Full text of Economic Indicators : March 1954
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
83d Congress, 2d Session
Economic Indicators
MARCH 1954
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
A 63-page Historical and Descriptive Supplement to
Economic Indicators describing each series and giving
data for years not shown in the monthly issues is now
available for thirty-five cents a copy from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON 25, D. C.
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1954
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Gong.)
JESSE P. WOLCOTT, Michigan, Chairman
RALPH E. FLANDERS, Vermont, Vice Chairman
RICHARD M. SIMPSON (Pennsylvania)
HENRY O. TALLE (Iowa)
GEORGE H. BENDER (Ohio)
EDWARD J. HART (New Jersey)
WRIGHT PATMAN (Texas)
RICHARD BOLLING (Missouri)
ARTHUR V, WATKINS (Utah)
BARRY GOLDWATER (Arizona)
FRANK CARLSON, (Kansas)
JOHN SPARKMAN (Alabama)
PAUL H. DOUGLAS (Illinois)
J. WILLIAM FULBRIGHT (Arkansas)
GROVER W. ENSLEY, Staff Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
ARTHUR F. BURNS, Chairman
NEIL H. JACOBY
WALTER W. STEWART
[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 of 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, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce
11
Contents
THE TOTAL OUTPUT OF THE ECONOMY
Page
The Nation's Economic Accounts
Gross National Product
,
1
2
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
3
4
5
6
EMPLOYMENT AND WAGES
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
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Weekly Production—Selected Indicators
Production of Selected Manufactures
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
New Construction
New Housing Starts
Inventories and Sales
Merchandise Exports and Imports
12
13
14
15
16
17
18
19
20
PURCHASING POWER
National Income
Corporate Profits
Personal Income
Consumer Income, Spending, and Saving...
Per Capita Disposable Income
Farm Income
..
21
22
23
24
25
26
CREDIT, MONEY, AND FEDERAL FINANCE
Bank Loans and Investments
Consumer Credit
Bond Yields and Interest Rates
Money Supply
Federal Budget Receipts and Expenditures
Federal Cash Receipts From and Payments to the Public
27
28
29
30
31
32
it i
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC ACCOUNTS
Economic activity as measured by over-all expenditures and incomes declined moderately in the fourth quarter of 1953.
BILLIONS OF DOLLARS
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
CONSUMERS
300
250 SAVING
^'—
200
DISPOSABLE INCOME
EXPENDITURES
50
J
i
l
I
l
I
I
J
[_
J
J
I
I
BUSINESS
100
INVESTMENT
EXCESS OF GROSS
RETAINED EARNINGS
V-t^
I
I
I
GROSS
RETAINED
1
EARNINGS!/
I I I I t
I
I
GOVERNMENT- FEDERAL. STATE. AND LOCAL
EXCESS OF RECEIPTS
RECEIPTS
(LESS TRANSFER PAYMENTS)
I
I
I
I
45
I
I
47
I
I
49
I
I
J
I
51
53
I
1951
J
I
1952
J
I
1953
1954
I/ INCLUDES NET FOREIGN INVESTMENT IN ADDITION TO GROSS PRIVATE DOMESTIC INVESTMENT.
2/ INCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES,
NOTE. THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES, OR GROSS NATIONAL PRODUCT.
BECAUSE OF STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT, SEE SENATE REPORT NO, 1295, JOINT ECONOMIC REPORT.
PR 92-93, 99-105, AND THE ANNUAL ECONOMIC REPORT OF THE PRESICENT. JANUARY 1953, APPENDIX A
SOURCES DEFi-RTMENl OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS
GROSS NATIONAL PRODUCT
Gross national product was down about 1Va percent in the fourth quarter of 1953, according to current estimates.
Private gross fixed investment was relatively unchanged but a decline in inventory investment caused total private
investment to drop sharply. Consumer expenditures were off slightly from the rate of the preceding quarter, while
government expenditures were stable.
BILLIC NS OF DOLLARS
400
.
ANNUAL TOTALS
BILLIONS OF DOLLARS
^uu
SEASONALLY ADJUSTED AN NUAL RATES
GROSS NATIONAL
> PRODUCT ^~»
/
350
^
/
-^
350
~t~
--
300
300
^yx 4X ^
/ / * ' ~' \
**
^/
250
200
150
100
"7'\
L__J^f
50
O
1
-50
1
1941
1
1
1943
1
1945
i
I
200
150
6< )VERNMENT PURCHASES ( »F
conns AND
> SERVICES
..
; GROSS PRIVATE
DOMESTIC INVESTMENT
:
—
100
'—' •
—
1
1949
!
1
1951
1
1
1953
50
!
I
I
1951
I
i
1
1952
1
1953
1
1954
-50
COUNCIL OF ECC>NOM1C ADVISER!
1
[Billions of dollars]
Total
gross
national
product
Period •
944
946
947
948
949.
950
951
952_
953.
-w
NET FOREIGN
> INVESTMENT
SOURCE: DEPARTMENT OF COMMERCE
OOO !
*
0
1
1947
250
PERSONAL CONSUMPTION
> EXPENDITURES
'
i
!
!
_
';. — -I.
91. 3
213.7
211. 1
233.3
259.0
258. 2
286. 8
329.8
348.0
36^. 2
Personal Gross
conNet
private foreign
sump- domestic
tion
investexpend- investment
ment
itures
!
0.9
67.5
9.9
111.6
-2. 1
7.7
4.6
146.9
28.7
165.6
30.2
8.9
177.9
42.7
1.9
.5
180. 6
33.5
194.6
2 3
52.5
58. 6
.3
208. 1
-.2
218. 1
52.5
54. 4
1.9
229. 8
1
i
952: First quarter.!.
;
Sec ond quarter.;: v™
Th ird quarter _
Foiarth quarter
340.4 ; 213.7 *
217.2
345.1
217.2
345.3
224.4
361.1
953: Fir st quarter
Sec ond quarter. _ _ _
Th ird quarter.
Fo i r t h q u arter _ _ _ _
363. 9
371. 4
369.5
363. 5
227.7
230. 4
231.0
230. 0
Government purchases of goods and services
Federal
Less:
State
and
National
GovernTotal
Other
Total security1
local
ment
sales
7.9
3.9
5.2
1.3
13. 1
7.5
1.2
88.6
L6
89.0
96.5
10.0
21.2
2.7
2.5
20. 9
30.9
12.8
3.8
13.3
28.6
15.8
1.3
15.6
5.6
16. 1
.6
21.0
36.6
1&2
.4
25.4
6.6
19.3
43.6
19.9
.2
3.9
18.5
22.1
42.0
21.8
4.1
.4
37.4
41. 1
62.9
23.4
5.8
.5
54.2
48.9
77.5
25.2
.6
51. 8
59.7
8.5
84.9
Seasonally adjusted annual rates
50.4
49. 6
52.3
57. 9
2. 1
.5
-2.0
-1.6
74.1
77.7
77.8
80. 4
51.0
54.7
54.6
56.4
46.2
49.8
49.2
50.5
5.4
5.4
6.0
6.3
.5
.5
.6
.5
23.1
23.0
23.2
24.0
54. 9
58.5
55. 2
48. 8
-2. 1
-2.5
-2. 1
-1.0
83.4
85.0
85. 5
85.7
58.5
60.5
60.4
59.5
51.6
53.5
52. 1
50.0
7.6
7.6
8.8
10.0
.7
.7
.5
.5
24.9
24.6
25. 2
26.3
• Includes expenditures for military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promoHun «-f t h e merchant niRrine, promotion of defense production and economic stabilization, and civil defense. For further details, see Annual Economic Report of the
ftftMnit, January 1954 (p. 167), and Survey of Current Pusiness, July 1953 (p. 10). These expenditures are not comparable with the "national security" category in
Thr I'mlyd of the U. S. Government for the Fiscal Year Ending June SO, 1955, and shown on p. 31 of Economic Indicators.
Source: Department of Commerce,
Num. Detail will riot necessarily add to totals because of rounding.
O
PRICES
CONSUMER PRICES
Consumer prices, after declining for 2 months, rose 0.3 percent between mid-December and mid-January,
increases of 0.7 percent for food and of 1.2 percent for transportation were mainly responsible for the upturn.
INDEX, 1947-49*100
140
Price
INDEX, 1947-49*100
140
J F M A M J J A S O N D
1949
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
(1947-49=100]
All
items
Food
1939 monthly average
1942 monthly average -_..
1945 monthly average
1946 monthly average
1948 monthly average.
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average
1953 monthly average
59.4
69.7
76.9
83.4
102. 8
101.8
102.8
111. 0
113.5
114.4
47. 1
61.3
68. 9
79.0
104. 1
100.0
101.2
112.6
114. 6
112. 8
1952: December . . . . .
1953: January
FebruaryMarch
-- April
May
June
July
August
September
October
._
November
- __
December
114. 1
113.9
113. 4
113.6
113. 7
114.0
114.5
114.7
115.0
115.2
115.4
115.0
114.9
1954: January
115. 2
Period
Housing
j
Apparel
Transportation
Reading Other
and
Medical Personal
goods
care
care
recreaand
tion
services
Total
Rent
0)
0)
101. 7
103.3
106. 1
112.4
114. 6
117. 7
86.6
90.4
90.9
91. 4
100. 7
105.0
108.8
113. 1
117.9
124. 1
52.5
64.9
76.3
83. 7
103.5
99.4
98. 1
106. 9
105. 8
104. 8
108.5
111. 3
118.4
126. 2
129.7
104. 1
106.0
111. 1
117. 2
121.3
101. 1
101. 1
110.5
111. 8
112.8
104. 1
103.4
106.5
107.0
108.0
(')
0)
(')
(')
100.5
103.4
105.2
109.7
115.4
118.2
113.8
113. 1
111.5
111.7
111. 5
112. 1
113.7
113.8
114. 1
113.8
113.6
112.0
112.3
116.4
116.4
116. 6
116.8
117.0
117. 1
117.4
117.8
118.0
118. 4
118.7
118.9
118. 9
120.7
121. 1
121.5
121.7
122. 1
123.0
123.3
123. 8
125. 1
126.0
126.8
127.3
127.6
105. 1
104. 6
104.6
104. 7
104. 6
104.7
104. 6
104. 4
104.3
105. 3
105.5
105. 5
105. 3
128.9
129. 3
129. 1
129.3
129.4
129.4
129.4
129. 7
130.6
130.7
130.7
130. 1
128. 9
119.3
119.4
119.3
119.5
120.2
120.7
121. 1
121.5
121. 8
122.6
122. 8
123.3
123. 6
112.5
112.4
112.5
112.4
112.5
112.8
112. 6
112. 6
112.7
112. 9
113.2
113.4
113. 6
108.0
107.8
107.5
107.7
107.9
108.0
107. 8
107.4
107. 6
107.8
108.6
108.9
108.9
115.9
115.9
115.8
117.5
117.9
118.0
118.2
118.3
118.4
118. 5
119.7
120. 2
120.3
113. 1
118.8
127.8
104.9
130.5
123. 7
113. 7
108.7
120.3
('«)
«
0)
«(')
100.9
8
$
100.9
(')
('0))
(»)
101.3
0)
0)
0)
(«)
100.4
i The new base 1947-49*= 100 is in compliance with recommendations of the U. S. Bureau of the Budget. Beginning with January 1953 the index structure has been
Changed,
»Not available.
