Full text of Economic Indicators : June 1962
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
87th Longres's, 2nd Session
;
-§T. J.DUIS
i i I?;!
.«n - p « Jy" g^f
i-v"
PUBLIC
e
Economic Indicators
JUNE 1962
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1962
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vies Chairman
HOUSE OF REPRESENTATIVES
SENATE
RICHARD BOLLING (Missouri)
JOHN SPARKMAN (Alabama)
HALE BOGGS (Louisiana)
J. WILLIAM FULBRIGHT (Arkansas)
HENRY S. REUSS (Wisconsin)
WILLIAM PROXMIRE (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
CLAIBORNE PELL (Rhode Island)
THOMAS B. CURTIS (Missouri)
PRESCOTT BUSH (Connecticut)
CLARENCE E. KILBURN (New York)
JOHN MARSHALL BUTLER (Maryland)
WILLIAM B. WIDNALL (New Jersey)
JACOB K. JAVITS (New York)
WM. SUMMERS JOHNSON, Executive Director
JOHN W. LEHMAN, Deputy Executive Director
JOHN R. STARK, Clerk
COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman
KERMIT GORDON
JAMES TOBIN
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
TLesolved 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, Offia 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.
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
Pagt
iv
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
Gross national product, according to current estimates, rose $6 billion (seasonally adjusted annual rate), or 1 percent,
from the fourth quarter of 1961 to the first quarter of 1962. The sain over a year earlier was $48 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Business
Persons
Personal
Disposable consumption
personal expendiincome' tures
Period
1951
-
1952
-
1953
1954..
1955
1956
1957
-_
-
1958
1959
1960
1961
1960: Third quarter..
Fourth quarter.
1961: First quarter
Second quarter..
Third quarter..
Fourth quarter.
1962: First quarter.. _
227. 5
238. 7
252. 5
256. 9
274. 4
292. 9
soa s
317.9
337.3
351. 8
364. 9
354. 4
354.9
354.3
361.8
367.7
375.6
378.2
209. 8
219.8
232. 6
23a 0
256. 9
269.9
285.2
293.2
314.0
328. 9
339.0
329. 7
332.3
330.7
336. 1
341.0
348.4
352. 0
International
Personal
Excess
Gross
saving
Gross private
of
(+) or retained domestic investearn-2
disinvestment
saving
ings
ment
17.7
18. 9
19. 8
ia 9
17. 5
23. 0
23. 6
24,7
23. 4
22. 9
25.8
24 6
22.7
23. 7
25.8
26.8
27. 1
26. 2
31. 5
33.2
34. 3
35. 5
42. 1
43. 0
45. 6
44.8
50.7
51.7
54.1
51.8
51.2
50.3
53. 9
54.8
57. 3
57. 4
56.3
49. 9
50. 3
4a 9
63. 8
67.4
66. 1
56.6
72. 4
72. 4
69.6
70.5
65.6
59. 8
68.8
73.2
76. 6
77. 0
Foreign
Net exports of goods Excess of
net
and services
transfers
trans(-r-)or
fers by
of net
ExImGovern- Net
exports
ment exports ports
ports
-24.8
2. 1
1.5
1. 6
1. 4
1.5
1. 5
1. 5
1.3
1.5
1.6
1.7
1.5
1.6
1.6
1. 5
1.7
1.8
— 16. 6
-16.0
-13.4
— 21. 8
-24.3
—20. 5
— 11. 9
— 21. 7
— 20. 7
-15.5
-18.7
— 14. 4
— 9. 5
— 14. 9
— 18. 4
-19.3
-19.6
1.7
2.4
1. 3
-. 4
1. 0
1.1
2. 9
4. 9
1.2
—. 7
3.0
4.0
3.0
5. 1
5.3
3. 9
2. 6
4.0
3.5
17.9
17.4
16. 6
17.5
19. 4
23. 1
26. 2
22. 7
23.1
26. 7
27. 4
26. 8
27. 6
27. 6
26. 4
27.0
28. 5
28. 2
15.5
16. 1
17. 0
16. 5
18.3
20. 2
21. 3
21.5
23.8
23. 6
23. 4
23. 8
22. 4
22. 3
22. 5
24. 3
24. 5
24 7
-0.2
.2
2.0
.4
.4
-1. 5
-3. 5
.1
2.3
-1.5
-2.3
-1.4
-3. 6
-3. 7
-2.4
—. 9
-2.2
-1. 7
Government
Net receipts
Period
1952
1953
1954
1955
1956
1957
1958
1959
1960
Surplus
(+) or
deficit
Tax and TransPurTrans- (-) on
Total
nontax
fers,
chases
fers,
income
Net
and
interest, of goods expendi- interest,
receipts receipts
and
and subor
tures and sub- product
accruals sidies *
sidies * account
66. 6
72. 2
75.7
1951
ea 5
7a 4
..-- — -
1961
1960: Third quarter. .
Fourth quarter .
1961 First quarter
Second quarter.
Third quarter. _
Fourth quarter.
10fi2: First nuarter.
1
Expenditures
84 2
87. 5
82.0
94 9
102.0
102. 2
101.4
99. 7
97. 1
100. 7
103. 0
108. 3
111. 1
85. 5
90.6
94 9
90. 0
101. 4
109. 5
116. 3
115. 1
129. 3
139. 1
143. 6
138. 8
138. 3
136.9
141. 9
145. 4
150. 6
153. 4
18. 9
18.4
19.2
21.5
23. 0
25. 3
28. 7
33. 1
34 4
37. 1
41. 4
37.4
38.6
39.8
41. 2
42. 3
42. 3
42. 3
60. 5
76. 0
82. 8
75. 3
75. 6
79. 0
86. 5
93. 5
97. 1
100. 1
108.7
101. 9
101. 6
105. 0
107. 3
109. 0
113.2
115.9
1'uraontil Income (p. 3) less personal taxes and nontax payments (fines, penalw.ftc.).
> VniUMrlbuted corporate profits, corporate Inventory valuation adjustment,
atillnl romtimpUon allowances, and excess of wage accruals over disbursements.
' Ntl foreign Investment with sign changed.
iv
79. 4
94 4
102. 0
96. 7
98. 6
104 3
115. 3
126. 6
131. 5
137. 2
150. 1
139.3
140. 2
144 8
148.5
151. 3
155. 5
158. 2
18.9
18.4
19. 2
21. 5
23. 0
25. 3
28. 7
33. 1
34 4
37.1
41.4
37.4
38. 6
39. 8
41. 2
42. 3
42. 3
42. 3
6. 1
-3.9
— 7. 1
— 6. 7
2.9
5. 2
1. 0
-11. 4
— 2. 2
1. 9
-6.5
-. 5
-1.9
-7.9
-6. 6
— 6. 0
— 5. 1
-4 8
Gross
Total
Statis- national
tical
income
product
or
discrepor
receipts
ancy expenditure
327. 7
345. 6
364 1
362. 3
396. 5
421. 6
443. 4
446.0
484 5
507. 1
522. 9
509. 1
507.4
503.4
517.9
527. 3
543. 0
548. 4
1. 2
1.4
1. 3
.9
1.0
-2. 4
-. 6
— 1. 5
-1. 7
— 2.6
-1.5
-40
-2.9
-2.6
-1.8
-1.5
-. 5
O
329.0
347.0
365. 4
363. 1
397. 5
419. 2
442. 8
444. 5
482. 8
504 4
521. 3
505.1
504 5
500.8
516. 1
525. 8
542. 2
548. 3
* Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
NOTE.—Data for Alaska and Hawaii Included beginning 1960.
Source; Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Consumer expenditures accounted for about $31/z billion of the $6 billion (seasonally adjusted annual rate) gain
in gross national product in the first quarter of 1962 and government purchases for over $2^ billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
GROSS NATIONAL PRODUCT
5OO
400
300
200
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
SOURCE: DEPARTMENT OF COMMERCE.
.COUNCH. OF ECONCitolC ADVISERS.
[Billions of dollars]
Period
1949
1950
1951
1952
1953
1954
1955.
1956
1957
1958
1959
1960
1961
Total
Personal Gross
Net
gross
Total
conprivate exports
national gross
sump- domestic
of goods
tion
product national
and
in 1961 product expend- investment
services
prices
itures
Government purchases of goods and
services
Federal
State
Total Total i National Other and
local
defense *
SS8. S
S66. 6
396.5
411. 7
430. 6
422. 0
455. 1
464-8
473. 6
466. 1
497.6
511. S
SSI. S
258. 1
284.6
329.0
347. 0
365. 4
363. 1
397. 5
419. 2
442. 8
444 5
482. 8
504. 4
521. 3
181.2
195.0
209. 8
219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293. 2
314. 0
328. 9
339. 0
33.0
40.2
22.2
3.8
50.0
39.0
19. 3
.6
56.3
60. 5
2.4
38.8
49. 9
76. 0
52. 9
1.3
50. 3
82.8
58. 0
— 4
48. 9
75.3
1.0
47. 5
63.8
75. 6
1. 1
45. 3
67. 4
2. 9
79. 0
45. 7
66. 1
86. 5
4. 9
49. 7
56. 6
1. 2
93. 5
52. 6
7
72.4
97. 1
53. 5
72. 4
3". o 100. 1 52. 9
69. 6
4. 0 108. 7
57.3
Seasonally adjusted annual rates
Third quarter...
Fourth quarter-.
610. 6
608. 0
505. 1
504. 5
329. 7
332. 3
70. 5
65. 6
3.0
5. 1
101.9
101. 6
1961: First quarter
Second quarter
Third quarter
Fourth quarter. _
1962: First quarter
SOS. 1
517. S
6S5. 2
639. 7
544-1
500. 8
516. 1
525. 8
542. 2
548.3
330. 7
336. 1
341. 0
348.4
352. 0
59. 8
68.8
73. 2
76. 6
77.0
5. 3
3.9
105.0
107. 3
109. 0
113. 2
115. 9
1960:
1
Less
1
Government sales.
These expenditures correspond closely with budget expenditures for national
defense,
shown
on p. 31.
3
Gross national product in current prices divided by gross national product
in 1961 prices.
2. 6
4. 0
3.5
ao
Implicit
price
deflator
for total
GNP,
1961=100«
13.6
14.3
33.9
46. 4
49.3
41.2
39.1
40.4
444
448
46.2
45. 5
49. 2
5.2
5.2
6.7
9.0
6.7
6.6
5. 7
5.7
8.3
7.8
ao
ae
17.9
19. 7
21.7
23.2
24 9
27. 7
30. 3
33. 2
36. 8
40.8
43.6
47.2
51.4
540
53.0
45.4
45.7
9. 1
7.9
48.0
4a 6
9ao
54. 7
56. 6
57.4
60. 0
61.5
47. 2
48.8
49. 0
51. 7
52. 8
8.0
50.3
50.6
51. 6
53.2
543
99.5
99. 8
100. 1
100. 5
100. 8
as
8.9
9.0
9.4
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce,
76.3
77.7
83.0
843
849
sao
87.3
90.2
93.5
95.4
97.0
9a7
100.0
99.3
NATIONAL INCOME
National income rose $4.9 billion (seasonally adjusted annual rate) in the first quarter of 1962. Among the major
types of income, the largest change was a rise of $5.2 billion in compensation of employees. Olher types displayed
small divergent changes.
BILLIONS OF DOLLARS
5OO
BILLIONS OF DOLLARS
500
SEASONALLY ADJUSTED ANNUAL RATES
COMPENSATION OF EMPLOYEES
ZOO
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND .
RENTAL INCOME 'V
» N E T INTEREST
1956
1957
I
1958
I960
1959
1961
1962
SOURCE: DEPARTMENT OF COMMERCE.
COUNCJL OF ECONOWC ADVISERS
[Billions of dollars)
Period
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
..
. ..
Total
national
income
Compensation
of employees '
217.7
241.9
279. 3
292. 2
305.6
301.8
330.2
350. 8
366. 9
367. 4
399. 6
417. 1
430. 2
140. 8
154.2
180.3
195. 0
208. 8
207. 6
223. 9
242. 5
255. 5
257. 1
278. 4
293. 7
302. 9
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. 5
35. 0
36. 2
36. 5
8.3
9.0
9. 4
10. 2
10.5
10. 9
10. 7
10. 9
11. 9
12. 2
11. 9
11. 7
11. 5
Proprietors' income
Farm
12. 9
14. 0
16. 3
15. 3
13. 3
12.7
11. 8
11. 6
11. 8
13. 5
11. 3
12. 0
13.0
Net
interest
4. 8
5.5
6. 3
7. 1
8. 2
9. 1
10. 4
11. 7
13. 4
148
16. 6
18. 4
20. 0
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. 2
46. 4
45. 1
46. 2
26. 4
40. 6
42. 2
36. 7
38. 3
34. 1
44. 9
44. 7
43. 2
37. 4
46. 8
45. 0
46. 1
1. 9
5. 0
-1.2
1.0
-1. 0
-.3
-1.7
-2.7
-1. 5
-. 3
.5
.0
.1
Seasonally adjusted annual rates
I960: Third quarter, _ _
Fourth quarter _
419. 0
416. 5
296.0
294, 0
12. 4
12. 7
36. 3
36. 3
11. 7
11.7
18. 6
18. 9
44. 1
42. 9
43. 2
42. 6
0. 9
.3
MJfil: First quarter _
Second quarter
Third quarter
Fourth quarter
llM'r.1; Firnt (luarlcr
412. 2
426. 0
434. 3
447. 9
452. 8
292. 6
300. 2
306. 2
312. 7
317. 0
12. 9
12. 9
12. 8
13. 6
13. 0
36. 0
36. 3
36. 6
37. 2
37. 0
11.5
11. 5
11. 5
11. 5
11. 5
19.2
19. 6
20. 2
20. 7
21. 3
40. 0
45.5
47. 0
52. 1
51. 5
39. 6
45. 2
47. 2
52. 4
51.3
.4
.3
-. 2
3
..
liit'iti<l<*f fiinptoyor contributions for social Insurance.
(See also p. 3.)
NOTE.—Data for Alaska and Hawaii Included beginning 1960.
Source: Department of Commerce.
.2
SOURCES OF PERSONAL INCOME
Personal income continued to advance in May, but the $1.1 billion (seasonally adjusted annual rate) gain was smaller
than the $3 billion average monthly increase from January to April.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
40O
TOTAL PERSONAL INCOME
350
300
LABOR INCOME
250
" BUSINESS, PROFESSIONAL,
AND RENTAL INCOME
DIVIDENDS AND
PERSONAL INTEREST
FARM PROPRIETORS' INCOME
50
n«« " *"
r
1956
1957
"""jntmmmi 11
-—
"•*
"
""-
I960
Period
1953 1954 _
19551956
1957
1958-,.
1959- I960-.
1961
1961: April
May
June
July
August
SeptemberOctober...
November.
December.
1962: January...
February.
