Full text of Economic Indicators : May 1957
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85thk~ Congress, 1st Session
te{ \ r»p:s
|V<
U1)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1951
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec, 5 (a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
JOHN SPARKMAN, Alabama, Vice Chairman
RICHARD BOLLING (Missouri)
WILBUR D. MILLS (Arkansas)
AUGUSTINE B. KELLEY (Pennsylvania)
HENRY O. TALLE (Iowa)
THOMAS B. CURTIS (Missouri)
CLARENCE E. KILBURN (New York)
PAUL H. DOUGLAS (Illinois)
J. WILLIAM FULBRIGHT (Arkansas)
JOSEPH C. O'MAHONEY (Wyoming)
RALPH E. FLANDERS (Vermont)
ARTHUR V. WATKINS (Utah)
BARRY GOLDWATER (Arizona)
GROVER W. ENSLEY, Executive Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNIER, Chairman
JOSEPH S. DAVIS
PAUL W. McCRACKEN
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. I. Bes. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators,'3 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 copues 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
ii
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Per Capita Disposable Income
Farm Income
Corporate Profits. . . . ,
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
Page
1
2
3
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Nonagricultural Employment
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Sales and Inventories—Manufacturing and Trade
Merchandise Exports and Imports
16
17
18
19
20
21
22
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
23
24
25
CURRENCY, CREDIT, AND SECURITY MARKETS
Currency and Deposits
Bank Loans, Investments, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices. .
26
27
28
29
30
FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public
31
32
* *•
111
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Total income and expendiiures showed a moderate rise in over-all economic activity between the fourth quarter of
1956 and the first quarter of 1957.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES
CONSUMERS
300
300
DISPOSABLE
INCOME
\
250
250
EXPENDITURES
200
200
150
ISO
1
I
I
I
I
I
I
I
I
I
BUSINESS
100
100
GOVERNMENT-FEDERAL, STATE, AND LOCAL
100
EXPENDITURES FOR
GOODS AND SERVICES
(LESS TRANSFER PAYMENTS)
50 -.' ^EXCESS OF
RECEIPTS
t
1951
'100
EXCESS OF
EXPENDITURES
I
1952
j
I
I
1953
150
I
I
1954
i
1955
I
l
t
1956
i
[0
1957
FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT.
INCLUDES CORPORATE UNDISTRIBUTED PROFITS AND. INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES.
•^PRELIMINARY ESTIMATES.
NOTE: THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES, OR
GROSS NATIONAL PRODUCT, BECAUSE OF STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT, SEE SENATE
REPORT NO. 1295, JOINT ECONOMIC REPORT, PR 92-93,99-105, AND THE ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1953, APPENDIX A.
SOURCES- DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS
GROSS NATIONAL PRODUCT OR EXPENDITURE
The gross national product rose about $3 billion (seasonally adjusted annual rate) between the fourth quarter of 1956
and the first quarter of 1957. Gross private domestic investment was the only major sector registering a decline, which
was due to inventory changes.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
400
300
30 0
PERSONAL CONSUMPTION EXPENDITURES,
200
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
1952
1951
1953
1956
1955
1954
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.
[Billions of dollars!
Total
Personal Gross
gross
Net
Total
conprivate foreign
national
sump- domestic
gross
product national
tion
investin 1956 product expend- investment
ment
prices
itures
Period
1939 >
1948
1949
1950
1951
1952
1953
1954
1955
1956
.
...
196.2
302. 7
301.8
329.9
354.2
366.6
381. 6
374. 6
401.7
412. 4
1957
91. 1
257.3
257.3
285. 1
32& 2
345.4
363.2
360.7
390.9
412. 4
67.6
177. 6
180.6
194.0
208.3
218.3
230.5
236.5
254.0
265.7
9.3
41. 2
32.5
51. 2
56.9
49. 8
50.3
48. 0
60.6
65. 4
0.9
2. 0
.5
-2.2
.2
2
~2.Q
-.4
-.5
1. 4
Government purchases of goods and services
Federal
State
and
Total *
National
Total i security2 Other
local
13. 3
36. 6
43. 6
42. 0
62. 8
77.5
84 4
76.5
76.8
79.8
5.2
21.0
25.4
22. 1
41.0
54. 3
59.5
48.9
46.7
47.0
1.3
16. 0
19. 3
18. 5
37.3
48.8
51.5
43.0
41.2
41.6
3.9
5.6
6.6
3.9
4. 2
5.8
8.4
6.3
5.9
5.8
8.2
15.6
18.2
19.9
21. 8
23. 2
249
27. 6
30. 1
32.8
41.3
40.6
40.5
40.7
41. 9
43.2
45. 0
5.8
7.1
6.3
5. 8
5.7
5.5
5. 3
29.9
30.9
32. 1
32.6
33.0
33.7
35.0
Seasonally adjusted annual rates
1955: Third quarter
Fourth quarter
1956: First quarter
Second quarter
Third quarter _
Fourth quarter
1957: First quarter
396. 8
401.9
403.4
408. 3
413. 8
423. 8
427. 1
257.8
259.5
261.7
263. 7
266. 8
270.9
275.0
62.3
65. 1
63. 1
64.7
65. 1
68.5
63. 3
0. 2
-.8
.1
1.2
1.7
2.4
4.0
76. 5
78.1
78.5
78.7
80.2
82.0
84. 9
46.6
47.2
46. 4
46. 1
47. 2
48.3
49.8
' Lewi Government sales.
In Tke Budget of the V. S. Government for the Fiscal Year Endinc June SO.
NOTE.— Detail will riot necessarily add to totals because of rounding.
O Source: Department of Commerce.
f, and shown on p. 31 of Economic Indicators
NATIONAL INCOME
National Income was about $3^ billion (seasonally adjusted annual rate) higher in the first quarter of 1957 than in
the last quarter of 1956. Compensation of employees accounted for most of the rise.
BILLIONS OF DOLLARS
400 I
—^—^-~
JBILljONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL
INCOME
30O
300
COMPENSATION
OF EMPLOYEES-^
100
100
PROPRIETORS'AND
> RENTAL INCOME
, CORPORATE PROFITS AND
ilNVENTORY VALUATION ADJUSTMENT
NET INTEREST|
1951
1952
1955
1954
1953
-'PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
. SOURCE: DEPARTMENT OF COMMERCE. (EXCEPT AS NOTED).
1
|
1957
1956
COUNCIL OF fCONOMIC ADVISERS
[Billions of dollars]
Period
1939
1948
1949
195CL
1951
1952
1953
1954. _-.
1955 ..
1956- — ..
—-
..
.
...
_
1955: Third quarter
Fourth quarter
1956: First quarter .
Second quarter
Third quarter
Fourth quarter
1957: First quarter
1
...
Proprietors' income
Compensation
of em- 1
ployees
72.8
221.6
216.2
240.0
277.0
290. 2
302. 1
298.3
324.0
342.7
140. 9
140.9
154.3
180.4
195. 1
208. 1
206.9
223.2
239. 1
4.6
4.3
2.7
7.3
7.2
45
16.7
21.6
5.2
21.4
7.9
12.7
5.9
as
13.3
22.9
6.8
9. 1
16.0
24.8
7.4
9.9
15.1
25.7
10.2
8.7
25. 9
13.3
9.7
10.5
12.5
25.9
10.8
10. 1
11.7
27.3
11.9
9.7
11.6
29. 1
Seasonally adjusted annual rates
328.3
334.4
334.9
33&7
343.5
353.0
2
356. 7
226.8
230.3
233.0
237.2
240.4
245. 5
248.7
11.3
11.4
11.5
11.3
11.6
12. 1
11.7
Farm
4ai
Includes employer contributions for social insurance. (See also p. 4,)
NOTE.—Detail will not necessarily add to totals because of rounding.
Rental
income
of
persons
Total
national
income
Business
and professional
27.7
28.0
28.2
28.9
29.5
29.9
30. 1
8
10.0
9.8
9.8
9.7
9.7
9.7
9.7
Net
interest
11.0
11.3
11.5
11.7
12.0
12.4
12.6
Corporate profits and inventory valuation adjustment
Total
Profits Inventory
before valuation
taxes adjustment
5.7
30.6
28.1
35.1
39.9
36.9
36.0
32.9
40.9
41.2
6.4
32.8
26.2
40.0
41.2
35.9
37.0
33.2
42.7
43.7
-0.7
-2.2
1.9
-4.9
1. 3
1.0
-1.0
41.6
43.4
40.9
39.8
40.4
43.4
2
43.9
43.5
46.4
43.7
42.9
41.2
46.7
2
46. 5
-1.9
-3.0
-2.8
Preliminary estimates by Council of Economic Advisers.
Source: Department of Commerce (except as noted).
0
L7
-2.5
-a i
-.8
-3.3
-2.6
SOURCES OF PERSONAL INCOME
Personal income rose between March and April.
of the rise.
Labor income and transfer payments accounted for almost al
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
250
1951
SOURCE: DEPARTMENT OF COMMERCE
Total
personal
income
Period
1939
1949
1950 _
1951
1952 _ _
1953
1954
1955
1956
- --
1956: April
May
JuneJuly
August
September. _
October
November __
December
1 !)f>7 : .1 a mi ar y
Kchruary
Mnn-li
April « _ _
72. 9
206. 8
227. 0
255. 3
271.8
286. 0
287. 3
306. 1
325. 2
321. 7
322. 8
324.9
324. 3
328. 1
329. 5
332.5
333. 5
334. 0
335. 0
336. 6
338. 1
339. 3
[Billions of dollars]
Labor income Proprietors' income
Less: Per(wage and
Rental
sonal con- NonagriPersonal
Transfer
salary distributions cultural
Business income Divi- interest
paybursements
of
for social personal3
dends income ments
Farm
and proand other 1
insurincome
fessional persons
labor income)
ance
0.6
67. 1
46.6
3.0
5.8
4.3
2.7
3.8
7.3
2.2
12, 7
190.8
12.4
137.4
21.4
7.9
9.8
7.5
8
2. 9
22. 9
9.2
210. 5
15. 1
150. 3
10.6
8.5
13. 3
12. 6
235. 7
16. 0
24. 8
11. 6
9. 1
3.4
175. 6
9. 1
253. 1
13.2
3.8
190. 3
15. 1
12.3
25. 7
9.0
9.9
203.4
13. 3
3.9
13. 7
25. 9
10. 2
269. 2
14.3
9. 3
4. 6
271.4
12. 5
16.4
10. 5
14. 9
201. 8
25. 9
10. 0
5.2
11.7
290. 9
217.4
10. 1
11.2
16. 1
17.6
27.3
310.0
17. 4
9.7
12. 0
5. 8
232. 4
29. 1
18.7
11. 6
Seasonally adjusted annual rates
306.8
18.6
5.8
9.8
11.3
28.6
17.0
12.0
230. 1
307.6
17.2
11. 5
5. 8
230.4
28.9
12. 2
9. 7
18.7
5.8
310.3
11. 1
18. 6
232. 5
29. 2
9. 7
12.3
17.3
5.8
12. 3
17.4
18.6
309. 4
29. 4
9.7
231.3
11.5
5.9
312.8
17.6
234.4
11. 7
9. 7
12.2
18.8
29.6
314.4
9.7
12.2
17.7
18.7
5.9
29.6
11.6
235.8
6.0
316. 3
17. 9
12. 8
18.9
29. 9
9. 7
12. 3
237. 1
6.0
317.9
9.7
12. 3
19. 1
12. 0
18.0
238.4
29.9
6.0
318.8
19.3
11. 0
18. 2
11. 6
29. 9
9. 7
240.3
12. 3
19. 6
6.7
9.7
319. 7
18.3
240. 2
11.7
30.0
321.3
19.9
6. 7
12. 3
9. 7
18. 4
241. 2
11. 7
30. 1
6.7
322. 7
30.2
9.7
20. 3
12. 5
18. 5
242. 0
11.7
324.0
12. 6
20.9
6.7
9.7
242. 5
18.5
30.2
11. 6
of employees Oo p. 3) excluding employer contributions for social insurance
f vr;»p' iiccnmh over disbursements.
i- jndii'Uve of net Income of unincorporated farm enterprises, farm wages, agri•?, mid nnt dividends paid to Agricultural corporations.
ill nnf urn- .-,:(Hh :idd to t o t a l l)ocause of rounding.
