Full text of Economic Indicators : March 1959
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•» t$6th Congress, 1st Session ' °• , i- \«-»•y --' 3& ST. LOU/S I MAR 2'7 ^359 I PUBLIC LirRARY I Economic Indicators MARCH 1959 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1959 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.) PAUL H. DOUGLAS, Illinois, Chairman WRIGHT PATMAN, Texas, Vice Chairman SENATE JOHN SPARKMAN (Alabama) J. WILLIAM FULBRIGHT (Arkansas) JOSEPH C. O'MAHONEY (Wyoming) JOHN F. KENNEDY (Massachusetts) PRESCOTT BUSH (Connecticut) JOHN MARSHALL BUTLER (Maryland) JACOB K. JAVITS (New York) HOUSE OF REPRESENTATIVES RICHARD BOLLING (Missouri) HALE BOGGS (Louisiana) HENRY S. REUSS (Wisconsin) FRANK M. COFFIN (Maine) THOMAS B. CURTIS (Missouri) CLARENCE E. KILBURN (New York) WILLIAM B. WIDNALL (New Jersey) RODERICK H. RILEY, Executive Director JOHN W. LEHMAN, Clerk COUNCIL OF ECONOMIC ADVISERS RAYMOND J. SAULNIER, Chairman KARL BRANDT [PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [S. J. Res. S5] To print the monthly publication entitled "Economic Indicators'* Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators/' and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required number of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce. 11 Contents TOTAL OUTPUT, INCOME, AND SPENDING Page The Nation's Income, Expenditure, and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Per Capita Disposable Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment .%. 1 2 3 4 5 6 7 8 9 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Nonagricultural Employment Average Weekly Hours—Selected Industries. . , Average Hourly Earnings—Selected Industries Average Weekly Earnings—Selected Industries ; 11 12 13 14 15 PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction Housing Starts and Applications for Financing Sales and Inventories—Manufacturing and Trade Merchandise Exports and Imports 16 17 18 19 20 21 22 PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers 23 24 25 CURRENCY, CREDIT, AND SECURITY MARKETS Currency and Deposits Bank Loans, Investments, and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices 26 27 28 29 30 FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public 31 32 NOTE.—Detail in these tables will not necessarily add to totals because of rounding. Ill TOTAL OUTPUT, INCOME, AND SPENDING THE NATION'S INCOME, EXPENDITURE, AND SAVING Current estimates show a marked increase in total income and expenditures between the third and fourth quarters 011958. [Billions of dollars] 1957 1958 Fourth quarter Economic group Year Third quarter Fourth quarter Excess Excess Excess Excess of reof reof reof reEx- ceipts Ex- ceipts Ex- ceipts EXr ceipts Re- pendRe- pendRe- pendRe- pend<+) <+) ceipts itures or(+) ex- ceipts itures or ex- ceipts itures or ex- ceipts itures or expendpendpendpenditures itures itures itures (-) <-) (-) (-) Seasonally adjusted annual rates Consumers: Disposable personal income_ 306.8 Personal consumption ex287.2 penditures. .......... — 315.1 290.6 21. 0 61. 5 445 545 61.6 -10.0 1.2 1. 3 Excess of transfers (-f-). or of net exports ( — ) . 1. 4 -12.4 1.3 1. 7 —. 1 — 1.9 19.9 49.2 — 9. 4 -16. 1 3.3 295.9 23.6 54.4 1.4 315.8 291. 5 45.0 45. 4 Excess of investment (_) International: Foreign net transfers by government Net exports of goods and services 311.6 19.6 Personal net saving (4- ) . Business: Gross retained earnings Gross private domestic investment . . . Seasonally adjusted annual rates .4 .0 —. 5 Government (Federal, State, and local): Tax and nontax receipts or 1147 accruals Less: Transfers, interest, 30.2 and subsidies (net) 114.4 116. 0 120.2 33. 3 34 1 340 84.5 81. 1 81. 9 86.2 Net receipts Total government expendi- 117. 1 124.6 126. 1 129. 2 Less: Transfers, interest, and subsidies (net) 30.2 33.3 34 1 340 Purchases of goods and services 86.9 91. 2 92.0 95.2 Surplus (+) or deficit (— ) on income and product account. Statistical discrepancy -10.2 — 2.3 7 GROSS NATIONAL PRODUCT.. 438.9 43a9 .7 437.7 437. 7 NOTE.—-For explanation and use of this arrangement, see Senate Report No. 1295, Joint Economic Report, pp. 92-93, 99-105, and Economic Report of the President, January 1953, Appendix A. -1.2 1. 2 -10.2 3. 0 439.8 439.8 -3.0 -9.0 .7 453.0 45a 0 Sources: Department of Commerce and Council of Economic Advisers. .7 GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national expenditures rose $13.2 billion (seasonally adjusted annual rate) between the third and fourth quartets of 1958, according to current estimates*, Increases pcairred in all roalor compoj^^^ I^Ol BILLIONS OF DOLLARS 500 BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT •N: 4OO 400 300 300 PERSONAL CONSUMPTION EXPENDITURES x. 200 200 GOVERNMENT PURCHASES OF GOODS AND SERVICES 100 100 GROSS PRIVATE DOMESTIC INVESTMENT 1952 1957 1953 1958 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OP COMMERCE. [Billions of dollars] Total Personal Gross Government purchases of goods and services Net Total gross conexports private Federal national gross sumpState Period goods product national tion domestic of and and Total i 1 National in 1958 product expend- invest- services 2 Total defense Other local ment prices itures 1948 323.7 259.4 8.2 15.2 178.3 19.3 11.6 43. 1 3. 5 345 1949 _ 3240 25ai 181.2 22.2 8.9 13.6 17.9 33. 0 40. 2 3.8 1951.,. 379.6 329.0 209.8 5.2 33.9 21.7 38.8 56.3 2.4 60.5 1952 1 347.0 393.3 219.8 52.9 6.7 46.4 23.2 49.9 76.0 1.3 411.1 1953 „— 365.4 232. 6 50.3 58.0 49.3 9.0 249 —.4 82.8 1954_ 363. 1 23ao 403.2 41.2 47.5 6.7 48.9 27.7 1.0 75.3 1955 435.4 397.5 256.9 63.8 75.6 39.1 6.6 45.3 30.3 1. 1 1956 _ 419.2 446. 1 269.4 68.2 45.7 40.3 5.7 2.8 78.8 33. 1 1957 451.1 440.3 2844 443 65.3 85.7 49.4 49 5. 5 36.3 1958 437.7 437.7 290.6 544 91.2 444 7.6 1.4 51.7 39.6 Seasonally adjusted annual rates - -:•-*:*-•* 1957: First quarter 452. 4 436. 3 279.8 65.9 5.6 49. 1 43.7 85.0 5.8 35.9 Second quarter ... 453.7 441.2 282.5 67.0 49.7 6.0 85.7 449 5.1 36.0 Third quarter , 445.6 453. 3 288. 3 66.7 85. 8 49.7 48 44 9 5.2 36.1 Fourth 'quarter 444 4 438.9 287.2 61.5 3.3 86.9 49.1 43.9 5.7 37.8 1958: , First quarter. . 427.1 286, 2 429. 2 50.9 1.7 49.7 88.3 43.7 6.3 38.6 Second quarter ..... 430.4 430.4 28a3 50.7 1.7 50.7 89.7 44 1 6.9 39.1 Third quarter 439.4 439.8 291.5 545 1.7 52.2 92.0 445 ao 39.9 Fourth quarter 451. 2 453. 0 295.9 61.6 .4 95.2 542 45.3 9.2 41.0 1 Less 2 Government sales. These expenditures correspond closely with the "major national security" category to The Budget o/ the United States Government for the Fiscal Year Ending June SO, I960, shown on p. 31 of Economic Indicators, Sources: Department of Commerce and Council of Economic Advisers, NATIONAL INCOME .National income rose $8.2.-billion (seasonally adjusted annual rate) between the third and fourth quarters of 1958. Increases in compensation of employees and corporate profits accounted for most of the rise. Income of farm proprietors declined. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 400 400 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME 300 300 COMPENSATION OF EMPLOYEES 200 too I00; PROPRIETORS'AND RENTAL INCOME V. CORPORATE PROFITS AND << INVENTORY VALUATION ADJUSTMENT NET INTEREST. 1952 =1= I I 1953 1954 1957 1956 1955 If PRELIMINARY ESTIMATES BY COUNCIL OF .ECONOMIC ADVISERS. SOURCE i DEPARTMENT Of COMMERCE {EXCEPT AS NOTED). 1958 COUNCU OF ECONOMIC ADVISERS [Billions of dollars] Period 1948 1949 1951 . 1952 . 1953 1954.... 1955... 1956... 1957 1958 ... .. .. ._ 1957: First quarter Second quarter... Third quarter.... Fourth quarter.. 1958: First quarter Second quarter Third quarter... Fourth quarter ... Proprietors' income Compensation of employees * 223. 5 217.7 279.3 292. 2 305. 6 301.8 330. 2 349.4 364.0 360. 5 141.0 140.8 180. 3 195.0 208. 8 207.6 223. 9 241.8 254.6 253. 8 17. 8 22. 4 7.3 12. 9 22.7 8.3 26. 0 16. 3 9.4 15.3 26. 9 10. 2 13.3 27. 4 10.5 12.7 27. 8 10.9 11.8 30.4 10.7 11.6 30.8 10. 9 11.6 31.4 11.8 14.2 31.0 12.2 Seasonally adjusted annual 42 48 6.3 7.1 8.2 9. 1 10.4 11. 3 12.6 13.2 rates 361.5 364 1 368. 7 361.5 35L 7 353. 9 364.3 *372. 5 251.6 254.9 257.3 2548 250. 9 250.7 255. 3 258.4 11.5 11. 6 11.8 11.5 13.7 149 144 13.7 12.1 12.5 12. 8 12. 9 13. 0 13. 1 13.2 13.3 Farm 1 Includes employer contributions for social insurance. (See also p. 4J a Preliminary estimates by Council of Economic Advisers. Rental income of persons Total national income Business and professional 31. 1 31.4 31. 7 31. 3 30.6 30.7 31. 1 31.8 11.4 11.7 12.0 12.2 12. 1 12. 1 12. 2 12.3 Net interest Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment 30. 8 2a2 41.0 37.7 37.3 33. 7 4a i 42.9 41.9 36. 2 43.7 42.0 43.1 3a 8 31. 3 32. 5 38.0 *43.0 Source: Department of Commerce (except as noted). 33.0 26.4 42.2 36.7 38.3 341 44 9 45. 5 43.4 36.4 -2.2 1.9 -1.2 1.0 — 1.0 —.3 -1.7 —2. 