Full text of Economic Indicators : May 1962
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87th Congress, 2nd Session
. Louis pi:'-.i
-.i;n
" r
E"
Economic Indicators
MAY 1962
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
COMMENTS INVITED
The Joint Committee in House Report 1410, March 6, 1962, directed the committee
staff to sponsor a review of Economic Indicators. As part of this review, which is being
undertaken with the cooperation of the Council of Economic Advisers and the Bureau
of the Budget, it would be helpful to receive comments from the users of Economic Indicators. The purpose of this monthly publication is to provide the committee, the
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to their presentation, would you please write to the JOINT ECONOMIC COMMITTEE,
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UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1962
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vice Chairman
SENATE
HOUSE of REPRESENTATIVES
JOHN SPARKMAN (Alabama)
RICHARD BOLLING (Missouri)
J. WILLIAM FULBRIGHT (Arkansas)
HALE BOGGS (Louisiana)
WILLIAM PROXMIRE (Wisconsin)
HENRY S. REUSS (Wisconsin)
CLAIBORNE PELL (Rhode Island)
MARTHA W. GRIFFITHS (Michigan)
PRESCOTT BUSH (Connecticut)
THOMAS B. CURTIS (Missouri)
JOHN MARSHALL BUTLER (Maryland)
CLARENCE E. KILBURN (New York)
JACOB K. JAVITS (New York)
WILLIAM B. WIDNALL (New Jersey)
WM. SUMMERS JOHNSON, Executive Director
JOHN W. LEHMAN, Deputy Executive Director
JOHN R. STARK, Clerk
COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman
KERMIT GORDON
JAMES TOBIN
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u
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
iv
1
2
3
4
5
f>
7
8
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work
Average Hourly and Weekly Earnings—Selected Industries
9
10
11
12
13
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Trade Sales and Inventories
Manufacturers' Sales, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Balance of Payments
14
15
16
17
18
19
20
21
22
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
23
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Bank Loans, Investments, Debits, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices
;
26
27
28
29
30
FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public
31 i
32
NOTE.—Detail in these tables will not necessarily add to totals because
of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
ill
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product, according to current estimates, rose $6 billion (seasonally adjusted annual rate), or 1 percent,
from the fourth quarter of 1961 to the first quarter of 1962. The sain over a year earlier was $48 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1960: Third quarter,.
Fourth quarter.
1961: First quarter
Second quarter..
Third quarter. _
Fourth quarter.
19 62: First qu arter. . _
Personal
Disposable consumption
personal expenditures
227. 5
238. 7
252. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 3
351. 8
364. 9
354 4
354. 9
354.3
361.8
367. 7
375. 6
378.2
International
Business
Persons
209. 8
219. 8
232.6
238.0
256. 9
269. 9
285.2
293. 2
314. 0
328. 9
339. 0
329. 7
332. 3
330.7
336.1
341. 0
348. 4
352.0
Personal
Gross
Excess
saving
Gross private
of
(+) or retained domestic investdisearn-2
investment
saving
ings
ment
17. 7
18.9
19.8
18. 9
17. 5
23. 0
23.6
24. 7
23. 4
22. 9
25. 8
24 6
22. 7
23. 7
25. 8
26. 8
27.1
26.2
56. 3
49.9
50. 3
48. 9
63. S
67. 4
66. 1
56. 6
72. 4
72. 4
69. 6
70. 5
65. 6
59.8
68.8
73. 2
76. 6
31.5
33.2
34. 3
35. 5
42. 1
43. 0
45. 6
44. 8
50.7
51.7
54 1
51.8
51.2
50. 3
53. 9
54. 8
57. 3
Foreign
Net exports of goods Excess of
and services
net
transfers
trans(+)or
fers by
of net
Govern- Net
ExImexports
ment exports ports
ports
2. 1
1. 5
1. 6
1. 4
1. 5
1. 5
1. 5
1. 3
1. 5
1. 6
1. 7
1. 5
1. 6
1.6
1.5
1. 7
1. S
1.7
-24.8
-16. 6
-16. 0
-13. 4
-21. 8
-24. 3
-20. 5
-11. 9
-21. 7
-20. 7
-15. 5
-18. 7
-14 4
— 9. 5
-14. 9
-18. 4
-19. 3
77.0
2. 4
1. 3
-. 4
1. 0
1. 1
2.9
4. 9
1.2
PI
3.0
4.0
3.0
5. 1
5.3
3.9
2.6
40
3.5
17. 9
17. 4
16. 6
17. 5
19. 4
23. 1
26. 2
22. 7
23. 1
26. 7
27.4
26. 8
27. 6
27.6
26.4
27.0
28. 5
28. 2
15. 5
16. 1
17.0
16. 5
18. 3
20. 2
21. 3
21. 5
23. 8
23. 6
23. 4
23. 8
22. 4
22. 3
22. 5
24. 3
24. 5
24 7
-0.2
2
.4
.4
— 1. 5
-3. 5
.1
2.3
-1. 5
-2.3
— 1.4
-3. 6
-3.7
-2.4
—. 9
— 2. 2
—1. 7
Government
Net receipts
Period
1951
1952
1953..
1954.
1955
1956
1957
1958
1959
1960
1961
1960: Third quarter. .
Fourth quarter.
1961: First quarter
Second quarterThird quarter..
Fourth quarter.
1962: First quarter...
Surplus
(+) or
deficit
Tax and TransPurTrans- (-) on
nontax
fers,
chases
Total
fers,
income
Net
and
interest, of goods expendi- interest,
receipts receipts
or
and suband
tures and sub- product
accruals sidies
sidies
account
66. 6
72. 2
75.7
ea 5
7a4
84.2
87.5
82.0
94 9
102. 0
102. 2
101.4
99.7
97.1
100. 7
103. 0
108. 3
85.5
90.6
94 9
90.0
101. 4
109. 5
116. 3
115. 1
129.3
139.1
143. 6
138.8
138. 3
136.9
141.9
145. 4
150.6
Expenditures
18. 9
18. 4
19. 2
21.5
23. 0
25. 3
28. 7
33. 1
34 4
37. 1
41. 4
37.4
38.6
39. 8
41.2
42. 3
42.3
42. 3
60. 5
76. 0
82. 8
75. 3
75. 6
79. 0
86.5
93. 5
97.1
100.1
108.7
101. 9
101. 6
105. 0
107. 3
109. 0
113. 2
115.9
1
Personal income (p. 3) less personal taxes and nontax payments (fines, penalties, etc.).
* Undistributed corporate profits, corporate inventory valuation adjustment,
capital
consumption allowances, and excess of wage accruals over disbursements.
3
Net foreign investment with sign changed.
IV
79.4
94. 4
102. 0
96. 7
98. 6
104. 3
115. 3
126.6
131. 5
137. 2
150.1
139.3
140.2
1448
148,5
151. 3
155. 5
158.2
18. 9
18. 4
19. 2
21. 5
23. 0
25. 3
28. 7
33.1
344
37.1
41. 4
37.4
38. 6
39.8
41.2
42. 3
42.3
42. 3
6. 1
-3. 9
-7. 1
-6. 7
2. 9
5. 2
1. 0
-11. 4
-2. 2
1. 9
-6. 5
-.5
-1. 9
-7.9
-6.6
-6. 0
-5. 1
Gross
Total
Statis- national
income
tical
product
Didiscrepor
re ceipts
expendiancy
ture
327. 7
345. 6
364. 1
362. 3
396. 5
421. 6
443. 4
446. 0
484 5
507.1
522. 9
509. 1
507. 4
503. 4
517. 9
527. 3
543. 0
1. 2
1. 4
I. 3
.9
1. 0
— 2. 4
—. 6
-1.5
-1.7
-2. 6
-1. 5
-4 0
— 2. 9
-2.6
-1. 8
-1. 5
-. 5
329.0
347. 0
365.4
363. 1
397. 5
419.2
442.8
444 5
482. 8
504 4
521. 3
505. 1
504 5
500. 8
516. 1
525. 8
542.2
548. 3
' Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
> Not available.
NOTE.—Data for Alaska and Hawaii included beginning 2960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Consumer expenditures accounted for about $31/2 billion of the $6 billion (seasonally adjusted annual rate) sain
in gross national product in the first quarter of 1962 and government purchases for over $21/^ billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
600
GROSS NATIONAL PRODUCT
V
500
PERSONAL CONSUMPTION
EXPENDITURES
300
300
200
200
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
III III IIMIMIIt^l mill
IMII
'IIIIIIH,
GROSS PRIVATE DOMESTIC,
INVESTMENT
NET EXPORTS OF GOODS
AND SERVICES ^
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
-- -.
-
Government purchases of goods
Personal Gross
Total
Net
services
Total
congross
private exports
Federal
national gross
sump- domestic
of goods
tion
product national
and
investTotal
expendin 1961 product
Total » National
ment services
defense2 Other
itures
prices
258. 1
3. 8
40. 2
22.2
8. 9
SS8.S
181. 2
33.0
13.6
19. 3
5.2
.6
39.0
14.3
see. 5 284.6 195.0
50.0
5.2
S96. B
329.0
209. 8
2.4
60. 5
38.8
56.3
33. 9
52. 9
6.7
347. 0
219. 8
1. 3
76. 0
411. 7
49. 9
46. 4
9.0
365. 4
232.6
82. 8
58.0
430. 6
50.3
—.4
49. 3
6.7
363.
1
1.0
75.
3
47.5
41.2
42!S. 0
238. 0
48.9
397. 5
256. 9
1. 1
75. 6
45. 3
6. 6
39. 1
455. 1
63.8
5.7
419. 2
2. 9
45. 7
79. 0
269. 9
40. 4
67.4
464. 8
5.7
442. 8
86.5
49. 7
285. 2
4.9
44. 4
478. 6
66. 1
52. 6
8. 3
444. 5
293. 2
1. 2
93. 5
44. 8
486. 1
56. 6
482. 8
3140
53. 5
7. 8
-.7
97. 1
46. 2
497.5
72.4
52. 9
8.0
511. S
504. 4
328. 9
3.0 100. 1
72. 4
45.5
57. 3
8. 6
521. 3
339.0
4.0 108.7
49. 2
521. S
69. 6
Seasonally adjusted annual rates
and
17. 9
19. 7
21. 7
23.2
24. 9
27. 7
30.3
33.2
36. 8
40. 8
43. 6
47.2
51. 4
Implicit
price
deflator
for total
GNP,
1961=100S
76.3
77.7
83.0
84, 3
84,9
86.0
87. 3
90. 2
93. 5
95. 4
97. 0
98. 7
100.0
State
and
local
1960: Third quarter.. . 610. 6
Fourth quarter,. 508. 0
505. 1
504. 5
329. 7
332. 3
70. 5
65.6
3. 0
5. 1
101. 9
101. 6
54. 0
53.0
45. 4
45.7
9. 1
7.9
48. 0
48. 6
98.9
99. 3
1961: First quarter
Second quarter—
Third quarter
Fourth quarter..
1962: First quarter
500. 8
516. 1
525. 8
542. 2
548. 3
330. 7
336. 1
341. 0
348. 4
352. 0
59.8
68.8
73. 2
76. 6
77.0
5. 3
3.9
2. 6
4.0
3.5
105. 0
107. 3
109. 0
113. 2
115.9
54. 7
56. 6
57. 4
60. 0
61.5
47. 2
48.8
49. 0
51.7
52.8
8.0
8.3
8.9
9. 0
9.4
50. 3
50. 6
51. 6
53.2
54. 3
99.5
99. 8
100. 1
100. 5
100. 8
1
2 Less
SOS. 1
SI 7. 2
525. 2
539. 7
544- 1
Government sales.
These expenditures correspond closely with budget expenditures for national
defense,
shown on p. 31.
3
Gross national product in current prices divided by gross national product
in 1961 prices.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
NATIONAL INCOME
Compensation of employees rose $5.2 billion (seasonally adjusted annual rate) in the first quarter of 1962. In the
noncorporate sector, farm income declined while other income rose or was maintained at the previous quarter's rate.
BILLIONS OF DOLLARS
SOO
BILLIONS OF DOLLARS
500
400
400
ZOO
200
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS AND.
RENTAL INCOME X
100
1962
1956
SOURCE: DEPARTMENT br COMMERCE.
:COUNOl OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958.
1959
1960
1961..-
..
...
Total
national
income
Compensation
of employees '
217.7
241.9
279. 3
292. 2
305. 6
301. 8
330.2
350. 8
366.9
367.4
399.6
417. 1
430. 2
140. 8
154. 2
180.3
195. 0
208. 8
207. 6
223. 9
242. 5
255. 5
257. 1
27& 4
293. 7
302. 9
Business
and professional
Rental
income
of
persons
22. 7
23. 5
26. 0
26. 9
27. 4
27. 8
30. 4
32. 1
32.7
32. 5
35. 0
36.2
36. 5
8. 3
9.0
9. 4
10. 2
10. 5
10. 9
10. 7
10.9
11. 9
12. 2
11. 9
11. 7
11. 5
Proprietors' income
Farm
12. 9
14. 0
16. 3
15. 3
13. 3
12. 7
11. 8
11. 6
11.8
13. 5
11.3
12. 0
13. 0
Net
interest
4.8
5.5
6.3
7. 1
8. 2
9. 1
10. 4
11. 7
13. 4
14, 8
16. 6
18. 4
20.0
Corporate profits and inventory valuation adjustment
Total
Profits Inventory
before valuation
taxes adjustment
28. 2
35.7
41. 0
37. 7
37. 3
33. 7
43. 1
42. 0
41. 7
37. 2
46. 4
45. 1
46. 2
26.4
40. 6
42. 2
36.7
38.3
34. 1
44. S
44. 7
43. 2
37. 4
46. 8
45. 0
46. 1
1. 9
-5.0
-1.2
1.0
— 1. 0
-.3
-1.7
-2.7
— I. 5
—. 3
—. 5
.0
.1
Seasonally adjusted annual rates
1 960 : Third quarter
Fourth quarter
419.0
416. 5
296.0
294. 0
12. 4
12. 7
36.3
36. 3
11.7
11.7
18.6
18.9
44 1
42.9
43. 2
42.6
0. 9
.3
1961: First quarter
Second quarter.
