Full text of Economic Indicators : June 1964
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88th Congress, 2d Session
.
Economic Indicators
JUNE
1964
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1964
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
HOUSE OF REPRESENTATIVES
WRIGHT PATMAN (Texas)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
THOMAS B. CURTIS (Missouri)
CLARENCE E. KILBURN (New York)
WILtlAM B. WIDNALL (New Jersey)
JAMES W. KNOWLES, Executive Director
MARIAN T. TRACY, "Financial Clerk
HAMILTON D. GEWEHR, Administrative Clerk
SENATE
JOHN SPARKMAl^-CAlabama)
J. W. FULMlGHT (Arkansas)
WILLIAM PROXMIRE (Wisconsin)
CLAIBORNE PELL (Rhode Island)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman
GARDNER ACKLEY
JOHN P. LEWIS
Economic Indicators -prepared under supervision of FRANCES M. JAMES
[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.
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The 1962 Supplement to Economic Indicators, which describes each series
and gives annual data for years not shown in the monthly issues, is now available at 65 cents a copy.
™i
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose by $7.9 billion (seasonally adjusted annual rate) in the first quarter, according to the
revised estimate. The decline of $2.3 billion in gross private domestic investment resulted from the reduction in the
inventory accumulation rate. All other components rose.
fBillions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Period
1953 .....
1954 .....
1955 .....
1956 _____
1957 .....
1958 _____
1959 ______
1960 .....
1961 .....
1962. ____
1963 .....
1962: III.
IV.
1963: !_-_
II..
III.
1964: I.
Personal
Disposable consumption
personall expendiincome
tures
252. 5
256. 9
274.4
292. 9
308.8
317. 9
337. 1
349.9
364.4
384. 4
402.4
386.5
391.4
394.5
400.0
404.4
410. 9
418.7
232. 6
238.0
256.9
269. 9
285. 2
293.2
313. 5
328.2
336.8
355.4
373. 1
356. 7
362. 9
367.4
370.4
374.9
379.9
387.9
International
Business
Personal
Net exports of goods Excess Qf
Gross
Excess Foreign
Gross private
and services
saving
net
transfers
of
<+) or retained domestic invest- trans(-f) or!
earn-2
disof net
fers by
investment
ings
saving
ImExGovern- Net
exports: :
ment 8
ment exports ports ports
19.8
ia9
17.5
23. 0
23. 6
24. 7
23.6
21.7
27.6
29. 1
29.3
29.7
28.5
27. 1
29. 6
29. 5
31.0
30.8
34.3
35.5
42. 1
43. 0
45. 6
44.8
51.3
50.7
50.8
57.6
60.5
57.4
59.4
59.3
59.6
61.9
61. 3
65.3
50.3
4a9
63.8
67.4
66. 1
56.6
72.7
71.8
69.0
78.8
82.3
78.9
78. S
77.8
80.7
83.7
87.1
84.8
-16.0
-13.4
-21.8
-24. 3
-20.5
-11.9
-21.4
-21. 1
-18.2
-21. 1
-21.8
-21.5
-19.4
-18.5
-21. 1
-21.8
-25.8
-19.5
1.6
1.4
1.5
1.5
1.5
1.3
1.5
1.6
1.6
1.6
1.7
1.5
1.5
1.5
1.8
1.7
2.0
1.7
-0.4
1.0
1. 1
2.9
4.9
1.2
g
3."0
4.4
3.8
4.5
4. 1
3.3
3.6
4.8
4.3
5.4
6.6
16.6
17.5
19.4
23. 1
26.2
22.7
22.9
26.3
27.5
28.9
30.7
29.4
28.8
28.6
30.7
31.4
32.3
33.6
17.0
16.5
1R3
20. 2
21. 3
21.5
23.6
23.3
23.1
25. 1
26.2
25.3
25.5
24.9
25. 9
27.1
26.9
27, 0
2.0
i-4
>±
1.5'
3.5
.1
2.3
1.4
2.9
2.2
2J8
2.6
1.7
2.2
3<l
2; 6
314
Government
Net receipts
Period
1953.
1954.
1955.
1956_.
1957..
1958.
1959.
1960_
19611962.
1963_.
1962: III.
1963:
III.
IV..
1964: L
1
Tax and Transfers,
nontax
Net
interest,
receipts receipts
and subor
accruals sidies *
75.7
68. 5
78.4
84. 2
87.5
82.0
95. 7
103.5
103.2
113. 0
123.3
114. 0
114. 8
118.8
122.3
125.0
127.0
124. 8
94. 9
90.0
101.4
109. 5
116. 3
115. 1
130. 2
140. 6
145. 5
156. 8
168.7
157.3
159. 7
164.0
167. 1
170. 1
173.8
172. 5
Gross
Surplus
Total
Statis- national
(4-) or income
tical
product
deficit
discrepor
°F
PurTrans- (-) on receipts
ancy
expendichases
Total
fers,
income
ture
of goods expendi- interest,
and
and
tures and subproduct
sidies 5 account
services
Expenditures
19.2
21.5
23. 0
25. 3
28. 7
33. 1
34. 4
37. 1
42.2
43. 8
45.4
43.3
44.9
45.2
44.8
45. 1
46.8
47.7
82.8
75.3
75.6
79.0
86.5
93. 5
97.2
99. 6
107. 9
117. 0
125. 1
117. 0
120. 2
123. 0
123.8
125.7
127.7
128.8
Personal income (p. 5) less personal taxes and nontax payments (fines, penaJties.ete.).
3 undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and excess of wage accruals over disbursements.
Does not include retained earnings of unincorporated business which are included in disposable personal income.
»Private business investment, purchases of capital goods by private nonprofit
Institutions, and residential housing.
102.0
96. 7
98.6
104.3
115.3
126.6
131.6
136.7
150.2
160.7
170.5
160.2
165. 1
168.2
168.6
170.8
174.5
176.5
19. 2
21. 5
23.0
25.3
28. 7
33.1
34. 4
37.1
42.2
43.8
45.4
43.3
44.9
45.2
44. 8
45.1
46. 8
47.7
-7.1
-6.7
2.9
5.2
1.0
-11. 4
-1.5
3.9
-4.7
-3.9
-1.8
-3.0
-5.4
-4.2
-1.3
-.6
-. 8
-4.0
364 1
362.3
396.5
421.6
443. 4
446.0
485.7
505.6
520. 1
556.7
587.9
559.4
567.1
574.1
583.7
593.0
601. 2
610.5
1.3
.9
1.0
-2.4
—. 6
-1.5
-3.0
-3.0
-1.9
-1.8
-3.0
-2.6
-1.9
-2.3
-4. 1
-4.4
-1.0
-2.4
365.4
363. 1
397.5
419.2
442. 8
444. 5
482.7
502.6
518.2
554. 9
585. 1
556; 8
565.2
571.8
579.6
588.7
600. 1
608.0
* Net foreign investment with sign changed.
s 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
The first quarter rise of about 1% percent in current dollar gross national product (seasonally adjusted) -amounts'to
almost 1 percent after adjustment for price changes.
SEASONALLY ADJUSTED ANNUAL RATES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
600
GROSS NATIONAL PRODUCT
X
500
500
400
40O
300
300
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
IOO
100
1958
1964
1959
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
Personal flrnss
Total
Npt
Total
gross
conprivate exports
national gross
sump- domestic
of goods
tion
product national
Period
and
in 1963 product expend- investment services
prices
itures
Billions of dollars3, quarter]y data at
329.0
209. 8
56.3
2.4
404.9
J9?i~
—
219. 8
49.9
1952.
347.0
1.3
420. 8
232. 6
50.3
— .4
19i53...
365. 4
440. 1
1.0
238.0
4&9
1954.
„ _ • 4S1.4
363.1
256.9
1. 1
1955.
397.5
63.8
464*9
1956,
419.2
2.9
269. 9
67.4
4?4. 7
285.2
66. 1
4.9
1957;.
442.8
488. 9
29a2
1.2
56.6
1968^.........
4445
4?6. 7
1959 _•
72.7
482.7
-.8
313. 5
SOS. 4
19^6.
502.
6
32a2
3.0
71.8
621. S
1961.
4.4
336. 8
69.0
5S1. 2
518. 2
1962
_
355.4
3.8
554.9
7as
66S.6
1963.
685. 1
373.1
82.3
4.5
585.1
356.7
4.1
78.9
1962: III......
556.8
664. 6
362.9
3.3
IV
565. 2
78.8
671. 4
1963: I
367.4
77.8
3.6
571.8
676. 7
370.4
80.7
II
579.6
4.8
580.8
Ill
374.9
4.3
588.7
83.7
687.5
87.1
IV.....
696. 4
379.9
5.4
600. 1
1964: I..
600.6
387.9
608.0
84.8
6. 6
1
LiM* Oovermtmnt *«Jo*.
•Prior to 1900, tliii wtejtory corresponds closely with budget expenditures for
H^*/!2^
Inclusion of ipoce progiwn riprmlUurtTji in thU table; those expenditures, small
in 1WKHS1, ftmottntfKlTf) $1,0 bill lor, in 1962.
Gove rnment j>urchases of good s and
services
Federal
State
Total Total i National
and
2 Other
local
defense
seasonal ly adjuslbed
60.5
3a8
76.0
52.9
82.8
5ao
75. 3
47.5
45.3
75.6
79.0
45.7
86.5
49. 7
52. 6
93. 5
97.2
53.6
53.1
99.6
57.4
107.9
117.0
62.4
125.1
66.3
117.0
62.4
120.2
63.6
123.0
65.5
123.8
66.5
66.4
125.7
127.7
66.6
128.8
66.9
annua I
33.9
46.4
49.3
41.2
39. 1
40.4
44.4
448
46.2
45.7
49.0
53.3
56.7
53.5
543
56.4
56.7
56.7
57. 2
57.1
rates
5.2
6.7
9.0
6.7
6.6
5. 7
5.7
as
7.9
ao
a9
10.0
10. 5
9. 7
10.4
10.1
10.6
10.8
10.4
10.9
21.7
23.2
249
27.7
30.3
33.2
36.8
40.8
43.6
46.5
50.6
546
58.8
546
56.6
57.5
57.3
59.4
61.2
61.9
Implicit
price'
deflator
for total
GNP,
1963=1003
81.3
82.5
83. 0
842
85.5
88. 3
91. 5
93.2
94 9
96.4
97. 6
9as
100. 0
98.6
98.9
99.3
99.8
100. 2
100. 8
101. 2
a Gross national product in current prices divided by gross national product
in 1963 prices.
Norn-Data tor Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
NATIONAL INCOME
National income increased by $8.0 billion (seasonally adjusted annual rate) in the first quarter as all major coi
ponents except farm income showed continued advances.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
500
50O
TOTAL NATIONAL INCOME
400
COMPENSATION OF EMPLOYEES
300
200
V
PROPRIETORS' AND
RENTAL INCOME
100
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100
NET INTEREST-
1961
I960
1958
1962
SOURCE: DEPARTMENT OF COMMERCE.
1964
COUNCIL OF ECONOMIC ADVISERS
* Set Note, poqe 7.
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Period
Total
national
income
Compensation
of em-!
ployees
Business
and professional
Rental
income
of
persons
Proprieto s' income
Farm
Net
interest
Corporalbe profits and inventory va uation ad justment 2
Total
Profits Inventory
before valuation
taxes 2 adjustment
1951
1952.
1953.
1954
1955
1956
1957..
1958
1959
1960
1961
1962
1963
279.3
292.2
305.6
301.8
330.2
350.8
366.9
367.4
400. 5
414.5
426. 1
453. 7
478.1
180. 3
195.0
208. 8
207. 6
223. 9
242. 5
255.5
257. 1
27R5
293. 6
302. 1
322. 9
340. 4
16.3
15.3
13. 3
12. 7
11.8
11. 6
11. 8
13.5
11. 4
12. 0
12. 8
13. 3
12.8
26.0
26.9
27. 4
27.8
30. 4
32. 1
32. 7
32. 5
35. 1
34. 2
35. 3
36. 5
37.7
9. 4
10. 2
10. 5
10. 9
10.7
10.9
11.9
12.2
11. 9
12. 1
12. 1
12.0
12. 1
6.3
7.1
8. 2
9. 1
10.4
11.7
13.4
14 8
16. 4
18.0
20. 0
22. 0
24. 1
41.0
37.7
37. 3
33.7
43. 1
42. 0
41. 7
37.2
47. 2
44. 5
43. 8
47.0
51.1
42.2
36.7
38.3
34. 1
44. 9
44. 7
43. 2
37. 4
47. 7
44.3
43. 8
46.8
51.5
1962: III
IV
455. 5
462. 2
325. 3
327. 7
13. 2
13. 4
36. 6
36. 9
12.0
12. 0
22.3
23. 0
46. 1
49. 3
46. 2
4R4
1963: I
II
40(5. 7
474. 6
482. 0
489. 1
:*3a 7
332. 0
342. 8
347. 9
13. 5
12. 6
12.7
12. 6
37. 2
37. 4
37.8
38.2
12.0
12.0
12.1
12. 2
23. 3
23. 7
24. 3
25. 0
48. 8
50. 1
52. 2
53.2
48.3
51.0
52. 2
54.3
.4
-.9
.0
— 1. 1
352.5
12. 2
38. 6
12. 3
25. 6
56.0
56.2
-.2
in . ;
IV
1964: I
1
2
497.1
Includes employer nmlHMuions for social insurance.
See Note, pace 7.
(See also p. 4.)
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department oJ Commerce.
-1.2
1.0
-1.0
-.3
-1. 7
-2.7
-1.5
—.3
—— . o
.2
.0
.2
-.4
-. 1
.9
SOURCES OF PERSONAL INCOME
r
Personal income in May was at a seasonally adjusted annual rate of nearly $485 billion; or $1,2 billion above the
April level. The May rise was somewhat less than the averase monthly increase that has occurred since last summer.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
50O
400
1964
COUNCIL OF ECONOMIC ADVISERS
Period
1955__
_„
1956
.._
1957.
1958
_.
1959
1960
1961.
1962
1963
1963: Mar___
Apr
May...
June
July...
Aug
Sept....
Oct....
Nov....
Dec
1964: Jan
Feb
Mar
Apr,
May*..
Total
personal
income
310.2
332.9
351.4
360.3
383.9
401.3
417.4
442. 1
463.0
454.8
457.4
460.1
462.6
464.2
465.1
467.3
471.2
472.6
476.0
478.1
478.8
480.9
483.6
484.8
[Billions of dollars, monthly data at seasonally adjusted annual rates]
Wage
Rental
Other ProprietySTS* income income
and
Divi- Personal Transfer
labor 2
salary
Business
paydends interest
of
Farm
income
and
prodisburseincome ments
l
persons
ments
fessional
11.8
210. 9
7. 1
30.4
11.2
10.7
17.5
15.8
227.6
32.1
a i 11.6
10,9
18.8
12.1
17.5
11. 8
32.7
12. 6
23a5
9.1
11. 9
21. 9
19. 6
13.5
9.4
12. 2
12. 4
239.8
32.5
21.0
26.3
11.4
10. 4
35.1
23. 5
25R5
11.9
13.7
27.5
12.0
271. 3
11.0
34.2
12. 1
14. 5
25. 8
29. 5
11. 4
12.8
12. 1
278.8
35.3
15.3
27.7
33.6
12.1
13.3
297. 1
12. 0
36.5
16.6
30.0
34.8
12.8
12.6
312.3
37.7
12. 1
17.8
36.9
32.5
306. 1
12.5
13.3
37.2
12.0
17. 2
31.8
36.2
12. 8
308.7
12.5
37.3
12.0
17. 3
31. 9
36.4
12. 6
311.2
12.6
37.4
12. 0
17. 3
32. 1
36.6
12. 6
12.4
312.9
37.6
18.2
12.0
32.3
36.4
12.7
12.7
12. 1
17.5
314. 1
37.7
32.6
36. 5
314.4
12.7
12.7
12. 1
37.9
17.6
32.8
36.7
12.7
12.7
12. 1
37.9
316. 2
33.0
17.8
36.8
38.2
12. 8
12.7
12.2
318.7
18.2
33. 2
37.3
319.2 , 12.8
12.6
38.2
12.2
18.5
37.6
33.5
320.8
12.5
38.4
12.8
12. 2
19.8
33.8
37.7
12.2
321.7
12. 8
12. 2
38.4
19.0
39.9
34. 1
12. 1
12. 9
324. 2
12.3
38.6
34.3
37.7
19.1
325.3
12.3
12. 9
38.7
12.3
19.3
34. 5
38.0
12.2
12.9
38.7
12.3
19.5
327.3
34.8
38.3
12. 1
13.0
38.9
12.4
328.0
19. 5
35. 1
38.3
1
Compensation of employees (see p. 3) excluding employer contributions for
ftoctftl Insurance nml the excess of wage accruals over disbursements.
* Employer contributions to private pension, health, and welfare funds; compcnafttlon for Injuries; directors' fees; military reserve pay; and a few other
minor Item*.