6 — 1.5 —.2 46.1 43.5 442 39.9 31.7 32.0 37.9 *440 —2.4 -1.5 — 1.1 — 1.1 —.3 .5 .2 »-1.0 SOURCES OF PERSONAL INCOME Personal income rose $1.5 billion (seasonally adjusted annual rate) in February. payments accounted (or most of the rise. Wages and salaries and transfei BILUONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 350 350 800 300 £50 250 LABOR INCOME 200 200 ISO ISO BUSINESS, PROFESSIONAL AND RENTAL INCOME ^ FARM PROPRIETORS* INCOME •DIVIDENDS AND PERSONAL INTEREST.IB,,-,-.t 1953 1956 COUNOI Of ECONOMIC ADVISERS SOl/RCC: DEPARTMENT OP COMMERCE. Total personal income Period 1949 1951 1952 1953 1954 1955 1956 1957 1958 .. 208,3 256.7 273.1 288.3 289. 8 310. 2 330.5 347.9 354.4 1958: January.. 348. 8 February. 347.5 March .. 348.7 April..... 349.7 May . 351.4 June..... 3 353. 4 July..... 360. 1 August 357. 2 September. 358.7 October 358. 2 November^ 360. 7 December.. 359.9 1959: January—. 363. 0 Jfebruary4. 364. 5 [Billions of dollars] Labor income Proprietors' income (wage and Rental salary disDivi- Personal Transfer Business income paybursements of dends interest Farm and proincome ments and other 1 persons fessional labor income) 137.4 12.9 22.7 8.3 9.4 12.4 7.5 26.0 16.3 175. 5 9.4 12.6 11.2 9.0 15.3 190.2 26.9 10.2 12.1 13.2 9.0 13.3 204.1 27. 4 9.2 10.5 13.4 143 12.7 202. 5 27.8 10.9 16.2 9.8 146 2i&o 11.8 30.4 11.2 10.7 17. 5 15.8 11.6 235.2 30.8 10.9 12.0 17.0 18.6 11.6 247.1 31.4 12.4 21. 5 11. 8 1&8 14.2 246.2 31.0 12.2 19.4 25.9 12.3 Seasonally adjusted annual rates 12.6 244.2 30.9 12.2 12. 5 23. 9 19.3 242.2 118 30.4 12.1 23.8 12.4 19.3 14. 6 12.1 241.5 30.5 12.4 19.3 248 15.0 240. 9 30.6 12. 1 12.4 19.3 26. 1 15. 2 242.0 30.7 12.1 12.4 26.4 19.3 14 6 2447 12.2 30.8 19.3 2ao 12.5 1 144 251. 2 26.5 31.0 12.2 12.5 19. 3 144 247. 6 12. 2 31. 1 19.4 26. 8 12.5 248.6 143 31. 3 12. 3 27.0 19.5 12.5 248.2 141 31.6 12.3 12.4 2a^ 19.5 251.3 13. 6 12.4 31.8 19.5 26.6 12.3 13. 5 252.6 32.0 26.0 12.4 10. 6 19.6 13.3 254.8 32.3 12.4 12.5 19.6 25. 8 13.2 255.6 32.4 12. 5 12. 5 26.3 19. 8 1 Compensation of employees (see p. 3) excluding employer contributions for social insurance and the excess of wage accruals over disbursements. * Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. 1959 Less: Personal contributions for social insurance 2.2 3.4 as 3.9 4.6 5. 2 5.7 6." 6 6.7 6.7 [ 6. 7 6. 6 6. 6 6.7 a7 7.0 6.8 6.8 a8 6.8 6.8 7.7 7. 8 Nonagrfcultural personal1 income 192. 1 237.0 254 3 271. 5 273.8 295.0 315.4 332.7 336. 5 332. 5 330.1 330.5 331.0 332. 4 335. 1 •342.0 339. 2 340.9 340.3 343. 2 342.4 345. 8 347.5 1 Includes lump-sum retroactive salary payments to Federal employees at i annual rate of $4.6 billion ($380 million multiplied by 12). * Preliminary estimates. • •Source: Department of Commerce. DISPOSITION OF PERSONAL INCOME Disposable personal income rose slightly between the third and fourth quarters of 1958. Total consumer expenditures rose $4.4 billion (seasonally adjusted annual rate). * . . . . . . BILLIONS OF DOLLARS 350 BILLIONS OF DOLLARS 350 300 900 250 .- - 250 TOTAL PERSONAL CONSUMPTION EXPENDITURES 200 ZOO ISO - - 150 100 100 1952 1953 * SOURCE: DEPARTMENT OF COMMERCE. Equals: Less: DisposPersonal Personal able income taxes 1 personal income Period 1948 . 1949. 1951. 1952 1953 1954 1955 1956. 1957 1958 . ... _ - \. . . . .- 1957: First quarter Second quarter .. Third quarter '^ Fourth quarter i 1958: First quarter . Second quarter Third quarter Fourth quarter — 210.4 208.3 256. 7 273. 1 288. 3 289. 8 310.2 330.5 347.9 354.4 21. 1 18.7 29.2 34.4 35.8 32. 9 35.7 40. 1 42.7 42.8 342.3 348. 4 351.8 349. 7 348.3 351.3 358.6 359.5 42.3 42.7 43.1 43.0 42.3 42.3 43.5 43.7 i Includes such items as fines, penalties, and donations. Source: Department of Commerce. 37854 •—59 2 Less: Personal consumption expenditures Total Saving Equals: as percent Personal of disNonposable saving Durable durable Services income goods goods Billions of dollars 189. 3 17a3 22.7 98.7 181.2 24, 6 189.7 96.6 227.5 209.8 29.5 110. 1 238. 7 219.8 29. 1 115.1 232.6 252.5 32.9 nao 32.4 256.9 238.0 119.3 274,4 39.6 256.9 124.8 290. 5 269.4 38.4 131.4 305. 1 284.4 39.9 138.0 311.6 290.6 36.8 141.9 Seasonally adjusted annual rates 300. 0 279. 8 4a2 135.5 305.7 282.5 39.5 137. 1 288.3 40.4 30a7 140.5 306. 8 287.2 39.6 138.8 306.1 286.2 36.3 139.8 35.6 309.0 28a3 141.4 315. 1 291.5 36. 1 142.9 315. 8 38.9 295.9 143.3 56.9 60. 0 70.2 75.6 81.8 8&3 92.5 99. 6 ioas 111. 9 104. 1 105. 9 107.4 ioa7 110. 1 111. 3 112.5 113.6 11.0 as 17.7 ia9 19.8 ia9 17.5 21.1 20.7 21. 0 20.3 23.2 20.4 19. 6 19.9 20.7 23. 6 19.9 5.8 4,5 7.8 7.9 7.9 7.3 6.4 7.2 6.8 6.7 6.8 7.6 6.6 a4 6.7 6.5 7.5 6.3 PER CAPITA DISPOSABLE INCOME Per capita disposable income, measured in both current and constant prices, fell slightly in the fourth quarter of 1958. DOLLARS E.OOO 2,000 L800 1,800 1,600 1,600 L400 1,400 1,200 1,200 r, ,, I t 1952 i I 1 1 t 1954 1953 i i i 1955 f 1956 i t i ^SEE FOOTNOTE 2 ON TABLE BELOW. SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS. 1948 1949.. 1951 1952... 1953 1954 1955. 1956 1957 1958 Current prices _ _ ... ._ .. ... _ _ _ .. 1958 prices 2 189. 3 189. 7 227. 5 238.7 252. 5 256. 9 274.4 290. 5 305. 1 311. 6 1958 COUNCIL OF ECONOMIC ADVISERS Total disposable personal income (billions of dollars) J Period , , , 1 i 1957 227.5 230.2 253.0 259. 8 272.7 276. 2 296. 1 308. 7 313.6 311.6 Per capita disposable personal income (dollars) * Current prices 1,291 1,271 1,474 1,520 "I, 582 1,582 1, 661 1, 727 1,782 1,790 1958 prices 2 Population (thousands)8 1, 552 1, 542 1, 640 1, 654 1, 708 1, 701 1, 792 1,835 1, 831 1, 790 146, 631 149, 188 154, 360157, 02& 159, 636 162,417 165, 270 168, 176 171, 196 174, 064 1, 836 1,846 1, 836 1, 811 1, 780 1, 777 1, 802 1, 798 170, 151 170, 83£ 171, 612 172, 39a 173, 054 173, 705 174,460 175, 253 Seasonally adjusted annual rates 1957: First quarter Second quarter Third quarter Fourth quarter 1958: First quarter.. Second quarter Third quarter Fourth quarter 1 Income less 8 . . : -. . taxes. Dollar estimates in current prices divided by consumer price index on a 1958 6 300. 0 305.7 308.7 306.8 306.1 309.0 315.1 315. 8 312. 5 315.5 315.0 312. 1 307.9 308.7 314. 5 315.2 1,763 1,789 1, 799 1,780 1,769 1,779 1, 806 1, 802 8 Includes 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, Department of Labor, and Council of Economic Advisers. FARM INCOME Farm operators1 net income (seasonally adjusted) was lower in the fourth quarter of 1958 than in the thira quarter, but was well above a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 40 40 30 20 NET"FARM INCOME (JNCL. NET CHANGE IN INVENTORIES)!/ I 1954 1953 1952 1955 ^INCOME OF FARM OPERATORS FROM FARMING. SOURCE: DEPARTMENT OF AGRICULTURE. Realized gross farm income 1 Period 1948 1949 1951._ 1952 19531954 1955 1956 1957 1958- - 34 9 31.8 37. 3 37.0 35. 3 33.9 33.3 34.6 34.3 38.0 1957: First quarter Second quarter Third quarter Fourth quarter 1958: First quarter Second quarter Third quarter „. „ Fourth quarter 34. 4 34.3 34.3 34.3 37.2 38.5 38. 1 38.0 _ _ 1957 1958 COUNCIL OF fecoNOMic" ADVISERS"- Farm operators' income Net income 2 Net income per farm including net change in Excluding Farm proIncluding inventories duction net change net change in invenin invenexpenses Current 1958 tories tories prices prices 3 Billions of dollars Dollars 16.1 18. 9 - 17.8 3,065 3, 523 18. 0 13.8 12.9 2,259 2,658 22. 2 15.2 16.3 2,951 3,173 22. 6 14. 4 15. 3 2,829 3,010 21. 4 13. 9 13. 3 2,502 2,662 21.7 12.2 12.7 2,440 2,596 21.9 11.5 11,8 2,313 2,461 12.1 22.5 11. 6 2, 341 2,464 23.5 10.8 11.6 2,388 2,437 24.9 13.1 14.2 2,985 2,985 Seasonally adjusted annual rates 23. 4 11.0 2,370 11.5 2,440 23.6 10.7 11.6 2,390 2,440 23. 4 10.9 2,430 11.8 2, 450 10. 7 23. 6 2, 370 11. 5 2,390 24.6 12.6 13.7 2,880 2, 880 24.9 13.6 14.9 3,140 3,140 24.9 13.2 14.4 3,030 3, 030 25.2 12.8 13.7 2,880 2,880 i Cash receipts from farm marketings, value of farm products consumed in farm households, gross rental value of farm dwellings, and Government payments to 8farmers. Realized gross farm income less farm production expenses. Excludes farm wages paid to workers living on farms and any income to farm people from nonterm sources, which in 1958 amounted to $1.9 billion and $6.2 billion, respectively. 1956 Number of farms (millions) 4 5.8 5.7 5.5 5.4 5.3 5.2 5. 1 5.0 4. 9 4.7 4.9 4.9 4. 9 4. 9 4.7 4.7 4. 7 4.7 * Dollar estimates in current prices divided by the index of prices paid by farmers for items used in family living on a 1958 base. * The number of farms is held constant within a given year. Source: Department of Agriculture. CORPORATE PROFITS Corporate profits before taxes in the fourth quarter of 1958 are provisionally estimated at $44.0 billion (seasonally adjusted annual rate). BILLIONS OF DOLLARS BILLIONS OF DOLLARS PROFITS BEFORE TAXES^C PROFITS AFTER TAXES 20 10 J/NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT 2/PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE:'DEPARTMENT""OF COMMERCE <EXCEPT AS NOTED) COUNCIL OF ECONOMIC AOVISBO [Billions of dollars] Corporate profits before taxes Period 1948 .. 1949 1951 1952.. _ 1953 1954. . 1955 1956 1957 _ 1958 ........... ... _ . ' . .1 _ _ _ 33.0 26.4 42. 2 36.7 38. 3 34. 1 44.9 45. 5 43. 4 36.4 Corporate tax liability 12.5 10.4 22.4 19.5 20. 2 17.2 21.8 22.4 21. 6 18. 6 Corporate profits after taxes Total 20.5 16.0 19.7 17.2 ia i 16.8 23.0 23. 1 21. 