Full text of Economic Indicators : March 1952
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
82d Congress, 2d Session
Economic Indicators
MARCH 1952
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1952
JOINT
ON
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
JOSEPH C. O'MAHONEY, Wyoming, Chairman
EDWARD J. HART, New Jersey, Vm Chairman
JOHN J. SPARKMAN, Alabama
PAUL H. DOUGLAS, Illinois
WILLIAM BENTON, Connecticut
ROBERT A. TAFT, Ohio
RALPH E. FLANDERS, Vermont
ARTHUR V. WATKINS, Utah
WRIGHT PATMAN, Texas
RICHARD BOLLING, Missouri
CLINTON D. McKINNON, California
JESSE P. WOLCOTT, Michigan
CHRISTIAN A. HERTER, Massachusetts
J. CALEB BOGGS, Delaware
GROVES W. ENSLEY, Staff Director
JOHN W. LEHMAN, Ckrk
COUNCIL OF ECONOMIC ADVISERS
(Created pursuant to Sec. 4 (a) of Public Law 304, 79th Cong.)
LEON H. KEYSERLING, Chairman
JOHN D. CLARK
ROY BLOUGH
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives &f the United States of America in Congress assembled, That the Joint
Committee on the Economic Report be authorized to issue a monthly publication entitled "Economic Indicators,"
and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the
Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint
Committee on the Economic Report; and the required number of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed
for sale to the public.
Approved June 23, 1949Charts drawn by Graphics Unity Office of the Secretary, Department of Commerce
11
OF
Page
The Nation's Economic Budget
Gross National Product
1
2
Consumers' Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
3
4
5
6
Civilian Labor Force
Nonagricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
7
8
9
10
11
ACTI¥ITY
Industrial Production
Weekly Production—Selected Indicators
Production of Selected Manufactures
New Construction
New Housing Starts
Expenditures for New Plant and Equipment
New Corporate Security Issues
Inventories and Sales
Merchandise Exports and Imports
12
13
14
15
16
17
18
19
20
,
.
Income
Corporate
Personal Income
Consumer Income, Spending, and Saving
Per Capita Disposable Income
Farm Income
'
Loans
Investments
Consumer Credit.
Bond Yields and Interest Rates
Money Supply
Federal Budget Receipts and Expenditures
Federal Cash Receipts From and Payments to the Public
.....
21
22
23
24
25
26
27
28
29
30
31
32
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC BUDGET
The government cash surplus of $6.7 billion (seasonally adjusted annual rate) in the first half of 1951 was replaced
by a deficit of $5.1 billion in the second half.
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
CONSUMERS
1951
FIRST HALF
I95I
SECOND HALF
!95!
FIRST HALF
1951
SECOND HALF
INTERNATIONAL
1951
FIRST HALF
1951
SECOND HALF
GOVERNMENT (Federal, Sfate,and local)
1951
FIRST HALF
T r a n s f e r payments
195!
SECONDHALF
EXCESS OF RECEIPTS ( + ), E X P E N D I T U R E S (-}
|
"50
-25
FIRST HALF
0
SECOND HALF
25
50
-50
-25
CONSUMERS
BUSINESS
INTERNATIONAL
GOVERMENT (Federal,State,and local)
m
TRANSFER PAYMENTS ARE INCLUDED IN RECEIPTS OR EXPENDITURES OF THE SEPARATE ACCOUNTS BUT NOT IN THE TOTAL GROSS NATIONAL PRODUCT,
NOTE: SEE PAGE 2 FOR THE NATION'S ECONOMIC BUDGET TOTAL (GROSS NATIONAL PRODUCT).
SOURCE: ANNUAL ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1952, APPENDIX A.
0
25
GROSS NATIONAL PRODUCT
Gross national product rose at an annual rate of $5 billion from the third to the fourth quarter of 1951, according to
revised estimates. National security expenditures rose by about $2 billion/ personal consumption also expanded.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
350
350
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars]
Period
1939
1944...
1946.. ..
1947..
1948
1949 .
1950__.
1951---
_
Personal
Total gross
private Net foreign
consump- Gross
national
domestic
tion
expendproduct
investment investment
itures
91.3
213.7
211. 1
233.3
259.0
257. 3
282.6
327.8
67.5
111. 6
146.9
165.6
177. 9
180. 2
193.6
205.5
9.9
7.7
28.7
30.2
42. 7
33.0
48. 9
59. 1
0.9
-2. 1
4. 6
8.9
1. 9
.5
-2.3
.2
Government purchases of goods and
services
Total
13. 1
96.5
30.9
28.6
36.6
43. 6
42. 5
63.0
National
security *
Other 2
1.2
87.5
18.5
12.0
15.5
18. 9
18.9
37.3
11.9
9.0
12.4
16.6
21. 1
24.7
23.6
25. 7
16.7
17. 1
17.9
23.9
28. 7
35. 1
41. 6
43. 9
24.6
23. 0
22.9
23.9
24.5
25. 2
26. 1
26.8
Seasonally adjusted annual rates
1950: First quarter
Second quarter
Third quarter. ,,
Fourth quarter.
1951: First quarter _
Second quarter
Third quarter
Fourth quarter
264.4
275.0
287.4
303. 7
319.5
328. 2
329.5
334.6
184.7
188.7
202. 5
198. 4
208. 8
202.4
204. 0
206. 7
40. 1
47.9
47.3
60.2
60.2
65.6
56. 6
54. 6
-1.7
-1.6
-3.2
-2. 7
-2.7
-. 1
1. 2
2. 5
41.3
40. 1
40.8
47.8
53.2
60.3
67.7
70. 7
i Includes expenditures for military services, international security and foreign relations (except foreign loans), atomic energy, merchant marine, and promotion
of defense production and economic stabilization; excludes Federal Government sales. For further detail, see Economic Report of the President, January 1952 (p. 167),
and 3Survey of Current Business, February 1952 (p. 9).
Residual; expenditures by the Federal Government for other than "national security" and total expenditures by State and local governments.
NOTE.—Detail wOl not necessarily add to totals because of rounding.
Source: Department of Commerce,
PRICES
CONSUMERS' PRICES
Between December 1 5 and January 1 5 consumers' prices stopped rising for the first time in 5 months, partly because of
lower prices for apparel and housefurnishings and almost no change in food prices. However, according to a
special survey, food prices dropped more than 2 percent between January 15 and February 15.
PERCENT OF 1935-39 AVERAGE
PERCENT OF 1935-39 AVERAGE
250
250
1952
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1935-39=100]
Period
1939
1943
1944
1945
1946
1948
1949
1950
monthly average
monthly average
monthly average- __..monthly average
monthly average. _._
monthly average
monthly average
monthly average
June 15
1951 monthly average
1951: January 15
February 15
March 15-..
April 15
Mav 15_
June 15
July 15
August 15_ ._
September 15
October 15
November 15
December 15
1952: January 15 l
All items
99.4
123.7
125.7
128. 6
139.5
171.9
170. 2
171.9
170 2
185. 6
181. 5
183. 8
184. 5
184. 6
185. 4
185 2
185 5
185. 5
186. 6
187 4
188. 6
189 1
189. 1
Food
95.2
138.0
136. 1
139. 1
159. 6
210.2
201.9
204.5
203 1
227. 4
221 9
226. 0
226. 2
225 7
227. 4
226 9
227 7
227 0
227. 3
229 2
231. 4
232 2
232. 4
Apparel
100.5
129.7
138.8
145.9
160.2
198.0
190. 1
187.7
184 6
204. 5
198 5
202 0
203. 1
203 6
204. 0
204 0
203 3
203 6
209.' 0
208 9
207 6
206 8
204. 6
Rent
1043
108.7
109. 1
109.5
110. 1
121.2
126.4
131.0
130 9
136.2
133 2
134. 0
134.7
135 1
135. 4
135 7
136 2
136 8
137. 5
138 2
138. 9
139 2
139. 7
i A special survey of food prices indicated a decline of 2.1 percent between January 15 and February 15,
NOTE.—Revised index of prices for moderate-income families in large cities.
Source: Department of Labor.
Fuel, electricity, and
refrigeration
99.0
107.7
109.8
110.3
112.4
133.9
137.5
140.6
139 1
144. 1
143. 3
143. 9
144. 2
144. 0
143. 6
143 6
144. 0
144. 2
144. 4
144. 6
144. 8
144 9
145.0
Housefurnishings
101. 3
125.6
136.4
145.8
159.2
195.8
189.0
190.2
184. 8
210.9
207.4
209.7
210.7
211. 8
212. 6
212. 5
212.4
210. 8
211. 1
210.4
210. 8
210. 2
209. 1
Miscellaneous
100.7
115.8
121.3
124. 1
128.8
149.9
1546
156.5
154 6
165.4
162. 1
163.2
164.3
164 6
165.0
1648
165.0
165.4
166.0
166.6
168.4
169. 1
169.6
WHOLESALE PRICES
A major revision of the wholesale price index was put into effect in February. The latest weekly figures indicate a
continuation of the moderate wholesale price decline which both the old and the new monthly index showed during
January.
PERCENT OF 1947-49 AVERAGE
PERCENT OF 1947-49 AVERAGE
IEO
120
1952
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[1947-49=100]
All commodities
Period
1942 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
June _
__
1951 monthly average _
1950: December
1951: January
February
March
April
- - _.
.
___.
_
__
_ _ _ _ _ _
_ _ _ __
-
_ __
___
__
Mav
A
«J
June _- .
July
August
September
_
October__ _
November. _
_ _ _ _
December
1952: January
_ _
_ _ _
Week ended:
1952: February 19
26
1
'
_ _ _
_
_
_
64. 2
78 7
96. 4
104, 4
99. 2
103. 1
100. 2
114. 8
112. 1
115 0
116 5
116. 5
116. 3
115. 9
115. 1
114. 2
113. 7
113. 4
113. 7
113. 6
113. 5
113. 2
111. 8
111. 7
100 0
107. 3
92. 8
97 5
94. 5
113. 4
107 9
112 3
117 2
117 6
117. 5
115 7
113. 9
111. 1
110. 4
109 9
111.5
112. 0
111 3
110 0
98. 2
106. 1
95. 7
99. 8
96. 8
111. 4
106. 6
110 2
112 9
112. 0
111. 8
112 3
111. 3
110. 7
111. 2
110. 9
111. 6
111. 0
110. 7
111. 2
Other than
farm products
and foods
(industrial)
68. 3
78 3
95. 3
103. 4
101. 3
105. 0
102. 2
115. 9
114. 1
116 6
117 2
117. 3
117. 1
116 8
116. 2
115. 7
114. 9
114. 8
114. 6
114. 5
114. 6
114. 3
106 4
106. 3
112 3
112. 5
112. 9
112. 7
Farm
products
Processed
foods
C1)
C1)
(i)
Not available.
