Full text of Economic Indicators : June 1961
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8jth Congress, IST session
Economic Indicators
JUNE 1961
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
The November I960 issue of Economic Indicators introduced a number of
revisions resulting from the recent review of the needs of the Joint Economic
Committee and other users of the publication. The revised Indicators incorporates more seasonally adjusted data, expanded detail on some topics such as
unemployment, and new information such as the balance of payments.
The I960 revised edition of the Supplement to Economic Indicators, which
describes each series and gives annual data for years not shown in the monthly
issues, is now available from the Superintendent of Documents, Government
Printing Office.
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1961
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
JOHN SPARKMAN (Alabama)
RICHARD BOLLING (Missouri)
J. WILLIAM FULBRIGHT (Arkansas)
HALE BOGGS (Louisiana)
WILLIAM PROXMIRE (Wisconsin)
HENRY S. REUSS (Wisconsin)
CLAIBORNE PELL (Rhode Island)
MARTHA W. GRIFFITHS (Michigan)
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)
WM SUMMERS JOHNSON, Executive Director
JOHN W. LEHMAN, Deputy Executive Director and Clerk
COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman
KERMIT GORDON
JAMES TOBIN
[PUBLIC LAW 120—81sT 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," 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.
Economic Indicators, published monthly, is available at 20 cents a single copy
or by subscription at $2.00 per year (foreign, $2.75) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON 25, D. C.
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $4.60 per year.
The I960 Supplement to Economic Indicators, which describes each series and
gives annual data for years not shown in the monthly issues, is now available at
60 cents a copy.
11
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
Page.
nr
1
2.
3
4
5
6
7
8
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
,
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work
Average Hourly and Weekly Earnings—Selected Industries
9
10
11
12
13
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Trade Sales and Inventories
Manufacturers' Sales, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Balance of Payments
14
15
16
17
18
19
20
21
22
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
23
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Bank Loans, Investments, Debits, 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
31
32
NOTE.—Detail in these tables will not necessarily add to totals because
of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
ill
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
In the first quarter of 1961 the gross national product in current prices declined $3.7 billion (seasonally adjusted annual
late) from the previous quarter, according to present estimates. The major reduction was in the business sector.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Business
Persons
Personal
Disposable consumption
personal expendiincome *
Period
International
Personal
Excess
Gross
saving
Gross private
of
(+) or retained domestic investearn-2
disment
investsaving
ings
ment
(-)
1951
1952
1953
1954
3955
1956
--- --
_
1958
.- _1959
1960
1959: Third quarter..
Fourth quarter.
1960: First quarter
Second quarter.
Third quarter _ _
Fourth quarter.
1961 : First quarter
227. 5
238. 7
252. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 3
354. 2
338.5
342.4
347. 0
354. 1
357.5
358. 1
357. 2
209. 8
219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293. 5
313. 8
327. 8
316. 0
319.6
323. 3
329. 0
328. 3
330. 8
328.8
17. 7
18. 9
19. 8
18. 9
17. 5
23. 0
23. 6
24. 4
23. 4
26.4
22. 5
22. 8
23. 7
25.2
29. 2
27. 2
28.3
56. 3
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 0
72. 0
72. 8
67. 5
70. 8
79.3
75. 5
70. 8
66. 0
61.0
31. 5
33. 2
34. 3
35. 5
42. 1
43. 0
45. 6
44. 6
50. 5
52. 0
49. 6
51. 0
52.4
52. 1
51. 6
51. 2
5
()
-24. 8
— 16. 6
— 16. 0
— 13. 4
-21. 8
-24.3
-20. 5
-11. 4
-21. 6
-20. 8
-17. 9
— 19. 8
-26. 9
-23. 4
-19. 2
-14, 8
5
()
Foreign
Net exports of goods Excess of
net
and services
transfers
trans(+) or
fers by
of net
Govern- Net
ExImexports
ment exports ports ports
(-)3
2. 1
1. 5
1. 6
1. 4
1. 5
1. 5
1. 5
1. 3
1. 5
1.6
1. 2
1. 9
1. 6
1.7
1. 4
1.7
1.6
2. 4
1. 3
—.4
1.0
1. 1
2.9
4. 9
1.2
-1. 0
3. 0
-.2
-. 4
1. 2
2.0
3. 7
4.6
5.3
17. 9
17. 4
16. 6
17. 5
19. 4
23. 1
26. 2
22. 7
22. 9
26. 5
24. 0
23. 5
25. 2
26. 4
27.3
27. 0
27.4
15. 5
16. 1
17. 0
16. 5
18. 3
20. 2
21. 3
21. 5
23. 8
23. 5
24. 2
23.9
23.9
24. 4
23. 5
22. 4
22. 1
— 0. 2
.2
2. 0
.4
.4
1. 5
— 3. 5
.1
2. 5
— 1. 4
1.5
2. 4
.3
-. 3
-2.3
-2.9
-3.7
Government
Net receipts
Surplus
(+) or
deficit
Tax and TransTrans- (-) on
Purnontax
Total
income
fers,
chases
fers,
Net
and
interest, of goods expendi- interest,
receipts receipts
or
and suband
product
tures and sub4
4
accruals sidies
account
services
sidies
Period
1951
1952
19S3
1954. .
1955
1956
1957
19S8
1959
1960
1959: Third quarter
Fourth quarter
3960: First quarter .
Second quarter
Third quarter
Fourth quarter
3D61': First quarter
_
66. 6
72. 2
75. 7
68. 5
78. 4
84. 2
87.5
82. 1
94. 6
99.6
94. 9
93.6
101.4
100. 8
98.9
96. 6
(5)
85. 5
90.6
94. 9
90. 0
101. 4
109. 5
116. 3
115.2
129. 1
136. 9
129. 0
129. 7
137. 3
137.9
136. 3
135.7
(5)
Expenditures
18. 9
18.4
19. 2
21. 5
23. 0
25. 3
28.7
33. 1
34. 5
37. 3
34. 1
36. 1
35. 9
37.0
37. 4
39. 1
40. 3
60.5
76. 0
82. 8
75. 3
75. 6
79.0
86. 5
93. 5
97. 1
99. 7
98. 1
96.4
97. 5
98. 6
100. 7
102. 1
104. 7
* Personal income (p. 3) less personal taxes and nontax payments (fines, penal«»,etc.).
•undistributed corporate profits, corporate inventory valuation adjustment,
*»r»m»l consumption allowances, and excess of wage accruals over disbursements.
•Net foreign Investment with sign changed.
iv
79.4
94. 4
102. 0
96. 7
98. 6
104.3
115. 3
126. 6
131. 6
137. 0
132. 2
132.4
133. 4
135. 6
138. 1
141. 2
145.0
18.9
18. 4
19. 2
21. 5
23. 0
25.3
28.7
33. 1
34. 5
37. 3
34. 1
36. 1
35. 9
37. 0
37.4
39. 1
40. 3
6. 1
3. 9
-7. 1
-6.7
2. 9
5.2
1.0
-11. 4
-2.5
-. 1
-3. 2
-2.8
3. 9
2.3
-1.8
-5.5
(5)
Gross
Total
Statis- national
income
tical
product
or
discrepor
receipts
ancy expenditure
327. 7
345.6
364. 1
362. 3
396. 5
421. 6
443. 4
445.9
483.9
507.4
484. 3
488. 9
502. 3
508.7
509. 4
507. 6
(5)
1. 2
1.4
1. 3
.9
1. 0
-2. 4
-.6
-1.7
-1. 8
-3.9
-3.0
-2. 6
-1. 1
-3.9
-5.8
-4. 1
(5)
329. 0
347.0
365. 4
363. 1
397. 5
419. 2
442. 8
444. 2
482. 1
503. 2
481. 4
486.4
501.3
505. 0
503. 5
503. 5
499.8
* Government transfer payments to persons, foreign net transfers by Government, net interest paid by Government, and subsidies less current surplus of
Government enterprises.
* Not available.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Current estimates indicate that gross national product in constant (1960) prices declined about $5 billion (seasonally
adjusted annual rate) in the first quarter of 1961.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
300
200
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
uWo-*—*-
NET EXPORTS OF GOODS
AND SERVICES ^*^
GROSS PRIVATE DOMESTIC
INVESTMENT
*
\
I
1958
1959
1
1955
1956
1957
SOURCE: DEPARTMENT OF COMMERCE. .
Period
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1
2
COUNCIL OF ECONOMIC AbVlSESS
[Billions of dollars]
Government purchases of goods
Personal Gross
Total
Net
services
Total
congross
private
exports
sump- domestic of goods
Federal
national gross
tion
product national
and
Total Total * National
in 1960 product expend- investservices
ment
defense2 Other
itures
prices
334. 2
362. 3
__
392. 0
_
_ _ ._. 406. 8
425.5
416. 8
449.7
459. 2
.
. __ 467. 8
459. 7
490. 6
503. 2
1959: Third quarter. _.
Fourth quarter __
1960: First quarter
Second quarter,.
Third quarter___
Fourth quarter.1961: First quarter
488.5
491.5
504. 8
506. 3
501. 7
500. 4
495.5
and
State
and
local
Implicit
price
deflator
for total
GNP,
1960=100*
258. 1
284. 6
329. 0
347.0
365.4
363. I
397. 5
419. 2
442. 8
444. 2
482. 1
503. 2
181.2
195.0
209. 8
219. 8
232. 6
238.0
256. 9
269. 9
285. 2
293. 5
313. 8
327.8
33.0
22.2
3.8
40. 2
50.0
19.3
.6
39.0
56. 3
2. 4
60. 5
38. 8
76. 0
52. 9
49. 9
1. 3
50. 3
58. 0
-. 4 82. 8
1. 0
75. 3
48. 9
47.5
63. 8
1. 1
75. 6
45. 3
79. 0
67. 4
2.9
45.7
66. 1
49. 7
4. 9
86. 5
56.0
93. 5
52.6
1. 2
72. 0
-1. 0
97. 1
53. 3
72. 8
3. 0
99. 7
52.4
Seasonally adjusted annual rates
13.6
14. 3
33. 9
46. 4
49.3
41.2
39. 1
40. 4
44. 4
44. 8
46.0
45. 1
8.9
5.2
5.2
6. 7
9. 0
6.7
6.6
5.7
5.7
8. 3
7.8
7. 9
17.9
19.7
21. 7
23. 2
24. 9
27.7
30.3
33. 2
36. 8
40. 8
43. 9
47.3
77.2
78. §
83.9
85. 3
85. §
87. i
88.4
9L3
94 1
96.6
98.3
100. 0
481. 4
486. 4
501. 3
505. 0
503. 5
503. 5
499. 8
316. 0
319. 6
323. 3
329. 0
328. 3
330. 8
328.8
67. 5
70. 8
79. 3
75. 5
70. 8
66. 0
61. 0
-. 2
98. 1
-. 4 96. 4
1. 2
97. 5
2. 0
98. 6
3. 7 100. 7
4. 6 102. 1
5.3 104.7
46. 1
45. 5
44. 9
44. 7
45. 1
45. 7
47.2
8. 0
7. 5
7. 5
7. 6
8. 2
8. 2
8. 1
44. 5
43.9
45.7
46. 9
48. 0
48. 8
50.0
98.5
99. 0
90. a
91). 7
KM). 4
100. 6
Less Government sales.
These expenditures correspond closely with budget expenditures for "major
national security," shown on p. 31.
1961
I960
3
53. 6
52. 5
51. 8
51. 7
52. 7
53. 3
54.7
100. 9
Gross national product in current prices divided by gross nalionni pro>hid
in 1960 prices.
Source. Department of Commerce.
NATIONAL INCOME
Compensation of employees and income of nonfarm proprietors (seasonally adjusted) declined again during the
first quarter of 1961. In contrast, farm proprietors1 income and net interest continued to rise.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL INCOME
H-
400
300 -
400
- 300
COMPENSATION OF EMPLOYEES
200
200
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100 -
PROPRIETORS' AND
RENTAL INCOME
100
1955
1961
SOURCE: DEPARTMENT OF COMMERCE.-
'.COUNCIL OF ECONOMIC ADVISERS'.
[Billions of dollars]
Period
Total
national
income
Compensation
of em- 1
ployees
Proprietors' income
Farm
1949
1950
1951
1952
1953
1954
1955
1956
1957_
1958
1959_.
1960
217. 7
241. 9
279.3
292. 2
305. 6
301. 8
330. 2
350. 8
366. 9
367. 7
399. 6
417. 5
140. 8
154.2
180. 3
195. 0
208. 8
207. 6
223. 9
242. 5
255. 5
257. 0
277. 8
294. 4
12. 9
14. 0
16. 3
15. 3
13. 3
12. 7
11. 8
11. 6
11.8
14. 0
11. 8
12. 0
1959: Third quarter _
Fourth quarter
1960: First quarter
Second quarter
Third quarter __
Fourth quarter
1901: First quarter
399. 4
402. 8
414. 4
419. 4
419.3
416. 9
(2)
279.5
281.6
290. 2
295.0
297. 2
295. 2
293.3
11. 1
11. 2
10. 6
12. 1
12. 2
12. 8
13. 0
Business
and professional
Rental
income
of
persons
22. 7
23.5
26. 0
26. 9
27. 4
27. 8
30. 4
32. 1
32. 7
32. 3
34. 7
35. 9
8. 3
9. 0
9. 4
10. 2
10. 5
10. 9
10. 7
10. 9
11. 9
12. 2
12. 4
12. 5
Net
interest
4.8
5. 5
6. 3
7. 1
8. 2
9. 1
10. 4
11. 7
13. 4
14. 7
16. 4
18. 7
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
37. 4
46. 6
44. 3
26. 4
40. 6
42. 2
36. 7
38. 3
34. 1
44. 9
44. 7
43.2
37. 7
47. 0
44. 3
1. 9
-5.0
-1. 2
1. 0
— 1.0
-. 3
-1. 7
-2. 7
— 1. 5
—.2
5
44. 9
45. 5
48.0
45. 3
42. 2
41. 0
(2)
45. 3
44. 8
48. 8
45. 7
41. 5
40.7
(2)
_. 4
.7
-. 8
-. 4
.7
.4
.0
Seasonally adjusted annual rates
1
Includes employer contributions for social insurance.
'J Not available.
(See also p. 3.)
35.0
35. 1
35. 4
36. 0
36. 1
35. 9
35. 5
12. 4
12. 5
12. 5
12. 5
12. 5
12. 5
12. 5
16. 5
16. 9
17. 8
18. 5
19. 1
19. 4
19.6
Source: Department of Commerce.
(2)
SOURCES OF PERSONAL INCOME
Personal income increased $2.4 billion (seasonally adjusted annual rate) in May to $413.7 billion.
surpassed its previous peak of last summer and accounted for most of the May rise.
Labor income
BILLIONS OF, DOLLARS
450
BILLIONS OF DOLLARS
450
400
400
350
350
300
250
200
BUSINESS, PROFESSIONAL, AND RENTAL INCOME
1955
1956
1957
SOURCE: DEPARTMENT OF COMMERCE.
Period
Total
personal
income
1952
1953
1954
1955
1956
1957
1958
1959
1960
273. 1
288.3
289.8
310.2
332.9
351. 4
360. 3
383.3
404. 2
1960: April
May
June
July
August
September.
October...