• i'erton&l Income exclusive of net income of unincorporated farm enterprises,
Less: Personal con- Nonagrieultural
tributions personal
for social income3
insurance
5.2
295.0
5.8
317.9
6.7
336. 1
6.9
343.0
7.9
36a6
9.2
385. 1
9.5
400. 3
10.2
424.5
11.8
445. 7
11.5
437.0
11.6
440.0
11.7
443. 1
11.8
445. 8
11.8
447. 0
11.9
448.0
11.9
450. 3
12.0
454. 1
12.0
455.7
12. 1
459.2
12. 3
461.6
12.4
462.4
12.4
464.3
12.4
467. 0
12. 5
468. 3
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
* Preliminary.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Disposable personal income jumped by $8.0 billion (seasonally adjusted annual rate) in the first quarter as personal
income rose and personal taxes fell owing to the Federal tax cut. Consumption spending also rose substantially and
the saving rate edged down to 7.4 percent.
BILLIONS Of DOLLARS*
BILLIONS OF DOLLARS*
450
- 400
DOLLARS*
2,400
2,20O
2,000
1,800
I,TOO
1958
1959
* .SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: DEPARTMENT OF COMMERCE.
Period
Less :
PerPersonal sonal
income taxes
Equals:
Disposable
personal
income
1952
1953
1954
1955.
1956
1957.
1958
1959
1960
1961
1962
1963
273. 1
288.3
289. 8
310.2
332.9
351.4
360. 3
383. 9
401. 3
417. 4
442. 1
463. 0
34.4
35.8
32.9
35.7
40.0
42.6
42.3
46.8
51.4
52. 9
57.7
60.5
238. 7
252.5
256.9
274.4
292. 9
308. 8
317.9
337. 1
349. 9
364. 4
384.4
402.4
1962:
444. 5
449. 9
453. 9
459. 9
465.2
473.0
479. 1
58. 1
58. 5
59. 4
59.9
60.8
62. 1
60.4
386. 5
391. 4
394. 5
400.0
404. 4
410. 9
418.7
III..
IV..
1963r !_.-.
IJ_._
III..
IV_.
1964: !_.__
COUNCIL OF ECONOMIC ADVISERS
L ess:
Persona 1 eonsump>tion expe nditures
Total
NonDurable durable
Services
goods
Billions of dollars5
115. 1
75.6
219.8
29. 1
32.9
232. 6
81.8
118.0
32.4
238.0
86.3
119.3
39.6
124. 8
92.5
256. 9
38.5
131.4
100.0
269. 9
137. 7
107. 1
40. 4
285. 2
141. 6
293.2
37. 3
114.3
43. 6
147. 1
122.8
313.5
44. 9
151. 8
131. 5
328. 2
43. 6
155. 1
336.8
138. 0
48. 2
161.4
145. 7
355. 4
167. 1
51.5
154.5
373.1
Seaso nally adjiisted annilal rates
47. 7
162. 5
146. 6
356. 7
148.9
362. 9
50. 5
163. 6
367.4
50. 6
165. 3
151. 4
370.4
51. 0
153. 5
165. 9
374. 9
155. 5
50.8
168.6
157.7
53. 6
168.7
379. 9
387.9
172.4
55. 5
160. 0
1
Income in current prices divided by the implicit price deflator for personal
consumption
expenditures on a 1963 base.
2
Population of the United States including armed forces abroad. Annual
data as of July 1; quarterly data centered in the middle of the period, interpolated
from monthly figures.
Per cap>ita disas
posable personal Saving
percent
incc
me
Equals :
of disPersonal
posable
saving Current
1963
personal
prices prices l
income
(percent)
Dollars
18.9
7.9
1, 521
1,756
7.8
19.8
1,582
1,809
7. 4
18.9
1,582
1,790
6. 4
17.5
1,870
1,660
7.9
23.0
1,741
1,928
7. 6
23.6
1,941
1,803
7.8
24.7
1,825
1,928
23.6
7.0
1,904
1,987
21.7
6. 2
1,937
1,993
27.6
7.6
1,983
2,028
7. 6
29. 1
2,086
2,059
29.3
2, 125
2, 125
7.3
29. 7
28.5
27. 1
29. 6
29. ~5
31. 0
30.8
2,066
2,084
2,093
2, 116
2,131
2, 157
2, 191
2,091
2, 101
2, 101
2,118
2, 127
2,144
2,171
7.7
7. 3
6. 9
7.4
7.3
7.5
7.4
Population
(thou-2
sands)
156, 947
159, 559
162, 388
165, 276
168, 225
171, 278
174, 154
177, 080
180, 684
183, 756
186, 656
189, 375
187, 045
187, 816
188, 444
189, 047
189, 756
190, 498
191, 120
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source?: Department of Commerce and Council of Economic Advisers.
FARM INCOME
Nef farm income (seasonally adjusted) declined in the firsf quarter.
BILLIONS OF DOLL ARS
BILL IONS OF DOLLARS
SEASONALLY ADJUSTED ANNUA L RATES
Pin
-;' "
HA
REALIZED 6ROSS
FARM INCOME
40
11
X
~
'
•^^••^^^B^"""^"
—-^
—
^"
,
40
pA
NET FARM INCOME
1NCI .UDING NET INVENTt3RY
CHANGE
—
in
0
I
1
1958
I
1
J
f
1959
i
SOUF CE: DEPARTMENT OF AGRICULTURE.
t
i
i
\
I960*
I
t
!
-
From
From
farm
nonfarni
sources sources
'
1954
1955
1956
1957
1958.
1959.
1960...
1961
1962
1963
19. 0
18.3
iae
_
1962: III
IV
1963: I
11
Ill
IV
1964: I
_
_.
18.8
20. 5
19.0
19.6
20.1
20.5
19.8
13.2
12.2
12.0
12.2
13.8
11. 8
12.3
13.0
ia4
13.0
I
I
1
1
!
0
1964
1963
5.8
6.1
6.6
6.6
6.7
7. 1
7.2
7.0
7.1
6.8
Wet inc ome per
Nett o farm - farm
inc] uding net
oper ators
inventoryr change3
ProduC"*
Cash tion
ex- Exclud- Includreceipts penses ing net in- ing net inTotal *
from
ventory ventory2
marketchange change
ings
Billions <rf dollars
33.9
21. 7
12. 2
12. 7
30.0
33.3
21. 9
11. 8
29. 6
11.5
34. 6
30.6
22.6
11. 6
12.0
34.4
23.4
29. 8
11. 8
11.0
37.9
33.4
12. 6
25.3
13. 5
26.2
37. 5
33. 5
11.3
11.4
26.2
11.7
37.9
34.0
12.0
39.6
12.5
34.9
27. 1
12.8
40.8
28.2
13.3 1
12.6
35.9
41.1
12.3
36.2
28.8
12.8 1
Seas onally ad justed amnial rates
40.7
13.2
28.3
12.4
35.8
41.0
36.2
28.4
13.4
12.6
12.7
41.3
36.4
28.6
13. 5
40. 6
12. 6
35. 6
28.6
12.0
12.7
12. 2
41. 1
36. 1
28.9
41.4
36.7
29. 1
12.3
12.6
41.2
36.2
12.2
29.2
12.0
1
Cash receipts from marketing?, Government payments, and nonmoney Income furnished by farms.
i1Inventory of crops and livestock valued at the average price for the year.
Based on 1959 Census of Agriculture definition of a farm. The number or
farms is held constant within a year.
I•
]income received fro m farming r
Realizeid gross
From
all
sources
!
c OUNCH. Of ECONOMIC AD>flSERS-
Personal income re ceived by
total Farm popiilation
Period
I
1962
1961
Current
1963
prices prices 4
Dol lars
2,645
2,939
2, 529
2,779
2, 574
2,798
2, 695
2,837
3,201
3,334
2,775
2, 861
3, 106
3, 044
3,359
3,428
3,602
3,638
3, 580
3,580
3,580
3,630
3,780
3, 530
3,550
3,530
3,510
3,620
3,630
3,780
3,530
3, 550
3, 530
3, 510
4
Income in current prices divided by the index of prices paid by farmers for
family living items on a 1963 base.
Source: Department of Agriculture.
CORPORATE PROFITS
Current estimates show that corporate profits before taxes rose $1.9 billion (seasonally adjusted annual rate) in the
first quarter of this year.
After tax profits rose more sharply to $31.2 billion, almost 23 percent above a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
1962
Period
1953..-—.
1954.. ....
1955
i956.____.
1957
19581959
1960
1961...
1962
1963
1962: IIL.
IV..
1963: T_...
II._.
III..
IV..
1964: I....
I
1963
SEE NOTE ON TABLE BELOW.
•M EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Derate
pr
ofits (befc>re taxes) and inveritory
Cor]
Cor]aorate pi•ofits
valuation adjustmej at
aifter tax€JS
TransCorpoCorpoM anufactui •ing
portation,
rate
rate
comAll
Untax
Diviprofits
NonAll
Durable durable muniother before liabil- Total
dend distribindusgoods
cations,
ity
industaxes
payuted
Total indusgoods
tries
and
tries
ments profits
tries
public
tries
utilities
21.4
18.4
25.0
23.5
22.9
18.3
25.4
23. 0
22.0
24. 5
26.5
24.7
25.2
24.2
26.0
27.6
28.1
29. 5
37.3
33.7
43.1
42.0
41. 7
37.2
47.2
44. 5
43.8
47. 0
51.1
46.1
49.3
48.8
50. 1
52.2
53.2
56.0
12. 1
10. 1
14.2
12.6
13. 1
9.0
13.4
11.6
11. 1
13. 2
14. 6
13.5
13.7
13. 2
14. 5
15.0
15. 6
16. 2
9.3
8.3
10.8
10.9
9.8
9.3
11.9
11.4
10.9
11.3
11.9
11.3
11. 6
11.0
11.5
12.6
12. 5
13.3
4. 9
4. 4
5. 4
5. 6
5. 5
5. 6
6. 7
7. 0
7. 2
7. 6
8. 1
7.6
7.9
8. 1
7.9
8.3
8. 3
8.4
11.0
11.0
12.8
12.9
13.3
13.3
15. 1
14.4
14.6
14. 9
16.5
13.8
16.2
16.4
16.2
16.4
16. 9
18.0
i Includes depreciation, capital outlays charged to current accounts and accidental damages.
^ Corporate profits after taxes plus corporate capital consumption allowances.
34-213 °— 64
2
38.3
34.1
44.9
44.7
43. 2
37.4
47.7
44.3
43.8
46.8
51.5
46.2
48.4
48.3
51. 0
52.2
54.3
56. 2
20.2
17. 2
21.8
21. 2
20. 9
18. 6
23.2
22.3
22.0
22.2
24.4
21.9
22.9
22.9
24. 2
24.7
25.8
24.9
9.2
18. 1
9.8
16.8
11.2
23. 0
12.1
23.5
22. 3
12.6
12.4
18. 8
24. 5 . 13.7
22.0
14.5
21. 8
15.3
24. 6
16.6
17. 8
27. 1
16. 5
24.3
17. 1
25.5
17. 1
25.4
17.6
26.8
17.6
27. 5
28. 6
18.8
19.1
31. 2
8.9
7. 0
11.8
11. 3
9.7
6.4
10.8
7.5
6.5
8.1
9.3
7.8
8.4
8.3
9.2
9. 8
9.7
12. 1
Corporate
capital
consumption
allow-l
ances
Profits
plus
capital
consumption
allow-2
ances
14. 1
15.8
32.2
32.7
41.4
43.5
44. 1
41.4
48.7
47.6
48. 6
55.4
59.5
55.3
56.8
57. 1
58.9
60.2
61.8
64.9
ia4
20.0
21.8
22.7
24.3
25.6
26.8
30.8
32.4
31.0
31.3
31.7
32. 1
32.7
33. 2
33.7
NOTE.—Data beginning 1962 have been adjusted for effects of new depreciation
guidelines ($2H billion for 1962) and therefore not comparable with previous data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
The rate of inventory accumulation fell substantially in the first quarter to $2.1 billion (seasonally adjusted annual
rate). Modest increases were registered in outlays for all types of construction and for producers1 durable equipment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
100
1958
COUNCIL OF ECONOMIC ADVBIKS
SOURCE: DEPARTMENT OF COMMERCE.
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Period
1951
1952. _
1953___
_
1954
1955
_
1956
1957
1958...
1959
1900
J961...
19(52
I<)<M
HHi'J: 111
IV.
HMKi: I ..
MMM
II
Hi
IV
I
Total
gross
private
domestic
investment
56.3
49.9
50. 3
48.9
63.8
67.4
66. 1
56.6
72.7
71. 8
69. 0
78.8
82.3
78.9
78. 8
77.8
80. 7
83.7
87. 1
84. 8
New cons truction
Total
Total
46. 1
46.8
49.9
50. 5
58. 1
62.7
64.6
58.6
66.2
68.3
67.1
73.2
77.5
75.3
74.9
72.7
76.5
79.5
81.7
82.6
Residential
nonfarm
24.8
25.5
27.6
29.7
34.9
35.5
36.1
35.5
40.2
40.7
41.6
44. 4
46.6
46.0
45.0
43.7
45.8
47. 9
49.2
49.7
12. 5
12.8
13.8
15.4
18.7
17.7
17.0
18.0
22. 3
21. 1
21. 0
23.2
25.0
24.2
23.7
22. 7
24. 8
25. 9
26. 8
27. 1
* |;«»t*t<m« in rw>rm.n mi n r u rmi.-ilruction sliown on p. 11) liavc not yet been in<NHft«M*l*4t Into thtv.w ncrlm
(
* <Mli»»" M u n i i u i l i n n In l l i i ' nrtlivi ittcluiitis pof.roloiiiH and rintural pas well
!iM» MV»•ii«|itilf»f! fn»in mllnmtr.M on p 1U.
Change in business inv entories
Fix*3d investnlent
l
Produc€;rs* durable eqilipment
otiler 2
Total
12. 3
12.7
13.8
14. 3
16. 2
17.8
19.0
17.4
17.9
19.7
20.5
21.2
21. 6
21.7
21.2
21. 0
21.0
22.0
22. 4
22.6
Nonfarm
10. 4
10. 8
12. 1
12.7
14. 6
16.3
17.5
15.9
16.2
18.0
18.6
19.5
19.8
19.8
19. 5
19.4
19. 1
20. 2
20. 6
20. 8
Total
21. 3
21.3
22. 3
20.8
23.1
27.2
2a 5
2ai
25. 9
27.6
25.5
28.8
30. 9
29.3
29.9
29.0
30.7
31.6
32 5
32.9
Total
Non-
Nonfarm
18.4
ia 6
19. 5
18. 5
20.6
25.0
26.2
20.3
23. 1
25.1
22.9
26.0
27. 9
26.6
26.8
25.9
27.6
28.8
29. 4
29.5
10.2
3.1
.4
-1.6
5.8
4.7
1.6
-2.0
6.6
3.5
1.9
5.5
47
3. 6
4. 0
5. 1
4.3
4.2
5.4
2.1
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
9. 1
2. 1
1.1
— :>. 1
5.5
5. 1
.8
-2.9
6.5
3.2
1.5
4.9
4.2
2.8
3.2
4.3
3. 6
3.7
5. 1
1.9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The May survey of plant and equipment expenditures shows an upward revision in the rate of outlays planned for 1964,
from 10 percent to 12 percent above 1963. Estimated spending in the first half of the year was raised by $1 billion
(seasonally adjusted annual rate) from the earlier estimate. Outlays are expected to advance throughout the second
half of 1964.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
50
50
-
10
TRANSPORTATION
,„
\ I „,„..••«'»"""»««.,.,
"-«...„„„„„,„„„;„„„!,.,.,.««"
1964
SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
COUNCIL OF ICONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufaeturi ng
Period
Total1
Total
1953
1954
1955
1956.
1957
1958
1959
1960
1961
1962
1963 3
28.32
26.83
28.70
35. 08
36.96
...
1964
1963: I
II
in.
IV
1964: 1 3
11
III3
30. 53
32. 54
35. 68
34. 37
37. 31
30. 22
43. 92
36. 95
38. 05
40. 00
41. 20
42. 55
43.35
44. 30
11.91
11.04
11.44
14.95
15.96
11. 43
12. 07
14. 48
13. 68
14. 68
15. 69
IS. 25
14. 85
1 5. 30
15.95
16. 45
17.40
17.85
18. 60
19.00
Durable
goods
Nondurable goods
5.65
5.09
5.44
7. 62
8. 02
5. 47
5. 77
7. 18
6. 27
7. 03
7.85
9.05
7.35
7. 65
8.00
8.30
8.85
8.95
9.00
9.30
6. 26
5.95
6.00
7.33
7. 94
5. 96
6. 29
7. 30
7. 40
7. 65
7. 84
9. 20
7. 50
7.65
8.00
8. 15
8.55
8. 90
9. 55
9.70
45.40
IV3
Excludes agriculture.
