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86th Congress, 2d Session

- ',.*<•;

•V>v

""" ~

Economic Indicators
MAY

1960

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

GOVERNMENT PRINTING OFFICE
WASHINGTON : 1960

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
JOHN SPARKMAN (Alabama)
RICHARD BOLLING (Missouri)
J. WILLIAM FULBRIGHT (Arkansas)
HALE BOGGS (Louisiana)
JOSEPH C. O'MAHONEY (Wyoming)
HENRY S. REUSS (Wisconsin)
JOHN F. KENNEDY (Massachusetts)
FRANK M. COFFIN (Maine)
PRESCOTT BUSH (Connecticut)
THOMAS B. CURTIS (Missouri)
JOHN MARSHALL BUTLER (Maryland)
CLARENCE E. KILBURN (New York)
JACOB K. JAVITS (New York)
WILLIAM B. WIDNALL (New Jersey)
JOHN W. LEHMAN, Clerk, and Acting Executive Director

COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNIER, Chairman
KARL BRANDT
HENRY C. WALLICH

[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.




Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.

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

Fage

,,

.....

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. 5
Stock Prices

26
27
28
29
50

FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public. •.




31
32

NOTE.—Detail in these tables will not
necessarily add to totals because of rounding.
ill

TOTAL OUTPUT, INCOME,AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that total income and expenditures rose between the fourth quarter of 1959 and the first
quarter of 1960.
[Billions of dollars]
i960

1959

Economic group

Fourth quarter

First quarter

Year

First quarter

Excess
Excess
Excess
of reof reof reEx- ceipts
Ex- ceipts
ExRe- pendRe- pendRe- pend- ceipts
<+)
< )
ceipts itures or ex- ceipts itures ' or+ex- ceipts
itures or expendpendpenditures
itures
itures
(-)
(-)
<-)

Excess
of reExRe- pend- ceipts
(+)
ceipts itures or expenditures
<-)

<+)

Seasonally adjusted annual rates
Consumers:
Disposable personal income. 334.6
Personal consumption ex311. 6
T5 en dit ures

International:
Foreign net transfers by
srovernm en t
Net exports of goods and
services

23.5
49. 5

50.9

51. 5

'20.2
1.5

Excess of transfers ( -f )
or of net exoorts f -"— )

P)
79 2
18. 2

1. 7
_. 9

—.8
2.3

24.4

69. 7

20.5
!

1.5

321 1
23 7

70.0

71. 1

Excess of investment
(— )

345. 4
317. 0

303.9

23.1

Personal net saving (+)
Business:
Gross retained earnings
Gross private domestic investment

340. 8

327.4

P)
1 5

_. 6
2.4

12

«s

2.3

Government (Federal, State,
and local) :
Tax and nontax receipts or
128.7
accruals
Less: Transfers, interest,
34. 1
and subsidies (net)

!125. 2

129. 6

P)

33. 3

35. 7

94.6

91. 9

93. 9

35. 8
(i)

Net receipts
Total government expendi-

131. 7

Purchases

133. 1

134.6

33.3

35. 7

35.8

97.6

of goods

130.7

34. 1

Less: Transfers, interest,
and subsidies (net)

97.4

97. 4

98.8

Surplus (-f) or
deficit (— ) on
income and
product account.
Statistical discrepancy

-3.0
2.3

— 2. 3 i

GROSS NATIONAL PRODUCT.. 479.5 479. 5
i Not available.
Sources: Department of Commerce and Council of Economic Advisers.




-5.5

3. 5

. 2 -4.4

-2

470. 4 470. 4

483.5 483. 5

-4.4

P)
P)

P)

500. 2 500.2

NOTE.—For explanation and use of this arrangement, see Senate Report
No. 1295, Joint Economic Report, pp. 92-93, 99-106, and Economic Rtptrl of the
President, January 1953, Appendix A.

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product rose $16.7 billion (seasonally adjusted annual rate) in the first quarter of 1960 to $500.2
billion/ according to currenfr estimates. All major components except Federal purchases contributed to the rise,
with gross private domestic investment accounting for over one-half of it.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL. RATES

500

500

GROSS NATIONAL PRODUCT

400

PERSONAL CONSUMPTION
EXPENDITURES

300

.

300

.-

200

GOVERNMENT PURCHASES
OF GOODS AND SERVICES

100

100
GROSS PRIVATE DOMESTIC
INVESTMENT

NET EXPORTS OF GOODS
AND SERVICES

I

1954

1955

1956

1957

1958

1959

SOURCE: DEPARTMENT OF COMMERCE.!

1930
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
Personal
Government purchases of goods and services
Net
Gross
gross
Total
conprivate exports
Federal
national gross
sumpState
Period
goods
product national
tion domestic of and
and
Total
J National
invest2
Other
in 1959 product expendTotal defense
local
ment services
itures
prices
1949
13.6
17.9
22. 2
8.9
258. 1
181. 2
40. 2
3. 8
328. 2
33. 0
1950
5.2
19.7
284.6
195.0
14.3
356. 2
19.3
39.0
50.0
.6
1951
5.2
21. 7
329.0
33.9
385.0
209. 8
38.8
2.4
60.5
56.3
1952 .
23.2
6.7
46. 4
347.0
219.8
52.9
399.0
76. 0
1. 3
49.9
_. 4
1953..
49.3
249
365. 4
232.6
82. 8
9.0
417. 1
58.0
50.3
41.2
1954.
6.7
27.7
363. 1
238.0
75. 3
47.5
1. 0
408. 8
48.9
1955..
39. 1
6.6
30.3
397.5
256. 9
441.5
75. 6
45. 3
1. 1
63.8
33.2
1956 .
40. 4
419. 2
269. 9
45. 7
5.7
450. 9
2.9
79. 0
67.4
1957
442. 5
44 3
284. 8
5. 5
36. 8
86. 2
49. 4
458. 9
49
66. 6
441. 7
1958
52. 2
44 5
448.6
8. 1
40. 5
293. 0
1.2
92. 6
54. 9
1959
311.6
479.5
479.5
97.6
53. 5
45.8
8.1
44.1
71.1
8
Seasonally adjusted annual rates
1958: Third quarter
444. 0
294. 4
44 5
1.6
8.9
40.8
450. 9
54 2
93. 8
53. 1
2
Fourth quarter
457. 1
42.2
462.2
299. 1
54 2
61. 3
96. 5
45. 3
9. 4
473. 3
1959: First quarter. ...
303.9
470. 4
70. 0
97. 4
53.8
45. 8
8.3
43.6
—.9
486. 1
8.0
Second quarter
53.9
46. 2
484.8
311. 2
77.7
97.7
43.8
-1.8
477.3
Third quarter
478.6
313.3
45.9
8. 1
448
.0
98. 4
53. 6
67.0
480. 2
Fourth quarter
317. 0
483. 5
45.3
7.8
44.7
-.6
52.7
69.7
97.4
1960: First quarter
. 494. 3
500.2
321. 1
79.2
1.2
98.8
52.3
7.8
46.5
44.8
»Less Government sales.

»These expenditures correspond closely with the "major national security"
category in The Budget oj the United States Government for the Fiscal Year Ending
June SO, 1961, shown on p. 31 of Economic Indicators.




Source: Department of Commerce.

NATIONAL INCOME
Compensation of employees (seasonally adjusted) increased in the first quarter of 1960.
corporate income also rose except farm income.

Ail other forms of non-

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL NATIONAL INCOME

300

300

COMPENSATION OF EMPLOYEES

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

IOO

PROPRIETORS' AND
RENTAL INCOME

I954

IOO

I960

I955

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONO.'AIC ADVISERS

[Billion? of dollars]
Proprietors' income
Business
and professional

Total
national
income

Compensation
of employees *

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

217. 7
241.9
279. 3
292. 2
305. 6
301. 8
330. 2
350. 8
366. 5
366. 2
398. 5

140.8
154.2
180.3
195.0
208. 8
207.6
223. 9
242. 5
255.5
256. 8
277. 4

12. 9
14. 0
16.3
15.3
13.3
12.7
11.8
11. 6
11.8
14. 2
11. 8

1958: Third quarter
Fourth quarter
1959: First quarter.
Second quarter.. .
Third quarter
Fourth quarter. .
1960: First quarter .

369. 5
380. 4
389. 4
403.9
398. 2
402.6
(2)

258. 5
262.9
269. 9
278. 9
279.3
281.6
290. 1

14.2
14. 1
13.2
12. 1
10.3
11.6
10. 8

Period

Farm

Rental
income
of
persons

22. 7
23. 5
26. 0
26.9
27.4
27.8
30. 4
32. 1
32.7
32. 4
34. 5

8.3
9.0
9. 4
10. 2
10. 5
10. 9
10. 7
10. 9
11. 5
11. 8
12. 0

Net
interest
4.8
5.5
6.3
7. 1
8.2
9.1
10. 4
11.7
13. 3
143
15.6

Corporate profits and inventory valuation adjustment
Total

Profits Inventory
valuation
before
taxes adjustment

28. 2
35. 7
41. 0
37.7
37.3
33.7
43. 1
42. 0
41. 7
36. 7
47.2

26. 4
40. 6
42. 2
36.7
38. 3
341
44 9
44 7
43. 3
37. 1
47. 8

38.0
43. 5
45. 5
51. 0
46.0
46. 2
(2)

38.3
44 6
46. 5
52. 6
46.4
45.7
(2)

1.9
-5.0
-1. 2
1.0
i n

-.3
-1. 7
2 7

-1. 5
4

— '. 6

Seasonally adjusted annual rates

i Includes employer contributions for soe»al insurance.
* Not available.
Source: Department of Commerce.




<See also p. 4.)

32. 6
33. 2
33. 7
34 5
34.8
35. 1
35.4

11.9
11.9
12.0
12. 0
12.0
12.0
12. 2

14 4
147
15. 1
15. 4
15. 8
16.1
16.4

-0 3
-1. 1
-.9
-1.6
-.3
.5
(2)

SOURCES OF PERSONAL INCpME
Personal income at an annual rate of $397.4 billion (seasonally adjusted) in April was $3.4 billion above the revised
March rate. Labor income accounted (or $2.0 billion of the increase/ proprietors' and personal interest income and
transfer payments also contributed to the gain.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

400

350

350

300

250

200

200

i960
SOURCE: DEWRTMENT OF COMMERCE

Total
personal
income

Period
1951..
1952
1953..
1954..
1955
1956
1957
1958
1959

.

256. 7
273. 1
288.3
289.8
310.2
332. 9
350.6
359.0
380. 2

1959: Marcn
April.....
May
JuneJuly
August
September.
October
November.
December.
1960: January
February..
March .
April 3

375.4
379.0
381.3
383.8
383.4
380.0
380.9
382. 6
387.0
392.1
392. 8
393.0
3940
397.4

1
Compensation of employees (see p. 3) excluding employer contributions for
social insurance and the excess of wage accruals over disbursements.
1
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.




COUNCIL OP ECONOMIC "ADVISERS

[Billions of dollars]
Labor income Proprietors' income
Less: Per(wage and
Rental
sonal consalary disincome Divi- Personal Transfer tributions
Business
payinterest
bursements
of
and pro- persons dends income ments for social
and other 1 Farm
insurfessional
labor income)
ance
16.3
26.0
175.5
9.4
3.4
11.2
9.0
12.6
190.2
15.3
26.9
10.2
12. 1
13.2
9.0
3.8
204.1
13.3
27.4
10. 5
9.2
3.9
13.4
143
12.7
27.8
202.5
10. 9
16.2
4.6
9.8
14 6
11.8
30.4
5.2
218.0
10. 7
11. 2
15.8
17.5
11.6
32.1
235.7
10. 9
12.1
17.5
18.8
5.8
247.7
11.8
32.7
6.7
19. 5
11.5
21.7
12.5
14.2
32.4
248.7
7.0
12. 4
20. 4
26. 1
11.8
11.8
12.0
8.3
267.8
34. 5
13.2
26.8
22.4
Seasonally adjusted annual rates
263.8
12.9
34.0
8.2
21. 6
26.6
12.0
12.8
267.2
12.2
34.3
8.3
26.9
12.0
21.8
12.9
269.7
12.0
34 5
22.0
26. 4
8.3
12.0
13.0
271.7
12.1
347
22. 2
26.4
a4
12.0
13. 1
11.4
8.4
349
271.6
22. 4
26.3
12.0
13.2
10.0
349
8.4
26a9
22.7
12.0
13.4
26.5
269.4
9. 6
27.0
8.4
348
12.0
23.0
13.5
269. 4
10.5
35. 0
12. 0
a4
23.3
27. 2
13.6
11.6
35. 1
28.0
271.4
23.5
8.4
12.0
13.7
12.6
35.2
275.7
8.5
12.0
23.8
27.7
13.5
11.6
9.7
35.4
278.5
27.2
12.1
13.6
241
279.2
10.7
35.4
9.7
27.3
12. 2
13. 6
243
10.3
9.8
279.8
27.9
12. 2
24 6
35.4
13.6
28.2
9.8
281.8
10.9
35.6
12.2
249
13.6
* Preliminary estimates.
Source: Department of Commerce.

