Full text of Economic Indicators : March 1955
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84th Congress, 1st Session
a
l Qli'lS
Pubc
* " «EFEWLHCE DEFT.
Economic Indicators
MARCH 1955
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1955
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
JOHN SPARKMAN (Alabama)
J. WILLIAM FULBRIGHT (Arkansas)
JOSEPH G. O'MAHONEY (Wyoming)
RALPH E. FLANDERS (Vermont)
ARTHUR V. WATKINS (Utah)
BARRY GOLDWATER (Arizona)
RICHARD BOLLING (Missouri)
WILBUR D. MILLS (Arkansas)
AUGUSTINE B. KELLEY (Pennsylvania)
JESSE P. WOLGOTT (Michigan)
HENRY O. TALLE (Iowa)
THOMAS B. CURTIS (Missouri)
GROVER W. ENSLEY, Staff Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
ARTHUR F. BURNS, Chairman
WALTER W. STEWART
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. J. Bes. 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 Unity Office of the Secretary Department of Commerce
Contents
THE TOTAL OUTPUT OF THE ECONOMY
Fage
The Nation's Economic Accounts
Gross National Product or Expenditure
]
2
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
....
3
4
5
6
EMPLOYMENT AND WAGES
Status of the Labor Force
Nonagricultural Employment
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
Production of Selected Manufactures
Selected Weekly Indicators
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
New Construction
Housing Starts and Financing Applications
Sales and Inventories—Manufacturing and Trade
Merchandise Exports and Imports
12
13
14
15
16
17
18
19
20
PURCHASING POWER
National Income
Corporate Profits
Sources of Personal Income
Disposition of Personal Income
Per Capita Disposable Income
21
22
23
24
25
Farm Income
26
CREDIT, MONEY, AND FEDERAL FINANCE
Bank Loans, Investments, and Reserves
Consumer Credit
.
Bond Yields and Interest Rates..
Money Supply.
Federal Buaget Receipts and Expenditures
Federal Cash Receipts From and Payments to the Public
27
-.
28
29
30
31
32
111
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC ACCOUNTS
Estimates of total income and expenditures for the fourth quarter of 1954 reflected the substantial rise in over-all
economic activity during the latter part of the year.
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL TOTALS
CONSUMERS
250
DISPOSABLE INCOME
EXPENDITURES
I
I
I
I
I
I
I
I
I
I
I
I
BUSINESS
INVESTMENT1-
EXCESS OF GROSS
"RETAINED EARNINGS
50
GROSS RETAINED
EARN|NGS2,
i
i
i
i
i
i
i
i
i
I
I
I
GOVERNMENT-FEDERAL, STATE, AND LOCAL
I 00
EXCESS OF RECEIPTS
I
1942
I944
I
I946
I
I
I
1948
I
1950
I
I
1952
1954
1951
1952
1953
1954
-V NET FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT.
, 2/ INCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES.
3/ PRELIMINARY ESTIMATES.
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. IE95, JOINT ECONOMIC REPORT,
PR 92-93, 99-105,' AND THE ANNUAL ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1953, APPENDIX A.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS
1
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product rose substantially in the fourth quarter of 1954. The rise of $6/^ billion (seasonally adjusted
annual rate) was due mainly to increases in consumer expenditures and in private investment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
350
-GROSS NATIONAL
PRODUCT
PERSONAL CONSUMPTION.
EXPENDITURES
200
-GOVERNMENT PURCHASES
-OF GOODS AND SERVICES -
50
GROSS PRIVATE .
DOMESTIC INVESTMENT
I
I
I
NET FOREIGN INVESTMENT
I I
1950
1952
I95I
1952
1954
1953
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Personal Gross
Total
conNet
private foreign
gross
sump- domestic
national
tion
investproduct expend- investment
ment
itures
Period
1939
1944
1946
1948
1949
1950
1951
1952
1953
1954
1953: Third quarter
Fourth quarter
1954: First quarter
Second quarter
Third quarter
Fourth quarter
__
Government purchases of goods and services
Federal
State
and
Total i Total i National2 Other
local
security
91. 1
211. 4
209. 2
257.3
257. 3
285. 1
328.2
346. 1
364.9
357.2
67.6
109.8
146.6
177.6
180. 6
194.0
208.3
218.4
230. 1
234.0
5.2
13.3
0.9
9.3
89.0
96. 5
-2. 1
7. 1
20.9
30.9
4.6
27. 1
21. 0
36.6
41.2
2.0
25.4
43. 6
32. 5
.5
22. 1
42. 0
-2.2
51.2
41.0
.2
62.8
56.9
540
77.2
—.2
50. 7
60. 1
85.2
-1.9
51.4
50.0
-. 4
46. 1
77.5
Seasonally adjusted annual rates
367.2
360. 5
355. 8
356.0
355.5
362. 0
231.2
229. 7
230. 5
233. 1
234.8
237. 7
52. 4
45.5
44. 5
45.6
45.3
49. 5
— 1. 8
— 1. 1
1 0
_. 2
.8
85.4
86.0
81. 9
78.3
75.6
74. 1
60.3
59.8
55.0
51.3
47.9
45.9
1.3
88.6
21.2
16.0
19.3
18. 5
37.3
48.5
52. 0
43. 6
3.9
1.6
2.5
5.6
6.6
3.9
4.2
5.8
8. 5
6. 7
8.2
7.5
10.0
15. 6
18. 2
19.9
21. 8
23.2
25. 1
27.5
52.3
50.6
46.9
44.7
42. 1
40. 5
8.4
9.6
8.4
6.9
6. 1
5. 6
25. 1
26. 2
26.9
27.0
27. 7
28. 2
1
Less Government sales.
* Includes
expenditures for military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promo°/ e merchant marine, promotion of defense production and economic stabilization, and civil defense. For further details, see Economic Report of the
President,, January 1955 (p. 137), and National Income, 1954 Edition (p. 148). These expenditures are not comparable with the "national security" category in The
Budget of the U. S. Government for the Fiscal Year Ending June SO, 1955, and shown on p. 31 of Economic Indicators,
NOTI.— Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
PRICES
CONSUMER PRICES
The average of consumer prices was unchanged in January,
balanced by a decline in apparel prices.
Small increases in prices in most major categories were
INDEX, 1947-49- 100
140
INDEX, 1947-49* 100
40'
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR •
[1947-49=100]
Period
1939 monthly average
1944 monthly average
1946 monthly Average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average
1 953 monthly average
1954 monthly average _ > _ _
1953: December
-.
1954: January
February
March
April
May
June
July
August
September
October
November
December
_ _
1955: January
»Not available.
All
items
Food
69.4
75.2
83.4
102.8
101.8
102.8
111.0
113.5
114.4
114. 8
114.9
115.2
115. 0
114.8
114. 6
115.0
115. 1
115.2
115.0
114.7
114.5
114.6
114. 3
114.3
47.1
67.4
79.0
104. 1
100.0
101.2
112.6
114.6
112.8
112. 6
112.3
113. 1
112.6
112. 1
112.4
113.3
113.8
114.6
113.9
112.4
111.8
111. 1
110.4
110.6
Housing
Apparel
Total
Rent
(')1
C)
0
101.7
103.3
106. 1
112.4
114.6
117.7
119. 1
118.9
118.8
118.9
119.0
118.5
118.9
118.9
119.0
119. 2
119.5
119.5
119.5
119.7
119.6
86.6
90. 6
91.4
100.7
105.0
108.8
113. 1
117.9
124. 1
128. 5
127.6
127.8
127.9
128. 0
128.2
128.3
128. 3
128.5
128. 6
128.8
129.0
129. 2
129.4
129.5
52.5
72.6
83.7
103.5
99.4
98. 1
106. 9
105.8
104.8
104. 3
105.3
104.9
104.7
104.3
104 1
1042
104.2
1040
103.7
1043
1046
1046
104.3
103.3
Transportation
(')
0)
w
100.9
108.5
111.3
118.4
126.2
129.7
128.0
128. 9
130.5
129.4
129.0
129. 1
129. 1
128. 9
126.7
126. 6
126.4
125.0
127. 6
127.3
127.6
Reading Other
goods
and
Medical Personal
and
recreacare
care
services
tion
«
«
P)
100.9
104 1
106.0
111. 1
117.2
121. 3
125. 2
123.6
123.7
124 1
1244
1249
125. 1
125. 1
125.2
125.5
125.7
125.9
126. 1
126.3
126.5
P)
P)
C1)
101.3
101. 1
101.1
110.5
111.8
112.8
113. 4
113.6
113.7
113.9
114 1
112.9
113.0
112. 7
113.3
113.4
113.5
113.4
113.8
113.6
113.7
P)
0)
P)
100.4
104.1
103. 4
106.5
107.0
108.0
107.0
108.9
108.7
108.0
108.2
106.5
106.4
106.4
107.0
106. 6
106.5
106. 9
106.8
106.6
106.9
P)
C)
P)
100.5
103.4
105.2
109.7
115.4
118.2
120. 1
120.3
120.3
120.2
120.1
120.2
120. 1
120. 1
120.3
120. 2
120.1
120. 1
120.0
119.9
119. 9
Source: Department of Labor.
WHOLESALE PRICES
In February, the average of wholesale prices increased somewhat. The prices of farm and industrial products
increased on the average, while the prices of processed foods declined.
1950
1951
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
(1947-49=1001
Period
1939 monthly7 average_
1944 monthl} average.
1946 monthly average.
1948 monthly average.
1949 monthly average.
1950 monthly average1951 monthly average.
1952 monthly average.
1953 monthly average..
1954 monthly average.
1954: January
February
March
April.
_
May_
June....
July
August
September
October
November
December
1955: January
February
Week ended:
1955: March 1...
Source: Department of Labor.
All commodities
Farm
products
Processed
foods
Other than
farm products
and foods
(industrial)
50. 1
67. 6
78.7
104. 4
99.2
103. 1
114. 8
111.6
110. 1
110. 3
110.9
110.5
110.5
111. 0
110.9
110.0
110.4
110.5
110.0
109.7
110.0
109. 5
110. 1
110.4
36.5
68.9
83.2
107.3
92.8
97.5
113.4
107.0
97. 0
95. 6
97.8
97.7
98.4
99.4
97.9
94.8
96.2
95.8
93.6
93. 1
93. 2
89. 9
92. 5
93. 1
43.3
60.4
77.6
106. 1
95.7
99.8
111.4
108. 8
104. 6
105.3
106.2
104.8
105. 3
105.9
106.8
105.0
106.5
106.4
105. 5
103.7
103.8
103.5
103. 8
103.1
58. 1
70.4
78.3
103. 4
101. 3
105.0
115.9
113.2
114.0
114.5
114.6
114.4
114.2
114.5
114.5
114.2
114.3
114.4
114.4
114.5
114.8
114. 9
115.2
115.6
110.1
110.0
92.8
92.6
102.7
102.2
115.3
115.3
PRICES RECEIVED AND PAID BY FARMERS
The index of prices received by farmers rose slightly during the month ended February 15, due primarily to a rise in
the price of eggs. Prices paid by farmers were unchanged, and the parity ratio increased from 86 to 87.
INDEX, I9IO-I4 = IOO
325
INDEX, 1910-14 *
300
275
PARITY INDEX
(PRICES PAID, INTEREST, TAXES,
AND WAGE RATES)
25O
250
125
100
) N 0
1950
1952
1951
1953
1954
4/RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.
SOURCE: DEPARTMENT OF AGRICULTURE.
75
1955
COUNCIL OF ECONOMIC ADVISERS
[1910-14=100]
Period
Prices paid b y farmers for
items iised in
Family living
1939 monthly average
1944 monthly average- _
1946 monthly average
1948 monthly average 1949 monthly average
1950 monthly average1951 monthly average.
1952 monthly average
1953 monthlv average
1954 monthly average
_ __ _ - _
1954: January 15
_
February 15
-- March 1 5 April 15
May 15
.