If li.e
! of < 'u
COUNCIL OF ECONOMIC ADVISERS
1
Includes $2.7 billion National Service Life Insurance
dividend, most of which was paid in the first half of the year.
* Preliminary estimates.
DISPOSITION OF PERSONAL INCOME
Disposable personal income increased about $2 billion (seasonally adjusted annual rate) between the fourth quarter
of 1956 and the first quarter of 1957. Consumer expenditures rose more than disposable income, and the rate of consumer saving declined.
BILLIONS OF DOLLARS
3 00
BILLIONS OF DOLLARS
300
250
5 0
1957
I95I
SOURCE: DEPARTMENT OF COMMERCE
Equals:
Leas:
DisposPersonal Personal
able
income taxes l personal
income
Period
1939
1948
1949
1950
1951
_
1952 „
1953
1954
1955
1956
72.9
208.7
206.8
227.0
255. 3
271.8
286. 0
287.3
306. 1
325. 2
_
„
_
1955: Third quarter
Fourth quarter
1956* First quarter
Second quarter
Third quarter.,
Fourth quarter
1957: First quarter—
COUNCIL OF ECONOMIC ADVISERS*
_ _
309. 6
314.6
317. 5
322.9
327. 0
333. 2
336. 5
2.4
21. 1
18.7
20.9
29.3
34.4
35.8
32. 9
35.5
38. 5
Billions
35. 9
36.3
37.3
38. 1
38. 8
39.9
41. 0
i Includes such items as fines, penalties, and donations.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
91985—57-
Less: Pereonal consumption
expenditures
Total
Durable
goods
Saving
Equals: as percent
Personal
of dissaving
Nonposable
income
durable Services
goods
Billions of dollars
70.4
67.6
6.7
25.8
35. 1
177.6
187.6
22.2
56.7
98.7
180.6
188.2
60. 1
23.6
96.9
206. 1
194.0
65.0
28.6
100.4
226. 1
208.3
27. 1
111. 1
70. 1
237.4
218.3
26.6
75. 6
116. 1
250.2
230. 5
29.8
81.7
119. 1
254.4
29.4
236.5
86.3
120.9
270. 6
92. 1
254.0
126.2
35.7
286.7
265.7
98.9
34.0
132.9
of dollars, seasonally adjusted annual rates
273.8
37.2
92. 9
257.8
127. 6
278.4
35.4
259. 5
129.2
94.9
280.2
261. 7
34. 8
96. 4
130. 5
263.7
284.9
132. 3
33.4
98. 0
288. 2
266. 8
33.0
134.0
99.7
293. 3
101.4
270.9
34.8
134.7
295. 4
136. 4
102. 7
275. 0
35.9
2. 9
10.0
7.6
12. 1
17.7
19.0
19. 7
17.9
16.6
20.9
4. 1
5.3
4.0
5.9
7.8
8.0
7.9
7.0
6. 1
7.3
15. 9
18.8
18. 6
21. 2
21.4
22. 4
20. 4
5.8
6.8
6.6
7. 4
7. 4
7.6
6.9
PER CAPITA DISPOSABLE INCOME
percent higher than a
In the first quarter of 1957, per capita disposable income (seasonally adjusted) was about
year earlier. Adjusted for price change/ it was at the same level.
DOLLARS
2,000 —
DOLLARS
2,000
SEASONALLY ADJUSTED ANNUAL RATES
1956 PRICES
CURRENT PRICES
1,500
1,500
1,000
!,000
J
I
1951
1955
1954
1953
1952
1956
prices
Current
prices
___
__
_ _ _ _ _ _ _
__
COUNCIL OF ECONOMIC AOYIS-SS
Total disposable personal Per capita disposable personal income (dollars)1
income (billions of dollars)1
Period
1939
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1956
-^SEE FOOTNOTE 2 ON TABLE BELOW.
SOURCES'- DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS.
_ _
_ _
. __
_
70. 4
187.6
188.2
206. 1
226. 1
237. 4
250.2
254. 4
270. 6
286.7
2
137. 9
212.0
214. 8
232.9
236.7
243. 0
254.0
257. 5
274.7
286.7
Current
prices
538
1,279
1,261
1,359
1,465
1,512
1, 568
1,566
1,637
1,705
1956
prices *
Population
(thousands) *
1,053
1,445
1,439
1,536
1,534
1, 548
1,592
1, 585
1,662
1,705
131,
146,
149,
151,
154,
157,
159,
162,
165,
168,
028
631
188
683
360
028
636
417
270
174
1,675
1,692
1, 700
1,708
1,697
1,707
1,700
165,
166,
167,
167,
168,
169,
170,
662
452
150
824
594
416
158
Seasonally adjusted annual rates
1955: Third quarter _
Fourth quarter
_
1956: First quarter
Second quarter
Third quarter
Fourth quarter
,_ _
1957: First q wirier
„
__
_
_ _
_ _
273.8
278.4
280. 2
284. 9
288.2
293.3
295. 4
277.4
281.5
284. 2
286.6
286.2
289. 3
289. 3
1,653
1, 673
1,676
1,698
1,709
1,731
1,736
ncome* l«»«.s tfix«5«.
Dollnr rfUlmuti?s In curri'iif prices divided by consumer pririe Index on a 1956 base.
Indudi'N united force» OVIT»WWI. Annual dnta m of July 1; quarterly data centered in the middJe of the period, interpolated from monthly figures.
urwn: I >i<pnrtment of Oomm^rw, 'I>cptirtinant of Labor, and Council of Economic Advisers.
6
FARM INCOME
On a seasonally adjusted basis, gross farm income declined $0.3 billion (annual rate) and net farm income $0.4
billion in the first quarter of 1957. Both, however, were higher than in the first quarter of 1956.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATEJ
REALIZED GROSS
FARM INCOME^
30
20
NET FARM INCOME
-
INCL. NET CHANGE
--x,
^~''\ ' IN INVENTORIES)-!-/
L
\.
10
0
, i ,
I95I
1
1
1
1
1953
1952
I
i
1954
1955
L956
1957
•'INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.
Period
Realized
gross farm
income *
1939..
...
....
1948
..
.... - ...
1949
- - .....
1950
1951
.......
...
1952
. ...
...
1953.-..
......
1954.
.....
1955
....
...
1956... ....
.
10. 6
346
31.6
32.1
37.1
36.7
35. 1
33.5
32.9
34.0
1955- Third quarter
Fourth quarter.
1956: First quarter
Second quarter
Third quarter
Fourth quarter
1957: First quarter. _ „ _ _ _
32.4
32.5
33.3
33.8
34. 1
34.9
34.6
COUNCIL OF ECONOMIC ADVISERS
Farm operators' income
J
Net income per farm Number of
Net income a
including net change in
Including
Excluding
Farm profarms
inventories
net change net change
duction
(millions) 5
1956
in invenin invenCurrent
expenses
prices 4
prices
tories 3
tories
Dollars
Billions of dollars
6.4
1, 621
697
45
6.2
4.4
5.8
3,388
3,049
15.9
18.6
17.7
5.7
2,584
12.9
2,248
17.9
13.7
5. 6
2,759
2,428
13.7
19.2
12.9
5.5
3,041
2,919
16.1
14 8
22.3
5.4
2, 821
2,908
15. 1
22.5
143
5.2
2,609
2, 531
21.2
13.9
13.3
5. 1
2,474
2,449
21.4
12.0
12.5
5.0
2,336
2,384
11.7
21.6
11.3
8
2,364
2,364
49
22.2
11.6
11.8
Seasonally adjusted annual rates
5. 0
2, 310
2,260
21.4
11.0
11.3
5.0
2,280
11.2
2,330
11.4
21.3
6
2, 400
2,350
49
11.6
11.5
21.7
8
49
2,310
2,310
11.6
11.3
22.2
6
2,350
2,370
49
22.2
11.6
11.9
6
2, 450
12.1
2,470
49
22.5
12.4
6
2,340
2,390
22.6
12.0
11.7
49
» Cash receipts from farm marketings, value of farm products consumed in
farm households, gross rental value of farm dwellings, and Government payments
to farmers.
» Realized gross farm income less farm production expenses. Excludes farm
wages paid to workers living on farms and any income to farm people from nonfann sources, which in 1955 amounted to 1.7 billion dollars and 6.1 billion dollars,
respectively.
Source: Department of Agriculture (except as noted).
aData prior to 1952 differ from farm proprietors' income on pages 3 and 4
because of revisions by the Department of Agriculture not yet incorporated into
the national income accounts of the Department of Commerce.
* Dollar estimates in current prices divided by the index of prices paid by
farmers for items used in family living, on a 1956 base.
* The number of farms is held constant within a given year.
* Estimate by Council of Economic Advisers.
CORPORATE PROFITS
Corporate profits (seasonally adjusted) in the first quarter of 1957 were at about the same level as in the fourth quarter
of 1956, and were about 6% percent above the first quarter of 1956, according to preliminary estimates.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS .
10
*
1956
ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE,(EXCEPT AS NOTED).
1957
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Corporate
profits
before taxes
Period
1939.
1948
1949
1950
1951
1952
1953
1954
1955_
1956
__
_
1955: Third quarter
Fourth quarter
1956: First quarter
_ _
Second quarter.
Third quarter
Fourth quarter
1957: First quarter
. _ ., _
_
6.4
32.8
26.2
40.0
41.2
35.9
37.0
33.2
42. 7
43.7
43.5
46.4
43.7
42.9
41. 2
46.7
*46. 5
Corporate
tax
liability
8
Total
Dividend
payments
5. 0
1.4
12.5
20.3
10.4
15. 8
22. 1
17.8
18.7
22.5
16. 1
19.8
20.3
16.7
16.4
16.8
21. 1
21.5
21.7
22. 1
Seasonally adjusted annual
22.0
23.4
22. 1
21.7
20.8
23.6
123.5
1
Preliminary eMtinateH by Council of Economic Advisers.
NOTK.«»See p. ,.'{ for profits before taxes and
NoTK."~Hee
and after Inventory
Invon
valuation adjustment.
Detail will not necessarily add to totuli became of roi
rounding.
Source: Department of Commerce (except as noted).
Corporate profits after taxes
21.5
23.0
21 6
21. 3
20.4
23. 1
1
23.0
Undistributed
profits
3.8
7.2
7.5
9.2
9. 1
9.0
9.3
10.0
11.2
12.0
rates
1.2
13.0
8.3
12.9
9.6
7. 1
7.4
6.4
9.9
9.7
11.0
12. 1
11.8
12.2
12.3
11.9
12.3
10.5
10.9
9.8
9. 1
8. 1
11.2
UO. 7
GROSS PRIVATE DOMESTIC XNVISTMENT
Gross private domestic investment (seasonally adjusted) fell in the first quarter of 1 957. Investment in producers'
durable equipment continued to rise/ residential outlays declined again/ and nonresidential construction increased
slightly. Inventories were liquidated at an annual rate of $1.2 billion.
BILLIONS OF DOLLARS
TO
BILLIONS OF DOLLARS
70
20
10
/
CHANGE IN BUSINESS
INVENTORIES
\
N
1951
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
gross
private
domestic
investment
Period
1939--,.---.
1948
1949 ....
1950
1951 .
1952
1953
1954
1955
1956
.—— —
.......
9.3
41,2
32,5
51. 2
56.9
49.8
50.3
48. 0
60.6
65.4
Change in business inventories
Fixed investment
New construction
Total
Total
8.9
37.0
35.3
43.9
46.5
46.8
50. 1
50.3
56.4
61.9
4.8
17.9
17.5
22.7
23.3
23.7
25.8
27.9
32.7
33.2
Residential
nonfarm
Commercial and
industrial l
2.7
8.6
8.3
12.6
11.0
11. 1
11. 9
13.5
16. 6
15.3
1.2
5.7
5.3
5.7
7.2
7.5
8.4
8.6
10.0
11.4
Producers'
durable
equipAll
other *
ment
0.8
3.6
3.9
4.5
5. 1
5.2
5.4
5.8
6. 1
6.5
Total
Non*
farm
4.2
19.1
17.8
21. 1
23.2
23.1
24.3
22.4
23.7
28.7
0.4
4.2
-2.7
7.4
10.4
3.0
.3
2.3
42
3.5
0.3
3.0
-1.9
6.4
9.0
2. 1
.9
—2. 7
3.8
3.8
25.0
25.9
26.4
27.5
29. 5
31.5
32.0
3.7
6. 1
4. 1
3.5
2.0
4. 1
-1.2
3.4
5.9
4.2
3.9
2.4
4.4
-.9
Seasonally adjusted annual rates
1955: Third quarter
Fourth quarter
1956: First quarter .
