9
3.9
7.9
91.3
13. 1
1.3
-2. 1
89.0
7.7
213.7
96.5
111. 6
7. 5
88.6
1.2
1.6
4. 6
30. 9
20. 9
28.7
146.9
21.2
2. 5
- - 211. 1
2.7
10. 0
8.9
28.6
15.8
30. 2
.- 233.3" 165. 6
12.8
13.3
3.8
1.3
21. 0
177.9
1.9
36. 6
42. 7
16. 1
259.0
5.6
15. 6
.6
25.4
.5
258.2
18.2
6. 6
180. 6
43. 6
.4
33. 5
19.3
-2. 3
22. 1
194.6
42.0
18. 5
286.8
52.5
19.9
3.9
.2
41. 1
62.9
.3
37.4
58. 6
208. 1
4. 1
329. 8
21. 8
.4
54. 2
-. 2
77.5
218. 1
48.9
23.4
348.0
52.5
5.8
.5
84. 9
59. 7
54. 4
2.0
229. 8
51. 8
367. 2
8. 5
25. 2
.6
Seasonally adjusted annual rates
-2. 0
54. 6
77. 8
217.2
49.2
52.3
23. 2
6.0
345. 3
.6
-1.6
56.4
80. 4
50. 5
224. 4
57. 9
24.0
361. 1
6.3
.5
-2. 1
83.4
58.5
54. 9
7. 6
227. 7
24. 9
363. 9
51. 6
.7
60. 5
230.4
-2. 5
85.0
7. 6
53. 5
24. 6
371.4
58.5
.7
60.4
-2.1
52. 1
85. 5
8. 8
231. 0
55. 2
25. 2
369.5
.5
-1.0
85. 7
59.5
50.0
230. 0
48. 8
26. 3
10. 0
363. 5
.5
82.2
55. 1
46. 9
46. 8
229.8
27. 3
-1. 0
357.8
8. 7
.5
i Includes expenditures lor military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promotion of the merchant marine, promotion of defense production and economic stabilization, and civil defense. For further details, see Annual Economic Report of thf
President., January 1954 (p. 167), and Survey of Current Business, July 3953 (p. 10). These expenditures are not comparable with the "national security" category in
The Budget of the 17. S. Government for the Fiscal Year Ending June SO, 1956, and shown on p. 31 of Economic Indicators,
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
CONSUMER PRICES
Consumer prices declined 0.2 percent between March 15 end Apri! 15. Reductions in Federal excise taxes, which
became effective April 1, were reflected in price decreases for groups of goods and services including house furnishings, household operation, apparel, personal care, and recreation. These decreases, however, were partially offset
by a moderate advance in food prices and continued increases in rent, medical care, and other personal services.
INDEX, 1 9 4 7 - 4 9
INDEX, l 9 4 ? - 4 9 s | Q O
140
140
1954
50URCE
DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
(1947-49= 100) >
1
Period
items
59.4
69.7
76. 9
83.4
102. 8
101.8
102.8
111.0
113. 5
114. 4
113.6
113. 7
114.0
114. 5
114. 7
115.0
115.2
115. 4
115.0
114. 9
115. 2
115. 0
114. 8
114. 6
47. 1
61.3
68. 9
79. 0
104. 1
100.0
101. 2
112. 6
114.6
112. 8
111.7
111. 5
112. 1
113.7
113.8
114. 1
113.8
113. 6
112. 0
112. 3
113. 1
112. 6
312. 1
112. 4
I
1939 monthly average
1942 monthly average
1945 monthly average
1946 monthly average
1 948 monthlv average
1949 monthlv average
1950 monthlv average
1 951 monthly average
1952 monthly average
3 953 monthlv average
1953: March
April
May
June
July
...
August
September
October
November
December
1 954 : January
_
February _ _
March
Apri]
_
Apparel
Trans
portation
52.5
64. 9
76.3
83. 7
103.5
99.4
98. 1
106. 9
105.8
104. 8
104. 7
104. 6
104. 7
104. 6
104.4
104.3
105.3
105.5
105. 5
105. 3
104. 9
104. 7
104. 3
104. 1
(»)
<«)
(»)
{•)
100.9
108. 5
111.3
118.4
126. 2
129. 7
129.3
129.4
129.4
129.4
129. 7
130. 6
130. 7
130. 7
330. 1
328. 9
130.5
129. 4
329. 0
129. 3
Housing
Food
Total
Rent
0)
(')
0)
(•)
101. 7
103.3
106. 1
112. 4
114.6
117. 7
116. 8
117.0
117. 1
117. 4
117.8
118.0
118. 4
118.7
118. 9
1 1 8. 9
118. 8
118. 9
339. 0
1 1 8. 5
86. 6
90. 4
90.9
91.4
100. 7
105.0
108.8
113. 1
117. 9
124. 1
121.7
122. 1
123.0
123. 3
123. 8
125. 1
126. 0
126. 8
127. 3
127.6
127. 8
327. 9
128. 0
128.2
Medical Personal
care
care
(')
0)
(•)
(«)
100. 9
104. 1
106.0
111. 1
117. 2
121. 3
119.5
120.2
120. 7
121. 1
121. 5
121.8
122. 6
122.8
123.3
123. 6
123. 7
124. 3
3 24. 4
124. 9
(•)
<•)
(»)
(')
101.3
101. 1
101. 1
110. 5
111. 8
112.8
112.4
112. 5
112.8
112.6
112. 6
112. 7
112. 9
113.2
113.4
113. 6
113. 7
113. 9
114. 3
112. 9
Reading Other
and
goods
recreaand
tion
services
W
0)
(')
(0
100. 4
104. 1
103. 4
106. 5
107. 0
108. 0
107.7
107.9
108.0
107. 8
107. 4
107. 6
107. 8
108. 6
108. 9
108. 9
108. 7
108. 0
108. 2
106. 5
(')
0)
(*)
(')
100. 5
103.4
105.2
109. 7
115.4
118. 2
117.5
117. 9
118.0
118. 2
118. 3
118.4
118. r>
119. 7
120. 2
120. 3
120. 3
320. 2
320. 1
120. 2
i The new base 1947-49=100 is in compliance with
recommendations of the "U. S. Bureau of the Budi 3t. Beginning with January 1953 the index structure has been
3
changed.
Not available.
Source: I •epartment of Labor.
n
¥ V J. JV^/I II tUJI.,1 II II J.
Wholesale prices on the average were relatively stcble during May. Prices for farm products averaged lower than in
April while processed foods were somewhat higher.
I N D E X ,1947-49*100
INDEX, 19-97-49*100
120
120
1954
1952
1951
COUNCIL OF ECONOMIC ADVISERS
[1947-49=1001
1942 monthly average
1948 monthly average
1949 monthly average
1 950 monthly average
1951 monthly average .
1952 monthlv average.
1 953 monthly average
1953: May
June
July
August
Septum her
October .
. _. . . ..
November
..
December
1954: Januarv
February
March
A pril
May.
_.
...
Week ended:
1954: June 1
8
Source: Department of Labor.
110. 5
110 5
111. 0
110. 9
59.2
107 3
92. 8
97 5
113.4
107. 0
97.0
97. 8
95 4
97. 9
96. 4
98. 1
95. 3
93. 7
94. 4
97. 8
97.7
98. 4
99. 4
98. 0
59. 1
106 1
95. 7
99 g
111. 4
108. 8
104. 6
104. 3
103 3
105. 5
104. 8
106 6
104. 7
103. 8
104. 3
106. 2
104.8
105 3
105. 9
106. 8
Other than
farm products
and foods
(industrial)
68. 3
103 4
101. 3
105 0
115. 9
113. 2
114. 0
113 6
113 9
114. 8
114. 9
114 7
114. 6
114. 5
114 6
114. 6
114. 4
114 2
114. 5
114. 5
110. 7
110.5
97. 9
96.5
106. 2
105.8
114 4
114.4
All commodities
Period
.
.
64. 2
104 4
99. 2
103 1
114. 8
111. 6
110. 1
109. 8
109 5
110. 9
110. 6
111 0
110. 2
109. 8
110. 1
no. 9
Farm
products
Processed
foods
PRICES RECEIVED
AND
.
AJND PAID
FAID BY
BY FARMERS
FARMERS
Prices received
received by formers
farmers rose 0.4 percent during the month end*^
ended M<
May 1 5. Increased prices for potatoes and cattle
and high prices for new-crop melons more than offset lower pric
prices for hogs, milk, and strawberries. Prices paid also
increased 0.4 percent. For the eighth straight month the parity ratio remained within the narrow range of 90-92.
INDEX, I9«0-I4sl00
325
300
2?5
/I ^PARITY INDEX
(PRICES PAID, INTEREST, T A X E S
AND WAGE RATES)
225
125
PARITY RATIO-
75
1952
1951
I960
1949
1954
1953
•^RATlO OF INDEX Of PRICES RECEIVED TO PARITY INDEX
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1910-14=100]
Prices pai d for items
use d in
Period
Family living
1939 monthlv average
1942 monthlv average
1944 monthlv average
1946 monthlv average.
1948 monthly average.
1949 monthlv average .
1950 monthlv average
1951 monthlv average.
1 952 monthlv average
1953 monthlv average
1953: April 15
Mav 15
June 15..
Julv 15
August 15
September 15
October 15 .
November 15
December 15.. .
1954: Januarv 15
Februarv 15 .
March 15
April 15..
Mav 15.
.
.
.
..
120
149
175
202
251
243
246
268
271
270
269
270
271
271
273
270
270
270
270
271
271
272
273
276
Parity index
(prices paid,
Prices
received
Production and wage rates) by farmers
121
148
173
191
250
238
246
273
274
253
257
256
248
250
249
247
246
248
250
254
255
255 1
256 i
256
123
152
182
208
260
251
256
282
287
279
280
280
277
279
279
277
276
277
278
282
282 i
283 |
283 i
284
Parity ratio J
95
159
2 197
2
236
287
250
258
302
288
258
259
263
257
260
255
257
249
249
254
259
258
256
257
258
* Ratio of index of prices received by farmers to parity index.
> Includes wartime subsidy payments paid on beef cattle, sheep, iambs, milk, and butterfat between October 1943 and June 1946.
Source: Department of Agriculture.
48050—54
2
77
105
108
113
110
100
101
107
100
92
92
94
93
93
91
93
90
90
91
92
91
90
9J
93
Stock prices continued their upward movement through May but have declined in early June.
INDEX, 1939 = 100
300
INDEX, 1939=100
300
I
I
1 50
B S D
1954
COUNCSl Of ECONOMIC ADVISER!