Source: Department of Labor, "
^
Average wholesale prices in early February registered a small drop from the January level. Since then they have been
relatively steady. During February, farm prices increased while industrial prices decreased fractionally. Prices for
processed foods on the average were lower than a month earlier.
INDEX, I947-49» 100
120
INDEX,1947-49-100
1 120
ALL COMMODITIES
v
OTHER THAN FARM
PRODUCTS AND FOODS
^W
•\
\\,
(INDUSTRIAL)
PROCESSED*
FOODS
V\
V
80
i iiii 1 i iii
I I I I I I I I I I I I
1 1 1 1 I
1 1 1 ! 1
i ii ii
i i i ii
1949
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100]
1942 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average..
1952 monthly average
1953 monthly average
1953: February
March
April
. .
May
.
June
Julv August
._ »
Septe mber
October
November
December.
__
1954: January
February
_ _
Week ended :
1954: February 2
9
16
23
March
2
9
Source: Department of Labor.
64.2
104. 4
99. 2
103. 1
114. 8
111. 6
110. 1
109. 6
110. 0
109. 4
109. 8
109. 5
110. 9
110. 6
111.0
110.2
109. 8
110. 1
110. 9
110. 5
59.2
107. 3
92. 8
97. 5
113. 4
107. 0
97. 0
97.9
99. 8
97. 3
97. 8
95.4
97. 9
96. 4
98. 1
95.3
93. 7
94.4
97. 8
97. 9
59. 1
106. 1
95. 7
99. 8
111. 4
108. 8
104. 6
105.2
104 1
103. 2
104. 3
103. 3
105. 5
104.8
106.6
104.7
103. 8
104. 3
106. 2
104.8
Other than
farm products
and foods
(industrial)
68.3
103. 4
101. 3
105. 0
115. 9
113. 2
114. 0
113. 1
113. 4
113. 2
113. 6
113.9
114. 8
114.9
114.7
114.6
114. 5
114. 6
114. 6
114. 4
110. 6
110. 5
110 5
110. 5
110.7
110. 6
97. 3
98. 2
98. 0
98. 1
99. 0
99. 1
105. 2
104. 7
105. 1
105. 2
105. 2
104. 9
114. 5
114. 4
114. 4
114. 3
114. 3
114. 3
All commodities
Period
-
_~
-
-.
__
_ ._
Farm
products
Processed
foods
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers declined on the average very slighHy during the month ended February 1 5, with lowerjDrices
of commercial vegetables, dairy products, fruits, poultry, and eggs being offset in part by increases in meat animal,
cotton, and wheat prices. Prices paid were practically unchanged from the January level. The parity ratio dropped
back 1 index point to the December 1953 level.
•^RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX
SOURCE: DEPARTMENT OF AGRICULTURE.
[1910-14=1001
Prices pai<1 for items
use d in
Period
Living
1939 monthly average
1942 monthly average
1944 monthly average
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average.
1953 monthly average
1953: January 15
February 15-- _
March 15
April 15
May 15
June 15
July 15
August 15
September 15
October 15
November 15
December 15 . .
1954: Januarv 15
February 15
_ _
120
149
175
202
251
243
246
268
271
270
268
266
269
269
270
271
271
273
270
270
270
270
271
271
Parity index
(prices paid,
Prices
received
by farmers
Production and wage rates)
121
148
173
191
250
238
246
273
274
253
265
261
261
257
257
248
250
249
247
246
248
250
254
255
123
152
182
208
260
251
256
282
287
279
284
281
282
280
280
277
279
279
277
276
277
278
282
282
2
2
Parity ratio l
95
159
197
236
287
250
258
302
288
258
268
264
264
259
263
257
260
255
257
249
249
254
259
258
1 Ratio of index of prices received by farmers to parity index.
2 Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and but<;erfat between October 1943 and June 1946.
Sendee: Department of Agriculture.
44299—54
2
77
105
108
113
110
100
101
107
100
92
94
94
94
92
94
93
93
91
93
90
90
91
92
91
Stock prices recovered from a slight dip during the second and third weeks of February,
prices rose to the high level reached early in 1953.
By early March, average
INDEX, 1039 >tOO
INDEX, 1039*100
300
1941 42 43 44 45 46 47 48 49 50 51
52 53
0 F
J F M A M J
M A M J J A S O N 0
J A & O N O
1954
COUNCIl OF ECONOMIC ADVISERS
SOURCE: SECURITIES
fl 939=1001
Composite
index *
Period
Weekly average:
1940
.
1946
.- 1949
1950
1951
__ _
1952
1953 -.
1953: February
March
April
May
June ..
July
August
_
September- .
October
November
December
1954: January
February. _
Week ended:
1954: February 5 _
12
19
26
March
52
12
1
_
Manufacturing
Total
Durable
goods
Nondurable
goods
Transportation
Utilities
Trade,
finance,
and
service
Mining
94.2
149 4
127 7
154. 1
184.9
195. 0
193. 3
93.4
146. 6
132. 1
165. 7
206. 8
220. 2
220. 1
92. 5
138 6
116 0
150 2
178 5
188. 8
192.6
94. 2
154. 5
147 2
180.2
233 1
249.3
245.2
99.2
202 4
136 0
160.0
199 0
220. 6
218.7
99.9
121 0
98 1
108.9
112 6
117 9
121. 5
90.4
204 3
160. 7
1«3. 8
207 7
206 0
207.1
75.6
125. 5
129. 4
143.5
204.9
275. 7
240. 5
201. 9
203. 9
193.7
194. 1
187. 3
190.4'
190. 2
181. 0
187. 1
191.2
103. 4
198. 4
203. 1
228. 6
232.2
220.2
220.9
212. 7
216.7
216. 6
205. 0
213.5
218.7
221. 8
228. 4
233. 9
203. 6
206. 8
193. 8
195. 9
186. 8
188.0
185. 9
175. 2
184. 4
190.4
192. 1
198. 8
204.2
251.7
255.6
244,5
243. 8
236. 4
242. 9
244. 7
232.2
240. 2
244.8
24P. 1
255. 5
261.2
234. 8
238. 1
223.2
225.7
219. 2
223.2
217. 2
198.9
202. 4
203. 8
200. 0
206. 2
214. 6
124. 3
124. 3
120. 4
120. 0
116. 6
118.9
1?0. 7
118. 8
121. 4
123.2
124. 5
126. 1
128.4
210 9
212.9
207 4
209 3
204 3
206 0
206 3
198.0
21 )1 2
207.0
209 2
213. 0
216. 0
255.8
262.7
252.0
247. 0
237.4
236. 8
23fi. 3
219.2
218.8
231.4
22S. 6
238. 6
250.3
203. 7
203. 2
201. 9
203. 5
206. 4
207.3
235. 2
233. 9
232. 1
234.4
238. 4
240.0
204. 5
204. 2
202. 6
205. 4
208. 4
209.4
263. 4
261. 1
259. 2
261. 1
266. 0
268. 1
215.9
216.5
213. 6
212. 5
214.7
213.0
127. 8
128.4
128. 1
129. 2
130.0
130. 7
216. 2
217. 3
215. 1
215. 3
215.9
214. 5
246.2
247. 1
253. 6
254.3
260.7
256.6
Includes 265 comrnon stocks: 14 For mining, 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 28 for
utilities, and ,*2 for tradp. finance, and service. Indexes are for weekly closing prices.
Source: Securities and Exchange Commission,
ecame available after chart was prepared.
EMPLOYMENT AND WAGES
LABOR FORCE
Unemployment was larger in February than in January.
the amount of the increase.
Current statistics are not sufficiently accurate to determine
MILLIONS OF PERSONS
MILLIONS OF PERSONS
10 I ••*».,.__
1940
42
44
46
48
50
52
1954
* 14 YEARS OF AGE AND OVER.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Old sample (6-S areas) :3
1939 monthly average..
1944 monthly average..
1949 monthly average..
1950 monthly average..
1952 monthly average..
1953 monthly average..
1953: February _ _ _ _ _
March
April _
May
June.
July
August
September
October _ _ __
November
December
1954: January
February
New sample (230 areas) :3
1954* January
February. _
Total labor
force (including
armed
forces)
55. 600
66, 040
63, 721
64, 749
66, 560
67, 001
66, 400
66, 679
66, 338
66, 497
68, 290
68, 258
68, 238
67, 127
66, 954
66, 874
66, 106
65, 589
66, 905
66, 292
67, 139
Civilian labor force
l
UnemEmployment
ployAgriculNonaEriment
Total
cultural
tural
Tho'i^and^ of nf»r«jons 14 vpar« of aerf and over
9,480
36, 140
9,610
55, 230
45, 750
670
45,010
8,950
54, 630
53, 960
3,395
8,026
50, 684
62, 105
58, 710
3, 142
52, 450
59, 957
7,507
63, 099
1,673
54, 488
6, 805
62, 9B6
61, 293
1,524
6, 683
63, 453
61, 929
55, 245
1,800
5,650
61, 050
55, 400
62, 850
1,674
5,920
61, 460
63, 134
55, 540
1,582
62, 810
61, 228
54, 958
6,270
1,306
62, 964
61, 658
6, 590
55, 068
1, 562
8, 126
63, 172
55, 046
64, 734
1,548
55,292
7,828
64, 668
63, 120
1, 240
63, 408
55, 934
7,474
64, 648
1, 246
7, 262
55, 044
62, 306
63, 552
1,162
7, 159
62, 242
55, 083
63, 404
1,428
55, 274
6,651
61,925
63, 353
1,850
62, 614
55, 326
5, 438
60, 764
2, 359
54, 433
62, 137
59, 778
5,345
3, 385
54, 480
5,626
60, 106
63, 491
Total
62, 840
63, 725
59, 753
60, 051
5, 284
5,697
54, 469
54, 349
:3, 087
3, 671 1
Insured
Unemployment as per- unemployment
cent of total
(thousands2
civilian
labor force of persons)
17. 2
1.2
5. 5
5.0
2.7
2.4
2.9
2.7
2.5
2. 1
2.4
2.4
1. 9
2.0
1.8
2.3
3.0
3.8
5.3
2,470
1,599
1,064
1,058
1, 174
1, 100
1,026
940
878
913
868
830
897
1, 198
1, 632
2,205
2, 362
4.9
5.8
i Includes part-time workers and those with jobs but not at work for such reasons as vacation, illness, bad weather, temporary lay-off, and industrial disputes.
2
All programs. Weekly average for period. For description of series, see Monthly Labor Review, April 1950, p. 382.
3 Pertains to labor force data only. Data prior to 1953 not comparable with subsequent data.
Sources: Department of Commerce (labor force) and Department of Labor (insured unemployment).
i'i' - SELECTED INDUSTRIES
Employment declined in February.
