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8Jth Congress, 1st Session

o T L J Ui Ii o /
i ni J

V ! »

PUBLIC LIBRAE

J

Economic Indicators
MARCH 1961

Prepared for the Joint Economic Committee by the
Council of Economic Advisers
The November I960 issue of Economic Indicators introduced z. number of
revisions resulting from the recent review of the needs of the Joint Economic
Committee and other users of the publication. The revised Indicators incorporates more seasonally adjusted data, expanded detail on some topics such as
unemployment, and new information such as the balance of payments.
The I960 revised edition of the Supplement to Economic Indicators, which
describes each series and gives annual data for years not shown in the monthly
issues, is now available from the Superintendent of Documents, Government
Printing Office.




UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1961

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
JOHN SPARKMAN (Alabama)
RICHARD BOLLING (Missouri)
J. WILLIAM FULBRIGHT (Arkansas)
HALE BOGGS (Louisiana)
WILLIAM PROXMIRE (Wisconsin)
HENRY S. REUSS (Wisconsin)
CLAIBORNE PELL (Rhode Island)
MARTHA W. GRIFFITHS (Michigan)
PRESCOTT BUSH (Connecticut)
THOMAS B. CURTIS (Missouri)
JOHN MARSHALL BUTLER (Maryland)
CLARENCE E. KILBURN (New York)
JACOB K. JAVITS (New York)
WILLIAM B. WIDNALL (New Jersey)
WM SUMMERS JOHNSON, Executive Director
JOHN W. LEHMAN, Deputy Executive Director and Clerk

COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman
KERMIT GORDON
TAMES TOBIN

[PUBLIC LAW 120—81sr CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
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,

Economic Indicators, published monthly, is available at 20 cents a single copy
or by subscription at $2.00 per year (foreign, $2.75) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON 25, D. C.
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $4.60 per year.
The I960 Supplement to Economic Indicators, which describes each series and
gives annual data for years not shown in the monthly issues, is now available at
60 cents a copy.




Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving.
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment

p

^
iv
1
2
3
4
5
6
7
8

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work
Average Hourly and Weekly Earnings—Selected Industries

9
10
11
12
13

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Trade Sales and Inventories
Manufacturers' Sales, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Balance of Payments

14
15
16
17
18
19
20
21
22

PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers

23
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Bank Loans, Investments, Debits, 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




NOTE.—Detail in these tables will not necessarily add to totals because
of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.

31
32

ill

TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
In current prices, total expenditures at $503.5 billion (seasonally adjusted annual rate) in the fourth quarter of 1960
were unchanged from the third quarter level but $1.5 billion below the second quarter peak.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Business

Persons
Personal
Disposable consumption
personal expendiincome J tures

Period

1951
1952
1953
1954

1955
1956
1957
1958.

... _
_

_

.
.

1959 . ..
1960
1959: First quarter,. _
Second quarter .
Third quarter. _
Fourth quarter.
1960: First quarter. __
Second quarter.
Third quarter _ _
Fourth quarter.

227.
238.
252.
256.
274.
292.
308.
317.
337.
354.
329.
338.
338.
342.
347.
354.
357.
358.

5
7
5
9
4
9
8
9
3
2
6
3
5
4
0
1
5
1

209.
219.
232.
238.
256.
269.
285.
293.
313.
327.
306.
313.
316.
319.
323.
329.
328.
330.

8
8
6
0
9
9
2
5
8
8
1
6
0
6
3
0
3
8

International

Personal
Gross
saving
Gross private Excess
of
( + ) or retained domestic investearndisinvestment
ings 2
saving
ment
(-)
/ \
17.7
18. 9
19. 8
18. 9
17. 5
23. 0
23. 6
24. 4
23. 4
26.4
23. 6
24. 8
22. 5
22. 8
23. 7
25. 2
29. 2
27. 2

56.3
49.9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 0
72. 0
72. 8
70. 9
78. 9
67. 5
70. 8
79. 3
75. 5
70. 8
66.0

31. 5
33.2
34. 3
35. 5
42. 1
43. 0
45. 6
44. 6
50. 5
(5)
49. 1
51. 8
49. 6
51. 0
52. 4
52. 1
51. 6
(5)

-24. 8
— 16. 6
-16. 0
-13. 4
-21. 8
-24. 3
-20. 5
-11. 4
-21. 6
(6)
-21. 8
-27. 1
— 17. 9
— 19. 8
-26. 9
-23. 4
-19. 2
(5)

Foreign
Net exports of goods Excess of
and services
net
transfers
trans( + ) or
fers by
of net
Govern- Net
ExImexports
ment exports ports
ports
C-)3
2. 1
1. 5
1.6
1. 4
1. 5
1. 5
1. 5
1. 3
1. 5
1. 6
1. 5
1. 4
1. 2
1. 9
1. 6
1. 7
1. 4
1. 7

2. 4
1.3
-. 4
1. 0
1. 1
2. 9
4. 9
1. 2
-1. 0
3. 0
-1. 0
-2. 2
—. 2
A

1. 2
2. 0
3. 7
4.6

17. 9
17.4
16. 6
17. 5
19. 4
23. 1
26. 2
22. 7
22. 9
26. 5
21. 8
22. 2
24. 0
23. 5
25. 2
26. 4
27. 3
27. 0

Period

1951
1952
1953
1954
.
1955
-.
1956
1957.
_ . _.
1958
1959
. .1960 1959: First quarter
Second quarter
Third quarter
Fourth quarter
1960: First quarter
Second quarter
Third quarter
Fourth quarter
1

Expenditures




(+)or

66. 6
72. 2
75. 7
68. 5
78. 4
84. 2
87. 5
82. 1
94. 6
(5)
92. 6
97. 3
94. 9
93. 6
101. 4
100. 8

ga 9
5
()

85. 5
90.6
94. 9
90. 0
101. 4
109. 5
116. 3
115. 2
129. 1
(5)
126. 3
131.3
129. 0
129. 7
137. 3
137. 9
136. 3
(5)

18. 9
18.4
19. 2
21. 5
23. 0
25. 3
28.7
33. 1
34. 5
37.3
33.8
34. 0
34. 1
36. 1
35.9
37. 0
37. 4
39. 1

Pur-

60. 5
76. 0
82. 8
75. 3
75. 6
79. 0
86. 5
93. 5
97. 1
99.7
97. 1
97. 7
98. 1
96. 4
97. 5
98. 6
100. 7
102. 1

Personal income (p. 3) less personal taxes and nontax payments (fines, penalties.etc.).
3
Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and excess of wage accruals over disbursements.
1
Net foreign investment with sign changed.

IV

Surplus

deficit
Trans- (-) on
fers,
Total
nontax
chases
income
fers,
Net
and
goods expendi- interest,
receipts receipts interest, of and
and subor
tures and sub- product
4
4
accruals sidies
services
account
sidies

Tax and Trans-

-0. 2
.2
2. 0
.4
.4
-1. 5
-3. 5
.1
2. 5
j 4
2. 5
3. 6
1. 5
2. 4
.3
-. 3
-2.3
-2. 9

j

Govern ment
Government
Net receipts

15. 5
16. 1
17. 0
16. 5
18. 3
20. 2
21. 3
21. 5
23. 8
23. 5
22. 8
24. 4
24. 2
23. 9
23. 9
24. 4
23. 5
22. 4

79.4
94. 4
102. 0
96. 7
98. 6
104. 3
115. 3
126. 6
131. 6
137. 0
130. 8
131. 6
132. 2
132. 4
133. 4
135. 6
138. 1
141. 2

18. 9
18. 4
19. 2
21. 5
23. 0
25. 3
28. 7
33. 1
34. 5
37. 3
33. 8
34. 0
34. 1
36. 1
35. 9
37. 0
37.4
39. 1

6. 1
3 9
— 7. 1
-6. 7
2. 9
5. 2
1. 0
-11. 4
-2. 5
(5)
-4. 5
-. 4
-3. 2
— 2. 8
3. 9
2. 3
-1. 8
f5)

Gross
Total
Statis- national
income
tical
product
or
discrepor
receipts
ancy expenditure

327. 7
345. 6
364. 1
362. 3
396. 5
421. 6
443. 4
445. 9
483. 9
(5)
472. 9
488. 8
484. 3
488. 9
502. 3
508. 7
509. 4
(5)

1. 2
1. 4
1. 3
.9
1. 0
— 2. 4
-. 6
-1. 7
-1. 8
(s)
.1
-1. 0
-3. 0
-2. 6
-1. 1
-3. 9
— 5. 8

m

329. 0
347.0
365. 4
363. 1
397. 5
419. 2
442. 8
444. 2
482. 1
503. 2
473. 1
487. 9
481. 4
486. 4
501. 3
505. 0
503. 5
503. 5

* Government transfer payments to persons, foreign net transfers by Government, net interest paid by Government, and subsidies less current surplus of
Government enterprises.
5
Not available.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
In constant (1960) prices, gross national product at $500.4 billion (seasonally adjusted annual rate) in the fourth
quarter of 1960 was $1.3 billion below the third quarter level and $5.9 billion below the second quarter peak.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

500

-

300

I960

I954
SOURCE:.DEPARTMENT OF COMMERCE,

[Billions of dollars]
Government purchases of goods
Personal Gross
Total
Net
services
conTotal
gross
private exports
national
gross
sump- domestic of goods
Federal
tion
product national
and
in 1960 product expend- invest- services Total Total i National Other
ment
defense 2
itures
prices

Period

1949__.
1950
1951
1952_
1953
1954-..
1955
195G—
1957___
1958
1959
1900

.COUNCIL OF ECONOMIC ADVISERS

..

1959: Viixl. quarter
Second qunrt,cr__
Third quarter
F o u r t h quar(.er__
1900: Tirst quarter
Second qviarter__
Third quarter
!''<>iirUi <m;i.r(.er_.

334. s

362. S
SOS. 0
406. 8
425. 5
416. 8
449. 7
459. 3

/i(l~. S
,',59 7

J,i)0. (I

503. '.'!

j,sr,. t
497. !>

.>,ss. r>

.',91. S
SO.',. S

506. 3
501. 7
500. 4

258. 1
284. 6
329. 0
347. 0
305. 4
303. 1
397. 5
419. 2
442. 8
444. 2
482. 1
503. 2

181. 2
195. 0
209. 8
219. 8
232. 0
238. 0
250. 9
209. 9
285. 2
293. 5
313. 8
327. 8

33.0
22. 2
3. 8
40. 2
50. 0
19. 3
.6
39. 0
56. 3
2. 4
60. 5
38. S
49. 9
52. 9
1. 3
70. 0
50. 3
58. 0
-. 4 82. S
48. 9
75. 3
47. 5
1. 0
03. 8
75. 0
45. 3
1. 1
07. 4
79. 0
45. 7
2. 9
00. 1
4. 9
49. 7
80. 5
50. 0
1. 2
93. 5
52.6
72. 0
- 1 . 0 97. 1
53. 3
72. 8
52. 4
3. 0
99. 7
Seasonally adjusted annual rates

473. 1
487. '.)
4S1. 4
480. 4
501. 3
505. 0
503. 5
503. 5

300. 1
313. 0
310. 0
319. 6
323. 3
329. 0
328. 3
330. 8

70. 9
78. 9
67. 5
70. 8
79. 3
75. 5
70. 8
66. 0

1
Jjoss (lovennncnt sales.
a
These expenditures correspond closely with budget expenditures for "major
n;ttional security," shown on p. 31.




— 1. 0
-2. 2
—.2
-. 4
1. 2
2. 0
3. 7
4. 6

97. 1
97. 7
98. 1
96. 4
97. 5
98. 6
100. 7
102. 1

53. 3
53. 7
53. 6

52. 5
51. 8
51. 7
52. 7
53. 3

and
State
and
local

Implicit
price
deflator
for total
GNP,
1960=1003

13. 6
14. 3
33. 9
46. 4
49. 3
41.2
39. 1
40. 4
44. 4
44. 8
46. 0
45. 1

8. 9
5. 2
5. 2
6. 7
9. 0
6. 7
6.6
5.7
5.7
8. 3
7.8
7. 9

17. 9
19. 7
21. 7
23. 2
24. 9
27. 7
30. 3
33. 2
36. 8
40. 8
43. 9
47. 3

77.2
78. 6
83. 9
85. 3
85. 9
87. 1
88. 4
91. 3
94. 7
96. 6
98. 3
100. 0

45. 9
46. 4
46. 1
45.5
44. 9
44. 7
45. 1
45. 7

7. 9
7.8
8.0
7. 5
7. 5
7. 6
8. 2
8. 2

43. 8
44. 0
44. 5
43. 9
45. 7
46. 9
48. 0
48. 8

97. 5
98.0
98. 5
99. 0
99.3
99. 7
100. 4
100. 6

3
Gross national product in current prices divided by gross national product
in 1960 prices.
Source: Department of Commerce.

NATIONAL INCOME
Compensation of employees declined $2 billion (seasonally adjusted annual rate) in the fourth quarter of 1960.
Farm proprietors' income and net interest rose.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

300

PROPRIETORS' AND
RENTAL INCOME S^

100"

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

O

1954

I960

1959

1955

SOURCE! DEPARTMENT OF. COMMERCE.

.COUNCIL Of ECONOMIC ADVISEES

[Billions of dollars]
Total
national
income

Compensation
of employees >

1949. .
1950
1951
1952
1953
1954
1955
1956
1957...
1958--.
1959-_1960_ ..

217. 7
241.9
279. 3
292. 2
305. 6
301. 8
330. 2
350. 8
366. 9
367. 7
399. 6
C)

140. 8
154. 2
180.3
195. 0
208.8
207. 6
223. 9
242. 5
255.5
257.0
277.8
294 4

1959: First quarter. _ .
Second quarter
Third quarter
Fourth quarter
1960: First quarter _ _
Second quarter
Third quarter
Fourth quarter

390. 9
405. 4
399. 4
402. 8
414. 4
419. 4
419. 3
(2)

Proprietors' income

270. 4
279. 7
279. 5
281. 6
290. 2
295.0
297.2
295.2

Period

1
3 Includes

employer contributions for social insurance.
Not available.




Farm

(See also p, 3J

12. 9
14.0
16. 3
15. 3
13. 3
12. 7
11. 8
11. 6
11. 8
14. 0
11. 8
12. 0

Business
and professional

22. 7
23. 5
26. 0
26. 9
27. 4
27. 8
30. 4
32. 1
32. 7
32. 3
34. 7
35.9

Rental
income
of
persons

Net
interest

8.3
9.0
9.4
10. 2
10. 5
10. 9
10.7
10.9
11. 9
12. 2
12. 4
12. 5
Seasonally adjusted annual
13.0
33. 8
12. 3
12. 0
34. 8
12. 4
11. 1
35. 0
12. 4
11. 2
12. 5
35. 1
10. 6
12. 5
35. 4
12. 1
36. 0
12. 5
12. 2
36. 1
12. 5
12. 8
35. 9
12. 5

Corporate profits and inventory valuation adjustmpnt
Total

Profits Inventory
before valuation
taxes adjustment

48
5. 5
6. 3
7. 1
8. 2
9. 1
10. 4
11. 7
13. 4
14. 7
16. 4
18. 7
rates

28. 2
35. 7
41. 0
37. 7
37. 3
33. 7
43. 1
42. 0
41. 7
37. 4
46. 6
(2)

26. 4
40. 6
42. 2
36.7
38. 3
34 1
44. 9
44. 7
43. 2
37.7
47.0
(2)

-2. 7
1 5
-. 2
-. 5
.0

15. 9
16. 2
16. 5
16. 9
17. 8
18. 5
19. 1
19. 4

45. 5
50. 4
44. 9
45. 5
48. 0
45. 3
42. 2
(2)

46. 4
51. 7
45. 3
44. 8
48.8
45. 7
41. 5
(2)

-. 9
— 1. 3
-. 4
.7
-. 8
—.4
.7
.4

Source: Department of Commerce.