NovemberDecember1961 : January __
February __
March
April 3_
May
401. 9
404. 7
406. 1
407.3
408.2
408. 8
409.7
409. 0
406. 9
406. 6
406.2
409. 8
411. 1
413.7
4
1959
I960
1961
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Labor income Proprietors' income
Less: Per(wage and
Rental
sonal conPersonal
Transfer
salary disDivitributions
Business income
payof
bursements Farm
dends interest
for social
and
proincome
ments
and other 1
persons
insurfessional
labor income)
ance
26. 9
10.2
190.2
15.3
12. 1
13.2
9. 0
3. 8
27. 4
204. 1
13.3
9.2
10.5
13.4
14. 3
3.9
12. 7
27. 8
202. 5
10. 9
9. 8
14. 6
16.2
4. 6
30.4
11.8
10. 7
11. 2
218. 0
5.2
15. 8
17.5
32. 1
11. 6
10. 9
12. 1
17. 5
18. 8
235. 7
5.8
11.8
32.7
247. 7
11. 9
12. 6
19. 6
21. 9
6.7
14. 0
32.3
12. 2
249. 1
12. 4
20. 8
6.8
26. 4
34. 7
12. 4
268. 3
11. 8
13.4
23. 5
27.0
7.8
12. 0
35. 9
12. 5
14. 0
283. 5
26. 8
29.0
9.3
Seasonally adjusted annual rates
282. 5
11. 7
35. 7
12. 5
13. 9
26. 2
28. 6
9. 2
12. 1
36. 0
12. 5
284.5
13. 9
26. 5
28. 4
9. 3
285. 0
36. 2
12. 5
12. 5
13. 9
26. 8
28. 5
9.3
286. 2
12. 0
36. 2
12. 5
13. 9
27. 1
28.7
9. 3
12. 2
36. 1
286.3
12. 5
14. 0
27.4
29. 1
9. 4
12. 2
36. 1
286. 2
12. 5
14. 0
27. 5
29. 7
9.3
12. 6
36. 1
286. 1
12. 5
14. 1
27. 6
30.0
9. 3
284. 7
12. 9
35. 9
12. 5
14. 1
27. 6
30. 5
9. 2
282. 4
12. 9
35. 7
12. 5
14. 0
27. 7
30. 9
9. 2
282. 4
12. 9
35. 5
12. 5
14. 0
27.7
31. 0
9. 4
13.0
35. 4
281.9
12.5
14. 0
27. 7 4 31. 1
9.4
283. 0
13. 0
35. 5
12. 5
14.0
27.6
33. 6
9.4
12. 9
35.6
12. 5
286. 0
14. 0
27.6
32. 2
9. 5
287. 8
12. 5
13. 1
35. 7
14. 0
27. 6
32. 5
9. 5
* Compensation of employees (see p. 2) 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.
1958
Nonagricultural
personal2
income
254. 3
271.5
273. 8
295. 0
317.9
336. 1
342.6
367.6
388. 1
4
385. 9
388.3
389.3
391. 1
391. 8
392.4
393. 0
392. 1
390. 1
389. 8
389. 3
392. 9
394. 5
396. 7
3
Preliminary.
* Includes stepped-up payment of National Service Ltfe Insurance dividends
of $150 million ($1.8 billion at annual rate).
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
The decline in disposable income in the first quarter of 1961 marked the first reduction in more than 3 years,
the rate of decline in income was less than that in consumption expenditures, the saving rate rose.
BILLIONS OF DOLLARS*
Since
BILLIONS OF DOLLARS*
400
350
350
DISPOSABLE PERSONAL INCOME
300
CONSUMPTION
EXPENDITURES
I
I
!
I
l
l
I
I
I
I
I
I
I
I
I
I
C
I
I
I
I
PER CAPITA DISPOSABLE PERSONAL INCOME
IN CURRENT PRICES
1,600 -
1,600
1,400
1955
1,400
1956
1961
"SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: DEPARTMENT OF COMMERCE
Period
1949_
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
..
_
1959: Third quarter
Fourth quarter
1960: First quarter .
Second quarter
Third quarter
Fourth quarter
1961: First quarter
Disposable
personal1
income
COUNCIL OF ECONOMIC ADVISERS
'
Personal consumption expenditures
Total
189. 7
207.7
227. 5
238. 7
252. 5
256. 9
274. 4
292. 9
308.8
317.9
337.3
354.2
181. 2
195. 0
209. 8
219. 8
232. 6
238.0
256.9
269.9
285.2
293. 5
313. 8
327. 8
338. 5
342. 4
347. 0
354. 1
357. 5
358. 1
357.2
316. 0
319. 6
323. 3
329. 0
328. 3
330.8
328.8
NonDurable durable
Services
goods
goods
Billions of dollars
24. 6
96. 6
60. 0
30.4
64. 9
99.8
29.5
110. 1
70.2
29. 1
115. 1
75. 6
32. 9
118.0
81. 8
32. 4
119. 3
86. 3
39.6
124. 8
92. 5
38. 5
131. 4
100. 0
137.7
107. 1
40. 4
37. 3
142. 0
114. 2
122. 8
43. 4
147. 6
152. 4
43. 6
131. 7
Seasonally adjusted annual
124. 1
44. 0
148. 0
126. 6
43. 5
149. 6
44. 2
150. 5
128.6
44. 5
153. 5
130.9
152.7
42. 7
132.9
152. 9
134. 7
43. 2
39. 2
153. 0
136. 6
' Personal income (p. 3) less personal taxes and nontax payments (fines, penalties, etc.).
> Incnnin in current prices divided by the implicit price deflator for personal
consumption expenditures on a i960 base.
Personal
saving
8.5
12. 6
17.7
18. 9
19. 8
18. 9
17. 5
23. 0
23. 6
24. 4
23. 4
26. 4
rates
22. 5
22, 8
23. 7
25. 2
29. 2
27. 2
28.3
Per capita disposable personal
income l
Current
prices
1960
prices 2
Saving as
percent Populaof distion
posable
(thoupersonal sands) 3
income
(percent)
Dollars
1, 272
1,580
1,676
1,369
1,692
1,474
1,520
1,708
1,582
1,762
1,744
1,582
1,822
1, 660
1,742
1,879
1,804
1,891
1, 826
1,879
1,905
1,938
1,969
1, 969
4.5
6. 1
7.8
7.9
7.8
7. 4
6.4
7.9
7.6
7.7
6. 9
7. 5
149,
151,
154,
157,
159,
162,
165,
168,
171,
174,
177,
179,
188
683
360
028
636
417
270
176
198
060
076
894
1, 936
1, 941
1,951
1,974
1,979
1,965
1,947
6. 6
6. 7
6. 8
7. 1
8. 2
7.6
7.9
177,
178,
178,
179,
180,
181,
181,
493
291
938
576
309
123
826
1, 907
1, 920
1, 939
1,972
1,983
1,977
1, 965
3
Population of the United States, excluding Alaska and Hawaii; includes
armed forces 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
Gross and net income of farm operators increased again in the first quarter of 1961 and were appreciably above the
rather low levels a year earlier.
BILLIONS OF COLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
40
40
REALIZED GROSS
FARM INCOME **
30
20
20
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE J/
10
10
1955
1957
1956
1958
1959
I960
INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.
CSUNCtt » ECONOMIC ADVISEES
Income received by total
farm population
Income received by farm operators from farming
Realized gross
Period
1952_
1953_
1954_
1955.
1956.
1957_
1958_
1959_
I960.
1959: Third quarter. _.
Fourth quarter.
1960: First quarter
Second quarter.
Third quarter__.
Fourth quarter.
1961: First quarter.__.
From
From
From
agricul- nonagriall
tural cultural
sources
sources ] sources Total
23.
21.
20.
19.
20.
20.
22.
20.
20.
4
1
2
8
1
2
2
4
7
17.3
15. 1
14. 4
13. 5
13.4
13. 6
15. 8
13.6
13. 8
6. 1
6. 0
5. 8
6.3
6.7
6. 6
6. 4
6.8
6. 9
Net
Net income per
farm including net
inventory change4
ProducCash tion ex- Exclud- Includreceipts penses ing in- ing net in- Current
1960
from
ventory ventory3 prices prices 5
marketchange change
ings
Billions of dollars
Dollars
32. 6
22. 6
37. 0
3,042
14 4
15. 3 2, 829
31. 1
21. 4
2, 502
35.3
13. 9
13.3
2,690
30. 0
12. 2
33. 9
21.7
12.7
2,440
2,624
29. 6
21. 9
33. 3
2,313
11. 5
11. 8
2,487
34. 6
30. 6
22. 6
12. 0
2,338
2,487
11. 6
34. 4
29. 8
2,426
23. 4
11.0
11.8
2,501
38.2
33. 5
13. 0
2,982
25. 2
14. 0 2,952
33. 1
26. 2
11.3
2, 548
37.5
2,574
11.8
37.9
33. 7
26.3
11. 6
12. 0
2,646
2,646
Seasonally adjusted annual rates
32. 4
36.7
26. 1
10. 6
2,390
2,410
11. 1
32.7
26. 1
10.8
36. 9
11. 2
2,410
2,410
36. 5
32.3
26.3
10. 2
10. 6 2,330
2,330
34. 1
38.3
26. 5
11. 8
12. 1
2,670
2,670
38. 1
34. 0
26. 2
11. 9
12. 2 2, 690
2,690
34. 3
12. 4
38. 6
26. 2
2,820
12.8
2,820
39.4
35.2
26.6
12. 8
2, 970
2, 970
13.0
1
Net income of farm operators from farming (including net inventory change)
and
wages received by farm resident workers.
2
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
s
Inventory of crops and livestock valued at the average price for the year.
* The number of farms (based on 1954 Census of Agriculture definition) is held
constant within a year. The figures (in millions) for 1958, 1959, 1960, and 1961
are 4.7, 4.6,4.5, and 4.4, respectively.
70990°—61
2
1961
* Income in current prices divided by the index of prices paid by farmers for
family living items on a 1960 base,
e Not available.
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits before taxes in the fourth quarter of 1960 are estimated to have been $40.7 billion (seasonally
adjusted annual rate), about 17 percent below their first quarter 1960 level.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10
1954
1955
b NO ALLOWANCE FOR INVENTORY VALUATION
1959
1956
ADJUSTMENT.
I960
:
COUNCIL OF ECONOMIC ADVISERS;
SOURCE: DEPARTMENT OF COMMERCE.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1950 _
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1959: Third quarter, _ _
Fourth quarter __
1960: First quarter
Second quarter, _
Third quarter
Fourth quarter. _
] 901 : First quarter
1
Corporate profits (before taxes) and
inventory
valuation adjustment 1
TransManufacturing
portation,
All
All
NoncomDurable
other
indusdurable
munigoods
Total
tries
goods cations, indusindustries
and
industries
tries
public
utilities
20.4
12. 0
35.7
8. 4
4. 0
11. 3
41. 0
24. 4
13. 5
10. 9
4. 5
12. 0
21. 1
37.7
11. 8
9. 3
11.8
4.8
21. 4
12. 1
37.3
4. 9
9.3
11. 0
33. 7
18. 4
10. 1
4. 4
8.3
11. 0
43. 1
14. 2
25. 0
10. 8
12. S
5. 4
42. 0
12. 6
23. 5
12. 9
10. 9
5. 6
41. 7
22. 9
13. 1
9. 8
5. 5
13. 3
37.4
18. 8
9. 2
9. 6
5. 4
13. 2
24. 8
12. 8
46. 6
12. 0
6. 3
15. 5
44. 3
11. 5
23. 1
11. 6
14. 7
6. 4
44. 9
23. 8
11. 5
12. 2
6. 1
15. 0
45. 5
23. 2
11. 3
12. 0
6. 3
16. 0
48. 0
26. 2
13. 6
12. 6
6. 5
15. 3
45. 3
23. 5
11. 6
11. 9
6. 4
15. 5
42. 2
21. 6
11. 1
10. 5
6. 4
14. 2
41. 0
10. 1
20. 8
6. 4
10.8
13. 8
Sec p. 2 for inventory valuation adjustment.
- Not available.
Corporate profits
after taxes
Corporate
profits
before
taxes
Corporate
tax
liability
40. 6
42. 2
36. 7
38. 3
34. 1
44. 9
44. 7
43. 2
37. 7
47. 0
44. 3
45. 3
44. 8
48. 8
45. 7
41.5
40. 7
17. 9
22. 4
19.5
20. 2
17. 2
21. 8
21. 2
20. 9
18. 6
23. 2
21. 6
22. 3
22. 1
23. 8
22. 3
20.3
19. 8
Source: Department of Commerce.
Total
22. 8
19.7
17. 2
18. 1
16. 8
23. 0
23. 5
22. 3
19. 1
23. 8
22. 8
22. 9
22. 7
25. 0
23. 4
21.3
20. 8
Dividend
payments
9. 2
9.0
9.0
9. 2
9. 8
11. 2
12. 1
12. 6
12.4
13.4
14. 0
13. 6
13. 8
13. 9
13. 9
14. 0
14. 1
14. 0
Undistributed
profits
13. 6
10.7
8. 3
8.9
7.0
11.8
11.3
9. 7
6. 7
10.5
8.7
9.3
8.9
11. 0
9.5
7. 3
6.7
GROSS PRIVATE DOMESTIC INVESTMENT
The reduction of $5 billion (seasonally adjusted annual rate) in private investment during the first quarter of 1961
reflected sizable declines in each of the major sectors.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
GROSS PRIVATE
DOMESTIC INVESTMENT
\
NEW CONSTRUCTION
40
{
\
|
40
^^
.„„!
I
l
""""/,,
.m.,..."''""1""""""""
PRODUCERS
DURABLE EQUIPf!^ENT
"......"'"***.
\
20
c HANGE
IN BUSINESS
INVENTORIES
l
—
„
^^-»i«j••i* **
1
.»^%
4
y
««C«I~I«I_
-20
1
I
1
1
1
1
!
1956
1955
SOURCE: DEPARTMENT OF COMMERCE".
1
1
1957
\
\
1958
S
\
A
\ X
1
1
^
.
1
-20
1959
1961
I960
COUNCIL OF ECONOMIC ADVISERS
. ..
[Billions of dollars]
Total
gross
private
domestic
investment
Period
1949
1950
1951
1952
1953
1954
19551956
1957
1958
1959
1960
_._,.__
__
_
33.0
50. 0
56. 3
49. 9
50. 3
48. 9
63.8
67. 4
66. 1
56.0
72. 0
72. 8
Change in business
inventories
Fixed investment
New construction *
Total
Total
36.0
43. 2
46. 1
46. 8
49. 9
50. 5
58. 1
62. 7
64. 6
58. 5
66. 1
69. 2
18.8
24. 2
24. 8
25. 5
27. 6
29. 7
34. 9
35. 5
36. 1
35. 4
40.3
40.4
Residential
nonfarm
9. 6
14. 1
12. 5
12. 8
13. 8
15. 4
18. 7
17. 7
17.0
18.0
22. 3
21. 1
Other 2
Producers'
durable
equipment
9.2
10. 1
12. 3
12. 7
13. 8
14.3
16. 2
17. 8
19.0
17.4
18.0
19.3
Total
Nonfarm
17. 2
18.9
21. 3
21. 3
22. 3
20. 8
23. 1
27. 2
28. 5
23. 1
25.8
28. 8
-3. 1
6.8
10. 2
3. 1
.4
-1. 6
5. 8
4.7
1. 6
-2.5
5. 9
3.6
-2. 2
6.0
9. 1
2. 1
1. 1
-2. 1
5.5
5. 1
.8
-3.6
5. 4
3.2
26. 5
26. 8
27. 1
29.5
29. 7
28.7
26. 5
i
4." 7
11. 4
5.3
.6
-3.0
-4.5
-. 5
4. 3
11. 0
5.0
.3
-3. 4
-4. 8
Seasonally adjusted annual rates
1959: Third quarter
Fourth quarter
1960: First quarter
Second quarter
Third quarter _ _._
Fourth quarter
1961: First quarter
67. 5
70. 8
79. 3
75. 5
70. 8
66.0
61. 0
67.6
66. 2
67. 9
70. 2
70. 2
69.0
65. 5
41. 1
39. 4
40. 8
40. 7
40.5
40.3
39.0
1
Revisions in series on new construction shown on p. 17 have not yet been incorporated
into these series.
