Full text of Economic Indicators : June 1955
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84th Congress, 1st Session Economic Indicators JUNE 1955 Prepared for the Joint Committee on the Economic Report Council of Economic Advisers A /N UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1955 JOINT COMMITTEE ON THE ECONOMIC REPORT (Created pursuant to Sec. 5 (a) of Public Law 304, 79th Gong.) PAUL H. DOUGLAS, Illinois, Chairman WRIGHT PATMAN, Texas, Vice Chairman JOHN SPARKMAN (Alabama) J. WILLIAM FULBRIGHT (Arkansas) JOSEPH C. O'MAHONEY (Wyoming) RALPH E. FLANDERS (Vermont) ARTHUR V. WATKINS (Utah) BARRY GOLDWATER (Arizona) RICHARD BOLLING (Missouri) WILBUR D. MILLS (Arkansas) AUGUSTINE B. KELLEY (Pennsylvania) JESSE P. WOLCOTT (Michigan) HENRY O. TALLE (Iowa) THOMAS B. CURTIS (Missouri) GROVER W. ENSLEY, Staff Director JOHN W. LEHMAN, Clerk COUNCIL OF ECONOMIC ADVISERS ARTHUR F. BURNS, Chairman RAYMOND J. SAULNIER JOSEPH S. DAVIS [PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [S. J. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled^ That the Joint 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 Unity Office of the Secretary, Department of Commerce > 11 Contents THE TOTAL OUTPUT OF THE ECONOMY The Nation's Economic Accounts Gross National Product or Expenditure Page 1 2 PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers Stock Prices 3 4 5 6 EMPLOYMENT AND WAGES Status of the Labor Force Nonagricultural Employment 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 Production of Selected Manufactures Selected Weekly Indicators Gross Private Domestic Investment Expenditures for New Plant and Equipment New Construction Housing Starts and Financing Applications Sales and Inventories—Manufacturing and Trade Merchandise Exports and Imports 12 13 14 15 16 17 18 19 20 PURCHASING POWER National Income Corporate Profits Sources of Personal Income Disposition of Personal Income Per Capita Disposable Income Farm Income 21 22 23 24 25 26 CREDIT, MONEY, AND FEDERAL FINANCE Bank Loans, Investments, and Reserves 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 iii THE TOTAL OUTPUT OF THE ECONOMY THE NATION'S ECONOMIC ACCOUNTS Current estimates of total income and expenditures for the first quarter of 1955 reflect the continued rise in over-all economic activity. BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES CONSUMERS 300 300 250 250 DISPOSABLE INCOME ^EXPENDITURES 200 200 150 150 oI i t i I t i i i I i ( I I ( BUSINESS 100 100 GOVERNMENT-FEDERAL, STATE, AND LOCAL too 100 (LESS TRANSFER PAYMENTS) 1950 1955 -I/NET FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT. •^INCLUDES CORPORATE UNDISTRIBUTED PROFITS AND 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, PR 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 OR EXPENDITURE According to current estimates, the gross national product reached $370 biilicn (seasonally adjusted annual rate) in the first quarter of 1955. The rise of $8 billion from the previous quarter was due mainly to increases in consumer expenditures and private domestic investment. BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 350 "GROSS NATIONAL PRODUCT 300 250 PERSONAL CONSUMPTION EXPENDITURES GOVERNMENT PURCHASES OF GOODS AND SERVICES 100 100 50 50 GROSS PRIVATE < DOMESTIC INVESTMENT NNET FOREIGN INVESTMENT i -50 1950 1951 I i J 1953 1952 SOURCE: DEPARTMENT OF COMMERCE I 1955 1954 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Personal Gross Total conNet private foreign sump- domestic gross national tion investproduct expend- investment ment itures Period Government purchases of goods and services Federal State and Total * Total * National2 Other local security 1939 1946 1947 1948 1949 1950 1951 1952 1953 1954 91. 1 209.2 232.2 257.3 257.3 285. 1 328.2 346. 1 364.9 357. 2 67.6 146. 6 165.0 177.6 180. 6 194. 0 208.3 218. 4 230. 1 234. 0 5.2 0.9 13.3 9.3 20. 9 30.9 46 27. 1 15. 8 28.6 8.9 29.7 21. 0 36. 6 2.0 41.2 25.4 43.6 .5 32.5 22. 1 42. 0 -2.2 51.2 41. 0 .2 62.8 56.9 540 77.2 -.2 50.7 60. 1 85.2 -1.9 51.4 50.0 —.4 77.5 46. 1 Seasonally adjusted annual rates 1953: Third quarter . Fourth quarter. .. 1954: First quarter Second quarter Third quarter Fourth quarter 1955: First quarter . 367.2 360.5 355.8 356.0 355. 5 362. 0 370. 0 231. 2 229. 7 230.5 233. 1 234.8 237. 7 242. 0 52. 4 45. 5 44. 5 45.6 45.3 49.5 53. 3 1 Less Government 1 lc udes __ -1.8 -.6 — 1. 1 1 0 2 '.8 .0 85.4 86.0 81.9 78.3 75. 6 74. 1 74.7 60.3 59.8 55.0 51.3 47.9 45. 9 45. 9 a2 1.3 21.2 13. 3 16.0 19.3 18. 5 37.3 48.5 52.0 43. 6 3.9 2.5 3. 8 5.6 6. 6 3.9 42 5.8 8.5 6.7 19. 9 21.8 23.2 25. 1 27.5 52.3 50. 6 46.9 447 42. 1 40. 5 40.7 8.4 9.6 8.4 6.9 6. 1 5. 6 5.5 25. 1 26.2 26.9 27.0 27.7 28. 2 28.8 10.0 12.8 15. 6 ia2 sales. ^ i expenditures for military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promotfon of the merchant marine, promotion of defense production and economic stabilization, and civil defense. For further details, see Economic Report of the President, January 1955 (p. 137), and National Income, 1954 Edition (p. 148). These expenditures are not comparable with the "national security" category in The Budget of the U. S. Government for the Fiscal Year Ending June SO, 1956, and shown on p. 31 of Economic Indicators. Source: Department of Commerce. NOTE.— Detail will not necessarily add to totals because of rounding. PRICES CONSUMER PRICES The average of consumer prices declined fractionally in April, due principally to a reduction in transportation costs as new and used car prices declined. INDEX,1947 -49 -100 INDEX, 1947-49* 100 140 SOURCE: DEPARTMENT OF LABOR - COUNCIL OF ECONOMIC ADVISERS [1947-49=100] Period 1939 monthly average.-. 1946 monthly average 1 947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1951 monthly average .... 1952 monthly average ... 1953 monthly average ... 1954 monthly average 1954: March April May . .. • June July _ August September. October November December 1955; January February . March April i Not available. All items Food 59.4 83.4 95. 5 102.8 101.8 102.8 111.0 113.5 1144 1148 114.8 1146 115.0 115. 1 115.2 115.0 1147 1145 114 6 1143 1143 1143 1143 1142 47.1 79.0 95.9 104 1 100.0 101.2 112.6 114.6 112.8 112.6 112. 1 112.4 113.3 113.8 1146 113.9 112.4 111.8 111. 1 110.4 110. 6 110.8 110.8 111. 2 Housing Apparel Total Rent P) P) 95.0 101.7 103.3 106.1 112.4 1146 117.7 119. 1 119.0 118.5 118.9 118.9 119.0 119.2 119.5 119.5 119. 5 119.7 119.6 119.6 119.6 119.5 52.5 86.6 91.4 83.7 97. 1 944 100.7 103.5 99.4 105.0 98. 1 108.8 113. 1 . 106.9 117.9 105.8 124 1 104.8 104 3 128. 5 1043 128.0 128.2 104 1 1042 128.3 1042 128.3 1040 128.5 128.6 103.7 1043 128.8 1046 129.0 129.2 1046 129.4 1043 103.3 129.5 129.7 103.4 130.0 103. 2 129.9 103. 1 Transportation 8 90.6 100.9 108.5 111.3 118.4 126.2 129.7 128. 0 129.0 129.1 129. 1 128.9 126.7 126.6 126.4 125.0 127. 6 127.3 127.6 127.4 127.3 125.3 Reading Other and goods Medical Personal recreaand care care tion services g 94 9 100.9 104 1 106.0 111. 1 117.2 121.3 125.2 124.4 1249 125. 1 125. 1 125.2 125.5 125.7 125.9 126. 1 126.3 126.5 126.8 127. 0 127.3 P) P) 97.6 101.3 101.1 101. 1 110.5 111.8 112.8 113.4 114 1 112.9 113.0 112.7 113.3 113. 4 113.5 113.4 113.8 113. 6 113. 7 113. 5 113.5 113.7 P) P) 95.5 100.4 104 1 103.4 106.5 107. 0 108.0 107.0 108.2 106.5 106.4 106.4 107.0 106. 6 106.5 106.9 106.8 106.6 106.9 106.4 106.6 106.6 8 96.1 100.5 103.4 105.2 109.7 115.4 118.2 120. 1 120. 1 120.2 120. 1 120. 1 120.3 120. 2 120. 1 120. 1 120.0 119.9 119.9 119.8 119.8 119.8 Source; Department ol Labor. WHOLESALE PRICES In May, the average of wholesale prices declined slightly. INDEX ,194% 49«I INDEX. 1947-49 »100 120 I960 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR. [1947-49=100] All commodities Period 1939 monthly average 1946 monthly average . _ 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1951 monthly average., 1952 monthly average 1953 monthly average 1954 monthly average 1954: April May June July August September October November December _ 1955: January February.^ March .„ April May __ Week ended: 1955: June 7 Source: Department of Labor. . ta Farm products Processed foods 50 1 78 7 96.4 104 4 99 2 103. 1 114 8 111. 6 110. 1 110. 3 111. 0 110. 9 110. 0 110.4 110.5 110. 0 109. 7 110.0 109. 5 110. 1 110.4 110. 0 110. 5 109. 9 36. 5 83. 2 100.0 107.3 92. 8 97. 5 113. 4 107.0 97.0 95. 6 99.4 97.9 94 8 96.2 95.8 93. 6 93. 1 93. 2 89. 9 92. 5 93. 1 92. 1 94. 2 91. 3 43.3 77. 6 98.2 106. 1 95. 7 99.8 111.4 108.8 104 6 105. 3 105.9 106.8 105. 0 106.5 106.4 105. 5 103. 7 103. 8 103. 5 103. 8 103.2 101.6 102. 5 102. 1 110.3 91.3 104.0 Other than farm products and foods (industrial) 58. 1 78. 3 95.3 103. 4 101.3 105.0 115.9 113.2 114.0 114 5 1145 114 5 1142 114 3 1144 114.4 114 6 114 8 114 9 115.2 115. 