NOTE.—Revised index. For description of the revision see The Monthly Labor Review3 February 1952,
Source: Department of Labor.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers declined 4 percent between mid-January and mid-February and prices paid increased
slightly, resulting in a drop in the parity ratio from 105 to 100.
PERCENT OF I9IO-14 AVERAGE
350
PERCENT OF 19IO-I4 AVERAGE
350
AND WAGE RATES)
0 I I I I I I
I
I I I I I I I I I
I
I I I
I I
I I
I I
l"950
SOURCE: DEPARTMENT OF AGRICULTURE.
COUNCIL OF ECONOMIC ADVISERS
[1910-14=100]
Prices
received
by farmers
Period
1939
1942
1944
1946
1947
1948
1949
1950
monthly average
- _
monthly average
monthly average
.
monthly average
,
monthly average
monthly average
monthly average _ _ _ . _ . . .
monthly average
.
June 15
1951 monthly average
1951: January 15
February 15
March 15 __
April 15
May 15
June 15
Julv 15
August 15
September 15
October 15
_ __
_ _
November 15_
_ _
_
December 15__ _ _
_ _ _ _
1952: January 15
February 15
1
2
_
_ .
. _ . - _.
..
„-
... _ „
_ _ _
_ _
_
._
2
2
95
158
Parity index
(prices paid,
interest, taxes, Parity ratio *
and wage
rates)
275
285
249
256
247
302
300
313
311
309
305
301
294
292
291
296
301
305
122
151
182
207
239
259
250
255
254
281
272
276
280
283
283
282
282
282
282
283
284
284
78
105
108
113
115
110
100
100
97
107
110
113
111
109
108
107
104
104
103
105
106
107
300
289
287
288
105
100
196
234
Ratio of index of prices received by farmers to parity index..
Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946.
Source: Department of Agriculture.
96171—52
2
STOCK PRICES
After 2 months' upswing/
of all
fell
February,
PERCENT OF 1939 A V E R A G E
PERCENT OF 1939 AVERAGE
250
SOURCE:
COUNCIL OF ECONOMIC ADVISERS
SECURITIES AND EXCHANGE COMMISSION.
Period
[1933=100]
]yi a librae tun" -g
Composite
Total
Weekly average:
1940.............
......
1946............
1949.............
1950
......
June___,
1951
.
1951: February.
„__
April. „ _ _ _
May _
June
.
July
August. __ _
September
October _ _
November
December
1952: January
February
Week ended:
1952: February 2
9
16.
23
March
]
90. 3
74, 9
140. 6
127. 6
154. 1
158. 3
184. 7
184. 0
179. 9
UV5. "'
ID- -
93. 4
/ r$ rj
;/
^6. 6
132. 1
lf,5. 7
171. i
92. 5
73 7
138. 8
118. 0
150 4
? .~,-Q
20., -
i ri^s
Trans-
Durable
goods
1
*7
; v -* (j
178. 2
1 o " - •?
i v - -: j
9*. 2
77 S
!
:
,**'", (•
•'•»-: ^
1: :•",!, 8 •
•M7. 0
20!
:»
i :5 > V
is£ 9
KL \
236.
248.
252.
244.
234.
244.
255.
251.
19<; 4
'>;••> o
1S5. 7
2t>/. o
2.5-j. 8
isa o
100. 2
105. 3
22 i . 2
1 85. 0
•'»;>. 7
ifcl. 7
2H. 6
jgB- 2
178. 1
|g& 1
211.2
177.2
«___««--^*^*"*—— ——~^. -~— _
J05. 3
;j0 j
30. 8
202. 6
138. 8
159. 9
149. 5
199. 2
213. 1
200. 0
224, 8
22«. 1
l('o» I17o! 3
177. 7
1S4. 5
185. 1
178. 4
182. 1
185.2
182. 0
191 0
101.4
finance,
and
Mining
service
:;-._'. o
j U9. D
2Q.i. 4
214. 0
219.9
215. 8
20V .'.
214. 5
221, 5
2 j 8. 1
18 i. <S
Trade?
Utilities
3
0
8
3
6
6
1
1
240. 3
242. 8
242. 8
195. 1
202. 3
203. 3
194.0
203. 6
210.6
208. 6
211. 3
209. 8
207. 3
205.8
204. 3
97. 7
69. 8
121. 0
US. 1
1 07. 2
1MS
I 12. 5
112. 1
H2. 9
III. 4
110.5
109. 9
111. 2
113. 9
114. 9
114. 3
113. 8
115. 0
116.4
116.8
116. 9
117. 4
117. 5
115. 6
116. 2
86.7
71, 3
204. 3
,160.5
183. 8
182.4
208. 0
213. 2
209.7
207.8
206.0
200.
202.
205.
213.
214.
207.
9
2
5
1
0
8
75.9
59. 7
125.5
129. 2
143, 5
143.0
204. 9
184.2
176.7
183.4
187.7
186.0
195.2
217. 4
229. 4
243. 6
238.8
209.0
238. 1
209. 1
206. 0
245.8
258.0
208.2
208.7
253.7
206. 2
200. 9
198.7
257. 6
263.7
257.0
277, 1
»Includes 265 common stocks, distributed as fu!f/r!:', n'y^L11'.1""1^ 88 £or tosbie goods manufacturing, 72 for nondurable goods manufacturing, 21 for
transportation, 28 for utilities, and 32 for trade, W~
service.
Sourc®: Securities and Exchange Commissio*3
EMPLOYMENT AND WAGES
CIVILIAN LABOR FORCE
Employment in February was virtually unchanged from its January level and was at the highest February level on
record. Unemployment, likewise, showed little change and was the lowest for any February since World War II.
PERCENT
w Ef 1PLOYMENT
"
IS
_
mm
I93S
m
!944
1947
|
20
AS PERCENT OF CIVILIAN LABOR FORCE
y :?%: : •;h^r^~L_^_^_^
£•'•:•:"••£•.••.
-•/v-V.-V:Y
mm
•'•/yV y/:-v- K-l::^
__r— ^—j^n
1950
i960
1951
1952
SOURCE: DEPARTMENT OF COMMERCE
Period
1939 monthly
1944 monthly
1947 monthly
1948 monthly
1949 monthly
1950 monthly
June
1951 monthly
average
average
average
_
average
average average. ~ ~
average
1951: January. _
_ _
._
February
March
April
May_
_ _ _ _ __ _ _
__
June
July_
„
August
_~
.
September
OctoberNovember
_ „ _ _ _
December
1952: January 2
_
Februarv
COUNCIL OF ECONOMIC ADVISERS
Civilian labor force
UnemEmployment l
ployTotal
NonagriAgriculTotal
ment
tural
cultural
Thousands of persons, 14 years of age and over
9,480
45, 750
36, 140
55, 230
9,610
670
54, 630
53, 960
45, 010
8, 950
2, 142
• 49, 761
60, 168
58, 027
8,266
2,064
61, 442
59, 378
7,973
51, 405
3,395
62, 105
8,026
50, 684 ,
58, 710
3, 142
52, 450
59, 957
63, 099
7,507
3,384
64, 866
52, 436
9,046
61, 482
62, 884
1,879
7,054
53, 951
61, 005
61, 514
61, 313
62, 325
61, 789
62, 803
63, 783
64, 382
64, 208
63, 186
63, 452
63, 164
62, 688
61, 780
61, 838
59, 010
6,018
5,930
58, 905
6,393
60, 179
60, 044
6,645
7,440
61, 193
8,035
61,803
62, 526 . 7, 908
62, 630
7, 688
61, 580
7, 526
7,668
61, 836
7,022
61, 336
61, 014
6, 378
6, 186
59, 726
59, 752
6,064
52, 993
52, 976
53, 785
53, 400
53, 753
53, 768
54, 618
54, 942
54, 054
54, 168
54, 314
54, 636
53, 540
53, 688
2,503
2,407
2, 147
1,744
1,609
1,980
1,856
1,578
1, 606
1,616
1, 828
1,674
2,054
2,086
Unemployment as percent of total
civilian
labor force
17. 2
1.2
3.6
3.4
5.5
5. 0
5.2
3.0
4. 1
3.9
3. 4
2.8
2. 6
3. 1
2.9
2.5
2.5
2.5
2.9
2.7
3. 3
3.4
1
Includes part-time workers and those who had jobs but were not at work for such reasons as vacation, illness, bad weather, temporary lay-off,
and industrial disputes.
2 Data became available after chart was prepared.
Source: Department of Commerce.
NOTE.—Detail will not necessarily add to totals because of rounding.
NONAGRICULTURAL EMPLOYMENT - SELECTED
Nonagricultural employment declined in all major industries in January. The largest decreases, which were recorded
in contract construction, trade, and government, were due to seasonal influences. Since January 1951, significant
increases have occurred in the number of workers in defense-related industries and in the Feaeral Government.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
M95I
o r~
i
J
i
F
i
M
i
i
A
M
J
i
J
i
A
I
S
O
N
D
J
F
M
I
A
I
M
J
J
A
S
O
N
D
CONTRACT CONSTRUCTION
J
F
M
A
M
SOURCE: DEPARTMENT OF LABOR.
[Thousands of wage and salary workers
Manufacturing
Period
Total
1939 monthly average
1943 monthly average *
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
June
1951 monthly average 2
1950: December..
