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Congress, 2d Session

Economic Indicators
JUME 1960

Prepared for the Joint Economic Committee by the




// \^

Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON :1960

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
JOHN SPARKMAN (Alabama)
RICHARD BOLLING (Missouri)
J. WILLIAM FULBRIGHT (Arkansas)
HALE BOGGS (Louisiana)
JOSEPH C. O'MAHONEY (Wyoming)
HENRY S. REUSS (Wisconsin)
JOHN F. KENNEDY (Massachusetts)
FRANK M. COFFIN (Maine)
PRESCOTT BUSH (Connecticut)
THOMAS B. CURTIS (Missouri)
JOHN MARSHALL BUTLER (Maryland)
CLARENCE E. KILBURN (New York)
JACOB K. JAVITS (New York)
WILLIAM B. WIDNALL (New Jersey)
JOHN W. LEHMAN, Clerk, and Acting Executive Director

COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNTER, Chairman
KARL BRANDT
HENRY C. WALLICH

[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. 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
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators, ff 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 Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.

U



Contents
TOTAL OUTPUT, INCOME, AND SPENDING

Page

The Nation's Income, Expenditure, and Saving.
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Per Capita Disposable Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment

• •••

1
2
^
4
5
6
7
8
9
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Nonagricultural Employment
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries

11
12
13
14
15

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Sales and Inventories—Manufacturing and Trade
Merchandise Exports and Imports

,

PRICES

,.

16
17
18
19
20
21
22

(

Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers

23
24
25

CURRENCY, CREDIT, AND SECURITY MARKETS
Currency and Deposits. . ; -. . ...
Bank Loans, Investments, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices

26
27
28
29
30

FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public. ;




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

31
32

TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that total income and expenditures rose between the fourth quarter of 1959 and the first
quarter of 1960.
[Billions of dollars!

1959
First quarter

Year
Economic group

1960

Excess
of reExRe- pend- ceipts
(+)
ceipts itures or expenditures
(-)

Fourth quarter

Excess
of receipts

ExRe- pendceipts itures or expenditures
<-)

(+)

First quarter

Excess
Excess
of reof reExExRe- pend- ceipts
Re- pend- ceipts
(+)
ceipts itures or ex- ceipts itures or expendpenditures
itures
(-)
<-)

(+>•

Seasonally adjusted annual rates
Consumers:
Disposable personal income. 334.6
Personal consumption ex311. 6
Denditures

23.5
51. 5
69. 7

1. 5

Excess of transfers ( + )
or of net exports ( — )

79. 2

18.2
1. 7

-. 9

—. 8

(')•
1 5

— .6
2. 4

2. 3

24. 4
«

20. 5

20. 2

1.5

321.1
23.7

70. 0

71. 1

Net exports of goods and

345. 4
317. 0

49. 5

50. 9

Excess of investment
(—.)
International :
Foreign net transfers by

303.9

23.1

Personal net saving (+)
Business:
Gross retained earnings
Gross private domestic in-

340. 8

327. 4

1. 2
.3

2.3

Government (Federal, State,
and local) :
Tax and nontax receipts or
128. 7
accruals
Less : Transfers, interest,
34. 1
and subsidies (net)

125. 2

129.6

(')

33.3

35. 7

35.8

94.6

91. 9

93.9

W

Net receipts
Total government expendi-

131. 7

Purchases

133.1

1346

33.3

35.7

35. 8

97. 6

of goods

130.7

34. 1

Less: Transfers, interest,
and subsidies (net)

97. 4

97.4

98.8

Surplus (+) or
deficit (— ) on
income and
product account.
Statistical discrepancy

— 3. 0
2 3

2. 3

GROSS NATIONAL PRODUCT.. 479. 5 479.5
i Not available.
Sources: Department of Commerce and Council of Economic Advisers.




— 3. 5

- 5. 5
. 2 -4.4

.2

470. 4 470. 4

483. 5 483. 5

-4.4

(9
0)

0)

500. 2 500.2

NOTE.—For explanation and use of this arrangement, see Senate Report
No. 1295, Joint Economic Report, pp. 92-93, 99-105, and Economic Report of thf
President, January 1953, Appendix A.

1

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product rose $16.7 billion (seasonally adjusted annual rate) in the first quarter of 1960 to $500.2
billion, according to current estimates. All major components except Federal purchases contributed to the rise,
with gross private domestic investment accounting for over one-half of it.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

500

400

200

200

GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100

I960

1954
SOURCE: DEPARTMENT OF COMMERCE.:

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
Personal
Government purchases of goods and services
Net
Gross
Total
congross
private exports
Federal
sumpnational gross
State
Period
goods
product national
tion domestic of and
and
Total
National Other
investTotal i defense 2
in 1959 product expendlocal
services
ment
itures
prices
1949
8.9
17.9
181. 2
22. 2
258. 1
13. 6
33.0
3.8
828. 2
40. 2
1950
19.7
5.2
195. 0
856. 2
284.6
143
19.3
39.0
50. 0
.6
1951
5. 2
21.7
329. 0
209. 8
38.8
33. 9
2.4
885. 0
56. 3
60. 5
1952
6.7
52. 9
46. 4
23. 2
347.0
219. 8
899. 0
1.3
76.0
49. 9
1953
232. 6
9.0
365.4
49. 3
24 9
—.4
58. 0
82.8
417. 1
50. 3
1954
41. 2
6.7
47. 5
27.7
363. 1
238. 0
1.0
408. 8
48. 9
75.3
1955
6. 6
256. 9
39. 1
397.5
45. 3
30.3
1. 1
75.6
441.5
63. 8
1956..
5.7
33.2
40. 4
450. 9
419. 2
269.9
45.7
2. 9
67. 4
79. 0
1957
.
44 3
5.5
442. 5
49. 4
284. 8
36.8
49
86. 2
458. 9
66. 6
1958
441. 7
52. 2
44 5
8. 1
40. 5
293. 0
1. 2
92. 6
448. 6
54 9
45. 8
8.1
1959
479. 5
53. 5
44. 1
311. 6
71. 1
97.6
479.5
-.8
Seasonally adjusted annual rates
1958: Third quarter
8.9
444.0
294 4
44 5
40.8
54 2
53. 1
1. 6
93. 8
450. 9
42.2
Fourth quarter...... 462. 2
457. 1
2
299. 1
54 2
9. 4
45. 3
61.3
96. 5
473. 3
70.0
8.3
43. 6
1959: First quarter
470. 4
45. 8
53. 8
303. 9
— .9
97. 4
486. 1
8.0
SecoDd quarter
77.7
43. 8
484.8
53.9
46. 2
97.7
-1.8
311. 2
477.8
8. 1
Third quarter
.
44 8
45. 9
478. 6
67. 0
.0
98. 4
53. 6
313. 3
480. 2
Fourth quarter
52. 7
7.8
483.5
317.0
45.3
44. 7
-.6
69. 7
97. 4
I960: First quarter
7. 8
321. 1
46. 5
494.3
500.2
79.2
1. 2
52. 3
44 8
98. 8
1
Ixws Government sales.
- Thcisc expenditures correspond closely with the "maior national security"
rutty'ory In The Jiudget of the Untied State.* Oovernment for the Fiscal Year Ending
June 30, tfKil, shown on p. 31 of Economic Indicators.




Source: Department of Commerce.

NATIONAL INCOME
Compensation of employees (seasonally adjusted) increased in the first quarter of 1960. All
corporate income also rose except farm income.

other forms of non-

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL NATIONAL INCOME

400

400

300

300

COMPENSATION OF EMPLOYEES

200

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

100

PROPRIETORS' AND
RENTAL INCOME

1954

1955

1956

100

I960

1959

SOURCE: DEPARTMENT OF COMMERCE.

^COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Period

1949_
1950
1951_
1952
1953
1954.
1955
1956
1957
1958
1959

.

Total
national
income
217.7
241.9
279.3
292.2
305.6
301.8
330. 2
350.8
366.5
366.2
398. 5

Compensation
of em- l
ployees

Proprietors' income
Business
and professional

Farm

140. 8
154. 2
180. 3
195. 0
208. 8
207. 6
223. 9
242. 5
255. 5
256. 8
277.4

12. 9
14. 0
16. 3
15. 3
13. 3
12. 7
11. 8
11. 6
11. 8
14. 2
11. 8

Rental
income
of
persons

22.7
23.5
26.0
26.9
27.4
27.8
30.4
32. 1
32. 7
32. 4
34. 5

8. 3
9.0
9. 4
10. 2
10. 5
10. 9
10. 7
10. 9
11. 5
11.8
12. 0

Net
interest
4. 8
5.5
6.3
7. 1
8.2
9. 1
10. 4
11.7
13.3
143
15.6

Corporate profits and inventory valuation adjustment
Total

Profits Inventory
before valuation
taxes adjustment

28. 2
35.7
41. 0
37.7
37.3
33.7
43. 1
42.0
41.7
36.7
47.2

26. 4
40.6
42. 2
36. 7
38. 3
34 1
44 9
44 7
43. 3
37. 1
47.8

1. 9
-5. 0
-1. 2
1.0
-1.0
-.3
-1. 7
-2. 7
-1. 5

38.0
43. 5
45. 5
51. 0
46.0
46. 2

38. 3
44 6
46. 5
52. 6
46. 4
45. 7

~0 3
Li

(2)

(2)

—. 6

Seasonally adjusted annual rates
1958: Third quarter
Fourth quarter.-...
1959: First quarter
Second quarter
Third quarter- _
Fourth quarter
1960: First quarter

369. 5
380.4
389. 4
403. 9
398. 2
402.6
(2)

258.5
262.9
269. 9
278.9
279.3
281.6
290. 1

1 Includes employer contributions for social insurance. (See also p. 4.)
Not available.
Source: Department of Commerce.
2




14. 2
14 1
13. 2
12. 1
10. 3
11. 6
10. 8

32. 6
33. 2
33. 7
34. 5
34. 8
35. 1
35. 4

11. 9
11.9
12. 0
12. 0
12.0
12.0
12. 2

14 4
14 7
15. 1
15. 4
15. 8
16. 1
16. 4

—.9
i fi
—. 3
.5
(2)

SOURCES OF PERSONAL INCOME
Personal income at an annual rate of $399.4 billion (seasonally adjusted) in May was $1.6 billion above the revised
April rate. There were small increases in all major sources of income except rental income and transfer payments.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL PERSONAL INCOME

\

LABOR INCOME

BUSINESS, PROFESSIONAL, AND RENTAL INCOME

FARM PROPRIETORS' INCOME

DIVIDENDS AND
PERSONAL INTEREST

50
TRANSFER r A T W l t N l O v
l«MPIDrtn PAYMENTS

1955

1954

1956

,M)Mim^

1957

1958

SOURCE: DEPARTMENT OF COMMERCE

Period

1951
1952
1953
1954
1955
1956
1957
1958
1959.

...

1959: Anril
Mav
June
«._
Julv
August
September.
October. __
November.
December.
1960: January...
February
March
April 3
May

Total
personal
income
256.7
273. 1
288. 3
289. 8
310.2
332. 9
350.6
359. 0
380. 2
379.0
381. 3
383. 8
383. 4
380. 0
380. 9
382. 6
387.0
392. 1
392. 8
393.0
394. 0
397.8
399.4

I960
(COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Labor income Proprietors' income
Less: Per(wage and
Rental
Personal Transfer sonal consalary distributions
income
DiviBusiness
payinterest
bursements
of
dends
Farm
and proincome
ments for social
and other
insurfessional persons
labor income)1
ance
16.3
175.5
26.0
9.4
3.4
12. 6
11.2
9.0
190.2
15.3
26. 9
10.2
13.2
3. 8
12. 1
9.0
204. 1
13.3
27.4
10. 5
9.2
3. 9
14.3
13.4
12.7
202.5
27.8
10. 9
4.6
16.2
14. 6
9.8
218.0
11.8
30.4
5.2
10.7
11.2
15.8
17.5
11. 6
32. 1
235. 7
10.9
12. 1
5.8
17.5
18. 8
247. 7
11. 8
32. 7
6.7
11. 5
12. 5
21.7
19. 5
14.2
32. 4
248. 7
7.0
11. 8
12. 4
20. 4
26. 1
267. 8
11.8
34. 5
12.0
8.3
13.2
26.8
22.4
Seasonally adjusted annual rates
267. 2
12.2
34. 3
12. 0
26. 9
8. 3
12.9
21.8
269. 7
12.0
34. 5
8.3
12.0
26.4
22.0
13.0
271. 7
12. 1
34. 7
26.4
8.4
12.0
22. 2
13. 1
11.4
271.6
34.9
26.3
8. 4
12.0
13.2
22.4
268. 9
10.0
34. 9
8.4
12.0
22. 7
26.5
13. 4
269. 4
8.4
9. 6
34.8
27.0
12. 0
13. 5
23. 0
269. 4
10. 5
35.0
12. 0
8.4
27.2
13. 6
23. 3
271. 4
11. 6
35. 1
28.0
12.0
8.4
13. 7
23. 5
12. 6
275. 7
35.2
8.5
12. 0
27.7
13.5
23.8
278. 5
11.6
9.7
35.4
12. 1
27.2
13.6
24. 1
279.2
10. 7
35.4
9.7
12.2
27.3
24. 3
13. 6
10. 3
279. 8
12. 2
9.8
35.4
27.9
13. 6
24. 6
282. 0
11. 1
35. 6
28.2
12. 2
9.8
13. 6
24. 9
282. 6
35. 8
11. 6
12. 2
25. 2
28. 0
9.8
13.7

1
Compensation of employees (see p. 3) excluding employer contributions for
social insurance and the excess of wage accruals over disbursements.
2
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.