March _".April 4
May
Total
personal
income
288. 3
289. 8
310. 2
332. 9
351. 4
360. 3
383. 3
402. 2
416. 7
409. 8
413.2
417. 3
3
421. 2
419. 4
421. L425. 2
429. 3
431. 8
430. 1
433. 3
435. 9
438. 9
440. 0
[Billions of dollars]
Labor income Proprietors' income
(wage and
Rental
salary disincome
DiviBusiness
bursements
of
dends
and pro- persons
and other 1 Farm
fessional
labor income)
27.4
204. 1
13. 3
10. 5
9. 2
12. 7
27. 8
202. 5
10. 9
9. 8
218.0
11. 8
30. 4
10.7
11. 2
11. 6
32. 1
235. 7
12. 1
10. 9
32. 7
247. 7
11. 8
11. 9
12. 6
32. 5
13. 5
249. 2
12. 2
12. 4
35. 0
11. 3
268. 8
11. 9
13. 4
282. 2
12.0
36. 2
11. 7
14. 1
290. 8
36. 5
13. 0
11. 5
14. 4
Seasonally adjusted annual
12. 9
285. 3
36. 1
14. 2
11.5
12. 9
36. 3
288. 0
14. 2
11.5
13. 0
291. 7
36. 4
11.5
14. 3
12. 9
293. 4
36. 6
14. 3
11. 5
294. 0
12. 8
36.6
14. 3
11. 5
12. 7
295. 2
36. 8
11.5
14. 4
297. 8
13. 5
37. 0
11. 5
14. 5
13.
8
300. 9
37. 3
11. 5
14. 8
302. 4
13. 5
37. 4
15. 5
11.5
302. 0
13. 1
37. 4
11.5
14. 9
12. 9
305. 1
37. 6
14. 9
11. 5
12. 9
306. 8
37. 8
11. 5
15. 2
12. 7
309. 7
37. 9
15. 2
11. 5
12. 7
310. 5
38. 0
11. 5
15. 1
'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..
3
Includes stepped-up payment of National Service Life Insurance dividends
1961
1962
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.
Less: PerconPersonal Transfer sonal
tributions
interest
paysocial
income ments forinsurance
13. 4
14.3
3.9
14. 6
4. 6
16. 2
15. 8
17.5
5.2
17. 5
18. 8
5. 8
19. 6
21. 9
6. 7
21. 0
26. 3
6. 9
23. 6
27. 2
7.9
26. 2
29. 1
9. 3
27. 3
32. 9
9. 7
rates
26. 8
32. 5
9. 6
27. 0
33. 0
9.7
27. 1
33. 0
9.8
3
27. 2
35. 2
9. 8
27. 4
32. 5
9. 8
27. 5
32. 7
9. 8
27. 7
33. 1
10. 0
27. 9
33. 2
10. 1
28. 2
33. 4
10. 1
28. 5
33. 1
10. 3
28. 7
33. 2
10. 5
28. 9
33. 5
10. 6
29. 1
10. 7
33. 6
29. 3
33. 7
10. 7
Nonagricultural
personal3
income
271.5
273.8
295. 0
317. 9
336. 1
343.0
368. 1
386. 2
399.4
392.9
396. 4
400.2
3
404. 0
402.4
404. 1
407. 2
410. 9
413. 6
412. 3
415. 8
418. 2
421. 3
422. 2
of $150 million ($1.8 billion at annual rate) in March and $218 million ($2 6
billion at annual rate) in July.
< Preliminary,
_
„
NOTE.— Data for Alaska and Hawaii included beginning 1960.
Source; Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Both disposable personal income and personal consumption expenditures increased in the First quarter of 1962.
the increase in income being less rapid than in expenditures, the saving rate dropped.
BILLIONS OF DOLLARS*
With
BILLIONS OF DOLLARS*
40O
300
300
2SO
200
200
DOLLARS*
2,200
DOLLARS*
2,800
2,000
2,000
1,800
1,800
1,600
1956
196)
1957
1962
* SEA.5PJSALLY ADJUSTED ANNUAL RATES.;
COUNCIL pF ECONOMIC ADVISERS
Disposable
personal
income '
Period
1950
1951
1952
1953—
1954
1955
1956
1957
1958
1959.
1960
1961
.. .
.
. ...
1000: Third quarter
Fourth quarter
1961: First quarter. - _
Second quarter
Third quarter
Fourth quarter
1 '.Mi'.!: Kirst. (|u:irt IT
1
207. 7
227. 5
238. 7
252. 5
256.9
274. 4
292.9
308. 8
317. 9
337. 3
351. 8
364. 9
354. 4
354. 9
354. 3
361. 8
367. 7
375. 6
378. 2
Personal consumption expenditures
Total
195.
209.
219.
232.
0
8
8
6
2sao
256. 9
269. 9
285. 2
293. 2
314.0
32a 9
339.0
329. 7
332. 3
330. 7
336.1
341. 0
34a 4
352. 0
NonDurable durable
Services
goods
goods
Billions of dollars
12. 6
30. 4
99. 8
64. 9
17.7
29.5
110. 1
70.2
ia 9
29. 1
115. 1
75. 6
32. 9
19. 8
118. 0
81. 8
32. 4
18. 9
119. 3
86.3
39. 6
124. 8
17.5
92.5
23. 0
38. 5
131. 4
100. 0
23. 6
40. 4
137.7
107. 1
24. 7
37.3
141. 6
114. 3
43. 5
147. 3
23. 4
123. 2
22. 9
44. 3
152. 4
132. 2
42. 3
25. 8
155. 5
141. 2
Seasonally adjusted annual rates
24. 6
43. 4
152. 7
133. 6
22. 7
43. 8
153. 1
135. 4
137. 5
23. 7
39. 4
153. 7
25.8
42.0
154. 1
139. 9
142. 4
26. 8
42. 3
156. 2
45. 5
144. 9
27. 1
158. 1
44. 8
26. 2
159.8
147. 3
(]'. :o Itwi personal taxes ami nontax payments (fines, pcnal-
Personal
saving
i l l v l i l n l l.y tlir l n i | > l l c l l price deflator for personal
i n IIN1I lni:.e.
Per capita disposable personal
income *
Current
prices
1961
prices 2
Saving as
percent Populaof distion
posable
(thou-3
personal sands)
income
(percent)
Dollars
1,692
1,369
1, 474
1,708
1,520
1,725
1,582
1,780
1,582
1,762
1,840
1, 660
1,742
1,900
1, 804
1,911
1,826
1,898
1,905
1,956
1,969
1,947
1,987
1,987
6. 1
7.8
7.9
7. 8
7. 4
6. 4
7. 9
7.6
7.8
6. 9
6. 5
7. 1
151, 683
154, 360
157, 028
159, 636
162, 417
165, 270
168, 176
171, 198
174, 060
177, 076
180, 670
183, 650
1,977
1, 963
1, 946
1,978
1,996
2,024
2, 021
6. 9
6. 4
6. 7
7. 1
7.3
7.2
6. 9
181,
181,
182,
183,
184,
184,
185,
1,957
1, 951
1, 940
1, 974
1, 998
2,032
2, 039
084
898
601
292
054
851
500
' Population of the United States including armed forces abroad. Annual
duta as of July 1; quarterly data centered in the middle of the period, interpolated
from monthly figures.
NOTE.—Data for Alaska and Hawaii Included beginning 1900.
Sources: Department of Commerce and Council of Economic Advisers.
FARM INCOME
Realized gross farm income, seasonally adjusted, declined and production expenses rose slightly during the first quarter
of 1962. Net farm income fell below the fourth quarter 1961 level but remained above the first quarter of 1961 level.
BILL IONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
50
50
REALIZED GROSS
FARM INCOME
V
40
_^~,
40
\
/
. —' — -
-
,
""
'
30
30
to
20
NET FARM INCOME
INC -UDIN6 NET 1NVENT( IRY
CHANCE
s-
—.„,
(^
•*«—•*"•""""''
to
**«^»— -—
^"
10
^
0
i
1
f
I9S6
!
f
1
1
(
1
(
i
!
I
1959
I95S
1957
I
1
I960
1
!
From
From
agricul- nonagricultural
tural
sources ' sources
1952
(6)
(')
(56)
()
(88)
( e)
()
(68)
()
(")
17. 3
15. 1
14. 4
13. 5
13. 4
13. 6
15. 4
13. 1
13.7
14. 8
(6)
(")
(6)
(")
(66)
(6)
(6)
(6)
()
(6)
1960: Third quarter
Fourth quarter
1961: First quarter
Second quarter
Third quarter
Fourth quarter
1962: First quarter
(")
(8)
(')
(5)
(«)
(66)
()
(6)
(6)
(68)
()
(8)
(")
(")
(')
(6)
1
(6)
(6)
(6)
(6)
C)
ProducCash tion exreceipts penses
Total '
from
marketings
Billions of dollars
37.0
32. 6
22. 6
35. 3
31. 1
21. 4
33. 9
30.0
21.7
29. 6
21. 9
33. 3
34. 6
30. 6
22. 6
34. 4
29. 8
23. 4
37. 9
33. 4
25. 3
37. 5
33. 5
26. 3
34. 0
38. 1
26. 4
39. 6
34. 8
26. 9
Seasonally adjusted annual
38. 3
34. 2
26. 3
38. 7
34. 7
26. 3
39. 3
35. 3
26. 7
39. 2
34. 0
26. 7
39. 3
34. 4
26. 9
40. 6
35. 5
27. 2
40. 1
35. 2
27. 3
Net income of farm operators from farming (including net inventory change)
and
wages received by farm resident workers.
1
Cash receipts from marketings. Government payments, and nonmoney income
furnished by farms.
1
Inventory of crops and livestock valued at the average price for the year.
* Series revised beginning 1952 on the basis of 2959 Census of Agriculture definition of a farm. The number of farms is held constant within a year.
85324°—62—2
0
Income received by farm operators from farming
Realized gross
1953
1954
1955
1956
1957. ...
1958 ..
..
1959. ... .. .. .. -- ..
I960.
. .
. ..
1961
. .
1
COUNCB. Of ECONOMIC AD rans
Income received by total
farm population
From
all
sources
t
1962
SOUS CE: DEPARTMENT Of AGRICULTURE.
Period
1
)
1961
6
Net income per
farm including net
inventory change *
Net
Excluding inventory
change
Including net in- Current
ventory
prices
change 3
1961
prices s
14. 4
13. 9
12. 2
11. 5
12.0
11. 0
12. 6
11. 2
11. 7
12. 7
rales
15. 3
13. 3
12. 7
11. 8
11. 6
11. 8
13. 5
11. 3
12.0
13.0
Dollars
3,173
2,951
2, 664
2,896
2,844
2, 645
2,529
2,719
2, 574
2,738
2, 695
2, 778
3,233
3,201
2,762
2,756
3,028
3,028
3,401
3,401
12. 0
12. 4
12. 6
12. 5
12. 4
13. 4
12. 8
12. 4
12. 7
12. 9
12. 9
12. 8
13. 6
13. 0
3, 140
3,220
3, 380
3, 380
3, 360
3,570
3, 520
3, 140
3, 220
3, 380
3, 380
3, 3f>0
3, 570
3, -!!)()
Income in current prices divided by the indes of prices paid by farmers fur
family
living items on. a 1961 base.
B
Not yet available.
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits before taxes are estimated to have declined $1.1 billion (seasonally adjusted annual rate) in the
first quarter of 1962 to $51.3 billion. However, they were $11.7 billion above the first quarler of 1961.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
PROFITS BEFORE TAXES-1'
\
1956
I
1957
1958
1962
-"EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corporate profits (before taxes) and inventory
valuation adjustment '
TransManufacturing
portation,
All
Period
comAll
NonDurable
other
durable
muniindusgoods
Total
goods cations, industries
indus- industries
and
tries
public
tries
utilities
12. 0
4. 0
11. 3
8. 4
35. 7
20. 4
1950
12. 0
24. 4
13. 5
4. 5
10. 9
41.0
1951
21. 1
11. 8
9. 3
4. 8
11. 8
1952
37.7
21. 4
12. 1
4. 9
11. 0
37. 3
9. 3
1953
_
4. 4
11. 0
33. 7
18. 4
10. 1
8. 3
1954
_
12. 8
14.
2
25.0
10. 8
5. 4
43. 1
1955
12. 9
12.
6
23.
5
10.9
42.
0
5.
6
1956
13. 3
22. 9
13. 1
9.8
5. 5
41. 7
1957
13. 3
9. 0
9. 3
5. 6
18. 3
37. 2
1958. _ _
15.2
13. 2
11. 6
6. 4
24. 8
46. 4
1959.
12. 0
6. 8
15. 0
23. 3
11. 3
45. 1
1960
16. 0
11. 4
7. 1
23. 0
11. 6
46. 2
1961
14. 9
22. 6
11. 4
11. 3
6. 6
44. 1
1960: Third quarter
14. 6
6. 8
21. 6
10. 7
10. 9
Fourth quarter. - 42. 9
14. 6
6. 5
8. 5
10. 4
40. 0
18. 8
1961: First quarter
11. 2
16. 1
22. 3
11. 2
7. 1
Second quarter _ _ 45. 5
12.
1
7.3
16.
1
23. 6
11. 5
Third quarter
47.0
14. 6
12. 5
7. 7
17. 3
27. 1
Fourth quarter. . 52. 1
17.4
12. 5
8. 0
26. 2
13. 7
51.5
1962: First quarter
1
See p. 2 for inventory valuation adjustment.
Corporate profits
after taxes
Corporate
profits
before
taxes
Corporate
tax
liability
Total
40. 6
42. 2
36. 7
38. 3
34. 1
44. 9
44. 7
43. 2
37. 4
46. 8
45. 0
46. 1
43. 2
42. 6
39. 6
45. 2
47.2
52. 4
51. 3
17. 9
22. 4
19. 5
20. 2
17. 2
21. 8
21. 2
20. 9
18. 6
23. 1
22. 3
22. 8
21.4
21. 1
19. 6
22. 4
23. 3
26. 0
25. 4
22. 8
19. 7
17. 2
18. 1
16. 8
23. 0
23. 5
22. 3
18. 8
23. 7
22. 7
23. 3
21. 7
21. 4
20. 0
22. 8
23. 8
26. 5
25. 9
Dividend
payments
9. 2
9. 0
9.0
9. 2
9. 8
11.2
12. 1
12. 6
12. 4
13. 4
14. 1
14. 4
14. 1
14. 3
14. 2
14. 2
14.3
15. 0
15. 0
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
Undistributed
profits
13. 6
10. 7
8. 3
8. 9
7. 0
11. 8
11. 3
9. 7
6. 4
10.3
8. 6
8. 8
7. 6
7. 2
5. 8
8. 6
9. 5
11. 5
10. 9
GROSS PRIVATE DOMESTIC INVESTMENT
In the first quarter of 1962, business fixed investment and inventories rose while residential construction fell, resulting
in a total gain of about $^ billion (seasonally adjusted annual rate) in private investment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONLLY ADJUSTED ANNUAL RATES
•-r
NEW CONSTRUCTION
PRODUCERS
DURABLE EQUIPMENT
CHANGE IN BUSINESS
INVENTORIES
\
>1
_L
1956
1957
1958
1961
I960
1959
1962
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF fiCOVlOMIC ADVISERS
[Billions of dollars]
Period
1949
1950
1951
1952
1953
1954
1955
1956
1957.1958...
1959. 1960. .
1961
_ . ..
1960: Third quarter
Fourth quarter
1961: First quarter- _ _
Second quarter
Third quarter
Fourth quarter.