- Commercial and other includes trade, service, finance, communications, and
construction.
a Estimates based on anticipated capital expenditures as reported by business
in May 1964. Includes adjustments when necessary for systematic tendencies
in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
1
Transpoirtation
Mining
0. 99
.98
.96
1. 24
1. 24
. 94
. 99
. 99
. 98
1.08
1. 04
1.09
1.05
1.00
1.05
1. 05
1.15
1.05
1.10
Railroads
Other
1.31
. 85
. 92
1.23
1.40
. 75
. 92
1.03
.67
.85
1. 10
1.44
. 90
1. 00
1. 20
1. 35
1.40
1.30
1.35
1. 56
1. 51
1. 60
1. 71
1.77
1. 50
2.02
1. 94
1.85
2.07
1. 92
2. 21
1.70
2. 05
1. 85
2. 10
2. 30
2. 15
2.15
Public
utilities
4. 55
4. 22
4.31
4.90
6.20
6.09
5. 67
5.68
5. 52
5.48
5. 65
6.03
5.20
5. 45
5.90
5. 80
5. 95
6. 15
6.00
Commercial and
other 2
8.00
8.23
9.47
11.05
10.40
9.81
10.88
11. 57
11.68
13. 15
13.82
14.90
13.20
13.30
1405
14.50
14.30
14.85
15.05
26.40
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
,
Seasonally adjusted civilian labor force remained virtually unchanged in May, though unemployment fell.by 200,000.,
Unemployment dropped under 3.9 million, its lowest level since May 1960.
MILLIONS OF PERSONS 7
MILLIONS OF PERSONS*
t M l | j I I I I j I I I I I 1 { M l I I I I t t I f 1 I I t 1 1 1 f t f t f I 1 I 1 I tj 0
1958
1964
1959
* 14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR.
Period
Total
labor
force
(including
armed
forces)
; 1*959...
I960—
1961—
1962 2 8__
1962 ..
1963-.
71, 946
73, 126
74, 175
74, 839
74, 681
75, 712
1963:
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec..
1964:
Jan..
Feb..
Mar.
Apr.
May.
COUNCIL OP ECONOMIC. ADVISERS
Civilism emTotal
ploy ment
labor
force
XT
Won- Unem(includployagriTotal
ment
ing
cularmed
tural
forces)
fhous ands of ipersons 14
65, 581 59, 745 3,813 71, 946
66, 681 60, 958 3,931 73, 126
66, 796 61,333 4,806 74, 175
67, 999 62, 744 4, 012 74, 839
67, 846 62, 657 4,007 74, 681
68, 809 63, 863 4, 166 75, 712
Unadji listed
Unemp] oyment
rate (pe reent of
civiliaia. labor
UnemNonfoi ce)
ployagriment Unad- Seasonculadtural
justed ally
justed
Percent
59, 745 3, 813
5. 5
60, 958 3, 931
5.6
61, 333 4,806
6.7
62, 744 4,012
5.6
62, 657 4,007
5.6
63, 863 4,166
5.7
Civilisin employment
Civilian
labor
force
Total
Agricultural
years of age and o ver
69, 394 65, 581 5, 836
70, 612 66, 681 5,723
71,603 66, 796 5,463
72, Oil 67, 999 5,255
71, 854 67, 846 5, 190
72, 975 68, 809 . 4, 946
SeasonaUy adjustec 1
Labor
, force
participation
rate,
unadjusted >
sas
sa 3
sao
57.4
57.4
57.3
74, 897
75, 864
77, 901
77, 917
77, 167
75, 811
76, 086
76, 000
75, 201
68, 097
69, 061
70, 319
70, 851
70, 561
69, 546
69, 891
69, 325
68, 615
63, 424
63, 883
64, 365
64, 882
65, 065
64, 220
64, 541
64, 548
64, 576
4,063
4,066
4,846
4,322
3,857
3,516
3,453
3,936
3, 846
75, 688
75, 759
75, 627
75, 951
75, 737
75, 840
75, 910
76, 811
75, 964
72, 902
78, 022
72, 891
73,207
72, 988
78, 091
78, 168
78, 572
73, 224
68, 767
68, 720
68, 767
69, 101
68, 941
69, 044
69, 067
69, 222
69, 205
4, 997
5,080
4,924
5,009
4,872
4,877
4,989
4,908
4,890
63, 770
68, 690
68, 843
64, 092
64, 069
64, 167
64, 128
64, 319
64, 815
4,135
4,802
4,124
4,106
4, 047
4,047
4,101
4,850
4, 019
5.6
5.6
6.4
5.7
5.2
4.8
4.7
5.4
5.3
5.9
5.7
5.6
5.5
5.5
5.6
5.9
6.5
5. 7
56. 9
57. 5
59.0
58.9
58. 3
57. 2
57.3
57.2
56. 5
74, 514
75, 259
75, 553
76, 544
77, 490
67, 228
68,002
68, 517
69, 877
71, 101
63, 234
64, 071
64, 500
65, 448
66, 094
4, 565
4,524
4, 293
3, 921
3,640
76, 888
76, 567
76, 508
77, .388
77, 843
73, 667
78, 885
73, 760
74,688
74, 595
69, 567 4,936
69, 8S2 4,797
69, 807 4,600
70, 559 4,748
70, 754 4,865
64,631
65, 035
65, 207
65, 811
65, 889
4,100
4,003
8,953
4,024
3,841
6.4
6.2
5.9
5. 6
6. 4
55. 9
56.4
56. 6
57. 3
57. 9
» Total labor force as percent of nonlnsututionai population.
* Adjusted by Council of Economic Advisors for comparability with previous
10
5.3
4.9
6.4
5.4
5.1
3
Not strictly comparable with preceding data. See Employment and Earnings, May 1962, p. XIV.
NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate in May fell to 5.1 percent, following 5.4 percent for 3 months in a row.
The rate for experienced workers declined to 4.8 percent, and that for married men to 2.6 percent.
PERCENT
10.0
SEASONALLY ADJUSTED
A
PERCENT
10.0
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
8.0
6.0
4.0
2.0
2.0
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS.
Unennploymen t rate
(pereen t of eivilijin labor
for ce in Krou P)
Period
A*__ _
1959
1960_._
1961
1962..
1963
f.
Persons at work i n n onagri cultural 3iiidustries
by hours worked i>er week
Uiider 35 ho urs
Part-ti me for
Part-ti me for
economi c reasons economi B reasons
35-40
hours
Total
Usually Usually Usually Usually
fullpartpartfulltime 4
time 5
time 5
time*
Thousan ds of pers ons 14 ye ars of age and over
17, 345 27, 723 11,702
1,032
1,304
17, 664 28, 724 11,528
1,243
1,317
1,516
18, 210 29, 047 11, 132
1,297
1,049
19,025 28 853 U, 675
1,288
1,219
19, 257 29, 422 11,856
1,070
(Jn adjuste i
Seasonallyr adjusted
19, 894 30, 489 11,408
, 021
1, 119
1,022
1, 197
19, 706 30, 098 10, 595
, 069
1, 550
1,246
1,081
924
18, 747 28, 467
9, 888
1, 559
1,048
1,214
29,
020
10,
245
18, 658
, 183
1,608
1,287
1,178
20, 154 30, 80S 10, 768
1, 112
, 158
1, 173
1,223
20, 334 30, (>2(> 11,294
, 058
1, 061
1, 101
1,220
19, 101 27, 02S 16,391
1,086
1, 075
1,034
1, 168
20, 220 30, 597 11,773
1,039
1, 008
1,023
1, 157
18,337 28, 842 13,801
1, 057
1, 015
957
1, 164
18, 985 29, 968 13, 015
1,036
1, 106
1,085
1,165
1!), 460 31, 090 11,908
1,032
1,049
1,003
1, 127
20, 173 31, 279 11,885
1,053
992
1,069
1,154
20, 450 31,055 12, 283 1 6 931 6 1, 137
932
1,216
4
Labor
force
time lost
through
Experiunemenced
Over 40
Married
All
and men * ployment
and
part- hours
workers wage
salarv
time
workers
work 2
._
1963: Mav
June
July
Aug
Sept
Get
Nov
Dec
1964: Jan
Feb
Mar
Apr
May__
1
1 Married
5.5
5.6
6.7
5.6
5.7
5.9
5.7
5.6
5.5
5.5
5.6
5.9
5.5
5. 6
5. 4
5. 4
5. 4
5. 1
Per cent
3.6
5.6
3.7
5.7
4. 6
a8
3.6
5.5
3.4
5. 5
Seasonall1f adjustec
5. 5
5. 6
5.4
5. 4
5. 4
5. 5
5.7
5.3
f>. 3
5. 2
f>. 1
5.0
4.8
3.3
3. 2
3. 2
3. 1
3.0
2.9
3.4
3.3
3. 2
:j. o
2. 9
2. 9
2. 0
6.6
6.7
ao
6.7
6.4
6.5
6.6
6.4
6.3
ai
0. 2
<>. 3
(>. 1
0. 2
(>. 1
5. 8
5. 9
5. 7
men living with their wives.
Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent o! totol man-hours potentially available to the civilian labor
force.
* Differs from total nonagrieultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
Includes persons who worked part-time because of slack work, material
shortages
or repairs, new job started, or job terminated.
5
Primarily include? persons who could find only part-time work.
8
Average hours worked: usually full-time, 24.3; usually part-time, 18.7.
NOTE.—See note, p. 10. Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In May, insured unemployment under State'programs averaged about 1.4 million.
of coverage, this was 177,000 less than in May 1963.
After adjustment for extension
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
JAN.
FEB.
MAR.
APR.
JUNE
AUG.
SEPT.
NOV.
]/ SEE NOTE 2 ON TABLE BELOW.
SOURCE: DEPARTMENT OF LABOR,
1960
1961
1962
1963
1963: Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec
1964: Jan
Feb
Mar
Apr 1
May
Week ended:
1964: May 2
9
16
23.
30
June 6
* J'reHintnftry.
COUNCIL OF ECONOMIC ADVISERS
AH prograrias
Insured Total
unem- benefits
Covered ploypaid
employ- ment
(milment
(weekly
lions
averof dollars)
age)
Period
Thou sands
46, 334
2,067
2,994
46, 264
47, 766
1,924
1
1,973
48, 675
47, 892
2,089
48, 329
1, 799
49, 001 2 1,628
49, 095
1, 655
1,587
49, 381
1,444
49, 424
1,476
1,686
2,122
2, 563
2,410
2,200
1, 920
1,605
__
1,762
1,696
1, 622
1,565
1,507
3, 022. 7
4, 358. 2
3, 160. 0
3, 025. 9
297.8
254.6
205.0
211.8
204,8
179.8
190.0
181.3
254.5
345.6
307.9
315.6
280.9
240.0
-Stjite progra ms
Insured
unemployment
Initial
claims
Insurec1 unemploymeiJit as perExhaus- cent of covered
employment
tions
Unad- Seasonadjusted ally
justed
Weekly iiverage, t aousands
1,906
331
31
46
2,290
350
32
302
1,783
1,806
294
30
1,918
273
37
1,624
239
33
32
240
1,468
2
2
1, 497
28
301
1,438
26
251
226
24
1,296
24
1,333
256
22
1,542
292
1,972
27
415
412
30
2,395
291
2,243
31
259
32
2,050
34
1,755
246
1,447
31
218
1,597
1,535
1,465
1,406
1,352
• Programs Include Puerto Rican sugarcane workers for initial claims and
In/mm! unemployment beginning July 1963.
12
DEC.
226
243
217
216
194
213
Per cent
4.8
5.6
4. 4
4.3
4.7
3.9
3. 5
3. 6
3. 4
3. 0
3. 1
3.6
4. 7
5. 7
5.3
4.9
4. 2
3.4
4.2
4.2
4. 1
4.1
4.2
4.0
4-1
4.1
4.3
4.8
4.0
3.8
S.8
3.6
Benefi ts paid
Total Average
(milweekly
lions of
check
dollars) (dollars)
2, 726. 7
3, 422. 7
2, 675. 4
2, 774. 7
274.8
235.9
188.2
195. 6
186.8
163. 1
172.0
165.0
233.0
319.3
283.8
292. 6
258.0
220.0
32. 87
33.80
34 56
35.27
35. 54
34.91
34.34
34.43
34,67
34.93
35. 15
35.37
35.78
36. 07
36.24
36. 26
36.02
35.50
3.8
3.6
3.5
3.3
3.2
NOTE.—For definitions and coverage, see the 1962 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Rico since January 1961.
Source: Department of Labor.
NONAGRICULTURAL EMPLOYMENT
Employment of wage and salary workers in nonagriculfural establishments remained almost unchanged in May on a
seasonally adjustea basis.
,
;
,:
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
ALL NONAGRICULTURAL ESTABLISHMENTS
1961
1963
1964
CONTRACT CONSTRUCTION
(ENLARGED SCALE)
WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)
2.5
10.5
Lj,
1963
1962
1961'
1962
* SEASONALLY ADJUSTED DATA.
SOURCE:DEPARTMENT OF LABOR.
1964
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;* seasonally adjusted]
N onmanu facturinf 5 (private)
Manufac ituring ( private)
Period
1957
1958—
1959
1960
1961
1962
1963
1963: Apr__
May_
June.
July.
Aug__
Sept.
Oct _.
Nov.
. Dec.
1964: ,Tan__
Feb..
Mar.
2
Apr 2.
May
Total
52, 904
51, 423
53, 404
54, 370
54, 224
55, 841
57, 174
56, 873
57, 060
57, 194
57, 340
57, 344
57, 453
57, 646
57, 580
57, 748
57, 850
58, 183
58, 327
58, 463
58, 503
NonTotal Durable
goods durable
goods
17, 174
15, 945
16, 675
16, 796
16, 327
16, 859
17, 035
17, 037
17, 095
17, 075
17, 103
17, 033
17, 076
17,119
17,061
17, 127
17,119
17, 175
17, 242
1 7, 287
17,311
9,856
8,830
9,373
9,459
9,072
9,493
9,659
9, 660
9,683
9,685
9,701
9, 652
9, 705
9,718
9, 688
9,737
9,
9,
9,
9,
726
750
814
859
9,855
7,319
7, 116
7,303
7,336
7,255
7,367
7,376
7,377
7,412
7,390
7,402
7, 381
7,371
7,401
7,373
7,390
7,393
7,425
7,428
7,428
7,456
Total
28, 104
27, 585
28, 539
29, 054
29, 069
29, 794
30, 605
30, 370
30, 485
30, 615
30, 748
30, 812
30, 825
30, 884
30, 866
30, 916
31, 013
31,296
31, 330
31, 391
31, 377
TransnrvnV-'Clll"
tract portation
Mining conand
strue- public
tion utilities
828 2,923 4,241
751 2,778 3,976
732 2,960 4,011
712 2,885 4,004
672 2,816 3,903
652 2,909 3,903
634 3,029 3,913
639 3,005 3,890
640 3,019 3,909
639 3,046 3,919
640 3,069 3,936
635 3,083 3,941
632 3,071 3,950
629 3,066 3,937
630 3,057 3,928
630 3,069 3,915
623 3,017 3,923
624 3,169 3,934
625 3,162 3,930
631 3,140 3,955
628 3,100 3,958
»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 16th 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. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
WVinlpY¥ IlUltJ—
sale
and
retail
trarif*
I/I OiUC
10, 886
10, 750
11, 127
11, 391
11, 337
11, 582
11,865
11, 784
11, 825
11, 864
11, 884
11, 907
11, 922
11,935
11,941
11,963
12, 072
12, 143
12, 143
12, 201
12, 184
Finance,
insur- Service
ance,
and
and miscelreal laneous
estate
2,477 6, 749
2, 519 6,811
2,594 7, 115
2,669 7,392
2,731 7,610
2,798 7,949
2,866 8, 297
2,853 8,199
2,864 8,228
2,865 8,282
2,870 8, 349
2,873 8,373
2,873 8,377
2,887 8,430
2,887 8,423
2,892 8,447
2,904 8,474
2,911 8,515
2,918 8, 552
2,924 8, 540
2,930 8, 577
Gover nment
Federal
State
and
local
2, 217
5, 409
2, 191
5,702
2, 233 5,957
2, 270
6,250
2,279
6,548
2,340
6,849
2,358
7,177
2,339
7, 127
2,345
7,135
2,349
7,155
2, 351 , 7,138
2,348
7,151
2,347
7,205
2,352
7,291
2,347
7,306
2,349
7,356
2,349
7,369
2,321
7,391
2,328
7, 427
2, 329
7,456
2,339
7,476
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.
* Preliminary.
—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
• ' • • ; • - * <•
Average hours worked by production workers in manufacturins exhibited no appreciable change in May from the
previous 3 months, on a seasonally adjusted basis.
"* - .
, / * . ! . .
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
DURABLE MANUFACTURING
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
NONDURABLE MANUFACTURING
44
42
40
40
38
38
36
36
34
34
1961
1962
1964
1962
1963
1964
44
RETAIL TR/tDE
CONTRACT CONSTRUCTION
42
40
58
=—i
p• -^
36
34
'
32
32
1961
1962
1963
4964
196!