8 17.9 Dividend payments 7.2 7.5 9.0 9.0 9.2 9.8 11.2 12.0 12.4 12. 3 Undistributed profits iaa 8.5 10.7 as a9 7.0 11.8 11.0 9.4 5.6 Seasonally adjusted annual rates 1957: First quarter > Second quarter Third quarter . Fourth quarter . . 1958: First quarter. . Second quarter . .......... Third quarter . .... Fourth quarter ...... .......... . 46.1 43.5 44 2 39.9 31.7 32.0 37.9 *44. 0 1 Preliminary estimates by Council of Economic Advisers. Nom—See p. 3 lor profits before taxes and after inventory valuation adjustment. 8 23.0 21.7 22.0 19. 9 16.1 16. 3 19.3 1 22. 4 23. 1 21.8 22. 1 20.0 15.5 15.7 18.6 »21. 6 12.5 12.6 12.7 12.0 12. 5 12.4 12. 5 11. 8 Source: Department of Commerce (except as noted). 10.6 9.2 9.4 ao 3.0 3.3 6.1 1 9. 8 GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment rose $7.1 billion (seasonally adjusted annual rate) between the third and fourth quarters of 1958. Higher outlays for residential construction and a decline in the rate of inventory liquidation accounted for the improvement. BILLIONS OF DOLLARS 180 BILLIONS OF DOLLARS : 80 f '—* SEASONALLY ADJUSTED ANNUAL RATES 60 60 vGROSS PRIVATE DOMESTIC INVESTMENT 40 NEW CONSTRUCTION* ..—-I"' PRODUCERS' DURABLE EQUIPMENT* 20 CHANGE IN BUSINESS INVENTORIES -20 -20 1954 1953 1952 1955 1956 1957 1958 COUNCIL Of KONOMIC ACVtSOtt SOURCE: DEPARTMENT OF COMMERCE, [Billions of dollars] Total gross private domestic investment Period 1948 1949 1951. 1952 1953 . 1954. . ... 1955 1956 1957 1958... «. _ .... 43.1 33.0 56,3 49.9 50.3 4&9 63.8 ea2 65.3 54.4 Change in business inventories Fixed investment Total 3&4 36.0 46.1 46.8 49.9 50. 5 Sal 62.7 64.3 59.1 New construction * Producers' durable ResidenTotal Other equiptial ment nonfarm 18.9 19.5 10.1 9.3 18.8 9.2 9.6 17.2 248 12.5 12.3 21.3 12. 7 25.5 12.8 21.3 13. 8 27.6 22. 3 ias 29.7 15.4 143 20.8 349 16.2 ia7 2ai 35.7 17.7 27.0 18.1 36.5 27.9 17.0 19.5 36.5 17.8 ia7 22.6 Total 47 Nonfarm ao -ai 10. 2 ai —2.2 9.1 2.1 1.1 —2.1 5.5 6\ 9 .2 -5.8 1.1 2.9 2.2 -2.3 .6 2.0 1.3 .4 — 1.6 5.8 5.4 1.0 —47 Seasonally adjusted annual rates 1957: First quarter .. Second quarter.... Third quarter Fourth quarter !. 1958: First quarter. Second quarter.... .. Third quarter— Fourth quarter ..... 65.9 67.0 66.7 61.5 50. 9 50.7 54.5 61.6 648 64,2 646 63.8 59.2 57.2 sae 61.6 36.1 36.1 36.6 37.1 36.3 349 36.3 38.6 i "Other" construction in this series includes petroleum and natural gas well drilling, which are excluded from estimates on p. 19. 17.2 16.5 16.9 17.6 17. 1 16. 2 17.9 20.1 ia 9 19.6 ' 19. 7 19. 6 19.2 ia7 ia4 las 2a7 2ai 28.0 26.7 22.9 22.3 22.3 23. 0 -a 2 -6. 5 -42 .0 —ai -9.3 -7. 8 —5. 4 —~ 9 Source: Department of Commerce. 9 EXPENDITURES FOR NEW PLANT AND EQUIPMENT The jqnuary-March survey of business expenditures on plant and equipment indicates rising outlays in the tirst and second1 quarters of 1959. Expenditures for the year 1959 are expected to be about 4 percent above outlays in 1958. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 30 3O 20 - COMMERCIAL AND OTHER PUBLIC UTILITIES^ TRANSPORTATION 1953 1954 1956 1955 1957 1958 1959 SEE NOTE 3 ON TABLE BELOW. fcOUNqt. OFlCONOMiC ADVlSStS SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE. [Billions of dollars] Manufacturing Period 1948........... 1949... 1950........... 1951.. 1952 ... 1953— 1954 1955 1956 1957. ^ 1958. . 1959 » „ Total i i .. ... _...„.. 1958: First quarter . Second quarter... Third quarter. .... Fourth quarter .. .. 1959 : First quarter 8 3 Second quarter Total 22.06 19.28 20. 60 25.64 26. 49 28. 32 26. 83 '28. 70 35.08 36.96 30.53 31. 79 9. 13 7. 15 7. 49 10. 85 11.63 11. 91 11. 04 11.44 14.95 15.96 11.43 12.27 32.41 30.32 29.61 29. 97 31. 16 32. 03 13.20 11. 53 10. 86 10.58 11.56 12. 25 Durable NonduraRailroads Other ble goods goods 1.32 5.65 1.28 0. 88 3. 48 4.56 1. 35 .89 2.59 .79 436 1.21 3.14 .71 1. 11 5.68 . 93 1. 47 1.49 5.17 6.02 5.61 .98 1. 40 1.50 6. 26 1. 31 .99 1. 56 5. 65 5. 95 .85 1.51 5.09 .98 6.00 .92 5.44 .96 1.60 7.62 7. 33 1.24 1.23 1.71 8.02 7. 94 1.24 1.77 1. 40 .94 5.96 .75 5.47 1.50 6.45 5. 83 .93 . 75 1.90 Seasonally adjusted annual rates 6. 62 6.58 1.00 1.02 1.69 5.96 .92 5.57 .77 1.40 5.70 1.29 .63 5. 16 .88 5. 72 1.62 .97 4.86 .58 6.21 .95 5.35 .69 1.90 5.74 .92 6.51 1.84 .90 »Excludes agriculture. • Commercial and other Includes trade, service, finance, communications, and construction. * Estimates based on anticipated capital expenditures as reported by business between late January and early March 1959. NOTE.—Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the average of seasonally adjusted figures, which include 10 Transportation Mining Public utilities Commercial and other 2 2.54 3.12 3. 31 3.66 3.89 4 55 422 431 490 6.20 6. 09 6. 14 6. 90 5.98 6. 78 7.24 7. 09 8. 00 8.23 9.47 11.05 10.40 9.81 9.79 5.87 5.97 9.63 9.73 9. 85 9.96 9.98 10.02 a 10 6. 26 6.08 6. 10 adjustments, when necessary, for systematic tendencies in anticipatory data. These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense. Sources: Securities and Exchange Commission and Department of Commerce. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE Both employment and unemployment were practically unchanged from January to February. MILLIONS OF PERSONS-!' 75 MILLIONS OF PERSONS-!' 75 1959 YEARS OF AGE AND OVER. SOURCE: DEPARTMENT OF COMMERCE. Period New definitions: l 1952.. . 1953 — 1954 1955 1956 1957 1958 1958: January February March April . May..-.. June : July. August September.... October November December. ... 1959: January...... February ._ COUNCIL OF ECONOMIC ADVISERS Total Civilian employment l Unemployment * Insured unemployment2 labor Civilian % of civilian All proState proforce (in- labor Agricul- Nbnagri- Number labor force grams grams as l cluding Total force tural cultural Unad- Seas, (thousands % of covered armed forces) * justed adj. of persons) employment Thousands of persons 14 years of age and over 66, 560 67, 362 67, 818 68, 896 70, 387 70, 744 71, 284 69, 379 69, 804 70, 158 70, 681 71, 603 73, 049 73, 104 72, 703 71, 375 71, 743 71, 112 70, 701 70, 027 70, 062 62, 966 63, 815 64,468 65, 848 67, 530 67, 946 68, 647 66,732 67, 160 67, 510 68, 027 68, 965 70, 418 70, 473 70, 067 68, 740 69, 111 68, 485 68, 081 67, 430 67, 471 61, 035 61, 945 60, 890 62, 944 64, 708 65, Oil 63, 966 02, 238 61,988 62, 311 62, 907 64, 061 64, 981 65, 179 65, 367 64, 629 65, 306 64, 653 63, 973 62, 706 62, 722 6,792 6,555 6, 495 6, 718 6,572 6,222 5,844 4, 998 4,830 5,072 5, 558 6, 272 6, 900 6, 718 6,621 6,191 6, 404 5,695 4,871 4,693 4,692 * See Monthly Reports on the Labor Force, Department of Commerce, for definitions, methods of estimation, periods to which data pertain, etc. * Weekly averages. > Preliminary estimate. 54,243 55, 390 54,395 56, 225 58, 135 58, 789 58, 122 57, 240 57, 158 57, 239 57, 349 57, 789 58, 081 58, 461 58, 746 58, 438 58, 902 58, 958 59, 102 58, 013 58, 030 1,932 1,870 3,578 2,904 2,822 2,936 4,681 4,494 5, 173 5, 198 5,120 4,904 5,437 5, 294 4, 699 4,111 3, 805 3,833 4, 108 4, 724 4,749 3. 1 2.9 5.6 4. 4 4.2 4.3 6.8 6.7 7.7 7.7 7.5 7. 1 7.7 7.5 6.7 6.0 5.5 5.6 6. 0 7.0 7.0 5.8 6. 7 7.0 7.6 7.2 6.8 7.8 7.6 7.2 7. 1 6.9 6. 1 6.0 6. 1 1, 064 1, 058 2,039 1, 388 1, 312 1,560 2,758 3,065 3,375 3,505 3,527 3, 186 2,847 2,717 2, 374 2, 062 1, 862 1,957 2,307 3 2,729 2, 584 2.9 2.8 5.2 3.4 3.1 3.5 6.1 6.9 7.6 7.9 7.9 7.1 6.3 6.0 5.2 4.5 4. 1 4.3 5.1 6.0 8 5. 7 Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers. 11 NONAGRICULTURAL EMPLOYMENT Total employment (seasonally adjusted) in nonagricultural establishments showed little change from January to February. Small increases in manufacturing, trade, and government were nearly offset by declines in construction and mining. ^ MILL IONS OF WAGE AND SALARY WORKERS * MILLIONS OF WAGE _ AND SALARY WORKERS * 66 ZO MANUFACTURING ALL NONAGRICULTURAL ESTABLISHMENTS 54 18 TOTAL 52 XV 16 ^ ~ °~~ P* 60 V 4 > 12 ^-~^ 48 10 46 8 DURABLE , GOODS /INDUSTRIES NONDl RABLE 1 — - 7, ,,, I ,,, L ^ 6 1956 1957 1958 1959 1957 1956 12.0 CONTRACT CONSTRUCTION ; X. j j 44 ""** GOC)DS INDUS as 1958 1959 WHOLESALE AND RETAIL TRADE • {ENLARGED SCALE) 11.5 so ./^ rV^^^^ ii.o "^v —\ r^^\N^ ^» N EJ5 10.5 £JD ^..tlttiii 1 I f 1 I 1 11 1{ 1 1956 1 11 11 11! t 1 1 1957 1958 1 1 I 1 t I 1 I 1 L.I-, 1959 10.0 l^l^l I T f 1 1 T 1 1 T 1956 1957 1958 1959 t* SEASONALLY ADJUSTED DATA COUNCH. Of ECONOMIC ADVfetlS* SOURCE: DEPARTM ENT OF LABOR. Total, unadjusted Total 1952 1953 1954— 1955. 1956 1957 1958 48, 808 49, 681 48, 481 50, 056 51, 766 52, 162 50, 586 48, 303 49, 681 48, 431 50, 056 51, 766 52, 162 50, 536 1958: January... February __ March April.. ... May June July August September. October November. December. 1959: January 2 __ February *. 