412. 2
426. 0
434. 3
447. 9
C)
292. 6
300. 2
306. 2
312. 7
317.9
12. 9
12. 9
12.8
13.6
13. 0
36.0
36. 3
36.6
37.2
37.6
11. 5
11. 5
11. 5
11. 5
11. 5
19.2
19. 6
20. 2
20. 7
21. 3
40.0
45. 5
47. 0
52. 1
(2)
39.6
45. 2
47. 2
52. 4
(2)
.4
.3
2
— .3
.0
Third quarter _ _ .
Fourth quarter
1962: First quarter
.
' Includes employer contributions for social insurance.
2 Not available.
(See also p. 3.)
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
SOURCES OF PERSONAL INCOME
Personal income rose $2.8 billion (seasonally adjusted annual rate) in April to a record level of $438.7 billion.
Labor income accounted for most of the rise.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
450
TOTAL PERSONAL INCOME
300
LABOR INCOME
—•*"•
/
BUSINESS, PROFESSIONAL,
AND RENTAL INCOME
1956
1957
250
DIVIDENDS 'AND
PERSONAL INTEREST
/
I960
SOURCE: DEPARTMENT OF COMMERCE.
Period
Total
personal
income
288. 3
289. S
310. 2
332. !)
351 4
360. 3
383. 3
402. 2
416. 7
1953
1954
1955
1950 ..
1957
1958--
1959. __ .
1960
1961
1961: March
April
May
June
July
August,
SeptemberOctober
NovemberDecember.
1962: January...
February.
March
April J
3
407. 3
409.8
413. 2
41 7. 3
3
421. 2
419. 4
421. 1
425. 2
420. 3
431. S
430. 1
433. 3
435. 9
438. 7
1962
CO'UNCll OF ECONOMIC ADVISERS'
fBillions of dollars]
Labor income Proprietors' income
(wage and
Rental
salary disDiviincome
Business
bursements
of
dends
Farm
and pro- persons
and other
fessional
labor i ncome) '
204. 1
27. 4
13. 3
10. 5
9. 2
202.5
32. 7
27. 8
10. 9
9.8
218. 0
11. 8
30. 4
10. 7
11.2
32. 1
235. 7
11. 0
10. 9
12. 1
247. 7
32. 7
11. 8
11. 9
12. 6
249. 2
32. 5
13. 5
12. 2
12. 4
208. 8
11. 3
35. 0
11. 9
13.4
282. 2
12. 0
36. 2
11. 7
14. 1
290. 8
13. 0
36. 5
11. 5
14. 4
Seasonally adjusted annual
13.0
281. 7
36. 0
11.4
14 2
285. 3
12. 9
36. 1
11. 6
14. 2
288. 0
12. 9
36. 3
14, 2
11. S
13.0
291.7
36. 4
14 3
11.5
293. 4
12. 9
36. 6
11. 5
14. 3
294.0
12. 8
36.6
11. 5
14. 3
295.2
12.7
36. 8
11. 5
14. 4
297. 8
13. 5
37.0
14. 5
11. 5
300. 9
37. 3
11. 5
14. 8
13. 8
302. 4
13. 5
37.4
11. 5
15. 5
302. 0
13. 1
37.4
11. 5
14. 9
305. 1
12. 9
37.6
11. 5
14. 9
306. 8
12. 9
37. 8
15.2
11.5
37. 9
309. 3
12. 7
11. 5
15. 3
1
Compensation of employees (see p. 2) excluding employer contributions for
social insurance and the excess of wage accruals over disbursements.
'Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
> Includes stepped-up payment of National Service life Insurance dividends
1961
Less: Per.con- NonagriPersonal Transfer sonal
tributions
cultural
interest
paysocial
personal
income
ments forinsurincome 2
ance
13.4
3.9
14.3
271.5
14. 6
16. 2
4. 6
273.8
15. 8
5.2
295.0
17.5
17.5
18.8
5.8
317.9
19. 6
21. 9
6.7
336.1
21.0
26. 3
6. 9
343.0
23.6
27. 2
7. 9
368.1
26. 2
29. 1
9. 3
386. 2
27.3
32.9
9. 7
399.4
rates
3
26.8
"33. 7
9.6
390. 4
26.8
32. 5
9.6
392. 9
27.0
33. 0
9.7
396. 4
27.1
9.8
33. 0
400.2
3
3
27.2
35. 2
9.8
404, 0
27. 4
32.5
9.8 :
402. 4
27.5
9.8
32.7
404. 1
27.7
33. 1
10.0
407.2
27. 9
33.2
10. 1
410. 9
28. 2
33.4
10. 1
413. 6
28. 5
33. 1
10. 3
412. 3
28. 7
33. 2
10. 5
415.8
28.9
33. 5
10. 6
418. 2
29. 1
33. 6
10. 7
421. 1
of S1SO million ($1.8 billion at annual rate) in March and $218 million ($2.6
billion at annual rate) in July.
* Preliminary.
NOTE.—Data for Alaska and Hawaii included beginning i960.
»
Source: Department of Commerce.
w
DISPOSITION OF PERSONAL INCOME
Both disposable personal income and personal consumption expenditures increased in the first quarter of 1962.
the increase in income beins less rapid than in expenditures, the saving rate dropped.
BILLIONS OF DOLLARS*
BILLIONS
With
OF DOLLARS*
250
DOLLARS*
2,200
DOLLARS*
2,200
2,000
2,000
1,8 OO
1,600
i—AW 1,600
1956
1957
1962
SEASONALLY ADJUSTED ANNUAL RATES,
SOURCE: DEPARTMENT
Period
1950
1951
1952
1953 .. .
1954
1955
1956
1957__
1958,
1959
I960.
1961
.
..
I960: Third quarter „
Fourth quarter
1961: First quarter
Second quarter
Third quarter
Fourth quarter
1962: First Quarter
COUNCIL Of ECONOMIC ADVISERS
OF COMMERCE
Disposable
personal
income '
Total
207. 7
227. 5
238.7
252.5
256.9
274.4
292.9
308.8
317.9
337. 3
351. 8
364.9
195. 0
209. 8
219. 8
232. 6
238. 0
256.9
269. 9
285. 2
293. 2
314. 0
328. 9
339.0
354. 4
329. 7
332. 3
330.7
336. 1
341.0
348.4
352. 0
354.9
354.3
361. 8
367.7
375. 6
378. 2
1
Personal income (p. 3) less personal taxes and nontax payments (fines, penalties, etc.).
* Income in current prices divided by the implicit price deflator for personal
consumption expenditures on a 1961 base.
4
Per capita disposable personal
income '
Saving as
percent Populaof distion
Personn!
posable
(thousaving
Non1961
personal sands) 3
Current
Durable durable Services
prices prices - income
goods
goods
(percent)
Dollars
Billions of dollars
(i. 1
151, 683
Ji (i
] , (>!I2
30. 4
1, :i(i!)
91). 8
ti-1. !)
7. 8 154, 360
17. 7
70. 2
29. 5
], '17-1
1, 708
110. 1
1,520
7.
9
157,
028
18. 9
1,725
29. 1
75. (I
115. 1
1,582
32. 9
7. 8 159, 636
81. 8
19. S
1, 780
118. 0
7. 4
162,417
1,582
32. 4
18. 9
1, 762
119. 3
80. 3
0. 4
105, 270
92. 5
17. 5
1, 840
39. C
1, 000
124. 8
7. 9
100. 0
1, 742
168, 176
23. 0
38. 5
1, 900
131. 4
7. 6
171, 198
1, 804
40. 4
107. 1
1, 911
137. 7
23. 6
1,826
7.8 174, 060
114. 3
24.7
1, 898
37. 3
141. 6
177, 076
1,905
6.9
123. 2
23. 4
1,956
43. 5
147. 3
132. 2
1,947
6. 5 180, 670
22. 9
44. 3
152. 4
1,969
1,987
7.1 183, 650
141. 2
1,987
25. 8
42.3
155. 5
Seasonally adjusted annual rates
6. 9
181, 084
1, 957
43. 4
152. 7
133. 6
24. ti
1, 977
6. 4
181, 898
43. 8
22. 7
1,963
153. 1
135. 4
1,951
6. 7
182, 601
1,940
39. 4
137. 5
23.7
1,946
153. 7
7. 1 183, 292
1, 974
1,978
42.0
154. 1
139. 9
25. 8
142. 4
1, 998
42. 3
26.8
7.3 184, 054
156. 2
1,996
2,032
7.2 184, 851
45. 5
144. 9
2,024
27. 1
158. 1
2,039
2,021
6.9
44. 8
185, 500
147. 3
159.8
26. 2
Personal consumption expenditures
3
Population of the United States including: armed forces abroad. Annual
data as of July 1; quarterly data centered in the middle of the period, interpolated
from monthly figures,
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
FARM INCOME
Realized gross farm income, seasonally adjusted, declined and production expenses rose slightly during the first quarter
of 1962. Net farm income fell below the fourth quarter 1961 level but remained above the first quarter of 1961 level.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
REALIZED GROSS
FARM INCOME
30
20
I NET FARM INCOME I
INCLUDING NET INVENTORY
CHANGE
10
1967
I960
1959
1961
SOURCE: DEPARTMENT OF AGRICULTURE.
Income received by farm operators from farming
Realized gross
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
From
all
sources
(")
(66)
()
(6)
(66)
()
(6)
«
(6)
(6)
1962
COUNCIL Of ECONOMIC ADVISERS
Income received by total
farm population
Period
I
From
From
agricul- nonagritural
cultural
sources ' sources
17. 3
15. 1
14. 4
13. 5
13. 4
13. 6
15.4
ia i
13. 7
14. 8
(6)
(")
(86)
(6)
()
(66)
()
(66)
()
(6)
Net income per
farm including net
inventory change 4
Net
ProducCash tion ex- Exclud- In eludreceipts
penses ing in- ing net in- Current
1961
from
Total 2
ventory ventory3 prices prices 5
marketchange change
ings
Billions of dollars
Dollars
15. 3
3, 173
2,951
22. 6
14.4
32. 6
37. 0
2, 664
13. 3
21. 4
13. 9
2,896
35. 3
31. 1
2,844
21.7
12. 2
12. 7
2, 645
30.0
33. 9
11. 8
2,719
29. 6
21. 9
11. 5
2,529
33. 3
2, 574
22. 6
11.6
34. 6
12.0
2,738
30. 6
34.4
11.8
2,695
2,778
29. 8
23.4
11.0
12. 6
13. 5
3,201
37. 9
33. 4
25. 3
3,233
2,762
26. 3
11. 2
11. 3
2,756
37. 5
33. 5
34.0
12.0
26. 4
11. 7
3,028
38. 1
3,028
3,401
3, 401
13. 0
12. 7
34. 8
26. 9
39. 6
Seasonally adjusted annual rates
6
6
38.3
34. 2
26. 3
12. 0
(6)
(6)
(6)
38.7
34. 7
12.4
26. 3
()
()
(")
39.
3
35.3
12.
6
26.
7
(66)
(")
(66)
39. 2
34. 0
26. 7
12. 5
(6)
(66)
()
6
12. 4
39. 3
34. 4
26. 9
()
(6)
()
13. 4
40. 6
27. 2
35. 5
(6)
()
(6)
1962- First quarter
35.2
40. 1
27.3
(6)
12.8
(6)
(6)
1
s
Net income of farm operators from farming (including net inventory change)
Income in current prices divided by the
and
family
living items on a 1961 base.
2 wages received by farm resident workers.
c
Cash receipts from marketings, Government payments, and nonrnoney inNot yet available.
come
furnished by farms.
a
Source; Department of Agriculture.
Inventory of crops and livestock valued at the average price for the year,
«Series revised beginning 1952 00 the basis of 1959 Census of Agriculture definition of a farm. The number of farms is held constant within a year,
83937°—62
2
i960- Third quarter
Fourth quarter
1961: First quarter
Second quarter
Third quarter
Fourth quarter
12. 4
12. 7
12.9
12. 9
12. 8
13.6
13.0
3, 140
3,220
3, 380
3, 380
3, 360
3,570
3,520
3,140
3,220
3, 380
3, 380
3, 360
3,570
3, 490
index of prices paid by farmers for
CORPORATE PROFITS
Corporate profits before taxes are estimated to have risen $5.2 billion (seasonally adjusted annual rate) in the fourth
quarter of 1961 to $52.4 billion. This brings the total rise from the first quarter of 1961 to the fourth quarter to $12.8
billion.
BILLIONS OF DOLLARS
1955
BILLIONS OF DOLLARS
1956
1957
1958
I960
1959
-^EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.
1961
.COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1960: Third quarter.. .
Fourth quarter, _
1961: First quarter
Second quarter. .
Third quarter
Fourth quarter..
1962: First quarter
1
See p.
2
Corporate profits (before taxes) and
inventory
valuation adjustment 1
TransManufacturing
portation,
All
All
NoncomDurable
other
indusdurable
munigoods
Total
tries
goods cations, indusindustries
indusand
tries
tries
public
utilities
35. 7
20. 4
12. 0
8. 4
4. 0
11. 3
41. 0
24. 4
13. 5
12. 0
10. 9
4. 5
21. 1
37. 7
11. 8
9.3
4. 8
11. 8
37.3
21.4
12. 1
9.3
11. 0
4. 9
18. 4
33. 7
10. 1
8.3
11. 0
4. 4
43. 1
25. 0
14. 2
10.8
5. 4
12.8
42. 0
23. 5
12. 6
10. 9
12.9
5. 6
41. 7
22. 9
13. 1
9.8
13. 3
5. 5
37. 2
18. 3
9. 0
9.3
13.3
5. 6
24. 8
46. 4
15.2
13. 2
11. 6
6. 4
45. 1
23. 3
12. 0
11.3
6.8
15.0
46. 2
23.0
11. 6
11.4
16. 0
7. 1
22. 6
44. 1
14. 9
11. 4
11.3
6. 6
42. 9
21. 6
10.7
10. 9
14. 6
6.8
18. 8
40.0
8.5
10. 4
6. 5
14. 6
22. 3
45. 5
11. 2
11. 2
16. 1
7. 1
47. 0
23. 6
12. 1
11. 5
7. 3
16. 1
52. 1
27. 1
14. 6
17. 3
12.5
7.7
2
2
2
2
2
(2)
()
()
()
()
f)
2 for inventory valuation adjustment.