UompositeJ
: ndex
Period
i
Manufacturing
Durable
goods
Nondurable
goods
Transportation
Utilities
Trade,
finance,
and
service
93. 4
146. 6
132. 1
165. 7
206. 8
220. 2
220. 1
92.5
138. 6
116. 0
150. 2
178. 5
188.8
192. 6
94.2
154.5
147.2
180.2
233. 1
249.3
245. 2
99. 2
202. 4
136.0
160.0
199.0
220.6
218. 7
99.9
121.0
98. 1
108.9
112.6
117.9
121. 5
90.4
204.3
160.7
183.8
207.7
206.0
207. 1
75.6
125.5
129 4
143. 5
204. 9
275.7
240. 5
220. 9
212. 7
216.7
216.6
205.0
213.5
218.7
221. 8
228. 4
233. 9
239. 8 |
252. 9 1
262. 9
195. 9
186.8
188. 0
185. 9
175.2
184.4
190.4
192. 1
198.8
204.2
209. 6
223. 2
232. 5
243. 8
236. 4
242. 9
244. 7
232. 2
240.2
244. 8
249. 1
255. 5
261.2
267. 5
280. 3
290. 8
225.7
219.2
223. 2
217.2
198.9
202. 4
203. 8
200. 0
206.2
214. 6
212. 3
211.6
220. 6
120. 0
116. 6
118. 9
120. 7
118.8
121.4
123.2
124. 5
126. 1
128. 4
130. 4 1
13]. 8
134. 2
209. 3
204. 3
206.0
206. 3
198.0
201. 2
207.0
209. 2
213. 0
216.0
214. 6
219. 8
225. 6
247. 0
237. 4
236.8
236. 3
219.2
218.8
231. 4
229.6
238. 6
250.3
259. 2
265. 9
269. 6
260. 8 i
261. 9
263. 7
265. 2
263. 7 !
255.3
231. 2
230. 6
233.2
234. 9
233. 7
226. 6
287. 9
290. 7
291. 7
292. 9
293. 3
281. 5
218. 1
219. 3 1
222. 5
222. 3
223. 5
217. 7
133. 6
133. 5
134.8
134.7
135. 3
133.4
222.8
225. 7
227. 0
226. 9
228.0
223.3
265.0
267.6
273. 7
271. 9
272, 5
264.8
Total
!
Weekly average:
1940
1946
1949
1 950
1951
1952
1953
_
...i
i
94. 2
149. 4
127 7
154. 1
184. 9
195. 0 !
193. 3
1953- Mav
1
194. 1
June .
.._
187. 3
July
190.4
August
190.2
September
181.0
!
October
187.1
November.
191.2
December
. i 193. 4 !
1954: January
!
198. 4 i
February
__
203. 1 i
March
;
207. 1 i
April _ _
'
215. 8
Mav
i
223. 2 j
Week ended:
\
1954: Mav 7_ _ _ _
221. 5 i
14
222. 4 «
21
224. 1 i
28__
225. 0
June 4 2
224. 4
11 '_.
218. 1
!
i
!
i
!
i
5
Mining
»Includes 2(».r. common stocks: ^or mining, 9S for durable poods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 28 for
ulilitlos, und 32 (or tra<ta. finance, and service. Indexes are for weekly closing prices,
* I > a i , - » I M M - U M H - available after chart was prepared. For last week shown, data are based on Wednesday closing prices,
hourc*-: tMHUjrllies und Exchange Commission.
EMPLOYMENT AND WAGES
LABOR FORCE
Employment increased about a half million from early April to early May.
The seasonal rise in agricultural employment was accompanied by a relatively small drop in nonagricultural employment. Unemployment decreased slightly
less than is usual at this time of the year.
MILLIONS or PEfiS ONS*
MILL IONS OF PERSONS *
70
70
TOTAL LABOR
FORCE v
\
^***Sa**S*t*»*tS*s**t^
^*t***
^^a^^J^
""^'•"••^
*
AGRICULTURAL EMPLOYMENT «—-""
I
J940
4?
44
46
48
50
52
1952
* 14 Y E A R S OF A6F AND O V E R .
1953
1954
COUNCIl Of ECONOMIC ADVISEK
Period
08- are a sample: 6
1939 monthly average..
1944 monthly average..
11 Ml 9 monthly average _ _
1950 monthly average..
1953 monthly average. .
1953: June.
July
Aliens! _ .
September
October
November
December
1954: January
February
230-area sample: 6
1 954 : January
February
March
April
May
Total
Unemployment 3
Employment i
labor j Civilian
Tempoforce (in%of
rary 2
eluding j labor
Agricul- K on agri- layoffs
civilian
Number
'
force
Total
armed |
tural 1 cultural
i labor
force
forces) j
1
!
Thousands of persons 14 years of age and over
750
960
710
957
929
172
.120
408
306
242
925
764
778
306
;
i
55. 600
66, 040
63, 721
64, 749
67. 001
68. 290
68,258
68, 238 i
67, 127
66. 95-1
66, 874
66, 106 ;
65, 589 :
66,905
55,
54,
62.
63,
63,
64.
64.
64.
63^
63,
63.
62,
62,
63,
230
630
] 05
099
453
734
668
648
552
404
353
614
137
491
45.
53;
58,
59,
61,
63?
63,
63,
62,
62,
61,
60,
59.
60,
66, 292
67, 139 !
67. 218
67. 438 ;
67.786
62,
63.
63,
64,
64,
840
725
825
063
425
59, 753
60, 055
300 ;
60, 598
61, 119
eo;
\
:
;
1:
i
9, 610 i
8,950 i
8. 026
i, 507
6, 683 1
8, 126
7, 828 :
7, 474 •
7i 262
7, 159 :
6. 651 i
5,438
5. 345
5,626
36, 140
45, 010
50, 684
52.450
55, 245
55, 046
55,292
55, 934
5,
5,
5.
6.
6,
284
704
875
076
822
i
55, 083 55, 274 i
55, 326
54, 433
54,480
i
:
185 '
92
142
122
144
170
141
133
183
195
273
177
9, 480
670
3,395
3. 142
1, 524
1.562
1,548
1, 240
], 246
1, 362
1,428
1, 850
2,359
3,385
54, 469 ;
54. 351 '
5-1, 225
54. 522
54. 297
427
216
236
216
294
3. 087
3.671
3. 725
3. 465
3,305
i
.
;
i
55:044 !
il
I
,
:
.:
17. 2
1.2
5. 5
5.0
2, 4
2.4
2.4
1. 9
2.0
1. 8
2.3
3. 0
3. 8
5. 3
i Insured
i unemploy!
ment
((thousands4
of persons)
i
•
!
i
!
i
i
1
1
4. 9 !
5. 8
5. 8
5. 4
5. 1
2, 470
1, 599
1,058
878
913
868
830
897
1,198
3 ; 632
2, 205
2,362
2, 205
2, 362
2, 389
2, 383
6
2, 249
!
Include? part-time workers and those "with jobs but not at work for such reasons as vacation, illness, had weather, temporary layoff, and industrial disputes.
" The number of temporary layoffs, which the Census Bureau includes in the employment figure (see footnote
i), is shown separately so as to afford a basis for fur3
ther analysis of employment and unemployment.
See footnote 2.
* All programs. Weekly average for period. For description of series, see Labor Market and Employment Security, April 1954.
15
Pertains to labor force'data only. Data prior to 1953 not compaiable with subsequent data.
*
* Preliminary estimate.
*j
Sources: Department of Commerce (labor forceJ and Department of Labor (insured unemployment).
&
Gains in employment in construction, transportation, and service industries in May failed to offset the continued
decline in manufacturing employment.
MILLIONS OF WAGE
ftND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
0
N
D
J
CONTRACT CONSTRUCTION
J
F
M
A
I
/
I
J
F
M
A
M
J
6
S
O
N
D
S
0
N
D
WHOLESALE AND RETAIL TRADE
J
'
A
S
O
N
D
J
F
M
A
M
J
J
A
COUNCIL OF ICONOMIC ADVISEES
[Thousands of wage and salary workers J]
Manufacturing
Period
Total
1939 monthly average
1948 monthly average
1949 monthlv average.
1950 monthly average
1951 monthly average
1952 monthlv average
1953 monthlv average
1953: April
May
June
Julv
August
September
October _ _
November
December .
1954: Januarv__ _ _ „_
Februarv
March
April 22 _
_ __
Mav
10, 078
15, 321
14, 178
14, 967
16, 104
16, 334
17,259
17, 309
17, 283
17,416
17,336
17, 537
17, 510
17, 301
16,988
16, 765
16,434
16, 322
16, 234
15, 996
15, 803
Durable Nondugoods rable goods
4,683
5,394
8,312
7,010
7,473
6, 705
8,085
6,882
9,080
7,024
9,340
6,994
10, 129
7, 131
10, 283
7,026
10, 269
7,014
10, 301
7, 115
10, 190
7, 146
10, 192
7,345
10, 145
7,365
7,229
10, 072
9,897
7,091
9,773
6,992
9, 591
6,843
9,480
6, 842
6,845
9,389
9,251
6; 745
9,128
6. 675
Contract Wholesale Finance,
construc- and retail service,
tion
trade
etc.
1, 150
2, 169
2, 165
2,333
2,603
2, 634
2, 644
2, 509
2,607
2, 711
2, 768
2,825
2^866
2; 889
2, 789
2,632
2,349
2, 356
2,415
2,536
2,613
6,612
9, 519
9,513
9, 645
10, 012
10, 281
10, 533
10, 370
10, 405
10, 473
10,414
10, 392
10, 523
10, 669
10, 828
11,361
10, 421
10, 310
10, 305
10, 485
10.411
4,703
6,636
6,736
6, 894
7,140
7,380
7, 511
7,492
7,548
7,613
7, 674
7,668
7, 607
7,546
7,501
7,475
7,410
7,424
7,463
7,585
7,639
Govern- Transportation
ment
and
(Federal,
public
State,
utilities
local)
3,987
2,912
4, 141
5, 614
3,949
5,837
3,977
5,992
4, 166
6,348
4, 185
6, 609
4,224
6,645
6, 691
4, 197
4,233
6,613
4,260
6,585
6,405
4,283
4,274
6,422
4,265
6, 590
6,692
4,257
6,700
4,216
6,955
4,187
6,659
4,069
6,639
4,039
3,992
6,667
4,006
6i698
4.020
6.703
Mining
845
982
918
889
916
885
844
845
842
846
836
844
839
826
829
822
805
790
772
750
743
1
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 n on agricultural 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
2 on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
Preliminary estimates
NOTE.—Beginning with 395], data have been adjusted to first quarter 1853 benchmark levels.
Source: Department of Labor.
8
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The avera9e workweek of factory production workers increased 0.3 hours in May to 39.3 hours.
workweek averased 1.4 hours less than a year earlier.