Second quarter
Third quarter.
Fourth quarter
1957: First quarter.
62.3
65. 1
63. 1
64.7
65. 1
68.5
63.3
58.5
58.9
59.0
61. 1
63. 1
64.4
64.5
33. 5
33.0
32.6
33,6
33.6
32.9
32.5
17.2
16.2
15.3
15. 6
15.5
14. 9
14.2
i Includes public utility.
• Includes petroleum and natural gas well drilling.
NOTE.—Detail will not necessarily add to totals because of roundine.
Source: Department of Commerce.
10.4
10.6
11.0
11.6
11.7
11. 4
11.6
5.9
6.2
6.3
6.4
6.4
6.6
6.7
t UK JM±_W FJbANT AND EQUIPMENT
The February-March survey of business expenditures on plant and equipment indicates a continuing rise in outlays
during the first half of the year. Anticipated outlays for the full year 1957 are 6.5 percent above outlays in 1956.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY
ADJUSTED ANNUAL RATES
40
30
20
MANUFACTURING
^—
"COMMERCIAL
COMMERCIAL -AND OTHER
^PUBLIC UTILITIES
TRANSPORTATION
-I/ l
I952
I95I
I/
I954
I953
I955
I957
I956
SEE NOTE 4 ON TABLE BELOW.
SOURCES' SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Manufacturing
Period
1939
1947
1948
1949
1950
1951 1952
1953 1954 .
1955 3
1956 4
1957
Total i
---_-_
.
_- _ _ _ _ _ _
1956: First quarter
Second quarter
Third quarter
Fourth quarter
1957: First quarter 4 4
Second quarter _ _
Total
5.51
20.61
22.06
19.28
20.60
25.64
26.49
28.32
26.83
28.70
35. 08
37.36
1.94
8.70
9. 13
7. 15
7.49
10.85
11.63
11.91
11. 04
11.44
14. 95
16.41
32.82
34. 49
35.87
36.46
36.89
38. 00
13.45
14.65
15.78
15.81
16. 34
16. 88
Transportation
Mining
Durable NonduraRailroads Other
goods ble goods
0.76
0.33
0.28
0.36
1. 19
3.41
5.30
.69
.89
1.30
3.48
5.65
1.32
1.28
.88
2.59
4.56
.79
.89
L35
4.36
3. 14
.71
1. 11
1.21
5.17
5.68
1.49
.93
1.47
5.61
6. 02
.98
1.40
1.50
6.26
5.65
.99
1.31
L56
5. 09
.98
5.95
.85
1.51
5.44
6.00
1.60
.96
.92
7. 62
7.33
1. 24
1. 23
1.71
8.50
1.22
7.92
1.47
1. 83
Seasonally adjusted annual rates
6.57
6.88
1.65
1.25
1. 13
7.38
7. 27
1. 22
1.63
1. 28
8.20
1.26
1.20
7. 58
1.79
8. 21
7.60
1.76
1.23
1.28
1.23
1.76
8.48
7. 86
1. 34
1. 22
1.84
8. 85
8. 03
1.48
Public Commerand
utilities cial
other 3
3.31
3.66
a 89
4.55
4.22
4.31
4.90
6.06
2.08
7.49
6.90
5.98
6.78
7.24
7.09
8.00
8.23
9.47
11. 05
10.37
4.56
4. 61
5.08
5.27
5.65
6.03
10.78
11. 10
10. 76
11. 11
10. 57
10. 55
0.52
1.54
2. 54
a 12
* Excludes agriculture.
'3 Commercial and other includes trade, service,finance,communications, and construction.
Annual total is the sura of seasonally unadjusted expenditures; it does not necessarily coincide with the average of seasonally adjusted figures, which Include
adjustments,
when necessary, for systematic tendencies in anticipatory data.
4
Estimates based on anticipated capital expenditures as reported by business from late January to early March 1957.
NOTE.—These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, princiDally because the
latter cover agricultural investment and also certain equipment and construction outlays charged to current expense.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commerce.
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Civilian employment rose about seasonally from March to April, and unemployment again declined about seasonally.
MILLIONS OF PERSONS1-1
MILLIONS OFPERSONS'J
75
75
;65
1957
1952
1951
*
14 YEARS OF AGE AND OVER.
1957 STATISTICS BASED ON NEW DEFINITIONS.
SOURCE: DEPARTMENT OF COMMERCE.
Period
1939
1950
1952
1953
1954
.
_ _ _ _1955 __
_ -_
1956
1956: March
April
i»j.a,j
Mav
June _ _ _ _
July
August
September
October
November
Decemberl
New definitions:
1957: January
February
March
April _
__ __
COUNCIL OF ECONOMIC ADVISERS
Total
Civilian employment 1
Unemployment * Insured unemployment '
labor
Civilian
force (in%of
All proState prolaborl
cluding
Agricul- Nonagri- Number civilian
grams
grams as
Total
force
armed l
tural
cultural
labor (thousands % of covered
forces)
of persons) employment
force
Thousands of persons 14 years of age and over
17.2
9,610
45, 750
55, 230
55, 600
9,480
5. 1
36, 140
52, 450
59, 957
7,507
63, 099
64, 749
3, 142
1,599
5.0
4. 6
1,064
62, 966
54, 488
6,805
66, 560
1, 673
61, 293
2.7
2.9
6, 562
62, 213
1,602
67, 362
63, 815
1,058
2.5
2. 8
55, 651
6, 504
61, 238
64, 468
5. 0
2,039
54, 734
67, 818
3,230
5.2
6, 730
65, 847
63, 193
4.0
2,654
56, 464
1,388
68, 896
3.4
64, 979
1,310
6, 585
67, 530
70, 387
3.2
58, 394
2,551
3.8
57, 400
2,834
1,578
5,678
65, 913
63, 078
4.3
68, 806
4.0
1,439
6,387
63, 990
66, 555
57, 603
2,564
3.9
69, 434
3. 6
65, 238
7, 146
67, 846
70,711
1,316
2, 608
3.8
58, 092
3.3
4.2
66, 503
1,234
2,927
69, 430
72, 274
58, 627
7,876
3. 1
69, 489
66, 655
72, 325
4. 1
1,316
7,700
58, 955
2,833
3. 1
3.2
66, 752
68, 947
7,265
59, 487
71, 787
2, 195
1, 158
2.7
66, 071
1,060
2.9
7,388
68, 069
58, 683
1,998
70, 896
2.6
66, 174
68, 082
939
7, 173
59, 000
2.8
2. 3
70, 905
1, 909
1,090
67, 732
6, 192
65, 269
2,463
3.6
59, 076
70, 560
2. 6
64, 550
1,379
3.7
67, 029
2,479
5, 110
59, 440
3.2
69, 855
68, 638
69, 128
69, 562
69, 771
65,
66,
66,
66,
821
311
746
951
62, 578
63, 190
63, 865
64, 261
4,935
5, 195
5,434
5, 755
57, 643
57, 996
58, 431
58, 506
3,244
3, 121
2, 882
2, 690
4.9
4.7
4. 3
4. 0
3
1,851
1,846
1, 700
1,567
1 See Monthly Reports on the Labor Force, Department of Commerce, for definitions,
methods of estimation, periods to which data pertain, etc.
2
3
Weekly averages.
Preliminary estimate.
Sources: Department of Commerce (labor force) and Department of Labor (insured unemployment).
3
4.4
4.3
4. 0
3.7
11
NONAGRICULTURAL EMPLOYMENT
Between March and April, employment in nonagricultural establishments again rose slightly less than usual. Manufacturing employment dropped slightly more than seasonally as a result of layoffs in consumer durable industries
while nonmanufacturing employment increased about seasonally in most major industry groups
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
8.5
11,0
DURABLE MANUFACTURING
J
F
M
A
M
J
NONDURABLE MANUFACTURING
J
A
S
O
N
D
CONTRACT CONSTRUCTION
I
J
I
I
F
M
I
A
I
J
J
I
A
J
S
J
O
Period
1939 ,„.
1950
1952
1953 ,.
1954.
1955
„
1956-.-._«.
1956: March
April
May
...
June
.
July ...
August
September.
October
November,
December .
1957: January ...
February..
March 2
April 2. . . .
61, 057
5i, s$7
51, 454
51, 600
61, 008
51, 702
51, 676
51, 902
51, 950
52, 072
52, 046
52, 108
52, 063
51, 992
Total
30, 311
44, 738
48, 303
49, 681
48, 431
49, 950
51, 490
50, 499
50, 848
51, 197
51, 709
50, 896
51, 881
52, 261
52, 455
52, 484
53, 131
51, 238
51, 205
51, 369
51,628
D
O
N
D
J
N
D
J
F
M
A
M
J
J
A
S
COUNCIl Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
Total
adjusted
for
seasonal
variation
N
WHOLESALE AND RETAIL TRADE
I
M
0
{Thousands of wage and salary workers *)
GovernManufacturing
ment
Contract Wholesale
Mining construc- and retail (Federal,
Durable
NonduTotal
State,
trade
tion
goods rable goods
local)
Not adjusted for seasonal variation
10, 078
14, 967
16, 334
17, 238
15, 995
16, 557
16, 893
16, 764
16, 769
16, 715
16, 809
16, 291
17, 034
17, 121
17, 222
17, 151
17, 133
16, 937
16, 928
16, 897
16, 767
4,683
8,085
9,340
10, 105
9,122
9,536
9,791
9,730
9,795
9,747
9,764
9,277
9,743
9,788
9,958
10, 024
10, 029
9,948
9,948
9,916
9,842
5,394
6,882
6,994
7,133
6,873
7,021
7, 102
7,034
6,974
6,968
7,045
7,014
7,291
7,333
7,264
7,127
7, 104
6,989
6,980
6,981
6,925
845
889
885
852
111
770
795
783
790
786
812
746
817
818
812
811
811
804
804
803
805
1,150
2,333
2,634
2,622
2,593
2,780
3,037
2,669
2,853
3,040
3,257
3,270
3,353
3,340
3,301
3,191
3,029
2,719
2,725
2,806
2,929
6,612
9,645
10, 281
10, 527
10, 520
10, 803
11, 144
10, 931
10, 928
10, 985
11, 091
11, 015
11,047
11, 164
11,288
11, 496
12, 092
11, 139
11,065
11,089
11, 197
3.995
6,026
6,609
6,645
6,751
6,915
7, 176
7,122
7,130
7,203
7,150
6,947
6,960
7,213
7,298
7,342
7,602
7, 315
7,347
7,372
7,391
Other
7,632
10, 878
11,563
11, 797
11, 795
12, 125
12, 445
12, 230
12, 378
12, 468
12, 590
12, 627
12, 670
12, 60f>
12, 534
12, 493
12, 464
12, 324
12, 336
12, 402
12, 539
i Includes all full- and part-time wage and salary workeri in nonfegrienltural establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this
table not comparable with estimates of nonagrieultural employment of the civilian labor force reported by the Department of Commerce (p. 11) which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are
based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishmenti.
* Preliminary estimates.
Nora.—Beginning with 1954, data are based on first quarter 71950 benohpark levels.
Source: Department of Labor.
* *
12
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of manufacturing production workers declined less than seasonally between March and April,
but it was 0.4 hour below April 1956.
HOURS PER WEEK
HOURS PER WEEK
DURABLE MANUFACTURING
I954
NONDURABLE MANUFACTURING
1955
1956
1955
RETAIL TRADE
1956
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[Hours per week, for production workers or nonsupervisory employees]
Manufacturing
Period
1939 .
1948
1949
1950
1951
.
1952
1953
1954.
__
1955
1956
1956: March. _
... .
April
May
June
July
August
September.-..
October _.
November. _ _
December
1957: January
February.
_
__
2
March
..
2
April
Total
. > _
_
_
__ .
__
_..
_ _ _ _ _ _
37.7
40. 1
39. 2
40. 5
40. 7
40. 7
40. 5
39. 7
40.7
40. 5
40. 4
40. 3
40. 1
40. 2
40. 1
40. 3
40. 7
40. 7
40. 5
41. 0
40. 2
40. 2
40. 1
39.9
Durable
goods
38. 0
40. 5
39. 5
41.2
41. 6
41. 5
41.3
40. 2
41.4
41. 1
40.9
41. 1
40. 8
40. 8
40. 7
40. 8
41. 4
41. 4
41. 2
41. 9
40. 9
40. 9
40. 7
40. 6
» Data beginning with January 1948 are not itrictly comparable with those for earlier periods.
