Full text of Economic Indicators : March 1963
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88th Congress, 1st Session
Economic Indicators
MARCH 1963
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON -. 1963
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
HOUSE OF REPRESENTATIVES
SENATE
WRIGHT PATMAN (Texas)
JOHN SPARKMAN (Alabama)
HALE BOGGS (Louisiana)
J. WILLIAM FULBRIGHT (Arkansas)
HENRY S. REUSS (Wisconsin)
WILLIAM PROXMIRE (Wisconsin)
MARTHA
W. GRIFFITHS (Michigan)
CLAIBORNE PELL (Rhode Island)
THOMAS
B.
CURTIS (Missouri)
JACOB K. JAVITS (New York)
CLARENCE E. KILBURN (New York)
JACK MILLER (Iowa)
WILLIAM B. WIDNALL (New Jersey)
LEN B. JORDAN (Idaho)
JAMES W. KNOWLES, Executive Director
COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman
GARDNER ACKLEY
[PUBLIC LAW 120—81sT 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 2 5 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) 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 $5.40 per year.
The 1962 Supplement to Economic Indicators, which describes each series
and gives annual data for years not shown in the monthly issues, is now available at 65 cents a copy.
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Revised estimates indicate that gross national product rose $8.2 billion (seasonally adjusted annual rate) in the Fourth
quarter of 1 962. The average quarterly rise over the year was $6.2 billion, compared to an average of $1 2.6 billion
during the 1961 recovery period.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persona]
Disposable consumption
personal
income! expenditures
Period
1952
1953
1954
1955
1956
1957
1958
1959--.
1960
1961.
1962
1961: I
---
-.
-
-
-
II
III
IV
_
1962: I
II
III...
IV
238.7
252. 5
256. 9
274. 4
292.9
308.8
317.9
337. 1
349. 4
363. 6
382.9
354.3
361.0
366. 3
372.6
375.6
381. 8
384. 1
389.3
219.8
232. 6
238.0
256. 9
269. 9
285. 2
293. 2
313. 5
328. 5
338. 1
356. 7
330. 5
335. 5
340. 1
346. 1
350. 2
354.9
358. 2
363. 5
Inl .ernation al
Business
Persons
Personal
Gross
Excess
saving
Gross private
of
( + ) or retained domestic investearn-2
disinvest-3
ment
saving
ings
ment
(-)
(-)
18.9
19. 8
18. 9
17. 5
23. 0
23. 6
24.7
23. 6
20. 9
25. 6
26. 2
23. 8
25. 5
26. 3
26. 5
25. 4
26. 9
26. 0
25. 8
33. 2
34. 3
35. 5
42. 1
43.0
45.6
44.8
51. 3
52. 1
53. 6
57. 9
50. 0
53. 2
54. 1
57. 0
57. 2
57. 6
57.7
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72. 7
72. 4
69. 3
76. 6
60. 1
67. 6
72. 4
76. 6
75. 9
77. 4
76. 3
76. 2
Foreign
Net es ports of goods Excess of
ar d servic 33
• transfers
net
(+)'or
transof Tiet
fers by
exports
ExImGovernNet
ports
ment exports ports
(-)'•
— 16. 6
— 16. 0
-13. 4
— 21. 8
— 24. 3
— 20. 5
— 11. 9
— 21. 4
— 20. 3
-15. 6
-18.7
-10. 1
-14 4
-18. 3
-19. 6
-18. 7
-19. 9
-18. 6
1. 5
1. 6
1. 4
1. 5
1. 5
1. 5
1. 3
1.5
1.6
1. 6
1.7
1. 6
1.5
1. 5
1.6
1.7
1.7
1. 8
1. 8
1.3
—. 4
1. 0
1. 1
2.9
4. 9
1.2
—. 8
2. 9
4. 0
3.3
5.3
4. 0
2.8
3.8
3.7
3.7
2. 5
3. 2
17.4
16. 6
17.5
19. 4
23. 1
26.2
22.7
22. 9
26. 4
27. 3
28.4
27.4
26. 4
26.9
28.3
28. 2
29.0
28. 3
28. 2
16. 1
17. 0
16. 5
ia 3
20. 2
21. 3
21.5
23. 6
23.5
23. 3
25.2
22, 2
22.4
24.1
24.5
24. 5
25.3
25. 8
25. 0
0.2
2,0
-14
.4
— 1. 5
-3.5
.1
2.3
— 1.3
— 2,4
— 1:5
-3.7
— 2.4
— 1.3
-2.2
-2.0
-2.8
-.7
-1.4
CiDvernmeiit
Expenditur es
}Jet receip .s
Surplus
( + ) or
deficit
Tax and TransPurTrans- (-) on
nontax
fers,
chases
Total
fers,
income
interest, of goods expendi- interest,
and
receipts receipts
and suband
or
tures
and
subproduct
6
5
services
accruals sidies
sidies
account
Period
1952
1953.
1954
1955
1956
1957
1958
1959 .I960- 1961
1962 --_
1961: I
II
Ill
IV
1962: I
II
III
IV
1
-•-.
- ---
--.
-
72. 2
75.7
68. 5
78. 4
84. 2
87. 5
82. 0
95. 7
103. 8
103. 0
114. 7
97.9
101. 7
103.4
109. 2
111. 9
114. 9
115. 9
90. 6
94 9
90. 0
101. 4
109. 5
116. 3
115. 1
130. 2
141. 0
144. 8
157. 9
138. 1
143. 9
145. 7
151. 6
154. 6
157. 8
159. 2
18. 4
19. 2
21.5
23. 0
25. 3
28. 7
33. 1
34. 4
37. 1
41. 9
43. 2
40. 2
42. 1
42. 4
42. 4
42. 7
42. 9
43. 3
44 5
76. 0
82.8
75. 3
75. 6
79. 0
86. 5
93. 5
97. 2
99.7
107. 4
117. 3
104 8
106. 0
106. 9
112. 1
115. 2
116. 0
118. 2
120. 7
Personal income (p. 5) less personal taxes and nontax payments (fines, penalties,
etc.).
3
Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and excess ol wape accruals over disbursements.
Does not mc.lude retained earnings of unincorporated business which are included in disposable personal income.
s Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
4
94 4
102. 0
96. 7
98. 6
104. 3
115.3
126. 6
131. 6
136. 8
149. 3
160. 5
145. 0
148. 1
149. 3
1544
157. 9
158. 9
161. 6
165. 2
18.4
19. 2
21. 5
23. 0
25. 3
28.7
33.1
34 4
37. 1
41. 9
43. 2
40. 2
42. 1
42. 4
42. 4
42. 7
42. 9
43. 3
44 5
— 3. 9
-7. 1
-6. 7
2. 9
5. 2
1. 0
— 11. 4
— 1. 5
42
—4 4
-2. 7
-6. 9
—4 3
-3. 6
-2. 9
-3.3
-1. 1
-2. 4
Gross
Total
Statis- national
income
tical
product
or
discrepor
receipts
ancy expenditure
345. 6
364 1
362. 3
396. 5
421. 6
443. 4
446. 0
485.7
506. 8
521. 8
557.2
503. 9
517. 5
525. 3
540. 5
546. 4
55 R. 0
559. 8
1. 4
1. 3
.9
1. 0
-2. 4
-. 6
-1.5
-3. 0
-3. 4
-3. 1
-3. 3
-3. 1
-4. 4
0
1
O. A
-1. 9
-1. 4
-4.0
-4 3
347. 0
365.4
363.1
397. 5
419. 2
442.8
444.5
482.7
503. 4
5ia?
553.9
500.8
513. 1
522. 3
538. 6
545. 0
552.0
555.3
563. 5
Net foreign investment with sign changed.
* Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department ol Commerce.
1
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product rose $8.2 billion (seasonally adjusted annual rate), or 1.5 percent, in the fourth quarter of
1962, accordins to revised estimates. All major sectors except domestic investment contributed to the rise with
consumption expenditures accounting for most of it.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
600
600
GROSS NATIONAL PRODUCT
-V
eoo
SOO
400
400
soo
300
£00
ZOO
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
100
I9S6
1957
SOURCE: DEPARTMENT OF COMMERCE.
Period
1950
1951
1952
1953
1954
1955.
1956
1957
19581959
1960
1961
1962
1961: I
II
III
IV.
1962: I
II.
III.
IV
J
Gove rnment ] >urchases of gooc s and
Total
Personal Gross
Implicit
Net
services
gross
Total
conprice
private
exports
national gross
sump- domestic of goods
Federal
deflator
State
product national
tion
for total
and
Total Total ' National2 Other and
in 1962 product expend- investGNP,
ment services
local 1962=100"
defense
prices
itures
IJillions of dollars, q uarterly <iata at se.isonally a djusted innual nites
76. 9
S70. 0
284.6
195.0
5.2
19.7
19.3
50.0
0. 6
14.3
39.0
82. 2
329.0
209.8
33.9
5.2
21.7
56.3
2.4
60. 5
38. 8
400.4
83. 5
416. 8
347. 0
219. 8
23.2
49. 9
6.7
1. 3
52. 9
46.4
76.0
84, 0
4S4. 8
232. 6
365.4
49.3
9.0
24. 9
50.3
-. 4 82.8
58.0
85. 2
. 4S6. S
363. 1
238.0
6.7
41.2
48. 9
47. 5
27.7
1.0
75. 3
86. 5
459. 6
397. 5
256.9
6.6
30.3
63. 8
1. 1
39. 1
45. 3
75.6
89. 3
469. 4
419. 2
269. 9
67.4
2. 9
40. 4
5.7
33.2
79.0
45.7
92. 5
478. 6
442.8
285. 2
66. 1
44. 4
5.7
49.7
36.8
4.9
86.5
94. 4
471. 1
4445
293.2
40. 8
56.6
1.2
44,8
&3
93.5
52 6
96.0
BOS. 6
482. 7
313. 5
72.7
—. 8
46. 2
7.9
43.6
97.2
53. 6
97.6
615. 8
503. 4
328. 5
72. 4
45.7
8.1
46.5
2.9
99. 7
53. 2
9a 7
625.5
518. 7
338. 1
50.4
69.3
4. 0 107. 4
8.7
49. 0
57. 0
. 65S.9
100.0
356. 7
553.9
53.4
9.7
76.6
3. 3 117.3
62.4
55.0
98.4
609. 0
500.8
330. 5
60. 1
49. 4
8.2
5. 3 104. 8
47.7
55. 4
520. 6
513. 1
9a 6
335. 5
67. 6
49.0
49. 4
4.0 106. 0
8. 5
56. 6
528.5
522.3
340. 1
72. 4
9a 8
2. 8 106.9
50. 4
48. 4
8.7
56.5
543. 7
538. 6
346. 1
76.6
99. 1
50. 8
9.2
52.6
3.8 112. 1
59.5
545. 0
350. 2
548. 4
99. 4
75. 9
3. 7 115.2
53. 0
53.3
9. 6
61. 9
552. 6
552.0
354.9
77.4
99. 9
62. 1
53. 2
9. 5
54.0
3.7 116. 0
654. 2
555. 3
358. 2
76.3
2. 5 118. 2
54. 0
55. 5
9. 6
100. 2
62.7
563. 5
660. 6
76. 2
363. 5
3. 2 120. 7
54. 2 10. 1
57. 3
63. 4
100. 5
Less Government sales.
'These expenditures correspond closely with budget expenditures for national
defense, shown on p. 35.
O
"QOUNCR of ECONOMIC ADVISERS
3
Gross national product in current prices divided by gross national product
in 1962 prices.
NOTE.-Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce,
NATIONAL INCOME
Compensation of employees rose $2 billion (seasonally adjusted annual rate) in the fourth quarter of 1962. Other
forms of noncorporate income, except rental income, also rose.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
j 500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
COMPENSATION OF EMPLOYEES
300
300
200
200
100
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
RENTAL INCOME
100
MiiHttMititHtmittiiniii
• NET INTEREST
-r-i-T-1-T-r-r
1956
I
1957
i
1958
I960
1959
i
i
1961
1962
COUNOl Of KOMOMIC AOVlSfB
SOURCE: DEPARTMENT or COMMERCE.
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1950.
1951
1952
1953
1954
1955
1956
1957.
1958
1959
1960
1961
1962
1961: I
II
III
...
_
IV
1962: I
II
III
IV
.
241.9
279. 3
292. 2
305. 6
301. 8
330. 2
350. 8
366. 9
367. 4
400. 5
415. 5
427. 8
457.5
411. 8
424 3
431. 3
444. 0
448. 9
456. 7
459. 8
Compensation
of employees "
Proprietoi•s' income
Farm
154. 2
180. 3
195. 0
208. 8
207. 6
223. 9
242. 5
255. 5
257. 1
278. 5
293. 7
302.2
321. 6
294 1
300.2
304 5
309. 9
315. 2
321. 7
323. 8
325. 8
' Includes employer contributions for social insurance. (See also p. 4.)
14. 0
16. 3
15. 3
13. 3
12.7
11.8
11. 6
11.8
13.5
11.4
12. 0
13. 1
13.0
12. 8
12.7
13. 1
13.6
12.9
12. 8
12. 8
13.6
Business
and professional
23. 5
2a o
26. 9
27. 4
27. 8
30. 4
32. 1
32. 7
32. 5
35. 1
34 2
348
36. 8
33. 7
34 5
35. 1
36. 0
36. 2
36. 8
37. 0
37. 3
Rental
income
of
per9.0
9.4
10.2
10. 5
10.9
10.7
10.9
11.9
12. 2
11.9
11. 9
12. 3
12. 8
12. 0
12. 2
12. 3
12. 5
12. 6
12. 8
12. 9
12. 9
Net
interest
5.5
6. 3
7. 1
8. 2
9. 1
10. 4
11. 7
13.4
148
16. 4
18. 1
20.0
22. 2
19. 1
19.8
20. 3
21. 0
21. 5
22. 0
22. 5
23. 0
Corpora te profits and inventory va luation ac .justment
Total
35. 7
41. 0
37.7
37.3
33.7
43. 1
42. 0
41.7
37. 2
47.2
45. 6
45. 5
51. 0
40. 1
45. 0
46. 0
51. 1
50.4
50. 7
51. 0
Profits Inventory
before valuation
taxes adjustment
40. 6
42. 2
36.7
38.3
34 1
44 6
44 7
43. 2
37.4
47.7
45. 4
45. 6
50.9
39.8
44 8
46. 3
51.4
50. 1
50.9
51. 1
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-5.0
-1.2
1.0
-LO
—.3
-1.7
-2.7
-L5
—.3
5
.2
.0
.2
.3
.2
-.3
-.3
.3
—.2
—. 1
.8
SOURCES OF PERSONAL INCOME
Personal income declined $1.6 billion (seasonally adjusted annual rate) in February to $450.8 billion. Major
changes were a decline of $3.4 billion in transfer payments from the high January level, which included veterans' life
insurance dividends, and a rise of $1.8 billion in wage and salary disbursements.
BILLIONS OF DOLLARS
BILLIONS Of DOLLARS
500
SOO
I98T
I958
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
personal
income
1954
1955
1956
1957
1958
1959
1960
1961
1962*
1962: Jan
Feb....
Mar
Apr
May
June
July...
AUE;
Sept...
Oct
Nov
Dec....
1963: Jan
Feb«___
289. 8
310. 2
332. 9
351. 4
360. 3
383. 9
400. 8
416. 4
440. 5
428. 8
431. 9
435. 2
438. 3
439. 7
440. 7
441. 9
443. 0
443. 5
445. 6
448. 2
450. 4
452. 4
450. 8
[Billions of dollars, monthly data at seasonally adjusted annual rates]
Wage
Less: PerPropriet ors' income Rental
and
Other
Personal Transfer sonal con- Nonagricultural
Diviincome
salary
Business
labor 2
tributions personal
payof
dends interest
Farm
3
disburseand
proincome
income
ments
for
social
ments 1
fessional persons
insurance income
12. 7
196. 3
27. 8
6. 2
14. 6
16. 2
10. 9
4. 6
273. 8
9. 8
11. 8
210. 9
30. 4
295. 0
7. 1
15. 8
17. 5
10. 7
5. 2
11. 2
11. 6
227. 6
32. 1
317. 9
8. 1
17. 5
18. 8
10. 9
12. 1
5. 8
11.8
32. 7
19. 6
11. 9
12. 6
336. 1
238. 5
9. 1
21. 9
6. 7
13. 5
239. 8
32. 5
21. 0
12. 2
9. 4
12. 4
26. 3
6. 9
343.0
11. 4
258. 5
10. 4
35. 1
23. 5
11. 9
368. 6
13. 7
27. 5
7. 9
12. 0
271. 3
11. 0
34. 2
11. 9
14. 4
25. 8
384.7
29. 4
9. 2
11. 4
12. 3
278.8
13. 1
3-4. 8
27. 4
399. 1
15. 0
33. 4
9. 7
13. 0
295. 8
12. 3
423. 2
36. 8
29. 7
12. 8
34. 6
10. 5
15. 9
287. 4
13. 1
36. 1
12. 6
10. 3
411. 6
11. S
15. 6
28. 6
33. 9
12. 8
290. 2
12. 0
36. 2
12. 6
33. 8
414. 8
15. 8
28. 8
10. 4
12. 9
292. 2
12. 1
36. 4
12. 7
34. 5
15. 9
29. 0
10. 4
418. 0
12. 8
12. 2
295. 3
36. 6
12. 7
421. 2
15. 8
29. 2
34. 2
10. 5
296. 0
12. 8
12. 3
36. 8
29. 4
12. 8
422. 6
34. 2
10. 5
15. 8
296. 9
12. 4
12. 8
36. 8
12. 8
29. 6
34. 1
10. 5
423. 5
15. 8
297. 8
12. 7
12. 4
36. 9
12. 8
15.7
29. 8
34. 2
424. 8
10. 5
12. 8
298. 1
12. 4
15. 7
12. 9
34. 5
37.0
30. 0
10. 5
425. 9
12. 9
298.0
12. 4
37. 0
12. 9
34. 5
30. 2
16. 0
10. 4
426. 4
298. 5
12. 5
13. 2
37. 1
30. 4
12. 9
35. 5
10. 5
16. 1
428. 2
299. 8
13. 6
12.5
37. 3
30. 6
12. 9
16. 2
10. 5
430.4
35.8
14.