1959

s Preliminary estimates.
Source: Department of Commerce.

Nonagricultural
personal2
income
237.0
254.3
271.5
273. 8
295. 0
317. 9
335.2
341. 1
364.4

362. 7
365. 3
367. 8
368. 2
366. 3
367.5
368. 1
371.5
375.4
377. 1
378. 2
379. 5
382.4
383. 5

DISPOSITION OF PERSONAL INCOME
Disposable personal income rose $4.6 billion (seasonally adjusted annual rate) between the fourth quarter of 1959
and the first quarter of 1960, according to current estimates. Total consumption expenditures also rose, but by a
slightly smaller amount than income.
BILLIONS OF DOLLARS
400

BILLIONS OF DOLLARS
400

DISPOSABLE- PERSONAL INCOME
300

200

too

100

1954

SOURCE:DEPARTMENT OF COMMERCE.

.COUNCIl. OF ECONOMIC ADVISERS

Equals:
Personal Less: Disposable
income Personal
taxes l personal
income

Period

1949
1950
1951
1952
1953 .
1954
1955
1956
1957..
1958
1959

_
_

.
_

1958: Third quarter
Fourth quarter
1959: First quarter
Second quarter
Third quarter
Fourth quarter
1960: First quarter
1

.

.

.

208. 3
228. 5
256.7
273. 1
288.3
289.8
310.2
332.9
350. 6
359.0
380. 2

18.7
20. 8
29. 2
34 4
35.8
32.9
35.7
40.0
42. 7
42. 6
45. 5

363. 4
366. 3
371. 8
381. 1
381.0
386.8
393. 1

42. 9
43. 4
44. 4
45. 8
45. 9
46. 1
47. 7

Includes such items as fines, penalties, and donations.
57215°—GO-




Less: Personal consumption
expenditures

Total

Saving
Equals: as percent
of disPersonal
saving
Durable Nonposable
goods durable Services
income
goods

Billions of dollars
189. 7
181.2
24 6
207. 7
30. 4
195.0
209. 8
227. 5
29. 5
238.7
29. 1
219.8
252. 5
32. 9
232.6
256. 9
238. 0
32. 4
274.4
256. 9
39. 6
292. 9
269. 9
38. 5
284 8
307.9
40. 3
316. 5
293. 0
37. 6
43.0
334. 6
311. 6
Seasonally adjusted annual
320. 4
294 4
37. 1
322. 9
299. 1
39. 8
327. 4
41. 3
303. 9
335. 3
311. 2
44 1
43.6
335. 1
313.3
340. 8
317.0
42. 8
43.7
345. 4
321. 1

96.6
99. 8
110. 1
115. 1
118.0
119.3
124. 8
131. 4
137. 7
141. 9
147.9
rates
143. 1
143. 6
145. 3
147. 7
148.0
150. 1
151. 1

Source: Department of Commerce.

60. 0
64 9
70.2
75.6
81. 8
86. 3
92. 5
100. 0
106. 7
113. 4
120. 7

8. 5
12. 6
17.7
18.9
19.8
18.9
17. 5
23. 0
23. 1
23. 5
23. 1

45
6. 1
7.8
7.9
7. 8
7. 4
6. 4
7.9
7.5
7. 4
6. 9

114 2
115.7
117. 4
119. 4
121. 6
124. 1
126. 3

26. 0
23.7
23. 5
24 1
21. 9
23. 7
24 4

8. 1
7.3
7. 2
7. 2
6.5
7. 0
7. 1

PER CAPITA DISPOSABLE INCOME
Per capita disposable income, measured in both current and constant prices, increased in the first quarter of 1960.

DOLLARS
2,200

DOLLARS
2,200

SEASONALLY AQJUSTEQ ANNUAL RATES

2,000

2,000
PER CAPITA
DISPOSABLE PERSONAL INCOME
IN 1959 PRICES -^

1,800

- 1,800

1,600

1,600

1,400

I £00

I960

1954

-I/SEE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE, AND COUNCIL OF ECONOMIC ADVISERS.

COUNCIL Of ECONOMIC ADVISERS

Total disposable personal
income (billions of dollars)l
Period

1959
prices 2

Current
prices

1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959

.
..

189.7
207.7
227.5
238.7
252.5
256. 9
274. 4
292. 9
307.9
316. 5
334. 6

231.3
249. 6
256. 5
263. 5
276. 0
278. 0
296. 0
310. 3
316. 8
319. 7
334.6

Per capita disposable personal income (dollars)l
Current
prices

1,272
1,369
1,474
1,520
1,582
1,582
1, 660
1, 742
1,799
1,818
1,891

1959
prices 2

Population
(thousands) 8

1,551
1,645
1,662
1,678
1,729
1,712
1,791
1,845
1,851
1,836
1,891

149, 188
151, 683
154, 360
157,028
159, 636
162, 417
165, 270
168, 176
171, 198
174, 054
176, 947

1,859
1,858
1,872
1,905
1,885
1, 903
1,913

174, 450
175, 242
175, 926
176, 599
177, 358
178, 144
178, 794

Seasonally adjusted annual rates
1958: Third quarter
Fourth quarter
1959: First quarter
Second quarterThird quarter
Fourth quarter
1960: First quarter
1
Income
1

.. ..«
.
.
. . . .

less taxes.
Dollar estimates in current prices divided by the implicit deflator for personal consumption expenditures on a 1959 base.
»Population of the United States, excluding Alaska and Hawaii; includes




320. 4
322.9
327.4
335. 3
335. 1
340. 8
345. 4

324. 3
325. 5
329.4
336. 3
334.4
339. 1
342. 0

1,837
1,843
1,861
1, 899
1,889
1,913
1,932

armed lorces abroad. Annual data as of July 1; quarterly data centered in the
middle of the period, interpolated from monthly figures.
Sources: Department of Commerce and Council of Economic Advisers.

FARM INCOME
In the first quarter of 1960, farm operators' net income (seasonally adjusted and including net change in inventories)
changed little from the level established in the second half of 1959.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

40

40

\^^

^

-^

1

s~ {

^\x~

•*m

REALIZED GRO ss
FARM INCOME J/

30

30

20

20

NET FARM INCOME
{INCL.NET CHANGI
IN INVENTORIES) I/
S **

'"\.-.

— — *«

\ -—^

*^

10

0

!

\

1

1

1954

L

!

1

1955

t

1
l
1956

1

t

1

1957

Realized
gross farm
income 1

1949
1950
1951
1952 .
1953 . ._
1954 .. ..
1955
1956
1957._
1958
1959

:..

1958: Third quarter
Fourth quarter
1959: First quarter ..
Second quarter
Third quarter
Fourth quarter
1 960 : First q uarter

31. 8
32.5
37.3
37.0
35.3
33. 9
33. 3
34. 6
34. 4
38. 3
37. 0
38. 4
38. 5
38. 1
37. 3
35. 6
36. 9
36. 5

1

1

1

'

1959

'

1

1

0

I960

COUNCIL OF ECONOMIC AD\/ISERS

Farm operators' income
Net income 2
Net income per farm including net change in
Excluding
Farm proIncluding
inventories
duction
net change net change
expenses
in invenin invenCurrent
1959
tories
tories
prices
prices 3
Billions of dollars
Dollars
18.0
13. 8
12.9
2,259
2,689
19.3
13.2
14.0
2,479
2,916
22.2
15. 2
16.3
2,951
3,173
22.6
14. 4
15.3
2,829
3, 010
21.4
13. 9
2,502
13.3
2,690
21. 7
12.2
12. 7
2, 440
2, 624
21. 9
11. 5
2,313
11.8
2,487
22. 6
12. 0
11. 6
2, 338
2,461
23. 4
11. 0
11.8
2,426
2,476
25. 2
13. 1
14. 2
2,990
3,020
26.0
11. 0
2,547
2,547
11.8
Seasonally adjusted annual rates
25. 2
13. 2
14. 2
2,990
3,020
25.3
13. 2
14. 1
2,970
3,000
25.9
12.2
13. 2
2,840
2,870
26. 1
12. 1
11. 2
2, 600
2, 630
26. 1
9. 5
10. 3
2,220
2,220
26. 0
10. 9
2,500
11.6
2,480
26. 2
10. 3
10. 8
2,380
2, 380

1 Cash receipts from farm marketings, value of farm products consumed in
farm households, gross rental value of farm dwellings, and Government payments
to2farmers.
Kealized gross farm income less farm production expenses. Excludes farm
wages paid to workers living on farms and any income to farm people from
nonfarm sources, which in 1959 amounted to $1.8 billion and $6.7 billion,
respectively.




1

1958

-MNC OME OF FARM OPERATORS FROM FARMING,
SOU ICE: DEPARTMENT OF AGRICULTURE.

Period

1

10

3

Number of
farms
(millions) *
5.7
5.6
5.5
5.4
5.3
5.2
5. 1
5.0
4.9
4,7
4.6
4.7
4.7
4. 6
4. 6
4. 0
4. ti
4. 5

Dollar estimates in current prices divided by the index of prices paid Uy
farmers for items used in family living on a 1959 base.
* The number of farms is held constant within a given year.
Source: Department of Agriculture.

CORPORATE PROFITS
Corporate profits before taxes in the fourth quarter of 1959 were $45.7 billion (seasonally adjusted annual rate).
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

10

1959

1953
** NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.

COUNCIL OF KONOMIC ADVISSRS

SOURCE: DEPARTMENT OF COMMERCE.

[Billions of dollars]
Corporate
profits
before taxes

Period
1949.
1950
1953
1954.
1955.
1956
1957
1958
1959

Corporate
tax
liability

26.4
40. 6
42. 2
36. 7
38. 3
34. 1
44 9
44. 7
43. 3
37. 1
47. 8

..

.

10.4
17.9
22. 4
19.5
20.2
17.2
21.8
21. 2
21. 1
18. 2
23.3

Corporate profits after taxes
Total

Dividend
payments

16. 0
22.8
19.7
17. 2
18.1
16.8
23.0
23.5
22. 2
18.9
24.5

Undistributed
profits
8.5
13. 6
10.7
8.3
8.9
7.0
11.8
11.3
9.7
6.5
11.3

7.5
9.2
9.0
9.0
9.2
9.8
11.2
12. 1
12.5
12.4
13.2

Seasonally adjusted annual rates
1958: First quarter
Second quarter
Third quarter
Fourth quarter
1959: First quarter.
Second quarter
Third quarter
Fourth quarter
1960: First quarter
1

...
.

32.0
33.6
38. 3
44. 6
46.5
52.6
46. 4
45.7

..

.
0)

Not available.
NOTE.—See p. 3 for oroflts before taxes and after Inventory valuation adjustment.

8



15.7
16.5
18.8
21.9
22.6
25.6
22.6
22.2
P)

16.3
17.1
19. 5
22.7
23.8
27.0
23.8
23.4
«

Source: Department of Commerce.

12.7
12. 6
12.6
12.0
12.8
13.0
13. 4
13.6
13.6

3.6
4.5
6.9
10.7
11.1
14.0
10.4
9.8
P)

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic Investment increased $9.5 billion (seasonally adjusted annual rate) between the fourth quarter
of 1959 and the first quarter of 1960. Inventory accumulation accounted for most of the rise.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

SEASONALLY ADJUSTED ANNUAL RATES

8O

GROSS PRIVATE
DOMESTIC INVESTMENT

60

NEW CONSTRUCTION

40
PRODUCERS'
DURABLE EQUIPMENT

l l l l l l l l *»Unnt
llllllll

.