1951: January _ _
. _February
March
April • v'
May
June
July
_
_ _ _August
September
October. _ 2 _
November _ _
December 2
1952: January 2
10, 078
17, 381
14, 461
15, 286
14, 146
14, 884
14, 666
15; 932
15, 789
15, 784
15, 978
16, 022
15, 955
15, 853
15, 956
15, 813
16, 008
16, 039
15, 965
15, 902
15, 908
15, 755
Contract
construction
Durable Nondugoods rable goods
4,683
11,077
7,739
8,315
7,465
8,008
7,964
8,927
8,717
8,742
8,877
8, 969
9,003
8, 975
8,998
8, 839
8,878
8,913
8, 942
8,988
8,996
8, 951
5,394
6, 304
6,722
6,970
6,681
6,876
6,702
7,005
7, 072
7,042
7,101
7,053
6,952
6,878
6, 958
6, 974
7, 130
7,126
7,023
6,914
6,912
6,804
1, 150
1,567
1, 661
2, 165
2, 156
2,318
2,414
2, 569
2,403
2,281
2,228
2,326
2,471
2, 598
2, 686
2, 754
2,809
2, 768
2,761
2,627
2, 519
2, 319
Trade
6,612
7, 189
8,602
9,491
9,438
9,524
9,411
9,801
10, 443
9,592
9,554
9,713
9,627
9,683
9,732
9,667
9,641
9,781
9,893
10, 096
10, 630
9,792
Finance
and
service
Government
(Federal,
State,
local)
4,703
5,320
6,207
6,515
6,545
6,573
6,653
6,641
6, 522
6,497
6,496
6,536
6,610
6,663
6,728
6,760
6,753
6,729
6,668
6,638
6, 612
6, 582
3,987
6,049
5, 607
5,613
5,811
5,910
5,832
6,386
6,376
6,088
6,122
6, 217
6,292
6, 377
6,377
6,356
6,401
6,544
6,532
6,497
6,831
6,509
Transportation
and
Mining
public
utilities
2,912
3,619
4,023
4, 151
3,979
4,010
4,023
4,143
4,125
4,072
4,082
4,112
4, 132
4,137
4, 161
4, 176
4, 190
4, 178
4, 166
4, 163
4, 152
4,087
845
917
852
981
932
904
946
920
937
932
930
924
911
915
927
906
922
917
917
920
917
911
1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked or received pay during the pay period ending nearest
the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 7) which include proprietors, selfemployed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are based on an
enumeration
of population, whereas the estimates in this table are based on reports from employing establishments.
2
Preliminary estimates.
Source: Department of Labor.
8
AVERAGE WEEKLY HOURS • SELECTED INDUSTRIES
A half-hour drop in the manufacturing workweek in January was attributed to inventory-taking and a seasonal slackening in many industries. Despite the drop, the average workweek in durable industries was above the high levels of
January 1951 because of scheduled overtime in defense-connected industries.
HOURS PER WEEK
HOURS PER WEEK
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
_J
0 I I I I I I I LI I I.I
o LLJ
RETAIL TRADE
BUILDING CONSTRUCTION
COUNCIL OF ECONOMIC ADVISERS
[Hours per week, selected industries*]
Manufacturing
Period
Total
1939
1943
1946
1947
1948
1949
1950
monthly average
..-_monthly average
monthly average
______
monthly average
monthly average
__
monthly average
monthly average
June
..
_
1951 monthly average 4
.
1950: December
.
1951: January
February
•__
March
April
May
...
_
June
July. _
_.
August -._
September
October 4
-..
November4
__
_-.
December
1952: Jan uar v 4 _
_ - _
1
8
For production and related workers.
Not strictly comparable wltti previous data.
Durable
goods
37.7
44.9
40. 4
40.4
40. 1
39.2
40.5
40.5
40.7
41.4
41. 0
40.9
41. 1
41. 0
40. 7
40.7
40. 2
40. 3
40. 6
40. 5
40.5
41. 2
40. 7
3
4
Not available.
Preliminary eslima
38.0
46.6
40.2
40.6
40.5
39.5
41.2
41.3
41.6
42.2
41.5
41.6
41. 9
42.0
41.8
41.8
40.9
41.3
41.6
41.7
41. 4
42. 2
41.7
Building
Nondurable construction Retail trade
goods
37.4
42.5
40.5
40. 1
39.6
38.8
39.7
39.5
39.5
40.5
40.2
40.0
40.0
39.7
39. 3
39.4
39.3
39. 1
39.4
38.9
39.2
39.9
39. 5
32. 6
38. 4
38. 1
37.6
3
37. 3
36.7
36.3
37.0
37.2
36.7
36.7
35.3
35.8
36.8
37.5
37.7
38.1
38.2
38.2
38. 5
36.3
37.8
2
()
(2)
(2)
(2) 40.3
40. 3
40.4
40.5
40. 9
40, 1
40.7
40.3
40. 1
39.7
39.9
39.8
40.4
40.8
40.8
40. 0
39. 8
39.3
39.9
(2)
Somite! Department df Labor.
AVERAGE HOURLY
- SELECTED INDUSTRIES
Average hourly earnings in durable goods industries rose about K cent in January and in nondurable goods industries
almost 1 cent. These increases reflected cost-of-living adjustments and higher wage rates in many industries.
DOLL ARS PER HOUR
-
DOLLARS PER HOUR
1.90
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
1.80
1.50
^-'
0
T, , , , i
1 . 1 . . 1, i , l l
1950
1949
/
I 40
^— *^Na RRENT
CURRENT DOLLARS
,,,,,,
1.40
»
\^^^^^^^^
/
r^
——xx *-**^
S"™****
^
^"*^
1951 DOLLARS^
4
1.60
1951 DOLLARS^/
V
^^
1.70
1951
i , , , rn
0
1952
DOLLARS
Ti i i i 1 i i i • i
I 1 1 1I 1 I 1 | I 1
l . . .. I . , ,,,
1949
1950
1951
, , , , , i , , , rr
1952
1.40
2.40
RETAIL
BUILDING CONSTRUCTION
1 30
2.30
195! DOLLARS'^
1951 DOLLARS'^
f£^
2.20
^^N^---^
1.20
/
'
~^
?^
^—^
2.10
'
^***-*>'^
> CURRENT DOLLARS
URRENT DOLLARS
2.00
^J^l
^"^
1.90
0
^^^
5
r, . . . i , . . . ,
.,,..!.....
1949
.....
I
.,.,.
1951
1950
1 1 ! 1 1 I I t 1 III
niT i i l i ! i i l i i
1952
1. 1 !J_L 1 1 J Lrl A
1949
1950
i i t i Ltn,anru ._j._
1951
i j . l i .._L_LLJ
J952
iJ
J CURRENT DOLLARS5 DIVIDED BY CONSU MERS' PRICE INDEX ON BASE |S5i = 100,
COUNCIL OF ECONOMIC ADVISERS
[Production and related workers in selected industries]
All manufacturing
Period
Durable goods
manufacturing
Nondurable goods
manufacturing
Building
construction
Retail trade
1951
Current
Current
1951
1951
Current
Current
1951
Current
1951
dollars dollars 1 dollars dollars 1 dollars dollars 1 dollars dollars 1 dollars dollars *
1939
1943
1946
1947
1948
1949
1950
monthly average, _
monthly average _
monthly average..
monthly average _
monthlv average _
monthly average
monthly average
June _
1951 monthly average 4
1950: December.
1951: Januarv
February _
March
April
May___
June _ _
July,
August
September _
October _
November 44
December _
1952: January 4
1
s Current dollars
Not available.
8
$0. 633
. 961
1.086
1. 237
1.350
1. 401
1. 564
1.453
1. 594
1. 543
1. 555
1. 561
1. 571
1.578
1.586
1. 599
1.598
1.596
1. 613
1. 615
1. 625
1. 635
1. 641
$1. 181
1.443
1. 444
1.438
1.458
1.528
1.582
1. 585
1. 594
1.602
1.590
1. 577
1. 580
1.586
1. 588
1. 602
1. 600
1. 598
1. 605
1. 599
1. 599
1. 605
1.610
$0, 698
1.059
1. 156
1, 292
1. 410
1. 469
1. 537
1. 522
1. 678
1. 619
1.630
1. 639
1/654
1. 659
1.665
1. 681
1.682
1. 684
1. 707
1. 705
1.711
1. 721
1.725
divided by consumers' price index on base 1951*100.
Not strictly comparable with previous date.
* Preliminary estimates.
Source: Department of Labor.
10
$1. 302
1. 590
. 1. 537
1: 502
1.523
1.602
1. 660
1. 660
1.678
1. 681
1.667
1. 656
1. 664
1. 667
1. 667
1. 684
1. 684
1.686
1. 699
1. 688
1. 684
1. 689
1. 693
$0. 582
.803
1.015
1. 171
1. 278'
1. 325
1.378
1.365
1. 481
1. 443
1.456
1.458
1.460
1.465
1. 474
1. 484
1. 488
1.481
1. 489
1. 491
1.506
1. 515
1.523
$1. 086
1.206
1. 350
1. 362
1.380
L 445
1. 488
1.489
1. 481
1. 498
1.489
1. 473
1.469
1.-472
1. 475
1. 487
1.489
1. 482
1. 482
1.476
1. 482
1.487
1.495
$0. 932
1. 252
1. 478
1. 681
3
1. 848
1. 935
2.031
1. 995
2. 199
2. 120
2. 135
2. 157
2. 163
2. 167
2. 182
2. 194
2. 195
2.207
2. 236
2. 239
2.257
2.257
(2)
$1. 739
1. 880
1.965
1.955
3
1. 996
2. 110
2. 193
2. 176
2. 199
2. 201
2. 183
2. 179
2. 176
2. 178
2. 184
2. 198
2. 197
2. 209
2. 225
2.217
2.221
2. 215
(2)
2
((2)
)
(2)
$1. 009
1.088
1. 137
1. 176
1. 175
1. 253
1. 187
1. 237
1. 236
1.233
1.249
1. 252
1.256
1. 262
1. 259
1.270
1.267
1. 268
1. 246
(2)
(2)
(2)
(2)
$1. 173
1. 175
1. 240
1.270
1. 281
1. 253
1.233
1.265
1. 248
1. 240
1.255
1. 253
1.259
1.263
1. 260
1.264
1.254
1. 248
1.223
(2)
Although average
because of the
increase
not
centage of workers in higher
DOLLARS
in
the
but
industries.
DOLLARS PER WEEK
PER WEEK
1949
in January
ago. This
the larger per-
I
I960
-^CURRENT DOLLARS DIVIDED BY CONSUMERS' PRICE INDEX ON BASE 1951 = 100
SOURCE:
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF LABOR,
[Production and
All
Current
dollars
1939 monthly average
$23. 86
1943 monthly average
43. 14
1946 monthly average
43. 82
1947 monthly average
49. 97
1948 monthly average
54. 14
1949 monthly average _ _ _ _ 54. 92
1950 monthly average
59. 33
June
58. 85
4
1951 monthly average
64. 93
1950: December
63. 88
1951: January
63. 76
February
_
63.84
March
64. 57
April
64.70
Mayj __
64. 55
June
65. 08
July
64. 24
August
64. 32
September
65. 49
October 4
65.41
November 4
65. 81
December _ _ _ _ _ ,
67. 36
1952: January 4 _
66. 79
i Current dollars divided by consumers'
* Not strictly comparable with
Scarce; Department of
workers in selected industries]
g
1§51
1
$44. 51
64. 77
58. 27
58. 10
58. 47
59. 89
64.07
64. 18
64. 93
66. 33
65. 19
64. 48
64.96
65.03
64. 61
65. 21
64. 30
64. 38
65. 16
64. 76
64. 77
66. 10
65. 54
on
Retail trade
construction
CirrrcEt
dollars
1951
$26. nO
49. 30
46. 43
52. 46
57, 11
58. OB
63. 32
62. 86
69. 88
68. 32
67. 05
68. 18
69. 30
69. 68
69. 60
70. 27
68. 79
69. 55
71. 01
71. 10
70. 84
72. 63
71. 93
$49.