2
"Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 17.
22. 6
21. 3
21. 4
21. 3
21. 1
20.5
19. 2
18. 5
18. 1
19.3
19. 4
19. 5
19. 8
19. 9
Source: Department of Commerce.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen plan to spend $34.5 billion on new plant and equipment in 1961, a decline of 3 percent from 1960,
according to the April-May survey. These plans are about the same as reported in the survey made 3 months earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
30
20
£0
10
1961
NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION, AND DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVIS1RS
[Billions of dollars]
Transportation
Manufacturing
Period
Total i
Total
1953
1952
1953
1954
1955
1856
1957..
1958
1959I960s
1981
1959: Third quarter
Fourth quarter
1960: First quarter ..
Second quarter
Third quarter
Fourth quarter
1961: First quarter 3
'Second quarter3
Third quarter _
._
_
_
.. __
__ „
25. 64
26. 49
28. 32
26.83
28.70
35. 08
36. 96
30. 53
32. 54
35. 68
34. 46
10. 85
11. 63
11. 91
11. 04
11. 44
14. 95
15. 96
11. 43
12. 07
14. 48
14. 00
33. 35
33. 60
35. 15
36.30
35. 90
35. 50
33.85
33. 85
34. 60
12. 25
12.85
14. 10
14. 70
14. 65
14. 40
13. 75
13. 65
14. 05
Railroads
Other
1.47
5. 17
5. 68
.93
6.02
5. 61
.98
1.40
5.65
6. 26
1. 31
.99
5. 09
5. 95
.85
.98
. 92
5. 44
6. 00
. 96
7. 62
7. 33
1. 23
1. 24
8. 02
7. 94
1. 24
1. 40
5.47
. 94
. 75
5. 96
. 92
5. 77
6. 29
. 99
7. 18
1.03
7.30
.99
6.45
7.55
1.03
. 70
Seasonally adjusted annual rates
5. 85
1. 30
I). 40
1. 00
6. 15
6. 70
1. 05
.85
7. 15
]. 00
6. 95
1. 00
7. 40
7. 30
1. 10
1. 05
7. 35
1.00
7. 30
1. 00
6.85
1. 00
7. 55
. 90
6. 50
. 70
7. 25
. 95
6. 30
.75
7.35
1. 00
6. 40
7.70
1.05
. 65
1. 49
1. 50
1. 56
1. 51
1. 60
1. 71
1. 77
1.50
2. 02
1. 94
1.76
3. 66
3. 89
4. 55
4. 22
4.31
4.90
6. 20
6. 09
5. 67
5. 68
5. 91
7. 24
7. 09
8. 00
8. 23
9. 47
11. 05
10. 40
9.82
10. 88
11. 57
11.05
2. 15
2. 15
2. 00
2. 15
1.90
1. 80
1. 75
1. 85
1. 85
5. 60
5. 50
5. 75
5.70
5.60
5.70
5. 35
5. 75
6. 15
11. 05
11. 20
11. 35
11. 60
11. 75
11. 65
11. 30
10.90
10. 80
- Fx eludes agriculture.
3
Commercial and other includes trade, service, finance, communications, and
.
*: ^animates based on anticipated capital expenditures as reported by business
:ute April and May 1961. Includes adjustments when necessary for systematic
ndencies in anticipatory data.
Commercial and
other 2
Public
utilities
Durable
goods
Nondurable goods
Mining
NOTE.—Beginning 1959 all quarterly data are 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 rose by 1.1 million in May, approximately as much as expected at this time of year. The seasonally
adjusted unemployment rate of 6.9 percent was virtually unchanged.
MILLIONS OF PERSONS'*
MILLIONS OF PERSONS*
PERCENT OF CIVILIAN LABOR FORCE
• PERCENT OF CIVILIAN LABOR FORCE.
UNEMPLOYMENT RATE
(SEASONALLY ADJUSTED)
TT
if
^T~
',-
-T fti
«
*"9Vi
•*
;* f '* *
>
*:
1956
1955
TlTi
1958
•
rT•3 i .5
;<j *
-' '. '*
T> ?L Tr
*: =
v"
* *
1957
•* • „F
1959
'?
Period
Total
labor
force
(including
armed
forces)
1953
1954.
1955
1956
1957
1958
1959
1960
67.4
67.8
68.9
70. 4
70. 7
71. 3
71.9
73. 1
1960: April
May
__ _ _ _ _
June
July
August
September
October. _ __ __
November
December
1961: January
February
March
April
May
_
72. 3
73. 2
75. 5
75. 2
74.6
73.7
73. 6
73. 7
73. 1
72. 4
72.9
73.5
73. 2
74. 1
1
4
•/;*
1961
COUNCIL OF ECONOMIC ADVISERS
Civilian emCivilian employment
ployment
CivilCivilian
Non- Unemian
Nonploylabor Total agrilabor Total Agriagriment
culforce
culforce
eul~
tural tural
tural
Millions of persons 14 years of age and over
63. 8 61. 9
55.4
1.9
64. 5 60. 9
54. 4
3.6
65. 8 62.9
56. 2
2.9
67. 5 64. 7
58. 1
2.8
67. 9 65. 0
58.8
2. 9
68. 6 64.0
58. 1
4. 7
69. 4 65.6
59. 7
3.8
70. 6 66. 7
61. 0
3.9
Unadjusted
Seasonally adjusted l
69. 8 66. 2
60. 8
3.7
70. 5 67. 0
5. 7
61. 3
70.7 67. 2
61. 4
3. 5
70.5 67.0
5.5
61. 6
73. 0 68. 6
61.7
4. 4
71.2 67. 2
5. 7
61. 6
72. 7 68. 7
61.8
4. 0
70.7 66. 9
61. 2
5.9
72. 1 68.3
61. 8
3. 8
70. 8 66. 7
5.8
61. 0
71.2 67. 8
61. 2
3.4
71.0 67. 0
6. 1
61. 0
71. 1 67. 5
61. 2
3.6
70. 6 66. 4
5.7
60. 7
71. 2 67. 2
61.5
4.0
71. 4 67.0
5. 8
61. 2
70. 5 66. 0
4. 5
61. 1
5. 8
71. 1 66. 4
60.5
69. 8 64. 5
59. 8
5. 4
71.5 66. 6
5.7
60. 7
70.4 64. 7
59. 9
5.7
71.9 66. 8
5. 8
60. 9
71.0 65.5
60.5
5. 5
72.2 67.1
5.8
61. 2
70. 7 65.7
60.7
5. 0
71.4 66.5
5.3
61. 2
71. 5 66.8
61. 2
4. 8
71. 4 66. 6
5.2
61. 5
1
Seasonally adjusted totals may differ from sum of components because totals
and components have been seasonally adjusted separately.
! !
I960
X 14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR.
4
I
-4
Unemployment
3. 6
3. 6
3.8
3.9
4. 1
4. 0
4, 4
4. 4
4.8
4.7
4.9
5.0
4. 9
4. 9
Unemployment;
rate (percent of
civilian labor
force)
Unad- Seasoaadjusted ally
justed
Percent
2.9
5 6
4. 4
4.2
4. 3
6. 8
5. 5
5.6
5.2
4. 9
6. 1
5.5
5.3
4. 8
5.0
5.7
6. 4
7.7
8. 1
7.7
7.0
6.7
5,1
5.1
5.4:
5.5
5.8
5.T
6.3
6.2
as
6.6
6,S
6.9
as
6.9
NOTE.—For definitions and coverage, see Employment and Earnings, Department of Labor. Beginning January 1960, data include Alaska and Hawaii.
Source: Department of Labor.
Q
UNEMPLOYMENT INSURANCE PROGRAMS
Total insured unemployment averaged 3.3 million in May.
Excluding the Temporary Extended Unemployment
Compensation program, the average was 2.5 million/ compared to 1.8 million in May 1960.
~i
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
L
NOV.
SOURCE: DEPARTMENT OF LABOR.
1956
1957 _ _
_ _
1958
1959
1960
1960: April
May
_
June
July
August
September _ _
October _
November
December
1961: January
February
March
April 2
May
Week o.nded:
J *.)(»!: May 13
20.
_ ~
Thousands
42, 758
1, 318
43, 447
1, 567
44, 501
2, 766
1,856
45, 727
2,067
P)
2, 078
46, 240
1, 801
46, 473
1, 700
46, 963
1,826
46, 900
1,804
47, 017
1, 781
47, 012
1
1, 839
C)
2, 226
P)
2, 845
0)1
3,515
C)
3, 638
0)
3, 403
0)1
3
3, 626
C)
3
3, 289
P)
p)1
C)
P)1
C)
C1)
27 2
June 3
1()2
1
1
'."t : i v u i l u l i l r .
* I'rolijnirmry.
1 i n -lu'lt'.s Tomporary Unomploym ent
• '...I i-hiut.-.l.
10
DEC.
COUNCIL OF ECONOMIC ADVISERS
All programs
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milploy(weekly lions of
ment
ment
averdolage)
lars)
Period
3
3
3
3
3
3, 345
3, 281
3, 158
3, 157
1, 540. 6
1, 913. 0
3, 892. 5
2, 651. 7
3, 022. 8
259. 6
223. 0
216. 8
198. 7
229. 7
230. 8
214. 9
258. 6
332. 4
436. 4
435. 5
500. 9
3
419. 6
3
420. 0
P)
P)
P)
P)
P)
Weekly
1, 212
1, 450
2,509
1, 682
1,906
1, 939
1, 682
1,588
1, 686
1, 657
1, 598
1, 678
2, 039
2, 639
3,266
3,394
3, 168
2, 779
2,328
4
2,393
2,307
2, 201
2, 191
Compensation program beginning
State data.
State programs
Insured unemployment as perInitial Exhaus- cent of covered
employment
tions
claims
Unad- Seasonadjusted ally
justed
average, thousands
Percent
3. 2
20
226
3. 6
23
268
6. 4
50
370
4. 4
33
281
4. 8
331
31
4.9
35
293
4.2
4.3
264
31
4.1
4. 0
272
31
4.2
4. 3
4.6
339
29
4. 2
28
5. 1
306
4.0
27
274
5. 5
4. 2
332
29
5. 9
5. 1
396
6.5
31
494
6. 6
36
6. 5
44
541
8. 1
6. 8
49
8. 4
480
6.4
372
7. 8
53
6. 3
6.8
58
5.9
367
5. 7
55
300
5.4
308
292
280
283
285
P)
P)
P)
P)
P)
5.9
5. 7
5. 4
5.4
P)
P)
P)
P)1
C)
Benefits paid
Total Average
weekly
(milcheck
lions of
dollars) (dollars)
1, 380. 7
1, 733. 9
3, 512. 7
2, 279. 0
2, 726. 8
237. 4
204. 9
198. 9
183.8
206. 3
201. 8
189. 9
231. 1
300. 2
397. 6
399. 3
461. 5
362. 5
280.0
C1)
P;
P)
P)
C1)
27. 02
28. 17
30. 58
30.41
32. 87
32. 50
32. 24
32. 33
32. 37
32.99
33. 54
33. 73
34. 01
34. 18
34.34
34. 45
34. 37
34. 18
34.00
P)
P)
P)
P)1
C)
NOTE. — For definitions and coverage, see 1960 Supplement to Economic
indicators.
Data for Alaska and Hawaii included for all periods.
Source: Department of Labor.
NONAGRICULTURAL EMPLOYMENT
Total payroll employment in nonagricultura! establishments, seasonally adjusted, increased by 213,000 in May.
Most of the increase occurred in industries manufacturing durable goods.
MILL IONS OF WAGE
MILL IONS OF WAGE
^
AND S A L A R Y WORKERS "
AND S A L A R Y WORKERS
56
20
ALL NONAGRICULTURAL ESTABLISHMENTS
MANUFACTURING
i8
54
^^r^^x
50
TOTA
"W*
52
,6
V-^-j
•*"
^>
^
i0
46
8
DURABLE
GOODS
1NDUSTRIFS
/v
».
^***\
X^
^*+
v^*>
„•,'-
NONDURABLE **
*—
L_
GOODS
"INDUSTRIES
/
M^^»
*-*^_^»-*-*-^**«-^
• 11111 11111
I . 1 1 1 1 I 1 1 1 lx
1958
6 ^ ii ii 1 i i i ii
1958
1961
I960
1959
3.5
I960
1959
1961
12.5
CONTRACT CONSTRUCTION
WHOLESALE AND RETAIL T R A D E
(ENLARGED SCALE)
(ENLARGED SCALE)
3.0
2.5
1
1 2
48
44
^\^<r—x^
>_—*q
12.0
f/^
\S~~~\
V
V
1
V^
A
\
2.0
! 1.0
1.5
A
Ttf*
jf •<****
11.5
V^
^
10.5
1958
1961
I960
* SEASONALLY ADJUS TED D A T A , E X C L U DING A L A S K A ANC HAWAII.
SOUR CE: DEPARTMENT OF LABOR.
1958
1959
1959
I960
1961
COUNC IL
OF ECONOMIC ADVISERS
[Thousands of wage and salary workers l]
Period
1954
1955
1956
1957
1958
1959
1960
._
1960: April
May
June
July
August
SeptemberOctober
November _
December.