20
CHANGE IN BUSINESS
INVENTORIES

^+

o

1 • 1
\
1954

-20

V

1

t

^1

^ I**'** " " ^
" "

1

1

1955

'

'

t

i

l

1

1956

'

1

1

l

I

1957

i
t
1958

\ .S*

i

i
i
1959

I960

-20

1

i

SOU RCE: DEPARTMENT OP COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Period

1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959

_

Total
gross
private
domestic
investment

33.0
50.0
56. 3
49. 9
50.3
48.9
63. 8
67. 4
66. 6
54.9
71. 1

Change in business
inventories

Fixed investment
New construction
Total

36.0
43. 2
46. 1
46. 8
49.9
50.5
58.1
62. 7
64. 6
58.7
66. 3

Total

18.8
24. 2
24. 8
25. 5
27. 6
29.7
34. 9
35.5
36. 1
35.8
40.2

Residential
nonfarm

l

Other

9. 6
14.1
12. 5
12. 8
13.8
15.4
18.7
17. 7
17.0
18.0
22. 2

Producers'
durable
equipment

9.2
10. 1
12. 3
12. 7
13. 8
143
16. 2
17.8
19.0
17.7
18.0

Total

Nonfarm

17.2
18.9
21.3
21. 3
22. 3
20.8
23.1
27. 2
28.5
22.9
26. 1

-3. 1
6.8
10.2
3.1
.4
-1.6
5.8
4.7
2.0
— 3. 8
4,8

-2.2
6.0
9. 1
2.1
1. 1
-2.1
5.5
5.1
1.2
-4.9
3.9

22. 2
23.2
23. 9
26.0
27.0
27.5
28. 1

-3. 4
.8
6.3
10.7
—L 0
3.0
10.6

-4.5
—.1
5.4
9.8
— 1.8
2.3
10. 1

Seasonally adjusted annual rates
1958: Third quarter
Fourth quarter
1959: First quarter
Second quarter
Third quarter
Fourth quarter
1 960 : First quarter

54. 2
61. 3
70.0
77.7
67.0
69. 7
79. 2

57.6
60. 5
63. 6
67.0
68.0
66. 7
68. 5

35. 4
37. 3
39. 7
41.0
41.0
39. 2
40.4

1
"Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.




18.0
19.9
21.9
23.1
22.6
21. 3
21.3

17.4
17. 4
17.8
17.9
18.3
17.9
19. 1

Source: Department of Commerce.

9

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The April-May survey of business expenditures on plant and equipment tends to confirm the/earlier anticipation of
increases in the first and second quarters. The present survey indicates a continued advance in the third quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

40

^MANUFACTURING

'*"""*

1954
-^ SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION, AND DEPARTMENT OF COMMERCE.

[Billions of dollars]
Manufacturing
Period

Total *
Total

1950..
1951.
. .
1952.
...
1953
1954
1955
1956
1957...
_
1958
1959
1960s

.

1958: Third quarter
Fourth quarter.........
1959 : First quarter
Second quarter..
._
Third quarter
Fourth quarter
1960: First quarter 3
Second quarter
Third quarter 3

20. 60
25. 64
26. 49
28. 32
26.83
28. 70
35. 08
36. 96
30. 53
32. 54
36.85

7.49
10.85
11.63
11. 91
11. 04
11. 44
14. 95
15. 96
11.43
12. 07
14. 90

29. 61
29. 97
30.60
32. 50

10. 86
10.58
11.20
11.80
12.25
12. 85
14. 10
14.8
15. 1

3a 35
33.60
35. 15
37.0
37.5

Durable Nonduragoods
ble goods

3. 14
5. 17
5. 61
5.65
5.09
5.44
7.62




4.36
5.68
6.02
6.26
5.95
6.00
7.33
7.94
5. 96
6. 29
7.43

Commercial and
other 3

Railroads Other

Public
utilities

a 71

1.21
1.49
1.50
1.56
1.51
1.60
1.71
1.77
1. 50
2.02
2. 14

3.31
3. 66
3.89
4. 55
4.22
4,31
4. 90
6. 20
6.09
5. 67
5.85

6.78
7.24
7.09
8.00
8.23
9.47
11.05
10. 40
9.81
10. 88
11.82

1.29
1.62
1.70
2. 10
2. 15
2. 15
2. 00
2.4
2.3

6. 10
6.26
5.80
5.80
5.60
5.50
5.75
5.8
5.9

9.85
9.96
10. 35
10. 85
11.05
11.20
11. 35
11.9
12. 0

1. 11
.93
1.47
.98
1.40
.99
1.31
.98
.85
.92
.96
1.24
1.23
a 02
1.24
1.40
5.47
. 94
. 75
5.77
.99
.92
7.47
1.07
1. 06
Seasonally adjusted annual rates
5. 16
5.70
0. 88
0. 63
5.72
4.86
. 97
. 58
5.25
.95
5.95
. 65
5.75
LOO
6.05
. 95
5.85
1.00
6.40
1.30
6. 15
1.05
6. 70
.85
7. 15
6. 95
1. 00
1. 00
7.3
7.5
1. 1
1. 1
7.6
7.6
1.2
1. 1

1
Excludes agriculture.
» Commercial and other includes trade, service, finance, communications, and
construction.
* Estimates based on anticipated capital expenditures as reported by business
In late April and May 1960. Includes adjustments when necessary for systematic tendencies in anticipatory data.

10

Transportation

Mining

NOTE.—Quarterly anticipated data are rounded to nearest $100 million; beginning 1959 all other quarterly data rounded to nearest $50 million.
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
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.
Sources: Securities and Exchange Commission and Department of Commerce

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Total employment increased by 1 million and unemployment declined by 200,000 in May, as outdoor activities
continued to expand. The seasonally adjusted rate of unemployment was reduced to 4.9 percent of the civilian
labor force.
MILLIONS OF PERSONS-^/
80

MILLIONS OF PERSONSJ/
80

55

I960
14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR,

Period

New definitions: l
1953
............
1954
............
1955
............

1957
1958
1959..
1959: April

May
June
July.
August
September.
October
November.
December..
1960: January .-^
February..
March.
April

May

COUNCIL Of ECONOMIC ADVISERS

Total
Insured unemployment2
Civilian employment]
Unemployment*
labor
Civilian
All proState pro% of civilian
force (inlabor
Agricul- Nonagri- Number labor force
grams
grams as
cluding
Total
force 1
tural
cultural
armed
Unad- Seas, (thousands % of covered
3
forces)M
justed adj. of persons) employment
__
_
Thousands of persons 14 years of age and over

67, 362
67, 818
68, 896
70, 387
70, 744
71, 284
71, 946
71, 210
71, 955
73, 862
73, 875
73, 204
72, 109
72, 629
71, 839
71, 808
70, 689
70, 970
70, 993
72, 331
73, 171

63, 815
64, 468
65, 848
67, 530
67, 946
68, 647
69, 394
68, 639
69, 405
71, 324
71, 338
70, 667
69, 577
70, 103
69, 310
69, 276
68, 168
68, 449
68, 473
69, 819
70, 667

61, 945
60, 890
62, 944
64, 708
65, Oil
63, 966
65, 581
65, 012
66, 016
67, 342
67, 594
67, 241
66, 347
66, 831
65, 640
65, 699
64, 020
64, 520
64, 267
66, 159
67, 208

6,555
6,495
6,718
6, 572
6,222
5,844
5,836
5,848
6, 408
7,231
6,825
6,357
6,242
6,124
5,601
4,811
4,611
4,619
4,565
5,393
5,837

i See Employment and Earnings, Department of Labor, for definitions, methods
&1 estimation, periods to which data pertain, etc.
a Weekly averages. Beginning January 1959, includes Alaska and Hawaii.
3
Includes program for Federal employees for 1955-June 1959.




55, 390
54,395
56, 225
58, 135
58, 789
58, 122
59, 745
59, 163
59, 608
60, 111
60, 769
60, 884
60, 105
60, 707
60,040
60, 888
59, 409
59, 901
59, 702
60, 76£
61, 371

1,870
3,578
2, 904
2,822
2,936
4,681
3,813
3,627
3,389
3,982
3,744
3,426
3,230
3,272
3, 670
3,577
4,149
3,931
4,206
3,660
3,459

2.9
5.6
44
42
43
6. 8
5. 5
5.3
49
5. 6
5.2
48
46
47
5. 3
5. 2
6. 1
5.7
6. 1
5.2
49

5.1
4*9
5. 1
5. 1
5.4
5.6
6.0
5.9
5.5
5. 2
4.8
5.4
5.0
4.9

1,058
2. 039
l'f 388
1, 312
1, 560
2,758
1,856
1,936
1,593
1,414
1,477
1, 451
1,370
1,479
1,853
2,008
2,359
2, 326
2, 370
2,078
4
1, 801

2.8
5.2
3.4
3. 1
3.5
6. 1
44
45

as

3.4
3.5
3. 4
3. 1
3.4
44
48
5.6
5. 5
5.7
49
4
42

4
Preliminary estimate.
NOTE.—Beginning January I960, labor force data include Alaska and Hawaii.
Sources: Department of Labor and Council of Economic Advisers.

11

NONAGRICULTURAL EMPLOYMENT
Total payroll employment in nonagricultural establishments, seasonally adjusted, declined by 61,000 in May.
About 120,000 temporary Census workers were released and employment was lower in the steel and machinery
industries.
MILLIONS OF WAGE
AND SALARY WORKERS *

MILLIONS OF WAGE
4
AND SALARY WORKERS*
56
ALL NONAGRICULTURAL ESTABLISHMENTS

94
52
50
48
46

8 -

44

i i i i i 1 I Ii I i

1958

195?

1959

12.0

$5
CONTRACT CONSTRUCTION
(ENLARGED SCALE)

WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)

3.0

11.5

2.5

1 1.0

2.0

10.5

1.5

10.0

1958

I960

* SEASONALLY ADJUSTED DATA, EXCLUDING ALASKA AND HAWAII.
SOURCE: DEPARTMENT OF LABOR.

Total,
Total
unadjusted, including
Period
excluding Alaska
and
Alaska and Hawaii
Hawaii
1953
-.-. 49, 681
1954
48, 431
1955
50, 056
51, 766
1956.
1957
52, 162
50, 54S
1958
52, 205
51, 975
1959
1959: April
May..,..
June
July
August
September.
October
November.
December.
1960: January...
February __
March
April'
May 3

51, 480
51, 982
52, 580
52, 843
52, 066
52, 648
52, 569
52, 798
53, 756
52, 078
52, 060
52, 172
52, 824
52, 896

52, 479
52, 902
53, 108
53, 201
53, 052
53, 343
53, 282




1958

1959

I960

COUNCIL OF ECONOMIC ADVISERS

I Thousands of wage and salary workers l]
M anuf acturing
Private nonmanufaeturing
Total
excluding
Alaska
Contract
Durable Nondura- Total 2 construc- Wholesale
Total
and retail
and
goods ble goods
trade
Hawaii
tion
10, 105
2, 622
17, 238
7,133 25, 798
10, 527
49, 681
9, 122
15, 995
6,873 25, 685
2,593
10, 520
48, 431
9, 549
7,014 26, 579
50, 056
16, 563
2,759
10, 846
11,221
9,835
16, 903
2,929
51, 766
7,068 27, 586
9, 821
11, 302
52, 162
16, 782
6, 961 27, 754
2,808
11, 141
8,743
6,725 27, 182
50, 543
15, 468
2,648
9,290
6,878 27, 680
11, 385
51, 975
16, 168
2,767
Seasonally adjusted
51,887
16, 182
9,319
2, 829
11,333
6, 863 27, 631
9, 462
11,363
52, 125
16, 372
6,910 27, 674
2,787
11,425
9, 573
6,954 27, 804
52, 407
2,799
16, 527
9,635
11,465
6,945 27, 895
2,800
52, 558
16, 580
9,094
2,814
11,529
6,943 27, 855
52, 023
16, 037
11,464
52, 154
9,214
6,927 27, 792
2,776
16, 141
9, 129
2,762
52, 002
16, 022
6,893 27, 763
11,478
11, 452
2, 792
9,266
52, 253
16, 174
6,908 27, 846
9,542
6,894 27, 931
11, 486
2,800
52, 674
16, 436
11, 594
52, 880
16, 562
9, 655
6,907 28, 028
2,775
9,667
2,781
11, 627
52, 972
6,900 28, 090
16, 567
6,906 27, 815
2,601
11, 595
52, 823
9, 603
16, 509
9,542
2,760
11, 639
53, 109
16,522
6,980 28, 081
7,011 28, 126
53, 042
9,508
2, 786
11, 649
16, 519