0
301.0
12. 5
37.4
17.0
30. 8
12. 9
10. 6
432. 3
35. 5
301. 5
13. 4
12. 6
31. 1
37. 6
434. 6
16. 3
13. 0
38. 7
11.7
303. 3
13. 0
12. 7
37. 6
31. 3
13. 0
11. 8
433. 5
16. 4
35. 3
i Compensation oJ employees (see p. 3) excluding employer contributions for
social
insurance and the excess of wape accruals over disbursements.
1
Employer contributions to private pension, health, and welfare funds: compensation for injuries; directors* fees; military reserve pay; and a few other
minor
items.
3
Personal income exclusive of net income of unincorporated farm enterprises,
4
1963
COUNCIL OF ECONOMIC ADVISERS
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
* Preliminary.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Personal consumption expenditures (seasonally adjusted) increased slishtly more than disposable income in the fourth
quarter of 1962. As a result, there was a small drop in the saving rate.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
400
300
300
DOLLARS*
DOLLARS*
2,20O:
2.2OO
2,000
2,000
1,800
1,800
1,600 L/U
,6OO
* SEASONALLY ADJUSTED ANNUAL RATES.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less: Equals:
DisPer- posable
sonal personal
taxes income
1951
256. 7
1952
273. 1
1953
288. 3
1954
289. 8
1955
. 310. 2
1956
332. 9
1957
351. 4
1958
360. 3
1959
383. 9
1960 ...
400. 8
1961
416. 4
1962
440. 5
32. 9
35. 7
40. 0
42. 6
42. 3
46. 8
51. 4
52. 8
57. 6
227. 5
238. 7
252. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 1
349. 4
363. 6
382. 9
1961: !_..
II...
III..
IV-.
405. 4
413. 5
419. 4
427. 3
51. 0
52. 5
53. 0
54. 6
354.
361.
366.
372.
1962: I... 432. 0
5G. 4
57. 7
58. 5
58. 7
375. 6
381. 8
384. 1
38!). 3
II— 439. 5
III— 442. 0
IV. 448. 0
29. 2
34. 4
35.8
3
0
3
6
Per cap ita disas
posable Dersonal Saving
percent
inco me
Equals:
of disPersonal
posable
Nonsaving
1962
personal
Current
Durable
durable Services
Total
goods
prices prices ' income
(percent)
Dol lars
Billions of dollars
110. 1
17. 7
1, 718
7.8
70. 2
29. 5
1, 475
209. 8
1,736
18. 9
7.9
219. 8
29. 1
115. 1
75. 6
1, 521
32. 9
1,582
1,788
232. 6
81. 8
118. 0
19. 8
7.8
32. 4
119. 3
18. 9
1,582
1,770
7. 4
238. 0
86. 3
124. 8
92. 5
17. 5
1, 660
1,849
6. 4
256. 9
39. 6
100. 0
23. 0
1, 741
1,908
7.9
269. 9
38. 5
131. 4
137.
7
107.
1
23.
6
1,
919
7.6
285. 2
40. 4
1, 803
24. 7
141. 6
114. 3
1,907
7. 8
293. 2
37. 3
1,825
147. 1
122. 8
23. 6
1, 904
1,965
313. 5
43. 6
7.0
44. 8
20. 9
1, 934
1,968
6. 0
328. 5
151. 8
131. 9
338. 1
43. 7
155. 2
139. 1
25. 6
1, 979
1, 998
7. 0
162. 0
26. 2
356. 7
47. 5
147. 1
2,052
2,052
6.8
Seasc nally adj jsted ann ual rates
1,964
330. 5
153. 5
40. 8
136. 2
23. 8
1, 940
6.7
1, 991
153. 9
25. 5
1, 969
335. 5
43. 5
138. 0
7. 1
156. 2
26. 3
340. 1
44. 0
139. 9
1, 989
2,008
7.2
346. 1
46. 6
157. 2
142. 3
26. 5
2, 015
2,027
7. 1
L ess:
Persona 1 consump tion expe nditures
350. 2
354. !)
358. 2
363. 5
46. 3
47. 2
47. 1
49. 6
159. 9
161. 3
163. 0
163. 9
1
Income in current price? divided by the implicit price deflator for personal
consumption
expenditures on a 3(362 base.
2
Population of the United States including armed forces abroad. Annual
data as of July 1; quarterly data centered in the middle of the period, interpolated
from monthly figures.
144. 1
14(5. 3
148. 1
ISO. 1
25. 4
26. 9
26. 0
25. 8
2, 024
2,050
2, 054
2, 074
2,034
2,053
2,052
2, 064
6.8
7.0
6.8
6. 6
Popula(thousands) 2
154, 283
156, 947
159, 559
162, 388
165, 276
168, 225
171, 278
174, 154
177,080
180, 676
183, 742
186, 591
182, 666
183,375
184, 150
184, 952
185,
186,
186,
187,
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
607
258
980
738
FARM INCOME
Net farm income (seasonally adjusted) rose in the Fourth quarter of 1962 to a level equal to that of a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
50
50
REALIZED GROSS
FARM INCOME
40
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
10
10
1
I9S6
1957
1959
1958
I960
SOURCE: DEPARTMENT of AGRICULTURE.
COUNCIL OF ECONOMIC ADVISERS
Personal income received by
total 'arm popiilation
] ncome re ceived from farming
Net t 3 farm
oper ators
Realize d gross
Period
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1961:
From
all
sources
20.0
19.0
ias
1& 6
ias
_
I
II
III
IV
1962: I
II
III
IV
20. 5
19. 0
19. 6
20.3
20. 4
. __
_.
From
From
farm
nonfarm
sources sources
13. 8
13. 2
12.2
12. 0
12.2
13. 8
11. 8
12. 4
13.3
ia 3
6. 3
5. 8
6. 1
6.6
6. 6
6.7
7. 1
7.2
7.0
7.1
Cash tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1962
Total '
from
ventory ventory2 prices prices 4
marketchange change
ings
Billions (sf dollars
Dollars
2,927
35. 3
31. 1
21. 4
13.9
2,664
13. 3
33. 9
30. 0
12. 2
12.7
2,875
21.7
2,645
2,749
33. 3
29. 6
21. 9
11. 5
11.8
2,529
34. 6
22. 6
12. 0
30. 6
2,574
2,768
11. 6
34. 4
29. 8
2,807
23. 4
11.0
11. 8
2,695
37. 9
33. 4
12. 6
3,266
25.3
13.5
3,201
2,832
26.2
37.5
11. 3
33. 5
11. 4
2,775
34. 0
3,075
37.9
26. 2
11. 7
12.0
3,044
39.9
35. 2
12.8
13. 0
3,422
3,457
27. 1
3,537
3,537
40. 6
12. 9
13.0
35.7
27.7
Seas onally ad usted ammal rates
39. 4
12. 5
12. 8
26. 9
35. 5
3,360
3,390
39. 4
12. 4
12. 7
34. 5
27. 0
3,330
3,360
40. 1
27.2
35. 2
12.9
13. 1
3,440
3,470
40. 8
35. 8
13. 6
3,570
3, 610
27. 3
13. 5
40. 3
40.3
40. 5
41. 4
J
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
3
Inventory of crops and livestock valued at the average price for the year.
•Series revised beginning 1951 on the basis of 1959 Census of Agriculture definition of a farm. The number of farms is held constant within a year.
Net inc ome per
farm incl uding net
inventory change '
35. 4
35. 3
35. 5
36. 5
27. 5
27. 6
27. 7
27. 9
12. 8
12.7
12. 8
13. 5
12. 9
12. 8
12. 8
13. 6
3, 500
3,470
3,470
3,690
3,500
3,470
3,470
3,690
* Income in current prices divided by the index of prices paid by farmers for
family living items on a 1962 base.
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits before taxes rose $0.2 billion (seasonally adjusted annual rate) in the third quarter of 1962 to
$51.1 billion. This was the third hishest quarterly profits total on record.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
10
10
1956
I95T
I
1958
1962
•^EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.'
Period
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1961: I
II
IIIIV__
1962: I
II
III —
IV..
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally
Corijorate pr ofits (befc re taxes) and inver tory
valuation adjustme it
TransM anufactur ing
portaCorpotion,
rate
All
comAll
profits
NonDurable durable muniindusother before
goods
tries
cations, indus- taxes
Total
goods
indusand
tries
industries
public
utilities
41. 0
24. 4
10. 9
13. 5
4. 5
12. 0
42. 2
37. 7
21. 1
9. 3
4. 8
11. 8
11. 8
36. 7
12. 1
37. 3
21. 4
9. 3
4. 9
11. 0
38. 3
18.4
10. 1
33. 7
8. 3
4.4
11.0
34 1
14. 2
43. 1
25. 0
10. 8
5.4
12. 8
44. 9
42. 0
12. 6
10. 9
23. 5
12. 9
5. 6
44 7
41. 7
22. 9
13. 1
9.8
13. 3
5. 5
43. 2
18.3
9.3
9.0
37. 2
13.3
5. 6
37. 4
25. 4
13. 4
11. 9
47. 2
15. 1
6. 7
47.7
45. 6
24 0
12. 2
14 6
11. 8
7. 0
45. 4
23. 5
11. 7
11. 7
45. 5
14. 7
7. 4
45. 6
27. 6
14. 7
12. 9
51. 0
15. 4
8. 0
50.9
adjusted annual ratesl
Cor] :>orate pr ofits
a fter taxe s
Corporate
tax
liability
Total
Corporate
capital
conUnDividend distrib- sumption
payuted
ments profits allowances '
22.4
19. 5
20. 2
17. 2
21. 8
21. 2
20. 9
18. 6
23. 2
22.4
22. 3
24 8
19. 7
17. 2
18. 1
16. 8
23. 0
23. 5
22. 3
18. 8
24 5
23.0
23. 3
26.0
9. 0
9. 0
9. 2
9. 8
11. 2
12. 1
12. 6
12. 4
13. 7
14. 4
15. 0
15. 9
10. 7
8.3
8. 9
7.0
11.8
11.3
9.7
6.4
10. 8
8. 6
8. 3
10. 1
40. 1
45. 0
46. 0
51. 1
19. 4
22. 9
24 0
27. 5
8. 7
11. 2
12. 1
14 9
10.7
11. 7
11.9
12. 6
6. 7
7. 2
7. 5
8. 0
14. 0
14. 8
14. 5
15. 6
39. 8
44. 8
46. 3
51. 4
19. 4
21. 9
22. 6
25. 1
20.3
22. 9
23. 7
26. 3
14 7
14 8
14 9
15. 5
8. 7
10. 8
50. 4
50. 7
51. 0
27. 0
27. 1
28. 1
14. 2
14. 3
15. 3
12. 8
12. 8
12. 8
8. 1
8. 0
7. 9
15. 4
15. 7
14 9
50. 1
50. 9
51. 1
24. 4
24. 9
24 9
25. 6
26. 1
26. 1
15. 8
15. 8
15. 8
16. 4
10. 3
10. 3
1
Includes depreciation, capital outlays charged to current accounts and accidental
damages.
3
Corporate profits after taxes plus corporate capital consumption allowances.
95855°—63
2
5. 6
8. 1
9.9
Profits
plus
capital
consumption
allow-!
ances
11. 0
12.3
14 1
15.8
18.4
20. 0
21. 8
22. 7
24. 3
25. 9
27. 5
29. 2
30. 7
29.6
32. 2
32.7
41.4
43. 5
44 1
41.4
48.7
48. 9
50. 8
55.2
26. 6
27. 3
27. 8
28. 5
46. 9
50. 2
51.4
54. 8
28.7
29. 1
29. 4
29.7
55.2
55. 5
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
544
GROSS PRIVATE DOMESTIC INVESTMENT
In the fourth quarter of 1962, a small drop in fixed investment (seasonally adjusted) was almost offset by a rise in the
inventory accumulation rate, resultin$ in little change in total private investment.
B I L L I O N S OF DOLLARS
BILL-IONS OF DOLLARS
GROSS PRIVATE
DOMESTIC INVESTMENT
NEW CONSTRUCTION
1962
1956
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Total
gross
private
domestic
investment
reriod
1950
1951.
1952.
1953
1954
1955
1956
1957
1958
1959
1960.
1961
1962
__
. ..
.
.
1961: I
II
III
IV
1962: I..
II
III
IV.
50. 0
56. 3
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72.7
72.4
69. 3
76. 6
60. 1
67. 6
72. 4
76. 6
75. 9
77.4
76. 3
76.2
New cons truction '
Total
Total
43. 2
46. 1
46. 8
49. 9
50. 5
58. 1
62. 7
64. 6
58.6
66. 2
68. 3
67. 1
73. 4
63. 7
65. 6
68. 4
70. 6
69. 2
73. 4
75. 3
74. 9
24, 2
24. 8
25. 5
27. 6
29. 7
34. 9
35.5
36. 1
35. 5
40. 2
40. 7
41. 6
44. 5
Residential
nonfarm
14. 1
12. 5
12. 8
13. 8
15. 4
18.7
17.7
17.0
39.3
41. 0
42. 6
43. 2
41. 6
44. 5
46. 1
45. 0
1
Revisions in series on new construction shown on p. 19 have not yet been incorporated
into these series.
3
"Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.
8
Change in business inv entories
Fixf :d investnlent
18.0
22. 3
21. 1
21.0
23. 3
19. 0
20. 1
21. 9
22. 8
21. 2
23. 3
24. 3
23. 8
Otrler
Total
10. 1
12. 3
12. 7
13. 8
14. 3
16. 2
17.8
19. 0
17. 4
17. 9
19. 7
20. 5
21. 2
20. 3
20. 8
20. 7
20. 4
20. 5
21. 2
21. 8
21. 3
Produce TS' durable eqilipment
2
Nonfarm
8. 5
10. 4
10. 8
12. 1
12. 7
14. 6
16. 3
17. 5
15. 9
16. 2
18. 0
18. 6
19. 5
18.9
18. 5
18. 5
18. 6
18. 9
19. 4
19. 9
19. 5
Total
18. 9
21. 3
21. 3
22. 3
20. 8
23. 1
27. 2
28. 5
23. 1
25. 9
27. 6
25. 5
28. 9
24. 4
24. 6
25. 8
27. 4
27. 6
28. 9
29. 2
29. 9
Nonfarm
16. 2
18. 4
18. 6
19. 5
18. 5
20. 6
25. 0
26. 2
20.3
23. 1
25. 1
23. 0
25. 9
21. 6
22. 1
23. 5
24. 9
24. 9
26. 0
26. 1
26. 6
Total
6. 8
10. 2
3. 1
.4
-1. 6
5. 8
4. 7
]. 6
— 2. 0
6. 6
4. 1
2. 1
3.2
-3. 6
2. 1
4. 0
6. 0
6.7
4. 0
1. 0
1. 2
NOTE.—Data for Alaska and Hawaii included beginning I960,
Source: Department of Commerce.
Nonfarm
6.0
9. 1
2. 1
1. 1
-2. 1
5.5
5. 1
.8
-2.9
6. 5
3. 7
1. 9
3.2
-3. 9
1. 8
3. 8
5. 9
6. 6
3. 9
1. 0
1. 1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business firms spent $37.3 billion on new plant and equipment in 1962, an 81/2 percent increase over 1961 expenditures. According to the February survey, 1963 expenditures will be 5 percent above the 1962 level. Expenditures
(seasonally adjusted annual rate) declined by $400 million in the fourth quarter of last year and are expected to
show no chanse in the first quarter of 1963 and increases in subsequent quarters of the year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1962
^ SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION. AND DEPARTMENT OF COMMERCE.
1963
COUNCIL OF KOHOM1C
[Billions of
M anufacturi ng
Period
Total '
1951
1952
1953
1954
1955.-1956-.1957--1958
1959..1960
1961
1962-..
19633
1961: III
IV
1962: I - . II
III
IV
3
1963: I _ II '
1
-
25. 64
26. 49
28. 32
26.83
28. 70
35. 08
36. 96
30. 53
32. 54
35. 68
34. 37
37.31
39. 10
34. 70
35. 40
35. 70
36. 95
38.
37.
37.
38.
35
95
95
05
Total
10. 85
11. 63
11. 91
11. 04
11. 44
14. 95
15. 96
11. 43
12. 07
14. 48
13. 68
14. 68
15. 69
13. 65
14. 00
14. 20
14. 45
15. 05
15. 00
15. 30
1 5. 30
Durable
goods
5. 17
5. 61
5. 65
5.09
5. 44
7. 62
8. 02
5.47
5. 77
7. 18
6. 27
7. 03
7. 78
6. 10
6. 40
6. 55
Nondurable goods
5. 68
6. 02
6. 26
5.95
6. 00
7.33
7. 94
5. 96
6. 29
7.30
7. 40
7. 65
7. 90
7.55
7. 25
7.
7.
7.
7.
7. 50
7. 30
7. SO
8. 00
a 95
7. 30
Excludes npricullurc.
'- Commercial and other includes trade, service, (irian x1, cormnunica lions, and
construction.
3
Estimates based on anticipated capita ' expenditures as reported b v business
in late February 1063. Includes adjustroer ts when neccssary for systen atie tend"
encies in anticipatory data.
NOTE. — Beginning, 1960 all quarterly d ta are rounded to nearest $ jO million.
Transpo rtation
60
60
50
80
7. 70
Mining
Railroads Other
0.93
. 98
.99
.98
. 96
1. 24
1. 24
. 94
.99
. 99
.98
1. 08
1.01
1. 00
1. 00
1. 15
1. 05
1. 10
I . 00
1. 05
1. 05
1. 47
1. 40
1. 31
. 85
. 92
1. 23
1. 40
. 75
. 92
1. 03
. 67
. 85
. 96
.65
. f,Q
.70
. 95
1. 00
. SO
. 95
1. 10
1. 49
1. 50
1. 56
1. 51
1. 60
1. 71
1. 77
1. 50
2. 02
1. 94
1. 85
2. 07
1. 84
1. 90
1. 95
2.