June 15
Jnlv 15
August 15 _
September 15
October 15
November 15
December 15
1955* Januarv 15
_ _
February 15
120
175
202
251
243
246
268
271
270
274
271
271
272
273
276
276
277
277
273
273
272
272
273
271
Parity index
(prices paid,
Prices
received
by farmers
Production and wage rates)
121
173
191
250
238
246
273
274
253
252
254
254
255
256
256
252
247
250
251
250
251
250
254
256
123
182
208
260
251
256
282
287
279
281
282
282
283
283
284
282
280
282
280
279
279
279
283
283
2
95
197
2236
287
250
258
302
288
258
250
259
258
256
257
258
248
247
251
246
242
244
239
244
245
i Percentage ratio of index of prices received by farmers to parity index.
i Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and btitterfat between October 1W3 and June 1948.
Source; Department of Agriculture.
Parity ratio *
77
108
113
110
100
101
107
100
92
89
92
91
90
91
91
88
88
89
88
87
87
86
86
87
STOCK PRICES
Stock prices rose in February and declined in early March.
INDEX, 1939 = 100
INDEX,1939 = 100
400
400
300
200
1950
1955
SOURCE; SECURITIES AND EXCHANGE COMMISSION.
Period ,
Weekly average:
1944__. -„ .
1946
1948
-__ _
1949
1950
1951
1952
1953 1954
-__ _ _ __„
1954: January
February
March.
April
May „
June
July
August
September
_ _
October
November
December
1955: January.
February
Week ended:
1955: February 4 ___ _ _
11
18
March
25 _ _ „ _„
4_
11
Composite!
index
COUNCIL OF ECONOMIC ADVISERS
[1939=100]
Manufacturing
Durable Nondura- TransTotal
goods ble goods portation
Utilities
Trade,
finance, Mining
and service
108.1
149. 4
132.7
127.7
154. 1
184.9
195.0
193. 3
229. 8
198.4
203. 1
207. 1
215.8
223.2
223.9
233. 0
237. 1
240.4
243.6
254. 4
267.7
270. 6
281.0
106. 9
146. 6
136.8
132. I
165 7
206.8
220.2
220. 1
271.3
228.4
233.9
239.8
252. 9
262.9
263.4
275.3
280.0
285. 6
291. 2
305. 2
322.7
326.4
340.0
104.7
138. 6
124. 3
116.0
150. 2
178.5
188.8
192. 6
245.2
198.8
204.2
209.6
223. 2
232.5
236.6
254. 3
257.0
260.2
267.4
284. 4
298.3
306.9
320. 0
109.2
154. 5
148.6
147.2
180.2
233. 1
249.3
245. 2
295.2
255.5
261. 2
267.5
280.3
290.8
288. 0
294.4
301.0
308. 8
312.8
324. 0
345.0
344. 0
358. 2
140. 8
202. 4
158. 1
136.0
160.0
199.0
220.6
218.7
232. 6
206.2
214.6
212. 3
211. 6
220. 6
225.4
233.5
237. 1
236. 0
240. 4
259.4
284.8
288. 1
300.3
99.0
121. 0
99.3
98. 1
108.9
112.6
117.9
121.5
135.8
126. 1
128.4
130.4
131,8
134.2
134.3
138.6
140.8
139.8
138.2
141.2
144. 1
145. 3
150.0
117.3
204 3
156.9
160. 7
183.8
207.9
206.0
207.1
235. 6
213.0
216.0
214.6
219. 8
225.6
228.3
236. 0
243. 1
247.2
248.6
260. 4
267.5
269.8
276.0
93.3
125 5
133.0
129.4
143.5
204.9
275. 7
240. 5
267. 0
238.6
250.3
259. 2
265.9
269.6
266.3
257.2
262.6
267.8
269.4
277. 9
310.3
314. 4
314. 6
279. 3
282.6
282.0
280.3
286. 2
273.6
339. 0
342. 2
341. 1
337.8
344. 7
328. 9
319.3
321.3
321. 7
317.8
325. 6
309. 7
356. 8
361.2
358.7
355. 9
361.9
346.3
292. 6
298.3
303.4
306. 8
315.2
298.4
147. 6
150.6
150.8
151. 0
154. 3
149.0
275. 3
277.8
275.9
275. 1
283. 0
269.7
312.4
316. 1
310. 9
318. 9
321. 1
307.3
' Includes 265 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31
for trade, finance, and service, and 14 for mining. Indexes are for weekly closing prices.
Source: Securities and Exchange Commission.
EMPLOYMENT AND WAGES
STATUS OF THE LABOR FORCE
Both unemployment and nonagricultural employment were at about the same level in early February as in early
January.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
75
75
70
1955
1950
14 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
68-area sample : 6
1939 monthly average...
1949 monthly average. .
1950 monthly average..
1951 monthly average..
1952 monthly average _ _
1953 monthly6 average. _
230-area sample*/
1954 monthly average _ _
1954: January
February..
March
April May
June
July
August
September.
October
November
December
1 955 * January
February
Total
labor
force (including
armed
forces)
55,
63,
64,
65,
66,
67,
600
721
749
982
560
362
67, 818
66, 292
67, 139
67, 218
67, 438
67, 786
68, 788
68, 824
68, 856
68, 566
68, 190
67, 909
66,811
66, 700
66, 550
Unemployment 3
Insured
unemployTempo%of
ment
rary 2
Agricul- Nonagri- layoffs
(thousands4
Number civilian
Total
labor of
tural
cultural
persons)
force
Thousands of persons 14 years of age and over
17.2
9,480
45, 750
55, 230
9,610
36, 140
2,470
5.5
3, 395
185
62, 105
8,026
50, 684
58, 710
1,599
5.0
3, 142
92
59, 957
63, 099
7,507
52, 450
996
3.0
1,879
117
62, 884
7,054
61, 005
53, 951
1,064
2. 7
1, 673
142
62, 966
61, 293
54, 488
6,805
1,058
1,602
2.5
142
6,562
62, 213
63, 815
55, 651
Employment
1
Civilian
labor
force
64, 468
62, 840
63, 725
63, 825
64, 063
64, 425
65, 445
65, 494
65, 522
65, 244
64, 882
64, 624
63, 526
63, 497
63, 321
1
Includes part-time workers and those with jobs but
2
Shown separately so as to afford a basis for further
4
61, 238
59, 753
60, 055
60, 100
60, 598
61, 119
62, 098
62, 148
62, 277
62, 145
62, 141
61, 732
60, 688
60, 150
59, 938
6,504
5,284
5,704
5,875
6,076
6,822
7,628
7, 486
6,928
7,527
7,239
6, 154
5] 325
5,297
5,084
54, 734
54, 469
54, 351
54, 225
54, 522
54, 297
54, 470
54, 661
55, 349
54,618
54, 902
55, 577
55, 363
54, 853
54. 854
221
427
216
236
216
294
229
298
143
198
136
120
137
251
145
3,230
3,087
3,670
3,724
3,465
3,305
3,347
3,347
3, 245
3, 100
2,741
2, 893
2,838
3,347
3,383
5.0
4.9
5.8
5.8
5.4
5. 1
5. 1
5. 1
5.0
4.8
4.2
4.5
4.5
5.3
5.3
2,039
2,205
2,362
2,389
2, 383
2,244
2,082
2,037
1,871
1,752
1,631
1,643
1,869
2,201
6
2, 116
not at work for such reasons as vacation, iltoess, bad weather, temporary
layoff, and industrial disputes.
3
analysis of employment and unemployment.
See footnote 2.
All programs. Weekly average for period. For description of series, see Labor Market and Employment Security, April 1954.
a Pertains to labor force data only.
* Preliminary estimate.
Sources: Department of Commerce (labor force) and Department of Labor (insured unemployment).
NONAGRICULTURAL EMPLOYMENT
Employment in nonagricultural establishments was virtually unchanged from January to February. On a seasonally
adjusted basis, it rose somewhat. Employment rose more than seasonally in durable goods manufacturing. In nondurable goods manufacturing there was little change.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
r*
J
F
M
A
M
J
J
A
S
O
N
D
J
CONTRACT CONSTRUCTION
F
M
A
M
J
J
A
S
O
N
D
WHOLESALE AND RETAIL TRADE
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[Thousands of wage and salary workers *]
Period
Total
adjusted
for
seasonal
variation
1939
._
1946
1948
1949
1950
1952
1953
1954
1954: January
February __
March
April
May^
June
July
August
September.
October
November.
December
1955: January 2 _.
Februarv 2 _
48, 812
48, 607
48, 441
48, 268
48, 177
4-8, 102
47, 982
47, 945
48, 054
48, 209
48, 398
48,419
48, 467
48, 525
Government
Contract Wholesale
and retail (Federal,
Durable Nondu- Mining construcState,
trade
tion
goods rable goods
local)
Not adjusted for seasonal variation
Manufacturing
Total
30, 287
41,412
44, 382
43, 295
44, 696
48, 306
49, 660
48, 283
48, 147
47, 880
47, 848
48, 068
47, 935
48, 137
47, 808
48, 045
48, 526
48, 668
48, 827
49, 505
47, 804
47, 801
Total
10, 078
14, 461
15,321
14, 178
14, 967
16, 334
17, 259
16, 040
16, 434
16, 322
16, 234
16, 000
15, 836
15, 888
15, 627
15, 863
16, 019
16, 058
16, 107
16, 097
15, 965
16, 082
4,683
7, 739
8,312
7,473
8,085
9,340
10, 129
9, 178
9,591
9,480
9,389
9,260
9, 152
9, 123
8,863
8,875
8,950
9,065
9,182
9, 201
9, 166
9,271
5, 394
6,722
7,010
6,705
6,882
6,994
7, 131
6, 863
6,843
6,842
6,845
6,740
6,684
6,765
6,764
6,988
7,069
6,993
6,925
6,896
6,799
6, 811
845
852
982
918
889
885
844
745
805
790
772
749
737
744
735
737
719
716
721
720
712
711
1,150
1, 661
2, 169
2, 165
2,333
2, 634
2,644
2, 628
2, 349
2,356
2,415
2,535
2,634
2,729
2,795
2,851
2,817
2,777
2,724
2, 549
2, 358
2, 269
6,612
8,602
9, 519
9, 513
9,645
10, 281
10, 533
10, 524
10, 421
10, 310
10, 305
10, 496
10, 375
10, 414
10, 377
10, 350
10, 480
10, 581
10, 782
11,400
10, 483
10, 397
3, 987
5,607
5,614
5,837
5,992
6,609
6,645
6,712
6,659
6,639
6,667
6,699
6,701
6,625
6,467
6,454
6,738
6,865
6,882
7, 152
6,834
6,872
Other
7,615
10, 230
10, 777
10, 685
10, 871
11,565
11, 735
11,633
11,479
11,463
11,455
11, 589
11, 652
11,737
11,807
11,790
11, 753
11,671
11,611
11,587
11,452
11, 470
' Includes all foil- and part-time wage and salary workers in nonagricuJtural establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this
table not comparable with estimates of nonaprieultural employment of the civilian labor force reported by the Department of Commerce (p. 7) which include proself-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are
§rietors,
ased on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
* Preliminary estimates.
Sources: Department of Labor and Board of Governors of the Federal Reserve System.
8
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of factory production workers rose from 40.2 hours in January to 40.5 hours in February,
althoush no change is usual at this time of year.
HOU RS
HOI R PER WEEK
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
44
42
40
44
^v
ys/l
.
^Vv^w
42
S
_/]
40
%^«^v^
38
38
36
36
0
. . 1 . . 1 1 . 1 1 . i i . , , 1 i , i i• . i i i . 1 i i i i .
1952
1
1954
1953
''
\^
i
1 1 1 .
1952
1 1 1 1 1 .
.
40
40
v v l^AU
/^\A
,,.,,1,.,,,
i
1954
1955
1953
"
./>V
s/
38
'
'
{
r^^
A
— •/\/|
36
S^*
"
34
o'
i H ' 1 \ I 'J_LJ
1952
•*>
RETAIL TRADE
42
34
-v^
1955
BUILDING CONSTRUCTION
36
y-VS
0
42
38
PER WEEK
f
1954
1953
0
1955
1952
, . . , , ! , , ! , ,
,,,,,!,,,,,
1953
1954
SOURCE: DEPARTMENT OF LABOR.
1
''
1955
COUNCIL OF ECONOMIC ADVISERS_.
[Hours per week, for production workers or nonsupervisory employees]
Manufacturing r
Period
1939
1944
1946
1948
_
1949
1950
1951
1952
1953 2
1954
.__
1954: January
February. March _ _
April
May
June
July - August-*.