50, 477 49, 777 19, 690 49, 726 49, 949 50, 418 50, 178 50, 576 51, 287 51, 186 51, 482 51, 985 50, 292 50, 2SS 51, 223 50, 575 50, 219 50, 054 50, 147 50, 315 50, 411 50, 570 50, 780 50, 582 50, 877 50, 844 51, 022 51, 036 Period [Thousands of wage and salary workers *] GovernManufacturing Contract Wholesale ment Mining construc- and retail (Federal, NonduraDurable Total trade State, tion goods ble goods local) 16, 334 9, 340 6,994 6,609 885 2,634 10, 281 852 17, 238 10, 105 7, 133 2,622 6,645 10, 527 9, 122 6,751 15, 995 6,873 2,593 777 10, 520 16, 563 9,549 7,014 6,914 777 2,759 10, 846 11, 221 16, 903 9,835 7,277 807 2,929 7, 068 9,821 16, 782 11, 302 7,626 6,961 2,808 809 8,742 6,722 15, 464 " 7, 893 720 2,648 11,136 Adjusted for seasonal variation 2,652 7,754 15, 965 9,155 6,810 766 11, 305 7,766 15, 648 8,895 6,753 747 2,455 11,235 6,672 15, 389 8,717 733 2,573 11, 116 7,788 8,566 2,624 7,816 6,677 15, 243 723 11, 050 15, 202 6,704 8,498 7,835 718 2,698 11, 087 7,877 6,719 8,556 15, 275 2,698 713 11, 105 15, 312 6,716 7,903 8,596 709 11, 121 2,693 2,711 7,989 15, 330 8, 605 6,725 701 11, 175 15, 529 8,801 2,698 8,005 6,728 707 11, 151 6,733 2,698 7,986 15, 358 8,625 708 11, 154 7,980 15, 693 8,937 6,756 2,690 11, 119 708 8,049 15, 701 8,956 6,745 709 2,550 11, 143 9,004 8,032 2,602 6,764 15, 768 705 11, 198 8,056 15, 789 11, 244 9,030 6,759 695 2,533 1 Includes all full- and part-time wage and salary workers in nonagricultural 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 nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 11) which in- 12 Other 11, 563 11, 797 11, 795 12, 197 12, 629 12, 835 12, 675 12, 781 12, 724 12, 620 12, 598 12, 607 12, 647 12, 673 12, 664 12, 690 12, 678 12, 687 12, 692 12, 717 12, 719 elude proprietors, self-employed persons, and domestic servants' which count persons as employed when they are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments, * Preliminary estimates. Source: Department of Labor. AVERAGE WEEKLY HOURS—SELECTED INDUSTRIES The average workweek of production workers in manufacturing industries registered a small decline in February. HOURS PER WEEK 46 HOURS PER WEEK 46 NONDURABLE MANUFACTURING 1 II I I I I 1 I LL 1959 1958 RETAIL TRADE ^^oX^X ^•**^ \yA* JJ I I ! 1 1 ! I I I •^"^W> 1 1 1 1 1 1 1 ! 1 1 1 I I I 11 I l l - i l l I I I I ! I I I I I I COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR. (Hours per week, for production workers or nonsupervisory employees] Manufacturing 1 Period 1948 1949 _ 1951 1952 _ 1953 1954 1955 1956 1957 1958 1958: January ... February March April May June . July August September _. October November December 1959: January > l _ February 1 8 Preliminary _ _ _ . . . 40. 1 39. 2 40. 7 40. 7 40. 5 39. 7 40. 7 40. 4 39. 8 39. 3 38. 7 38. 4 38. 6 38. 3 38. 7 39. 2 39. 2 39. 6 39. 9 39. 8 39. 9 40. 2 39. 9 39. 8 Building Nondurable construction goods 40. 5 39. 5 41. 6 41 5 41. 3 40 2 41 4 41. 1 40. 3 39. 6 38 9 38. 6 39. 0 38 8 39. 1 39 6 39. 4 39. 8 40 2 40 1 40 3 40. 8 40. 4 40. 2 39 6 38 8 39 5 39 6 39 5 39 0 39 § 39 5 39 1 38 8 38 3 38. 1 38. 1 37 7 38 1 38 7 39 0 39. 4 39 5 39 4 39 4 39 6 39 3 39. 4 (2) 37 3 36 7 37 2 38 1 37 0 36 2 36 2 36 4 36 1 35 7 35 2 33. 0 35. 2 35 5 36 3 36 2 36 3 36. 7 36 5 36 8 35 4 34 6 35 2 itetaii trade T> n4-n il 40 3 40 4 40 2 39 9 39 2 39 1 39 0 38 6 38 1 38 0 37 g 37 8 37 8 37 g 37 8 38 2 38 7 38 7 38 0 37 9 37 7 38 5 38 1 (2) Source: Department of Labor. estimates. Not available. 37S54 8 —59 Durable goods Total 3 13 AVERAGE HOURLY EARNINGS SEL-ECTED INDUSTRIES hourly earnings of production workers in manufacturing industries were unchanged in February at $2,19. This was 9 cents above February 1958* ........... DOLLARS PER HOUR 2.60 DOLLARS PER HOUR 3.40 2.40 3.00 2.20 2.00 1956 1959 1956 1959 2.20 NONDURABLE MANUFACTURING RETAIL TRADE 1.80 2.00 1.60 ^CURRENT PRICES CURRENT PRICES 1.80 1.40 IH I I I i l l I I 1.60 1956 I 1957 J.M.I i - l » LI »•» in ill M in I I I 1 I I I I I II 1958 1957 SOURCE: DEPARTMENT OP LABOR. 1958 1959 COUNCIL OF ECONOMIC ADVISERS. [For production workers or nonsupervisory employees] All manufacturing Period 1948 . 1949 1951 1952 1953 1954 . 1955. .... 1956..... 1957 _ 19J58 1958: January February March April May „. June . July August September October. November ; December . 1959: January 2 February * 1 Durable goods manufacturing Retail trade Current prices 1958 prices l Current 1958 prices prices 1 Current prices 1958 prices * Current prices 1958 prices J Current prices $1. 350 1. 401 1.59 1. 67 1.77 1.81 1.88 1. 98 _ 2.07 2. 13 2. 11 2. 10 2.11 2.11 2.12 2. 12 2. 13 . . 2.13 2. 14 2. 14 2. 17 2.19 2.19 . 2.19 $1. 623 1.700 1.77 1.82 1.91 1.95 2.03 2. 10 2.13 2.13 2.13 2. 12 2.11 2.11 2.12 2.12 2.12 2.13 2.14 2. 14 2. 16 2.19 2. 19 (3) $1. 410 1.469 1.67 1.77 1.87 1. 92 2.01 2.10 2.20 2.28 2.24 2.24 2.25 2. 25 2. 26 2.27 2.28 2.29 2.30 2.29 2.34 2.36 2.35 2.36 $1. 278 1.325 1.48 1.54 1.61 1.66 1.71 1.80 1.88 1. 94 1.92 1.92 1. 93 1. 94 1. 94 1.94 1. 94 1. 93 1.95 1.95 1.96 1.97 1.98 1.98 $1. 536 1.608 1.65 1.68 1.74 1.78 1.84 1.91 1.93 1. 94 1. 94 1.94 1. 93 1. 94 1.94 1. 94 1.93 1. 93 1. 95 1.95 1.95 1.97 1.98 (3) $1. 848 1.935 2. 19 2. 31 2. 48 2.60 2. 66 2.80 2. 96 3. 10 3.07 3.08 3.06 3.06 3.06 3.06 3.09 3.09 3. 13 3. 13 3. 14 3.19 3. 19 (3) $2. 221 2. 348 2.44 2. 51 2. 68 2.80 2.87 2.98 3.04 3. 10 3. 10 3.10 3.07 3.06 3.06 3. 05 3.08 3.08 3. 12 3. 12 3. 13 3. 18 3. 18 (3) $1. 088 1. 137 1.26 1.32 1.40 1.45 1.50 1.57 1. 64 1.70 1.68 1.68 1.67 1.68 1.69 1.70 1.71 1.71 1.71 1.71 1.71 1.68 1.74 (3) $1. 695 1.783 1.86 1.93 2.02 2.06 2. 17 2.23 2.26 2.28 2.26 2.26 2.25 2.25 2.26 2.27 2.27 2.29 2.30 2.29 2. 33 2.36 2.35 (3) Earnings In current prices divided by consumer price indei on a 1958 base. * Preliminary estimates. 14 Building construction Nondurable goods manufacturing » Not available. Source: Department of Labor. 1958 prices ' $1. 308 1.380 1.40 1.44 L51 1. 56 1. 62 1.67 1.69 1.70 1. 70 1.69 1.67 1.68 1.69 1.70 1.70 1.71 1.71 1. 71 1.70 1.68 1.74 '<*) AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES Average weekly earnings declined slightly in February to $87.16, reflecting the small reduction of the workweek. They were $6.52 higher than in February 1958. DOLLARS PER WEEK DOLLARS PER WEEK 100 RETAIL TRADE NONDURABLE MANUFACTURING -"•'^x.r-'^r*; CURRENT PRICES eoLu.i » i I 1 m j ifri i i I i i i i i LJJ M i I i i i i t i i i i » 1 i i i i i 1 I I I t I I I 1-Ul 1959 SOURCE:DEPARTMENT OF LABOR. Period 1948 .... 1949— .1951. 1952 ----1953 1954.. 1955 .. 1956 1957 1958 . . 1958: January.. February March. . April _. May June July.. August. September October. November December 1959: January22... February COUNCll OF ECONOMIC ADVISERS [For production workers or nonsupervisory employees] Durable goods Nondurable goods Building Retail jbrade All manufacturing manufacturing manufacturing construction 195S 1958 Current Current Current 1958 Current 1958 Current 1958 prices1 prices prices * prices prices * prices prices * prices prices * prices $54. 14 54. 92 64.71 67.97 71. 69 71. 86 76.52 79.99 82. 39 83. 71 81. 66 80. 64 81.45 80. 81 82.04 83. 10 83. 50 ... 84.35 85. 39 85. 17 86. 58 88.04 87.38 .. 87. 16 $65. 07 66. 65 71.98 73.96 77.42 77.27 82. 55 85.01 84. 68 83. 71 82.48 81.29 81. 61 80. 81 81. 96 82. 93 83.25 84. 18 85.22 85.00 86.32 87.86 87.21 (3) $57. 11 5a03 69. 47 73.46 77.23 77.18 83.21 86. 31 88. 66 90.29 87. 14 86. 46 87. 75 87. 30 88. 37 89.89 89.83 91. 14 92.46 91.83 94. 30 96.29 94. 94 94. 87 i Earnings in current prices divided by consumer price index on a 1958 base. * Preliminary estimates. $68.64 70. 42 77.27 79.93 83.40 82.99 89.76 91.72 91. 12 90. 29 88.02 87. 16 87. 93 87. 30 88. 28 89.71 89.56 90.96 92.28 91.65 94. 02 96. 10 94.75 (3) $50. 61 51.41 58. 46 6'0. 98 63. 60 64.74 68.06 71. 10 73. 51 75.27 73.54 73. 15 73.53 73. 14 73.91 75.08 75.66 76.04 77.03 76.83 77. 22 78.01 77. 81 78.01 $60.83 62. 39 65.03 66.35 68. 68 69.61 73.42 75. 56 75.55 75. 27 74. 28 73. 74 73. 68 73.14 73.84 74.93 75. 43 75. 89 76.88 76. 68 76. 99 77. 85 77.65 (3) $68.85 70. 95 81. 47 88.01 91. 76 94. 12 96.29 101. 92 106. 86 110. 67 108. 06 101. 64 107. 71 108. 63 111. 08 110. 77 112. 17 113. 40 114. 25 115. 18 111. 16 110. 37 112. 29 (3) $82. 75 86.10 90.62 95. 77 99. 09 101. 20 103. 87 108. 31 109. 83 110. 67 109. 15 ,102. 46 107. 93 108. 63 110. 97 110. 55 111. 83 113. 17 114. 02 114. 95 110. 83 110. 15 112. 07 (3) $43. 85 45. 93 50. 65 52. 67 54. 88 56.70 58.50 60. 60 62.48 64.60 63. 50 63.50 63. 13 63.50 63. 88 64. 94 66. 18 66. 18 64. 98 64. 81 64. 47 64.68 66. 29 (3) $52.70 55.74 56.34 57. 31 59.27 60. 97 63. 11 64.40 64. 21 64. 60 64. 14 6401 63.26 63. 50 63. 82 64.81 65.98 66.05 64.85 64.68 64.28 64.55 66. 16 (3) »Not available. Source: Department of Labor. IS PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The index of industrial production (seasonally adjusted) rose again in February, reaching a level 14 points highter than a year earlier and only about 1 point below August 1957. INDEX, 1947-49 »IOO 180 INDEX, 1947-49-100 180 160 160 120 120 1954 1953 1956 1955 1957 1958 Jl 1959 COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. [1947-49 = 100, seasonally adjusted] Total industrial production "Porirkrl 1948 1949 1951 1952 . 1953 _ 1954 __ _ 1955 1956 1957 -_1958 -. 1958: January . February March April May June... July. August September October November December 1959: January 1 _. February i Preliminary estimates. 16 _ . _. '. ...'.. . .. ._ ....... _ __ .. . .. i „. . .. . . . . . . . ._ . 