2.
2.
1.
1.
2.
05
25
00
90
65
00
Public
utilities
3. 66
3.89
4. 55
4. 22
4. 31
4. 90
6. 20
6. 09
5. 67
5.68
5. 52
5. 48
5. 66
5. 65
5. 55
5.
5.
5.
5.
5.
5.
15
40
75
45
30
60
Commercial and
other l
7.24
7.09
a 08
8.23
9. 47
11.05
10. 48
9.81
10.88
11.57
1L 68
13. 15
13.94
11. 85
12. 35
12. 45
12.85
13. 40
13. 80
13. 70
13. 70
A n n u a l totr i is the sum of unadjuste-d expenditijres; it does n ot necessarily
coincide with Lhe averape c \ seasonally a< [justed figures.
These fijmres do not nrret with the tota s included n the gross na tonal product
esl iinates of t ic Dcptirtme it of Commer ce, prineip* Uy because tl te latter cover
ifzricultural ir vestment aiid nlso certair equipmerj t and constrtj ction outlays
charged to current expense
Sources: Sec rarities and I xebange Com mission anc Department of Commerce.
9
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The seasonally adjusted unemployment rate rose to 6.1 percent in February.
civilian labor force increased.
Both nonfarm employment and the
MILLIONS OF PERSONS1
MILLIONS OF PERSONS'
70
PERCENT OF CIVILIAN LABOR FORCE
_
•s .1
"Ift!
15
* ** !>3
»
-.
r- 7
£
11
&
i
957
! /- ii I
; \t i
i
PERCENT OF CIVILIAN LABOR FORCE
{
'
I
\
i 95 3
f
i]
*
'i
y
-$ H
__ i
f
* ,
n
^r
<
SI :t
1
1
't ^ I
>
Tl7b -l_
H
f *.
* ! -t
^
-
•e
i\>
*'
V
\.
*l ~ t*
«t 8 , 5
if li'J
IN
•* it 1
s,
IS
<
I
•?y i
§ liil
£
r" 1 S
l
|
|
*
195<i
36 3
196 2
1961
* 14 YEARS OF AGE AND OVER.
SOURCE: OEPARTMET OF LABOR.
Period
Total
labor
force
(including
armed
forces)
1958
1959.__
1960
1961
1962___
71, 284
71, 946
73, 126
74, 175
74, 839
1962:
Feb..
Mar—
Apr__
Apr'.
May.,
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec...
1963:
Jan..
Feb...
Civilizin ernTotal
Civilia n emplo yment
ploy ment
labor
force
UnemCivilian
NonNonploy- (includ- labor
Agriagriing
Total
ment
Total
culforce
culcularmed
tural
tural
tural
forces)
Thousand s of persons 14 yesirs of age and over
63, 966 58, 122 4, 681
65, 581 59, 745 3,813
66, 681 60, 958 3,931
66, 796 61, 333 4,806
67, 999 62, 744 4,012
U nadjusted
Seasoilally adj usted*
73, 218
73, 582
73, 864
73, 654
74, 797
76, 867
76, 4S7
76, 554
74, 914
74, 9S3
74, 5SS
74, US
65, 789
66, 316
67, 027
66, 824
68, SOS
69, 539
69, 664
69, 762
68, 668
68, 893
67, 981
67, 661
61,211
61, 533
61, 979
61, 863
6S, 776
63, S49
63, 500
63, 993
63, 103
63, 418
68, 098
63, 495
73, SSS
73, 999
65, OSS
66, 358
61, 730
62, 309
Unemp] oyment
rate (percent of
Unem- civiliaii labor
for ce)
ployment Unad- Seasonadjusted ally
justed
Percent
6.8
5.5
5.6
6.7
5.6
4,543
4, 382
3,952
74, 599
74, 688
71, 713
71, 803
67, 629
67, 860
5,481
5,504
62, 148
62, 356
4,084
3, 943
6. 5
6. 2
5.7
5. 5
S, 946
71, 585
71, 78S
71, 673
71, 730
72, 197
72, 254
71, 915
71, 827
72, 084
67, 691
67, 821
67, 731
67, 833
68, 104
68, 188
68, 076
67, 691
68, 091
6, 296
5,269
6, 190
5, 118
6,087
6, 114
6,040
4,983
1 840
Q/ Q
4,
62, 295
62, 55S
62, 541
62, 715
63, 017
63, 074
63, 036
62, 708
63, 248
S, 994
6. 6
3,897
4,093
4,066
3,839
4, 136
3,993
6. 6
6. S
6. 0
S, 932
S, 512
3, 294
S, 801
S, 817
74, 470
74, 667
74, 529
74, 685
76, 056
74, 989
74, 651
74, 677
74, 848
4, 67S
4, 918
75, 064
75, 225
72, 348
72, 501
68, 171
68, 086
5, 183
62, 988
63, S45
4,177
4,415
S, 719
4,463
4,018
* Total labor force as percent of nqninstitutional population.
* 1960 Population Census data used in estimation procedure beginning April
1062; all other data based on 1950 Population Census.
•Revised,
10
1963
COUNCIL Of ECONOMIC A0VUHIS
4,841
3,961
3,942
Labor
force
participation
rate,
unadjusted '
58. 5
58. 3
58. 3
58. 0
57. 5
4-9
4-6
5.3
6.S
5.S
6.8
6.5
56.6
56. 8
57.0
66. 8
67. 6
59. 2
68. 7
68. 7
57. 4
67. S
66.9
66. 6
6. 6
6. 9
5. 8
6. 1
65.9
66. S
6.6
6. S
6.5
6. 5
5.4
5. 7
5. 6
NOTE.—Seasonally adjusted series revised beginning 1949. For definitions
and coverage, see Employment and Earnings, Department of Labor. Beginning
1960, data include Alaska and Hawaii.
Source: Department of Labor.
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The rise in the over-all unemployment rate (seasonally adjusted) in February was accompanied by increases in other
measures of joblessness. However, the number of people who worked part-time for economic reasons declined.
PERCENT
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
8.0
6.0
UNEMPLOYMENT RATE.EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE
MARRIED MEN
e.o
E.O
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS.
Uneniploymen t rate
(percen t of civili:in labor
for ce in groi P)
Experienced
Married ployment
wage and
workers
men ' and partsalary
time
work 2
Period
Persons at work i n nonagri cultural in dustries
by hovirs workeci per week 3
Urider 35 ho urs
Labor
force
time lost
through
All
Over 40
hours
Per cent
1957
1958
1959
1960
1961
1962
4. 3
6. 8
5. 5
5. 6
6. 7
5. 6
1962: Feb
Mar
Apr
May
5. 7
5. 5
5.6
5.5
5. 5
5.4
5.7
5.6
5.3
5. 8
5. 5
5. 8
6. 1
4. 5
7. 2
5. 6
5. 7
6. 8
5. 5
35-40
hours
June
July
Aug
..
Sept.. _..
Oct
Nov _ _ _
Dec
1963: Jan
_
Feb
1
a
5. 5
5. 4
5.4
5.7
5.6
5.2
5. 6
5. 5
5.7
6. 0
5.3
17, 604
16, 600
17, 345
17, 664
18, 210
19, 024
28, 634
28, 273
27, 723
28, 724
29, 047
28, 854
6.7
6.7
18, 257
18, 860
18, 863
19, 482
19, 606
18, 716
18, 452
19, 883
19, 460
18, 799
20, 123
18, 893
18, 358
28, 161
29, 526
30, 172
30, 229
29, 603
27, 656
28, 812
29, 801
28, 587
26, 308
29, 052
29, 587
28, 705
8. 1
6. 6
6. 7
8.0
6. 7
3. 6
Usually
fulltime *
Usually
fulltime *
Total
Usually
parttime 6
3.5
3.7
3.5
3. 6
3.5
3. 5
3.4
3.4
3. 4
3.5
3. 8
4. 1
14 ye ars of age
1, 183
986
1, 315
1, 638
1,304
1, 032
1, 243
1, 317
1, 297
1, 516
1,049
1,287
9, 730
10, 372
11, 702
11, 528
11, 132
11, 675
tJnadjuste d
6. 6
6. 6
6.6
6.7
6. 7
6. 8
6. 6
6. 9
6. 6
6. 8
7. 1
Married men living with their wives.
Assumes unemployed persons lost 37.5 hours a week; those OB part-time for
economic reasons lost difference between 37.5 hours and actual number of hours
worked.
3
Differs from total nonapricultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and Industrial disputes.
Part-ti me for
economi 3 reasons
Thousan ds of persons
2. 8
5. 1
3. 6
3. 7
4. 6
3. 6
Seasonall y adjustec
5.7
5.4
5.5
Part-ti me for
economi 3 reasons
12,
11,
11,
11,
10,
9,
10,
10,
13,
15,
12,
11,
12,
464
219
007
121
292
783
071
740
237
968
075
080
812
Usually
parttime 6
and over
Seasonalhi adjusted
957
1, 110
1, 050
1, 111
1,041
962
6
1,088
1,093
1,023
1, 168
1, 001
1, 147
1, 005
6
1, 232
1, 226
1, 171
1, 184
1, 589
1, 712
1, 537
1, 152
1, 162
1, 211
1, 165
1,096
1, 181
919
1,057
998
1,099
1, 039
1, OS5
1, 124
1, 143
1, 072
1, 145
995
1,092
905
1, 285
1,320
1, 202
1,253
1,289
1, 339
1, 252
1,262
1, 364
1, 316
1, 303
1,253
1, 231
* Includes persons who worked part-time because of slack work, material
shortages
or repair?, new job started, or job terminated,
s
Primarily includes persons who could find only part-time work.
:
8
Average hours worked: usually full-time, 23.7; usually part-time, 17.3,
NOTE.—See note and also footnote 2, p. 10. Beginning 1960, data include
Alaska and Hawaii.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
insured unemployment averaged 2.7 million in February, about 187,000 less than in February 1962.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
FEB
APR.
NOV.
SOURCE: DEPARTMENT OF LABOR.
Period
1958
1959
1960
1981
39G2
1962: Jan
Feb
Mar
Apr
May
June
July
Aug
COUNCIL OF ECONOMIC ADVISERS
A 11 progranis
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milploy(weekly lions of
ment
ment
averdolage) '
lars) '
44,
45,
46,
46.
47,
46,
46,
46,
47,
47,
48,
..
Sept
Oct
Nov
Dec
1963: Jan
Feb'
Week ended:
1963: Feb 2
9
16
23.
Mar 2
9
_
Thou sands
412
3, 269
2, 099
728
334
2,067
2, 994
264
150
1, 946
022
3,015
2, 914
146
542
2, 702
372
2, 216
821
1, 840
442
1, 667
1, 699
1, 628
1, 497
1, 539
1, 780
2, 223
2, 778
2, 727
2,797
2, 751
2, 733
2, 717
2, 680
4,
2,
3,
4,
3,
209. 2
803. 0
022. 7
358. 2
145. 2
395. 2
353. 4
381. 0
297. 9
254. 3
215. 4
205. 2
218. 9
181. 1
198. 9
215. 5
236. 5
373. 0
330. 0
Initial
claims
Insured unemploymen t as perof covered
Exhaus- cent
emplo yment
tions
Unad- Seasonadjusted ally
justed
Weekly iiverage, t Kmsands
2, 509
370
50
1, 082
33
281
33 1
31
1 , 906
2, 290
350
46
I , 783
302
32
2,486
429
39
2, 415
320
39
273
39
2, 218
267
1, 831
39
1, 570
250
33
1, 469
258
30
1, 543
319
28
26
1, 469
261
1, 331
235
25
1, 385
275
25
1, 625
314
26
422
28
2, 063
447
2, 591
35
2, 546
325
36
2, 610
2, 569
2, 555
2, 537
2,502
1
includes Federal and ritate prouTam.s for temporary extension, ol beneiils
from
June 1958 through June 1962, expiration date oi program.
1
Preliminary.
12
Sts te progra tns
416
375
311
291
297
Benefi ,s paid
Total Average
(milweekty
lions of
check
dollars) (dollars)
Pen;ent
0. 4
4. 4
4. 8
5. 6
4. 1
6. 2
4.7
5. 5
4. 5
3. 9
3. 6
S. 9
S. 8
ao
4.6
4-4
4-0
3.8
4.3
3. 3
4.4
4.6
5. 1
4.8
4-8
4-8
4.7
3.6
3.4
4.0
6. 3
6. 2
4-4
3, 512. 7
2, 279. 0
•2, 726. 7
3, 422. 7
2, (575. 4
314. 9
287. 2
310.2
239. 6
215. 0
188. 9
187. 0
197. 4
160. 6
176. 6
193. 6
214. 2
342. 4
300.0
30. 58
30. 41
32. 87
33. 80
34. 56
34. 44
34. 73
34. 98
34. 52
34. 04
34. 20
34. 01
34. 29
34. 42
34. 69
34. 95
35. 11
35. 52
35.70
6. 4
6. 3
6. 2
6. 2
6. 1
291
NOTE.—J-'or definitions and ctnerajie, see the 19'i£ Supplement to Economic
Indicator!'. Data for Alaska and Ha\vaii included /or all periods and for Puerto
Eico since January 1961.
Source: Department of Labor.
NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment, seasonally adjusted, rose in February.
accounted for a significant portion of the increase.
Trade, services, and State and local government
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS '
ALL NONAGRICULTURAL ESTABLISHMENTS
98
48
til ' ' ' ' ' i ' ' t i
i960
1963
1961
1960
WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)
CONTRACT CONSTRUCTION
(ENLARGED SCALE!
3.5
I960
1963
1961
» SEASONALLY ADJUSTED DATA.
SOURCE:DEPARTMENT OF LABOR.
[Thousands of wage and salary workers; ! seasonally adjusted]
N onmanu 'acturinf 5 (private
Manufac turing ( private)
Period
1956
1957
1958
1959
I960
1961
19622
1962: Jan__
Feb..
Mar_
Apr,.
May_
Junc_
July.
Aug__
Scpt.
Oct__
Nov.
Dco-2
1963: J a n .
Foli "-
Total
52, 408
52, 904
51, 423
53, 380
54, 347
54, 077
55, 325
54, 434
54, 773
54, 901
55, 260
55, 403
55, 535
55, 617
55, 536
55, 583
55, 647
5f>, 597
55, 580
55, 552
55, 734
Total
17, 243
17, 174
15, 945
16, 667
16, 762
16, 267
16, 750
16, 456
16, 572
16, 682
16, 848
16, 891
16, 923
16, 808
16, 795
16, 805
16, 781
Hi, C95
16, 681
16, 628
1 6, (>54
NonDurable durable
goods goods
9,834
9, 856
8,830
9, 369
9, 441
9, 042
9, 443
9, 217
9, 312
9, 385
9, 490
9, 544
9, 555
9, 552
9, 461
9, 486
9, 470
9. 4 i : >
9, 4 1 8
9, 397
9, 420
7, 409
7,319
7, 116
7, 298
7, 321
7, 225
7, 308
7, 239
7,260
7, 297
7, 358
7,347
7, 368
7, 356
7, 334
7, 319
7, 311
7. 282
7, 263
7, 231
7, 234
Total
27,
28,
27,
28,
29,
28,
29,
28,
29,
29,
29,
29,
29,
29,
29,
29,
29,
29.
29,
29,
29,
887
104
585
523
065
983
390
949
157
146
324
385
415
526
537
504
527
51^
470
499
646
Con- Transtract portation
Mining conand
struc- public
tion utilities
822 2, 999 4, 244
828 2, 923 4,241
751 2, 778 3, 976
731 2, 955 4, 010
709 2, 882 4,017
666 2, 760 3, 923
647 2, 696 3, 925
653 2, 594 3, 906
653 2, 694 3,914
654 2, 648 3, 927
656 2, 734 3, 935
659 2, 716 3, 936
652 2, 071 3, 934
648 2, 738 3, 913
646 2, 731 3, 932
641 2, 715 3, 928
638 2, 716 3, 935
636 2, ()<)(> 3, 9 1 8
625 2, 654 3, 921
624 2, 647 3, 840
623 2, 632 3, 920
includes nil full- and part-time wage and salary workers in nonafiricultural
establishments who worked d u r i n g or received pay for any part of the pay period
endinp nearest the 1/ith of the month. Excludes proprietors, self-em ployed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable w i t h estimates of nonagricnltura! employment of the
civilian labor force, shown on p. JO, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
Cover nment
Whole- Finance,
insur- Service
sale
ance,
and
and
and
miscelretail
real laneous
trade
estate
10, 858
10, 886
10, 750
11, 125
11, 412
11, 368
11, 571
11, 384
11, 447
11, 460
11, 546
11, 596
11, 621
11, 652
11, 627
11, 612
11, 594
1 1 , 600
11, 573
11, 660
11, 706
2, 429
2, 477
2, 519
2, 597
2, 684
2, 748
2, 793
2, 772
2,774
2, 776
2,778
2, 786
2, 788
2, 792
2, 796
2, 799
2,813
2, 822
2, 821
2,830
2, 834
6,
6,
6,
7,
7,
7,
7,
7,
7,
7,
7,
7,
7,
7,
State
Federal and
536
749
811
105
361
516
757
640
675
681
675
692
749
783
7, 805
7, 809
7, 831
7, 846
7, 876
7, 898
7, 931
local
2, 209
2, 217
2, 191
2, 233
2, 270
2, 279
2, 341
2, 332
2, 312
2, 322
2, 325
2, 343
2, 366
2,375
2,
2,
2,
2,
2,
374
369
371
381
391
2, 379
2, 357
5, 069
5, 409
5,702
5, 957
6, 250
6, 548
6,844
6,
6,
6,
6,
697
732
751
763
6, 784
6, 831
6, 808
6, 830
6, 905
6, 968
7, OC3
7,038
7,046
7,077
are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
3 Preliminary.
NOTE.—Beginning 1S59, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek of production workers in manufacturing rose slightly in February to 40.3 hours (seasonally
adjusted).