Not available.
Corporate profits
after taxes
Corporate
profits
before
taxes
Corporate
tax
liability
40. 6
42. 2
36. 7
38.3
34. 1
44. 9
44. 7
43. 2
37. 4
46. 8
45. 0
46. 1
43. 2
42. 6
39. 6
45. 2
47. 2
52. 4
(2)
17. 9
22.4
19. 5
20. 2
17. 2
21. 8
21. 2
20.9
18. 6
23. 1
22. 3
22. 8
21. 4
21. 1
19. 6
22.4
23. 3
26. 0
(2)
Total
22. 8
19. 7
17. 2
18. 1
16. 8
23. 0
23. 5
22. 3
18.8
23.7
22.7
23. 3
21. 7
21. 4
20. 0
22. 8
23. 8
26. 5
(2)
NOTE.—Data for Alaska and Hawaii included beginnin
Source: Department of Commerce.
Dividend
payments
9. 2
9.0
9.0
9. 2
9.8
11.2
12. 1
12. 6
12.4
13.4
14. 1
14. 4
14. 1
14. 3
14.2
14. 2
14. 3
15. 0
15. 0
Undistributed
profits
13. 6
10.7
8.3
8.9
7.0
11.8
11.3
9.7
6.4
10. 3
8.6
8.8
7. 6
7.2
5.8
8.6
9.5
11. 5
2
()
GROSS PRIVATE DOMESTIC INVESTMENT
In the first quarter of 1962, business fixed investment and inventories rose while residential construction fell, resulting
in a total gain of about $% billion (seasonally adjusted annual rate) in private investment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
GROSS PRIVATE
DOMESTIC INVESTMENT
-20
-20
1962
1956
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
gross
private
domestic
investment
Period
1949
1950
1951
1952
1953
1954
1955
1956.. . ._
1957_1958
1959.- . ...
1960
^
1961-.
.
__
__
1960: Third quarter
Fourth quarter
1961: First quarter
Second quarter
Third quarter .
Fourth quarter
1962: First quarter.
New construction 1
Total
Total
33.0
50.0
56.3
49. 9
50.3
48.9
63. 8
67. 4
66. 1
56. 6
72. 4
72. 4
69. 6
36.0
43.2
46. 1
46. 8
49. 9
50. 5
58. 1
62. 7
64.6
58. 6
66. 1
68. 2
67.4
70. 5
65. 6
59.8
68. 8
73. 2
76. 6
77. 0
68. 1
67. 4
63. 8
66.0
68.7
71. 3
70. 3
Residential
nonfarm
Other 2
18. 8
y. 6
9. 2
24.2
14. 1
10. 1
24 8
12. 5
12. 3
25. 5
12. 8
12. 7
27. 6
13. 8
13. 8
29.7
15.4
14. 3
34. 9
18. 7
16. 2
35. 5
17. 7
17.8
36. 1
17.0
19.0
35. 5
18.0
17. 4
40. 2
22. 3
17. 9
40. 7
21. 1
19. 6
41.7
21.2
20. 5
Seasonally adjusted annual
40. 4
21.0
19. 4
40. 7
20. 5
20. 2
39. 6
19.3
20. 4
41. 3
20. 6
20. 7
42. 7
22. 1
20.6
43.3
23. 0
20. 3
2], 4
41. 8
20. 5
1
Revisions in series on new construction shown on p. 17 have not yet been incorporated
into these series.
3
"Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 17.
Change in business
inventories
Fixed investment
Producers'
durable
equipment
17. 2
18. 9
21. 3
21. 3
22. 3
20.8
23. 1
27. 2
28.5
23. 1
25. 9
27. 5
25. 7
rates
27. 7
26. 7
24 2
24.7
26. 0
28. 0
28. 5
Total
Nonfarm
— 3. 1
6.8
10. 2
3. 1
.4
-1.6
5.8
4.7
1.6
—2.0
6.3
42
2. 2
-2. 2
6.0
9. 1
2. 1
1. 1
— 2. 1
5.5
5. 1
.8
-2.9
6.2
40
1.8
2.4
-1.9
-4.0
2.8
4. 5
5.3
6. 8
2.0
-2.2
-43
2.4
4. 1
5. 1
6. 6
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the January—February survey, business firms were planning to spend $37.2 billion on new plant and
equipment in 1962, about 8 percent more than in 1961. Quarterly increases of 1 Vz to 2 percent (seasonally adjusted)
were anticipated for the first and second quarters of 1962.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10
1956
1961
*/ SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION, ABO DEPARTMENT OF COMMERCE.
1962
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Transportation
Manufacturing
Period
Mining
Total i
Total
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
19623
_.
.
.
._
_.
1 960 : Third quarter
Fourth quarter _ _
1961: First quarter ..
Second quarter
Third quarterFourth ouartcr
1962: First quarter s_.3
Second quarter _ . .
1
!Excludes
-
25. 64
26. 49
28. 32
26. 83
28. 70
35.08
36.96
30. 53
32.54
35.68
34, 37
37. 16
10.85
11.63
11. 91
11. 04
11. 44
14.95
15.96
11. 43
12. 07
14.48
13. 68
14. 90
35. 90
35. 50
33. 85
33. 50
34.70
35. 40
36. 10
36. 60
14.65
14. 40
13.75
13. 50
13.65
14. 00
14. 40
14.65
Durable NonduraRailroads Other
goods
ble goods
5. 17
1.47
1.49
.93
5.68
5.61
1. 50
6. 02
.98
1. 40
.99
1.31
5.65
1. 56
6. 26
5.09
.98
.85
1.51
5.95
. 92
5.44
1. 60
.96
6.00
7.62
1.24
1. 23
1.71
7.33
8.02
I. 40
1.77
1.24
7.94
5.47
. 94
5.96
. 75
1. 50
. 92
5.77
2. 02
6.29
.99
7.18
1.03
1.94
7.30
.99
6. 27
. 98
.67
1. 85
7. 40
7. 29
1. 84
7. 62
1.01
. 80
Seasonally adjusted annual rates
7. 35
1. 00
1.00
1. 90
7. 30
6. 85
7. 55
.90
1. 00
1. 80
6. 50
. 70
1. 75
7. 25
. 95
6. 20
7.30
1.00
. 70 1. 80
fi. 10
1.00
.65
1. 90
7.55
6. 40
7. 60
1.00
.60
1.95
7.00
1. 10
.80
1.75
7.45
7. 20
.80
1. 90
1.05
7.50
agriculture.
Commercial and other includes trade, service,finance,communications, and
construction.
3 Estimates based on anticipated capital expenditures as reported by business
Jn late January and February 1962. Includes adjustments when necessary for
systematic tendencies in anticipatory data.
8
Public
utilities
Commercial and
other 2
3.66
3. 89
4. 55
4.22
4. 31
4. 90
6.20
6. 09
5. 67
5.68
5.52
5.60
7.24
7. 09
8. 00
8. 23
9. 47
11. 05
10.40
9.82
10. 88
11. 57
11. 68
13.00
5. 60
5. 70
5. 35
5. 50
5. 65
5. 55
5.25
5. 20
11. 75
11.65
11. 30
11.05
11.85
12. 35
12.75
13. 00
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because tlie 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
Civilian employment rose less than seasonally in April and the unemployment rate (seasonally adjusted) remained
at 5.5 percent.
:
MILLIONS OF PERSONS *
MILLIONS OF PERSONS*
CIVILIAN LABOR FORCE
-V
"•"""""•"•
"»•....„,..»•...„.»«""••.„„„,.„..»
UNEMPLOYMENT ^
I
I
I
I
I
I
1I
I I
1I 1 I
PERCENT OF CIVILIAN
I
I
I
I
I
_,
I I
I
I1
I I I I
I I
I I 1
I
PERCENT OF CIVILIAN LABOR
LABOR FORCE
FORCE
UNEMPLOYMENT RATE
(SEASONALLY ADJUSTED)
_
- -
r
- - -
cm
-
f
--
I9SG
T
**
,
-
•;
I
IN
1961
I9S7
* 14 YEARS OF AEE AND OVER.
SOURCE: DEPARTMENT OF LABOR.
Period
1955
1956
1957
1958
1959
1960
1961—
1962
COUNCIL OF ECONOMIC ADVISERS
Civilian emCivilian employment
ployment
UnemCivilian
NonNonploylabor
AgriagriasriTotal
ment
force
culTotal
culcultural
tural
tural
Thousands of persons 14 years of age and over
65, 848 62, 944 56, 225 2,904
67, 530 64, 708 58, 135 2,822
67, 946 65, Oil 58, 789 2,936
68, 647 63, 966 58, 122 4, 681
69, 394 65, 581 59, 745 3,813
70, 612 66, 681 60, 958 3,931
71, 603 66, 796 61, 333 4,806
Unadjusted
Seasonally adjusted 1
Total
labor
Civilian
force
(includ- labor
ing
force
armed
forces)
68, 896
70, 387
70, 744
71, 284
71, 946
73, 126
74, 175
1961:
April
73, 216
74, 059
June
76, 790
July
76, 153
August
75, 610
September. 73, 670
October
74, 345
November- 74, 096
December. . 73, 372
1962:
January
72, 564
February
73, 218
March
73, 582
April 2
73, 864
April _ _ .. 78, 654
May
6.7
70, 696
71, 546
74, 286
73, 639
73, 081
71, 123
71, 759
71, 339
70, 559
65, 734
66, 778
68, 706
68, 499
68, 539
67, 038
67, 824
67, 349
66, 467
60, 734
61, 234
62, 035
62, 046
62, 215
61, 372
61, 860
62, 149
62, 049
4,962
4, 768
5, 580
5, 140
4,542
4, 085
3,934
3, 990
4,091
71, 410
71,475
71, 983
71, 633
71, 789
70, 981
71, 473
71, 482
71, 272
66, 398
66, 512
66, 900
66, 698
66, 998
66, 243
66, 822
67, 148
66, 936
5,297
5,326
5,504
5,473
5, 662
5,156
5,472
5,311
5,204
61, 101
61, 234
61, 543
61, 371
61, 417
61, 188
61, 369
61, 840
61, 618
4, 950
5,019
4,936
4,923
4,887
4,867
4,762
4,370
4,274
7.0
6.7
7.5
7.0
6.2
5.7
5. 5
5. 6
5.8
6. 9
7.0
6.9
6.9
6.8
6. 8
6.7
6. 1
6. 0
69, 721
70, 332
70, 697
70, 979
70, 769
65, 058
65, 789
66, 316
67, 027
66, 8S4
60, 641
61,211
61, 533
61, 979
61, 863
4,663
4, 543
4,382
3, 952
3,946
71, 435
71, 841
71, 774
71, 696
71, 484
67, 278
67, 894
67, 947
67, 704
67, 499
5,453
5,603
5,560
5,347
5,255
61, 690
62, 206
62, 280
62, 353
62, 2S6
4,159
4,008
3,914
3,971
3, 963
6.7
6. 5
6. 2
5. 6
5. 6
5.8
5. 6
5. 5
5. 5
5. 5
' Seasonally adjusted totals may differ from sum of components because totals
and components have been seasonally adjusted separately.
* 1960 Population Census data used in estimation procedure; all other data
based on 1950 Population Census.
Unemployment
rate (percent of
Unem- civilian labor
force)
ployment Unad- Seasonadjusted ally
justed
Percent
4. 4
4. 2
4. 3
6. 8
5. 5
5. 6
NOTE.—For definitions and coverage, see Employment and Earnings, Department of Labor. Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
9
UNEMPLOYMENT INSURANCE PROGRAMS
Insured unemployment averaged 2.2 million in April, or about 1.4 million less than in April 1961.
MILLIONS OF PERSONS
MILLIONS Of PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
MAR.
JUNE
SEPT.
OCT
SOURCE: DEPARTMENT OF LA80R.
1957.
1958.
1959
1960
1961
1961: March . ..
April
. ...
May
June
July
..
August
September
October. _ _
November.
December __
1962: January- .
February
March _
April3
Week ended:
1962: April 7
14
21 _
28
May 53
Thousands
43, 447
1, 567
44, 501
3,269
2,099
45, 727
46, 334
2,067
2,994
44, 873
3, 403
45, 384
3,626
45, 899
3, 290
46, 654
2, 877
46, 762
2,678
2, 357
47, 154
2, 122
47, 224
1
2, 018
2, 172
2,533
3,015
2,925
2,702
2, 230
2,397
2, 274
2, 177
2,066
1,971
1, 913. 0
4, 209. 2
2, 803. 0
3, 022. 7
4, 358. 1
500. 9
419. 4
457.2
403.9
321. 9
333.5
263.4
255.3
261. 4
286. 0
395.2
350. 0
381.0
325. 0
Weekly
1,450
2, 509
1,682
1, 906
2,290
3, 168
2,779
2,328
1,991
1,958
1, 744
1,558
1, 502
1, 662
2,017
2,486
2,410
2, 218
1, 839
1,956
1,872
1,803
1,727
1
1, 653
123
1
Includes Federal and State programs for temporary extension of benefits beginning Jane 1968.
* Not available.
'Preliminary.
< Not charted.
10
DEC.
COUNCIL OF ECONOMIC -ADVISERS
All programs
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milployment (weekly lions of
ment
averdol- J
age) i
lars)
Period
NOV.
State programs
Insured unemployment as perInitial Exhaus- cent of covered
employment
tions
claims
Unad- Seasonadjusted ally
justed
average, thousands
Percent
23
3. 6
268
50
370
6.4
33
44
281
31
4.8
331
46
350
5. 6
372
53
7.8
6.3
58
6. 8
5.9
367
54
297
5.7
5.6
53
279
49
5.8
50
357
48
5.S
44
271
43
5. 2
257
38
3. 8
6. 1
35
3. 7
277
6. 1
34
4. 1
320
5. I
394
35
4.8
5.0
39
6.