Nonagricultural
personal
income *
237. 0
2543
271.5
273. 8
295.0
317.9
335.2
341.1
3644

35as

362.7
365.3
367.8
368.2
366.3
367.5

sea i

371.5
375.4
377. 1
378.2
379.5
382.3

DISPOSITION OF PERSONAL INCOME
Disposable personal income rose $4.6 billion (seasonally adjusted annual rate) between the fourth quarter of 1959
and the first quarter of 1960, according to current estimates. Total consumption expenditures also rose, but by a
slightly smaller amount than income.
BILLIONS OF DOLLARS
400

BILLIONS OF DOLLARS
400

DISPOSABLE PERSONAL: INCOME
300 —

300

200

200

100 -

100

0 1

t

I
t
1954

SOURCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC ADVISERS

Equals:
Personal Less: Disposable
income Personal
taxes * personal
income

Period

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

>
.

1958: Third quarter
Fourth quarter
1959: First quarter
Second quarter.
Third quarter ..
Fourth quarter..
1960: First quarter

- -

208. 3
228. 5
256. 7
273. 1
288. 3
289. 8
310. 2
332. 9
350. 6
359. 0
380. 2

18.7
20. 8
29. 2
34. 4
35. 8
32.9
35.7
40.0
42.7
42. 6
45. 5

363. 4
366.3
371.8
381. 1
381.0
386. 8
393. 1

42. 9
43. 4
44 4
45. 8
45.9
46. 1
47. 7

»Includes such items as fines, penalties, and donations.
55577°—60-




Less: Personal consumption
expenditures
Total

Saving
Equals: as percent
of disPersonal
saving
posable
Durable Nongoods durable Services
income
goods

Billions of dollars
189. 7
181. 2
24 6
96.6
207. 7
195. 0
30.4
99.8
227. 5
209. 8
110. 1
29. 5
219. 8
23& 7
29. 1
115. 1
232. 6
252. 5
32.9
118. 0
256. 9
32. 4
238. 0
119.3
274 4
256. 9
124 8
39.6
292. 9
269. 9
38.5
131. 4
307.9
2848
40.3
137.7
316.5
293. 0
141. 9
37.6
334.6
311.6
43.0
147.9
Seasonally adjusted annual rates
320. 4
294 4
37. 1
143. 1
322. 9
299. 1
39.8
143.6
327.4
303. 9
41. 3
145. 3
311.2
335. 3
147.7
44 1
313.3
335. 1
43.6
148. 0
340.8
317. 0
150. 1
42.8
345. 4
321. 1
43.7
151. 1
Source: Department of Commerce.

60.0
649
70. 2
75.6
81.8
86.3
92. 5
100. 0
106. 7
113. 4
120.7

8.5
12.6
17.7
18.9
19.8
18.9
17.5
23.0
23. 1
23. 5
23. 1

45
6. 1
7.8
7.9
7.8
7.4
6. 4
7.9
7.5
7. 4
6.9

114 2
115. 7
117. 4
119. 4
121.6
124 1
126. 3

26.0
23.7
23.5
24 1
21.9
23. 7
24 4

8.1
7.3
7.2
7.2
6.5
7.0
7. 1

PER CAPITA DISPOSABLE INCOME
Per capita disposable income, measured in both current and constant prices, increased in the first quarter of 1960.