7 115.6 115.7 115.5 115.6 PRICES RECEIVED AND PAID BY FARMERS The index of prices received by farmers declined 1 percent during the month ended May 1 5, by farmers also declined slightly, and the parity ratio was unchanged. INDEX, 1910-14*100 325 The index of prices paid INDEX, 1910-14 »IOO 325 300 275 i i . i I . . . . . I . . . . . I . . . . . I . . , , t . , -i i i I . i . i i - 225 0 PARITY RATIO- 1951 1950 1952 1953 J'RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX. SOURCE: DEPARTMENT OF AGRICULTURE. __ ___ _ _ _ _ __ - - -- „ _ _ 1955 COUNCIL OF ECONOMIC ADVISERS Period 1939 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1951 monthly average 1952 monthly average 1953 monthly average 1954 monthly average 1954: April 15 May 15 June 15 July 15 August 15 September 15 October 15 November 15 December 15 1955: January 15 February 15 March 15 April 15 May 15_ _ 1954 _ _ Prices paid by farmers Parity index (prices paid, Prices refor items used in ceived by interest, taxes, and farmers Family Producwage rates) living tion Index, 1910-14=100 121 123 120 95 2 202 191 208 236 224 237 240 276 260 250 251 287 238 243 250 251 246 246 256 258 282 302 273 268 274 271 287 288 253 270 279 258 252 274 249 281 282 256 273 257 256 284 276 255 252 282 276 247 247 280 277 245 250 282 277 249 273 251 280 246 250 242 279 273 272 279 251 242 272 250 279 239 254 283 273 243 256 283 271 244 256 284 273 243 284 254 274 247 282 274 251 244 Parity1 ratio 1 Percentage ratio of index of prices received by farmers to parity index. 2 Includes wartime subsidies paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946. Source: Department of Agriculture. NOTE.—Index of prices received and parity ratio have been revised beginning January 1952. 63589—552 77 113 115 110 100 101 107 100 92 89 91 90 88 88 88 88 87 87 86 86 86 86 87 87 lf»t of stock prices declined slightly in mid-May, then rose to new highs in the latter part of May and « 4 <*i)y in June. INDEX, 1939 * 100 400 i«ri»f*. »f>39 « 100 401' 300 200 100 I960 1955 SOURCE: SECURITIES AND EXCHANGE COMMISSION. Composite index * Period Weekly average: 1946 1947 1948 1949 1950 _ 1951 1952 1953 1954 1954: June July.. August September October November. December 1955; January February March April May __ _ Week ended: 1955: May 6 __ _„ 13_ 20 27 June 3 2 10 __ __ _ COUNCIL OF ECONOMIC ADVISERS [1939=-100] M anuf acturing TransDurable Nondura- portation Total proode ble goods Utilities Trade, finance, Mining and service 149. 4 130. 9 132. 7 127.7 154. 1 184.9 195.0 193. 3 229. 8 223.9 233. 0 237. 1 240. 4 243.6 254. 4 267.7 270. 6 281. 0 279.6 286. 8 289. 0 146. 6 132.4 136.8 132. 1 165.7 206.8 220.2 220. 1 271. 3 263.4 275.3 280.0 285. 6 291. 2 305.2 322.7 326.4 340.0 336. 9 347. 0 349. 6 138.6 119. 9 124. 3 116.0 150. 2 178.5 188.8 192. 6 245. 2 236. 6 254.3 257.0 260.2 267.4 284.4 298.3 306.9 320. 0 318.2 326.8 324.5 154. 5 144.6 148.6 147.2 180.2 233. 1 249.3 245. 2 295. 2 288. 0 294.4 301.0 308. 8 312.8 324. 0 345.0 344. 0 358.2 353.8 365. 3 372.4 202.4 149. 1 158. 1 136.0 160.0 199.0 220.6 218.7 232.6 225.4 233.5 237. 1 236.0 240. 4 259.4 284.8 288. 1 300.3 305.4 320.5 326. 0 121.0 105. 5 99.3 98. 1 108.9 112,6 117.9 121. 5 135. 8 134.3 138.6 140.8 139.8 138.2 141.2 144. 1 145. 3 150.0 150. 9 152. 1 153. 5 204. 3 162.8 156.9 160.7 183. 8 207.9 206.0 207.1 235.6 228.3 236.0 243. 1 247.2 248.6 260.4 267.5 269.8 276.0 274.6 277.3 280.5 125. 5 117.2 133.0 129.4 143.5 204.9 275.7 240. 5 267.0 266.3 257.2 262. 6 267.8 269.4 277. 9 310.3 314.4 314.6 315. 1 311. 3 302.6 289. 286. 289. 290. 294. 299. 350.6 346. 5 349. 6 351. 6 356. 6 365. 0 327. 4 319.3 324.3 327. 0 332. 1 340. 2 371. 7 371.3 372. 7 374. 1 378.8 387. 6 329. 7 322.4 324.3 327.4 333. 9 336. 4 154. 1 152.7 153.3 154. 0 154. 6 154.2 278. 6 276.8 282. 9 283. 6 287.8 290. 9 304. 8 297.5 303.5 304. 6 305.3 315. 3 9 5 1 7 3 7 i Includes 265 common stocks: 98 for durable goods manufacturing, 72 lor nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31 for trade, finance, and service, and 14 for mining Indexes are* for weekly closing prices, 3 Data became available after chart was prepared. Source: Securities and Exchange Commission. EMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Unemployment declined by 473,000 between early April and early May, a decline much larger than is usual at this time of year. Both agricultural employment and npnagricultural employment rose more than seasonally. MILLIONS OF PERSONS MILLIONS OF PERSONS 75 75 10 14 YEARS OF A6E AND OVER COUNCIL OF ECONOMIC ADVISERS SOURCE. DEPARTMENT OF COMMERCE Period 68-area sample : 5 1939 monthly average.., 1949 monthly average... 1950 monthly average, _ 1951 monthly average. _ 1952 monthly average. _ 1953 monthly average. _ 230-area sample:5 1954 monthly average. _ 1954: April May .. June July August September October November December 1955: January February March April May Total labor force (including armed forces) Employment Civilian labor force Total Agricultural 55, 600 63, 721 64, 749 65, 982 66, 560 67, 362 Thousands of persons 45, 750 55, 230 58, 710 62, 105 59, 957 63, 099 62, 884 61, 005 62, 966 61, 293 62, 213 63, 815 14 years 9, 610 8,026 7,507 7,054 6,805 6,562 67, 818 67, 438 67, 786 68, 788 68, 824 68, 856 68, 566 68, 190 67, 909 66, 811 66, 700 66, 550 66, 840 67, 781 68, 256 64, 468 64, 063 64, 425 65, 445 65, 494 65, 522 65, 244 64, 882 64, 624 63, 526 63, 407 63, 321 63, 654 64, 647 65, 192 6,504 6,076 6,822 7,628 7, 486 6,928 7, 527 7, 239 6, 154 5, 325 5, 297 5,084 5, 692 6, 215 6, 963 61,238 60, 598 61, 119 62, 098 62, 148 62, 277 62, 145 62, 141 61, 732 60, 688 60, 150 59, 938 60, 477 61, 685 62, 703 l Temporary 2 Nonagri- layoffs cultural Insured Unemployment 3 unemployment %of (thousands Number civilian labor of persons) 4 force of age and over 36, 140 50, 684 185 92 52, 450 117 53, 951 54, 488 142 142 55, 651 9,480 3,395 3, 142 1,879 1, 673 1,602 17.2 5. 5 5.0 3.0 2. 7 2.5 2,470 1,599 996 1,064 1,058 221 216 294 229 298 143 198 136 120 137 251 145 75 108 133 3,230 3, 465 3,305 3,347 3,347 3,245 3, 100 2, 741 2, 893 2, 838 3,347 3,383 3,176 2,962 2,489 5.0 5.4 5. 1 5. 1 5. 1 5.0 4.8 4.2 4. 5 4.5 5.3 5.3 5.0 4.6 3.8 2,039 2,383 2,244 2,082 2,037 1,871 1,752 1,631 1, 643 1,869 2, 201 2, 109 1,875 1,651 6 1, 403 54, 734 54, 522 54, 297 54, 470 54, 661 55, 349 54, 618 54, 902 55, 577 55, 363 54, 853 54, 854 54, 785 55, 470 55, 740 1 Includes part-time workers and those with jobs hut not at work for such reasons 34 See footnote 2. as vacation, illness, bad weather, temporary layoff, and industrial disputes. All programs. Weekly average for period. 3 Shown separately so as to afford a basis for further analysis of employment and «6 Pertains to labor force data only. Preliminary estimate. unemployment. Sources: Department of Commerce (labor force) and Department of Labor (insured unemployment). JtaVAJrJLA-J I Total employment in nona3ricultural establishments (seasonally adjusted) rose by 300,000 between April and May, Employment rose more than seasonally in durable soods manufacturing and fell less than seasonally in nondurable soods. MIL LI ONSOFWAGE AND! lALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS 11.0 8.5 DURABLE MANUFACTURING NONDURABLE MANUFACTURING 10.5 ^^ —-"Q- — 7 5 1 0.0 1955 / 9.5 9.0 <* 0 ^^° ^><r^^ ^^^^ —^^ ^-~ ^ ^ 1 ( i i i i i i i i i J F M A M J J A S O N 7.O ^_^^i-*^^^ *****»«.»«»nr—•' X > 1 D 3.5 I954 6 5 J 1 F 1 1 M A \ W 1 J 1 J 1 A i I S 1 O N D 11.5 WHOLESALE AND RETAIL TRADE CONTRACT CONSTRUCTION / 3.0 1953*^ J 1955 2.5 ^JS^^C.954 ^S> |9g^ ^^^ 10.5 •^prmrE^ |954< ^******^^+\9SS 20 .' i r i i i 1 i i i i i \ I 1 \ 1 1 i SOUR CE: DEPARTMENT OF LABOR 1 I 1 ' 1 COUNCIL OF ECONOMIC ADVlSEhS l Period 1939 1946 . 1948 _ -1949 1950 1952 1953 1954 1954: April May June July - _ - _ August.-^. September. October November. December. 1955: January February __ March April22 Mav Total adjusted for seasonal variation 48, 267 48, 188 48, 170 48, 048 48, 029 48, 020 48, 129 48, 886 48, S80 48, 898 48, 440 48, 766 48, 878 49, 184 Total [Thousands of waee and salary workers l GovernManufacturing Contract Wholesale ment Mining construc- and retail (Federal, Durable NonduTotal trade tion State, goods rable goods local) Not adjusted for seasonal variation 30,311 41, 287 44, 448 43, 315 44, 738 48, 303 49, 681 48, 285 48, 069 47, 939 48, 200 47, 866 48, 123 48, 490 48, 580 48, 808 49, 463 47, 741 47, 753 48, 212 48, 641 48, 889 10, 078 14, 461 15, 321 14, 178 14, 967 16, 334 17, 238 15, 989 15, 948 15, 781 15, 835 15,584 15, 822 15, 972 16, 007 16, 057 16, 050 15, 925 16, 060 16, 201 16, 260 16, 321 4,683 7, 739 8,312 7,473 8,085 9, 340 10, 105 9, 120 9,207 9, 095 9,066 8,811 8,820 8,887 9,002 9, 121 9, 144 9, 113 9,220 9,323 9,421 9,495 5,394 6, 722 7,010 6,705 6,882 6,994 7, 133 6,870 6,741 6,686 6,769 6,773 7,002 7,085 7,005 6,936 6,906 6,812 6,840 6, 878 6, 839 6,826 845 852 982 918 889 885 852 770 772 761 771 760 763 744 743 749 747 741 737 739 739 740 1,150 1,661 2, 169 2, 165 2,333 2,634 2,622 2,527 2,452 2,542 2,629 2,686 2,735 2,698 2,652 2,598 2,426 2, 237 2, 169 2,255 2,396 2,537 6, 612 8,602 9,519 9,513 9,645 10, 281 10, 527 10, 498 10, 474 10, 351 10, 389 10, 351 10, 321 10, 447 10, 548 10,745 10, 354 10, 419 10, 309 10, 408 10, 543 10, 519 3,995 5,595 5, 650 5,856 6,026 6,609 6,645 6,751 6,725 6,736 6,716 6,551 6, 563 6,746 6,829 6,917 7, 166 6,835 6, 873 6,922 6,927 6,881 Other 7, 632 10, 116 10, 807 10, 686 10, 878 11, 563 11, 797 11, 751 11, 698 11, 768 11, 860 11, 934 11,919 11, 883 11, 801 11, 742 11, 720 11, 584 11, 605 11, 687 11, 776 11,891 > Includes all full- and part-time wage and salary workers in nonagrieultural establishments who worked during or received pay for any part of the pay period ending nearest the ifith 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 1 on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments. Preliminary estimates. NOTE.