> Preliminary estimates.
NOTE.—Beginning with 1954, data are based on first quarter 1955 benchmark lerels of employment.
Source: Department of Labor.
91985—57
3
T> *1 fti-n re
jDUiluing
Nondurable construction Retail trade
goods
37.4
39. 6
38. 8
39. 7
39. 5
39. 6
39. 5
39. 0
39.8
39. 6
39. 6
39. 2
39. 1
39. 2
39. 4
39 6
39. 8
39. 8
39. 6
39 8
39. 2
39. 3
39. 2
38. 9
32. 6
*37. 3
36. 7
36. 3
37. 2
38. 1
37.0
36. 2
36. 1
36 4
34. 6
36. 0
36. 5
37. 2
37. 0
37. 2
37.4
37. 4
35. 7
36. 2
34. 0
36. 2
36.0
(3)
(3)
42.7
40.3
40.4
40. 5
40. 2
39. 9
39.2
39. 1
39.0
38 5
38. 4
38. 4
38. 3
38. 7
39. 1
39 1
38. 5
38. 2
38. 0
38. 6
38. 1
38. 1
38. 0
• Not available.
13
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in April were $2.05, the same as in the previous 4 months.
DOLLARS PER HOUR
DOLLARS PER HOUR
BUILDING CONSTRUCTION
CURRENT PRICES /
£
*
-
^ 1 9 5 6 PRICES
-v--^X
--. &
1.80 U^
JLLJLUN
JJ M
2.50 U
1957
1 1 1 1 I 1 1
1 1111111111
1 1 1 1 1 1 1 1 1 M
1955
1956
1954
NONDURABLE MANUFACTURING
1 111 i i 1M
L*fr.
1957
RETAIL TRADE
CURRENT PRICES
CURRENT PRICES
M I I I I I I UJrv
1957
J/EARNINGS IN CURRENT PRICES DIVIDED
1955
BY CONSUMER PRICE INDEX ON A 1956 BASE.
COUNCIL OF ECONOMIC ADVISERS'
SOURCE: DEPARTMENT OF LABOR.
[For production workers or nonsupervisory employees]
Current
prices
1956
prices J
Building
Durable goods Nondurable goods
manufacturing
manufacturing
construction
Current
1956
Current
1956
1956
Current
prices * prices
prices 1
prices prices 1
prices
$0. 633
1. 350
1.401
1. 465
1. 59
1.67
1.77
1.81
1.88
1.98
1.95
1.96
1.97
1.97
1.97
1.98
2.00
2.02
2.03
2.05
2. 05
2.05
2.05
2.05
$1. 239
1. 525
1.599
1.655
1. 66
1.71
1. 80
1.83
1.91
1.98
1.98
1.98
1. 98
1.97
1. 96
1.97
1.98
1.99
2.00
2.02
2. 02
2. 01
2.00
(4)
$0. 698
1. 410
1.469
1. 537
1.67
1.77
1.87
1.92
2. 01
2. 10
2.06
2.08
2.08
2.09
2. 07
2. 10
2. 14
2. 15
2. 16
2. 18
2. 18
2. 17
2. 18
2. 18
All manufacturing
Period
1939
1948 .
1949
1950
1951-.
1952
1953 _
1954
1955
1956
__
1956: March
April
May
June
July
August
September
October. _ .
November
December.
1957: January
February
March3
A p r i l :t
1
1
1*1
___ _
. .
_
_
$1. 366
1.593
1.677
1.737
1.75
1.81
1.90
1. 94
2.04
2. 10
2.09
2. 10
2. 09
2.09
2.06
2.09
2. 12
2. 12
2. 13
2. 15
2. 14
2. 12
2. 13
(4)
$0. 582
1.278
1.325
1.378
1.48
1.54
1.61
1. 66
1.71
1.81
1.78
1.79
1.80
1.81
1.82
1.81
1.82
1.83
1. 85
1.86
1. 86
1.86
1.87
1. 87
$1. 139
1.444
1. 513
1.557
1. 55
1.58
1.63
1. 68
1.74
1.81
1.80
1.81
1.81
1.81
1.81
1.80
1.81
1.81
1. 82
1.83
1.83
1.82
1.83
(4)
Kuril lug* in current prices divided by consumer price index on a 1956 base.
Diiin linKlnnliiK with January 1948 are not strictly comparable with those for earlier periods.
NOTE.— Beginning with 1954, data are based on first quarter 1956 benchmark levels of employment.
Hourw: I )«purttiu'nt of Luboi.
$0. 932
1. 848
1. 935
2.031
2. 19
2.31
2.48
2.60
2.66
2.80
2.75
2.75
2.76
2.78
2.79
2.81
2.84
2.85
2.87
2.89
2. 91
2.92
2.92
(4)
2
Retail trade
Current
prices
$1. 824
2. 088
2. 209
2.295
2. 29
2.36
2. 52
2.63
2.70
2. 80
2.79
2.78
2.78
2.78
2.77
2.80
2.82
2. 81
2.83
2.85
2.86
2. 86
2.85
(4)
$0. 542
1.088
1. 137
1. 176
1.26
1.32
1.40
1.45
1. 50
1.57
1.54
1.56
1.56
1.58
1.59
1.58
1. 59
1.59
1.59
1.55
1.61
1.61
1.61
(4)
2
* Preliminary estimates.
*Not available.
1956
prices *
$1. 061
1.229
1.298
1. 32$
1.32
1. 35
1.42
1.47
1.52
1.57
1.56
1.58
1.57
1. 58
1.58
1. 57
1.58
1.57
1.57
1.53
1.58
1.58
1.57
(4)
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings of $81.80 for manufacturing production workers in April were below March as hours worked
were reduced. However, they were $2.81 above April of last year.
DOLLARS PER WEEK
DOLLARS PER WEEK
95
DURABLE MANUFACTURING
CURRENT PRICES
1957
RETAIL TRADE
CURRENT PRICES
65 -^
50
1954
1955
4»i i i i I i i i i i
i i i i i I i i i i l
i i i i i I i i i i i
Period
1939
1948
......
1949
_
1950
- - «. ~
1951 .
„
1952
1953
1954
1955
1956 .
1956: March
April
May
June
July
. _ ...
August
September
October
. .
November
„
December
1957* January
February
_ _
3
March
3
April
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Durable goods Nondurable goods
Building
All manufacturing manufacturing
manufacturing
construction
1956 Current
Current
Current
Current
1956
1956
1956
prices prices * prices prices 1 prices
prices l
prices
prices *
$23. 86
54. 14
54.92
59.33
64.71
67.97
71. 69
71.86
76. 52
80. 19
78.78
78.99
79.00
79. 19
79.00
79.79
81.40
82. 21
82.22
84.05
82. 41
82.41
82.21
81.80
$46. 69
61. 18
62.69
67.04
67.76
69.57
72.78
72.73
77. 69
80. 19
79.82
79.87
79.56
79. 19
78.45
79.39
80.75
81. 15
81.08
82.81
81.03
80.64
80.36
(4)
$26. 50
57. 11
58.03
63.32
69.47
73.46
77. 23
77. 18
83. 21
86.31
84.25
85.49
84. 86
85.27
84. 25
85.68
88.60
89. 01
88.99
91.34
89. 16
88.75
88.73
88.51
$51. 86
64.53
66.24
71.55
72.74
75. 19
78.41
78. 12
84. 48
86.31
85.36
86. 44
85. 46
85.27
83. 66
85. 25
87.90
87.87
87.76
89.99
87. 67
86. 84
86.74
(4)
$21. 78
50.61
51. 41
54.71
58.46
60. 98
63.60
64. 74
68.06
71.68
70. 49
70. 17
70. 38
70.95
71.71
71. 68
72. 44
72. 83
73.26
74.03
72.91
73. 10
73.30
72.74
* Earnings in current prices divided by consumer price index on a 1956 base.
* Data beginning with January 1948 are not strictly comparable with those for earlier periodi.
NOTS.—Beginning with 1954, data are based on first quarter 1955 benchmark levels of employment.
Source: Department of Labor.
i i i l i 1 i i i 14*
1956
•* CURRENT PRICES §87.46; 1956 PRICES $88.25.
I/EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON A 1956 BASE.
SOURCE: DEPARTMENT OF LABOR.
$42. 62
57. 19
58.69
61. 82
61.21
62. 42
64.57
65. 53
69. 10
71.68
71. 42
70.95
70.88
70. 95
71.21
71.32
71.87
71.90
72.25
72.94
71.69
71.53
71. 65
(4)
$30. 39
68. 85
70.95
73.73
81. 47
88.01
91.76
94. 12
96. 03
101. 92
95. 15
99. 00
100. 74
103. 42
103. 23
104. 53
106. 22
106. 59
102, 46
104. 62
98. 94
105. 70
105. 12
(4)
2
$59. 47
77. 80
80.99
83. 3]
85. 31
90.08
93. 16
95.26
97.49
101. 92
96.40
100. 10
101. 45
103. 42
102. 51
104. 01
105. 38
105. 22
101.05
103. 07
97. 29
103. 42
102. 76
(4)
2
Retail trade
Current
prices
$23. 14
43.85
45.93
47.63
50.65
52. 67
54.88
56.70
58. 50
60.45
59. 14
59.90
59.75
61. 15
62. 17
61.78
61. 22
60.74
60.42
59.83
61.34
61.34
61. 18
(4)
1956
prices l
$45. 28
49. 55
52.43
53.82
53. 04
53.91
55. 72
57.39
59.39
60.45
59.92
60.57
60. 17
61. 15
61.74
61.47
60.73
59.96
59.59
58.95
60. 31
60.02
59.80
(4)
»Preliminary estimates.
* Not available
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The index of industrial production (seasonally adjusted) is estimated at 145 (1947-49=100) for April, one point
below the March index.
INDEX, 1947-49= 100
INDEX, 1947-49 = 1 00
I 80
180
160
100
1957
1951
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1947-49=100, seasonally adjusted]
Total
industrial
production
Period
1939
1948
1949
1950
1951
1952
1953
1954
1955
19561
.
„_
„.._
..
.
„ .
.
_..,
_——
.
1
1956: March
April
Ur*aj
Mav
JuneJuly
August
September
October
„_
November
December
1957: * January^
February
March
April
* Preliminary estimates.
16
__
_ _
_ __
_
_
__
_.
Manufactures
Total
Durable
Nondurable
Minerals
58
104
97
112
120
124
134
125
139
143
57
103
97
113
121
125
136
127
140
144
49
104
95
116
128
136
153
137
155
159
66
102
99
111
114
114
118
116
126
129
68
106
94
105
115
114
116
111
122
129
141
143
141
141
136
143
144
146
146
147
143
144
143
142
138
144
146
147
147
149
157
159
157
157
148
158
162
163
165
167
128
130
129
128
128
130
130
131
129
130
129
129
128
129
123
130
131
131
130
131
146
146
146
145
147
147
147
146
164
164
162
161
131
131
131
132
130
132
133
129
Source: Board of Governors of the Federal Reserve System.
PRODUCTION OF SELECTED MANUFACTURES
Production of most durable manufactures was slightly lower in April than in March while output of most nondurable
was slightly higher.
INDEX, 1947-49 = 100, SEASONALLY
ADJUSTED
INDEX, 1947-49 * 100, SEASONALLY ADJUSTED
220
160
200
140
ISO
MACHINERY
/
^1x
FABRICATED
METAL
PRODUCTS
X
V
A..
A~/
*—
,00 __^^
1 1 1 1 1 i 1 i 1 11
i i iM ii iiii
1954
1955
1 1111111111
1956
1 1 ! I1 1 1 1 1
II
1956
1954
1957
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
Primary
metals
1957
COUNCIL OF ECONOMIC ADVISERS
[1947~49«100
adtustedl
Nondurable manufactures
Durable manufactures
ConTranspor- Lumber Textiles Paper Chemical Foods, sumer
FabriMachin- tation
and and petro- bever- durable
and
cated
and
leum ages, and goods
printery
equipprod- apparel
metal
products tobacco
ing
ment
ucts
products
80
38
49
65
66
47
80
52
102
104
102
103
103
103
100
106
104
102
101
97
100
100
93
101
93
93
114
133
110
114
120
113
118
103
115
132
114
106
130
122
105
118
135
113
154
105
106
147
111
105
118
121
133
127
142
160
107
107
189
118
125
136
142
116
100
106
142
115
125
175
123
147
109
127
155
203
109
137
134
159
131
199
145
123
112
108
167
170
135
1939... —,.<-..