1962: First quarter
Total
gross
private
domestic
investment
Total
33. 0
50.0
56. 3
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72.4
72.4
69. 6
36. 0
43. 2
46. 1
46. 8
49. 9
50. 5
58. 1
62. 7
64. 6
58. 6
66. 1
68. 2
67. 4
70. 5
65. 6
59. 8
68. 8
73. 2
76. 6
77. 0
68. 1
67. 4
63. 8
66. 0
68. 7
71. 3
70. 3
New construction '
Producers'
durable
Residenequiptial
Total
Other *
ment
nonfarm
9. 6
18. 8
9. 2
17. 2
14. 1
24. 2
10. 1
18.9
12. 5
24. 8
12. 3
21. 3
12. 8
25.5
12.7
21. 3
27. 6
13. 8
13. 8
22. 3
29. 7
15. 4
14. 3
20. 8
34. 9
18. 7
16. 2
23. 1
17. 7
35. 5
17.8
27. 2
17.0
36. 1
19. 0
28. 5
35. 5
18. 0
17. 4
23. 1
22. 3
17. 9
40. 2
25. 9
21. 1
40. 7
19. 6
27. 5
21. 2
41. 7
20. 5
25. 7
Seasonally adjusted annual rates
40. 4
40. 7
39. 6
41. 3
42. 7
43. 3
41. 8
1
Revisions in series on new construction shown on p. 17 have not yet been incorporated
into these series.
a
"Other" construction in this series Includes petroleum and natural gas well
drilling, which arc excluded from estimates on p. 17.
Change in business
inventories
Fixed investment
21. 0
20. 5
19. 3
20. 6
22. 1
23. 0
21. 4
19. 4
20. 2
20. 4
20.7
20. 6
20. 3
20. 5
27. 7
26. 7
24. 2
24. 7
26.0
28. 0
28. 5
Total
Nonfarm
-3. 1
6.8
10. 2
3. 1
.4
-1.6
5.8
4. 7
1. 6
-2.0
6. 3
4. 2
2. 2
-2.2
6.0
9.1
2. 1
1. 1
-2.1
5.5
5.1
.8
-2.9
6.2
4.0
1.8
2. 4
— 1. 9
-4. 0
2. 8
4. 5
5.3
6. 8
2. 0
-2. 2
-4. 3
2. 4
4. 1
5. 1
G. 6
NOTE.—Data for Alaska and Hawaii Included beginning 1900.
Source: Department of Commerce.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the May survey, business firms are planning to spend $37.2 billion on new plant and equipment in
1962, about 8 percent more than in 1961. Expenditures (seasonally adjusted) increased 1 percent in the first quarter
of 1962. Larger quarterly increases are anticipated for the remainder of 1962.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10
—
1956
1961
•" SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE 'COMMISSION, ANO DEPARTMENT or COMMERCE.
10
1962
1 COUNCIL OF ECONOMIC ADVISERS
I Billions of dollars]
Manufacturing
Period
1951
1952
1953
1954
1955 .
1956
1957
1958
1959
1960
1961
1962'
__
1960: Third quarter
Fourth quarter
1901: First quarter.
Second quarter. _
Third quarter „
Fourth quarter
1902: First quarter J
Second quarter _
Third qimrtor *
Total i
Total
25. 64
26.49
28.32
26.83
28.70
35.08
36. 96
30. 53
32.54
35. 68
34.37
37. 16
10. 85
11.63
11.91
11.04
11.44
14.95
15. 96
11.43
12.07
14.48
13.68
1474
35. 90
35. 50
33. 85
33. 50
34. 70
35. 40
35. 70
36. 95
37. 70
14 65
1440
13. 75
13. 50
13. 65
14.00
1420
14 70
1480
Durable NonduraRailroads Other
goods
ble goods
5. 17
5. 68
1.49
1.47
.93
5. 61
6.02
1.50
.98
1.40
5.65
.99
1.31
6.26
1.56
5.09
5. 95
.98
. 85
1.51
5.44
.92
6. 00
1. 60
. 96
7.62
7.33
1. 24
1. 23
1.71
a 02
7. 94
1. 40
1.77
L 24
5.47
. 75
5.96
. 94
1. 50
5.77
6. 29
.92
2. 02
. 99
7. 18
. 99
1. 94
7. 30
1. 03
6. 27
7.40
.98
.67
1.85
.84
7. 04
1.06
1.88
7. 70
Seasonally adjusted annual rates
7. 35
1. 90
7.30
1.00
1.00
6. 85
7.55
1. 00
1.80
.90
6. 50
.95
.70
1.75
7.25
6. 20
7. 30
1. 00
. 70
1. 80
6. 10
1.90
7. 55
. 65
1. 00
6.40
1.95
7. 60
. 60
1. 00
6.55
7. 60
.70
2.05
1. 15
7. 05
. 95
2. 10
7. 65
1. 05
7. 10
. 85
1. 80
7. 70
1. 05
* Ksrlwdiw agriculture.
*d>imn*MretiU and other includes trade, service, finance, communications, and
* K*Uf!iftt*«
fan M«y 1W&J.
bftflml on anticipated capital expenditures as reported by business
Jnehidoa adjustments wben necessary for systematic tendencies
data.
8
Transportation
Mining
Public
utilities
3.66
Commercial and
other l
455
4 22
431
490
6. 20
6. 09
5.67
5.68
5. 52
5. 51
7.24
7.09
8.00
8.23
9. 47
11.05
10. 40
9.82
10.88
11.57
11. 68
13. 12
5. 60
5. 70
5. 35
5.50
5. 65
5.55
5. 15
5. 35
5. 70
11. 75
11. 65
11. 30
11.05
11.85
12. 35
12.45
12. 85
13. 50
a 89
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
Both the labor force and civilian employment, seasonally adjusted, rose substantially in May and the unemployment
rate declined slishtly to 5.4 percent.
MILLIONS OF PERSONS'*
MILLIONS OF PERSONS *
CIVILIAN LABOR FORCE
60
NONASRICULTURAL EMPLOYMENT
I
fo
AGRICULTURAL EMPLOYMENT
UNEMPLOYMENT ^
I i i ii i
-
i i i i i I i i i ii
PERCENT
PERCENT OF CIVILIAN LABOR FORCE
UNEMPLOYMENT RATE
(SEASONALLY ADJUSTED)
s
^
y
1
1£
? ™ 5;
f.
Uj
>' s
•'
;'• >, -•
••
) ;
1956
, ',
'•
*
'• i
^
., \
•,
;r -
^
-
"
;i
*
JC
f
f
?
1959
._;
3
S"
•n 3f
Sv
!
! 4
V
f
i
$
*
I960
$
§N si *
^
!?
^
* 14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR.
Period
1955
1956
1957
1958
1959
1960
1961
1961:
May
June
July
August
September .
October
November.
December. _
1962:
January
February
March_
April
AprilJ »
May
7p^
^
$ ^ ^f 1i I1 1i
-i
i ;,'
* * $ ill
J «;
•' -,!
i$ f 1 >>
\'
;'
£ ,*
,>
1958
1957
'*
••.
OF CIVILIAN LABOR
1961
1962
COUNCIL OF ECONOMIC ADVISERS
Civilian emCivilian employment
ployment
UnemCivilian
NonNonlabor
AgriployagriagriTotal
culTotal
ment
force
culcultural
tural
tural
Thousands of persons 14 years of age and over
65, 848 62, 944 56, 225 2,904
67, 530 64, 708 58, 135 2, 822
67, 946 65, Oil 58, 789 2, 936
"
68, 647 63, 966 58, 122 4, 681
69, 394 65, 581 59, 745 3, 813
... - - _
70, 612 66, 681 60, 958 3, 931
71, 603 66, 796 61, 333 4,806
Unadjusted
Seasonally adjusted x
Total
labor
force
Civilian
(includ- labor
ing
force
armed
forces)
68, 896
70, 387
70, 744
71, 284
71, 946
73, 126
74, 175
Unemployment
rate (percent of
Unem- civilian labor
force)
ployment
Unad- Seasonadjusted ally
justed
Percent
4 4
42
4. 3
6. 8
5. 5
5. 6
6.7
74, 059
76, 790
76, 153
75, 610
73, 670
74, 345
74, 096
73, 372
71, 546
74, 286
73, 639
73, 081
71, 123
71, 759
71, 339
70, 559
66, 778
68, 706
68, 499
68, 539
67, 038
67, 824
67, 349
66, 467
61, 234
62, 035
62, 046
62, 215
61, 372
61, 860
62, 149
62, 049
4,768
5, 580
5, 140
4,542
4,085
3,934
3, 990
4, 091
71, 475
71, 983
71, 633
71, 789
70, 981
71, 473
71, 482
71, 272
66, 512
66, 900
66, 698
66, 998
66, 243
66, 822
67, 148
66, 936
5,326
5,504
5,473
5,662
5, 156
5,472
5,311
5,204
61, 234
61, 543
61, 371
61,417
61, 188
61, 369
61, 840
61, 618
5,019
4,936
4,923
4,887
4,867
4,762
4,370
4,274
6.7
7. 5
7. 0
6. 2
5.7
5.5
5.6
5.8
7.0
6.9
6.9
6.8
6.8
6.7
6. 1
6.0
72, 564
73, 218
73, 582
73, 864
73, 654
74, 797
69, 721
70, 332
70, 697
70, 979
70, 769
71, 9S2
65, 058
65, 789
66, 316
67, 027
66, 8S4
68, SOS
60, 641
61, 211
61, 533
61, 979
61, 863
68, 775
4,663
4, 543
4, 382
3,952
3,946
S, 719
71, 435
71, 841
71, 774
71, 696
71, 484
71, 850
67, 278
67, 894
67, 947
67, 704
67, 499
67, 931
5,453
5,603
5,560
5,347
5,255
5,814
61, 690
62, 206
62, 280
62, 353
6S, S36
6S, 776
4,159
4,008
3,914
3,971
S,96S
S,90S
6.7
&5
6. 2
5. 6
5. 8
5.6
5.5
5. 6
6. 5
S.4
' Seasonally adjusted totals may differ from sum of components because totals
and
components have been seasonally adjusted separately.
1
1960 Population Census data used in estimation procedure; all other data
based on 1950 Population Census.
6. 6
6. t
NOTE.—For definitions and coverage, see Employment and Eorntaft, Deportment of Labor. Beginning 1800, data Include Alaska and Il«walL
Source: Department of Labor.
9
UNEMPLOYMENT INSURANCE PROGRAMS
Insured unemployment averaged 1.8 million in May, or about 1.5 million less than in May 1961.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
OCT.
SOURCE: DEPARTMENT OF LABOR.
Period
1957
1958
.. _ ..
1959 ..
.
] 960
1961
1961: April
...
May
June
July
August
September
October
November
December
1W»2: January
__
February
March .
April3.
Muy .
11162: Mav 5
12
19
26
Juno ' I 1
II >
DEC.
COUNCIl OF ECONOMIC ADVISERS
All programs
Insured Total
unem- benefits
Covered ploypaid
(milemploy- ment
(weekly lions of
ment
averdolage) J
lars) 1
Thousands
1, 567
447
501
3, 269
727
2,099
334
2,067
2,994
45, 384
3, 626
3, 290
45, 899
46, 654
2, 877
46, 762
2, 678
2, 357
47, 154
2, 122
47, 224
2,018
2, 172
2, 533
3,015
2,925
2, 702
2,216
1, 840
43,
44,
45,
46,
1,969
1, 889
1, 826
1, 755
1, 774
1, 913. 0
4, 209. 2
2, 803. 0
3, 022. 7
4, 358. 1
419. 4
457. 2
403. 9
321. 9
333. 5
263. 4
255. 3
261. 4
286. 0
395. 2
350. 0
381. 0
297. 9
240. 0
State programs
Insured
unemployment
Initial
claims
Insured unemployment as percent
of covered
Exhausemployment
tions
Unad- Seasonadjusted ally
justed
Weekly average, thousands
23
1, 450
268
50
2, 509
370
33
1, 682
281
331
31
1, 906
46
2,290
350
58
2, 779
367
54
297
2, 328
53
279
1,991
50
1, 958
357
44
1, 744
271
38
1, 558
257
35
1, 502
277
34
1, 662
320
394
35
2,017
2, 486
429
39
320
39
2, 410
39
273
2, 218
267
39
1, 831
1, 570
250
33
1,
1,
1,
1,
1,
I liutitiiM li'mlrtnl uml Btiiii! programs for (cniporury extension of benefits beItiHtMy Jstne IttftH,
***»! mMMiaN**,
'Preliminary.
JO
NOV.
653
601
560
507
538
272
253
248
245
231
245
Percent
3. 6
6. 4
4. 4
4. 8
5.6
6. 8
5. 7
4.9
4. 8
4.3
3.8
3. 7
4. 1
5. 0
6. 2
ao
5. 5
45
3.9
5. 9
5.8
5.3
5. 3
5. 2
5. 1
5. 1
6. 1
4.8
4.7
4.6
4.4
® Q
& O
O. O
Benefits paid
Total Average
weekly
(milcheck
lions of
dollars) (dollars)
1, 733. 9
3, 512. 7
2, 279. 0
2, 726. 7
3, 422. 7
362. 5
320. 1
264.4
224. 0
237. 2
185. 0
180. 9
190. 9
218. 5
314. 9
280. 0
310.2
239. 6
210. 0
28. 17
30. 58
30. 41
32. 87
33. 80
34 18
33. 46
32.92
32. 91
33. 36
33. 12
33. 30
33. 67
34. 11
34. 44
34. 50
34. 98
34. 52
33. 90
4. 1
4,0
3.9
3. 7
3.8
NOTE.— JFor definitions and coverage, see 1960 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all. periods and for Puerto
Rico since January 1961.
.
.
.
...
Source: Department of Jjabor.
•
. •
NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment, seasonally adjusted, increased by 60,000 in May.
quite diversent.
MILL IONS OF WAGE
MILL IONS OF WAGE
AND S A L A R Y W O R K E R S
60
AND
20
ALL NONAGRICULTURAL ESTABLISHMENTS
SALARY W O R K E R S
MANUFACTURING
58
1 B
TC TAL
.^-V^xf
1 6
56
52
^-^
^
y^-S
-^ 1
•>
X"
54
Changes in major industries were
^
<:
<
12
^
DURABLE
GOODS
INDUSTRIES
V
1 0
NONDURABLE
ES -^
B
50
6
48
!959
I960
1959
1962
1961
I960
!
1961
t i i u.
1962
12.5
4.0
WHOLESALE AND RETAIL TRADE
CONTRACT CONSTRUCTION
( E N L A R G E D SCALE)
(ENLARGED SCALE)
3.5
12.0
3.0
11.5
^s1^^-f
S
2.5
1 1.0
J^
^f
^
i
10.5 -Vj^L-L.
2.0
1959
I960
* SE ASONALLY A D J U S T E D DATA.
SOUF CE: D E P A R T M E N T OF L A B O R .
I960
1959
1962
1961
1961
1962
COUNC L OF ECONOMIC ADV SERS
[Thousands of wage and salary workers !]
Manufacturing (private)
Period
955
956
957
958
959
960
._
__
961 3
961: j\pril _
IWay
Fune
fuly
iAugust, _ _
c.September
(~rJctober
November
]3ecember
962: , anuary
^ebruary
:VI arch_
j 3
iVlay _
Total,
unadjusted
Total
50, 675
52, 408
52, 904
51, 423
53, 380
54, 347
54, 076
50, 675
52, 408
52, 904
51, 423
53, 380
54, 347
54, 076
16 882
17 243
17 174
15, 945
16, 667
16, 762
16, 268
9, 541
9, 834
9, 856
8, 830
9, 369 |
9, 441
9, 044 !