—Beginning with 1953, data are'based on first quarter 1954 benchmark levels. Sources: Department of Labor and Board of Governors of the Federal Keserve System. 8 AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES The average workweek of factory production workers rose from 40.2 hours in April to 40.1 hours in May was larger than is usual ai this time of year. HOI R HOU RS PER WEEK DURABLE MANUFACTURING 40 NONDURABLE MANUFACTURING ^v ys/^ 42 ^X~s f^ \^^*^^ 4O 38 38 , 1952 , , . , , ) . , . < . 1953 . .i i . 1 . i i ii 1954 o' f 1955 Y^/^^ ^v ^^^^^ 4O 40 A^V. 34 o' ^ 38 ' , , , , , ! , , , , , 1954 i i i .-i 1 ..... 1955 1954 1953 ~/\^ ^ ^ r^V |/ •'r • i . i . 1 i , , .i 1952 , i i . i1 i , i ., 1953 RETAIL TRADE 42 v v^^\ 1,,,,, 1952 BUILDING CONSTRUCTION 36 -v* ' 42 38 y>/N 36 36 o' PER WEEK 44 44 42 The rise 36 34 ,,,,,[ o ',,,, ,!,,,,, f 1955 , ,, , ,1 1952 '' f I ! 1 I 1 1 I 1 11 1953 1954 SOURCE: DEPARTMENT OF LABOR. 1955 COUNCIL OF ECONOMIC ADVISERS [Hours per week, for production workers or uoiisupervisory employees] Manufacturing I Period 1939 1946 .. 1947 „ -__ _ 1948 _ .. . 1949 1950 1951 1952 1953 1954_ . 1954: April May June July August.* September .. October „ November December . .. 1955* Januarv February March . April22 Mav Total _ ... ... .. . . ... ... .. . . __ .. 37. 7 40. 4 40. 4 40. 1 39. 2 40. 5 40. 7 40. 7 40. 5 39. 7 39. 0 39. 3 39. 5 39, 4 39. 7 39. 7 39. 9 40. 2 40. 5 40 2 40. 4 40. 6 40. 2 40.7 Durable goods 38. 0 40. 2 40. 6 40. 5 39. 5 41. 2 41. 6 41 5 41 3 40. 2 39. 7 39. 9 40 0 39 7 40. 1 40. 1 40. 4 40. 8 41. 1 40 9 41. 1 41. 4 41. 1 41.7 i Data beginning with January 1948 are not strictly comparable with those for earlier periods. » Preliminary estimates. NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment." Source: Department of Labor. T>-_;-|j*_ _ Jbuilaing Nondurable construction Retail trade goods 37.4 40. 5 40. 1 39. 6 38. 8 39. 7 39. 5 39. 6 39. 5 39. 0 38. 1 38. 5 38 9 39. 0 39. 2 39 3 39. 2 39. 5 39.8 39 3 39 5 39.7 39. 0 39. 4 32. 6 38. 1 37. 6 *37. 3 36. 7 36. 3 37. 2 38. 1 37. 0 36. 2 36. 4 36. 7 37. 1 36. 9 37.0 36. 0 36. 6 35. 8 36.0 35. 1 34. 7 35. 9 35.4 3 () * Not available. (3) 42.7 40.7 40. 3 40. 3 40. 4 40. 5 40.2 39. 9 39.2 39. 2 39. 1 38. 9 39. 3 39. 8 39.7 39. 1 38. 9 38. 7 39. 5 38. 9 38. 9 38. 8 38.6 Av«sfM«t* l*'*««ly t-'muMM* * I pHalui titm workers in mcmufaciuring were $1.87 in May, 1 cent more than in April and ft ***»?? !«*»**•- tl*Mn *M f v l f t y t*{ III*.! y**t"II. DOLLARS PER HOUR 2.70 NONDURABLE MANUFACTURING 1955 EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE I954«IOO SOURCE: DEPARTMENT Of LABOR. COUNCIL OF ECONOMIC ADVISERS [For production workers or nonsupervisory employees] Building Durable goods Nondurable goods Eetail trade construction manufacturing manufacturing Period Current 1954 Current 1954 1954 Current Current 1954 Current 1954 prices prices l prices prices * prices prices 1 prices prices * prices prices * $1. 048 1939 $0. 633 $1. 224 $0. 698 $1. 350 $0. 582 $1. 126 $0. 932 $1. 803 $0. 542 1.230 1946 1.496 .893 1.478 2.036 1. 592 1.086 1. 156 1.015 1. 398 1.213 1.009 1947 " .. 1.292 2.020 1.487 1.237 1.553 1.407 2 1.681 1. 171 1. 216 1948 1.350 1.088 1.508 1. 410 1.575 1. 848 2 2. 065 1.428 1.278 1.282 1949 « 2. 182 1. 137 1.579 1.401 1.469 1.935 1.494 1. 656 1. 325 1. 314 1. 176 1950 1.465 1. 637 1.537 2.269 2.031 1.717 1.540 1.378 1.26 1951 _ _ 1.30 2.26 1.67 1. 64 1. 59 2. 19 1.73 1. 53 1.48 1952.. _ ___ 1. 67 1.32 1.33 2.34 1. 69 2. 31 1.54 1.77 1.79 1. 56 1.40 1. 40 1953 . 2.49 1.77 1.78 1.87 1. 88 2. 48 1. 61 1.61 1.45 1.45 1.92 2.60 1954 ... _ 1. 92 1.81 1.66 1. 66 2.60 1.81 1954: April '. 1.43 2.59 1.43 1.80 1. 80 2.58 1.90 1.90 1.65 1.65 May 1. 45 1. 45 2.57 1. 81 1.81 2. 58 1. 91 1. 66 1. 91 1. 66 June« _ _ .. 1.46 2.57 1.46 1.80 1.90 2. 58 1. 66 1. 66 1.81 1.91 1.47 July 2.57 1.47 1.80 1. 79 2.58 1.90 1. 66 1. 66 1.91 August 1.46 1.46 2.59 1. 79 1.79 1.91 2.60 1. 65 1. 65 1. 91 1. 46 2. 62 1.46 September _ 2. 62 1.81 1.93 1.81 1. 66 1.93 1.66 October 1.47 1.47 2. 64 1.82 1.81 1. 94 2.63 1. 66 1. 66 1. 93 November. . 1.46 2.64 1.46 1.83 1.83 1. 94 1.94 1.67 2.63 1.67 1.45 2.66 1. 44 December 1. 84 2.65 1.83 1. 96 1.67 1.95 1. 68 1955: January... 1.49 1.48 2. 66 1.84 1.85 1.96 1.97 1.69 1.68 2.65 February 1.49 1.86 2.66 1.48 1.97 1.85 1.69 2.65 1.68 1.96 1.49 March— . _ 2. 64 1.48 1.86 1. 97 1. 98 1.85 1. 68 2. 63 1. 69 1.50 April33 _ _ 2. 64 1. 49 1.87 1.86 1.70 1. 97 2.63 1. 69 1. 98 4 May 1.87 1.99 1.70 « « « () W («) « All manufacturing * Earnings in current prices divided by consumer price index on base 1954=100. Data beginning with January 1948 are not strictly comparable with those for earlier periods. NOTE.—Beginning with 1953. data are based on first quarter 1954 benchmark levels of employment. Source: Department of Labor 3 10 2 4 Preliminary estimates. Not available. AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES Average weekly earnings of factory production workers were at an all-time high of $76.11 in May. $1.00 above the previous high reached in March, and $4.98 above that of May of last year. DOLLARS PER WEEK This figure is DOLLARS PER WEEK NONDURABLE MANUFACTURING •1954 PRICES1J ,1, 1952 .1 . I 195? 1954 1 1955 J/ EARNINGS IN CURRENT PRICES 01 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR. Period 1939 .. 1946 1947 _ 1948 1949 -_ .. .. 1950 1951 -_ _ _ ... 1952 1953 _ __ 1954. _ 1954: April May June July August September October November December. 1955: January . February,. March _ _. April 33 May _ [For production workers or nonsupervisory employees] Building Durable goods Nondurable goods Retail trade All manufacturing manufacturing construction manufacturing 1954 Current 1954 Current 1954 Current 1954 Current 1954 Current prices prices! prices prices1 prices prices l pricesl prices prices prices l $44 76 $23. 86 $46. 15 $26. 50 $51. 26 $21. 78 $42. 13 $30. 39 $58. 78 $23. 14 36.35 77.47 50.07 64. 04 43. 82 60. 36 46. 49 41. 14 56. 67 56. 24 40.66 48.87 49.97 46.96 56.44 2 63. 30 2 76.08 60.06 52.46 63.05 43.85 48. 99 54. 14 76. 93 60. 49 50.61 68. 85 57. 11 56.55 63.81 51. 78 61.92 79.99 45. 93 54.92 65.42 57.96 58.03 51. 41 70.95 53.22 47.63 82.38 63.32 61. 13 59.33 66.29 54.71 73.73 70.75 50. 65 52.38 66.92 60.46 84.25 64.71 71. 84 58.46 69.47 81.47 53.26 52.67 88.01 88. 99 68.73 60.98 61.66 67.97 73.46 74.28 92.04 54.88 55.05 77.23 63.60 91.76 71.69 71.91 77.46 63. 79 56.84 56.84 94. 12 64.74 94. 12 64.74 71.86 71.86 77. 18 77. 18 56. 02 93.91 94 10 55.91 70. 20 70. 34 75.43 63. 00 75.58 62.87 56. 30 56. 41 94.50 9469 71. 13 76.21 70.99 76. 06 63.78 63.91 57.21 57.38 71.50 95. 72 95.43 71. 29 76.40 76. 17 64.57 64.38 9492 70.92 58. 51 58.33 70.71 64. 55 95.20 75.83 75. 60 64. 74 57.96 57.84 96. 01 70.92 76.44 71.06 76.59 96.20 64.55 64.68 57. 15 9441 57.09 94.32 77.39 71. 93 65.24 71.86 77.47 65. 31 57. 18 57.35 72. 22 77.97 65.07 96. 55 65.27 96.26 72.44 78. 20 56. 61 9434 56.50 73.42 94. 15 73.57 79. 15 65. 97 66. 10 79.31 57. 11 56.88 95.78 95.40 66.74 74. 12 74.42 80. 15 80.47 66. 47 93.39 57.57 * 57.80 93.02 66.02 80. 16 73.97 74.27 66.29 80.48 57.57 57. 80 92. 33 75.04 74. 74 91. 96 80.56 66.63 66. 36 80.88 57.42 57.65 9480 94.42 66.97 75. 41 81. 56 81. 89 75. 11 66. 70 93.57 57.51 57.80 80. 97 93. 10 74. 77 66.24 75. 15 81.38 65. 91 4 4 4 4 (4) 4 82. 98 76. 11 66.98 () (4) () () () () 'Earnings in current prices divided by consumer price index on base 1954=100. 5 Data beginning with January 1948 are not strictly comparable with those for earlier periods. NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment. Source: Department of Labor. » Preliminary estimates. *Not available. 11 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION According to preliminary estimates, the seasonally adjusted index of industrial production in May reached an alltime high of 1 38 (1947-49=100), 1 point above the previous peak in July 1953. I N D E X , 1947^49=100 INDEX, 1947-49=100 120 I960 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS [1947-49=100, seasonally adjusted] Total industrial production "P_ •._ J Jreriou 1939_ 19461947 1948 1949 1950 1951 _ 1952 1953 1954 * _ 1954: April May June July August- ReptfiTrjh^r October November . December. 1955: January February . _ March April 1 May 1 Preliminary estimates. 12 -- _ .. . .. ... _ _ _ _ '. . . _ __ . 