HOURS PER WEEK
HOURS PER WEEK
DURABLE MANUFACTURING
) [ I I I I I I I ,1 I I I
However, the
NONDURABLE MANUFACTURING
I I I I I I I I I I t I 1 I I I I I I I I II
I I II II I
0 I I I ,1 i I. I I I I I I
BUILDING CONSTRUCTION
RETAIL TRADE
\r
I I I1 I j I I | I I
I ! I I I , . | , ,Tl I I t
COUNCIL OF ECONOMIC ADVISERS
[Hours per week, for production workers or nonsupervisory employees]
Manufacturing
Period
1939 monthly average - 1 943 monthly average
1 946 monthly average
1 948 monthlv average
1 949 monthly average
1950 monthly average 1951 monthly average
1952 monthly average
.1953 monthly average
1953" April
]\^ ay
June
Julv
August
September
October
November
December
] 954 * J anuarv
February
M arch
April 22
Mav
Total
-
-
--
37.7
44.9
40.4
40. 1
39.2
40.5
40.7
40.7
40. 5
40.8
40.7
40.7
40.3
40.5
39.9
40. 3
40.0
40. 2
39. 4
39. 6
39. 5
39. 0
39.3
Durable
goods
38.0
46.6
40.2
40.5
39.5
41.2
41.6
41.5
41.3
41.7
41.5
41.4
40.8
41. 1
40.6
41. 0
40.6
40. 8
40. 1
40.2
40. 0
39.7
40.0
Nondurable
goods
37.4
42.5
40.5
39.6
38.8
39.7
39. 5
39.6
39. 5
39.5
39.5
39.7
39.6
39. 6
39.0
39.3
39. 1
39.3
38. 5
38.8
38. 8
38.0
38. 4
Building
construction Retail trade
32.6
38.4
38. 1
*37. 3
36.7
36.3
37.2
38. 1
37. 0
36.9
37.3
37. 8
37. 1
37.6
36. 1
37. 7
36. 7
36.3
33. 9
36.0
36. 4
36. 5
3
()
' Preliminary estimates
i Data beginning witb January 1948 are not strictly comparable witb tbose for earlier periods
«a Not
i>ut available.
avamiLMe.
NOTE.—-Beginning witb 1951, data bave been revised a? the result of adjusting employment sr-rie? to a more recenrbenehmark.
Source: Department of Labor.
(3)
42.7
40.3
40. 7
40.3
40.4
40.5
40.2
39. 9
39. 3
39. 1
39.0
39.4
39.9
39.8
39. 1
38.9
38.8
39.2
39.0
39. 1
39. 1
39. 1
9
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing industries rose slightly in May.
per hour, or 5 cents above a year ago.
DOLLARS PER HOUR
DOLLARS PER HOUR
NONDURABLE
They reached $1.81
MANUFACTURING
SOURCE: DEPARTMENT OF I
COUNCIl OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
All manufacturing
Period
Durable goods
manufacturing
Current
1953
1953 | Current
prices l
prices
prices l j prices
SO. 633 $1. 220 SO. 698 SI. 345
1939 monthlv average1. 637
1. 059
1. 485
.961
1943 monthlv average
1. 586
1. 490
1.086
L 156
1946 monthlv average
1. 547
1. 292
1. 237
1. 481
1947 monthlv average- _ _ _
1. 502
1. 410
1. 568
1. 350
1948 monthlv average
1. 651
1. 401
1. 469
1. 574
1949 monthlv average1. 710
1. 630
1. 537
1. 465
1950 monthlv average.
1. 72
1. 64
1. 67
1. 59
1951 monthlv averaee1. 78
1.67
1. 77
1.68
1952 monthlv average
1.77
1. 87
1. 77
1.87
1953 monthlv average
1. 87
1. 76
1. 86
1953: April .. . . _ .
1. 75
1. 87
1. 77
1. 86
1. 76
Mav
1.87
1. 77
1. 77
1. 87
June
1. 87
1. 77
1. 76
1. 88
Julv
1. 87
1. 77 . 1.76
1.88
August
1.78
1. 90 . 1. 89
1. 79
September
- _ _
1.88
1.79
1. 77
1.90
October
1. 88
1. 78
1.89
1. 79
November .
1.80
1. 79
1. 89
1. 90
December _
1954: Januarv
1. 90
1.80
1.91
1. 79
Febnia.rv
1.79
1. 80
1. 90 ; 1. 89
March
1. 79
1. 89
1. 78
1. 90
April3
. _
1.80
1. 90
1. 80
1. 90
4
Mav *
1.81
1. 93
()
(4)
Nondurable goods
manufacturing
Current
prices
$0. 582
. 803
1. 015
1. 171
1. 278
L 325
1. 378
1.48
1. 54
1.61
1. 59
1. 60
1. 60
1. 61
1. 61
1. 63
1. 62
1. 63
1. 64
1. 65
1. 65
1. 65
1. 65
1. 66
Building
construction
Current
1953
prices
prices *
SI. 121 SO. 932
1. 252
1. 241
L 392
1. 478
1. 402
1. 681
2
1. 422
1. 848
1. 489
3. 935
2. 031
1. 533
2. 19
1.53
J. 55
2. 31
1.61
2. 48
1. 60
2. 44
1. 60
2. 44
1. 60
2. 44
L 61
2. 47
2. 49
1. 60
1. 62
2. 52
1. 61
2. 54
L 62
2. 55
i. 63
2. 57
1. 64
2. 58
1. 64 • 2. 59
L 65 : 2. 59
L 65 ! 2. 57
C4)
-(4)
1953
prices l
SI. 796
1. 935
2, 027
2. 013
2
2. 056
2. 174
2. 259
2.26
2.33
2. 48
2. 45
2. 45
2. 44
2. 46
2. 48
2. 50
2. 52
2. 54
2. 56
2. 56
2. 58
2. 58
2. 56
(4)
Retail trade
Current
1953
prices
prices l
SO. 542
$1. 044
. 679
1. 049
.893
1. 225
1. 009
1. 208
1. 088
L 210
1. 137
1. 278
1. 176
1. 308
1. 26
1.30
1.32
1. 33
1.40
1.40
1. 39
1.38
1. 39
1. 39
1. 40
1. 40
1. 41
1. 41
1. 41
1. 40
1. 42 !
1. 41
1. 42
1. 4}
1. 42
1. 41
1.39
1. 38
1. 42
1.43
1. 43
1.42
1.43 1
1. 43
1.43
1. 43
4
()
(4)
2
i TKurninpF in current prices divided by consumer price index on base 3953 = ]00.
Preliminary estimates.
4
J fata hn'inniiu' u-ji.li January 194S are not strictly comparable with those lor earlier periods.
Not available.
NOTJ,..— Bi'i'iujjiJip wn jj ]kr»]. data have been revised as the result of adjusting employment series to a more recent benchmark. . Source: Department of Labor.
1
10
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings of factory production workers increased 93 cents in May to $71.13, reflecting a longer
workweek and a small rise in hourly earnings. Earnings were only 50 cents below the May postwar peak reached
last year.
DOLLARS PER WEEK
100
DOLLARS PER WEEK
85
NONDURABLE
MANUFACTURING
1954
NINGS IN CURRENT PRICES DIVIDED Bt CONSUMER PRICE INDEX ON BASE 1953*100.
COUNCIL Of ECONOMIC ADVISEIS
[For production workers or nonsupervisory employees]
All manufacturing
Period
1939 month! v average
1943 monthlv average
194ti monthlv average
3947 monthlv average
1 94 S monthlv average
1949 monthlv average
1950 monthlv average
1953 monthlv average
3952 monthly average.
1( ) 5 3 m o n 1 h 1 v average
1953: April
Mav
June
.lulv
Autiust
September
October
November
December
1954* .lanuarv
February _ _
\larch
April •"
\]av *
1
Current
prices
1953
prices l
$23. 86
43. 14
43. 82
49. 97
54. 14
54, 92
59. 33
64. 71
67. 97
71. 69
-- 71. 40
71. 63
72.04
71. 33
71. 69
71. 42
72. 14
71. 60
72.36
70. 92
71. 28
70. 71
70.20
71. 13
$45. 97
66. 68
60. 11
59. 84
60. 22
61. 71
66.00
66. 71
68. 52
71. 69
71. 83
71. 85
71. 97
71. 12
71. 33
70. 92
71. 50
71. 24
72. 07
70. 43
70. 93
70. 50
70. 06
(^
Durable goods
manufacturing
Current
1953
prices l
prices
$26. 50 $51. 06
76. 20
49.30
63. 77
46. 49
52. 46
62. 83
57. 11
63. 53
58. 03
65. 20
70. 43
63. 32
69. 47
71. 62
74. 05
73. 46
77.23
77. 23
78.03
77. 56
77. 19
77.42
77. 34
77. 42
76. 70
76. 47
77. 27
76. 89
77. 14
76. 60
77. 21
77. 90
76.73
76.35
77.52
77.21
76. 59
76.06
76.38
76. 00
76. 00 . ' 75. 77
75. 43
75. 28
76. 40
(4)
Nondurable goods
manufacturing
Current
prices I
$21. 78 1
34. 12 1
41. 14 1
46. 96
50. 61 !
51. 41 i
54. 71 |
58. 46 I
60. 98 !
63. 60
62. 81
63. 20
63. 52
63. 76
63. 76
63.57
63. 67
63. 73
64. 45
*63. 53
64. 02
64. 02
62. 70
63. 74
1953
prices l
$41. 97
52. 74
56.43
56. 24
56. 30
57. 76
60. 86
60. 27
61. 47
63. 60
63. 19
63. 39
63. 46
63. 57
63. 44
63.13
63. 10
63. 41
64. 19
63. 09
63. 70
63. 83
62. 57
(*)
Building
construction
Current
prices
1953
prices l
Current
prices
$30. 39
48. 13
56. 24
63.30
2
68. 85
70. 95
73. 73
81.47
88.01
91. 76
90.04
91. 01
92. 23
91. 64
93.62
90.97
95. 76
93.59
93.29
87.46
93. 24
94.28
93. 81
(4)
$58. 55
74. 39
77. 15
75. 81
2
76. 59
79. 72
82.01
83. 99
88. 72
91. 76
90.58
91.28
92. 14
91.37
93. 15
90. 34
94. 91
93. 12
92.92
86. 85
92. 78
94.00
93. 62
(4)
$23. 14
27.36
36. 35
40. 66
43. 85
45. 93
47. 63
50. 65
52. 67
55. 02
53. 96
54. 21
55. 16
56. 26
56. 12
55. 52
55. 24
55. 10
54. 49
55. 77
55. 91
55. 91
55.4 91
()
Earnings in current prices divided by consumer price index on base 1953*= 100.
s Preliminary pstlmates.
s Data beginning with January 1948 are not strictly witb those"for earlier periods
' '4 Not available.
NOTE.—Beginning with 1951, data have been revised as the result of adjusting employment series to a more recent benchmark.
Source: Department o! Labor.
Retail trade
1953
prices J
$44. 59
42.29
49. 86
48. 69
48. 78
51. 61
52.98
52.22
53.09
55.02
54.29
54. 37
55. 10
56. 09
55. 84
55. 13
54. 75
54. 83
54.27
55. 38
55. 63
55.74
55. 80
(4)
AUT1V1T*
AIMJJ
INDUSTRIAL PRODUCTION
The industrial production index is estimated to have increased in May to 125 (1947-49=100)— the first rise since
last July. Increases occurred in many lines.