53, 171
53, 708
54, 429
54, 227
54, 538
54, 978
55, 065
55, 129
55, 503
53, 737
53, 823
54, 056
54, 813
55, 097
53, 663
53, 894
54, 182
54, 335
54, 333
54, 304
54, 385
54, 525
54, 492
54, 434
54, 773
54, 901
55, 229
55, 291
16, 119
16, 275
16, 373
16, 392
16, 381
16, 323
16, 361
16, 466
16, 513
16, 456
16, 572
16, 682
16, 847
16, 873
8, 904
9,058
9, 114
9, 138
9, 131
9, 105
9, 112
9, 213
9, 244
9, 217
9, 312
9, 385
9, 494
9, 547
Total
Durable Nondura- Total goods ble goods
1
Includes all full- and part-time wage and salary workers in nonagricuiturai
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 nonagricuiturai employment of the
civilian labor force, shown
on p. 9, wbich include proprietors, seif-rmpioycd
persons, arid domestic 1 servants; which count persons as employed when they
nre not ;H work because of industrial disputes; and w h i c h are based on fin onu-
7, 340 26, 879
7, 409 27, 888
7, 319 28, 104
7, 116 27, 585
7, 298 28, 523
7, 321 29, 065
7, 224 28, 977
Seasonally
7, 215 28, 810
7,217 28, 845
7, 259 28, 988
7, 254 29, 108
7, 250 29, 087
7. 218 29, 045
7, 249 29, 057
7, 253 29, 067
7, 269 29, 042
7, 239 28, 949
7, 260 29, 157
7, 297 29, 146
7, 353 29, 292
7, 326 29, 295
Nonmanufaeturing (private)
4,
-J,
4,
3,
4,
4,
3,
141
244
241
976
010
017
923
10, 535
10, 858
10, 886
10, 750
11, 125
11,412
11, 365
Govern
ment
(Federa
State,
local)
6, 91
7, 27
7, 62
7, 89
8, 19
8, 52
8, 83
3,
3,
3,
3,
3,
3,
901
903
914
942
939
939
11, 320
11, 355
11, 392
11,437
11,410
11, 363
11, 365
11, 374
11,366
11, 384
11, 447
11, 460
1 1 , 532
1 1, 5(12
8, 73
8,77
8, 82
8, 83
8, 86
8, 93
8, 96
8, 99
8, 93
9, 02
9, 01
9, 07
9, 09
9, 12
Contract Transporta- Wholesale
construc- tion and pub - and retail
tion
trade
lie utilities
2, 802
2, 999
2, 923
2, 778
i
2, 955
!
2, 882
i
2, 760
adjusted
2, 766
2, 742
2, 795
2, 776
2, 770
2, 754
2, 758
2. 719
2, 699
2, 594
2, 694
2, 648
2, 727
2, 691
o! 927
3,911
3, 906
3, 914
3, 927
3, 938
3. 931
WEEKLY HOURS OF WORK
In May, the average workweek of production workers in manufacturing was 40.6 hours (seasonally adjusted), or 0.2
hours less than in April.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46
DURABLE MANUFACTURING
.NONDURABLE MANUFACTURING
40
1959
42
1961
1962
1961
1962
.44
CONTRACT CONSTRUCTION
RETAIL TRADE
42
1959
I960
1962
32 U
I960
SOURCE! DEPARTMENT OF LABOR.
Period
,COUNCR Of ECONOMIC ADVISERS
Average hours per week l
Manufacturing industries
Contract
NonDurable durable
construc- Retail
All
trade
goods
tion
goods
1956
1957
1958...
1959
1960 5
1961
40. 4
39. 8
39. 2
40.3
39.7
39. 8
1961: April .
May
_
June
- July
August
September _ _ _ _ _ _
October —
_ _ _
November
December
190'J: .January
February
March .
.
April"
May • .
39. 7
39. 8
39.9
40.0
40. 0
39. 6
40. 2
40. 6
40.4
39. 8
40. 3
40. 5
40. 8
40. 6
Hours per week
41.0
37. 5
39. 6
40. 3
39. 2
37.0
36. 8
39. 5
38. 8
37.0
40. 7
39. 7
40. 1
36. 7
39. 2
36. 9
40. 2
39. 3
Seasonally adjusted
40. 0
39. 3
35. 7
40. 2
39. 3
36. 3
36. 8
40. 4
39. 5
40. 5
39. 5
36. 9
40. 5
39. 3
37. 1
36. 7
39.8
39. 2
40.6
37. 2
39. 6
41.2
39. 7
37.5
41.2
35.5
39. 7
34. 4
40. 3
39. 2
40. 9
39.5
37. 0
37. 3
41. 0
39. 9
36. 6
41. 3
40. 2
41. 1
39. 9
(')
i Dnln ri'lufo to production workers or nonsupervisory employees. Beginning
IOW ilittn liu-li lu Alnskn and Hawaii.
' I MITm Iron lotnl noimpriciiltnral employment (p. 9). which includes persons
w i t h )»l«i Inn i ot nt work for such reasons as vacation. Illness, bad weather, and
tea. llefclnnlnK 1000, data Include Alaska and Hawaii.
H<w Bin" hxiti >U 'i, fmgo U.
12
39. 1
38. 7
38. 7
38. 7
38. 5
38. 1
38. 2
38. 3
38. 1
38.2
37.9
38. 0
38. 0
37. 9
38. 1
37.9
38. 0
38.0
37. 8
(«)
Persons at work in nonagricultural2 industries
by hours worked per week
Under 35 hours
Part-time for
economic reasons
Over 40 35-40
hours
Total Usually Usually
hours
fullparttime *
time 3
Millions of persons 14 years of age and over
0. 9
1. 1
9.4
27. 3
18.7
1.0
1.2
9.7
17.6
28. 6
1. 3
1.6
28. 3
10.4
16. 6
1. 3
1.0
27. 7
11. 7
17.3
1. 3
1.
2
28. 7
11. 5
17.7
1. 5
1. 3
29. 0
11. 1
18. 2
17.7
18. 1
17. 9
17. 2
17. 7
18. 5
19. 3
19. 5
19. 7
17. 8
18. 3
18. 9
18. 9
19. 5
29. 9
29. 8
29. 9
27.8
2a4
29. 0
28.4
29.4
29. 1
28. 3
2a 2
29.5
30.2
30. 2
11. 3
11. 4
10. 5
9.9
9. 7
11.2
11.9
11. 3
11. 3
12. 1
12. 5
11. 2
11. 0
11. 1
1. 5
1. 3
1. 2
1. 1
1. 2
1. 1
1. 1
1. 1
1. 1
1.0
1. 0
1. 1
1. 0
'1. 1
1.5
1.5
2. 0
1. 9
1. 9
1.4
1. 2
1.3
1. 2
1. 1
1.2
1. 2
1. 2
'1. 2
»Includes persons who worked part-tune because of slack work, material shortr
ages
4 or repairs, new job started, or job terminated.
Primarily includes persons who could find only part-time work.
«Preliminary.
* Not available.
' Average hours worked: usually full-time, 24.5; usually part-time, 17.3.
Source: Department of Labor.
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing rose 1 cent in May to $2.40.
earnings rose 64 cents, reaching $97.20.
Average weekly
[For production workers or nonsupervisory employees]
Average hourly earnings — current prices
Manufacturing industries Contract
conRetail
NonDurable durable
structrade
All
goods
tion
goods
Period
1952 ...
1953
1954
1955
1956
$1. 65
1. 74
1.78
1. 86
1. 95
2. 05
1957
2. 11
1958
1959
2. 19
2. 26
1960 2
2. 32
1961
1961: April
2. 31
2. 32
May
2. 32
June__
July__
2. 33
2. 31
August
September
2. 33
2. 34
October
November
2. 36
December
2. 38
1962: January _ . 2. 39
2. 38
February
March2 _ _
2. 38
April2
2. 39
May _
2. 40
- __
1
$1. 75
1. 86
1. 90
1. 99
2. 08
2. 19
2. 26
2. 36
2. 43
2. 49
2. 47
2. 48
2. 49
2. 49
2.48
2. 50
2. 51
2.54
2. 55
2. 56
2. 55
2. 56
2. 56
2. 57
$1. 51
1. 58
1. 62
1. 67
1.77
1. 85
1. 91
1. 98
2. 05
2. 11
2. 10
2. 11
2. 11
2. 12
2. 10
2. 12
2. 13
2. 14
2. 15
2. 16
2. 15
2. 16
2. 16
2. 16
$2. 13
2. 28
2. 39
2. 45
2. 57
2. 71
2. 82
2. 93
3. 07
3. 19
3. 15
3. 16
3. 16
3. 16
3. 17
3. 22
3. 22
3. 24
3. 29
3. 33
3. 23
3. 27
3. 26
(3)
Manufacturing industries Contract
conNonDurable durable
strucAll
goods
tion
goods
$1. 18 $67. 16
1. 25
70. 47
1. 29
70. 49
1. 34
75. 70
1. 40
78. 78
1. 47
81. 59
1. 52
82. 71
1. 57
88. 26
1. 62
89. 72
1. 68 92. 34
1. 67
90. 78
1. 68 92. 10
1. 69
93.03
1. 69
93. 20
1. 69
92. 86
1. 70
92. 73
1. 71
94. 54
1. 71
95. 82
1. 69
96. 63
1. 72
94. 88
1. 73
95. 20
1. 73
95. 91
1. 74
96. 56
3
97. 20
()
Earnings in current prices divided by the consumer price index on a 1961 base.
'Preliminary.
Not available.
85324°—02
3
1
Average weekly earnings— current prices
$72. 63
76. 63
76. 19
82. 19
85. 28
88. 26
89. 27
96. 05
97. 44
100. 10
98. 31
99. 70
101. 09
100. 35
100. 44
100. 00
102. 66
104. 39
105. 32
103. 17
103. 53
104. 45
105. 22
105. 63
$59. 95
62. 57
63. 18
66. 63
70. 09
72. 52
74. 11
78. 61
80. 36
82. 92
81. 27
82. 29
83. 56
84. 16
83. 58
83. 74
84. 77
85. 39
85. 57
84. 24
84. 28
85. 32
85. 54
85. 54
$82. 86
86. 41
88. 91
90. 90
96. 38
100. 27
103. 78
108. 41
112. 67
117. 71
112. 77
116. 29
119. 13
119. 76
122. 05
120. 43
123. 00
118. 26
114. 82
111. 22
113. 37
118. 05
119. 6<(
(3)
Retail
trade
$47. 79
49.75
51. 21
53. 06
54. 74
56. 89
58. 82
60. 76
62. 37
64. 01
63. 46
63. 84
64. 90
65.57
65.23
64. 60
64. 64
64. 13
64. 73
64. 84
65.
22
6.r>. 39
65. 42
f3)
Average
weekly
earnings,
all manufacturing
industries,
1961 prices '
$75. 63
78. 83
78.50
84. 58
86.67
86. 80
85. 62
90. 62
90. 72
92. 34
91. 05
92. 47
93. 22
93. 01
92.77
92. 36
94. 16
95. 4-1
96. IM
9-1. 60
9-1. (ii!
95. 15
95. < > ( )
:i
( l
NOTE.—JlcBinniiiB 1950. dnla Include Aliiskii uinl JIiiwuII.
Konrcv: Dcpurtint'iit of Lutx>r
13
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) continued to increase in May, but at a somewhat slower pace
than in April. Consumer goods and business equipment shared in the increase while materials oulput declined.
INDEX, 1957 = 100 (SEASONALLY ADJUSTED)
140
TOTAL
INDEX, 1957=100 ( SEASONALLY ADJUSTED )
130
120
110
100
90
100
80
90
1959
1961
1962
1962
140
MARKET GROUPS
130
120
110
«'
".^
\
IOO
.y\
DURABLE
90
80 , , , , , ! , , , , ,
1959
FINAL PRODUCTS
\
•v
90
80
I960
1961
1959
1962
I960
COUNCil Of ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
Total
industrial
production
1952 ..
1953
1954
1955
1956—_
1957
1958
1959
I960.-,
1961 '
1961: April
May
June _ _
July
August
September
October
November
I )iH'(iniber
1!><!2: January
I'Ybruurv
March/
April
Nlttv '
83. 8
90.8
85. 4
96. 0
99. 3
100. 0
92. 9
104. 9
108. 0
109. 0
105. 6
108. 3
110. 4
112. 0
113.0
111. 0
112. 8
114. 1
114. 8
113. 5
1 1-1. 8
1 1 5. (i
1 17. 0
1 1 7. (i
_
_
-
[1957=100, seasonally adjusted]
Industry
Manufacturing
Mining Utilities
NonTotal Durable durable
84. 8
92. 1
85. 8
96. 7
99. 5
100. 0
92. 4
105. 3
108. 2
108. 8
105. 2
108. 2
110. 5
112. 2
113. 1
111. 0
112. 8
114. 2
115. 1
113. 5
1 1 5. 1
1 15. !1
1 17. li
1 17. K
85. 1
96. 0
85.0
97.9
100. 0
100. 0
86. 8
101. 5
104. 3
102.9
98.7
102.7
105. 3
107. 3
107. 9
105. 1
106. 7
108.9
110. 2
108. 4
1 10. 3
1 1 1 . (i
1 1 3. 7
1M. 0
83. 3
86.9
86.9
95. 0
98. 9
100. 0
99. 9
110. 3
113. 4
116. 8
113.9
115. 5
117. 4
119.0
120. 2
118. 9
121. 2
121. 4
121. 6
120.
121.
121.
122.
122.
4
6
7
1
9
86. 5
88. 8
86. 2
94. 8
100. 1
100. 0
91. 4
95. 3
97. 1
98.0
97.4
97. 1
97. 6
97. 8
98. 8
97. 1
99. 8
100. 9
100. 9
99. 0
99. 0
99. 4
101. 0
KM). H
65. 2
71. 1
76. 5
85. 4
93. 6
100. 0
104. 5
115. 0
123. 1
131.2
127. 1
130.2
131. 2
131. 6
134. 5
135. 4
135. 4
134. 6
1347
136. 6
136. 7
137. 5
139. 0
142. 5
Market
Final products
ConTotal
sumer Equipment
goods
85. 2
90. 7
86.5
94. 6
98. 9
100. 0
95. 1
106. 5
110. 6
111. 9
109. 2
110. 8
112. 7
114. 3
114.7
112. 9
115. 4
116. 9
117. 8
116. 1
116. 7
118. 1
119. 4
120. 9
Hour**1: Hmtnl of Uovcinors of Uir l'V<l*»nU l
14
1962
1961
82. 5
88. 1
87.2
96. 5
98. 7
100. 0
99. 0
110. 0
114, 4
116.2
113.7
115. 4
117.8
119.5
119. S
116. 4
119. 3
120. 7
121. 9
120. 5
120. 3
121. 7
123. 1
124. 4
90.0
96. 1
85. 0
90. 9
99. 1
100. 0
87.3
99. 5
102.9
103. 5
100. 1
101. 6
102.4
103. 9
104. 7
105. 9
107. 4
109. 4
109. 7
107. 6
109. 6
110. 9
112. 1
114. 0
- Ky«*t«m.
Materials
82. 7
90.8
84. 4
97. 1
99. 7
100. 0
91. 0
103. 5
105. 7
106.4
102. 9
106. 2
108. 7
109. 5
111. 2
109. 2
110. 7
111. 2
112. 1
111. 2
112.7
113. 4
114. 9
114. 6
PRODUCTION OF SELECTED MANUFACTURES
Production of. most durable and nondurable manufactures (seasonally adjusted) resistered small increases in Mqy.
A major exception was primary metals with a decline of 8 percent.
INDEX, 1957-100 {SEASONALLY ADJUSTED)
INDEX, 1957-100 (SEASONALLY ADJUSTED)
160
120
PRIMARY METALS
/
ieo
100
FABRICATED METAL
100
180
100
1962
CHEMICALS, PETROLEUM,
AND RUBBER
120
100
1959
I960
1961
1962
1959
1961
1962
COUNC& OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1957=100, seasonally adjusted]
Durable manufactures
Period
1952
1953
3954
1955
1956
1957
1958
1959
. .. ... ... ...