1. 0
-5.0
1 '2
1. 0
1 0

-. 7
u
I

SOURCES OF PERSONAL INCOME
Personal income declined $700 million (seasonally adjusted annual rate) further in February to $405.9 billion. The
most significant change was a $1.0 billion drop in labor income.
BILLIONS OF DOLLARS
45O

BILLIONS OF DOLLARS
45O

4OO

400

350

350

300

250

BUSINESS, PROFESSIONAL, AND RENTAL INCOME

1955

I960

1956

Total
personal
income

Period

1952
1953
1954
1955
1956
1957
1958-.
1959-.
1960

_

... ...

1960: January. February March
April

May
June
July.. ..
August
September.
October
NovemberDecember1901: January 33_
February -

273. 1
288. 3
289. 8
310.2
332. 9
351. 4
360. 3
383. 3
404. 2
395. 7
395. 7
397. 0
401. 9
404. 7
406. 1
407. 3
408. 2
408. 8
409. 7
409. 0
400. 9
400. 6
405. 9

[Billions of dollars]
Labor income Proprietors' income
(wage and
Rental
salary disDiviBusiness income dends
bursements
of
Farm
and pro- persons
and other
fessional
labor income) '
26. 9
190.2
15. 3
10. 2
9.0
204. 1
13. 3
27.4
9.2
10. 5
12. 7
27. 8
202. 5
10. 9
9.8
11. 8
30.4
10.7
218. 0
11. 2
32. 1
11. 6
10. 9
12. 1
235. 7
32. 7
12. 6
247. 7
11. 9
11. 8
32. 3
14. 0
12. 2
12. 4
249. 1
34. 7
12. 4
268. 3
11. 8
13. 4
35. 9
12. 0
12. 5
14. 0
283. 5
Seasonally adjusted annual
278. 8
11. 3
35. 5
12. 5
13. 9
279.3
10. 4
35. 5
12. 5
13. 9
280. 1
10. 1
35. 4
12. 5
13. 9
282. 5
11.7
35.7
12. 5
13. 9
284. 5
12. 1
36. 0
12. 5
13. 9
285. 0
36. 2
12. 5
12.5
13. 9
286. 2
36. 2
12.0
12.5
13. 9
12.2
286.3
36. 1
12. 5
14. 0
286. 2
12. 2
36. 1
12. 5
14. 0
12. 6
36. 1
286. 1
12. 5
14. 1
284. 7
12. 9
35. 9
12. 5
14. 1
282. 4
12. 9
35. 7
12. 5
14. 0
282. 4
]2. 9
35. 5
12. 5
14. 0
281. 4
13.0
?5. 4
12. 5
13. 9

' Compensation of employees (see p. 2) excluding employer contributions for
social insurance and the excess of wage accruals over disbursements.
2
Personal income exclusive or net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.




1961
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE.

Less: PerPersonal Transfer sonal contributions
interest
Payincome ments for social
insurance
13.2
12. 1
3. 8
14.3
13.4
3. 9
14. 6
16.2
4. 6
15. 8
17. 5
5. 2
17. 5
18. 8
5.8
21. 9
19. 6
6.7
20. 8
26. 4
6. 8
27. 0
23.5
7. 8
29. 0
26. 8
9. 3
rates
25. 2
27. 7
9. 2
27.7
25. 5
9. 1
28.3
9. 2
25. 9
26. 2
28. 6
9. 2
26. 5
28. 4
9. 3
26.8
28. 5
9. 3
27. 1
28. 7
9.3
27. 4
29. 1
9. 4
29.7
27.5
9. 3
30. 0
27.6
9. 3
27. 6
30. 5
9. 2
27. 7
30. 9
9.2
27. 7
31. 0
9.4
27. 7
31. 2
9.3

3
Preliminary,
Source: Department of Commerce.

Nonagricultural
personal
income 2

254. 3
271.5
273. 8
295. 0
317. 9
336. 1
342. 6
367. 6
388. 1
380. 2
381. 2
382. 7
385. 9
388. 3
389. 3
391.1
391. 8
392. 4
393. 0
392. 1
390. 1
389. 8
389. 0

DISPOSITION OF PERSONAL INCOME
The increase in disposable income (seasonally adjusted) slackened noticeably in the fourth quarter of 1960. Since
the rise in income was less than that in consumption expenditures, the saving rate declined; however, it was higher
than in the first half of 1960.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS*

350

DOLLARS*

2,000

2,000

1,800

1,800

1,600

I.6OO

1,400

1.400

1954

I960

1955

"SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: DEPARTMENT

Period

COUNCIL Of ECONOMIC ADVISERS

OF COMMERCED

Disposable
personal
income '

Personal consumption expenditures

Total

NonDurable durable Services
goods
goods

Personal
saving

Per capita disposable personal
income '
Current
prices

1960
prices 2

Saving as
percent Populaof distion
posable
(thoupersonal sands) 3
income
(percent)

Billions of dollars
Dollars
24. 6
96. 6
60. 0
1, 272
149, 188
8.5
1,580
4.5
30. 4
99. 8
64. 9
12. 6
1,369
1,676
6. 1 151, 683
1951.
29. 5
110. 1
70. 2
17. 7
1, 692
1, 474
154, 360
7.8
1952
29. 1
115. 1
75. 6
18. 9
1,520
157, 028
7. 9
1, 708
1953
32. 9
118. 0
81. 8
1,582
19. 8
1, 762
159, 636
7.8
1954
..
32. 4
119. 3
86. 3
1,582
162, 417
18. 9
1,744
7.4
1955
.
39. 6
124. 8
92. 5
17.5
1, 660
1,822
6.4
165, 270
1956
38. 5
131. 4
100. 0
1, 742
23. 0
7. 9
168, 176
1,879
1957
40. 4
137. 7
107. 1
1, 804
171, 198
23. 6
1,891
7. 6
1958
37. 3
142. 0
114. 2
24. 4
1, 826
174, 060
1, 879
7.7
1959.
43. 4
147. 6
122. 8
23. 4
1, 905
177, 076
1,938
6. 9
1960
.
152. 4
43. 6
26. 4
1, 969
1,969
179, 894
131. 7
7.5
Seasonally adjusted annual rales
1959: First quarter
329. 6
306. 1
41. 6
1,917
145. 3
119. 2
23. 6
1, 873
176, 012
7. 2
Second quarter
338. 3
313. 6
44. 4
147. 7
121. 4
24. 8
1, 914
176, 714
7. 3
1, 953
Third quarter
316. 0
44. 0
338. 5
148. 0
124. 1
22. 5
1, 907
177, 493
1, 936
6. 6
Fourth quarter
342. 4
319. 6
43. 5
149. 6
126. 6
22. 8
1, 941
1, 920
178, 291
6. 7
1960: First quarter
347. 0
44. 2
323. 3
150. 5
128. 6
23. 7
1, 939
1,951
178, 938
6.8
Second quarter _
354. 1
329. 0
130. 9
44. 5
1,972
153. 5
25. 2
1,974
7. 1
179, 576
Third quarter
357. 5
328. 3
42.7
152. 7
132. 9
29. 2
1,983
1, 979
8.2
180, 309
Fourth quarter
358. 1
330.8
152. 9
134. 7
43. 2
27. 2
1,977
1, 965
181, 123
7. 6
1
3
Personal income (p. 3) less personal taxes and nontax payments (fines, penalPopulation of the United States, excluding Alaska and Hawaii; includes
ties, etc.).
armed forces abroad. Annual data as of July 1; quarterly data centered in the
* Income in current prices divided by the implicit price deflator for personal middle of the period, interpolated from monthly figures.
consumption expenditures on a i960 base.
Sources: Department of Commerce and Council of Economic Advisers.

1949.
1950...




189. 7
207. 7
227. 5
238.7
252. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 3
354. 2

181. 2
195. 0
209. 8
219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293. 5
313. 8
327. 8

FARM INCOME
Gross and net income of farm operators increased in the fourth quarter of 1960, liftins the year's totals to slightly above
1959.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

40

REALIZED GROSS
FARM INCOME-"
30

NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE-!/

1954

_.l
1958

1957

1956

1955

1959

•^INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.

COUNCIL OF ECONOMIC ADVISERS,

Income received by total
farm population

Income received by farm operators from farming
Realized gross

Period

From
all
sources

From
From
agricul- nonagritural
cultural
sources ' sources

1952
1953
1954
1955
1956
1957
1958
1959
1960_

23. 4
21. 1
20. 2
19. 8
20. 1
20. 2
22. 2
20. 4
20. 7

17.3
15. 1
14. 4
13. 5
13. 4
13. 6
15. 8
13. 6
13. 8

1959: First quarter
Second quarter
Third quarter
Fourth quarter
1960: First quarter
Second quarter
Third quarter
Fourth quarter

(")
(")
(")
(6)
(6)
(6)
(6)
(6)

(6)
(6)
(6)
(6)
(6)
(6)
(6)
(6)

6. 1
6.0
5.8
6. 3
6. 7
6. 6
6. 4
6. 8
6. 9
(6)
(")
(")
(6)
(6)
(")
(6)
(6)

Net

Net income per
farm including net
inventory change 4

ProducCash
tion ex- Exclud- Includreceipts penses ing in- ing net in- Current
1960
from
Total ventory ventory
prices prices 5
3
marketchange change
ings
Billions of dollars
Dollars
32. 6
22. 6
14. 4
37. 0
3,042
15. 3
2, 829
31. 1
13.9
21.4
2, 502
2,690
35. 3
13. 3
30. 0
21. 7
12. 2
12. 7
33. 9
2, 624
2, 440
29. 6
21. 9
33.3
11. 5
2, 487
11. 8
2,313
34. 6
30. 6
22. 6
12. 0
2,487
11. 6
2, 338
29. 8
11. 0
34. 4
23. 4
11. 8
2,426
2,501
33. 5
38. 2
13. 0
14. 0
2, 952
2, 982
25. 2
33. 1
37. 5
26. 2
11. 3
2,574
11. 8
2, 548
33. 7
11. 6
12. 0
26. 3
2, 646
37. 9
2, 646
Seasonally adjusted annual rates
34. 0
26. 2
12.3
38. 5
13. 0
2,830
2, 800
33. 5
26. 3
37. 8
11. 5
12. 0
2, 590
2, 620
32. 4
26. 1
2,410
36. 7
10. 6
11. 1
2, 390
32. 7
26. 1
36. 9
10. 8
2,410
11. 2
2, 410
32. 3
36. 5
26. 3
10. 2
10. 6
2, 330
2,330
34. 1
26. 5
38. 3
11. 8
12. 1
2, 670
2, 670
34. 0
38. 1
26. 2
11. 9
12. 2
2,690
2,690
34. 3
12. 4
26. 2
12. 8
38. 6
2,820
2, 820

1
Net income of farm operators from farming (including net inventory change)
and wages received by farm resident workers.
3
Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
* Inventory of crops and livestock valued at the average price for the year.
* The number of farms (based on 1954 Census of Agriculture definition) is held
67041°—61
2




I960

constant within a year. The figures (in millions) for 1958, 1959, and 1960 are
4.7, 4.6, and 4.5, respectively.
5 Income in current prices divided by the index of prices paid by fanners for
family living items on a I960 base.
e Not available.
Source: Department of Agriculture.
p

CORPORATE PROFITS
Corporate profits before taxes in the third quarter of 1960 are estimated to have been $41.5 billion (seasonally adjusted annual rate), about 9 percent below their second quarter level.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1954

1955

I

1956

1959

I960

J>NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

1950
.
1951
.
1952
1953
1954. _
1955.1956-10571958-.
1959. .
1959: First quarter
Second quarter. Third quarter
Fourth quarter- 1960: First quarter
Second quarter-.
Third quarter
Fourth quarter. .
]

Corporate profits (before taxes) and inventory
valuation adjustment 1
TransManufacturing
portation,
All
All
comNonDurable durable
other
indusmuni- indusgoods
tries
Total
goods cations, tries
indusindusand
tries
tries
public
utilities
35. 7
12. 0
20. 4
4. 0
8. 4
11. 3
41. 0
24. 4
13. 5
4. 5
12. 0
10. 9
37.7
21. 1
11. 8
4. 8
9.3
11.8
37.3
21. 4
12. 1
4. 9
9.3
11. 0
33.7
18. 4
10. 1
8.3
4. 4
11. 0
43. 1
25. 0
14. 2
5. 4
12.8
10. 8
42. 0
12. 6
23. 5
5. 6
12.9
10. 9
41. 7
22. 9
13. 1
9.8
5. 5
13. 3
37. 4
18. 8
9. 2
5. 4
9. 6
13. 2
24. 8
46. 6
12. 8
12. 0
6. 3
15. 5
24. 3
45. 5
12. 6
6. 2
11. 7
15. 0
50. 4
28. 1
15. 8
12. 3
6. 5
15. 8
44. 9
23. 8
11. 5
12. 2
6. 1
15. 0
45. 5
23. 2
11.3
12. 0
6. 3
16. 0
48. 0
26. 2
13. G
6. 5
12. 6
15. 3
45. 3
23. 5
11. 6
6. 4
11. 9
15. 5
42. 2
21. 6
10. 5
11. 1
6. 4
14. 2
2
2
2
2
()
()
()
()
(2)
V

See p. 2 for inventory valuation adjustment.
* Not available.




Corporate profits
after taxes
Corporate
profits
before
taxes

Corporate
tax
liability

Total

Dividend
payments

40. 6
42. 2
36. 7
38. 3
34. 1
44. 9
44. 7
43. 2
37. 7
47. 0
46. 4
51. 7
45. 3
44. 8
48. 8
45. 7
41.5
(2)

17.9
22. 4
19. 5
20. 2
17. 2
21. 8
21. 2
20. 9
18. 6
23. 2
22. 9
25. 5
22. 3
22. 1
23. 8
22. 3
20. 3
(2)

22. 8
19.7
17. 2
18. 1
16. 8
23. 0
23. 5
22. 3
19. 1
23. 8
23. 5
26. 2
22. 9
22. 7
25. 0
23. 4
21. 3
(2)

9. 2
9.0
9. 0
9. 2
9. 8
11. 2
12. 1
12. 6
12. 4
13. 4
13. 0
13. 2
13.6
13. 8
13. 9
13. 9
14. 0
14. 1

Source: Department of Commerce.