1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they

12

1957

Government
(Federal,
State,
local)
6,645
6,751
6,914
7,277
7,626
7,893
8,127
8,074
8, 079
8,076
8,083
8, 131
8,221
8, 217
8, 233
8,307
8,290
8,315
8,499
8,506
8,397

are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
2 Includes mining; transportation and public utilities; finance, insurance, and
real estate; and service and miscellaneous, not shown separately.
* Preliminary estimates.
Source: Department of Laboc

AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The over-all average factory workweek increased by 0.4 hours to 39.8 hours in May, despite a sharp reduction of
hours in the steel industry.
HOURS PER WEEK

HOURS PER WEEK

46

46

NONDURABLE MANUFACTURING

DURABLE MANUFACTURING
44

40

i*****""^^1*

-^x-V~L_

38

Sr

X^"

V/

36

•

_^i i i i I i i i i i

34

1957

1958

i t i i i1 ii i it

1958

1959

1958

1959

i i i i i 1 i i i i^

1 1 1 1 1 1 I ! I1 1

1957

I960

44

RETAIL TRADE
42

4cr
38

34

32

32

30
1957

1958

I i I i I K....I I >
1957

SOURCE: DEPARTMENT OF LABOR

i

I960

COUNCIL OF ECONOMIC ADvisERsT

[Hours per week, for production workers or nonsupervisory employees]
Manufacturing !
Period

1950
1951
1952
1953
1954
.
1955
1956
1957 .
1958
__...
_
1959..
1959: April
.
Ivi ay
June..
..
July .
August
September
October
November
December
1 960 : January
February .. _.
March. .
1
April1
Mav
»Preliminary estimates.
Not available.

3

57215°—60




_

.

_
..

- - - ..
- -

_

Durable
goods

Total

_
_ _ _ _ _ _

40.5
40.7
40.7
40.5
39.7
40.7
40.4
39.8
39.2
40.3
40. 3
40. 5
40.7
40.2
40. 5
40.3
40. 3
39. 9
40. 6
40.3
39. 8
39.7
39. 4
39. 8

41.2
41.6
41.5
41.3
40. 2
41. 4
41. 1
40.3
39.5
40. 8
40.9
41. 1
41.4
40.5
40.8
40.8
40.9
40. 1
41. 1
41.0
40. 4
40. 3
39.9
40.2

Building
Nondurable construction
goods

39.7
39.5
39. 6
39.5
39.0
39.8
39.5
39. 1
38. 8
39. 6
39.5
39. 7
39.8
39.8
40.1
39.8
39. 5
39. 6
39. 8
39.4
39. 0
38.8
38.6
39. 3

36. 3
37.2
38. 1
37.0
36.2
36.2
36. 4
36. 1
35.7
35. 8
36. 1
36.4
36. 8
36.3
36.9
35.8
36. 0
34. 8
36. 1
34. 6
34 3
34.2
35. 9

(2)

"|> ,v4.f»Jl
ivetaii
trade

(2)

40. 5
40. 2
39. 9
39. 2
39. 1
39. 0
38. 6
38. 1
38. 1
38. 1
37. 9
37.9
38.3
38.8
38. 6
38. 1
37. 7
37. 5
38. 2
37. 4
37.4
37.4
37. 6

NOTE.-—Data exclude Alaska and Hawaii.
Source: Department of Labor.

13

AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing industries were $2.28 in May, unchanged from April,
DOLLARS PER HOUR

DOLLARS PER HOUR

2.20

2.00

2.20
NONDURABLE MANUFACTURING

1957

I960
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR.

[For production workers or nonsupervisory employees]
Building
construction

All manufacturing
Period

1950
1951
1952
1953
1954
1955 .
..
1956
1957
1958
1959
1959: April
May
June
July. ._
August
-_
September _
October
November
December
1960: January
Februarv
March
2
April2
May

Durable goods
manufacturing

Current
1959
prices prices *

Current
1959
prices
prices 1

Current
prices

1959
prices *

Current
prices

1959
prices l

Current
1959
prices prices!

$1. 537
1.67
1.77
1.87
1.92
2.01
2. 10
2.20
2.28
2.38
2.39
2.40
2.40
2.39
2.35
2.37
2.36
2.38
2.43
2. 46
2.45
2.45
2.44
2.44

$1. 378
1.48
1.54
1.61
1.66
1.71
1.80
1.88
1.94
2.01
2.00
2.00
2.00
2.01
2.00
2.03
2.02
2.03
2.04
2.05
2.05
2.06
2.06
2.07

$1. 670
1.66
1.69
1.75
1.80
1.86
1.93
1.95
1.96
2.01
2.01
2.01
2.00
2.01
2.00
2.02
2.01
2.01
2.03
2. 04
2.03
2.04
2.03
3

$2. 031
2.19
2.31
2.48
2.60
2.66
2.80
2.96
3. 10
3. 22
3.17
3. 17
3. 17
3.20
3.23
3.26
3.27
3.28
3.30
3.32
3. 33
3.38
3.32
(3)

$2. 462
2.46
2.54
2.70
2.82
2.89
3.00
3.07
3. 13
3.22
3. 19
3. 19
3.17
3. 19
3.22
3.24
3.25
3.25
3.28
3.30
3.30
3.35
3. 28
(3)

$1. 176
1.26
1.32
1.40
1.45
1.50
1.57
1.64
1.70
1.76
1.75
1.76
1.77
1.77
1. 77
1.78
1.78
1.77
1.73
1.79
1.79
1.79
1.79
(3)

$1. 465
1.59
1.67
1.77
1.81
1.88
_ . 1. 98
2. 07
2. 13
2. 22
2. 23
2. 23
2. 24
2.23
2. 19
2.22
2.21
2.23
2.27
2. 29
2. 29
2.29
_
2.28
2.28

$1. 776
1.78
1.83
1.93
1.97
2.05
2.12
2. 15
2. 15
2.22
2.24
2.24
2. 24
2. 23
2. 19
2.21
2. 19
2.21
2. 25
2.28
2.27
2.27
2. 25
(3)

* Earnings in current prices divided by consumer price index on a 1959 base.
2
Preliminary estimates.
- Not available.

14



$1. 863
1.87
1.94
2.04
2.08
2. 19
2.25
2.28
2. 30
2. 38
2.40
2.41
2.40
2.39
2.35
2.36
2.34
2.36
2.41
2.45
2.43
2.43
2.41
(3)

Nondurable goods
manufacturing

C)

NOTE.—Data exclude Alaska and Hawaii
Source: Department of Labor.

Retail trade

$1. 425
1.41
1.45
1.53
1.57
1.63
1.68
1.70
1.72
1.76
1.76
1.77
1.77
1.77
1.77
1.77
1.77
1.76
1.72
1.78
1.78
1.77
1. 77
(3)

AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings of production workers in manufacturing industries increased 91 cents to $90.74 in May,
reflecting the longer workweek
DOLLARS PER WEEK
130

DOLLARS PER WEEK
110

I960

1957

I960

1957

NONDURABLE MANUFACTURING

RETAIL TRADE

80

70

* CURRENT PRICES

''CURRENT PRICES

i ii

1959

1958

1957

1957

I960

1958

1959

I960

[COUNCIL. OF ECONOMIC ADVISED *.

SOURCE: DEPARTMENT OF LABOR.

[For production workers or nonsupervisory employees]
All manufacturing
Period

1950
1951
1952_
1953
_.
1954. _
_ _
1955
1956
1957
1958
1959
1959: April
May
June
July
August.
September
October
November
December
1960: January
February
March
April 2
May 2 __
i
J

Durable goods
manufacturing

Building
construction

Retail trade

1959
Current
prices prices *

_ _

Current
prices

1959
prices l

Current
prices

1959
prices l

Current
prices

1959
prices l

Current
prices

$59. 33
64.71
67.97
71.69
71.86
76.52
79. 99
82.39
83.50
89. 47
89.87
90. 32
91.17
89.65
88.70
89.47
89.06
88.98
92. 16
92.29
91. 14
90. 91
89.83
90.74

$63. 32
69.47
73. 46
77.23
77. 18
83. 21
86.31
88.66
90.06
97. 10
97.75
98.64
99. 36
96. 80
95. 88
96.70
96. 52
95.44
99.87
100. 86
98. 98
98.74
97.36
98.09

$76. 75
77.97
80.64
84.13
83.80
90.54
92.51
91.88
90.88
97.10
98. 34
99. 14
99.46
96.61
95. 69
96. 22
95.85
94.68
99. 18
100. 26
98. 19
97.86
96. 11
(3)

$54. 71
58.46
60.98
63.60
64.74
68.06
71.10
73.51
75.27
79.60
79.00
79. 40
79.60
80.00
80. 20
80. 79
79.79
80.39
81. 19
80.77
79.95
79.93
79. 52
81.35

$66. 32
65.61
66.94
69. 28
70.29
74.06
76.21
76. 18
75.95
79.60
79.48
79. 80
79.68
79.84
80.04
80.39
79.24
79.75
80. 63
80.29
79.32
79.22
78. 50
(3)

$73. 73
81.47
88.01
91.76
94 12
96.29
101. 92
106. 86
110. 67
115. 28
114.44
115. 39
116. 66
116. 16
119. 19
116. 71
117. 72
114. 14
119. 13
114.87
114 22
115. 60
119. 19
(3)

$89. 37
91.44
96.61
99.96
102. 19
10478
109. 24
110. 74
111. 68
115. 28
115. 13
115. 97
116. 78
115. 93
118. 95
116. 13
116. 90
113. 23
118.30
114 18
113. 31
11457
117. 66
(3)

$47. 63
50. 65
52.67
5488
56.70
58.50
60.60
62.48
6477
67.06
66.33
66.70
67. 79
68.68
68.32
67.82
67. 11
66.38
66. 09
66.95
66.95
66.95
67.30
(3)

$71. 92
72.63
74.61
78.09
78.02
83.26
85.73
85.38
84.26
89. 47
90. 41
90.77
91.26
89.47
88.52
89.02
88.44
88.27
91.52
91.74
90.42
90. 10
88.68
(3)

Earnings in current prices divided by consumer price index on a 1959 base.
Preliminary estimates,
s Not available.




Nondurable goods
manufacturing

1959
prices1
$57. 73
56. 85
57.82
59.78
61.56
63.66
6495
6475
65.36
67.06
66.73
67.04
67. 86
68.54
68.18
67. 48
66.64
65.85
65.63
66.55
66.42
66.35
66.44
(3)

NOTE.—Data exclude Alaska and Hawaii.
Source: Department of Labor.

15

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) in May increased by a small amount over April.

INDEX, 1957*100 (SEASONALLY ADJUSTED)

INDEX, 1957* 100 (SEASONALLY ADJUSTED)
130

120

100

80

1957

1958

1959

I960

1959

1957

SOURCE: BOARD OF GOVERNORS OP THE FEDERAL RESERVE SYSTEM.

Period

I6.
90.
1951
1952
__
1953
1954
1955
1956
1957.
1958
-.
1959.
._
1959: April
May
June..
July
August
September
-- October
November
December
1960: January.
February
March _
._ -»
April1
Mav
1

Preliminary.

16



Total
industrial
production
74
81
84
91
85
96
99
100
93
105
107
109
110
108
104
103
102
103
109
111
110
109
109
110

[1957=100, seasonally adjusted!
Industry
Manufacturing
Non- Mining Utilities
Total Durable durable
75
82
85
92
86
97
100
100
92
105
107
110
110
108
104
104
102
102
109
112
110
110
109
110

1960

COUNCIL OF ECONOMIC*/

71
80
85
96
85
98
100
100
87
102
105
109
110
105
98
97
96
96
107
111
109
108
106
108

79
82
83
87
87
95
99
100
100
110
110
111
111
113
113
113
111
111
112
113
112
112
113
114

80
87
87
89
86
95
100
100
91
95
98
99
98
94
91
91
91
96
99
98
96
95
97
95

53
60
65
71
76
85
94
100
105
115
112
114
116
116
116
117
118
117
119
120
120
124
122
123

Market
Final products
ConTotal
sumer Equipment
goods
73
79
85
91
86
95
99
100
95
107
106
108
108
109
109
109
109
106
109
112
110
110
111
112

82
81
82
88
87
97
99
100
99
110
111
111
111
112
112
112
112
109
112
116
113
113
115
116

54
75
90
96
85
91
99
100
87
100
97
100
102
103
103
103
103
101
102
103
102
104
103
104

Source: Board of Governors of the Federal Beserve System.