1961: January
February __
March
April33
May
Total,
Total
Total
unadexcluding
justed, including
Alaska
excluding Alaska
and
and
Alaska and Hawaii
Hawaii
Hawaii
48, 431
48, 431
50, 056
50, 056
51, 766
51, 766
52, 162
52, 162
50, 543
50, 543
51. 975 ~~52~205~ 51, 975
52, 898
52, 898
53, 137
52, 844
52, 957
58, 809
52, 923
53, 062
53, 496
53, 391
58, 133
53, 310
51, 437
51, 090
51, 897
51, 825
52, 298
53, 362
53, 344
53, 388
53, 407
53, 304
53, 242
53, 047
52, 825
52, 453
52, 460
52, 213
52, 166
52, 459
52, 672
5o, 128
53, 105
53, 140
53, 145
53, 046
52, 998
52, 809
52, 591
52, 221
52, 232
51, 984
51, 939
52, 226
52, 433
Manufacturing (private)
Total
15,
16,
16,
16,
15,
16,
16,
995
563
903
782
468
168
337
16, 527
16, 540
16, 498
16, 417
16, 265
16, 275
16, 132
16, 030
15, 790
15, 676
15, 527
15, 541
15, 672
15, 867
1
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 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 nonagrieultural employment of the
civilian labor force, shown on p. 9, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
Nonmanufacturing (private)
Durable Nondura- Total 2
goods
ble goods
9,
9,
9,
9,
8,
9,
9,
122
6, 873 25, 685
7, 014 26, 579
549
835
7,068 27, 586
821
6, 961 27, 754
743
6, 725 27, 182
290
6, 878 27, 680
432
6, 905 28, 103
Seasonally adjusted
9,552
6, 975 28, 086
9, 537
7, 003 28, 156
6, 999 28, 222
9,499
9,452
6, 965 28, 324
6, 927 28, 307
9, 338
6, 884 28, 184
9, 391
9, 266
6, 866 28; 153
9, 190
6, 840 28, 030
9, 030
6, 760 27, 843
8, 918
6, 758 27, 947
8, 792
6, 735 27, 814
8, 781
6, 760 27, 736
6,815 27, 869
8,857
9,014
6, 853 27, 857
Contract Wholesale
construc- and retail
tion
trade
Government
(Federal,
State,
local)
2, 593
2,759
2, 929
2,808
2, 648
2, 767
2, 772
10, 520
10, 846
11, 221
11, 302
11, 141
11,385
]] , 642
6, 751
6,914
7,277
7,626
7, 893
8, 127
8, 458
2, 752
2, 783
, 2, 790
2, 858
2,835
2, 800
2, 804
2, 783
2, 647
2, 698
2, 636
2, 715
2, 777
2, 709
11, 652
11, 675
11, 712
11, 736
11, 764
11, 665
11, 668
11, 568
11, 541
11, 634
11, 576
11,479
11, 537
11, 556
8, 515
8, 409
8, 420
8,404
8, 474
8, 539
8, 524
8, 531
8, 588
8, 609
8, 643
8, 662
8, 685
8, 709
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.
3
Preliminary.
Source: Department of Labor.
1 1
WEEKLY HOURS OF WORK
The average workweek in manufacturing industries, seasonally adjusted, again rose in May, reaching 39.8 hours.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
42
40
40
1958
1959
i960
1961
44
RETAIL TRADE
42
38 „
36
^ga^gg **'
**i 'I^MM
.
r^
jr^_/*L.'— '
'
"
36
32
30
^ . 1 I t 1 1 ! 1 , 1
1958
1958
1959
i i t i i 1i i i i i
1959
i i i i i 1 iii ii
I960
SOURCE: DEPARTMENT OF LABOR.
Period
1954
1955
1956
1957
1958
1959 __
1960
__
1960: April
May
June
July
August
September
October
November
December
1961: January.
February
March
April66 ,
May _
1
3
1961
COUNCIL OF ECONOMIC ADVISERS
Average hours per week 1
Manufacturing industries
Building Retail
Non- construcDurable durable
All
trade
goods
tion
goods
39. 7
40. 7
40. 4
39.8
39. 2
40. 3
39. 7
39. 6
40. 1
39. 9
39. 9
39.7
39. 3
39. 5
39. 1
38.3
39.0
39. 1
39. 3
39. 6
39.8
Hours per week
40. 2
39. 0
36. 2
41.4
36. 2
39.8
41. 1
39. 5
36. 4
40. 3
39. 1
36. 1
39. 5
38. 8
35. 7
40. 8
39. 6
35. 8
40. 1
39. 1
35. 5
Seasonally adjusted
40. 1
39. 1
36. 0
40. 5
39. 7
35. 4
40. 2
39. 5
35. 6
40. 2
39. 4
36. 0
40.0
39. 2
35. 8
39. 7
38. 7
35. 3
40. 1
38.8
35. 9
39.4
38. 7
35. 3
38.6
37. 7
34.0
39. 4
38. 6
36. 1
39. 6
38. 6
37. 0
39. 5
35.4
38. 9
40. 1
39, 2
35. 1
40. 2
39. 3
(5)
Data relate to production workers or nonsupcrvisory employees.
Differs from total nonagricultural employment (p. 9), which includes persons
with jobs but not at work for such reasons as vacation, illness, bad weather, and
industrial
disputes. Beginning January 1960, data include Alaska and Hawaii.
3
Includes persons who worked part-time because of slack work, material shortages or repairs, new job started, or job terminated.
12
i i ii i I i iii ^
39. 1
39. 0
38. 6
38. 1
38. 1
38. 1
37.7
37.9
37. 6
37. 6
37. 6
37. 7
37. 6
37. 6
37. 9
37. 4
37.6
37. 7
37. 6
37.
6
(5)
Persons at work in nonagricultural 2industries
by hours worked per week
Under 35 hours
Part-time for
Over 40 35-40
economic reasons
hours
Total Usually Usually
hours
partfulltime 3
time 4
Millions of persons 14 years of age and over
24. 4
15. 7
11.8
(55)
(55)
18. 0
27. 0
8. 7
()
()
18.7
27. 3
1. 1
9. 4
0.9
17.6
28. 6
1.
2
1.0
9.7
16. 6
28.3
1. 6
10. 4
1. 3
17.3
27.7
1. 0
1. 3
11. 7
1.2
28. 7
17.7
1. 3
11.5
17.0
18.0
18. 0
17. 3
17. 1
18. 5
18. 6
17. 0
18.3
17.7
17.4
17. 7
17. 7
18. 1
27. 8
30.6
29.8
28. 1
29. 1
29. 7
29. 0
24. 6
29. 3
29. 5
27.9
29. 6
29. 9
29. 8
13. 8
10.8
10.2
9. 3
8. 8
10. 4
11. 7
18. 2
11. 6
10. 9
12.7
11. 4
11.3
11. 4
1.2
1.2
1. 4
1. 1
1. 2
1. 3
1. 3
1. 4
1.5
1. 7
1. 7
1. 5
1. 5
7
1. 3
* Primarily includes persons who could find only part-time work.
s Not available.
Preliminary.
Average hours worked: usually full-time, 24.1; usually part-time, 18.7.
Source: Department of Labor.
6
7
1. 3
1. 2
1. 5
1. 7
1. 6
1. 2
1. 2
1. 3
1. 3
1. 4
1. 4
1. 5
1. 5
7
1*5
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing industries increased slightly in May to $2.34, or
5 cents higher than in May 1960. Average weekly earnings increased $1.09 in May to $92.66, primarily reflecting the longer workweek.
DOLL ARS
DOLL/\RS
AVERAGE WEEKLY EARNINGS
AVERAGE HOURLY EARNINGS
no
2.60
DURABLE GOODS
INDUSTRIES
\
2.40
f
>^r
/
%
*
/V\
*
90
V
^
80
r
'
y
*"^
A / \r^\ S
•X / r
..<-
^
.^
V
J
ALL MANlJFACTURING
INDU 3TRIES
2.00
nj<«>v
^/
y
2.20
V,
Vvv
100
/ w
^
DURABLE GOODS
INDUSTRIES
-*S
\
^
AL L MANUFACTURI ^G
INDUSTRIES
^
NONDURAE3LE GOODS
INDUS TRIES
\
NC>NDURABLE GOODS
INDUSTRIES
70
1.80
^ i i ti I ii i ii
1 1 1 I 1 i J I 11 !
1958
1959
1 ! 1 1 1 1 1 ! 1 I 1
I960
!
i
1
1 1 1
1
1 1 1 !
i i i i i 1 i ii i^
l.r>
1961
1958
1959
I960
SOURC E: DEPARTMENT OF LABOR.
1961
COUNCIL C3F ECONOMIC ADVISER 5
[For production workers or nonsupervisory employees}
Average hourly earnings— current prices
Manufacturing industries BuildBuilding con- Retail
ing con- Retail
NonNonDurable durable structrade
Durable durable
structrade
All
All
goods
tion
goods
tion
goods
goods
$1. 67
$1. 59
$2. 19 $1. 26 $64. 71 $69. 47 $58. 46 $81. 4.7 $50. 65
$1. 48
1. 67
1. 77
2. 31
1. 54
1. 32 67.97
73. 46
60. 98
88.01
52. 67
1. 77
1.87
2.48
1. 40 71. 69
1. 61
77. 23
63. 60
91. 76
54. 88
1.92
1.81
2. 60
1. 66
77. 18
64. 74
1. 45 71. 86
94. 12
56.70
1.88
2.01
1. 71
2. 66
1. 50 76. 52
83. 21
68.06
96. 29
58. 50
2. 10
2. 80
1. 98
1. 80
1. 57 79. 99
86. 31
71. 10 101. 92
60. 60
2. 07
2. 20
2. 96
1. 88
1. 64 82. 39
88. 66
73.51 106. 86
62.48
2. 13
2. 28
1. 94
3. 10
1. 70 83. 50
90. 06
75. 27 110. 67
64.77
2. 22
2. 38
2. 01
3. 22
1. 76 89. 47
97. 10
79. 60 115. 28
67. 06
2.
45
2. 29
2. 08
90. 91
3.37
1. SI
98. 25
81. 33 119. 64
68. 24
2.
28
3.32
2.44
2.06
1.
79
89.
60
97.
36
79. 52 119. 19
April _ _ .
67. 48
2. 29
2. 44
2. 07
3. 34
1. 81 91. 37
98. 58
May
81. 35 119. 91
67. 69
2.29
2. 08
3. 34
1. 82 91. 60
98. 98
82. 16 121. 24
June
_ _
2.45
68.80
2. 29
2. 08
3. 37
1. 82 91. 14
97. 76
July
2.45
82.37 123. 68
69.52
2. 27
2. 07
3. 37
2. 43
August __ _ _
1. 81 90. 35
97. 20
81. 77 123. 68
69. 32
2. 46
2. 09
3. 40
1. 82 91.08
September ___ 2. 30
98. 15
81. 72 122. 40
68. 43
2.30
2. 46
3. 42
October _
2.09
1. 83 91. 31
98. 89
81. 51 125. 17
68. 44
3. 42
1.82 90. 39
2. 46
2. 10
November. _ 2.30
97. 42
81. 48 117. 99
68. 25
2. 11
2. 32
2. 48
3. 46
1. 78 89. 55
96. 97
December
80. J8 115. 56
67. 11
2. 32
2. 12
3. 47
1.84 90. 25
2. 48
97.22
January
81. 41 123. 53
69. 00
2. 32
February
2. 47
3. 48
1. 84 90. 25
97. 07
2. 11
81. 02 123. 19
69. 00
2,32
2. 12
March __ _
3. 46
1. 83 90.71
2. 48
82. 04 120. 41
97.96
68.44
2. 33
2. 49
2. 13
3. 46
99. 35
82. 43 121. 10
1. 85 91. 57
Arjril 2
69. 19
3
3
2
3
2. 34
92. 66 100. 25
2. 50
2. 13
82. 86
()
()
May
()
(3)
Period
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1960:
1961:
Average weekh^ earnings— current prices
Manufacturing industries
1 Earnings in current prices divided by the consumer price index on a 1960 base.
Preliminary.
Average
weekly
earnings,
all manufacturing
industries,1
1960 prices
$73. 79
75. 77
79. 30
79. 14
84. 55
87.04
86. 73
85. 55
90. 83
90. 91
89.78
91. 55
91. 60
91. 05
90. 26
90. 90
90.77
89.76
88. 84
89. 62
89. 53
89. 99
90.84
3
()
3 Not available.
2
70990°—61
3
Source: Department of Labor.
13
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) increased nearly 3 percent in May, bringing the total increase
since the February low to 6 percent. May increases were widespread.
INDEX, 1957*100 ( SEASONALLY ADJUSTED )
INDEX, 1957*100 ( SEASONALLY ADJUSTED)
140
130
TOTAL
120
NO
100
90
80
70
1958
I960
130
1958
1958
1961
SOURCE: BOARP OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[1957=100, seasonally adjusted]
Total
industrial
production
Period
1951
1952
1953
1954
1955
1956
1957
1958
1959 1
I960
1960: April
Mav
June
July
August
September
October
November
December
1 96 1 • January
February
March
April 1
May __
1
Preliminary.
14
__- -
-
_ _ _
80. 8
83.8
90. 8
85. 4
96. 0
99. 3
100.0
92. 9
104 9
108.0
108.8
109. 8
109. 4
109. 5
108. 4
106.8
106. 3
104 6
103.0
102.3
102. 1
102. 4
105.3
108.2
Market
Industry
Final products
Manufacturing
Total
81. 5
848
92. 1
85. 8
96. 7
99.5
100. 0
92. 4
105. 3
108.2
109. 1
110.3
109. 8
109. 9
108.4
106.7
106. 2
104 1
102.3
101. 4
101. 3
101. 9
1049
108. 2
NonDurable durable
Mining
Utilities
81.7
83.3
86. 9
86. 9
95. 0
98. 9
100.0
99.9
110. 3
113. 5
113. 2
114 7
115. 8
115. 6
114 8
113. 1
113. 4
112.2
111. 0
110. 5
110. 8
111. 6
113. 3
115. 4
87. 3
86.5
88. 8
86. 2
94 8
100. 1
100.0
91. 4
95. 3
97.0
97. 8
96. 8
97.2
97.4
98. 0
96. 3
96. 9
98. 0
97. 8
98. 0
96. 9
96. 7
97.0
97.4
60. 1
65. 2
71. 1
76.5
85. 4
93. 6
100. 0
104 5
115. 0
123. 1
123. 1
122. 0
123. 6
124 1
125.3
125. 6
124 1
122. 8
122.8
124 3
125. 0
124 8
126. 2
127.2
80. 3
85. 1
96. 0
85. 0
97. 9
100. 0
100.0
86. 8
101. 5
104 3
106. 0
107. 1
105. 3
105. 6
103.7
101.9
100.8
98. 0
95.8
94 6
94 3
94 7
98. 7
102. 8
Total
79.3
85.2
90. 7
86. 5
94 6
98. 9
100.0
95. 1
106. 5
110. 7
110. 8
112. 3
112.2
112.0
111. 1
110. 3
110. 7
109. 1
108. 1
106. 6
106.6
106. 7
109.0
110. 8
Consumer
goods
80. 6
82. 5
88. 1
87.2
96. 5
98. 7
100.0
99. 0
110. 0
114 6
115. 1
116. 5
116. 8
115. 9
115. 1
114 0
114 7
112.9
111. 8
110. 2
110. 2
110. 5
113.4
115. 2
Equipment
75.0
90.0
96. 1
85.0
90. 9
99. 1
100.0
87.3
99. 5
102.9
102. 3
104 1
103.2
1043
103. 1
103. 0
102. 7
101.7
100. 6
99. 5
99.5
99.0
100.3
102.0
Source: Board of Governors of toe federal Reserve System.
Materials
82. 2
82. 7
90.8
84 4
97. 1
99. 7
100. 0
91.0
103. 5
105. 6
107. 5
107. 3
106. 4
106. 2
105. 1
103. 7
102. 9
101. 1
98. 9
98. 1
98. 2
99. 1
102.5
106. 1
PRODUCTION OF SELECTED MANUFACTURES
Output of nearly ail manufactures (seasonally adjusted) increased significantly in May.
11 percent in primary metals and 6 percent in fabricated metals.