,~
1948 ..—
1949
1950
1951
,
1952
....
.
.
.
.
1953 -._. _ .
1954
1955
19561.-.^
54
107
90
115
126
116
132
108
140
138
1956: ' March.
April .... _ .
May_._
.
June
July
„
August-September
October
„ .
November _ _ _
December
145
146
141
136
69
125
148
147
146
146
132
136
130
132
130
134
139
140
139
141
163
169
169
169
172
174
175
174
175
176
196
193
187
188
189
191
193
203
216
223
118
122
121
123
127
130
126
120
119
117
107
107
107
106
106
107
108
111
105
106
142
145
145
145
146
147
145
148
147
147
167
168
167
166
164
167
168
167
168
170
111
112
111
110
111
113
113
113
113
113
133
132
125
123
127
127
123
123
132
144
1957:1 January. . . 144
February _ _
143
March
137
April
134
137
139
137
139
173
171
171
167
221
224
222
219
114
113
110
112
104
105
108
107
148
147
147
148
174
172
172
173
111
113
114
114
137
138
134
128
i Preliminary estimates.
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production declined in April.
MILLIONS OF TONS
MILLIONS OF SHORT TONS (DAILY AVERAGE)
BITUMINOUS COAL
1955
:.
J
F
M
A
M
J
.
I t
J
It
A
I
I
I
I
I
S
I I
|
I
I I
O
I
I
N
t I
I
I
l.jj
0
D
I
I
t I
J
»
I
I I I
F
I
M
I
I I I
A
I
I
I
1
'
I
1 I
»
M
I
I
I
I
J
I
I
I
J
I
i
I
I
I I
A
I
I I I
S
I
I
I I
O
I
I
I I I
N
t I I
D
BILLIONS OF KILOWATT HOURS
13
50
ii i i l.i 1 1 1 i i I 1 1 i i i 1 1.1 i I 1 1 1 , 1
i 1,1 1.1-j i
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Bituminous Freight Paper board
Electric
Cars and trucks
Steel produced
power
coal mined
produced assembled (thousands)
loaded
Thousands Percent of distributed (thousands (thousand?
(thousands
of net
theoreticalJ (millions of
of short
Cars Trucks
Total
of tons)
of cars)
tons
capacity kflowatt-hours) tons) s
Period
Weekly average:
1953
1954
1955
1956 . _
1956: April
---
May
June —
July
August
September
October
November
December
1957* January
February
March.
April 3
Week ended:
1957- April 6
13
20
May
COUNCIL OF ECONOMIC ADVISERS
27 3
4
11 3
-—
—-
- -
2, 141
1,694
2,245
2, 204
2,453
2,368
2,266
367
1,834
2,435
2,494
2,460
2,452
2, 485
2,497
2, 390
2, 288
94.9
71.0
93.0
89.5
99.6
96.2
92.0
14.9
74.5
98.9
101.3
99.9
99. 6
97. 1
97. 6
93. 4
89. 4
8,246
8,883
10,318
11, 292
10, 881
10, 810
11,338
10, 922
11,484
11, 285
11,371
11, 656
11, 922
12, 257
11, 919
11, 734
11, 546
1, 521
1,303
1, 542
1,690
1,657
1,656
1,670
1,534
1,626
1,674
1,773
1,783
1,791
1,693
1, 642
1,644
1,671
735
652
724
728
743
767
786
599
740
788
817
735
660
643
668
686
674
241
236
269
274
284
286
286
225
274
257
280
269
265
244
273
283
275
141. 1
125.6
176.7
132.8
155.0
123.0
124.6
120. 3
109.0
63.3
108.6
157. 9
166.0
153. 9
166. 1
158. 9
148.3
118.0
106.0
152. 7
111.6
131. 5
102.0
103.5
101.3
89.2
47.8
88.0
136. 7
145. 1
133.9
143. 1
137. 5
124.6
23.2
19.7
24. 0
21.2
23.5
21. 0
21.0
19. 0
19.9
15.6
20.6
21. 3
20. 9
20.0
23. 0
21. 4
23. 7
2,319
2, 310
2,313
2,269
2, 226
2,220
90. 6
90. 3
90.4
88.7
87. 0
86.7
11, 693
11, 695
11,485
11, 310
11, 286
1,600
1, 650
1,700
1,667
4
1, 603
644
674
687
691
719
283
284
283
249
272
291
154. 2
149.0
141. 7
148. 3
143.8
149.6
130.3
126. 2
118. 3
123. 6
120. 0
126. 5
23. 9
22. 8
23. 4
24. 6
23. 8
23. 2
1 Percent of capacity based on weekly net ton capacity of 2,254,459 beginning January 1, 1953; 2,384,549 beginning January 1,1954; 2,413,278 beginning January 1,
1955; 2,461,893 beginning January 1, 1956; and 2,559,490 beginning January 1, 1957.
4
2 Daily average for week.
a Preliminary estimates.
Not charted.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.
18
NEW CONSTRUCTION
Increases in private nonresidential and public construction expenditures in April (seasonally adjusted) more than
offset the continued decline in residential outlays. The value of construction contracts in March was in excess of
March 1956.
BILLIONS OF DOLLARS
BILLIONS
OF DOLLARS
50
50
20
.PUBLIC
,0
,
. —•••
PRIVATE RESIDENTIAL
(NONFARM) \^ B.
^ ^S**+T.~ ~.Tt fri .—
^.*— —***•* *-. •*».•»!• rfwr^ww*1- — — — — — —
•.a.————"*" """"""""
•«»•**—• ""^r.r.1^;
-,..«»—, •*-• At'IiMl
10
OTHER PRIVATE
I I I I I I I I I I I
I95I
I II I1I II1 II
1952
1 1 1 II 1 1 1 1 1 1
1 1 ! 1 1 1 1 1 1 ! I
1953
1954
| 1 ! 1 I 1 II
1 1 1
1 ! 1 1 1 1 1 1 1 1 1
1955
1956
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
Period
1939
1950
1951
1952
1953
1954
1955
1956
Total new
construction
8.2
28. 5
31.2
33. 0
35.3
37.8
43. 0
44. 3
Total
private
4. 4
21. 5
21. 8
22. 1
23.9
25.9
30. 6
30. 8
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Private
Federal,
State, and
Residential
Other
local
(nonfarm)
3.8
2. 7
1. 7
7. 0
8. 9
12. 6
10. 8
9. 4
11.0
11.0
10. 9
11. 1
11. 4
11. 9
11. 9
12.4
11. 9
13. 5
14. 0
12. 4
16. 6
15. 5
15. 3
13. 4
Seasonally adjusted annual rates
1956* March
April
Miay
June
July
Ausust
September
October
November
December
1957: January
_ _
February _ _
_ _
March4
April
42.8
44. 2
44. 9
45. 0
44. 7
44.7
44.4
44. 0
44.4
44.7
44. 9
44. 5
43.8
44.7
30. 3
31.0
31.3
31. 3
31.4
31.4
31. 2
30. 6
30. 6
30. 5
30.0
30.0
29. 8
30.2
i i i i i1 I i ii i
1957
15. 2
15. 6
15.7
15. 6
15. 6
15. 6
15.4
14. 9
14. 9
14. 9
14. 5
14. 2
13. 9
13.7
15. 1
15. 4
15. 6
15. 7
15. 8
15. 8
15. 7
15. 7
15. 7
15. 6
15. 5
15.8
16.0
16. 5
12. 5
13. 2
13. 6
13. 8
13.3
13. 3
13.3
13.4
13.8
14. 2
14. 9
14.5
14. 0
14. 5
Construction contracts *
48 States 2
37 Eastern States3
3. 6
14. 5
15. 8
16. 8
17. 4
19.8
23. 7
24. 4
Annual rates
Seasonally
Unadjusted
adjusted
28. 6
S3. 2
29.2
29. 1
25. 5
29. 8
25. 9
26. 4
24.4
25.8
22. 6
24.8
24. 1
21. 1
24. 3
20.6
20. 3
20. 3
23. 6
18. 9
19.7
3
27. 6
*21.S
28. 8
20.
6
25.9
27.9
29. 4
36. 9
30.0
1 Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Research. Omits small contracts, and covers rural areas less
fully2 than urban.
Data are available only for first 3 months of 1956 and 1957. The 37 Eastern States data are probably indicative of the 48 States trend for other periods.
3
Kevised series beginning January 1957; not comparable with prior data. Comparable data for March 1956 are $26,2 and $26.7 billion, respectively.
« Preliminary estimates
Sources: Department of Commerce, Department of Labor, and F. W. Dodge Corporation (except as noted).
19
HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts (seasonally adjusted) increased in April but remained substantially below last year.
Financing applications for Government-underwritten loans, particularly VA loans, were also substantially below
the level of April 1956.
MILLIONS OF UNITS
MILLIONS OF UNITS
SEE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF LABOR, FEDERAL HOUSING ADMINISTRATION
(FHA), AND VETERANS ADMINISTRATION ( V A ) .
COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Proposed home construction
Private,
Privately financed
Requests
seasonally Applications
for VA
adjusted for FHA comGovernment programs
2
appraisals
annual
mitments
Total
1
1
VA
FHA
Total
rates
397.7
486. 7 3 200.0
1, 352. 2 686. 7
25L4
253.7
156. 6
1, 068. 3 408. 6
252.0
535.4
307.0
338.6
1, 201. 7 583.3
276.3
306.2
620.8
392. 9
1, 309. 5 669.6
276.7
401.5
270.7
197.7
189,3
460.0
1, 093. 9
33. 1
112.7
57.2
40. 6
16.7
21.0
21. 1
13. 1
34.0
89.0
21.0
44.6
28.2
25.6
100. 1
48.6
23.0
51.7
25.5
23. 1
109. 1
32.7
55.8
33.5
91.2
16. 5
15. 8
22.6
38.3
37.5
1,094
37.5
93.9
249
20.6
16.9
45.8
26.4
1,157
22.3
109.9
46. 2
19. 8
44.4
22.1
1,146
110.8
26. 6
46.3
19.7
35.6
104. 6
1,091
26.4
16.8
18.4
44.8
346
99.0
25.2
16.9
1,070
42.8
17.6
36.5
1,136
16.2
244
43. 1
103.2
18. 6
30.0
1,008
13.4
15. 1
90.7
24.0
39. 1
29.7
13.3
24.0
1,052
39.4
91. 2
15.5
21.9
10.0
77.0
12.1
1,027
17.8
29.9
19.0
62.9
1, 020
7.7
24. 6
15.0
9. 6
18.9
60. 1
12.0
975
10. 5
19.7
7.7
6
5
20.2
62. 5
12. 1
910
19. 2
9.3
9.9
5
8
19. 5
11. 4
880
16. 2
22. 7
75. 5
11.3
19. 4
89. 5
940
12. 1
16. 8
25. 6
13. 5
New nonfarm housing starts
Period
Total
Annual total: 1950. . . 1, 396. 0
1953... 1, 103. 8
1954-.. 1, 220. 4
1955--. 1, 328. 9
1956.-- 1, 118. 1
Monthly average: 1950116.3
195392.0
1954101.7
110.7
195593.2
19561956: March
98.6
April
. ,..
111.4
May
113.7
June.
«
107.4
July
101. 1
August »103.9
September
93.9
October
93.6
77.4
November
63. 6
63. 0
1957: .Jatumry . ~ , .,
6
J'Vbnmrv
05. 0
fi
83. 0
Mnreh *
(
J2 0
April '
Publicly
financed
43.8
35.5
18.7
19.4
242
3.6
3.0
1.6
1.6
2.0
4.7
1.5
2.9
2.8
2. 1
.7
3.2
2.4
.4
.7
2,9
5
2. 5
6
7. 5
2, 5
< KxcltKtr.'i tiniUMl fon"-; housing: 2.5H7 units in ll»56 and 1,489 units in
first
* Partly estimated.
4 u u m t l t i of iwr/.
< Not available.