Undistributed
profits

13.6
10.7
8.3
8.9
7. 0
11.8
11. 3
9. 7
6. 7
10. 5
10. 5
12. 9
9. 3
8. 9
11. 0
9. 5
7. 3
(2)

GROSS PRIVATE DOMESTIC INVESTMENT
The shift to liquidation of inventories accounted for most of the $4.8 billion (seasonally adjusted annual rate) decline
in gross private domestic investment during the fourth quarter of 1960.
The decline in producers' durable equipment represented the first reduction in this series since the 1957—58 recession.
BILLIONS OF DOLLARS

BILLIONS Of DOLLARS

-eo

I960

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Period

1949

Total
gross
private
domestic
investment

New construction '
Total
Total

1958
1959
1960

33. 0
50. 0
56. 3
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 0
72.0
72. 8

36. 0
43. 2
46. 1
46. 8
49. 9
50. 5
58. 1
62. 7
64. 6
58. 5
66. 1
69. 2

18. 8
24. 2
24. 8
25. 5
27. 6
29. 7
34. 9
35. 5
36. 1
35. 4
40. 3
40. 4

1959- First quarter
Second quarter.
Third quarter
Fourth quarter
1960: First quarter- . _ _ .
Second quarter.
Third quarter. .
Fourth auarter

70. 9
78. 9
67. 5
70. 8
79. 3
75. 5
70. 8
66. 0

63. 3
67. 4
67. 6
66. 2
67. 9
70. 2
70. 2
69. 0

39. 4
41. 3
41. 1
39. 4
40. 8
40. 7
40. 5
40.3

1950
1951
1952
1953
1954
1955

1956

1957

Change in business
inventories

Fixed investment

Residential
nonfarm
9. 6
14. 1
12. 5
12. 8
13. 8
15. 4
18. 7
17. 7
17.0
18. 0
22. 3
21. 1

Other 2

Producers'
durable
equipment

9. 2
10. 1
12. 3
12. 7
13. 8
14. 3
16. 2
17. 8
19.0
17.4
18.0
19.3

Total

Nonfarm

17. 2
18.9
21. 3
21. 3
22. 3
20. 8
23. 1
27. 2
28. 5
23. 1
25. 8
28. 8

-3. 1
6.8
10. 2
3. 1
.4
— 1. 6
5. 8
4. 7
1. 6
-2. 5
5. 9
3.6

-2. 2
6.0
9. 1
2. 1
1. 1
— 2. 1
5.5
5. 1
.8
-3.6
5. 4
3. 2

23. 9
26. 1
26. 5
26. 8
27. 1
29. 5
29. 7
28. 7

7.0
11. 5
i
4. 7
1 J. 4
5. 3
.6
-3.0

(i. 9
11.0
—.5
4. 3
11.0
5.0
.3
-3. 4

Seasonally adjusted annual rates

1
Revisions in series on new construction shown on p. 17 have not yet been Incorporated into these series.




21. 9
23. 5
22. 6
21.3
21.4
21. 3
21. 1
20. 5

17. 5
17. 8
18. 5
18. 1
19. 3
19. 4
19. 5
19. 8

2
"Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 17.
Source: Department of Commerce.
*7

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen plan to spend $34.6 billion on new plant and equipment in 1961, a decline of 3 percent from 1960,
according to the January-February survey.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

40

<:

^MANUFACTURING

10

1958

I955

1959

1961

I960

NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION, AND DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISZRS

[Billions of dollars]
Transportation

Manufacturing
Period

Mining

Total i
Total

1951
1952
1953
1954
1955
1956
1957
1958
1959
1960 s
1961

_. .
.
.

,- .

1959: First quarter
Second quarter
Third quarter
Fourth quarter
]9(>0: First quarter. .
Second quarter
Third quarter
Fourth quarter
J9(>1: Fi st quarter 3St ioiid quarter*
1
J

Kxi'lmli
('iiinnn
c osm l n i r i l n
Ksnnm
In Inlc Jnn

25. 64
26. 49
28. 32
26. 83
28. 70
35. 08
36. 96
30. 53
32. 54
35. 68
34.57

a
ci:
.
*
ar

-

10. 85
11. 63
11. 91
11. 04
11. 44
14. 95
15. 96
11. 43
12. 07
14. 48
14. 11

30. 60
32. 50
33. 35
33. 60
35. 15
36. 30
35. 90
35.50
34. 4
33.8

11. 20
11. 80
12. 25
12. 85
14. 10
14. 70
14.65
14. 40
13. 8
13. 6

Durable NonduraRailroads Other
goods
ble goods
.93
1. 49
1. 47
5. 17
5. 68
5. 61
6. 02
. 98
1. 50
1. 40
. 99
1. 56
1. 31
5. 65
6. 26
1. 51
. 85
.98
5. 09
5. 95
. 92
. 96
1. 60
5. 44
6. 00
1.24
1.71
1. 23
7. 62
7.33
1.24
1. 77
8. 02
7. 94
1. 40
. 75
1. 50
5.47
5. 96
. 94
. 92
6.29
. 99
2. 02
5.77
. 99
1. 03
1. 94
7. 18
7. 30
7. 42
. 98
. 60
1. 85
6. 69
Seasonally adjusted annual rates
i. 70
5. 25
0. 65
5. 95
0. 95
1. 00
. 95
2. 10
5. 75
0. 05
5. 85
1. 30
2. 15
1. 00
6. 40
6. 15
6. 70
1. 05
. 85
2. 15
7. 15
1. 00
2. 00
6. 95
1. 00
7. 40
1. 05
1. 10
2. 15
7. 30
7. 35
1. 00
1. 90
7.30
1. 00
6. 85
1. 00
1. 80
7. 55
.90
6. 5
.7
1. 9
1.0
7.3
6. 5
.6
2. 1
7.2
1.0

ric Hlirc.
m 1 other includes trade, service, finance, communications, and
(LSI on anticipated capita expenditures as reported by business
ai 1 Fclinmry 1901. Incl udes adjustments when necessary for

O




Public
utilities

Commercial and
other 2

3. 66
3. 89
4. 55
4. 22
4. 31
4.90
6. 20
6.09
5. 67
5. 68
6. 22

7. 24
7. 09
8. 00
8. 23
9. 47
11.05
10. 40
9. 82
10.88
11.57
10.81

5. 80
5. 80
5. 60
5. 50
5. 75
5. 70
5. 60
5. 70
5. 6
5. 9

ill. 35
10.85
11. 05
11. 20
11. 35
11. 60
11. 75
11. 65
11.5
10. 6

NOTE. — Quarterly anticipated data are rounded to nearest $100 million; beginnine 1959 all other quarterly data are rounded to nearest $50 million.
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures,
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
Unemployment increased by 300,000 in February to 5.7 million, and the seasonally adjusted rate of unemployment
rose to 6.8 percent. The civilian labor force and total employment also increased from January levels.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS *
SEASONALLY ADJUSTED

75

CIVILIAN LABOR FORCE
70

-V

NONASRICULTURAL EMPLOYMENT

55
10

55
<

>

10

AGRICULTURAL EMPLOYMENT
•.m"""""1"1""""'
UNEMPLOYMENT

'""""•••"'••'""«..n,1mro™,J|nnrammJ™'»"""""w..nm,,1,,...

"ntgotnHivmwV'fa**1" "••

PERCENT OF CIVILIAN LABOR FORCE

PERCENT OF CIVILIAN LABOR FORCE

10

'UNEMPLOYMENT ' WE
(SEASONALLY ADJU 5TED)

»
s

.

'

;<
1956

1955

* 14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR.

Period

Total
labor
force
(including
armed
forces)

1953
1954
1955
1956
1957
1958
1959
1960

67. 4
67. 8
68. 9
70. 4
70.7
71.3
71. 9
73. 1

1960: January
February
March
April
May
June
July
August
September
OctoberNovember
December.
1961: January
February

70. 7
71.0
71.0
72. 3
73. 2
75. 5
75. 2
74. 6
73. 7
73. 6
73.7
73. 1
72. 4
72. 9

±*.0,J

_

m

3 ^ *'
' •\^
™~

••

I9S7

,

"•

T

-r~ - ~

S; h
'5

;
1958

,

>

i^,
;

S

>

J

*

1959

v^

1961

I960

COUNCIL OF ECONOMIC ADVISERS

Civilian emCivilian employment
ployment
CivilCivilian
Non- Unemian
Nonploylabor Total Agri- agrilabor Total agriculment
force
culforce
cultural tural
tural
Millions of persons 14 years of age and over
63. 8 61. 9
55. 4
1. 9
64. 5 60.9
54. 4
3. 6
56.2
65. 8 62.9
2. 9
67. 5 64. 7
58. 1
2. 8
67. 9 65. 0
58. 8
2. 9
68. 6 64. 0
58. 1
4.7
69. 4 65. 6
59. 7
3. 8
70. 6 66. 7
61. 0
3. 9
Unadjusted
Seasonally adjusted *
68. 2 64. 0
59. 4
4. 1
69. 8 66. 1
5. 7
60. 3
68. 4 64. 5
59. 9
3. 9
70.0 66. 7
5. 7
60. 8
59.7
4. 2
68.5 64. 3
69. 6 65. 8
5. 3
60. 4
69. 8 66. 2
60. 8
3. 7
70. 5 67.0
5. 7
61.3
61. 4
70.7 67. 2
70. 5 67.0
3. 5
5. 5
61. 6
73. 0 68. 6
61. 7
4. 4
71. 2 67. 2
5.7
61. 6
72. 7 68. 7
61. 8
4. 0
70. 7 66. 9
5. 9
61. 2
72. 1 68. 3
61. 8
70. 8 66. 7
3. 8
5. 8
61.0
71. 2 67. 8
61. 2
3.4'
71.0 67. 0
6. 1
61.0
71. 1 67. 5
61. 2
3.6
70. 6 66. 4
5. 7
60. 7
71. 2 67. 2
61. 5
4.0
71.4 67. 0
5. 8
61. 2
70. 5 66. 0
61. 1
71. 1 66. 4
4. 5
5. 8
60. 5
69. 8 64. 5
71.5 66. 6
5. 7
59. 8
5. 4
60. 7
70. 4 64. 7
59. 9
5. 7
71.9 66. 8
5. 8
60.9

1
Seasonally adjusted totals may differ from sum of components because totals
and components have been seasonally adjusted separately.




s-

,-1

Unemployment

Unemployment
rate (percent of
civilian labor
force)
Unad- Seasonjusted ally adjusted
Percent
2. 9
5. 6
4. 4
4.2
4. 3
6. 8
5. 5
5. 6

3.7
3.4
3.8
3.6
3. 6
3. 8
3. 9
4. 1
4.0
4. 4
4. 4
4. 8
4.7
4. 9

6. 1
5. 7
6. 1
5.2
4. 9
6.1
5.5
5.3
4.8
5.0
5.7
6. 4
7.7
8. 1

5.3
4.8
5.5
5.1
5. 1
5.4
5.5
5. 8
5. 7
6.3
6.2
6. 8
6. 6
6.8

NOTE.—For definitions and coverage, see Employment and Earnings, Department of Labor. Beginning January i960, data include Alaska and Hawaii
Source: Department of Labor.
Q

UNEMPLOYMENT INSURANCE PROGRAMS
Total insured unemployment averaged 3.6 million in February, compared to 2.3 million in February 1960.

MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

JAN.

FEB.

MAR.

MAY

SOURCE: DEPARTMENT OF LABOR.

COUNCIL Of ECONOMIC ADVISERS

All programs
Insured Total
unem- benefits Insured
paid
Covered ployunem(milemploy- ment
ployment (weekly lions of
ment
averdolage)
lars)

Period

Thousands
1955
40, 014
1, 395
1956
. . . _
42, 758
1, 318
1957
43, 447
1,567
1958
44, 501
2,766
1959
45, 727
1, 856
1960
2,067
0)
1960: January
45, 446
2,359
February
_ _ _ _ 45, 409
2, 326
March45, 389
2, 370
April2,078
46, 240
May
46, 473
1, 801
June
_ 46, 963
1, 700
July
1,826
0)
August
_
1, 804
C)
September 1, 781
(')
October_
1,839
(')
November2, 226
(')
December- _ _ 2, 845
(>)
1961: January 2
3, 515
C1)
February
3, 645
(')
Week ended:
1961: February 18
3, 662
(')
25 2
3,660
C1)
3
March
4
3, 596

11 2

1
Not
2

available.
Preliminary.

10



3

(')

0)

Not charted.

1, 560. 2
1, 540. 6
1, 913. 0
3, 892. 5
2, 651. 7
3, 022. 8
264. 4
274. 6
314. 6
259. 6
223. 0
216. 8
198. 7
229. 7
230. 8
214. 9
258. 6
332. 4
436. 4
450. 0
0)
O
(>)
(')

Weekly
1, 254
1, 212
1, 450
2, 509
1, 682
], 906
2, 180
2, 157
2, 209
1, 939
1, 682
1, 588
1, 686
1, 657
1, 598
1, 678
2, 039
2, 639
3, 266
3,400
3,422
3,409
3, 346

State programs
Insured unemployment as perInitial Exhaus- cent of covered
employment
claims
tions
Unad- Seasonjusted ally adjusted
Percent
average, thousands
3. 5
226
25
3. 2
226
20
268
23
3. 6
370
50
6. 4
4. 4
33
281
4. 8
331
31
386
29
5. 6
4.S
30
5. 5
4.2
301
301
5.7
4.6
33
35
4. 9
293
4.2
264
31
4. 3
4.1
272
4.0
4.2
31
339
29
4. 3
4-6
306
4. 2
5. 1
28
274
5. 3
4. 0
27
332
29
5. 9
4. 2
396
31
5. 1
6.5
494
36
6. 6
6. 5
541
44
8. 1
6. 3
6. 5
480
48
8. 4
477
434
426
383

0)
(')
«
C1)

8. 4
8. 4
8.2

(')
(')
(')

o

Benefits paid
Total Average
(milweekly
check
lions of
dollars) (dollars)
1, 350. 3
1, 380. 7
1, 733. 9
3, 512. 7
2, 279. 0
2, 726. 8
235. 2
247. 8
287. 1
237. 4
204. 9
198. 9
183. 8
206. 3
201. 8
189. 9
231. 1
300. 2
397.6
415. 0
(>)
(')
(>)
O

25. 04
27. 02
28. 17
30.58
30. 41
32. 87
31. 90
32. 26
32. 39
32. 50
32. 24
32. 33
32. 37
32. 99
33. 54
33. 73
34.01
34. 18
34.34
34. 40

(')
0)
0)
C1)

NOTE.—For definitions and coverage, see 1960 Supplement to Economic Indicators, Data for Alaska and Hawaii included for all periods.
Source: Department of Labor.

NONAGRICULTURAL EMPLOYMENT
Total payroll employment in nonagricultural establishments, seasonally adjusted, declined by 280,000 in February.
Employment in all major industry groups except government was lower than in January.
I

MILL IONS OF WAGE
AND SALARY WORKERS

MILL IONS OF WAGE
^
AND SALARY WORKERS

56

£0

MANUFACTURING

ALL NONAGRICULTURAL ESTABLISHMENTS
18

54

^~/\ .

T

s^
*t

s

S>Z

16

1 0

46

8
6

Ill

1958

1959

T

<!
^

DURABLE
GOODS
mnitsTRiFS

'v* —•*-•.....--viv
^ , i , , 1 1,11*,

„—

NONDURABLE
GOODS
f INDUSTRIES
»»«t«»««^»-.

•B

i i i i i 1 i i i t i **
I960

1959

1958

1961

I960

3.5

1961

12.5

CONTRACT CONSTRUCTION

WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)

(ENLARGED SCALE)
3.0

2.5

^

1 2

48

1 1 1

N-—H

<

^ 1
"
50 \

44

°TAJ>>\^
~

12.0

s

\/ —v
Y

J—

2.0

1.5
1958
1959
* SE ASONALLV ADJUSTED DATA, EXCLU DING
SOUF CE: DEPARTMENT OF LABOR.

A.