September
October
November
December _
1955: January 2 2
February
__ ___
Total
_ _
. ..
„_
. _ __
_ _
__ _
_ _ _ _
. _
Durable
goods
37. 7
45. 2
40. 4
40. 1
39. 2
40. 5
40. 7
40. 7
40. 5
39. 6
39. 4
39. 6
39. 5
39. 0
39. 3
39. 6
39. 4
39. 7
39. 7
39. 9
40. 2
40.5
40. 2
40. 5
J Data beginning with January 1948 are not strictly comparable with those for earlier periods.
* Preliminary estimates.
Source: Department of Labor.
38.0
46.6
40.2
40.5
39. 5
41.2
41. 6
41. 5
41.3
40. 2
40. 1
40. 2
40. 0
39. 7
39. 9
40. 0
39. 7
40. 1
40. 1
40. 4
40. 8
41. 1
40. 9
41.2
Nondurable
goods
37.4
43. 1
40.5
39.6
38. 8
39.7
39. 5
39.6
39.5
39. 0
38.5
38. 8
38.8
38. 1
38.5
38. 9
39. 0
39.2
39. 3
39. 2
39. 5
39.7
39. 3
39.5
construction Retail trade
32.6
39.6
38. 1
137.3
36.7
36. 3
37.2
38. 1
37.0
36.2
33.9
36.0
36.4
36.5
36.7
37. 1
36.9
37.0
36.0
36.6
35.8
36.0
35.2
(3)
' Not available.
(3)
42.7
40.4
40.7
40.3
40. 4
40.5
40.2
39. 9
39.3
39.2
39.0
39. 1
39. 1
39. 1
38.9
39.3
39. 8
39.7
39.2
38.9
38.7
39.5
39. 1
AVERAGE HOURLY EARNINGS • SELECTED INDUSTRIES
Earnings of production workers in manufacturing averaged $1.85 an hour in February, 1 cent more than in January
and 5 cents more than in February a year ago.
DOLLARS PER HOUR
2.70
DOLLARS PER HOUR
1955
EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INI
SOURCE: DEPARTMENT OF LABOR.
COUNCIL Of ECONOMIC ADVISfRS
[For production workers or nonsupervisory employees]
All manufacturing
Period
1939
1944 .
1946
1948
1949
1950
1951
1952
1953 3
1954
1954: January
February _
March
April
May_
Junei
July.
August. . _ _
September
October.
November. .. _
December
1955: January 3 3
_
February
.
Current
prices
$0. 633
1. 019
1. 086
1.350
1. 401
1.465
1. 59
1.67
1.77
1. 81
1. 80
1. 80
1. 79
1. 80
1.81
1.81
1. 80
1. 79
1.81
1.81
1. 83
1. 83
1.84
1.85
1954
prices l
$1. 224
1. 556
1. 496
1.508
1.579
1. 637
1. 64
1. 69
1.78
1.81
1. 79
1.80
1. 79
1. 80
1. 81
1.80
1. 79
1. 79
1.81
1. 82
1. 83
1. 84
1.85
(4)
Durable goods
manufacturing
Current
prices
$0. 698
1. 117
1. 156
1. 410
L 469
1.537
L 67
1. 77
L 87
1.92
1.91
1.90
1. 90
1. 90
1. 91
1. 91
1. 91
1. 91
1. 93
1.93
1. 94
1.95
1.96
1.96
1954
prices *
$1. 350
1. 705
1.592
1.575
1. 656
1.717
1. 73
1. 79
1. 88
1. 92
1. 90
1.90
1. 90
1. 90
1. 91
1.90
1. 90
1. 91
1. 93
1. 94
1.94
1. 96
1. 97
(4)
12 Earnings in current prices divided by consumer price index on bnse 1954=100.
Data beginning with January 1948 are not strictly comparable with those for
earlier periods.
•• "
Source: Department of Labor.
10
Nondurable gooda
manufacturing
Current
prices
$0. 582
.861
1. 015
1.278
1.325
1.378
1.48
1. 54
L 61
1. 66
1. 65
1. 65
1. 65
1. 65
1. 66
1. 66
1. 66
1. 65
1. 66
1. 66
1.67
1. 67
1. 68
1. 68
Building
construction
Current
1954
prices
prices l
$1. 126 $0. 932
I. 319
1.315
1. 398 2 L 478
L 848
1.428
1. 935
1. 494
2. 031
1. 540
2. 19
1.53
2. 31
1. 56
2. 48
1. 61
2. 60
1. 66
2.58
1. 65
2.59
1. 65
2.59
1. 65
2.58
1. 65
2. 58
1.66
2. 58
1.66
2. 58
1. 66
2.60
1. 65
2. 62
1. 66
2.63
1. 66
2.63
1.67
2. 65
1. 68
2. 65
1. 69
(4)
(4)
Retail trade
Current
1954
prices
prices l
$1. 803 $0. 542
.731
2.014
.893
2. 036
2
1.088
2. 065
1. 137
2. 182
1. 176
2.269
1. 26
2. 26
1.32
2.34
1.40
2. 49
1.45
2.60
1.43
2.57
1.43
2. 58
1.43
2.59
1.43
2. 59
1.45
2.57
1. 46
2.57
1.47
2. 57
1.47
2.59
1.47
2. 62
1.47
2. 64
1.46
2. 64
1. 44
2. 66
1.48
2.66
(4)
(4)
3 Preliminary estimates.
* Not available.
1954
prices l
$1. 048
1. 116
1.230
1.216
1. 282
1.314
1.30
1.33
1. 40
1.45
1.43
1.43
1.43
1.43
1.45
1.46
1.47
1.47
1.47
1.47
1. 46
1.45
1. 49
(4)
AVERAGE WEEKLY EAKJM1JMUS - SEIJECTEO
Average weekly earnings of factory production workers rose to an all-time high of $74.93 in February.
exceeds that of a year ago by $3.65.
DOLLARS PER WEEK
This figure
DOLLARS PER WEEK
NONDURABLE MANUFACTURING
.1952
I
1953
1954
I
I
1955
1953
1952
j/ EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1954*100.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[.tor production workers or nonsupervisory employees]
All manufacturing
Period
1939
1944
1946
1948
1949
1950
__
1951.
1952
1953___
1954 3
1954: January
February _
March
April .
May
June
July
August
September
October
November
December _
1955: January 3 3 _
February
__
Durable goods
manufacturing
Building
construction
Retail trade
Current
prices
1954
prices *
Current
prices
1954
prices *
Current
prices
1954
prices l
Current
prices
1954
prices l
Current
prices
$23. 86
46. 08
43.82
54. 14
54. 92
59.33
64. 71
67.97
71.69
71. 64
70. 92
71. 28
70.71
70.20
71. 13
71. 68
70.92
71. 06
71.86
72. 22
73.57
74. 12
73. 97
74.93
$46. 15
70.35
60.36
60.49
61. 92
66. 29
66. 92
68.73
71. 91
71. 64
70. 71
71. 14
70. 71
70.34
70.99
71.47
70.71
70.92
71.93
72.44
73.42
74.42
74.27
(4)
$26. 50
52. 07
46.49
57. 11
58.03
63. 32
69.47
73.46
77.23
77. 01
76. 59
76. 38
76.00
75.43
76. 21
76.40
75. 83
76.59
77.39
77.97
79. 15
80. 15
80. 16
80.75
$51. 26
79. 50
64. 04
63. 81
65.42
70.75
71.84
74. 28
77.-46
77. 01
76. 36
76. 23
76. 00
75.58
76. 06
76. 17
75. 60
76.44
77. 47
78.20
79. 31
80.47
80.48
(4)
$21. 78
37. 12
41. 14
50. 61
51. 41
54.71
58.46
60.98
63. 60
64. 58
63. 53
64.02
64. 02
62. 87
63. 91
64. 57
64. 74
64. 68
65. 24
65. 07
65. 97
66. 30
66.02
66. 36
$42. 13
56.67
56. 67
56.55
57. 96
61. 13
60. 46
61.66
63. 79
64. 58
63. 34
63.89
64. 02
63.00
63. 78
64. 38
64. 55
64. 55
65.31
65.27
66. 10
66. 57
66. 29
(4)
$30. 39
52. 18
56.24
2
68. 85
70.95
73. 73
81.47
88. 01
91. 76
94. 26
87.46
93. 24
94.28
94. 17
94. 69
95, 72
95. 20
96.20
94. 32
96.26
94. 15
95.40
93.28
(4)
$58. 78
79. 66
77. 47
2
76. 93
79. 99
82. 38
84. 25
88.99
92. 04
94.26
87. 20
93.05
94. 28
94.36
94. 50
95.43
94. 92
96.01
94.41
96. 55
94.34
95. 78
93.65
(4)
$23. 14
29. 53
36.35
43. 85
45. 93
47. 63
50. 65
52. 67
55.02
56. 86
55.77
55. 91
55.91
55. 91
56.41
57.38
58. 51
58 36
57.62
57. 18
56.50
56.88
57.87
(4)
1
Earnings in current prices divided by consumer price tadei on base 1954=100.
8
Data beginning with January 1948 are not strictly comparable with those for
earlier periods.
Source: Department of Labor,
IS ondurable goods
manufacturing
1954
prices *
$44. 76
45.08
50.07
48.99
51.78
53. 22
52. 38
53. 26
55. 19
56.86
55. 60
55. 80
55.91
56. 02
56.30
57. 21
58. 33
58. 44
57.68
57.35
56. 61
57. 11
58. 10
(4)
**Preliminary
estimates,
Pr€
* Noit available.
11
AJNU BUJSIINESS AUTIVITY
INDUSTRIAL PRODUCTION
The increase in industrial production, which began in September 1954, continued in February. The seasonally adjusted
indexrwhich was 133 (1947-49=100) in February/ had recovered about two-thirds of the 1953-54 decline.
INDEX, 1947-49=100
INDEX, 1947-49 = 100
160
140
1950
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
11947-49=100, seasonally adjusted]
Total
Manufactures
industrial
Nondurable
Durable
Total
production
Period
1939
_
1944
1946..
1947
1948
1949
1950
1951
1952...
1953
1954 »
1954: January
February
March
April
_ .. .
May
June
July
August
September
October
November
December
1955: January 1
February
1
PrellmJoary estimates.
12
__
_
.
_
_ _
58
125
90
100
104
97
" 112
120
124
134
125
125
125
123
123
125
124
123
123
124
126
128
130
131
133
57
130
90
100
103
97
113
121
125
136
127
127
126
125
125
126
125
124
125
126
128
130
131
133
134
49
159
86
101
104
95
116
128
136
153
138
141
139
135
134
136
135
134
135
137
139
142
143
145
147
66
99
95
99
102
99
111
114
114
118
115
113
114
114
115
117
116
114
114
115
117
118
119
120
121
Minerals
68
93
91
100
106
94
105
115
114
116
112
113
113
112
109
111
114
112
109
108
109
113
116
118
121
Source : Board of Governors of the Federal Reserve System.
PRODUCTION OF SELECTED MANUFACTURES
In February/ production in most industries registered additional gains.
,1947-49=100, SEASONALLY ADJUSTED
INDEX,I947-49 = IOO, SEASONALLY ADJUSTED
'
1801
160
FABRICATED METAL
PRODUCTS
120
160
CHEMICAL AND PETROLEUM PRODUCTS
120
100
120
/IN
80
FOODS, BEVERAGES,
AND TOBACCO
100
TEXTILES AND APPAREL
60
i i i i i t i i i ij
80
1952
1953
1954
1952
1955
1953
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,
1954
1955
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100, seasonally adjusted]
Durable manufactures
Nondurable manufactures
ConTranspor- Lumber Textiles Paper Chemical Foods,
Fabrisumer
Primary
Machin- tation
and
and and petro- bever- durable
cated
and
ery
metals
leum ages, and goods
prod- apparel
printmetal
equipment
products
ucts
ing
products tobacco
Period
1939
1947__
1948
1949
1950
1951 __
1952
1953 _
1954 *
1954: January
February
March
April
XVXOIJ
Mav
June
__
July
August
September
October
November
December
1955: Januarv l_.„
February
_._
53
103
107
90
115
126
116
132
108
111
109
103
103
106
108
103
105
105
111
118
121
127
132
103
104
93
115
122
121
136
123
126
123
120
119
121
122
122
124
121
124
125
125
125
125
38
103
104
93
114
130
147
160
142
143
141
138
138
138
139
141
144
147
147
148
145
144
147
48
96
102
102
120
135
154
189
175
185
179
173
174
178
170
170
166
162
169
175
187
192
194
80
101
106
93
113
113
111
118
115
115
120
116
114
120
108
96
97
116
128
124
131
128
(2)
80
99
103
97
110
106
105
107
100
97
98
99
101
101
99
98
99
98
102
103
104
105
(2)
96.