DOLLARS
2,200

DOLLARS
~~~~~] 2,200

SEASONALLY ADJUSTED ANNUAL RATES

2,000

2,000
PER CAPITA
DISPOSABLE PERSONAL INCOME
IN 1959 PRICES -^

1,800

1,800

1,600

1,600

1,400

1,400

1960

1954
-^SEE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE, AND COUNCIL OF ECONOMIC ADVISERS. .

COUNCIL OF ECONOMIC ADVISERS

Total disposable personal
income (billions of dollars)1
Period

1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959

1959
prices 2

Current
prices

._

189.7
207. 7
227. 5
238. 7
252. 5
256.9
274.4
292.9
307.9
316. 5
334.6

231. 3
249.6
256.5
263. 5
276.0
278.0
296.0
310.3
316.8
319.7
334.6

Per capita disposable personal income (dollars)1
Current
prices

1,272
1,369
1,474
1, 520
1,582
1,582
1,660
1, 742
1,799
1, 818
1,891

1959
prices 2

Population
(thousands) 3

1,551
1,645
1,662
1,678
1,729
1,712
1,791
1,845
1,851
1, 836
1, 891

149, 188
151, 683
154, 360
157, 028
159, 636
162, 417
165, 270
168, 176
171, 198
174, 054
176, 947

1,857
1,858
1,872
1,905
1,885
1,903
1,913

174, 450
175, 242
175, 926
176, 599
177, 358
178, 144
178, 794

Seasonally adjusted annual rates
1958: Third quarter
Fourth quarter
1959: First quarter
Second quarter
Third quarter
Fourth quarter
1960: First quarter

'.

»Income less taxes.
1
Dollar estimates in current prices divided by the implicit deflator for personal consumption expenditures on a 1059 base.
' Population of tbe United States, excluding Alaska and Hawaii; includes

6



320.4
322.9
327.4
335.3
335. 1
340.8
345.4

3240
325. 5
329.4
336.3
3344
339. 1
342. 0

1,837
1,843
1,861
1,899
1,889
1,913
1, 932

armed forces abroad. Annual data as of July 1; quarterly data centered in the
middle of the period, interpolated from monthly figures.
Sources: Department of Commerce and Council of Economic Advisers.

FARM INCOME
In the first quarter of I960, farm operators1 net income (seasonally adjusted and including net change in inventories)
changed little from the level established in the second half of 1959.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

40

REALIZED GROSS
FARM INCOME-"

NET FARM INCOME
(INCL. NET CHANGE
IN INVENTORIES)-^ ,

10

l

1954

1955

1956

-^INCOME OF FARM OPERATORS FROM FARMING.
SOURCE". DEPARTMENT OF AGRICULTURE.

Period

Realized
gross farm
income l

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

31. 8
32.5
37.3
37. 0
35.3
33.9
33.3
34.6
34.4
38.3
37.0

1958: Third quarter
Fourth quarter
1959: First quarter.,
Second quarter
Third quarter
Fourth quarter
1960: First quarter

38. 4
38. 5
38.1
37.3
35.6
36. 9
36.5

1958

1959

I960

COUNCIL OF ECONOMIC ADVISERS

Farm operators' income
Net income 2
Net income per farm including net change in
Farm proExcluding
Including
inventories
duction
net change net change
expenses
in invenin invenCurrent
1959
tories
tories
prices
prices 3
Billions of dollars
Dollars
18.0
13.8
12. 9
2,259
2,689
19.3
13. 2
14.0
2,479
2,916
22. 2
15. 2
16. 3
2,951
3, 173
22.6
14. 4
15. 3
2, 829
3,010
21.4
13.9
13. 3
2,502
2,690
21.7
12. 2
12.7
2, 440
2,624
21. 9
11.5
11.8
2, 313
2,487
22. 6
12. 0
11.6
2, 338
2,461
23.4
11. 0
11.8
2, 426
2,476
25. 2
13. 1
14.2
2, 990
3,020
26.0
11.0
11.8
2,547
2,547
Seasonally adjusted annual rates
25. 2
13. 2
14.2
2,990
3, 020
25.3
13. 2
14 1
2, 970
3,000
25.9
12. 2
13.2
2, 840
2,870
26. 1
11.2
12. 1
2,600
2, 600
26. 1
9.5
10. 3
2, 220
2,220
26. 0
10. 9
11. 6
2, 500
2,480
26. 2
10.3
10. 8
2, 380
2, 380

»Gash receipts from farm marketings, value of farm products consumed in
farm households, gross rental value of farm dwellings, and Government payments
to2farmers.
Realized gross farm income less farm production expenses. Excludes farm
wages paid to workers living on farms and any income to farm people from
nonfarm sources, which in 1959 amounted to $1^8 billion and $6.7 billion,
respectively.




1957

/

Number of
farms
(millions) *
5.7
5.6
5.5
5.4
5.3
5.2
5.1
5.0
4.9
4.7
4. 6
4.7
47
46
46
46
46
45

3 Dollar estimates in current prices divided by the index of prices paid by
farmers for items used in family living on a 1959 base.
4
:
The number of farms is held constant within a given year.
Source: Department of Agriculture.

CORPORATE PROFITS
Corporate profits before taxes in the fourth quarter of 1959 were $45.7 billion (seasonally adjusted annual rate).
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1958

1953
b NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.

1959
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE.

[Billions of dollars]
Corporate
profits
before taxes

Period

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

_
_
.

26.4
40. 6
42. 2
36.7
38.3
34. 1
44. 9
44.7
43.3
37. 1
47.8

_.

_

Corporate
tax
liability

_
_

Corporate profits after taxes
Total

Dividend
payments

16.0
22.8
19.7
17.2
18. 1
16. 8
23.0
23. 5
22. 2
18. 9
24. 5

10. 4
17.9
22. 4
19. 5
20.2
17.2
21.8
21. 2
21. 1
18. 2
23. 3

Undistributed
profits
8.5
13.6
10.7
8.3
8.9
7.0
11.8
11. 3
9.7
6. 5
11.3

7.5
9.2
9.0
9.0
9.2
9.8
11.2
12. 1
12. 5
12. 4
13.2

Seasonally adjusted annual rates
1958: First quarter
Second quarter
Third quarter
Fourth quarter
1959: First quarter
Second quarter
Third quarter
Fourth quarter
1960: First quarter
1

.

- ..

.

_

32.0
33. 6
38. 3
44. 6
46. 5
52. 6
46. 4
45. 7

-

_.

.
..

0)

Not available.
NOTE.—flee p. 3 for profits before taxes and after inventory valuation adjustment.

8



15.7
16. 5
18.8
21. 9
22. 6
25. 6
22. 6
22.2
0)

16. 3
17. 1
19. 5
22. 7
23. 8
27. 0
23. 8
23.4

C1)
Source: Department of Commerce.

12. 7
12. 6
12. 6
12.0
12, 8
13.0
13.4
13.6
13. 6

3.6
4.5
6.9
10.7
11.1
14 0
10. 4
9.8

0)

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment increased $9.5 billion (seasonally adjusted annual rate) between the fourth quarter
of 1959 and the first quarter of 1960. Inventory accumulation accounted for most of the rise.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

80

80

GROSS PRIVATE
DOMESTIC INVESTMENT

VV
/ \

\

S*

60

f

A
^

/

>

60

-^

T

NEW CONSTRlJCTION

40

40

\ j
...........
•«'"••...,,„.„„.„..,„,„„

20

PRODUCERS
DURABLE EQUIP!i^ENT

„„„...,. .. ,..,tttiii
, . ..,..„.

««».••» iit«»

' ••
'
^ • W,,,.^,,,.!"
,,,,. .,,.!.
.. I * 1
.M* 1 *

20
CHANGE IN BUSINESS

-Ax/

INVENTORIES

0

i • 1
1
1954.

-20

1

1

1955

r

I

i

i

i

1

\

\

1

1957

1956

I

1

i

1

1958

i

i

;
0

1

1

1

-20

I960

1959

SOU!RCE: DEPARTMENT OF COMMERCE.

COUNCIL OF ECONOMIC AlOVISERS

[Billions of dollars)
Total
gross
private
domestic
investment

Period

1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959

...
„

.

.

...

. .

.
_

.

33.0
50.0
56.3
49.9
50.3
48.9
63.8
67. 4
66. 6
54. 9
71. 1

Change in business
inventories

Fixed investment
New construction l
Total

36.0
43. 2
46. 1
46. 8
49.9
50.5
58. 1
62.7
64. 6
58. 7
66.3

Total

18.8
24.2
24.8
25.5
27.6
29.7
34.9
35. 5
36. 1
35. 8
40. 2

Residential
nonfarm

Other

9.6
14. 1
12.5
12.8
13.8
15.4
18.7
17.7
17.0
18.0
22. 2

Producers'
durable
equipment

9.2
10. 1
12.3
12.7
13.8
14.3
16.2
17. 8
19.0
17.7
18.0

Total

Nonfarm

17.2
18.9
21.3
21.3
22.3
20. 8
23. 1
27.2
28.5
22.9
26. 1

—3. 1
6.8
10. 2
3. 1
.4
-1.6
5. 8
4.7
2.0
— 3. 8
48

-2.2
6.0
9.1
2.1
LI
-2.1
5.5
5. 1
1.2
—4.9
3.9

22. 2
23.2
23.9
26.0
27.0
27.5
28. 1

-3.4
.8
6.3
10.7
— 1.0
3.0
10.6

-45
—. 1
5.4
9.8
-1.8
2.3
10. 1

Seasonally adjusted annual rates
1958: Third quarter
Fourth quarter
1959 : First quarter
Second quarter.
Third quarter
Fourth quarter
1960: First quarter

„..

54. 2
61. 3
70.0
77.7
67. 0
69. 7
79. 2

57.6
60. 5
63. 6
67.0
68.0
66. 7
68. 5

35. 4
37. 3
39.7
41. 0
41. 0
39.2
40.4

1
"Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.




18.0
19.9
21. 9
23. 1
22. 6
21. 3
21. 3

17.4
17.4
17.8
17. 9
18. 3
17.9
19. 1

Source: Department of Commerce.

9

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The January-February survey of business expenditures on plant and equipment anticipates rising outlays during 1960,
exceeding 1959 by 14 percent. The most substantial increase—25 percent—is scheduled by manufacturing firms.
Second quarter expectations for total expenditures are about 5 percent above first quarter estimates.

BILLIONS OF DOLLARS

BILLIONS Of DOLLARS

^MANUFACTURING

10

I960

1954

J/ SEE NOTE 3 ON TABLE BELOW.

tcoyNai- OF -ecoNOMS -ADVISERS.

SOURCES: SECURITIES AND EXCHANGE COMMISSION. AND DEPARTMENT OF COMMERCE.

[Billions of dollars]
M anuf acturing
Period

1950
1951
1952
1953
J954
1955
1956 . .
1957
1958
1959
19603

Total »

1958: Third quarter
Fourth quarter
1959: First quarter.
Second quarter
Third quarter
Fourth quarter
1960: First quarter 3 3
Second quarter

Total

20. 60
25. 64
26. 49
28.32
26.83
28.70
35.08
36.96
30. 53
32.54
37. 02

_
.

.

7.49
10.85
1.1. 63
11. 91
11. 04
11. 44
14.95
15.96
11. 43
12.07
15. 13

29. 61
29. 97
30. 62
32. 51
33. 35
33.58
35. 32
36. 91

10. 8(5
10.58
11.20
11. 80
12. 25
12.87
13.89
14. 57

Durable NonduraRailroads Other
goods
ble goods
3.14
436
1.21
0. 71
1. 11
5. 17
5. 68
. 93
1.47
1. 49
5.61
6.02
. 98
1. 40
1. 50
5.65
6. 26
.99
1.31
1. 56
5.09
5.95
.98
.85
1. 51
.92
5. 44
6. 00
.96
1. 60
7.62
1. 24
1. 23
7. 33
1.71
8. 02
7. 94
1. 24
1. 40
1.77
. 94
5.47
1.50
5.96
. 75
5.77
6. 29
. 99
. 92
2. 02
7. 66
1. 02
1. 00
2. 14
7.47
Seasonally adjusted annual rates
5. 16
1. 29
0. 63
5. 70
0. 88
1.62
4. 86
5. 72
. 58
. 97
5.26
1. 71
5. 94
. 95
. 63
1.00
5. 74
2.08
6.06
. 94
6.42
2. 17
5.83
1.01
1.28
6. 16
2. 15
6. 71
1. 04
.85
6. 88
.99
2. 26
7. 01
.96
7.34
7. 23
1.01
2. 43
1. 13

1
3 Excludes agriculture.
Commercial and other includes trade, service finance, communications and
construction.
3
Estimates based on anticipated capital expenditures as reported by business
in late January and February I960. Includes adjustments, when necessary, for
systematic tendencies in anticipatory data.

10



Transportation
Mining

Public
utilities

Commercial and
other 2

3.31
3.66
3. 89
4. 55
4.22
4. 31
4 90
6. 20
6.09
5. 67
6.07

6.78
7. 24
7.09
8.00
8.23
9. 47
11.05
10. 40
9.81
10.88
11. 66

6. 10
6. 26
5. 80
5. 82
5. 58
5. 48
5.80
6.02

9. 85
9.96
10.33
10. 87
11.06
11. 19
11. 42
11.75