I N D E X , 1947- 49 = 100
175
, 1947-49 » 100
175
125
too
1942
44
46
54
52
50
48
J F M A M J J A S O N O l j F M A M J
1952
J A S O N DIJ
1953
F M A * M J J A S O N O
1954
PRELIMINARY ESTIMATES
SOURCE: BOARD OF GOVERNORS OF THE
FEDERAL RESERVE S Y S T E M .
[1947-49=100, seasonally adjusted]
Manufactures
Total
industrial
Durable
Total
Nondurable
production
"Po-rirkH
1939
1943
1946
1947
] 948
1949
1950
1951
1952
1953
1953- March
April
May
June
_
_
.
,
_
.
---
-
-
-
July
August.
September - October
November
December
1954* January
February .
March *
AprilJl
M av
COUNCIL Of ECONOMIC ADVISERS
.
-
-
-i
58
127
90
100
104
97
112
120
124
134
135
136
137
136
137
136
133
132
129
126
125
124
123
123
125
57
133
90
100
103
97
113
121
125
136
137
138
139
138
139
138
135
134
131
127
127
126
124
125
126
49
162
86
101
104
95
116
128
136
153
155
155
156
154
157
157
152
151
146
142
140
139
135
134
135
i Preliminary estimates for May and revised estimates for March and April became available after chart was prepared.
Source: Board of Governors of the Federal Reserve System.
12
66
103
95
99
102
99
111
114
114
118
119
121
123
121
121
119
117
117
115
112
113
113
114
115
117
Minerals
68
87
91
100
106
94
105
115
114
116
115
115
117
119
120
119
118
114
111
113
113
113
112
111
112
WEEKLY PRODUCTION - SELECTED INDICATORS
Steel production showed some improvement in May, exceedins 70 percent of theoretical capacity for the first time
since early March. Electric power distribution continued to run above levels of a year earlier. Auto assemblies,
increasing for the third consecutive month, reached the highest rate since last August.
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
3
I
I
I
I
1
1
1
I
I
I
I
S
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARtfS AUTOMOTIVE REPORTS.
St eel
Period
Weekly average:
1950
1951.
..
1952
1953
1953 April .
May. June
July
August
September
October
Noveniber
December
1954: January
February
Marjh
April 3.
May
Week ended:
1954: May !___
8
15
22 .__
2933
June 5 3
12
Thousands of
net tons
.
.
__ _
1, 857
2,018
1, 782
2 141
2, 225
2,257
2, 192
2,099
2, 123
2, 076
2 136
2,026
1, 798
1, 795
1,771
1, 646
1, 625
1,686
1, 637
1, 654
1, 690
1, 712
1, 698
1,674
1,740
Percent of
theoretical
capacity *
96. 9
100. 9
85. 8
94. 9
98.7
100. 1
97. 2
93. 1
94. 2
92. 1
94. 7
89.9
79.7
75.3
74.3
69.0
68. 1
70. 7
68. 7
69. 4
70. 9
71. 8
71. 2
70. 2
73.0 I
Electric power,
by utilities
(millions of
kilowatt-hours)
6, 183
6 958
7 451
8 244
8. 018
7, 956
8 279
8,238
8. 488
8, 352
8 331
8, 352
8, 502
8,918
8, 576
8, 526
83 347
8, 406
8, 390
8, 438
8, 380
8, 373
8,433
8, 246
0
N
D
COUNCIL OF ECONOMIC ADVISERS
Bituminous
coal
(thousands of
short tons) 2
Cars and
trucks
(number)
1
1
1
1
687
772
548
507
468
465
603
540
549
640
503
496
466
346
226
146
1 09
142
154
129
106
140
166
149
150
154
147
128
140
103
103
138
132
136
144
144
212
828
834
551
322
834
252
274
542
375
317
57H
51 1
387
416
951
140
^()6
1
1
1
1
1
1
113
129
183
192
206
194
148
144
143
148
141
111
238
533
629
645
177
588
1
Percent of capacity based on weekly net ton capacity oi 1,906,268 for the first half of 1950,1,928,721 beginning July 1,1950,1,999,034 beginning January 1,1951,
2,077,040 beginning January 1,1952, 2,254,459 beginning January 1,1953, and 2,384,549 beginning January 3,1954.
a Daily average for week.
» Preliminary estimates.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports.
48050—54
3
13
PRODUCTION OF SELECTED MANUFAUTUKES
Production of most major groups of manufacturing industries in May equalled or exceeded somewhat their April levels.
INDEX, 1947-49 MOO, SEASONALLY ADJUSTED
1947
49
51
INDEX, 1947-49 MOO, SEASONALLY ADJUSTED
1954
53
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVIS€R5
[1947-49=100, seasonally adjusted]
Durable manufactures
Period
Primary
metals
Lumber
and
products
Transportation
Machinery equipment
Nondurable manufactures
and
Textiles Petroleum Food
beverage Chemicals
and
and allied
and coal
manuapparel
products
products
factures
.
53
103
107
90
115
126
116
132
80
101
106
93
113
113
111
118
38
103
104
93
114
130
147
160
48
96
102
102
120
135
154
189
80
99
103
97
110
106
105
107
63
97
104
99
110
122
123
130
66
101
99
100
103
105
105
107
45
97
103
101
121
136
137
147
1953: February
March
_ _ _
April
May
June
July
August
September
October __ .. _ _
November,
December
1954=: January
_
February
1
March
April 1* -_
May
137
136
136
139
137
136
137
130
128
122
113
111
109
103
104
106
124
121
120
119
114
119
116
114
117
115
110
115
120
116
113
163
163
164
162
161
164
165
161
159
152
146
143
141
138
138
138
191
190
190
192
188
196
191
186
189
180
182
183
178
171
172
177
108
110
113
115
113
111
106
102
102
98
95
96
95
97
101
103
128
128
131
131
131
132
132
131
129
129
128
124
126
122
122
121
107
107
108
109
106
108
108
109
108
108
103
105
106
107
106
109
14H
Mf»
148
Ifii
1939 ...
1947— _.
1948
1949
1950
1951 . .
1952
1953
. _-
_,
* Preliminary estimates for May and revised estimates for March and April became available after chart was prepared.
Source: Board of Governors of the Federal Reserve System.
14
ir»u
u>'~»
Ms
147
Mii
14fi
Mr,
Ma
14«i
Ml,
Mfi
MS
UKOSS FK1VATE -UUMJ33T1U
Gross private domestic investment in the first quarter of 1954 fell $2 billion (seasonally adjusted annual rate). Inventory investment fell by $1.8 billion while investment in fixed capital declined only $200 million. An increase in new
construction offset a decline in producers1 durable equipment.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
70
10
-10
I94i
1943
1945
1947
1949
1951
(954
1953
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total gross
private
domestic
investment
Period
1939
1944
1940
1947
1048 „. .
HMO-..
Hif»(K
„
H»f>i „
1 Ufi2
H»!»:i
. ..
_
- .
9.9
7. 7
28. 7
30. 2
42. 7
33.5
52.5
58.6
52.5
54. 4
New construction
Residential
nonfarm
Total
4.9
2.8
10. 3
13. 9
17.7
17.2
22.7
23. 1
23. 4
25. 1
2.7
.8
4.0
6.3
8. 6
8.3
12.6
11.0
11. 1
11.8
Other
Producers'
durable
equipment
2.2
2.0
6.3
7.6
9. 1
9.0
10. 1
12.2
12.3
13.3
Change in
business
in ven tones
4. 6
5. 7
12.3
17. 1
19.9
18.7
22.3
24.6
25.4
26.7
0.4
-.8
6. 1
-.8
5.0
-2.5
7.5
10.9
3.7
2.5
Seasonally adjusted annual rates
Ittfi*. Third quarter .
Kmirth quarter
52.3
57.9
23. 1
23.9
10.8
11.6
12.3
12.3
24. 9
25. 5
4.2
8.5
iiifm: 1''in*l> quarter
I-'»«MMIIW quarter
1 f < i i i ri h quarter
54.9
58.5
55.2
48.8
25. 0
25.3
24.9
25. 3
12.2
12.0
11.5
11.6
12.8
13.4
13.4
13.6
26.2
26.9
27. 1
26. 5
3.7
6.3
3. 1
-3.0
I H t t juiirtiOr
46.8
26.4
12.3
14. 1
25. 2
4. 8
Thin! quarter
I ti.% i
H hill will not necessarily add to totals because of rounding.
* j ! '"Mil-lit "f Commerce.
15
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business expenditures for new plant and equipment totaled $27.5 billion (seasonally adjusted annual rate) in the
first quarter of this year and are scheduled at a rate of almost $27 billion in the second and third quarters, according
to a survey made in April and May. Manufacturing and transportation industries anticipate slightly lower expenditures during the second and third quarters, while other nonagricultural industries plan small increases.
BILUONS OF DOLLARS
BILLIONS OF DOLLARS
ANNUAL TOTALS
30
20
10
•••••••.••••••••••••••••••••r*****
PUBLIC UTILITIES
1945
1947
1949
1951
1954
1950
1953
•I/ SEE NOTE 4 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
[Billions of dollars]
Manufacturing
Total
Period
1939
1945.
1948
1949
1950
1951
1952 3
1953
.. .
_
..
l
5. 51
a 69
22. 06
19.28
20.60
25.64
26.49
28. 39
Total
1.94
3.98
9. 13
7. 15
7.49
10.85
11. 63
12.28
Transportation
Durable Nondura- Mining Railroads Other
goods ble goods
0.76
1. 59
3.48
2. 59
3. 14
5.17
5. 61
5.82
1. 19
2. 39
5.65
4. 56
4.36
5.68
6. 02
6.46
0.33
.38
.88
.79
. 71
.93
.98
1.01
0.28
.55
1.32
1.35
1. 11
1.47
1.40
1. 31
Public Commerand
utilities cial
other 3
0.36
.57
1. 28
.89
1.21
1.49
1. 50
1.46
a 12
a si
3.66
3.89
4.55
2.08
2.70
6,90
5.98
6.78
7.24
7.09
7.78
1.38
1.38
1. 59
1.52
1.47
1.27
1.30
4.40
4. 64
4. 72
4.46
4.29
4. 44
4 53
7.42
7.92
7.94
8.00
7.84
7.98
8. 20
0.52
.50
2.54
Seasonally adjusted annual rates
1953: First quarter
Second quarter
Third quarter
Fourth quarter. _. _
1954: First quarter. _4
Second quarter
Third quarter 4
1
Excludes agriculture.
