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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
sump- domestic foreign
gross
national
tion
investproduct expend- investment
ment
itures

Period

Government purchases of goods and services
Federal
State
and
Total * Total * National Other
2
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

Parity
ratio 1

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
Nonagri- layoffs 2
cultural

Insured
Unemployment 3
unemployment
%of
Number civilian (thousands
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
3 See footnote 2.
4
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
Durable Nondu- Mining construc- and retail (Federal,
Total
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 on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
1
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

y>/N

-v*

Y^/^^ ^v

^^^^^

36

36

o'

PER WEEK

44

44

42

The rise

,
1952

'
, , . , , ) . , . < .
1953

. .i i . 1 . i i ii
1954

o'

f
1955

1,,,,,
1952

BUILDING CONSTRUCTION

, i i . i1 i , i .,
1953

'

, , , , , ! , , , , ,
1954

i i i .-i 1
.....
1955

RETAIL TRADE

42

42

4O

40

38

36

v v^^\
A^V.

34

o'

1954

1953

~/\^
^
^

r^V
|/
•'r
• i . i . 1 i , , .i

1952

^

38

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
Retail trade
All manufacturing manufacturing Nondurable goods
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
ery
metals
prod- apparel printequipmetal
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
loaded
Thousands Percent of distributed (thousands (thousands (thousands assembled (thousands)
theoretical (millions of
of short
of net
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 3
11 3

__

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 _ _
Second quarter 3
Third quarter 3 _ _ _
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 2 102. 0
396. 1
913. 5
2
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)

(3)
(3)
(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
InvenInven- New
InvenInvenInvenSales * tories 2 Sales l tories 2 orders 1 Sales i tories 2 Sales 1 tories 2 Sales J
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
Rental
Personal Transfer sonal consalary 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
personal
income3

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
NonDurable durable Services saving
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

251.2
251.2

1953: Third quarter..
Fourth quarter
1954: First quarter
Second quarter
Third quarter. _
Fourth quarter _
1955: First quarter

'
._
_ _

__
„.
.

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
Mav
^.j-o-j
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 ex- credit 3
s
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




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Price 20 centg per copy; $2.00 per year; $2.50 foreign.
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