The largest increases were
INDEX, 1957=100 (SEASONALLY ADJUSTED)
INDEX, 1957-100 (SEASONALLY ADJUSTED)
reo
100
140
120 -
1958
1959
I960
1961
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[1957=100, seasonally adjusted]
Durable manufactures
Period
1951
1952
-__
1953
1954
1955
__
_ _
1956
-_ _ -__ _ - - _ _ - _ _
1957
.- -1958 ___ _
1959 l
1960
I960' April
May
June_
_
July
_
__
4ugust _ __ _
September
October
_
November
_
December
_ _
1961: January
February. _ __
_
March
April
. __
Mav l
* Preliminary.
2 Not available.
Primary
metals
Fabricated
metal
products
M achinery
96. 9
88. 5
100. 3
81.3
105. 5
103.7
100. 0
78. 0
89. 5
90.5
99. 0
93.6
87.5
85. 1
82. 8
79. 8
78.3
73. 6
69. 3
71.2
72. 6
73.5
81.7
91
90. 0
87. 8
98. 8
88. 8
96. 9
97. 4
100. 0
91. 6
103.9
106. 0
103. 8
107. 9
108. 4
108. 7
107. 7
105. 8
105. 4
101. 0
100. 7
96. 5
95.7
96. 3
98. 8
105
79. 6
88. 4
96. 4
843
92. 6
102. 8
100. 0
85. 2
102. 8
106. 4
106. 8
108.5
108. 6
110. 0
107. 2
105. 4
102.0
101. 9
101. 1
101. 3
100. 8
100. 5
102. 9
106
Nondurable manufactures
Transpor- Lumber Textiles,
and
tation
apparel,
prodequipand
ucts
ment
leather
59. 0
68.6
86. 2
78. 7
95. 9
91. 5
100. 0
84. 2
97. 8
101. 7
102.3
106. 4
101. 6
101. 5
101. 3
101. 5
102. 5
96. 8
93. 3
88. 9
87. 6
88. 1
93. 8
97
102. 2
100. 9
106. 7
103.9
114. 2
109. 9
100. 0
99. 7
113. 1
106. 6
114. 4
110. 2
108. 9
110. 9
102. 2
103.0
100. 1
95. 1
95. 9
100.2
99. 2
100. 5
105. 7
(2)
90. 1
92. 2
93. 6
89. 6
98. 4
101. 1
100. 0
99. 2
115. 2
115. 1
116. 1
118. 3
118. 9
118. 7
117. 1
112. 1
112. 1
110. 9
107. 5
105.0
107.4
110.2
111. 7
113
Paper
and
printing
81. 1
79. 4
84. 5
86. 9
94. 6
99. 3
100. 0
99.2
107.6
111. 6
110. 3
112. 1
112. 0
112. 3
112. 2
112. 3
112. 8
111. 9
110.8
111. 1
111.4
111. 2
113. 0
115
Chemicals, Foods,
beverpetroleum, and ages, and
rubber tobacco
71.8
74.5
80. 2
79. 3
91. 8
96. 3
100. 0
98.8
112.7
117. 8
117. 9
119. 1
122. 4
122. 0
120. 2
117. 5
117. 1
116. 1
114. 6
114.0
113. 4
113. 3
116.9
121
88.3
90. 2
91. 2
92. 8
96. 2
99.8
100.0
102. 1
106. 5
109. 4
108. 5
109. 7
109. 8
109. 6
109. 7
109. 9
111. 1
109. 3
110. 0
110.2
110. 1
111. 2
111. 1
111
Source: Board of Governors of the Federal Reserve System.
15
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators increased further in May, despite some curtailment because of the holiday.
MILLIONS OF SHORT TONS
MILLIONS OF TONS
(DAILY AVERAGE)
SOURCES: AMERICAN IRON AND STEEL INSTITUTE.-DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Period
Vv'eeklv average:
1956
1957
1958_
1959
1960 _ _ _ .
_
1960: April.
May
June
July
August
September
October _
November
December... __
1961: January
February
March
April 2
May
Week ended :
1961* April 29
Mav 6
13
20
27 _
June 322 .
10
C*J
1
Daily average.
• Preliminary.
16
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Steel produced
Cars and trucks
power
coal mined
loaded
produced assembled (thousands)
Index
distributed (thousands (thousands
Thousands
(thousands
(1957-59 = (millions of
of net
of short
of cars)
Total
Cars Trucks
of tons)
tons
100)
kilowatt-hours) tons) 1
2, 204
2, 162
1, 635
1, 792
1, 899
2, 279
1,993
1,726
1, 437
I, 544
1, 509
1, 550
1, 439
1, 321
1 , 448
1,560
1, 600
1, 768
2, 027
118. 3
116. 0
87. 8
96. 2
101. 9
122. 3
107. 0
92. 7
77. 1
82. 9
81. 0
83. 2
77. 2
70. 9
77. 7
83. 7
85. 9
94. 9
108. 8
11, 292
11,873
1 2, 076
13, 206
1 4, 685
13,673
13, 744
14, 268
14, 501
15, 080
14, 408
14, 172
14, 394
15, 086
15, 098
14, 854
14, 473
14, 295
14, 223
1, 693
1, 644
1, 380
1,380
j , 382
1, 377
1,422
1, 487
1, 270
1, 350
1, 378
3, 356
1, 361
1, 263
1,303
1, 207
1,081
1, 179
1, 302
728
683
581
596
585
623
640
613
574
592
582
639
545
470
480
489
501
527
555
274
272
275
307
306
311
315
313
267
320
301
323
301
257
274
303
319
316
320
132. 8
138. 6
98. 4
129. 5
151. 8
163.8
174 3
156. 4
123. 0
80. 6
117. 1
162. 9
156. 3
136. 7
112. 2
113.2
109. 9
135. 8
141.0
111. 6
117. 6
81. 6
107. 6
128. 7
137. 3
146. 3
131. 8
103. 5
65. 1
98. 3
145. 3
136. 1
116. 9
93.8
91. 4
88. 7
111. 7
118. 4
21.2
21. 0
16. 8
21. 9
23. 1
26. 5
28.0
24. 6
19.5
15. 5
18.7
17. 6
20. 2
19. 9
18. 4
21. 9
21. 1
24. 1
22. 6
1, 858
1, 943
1, 988
2, 037
2,077
2,052
2,042
99. 7
104. 3
106. 7
109. 3
111. 5
110. 1
109. 6
14, 254
14, 206
14, 278
14, 352
14, 390
13, 887
3
15, 004
1,226
1, 219
1,227
1, 303
1, 355
1,366
544
544
551
568
579
531
593
320
326
320
324
332
301
332
139. 0
147. 3
153.6
148. 2
153. 8
102. 3
151. 1
114. 4
124. 5
129.4
123. 5
129. 1
85. 6
127. 3
24. 6
22. 9
24. 2
24. 7
24. 7
16. 6
23. 8
s Not charted.
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.
NEW CONSTRUCTION
Total expenditures for new construction (seasonally adjusted) increased in May.
public construction rose.
Outlays for both private and
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
60
TOTAL NEW CONSTRUCTION
50
I ,
, , , , I ,
, ,
, ,
I
! , , , , , !
I , , , ,
, I ,
, , ,
, I ., r , , , I
I , , ,
, , I
I
, , , , , I
I
}
ALL OTHER PRIVATf
l
1955
1956
I . , ,, , I , . . , , I
1957
1959
1958
1961
I960
*SEE NOTE 4 IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
Private
Total new
construction
expenditures
Period
Total
Residential
(nonfarm)
Commercial and
industrial
Other
Federal,
State, and
local
Construction contracts l
CommerTotal value cial and in(index,
dustrial
1947-492 = floor space
100)
(millions
of square
feet) 3
Billions of dollars
1954
1955
1956 ___
1957
1958
_
__..
1959 (new series)
1960
4
___
39. 4
44. 2
45. 8
47. 8
48. 9
56. 2
55. 1
27. 7
32. 4
33. 1
33.8
33.5
39. 9
38. 9
15. 4
18. 7
17. 7
17.0
18. 0
24. 5
22. 0
4. 2
5. 6
6.7
7. 1
6. 0
6. 0
6. 9
8. 1
8. 1
8.7
9. 6
9. 5
9.4
10. 0
11. 7
11.7
12. 7
14. 0
15. 4
16. 3
16. 2
May
54. 2
55. 3
55. 2
55. 4
55. 3
55. 3
54. 7
55.4
56. 1
55. 3
54. 8
55. 2
55.3
56. 5
38. 7
38. 9
39. 1
39. 0
38. 7
38. 7
38. 3
38. 6
38. 6
37.8
37. 1
37. 8
38. 8
39. 3
21. 9
22. 2
22. 4
22. 3
21. 8
21. 7
21. 2
21.4
21. 5
20. 3
19. 7
20.3
21. 3
21. 7
June
July
August- _
September
October
November.
December
1961: January _ _
February. _ _ _ _
March
April
May5
1 Compiled by F. W. Dodge Corporation. Omits small contracts, and covers
rural areas less fully than urban.
2 Relates to 48 States.
s Relates to 48 States beginning 1956 and to 37 Eastern States prior to 1956.
Seasonal adjustment by National Bureau of Economic Research.
* Series on new construction beginning January 1959 not comparable with prior
6.8
6.7
6. 7
6. 7
6. 9
7. 1
7. 2
7.2
7.3
7. 5
7.6
7.4
7.2
7. 1
231. 3
235. 4
256. 8
265. 4
265.7
Seasonally
adjusted
Seasonally adjusted annual rates
1960: April
192.4
230.0
10. 0
10. 0
10. 1
10.0
10. 0
9. 9
9.9
9. 9
9. 8
9. 9
9. 9
10. 1
10.3
10. 5
15. 4
16. 3
16. 1
16. 4
16. 6
16. 6
16. 4
16. 8
17. 5
17. 5
17. 8
17. 4
16. 5
17. 2
266
244
272
285
276
271
294
280
302
273
239
262
261
238
299
436
421
359
440
461
Seasonally
adjusted
annual
rates
465
473
457
460
49:>
473
4s;;
489
•1(5'.)
401
421
•ir>i
41>7
data. (In addition to major differences between old and new series, data furAlaska
and Hawaii are included beginning January 1959.)
4
Preliminary.
Sources: Department of Commerce and F. W. Dodge Corporation (except- as
noted).
-I«
HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts rose in May to an annual rate of 1.3 million (seasonally adjusted).
applications increased and VA appraisal requests dropped.
BILLIONS OF UNITS {ANNUAL RATE)
The number of
FHA
MILLIONS OF UNITS (ANNUAL RATE)
1961
{355
SOURCES:-DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION(FHA), AND VETERANS ADMINISTRATION ( V A ) .
COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Total housing
starts (farm and
n on farm)
Period
(22)
(2)
(2)
(2)
(2 )
()
1954
1955
1956
1957
1958
1959
1959
1960
1960: April
May
June _
July
August
September
October. _ _ _.
November.
December _ _
1961: January
February
March 4 _ _ _ _
April44 .
May
1
2
3
18
Total
private
and
public
1, 553. 5
1,279.4
125. 2
130. 0
127.3
114. 9
129. 6
102. 0
110. 4
96. 0
72. 1
72. 5
80. 7
110. 1
116. 1
127. 3
Private
Total
private
and
public
Private
Government
programs
FHA
VA
Total
Old series
1, 220. 4 1, 201. 7
(22)
1, 328. 9 1, 309. 5
(2)
1, 118. 1 1, 093. 9
(2 )
1, 041. 9
992. 8
(2)
1, 209. 4 1, 141. 5
(2 )
1. 378. 5 1, 342. 8
()
New series 3
1, 516. 8 1, 531. 3 1, 494. 6
1, 237. 8 1, 257. 4 1,215. 8
123. 5
123. 4
121. 7
127. 3
128. 2
125. 5
122. 2
125. 7
120. 6
113.2
111. 1
109. 4
124. 8
127. 5
122. 7
96. 4
100. 0
94. 4
107.6
107.4
104. 5
94. 3
93. 4
95. 0
65.4
71.6
64. 9
69. 9
71.0
68. 4
75. 8
77. 4
72.5
105. 1
107.7
102.7
113. 8
111. 9
109. 6
124. 0
125. 0
121. 7
Units represented by mortgage applications for new home construction.
Not available.
Pro. Housing Starts. C 20-11 (Supplement), Bureau of the Census, May
UfvO, lor description. (Data for Alaska and Hawaii included.)
Private housing
starts, seasonally adjusted annual rates
Nonfarm housing starts
276.
276.
189.
168.
295.
332.
3
7
3
4
4
5
307. 0
392. 9
270. 7
128.3
102. 1
109. 3
332.5
260. 9
25. 4
25. 2
26.5
23. 6
26.3
21. 9
22. 6
20. 2
13. 8
14. 0
13.0
20. 1
20. 1
23.5
109. 3
74. 6
7.3
6. 9
7. 7
7. 4
8.2
6. 8
5.9
5. 5
4. 8
4.9
4.9
6.4
6. 1
8.0
Total
farm and Nonfarm
nonfarm
Proposed home
construction
Applications for
FHA
commitments l
Requests
for VA
appraisals 1
338. 6
306. 2
197.7
198. 8
341. 7
369. 7
535. 4
620. 8
401. 5
159. 4
234. 2
234. 0
369. 7
242. 4
22. 5
22. 4
23.7
19. 6
22. 9
20. 1
18. 3
14. 8
13. 2
14. 3
16. 9
24.0
20. 8
23. 9
234. 0
142. 9
13. 7
14. 4
15.2
8.5
12.4
11.6
10.0
10. 3
10. 0
9. 4
12. 0
17. 7
17.5
14. 7
New series 3
1,827
1, 383
1, 302
1, 182
1, 292
1,062
1, 236
1,216
979
1, 105
1, 184
1, 314
1,200
1, 298
1, 307
1,315
1, 285
1,164
1, 273
1, 040
1, 200
1,203
970
1,078
1, 183
1,282
1,176
1, 276
« Preliminary.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
TRADE SALES AND INVENTORIES
In April, trade sales (seasonally adjusted) declined whi!e inventories were unchanged.
May, according to preliminary estimates.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS *
14
Retail sales picS<ed up in
RETAIL TRADE
16
DURABLE GOODS STORES
I
,
I
i
I
•
I
INDEX, 1947-49* 100 *
160 -
120 -
1958
I
100
1959
1958
*SEASONALLY ADJUSTED.
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Wholesale
Sales i
Inventories 2
Department stores
Retail
Sales
Period
COUNCIL OF. ECONOMIC ADVISERS
Total
13
Inventories
NonDurable durable
goods
goods
stores
stores
Total
2
NonDurable durable
goods
goods
stores
stores
Billions of dollars, seasonally adjusted
1953
1954
1955
1956
1957
1958
1959
I960
1960: March
April
May
June_
July
August
September
October
November
December
1961: January _
February
March 6 _ _
April 66 _ _ _ _ ._
Mav
1
2
__
9.8
9. 7
10. 6
11. 3
11. 3
11. 1
12. 3
12. 3
12. 2
12. 6
12. 4
12. 5
12. 3
12. 3
12. 2
12. 2
12. 2
12. 3
12. 2
12. 4
12. 4
12. 0
10. 5
10. 4
11. 4
13. 0
12.7
12. 0
12. 6
13. 2
12. 8
12. 9
13. 1
13. 0
13. 0
13. 1
13. 1
13.2
13. 3
13. 2
13. 1
13.2
13. 3
13. 3
14. 1
14. 1
15. 3
15. 8
16. 7
16. 7
18. 0
18. 3
18. 2
18. 9
18.4
18. 5
18. 1
18. 2
18. 1
18. 5
18. 4
17. 9
17. 8
17.8
18. 1
17. 9
18. 1
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
* Beginning January I960, data include Alaska and Hawaii.
