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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
national
sump- domestic foreign
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 Other
Total i security2
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- — ..

Proprietors' income

Rental
income
of
persons

Total
national
income

—-

..
.

...
_

1955: Third quarter
Fourth quarter
1956: First quarter .
Second quarter
Third quarter
Fourth quarter
1957: First quarter
1

...

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.




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
Personal Transfer sonal con- Nonagrisalary distributions cultural
Business income Divi- interest
paybursements
of
for social personal
dends income ments
Farm
and proand other 1
insurincome3
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:
Personal Personal Disposable
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
NoTK."~Hee p. ,.'{ for profits before taxes and after Inventory valuation adjustment.
and
Invon
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
Residential
nonfarm

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

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 -AND OTHER
"COMMERCIAL
^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 Commerutilities cial and
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.
' Commercial and other includes trade, service,finance,communications, and construction.
3
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
Mav
i»j.a,j

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 prolabor
cluding
grams
Total Agricul- Nonagri- Number civilian (thousands %grams as
force l
armed
tural
cultural
labor
of covered
forces) l
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

0

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..
2
March
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

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

D

WHOLESALE AND RETAIL TRADE

I
M

N

{Thousands of wage and salary workers *)
GovernManufacturing
ment
Contract Wholesale
Durable Nondu- Mining construc- and retail (Federal,
Total
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.
_
__
March 2 ..
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
2.50 U M

1957

1 1111111111

1 1 1 1 1 1 1 1 1 M

1955

1 1 1 1 I 1 1

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
_ _
March 3
3
April

COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]
Durable goods
Building
All manufacturing manufacturing Nondurable goods
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

/

^ x
1
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
ery
equipprod- apparel printmetal
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

1 3 . .— . - .
99. , < .
,~
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
loaded
Thousands Percent of distributed (thousands (thousand? (thousands assembled (thousands)
of net
theoretical (millions of
of short
Cars Trucks
Total
of tons)
of cars)
tons
capacity J 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^;

- . « — •*-• A ' i
,. »
,
tI M
l

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 _ _
_ _
March
4
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

i ii ii1 ii iM

1 1 1 1 1 1 1 1 ! I1

1954

0<

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©
InvenInvenInven- New
InvenInvenSales * tories s Sales ' tories a orders i Sales * tories * Sales * tories ' Sales i
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]
Ail
Stems

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. _ _

__

--

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

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.




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

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

Apparel

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

Parity
ratio l

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 >" ...
i
3 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
December
1 957 * January 4 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 ex- credit 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

Composite
index 1

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>

;•; is. r,

10
• hit.ililn pMiil- .

fi't.t.t.

ill.il




f « - | '. I I 1'

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

\l:i'.

!

Durable
goods

i.ll.l

11 f l i t

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 _
.
December a
3
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 *_

Cash payments to
the public

Excess of receipts (-f ) or
payments (— )

67, 836
77, 084

_

.

variation:
„
_ _ . . .
_ _ _ _ _

_

-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

_ _ __

70, 538
72, 613

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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