* Unit* ntpnwitlflil by inorlgngv applications for nnw homo construction.
* Preliminary estimates,
LJ\J
SourtMw: Department of Labor, Fudrrul llou.Hltig Administration (F 11 A), and Veterans Administration (VA)»
SALES AND INVENTORIES - MANUFACTURING AND TRADE
Manufacturers' inventories (seasonally adjusted book value) rose slightly in March, while trade inventories declined.
Manufacturing and trade sales fell during the month, as did manufacturers' new orders. According to preliminary
data, retail sales in April remained at the March level, but department store sales declined.
BILL IONS QF DOLLARS, SEASONALLY ADJUSTED
100
.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
3O
TOTAL* AND MANUFACTURING
RE1fAIL
SCALE)
(ENLARGEID
|
~INTORIES
80
20
^
^KT'AL INVENTORIES*
'"
<>
-
<>
S
•"••.>•»
~
^7~^
SALES
60
jr* '—•«*
TOTAL SALES i*
U-~-'"VsX^
^.'^^" " Sr
10
<;
l i i l i I i l l i i
i i i i i 1 i iiii
1 1 M
1 1 1 1 1 1 1
1 1 M
1 I 1 1 1 1 1
f
INDE Kt I947-49»IOO, SEASONALLY ADJUSTED
160
' —• *''*'*
— MANU FACTURING INVEN" •QRIES
DEPARTMENT STORES
40
140
INVENTORIES^
/
MANUFACTURING SALES
i
^S^^*^*1^
1
v^-
™^»
^
120
^r-
iALES
20
0<
i ii ii1 ii iM
1 1 1 1 1 1 1 1 ! I1
1954
1955
l l i i i 1 i i i i i 1 ! 1 1 1 1 1 1 I ! 1 f"
1956
1957
100
1 ! 1 ] 1 ! 1 J 1 IJ
\ \ \ 1i 1 i l i i i
1954
1955
( i i i J 1 1 J -I I I j 1 ! 1 1 1 1 I ! 1 1 1
1956
1957
MANUFACTURING, RETAIL TRADE, AND WHOLESALE TRADE.
*
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
1949.. .
1950
1951
1952
1953
1954..
1955
.__
1956
1956: February _
March
April
May -_ _.
June
July
August
September
October
November
December
1957: January __
February
March 5
April 5
.COUNCIL OF ECONOMIC ADVISERS
Manufacturing
Manufacturing
Retail
Department stores
Wholesale
and trad©
InvenInven-s Sales ' Inven-a New Sales * Inven- Sales * Inven- Sales i
Sales * tories
tories orders i
tories '
tories *
tories *
Index 1947-49= 100,
Billions of dollars, seasonally adjusted
seasonally adjusted
10.9
7.9
16. 4
34.7
15. 3
15.9
7.4
28. 9
52. 1
99
98
19.3
34.3
64.1
21. 0
19.3
39.9
10. 5 4 12.0
8.7
105
109
13. 2 •21. 2
22.3
42. 8
11. 1
24.6
*44. 9 *75. 2
9. 4
128
109
21.6
11.3
13.7
76.7
45. 9
23. 6
9.4
43.8
22.8
110
118
14,2
45.9
22.7
80.3
24.9
48.4
112
11.7
23.4
9.3
126
14.2
22. 1
43. 3
22. 4
23. 4
111
11.5
46.7
122
76.9
9. 1
23.9
26.4
15.5
27.2
12.3
45.9
120
82.2
9.8
128
_ 51.7
51.4
27. 6
23.9
125
13.3
16.0
88.5
54.0
28. 1
10. 4
139
46.9
24. 2
27. 2
52. 9
119
27. 6
83.6
15.3
12.5
10. 4
138
26.9
27. 1
47.4
122
15.7
23.8
12. 6
83.8
53. 1
10. 3
135
27. 2
53.2
122
48.0
15.5
23.9
12.6
10.4
27.8
84.5
136
48. 6
122
28.8
85. 1
27.8
54. 4
23.9
15.9
10.7
12.7
134
124
49. 1
85.6
16.0
23.8
27.7
54.3
12.7
10. 6
27.9
137
49.2
26.2
16.0
23.8
27. 0
85. 8
52. 7
128
12.8
10.5
138
49.5
86. 1
23.7
29. 1
27.6
12.8
16.3
54.5
128
10.6
141
27. 6
23.4
86. 5
50. 1
53.9
16.0
28. 1
129
10. 3
13.0
139
50. 8
16.0
28.3
23.3
122
87.2
55.0
13. 1
28.9
10.6
142
28.7
16.4
51. 4
88. 0
23. 5
131
13. 2
10. 6
29. 4
142
55. 6
28. 7
88.5
16.5
23.9
13.3
51. 4
129
55.8
142
10. 6
28.8
29. 2
24. 0
88. 6
56. 6
16. 4
28. 9
10. 9
13. 1
51. 5
125
141
4
29. 1
13. 1 4 16. 4
10. 7
88. 9
56. 2
23. 9
51. 9
28. 2
139
125
52. 2
28. 9
89.0
16. 3
27. 8
23. 7
13. 1
10. 6
55. 8
127
140
122
16. 3
* New series beginning 1951 and again February 1957; not comparable with pre1 Monthly average for year and total for month.
vious data.
2 Book value, end of period
a Book value, end of period, except annual data, which are monthly averages.
* Preliminary estimates.
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
21
MERCHANDISE EXPORTS AND IMPORTS
For the first 3 months of 1957, commercial exports were 29 percent higher than in the corresponding period of 1956.
Imports were the same in both periods.
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
2,000
2,000
1,800
1,800
MERCHANDISE EXPORTS
.
EXCLUDING GRANT-AID SHIPMENTS-!/
I.OOO
1,000
800
M I l l l M J ^ J600
600
1953
1951
J/ SEE FOOTNOTES I AND 2 ON TABLE BELOW.
1954
I
1955
* SEE VALUES FOR MARCH IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS ,
[Millions of dollars]
Merchandise exports
Period
Total
1936-38 monthly average.
...
1949 monthly average
1950 monthly average
...
.
1951 monthly average
.
..
1952 monthly average 1953 monthly average. 1954 monthly average
1955 monthly average
...
1956 monthly average . .
. . .. .
1956: February....
......
March
...
.
April
May
_ .
June
,
July..
.....
August . . ,
.
..
Beptember
October _ „
_.
. ....
November
December., ,.
Grant-aid
shipments *
247
1,004
856
1, 253
1,267
1,314
1,259
1,296
1, 589
1,362
1,582
1,512
1,716
1,698
1,639
1,536
1,530
1,670
1, 537
2,002
1, 676
1,607
2, 143
0)
(*)
24
89
166
293
188
105
146
90
104
112
195
205
351
158
107
110
120
123
97
121
129
Excess of exports
over imports
Excluding
grant-aid
shipments
Merchandise
imports
8 833
207
552
738
914
893
906
851
949
1,050
1,051
1,102
991
1, 095
1,034
1,051
1,055
995
1,121
986
1,052
1, 118
992
3
1, 116
1,164
1, 100
1, 022
1,071
1,191
1,442
1,271
1,478
1,399
1,521
1,492
1,288
1,378
1,423
1,559
1,417
1,880
1,579
1,486
2, 013
Total
40
452
118
339
374
408
408
347
538
310
480
521
621
664
588
481
535
549
551
951
557
615
1, 027
Excluding
grant-aid
shipments
95
250
207
116
220
242
392
220
376
408
426
459
238
323
428
438
431
828
460
493
3
897
1957: .hum try .
. .
.......
I'Vbr larv
3
M:irili
i }i«*£tHtiif«K w u i : iv.V),flKurrMhu'iti'h' only )» > i ) Hrtnn > nt of Defense shipments of grant-aid military supplies and equipment under the Mutual Security
l*tutfr«fit', Hh«t»nH nt« fur th» firit d mutithi of tint program (July- December 1950) amounted to 282 mOlion dollars.
22
h bn'iui:«.« «f mumllng.
Sources.- Department of Commerce and Department of Defense.
PRICES
CONSUMER PRICES
The average of consumer prices rose 0.2 percent in March, despite a decline in food prices.
ponents increased.
INDEX, 1947-49 = 100
140
Ail other major com-
INDEX, 1947-49 = 100
I 40
130
1951
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100]
Period
1939
1948
1949
1950
1951
1952
1953
1954
1955
1956
1956: February
MarchApril
IVlay
June
July
August
September
October
November
December
1957* January
February
March. _ _
__
--
Ail
Stems
Food
59.4
102.8
101.8
102.8
111.0
113. 5
114. 4
114. 8
114. 5
116.2
114.6
114. 7
114. 9
115. 4
116.2
117. 0
116. 8
117. 1
117.7
117. 8
118. 0
118. 2
118. 7
118. 9
47. 1
104. 1
100. 0
101.2
112.6
114.6
112. 8
112. 6
110. 9
111. 7
108.8
109. 0
109.6
111. 0
113.2
114.8
113. 1
113. 1
113. 1
112. 9
112.9
112. 8
113. 6
113. 2
Housing
Total1
Rent
76. 1
101.7
103.3
106. 1
112 4
114. 6
117. 7
119. 1
120. 0
121.7
120.7
120.7
120. 8
120. 9
121.4
121.8
122.2
122.5
122. 8
123. 0
123.5
123. 8
124. 5
124. 9
86.6
100.7
105.0
108.8
113. 1
117.9
124. 1
128. 5
130. 3
132.7
131.5
131.6
131.7
132. 2
132. 5
133.2
133. 2
133. 4
133.4
133.8
134.2
134. 2
134. 2
134. 4
i Includes, in addition to rent, homeowner COSES, utilities, housefurnlstiings, etc.
Apparel
Transportation
52.5
103.5
99.4
98. 1
106.9
105. 8
104. 8
104.3
103.7
105.5
104.6
104. 8
104.8
104. 8
104.8
105.3
105.5
106. 5
106.8
107. 0
107.0
106. 4
106. 1
106. 8
70.2
100.9
108.5
111.3
118. 4
126.2
129.7
128. 0
126. 4
128.7
126. 9
126.7
126. 4
127. 1
126.8
127.7
128.5
128. 6
132. 6
133.2
133. 1
133. 6
134. 4
135. 1
Reacting Other
goods
and
Medical Personal
and
care
recreacare
services
tion
70.6
63.0
59.6
72.6
100.5
100.4
100.9
101.3
103.4
104. 1
104. 1
101.1
105.2
103.4
101. 1
106.0
111. 1
106.5
109.7
110.5
117.2
115.4
107.0
111.8
118.2
108.0
112.8
121. 3
107. 0
120. 1
125. 2
113.4
120.2
106.6
128.0
115.3
132. 6
122.0
108. 1
120.0
120.9
130. 9
118.9
107.5
121.2
131.4
119.2
107. 7
121. 4
108. 2
119.5
131. 6
121.5
108. 2
131. 9
119. 6
12L 8
107. 6
132.0
119.9
122.2
120. 1
107.7
132. 7
122. 1
107.9
133.3
120.3
108.4
122.7
134.0
120.5
123.0
134. 1
108.5
120.8
123.2
109.0
121. 4
134.5
109.3
123.3
134.7
121.8
122. 1
109. 9
123.8
135. 3
124. 0
122. 6
110. 0
135. 5
124. 2
110. 5
122. 9
136. 4
Source: Department of Labor.
23
WHOLESALE PRICES
The average of prices in wholesale markets increased slightly between March and April.
and processed foods rose while industrial prices declined fractionally.
INDEX, 1947-49*1 dd
Prices of farm products
INDEX,1947-49 = 100
140
140
130
120
90
80
80
1957
1951
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[1947-49 = 100]
All commodities
Period
1939
_
1948
1949
—
1950
1951
1952
_
1953
1954
1955
1956
_
- _
1966: March.
... _
April
- .
May
.- -.-.- --»
June
July
. .
August
__ _
September
.
October
_.
-_
November
December
1957: January
February
. .._
March _ _ _
April
Source: Department of Labor.