The principal declines were in durable manufactures and trade.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS Of WAGE
AND SALARY WORKERS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[Thousands of wage and salary workers *]
Total
1939 monthly average
1948 monthly average1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average.2
1953 monthly average
1953: February
IVlarch
April
May
_- _ .
June __ _ __ _ _ _
July
August
.
September
October
Noveruber
December 2 . . . .
1954: January February -
Contract Wholesale Finance,
construc- and retail service,
Nondution
etc.
trade
rable goods
6,612
5,394
1,150
4,703
2, 169
6, 636
7,010
9,519
9,513
6,736
6,705
2,165
6,894
6, 882
2,333
9,645
7,011
2,588
10, 013
7,068
2,572
6,946
10,251
7,237
10, 475
7,052
2,543
7,350
10, 214
2,280
7,171
7,024
10, 284
7,218
7,032
2,301
10, 314
7,321
6,960
2,416
7,382
6,944
2,509
10, 348
10, 415
7,443
7,041
2,608
2,662
7,062
10, 355
7, 488
10, 334
7,485
7,252
2,715
10, 464
7,447
7,266
2,751
2,772
10, 611
7,391
7,138
2,674
7,001
10, 772
7,359
11, 310
2,521
7,336
6, 904
6,764
2,251
10, 386
7,281
6,747
2,240
10, 297
7,287
Manufacturing
Period
10, 078
15, 321
14,178
14, 967
16, 082
16,209
17, 006
17, 013
17, 135
17, 077
17, 040
17, 162
17, 069
17,258
17, 221
17,017
16, 706
16,488
16, 177
16, 027
Durable
goods
4,683
8,312
7,473
8,085
9,071
9,262
9,954
9,989
10, 103
10, 117
10, 096
10, 121
10, 007
10, 006
9,955
9,879
9,705
9,584
9,413
9,280
Govern- Transporment
tation
(Federal,
and
Mining
State,
public
local)
utilities
3,987
2,912
845
5, 614
982
4,141
5,837
918
3,949
5,992
889
3,977
6,373
4,166
913
6,633
872
4,220
6,669
832
4,276
6,625
4,210
856
6,666
846
4,235
6,653
4,244
835
6,669
831
4,279
6,638
835
4,315
6,478
823
4,340
6,449
831
4,337
6,663
826
4,323
6,749
813
4,310
6,740
816
4,273
7,018
809
4,240
6,746
4,137
792
6,725
782
4,118
1
Includes all full- and part-time wapc and salary workers m nonagricultural establishments who worked during or received pay for any part of the pay perio"
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 nonaurienltura! empiovment of the civilian labor force reported by the Department of Commerce (p. 7) which include proprietors, self-employed persons, nwi dnmcsi ic servants; which count persons as employed when they are not at work because of industrial disputes; and which are
based
3 on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
Preliminary estimates..
Source: .Department of Labor.
8
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of factory production workers in February was fractionally higher than in January, reflecting
a moderate rise in the nondurable goods area. However, since February 1953 the average workweek has been
shortened by 1.4 hours.
HOURS PER WEEK
HOURS PER WEEK
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
nil
RETAIL TRADE
BUILDING CONSTRUCTION
I i iIi II
n
o I I I lI
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISEftS
[Hours per week, for production workers or nonsupervisory employees]
Manufacturing r
5
Period
Total
1939 monthly average
1943 monthly average ....
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average 2
1953 monthly average
1953: January
February
March
April
May
June
Julv. _
August
September
October
_ __
November 2
December
1954" January 2 2
February , _ _ _ _
„„
_ .
_
_ _ _
_-
-
_ -
_
_
_
37 7
44 9
40 4
40 4
40 1
39 2
40 5
40 7
40 7
40 5
41 0
40 9
41 1
40 8
40 7
40 7
40 3
40 5
39 9
40 3
40 0
40 2
39 4
39. 5
Nondurable
goods
Durable
goods
38
46
40
40
40
39
41
41
41
41
41
41
41
41
41
41
40
41
40
41
40
40
40
0
6
2
6
5
5
2
6
5
2
8
7
9
6
5
4
8
1
6
0
6
8
0
40. 0
37 4
42 5
40 5
40 1
39 6
38 8
39 7
39 5
39 6
39 5
39 8
39* 8
40 0
39 5
39 5
30 7
39 6
39 6
39 0
39 2
39 1
39 3
38 5
38. 9
Building
construction Retail trade
32. 6
38. 4
38. 1
37 6
J
37. 3
36 7
36. 3
37 2
38. 1
37. 0
36 9
37. 1
36. 8
36. 9
37. 3
37. 7
37. 1
37.6
36. 1
37. 7
36. 7
36. 3
34.
1
(3)
i Data beginning with January 1948 are not strictly comparable with those for earlier periods.
' Preliminary estimates.
3 Not available.
Source: Department of Labor.
(3)
42. 7
40. 3
40. 7
40. 3
40. 3
40. 4
40. 5
40. 2
39. 9
39. 2
39. 3
39. 2
39.2
39. 1
39.0
39.4
39. 9
39.8
39. 1
38.9
38.7
39.2
39. 1
9
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Although average hourly earnings in manufacturing industries decreased 1 cent in February to $1.79, they were 5
cents above a year earlier.
DOLL/IRS PER HOUR
DOLU tf*S
2.60
2.00
BUILDING CONSTRUCTION
DURABLE MANUFACTURING
190
£V
„.'-''**£
x^
/p2^
^''
A
2.40
^
1953 PRICES
L60
A
2.50
1.80
L70
PER HOUR
1953 PRICES^
J
J
VN
^
2.30
CURRENT PRICES
CURRENT PRICES
£20
X"
ISO
0
2.10
| H H | H H i~ "i
1951
1
s
i i i i I i i Mr
*l M M 1 M M l"
1
1952
1953
~l 1 1 1 1 1 1 1 . 1 1 1*
1
n , . i i 1 . i i i .1~M 1 1 1 1 M M r
I
1951
1952
1
1
1953
r
iM1111M i r
1954
1.50
1.70
NONDURABLE MANUFACTURING
L60
0 1 1 II ! I 1 i 1 J f
1954
RETAIL TRADE
r
1953 PRICES1
^^
1.40
J953 PRICES"'
f
£^-/
,^*-X""\
"^
CURRENT PRICES
—
^
CURRENT PRICES
-^
1.40
0
1
130
1.50
n 11 i i1 iMi r
1951
1.20
r
=
r i i i i 1 i r i i TI
i 1 1 M 1 M M r ii i M 1 M 1 1 "i
1
1952
1
1953
1
0
FI 1 1 1 1 1 1 1 1 1 r ~i M i i I i i i i r ~i i i M i i i i i rn M M 1 1 1 1 1 ri
1951
1954
1
1952
I
1
1953
1954
-^EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE (993»ioo.
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
All manufacturing
Period
1939 monthly average 1943 monthly average1946 monthly average _
1947 monthly average1948 monthly average
1949 monthly average- __
1 950 monthly average
1951 monthly average.
1952 monthly average 3
1953 monthly average
1953: January
February
March.
April
May
June
_
July
August
September
__ _
October
November 3 _
December
MJ5-1: .January 3 3
__ February
Durable goods
manufacturing
Current
Current
1953
prices l
prices
prices
$0. 633 $1. 220 $0. 698
1.059
. 961 1. 485
1.086
1. 490
1. 156
1.237
1.292
1. 481
1. 502
1.350
1. 410
1.401
1. 574
1.469
1. 630
1.465
1.537
1.64
1.67
1. 59
1.76
1.67
1.68
1.77
1.77
1.87
1.74
1.84
1.75
1.74
1. 76
1.85
1.75
1.76
1.85
1.75
1.76
1. 86
1.86
1. 76
1.77
1.76
1. 76
1.87
1.77
1.76
1.88
1.77
1. 76
1.88
1. 79
1.78
1. 90
1.78
1.76
1.89
1. 79
1. 78
1.89
1.90
1.79
1. 78
1.80
1.79
1.91
1.79
1.90
(4)
Nondurable goods
manufacturing
1953 Current
prices l
prices
$1. 345 $0. 582
1.637
.803
1. 586
1. 015
1.547
1. 171
1.568
1.278
1.325
1.651
1.710
1.378
1.72
1.48
1.77
1.54
1.87
1.61
1.85
1.58
1.87
1.58
1.86
1. 59
1.87
1.59
1. 60
1.87
1. 87
1.60
1.87
1.61
1.87
1.61
1. 89
1.63
1. 62
1.87
1.88
1.63
1.64
1.89
1. 90
1. 65
1. 64
(4)
* 1 nriUups hi current j-.ricrrs divided by consumer price index on base 1953=100.
Data beginning with January J948 arc not strictly comparable witfc tbose for earlier periods.
1
10
Building
construction
Current
1953
prices 1 prices
$1. 121 $0. 932
1.252
1. 241
1.392
1.478
1.402
1.681
1.422 2 1. 848
1. 935
1.489
2.031
1. 533
2. 19
1.53
2.31
1.55
2. 48
1.61
2.41
1.59
2.42
1. 59
2. 44
1. 60
2.44
1. 60
2. 44
1.60
2.44
1. 60
2. 47
1.61
2.49
1. 60
2.52
1. 62
2.54
1.61
1.62
2.55
2.57
1.63
2. 58
1.64
(4)
(4)
8 Preliminary estimates.
Retail trade
1953 Current
prices * prices
$1. 796 $0. 542
.679
1.935
2.027
.893
1. 009
2.013
2
2. 056
1.088
2. 174
1. 137
1. 176
2. 259
1. 26
2.26
1.32
2.33
1. 40
2.48
2.42
1. 36
1.37
2. 44
1.37
2.46
1.38
2. 45
1. 39
2.45
1. 40
2.44
1.41
2.46
1.41
2.48
1.42
2. 50
1.42
2.52
1.42
2.54
1.39
2.56
1.43
2.56
(4)
(4)
1953
prices J
$1. 044
1. 049
1. 225
1.208
1.210
1.278
1.308
1.30
1.33
1.40
1.37
1.38
1.38
1.39
1.39
1.40
1.41
1. 40
1.41
1. 41
1. 41
1.38
1.42
(4)
* Not available.
Source: Department of Labor.
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
The slight drop in average weekly earnings of manufacturing workers in February reflected the fractional drop in
average hourly earnings.
DOLLARS PER WEEK
DOLLARS PER WEEK
1951
RETAIL TRADE
J953 PRICES
CURRENT PRICES
11n
0 H I I I I I I I H iTl M M I I M I if. I I , I I I I I I l71 I M I I M I I ,1
1951
1
1952
I
1953
1
1954
1952
1953
1954
•^EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1953*100.
SOURCE:DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
All manufacturing
Durable goods
manufacturing
Nondurable goods
manufacturing
Building
construction
Retail trade
Period
1939 monthly average
1943 monthly average.
1946 monthly average _
1947 monthly average
1948 monthly average
1949 monthly average __ _ _
1950 monthly average
1951 monthly average. _
1952 monthly average.