103
101
114
118
118
125
125
122
123
124
125
126
126
126
126
127
127
127
127
129
130
97
103
100
118
132
133
142
142
138
141
139
140
142
142
141
141
144
143
145
148
149
151
101
100
100
103
105
106
107
106
105
105
106
106
110
108
105
105
105
105
106
106
106
106
98
102
101
133
114
105
127
116
112
113
112
116
119
119
117
115
109
106
124
130
137
(2)
1
Preliminary estimates.
2 Not available.
Source: Board of Governors of the Federal Reserve System.
59715—55-
13
Production according to several weekly indicators continued to expand in February. Steel production was at the
highest level since the fall of 1953; electric power distribution continued close to the all-time high/ passenger car
assemblies exceeded the high January rate while truck assemblies dropped due to model changeovers.
Mil.LIONS OF TONS
MIL LIONS OF SHORT TONS (DAILY AVERAGE)
3
3
STEEL
m
^
,.
BITUMINOUS COAL
^-1953
2
2
^—^
^.^
'~*-^~
^^
s'~*
X
1954 «-" ^
^mm
*
*""*
'953^,,
A
^^^.,,.-----"VV
x
t
v-—^-' V*"^
1
IZP*^^
^1954
1
0
J
1
F
1
1
M
A
!
M
I
J
I
J
I
A
1
I
S
0
1
N
BIL LIONS OF KILOWATT HOURS
II
150
10
^
8
x^r\^vAV
i\
i9S4^/\ i
y
A
V-,.....,,..
/ r\>—sc
^1953
y
* *
/ %—^^v/ ^/- s\
Y.-
1
0
J
1
F
C£
1
1
M
-
A
-
Period
Weekly average:
1950
1951
1952
1953
1954
1954: February
March
April
May
June
July
August
September
October
November
December
1955: January 3
February
Week ended :
1955: February 5_,_
12...
19...
26__.
March
53
123,_
1
M
I
1
J
J
t
A
J
1
S
1
0
'
100
1
M
1
A
^
1
M
1
J
I
J
I
1
I
AS
0
1
N
0
CARS AND TRUCKS
^VA *rsr
/\
/r^'^~uKJ\/^
tf
\r-xv £ M
l95
'
"A/-y V '
50
1
N
1
F
THOU 5ANDS
200
ELECTRIC POWER
9
1
0
0
1
0
J
D
1
F
1
M
1
A
1
M
1
J
1
J
INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS,
-
1
A S
I
1
O
.
1
N
0
COUNCIL OF ECONOMIC ADVISERS
:,.Bituminous Freight Paperboard
Electric
Cars and trucks
Steel produced
coal mined
power
produced assembled (thousands)
loaded
Thousands Percent of distributed (thousands (thousands
(thousands
theoretical
of net
(millions of
of short
Total
Cars Trucks
of tons)
of cars)
capacity 1 Mlowatt-hours) tons) 2
tons
1,857
2, 018
-1,782
2, 141
1,694
1,771
1,646
1,625
1,687
1,716
1,499
1,505
1,591
1,738
1,886
1, 875
1,995
2,126
96.9
100.9
85.8
94.9
71.0
74. 3
69.0
68. 1
70.7
72. 0
62.9
63. 1
66.7
72.9
79.1
78.6
82.7
88. 1
6, 183
6,958
7,451
8,244
8,883
8,576
8,526
8,347
8,406
8,684
8,841
9, 122
9,040
9, 124
9,240
9,645
9,936
9,902
1,687
1,772
1,548
1,521
1,304
1,247
1, 175
1, 126
1, 150
1,317
1, 184
1,288
1,379
1,410
1,498
1,502
1,444
1, 463
748
779
727
735
652
616
602
624
674
670
658
677
687
726
671
610
631
644
214
229
213
241
237
234
235
235
245
239
200
247
236
255
255
227
243
260
154.2
129.8
106.8
141. 1
125.6
132.3
137.0
144. 1
144.5
128.2
117.6
116.4
82.8
70.8
134.2
159.4
178.9
185.0
128.4
102.7
83.4
118.0
106.0
110.8
115.0
122.0
122.3
109. 1
100.3
99.8
67.5
55.8
113.7
138. 9
156.9
169.2
25.9
27.2
23.4
23. 2
19.7
21. 5
21.9
22. 1
22.2
19.2
17.3
16.5
15.3
15.0
20. 5
20.5
22. 0
15.8
2,070
2,095
2,150
2,191
2,218
2, 198
85.8
86.8
89. 1
90.8
91.9
91. 1
10, 047
9,922
9,912
9,725
9,727
1,450
1,448
1,489
1,467
1,290
641
644
655
635
659
259
261
262
259
267
182.7
182.8
188.4
186.2
183.7
193.3
164.3
168. 1
173. 5
171.2
167.8
171.9
18.4
14.8
15. 0
15. 1
15.9
21.3
1
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; 2,384,549 beginning January 1,1954; and 2,413,278 beginning January 1,1955.
1
Daily average tor week.
» Preliminary estimates.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.
14
UKOSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose substantially during the fourth quarter of 1954. A sharp reduction in the rate
of inventory liquidation and an increase in residential construction were responsible for the rise.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
70
70
SEASONALLY ADJUSTED ANNUAL -RATES
GROSS PRIVATE
DOMESTIC INVESTMENT
NEW CONSTRUCTION
20
PRODUCERS' DURABLE EQUIPMENT
10
CHANGE IN BUSINESS*
INVENTORIES
-.
\.
I
I942
I944
1946
1948
1950
1952
1954
1951
1952
SOURCE: DEPARTMENT OF COMMERCE.
I
I
1954
1953
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1939
1944
1946
1948
1949
1950
1951
1952___
1953
1954 _
. _ _ . ..
Total
gross
private
domestic
investment
9.3
7. 1
27. 1
41.2
32.5
51.2
56. 9
50.7
51. 4
46. 1
Change in business inventories
Fixed investment
New construction
Total
8.9
8.2
21.0
37.0
35.3
43.9
46.5
47.0
49.9
49.8
Residential
nonfarm
Total
4.8
2.7
10.3
17.9
17.5
22. 7
23.3
23.7
25.5
27. 6
2.7
.8
4.0
8.6
8.3
12. 6
11.0
11. 1
11.9
13.3
CommerAll 2
cial and
industrial * other
1.2
1. 0
4.2
5.7
5.3
5.7
7.2
7.5
8.4
14- 3
0.8
.9
2. 1
3.6
3.9
4.5
5. 1
5.2
5.2
Producers'
durable
equipment
Total
Nonfarm
4.2
5.4
10. 7
19. 1
17.8
21. 1
23. 2
23.3
24.4
22.2
0.4
-1.0
6. 1
4. 2
-2.7
7.4
10.4
3.6
1. 5
3. 7
0.3
-. 6
6.4
3.0
-1.9
6.4
9.0
3. 0
2.2
-3.8
24. 8
24. 0
22. 7
22.4
21.8
21. 7
2.0
-4.2
2.9
-3.7
-4.2
-4.0
-5. 0
-1. 6
Seasonally adjusted annual rates
1953: Third quarter
Fourth quarter
1954: First quarter
Second quarter
Third quarter
Fourth quarter
52.4
45.5
44. 5
45.6
45.3
49.5
50.4
49.7
48. 7
49.4
50. 1
50.8
25.6
25.7
26.0
27.0
28. 3
29. 1
i Includes public utility.
NOTE.—Detail will not necessarily add to totals because of rounding.
12. 1
11.7
11.7
12.8
14. 0
14.8
8.5
8.6
8.8
8.7
8.7
14.3
5.0
5.4
5.5
5.5
5.6
— 4. 2
-3.8
-4.8
-1.3
2 Includes petroleum and natural gas well drilling.
Source: Department of Commerce.
15
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to a survey made in January and February, expenditures for new plant and equipment in 1955 are expected to be $27 billion, or about 1 percent more than in 1954. Current plans suggest a slight decline between the
fourth quarter of 1954 and the first quarter of 1955, and a 6 percent rise in the second quarter, with approximate
stability for the rest of the year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ANNUAL TOTALS
SEASONALLY ADJUSTED ANNUAL RATES
30
30
MANUFACTURING*.
10
r
iOMMERCIAL AND OTHER"-^
«.».. —**
PUBLIC UTILITIES.
-0
Q _
TRANSPORTATION —*
J
1946
1948
i960
1952
1954
1951
I
J
I
1952
»
1953
I
I
I
I
1954
1955
•' SEE NOTE 4 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
M .anufacturi ng
Period
Total »
5.51
14.85
1939
1946
1948
1949
1950
1951
1952. ...
1953
1954 3 4
1955
22.06
19.28
20.60
25.64
26. 49
28.39
26. 83
27.04
1954: First quart er__
Second quarter
Third quarter
27.46
26.92
26.84
Fourth quarter _ _
1 1 ) 5 ,r> : V\ rs (. ( | u art er 4
Sri'ond quarter 4
Shroud half 4 ^
25.96
27.40
26. 18
27. 40
Total
1.94
6. 79
9. 13
7.15
7.49
10.85
11.63
12. 28
11.04
10.69
11.62
11.09
10.98
10. 58
10. 17
10.72
10.94
Transpoirtation
Mining
Durable NonduraRailroads Other
goods ble goods
0.36
0.33
0.28
1. 19
0.76
.92
.58
.43
3. 68
3. 11
1.32
.88
5.65
1.28
3.48
1.35
.79
.89
2.59
4.56
1.21
1. 11
4.36
.71
3. 14
1.47
.93
5.68
1.49
5.17
6.02
.98
1.40
1.50
5. 61
5.82
1.31
1.46
6.46
1.01
.85
.98
1. 51
5.95
5. 09
. 76
.90
1.50
4.87
5.83
Seasonally adjiisted anmlal rates
1.04
1.57
.94
6.22
5.40
1.44
1.04
. 91
5.90
5. 18
.80
1.00
1.51
5.06
5.93
1. 53
.68
.91
5.79
4.80
.93
.78
1.50
5. 52
4.65
. 78
.88
1.47
5.88
4.84
1.52
.90
.74
5.96
5.00
clmlwi floriculture
N«
0.52
Commercial and
other 3
2.54
3.12
3.31
3.66
3.89
4. 55
4.22
4. 37
2.08
5.33
6. 90
5.98
6.78
7.24
7.09
7.78
8.23
8. 82
4.33
4.37
4. 12
4.01
4. 04
4. 34
4.55
7. 97
8.07
8.42
8.46
8. 53
9.21
8. 77
.79
r Includes trade, service, finance, communications, and construction.
of tuwKonally unadjusted expenditures; it does not necessarily coincide with average of seasonally adjusted figures, in part because
miry for nyntrmattc tendencies in anticipatory data.
ntli'ij! u*'<! <>H|tltul t>\|M'fHl!hir<',s as reported by business in January and February 1955.
I }»*««> fifmrg lo tn»t ut*rp*« « I t t j iliv totuld included in the gross national product estimates of the Department of Commerce, principally because the
A;** trttlttirat ti v f i t m r n i nut} »»1««» wrtiiln twjtitj>i!H»nt and constniction outlays charged to current expense.
IIIIIIMKMul tlllti Oth
tllltil total i» I
IHll-'l
PllKllA
utilities
imti^i < 'otittniADioM ttinl J »p|»nritiiPi»t of Gommeroe.