NOTE.—Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Total employment increased by 1.9 million and unemployment dropped by 550,000 in April with better weather
and the resumption of outdoor activities. The seasonally adjusted unemployment rate fell to 5.0 percent of the labor
force.
MILLIONS OF PERSONS-*/
80

MILLIONS OF-PERSONS-!/
1 80

75

70

75

TOTAL LABOR FORCE

CIVILIAN LABOR FORCE

70

I

65

65

60

60

10

10

AGRICULTURAL EMPLOYMENT *

7
UNEMPLOYMENT^

S^^*

I
1954

I1
1958

I i

1955

1956

1957

I

1959

I960

• 14 YEARS OF AGE AMD OVER.
SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

Total
Insured unemployment 2
Civilian employment
Unemployment
labor
% of civilian All proState proforce (in- Civilian
labor
grams
cluding
Total Agricul- N onagri- Number labor force (thousands %grams as
force l
of covered
tural
cultural
armed
Unad- Seas,
3
forces) l
justed adj. of persons) employment
Thousands of persons 14 years of age and over
l

Period

New definitions:

l

l

1953
1954
1955
1956
1957
1958
- . ..
1959
1959: March _ __
April
May
June
July
August
September
October
November
December
1960: January
February
March
April

67, 362
67, 818
68, 896
70, 387
70, 744
71, 284
71, 946
70, 768
71, 210
71, 955
73, 862
73, 875
73, 204
72, 109
72, 629
71, 839
71, 808
70, 689
70, 970
70, 993
72, 331

63, 815
64, 468
65, 848
67, 530
67, 946
68, 647
69, 394
68, 189
68, 639
69, 405
71, 324
71, 338
70, 667
69, 577
70, 103
69, 310
69, 276
68, 168
68, 449
68, 473
69.819

61, 945
60, 890
62, 944
64, 708
65, Oil
63, 966
65, 581
63, 828
65, 012
66,016
67, 342
67, 594
67, 241
66, 347
66, 831
65, 640
65, 699
64, 020
64, 520
64, 267
66, 159

6, 555
6,495
6, 718
6. 572
6, 222
5,844
5,836
5, 203
5, 848
6, 408
7, 231
6,825
6,357
6,242
6, 124
5, 601
4, 811
4, 611
4, 619
4, 565
5. 393

1 See Employment and Earnings, Department of Labor, for definitions, methods
of 2estimation, periods to which data pertain, etc.
Weekly averages. Beginning January 1959, includes Alaska and Hawaii.
3 Includes program for Federal employees for 1955-June 1959.




55, 390
54, 395
56, 225
58, 135
58, 789
58, 122
59, 745
58, 625
59, 163
59, 608
60, 111
60, 769
60, 884
60, 105
60, 707
60, 040
60, 888
59, 409
59, 901
59, 702
60, 765

1,870
3, 578
2, 904
2,822
2, 936
4, 681
3,813
4,362
3,627
3,389
3, 982
3, 744
3, 426
3, 230
3,272
3, 670
3,577
4, 149
3,931
4,206
3,660

2. 9
5.6
4.4
4.2
4.3
6.8
5. 5
6. 4
5. 3
4. 9
5.6
5.2
4. 8
4.6
4.7
5.3
5. 2
6. 1
5.7
6. 1
5.2

5, 7
5.1
4,9
5.1
o. I
5.4
5. 6
6. 0
6.9
5. 5
5.2
4.8

5.4
5. 0

1,058
2. 039
i; 388
1, 312
1, 560
2, 758
1, 856
2, 282
1, 936
1,593
1, 414
1, 477
1, 451
1,370
1, 479
1, 853
2,008
2,359
2, 326
2,370
4
2, 078

2.8
5.2
3.4
3. 1
3. 5
6. 1
44
5.3
4.5
3.8
3.4
3.5
3.4
3. 1
3. 4
4.4
4.8
5.6
5. 5
5. 7
4
4. 9

* Preliminary estimate.
NOTE.—Beginning January 19GO, labor force data include Alaska and Hawaii.
Sources: Department of Labor and Council of Economic Advisers.

11

NONAGRICULTURAL EMPLOYMENT
Total employment in nonagricultural establishments, seasonally adjusted, increased by 314,000 in April.
MIL LIONS OF WAGE
AND SALARY WORKERS *
56
ALL NONAGRICULTURAL ESTABLISHMENTS
54

MILLIONS OF WAGE
AND SALARY WORKERS *

50
48

j M H n i ii

I 1 1 I I JII M I

1957

44

1958

l I I l I I l l 1I l
1959

I960

I960

1957

12.0

3.5

CONTRACT CONSTRUCTION
(ENLARGED SCALE)

WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)

3.0

11.5

2.5

II.0

2.0

10.5

10.0

1.5

1957

1958

1959

I960

^SEASONALLY ADJUSTED DATA, EXCLUDING ALASKA AND HAWAII.
SOURCE: DEPARTMENT OF LABOR.

1957

1958

1959

I960

COUNCIL Of ECONOMIC ADVISERS

[Thousands of wage and salary workers *)
Total,
Private nonmanufacturing
Manufacturing
Total
Total
unadincluding excluding
justed,
Period
Contract
Alaska
excluding Alaska
Durable Nondura- Total2 construc- Wholesale
and
and
and retail
Total
goods
Alaska and Hawaii
ble goods
tion
Hawaii
trade
Hawaii
2,622
10, 527
1953
10, 105
7, 133 25, 798
49, 681
17, 238
49, 681
9, 122
2,593
1954
6, 873 25, 685
10, 520
48, 431
15, 995
48, 431
2,759
9,549
1955
_.. 50, 056
7, 014 26, 579
10, 846
50, 056
16, 563
9,835
2,929
11, 221
1956
51, 766
51, 766
7,068 27, 586
16, 903
9,821
11, 302
52, 162
2,808
1957
16, 782
6,961 27, 754
52, 162
2, 648
11, 141
8,743
6,725 27, 182
50, 543
1958
50, 548
15, 468
19593___
2, 764
51, 952
9, 280
11, 379
52, 182
6, 876 27, 670
16, 156
51, 952
Seasonally adjusted
9, 192
2,719
1959: March
6, 814 27, 394
11, 263
50, 87S
51, 456
16, 006
2, 829
9,319
11,333
16, 182
6,863 27, 631
April
51, 430
51, 887
9,462
2, 787
11, 363
52, 125
6,910 27, 674
16, 372
May
51, 982
2,799
9,573
6,954 27, 804
11, 425
52, 407
16, 527
52, 580
June
2,800
9,635
11,465
52, 558
6,945 27, 895
July
16, 580
52, S43
2,814
52, 023
9,094
11, 529
6,943 27, 855
16, 037
August
52, 066
6,927 27, 792
2,776
11, 464
52, 154
9,214
16, 141
September- 52, 648
2,762
52, 002
9, 129
6,893 27, 763
11,478
16, 022
October .
52, 569
2, 792
11, 452
52, 253
9,266
6, 908 27, 846
52, 479
16, 174
November. 52, 793
9,542
2, 800
11, 486
6,894 27, 931
52, 674
52, 902
16, 436
December. 53, 756
6,907 28, 028
2,775
11, 594
52,880
16, 562
9,655
1960: January. _- 52, 078
53, 108
52, 972
2,781
11,627
9, 667
6,900 28, 090
February.. 52, 060
53, 201
16, 567
3
2,594
9,602
11, 584
6, 910 27, 797
52, 803
52, 150
16, 512
March 3
52, 964
2,756
11,571
6,976 28,015
53, 044
16, 512
9,536
April .... 52, 760
53, 278
i Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they

12



Government
(Federal,
State,
local)
6,645
6,751
6,914
7,277
7,626
7, 893
8,126
8,056
8,074
8,079
8,076
8,083
8, 131
8,221
8,217
8,233
8,307
8,290
8,315
8,494
8, 517

are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
* Includes mining; transportation and public utilities; finance, Insurance, and
real estate; and service and miscellaneous, not shown separately.
«Preliminary estimates.
Source: Department of Labor

AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of production workers in manufacturing industries declined 0.3 hours in April to 39.4 hours,
slightly more than is usual at this time of year.
HOURS PER WEEK
46

HOURS PER WEEK
46

NONDURABLE MANUFACTURING

DURABLE MANUFACTURING

40
38

38

36

36

34

34

1957

I960

1959

44

RETAIL TRADE
42

32

32

30
1957

1958

1958

1959

SOURCE: DEPARTMENT OF LABOR

I960

COUNOL OFICONOMIC ADVISERS

[Hours per week, for production workers or nonsupervisory employees]
Manufacturing r
Period

1950
.
1951
1952...
_
1953
1954
1955
_
1956
1957
1958
1959*
1959: March
April
May
June
July
_
August..
September
October .. November
December
1960: January
February
March1
April i
»Preliminary estimates.
* Not available.
55577°—60




Durable
goods

Total

_
_

.

..

40. 5
40. 7
40. 7
40. 5
39. 7
40. 7
40. 4
39. 8
39. 2
40. 3
40. 2
40. 3
40. 5
40. 7
40. 2
40. 5
40. 3
40. 3
39.9
40. 6
40. 3
39. 8
39.7
39. 4

41 2
41 6
41 5
41 3
40 2
41 4
41 1
40 3
39. 5
40 7
40 8
40. 9
41. 1
41 4
40 5
40 8
40 8
40 9
40. 1
41. 1
41 0
40. 4
40. 3
40.0

Building
Nondurable construction
goods

39 7
39 5
39 g
39 5
39 o
39 8
39 5
39 1
38 8
39 7
39 5
39 5
39 7
39 8
39 8
40 1
39 8
39 5
39 6
39 8
39 4
39 0
38 8
38.5

Retail
trade
"D

4-

36 3
37 2
18 1
37 0
36 2
36 2
36 4
36 1
35 7
35 9
l*i n
36 1
36 4
36 8
36 3
36 9
l*i 8
Ifi ft
34 8
36 1

4ft
4ft
1Q
on
on
1Q

^
9
Q
o
I
ft

OQ

C

OQ

1

38 1
qo i
9.7 Q

37 9
37 9
QQ q

q<2 O

qc «
qo i
17 7

37 5
1R 9
q7 A
17 4.
17 *»

14- fi

(2)

*1

34 3
34 1
(2)

NOTE.—Data exclude Alaska and Hawaii.
Source: Department of Labor.

13

AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing industries dropped one cent in April to $2.28,
reflecting reduced overtime.
DOLLARS PER HOUR

DOLLARS PER HOUR

2.60

2.40

3.£0

2.20

3.00

-

2.00 U

1957

1960

NONDURABLE MANUFACTURING

1.80

^CURRENT PRICES

i ili

1957
SOURCEi

1.40

1959

1958

I960

I960

COUNCIL OF ECONOMIC ADVISERS

DEPARTMENT OF LABOR.

[For production workers or nonsupervisory employees]
Building
All manufacturing Durable goods Nondurable goods
manufacturing
manufacturing
construction
Current
Current
1959
1959
1959 Current 1959 1 Current
prices prices 1 prices prices l
prices prices
prices prices 1

Period

1950
1951
1952
1953
.. .
1954
1955
1956
1957
1958
19592
1959: March
April

May
June
July
August
September October
November
December
1960: January.
FebruaryMarch 2
April2

_
.

$1. 465
1.59
1.67
1.77
1.81
1.88
1.98
2.07
2. 13
2.22
2.22
2.23
2.23
2. 24
2. 23
2. 19
2. 22
2. 21
2.23
2.27
2.29
2. 29
2. 29
2.28

$1. 776
1. 78
1.83
1.93
1.97
2.05
2. 12
2. 15
2. 15
2.22
2.24
2.24
2.24
2.24
2. 23
2. 19
2.21
2. 19
2.21
2.25
2.28
2.27
2.27

$1. 537
1. 67
1. 77
1. 87
1. 92
2.01
2. 10
2. 20
2. 28
2.38
2. 38
2.39
2.40
2.40
2.39
2.35
2.37
2.36
2.38
2.43
2. 46
2. 45
2. 45
2. 44

i Earnings in current prices divided by consumer price index on a 1959 base.
Preliminary estimates.
Not available.

9
a

14



$1. 863
1.87
1.94
2.04
2.08
2. 19
2.25
2.28
2.30
2.38
2.40
2.40
2.41
2. 40
2. 39
2.35
2.36
2.34
2.36
2.41
2. 45
2.43
2. 43

$1. 378
1.48
1.54
1.61
1.66
1.71
1.80
1. 88
1.94
2.01
2.00
2.00
2.00
2.00
2. 01
2.00
2.03
2.02
2.03
2.04
2. 05
2.05
2. 06
2.06

$1 670
1 66
1 69
1 75
1 80
1 86
1 93
1 95
1 96
2.01
2.01
2.01
2.01
2.00
2.01
2.00
2.02
2.01
2.01
2.03
2.04
2.03
2.04

$2.031
2. 19
2. 31
2.48
2.60
2.66
2. 80
2.96
3. 10
3.21
3.17
3. 17
3. 17
3. 17
3. 20
3. 23
3. 26
3.27
3.28
3.30
3.32
3. 33
3.39

NOTE.—Data exclude Alaska and Hawaii
Source: Department of Labor.

$2. 462
2.46
2.54
2.70
2.82
2.89
3.00
3.07
3. 13
3.21
3.19
3. 19
3. 19
3. 17
3. 19
3. 22
3. 24
3.25
3.25
3.28
3.30
3.30
3.36

Retail trade
Current
prices

$1. 176
1.26
1.32
1. 40
1.45
1. 50
1.57
1.64
1. 70
1.76
1.74
1.75
1.76
1.77
1. 77
1.77
1.78
1.78
1.77
1.73
1.79
1.79
1.79

1959
prices J
$1. 425
1.41
1.45
1.53
1.57
1.63
1, 68
1. 70
1.72
1. 76 ^
1.751
1. 76
1.77
1.77
1.77
1.77
1.77
1.77
1.76
1.72
1.78
1.78
1.77

AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings of production workers in manufacturing industries declined $1.08 to $89.83 in April,
reflecting the reduced workweek.
DOLLARS PER WEEK

DOLLARS PER WEEK

no

130

I960

I957
NONDURABLE MANUFACTURING

RETAIL TRADE

^1959 PRICES^

70

* CURRENT PRICES

* CURRENT PRICES

60

11 i

50

1957

1958

1959

1957

I960

1959

1958

I960