1953 monthly average 3
1953" January
February _
March
April
May
June
July
August
September
October
November 3
December _
1954: January 3 3
February
Current
prices
1953
prices l
Current
prices
1953
prices l
Current
1953
pricesl
prices
Current
prices
1953
prices l
Current
prices
$23. 86
43. 14
43.82
49. 97
54. 14
54. 92
59. 33
64. 71
67.97
71.57
71. 34
71. 17
71.93
71. 40
71.63
71.63
71.33
71.69
71. 42
71.73
71.60
71. 96
70. 92
70.71
$45. 97
66. 68
60. 11
59.84
60.22
61.71
66.00
66.71
68.52
71.57
71.63
71.82
72.44
71. 83
71.85
71.56
71. 12
71.33
70. 92
71.09
71. 24
71.67
70.43
(4)
$26. 50
49.30
46.49
52.46
57. 11
58.03
63. 32
69.47
73. 04
77.20
76.91
77. 15
77.52
77. 38
77. 19
77.42
76.70
77.27
77. 14
77.49
76.73
77.52
76.40
76.00
$51. 06
76.20
63.77
62. 83
63.53
65.20
70.43
71. 62
73.63
77.20
77.22
77. 85
78.07
77. 85
77.42
77.34
76.47
76. 89
76.60
76. 80
76.35
77.21
75.87
(4)
$21. 78
34. 12
41. 14
46. 96
50. 61
51. 41
54.71
58.46
60.98
63.47
62.88
62.88
63. 60
62. 81
63. 20
63.52
63.76
63. 76
63.57
63. 50
63.73
64. 45
63.53
63. 80
$30. 39
48. 13
56. 24
63.30
2
68. 85
70.95
73.73
81.47
88.01
91. 70
88.93
89.78
89.79
90.04
91. 01
91.99
91. 64
93.62
90.97
95.76
93. 59
93.29
87.98
(4)
$58. 55
74.39
77. 15
75.81
2
76. 59
79. 72
82.01
83.99
88.72
91.70
89.29
90.60
90.42
90.58
91. 28
91.90
91.37
93. 15
90.34
94.91
93. 12
92.92
87.37
(4)
$23. 14
27.36
36.35
40.66
43.85
45. 93
47.63
50. 65
52.67
54.73
53.45
53.70
53.70
53.96
54. 21
55. 16
56.26
56. 12
55.52
55.24
54. 95
54. 49
55. 91
(4) -
i Earnings in current prices divided by consumer price index on base 1953*= 100.
* Data beginning with January 1948 are not strictly with those for earlier periods.
* Preliminary estimates.
$41. 97
52.74
56.43
56.24
56.30
57.76
60.86
60.27
61.47
63.47
63. 13
63.45
64. 05
63. 19
63. 39
63.46
63.57
63. 44
63. 13
62.93
63.41
64. 19
63.09
(4)
1953
prices *
$44. 59
42. 29
49.86
48. 69
48.78
51.61
52.98
52. 22
53.09
54.73
53. 66
54. 19
54.08
54.29
54.37
55. 10
56.09
55.84
55. 13
54. 75
54.68
54. 27
55.52
(4)
< Not available.
Source: Department of Labor.
11
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
With a further moderate decline in February, the industrial production index was 10 percent below its 1953 peak
INDEX, 1947-49 = 10©
I N D E X , 1947-49 = 100
175
I7S
150
150
125
100
1942
44
46
48
50
52
54
J F M A M J J A S O N D J F M A M J J A S O N D J
1952
1953
F*M A M J J A S O N D
1954
PRELIMINARY ESTIMATES.
SOURCE: BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100, seasonally adjusted]
Manufactures
Total
industrial
Nondurable
Durable
Total
production
1939
1943
1946
1947
1948_
1949
_
1950 .
1951
1952
1953
1953: January
February
March _
April
May
June
July
August
•
September
October
November _
December
1954: January1 l
February
1
IZ
Preliminary estimates.
_ _
_
__
__
58
127
90
100
104
97
112
120
124
134
134
134
135
136
137
136
137
136
133
132
129
126
125
123
57
133
90
100
103
97
113
121
125
136
136
136
137
138
139
138
139
138
135
134
131
127
126
125
49
162
86
101
104
95
116
128
136
153
154
155
155
155
156
154
157
157
152
151
146
142
140
137
66
103
95
99
102
99
111
114
114
118
117
118
119
121
123
121
121
119
117
117
115
112
112
112
Source: Board of Governors of the Federal .Reserve System.
68
87
91
100
106
94
105
115
114
116
116
116
115
115
117
119
120
119
118
114
112
112
114
114
WEEKLY PRODUCTION - SELECTED INDICATORS
Steel production dropped during February and was scheduled at less than 70 percent of the new theoretical capacity
in the first part of March. Auto assemblies, averaging somewhat lower than in January, were about 10 percent less
than in February 1953. Electric power distribution receded from its record reached in mid-January.
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
3
3
STEEL
i 1953
i
l
l
I
\
I
*
I
I
I
I
0
I
I
N
I
'I
I
I
I
!
I
I
I
I
0
THOUSANDS
BILLIONS OF KILOWATT HOURS
2OO
I
I
I
I
I
I
I
I
I
I I
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
St eel
Period
Weekly average:
1950
1051
1952
1953
1953: January
February «
March
April
MayJune
July
August
September
October
.
November
December
1954: January 3
February
Week ended:
1954: February 6
_
13
20
27 3
March
6
13s
Thousands of
net tons
„ -
__ _
Percent of
theoretical
capacity *
COUNCIL OF ECONOMIC ADVISERS
Electric power. Bituminous
_ i
Vvw n4--JU-H.no
coal
by utilities
(millions of
(thousands of
kilowatt-hours) short tons) ?
Cars and
trucks
(number)
1, 857
2,018
1 782
2, 141
2,234
2, 233
2,295
2,225
2, 257
2, 192
2, 099
2, 123
2,076
2, 136
2,026
1, 798
1,795
1, 771
96. 9
100. 9
85 8
94 9
99. 1
99 1
101.8
98.7
100. 1
97. 2
93. 1
94. 2
92. 1
94. 7
89 9
79. 7
75.3
74. 3
6, 183
6, 958
7 451
8 244
8, 156
8 136
8, 116
&, 018
7,956
8 279
8, 238
8, 488
8 352
8, 331
8 352
8 502
8, 918
8 576
1, 687
1,772
1 548
1 507
1, 522
1 433
1 406
1 468
1, 465
1 603
1, 540
1, 549
1 640
1, 503
1 496
1 466
1, 346
1 226
154, 212
129, 828
106 834
140 551
137, 890
146 188
158 658
166 322
149 709
150 252
154 274
147, 542
128 375
140, 317
103 576
103 511
138 387
132 416
1? 774
1,774
1, 779
1, 756
1, 686
1, 642
74. 4
74. 4
74 6
73. 6
70. 7
68.9
8, 674
8, 684
8 551
8, 396
8,586
1, 306
1, 266
1, 208
1, 129
1, 050
127 941
130, 425
136 682
134 615
129, 609
131, 952
i Percent of capacity based on weekly net ton capacity of 1,906,268 for the first half of 1950,1,928,721 beginning July 1,1950,1,999,034 beginning January 1,1951,
2,077,040
beginning January .1,1952,2,254,459 beginning January 1,1953, and 2,384,549 beginning January 3,1954.
3
Daily average for week.
3 Preliminary estimates.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports.
44299—54
3
13
PRODUCTION OF SELECTED MANUFACTURES
Production of most durable goods declined further in February, while output of most nondurables was maintained at
their January levels.
INDEX, 1947-49=100, SEASONALLY ADJUSTED
50
I
I
i
I
I
I
I
I
INDEX, 1947-49 = 100, SEASONALLY ADJUSTED
I II I I I I I I I I i iI I I I I I I I I I I I II I I III I I I I I I
50
I
I
I
I
I
I
I
I
50
1947
49
51
53
1954
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100, seasonally adjusted]
Durable manufactures
Period
1939
_ - ... ..
1947
1948
1949
1950
1951
1952
1953..
1952: December
1953: January ..
February
March
April
Mav
June
July
August
September
October
November
December
1954: January 1 1
_ _ _ __
February
3
14
Preliminary estimates
Primary
metals
53
103
107
90
115
126
116
132
135
135
137
136
136
139
137
136
137
130
128
122
113
110
107
Lumber
and
Machinery
products
80
101
106
93
113
113
111
118
115
122
124
121
120
119
114
119
116
114
117
115
110
115
38
103
104
93
114
130
147
160
161
164
163
163
164
162
161
164
165
161
159
152
146
143
140
Transportation
equipment
48
96
102
102
120
135
154
189
190
191
191
190
190
192
188
196
191
186
189
180
182
184
178
Nondurable manufactures
and Chemicals
Textiles Petroleum Food
and allied
and coal beverage
and
manuproducts
products
apparel
factures
45
66
63
80
97
101
97
99
103
99
104
103
101
100
99
97
121
103
110
110
136
122
105
106
137
105
123
105
147
107
130
107
141
106
111
128
142
106
128
107
143
107
128
108
145
107
128
110
148
108
131
113
151
109
115
131
150
106
131
113
152
108
132
111
148
108
132
106
147
109
102
131
146
108
129
102
145
108
98
129
103
145
95
128
144
104
125
95
96
Source: Board of Governors of the Federal Reserve System.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment in the fourth quarter decreased almost $6 ¥2 billion (seasonally adjusted annual rate),
according to current estimates. Inventory liquidation accounted for nearly all of the drop. Investment in producers*
durable equipment was off somewhat, while construction increased slightly.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
70
ANNUAL TOTALS
30
20
v
-10
-10
1941
1943
1945
1947
1949
1951
1953
1954
1951
SOURCE: DEPARTMENT OF COMMERCE.-
COUNCll OF ECONOMIC ADVISERS
[Billions of dollars]
Total gross
private
domestic
investment
Period
1939
1944
1946.
1947
1948
1949...
1950
1951
1952
1953
. . .
-_
9.9
7. 7
28. 7
30. 2
42. 7
33.5
52.5
58.6
52. 5
54. 4
New construction
Residential
nonfarm
Total
4.9
2.8
10.3
13.9
17.7
17.2
22.7
23. 1
23. 4
25. 1
2. 7
.8
4.0
6. 3
8.6
8.3
12.6
11.0
11. 1
11.8
Other
Producers'
durable
equipment
2.2
2.0
6.3
7.6
9. 1
9.0
10. 1
12.2
12. 3
13.3
Change in
business
inventories
4.6
5.7
12.3
17. 1
19.9
18.7
22.3
24.6
25.4
26.7
0.4
-.8
6. 1
-.8
5.0
-2.5
7.5
10.9
3.7
2.5
Seasonally adjusted annual rates
1952: First quarter
Second quarter
Third quarter
Fourth quarter
50.4
49.6
52.3
57.9
23.3
23. 4
23. 1
23.9
11.0
11.0
10.8
11.6
12.4
12.4
12.3
12.3
25. 6
25.6
24.9
25.5
1.5
.7
4.2
8.5
1953: First auarter
Second quarterThird quarter
Fourth quarter
54. 9
58. 5
55.2
48.8
25.0
25.3
24.9
25.3
12.2
12.0
11.5
11.6
12.8
13.4
13.4
13. 6
26.2
26.9
27.1
26.5
3.7
6.3
3. 1
-3.0
_ _
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
15
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans call for expenditures of $27.2 billion on new plant and equipment in 1954, according to a survey
made in February and early March. This would be 4 percent less than the amount spent in 1953.