_ - _.
1960
..
1961'. _ _ _ • .
1961: April _ _ ___
May
_
June
_
July. . ..
August
September
October
November
December
1962: January
-.
February
March
April _ _
May ' .
..
1
I'reHmtimrv.
> Not nvnlliihliv
Nondurable manufactures
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
Primary cated
Machin- tation
and
and
petroapparel,
bevermetals
metal
ery
equipprodprint- leum, and ages, and
and
products
ment
ucts
leather
ing
rubber tobacco
...
...
88. 5
100. 3
81. 3
105. 5
103. 7
100. 0
78.0
89. 5
90. 3
88.2
82.0
89. 9
92. 3
94. 6
98. 2
98. 7
95. 9
96. 2
99. 0
100.5
104. 7
103. 2
101. 1
93
87.8
98. 8
sa 8
96. 9
97. 4
100. 0
91. 6
103. 9
106. 0
104. 9
98. 6
104 8
107. 3
108. 1
111. 0
105. 3
109. 8
111. 8
112. 2
110.4
110. 6
111. 9
113. 2
115
88. 4
96. 4
84 3
92. 6
102. 8
100. 0
85. 2
102. 8
106. 4
106. I
102. 9
104 3
107.3
110. 2
108. 5
107. 8
108. 4
109. 8
112. 2
111. 4
112. 8
115. 5
118. 2
119
68. 6
86. 2
78.7
95.9
91. 5
100. 0
84. 2
97. 8
101. 7
97. 3
940
99. 0
100. 6
102. 2
102. 7
94. 5
100. 5
106. 0
107. 7
103. 5
104. 5
106. 6
110. 1
113
100. 9
106. 7
103. 9
114 2
109.9
100. 0
99. 7
113. 1
106. 5
105. 2
105.7
106. 6
110. 6
111. 2
108. 8
107.4
103. 4
104. 7
106. 9
101. 4
113. 9
110. 7
111.
8
(2)
92. 2
93. 6
89. 6
98. 4
101. 1
100. 0
99. 2
115. 2
114. 8
115. 6
111. 8
113. 3
115. 7
118. 2
120.3
118. 1
121.7
121. 6
122. 9
119. 7
121. 1
121. 5
122. 3
122
79. 4
84. 5
86. 9
94 6
99. 3
100. 0
99. 2
107. 6
111. 5
114 9
113. 1
113. 6
114 9
114. 8
117. 8
117. 1
117. 4
118.0
na 7
118. 0
119. 3
118. 0
118. 1
119
74. 5
80. 2
79. 3
91. 8
96. 3
100. 0
98. 8
112. 7
117.7
122. 6
118.0
121.7
124 6
127. 4
127. 3
125. 7
128. 4
128. 8
129. 6
127. 4
129. 9
128. 7
130. 6
132
90. 2
91. 2
92. 8
96. 2
99. 8
100.0
102. 1
106. 5
109. 4
113. 2
111. 9
112. 1
113. 1
113. 9
114. 2
113. 8
116. 1
116. 1
114. 6
] 1 5. 3
115. 2
1 17. 0
1 1 (i. 2
1 Hi
Source: Hoar* of (lovurnora ol the Finlyml Kusurvc System
18
WEEKLY INDICATORS OF PRODUCTION
In May, steel production declined about 20 percent and cars and trucks assembled declined slightly.
weekly indicators showed gains for the month.
MILLIONS OF TONS
J
F
M
MILLIONS OF SHORT TONS
A
M
J
J
A
S
O
N
Most other
(DAILY AVERAGE)
O
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Electric
Bituminous Freight Paperboard
Cars and trucks
Steel produced
power
coal mined
loaded
produced assembled (thousands)
distributed (thousands (thousands
Thousands
Index
(thousands
of net (1957-59 = (millions of
of short
Total
Cars Trucks
of cars)
of tons)
tons
kilowatt-hours) tons) '
100)
Period
Weekly average:
1956
1957
1958
1959
1960
1961
._ - - 1961' April
May
June
July
August
September
October,.
November
December
1 002 : January
February
March . _
April 2
May .
\\Vrk ended:
I'.Hi'J: May 12
19
26
JlllH!
2
<) -2 3
Hi
' I >iilly iLvrnij
• I'rrHmlimrv
' Nnt chiirti'd.
16
..
2,204
2, 162
1,635
1,792
1, 899
1,880
1, 768
2,027
1,993
1, 831
1,955
2,083
2,071
2, 039
2, 165
2,337
2,425
2, 389
2, 153
1, 713
1,
1,
1,
1,
1,
765
662
646
586
580
118. 3
116. 0
87. 8
96. 2
101. 9
100. 9
94. 9
108. 8
107. 0
98. 3
104. 9
111. 8
111. 2
109. 4
116. 2
125. 4
130. 1
128. 2
115. 6
92. 0
94. 7
89. 2
88. 4
85. 1
84. 8
11,292
11, 873
12,076
13, 206
14, 685
15, 139
14, 295
14, 223
15, 100
15,274
15, 917
15,518
15, 146
15, 576
16, 287
16, 592
16, 340
15, 998
15, 388
15, 699
1,693
1,644
1,380
1,380
1, 390
1,343
1, 212
1,309
1, 447
1,292
1,392
1,408
1, 501
1, 525
1, 392
1,447
1,374
1, 340
1, 403
1, 402
728
683
581
596
585
550
526
555
582
543
593
588
645
577
509
518
530
548
562
574
274
272
275
307
306
320
316
320
333
268
334
327
353
341
314
305
348
357
343
351
132. 8
138. 6
98. 4
129. 5
151. 8
127. 8
135. 8
141. 0
153. 1
118. 8
60. 3
103.3
146. 2
174. 4
171. 2
159. 5
15&5
161. 3
172. 2
171. 9
111. 6
117. 6
81. 6
107. 6
128. 8
106. 1
111.7
118. 4
127.5
97. 7
44, 6
83. 8
125. 1
149. 7
145.4
136. 7
134. 0
136. 9
147. 1
146. 9
21. 2
21. 0
16. 8
21. 9
23. 0
21. 7
24. 1
22. 6
25. 5
21. 1
15.7
19. 6
21. 0
24. 7
25. 7
22. 8
24. 5
24. 4
25. 1
25. 1
15,
16,
16,
15,
15,
1,361
1, 376
1, 367
1, 374
1, 436
584
587
580
531
353
359
342
335
346
183. 0
179. 8
179. 4
142. 7
176. 8
174. 3
156. 8
153. 1
154. 1
121. 2
150. 1
147. 3
- 26. 3
26. 7
25. 4
21. 5
26. 7
27. 0
445
008
202
471
876
3
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
In May, expenditures for new construction (seasonally adjusted) rose 2 percent. Outlays for private residential,
with a rise of 6 percent, were at the highest level since the fall of 1959.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL NEW CONSTRUCTION
20
10
1961
*SEE NOTE S IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.
couNca or ECONOMIC ADVISB»
Private
Period
1957
1958
1959 _ ... .. -. .
1959 (new series) *
1960
1961
Total new
construction
expenditures
47. 8
49.0
54. 1
56. 6
55. 6
57. 4
1962
Total
33. 8
33. 5
38.0
40. 3
39.6
40. 4
Residential Commercial and
(nonfarm) industrial
Billions of dollars
7.1
17.0
18. 0
6.0
22. 3
6.0
6.0
25.0
22. 5
7.0
7.4
22. 5
Other
9.6
9. 5
9.7
9. 3
10.0
10. 4
Construction contracts l
Commervalue, cial and inFederal, Total
States
dustrial
State, and 48(index,
floor space
local
1957-59 = (millions
100)
of square
feet) 2
14. 1
15.5
16. 1
16.2
16.0
17. 0
Seasonally
adjusted
Seasonally adjusted annual rates
1961: April
May
June
July
August
__
September
October
November
December
1962: January
_ _
February. _ _ .
March
April 4
May
55. 5
55.5
57. 2
57. 0
58.0
58. 9
58.9
61.0
5a 9
59.0
56. 8
57. 9
58. 3
59. 6
39. 0
39.2
40. 3
41.2
41.3
41.7
41. 8
42. 0
41. 9
41. 1
39.9
40. 6
41. 8
43. 3
21. 0
21.3
22. 3
23. 1
23. 3
23. 8
24. 0
24. 5
24.4
23.2
22. 2
22. 5
23.5
24. 9
1
Complied by F. W. Dodpe Corporation.
'1 Relates to 48 States beginning 1956 and to 37 Eastern States prior to 1956.
In addition to major differences between old and new series, data for
Alaska and Hawaii are included beginning January 1959.
7. 6
7.4
7.3
7. 2
7.2
7.3
7. 3
7.2
7. 2
7.5
7. 3
7. 4
7.6
7. 6
93. 2
101. 7
105. 1
105. 1
105. 2
107. 6
10.4
10. 6
10. 8
10. 8
10.7
10. 6
10. 5
10. 4
10. 3
10.4
10. 3
10. 6
10. 7
10. 8
16. 5
16. 3
16. 9
15.9
16.7
17.2
17. 1
19. 0
17. 0
17. 9
16. 9
17. 3
16. 5
16. 3
103
102
111
110
116
103
114
116
119
115
119
131
121
421
359
440
440
461
443
Seasonally
adjusted
annual
rates
421
431
448
428
477
460
401
507
498
453
537
553
479
'Preliminary.
Sources: Department of Commerce and P. W. Dodg« Corporation.
17
HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts increased 3 percent in May to an annual rate of 1,587,000 units (seasonally adjusted). FHA
applications and VA appraisal requests also increased.
MILLIONS OF UNITS (ANNUAL RATE)
MILLIONS OF UNITS (ANNUAL RATE)
SEASONALLY ADJUSTED
NEW SERIES
PRIVATE NONFARM
HOUSING STARTS /—»„..—
x
^w,
*,-v
.-__^
f^—'OLD SERIES
(956
SOURCES: DEPARTMENT OF COMMERCE. FEDERAL HOUSING ADMINISTRATION t F H A ) , AND VETERANS ADMINISTRATION t V A ) .
COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Total housing
starts (farm and
nonfarm)
Period
1955
1956
1957
1958
1959
Total
private
and
public
(22)
( 2)
(2)
(2)
()
1959
I , 553. 5
1960
. . 1, 296. 0
1961
1, 355. 4
115. 3
1961: April
May
130. 7
June
138. 3
128. 5
July
August
130. 1
128. 2
September _.
October
128. 9
November. _
105. 5
86. 7
December
1962: January
83. 0
February
77. 8
117. 9
March < I _ _ . . . April < „ ..
150. 8
157. 1
M a v < _ _. -
Private
Private housing
starts, seasonally adjusted annual rates
Nonfarm housing starts
Total
private
and
public
Private
Government
programs
VA
FHA
Total
Old series
1, 328. 9 1, 309. 5
(22)
1, 118. 1 1, 093. 9
(2)
992. 8
1, 041. 9
(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 , 252. 1 1, 274. 0 1, 230. 1
1, 303. 7 1, 327. 2 1, 275. 5
111. 0
113. 0
108. 7
126. 6
128. 3
124. 2
132. 4
129. 5
135. 3
125. 2
122. 7
126. 0
124. 2
127. 0
127. 4
122. 4
126. 5
120. 7
124. 0
126. 4
121. 5
102. 5
103. 8
100. 8
82. 4
84. 5
80. 2
80. 6
81. 7
79. 3
76. 4
76. 7
75. 3
115. 4
116. 3
113. 8
146. 7
144. 5
148. 6
155. 0
155. 6
153. 5
;;t^« applications for new home construction.
( K u j m l o m o i ] ! ) Hurrati of (he Census Mr? 1960
l.:i .-mil iluw-ai'i iiu-hulcd.)
''
'
276.
189.
168.
295.
332.
7
3
4
4
5
392.
270.
128.
102.
109.
Total
farm and
nonfarm
Nonfarm
Proposed home
construction
Applications for
FHA
commitments '
306.
197.
198.
341.
369.
9
7
3
1
3
2
7
8
7
7
Requests
for VA
appraisals 1
620.
401.
159.
234.
234.
8
5
4
2
0
New series 3
332. 5
260. 9
244. 3
20. 1
23. 7
22. 1
21. 3
25. 5
20. 9
23. 4
22. 9
17. 3
18. 5
15. 5
21. 1
25. 5
26.3
109. 3
74. 6
83. 3
6. 1
8.0
7. 8
7. 3
8. 4
7. 3
9. 2
7. 3
5. 7
4.0
5.0
6. 1
7. 8
8. 1
1, 166
1, %91
1, 381
1, 343
1, 326
1, 383
1,434
1, 351
1, 297
1, S7S
1, 152
1, 431
1, 538
1, 587
1, 143
1,268
1,351
1, 318
1,301
1,365
1,404
1,SS8
1, 257
1, %47
1,134
1,407
1, 517
1, 573
369. 7
242. 4
243. 8
20. 8
23. 9
23. 4
20. 6
24. 4
19. 6
22. 1
17. 4
16. 4
14. 5
18. 7
24. 6
22. 7
23. 1
234. 0
142. 9
177. 8
17. 5
14. 7
17. 6
15. 1
17. 4
15. 7
16. 1
13. 5
11. 0
12. 9
12. 0
19. 0
16. 3
17. 8
* Preliminary.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
TRADE SALES AND INVENTORIES
Sales of retail trade and wholesale trade (seasonally adjusted) each advanced by 2 percent in April. Preliminary
estimates indicate that retail sales declined about 1 percent in May.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS *
RETAIL TRADE
16 DURABLE GOODS STORES
ISO —
1959
1
I960
'SEASONALLY ADJUSTED.
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Wholesale
COUNCIL OF; ECONOMIC ADVISERS
Department stores
Retail
Inventories 2
Sales ' s
Period
Sales '
Inventories 2
Total
NonDurable durable
goods
goods
stores
stores
Total
NonDurable durable
goods
goods
stores
stores
Billions of dollars, seasonally adjusted
1954
1955
1956
... .
1957
^ ..
1958
1959
1960
1961
1961: March
..
April
May...
June..
July
August.
September
October
November...
December.. . .
1962: January.
February
March 6 _
April 66 ._
May
.
.
9. 7
10. 6
11. 3
11. 3
11. 1
12. 3
12. 3
12. 6
12. 5
12.1
12. 8
12. 8
12. 5
12. 8
12. 1
12. 9
13. 1
12.7
13. 1
12. 7
12. 8
13. 1
1
Monthly average for year and total for month.
!
Book value, end of period, seasonally adjusted.
3
Beginning
January 1960, data include Alaska and
4
10. 4
11. 4
13. 0
12. 7
12. 0
12. 6
13. 2
13. 5
13. 3
13. 4
13. 5
13. 5
13. 6
13. 6
13. 5
13. 4
13. 3
13. 5
13. 6
13. 6
13.7
13. 7
14. 1
15. 3
15. 8
16. 7
16.7
18. 0
18. 3
18. 2
18. 1
17. 9
18. 0
18. 2
18. 0
18. 2
18.1
18. 6
19. 1
18. 8
18. 8
19. 0
19. 3
19. 6
19. 5
Hawaii.
End of period, except annual data, which are monthly averages.