COUNCIL OF ECONOMIC ADVISER?

SOURCEi DEPARTMENT OF LABOR.

[For production workers or nonsupervisory employees]
All manufacturing
Period

1950
1951
1952
1953
___
1954
1955
.
1956
1957
_
1958 2 . _ _ _ „
1959
1959: March. _ _ _
April _ _ _ _
May
June .
July-_
August
September
October
November.
December _ _ _ .
1960: January
February
March 2
April2

Durable goods
manufacturing

Building
construction

Retail trade

1959
Current
prices prices *

Current
prices

1959
Current
prices * prices

1959
prices 1

Current
prices

1959
prices *

Current
prices

$59. 33
64.71
67. 97
71.69
71.86
76.52
79. 99
82. 39
83. 50
89. 47
89.24
89. 87
90. 32
91.17
89.65
88.70
89.47
89.06
88. 98
92. 16
92.29
91. 14
90. 91
89. 83

$63. 32
69.47
73. 46
77.23
77.18
83.21
86.31
88.66
90.06
96.87
97. 10
97.75
98. 64
99. 36
96.80
95. 88
96. 70
96.52
95. 44
99.87
100. 86
98.98
98. 74
97. 60

$76. 75
77.97
80.64
84. 13
83.80
90.54
92.51
91. 88
90. 88
96.87
97.78
98. 34
99. 14
99.46
96. 61
95.69
96.22
95.85
94.68
99. 18
100. 26
98. 19
97. 86
(3)

$66. 32
65.61
66. 94
69.28
70.29
74.06
76.21
76. 18
75. 95
79.80
79.56
79.48
79.80
79. 68
79.84
80.04
80.39
79. 24
79.75
80. 63
80.29
79.32
79.22
(8)

$73. 73
81. 47
88.01
91. 76
94 12
96. 29
101. 92
106. 86
110. 67
115. 24
110. 95
114. 44
115. 39
116. 66
116. 16
119. 19
116. 71
117. 72
114. 14
119. 13
114 87
11422
115. 60
(3)

$89. 37
91.44
96. 61
99. 96
102. 19
104. 78
109. 24
110. 74
111. 68
115. 24
111.73
115. 13
115. 97
116. 78
115. 93
118. 95
116. 13
116. 90
113. 23
118. 30
114 18
113.31
11457
(3)

$47. 63
50.65
52.67
54. 88
56. 70
58. 50
60. 60
62.48
64.77
67.06
65.95
66. 33
66. 70
67.79
68.68
68.32
67.82
67. 11
66.38
66.09
66. 95
66. 95
67. 13
(3)

$71. 92
72. 63
74.61
78.09
78.02
83.26
85.73
85. 38
84.26
89.47
89.87
90.41
90.77
91.26
89.47
88.52
89.02
88.44
88. 27
91.52
91.74
90. 42
90. 10
(3)

i Earnings in current prices divided by consumer price index on a 1959 base.
* Preliminary estimates.
i Not available.




Nondurable goods
manufacturing

$54. 71
58.46
60.98
63.60
64. 74
68.06
71.10
73.51
75.27
79.80
79.00
79.00
79.40
79.60
80.00
80.20
80.79
79.79
80.39
81. 19
80. 77
79.95
79. 93
79. 31

1959
prices *
$57. 73
56. 85
57.82
59.78
61. 56
63.66
6495
64 75
65. 36
67.06
66.41
66.73
67.04
67.86
68.54
68. IS
67.48
66.64
65.85
65.63
66.55
66. 42
66. 53
(3)

NOTE.—Data exclude Alaska and Hawaii.
Source: Department of Labor.

15

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index for April was unchanged from the previous month.

INDEX, 1957-100 (SEASONALLY ADJUSTED)
130
TOTAL

INDEX, 1957 = 100 (SEASONALLY ADJUSTED}
130

UTILITIES AND MINING
120
UTILITIES*^

110

no

TV

100

^

S^

^ifmimmi^mm

^ "X

90

r-S^

V
S/

90
*^/

\/

MG

80
1958

1959

I960

1957

1959

I960

1959

1958

I960

120 ~

100

90

80

80

1957

1958

1959

1957

I960

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Period

1950
_
1951
1952
1953
1954
1955
1956
. . .
1957
1958
1959 i
1959: March
April
May
June
. - ..
.
.
Jl...
uy..
August
September
October.
November .
December
1960: January
February
March
April*
i Preliminary.

16



Total
industrial
production

74
81
84
91
85
96
99
100
93
105
104
107
109
110
108
104
103
102
103
109
111
110
109
109

COUNCIL OF ECONOMIC ADVISERS

[1957=100, seasonally adjusted!
Industry
Manufacturing
Non- Mining Utilities
Total Durable durable

75
82
85
92
86
97
100
100
92
105
104
107
110
110
108
104
104
102
102
109
112
110
109
109

71
80
85
96
85
98
100
100
87
102
101
105
109
110
105
98
97
96
96
107
111
109
108
106

79
82
83
87
87
95
99
100
100
110
107
110
111
111
113
113
113
111
111
112
113
112
112
113

80
87
87
89
86
95
100
100
91
95
95
98
99
98
94
91
91
91
96
99
98
96
95
97

53
60
65
71
76
85
94
100
105
115
112
112
114
116
116
116
117
118
117
119
120
121
121
119

Market
Final products
ConTotal
sumer Equipment
goods

73
79
85
91
86
95
99
100
95
107
103
106
108
108
109
109
109
109
106
109
112
110
109
110

82
81
82
88
87
97
99
100
99
110
107
111
111
111
112
112
112
112
109
112
116
113
113
114

54
75
90
96
85
91
99
100
87
100
95
97
100
102
103
103
103
103
101
102
103
103
102
102

Source: Board of Governors of the Federal Reserve System.

Materials

75
82
83
91
84
97
100
100
91
103
104
108
110
110
106
98
99
97
100
109
110
109
108
108

PRODUCTION OF SELECTED MANUFACTURES
Production declines in the durable manufacturing industries in April were offset by small rises in the nondurable
industries.
INDEX, 1957*100 (SEASONALLY ADJUSTED)

INDEX, 1957*100 (SEASONALLY ADJUSTED)
160

140

go:

TRANSPORTATION
ORTATION
EQUIPMENT
s»MENT

120
80
100

1958

^^
X^X •

I

,959

|V
I ^»

I

140

1957

1958

140

CHEMICALS, PETROLEUM,
AND RUBBER

y~**+r*~
£r*^**T*~

100

M

100 m
—" •"

^^P^

1 1 ) 1 1 1 1f | t 1

1957

1958

1959

v>'

1 1 I JJ 1 1 1 1 J 1 1 1 1 1 1 1 1 1 1 1 1

1957

I960

FOODS, BEVERAGES,
AND TOBACCO

1959

1958

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

I I II I I I III1

I960

.COUNCIL Of ECONOMIC ADVISERS

[1957=100, seasonally adjusted]
Nondurable manufactures

Durable manufactures
Period

Primary
metals

1958
19591

FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
Machinbeverand
cated
and
tation
apparel,
petroery
prodmetal
and
equipprint- leum, and ages, and
products
tobacco
leather
rubber
ment
ucts
ing

99
113

102
107

104

110

104

107
108
107

110
111
115

108
108
105

120
117
116

109
110
111

117
116
117

106
108
108

111
112
115

115
116
117

110
109
111

115
114
115

106
107
108

115
115
111
2
()

116
114
115
116

111
110
109

116
115
116
117

109
107
107
108

78
90

92
104

85
103

84
98

100
113

109

101

96

99

113
122
118

104
109
112

100
104
107

July
August
September

81
47
45

111
106
106

October
November
December

44
79
114
115
110
106
100

1959: March
April._
May.
June...

1960: January
February
March
April1
1
2

Preliminary.
Not available.




_

99
115

99
108

112

111

102
104
105

115
118
112

116
118
119

108
107
108

106
102
98

117
114
113

99
95
105

107
104
108

98
79
93

109
108
107
104

110
108
109
108

108
106
103
102

in

Source: Board of Governors oi the Federal Keserve System.

17

WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production declined on the average in April/ an exception was freight carload ings.
MILUONS OF TONS

MILLIONS OF SHORT TONS (DAILY AVERAGE)

----' T ,A?

13

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

COUNCIL Of ECONOMIC ADVISERS

Electric Bituminous Freight Paperboard
Steel produced 1
Cars and trucks
coal mined
power
loaded
produced
Thousands
Index
distributed (thousands (thousands (thousands assembled (thousands)
of net (1947-49 = (millions of
of short
of tons)
of cars)
Total
Cars Trucks
tons
100)
kilowatt-hours) tons) 2

Period
Weekly average:
1956,
1957.
1958....
1959
._.
1959: March
AprilMay
June
July
August September
October
November
December
1960: January
February
March
April 3
Week ended:
1960: April 16--. ._
23
30.3
May 73 .
14
21 34

2,204
2, 162
1,635
1, 792
2, 611
2, 630
2, 618
2,543
1, 184
325
359
385
1,694
2,713
2, 720
2, 688
2,611
2,278

137.2
134. 6
101. 8
111. 6
162. 6
163.7
163. 0
158. 3
73. 7
20.2
22.3
24 0
105.5
168.9
169.3
167. 3
162.5
141. 8

11, 292
11, 873
12,314
13, 229
12, 888
12, 583
12, 763
13, 402
13, 479
13, 859
13, 152
12, 922
13, 318
13, 828
14, 345
14, 122
14, 027
13, 318

1,693
1,644
1,380
1,374
1,355
, 375
,369
,519
, 249
, 150
,295
,286
, 505
, 553
1, 444
1,387
1, 41 '
1,366

728
683
581
596
600
634
686
703
559
542
553
584
601
572
597
573
580
622

274
272
275
308
312
311
320
319
275
327
316
329
321
284
287
321
318
310

132. 8
138. 6
98. 4
129. 5
156. 1
157.3
157.2
154.7
145. 6
70. 8
78.6
137.7
72. 4
117.7
201.8
187. 8
171. 5
163. 8

111.6
117. 6
81. 6
107. 6
131. 3
131.0
130.4
127.2
121.2
57. 8
60.3
116. 6
60.7
101. 8
171. 3
157.4
143. 1
137.3

21. 2
21.0
16.8
21.9
24.8
26.3
26. 8
27.5
24. 4
13. 1
18. 4
21. 1
11.7
15. 8
30.5
30.3
28. 4
26. 5

2,225
2,238
2,210
2, 137
2, 102
2,042

138. 5
139.3
137.6
133.0
130. 9
127. 1

13,263
13,213
13, 300
13, 139

1,468
1, 433
1, 383
1, 379

623
625
643
642

325
291
307
313
311

161. 1
170.8
161. 9
171. 1
180. 2

135.4
144.9
135. 5
142. 1
151.3

25.7
26.0
26.4
29.0
28.8

' Weekly eanneifics (net tons) as of January I are: 2,455,300 (1956), 2,559,031
(1957), 2,699,320 (1958), 2,831,486 (1959), and 2,341,832 (1960).
2 Daily average.
3
Preliminary.
< Not charted.

18



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

NEW CONSTRUCTION
Ih April, expenditures for private construction (seasonally adjusted) declined/ those for public construction were
unchanged.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

60 H

SEASONALLY ADJUSTED ANNUAL RATES

^ TOTAL NEW CONSTRUCTION I

50

50

30

30

20

10
i f I I I I I I I I I I I I I I I I I I I I I ) I 1 I I I I I I M M I I I I I I I I I I I I I I M I I I I I I 1 I ! I I 1 I 1 I 1 I I I M I I M I I 1 I II I I .1 r

11 II 1

I It I I I I II I I

I 1 I I!

I960
COUNCIL OF ECONOMIC ADVISERS

SOURCES DEPARTMENT Of COMMERCE.

[Billions of dollars]
Total new
construction
34.7
37.0
39.4
442
45.8
47.8
48.9
54.3

Period

1952
1953
1954
1955
1956
1957
1958
1959

_

1959: March
April
May
June
July
August
September
October
November
December
1960: January
February
March
April *

_

_

_

.

.

_ .

55. 9
56. 0
56. 6
56. 5
56. 1
54.8
53. 1
51. 8
50.7
52.0
53.9
54.3
53. 2
52. 4

Private
Federal,
State, and
Residential
Total
Other
local
(nonfarm)
private
11.0
10.8
23.9
12.8
11.2
12.0
13.8
25.8
11.7
15.4
12.3
27.7
11.7
18.7
13.7
32.4
12.7
17.7
15.4
33.1
17.0
14.0
16.8
33.8
15.4
18.0
15.4
33.5
22. 3
16.0
16. 0
38.3
Seasonally adjusted annual rates

37. 9
38.9
39. 6
39.4
39.6
39. 1
38. 4
37. 5
37.0
37.7
38.5
38.8
38. 0
37. 0

* Compiled by F. W. Dodge Corporation; seasonally adjusted by the National
Bureau of Economic Research. Omits small contracts, and covers rural areas less
fully than urban.
2
Series begins January 1956. The 37 Eastern States data are probably indicative of the 48 States trend for other periods.




22. 4
23. 4
23. 8
23.3
23. 1
22. 5
22. 3
21.7
21. 0
21. 1
21.6
21.3
21. 0
20. 0

15. 5
15. 5
15. 8
16. 2
16. 5
16.6
16. 1
15.8
16. 0
16. 6
16. 9
17.4
17.0
17.0

18.0
17. 1
17.0
17. 0
16.4
15.7
148