Materials
75
82
83
91
84
97
100
100
91
104
108
110
110
106
98
99
97
100
109
110
109
108
108
107

PRODUCTION OF SELECTED MANUFACTURES
In May, production gains were registered in most major manufacturing industries except the iron and steel component
of the primary metals group.
INDEX, 1957MOO (SEASONALLY ADJUSTED)

INDEX, 1957*100 (SEASONALLY ADJUSTED)

160

120

120
TEXTILES, APPAREL,
AND LEATHER

100

PAPER AND
PRINTING

1957

140
CHEMICALS, PETROLEUM,
AND RUBBER

120

^f"****?**

100

FOODS, BEVERAGES,
AND TOBACCO

t "" *
1 1 1 1 1 1 11 1 11
1957

1958

1959

1957

I960

IiIiI t iiiII
1958

1 1 1 1 I 1 I I ! 1 I

I 1 1 1 1 1 1 1 1 1 I

1959

I960

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF ECONOMIC ADVISERS

[1957=100, seasonally adjusted]
Durable manufactures
Period

Primary
metals

1958
1959

Nondurable manufactures

FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
cated
and
Machin- tation
and
petroapparel,
bevermetal
print- leum, and ages, and
ery
prodand
equipproducts
leather
ment
ucts
rubber tobacco
ing

78
90

July..
August
September

.

October
November
December

..

1960: January
February
March.
April 1
May
* Preliminary.
2 Not available.




..

_

84
98

100
113

99
115

99
108

99
113

102
107

113
122
118

104
109
112

100
104
107

102
104
105

115
118
112

116
118
119

107
108
107

110
111
115

108
108
105

81
47
45

.

85
103

111
106
106

108
107
108

106
102
98

117
114
113

120
117
116

109
110
111

117
116
117

106
108
108

44
79
114

99
95
105

107
104
108

98
79
93

111
112
115

115
116
117

110
109
111

115
114
115

106
107
108

115
110
106

1959: April
May
June

92
104

109
108
107

110
108
108

108
107
104

115
115
110

116
114
115

111
110
110

116
115
116

109
107
108

100
97

103
107

107
108

102
107

113
(2)

116
118

111
112

118
119

109
109

Source; Board of Governors of the Federal Reserve System.

17

WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production increased on the average in May/ although the output of steel dropped to the
lowest level of the year.
MILLIONS OF SHORT TONS (DAILY AVERAGE!

MILLIONS OF TONS

J

F

M

A

M

J

J

A

3

O

N

0

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

COUNCIL OF 1CONOMIC ADVISiRS-

Electric Bituminous Freight Paperboard
Steel produced 1
Cars and trucks
power
coal mined
loaded
produced
Thousands
Index
distributed (thousands (thousands (thousands assembled (thousands)
of net (1947-49 = (millions of
Of short
of tons)
of cars)
Total Cars Trucks
tons
100)
kilowatt-hours) tons) 2

Period
Weekly average:
1956
1957
1958
1959 ._,.
1959: April
May __..
June „._
July
August
September
October
November
December
1960: January
February^
March _ _ ^
April,
May 3
Week ended:
I960: May 14
21
28 3
June 43

n
1«3

2, 204
2, 162
1, 635
1,792
2,630
2, 618
2,543
1,184
325
359
385
1,694
2,713
2, 720
2,688
2,611
2,279
1,994

__

137. 2
134. 6
101.8
111. 6
163.7
163.0
158.3
73.7
20. 2
22.3
24,0
105.5
168. 9
169. 3
167.3
162.5
141.9
124,2

11, 292
11, 873
12, 314
13, 229
12, 583
12, 763
13, 402
13, 479
13, 859
13, 152
12, 922
13, 318
13, 828
14, 345
14, 122
14, 027
13, 318
13, 382

1,693
1,644
1,380
1,374
1,375
1,369
1,519
1,249
1, 150
1,295
1,286
1,505
1, 553
1,444
1,387
1,439
1,366
1,402

728
683
581
596
634
686
703
559
542
553
584
601
572
597
573
580
622
640

274
272
275
308
311
320
319
275
327
316
329
321
284
287
321
318
310
315

132.8
138. 6
98.4
129.5
157. 3
157.2
154.7
145. 6
70.8
78. 6
137. 7
72. 4
117.7
201. 8
187.8
171. 5
163.8
174.3

111. 6
117. 6
81. 6
107.6
131. 0
130. 4
127. 2
121. 2
57. 8
60.3
116.6
60.7
101.8
171.3
157.4
143. 1
137.3
146. 3

21.2
21. 0
16.8
21.9
26.3
26,8
27.5
24.4
13. 1
18. 4
21. 1
H.7.
15.8
30.5
30.3
28.4
26. 5
28.0

2,102
2,031
1, 870
1, 726
1,756
1.775

130. 9
126. 4
116. 4
107.4
109.3
110. 5

13, 350
13, 468
13, 572
13, 134
* 13, 766

1,376
1,404
1, 407
1, 456

640
637
640
574

311
325
311
290
327

171.1
183.0
172.2
137. 4
165. 9

145.9
154.8
142.4
115. 1
141.8

25. 2
28. 3
29. 8
22.3
24. 1

' VVi'i'kly capacities (net tons) as of January 1 are: 2,455,300 (1966), 2,559.631
< W>7), 2,ntH).320 (1958), 2,831,486 (1959), and 2,341,832 (1960).
1
1 >nll,v average,
4
* 4 1'n'liniliuiry.
Not charted.

18



Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Kailroads, National Paperboard
Association, and Ward's Automotive Keports.

NEW CONSTRUCTION
Expenditures for both private and public construction (seasonally adjusted) changed only slightly during May.
BILLIONS OF DOLLARS
60

BILLIONS OF DOLLARS

> TOTAL NEW CONSTRUCTION |

50

1954

I f 1 I I 1 M ! I ! I 1 I I I I 1 I I ! I I 1! 1 I 1 ! ! 1 I I 11
IC57
J955_
I95S

. COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF COMMERCE.

Total new
construction
34 7
37.0
39. 4
44. 2
45. 8
47. 8
48. 9
54.3

Period
1952
1953
1954
1955
1956.
1957
1958
1959

*.

1959: April
May
June
July
August
September
October
November
December
1960: January...
February
March
April
Mav 4 __

.

._

_ .

56.0
56.6
56.5
56. 1
54.8
53. 1
51. 8
50.7
52. 0
53. 9
54.3
543
53.9
53.9

[Billions of dollars]
Private
Federal,
State, and
Total
Residential
Other
local
(nonfarm)
private
23.9
11.0
12.8
10.8
11.2
25.8
13.8
12.0
15.4
27.7
11.7
12.3
32.4
18.7
11.7
13. 7
17.7
33. 1
12.7
15. 4
17.0
140
33.8
16.8
15.4
15.4
33.5
18.0
22.3
16.0
38. 3
16. 0
Seasonally adjusted annual rates
38.9
23.4
17.1
15. 5
39. 6
17.0
23. 8
15.8
39.4
16. 2
23.3
17.0
39.6
16.5
16.4
23. 1
39. 1
22.5
16.6
15.7
22. 3
38. 4
16. 1
148
37. 5
21. 7
15.8
14 2
37.0
21. 0
16.0
13.6
37. 7
21. 1
16.6
14 2
21. 6
38. 5
16.9
15. 3
38.8
21.3
17.4
15. 5
21. 3
38.6
17.3
15.7
38.2
21. 1
17.0
15. 7
38. 1
17. 1
21. 0
15. 8

i 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.
3
Series begins January 1956. The 37 Eastern States data are probably indicative of the 48 States trend for other periods.




I I 1 I LJ I I M I I M 'I t I I I I I I I J I I I I ! l l I I I 11 f
1959
I960
1958.
J_

Construction contractsl
48 States2 37 Eastern
States3
16.8
17. 4
19. 8
23.7
3
31. 6
24 6
32.2
25.3
35. 4
36. 5
42. 0
36. 0
36. 0
37.2
349
37.4
37.2
33. 1
35. 1
32.9
340
33. 8
37. 3

3 Revised series beginning January 1956; not comparable with prior data.
Series discontinued beginning January 1958.
* Preliminary estimates.
Sources: Department of Commerce and F. W. Dodge Corporation (except as
noted).

19

HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts (seasonally adjusted) rose substantially in April, according to the revised series. The number
of FHA applications dropped slightly in May, while VA appraisal requests increased.
MILLIONS OF UNITS (ANNUAL RATE)

MILLIONS OF UNITS (ANNUAL RATE)
SEASONALLY ADJUSTED

—"

PRIVATE NONFARM
HOUSING STARTS

1960

1954
SOURCES: DEPARTMENT OP COMMERCE, FEDERAL HOUSING ADMINISTRATION(FHA), AND VETERANS ADMINISTRATION (VAI.

COUNCIL OF ECONOMIC ADVISERS

[Thousands of units]
Total housing
starts (farm and
nonfarm)
Total
private
Private
and
public

Period

1954
1955
1956
1957
1958
1959

.

(2)
2
(2)
(2)
(2)
(2)
()

1, 553. 1
1959
99.2
1959: January
February
99.9
130.7
March
155.9
April ...
156.0
May
153. 3
June
149.7
July
142.4
August
September
139. 9
October
123.3
November _„ _
106.5
96.3
December
85. 5
11)00: January
89.5
February
92.5
March 4
4
April 4
117.7
May ___ ___
(2)
1

Nonfarm housing starts

Private
Applica- Requests
Total
Government farm and Nonfarm tions for for VA
Total
FHA
appraisprograms
nonfarm
private
commitals1
ments l
FHA
VA
Old series
535.4
338. 6
1, 220. 4 1, 201. 7 276.3 307. 0
(2)
2
306. 2
620. 8
1, 328. 9 1, 309. 5 276.7 392. 9
(2)
197. 7
401.5
1, 118. 1 1, 093. 9 189.3 270.7
(2)
198.8
159.4
992.8 168. 4 128.3
1, 041. 9
(2)
341.7
234.2
295.4 102. 1
1, 209. 4 1, 141. 5
(2)
234.0
369.7
1, 378. 5 1, 342. 8 332. 5 109. 3
()
New series 3
New series 3
369.7
234.0
1, 516. 8 1, 530. 9 1, 494. 6 332. 5 109. 3
17.9
1, 517
25.5
6.9
1,533
19.8
95.3
96.2
98. 3
21.0
1,529
29.5
6.2
20.0
1,546
98.0
99. 0
98. 9
23.2
38.9
1,680
9. 7
1,598
30.0
126.4
129.4
127.7
39. 1
18.9
1,613
11.0
1, 699
33.5
149. 1
154.3
150. 7
38.2
1,580
20.7
10.3
1,597
34.4
150.8
152. 5
154.3
27.2
1,563
60. 2
11.0
1,577
34.8
146. 5
147. 8
152.0
29.0
26.0
10.6
31.7
1, 546
1,578
145. 1
148. 1
146.7
21.2
25. 6
9.9
1,450
31.3
137. 8
1,446
138. 2
142.0
17.9
25.5
1,468
10.0
1,509
29.8
132.4
136.3
136.0
24.1
16.7
9.4
26. 8
1,378
117.9
121.2
1,354
120. 0
12. 2
16. 1
1,328
7.9
1,356
20.3
102. 5
104.3
104.7
18.2
6.4
11. 1
20.0
1,401
92. 8
1,451
93.5
95. 6
11.2
16.3
4. 1
1,259
1, 334
15.9
80. 1
81.4
84. 2
21. 1
12.9
1,338
17.7
4.8
1, 358
85.9
88.2
87. 2
1,086
27.4
12.9
5.2
1, 100
21.9
88.4
91. 5
89. 4
13. 7
22.5
25.4
7.3
1,254
114.5
116.2
1,234
116.0
14. 4
22.4
6.9
25.2
(2)
(2)
(2)
(2)
(2)
4

Units represented by mortgage applications for new home construction.