•BILLIONS OF DOLLARS
35
BILLIONS OF DOLLARS
35
1952
•^ SEE NOTE 4 ON TAiLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Transportation
Mining
Durable NonduraRailroads Other
goods ble goods
Public
utilities
Commercial and
other 2
0.36
.57
1.28
.89
1.21
1.49
1.50
1. 46
1.40
0.52
.50
2.54
3.12
3.31
3.66
3.89
4.55
4.43
2.08
2.70
6.90
5.98
6.78
7.24
7.09
7.78
8.01
1. 38
1.38
1.59
1.52
1.46
1.38
4. 40
4. 64
4. 72
4. 46
4. 60
4.58
7.42
7. 92
7. 94
8. 00
8. 04
8.03
Manufacturing
Total1
Period
1939
1945
1948
1949..
1950
1951
1952 3
1953 4
1954
...
«...
..-___
... .
-. ..
:.
__
-_
__ _
_. ...
5.51
a 69
22.06
19.28
20. 60
25.64
26.49
28. 39
27.23
Total
L94
3.98
9. 13
7.15
7.49
10.85
11. 63
12. 28
11. 41
0.76
1.59
3.48
2.59
3. 14
5.17
5. 61
5. 82
5. 22
1. 19
2.39
5.65
4 56
436
5.68
6.02
6.46
6. 19
0.33
.38
.88
.79
.71
.93
. 98
1. 01
1. 04
0.28
.55
1.32
1.35
1. 11
1.47
1.40
1. 31
. 94
Seasonally adjusted annual rates
1953: First quarter _ _ _
Second quarter.
Third quarter
Fourth quarter. _ _ _
1954: First quarter 4 4
Second quarter _ _
27. 84
28.48
28. 92
28.56
28.04
27. 52
12. 35
12. 26
12. 30
12. 22
11. 70
11. 59
5.98
5. 88
5. 76
5. 69
5. 60
5. 43
6.36
6. 38
6. 54
6.53
6. 11
6. 16
. 96
. 93
1. 06
1. 10
1.06
1. 08
1.34
1. 34
1.30
1. 26
1. 17
. 86
» Excludes agriculture.
*Commercial and other includes trade, service, finance, communications, and construction.
i Annual total is sum of seasonally unadjusted quarterly expenditures; it does not necessarily coincide with average of seasonally adjusted figures, to part
because of adjustments when necessary for systematic tendencies in anticipatory data.
< Ksttinatcs based on anticipated capital expenditures reported by business in February 1954.
NOTE.—Those figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the
letter cover agricultural investment and also certain equipment and construction outlays charged to current expense.
Kstiimites after 1951 have been revised. Data became available after chart was prepared.
l>otitll will not necessarily add to totals because of rounding.
Hour am: Securities and Exchange Commission and Department of Commerce.
16
NEW CONSTRUCTION
Total new construction, seasonally adjusted, increased somewhat in February, with activity at both the private and the
public levels sharin3 in the increase.
BILLIONS OF DOLLARS
3.5
BILLIONS OF DOLLARS
1 3.5
ADJUSTED FOR SEASONAL VARIATION
2.S
PRIVATE RESIDENTIAL
(NONFARM)
OTHER PRIVATE
FEDERAL, STATE, AND LOCAL
J
I
I
I
I
I
I
I
1
I
I
1
I
I
J
J
1953
1952
I
l
i
t
I
I
I
I
J
J
1954
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars, seasonally adjusted]
Total new
construction
Period
1939 monthly average
1942 monthly average
1944 monthly average
1946 monthly average
1948 monthly average
1 949 monthly average
1950 monthly average
1951 monthly average
1 952 monthly average
1953 monthly average
1953* January
- - February
March
April «
• May
»
June
July
August
September _ .
October
November
December
1954 : January 2
Februarv
- _
* Includes public residential construction.
Preliminary estimates.
2
683
1, 173
438
1,000
1,806
1,899
2,371
2,575
2, 720
2 3 904
2,824
2,987
3,050
3,025
2, 910
2,922
2,849
2,811
2,824
2,841
2, 900
2,900
2,915
3,031
Private construction
Residential
Total
Other
(nonfarm)
private
142
223
366
142
143
285
114
68
182
469
335
803
689
715
1,404
676
689
1,365
1,050
738
1,788
914
883
1,797
925
893
1,818
976
992
1, 968
917
946
1,863
946
1,007
1,953
966
1,089
2,055
979
1,080
2,059
991
989
1,980
978
1,008
1,986
976
979
1,955
981
956
1,937
986
942
1,928
988
957
1,945
1,006
963
1, 969
996
989
1,985
1,006
965
1,971
1,028
1,015
2,043
Federal,
State, and
local i
317
888
256
197
402
534
583
778
902
936
961
1,034
995
966
930
936
894
874
896
896
931
915
944
988
Sources: Department of Commerce and Department of Labor.
17
NEW HOUSING STARTS
The number of new housing units started in February was 7,000 more than in January. On a seasonally adjusted
basis, private starts were at an annual rate of 1,180,000 units, or 10 percent above the level for 1953.
THOUSANDS OF UNITS
THOUSANDS OF UNITS
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
All new nonfarm housing units started
Period
Total
Annu al totals: 1949
1950
1951
1952
1953 *-Mont hly avera^re: 1949
1950
1951
1952
1953 *
1952: Decembe r .
1953: January.
February
March
April
May--.1 u ne _
J u l v ...
August..
Sfpti'inlx ,T
October.
Novi'inlx M'
1 ><-rt/nibr r '
Hi.V1: Jjum.Mrv
I 1 VI jniii r \ i
18
._
__
1, 025, 100
1, 396, 000
1, 091, 300
1, 127, 000
1, 106, 000
85, 400
116, 300
90, 900
93, 900
92. 200
71, 500
72, 100
79, 200
105, 800
111,400
108, 300
104, 600
96, 700
93, 200
95, 100
90, 100
81, 500
68, 000
66, 000
73, 000
Public
36, 300
43, 800
71, 200
58, 500
35, 600
3,000
3,600
5, 900
4,900
3,000
3,900
3,900
5,400
9,700
4,000
2,700
2,600
300
1,000
3,000
100
1,600
1,300
1,300
1,200
Source: Department of Labor.
Private
988, 800
1, 352, 200
1, 020, 100
1, 068, 500
1, 070, 400
82, 400
112, 700
85, 000
89, 000
89, 200
67, 600
68, 200
73, 800
96, 100
107, 400
105, 600
102, 000
96, 400
92, 200
92, 100
90, 000
79, 900
66, 700
64, 700
71, 800
Seasonally adjusted annual
rates: private
1, 127, 000
1, 137, 000
1, 213, 000
1, 165, 000
1, 141, 000
1, 039, 000
1, 037, 000
1, 006, 000
962, 000
1, 023, 000
1, 029, 000
1, 090, 000
1, 112,000
1, 078, 000
1, 180, 000
INVENTORIES AND SALES
Total business inventories (seasonally adjusted) continued to decline in January and were about 11/2 percent below
the September peak. Both manufacturers and retailers reduced their stocks while wholesalers expanded theirs slightly.
Business sales at both the manufacturers1 and distributors1 level dropped in January. However/ preliminary reports
indicate a 1 percent rise in retail sales in February.
BILlJONS OF DOLLARS, SEASONALLY
B1U.IONS OF DOLLARS, SEASONALLY
ADJUSTED
20
eo
/
--]
^TOTAL
""/
s
SALES^^
INVENTORIES*
-
1951
~-v -~^
^^~
^^"""*
130
_
20
-^—^.
120
MANUFACT JRING^
SALES
110
I I I I I I I I I ! I
1 I 1 1 ! 1 1 1 I 1 1
I I 1 1 I 1 It I! I
1951
1952
1953
1954
ADJUSTED
140
S ^**B MANUf ACTURING
<NVE NTORIES
^
A
1953
DEPARTMENT STORES
-
r-\
:
**
1 11111f 111i
I 1 I 1 f 1 1 1 1 i 1
1952
INDE X, I947~49«IOO, SEASONALLY
TOTA . SALES*
0
1 1 1 1 1 1 1 1 ! 1 1
1 1 1 1 1 I Mill
0
60
40
INVENTORIES1^^
-~*~
—
ADJUSTED
RETAIL
TOTAL* AND MANUFACTURING
1 1 1 1 1 1 1 1 1 1 I
100
1954
i
l
e
•
'
/^
,' ^
\^s*
v 4\/AA/^
V
v/y
'
INVENTORIES**^
A
%
A, »
f\f
i
\
* «
t
1111 i!iM11
•
^^ra SALES
11 1 1 1 1 I 1 I f 1
i 1 1 1 1 1 1 it 1 1
f 1 1 It 1 1 1 11 1
1952
1953
1954
1951
* WHOLESALE, MANUFACTURING, AND RETAIL.
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Total business 1
InvenSales 3
tories 2
Period
Retail
InvenSales 3
tories 2
COUNCIL OF ECONOMIC ADVISERS
Manufacturing
Inventories 2
Sales 3
New
orders3
Millions of dollars, seasonally adjusted
1939
1946 . ...
1948
1949
. _
1950
1951
._
1952
..
1953
1952* December .
1953: January
February
March.
April
May
June
July
August
September
October
November
December
1954: January 6 6
February
_
20, 051
42, 892
55, 612
52, 111
64, 721
5
75, 268
77, 109
81, 070
77, 109
77, 130
77, 693
78, 266
78, 996
79, 678
80, 167
81, 116
81, 586
82, 000
81, 805
81, 276
81, 070
80, 741
10, 802
27, 150
36, 438
34, 664
39, 917
5
44, 821
46, 080
48, 820
48, 781
47, 819
48, 533
49, 671
50, 186
49, 395
50, 003
50, 398
48, 138
48, 652
48, 284
47, 518
47, 235
46, 342
5,534
11,852
15, 828
15,311
18, 652
5
21, 239
21, 592
22, 661
21, 592
21, 518
21, 707
21, 981
22, 387
22, 455
22, 294
22, 743
22, 775
22, 924
22, 720
22, 437
22, 661
22, 572
3,503
8,541
10, 877
10, 893
11, 974
5
13, 185
13, 674
14, 234
14, 410
14, 140
14, 514
14, 437
14, 280
14, 424
14, 412
14, 469
14, 073
13, 982
14. 040
14, 104
13, 932
13, 674
13, 820
fi
11,465
24, 457
31, 693
28, 860
34, 314
42, 904
44, 190
46, 722
44, 190
44, 330
44, 581
44, 797
45, 164
45, 673
46, 160
46, 485
46, 888
47, 087
47, 044
46, 909
46, 722
46, 412
5, 112
12, 617
17, 630
16, 416
19, 285
22, 205
23, 046
25, 271
24, 706
24, 507
24, 724
25, 763
26, 358
25, 816
25, 882
26, 366
25, 067
25, 379
25, 010
24, 256
24, 126
23, 705
5,354
13, 694
17, 350
15, 903
20, 980
24, 391
23, 710
23, 846
24, 948
24, 519
24, 513
25, 096
25, 682
25, 883
25, 152
24, 525
22, 339
22, 661
22, 163
21, 594
22, 026
20, 256
Department stores
Inven-4
Sales 8
tories
Index 1947-49=100,
seasonally adjusted
35
90
104
98
105
100
110
1 12
115
113
112
lift
110
117
115
35
77
107
100
109
129
118
126
120
124
123
122
125
127
128
130
131
128
128
127
123
120
u ;i
112
JUT
110
1 1 ;;
J 12
10K
no
i
i Also Includes wholesale, not shown separately in this table.