1962
SOURCE*. DEPARTMENT OP LABOR.
1964
1963
COUNCIL OF ECONOMIC ADVISERS
[Average hours per week; l seasonally adjusted]
'
Maimfacturing Indusjtries
Period
1953
1954
1955
1956
1957.
1958.
1959
1960
1961
1962
1963_
1963: Apr..
May
June.
July..
Aug
Sept
Oct
Nov
Dec
1964: Jan
Feb.
Mnr
Apr 88
May
All
All
_._
__
„
._
.
-
40. 5
39.6
40.7
40. 4
39.8
39. 2
40. 3
39.7
39.8
40. 4
, 40.4
40. 1
40. 5
40. 5
40. 4
40. 3
40.7
40.6
40.5
40.5
40. 1
40.6
40. 7
40.7
40.7
1
Data relate to production workers or nonsupervisory employees. Data for
Alaaka And Hawaii included beginning 1959.
* PreJiniliwry.
14
Durable
goods
41. 2
40. 1
41. 3
41.0
40. 3
39. 5
40. 7
40. 1
40.3
40. 9
41. 1
40.7
41. 1
41. 3
41. 2
41.0
41. 3
41.2
41. 1
41. 5
40.8
41.3
41.2
41.4
41.3
Nondurable
goods
39.6
39.0
39.9
39. 6
39.2
3as
39.7
39.2
39. 3
39.6
39.6
39.3
39.7
39. 6
39.5
39.6
39.7
39.8
39.5
39.6
39.1
39.9
39.9
39. 8
39.8
Source: Department of Labor.
Contract construction
37.9
37.2
37. 1
37. 5
37.0
36. 8
37.0
3&7
3d 9
37.0
37.3
37.5
37.5
37.6
37.3
37.2
37.3
37.6
36.9
36.6
35.6
37.4
37.6
37.4
37.5
Retail trade
39. 8
39.7
39.6
39. 1
3R 7
3a7
3R7
3as
sa i
37.9
37.8
37. 9
37. 8
37.9
37.9
37.8
37.7
37.8
37.7
37.8
37.3
37.5
37.4
37. 4
AVERAGE HOURLY AND WEEKLY EARNINGS - SEIIECTED INDUSTRIES
Average weekly earnings increased substantially in May, to x a new high of $102.97. Average hourly earnings
showea only a small incrgqse, however.
«.
.
.
.
.
.
AVERAGE WEEKLY EARNINGS
AVERAGE HOURLY EARNINGS
2.40
80
2.20
2.00
1962
1961
1963
1964
1961
1962
SOURCE: DEPARTMENT OF LABOR.
1963
1964
COUNCIL OF ECONOMIC ADVISERS
fFor production workers or nonsupervisory employees]
Aversige hourly earaings-—current prices
Period
Manuff icturing iiddustries Contrast
•KT
Retail
conJN ontrade
strucDurable durable
All
goods
tion
goods
1954.
$1.78
1955
.._ 1.86
1.95
1956
1957
_ 2.05
2.11
1958
2.19
1959..2.26
I960.—
1961
— 2.32
2.39
1962
1963
._ 2.46
1963; Apr-. 2.44
May- 2.45
June.. 2.46
July— 2.45
Aug.. 2. 43
Sept.. 2.47
2.47
Oct
2.49
Nov..
Dec.. 2.51
1964: Jan... 2.51
Feb.. 2.51
2.51
Mar
Apr 38. 2. 52
May _ 2.53
$1.90
1.99
2.08
2. 19
2.26
2.36
2.43
2.49
2.56
2.63
2.62
2.63
2.64
2.63
2.61
2.65
2.65
2.67
2.69
2.69
2.68
2.69
2.70
2.71
$1. 62
1.67
1.77
1.85
1.91
1.98
2.05
2. 11
2. 16
2. 22
2.21
2.21
2.22
2.22
2.21
2.24
2.23
2.25
2.26
2.27
2.26
2.27
2.28
2.28
$2.39 $1. 29
2.45
1. 34
2.57
1.40
2.71
1.47
2.82
1. 52
1. 57
2.93
1.62
3.08
1.68
3.20
1.74
3.31
3.42
1.80
3.34
1.79
3.37
1.80
1.81
3.38
3.40
1.80
3.42
1.80
3.47
1.82
1.82
3.47
1.83
3.45
1.80
3.54
3.58
1.84
3.54 - 1.85
3.52
1.85
3.54
1.86
Aver age weekl y earning!j— currenl prices
Manufi icturing iiidustries Contract
Adjusted
hourly
TkT
conRetail
JN onearnings,
Durable
structrade
All
1957-59=
goods durable
tion
goods
100 »
$70. 49
75.70
78. 78
81. 59
82.71
88.26
89. 72
92.34
96. 56
99.38
97. 36
99.23
100. 37
99.23
98.42
100. 53
100. 53
100. 85
102. 41
99. 90
101. 15
101. 40
102. 06
102. 97
1
Earnings in current prices, adjusted to exdude overtime and interindustry shifts.
!
Earnings in current prices divided by the consumer priceindex on a 1963 base.
3
Preliminary.
34-213°—64
3
Manufac sturiug
indusl:ries
$76. 19
82. 19
85.28
88. 26
89.27
96.05
97.44
100. 35
104.70
108. 09
106. 37
108. 36
109. 82
108. 09
107. 01
109. 45
109. 71
110. 00
111. 90
109. 21
109. 88
110. 29
111. 51
112. 19
$63. 18
66.63
70.09
72.52
74 11
78. 61
80.36
82. 92
85.54
87.91
85.97
87. 52
88.36
88.36
88.40
89. 38
88.98
89. 10
90. 17
87.85
89.04
89. 67
89. 83
90. 52
$88. 91
90.90
96.38
100. 27
103.78
108. 41
113.04
118. 08
122. 47
127. 57
124. 58
128. 06
129. 79
130. 90
132. 70
132. 90
134. 98
125. 58
124. 96
122.08
127. 09
1281 48
131. 69
$51. 21
53.06
* 54. 74
56.89
58.82
60.76
62. 37
64.01
65.95
68.04
67.48
67.68
68.96
69. 30
69. 30
68. 61
68.25
68. 26
68.40
68.26
68.82
68. 64
69. 19
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
84.3
86. 9
91. 5
96.2
100. 2
103. 5
106.8
109. 8
112. 5
115.4
1149
1149
115. 1
115. 2
115.0
116.0
116. 1
116.8
117.2
117.6
117.7
117. 8
118. 1
Average
weekly
earnings,
1963
prices 2
$80. 38
86.61
88.72
88.88
87. 62
92. 81
92.88
94.51
97.73
99.38
97. 85
99.73
100. 47
98.83
98.03
100. 13
100. 03
100. 15
101. 60
99. 01
100. 35
100. 50
101.05
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
In May, the industrial production index continued to increase rising 0.5 percent to 130.3 (1957-59=100, seasonally adjusted). Most major industry groups contributed to the gain.
INDEX, 1957-59 «IOO (SEASONALLY ADJUSTED)
150
TOTAL
INDEX, 1957-59* 100 (SEASONALLY ADJUSTED)
140
150
160
13O
120
110
100
110
1OOO
1964
1963
ISO
MARKET GROUPS
140
130
120
110
100
90
COUNCIL Of ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Total
industrial
production
Period
1954
1955
1956
1957
1958
1959
1960
11)01
11M»2
11)03
_._
_ ._
l
l«)0:t: Apr
Mav
.lime 1 .
.hilv
AUK
S<-pt.
< >H.
Nov.
1 ><•«•
11 MM: .Inn
I'Vb
Mar.
Apr.
Muy «...
I'rcUiiiliuiry.
16
__ . .
85. 8
96. 6
99.9
100. 7
93.7
105. 6
108.7
109. 8
118. 3
124.3
122. 5
124.5
125.8
126. 5
125. 7
125.7
26. 5
20. 7
J(». 1)
27. -1
J7. «.)
JS. .1
J!». (i
jo. ;{
[1957-59 = 100, seasonally adjusted]
Industry
M anufactur ing
Mining Utilities
NonTotal Durable durable
86.3
97. 3
100. 2
100. 8
93. 2
106. 0
108. 9
109. 7
118. 7
124.7
123. 1
125.2
126. 4
126. 8
125. 9
126. 1
127. 1
127.5
127. 1)
2S. 2
•JK. 7
•Ji). :t
:w. 7
:n. 12
88. 4
101. 9
104. 0
104. 0
90.3
105. 6
108. 5
107.0
117.9
124.4
122. 8
125. 6
127.4
127.0
125.0
125. 3
126.3
126. 6
127. 0
127. 1)
I2S. 6
I'-M). ('»
i:u. 2
i;n. (»
83.6
91. 6
95. 4
96. 7
96.8
106. 5
109. 5
112.9
119. 8
125. 1
123.4
124.8
125. 2
126.4
127.2
127. 1
128. 1
128. 6
128. 9
128. 6
128. 9
128. 8
im i
i.m H
90. 2
99.2
104.8
104. 6
95. 6
99.7
101. 6
102. 6
105. 0
107.8
107. 4
108. 5
109.4
111. 3
111. 3
110. 3
109. 1
107.5
106. 6
108.3
108. 5
108. 3
109. 3
1 10. 7
71. 8
80.2
87.9
93. 9
98. 1
108. 0
115.6
122. 8
131.3
140.7
135. 7
139. 1
141. 3
145. 3
144 6
142. 8
143. 9
144. 5
143. 3
144.9
143. 6
144. 2
145. 0
146. 5
Ma rket
Fi nal produ cts
Total
.
85.7
93. 9
98. 1
99.4
94.8
105.7
109. 9
111.3
119. 7
124.8
122. 1
123.5
125. 2
125. 9
126. 2
126. 5
127. 9
128.0
128. 4
128.3
128. 1
128. 1
129. 4
130.0
Consumer
goods
84.3
93.3
95. 5
97.0
96.4
106.6
111.0
112. 7
119. 7
125.1
122. 5
124. 1
125.9
126.4
126. 7
126.7
128.0
128.2
128. 2
128.5
128. 7
128.2
129.3
129. 6
Equipment
88.9
95.0
103.7
104.6
91.3
104. 1
107.6
108.3
119.6
124.2
120.4
122. 1
123.8
124.8
125.3
126.2
127.7
127.6
128.8
128.0
126.7
127.9
129. 7
130.6
: Honrd of (Governors of the Federal Reserve System.
Materials
85.9
99.0
101. 6
101.9
92.7
105.4
107. 6
108.4
117.0
123.6
122. 9
125.7
126.6
126.7
125. 1
125. 0
125. 5
125.8
125. 4
126.2
127. 8
128. 5
129. 5
130. 4
PRODUCTION OF SELECTED MANUFACTURES
Increased output (seasonally adjusted) in May was widespread among the major durable and nondurable manufactures. Iron and steel again posted a large rise.
INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)
INDEX, 1957-59'IOO (SEASONALLY ADJUSTED)
160
120
100
LUMBER AND PRODUCTS
1963
80
140
120
140
140
100
1964
COUNCIL OF ECONOMIC ADVISERS.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1957-59=100, seasonally adjusted]
Durab le manuff ictures
Period
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963J
1963: Apr
May
J une
July
Aug
Sept
Oct
Nov
Dec
1964: Jan
Feb
Mar
Apr 1
May
1
Preliminary.
.
Ncmdurable manufactu res
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
Machinand
cated
and
Primary
petrobevertation
apparel,
ery
prodprint- leum, and ages, and
metal
equipand
metals
ing
ment
products
ucts
leather
rubber tobacco
91.3
118.4
116.4
112. 2
87.5
100.4
101. 3
98. 9
104. 6
113. 1
120. 1
127. 4
125. K
122. 8
109. 4
107.7
108. 4
109. 5
110. 4
113.6
118. 7
120.9
123.5
126
90. 2
98.3
98.8
101. 5
92.9
105. 5
107. 6
106. 5
117. 1
123. 4
120. 2
123. 3
125. 1
125. 6
126. 4
125. 6
126. 8
126. 0
125. 6
127. 7
127. 6
129. 1
131.6
131
87.7
96.5
107. 1
104. 2
88.8
107. 1
110. 8
110. 4
123. 5
129. 1
125. 9
128. 4
129. 4
129. 6
130. 5
131. 3
132. 2
132. 6
133. 3
134.7
133. 5
135. 8
138. 1
138
83.8
102. 0
97.4
106. 4
89. 5
104. 0
108. 2
103. 6
118.3
127. 0
123.7
124. 5
130.4
129.3
126.8
128. 7
130.8
130.8
130.6
129.6
130.3
129.0
131.4
132
99. 6
109. 5
105.4
95.9
95.6
108. 5
102. 1
101.3
106. 1
109. 0
108. 0
108. 9
106.9
104. 1
110. 4
110.3
108. 1
111. 1
112. 5
112. 1
116. 1
117.3
113.8
86. 9
95. 5
98.0
96. 9
95.0
108. 1
107.5
108.4
115. 1
118. 5
116.2
116.5
118.0
118.9
120.2
121. 1
121. 7
123. 0
123.7
122.5
122.2
120. 1
121.0
121
85.0
92. 5
97. 1
97.8
97.0
105. 2
109. 0
112.4
116.7
120. 0
119.2
120. 5
121. 6
122. 3
122. 4
122.0
122.3
122.7
123. 8
123.0
124.4
124.0
127.2
129
74. 7
86.8
91.4
95. 6
95.5
108.9
113.9
118. 8
131.2
141. 5
139.7
141. 3
141.3
143.3
144.4
144. 8
145. 9
147.3
146. 1
145.5
145. 7
146. 8
148. 3
149
89. 8
93. 1
96. 6
96.7
99.4
103. 9
106.6
110.4
113. 4
116. 3
114.7
116.4
116. 1
116. 9
117.5
116. 5
118. 2
117.2
118.4
119.3
119. 5
119. 5
119. 7
120
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production (seasonally unadjusted) continued to rise in May.
dropped 4 percent below peak rate of April^ largely because of strike losses.
MILLIONS OF TONS
MILLIONS OF SHORT TONS
However, auto assemblies
(DAILY AVERAGE)
14.0
S
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EOISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Period
Weekly average:
1957
1958
1959
1960
1961
1962
1963__^
1963: Apr
May
June
July
Aug__ ._
Sept
Get
Nov
Dec
1964: Jan
Feb
Mur
Apr
May a ~ ,
1004; May 0
JO™.,..
23......... « .
30
JlHii! 0 ffc .. - „ .
Ul»... .1
O
N
D
COUNCIL OF ECONOMIC ADVBiRS
Electric Bituminous Freight Paperboard
Car s and trineks
Steel p reduced
power
coal mined
produced assemt>led (tho usands)
loaded
Index
Thousands
distributed (thousands (thousands
(thousands
of net
(1957-59= (millions of
of short
Total Cars Trucks
of tons)
of cars)
tons
100)
kilowatt-hours tons) 1
2, 162
1,635
1,792
1, 899
1,880
1,886
2,096
2,493
2,594
2,416
1,958
1,757
1,836
1,915
1,979
1, 980
2,148
2,289
2,367
2,459
2,493
116. 0
87.8
96.2
101.9
100.9
101. 2
112.5
133.8
139. 2
129.7
105. 1
94.3
98. 6
102.8
106.2
106.3
115.3
122.8
127. 1
132.0
133.8
11, 873
12, 082
13, 297
14, 424
15, 139
16, 325
17, 490
16, 357
16, 445
17, 625
18, 078
18, 257
17, 527
17, 250
17, 482
18, 792
18, 722
18, 668
18, 144
17, 770
17, 915
1,644
1,380
1,380
1,390
1,353
1,414
1,512
1,495
1,538
1,573
1,510
1,543
1,655
1,637
1,535
1,540
1,555
1,392
1,415
1,469
1,520
683
581
596
585
550
552
555
560
588
606
539
578
577
628
559
493
517
526
526
554
586
273
274
307
306
322
343
358
356
366
370
319
381
355
387
373
325
349
386
384
386
391
138.6
98.4
129.5
151.8
127.9
157.5
175.0
186.0
185.1
200.1
166.1
48.1
145.7
205.8
205. 5
202.0
189.9
201. 2
196.6
214.0
204.9
117.6
81.6
107.6
128.8
106. 1
133.4
146.9
157.2
156.3
170.5
138.5
29.7
118.9
174.9
175.7
173.3
159.8
168.4
164. 0
178.5
171. 6
32.7
32.6
35.5
33.4
2,492
2,503
2,511
2, 402
2t 445
2,417
133.8
134.4
134. 8
132. 2
131,2
120. 7
17, 836
17, 812
18, 277
17, 734
17, 834
1
18, 938
1,531
1,527
1,545
1, 683
1,568
582
591
595
577
580
380
398
394
394
381
400
212.6
207.5
206. 1
193.6
209. 5
215. 7
177. 9
174. 5
172.5
161. 4
173. 9
179.9
34. 7
33.0
33.6
32.2
35.6
35. 7
21.0
16. 8
21.9
123, 0
21.8
24.1
28. 1
28,8
28.8
29.6
27.6
18.4
26.8
30.9
29.8
28.7
30: i
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of tho Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.