58 90 100 104 97 112 120 124 134 125 123 125 124 123 123 124 126 128 130 132 133 135 136 138 Manufactures Total 57 90 100 103 97 113 121 125 136 127 125 126 125 124 125 126 128 130 131 133 134 136 138 140 Durable 49 86 101 104 95 116 128 136 153 137 134 136 135 134 135 137 139 142 143 145 147 148 150 153 Nondurable 66 95 99 102 99 111 114 114 118 116 115 117 116 114 114 115 117 118 119 121 121 124 126 127 Minerals 68 91 100 106 94 105 115 114 116 111 109 111 114 112 109 108 109 113 116 120 123 121 120 120 Source: Board of Governors of the Federal Reserve System, PRODUCTION OF SELECTED MANUFACTURES Production in most industries continued to increase between Apriland May. , 1947-49 = 100, SEASONALLY ADJUSTED INDEX,l947-49aiOO, SEASONALLY ADJUSTED 1801 FABRICATED METAL PRODUCTS \ CHEMICAL AND PETROLEUM PRODUCTS I2O 100 120 N 100 FOODS, BEVERAGES, AND TOBACCO TEXTILES AND APPAREL ' +* i Ii 80 1952 1953 1954 1953 1952 1955 1954 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1955 COUNCIL OF ECONOMIC ADVIS1RS 11947-49=100, seasonally adjusted] Nondurable Durable manufactures Transpor- Lumber Textiles Paper Fabriand Primary and Machin- tation cated and printery metals prod- apparel equipmetal ing products ucts ment Period 1939 1947 1948 1949 1950 1951 1952 1953 1954 l 1954: April May June July August. September October,. November December 1955: January February March Aprill Mav .. -. _. ... _ 53 103 107 90 115 126 116 132 108 103 106 108 103 105 105 111 118 121 127 131 136 138 144 103 104 93 115 122 121 136 123 119 121 122 122 124 122 124 125 125 125 126 129 130 133 38 103 104 93 114 130 147 160 142 138 138 139 141 144 147 147 148 145 145 146 146 149 150 48 96 102 102 120 135 154 189 175 174 178 170 170 166 167 169 175 187 191 193 195 198 199 80 101 106 93 113 113 111 118 115 114 120 108 96 97 116 128 124 131 129 127 126 123 (2) 80 99 103 97 110 106 105 107 100 101 101 99 98 99 98 102 103 104 106 105 109 113 (2) 96 103 101 114 118 118 125 125 125 126 126 126 126 127 127 127 127 129 130 133 134 136 manufactures Consumer Chemical Foods, and petro- bever- durable leum ages, and goods products tobacco 97 103 100 118 132 133 142 142 140 142 142 141 141 144 143 145 148 148 151 153 155 156 101 100 100 103 105 106 107 106 106 110 108 105 105 105 105 106 106 107 106 108 110 110 98 102 101 133 114 105 127 116 116 119 118 116 115 114 112 1J9 125 131 135 139 143 'Preliminary estimates. 2Not available. Source: Board of Governors of the Federal Eeserve System. 63589—55- 13 k31_iJLJJLiV~/ A JuiJ-/ JUN I/ 1 W*i 1 WJXO According to several weekly indicators, production continued to expand during May. Production of steel and paperboard reached all-time highs. Electric power, bituminous coal, and freight carloadings registered gains. Passengercar assemblies were only slightly lower than the record level in April. MILLIONS OF TONS MILLIONS OF SHORT TONS (DAILY AVERAGE) STEEL BITUMINOUS COAL 3P^,J ^1954 n i l I BILLIONS OF KILOWATT HOURS II ELECTRIC POWER .—-v-"....../.. ' ' ' I I I i l l SOURCES: AMIWCAN IRON AND STEiL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS. COUNCIL OP ECONOMIC ADVISERS Bituminous Freight Paper-board liiJeetrie Cars and trucks Steel produced coal mined power produced assembled (thousands) loaded Thousands Percent of distributed (thousands (thousands (thousands theoretical of short of net (millions of Total Cars Trucks of tons) of cars) tons capacity l kilowatt-hours) tons) 2 Period Weekly average: 1950 1951 1952 1953 - ~ 1954 1954: May . .. JuneJuly August September October . November December 1955: January February March April 3 May Week ended : 1955: May 7 14 21 28 June 4 33 11 __ 1,857 2,018 1,782 2, 141 1,694 1,687 1, 716 1, 499 1,505 1,591 1,738 1,886 1,875 1,995 2, 124 2,253 2,288 2, 332 96.9 100.9 85. 8 94.9 71.0 70.7 72.0 62.9 63. 1 66. 7 72.9 79. 1 78.6 82.7 88.0 93.4 94. 8 96.6 6, 183 6,958 7, 451 8,244 8,883 8,406 8,684 8,841 9, 122 9, 040 9, 124 9, 240 9,645 9,936 9,902 9,796 9,658 9, 741 1,687 1,772 1,548 1,521 1,304 1, 150 1,317 1, 184 1,288 1,379 1,410 1,498 1,502 1,444 1,463 1, 376 1,366 1, 523 748 779 727 735 652 674 670 658 677 687 726 671 610 631 644 656 693 766 214 229 213 241 236 244 239 199 246 235 254 254 227 243 260 270 263 275 154.2 129.8 106. 8 141. 1 125.6 144.5 128. 2 117. 6 116. 4 82.8 70.8 134. 2 159. 4 178. 9 185.0 198. 1 207.6 204.2 128.4 102. 7 83.4 118. 0 106.0 122. 3 109. 1 100.3 99.8 67.5 55.8 113.7 138.9 156.9 169. 2 174. 1 177. 0 173. 3 25. 9 27.2 23.4 23.2 19.7 22.2 19.2 17.3 16.5 15. 3 15.0 20. 5 20.5 22. 0 15.8 23. 9 30.6 30.9 2,331 2,345 2, 338 2, 326 2,312 2,334 96. 6 97.2 96. 9 96. 4 95.8 96. 7 9, 586 9,673 9,730 9,976 9, 537 1,448 1,478 1,542 1,561 1,587 741 757 774 790 714 271 274 279 274 263 202.1 208. 3 208.1 198.3 149.9 172.2 172.0 177.3 176.4 167. 6 125.0 144. 8 30. 1 31. 0 31.6 30. 7 24. 9 27.4 » 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 beginning January 1,1951; 2,077,040 beginning January 1,1952; 2,254,459 beginning January 1,1953; 2,384,549 beginning January 1,1954; and 2,413,278 beginning January 1,1955. * Dally average for week. * Preliminary estimates. Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard Association, and Ward's Automotive Reports. 14 JL iv.u-.ix i *- XX.L v ** i. jti According to current cstimatcs/ gross private domestic investment increased by almost $4 billion (seasonally adjusted annual rate) in the first quarter of 1955. The decline in business inventories which began in late 1953 was reversed during the quarter. The sharp rise in construction outlays was partially offset by a decline in producers1 duiable equipment. BILLIONS OF DOLLARS 70 BILLIONS OF DOLLARS 70 SEASONALLY ADJUSTED ANNUAL RATES 50 Z GROSS PRIVATE *r DOMESTIC INVESTMENT CHANGE IN BUSINESS m^*;\ INVENTORIES I I I I 1950 I I I I I I 1952 1951 I 1953 I I I i I 1954 SOURCE: DEPARTMENT OF COMMERCE I 1955 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Period 1939 1946 1947 1948 1949 I960 1951 1952 1953 1954 _ Total gross private domestic investment 9.3 27. 1 29.7 41.2 32.5 51.2 56. 9 50.7 51.4 46. 1 Change in business inventories Fixed investment New construction Total 8.9 21.0 30.7 37.0 35.3 43.9 46.5 47. 0 49.9 49.8 Residential nonfarm Total 2.7 4.0 6.3 8.6 8.3 12. 6 11.0 11. 1 11.9 13. 3 4.8 10.3 14.0 17.9 17.5 22.7 23.3 23.7 25.5 27.6 CommerAll cial and industrial * other 1.2 4.2 4.9 5. 7 5.3 5.7 7.2 7.5 8.4 14.3 2 0.8 2. 1 2.8 3. 6 3.9 4. 5 5. 1 5.2 5.2 Producers' durable equipment Total Nonfarm 4.2 10.7 16.7 19. 1 17.8 21. 1 23.2 23. 3 24.4 22.2 0.4 6. 1 — 1.0 4. 2 -2.7 7.4 10.4 3.6 1. 5 -3.7 0.3 6.4 1.3 3.0 -1.9 6.4 9.0 3.0 2.2 -3.8 24.8 24. 0 22.7 22.4 21.8 21. 7 21. 1 2.0 —4. 2 -4. 2 -3.8 -4.8 -1.3 1.3 2.9 -3.7 -4.2 -4.0 -5.0 -1. 6 1.2 Seasonally adjusted annual rates 1953 : Third quarter Fourth quarter 1954: First quarter Second quarter Third quarter Fourth quarter 1955: First quarter. 52.4 45.5 44.5 45.6 45.3 49.5 53.3 50.4 49.7 48.7 49.4 50. 1 50.8 52.0 i Includes public utility. NOTE.—Detail will not necessarily add to totals because of rounding. 12. 1 11.7 11.7 12. 8 14. 0 14.8 15.9 25.6 25.7 26.0 27.0 28.3 29. 1 30.8 3 8.5 8. 6 8.8 8.7 8.7 14.3 14 .9 5.0 5.4 5.5 5.5 5.6 Includes petroleum and natural gas well drilling. Source: Department of Commerce. 15 EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to a survey made in April and May, expenditures for new plant and equipment are expected 1o increase 9 percent between the first and second quarters—the largest quarterly rise since the last half of 1950. Current plans indicate an additional rise of 3 percent in the third quarter to a level of about $29 billion, equaling the previous peak in the third quarter of 1953. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1955 1950 SEE NOTE 3 ON TABLE BELOW. SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE. COAJNCIL QF ECONOMIC ADVISERS [Billions of dollars] Transportation Mining Durable NonduraRailroads Other goods ble goods 0.36 0.28 0.76 1. 19 0.33 .92 .58 .43 3.68 3. 11 1.30 .89 3.41 .69 5.30 1. 28 1. 32 5.65 .88 3.48 .89 1.35 2.59 4. 56 .79 1.21 1. 11 4.36 .71 3. 14 1.49 5.17 1.47 .93 5.68 1. 50 6.02 .98 1.40 5. 61 1.31 1.56 6.26 .99 5.65 .85 1.51 .98 5. 09 5.95 Seasonally adjusted annual rates 1.57 1.04 .94 5.40 6. 22 1.44 1.04 .91 5.90 5. 18 .80 1.51 5.93 1.00 5.06 1.53 .68 4. 80 .91 5. 79 .74 1.46 5.39 .80 4. 78 1.58 5. 21 .94 .80 6. 01 1.62 5.92 .86 .95 5.38 M anuf acturing Period 1939. 1946 1947 194$ 1949 1950 1951 1952 1953 1954 . -„ . ... _. Total * -._ 1954: First quarter Second quarter Third quarter Fourth quarter 1955: First quarter _ _3 Second quarter3 Third quarter _ _ _ 1 Total 5. 51 14.85 20. 61 22.06 19. 28 20.60 25. 64 26.49 28. 32 26.83 1. 94 6.79 8.70 9. 13 7.15 7.49 10.85 11. 63 11. 91 11.04 27.46 26.92 26. 84 26. 18 25. 65 27.86 28.83 11. 62 11.09 10.98 10.58 10. 17 11.22 11.30 Public utilities 0.52 . 79 1.54 2. 54 Commercial and other 3 3. 31 3.66 3.89 4. 55 4.22 2.08 5. 33 7.49 6. 90 5.98 6. 78 7.24 7. 09 8.00 8.23 4.33 4.37 4. 12 4. 01 4.01 4. 37 4.77 7.97 8.07 8.42 8.46 8. 46 8. 96 9.34 a 12 Excludes agriculture. > Commercial and other includes trade, service, finance, communications, and construction. Estimates based on anticipated capital expenditures as reported by business in April and May 1955. 