2
429
4.7
320
39
6. 0
4.6
39
273
5.5
4-4
267
39
46
3. 9
308
261
253
244
272
253
Benefits paid
Total Average
(milweekly
check
lions of
dollars) (dollars)
1, 733. 9
3, 512. 7
2, 279. 0
2, 726. 7
3, 422. 7
461. 5
362. 5
320. 1
264.4
2240
237. 2
185.0
180.9
190. 9
218. 5
314 9
280. 0
310.2
265. 0
28.17
30. 58
30. 41
32. 87
33. 80
34 37
34. 18
33.46
32. 92
32. 91
33.36
33. 12
33.30
33. 67
34 11
34.44
34 50
34. 98
34 95
49
46
45
43
41
NOTE.— For definitions and coverage, see I960 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Kieo since January 1861.
Source: Department of Labor.
NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment, seasonally adjusted, increased nearly 250,000 in April.
for three-fifths of the gain.
MILLIONS OF WAGE
AND SALARY WORKERS
60
Manufacturing accounted
MILLIONS OF WAGE
,,
AND SALARY WORKERS
ALL NONAGRICULTURAL ESTABLISHMENTS
MANUFACTURING
96
s
DURABLE
GOODS
INDUSTRIES
NONDURABLE
GOODS INDUSTRIES <
SO
«8 Lj,
I960
1961
1959
1962
IE.5
CONTRACT CONSTRUCTION
(ENLARGED SCALE)
WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)
3.3
n.s
3iO
2.5
1959
1959
I960
* SEASONALLY ADJUSTED DATA.
SOURCE: DEPARTMENT OF LABOR.
1962
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers *]
Manufacturing (private)
Nonmanufacturing (private)
Total,
unadjusted
Total
SO, 676
52, 408
52, 904
SI, 423
53, 380
54, 347
54, 076
50, 675
52, 408
52, 904
51, 423
53, 380
54, 347
54, 076
16, 882
17, 243
17, 174
15, 945
16, 667
16, 762
16, 268
9,541
9,834
9,856
8,830
9,369
9,441
9,044
52, 785
1961: March
April
S3, 171
May
- - 53, 708
June
54, 429
July
54, 227
54, 538
August
September
54, 978
55, 065
October
November
55, 129
December
65, 503
1962: January
53, 7S7
February
53, 823
March3 3
54, 025
April
54, 699
53, 561
53, 663
53, 894
54, 182
54, 335
54, 333
54, 304
54, 385
54, 525
54, 492
54, 434
54, 773
54, 871
55, 112
16, 023
16, 119
16, 275
16, 373
16, 392
16, 381
16, 323
16, 361
16, 466
16, 513
16, 456
16, 572
16, 676
16, 814
8,820
8,904
9,058
9, 114
9,138
9,131
9, 105
9, 112
9, 213
9,244
9,217
9,312
9,380
9, 466
Period
1955
1956
1957
1958
1959
1960 3
1961
.-
Total
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments wbo 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. 9, 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 enu-
Contract Transporta- Wholesale
construc- tion and pub- and retail
tion
trade
lic utilities
2,802
4, 141
7,340 26, 879
10, 535
7,409 27, 888
4,244
2,999
10, 858
7,319 28, 104
2, 923
4,241
10, 886
7, 116 27, 585
2,778
3,976
10, 750
7,298 28, 523
2,955
4,010
11, 125
7,321 29, 065
2,882
4,017
11,412
7,224 28, 977
2,760
3,923
11, 365
Seasonally adjusted
2, 792
7,203 28, 826
3,919
11, 252
7,215 28, 810
2,766
3,901
11, 320
7,217 28, 845
2,742
3,903
11, 355
2,795
3, 914
7,259 28, 988
11, 392
3,942
7,254 29, 108
2,776
11, 437
7,250 29, 087
2,770
3,939
11, 410
2,754
7,218 29, 045
3,939
11, 363
7,249 29, 057
3,929
2, 758
11, 3€5
7,253 29, 067
2,719
3,927
11, 374
7,269 29, 042
2, 699
3,911
11, 366
7, 239 28, 949
2,594
3, 906
11, 384
2,694
7,260 29, 157
3,914
11, 447
2,643
7, 296 29, 133
3,928
11, 451
2, 706
7, 348 29, 217
3,941
11, 482
Durable Nondura- Total 2
goods ble goods
Government
(Federal,
State,
local)
6,914
7,277
7,626
7,893
8,190
8,520
8,831
8,712
8,734
8,774
8, 821
8,835
8,865
8,936
8,967
8,992
8,937
9, 029
9,044
9,062
9,081
meration of population, whereas the estimates in this table are based on reports
from
employing establishments.
2
Includes minimr; finance, insurance, and real estate; and service and miscellaneous,
not shown separately.
3
Preliminary.
NOTE—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
1 |
WEEKLY HOURS OF WORK
In April, the average workweek of production workers in manufacturing was 40.8 hours (seasonally adjusted), or
0.3 hours above the March workweek.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
NONDURABLE MANUFACTURING
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
DURABLE MANUFACTURING
40
38
36
1961
1962
I960
1961
1962
1961
1962
44
RETAIL TRADE
40
•"• *•
32
.p,*«..,,_..
34
30
1962
1959
I960
SOURCE: DEPARTMENT OF LABOR.
, COUNCIL OF ECONOMIC ADVISERS
Average hours per week 1
Manufacturing industries
Contract Retail
Non- construcDurable durable
All
trade
tion
goods
goods
Period
1956
1957
1958.
1959
1960 5
1961 _-
-
1961: March
April
3VIay
June
July
August.
September _
October —
November
December....
1962: January
FebruaryMarch 6 _
April 6
.
40.4
39.8
39.2
40.3
39.7
39.8
39. 3
39. 7
39. 8
39. 9
40.0
40.0
39. 6
40.2
40.6
40.4
39. 8
40.3
40. 5
40. 8
Hours per week
41.0
39. 6
37. 5
40. 3
39. 2
37.0
39. 5
38. 8
36. 8
40. 7
39. 7
37.0
40. 1
39. 2
36. 7
40. 2
36. 9
39.3
iSeasoraoHj/ adjusted
36. 9
39. 7
39. 1
35.7
40.0
39.3
40. 2
39.3
36. 3
40. 4
36.8
39. 5
40. 5
39. 5
36. 9
37. 1
40.5
39.3
39.8
39.2
36. 7
37.2
40. 6
39. 6
41.2
37. 5
39. 7
41.2
39.7
35. 5
39.2
40. 3
34. 4
40.9
37.0
39. 5
37.2
41. 1
40. 0
41. 2
40. 3
(61
1
Data relate to production workers or nonsupervisory employees. Beginning
1959,
data include Alaska and Hawaii.
2
Differs from total nonagricultural employment (p. 9), which includes persons
with jobs but not at work for such reasons as vacation, illness, bad weather, and
industrial disputes. Beginning 1960, data include Alaska and Hawaii.
12
39. 1
38. 7
3& 7
38. 7
38. 5
38. 1
38. 2
38. 2
38.3
38. 1
38.2
37.9
38. 0
38. 0
37. 9
38. 1
37. 9
38.0
38.
0
(6)
Persons at work in nonagricultural 2 industries
by hours worked per week
Under 35 hours
Part-time for
economic reasons
Over 40 35-40
hours
hours
Total Usually Usually
partfulltime *
time 3
Millions of persons 14 years of age and over
0.9
18. 7
27.3
1. 1
9.4
1.0
17. 6
28. 6
1. 2
9.7
16. 6
1.3
28. 3
1. 6
10. 4
17. 3
1.3
27. 7
1. 0
11.7
1.3
17. 7
1. 2
28. 7
11. 5
1. 5
18.2
1.3
29.0
11. 1
17.7
17.7
18.1
17.9
17.2
17.7
18.5
19. 3
19.5
19. 7
17.8
18.3
18. 9
18. 9
29. 6
29.9
29.8
29. 9
27.8
28.4
29.0
28.4
29.4
29. 1
28. 3
28. 2
29.5
30. 2
11. 4
11. 3
11.4
10. 5
9. 9
9. 7
11.2
11. 9
11. 3
11. 3
12. 1
12. 5
11. 2
11. 0
1.5
1. 5
1.3
1.2
1. 1
1.2
1. 1
1. 1
1. 1
1. 1
1.0
1. 0
1. 1
7
1. 0
1. 5
1. 5
1. 5
2.0
1. 9
1. 9
1.4
1.2
1.3
1.2
1. 1
1. 2
1. 2
'1.2
3
Includes persons who worked part-time because of slack work, material shortages or repairs, new job started, or Job terminated.
*6 Primarily includes persons who could find only part-time work.
Preliminary.
6
Not available,
t Average hours worked: usually full-time, 22.7; usually part-time, 17.5.
Source: Department of Labor.
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing rose 1 cent in April to $2.39.
earnings rose 65 cents, reaching $96.56.
Average weekly
AVERAGE WEEKLY EARNINGS
2.6O
DURABLE GOODS
INDUSTRIES
e
ft
\
100
,J
%
^
A, 1 w/\ J
/
<»»
90
2.20 ~-~r*\~z:J
A
V^'c
.y
/
/v/
/
ALL MANlIFACTUR1NG
INDU STRIES
^>"
^
2.00
\
GOOC s
INDUSTRIES
NC NDURABLE
70
%
1959
1962
I960
1989
I960
SOURCE: DEPARTMENT OF LABOR.
1962
1961
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
Average hourly earnings— current prices
Average weekly earnings—current prices
Manufacturing industries Contract
conRetail
NonDurable durable
structrade
All
goods
tion
goods
Manufacturing industries Contract,
Retail
conNontrade
Durable durable
strucAll
goods
tion
goods
1952 _
... $1. 65
1953
1. 74
1954
1. 78
1. 86
1955
1956
1. 95
1957
2.05
2. 11
1958
1959.
..- 2. 19
1960_ 2
... 2. 26
2. 32
1961
.
1961: March
2. 29
April ... ... 2. 31
2. 32
May
2. 32
June
July
2. 33
August
2. 31
September
2.33
October
2. 34
2. 36
November
2.38
December
19G2: January. _
2.39
February
2.38
2
March .. .
2. 38
2. 39
April 2
1
Earnings
!
$1.75
1. 86
1. 90
1.99
2.08
2. 19
2. 26
2. 36
2. 43
2. 49
2. 46
2.47
2.48
2. 49
2. 49
2.48
2. 50
2.51
2. 54
2.55
2.56
2. 55
2. 55
2. 56
$1. 51
1. 58
1. 62
1. 67
1.77
1.85
1.91
1.98
2.05
2. 11
2.09
2. 10
2. 11
2. 11
2. 12
2. 10
2. 12
2. 13
2.14
2. 15
2. 16
2. 15
2. 16
2. 16
$2. 13
2.28
2. 39
2. 45
2. 57
2. 71
2. 82
2. 93
3. 07
3. 19
3. 14
3. 15
3. 16
3. 16
3. 16
3.17
3.22
3. 22
3. 24
3. 29
3. 33
3. 23
3. 26
(3)
$1. 18 $67. 16
1.25 70. 47
1. 29 70. 49
1. 34 75. 70
1. 40 78. 78
1.47 81. 59
1.52 82. 71
1.57 88. 26
1. 62 89.72
1. 68 92. 34
1.65 89. 54
1.67 90.78
1. 68 92. 10
1. 69 93.03
1. 69 93. 20
1. 69 92. 86
1. 70 92. 73
1. 71 94. 54
1. 71 95. 82
1.69 96.63
1. 72 94.88
1. 73 95. 20
1. 73 95. 91
96. 56
(3)
in current price? divided by the consumer price index on a 1961 base.
Preliminary.
'Not availaole.
83937°—62
3
$72. 63
76. 63
76. 19
82. 19
85. 28
88. 26
89.27
96. 05
97. 44
100. 10
97. 17
98. 31
99. 70
101. 09
100. 35
100. 44
100. 00
102. 66
104. 39
105. 32
103. 17
103. 53
104. 30
304.96
$59. 95
62. 57
63. 18
66. 63
70. 09
72. 52
74. 11
78.61
80. 36
82. 92
80. 88
81. 27
82. 29
83. 56
84. 16
83. 58
83. 74
84. 77
85. 39
85. 57
84. 24
84. 28
85.54
85. 75
$82. 86
86. 41
88. 91
90. 90
96. 38
100. 27
103. 78
108. 41
112. 67
117.71
112. 41
112. 77
116. 29
119. 13
119. 76
122. 05
120. 43
123. 00
118. 26
114. 82
111. 22
113. 37
117. 36
(3)
$47. 79
49. 75
51.21
53. 06
54. 74
56. 89
58. 82
60. 76
62. 37
64. 01
62. 70
63. 46
63. 84
64. 90
65. 57
65. 23
64. 60
64. 64
64. 13
64. 73
64. 84
65. 22
65. 39
(3)
Average
weekly
earnings,
all manufacturing
industries,1
1961 prices
$75. 63
78. 83
78. 50
84. 58
86. 67
86. 80
85. 62
90. 62
90. 72
92. 34
89. 81
91. 05
92.47
93. 22
93. 01
92. 77
92. 36
94. 16
95. 44
96. 34
94. 60
94. 63
95. 15
•P)
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) rose 1.2 percent in April.
ment, and materials shared in the increase.
INDEX, 1957*IOO ( SEASONALLY ADJUSTED)
Consumer goods, business equip-
INDEX, 1957 = 100 ( SEASONALLY ADJUSTED)
140
TOTAL
130
120
no
100
1961
140
MANUFACTURING
130
NONDURABLE
120
no
.\
100
D URABLE
80
1959
1959
1962
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
[1957=100, seasonally adjusted]
Period
1952 ...
1953
1954
1955_ ...
1956- ..
1957
1958
1959
1960
1961 »
1961: March
April
. _. _
May. __
June. __
.
July
August
September
October
November
December
1962: January
February. . .
March
April1..
. _
'Preliminary.