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
44
42
40
•S
38
36
34
1963
1962
2
1963
2
I9S3
42
CONTRACT CONSTRUCTION
RETAIL TRADE
40
38
36
34
I II II 1 I1I II
I 1I 1I 11II I t
1961
1962
32 Uj i i i i 1 i i
I960
SOURCE: DEPARTMENT OF LABOR.
OUNCIL O F ECONOMIC ADVISERS
[Average hours per week; ' seasonally adjusted]
Mar ufacturing Indus tries
Period
1952
1953..
.
1954
1955..
.
1956
1957
1958
1959
1900
1961
19G22
1962: Jan. ...........
. ..
Fcb
Mar
. _.
Apr
May
June
July
Aug...
---...
Sept
Oct
Nov
Dec..
_.
1963: Jan 2
Fehs
. .
... .
1
Data relate to production workers or nonsupervisory employees.
1959,
data include AJaska and Hawaii
1
Preliminary.
14
Durable
goods
All
40. 7
40. 5
39. 6
40. 7
40. 4
39. 8
39. 2
40. 3
39. 7
39. 8
40. 4
39. 8
40. 3
40. 5
40. 8
40. 6
40. 5
40. 5
40. 2
40. 5
40. 1
40. 4
40. 3
40. 2
40. 3
Beginning
41. 5
41. 2
40. 1
41. 3
41. 0
40. 3
39. 5
40. 7
40. 1
40. 2
40. 9
40. 3
40. 9
41. 0
41.3
41. 1
41. 0
41. 0
40. 9
41. 0
40. 7
41. 1
41. 1
40. 8
41. 0
Nondurable
goods
Contract construction
39. 7
39. 6
39. 0
39. 9
39. 6
39. 2
38. 8
39. 7
39. 2
39. 3
39. 7
39. 2
39. 5
39. 9
40. 2
40. 1
40. 0
39. 8
39. 4
39. 7
39. 3
39.4
39.6
39.5
39. 4
Source: Department of Labor.
38. 9
37. 9
37. 2
37. 1
37. 5
37. 0
36. 8
37. 0
36.7
36. 9
37. 0
34. 4
37. 0
37. 3
36. 6
37. 5
36. 7
37. 4
37. 3
37. 7
37. 2
37. 3
35. 4
36. 6
Retail trade
40. 5
39. 8
39.7
39. 6
39. 1
38. 7
38. 7
38. 7
38. 5
38. 1
37. 9
37. 9
38. 0
38. 0
37. 8
38. 0
37. 9
37. 9
37. 9
38. 0
37. 8
37. 9
38. 0
37.8
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing were unchanged in February at $2.43.
weekly earnings declined by 24 cents to $97.20.
Average
DOLLARS
120
AVERAGE WEEKLY EARNINGS
DURABLE GOODS
INDUSTRIES
&
A
A LL MANUFACTURING
INDUSTRIES
NONDURABLE GOODS
INDUSTRIES
1962
I960
1961
SOURCE: DEPARTMENT OF LABOR.
1963
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
Manufsicturing i adustries
All
1953
$1. 74
1. 78
1054
1. 80
1955
1. 95
195G
2. 05
1957
2. 11
1958
2. 19
1959
2. 20
I960
2. 32
1901
3
2. 39
19G2
19G2: Jan... 2. 39
Feb... 2. 38
Mar.. 2. 38
2. 39
Apr
May.. 2. 39
June-- 2. 39
July.. 2. 39
Aug..
2. 37
Sept.. 2. 40
Oct.. 2. 40
Nov.. 2. 41
2. 43
Dcc_.
1903: Jan 33 . 2. 43
2. 43
Feh _
1
Contract
Retail
conNonDurable
trade
strucdurable
goods
tion
goods
$1. 86
1. 90
1. 99
2. 08
2. 19
2. 20
2. 30
2. 43
2. 49
2. 57
2. 50
2. 55
2. 50
2. 50
2. 50
2. 56
2. 56
2. 54
2. 57
2. 57
2. 59
2. 01
2. 60
2. 60
$1. 58
I. 02
1. 67
1. 77
1. 85
1. 91
1. 98
2. 05
2. 11
2. 17
2. 10
2. 15
2. 10
2. 10
2. 17
•2. 17
2. 17
2. 16
2. 17
2. 17
2. 19
2. 19
2. 20
2. 20
$2. 28
2. 39
2. 45
2. 57
2. 71
2. 82
2. 93
3. 07
3. 19
3. 29
3. 33
3. 23
3. 27
3.27
3. 24
3. 23
3. 27
3. 28
3. 33
3. 32
3. 33
3. 39
3. 39
$1. 25
1. 29
1. 34
1. 40
1. 47
1. 52
1. 57
1. 02
1. 68
1.75
1. 72
1. 73
1. 73
1. 74
1.75
1. 75
1. 75
1. 75
1. 76
1. 77
1. 77
1.75
1.79
Manuft icturing iiidustries
NonDurable durable
goods
goods
All
$70. 47
70. 49
75. 70
78.78
81. 59
82. 71
88. 26
89.72
92. 34
96. 56
94. 88
95. 20
95. 91
96. 56
96. 80
97. 27
96. 80
95. 75
97. 68
96. 72
97. 36
98. 42
97. 44
97. 20
Earnings in current prices, adjusted to exclude overtime and interindustry shifts.
* Earnings in current prices divided by the consumer price index on a 1962 base.
1
Preliminary.
95855 •—63
3
Manufac turin g
indusl ries
Adjusted Average
.hourly weekly
earnRetail earnings,
trade 1957-59= ings,
1962 2
100 i prices
Aver age weekl y earnings — current prices
Avera ge hourly earnings-— current prices
$76.
76.
82.
85.
88.
63
19
19
28
26
89. 27
96. 05
97. 44
100. 10
105. 11
103. 17
103. 53
104.
105.
105.
105.
104.
103.
105.
105.
106.
107.
45
22
22
47
45
89
88
37
19
53
106. 08
105. 82
$62. 57
63. 18
66. 63
70. 09
72.
74.
78.
80.
82.
52
11
61
36
92
86. 15
84. 24
84. 28
85. 32
85. 54
86. 37
87. 02
86. 80
86. 18
86. 80
85. 72
86.72
86. 94
86. 46
86. 02
Contract
construction
$86. 41
88. 91
90. 90
96. 38
100. 27
103. 78
108. 41
112. 67
117. 71
121. 73
111. 22
113. 37
118. 05
120. 01
123. 44
121. 45
125. 57
127. 26
128. 21
126. 82
120. 88
117. 97
120. 35
$49. 75
51.21
53.06
54. 74
56. 89
58. 82
60. 76
62. 37
64. 01
66.33
64. 84
65. 22
65. 39
65. 42
65. 98
66. 85
67. 38
67. 55
66. 88
66. 55
66. 38
66. 85
67. 30
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
81. 6
84. 3
86. 9
91. 5
96. 2
100. 2
103. 6
107. 0
110. 0
112. 6
111. 7
111. 7
112. 2
112. 2
112. 2
112. 2
112. 7
112. 7
112. 7
113. 2
113.7
114. 1
114. 1
$79. 72
79. 38
85. 54
87. 73
87. 73
86. 61
91. 65
91. 74
93. 37
96. 56
95. 74
95. 77
96. 30
96. 75
96. 99
97. 37
96. 70
95. 65
97. 00
96. 14
96.78
98. 03
96. 86
IS
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) changed little again in February.
INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)
140
TOTAL
INDEX, 1957-59=100 (SEASONALLY ADJUSTED)
150
140
MANUFACTURING
130
120
110
100
90
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Total
industrial
production
Period
1953...
1954
1955
1956
1957
1958
1959
1960
1961
1962 >_
...
1961: Dec
_.
.
.
_
1962: Jan
Feb
Mar
Apr
May
June
July
...
.
.
_ _
Aug
Sept
Oct
Nov
Dec
1963: Jan
Febi
1
Preliminary.
16
_ ..
__
91. 3
85. 8
96. 6
99. 9
100. 7
93. 7
105. 6
108. 7
109. 8
118. 2
115. 6
114. 3
116. 0
117. 0
117. 7
118. 4
118. 6
119. 3
119. 7
119. 8
119. 2
119. 6
119. 1
118. 9
119. 1
[1957-59=100, seasonally adjusted]
Industry
M inufactur ng
Total
92. 7
86. 3
97. 3
100. 2
100. 8
93. 2
106. 0
108. 9
109. 7
118. 6
115. 9
114. 4
116. 3
117. 4
118. 1
118. 8
118. 9
119. 7
120. 3
120. 4
119. 7
120. 0
119. 6
119. 3
119. 5
NonDurable durable
Mining
Utilities
83. 6
83. 6
91. 6
95. 4
96. 7
96. 8
106. 5
109. 5
112. 9
119. 5
117. 7
115. 9
117. 3
118. 6
117. 5
119. 6
120. 3
121. 0
120. 8
121. 5
120. 9
121. 1
120. 6
120. 2
120. 0
92. 9
90. 2
99. 2
104. 8
104. 6
95. 6
99. 7
101. 6
102. 6
104. 8
104. 7
104. 0
104. 3
104. 8
105. 5
104. 8
104 6
106. 1
105. 5
105. 9
105. 5
106. 2
103. 0
102. 7
101. 6
66. 8
71. 8
80. 2
87. 9
93. 9
98. 1
108. 0
115. 6
122. 8
132. 2
127. 3
128. 8
129. 0
128. 8
128. 1
129. 8
132. 4
133. 5
132. 3
133. 0
133. 5
135. 1
136. 2
137. 5
138. 5
99. 9
88. 4
101. 9
104. 0
104. 0
90. 3
105. 6
108. 5
107. 0
117. 9
114. 5
113. 2
115. 4
116. 5
118. 5
118. 2
117. 7
118. 7
119. 8
119. 5
118. 6
119. 1
118. 9
118. 6
119. 1
Ma •ket
Fiilal produ rts
Total
89. 9
85. 7
93. 9
98. 1
99. 4
94. 8
105. 7
109. 9
111. 3
119. 7
116. 9
115. 7
116. 8
118. 2
118. 5
120. 2
120. 6
121. 7
121. 6
122. 0
121. 5
121. 4
121. 9
122. 6
122. 8
Consumer
goods
85. 0
84. 3
93. 3
95. 5
97. 0
96. 4
106. 6
111. 0
112. 7
119. 8
117. 9
116. 5
117. 3
118. 8
119. 1
121. 1
120. 9
121. 7
120. 9
121. 8
120. 8
120. 7
121. 5
122. 5
122. 7
Equipment
100. 5
88. 9
95. 0
103. 7
104. 6
91. 3
104. 1
107. 6
108. 3
119. 7
114. 9
112. 7
115. 0
116. 1
117. 0
118. 5
120. 1
121. 8
123. 2
123. 2
123. 6
123. 1
122. 8
121. 9
122. 4
Source: Board oi Governors ol ttie Federal Reserve System.
rials
92. 6
85. 9
99.0
101. 6
101. 9
92. 7
105. 4
107. 6
108.4
116. 9
114. 8
113. 7
115. 5
116. 9
117. 1
117. 0
117. 1
117. 0
117. 7
118. 1
117. 2
117. 8
116. 6
116. 1
116. 1
PRODUCTION OF SELECTED MANUFACTURES
Output of primary metals (seasonally adusted) rose 5 percent in February and produc'ion of transportation equipment
declined slightly. Production of other major groups of manufactures were maintained close to January levels.
INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)
INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)
160
140
1962
PAP IR AND
PR
Nt
\ "L~4£z*°*izsaffS°ss*\
;I
~^7 ^<>*'
"V *
^
TEXTILES, APPAREL.
AND LEATHER
| , ,,
, , , , , ' , , , , ,
, , , ,, 1
I960
I960
1961
1962
I
1963
1962
1963
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1963
COUNCIL OF ECONOMIC ADVISERS.
[1957-59 = 100, seasonally adjusted]
No ndurable manufactu res
Durab le manufa ctures
Primary
metals
1953
1954
..
1955
1956
1957
1958___
1959_I960.-1961-_1962 i
1961: Deo ,
1962: Jan
Feb
Mar
_
Apr _
_
May__ __ _
June.
__ . _ _
Julv
Aug
Sept
Oct
Nov
- . __
Dec
.
1963: Jan
_ ..
Feb'
.
1
Preliminary.
112. 5
91. 3
118. 4
116. 4
112. 2
87. 5
100. 4
101. 3
98. 9
104. 9
111. 0
111. 9
117. 5
116. 6
112. 4
101. 3
96. 8
96. 6
99. 1
99. 6
98. 9
100. 7
99. 2
98. 6
103
Transpor- Lumber Textiles,
Fabriand
cated
Machin- tation
apparel,
equipprodand
metal
ery
ucts
ment
leather
products
100. 3
90. 2
98. 3
98. 8
101. 5
92. 9
105. 5
107. 6
106. 5
117. 2
113. 3
111. 0
111. 9
113. 6
116. 3
117. 4
118. 5
118. 8
119. 9
119. 3
117. 8
118. 5
117. 1
117. 2
117
100. 5
87. 7
96. 5
107. 1
104. 2
88. 8
107. 1
110. 8
110. 4
123. 4
116. 8
115. 6
117. 5
120. 2
122. 9
124. 5
125. 9
125. 4
126. 5
126. 4
125. 6
125. 3
125. 9
125. 5
126
91. 7
83. 8
102. 0
97. 4
106. 4
89. 5
104. 0
108. 2
103. 6
118. 3
113. 7
112. 5
113. 4
113. 4
116. 8
119. 4
116. 8
122. 1
1 22. 0
121. 5
121. 8
121. 5
121. 9
122. 1
121
102. 4
99. 6
109. 5
105. 4
95. 9
95. 6
108. 5
102. 1
101. 3
106. 0
102. 4
96. 5
109. 2
107. 9
106. 4
107. 1
107. 5
103. 4
107. 4
108. 3
101. 5
106. 1
108. 7
103. 8
90. 7
86. 9
95. 5
98. 0
96. 9
95. 0
108. 1
107. 5
108. 4
115. 3
115. 8
112. 4
113. 6
114. 8
114. 8
115. 2
115. 8
115. 5
115. 2
116. 7
115. 7
115. 5
115. 3
114. 6
115
Paper
and
printing
82. 6
85. 0
92. 5
97. 1
97. 8
97. 0
105. 2
109. 0
112. 4
116. 8
115. 7
115. 1
116. 2
116. 9
115. 7
117. 0
116. 7
118. 0
118. 1
118. 2
117. 2
117. 9
115. 4
114. 5
114
Chemicals,
petroleum, and
rubber
75. 2
74. 7
86. 8
91. 4
95. 6
95. 5
108. 9
113. 9
118. 8
130. 5
125. 9
124. 1
125. 8
126. 7
126. 6
130. 8
132. 6
133. 2
133. 2
133. 7
134. 2
133. 7
133. 7
132. 3
132
Source: Board oi Governors of the Federal Reserve System.
Foods,
beverages, and
tobacco
88. 2
89. 8
93. 1
96. 6
96. 7
99. 4
103. 9
106. 6
110. 4
113. 0
112. 0
111. 2
111. 7
113. 5
112. 1
112. 8
112. 5
114. 2
113. 8
114. 7
113. 5
114. 1
114. 4
115. 5
115
WEEKLY INDICATORS OF PRODUCTION
In February, steel output increased sharply. Cars and trucks assembled recovered somewhat from their January drop
but were below peak levels of the fourth quarter of 1962.
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Electric
Bituminous Freight Paperboard
Steel pr oduced
Car s and triicks
power
coal mined
loaded
produced assemb ed (thoiisands)
Index
Thousands
distributed (thousands (thousands
(thousands
of net (1957-59 = (millions of
of short
Total Cars Trucks
of cars)
of tons)
tons
100)
kilowatt-hours) tons) '
Period
Weeklv average:
1956
1957
1958...
1959
1960
1961
1962
1962: Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sept
..
Oct
Nov
Deo
1963: Jan
Feb 2
Week ended:
1963: Feb 2
9 . -._
16
23
Mar
COUNttl OF ECONOMIC ADVISERS
22
92
2, 204
2, 162
1, 635
1, 792
1, 899
1, 880
1, 886
2,337
2, 425
2, 389
2, 153
1, 701
1, 560
1, 397
1, 602
1, 694
1, 756
1,829
1, 828
1, 894
2, 056
118.3
116. 0
87. 8
96. 2
101. 9
100. 9
101. 2
125. 4
130. 1
128. 2
115. 6
91. 3
83.7
75. 0
86. 0
90. 9
94.3
98. 2
98. 1
101. 7
110. 4
11,292
11, 873
12,082
13, 297
14, 424
15, 139
16, 325
16, 592
16, 340
15, 998
15, 388
15, 699
16, 254
16, 396
16, 994
16, 324
16, 176
16, 442
17, 252
17, 792
17, 550
1,693
1, 644
1,380
1,380
1,390
1, 353
1, 417
1,459
1,384
1, 348
1, 412
1,398
1, 455
1, 296
1, 447
1, 427
1, 496
1,506
1, 328
1, 391
1, 378
728
683
581
596
585
550
552
518
530
548
562
574
589
511
576
568
608
551
477
482
516
276
273
274
307
306
322
340
305
348
357
343
351
357
292
362
337
357
338
329
305
353
132. 8
138. 6
98. 4
129. 5
151. 8
127. 9
157.5
159. 5
158. 6
161. 3
172. 2
171. 9
158. 8
158. 9
65. 6
138. 9
185. 9
184. 1
181. 3
173. 5
178. 7
111. 6
117. 6
81. 6
107.6
128. 8
106. 1
133. 4
136. 7
134. 0
136. 9
147. 1
146. 9
132. 9
135. 8
48. 2
117. 6
158. 6
158. 3
155. 0
147. 0
149. 2
21. 2
21. 0
16. 8
21. 9
23. 0
21. 8
24. 1
22. 8
24. 6
24. 4
25. 1
25. 1
25. 8
23. 1
17. 4
21. 3
27. 3
25. 8
26. 3
26. 5
29. 5
1, 874
1, 975
2,054
2, 086
2, 130
2, 178
100.