* End of period, except annual data, which are monthly averages.
5.0
4.8
5. 6
5. 5
5.7
5. 3
6. 0
5. 9
5.9
6.3
6.0
6. 0
5. 7
5. 8
5. 8
6. 1
5. 9
5. 5
5. 4
5.3
5. 5
5.4
5. 6
9. 1
9. 2
9.7
10. 3
11. 0
11. 4
12. 0
12. 4
12. 3
12. 6
12. 4
12. 5
12. 5
12. 4
12. 3
12.5
12. 5
12. 4
12.4
12. 4
12. 6
12. 5
12. 5
22. 7
22. 1
23. 9
23. 9
24. 5
24. 0
24. 3
25.4
25. 1
25. 0
25. 2
25.3
25. 4
25. 2
25. 3
25. 4
25.4
25. 4
25. 2
24. 9
24. 4
24. 4
10.7
10. 1
11. 2
10. 7
11. 4
10. 8
11. 0
11. 9
11. 6
11. 6
11. 8
11. 8
11. 9
11.7
11. 8
11. 9
11. 9
11. 9
11. 6
11. 4
11. 0
10. 9
12.0
12.0
12.7
13. 2
13. 1
13. 2
13. 3
13. 5
13. 5
13. 3
13. 4
13. 5
13. 5
13. 6
13. 6
13. 5
13. 5
13. 5
13. 6
13. 5
13. 5
13. 5
Sales
1
Inventories 4
Index, 1947-49=100,
seasonally adjusted 5
118
131
118
128
136
128
148
135
152
135
136
148
144
156
145
165
162
138
154
158
141
161
145
165
149
167
143
169
144
168
150
167
142
169
147
165
142
162
161
145
146
161
162
148
145
« Based on retail value.
Preliminary.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.
6
19
MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers1 sales and new orders (seasonally adjusted) rose in April for the third month in a row. The increase
in inventories, the first since last summer, was all in the nondurable sector. Durable goods sales and new orders
increased again in May, according to preliminary estimates.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS *
MANUFACTURERS' INVENTORIES
MANUFACTURERS' SALES
60
50
2.0
40
10
NONDURABLE
GOODS
DURABLE GOODS
DURABLE GOODS
\
20
30
.MANUFACTURERS' NEW ORDERS.
NONDURABLE GOODS
\
NONDURABLE GOODS
/I
10
20
1958
1958
1959
I960
* SEASONALLY ADJUSTED.
SOURCE: DEPARTMENT OF COMMERCE.
1961
.COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted]
Manufacturers7 sales
Period
1953
1954
1955
1956
._. .
1957
_ _ _ _ _ _ _ _
1958 _.
1959
1960
_ _
1960: April
May
June
July
August
_.
SeptemberOctober
November
December
1961: January
February
March 3
_ _
April 33 4
May 1
Total
NonDurable durable
goods
goods
24. 5
23.5
26.3
27. 7
28. 4
26. 2
29. 7
30. 4
31. 0
31.0
30.8
30. 4
30.2
30. 1
29. 6
29. 2
29. 1
28. 7
29.0
29. 6
30. 2
Monthly average for year and total for month.
2 Book value, end of period, seasonally adjusted.
Preliminary.
s
20
1
12. 4
11.2
13. 1
13. 8
14.2
12.4
14. 5
14. 7
15.0
15. 1
14.9
14.7
14. 4
14. 4
14. 1
13. 8
13.6
13.2
13. 3
13. 7
14. 2
14. 6
12. 1
12. 3
13.3
13. 9
14. 2
13. 8
15. 2
15.7
16. 0
15.9
15. 9
15.7
15. 7
15. 7
15. 5
15. 4
15.5
15.5
15. 7
15. 9
16. 0
Manufacturers' inventories 2
NonDurable durable
goods
goods
Total
45. 4
43. 0
46. 4
52. 3
53. 5
49. 2
52.4
53. 7
54.7
55. 0
55. 1
54. 9
55. 0
54. 7
54. 4
54.0
53.7
53. 7
53.6
53.3
53.4
26. 2
24. 1
26. 7
30. 7
31. 1
27.9
30. 1
30. 9
31. 9
32. 1
32. 2
32. 0
32. 1
31. 8
31.4
31. 1
30. 9
30. 8
30.6
30.3
30.2
4
19. 2
18.9
19.7
21.6
22. 4
21.3
22.3
22. 9
22. 7
22. 9
22. 9
22. 8
22. 9
22. 9
23.0
22. 9
22. 9
22. 9
23.0
23.0
23. 2
Manufacturers' new orders
Total
23. 1
22. 5
27. 2
28. 3
27. 3
25. 9
30. 1
29. 9
30. 4
30. 5
30. 1
29. 2
30. 0
30. 4
29. 2
29.0
28. 7
28. 5
29. 1
29. 8
30. 7
Not charted.
Source: Department of Commerce.
1
Durable goods
NonMachinery durable
and
goods
Total
equipment
12. 1
3.3
11.0
10.2
12. 3
3. 1
13.9
4.2
13.3
14. 4
4.7
13.9
14. 2
4.4
13. 1
13. 9
12.0
3. 9
15.3
14.9
5.0
14. 3
4. 9
15. 7
14. 5
5. 1
15. 9
14. 7
5.2
15. 8
14. 3
5.0
15.8
15.4
13. 8
4.8
14. 4
15.6
5.0
14. 6
15.8
4. 9
13.7
15. 5
4.7
4. 8
13. 6
15. 4
13. 2
4. 7
15. 5
4.8
12. 9
15.6
4. 8
13.4
15. 8
13.8
16.0
5. 1
14. 6
16. 1
5.0
14. 9
5.2
MERCHANDISE EXPORTS AND IMPORTS
The merchandise trade surplus (seasonally adjusted) declined slightly from March to April.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
2.5
I 2.5
SEASONALLY ADJUSTED
2.0
MERCHANDISE EXPORTS EXCLUDING
MUTUAL SECURITY PROGRAM
'SHIPMENTS
X
1.5
1.5
1.0
1955
SOURCES: DEPARTMENT OF C O M M E R C E , A N D D E P A R T M E N T OF DEFENSE.
Period
COUNCIL OF ECONOMIC ADVISERS -
[Millions of dollars]
Merchandise exports excluding
Merchandise imports
Mutual Security Program shipments
Total (includ-1
General 2imDomestic exports
Imports for consumption 3
ing reexports)
ports
Indus- Finished
Indus- Finished
Season- Unad- Total i Food- trial
manu- Season- Unad- Total Food- trial
manually ad- justed
stuffs matefac- l ally ad- justed
stuffs matefacjusted
justed
rials
tures
rials
tures
Monthly average:
1951
1952. __ _ _
1953
1954
1955
1956 _ _ _
1957
1958
1959
_
1960
1960: March
April
May
_
June
July.
August
September _
October __ _
November
December
1961: January
February
March
April
1, 164
1, 100
1,022
1, 071
1, 191
1,444
1, 625
1, 364
1, 366
], 629
1,496
__ 1, 621
_ 1, 688
1, 626
1, 786
1, 622
1, 610
1, 707
1, 677
1, 621
1,649
1, 764
1, 687
1, 655
1, 632
1, 703
1, 710
1, 637
1,629
1, 547
1, 557
1, 690
1, 724
1, 743
1,539
1, 606
1, 889
1. 647
1, 151
190
345
1,088
175
300
1,012
143
254
1,060
131
310
162
1, 180
351
1,432
216
441
1, 610
208
529
1,350
198
368
1, 351
210
365
1,613
230
509
Unadjusted
222
1, 613
482
241
493
1, 686
1, 694
506
230
1, 621
221
525
1, 612
510
210
1, 529
218
501
242
1, 541
476
1, 676
246
524
1, 710
247
569
1, 724
250
580
222
494
1, 511
1, 594
245
492
1, 859
283
525
1, 629
242
454
1
Total exports less Department of Defense shipments of grant-aid military
supplies and equipment under the Mutual Security Program.
-Imports for immediate consumption plus entries into bonded warehouses.
914
893
906
851
949
1,051
1,082
1,070
1, 267
1,221
616
612
614
620
667
775
872
784
776
874
910
952
958
876
892
810
822
905
894
894
795
856
1, 051
933
1, 258
1,809
1, 281
1, 265
1,258
1, 228
1, 177
1, 196
1, 128
1, 100
1, 119
1, 122
1, 127
1, 129
1, 378
1,261
1,262
1, 307
1, 150
1,229
1, 160
1, 157
1, 161
1, 157
1, 124
1,046
1,230
1,042
901
258
485
896
263
459
898
274
441
853
276
394
945
260
468
1,043
267
508
1,079
274
511
1,062
287
450
1,249
534
285
1, 221
274
509
Unadjusted
1, 369
572
299
1,250
514
279
1, 256
300
503
1, 289
288
551
1, 140
466
257
1, 246
539
280
1, 159
269
478
1, 157
268
463
1, 176
280
465
1, 151
474
265
1, 112
260
470
250
1,037
438
1, 235
311
502
1, 046
251
428
158
174
183
183
217
268
294
325
431
438
498
457
453
450
417
427
412
425
•l.'il
412
382
;MS
-122
367
3
Imports for immediate consumption plus withdrawals for consumption from
bonded warehouses.
Sources: Department of Commerce and Department of Defense.
21
U.S. BALANCE OF PAYMENTS
The over-oil balance of payments deficit fell sharply by $4.5 billion (seasonally adjusted annual rate) in the first
quarter primarily because of a decline of $2.7 billion in the deficit on U.S. srants and net capital account. However,
$1.8 billion of this decline was due to the nonrecurrence of special payments made in the fourth quarter.
BILLIONS OF DOLLARS *
BILLIONS OF DOLLARS *
40
40
U.S. PAYMENTS
U.S. PAYMENTS
30
U.S. RECEIPTS
10
40
U.S. RECEIPTS
TOTAL
— EXCESS OF RECEIPTS •
' L'N
-20
l
_I_ _J_
1958
, \ ' (EXPORTS OF GOODS I'
j i..;,
-10 — EXCESS OF PAYMENTS
l
l
I960
1959
,..,..„„,.„,J
1958
1961
* SEASONALLY ADJUSTED ANNUAL RATES.
-^ INCLUDES UNRECORDED TRANSACTIONS.
SOURCE*. DEPARTMENT OF COMMERCE. '
AND SERVlCEo
t.
I960
I COUNCIL OF
OF ECONOMIC
ECONOMIC ADVISERS"
ADVISERS
fcoUNaL
[Millions of dollars]
U.S. receipts
(recorded)
Exports Foreign Imports
longof
of
goods
term
goods
and
capital
and
services
(net)
services
Period
105
081
949
003
705
733
325
709
300
141
206
244
346
530
361
24
555
297
15,
16,
16,
17,
19,
20,
21,
23,
23,
760
644
088
937
829
923
053
537
327
24, 620
1959: Third quarter
24, 608
Fourth quarter
1960: First quarter _ _ 26, 260
27, 312
Second quarter
27, 416
Third quarter
28, 212
Fourth quarter
28, 380
1961: First quarter
656
492
748
600
92
-252
476
24,
23,
23,
24,
23,
22,
21,
252
796
700
096
496
016
912
1952
1953
1954
1955
1956
1957
1958 __
1959
1960
_
_ _ _ _ _ _
„ _
__ _ _
1
2
18,
17,
17,
20,
23,
26,
23,
23,
27,
Increase
in foreign
Balance
Unregold and
on recorded
recorded
corded
U.S. grants and capital (net)
transacliquid
transtions
—
dollar
actions
U.S.
and
assets
Govern- Private capital [net pay- errors
omissions through
ment
(net
Total i grants
transacor receipts receipts)
tions with
and
Total Direct
(+)]
the U.S.
capital
U.S. payments (recorded)
-1, 597
850
2,380 1, 158
4,083
-2, 398
721
369
3,041
2, 055
664
-1, 683
1, 554 1, 619
3, 788
-1, 595
779
2, 211 1, 211
4,007
Ifii i
2, 362 2, 990 1,859
6,017
280
2, 574 3, 175 2,058
6, 451
-3,857
6, 153 2 2,587 2, 844 1,094
2
-4, 425
1, 986 2,375 1, 372
5, 152
-3, 184
2, 750 3,856 1, 694
7, 454
Seasonally adjusted annual rates
-4, 348
5,372
2, 348 2, 168 1, 304
-3,860
1,320 3, 020 1, 448
5, 164
-2, 588
2,328 2, 776 1, 376
5, 896
-2, 256
6,072
2, 780 2, 440 1,040
7,588 3 2, 420 4 4, 340 4 1,624 3 4-3, 576
-4, 316
3, 472 5, 868 2, 736
10, 260
— 1, 364
3, 548 3, 920 1, 860
8, 308
Includes remittances and pensions not shown separately.
Excludes $1,375 million increase in U.S. subscription to International Monetary
Fund.
3
Includes U.S. subscription to International Development Association of
$74 million ($290 million at annual rate).
22
505
296
167
446
643
748
380
528
-648
1,092
2, 102
1, 516
1, 149
968
-468
3,477
3, 897
3, 832
-412
1,084
132
-568
-848
-1,308
212
4, 760
2,776
2, 456
2, 824
4, 424
5, 624
1, 152
34
4
Includes single direct investment transaction of $370 million ($1,480 million
at annual rate).
NOTE.—Series revised beginning 1959.
Data exclude goods and services transferred under military grants.
Source: Department of Commerce.
PRICES
CONSUMER PRICES
The consumer price index at 127.5 (1947-49~100) in April was unchanged for the second consecutive month.
small drop in the prices of nonfood commodities was offset by a small rise in services.
A
INDEX, 1947-49 = 100
INDEX, 1947-49=100
150
150
140
130
IEO
120
100
1955
1956
1961
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS'.
[1947-49=100]
Commodities
All
items
Period
1950
__
1951
1952
1953___ _ _ _ _ __ __
1954
1955 _ _
1956
1957
1958_ _ _ _ _ _
1959
1960
_ _ _ _ _ _
1960: March
April. _
May
June _
July
August
September _
OctoberNovember
December _
1961: January. __ _
February
March
April
Source: Department of Labor.