14
Total
industrial
production
83. 8
90. 8
85. 4
96. 0
99. 3
100.0
92. 9
104. 9
108. 0
109.0
102. 6
105. 6
108. 3
110. 4
112. 0
113.0
111. 0
112. 8
114. 1
114. 8
113.5
114.9
115. 7
m. i
Industry
Manufacturing
Total
84. 8
92. 1
85. 8
96. 7
99. 5
100. 0
92. 4
105. 3
108. 2
108.8
101. 9
105.2
108.2
110. 5
112. 2
113. 1
111. 0
112. 8
114. 2
115. 1
113. 5
115.2
116. 1
117. 4
Market
Final products
NonDurable durable
Mining
Utilities
83.3
86. 9
86. 9
95. 0
98. 9
100. 0
99. 9
110. 3
113. 4
116. 8
111. 6
113. 9
115. 5
117.4
119. 0
120. 2
118. 9
121. 2
121. 4
121. 6
120.4
121.4
121.5
122. 8
86. 5
88. 8
86. 2
94. 8
100. 1
100. 0
91. 4
95. 3
97. 1
98.0
96. 3
97. 4
97. 1
97. 6
97. 8
98.8
97. 1
99. 5
100. 6
100. 9
99. 0
99.0
98. 9
101. 5
65. 2
7J. 1
70. 5
85. 4
93. 6
100. 0
104. 5
115.0
123. 1
131.2
124. 9
127. 1
130.2
131. 2
131.6
134. 5
135. 4
135. 8
135. 1
134. 7
136. 6
136. 7
138.5
139. 5
85. 1
96.0
85.0
97.9
100.0
100. 0
86.8
101. 5
104. 3
102. 9
94. 7
98. 7
102. 7
105. 3
107. 3
107.9
105. 1
106. 7
108. 9
110. 2
108.4
110.6
112.0
113.3
Total
85. 2
90. 7
80. 5
94. 6
98. 9
1 00. 0
1)5. 1
1 00. 5
110. 0
111. 9
106. 7
109. 2
110. 8
112.7
114. 3
114. 7
112. 9
115. 4
116. 9
117. 8
116. 1
117. 1
117.7
119. 3
Consumer
goods
82. 5
88. 1
87.2
90. 5
98. 7
] 00. 0
99. 0
1 1 0. 0
114. 4
116.2
110. 6
113. 7
115. 4
117.8
119. 5
119. S
116. 4
119. 3
120.7
121. 9
120. 5
120. 7
121.2
123. 1
Equipment
90. 0
90. 1
85. 0
90. 9
99. 1
1 00. 0
87. 3
99. 5
102. 9
103. 5
99. 0
100. 1
101. 6
102. 4
103. 9
104. 7
105. 9
107. 4
109.4
109.7
107. 6
109.9
110.7
111. 9
Source: Board of Governors of tbe Federal Reserve System.
Materials
82. 7
90. 8
8-1. 4
97. 1
99. 7
1 00. 0
91. 0
i o:t. 5
105. 7
106.4
99. 1
102.9
106.2
108. 7
109. 5
111.2
109.2
110. 7
111. 2
112. 1
111. 2
113. 1
113. 8
114. 9
PRODUCTION OF SELECTED MANUFACTURES
The production of both durable and nondurable manufactures (seasonally adjusted) averaged 1 percent higher in
April than in March. Increases were widespread among the major groups with the exception of primary metals.
INDEX, 1957 = 100 (SEASONALLY ADJUSTED)
INDEX, 1957*100 (SEASONALLY ADJUSTED)
160
100
120
1962
CHEMICALS, PETROLEUM,
AND RUBBER
X >-.
«„••'"*
S
*-'
r^—-**•
,
IOO
trs*-^*-, , , 1 1 1 , 1 II 1
1959
SOURCE:
I960
1961
BOARD OF GOVERNORS OF THE
1962
1959
i ••
GES
AND TOBACf O
i i ii , 1 i i , i i
I960
1961
i i ii ,1
1962
COUNCIL OF ECONOMIC ADVISERS
FEDERAL RESERVE SYSTEM.
[1957=100, seasonally adjusted]
Period
1 ')52
1 95H
1 !)54
1 '155
1!)5(i
1 057
1958
1959
1960 _ ...
1961'
1961: March
April
Mav
June
July
August
September _
October _
November. .
December
1962: January
February
March
April i
1
Preliminary.
* Not available.
Primary
metals
88.5
] 00. 3
81.3
105. 5
103.7
100.0
78.0
89. 5
90.3
88.2
73.5
82.0
89. 9
92. 3
94. 6
98. 2
98.7
95. 9
96.2
99.0
100.5
105. 8
105. 4
101
Durable manufactures
Nondurable manufactures
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
cated Machin- tation
and apparel,
and
petrobevermetal
ery
equipprodand
print- leum, and ages, and
products
ment
ucts
leather
ing
rubber tobacco
87. 8
88. 4
100. 9
92. 2
79.4
68. 6
74. 5
90. 2
98. 8
96. 4
106.7
84.5
86. 2
93. 6
80. 2
91. 2
88. 8
84. 3
103. 9
86.9
78.7
89. 6
79. 3
92. 8
96. 9
92. 6
95.9
114. 2
94.6
91. 8
96. 2
98. 4
97. 4
102.8
91. 5
109. 9
99.3
96. 3
99.8
101. 1
100.0
100. 0
100.0
100.0
100.0
100.0
100.0
100. 0
91. 6
85. 2
84.2
99. 7
99. 2
99. 2
98. 8
102. 1
103. 9
102. 8
112. 7
97. 8
113. 1
107. 6
115. 2
106. 5
106.4
106. 0
106. 5
111. 5
117.7
101. 7
114.8
109. 4
106.
1
104.9
97. 3
105. 2
114 9
122. 6
J13. 2
115.6
96.3
100.5
110. 2
111.2
sai
99. 8
113. 3
111. 2
98.6
111. 8
102.9
94.0
105. 7
113. 1
118.0
111. 9
113. 3
104.8
104.3
113.6
99. 0
106. 6
121. 7
112. 1
115. 7
107.3 107.3
114. 9
100. 6
110. 6
124. 6
113. 1
118. 2
108. 1 110.2
102.2
111. 2
114. 8
127. 4
113. 9
111.0
102. 7
120.3
108. 5
108. 8
117. 8
127.3
114. 2
105.3 107.8
94. 5
118. 1
107. 4
117. 1
125.7
113. 8
121.7
109.8
108. 4
100. 5
103. 4
117. 4
128. 4
116. 1
121. 6
111. 8
109. 8
106. 0
104. 7
118.0
128. 8
116. 1
112.2
112.2
122. 9
107. 7
106. 9
129. 6
118. 7
114. 6
110.4
101.4
119. 7
111. 4
103. 5
118.0
127.4
115. 3
111. 3
112. 9
112. 7
120. 8
104.5
119. 3
129. 4
115. 2
112. 1
115. 5
122.
8
106. 5
110.6
118.4
128.
4
115.
8
2
114
118
109
125
119
131
116
()
Source: Board of Governors o I the Federal Reserve System.
15
WEEKLY INDICATORS OF PRODUCTION
In April, cars and trucks assembled continued to increase while steel production declined,
showed mixed trends.
MILLIONS OF SHORT TONS
MILLIONS OF TONS
Other weekly indicators
(DAILY AVERAGE)
r
/v^vf \ i v ?
*
K
;
V V\\ Mfo
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Bituminous Freight Paperboarc
Electric
Cars and trucks
Steel produced
coal mined
power
loaded
produced assembled (thousands)
Thousands
Index
distributed (thousands (thousands
(thousands
of net (1957-59 = (millions of
of short
Total Cars Trucks
of cars)
of tons)
tons
100)
kilowatt-hours) tons) 1
Period
Weekly average:
1956
1957
1958
1959
1960 s
_ .
1961
1961: March
_
April
May
June
July
August
September
October .
November
December
1962: January
February. _ March
April 2
Week ended:
1962: April 7
14-- ..
21
28
May 5 2
122
1
Daily
!
average.
Preliminary.
"Not charted.
16
2, 204
2, 162
1,635
1,792
1,899
1,880
1,600
1,768
2,027
1,993
1,831
1,955
2,083
2,071
2, 039
2,165
2,337
2,425
2,389
2, 151
2,361
2,244
2, 138
1,957
1,820
1,765
107. 0
98.3
104.9
111. 8
111. 2
109.4
116. 2
125. 4
130. 1
128.2
115. 5
11, 292
11,873
12,076
13, 206
14, 685
15, 139
14, 473
14, 295
14, 223
15, 100
15, 274
15, 917
15,518
15, 146
15,576
16, 287
16, 592
16, 340
15, 998
15, 388
1,693
1, 644
1,380
1,380
1,390
1,343
1, 104
1, 212
1,309
1,447
1,292
1,392
1,408
1, 501
1, 525
1,392
1,447
1,374
1,328
1, 403
728
683
- 581
596
585
550
502
526
555
582
543
593
588
645
577
509
518
530
548
562
274
272
275
307
306
320
319
316
320
333
268
334
327
353
341
314
305
348
357
343
132.8
138.6
98. 4
129. 5
151. 8
127.8
109. 9
135.8
141. 0
153.1
118.8
60. 3
103. 3
146. 2
174.4
171. 2
159. 5
158. 5
161.3
172.2
111. 6
117.6
81. 6
107. 6
128. 7
106. 1
88.7
111. 7
118. 4
127.5
97.7
44. 6
83. 8
125. 1
149. 7
145. 4
136.7
134. 0
136. 9
147. 1
21. 2
21. 0
16. 8
21. 9
23. 1
21. 7
21. 1
24. 1
22. 6
25. 5
21. 1
15. 7
19. 6
21. 0
24. 7
25. 7
22. 8
24. 5
24. 4
25. 1
126. 7
120. 5
114. 8
105.0
97. 7
94. 7
15, 569
15, 600
15, 329
15, 054
15, 369
3
15, 445
1, 343
1,377
1, 450
1,419
1,386
548
555
569
578
587
351
338
351
331
367
353
168. 5
169.5
171.3
179. 8
174.8
183. 1
144. 9
144. 1
146. 0
153. 4
149. 2
156. 9
23. 5
25. 4
25. 2
26.4
25. 5
26. 3
118.3
116. 0
87. 8
96. 2
101. 9
100.9
85.9
94. 9
io&8
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Faperboard
Association, and Ward's Automotive Reports.
NEW CONSTRUCTION
In April, outlays for private construction (seasonally adjusted) rose to their highest level in 1962, but the rise was
almost offset by a fall in public construction expenditures.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL NEW CONSTRUCTION
'»™™rr^r*-*-T '—-••—'"'*
,,.,..!
1956
• SEE NOTE t IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.
Total new
construction
expenditures
.I , , , . . I . , , , , Tr
1961
1962
COUNCIL DF-ECONOMIC ADVISERS
Private
Period
I
Total
Residential
(nonfarm)
Commercial and
industrial
Other
Construction contracts l
Commervalue, cial and inFederal, Total
States
dustrial
State, and 48(index,
floor space
local
1957-59= (millions
100)
of square
feet) 2
Billions of dollars
1957
1958
1959
1959 (new series)
1960
1961
47.8
49.0
54. 1
56.6
55.6
57.4
3
33. 8
33. 5
38. 0
40. 3
39. 6
40. 4
17.0
18.0
22. 3
25.0
22. 5
22. 5
7. 1
6.0
6.0
6.0
7.0
7.4
9.6
9. 5
9. 7
9. 3
10.0
10. 4
14 1
15. 5
16. 1
16.2
16.0
17.0
Seasonally
adjusted
Seasonally adjusted annual rates
1961: March
April
May
June
July
August
September
October
November
December
1962: January
February
March
April 4 ..
_
55. 8
55.5
55.5
57. 2
57. 0
58. 0
58.9
58.9
61. 0
58. 9
59.0
56.8
57. 4
57. 5
38. 5
39. 0
39.2
40.3
41. 2
41.3
41.7
41.8
42,0
41. 9
41. 1
39. 9
40.4
41. 3
20.5
21.0
21.3
22. 3
23.1
23. 3
23.8
24. 0
24.5
24.4
23.2
22. 2
22. 4
23. 0
i Compiled by F. W. Dodge Corporation.
' Kelates to 48 States beginning 1956 and to 37 Eastern States prior to 1956.
•In addition to major differences between old and new series, data for
Alaska and Hawaii are included beginning January 1959.
7. 7
7. 6
7. 4
7.3
7.2
7.2
7.3
7.3
7. 2
7. 2
7.5
7.3
7.4
7.6
93. 2
101. 7
105. 1
105. 1
105. 2
107. 6
10.3
10.4
10.6
10.8
10.8
10. 7
10.6
10.5
10. 4
10.3
10. 4
10. 3
10.5
10.7
17. 3
16. 5
16. 3
16. 9
15. 9
16. 7
17.2
17. 1
19. 0
17.0
17.9
16. 9
17.1
16.2
104
103
102
111
110
116
103
114
116
119
115
119
131
421
359
440
440
461
443
Seasonally
adjusted
annual
rates
458
421
431
448
428
477
460
401
507
498
453
537
553
•Preliminary.
Sources: Department of Commerce and F. W. Dodge Corporation.
17
HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts increased in April to an annual rate of 1,542,000 units (seasonally adjusted), the hishest level
in nearly 3 years. FHA applications and VA appraisal requests declined.
MILLIONS OF UNITS (ANNUAL RATE)
MILLIONS OF UNITS (ANNUAL RATE)
PRIVATE NONFARM
HOUSING STARTS y—»^_«-^ —— ""*
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION IFHAI, AND VETERANS ADMINISTRATION (VA).
rcouNat OF ECONOMIC ADVISHIS;
[Thousands of units]
Total housing
starts (farm and
nonfarm)
Period
1955
1956
1957
1958
1959
1959
I960...
1961
1961: March
April
May
June
July
August
September
October
November
December.
1962: January 4
February
March 4
April <____
1
2
Total
private
and
public
i
1, 553. 5
1, 296. 0
1, 355. 4
..