NEW CONSTRUCTION
Outlays, of new construction (seasonally adjusted) in May were at an annual rate of $66.7 billion, about the samis
as in the preceding 2 months but 10 percent above the level a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
-TOTAL NEW CONSTRUCTION-
s
50
PRIVATE^
30
30
20
20
7
I t It I t 1 » t I i t I t l t i i I t I t . i I i l I t l t I i rt
l I i I I l I t l I I i I I t i I t t I t l t I I I l i t i I I f I I I I I" t i i i i I t i . . i ] l
* SEE NOTES IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.
Period
1959
1959 (new series)4.
1960
1961.
1962
1963__
Total new
construction
expenditures
54. 1
55.3
53.9
55.5
59.0
62.8
COUNCIL OF ECONOMIC ADVISERS
TJ
Jrr
ivate
Resi dential noiafarm
Total
38.0
39.2
38. 1
38.3
41.5
43.8
Total *
22. 3
24.3
21.7
21.7.
24,2
25.7
CommerAdditions cial and
New
housing
and al- 2 industrial
units terations
Billions of dollars
4. 4
17. 1
4.3
19. 2
16. 4
16. 2
18. 6
20.1
6. 0
6.0
7.0
7.5
7.9
8.2
Other
9. 7
8.9
9.3
9. 2
9.4
9.9
Constructioii contracts 3
Federal, Total value Commercial and
State,
(index,
industrial
and
1957-59 = floor space
local
100)
(millions of
square feet)
16. 1
16. 1
15. 9
17. 2
17.6
19.0
/Sea,sonally adjiisted annua I rates
1963: Apr
May
June
July
Aug
Sept
Oct._.
Nov
Dec__
1964: Jan
Feb_
Mar
Apr
'.
May * _ _ _ _ _
1
59.6
60. 5
62.3
62.7
642
64.2
65. 9
66.1
65.5
65.6
65.8
66.8
66.7
66.7
42.4
43.1
43.2
43.9
44.6
44.8
45.6
45.8
45.9
45.6
46.0
46.6
46.5
46.6
25.0
25.6
25.8
25. 9
25.8
25. 9
26. 5
26.9
26.6
26.7
27.0
27.4
27.4
27.3
19.4
20. 1
20.2
20.3
20.2
20. 1
20. 7
21.1
20.8
20.9
21. 2
21.7
21.6
21. 5
Includes nonhousekeeping residential construction, not shown separately.
*3 Not available for revised series beginning 1960.
Compiled by F. W. Dodge Corporation and relates to 48 States.
* In addition to major differences between old and new series, data for Alaska
and Hawaii are included beginning January 1959.
7.7
7.6
7.6
9.8
9.9
9.8
8. 1
10.0
10. 1
10. 0
10. 2
9. 0
10.3
10.0
10.1
10.0
10.1
10.2
8.7
9.0
8.9
8.9
8.9
8.9
9. 1
9.0
9.0
9.9
17. 1
17.3
19.2
18.8
19. 6
19.4
20. 3
20.4
19.7
20.0
19.7
20.2
20.2
20. 1
105. 1
105. 1
105.2
107.6
119.7
132.0
440
440
461
443
500
534
Seasonally
Seasonally adjusted ,
adjusted
annual
rates
125
483
144
564
135
617
126
549
132
539
128
527
146
610
144
518
148
530
147
620
143
630
140
578
138
658
Preliminary.
Sources: Department of Commerce and F. W. Dodge Corporation.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts in May were at a seasonally adjusted annual rate of 1.5 million units, about the same
as in April. Housing permits also changed little while FHA applications and VA appraisal requests declined
somewhat.
MILLIONS OF UNITS
MILLIONS OF UNITS
2.5
2.5
2.0
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION (VA).
COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Hoiising stai•ts
Period
1957
1958
1959
1960
1961
1962
1963
1963: Apr-MayJuneJulyAug__
Sopt_
Oct..
Nov__
Doc
1061: .In n . _
1'Vb 3_
Mar .
Apr 3 .
MHV»
Total
private
Total
and
private
public (includ(including
farm)
ing
farm)
1, 553. 5
1, 296. 0
1, 365. 0
1, 492. 4
1, 617. 7
1, 516. 8
1, 252. 1
1, 313. 0
1, 462. 8
1, 587. 0
160.3
169. 5
157.3
152.3
147. 9
147.3
166. 1
121. 2
96.8
100. 8
101. 1
158. 2
166.4
153. 4
150. 2
144.4
145.3
163. 1
119.4
95. 1
99. 6
100.3
130. 1
146. 8
I/M. 8
i :w. :i
! f»0. 5
if>r>. o
Prh^ate nonfa rm
Total
Onefamily
1, 174. 8 1, 022. 2
1, 314. 2 1, 705. 2
.1, 494. 6 1, 211. 9
1, 230. 1
972.3
946.4
1, 284. 8
1, 439. 1
967.8
977.3
1, 559. 6
155. 4
163.2
151. 6
148.6
142.0
142. 1
159. 8
117. 0
92.8
98.3
97.7
128.3
144. 1
152.3
102. 8
103. 9
98. 3
96. 5
93. 4
89. 7
99. 2
69.4
48.2
53.8
61. 1
81.6
93.7
Two or
more
families
152. 6
209. 0
282. 7
257.4
338. 6
471. 3
581.9
Total
private
(including
farm)
1, 516. 8
1, 252. 1
1, 313. 0
1, 462. 8
1, 587. 0
52. 5
59. 4
53. 3
52. 0
48. 5
52. 4
60.5
47. 5
44.5
44.5
36.7
46.9
54. 3
1
Authorized by issuance <>i local building permit; in 10,000 permit-issuing
places
prior to IlHtf, HIM! I'J.JKMIor more thereafter.
2
Units represented by niorlKii^.e applications for new home construction.
3
Preliminary.
20
1, 618
1,618
1,571
1,588
1,455
1,732
1,847
1,564
1,564
1,718
1,657
1,663
1,515
1,501
Priv ate nonf arm
Total
Gover nment
homep rograms
VA
FHA
150. 1 128. 3
270.3 102. 1
307. 0 109. 3
225.7
74.6
83.3
198. 8
197.3
77.8
71. 0
166. 2
Set isonally adjusted
83
1,590
176
1,590
79
180
72
1,554
179
72
164
1,573
63
1,434
151
62
1,697
159
62
1,807
158
67
1,533
153
1,518
73
157
1,688
75
158
192
83
1,613
68
1,638
165
60
146
1,485
1,479
61
174
1, 174. 8
1, 314. 2
1, 494. 6
1, 230. 1
1, 284. 8
1, 439. 1
1, 559. 6
Propose5d home
consti uction
New
private Applicahousing tions for Requests
units
for VA
FHA appraisauthorl
commitized
als2
ments 2
820.3
159.4
198. 8
341.7
234.2
950. 8
369.7
234.0
1, 208. 3
242.4
142.9
998.0
243. 8
177.8
1, 064. 2
221. 1
171.2
1, 186. 6
139.3
1, 327. 0
190. 2
annual ra tes
1,264
251
119
4
1,329
160
152
1,363
195
123
182
1,308
122
1,262
172
133
1,372
173
140
1,412
176
140
190
1,369
145
183
1,426
159
1,314
178
138
1,405
193
135
1,384
190
124
1,256
190
111
173
99
1,258
« Reflects new application fee scheduled May 1.
NOTK.—Beginning 1945, Census series revised. See Housing Starts, C 20-59,
Mny 1904. l>uta include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA)
and Veterans Administration (VA).
TRADE SALES AND
Preliminary estimates indicate that retail sales (seasonally adjusted) rose by 1.4 percent in May, to a new high somewhat above the previous peak in February.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
RETAIL TRADE
WHOLESALE TRADE -
DURABLE GOODS STORES
INVENTORIES
INVENTORIES
10
10
>*«.-
8 -
t
1
INDEX, 1957" 59-100*
130
NONDURABLE GOODS STORE!
INVENTORIES
1961
1963
1961
1964
J/ SEE # BELOW.
SOURCE; DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE, FEDERAL RESERVE SYSTEM.
VVhol e.sale *
Period
Cales l
Inventories 2
Sales 1 3
Total
1962
|
1963
•SEASONALLY ADJUSTED.
Re tail
Departm ent stores
I nventorieF
IN onDurable durable
goods
goods
stores
stores
Total
2
NonDurable durable
goods
goods
stores
stores
Millions c>f dollars, season all]j adjustec
1956
1957
1958
1959
1960
1961
1962
1963
1963: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1964: Jan
Fob
Mar55
A p r f<
May
10,513
10,475
10,257
11,413
11,440
11,629
12,158
12,692
12,472
12,598
12,509
12,555
12,884
12,848
12,931
12,954
12,776
12,986
13, 315
13, 245
13, 204
13, 195
13,260
12,730
12,739
13,952
13,983
14,251
14,580
15,597
14,629
14,781
14,755
14,863
14,991
15,140
15,301
15,488
15,495
15,597
15, 818
15, 719
15, 734
15, 733
1
Monthly uverni'e for year and total for month.
-3 Book value, end ol period, seasonally adjusted.
Beginning Jununry I960, data include Alaska and Hawaii,
«Series discontinued.
8
Preliminary.
15, 811
16, 667
16, 696
17, 951
18, 294
18, 234
19, 613
20, 536
20, 350
20, 276
20, 200
20, 486
20, 719
20, 666
20, 426
20, 716
20, 558
21,019
21, 000
21, 533
21,263
21, 399
21, 694
5,484
5,696
5, 284
5, 972
5, 894
5,608
6, 245
6,675
6,576
6, 640
6, 512
6, 030
6, 773
C), 562
6, 606
0, 941
0, 734
6, 831
6,855
7,262
6, 939
7,014
7,030
10, 326
10, 971
11,412
11, 979
12, 400
12, 026
13, 367
13, 861
13, 774
13, 630
13, 688
13, 856
13, 946
14, 104
13, 820
13, 775
13, 824
14, 188
14, 145
14, 271
14, 324
14, 385
14, 664
1964
COUNCIL OF ECONOMIC ADVISfRS.
23, 402
24, 451
24, 113
25, 305
26, 813
26, 238
27, 938
28, 691
28, 066
28, 061
28, 062
28, 124
28, 259
28, 148
28, 147
28, 357
28, 651
28, 691
29, 047
28, 972
28, 985
29, 222
10, 495
11, 283
10, 526
11, 044
11, 951
11, 019
11,728
11, 965
11, 724
11, 622
11, 584
11, 614
11, 673
11, 604
11, 605
11, 664
11, 856
11,965
12, 109
12, 103
12, 236
12, 308
12, 907
13, 168
13, 587
14, 261
14, 862
15, 219
16, 210
16, 726
16, 342
16, 439
16, 478
16, 510
16, 586
16, 544
16, 542
16, 693
16, 795
16, 726
16, 938
16, 869
16, 749
16, 914
Sales
Inventories
Index, 195 7-59=100,
seasonal! 3r adjusted
94
94
96
99
99
98
105
103
106
109
109
110
114
117
119
123
119
120
115
120
117
121
120
121
120
123
126
122
121
124
113
128
117
128
126
127
123
127
(4)
(4)
'Revised to include farm products; seasonally adjusted data further revised
on basis of improved seasonal factors. See Wholesale Trade Report, Census
BW-64-3, March 1964.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.
4j Jl
MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers1 shipments, inventories, and new orders (seasonally adjusted) rose to new highs ,in April. The upturn
in new orders for durable goods reflected advances in all the market categories. In May, orders for durable goods
fell owing to sharp declines in metal and motor vehicle orders.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
40
MANUFACTURERS1 SHIPMENTS
MANUFACTURERS' INVENTORIES
TOTAL
- TOTAL-
50
40
GOODS
MANUFACTURERS1 NEW ORDERS
3.0
DURABLE GOODS
20
I^^SS^
****
NONDURABLE GOODS
20
1961
1964
^SEASONALLY ADJUSTED.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
Manufae turers' sh ipments * Manufae iurers* inv entories 2
"D__;.~ j
Total
1956
...
1957
1958
1959
1960
1961
1962
:
1963
1963: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
11)04; Jan.
Fob
Mnr*
Ai>r «„...„.
Mnv**_
27, 740
28, 736
27, 280
30, 219
30, 796
30, 884
33, 308
34, 774
34,244
34,578
34,836
34,942
35, 641
34,736
34, 672
35, 214
35, 004
36, 021
36, 677
36, 235
36, 222
37, 061
NonDurable durable
goods
goods
14,715
15, 237
13, 572
15,544
15, 817
15, 532
17, 184
18, 071
17, 622
17, 892
18, 112
18, 242
18, 746
18, 160
17, 937
18, 590
18, 272
18, 476
19, 144
19, 027
18, 887
19, 322
10, 194
Total
Millions
13, 025 50, 642
13, 499 51, 871
13, 708 50, 070
14, 675 52, 707
14,979 53, 814
15, 352 55, 087
16, 124 57, 753
16, 704 60, 147
16, 622 58, 126
16, 686 58, 309
16, 724 58, 507
16, 700 58, 706
16, 895 58, 884
16, 576 58, 917
16, 735 59, 087
16, 624 59, 322
16, 732 59, 780
17, 545 60, 147
17, 533 59, 991
17, 208 60, 108
17, 335 60, 283
17, 739 60, 478
NonDurable durable
goods
goods
Durat)le goods
Total
Total
of dollars, seasonal y ad justed
30, 447 20, 195 28, 383 15, 381
31, 728 20, 143 27, 514 14, 073
30, 095 19, 975 26, 901 13, 170
31, 839 20, 868 30, 679 15, 951
32, 360 21, 454 30, 115 15, 223
32, 646 22, 441 31, 061 15, 664
34, 326 23, 427 33, 167 17, 085
36, 028 24, 119 35, 036 18, 300
34, 593 23, 533 35, 364 18, 776
34, 787 23, 522 35, 752 19, 037
34, 962 23, 545 35, 438 18, 736
35, 156 23, 550 34,425 17, 682
35, 346 23, 538 35, 207 18, 275
35, 507 23, 410 34, 930 18, 060
35, 536 23, 551 34, 991 18, 244
35, 581 23, 741 35, 354 18, 622
35, 704 24, 076 34, 953 18, 113
36, 028 24, 119 35, 619 17, 974
35, 955 24, 036 37, 148 19, 740
35, 945 24, 163 36, 657 19, 499
36, 036 24, 247 36, 547 19, 262
36, 243 24, 235 38, 081 20, 416
19, 888
» Monthly iivuriiftt* lor year and total lor month.
I fktoli v»luo, t'»>d of jK'rlod, jMmsonnlly adjusted.
tUmmO twrlotlfi, rnllo of woj|iliti»d nvernpe Inventories to average monthly
fc>r iiifnitdly flnlit, rfillo of Inv^ntorlo? at end of month to sales for month.
Ma nufaeture rs' new orde,rs*
5
* Preliminary.
Not charted. •
Source: Department of Commerce.
NonMachinery durable
and
goods
equipment
2,870
2, 566
2,354
2,878
2,791
2,854
3,090
3,326
3,217
3,351
3,416
3,292
3,334
3,307
3,415
3,441
3,273
3,612
3,617
3,413
3, 455
3, 553
3,924
13, 002
13,441
13, 731
14,728
14, 892.
15, 397
16, 082
16, 736
16, 588
16, 715
16, 702
16, 743
16, 932
16, 870
16, 747
16, 732
16, 840
17, 645
17, 408
17, 158
17, 285
17, 665
Manufacturers'
inventorysales
ratio 3
1.73
1.81
1.84
1.70
1.76
1.74
1.70
1.69
1.70
1.69
1.68
1.68
1. 65
1.70
1.70
1. 68
1.71
1. 67
1. 64
1.66
1.66
1.63
MERCHANDISE EXPORTS ANl) IMPORTS
-; Merchandise imports, seasonally adjusted, rose about 1 percent in April while exports declined a little more, resulting
!
in a decline in the trade surplus to $504 million. However, the surplus was 18 percent above the monthly average
BILLIONS OF DOLLARS
2.5
BILLIONS OF DOLLARS
2.5
2.0
SEE NOTE I BELOW.
SOURCES: DEPARTMENT OF COMMERCE.