104 97 120 124 134 125 139 143 143 134 133 130 128 126 128 132 134 136 137 138 141 142 143 144 Manufactures Total 103 97 121 125 136 127 140 144 145 136 135 131 129 128 130 134 136 138 139 140 143 144 145 146 Durable 104 95 128 136 153 137 155 159 160 142 142 137 135 131 134 139 141 144 145 146 151 152 153 155 Minerals Nondurable 102 99 114 114 118 116 126 129 130 130 127 125 124 125 126 129 132 133 133 134 135 135 137 138 Source: Board of Governors of the Federal Reserve System. 106 94 115 114 116 111 122 129 128 117 121 118 112 109 108 112 116 120 123 122 123 123 123 124 PRODUCTION OF SELECTED MANUFACTURES In February, production increases were rather general among both durable and nondurable manufactures. metals, with an increase of 8 percent, registered the largest gain in output. INDEX, 1947-49* 100, SEASONALLY ADJUSTED Primary INDEX, (947-49«IOO, SEASONALLY ADJUSTED 240 2ZO 200 180 I I ! I ! I I I II I 1 1 I 1 I I I I 1 I I I 1 I 1 1 I I ! II 1956 1957 1958 1956 1959 180 1959 1958 1957 CHEMICAL AND PETROLEUM - PRODUCTS, 160 120 140 100 120 FOODS, BEVERAGES AND TOBACCO V^ 80 **-O^ |°^ ^"^ ^'Vf 100 —TEXTILES AND APPARElT^-Vl ~j£| , *•*? 1 I I I I I I 1 1 I I I I I I I I I I I M I I I I I I I I I I I III 1 1 I t I I M I (956 1957 1958 1959 (956 1958 1957 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1959 COUNCIL Of ECONOMIC ADVISERS [1947-49=100, seasonally adjusted] Durable manufactures Period 1948 _ 1949 . 1951 _. 1952 1953 1954 1955... 1956_ 1957 1958 . . 1958: January February March. „. April. May June July August SeptemberOctober November December . 1959: January.l . February i8 Preliminary estimates. Not available. Nondurable manufactures FabriTranspor- Lumber Textiles Primary cated Machin- tation and and metals ery metal prod- apparel equipproducts ucts ment 107 90 126 116 132 108 140 138 131 104 100 95 91 86 91 103 102 109 113 122 123 123 125 135 104 93 122 121 136 123 134 135 139 128 129 124 122 118 120 125 129 132 135 133 136 136 136 137 104 93 130 147 160 142 155 171 168 145 151 144 141 137 137 141 144 147 148 147 150 152 154 156 102 102 135 154 189 175 203 199 213 187 191 185 183 178 182 185 185 186 178 183 203 204 204 201 106 93 113 111 118 115 127 123 114 115 110 108 109 107 109 113 114 120 118 120 125 125 125 (2) 103 97 106 105 107 100 109 108 105 103 97 97 95 98 99 102 107 108 109 111 110 110 111 112 ConPaper Chemical Foods, sumer and and petro- bever- durable leum ages, and goods printing products tobacco 103 101 118 118 125 125 137 145 148 147 146 144 142 143 143 146 148 150 150 153 152 150 153 154 103 100 132 133 142 142 159 167 172 170 168 164 163 164 165 168 171 174 174 175 177 180 182 183 100 100 105 106 107 106 109 112 112 115 114 114 113 113 114 116 116 116 116 116 117 117 118 118- 102 101 114 105 127 116 147 131 130 113 113 110 104 97 105 111 114 115 103 108 133 134 133 131 Source: Board of Governors of the Federal Reserve System. 17 WEEKLY INDICATORS OF PRODUCTION Several weekly indicators of production increased in February and early March. Steel production reached a new high in early March. Auto assemblies improved somewhat after the first week of February. MILLIONS OF TONS 3 MILLIONS OF SHORT TONS (DAILY AVERAGE) STEEL 2.0 J J AS 0 N D THOUSANDS 25O BILLIONS OF KILOWATT HOURS 14 200 150 100 10 -I I I I h I I I M I I I I I I I I M i I I I I I I I I I M I I I I I I I I I I I I I i l l O N I.I. 0 F M A M J . J SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS. Period D COUNCIL OF ECONOMIC ADVKfRS 2,245 2,204 2, 162 1, 635 1,525 1,446 1,412 1,290 1,422 1,661 1,458 1,650 1,783 1,995 1,998 1,971 2, 103 2,401 139.7 137.2 134. 6 101.8 94.9 90.0 87.9 80.3 88.5 103. 4 90.7 102. 7 111.0 124 2 124.3 122.7 130. 9 149.5 10, 318 11, 292 11, 873 12, 314 12, 247 12, 212 11, 764 11, 239 11, 261 11, 872 12, 051 12, 579 12, 214 12, 146 12, 386 12, 949 13, 356 13, 170 1, 542 1, 693 1,644 1, 361 1,466 1,325 1, 249 1, 186 1, 153 1, 435 1,330 1,306 1,458 1,470 1,445 1,514 1, 339 1, 368 724 728 683 581 543 528 537 528 549 622 552 631 642 682 615 531 569 573 269 274 272 275 224 262 270 257 260 272 234 296 286 311 304 262 272 304 176. 7 132. 8 138. 6 98.4 120.9 116. 3 103.2 88.8 96. 6 99. 0 82. 8 53.5 38.9 71.9 149.7 1443 152. 6 1447 152.7 111. 6 117. 6 81. 6 103.7 98.0 86.2 71.9 79.8 82. 1 68. 4 42.0 29.0 56. 7 126. 2 1248 129.0 119. 6 240 21. 2 21. 0 16.8 17.2 18.3 17.0 16.9 16.8 16.9 144 11.5 9.9 15. 2 23.5 19.6 23.6 25.1 2,288 2,371 2,449 2,506 2, 556 2,604 2,610 142. 4 147.6 152.5 156.0 159. 1 162. 1 162.5 13, 292 13, 156 13,259 12, 972 12,945 1,403 1, 363 1,343 1,373 1,286 565 567 583 576 596 298 310 305 302 316 139.0 140.4 146.3 152. 9 157. 0 156.9 1143 115.5 120. 8 127. 8 133. 5 132.5 248 24 9 25. 6 25. 1 23.5 244 1 Weekly capacities (net tons) as of January 1 are: 2.413,278 X1955), 2,455,300 (1056), 2,559,031 (1057), 2,609,320 (1958), and 2,831,486 (1959). 3 Dally average for week, 18 N Bituminous Freight Paperboard Electric Steel produced l Gars and trucks coal mined power loaded produced assembled (thousands) Index distributed (thousands (thousands Thousands (thousands of net (1947-49 = (millions of of short Cars Trucks Total of tons) of cars) tons 100) kilowatt-hours) tons) 2 Weekly average: 1955— _ 1956—. 1957 ..... 1958. 1958: January .. February . . March. . . . . . April - . J^Iay. ........ June......... Julv August September October November December ... 1959: January. 3 .... February Week ended: 1959: February 7... 14 21.— 28 March 7~*II 14 L. 21»__ O 3 Preliminary. Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Kailroads, National Paperooard Association, and Ward's Automotive Reports. NEW CONSTRUCTION Expenditures for private residential construction (seasonally adjusted) continued to rise during February, wKile Outlays For both private nonresidential and public construction declined. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 20 10 I t I I f 1 I I I 1 I f I ! I 1 I I 1 I t I I f t i t 1 ! f I I I I I I f I 1 I I I ! f 1 1 L_L I t - l 1 1 I I I I I I M M I I I I I I I I t I Ml n 20 ! fM I t 1! ! H I ! n i l I f I I I I I I t I i f M J i l l ! ! 1 I 1 ! I ! ! f ! 1 I I ! 1 ! I 111 ! H L! I 1 1 ! ! '! I 1 t t1 1953 1954 I 1955 1957 1956 1958 M-.M 1 1 ! M l U/» 1959 COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR [Billions of dollars] Total new construction ... 34.8 37.1 39.6 44.6 46. 3/ 48.1 49.0 Period 1952. .... 1953 1954 1955 1956.. 1957 1958. . . _ 1958: January February March April May June July. August September.. October November December-. 1959: January 4 February _ __ . . . . 48.8 48.0 47.6 46.6 46.5 47.1 47.8 4a5 49.4 51.3 52.5 53.7 54.6 54.4 1 Private Federal, Construction contracts State, and Eastern Residential Total 8 48 States 2 37States Other local (nonfarm) private 10.9 16.8 12. 8 11.0 23.8 11.4 17.4 11.9 25.7 13.8 11.9 15.4 19.8 12.3 27.7 18.7 13.9 12.0 23.7 32.6 31. 6 »246 15.6 17. 7 33.3 13.0 32.2 25.3 141 34.0 17.0 17.0 15.0 35. 1 17. 9 16. 1 33.9 Seasonally adjusted annual rates 31.3 16.6 34.0 14.9 17.3 C3) 29.7 17.2 145 33.6 16.3 32.2 16.3 145 33.1 16.8 30.2 32.4 16.2 16.2 142 142 32.4 16.2 16.2 35.9 144 41.9 32. 7 16.6 16. 1 147 17. 2 15.9 38.9 sai 18.0 33.6 15.6 149 42.6 34.2 18.5 15. 7 15.3 36.4 15.9 35.3 19.5 16.0 39.6 36.2 20. 2 16.0 16.4 36. 6 16.0 36.6 20.6 17.1 2as 21.4 37.3 15.8 17.3 35.1 37.4 21.8 15.6 17. 0 1 Compiled by F. W. Dod s Corporation; seasonally adjusted by the National "Bureau of Economic Besearc u Omits small contracts, and covers rural areas less fully than urban, 2 Series begins January 1956. The 37 Eastern States data are probably indicative of the 48 States trend for other periods. 8 Revised series beginning January 1956; not comparable with prior data. Series discontinued beginning January 1958. * Preliminary estimates. Sources: Department of Commerce, Department of Labor, and F. W. Dodge Corporation (except as noted). 19 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts (seasonally adjusted) declined in February to an annual rate of 1,320,000 units, appraisal requests and applications for FHA commitments rose somewhat. MILLIONS OF UNITS VA MILLIONS OF. UNITS" 0.5 1953 1858 1959 | I/SEE FOOTNOTE*« Oil TABLE BELOW. SOURCES: DEPARTMENT OF LABOR, FEDERAL HOUSINQ ADMINISTRATION (FHA), AND VETERANS ADMINISTRAT^N rval [Thousands of units] New nonfarm housing starts Period Annual total: 1953 1954.... 1955 1956 1957 1958 8... Monthly average: 1953. 1956. 1957. 1958*. 1958: January February ....... March ......... April ;... May.. .. June........... July. August September .... October . November. ..... December ...... 1959: January.-3 .. .. February Total 1, 103. 8 1, 220. 4 1, 328. 9 1, lia 1 1, 041. 9 1, 209. 1 92,0 93.2 86.8 100. 8 67. 9 66. 1 81.4 99. 1 108. 5 112.9 112. 8 124.0 121.0 115. 0 109.4 8 91. 0 3 86. 0 89.0 Publicly financed 35.5 ia7 19.4 24.2 49.1 67. 6 ao 2.0 4,1 5.6 5.0 5.1 4. 1 4.9 7.2 11.6 4.2 9.4 10. 1 2. 1 2.4 8 1.5 8 2. 7 1.1 Total 1, 068. 3 1, 201. 7 1, 309. 5 1, 093. 9 992. 8 1, 14L 5 89.0 91.2 82.7 95. 1 62.9 61.0 77.3 94.2 101.3 101.3 ioa 6 114,6 110.9 112.9 107.0 8 89. 5 3 83. 3 87.9 Privately financed Government programs Total » FHA* VA 252. 0 156.5 408.5 276.3 583. 3 307.0 276.7 392.9 669.6 189.3 460. 0 270.7 16a4 296.7 128. 3 295.4 102. 