2
Commercial and other
1
27.84
28. 48
28.92
28.56
27.48
26. 94
26.79
12.35
12.26
12. 30
12. 22
11.87
11. 42
11.02
5. 98
5.88
5. 76
5. 69
5.50
5. 54
5.09
6. 36
6.38
6. 54
6. 53
6.37
5.87
5.94
.96
. 93
1. 06
1. 10
.95
.98
1. 04
1.34
1. 34
1.30
1.26
1. 06
.86
.70
includes trade, service, finance, communications, and construction.
Annual total is sum of seasonally unadjusted quarterly expenditures; it does not necessarily coincide with average of seasonally adjusted figures, in part
because of adjustments when necessary for systematic tendencies in anticipatory data.
« Estimates based on anticipated capital expenditures as reported by business in April and May 1964.
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
Expenditures for new construction continued at a high level in May with increases occurring in most types of private
construction.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1 3.5
SEASONALLY ADJUSTED
TOTAL CONSTRUCTION
3.0
2.5
TOTAL PRIVATE
2.0
I.S
PRIVATE RESIDENTIAL
(NONFARM)
OTHER PRIVATE
1.0
FEDERAL, STATE, AND LOCAL
i
J
F
M
A
M
J
J
A
I
S
I
O
t
N
I
I
D
J
F
.
M
A
M
'
1952
j
J
'
A
S
O
N
D
I
I
I
J
1
J-
I
A
I
S
' O
I
I
M
In
D
1954
1953
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISIRS
[Millions of dollars, seasonally adjusted]
Period
1 939 monthly average 1942 monthly average
1944 monthlv average
.. _ _,
1946 monthly average
1948 monthlv average
1949 monthly average
1950 monthly average
1951
1952
. . ..
1953_
1953: April
__
May..
June
Julv
August
.
September
October
November
December
__
1954: January
Februarv
March
April 2
May
_
1
Total new
construction
683
1,173
438
1,000
1,806
1,899
2,371
2,598
2,751
2,938
2,988
2,932
2,961
2,916
2,883
2,925
2, 880
2, 936
2,955
2,956
3,050
3,001
3,018
3,052
Includes public residential construction.
NOTE.—-Data bare been revised beginning with January 1
Private construction
Total
Residential
Other
(nonfarm)
private
142
366
223
142
285
143
114
182
68
469
803
335
1,404
689
715
676
689
1,365
738
1,050
1,788
899
914
1, 814
917
1,842
025
994
996
1,990
1 016
1,005
2,021
2, 012
1,009
1 003
2,032
1,001
1 031
1 015
993
2,008
995
2,000
1 005
1,994
999
995
1,982
979
1,003
1,026
976
2,002
i,on
1, 992
981
1,021
971
1, 992
1,032
972
2,004
1,036
981
2,017
1,032
2,055
1,023
1,038
2.091
1.053
Federal,
State, and
local *
317
888
256
197
402
534
583
785
908
948
967
920
929
908
883
931
898
934
963
964
1.046
984
963
961
;
Preliminary estimates.
Sources: Department of Commerce and Department of Labor.
17
NEW HOUSING STARTS
The number of new housing starts increased 13 percent in April to a total of 110,000, which is nearly equal to the
total for April 1953. On a seasonally adjusted basis, private starts in April of this year were at an annual rate of
1,159,000 units. This figure is 8 percent more than the 1953 total.
THOUSANDS OF UNITS
THOU BANDS OF UNITS
NEW NONFARM DWELLING UNITS
ISO
150
*^'^*^^
100
^^
l952
""k*^«*»4"»-«.«..
100
<\,...
50
^-
0
\
50
i
I
i
I
i
"
i
Period
All new nonfarm housing units started
I
T otal
Innual tc)tals: 1949._.
i
1950
1951
1952
1953
Monthly average: 1949
1950
1951.
1952
1953
953: Miireh
Ap riL.
_
i
i
i
i
I
!
i
__ ._
'___!
.. ..
.
.
. .
_ _ »
*
.
_ _
- .. i
•
1
•
!
;
1,
1,
1,
1,
1,
D25, 100
396, 000
091,300
127,000
103;800
85, 400
116, 300
90, 900
93, 900
92. 000
105, 800 {
111,400
108, 300
104, 600
96,700
93,200
95, 100
90, 100
81, 500
65,800
66,000
73, 000
97,000 i
:110,000 |
Public
36, 300
43, 800
71,200
58,500
35,500
3, 000
3. 600
5, 900
4, 900
3, 000
9, 700
4.000
2, 700
2. 600 i
300
1,000!
3, 000
f1)
1, 600
1,300|
1,300
1, 200
1,200
900
Private
18
0
Seasonal! v adjusted annual
! rales: Private
988, 800
1, 352 200 1
1,020,100
1,068,500
1,068,300
82 400
112, 700 1
85, 000
89 000
89, 000
96, 100
107,400
105, 600
102, 000
96,400!
92, 200 I
92, 100 i
90, 100 {
79, 900 i
64,500
64,700
71, 800 j
95,800
109,100
!
Less than 60.
2 Preliminary estimate;-.
i
COUNCIL OF ECONOMIC ADVISERS
SOURCX. DEPARTMENT OF tfiBOfi
MsIV
Juiie.
Jul v
Au gust
Sei)tember
Odtober
No vember
De cember.
954: ,)ai marv 2 2
Felmiarv
2
Mfc rch
Ap ril -
i
Source: Department of Labor.
_
1, 165, 00
1,141,00
1, 039, 00
1, 037, 00
1.006,00
962,00
1, 023, 00
1, 030 00
1, 090f 00
1,075,00
1,078, 00
1, 180, 00
1,161,00
1,159,00
INVENTORIES AND SALES
Tola! business soles (seasonally adjusted) rose in April for the third consecutive month. Business inventories were
reduced by a larger amount than in any previous month this year, with most of the decline occurring in stocks of durable goods manufacturers. New orders increased for the third month in a row.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
BILLIONS OF DOLLARS, SEASONALLY
ADJUSTED
TOTAL* AND MANUFACTURING
COUNCIL OF ECONOMIC ADVISERS
Total business J
Period
Inventories 2
Retail
Inventories 2
Sales s
Sales s
Department stores
Manufacturing
Inven- i
tories 2 j
Sales 2
New
orders s
Millions of dollars, seasonally adjusted
1939
1946
I94S
1949
1 950
J951
1952
1953
1953: March
April
Mav
June
.
-_
JllJT
Au gu st
September
October
November
December
1954: Januarv
February
March _ _
April f (1
Mav
10, 802
20, 051
27, 150
42: 892
36, 438
55, 612
34, 664
52. 1 1 1
64, 721 5 39,917
5
_ - . 75^ 268
44, 821
. .- 77, 109
46, 080
48,817
81, 072
49, 671
IS, 266
50, 186
78, 996
79; 678
49. 395
80, 167
50, 003
50, 398
81, 116
81, 586
48. 138
82, 000
48. 652
81, 805
48, 284
_ 81, 276
47! 518
47, 209
81, 072
80, 688 i 46. 450
80, 390 1 46.714
47. 094
80, 091
47. 639
79, 613
5, 534
11. 852
15, 828
15.311
18, 652
£
21, 239
21. 592
22. 661
21. 981
22. 387
22! 455
22. 294
22, 743
22, 775
22' 924
22. 720
22, 437
22, 661
22, 521
22, 421
22, 563
22, 686
35 503
8, 541
10, 877
10, 893
11, 974
fi
!3, 185
13, 674
14, 234
14,437
14, 280
14, 424
14, 412
14, 469
14,073
13,982
14.040
14, 10-1
13, 932
13, 622
33, 972
13. 900
14, 248
11, 465
24,457
31, 693
28, 860
34. 31 4
42, 904
44, 191)
46, 722
44, 797
45, 164
45, 673
46, 160
46,485
46, 888
47, 087
47,044
46, 909
46. 722
46, 3S2
46, 115
45, 774
45, 292
1
j
i
1
1
!
5, 112
12,617
17, 630
16, 416
19, 285
22, 205
23! 046
25, 271
25, 763
26, 358
25,816
25, 882
26, 366
25, 067
25, 379
25, 010
24; 256
24. 126
23^ 902
23, 620
24, 064
24; 367
5, 354
13, 694
17,350
15,903
20, 980
24, 391
23, 710
23, 846
25, 096
25, 682
25, 883
25, 152
24, 525
22, 339
22, 661
22, 163
21,594
22, 026
20, 749
22,016
22, 859
23, 058
InvenSales 3
tories *
Index 1947-49=100,
seasonally adjusted
35
77
107
100
109
129
118
126
122
125
127
128
130
131
128
128
127
123
120
119
121
120
35
90
104
98
105
109
110
112
115
111
117
115
113
112
107
no
113
112
107
109
105
110
109
1
J
Also includes wholesale, not shown separately in this table
New series on retail trade beginning with 1951; not comparable with previous
a Book value, end of period.
data.
Bee Survey of Current Business, September and November 1952, for detail.
e
.
Monthly
aversee
for
year
and
total
for
month.
Preliminary
estimates.
4
Book value, end of period, except annual data, which are monthly averages.
Sources: Department of Commerce and Board of Governor! of ttoe Federal Reserve 8i§tem
19
MERCHANDISE EXPORTS AND IMPORTS
Commercial exports and imports, increasing sharply in April, set new records for 1954.
uted to the shipping strike in March. Grant-aid shipments dropped in April.
Part of the gains was attrib-
MILLIONS OF DOLLARS
1,600
MILLIONS OF DOLLARS
1,600
1,200
1,200
MERCHANDISE EXPORTS
EXCLUDING GRANT-AID *
SHIPMENTS
/\
AOO
SEE FOOTNOTES 1 AND 2 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS,
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF DEFENSE.
[Millions of dollars]
Merchandise exports
Period
1936-38 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1 950 monthly average
1951 monthly average .
1 952 monthly average
1 953 monthly average
1953: March..
April..
Mav
June..
Julv
August
September
October
November .
.
December
1 954 : January
February _ .
March
April 3
Total »
.
.
.. .
_ . ._
247
812
1,054
1,003
856
1,253
1,266
1,312
1,390
1,394
1,453
1,384
1,358
1, 186
1,255
1,253
1,246
L 351
1,092
1, 181
1, 123
i; 421
Grant-aid
shipments *
Excluding
grant-aid
shipments
54
757
24
89
166
292
338
340
368
372
398
275
205
234
216
215
169
184
204
167
833
1, 164
1, 100
1,020
1,052
1,054
1,085
1,012
960
911
1,051
1,019
1,030
1, 136
922
997
919
1, 254
Merchandise
imports
207
412
594
552
738
914
893
906
1,005
1,013
902
933
908
840
925
814
849
907
834
809
858
957
Excess of e xports (4-)
rtc (
\ \
)
or impo TW
Total
4-40
4-400
+460
-f-452
-f 118
+ 339
4-373
4-406
4-386
4-380
4-551
4-451
4-450
4-346
4-330
4-440
4-397
4-444
4-258
4-372
4-265
4-464
Excluding
grant-aid
shipments
4-345
4-95
4-250
4-207
4-114
4-48
4-41
4-183
4-79
4-52
4-71
4-126
4-206
-1-181
4-228
4-88
4-188
4-61
4-296
i Includes shipments under the various grant-aid programs: for some of these programs separate data are not available.