COUNCll OF KONOMIC ADVISERS
[Millions of dollars]
M erchandi se exports
M erchandi se impo rts
Genet al 8i raTotal ( ineludImpc>rts for consum ption 3
])omesti c expor ts
ing reejtports)1
poi
ts
Period
Indus- Finished
Indus- Finished
Season- Unad- Total i Food- trial
manumanu- Season- Unad- Total Food- trial
ally ad- justed
stuffs matefacally ad- justed
facstuffs materials
justed
rials tures * justed
tures
Monthly average :
521
267
1,051 1.056
268
1956
441
775
216
1,444 1,432
1,082 1,102
274
534
294
872
1957
530
208
1,625 1,611
489
326
784
1,070 < 1,101
288
1958
1,364 1,351
198
368
,284
569
285
431
1959
1,267
366
776
1,366 1,352
210
274
539
,251
1960
1,251
438
230
877
510
1, 633 1,617
522
277
,221
423
254
486
1,226
1961
1,679 1,659
919
,354
297
561
1962
1,366
496
440
281
998
1, 745 1,723
,418
1,429
574
310
314
1963
1,857 1,834
533
488
1,031
U nadjust ed
U nadjust ed
526
317
576
347
495
1963: Mar
1,189 1,487 1,463 1,419
1,960 2,058 2, 031
547
317
Apr
586
360
465
1,918 1, 968 1,941
1, 116 1,417 1,454 1,450
594
1,437
299
545
509
May
1,160 1,4*0 1,460
375
1,893 2,075 2,050
559
279
490
1,356
1,328
1,
014
1,420
280
. r June
1,785 1,779 1,754
458
1,505
599
313
593
942
1,503
454
July
1,714
1,693
294
1,458
1,823
304
629
547
992 1,508 1,458 1,479
Aug
282
1,895 1,811 1,787
518
546
962 1,450 1,398 1,375
325
504
493
1,980 1,766 1,744
Sept
288
612
367
598
354
569
1,076 1,459 1,591 1,578
1,946 2,023 1,999
Oct._
538
316
573
567
363
1,074 lt 4?® 1,432 1,428
1, 945 2,028 2,003
Nov
600
2,049 2,092 2,068
582
1, 122 1,480 1,532 1,512
356
556
Dec
364
617
562
294
2,037 2,025 1,998
355
548
1,095 1,42® 1,447 1,465
1964: Jan
267
494
561
2, 029 1,994 1,966
527
1,092 1,445 1,338 1,322
Feb
347
613
353
601
542
Mar
2,078 2,127 2,099
364
1,193 1,528 1,592 1,567
342
603
531
611 1
Apr
367
2,046 2, 120 2,084
1, 186 1,542 1, 562 1 1,555
1
Total exports less Department ol Defense shipments of grant-aid military
supplies and equipment under the Military Assistance Program.
'Imports for immediate consumption plus entries Into bonded warehouses.
»Imports for immediate consumption plus withdrawals for consumption from
bonded warehouses.
Merchandise
trade
surplus,
seasonally adjusted
393
543
294
99
382
453
380
428
474
496
472
864
866
386
529
488
473
569
616
683
655
504
«Total adjusted to exclude $33.5 million of the value reported by economic
category.
NOTE.—Seasonally adjusted series revised beginning 1962. Because of revisions
made in series, subgroups do not include all data in totals.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
Thejsharp rise in cxporfsf and the small decline in imports in the first quarter resulted in a 28 percent increase in the
surplus on goods and services to a seasonally adjusted annual rate of $8.7 billion, or about $1 billion above the preliminary estimate.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLV ADJUSTED ANNUAL RATES
40
40
30
20
20
IMPORTS OF GOODS AND SERVICES
10
10
1959
I960
1963
COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE.
Period
1956
1957
1958
1959
1960*
1961*.
1962*
1963*
1962*: III
IV..
1963*: I
II
III
IV
1964*: I
Total
23, 595
26, 481
23, 067
23, 476
27, 044
28, 438
30, 084
31, 673
30, 508
30, 372
29, 664
_ 31, 520
31, 888
33, 620
35, 432
[Millions of dollars]
Expoits of goo ds and sei vices
Imports of goo ds and sei•vices
IncoE le on
Mer- Military Other on goods
Merinvest ments
Other
chan-1 Military
chan-1 expend- services
and
Total
Governservices
sales
dise
dise
itures
Private ment
services
3,875
3, 967
17, 379
194
3,393 19, 628 12,804
2,949
161
2,468
4,245
19, 390
2,612
3,216
5, 729
375
3,899 20, 752 13, 291
205
4,474
12,
952
2r206
16, 264
2,538
307
3, 435
300
3,658 20, 861
16, 282
2,694
3, 107
4,925
134
302
349
3,849 23, 342 15, 310
5,422
19, 459
2,911
3,048
335
349
3,990 23, 193 14, 723
3,851
3,464
2, 954
5,401
19, 913
402
380
4,279 22, 852 14, 497
5, 586
3,850
471
4,531 25, 021 16, 134
3,044
5,843
5, 063
20, 576
656
634
6,332
21, 938
3,982
4,621 26, 160 16, 931
2,897
5,513
498
S€,asonally iidjusted a nnual rat BS
564
21, 152
3,844
5,860
420
4,528 25, 192 16, 352
2,980
5,316
20, 076
6,016
848
4,316
4,676 25,344 16, 160
3,168
5,028
456
724
4, 104
6,116
492
4,492
19, 936
4,408 25, 172 16, 068
2,988
824
6,312
21, 836
2,924
3,888
496
4,476 26, 024 16, 788
5,496
22, 388
3,972
6,380
368
2,844
5,252
500
4,660 26, 636 17, 412
3,964
23, 592
620
504
6,520
6,812
4,940 26, 808 17, 456
2,832
852
4,924
6,452
24, 348
4,800 26, 720 17, 388
8,712
508
2,880
i Adjusted from customs data for differences in timing and coverage.
*Data revised beginning 1960.
24
1964
Source: Department of Commerce.
U.S. BALANCE OF INTERNATIONAL PAYMENTS
The over-all payments deficit of only $0.2 billion (seasonally adjusted annual rate) In the first quarter showed further
improvement over the low level reached in the last half of 1963. A large part or the improvement was in the merchandise'balance.
BILLIONS OF DOLLARS
20
10
BILLIONS OF DOLLARS
20
10
OVER-ALL BALANCE [SURPLUS OR DEFICIT (-)]
J
1958
J
L
1961
1959
L
-10
1963
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL. OF ECONOMIC ADVISERS.
[Millions of dollars]
U.S. pr ivate capi tal, net
Period
1956
1957.. __
1958
1959
I960*...
1961*...
1962*...
1963*. _.
1962:*
Balance Governon
ment
goods
grants
and
and
services capital,
net
Direct
investments
Longterm
portfolio
Shortterm
653
543
— 603
-517
1,157
-276
487
-859
5,729 -2,574 -2,442
22
488
-311
2,206 -2,587 -1, 181 -1,444
412
863
—926
-77
134 -1,986 -1,372
-772
366
-863 - 1, 348
3,851 -2, 769 -1,674
707
-998
5,586 -2,780 - 1, 599 -1,025 -1.556
1,030 -1, 111
-553
5,063 -3,013 -1,654 -1,227
710
-286
-696
5,513 -3,553 -1.862 -1,644
Season ally ad justed annuail rates
5,316 -1,840 - 1, 668 -832
5,028 -3,204 -2, 124 -1,304
I
IV... _
184
4,492 -3,500 -2,324 -2,084
5,496 -4,572 - 1, 804 -2,392 -2,288
— 944 -1,208
104
5, 252 — 2,340
-892
-784
6,812 -3,800 -2,376
I.
8/712 -2,724 -1,852
II....
III....
1964:*
Unrecorded
transactions
3, 967 -2,362 -1,951
III.
IV
1963:*
Foreign
capital l
-935
520
-3, 529
-3,743
-3,881
-2,370
-2,203
-2,644
700 -1,720 — 1, 336
1,900 -1,840 — 2,724
-584
-440
— lf 241
306
-935
520
• 798
-278
i 254
-3, 529 — 2,275
o
012
-3, 743 -731
-3,881 -1,702 — 1, 890 '
-289
-741
-2,370
-546
- 1, 083
_907 - 1, 083
-2,203
-213
-2,644
— 348 — 1, 702
-594
Quai•terly tota Is, unadju sted
— 693
-714
292
-496 -4,288
— 785
168 — 5,200 - 1, 193
1,068
-594
-528
528 -1,108
292
— 152
952
-560
1
-904 -2,580
*Data
revised beginning 1960.
* Other than liquid funds.
a
Equals changes in U.S. gold and convertible currencies and liquid liabilities
to foreigners. Remittances and pensions, not shown separately in this table,
are1 included in over-all balance and amounted to $826 million in 1963.
4 Minus indicates increase in liabilities.
To International Monetary Fund (IMF) and foreign central banks and
governments.
Over- all balance5 (surplus or deficit (-))
Liquid 1labilities 3
Gold To monand con- etary
2
Total
Total vertible author- To other
foreign
curities
and
holders5
rencies
institutions 4
420
-432
— 168
207
-550
— 375
— 601
-392
458
53
-78
— 122
-168
20
-230
— 927
— 379
-166
-397
-144
295
-270
6
182
-47
-6
5 To foreign commercial banks and other international and regional institutions
not listed in footnote 4, and other foreigners.
«Total at end of first quarter was $15,991 million, of which $15,551 million was
U.S. gold stock. The decline in gold stock during quarter was $46 million.
NOTE.—Data exclude military aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
OR
PRICES
CONSUMER PRICES
Consumer prices rose 0.1 percent in April.
of services.
The increase was due almost entirely to a 0.3 percent rise in the prices
INDEX,I957-59-100
120
INDEX, 1957-59 = 100
!2O
95
1963
SOURCE: DEPARTMENT OF LABOR.
1964
COUNCIL OF ECONOMIC ADVISERS.
[1957-59=1001
Co mmodities
All
items
Period
1954.
1955.
195(L
1957
1958.
1959
1960
_
1961
1962.
___
1963
1963: Mar
Apr
May
June..
Julv
Aug
Sopt
Oet
Nov.
MIT
.
I'.Mi-J: .Inn (new scries) ! _ .. „
!'VI»
.. ._
. _
M.-iiApr
N'MTK. Prior lo January Hint,
•»\\ iM-rshiji from srrvlcrs In diirahft
26
93.6
93.3
94.7
98.0
100. 7
101. 5
103. 1
104. 2
105. 4
106.7
106. 2
106. 2
106.2
106. 6
107. 1
107. 1
107. 1
107. 2
107. 4
107.6
107. 7
107. 6
107. 7
107. 8
All commodities
95.5
94. 6
95.5
98.5
100.8
100.9
101. 7
102.3
103. 2
104. 1
103.6
103. 6
103.5
104.0
104. 6
104. 6
104. 4
104. 5
104.7
104. 9
104.9
104.8
104. 8
104. 9
Services
Com ITlodities les3s food
Food
95. 4
94.0
947
97. 8
101.9
100. 3
101. 4
102. 6
103. 6
105. 1
104. 6
104.3
104.2
105.0
106. 2
106. 0
105. 4
104 9
105. 1
105.4
105.8
106. 0
105. 7
105. 7
i-s rovisnl to reflect transfer of home-
All
95. 6
949
95.9
9a 8
99.9
101.2
101. 7
102. 0
102. 8
103. 5
102.9
103. 1
103. 0
103.3
103.5
103. 6
103. 7
104 2
1045
104 5
1043
104 1
104.3
104 3
All
Nonservices
Durable durable
97. 7
94 9
95.4
9R 5
100.0
101. 5
100.9
100. 8
101. 8
102. 1
101. 5
101. 8
101.8
102.0
102. 1
102. 1
102. 2
102. 7
103. 1
103. 0
102. 9
102.9
102. 9
102. 9
94 4
94 4
96.5
99. 1
99.8
101. 0
102. 6
103. 2
103. 8
104.8
104 2
1043
1042
104 5
104 8
105. 0
105.2
105. 6
105.8
105. 9
105.6
105.3
105.6
105. 6
88.7
90. 5
92.8
96.6
100. 3
103. 2
106. 6
108.8
110.9
113.0
112.3
112. 5
112. 6
112.9
113. 1
113.3
113. 5
113.7
113.9
114 1
114.2
1143
114. 5
114 8
Rent
93. 5
948
96.5
9R3
100. 1
101.6
103. 1
104 4
105. 7
106.8
106.4
106. 5
106.6
106.7
106.7
106.8
107.0
107. 1
107.2
107.3
107.3
107. 5
107.5
107.7
Services
less
rent
87.4
89.4
91.9
96. 1
100.2
103.6
107.4
110.0
112. 1
1145
113.7
114.0
1140
1144
1146
1148
115. 1
115.3
115.5
115.8
116.0
116.0
116. 3
116.5
Beginning with January 1964, new index with revised weights, coverage, and
sampling procedures. For details, see Department of Labor release, Major
Changes in the Consumer Price Index, March 3,1964.
Source: Department of Labor.
WHOLESALE PRICES
Wholesale prices decreased by 0.2 percent in May to the lowest level in 12 months, -v This fourth consecutive monthly
decline left the over-all index nearly 1 percent lower than in January 1964. Prices of farm products; processed
foods, and nonfarm industrial commodities all shared in the May decline.
INDEX, 1957-59-100
INDEX, 1957-59 «IOO
FARM PRODUCTS
110
HO
105
105
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS!
v
90
90
COUNCIL OF ECONOMIC ADVISERS
SOURCE*..DEPARTMENT. OF LABOR.
All
commodities
Period
1956
1957
1958
'.
1959
_1960
1961
1962
1963
1963: Mar...
. " Apr
May;
„
June
July
Aug
§ept
Oct
Nov
Dec
1964: Jan
.
Feb
Mar
Apr 3
May
_
._
96.2
99.0
100.4
100. 6
100. 7
100. 3
100. 6
100.3
99.9
99.7
100.0
100.3
100. 6
100.4
100.3
100. 5
100.7
100.3
101.0
100.5
100.4
100. 3
100. 1
[1957-59=100]
Commodilties other t ban farm products a nd foods (iiadustrials)
Consulner SnIndus- Indus- ProducFarm
Procished g<oods extrial in- er finAll intrial
essed
prodcludin g food
dustricrude termedi- iaViaH
ucts
foods
Durals1
Nonmate- ate ma- goods
terials *
durable
rials
able
96.6
94.3
92. 0
96.5
95.9
102.3
97,: 7
97.0
99. 2
97. 9
99. 2
100.9
9a7
99.6
97.7
99. 9
102. 9
100,2
103. 6
99.5
96.9
99. 4
100. 1
99.3
99. 2
97. 2
101. 3
102. 1
101. 3
102.3
101. 0
100. 8
100.0
102. 3
96. 9
101. 3
100. 9
101.5
9R3
101. 4
100.7
102. 5
96. 0
100. 8
97. 2
100. 1
100. 5
101.5
101.2
97.7
100. 8
100.0
99. 9
101.6
95. 6
102.9
95.7
101. 1
100.7
99.5
101. 9
94.3
103. 1
99.6
99.0
95. 4
100.6
99. 3
102.9
99.7
94.9
101.8
95.4
99.3
100.4
99.5
94.3
99.3
102.9
101.6
94. 4
101. 7
100.5
102.9
99.4
94 1
99.5
101.8
94.9
102.4
99.3
93. 9
103. 0
102. 1
100. 7
99. 7
102.2
96.8
99.4
100.8
93.9
99.7
103. 0
102.3
100.9
99.3
96. 3
100.8
93. 9
99. 7
103. 0
101. «
95.5
100.9
100.7
93.9
103.0
99.4
99.6
101.9
102.2
103.2
94.4
95. 1
100.9
99. 6
99.8
102.0
99. 6
96. 2
102. 5
100. 9
103. 4
945
101.7
99. 9
101.2
99. 5
100.4
100. 1
103.6
93. 3
94.5
102.2
96.3
102.5
99.6
101. 3
94. 9
100. 1
103.5
102.4
100.9
101.2
100.2
103.7
99,6
945
94 9
102. 1
100. 5
101. 1
95.2
100.2
95. 2
90.6
101.5
103.8
99.7
94.4
100. 4
100. 2
101. 1
96. 2
103. 9
101. 1
93. 7 1 99.4
100. 1
101.0
95. 5
104. 3
100. 1
101.2
* Coverage of the subgroups does not correspond exactly to coverage of this
index.
> Excludes intermediate materials for food manufacturing and manufactured
animal feeds,* includes, in part, grain products for further processing.
3
Preliminary.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended May 15, the index of prices received decreased by 1 point while the index of prices paid
was unchanged. The parity ratio remained unchanged at 75.
INDE)(, 1957-59*100
INDEX, 1957-59 = 100
110
PRICES PAID,
NTEREST, TAXES, A ND
WAGE RATES
/—v
IOO
f^\«
mS\
\
*—x
/^
^-^S.V^V—
IOO
"Vv^ V V
^\x
PRICES RECE VED
(ALL FARM PRODUCTS)
90
80
110
It 1 1 ^ 1 1 1 1 1 1
i i i i i 1 i i f i t i t i t t 1 i i i it
90
i i > t if i it ti
1
1 t
1
t
1 1 1
. i i i i 1 i i i ii
L 1 1
i i t .1 i 1 i i i i i 80
RA1no-*/
IOO
RATI D-^
IOO
90
90
*w
/ V,.*AX
PARITY RATI0
.»*
—^ \i
80
-,, V-*%=?"«=•
80
-x=v^
X
'X^SHX"***""^
7O
7O
1958
1959
1963
1962
1961
I960
•^RATI0 OF INDEX OF PRICES DECEIVED TO INDEX OF PRICES PAID,
INTERE ST. TAXES, AND WAGE R MES, ON 1910-14 = 100 E ASE.