44
<-r * f\ct
l
i *±. u^5
61. 82
61. 00
61. 67
63. 28
68. 38
68. 55
69. 88
70. 94
69. 17
68. 87
69. 72
70. 03
69. 67
7G. 41
63. 86
69. 62
70. 66
70. 40
69. 72
71.28
70. 59
Current
dollars
1951
$21. 78
34. 12
41. 14
46. 96
50. 61
51. 41
•54, 71
53. 92
58, 53
58. 44
58. 53
58. 32
58. 40
58. 16
57. 93
58. 47
58. 48
57. 91
58. 67
58. 00
59.04
60. 45
60. 16
$40. 63
51. 23
54. 71
54. 60
54. 65
56. 06
59. 08
58, 80
58. 53
60. 69
59. 85
58/91
58. 75
58. 45
57.99
58. 59
58, 54
57. 97
58. 38
57. 43
58. 11
59. 32
59. 04
s Not
<
1
Current
dollars
1951
1
$30. 39 $56. 70
72.27
48. 13
56.24
74. 79
63. 30 3 73. 60
3
74. 35
68. 85
70. 95
77. 37
79. 62
73. 73
80. 50
73. 82
81. 92
81. 92
80. 79
77.80
80. 11
78. 35
76. 14 • 76.91
77. 44 "77. 91
80. 15
79. 75.
81. 91
81. 83
82. 88
82. 71
83. 71
83. 63
84. 39
84. 31
85.00
85. 42
85. 35
•86. 20
80. 64
81. 93
83.72
85. 31
(2)
(2)
1951
Current
dollars dollars l
(22)
()
(2)
$40. 66
43. 85
45. 93
47.63
48.06
50. 20
48. 31
49. 85
49. 56
48. 95
49.84
49. 83
50. 74
51. 49
51, 37
50. 80
50.43
49. 83
49. 72
(2)
(2)
(2)
(2)
$47. 28
47.35
50. 09
51.44
52.41
50. 20
50. 17
50.97
50. 06
49. 25
50.09
49. 88
50.84
51. 54
51. 42
50.55
49. 93
49.05
48.79
«
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The index of total industrial production remained in February at about the same level as that of the last 5 months.
Durable goods output rose slightly, primarily because of increased automobile production. Production of nondurable goods remained at the somewhat improved January level. Among the minerals industries, rising petroleum
output was offset by a decline in coal production.
PERCENT OF
PERCENT OF 1 9 3 5 - 3 9 AVERAGE
(935-39 AVERAGE
400
400
* PRELIMINARY ESTIMATES.
SOURCE:
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[1935-39=100, seasonally adjusted]
Period
1943
1946
1947
1948
1949
1950
monthly average..
monthly average..
monthly average .
monthly average
monthly average
__
monthly average
June
1951 monthly average 1
1951 1 January
February
March.. _ __
April
-_
May
June_-~
July
_
August
September
October _
November
December
1952: January 1
__
February *
12
1
Preliminary estimates.
Total
industrial
production
239
170
187
192
176
200
199
220
221
221
222
223
222
221
212
217
219
218
219
218
219
219
Manufactures
Total
258
177
194
198
183
209
208
229
231
232
234
234
233
231
222
226
228
226
228
228
229
229
Durable
goods
Nonduraable goods
360
192
220
225
202
237
237
273
268
271
277
279
276
274
265
267
271
274
277
281
280
281
176
165
172
177
168
187
184
194
201
201
199
198
198
197
187
193
193
188
188
185
187
187
1
Minerals
132
134
149
155
135
148
151
164
164
158
158
164
165
165
156
165
167
174
170
163
164
164
Source; Board of Governors of the Federal Reserve System,
WEEKLY PRODUCTION - SELECTED INDICATORS
Scheduled steel production continued to rise in February and early March, and reached an all-time high the week ended
March 8. Electric power output in February averaged somewhat below the previous month, in line with the seasonal
pattern. Bituminous coal production declined, while motor vehicle output rose to the highest weekly rate this year.
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
3
3
BITUMINOUS COAL
STEEL - Scheduled output
if
i i
J
F
M
A
J
I
J
A
i
S
i
0
N
J
0
i
F
I
M
A
M
J
J
A
0
N
'
0
THOUSANDS
BILLIONS OF KILOWATT HOURS
200
SOURCE: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Steel i
Percent of
theoretical
capacity
Period
Weekly average:
1949
1950 ... _ _ _
June
1951 3
1951: January., _
February
March
April
May
«j
June
- »
July. ..
August
September .
October
November
December
1952: January 8
February
Week ended:
1952: February 2
9
16
March
23
1
8
Thousands of
net tons
...
___
_
. ._
•
- -
_ __
_
COUNCIL OF ECONOMIC ADVISERS
Electric power, Bituminous
by utilities
coal
(millions of
(thousands of
kilowatt-hours) short tons) 2
Cars and
trucks
(number)
1,496
1,857
1,898
2,016
1,996
1,941
2,048
2,061
2,053
2,018
1,964
1, 971
2, 022
2,058
2,050
2,010
2,059
2,089
81. 1
96.9
99.6
100.9
99.9
97. 1
102.4
103. 1
102.7
100. 9
98.2
98. 6
101.2
102.9
102. 5
100.5
99. 1
100. 6
5,498
6, 183
6,038
6,958
6,912
6,879
6, 828
6, 722
6, 557
6,804
6,760
7, 114
7,012
7,204
7,340
7,464
7,509
7,443
1,427
1,687
1. 707
1,777
1,987
1,672
1,661
1,734
1,643
1,707
1,688
1, 748
1,790
1,918
1,990
1,765
1, 910
120, 350
154, 211
192, 825
129, 796
135, 142
157, 760
171, 094
152, 948
140, 461
147, 582
112,786
120,311
115,721
112,300
103, 362
90, 476
82, 195
103, 506
2, 079
2,090
2,079
2,090
2,096
2, 104
100. 1
100. 6
100. 1
100. 6
100.9
101. 3
7,572
7,456
7,440
7,461
7,416
1, 733
1,764
1, 766
1, 679
96, 324
95, 410
105, 473
104, 393
108, 748
1
Weekly data are scheduled rates of operation; monthly figures are for actual output except latest month which is an average of the weekly estimates. Percent
of capacity based on weekly net ton capacity of 1,843,516 for 1949, 1,906,268 for the first half of 1950,1,928,721 beginning July 1,1950,1,999,034 beginning January
1,1951, and 2,077,040 beginning January 1, 1952.
2 Daily average for week.
a Preliminary estimates.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports.
96171—52
13
PRODUCTION OF SELECTED MANUFACTURES
In the durable goods sector, small increases in production of lumber and nonferrous metals in January were offset by
declines in iron and steel and machinery. Among the nondurables, there was a significant increase in textile output
from its low December level.
PERCENT OF 1935-39 AVERAGE (ADJi
PERCENT OF 1935-39 AVERAGE (ADJUSTED FOR SEASONAL VARIATION)
300
300
100 I I I I I I 1 I I I I I ,,| I l l i n i u m
1940 42 44 46 48 50
i960
ii i iiIii ii
1951
1951
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1952'
COUNCIL OF ECONOMIC ADVISERS
[1935-39=100, seasonally adjusted]
Durable manufactures
Period
1943 monthly average
«.«»
1946 monthly average .......
1947 monthly average
1948 monthly average
1949 monthly average
...
1950 monthly average
June
1951 monthly average __ _
1950' December
1951 1 January
February
March
April
May
_June
-• July
August
September
October _ _
November
December
1952: January 1
* Preliminary estimates.
14
Iron and
steel
Lumber
and
products
208
150
195
208
188
229
231
259
253
255
252
263
264
263
261
253
254
258
261
261
263
261
129
131
143
145
130
160
155
157
173
171
169
169
170
163
153
141
146
146
149
157
153
155
Nondurable manufactures
Nonferrous Textiles
and
Machinery metals and
products products
443
240
276
277
234
270
262
336
321
322
328
335
337
336
338
328
328
336
340
347
358
356
267
157
187
193
160
206
207
207
227
224
217
209
211
206
205
199
197
196
201
209
208
212
153
162
163
170
147
182
173
174
194
194
194
188
185
190
185
160
170
163
154
157
152
159
Petroleum Manufac- Chemical
and coal tured food products
products
products
185
173
193
218
209
229
222
267
263
272
269
269
255
263
263
262
265
266
269
276
279
277
145
149
157
159
163
164
164
165
165
168
166
167
168
167
165
164
166
167
163
159
160
159
384
236
251
254
241
264
261
299
284
287
288
292
296
298
302
305
306
304
297
298
296
297
Source: Board of Governors of the Federal Reserve System.
NEW CONSTRUCTION
The value of new construction, seasonally adjusted, rose in February for the fourth successive month. Private nonfarm residential construction increased by $50 million, more than offsetting decreases in other private and in public
construction.
MILLIONS OF DOLLARS
3,000
MILLIONS OF DOLLARS
3,000
2,500
2,500
2,000
2,000
1,500
1,500
1,000
,000
1949
[Millions of dollars, seasonally adjusted]
Total new
construction
Period
1939
1942
1944
1946
1948
1949
1950
monthly average
monthly average.
monthly average
monthly average
monthly average
monthly average
monthly average ..
June
_
1951 monthly average
1951: January
February
March
April
May _ _ _
June
_
July
August
September
October
November
December
1952: January __
February 2
1
__-
_
Includes public residential construction.