106.
110.
112.
114.
116.
18,
17,
17,
17,
17,
17,
1, 311
1,418
1, 369
1,328
1,400
1, 247
501
529
512
489
533
518
349
356
351
359
348
354
183. 5
182. 8
178. 9
174. 7
178. 5
181. 2
3
177. 9
154. 2
154. 0
149. 4
144. 7
148. 7
151. 7
149. 5
29. 3
28. 8
29. 5
30. 0
29. 8
29.5
28. 4
16
1
Daily
!
average. Includes
data for Alaska.
3
Preliminary.
Not charted.
18
6
0
3
0
3
9
188
532
672
489
505
061
3
Sources; American Iron and £teel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.
NEW CONSTRUCTION
Expenditures for new construction (seasonally adjusted) declined 5 percent in February to an annual rate of $59.5
billion, the lowest level in 10 months. Private residential construction accounted for half of ihe deci'ne. Public
construction outlays were below the high January rate, which included a large rise in highway expenditures.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
70
• r» rtm-t i* r^*?*""™
0 I !.... i i t i ! i I i i t I j \ _ \ , i j
i l l , , i_ i II i i ; i i , i i i L I j i ) i i j ii_i_..l._t.._i_L t i i i i i i i I i i t i i I i i i i \ Li i i i i I i > i, ^ f,J c
* SEE NOTE 3 tN TA8LE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
Pr vate
Period
Total new
construction
expenditures
1958
1959
1959 (new series)*
1960
1961
1962
49. 0
54. 1
56. 6
55. 6
57. 4
61. 1
Resi dential norifarm
Total
33. 5
38. 0
40. 3
39. 6
40. 4
43. 4
Total '
18. 0
22. 3
25. 0
22. 5
22. 5
24. 8
New
housing
units
CommerAdditions cial and
and al- industrial
terations
Billions of dollars
3. 9
13. 6
4. 4
17. 1
19. 2
5. 0
16. 4
5. 2
16. 2
5. 1
5. 3
18. 3
6. 0
6. 0
6. 0
7. 0
7. 4
7. 8
Other
9. 5
9.7
9.3
10. 0
10. 4
10. 8
Constructiori contracts 2
CommerFederal, Total value cial and
(index,
industrial
State,
and
1957-59 = floor space
local
100)
(millions
of square
feet) *
15. 5
16. 1
16. 2
16. 0
17.0
17.7
59. 2
56. 7
57.7
58.3
60. 8
62. 7
62. 1
62. 8
62. 4
63.5
C2. 6
01. 8
62. 5
59. f.
41. 1
39. 9
40. 6
41.7
43. 5
44. 8
44. 9
45. 2
45. 0
43. 8
44. 1
44. 1
43. 3
41. 7
23. 2
22. 2
22. 5
23. 5
25. 0
26. 1
26. 0
26. 0
25. 8
25. 0
25. 4
25. 7
24. 6
23. 1
j
Includes non housekeeping residential construction, not
:
Compiled by F. \\. Dpdfc Corporation and relates to
s
16. 8
16. 0
16. 3
17. 3
18. 5
19. 3
19. 2
19. 2
19. 0
18. 5
J*. 7
19. 0
18. 1
16. 9
shown separately.
48 States.
In addition to rrajor difTerenrcs between old and DCW series, data for Alask
and Hawaii arc included beginning January 1959.
5. 2
5. 0
5. 0
5. 0
5. 3
5. 6
5. 5
5. 4
5. 5
5. 2
5. 5
5. 4
5. 3
4. 9
7. 5
7. 3
7. 4
7. 6
7. 6
7. 8
8. 1
8. 2
8. 1
7. 9
7. 8
7. 8
7. 9
7. 7
359
440
440
461
443
500
Seasonally
adjusted
annual
rates
115
*468
Seasonally
adjusted
Sea tonally adji(S<e<i annua I rates
1962: Jan
Feb
Mar
Apr
May.
June
July
Aug
Sept_ . .
Oct
Nov
Deo
1963: Jan
Fell'
101. 7
105. 1
105. 1
105. 2
107. 6
119. 7
10. 4
10. 3
10. 6
10. 7
10. 8
10. 9
10. 8
11. 1
11. 0
10.9
10. 8
10. 7
10. 8
10. 8
18. 1
16. 8
17. 2
16. 5
17. 3
17. 8
17. 2
17. 6
17. 4
19.7
18. 6
17.7
19. 1
17.9
119
131
121
117
120
117
118
113
117
123
138
121
* Prel.minary.
'Seasonally adjusted series revised beginning 1961.
Sources: Department of Commerce and F. W, Dodge Corporation.
529
542
490
545
516
478
512
479
499
500
510
539
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts rose 4 percent in February to a seasonally adjusted annual rate of 1.3 million units,
of new units authorized was slightly higher than in January.
MILLIONS OF UNITS
2.5
The number
MILLIONS OF UNITS
Z.5
•1.6.
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION
(VA)
COUNCIL OF ECONOMIC AOV1SERS
[Thousands of units]
Mot sing star ts
Propose d home
constr uction
New
Total
Priv ate nonfa rm
Priv ate nonf irm
private
private
Total
Total
housing Applica- Requests
and
private
private
Period
Two or (includCover nment
units tions for for VA
public (includFHA appraisOnemore
(including
ing
Total home p rograms authorTotal
family
famiized 1 commiting
farm)
farm)
als 2
ments 2
lies
FHA
VA
farm)
1956
1, 093. 9
980. 7 113. 2
921. 9
1, 093. 9 183. 4 270. 7
401. 5
197. 7
1957
_
992. 8
840. 2 152. 6
992. 8 150. 1 128. 3
820. 3
159. 4
198. 8
1958
1, 141. 5
932. 5 209. 0
1, 141. 5 270. 3 102. 1
234. 2
950. 8
341. 7
1959
1, 342. 8 1, 078. 5 264. 3
1, 342. 8 307. 0 109. 3 1, 081. 1
234. 0
369. 7
*
1959
1960
1963
1962
3
1, 553. 5
1, 296. 0
_. 1, 365. 0
1, 480. 5
1962: Jan_.
Feb__
Mar__
Apr__
Mav_
June.July..
Aug__
Sept—
Oct..
Nov..3
Dec ,
1963: Jan'L
Feb3.
83. 0
77. 8
117. 9
151. 6
156. 4
139. 5
139. 3
147. 8
115. 3
136. 3
121. 9
94. 5
82. 5
87. 4
*
1, 516. 8
1, 252. 1
1, 313. 0
1, 451. 8
80. 6
76. 4
115. 4
147.0
154. 2
136. 2
135. 8
146. 1
113. 6
133. 5
120. 3
93. 5
79. 8
86. 5
*
*
1, 494. 6 1,211. 7
1, 230. 1
972. 3
1, 284. 8
946. 4
1, 427. 9
966. 4
79. 3
75. 3
113. 8
144. 9
152. 7
133. 7
133. 9
143. 0
111. 0
129.7
119. 2
92. 5
78. 7
84. 9
53. 1
52. 6
78. 0
98. 9
105. 7
93. 4
93. 3
97. 9
73. 4
87. 0
77. 2
55. 9
*
26. 2
22. 7
35. 8
46. 0
47. 0
40. 2
40. 6
45. 0
37. 6
42. 6
42. 0
35. 8
*New series; see Housing Starts, C20-11 (Supplement, Bureau of the Census,
May I960), for description.
* Authorized by issuance of local building permit.
2
Units represented by mortgage applications for new home construction.
20
*
282. 9 1, 516. 8
257. 4 1, 252. 1
338. 6 1, 313. 0
461. 5 1, 451. 8
1,273
1, 152
1,431
1, 542
1, 579
1, 425
1, 466
1, 529
1, 289
1,550
1, 586
1, 472
1, 229
1. 280
a
*
1, 494. 6
1, 230. 1
1, 284. 8
1, 428. 2
307. 0 109. 3
225. 7
74. 6
198. 8
83. 3
197. 3
77. 8
Se£isonallv adjusted
1, 247
214
69
1, 134
228
95
1, 407
214
87
1, 521
94
228
1, 566
204
87
1, 399
189
77
74
1, 447
205
1, 500
72
190
1, 261
70
178
1, 504
173
70
72
1, 571
183
1, 453
176
75
1, 207
172
74
1 . 254
164
78
*
1, 208. 3
369. 7
997. 6
242. 4
1, 064. 2
236. 2
221. 1
1, 179. 0
annual ra tes
1, 131
233
1,232
239
1, 147
246
1,224
240
1, 124
229
1, 133
216
221
1, 155
1, 119
195
1, 169
191
1, 170
207
1, 261
207
199
1, 313
1, 277
203
1, 279
197
234. 0
142. 9
177. 8
171. 2
196
169
208
167
172
147
184
148
158
176
168
172
161
150
Preliminary.
NOTE.—Data for Alaska and Hawaii are included in all VA and FHA series,
and Census series beginning with the new series in 1959.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
TRADE SALES AND INVENTORIES
In January, sales of wholesalers declined "M/j percent while retail sales rose slightly.
fractionally. Preliminary data indicate retail sales were up slightly again in February.
Trade inventories increased
BILLIONS OF DOLLARS"
BILLIONS OF DOLLARS*
RETAIL TRADE
WHOLESALE TRADE
DURABLE GOODS STORES
INVENTORIES
i
o t i i i i i i i iu j j i 1 1 i i i i 1 1 i i
INDEX, 1957-59
NONDURABLE GOODS STORES
1962
1960
* SEASONALLY ADJUSTED.
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Who esale
Period
Sales:
Inventories -
Total
Iiiventories
NonDurable durable
goods
goods
stores
stores
Total
2
NonDurable durable
goods
goods
stores
stores
Billions of dollars, seasonally adjusted
1955
1956. ..
1957
1958
1959
1960
1961
1962'
1961: Dec
1962: Jan
Feb
Mar
_ __
Apr
_ _
Mav.
_ .June
_ _
July
Aug _
Sept ..
Oct
Nov .
Dec'
7
1963: Jan
Feb'
_ - ...
__
10. 62
11. 27
11. 27
11. 09
12. 29
12. 33
12. 56
13. 08
12. 72
13. 08
12. 73
12, 76
13. 06
13. 38
13. 13
13. 35
13. 16
13. 48
13. 27
13. 42
13. 47
13. 27
11. 44
12. 95
12. 71
11. 89
12. 65
13. 21
13. 48
13. 97
13. 48
13. 58
13. 62
13. 70
13. 70
13. 78
13. 89
13. 97
13. 88
13. 95
14. 03
13. 86
13. 97
14. 00
1
Monthly average for year and total for month.
2
Book value, end of period, seasonally adjusted.
3
Beginning: January 1960, data include Alaska and
4
15. 32
15. 81
16. 67
16. 70
17. 95
18. 29
18. 23
19. 54
18. 83
18. 88
19. 03
19. 33
19. 67
19. 51
19. 16
19. 76
19. 64
19. 69
19. 82
20. 23
20. 20
20. 24
20. 29
58
48
70
28
97
89
61
24
92
92
98
18
33
17
03
38
13
12
48
52
45
43
46
9. 74
10. 33
10. 97
11. 41
11. 98
12. 40
12. 63
13. 30
12. 91
12. 98
13. 05
13. 15
13. 34
13. 34
13. 13
13. 38
13. 52
13. 57
13. 34
13. 71
13. 75
13. 81
13. 83
22. 77
23. 43
24. 57
24. 29
25. 54
27. 18
26. 86
27. 43
26. 86
26. 86
26. 90
26. 78
26. 87
26. 94
27. 08
27. 18
27. 05
27. 24
27. 40
27. 49
27. 43
27. 46
10. 53
10. 53
11. 41
10. 71
11. 27
12. 33
11. 52
11. 73
11. 52
11. 52
11. 48
11. 38
11. 43
11. 42
11. 45
11. 59
11. 51
11. 66
11.76
11. 83
11. 73
11. 72
12. 24
12. 90
13. 16
13. 58
14. 27
14. 85
15. 34
15. 70
15. 34
15. 34
15. 42
15. 40
15. 44
15. 52
15. 62
15. 59
15. 54
15. 58
15. 64
15. 66
15. 70
15. 74
Sales *
Inventories 6
Index, 195 7-59=100,
seasonally adjusted 6
88
85
94
94
96
99
99
98
105
103
106
109
109
110
114
117
113
113
110
114
111
115
117
116
113
115
115
117
111
118
114
118
115
118
117
118
110
120
118
118
117
117
114
120
113
u
Hawaii.
Daily average.
* End of period, except annual data, which are monthly averages.
5.
5.
5.
5.
5.
5.
5.
6.
5.
5.
5.
6.
6.
6.
6.
6.
6.
6.
6.
6.
6.
6.
6.
1963
Departm jnt stores
Re ,,ail
Sales ' 3
]
COUNCIL OF ECONOMIC ADVISERS
Based on-retail value.
' Preliminary.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.
21
MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers' sales (seasonally adjusted) declined in January for the second month, with the drop concentrated in
nondurable goods. Inventories were unchanged from December levels. New orders for durable goods rose 4 percent.
BILL IONS OF DOLLAF S»
40
BILLIONS OF DOLLARS*
MANUFACTURERS' INVENTORIES
MANUFACTl.IRERS' SALES
-
TOTAL
^
30
s>~*-^
L^\
S~*^
*s
^**'S-=1
20
NONDURABLE
GOODS
\
|tl
.,,,,..-""1"'"^_
10
V"
•"
l»lHIBlllt"***"**'"* I**
_
^
""SC^^"""
-
«
_-^^
^—
DURABLE GOODS
1
1
—
^ ' " ' • ' • ' • '
MANUFACTU RERS' NEW OF DERS
"
20
NO [DURABLE GOODS
„,„„
..,»•"""*•>•
......;•••—».„,„.•.„„„ ....^•"'"•••^SSl — ^»^s~—/~-**
^"^ ^^
—,
DURABLE GOODS
^^
10
Iv""1'""
, , , , , ! , . , , ,
1961
I960
» SEASONALLY ADJUSTED.
SOURCE: DEPARTMENT OF COMMERCE.
Total
1955
1956
1957
1958
1959
1960
1961
1962*
1961: Nov
Deo
19C2: Jan
Feb
Mar.. ..
Apr
May
June.- .
July
Aug
Sept
Dot 4
Nov 4
Dec
1963: J a n 4
26. 34
27. 71
28. 38
26. 23
29. 74
30. 41
30. 73
33.28
32. 18
32. 40
32. 04
32. 85
33. 22
33. 48
33.50
32. 96
33. 40
33. 29
33. 68
33. 48
33. 86
33. 36
33. 20
NonD urable durable
goods
goods
13. 08
13. 80
14. 16
12. 38
14. 51
14. 68
14. 54
16. 21
15. 62
15. 66
15. 50
15. 95
16. 33
16. 40
16. 40
15. 89
16. 33
16. 35
16. 34
16.34
16. 46
16. 18
16. 18
13. 26
13. 91
14. 22
13. 85
15. 23
15. 73
16. 18
17. 08
16. 56
16. 74
16. 54
16. 89
16. 89
17. 08
17. 10
17. 08
17. 08
16. 93
17. 34
17. 14
17. 41
17. 17
17. 02
Manufac t urers' inv entories 2
Total
Durable
goods
22
Nondurable
goods
Billions of dollars seasonal] y
46. 36
19. 70
26. 66
52. 30
21. 64
30. 66
22.
37
53. 52
31. 15
21. 36
49. 18
27. 82
52. 43
22. 34
30. 08
22. 88
53. 74
30. 86
23. 72
55. 2-0
31. 47
57.40
32. 69
24. 71
55. 03
31. 53
23. 50
55. 20
31. 47
23. 72
55. 73
31. 88
23. 84
56. 18
32. 19
23. 99
24. 16
56. 57
32. 41
24. 22
56. 69
32. 47
56. 81
32. 58
24. 23
56. 91
32. 58
24. 34
57. 00
32. 63
24. 37
56. 97
32. 69
24. 28
57. 19
24. 44
32. 74
57. 27
32. 76
24. 51
57. 19
24. 53
32. 66
57. 40
32. 69
24. 71
57.40
32. 70
24. 70
1
Monthly average for year and total for month.
2 Book value, end of period, seasonally adjusted,
For annual periods, ratio of weighted average inventories to average monthly
rales; for monthly data, ratio of inventories at end of month to sales for mouth.
3
1963
COUNCIL C F ECONOMIC ADVISER
Manu 'acturers' sales '
• Jl
1962
Ma nufacture rs' new orde rs '
Durat)le goods
Total
adjuste i
27. 17
28. 32
27. 26
25. 90
30. 13
29. 90
30. 96
33. 03
32. 70
32. 85
32. 94
33. 08
32. 95
32. 73
33.07
32. 43
33. 26
32. 83
33. 23
33. 82
33. 76
33. 04
33. 62
Total
13. 85
14. 44
13. 08
12. 04
14. 85
14. 24
14. 74
15. 98
16. 10
16. 24
16. 43
16. 19
16. 00
15. 73
15. 97
15. 44
16. 27
15. 91
15. 89
16. 57
16. 34
16. 02
16. 67
* Preliminary.
Source: Department of Commerce.
NonMachinery durable
and
goods
equipment
4. 20
4. 74
4. 36
3. 92
4. 95
4. 95
5. 24
5. 64
5. 74
5. 48
5. 78
5. 71
5. 59
5. 47
5. 60
5. 62
5. 71
5. 60
5. 69
5.62
5. 85
5. 74
5. 76
13. 32
13. 88
14. 17
13. 86
15. 28
15. 66
16. 23
17. 05
16. 60
16. 61
16. 51
16. 89
16. 95
17. 00
17. 10
16. 99
16. 98
16. 92
17. 34
17. 25
17. 42
17.02
16. 95
Manufacturers'
inventorysales
ratio 3
1. 68
1. 79
1. 89
1. 93
1. 72
1. 79
1. 75
1. 70
1. 71
1. 70
1. 74
1.71
1. 70
1. 69
1. 70
1. 73
1. 71
1. 71
1. 70
1.71
1. 69
1. 72
1.73
MERCHANDISE EXPORTS AND IMPORTS
Due to the East Coast dock strike, U.S. exports in January dropped very sharply, producin3 a monthly trade deficit
for the first time in over 1 2 years.