NEW UONBTKUUTION
Expenditures for total new construction, seasonally adjusted, continued at a record annual rate in excess of $40 billion
in February. Construction contracts awarded were 29 percent higher than a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL NEW CONSTRUCTION
0I 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 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 I I I I I I I I I I I I I I I I I I
1.5
1.5
PRIVATE RESIDENTIAL*-**
(NONFARM)
•••*
0^
1.0
OTHER PRIVATE''
1 I 1 1 1 1 1 1 1 1 1
1950
1 1 I 1- 1 1 1 1 1 i 1
1951
i i i i i 1i i i i i
1952
i i i i i I i 'i i i i
1953
1 1 1 1 1 1 1 1 1 1 1
1 1 1 1 1 1 ! 1 1 1 I
1954
1955
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Total new construction
Period
1939 monthly
1944 monthly
1946 monthly
1948 monthly
1949 monthly
1950 monthly
1951 monthly
1952 monthly
1953 monthly
1954 monthly
683
438
1, 000
1,806
1,899
2,371
2, 598
2, 751
2,938
3,098
average
average
average
average
average
average
average
average
average
average
Private construction
Total
private
Residential
(nonfarm)
366
182
803
1, 404
1,365
1,788
1,814
1, 842
1,990
2, 143
223
68
335
715
689
1, 050
914
925
994
1, 121
Other
Federal,
State, and
local 1
142
114
469
689
676
738
899
917
996
1,022
317
256
197
402
534
583
785
908
948
954
1,017
1,024
1,022
1,019
1,026
1 5 020
1,023
1,027
1,020
1,011
1, 031
1,030
1,075
1, 107
970
1,047
994
968
958
956
921
926
923
884
933
970
981
960
Seasonally adjusted
1954 '. January
February
March
April
>
May _
June
July
August
September
October
November
December - _
1955: January 3
Februarv _ _ _
-
2,965
3,051
3,005
3,027
3,089
3, 078
3,094
3, 145
3,157
3, 105
3, 192
3, 262
3,379
3,393
1,995
2,004
2,011
2,059
2, 131
2, 122
2, 173
2, 219
2,234
2,221
2,259
2,292
2,398
2,433
978
980
989
1, 040
1, 105
1, 102
1, 150
1, 192
1,214
1, 210
1, 228
1,262
1,323
1, 326
8
i Includes public residential construction.
Preliminary estimates.
»Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Beseareb
less fully than urban.
Sources; Department of Commerce, Department of Labor, and F. W. Dodge Corporation (except as noted).
Construction contracts
awarded in 37
Eastern States 2
296
166
624
786
863
1,208
*
1,313
1,398
1,454
1,648
Seasonally
Unadjusted
adjusted
1,557
1,152
1,650
1,221
1,559
1,528
1,484
1,692
1,674
1,925
1,605
1, 788
1,611
1,887
1,527
1,578
1,816
1,579
1,946
1,965
1,743
1,499
1,905
1,829
2,033
1,504
2, 137
1,581
Omits small contracts, and covers rural areas
17
HOUSING STARTS AND FINANCING APPLICATINOS
In February, the number of nonfarm housing units started was 90,000, or 20 percent higher than a year earlier.
On a seasonally adjusted basis, private starts were at an annual rate of almost 1.4 million units.
MILLIONS OF UNITS
MILLIONS OF UNITS
J/SEE FOOTNOTE I ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF LABOR, FEDERAL HOUSING ADMINISTRATION ( F H A 3 , AND VETERANS ADMINISTRATION ( V A ) .
[Thousands of units]
Proposed home construction
New nonfarm housing starts
Period
Annual total: 1939__.
1946_m1948
1949___
1950_
1951...
1952
1953...
1954 4
Monthly average: 1950^
1953
19544
1951: .huuuiry
1'V.bruary
March
- _ _.
April . . . . _ . -.
MJIV
- -.
i(*V,
.lime
Julv . .
A in* us!
_, . .
S f p t r l ibcr
« »«-tui» T
..
X l l \ 4*1 i h l T
l » « .TII I < - r
J.ituiM *
l « l M l .M M
| ti
* **
Total
515. 0
670.5
931. 6
1, 025. 1
1, 396. 0
1, 091. 3
1, 127. 0
1, 103. 8
1, 220. 2
116. 3
92. 0
101.7
66.4
75.2
95. 2
107.7
108. 5
116. 5
116. 0
1 1 4. 3
1J5. 7
.110. 7
103. 6
1)1. 0
SS, 0
'JO. 0
Publicly
financed
56. 6
8. 0
18. 1
36.3
43.8
71.2
58. 5
35.5
19. 4
3. 6
3.0
1. 6
1.3
1.3
2.0
1.2
1. 1
3.9
3. 1
1.3
2. 3
.2
.3
* 1. 4
4
4
2
L -7
Total
458.4
662. 5
913. 5
988.8
1, 352. 2
1, 020. 1
1, 068. 5
1, 068. 3
1, 200. 8
112. 7
89. 0
100. 1
65. 1
73. 9
93.2
106.5
107. 4
112. 6
112. 9
113.0
113. 4
110. 5
103. 3
4
89. 6
4
87. 8
1
88. 6
Privately financed
Government underwritten
VA
Total
FHA
158. 1
152. 0
396. 1
468.8
686. 7
412. 2
421. 2
408. 6
582.3
57. 2
34.0
48. 5
24. 7
30. 5
36. 4
43. 6
49. 0
54. 6
52. 2
60.2
59. 8
58. 2
62.4
50. 7
6. 1
45. 2
158. 1
69. 0
294. 1
363. 8
486. 7
263. 5
279. 9
252. 0
276. 3
40. 6
21.0
23.0
13.2
16. 3
20. 5
23. 8
24. 0
27. 7
25. 4
27.0
25. 9
24. 7
26. 3
21. 5
20. 0
17. 1
Private,
seasonally
adjusted
annual
rates
2
2
2
2
83. 0
102. 0
105. 0
200. 0
148. 6
141. 3
156. 6
306. 0
16. 7
13. 1
25. 5
11. 6
14.2
15. 9
19.8
25.0
26. 9
26.8
33. 3
33. 9
33. 5
36.0
29. 1
26. 1
28. 0
4
4
4
1, 056
1, 152
1, 130
1, 102
1,083
1, 175
1, 188
1, 211
1,248
1,287
1,393
1, 473
1, 424
1, 381
8
• » « n t - i n tuottriin*ttpplir:tiuir: for nrw home construction.
» Estimated.
Not available.
ji.iim-ftf l»4»iwitmm»t of Li tuir, lu«<I«ral jiuuttiiic AdifiinUitratlon (FJIA), and Veterans Administration (VA).
Applications
for FHA commitments l
167.8
121. 7
293. 2
327.0
397.7
192. 8
267.9
253. 7
338.6
33. 1
21. 1
28.2
15.0
20.0
28. 1
32. 3
30.3
35. 2
30. 1
32. 2
34.8
29.3
26. 9
24.3
25.6
28.3
Requests
for VA
appraisals
(3)
(3)
(33)
()
(3)
164. 4
226. 3
251. 4
535.4
21.0
44. 6
20. 1
34. 4
36.5
42. 9
52. 2
52. 7
52. 3
55.4
51.3
45. 6
47. 7
44. 3
46.2
64.2
'Preliminary estimates.
SALES AND INVENTORIES - MANUFACTURING AND TRADE
Total inventories (seasonally adjusted) increased slightly in January, due principally to an increase in dealers' stocks
of new cars. Retail sales in January and February were slightly below the record December level, but were substantially above the levels in the corresponding months of 1954. Manufacturers' sales rose fractionally in January, and
new orders exceeded sales for the fifth consecutive month.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
RETAIL
TOTAL* AND MANUFACTURING
^INVENTORIES
INVENTORIES
T
INVENTORIES*
^ SALES
1952
,TOTAL SALES*
1953
1954
INDEX, 1947-49- 100, SEASONALLY ADJUSTED
MANUFACTURING
INVENTORIES
SALES
COUNCIL OF ECONOMIC ADVISERS
Manufacturing
Retail
Manufacturing
and trade *
New
InvenInvenInvenPeriod
Sales 2
Sales 2
Sales 2
orders 3
tories f
tories 8
tories '
Millions of dollars, seasonally adjusted
1939
-_
5, 534
10, 892
5,354
5, 112
20,051
3, 5U3
11, 4t>5
11,852
1946
42, 892
8,541
27, 150
24, 457
13, 694
12, 617
1948
15, 828
17, 350
36, 438
55, 612
10, 877
17, 630
31, 693
1949
15,311
52, 111
34, 664
10, 893
28, 860
16,416
15, 903
1950 _
19, 285
34, 314
39, 917 5 64, 092
20, 980 5 11, 974 5 19, 316
5
21, 239
1951
42, 904
44, 821
75, 268
24, 391
22, 205
13, 185
21, 592
1952
77, 109
44, 190
13, 674
23, 710
46, 080
23, 046
1953 8
22, 661
81, 072
48, 836
46, 722
23, 861
14, 228
25, 280
22, 090
1954
14, 222
77, 343
23, 975
47, 312
43, 748
23, 080
1953: December.
22, 661
13, 932
24, 126
46, 722
22, 026
47, 209
81, 072
1954: January
22, 521
23, 902
20, 749
13, 622
80, 688
46, 382
46, 450
22, 421
February.
22, 016
13, 972
46, 714
46, 115
80, 390
23, 620
March
22, 563
22, 859
24, 064
47, 094
80, 093
45, 774
13, 900
April »
22, 690
23, 017
14, 242
24, 418
79, 516
47, 636
45, 183
22, 804
May
22, 819
14, 044
79, 372
46, 914
44, 798
23, 978
22, 600
June
22, 876
14, 439
79, 000
47, 779
44, 535
24, 260
22, 403
July
14, 272
44, 194
22, 551
78, 349
24, 055
47, 417
August
22,451
22, 560
23, 482
46, 717
14, 150
78, 163
43, 929
22, 425
September
14, 214
77, 790
24, 463
23, 612
43, 668
46, 985
21, 996
October
14, 071
23, 141
46, 224
77, 542
43, 819
23, 858
22, 080
November
47, 990
14, 361
77, 603
24, 361
24, 366
43, 811
December
22, 090
77, 343
24, 837
49, 485
25, 350
43, 748
15, 123
6
22, 210
1955: January 6 __ _
14, 871
24, 857
493 283
77, 389
43, 645
25, 066
February __ _ _ _ _
14, 837
Department stores
InvenSales 2 •
tories 4
Index 1947-49=100,
seasonally adjusted
35
35
90
77
104
107
98
100
109
105
109
129
110
118
112
126
111
* 122
113
123
107
119
109
119
121
105
111
120
108
121
112
122
111
124
112
124
107
125
124
113
114
124
117
124
118
123
112
'Also includes wholesale, not shown separately to this table.
8 New series on retail trade beginning with 1951; not comparable with previous
2
Monthly average for year and total for month.
data. See Survey of Current Business, September and November 1952, for detail.
*Book value, end of period.
• Preliminary estimates.
< Book value, end of period, except annual data, which are monthly averages.
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
19
MERCHANDISE EXPORTS AND IMPORTS
Commercial exports rose in December, bringing the total for 1954 to a level 5 percent higher than in 1953.
also rose in December but the total for the year was 6 percent less than for the preceding year.
MILLIONS OF DOLLARS
Imports
MILLIONS OF DOLLARS
1,800
1,800
1,600
1,600
(TOTAL MERCHANDISE
EXPORTS
1,400
1,400
1,200
1,200
MERCHANDISE EXPORTS
EXCLUDING GRANT-AID
SHIPMENTS-'-'I
I
i *1
\.^-.J«™.-Y
s \i_-4 r*.j !
.
1,000
-A
I
\
K
/'•
1,000
!
tf.
I I I I I I I I M I
1950
1954
J/SEE FOOTNOTES I AND 2 ON TA8LE BELOW,
SOURCES: DEPARTMENT OF COMMERCE AND DEPAR'
COUNCIL OF ECONOMIC ADVISERS
(Millions of dollars]
Merchandise exports
Period
1936—38 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
1954 monthly average
1953: December . .
1954: January
_ _ _
February
March
April
.
May
June. - ... - Julv
August
_
September
October
November
December.