4. 8
5. 6
5. 5
5. 7
5. 3
6. 0
5. 9
5. 6
5. 5
5. 4
5. 5
5. 6
5. 5
5. 5
5. 6
5.9
6. 2
5.9
5. 9
6..0
6. 2
6.3
6. 1
9. 2
9.7
10. 3
11. 0
11. 4
12. 0
12. 4
12. 6
12. 6
12. 5
12. 4
12. 6
12. 5
12. 7
12. 5
12.7
12. 9
12. 9
12. 9
13. 0
13. 1
13. 3
13. 3
20. 9
22. 8
23. 4
24, 6
24. 3
25. 5
27. 2
26. 9
26. 1
26. 2
26. 2
26. 2
26. 3
26. 0
26. 3
26. 4
26. 8
26. 9
26. 9
26. 9
26. 8
26. 9
9. 3
10. 5
10. 5
11. 4
10.7
11. 3
12. 3
11. 5
11. 4
11. 2
11. 3
11. 4
11. 5
11. 0
11. 3
11. 3
11. 4
11. 5
11. 5
11. 5
11.4
11. 4
H. 7
12. 2
12. 9
13. 2
13.6
14. 3
14. 9
15. 3
14.7
14. 9
14. 9
14. 9
14. 9
15. 0
15. 1
15. 1
15. 3
15. 3
15. 3
15.4
15.4
15.4
Sales !
Inventories 4
Index, 1947-49=100,
seasonally adjusted 5
128
118
136
128
148
135
152
135
MS
136
144
15(1
ICifi
146
149
1IJI)
Kit
146
161
149
1 (M
144
I (>:t
149
Hit,
151
HIS
150
(7<l
150
151
170
153
156
149
*"*150
156
v:t
1'2
157
162
* Based on retail value.
e Preliminary.
Sources: Department of Commerce and Board of Governors of
Reserve System.
18
MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers' sales (seasonally adjusied) rose by 1 percent in April. Inventories increased, though at a slower
rate than in the preceding months of 1962. Preliminary data indicate that new orders for durable goods declined
slightly in May.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS *
40
MANUFACTURERS' INVENTORIES
MANUFACTURERS' SALES
TOTAL
60
40
10 Li i i i i I i i
_MANUFACTURERS' NEW ORDERS.
NONDURABLE GOODS
V.
NONDURABLE 60ODS
DURABLE GOODS
I9S9
I960
1962
1961
1959
1961
* SEASONALLY ADJUSTED.
SOURCE'- DEPARTMENT OF COMMERCE.
1962
.COUNCIl OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted]
Manufacturers' sales *
Period
1954
1955
1956 .
_
1957 .
1958
1959
1960
1961
1961- March
April
May
June
July
August
September
October
November
December
1962' January
February
March*
April 1
May ' '
Total
-
.
-
-_ -
NonDurable durable
goods
goods
23. 5
26. 3
27. 7
28. 4
26. 2
29. 7
30. 4
30. 7
29. 6
30. 1
30.7
30. 8
31. 1
31.4
31. 4
31. 8
32. 2
32. 4
32. 0
32.8
33.2
33. 6
1
Monthly average* Tor year and total for month.
* Book Yftluc, end of period, seasonally adjusted.
20
11. 2
13. 1
13.8
14.2
12. 4
14.5
14.7
14.5
13. 7
14. 1
14,6
14.7
14.8
15.0
15. 0
15. 3
15. 6
15.7
15.5
16. 0
16. 3
16. 4
16. 4
12. 3
13. 3
13. 9
14. 2
13. 8
15. 2
15. 7
16. 2
15. 9
16.0
16.2
16.2
16. 3
16. 3
16. 4
16. 5
16.6
16. 7
16. 5
16. 9
16. 9
17.2
Manufacturers' inventories 2
Total
43. 0
46. 4
52. 3
53. 5
49. 2
52. 4
53. 7
55.2
53. 3
53.4
53.4
53. 4
53.6
54.0
54. 4
54. 8
55. 0
55.2
55. 7
56.2
56.6
56. 8
NonDurable durable
goods
goods
24. 1
26. 7
30. 7
31. 1
27.9
30. 1
30. 9
31.5
30. 3
30. 2
30.2
30.2
30. 4
30. 8
31.1
31.4
31.5
31. 5
31. 9
32. 2
32. 4
32. 5
18.9
19.7
21. 6
22.4
21. 3
22.3
22. 9
23.7
23. 0
23. 2
23. 2
23. 2
23. 2
23. 2
23. 3
23. 4
23. 5
23. 7
2as
24. 0
24. 2
24. 3
Manufacturers' new orders
Total
22. 5
27. 2
28. 3
27. 3
25. 9
30. 1
29. 9
31.0
29.8
30. 4
31. 0
31.0
31. 3
32. 1
32.2
32. 6
32.7
32.8
32.9
sa i
33.0
32. 9
»Preliminary.
Source: Department of Commerce.
1
Durable goods
NonMachinery durable
and
goods
Total
equipment
12.3
10. 2
3. 1
4. 2
13.3
13. 9
14. 4
13.9
4. 7
14.2
4. 4
13. 1
13.9
12.0
3. 9
14. 9
15.3
5.0
14 3
15.7
4.9
16.2
14.7
5. 2
16.0
13. 8
5. 1
16.0
14. 4
5.0
16.2
5.2
14.8
14.9
16. 2
5.3
16.3
15.0
5. 3
16.5
15.6
5.5
16.5
15.7
5. 5
16.6
16. 1
5. 6
16. 6
16. 1
5. 7
16. 6
16.2
5.5
16.5
16.4
5.8
16. 9
5.7
16. 2
17. 0
16. 0
5. 6
17. 1
15. 8
5. 5
5.4
15.8
• Not charted.
MERCHANDISE EXPORTS AND IMPORTS
In April, a sharp rise in exports (seasonally adjusted) more than offset a moderate rise in imports, raising the trade
surplus to $420 million.
BILLIONS OF DOLLARS
2.5
BILLIONS OF DOLLARS
I 2.5
SEASONALLY ADJUSTED
£.0
MERCHANDISE EXPORTS EXCLUDING
MUTUAL SECURITY PROGRAM
SHIPMENTS
1.0
GENERAL IMPORTS
1956
1958
1962
SOURCES'. DEPARTMENT OF COMMERCE, AND DEPARTMENT OF DEFENSE.
Period
[Millions of dollars]
Merchandise exports excluding
Merchandise imports
Mutual Security Program shipments
General imTotal (includ-1
Imports for consumption *
Domestic exports
ports*
ing reexports)
Indus- Finished
Indus- Finished
SeasonFood- trial manu- Season- Unad- Total Food- trial manuTotal
>
Unadally adstuffs matefacally ad- justed
facstuffs matetures
justed
rials
rials tures ' justed justed
Monthly average:
1953
1954
1955
1956
1957 .
1958
1959
1960
1961
1961: March.. - .
April
. _
May
_
June
July
August
September
October
November
December
1962: January
February
March
April
COUNCN. Of ECONOMIC ADVISBS
1,022
1,071
1, 191
1,444
1,625
1,364
1, 366
1, 633
1,672
1, 711
1,668
1,677
1,595
1, 668
1,660
1,668
1, 773
1, 716
1, 719
1,660
1, 852
i, ess
1, 795
1, 888
1, 648
1, 676
1, 644
1, 558
1,598
1,556
1,817
1, 759
1, 777
1, 592
1,712
1,783
1,799
1,012
143
254
131
310
1,060
162
351
1, 180
1,432
441
216
529
1, 610
208
1,350
368
198
1, 351
210
365
1,617
230
510
1,652
486
254
Unadjusted
283
1, 857
525
243
454
1, 630
262
474
1,658
239
457
1, 623
231
446
1, 538
226
493
1,578
225
1,540
453
309
522
1,794
1,740
288
513
284
513
1, 758
254
415
1,567
284
420
1, 691
1, 761
298
427
417
285
1, 775
614
620
667
775
872
784
776
877
911
1,050
934
917
927
862
860
862
963
940
961
898
965
1,036
1, 074
906
851
949
1,051
1,082
1,070
1,267
1,252
1,227
1,1B8
1, 169
1, 155
1, 177
1,366
1,261
1,280
1, 322
1,311
1,S96
1,330
1,314
1,336
1,374
1,255
1,063
1,223
1,232
1,285
1,252
1, 197
1, 364
1, 342
1, 295
1,373
1, 224
1, 386
1, 333
274
898
441
853
276
394
945
260
468
267
1,043
508
1,079
274
511
1,062
287
450
1,249
285
534
274
513
1,251
1.220
277
520
Unadjusted
1,260
531
311
251
449
1,067
264
497
1,217
492
1,201
287
275
1,259
511
285
511
1,267
1, 196
266
495
301
1,359
555
295
541
1,337
280
1,273
548
285
602
1,354
263
519
1, 208
1,369
297
586
1,326
288
555
NOTE,—Because of revisions being mode in series, subgroups do not ne
include all data reflected In totals.
Sot trees: Dqmriment of Commerce and Department of Defense.
183
183
217
268
294
325
431
438
423
418
366
427
410
455
454
415
479
479
445
467
416
486
483
U.S. BALANCE OF PAYMENTS
Despite a small decline in exports of goods and services and a slight rise in imports in the first quarter of 1962, the
over-all deficit, as measured by U.S. gold sales and increases in foreign dollar assets, fell sharply to $1.9 billion
(seasonally adjusted annual rate).
BIL _IONS OF D O L L A R S *
50
BIL LIONS OF DOLLARS *
50
U.S. PAYMENTS
40
U S. PAYMENTS
_1
30
^
—
•a.
PV^S. — f- *
TOTAL
30
/
1
0*""
40
""*
U.S. RECEIPTS
20
r^wsSSSSSSx
>5§SS
<*^«Sxs5^S;U. S. GRANTS ANo8»S>jSS5S§S;&
X«5S§§8$§^CAPITAL, NET :^M§§SS?S!
£pk
„> _)Bi, ^*«~»*>£^p^pi»»
»> 1
•Ov-
2O
,
'IMPOFIS OF GOODS
AN 3 SERVICES
•
10
10
0
\
1
1
I
!
i
i i
1
i
0
1
.1
1
1 .
1.-
t
J . I
i
t
.
1
1
1
I
I
50
U.S. RECEIPTS
20
40
FOREIGN
10
MP
pLjy
TOTAL ^
30
0
M 1 1y
y a iy u
.jinnr— .ncSPI•"^S^-*-**
UN m
ffSk?**^
'
f
20
\
-10
I
AND SERVICES
10
-20
!
!
i
i i i
i
*
i
i i
0
''t
1959
I960
1961
1962
* SE ASONALLY ADJUSTED ANNUAL RATES.
U INCLUOES UNRECORDED TRANSACTIONS, EXCLUDES LIQUID DOLLAR ASSETS.
SO URGE: DEPARTMENT OF COMMERCE,
i i
(959
,
. . t t
i.
I960
. . 1 . 1 . (..
1961
;
?"
' 1
1962
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
U.S. receipts
(recorded)
Period
1954
1955
1956
1957
1958
1959
1960
1961
...
Exports
of
goods
and
services
..
J'.Xil: First quarter
Second quarter
Third quarter
Fourth quarter
MH12: First quarter
17, 759
19, 804
23, 595
26, 481
23, 067
23, 476
.. 27, 013
28, 066
28,
27,
27,
29,
29,
276
312
564
112
004
Foreign
capital Imports
other
of
than
goods
liquid
and
dollar services
assets
(net)
240
394
653
487
22
863
335
606
792
1, 096
28
508
1, 120
Increase
Balance
in foreign
Unregold and
on recorded
U.S. grants and capital (net)
corded
recorded
transactransliquid
tions
—
U.S.
dollar
actions
Private
capital
errors
and
Governasset?
[net pay- omissions
through
ment
Total i grants
(net
or receipts receipts)
transacand
Total Direct
tions with
( + )]
capital
the U.S.
U.S. payments (recorded)
15, 931
17, 795
19, 628
20, 752
20, 861
23, 342
23, 188
22, 923
21,
22,
23,
24,
24,
792
040
708
152
180
2
1, 554 1, 622
3, 791
667
2, 211 1, 255
4, 051
823
2, 362 3, 071 1, 951
6,098
2, 574 3, 577 2, 442
6, 853
6, 245 2 2, 587 2, 936 1, 181
1, 986 2,375 1, 372
5, 152
2, 769 3, 882 1, 694
7, 493
7, 608
2, 777 3, 953 1, 475
Seasonally adjusted annual rates
3, 316 4, 236 1, 828
8, 436
4, 200
— 188 3, 504 1,076
4, 052 3, 380 1, 716
8, 296
3, 928 4, 692 1,280
9, 500
8, 716
3, 640 4, 204 1, 324
1
Inch dt»s remittances and pensions not shown separately.
' Kxc-l des $1,375 million increase in U.S. subscription to International Mone-
tary I1' 1 1 <1.
* inch des
advance debt repayment and interest payments on U.S. Government Jo its o/ $774 miilloB ($3.1 billion at annual rate).
o adjustment for receipts oJ principal and interest on government loans
! in t h e previous quarter.
22
1 723
1 648
1 478
-637
4 017
4, 155
-3, 333
-1, 859
173
503
543
1, 157
488
412
592
-602
— 1, 160
2, 168
— 4, 412
-4, 032
-2, 772
— 116
— 1, 464
772
- 1, 600
868
1, 550
1, 145
935
-520
3, 529
3, 743
3, 925
2, 461
1, 276
3
-704
4
3, 640
5
5, 632
1, 904
'Includes over $400 million ($1.7 billion at annual rate) of subscriptions to
International organizations and other special capital outflows.
NOTE.—Data exclude goods and services transferred under military grants.
Source: Department of Commerce,
PRICES
CONSUMER PRICES
Consumer prices rose again in April, with price increases in fresh produce, used cars, and medical care as major factors
in the rise.
INDEX, I957-59-IOO
INDEX, 1957-59 = 100
9O
90
1956
1957
1958
1959
1961
I960
SOURCE: DEPARTMENT OF LABOR.
1951
1952
1953
1954
1955
1956
1957__.
1958 __
1959-.I960--.
1961- _
1961: March
April
.- ...
May
. . ..
June
July
August
September.- - _
October.- -_
November
_
_
December _ 1962: January
_
February _ _
March
Anril
Source: Department of Labor.