109.7
115.3
_
130.7
138.3
128. 5
130. 1
128. 2
128.9
105. 5
86. 7
83. 0
77. 8
117.6
150. 6
Nonfarm housing starts
Private
Total
Government
Private
farm and Nonfarm
programs
Total
nonfarm
FHA
VA
Old series
1, 328. 9 1, 309. 5 276. 7 392.9
1, 118. 1 1, 093. 9 189.3 270. 7
992. 8 168. 4 128. 3
1, 041. 9
1, 209. 4 1, 141. 5 295. 4 102. 1
1, 378. 5 1, 342. 8 332.5 109.3
New series 3
New series 3
1, 516. 8 1, 531. 3 1, 494. 6 332.5 109. 3
1,252.1 1, 274, 0 1, 230. 1 260.9
74.6
1, 303. 7 1, 327. 2 1, 275. 5 244.3
83.3
104. 6
102. 2
107. 3
20.1
6. 4
1,296
1,262
111.0
108. 7
20. 1
6. 1
113.0
1, 166
1,143
126.6
124. 2
128. 3
23. 7
8.0
1,291
1,268
132.4
129.5
22. 1
135. 3
7.8
1,381
1,351
1 343
Q/Q
125.2
122. 7
21. 3
126.0
7. 3
1,
1,318
127.0
124. 2
127. 4
25. 5
8. 4
1,326
1,301
122.4
120. 7
126. 5
20.9
7. 3
1,366
1,383
124.0
121. 5
126.4
23.4
9.2
1,434
1,404
102. 5
103. 8
100. 8
22. 9
7. 3
1,351
1,328
82.4
84. 5
80. 2
17.3
5. 7
1,297
1,257
80. 6
79. 3
18. 5
4. 0
81.7
1, 27S
1,247
76. 4
75. 3
1,152
76.7
15. 5
5.0
1,134
115. 8
114. 2
21. 1
116. 0
6. 1
1,410
1,434
146. 9
144.
6
25. 5
1,642
1,619
148. 3
7.8
Total
private
and
public
i
Units represented by mortgage applications for new home construction.
Not available.
' See Housing Starts, C 20-11 (Supplement), Bureau of the Census, May 1960,
for description. (Data for Alaska and Hawaii included.)
18
Private housing
starts, seasonally adjusted annual rates
Proposed home
construction
Applications for Hequests
for VA
FHA
commit- appraisals1
ments '
306.
197.
198.
341.
369.
2
7
8
7
7
620.8
401. 5
159. 4
234. 2
234.0
369. 7
242.4
243.8
24.0
20. 8
23.9
23. 4
20. 6
24.4
19. 6
22. 1
17.4
16. 4
14. 5
18. 7
24. 6
22. 7
234.0
142.9
177.8
17.7
17.5
14.7
17. 6
15. 1
17.4
15.7
16. 1
13. 5
11.0
12.9
12.0
19. 0
16. 3
* Preliminary.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
TRADE SALES AND INVENTORIES
Retail trade sales (seasonally adjusted) rose 11/^ percent in March and preliminary estimates indicate a further rise of
1 percent in April. Wholesale sales and trade inventories chansed little in March.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS *
WHOLESALE TRADE
RETAIL TRADE
DURABLE GOODS STORES
INVENTORIES
INVENTORIES
—
_t
J
I
INDEX, l947-49s|QO *
NONDURABLE GOODS STORES
180
INVENTORIES
160 -
120 -
100
1959
1961
•SEASONALLY ADJUSTED.
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Wholesale
Period
Sales l
Inventories 2
Retail
Sales '3
Total
NonDurable durable
goods
goods
stores
stores
Department stores
Inventories 2
Total
NonDurable durable
goods
goods
stores
stores
Billions of dollars, seasonally adjusted
1954
1955
1956
1957
1958
1959
I960
1961
. _
1961- February
MErch
April
May
June
July
...
August
SeptemberOctober
NovemberDecember ._
1962: January 6
February
__
March6 6
April
_
9.7
10. 6
11. 3
11. 3
11. 1
12. 3
12. 3
12. 6
12. 4
12. 5
12.1
12. 8
12.8
12.5
12. 8
12. 1
12. 9
13. 1
12. 7
13. 1
12.7
12. 8
10. 4
11. 4
13. 0
12. 7
12. 0
12.6
13.2
13.5
13. 2
13.3
13.4
13. 5
13. 5
13. 6
13. 6
13. 5
13. 4
13. 3
13. 5
13.6
13. 6
13.7
14. 1
15. 3
15.8
16. 7
16. 7
18.0
18. 3
18. 2
17.8
18. 1
17. 9
18. 0
18. 2
18. 0
18. 2
18. 1
18. 6
19. 1
18. 8
18.8
19. 0
19. 3
19. 5
21 Montbly average for year and total for month.
3 Book value, end of period, seasonally adjusted.
Beginning January 1960, data include Alaska and Hawaii.
* End of period, except annual data, which are monthly averages.
9. 2
9. 7
10. 3
11. 0
11. 4
12. 0
12.4
12.6
12, 4
12.6
12. 5
12. 4
12. 6
12. 5
12.7
12, 5
12. 7
12. 9
12. 9
12,9
13. 0
13. 1
13. 1
4.8
5. 6
5. 5
5. 7
5. 3
6. 0
5. 9
5. 6
5.3
5. 6
5. 4
5.5
5.6
5.5
5.5
5. 6
5.9
6. 2
5.9
5. 9
6. 0
6. 2
6. 4
I96B
COUNCIL OF ECONOMIC AOVISK5
20. 9
22. 8
23. 4
24. 6
24. 3
25. 5
27. 2
26. 9
26. 6
26. 1
26. 2
26. 2
26. 2
26. 3
26.0
26.3
26. 4
26. 8
26. 9
26. 9
26. 9
26.8
9.3
10. 5
10. 5
11.4
10.7
11. 3
12. 3
11.5
11.7
11. 4
11. 2
11. 3
11. 4
11. 5
11. 0
11. 3
11. 3
11. 4
11.5
11. 5
11.5
11.4
11.7
12. 2
12. 9
13. 2
13. 6
14.3
14. 9
15. 3
14. 9
14. 7
14. 9
14. 9
14. 9
14. 9
15. 0
15. 1
15. 1
15.3
15. 3
15. 3
15. 4
15. 4
Sales 1
Inventories 4
Index, 1947-49= 100,
seasonally adjusted 5
128
118
136
128
148
135
152
135
136
148
144
156
146
165
166
149
161
145
146
161
148
162
144
164
149
163
166
151
150
168
150
170
151
170
153
172
156
172
149
172
150
172
157
174
155
s Based on retail value.
Preliminary.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.
6
19
MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers' sales (seasonally adjusted) and inventories each rose $400 million in March while new orders dropped.
Preliminary data indicate that new orders for durable goods in April were about the same as in March.
BILLIONS OF DOLLARS*
4O
BILLIONS OF DOLLARS*
MANUFACTURERS' INVENTORIES
60
SO
40
_MANUFACTURERS' NEW ORDERS.
30
NONDURABLE GOODS
\
NONDURABLE GOODS
DURABLE GOODS
i t * i 1 i. > i.
1959
I960
* SEASONALLY ADJUSTED.
SOURCE'. DEPARTMENT OF COMMERCE.
' ' ' ' I '' ' i
. 1 1 . 1
1962
1962
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted]
Manufacturers' sales *
Period
1954
1955
1956
1957
1958
1959
1960
1961
1961: February
March _ _
April
May
June
July.
August
September
October _
November
December .
1962: January 3
February
March *
April 3 4
1
1 Monthly
Total
NonDurable durable
goods
goods
23.5
26.3
27.7
28.4
26. 2
29. 7
30. 4
30.7
29.0
29.6
30.1
30.7
30.8
31.1
31.4
31. 4
31.8
32.2
32.4
32.0
32.8
33.2
average for year and total for month.
Book value, end oi period, seasonally adjusted.
20
11.2
13.1
13.8
14.2
12. 4
14.5
14. 7
14.5
13. 3
13. 7
14. 1
14.6
14.7
14.8
15.0
15. 0
15. 3
15. 6
15.7
15. 5
16.0
16. 3
16.4
12.3
13.3
13.9
14.2
13.8
15. 2
15. 7
16.2
15.7
15. 9
16.0
16.2
16. 2
16. 3
16. 3
16. 4
16. 5
16. 6
16. 7
16. 5
16. 9
17.0
Manufacturers' inventories 2
Total
43.0
46. 4
52.3
53.5
49.2
52.4
53. 7
55.2
53.6
53.3
53. 4
53. 4
53. 4
53. 6
54.0
54.4
54. 8
55. 0
55.2
55. 7
56. 2
56. 6
NonDurable durable
goods
goods
24.1
26.7
30.7
31.1
27.9
30. 1
30. 9
31. 5
30.6
30.3
30.2
30.2
30.2
30. 4
30. 8
31.1
31. 4
31. 5
31. 5
31. 9
32. 2
32. 4
18. 9
19.7
21. 6
22. 4
21.3
22.3
22. 9
23.7
23.0
23.0
23.2
23.2
23. 2
23.2
23.2
23. 3
23. 4
23. 5
23. 7
23. 8
24.0
24.2
Manufacturers' new orders 1
Total
22. 5
27. 2
28.3
27.3
25.9
30. 1
29.9
31.0
29. 1
29.8
30. 4
31.0
31. 0
31. 3
32. 1
32. 2
32. 6
32. 7
32. 8
32. 9
33. 1
32. 8
• Preliminary.
Source: Department of Commerce.
Durable goods
NonMachinery durable
and
goods
Total
equipment
12.3
10. 2
3. 1
13.9
4.2
13.3
14. 4
4.7
13.9
13.1
4. 4
14.2
12.0
3.9
13.9
14. 9
5.0
15.3
14. 3
4.9
15.7
14.7
5.2
16.2
13.4
4. 8
15.8
16. 0
13. 8
5. 1
5.0
16.0
14. 4
5.2
16. 2
14.8
14. 9
5.3
16. 2
15. 0
5. 3
16.3
15. 6
5. 5
16.5
15.7
16.5
5. 5
16. 1
5.6
16. 6
16. 1
5.7
16. 6
16.2
16. 6
5. 5
16. 4
5.8
16.5
16. 2
5.7
16. 9
15.7
5.6
17.0
15.7
5.5
' Not charted.
MERCHANDISE EXPORTS AND IMPORTS
In March, exports (seasonally adjusted) fell sharply and imports rose moderately, reducins the trade surplus to $270
million, the lowest in 2 years.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
2.5
12.5
SEASONALLY ADJUSTED
2.0
MERCHANDISE EXPORTS EXCLUDIN6
MUTUAL SECURITY PROGRAM
SHIPMENTS
1.0
1962
SOURCES: DEPARTMENT OF COMMERCE, AND DEPARTMENT OF DEFENSE.
Period
[Millions of dollars]
Merchandise exports excluding
Merchandise imports
Mutual Security Program shipments
Total (includGeneral 2imDomestic exports
Imports for consumption 3
ing reexports)1
ports
Indus- Finished
Indus- Finished
Season- Unad- Total ' Food- trial manu- Season- Unad- Total Food- trial manually ad- justed
ally ad- justed
stuffs matestuffs matefacfacjusted
tures
rials tures ' justed
rials
Monthly average:
1953
1954
1955
1956
1957
... .
1958 . _
1959
1960_
1961.
1961: February
March. _ .
April
May
June
July._
AugustSeptember
October.
November
December
1962: January
February
March
1,022
1,071
1, 191
1,444
1,625
1,364
1,366
1, 633
1,672
1, 736
1, 711
1, 658
1,577
1,595
1, 668
1,660
1, 668
1, 773
1, 716
1, 719
1, 660
1,828
1,606
1, 606
1, 888
1, 648
1, 676
1, 644
1,558
1,598
1,556
1,817
1,759
1,777
1,592
1, 690
1, 755
1,012
143
254
131
310
1,060
162
1, 180
351
1,432
216
441
1,610
208
529
1,350
198
368
1,351
210
365
1,617
230
510
1,652
254
486
Unadjusted
244
1, 593
492
1,857
283
525
1, 630
242
454
1,658
262
474
1,623
239
457
1,538
231
446
1,578
226
493
1,540
225
453
1,794
309
522
1, 740
288
513
284
1, 758
513
254
415
1,567
284
1,669
420
1,733
1
Total exports less Department of Defense shipments of grant-aid military
supplies and equipment under the Mutual Security Program.
2 Imports for immediate consumption plus entries into bonded warehouses.
3
Imports for immediate consumption plus withdrawals for consumption from
bonded ware-bouses.
COUNCIL OF ECONOMIC ADVISERS
614
620
667
775
872
784
776
877
911
856
1,051
933
917
927
862
860
862
963
940
961
898
965
906
851
949
1,051
1,082
1,070
1,267
1,252
1,227
1, 146
1,158
1, 159
1, 155
1, 177
1,366
1, 261
1,280
1,322
1,311
1,296
1,S20
1,314
1,S36
1,068
1,255
1,063
1,223
1,232
1,285
1, 252
1, 197
1,364
1,342
1,295
1,373
1, 224
1,386
441
898
274
853
276
394
945
260
468
1,043
508
267
1,079
274
511
1,062
287
450
534
1,249
285
513
1,251
274
1,220
520
277
Unadjusted
250
462
1,058
1,260
531
311
1,067
428
251
497
1, 217
264
492
1,201
287
1,259
275
511
1, 267
285
511
1, 196
266
495
1, 359
301
555
1,337
295
541
280
548
1,273
602
1,354
285
519
1,208
263
586
1, 369
297
183
183
217
268
294
325
431
438
423
346
418
367
427
410
455
454
415
479
479
445
467
416
486
NOTE .—Because of revisions being made in series, subgroups do not necessarily
include all data reflected in totals.
Sources: Department of Commerce and Department of Defense.
21
U.S. BALANCE OF PAYMENTS
Despite a small decline in exports of goods and services and a slight rise in imports in the first quarter of 1962, the
overall deficit, as measured by U.S. gold sales and increases in foreign dollar assets, fell sharply to $1.8 billion
(seasonally adjusted annual rate).
BILLIONS OF DOLLARS *
BILLIONS OF DOLLARS *
40
40
U.S. PAYMENTS
U.S.