2 Preliminary estimates.
683
1,173
438
1,000
1,798
1,882
2,325
2, 316
2,489
2, 506
2, 544
2, 667
2,627
2,532
2,483
2,443
2, 423
2,428
2,392
2,406
2,412
2, 511
2,528
Total
private
Private construction
Residential
Other
(nonfarm)
366
285
182
803
1,389
1,348
1,732
1,737
1,735
1,832
1,886
1,908
1,845
1,763
1,717
1,708
1, 677
1,671
1, 634
1, 608
1,574
1,683
1,706
223
143
68
335
715
689
1,050
1,072
910
1,059
1, 083
1,072
991
888
849
836
808
815
837
849
828
837
887
142
142
114
469
674
660
682
665
826
773
803
836
854
875
868
872
869
856
797
759
746
846
819
Federal,
State, and
local l
317
888
256
197
409
534
593
579
753
674
658
759
782
769
766
735
746
757
758
798
838
828
822
Sources: Department of Commerce and Department of Labor,
15
NEW HOUSING STARTS
New housing starts in January totaled 68,000 units, a counter-seasonal rise of 6,000 over December. January
starts, however, were about 21 percent below a year ago.
THOUSANDS OF UNITS
THOUSANDS OF UNITS
200
200
SOURCE'• DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
New nonfarnri units started
Montu
TV/T r\-r* -t- Vi
1947
1948
1949
1950
1951
39, 300
42, 800
56, 000
67, 100
72, 900
77, 200
81, 100
86, 300
93, 800
94, 000
79, 700
58, 800
53, 500
50, 100
76, 400
99, 500
100, 300
97, 800
95, 000
86, 700
82, 300
73, 400
63, 700
52, 900
50, 000
50, 400
69, 400
88, 300
95, 400
95, 500
96, 100
99, 000
102, 900
104, 300
95, 500
78, 300
78, 700
82, 900
117, 300
133, 400
149, 100
144, 300
144, 400
141, 900
120, 600
102, 500
87, 300
93, 600
85, 900
80, 600
93, 800
96, 200
101, 000
132, 500
90. 500
89, 100
96, 400
90, 000
1
76, 000
1
62, 000
..
849, 000
931, 600
1, 025, 100
1, 396, 000
Monthly average
70, 750
77, 600
85, 425
116, 300
January
February
March
April
May
_ _ _ _
June
July
August ...
September ...
October
November
December
Total
1
_
Preliminary estimates.
Source: Department of Labor.
16
_ _ _ _
U, 094, 000
*91, 200
1952
J
68 000
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Nonfarm plant and equipment expenditures in the fourth quarter of 1951 were 18 percent higher than they had been
a year previous. On the basis of reported business plans, about the same ratio would hold in the first quarter of
1952 also.
BILLIONS OF DOLLARS
30
BILLIONS OF DOLLARS
30
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
COUNCIL OP ECONOMIC ADVISERS
[Millions of dollars, annual rates, not adjusted for seasonal variation]
Period
1939
1941
. . ..
1945
1948
1949 -.
1950 3
1951 ->_ _ _ . . _
1950: First quarter
Second quarter
Third quarter
Fourth quarter
1951: First quarter
Second quarter
Third quarter 3
Fourth quarter
1952: First Quarter 3
Total »
- -
5,213
8, 190
7,406
20, 032
18, 021
17, 832
23, 126
14, 476
16, 732
18, 048
22, 068
19, 452
23, 652
23, 376
26, 024
22. 916
Manufacturing
1,943
3,400
3, 983
9, 134
7, 149
7,491
11, 141
5,776
6, 856
7,436
9,896
8,616
11, 208
11, 364
13, 380
12. 040
Mining
Transportation
Railroad
380
680
443
802
738
684
806
584
640
720
792
732
812
796
884
832
280
560
552
1,319
1,350
1, 136
1,564
928
1, 192
1,140
1,280
1, 212
1,648
1,508
1,888
1 . 596
Other
280
340
321
700
525
437
517
316
360
492
580
500
544
480
544
552
Electric and Commercial
miscelgas utilities and
laneous 3
480
710
630
2, 683
3, 140
3, 167
3,654
2, 612
3,032
3,284
3,740
3,012
3,572
3,732
4, 300
3. 536
1,850
2,490
1,477
5,394
5, 119
4,917
5, 443
4,260
4, 652
4,976
5,780
5,380
5,868
5,496
5,028
4. 360
i Excludes agriculture.
* Commercial and miscellaneous composed of trade, service, finance, and communication.
3
Estimates for fourth quarter 1951 and first quarter 1952 based on anticipated capital expenditures of business as reported in a survey made in late October
and during November.
NOTE.—These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the
latter cover agricultural investment and also certain equipment and construction outlays charged to current expense. Figures for 1939-44 are Federal Reserve
Board estimates based on Securities and Exchange Commission and other data.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commerce (except as noted).
17
NEW CORPORATE SECURITY ISSUES
Fourth quarter net proceeds from new security
the total for the fourth quarter of 1950,
a
Increase and were 36 percent above
BILLIONS Or DOLLARS
3,0
BILLIONS OF DOLLARS
3,0
I939
SOURCE;
I943
I948
I960
COUNCiL OF ECONOMIC ADVISERS.
SECURITIES AND EXCHANGE COMMISSION,
[Millions of
of net proceeds
Period
New money
' ceeds
Total
1939 quarterly average
1943 quarterly average. _
1946 quarterly
1947 quarterly
1948 quarterly average. __
1949 quarterly average.
,__,
1950 quarterly average 2 _
1951 quarterly average
1950: First quarter
_
Second quarter
Third quarter , _
Fourth quarter. .
1951: First quarter.,
_
Second quarter
Third quarter, __
Fourth quarter 2 _ _ ,
.
_ _ _ _ _
,__„,,_ .
_
__ .
_
_
_
__
„_____
_ _ _
„__
, __ , _ _ _ _ _ _ _ _
. ...
_
__„___
i Includes small amount for otherlpurposes.
* Preliminary estimates.
NOTE.—Detail will not necessarily acid to
Source: Securities and Exchange Commission.
18
.
of round ing*
529
287
1,689
1,617
1, 740
1,490
1 ? 565
1,908
1,325
1,145
1,569
1,730
2, 361
1,413
2, 131
81
77
820
1, 148
1,482
1,152
1,002
1,635
941
1, 251
771
1, 044
1,461
1,987
1,260
1,834
equipment
43
35
529
852
1? 055
.
931
741
1,275
759
948
571
687
1,167
1,422
970
1,541
Working
capital
39
42
291
296
427
220
260
360
182
302
200
356
293
565
290
293
Retirement
of debt and
stock *
448
210
869
469
258
338
564
273
384
971
374
525
270
374
153
297
INVENTORIES AND
In January, retail inventories reversed the
showed the first drop since Juiy 1950.
which
in
1951,
Manufacturers inventories
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1940 42 44 46 48 50
1950
1952
PERCENT OF IS47-49 AVERAGE
SEASONALLY ADJUSTED
MONTHLY AVERAGE
« •»«
SALES
1940 42 44 46 48 50
*
1950
1951
1940
1952
42 44 46 48
50
WHOLESALE, MANUFACTORiNe, AND RETAIL.
SOURCE: DEPARTMENT OP
Period
AND BOARD OF GOVERNORS Of THE FEDERAL
Total business 1
Inven-2
s
SYSTEM,
Retail
Inventories2
8
Manufacturing
Inven-2
New
*
orders
of dollars,
1939
20, 051
1943 _
31, 343
1946
_
42, 942
1947-.
. 50, 605
1948 _
55, 647
1949
, _
50, 921
1950
60, 434
June_ ..
52, 828
1951
_ _ _
70, 092
1950; December- _
60, 434
1951: January
62, 050
February _ _
63, 416
March
65, 240
April. 67, 361
May
68, 981
June
69, 442
July
70, 268
70, 083
August September69, 965
October 7
70, 068
November __
69, 988
December7
70, 092
1 952 : January 7_ „
69, 976
10, 802
21, 920
27, 151
83, 156
36, 438
34, 467
39, 051
39, 239
43, 500
42, 254
45, 914
44, 804
44, 222
43, 448
44, 728
43, 052
41, 710
42, 931
41, 240
44, 215
43, 701
42, 031
44, 456
5,534
7,561
11, 852
14, 060
15, 828
14, 502
17, 793
15, 574
18, 093
17, 793
18, 455
19, 044
19, 743
20, 346
20, 643
20, 282
20, 045
19, 429
18, 761
18, 545
18, 280
18, 093
18, 121
1
Also includes wholesale, not shown separately in this table.
* Book value, end of period. Bevised trade
not available prior to 1948.
? Monthly average for year and total for month.
* Data for new orders not adjusted for seasonal variation*
Department of
and
of
of the
3,504
11, 465
20, 098
5, *270
8,541
24, 498
9,967
28, 920
10, 877
31, 734
28, 690
10, 893
33, 253
11, 974
12, 069
29, 123
41, 999
12, 549
33? 253
12, 611
13, 593 ' 34, 120
34, 657
13, 321
12, 633
35, 557
36, 908
12, 285
38, 068
12, 411
39, 009
12, 240
39, 908
12, 058
12, 429
40, 621
41, 132
12, 258
41, 424
12', 551
12, 492
41, 673
12, 318
41, 999
12, 642
41, 900
6, 1 12
12. S20
12. 617
15, 918
17, 630
16, 339
19, 064
19, 271
22, 082
21, 048
22, 560
22, 261
22, 605
22, 479
23, 434
22, 133
21, 268
21, 678
20, 616
22, 503
22; 267
21, 183
22, 900
4
Index of book value,
monthly figures.
«? Not available.
Preliminary
of period,
'
Department stores
Inven-ft
f
tories
of
1947-49=100,
4
adjusted
6
35
35
(6)
55
56
()
13, 694
77
90
15, 622
93
98
17, 337
107
104
15, 791
100
98
20, 731
110
105
20, 922
105
103
130
23, 939
109
122
22, 871
110
28, 190
127
125
25, 765
129
115
28, 490
133
105
23, 820
138
104
136
23, 580
104
24, 100
136
105
21, 595
138
105
22, 976
134
109
21, 166
128
107
121
23, 916
108
22, 717
117
112
20, 954
119
109
22, 300
118
108
data, which are averages of
19
MERCHANDISE EXPORTS AMD IMPORTS
December exports, in dollar value, were the second highest on record, having been exceeded only in May 1944.
Imports declined again to the second lowest monthly level since July 1950. For 1951 as a whole, merchandise trade
set an all-time high in dollar value with exports of $15 billion and imports of $11 billion, the 1951 export surplus
of $4 billion compares with $1.4 billion in 1950.
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
1,600
1,600
1,200
1,200
1936-38
1949
*
1950
RECORDED MERCHANDISE EXPORTS, INCLUDING REEXPORTS, AND CIVILIAN SUPPLIES FOR OCCUPIED AREAS.