SOURC E: DEPARTMENT OF AG RICULTURE.
COUN CIL OF ECONOMIC ADV SERS
Prices i•eceived by ;armers
Period
1954
1955
1956
1957
1958
1959.—
1960
1961_
1962
1963
1963: Apr 15
May 15
June 15
July IS....
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15_
HHH: Jan 15
I'Vh I-,
Mnr Ifi
Apr I.S
iMny
!.fi
All farm
products
_
_
_
.
.
.
.
___
102
96
95
97
104
99
98
99
101
100
100
99
100
101
100
100
100
100
98
101
99
99
98
97
Crops
108
104
105
101
100
99
99
102
104
106
109
110
109
106
104
104
105
108
108
109
109
108
109
111
t -i rivi-.i t.\ fin HUTS i • Index of prices paid.
H- UK» luwp.
28
1964
Prices3 paid by fa:rmers
items,
Livestock All
interest,
and
taxes,
and
products wage rates
Index, 1957-59=100
95
97
94
90
88
95
98
94
106
100
102
100
102
98
103
98
99
105
95
106
107
93
92
107
93
106
107
97
107
97
106
97
106
96
94
106
106
91
94
107
92
107
92
107
89
107
87
107
Family
living
items
94
95
96
99
100
101
102
102
103
104
104
104
104
105
104
104
104
104
104
104
105
104
105
105
Source: Department of Agriculture.
Production
items
97
96
95
98
100
102
101
101
103
104
104
104
104
104
104
104
104
103
103
104
103
104
104
103
Parity
ratio *
89
84
83
82
85
81
80
79
79
78
78
77
77
78
78
78
78
78
76
78
77
76
75
75
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
in May the money supply declined $500 million while time deposits rose $1.2 billion on a seasonally adjusted basis.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
160
160
MONEY SUPPLY
120
I2.O
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
80
80
40
40
1958
1962
1961
1959
1963
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1964
COUNCIL OF ECONOMIC ADVISERS.
[Averages of daily figures, billions of dollars]
M oney supi>iy
1
M oney supj>iy
Period
1957:
1958:
1959:
1960:
1961:
1962:
1963:
1963:
Dec
Dec
_
Dec
_
Dec
Dec
Dec
--Dec
June___
July___
Aug
Sept
Oct
Nov
Dec
1964: Jan
Feb
Mar
Apr 2
May
First half
Second half 2
1
Deposits at nil commercial banks.
* Preliminary.
Total
__
—
135. 9
141.2
142.0
141.2
145.7
147.9
153.5
149.8
150.7
150.5
150.9
152. 1
153.4
153.5
154.8
154.4
154.8
155.4
154. 9
155. 3
154.6
Currency
outside
banks
Seasonally7
28.3
28. 6
28.9
28.9
29.6
30. 6
32.4
31.6
31.6
31.8
31.8
32.0
32.3
32.4
32.5
32.7
32.9
33. 0
33.3
33.2
33.3
De-
Time
de-
posits l
mand
de-
posits
adjusted
107.5
112. 6
113.2
112. 2
116.1
117.3
121. 1
118.2
119. 1
118.8
119. 1
120.1
121. 1
121. 1
122.3
121.7
121.9
122.4
121.7
122. 1
121.3
Total
Currency
outside
banks
De-
Time
de-
posits 1
mand
posits
de-
U.S.
Government
de-
mand
de-
posits 1
1LTnadjuste d
57.5
65.5
67.4
72.7
82.5
97.5
111.8
104.5
105.5
106.7
107.6
108.9
110.7
111. 8
113. 7
114. 8
115. 6
116.2
117.4
117.0
117.7
139.3
144.7
145. 6
144.7
149.4
151. 6
157.4
148.2
149.4
149. 1
150. 5
152. 5
154 8
157.4
158. 0
154.1
153. 3
155. 6
152.7
154. 0
151.4
28.9
29. 2
29.5
29. 6
30.2
31. 2
33. 1
31.4
31.8
31.9
32.0
32. 1
32.6
33. 1
32, 4
32.3
32. 6
32. 7
33. 0
33. 0
33. 0
]10. 4
115.5
116. 1
115. 2
119. 2
120.4
124.3
116.7
117. 6
117.2
118. 6
120. 4
122.2
124. 3
125. 0
121.8
120.7
122. '.)
im 7
12J. 0
118. f>
56. 7
64.6
66.6
72. 1
81.8
96. 6
110.8
105.0
106. 0
107. 3
108. 1
109. .*!
110. 0
110. K
112. «.)
114. :*
1 1 ft. 5
1 1 C». -1
117. S !
1 17. -I
I I S . 1!
3.5
3.9
4.9
4.7
4. 9
5. (5
r>. i
7. 4
7. 7
<;. 2
»». r>
5. 2
•I. :i
r». i
i. i
'1.7
(».
'1.
(5.
(i.
0
2
S
0
7. «ri
NOTE.—See note, p. 31.
Source: Board of Governors of the i-Ydt'iul Ke.sri vt-
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Most types of liquid assets (seasonally adjusted) continued to rise in May.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
5OO
500
400
400
300
300
200
1958
1963
-BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1964
COUNCIL OF ECONOMIC ADVISERS.
fBillions of dollars; seasonally adjusted]
U.S. Gov-
Time c icposits
End of period
1955_. _ _ - - - _ .
1956
1957
1958.
_
1959
1960.
..
1961
T962._
1963
1963: May.
June
Julv..__
Aug
Sept
Oct
Nov
Doc 3
1964: Jan
Feb*
Mar'3
Apr
May 3
Total
selected
liquid
assets
332.5
343. 2
356.0
373. 1
393. 9
399. 2
424.6
459.0
495. 3
472. 9
476. 1
478.2
482,5
483.9
489. 0
493. 2
495. 3
498.8
499. 5
503. 9
506. 0
507. 0
Demand
deposits
and
currency J
133.3
134.6
133.5
13a 8
139. 7
13R4
142.6
144. 8
149.6
145. 2
146. 5
146. 9
146. 2
147. 1
148. 8
149. 6
149.6
149. 5
148.4
150.2
149.9
149. 6
Commercial
banks
49.7
52.0
57. 5
65.4
67.4
73.1
82.5
98. 1
112.9
104. 0
105. 1
106.2
107. 1
107.9
110.1
111.9
112.9
114.8
115.5
115.9
117.0
117. 9
1
Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings end loan associations. Data
for3 last Wednesday of month.
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February 1960, savings and loan associations.
30
Mutual
savings
banks
Postal
Savings
System
2a 1
30.0
31.6
33.9
34.9
36. 2
38.3
41. 4
44. 5
42. 8
43. 1
43.3
43. 5
43. 7
442
44, 6
44. 5
45. 0
45.4
45.6
46. 0
46. 3
Savings
and loan
shares
ernment
U.S. Gov- securities
ernment
maturing
savings2
within
bonds
year 2
1.9
1.6
1.3
1. 1
.9
.8
.6
.5
.5
.5
.5
.5
.5
.5
.5
.4
.5
.5
.4
.4
.4
.4
32. 0
37.0
41.7
47.7
54. 3
61. 8
70. 5
79.8
90.8
84.7
85.6
86.2
87. 2
88. 3
89. 1
90.0
UO. 8
91. 3
92. 3
9a4
94. 0
94. 5
55.9
54. 8
51.6
50.5
47.9
47.0
47.4
47.6
49.0
4a 1
48.2
48.3
48.4
48.5
48.5
48.6
49.0
49. 1
49.0
49.0
49.1
49. 1
»Preliminary.
NOTE.—See note, p. 31.
Source: Board of Governors of the Federal Reserve System.
31. 6
33.2
sa?
35.6
48.8
41. 9
42. 6
46.8
48.1
47.6
47.2
46.7
49.5
48.0
47.9
48.1
48.1
48.6
48. 4
49.3
49.5
49.1
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans; seasonally adjusted!, rose $1.4 billion in May.
MILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
250
"*^*
ALL COMMERCIAL BANKS
250
200
200
ISO
150
BANK LOANS
IOO
100
INVESTMENTS IN U.S. GOVERNMENT SECURITIES
50
INVESTMENTS IN OTHER SECURITIES
,,,U.,.M,M..,,.«.»-'''"-*"
(
i- r i I i I i i i i
I I I t I I I|
1959
I
I960
* SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1961
END OF MONTH
All commlercial banks5
(s easonally adjusted da ta)
!
End of period
Total Loans,
Investrnents
loans" excluding
and
U.S. Gov- Other
invest- interbank
securiernment
ments
securities
ties
1956.. .......
161.6
1957
.
166.4
181.0
1958.
1959... .......... 185.7
194.5
I960..
...
209.6
'1961.........
1962-V..:...
228.1
1963*
246.5
1963: May
. 234.8
June
._» 240.3
237.8
July.
238.5
Aug
Sept
240.7
241. 0
Oct
244.0
Nov
Dec85
- _ - 246.5
1964: Jan 6
246. 0
249.2
Feb 6..
Mar6
253.2
250.9
Apr
• May 6
252.8
88.0
91.4
95.6
107.8
1142
121.1
134.7
150.3
138.9
141.8
142.4
142.5
145.0
146. 1
148.5
150.3
151. 0
152.4
154.3
155.3
156.7
Weekly
reporting
member
banks *
Business
loans 2
Billions of dollars
16.3
57. 3
57.0
17.9
64.9
20.5
20.4
57. 6
59.6
20.7
647
23.8
643
29.1
349
61.3
642
31.7
66.0
32.5
62.4
33.0
62. 1
33.9
340
61.7
60. 4
345
344
61.1
349
61. 3
34.7
60.3
61.5
35.3
35.4
63.5
35.6
60.0
60.3
35.8
1
Member banks are all national banks and those State banks which have taken
membership in the Federal Reserve System.
• * Commercial and industrial loans.
* Debits during period to demand deposit accounts except interbank and
U.S. Government.
* Averages of daily figures. Annual data are for December.
COUNCIl OF ECONOMIC ADVISERS
30.8
31.8
31.7
30.7
32.2
32.9
35. 2
38.7
35.0
35.6
35.0
35.2
35.9
36.3
37.3
38.8
37.2
37.6
38.2
38.1
38.3
jBank
i*j.
debits
outside
New York
City (343
centers) ,
seasonally
adjusted
annual
rates *
1,385
1,468
1,481
1,666
1,736
1,88$
2,021
2,199
2,161
2, 105
2,277
2, 190
2,276
2,316
2,247
2,S21
2,355
2,240
2,322
2,461
2,314
A 11 member banks * 4
Total
reserves
19, 535
19, 420
18, 899
18, 932
19, 283
20, 118
20. 040
20, 746
19, 679
19, 729
20, 020
19, 719
19, 945
20,003
20, 1 14
20, 746
20, 675
20, 148
20, 213
20, 273
20, 225
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions o : dollars
652
688
577
710
557
516
482
906
87
769
568
149
572
304
327
536
456
209
374
236
483
322
463
330
412
321
407
313
409
376
327
536
427
256
395
304
357
259
375
213
330
255
—36
— 133
— 41
-424
682
419
268
209
247
138
161
133
91
94
33
209
171
91
98
162
84
8
c
Estimates.
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 beginning 1954 and 185y, respectively.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
In April, total consumer credit outstanding rose about.$900 million, compared to an increase of $1 billion in April
1963.
/
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
20
20
SEASONALL f ADJUSTED (ENLARGED SCALE)
-
—
INSTALMENT CREDIT EXTENDED
=^
r-u^-JZ£f~-
wmiiiwWM"""111
1958
I
|
^^=^
yS
i
INSTALMENT CREDIT REPAID ~~]
1959
I
I960
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS.
[Millions of dollars]
Consu mer credit outstandin g (end of p>eriod;
Consum er instalmc;nt credit e xtended
\madjusted')
and r epaid (seasonally adjiisted)
Instalment
Automot ile paper
Total
NonAutomoTotal
instal-2 Extended Repaid Extended Repaid
Total *
Personal
bile
ment
paper
loans
Period
1954.
1955.
1956
1957_
1958
1959
I960.
1961
1962
1963
1963: Mar
Apr
May
June
July
Aug.
Sept.
Oct
Nov
Dee
1964: Jan
Feb
Mar
Apr
Jo
1963
1
.
32, 464
38, 830
42, 334
44, 970
45, 129
51, 542
56, 028
57, 678
63, 164
69, 890
62, 149
63, 167
64, 135
64, 987
65, 491
66, 308
66, 538
67, 088
67, 746
69, 890
69, 203
68, 786
68,913
60, 816
23, 568
28, 906
31,720
33, 867
33, 642
39, 245
42t 832
43, 527
48, 034
53, 745
48, 075
48, 806
49, 484
50, 307
50, 894
51, 526
51,718
52,257
52, 695
53, 745
53, 597
53, 552
53, 795
54, 382
9,809
13, 460
14, 420
15, 340
14, 152
16, 420
17, 688
17, 223
19, 540
22, 199
19, 930
20, 376
20, 794
21, 236
21, 593
21, 819
21, 725
21, 971
22, 107
22, 199
22, 189
22, 271
22, 471
22, 830
5,392
6, 112
6, 789
7,582
8, 116
9,386
10, 480
11, 256
12,643
14, 391
12,819
13, 033
13, 173
13, 368
13, 526
13, 743
13, 914
14, 041
14, 135
14, 391
14, 416
14, 479
14, 552
14, 748
• A too Includes other consumer goods paper, and repair and modernization
latin*, not shown wpnrntely.
• CJon^lHt* offllnffk'Mmymcnlloiins, charge accounts, and service credit.
> Km1 of period, unndjuntrd.
32
8,896
9,924
10, 614
11, 103
11, 487
12, 297
13, 196
14, 151
15, 130
16, 145
14, 074
14,361
14, 651
14, 680
14, 597
14, 782
14, 820
14, 831
15, 051
16, 145
15, 606
15, 234
15, 118
15, 434
31, 051
38, 972
39, 868
42, 016
40, 119
48, 052
49, 560
48, 396
55, 126
60, 822
4,973
5,008
4,985
5,054
5,100
5, 100
5,093
5,311
4,979
5,272
5,276
5,421
5,480
5,371
30, 488
33, 634
37,054
39, 868
40, 344
42, 603
45, 972
47, 700
50,620
55, 111
4,496
4,487
4, 544
4,568
4,591
4,619
4, 752
4,780
4, 596
4,812
4,848
4,842
4,956
4,959
11, 807
16, 734
15, 515
16, 465
14, 226
17, 779
17, 654
16, 007
19, 796
22, 013
1, 811
1,870
1,847
1,820
1, 854
1,802
1, 730
1,910
1, 792
1, 914
1,888
1, 953
1,942
1, 961
11,833
13, 082
14, 555
15, 545
15, 415
15, 579
16, 384
16, 472
17, 478
19, 354
1,546
1,585
1,611
1,588
1,603
1,607
1,659
1,676
1, 638
1,707
1,684
1,716
1,735
1, 759
Mortgagie
debt outstanding.
nonfarm
1- to 4family
houses 3
75, 700
88, 200
99, 000
107, 600
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
169,200
173, 700
I7§, 200
182, 200
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
The yield on 3-month Treasury bills changed little in May.
municipal bonds declined,
Yields on long-term U.S. Government securities and
PERCENT PER ANNUM
PERCENT PER ANNUM
SOURCES: SEE TABLE BELOW,
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Govcjrnment secui•ity yields
municipal
3-month
Period
bonds
3-5 year
Taxable
3
2
Treasury
(Standard
&
bonds
issues
bills1
Poor's) *
3.47
3. 62
3. 267
3. 60
1957
3.43
2.90
1.839
3. 56
1958
4.08
3.405
4. 33
3.95
1959
4.02
2. 928
3.99
3. 73
1960
--3.90
3. 60
3.46
2.378
1961
3.95
3. 57
3. 18
2.778
1962
4.00
3.24
3. 157
3. 72
1963___.
3.97
3.11
1963: Apr
2.909
3.56
2. 920
3.97
3.57
3. 15
May
4.00
June
2.995
3. 67
3.27
4. 01
3.31
3. 143
3.78
July.
3.99
3. 22
3.320
3. 81
Aug
404
3.379
3. 88
3. 27
Sept
4.07
3.32
3.453
3.91
Oct
4. 11
3.97
3.41
3.522
Nov
4. 04
4. 14
3.41
3. 523
Dec
4.15
4.06
1964: Jan......
3. 529
3.25
4.02
4.
14
3.532
3.17
Feb
4.18
4 15
3.32
Mar
._
3.553
3. 484
4.20
3.29
4.18
Apr
3.482
4.07
4. 16
3.22
May....