20

Proposed home
construction

Total
private
and
public

' B^nou^ngStari3, C20-11 (Supplement), Bureau of the Census, May 1960, for
clescrinlioti



Private housing
starts, seasonally adjusted annual rates

Preliminary.

&
1 HOUSing Administratl011 FHA)
J^S^y^^^STrvI?'
<
'
ana veierano ja.uzo.iius era ILJU ^YA/. ™ ™

SALES AND INVENTORIES—MANUFACTURING AND TRADE
Business sales rose by $1.2 billion (seasonally adjusted) in April, largely in retail trade. Manufacturing inventories
continued to rise, although by a smaller amount than in preceding months, and manufacturers1 new orders were unchanged. Retail inventories declined in April, and preliminary estimates indicate that retail sales dropped 3 percent
in May.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
30

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
100

RETAIL

TOTAL*AND MANUFACTURING

(ENLARGED SCALE)
..TOTAL INVENTORIES*

INVENTORIES
XSALES

_

^

——*-^

-

^x—'

10

ii i n i I i l l M I M i i i I i M t l I i \ \ \ i I i i i i i 11

Mill

INDEX, 1947-49*100 (SEASONALLY ADJUSTED)

iso i

140

n^ i i I l i 11I i i i M Ii!iIil il iIiIIM l .i I M i n I I 1 M Iii iMi li I l I i i I i i 11 120
M II l l l l i
i i l i I l l II 11 l I l
i M I 1 l I IS is
1957
i
1958
1
1959
1
I960 '

I960

^MANUFACTURING, RETAIL TRADE, AND WHOLESALE TRADE.
SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Period

Manufacturing
and trade

Manufacturing

^COUNCIL OF ECONOMIC ADVISERS

Wholesale

Retail

InvenInvenInven- New
Sales * tories 2 Sales1 tories 2 orders1 Sales l tories 2 Sales l
Billions of dollars, seasonally adjusted

1953
.
1954
1955
1956
_.
1957
__
1958 .
1959
1959: March.
April . .
May
June
July
August
September .
October «
November
December
1960: January
.
February
March
April*
„
May *

48.4
47.4
52.3
54.8
56.3
540
60.0
59. 2
60. 6
61. 5
62.0
61.7
59.6
60. 1
59. 7
59. 1
60.9
61.6
62.2
61. 3
62.5

78.6
75.5
81.7
89.1
90.7
85. 1
89.4
86.6
87.6
88.3
89.3
89.9
89. 5
89.2
88. 7
88.4
89. 4
90.5
91. 4
92.3
92.5

245
23.5
26. 3
27. 7
28. 4
26. 2
29. 7
29. 1
30. 3
30.7
31.2
30.9
29.3
29.8
29. 4
29.0
30.8
31. 1
31. 6
30.8
31. 1

45.4
43.0
46.4
52.3
53. 5
49. 2
52.4
50. 5
51. 1
51. 6
52. 1
52. 2
52. 1
51. 9
51. 5
51. 6
52.4
53.3
53.9
54. 3
54 6

i

i Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
' Book value, end of period, except annual data, which are monthly averages.
< Preliminary estimates.

3




23.1
22.5
27.2
28.3
27.3
25.9
30.1
30. 2
31. 2
30. 5
31. 4
30. 8
29. 0
30. 6
30. 4
29.2
30.7
29.8
30.6
30.3
30.3

10. 5
10.4
11.4
13.0
12.7
12. 0
12.6
12.0
12. 1
12. 2
12. 4
12.5
12. 6
12.5
12. 5
12.6
12. 6
12.7
12.7
12. 8
12.9

9.8
9.7
10. 6
11.3
11.3
11. 1
12.3
12. 2
12.4
12. 5
12. 6
12. 5
12.2
12. 5
12. 0
12. 3
12. 7
12. 4
12.5
12.2
12. 5
'

14 1
14 1
15.3
15.8
16.7
16.7
18.0
17.9
18.0
18.2
18. 2
18.3
18. 1
17.8
18. 3
17.8
17.5
18. 1
18. 1
18. 2
18. 9
18. 4

Inventories 2

22.7
22.1
23.9
23.9
245
240
243
242
24 5
245
24 8
25. 1
248
248
24 7
242
243
24.5
248
25. 1
249

Department stores
Inventories 8
Index, 1947-49=100
seasonally adjusted
118
131
118
128
128
136
135
148
152
135
136
148
156
144
138
150
144
151
152
144
144
155
147
158
144
159
144
160
147
158
146
160
146
161
146
161
142
160
138
162
154
159
140
Sales »

NOTE.—Monthly sales and inventories of department stores revised beginning
1947.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.

21

MERCHANDISE EXPORTS AND IMPORTS
Commercial exports were 22 percent higher and imports 6 percent higher in the first 4 months of 1960 than in the
corresponding period of 1959.
BILLIONS OF DOLLARS
2.5

BILLIONS OF DOLLARS
2.5

2.O

2.0

I960

1954

COUNCR OF ECONOMIC ADVISiRS

SOURCE: DEPARTMENT OF COMMERCE.

[Millions of dollars]
Merchandise exports
Period

Total

1950 monthly average
1951 monthly average-.
1952 monthly average. .
1953 monthly average. 1954 monthly average
1955 monthly average
1956 monthly average
1957 monthly average
1958 monthly average
1959 monthly average
1959: March
April
May..... .
June . .
July.
August
September
.
.
October
_.
November
..
._
December .
1000; J a m m r v
I'Vbruarv.March
A i »ri 1

_ _

_

.

.

Grant-aid
shipments l

856
1,253
1,267
1,314
1, 259
1, 296
1,591
1,738
1,491
1,464
1,456
1,479
1,551
1,422
1,468
1,397
1,479
1,482
1,479
1,674
1,562
1, 576
1, 751
1, 823

tr iiirinita only Department ol Defense shipments of grant-aid military
. mi.! iMiiitpittitrii under the Mutual Security Program. Shipments for
tj intuit hr. of tlii! program (July-December 1950) amounted to$282million.

22



24
89
166
293
188
105
146
113
129
102
81
136
140
76
115
97
80
84
102
105
78
79
117
115

Commercial
exports

833
1, 164
1, 100
1,022
1, 071
1, 191
1,444
1, 625
1,362
1,362
1, 375
1,343
1,410
1,347
1,353
1,300
1,399
1,398
1,376
1, 569
1,484
1, 497
1, 634
1,708

Merchandise
imports

738
914
893
906
851
949
1,051
1,082
1,070
1,268
1,295
1,220
1, 264
1,369
1,248
1,189
1,392
1,202
1,282
1, 478
1, 137
1, 288
1, 375
1,257

Excess of exports
over imports
Total

119
339
374
.408
408
347
540
656
422
196
161
258
287
53
220
208
87
280
196
197
424
288
376
566

Excluding
grant-aid
shipments
95
250
207
116
220
242
393
543
293
94
80
122
147
— 22
105
110
7
196
94
92
347
209
259
451

Sources: Department ol Commerce and Department of Defense.

PRICES

CONSUMER PRICES

Consumer prices rose 0.4 percent in April, mainly reflecting substantial food price increases. All other categories
except transportation also increased somewhat.
INDEX, 1947-49=100

INDEX, 1947-49 = 100

130

100

1954

1955

I960

SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

[1947-49=100]
Period

1949
1950.
1951
1952
1953
1954
1955
1956
1957
1958
1959
1959: March
April
May
June
July
August
September
October
November
December
1960: January
February
March
April
1

Housing

All
items

Food

101.8
102.8
111.0
113. 5
114. 4
114. 8
114. 5
116. 2
120. 2
123.5
124. 6
123. 7
123. 9
124.0
124.5
124. 9
124. 8
125. 2
125. 5
125. 6
125. 5
125. 4
125. 6
125. 7
126. 2

100.0
101.2
112. 6
114. 6
112.8
112. 6
110. 9
111. 7
115. 4
120. 3
118. 3
117.7
117. 6
117.7
118. 9
119. 4
118. 3
118. 7
118. 4
117.9
117. 8
117. 6
117. 4
117.7
119. 5

Total »

103.3
106. 1
112.4
114. 6
117. 7
119. 1
120.0
121. 7
125. 6
127. 7
129. 2
128. 7
128. 7
128. 8
128. 9
129.0
129. 3
129. 7
130. 1
130. 4
130. 4
130. 7
131. 2
131. 3
131. 4

Rent

105.0
108. 8
113. 1
117.9
124. 1
128. 5
130. 3
132. 7
135. 2
137. 7
139. 7
139. 1
139. 3
139. 3
139.5
139. 6
139. 8
140. 0
140. 4
140. 5
140. 8
140. 9
141. 0
141. 2
141. 4

Includes, in addition to rent, homeowner costs, utilities, housefurnishings, etc.




Apparel

Transportation

99.4
98. 1
106. 9
105. 8
104. 8
104. 3
103.7
105. 5
106. 9
107. 0
107. 9
107.0
107.0
107. 3
107.3
107. 5
108. 0
109.0
109. 4
109. 4
109. 2
107.9
108.4
108. 8
108. 9

108.5
111. 3
118.4
126. 2
129.7
128.0
126. 4
128. 7
136. 0
140. 5
146. 3
144. 9
145. 3
145. 4
145. 9
146. 3
146.7
146. 4
148. 5
149. 0
148.7
147.6
147.5
146. 5
146. 1

Medical Personal
care
care

104.1
106.0
111. 1
117.2
121. 3
125.2
128.0
132.6
138.0
144. 6
150. 8
149. 2
149. 6
150.2
150.6
151.0
151.4
152. 2
152. 5
153.0
153. 2
153.5
154.7
155.0
155. 5

101. 1
101. 1
110.5
111. 8
112. 8
113. 4
115. 3
120. 0
124. 4
128. 6
131. 2
129.7
130. 0
130.7
131. 1
131. 3
131. 7
132. 1
132. 5
132. 7
132. 9
132.7
132. 6
132.7
132. 9

Reading Other
and
goods
recreaand
tion
services

104.1
103.4
106.5
107.0
108.0
107.0
106. 6
108. 1
112. 2
116. 7
118. 6
117.3
117.7
117. 8
118. 1
119. 1
119. 1
119.6
119.7
120. 0
120.4
120. 3
120. 6
120. 9
121. 1

103.4
105. 2
109.7
115.4
118. 2
120. 1
120. 2
122.0
125.5
127. 2
129.7
127.3
128. 2
128. 4
129. 2
130.8
131. 1
131. 5
131.6
131. 6
131. 7
131.8
131.8
131.7
131. 9

Source: Department of Labor.

23

WHOLESALE PRICES
Wholesale prices declined slightly in May, as lower prices of farm products and industrial items more than offset
higher prices for processed foods.
INDEX, 1947-49= 100

INDEX, 1947-49= 100

130

130

120

120

100

90

80

80

1954

1956

1955

1957

1959

1958

SOURCE: DEPARTMENT OF LABOR

I960
COUNCIL OF ECONOMIC ADVISERS

[1947-49 = 100]

All commodities

Period

1949
..
.
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1959: April
May
June
Julv
August
September
October
November
December
1960: January
February
March__.
April
May
Week ended: »
1960: June 7
14
1

_

_
_
_

.

24

._

_
_

_
_

...

.
__ _

. .

Weekly series based on smaller sample than montnly series.




__

_

_

_
ta

.

Processed
foods

Other than
farm products
and foods
(industrial)

99.2
103. 1
114. 8
111.6
110. 1
110.3
110. 7
114. 3
117. 6
119.2
119.5
120. 0
119. 9
119. 7
119. 5
119. 1
119. 7
119. 1
118. 9
118. 9
119. 3
119. 3
120.0
120.0
119. 7

92.8
97.5
113.4
107.0
97.0
95.6
89.6
88.4
90.9
94. 9
89. 1
92. 4
90. 8
89.8
88.4
87. 1
88.9
86.5
85. 4
85.9
86.5
87.0
90.4
91. 1
90. 4

95.7
99.8
111.4
108.8
104.6
105.3
101.7
101.7
105. 6
110. 9
107.0
107. 2
107.7
108. 1
107. 5
105. 8
107. 8
106.4
104 9
104.7
105.6
105. 7
107. 3
106. 8
107.3

128. 4
128.2
128.4
128.4
128.4
128.4
12a 5
128.6
128.8
128.7
128.6
128.7
128.2

119.6
119. 6

._

_

Farm
products

89. 2
89. 1

107. 5
107. 5

128.3
128. 3

Source: Department of Labor.