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. 8 16 NEW CONSTRUCTION Expenditures for total new construction in May, seasonally adjusted, were at a record annual rate of $42 billion. During the first 5 months of this year the rate of private residential building remained fairly steady at a high level/ private nonresidential building increased sharply in the same period. Construction contracts awarded for the first 5 months of this year were 29 percent higher than for the corresponding period of 1954. BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL NEW CONSTRUCTION 0 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I ....... •«**•« ....... ,--.-••*"" ! PRIVATE RESIDENTIAL—^ «**** (NONFARM) .•** pw** ^.*tf-*«"*:at»«— miT.n>mi^<'i*"<'*<-**>""— T"*—* OTHER PRIVATE*^ — 1•""•... 1 1 1 I 1 1 1 1 1 1 1950 1 1 i 1 1 1 1 1 I 1 I1 1951 1 1 1 1 1 1 1 1 1 1 1 1952 i i i i i 1 i i i i i 1953 1 1 1 1 1 i Total new construction Period 1939 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1951 monthly average 1952 monthly average 1953 monthly average 1954 monthly average 1954: May __ June Julv August September October November December 1955: January February March April 2 - _ Mav _ _~ _ _ 683 1,000 1,391 1,806 1,899 2,371 2,598 2, 751 2, 938 3, 131 3,114 3, 108 3,133 3,199 3, 199 3,136 3,254 3,429 3,428 3,451 3,442 3,498 3, 512 1955 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Private construction Federal, State, and Total Residential Other local priv ate (nonfarm) 142 317 223 366 469 197 335 803 579 286 1, 105 526 402 689 715 1,404 534 676 689 1,365 583 738 1,050 1, 788 899 785 914 1,814 917 908 925 1,842 996 948 994 1,990 984 1,023 1, 125 2, 147 Seasonally adjusted 1,104 2,126 1,102 2,125 1,150 2,180 1,192 2,226 1,215 2,247 1,210 2,238 1,229 2,269 1,307 2,350 1,336 2,396 1,345 2,435 1,330 2,446 1,366 2,503 1, 350 2, 496 1,022 1,023 1,030 1,034 1,032 1,028 1,040 1,043 1,060 1,090 1, 116 1,137 1, 146 » Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Research. Omits small contracts, and covers rural areas less fully than urban. NOTE.—Data on new construction have been revised beginning January 1954. Sources: Department of Commerce, Department of Labor, and P. W. Dodge Corporation (except as noted). 1 1 1 1 1 1 1 I 1 1 1 1 1 1 1 1 1954 SOURCES: DEPARTMENT OF C O M M E R C E AND DEPARTMENT OF LABOR. **^"1* 988 983 953 973 952 898 985 1,079 1,032 1,016 996 995 1,016 3 Construction contracts awarded in 37 Eastern States 296 624 647 786 863 1,208 1,313 1,398 1,454 1,648 UnSeasonally adjusted adjusted 1, 925 1,674 1, 783 1,605 1,887 1,611 1,573 1,527 1,816 1,579 1,965 1,946 1,499 1,743 1,829 1, 905 2,033 1,504 1,581 2, 137 2,185 2, 178 2, 822 2,037 2,185 1,900 Preliminary estimates. 17 HOUSING STARTS AND FINANCING APPLICATIONS In May, the number of nonfarm housing units started was 1 32,000, or 22 percent higher than a year earlier. On a seasonally adjusted basis, private starts were at an annual rate of 1.3 million units. MILLIONS OF UNITS MILLIONS OF UNITS J/SEE FOOTNOTE I OM TABLE BELOW. SOURCES: DEPARTMENT OF LABOR, FEDE COUNCIL OF ECONOMIC ADVISERS [Thousands of units] Proposed home construction New nonfarm housing starts Period Annual total: 1939 1946 1948___ 1949, .. 1950_ _ _ 1951... 1952. _ _ 1953 1954___ Monthly average: 1950. 1953~ 1954. 1954- April May _ _ June July August . September October November December 1955: January February March April 4 Mav Total 515.0 670.5 931.6 1, 025. 1 1, 396. 0 1, 091. 3 1, 127. 0 1, 103. 8 1, 220. 4 116.3 92.0 101.7 107.7 108.5 116. 5 116. 0 114.3 115.7 110.7 103.6 90.6 87.6 89.0 4 117. 0 4 127. 0 132.0 Publicly financed 56.6 8.0 18. 1 36.3 43.8 71.2 58. 5 35.5 18.7 3.6 3.0 1. 6 1.2 1. 1 3.9 3. 1 1.3 2.3 .2 .3 .7 .3 2.0 4 .9 4 .5 2. 5 Privately financed Government underwritten Total VA FHA Total 158. 1 158. 1 458. 4 2 83. 0 69.0 152.0 662.5 294. 1 22 102. 0 396. 1 913. 5 105. 0 363. 8 468.8 988.8 686.7 486. 7 2 200. 0 1, 352. 2 412.2 148. 6 263. 5 1, 020. 1 141.3 421. 2 279.9 1, 068. 5 156. 6 252. 0 408.6 1, 068. 3 307.0 276.3 583.3 1, 201. 7 16.7 57.2 40. 6 112.7 13. 1 21.0 89.0 34, 0 25.6 23. 0 48.6 100. 1 19.8 23.8 43. 6 106.5 25.0 24. 0 49.0 107.4 27.9 27.7 55. 6 112.6 26.8 25.4 52.2 112. 9 33.3 27.0 60.3 113.0 33.9 25.9 59.8 113. 4 33.5 24.7 58.2 110.5 36.0 26.3 103.3 62. 4 29. 1 21. 5 89.9 50.7 26.1 20.0 46. 1 87.3 28.0 17.2 87.9 45.3 4 29.8 23.8 53.6 116. 1 4 34.5 25. 8 60.3 126.5 37.8 28.0 129. 5 65.8 Private, seasonally adjusted" annual rates 1 1, 102 1,083 1, 175 1, 188 1,211 1 ? 248 1,287 1,393 1,478 1,419 4 1, 370 4 1, 407 1 1, 309 1.306 3 2 Units in mortgage applications for new home construction. Estimated. * Not available. Sources: Department of Labor,Federal Housing Administration (FHA), and Veterans Administration (VA). 18 Applications for FHA commitments * 167.8 121. 7 293. 2 327. 0 397. 7 192. 8 267. 9 253. 7 338. 6 33. 1 21. 1 28. 2 32.3 30.3 35.2 30. 1 32.2 34.8 29. 3 26.9 24. 3 25.6 28.3 35.6 33. 1 30.2 Requests for VA appraisals (3) (33) (a) () (3) * Preliminary estimates. 164.4 226. 3 251.4 535. 4 21.0 44.6 42. 9 52.2 52. 7 52. 3 55. 4 51.3 45. 6 47.7 44.3 46.2 64.2 71.9 65.9 71.5 /11M.U m VJ^lMXUKi£ji3- MANUFACTURING AND TRADE Total inventories (seasonally adjusted) increased in April, due principally to a rise in retail stocks. Total sales also increased as a result of a rise in sales by manufacturers and retailers. Manufacturers1 new orders dropped. Retail sales in May continued at a record level. BILLIONS OF DOLLARS, SEASONALLY ADJUSTED BILLIONS OF DOLLARS, SEASONALLY ADJUSTED RETAIL TOTAL* AND MANUFACTURING INVENTORIES INVENTORIES 1952 1953 1954 1955 INDEX, 1947-49- 100, SEASONALLY ADJUSTED TOTAL SALES MANUFACTURING INVENTORIES SALES 1954 1952 * 1955 1955 WHO ESALE, MANUFACTURING,AND RETAIL. SOURCES. DEPARTMENT OF COMMERCE AND BOARD OF 60VERNORS OF THE FEDERAL RESERVE SYSTEM. Period 1939 1946 1948 _ 1949 _1950 1951 _ - _ 1952 1953 _ 1954 1954: March April May _ _ June July AugustSeptember October November December 1955: January February March April 55 _ _ Mav _ _ _ _ COUNCIL OF ECONOMIC ADVISERS Manufacturing Manufacturing Retail Wholesale Department stores and trade Inven-2 Sales l Inven-2 New 1 Sales i Inven-2 Sales 1 Inven-2 Sales J InvenSales * tories tories orders tories tories tories 3 Index 1947-49 = 100, Billions of dollars, seasonally adjusted seasonally adjusted 10. 8 5. 5 3. 5 11. 5-; 35 5. 4 -20. 1 5. 1 3. 1 2.2 35 12. 6 24. 5~ 13.7 42. 9 27. 2 8.5 90 6. 6 11.9 6. 0 77 36.4 31.7 104 17. 4 55. 6 15. 8 10. 9 17.6 8. 1 ---_ _ 7.9 107 52. 1 16.4 34. 7 7.9 15.3 98 10. 9 15. 9 28. 9 7.4 100 34. 3 39. 9 4 64. 1 21. 0 105 19. 3 10. 5 4 12. 0 4 19. 3 8.7 109 4 22. 3 13. 2 44. 9 75. 2 109 21. 2 11. 1 42.8 24. 5 _ -_ 9.4 129 76.7 22. 8 43. 8 45. 9 110 13. 7 21. 6 23.6 11.3 9. 4 118 14.2 22. 7 112 45. 9 48. 4 24.9 11. 7 23. 4 80. 3 9.3 126 22. 1 14.2 111 43.3 46. 7 11.5 22.4 76.9 23. 4 9. 1 122 13.9 79. 3 23. 6 46. 7 22.6 105 11. 8 45. 0 21. 9 9. 1 121 14.2 22. 7 44. 5 111 23. 7 22. 3 - 46. 9 9. 0 78.8 11.6 120 22. 8 44. 3 14. 0 108 11. 8 23. 2 46. 1 78. 9 8. 9 21. 9 121 44.2 22. 6 112 23.3 14. 4 46. 9 78.6 9. 1 22.0 11.9 122 22. 4 111 14. 3 23. 2 43. 4 77. 6 46. 6 21.4 9. 1 11.8 124 14.2 112 22.5 43. 1 21. 9 9. 1 46. 3 77.3 23. 1 11.8 124 22. 4 42. 9 107 46.4 14. 2 9.2 77. 0 23.3 23.0 11.7 125 43.2 113 22. 5 11. 7 14. 1 22. 9 22.0 76. 9 45. 6 9.0 124 22. 1 114 11.7 14. 4 43. 3 9.3 24.0 47. 6 77. 1 23. 1 124 22. 1 117 48.7 43.3 15. 1 24. 8 9. 5 24. 1 76. 9 11. 5 124 22. 2 43.2 118 14.9 11.5 24.3 48.7 9. 5 76.9 24. 6 123 22. 4 112 24. 6 9. 5 11.7 14.8 43. 3 48.9 24. 8 77.3 121 22. 6 113 26. 0 43. 3 15. 1 9. 7 50.7 77. 5 26. 5 11. 6 123 22. 8 119 43.3 11.7 26. 1 77.7 15. 2 25. 9 __ 9. 6 51. 0 123 117 15. 2 <New series on retail trade beginning with 1951; not comparable with previous 1 Monthly average for year and total for month. data. See Survey of Current Butintst, September and November 1952, for detail. 2 Book value, end of period. * Book value, end of period, except anneal data, which are monthly averages. «Preliminary estimates. NOTE.—Beginning with 1951, manufacturers' new orders have been revised. Sources: Department of Commerce and Board of Governors of the Federal Beserve System. 19 MERCHANDISE EXPORTS AND IMPORTS For the first 4 months of ihe year, commercial exports were 1 3 percent higher and imports 4 percent higher than in the corresponding period of 1954. MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1,800 1,800 1,600 I.4OO V r ,' \/ * • i*--' ' - •' \ J/SEE FOOTNOTES I AND 2 ON TABLE BELOW. SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF DEFENSE. [Millions of dollars] Merchandise exports Excess of e xports (+) or impo rts ( ) A— Period 1936-38 monthly average 1946 monthly average-1947 monthly average 1948 monthly average 1949 monthly average -. 