14 2
13.6
14 2
15.3
15.5
15.3
15. 3

Construction contracts l
48 States2 37 Eastern
States 3
16.8
17.4
19.8
23.7
3
24 6
31. 6
32. 2
25.3
35.4
36.5

37. 1
42. 0
36. 0
36.0
37.2
349
37.4
37. 2
33. 1
35. 1
32. 9
34. 0
33.8

s Revised series beginning January 1956; not comparable with prior data.
Series discontinued beginning January 1958.
4
Preliminary estimates.
Sources: Department of Commerce and F. W. Dodge Corporation (except as
noted).

19

HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private n on farmhousing starts (seasonally adjusted) were at an annual rate of 1,135,000 units in April, slightly higher
than the revised March rate. The number of FHA applications decreased; VA appraisal requests rose.
MILLIONS OF UNITS

MILLIONS OF UNITS

I960

1954

-I/ SEE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION ( F H A ) , AND VETERANS ADMINISTRATION (VA). COUNCIL OF ECONOMIC ADVISERS

[Thousands of units]
New nonfarm housing starts
Period
Total
Annual total: 1 955
1956
1957
1958
1959
Monthly average: 195519561957.
195819591959: March
April
May
....
....
June
July
August _
September
October
November
December . .
1960: January..
February .
March April 3

1, 328. 9
1, lia 1
1, 041. 9
1, 209. 4
1, 378. 5
110.7
93. 2
86.8
100. 8
114,9
121.0
142.2
137.0
136.7
128. 8
129. 3
120.3
105. 5
92. 5
83. 7
76. 3
76. 5
97.8
110. 4

Publicly
financed l

19.4
24.2
49. 1
67. 9
35.7
1.6
2.0
4. 1
5.7
3.0
2.9
4.8
3.5
5.6
1. 6
4. 2
3.4
3. 3
1. 8
.7
1.3
2.3
3. 1
1. 5

Privately financed
Government programs
Total
FHA
VA
Total
392.9
669. 6
276. 7
1, 309. 5
270. 7
189. 3
460. 0
1, 093. 9
296. 7
168. 4
128. 3
992.8
102. 1
295. 4
397. 5
1, 141. 5
332.5
109.3
1, 342. 8 441. 8
32.7
23. 1
55.8
109. 1
22. 6
15. 8
38. 3
91. 2
14.0
24. 7
10. 7
82.7
24. 6
8.5
33. 1
95. 1
27.7
9. 1
36.8
111.9
30.0
9. 7
39. 8
118. 1
11.0
33. 5
44.6
137. 4
34.4
10. 3
44. 6
133. 5
34. 8
11.0
45. 8
131. 1
10. 6
42. 4
31. 7
127. 2
41.2
31.3
9. 9
125. 1
10. 0
29. 8
116.9
39.8
36. 2
26. 8
9. 4
102. 2
20. 3
7. 9
90. 7
28 2
6. 4
20.0
26. 4
83.0
15. 9
4. 1
75.0
20. 0
17.7
4.8
74.2
22. 4
5.2
21.9
27. 1
94.7
25.4
7.3
32.7
108.9

Proposed home construction
Private,
Requests
seasonally Applications
for VA
adjusted for FHA com2
appraisals2
annual
mitments
rates
620.8
306. 2
401.5
197. 7
159.4
198. 8
234.2
341. 7
234.0
369.7
51.7
25.5
33.5
16. 5
13.3
16. 6
19.5
28. 5
19.5
30. 8
23.2
38.9
1, 403
18.9
39. 1
1,434
20.7
38.2
1,370
27.2
60. 2
1,368
26.0
29. 0
1,375
21.2
25. 6
1,340
17.9
1,323
25.5
16.7
24. 1
1,180
12.2
1,210
16. 1
11. 1
18. 2
1,330
11.2
1,216
16.3
12. 9
21. 1
1, 115
12.9
27.4
1,125
13.7
22. 5
1,135

3
1
Preliminary estimates.
Military housing starts, including those financed with mortgages insured by
FHA under Sec. 803 of the National Housing Act, are included in publicly
Sources: Department of Commerce,
financed starts but excludedfromthe privately financed starts for FHA and total and Veterans Administration (VA). Federal Housing Administration (FHA),
Government programs.
2
Units represented by mortgage applications for new home construction.

20



SALES AND INVENTORIES—MANUFACTURING AND TRADE
In March, business sales declined by about $900 million (seasonally adjusted) while inventories rose by a like amount.
The sales decline was centered largely in manufacturing which also experienced a drop in new orders. Preliminary
estimates indicate that retail sales rose 3 percent in April.
BILLIONS OF DOLLARS (SEASONALLY. ADJUSTED)

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

100

3O

TOTAL*AND MANUFACTURING

RETAIL
(ENLARGED SCALE)

^TOTAL INVENTORIES*

^T"""""

80

<>

INVENTORIES

>

20
XSALES

-^•-'^/s^

^

^^—^
60

-

TOTAL SALES*

10
>

^ ^ I ^
J I .

o1 I

**

^^^^-%

1 II

1 1 1 M 1 1 11

11 M 1 11

1 11 1111 11 11 1 11M I 11 1 11

II

INDE <, 1947-49 = 100 (SEASONALLY ADJUSTED)
MANUFACTURING INVENTORIES

180

DEPARTMENT STORES
40

~<

ISO

•MANUFACTURING SALES

^^^

^x-N-y

-INVENTORIES

fS

20

r*>^

*^s"/?

A

140

V^ SALES

01 I 1 I I I I ! I 1 ! I
1957

1 1 1 1 1 1 1 i 1 11
1958

1 I1 11 1 IM

1959

1 1

1 i ! 1 1 1 1 1 1 1 \<] 100
I960

1 I M

1 ! , 1 1 I1

1957

1

1 1 I 1 i

I

I 1I

1958

1

1

1 1 1 1 1 1 1 1 1 11
1959

*MANUFACTURING, RETAIL TRADE, AND WHOLESALE TRADE.
SOU RCEI DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FED ERAL R ESERVE SYSTEM.

Period

1953
1954
1955. _
1956
1957....
1958
_
1959
1959: February
March
April
May
.
June.
July
August
September
October.
November
December
1960: January
February
March 4.
April <

Manufacturing
and trade

Manufacturing




I960

COUNCIL OF ECONOMIC ADVISERS

Retail

Department stores

InvenInven- New
InvenInvenInvenSales * tories 2 Sales1 tories 2 ordersl Sales » tories 2 Sales * tories 2 Sales *
tories 3
Index, 1947-49 = 100
Billions of dollars, seasonally adjusted
seasonally adjusted
48.4
78.6
24. 5
45.4
23.1
10.5
14. 1
9.8
22.7
118
131
47.4
75.5
23. 5
43.0
10.4
22.5
22. 1
9.7
14. 1
118
128
52.3
81.7
26.3
27.2
46. 4
11. 4
10. 6
15. 3
23.9
128
136
54.8
27. 7
89. 1
52.3
28.3
13.0
11. 3
15.8
23.9
135
148
56.3
90.7
28. 4
53. 5
27.3
12.7
11. 3
16.7
24.5
135
152
54.0
26. 2
85. 1
49. 2
12. 0
25. 9
16.7
24.0
11. 1
136
148
60.0
89. 4
29. 7
30. 1
52.4
12. 3
12.6
18.0
24.3
144
156
58.0
86.0
28.5
49.9
29.7
11. 9
11. 9
17.6
24.1
141
150
59. 2
86.6
29. 1
30. 2
12. 2
50.5
12.0
17. 9
24. 2
139
149
60. 6
87.6
30. 3
31.2
51. 1
12.1
12. 4
18.0
24.5
141
151
61. 5
88.3
30.7
12. 2
51.6
30.5
12. 5
24. 5
18. 2
144
151
62.0
89.3
31.2
52. 1
12. 6
31.4
12.4
18. 2
24. 8
144
156
61.7
89.9
30. 9
52.2
30.8
12. 5
12. 5
18. 3
25. 1
150
159
59.6
89.5
29. 3
52. 1
12. 6
29. 0
12. 2
18. 1
24.8
149
160
60. 1
89.2
29.8
51. 9
30. 6
12. 5
17.8
12.5
24. 8
143
161
59. 7
88. 7
29.4
30. 4
12. 0
12. 5
51. 5
24. 7
18. 3
144
158
59. 1
29.0
88.4
29. 2
12. 3
51. 6
12.6
17. 8
24. 2
145
160
60.9
89.4
30. 8
52.4
30. 7
12. 6
12.7
17.5
24.3
148
161
61.6
90.5
53.3
31. 1
29.8
12. 7
12.4
18. 1
24.5
145
161
62. 2
91. 4
31. 6
30. 6
53. 9
12. 5
12.7
18. 1
24. 8
140
159
61.3
92.3
30. 8
54. 3
30. 1
12. 2
12. 8
18. 3
25. 1
140
159
18 9
151

i Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
»Book value, end of period, except annual data, which are monthly averages.

a

Wholesale

. . i , <1 , , < i <

* Preliminary estimates.
Sources: Department of Commerce and Board of Governors of the Federal
Keserve System,

21

MERCHANDISE EXPORTS AND IMPORTS
Commercial exports were 20 percent higher and imports 7 percent higher in the first 3 months of 1960 than in the
corresponding period of 1959.
BILLIONS OF DOLLARS
2.5

BILLIONS OF DOLLARS
2,5

2.0

2.0

1954

1960

1955

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE.

[Millions of dollars]
Merchandise exports
Period
1950 monthly average
1951 monthly average
1952 monthly average
1953 monthly average
1954 monthly average
1955 monthly average
1956 monthly average
1957 monthly average
1958 monthly average.1959 monthly average
1959: February
March
April
...
..
May
June
July
August
.
September
October
. .
November
December
1960: January
_
February
March.

Total

••.

Grant-aid
shipments 1

Commercial
exports

24
89
166
293
188
105
146
113
129
102
97
81
136
140
76
115
97
80
84
102
105
78
79
117

833
1, 164
1,100
1, 022
1,071
1, 191
1,444
1,625
1,362
1,362
1, 183
1,375
1,343
1,410
1,347
1,353
1,300
1,399
1,398
1,376
1,569
1,484
1,497
1, 634

856
1, 253
1,267
1,314
1,259
1,296
1,591
1,738
1, 491
1,464
1,280
1, 456
1,479
1,551
1,422
1,468
1,397
1,479
1,482
1,479
1,674
1,562
1,576
1, 751

1
Figures include only Department of Defense shipments of grant-aid military
supplies and equipment under the Mutual Security Program. Shipments for
the first 6 months of the program (July-December 1950) amounted to $282 million.

22



Merchandise
imports
738
914
893
906
851
949
1,051
1,082
1,070
1,268
1,118
1,295
1,220
1,264
1, 369
1,248
1,189
1, 392
1, 202
1,282
1,478
1,137
1,288
1,375

Excess of exports
over imports
Excluding
grant-aid
Total
shipments
95
119
250
339
374
207
116
408
220
408
242
347
393
540
656
543
422
293
196
94
162
65
80
161
122
258
287
147
53
22
105
220
110
208
7
87
280
196
196
94
92
197
424
347
209
288
376
259

Sources: Department of Commerce and Department of Defense.

PRICES

CONSUMER PRICES

Consumer prices were slishtly higher in March/ as food prices rose seasonally and most other categories also advanced
in cost. Price declines were recorded by the transportation and Mother goods and services11 categories.
INDEX, 1947-49=100

INDEX, 1947-49*100

ISO

140

130

130

120

120

100

100

1954

1959

1955

SOURCE: DEPARTMENT OF LABOR.

1960
COUNCIL OF ECONOMIC ADVISERS

[1947-49=100]

All

Period

1949
19501951
1952
1953
1954
_
1955__
-_
1956
1957
1958
1959
1959: February __
March
April. ..«
May......
June.-...July
August
..
September
October
November.
December
1960: January—
February
March
1

Housing

items

-.

Food

101. 8
102.8
111.0
113.5
114.4
114.8
114. 5
116. 2
120. 2
123. 5
124. 6
123. 7
123. 7
123.9
124.0
124.5
124. 9
124. 8
125.2
125. 5
125.6
125. 5
125.4
125. 6
125. 7

100.0
101.2
112.6
114. 6
112.8
112.6
110.9
111. 7
115. 4
120. 3
118.3
118. 2
117.7
117.6
117.7

na9

119. 4
118.3
118.7
118. 4
117.9
117.8
117. 6
117.4
117.7

Total1

103.3
106. 1
112.4
114.6
117.7
119. 1
120.0
121. 7
125.6
127. 7
129.2
128.5
128.7
128.7
128.8
128.9
129.0
129.3
129.7
130. 1
130. 4
130. 4
130.7
131.2
131. 3

Rent

105. 0
108. 8
113. 1
117. 9
124. 1
128.5
130. 3
132.7
135. 2
137.7
139. 7
139.0
139. 1
139. 3
139. 3
139. 5
139. 6
139.8
140.0
140.4
140.5
140.8
140.9
141.0
141.2

Includes, in addition to rent, homeowner costs, utilities, housefurnish ings, etc.




Apparel

Transportation

99. 4
98. 1
106. 9
105. 8
104.8
104.3
103. 7
105.5
106.9
107.0
107. 9
106. 7
107.0
107. 0
107.3
107.3
107.5
108.0
109.0
109. 4
109.4
109.2
107.9
108.4
108.8

108. 5
111. 3
118. 4
126. 2
129. 7
128.0
126. 4
128. 7
136.0
140. 5
146.3
144.3
144. 9
145.3
145.4
145. 9
146.3
146.7
146. 4
14R5
149.0
148.7
147.6
147.5
146. 5

Reading Other
Medical Personal
and
goods
care
recreaand
care
tion
services

104. 1
106. 0
111. 1
117.2
121. 3
125. 2
128. 0
132.6
138.0
144. 6
150.8
149.0
149.2
149. 6
150. 2
150.6
151. 0
151.4
152.2
152. 5
153.0
153.2
153.5
154.7