1 397.5 21.0 13.0 34.0 3a s 15.8 22.6 24.7 10.7 14.0 3a i 24.6 as 17.4 13.3 41 14. 1 11.3 2.8 16.5 19. 6 3. 1 22.7 27.4 48 26.0 6.0 32.0 2ao 8.5 36.5 10.6 40.3 29.7 13.2 43.6 30.5 144 31.9 46.3 347 147 49.4 11.0 25.8 36.8 25.0 9.0 34.0 6.9 26. 7 19.8 6.2 26.3 20. 1 » Excludes armed forces housing: 2,837 units in 1956; 18,681 units in 1957; 31,863 units in 1958; and 3,928 units in the first 2 months of 1959. > Units represented by mortgage applications lor new home construction, i Preliminary 20 COUNCa OF KDNOMJC'AOVKBtS Proposed home construction Private, seasonally Applications Bequests for VA adjusted for FHA coma annual appraisals1 mitments rates 251.4 253.7 338. 6 535. 4 620. 8 306. 2 401.5 197. 7 159.4 198.8 2342 341.7 21.0 21. 1 33. 5 16.5 13.3 16.6 19.5 28.5 as 1,020 17. 3 5.3 915 20. 6 8,4 918 25.0 31. 6 24 8 988 29.2 1,089 346 2R4 33.4 1,057 28.5 31.8 1,174 28.5 33.6 1, 828 26.7 36.8 1,255 19.1 31. 8 1, SOS 15.3 22. 3 1,427 148 23.0 * 1,480 8 17.9 25.5 1, 850 21.0 29.5 1, 820 Sources: Department of Labor, Federal Housing Administration (FHA), and Veterans Administration (VA). SALES AND INVENTORIES—MANUFACTURING AND TRADE Total manufacturing and trade sales (seasonally adjusted) were $57.4 billion in January, virtually unchanged from the December level. Total inventories rose about $300 million, primarily in the manufacturing sector. Preliminary estimates indicate that retail sales in February were about the same as in January. BILLIONS OF DOLLARS,SEASONALLY ADJUSTED BILLIONS OF DOLLARS, SEASONALLY ADJUSTED 100 TOTAL AND MANUFACTURING TOTAL INVENTORIES 60 60 ITAL SALES* 10 f f I h i i 1 1 1 1 M t i i f i I t tlf I f i i 1 1 1 i i i i il i t t i 1 1 1 1 i i if MANUFACTURING INVENTORIES INDEX, 1947-49" 100, SEASONALLY ADJUSTED 1959 *t^fffM^^Gf^^^^M^E^HD ^^. ™Q?* * «*"*»,»W* » f»i» •«»••., »*»r»i*fc., m«v WHOLESALE wi^iwt.i_wrv^- TRAOE.^,., •••*»•*•.. ^4^...<^r>-.ip,«.,, _ ^. . --^-»«,~ v l '- ••' ^OF *• • 1NORS OF S(5t)RCE: DEPARTMENT COMMERCE AND BOARD OF GOVERNORS OF THE THE FEDERAL FEDERAL RESERVE SYSTEM. W W Manufacturing and trade Period 1952 1953 1954... 1955 1956 1957 1958 1957: December 1958: January February.... March . April _. . ^.^ May ... June ....... . Julv . . ; August.. September.. October ._ November.. December... . 1959: January44.. . February Manufacturing Retail Department stores Inven-2 Sales1 Inven-2 New 1 Sales1 Inven-2 Sales i Inven-2 Sales i InvenSales i tories tories orders tories tories tories * Index, 1947-49 = 100 Billions of dollars, seasonally adjusted seasonally adjusted 75.4 45.9 22.8 23.6 9.6 21.6 43.8 10.0 13.5 114 121 4a4 7ae 245 45. 4 23. 1 9.8 10. 5 141 22.7 118 131 47.4 75.5 23.5 43.0 10.4 22.1 22.5 9.7 141 118 128 52.3 81.7 46.4 26.3 27. 2 11.4 15.3 23.9 10. 6 128 136 89.1 54.8 27.7 28.3 13.0 52.3 11.3 15.8 23.9 135 148 56.3 90.7 28.4 53.5 27.3 12.7 11.3 16.7 245 135 152 85.2 54.0 26.2 49.2 12. 0 25. 9 11. 1 ia7 240 136 * 148 54.5 90.7 53.5 26.7 25. 1 10.9 16.8 245 12.7 138 150 53.8 26.4 90.0 52.9 24 4 10.7 12.6 16.7 130 245 147 52. 1 52.4 89.3 25.5 16.1 241 10.5 12.5 243 124 146 51.3 88.5 24.9 24 8 241 52.0 12.4 16. 1 10. 3 131 142 52. 1 87. 6 51. 5 24 5 249 12. 2 10.7 16. 5 23.9 130 143 52.4 25.2 86.9 50.9 12. 1 10. 7 16. 6 25. 0 23.9 134 144 53.2 86.4 25.7 50.2 25.8 12.1 16. 6 10.9 241 133 147 54.0 85.9 26.3 49.8 26. 4 11.0 12.1 16.7 240 140 148 54.4 26.4 85.4 49.4 26. 1 11. 1 12.1 16.9 23.9 147 148 54.8 85.0 26.8 49.3 27. 0 11.4 12. 1 2&7 16.6 135 150 55. 6 27.2 84.9 49. 3 12. 1 27.9 11.5 16.9 23.5 135 152 85.0 56. 1 27.5 49.3 27.8 11.6 12.1 17.0 23.6 137 153 57.4 85.2 49.2 28.4 28.1 12.0 17,6 240 11.7 143 150 57.4 28. 2 85.5 49.5 28.5 17.5 24.1 11.8 11. 9 138 151 17. 5 138 i Monthly average for year and total for month. *8 Book value, end of period, seasonally adjusted. Book value, end of period, except annual data, which are monthly averages. Wholesale * PreUminary estimates. Bourees: Department of Commerce and Board of Governors of the Federal Eeserve System. 21 MERCHANDISE EXPORTS AND IMPORTS In 1958, commercial exports were 16 percent lower and imports were 1 percent lower than in 1957. commercial exports were 8 percent lower than a year earlier. BILLIONS OF DOLLARS 2.5 In January 1959, BILLIONS OF DOLLARS 2.5 2.0 2.0 1959 'COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF*TfOM"MERCE. [Millions of dollars] Merchandise exports Period 1949 monthly average 1951 monthly average 1952 monthly average 1953 monthly average 1954 monthly average 1955 monthly average 1956 monthly average 1957 monthly average 1958 monthly average 1957: December 1958: January ... February.. March April _... May June July August September October November December 1959: January Total » . ... . „. . _ . . ... . .. .. .. .. •. _ . • 1,004 1,253 1, 267 1,314 1,259 1,296 1,591 1,738 1,488 1,636 1,505 1,345 1,553 1,530 1, 638 1,406 1,416 1,396 1,361 1,599 1,596 1,514 1,400 Grant-aid shipments J (2) 1 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. 22 89 166 293 188 105 146 113 129 95 108 100 114 122 131 99 129 113 122 181 188 135 114 Commercial exports ( °u 1, 100 1,022 1,071 1,191 1,444 1,625 1, 360 1, 541 1,396 1,245 1,438 1,408 1,507 1,308 1,287 1, 283 1,239 1,418 1,408 1,379 1, 286 Merchandise imports 552 914 893 906 851 949 1, 051 1,082 1,069 1, 142 1, 096 956 1,072 1,057 1,061 1,031 1, 049 950 1, 074 1, 142 1,089 1,253 Excess of exports over imports Excluding grant-aid Total shipments 452 (2) 250 339 374 207 116 408 408 220 242 347 540 393 656 543 290 419 494 399 300 409 388 289 481 367 473 351 577 446 375 276 366 238 446 333 287 165 457 276 507 319 260 125 2 Not available. Sources: Department of Commerce and Department of Defense. PRICES CONSUMER PRICES Consumer prices rose slightly in January, mainly because of seasonal food price increases. personal care and recreation also rose, while prices for apparel and transportation declined. Prices of medical and INDEX, 1947-49-100 150- INDEX, 1947-49-100 ISO 140 130 I „,, 120 MO 110 100 100 90U-1 1953 1959 SOURCE: DEPARTMENT OF LABOR. i COUNCIL OF ECONOMIC ADVISERS [1947-49=100] Period 1948 _ 1949 1951 ._ 1952 1953 1954 1955— 1956 1957 _ 1958 1957: December 1958: January. February March April.... May..-.. June July. August September October November December 1959: January. _. .. Housing All items Food 102.8 101.8 111. 0 113. 5 114.4 114. 8 114.5 116.2 120. 2 123. 5 121. 6 122. 3 122.5 123.3 123. 5 123.6 123. 7 123. 9 123. 7 123. 7 123. 7 123. 9 123.7 123. 8 104. 1 100.0 112. 6 114. 6 112. 8 112. 6 110. 9 111.7 115.4 120. 3 116. 1 118. 2 118.7 120.8 121. 6 121. 6 121.6 121. 7 120. 7 120.3 119.7 119. 4 na7 119. 0 Total 1 101. 7 103.3 112. 4 114.6 117.7 119. 1 120. 0 121. 7 125.6 127.7 127.0 127. 1 127.3 127. 5 127. 7 127. 8 127.8 127. 7 127.9 127. 9 127.9 128. 0 128. 2 128.2 Kent 100.7 105.0 113. 1 117.9 124.1 128.5 130.3 132.7 135.2 137.7 136.7 136.8 137.0 137. 1 137.3 137.5 137.7 137.8 138. 1 138.2 138.3 138.4 138.7 138. 8 »Includes, in addition to rent, homeowner costs, utilities, bousefumishings, etc. Source: Department of Labor. Apparel Transportation 103. 5 99. 4 106.9 105. 8 104. 8 104.3 103.7 105. 5 106.9 107.0 107.6 106.9 106.8 106. 8 106. 7 106.7 106.7 106. 7 106.6 107. 1 107.3 107. 7 107. 5 106.7 100. 9 108.5 118.4 126. 2 129. 7 128.0 126.4 128.7 136.0 140. 5 138.9 138.7 138.5 138.7 138. 3 138.7 138.9 140. 3 141. 0 141. 3 142.7 144. 5 144.3 144. 1 Reading Other Medical Personal and goods recreaand care care tion services 100.9 101. 3 100. 4 100. 5 104. 1 104. 1 101. 1 103.4 111. 1 106.5 110. 5 109.7 107.0 115.4 117. 2 111. 8 108.0 118.2 121.3 112. 8 113.4 107.0 120. 1 125. 2 128.0 115.3 106. 6 120. 2 132. 6 120.0 108. 1 122.0 112.2 138.0 124.4 125. 5 127.2 116. 7 144 4 128. 6 127.0 114.6 140. 8 126.8 141. 7 116.6 127.0 127.8 141. 9 128.0 116. 6 127.0 142.3 128.3 117. 0 127.2 142. 7 117. 0 128.5 127. 2 116. 6 143.7 128.5 127.2 116. 7 143.9 127.2 128. 6 144. 6 116.6 127.2 128. 9 145.0 128.9 116.7 127. 1 116. 6 128.7 127. 1 146. 1 116.6 146.7 127. 2 128. 8 147. 0 117.0 129. 1 127.3 147.3 129.0 116.9 127. 3 129.4 117. 0 147.6 127.3 23 WHOLESALE PRICES The average of prices in primary markets was the same in February as in January. processed foods dropped, while industrial prices continued to edge up a little. Prices of farm products anc INDEX, 1947-49 «100 INDEX, 1947-49. IOO 130 130 OTHER THAN FARM PRODUCTS AND FOODS (INDUSTRIAL} 120 100 90 80 Mill 1 1 It I 1953 I f 1-1 I I 1 L 1 JJ 1 ! 1 I L 1 1 1 I I LJ I t f 1956 1955 1954 1957 1958 1959 COUNCIL OF ECONOMK: AOVISOS SOURCE: DEPARTMENT OF LABOR [1947-49=100] All commodities Period 1948 ii 1949.. . 1951 1952 _ 1953 1954 1955 1956 1957 1958-—.... 1958: January February March April May... June . _ _ _ ......... _ .. ... . . . . . .... _. . . . . _ . . . . • July. August September October November December 1959: January February Source: Department of Labor. 24 _ . . . ._ . . . .... .. . . 104. 4 99 2 114. 8 111. 6 110. 1 110.3 110. 7 114. 3 117. 6 119. 2 118. 9 119. 0 119. 7 119. 3 119. 5 119. 2 119.2 119. 1 119. 1 119. 0 119. 2 119. 2 119. 5 119. 5 Farm products 107. 3 92. 8 113. 4 107.0 97. 0 95.6 89.6 88.4 90. 9 94. 9 93. 7 96. 1 100. 5 97.7 9a 5 95.6 95.0 93.2 9a i 92.3 92. 