1950 monthly average 1951 monthly average 1952 monthly average _ _ 1953 monthly average 1954 monthly average 1954: March April- May June July _ August September October November December 1955* January February March April . . Total * „. - - - 247 812 1,278 1, 054 1,003 856 1,253 1,266 1,314 1,258 1,126 1,426 1,401 1,474 1,291 1,156 1, 112 1,265 1,249 1,318 1,165 1,233 1,342 1,262 Grant-aid shipments 2 Excluding grant-aid shipments 54 96 757 1,182 24 89 166 293 188 203 167 264 359 268 200 153 104 85 98 85 95 92 94 833 1,164 1, 100 1,022 1,070 923 1,258 1,136 1,115 1,024 955 960 1, 162 1,164 1,220 1,080 1, 138 1, 250 1, 168 Merchandise imports 207 412 480 594 552 738 914 893 906 851 862 957 829 946 822 825 780 764 839 942 870 850 1,018 3 857 Total +40 + 400 + 798 +460 +452 + 118 + 339 + 373 + 408 + 407 + 264 + 468 + 572 + 528 + 469 +331 + 332 + 502 + 410 + 376 +295 + 383 + 324 3 +405 / \ Excluding grant-aid shipments + 345 + 702 + 95 + 250 + 207 + 116 + 219 + 60 + 301 + 307 + 168 +202 + 131 + 179 + 398 + 325 + 278 + 210 + 288 + 232 3 +311 uirs stiipnifiiiM umitT tin* various grant-aid programs; for some of these programs separate data are not available. imhir with HIM), tii'iirc* Include only Department of Defense shipments of prant-aid military supplies and equipment 8under the Mutual Security Wiit»mi*mr» f«»r UH- first c> tnniitliH of the propram (July-December 1950) amounted to 282 million dollars. Preliminary estimates. I >* f n i i \\ til n"t n«*rt* • -if ily u«!«l to tof als because of rounding. Sources: Department of Commerce and Department of Defense. NATIONAL INCOME The increase in general business activity during the first quarter was reflected in an $8 billion (seasonally adjusted annual rate) rise in national income, according to current estimates. Employee compensation rose by about $4 billion and farm proprietors1 income by about $1 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 350 350 SEASONALLY ADJUSTED ANNUAL RATES 300 250 250 ^COMPENSATION OF EMPLOYEES CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS' AND >- RENTAL INCOME XNET INTEREST 1._.-._, 1951 I960 1954 1953 1952 PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS. SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED). 1955 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total national income Period 1939 1946 -_ 1947 1948 . 1949 1950 1951.-. 1952 1953 . 1954 _ ... ... _ ._- 1953: Third quarter Fourth quarter. -_ 1954* First quarter Second quarter Third quarter Fourth quarter 1955: First quarter- - Compensation of em- 1 ployees Proprietors' income Farm Business and professional Rental income of persons Net interest 72.8 179. 6 197.2 221.6 216. 2 240.0 277.0 291.0 305.0 300.0 48. 1 117.7 128.8 140.9 140.9 154.3 180. 4 195.4 209. 1 207. 3 7.3 4.3 2.7 4.6 6.2 21.3 13.9 3. 1 19.9 14.5 6.5 3.8 21.6 16.7 7.2 4.5 21.4 5.2 12.7 7.9 22.9 8. 5 13.3 5. 9 24. 8 6. 8 16.0 9. 1 14.2 25.7 10. 0 7.4 12. 2 26. 2 10.6 8.4 25. 9 11.9 10.9 9. 1 Seasonally adjusted annual rates 306.2 299.9 298.9 299. 6 298. 8 302.6 2 310. 5 211.4 208.8 206.4 206. 6 207.2 208.9 212.7 11. 1 12. 3 13.0 12. 2 11. 6 11.0 12. 2 26. 1 25. 9 25. 6 25.9 25. 9 26.3 26.4 10.6 10.8 10.8 10.9 10.9 10.9 11.0 8. 6 8. 9 9. 0 9. 1 9. 2 9.2 9.4 Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment 5.7 17.3 23.6 30.6 28. 1 35. 1 39.9 38.2 38.5 34. 9 6.4 22.6 29.5 32. 8 26. 2 40. 0 41.2 37.2 39.4 35.0 -0.7 -5.3 -5.9 -2.2 1.9 —4. 9 -1.3 1.0 -1.0 -.2 38.3 33. 1 34. 1 34. 9 33.9 36.4 2 38. 7 40.9 32.5 34.5 34.5 34.2 36.8 2 40. 0 -2.6 .6 —.4 .4 —.3 -.4 — 1.3 1 3 Includes employer contributions for social insurance. (See also p. 23.) Preliminary estimates by Council of Economic Advisers. NOTE.—Detail will not necessarily add to totals because of rounding. Source: Department of Commerce (except as noted). 21 CORPORATE PROFITS Corporate profits, both before and after taxes, continued to rise in the first quarter of 1955, according to preliminary estimates. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES I960 1951 1955 ^NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT. ^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS. SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED). COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Corporate profits before taxes Period 1939 1946 1947 1948 1949 1950 1951 1952 1953 1954 6.4 22. 6 29.5 32.8 26.2 40.0 41.2 37. 2 39.4 35.0 _._ ' Corporate tax liability 1. 4 9. 1 11.3 12. 5 10. 4 17.8 22. 5 20.0 21. 1 17.2 Corporate profits after taxes Total 5.0 13.4 18.2 20. 3 15.8 22. 1 18. 7 17.2 18.3 17.8 Dividend payments 3.8 5.8 6.5 7. 2 7. 5 9.2 9. 1 9. 1 9.4 9.9 Undistributed profits 1. 2 7. 7 11.7 13. 0 8.3 12. 9 9. 6 8. 1 8. 9 8. 0 Seasonally adjusted annual rates 1953: Third quarter Fourth quarter 1954: First quarter . Second quarter Third quarterFourth quarter 1955: First quarter « 40. 9 32. 5 34. 5 34.5 34.2 36.8 MO. o- 21.9 17.4 17.0 17.0 16.8 18. 1 '19.7 i Preliminary estimates by Council of Economic Advisers. NOTE.—See p. 21 for profits before taxes and inventory valuation adjustment. Detail will not necessarily add to totals because of rounding. 22 19.0 15. 1 17. 5 17.5 17.4 18.7 *20. 3 9. 5 9.6 9. 6 9.6 9. 8 10.4 10.0 9. 5 5. 5 7.9 7.9 7.6 8.3 J 10. 3 Source: Department of Commerce (eicept as noted). WIT Total personal income increased $1 billion (seasonally adjusted annual rate) in April as most components of personal income advanced above the March level. The rise in labor income accounted for half of the increase. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL PERSONAL INCOME« LABOR INCOME FARM PROPRIETORS' INCOME TRANSFER PAYMENTS BUSINESS,PROFESSIONAL, AND RENTAL INCOME ^"••DIVIDENDS AND PER SONAL INTEREST *Z(£jZoZoZ;»Ly*<*»G>»0~*>»a. 1952 COUNCIL OF ECONOMIC ADVISERS Period Total personal income 1939.1946 1948 1949 1950 1951 1952 1953- _ 1954 72.9 178. 0 208.7 206. 8 227. 1 255. 3 271.2 286. 1 286. 5 1954: March April May June July August September. _ October November December 1955: January February March April* 285. 0 284.4 286.2 286.5 285.7 285.4 286. 6 286.3 289.3 291.4 291.4 292.4 294.6 295. 6 [Billions of dollars] Less: PerLabor income Proprietors' income (wage and sonal conRental Transfer Personal salary distributions income Divi- interest Business paybursements of dends income ments for social Farm and proand other insurfessional persons labor income)1 ance 0.6 46.6 3.0 5.8 4.3 7.3 2.7 3.8 2.0 11.4 113.8 21. 3 7.6 6.2 13. 9 5.8 2.2 137.9 9.0 7.2 7.2 16.7 21.6 11.3 2.2 137.4 12.4 21.4 7.9 9.8 12.7 7.5 8 2.9 22. 9 10.6 15. 1 9.2 150.3 8.5 13.3 3.4 12.6 175. 6 9. 1 9. 1 11.6 16.0 24.8 3.8 190.6 14.2 25.7 9. 1 13.1 10.0 12.3 204.4 4.0 12.2 26.2 13.5 13. 8 9.4 10.6 4.7 25. 9 15.9 202. 3 11.9 9.9 14. 4 10. 9 Seasonally adjusted annual rates 4.7 15.8 12. 5 201. 1 9.6 10.8 14.3 25. 6 4.6 14 4 15.9 200.9 11.5 9. 6 25.9 10.8 4.6 14. 4 15.8 12. 6 9.6 201. 6 11.0 25.8 4.7 15.8 14.4 12.2 202. 1 9.6 10.9 26.0 4.5 14, 5 15.8 202. 3 9.7 10.8 26.0 11. 1 4.7 14. 5 15.5 202. 1 11.4 9.8 10.9 25.9 4. 6 16. 0 202. 0 14.6 11.8 25.9 11.0 9.8 4. 6 16.5 14. 6 202.7 10.4 10.9 25.9 9.8 4.7 16.4 14. 7 204.7 11.2 26.2 9.9 10.9 4. 7 204.4 16. 7 11.3 14. 7 11.0 11.5 26.6 5.2 16.5 205.9 12. 1 11.0 10.0 14.7 26.4 5. 1 16.5 206.4 10.0 14. 8 11. 0 26.3 12.5 5.2 16.9 14. 8 208.3 12. 0 11. 1 10. 1 26.7 5. 1 16. 9 10.2 208.8 12. 0 14. 8 26.9 11.2 i Compensation of employees (see p. 21) excluding employer contributions for social insurance. 3 Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Detail will not necessarily add to totals because of rounding. Nonagricultural personal3 income 67.1 161. 1 188. 5 190.8 210. 5 235. 7 253.3 270.0 270.7 268. 8 269. 1 269. 7 270. 3 270.6 270.2 271. 1 272. 3 274. 6 276.5 275.5 276.2 278.9 279. 9 »Includes $2.7 billion National Service Life Insurance dividend, most of which was paid in the first half of the year. * Preliminary estimates. Source: Department of Commerce. 23 DISPOSITION OF PERSONAL INCOME Disposable personal income rose by about $4!/2 billion (seasonally adjusted annual rate) in the first quarter of this year, according to current estimates. Consumer expenditures rose somewhat less than disposable income, and the rate of consumer saving was slightly higher. BILLIONS OF DOLLARS 300 BILLIONS OF DOLLARS 300 250 150 100 —_.,. I 00 I960 1955 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Less: Personal Disposincome Personal able 1 taxes personal income Period 1939_ 1946 1947 1948 1949 .. 1950 1951 1952 1953 1954 . . 1953: Third quarter. Fourth quarter 1954: First quarter Second quarter Third quarter Fourth quarter l!i;ifi: First quarter " 72.9 178.0 190. 5 208.7 206.8 227. 1 255.3 271.2 286. 1 286.5 287.5 287.3 285. 1 285.7 286.2 289. 0 292. 7 2. 4 18.8 21.5 21. 1 18.7 20.9 29.3 34.4 36.0 32.9 Billions 36.3 36. 1 32.8 32.9 32.9 33. 1 32. 1 fM t'.wh itcnifl as llnus, penalties, and donations. I >*-lull will not. iHM!«',s::unly add IP totals because of rounding. 24 Equals : Less: Personal consumption expenditures Total Equals: Saving as percent of disPersonal posable Nonsaving Durable durable Services income goods goods Billions of dollars 25.8 70. 4 67. 6 6.7 35. 1 46.2 159.2 146.6 15.9 845 93. 1 20.6 169.0 165.0 51. 3 22.2 98.7 56.7 177.6 187.6 60. 1 23.6 188.2 96.9 180.6 28.6 100.4 206. 1 194.0 65. 