SOURCES:
DEPARTMENT OF COMMERCE, DEPARTMENT OF THE A R M Y , AND DEPARTMENT OF THE N A V Y ,
[Millions of dollars]
Exports l
Period
1936-38 monthly average
1943 monthly average
1946 monthly average
.
1947 monthly average
1948 monthly average . ..
1949 monthly average
1950 monthly average
June „.. _
_ 1951 monthly average
1950: December
1951: January..
February
March
>_ _
April
May
June
July
August
September
October
November
December.
20
-
..
__ _ _
247
1, 252
1, 065
207
282
411
480
594
552
738
687
913
867
974
1,024
1,080
812
1,278
1,054
1, 003
856
877
'
. _
__
.. .
„
_____
1,076
1, 285
1,370
1, 354
1,294
1, 190
1, 267
1,232
1, 155
1, 388
1,436
i Recorded merchandise exports, including reexports, and civilian supplies for occupied areas.
* Recorded general merchandise imports.
NOTE: Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce, Department of the Army, and Department of the Navy.
Imports *
910
1, 100
1,033
1, 018
930
895
881
721
833
818
801
Excess of
exports (+),
imports (— )
+40
+798
+400
+799
+461
+451
+ 119
+ 190
+ 338
+ 198
—50
+ 166
+ 185
+ 338
+ 337
+ 364
+ 295
+ 387
+ 511
+ 321
+ 570
+ 636
PURCHASING POWER
NATIONAL INCOME
National income rose at an annual rate of $3 billion in the fourth quarter of 1951.
in the rise.
All principal components shared
BILLIONS OF DOLLARS
1939
1944
1948
1949
i960
1951
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1939.
1944
1946
19471948.
1949
1950
1951
_ _-_ __ -_-_
Total
national
income
72.5
183.8
180.3
198.7
223.5
216.7
239. 0
275.8
Corporate profits and inventory
valuation adjustment
Compensation of
employees
Proprietors'
(business,
professional,
farm)
and rental
income
Net interest
47.8
121.2
117. 1
128.0
140.2
139.9
153.3
178. 1
14.7
35.5
42. 0
42.4
47.3
41. 4
44. 0
48.9
4.2
3. 1
2.9
3.5
4.3
4.9
5.4
5.7
Total
5.8
24.0
18.3
24.7
31.7
30.5
36.2
43.0
Profits
before
taxes
Inventory
valuation
adjustment
6.5
24.3
23.5
30.5
33.8
28.3
41. 4
44.5
-0.7
-.3
-5.2
-5.8
-2. 1
+ 2,1
— 5. 1
-1.5
31. 9
37.5
45.7
50.3
51.8
45.4
39.8
41. 1
-1.4
-2.7
-8.3
-8.2
-8.9
-2.3
+ 2.8
+ 2.5
Seasonally adjusted annual rates
1950: First quarter
Second quarter
Third quarter
Fourth quarter
1951: First quarter
Second quarter
Third quarter
Fourth quarter
219. 3
230.6
245.8
260. 1
269. 4
274.3
278. 0
281.2
142.2
148.6
157.3
165. 2
172. 1
177.5
180. 6
182.0
41. 4
41.8
45.6
47. 2
48.8
48. 1
49. 1
49.8
5.2
5.3
5.5
5.6
5.6
5.7
5.8
5.8
30. 5
34.8
37. 4
42.2
42.9
43.0
42.6
43. 6
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
21
CORPORATE PROFITS
Although corporate profits before taxes reached an all-time high in 1951, they were much lower in the second half
of the year than in the first half.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
60
60
1952
SOURCE:DEPARTMENT OF COMMERCE
[Billions of dollars]
Corporate
profits
before taxes
Period
1939_ ...
. ..
1944
- ..
1946 _ .
... ._
...
1947
1948
.
..... ...
1949' .
. .
1950
..........
..
1951
_ _ ... .. ... ..
6,5
24. 3
23.5
30.5
33.8
28.3
41.4
44. 5
1950: First quarter
....
Second quarter
Third quarter,. . ........ ..
Fourth quarter
......
1951: First quarter
>
....
Second quarter
..... ....
31.9
37.5
45. 7
50.3
51.8
45. 4
39. 8
41. 1
Fourth quarter
- - ..
Corporate
tax
liability
1.5
13. 5
9.6
11.9
13.0
11.0
18.6
26.6
Corporate profits after taxes
Total
Dividend
payments
5.0
3.8
10.8
4. 7
13.9
•5.8.
18. 5
6.6
20. 7
7.2
17.3
7.6
22. 8
9.2
18.0
9.4
Seasonally adjusted annual rates
14.4
17.5
7.8
16. 9
20.6
S..4
20. 5
25.2
9,4
22.5
27.8
11. 1
31. 1
20,7
as
27.0
18.4
9.6
23.7
16. 1
9.6
24.5
16.7
9.8
Undistributed
profits
1.2
0. 1
8. 1
12.0
13.5
9.8
13. 6
8.6
9.7
12.2
15.8
16.7
11.9
8.8
6.5
6. 9
NOTE.—No allowance lias been made for inventory valuation adjustment. See p. 21 for profits before taxes and inventory Yaluation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
22
PERSONAL INCOME
Personal income dropped af an annual rate of
income and dividends and interest was partly
$1.3
by a rise in
In January to $257.3. billion. ' The drop in farm
Wages and salaries were unchanged.
B I L L I O N S OF DOLLARS
BILLIONS OF DOLLARS
300
300
SOURCE: DEPARTMENT OF C O M M E R C E .
COUNCIL OF ECONOMIC ADVISERS
of
Period
1939 _
1944___
1948
1949
1950. .
1951
..
.......
.
.
.. ... ..
....
1950: June
_ _ _
December .-,_.
1951* January.
February
„_
March .
April
May_
June— .
JulyAugust-.
September
October.
November
December
1952: January8
Total personal
72.6
165. 9
209.5
205. 1
224. 7
251. 1
219.0
244.4
• 243. 6
243.3
245. 5
249. 0
249. 8
251. 0
252.4
253.7
253. 6
257.5
256. 5
258. 6
257.3
Proprietors' income l
(salaries,
Dividends
Business,
professional,
Farm
interest
income)1
income
45. 6
4.5
10.3
9.2
116. 2
• 23.7
10. 6
11.8
134.9
17.7
29.6
16.0
134. 2
13.0
28.4
• 17.1
146.4
13.7
19.3
' 30. 3
169. 7
16. 9
32. 0
20. 0
Seasonally adjusted
rates
144. 6
12. 3
30.2
18.4
159,6
16.3
31.8
25.0
17.5
33.0
161. 7
18. 8
163. 8
15. 9
19.2
32,3
166.0
31.9
15. 8
19.7
168. 6
16.4
31.7
20.2
168.9
16. 2
20.2
31.8
170. 2
16.2
20.0
31. 8
170.9
.
17. 3
19.7
•31.9
171.2
20. 1
17. 6
32. 1
172. 1
16.8
31.5
20.7
18.2
173.3
32. 3
20.8
32.0
174.6
17. 1
20. 2
32.2
175.8
17.6
20.7
32. 1
19. 4
175.8
17. 1
Transfer
payments
1
Excludes employee contributions for social insurance and self-employed contributions which became effective January 1952.
2 Includes $2.7 billion National Service Life Insurance dividend, most of which
paid in tne
naif of the year.
* Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of
Source; Department of Commerce.
3.0
3.6
11.3
12.4
2
15. 1
12.5
13.5
11. 7
12.6
12. 1
12. 1
12. 1
12.7
12. 8
12.6
12. 7
12. 5
12.9
12.6
12.3
12.9
23
INCOME, SPENDING, AND SAVING
Consumption expenditures rose at an annual rate of more than $2.5 billion from the third to the fourth quarter of last
year, reflectins gains in expenditures for nondurable goods and services. Personal saving continued at the exceptionally high rate of about 9 percent of disposable income, according to revised estimates.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
250
1940
41
42
43
4.
I/ PERSONAL INCOME LESS TAXES.
• COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Disposable personal
income 1
Period
Less: Personal consumption expenditures
Total
Durable
goods
Nondurable
Services
Equals:
Personal
net
saving
Net saving
as percent
of disposable
income
25.5
28. 5
31.2
37.4
44. 5
49. 1
54. 1
57. 6
62. 1
66.8
2. 7
9.8
25. 6
35. 4
12.0
3. 9
10. 5
6. 3
10.7
17.2
3.8
10. 7
21.9
24. 1
7.6
2.3
5.6
3.4
5.2
7.7
12. 5
8.9
4.6
16. 8
7.8
19. 4
20. 8
20. 5
6. 3
4. 5
2.2
7.8
3. 6
8.7
9.2
9.0
Billions of dollars
1939 _
1941
1942
1944__
1946
1947
1948 _.
1949
1950
1951
_-_
_
__
_ -
70.2
92. 0
116.7
147.0
158.9
169.5
188.4
186. 4
204. 3
222. 6
67. 5
82.3
91. 2
111. 6
146.9
165. 6
177.9
180.2
193. 6
205. 5
*
6. 7
9.8
7. 1
7. 1
16. 6
21.4
22.9
23.9
29. 2
26.8
35. 3
44. 0
52.9
67. 1
85. 8
95. 1
100.9
98. 7
102. 3
111.8
Seasonally adjusted annual rates
1950: First quarter __ _
Second quarter
Third quarter
Fourth quarter__
1951: First quarter
Second quarter _
Third quarter
Fourth quarter _
24
____
_
_ _
__ __
_ __.
197.3
197. 5
207. 1
215.2
216.5
221. 8
224.9
227. 2
184.7
188. 7
202. 5
198. 4
208.8
202.4
204. 0
206. 7
i Income less taxes.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
26. 3
26.6
34.3
29. 4
31.3
25.9
25. 2
25.0
98.4
100. 4
105. 5
104.9
112. 1
110. 1
111. 5
113. 6
60. 1
61. 6
62. 7
64.0
65. 4
66.5
67. 3
68. 1
PER CAPITA DISPOSABLE INCOME
Per capita disposable income in current prices increased slightly in the fourth quarter of 1951,
price changes, the purchasing power of income was lower than in the third quarter.
SOURCE:
DEPARTMENT OF COMMERCE
Total disposable personal
income (billions of dollars)1
Period
Current
prices
1939
1941
1942
1944
1946
1947
1948
1949
1950
1951
When adjusted for
_
_
_.
__
__..
. __
__
- -
_
_
_ .
70.
92.
116.
147.
158.
169.
188.
186.
204.
222.
Current
prices
1951
prices 2
2
0
7
0
9
5
4
4
3
6
134.
164.
185.
205.
198.
193.
203.