COUNCIL OF ECONOMIC ADVISERS
All
items
Period
1962
90. 5
92. 5
93. 2
93. 6
93.3
94. 7
98. 0
100. 7
101. 5
103. 1
104. 2
103. 9
103. 9
103. 8
104. 0
104. 4
104. 3
104. 6
104. 6
104. 6
104. 5
104. 5
104. 8
105. 0
105. 2
[1957-59=100]
Commodities
Commodities less food
All com- Food
Nonmodities
All
Durable durable
95.5
96.7
96. 4
95. 4
94. 4
95. 3
98. 4
100. 7
101. 0
101. 7
102. 4
102. 2
102. 1
101. 9
102. 2
102. 8
102. 5
102.8
102.9
102. 6
102. 4
102. 3
102. 7
102. 8
103. 1
95. 4
97. 1
95. 6
95. 4
94. 0
94. 7
97. 8
101. 9
100. 3
101. 4
102. 6
102. 7
102. 7
102. 3
102. 5
103. 4
102. 7
102. 6
102. 5
101. 9
102. 0
102. 5
103. 1
103. 2
103. 4
95. 9
96. 7
96. 8
95. 6
94. 6
95. 9
98. 9
99. 8
101. 3
101. 8
102. 1
101. 6
101. 4
101. 5
101. 8
102. 1
102. 2
102. 6
103. 0
102. 9
102. 6
102.0
102. 2
102. 4
102. 8
101.4
102. 7
101. 6
97. 7
94. 9
94. 9
98. 2
99.7
102.0
100.7
100.5
99. 2
99. 9
100.0
100. 4
100. 6
101. 0
101. 0
101. 7
101. 6
101. 1
100.8
100. 8
100. 9
101. 4
92.7
93. 2
94 0
94. 4
94. 4
96.5
99. 1
99. 8
101. 0
102. 6
103. 2
103. 1
102. 5
102. 5
102. 7
103. 0
103. 1
103. 8
103. 8
103. 8
103. 6
102. 9
103. 3
103. 5
103. 8
Services
All
services
80. 4
84. 0
87.5
89. 8
91. 4
93. 4
97. 0
100. 3
102.7
105. 6
107. 6
107. 2
107. 3
107. 4
107. 5
107. 6
107. 7
107. 9
108. 0
108.2
108. 5
108.7
108. 9
109. 0
109. 2
Rent
82. 3
85.7
90. 3
93. 5
94. 8
96. 5
98. 3
100. 1
101. 6
103. 1
104. 4
104. 1
104. 2
104. 3
104. 4
104. 4
104. 4
104.7
104. 8
104. 9
105. 0
105. 1
105. 2
105. 3
105.4
Services
less
rent
80. 0
83. 8
87.0
89. 1
90. 8
92. 8
96. 7
100.3
102. 9
106. 1
108. 3
107. 9
108. 0
108. 1
108. 2
108. 3
108. 4
108. 6
108.7
108. 9
109. 1
]09. 3
109. 5
109. 0
109. 8
23
WHOLESALE PRICES
Wholesale prices dropped in May, as farm products and processed foods as well as industrial prices fell subtly from
April levels.
INDEX,1957-59-100
INDEX, I957-59-IOO
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)
SOURCE: DEPARTMENT OF LABOR.
,Cy)UNOt OF 'ECONOMIC ADVISERS
All
commodities
Period
1954
1955
..
1956
.
1957
1958
1959
1960 s
1961
1961: April.- _ .
May
June
July
_
_
August
September
October
November
December
1962: January
February.,
March
April 3
.
M ay
..
Wi-.-k ended: >
l!Ki'2: June 5
12
.
92. 9
93. 2
96. 2
99. 0
100. 4
100. 6
100. 7
100. 3
100. 5
100. 0
99. 5
99. 9
100. 1
100. 0
100. 0
100. 0
100. 4
100. 8
100.7
100. 7
100. 4
100. 2
100. 0
100. 1
[1957-59=100]
Commodities other than farm products and foods (industrials)
Consumer finIndusIndusFarm
Procished goods extrial in- ProducAll intrial
prodessed
fincluding food
dustricrude termedi- er
ucts
foods
ished
DurNonals '
mate- ate ma5
goods
terials
able
durable
rials
83. 1
91. 8
95. 3
104. 4
97. 6
90. 4
89.8
88. 0
92. 8
94. 3
92. 4
92. 5
85. 6
95. 8
97.9
96. 6
95. 9
94 3
102. 3
92. 0
97. 7
96. 6
96. 5
97.0
9R 7
99. 9
99. 2
97.9
99. 2
99. 6
97. 7
100. 9
100.2
102. 9
100. 1
99. 3
99. 5
99. 4
103. 6
96. 9
102.
1
101.
3
100.
8
99. 2
102. 3
101. 0
97. 2
101. 3
102. 3
100. 9
101. 5
99. 9
101. 3
98. 3
96. 9
101. 4
102. 5
100. 5
101. 5
96.0
100. 6
100. 8
100. 1
97. 2
102. 4
100. 5
101. 5
100. 8
101. 1
100. 5
96. 6
96. 5
102. 4
100. 5
100. 9
94. 8
99. 7
100. 8
100. 0
96. 5
102. 5
100. 6
92. 9
98. 9
100. 6
99. 9
96. 8
101. 2
102. 5
100. 6
101. 2
100. 6
99. 8
95. 1
99. 7
97. 5
102. 5
100. 5
99. 7
101. 3
96. 7
100. 2
100. 6
98. 7
102. 5
100. 5
99. 9
101. 2
100. 2
100. 7
99. 2
95. 2
102. 6
100. 3
99. 8
101. 2
95. 1
100. 4
100. 5
99. 7
102. 7
100. 4
101. 4
100. 1
100. 7
97. 2
99. 8
95. 6
102. 7
100. 3
101. 8
100. 9
100. 9
99. 9
95. 9
97. 2
102. 8
100. 2
102. 0
100. 0
101. 8
101. 0
97. 9
98. 5
102.
8
100.
1
101. 8
101. 7
100. 8
99. 9
98. 2
98. 2
102. 8
100. 0
101. 3
100. 0
101. 4
100. 8
97. 1
98. 4
99. 9
102. 9
101. 6
100. 3
96. 9
100. 0
100.9
95. 8
102. 9
99. 8
101. 5
100. 2
99. 5
100.8
95. 3
96. 2
94. 8
95. 3
1
OuviiniKo of the subgroups docs not correspond exactly to coverage of this
index,
1
Kirhuit's inU'rin«di:if.e materials for food manufacturing and manufactured
nnliniil frrUfi; Includes, in port, pruin products for further processing.
24
99. 6
99. 7
100. 7
100. 7
3
Preliminary.
4
Weekly series
fl
(5)
(5)
(6)
(5)
(5)
(5)
(5)
(5)
based on smaller sample than monthly series.
Not available.
Source: Department o/I/abor.
(5)
(6)
PRICES RECEIVED AND PAID BY FARMERS
The indexes of prices paid and received by farmers were unchanged between April 15 and May
ratio remained at 79.
INDEX, 1910-14-100
15.
The parity
INDEX, 1910-14 • IOO
325
seo
PRICES PAID, INTEREST, TAXES,
AND WAGE RATES
300
300
ZTS
250
£50
ess
225
£00
EOO
RATIOu
RATIO y
IOO
IOO
PARITY RATIO
™-^—•*_P_^~-
.X-^—""^
i
1956
1957
^^
————°»^_
1958
1 , , .,.
I960
. . . . . -1
1959
•^RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES. PAID, INTEREST, TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.
(
1962
1961
COUNCH OF ECONOMIC ADVKHS
Prices received by farmers
Period
1952 .
1953 -1954
1955__1956. _
1957—
1958. .
1959
1960
1961___
1961: April 15
All farm
products
_.
May 15
June 15
July 15__
August 15
September 15
October 15
November 15
-December 15
1962: January 15
February 15
March 15,
April IS..
May 15
.
. .. .
Crops
288
255
246
232
230
235
250
240
238
240
240
237
234
235
240
242
240
239
240
242
243
244
242
242
Tercentape rntio of index of prices received by funnier^ lo Imlox of prices pnid,
Interest, ttxxcs, mid \vnj*e rules.
267
240
242
231
235
225
223
221
221
226
228
232
231
229
228
229
226
224
224
225
226
233
236
243
Prices paid by farmers
All items,
interest,
Livestock taxes,
Family
Producand
and
tion
living
wage
rates
items
products
items
(parity
index)
Index, 1910-14=100
274
306
287
271
256
268
277
269
249
277
270
255
234
276
270
251
226
274
250
278
244
282
257
286
273
293
264
287
256
297
288
266
299
253
290
265
301
251
266
291
250
302
267
291
241
302
266
291
236
265
300
290
264
241
300
290
250
265
301
290
253
301
291
266
252
301
291
265
301
265
251
291
254
302
292
267
257
304
268
293
257
305
294
268
254
269
305
294
246
306
294
270
242
306
296
269
Parity
ratio '
100
92
89
84
83
82
85
80
80
80
79
78
78
78
80
80
80
79
79
80
80
SO
7!)
71)
Source: Department of AprlcuUure.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The money supply declined more than seasonally in May.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
160
-1 160
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
TOTAL MONEY SUPPLY
140
\
DEMAND DEPOSITS AT ALL
COMMERCIAL BANKS
120
1956
1957
1958
IZO
1959
1962
COUNCIL Of ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Averages of daily figures, billions of dollars]
Money supply
Period
Total
1953:
1954:
1955:
1956;
1957:
1958:
1959:
1960:
1961:
December
December
December
December
December. .
December
December
December
December
1961: May
June
- -July
August
September
October
November
December.
1 902 : January
February
March ..
April
May'
.._
First half _.
Second half -
...
sits fit nil conimm'ial banks.
iniimry.
26
12& 1
131.8
134. 6
136. 5
135. 5
140. 8
141. 5
140. 4
144. 9
142. 0
142. 1
142. 0
141. 8
143. 0
143. 7
144. 1
144. 9
144. 6
144. 4
144. 7
145. 7
145. 3
146. 0
144. 7
Currency
outside
banks
27. 7
27. 4
27. 8
28. 2
28. 3
28. 6
28. 9
29. 0
29.5
29. 0
28. 9
29. 0
29.0
29. 2
29. 3
29. 4
29. 5
29. 6
29.6
29. 9
30. 0
30. 0
30. 0
29. 9
Related deposits
(unadjusted) 1
Unadjusted
Seasonally adjusted
Demand
deposits '
100. 4
104 4
106. 8
108. 3
107. 2
112. 2
112. 6
111. 4
115. 4
113. 0
113. 2
113. 0
112. 8
113. 8
114. 4
114. 6
115. 4
115. 1
114. 7
114. 8
115. 7
115. 4
116. 0
114. 8
Total
131. 4
135. 0
137. 9
139. 7
138. 8
144. 3
144. 9
143. 8
148. 5
140. 0
140. 7
141. 1
141. 1
142.4
143. 6
145. 3
14& 5
147. 8
144. 0
143. 2
145. 4
143. 3
144. 7
142. 1
Currency
outside
banks
28. 2
27. 9
28. 3
28. 7
28. 9
29. 2
29. 5
29. 5
30. 1
28. 7
28. 9
29. 2
29. 2
29. 3
29. 4
29. 7
30. 1
29. 4
29. 3
29. 5
29. 7
29. 7
29. 8
29. 6
Demand
deposits '
103. 3
107. 1
109. 6
111. 0
109. 9
115. 1
115. 5
114 3
118. 4
111. 3
111. 8
111. 9
111. 9
113. 1
114. 2
115. 6
118. 4
118.3
114 8
113. 7
115. 7
113. 6
114 9
112. 4
Gross
time
44. 7
48. 5
50. 0
51. 8
57. 1
65. 1
67.0
72. 5
82. 3
78. 1
79.0
79. 9
80.7
81. 3
82. 0
82. 0
82. 3
83. 9
85. 8
87.7
89. 2
90. 2
89. 8
90. 5
NOTE.—See note, p. 27.
Source: Board of Governors of the I edercl Reserve System.
U.S. Government
demand
3. 8
5.0
3. 4
3. 4
3. 5
3.9
4. 9
4. 7
49
4. 6
4. 5
4. 3
5. 5
5. 2
6. 5
5. 8
49
3. 9
4.7
5. 1
3. 9
7. 0
6. 2
7. 7
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans rose $700 million in May, about the same rise as in May 1961.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
25O
250
1956
1957
1958
1959
END OF MONTH
COUNCK OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Ail commercial banks
End of period
1954
1955
1956
1957
1958
1959
1960
1961
1961- April
May. _ .
JuneJuly .
August
September
October
November
December
1962: January 5 5
February
March5 6
April 5
May . .
Investments
Total
loans
and
investments
Loans
155. 9
160. 9
165. 1
170. 1
185. 2
190. 3
199. 5
215. 4
199. 7
201. 2
201. 8
205. 1
205. 1
209.9
210. 3
211. 3
215. 4
213. 7
214. 3
215. 2
217. 3
217. 7
70. 6
82. 6
90. 3
93. 9
98. 2
110. 8
117. 6
124. 9
117. 2
117. 9
118. 0
118. 1
118. 5
120. 5
120. 5
121. 7
124. 9
122. 4
123. 8
125. 4
126. 5
127.2
U.S. Government
securities
Billions of dollars
69. 0
16. 3
61. 6
16.7
58.6
16. 3
58.2
17. 9
66. 4
20. 6
58. 9
20. 5
61. 0
20. 9
66. 6
23. 9
60. 7
21. 8
61. 5
21. 9
61. 8
22. 1
64. 7
22. 3
64. 2
22. 5
66. 1
23. 3
66. 6
23. 2
66. 2
23. 4
66. 6
23.9
67. 2
24. 1
66. 0
24. 5
64. 4
25. 4
64. 6
26. 2
64. 3
26. 2
1
Member banks arc all national banks and those State banks which have taken
membership
in the Federal Reserve System.
3
Commercial and Industrial loans and prior to lOSGapricuituraHoaDS. Series
revised
be^nninR; January 1952, October 1955, July 1968, July 1969, and April 1901.
1
Debits during period to demand deposit accounts except interbank am!
"U.S. Government. Prior to 1956. relates to 3-14 renters outside New York Clly.
' Averages of d u l l y (H'nrai. A n m m l d n f n are for I >iH'cmU'r,
Other
securities
Weekly
reporting
member
banks '
Business
loans 2
22. 4
26. 7
30.8
31. 8
2
31. 7
2
30. 5
31. 9
32. 9
2
31. 7
31. 5
31. 8
31. 3
31. 5
31. 8
31.9
32. 1
32. 9
32. 0
32. 2
33. 0
32. 8
32. 9
2
Bank
All member banks'
debits
outside
New York
Reserves 4
BorrowCity (343
ings at
centers) ,
Federal
seasonally
Reserve
adjusted Required Excess Banks *
annual3
rates
Millions of dollars
240
1, 148
703
18, 576
839
18, 646
594
1,S77
652
18,
883
688
1,386
18, 843
577
710
1, 468
516
557
1,481
18, 383
18, 450
482
900
1, 668
1, 736
18, 527
87
756
19, 550
1,832
568
149
1, 782
18, 277
607
56
1, 829
18, 307
549
96
612
1,824
18, 430
63
1, 840
18, 482
51
581
1, 833
18, 619
604
67
1,848
18, 783
584
37
1,905
65
507
19, 153
1,904
19, 218
622
105
1,917
19, 550
149
568
2, Oil
19, 473
616
70
1, 917
19, 069
502
08
1, 987
19, 077
470
91
2, 046
09
19, 213
509
03
2, 017
19, 320
498
6
Preliminary.
NOTE,—Between January and August J96H, series for oil commercial tmnkit
expanded to include data for all banks In Alaska and Hawaii. Datti for txll member banks Include Alaska mid Hnwali bcpinnlrur IftM and lOfii), re-apertivHy,
Hoiirrr; Bounl of (iovcrnon- of thr l-Yilcru) Ursrrvr MyMrtu.
27
CONSUMER CREDIT
In April, total consumer credit oufstandins rose about $1 billion, compared to a rise of $100 million in April 1961.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
END OF MONTH
TOTAL CREDIT OUTSTANDING
\
NONINSTALMENT CREDIT
I
SEASONALLY ADJUSTED (ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED
INSTALMENT OSEDIT REPAID
Ii i i ii
1958
I
1957
I
1958
1959
I960
1961
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Millions of dollars]
Consumer credit outstanding
(end of period; unadjusted)
Instalment
NonAutomoinstal-3
Total
bile
Total i
ment
paper *
Period
1952 ...
1953 ...
1954 _ _
1955 .
.
1956
1957
1958
1959
1960
..
1961
1961: March
.. ...
April
May
June
July
August
September .
October
November
December
1002: January
.