* Beginning with 1950, figures include only Department of Defense shipments of grant-aid military supplies and equipment under the Mutual Security
Program. Shipments for the first 6 months of the program (July-December 1950) amounted to 282 million dollars.
* Preliminary estimate;Sources: Department of Commerce and Department of Defense.
NOTE.—Detail will not necessarily add to totals because of roundinjr.
20
PURCHASING POWER
NATIONAL INCOME
Compensation of employees continued to fall moderately in the first quarter of 1954 as employment and hours continued downward. Proprietors' income and net interest showed little or no change. Corporate profits increased.
B I L L I O N S OF D O L L A R S
B I L L I O N S OF DOLLARS
350
350
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL INCOME
300
250
250
100
0
1939
1949
1950
195!
1952
1953
1
1954
1951
SOURCE: DEPARTMENT OF COMMERCE
COUNdl OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1939
1944
1946
1947
1948
_
1949
1950
1951
1952
1953 ... _ _ .
Total
national
income
72.5
183.8
180.3
198.7
223. 5
216. 3
240. 6
278.4
291.6
306. 4
Compensation of
employees
47. 8
121. 2
117. 1
128.0
140. 2
139. 9
153. 4
178.9
193.2
207. 6
Proprietors '
(business,
professional, Net interest
farm)
and rental
income
14.7
35.5
42.0
42.4
47.3
42. 1
45.4
50.7
51.2
49.9
4.2
3. 1
2.9
3.5
4.3
5.0
5.7
6.4
7.0
7.8
Corporate profits and inventory
valuation adjustment
Total
5.8
24.0
18.3
24.7
31.7
29.2
36.0
42. 4
40.2
41. 1
Profits
before
taxes
Inventory
valuation
adjustment
6. 5
24.3
23.5
30.5
33.8
27. 1
41.0
43. 7
39.2
41. 9
-0.7
-.3
-5.2
-5.8
-2. 1
-f-2. 1
-5.0
-1.3
-f 1.0
--.8
37.0
40.3
44.6
45.9
43.3
34.0
'36. 5
-K 7
+ 1.4
-.8
-.6
-2.6
-M.O
-, 1
Seasonally adjusted annual rates
1952: Third quarter
Fourth quarter
1953: First quarter Second quarter
Third quarter
Fourth quarter
1954- First quarter
290.4
301.4
306.7
310.7
308. 1
300.8
1
299. b
194. 1
201.3
204.5
208. 0
210. 4
207. 7
205. 1
51.5
51. 1
50.8
49. 7
49. 1
50.0
49.9
7.1
7.4
7.6
7.7
7.9
8. 1
8. 1
37.7
41.7
43.8
45.2
40. 7
35.0
'36. 4
1
Preliminary estimates by Council of Economic Advisers. Data became available after chart was prepared.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
21
Corporate profits, both before and after taxes, appear to have been somewhat larger in the first quarter of this year
than during the preceding quarter. Abolition of the excess profits tax contributed to rhe relatively favorable showing of profits after taxes.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
60
50
^PROFITS BEFORE TAXES'^
1939
1949
I960
1951
1952
1953
1953
1951
I
1954
•^NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT
SOURCE DEPARTMENT OF COMMERCE.
CCUN'CIt Of ECONOMIC ADVISE(:
i Billions of dollars]
Period
1VI39
1944
1946
1947
1948
1949
1950
1951
1952
1953
|
| Corporate
j
profits
] before taxes
Corporate profits after taxes
Corporate
tas
liability
6.5
24. 3
23.5
30.5
33. 8
27. 1
41. 0
43. 7
39.2
41. 9
1.5
13.5
9.6
11.9
13. 0
10.8
18.2
23.6
20. 6
22.9
Total
5.0
10. 8
13. 9
18.5
20.7
16.3
22.7
20. 1
18. 6
19.0
Dividend
payments
3. 8
4.7
5. 8
6.6
7 2
7.5
9. 1
9.2
9.1
9. 3
Undistributed
profits
1.2
6. 1
8. 1
12. 0
13. 5
8. 8
13. 6
10. 9
9. .*>
9. 7
Seasonally adjusted annual rates
1952: Third quarter
Fourth Quarter
1953:
First quErter
Second ouarter.
Third quarter
Fourth quarter
1954: First quarter
1
3
37. 0
40. 3
19. 4
21. 2
17.5
19. 1
9. 1
9. 1
8.4
10.0
44.
45.
43.
34.
24. 4
25. 0
23. 6
18. 6
20. 3
20. 8
19. 6
15. 4
9.2
9.4
9.6
9.4
11. 1
11.4
10. 0
6.0
18. 5
18.0
9.6
8.4
6
9 !
3 !
0 |
36. 5
l
Preliminary estimates by Council of Economic Advisers. Data became available after cbart was prepared.
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
Personal income in April is estimated at an annual rate of $282 billion (seasonally adjusted), $900 million lower
fhan in March, Farm income (for which the monthly estimates are especially erratic) fell off at an annual rate of $800
million, "while the sum of all other incomes declined at a rate of $100 million. Wa$es and salaries extended their
decline.
BILLIONS OF DOLLARS
300
BILLIONS OF DOLLARS
300
250
250
200
200
I50
150
100
1939
1949
1950
1951
1952
1953
1954
195!
SOURCE: DEPARTMENT OF COMMERCE
-.
- _ _
[Billions of dollars]
Proprietors*' income
Dividends
Business,
and personal
professional,
Farm
interest
and rental
income J
9. 2
10.2
4.5
45. 7
23.7
10.6
116.2
11. 8
16.0
134. 9
29.6
17.7
17.1
12.8
134.2
29.3
32.1
19.6
13. 3
146.5
35.2
20. 5
170.7
15.5
36. 1
21.0
14.8
184.9
22. 2
12. 4
37.2
198. 9
Labor income
(salaries.
Total per- wages,
and
sonal income other labor
income) 1
Period
1939
1944
1948
1949
1950
1951 _ 1 952
1953
-
COUNCIL OF ECONOMIC ADVISERS
.-_
72.6
165.9
209.5
205.9
226. 7
254. 3
269. 7
284. 5
Transfer
payments
9
3.0
3.6
11.3
12.4
15. 1
12.5
12. 9
13. 7
Seasonally adjusted annual rates
1953: April
May
June , . _
Julv. August
September
October
November
December
1954: Januarv -Februarv
March
ADril 3
282.7
284. 7
286. 3
287. 5
287. 0
286.3
287. 2
285. 9
284. 6
283. 7
283.0
282 9
282.0
197.9
199.3
200. 7
202.4
202.2
201. 1
200. 7
199. 6
197. 6
196.3
195. 3
194. 8
194. 3
12. 1
12. 5
12. 6
11.9
11.4
11. 4
11. 9
12. 2
12. 5
12.4
12. 3
11.9
11. 1
37. 1
37.3
37.2
37.3
37.3
37.4
37.3
37. 6
37.5
37.2
37.4
37.4
37. 8
22.0
22. 1
22.3
22.4
22. 5
22. 7
22.8
22. 7
22.7
23.0
23.0
23. 1
23. 1
* Excludes «=ocia] insuraDce contributions? of employees and. beginnicR January 1952, of self-employed persons.
* Includes $2.7 billion National Service Life Insurance dividend, most of which was paid in the first half of the year.
Preliminary estimates.
Sourt 0: Department of Commerce.
NOTE.—Detail will not necessarily add to totals because of rounding.
13.6
13. 5
13.5
13.5
13.6
13.6
14.5
13.8
14.3
14. 7
15.0
15.7
15.8
3
23
CONSUMER INCOME, SPENDING, AND SAVING
Disposable personal income, reflecting a reduction in personal income taxes, showed a small rise in the first quarter
of 1954. Consumer spending continued close to the fourth quarter of 1953 rate, with the increase in expenditures for
services almost offsetting thefdrop in outlays for durable goods. Personal net saving is estimated at 8 percent of
disposable income.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
250
250
200
100
NONDURABLE GOODS
&g
1941
1943
1945
194?
1949
1951
1954
1953
^PERSONAL INCOME LESS TAXES.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Disposable personal
income *
Period
Less: Personal consumption expenditures
Total
Durable
goods
Nondurable goods
Equals:
Personal
net
saving
Net saving
as percent
of disposable
income
25.5
28.5
31.2
37.4
44. 5
49. 1
54. 1
57.5
62. 7
67.4
72. 7
78.4
2.7
9.8
25.6
35.4
12.0
3.9
10.5
6.7
11.3
16. 9
16.9
18. 1
3.8
10.7
21.9
24.1
7.6
2.3
5.6
3.6
5.5
7.5
7.2
7.3
73.3
75. 1
76.3
77.6
79.2
80. 5
81.3
19.4
18.6
17.7
17.2
18.8
19. 3
20.0
8.2
7.7
7.2
6.9
7.5
7. 7
8.0
Services
Billions of dollars
1939
1941
1942
1944
1946
1947
1948
1949
1950
1951
1952
1953
._ .
.
.
_
..
70.2
92.0
116.7
147.0
158.9
169.5
188.4
187.2
205.8
225.0
235.0
247.9
67.5
82.3
91.2
111.6
146.9
165.6
177.9
180.6
194.6
208. 1
218. 1
229.8
236.6
243. 0
245.4
247.7
249. 8
249.3
249.8
217.2
224. 4
227.7
230.4
231. 0
230.0
229.8
6.7
9.8
7. 1
7.1
16.6
21.4
22.9
23.8
29.2
27.3
26. 7
30. 1
35.3
44.0
52.9
67.1
85.8
95. 1
100.9
99.2
102.6
113.4
118.8
121.2
Seasonally adjusted annual rates
1952: Third quarter.
Fourth quarter
1953: First quarter...
Second quarter. _ _ _
Third quarter.
Fourth quarter
1954: First quarter
_
Income less taxes.
NOTE.—Detail will not necessarily add to totals beeamt of rounding.
24
25. 1
28.2
30.2
30. 7
30. 4
29. 1
28. 2
118. 7
121. 1
121.2
122. 1
121.3
120. 4
120. 4
Source: Department of Comnjeret.
Per capita disposable income dropped very slightly in the first quarter of 1954.
DOLLARS
2,000
DOLLARS
2,000
SEASONALLY ADJUSTED A N N U A L RATES
ANNUAL AVERAGES
y!9S3 PRICES^
•4L
1,500
1,500
CURRENT PRICES
1,000
1,000
500
!
194!
I
!
1943
!
!
1945
!
!
194?
!
1
1949
1951
i
1
1952
1951
1953
1954
1953
=^SEE NOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS
Totai disposable persona]
income (billions of dollars)1
Period
1953
prices 2
Current
prices
1939
1941
1942
1944
1946
1947
1948
1949
1$50
1951
1952
1953
.