11.5

r

11.0

IO.5
I960

1961

<^**^^Hfv

A

.±, i , , 1 , , i , ,

1958

1959

I960

1961

A L A S K A AND HAWAII.
COUNC It OF ECONOMIC ADVISERS

[Thousands of wage and salary workers "]
Total,
Manufacturing (private)
Nonmanufacturing (private)
Total
Total
unadjusted, including excluding
Period
Alaska
Contract
excluding Alaska
Durable Nondura- Total 2 construc- Wholesale
Total
and
and
and retail
Alaska and Hawaii
goods
ble goods
tion
Hawaii
trade
Hawaii
1954
9, 122
15, 995
6,873 25, 685
2, 593
48, 431
48, 431
10, 520
1955
9,549
50, 056
16, 563
7,014 26, 579
2,759
50, 056
10, 846
1956
...
9, 835
51, 766
16, 903
7, 068 27, 586
2,929
11, 221
51, 766
1957
9,821
58, 162
52, 162
16, 782
6,961 27, 754
2,808
11, 302
1958
50, 543
8,743
6, 725 27, 182
50, 543
15, 468
2,648
11, 141
1959
9, 290
51, 975
16, 168
6, 878 27, 680
52, 205
51, 975
2,767
11, 385
9, 432
1960
2, 772
16,337
6,905 28, 103
52, 898
53, 137
1 ] , 642
52, 898
Seasonally adjusted
1960: January... 52, 078
9, 655
0, 907 28, 028
52, 880
16, 562
53, 108
2, 775
11, 594
February.. 52, 060
52, 972
16, 567
9, 667
6, 900 28, 090
53, 201
2, 781
11,627
March
9, 603
52, 172
6, 906 27, 815
52, 823
53, 052
16, 509
2, 601
11, 595
April
52, 844
9, 552
53, 362
53, 128
16,527
6, 975 28, 086
2, 752
11, 652
Mav
52, 957
16, 540
9, 537
7,003 28, 156
53, 344
53, 105
2, 783
11,675
June
9, 499
53, S09
1C, 498
6, 999 28, 222
53, 388
53, 140
2, 790
11, 712
July
52, 923
53, 407
53, 145
10, 417
0, 452
6, 965 28, 324
2,858
11, 736
August
53, 062
53, 046
10, 265
9,338
6,927 28, 307
53, 304
2, 835
11, 764
September. 53, 498
6,884 28, 184
53, 242
52, 998
10, 275
9, 391
2, 800
11, 665
October
53, 391
16, 132
9, 266
6, 866 28, 153
52, 809
53, 047
2, 804
11, 668
November . 53, 133
52, 825
16, 030
9, 190
52, 591
6, 840 28, 030
2, 783
11,568
December. 53, 310
9, 030
52, 221
15, 790
52, 453
6, 760 27, 843
2,647
11, 541
1961: January 33
.. 51, 480
8, 929
15, 677
52, 501
52, 273
6, 748 27, 988
2, 691
11, 661
February . 51, 105
8, 792
52, 225
51, 996
15, 527
6, 735 27, 814
2, 605
11, 598
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 force?. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 9, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they




Government
(Federal,
State,
local)
6,751
6,914
7,277
7,626
7,893
8, 127
8,458
8, 290
8, 315
8,499
8, 515
8, 409
8,420
8,404
8, 474
8, 539
8, 524
8, 531
8,588
8, 608
8, 655

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
irom employing establishments.
2
Includes mining; transportation and public utilities; finance, insurance, and
real estate; and service and miscellaneous, not shown separately.
Preliminary.
Source: Department of Labor.

11

WEEKLY HOURS OF WORK
The average factory workweek, adjusted for seasonal variation, increased slightly in February to 39.0 hours.
1 hour less than a year earlier.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46

It was

HOURS PER WEEK (SEASONALLY ADJUSTED)
46

NONDURABLE MANUFACTURING

38

1959

i

I960

1961

RETAIL TRADE

36

1958

!

32

1959

i i i i i I i ii
l

i ii 1 i

1958

I960

Average hours per week *
Manufacturing industries
Non- Building
Durable durable construc- Retail
All
trade
goods
tion
goods

Period

1954
1955
19561957
1958
1959
1960

. .

1960: January-- February
March
April
May _ _
June
July
August
September
October
November
December
1961: January 6 6
February _ _




...
..

. .-

I

1961

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR.

39. 7
40. 7
40. 4
39. 8
39. 2
40. 3
39.7
40. 4
40. 0
39. 9
39. 6
40. 1
39. 9
39. 9
39. 7
39. 3
39. 5
39. 1
38. 3
38. 9
39. 0

Hours per week
40. 2
39. 0
36. 2
41. 4
39. 8
36. 2
41. 1
39. 5
36. 4
40. 3
39. 1
36. 1
39. 5
38. 8
35. 7
40. 8
35.8
39. 6
40. 1
39. 1
35. 5
Seasonally adjusted
41. 2
39. 6
35. 1
40. 7
39. 2
35. 8
40. 3
39. 0
34. 8
40. 1
39. 1
36. 0
40. 5
39. 7
35. 4
40. 2
39. 5
35. 6
40. 2
39. 4
36. 0
40. 0
39. 2
35. 8
39. 7
38. 7
35. 3
40. 1
35. 9
38. 8
39. 4
38. 7
35. 3
38.6
37. 7
34. 0
39.4
36.2
38.6
39. 6
38. 4
(5)

39. 1
39. 0
38. 6
38. 1
38. 1
38. 1
37. 7
37. 5
37. 6
37. 6
37. 9
37. 6
37. 6
37. 6
37. 7
37. 6
37. 6
37. 9
37. 4
37. 7
(5)

Persons at work in nonagricultural industries
by hours worked per week ^
Under 35 hours
Part-time for
economic reasons
Over 40 35-40
hours
hours
Total Usually Usually
partfulltime *
time 3
Millions of persons 14 years of age and over
6
5
15. 7
24. 4
11. 8
(5)
(6)
18. 0
27. 0
8. 7
()
()
0.9
1. 1
18. 7
27. 3
9. 4
1. 0
1. 2
17.6
28. 6
9. 7
1. 3
16. 6
28. 3
10. 4
1. 6
27.7
1. 3
17.3
1. 0
11. 7
17. 7
28. 7
1. 2
1. 3
11. 5
17. 6
17. 1
17. 2
17. 0
18. 0
18. 0
17. 3
17. 1
18. 5
18. 6
17. 0
18. 3
17. 7
17. 4

29. 5
28. 2
28. 9
27. 8
30. 6
29. 8
28. 1
29. 1
29. 7
29. 0
24. 6
29. 3
29. 5
27. 9

10. 2
12. 2
11. 2
13. 8
10. 8
10. 2
9. 3
8. 8
10. 4
11. 7
18. 2
11. 6
10. 9
12. 7

1. 1
1. 1
1. 1
1. 2
1. 2
1. 4
1. 1
1. 2
1. 3
1. 3
1. 4
1. 5
1. 7
'1.7

* Primarily includes persons who could find only part-time work.
' Not available.
Preliminary.
' Average hours worked: usually full-time, 25.2; usually part-time, 18.5.
Source: Department of Labor.
e

1. 1
1. 2
1. 1
1. 3
1. 2
1. 5
1. 7
1. 6
1. 2
1. 2
1. 3
1. 3
1. 4
'1. 4

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly and weekly earnings of production workers in manufacturing industries were unchanged from January
to February. Hourly earnings were up 3 cents and weekly earnings were down $1.12 from February 1960.

2.60

2.4O

2.0O

i.eo

!S58

1959

1961

1960

SOURCE: DEPARTMENT or LABOR.

1961

COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]
Average hourly earnings— current prices
Period

Manufacturing industries
All

$1. 59
1951
1952
1. 67
1953
1. 77
1954
1. 81
1. 88
1955
1956
1. 98
2. 07
1957
2. 13
1958
2. 22
1959
2. 29
1960
1960: January
2. 29
February
2. 29
March
2. 29
April-_
2. 28
2. 29
May
2. 29
June- _
July- - -.- 2. 29
2. 27
AugustSeptember.— 2. 30
October
2. 30
November- _ 2. 30
2. 32
December
2. 32
1961: January 2 2
2. 32
February - _
:
Earnings
3

Building con- Retail
Nontrade
Durable durable struction
goods
goods

SI. 67
1. 77
1. 87
1. 92
2. 01
2. 10
2. 20
2. 28
2. 38
2. 45
2. 46
2. 45
2. 45
2. 44
2! 44
2.45
2. 45
2. 43
2. 46
2. 46
2. 46
2. 48
2. 47
2. 47

$1. 48
1. 54
1. 61
1. 66
1. 71
1. 80
1. 88
1. 94
2. 01
2. 08
2.05
2. 05
2.06
2.06
2.07
2.08
2.08
2. 07
2. 09
2. 09
2. 10
2. 11
2. 12
2. 12

$2. 19
2. 31
2. 48
2. 60
2. 66
2. 80
2. 96
3. 10
3. 22
3. 37
3. 32
3. 33
3. 38
3. 32
3. 34
3. 34
3. 37
3. 37
3. 40
3. 42
3. 42
3. 46
3. 47
(3)




3

Manufacturing industries
All

$1. 26 $64- 71
1. 32 67. 97
1. 40 71. 69
1.45 71. 86
1. 50 76.52
1. 57 79. 99
1. 64 82. 39
1. 70 83. 50
1. 76 89. 47
1. 81 90. 91
1. 79 92. 29
1. 79 91. 14
1. 79 90. 91
1. 79 89. 60
1. 81 91. 37
1. 82 91. 60
1. 82 91. 14
1. 81 90. 35
1. 82 91. 08
1. 83 91. 31
1. 82 90. 39
1. 78 89. 55
1.3 84 90. 02
90 02
f)

in current prices dividedby theconsumer priceindexona!960 base.
Preliminary.
67041°—61

Average weekly earnings— current prices
Building conNonDurable durable struction
goods
goods

Jlctn.il
trade

$69. 47
73. 46
77. 23
77. 18
83. 21
86. 31
88. 66
90. 06
97. 10
98. 25
100. 86
98. 98
98. 74
97. 36
98. 58
98. 98
97. 76
97. 20
98. 15
08. 89
97. 42
!I6. 97
96. 82
97. 07

$50. 65
52. 67
54. 88
56. 70
58. 50
60. 60
62. 48
64. 77
67. 06
68. 24
66. 95
66. 95
66. 95
67. 48
67. 69
68. 80
69. 52
69. 32
68. 43
68. 44
68. 25
67. 1 1
62. 21
f 3 ')

$58. 46
60. 98
63. 60
64. 74
68. 06
7.1. 10
73. 51
75. 27
79. 60
81. 33
80. 77
79. 95
79. 93
79. 52
81. 35
82. 16
82. 37
81. 77
81. 72
81. 51
81. 48
80. 18
81. 41
80. 98

if 81. 47
88. 01
91. 76
94. 12
96. 29
101. 92
1 06. 86
110. 67
115. 28
1 1 9. 64
114. 87
114. 22
115. 60
119. 19
119. 91
121. 24
123. 68
123. 68
122. 40
125. 17
117. 99
] 1 5. 56
123. 3 88
()

Average
weekly
earnings,
all manufacturing
industries,
1960
prices '

$73. 79
75. 77
79. 30
79. 14
84. 55
87.04
86. 73
85. 55
90. 83
90. 91
93. 13
91. 78
91. 46
89. 78
91. 55
91. 60
91.05
90. 26
90. 90
90. 77
89. 76
88. 84
89. 39
(3)

2

Not ^vaiJabJe.
Source: Department of Labor.

13

PRODUCTION AND BUSINESS ACTIVITY

UINDSTRIAL PRODUCTION

The industrial production index (seasonally adjusted) changed little in February.
facturing and mining and a rise in utilities.
INOE X, 1957 = 100 (SEASONALLY ADJUSTED)
130
TOTAL
|

INDEX, I957=1OO (SEASONALLY ADJUSTED)
14O I
UTILITIES AND MINING

120

s\/ ^™^N.

110
IOO

1

There were small declines in manu-

UTILITIES^

'"o

^f*"^*^

S^^^

x-'

90 \ j T

1

80
'

—^

inn
^

t

^/

,-

•
^••^ "xi

i

i

•

*

70

I9S9

1958

:

1961

I960

1958

130

'

1959

i960

i

196!

liOl

i

MANUFACTURING

MARKET GROUPS

;

120

NONDURABLE

\

110
100

90
i

80

r/\ i

a ^

|

x^-

^

\/'

\

1958

_^-f

*.

:

^V

*^A
X

S*JT^

x

/

H

!

1
-« MATERIALS

i

OUHABLE

i

, . .j.j 1 , , i i .
1959

Period

1951 —
19521953
1954
1955
1956
1957
1958
1959 1
1960 1 960 : January. _
February _
March
April
May
June
,
July
August __
_.
September
___October _ ._
November
December
l i M ' i l : .lanuarv
I'Vbruarv '




\

m^T

i

*»

7O

i960

1

196!

sou *G£: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

14

Sf ^Si**^^^

FINAL PRODUCTS ^Hk
, rt ^ 1

X X

70

[

j<*-^

—-—>—cV^ ^\

Total
industrial
production

80. 8
83. 8
90. 8
85. 4
96. 0
99. 3
100. 0
92. 9
104. 9
108. 0
111. 0
109. 6
109. 1
108. 8
109. 8
109. 4
109. 5
108. 4
106. 8
106. 3
104. 6
103. 1
102. 4
102. 0

1

!

I

1 ,

!

t

1 »

1958

1 1

' •

i

•

,

,

•

I 1

1 t

1959

1

1

! 1 1 t

>

-

1 !

1

1 1 1

•

:

I960

!

>

1

1 1

t

1 ! I_L •

1961

COUNCH OF ECONOMIC ADVISERS

[1957=100, seasonally adjusted]
Industry
Manufacturing
Mining Utilities
NonTotal Durable durable

Market
Final products
ConTotal
sumer Equipment
goods

81. 5
84, 8
92. 1
85. 8
90. 7
99.5
100. 0
92.4
105. 3
108. 2
111. 8
110. 3
109. 6
109. 1
110. 3
109. 8
109. 9
108. 4
106. 7
106. 2
104. 1
102. 3
101. 5
101. 0

79.3
85. 2
90. 7
86. 5
94. 6
9a 9
100.0
95. 1
106. 5
110. 7
111.7
109. 7
110. 0
110. 8
112. 3
112. 2
112. 0
111. 1
110. 3
110. 7
109. 1
108. 1
106. 8
106. 5

80.3
85. 1
96. 0
85. 0
97. 9
100. 0
100. 0
86. 8
101. 5
104. 3
110. 9
109. 4
107.8
106. 0
107. 1
105. 3
105. 6
103. 7
101. 9
100. S
98. 0
95.9
95. 0
94. 5

81. 7
83. 3
86. 9
86. 9
95. 0
98. 9
100. 0
99. 9
110. 3
113. 5
113. 1
111. 5
112. 0
113. 2
114. 7
115. 8
115. 6
114. 8
113. 1
113. 4
112. 2
111. 1
110. 3
110. 0

87. 3
86. 5
88. 8
86. 2
94. 8
100. 1
100. 0
91. 4
95. 3
96. 8
97. 8
96. 0
95. 8
97. 8
96. 8
97. 2
97. 5
98. 0
96. 4
96. 9
98. 0
97.7
98.2
96. 5

60. 1
65. 2
71. 1
76. 5
85. 4
93. 6
100. 0
104. 5
115. 0
123. 9
120. 2
120.7
123. 6
123. 1
122. 0
123. 6
124. 5
125. 8
126. 6
124. 8
124. 6
124. 8
125. 0
126. 0

80. 6
82. 5
88.1
87.2
96. 5
98. 7
100. 0
99. 0
110. 0
114 6
116. 0
113. 4
113. 2
115. 1
116. 5
116. 8
115. 9
115. 1
114. 0
114. 7
112. 9
111. 9
110. 5
110. 0

75. 0
90.0
96. 1
85.0
90. 9
99. 1
100. 0
87. 3
99. 5
102. 9
103.0
102.3
103. 5
102. 3
104. 1
103. 2
104. 3
103. 1
103. 0
102. 7
101. 7
100.6
99. 6
100. 0

Source: Board of Governors of the Federal Reserve System.

|

Materials
82.2
82.7
90. 8
84. 4
97. 1
99. 7
100. 0
91. 0
103. 5
105. 6
110. 3
109. 4

ioa 2

107. 5
107. 3
106. 4
106. 2
105. 1
103.7
102. 9
101. 1
98. 9
98. 4
98. 0

PRODUCTION OF SELECTED MANUFACTURES
In February, output of primary metals increased significantly.
decreased while nondurable goods registered little change.
INDEX, 1957 = IOO {SEASONALLY ADJUSTED)

However, production of other durable manufactures

INDEX, 1957 = 100 (SEASONALLY ADJUSTED)

160

1958

1959

i

I960

IOO

1958

'•

1959

I960

i

I960

1961

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

i

1961

COUNCIL OF ECONOMiC ADVISERS

[1957=100, seasonally adjusted]
Nondurable manufuel urrs

Durable manufactures
Period

1951

1952
1953
1954
1955 __

Primary
metals

_

1956
1957
..
1958
1959
1960 '
1960: January
February
March
April
ij.a,ji
Mav
June
July
August
September
October
November
December
1961: Januarv_
Februarv '
'Preliminary.
Not available.
!