Total *
247
1,188
812
1,054
1,003
856
1, 253
1,266
1,314
1,256
1,353
1,092
1, 183
1,125
1,426
1,400
1,473
1,291
1,155
1, 111
1,264
1,242
1,312
Excess of exports (+)
or imports ( — )
Grant-aid
shipments 2
Excluding
grant-aid
shipments
942
54
247
757
24
89
166
293
188
215
169
184
203
167
264
359
268
200
153
104
85
98
833
1, 164
1, 100
1,022
1,068
1, 138
922
998
922
1,258
1,136
1, 114
1,023
955
959
1, 159
1, 157
1,214
Merchandise
imports
207
327
412
594
552
738
914
893
906
851
907
833
809
862
957
829
946
822
824
781
764
839
942
Total
+ 40
+ 861
+400
+460
+452
+ 118
+ 339
+ 373
+ 408
+ 406
+ 446
+ 259
+ 374
+263
+ 468
+ 571
+ 527
+469
+ 331
+ 331
+ 500
+ 404
+ 370
Excluding
grant-aid
shipments
-80
+ 345
+ 95
+ 250
+ 207
+ 116
+ 218
+ 231
+ 90
+ 190
+ 60
+ 301
+ 307
+ 168
+ 202
+ 130
+ 178
+ 396
+ 318
+ 272
* Includes shipments under the various grant-aid programs; 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.
Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Department of Defense.
20
PURCHASING POWER
NATIONAL INCOME
Reflecting the quickened pace of general business activity, national income rose by about $4 billion (seasonally
adjusted annual rate) between the third and fourth quarters. Corporate profits, wage and salary income, and business
and professional incomes shared in the rise.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
350
350
SEASONALLY ADJUSTED ANNUAL RATES
*TOTAL NATIONAL
INCOME
250
250
-COMPENSATION
OF EMPLOYEES
PROPRIETORS'AND
RENTAL INCOME
CORPORATE PROFITS AND •+**
INVENTORY VALUATION ADJUSTMENT
1942
1944
1946
1948
1950
1952
1954
1952
1951
INTEREST
1953
-'PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE IEXCEPT AS NOTED).
1954
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
national
income
Period
1939 _, _
1944
1946
_
1948
1949
1950._.
1951
1952
1953
1954
_
.._
1953* Third quarter
Fourth quarter
1954: First quarter
Second quarter
Third quarter
Fourth Quarter
_
. -
Compensation
of em-l
ployees
Proprietors' income
Farm
Business
and professional
Rental
income
of
persons
Net
interest
72.8
182. 6
179. 6
221.6
216. 2
240.0
277. 0
291.0
305. 0
300. 0
48. 1
121. 3
117. 7
140. 9
140.9
154.3
180.4
195.4
209. 1
207.3
2.7
4. 6
4.3
7. 3
5.4
18. 0
11. 5
3.3
6.2
21.3
3. 1
13.9
7.2
21.6
16. 7
4.5
21.4
12. 7
7. 9
5. 2
8.5
22.9
13. 3
5. 9
9. 1
6. 8
24.8
16.0
14.2
25.7
10.0
7.4
12.2
10. 6
26. 2
8.4
10. 9
11. 9
25. 9
9. 1
Seasonally adjusted annual rates
306. 2
299.9
298. 9
299. 6
298. 8
2 302. 9
211.4
208. 8
206.4
206.6
207. 2
208. 9
11. 1
12. 3
13.0
12. 2
11. 6
11.0
26. 1
25. 9
25. 6
25.9
25. 9
26.3
10. 6
10.8
10.8
10. 9
10. 9
10.9
8. 6
8,9
9. 0
9. 1
9. 2
9. 2
Corporate profits and inventory valuation adjustment
Total
Profits Inventory
before valuation
taxes adjustment
5.7
23.0
17. 3
30.6
28. 1
35. 1
39.9
38. 2
38.5
34. 9
6.4
23.3
22.6
32.8
26.2
40.0
41.2
37.2
39.4
35.0
-0.7
-.3
-5.3
— 2. 2
1. 9
-4.9
-1.3
1.0
-1.0
—.2
38.3
33. 1
34. 1
34. 9
33. 9
2
36. 6
40.9
32.5
34.5
34. 5
34.2
2
37. 0
-2.6
.6
—.4
.4
-.3
-.4
1
2
Includes employer contributions for social insurance. (See also p. 23.)
Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totali because of rounding.
Source: Department of Commerce (eicept as noted).
21
CORPORATE PROFITS
Corporate profits, both before and after taxes, rose in the fourth quarter of last year.
§iyJ§NS0F DOLLARS
BILLIONS OF DOLLARS
160
60
SEASONALLY ADJUSTED ANNUAL RATES
PROFITS BEFORE TAXES17
H
1949
1950
195!
1952
1953
1954
1954
•^NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
•^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Corporate
profits
before taxes
Period
1939
1944
19461948- ._
1949 -.
1950
1951
1952
1953
1954 _
Corporate
tax
liability
_ - __- _-_
6. 4
23.3
22. 6
32.8
26. 2
40.0
41. 2
37.2
39. 4
35.0
1. 4
12.9
9. 1
12. 5
10. 4
17.8
22.5
20.0
21. 1
17.2
_ __
40. 9
32.5
34. 5
34.5
34.2
'37. 0
21.9
17. 4
17.0
17.0
16.8
1
18. 2
_ _ ___
Corporate profits after taxes
Total
5.0
10. 4
13.4
20. 3
15.8
22. 1
18.7
17. 2
18.3
17.8
Dividend
payment!
3.8
4. 7
5.8
7.2
7. 5
9.2
9. 1
9. 1
9.4
9.9
Undistributed
profits
1.2
5. 7
7. 7
13.0
8.3
12. 9
9. 6
8. 1
8.9
8.0
Seasonally adjusted annual rates
1953: Third quarter
Fourth quarter
1954: First quarter Second quarter
Third quarter
Fourth Quarter
I'rrllmhmry
I'rrlmmmry estimates by Council of Economic
ECOE
Advisers.
" p,
- 21
- for
• 'profits
" • before
' - taxes
aann d inventory valuation adjustment,
n i l -Ki'o
'•'lull will not in'ccssnrily add to totals because
be
of rounding.
19.0
15. 1
17. 5
17.5
17.4
1
IS.S
9. 5
9.6
9.6
9.6
9.8
10. 4
9. 5
5. 5
7. 9
7.9
7.6
J
8. 4
Source: Department of Commerce (except as noted).
SOURCES OF PERSONAL INCOME
Personal income in January declined slightly. An increase of over $1 billion (seasonally adjusted annual fate)
in wages and salaries was more than offset by a $1'/2 billion decline in dividends, which followed the large year-end
extra and special payments made in December. An increase of $400 million in contributions for social insurance
also contributed to the personal income decline.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL PERSONAL INCOME*
LABOR INCOME
FARM PROPRIETORS'
INCOME
TRANSFER PAYMENTS
:BUSINESS,PROFESSIONAL,AND RENTAL INCOME
'DIVIDENDS AND PERSONAL INTEREST
I I I I I I I I
SOURCE:DEPARTMENT OF COMMERCE
Period
Total
personal
income
1939
1946
1948
1949 _ _ > _ _ _ _ _ „
1950
1951
1952
1953
1954
72.9
178. 0
208.7
206. 8
227. 1
255.3
271.2
286. 1
286.5
1953: December...
1954: January
February
March
ApriL
May
June
July
August
September. _
October
November
December
1955: January < _ _ _
287. 0
284.9
285.0
285. 0
284.4
286.2
286.5
285.7
285.4
286.6
286. 3
289. 3
291. 4
290. 7
1
3
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Less: PerLabor income Proprietors' income
sonal con- NonagriRental
(wage and
Transfer
Personal
tributions cultural
salary disBusiness income Divi- interest
payfor social personal2
dends income ments
of
bursements
Farm
and proinsurand other 1
income
fessional persons
ance
labor income)
0. 6
67. 1
3.0
2. 7
3.8
5.8
46.6
7.3
4.3
2.0
11.4
161. 1
7.6
6.2
5.8
113.8
21. 3
13. 9
2. 2
9.0
7.2
188. 5
7.2
21.6
11.3
137.9
16.7
2.2
12.4
7.5
21.4
9. 8
190.8
7.9
137. 4
12.7
8
2.
9
9.2
10. 6
210. 5
22. 9
8.5
15. 1
150.3
13. 3
3.4
12.6
235. 7
9. 1
9. 1
11. 6
175.6
24.8
16.0
3.8
12. 3
9. 1
253.3
25.7
10.0
13.1
14,2
190.6
4.
0
9.4
13.8
26.2
10.6
270.0
204. 4
13. 5
12.2
4. 7
9.9
14. 4
15. 9
270. 7
25. 9
10. 9
202. 3
11.9
Seasonally adjusted annual rates
4. 1
14. 1
14. 4
269. 6
9.6
10.9
202. 7
13.4
25. 8
4. 7
9.7
14.2
267. 9
14.8
10.9
13.2
25. 5
201.3
4.8
9.6
15.0
268. 2
10.8
14.3
25. 6
201.3
13. 2
4.7
9.6
268. 8
15. 8
25.6
10. 8
14.3
201. 1
12.5
4. 6
269. j
15.9
9.6
14.4
10. 8
200.9
11.5
25. 9
4.6
269. 7
9.6
14.4
15. 8
11.0
201.6
12.6
25.8
r . 7
9.6
14.4
15. 8
10.9
2-0. n
202. 1
12.2
26. 0
«. 5
2~U C»
9.7
14. 5
15. 8
26.0
10. 8
202. 3
11. 1
15. 5
9.8
LU 2
14.5
10. 9
202. 1
11.4
25.9
16. 0
14. 6
9.8
1
l,'l. 1
25. 9
11.0
202. 0
11.8
14. 6
1 6. 5
9.8
"2. 3
25.9
10. 9
202. 7
10. 4
' - <» ; !
1 6, 1
M. 7
9. 9
i
\, C>
26. 2
10. 9
11.2
204.7
III 7
M. 7
11. 5
i
"li, .'i
26. 6
11. 0
11.3
204. 4
1C. c,
M). 0
1 1. 0
1-1. 7
2(i 6
-» 1 !
11. 3
205. 6
Compensation of employees (see p. 21) excluding employer contributions for social iiisiirunn\
Personal income exclusive of net income of unincorporated farm enterprises, furm WUJM<:;, us:ii*
cultural net interest, and net dividends paid by agricultural corporations,
NOTE.—Detail will not necessarily add to totals because of rounding.
i i i i i i i i
::?,
J lurlijtlfin $2.7 MllJun Nuttmml
dividend, umat of wltlrli **-u^ i».»M In
* I'rnUmimif y i>nlliti»l0.*'
«'p Ufa tiin
itt tmlf'if th
23
DISPOSITION OF PERSONAL INCOME
Disposable personal income rose $2.7 billion (seasonally adjusted annual rate) between the third and fourth quarters
of last year. Since consumer spending rose somewhat more, both the dollar amount and the rate of consumer saving
decreased slightly.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
1942
1944
1946
1948
1950
1952
1954
1954
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
Less:
Equals :
Personal
Disposable
income Personal
l
taxes
personal
income
Period
Less: Personal consumption
expenditures
Total
Equals:
Saving
as percent
of disPersonal posable
NonDurable durable
saving
Services
income
goods
goods
Billions of dollars
1939
1944
1946_.
1948
1949
1950
1951
1952
1953
1954
...
1953: Third quarter
Fourth quarter
1954: First quarter. __
Second quarter
Third quarter
Fourth quarter _ _ _
.
72.9
165.7
178.0
208.7
206.8
227. 1
255.3
271.2
286. 1
286. 5
2.4
18.9
18.8
21. 1
18.7
20.9
29. 3
34.4
36.0
32. 9
70.4
146.8
159.2
187.6
188.2
206. 1
226. 1
236.9
250. 1
253. 5
67.6
109.8
146. 6
177.6
180.6
194.0
208. 3
218.4
230. 1
234. 0
6.7
25.8
35. 1
6.8
65.4
37.7
46. 2
15. 9
84. 5
22. 2
98.7
56.7
23.6
96.9
60. 1
28. 6
100.4
65.0
27. 1
70. 1
111. 1
116.0
75.6
26.8
81.4
29. 7
118.9
28. 9
120. 5
84.6
Billions of dollars, seasonally adjusted annual rates
2.9
36.9
12. 6
10.0
7.6
12. 1
17.7
18.4
20.0
19. 5
4. 1
25.2
7. 9
5.3
4. 0
5.9
7.8
7.8
8.0
7.7
287.5
287.3
285. 1
285.7
286. 2
289.0
36.3
36. 1
32.8
32. 9
32. 9
33. 1
251. 2
251.2
252.3
252. 9
253. 2
255.9
231. 2
229.7
230.5
233. 1
234. 8
237. 7
20.0
21.5
21.8
19.7
18. 4
18. 2
8.0
8. 6
8. 6
7.8
7. 3
7. 1
i Includes such items as fines, penalties, and donations.