0 27. 1 111. 1 70. 1 226. 1 208.3 116.0 75.6 26.8 218.4 236.9 81.4 230. 1 29.7 118.9 250. 1 234.0 28. 9 120.5 84.6 253.5 of dollars, seasonally adjusted annual rates 251.2 231.2 30.3 118. 6 82.3 251.2 28.0 83.0 118.7 229.7 28.0 230.5 118.8 83.6 252.3 233. 1 28.8 120.0 84.3 252.9 121. 1 28.9 253. 2 234.8 84.8 255. 9 29.9 237.7 122. 1 85.7 242. 0 33.4 122. 1 260. 6 86.5 2.9 12.6 4. 0 10.0 7.6 12. 1 17.7 18.4 20.0 19. 5 4. 1 7.9 2.4 5.3 4.0 5.9 7.8 7.8 8.0 7.7 20.0 21.5 21.8 19.7 18. 4 18.2 18.7 8.0 8.6 8.6 7.8 7.3 7. 1 7.2 Source: Department of Commerce. PER CAPITA DISPOSABLE INCOME According to current estimates, per capita disposable income rose about 1 % percent to a record level in the first quarter of this year. DOLLA RS 2,000 DC)LLARS 2,000 SEASONALLY ADJUSTED ANNUAL RATES "<£~— 1954 PR1C 9& --z^^"* "\ 1,500 — -X"" ^^^^ 1,500 CURRENT PRICES \ j |i i i 1 1,000 1,000 ! 0 1 i I i960 1 l I 1 1 - . 1 . I 1953 1952 1951 i 1954 i I ! i 0 1955 •^SEE FOOTNOTE 2 ON TABLE BELOW, SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVJSERS. Total disposable personal Per capita disposable perincome (billions of dollars)1 sonal income (dollars)1 Period 1954 prices 2 Current prices 1939 1946 1947 1948 1949 1950 1951 1952 1953 1954 - .. - - -"_ __ _ COUNCIL OF ECONOMIC ADVISERS _ „ 70. 4 159.2 169.0 187.6 188.2 206. 1 226. 1 236.9 250. 1 253.5 136.3 219.3 203. 1 209.6 212. 1 230.3 233. 8 239.5 250.9 253.5 Current prices 538 1, 126 1, 173 1,279 1,261 1,359 1,465 1,508 1,567 1,561 1954 prices 2 Population (thousands) 3 1,041 1,551 1,410 1,429 1,422 1,518 1,515 1,525 1,572 1,561 131, 028 141, 389 144, 126 146, 631 149, 188 151, 683 154, 360 157, 028 159, 643 162, 409 Seasonally adjusted annual rates 1953: Third quarter.. Fourth quarter 1954: First quarter Second quarter Third quarter. _ Fourth quarter _ 1955: First quarter ' ._ _ _ __ „. . 251.2 251.2 250.9 250.4 1,570 1,562 1,568 1,557 160, 030 160, 768 252. 3 252.9 253.2 255. 9 251.8 252.6 252. 9 256. 7 1,563 1,560 1,555 1,564 1,560 1,558 1,553 1,569 161, 439 162, 075 162, 806 163, 582 260.6 261.6 1,586 1,592 164, 262 * Income less taxes. ' Dollar estimates in current prices divided by consumer price index on base 1954=100. > Includes 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, Department of Labor, and Council of Economic Advisers. 25 FARM INCOME During January-April 1955, farmers received about 3 percent less from cash marketings and Government payments than a year earlier. Receipts from livestock and products were down 8 percent, due largely to lower prices/ receipts from crops were up 6 percent, with higher prices overbalancing the effect of reduced marketings. BILLIONS "OF DOLLARS 5 BILLIONS OF DOLLARS 5 1955 1950 .NOTE: FARM INCOME CONSISTS OF CASH RECtlPTS FROM MARKETINGS AND GOVERNMENT PAYMENTS. SOURCE: DEPARTMENT OF AGRICULTURE. COUNCIL OF ECONOMIC ADVISERS Parity index (prices paid, Cash receipts from marketings interest, taxes, and wage rates) , Livestock and Crops products 1954 = 100! Farm income (millions of dollars, current prices) Cash receipts and Government payments Period 1939 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1951 monthly average 1952 monthly average 1953 monthlv average 1954 monthly average 1954: March April ^.j-o-j Mav June Julv August _ September.. October November . December 1955: January February March April 3 _ __ - -- - _ _ _' _ _ __ _ __ _ 715 2, 111 2,502 2,539 2,344 2,384 2,757 2,747 2,636 2,518 2,036 1,934 2,015 2, 109 2,205 2,481 3,190 3,506 3, 191 2,809 2,571 1,948 1,921 1,998 i Converted from the reported base, 191u-l'4=100, to the base 1954=100. » Farm Income In current dollars divided by parity index on base 1954=100. 26 377 1,144 1,373 1, 423 1,280 1,331 1,634 1,537 1,439 1,390 1,458 1,395 1,450 1,351 1,258 1,358 1,398 1,465 1, 517 1,305 1,291 1, 179 1,321 1,338 275 903 1, 102 1,095 1,049 1,029 1,099 1, 187 1,179 1, 106 554 506 536 719 929 1,111 1,780 2,032 1,655 1, 474 1,245 738 577 645 «Preliminary estimates. Source: Department of Agriculture. 44 74 85 93 89 91 100 102 99 100 101 101 101 100 100 100 100 99 99 99 101 101 101 101 Farm income (millions of dollars, 1954 prices) 2 1,625 2,853 2,944 2,730 2,634 2,620 2,757 2,693 2,663 2,518 2,016 1,915 1,995 2, 109 2,205 2,481 3,190 3,541 3,223 2,837 2,546 1,929 1,902 1,978 CREDIT, MONEY, AND FEDERAL FINANCE BANK LOANS, INVESTMENTS, AND RESERVES In April, total loans and investments of commercial banks increased $2 billion. Loans rose $0.6 billion, and investments in U. S. Government securities rose $1.4 billion. "Free" reserves (excess reserves less borrowings at Reserve Banks) increased somewhat between April and May. BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS TOTAL LOANS AND INVESTMENTS V 120 80 120 8O BANK LOANS* 40 20 40 «< 20 ^INVESTMENT IN OTHER SECURITIES i i i i I i I I I I I I I I I I I I I 1951 1952 1953 1954 1955 END OF MONTH SOURCE:BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] All commercial banks End of period 1939 1949 . - --- -i-~ 1950 1951 _ _ 1952 1953 _„ 1954 _ __ 1954: March April May June July August -.- September October November- - . December -_ 1955: January 4 4 February March 4 . April 44 May Total loans and investments 40.7 120.2 126.7 132.6 141.6 145.7 155.9 142.8 144. 1 145.7 146.4 147.3 149.5 150.6 154.0 155.7 155.9 156.2 154.8 153.5 155. 5 Loans 17.2 43. 0 52.2 57.7 64.2 67.6 70.6 67.1 66.8 67. 1 67.3 67.3 66.5 67.3 67.7 69.4 70.6 70.6 71.2 72.3 72.9 Total 23.4 77.2 74. 4 74.9 77.5 78. 1 85.3 75.7 77.4 78.6 79.0 80.0 83.0 83.3 86.3 86.3 85.3 85.7 83.6 81.2 82. 6 Investments U. S. GovOther ernment securities securities 7. 1 16.3 10.2 67.0 12.4 62.0 13.3 61.5 14. 1 63.3 63.4 14.7 16.3 69.0 15. 1 60.7 62. 1 15.2 15.3 63.3 15.5 63.5 15.7 64.3 67.3 15.7 16.0 67.3 70. 2 16. 1 70. 1 16.2 69.0 16.3 16.7 69.0 66.8 16.8 64. 2 17.0 17.0 65.6 Weekly reporting member banks * Business loans 2 4.7 13.9 17.9 21. 6 23.4 23.4 22.4 22.8 22.2 21.9 21.9 21.5 20.8 21.0 21. 0 22. 1 22.4 22.0 22.1 22. 6 22. 5 22.6 All member banks *3 BorrowReserve balances ings at Federal Required Excess Reserve Banks 6.0 17.0 15.6 18. 5 19.6 19.3 18.5 18.9 18.6 18.8 18.8 18.3 17.6 17.6 18.2 18.4 18.6 18.4 18.2 18. 0 18. 2 18.2 J Member banks include, besides all national banks, those State banks that have taken membership in the Federal Reserve System. 2 Commercial, industrial, and agricultural loans; revised series beginning January 1952. a Data are averages of dally figures on balances and borrowings during the period. < Preliminary estimates. NOTE.—Detail will not necessarily add to totals because of rounding. Source: Board of Governors of the Federal Reserve System. 4.4 .8 .8 .8 .7 .7 .8 .7 .8 .7 .9 .8 .8 .8 .7 .8 .7 .7 .6 .6 .6 .6 0 0 1 1 3 8 8 1 2 1 2 1 1 1 1 1 2 2 3 4 5 5 4 27 CONSUMER CREDIT Total consumer credit outstanding rose $700 million during April to a record level of $30.7 billion. large volume of instalment financing of automobile purchases accounted for most of the rise. The continued BILLIONS OF DOLLARS 35 BILLIONS OF DOLLARS 35 1955 1950 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Total consumer End of period credit outstanding 1939 1946 1947 _ 1948 1949 1950 _ _ 1951 1952 . 1953 1954 1954: March April ... May June July August SeptemberOctober—November. December. 1955: January February. March April 28 7. 222 8,384 11, 570 14,411 17, 104 20, 813 21, 468 25, 827 29, 537 30, 125 27, 833 28, 095 28, 372 28, 666 28, 725 28, 736 28, 856 28, 975 29, 209 30, 125 29, 760 29, 518 29, 948 30, 655 Instalment credit outstanding Total Automobile paper * 4,503 4, 172 6,695 8,968 11,516 14, 490 14, 837 18,684 22, 187 22, 467 21, 381 21, 426 21, 487 21, 717 21, 849 21, 901 21, 935 21, 952 22, 014 22, 467 22, 436 22, 508 22, 974 23, 513 1,497 981 1,924 3,054 4,699 6,342 6,242 8,099 10, 341 10, 396 9,919 9,942 10, 002 10, 168 10, 298 10, 349 10, 365 10, 340 10, 296 10, 396 10, 459 10, 641 11, 053 11, 482 Other Repair and consumer moderni- Personal zation loans goods paper * loans 2 1,088 1,620 298 1,496 405 1,290 1,910 2, 143 718 2.229 2,842 843 2', 444 3,486 887 1,006 2,805 4,337 3,235 1,090 4,270 3,851 1,406 5,328 4,366 1,649 5,831 4787 1,616 5,668 1,614 4,405 5,443 4,454 1,617 5,413 1,634 4,481 5,370 4,547 1, 635 5,367 4,586 1,637 5,328 4,616 1,642 5,294 4, 641 1,642 5, 287 4,651 5,324 1,637 4,689 5,398 1, 631 4,787 5,668 1, 616 4,794 1,574 5,609 4, 833 1,550 5, 484 4,912 1,530 5,479 1,534 5,005 5,492 N oninstalment credit outstanding Total 2,719 4,212 4,875 5,443 5,588 6,323 6,631 7,143 7,350 7,658 6,452 6,669 6,885 6,949 6,876 6,835 6,921 7,023 7, 195 7,658 7,324 7,010 6,974 7,142 Charge accounts 1, 414 2, 076 2,353 2,713 2,680 3,006 3,096 3,342 3,411 3,518 2,564 2,723 2,786 2,819 2,773 2,734 2,807 2,892 3,042 3,518 3,225 2,831 2,735 2,859 Instal- Instalment ment credit 3 credit exs repaid tended 8,495 12, 713 15, 540 18, 002 21, 256 22, 791 28, 397 30, 321 29, 304 2,380 2,400 2,397 2,703 2,549 2,477 2,441 2,454 2,554 3,046 2,389 2,416 3,159 3, 089 L Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased. > Includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper." i Credit extended or repaid during the period. Source: Board of Governors of the Federal Reserve System. 