_
•_ _
>
.
._
.
70.2
92. 0
116. 7
147. 0
158. 9
189. 5
188.4
187.2
205. 8
225.0
235.0
247. 9
139. 8
171.3
193. 2
212. 7
206. 6
200. 6
211.4
212. 5
228.9
232. 7
238. 1
247.9
Per capita disposable personal income (dollars)1
Current
prices
536
690
865
1,062
, 124
, 176
,285
,255
1,357
,458
1,497
,553
1953
prices §
Population
(thousands) *
1,067
1, 284
1. 432
L537
1, 461
1,392
1, 442
1, 424
1,509
1,508
1,516
1,553
131,028
133,402
134,860
138.397
141,389
144, 126
146.631
149, 188
151, 683
154, 360
157,022
159, 629
Seasonal!}7 adjusted annual rates
1952: Third quarter . .
Fourth quarter
1953: First quarter
Second quarter
Third quarter
Fourth quarter __
_ _
-
.-
1 954' First quarter
236. 6
243.0
239. 0
245. 0
1,503
1, 537
1,518
1, 549
157,388
158, 109
245. 4
247.7
249.8
249. 3
247. 4
248. 2
248. 3
247.8
1,546
1, 555
1,561
1,551
1, 558
1, 558
1,552
1, 542
158, 714
1 59, 306
1 60, 022
160,764
249.8
247.6
1, 547
1,533
361. 436
1 Income less taxes.
2 Dollar estimates to current prices divided bv an over-all implicit price indej for personal consumption expenditures. This price index is based oo Department
of Commerce
data, shifted from a 1939 base.
3
Including armed forces overseas. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
Sources: Department of Commerce and Council of Economic Advisers.
25
FARM INCOME
in«; flu- lusf A months of 1954, farmers received on the average $2.1 billion per month from cash marketings and
Yi-iium-ni payments, about 4 percent below the seme period in 1953. Livestock receipts were about the same as
yetn
Ciop leceipts were about 10 percent lower.
Ill 1 I IONS
OF D O L L A R S
BILLIONS OF DOLLARS
5
A
4
A
^ 1953 PRICES'^
3
/ \
/-''X^
I
2
/
/
/
A
3
/
U I/ I
f\
CURRENT PRICES
v*s
^S
2
I
/
0
!
1 !
! 1 i
1 i
i
i
i
i
1
1
1
!
I
1 |
| 1 i
(
|
f
1
I
1
IS52
i
I
1 | |
, ,
1953
!
0
1954
•COUNCIL OF ECONOMIC ADVISIRS
,
0
1 9 3 9 monthlv average
1942 monthlv average
1944 monthlv average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthlv average
1951 monthly average
1 952 monthlv average
1 9 5 3 monthly average
_
___
1953: March.
April
May.
._
June
July
_
August
September
October
November
December
1 954 • January
Februarv
- March3 *
April
__
26
i|
_ _ _ _ _
_
__
-
>
-
_
_
._
-!
'
i
__
!
___
__
-
-~
....
-
-
'
:
- i
1
!
-_'
^
1
Converted from the reported base, 1910-14 = 100, to the base 1953=100.
» Farm income in current, dollars divided by parity index on base 1953=100.
'• • Preliminary estimate-.
NOTE.—Farm income includes cash receipts from marketings and Government payments.
pcirity
index \
/ *rices paid,
Farm income
-^P?rest,
taxes,
(millions of
wage rates)! 1953 dollars) 3
an
dollars)
°c^53=100!
44 !
1, 625
715
54 i
2,491
1 » 345
65
2,712
i , 763
75
2,815
2, 111
93
2, 730
2, 539
90
2, 604
2. 344
92 1
2,591
2, 384
101
2,730
2, 757
103
2,642
2.721
100 1
2.599
2, 599
101 !
2,098
2,119
100 !
2,020
2,020
100
2,009
2,009
99 !
2, 178
2, 156
100 i
2,404
2,404
100 i
2,461
2.461
99 i
3,201
3, 169
99 !
3,737
3, 700
99 i
3, 478
3, 443
100
2,986
2, 986
101 ;
2, 623
2, 649
101
1, 923
1,942
101 :!
1,996
2.016
101
1,895
1,914!
Farm income
! (millions
c ent of
and
Source: Department of Agriculture.
CREDIT, MONEY, AND FEDERAL FINANCE
BANK LOANS AND INVESTMENTS
Loans by commercial banks declined sliqhtly in April. Bank holdings of U. S. Government securities increased
$1.5 billion and holdings of other securities rose $100 million.
BILLIONS OF DOLLARS
175
1939
BILLIONS OF DOLLARS
1945
I960
1951
1952
1953
1953
END OF YEAR
END OF MONTH
COUNCIL Of ECONOMIC ADVISER1
[Billions of dollars]
All commercial banks
•
End of period
1939
1945.
1947
19491950
19511952.
1953.
1953: March
April. May
June.
Julv__ _ _ _ _
August
September. .
October
November
December.
1954: January
February
_ _ _ _ _
March2
April 2
Mav
1
Total
loans and
investments
40.7
124. 0
116.3
120. 2
126. 7
132.6
141. 6
146. 4
140.0
138.5
138. 1
138.0
143.2
143. 1
143. 0
144. 0
145. 5
145. 7
145. 3
144. 9
142. 8
144. 1
Investments
Loans
i
i
|
i
:
i
!
i
i
i
1
!
!
!
i
!
i
i
|
1
!
17.2
26. 1
38. 1
43.0
52. 2
57.7
64. 2
68.3
65.2
65. 3
65.4
65.0
65.6
66.0
66. 3
67. 1
67.2
67. 6
66.5
66.9
67.0
66. 8
Total
23. 4
97.9
78. 2
77.2
74. 4
74.9
77. 5
78. 1
74.8
73. 2
72.7
72.9
77. 6
77. 1
76. 7
76.8
78.3
78. 1
78.9
78.0
75. 7
77. 4
U. S.
Government
securities
16. 3
90. 6
69. 2
67.0
62. 0
61. 5
63. 3
63. 6
60.5
58.9
58.3
58.6
63. 2
62.6
62. 2
62.3
63. 7
63.4
64. 2
63.0
60. 6
62. 1
Other
securities
7. 1
7.3
9.0
10.2
12. 4
13.3
14. 1
14. 6
14.3
14. 4
14. 4
14.3
14. 3
14.5
14. 5
14. 5
14. 6
14. 7
14. 7
15.0
15. 1 1
15. 2
2
Commercial, industrial, and agricultural loans; rerised scries beginning January 1952.
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because oi round in p.
Source: Board of Governors of the Federal Rnsrrvr. STS
Weekly
reporting
member
banksbusiness
loans l
4.7
7. 2
14. 7
13. 9
17.9
21. 6
23. 4
23. 4
23.3
23. 1
22.8
22.8
22. 6
22. 9
23. 1
23. 3
23.2
23. 4
22. 5
22. 4
22. K
22 2
2L 9
27
CONSUMER CREDIT
Consumer credit outstanding, which rose in April for the first time this year, totaled $27.3 billion at the end of the
month, or $179 million more than a month earlier. Most of the rise occurred in charge accounts.
BILLIONS or DOLLARS
E i L L l O N S OF DOLLA
30
1953
1954
END OF MONTH
COUNCIl Of ECONOMIC ADVISERS
f Millions of dollars]
Total
consumer
credit
outstanding
End of period
1939
1945
1950
1951
1952
1953
_
.
_
1953: March
April
_
Mav
June
.
Julv
August
September
October
November
December
1954: January.
February _
March
Apri-
. ._
Instalment credit
Total
Automobilel
paper
Noninstalment credit
Other Repair and,
consumer moderni- ! Personal
zatioii
loans
goods
loans 2
paper l
Total
Charge
accounts
7.222
5,665
20,813
21, 468
25, 827
28, 896
4, 503
2,462
14, 490
14, 837
18, 684
21, 807
1,497
455
6.342
6,242
8. 099
10,289
1,620
816
4, 337
4.270
5, 328
5,605
298
182
1,006
1,090
1, 406
1, 606
1,088
1,009
2, 805
3.235
3,851
4. 307
2, 719
3,203
6,323
6, 631
7, 143
7,089
1,414
1,612
3,006
3,096
3,342
3,249
1,305
1,591
3,317
3,535
3, 801
3,840
25, 946
26. 455
27, 056
27.411
27, 581
27,810
27, 979
28, 166
28, 252
28, 896
19, 391
19, 767
20, 213
20, 635
21, 004
21, 218
21, 347
21,486
21. 586
21, 807
8,799
9. 1 1 1
9,432
9, 692
9, 973
10, 136
10, 232
10,337
10, 358
10,289
5,217
5. 217
5, 272
5, 333
5,351
5, 362
5. 352
5, 366
5, 406
5,605
1. 416
1,435
1, 462
1, 493
1. 516
1.534
1, 562
1. 585
1. 604
1, 606
3,
4,
4,
4,
4,
4,
4,
4.
4,
4,
959
004
047
117
164
186
201
198
218
307
6,555
6, 688
6,843
6,776
6,577
6, 592
6,632
6, 680
6, 666
7, 089
2.613
2,682
2, 763
2,781
2. 705
2, 668
2, 716
2, 811
2,840
3,249
3,942
4, 006
4,080
3, 995
3,872
3, 924
3, 916
3,869
3, 826
3, 840
28, 125
27,478
27i 151
27, 330
21,
21.
20.
20,
10. 084
9. 935
9. SOO
9, 798
5, 495
5,377
5. 220
5, 188
1,
1,
I,
1,
4,278
4^289
4, 326
4. 369
6, 681
6.327
6,251
6, 421
2,893
2, 550
2. 43cS
2, 566
3,
3.
3,
3,
444
151
900
909
587
570
554
554
1
Includes all consumer credit extended for the purpose oi 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."
Single-payment loans and service credit.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of tbe Federal Reserve System
J
28
Other s
788
777
813
855
BOND YIELDS AND INTEREST RATES
Yields on 3-month Treasury bills dropped sharply in May to the lowest level in almost 7 years and the rate on prime
commercial paper also continued its downward course. Both Treasury and corporate bond yields increased for the
first time this year.
PERCENT PER ANNUM
PERCENT
PER
ANNUM
3.5
3.5
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
i
'
1
i
Period
1939
1946
1950
1951
1952
1953
1953: Mav
June
July
August
.
September
October
November
December
- -1954: January
February
M arch
April.
-.
May
Week ended:
1954: Mav 3 ._.
8
]5
22_ .
29
June 5
12
.. -
.
.
U.S. Government security yields
3-month |
Taxable bonds 2
Tj*e5Lourv
"bilhT1**'
Old series » New series4
'
0. 023 !..
!
. 375 i
2. 19
1
1. 218 i
2. 32
. J
]. 552 i
2. 57
!