101.3
105.0
115.9
113.2
114.0
114.5
117.0
122.2
125.6
126. 0

PRICES RECEIVED AND PAID BY FARMERS
The indexes of both prices paid and prices received by farmers declined slightly during the month ended May 1 5,
and the parity ratio remained unchanged. Both indexes and the parity ratio were at about their 1959 averages.
INDEX, 1910-14*100
325

INDEX, 1910-14*100
325

275

225

200

RATIO -^

— -.

PARITY RATIO

*S*^~^

n,
, m ^ M nt ^ ^
B , , in

1 11It 11 1t II

1 1 1 1 !

1954

1 I

i i i i i Ii i 1 i i

i i i i i tt i it |

1956

1 1 t 1

1955

1957

1

1 1 !

! f 1 ! 1 t I

1958

-^RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST,TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.

I 1 ! 1 f 1 1 1 11 I

1959

1 ! 1 t t

II 1 t 1 1

I960
COUNCIL OF ECONOMIC ADVISERS

Prices received by farmers
Period

1950
1951
__.
1952
_.
1953—
_.
1954
1955.
1956
1957
1958
1959
1959: April 15
Mav 15
June 15
..
Julv 15
August 15
September 15
October 15
November 15
December 15
1960: January 15
Februar}^ 1 5
March 15__ _
April 15
Mav 15

All farm
products

_
..

„

..

. ___

Crops

258
302
288
255
246
232
230
235
250
240
244
244
242
241
239
240
235
231
230
232
233
241
242
241

1
Percentage ratio o! index o» prices received by farmers to index of prices paid,
interest, taxes, and wage rates.




233
265
267
240
242
231
235
225
223
221
223
228
229
226
220
220
218
217
218
220
218
222
225
228

Prices paid by farmers
All items,
interest,
Livestock taxes and
Family
Producand
living
tion
wage rates
products
items
items
(parity
index)
Index, 1910-14=100
280
256
24(3
246
282
268
336
273
306
287
274
271
277
269
268
256
249
277
270
255
234
276
270
251
226
278
274
250
244
282
286
257
273
293
264
287
256
298
289
266
262
298
287
269
298
258
287
268
253
288
298
267
253
298
289
266
255
297
288
266
257
297
288
265
250
296
264
290
243
297
291
264
240
297
291
264
242
299
290
265
245
299
289
266
300
257
289
267
257
302
291
268
252
301
291
267

Parity
ratio l

101
107
100
92
89
84
83
82
85
81
82
82
81
81
80
81
70
78
77
7S
78
SO

so
so

NOTE.—Indexes of prices received and parity ratio revised beginning J a n u a r y
1958.
Bource: Department of Agriculture.
on

CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
The total of demand deposits and currency fell more than seasonally in May.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

200

1954

1955

I

1956

i

1957

SOURCE. BOARD OF GOVERNORS OF THE F E D E R A L RESERVE SYSTEM.

U. S.
Total
deposits Government
and
curderency posits l

End of period
1953...
1954
_
1955
1956
1957
1958
1959
1959: April
May
June
July
August
September
October
November
December
1960: January 4 4
February
March 4
April44
May . .

.

205.7
214. 8
221.0
226. 4
232. 3
247.5
252.4
245.4
245.0
245. 4
247. 6
247. 3
248. 5
248.2
247.7
252.4
247. 3
244. 9
244.2
247. 1
246. 2

4.8
5. 1
4.4
4.5
4,7
4. 9
5.8
5. 1
5.7
5.3
5. 6
6.6
7. 1
6.0
5. 1
5. 8
4. 4
5.3
5. 2
5.3
7.7

[Billions of dollars]
Total excluding U. S. Government deposits
Demand deposits and
currency
Time
Total
de- 2
Demand Currency
posits
Total deposits3 outside
adjusted banks
200. 9
70.4
102. 5
28. 1
130. 5
75.3
27.9
209.7
134.4
106. 6
216. 6
78.4
28.3
138.2
109. 9
222.0
82.2
28.3
111. 4
139.7
227. 7
89. 1
110. 3
28. 3
138. 6
242. 6
28.7
98.3
144. 2
115. 5
246. 6
29. 4
101. 8
144.8
115.4
240.3
112. 5
99.9
27.9
140. 4
239. 3
110.7
100.4
138. 9
28. 1
240. 1
101. 0
110.7
139. 1
28.3
242. 0
100.9
112.7
28.4
141. 1
240.8
101. 2
139. 6
111. 1
28.5
241.4
101.5
139. 8
111. 4
28.5
242.2
101. 1
112. 7
28.3
141.1
242. 6
100. 3
142.2
113. 1
29. 1
246.6
101.8
115.4
29.4
144. 8
242. 9
101.0
114.0
27.9
141.9
239. 6
101.2
28.0
110.5
138. 4
239.0
102.2
136. 8
108. 8
28. 1
241. 7
102. 3
27. 9
111. 5
139. 5
238.5
102. 6
135. 9
107. 8
28. 1

1
U.S. Government deposits at Federal Reserve Banks and commercial and
savings banks, and U.S. Treasurer's time deposits, open account.
3
Deposits in commercial banks, mutual savings banks, and Postal Savings
System; excludes interbank deposits.
3
Demand deposits, other than interbank and U.S. Government, less cash
items in process of collection,

26




1960
COUNCIL OF ECONOMIC ADVISERS

Demand deposits
and currency,
seasonally adjusted
Demand Currency
Total deposits outside
adjusted banks

140.4
146.6
140.9
14L 2
140.9
140.8
140.4
140. 1
140.2

140. o

189. 1
189. 5
189. 4
187. 6

112. 2
112.4
112.6
112.9
112.6
112.4
112. 0
111.8
112.0
111. 7
110.8
111.1
111. 2
109.4

28. 2
28.2
28.8
&O &
&o, O

28.8
28.4
28.4
28.8
28. 2
28.8
28.8
28.4
28. 2
28. 2

* Preliminary estimates.
NOTE.—See Note, p. 27.
Monthly data are for the last Wednesday of the month, except the unadjusted
data for December 1959, which are for the call date.
Source; Board of Governors of the Federal Reserve System.

BANK LOANS, INVESTMENTS, AND RESERVES
Commercial bank loans rose $0.6 billion in May compared to an increase of $1.2 billion in May 1959. Borrowings
at Federal Reserve Banks about equaled excess reserves.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ALL COMMERCIAL BANKS

TOTAL LOANS AND INVESTMENTS

150

150

BANK LOANS

-V

100

m^^m

INVESTMENTS IN U.S. GOVERNMENT SECURITIES

50

INVESTMENTS IN OTHER SECURITIES

V

I

__
I

1954

1955

1956

1957

1958

1959

I

1960

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

End of period

1952
1953
1954
1955
1956
1957
_
1958
1959..
1959: ApriL. _
May
June_ - July
August
September
October
November
December
1960: January 4 4
February
March 4
April44 .
Mav

Total loans
and investments

141. 6
145. 7
155.9
160.9
165. 1
170. 1
185.2
190. 3
185.7
185.8
185. 9
187.7
188.2
187.8
188.4
188. 3
190.3
187.8
186. 5
185.7
188. 8
188.6

[Billions of dollars]
All commercial banks
Investments
U. S. GovLoans
Other
Total
ernment
securities securities
14. 1
77.5
64. 2
63. 3
14.7
67. 6
78. 1
63. 4
69.0
70.6
85.3
16.3
61. 6
16.7
82.6
78.3
74. 8
90. 3
16.3
58. 6
17.9
76. 2
58. 2
93. 9
98.2
87.0
66. 4
20. 6
79.4
20. 5
110. 8
58. 9
84.5
101. 2
63. 6
20. 9
102. 4
62. 6
83.4
20.8
81.5
104.5
60.9
20. 6
61. 1
105. 9
81. 7
20.6
107.4
80.8
20.5
60.3
80. 0
59.2
107. 8
20. 7
80.2
108.2
59.6
20.6
20. 3
109. 5
78. 8
58. 5
79.4
58.9
20.5
110.8
109. 6
78. 2
5a 0
20.3
110. 3
76. 3
56. 2
20. 1
74.3
54. 2
111. 4
20. 1
113. 0
75. 9
20. 0
55. 8
74. 9
55. 1
113. 6
19.8

1 Member banks include, besides all national banks, those State bank? that
have taken membership in the Federal Reserve System.
2
Commercial and industrial loans and, prior to 1956, agricultural loans. Series
revised beginning January 1952, October 1955, July 1958, and July 1959.
3 Averages of daily figures on balances and borrowings during the period.
1
Preliminary estimates.




COUNCil OF ECONOMIC "ADVISERS

Weekly
reporting
member
banks l
Business
loans 2
2
23. 4
23. 4
22. 4
2
26. 7
30. 8
31. 8
2
31. 7
2
30. 5
31. 5
32.0
32.9
3
28. 6
29. 0
29. 5
29. 5
29. 9
30. 5
29.9
30. 2
31.0
30.9
31.2

All member banks *
BorrowReserve balances 3 ings at
Federal
Required Excess Reserve
Banks 3
0.7
19. 6
0.8
.7
19.3
.8
.8
18. 5
.1
.0
18.3
.6
.6
18.4
.8
.5
18. 5
.8
.6
18. 1
.3
18. 2
.4
.8
.4
18. 2
.7
.4
18. 1
.8
. I
18. 0
.9
.4
18.3
1.0
18. 1
.5
1.0
.4
18. 2
.9
18.2
.4
.9
.4
18. 2
.9
18. 5
.5
.9
18. 3
.5
.9
17. 8
.5
.8
17. 6
.4
.6
17. 7
.4
.6
17. 8
.5
.5

NOTE.—Between January and August 1959, these series (except that for weekly
reporting member banks) were expanded to include data for all banks in Alaska
and Hawaii.
Source: Board of Governors of the Federal Reserve System.

27

CONSUMER CREDIT
Consumer credit outstanding rose about $1 billion in April, somewhat more than in April 1959.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
60

TOTAL CREDIT OUTSTANDING

fill \

, , . ,, 1
1958

1 11 11 1t

1954

1955

1956

1957

!,,,,,!
1
1959

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

End of period

Total
consumer
credit
outstanding

1950
1951
1952
1953
1954
1955
.
1956
1957
1958
_
1959
1959: March
April
Mav
t J
June
July
August. _ _
September.
October
November..
December.
1960: January..
February.
March
April

21, 471
22, 712
27, 520
31, 393
32, 464
38, 882
42,511
45, 286
45, 586
52, 046
44,925
45, 708
46, 603
47, 522
48, 047
48, 841
49, 350
49, 872
50, 379
52, 046
51, 356
51, 021
51, 162
52, 169

Total
14, 703
15, 294
19, 403
23, 005
23, 568
28, 958
31, 897
34, 183
34, 080
39, 482
34, 234
34, 762
35, 357
36, 135
36, 757
37, 510
37, 962
38, 421
38, 723
39, 482
39, 358
39, 408
39, 648
40, 265

6,074
5,972
7,733
9,835
9,809
13, 472
14, 459
15, 409
14, 237
16, 590
14, 494
14, 810
15, 128
15, 566
15, 923
16, 288
16, 470
16, 659
16, 669
16, 590
16, 568
16, 677
16, 876
17, 218




Non instalment credit
outstanding

Other Repair and
consumer moderni- Personal
zation
goods
loans
paper l
loans 2
4,799
4,880
6, 174
6,779
6,751
7,634
8,580
8,782
8,923
10, 243
8,691
8,755
8,887
9,040
9, 134
9,289
9,390
9, 534
9, 687
10, 243
10, 129
9,997
9, 940
10, 022

'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."