New series on retail trade beginning with 1951; not comparable with pn vloti?i
' Book value, end of period.
data.
See Survey of Current Business, September and November 1962, for (Mull.
6
• Monthly averaee for year and total for month.
Preliminary estimates.
* Book value, end of period, except annual data, which are monthly averages.
Source: Department of Commerce and Board of Governors of toe Federal Reserve System,
19
MERCHANDISE EXPORTS AND IMPORTS
Both grant-aid shipments and other exports dropped in January.
surplus decreased.
Merchandise imports also dropped.
MILLIONS OF DOLLARS
The export
MILLIONS OF DOLLARS
1,600
1,600
TOTAL MERCHANDISE
EXPORTS
~*V.
1,200
1952
1954
U SEE FOOTNOTES I AND 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF DEFENSE.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Merchandise exports
Period
1936-38 monthly average
1946 monthly average
1948 monthlv average
1949 monthly average
__ _
1950 monthly average
1951 monthly average . ...
1952 monthlv average
1 953 monthly average
1952: December
1953* January
.. February
M arch Auril May..
t J
June
July
...
. _- _ _
August
September
October
November.
December
1954: January.
_ —
1
F 2
Total i
247
812
1, 054
1,003
856
1,253
1,266
1,312
1,391
1,293
1,198
1,389
1,394
1, 451
1,383
1,357
1, 184
1, 254
1, 251
1, 244
1,348
1,090
Grant-aid
shipments a
Excluding
grant-aid
shipments
54
757
24
89
166
292
283
277
272
337
340
366
371
398
274
204
234
216
215
169
833
1,164
1, 100
1,020
1, 108
1,016
926
1,052
1,054
1,086
1,012
959
910
1,050
1, 017
1,028
1, 133
921
Merchandise
imports
207
412
594
552
738
914
893
906
1,052
922
856
1,004
1,013
902
933
908
841
925
813
849
908
837
Excess of exports
4. (/ )\ (+)
or impo rts
Total
+40
+ 400
+460
+ 452
+ 118
+ 339
+ 373
+ 406
+ 338
+370
+343
+ 385
+ 381
+ 548
+450
+ 450
+ 343
+ 329
+ 438
+ 395
+ 441
+ 253
Excluding
grant-aid
shipments
+ 345
+ 95
+ 250
+ 207
+ 114
+ 55
+ 93
+ 70
+48
+ 41
+ 184
+79
+52
+ 69
+ 125
+ 204
+ 179
+ 226
+ 84
Includes shipments under the various grant-aid prop-amis; for some of these programs separate data are not available.
Beginning with 1950, figures include only Department of Defense shipments of grant-aid military supplies and equipment under the Mutual Security
Program. Shipments for the first 6 months of the program (July-December 1950) amounted to 282 million dollars.
NOTE.—Detailjprill not necessarily add to totals because of rounding.
Sources: Department of Commerce and Department of Defense.
20
PURCHASING POWER
NATIONAL INCOME
Lower employment and hours worked resulted in a decline in compensation of employees from the third to the fourth
quarter of 1953. Proprietors' income and net interest increased moderately.
BILLIONS OF DOLLARS
350
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL TOTALS
TOTAL NATIONAL INCOME300
300
CORPORATE PROFITS AND INVENTORY
^VALUATION ADJUSTMENT;
aso
-
1949
1950
195!
1952
1953
,
>
COMPENSATION- T-»
OF EMPa-OYEES
1954
1951
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.
[Billions of dollars]
Total
national
income
Period
1939,
1944
1946
1947
19481949
1950
1951
1952
1953
--.
...
_
. _
—
—
._
Compensation of
employees
72.5
183. 8
180. 3
198.7
223. 5
216.3
240.6
278.4
291. 6
1
307. 7
Proprietors'
(business,
professional, Net interest
farm)
and rental
income
47.8
121.2
117. 1
128.0
140.2
139. 9
153.4
178. 9
193.2
207.6
147
35.5
42. 0
42.4
47.3
42. 1
45.4
50. 7
51.2
49.9
4.2
3.1
2.9
3.5
4. 3
5. 0
5.7
6.4
7.0
7.8
Corporate profits and inventory
valuation adjustment
Total
5.8
24.0
18.3
24.7
31.7
29.2
36.0
42.4
40.2
'42.4
Profits
before
taxes
Inventory
valuation
adjustment
6.5
24.3
23.5
30.5
33.8
27.1
41.0
43.7
39.2
143.2
-0.7
-.3
-5.2
-5.8
-2.1
+ 2. 1
-5.0
-1.3
+ 1.0
-.8
41.5
38.2
37.0
40.3
44.6
45.9
43.3
+.2
+ 1.7
+.7
+ 1.4
-.8
-.6
-2.6
+ 1.0
Seasonally adjusted annual rates
1952: First quarter
Second quarter
Third quarter
Fourth quarter
1953: First quarter
Second quarter
Third quarter
Fourth quarter
1
286. 8
287.9
290.4
301.4
306.7
310.7
308. 1
(2)
187.9
189.5
194. 1
201.3
204. 5
208.0
210.4
207. 7
6.7
6.9
7.1
7.4
7.6
7.7
7.9
8.1
(2)
41.7
39.9
37.7
41.7
43.8
45.2
40.7
(2)
J
Preliminary estimates.
Not aTailable.
NOTE.—Detail will not necessarily add to totals because of rounding.
50.5
51.5
51.5
51. 1
50.8
49.7
49. 1
50. 0
Source: Department of Commerce.
21
CORPORATE PROFITS
Third quarter 1953 aggregate corporate profits, both before and after taxes, are estimated to have been below those
in the second quarter, according to current estimates. Although profits probably declined further in the fourth
quarter, the 1953 total is estimated to have been above that for 1952.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
60
30
30
10
1939
1949
1950
1951
1952
1953
•^NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Corporate
profits
before taxes
Period
1939
1944
1946
1947
1948 .
1949
1950
1951
1952
1953 l
_
-
.. ...
_
__ - _ _
. ...
. _ ...
6.5
24.3
23.5
30.5
33. 8
27. 1
41. 0
43.7
39. 2
43.2
Corporate
tax
liability
1.5
13.5
9.6
11.9
13. 0
10. 8
18.2
23.6
20. 6
23. 6
Corporate profits after taxes
Total
5.0
10.8
13. 9
18.5
20.7
16.3
22.7
20. 1
18. 6
19.6
Dividend
payments
3.8
4. 7
5.8
6.6
7 2
7.5
9.1
9.2
9. 1
2
9. 3
Undistributed
profits
1.2
6. 1
8. 1
12.0
13.5
8.8
13. 6
10.9
9.5
10. 3
Seasonally adjusted annual rates
1952: First quarter...
Second quarter
Third quarter .
Fourth quarter
41.5
38.2
37.0
40.3
21.8
20. 1
19. 4
21. 2
19.7
18.0
17.5
19. 1
9. 1
9. 1
9. 1
9. 1
10. 6
8.9
8.4
10.0
1953: First quarter
Second quarter.
Third quarter
44.6
45.9
43.3
24.4
25. 0
23.6
20.3
20.8
19.6
9.2
9. 4
9.6
11. 1
11.4
10.0
1
2
Preliminary estimates.
Dividend payments during fourth quarter were $9.4 billion.
NOTE.—See p. 21 for profits before taxes and inventory valuation adjustment. Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
UMUUME
Personal income in January was at an annual rate of $282.5 billion (seasonally adjusted), or $2 billion less than in
December. Most of the drop occurred in wages and salaries. Other major components showed minor changes.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3OO
30O
SEASONALLY ADJUSTED ANNUAL RATES _
TOTAL-".
250
250
200
200
100
100
1949
1939
1950
1951
I95Z
1953
1951
SOURCE: DEPARTMENT OF COMMERCE.
Total personal income
Period
1939 _
1944
1948 ..
1949
1950
1951
..
1952 . _.
1953
COUNCIL Of ECONOMIC ADVISES
_ ..
_ __
72.6
165.9
209. 5
205. 9
226. 7
254. 3
269. 7
284.5
[Billions of dollars]
Proprietors' income
Labor income
(salaries,
Dividends
Business,
wages, and
professional, and personal
Farm
other labor
interest
and rental
income)*
income '
45.7
4.5
10.2
9.2
116.2
11.8
23.7
10.6
134. 9
17. 7
16.0
29 6
17. 1
134.2
12.8
29. 3
13. 3
146.5
32. 1
19.6
15. 5
170.7
35.2
20.5
184.9
14.8
36. 1
21.0
12.4
198.9
37.2
22.2
Transfer
payments
3.0
3.6
11.3
12. 4
1
15.1
12. 5
12. 9
13.7
Seasonally adjusted annual rates
1 953 ' January
February
March
April _ _
May
June
July
August
September
..
October
November
December
1954: January 3_
--
280. 5
281.0
283.6
282. 7
284. 7
2R6. 3
287. 5
287.0
286.3
287. 2
285. 9
284. 6
282. 5
193. 9
196.0
197.5
197.9
199.3
200.7
202. 4
202.2
201. 1
200. 7
199. 6
197.6
195.6
14. 3
12.8
13.2
12. 1
12. 5
12.6
11. 9
11.4
11. 4
11. 9
12. 2
12. 5
12. 4
37.2
37.2
37.3
37.1
37.3
37.2
37.3
37.3
37.4
37. 3
37. 6
37.5
37.2
21.6
21.7
21.9
22.0
22.1
22. 3
22.4
22.5
22.7
22. 8
22. 7
22.7
22.8
i F.xplnd*": «odal ImuranoP contributions "f emplnypf.? and, heeinnine.January 1952, of self-employed persons.
s Includes $2.7 billion National Service Life Insurance dividend, most of which was paid in the first half of the year.
* Preliminary estimates.
N OTE.—Detail wfll not necessarfly add to totals because of rounding.
Source: Department o! Commerce.
13. 5
13.3
13.7
13. 6
13. 5
13. 5
13. 5
13.6
13. 6
14. 5
13.8
14.3
14. 5
23
CONSUMER INCOME, SPENDING, AND SAVING
Disposable personal income declined less than consumer expenditures in the fourth quarter of 1953, according to
current estimates. Personal saving during the quarter was about 7.7 percent of disposable income.