1 90. 6 91. 5 91. 1 Processed foods 106. 1 95. 7 111.4 ioa 8 104. 6 105. 3 101. 7 101. 7 105. 6 na 9 109. 5 109. 9 110.7 111. 5 112. 9 113.5 112.7 111. 3 111. 1 110. 0 109.5 108. 8 108. 7 107.6 Other than farm products and foods (industrial) 103. 4 101. 3 115.9 113. 2 114.0 114.5 117. 0 122. 2 125. 6 12a 0 126. 1 125. 7 125. 7 125. 5 125. 3 125.3 125. 6 126. 1 120.2 126. 4 126. 8 127.2 127. 5 127.7 PRICES RECEIVED AND PAID BY FARMERS The index of prices received by farmers fell 1 point in the month ended February 15. index) also fell 1 point, and the parity ratio was unchanged. The index of prices paid (parity INDEX ,1910-14*100 INDEX, 1910-14*100 1.323 325 PRICES PAID, INTEREST, TAXES, AND" WAGE RATES 300 300 273 273 250 250 PRICES RECEIVED iRM PRODUCTS} 225 225 i in ilin 11 200 11 I 1 ! I M i 11 nin n111 nn i li MM M 1 1 1 1 1 1 1 n 11 n i Im n 100 1 I I 11 I M I I 1 200 100 PARITY RATIOJ/ ***^*+«*^ ^ wO™^>-a<X« oocT^ ^^fro^fv0«>-»-«>*r^MK> ^^Xo, a*r- -o*~r-«t>^ 0-0 75 75 I 1 1 1 1 1 1 1 ! 1 I t 1 I 1 I 1 1 1 1 I 11 f f t M 1 1 f 1 f r 1953 1 1 1 1 1 II 1 \ \ II I 1 1 1 1 1 ILIl.ljLl^ M M f If t f M 1 MI 1955 1954 1956 1957 1958 RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES,AND WAGE RATES. SOURCE: DEPARTMENT OF AGRICULTURE, 1959 'COUNCIL of ECONOMIC MJVTSSB Prices received by farmers Period 1948 1949 1951 1952 1953 1954.. 1955 1956 1957 1958...... 1958: January 15 February 15 March 15 April 15 May 15 June 15 July 15 August 15_ September 15 October 15 November 15 December 15 1959: January 15 February 15 All farm products . _ ._ . ._ ..:.. _. . ._ _ _ 287 250 302 288 255 246 232 230 235 250 241 246 256 257 256 249 250 248 254 249 247 244 244 243 Crops 255 224 265 267 240 242 231 235 225 224 215 219 232 239 232 223 222 221 228 221 217 213 215 218 * Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. Prices paid by farmers All items, interest, Livestock taxes, Producand Family and living tion wage rates products items items (parity index) Index, 1910-14=100 250 315 251 260 272 243 238 251 268 282 336 273 306 271 274 287 269 268 256 277 249 270 277 255 234 276 270 251 274 226 250 278 282 244 257 286 272 264 287 293 263 285 ' 259 290 269 291 286 260 277 287 293 263 272 294 265 288 277 288 266 295 271 287 294 265 273 287 265 293 271 293 287 264 277 294 286 265 273 294 287 265 272 294 288 263 269 287 295 265 270 298 288 268 265 297 288 267 Source: Department of Agriculture. Parity ratio « 110 100 107 100 92 89 84 83 82 85 83 85 87 87 87 85 85 85 86 85 84 83 82 82 25 CURRENCY, CREDIT, AND SECURITY MARKETS CURRENCY AND DEPOSITS The total of demand deposits and currency declined less than seasonally in February. BILLIONS OF DOLLAR^ 260 BILLIONS OF DOLLARS 260 220 TOTAL EXCLUDING U. S- GOVERNMENT DEPOSITS 40 1959 1953 COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OFTHE FEDERAL RESERVE SYSTEM. End of period 1952 ....... 1953 1954 . 1955 .. 1956 . 1957 1958* 1958: February . March.. April........ . . May.... ' June..-— .-.__._..-. July August-... .. .. September... . October4........ 4 November ...... December4 4 . .»__.. 1959: January 4.. February - Total U.S. deposits Governand ment curderency posits * 200.4 205.7 214.8 221.0 226. 4 232.3 245.9 22ao 230.9 234.4 234.2 239. 5 237. 2 238. 7 238. 1 240. 5 243. 4 245. 9 244. 3 241. 8 5.6 4.8 5.1 4.4 4.5 4,7 4.9 4.2 6.4 6.0 6. 1 10.0 4.8 6.2 5.0 4.2 6.3 49 5.3 4.9 [Billions of dollars] Total excluding U. S. Government deposits Demand deposits and currency Time Total de- 2 Demand Currency posits Total deposits3 outside~ adjusted banks 27. 5 129. 0 101.5 65.8 1948 28. 1 102. 5 200.9. 70.4 130.5 27.9 75.3 134.4 106. 6 209.7 109.9 28.3 138.2 216. 6 78.4 111.4 28.3 82.2 139. 7 222.0 110.3 28. 3 227.7 138. 6 89. 1 97.9 28. 6 241.0 143.1 1145 27. 4 105.6 223. 9 90.9 133.0 104 6 27.4 132.0 92.5 2245 107.2 27.6 228.4 93.6 1348 94 6 133. 5 105.8 . 27.8 22a 1 1340 106.2 27.8 229.5 95.5 27.9 232.4 135. 9 ids. i 96.5 2ao 135. 5 107.5 97.0 232.5 27.9 97.2 135.9 233. 1 108. 1 236.2 97.4 110.8 28. 0 138.8 111.6 28.8 237.0 96. 7 140. 3 28.6 1145 241.0 97.9 143. 1 27. 7 • 140. 9 239. 0 113. 2 98. I 110.7 98.4 27.8 138.5 236.9 i TJ. S. Government deposits at Federal Heserve Banks and commercial and savings banks, and TJ. S. Treasurer's time deposits, open account. * Deposits in commercial banks, mutual savings banks, and Postal Savings System; excludes interbank deposits. ' Demand deposits, other than interbank and TJ. 8. Government, less cash items in process of collection. 26 Demand deposits and currency, seasonally adjusted Demand Currency Total deposits outside adjusted banks 188. 1 184.0 185.0 1S5.5 185.4 187.6 187.8 186. 7 187.9 188.5 188.8 188. 0 188.6 105. 5 106.4 107.2 107. 6 107. 4 109. 6 109.2 108. 9 110.0 110. 8 110. 8 110.1 110.6 27.6 27.6 27.8 27.9 28.0 28. 1 28. 1 27.8 27.9 28.2 28.0 27.9 28.0 * Preliminary estimates. NOTE.—See Note, p. 27. Monthly data are for the last Wednesday of the'month, except the unadjusted data for December 1957 and June 1958, which are for call dates. Source: Board of Governors of the Federal Eesexve System. BfiNK LOANS, INVESTMENTS, AND RESERVES Commercial bank loans rose $200 million in February) compared fo $100 million in February 1958. FederalReserve Banks continued to ^exceed Borrowings af BILLIONS OF DOLLARS 2OO BILLIONS OF DOLLARS 200 180 160 TOTAL LOANS AND INVESTMENTS .INVESTMENT IN U.S.GOVERNMENT SECURITIES 40 1956 END OF MONTH eOUNdl'OF ECONOMIC ADVISERS. SOURCE: BOARP OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. End qf period 1951 1952 „• ... 1953-. ..... 1954.. _ 1955 ;._ 1956 1957 _ 1958 1958: January . February March .... April „ May . June ..... July August September October4 4 . November4 December 1959: January 4 4 February Total loans and investments 132. 6 141.6 145.7 155. 9 160.9 165. 1 170. 1 184. 6 167. 7 168.6 171.4 175.6 175. 4 179.9 177.6 180.0 179. 5 181. 4 183. 6 184 6 185. 1 183.3 [Billions of dollars] All commercial banks Investments U. S. GovLoans Other Total ernment securities securities 13.3 57.7 749 61.5 14 1 64.2 77.5 63.3 147 63.4 67.6 78. 1 16.3 69.0 70.6 85.3 16.7 61.6 82.6 78.3 16.3 748 58.6 90.3 76.2 58.2 17.9 93. 9 20.4 98.0 86.6 66. 2 17.9 75.6 57.7 92.0 18.2 92. 1 76.5 58. 3 18.9 93.0 78.4 59. 6 19.3 82. 1 62.8 93.5 19.4 92. 9 82.5 63. 1 642 843 20. 1 95.6 19. 9 84 0 64 1 93.6 66.1 20.2 86.2 93.8 20.6 647 94 2 85. 3 20.5 66.0 94 9 86. 5 20.3 87. 6 67. 3 96. 0 20.4 66.2 86. 6 98. 0 20.4 87.6 67. 2 97. 5 20.4 65.2 97.7 85.6 * Member banks Include, besides all national banks, those State banks that have taken membership in the Federal Reserve System. *1 Commercial and industrial loans and, prior to 1956, agricultural loans. Averages of daily figures on balances and borrowings during the period. «Preliminary estimates. Weekly • All member banks l reporting Borrowmemberl Reserve balances 3 ings at banks Federal Business Required Excess Reserve3 2 Banks loans 0.8 18.5 21.6 0.3 .7 19.6 8 23.4 .7 23.4 8 19.3 .8 1 18. 5 22. 4 .6 18. 3 6 26. 7 .6 18.4 30.^8 8 .5 31.8 18.5 8 .6 18.1 30.8 3 .6 5 30.1 18. 7 18.4 .6 29.9 2 .6 30.5 18. 1 1 29.6 1 .6 17.8 29.2 1 17.6 .7 29.8 .6 1 18.0 28.9 1 18.0 .7 .6 29.3 3 17.9 29.7 17.9 .6 5 .5 29.7 18.0 4 30.0 .5 18.0 5 18.4 .5 30.8 6 18.4 .5 29.7 6 .4 29.7 18. 1 5 NOTE.—Beginning January 1959, data include all banks to Alaska (one previously included). Source: Board of Governors of the Federal Reserve System, 27 CONSUMER CREDIT In January, consumer credit outstanding declined $650 million, compared to $870 million in January 1958. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 50 SO TOTAL CREDIT OUTSTANDING 1953 1954 1959 1955 COUNOl CMP fCONOMIC ADVISERS • SOURCE i BOARD OF GOVERNORS OP THE FEDERAL RESERVE SYSTEM. [Millions of dollars] End of period Total consumer credit outstanding 1948.... 1949 1951... 1952 1953.. 1954 1955 1956 1957 1958.1957: December. 1958: January.. February. March.. April.. .1. May ..... June..... July August September. October... November. December. 1959: Januarv _ . 14, 398 17, 305 22,617 27, 401 31, 243 32, 292 38, 670 42,097 44, 774 45, 065 44, 774 43, 904 43, 017 42, 500 42, 617 42, 985 43, 079 42, 923 43,128 43, 144 43, 164 43,464 45, 065 44,415 Total 8,996 11, 590 15, 294 19, 403 23.D05 23, 568 28, 958 31,827 34, 095 33, 865 34, 095 33, 713 33, 278 32, 940 32, 888 32, 910 33, 008 33, 074 33, 165 33, 079 33, 052 33, 126 33, 865 33, 768 Automobile1 paper 3, 018 4,555 5, 972 7, 733 9,835 9,809 13, 472 14, 459 15, 409 14, 131 15, 409 15,235 15, 030 14, 793 14, 691 14, 613 14, 590 14, 567 14, 514 14, 332 14, 164 14, 066 14, 131 14, 155 Other Repair and consumer moderni- Personal zation loans goods paper l loans * 2,901 3, 706 4,880 6, 174 6,779 6,751 7, 634 8,510 8, 692 9,007 8,692 8,495 8,277 8, 179 8, 124 8, 158 8,190 8,197 8, 254 8,312 8,411 8,528 9,007 8, 881 1 Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased. 1 Includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper." 28 Non instalment credit outstanding Instalment credit outstanding 853 898 1, 085 1, 385 1,610 1,616 1, 689 1, 895 2,091 2, 145 2,091 2, 069 2,041 2,019 2,017 2, 038 2,048 2,061 2, 091 2,107 2, 128 2, 146 2,145 2, 125 2,224 2, 431 3,357 4,111 4,781 5, 392 6,163 6, 963 7,903 8, 582 7, 903 7,914 7,930 7, 949 8,056 8,101 8, 180 8, 249 8, 306 8, 328 8, 349 8, 386 8, 582 8,607 Total 5,402 5,715 7,323 7,998 8,238 8,724 9,712 10, 270 10, 679 11, 200 10,679 10, 191 9,739 9,560 9,729 10, 075 10, 071 9,849 9,963 10, 065 10, 112 10, 338 11, 200 10, 647 Charge accounts 2,673 2,795 3,605 4,011 4,124 4, 308 4,579 4, 735 4, 829 5,018 4,829 4,290 3,754 3,579 3,772 4,010 4,012 3,927 3,956 4,033 4,191 4,297 5,018 4,504 Instal- Instalment ment credit excredits 8 tended repaid 15, 585 18, 108 23, 576 29, 514 31, 558 31, 051 39, 039 40, 063 42, 426 40, 497 4,088 3,088 2,742 3,156 3,335 3,371 3,477 3,483 3,385 3,297 3, 475 3,338 4,350 3,321 9 Credit extended or repaid during the period. Source: Board of Governors of the Federal Reserve System. 