28

[ COUNCIL 'pe ECONOMIC ADVISER.S,

[Millions of dollars]
Instalment credit outstanding
Automobile
paper l

1 , .... 1 ,...,(
1
I960

1,016
1,085
1,385
1,610
1,616
1, 689
1,895
2, 089
2, 350
2,704
2,338
2,364
2, 419
2, 467
2,517
2,569
2,613
2,653
2,683
2,704
2, 691
2,695
2,706
2,736

2, 814
3,357
4, 111
4,781
5,392
6, 163
6,963
7,903
8, 570
9, 945
8, 711
8,833
8,923
9,062
9, 183
9,364
9, 489
9,575
9,684
9, 945
9,970
10, 039
10, 326
10, 289

Total
6,768
7, 418
8, 117
8,388
8,896
9,924
10, 614
11, 103
11,506
12, 564
10, 691
10, 946
11, 246
11,387
11, 290
11,331
11,388
11, 451
11,656
12, 564
11,998
11,613
11,514
11,904

Charge
accounts
3,367
3,700
4, 130
4,274
4,485
4,795
4,995
5,146
5,060
5,351
4,004
4, 160
4,359
4,446
4,407
4,365
4,390
4,525
4,614
5,351
4,816
4,305
4, 118
4, 451

InstalInstalment
ment
credit ex- credit 3
3
tended
repaid
21, 558
23, 576
29, 514
31, 558
31, 051
39, 039
40, 175
42, 545
40, 818
48, 476
3,830
4,073
4,092
4,454
4,315
4, 193
4,061
4, 185
3,928
4,686
3,534
3,723
4,201
4,457

3
Credit extended or repaid during the period.
Source: Board of Governors of the Federal Eeserve System.

18, 445
22, 985
25, 405
27, 956
30, 488
33, 649
37, 236
40, 259
40, 921
43, 239
3,621
3,545
3,497
3, 676
3,693
3,578
3,609
3,726
3,626
3,927
3,658
3,673
3, 961
3,840

BOND YIELDS AND INTEREST RATES
The rate on 3-month Treasury bil|s avera3ed somewhat higher in May than in April. Yields on U.S. Government
and corporate bonds were about the same as a month earlier. Interest rates and bond yields dropped in early June.
PERCENT PER ANNUM

PERCENT PER ANNUM

I960

1954

COUNCIl OF ECONOMIC ADVISERS

SOURCES: SEE TABLE BELOW.

Period

1953
1954
1955
1956
1957
_
1958
1959
1959: May
June-- -.

_
_

_
_.
_

July

August
September
October
November
December
1960: January
.. .
February
March
April
May
Week ended:
1960: May 7_
14
21 ..
28
June 4
11
18

._

...
.

(Percent per annuml
U. 8. Government
High-grade
security yields
municipal
bonds
3-month
Taxable
(Standard3 &
Treasury
bonds 2
bills •»
Poor's)
2. 94
1.931
2.72
.953
2. 55
2.37
1.753
2.84
2.53
2. 658
3. 08
2. 93
3. 267
3.47
3. 60
1. 839
3. 43
3. 56
3. 405
4.08
3.95
4.08
2. 851
3. 97
3. 247
4, 09
4. 04
3. 243
4. 11
4.04
4. 10
3.358
3. 96
3. 998
4. 26
4 13
4. 117
4. 11
3. 99
4. 12
4. 209
3. 94
4. 572
4 27
405
4.37
4. 436
4 13
3.954
4. 22
3.97
3.439
4.08
3.87
3.244
4 18
3. 84
3. 392
4. 16
3.85
3.003
3.274
3. 793
3. 497
3. 184
2. 716
2. 292

* Bate on new issues within period.
a Series includes: April 1953 to date, bonds due or callable 10 years and after;
April 1952-Marcb 1953, bonds due or callable after 12 years; October 1941-Marcb
1952, bonds due or callable after 15 years.




4. 17
4. 13
4. 18
4. 16
4. 07
4.00

3.87
3. 81
3.85
3.85
3.85
3.81

Corporate bonds
( Moody 's)

3.20
2. 90
3.06
3.36
3. 89
3.79
438
4 37
4 46
4 47
4 43
4 52
457
4 56
4 58
4 61
4 56
4 49
445
446

3.74
3. 51
3.53
3.88
471
473
5.05
4 96
5. 04
5.08
5.09
5. 18
5.28
5.26
5.28
5. 34
5.34
5.25
5. 20
5.28

Prime
commercial
paper,
4—o
months
2.52
1. 58
2.18
3.31
3.81
2.46
3. 97
3.56
3. 83
3.98
3.97
4 63
473
4 67
488
4 91
4 66
449
4 16
425

446
4 45
4 46
4 47
4 48
4 44

5.27
5.28
5.28
5.28
5.27
5.24

425
425
4.25
425
4 19
403

Aaa

Baa

3

Weekly data are Wednesday figures.
Sources: Treasury Department and Board of Governors of the Federal Reserve
System (except as noted).

29

STOCK PRICES
Stock prices increased somewhat during most of May, although the average for the month was below that for April.
Price increases continued in early June.
INDEX, 1939 * 100
600

INDEX, 1939= 100
600

400

200 -*

1954

i960

SOURCE: SECURITIES AND EXCHANGE COMMISSION.

Compositel
index

Perod
Weeklv average:
1951
1952..
1953
1954
1955
1956_
1957
1958
1959
1959: May
June

_

July

August
September
October
November
December ...»
1960: January
February
March. _ _
_.
April .
May .
Week ended:
1960: May 6
13
20
27
June 3
10

__.__.

.COUNCIL OF ECONOMIC ADVISERS

11939 = 1001
Manufacturing
TransDurable Nondura- portation
Total
goods
ble goods




Trade,
Mining
finance,
and service

184. 9
195. 0
193. 3
229. 8
304. 6
345. 0
331. 4
340. 9
420. 2
425. 3
419. 0
434. 3
433.9
417.2
416. 4
416. 6
429. 2
419.0
405.0
396. 1
398. 5
394. 4

206. 8
220. 2
220. 1
271. 3
374. 4
438. 6
422. 1
426. 4
521. 7
527.3
520.9
542. 6
542. 5
520.3
517. 2
519. 0
538. 3
518.2
494. 0
478. 2
478. 2
471. 6

178. 5
188. 8
192.6
245.2
352. 4
409. 8
391. 2
385. 3
495. 2
495.0
495. 8
521. 8
516. 1
499.8
498.4
496. 4
517. 5
499. 1
474. 4
458.2
459.7
455. 6

233. 1
249. 3
245. 2
295. 2
394. 4
465. 1
450. 6
458. 0
535. 9
546. 8
533. 9
551. 2
556. 3
529.0
524. 4
529. 6
547. 1
525. 8
502. 5
487.4
485. 8
477.2

199.0
220. 6
218. 7
232.6
320.0
327. 1
275. 4
270.2
347.0
357.7
357. 1
364.3
349.4
333.0
338.8
322. 3
327.8
323.0
311.9
295.0
291.7
289.8

112.6
117. 9
121. 5
135. 8
152.9
155. 8
156.0
173.3
216. 2
221. 3
212. 8
217.8
219.0
211. 2
213.4
211. 3
213.0
219.4
223.7
226.4
232.6
232. 0

207.9
206.0
207. 1
235.6
296. 9
306. 3
277.4
314.5
408.9
417. 5
429.4
425.4
424.5
428. 4
434.2
440.5
434.0
419.9
424.6
433.2
437.0

204. 9
275. 7
240. 5
267. 0
312.9
357. 5
342. 3
313. :8
321.8
334.0
325. 6
321. 4
324.4
305.4
291. 9
285.4
296. 7
291. 6
278.6
268.2
260. 7
250. 0

391. 2
393.6
398. 1
394. 8
398. 5
411.3

467.5
471. 0
477. 4
470. 6
473. 8
492. 4

448.9
456. 7
461. 9
455. 1
461. 3
477. 3

475. 5
475. 0
482. 5
475.8
476.2
496. 9

289. 5
286.2
294. 2
289.1
284. 0
298.5

230. 8
231.6
231. 8
233.9
238.7
240. 4

430.0
436.0
438.3
443. 5
449.8
462.6

247. 9
243. 5
260.0
248.4
249. 6
252. 2

1
Includes 205 common stocks: 98 for durable goods manufacturing, 72 for nondurable poods manufacturing, 21 for transportation, 29 for utilities, 31 for trade
finance, and service, and 14 for mining. Indexes are for weekly closing prices.

30

Utilities

Source: Securities and Exchange Commission.

4iao

FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
For the first 11 months of the current fiscal year, there was a budget deficit of $3.1 billion.
year, the deficit amounted to $14.0 billion.
BILLIONS OF DOLLARS

For the same period last

BILLIONS OF DOLLARS

NET BUDGET RECEIPTS

NET BUDGET EXPENDITURES
75 -

1957

1955

MAJOR NATIONAL SECURITY

1957

1955

1959

I960

BUDGET SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE)

I960

1958

1955

FISCAL YEARS

* ESTIMATE

Period

Fiscal year 1955
Fiscal year 1956
Fiscal year 1957 . _ . „ . _ .
Fiscal year 1958
Fiscal year 19593
Fiscal year I960
> .
Fiscal year 1961 3
1959: April
May
June
July 4 4
_
._
August ..
4
September _ _
October 4 _ 4
November 4
December
I960' January 4 4
February
March 4
April 44
May _ _
Cumulative totals for first 11 months: 4
Fiscal year 1959
Fiscal year 1960

_

..

[Billions of dollars]
Net budget expenditures
Net
Major national security *
budget
Department
receipts
Total
of Defense
Total
military
functions
60.4
64.6
40. 6
35.5
ea 2
66. 5
40. 6
35. 8
71.0
69. 4
43.3
38.4
69. 1
71. 9
44 1
39. 1
68. 3
80.7
46. 4
41. 2
78.6
78.4
45.6
40. 9
84.0
79.8
45.6
41.0
4.3
6.4
3.9
a5
5.4
6. 2
3.6
3. 2
10.2
8. 6
45
40
3. 2
3.8
6.6
3.4
5.7
3.7
6.3
3.4
3.8
8. 5
6.4
3.4
3.0
6.9
3.9
3. 6
3.7
5.9
6. 6
3. 3
4.2
7.6
6.8
3.9
4. 9
6. 2
3.5
3. 1
3.7
7.3
6.2
3.4
9.6
40
6.4
3. 6
6. 0
3.7
5. 1
3.3
6. 6
3.7
6. 1
3.3
58. 1
67. 3

1
Includes military functions of Department of Defense, military assistance
portion of the mutual security program, Atomic Energy Commission, stockpiling, and defense production expansion.
»Includes guaranteed securities, except those held by the Treasury. Not all
Of total shown is subject to statutory debt limitation.




1958

72. 1
70. 4

41. 9
41.6

37.3
37.7

Budget
surplus
or
deficit (-)

Public
debt
(end of2
period)

-4.2
1. 6
1. 6
-2. 8
— 12. 4
.2
4.2
-2.2
-.7
1. 5
-3. 3
— .6
2. 1
-3.8
-.7
.7
— 1. 3
1. 1
3.2
-1. 0
.5

274 4
272.8
270.6
276.4
284 8
284 6
280. 1
285.5
286.4
2848
288. 8
290.5
288.4
291.4
290.7
290. 9
291. 2
290. 7
287.0
288. 9
289.5

14.0
-3. 1

286.4
289. 5

3
4

Estimates.
Preliminary.
Sources: Treasury Department and Bureau of the Budget.

31

CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter of calendar 1960, cash receipts from the public exceeded cash payments by $3.8 billion,
compares with an excess of payments of $0.1 billion in the first quarter of calendar 1959.

BILLIONS OF DOLLARS

This

BILLIONS OF DOLLARS

EXCESS OF CASH RECEIPTS

(ENLARGED SCALE)

EXCESS OF CASH PAYMENTS
1957
I
1958
CALENDAR YEARS

-1/ PRELIMINARY ESTIMATES.

1959 -^

1960^

1959

SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.

(Millions of dollars]
Cash receipts
from the
public

Period
Fiscal vear total:
1956...
__1957___
1958.
_
1959...
I960 1
1961 i
Calendar year total:
1956
1957
1958.
_
19592
Quarterly total, not adjusted for seasonal variation:
1958: Third quarter
..
Fourth quarter
1959: First quarter..
Second quarter
Third quarter 2 2
Fourth quarter
1960:

_
__ ._

_ .

First quarter 2

1

_ . ..

__

__

72,616
80, 007
83, 412
94, 804
95, 338
96, 257

4,471
2,099
- 1, 520
-13, 144
-542
5, 921

80, 332
84, 520
81. 729
87, 580

.
-._

Excess of receipts or
payments ( — )

77, 087
82, 106
81, 892
81, 660
94, 796
102, 178

.

_

. .

Cash payments to
the public

74, 806
83. 326
89. 015
95, 608

5,526
1, 194
-7, 286
-8,028

18, 274
16, 618

23, 789
23, 750

-5,515
-7, 132

22,
24.
21,
19,

22,
24,
24,
23,

734
530
378
917

— 106
— 389
-3,014
-4,497

21, 798

3,824

628
141
364
420

25, 622

2

Kst.imute:.
Preliminary.
Sources: Burcnn of the Bud.sret and Treasury Department.

32



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