6,785 10, 190 13, 267 15, 454 18, 282 22, 444 24, 550 26, 818 29, 024 2,581 2,355 2,336 2,473 2,417 2,425 2,407 2, 437 2,492 2,593 2,420 2,344 2,693 2,550 BOND YIELDS AND INTEREST KATES Rates on Treasury bills declined in May and early June, Bond yields have changed very little in recent weeks. PERCENT PER ANNUM 4 PERCENT PER ANNUM 4 \ U.S. GOVERNMENT BONDS I {OLD .— ^ SERIES) </ TREASURY BILLS I i •\ I 1952 1951 i960 1953 1954 1955 COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. [Percent per annum] U. S. Government security yields 3-month Taxable bonds 2 Treasury Old series 8 New series 4 bills1 0.023 2.44 1. 040 2.31 1. 102 2.32 1.218 1.552 2.57 2.68 1.766 2.93 3. 16 1.931 2.53 2.70 .953 2.72 2.52 .782 2.54 .650 2.70 2.62 2.47 .710 .892 2.60 2.48 2.64 1.007 2.51 2.52 .987 2.65 2.55 2.68 .948 2. 57 2.68 1.174 2.65 1.257 4 2. 76 2.72 2. 92 1.177 2.92 2.71 1.335 2.77 2.92 1.620 1.491 2.75 2.91 Period 1939 1948 . . 1949 1950 1951 1952 1953 1954 1954; May June July August RftptfiTinhfir October November _ _ _ „ December 1955: January. February March _. .» April May Week ended: 1955: May 7 14 21 28 June 4 . 11 » 1.627 1.440 1.427 1.471 1.434 1. 390 2.77 2.75 2.74 2.75 2. 74 2.75 1 Rate on new issues within period. 2 Bonds in this classification were first issued in March 1941. »Beginning April 1952, 2Ji-percent bonds first callable after 12 years. Prior to that, only bonds due or callable after 16 years were included. 2. 92 2.92 2. 91 2.91 2. 90 2.88 2.76 2.40 2.21 1.98 2.00 2. 19 2.72 2.37 2.49 2.48 2.31 2. 23 2.29 2.32 2;29 2.33 2. 39 2.42 2.45 2.43 2.41 3.01 2.82 2.66 2.62 2.86 2.96 3.20 2.90 . 2.88 2. 90 2.89 2.87 2.89 2.87 2.89 2.90 2.93 2.99 3.02 3.01 3.04 4.96 3.47 3.42 3.24 3.41 3.52 3.74 3.51 3.47 3. 49 3.50 3.49 3.47 3.46 3.45 3.45 3.45 3.47 3.48 3.49 3.50 Prime commercial paper, 4-6 months 0.59 1.44 1.49 1.45 2. 16 2.33 2.52 1.58 1.58 1.56 1.45 1.33 1.31 1.31 1.31 1.31 1.47 1.68 1.69 2.00 2. 19 2.41 2.41 2. 40 2.42 2. 45 2.45 3.02 3. 04 3.04 3.05 3.05 3.04 3.49 3.50 3. 49 3.50 3. 50 3.50 2. 19 2.19 2. 19 2. 19 2. 19 2. 19 High-grade municipal bonds 8 Corporate bonds (Moody's) Aaa Baa * 3J4-percent bonds of 1978-83, issued in May 1953; and 3-percent bonds of 1995, issued in February 1955. 8 Standard and Poor's. Weekly data are Wednesday figures. OQ Source: Board of Governors of the Federal Reserve System. "^ MONEY SUPPLY Demand deposits increased $2.1 billion between March and April. The increase was larger than usual at this time of year. At the end of April, total deposits (excluding Government) and currency were 5 percent higher than a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 240 240 END OF MONTH TOTAL DEPOSITS AND CURRENCY TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS (60 160 I 20 120 DEMAND DEPOSITS ADJUSTED TIME DEPOSITS CURRENCY OUTSIDE BANKS "" 1953 1952 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total deposits and currency End of period 1939 1946 1947 1948 1949.. .. 1950 1951 __ 1952 _ 1953 _. 1954. 1954: March April May . _ . . . - June July . August September , October . November December 1955: January * 4 February March 4 . April 4 30 _ . 64.7 167. 5 172.3 172.7 173.9 180.6 189.9 200.4 205.7 2148 201.3 202.3 203.6 205.3 204.8 206.3 207.7 211.3 213.3 214.8 213.4 212.0 210.6 213.0 U.S. Government deposits 1 1.5 3. 5 2.3 3.6 41 3.7 3.9 5. 6 4.8 5. 1 6. 1 5.0 5.6 6.8 44 6.0 5.2 6.6 7.5 5. 1 42 5. 1 5.3 5.6 Total excluding U. S. Government deposits (privately held money supply) Demand Currency Time deposits outside Total deposits 3 adjusted 2 banks 6.4 27. 1 29.8 63.3 540 26. 7 83.3 164 0 56.4 26. 5 87.1 170. 0 57.5 169. 1 26. 1 85. 5 58.6 25. 4 85.8 169.8 59.2 176.9 92. 3 25.4 98.2 61.4 26. 3 186.0 65. 8 27. 5 1948 101. 5 70.4 200.9 102. 5 28. 1 27.9 75.3 209.7 106. 6 195.2 96.7 26. 9 71.7 72. 0 197.3 98.6 26.7 198.0 26. 8 72.5 98.7 198.5 27. 1 73.3 98. 1 200.4 73.7 100. 0 26. 8 200.3 26.9 99.4 740 202. 5 26.9 744 101. 2 204 7 26.9 748 103. 1 74 3 205.8 27.5 104.0 209.7 27.9 106.6 75.3 75.4 209.2 26.8 107.0 75.7 206.9 1045 26.8 76.2 26.7 102.4 205.3 207.4 76.2 26.7 1045 i Includes U. 8. Government deposits at Federal Reserve banks and commercial and savings banks, and U. S. Treasurer's time deposits, open account. »Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. • Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits. < Preliminary estimates. Not a.—Detail will not necessarily add to totals because of rounding. . Source: Board of Governors of the Federal Reserve System. Budget expenditures through April of the current fiscal year were $2.8 billion lower than a year earlier. Budge* receipts were $4.6 billion Tower, reflecting the effect of the 1953-54 business contraction and the 1954 tax reductions. As a result, the cumulative budget deficit at the end of April was $1.8 billion higher than a year ago. BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL BUDGET EXPENDITURES 1950 1951 1952 1953 NET BUDGET RECEIPTS 1954 1955 NATIONAL SECURITY PROGRAMS BUDGET SURPLUS {+) OR DEFICIT (-) (MAGNIFIED SCALE) 1950 1951 1952 1953 19 1955 1953 1950 1954 FISCAL YEARS * ESTIMATED SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Period Fiscal year 1944 .... Fiscal year 1947 Fiscal year 1948 Fiscal year 1949 . . __ . . Fiscal year 1950 Fiscal vear 1951 Fiscal year 1952 _ Fiscal year 1953 Fiscal vear 1954 _ _ _ Fiscal year 1955 (estimated) 1954: March April . .• May June• .. ..-July August - September . ._ October „. „._ November . December . ... 1955: January February March April ... _ Cumulative totals for first 10 months: Fiscal year 1954 . _ Fiscal year 1955 . Net budget receipts 43.6 39.8 41.5 37.7 36.5 47.6 61.4 64.8 64. 7 59.0 11.4 2.8 3.6 10.6 2.8 3.9 5.0 2.6 4.2 3.7 4.7 5.4 9.7 3.7 50.4 45.8 Budget expenditures National Total security * 75.8 95. 1 14.4 39.0 11.8 33. 1 12.9 39.5 39.6 13.0 44. 1 22.3 65.4 43.8 74.3 50.3 67.8 46.5 63.5 40.6 5.6 3.9 5.3 3.7 5.2 3.3 7.3 4.5 3.2 4.8 6.7 3.4 5.0 3.3 49 3.3 3.8 3.3 6.3 3.7 4.9 3.2 4.8 3.1 5.9 3.5 5.2 3.3 55.3 52.5 38.7 33.2 Budget surplus (+) or deficit (— ) Public debt (end of period) 3 -51.4 + .8 + 8.4 -1.8 -3. 1 + 3.5 -4.0 -9.4 -3.1 -4.5 + 5.9 -2.5 1. 6 +3.3 -2.0 2. 8 -. 1 -2.2 +.4 -2.5 -.3 + .6 +3.8 -1.5 202. 6 258. 4 252.4 252.8 257.4 255.3 259.2 266. 1 271.3 274.4 270.3 271. 1 273.6 271.3 271.0 275.0 274. 8 278.8 278.9 278.8 278.5 278.2 274.1 276.7 -4.8 -6.6 271. 1 276.7 »Revised to Include the Items classified as "national security" to The Budget of The United States Government for the Fiscal Year Ending June SO, 1956. These expenditure items are: Military functions of Defense Department, mutual military program, development and control of atomic energy, and allocation .of critical and strategic materials. »Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation. Norn—Beginning with February 1954, the reporting of budget receipts and expenditures is on a basis consistent with that used in preparing budget estimates. The figures shown above for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis. Detail will not necessarily add to totals because of rounding. Sources: Treasury Department and Bureau of the Budget. O "I FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC Cash receipts exceeded cash payments by $4.1 billion in the first quarter of this year. Because of the heavy concentration of corporate tax payments in March, a substantial cash surplus is usual at this time of year. BILLIONS OF DOLLARS BILLIONS OF DOLLARS J 80 I 80 CASH RECEIPTS \ CASH PAYMENTS FIRST QUARTER 20. (MAGNIFIED SCALE) EXCESS OF CASH RECEIPTS I• EXCESS OF CASH PAYMENTS -10 1950 1951 I954J/ 1953 1952 ±t PRELIMINARY ESTIMATES SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT. 1954^ 1955 * CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Cash receipts from the public Calendar year Calendar ^pear total: 19461 1947. 1948. 1949. 1950. 1951. 19521953. 1954 * Quarterly totals, not adjusted for seasonal variation: 1953: First quarter Second quarter .. _ . Third quarter Fourth quarter. . 1954: 1 First quarter Second quarter Third quarter Fourth quarter - 1055: 1 First quarter , . _ Cash payments to the public Excess of receipts (+) or payments (— ) 41,441 44, 282 44, 922 41, 346 42, 419 59, 278 71, 339 70, 041 68, 562 41, 399 38, 616 36, 897 42, 642 41, 969 58, 034 72, 980 76, 194 69, 622 +42 +5, 666 +8, 027 — 1,295 +450 + 1,244 — 1,641 — 6, 153 — 1,060 22, 539 18, 674 15, 357 13, 471 23, 693 19, 115 13, 501 12, 253 21, 287 18, 166 21, 049 18, 870 18, 109 16, 459 18, 431 18, 582 16, 172 17, 161 +4, 373 —2, 375 -3,513 —4, 638 + 7, 234 + 684 -5,082 -3,918 +4, 126 i Preliminary estimates, NOTK.—Detail will not necessarily add to totals because of rounding. Bcmmss; Bureau of the Budget and Treasury Department, For by the Superintendent of Documents, U. S. GoYernment Printing Office, Washington 25, D. C. Price 20 centg per copy; $2.00 per year; $2.50 foreign. U. S. G O V E R N M E N T PRINTING OFFICE: 1955