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.
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32
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