_

-

--

_
_

_

-

96. 9
88. 5
100. 3
81. 3
105. 5
103. 7
100. 0
78.0
89. 5
90. 5
115. 4
109. 8
105. 7
99. 0
93. 6
87. 5
85. 1
82. 8
79. 8
78.3
73.6
69. 3
71. 9
74

FabriTranspor- Lumber Textiles,
cated
Machin- tation
and
apparel,
metal
ery
equipand
prodproducts
leather
ment
ucts

90. 0
87. 8
98. 8
88. 8
96. 9
97. 4
100. 0
91. 6
103. 9
106. 0

ioa 6

108. 1
106. 6
103. 8
107. 9
108. 4
108. 7
107. 7
105. 8
105. 4
101. 0
100. 7
99. 2
98

79. 6
88. 4
96. 4
84 3
92. 6
102. 8
100. 0
85. 2
102. 8
106. 4
109.7
108. 0
108. 4
106. 8
108. 5
108. 6
110. 0
107. 2
105. 4
102. 0
101. 9
101. 2
101. 0
102

59. 0
68. 6
86. 2
78.7
95.9
91. 5
100. 0
84. 2
97. 8
101. 7
107.5
106. 9
103. 9
102. 3
106. 4
101. 6
101. 5
101. 3
101. 5
102. 5
96.8
93. 5
89. 1
88

102. 2
100. 9
106. 7
103. 9
114. 2
109. 9
100. 0
99. 7
113. 1
106. 6
115. 0
114. 5
110. 3
114. 4
110. 2

ioa 9

110. 9
102 2
103. 0
100. 1
95. 1
Of). !l
100. 7
(J)

Paper
and

printing

90. 1
92. 2
93. 6
89. 6
98. 4
101. 1
100. 0
99. 2
115. 2
115. 1

81. 1
79. 4
84. 5
86. !)
94. (i
9!). 3
1 00. 0
99. 2
107. li
1 1 1. li

116. 4
114. :{
115. 1
110. 1

1 10. -1
10!). I)

1 1 8. ::

1 1 S. 9
1 I 8. 7
1 17. 1

1 1 •-'. 1

1 1 2.
1 10.
107.
101.
101

I
!)
li
7

in.:',
i o. :;
2. 1
?.. 0

'.'. :i
2.

':(

2. S

I , '.»

O. 8
1. I

Chemicals, 1' OOlis,
petrobi'vrrleum, and HKCS, find
rubber l ob;iroo
71. S
7-1. fi
SO. 2

7'.). :',
'.M.
M>.
KM).
!IH.
12.
17.

S
:',
0
K
7
8

1 (i. .'!
1 -1. S
1 5. (i
1 7. 9
M). 1
22. <1
22. 0
20. 2
I 7. .r>
17. 1
Hi. 1
1 14. 6
113. 6
ii:j

ss. :j

!)(). 2
'.)!. 2
92. 8
!)6. 2
99. 8
100.0
102. 1
106. 5
109. 4
109. 0
107. 2

ioa o

108. 5
109.7
109. 8
109. 6
109. 7
109. 9
111. 1
109.3
110.0
109. 8
110

Source: Ifoard of (iuviTiiui.-; of Un> t i-<!oni! icx-i vr .system.

15

WEEKLY INDICATORS OF PRODUCTION
Freight carloadings and output of steel, paperboard, and trucks rose in February, on a weekly average basis,
duction of electric power, coal, and cars fell.

MILLIONS OF SHORT TONS

MILLIONS OF TONS

(DAILY AVERAGE)

SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.

Period
Weekly average:
1956
1957
1958
1959
1960
1960: January
February
March
April
May
June
July
August. _ _
September
October
November
December
1961: January 2
February
Week ended :
1961: February 4 _ _
11..
18-.
25..
March 4 2 _
11 J _ _
1
3

Daily average.
Preliminary.

16



Pro-

COUNCIL OF ECONOMIC ADVISERS

Electric
Bituminous Freight Paperboard
Oars and trucks
Steel produced
power
coal mined
loaded
produced
distributed (thousands (thousands (thousands assembled (thousands)
Thousands
Index
of net (1957-59 = (millions of
of short
Total
Cars Trucks
of cars)
of tons)
tons
100)
kilowatt-hours) tons) '
2, 204
2, 162
1, 635
1,792
1. 899
2, 720
2, 688
2, 611
2, 279
1,993
1, 726
1,437
1. 544
1, 509
1, 550
1, 439
1, 321
1,448
1, 558

118. 3
116. 0
87. 8
96. 2
101. 9
146. 0
144. 3
140. 1
122. 3
107.0
92. 7
77. 1
82. 9
81.0
83. 2
77. 2
70.9
77. 7
83. 6

1, 492
1 , 524
1,582
1, 582
1, 580
1. 573

80. 1
81. 8
84. 9
84. 9
84. 8
84. 4

'Not charted.

11,292
11,873
12,076
13, 206
1 4, 296
14, 345
14, 122
14, 027
13, 318
13, 382
13,883
14, 102
1 4, 665
14, 014
13, 787
14, 001
14, 674
14,777
14, 592
3 5,
14,
14,
14,
14,
3
14,

072
744
315
239
226
353

1, 693
1, 644
1,380
1,380
3,382
1, 457
1,400
1, 448
1, 377
1, 422
1, 487
1, 270
1, 350
1,378
1,356
1,361
1, 263
1,257
1, 179

728
683
581
596
585
597
573
580
622
640
613
574
592
582
639
545
470
480
489

274
272
275
308
305
287
321
318
310
315
313
264
318
301
322
299
267
274
303

132. 8
13R 6
98.4
129. 5
151. 8
201. 8
187.8
171. 5
163. 8
174. 3
156. 4
123. 0
80. 6
117. 1
162. 9
156. 3
136. 7
1 1 2. 2
113. 2

111. 6
117. 6
81. 6
107.6
128. 7
171.3
157. 4
143. 1
137. 3
146. 3
131. 8
103. 5
65. 1
98. 3
145. 3
136. 1
116. 9
93. 8
91. 4

21. 2
21. 0
16. 8
21. 9
23. 1
30. 5
30. 3
28. 4
26. 5
28. 0
24. 6
19. 5
15. 5
18. 7
17.6
20. 2
19. 9
18. 4
21. 9

I, 213
1, 227
1, 222
1, 103
1, 029

498
486
502
468
501
493

313
301
298
301
317
323

1 23. 6
110. 0
97. 7
121. 7
111. 5
115. 2

100. 6
88.0
76. 5
100. 3
92. 0
92. 8

23. 0
22. 0
21. 2
21. 4
19. 5
22. 5

Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interi9r, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.

NEW CONSTRUCTION
Total expenditures for new construction (seasonally adjusted) declined in February.
fell while those for public construction rose.

Outlays for private construction

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1955

1961

*SEE NOTE 4 IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

Private
Period

1954
1955
1956
1957
1958
1959 (new series) *
1960

Total new
construction
expenditures

39. 4
44. 2
45. 8
47. 8
48. 9
56. 2
55. 1

Total

27. 7
32. 4
33. 1
33. 8
33. 5
39. 9
38. 9

Residential Commercial and
(nonfarm) industrial
Billions of dollars
15. 4
4. 2
18.7
5. 6
17. 7
6. 7
17.0
7. 1
18. 0
6. 0
24. 5
6. 0
22. 0
6. 9

Other

8. 1
8. 1
8.7
9. 6
9. 5
9.4
10. 0

Construction contracts*
CommerFederal, Total value cial and in(index,
dustrial
State, and 1947-49 = floor space
local
(millions
100) "
of square
feet) 3
11. 7
11.7
12. 7
14. 0
15. 4
16. 3
1 0. 2

54.7
54. 9
54. 4
54, 2
55. 3
55. 2
55. 4
55. 3
55. 3
54. 7
55.4
56. 1
54. 8
54. 4

39. 9
39. 7
39. 3
38. 7
38.9
39. 1
39.0
38.7
38.7
38. 3
38. 6
38. 6
37. 9
37. 3

23. 2
22. 5
22. 4
21. 9
22. 2
22. 4
22. 3
21. 8
21. 7
21. 2
21.4
21. 5
20. 4
19. S

i Compiled by F. W. Dodge Corporation. Omits small contracts, and covers
rural areas less fully than urban.
3 Relates to 48 States.
a
Relates to 48 States beginning 1956 and to 37 Eastern States prior to 195G.
Seasonal adjustment by National Bureau of Economic Research.
* Series on new construction beginning January 1959 not comparable with prior




6. 7
7. 1
6. 9
6. 8
6. 7
6. 7
6. 7
6. 9
7. 1
7. 2
7. 2
7. 3
7. 5

7. n

'_(ifi. 7

ScdXOtlClUl/

Seasonally adjusted annual rates
1960: January
February
March
April
May
June
July
August
September
October
November
December
1961: January s
February _ ..

192. -1
230. (1
L3 1 . 3
1,35. -I
L50. S
1,05. I

adjusted
10. 0
10. 1
10. 0
10. 0
10. 0
10. 1
10. 0
10. 0
9. 9
9. 9
<>. i)
It. 8
it. !)
9. 9

.1-1. S
1 5. 2
.1 5. 2

ir>. -i
j c,. :i
]<;. i

10. -1
Hi. Ci

I (i. (i
1 (i. -1

16. 8
]7. 5
17. 0
17. 1

235
234
252
200
244
272
285
276
271
294
280
302
273

238
299
436
421
359
440
461

Seasonally
adjusted
annual
rates
436
429
439
465
473
457
460
493
473
483
489
469
404

data. (In addition to major differences between old and new series, data for
.Alaska and Hawaii are included beginning January 1959.)
5
Preliminary.
Sources: Department of Commerce and F. W. Dodge Corporation (except as
noted).

17

HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts rose in February to an annual rate of 1.2 million (seasonally adjusted). The number of
FHA applications and VA appraisal requests also rose.

MILLIONS OF UNITS (ANNUAL RATE)

MILLIONS OF UNITS (ANNUAL RATE)

I955
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION(FHA), AND VETERANS ADMINISTRATION (VA).

COUNCIL OF ECONOMIC ADVISERS

[Thousands of units]
Total housing
starts (farm and
nonfarm)
Period

Total
private
and
public

1954
1955
1956
1957
1958
1959

...
...
_.

1959.
1960
I960: January.. . .
February. _ _
March
April _ _

19(il :

8

1, 553. 5
1,279. 4
88. 4
90. 2
93. 3
125. 2
May
130. 0
June
127. 3
Julv
114. 9
129. 6
September.. ..
102. 0
October
110. 4
November.
96. 0
i Vremlier
72. 1
.l.-inuary <
70. 6
]''ebni.-irv ''
77. 7

1

Private

Total
private
and
public

Old series
1, 220. 4 1, 201. 7
1, 328. 9 I , 309. 5
1, 118. 1 1, 093. 9
1, 041. 9
992. 8
1, 209. 4 1, 141. 5
1, 378. 5 1, 342. 8
New series 3
1, 516. 8 1, 531. 3 1, 494. 6
1, 237. 8 1, 257. 4 1,215. 7
87. 1
84. 3
83. 0
88. 8
87. 9
86. 5
90. 2
92. 3
89. 2
123. 4
123. 5
121. 7
127. 3
128. 2
125. 5
122. 2
125. 7
120. 6
113. 2
109. 4
111. 1
124. 8
127.5
122. 7
100. 0
96. 4
94. 4
107. 6
107. 4
104. 5
94. 3
95. 0
93.3
65. 4
71.6
64. 9
69. 1
66. 5
68. 0
74. 2
73. 9
70. 4

|

.

18

Private
Government
programs
FHA
VA

Total

I i n i t s n'pmsi'ntoil by nmrl.tiatfe applications for new home construction.

xturls. *' '-'0 11 (Supplement), Bureau of the Census, May
r.mn, lor (Icscp-liHIoii. (Datri lur Akisk:i and Hawaii included.)




Private housing
starts, seasonally adjusted annual rates

Nonfarm housing starts

276. 3
276. 7
189. 3
168. 4
295. 4
332. 5

307. 0
392. 9
270. 7
128. 3
102. 1
109. 3

332. 5
260. 9
15. 9
17. 6
21. 9
25. 4
25. 2
26. 5
23. 6
26.3
21. 9
22. 6
20. 2
13. 8
14. 0
13.0

109. 3
74. 6
4. 1
4.8
5.2
7.3
6.9
7. 7
7. 4
8.2
6. 8
5. 9
5. 5
4. 8
4. 9
4. 9

Proposed home
construction

Total
farm and Nonfarm
nonfarm

Applications for Requests
for VA
FHA
commit- appraisals1
ments '

338. 6
306. 2
197. 7
198. 8
341. 7
369. 7

535. 4
620. 8
401. 5
159. 4
234. 2
234. 0

369. 7
242. 4
16.3
21. 1
27. 4
22.5
22.4
23. 7
19. 6
22. 9
20. 1
18. 3
14. 8
33. 2
14. 3
16. 8

234. 0
142. 9
11. 2
12. 9
12. 9
13. 7
14. 4
15. 2
8. 5
12. 4
11. 6
10. 0

New series 3

1,366
1, 367
1, US
1,3S7
1,333
1, SOS
1, 188
1, 898
1,062
1, 336
1, 816
979
1, 076
1, 154

1,291
1,347
1,098
1,307
1,815
1, 885
1, 164
1, 873
1, 040
1, 200
1,803
970
1,049
1,000

](). 0
9. 4
12. 0

* Preliminary.
Sources: Department of Commerce, Federal Housing Administration (FLIA),
and Veterans Administration (VA).

TRADE SALES AND INVENTORIES
In February, total retail sales (seasonally adjusted) increased slightly and department store sales rose markedly.
BILLIONS OF DOLLARS »

BILLIONS OF DOLLARS *

RETAIL TRADE

14

—

WHOLESALE TRADE

16 _

—

—

DURABLE GOODS STORES
INV! NTORIES

^
1

10

INVENTORIES

>•-**•„./•
^

^ SALES

s
<k

SAL ES
^~-"~+jH
» \ i

*

12

-

*-

^V^

V

<*

%»

r> 1 • ' ' • • ' ' ' ' » ' ' , , , , , , , , , , ,
£

•*

NONDURAB E GOODS STO *ES

14

_

INDEX. 1947-49=100 *
DEPARTMENT STORES
INVENTORIES

NVENTORIES

r-^^-^w-

*

^^1

•./-* — "*" ^\\

^^
f
f**-

_

~

V
120

n

,,,,,,,,,,,

•

,,,,,],,,,,

1959

I960

1958

•SEASONALLY ADJUSTED.

| r i i | i 1

»
\

\ f*
~l t*
1 Ip \f 1
^

v

"x

SALES

—

—

inn

1958

1961

1959

I960

SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Wholesale

"V

-+n>S

160

[~U— „-*. „

10

f

Ketail
|
Inventories 2
NonNonDurable durable
Durable durable
goods
Total
goods
goods
goods
stores
stores
stores
stores
Sales 1 3

Period

Sales l

Inventories 2

Total

Billions of dollars, seasonally adjusted
1953
1954
1955

_-

1956
1957
1958
_ _
1959
I960"
1959: December
1960: January
February
March
April
May
June
July
AugustSeptemberOctober
November 6
December
1961: January 6 6
February




9. 8
9. 7
10. 6
11.3
11. 3
11. 1
12. 3
12. 3
12. 7
12. 4
12.5
12. 2
12. 6
12. 4
12.5
12. 3
12. 3
12. 2
12. 2
12. 2
12.3
12. 2

_ -

10. 5
10. 4
11. 4
13. 0
12. 7
12. 0
12. 6
13. 2
12. 6
12. 7
12. 7
12. 8
12. 9
13. 1
13. 0
13. 0
13. 1
13. 1
13. 2
13.3
]3. 2
13. 2

14. 1
14. 1
15. 3
15. 8
16.7
16. 7
18.0
18. 3
17.5
18. 1
18. 1
18.2
18. 9
18. 5
18. 5
18. 1
IS. 2
IS. 1
18.5
18.4
18. 0
17. 7
17. 8

5.0
4.8
5.6
5. 5
5.7
5.3
6.0
5.9
5.3
5.9
6. 0
5.9
6. 3
(i. 1
6. 0
5.7
5. 8
5.8
6. 1
5. 9
5. 0
5. 4
5. 5

9. 1
9. 2
9. 7
10. 3
11. 0
11. 4
12. 0
12. 4
12. 2
12. 2
12. 1
12. 3
12. 6
12. 4
12.5
12. 4
12. 4
12. 3
12. 4
12. 5
12.4
12. 2
12. 4

1961

COUNCIL OF ECONOMIC ADVISERS

22. 7
22. 1
23. 9
23. 9
24. 5
24. 0
24. 3
25. 5
24. 3
24. 5
24. 8
25. 1
25. 0
25. 2
25. 3
25. 4
25. 2
25. 3
25. 4
25.4
25. 5
25. 2

10. 7
10. 1
11. 2
10. 7
11. 4
10. 8
11. 0
11. 9
11. 0
11.3
11. 6
11. 6
11.6
11.8
11.8
11. 9
11.7
11. 8
11. 9
11. 9
11. 9
11.6

12. 0
12. 0
12. 7
13. 2
13. 1
13. 2
13. 3
13. 5
13. 3
13. 2
13. 2
13. 5
13. 3
13.4
13. 5
13. 5
13. 6
13. 6
13. 5
13. 5
13. 5
13. 6

Department stores
Sales '

Inventories 4

Index, 1947-49=100,
seasonally adjusted 5
131
118
118
128
128
136
135
148
152
135
136
148
144
156
145
165
146
161
147
161
160
142
138
162
154
159
141
161
145
165
149
167
143
16?
144
108
150
167
142
1C9
147
167
142
147

* Based on retail value.
Preliminary.
Sources: Department of Commerce and Board of Governors of the Federal
Keserve System.
6

19

MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers' sales and new orders (seasonally adjusted) continued their downward tendency during January.
Further liquidation of inventories among durable goods firms was partly offset by a small rise for nondurable goods
companies. Durable goods sales and new orders increased in February, according to preliminary estimates.