204.
219.
222.
Per capita disposable personal income (dollars)1
5
3
8
0
4
1
7
2
2
6
536
690
866
1,062
1, 124
1, 176
1, 285
1, 250
'1,347
1, 442
1951
prices 2
1,028
1, 232
1,378
1, 481
1, 403
1,340
1, 389
1,369
1,445
1, 442
Population
(thousands) 3
1303
133,
134,
138,
141,
144,
146,
149,
151,
154,
880
377
831
390
398
129
621
149
689
353
847
390
068
774
Seasonally adjusted annual rates
1950' First quarter
Second quarter
Third quarter
Fourth quarter
197.
197.
207.
215.
3
5
1
2
217.
215.
219.
225.
3
4
4
1
1, 308
1,305
1, 362
1, 409
1, 441
1,423
1, 443
.1, 473
150,
151,
152,
152,
1951* First quarter
Second quarter
Third quarter
Fourth Quarter
216.
221.
224.
227.
5
8
9
2
217.
222.
225.
224.
6
5
4
7
1, 411
i; 440
1,*454
1, 461
1, 419
1, 445
1, 457
1,445
153, 396
154,011
154, 724
155, 466
1 Income less taxes.
2 Dollar estimates in current prices divided by the price index of personal consumption expenditures. This price index was based on the Department of Commerce data, shifted from 1939 base.
• Provisional intercensal estimates of the population of the United States including Armed Forces overseas, taking into account the final 1950 Census total population count. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
Source: Department of Commerce,
25
FARM INCOME
In January, farm income fell more than 15 percent. In real terms, as well as In "money11 terms, the drop was substantially greater than in the same period a year before.
BILLIONS OF DOLLARS
5
1940 41
42
43
BILLIONS OF DOLLARS
5
44
45
46
47
48
49
50
51
J
A
S
0
N
D
1950
-'FARM INCOME IN CURRENT DOLLARS DIVIDED BY PARITY INDEX ON BASE 1951 = 100.
NOTE: FARM INCOME INCLUDES CASH RECEIPTS FROM MARKETINGS AND GOVERNMENT PAYMENTS.
SOURCE; DEPARTMENT OF AGRICULTURE
Period
1939 monthly average
1941 monthly average
1944 monthly average
1946 monthly average
1948 monthly average
«. _
1949 monthly average
1950 monthlyJ average
^
&v<- -.-.-June, _ _ _ _
1951 monthly average 3
1950: December
1951: January
February
March
April _ _ _ „ _ „ , .
May_,
June..
July
August. _ _ _
September
October. .
November.-.
December 3 _
1952: January 3 _
,_•
.
_
-
..
„_.,.__
._„_.
.
_
_
_
...
.
__
.
__
„
_
__ „
Parity index
Farm income
Farm income
(prices paid,
(millions of
interest, taxes,
(millions of
current
and wage rates) 1951 dollars) 2
dollars)
1951 = 100 *
724
1, 684
43
2,083
979
47
2, 697
1,753
65
2, 886
74
2, 136
_2, 790
92
2,567
2, 640
89
2, 350
2, 660
2,421
91
2,094
90
1, 885
2,756
100
2,756
2,963
.
2,785
94
2, 618
97
2, 539
1,938
1,899
98
2, 071
100
2,071
2, 116
_
101
2, 137
2, 132
„.
101
2, 153
2, 169
100
2, 169
2, 652
2,652
100
2,992
100
2, 992
3, 395
100
3, 395
4, 312
101
4, 355
3, 565
101
3,601
3,084
101
3, 115
102
2,569
•2, 620
1 Converted from the reported base, 1910-14=100, to the base 1951=100.
2 Farm income in current dollars divided by parity index on base 1951=100.
8
Preliminary estimates,
NOTE.—Farm income includes cash receipts from marketings and Government paymen*
Sourc®: Department of Agriculture.
26
COUNCIL OF ECONOMIC ADVISERS
FINANCE
CREDIT,
BANK LOANS AND IN\
Bank loans declined $800 million during January
retailers, commodity dealers,
of
rose moderately,
of
tobacco products.
repayments by wholesalers and
Investments in Government securities
BILLIONS Of DOLLARS
ISO
1945
BILLIONS OF DOLLARS
50
1949
1950
J
1951
F
M
A
M
END OF YEAR
J
J
A
S
O
N
D
195!
END OF MONTH
COUNCIL OF ECONOMIC A D V I S E R S
SOURCE : BOARD OF GOVERNORS OF THE FEDERAL R E S E R V E SYSTEM.
[Billions of dollars]
All commercial banks
Investments
End of period.
1939 _ _
1945-..
.
.
1947
1948 _ _
1949
.
_„ .
1950
...
June__
19511951: January
February
March.
April
May>
__ _
June .
July .
August
September
October
November
December.
1952: January 2
February
Total
loans and
investments
loans
40. 7
124.0
116.3
114. 3
120. 2
126.7
121. 8
133. 4
125. 1
125. 0
125. 7
125. 4
125. 1
126.0
126. 1
127.0
128. 6
130. 5
131.9
133.4
132.8
17. 2
26. 1
38. 1
42. 5
43.0
52.2
44. 8
58.3
52.7
53.5
54.4
54.4
54. 5
54.8
54. 6
55.2
56.0
56. 8
57.3
58.3'
57, 5
..... _
.
.
.
. _
J Commercial, industrial, and agricultural, loans.
Noti.~Detail will not
to
Total
•
"
of rounding.
23.4
97. 9
78.2
71.8
77. 2
'74.4
77. 0
75.1
72.3
71.5
71.3
71.0
70.6
71.2
71.5
71. 9
72. 6
73. 7
74.6
75. 1
75. 3
U. S.
Government
securities
16.3
90. 6
69.2
62.6
67.0
62.0
65.8
61.9
60.0
59. 1
58. 8
58.5
58. 1
58.5
58.7
59. 1
59.7
60.9
61.6
61. 9
62. 1
Other
securities
Weekly
reporting
member
banks —
Business
loans l
7. 1
7.3
9.0
9.2
10.2
12.4
11.2
13.2
12. 4
12.4
12.6
12. 6
12.5
12.7
12. 8
12. 7
12.9
12.9
13.0
13.2
18. 2
2 Preliminary estimates.
Source: Board of Governors of the Federal Reserve System,
4.4
7.3
14. 6
15.6
13.9
17.8
13.6
21. 6
18. 1
18.7
19. 2
19. 1
19.0
19. 2
19.0
19.5
20. 1
20.6
20. 9
21.6
21. 2
21. 2
CONSUMER CREDIT
Total consumer credit outstanding fell nearly $600 million during January. The drop, which was largely seasonal,
reflected a decline of about $200 million in instalment credit and more than $350 million in charge accounts,
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
25
25
•;:&:&&**£&«•• OTHER &&!&%&&&&
'""""£$&CONSUMER CREDIT V?J$»;" V
1951
END OF MONTH
[Millions of dollars!
Instalment credit
«
End of period
1939
1943
1946
1948
1949
1950
_
3
_
June
1951
1950: December
1951 1 January
February
March
April
Mav
June
Julv
August
September
October
November
December 3
1952: January 3 _ _ _
_
Total
consumer
credit
outstanding
Total
instalment
credit
7, 031
4, 600
8,677
14, 366
16, 809
20, 097
17, 651
20, 640
20, 097
19, 937
19, 533
19, 379
19, 126
19, 207
19,256
19, 132
19, 262
19, 362
19, 585
19, 989
20, 640
20, 080
4, 424
2,001
4, 000
8, 600
10, 890
13, 459
12, 105
13, 506
13, 459
13, 252
13, 073
12, 976
12, 904
12, 920
12, 955
12, 903
13, 045
13, 167
13, 196
13, 271
13, 506
13, 313
Sale credit
Total
2,792
882
1, 648
4,528
6,240
7,904
6,995
7,543
7, 904
7, 694
7,521
7,368
7, 270
7,248
7, 234
7, 173
7,247
7,327
7, 355
7,400
7, 543
7,326
Automobile sole
credit
1,267
175
544
1,961
3, 144
4, 126
3,790
4,039
4, 126
4,056
3,990
3,946
3,934
3,980
4,041
4,061
4, 138
4, 175
4, 134
4, 100
4,039
3,970
Other sale
credit
1,525
707
1, 104
2, 567
3, 096
3,778
3,205
3, 504
3,778
3,638
3, 531
3,422
3,336
3, 268
3, 193
3, 112
3, 109
3, 152
3, 221
3, 300
3,504
3, 356
Loans
1
1, 632
1, 119
2,352
4,072
4, 650
5,555
5, 110
5,963
5, 555
5,558
5, 552
5,608
5, 634
5,672
5,721
5,730
5,798
5, 840
5, 841
5,871
5,963
5,987
Charge
accounts
Other
consumer
credit 2
1,544
1,498
3,054
3,854
3, 909
4,239
3, 392
4, 587
4,239
4,248
4,010
3, 938
3,744
3, 793
3, 804
3,743
3,724
3,696
3,868
4, 190
4,587
4,213
1 Includes repair and modernization loans insured by Federal Housing Administration.
Includes loans by pawnbrokers, service credit, and unclassified stogie-payment loans under $3,000 made by commercial banks.
Preliminary estimates.
Noti.—Detail will not|necessarily add to totals because of rounding.
Source; Board of Ooyemors of the Federal Reserve System.
2
3
28
1, 063
1, 101
1,623
1,912
2, 010
2,399
2, 154
2, 547
2,399
2,437
2, 450
2,465
2,478
2,494
2,497
2,486
2,493
2,499
2,521
2,528
2, 547
2.554
BOND YIELDS AND INTEREST RATES
Yields on Treasury bills continued to decline in February, and reached the lowest level since June 1951. The rate on
prime commercial paper remained unchanged. Yields on both Government and corporate bonds fell slightly.
PERCENT PER A N N U M
3.5
PERCENT PER ANNUM
3.5
I952
COUNCIL
OF
ECONOMIC ADVISERS
Corporate
, Aaa bonds
(Moody's)
Prime
commercial
paper,
4—6 months
[Percent per annum]
U. S. Government security
yields
Period
Average:
1939 ...
1945
_
1946
1947 _ _ _
1948
1949 .
1950
. _
June
1951
1951: January
February
March
April. __
3-month
Treasury
bills i "
_
_
__
_ _ _ _ _
May
June
July
August
September ._
October
November _
December
1952: January
February
_
_ _ _
_
..