24
__ .
-
-
~- -
50. 1
104.4
99.2
103. 1
114.8
111.6
110. 1
110. 3
110. 7
114. 3
112.8
113. 6
114. 4
1142
114.0
1147
115.5
115. 6
115.9
116. 3
]16. 9
117.0
116.9
117. 2
Farm
products
36. 5
107.3
92. 8
97. 5
113. 4
107.0
97.0
95. 6
89. 6
88. 4
86. 6
88. 0
90. 9
91. 2
90. 0
89. 1
90. 1
88.4
87. 9
88. 9
89. 3
88. 8
88. 8
90. 6
Processed
foods
43. 3
106. 1
95.7
99. 8
111.4
108.8
104. 6
105. 3
101. 7
101. 7
99. 2
100. 4
102. 4
102. 3
102. 2
102.6
1040
103. 6
103.6
103. 1
104 3
103. 9
103. 7
104 3
Other than
farm products
and foods
(industrial)
58 1
103 4
101. 3
105 0
115 9
113. 2
114 0
114. 5
117 0
122 2
121 0
121 6
121 7
121. 5
121 4
122. 5
123 1
123 6
124 2
124 7
325 2
125 5
125. 4
125 3
PRICES RECEIVED AND PAID BY FARMERS
In the month ended April 15 the index of prices received by farmers rose 2 percent.
parity ratio were up 1 point.
Both the parity index and the
PARITY INDEX
PRICES PAID, INTEREST; TAXES
AND WAGE RATES)
I954
I95I
J/RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.
SOURCE DEPARTMENT OF AGRICULTURE.
_ _
._
_
.
__
_ _
_
_ _
_
i Percentage ratio of index of prices received by farmers to parity index.
Source: Department of Agriculture.
1956
1957
COUNCIL OF ECONOMIC ADVISERS
Period
1939
1948
.
1949
1950
1951
1952
.
1953
1954
___
1955
1956
._ _ _
1956: March 15
April 15
May 15.
June 15
July 15
. _
August 15
September 15
October 15
November 15 _ _ _ __ __ __
December 15- _
1957: January 15 _
February 15
March 15
April 15
_ _
I955
Prices paid by farmers Parity index
(prices paid, Prices refor items used in
ceived by
interest,
farmers
Family
Productaxes, and
wage rates)
living
tion
Index, 1910-14=100
95
123
121
120
287
260
250
251
250
251
238
243
258
256
246
246
302
282
273
268
288
287
274
271
258
279
253
270
249
252
281
274
236
281
249
273
236
286
249
278
228
281
246
274
235
284
274
248
242
250
286
278
247
280
248
286
244
287
282
248
237
288
250
281
236
252
287
279
234
287
250
279
234
252
289
281
237
252
290
283
292
238
255
283
234
294
256
284
237
295
284
258
241
260
296
285
Parityl
ratio
77
110
100
101
107
100
92
89
84
83
81
83
85
86
85
82
82
82
81
82
82
80
80
81
25
CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
Total demand deposits and currency declined more than seasonally in March. However, time deposits continued
their greater than seasonal rise, which has been maintained throughout the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
240
END OF MONTH
TOTAL DEPOSITS AND CURRENCY
200
TOTAL EXCLUDING U. S. GOVERNMENT DEPOSITS
(PRIVATELY HELD MONEY SUPPLY)
160.
120
160
'120
80
TIME DEPOSITS
CURRENCY OUTSIDE
BANKS
U.S. GOVERNMENT DEPOSITS
1951
1952
1954
1953
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1955
1956
1957
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
End of period
1949..
. . ..
...
I960...
...
1951... .
....
1952.
.
....
1953
....
1954,.
1955
1956..
—
1956: February
..
March. . ._
..
April- ..
..
,.
May
...
...
.
tlune
July .
August ........... ...
.
8c*ptonilwr „ - .... ...
October .
.....
.....
Total deposits and
currency
173. 9
180.6
189.9
200.4
205.7
2148
221.0
226.4
216.1
217.8
217.4
217.4
219.7
217.5
219. 1
220. 1
220.9
222.9
226.4
222.4
221. 1
221. 5
U.S.
Government
deposits *
4. 1
3,7
3.9
5.6
4.8
5. 1
4.4
4.5
4.5
7.0
5.0
6.2
6. 1
4.2
6.2
6.0
4,3
5. 7
4.5
2.5
3. 1
43
Total excluding U. S. Government deposits
(privately held money supply) 3
Demand
Currency
Time
deposits
outside
Total
deposits *
adjusted *
banks
58.6
85.8
25.4
169.8
59.2
176.9
92.3
25.4
98.2
61.5
26.3
186.0
101.5
65.8
27.5
194.8
70.4
102.5
2$. 1
200.9
106.6
27.9
75.3
209.7
109,9
78.4
28.3
216.6
82.2
111.4
28.3
222.0
27.2
78.8
211.6
105. 6
27.2
1044
79.3
210.8
106. 1
27.0
212.4
79.3
1042
27.4
79.6
211.2
28.3
80.6
104.7
213.6
105.2
27.4
80.7
213.3
1044
80.9
212. 8
27.5
81.3
27.4
105.4
214 1
107.4
27.7
81.5
216. 6
80.9
108.3
28.0
217.2
82. 2
111.4
28.3
222. 0
27.4
82.9
109.5
219. 9
107.0
83. 6
27. 4
217.2
105.2
84 6
27.4
217. 2
NovotnbiT
i)(M*enibpF
....
1957- J n i i u a r v 5
~ . --.,.
February •' . . .
_.
f
JM.'irvh >" ...
3i i win i«< l; H. Um •rmm*m <ii>tHi<m* ut Federal Reserve banks and commercial and savings banKsf and TJ. 8. Treasurer's time deposits, open account.
Inclu In di»$j0sltH H nJ currency hold by State and local governments.
* luclti l»* dMrmnd d 'putns, (.»hi»r Onus iutt>rlmt»k and U. 8. Government, ]Q*» rash items in process of collection.
* InHu )** diMwwifi J) fiiinnifMTiul tmnki, tniitiml uivingi banks, and Postal Savings System, but excludes interbank deposits.
0 _ • rn>H nl niry ««•:!! m lo;;.
NOTE.—DotutI ^ I J I lint ii«»tVM*nrHy udd to totals Iwatise of rounding.
Source: Board of Governors of the Federal Keserve System.
26
BANK LOANS, INVESTMENTS, AND RESERVES
Commercial bank loans rose $1.3 billion in March, compared with a rise of $2.2 billion in March 1956. Free reserves
(excess reserves less borrowings at the Federal Reserve) were a larger negative amount in April than in March due to
an increase in member bank borrowings.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ISO
ISO
I954
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS
SOURCE:BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
End of period
1949 . „ _
1950
1951
1952
..
1953
.
- - - ~
1954
1955
1956 1956: March
April
May
June
July
AugustSeptember
October
November
December4
1 957 * January 4
February
March *
ADril 4
Total loans
and investments
120. 2
126.7
132.6
141. 6
145.7
155.9
160.9
165. 1
159. 9
160. 1
159.7
160. 0
159.6
161.0
162. 0
162.5
164. 0
165. 1
162. 8
162. 5
162. 9
[Billions of dollars]
All commercial banks
Investments
U. S. Gov- Other
Loans
ernment
Total
securities securities
10.2
77.2
67.0
43. 0
12.4
74.4
62.0
52. 2
74.9
13.3
61.5
57.7
14,1
64.2
63.3
77.5
63.4
14.7
67.6
78.1
16.3
70.6
69.0
85.3
16.7
82.6
78.3
61. 6
90.3
58.6
16.3
74.8
16. 6
75.2
58.6
84.7
16. 6
58. 2
74. 8
85.3
16.4
57.3
73.7
86. 0
16. 5
56.6
73. 1
86.9
56.2
16.2
72.4
87. 1
57.2
16.4
73.6
87.5
16. 6
73.6
57.0
88.5
57.5
16.3
73.8
88.8
16. 3
58. 2
89. 5
74.5
74.8
58. 6
16.3
90. 3
73.9
57.7
16. 2
88. 9
16. 3
73. 2
56. 8
89.3
72. 2
55. 7
16. 5
90. 6
Weekly
reporting
member
banks » *
Business
loans *
13.9
17.8
21. 6
23.4
23.4
22.4
26.7
31.3
27.8
27.8
27.8
28.8
28. 6
29.2
29.7
29.9
30.4
31.3
30.3
30.3
31.4
31.3
All member banks J 2
BorrowReserve balances ings at
Federal
Required Excess Reserve
Banks
0.8
17.0
0. 1
15.6
.1
.8
18.5
.8
.3
.8
19.6
.7
19.3
.8
.7
18.5
.8
.1
.6
18.3
.6
18.4
.6
.8
18.3
.6
1.0
18.3
.5
1. 1
18.3
.5
1.0
18.4
.6
.8
18.2
.6
.7
18.2
.6
.9
18.4
.6
.8
18.4
.5
.7
18.6
.6
.7
.7
18.9
.7
18.8
.5
.4
18. 3
.5
.6
18. 4
.5
.8
18. 6
.5
1.0
i Mem her banks Include, besides all national banks, those State banks that have taken membership In the Federal Eeserve System.
> Commercial, industrial, and agricultural loans; revised series beginning January 1952 and again October 1955. Such loans by weekly reporting member banks
represent approximately 70 percent of business loans by all commercial banks.
s Data are averages of dally figures on balances and borrowings during the period.
* Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Eeserve System.
27
CONSUMER CREDIT
In March, total consumer credit outstanding remained substantially unchanged, compared to a rise of $300 million in
March 1956.
BILLIONS OF DOLLARS
50
BILLIONS OF DOLLARS
50
TOTAL CREDIT OUTSTANDING
1957
1951
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars!
Total
consumer
End of period
credit
outstanding
1939
1948
—— .
1949- ._„1950
1951—— —
1952
.— - —
1953
. "... .
1954.. — _
1955
1956.
1956: February.
March____
April
May
June „ .
July
„.
August
SfplrmlMT.
October
\MVt-tnhrr
I ><•< *'!nl»tT
1 'l.iV .. , ! : i t i i l ; t r v
f - V J M u:n \
M:.H'i.
7,222
14, 398
17, 305
21, 395
22, 617
27, 401
31, 243
32, 292
38, 648
41, 863
37, 474
37, 761
38, 222
38, 919
39, 454
39, 478
39, 878
40, 074
40, 196
40, r.:>i
41,803
40, < i H i
10, .*!(>;>
OJJ
<*»*
N oninstairueiit credit
outstanding
Instalment credit outstanding
Total
4,503
8,996
11, 590
14, 703
15, 294
19, 403
23, 005
23, 568
29, 020
31, 552
28, 915
29, 112
29, 419
29, 763
30, 084
30, 297
30, 644
30S 707
30, 811
11,024
1, 552
I. 29S
i| ?:;;*
i , :*;:•;
Automobile
paper *
1,497
3,018
45 555
6,074
5,972
7,733
9,835
9, 809
13, 468
14, 436
13, 574
13, 743
13, 892
14, 059
14, 255
14, 381
14, 530
14, 533
14, 478
14, 449
14, 436
14,389
14, 410
14, f,()1.
Other Repair and
consumer moderni- Personal
zation
loans
goods
loans 2
paper *
1,620
2,901
3,706
4,799
4,880
6, 174
6,779
6,751
7,626
8, 139
7,371
7,300
7,337
7,401
7,417
7,421
7,493
7,497
7,601
7,752
8, 139
7, 938
7, 805
7, 698
298
853
898
1,016
1,085
1, 385
1,610
1,616
1,670
1, 793
1,628
1,631
1,643
1, 677
1,700
1,710
1,734
1,758
1, 781
1,797
1,793
1,772
1,759
1,754
1,088
2,224
2,431
2,814
3,357
4, 111
4,781
5, 392
6,256
7, 184
6,342
6,438
6,547
6,626
6,712
6,785
6,887
6,919
6, 951
7,026
7,184
7,199
7,259
7, 320
Total
2,719
5,402
5,715
6,692
7,323
7,998
8,238
8,724
9,628
10, 311
8,559
8,649
8,803
9, 156
9,370
9, 181
9,234
9,367
9,385
9,607
10, 311
9,618
9,280
9,230
Charge
accounts
1,414
2, 673
2,795
3,291
3,605
4,011
4, 124
4,308
4, 544
4,702
3,530
3,469
3,531
3, 701
3,804
3,674
3,696
3, 780
3,875
4,029
4,702
4,085
3,662
3,500
Instal- Instalment
ment
credit excredit s
8
tended
repaid
6,872
15, 585
18, 108
21, 558
23, 576
29, 514
31, 558
31, 051
39,128
39, 602
2, 918
3,305
3,329
3,470
3,390
3,316
3,504
2,981
3,382
3,387
3,735
3,079
2,954
3,319
rhmltu' automobiles and other consumer goods and secured by toe items purchased,
- ti«i<i by rftftil outlets are included in "other consumer goods paper."