BILLIONS OF DOLLARS *

BILLIONS OF DOLLARS *

MANUFACTURERS' INVENTORIES
60

40

DURABLE GOODS

eo

_MANUFACTURERS' NEW ORDERS.
NONDURABLE GOODS
\

NONDURABLE GOODS

;

x

v

DURABLE GOODS

£0

111111...i

1956

i i i t 1 i i i ii

1959

I960

1961

I960

1958

* SEASONALLY ADJUSTED.
SOURCE: DEPARTMENT OF COMMERCE.

[Billions of dollars, seasonally adjusted]
Manufacturers' sales '
Manufacturers' inventories 2
Period

Total

1953
1954. .

1955
1956.
1957..
..
1958..
1959..
..
1960s
1960: January
February
March
April
May
June _ _
July .
August
September.
October
TsFnvemher
Df>r.fimhpr

3

1961: January 3 3
February *

„
_ _

_ _
_ _

NonDurable durable
goods
goods

24.5
23.5
26. 3
27.7
28. 4
26. 2
29. 7
30. 4
31. 1
31. 6
30.8
31.0
31. 0
30. 8
30. 4
30. 1
30. 1
29. 6
29. 2
29. 1
28.6

1
Monthly average for year and total for month.
' Hook value, end of period, seasonally adjusted.
1
Preliminary.

20



1961

COUNCIL OF ECONOMIC ADVISERS

12. 4
11. 2
13. 1
13. 8
14. 2
12. 4
14. 5
14. 7
15. 4
15.7
15. 2
15.0
15. 1
14.9
14.7
14. 4
14.4
14. 1
13. 8
13. 6
13. 3
13. 4

12.1
12. 3
13. 3
13. 9
14.2
13. 8
15.2
15.7
15.7
15. 9
15.7
16. 0
15. 9
15.9
15.7
15.7
15. 7
15. 5
15. 4
15.5
15. 3

Total

45. 4
43. 0
46. 4
52.3
53. 5
49. 2
52.4
53. 6
53. 3
53. 9
54. 3
54. 7
55. 0
55. 1
54. 9
55. 0
54. 7
54. 4
54. 0
53. 6
53.5

NonDurable durable
goods
goods
26. 2
24. 1
26. 7
30. 7
31. 1
27. 9
30. 1
30. 8
30. 8
31. 3
31. 8
31. 9
32. 1
32. 2
32. 0
32. 1
31.8
31. 4
31. 1
30. 8
30. 6

19. 2
18. 9
19. 7
21. 6
22. 4
21. 3
22. 3
22. 8
22. 6
22. 6
22. 6
22. 7
22. 9
22. 9
22. 8
22. 9
22. 9
23. 0
22. 9
22. 8
22. 9

Manufacturers' new orders
Total

23. 1
22. 5
27. 2
28.3
27. 3
25. 9
30. 1
29. 9
29. 8
30. 6
30. 3
30. 4
30. 5
30. 1
29. 2
30. 0
30. 4
29. 2
29.0
28. 7
28. 4

' Not charted.
Source: Department of Commerce.

1

Durable goods
NonMachinery durable
and
goods
Total
equipment
12. 1
3.3
11.0
3. 1
12.3
10. 2
4.2
13. 3
13.9
14. 4
13. 9
4.7
14,2
4.4
13. 1
13.9
12.0
3.9
15.3
14. 9
5. 0
15.7
14. 3
4.9
14. 2
15. 6
5.0
14. 8
5.2
15. 8
15.7
14. 6
5. 2
14. 5
15. 9
5.2
15. 8
14. 7
5.3
15. 8
14. 3
5. 1
15.4
13. 8
4.7
15. 6
14. 4
5.0
14. 6
15. 8
4.8
15.5
13. 7
4.5
15. 4
13. 6
4.8
15. 5
13. 2
4. 7
15. 4
13. 0
4.8
13. 3

MERCHANDISE EXPORTS AND IMPORTS
The merchandise trade surplus rose slishtly in January to $530 million (seasonally adjusted),
imports dropped less than usually for the month.
BILLIONS OF DOLLARS
2.5

Both exports and

BILLIONS OF DOLLARS
2.5

SEASONALLY ADJUSTED

MERCHANDISE EXPORTS EXGLUDINS
,MUTUAL SECURITY PROGRAM
SHIPMENTS

1.5

1.0

1955
SOURCES: DEPARTMENT OF COMMERCE, AND DEPARTMENT OF DEFENSE.

Period

Monthly average:
1951_
1952 _ .
„ _
1953
. .
1954
1955
1956
1957
1958
1959 __.
1960
1959: December
1960: January
February
March
April
May .

1, 497
1,561
1,584
1,496
_ . _ 1,631
1, 6SS
June.
1,626
July
1, 736
August
1, 6SS
September
1, 610
October
1, 707
November _
1,677
December
1, 621
1961: January
1,649

1, 164
1, 100
1,022
1,071
1, 191
1, 444
1, 625
1, 364
1, 366
1, 629
1, 580
1, 484
1, 497
1, 632
1,703
1,710
1,637
1,629
1, 547
1,557
1,690
1, 724
1,743
1, 539

1, 151
190
1,088
175
1,012
143
1,060
131
162
1, 180
1,432
216
208
1,610
198
1, 350
1,351
210
230
1, 613
Unadjusted
1, 564
218
1, 466
205
1,480
224
222
1,613
241
1,686
230
1, 694
1, 621
221
1,612
210
1, 529
218
1,541
242
1, 676
246
1,710
247
1, 724
250
222
1,511

1
Total exports less Department ol Defense shipments of grant-aid military
supplies and equipment under the Mutual Security Program.
1
Imports for immediate consumption plus entries into bonded warehouses.




COUNCIL OF ECONOMIC ADVISERS ,

[Millions of dollars]
Merchandise exports excluding
Merchandise imports
Mutual Security Program shipments
General 2imTotal (includImports for consumption 3
Domestic exports
ing reexports)1
ports
Indus- Finished
Indus- Finished
Season- Unad- Total i Food- trial manu- Season- Unad- Total Food- trial
manually ad- justed
facally ad- justed
stuffs matefacstuffs matetures
justed
rials
rials
tures * justed
345
300
254
310
351
441
529
368
365
509
505
483
459
482
493
506
525
510
501
476
524
569
580
494

842
778
796
910
952
958
876
892
810
822
905
894
894
795

914
893
906
851
949
1,051
1,082
1,070
1,267
1,221

616
612
614
620
667
775
872
784
776
874

1,3SS
1,208
1,306
1,253
1, 309
1, SSI
1,265
1,258
1, 228
1, 177
1, 196
1, 128
1, 100
1, 11.9

1,467
1, 143
1,289
1,378
1,261
1,262
1, 307
1, 150
1,229
1, 160
1, 157
1, 161
1, 157
1, 124

901
258
896
263
274
898
853
276
945
260
1,043
267
274
1,079
1,062
287
1,249
285
J , 221
274
Unadjusted
1,436
318
1, 168
219
1,290
283
1,369
299
1, 250
279
1,256
300
1,289
288
257
1, 140
1, 246
280
2(i9
1, 159
1, 157
2(18
2 SO
1 , 1 7(i
1, 151
•J(>5
1, 1 12

485
459
441
394
468
508
511
450
534
509

158
174
183
183
217
208
29-1
325

609
538
542
572
5 1 -1
50.'!
551
•Kill
c

r>os

r,:i .)
-17H
•n;a
•ni;»
.171

4:u

438
•110
•10fi
•!!IH
•157

•if>;i

•150
•1 1 7
•IL'7

-i i :>
•r_'.'>
•1:11
•I I '.'.

3
Imports for immediate consumption plu:; wiilnlniwu!.'* <»j 'rim.'iinn|iiimi fntm
bonded warehouses.
„_
Sources: Department of Conum-rco mi.l j n - i m r l n i c n i of |)o(nii.w.
Ctl

U.S. BALANCE OF PAYMENTS
The over-ail balance of payments deficit rose $1.3 billion (seasonally adjusted annual rate) in the fourth quarter of
1960, despite a $1.7 billion improvement in the surplus on goods and services.

BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS *

40

40
U.S. PAYMENTS
U.S. PAYMENTS

30

U.S. RECEIPTS

•---'
"

;

i

i

i

i

l

I

i

I

i

t

.;• "-{IMPORTS OF 'GOOD'S!
'' . 4
AND SERVICES ;

f

t

i

~ I

I

4

!

f

U.S. RECEIPTS

- EXCESS OF RECEIPTS •

i

— EXCESS OF PAYMENTS

-20
1957

EXPORTS OF GOODS
AND SERVICES

1959

1958

I960

* SEASONALLY ADJUSTED A N N U A L RATES.
• INCLUDES UNRECORDED TRANSACTIONS.
"
• SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL.OF ECONOMIC ADVISERS .

[Millions of dollars]
U.S. receipts
(recorded)
Period

1952

Exports
of
goods
and
services

Increase
Balance
in foreign
Unreon regold and
corded
U.S. grants and capital (net)
corded
recorded
transactransliquid
tions —
U.S.
actions
dollar
Private capital
errors and
Govern[net pay- omissions
assets
ment
ments ( — )
through
Total i
(net
grants
or receipts receipts)
transacand
Total Direct
tions with
( + )]
capital
the U.S.
U.S. payments (recorded)

Foreign Imports
longof
term
goods
capital
and
(net)
services

1953
1954
1955
195C
1 957
]958
] 959
I'.WO

18, 105
17, 081
17, 949
20, 003
23, 705
26, 733
23, 325
23, 464
27, 146

141
206
244
346
530
361
24
548
327

15, 760
16, 644
16, 088
17, 937
19, 829
20, 923
21, 053
23, 560
23, 303

1951): First quarter
Second quarter
Tliircl quarter
Fourth quarter
19(10: First quarter
Second quarter
Third quarter
Knurl h ((iKirlor

22, 456
22, 756
24, 612
24, 032
25, 864
27, 300
27, 612
27, 808

288
760
632
512
740
608
-40
3
()

22, 484
23, 864
24, 132
23, 760
23, 644
23, 972
23, 560
22, 036

2

2

4,083
2, 380 1, 158
850
3, 041
2, 055
369
721
1, 554 1, 619
3, 788
664
2, 211 1, 211
4, 007
779
2, 362 2, 990 1, 859
6,017
2, 574 3, 175 2, 058
6, 451
6, 153 2 2, 587 2, 844 1, 094
5, 061
1, 981 2, 301 1, 310
7, 101
2, 757 3. 522 1, 541
Seasonally adjusted annual rates
4, 408
1, 896 1, 768 1, 236
5, 696 2 2, 424 2, 516 1, 480
5, 368
2, 336 2, 1SS 1, 284
4, 772
1, 268 2, 732 1, 240
5, 432
2, 288 2, 364 1, 212
2, 752 2, 304
5,908
912
7,480 4 2, 400 5 4, 280 5 1, 600
9, 584
3, 588 5, 140 2, 440 4 5

I n i - l i i . l m i-i-mil iniHvs :mcl pensions not shown separately.
I ' . x r i i n i f M ;•! ,.),.. i i u l l i o n increase In U.S. subscription to International Monel.'-v; ili.-in .^/^N) (MHJ
Includes r.s. suhsrripUun !o International Development Association of
op
SV1 m i l l i o n (j,L-!«i m i l l i o n :ii. ; i i i n i i : i l rale).




-1, 597
-2, 398
-1, 683
-1, 595
-1, 611
— 280
-3, 857
-4, 609
-2, 931

505
296
167
446
643
748
380
783
-905

-4, 148
— 6, 044
— 4, 256
-3, 988
2 472
— 1, 972
-3,468
—3, 812

576
1, 404
-252
1, 404
ss
-636
-956
— 1, 940

1,092
2, 102
1,516
1, 149
968
-468
3,477
3, 826
3, 836
3,
4,
4,
2,
2,
2,
4,
45
5,

572
640
508
584
560
608
424
752

« Includes single direct investment transaction of $370 million ($1,480 million
at annual rate).
NOTE. — Data for 1960 have been revised.
Data exclude goods and services transferred under military grants.
Source: Department of Commerce.

PRICES

CONSUMER PRICES

The consumer price index declined slishtly in January, reflecting lower commodity prices.
long-term price advance.

Services continued their

INDEX, 1947-49 = 100

INDEX, 1947-49=100

150

140

130

1955

1956

1961

SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

[1947-49 = 100]
Services

Commodities

All
items

Period

1950-.
1951-..
..
1952- -_ - _
1953-.1954 19551956
19571958
1959
1960 _
1959: December
1960: January
February _
March
April
May__
June
July
August
September
October
November
December
1961: January

-

..

Source: Department of Labor.




_

.