February
March
April
. __
27, 520
31, 393
32, 464
38, 807
42, 262
44, 848
44, 984
51, 331
55, 757
57, 139
53, 641
53, 756
54, 196
54, 602
54, 505
54, 739
54, 757
54, 902
55, 451
57, 139
56, 278
55, 592
55, 680
56, 650
19, 403
23, 005
23, 568
28, 883
31, 648
33, 745
33, 497
39, 034
42, 588
43, 163
41, 465
41, 423
41, 584
41, 888
41, 909
42, 090
42, 039
42, 181
42, 419
43, 163
42, 846
42, 632
42, 704
43, 285
7,733
9,835
9,809
13, 437
14, 348
15, 218
14, 007
16, 209
17, 444
16, 960
16, 922
16, 877
16, 933
17, 061
17, 063
17, 061
16, 902
16, 913
16, 960
16, 960
16, 878
16, 900
17, 039
17, 343
1
AI.HO inriucUvi other consumer goods paper, repair and modernization loans,
ami rtorsoiml limns, not shown separately.
• < oM.«uinu>r credit extended for the purpose of purchasing automobiles and
wM'iirwl
hy (ho limns purchased.
1
('onsht*! of iliij'IP-payment loans, charge accounts, and service credit.
28
I
1962
COUNCIL OF ECONOMIC ADVISEU
8, 117
8,388
8,896
9,924
10, 614
11, 103
11, 487
12, 297
13, 169
13, 976
12, 176
12, 333
12, 612
12, 714
12, 596
12, 649
12,718
12, 721
13, 032
13, 976
13, 432
12, 960
12, 976
13, 365
Consumer instalment credit extended and
repaid (seasonally adjusted)
Total i
Automobile paper *
Extended
29, 514
31, 558
31,051
38, 944
39, 775
41, 871
39, 962
47, 818
49, 313
47, 984
3, 894
3,800
3,907
3,962
3,909
4,038
3,942
4,209
4, 317
4,315
4, 194
4, 302
4, 363
4, 625
Repaid
25, 405
27, 956
30, 488
33, 629
37, 009
39, 775
40, 211
42, 435
45, 759
47, 412
3,907
3,907
3,895
3,962
3,937
3,994
3,956
4,028
4,017
4,051
3, 979
4, 066
4,094
4, 108
Extended
11, 764
12, 981
11,807
16, 706
15, 421
16, 321
14, 069
17, 544
17, 408
15, 779
1,255
1, 225
1,270
1,296
1, 300
1, 302
1, 271
1,405
1,511
1,471
1, 474
1, 496
1, 526
1, 606
Repaid
10, 003
10, 879
11, 833
13, 077
14, 510
15, 451
15, 281
15, 411
16, 172
16, 262
1,348
1,356
1,336
1,354
1,364
1,362
1,350
1,372
1,359
1,361
1, 380
1,369
1, 393
1, 403
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 declined in May and early June.
yields changed little.
Municipal bond yields rose, but other bond
PERCENT PER ANNUM
PERCENT PER ANNUM
1962
SOURCES: SEE TABLE BELOW.
COUNOt OF KONO/WC ADVISERS
Period
1954
- -,
1955
1956
1957
1958
_._ . _ _
1959
1960 .
1961
1961: April
May
June
July
August
September _ _
October
November
December. _
1962: January__ ,
February
March
April _ _
May
Week ended:
1962: May 5
12
19
26
June 2
9
16.
1
.__
_
_ __
__ __
_
_ _
_ _
[Percent oer annum]
U. B. Government
High-grade
security yields
municipal
bonds
3-month
Taxable
(Standard3 &
2
Treasury
bonds
Poor's)
bills i
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
2. 378
3. 90
3. 46
2.327
3. 80
3. 44
2. 288
3. 73
3. 38
2. 359
3. 88
3. 53
2. 268
3. 90
3. 53
2. 402
4. 00
3. 55
2. 304
4.02
3.54
2. 350
3.98
3. 46
2. 458
3. 98
3. 44
2. 617
a 49
4. 06
2. 746
3.32
4. 08
2. 752
4. 09
3. 28
2. 719
4, 01
a 19
2.735
3. 89
3. 08
2. 694
3. 88
3. 09
2.
2.
2.
2.
2.
2.
2.
748
720
646
700
656
691
671
Rate on new Issues within period.
'Series Includes: April 1953 to date, bonds due or callable 10 years and after;
April 1852-March 1953, bonds due or callable after 12 years; October IMl-Marcb
1862, bonds due or callable after 16 years.
3. 87
3. 85
3.87
3. 90
3.89
3.88
'3.87
3. 01
3. 02
3. 07
3. 15
3. 21
3.23
3. 24
Corporate bonds
(Moody'sl
Aaa
Baa
2,90
3.06
3.36
3. 89
3. 79
4. 38
4.41
4. 35
4. 25
4. 27
4. 33
4. 41
4. 45
4.45
4. 42
4. 39
4. 42
4, 42
4. 42
4. 39
4. 33
4. 28
3. 51
3. 53
3. 88
4. 71
4. 73
5. 05
5. 19
5.08
5. 01
5. 01
5. 03
5. 09
5. 11
5. 12
5. 13
5. 11
5. 10
5.08
5. 07
5. 04
5. 02
5. 00
4. 30
4. 29
4. 28
4.27
4. 28
4.28
<4. 28
5.02
5. 00
4, 99
4. 98
4, 98
5. 00
5. 01
Prime
commercial
paper,
4-6
months
1. 58
2. 18
3. 31
Weekly data are Wednesday flgures. 'Not Charted.
Sources: Treasury Department, Board of Governors of the Federal
Reserve System, Standard <fc Poor's Corporation, and Moody's Investors
Service.
a si
2. 46
3. 97
3.85
2. 97
2. 91
2. 76
2. 91
2. 72
2. 92
3.05
3.00
2.98
3. 19
3. 26
3. 22
3. 25
3. 20
3. 16
3. 13
3. 13
3. 13
3. 20
3. 25
3.25
* 3. 25
STOCK PRICES
Stock prices declined sharply in late May and early June.
INDEX, 1957-59=100
I N D E X , 1957-59*100
220
220
1956
1957
1958
1962
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
Composite
index '
Period
Weekly average:
1953
1954
19551956
19571958
1959
1960 -- - 1961
1961: April
Mav
June
July
August
September
October
November
-
-
December
1962: January
February - _ _
March
April May
Wr<-k rmicd:
I'.ifiL': May 18
25
June 1
8
15 2 _ ... ...
COUNCIL* OF ECONOMIC ADVISERS
[1957-59=1001
Manufacturing
NonDurable
Total
durable
goods
goods
30
Utilities
Trade,
finance,
and
service
51. 9
61. 7
81. 8
92. 6
89. 8
93. 2
116. 7
113. 9
134. 2
133. 0
134. 9
132. 8
132. 7
137.4
136. 2
138. 0
144. 0
145.8
140. 4
142. 8
142. 9
138. 0
128. 2
46. 7
57. 6
79.5
93. 2
90. 7
92. 5
116. 5
110. 9
126. 7
125. 8
127. 6
126. 0
125. 2
130. 1
128. 9
129. 1
133. 7
135.6
130. 8
133. 4
133. 5
128. 2
119. 0
43. 0
54. 7
78. 7
91. 5
88. 5
90. 4
120. 8
117. 3
129. 2
128. 5
130. 6
128. 0
126. 5
131. 3
131. 7
132. 2
135. 7
138. 1
133. 6
134. 4
134. 0
128. 0
117. 4
49. 8
60. 0
80. 1
94. 5
92. 8
94. 4
112. 6
104. 9
124. 4
123. 3
124. 9
124. 2
123. 9
129. 0
126. 4
126. 4
131. 9
133. 3
128. 1
132. 6
133. 1
128. 5
120. 6
73. 9
78. 6
108. 2
110. 6
93. 2
91. 0
115. 6
95. 8
105. 7
103. 4
107. 5
105. 1
103. 2
107. 0
106. 8
110. 1
109. 9
107. 9
108. 5
110. 5
107. 4
103. 1
98. 5
67. 3
75. 3
84. 8
86. 4
86. 3
95. 8
117. 6
129. 3
168. 4
168. 9
170. 0
164. 0
166. 7
170. 6
168. 9
173. 9
186. 0
188. 4
181. 4
183. 0
184. 2
180. 3
167. 1
60. 8
69. 1
87. 1
89. 9
82. 2
95. 1
122. 3
127. 4
160. 2
150. 4
153. 1
156. 0
158. 4
164. 2
166. 4
176. 6
187. 7
188.0
175. 2
176. 4
175. 2
172. 0
161. 6
129. 9
121. 1
120. 8
118. 1
113.3
120.
112.
111.
109.
104.
119.
110.
109.
107.
102.
121.
114.
113.
110.
106.
100. 0
94. 4
94. 6
92.7
90. 2
169.
158.
158.
156.
150.
165.
149.
150.
148.
141.
3
4
9
1
6
1
J n r h n l r s :((K! common stocks: 108 for durable goods manufacturing, 85 for noni t t h i r j'nuds i i ] j i i i i ] f n ( . ' t u r i n p , 18 for transportation, 34 for utilities, 45 for trade,
iiinrr. unit service, and 10 for mining.
*Not Charted.
Transportation
2
3
9
8
9
3
4
8
3
2
8
7
3
0
3
NOTE.—Indexes are based on weekly closing prices.
Source: Securities and Exchange Commission.
4
7
6
6
1
Mining
70. 4
78.2
91. 6
104. 6
107. 2
97. 9
95. 0
73.8
92. 5
93. 5
96. 9
97. 0
93. 1
92. 8
87.3
90. 2
95. 1
101. 1
104. 1
109. 7
106. 6
103. 9
97. 5
98. 2
92. 4
92. 4
91. 1
87. 1
FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
The budget deficit for the first 11 months of fiscal 1962 was $9.9 billion.
deficit was $6.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
100
NET BUDGET EXPENDITURES
1957
1958
For the comparable period of 1961, the
NET BUDGET RECEIPTS
1959
BUDGET SURPLUS ( + ) OR DEFICIT (-)
(ENLARGED SCALE)
NATIONAL DEFENSE
FIRST 11 MONTHS
1957
1958
1959
I960
1961
1962
1957
1958
1959
I960
1961
FISCAL Y E A R S
^ESTIMATE
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.
Period
Fiscal year 1957
Fiscal year 1958
-Fiscal year 1959
Fiscal year 1960
._
Fiscal year 1961 _ _
_ _ _ _
Fiscal year 1962 4
Fiscal year 1963 * _
1961: April
May
June
July 6 5
August
September 5
October 5 5
November 5
December
1962: January 5 -5 _ _
February
March 5
April55
May
Cumulative totals first 11 months: 5
Fiscal year 1961
Fiscal year 1962
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Net budget expenditures
Net
National defense l
budget
Department
Total
receipts
Total
of Defense,
military 2
69. 0
70. 6
43. 4
40. 8
71. 4
68. 5
44. 2
41.3
80.
3
67. 9
46. 5
43. 6
76.
5
77. 8
42. 8
45. 7
81. 5
77. 7
47. 5
44. 7
89. 1
82. 1
51. 2
48. 2
92. 5
52. 7
93. 0
49. 7
6. 5
5. 1
3. 5
3. 8
7. 2
6. 5
4. 2
3. 9
8. 0
10. 8
4. 6
4. 3
6. 3
3.0
3. 5
3. 2
7. 6
6. 4
4. 0
3. 8
6. 8
8. 9
3. 9
3. 6
7. 8
3. 1
4. 1
3. 8
7.5
6. 4
4. 3
4. 0
7. 2
8. 0
4. 3
4. 1
7. 4
4. 0
5. 4
4. 3
6. 9
4. ]
6. 7
3. 9
7. 7
4. 6
9. 1
4. 3
7. 3
5. 8
4. 3
4. 0
7. 2
4. 8
4. 5
7. 0
66. 8
69. 8
* Expenditures for military activities of the Department of Defense (military
functions and the military assistance portion of the mutual security program),
atomic
energy, and defense related services.
2
Military functions and military assistance.
3
Includes guaranteed securities held outside the Treasury. Not all of total
shown is sultject to statutory debt limitation.
73. 6
79. 7
42. 9
46. 1
40. 3
43. 4
Budget
surplus
or
deficit {-)
Public
debt
(end of 3
period)
1. 4
-1. 5
2
270. 6
276.4
284 8
286. 5
289. 2
295. 8
295. 6
288. 2
290. 4
289. 2
292. 6
294. 0
294. 0
296. 0
297. 3
296. 5
296. 9
297. 4
296. 5
297. 4
299. 6
6. 7
— 9. 9
290. 4
299. C
1. 6
-2.8
— 12. 4
1.2
— 3. 9
— 7. 0
.5
-1. 3
.7
2. 9
-3. 3
-1. 3
2. 2
— 4. 7
— 1. 1
.8
— 2. 0
-I
*s Estimate (1963 Budget).
Preliminary.
NOTE. — Total budget receipts and expenditures exclude eertuln
mental transactions.
H
«nrr>es: Treasury Department and Bureau of the Budget.
\5Jl
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter of calendar 1962, cash receipts exceeded cash payments by $300 million; on a seasonally adjusted
basis, however, payments exceeded receipts by $3.2 billion.
BILLIONS OF DOLLARS
(SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS
(SEASONALLY ADJUSTED)
EXCESS OF DASH RECEIPTS
w
jft
EXCESS OF 3ASH PAYMENTS
i
i
i
I
t
1957
1956
i
1
1
195 3
•y 1
i
i
•i
i i
1
J959
CALENDAR YEARS
!
I960
HHtild
u
1
1
1961
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.
1
1
1962
COUNCH OF ECONOMIC ADVISERS
[Billions of dollars]
Cash receipts
from the
public
Period
Fiscal year total:
1957
1958
1959
..
1960
-__ __
1961. . . ... .
19621
.
1963 !
__
Calendar year total:
1958 .
1959. .
1900
1961 2
_
_
Quarterly total (calendar years):
1900: Third quarterFourth quarter
1901: First quarter
Second quarter2
Third quarter
Fourth quarter 2 _ __ __
1902: First quarter 2
- i Estimate (ISX13 l
32
1
Preliminary.
Cash payments to
the public
Excess of re- Cash receipts
ceipts ( + ) or
from the
payments
public
(-)
82. 1
81. 9
81. 7
95. 1
97. 2
102. 6
116. 6
80. 0
83. 4
94. 8
94. 3
99. 5
111. 1
114. 8
2. 1
— 1. 5
13. 1
.8
-2. 3
8. 5
1. 8
81. 7
87. 6
98. 3
97. 9
89. 0
95. 6
94. 7
104. 7
Unadjusted
— 7. 3
-8. 0
3. 6
-6. 8
24 2
24. 5
23. 4
27. 4
26. 7
27.2
26. 0
—.8
-3.9
1. 4
1. 1
— 3. 3
-5.9
.3
23. 4
20. 6
24. 8
28. 5
23. 4
21. 3
26.2
Cash payments to
the public
Excess of receipts (+) or
payments
(-)
Seasonally adjusted
24. 9
24 6
23. 3
24 6
24 9
25. 3
24. 6
23.6
24. 3
25. 1
26. 5
26. 2
26. 9
27. 8
Sources: Treasury Department and Bureau ol the Budget.
Tor sole by the Superintendent of Documents, U.S. Government Printing Office, Washington 25, D.O.
Price 20 cents per copy; $2.00 per year; $2.75 foreign
1.3
.3
-1.8
-1.9
-1.4
— 1. 6
-3.2
@FedFRASER