NOTE.—Detail will not necessarily add to totals because of rounding.
24
30.3
28.0
28.0
28.8
28.9
29.9
118. 6
118. 7
118.8
120.0
121. 1
122. 1
82.3
83.0
83. 6
84.3
84. 8
85. 7
Source: Department of Commerce.
PER CAPITA DISPOSABLE INCOME
Per capita disposable income in both current and constant dollars rose in the fourth quarter, reversing the mild declines
which had been experienced during the earlier quarters of 1954.
DOLLA =?S
2,000
DC)LLARS
2,000
SEASONALLY ADJUSTED ANNUAL RATES
1954 PRICES^-V
_^>-~
^•^s*^**
1,500
*.«* 1 -***^
T
1,500
CURRENT PRICES
_/"
1,000
1,000
0
1
1
1
1
1950
-
1
1
1951
1
i
1
1
1952
1
1
1
i
I
1954
1953
i
i
0
1955
%EE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS.
Total disposable personal Per capita disposable perincome (billions of dollars)1
sonal income (dollars)1
Period
1954
prices 2
Current
prices
1939 .
1944
1946
1948
1949
1950
1951 1952
1953
1954
__
_ .
__
__
---
-- _.
COUNCIL OF ECONOMIC ADVISERS
..
- _ _
70.4
146.8
159.2
187.6
188. 2
206. 1
226. 1
236.9
250. 1
253.5
136.3
224.1
219. 3
209.6
212.1
230. 3
233.8
239.5
250.9
253. 5
Current
prices
538
1,060
1, 126
1,279
1,261
1,359
1,465
1,508
1,567
1,561
1954
prices 2
Population
(thousands) 8
1,041
1,618
1,551
1,429
1,422
1,518
1,515
1,525
1, 572
1, 561
131, 028
138, 397
141, 389
146, 631
149, 188
151, 683
154, 360
157, 028
159, 643
162, 409
Seasonally adjusted annual rates
1953: Third quarterFourth quarter
1954: First quarter
Second quarter
Third quarter
Fourth quarter
-
-
--_
251.2
251.2
250.9
250.4
1,570
1,562
1,568
1, 557
160, 030
160, 768
252. 3
252.9
253.2
255.9
251.8
252.6
252.9
256. 7
1,563
1,560
1,555
1,564
1,560
1,558
1,553
1, 569
161, 439
162, 075
162, 806
163, 582
i Income less taxes.
a Dollar estimates in current prices divided by consumer price index on base 1954=100.
»Includes armed forces overseas. Annual data as of July 1; Quarterly data centered In the middle of the period, Interpolated from monthly flgurjes.
Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.
25
FARM INCOME
In January, farmers received about 5 percent less from cash marketings and Government payments than a year
earlier. Receipts from livestock and products were down 9 percent, due primarily to lower prices for hogs and eggs/
receipts from crops were down 2 percent, with reduced marketings more than offsetting the effect of higner prices.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
5
5
1955
I960
NOTE: FARM INCOME CONSISTS OF CASH RECEIPTS FROM MARKETINGS AND GOVERNMENT PAYMENTS.
SOURCE: DEPARTMENT OF AGRICULTURE,
COUNCIL Of ECONOMIC ADVISERS
Parity index
(prices paid,
Cash receipts from marketings interest, taxes,
and
wage rates),
Livestock and
Crops
1954=100!
products
44
275
377
753
65
945
74
903
1, 144
93
1,095
1,423
89
1,049
1,280
91
1,029
1,331
1,099
100
1,634
102
1,187
1,537
99
1, 179
1,439
100
1, 106
1,390
99
1, 466
1, 461
100
1, 421
1,276
100
698
1, 308
101
554
1,458
101
506
1, 395
101
536
1 3 450
100
719
1,351
100
929
1, 258
1,111
100
1,358
100
1,780
1, 398
99
2,032
1,465
99
1,655
1, 517
99
1,474
1, 305
101
1, 291
1,245
Farm income (millions of dollars, current prices)
Cash receipts
and Government
payments
Period
1939 monthly average
1944 monthly average.,
1946 monthly average
1948 monthly average
1949 monthly average
1950 monthly average
1951 monthly average
1952 monthly average
1 953 monthly average
1954 monthly average
1953: December
1 954 • January
February
March
„
April
~
May
June 1 :
Julv
..
\
_ -
_
___
,~
„..-_
_„
If "llHf.
Si ph'tnl u«r
< I 'l.nlM'r
''- « v r w t » t « r
1 » MM - n l u - i ,
I'*., .
2, f>71
,Utni:i: \
715
1,763
2, 111
2,539
2,344
2,384
2,757
2,747
2,636
2,518
2, 939
2,715
2,020
2,036
1,934
2,015
2,109
2,205
2,481
3, 190
3, 506
3, 191
2, 809
, f.Mlt It-HKI. to th«< liuar i
>, I Jr-l I.- t'?*'i^ JtKlm nti |>
* Preliminary estimates.
Source: Department of Agriculture.
Farm income
(millions of
dollars,
1954 prices) *
1,625
2,712
2,853
2,730
2,634
2,620
2,757
2,693
2,663
2,518
2,969
2,715
2,020
2,016
1,915
1,995
2,109
2,205
2,481
3,190
3,541
3,223
2,837
2,546
CREDIT, MONEY, AND FEDERAL FINANCE
BANK LOANS, INVESTMENTS, AND RESERVES
Loans of commercial banks declined by %^/2 billion in January, and total investments were unchanged. The reduction in loans was substantially less this year than in early 1954. "Free" reserves of member banks (excess reserves
less borrowings at Federal Reserve Banks) continued to decline in January and February.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS
TOTAL'
120
SO
I 20
80
BANK LOANS*,
40 <>
20
40
20
I I I I I I I I I
1950
1951
1952
1953
END OF MONTH
SOURCE:BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISiRS
[Billions of dollars]
All commercial banks
End of period
1939
1949
1950
1951
1952
1953 3 _ > _
1954
_ __
1953: December . _
1954 1 January
February
March
__
April
May
June3
July 3
August
3
September
October 3 _ 3
November3
December
1955: January 3 3 _
February .-
Total loans
and investments
40.7
120.2
126. 7
132.6
141. 6
145.7
156.8
145.7
145.3
144. 9
142.8
144. 1
145.7
146. 4
147.3
149.5
150. 6
154. 1
155. 8
156. 8
156.5
Investments
Loans
17.2
43.0
52.2
57.7
64. 2
67.6
71. 2
67.6
66.5
66.9
67. 1
66. 8
67. 1
67.3
67.3
66.5
67.3
67.8
69.5
71.2
70. 7
Total
23.4
77.2
74.4
74.9
77.5
78. 1
85,7
78. 1
78. 9
78.0
75.7
77.4
78.6
79.0
80. 0
83.0
83.3
86.3
86.3
85.7
85. 7
U. S. GovOther
ernment
securities securities
7. 1
16. 3
10.2
67.0
12.4
62.0
13.3
61.5
14. 1
63. 3
14.7
63.4
16. 2
69.5
14.7
63.4
14.7
64. 2
15. 0
63.0
15. 1
60. 7
15. 2
62. 1
15.3
63.3
15. 5
63.5
15.7
64.3
15.7
67.3
16. 0
67.3
16. 1
70. 2
16. 2
70.2
16.2
69.5
16.6
69. 1
Weekly
reporting
member
banks
Business
loans 1
4.7
13.9
17.9
21. 6
23.4
23.4
22. 5
23.4
22.5
22.4
22.8
22.2
21.9
21.9
21. 5
20.8
21.0
21.0
22.1
22.5
22. 1
22. 2
All member banks 2
BorrowReserve balances ings at
Federal
Required Excess Reserve
Banks
6.0
17.0
15.6
18. 5
19.6
19. 3
18.5
19. 2
19.2
18. 9
18.9
18.6
18.8
18.8
18.3
17.6
17. 6
18.2
18.4
18.6
18.4
18.2
1
Commercial, industrial, and agricultural loans; revised series beginning January 1952.
* Preliminary estimates.
* Data are averages of daily figures on balances and borrowings during the period. Member banks Include,
besides all national banks, those State banks that have taken membership in the Federal Keserve System.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve.System.
4.4
.8
.8
.8
.7
.7
.8
.7
.9
.6
.7
.8
.7
.9
.8
.8
.8
.7
.8
.7
.7
.6
0.0
.1
.1
.3
.8
.8
.1
.4
.1
.3
.2
.1
.2
.1
.1
.1
.1
.1
.2
.2
.3
.4
27
CONSUMER CREDIT
Total consumer credit outstanding declined by $400 million in January, due largely to a decline in charge account
credit which usually occurs at this time of year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1955
1950
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Total
consumer
End of period
credit
outstanding
1939
1944
1946
1948
1949
1950
1951
1952
1953
_
1954 _
1953: December.
1954: January.-,
February..
March
April
Mav
June
July
August
SeptemberOctober. _ _
NovemberDecember.
1955: January...
28
7,222
5, 111
85384
14,411
17, 104
20, 813
21, 468
25, 827
29, 537
30, 125
29, 537
28, 724
28, 140
2V, 833
28, 095
28, 372
28, 666
28, 725
28, 736
28, 856
28, 975
29, 209
30, 125
29, 684
Noninstalment credit
outstanding
Instalment credit outstanding
Total
4,503
2, 176
4, 172
8,968
11,516
14, 490
14, 837
18, 684
22, 187
22, 467
22, 187
21, 836
21, 582
21, 381
21, 426
21, 487
21, 717
21, 849
21, 901
21, 935
21, 952
22,014
22, 467J
22, 436
Automobile
paper *
1,497
397
981
3,054
4, 699
6,342
b, 242
8,099
10, 341
10, 396
10, 341
10, 158
10, 010
9, 919
9,942
10, 002
10, 168
10, 298
10, 349
10, 365
10, 340
10, 296
10, 396
10, 459
Other Repair and
consumer moderni- Personal
zation
loans
goods
paper l
loans *
1, 620
791
1,290
2,842
3,486
4, 337
4,270
5,328
5,831
5,668
5,831
5, 697
5,588
5,443
5,413
5, 370
5, 367
5, 328
5, 294
5,287
5, 324
5, 398
5, 668
5, 609
298
119
405
843
887
1, 006
1,090
1,406
1,649
1,616
1,649
1,635
1. 623
li 614
1, 617
1, 634
1, 635
1, 637
1, 642
1, 612
1, 637
1 , 03 1
1, 010
1, 574
1. 088
' 869
1,496
2,229
2,444
2,805
3,235
3,851
4, 366
4,787
4,366
4,346
4,361
4,405
4,454
4,481
4, 547
4, 586
4, 016
4, (HI
4, 651
4, OS!)
4, 787
4, 794
Total
2,719
2,935
4,212
5,443
5,588
6,323
6,631
7, 143
7, 350
7,658
7, 350
6, 888
6,558
6,452
6,669
6, 885
6, 949
0, 870
0, 835
6, 921
7, 023
7, 195
7, 058
7, 248
Charge
accounts
1,414
1.517
2, 076
2,713
2, 680
3,006
3,096
3,342
3,411
3, 518
3,411
3,002
2,682
2,564
2, 723
2, 786
2, 819
2, 773
2, 734
2, 807
2, 892
3, 042
3, 518
3, 225
InstalInstalment
ment
credit 3
credit ex3
repaid
tended
4,894
8,495
15, 540
18, 002
21, 256
22, 791
28, 397
30, 321
29, 304
2,696
1,947
1,956
2, 380
2, 400
2, 397
2, 703
2, 549
2, 477
2, 441
2,454
2, 554
3, 046
2, 389
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."
» Credit extended or repaid during the period.
Source: Board of Governors of the Federal Keserve System.