Week ended:
4. 16
4. 04
3.24
1964: May 16..
3.491
4. 14
4.07
3.482
23..
3. 18
4. 14
4.06
30..
3.475
3. 15
4. 15
4.05
June 6..
3.478
3. 16
4. 14.
3.462
4 04
13_.
3.20
6
20..
3. 496
1
J
Rate on new issues within period.
Selected note and bond issues.
a Series includes: April 1953 to date, bonds due or'cailable 10 years and after.
Weekly data are Wednesday figures.
* Data for first of the month, based on the maximum permissible interest rate
(5K percent since May 1961) and 26-year mortgages paid in 12 years.
1
Corpora te bonds
(Moc >dy's)
Aaa '
3.89
3.79
4. 38
4. 41
4. 35
4.33
4.26
4.21
4.22
4.23
4.26
4.29
4.31
4.32
4.33
4. 35
4.37
4.36
4.38
4.40
4.41
4.41
4.41
4.41
4. 41
4.41
Baa
4.71
4.73
5.05
5. 19
5.08
5.02
4.86
4.87
4.86
4.84
4.84
4.83
484
483
484
485
4.83
4.83
4.83
4.85
485
4.86
4.84
484
485
485
Prime
FHA
commercial new
home
paper,
mortgage
4-6
yields 5
months
5.42
3. 81
2.46
5. 49
5.71
3.97
a 18
3. 85
5. 81
2.97
5.62
3.26
5.45
3. 55
3.32
5.47
5.44
3. 25
5.44
3.38
5. 44
3.49
3.72
5. 44
5. 44
3.88
5. 43
3.88
5.43
3.88
3.96
5.44
3.97
5.44
5.44
3.88
5. 44
400
5. 44
3.91
5. 44
3.89
3.88 _
3.88
3. 94
4.00
4.00
8
Not charted.
Sources: Treasury Department, Board of Governor? of lli* Fintoral
System, Federal Housing Administration, Standard ft I'oor'H CorjM>rnt|on,
Moody's Investors Service.
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices rose in early May and then declined.
INDEX, 1941-43*10
8O
INDEX, 1941-43 = 10
-^D-PK,"
I 80
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
70
60
50
40
40
<T
5
DIVIDEND YIELD ON COMMON STOCKS
4
-,
.^
3
1 i f I t i i t
t
| 1
1
|
1
t
t
I
1 LI
RATIO
RATIO
25
25
PRICE / E ARNIN6S RATIO ON CG MMON STOCKS
\
2O
/*—-„. ^
\^«
_^
20
r~~~~~^~~
15
10
f
1
1
1
1
1958
1
1
1959
1
1
I960
I
1
!
I
J
1
1
i
i
SOURCE: STANDARD AND POOR'S CORPORATION.
Period
1957_>
1958
1959
1960
1961
1962
1963
1963: May_
June
July
Aug
Sept
Oct
Nov
Dec
1964: Jan
Feb
Mar..
Apr..
May
\\Yrk ended:
H W I : Mny 15
,
O9
2U
J u n e .r> .
12.
1
ll
n i1. i t
li
" A
(In t.
id.-, :KHI i i H i i i i i i u i sloc-kv
, f l i K i n r r , iiml •u-rvii'f. •
I.-. .MM «-iiiiiiiiii|| .slui-k. -I".'
Tiiti- c i t - h i l l v l i l i - m l - . 11 MI',
r a i l - n i i i i i l l i l x n i . i r U . - l val
34
i
15
1
'
'
i
IO
1964
1963
1962
1961
—•
COUNCIL OF ECONOMIC ADVISERS.
Seeui•ities and Exchange Commission price 3index
Standard and Poor's
3 common stock data
M anufactur ing
Price index 2
DiviComTransPrice/
Utilidend3 earnings
positel
DuraNonIndusportaTotal
ties
Total
yield
index
ble
durable
trial (percent) ratio 4
tion
1957-59=100
1941- 43=10
89.8
90.7
93.2
88. 5
92.8
86. 3
4438 47. 63
435
12. 89
93.2
92.5
90.4
94. 4
95. 8
46.24
49.36
3.97
91.0
16.64
._ 116. 7
116. 5
112. 6
117.6
120. 8
57.38 61.45
3.23
115.6
17.05
113. 9
110. 9
117.3
104. 9
3.47
129.3
55.85
95. 8
59. 43
17.09
134.2
129.2
126. 7
124.4
66.27
105.7
168.4
69.99
2.97
20.49
127. 1
118. 0
116. 5
119.4
167.2
62. 38 65. 54
3. 37
16. 24
97.8
142.3
137. 1
133.3
129.3
69.87
3.17
17.41
180.5
73.39
122.5
143. 2
134. 3
137.7
130.7
124.2
70. 14
180.6
73.60
3. 13
142.5
133.7
130.5
136.7
178.0
70.11 73.61
127. 2
3.16
17.09
140. 7
131. 8
136. 7
176.7
126. 6
69.07
72.45
3.20
125.8
144. 6
135. 6
130. 4
140. 5
3.13
180.9
70.98 74.43
128. 8
148. 2
139. 4
135. 5
143. 2
182.9
72.85 76.63
3.06
17.49
128.0
148.7
139.9
138.0
141. 6
1848
128. 2
73.03 77.09
3. 05
147. 3
72.62
138.0
136. 6
139. 4
186.4
3. 14
129.5
76.69
137.7
151. 1
141.4
145. 0
191.3
7417 78.38
3.14
18. 22
1349
155.7
142. 9
149.7
146.3
140.4
196.0
3.06
76.45 80. 85
158.3
149.0
144.7
153.0
197.3
145.2
77.39
81.96
3.05
160. 9
150.9
152.8
154.8
150.4
1945
78.80 83.64
3.03
18.46
163. 0
154.9
151. 8
158. 0
195.7
79.94
8492
153. 2
3.00
164.4
152.2
156. 0
159.7
80.72
195. 7
85. 79
3.01
158.0
165. 0
164. 5
163.8
(*)
156. 7
155. 8
155. 2
(*)
152.8
152. 1
151.5
(*)
160.5
159.5
158. 9
(*)
mufuH.urinp, 1S»3: transportation, 18; utilities,
l inininir. 10.
irr industrials,* im»rai?i*s of dally figures.
! on lith'st known annual rate) divided by
« . » f l » - --inrkv in t i n * group. Annual yields
157.3
162. 1
160. 8
(*)
195.9
196.0
194.2
(*)
80.98
80.62
80.40
79.40
79.31
86. 10
85.64
85.37
84. 22
8409
3.00
3.03
3.05
3.08
3.08
are averages of monthly data. Weekly data are Wednesday figures.
* Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
•Series discontinued; see SEC release Statistical Bulletin, May 1904.
Sources: Securities and Exchange Commission and Standard and Poor's
Corporation.
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
The estimate of the fiscal 1964 budget deficit has recently been revised from $10.0 billion to $8.8 billion because
receipts are expected to be larger than the January 1964 estimate and expenditures a little smaller.
BILLIONS OF DOLLARS
1959
1960
BILLIONS OF DOLLARS
1961
1962
1963
1964
1959
1960
1961
1962
1963
1964
1963
1964
BUDGET SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE}
1959
1960
1961
1962
1963
1964
Fiscal year 1959
.
Fiscal year 1960
Fiscal year 1961
Fiscal year 1962
Fiscal year 1963
Fiscal year 1964 88
Fiscal year 1965 _
1963: Apr
.
May
Jufle
July..
Aug
Sept
Oct
Nov
Dec...
_
1964: Jan
Feb
Mar
Apr
May
Cumulative totals first 11 months:
Fiscal year 1963
Fiscal year 1964
.-
1961
1962
67.9
77.8
77.7
81.4
86.4
89.5
91.5
5.7
7.0
12. 1
3.5
7.3
10. 1
3.4
7.1
8.8
5.9
8.0
10. 1
6.6
6. 1
743
77.1
[Billions of dollars]
Net budget expendituires
.N ational defeiQse *
Budget
Depart ment of
surplus
Total
Def ense
or
Total
Military
Military deficit (-)
functions assistance
80. 3
41.2
46. 5
2.3
-12.4
76. 5
41.2
1. 2
45. 7
1.6
43.2
81.5
47. 5
1.4
—3. 9
87.8
1.4
51. 1
46.8
—6.4
92. 6
52.8
1.7
48.3
-6.3
98.3
55.3
50. 9
1.4
-8.8
54.0
1.2
97.3
50.0
—5.8
.2
7.6
41
4.5
— 1. 9
4. 5
—.5
7. 5
.2
41
4.6
7.7
4.0
.4
43
4.2
7.9
3.8
.1
-43
4.4
.1
8.3
40
— 1.0
7.8
3.9
42
2.3
.1
4.6
.1
as
43
-5.4
4. 1
7.8
3.8
— .7
.1
R3
4.2
4.5
.1
.5
43
40
8.5
-2.6
.1
44
40
7.5
.1
.5
44
4.1
7.9
.1
2.3
4
6
4
2
7.9
-1.3
.1
47
7.5
43
.2
— 1.4
84.9
88.2
» In addition to items shown, also Includes atomic energy and defense related
services.
* Include? guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
1960
COUNCIL OF ECONOMIC ADVISERS
Net
budget
receipts
Period
1959
FISCAL YEARS
« ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
48.1
48.5
44.3
446
1.3
1.1
-10.6
-11.1
Public
debt
(end of2
period)
234. 8
286.5
289. 2
298.6
306.5
303.7
305. 8
306. 5
305. 5
307.2
307. 3
307. 1
308. 9
310. 1
309.3
311. 1
310.4
308.4
312. 3
305.8
312.3
*Estimate; revised May 22,1964.
NOTE.—Total budget receipts and expenditures exclude certain intragovernmental transactions.
on
Sources: Treasury Department and Bureau of the Budget.
*^^
FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter of calendar year 1964, cash payments exceeded cash receipts by $800 million on a seasonally
adjusted basis.
.
BlLLJONS OF DOLLARS (SEASONALLY ADJUSTED)
35
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
35
30
EXCESS OF CASH RECEIPTS
EXCESS OF CASH PAYMENTS
-5
1960
1961
CALENDAR YEARS
1962
1963
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
1964
COUNCIL OF ECONOMIC ADVISERS.
(Billions of dollars!
Cash receipts
from the
public
Period
Fiscal year:
1958
1959
I960..
1961
1962
1963
1964 i
1965 *
„
Calendar year:
1958
1959
1960
1961.
_-.....
1962
1963
__
_
Quarterly total (calendar years) :
J962: I
II
III....
.
IV
.
1003: 1.
II
in.
_
IV
1IW4: 1...
..-„.;
.-
Cash payments to
the public
Excess of re- Cash receipts
ceipts (-f) or
from the
payments
public
81. 9
81. 7
95. 1
97. 2
101.9
109.7
114.4
119. 7
83.5
94, 8
94.3
99.5
107.7
113.8
122.7
122.7
-1.6*
-13. I
.8
-2. 3
— 5.8
-4. 0
-8.3
-2. 9
81.7
87. 6
98.3
97.9
106. 2
112.6
89.0
95. 6
94. 7
104.7
111. 9
117.2
Unadjusted
-7.2
— 8. 0
3.6
— 6.8
— 5. 7
—4.6
25.9
27.9
28. 5
29. 6
26.5
29. 1
30.9
30.6
28.6
0.3
3. 1
— 2. 5
— 6. 6
1.7
3.4
-3. 6
-6. 1
1.7
26. 2
31. 0
26. 0
23. 0
28.2
32,6
27. 3
24.5
30. 3
Cash payments to
the public
Set isonally adjus bed
25. 5
26.5
27.2
27.1
27.5
27.8
28.5
29.0
29.7
•
27.6
27. 2
28. 0
29.0
28.2
28.5
30. 4
30.0
30.5
Sources: Treasury Department and Bureau of the Budget.
36
Excess of receipts (+) or
payments
— 2. 1
-.7
-. 9
-1.9
-. 7
— .7
— 1.9
— 1.0
—.8
FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
On a national income accounts basis, Federal government receipts fell almost $3 billion (seasonally adjusted annual
rate) and Federal expenditures rose more than $1 billion resulting in an increase in the deficit to $5% billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
140
140
SURPLUS
lipi
_
&1
Y72SA
—
tei
lfa_
[JLJ LJ ^ [JLJUJ |_J LJLJ^"-
pIS pi
u ./ •
•
DEFICIT
i
i
1958
i
i
i
i
1
1959
1 . 1
I960
\
\
i
I
1961
\•
\
I96E
\
I
1963
1
1
1
1964
1
CALENDAR YEARS
• SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS.
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federa 1 Governrnent expe nditures
Federal <jrovernme nt receipt S
Period
Fiscal vear:
1961
1962
1963
1964 L _ _
1965 i
Calendar
vear:
'1957
1958
1959
1960
1961
1962
1963
1962:111.
IV.
1963:1...
11IIIIV.
1964: !„.
Personal Corporate
and
Total tax
nontax profits
tax
receipts accruals
Indirect Contribusiness butions
tax and to social
insurnontax
ance
accruals
Total
Subsidies Surplus
Grantsless
in-aid
Puror
Net
current deficit
to
State
Transchases
interest surplus
and
of goods fer paypaid
of Govt.
ments
local
and
entergoverservices
prises
ments
95. 2
103. 6
109. 3
113.6
118.8
44.0
47. 6
50. 1
50.1
52.3
19. 5
21. 3
21.6
23.3
24. 9
13. 6
14.9
15. 6
16. 5
17.3
18.0
19. 7
21. 9
23.7
24. 2
97. 8
106. 4
112. 6
119. 1
121. 5
54. 9
60. 1
64. 4
67. 8
69. 1
25. 9
27. 8
29. 3
30. 5
31. 8
6.6
7. 3
7.9
9.4
9.7
7. 0
7.0
7. 6
8.0
8.5
3. 4
4.2
3. 5
3.5
2.5
-2.7
-2.7
-3.3
-5. 5
-2.8
81.7
78. 5
90. 3
96.6
98.2
105. 4
113.3
105. 6
107. 1
110.0
112.3
114. 3
116.7
113. 9
37.3
36. 6
40. 4
44. 0
45. 1
49.0
50. 9
49. 4
49. 7
50.0
50.4
51. 1
52. 2
49.9
19.9
17.7
22.0
21.0
20.7
20.8
22.9
20. 5
21. 5
21. 5
22.6
23.2
24. 1
23. 2
12. 2
11.9
13.0
14.0
14. 2
15. 2
16.2
15.2
15. 4
15.7
16.0
16.4
16. 5
16.5
12. 2
12. 4
14. 9
17.6
18. 2
20. 4
23. 4
20. 5
20.5
22.8
23.3
23. 6
23. 9
24. 3
79.7
87. 9
91. 4
93. 1
102.8
109.8
116. 1
109. 1
112. 4
114. 5
115.3
116. 1
118. 2
119. 3
49. 7
52. 6
53.6
53. 1
57.4
62. 4
66.3
62. 4
63. 6
65.5
66.5
66. 4
66. 6
66. 9
17. 4
21. 3
22. 2
23, 8
27.4
28. 3
30. 1
28. 1
29. 2
30. 1
29. 7
29. 8
30.8
31.3
4. 1
5. 4
6.7
6.3
7.0
7. 7
8. 9
7.5
8. 1
8.2
8.5
9.2
9.4
9.4
5.7
5,6
6. 4
7. 1
6,9
7,2
7.5
7. 2
7.3
7. 4
7.5
7.6
7. 6
7.9
2.8
3.0
2. 5
2.8
4. 1
4. 2
3.4
3.9
4. 2
3.4
3.0
3.2
3.8
3.8
2. 0
-9. 4
-1. 1
3.5
-4. 5
-4.3
-2.8
-3. 6
-5.3
-4.6
-3.0
-1.8
-1. 5
-5. 4
i Preliminary estimate? b y the Bureaii of the Bud get.
.N()TE.— Data f or Alaska an d Hawaii inc lude.d be^iniling; 1960.
So irce: Depar ment of Conimerce (exce ot as noted).
O*7
WENAtTY FOR PRIVATE USE TO AiVOID
PAYMENT OF POSTAGE. $3OO
•
IGPOI
-
UNITED STATES
GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
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
1
2
3
4
5
6
7
8
9
.
-_.
—-.
•*.
—
...
....
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
. Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
.
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
10
11
12
13
14
15
...
.
,
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Trade Sales and Inventories
Manufacturers' Sales, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
. . ..
•.
-
....
16
17
1.8
19
20
21
22
23
24
25
PRICES
Consumer Prices
.Wholesale Prices
Prices Received and Paid by Farmers
26
27
28
...
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public .
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Cdmmon Stock Prices, Yield, and Earnings
;
29
30
31
32
33
34
..
.
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
:..
.
NOTE.— Detail in these tables will not oecessarily 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.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402
Price 25 cents per copy; $2.60 per year: $3.60 forelpn
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