_ _
_
102. 8
111. 0
113. 5
114. 4
114. 8
114. 5
116. 2
120. 2
123. 5
124. 6
126. 5
125. 7
126. 2
126. 3
126. 5
126. 6
126. 6
126. 8
127. 3
127. 4
127. 5
127. 4
127. 5
127. 5
127. 5
All commodities
101. 2
110. 3
111. 7
111. 3
110. 2
109. 0
110. 1
113. 6
116. 3
116. 6
117. 5
116. 7
117. 4
117. 3
117. 6
117. 7
117. 6
117. 7
118. 2
118. 3
118. 4
118.0
118. 1
118. 0
117. 9
Services
Commodities less food
Food
101. 2
112. 6
114. 6
112. 8
112. 6
110. 9
111. 7
115. 4
120. 3
118. 3
119. 7
117. 7
119. 5
119. 7
120. 3
120. 6
120. 1
120. 2
120. 9
121. 1
121. 4
121. 3
121. 4
121. 2
121. 2
All
101. 3
108. 9
109. 8
110. 0
108. 6
107. 5
108. 9
112. 3
113. 4
115. 1
115. 7
115. 7
115. 6
115. 3
115. 3
115. 4
115. 5
115. 6
115. 9
115. 9
115. 9
115. 4
115.5
115. 4
115. 2
All
Non- services
Durable durable
104. 4
112. 4
113. 8
112. 6
108. 3
105. 1
105. 1
108. 8
110. 5
113. 0
111. 6
112. 5
112. 1
111. 9
111. 5
111. 1
111. 0
110.0
110. 9
110.7
110. 8
110. 2
110. 3
109. 9
110. 7
100. 9
108. 5
109. 1
110. 1
110. 6
110. 6
113. 0
116. 1
116. 9
118. 3
120. 1
119. 6
119. 7
119. 4
119. 6
119. 9
120. 1
120. 9
120.9
121. 1
121. 0
120. 5
120. 6
120. 7
120. 0
108. 5
114. 1
119. 3
124. 2
127. 5
129. 8
132. 6
137. 7
142. 4
145. 8
150. 0
149. 2
149. 4
149. 6
149. 7
150. 0
150. 3
150. 8
151. 2
151. 3
151. 4
151. 7
151. 9
152. 2
152. 3
Rent
108. 8
113. 1
117. 9
124. 1
128. 5
130. 3
132. 7
135. 2
137. 7
139. 7
141. 8
141. 2
141. 4
141. 4
141. 6
141. 8
141. 9
142. 1
142. 5
142. 7
142. 8
142. 9
143. 1
143. 1
143. 3
Services
less
rent
108. 1
114. 6
120. 1
124. 6
127. 7
130. 1
133. 0
138. 6
143. 8
147. 5
152. 1
151. 3
151. 5
151. 7
151. 8
152. 1
152. 5
153. 0
153. 4
153. 6
153. 6
154.0
154. 2
154. 6
154. 7
23
WHOLESALE PRICES
Wholesale prices were 0.3 percent lower in May than in April.
and processed foods, contributed to the decline.
Prices of all major groups, particularly farm products
INDEX, 1947-49=100
7- 43-100
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)
130
120
100
90
80
1961
SOURCE: DEPARTMENT OF I.ABOR
COUNCIL OF ECONOMIC ADVISERS
All
commodities
Period
1953
1954
1955 - - - - _
1956
1957
1958
1959
1960
1960: April..
May-June
July
August
September
October
November
December
1 961 : January
February
March
April
Mav
Week ended: 3
1961: June 6_
13
. _ _-
-
-
_ __
110. 1
110. 3
110. 7
114 3
117. 6
119. 2
119. 5
119. 6
120. 0
119. 7
119. 5
119. 7
119. 2
119. 2
119. 6
119. 6
119. 5
119. 8
119. 9
119. 8
119.3
119. 0
118. 9
118. 8
1947-49 = 100]
Commodities other than farm products and foods (industrials)
Consumer finIndusIndusFarm
Procished goods exAll intrial in- Productrial
prodessed
er
fincluding food
dustricrude termediucts
foods
ished
als1
Durmateate maNongoods
2
terials
rials
able
durable
97. 0
104. 6
114. 0
116.2
108. 5
123. 1
113. 8
106. 9
114. 5
95. 6
105. 3
116.7
124.7
114.7
103.3
107. 2
89. 6
101. 7
117.0
113. 4
120. 1
128. 5
115. 9
107. 8
122. 2
88. 4
101. 7
120. 0
119. 7
126. 0
138. 1
109.9
90.9
105. 6
125. 6
123.3
118. 3
129. 3
146. 7
112. 4
94. 9
110. 9
126. 0
113. 7
129. 1
150.3
125. 0
111. 7
89. 1
107. 0
128. 2
120. 0
131. 2
153. 2
126. 5
113. 4
88. 8
107. 7
128. 3
131. 7
115. 3
153. 5
126. 0
114. 1
106. 8
128. 7
116. 2
132. 2
153. 6
91. 1
126. 5
113. 7
90. 4
107. 3
128. 2
116. 0
153. 3
126. 3
131. 9
113. 2
89. 0
107. 6
12a 2
115. 2
131. 8
153. 4
126. 2
113. 6
88. 9
12& 2
114. 8
153. 6
126. 3
131. 7
114. 1
86. 6
107. 8
114. 4
12a 2
131. 6
153. 7
126. 2
114. 6
87. 7
108. 1
127.9
152. 5
114. 2
131. 5
123. 6
114.8
89. 5
109.0
128.0
112. 7
153.4
131. 3
125. 7
114.8
89. 9
127. 9
109. 1
111. 8
153.6
125.8
114. 7
131. 0
88. 7
109. 2
127. 9
111. 0
125. 8
130. 9
153.8
114. 7
89. 7
109. 8
128.0
153. 9
130. 9
125. 8
111. 5
115. 0
90. 3
112. 7
110.5
128.0
125.6
153. 8
130. 8
115. 2
90. 1
109.6
128. 1
113. 9
130.9
125. 5
153. 7
115. 1
127. 9
88. 1
109. 0
113. 9
125.6
130. 8
153.0
114. 5
87. 0
107. 9
127. 8
113.7
125.5
130.8
153.0
113. 7
ioa 9
86. 9
86. 3
1
Coverage of the subgroups does not correspond exactly to coverage of this
index.
2
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
24
(4)
(44)
«
(44)
(4)
(4)
()
()
3
4 Weekly series based on smaller sample than monthly series.
Not available.
Source: Department of Labor.
107. 5
107. 2
127. 8
127. 8
(44)
()
PRICES RECEIVED AND PAID BY FARMERS
The index of prices received for all products dropped 3 points in the month ended May 15, because of the continued
decline in prices of most livestock and livestock products. The parity ratio again dropped 1 point.
INDEX, 1910-14-100
INDEX, 1910-14*100
325
325
PRICES PAID, INTEREST, TAXES
AND WAGE RATES
300
300
275
250
225
225
i t i t i I t i t i i I 200
200' i i i » i I i » i t t
RATIO 17
RATIO ^
100
PARITY RATIO
75
75
Ii
1955
1956
1957
1959
1958
1960
1961
•MRATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.
COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
1951
1952
..
1953
1954
1955.
__
1956
1957
1958
1959
I960
1960: April 15
__ _ _
May 15
June 15
July 15
August 15
September 15
October 15
November 15
December 15 _
1961: January 15
_
February 15
March 15__
April 15 .
May 15
All farm
products
_
Crops
302
288
255
246
232
230
235
250
240
238
242
240
235
236
234
238
241
241
242
241
244
243
239
236
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.
265
267
240
242
231
235
225
223
221
221
224
225
221
222
219
222
222
219
217
218
221
224
226
230
Prices paid by farmers
All items,
interest,
Livestock taxes,
Family
Producand
and
living
tion
wage
rates
items
products
items
(parity
index)
Index, 1910-14=100
282
268
336
273
271
274
287
306
269
268
277
256
249
270
277
255
234
276
270
251
274
226
250
278
282
244
286
257
293
264
273
287
256
288
297
266
253
299
290
265
257
302
291
268
252
301
291
267
299
290
248
265
249
298
290
263
298
290
262
247
298
251
290
263
257
262
297
290
291
262
260
297
263
291
298
265
261
301
291
267
302
291
263
267
302
269
259
290
302
251
290
267
241
291
302
266
Parityl
ratio
107
100
92
89
84
83
82
85
81
80
80
80
79
79
79
80
81
81
81
80
81
80
79
78
NOTE.—Indexes of prices received and parity ratio revised beginning January
1958.
Source: Department of Agriculture.
OH
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The money supply declined more them seasonally in
May.
BILLIONS OF DOLLARS
150
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
I 150
TOTAL MONEY SUPPLY
140
130
DEMAND DEPOSITS AT ALLu
COMMERCIAL BANKS
1955
1956
1957
1961
1958
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
1953:
1954:
1955:
1956:
1957:
1958:
1959:
1960:
1960:
December
December
December.
December
December
December
December.
December
April
_ __ _
_
_
May
June
July
August
September.
October
November
December
1 961 : January
February
March.
April 3
May
First half
Second half 3 _
J
3
_ _ _
_
26
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
Money supply
Seasonally adjusted
Unadjusted
Currency Demand
Currency Demand
Total outside deposits Total outside deposits
1
2
1 2
banks
banks
128. 1
27.7
100. 4 131. 4
28. 2
103. 3
131. 8
27.4
104.4 135.0
27. 9
107. 1
134. 6
106. 8 137. 9
27.8
28. 3
109.6
136.5
28. 2
108. 3 139. 7
28.7
111.0
135.5
28. 3
107.2 138. 8
28.9
109. 9
112. 2 144.3
140. 8
28. 6
29.2
115. 1
141. 5
112. 6 144. 9
28. 9
29. 5
115. 5
140. 4
29.0
111. 4 143. 9
29. 5
114. 3
140.5
29. 1
111. 4 140. 1
28. 8
111. 4
139.9
29.0
110. 9 138. 0
28. 8
109. 2
139.4
28. 9
110. 5 138. 0
29. 0
109. 1
139. 6
28. 9
110. 7 138. 7
29. 1
109. 6
139. 7
28. 9
110. 8 138. 9
29.0
109. 8
140. 4
29. 0
111. 5 139.7
29. 1
110. 7
29.0
140. 6
111. 6 140. 6
29. 1
111. 5
140. 2
29.0
111. 2 141. 4
29. 2
112.2
140. 4
29. 0
111. 4 143. 9
29.5
114. 3
140. 6
28. 9
111.7 143. 7
28. 8
114. 9
141. 2
112. 3 140. 9
28.9
112. 3
28. 6
141.5
29.0
112. 6 140. 1
28.6
111.4
142. 0
29. 0
113. 0 141. 7
28.7
113. 0
141. 9
29. 0
113. 0 140. 0
28. 7
111. 2
142. 0
29. 0
113. 0 140. 8
28. 8
111. 9
141. 9
28. 9
113. 0 139. 2
28. 6
110. 6
1 >ernand deposits at all commercial banks (member and nonmember)
See footnote 1, p. 27 for definition of member banks.
* Preliminary.
120
Deposits at member2 banks
(unadjusted)
U.S.
Demand Time Government
86. 9
35. 8
3.5
90. 5
39.1
4.6
92.4
3.0
40. 3
93.2
41.7
3.0
92. 1
3. 1
45. 9
96. 0
52. 7
3.4
95. 7
53.7
4. 4
94. 2
4. 1
58. 1
92. 3
54. 2
3.3
90. 4
54.5
5.8
90. 4
5.7
54. 9
90. 7
55.5
6.0
56.2
91. 0
5. 5
91. 6
56.9
4.8
92.0
57.4
5. 1
92. 3
57. 6
5. 2
94. 2
4. 1
58. 1
94. 7
3. 6
59. 0
92. 7
60.4
4.3
92. 2
4.2
61. 4
93. 5
62. 3
2. 5
92. 0
4. 1
63. 4
63.2
92. 5
3.5
91. 4
4. 6
63. 6
NOTE.—See note, p. 27.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans rose $400 million in May, compared to $600 million in May
1960.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS
200
200
TOTAL LOANS AND INVESTMENTS
150
ISO
BANK LOANS
-V
100
100
INVESTMENTS IN U.S. GOVERNMENT SECURITIES
50
50
INVESTMENTS IN OTHER SECURITIES
I
1955
1956
!
1959
1958
1957
I960
1961
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
Weekly
reporting
member1
banks
Bank
All member banks l
debits
outside
New York
Reserves 4
Investments
BorrowCity (343
ings at
centers) ,
Federal
seasonally
U.S. Gov- Other
securi- Business
ernment
adjusted Required Excess Reserve
Banks 4
loans 2
securities
annual3
ties
rates
Millions of dollars
Billions of dollars
441
14. 7
63. 4
19, 227
693
23. 4
1, 126
22. 4
246
69. 0
703
16. 3
18, 576
1-, 148
2 26. 7
61. 6
594
839
16. 7
18, 646
1, 277
652
688
58. 6
16.3
30. 8
18, 883
1, 385
710
58. 2
31. 8
577
17.9
18, 843
1, 468
2
557
66. 4
20. 6
31. 7
516
18, 383
1, 481
2
482
906
58. 9
20. 5
30. 5
18, 450
1, 656
769
87
61. 0
20. 9
31. 9
18, 514
1, 736
602
55. 8
20. 0
408
30.9
17,
696
1, 742
502
55. 1
469
31. 2
19.8
17, 770
1, 758
54. 2
425
19.9
31. 6
466
17, 828
1, 758
388
56. 7
508
20.0
31.0
18, 010
1, 699
293
56. 6
20.0
31. 0
540
17, 961
1, 790
225
57. 7
639
20. 2
31. 5
17, 931
1, 742
1-19
60. 4
20. 4
31. 4
18, 095
638
1, 722
M2
60. 2
31. 7
20. 3
18, 248
756
1, 768
87
769
20. 9
31. 9
18, 514
61.0
1, 711
-.I 4 .)
61. 9
745
20. 9
31. 2
18, 570
1,784
654
21. 3
61. 3
1, 776
m
31.3
18, 310
70
59.7
21.7
546
32.0
1, 777
18, 263
2
r>r>
21. 8
60. 7
1, 785
618
31. 7
18, 266
'.Mi
21. 9
540
61. 5
31. 5
18, 307
1, 874
All commercial banks
End of period
1953
1954
1955
> ..
1956
1957
1958
1959
1960
1960: April
May
__
June
July
August
September.
October
November. _
December. __ _ __ _ _
1961." January
February.
March 5 _ _
April55 _ _
May
Total
loans
and
investments
Loans
145. 7
155. 9
160. 9
165. 1
170. 1
185.2
190. 3
199. 5
188. 8
188. 6
188.9
190.9
191. 2
193. 3
195. 6
195. 5
199. 5
197. 0
199. 3
198.0
199. 7
201. 0
67. 6
70. 6
82. 6
90. 3
93. 9
98. 2
110. 8
117. 6
113. 0
113. 6
114. 8
114. 2
114. 7
115. 4
114. 8
115. 0
117. 6
114. 2
116. 7
116. 6
117. 2
117. 6
1
Member banks are all national banks and those State banks which 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, July 1959, and April 1961.
s Debits during period to demand deposit accounts except interbank and
U.S.
Government. Prior to 1955, relates to 344 centers outside New York City.
4
Averages of daily figures. Annual data are for December.
6
Preliminary.
NOTE.—Between January and August 1959, series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Data for all member banks include Alaska and Hawaii for all periods.
Source: Board of Governors of the Federal Reserve System.
27
CONSUMER CREDIT
In April, consumer credit outstanding increased $66 million compared to a rise of about $1.1 billion in April 1960.
The increase this year was all in the noninstallment area.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
1955
1956
1957
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
1951
1952
1953. _
1954
1955
1956
1957___ _ _ _
1958
1959
1960
1960: March
April,.
_ ._
_ _ _
_
May
June
July__
August
September
October
November
December
1 90 1 : .T:inuary
February
JYInrch
April.