102. 8
111. 0
113. 5
114. 4
114. 8
114. 5
116. 2
120. 2
123. 5
124. 6
126. 5
125. 5
125. 4
125. 6
125. 7
126. 2
126. 3
126. 5
126. 6
126. 6
126. 8
127. 3
127. 4
]27. 5
127. 4

All commodities

101. 2
110. 3
111. 7
111. 3
110. 2
109. 0

no. i

1 13. 6
110. 3
116. 6
117. 5

117. 1
116. 7
116. 7
116. 7
117. 4
117. 3
117. 6
117. 7
117. 6
117. 7
118. 2
118.3
118. 4
118. 0

Commodities less food
Food

101. 2
112. 6
114. 6
112. 8
112. 6
110. 9
111. 7
115. 4
120.3
118. 3
119. 7
117. 8
117. 6
117. 4
117. 7
119. 5
119. 7
120. 3
120. 6
120. 1
120. 2
120. 9
121. 1
121. 4
121. 3

All

101. 3

ioa 9

109. 8
110. 0
108. 6
107. 5
108. 9
112. 3
113. 4
115. 1
115. 7
116. 4
115. 9
116. 0
115. 7
115. 6
115. 3
115. 3
115. 4
115. 5
115. 6
115. 9
115. 9
115. 9
115. 4

All
NonDurable durable services

104. 4
112. 4
113. 8
112. 6
108. 3
105. 1
105. 1
108. 8
110. 5
113. 0
111. 6
113. 8
113. 3
113. 3
112. 5
112. 1
111. 9
111. f)
111. 1
111. 0
110. 0
110. 9
110. 7
110. 8
110. 2

100. 9
108. 5
109. 1
110. 1
110. 6
110. 6
113. 0
116. 1
116. 9
118. 3
120. 1
119. 9
119. 2
119. 4
119. 6
119. 7
119. 4
119. 6
119. 9
120. 1
120. 9
120. 9
121. 1
121. 0
120. 5

108. 5
114. 1
119. 3
124. 2
127. 5
129. 8
132. 6
137. 7
142. 4
145. 8
150. 0
147. 8
148. 2
148. 9
149. 2
149. 4
149. 6
149. 7
150. 0
150. 3
150. 8
151. 2
151.3
151. 4
151. 7

Rent

108. 8
113. 1
117. 9
124. 1
128. 5
130. 3
132. 7
135. 2
137. 7
139. 7
141.8
140. 8
140. 9
141. 0
141. 2
141. 4
141. 4
141. 6
141.8
141. 9
142. 1
142. 5
142. 7
142. 8
142. 9

Services
less
rent

108. 1
114. 6
120. 1
124. 6
127.7
130. 1
133.0
138. 6
143. 8
147. 5
152. 1
149. 7
150. 1
150. 9
151. 3
151. 5
151. 7
151. 8
152. 1
152. 5
153. 0
153. 4
153. 6
153. 6
154. 0

23

WHOLESALE PRICES
Wholesale prices rose slightly in February, reflecting higher prices of farm products and processed foods.
INDEX,1947-49=100

INDEX, 1947-49 = 100

COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)

/IIO

100

1955

1956

1957

I960

1959

1958

SOURCE: DEPARTMENT OF LABOR

1961
COUNCIL OF ECONOMIC ADVISERS-

[1947-49 = 100]

All
commodities

Period

1953.
1954
1955

1956
1957
1958

1959___
1 000
1960: January
February
March. .
ApriL
May
June.- _
July
August
September
< 'richer
November
1 'eeembcr
1 '.Mi ! : J;mu:irv
__
I'Vbrunrv
3
Week ended:
J ' . H J I : March 7
Mnrc.li 14
1

.
_

_

Farm
products

Processed
foods

110. 1
110.3
110. 7
114. 3
117. 6
119. 2
119. 5
119. 6
119. 3
119. 3
120. 0
120. 0
119. 7
119. 5
119. 7
119. 2
119. 2
119. 6
119. 6
119. 5
119. 8
120.0

97. 0
95. 6
89. 6
88. 4
90. 9
94. 9
89. 1
88. 8
86. 5
87. 0
90. 4
91. 1
90. 4
89. 0
88.9
86. 6
87. 7
89. 5
89. 9
88. 7
89. 7
90.3

104. 6
105. 3
101.7
101. 7
105. 6
110.9
107.0
107. 7
105. 6
105. 7
107.3
106. 8
107. 3
107. 6

119. 7
119. 9

88.8
90. 2

109. 6
109. 7

ioa 9

107. 8
108. 1
109. 0
109. 1
109. 2
10». 8
110. 5

( ' n v i ' i u f c of tht> subgroups docs not correspond exactly to coverage of this

1

Kxrhnjc.-; ii)lrnin'<jj:ilo materials for food manufacturing and manufactured
n i i l r i i i t i feed;,; im'lutti'S, in part, prain products for further processing.

24



Commodities other than farm products and foods
(industrials)
Consumer finIndus- ProducIndusished goods extrial inAll intrial
er fincluding food
dustricrude termediished
DurNonals1
mate- ate ma- goods
2
terials
able
durable
rials
106. 9
114. 0
ioa 5 116. 2 123. 1 113. 8
114. 7
107. 2
116. 7
124. 7
114. 5
103. 3
107. 8
120. 1
117. 0
113. 4
128. 5
115. 9
109. 9
122. 2
126. 0
119. 7
120. 0
138. 1
129. 3
112. 4
123. 3
118. 3
146. 7
125. 6
113. 7
129. 1
150. 3
125. 0
111.7
126. 0
113. 4
120. 0
131. 2
153. 2
126. 5
128. 2
131.7
114. 1
153. 5
126. 0
128. 3
115. 3
132. 1
113. 9
121. 4
153. 8
126. 4
128. 8
132. 2
113. 8
153. 8
126. 4
119. 2
128. 7
128. 6
132. 2
113. 8
153. 9
126. 5
116. 8
132. 2
153. 6
126. 5
113. 7
116. 2
128. 7
131. 9
153. 3
126. 3
113. 2
128. 2
116. 0
131. 8
126. 2
113. 6
128. 2
115. 2
153. 4
114 1
114. 8
131. 7
12a 3
128. 2
153. 6
114. 4
131. 6
126. 2
114. 6
128. 2
153. 7
127. 9
131. 5
152. 5
114. 8
114. 2
123. 6
112. 7
131. 3
153.4
125. 7
128. 0
114. 8
127. 9
126. 5
114. 7
153. 6
113. 8
131. 0
114. 7
130. 9
153. 8
126. 5
127. 9
111. 0
130. 9
153. 9
115. 0
128. 0
126.6
111. 5
112. 7
130. 9
115. 2
153.7
125. 6
128. 0

128. 1
128. 1

(4)
(4)

(4)
(4)

(4)
(4)

(4)
(4)

a Weekly series based on smaller sample than monthly series.
' Not available.
Source: Department of Labor.

(4)
(4)

PRICES RECEIVED AND PAID BY FARMERS
The index of prices received by farmers advanced to 244 (1910-14=100) on February 15, 1961, the highest since
May 1959. The parity ratio edged up to 81.
INDEX, 1910-14 =

INDEX, 1910-14 = 100
325
PRICES PAID, INTEREST, TAXES,
AND WAGE RATES

225

EDO

Jj 200

RATIO-^

RATIO-^

100

PARITY RATIO
iifinn**^

**<aAii » r . ^ - "^ « "
.a . - " ' » .

x^-s-*^-....
a u
^ — ,^^
*. ,

«»«•

^ ..^
^ . . ^ ,%..
. ..^

75

75

1 1 I1 1 1 1I1 1 1

1

i i ii i 1 i i i ii

i i i 1-1 1 i i i i i

r i i i l 1t ii ii

1957

I 1 1 1 1 1 I f ! !

1958

1959

1956

1955

i ri i i 1t i iii

I960

-"RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF.PRICES PAID, INTEREST,TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.

1

1 !

I 1

1 1 1 1 1 1

1961
COUNCIL OF ECONOMIC ADVISE'

Prices received by farmers
Period

1951
1952 _._ .. .
1953
.._
1954
1955
1956
1957—
1958
1959
1960
1960: January 15
February 15
March 15
April 15

All farm
products

..

.

.

__

May 15
June 15

July 15
August 15
September 15.
Ootober 15
November 15
December 15_
1961: January 15
February 15 _

_

Crops

302
288
255
246
232
230
235
250
240
238
232
233
241
242
241
236
238
234
237
240
241
242
241
244

i Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.




265
267
240
242
231
235
225
223
221
221
220
218
222
225
228
221
226
218
222
220
218
217
218
221

Prices paid by farmers
All items,
interest,
Livestock taxes, and Family
Producand
living
tion
wage rates
products
items
items
(parity
index)
Index, 1910-14=100
282
336
268
273
306
271
274
287
277
269
268
256
270
249
277
255
234
276
270
251
274
226
278
250
244
286
282
257
293
287
264
273
256
297
288
266
252
299
290
265
242
299
289
265
245
299
289
266
257
300
289
267
302
257
291
268
252
301
291
267
299
248
290
265
249
298
290
263
298
247
290
262
251
298
290
263
297
262
258
290
261
297
291
262
263
298
291
265
261
301
291
267
263
302
291
267

Parity
ratio '

107
100
92
89
84
83
82
85
81
80
78
78
80
80
80
79
80
79
80
81
81
81
80
81

Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The money supply declined less than seasonally in February.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1 150

ISO

AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

140

130

DEMAND DEPOSITS AT ALLCOMMERCIAL BANKS

120

120

90

80 ^

I i i i

1955

_L 1.1

i f i I i ' '

1956

1957

1958

1961:

[Averages of daily figures, billions of dollars]
Money supply
Seasonally adjusted
Unadjusted
Period
Currency Demand
Currency Demand
Total outside deposits Total outside deposits
1 2
:2
banks
banks
December
100. 4 131. 4
28. 2
103. 3
128. 1
27. 7
December
131. 8
27. 9
107.1
27.4
104. 4 135.0
December
134. 6
106. 8 137.9
28. 3
109. 6
27.8
December. ..
. . 136. 5
111. 0
28. 2
108.3 139.7
28. 7
December
_ _
107. 2 138. 8
135. 5
28. 9
109. 9
28. 3
December
.
112. 2 144. 3
29. 2
140. 8
28. 6
115. 1
December
. . ..
141. 5
112. 6 144. 9
29.5
115. 5
28. 9
December
.
140. 4
29. 0
111. 4 143. 9
29. 5
114. 3
January.
141. 3
112. 3 144. 4
29.0
28.8
115.6
February __ .
141. 0
112. 2
28. 6
29.0
112. 1 140. 8
March
_
140. 6
29. 0
111. 6 139. 3
28. 7
110. 6
April
_.
.. ..
140. 5
29. 1
111. 4 140. 1
28. 8
111. 4
May
139. 9
29.0
28. 8
109. 2
110. 9 138.0
June. __ _ . . .
110. 5 138. 0
29. 0
109. 1
139. 4
28. 9
July
...
29. 1
139. 6
110.7 138.7
109. 6
28.9
August
29.0
139. 7
109. 8
110. 8 138. 9
28. 9
September
139. 7
29. 1
140. 4
29. 0
111. 5
110. 7
October
140. 6
29. 0
111. 5
111. 6 140. 6
29. 1
November
140. 2
29. 0
112. 2
111. 2 141. 4
29. 2
December
114. 3
140. 4
29. 0
111. 4 143. 9
29. 5
January
114.9
140. 6
28. 9
111. 7 143. 7
28. 8
February3
141. 3
112. 4 140. 9
112. 4
28. 6
28. 9
First half. 3 . . . . . _ 141. 3
112. 4 142. 0
28. 9
28. 6
113. 3
Second half
141. 2
112. 3 139. 7
111. 2
28. 5
28. 9

' Demand deposits at all commercial banks (member and nonmember)
See footnote 1, p. 27 for definition of member banks.
Preliminary.

1
3

26



80

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OP THE FEDERAL RESERVE SYSTEM.

1953:
1954:
1955:
1956:
1957:
1958:
1959:
1960:
1960:

1 I ' ' ' ' ' ' ' '>

19 S3

Deposits at member banks
(unadjusted) 2
U.S.
Demand Time Government
3. 5
35. 8
86. 9
39. 1
4. 6
90. 5
40.3
92.4
3.0
41.7
3.0
93. 2
45.9
3. 1
92. 1
96.0
52. 7
3.4
53.7
4. 4
95. 7
4. 1
94. 2
58. 1
53. 7
3.6
95. 6
53.5
3.6
92. 8
53.8
91. 6
3.8
92. 3
54.2
3. 3
54. 5
5. 8
90. 4
54.9
90. 4
5.7
55.5
90. 7
6.0
56. 2
5. 5
91. 0
56. 9
4. 8
91. 6
92. 0
57. 4
5. 1
92. 3
57. 6
5. 2
94. 2
58. 1
4. 1
59. 0
94. 7
3.6
60. 4
92. 7
4.3
60.2
93. 5
3.5
5. 1
91. 7
60. 6

NOTE.—See note, p. 27.
Source: Board of Governors of the Federal Reserve System.

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans rose $2.4 billion in February 1961, compared to an increase of $700 million in February
1960.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS
200

TOTAL'LOANS AND INVESTMENTS

V
ISO

BANK LOANS

50

INVESTMENTS IN OTHER SECURITIES

I

I955

I956

I957

I959

I958

I
I960

I96I

END OF MONTH

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF ECONOMIC ADVISERS -

All commercial banks

End of period

1953
1954
1955
1956
1957
1958
.
1959 5
I960
1960: January
February
March
April
May
June
July
August
September
October. 5
November
December 5
1961: January 5 s
February _

Investments

Total
loans
and
investments

Loans

145. 7
155. 9
160. 9
165. 1
170. 1
185. 2
190. 3
200.3
187. 8
186. 5
185. 7
188. 8
188. 6
188.9
190.9
191. 2
193.3
195. 7
195. 7
200. 3
197. 2
199. 4

67. 6
70. 6
82. 6
90.3
93. 9
98. 2
110. 8
118. 2
109. 6
110. 3
111. 4
113. 0
113. 6
114. 8
114. 2
114. 7
115. 4
114. 8
115. 0
118. 2
114. 1
1 1 6. 5

U.S. Government
securities

Business
loans 2

Billions of dollars
14. 7
63. 4
16. 3
69. 0
16.7
61. 6
16. 3
58. 6
17.9
58. 2
66. 4
20. 6
20. 5
58. 9
61. 3
20. 8
58. 0
20. 3
56. 2
20. 1
54. 2
20. 1
20. 0
55. 8
19. 8
55. 1
19. 9
54. 2
56. 7
20. 0
20. 0
56. 6
57. 7
20. 2
20. 4
(10. 5
20. 3
00. 4
61. 3
20. 8
20. 9
02. 2
61. 0
21. 3

1
Member banks are ail national banks and those State banks wiiic i have taken
membership in the Federal Reserve System.
J Commercial and industrial loans and prior to 1956 agricultural loans. Series
revised beginning January 1952, October 1955, July 1958, and July 195<J.
' Debits during period to demand deposit accounts except interbank and




Other
securities

Weekly
reporting
member
banks l

6

2

2
2

23. 4
22. 4
26. 7
30. 8
31. 8
31. 7
30. 5
31. 9
29. 8
30. 2
31. 0

;!0. 9

31. 2
31. 6
31. 0
31. 0
31. 5
31.4
31. 7
31. 9
31. 2
31. 3

Bank
All member banks '
debits
outside
Reserves 4
New York
BorrowCity (343
ings at
centers) ,
Federal
seasonally
adjusted Required Excess Reserve
Banks *
annual
rates 3
Millions of dollars
1, 126. 3 J 9, 227
693
441
1, 148. 4 18,576
703
240
1, 276. 7
18,646
594
839
1, 384. S
652
18, 883
688
1, 468. S
18, 843
577
710
1, 481. 0
516
18, 383
557
1, 655. 6 18, 450
482
906
1, 735. 9
769
18, 514
87
18, 334
544
1, 686. 9
905
1, 783. 7 17, 758
455
816
17,611
416
1, 708. 3
635
602
i, 742. s 17, 696
408
469
502
1, 767. 5 17, 770
17, 828
1, 758. 4
466
425
1, 699. %
18, 010
508
388
17, 961
1, 789. 9
540
293
17, 931
1, 742. 4
639
225
1, 722. 0
18, 095
638
149
1, 767. 9
18, 248
756
142
1, 710. 7
18, 514
769
87
1, 782. 0
18, 570
49
744
1, 774. 3 18, 309
649
137

Preliminary,

NOTE.— Between January and August 1959, series for all commercial banks
and
all member banks were expanded to include data for all banks in Alaska and
Hawaii.
°ard °f °°Vern°rS Of the

27

CONSUMER CREDIT
In January, repayments of consumer instalment credit (seasonally adjusted) exceeded extensions for the first time
since September 1958.
BILLIONS OF DOLLARS
60

BILLIONS OF DOLLARS
60

I955

1956

1957

1958

Period

1951
1952
1953
1954
1955 _ ^
1956
1957
1958
1959
1960_
1959: December
1960: January
Februaiy
March .
April
May
June
July
August
September
October.
November
1 )cccmber
V.X1I: .innimrv

_

28



COUNCIL OF tCONOMIC ADVISERS

[Millions of dollars!
Consumer credit outstanding
(end of period; unadjusted)
Instalment
NonAutomoTotal
instalTotal i
bile 2
ment 3
paper
22, 712
5, 972
15, 294
7,418
27, 520
19, 403
7, 733
8, 117
31, 393
23, 005
9, 835
8,388
32, 464
23, 568
9, 809
8, 896
38, 882
28, 958
13, 472
9,924
42, 511
14, 459
31, 897
10, 614
45, 286
34, 183
15, 409
11, 103
45, 544
34, 057
14, 237
11, 487
52, 119
39, 852
16, 549
12, 267
56, 049
43, 281
17, 866
12, 768
52, 119
39, 852
16, 549
12, 267
51, 468
39, 738
16, 519
11, 730
51, 182
39, 785
16, 626
11, 397
51, 298
40, 020
16, 826
11,278
52, 353
40, 651
17, 170
11, 702
52, 991
41, 125
17, 431
11, 866
41, 752
53, 662
17, 755
11, 910
53, 809
42, 050
17, 893
11, 759
54, 092
42, 378
18, 020
11, 714
54, 265
42, 517
18, 021
11, 748
54, 344
42, 591
17, 992
11, 753
54, 626
17, 967
42, 703
11, 923
56, 049
43, 281
17, 866
12, 768
42, 782
55, 021
17, 611
12, 239

onsumer goods paper, repair and modernization loans,
ho\vn separately.
oiuied for Hie purpose of purchasing automobiles and
chnsiMl.
• p;i iiu-iil iu:ins, rhnrfrc accounts, and service credit.