PAYMENTS
30
U.S. RECEIPTS
FM'PORTS of GOODS"!
_'v AND SERVICES _ j_
ZO
U.S. RECEIPTS
10 r- EXCESS OF RECEIPTS -
I
-20
1958
! EXPORTS OF GOODS I
.AND SERVICES
!
10
— EXCESS OF PAYMENTS -
I
I
1959
I960
1961
1958
* SEASONALLY ADJUSTED ANNUAL RATES.
-^ INCLUDES UNRECORDED TRANSACTIONS, EXCLUDES LIQUID DOLLAR ASSETS.
SOURCE: DEPARTMENT OF COMMERCE.
I960
1961
COUNCIt OF ECONOMIC ADVISERS
[Millions of dollarsj
U.S. receipts
(recorded)
Period
Increase
in foreign
Balance
Unregold and
on recorded
U.S. grants and capital (net)
Foreign
corded
recorded
transactransliquid
Exports capital
tions
—
Imports
U.S.
dollar
other
actions
of
of
Private
capital
errors
and
Governthan
assets
inet pay- omissions
goods
goods
ment
through
liquid
and
and
Total
'
(net
grants
dollar services
transacor receipts receipts)
services
and
Total Direct
assets
tions with
( + )]
capital
the
U.S.
(net)
U.S. payments (recorded)
1954
1955
1956
1957
1958
1959
1960
1961.
17, 949
20, 003
23, 705
26, 733
23, 325
23, 709
27, 300
28, 316
210
351
576
428
— 27
709
200
577
16, 088
17, 937
19, 829
20, 923
21, 053
23, 537
23, 327
23, 079
1961 : First quarter
Second quarter
Third quarter
Fourth quarter
1962: First quarter 6
28, 500
27, 520
27, 940
29, 304
29, 000
796
1, 100
28
384
21, 972
22, 156
23, 868
24, 320
24, 400
1
1
664
1, 554 1, 619
3,788
779
2, 211 1, 211
4,007
2,362 2, 990 1, 859
6,017
6, 451
2,574 3, 175 2,058
6, 153 2 2,587 2,844 1,094
2
1, 986 2, 375 1, 372
5, 152
7, 454
2, 750 3, 856 1, 694
2,831 3,951 1,601
7,652
Seasonally adjusted annual rates
3, 480 4, 156 2, 000
8,484
-100 3, 204 1, 232
3,980
3, 752 3,020 1,880
7, 644
4, 192 5, 424 1,292
10, 500
— 1, 717
— 1, 590
1 565
-213
-3,908
-4,271
-3,281
-1,838
167
446
643
748
380
528
-648
— 616
1, 550
1, 144
922
-535
3,528
3, 743
3,929
2, 454
-1, 160
2,484
-3, 544
-5, 132
-216
— 1, 860
436
-824
3
—624
4
3, 108
5
1, 376
5, 956
1, 800
5
Includes remittances and pensions not shown separately.
Includes over $400 million ($1.7 billion at annual rate) of subscriptions to
Excludes $1,375 million increase in U.S. subscription to International Moneinternational
organizations and other special capital outflows,
6
tary Fund.
Preliminary, not charted.
' Includes advance debt repayment and interest payments on XJ.S. Govern...
^ ^ , ^ ^ ^ . ^ , ^ ^ . , .
ment loans of $774 million ($3.1 billion at annual rate).
NOTE.— Data exclude goods and services transferred under military grants.
4
Before adjustment for receipts oj principal and interest on government loans
Source- Dpnartmpnf nf Oommpmp
paid in the previous quarter.
uv^.«-. ^ot>"" >•""»•••>" ^«
«"=•
22
PRICES
CONSUMER PRICES
Consumer prices rose 0.2 percent in March, with small increases occurring in each of the major commodity and service
groups.
INDEX, 1957-59-100
1956
I N D E X , 1957-59 = 100
1957
(958
SOURCE: DEPARTMENT OF LABOR.
All
items
1951
1952
._
...
1953
1954
1955
1956
1957
1958
1959
1960
1961-._
._.
1961: February..
March
_
April
.
_. .
Mav
June
-_ July
. .
August..
September
October
November
December
1962- January
February
.
March
90.5
92.5
93. 2
93. 6
93. 3
94. 7
98.0
100.7
101. 5
103. 1
104. 2
103. 9
103. 9
103. 9
103. 8
104. 0
104. 4
104 3
104. 6
104. 6
104. 6
104. 5
1045
104. 8
105. 0
I960
1961
1962
COUNCIL OF ECONOMIC ADVISERS
Period
Source: Department of Labor.
1959
[1957-59=100]
Services
Commodities
Commodities less food
Services
All comAll
Food
Rent
less
Nonmodities
services
All
Durable durable
rent
80.0
92. 7
82. 3
95. 5
95. 4
95. 9
101. 4
80.4
85.7
83. 8
102. 7
96. 7
97. 1
96. 7
93. 2
84 0
87.0
96. 4
95. 6
96. 8
101. 6
94 0
87. 5
90. 3
89. 1
95. 4
95. 4
95. 6
94 4
89. 8
93. 5
97.7
90. 8
94 4
94 0
94 9
94 4
94 8
94 6
91.4
92. 8
94. 7
94. 9
95. 3
95.9
96. 5
93. 4
96. 5
96. 7
97.8
98.9
98. 2
97. 0
98. 3
98. 4
99. 1
100. 3
99. 8
99. 7
100. 1
100. 7
101. 9
99. 8
100. 3
102.
9
102.
0
101. 3
102. 7
101.0
100. 3
101. 0
101. 6
101. 8
102. 6
106. 1
101. 7
101. 4
100. 7
105. 6
103. 1
108. 3
102. 4
102. 6
100. 5
102. 1
104 4
103. 2
107. 6
102. 3
102. 9
104 1
107.6
101. 7
99. 5
103. 0
107. 0
102. 7
102. 2
101. 6
103. 1
104. 1
107.9
99. 2
107. 2
102. 1
102. 7
101. 4
99. 9
102. 5
107. 3
104 2
108.0
102. 3
101. 5
102. 5
107. 4
104 3
108. 1
101. 9
100. 0
108.2
102. 2
102. 5
101. 8
102. 7
104. 4
100. 4
107. 5
102. 1
102. 8
100. 6
108.3
103. 4
103. 0
107. 6
104 4
102. 5
102. 7
102. 2
104. 4
108.4
101. 0
103. 1
107. 7
102. 8
102. 6
102. 6
101. 0
108.
6
103. 8
107. 9
104. 7
102. 9
103. 0
102.5
101. 7
108. 0
104. 8
108. 7
103. 8
102. 6
102. 9
101. 9
101. 6
103. 8
108. 2
104 9
108. 9
102. 6
102. 4
102. 0
108. 5
105.0
109. 1
101. 1
103. 6
102. 5
102. 0
100. 8
102. 9
108. 7
109. 3
102.3
105. 1
102. 2
102. 7
103. 1
100. 8
103. 3
105.2
109. 5
108. 9
102. 8
103. 2
102. 4
100. 9
109. 0
109. 6
103. 5
105. 3
23
WHOLESALE PRICES
Wholesale prices fell on the average in April,
trial prices continued stable.
Prices of farm products and processed foods were down while indus-
INDEX, I957-59-IOO
1NDEX.-1957-59-IOO
115
FARM PRODUCTS
110
K
k
i \
105
PROCESSED FOODS
.'ALL COMMODITIES
- -, •-.
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)
SOURCE: DEPARTMENT OF LABOR.
All
commodities
Period
1954
1955
1956
1957 ..
1958
1959
1960 3
1961 ...
1961: March.
April
May.
June.
JulyAugust
September
October
November
December
1962: January
February
March..
April 3 4
Week ended:
1962: May 8
15
•COUNCIL OF ECONOMIC ADVISERS
.
92. 9
93. 2
96. 2
99. 0
100. 4
100. 6
100.7
100.3
101. 0
100. 5
100. 0
99. 5
99.9
100. 1
100. 0
100. 0
100. 0
100. 4
100. 8
100. 7
100. 7
100. 4
100.4
100.3
[1957-59= 100]
Commodities other than farm products and foods (industrials)
Consumer finIndus- Indus- ProducFarm
Procished goods exAll intrial in- er fintrial
prodessed
cluding food
dustricrude termedi- ished
ucts
foods
DurNonals '
mate- ate magoods
terials 2
able
durable
rials
104. 4
91. 8
95.3
97. 6
90. 4
88. 0
89. 8
83. 1
92. 5
92.8
95. 8
94. 3
92. 4
85. 6
97. 9
96. 6
92. 0
95. 9
97.7
96. 6
94. 3
96. 5
102. 3
97. 0
98. 7
99.9
99. 2
97. 9
99. 2
99. 6
97. 7
100.9
102. 9
100. 1
103. 6
99. 5
99. 4
100. 2
99. 3
96.9
102.
1
101.
3
97. 2
99. 2
101. 0
100. 8
101. 3
102.3
99. 9
102. 3
100. 9
96. 9
101. 3
101. 4
101. 5
98. 3
102. 5
100. 5
96. 0
100. 6
100. 8
97.2
100. 1
101. 5
102. 2
101. 6
102. 5
100. 5
98. 1
100. 6
101. 2
96.5
100. 8
102. 4
100. 5
101. 5
96. 6
100. 5
101. 1
96. 5
100. 0
102. 4
100. 5
100. 9
94. 8
99. 7
100. 8
96.5
92. 9
102. 5
100. 6
101. 2
98. 9
100. 6
96. 8
99. 9
102. 5
100. 6
95. 1
99. 7
100. 6
99. 8
101. 2
97. 5
100. 5
96. 7
100. 2
99. 7
102. 5
101. 3
100. 6
98.7
102. 5
100. 5
95. 2
100. 2
99.2
99. 9
101. 2
100. 7
100. 4
99. 8
102. 6
100. 3
101. 2
95. 1
100. 5
99. 7
102. 7
100. 1
97.2
99. 8
100. 4
101. 4
95. 6
100. 7
100. 9
97.2
99. 9
102. 7
100. 3
101. 8
95. 9
100. 9
102. 0
101. 8
100. 0
102. 8
100. 2
97. 9
101. 0
98. 5
98.2
101. 7
99.
9
100.
1
100.8
102.8
101.
8
98. 2
98.4
102. 8
100. 0
101. 4
100. 8
100. 0
101. 3
97. 1
100. 3
99. 9
101.7
96.9
100. 1
95. 9
102.9
100.9
96. 8
96. 6
99.9
100. 0
1
Coverage of the subgroups does not correspond exactly to coverage of this
index.
1
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
24
100. 9
100. 9
(55)
()
3
4 Preliminary.
Weekly series based
6
(55)
()
(5!)
()
(5)
(5)
on smaller sample than m onthly series.
Not available.
Source: Department of Labor.
(55)
()
PRICES RECEIVED AND PAID BY FARMERS
In the month ended April 15, the index of prices received by farmers fell slightly, and the index of prices paid rose
slightly. The parity ratio was down 1 point to 79.
INDEX, I9IO-I4 = IOO
INDEX, I9IO-I4-IOO
325
325
PRICES PAID, INTEREST, TAXES.
AND WAGE RATES
300
300
275
275
200 I . . . . .
I
200
RATIO-"
RATIO-^
100
PARITY RATIO
-X~^
•n* •w^
««
lmn
75
,,,,,1
1
1957
1956
, , , , , 1
1958
1959
I960
•i'RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.
1961
1962
COUNCIL OF ECONOMIC ADVISERS.
Prices received by farmers
Period
1952
1953
1954
1955
1956
_ .
1957
1958
1959
1900
1961
1901 : March 15
April 15
Mav 15
June 15
July 15
August 15
September 15
October 15
November 15
December 15
1962: January 15
February 15
March 15
April 15...
AH farm
products
_
_
...
-
...
-
__
.- -_
Crops
288
255
246
232
230
235
250
240
238
240
243
239
236
234
237
241
242
240
238
240
242
243
244
242
"Percentage ratio ol index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.
267
240
242
231
235
225
223
221
221
226
224
226
230
231
232
229
229
226
223
224
224
227
233
236
Prices paid by farmers
All items,
interest,
Livestock taxes,
Producand Family
and
living
tion
wage
rates
products
items
items
(parity
index)
Index, 1910-14=100
274
287
271
306
268
269
256
277
270
249
277
255
234
251
276
270
274
226
278
250
244
282
286
257
273
293
287
264
256
288
297
266
253
299
290
265
251
291
301
266
259
302
290
269
291
302
251
267
241
291
266
302
236
300
290
265
241
264
290
300
251
290
265
301
252
301
291
266
252
301
291
265
250
301
291
265
292
255
302
267
256
304
293
268
305
294
257
268
254
294
305
269
306
294
246
270
Source: Department of Agriculture.
ParityJ
ratio
100
92
89
84
83
82
85
81
80
80
80
79
78
78
79
80
80
80
79
79
80
80
80
79
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The money supply increased more than seasonally in April.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
160
160
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
ISO
ISO
TOTAL MONEY SUPPLY
140
140
\
DEMAND DEPOSITS AT ALL
COMMERCIAL BANKS
I2O
120
\
110
100
90
1956
1957
1958
1959
I960
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
1953:
1954:
1955:
1956:
1957:
1958:
1959:
1960:
1961:
1961:
December.
December.
December.
December
December
December
December.
December
December
April
ij.o,.r
May
.
June
July
August
September
October
November
December.
1962: January ..
February
March2
April _
First half
Second half
1
2 Deposits
2
at all commercial banks,
Preliminary.