4,854
6,785
13, 267
15, 454
18, 282
22, 444
24, 550
26, 818
29, 024
2,410
2,298
2,210
2, 581
2, 355
2, 330
2, 473
2,417
2, 425
2, 407
2, 437
2,492
2, 593
2,420
In recent weeks the general trend of yields on Federal, municipal, and corporate bonds has continued upward.
Rates on Treasury bills declined slightly in the second week of March but were still appreciably above the 1954
level.
PERCENT PER ANNUM
4
PERCENT PER ANNUM
TREASURY BILLS
\
1 t ii
1954
I I I I t I
I
1951
i960
1953
1952
1939
1948
1949
1950
1951
- _
1952 _ _ _
1953
1954
1954: January
February
March
April
AM.O. J
Mav
-_-
_- .
__
June >
_ _ _ _
July
August . _ _
September
October
November
December
1955: January.
February.
Week ended:
1955: February 5
12
March
19
26._ _ - _
5 _
12
[Percent per annum]
U. S. Government security yields
High-grade
3-month
Taxable bonds 2
municipal
Treasury
bonds 8
Old series 3 New series 4
bills *
0.023
2. 76
1.040
2.44
2.40
1. 102
2.21
2.31
2.32
1.218
1.98
1.552
2. 57
2. 00
1.766
2.68
2. 19
2. 93
1. 931
2. 72
3. 16
. 953
2. 53
2.70
2.37
1. 214
2. 68
2. 90
2. 50
' .984
2.60
2.85
2.39
1.053
2. 51
2.73
2.38
1.011
2.47
2.70
2.47
.782
2. 52
2.72
2.49
.650
2.54
2. 70
2.48
. 710
2.62
2.47
2.31
.892
2.48
2. 60
2.23
1. 007
2. 51
2.64
2. 29
2,52
.987
2.32
2. 65
. 948
2. 55
2.29
2.68
1. 174
2. 57
2. 68
2.33
1.257
2. 65
2.39
4 2. 76
1. 177
2.72
2. 92
2. 42
1. 134
1.088
1. 130
1. 355
1. 417
1.231
2. 70
2. 69
2. 72
2. 77
2.75
2.72
1 Rate on new issues within period.
2 Bonds in this classification were first issued in March 1941.
a Beginning April 1952, 2H-percent bonds first callable after 12 years. Prior
to that, only bonds due or callable after 15 years were included.
M I
>
t
\ I I
1955
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
I I
4
2. 90
2. 91
2.93
2. 94
2.93
2.92
2. 43
2.41
2.41
2. 43
2.46
2.45
3.01
2.82
2.66
2.62
2. 86
2.96
3. 20
2. 90
3.06
2.95
2.86
2.85
2.88
2.90
2.89
2.87
2.89
2.87
2.89
2.90
2.93
2.99
4.96
3.47
3.42
3.24
3.41
3.52
3.74
3.51
3.71
3.61
3.51
3.47
3.47
3.49
3.50
3.49
3.47
3.46
3.45
3.45
3.45
3.47
Prime
commercial
paper,
4^6 months
0.59
1.44
1.49
1.45
2. 16
2.33
2.52
1.58
2. 11
2.00
2.00
1.76
1.58
1.56
1.45
1.33
1.31
1.31
1.31
1.31
1.47
1.68
2. 97
2.97
2. 99
3.02
3.03
3.04
3.46
3.47
3.47
3.48
3.48
3.49
1. 66
1.69
1. 69
1.69
1.69
1.69
Corporate bonds
( Moody 's)
Aaa
Baa
-percent bonds of 1978-83, issued in May 1953; and 3-percent bonds of 1995,
issued in February 1955.
a Standard and Poor's. Weekly data are Wednesday
figures.
OQ
Source: Board of Governors of the Federal Reserve System.
"^
MONEY SUPPLY
The privately held money supply remained unchanged between December and January, although a reduction is
usual at this time of year. The total at the end of January was almost $10 billion higher than a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
END OF MONTH
TOTAL DEPOSITS AND
CURRENCY
TOTAL EXCLUDING
U.S. GOVERNMENT
DEPOSITS
160
160
120
120
DEMAND DEPOSITS
ADJUSTED
TIME DEPOSITS
CURRENCY OUTSIDE
BANKS ^
1951
I95E
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD C
[Billions of dollars]
Total deposits and
currency
End of period
1939 ,.
1944-_- _ „
1946
1948--.. . „
1949
1950
1951
1052.
1953-.
._
4
„
1954
1953: December
195 J : January
February
March _ _ __ „
April
Mav..
_ , _
• h i n t '4. . , , . ,
•hilv
..
A u n i H t . 4 - 4- _
__ _ _
„ „„
N»-j ilrtnbor
nrt..l..T «
N < « \ I'whrr *
1 »r.','inhi'l
i U ', ,
.Ifi.ni.'l! '
4
'
. .
. ..„
64.7
151.4
167. 5
172.7
173. 9
180.6
189.9
200. 4
205.7
214. 5
205.7
203. 5
202.4
201. 3
202.3
203.6
205. 3
204.8
206. 3
207.7
211. 4
2 III 3
LM i, f>
i»i:', ;.
U.S.
Government
deposits l
1.5
21. 2
3.5
3.6
4. 1
3.7
3.9
5.6
4.8
5. 1
4.8
3.7
5.0
6. 1
5.0
5.6
6.8
4.4
6.0
5.2
6.6
7. 5
5. 1
•1. "2
Total excluding U. S. Government deposits
(privately held money supply)
Demand
Currency
Time
deposits
outside
Total
deposits 3
adjusted 2
banks
27. 1
29. 8
6. 4
63.3
39.8
66. 9
23.5
130. 2
54. 0
83.3
26.7
164.0
57.5
85.5
26. 1
169. 1
58.6
25.4
85.8
169.8
59.2
25.4
92.3
176.9
61.4
98.2
26. 3
186.0
65.8
101. 5
27.5
194. 8
70.4
102.5
28. 1
200.9
75. 1
106.9
27.4
209.4
70.4
102.5
28. 1
200. 9
70.6
102.3
26.9
199.8
71.0
99. 6
26.9
197.4
71.7
26.9
96.7
195.2
72.0
26.7
98. 6
197.3
72. 5
98.7
26. 8
198.0
73.3
27. 1
98. 1
198. 5
73.7
100.0
26. 8
200. 4
74.0
99.4
26.9
200. 3
74.4
101. 2
26.9
202. 5
74.7
26.9
103. 1
204.8
74.3
104. 1
205. 8
27.5
75. 1
27.4
106. 9
209. 4
75.4
26. 8
107. 2
209. 4
ix'irial un<! snvini-s hunks, :m<l IT. R, Treasurer's time deposits, open account.
, !•".•. c:r li if <>ID;; in |>n»v..ss of rollort ion,
i| S:»vfnr- :*->:, t ( < i H ( but t-xciudcs interbank deposits.
i.N of the Fodwil Reserve System.
JKXiOIJ AIT A O
Between December and January, budget receipts increased $1 billion and budget expenditures declined $1 .4 billion,
due largely to seasonal factors. The cumulative deficit through January of the current fiscal year was $9.6 billion
compared with $8.9 billion at the same time a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL BUDGET EXPENDITURES
I95O
1951
1952
NET BUDGET RECEIPTS
1953
1954
1954
1955
BUDGET SURPLUS (+) OR DEFICIT (-)
NATIONAL SECURITY PROGRAMS
75
1955
(MAGNIFIED SCALE)
-
II
-10
1950
* ESTIMATED
1951
1952
1953
1954
1955
£
1950
1951
1952
1953
1954
1955
FISCAL YEARS
SOURCES: TREASURY DEPARTMEm AND BUREAU OF THE BUDGET
[Billions of dollars]
Net budget
receipts
Period
Fiscal year 1944
Fiscal year 1947
Fiscal year 1948
Fiscal year 1949
Fiscal year 1950
Fiscal vear 1951
Fiscal year 1952
Fiscal year 1953
Fiscal year 1954
Fiscal year 1955 (estimated) - „
1953: December _ _1954: January
February
March
April
May
__ _
__
June
July
_
_ _ _
August
September
October..
November
...
_ _
December
1955: January
Cumulative totals for first 7 months :
Fiscal year 1954 •
Fiscal year 1955
- --
_
_ _ _
_
-
__
- -«
_ _ _ _
_ _
43.6
39.8
41. 5
37.7
36. 5
47. 6
61. 4
64.8
64. 7
59.0
4.6
5.0
5.4
11. 4
2.8
3. 6
10.6
2.8
3.9
5.0
2.6
4.2
3.7
4.7
30.8
26. 9
Budget expenditures
National
Total
security 1
95. 1
75.8
14.4
39.0
11.8
33. 1
39. 5
12.9
39.6
13.0
44. 1
22. 3
65.4
43.8
74.3
50.3
67. 8
46.5
63.5
40.6
6.4
4.2
5.2
3.8
4. 7
3.6
5.6
3.9
3.7
5.3
5.2
3.3
7.3
4.5
4.8
3.2
6. 7
3.4
5.0
3.3
4.9
3.3
3.8
3.3
6.3
3. 7
4.9
3.2
39.7
36.5
27.6
23.3
Budget surplus (+) or
deficit (— )
Public debt
(end of
period) 2
-51.4
+ .8
+ 8.4
18
-3. 1
+ 3.5
-4.0
-9.4
-3. 1
-4.5
-1.8
—.2
+.7
+ 5.9
-2.5
-1.6
+ 3.3
-2.0
2 8
—.1
-2.2
+.4
-2.5
-.3
202. 6
258. 4
252.4
252.8
257.4
255. 3
259.2
266. 1
271.3
274. 5
275.2
274.9
274. 9
270.3
271. 1
273.6
271. 3
271.0
275.0
274.8
278.8
278.9
278.8
278.5
-8. 9
9. 6
274.9
278.5
* Revised to include the items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending June SO, 1956. These
expenditure items are: MOitary functions of Defense Department, mutual military program, development and control of atomic energy, and allocation ,of critical and
strategic materials.
a Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.
NOTE.—Beginning with February 1954, the reporting of budget receipts and expenditures is on a basis consistent with that used in preparing budget estimates.
The figures shown above for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis.
Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
01
r £i*j£i,Et*uj UAon JK£-ur,ir A o r
AND PAYMENTS TO THE PUBLIC
For the calendar year 1954 the cash deficit was $1.1 billion, about $5 billion less than in 1953. The cash deficit for
the quarter ending in December was $3.9 billion, reflecting to a considerable degree the seasonally low receipts during
the first half of the fiscal year.
BILLIONS OF DOLLARS
25
BILLIONS OF DOLLARS
25
1951
19 5 4""
-EXCESS OF CASH RECEIPTS-
EXCESS OF CASH PAYMENTS-
I954-*
1951
CALENDAR YEARS
^PRELIMINARY ESTIMATES,
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
COUNCIL OF ECONOMIC ADVIS1RS
[Millions of dollars]
Cash receipts
Cash payfrom the
, ments to
public
the public
Calendar year
Calendar year total:
1946
.
.
1947
.
1948
.
1949
.
I960
1951—.
1952
1953
19541.
Quarterly totals, not adjusted for seasonal variation:
1953: First quarter
Second quarter.
TMrd quarter
..
. . ..
Fourth quarter
1954: J First quarter
Second quarter
Third quarter
Fourth quarter
_ _ _ __
Excess of receipts (+) or
payments (— )
41,441
44, 282
44, 922
41, 346
42, 419
59, 278
71, 339
70, 041
68, 562
41, 399
38 616
36, 897
42, 642
41, 969
58, 034
72, 980
76, 194
69, 622
+5 666
+8. 027
— 1, 295
+450
+ 1,244
— 1, 641
—6, 153
— 1, 060
22, 539
18, 674
15, 357
13, 471
18, 166
21, 049
18, 870
18, 109
+ 4, 373
—2 375
— 3, 513
—4 638
23, 693
19, 115
13, 501
12, 253
16, 459
18, 431
18, 582
16. 150
+ 7 234
+ 684
— 5, 082
-3.897
i Preliminary estimates.
NOTB.—Detail will not n»e«i§arily add to totals because of rounding.
Sources: Bureau of the Budget and Treasury Department.
32
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