1961

I960

1959

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Consumer instalment credit extended and
repaid (seasonally adjusted)
Automobile paper 2
Total i
Extended
23, 576
29, 514
31, 558
31, 051
39, 039
40, 175
42, 545
40, 789
49, 045
50, 343
4, 119
4, 160
4, 197
4, 259
4, 499
4, 255
4, 313
4, 214
4, 072
4, 125
4, 108
4, 134
4, 007
3, 869

Repaid
22, 985
25, 405
27, 956
30, 488
33, 6-49
37, 236
40, 259
40, 915
43, 407
46, 914
3, 773
3, 848
3, 765
3, 777
3,935
3, 911
3,934
3, 997
3, 918
3, 958
3, 994
3, 946
3, 931
3, 972

Extended
8, 956
11, 76-1
12, 981
11,807
Hi, 745
15,563
10, 545
14,310
17, 941
17, 839
1, 355
1, 454
1, 534
1, 591
1, 636
1, 558
1,538
1, 417
1,422
1,422
1,460
1,482
1, 325
1, 239

Repaid
9, 058
10, 003
10, 879
] 1 , 833
13, 082
!•!, 576
1 5, 595
15, 488
1 5, 698
] 0, 522
1 , 352
1, 359
1, 330
1, 342
], 379
1, 402
1, 392
], 385
1, 388
1, 375
1, 417
1, 397
1,356
1,387

NOTE.—Monthly data tor 1960 for credit extended and repaid have been
revised.
Data.for Alaska and Hawaii included beginning January and August 1959,
respectively.
Source: Board of Governors of the Federal Reserve System.

BOND YIELDS AND INTEREST RATES
The rate on 3-month Treasury bills increased in February, while yields on bonds generally declined.
half of March, the Treasury bill rate declined.

PERCENT PER ANNLIM

PERCENT PER ANNUM

SOURCES: SEE TABLE BELOW.

COUNCIL OF ECONOMIC ADVISERS

Period
1954
1955
1956_ _
1957,

1958
1959
1960
. .
1960: January .
February
_ _
March
_
_
April
May
June

._

.
__--

July

August
September
October
November
December
1961: January

_

_.

February-

Week ended:
1961: February 4
11
18
25
March
4
11
18
1
1

.

[Percent per annum]
U. S. Government
High-grade
security yields
municipal
3-month
bonds
Taxable
2
Treasury
(Standard3 &
bonds
bills '
Poor's)
0.953
2. 55
2. 37
1. 753
2. 84
2. 53
2. 658
2. 93
3.08
3. 267
3. 47
3. 60
1. 839
3. 43
3. 56
3. 405
4. 08
3. 95
4.02
2. 928
3.73
4. 436
4. 37
4. 13
3.954
4. 22
3.97
3. 439
4. 08
3.87
3. 244
4. 18
3. 84
3. 392
4. 16
3.85
2. 641
3. 98
3. 78
2. 396
3.72
3.86
2. 286
3. 79
3. 53
2. 489
3. 84
3. 53
2. 426
3. 91
3. 59
2. 384
3. 93
3. 46
2. 272
3. 88
3. 45
2. 302
3. 89
3. 44
2. 408
3. 81
3. 33

2. 299
2. 374
2. 462
2. 496
2. 594
2. 485
2. 352

Rate on new 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 19-JI-March
1952, bonds due or callable after 15 years.
' Weekly data are Wednesday figures.




In the first

3. 88
3. 84
3. 81
3. 76
3. 77
3. 75
* 3. 78

3. 40
3. 35
3. 31
3.27
3. 29
3. 36
3.41

Corporate bonds
(Moody's)
Aaa

2. 90
3.06
3. 36
3. 89
3. 79
4. 38
4, 41
4. 61
4. 56
4. 49
4. 45
4. 46
4. 45
4. 41
4. 28
4. 25
4. 30
4. 31
4. 35
4. 32
4. 27
4. 30
4. 28
4.27
4. 25
4. 23
4. 22
1
4. 21

Prime
commercial
paper,
Baa
4-6
months
3. 51
1. 58
2. 18
3. 53
3. 31
3. 88
3. 81
4. 71
2. 46
4.73
3.97
5. 05
3. 85
5. 19
5. 34
4. 91
5. 34
4. 66
4. 49
5. 25
4, 16
5. 20
4, 25
5. 28
5. 26
3. 81
3. 39
5. 22
3. 34
5. 08
3. 39
5. 01
3. 30
5. 11
3. 28
5.08
3. 23
5. 10
2.98
5. 10
5. 07
3. 03

5. 10
5.07
5.07
5. 06
5. 04
5. 02
5. 02

2. 93
3.00
3. 00
3. 09
3. 13
3. 13
« 3. 03

4
Not charted.
Sources: Treasury Department, Board of Governors of tlie Federal
System, Standard & Poor's Corporation, and Moody's Investors Service

"29

STOCK PRICES
Stock prices rose again in February.

INDEX, 1957-59=100

INDEX, 1957-59=100

160

- 140

1955

1956
COUNCIL OF ECONOMIC ADVISERS

SOURCE: SECURITIES AND EXCHANGE COMMISSION

Composite
index 1

Period
Weekly average:
1952,
._ . .. ___
1953
1954
1955
1956
1957
1958
1959
1960
1960: January
Februarj- . _
March. _
April
Mav
June
_
July.
August
September
October
November,
December1961: January
February
Week ended:
19(11: February 10
17_

March

_ _

24 ...
3
10 _

[1957-59=1001
Manufacturing
NonDurable
Total
durable
goods
goods




Utilities

Trade,
finance,
and
service

Mining

52. 3
51. 9
61.7
81. 8
92. 6
89. 8
93. 2
116. 7
113. 9
117. 6
114. 1
112. 1
113. 5
113. 2
117. 0
114. 5
115. 6
112. 1
109. 1
112. 6
115. 2
120. 9
125. 4

46. 8
46. 7
57. 6
79. 5
93. 2
90. 7
92. 5
116. 5
110. 9
117.5
112. 8
109. 9
111. 0
110. 7
114. 6
111. 2
112. 2
107. 6
104. 9
108. 5
110. 3
115. 3
119. 2

42. 1
43. 0
54.7
78. 7
91. 5
88. 5
90. 4
120. 8
117. 3
124. 3
119. 1
115. 8
118. 3
118. 7
123. 4
119. 0
119. 8
114. 1
109. 4
113. 0
114. 5
118. 6
121. 4

50. 7
49. 8
60. 0
80. 1
94. 5
92. 8
94. 4
112. 6
104. 9
111. 2
107.0
104. 5
104. 3
103. 3
106. 6
104. 0
105. 1
101. 7
100. 8
104. 5
106. 4
112. 2
117. 3

74. 6
73. 9
78. 6
108. 2
110. 6
93. 2
91. 0
115. 6
95. 8
106. 4
103. 0
97. 4
96. 5
95. 8
97. 1
95. 7
96. 1
91. 5
88. 0
91. 7
92. 6
100. 3
102. 6

65. 4
67. 3
75. 3
84. 8
86. 4
86. 3
95. 8
117. 6
129. 3
120. 0
122. 3
124. 0
127. 1
126. 4
129. 8
131. 0
132. 6
134. 2
130. 5
132. 0
138. 5
148. 7
156. 0

60. 4
60. 8
69. 1
87. 1
89. 9
82. 2
95. 1
122. 3
127. 4
125. 6
121. 9
122. 2
125. 3
125. 8
132. 1
131. 0
131. 8
127. 2
122. 8
129. 3
132. 4
134. 8
139. 8

80. 7
70. 4
78. 2
91. 6
104. 6
107. 2
97. 9
95. 0
73. 8
S3. 3
78. 5
75. 7
73. 4
70. 9
70. 3
68. 6
71. 6
70. 1
71. 8
74. 1
78. 2
85. I
89. 0

124. 0
125. 4
126. 7
129. 1
128. 1

117. 8
119. 0
120. 4
123. 3
122. 4

119. 1
121. 2
] 23. 0
127. 0
126. 6

116. 7
117. 0
118. 0
119. 9
118. 5

101.3
103. 5
103. 5
103. 2
102. 0

154. 8
156. 2
157. 7
158. 6
156. 6

138. 1
1-11. 3
143. 0
144. 9
145. 1

88. 6
89. 7
88. 2
88. 0
87. 0

1
I ncliKlr.s ;um common stocks: 108 for durable Roods manufacturing, 85 for Don
ihintlih' i
Is iiMimifactnrinc, 18 for transportation, 34 for utilities, 45 for trade
I'nmniv, anil .service, iind 10 for mining.

30

Transportation

JSJOTE.—Indexes are based on weekly closing prices.
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 $6.2 billion,
year, the deficit was $5.8 billion.

BILLIONS OF DOLLARS
NET BUDGET EXPENDITURES

For the same period last

BILLIONS OF DOLLARS

NET BUDGET RECEIPTS
75

25

oL

1956

1957

1958

1959

I960

1961

1958
+ 10

MAJOR NATIONAL SECURITY
EXPENDITURES

BUDGET SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE)

0

-15

1956

1957

1958

1959

1961

• ESTIMATE
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.

year
year
year
year
year

1956
1957_
1958
1959 _
1960

_
- - - - - -

Fiscal year 1961 * _ _ _
Fiscal year 1962 *__

1960: January
February
MarchApril
May

June

July 6

August 5 --

-

_
-

- - - _

67. 8
70. 6
68. 5
67. 9
77. 8
79.0
82. 3
4. 9
7. 2
9.6
5. 1
6. 6
10.9
3. 1
6. 5
9. 0
2. 8
6. 3
7.6
4. 8
6.5

September 5 _ _ _
October 5 ._
November 5
December 5
1961: January 5
FebruarvCumulative totals first 8 months: 5
Fiscal year 1960
45. 7
Fiscal year 1961
46. 7
1
Includes military activities of the Department of Defense (military functions
and the military assistance portion of the mutual security program), Atomic
Energy Commission, stockpiling, and defense production expansion.
2
Military functions and military assistance.
3
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.




1961

COUNCIL OF ECONOMIC ADVISEKS

[Billions of dollars]
Net budget expenditures
Net
Major national security '
budget
Department
Total
receipts
Total
of Defense,
military 2

Period

Fiscal
Fiscal
Fiscal
Fiscal
Fiscal

I960

1956

FISCAL Y E A R S

Budget
surplus

or
deficit (-)

66. 2
69. 0
71.4
80. 3
76. 5
78.9
80.9
6. 2
6. 1
6. 4
6. 0
6. 1
6. 5
6. 2
6. 8
6.8
6.8
6. 8
6. 8
6. 5
C. 2

40. 6
43.3
44. 1
46. 4
45.6
45. 9
47.4
3. 5
3. 7
4. 0
3.7
3.7
4.0
3.5
4.0
3.9
3.7
3. 9
4. 2
3. 7
3. 8

38. 4
40. 8
41. 2
43. 6
42. 8
43. 2
44. 7
3. 3
3. 5
3.7
3.4
3. 4
3.7
3. 2
3. 7
3.7
3. 5
3. 6
4. 0
3. 5
3. 6

1. 6
1. 6
-2. 8
-12. 4
1.2
.1
1.5
-1. 3
1. 1
3. 2
-1. 0
.5
4. 4
— 3. 0
-. 3
2. 2
-4. 0
—.5
.8
-1.6
.3

51. 5
52. 9

30. 3
30. 6

28. 5
28. 8

-5. 8
-6. 2

Public
debt

(end of
period)

3

272. 8
270. 6
276.4

284 8
286.5

285.
283.
291.
290.
287.
288.
289.
286.
288.

1
7
2
7
0
9
5
5
5

288.8

28a
290.
290.
290.
290.

6
6
6
4
2

290.7

290. 7
290. 7

* Estimate.
6
Preliminary.
NOTE.—Total budget receipts and expenditures have been adjusted to exclude
certain intragovernmental transactions.
Sources: Treasury Department and Bureau of the Budget.
ol

CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the fourth quarter of calendar 1960, cash payments to the public exceeded cash receipts by $3.9 billion,
seasonally adjusted basis, however, receipts exceeded payments by $500 million.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED )
30

On

(SEASONALLY ADJUSTED )
30

EXCESS OF CASH RECEIPTS

EXCESS OF CASH PAYMENTS
1955

I

1958

CALENDAR YEARS
SOURCES: TREASURY DEPARTMENT,AND BUREAU OF THE BUDGET.

COUNCIt OP ECONOMIC ADVISERS

[Billions of dollars]
Period
Fiscal year total:
1957
1958
1959
1960
1961 >
1962'
Calendar year total:
1956
1957
1958
19592
1960 .

Cash receipts
from the
public

Cash payments to
the public

Excess of re- Cash receipts
ceipts (+) or
from the
payments
public
"(-)

82. 1
81. 9
81. 7
95. 1
99. 0
103. 1

80. 0
83. 4
94. 8
94. 3
97.9
101. 8
74. 8
83. 3
89. 0
95. 6
94. 7
Unadjusted

5. 5
1.2
-7. 3
— 8. 0
3. 6

22. 7
24. 5
24. 4
23. 9
21.9
24. 1
24. 2
24. 5

—.1
—.4
-3.0
-4.5
3.8
4.5
-.8
-3. 9

Quarterly total (calendar years) :
1959: First Quarter
Second quarter
Third quarterFourth quarter
1960: First quarter.
.
Second quarter
. ._ __
2
Third quarter 2
Fourth quarter _

22. 6
24. 1
21. 4
19. 4
25. 8
28. 5
23. 4
20. 6

Seasonally adjusted

20.2
21.2
23. 3
23. 5
23.4
25. 1
25. 2
24. 7

1
2
KxtinmU*.
Preliminary.
Sources: Treasury Department and Bureau of the Budget.

32



Excess of receipts ( + )or
payments
(-)

2. 1
— 1. 5
— 13. 1
.8
1. 1
1.3

80. 3
84. 5
81. 7
87. 6
98. 3

Cash payments to
the public

Kor 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

24. 1
24.0
23. 8
23. 7
23. 3
23. 6
23. 6
24. 2

-3.8
-2.9
-. 5
— .1
.1
1. 5
1. 7
.5


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102