J. 766 I
2. 68
1. 931
2. 93
3. 16
_ __ _ ;
2. 200
3. 09
3. 26
i
2. 231 1
3. 09
3. 29
. .!
2. 101 i
2. 99
3. 25
!
2. 088 li
3. 00
3.22
.1
1. 876
2. 97
3. 19
J
]. 402 li
2. 83
3. 06
i
]. 427
2. 85
3. 04
_ _ _ __
.1
1. 630
2. 79
2. 96
i
] 2} 4
2. 68
2. 90
. 984 :
2. 60
2. 85
--i
3 053 !
2. 51
2. 73
i
J. O i l
2. 47
2. 70
2. 72
•
. 782 :
2. 52
1
1
. 886 i
773 i
. 825 '
. 833
7LS
. 724
.636
2. 46
2. 48
2. 52
2. 54
2.56
2. 58
2. 56
\
i CoriDorfite
Aaa bonds
' ^TV^nrkf^vr'^
j
Prime
commercial
paper,
4-6 months
!
!
!
3. 01
2. 53
2. 62
2. 86
2. 96
3. 20
3. 34
3. 40
3. 28
3.24
3.29
3. 16
3. 11
3. 13
3. 06
2. 95
2. 86
2. 85
2. 88
0.59
.81
1.45
2. 17
2.33
2. 52
2. 68
2.75
2. 75
2.75
2.74
2. 55
2. 32
2. 25
2. 13
2.00
2.00
1. 77
1.59
2. 69 !
2. 69
2. 71 i
2. 72
2. 74
2. 74 i
2. 70
2. 87
2. 87
2. 87
2. 87
2. 89
2. 91
2. 92
1. 69
1. 69
1.56
1.56
1. 56
1. 56
1.56
j
i
1
!
i
1
:
i
j
!
i
i
!
!
1
3
Rate on new issues within jvriod.
Bonds in this classification were first issued in March 1941.
* 2H-pereent bonds first callable after 12 years. Prior to April 1952, only bonds due or callable after 15 years were included.
BJ^-pcrcent bonds of 1978-83, issued May 1. 1953.
Source: Board of Governors of tbe Federal Reserve System
4
29
MONEY SUPPLY
Demondjdeposits, which hod been declining since the end of 1953, rose about $2 billion during April.
continued to increase. Government deposits were down about $1 billion.
Time deposits
BILLIONS OF DOLLARS
225
TOTAL DEPOSITS AND CURRENCY
r
TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS
( P R I V A T E L Y HELD MONEY SUPPLY)
DEMAND DEPOSITS ADJUSTED
TIME DEPOSITS
C U R R E N C Y OUTSIDE B A N K S
I04I 42 43 44 45 46 47 46 49 50
END OF Y E A R
51 52
I952
I953
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS
End of period
1939
1945
1946
1948
1949
1950
1951.
1952.
1953
1953: March .. _
April
May
June
Julv
August -. _ September
October _
November. . December . ..
HKV): January
Vebruarx . . . .. . .
Mim-li..'
April 4
Total deposits and
currency
64. 7
176.4
167. 5
172 7
173.9
180 6
189. 8
200. 4
205. 8
196.9
195. 4
195. 3
196. 6
201. 3
201. 1
201. 1
201. 7
203. 7
205. 7
203. 5
202. 5
201. 3
202. 3
[Billions of dollars]
i
Total excluding U. S. Government deposits
U. S.
(privately held money supply)
Government
Demand
Currency
Time
deposits >
Total
deposits
outside
depositss
adjusted §
banks
27. 1
29,8
6.4
1. 5
63. 3
48.5
75. 9
26.5
25. 6
150. 8
54.0
83 3
26.7
3. 5
164. 0
57. 5
85.5
26. 1
3 6
169. 1
58.6
85. 8
25.4
4. 1
169. 8
59.2
92 3
25.4
3. 7
176. 9
61.4
98.2
26.3
3. 9
186. 0
65. 8
101. 5
27. 5
5. 6
194. 8
70. 1
103. 3
27.8
4. 5
201. 3
66. 8
97.4
26. 9
5. 8
191. 0
67.2
98.0
27.0
3. 2
192. 2
67.6
97. 5
27.0
3.3
192.1
68.3
96.9
27.4
4. 1
192. 6
68.4
97.4
27.2
8. 3
193. 0
68. 7
97.5
27. 3
7.7
193.4
97. 7
69. 1
27.5
6. 8
1 94. 3
69. 6
100. 3
27.4
4.4
197.3
69.3
100.2
27.9
6. 2
197. 4
70.4
102. 5
28. 1
4. 8 i
200. 9
70.6
102.3
26.9
3. 7 ;
199. 8
71.0
99. 6
26.9
5. 0 !
197.4
71. 7
26. 9
96. 7
6. J I
195. 2
72. 0
98. 6
26. 7
5. 0
3 97. 3
*. M I S at ]->d<>iaI Krsorvr. banks and commercial and savings banks, and TJ. S. Treasurer's time deposits.
.l.'inai;.! < i « - j » . , M i : . < , I ) H - I t h a n inh't bunk mid V. F. Government. less cash items in process of collection .
.irjioMt* in i ^ i i i u H - j c i u l bunk?-. u i i i i u a ! wivinps hanks, and Postal Savings System, but excludes interbank deposits.
30
'i«»Kutily n«M i<» tolul*- IM-OUIIW of roumiiiu
Source: Board of Governors of tbe Federal Reserve System,
FEDERAL BUDGET RECEIPTS AND EXPENDITURES
Budget receipts dropped seasonally in Apni,, while expenditures were moderately lower than in March. The cumulative budget deficit for the first 1 0 months of this fiscal year was $4.8 billion, compared to a deficit of $7.9 billion at
the same time last year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL BUDGET EXPENDITURES
NET BUDGET RECEIPTS
75
25
1952
1953
!953
NATIONAL SECURITY PROGRAMS
BUDGET SURPLUS (+} OR DEFICIT (-}
(MAGNIFIED SCALE)
75
FlRSJ 1C MONTHS
(JULY-APRIL)
m\ I
mJ
50
II
25
1950
1951
1952
1953
19
1955
1952
I960
1953
1954
1955
FISCAL YEARS
* ESTIMATED
SOURCES- TREASURY DEPARTMENT AND BUREAU OF THE BUDGE1
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Budget expenditures
ruDiic
National security
debt
CumulaCumulaTotal for tive fiscal Total for tive fiscal (end of5
CumulaCumulaperiod)
Total for tive fiscal Total for tive fiscal period year totals period
year
period vear totals period v^ar totals
totals
Total
Period
Actual:
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
vear
vear
vear
vear
vear
vear
vear
1944
1947
1 948
1950_ .. _
1951
1952 _ _.
1 953 3
Estimated:
Fiscal vear 1954
Fiscal vear 1955
Actual: 3
1953: February
March
A pri i
1 954 • February
March.
April
i Net budget receipts
1
- -.
95. 1
39.0
33. 1
39.6
44. 1
65.4
74.3
75. 8
14. 4
11. 7
13. 0
22. 3
43. 8
50 3
43. 6
39 8 —
41.5
36. 5
47. 6
61. 4
64. 8
70. 9
65.6
48. 7
44. 9
67. 6
62. 6
5. 4
-51. 4
4.8
48. 4
-3. 1
43.5
-4.0
— 0 ft
202.6
258. 4
252. 4
257. 4
255. 3
259. 2
266. 1
—2 Z
269. 8
273. 1
-2.9
3.6
()" 5
46. 3
52. 3
58. 8
4. 6
4. 6
30.8
35. 5
40. 1
4. 9
1 0. 5
2. 8
37.6
48. 1
50. 9
-. 5
44. 4
-3. 7
— 7. 9
267. 6
264. 5
264. 6
4. 7
5. 6
5. 3
44. 4
50. 0
55. 3
3. 6
3. 8
3. 6
30. 9
34. 7
38. 3
5. 4
11. 4
2. 8
36. 2
47. 7
50. 4
4. 7
45. 9
-2. 5
-8. 2
-2. 3
-4. 8 !
274. 9
270. 3
271. 1
-8. 7 '
' Keviscd lo include the items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending June SO, 1955. These
i - \ | M ' n < i i t u n i itci s are: Military services, foreign military assistance, development and control of atomic energy, and allocation of critical and strategk- materials.
» l i u - l u . i c s p a an teed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.
th February 1954, tbe reporting of budget receipts and expenditures has been changed to a basis consistent with that used in preparing budget
mparative purposes, figures for fiscal 1953 are shown on a like basis.
or earlier months have not been published by the Treasury Department,
necessarily add to totals because of rounding.
*: Treasury Departrneot and Bureau of the Budget.
31
FEDERAL CASK RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
The cash surplus of almost $7 billion for the first quarter of 1954 compares with a surplus of $4.4 billion for the
same quarter of 1953, reflecting a rise of $0.8 billion in receipts and a decline of $1.8 billion in payments.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
85
25
J950
- EXCESS OF CASH RECEIPTS -
-EXCESS OF CASH PAYMENTS-
1951
1953
CALENDAR YEARS
SOURCES: BUREAU or THE BUDGET AND TREASURY DEPARTMENT,
COUNCIl OF ECONOMIC ADVISERS
(Millions of dollars)
Calendar yesi
Calendar year total:
1946
.
.
1947
. .....
_
1948
1949
.
1950
_
I9ffl
1952
1953
Quarterly totals, cot adjusted for seasonal variation:
1952: First quarter
Second quarter
Third Quarter
Fourth quarter ...
. .. .
1953: First Quarter
Second quarter.
Third quarter
__
Fourth quarter
.
.
....
1954 : First quarter ]
Federal cash
receipt? from
the public
Federal case
payments to
the public
Excess of receipts (-f) or
payments ( — )
43, 441
44. 282
44 922
41, 346
42, 419
59, 278
71 339
70, 382
41, 399
38, 636
36 897
42f 642
41, 969
58 034
72, 980
76, 541
4-42
+ 6, 666
-f 8 027
-1, 295
4-450
4-1, 244
-1, <>41
— 6, 159
21. 874
19. 389
15 354
14, 722
16, 921
18,701
17, 921
19, 436
4-4, 953
4-688
— 2 567
— 4, 715
22 539
18, 674
15, 502
13. 667
18, 166
21, 049
19, 015
18,311
4-4 373
— 2, 375
— 3, 513
-4,644
23, 353
16,358
+ 6,995
J PrcJimiunry esiirnate-F; data became available after chart was prepared.
NOTE. —Detail will DOT necessarily add to totals because of rounding.
BourefF" Bureau of ib* Bodi?? i &no Treasury Dens r tin en*.
32
by tiie Superintendent of D0CBinent§. D, 6. Government Printing Office. Washington 25, D. C
Price 20 cents per copy : $2.00 per year ; $2.50 foreign,
U. S . G O V E R N M E N T P R I N T I N G O F F I C E : 1994
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