BILLIONS OF DOLLARS
300
BILLIONS OF DOLLARS
300
SEASONALLY ADJUSTED ANNUAL RATES
250
200
200
I943
I945
1954
•^PERSONAL INCOME LESS TAXES.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISIRS
Disposable persona]
income l
Period
Less: Personal consumption expenditures
Total
Durable
goods
Nondurable goods
Services
Equals :
Personal
net
saving
Net saving
as percent
of disposable
income
Billions of dollars
1939.
1941
1942
1944
1946
1947
1948
1949
1950
1951
1952
1953
.
.
_
_ _
..
_
_
, ...
._
.
70.2
92.0
116.7
147.0
158.9
169.5
188.4
187.2
205. 8
225. 0
235.0
247. 9
67.5
82.3
91.2
111.6
146.9
165.6
177.9
180.6
194. 6
208. 1
218. 1
229.8
6.7
9.8
7. 1
7.1
16.6
21.4
22.9
23.8
29.2
27.3
26. 7
30. 1
35.3
44. 0
52.9
67. 1
85.8
95. 1
100.9
99.2
102.6
113. 4
118.8
121. 2
25.5
28.5
31.2
37.4
445
49. 1
54. 1
57.5
62. 7
67. 4
72.7
78. 4
2.7
9.8
25.6
35.4
12.0
3.9
10. 5
6. 7
11.3
16. 9
16. 9
18. 1
3.8
10.7
21.9
24. 1
7.6
2.3
5. 6
3.6
5. 5
7. 5
7.2
7.3
70.5
71.8
73.3
75. 1
76.3
77.6
79. 2
80.5
15. 0
14. 5
19. 4
18. 6
17. 7
17.2
18.8
19. 3
6. 6
6.3
8. 2
7.7
7. 2
6. 9
7. 5
7. 7
Seasonally adjusted annual rates
1952: First quarter
Second quarter
Third quarter ..
Fourth quarter
1953: First quarter
Second quarter
Third quarter
Fourth quarter
228. 7
231. 7
236.6
243.0
245. 4
247.7
249.8
249. 3
*Income less taxes.
Nom—DetaH will not necessarily add to totals because of rounding.
24
213. 7
217.2
217.2
224. 4
227. 7
230. 4
231. 0
230.0
26.0
27. 4
25. 1
28.2
30. 2
30. 7
30.4
29. 1
117. 2
118. 0
118.7
121. 1
121.2
122. 1
121. 3
120. 4
Source; Department of Commerce.
PER CAPITA DISPOSABLE INCOME
Per capita disposable income in the fourth quarter of 1953 dropped below the third quarter peak.
total for 1953 was well above a year earlier.
DOLLARS
2,000
However, the
DOLLARS
2,000
SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL AVERAGES
>I953 PRICES-57
x-cl
1,500
1,500
CURRENT PRICES
1,000
1,000
500
1
1941
1
1
1
1943
1
1945
1
I
!
1947
1
1949
1
1951
1
1
1
.1953
!
1
|95|
1952
1
1953
I
1954
.-^SEE NOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS
Total disposable personal Per capita disposable perincome (billions of dollars)1 sonal income (dollars)1
Period
Current
prices
1939 ._
1941
1942 , ...
1944
1946 . 1947
1948
.
1949 ..
1950
1951
1952
1953
_
-
..
-
„
70.2
92.0
116. 7
147.0
158.9
169.5
188.4
187.2
205.8
225.0
235.0
247.9
1953
prices *
139.8
171. 3
193. 2
212. 7
206. 6
200. 6
211. 4
212.5
228. 9
232. 7
238. 1
247.9
Current
prices
536
690
865
1,062
1, 124
1, 176
1,285
1,255
1, 357
1,458
1,497
1, 553
1953
prices *
1, 067
1,284
1,432
1, 537
1,461
1,392
1, 442
1,424
1, 509
1,508
1, 516
1, 553
Population
(thousands) 3
•
131, 028
133, 402
134,860
138, 397
141, 389
144, 126
146, 631
149, 188
151, 683
154, 360
157, 022
159, 629
Seasonally adjusted annual rates
1952: First quarter .
Second quarter
Third quarter
Fourth quarter
1953: First quarter
Second quarter .
Third quarter Fourth auarter
-
-~ «
-
228. 7
231.7
236.6
243. 0
233.4
234.8
239. 2
245.0
1, 465
1,478
1,503
1,537
1,495
1,498
1,520
1,550
156, 112
156,716
157,388
158, 109
245.4
247. 7
249.8
249.3
247. 6
248.4
248. 6
247. 6
1,546
1,555
1, 561
1,551
1,560
1,559
1,554
1,540
158, 714
159, 306
160, 022
160, 764
1
1 Income
less taxes.
Dollar estimates In current prices divided by an over-all implicit price index for personal consumption expenditures. This price index is based on Department
of Commerce data, shifted from a 1939 base.
> Including armed forces overseas. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
Sources: Department of Commerce and Council of Economic Advisers
25
FARM INCOME
Farmers' income from marketings in January/ dropping seasonally to $2.6 billion, was about 5 percent less than in
January 1953. Cash receipts from livestock and products were about the same as a year earlier while crop receipts
were lower due to lower average prices.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
5
9
1954
M INCOME IN CURRENT PRICES DIVIDED BY PARITY INDEX ON BASE 1953-100.
NOTE: FARM INCOME INCLUDES CASH RECEIPTS FROM MARKETINGS AND GOVERNMENT PAYMENTS.
SOURCE: DEPARTMENT OF AGRICULTURE.
COUNCIL Of ECONOMIC ADVISERS
Parity index
Farm income
Farm income
(prices paid,
(millions
of
Period
(millions of
interest, taxes,
current
and wage rates) 1953 dollars) 2
dollars)
1953 = 1001
44
1939 monthly average
.
1, 625
715
1942 monthly average
.
54
2,491
1,345
2, 712
1944 monthly average
- - -_ ..
1,763
65
1946 monthly average
.
2,815
2, 111
75
2, 730
1948 monthly average
2, 539
93
1949 monthly average.
_«.
2, 604
2, 344
90
2, 591
1950 monthly average
92
2 384
2,730
101
1951 monthly average..---2,757
2, 642
1952 monthlv average
2,721
103
2,599
1953 monthly average
100
2,599
1952: December .
2, 930
2,959
101
102
2, 748
1953*. January
2 803
1, 899
February
----- - 101
1, 918
March, - _„
2,098
2, 119
101
April
2,020
100
2,020
2, 009
May.
2, 009
100
June
2, 178
99
2, 156
July
2, 404
2 404
100
2,461
100
August
-2, 461
September
3 201
3 169
99
October
- « _ _ _ » »
3, 737
99
3 700
November
_ «
3, 478
99
3, 443
December
_
_
2, 986
2, 986
100
101
2.649
2.623
1954: January 3 -.
26
» Converter! from the reported base, 1910-14=100, to the base 1953=100.
» Vunn income in current dollars divided by parity index on base 1953=100.
NOTE,—Farm income includes cash receipts from marketings and Government payments.
»Preliminary estimates.
Source: Department of Agriculturee
CREDIT, MONEY, AND FEDERAL FINANCE
BANK LOANS AND INVESTMENTS
Loans of all commercial banks declined $1 .8 billion in January.
$600 million.
At the same time, investment in securities increased
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
175
175
1939
1945
1950
1951
1952
1953
1953
END OF YEAR
1954
END OF MONTH
SOURCE: BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM.
End of period
1939
_
1945
1947
1949
1950
1951
1952
1953
- 1952: December .
1953* January
February
.
March
April . .
May ...
June...
July
August
- - .- September
.
October
November
December.
1954: January 2 2
February
Total
loans and
investments
40.7
124.0
116.3
120. 2
126.7
132.6
141.6
146.4
141.6
140.8
140. 1
140.0
138.5
138. 1
138.0
143.2
143. 1
143.0
143.9
145.5
146.4
145.2
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
All commercial banks
Investments
Loans
17.2
26. 1
38. 1
43.0
52.2
57.7
64.2
68.3
64.2
63.9
64. 1
65.2
65.3
65.4
65.0
65.6
66.0
66.3
67. 1
67.3
68.3
66.5
Total
23.4
97.9
78.2
77.2
74.4
74.9
77. 5
78. 1
77.5
76.9
76.0
74.8
73.2
72.7
72.9
77.6
77. 1
76.7
76. 8
78.2
78. 1
78.7
U.S.
Government
securities
16.3
90.6
69.2
67.0
62.0
61.5
63.3
63.6
63.3
62.8
61.9
60.5
58.9
58.3
58.6
63.2
62.6
62.2
62.3
63.7
63.6
64. 1
Other
securities
Weekly
reporting
member
banks—
business
loans *
7.1
7.3
9.0
10.2
12.4
13.3
14. 1
14.6
14. 1
14.2
14. 1
14.3
14.4
14.4
14.3
14. 3
14.5
14 5
14. 5
14.5
14.6
14.6
s
i Commercial, industrial, and agricultural loans; revised series beginning January 1952.
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
4.7
7.2
14.7
13.9
17.9
21.6
23.4
23.4
23. 4
23.0
22.9
23.3
23. 1
22.8
22.8
22.6
22.9
23. 1
23.3
23.2
23.4
22.5
22. 4
27
CONSUMER CREDIT
Consumer credit outstanding at the end of January amounted to $28.1 billion or $771 million less than at the preceding
month-end. The decreases in both instalment and noninstalment credit were seasonal in character.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
30
1939
1945
1950
1951
1952
1953
1952
END OF YEAR
1954
1953
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
j Millions ot dollars]
End of period
1939
1945
1950
-~1951
1952
1953
1952" December
1953* January February
March
April - - - May
June
July _>
_
August -- -September
October
November
December
-1954 : January
4
Total
consumer
credit
outstanding
Noninstalment credit
Instalment credit
Total
Automobile
paper *
7,222
5,665
20, 813
21, 468
25,, 827
28, 896
25, 827
25, 674
25, 504
25, 946
26, 455
27, 056
27, 411
27, 581
27, 810
27, 979
28, 166
28, 252
28, 896
4,503
2,462
14, 490
14, 837
18, 684
21, 807
18, 684
18, 851
18, 982
19, 391
19, 767
20, 213
20, 635
21, 004
21, 218
21, 347
21, 486
21, 586
21, 807
1,497
455
6,342
6,242
8,099
10, 289
8,099
8,273
8,480
8,799
9, 111
9,432
9,692
9, 973
10, 136
10, 232
10, 337
10, 358
10, 289
28, 125
21, 444
10, 084
Other Repair and
consumer moderni- Personal
zation
loans
goods
loans 2
paper *
1,088
1,620
298
182
1,009
816
2,805
1,006
4,337
1,090
3,235
4,270
3,851
1,406
5,328
4,307
1,606
5,605
3,851
1,406
5,328
3,887
5,288
1,403
3,890
1,404
5,208
3, 959
1,416
5,217
4,004
5,217
1,435
1,462
4,047
5,272
4, 117
1,493
5,333
4, 164
1,516
5,351
5,362
1,534
4, 186
4,201
5,352
1,562
4, 198
5,366
1,585
1,604
4,218
5,406
4,307
1,606
5,605
5,495
1,587
4,278
Total
Charge
accounts
2,719
3,203
6,323
6,631
7, 143
7,089
7, 143
6,823
6, 522
6,555
6,688
6,843
6,776
6,577
6,592
6,632
6,680
6, 666
7,089
1,414
1,612
3,006
3,096
3,342
3,249
3,342
2,975
2,678
2,613
2,682
2, 763
2,781
2,705
2,668
2,716
2,811
2,840
3,249
1,305
1,591
3,317
3,535
3,801
3,840
3,801
3,848
3,844
3,942
4, 006
4,080
3,995
3,872
3,924
3,916
3, 869
3,826
3,840
6,681
2,893
3,788
i Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.
> Includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper."
* Single-payment loans and service credit.
* Preliminary estimates.
Source: Board of Governors of the Federal Keserve System.
NOTE.—Detail will not necessarily add to totals because of rounding.
28
Other *
BOND YIELDS AND INTEREST RATES
Yields on 3-month Treasury bills during February averaged less than 1 percent for the month. Yields on both Treasury
and corporate bonds decreased further while commercial paper rates continued at 2 percent, the rate reached late in
January.
PERCENT PER ANNUM
PERCENT PER ANNUM
3.5
0.5
J F M A M J J A S O N D
J F M A M J J A 3 0 N D
1949
1954
SOURCE ; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
Period
1939
1946
.
1950
1951
1952 . . .
... _
1953
.
1953: February
.
_
.
March
April .
.
May
.. _ .
June.
July
.
..
August
.
September
.
October.
...
November
.
-December
- .. ..
1954: January
February
Week ended:
1954: February 6
13
__.
20
27
_
March 6
13
U. S. Government security yields
3-month
Taxable bonds a
Treasury
bills »
Old series1 New series4
0.023
.375
2.19
2. 32
1.218
1.552
2.57
1.766
2.68
3. 16
1.931
2.93
2.018
2.83
2.082
2.89
2. 177
2.97
3.26
2.200
3.09
2.231
3.09
3.29
2. 101
3.25
2.99
3.22
3.00
2.088
1.876
2.97
3. 19
1.402
3. 06
2.83
3.04
2.85
1.427
2.79
2. 96
1.630
1.214
2.68
2. 90
.984
2.60
2. 85
1.031
.893
1.024
. 986
1.059
1.066
2.62
2.59
2.60
2.57
2.53
2.52
2.87
2.86
2. 86
2. 79
2. 72
2. 74
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
4-6 months
3.01
2.53
2.62
2.86
2.96
3.20
3.07
3. 12
3.23
3.34
3.40
3.28
3.24
3.29
3. 16
3.11
3. 13
3.06
2.95
0.59
.81
1.45
2.17
2.33
2.52
2.31
2.36
2.44
2.68
2.75
2.75
2.75
2.74
2.55
2.32
2.25
2. 13
2.00
2.99
2.94
2.93
2.92
2.89
2.86
2.00
2.00
2.00
2.00
2.00
2.00
i Rate on new issues within period.
' Bonds in this classification were first issued in March 1941.
* 2H-percent bonds, 15 years and over prior to April 1952 and 12 years and over beginning in April 1952.
* 3^-percent bonds of 1978-83, issued May 1,1953.
Source: Board of Governors of the Federal Reserve System.
29
MONEY SUPPLY
Total deposits and currency were reduced $2.3 billion during January. Demand deposits, currency, and
U. S. Government deposits declined while time deposits continued to increase.
BILLIONS OF DOLLARS
225
.IONS OF DOLLARS
TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS
(PRIVATELY HELD MONEY SUPPLY)
1941 42 43 44 45 46 47 48 49 50 51
END OF YEAR
F M A M J J A S O N O
52 53
1952
1953
1954
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
End of period
1939
1945 .
1946
1948
1949
1950
1951
1952
1953
1952: December
1953: January
February
March
April.
May...
June
July
Auscust September
October .
November.
December _ . .
1954: January 4
30
Total deposits and
currency
64.7
176. 4
167.5
172.7
173.9
180.6
189.8
200.4
205. 8
200.4
198. 3
197.4
196.9
195.4
195.3
196. 6
201. 3
201. 1
201.1
201.7
203. 6
205.8
203. 5
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total excluding U. S. Government deposits
(privately held money supply)
U.S.
Government
Demand
Currency
Time 8
deposits *
deposits J
Total
outside
deposits
adjusted
banks
27. 1
6.4
29.8
63.3
1.5
75.9
48.5
26.5
25.6
150.8
54.0
83.3
26.7
164.0
3.6
57.5
85.5
26. 1
169, 1
3.6
58.6
25.4
85.8
169.8
4. 1
59.2
25.4
92.3
176.9
3.7
98.2
61.4
26.3
186.0
3.9
101. 5
65.8
27.5
194.8
5.6
70. 1
103.3
27.8
201.3
4. 5
101.5
65.8
27.5
194.8
5.6
66. 1
100.5
26.8
193.3
5.0
66.4
98.3
26. 9
191. 6
5.8
97.4
26.9
66.8
191.0
5.8
67. 2
27.0
9ao
192.2
3.2
97.5
67.6
192. 1
27.0
3.3
96.9
27.4
68.3
192.6
4. 1
27.2
97.4
68.4
193,0
8.3
97.5
27.3
68.7
193.4
7.7
27.5
69. 1
97.7
194.3
6.8
27.4
100.3
69.6
197.3
4.4
100.2
27.9
69.3
197.4
6.2
70. 1
103. 3
27.8
201.3
4.5
27.0
102. 4
199. 9
70.5
3.6
1
Includes U. S. Government deposits at Federal Reserve banks and commercial and savings banks, and U. S. Treasurer's time deposits,
open account.
a1 Includes demand deposits, other than interbank and TJ. S. Government, less cash items in process of collection.
Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.
* Preliminary estimates.
Source: Board of Governors of the Federal Reserve System.
NOTE.—Detail will not necessarily add to totals because of rounding.
FEDERAL BUDGET RECEIPTS AND EXPENDITURES
The decline of Federal expenditures in January was due to a drop in interest payments from their seasonal high in
December and to lower national security spending. With budget receipts less than expenditures, the cumulative
fiscal year defied rose to $9.7 billion by fhe end of the month.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
75
75
25
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
FISCAL YEARS- CUMULATIVE TOTALS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
[Billions of dollars]
surplus (+)
Budget expenditures
Net budget receipts Budget
or deficit (—•)
Public
Total
National security 1
debt
CumulaCumulaTotal for tive fiscal Total for tive fiscal (end of2
CumulaCumulaperiod)
Total for tive fiscal Total for tive fiscal period year totals period
year
period year totals period year totals
totals
Period
Fiscal year 1944
Fiscal year 1947 Fiscal year 1948Fiscal year 1950
Fiscal year 1951
Fiscal year 1952
Fiscal year 1953
1953: January
February
March
April
May
June
July
August _
September
October
November
December
1954 : January 4
COUNCIL OF ECONOMIC ADVISERS
. .. .
95. 1
39.0
33. 1
39.6
44. 1
65.4
73.9
5.7
5.5
6. 1
6.3
6. 2
7.9
6. 1
5. 9
6. 1
5.5
5.3
6.3
5. 1
41.9
47. 4
53.5
59.9
66.0
74.0
6. 1
12.0
18. 1
23.5
28.9
35.2
40.3
75.8
14.4
11. 7
13.0
22.3
43.8
3
50. 3
4. 1
4.0
4.5
4.4
4.2
4.5
4.4
3.9
4.2
4.0
3.8
4.2
5
3. 5
28.5
32.5
36.9
41.4
45. 5
50.0
4.4
8.3
12.5
16.5
20.3
24.5
6
28. 0
43.6
39.8
41.5
36.5
47. 6
61.4
65.6
5.0
5.4
10.4
2.8
4.3
9.7
3.3
4.5
6.0
2.6
4.6
5. 1
4.5
51. 4
31. 9
37.3
47.8
50.6
54.9
64.6
3.3
7.8
13.8
16.4
21.0
26. 1
30.6
+.8
+ 8.4
-3. 1
+ 3.5
-4.0
9. 4
y
-! i
+4.3
-3.5
-1.9
+ 1.8
-2.8
-1.5
— .1
-2.8
-.7
-1.2
-.6
-10.0
-10. 1
58
-9.3
-11. 1
-9.4
-2.8
-4.2
-4.3
-7.1
-7.9
-9. 1
-9.7
202.6
258.4
252.4
257.4
255. 3
259.2
266,1
267.5
267.6
264.5
264.6
266.6
266.1
272.7
273.3
273.0
273.5
275.3
275.2
274.9
* Revised to include the items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending June SO, 1955. These
expenditure items are: Military services, foreign military assistance, development and control of atomic energy, and allocation of critical and strategic materials.
3 Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.
1
Data for fiscal year not strictly comparable with monthly figures.
* February data not available. Budget reeeiots and expenditures previously shown daily in the Treasury statement will be reported separately, once a month,
with the mid-month issue of the Daily Treasury Statement.
« 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 excess of cash payments over cash receipts in the fourth quarter of 1953 was $4.6 billion, or slightly lower than
in the corresponding quarter of 1952.
BILLIONS OF DOLLARS
25
BILLIONS OF DOLLARS
25
— mm.- 5
2
3
1953
1950
-EXCESS OF CASH RECEIPTS -
-EXCESS OF CASH PAYMENTS-
2
3
A
1950
I
I
I
2
1951
1952
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
[Millions of dollars]
Calendar year
Calendar year total:
1946
.
1947
—
1948
1949
1950.
-.__„._1951
1952
.
.
.. >
1953
Quarterly totals, not adjusted for seasonal variation :
1951: Third quarter
. _ ......
Fourth quarter
1952: First quarter
-.
Second quarter
Third quarter
.
Fourth quarter
.
.
. . . .«
1953: First quarter
Second quarter
Third quarter
Fourth quarter
- _„
Federal eaah
receipts from
the public
Federal cash
payments to
the public
41,441
44, 282
44, 922
41, 346
42, 419
59, 278
71, 339
70, 382
41, 399
38, 616
36, 897
42, 642
41, 969
58, 034
72, 980
76, 541
+42
+ 5, 666
+8, 027
- 1, 295
+ 450
+ 1,244
— I, 641
— 6, 159
13, 993
12, 770
21, 874
19, 389
15, 354
14, 722
15, 270
17, 064
16, 921
18, 701
17, 921
19, 436
— 1, 277
— 4,295
+4, 953
+ 688
— 2,567
— 4, 715
22, 539
18, 674
15, 502
13, 667
18, 166
21, 049
19, 015
18, 311
+ 4, 373
— 2, 375
— 3, 513
— 4, 644
Escess of receipts (+) or
payments (— )
NOTE.—Detail will not necessarily add to totals because of rounding,
Sources: Bureau of the Budget and Treasury Department
32
For sale by the Superintendent of Documents, U. 8. Government Printing Office, Washington 25, D. C.
Price 20 centi per copy ; $2.00 per year; $2.50 foreign.
@FedFRASER