_
_ _ _ _ _
_
_ _ _ _ _ _ _
"
0. 023
.375
. 375
. 594
1. 040
1. 102
1.218
1. 174
1. 552
1.387
1.391
1. 422
1.520
1.578
1. 499
1.593
1. 644
1. 646
1.608
1. 608
1.731
1.688
1. 574
Taxable
bonds,
15 years
and over
(2)
2. 37
2. 19
2.25
2.44
2. 31
2.32
2.33
2. 57
2.39
2.40
2. 47
2.56
2. 63
2. 65
2.63
2. 57
2. 56
2.61
2. 66
2.70
2.74
2.71
3. 01
2. 62
2. 53
2.61
2. 82
2. 66
2.62
2.62
2. 86
2.66
2. 66
2. 78
2.87
2. 88
2. 94
2.94
2. 88
2.84
2.89
2. 96
3.01
2. 98
2. 93
0. 59
. 75
. 81
1.03
1. 44
1. 48
1.45
1.31
2. 17
1.86
1. 96
2.06
2. 13
2. 17
2.31
2. 31
2. 26
2. 19
2. 21
2. 25
2.31
2.38
2. 38
1
2
Rate on new issues within period.
Bonds in this classification were first issued in March 1941.
Source: Board of Governors of the Federal Reserve System.
29
MONEY SUPPLY
The privately-held money supply .decreased $600 million during January,
withr$1.7 billion inifthe**'same
month of 1951. Transfers from private to Government accounts in January 1952
smaller than might have been
expected in this period of heavy tax payments. Substantial inflows of
foreign funds also served asjan offset
to factors drawing down the money supply,
BILLIONS OF DOLLARS
225
BILLIONS OF DOLLARS
225
TOTAL DEPOSITS AND CURRENCY
X
TOTAL EXCLUDING U. S, GOVERNMENT DEPOSITS
(PRIVATELY-HELD MONEY SUPPLY)
DEMAND DEPOSITS ADJUSTED
TIME DEPOSITS «,
CURRENCY OUTSIDE BANKS
U, S. GOVERNMENT DEPOSITS
^
1940 41
42
43
44 45 46 47 48 49
END OF YEAR
50
51
J
F
M
A
M
J
J
A
S
O
N
D
1951
END OF MONTH
SOURCE:BOARD OF G O V E R N O R S OF THE F E D E R A L RESERVE SYSTEM
End of period
1939
1945 _1946
1948 _ .
1949....
- . .
1950
June__
_
1951
1950: December. _
195 It January ^ '
February _
March
_ __
April
May
June. .. .
July
August
September.
October
November
December
1952: January 4
30
Total deposits
currency
64. 7
176.4
167.5
172.7
173. 9
180.6
174.7
189. 4
180.6
178.8
178.9
179. 9
179.8
179. 1
181.3
180.8
181. 6
183. 8
185. 8
187. 1
189. 4
188. 1
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total excluding U. S. Government deposits
(privately-held money supply)
U.S.
Government
Demand .
Currency
!
Time
deposits
outside
deposits 3
adjusted 2
banks
63. 3
6.4
27. 1
29.8
1. 5
150. 8
25.6
• 26.5
48.5
75. 9
164.0
26.7
54. 0
83.3
3.5
169. 1
26. 1
3.6
57.5
85.5
169.8
25.4
4. 1
58. 6
85,8
176. 9 '
59.2
25.4
3.7
92.3
170.0
25. 2
85.0
59.7
4.8
185.7
26.3
3.7
98. 1
61. 2
25.4
176. 9
3.7
92.3
59.2
175.2
24. 6
3.6
91.6
59 0
174.2
4.7
24.6
90. 6
59.0
172. 5
24.4
7.4
89.0
59, 1
173.3
24. 6
6.5
89.5
59.2
173.7
5.4
24.9
89.5
59.3
174.7
25.8
6.6
89. 0
59.9
175.8
25. 1
5.0
90.7
60. 1
177. 0
4.6
25.3
60.4
91. 4
177.9
25.4
5.9
92.0
60. 5
181.6
25.7
4.2
95.0
60. 9
182. T
4.4
25.8
96. 3
60.6
185. 7
26. 3
3.7
98. 1
61. 2
185. 1
3.0
25.6
97. 8
61.7
1 Includes U. 8. Government deposits at Federal Reserve banks, and commercial and savings banks, and U. 8. Treasurer's time deposits,
open2 account.
Includes demand deposits, other than interbank and U. S. Government, less casb items in process of collection.
a Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.
* Preliminary estimates.
NOTE.—Detail will not necessarily add to totali
of roundingj
Source: Board of Governors of the Federal Reserve System.
FEDERAL BUDGET RECEIPTS AND EXPENDITURES
With the beginning of the period of heavy income tax payments, there was a small budget surplus in February.
the first 8 months of fiscal year 1952, expenditures for major security programs were twice as large as a year ago.
In
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL BUDGET EXPENDITURES
NET BUDGET RECEIPTS
FISCAL YEAR I952
X
FISCAL YEAR I952
-FISCAL YEAR I95I
J
J
A
S
O
N
O
J
F
M
I
A
M
J
J
MAJOR NATIONAL SECURITY PROGRAMS
A
S
,
O
N
D
BUDGET SURPLUS (+)
J
F
M
,
A
M
J
A
M
J
OR DEFICIT (-)
(MAGNIFIED SCALE)
FISCAL YEAR I95I
"
/
FISCAL YEAR I952
FISCAL YEAR I952
J
A
S
0
M
J
|
J
A
S
O
N
D
J
F
M
FISCAL YEARS-CUMULATIVE TOTALS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET,
IBillions of dollars]
surplus (+)
Net budget receipts Budget
or deficit (— )
Budget expenditures
Public
Major national
debt
Cumulasecurity programs l
Cumula(end
of
Total for tive fiscal Total for tive fiscal
CumulaCumulaperiod)2
Total for tive fiscal Total for tive fiscal period year totals period
year
totals
period year totals period year totals
Total
Period
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1950:
1951:
year 1939
year 1944
year 1948
year 1950
year 1951
December
January_
February
March _
_ „
April
_ _ __
Mav
June
July- _ _
August _
__
September
October. _ _
November
December
1952: January_.'___
February
A XC*J __
_
9.0
95. 3
33. 8
40. 2
44.6
3.7
3. 8
3.2
4. 1
4. 0
4.5
6.0
4. 7
5. 1
5. 2
5.5
5. 2
5.6
5.5
5. 1
19. 1
22.9
26. 1
30. 1
34. 1
38. 7
44. 6
4. 7
9.8
15.0
20. 5
25. 6
31.3
36.7
41. 8
1. 1
88. 2
16. 4
17.8
3
26. 4
1.9
2. 1
2. 2
2. 5
2.7
3. 1
3.5
3.4
3.6
3. 1
3.7
3. 6
3.7
3.9
6
3. 8
10. 1
12. 2
14. 4
16. 9
19.6
22.7
26.2
3. 4
7.0
10. 1
13. 8
17.4
21. 1
25. 0
5
28. 8
5. 1
43. 9
42. 2
37.0
48. 1
4. 2
4.4
4.3
8. 1
2.6
3. 1
7. 1
2.6
3.6
6.2
2. 6
3.5
5.3
5.0
5.6
18. 5
22.9
27. 2
35. 3
37.9
41. 1
48. 1
2. 6
6.2
12. 4
15. 0
18.5
23. 8
28.8
34. 3
3. 9
-51.4
+ 8. 4
• 3. 1
+ 3.5
+ .5
+ .6
+ 1.0
+ 4. 1
-1.4
1. 4
+ 1.1
-2. 2
-1. 5
+ 1.0
-2. 8
17
g
-.'5
+.4
-0.6
(4)
+ 1.1
+ 5. 1
+ 3. 8
+ 2. 4
+ 3.5
-2.2
-3.7
-2.6
-5.5
-7. 1
-7.5
-8. 0
-7.5
45.9
202. 6
252.4
257.4
255. 3
256.7
256. 1
256. 0
255.0
254.7
255. 1
255. 3
255.7
256.7
257.4
258.3
259.6
259. 5
259.8
260.4
1
Includes expenditures for military services, international security and foreign relations, development and control of atomic energy, promotion of the merchant
marine, and promotion of defense production and economic stabilization.
4
2 Includes guaranteed securities, except those held by the Treasury.
Less than 50 million dollars,
fi
s Data for fiscal year not strictly comparable with monthly
figures.
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources; Treasury Department and Bureau of the Budget.
31
FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
The rise in cash payments in the fourth quarter resulted from the continuing advance in national security expenditures.
Receipts declined in response to the seasonal drop in individual income tax collections (apart from withheld taxes).
The excess of cash payments was far larger than in any quarter since 1945.
BILLIONS OF DOLLARS
20 I
BILLIONS OF DOLLARS
20
RECEIPTS
CASH PAYMENTS
EXCESS OF CASH RECEIPTS
IF
EXCESS OF CASH PAYMENTS
I948
1949
1950
CALENDAR YEARS
SOURCE:
COUNCIL OF ECONOMIC
BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
ADVISERS
[Millions of dollars!
Calendar year
Calendar year total:
1946. __ _
1947
. ...
1948
_
-_
1949
_
--1950
1951
_ Quarterly total, not adjusted for seasonal variation:
1949: First quarter
Second quarter
Third quarter
Fourth quarter
._ _
1950: First quarter .
Second quarter
__Third quarter
•__
Fourth quarter
1951: First quarter
Second quarter
Third quarter
Fourth Quarter.
- _
_
_
Federal cash
receipts from
the public
Federal cash
payments to
the public
41,441
44, 282
44, 922
41, 346
42, 419
59, 276
41, 399
38, 616
36, 897
42, 642
41, 969
58, 034
13, 122
8,814
10, 143
9,267
12, 235
9,303
10, 494
10, 387
18, 051
14, 462
13, 993
12, 770
9, 964
11, 389
10, 528
10, 762
10, 760
11, 105
9, 351
10, 754
11, 179
14, 521
15, 270
17. 064
Excess of receipts (+) or
payments ( — )
NOTE.—Detail will not necessarily add to totals because of rounding
Sources: Treasury Department and Bureau of the Budget.
32
For sale by the Superintendent of Documents, U. S. Government Printing Office* Washington 2§» D. C.
Price 20 cents per copj ; $2,00 per year; $2.50 foreign
4-42
4-5 666
-1-8, 027
— 1, 295
4-450
+ 1 245
+ 3 159
— 2, 574
— 386
— 1 495
4-1, 475
1 803
4-1 143
367
4-6 874
— 59
— 1 277
— 4. 295
@FedFRASER