155.0

101. 1
101. 1
110.5
111.8
112. 8
113. 4
115.3
120.0
124. 4
128. 6
131. 2
129. 8
129.7
130.0
130. 7
131. 1
131.3
131. 7
132.1
132.5
132.7
132.9
132.7
132. 6
132.7

Source: Department of Labor.

104. 1
103.4
106.5
107.0
108.0
107.0
106.6
108. 1
112.2
116. 7
118.6
117. 1
117. 3
117.7
117. 8
118. 1
119.1
119. 1
119. 6
119. 7
120.0
120. 4
120. 3
120.6

120.9,

103.4
105. 2
109. 7
115. 4
118. 2
120. 1
120. 2
122.0
125.5
127. 2
129.7
127.4
127.3
128. 2
128.4
129. 2
130. 8
131. 1
131.5
131. 6
131. 6
131.7
131.8
131.8
131.7

23

WHOLESALE PRICES
Wholesale prices remained unchanged in April, as price declines in processed foods offset price increases in farm
and industrial products.
INDEX, 1947-49=100

IN0EX.1947-49-100

130

130

120

120

ao

80

1954

1955

1956

1959

1958

1957

SOURCE: DEPARTMENT OF LABOR

I960
COUNCIL Of ECONOMIC ADVISERS

[1947-49=100]

All commodities

Period

1949
1950
1951
1952
1953
1954
1955
1956.
1957
1958
1959
1959; March
April
May
June
July
August
September
October
November
December™
1960: January
February
March
April
Week ended: *
1960: May 3
10
1

_
_

_
_
.
__„

„

Weekly series based on smaller sample than monthly series.

24




___

Farm
products

Processed
foods

Other than
farm products
and foods
(industrial)

99.2
103.1
114.8
111.6
110.1
110.3
110.7
114.3
117.6
119.2
119. 5
119. 6
120.0
119. 9
119. 7
119. 5
119.1
119. 7
119. 1
118. 9
118. 9
119. 3
119. 3
120.0
120.0

92.8
97.5
113.4
107.0
97.0
95.6
89.6
88.4
90.9
94.9
89.1
90.8
92.4
90.8
89.8
88.4
87.1
88.9
86.5
85. 4
85.9
86.5
87.0
90.4
91. 1

95.7
99.8
111.4
108.8
104. 6
105.3
101.7
101.7
105. 6
110.9
107.0
107. 2
107.2
107.7

107. 5
105.8
107.8
106.4
104 9
104.7
105.6
105. 7
107.3
106. 8

101.3
105.0
115. 9
113.2
1140
1145
117.0
122. 2
125. 6
126.0
128.3
12a 1
12R3
128.4
12R2
128.4
128,4
128.4
128.4
128.5
128.6
128.8
128. 7
128.6
128. 7

119.8
119. 9

90.7
91. 5

107.0
107.3

128.4
128.4

Source: Department of Labor.

ioa i

PRICES RECEIVED AND PAID BY FARMERS
The indexes of prices received and of prices paid by farmers advanced equally between March 15 and April 15; the
parity ratio was unchanged.
INDEX, 1910-14»

INDEX, 19)0-14*100
325
PRICES PAID, INTEREST, TAXES,
AND WAGE RATES
300

275

250

250

225

225

200

200

RATIO &

RATIO M

100

100

PARITY RATIO

—,VM^.....|

tr /"-^,,,,^,,.,, f
it
<f

M,,, ,,
,,,^,^
*"«>UIIM .
".
' Ml
il

75

75
1

1 1

1

I I

1

1

1 1 1

I

1

1 1

1954

f

I

1

1

1 1 1

1956

1955

1958

1957

•MRATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.

1959

I960
COUNCIL OF ECONOMIC ADVISERS

Prices received by farmers
Period

1950
1951
1952
1953
1954
1955—__1956—
1957
1958...
1959
1959: March 15
April 15
.
May 15.. „
June 15..
July 15
August 15
September 15
October 15November 15
December 15
1960: January 15
February 15
March 15
April 15

All farm
products

_

-

._

-

Crops

258
302
288
255
246
232
230
235
250
240
244
244
245
242
240
239
239
235
230
228
231
233
240
242

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




233
265
267
240
242
231
235
225
223
221
220
223
230
229
226
221
220
219
216
217
219
219
222
224

Prices paid by farmers
All items,
interest,
Livestock taxes, and Family
Production
and
living
wage rates
items
products
items
(parity
index)
Index, 1910-14=100
246
246
280
256
282
268
273
336
274
306
271
287
256
269
268
277
249
255
270
277
234
251
276
270
274
226
250
278
244
282
257
286
264
273
287
293
255
266
289
298
267
264
287
297
261
298
287
269
258
299
288
268
289
252
267
298
252
298
289
266
254
297
288
266
297
256
288
265
264
296
248
290
243
297
291
264
238
264
297
291
242
299
290
265
244
299
289
266
256
300
289
267
257
302
291
268

Parity
ratio >

101
107
100
92
89
84
83
82
85
80
82
82
82
81
81
80
80
79
77
77
77
78
80
80

Source: Department of Agriculture.

25

CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS

The total of demand deposits and currency rose about seasonally in April.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
END OF MONTH

250

200

DEMAND DEPOSITS
^ADJUSTED
**L

_^*

„„,

XTIME DEPOSITS
/
i „,.,...•«'•'"""'*"""
,„,„<..,...«..

„„,».•««"""

CURRENCY OUTSIDE
BANKS

U.S. GOVERNMENT DEPOSITS

1954

1955

1956

1957

SOURCE: BOARD OF GOVERNORS or THE FEDERAL RESERVE SYSTEM.

End of period

1953.
1954
1955
1956
...
1957
1958
1959..
1959: March
April
.. ..
May
.
June
.
July
August... ._ .
September. ..
October
November
December. . . .
1960: January 44 ..
.
February .
4
March
April 4

Total
U.S.
deposits Governand
ment
curderency
posits 1
205.7
214.8
221.0
226. 4
232. 3
247. 5
252.4
242. 1
245. 4
245. 0
245. 4
247. 6
247. 3
248. 5
248.2
247. 7
252.4
247.3
244. 9
244.2
247.2

4.8
5. 1
4.4
4.5
4. 7
4.9
5.8
4.4
5. 1
5.7
5.3
5.6
6.6
7. 1
6.0
5. 1
5. 8
4.4
5.3
5.2
5. 3




1959

I960
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total excluding U. S. Government deposits
Demand deposits and
currency
Time
Total
Demand Currency
de- 2
Total deposits3 outside
posits
adjusted banks
200.9
70. 4
130.5
102. 5
28. 1
27.9
209.7
75. 3
134.4
106. 6
216.6
28.3
78. 4
138.2
109. 9
82. 2
28.3
222.0
139.7
111. 4
227.7
89. 1
28.3
138. 6
110. 3
242.6
98. 3
144. 2
28.7
115.5
246.6
101.8
144. 8
29.4
115. 4
237.6
99. 5
110.3
27.9
138. 2
240. 3
99. 9
112. 5
27.9
140. 4
239.3
100. 4
110.7
28. 1
138. 9
240. 1
101. 0
139. 1
110. 7
28.3
242. 0
112. 7
100. 9
141. 1
28. 4
240. 8
139. 6
111. 1
28.5
101. 2
241. 4
101. 5
139. 8
111. 4
28.5
242.2
101. 1
112.7
28.3
141. 1
242.6
100. 3
142.2
29. 1
113. 1
246.6
101. 8
115. 4
29.4
144.8
242.9
101.0
27.9
141. 9
114. 0
239.6
28.0
110. 5
101. 2
138. 4
239.0
102.2
136. 8
28. 1
108. 8
241. 9
102. 4
111. 5
27. 9
139. 5

1
U.S. Government deposits at Federal Reserve Banks and commercial and
savings banks, and U.S. Treasurer's time deposits, open account.
8
Deposits in commercial banks, mutual savings banks, and Postal Savings
System; excludes interbank deposits.
'Demand deposits, other than interbank and U.S. Government, less cash
items in process of collection.

26

1958

Demand deposits
and currency,
seasonally adjusted
Demand Currency
Total deposits outside
adjusted banks

140. s

140.4
140.6
U0.9
141. 2
140.9
140.8
140. 4
140.1
140.2
140. o

1S9.1
1S9.5
189. 4

112. 1
112. 2
112.4
112. 6
112. 9
112.6
112.4
112. 0
111. 8
112.0
111. 7
110.8
111.1
111.2

28.2
28. 2
28. 2
28. 3
28.3
28.3
28.4
28.4
®Q ®
&O. O
ff)O Q
&O. &

etc a>
&O, v
ao 0
&o. O

28.4
28.2

* Preliminary estimates.
NOTE.—See Note, p. 27.
Monthly data are for the last Wednesday of the month, except the unadjusted
data for December 1959, which are for the call date.
Source; Board of Governors of the Federal Reserve System,

BANK LOANS, INVESTMENTS, AND RESERVES
Commercial bank loans rose $1.6 billion in April compared to an increase of $2.0 billion in April 1959. Borrowings
at Federal Reserve Banks exceeded excess reserves by about the same amount as in March.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ALL COMMERCIAL BANKS

200

TOTAL LOANS AND INVESTMENTS

V
150

150

BANK LOANS
100

100

INVESTMENTS IN U.S. GOVERNMENT SECURITIES

\
50

50

INVESTMENTS IN OTHER SECURITIES

V

I

.0

1954

IS55

1956

1957

1958

1959

I
1960

END OF MONTH

SOURCE: BOARD OP GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

Total loans
and investments

End of period

1952
_
1953
1954
1955
1956 ..
1957
1958
1959
1959: March
April
May
June
July.
August
September
October
November
December
1960: January 4 4
February
March 4
April 4 .

_

141. 6
145.7
155. 9
160.9
165. 1
170. 1
185.2
190. 3
182.9
185.7
185.8
185. 9
187.7
188.2
187.8
188.4
188. 3
190, 3
187. 8
186. 5
185. 7
188. 8

[Billions of dollars]
All commercial banks
Investments
Loans
U. S. GovOther
Total
ernment
securities securities
64. 2
14. 1
77.5
63. 3
67.6
14.7
78. 1
63. 4
70.6
69. 0
16. 3
85.3
82.6
16.7
78.3
61. 6
74. 8
90.3
16. 3
58.6
76. 2
93. 9
58. 2
17. 9
87.0
98. 2
20.6
66.4
110.8
79.4
20. 5
58.9
99. 2
83. 8
63.2
20.6
101. 2
84. 5
63.6
20.9
102. 4
83.4
62. 6
20. 8
104.5
81.5
60.9
20. 6
105. 9
81. 7
61. 1
20. 6
107. 4
80.8
60. 3
20. 5
80.0
107.8
59. 2
20. 7
108. 2
80. 2
59.6
20.6
109. 5
78. 8
58. 5
20. 3
110.8
79.4
58. 9
20. 5
109.6
78.2
20. 3
58. 0
110. 3
76. 3
56. 2
20. 1
111. 4
74.3
54.2
20. 1
113. 0
75.9
55. 8
20. 0

1 Member banks include, besides all national banks, those State banks that
have taken membership in the Federal Reserve System.
2 Commercial and industrial loans and, prior to 1956, agricultural loans. Series
revised beginning January 1952, October 1955, July 1958, and July 1959.
3
1 Averages of daily figures on balances and borrowings during the period.
Preliminary estimates.




COUNCIL OF ECONOMIC ADVISERS

Weekly
reporting
member
banks l
Business
loans 2
2
23. 4
23.4
22.4
2
26. 7
30.8
31.8
2
31. 7
2
30. 5
31. 5
31. 5
32.0
32.9
2
28.6
29.0
29.5
29. 5
29.9
30.5
29. 9
30. 2
31.0
30.9

All member banks l
BorrowReserve balances 3 ings at
Federal
Required Excess Reserve
Banks 3
0.7
0.8
19.6
.7
19.3
.8
.8
18. 5
.1
.6
18.3
.6
18.4
.6
.8
.5
18. 5
.8
.6
18. 1
.3
18. 2
.4
.8
18.0
.5
.6
18. 2
.4
.7
18. 1
.4
.8
.4
18.0
.9
18.3
.4
1. 0
18. 1
.5
1, 0
18.2
.4
.9
18.2
.4
.9
18. 2
.4
.9
18. 5
.5
.9
18. 3
.5
.9
17. 8
.4
.8
.6
17. 6
.4
17. 7
.4
.6

NOTE.—Between January and August 1959, these series (except that for weekly
reporting member banks) were expanded to include data for all banks in Alaska
and Hawaii.
Source: Board of Governors of the Federal Reserve System.

27

CONSUMER CREDIT
Consumer credit outstanding rose about $140 million in March, somewhat less than in March 1959.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

60
END OF MONTH

TOTAL CREDIT OUTSTANDING

1954

1955

1956

i960

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

End of period

1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1959: February.
March
April
May
June
July.
August
September.
October...
November.
December.
1960: January..
February.
March

Total
consumer
credit
outstanding

21. 471
22, 712
27. 520
31, 393
32, 464
38, 882
42, 511
45, 286
45, 5P(i
52, 046
44, 748
44, 925
45, 708
46, 603 .
47, 522
48, 047
48, 841
49, 350
49, *72
50, 379
52, 046
51, 356
51, 021
51, 162

[Millions of dollars]
Instalment credit outstanding