1
Al.su i n c l u d e s other
u n d pcrsoiinl lonns, not
• < 'nnsmncr cH'd j|, P.N
:;orin cil by t he i l r m s pll
•: < '<m;:b'-(s of • i n - i e
28
_ _
_
.
_ _
1958
1959
COUNCIL'OF ECONOMIC ADVISERS
[Millions of dollars!
Consumer credit outstanding
(end of period; unadjusted)
Instalment
NonAutomoTotal
instal-3
Total »
bile 2
ment
paper
22, 712
15, 294
5,972
7,418
27, 520
19, 403
7,733
8, 117
31, 393
23, 005
9, 835
8,388
32, 464
23, 568
9, 809
8, 896
38, 882
28, 958
13, 472
9,924
42, 511
31, 897
14, 459
10, 614
45, 286
34, 183
11, 103
15, 409
34, 057
45, 544
14, 237
11, 487
52, 119
39, 852
16, 549
12, 267
56, 049
43, 281
12, 768
17, 866
51, 298
40, 020
16, 826
11,278
52, 353
40, 651
17, 170
11, 702
52, 991
41, 125
17, 431
11, 866
53, 662
41, 752
17, 755
11, 910
53, 809
42, 050
17, 893
11,759
54, 092
42, 378
11, 714
18, 020
54, 265
42, 517
18, 021
11, 748
54, 344
42, 591
17, 992
11, 753
54, 626
42, 703
17, 967
11, 923
56, 049
43, 281
12, 768
17, 866
55, 021
42, 782
17, 611
12, 239
54, 102
42, 264
17, 383
11, 838
42, 058
53, 906
17, 265
11, 848
53, 972
41, 988
17, 200
11, 984
_ _
onsumcr goods paper, repair and modernization loans,
hown separately.
ended for the purpose of purchasing automobiles and
chased.
tr.cn ( loans, charge accounts, and service credit.
i i i i i I i t i i i t i i i i i t t i i i rI n
I960
1
1961
Consumer instalment credit extended and
repaid (seasonally adjusted)
Total *
Automobile paper 2
Extended
23, 576
29, 514
31, 558
31, 051
39, 039
40, 175
42, 545
40, 789
49, 045
50, 343
4,259
4, 499
4, 255
4, 313
4, 214
4,072
4, 125
4, 108
4, 134
4,007
3,869
3, 803
4,002
3, 883
Repaid
22, 985
25, 405
27, 956
30, 488
33, 649
37, 236
40, 259
40, 915
43, 407
46, 914
3, 777
3, 935
3, 911
3, 934
3,997
3,918
3,958
3,994
3,946
3,931
3,972
4,011
3,954
4, 022
Extended
8,956
11, 764
12, 981
11, 807
16, 745
15, 563
16, 545
14, 316
17, 941
17, 839
1,591
1, 636
1, 558
1,538
1,417
1,422
1,422
1,460
1,482
1,325
1,239
1, 190
1,288
1, 243
Repaid
9, 058
10, 003
10, 879
11, 833
13, 082
14, 576
15, 595
15, 488
15, 698
16, 522
1,342
1,379
1, 402
1,392
1,385
1,388
1, 375
1,417
1,397
1,356
1,387
1, 363
1,353
1, 388
NOTE.—Data for Alaska and Hawaii included, beginning January and August
1959, respectively.
Source: Board of Governors of the Federal Reserve System.
BOND YIELDS AND INTEREST RATES
The rate on 3-month Treasury bills averaged somewhat lower in May than in April.
municipal bonds were also lower but rose sharply in early June.
Yields on U.S. Government and
PERCENT PER ANNUM
PERCENT PE,R ANNUM
1955
SOURCES: SEE TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
Period
1954
1955
1956
1957
1958.
1959
1960
1960: April
__
May
June
July
August
September
October
November
December
1961: January
February
March
April.
May__
Week ended:
1961: May 6
13
20
27
June 3
10
17
1
_
_ ..
. __
_ _
_
[Percent per annum]
U. S. Government
High-grade
security yields
municipal
3-month
bonds
Taxable
2
Treasury
(Standard3 &
bonds
bills i
Poor's)
0. 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
2.928
4. 02
3.73
3. 244
4. 18
3. 84
3. 392
4. 16
3.85
2.641
3. 98
3. 78
2. 396
3.86
3. 72
2. 286
3. 79
3. 53
2. 489
3. 84
3.53
2. 426
3. 91
3. 59
2. 384
3. 93
3.46
2. 272
3. 88
3. 45
2. 302
3. 44
3. 89
2. 408
3. 81
3.33
2. 420
3.78
3.38
2. 327
3. 80
3. 44
2. 288
3. 73
3. 38
2.300
2.232
2. 264
2.354
2.438
2.516
2. 295
Kate on new issues within period.
* Series includes: April 1953 to date, bonds due or callable 10 years and after;
April 1952-March 1953, bonds due or callable after 12 years; October 1941-Marcli
1952, bonds due or callable after 15 years.
* Weekly data are Wednesday figures.
3. 72
3.70
3. 71
3. 78
3. 79
3. 86
4
3. 86
3.38
3. 34
3. 34
3. 40
3. 42
3.48
3. 53
Corporate bonds
( MoodyJs)
2. 90
3. 06
3. 36
3. 89
3.79
4.38
4. 41
4. 45
4. 46
4. 45
4. 41
4.28
4. 25
4. 30
4. 31
4. 35
4. 32
4. 27
4. 22
4. 25
4. 27
3. 51
3. 53
3. 88
4. 71
4.73
5. 05
5. 19
5. 20
5. 28
5. 26
5. 22
5.08
5. 01
5. 11
5. 08
5. 10
5. 10
5.07
5.02
5. 01
5.01
Prime
commercial
paper,
4-6
months
1. 58
2. 18
3. 31
& 81
2. 46
3.97
3. 85
4. 16
4. 25
3. 81
3.39
3. 34
3. 39
3. 30
3.28
3.23
2. 98
3. 03
3.03
2. 91
2. 76
4.29
4. 27
4.25
4. 27
4.29
4. 31
4
4. 33
5. 02
5. 01
5. 01
5. 01
5.02
5. 03
5. 04
2. 75
2. 75
2. 75
2. 75
2. 88
3. 00
4
3. 00
Aaa
Baa
< Not charted.
Sources: Treasury Department, Board of Governors of the Federal Eeserve
System, Standard & Poor's Corporation, and Moody's Investors Service.r
!
29
STOCK PRICES
Stock prices averaged somewhat higher in May than in April but have changed little in recent weeks.
INDEX, 1957-59=100;
INDEX, 1957-59 = 100
180
180 "
160
100
1955
1961
1956
SOURCE: SECURITIES AND EXCHANGE COMMISSION
Period
Weekly average:
1952
1953
1954
1955
1956 _
_
__ _ _ __
1957
_
1958
1959
1960
1960: April_
May
June
__
July
August
September
October
November
December
1961: January
February
March
AprilMay
Week ended:
1961: May 12 _ _ _ . __
19 - _ 26
June 2
9
Composite
index l
COUNCIL OF ECONOMIC ADVISERS
[1957-59=1001
Manufacturing
NonDurable
Total
durable
goods
goods
Utilities
Trade,
finance,
and
service
Mining
52.3
51. 9
61. 7
81. 8
92. 6
89.8
93.2
116.7
113. 9
113. 5
113. 2
117. 0
114. 5
115. 6
112. 1
109. 1
112. 6
115. 2
120.9
125. 4
129. 8
133. 0
134. 9
46. 8
46. 7
57. 6
79. 5
93. 2
90.7
92. 5
116. 5
110. 9
111. 0
110. 7
114. 6
111. 2
112. 2
107.6
104. 9
108. 5
110. 3
115. 3
119. 2
123. 9
125. 8
127. 6
42. 1
43. 0
54. 7
78. 7
91.5
88. 5
90. 4
120. 8
117. 3
118.3
118.7
123.4
119. 0
119. 8
114. 1
109. 4
113. 0
114. 5
118. 6
121. 4
127. 8
128. 5
130. 6
50. 7
49. 8
60. 0
80. 1
94. 5
92. 8
94. 4
112. 6
104. 9
104.3
103. 3
106. 6
104. 0
105. 1
101. 7
100.8
104. 5
106. 4
112. 2
117.3
120. 3
123. 3
124. 9
74. 6
73. 9
78. 6
108. 2
110. 6
93. 2
91. 0
115. 6
95. 8
96. 5
95.8
97. 1
95. 7
96. 1
91. 5
88.0
91. 7
92. 6
100.3
102. 6
104. 2
103. 4
107. 5
65. 4
67. 3
75.3
84.8
86.4
86.3
95. 8
117. 6
129. 3
127. 1
126.4
129. 8
131. 0
132. 6
134. 2
130. 5
132. 0
138.5
148.7
156. 0
159. 2
168. 9
170.0
60. 4
60. 8
69. 1
87. 1
89.9
82. 2
95. 1
122. 3
127. 4
125.3
125. 8
132. 1
131. 0
131. 8
127.2
122.8
129. 3
132. 4
134. 8
139. 8
146.7
150. 4
153. 1
80. 7
70. 4
78.2
91. 6
104. 6
107. 2
97.9
95.0
73. 8
73.4
70. 9
70. 3
68. 6
71.6
70. 1
71. 8
74. 1
78.2
85. 1
89. 0
89. 2
93. 5
96. 9
134. 5
136. 3
134.2
134.9
134. 8
127. 0
128. 8
127.3
128. 0
128. 1
129.8
132. 1
130. 2
130. 9
130. 6
124.4
125. 8
124. 5
125. 4
125. 9
107.0
109. 4
107. 7
106. 9
107. 1
171.
173.
166.
167.
166.
151. 5
153. 3
155.4
156. 0
155.7
95. 4
99. 3
99.2
99.5
98. 1
1
Includes 300 common stocks: 108 for durable goods manufacturing, 85 for nondurable goods manufacturing, 18 for transportation, 34 for utilities, 45 for trade,
finance, and service, and 10 for mining.
30
Transportation
5
0
8
1
3
NOTE.—Indexes are based on weekly closing prices.
Source: Securities and Exchange Commission.
FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
For the first 10 months of the current fiscal year, there was a budget deficit of $6.0 billion,
year, the deficit was $3.6 billion.
For the same period last
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET RECEIPTS
NET BUDGET EXPENDITURES
75 -
50 -
25
1958
75
1959
I960
1958
1961
BUDGET SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE)
MAJOR NATIONAL SECURITY
-EXPENDITURES
1956
1958
1959
1961
1956
1957
1959
I960
FISCAL Y E A R S
• ESTIMATE
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.
COUNCIL OP ECONOMIC ADVISERS
[Billions of dollars]
Net budget expenditures
Major national security 1
Net
Period
budget
Department
Total
receipts
Total
of Defense,
military 2
66. 2
40. 6
38.4
Fiscal year 1956
- 67.8
69.0
43.3
40.8
Fiscal year 1957
- 70.6
71.4
44. 1
41.2
68.5
Fiscal year 1958
80. 3
46. 4
43.6
67. 9
Fiscal year 1959 _ . . .
..
76.5
45.6
42. 8
77.8
Fiscal year I960.4
_
80. 7
44. 0
46.7
78.5
Fiscal year 1961 4
_ _ _
84. 3
48.2
81.4
45. 4
Fiscal year 1962
6. 4
4.0
3.7
9.6
1960: March
_ _ - ..
6.
0
3.4
3.7
5. 1
April
6.
1
3. 4
6. 6
3. 7
May
6. 5
4. 0
3.7
10.9
June
6
6. 2
3. 2
3.5
3. 1
July 6
6.8
3.7
4.0
6. 5
August
6
6.8
3.7
3.9
9. 0
September
_ __
6
6. 8
3.7
3.5
2. 8
October 6
6.8
3. 9
3.6
6.3
November6
.
6. 8
4. 2
4.0
7.6
December
.
6
6. 5
3.5
4. 8
3.7
1961: January 6
6.
2
3.6
3.8
6. 5
February
__
_
6
7.0
4. 3
4.0
8. 5
March
6
6.
5
3.8
3.5
5. 1
April . _ _ _
__
Cumulative totals first 10 months: 6
63. 9
38.0
35. 6
60. 3
Fiscal year 1960
66.4
36.4
* 38. 7
60.4
Fiscal year 1961
_ _ _ _ ___
1 Includes military activities of the Department of Defense (military functions
and the military assistance portion of the mutual security program), Atomic
Energy Commission, stockpiling, and defense production expansion.
2
Military functions and military assistance.
3
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
4
5
6
Budget
surplus
or
deficit ( — )
Public
debt
(end of3
period)
1.6
1. 6
-2. 8
-12. 4
1.2
-2.2
-2. 8
3. 2
-1.0
.5
4. 4
-3. 0
3
2.' 2
-4.0
-.5
.8
-1.6
.3
1.5
1. 3
272. 8
270. 6
276.4
284 8
286.5
(55)
()
287.0
288. 9
289. 5
286.5
288. 5
288. 8
288. 6
290. 6
290.6
290. 4
290. 2
290. 7
287.7
288. 2
-3.6
-6.0
288.9
288. 2
Estimate (revised March 1961).
Not available.
Preliminary.
NOTE.—Total budget receipts and expenditures have been adjusted to exclude
certain intragovernmental transactions.
O-TJ
Sources: Treasury Department and Bureau of the Budget.
*^^"
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter of calendar 1961, cash receipts from the public exceeded cash payments by $1.4 billion.
seasonally adjusted basis, however, payments exceeded receipts by $2.3 billion.
BILLIONS OF DOLLARS ( SEASONALLY ADJUSTED )
On a
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED )
30
30
15
EXCESS OF CASH RECEIPTS
EXCESS OF CASH PAYMENTS
-5
-5
1959
1958
CALENDAR YEARS
I960
1961
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Cash receipts
from the
public
Period
Fiscal year total:
1957
1958
1959
I960 1
1961 J
1962
Calendar year total:
1956 -_ _
1957
1958
1959 2
I960
.
._
... ...
-
Quarterly total (calendar years) :
1959: Third quarter.
Fourth quarter
1960* First quarter
Second quarter.
Third quarter 2 2
Fourth quarter
1961: First quarter 2
1 Estimate (revised March 1961).
2 Preliminary.
32
_.
Cash payments to
the public
Excess of re- Cash receipts
ceipts (+) or
from the
payments
public
(— )
82. 1
81. 9
81. 7
95. 1
98.5
102. 3
80. 0
83. 4
94. 8
94.3
99. 5
106. 3
2. 1
— 1. 5
-13. 1
.8
— 1. 0
-4. 0
80.3
84. 5
81. 7
87. 6
98. 3
74. 8
83. 3
89. 0
95. 6
94. 7
Unadjusted
5. 5
1. 2
-7. 3
-8.0
3. 6
24.4
23.9
21. 9
24. 1
24. 2
24. 5
23. 4
-3. 0
-4.5
3. 8
4.5
—.8
-3.9
1. 4
21. 4
19. 4
25.8
28.5
23.4
20. 6
24. 8
Cash payments to
the public
Excess of receipts (+)or
payments
Seasonally adjusted
23. 2
23. 6
23. 5
25.0
25. 1
24.8
22. 5
23.8
23. 6
23. 3
23.6
23. 6
24. 2
24. 9
Sources: Treasury Department and Bureau of the Budget.
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