Bource: Board of Governors of the^FederalJReserve System.
6,060
13,284
15, 514
18, 445
22, 985
25, 405
27, 956
30, 488
33, 676
37, 070
2,889
3, 108
3,022
3,126
3,069
3,103
3, 157
2,918
3,278
3, 174
3,207
3,333
3,019
3,279
BOND YIELDS AND INTEREST RATES
Yields on new Treasury bills during April averaged somewhat under the yields that have prevailed in recent months.
In late April yields on most long-term securities rose significantly.
PERCENT PER ANNUM
4
PERCENT PER ANNUM
4
1957
1951
•REVISED SERIES: BONDS DUE OR CALLABLE IOTO 20 YEARS. SEE TABLE BELOW.
SOURCES; SEE TABLE BELOW.
Period
1950
............
1951
1952
..._^_._
1953
1954...... ............. ...
1955
1956 .
...
1956: May
...
June__ ,__
July
August
September
October
November .......
December _ _ _ _ « » _ _
1957: January
February
,_ _ _ _ _ _
March
April
Week ended:
1957: April 6
13
20..
27
May 4
11
1
per an mi ml
High-grade
U. 8. Government security yields
municipal
3-month
bonds
Taxable bonds *
Treasury
(Standard8&
Poor's)
bills *
2. 32
1. 218
1.98
2. 57
1.552
2.00
2. 68
2.19
1.766
2.72
•3.16
* 2. 92
1.931
.953
2.37
2.71
2 52
2.94
2.53
1.753
2.80
2.93
3. 11
2.658
3.06
2.650
2.86
2 94
3.03
2.75
2.98
2.527
2.89
2.334
3.05
2.78
2.97
2.94
2.606
a 19
3. 15
3.07
2 850
3.25
3. 19
3.24
2.961
3. 14
3. 18
3.31
3.000
3.30
3.38
3.230
3. 44
3. 37
3.43
3.37
3.210
3.40
3.33
3.26
3. 26
3. 20
3. 165
3.32
3. 140
3. 27
3. 25
3.33
3.35
3.30
3. 113
3.050
3. 154
3. 194
3. 054
3.039
2. 909
3.30
3. 32
3. 34
3. 40
3.22
3. 25
P 3. 33
3. 36
3. 35'
3. 35
Bate on new issues within period.
2 First Issued in 1941. The single series on these bonds (which continnpd
through March 1953) included: October 1941-March 1962. bon^ls dop or callable
after 15 years; April 1952-Marcb 19B3, bonds due or callable after 12 years.
«Weekly data are Wednesday figures.
COUNCIL OF ECONOMIC ADyiSERS
a 42
a 43
3.27
3.27
3.35
3.41
3. 44
3. 44
Corporate bonds
(Moody's)
Aaa
2.62
2.86
2.96
3.20
2.90
3.06
3.36
3.28
3.27
3.28
3.43
3.56
3.59
3.69
3.75
3.77
3.67
3.66
3.67
3. 66
3.66
3. 67
3. 69
3. 71
a 72
Baa
Prime
commercial
paper,
4-6 months
4.07
4. 17
4.24
4.37
4. 49
4.47
4.43
4. 44
1.45
2. 16
2.33
2.52
1.58
2.18
3.31
3.27
3.38
3.27
3. 28
3.50
3.63
3.63
3.63
3.63
3.63
3.63
3. 63
442
4.42
4.44
4. 45
4.48
4. 50
3.63
3.63
3. 63
3. 63
3. 63
3. 63
3.24
3.41
3.52
3.74
3.51
3.53
3.88
3.73
3.75
3.80
a 93
4
Bonds due or callable from 10 to 20 years.
• Bonds due or callable 20 years and after.
Sources Treasury Department and BoaH of Governors
of the Federal Eeserve System (except as noted).
29
STOCK PRICES
Stock prices rose during April.
INDEX, 1939 = 100
INDEX,1939 = 1
500
200
1951
IS5?
1952
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
COUNCIL OF ECONOMIC ADVISERS
[1939=100]
Manufacturing
Composite1
index
Period
Weekly average:
1948.....
1949
1950.
1951
1952
_
1953
1954.
_
1955..
1956..
1956: May
June
July
Aucust
September
October
November
December
1957: January
February
March
April _
\YY<4; ended:
IUfi7: April 5
V2 .
...
Total
136.8
132.1
165. 7
206.8
220.2
220. 1
271.3
3744
438. 6
440.9
433. 5
459.6
459.5
440.2
436.7
431.4
441.4
429. 4
409.4
414 6
430. 6
124.3
116.0
150.2
178.5
188.8
192.6
245.2
352.4
409. 8
397.6
392. 8
420.7
432.5
422.0
421.6
417.3
424 9
406. 3
386. 1
387.8
404 0
148.6
147.2
180.2
233. 1
249.3
245. 2
295.2
3944
465. 1
480. 4
470.7
495.4
4843
457.3
451.0
444 8
457.0
451.0
431. 1
439.5
455. 3
158. 1
136. 0
160.0
199.0
220.6
218.7
232. 6
320.0
327. 1
342. 0
328. 0
3348
329. 1
312.9
317.8
310.8
315.0
310.3
292.0
287. 6
291.2
09.3
98. 1
108.9
112.6
117. 9
121.5
135.8
152. 9
155. 8
155. 6
1549
158.7
159.9
155.3
152.3
152. 8
152.2
156. 8
157.3
158.6
160. 0
156.9
160.7
183,8
207.9
206.0
207.1
235.6
296.9
306.3
305.8
299.5
3146
312.7
301.5
298.9
296. 0
287. 1
285.0
278.0
280. 3
280. 7
133.0
129. 4
143.5
2049
275.7
240.5
267.0
312.9
357.5
364 1
352. 1
368.6
373. 1
349.3
337.3
355.2
362.0
371. 2
345. 8
343.9
352. 4
332.
338.
341.
:H2.
420. 9
430. 8
434. 8
436. 1
•145. 1
1 10. (\
395.0
404. 4
406. 9
409. 8
415. 9
417. 7
444 8
455. 2
460. 6
460. 5
472. 1
473. 3
289. 2
290. 7
289.5
295. 6
297. 7
298. (')
159.
159.
160.
16J.
162.
162.
280.
281.
280.
280.
282.
287.
34 . 2
352. 4
35 ). (j
35". 2
3d K 2
308. 8
4
6
1
f>
10
• hit.ililn pMiil!
- .
fi't.t.t.
ill.il
f « - | '. I I 1'
i.ll.l
11 f l i t
Trade,
Trans-
Mining
Nondura- portation Utilities finance,
and service
ble goods
132.7
127.7
154 1
1849
195.0
193.3
229. 8
304 6
345.0
347.0
341.4
359.4
359.4
344.8
341.6
338.5
344.0
338.2
325. 1
328. 5
338.6
;•; is. r,
\l:i'.
Durable
goods
1 1 I i 1 I ) 1 1 k-
1 I11 1 (
1
5
1
I
1
2
7
5
4
2
0
0
K, 72 lor nondurable goods manufacturing, 21 for transportation, 21) for utilities. 31
FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
The cumulative budget deficit for the first 9 months of the current fiscal year was $1.4 billion, compared to $1.3 billion
for the same period in fiscal 1956.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET EXPENDITURES
75
NET BUDGET RECEIPTS
FIRST 9
MONTHS
75
*
-
25
I952
I953
I954
I955
I956
I952
I957
1953
1954
1955
1956
BUDGET SURPLUS (t) OR DEFICIT
MAJOR NATIONAL SECURITY
- EXPENDITURES
1957
(-)
(ENLARGED SCALE)
t5
1952
1953
1954
1955
1957
1956
1952
1953
1954
1955
1956
"1957
FISCAL YEARS
* ESTIMATED
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Net budget
receipts
Period
Fiscal year 1944
Fiscal year 1949
_
Fiscal year 1950
Fiscal vear 1951
_
Fiscal year 1952
__ _
.
Fiscal year 1953
Fiscal vear 1954—
Fiscal year 1955-,
•.
„.
Fiscal year 1956. _
_
..
Fiscal year 1957 (estimated)
....
1956: February..
March
April
.
May
June 8
July .
August *
September
*
October 8 3
November _
.
December3 a
1957: January 3„ ~
February
_
March 3
Cumulative totals for first 9 months:
Fiscal year 1956 . .
_. _ _
Fiscal year 1957 3 _ _ _
_ _
__
,-.
--.-
_
43.6
37.7
36.5
47.6
61.4
64.8
64.7
60.4
68.2
70.6
6.2
11. 3
4. 1
5.0
11.6
3.5
5.0
6.2
3.2
4.8
5. 4
4. 8
6. 2
10. 7
47. 4
49. 8
Net budget expenditures
Major
Total
nationall
security
95. 1
76.8
39.5
12. 9
39.6
13.0
44. 1
22.4
65.4
44.0
74.3
50. 4
67.8
46.9
64.6
40.6
66.5
40. 6
68.9
41.0
5.0
3.2
5.4
3.3
5.4
3.2
5.5
3.4
6.9
4,5
5.5
3.0
5.9
3.6
4.9
3.2
6.0
3. 8
5.7
3.5
5.7
3. 6
6. 1
3.8
5.7
3. 6
5. 6
3. 7
48. 7
51. 2
29. 5
31. 6
Budget surplus (+) or
deficit (— )
Public debt
(end of
period) *
-51. 4
-1.8
-3. 1
+ 3.5
-4.0
-9.4
-3. 1
-4.2
+ 1.6
+ 1.7
+ 1.2
+ 5.9
-1.3
4
+ 4.7
-2.1
9
+ 1.3
-2.8
9
-.3
-1.3
+.4
+ 5.2
202.6
252.8
257.4
255.3
259.2
266. 1
271.3
274.4
272.8
270.7
280.2
276.4
275.8
276.8
272.8
272.7
275.6
274.3
275.4
277. 1
276.7
276.3
276.4
275. 1
-1.3
-1. 4
276.4
275. 1
i Revised to include the items classified as "major national security" in The Budget of the United States Government for the Fiscal Year Ending June SO. 1958. These
expenditure items are: Military functions of Defense Department, mutual military program, development and control of atomic energy, stockpiling of strategic and
critical materials, and defense nrodueHoTi fi-rmnsion.
* Include? guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.
3
Preliminary.
rt
T
NOTE—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
*"
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter of 1957, Federal cash receipts exceeded cash payments by $4.8 billion, due primarily to seasonally
high tax receipts. The cash surplus in the first quarter of 1956 was about $7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
EXCESS OF CASH RECEIPTS
(ENLARGED SCALE)
jj
m
jj
EXCESS OF CASH
195I
PAYMENTS
I952
1953
1954
1955
I956-17
1956 -^
CALENDAR Y E A R S "
•^PRELIMir4ARY ESTIMATES.
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
1957 -^
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Cash receipts
from the
public
Calendar yea?
Fiscal year total:
1955
1956
.
Calendar year total:
1952
_ _ _ _ _ _
1953
1954
_
_
1955 l
1956
Quarterly total, not adjusted for seasonal
1955: Third quarter _
Fourth ouartor..... .
_
1956: First quarter .
_
Second quarter..
Third quarter *
Fourth quarter *
1957: First Quarter *_
_
_ _ __
.
variation:
„
_ _ . . .
_ _ _ _ _
_
Cash payments to
the public
Excess of receipts (-f ) or
payments (— )
67, 836
77, 084
70, 538
72, 613
-2, 702
+ 4, 471
71, 839
70, 041
68, 562
71, 448
80, 330
72,
78,
69,
72,
74,
-1,641
— 6, 153
-1,082
-740
+ 5,524
15, 330
14, 067
24, 085
23S 602
17, 139
15, 504
18, 589
17, 837
17, 113
19, 076
18, 280
20, 338
-3, 258
-3, 770
+ 6,972
+ 4,526
-1,140
— 4, 834
24, 621
19, 819
+ 4, 802
980
194
643
188
807
* Preliminary estimates.
NOTS.—Detail will not necessarily add to totals because of rounding.
Sources: Bureau of the Budget and Treasury Department.
32
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