13,284 15, 514 22, 985 25, 405 27, 956 30, 488 33, 649 37, 194 40, 158 40, 727 3,559 3,470 3,177 3,494 3,387 3,349 3,379 3,41,7 3,294 3,383 3,502 3,264 3,611 3,418 BOND YIELDS AND INTEREST RATES Rates on Treasury bills rose in early March after declining slightly in February. Yields on corporate, municipal and U.S. Government bonds have recently increased after declining during February and the first week of March. •PERCENT PER ANNUM 1953 PERCENT PER ANNUM 1954 1958 1955 SOURCES: SEE TABLE BELOW. Period 1952 1953. -. l£54. „ 1955....... 1956.. 1957 1958 ...... 1958: February . March..'.. April.... May.. June.... . July.... August . ... September . r October November December.. 1959: January . February Week ended: 1959: February 7 14 21 -..' .. 28 March 7 ' 14 21..... 'CQUNCi OP ECONOMIC ADYttSi [Percent per annum] U. S. Government High-grade security yields municipal bonds 3-month Taxable (Standard & Treasury bonds * bills » Poor's) 3 1.766 2. 19 2.68 2.72 1. 931 2.94 .953 2. 37 2.55 2.84 1. 753 2.53 2. 658 2.93 a os a 60 a 267 a 47 1.839 a 43 a 56 1. 562 a 37 a 28 L354 a 25 a 45 3.31 a 12 L 126 3.14 1. 046 3.25 3.20 a 26 . 881 .962 a 45 a 36 a 74 1. 686 3.60 2.484 a 96 3.75 a 94 3.76 2.793 3.84 2.756 a 70 3.84 2.814 3.80 3.87 2.837 3.91 3.92 3.85 2. 712 2.721 2.810 2.726 2.589 2. 816 3.062 * 2. 763 1 Bate on pew issues within period. »Series includes: April 1953 to date, bonds due or callable 10 years and after; April 1952-March 1953, bonds due or callable after 12 years; October 1941-Mareh 1952, bonds due or callable after 15 years. 1959 3.93 3.92 3. 91 3.90 3.87 *3. 92 3.90 3.86 a 84 a 78 3.74 3.76 Corporate bonds (Moody's) Aaa 2. 96 3.20 2. 90 a oe a 36 3.89 a 79 a 59 a 63 a 60 Baa a 52 a 74 a 51 a 53 a 88 3.85 4.09 4 11 4.09 4. 08 4,12 4.14 471 4,73 466 468 467 462 455 453 467 487 492 487 485 487 489 4.15 4. 14 4. 14 4. 13 4 11 < 4 13 490 490 489 489 487 487 3.57 3.57 a 67 ' Weekly data are Wednesday figures. « Not charted. Sources: Treasury Department and Board of Governors of the Federal Reserve System (except as noted). Prime commercial pager, months 2.33 2.52 1.58 2.18 a 31 a si 2.46 2.63 2.33 1.90 1.71 L54 1.50 1.96 2.93 a 23 3.08 a 33 a 30 a 26 a so 3.25 3.25 3.25 a 28 4 3. 38 29 STOCK PRICES Stock prices declined during early February, but have since risen to a new high. INDEX. 1939* 100 INDEX, 1939*100 400 300 30O 200 COUNCIL OF ECONOMIC -ADVISERS' SOURCE'- SECURITIES AND EXCHANGE COMMISSION. Composite index * Period Weekly average: 1949__ . 1951 ._ 1952 . 1953 1954 1955 1956 1957 ._„•„ 1958_. 1958: February , March • '• ' April ' May June.. •"July—.. August September October November December 1959: January February Week ended: 1959: February 6 13 20 27 March 6 132 - .. . [1939 = 100] Manufacturing TransDurable Nondura- portation Total goods ble goods 30 Trade, finance, Mining and service 127.7 184. 9 195.0 193. 3 229. 8 304. 6 345. 0 331. 4 340. 9 304.0 310. 8 311. 9 322. 9 330. 6 339.2 351.7 360.5 376.4 387.8 392.8 409. 9 403.9 132. 1 206.8 220.2 220. 1 271. 3 374.4 438.6 422. 1 426.4 378. I 388.2 387.4 401. 4 411. 7 423. 6 442. 0 452. 9 474.2 487.4 489.8 507.6 495.7 116.0 178. 5 188. 8 192.6 245.2 352.4 409. 8 391.2 385.3 345. 8 351.6 339.8 353.2 362.2 376. 5 399. 4 412.9 437.2 448.0 451. 4 473. 6 465.6 147.2 233. 1 249.3 245. 2 295.2 394 4 465.1 450.7 458.0 407.7 421. 6 425. 7 438.4 449. 6 458.9 472. 9 481. 1 499. 2 514.3 515. 6 529.0 513. 8 136.0 199. 0 220.6 218. 7 232. 6 320.0 327. 1 275.4 270. 2 231. 3 230. 6 233. 1 249.0 259.2 268. 8 282. 6 292.2 310. 6 327.0 329.8 349. 9 349.9 98. 1 112. 6 117. 9 121. 5 135. 8 152. 9 155. 8 156.0 173.3 160.5 161.7 165. 7 168.9 171. 3 173.4 173.9 177.5 183. 4 189.8 198. 7 212.7 214.9 160.7 207. 9 206.0 207. 1 235.6 296.9 306. 3 277.5 314.5 277. 5 28a 4 285. 6 301.0 305. 1 311.9 324. 6 337.2 345. 5 361.9 374. 9 393. 6 400. 5 129.4 204.9 275. 7 240. 5 267.0 312.9 357.5 342.4 313.8 266.8 283.2 287.0 300. 1 318.9 330.7 341. 1 340. 6 343. 9 341.4 339. 0 348. 1 345. 3 400.1 400.3 408. 3 407. 0 413. 6 417. 2 492.2 490.7 501. 6 498. 4 508. 8 512.3 457. 8 458. 8 474. 9 471. 1 473.7 481. 0 514.3 510. 5 516.4 513. 9 531. 3 531. 1 346. 0 346. 6 355.2 351. 8 352. 5 357. 9 211.3 213.6 216. 0 218. 6 219. 0 222. 6 391. 6 399. 0 406. 6 404. 9 409. 0 409. 5 350.2 343.0 347. 4 340. 5 347.8 352. 2 i 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. Utilities > Not charted. Source: Securities and Exchange Commission, FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES For the first 8 months of the current fiscal year there was a budget deficit of $13.0 billion. last year, there was a deficit of $7.2 billion. For the same period of BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET EXPENDITURES NET BUDGET RECEIPTS FIRST 8 MONTHS FIRST 8 MONTHS 75 50 25 1955 1958 1954 1955 1956 1957 1958 BUDGET SURPLUS (+) OR DEFIC1TH (ENLARGED SCALE) 25 FIRST 8 MONTHS 1954 1956 # ESTIMATED SOURCES:TREASURY DEPARTMENT AND BUREAU OF THE BUDGET. 1958 1959 1954 1955 1956 FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Net budget expenditures Net Budget Major national security * Period budget Department surplus (+) receipts Total or of Defense Total deficit (-) military functions Fiscal year 1953 50.4 74.3 -9. 4 64 8 43. 6 Fiscal year 1954 ._ _ 46. 9 40.3 -3. 1 64.7 67.8 Fiscal year 1955 . __ 64. 6 40.6 60.4 -4.2 35. 5 Fiscal year 1958 .__ . 40.6 + 1.6 66.5 68.2 35. 8 Fiscal year 1957 . 69.4 + 1.6 71.0 43.3 38. 4 Fiscal year 1958 3 » 44. 1 69. 1 71. 9 39. 1 -2.8 Fiscal year 1959 3 80. 9 46. 1 — 12.9 68. 0 40.8 Fiscal year I960 .. 77.1 45.8 40.9 77.0 +.1 1958: January . - «. 3.7 6.0 -1.2 3. 1 4.8 February _ . . 3.5 5. 5 3.2 6. 3 +.8 March _. 3.6 9.5 5. 7 3. 1 +3. 8 April 6. 1 3.7 -2. 6 3.2 3. 5 May 3. 7 3.2 -. 9 4. 9 5.8 +42 June 6. 6 4.3 10. 8 3.9 4 Julv _ 4 6. 6 3. 8 3. 2 -a7 2.9 August -.. 3.2 6. 2 3. 6 4. 8 -1.4 4 September . »__.._.. 7.2 3. 9 +.6 6.6 3.5 4 October 4 42 7. 1 -44 3.8 2.8 3.2 November4 6.2 3.6 -1.3 5. 0 December 42 7. 1 3.7 -.9 6. 2 4 1959: January 4 .... _ . 3.7 —2.2 6.8 3. 3 4.5 February .. 3.6 3.2 +.2 a3 6.6 Cumulative totals for4 first 8 months: 28. 9 -7.2 47.6 25.7 Fiscal year 1958 40.4 53.0 Fiscal year 1959 4 __ 30.5 27. 1 — 13. 0 40. 0 * Includes military functions of Department of Defense, military assistance portion of the mutual security program, Atomic Energy Commission, stockpiling,3 and defense production expansion. Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation. Public debt (end of2 period) 266. 1 271.3 2744 272. 8 270. 6 276. 4 285.1 285.1 2747 2748 272. 7 275.2 275.7 276.4 275.6 278. 6 276.8 280.3 283. 2 283.0 285.9 285.2 274 8 285. 2 *Estimate. * Preliminary. Sources: Treasury Department and Bureau of the Budget. 31 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In the fourth quarter of the calendar year 1958, cash payments to the public exceeded cash receipts by $7.1 billion. For the year as a whole the excess of payments was $7.3 billion, compared with an excess of receipts of $1.2 billion in 1957. BILLIONS OF DOLLARS BILUONS OF DOLLARS CASH RECEIPTS 1 CASH PAYMENTS 20 tIS (ENLARGED SCALE) EXCESS OF CASH RECEIPTS EXCESS OF CASH PAYMENTS -15 1952 1953 1954 1955 I 1958 1956 i 1959 CALENDAR YEARS *PRELIMINARY ESTIMATES. COUNCIL OF ECONOMIC ADVISERS SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT. [Millions of dollars] Period Fiscal year total: 1956... 1957 _ _ 1958 _. 19591 __ I960* Calendar year total: 1955 1956. _ 1957 3 1958 Quarterly total, not adjusted for seasonal variation: 1957: First quarter . Second quarter Third quarter Fourth quarter . 1958: First quarter Second quarter2 __ Third quarter 2 Fourth quarter I »Estimate. 1 Cash receipts from the public Cash payments to the public 77 088 82, 107 81 893 81, 651 93, 502 72 617 80, 008 83 413 94, 899 92, 875 +4, 471 + 2, 099 - 1, 520 — 13, 248 + 626 71, 448 80; 330 84, 520 81, 729 72, 188 74,807 83, 326 89, 015 — 740 +5, 524 + 1, 194 — 7, 288 24, 617 24, 846 18, 653 16, 404 23, 618 23, 219 18, 274 16, 618 19, 814 21, 574 21, 099 20, 839 19, 626 21, 850 23, 789 23, 750 +4,802 +3, 273 — 2,447 — 4,435 +3, 993 + 1, 368 — 5, 516 — 7, 133 Preliminary. Sources: Bureau of the Budget and Treasury Department. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington 25, D.C. Price 20 cents per copy ; $2.00 per year; $2.75 foreign. 32 Excess of receipts (+) or payments (— )