BLLIONS OF DOLLARS
BILLIONS OF DOLLARS
Z.5
12.5
SEASONALLY ADJUSTED
GENERAL IMPORTS
-^ SEE NOTE I BELOW.
SOURCES; DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
M erchandi 56 impo rts
M erchandi se expo rts
Period
Total ( iricluding ree;•ports) 1
Season- Unadally ad- justed
justed
Monthly average :
1955
1956_
1957_
1958
1959
1960 _ _ _
1961
1962. _..
1961: Dec
1962: Jan
Feb
Mar
Apr
May
June
July _ . _
Aug_ _ _ ^
Sept
Oct.- Nov
Dec_ . 1963: Jan
1,
1,
1,
1,
1,
1,
1,
1,
1, 725
1, 655
1, 812
1, 674
1, 803
1, 782
1, 838
1, 7g9
1, 687
1, 943
1, 493
1, 695
1,839
982
191
445
626
364
367
634
679
742
1, 799
1,612
1, 713
1,783
1,803
1, 891
1, 898
1, 620
1, 633
1, 710
1, 583
1, 791
1, 864
960
Gener al i ra]7>omest c exports
por ts 2
Indus- Finished
i^cason- Unadtrial
manuFoodTotal i stuffs matealli/ adfacrials
tures ' justed justed
1, 180
162
351
441
216
530
208
368
1,351
198
366
1, 352
210
1, 617
230
510
486
254
1, 659
1, 719
440
281
U nadjust ed
512
1, 779
284
415
1,587
254
420
1, 692
284
1, 761
427
298
417
1, 780
285
450
1, 865
343
1, 876
318
468
420
1, C02
260
421
263
1, 613
1, 691
264
466
412
1, 562
246
476
267
1, 765
1, 839
491
289
942
667
775
872
784
776
1, 432
1, 611
877
919
998
984
898
987
1, 036
1, 074
1, 074
1,086
924
931
962
904
1, 022
1,058
1
Total exports less Department of Defense shipments of grant-aid military
supplies and equipment under the Military Assistance Program.
*3 Imports for immediate consumption plus entrio? into bonded warehouses.
Imports for immediate consumption plus withdrawals for consumption from
bonded warehouses.
1,
1,
1,
1,
1,
1,
1,
1, 814
1, SS7
1, 315
1, SS9
1,364
1,SS6
1, 343
1, 36 H
1,364
1, 476
1, 319
1, 432
1, 372
1, 093
958
064
105
105
302
251
226
366
1, 294
1,308
1, 223
1, 381
1, 333
1, 452
1, 348
1, 337
1, 356
1 342
1, 439
1, 452
1, 366
1, 117
Merchandise
trade
Impo rts for consum ption
Indus- Finished surplus,
trial
manu- seasonTotal Foodally adfacstuffs matejusted
rials
tures
3
477
260
521
267
534
274
n, 101 288 489
1, 284
569
285
1, 251
274
539
1, 221
522
277
1, 355
561
298
U nadjust ed
1, 274
550
280
1, 356
602
285
1, 208
519
263
1, 364
586
297
553
1, 325
288
1, 411
585
316
1, 320
558
271
1, 330
556
283
582
1, 368
284
1, 345
544
297
1, 424
541
322
1,470
585
345
1, 336
329
527
1, 139
954
1,056
1, 102
217
268
294
326
431
438
423
495
445
467
426
486
48E
511
492
489
505
504
562
539
480
234
380
521
260
65
383
453
376
410
327
497
335
439
396
496
367
323
467
174
264
467
— 111
* Total adjusted to exclude $33.5 million of the value reported by economic
category.
NOTE.—Seasonally adjusted series revised beginning 1961. Because of revision:;
being made in series, subgroups do not necessarily include all data in totals.
Source: Department of Commerce.
OQ
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
In the fourth quarter of 1962, a slight fall in imports of soods and services raised the surplus on goods and services
to $4.3 billion (seasonally adjusted annual rate).
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
40
40
EXPORTS OF GOODS AND SERVICES
30
£0
IMPORTS OF GOODS AND SERVICES
10
1962
COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE.
[Millions of dollars, quarterly data at seasonally adjusted annual rates]
Expo rts of goo ds and sei vices
Impo rts of goods and sei-vices
Balance
Income on inMer- Military
Mer- Military Other on goods
vestnTents
Other
chanchan- expend- services
and
Total
Total
sales
services
dise:
Private Governdise >
services
itures
ment
Period
1954
1955
1956
1957
1958
1959.
1960
1961
1962...
1961: I
II
III
IV
1962: I
II
III
IV.
1
1963
17, 759
19, 804
23, 595
26, 481
23, 067
23, 476
27,013
_ . 28, 066
29, 814
28, 276
27, 312
27, 564
29, 112
29, 020
31,028
29, 544
29, 664
12, 799
14, 280
17, 379
19, 390
16, 264
16, 282
19, 459
19,915
20, 566
20, 244
19,072
19, 760
20, 584
20, 288
21, 360
20, 680
19, 936
182
200
161
375
300
302
335
406
638
284
600
352
388
384
912
504
752
1,955
2, 170
2,468
2, 612
2,538
2, 694
2,873
3,303
3, 711
3,388
3,072
3, 184
3,568
3,668
3,668
3,472
4,036
Adjusted from customs data for differences in timing and coverage.
24
272
274
194
205
307
349
349
379
471
376
480
280
380
436
564
436
448
2, 551
2, 880
3,393
3, 899
3, 658
3, 849
3, 997
4,063
4,428
3,984
4,088
3,988
4, 192
4, 244
4, 524
4, 452
4, 492
15, 931
17, 795
19,628
20, 752
20, 861
23, 342
23, 1 88
22, 923
24, 999
21, 792
22, 040
23, 708
24, 152
24, 184
24, 944
25, 512
25, 356
10, 354
11, 527
12, 804
13, 291
12, 952
15,310
14,723
14, 514
16, 193
13, 476
13,668
15, 360
15, 552
15, 732
16, 180
16, 65G
16, 204
Source: Department of Commerce.
2, 642
2,901
2,949
3, 216
3, 435
3, 107
3,048
2,947
3,006
3,080
3,024
2, 796
2, 888
3,008
2, 984
2, 920
3, 112
2,935
3, 307
3, 875
4, 245
4, 474
4, 925
5, 417
5, 462
5, 800
5, 236
5, 348
5, 552
5,712
5,444
5, 780
5, 936
6,040
1, 828
2,009
3,967
5, 729
2, 206
134
3, 825
5, 143
4, 815
6, 484
5, 272
3, 856
4,960
4,836
6,084
4,032
4, 308
U.S. BALANCE OF INTERNATIONAL PAYMENTS
A small rise in the surplus on goods and services was more than offset by an increase in other payments to foreigners,
raising the over-all deficit in the fourth quarter of 1962 to $3.2 billion (seasonally adjusted annual rate).
BILLIONS OF DOLLARS
2O
BILLIONS OF DOLLARS
•
—
1 2Q
SEASONALLY ADJUSTED ANNUAL RATES
BALANCE ON GOODS AND SERVICES
BALANCE ON OTHER TRANSACTIONS
20
t
10
t
1
t
l
1
1
f
1
1
1
)
1
1
J
OVER-ALL BA LANCE [SURPLUS C R DEFICIT t-fl
-
_
-10
i
I
1957
I
S Q D Q ULJU U y y y y
i i i
i i i i i i
1958
1959
"
1
I960
U
LI
LJ-J^J £j
M>*
1
I
1961
1
1
SOURCE: DEPARTMENT OF COMMERCE.
Period
1956
1957
1958
1959
1960
1961
1962 6 *._
1961: *
I
II
III
IV
1962:*
I__
II- III
IV«___
Government
grants
and
capital,
net
3, 967 -2, 362
5, 729 -2, 574
2, 206 -2, 587
134 — 1, 986
3,825 -2, 769
5, 143 -2, 777
4, 815 -2, 996
Direct
investments
Longterm
portfolio
Shortterm
Foreign
capital '
Unrecorded
transactions
653
— 603
-517
543
-1, 951
487
-2, 442
-859
1, 157
-276
22
-1,
444
488
-311
— 1, 181
863
412
-926
-1, 372
-77
335
— 592
-1,694
-850 -1, 338
*733 *-628
-1,475 -1,006 — 1, 472
-1,377 — 1, 207
-467
975 -1, 000
Season ally adjus ted annuEil rates
6,
5,
3,
4,
484 — 3, 316 — 1, 828
-480 — 1, 928
-872 -1, 556
272
188 — 1, 076
-770
856 -4, 052 — 1, 716
-888
960 -3, 928 -1,280 - 1, 896 -1, 516
4,
6,
4,
4,
836
084
032
308
1
1963
1
-924 — 1, 608 -1,296
-3, 576
-3, 216 -1, 604 -1, 196
376
— 644
-752
-1, 804 -1, 652
-3, 388 -1, 328 -1, 380
-196
Over-all balanc s (surplus or deficit (-))
Liquid 1iabilities 3
Gold To monand con- etary
Total "•
Total vertible author- To other
curities
foreign
and
holders 5
rencies
institutions *
-935
520
— 3, 529
-3,743
— 3, 925
— 2, 360
— 2, 181
-935
306
— l", 241
520
798
278
1
-3,529 -2, 275
254
-3, 743
-731
012
— 3,
-3, 925 -1, 702 — 1, 862
-361
— 2, 360
-742 * — 542 *- 1,076
-2, 181
-907 -1,071
-203
Quai terly tota Is, unadji sted
792
-208 — 1, 368
1, 004 -1, 440
636
772 -3, 652
16
1, 120 — 1, 636 — 5, 056
-331
72
-912
-1, 189
-346
330
-270
-456
-69
307
— 417
-363
84
— 565
-225
-370
1, 160
360 -1, 980
164
— 856
— 576
620 — 1, 624 -2, 724
1, 956 — 2, 160 — 3, 104
-473
-324
— 693
— 691
-189
207
-550
'-375
416
-506
-601
-380
-700
'Other
than liquid funds.
:
Equals changes in U.S. rold and convertible currencies anO liquid liabilities
to foreigners. Krmiiinures ;md pensions, not shown separately in this table,
are included in over-all balance and amounted to $924 million in 1962.
a Minus inrHrntcs tnrmiFr in tiabililios.
* To International Monetary Fund (IMF) and foreign central banks and
governn:ents.
*To foreign commercial bank? ami other international and regional institutions
not listed in footnote 4, and other forci^iKTs.
1
COUNCIL OF ECONOMIC ADVISERS.
[Millions of dollars!
U.S. pr ivate capi tal, net
on
goods
and
services
1
1962
6
-25
458
64
Preliminary.
• Total at end of fourth quarter was $1(5,150 million, of which $16,057 million was
U.S. cold stock. The decline in told stock during quarter was $24 million.
•Revised bcjrinninir JOfii.
NOTE.—Data exclude military aid and U.S. subscriptions to IMF.
.Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
Consumer prices rose in January to their October-November levels. A large increase in food prices, and a rise in
service prices, outweighed a decline in the prices of commodities other than foods.
I N D E X , I957-59-IOO
115
INDEX, I957-59MOO
115
110
105
100
100
95
1957
1963
1958
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISER:
[1957-59 = 100]
Services
Co mmoditie 3
All
items
Period
1952
1953
1954
.
1955__ .
.
1956 .
1957
1958
1959
1960
1961
1962
1961: Dec
1962: Jan ...
Feb
Mar
Apr
May
June..
July
Aug..
Sept
...
Oct
Nov
Dee
1963: Jan.
Source: Department of Labor.
26
. _
...
__
_
92. 5
93. 2
93. 6
93. 3
94. 7
98. 0
100. 7
101. 5
103. 1
104. 2
105. 4
104. 5
104. 5
104. 8
105. 0
105. 2
105. 2
105. 3
105. 5
105. 5
106. 1
106. 0
106. 0
105. 8
106. 0
All commodities
96. 7
96. 4
95. 4
94. 4
95. 3
98. 4
100. 7
101. 0
101. 7
102. 4
103. 2
102. 4
102. 3
102. 7
102. 8
103. 1
103. 0
103. 1
103. 1
103. 2
104. 1
104. 0
103. 9
103. 6
103. 6
Food
97. 1
95. 6
95. 4
94. 0
94. 7
97.8
101.9
100. 3
101. 4
102. 6
103. 6
102. 0
102. 5
103. 1
103. 2
103. 4
103. 2
103. 5
103. 8
103. 8
104. 8
104. 3
104. 1
]03. 5
104. 7
Comtn odities les s food
All
Non- services
All
Durable durable
96. 7
96. 8
95. 6
94. 6
95. 9
98. 9
99. 8
101. 3
101. 8
102. 1
102.8
102. 6
102. 0
102. 2
102. 4
102. 8
102. 6
102. 6
102.5
102. 6
103. 4
103. 6
103. 5
103. 4
102. 6
102. 7
101. 6
97. 7
94. 9
94. 9
98. 2
99. 7
102. 0
100. 7
100. 5
101. 5
101. 1
100. 8
100. 8
100. 9
101. 4
101. 5
101. 6
101. 5
101. 7
101. 6
102. 0
102. 2
101. 7
100. 4
93. 2
94. 0
94. 4
94. 4
96. 5
99. 1
99. 8
101. 0
102. 6
103. 2
103. 8
103. 6
102. 9
103. 3
103. 5
103. 8
103. 5
103. 4
103. 3
103. 2
104. 6
104 6
104. 4
104. 6
104. 0
84. 0
87. 5
89. 8
91. 4
93. 4
97. 0
100. 3
102. 7
105. 6
107. 6
109. 5
108. 5
108.7
108. 9
109. 0
109. 2
109. 4
109. 5
109. 8
109. 9
109. 8
109. 8
110. 0
110. 1
110. 5
Rent
85. 7
90. 3
93. 5
94. 8
9G. 5
98. 3
100. 1
101. 6
103. 1
104. 4
105. 7
105. 0
105. 1
105. 2
105. 3
105. 4
105. 5
105. 6
105. 7
105. 8
105. 9
10G. 1
106. 2
10H. 2
106. 3
Services
less
rent
83. 8
87.0
89. 1
90. 8
92. 8
96. 7
100. 3
102. 9
106. 1
108. 3
110. 2
109. 1
109. 3
109. 5
109. 6
109. 8
110. 1
110. 2
110. 5
110. 6
110. 5
110. 5
110. 6
110. 8
111.2
WHOLESALE PRICES
Wholesale prices declined slightly in February/ the decline in farm prices was particularly marked.
INDEX, I957-59-IOO
INDEX,1957-59-100
FARM PRODUCTS.
110
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
( INDUSTRIALS)
95
ft
\t \
»
V
(<
V
90
1962
SOURCE; DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
All
commodities
Period
1955
1956
1957
1958
1959
1960
1961
1962'
1961: Dec
1962: Jan
Feb
Mar_. .
.
Apr
May
June
July
Aug
Sept
Oct.
_ _. _
100. 4
...
100. 5
101. 2
100. 6
100. 7
100. 4
100. 5
100. 2
Nov
Dec
1963: Jan..
Feb«
Week ended: 4
1963:
Mar
5
12
93. 2
96. 2
99.0
100. 4
100. 6
100. 7
100. 3
100. 6
100. 4
100.8
100.7
100. 7
100. 4
100. 2
100. 0
...
100. 2
100. 0
[1957-59=1001
Commodi ies other t ban farm ] iroducts aiid foods (iridustrials)
Indus- Indus- Produc- Consunaer finFarm
Procished g<jods exAll intrial intrial
prodessed
fincludin g food
dustricrude termedi- er
ucts
foods
1
ished
als
DurNonmate- ate ma2
goods
terials
able
durable
rials
92. 4
94. 3
92. 5
92. 8
97. 9
96. 6
85. 6
95. 8
94. 3
96. 5
102. 3
92. 0
96. 6
97. 0
95. 9
97. 7
99. 2
99. 6
99. 2
97. 9
100. 9
97. 7
9a7
99. 9
102. 9
99. 5
99. 4
100. 2
103. 6
96. 9
100. 1
99. 3
99. 2
101.3
102. 3
102. 1
101. 3
97. 2
101.0
100. 8
100. 0
101.3
96. 9
ga 3 101. 4 102. 3 100. 9
101. 5
96. 0
100. 8
100. 1
102. 5
100. 7
97. 2
100. 5
101. 5
97.7
100. 8
102. 9
101. 2
95. 6
99.9
100. 0
101. 6
95. 9
100. 9
99. 9
102. 7
101. 0
97. 2
100. 3
101. 8
102. 0
100. 0
97. 9
102.8
100. 2
102. 0
101. 0
98. 5
98.2
102. 8
100.8
9a 2
101. 8
99.9
100. 1
101. 8
100. 8
100. 0
102. 8
98. 4
101. 6
97. 1
100. 0
101. 3
96. 9
100. 2
100. 9
95. 8
100. 3
102. 9
99. 9
101. 6
96.2
100.
9
102.
9
95.
3
100.
2
100.
0
99. 6
101. 5
100.7
100. 1
102. 8
95. 3
99. 8
94 4
100.0
101. 4
96. 5
100. 8
94. 4
100. 0
100. 8
103. 0
100. 2
101. 5
100. 6
94. 8
99. 8
97. 6
103. 0
100. 1
101. 4
101. 5
100. 8
102, 9
100. 6
99. 8
103. 3
95. 1
100. 1
101. 7
100. 7
99. 7
102. 8
98. 7
99. 9
94. 8
101.8
101. 5
94. 6
99. 6
102. 9
99. 3
100. 7
100. 0
101. 7
101. 3
100. 7
94. 8
99. 5
97. 3
100. 9
103. 0
99. 9
101.8
94. 7
99. 5
98. 5
100. 8
100. 7
103. 0
99. 8
101.7
100. 7
99. 4
96. 4
100. 5
95. 0
103.0
99.8
101.7
96. 1
95. 5
1
Coverage or the subgroups does not correspond exactly to coverage of this
Index.