Total

Automobile
paper l

14, 703
15, 294
19, 403
23, 005
23, 568
28, 958
31, 897
34, 183
34, 080
39, 482
34, 025
34, 234
34, 762
35, 357
36, 135
36, 757
37, 510
37, 962
38, 421
38, 723
39, 482
39, 358
39, 408
39, 648

6,074
5,972
7,733
9,835
9,809
13, 472
14, 459
15, 409
14, 237
16, 590
14, 339
14, 494
14, 810
15, 128
15, 566
15, 923
16, 288
16, 470
16, 659
16, 669
16, 590
16, 568
16, 677
16, 876




Noninstalment credit
outstanding

Other
Repair and
consumer moderni- Personal
goods
zation
loans
paper *
loans 2

4, 799
4,880
6,174
6,779
6,751
7,634
8,580
8,782
8,923
10, 243
8,727
8,691
8,755
8,887
9,040
9,134
9,289
9,390
9,534
9,687
10, 243
10, 129
9,997
9,940

1
Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.
3
Includes only such loans held by financial institutions; those held by retail
outlets are included in "other consumer goods paper."-

28

COUHOL OB ECONOMIC >DVtSERS'

1,016
1,085
1,385
1,610
1,616
1,689
1,895
2,089
2,350
2,704
2,324
2,338
2,364
2,419
2,467
2,517
2,569
2,613
2,653
2,683
2,704
2,691
2,695
2,706

2,814
3,357
4, 111
4,781
5,392
6, 163
6,963
7,903
8,570
9, 945
8,635
8,711
8,833
8, 923
9,062
9, 183
9,364
9,489
9,575
9, 684
9,945
9,970
10, 039
10, 126

Total
6,768
7,418
8, 117
8,388
8,896
9,924
10, 614
11, 103
11,506
12, 564
10, 723
10, 691
10, 946
11, 246
11, 387
11, 290
11,331
11, 388
11,451
11,656
12, 564
11, 998
11, 613
11,514

Charge
accounts
3,367
3,700
4, 130
4,274
4,485
4, 795
4,995
5, 146
5,060
5, 351
4,098
4,004
4, 160
4, 359
4,446
4,407
4,365
4,390
4,525
4,614
5,351
4,816
4,305
4,118

InstalInstalment
ment
credit ex- credit3
3
tended
repaid

21, 558
23, 576
29, 514
31, 558
31, 051
39, 039
40, 175
42, 545
40, 818
48, 476
3,290
3,830
4,073
4, 092
4,454
4,315
4,193
4,061
4, 185
3, 928
4,686
3, 534
3,723
4,201

* Credit extended or repaid during the period.
Source: Board of Governors of the Federal Reserve System.

18,445
22,985
25, 405
27, 956
30,488
33, 649
37, 236
40, 259
40, 921
43, 239
3,294
3,621
3,545
3,497
3,676
3,693
3,578
3,609
3,726
3,626
3,927
3,658
3,673
3,961

BOND YIELDS AND INTEREST RATES
The rate on 3-month Treasury bills averaged somewhat lower in April than in March. Yields on U.S. Government
bonds were higher and yields on municipal and corporate bonds slightly lower than a month earlieri
PERCENT PER ANNUM

PERCENT PER ANNUM

1954

1959

1955

SOURCES: SEE TABLE BELOW.

Period

1953
1954
1955
1956
1957
1958
1959
1959: April
May
June
.....
July
August
September..
October
November
December
1960: January
February
March
April
Week ended:
1960: April 9
16.
23
30
May 7
' 14_.
21..

.
.

.
.
..
..

...

.

...

..

.

.
.
.

.

[Percent per annum]
TJ. S. Government
High-grade
security yields
municipal
3-month
bonds
Taxable
Treasury
(Standard &
bonds 2
bills i
Poor's) 8
2.94
2.72
1. 931
.953
2. 55
2.37
2. 84
1. 753
2.53
2.658
3.08
2.93
3.267
3.47
3.60
1.839
3.43
3.56
3.405
4.08
3.95
2. 960
4.01
3.84
2.851
3.97
4.08
3.247
4.09
4 04
3. 243
4. 11
404
4. 10
3.358
3.96
3.998
4. 26
413
4.117
4. 11
3.99
4.209
4 12
3. 94
4.572
4 27
405
4.37
4. 436
4.13
3.954
4. 22
3.97
3.439
408
3.87
3.244
4 18
3.84

2.731
3. 622
3. 306
3.317
3.003
3.274
* 3. 793

i Rate on new issues within period.
Series includes: April 1953 to date, bonds due or callable 10 years and after.
April 1952-March 1953, bonds due or callable after 12 years: October 1941-March
1952, bonds due or callable after 15 years.
a




I960
COUNCIL OF ECONOMIC ADVISERS

4 11
420
4 21
420
4 17
413

3.80
3.83
3.85
3.87
3.87
3.81

Corporate bonds
(Moody's)
Aaa

Baa

Prime
commercial
paper,

438
423
437
4 46
447
443
452
457
456
458
4.61
456
449
445

3.53
3.88
471
473
5.05
486
4 96
5.04
5.08
5.09
5. 18
5. 28
5. 26
5.28
5.34
5.34
5.25
5.20

months
2.52
1.58
2.18
3.31
3.81
2.46
3.97
3. 42
3. 56
3.83
3.98
3.97
463
473
467
488
491
466
449
4 16

444
445
445
446
446
4 45

5. 17
5. 18
5.21
5. 23
5.27
5. 28

4 05
409
425
425
425
4 25

3.20
2.90
3.06
3. 36
a 89

a 79

3.74

a si

1
Weekly data are Wednesday figures.
* Not charted.
Sources: Treasury Department and Board of Governors of the Federal Reserve
System (except as noted).
O

STOCK PRICES
Stock prices declined after mid-April but recovered somewhat in early May.
INDEX, 1939 «100
600

INDEX, 1939 -100
600

500

500

400

300

300

200

200

100

1954

i960

SOURCE: SECURITIES AND EXCHANGE COMMISSION.

Period
Weekly average:
1951
...
1952
1953..
1954
1955
1956
1957
1958.
1959
1959: April
May
June
. .
July
August
.. .
September
.
October
November
December. . .
.
.
1960: January
February
March
.
April
Week ended:
1960: April 8
14
22 . .
29
...
May 6 . .
13..

Composite
index l

COUNCIL OF ECONOMIC ADVISERS

[1939=100]
Manufacturing
TransDurable Nondura- portation
Total
goods ble goods

30

Trade,
finance, Mining
and service

184.9
195.0
193.3
229. 8
304.6
345.0
331. 4
340. 9
420. 2
419.4
425. 3
419. 0
434.3
433. 9
417.2
416. 4
416. 6
429.2
419.0
405. 0
396. 1
398. 5

206. 8
220. 2
220. 1
271.3
374.4
438. 6
422. 1
426.4
521.7
5144
527. 3
520.9
542. 6
542.5
520. 3
517.2
519. 0
538.3
518. 2
494. 0
478. 2
478.2

178.5
188. 8
192.6
245.2
352.4
409. 8
391. 2
385. 3
495.2
480.6
495.0
495. 8
521.8
516. 1
499.8
498.4
496. 4
517.5
499. 1
474. 4
458.2
459.7

233. 1
249. 3
245. 2
295. 2
394 4
465. 1
450. 6
458. 0
535. 9
535.5
546. 8
533. 9
551. 2
556.3
529.0
5244
529. 6
547. 1
525.8
502.5
487.4
485.8

199. 0
220. 6
218. 7
232.6
320.0
327. 1
275.4
270.2
347.0
360. 0
357. 7
357. 1
364 3
349. 4
333.0
338.8
322.3
327.8
323. 0
311.9
295.0
291. 7

112.6
117.9
121.5
135.8
152.9
155.8
156.0
173. 3
216. 2
226.3
221. 3
212. 8
217.8
219.0
211.2
213. 4
211. 3
213. 0
219. 4
223.7
226.4
232.6

207.9
206.0
207. 1
235.6
296.9
306. 3
277.4
3145
418.0
405.2
408. 9
417.5
429. 4
425. 4
424 5
428.4
434 2
440.5
434.0
419.9
424 6
433.2

204 9
275. 7
240. 5
267. 0
312.9
357. 5
342. 3
313.8
321. 8
340.2
3340
325.6
321.4
3244
305.4
291.9
285. 4
296. 7
291. 6
278. 6
268. 2
260.7

404. 3
404.5
396.6
388. 8
391. 2
393. 6

487. 1
484.8
475. 2
464.5
467. 5
471.0

468.7
468.0
456.7
446.5
448. 9
456. 7

4946
490.9
482.9
472. 1
475. 5
475.0

294 6
295. 8
290. 2
287. 1
289.5
286.2

233.3
237.6
232.3
229. 7
230. 8
231. 6

435.8
437.3
4348
426. 3
430.Q
436.0

2647
266.0
257.2
250.8
247. 9
243. 5

1
Includes 265 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31 for trade
finance, and service, and 14 for mining. Indexes are for weekly closing prices.




Utilities

Source: Securities and Exchange Commission.

FEDERAL FINANCE

BUDGET RECEIPTS AND EXPENDITURES

For the first 10 months of the current fiscal year, there was a budget deficit of $3.6 billion.
year, the deficit amounted to $13.2 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

NET BUDGET RECEIPTS

NET BUDGET EXPENDITURES

IS56

75L

For the same period last

1957

I960

1959

I957

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

MAJOR NATIONAL SECURITY
EXPENDITURES

50

I960

1955

FISCAL Y E A R S

* ESTIMATE

SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

Period

Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1959:

year 1955
year 1956 . . .
year 1957 . . .
year 1958
year 1959 3
__
year I960 3
_
year 1961
.
._
March
April
May
June
July4 4
August
.._
Septembe r 4
4
October
November 44
December
1960: January 4 4
February _
March 4
April 4
_._
Cumulative totals for first 10 months: 4
Fiscal year 1959-.
Fiscal year 1960
_

.

._.

(Billions of dollars]
Net budget expenditures
Net
Major national security l
budget
Department
receipts
Total
of Defense
Total
military
functions
60. 4
40. 6
64. 6
35. 5
40. 6
68. 2
66. 5
35.8
71. 0
38.4
69. 4
43.3
44, 1
69. 1
71.9
39. 1
68. 3
46. 4
80.7
41. 2
78.6
45.6
78. 4
40. 9
84.0
45.6
41.0
79. 8
8. 4
3. 9
3.4
6.5
4.3
3.9
6. 4
3. 5
5.4
3. 2
6. 2
3.6
10. 2
45
40
8. 6
3. 2
6. 6
3. 8
3. 4
5.7
3.7
3.4
6.3
8.5
6. 4
3.8
3.4
3.0
3.9
6. 9
3.6
5. 9
3.7
6. 6
3. 3
7.6
4.2 .
6.8
3.9
4. 9
6.2
3.5
3. 1
3.7
7.3
6. 2
3. 4
9.6
4. 0
6.4
3.6
3.7
5. 1
6. 0
3.3

52. 7
60. 7

1
Includes military functions of Department of Defense, military assistance
portion of the mutual security program, Atomic Energy Commission, stockpiling, and defense production expansion.
2 Includes guaranteed securities, except those held by the Treasury. Not all
of total shown is subject to statutory debt limitation.




65.9
64. 4

38.3
38.0

34.0
34 4

Budget
surplus
or
deficit (-)

-4. 2
1.6
1.6
-2.8
-12. 4
.2
4.2
2.0
-2. 2
7
1." 5
-3.3
—.6
2. 1
-3. 8

Public
debt
(end of2
period)

*. 7
-1.3
1. 1
3.2
-1.0

274. 4
272. 8
270. 6
276.4
284 8
284.6
280. 1
282. 2
285.5
286.4
284. 8
288. 8
290.5
288.4
291.4
290. 7
290. 9
291. 2
290. 7
287.0
288.9

-13. 2
-3.6

285.5
288.9

7

3
4

Estimates.
Preliminary.
Sources: Treasury Department and Bureau of the Budget.

31

CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter of calendar 1960, cash receipts from the public exceeded cash payments by $3.8 billion,
compares with an excess of payments of $0.1 billion in the first quarter of calendar 1959.

BILLIONS OF DOLLARS

This

BILLIONS OF DOLLARS

100

-15

1954

I960-17

1957
I
1958
CALENDAR YEARS

-^ PRELIMINARY ESTIMATES.

SOURCES: TREASURY DEPARTMENT. AND BUREAU OF THE BUDGET.

[Millions of dollars]
Cash receipts
from the
public

Period
Fiscal year total:
1956
1957
1958
_
1959 1
_
_
I960
19611-...
Calendar year total:
1956
. _
1957
1958
...
19592
_
Quarterly total, not adjusted for seasonal variation:
1958: Third quarter ..
.
Fourth quarter

_

_

1960: First quarter 2

_

_

_

72, 616
80, 007
83, 412
94, 804
95, 338
96, 257

4,471
2,099
- 1, 520
-13, 144
-542
5,921

80, 332
84, 520
81, 729
87, 580

__

._

74, 806
83, 326
89, 015
95, 608

5,526
1, 194
-7, 286
-8, 028

18, 274
16, 618

23, 789
23, 750

-5,515
-7, 132

22, 628
24, 141
21, 364
19, 420

22,
24,
24,
23,

734
530
378
917

-106
-389
-3, 014
-4,497

25, 622

21, 798

3,824

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

32

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Price 20 cents per copy ; $2.00 per year ; $2.75 foreign.




Excess of receipts or
payments ( — )

77, 087
82, 106
81, 892
81, 660
94, 796
102, 178

_

_

1959: First quarter
Second quarter2
Third quarter
Fourth quarter 2

Cash payments to
the public