3
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
99. 9
99. 2
100. 7
100. 7
3 Preliminary.
«Weekly series based on smaller sample than monthly series.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
Between January 15 and February 15, the index of prices received by farmers declined 1 percent; lower prices for
cattle and hogs were primarily responsible. The index of prices paid was unchanged and the parity ratio remained
at 78.
INDE)(, 1957- 59 « 100
INDEX, 1957-59 = IOO
110
110
PRICES PAID,
NTEREST, TAXES, A ND
WAGE RATES
\
s-^f^^i?
—B
,— '^_^— '
,-'-%--, ,-]
pN.
if
^
***af
X
PRICES RECE VEO
(ALL FARM PROD UCTS)
90
90
1 , , , , ,
BO
so
RA no-*'
IOO
RATI 0-"
100
/•-",
/\_ /
\
|*
80 "•1.,.-°""™"
7O
PARITY RAT O
V%
-„.„.„„,.
'"""••..y
, . . , . 1 . , I , ,
, , , , , 1 , i , i ,
1957
I960
1959
1956
cou^1CIL OF ECONOMIC ADV ISERS
Prices received by 'armers
Period
All farm
products
.
.
...
. ..
.
Crops
105
102
96
95
97
104
99
98
99
100
100
101
101
100
100
99
99
101
103
101
101
100
101
100
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates, on 1910-14=100 base.
28
7O
1963
1962
1961
J/RAT 0 OF INDEX OF PRICES RECEIVED, TO INDEX OF PRICES PAID,
INTER! ST, TAXES AND WAGE R ATES, ON 1910-14 -IOO 1iASE
SOURC £ ' DEPARTMENT OF AC RICUUTURE.
1953
1954
1955
„
1956
1957
1958
1959
1960
1961
1962
1962: Jan 15
Feb 15
Mar 15
Apr 15.
May 15.
June 15
July 15
Aug 15.
Sept 15
Oct 15
Nov 15
Dec 15
1963: Jan 15
Feb 15
eo
\
108
108
104
105
101
100
99
99
101
104
101
101
105
106
109
106
104
103
104
101
102
100
102
104
Price s paid by farmers
items,
Livestock All
interest,
and
taxes, and
products wage
rates
Index, 195 7-59 = 100
104
95
97
95
90
94
88
95
94
98
106
100
100
102
98
102
97
103
99
105
100
104
100
104
99
104
95
105
94
105
94
104
96
104
99
104
103
105
101
105
102
105
100
106
100
106
97
106
Family
living
items
94
94
94
96
99
100
101
101
102
103
102
103
103
103
103
103
103
103
103
103
103
103
104
104
Source: Department of Agriculture.
Production
items
97
97
96
95
98
101
101
101
101
103
102
102
103
103
103
102
102
102
103
103
103
104
104
104
Parity
ratio i
92
89
84
83
82
85
80
80
80
80
80
80
80
79
79
78
79
80
81
80
80
78
78
78
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
In February, the money supply declined slightly while time deposits rose on a seasonally adjusted basis.
BILL ONS OF DOLLARS
BILLIONS OF DOLL ARS
AVERAGES OF 0 AILY FIGURES, SEASOf* ALLY ADJUSTED
-
MONEY SUPPLY
*•»
^"1
1
.
"
"""""I
-""
-
—
^x
-
TIME D EPOSITS AT ALL
COMM IRCIAL BANKS
.-
s*
—
^* *
-1
•**
.,
'
'
-
0
r
0
I9S8
1957
SOUR C£: BOARD OF GOVERN<)HS
I960
1999
1961
1963
1962
OF THE FEDERAL RESERVE SYSTEM.
COUN GIL
OF ECONOMIC ADV 1SER5.
[Averages of daily figures, billions of dollars!
M oney supp iy
M oney supp iy
Period
Total
1956:
1957:
1958:
1959:
1960:
1961:
1962:
1962:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Apr
May
June
July
Aug
Sept
Oct..
_ ...
Nov
Dec
1963: Jan... ...
Feb »
First half..
Second h a l f *
1
Deposits
1
at all commercial bants.
Preliminary.
-
-.
136. 9
135. 9
141. 2
142. 0
141. 2
145. 7
147. 9
145.7
146. 1
145. 7
145. 6
145. 7
145. 1
145. 3
146. 1
146. 9
147. 9
148. 7
148. 5
148. 7
148. 4
Currency
outside
banks
De-
Time
de-
posits '
mand
de-
posits
Seasonallyf adjustec
28. 2
108. 7
28. 3
107. 5
112. 6
28. 6
28.9
113. 2
28. 9
112. 2
29. 6
116. 1
30. 6
117. 3
29. 9
115. 8
30. 0
116. 0
30. 0
115. 7
30. 1
115. 4
30. 2
115. 5
30. 2
114. 9
30. 2
115. 1
30. 3
115. 8
30. 5
116. 4
30. 6
117. 3
30. 7
118. 1
30. 9
117. 7
30. 8
117. 9
30. 9
117. 4
52. 1
57. 5
65. 5
67. 4
72. 7
82. 5
97. 5
87. 5
88. 7
89. 6
90. 7
91. 8
92. 5
93. 4
94. 6
96. 0
97. 5
99. 1
100. 3
99. 9
100. 8
Total
140.3
139. 3
144. 7
145. 6
144. 7
149. 4
151. 6
144. 2
146. 2
143. 6
144. 0
144. 3
143. 8
145. 0
146. 5
148. 2
151. 6
151. 8
148. 3
149. 8
146. 7
Currency
outside
banks
De-
mand
deposits
Unad justed
111. 5
28. 8
28. 9
110. 4
29. 2
115. 5
29.5
116. 1
29. 6
115. 2
30. 2
119. 2
31. 2
120. 4
114. 6
29. 6
116. 4
29. 8
29. 8
113. 8
30. 0
113. 9
30. 3
114. 0
30.3
113. 5
114. 6
30.3
30. 4
116. 1
30. 8
117. 5
31. 2
120. 4
121. 3
30. 5
30. 5
117.8
119. 2
30. 5
30. 4
116. 2
Time
deposits '
51. 4
56. 7
64. 6
66. 6
72. 1
81. 8
96. 6
87. 4
88. 9
89. 9
91. 1
92. 2
93. 0
93. 8
94. 9
95. 4
96. 6
98. 4
99. 9
99. 6
100. 3
U.S.
Government
demand
deposits '
3.4
3.5
3.9
4, 9
4,7
4.9
5. 6
5. 1
3. 8
7.0
7.2
7. 1
6.8
7. 2
7. 3
6.0
5.6
4. 8
5.6
4, 9
6. 5
NOTE.—See note, p. 3L
Source: Board of Governors of the Federal Reserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Most liquid assets continued to expand in February.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED, END OF MONTH
500
TOTAL SELECTED
LIQUID ASSETS
400
SAVINS TYPE
ASSETS-"
200
DEMAND DEPOSITS AND
CURRENCY
I96Z
•BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1963
COUNCIL OF ECONOMIC ADVISERS.
[Billions of dollars; seasonally adjusted]
Total
selected
liquid
assets
End of period
1955
1956
1957
1958
1959
1960_.
1961 3
1962
1962: Jan
Feb
Mar
Apr
May.June
July .
Aug
Sept3
Got 3
Nov 3
Dec .1963: Jan 33
Feb
--
332. 5
343. 2
356.0
373. 1
393. 9
399. 2
424. 6
458. 3
427. 1
430. 6
435. 3
438. 2
439.6
442.9
444. 2
447. 9
449. 1
453. 4
456. 8
458. 3
462. 2
464. 9
Demand
deposits
and
currency 1
133. 3
134. 6
133. 5
isa 8
139. 7
138. 4
142. 6
144. 5
142.0
142. 3
142. 2
143. 4
142.8
142. 3
142. 2
141. 3
142. 5
143. 8
143. 3
144. 5
144. 2
144. 2
Time d eposits
Commercial
banks
30
28. 1
30.0
31. 6
33.9
49.7
52.0
57. 5
65.4
67. 4
73. 1
82.5
97. 6
85. 1
86. 4
87.8
34.9
36. 2
38.3
41. 3
38.6
3R8
39. 0
39. 2
39. 3
39. 7
40. 0
40. 2
40. 6
40. 9
41. 2
sa 6
89. 7
91. 2
91. 7
92. 7
93.9
95. 2
96. 8
97.6
99. 9
101. 0
'Agrees in concept with money suppl y, p. 29, exceptfor deduction o demand
deposits held by mutual savings banks md savings and loan associatior s. Data
lor2 last Wednesday 01 montn.
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February 1960, savings and loan associations.
Mutual
savings
banks
41.3
41. 7
41. 9
Postal
Savings
System
1. 9
1.6
1.3
1. 1
.9
.8
.6
.5
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6
.5
.5
.5
.5
Savings
and loan
shares
32.0
37.0
41.7
47.7
54.3
61. 8
70. 5
80. 0
71.1
71. 8
72. 8
73. 4
74.0
74. 8
75.4
76. 3
77.4
78. 2
79. 2
80. 0
81. 0
82. 0
U.S. Government
U.S. Gov- securities
ernment
maturing
savings2
within
bonds
year z
55.9
54. 8
51.6
50. 5
47.9
47.0
47.4
47. 6
47.4
47.4
47.4
47. 4
47.4
47.4
47.5
47. 5
47. 5
47.5
47. 5
47.6
47.8
47.7
3
Preliminary.
.>j
Source: Board of Governors of the Federal Reserve System,
31. 6
33.2
sas
35.6
4as
41.9
42. 6
46. 8
42. 4
43. 3
45.5
45. 6
45. 7
46.9
46.8
49. 2
46. 6
47.2
4a2
46. 8
47.1
47. 6
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans rose $2.t billion, seasonally adjusted, in February.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
25 O
250
ALL COMMERCIAL BANKS
150
BANK LOANS
INVESTMENTS JN U.S. GOVERNMENT SECURITIES
1
1357
•• SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
I960
END OF MONTH
All comir ercial bank
(s easonally adjusted da ta)
Total
Investinents
Loans,
loans excluding
and
U.S. Gov- Other
invest- interbank
ernment securiments
securities
ties
End of period
161. 6
1956
1957
1958
1959
1960
1961 6
1962
166. 4
181. 0
185. 7
1962: Jan
Peb
Mar
Apr
May
June
July
.
_ _
Aug
Sept5
Oct 5
Nov
Dec55
1963: Jan 5
Feb
194. 5
209. 6
227. 6
210. 7
213. 3
215. 2
215. 0
216. 4
220. 3
217.8
220. 3
222. 0
224. 4
225.8
227.6
228. 8
232. 2
88. 0
91. 4
95. 6
107. 8
114.2
121. 1
134. 8
120.8
122. 6
123.8
124. 5
124. 8
126. 6
126. 1
127. 3
129. 7
131. 7
132. 3
134. 8
134. 9
137. 0
Billions of dollars
57. 3
16. 3
57. 0
17. 9
64. 9
20. 5
57. 6
20. 4
59. 6
20. 7
64. 7
23. 8
63. 8
29. 0
24.2
65. 7
24. 6
66. 1
66. 1
25. 3
64. 6
25.9
65. 5
26. 1
66. 6
27. 1
64. 1
27. 6
65. 0
28. 0
64. 3
28. 0
64. 1
28. 6
64. 4
29. 1
63. 8
29. 0
64. 3
29. 6
65. 1
30. 1
1
Member banks are all national banks and those State banks which have taken
membership in the Federal Reserve System.
i Commercial and industrial loans and prior to 1956 agricultural loans. Series
revised
beginning October 1955, July 1958, July 1959, and April 1961.
3
Debits during period to demand deposit accounts except interbank and
U.S. Government. Prior to 1955, relates to 344 centers outside New York City.
* Averages of daily figures. Annual data are for December.
COUNCIL OF 1CONOMIC ADVISEES'
Bank
Weekly
reporting
outside
member
banks ' New York
City (343
centers) ,
seasonally
Business
adjusted
loans 2
annual3
rates
A 11 member banks ' *
Total
reserves
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions o : dollars
30. 8
31. 8
!
31. 7
2
30.7
32. 2
'32. 9
35. 2
32.0
32. 2
33. 0
32.8
32. 9
33.4
33. 0
33. 4
34. 1
34. 3
34.7
35.2
34. 3
34. 6
1, 38S
1, 468
1,481
1,656
1, 736
1,8S2
2,021
S,010
1,917
1,985
2,044
2,015
2,000
2,056
2,017
1,988
2,096
2, 091
2, 067
2, 149
2, 086
19, 535
19, 420
18, 899
18, 932
19, 283
20, 118
20, 037
20, 089
19, 571
19, 547
19, 723
19, 817
19, 924
20, 046
19, 921
20, 034
20, 205
19, 601
20, 037
20, 035
19, 580
652
577
516
482
756
568
569
616
502
470
510
497
471
532
563
458
484
589
569
483
472
688
710
557
906
87
149
304
70
68
91
69
63
100
89
127
80
65
119
304
99
172
-36
-133
-41
-424
669
419
265
546
434
379
441
434
371
443
436
378
419
470
265
384
300
s
Preliminary.
NOTE.—Between January and August 1959, series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Data for all
member banks include Alaska and Hawaii beginning 1954 and 1959, respectively.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
In January, total consumer credit outstanding declined $720 million, compared to a decline of almost $1 billion in
January 1962.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
END OF MONTH
TOTAL CONSUMER CREDIT OUTSTANDING
60
eo
SEASONALLY ADJUSTED IENLAF GED SCALE )
INSTALMENT CREDIT EXTENDED
....SSl!"'"" .
—***
_ _ . ._^*g
_
INSTALMENT CREDIT REPAID
1
f
1
1
P
1957
1958
1
1
1
1
i
1959
I960
1961
1962
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
1953. ... .
1954
1955.
-_
1956
1957
1958
1959
1960
1961
1962
1961: Dec
1962: Jan
Fob
Mar
Apr
May
Jun
Jul
Aug.
Sep
Oct
Nov
Dec. -_
1963: Jan
.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars)
Consumer credit outstandir g (end of r eriod;
Consum er instalme nt credit extended
imadi usted
and r epaid (seasonally adjiisted)
Instalment
To tal
Automob ile paper
NonTotal
Total i
Personal instalExtended Repaid Extended Repaid
bile
ment 2
paper
loans
31, 393
32, 464
38, 830
42, 334
44, 970
45, 129
51, 542
56, 028
57, 678
63, 458
57, 678
56, 711
56, 093
56, 275
57,314
58,318
59, 108
59, 364
60, 003
60, 126
60, 626
61, 473
63, 458
62, 741
23, 005
23, 568
28, 906
31, 720
33, 867
33, 642
39, 245
42, 832
43, 527
48, 243
43, 527
43, 265
43, 074
43,211
43, 837
44, 495
45, 208
45, 650
46, 204
46, 310
46, 722
47, 274
48, 243
48, 143
9, 835
9, 809
13, 460
14, 420
15, 340
14, 152
16, 420
17, 688
17, 223
19, 384
17, 223
17, 155
17, 191
17, 348
17, 671
18, 032
18, 410
18, 680
18, 933
18, 881
19, 083
19, 307
19, 384
19, 426
4, 781
5, 392
6, 112
6, 789
7, 582
8, 116
9, 386
10, 480
11, 256
12, 714
11, 256
11, 239
11, 264
11, 343
11, 540
11, 696
11, 872
11, 990
12, 187
12, 291
12, 364
12, 479
12, 714
12, 735
3
Also includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
3
Consists of single-payment loans, charge accounts, and service credit.
8
End of period, unadjusted.
32
1963
8, 388
8, 896
9, 924
10, 614
11, 103
11, 487
12, 297
13, 196
14, 151
15, 215
14, 151
13, 446
13, 019
13, 064
13, 477
13, 823
13, 900
13, 714
13, 799
13, 816
13, 904
14, 199
15, 215
14, 598
31, 558
31, 051
38, 972
39, 868
42, 016
40, 119
48, 052
49, 560
48, 396
55, 395
4, 409
4, 327
4, 356
4, 499
4, 659
4, 650
4, 623
4, 669
4, 619
4, 491
4, 682
4, 961
4, 829
4, 893
27, 956
30, 488
33, 634
37, 054
39, 868
40, 344
42, 603
45, 972
47, 700
50, 679
4, 061
4, 048
4, 084
4, 121
4, 166,
4, 211
4, 202
4, 283
4, 261
4, 289
4, 298
4, 380
4,371
4, 376
12, 981
11, 807
16, 734
15, 515
16, 465
14, 226
17, 779
17, 654
16, 007
19, 515
1, 469
1, 504
1, 546
1, 582
1, 675
1, 655
1, 621
1, 631
1,602
1, 505
1, 685
1, 797
1,684
1,743
10, 879
11, 833
13, 082
14, 555
15, 545
15, 415
15, 579
16, 384
16, 472
17, 354
1, 375
1, 401
1, 390
1, 415
1, 435
1, 447
1, 433
1, 456
1, 446
1, 440
1, 491
1, 490
1, 513
1, 504
Mortgage
debt outstanding,
nonfarm
1- to 4family
houses 3
66, 100
75, 700
88, 200
99, 000
107, 600
117, 700
130, 900
141, 300
153, 000
168, 700
153, 000
155, 900
160, 100
164, 300
168, 700
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
The yield on 3-month Treasury bills declined somewhat since mid-February. Bond yields have changed little.
PERCENT PER ANNUM
PERCENT PER ANNUM
COUNCIL OF ECONOMIC ADVISERS
Period
1956...
1957
1958
1959
1960
1961...
1962
1962: Jan..
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
Nov__
Dec
1963: Jan
Fcb
Week ended:
1903: Feb
_
.
2__
9
16__
Mar
23
2__
9..
1G__
1
8
(Percent per annum]
U.S. Uovejrnment secu rity yields
High-grade
municipal
3-month
bonds
3-5
year
Taxable
3
2
Treasury
(Standard4 &
l
bonds
issues
bills
Poor's)
2. 658
3. 08
2. 93
3. 12
3. 47
3. 267
3. 62
3. 60
1. 839
2.90
3. 43
3. 56
3. 405
4. 08
4. 33
3. 95
4. 02
2. 928
3. 73
3.99
2. 378
3. 60
3. 90
3. 46
2. 778
3. 57
3. 95
3. 18
3.84
4. 08
3. 32
2. 746
2. 752
4. 09
3. 77
3. 28
2. 719
4. 01
3. 19
3. 55
2. 735
3.48
3. 89
3.08
2. 694
3.88
3. 09
3. 53
3. 90
2. 719
3. 51
3. 24
4. 02
2. 945
3. 30
3. 71
2. 837
3. 57
3. 98
3. 31
2. 792
3. 94
3. 18
3. 56
2. 751
3. 89
3. 03
3. 46
2. 803
3. 46
3. 87
3.03
2. 856
3. 44
3.87
3. 12
2. 914
3. 47
3. 89
3. 12
2. 916
3. 92
3. 18
3. 48
2.
2.
2.
2.
2.
2.
2.
917
946
944
905
870
897
870
3. 50
3. 47
3. 46
3. 46
3. 50
3.49
3. 49
8
3. 90
3. 92
3. 91
3. 92
3. 94
3. 92
3. 93
Rate on new issues within period.
Selected note and bond issues.
* Series includes: April 1953 to date, bonds due or callable 10 years and after.
* Weekly data are Wednesday figures.
* Data for first of the month; based on the maximum permissible interest rate
since May 1961) and 25-year mortgages paid in 12 years.
3.
3.
3.
3.
3.
3.
3.
19
20
18
17
17
17
10
Corpora te bonds
(Moo dy's)
Baa
Aaa
3. 36
3. 89
3. 79
4. 38
4, 41
4. 35
4.33
4. 42
4. 42
4. 39
4. 33
4. 28
4. 28
4. 34
4. 35
4. 32
4. 28
4 25
4. 24
4. 21
4. 19
4.
4.
4.
4.
4.
4.
« 4.
21
19
19
19
19
19
19
3.88
4.71
4. 73
5. 05
5. 19
5. 08
5. 02
5.08
5. 07
5. 04
5. 02
5. 00
5. 02
5.05
5.06
5. 03
4. 99
4 96
4. 92
4. 91
4. 89
4. 90
4.90
4. 90
4. 88
4. 88
4.88
4.88
Prime
FHA
commercial new
home
paper,
mortgage
4-6
yields s
months
4. 79
3. 31
5. 42
3. 81
2. 46
5. 49
3.97
5. 71
6. 18
3. 85
2. 97
5. 81
5. 62
3. 26
5. 71
3. 26
3. 22
5. 72
5. 70
3. 25
3. 20
5. 68
5. 65
3. 16
3. 25
5. 61
3. 36
5. 60
3. 30
5. 60
5. 58
3. 34
3. 27
5. 56
5. 55
3. 23
3. 29
5. 53
5. 53
3. 34
5. 52
3. 25
6
3. 25
3. 25
3. 25
3. 25
3.25
3. 25
3. 38
e Not charted.
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices rose somewhat in February.
INDEX, I94I-43«IO
INDEX, 1941-43 = 10
80
WEEKLY
80
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
60
SO
40
. PERCENT
MONTHLY
WEEKLY
*^~^1
'
**v
X*'
*•**>,
DIVIDEND YIELD ON COMMON STOCKS
\.]
^JL^.-^
1
1
y— \
•N*X
1
RATIO
es
25
PRICE /EARNINGS RATIO ON COMMON STOCKS
A-
eo
20
10
10
I960
1956
1962
1961
SOURCE: STANDARD AND POOR'S CORPORATION.
Period
1956
1957
1958.
1959
1960
1961
1962
1962: Jan
Feb..
Mar..
Apr__
May
June
July
Aug
Sept
Oct
Nov
Dec
1963: Jan
Feb..
Week ended:
1963: Feb
8
15
21
Mar 1.
8...
15s
COUNCIL OT ECONOMIC ADVISERS.
Secui ities and Exchange Commission price index
Standard and Poor's common sstock data
M inufactur ng
Price ndex *
DiviComPrice/
Transdend3 earnings
Utiliposite
DuraIndusNonporta4
yield
Total
Total
ties
index '
ble
durable
trial
tion
(percent) ratio
1957-59=100
1941-'13=10
92. 6
49.80
14.05
93. 2
91. 5
4.09
94.5
46. 62
110. 6
86. 4
89.8
12. 89
90. 7
88. 5
92. 8
47.63
44.38
4. 35
93. 2
86. 3
93.2
92. 5
90. 4
49.36
16. 64
94.4
91. 0
46. 24
3. 97
95. 8
116.7
17.04
116. 5
120. 8
112. 6
3.23
57.38
61. 45
115.6
117. 6
113. 9
110. 9
17.08
117. 3
59.43
104.9
95. 8
129. 3
55. 85
3. 47
134.2
129.
2
21.
18
126. 7
2. 98
124. 4
105.7
66. 27
69. 99 .
168. 4
127. 1
118. 0
116. 5
119. 4
65.54
3.37
62.38
97.8
167. 2
140. 4
130. 8
133. 6
128. 1
72. 99
2. 97
108.5
69.07
181. 4
142. 8
133. 4
74.22
134. 4
132. 6
2.95
110.5
183.0
70. 22
142. 9
133. 5
133. 1
134.0
184.2
74. 22
2. 95
19. 98
107.4
70. 29
138. 0
128. 2
128. 5
128.0
71. 64
3.05
103. 1
180. 3
68. 05
128. 2
119.0
117. 4
120. 6
62. 99
66. 32
3. 32
167. 1
98. 5
114. 3
103. 2
108. 1
105.7
58. 32
3. 78
15. 63
90. 2
151. 1
55. 63
116. 0
106. 8
104. 4
109. 2
90. 0
156. 6
59. 61
3. 68
56. 97
119. 5
110. 4
109. 1
111. 7
90. 6
160. 7
58. 52
61. 29
3. 57
117. 8
108.9
106. 2
58.00
60. 67
16.09
111. 5
158. 2
3. 60
88. 5
114. 3
102. 5
105. 6
108.4
58. 66
3. 71
86. 6
154. 3
56. 17
122. 8
110. 7
62.
90
114. 0
117. 3
162. 0
60. 04
3. 50
97. 2
114. 0
128. 0
123. 8
119. 1
102. 3
62. 64
65. 59
167.9
3. 40
132. 6
123. 6
119. 2
127. 7
107. 3
173. 0
65. 06
68. 00
3. 31
135. 0
121. 0
125. 5
129. 7
110. 3
177. 5
65. 92
3. 26
68. 91
134. 9
135. 4
134. 3
130. 6
133. 2
134. 3
125. 4
125. 9
124. 7
121. 1
123. 9
125. 1
120. 7
121. 7
120. 2
116. 2
118. 4
119. 0
129.
129.
128.
125.
129.
130.
i Includes 300 common stocks: manufacturing, 193; transportation, 18; utilities,
34;1 trade, finance, and service, 45; and mining, 10.
Includes 500 common stocks, 425 are industrials; averages of daily figures.
3
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value ol the stocks in the group. Annual yields
34
S
S
9
8
1
8
109.
112.
110.
107.
108.
109.
9
0
4
5
9
0
177. S
178. 1
177. 3
172. 0
173. 9
174. 9
66. 20
66. 10
66. 12
64. 87
64. 98
65. 72
69. 26
69.07
69. 10
67. 77
67. 90
68. 77
3.24
3. 25
3.27
3. 31
3. 33
3. 28
are averages of monthly data. Weekly data are Wednesday figures.
* Ratio of quarterly earnings (seasonally adjusted annual rate) to price index
fors last day in quarter. Annual ratios are averages of quarterly data.
Not charted.
Sources: Securities and Exchange Commission and Standard and Poor's
Corporation.
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
There was a deficit of $10.1 billion in the first 8 months of fiscal 1963, compared to a deficit of $9.5 billion in the
corresponding period of 1962.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET RECEIPTS
100 -
NET BUDGET EXPENDITURES
100 -
£5 -
+ 10
+5
BUDGET SURPLUS (+) OR DEFICIT
(ENLARGED SCALE)
(-)
O
-5
-IO
-15
1958
1959
I960
1963
1961
1958
I9S9
1961
1962
1963
FISCAL YEARS
• ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
Period
Fiscal year 1958__
Fiscal year 1959
Fiscal year 1960
Fiscal year 1961 ...
Fiscal year 1962 s
Fiscal year 1963 3
...
Fiscal year 1964
.
...
1961: Dec
_.
1962: Jan
_.
Feb
Mar
_.
Apr
May.
..
June
July
Aug
Sept
..
Oct.
Nov
._ .
Dec
..
1963: Jan
...
Feb
Cumulative totals first 8 months:
Fiscal year 1962_ .
.
Fiscal vear 1963
Net
budget
receipts
68. 5
67. 9
77.8
77.7
81. 4
85. 5
86. 9
8.0
5. 4
6. 7
9. 1
5. 8
7. 0
11. 6
3. 6
7. 1
10. 1
3. 0
7. 0
8. 4
5. 5
7.3
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Net budg et expenditu res
N ational defe use *
Department of
Military
Total
Total
Defense,
assistmilitary
ance
functions
44. 2
71. 4
39. 1
2. 2
80. 3
46. 5
41. 2
2. 3
76. 5
41. 2
45. 7
1.6
81. 5
47. 5
43. 2
1.4
87.8
46.
8
1.4
51. 1
94. 3
53. 0
48. 3
1.8
98. 8
55. 4
51. 0
1.4
7. 2
4. 3
4.0
.1
7. 4
4. 3
3. 9
.2
6. 9
4. 1
3. 8
.1
4. 6
7. 7
4. 2
.2
4. 3
7. 3
3. 9
.1
7. 2
4. 4
.1
4.8
8. 1
5. 0
4. 5
.3
7.3
3.6
.1
3.9
8.5
4. 5
4. 1
.1
7.3
4. 0
3.7
.1
4. 6
4. 2
.1
8.5
8. 1
4. 6
4. 3
.1
7. 6
4. 3
4. 0
.1
8.0
4. 5
4. 2
.1
6. 8
4. 1
3.8
.1
Budget
surplus
or
deficit (-)
-2.8
-12.4
1. 2
-3.9
-6.4
-8.8
— 11.9
.8
-2. 0
—.1
1. 4
— 1. 5
—.2
3. 5
-3.7
-1.5
2.7
-5. 5
-1.0
.8
-2. 5
.5
Public
debt
(end of
period) *
276.4
284 8
286.5
289. 2
29a 6
304. 1
316. 1
296. 5
296. 9
297. 4
296. 5
297. 4
299.6
29R6
298.3
302. 3
300. 0
302. 6
305.9
304. 0
303. 9
305. 2
57.4 ' 32.4
29. 9
.7
297.4
-9.5
62. 1
34. 6
32.0
.8
-10. 1
305. 2
3
In addition to items shown, also includes atomic euergy and defen e related
Estimate.
services.
3
NOTE.— T otal budget rec sipts and expen ditures exclude ce rtain intragovernIncludes guaranteed securities held outside the Treasury. Not al 1 of total
mental tran. actions.
1
shown is subject to statutory debt limitation.
47. 9
52. 0
Sources: 1nreasury Depar ment and Bure au of the Budget.
35
FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the fourth quarter of 1962, cash payments exceeded cash receipts by $2,0 billion on a seasonally adjusted basis.
The cash deficit for the calendar year 1962 was $5.7 billion, or about $1 billion less than in 1961.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
EXCESS OF CASH RECEIPTS
EXCESS OF CASH PAYMENTS
-5
I
I
I9S6
I
I
I
I
-5
1958
1957
1959
CALENDAR YEARS
1960
1961
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.
1962
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Cash receipts
from the
public
Period
Fiscal year:
1958
1959
1960
81. 9
81. 7
95. 1
1961
1962
1963'
1964 »
Calendar year:
1958
1959
1960
1961
1962
•_
._ _.
.__
...
97. 2
101.9
108. 4
112. 2
81. 7
87. 6
98. 3
97. 9
106. 2
Cash payments to
the public
83. 4
94. 8
94. 3
99. 5
107.7
116. 8
122. 5
89.0
95.6
94. 7
104. 7
111. 9
Excess of re- Cash receipts
ceipts ( + ) or from the
payments
public
(-)
i Estimate.
36
24.8
28.5
23.4
21. 3
23. 4
27.4
26. 7
27. 2
26. 2
26. 0
31. 0
26. 0
23. 0
27. 9
28. 5
29. 6
Excess of receipts ( + ) or
payments
(-)
— 1. 5
-13. 1
.8
-2. 3
-5.8
— 8. 3
— 10. 3
-7.3
-8.0
3. 6
-6.8
-5. 7
Unadjusted
Quarterly total (calendar years) :
1961: I
]I
III
IV.
1962: I
III
III
IV
Cash payments to
the public
Se£isonally adjus ted
1.4
1. 1
-3. 3
-5.9
.3
3. 1
-2. 5
— 6. 6
23. 3
24. 6
24.9
25. 3
24. 6
26. 8
27. 7
27. 3
25. 1
26. 5
26. 2
26. 9
27. 8
26. 9
28. 0
29. 3
Sources: Treasury Department and Bureau of the Budget.
— 1. 8
— 1.9
— 1,4
— 1. 6
-3.2
—. 1
—.3
— 2.0
FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
On the national income accounts basis, the Federal Government deficit of $1.5 billion in the calendar year 1962
was about two-fifths as much as in the preceding year.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
12O
120
100
+ 20
+ 20
SURPLUS
DEFICIT
l
l
1957
1958
• SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: DEPARTMENT OF COMMERCE.
-20
-20
I960
1959
1962
1961
CALENDAR YEARS
1963
COUNCIL OF ECONOMIC ADVISERS.
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal (3overnment receipt
Period
Fiscal year:
1961
1962
1963 '
1964'
Calendar
year:
1955
- 1956
1957
1958
1959
1960
1961
1962
1961: I —
II-
III.
1962:
IV.
I...
II-
III-
IV.
1
Federa I Governinent expenditures
GrantsSubsidies
Purin-aid
less
Net
current
chases Trans- to State
and
interest surplus
of goods fer payand
paid
of Govt.
ments
local
goverenterservices
prises
ments
Indirect ContriPersonal Corporate
business butions
tax and profits
tax and to social
Total nontax
tax
nontax insurreceipts accruals
ance
accruals
Total
95. 5
104. 0
108.8
111. 4
44, 0
47. 6
50. 1
48.8
19. 8
21. 9
21.7
23.3
13. 6
14. 6
15. 3
15.8
18. 0
19. 8
21. 8
23. 4
97. 7
105. 7
113. 2
119. 0
54. 8
59. 8
64. 4
68. 2
25. 9
27. 8
72. 8
77.5
81. 7
78.5
31.5
35. 2
37. 3
36. 6
40. 4
44. 0
45. 0
49. 1
43. 3
44. 7
45. 1
46. 7
48. 0
49. 2
49. 9
50. 1
20.9
20. 2
19. 9
17. 7
22. 0
21. 2
21. 0
23. 4
18. 3
20. 6
21. 3
23. 7
23. 0
23. 4
23. 5
11.0
11.6
12. 2
11.9
13.0
14. 1
13. 9
15. 0
13. 1
14. 1
13. 9
14.7
14. 6
15. 2
15. 0
15. 3
9. 3
10.6
12. 2
12.4
14.9
17.6
18.4
20. 5
18. 0
18. 3
18. 6
18. 8
20. 3
20. 5
20. 5
20. 7
68.9
71. 8
79. 7
87. 9
91. 4
93. 1
102. 1
109. 5
99. 0
101. 9
102. 2
105. 1
108. 3
109. 0
109. 8
112. 0
45. 3
45.7
49. 7
52. C
53. 6
53. 2
57. 0
62. 4
55. 4
50. (i
56. 5
59. 5
01. 0
02. 1
02. 7
Go. 4
14.0
H. 9
90. 3
96. 9
98. 3
108. 0
92. 7
97. 7
98. 9
103. 8
105. 9
108. 4
108. 9
Preliminary estimates by Bureau of the Budget.
29. 7
30. 9
17. 4
21. 3
22. 2
23. 8
27.4
28. 5
26. C
27. 8
27. 7
27. 8
28. 0
28. 0
28. 5
29. 5
Surplus
or
deficit
(-)
6. 6
7. 3
7. 8
6. 9
6. 0
7.3
7.5
3. 4
4. 2
4. 0
3. G
— 2. 2
3.0
3. 3
4. 1
5. 4
6. 7
4. 9
5. 2
1. 6
2. 7
2. 8
3. 0
'2. 0
2. 8
4. 1
4. 2
3. 0
4. 3
4. 5
4. 4
4. 3
4. 3
4. 3
4. 3
3. 8
8. 8
0. 3
7. 0
7. 7
7. 0
7. 0
7. 0
7. 0
7. 5
7. 9
7. 5
8. 0
5. 7
5. 6
0. 4
7. 1
0. 6
(i. 7
(i. 9
(i. 7
6. 5
0. 4
0. 0
0. 7
0. 8
6. 9
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce (except as noted),
-1. 7
-4. 3
-7. 6
5. 7
2. 0
— 9. 4
— 1. 1
3. 8
— 3. 8
- ] .5
- (i. 3
—4 2
- 3. 3
— ]. 3
— 2. 4
—.7
—. 9
UNITED STATES
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Contents
Page
1
2
3
4
5
6
7
8
9
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
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Trade Sales and Inventories
Manufacturers' Sales, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
10
11
12
13
14
IS
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
NOTE.— Detail in these tables will not necessarily adc.1 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.
38
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