26
1962
COUNCIL Of ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
Money supply
Seasonally adjusted
Unadjusted
Currency Demand
Currency Demand
outside
Total
Total
outside
deposits!
deposits l
banks
banks
27.7
128. 1
28.2
100. 4
131. 4
103.3
27.4
131. 8
104. 4
27. 9
107. 1
135. 0
134. 6
27.8
106.8
137.9
28. 3
109. 6
136. 5
28. 2
139.7
28. 7
111.0
108.3
135. 5
28. 3
107.2
28. 9
109. 9
138.8
140. 8
28. 6
112. 2
144 3
29. 2
115. 1
141. 5
28. 9
112. 6
144. 9
29. 5
115. 5
140. 4
29. 0
29. 5
111. 4
143.8
114. 3
144. 9
29. 5
115. 4
30. 1
148. 5
118. 4
142. 0
29. 0
113. 0
141. 7
28. 7
113. 0
142. 0
29. 0
113.0
28. 7
140. 0
111. 3
142. 1
28. 9
28. 9
111. 8
113. 2
140. 7
142. 0
29. 0
141. 1
29. 2
111. 9
113. 0
141. 8
29.0
112. 8
29. 2
141. 1
111. 9
143. 0
29. 2
142. 4
113. 8
29. 3
113. 1
143.7
29. 3
143. 6
114 4
29. 4
114. 2
144. 1
29. 4
114. 6
29. 7
145. 3
115.6
144 9
29. 5
30. 1
]15. 4
148. 5
118. 4
1446
29.6
115. 1
29. 4
147. 8
118. 3
144 4
29. 6
114 7
29. 3
114.8
144 0
144 7
29. 9
114. 8
29. 5
113. 7
143. 2
145. 7
30. 0
115. 7
29. 7
115.7
145. 4
144 4
30. 0
145. 3
115.3
29.8
1146
146. 1
30. 0 ,
146. 4
116. 1
29.6
116. 8
Related deposits
(unadjusted) 1
Gross
time
44 7
48.5
50. 0
51. 8
57. 1
65. 1
67. 0
72. 5
82.3
76. 9
78. 1
79. 0
79. 9
80. 7
81. 3
82. 0
82. 0
82. 3
83. 9
85. 8
87.7
89. 2
89.0
89.3
NOTE.—See note, p. 27.
Source: Board of Governors of the Federal Beserve System.
U.S. Government
demand
3. 8
5.0
3.4
3.4
3.5
3.9
4.9
47
49
2. 9
4. 6
4. 5
4. 3
5.5
5. 2
6.5
5.8
49
3.9
47
5. 1
3. 9
40
3.8
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans rose $1.1 billion in April, compared to a rise of $600 million in April 1961.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
250
ALL COMMERCIAL BANKS
BANK LOANS
INVESTMENTS IN U.S. GOVERNMENT SECURITIES
1959
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL Of ECONOMIC ADVISERS
All commercial banks
End of period
1954
1955
1956
1957
1958
1959
I960.
1961 5
1961: March
April _
Mav
. . ... ..
June
Julv
August . 5
September
October 5 5
November
December
•'•
1962: January 5 5
February
March5 "
April
_
.
Investments
Total
loans
and
investments
Loans
155. 9
160.9
165. 1
170. 1
185. 2
190. 3
199. 5
215. 6
198.0
199.7
201.2
201. 8
205.1
205. 1
209. 9
210. 3
211. 3
215. 6
213. 7
214. 3
215. 2
217. 3
70. 6
82. 6
90. 3
93.9
98.2
110. 8
117. 6
125. 2
116. 6
117. 2
117. 9
118. 0
118. 1
118. 5
120. 5
120. 5
121. 7
125. 2
122. 4
123. 8
125. 4
126. 5
U.S. Government
securities
Billions of dollars
16. 3
69. 0
16.7
61.6
58.6
16. 3
17.9
58. 2
66. 4
20. 6
20.5
58. 9
20. 9
61. 0
66. 5
23. 9
21. 7
59. 7
21. 8
60.7
21. 9
61.5
22. 1
61.8
64. 7
22. 3
64. 2
22.5
23. 3
66. 1
23.2
66. 6
23.4
66. 2
66. 5
23.9
24. 1
67.2
66. 0
24. 5
64. 4
25. 4
64. 6
26. 2
* Member banks are all national banks and those State banks which 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, July 1959, and April 1961.
3
Debits during period to demand deposit accounts except Interbank and
U.S. Government. Prior to 1955, relates to 344 centers outside New York City.
* Averages of daily figures. Annual data are for December.
Other
securities
Weekly
reporting
member]
banks
Business
loans 2
22.4
26. 7
30. 8
31.8
2
31. 7
2
30. 5
31. 9
32. 9
32.
2
2
31. 7
31. 5
31. 8
31. 3
31. 5
31.8
31. 9
32. 1
32. 9
32.0
32.2
33. 0
32. 8
2
Bank
All member banks1
debits
outside
New York
Reserves 4
BorrowCity (343
ings at
centers) ,
Federal
seasonally
adjusted Required Excess Reserve
Banks 4
annual3
rates
Millions of dollars
246
703
1,148 18, 576
839
594
18, 646
1,277
688
652
1,385 18, 883
710
577
1, 488 18, 843
557
516
1,481 18, 383
482
906
1, 656 18, 450
87
756
1, 736
18, 527
149
1,832 19, 550
568
70
1, 785 18, 253
556
56
1,782
607
18, 277
96
1,829
18, 307
549
612
63
18, 430
1,824
51
581
1,840 18, 482
1,833 18, 619
67
604
37
1,848
18, 783
584
507
65
1,906
19, 153
622
105
1,904
19, 218
149
19, 550
1,917
568
616
70
2,011
19, 473
502
68
1, 917 19, 069
91
1,987
19, 077
470
69
2, 047
19,213
509
* Preliminary.
NOTE.—Between January and August 1959, series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Data for all member banks include Alaska and Hawaii beginning 1954 and 1959, respectively.
Source: Board of Governors of the Federal Reserve System.
2 Jt
CONSUMER CREDIT
In March, total consumer credit outstandins rose about $90 million, compared to a decrease of $200 million in
March 1961.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
END OF MONTH-
TOTAL CREDIT
OUTSTANDING
\
NONINSTALMENT CREDIT
>«»«»<
1956
1957
1958
1959
1961
I960
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
1952 ...
1953 .
1954
1955
1956
. ._.
1957
1958
1959
1960
1961
1961: February
March
April
May
June
July
August
September
October
November
December
1962: January
February
March . ..
[Millions of dollars]
Consumer credit outstanding
(end of period ; unadjusted)
Instalment
NonAutomoTotal
instal-3
Total >
bile 2
ment
paper
27, 520
31, 393
32, 464
38, 807
42, 262
44, 848
44, 984
51, 331
55, 757
57, 139
53, 843
53, 641
53, 756
54, 196
54, 602
54, 505
54, 739
54, 757
54, 902
55, 451
57, 139
56, 278
55, 592
55, 680
19, 403
23, 005
23, 568
28, 883
31, 648
33, 745
33, 497
39, 034
42, 588
43, 163
41, 662
41, 465
41, 423
41, 584
41, 888
41, 909
42, 090
42, 039
42, 181
42, 419
43, 163
42, 846
42, 632
42, 704
7, 733
9,835
9,809
13, 437
14, 348
15, 218
14, 007
16, 209
17, 444
16, 960
17, 017
16, 922
16, 877
16, 933
17, 061
17, 063
17, 061
16, 902
16, 913
16, 960
16, 960
16, 878
16, 900
17, 039
1
Also includes other consumer goods paper, repair and modernization loans,
and
personal loans, not shown separately.
5
Consumer credit extended for the purpose of purchasing automobiles and
secured
by the items purchased.
3
Consists of single-payment Joans, charge accounts, and service credit.
28
I
1962
COUNCIL OP ECONOMIC ADVIStl
8, 117
8,388
8,896
9,924
10, 614
11, 103
11, 487
12, 297
13, 169
13, 976
12, 181
12, 176
12, 333
12, 612
12, 714
12, 596
12, 649
12, 718
12, 721
13, 032
13, 976
13, 432
12, 960
12, 976
Consumer instalment credit extended and
repaid (seasonally adjusted)
Total i
Automobile paper 2
Extended
29, 514
31, 558
31,051
38, 944
39, 775
41, 871
39, 962
47, 818
49, 313
47, 984
3, 812
3, 894
3, 800
3,907
3, 962
3,909
4,038
3,942
4, 209
4,317
4,315
4, 194
4, 302
4, 363
Repaid
25, 405
27, 956
30, 488
33, 629
37, 009
39, 775
40, 211
42, 435
45, 759
47, 412
3,889
3,907
3,907
3,895
3,962
3,937
3,994
3,956
4,028
4, 017
4,051
3, 979
4, 066
4,094
Extended
11, 764
12,981
1 1, 807
16, 706
15, 421
16, 321
14, 069
17, 544
17, 408
15, 779
1, 216
1, 255
1, 225
1,270
1, 296
1, 300
1, 302
1,271
1, 405
1, 511
1,471
1, 474
1,496
1, 526
Repaid
10, 003
10. 879
11,833
13,077
14, 510
15, 451
15, 281
15,411
16, 172
16, 262
1, 353
1, 348
1, 356
1,336
1, 354
1, 364
1, 362
1,350
1, 372
1,359
1,361
1, 380
1, 369
1, 393
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Source: Board of Governors of the Federal Reserve System.
BOND YIELDS AND INTEREST RATES
The rate on 3-month Treasury bills averaged a little higher in April than in March.
However, bond yields declined.
PERCENT PER ANNUM
PERCENT PER A N N U M
SOURCES: SEE TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
Period
1954
1955
1956
1957
1958
1959
1960
1961
1901: March.
April _ .
.._ -
Mav
June
July. .
August
September
October
November
December
1962: January
February
March.
April
Week ended:
1962: April 7
May
14.
21
28__
5
12 _
19
1
1 Kate
..
_ _ _
.
_ _ _ _
[Percent per annum]
U. B. Government
High-grade
security yields
municipal
bonds
3-month
Taxable2
(Standard
&
Treasury
bonds
Poor's) 3
bills '
0.953
2. 55
2. 37
1. 753
2. 84
2. 53
2.658
3. 08
2.93
3.267
3. 47
3.60
1.839
3. 56
3. 43
3. 405
3.95
4. 08
2. 928
4. 02
3.73
2.378
3. 90
3.46
2.420
3. 78
3.38
2. 327
3. 44
3. 80
2. 288
3. 38
3. 73
2. 359
3. 53
3. 88
2. 268
3. 53
3.90
2. 402
4.00
3.55
2.304
4.02
3. 54
2.350
3.46
3.98
2.458
3.44
3.98
2.617
4.06
3. 49
3.32
2. 746
4. 08
2.752
3.28
4.09
2. 719
3. 19
4. 01
2. 735
3. 89
3.08
on new issues within period.
Series includes: April 1953 to date, bonds due or callable 10 years and after;
Aprfl 1952-March 1953, bonds due or callable after 12 years; October 1941-March
1952, bonds due or callable after 16 years.
3. 90
3. 89
3. 88
3. 90
3. 87
3.85
2.757
2. 720
2.723
2. 740
2. 748
2. 720
2. 646
s
3. 14
3. 11
3. 06
3. 01
3. 01
3.02
Corporate bonds
(Moody'sl
Aaa
Baa
2. 90
3.06
3.36
3.89
3. 79
4.38
4.41
4.35
4.22
4. 25
4. 27
4. 33
4.41
4.45
4.45
4. 42
4.39
4.42
4. 42
4. 42
4. 39
4.33
3.51
3.53
3.88
4.71
4.73
5. 05
5. 19
5.08
5.02
5.01
5. 01
5.03
5.09
5. 11
5. 12
5. 13
5. 11
5.10
5.08
5. 07
5. 04
5. 02
4. 37
4. 34
4. 33
4. 31
4.30
4.29
5. 03
5.02
5.01
5.01
5. 02
5. 00
Prime
commercial
paper,
4-6
months
1. 58
2. 18
3. 31
3. 81
2. 46
3. 97
3. 85
2.97
3.03
2. 91
2.76
2. 91
2. 72
2. 92
3.05
3. 00
2. 98
3. 19
3.26
3. 22
3. 25
3.20
Weekly data are Wednesday figures.
Sources: Treasury Department, Board of Governors of the Federal
Reserve System, Standard & Poor's Corporation, and Moody's Investors
Service.
3. 25
3. 25
3. 19
3. 13
3. 13
a 13
STOCK PRICES
Stock prices declined in April and early May.
INDEX, I957-59*IOO
£20
INDEX, I9S7-59=IOO
220
160
130
' \
/
V-v.
TRANSPORTATION
100
1956
1962
1957
SOURCE: SECURITIES AND EXCHANGE COMMISSION
Composite
index 1
Period
Weekly average:
1953 . .
1954
1955
1956
1957
1958
1959
1960
1961
1961: March
April
Mav
--.
-. -.
-. .
-
June
July
August
September
October
November
_
December
1962: January
__ _
February.
March _. ._ _
April_
__ _
Week ended:
1962: April 13
20
27
May 4__
11
..
COUNCIL OF ECONOMIC ADVISERS
[1957-59=1001
Manufacturing
NonDurable
Total
durable
goods
goods
Utilities
Trade,
finance,
and
service
Mining
51.9
61. 7
81. 8
92. 6
89. 8
93. 2
116.7
113. 9
1342
129. 8
133. 0
134. 9
132. 8
132. 7
137. 4
136. 2
138.0
144. 0
145. 8
140. 4
142. 8
142. 9
138.0
46. 7
57. 6
79. 5
93. 2
90. 7
92. 5
116. 5
110. 9
126. 7
123. 9
125.8
127. 6
126.0
125. 2
130. 1
128. 9
129. 1
133. 7
135.6
130. 8
133. 4
133. 5
128.2
43.0
54.7
78.7
91. 5
88.5
90. 4
120.8
117.3
129.2
127. 8
128. 5
130. 6
128.0
126. 5
131. 3
131.7
132. 2
135. 7
138. 1
133. 6
134 4
134. 0
128. 0
49.8
60. 0
80. 1
94. 5
92. 8
94. 4
112. 6
104 9
124.4
120.3
123.3
124. 9
124. 2
123. 9
129.0
126. 4
126. 4
131. 9
133. 3
128. 1
132. 6
133. 1
128. 5
73. 9
78.6
108.2
110.6
93. 2
91. 0
115. 6
95. 8
105.7
104. 2
103. 4
107. 5
105. 1
103. 2
107.0
106. S
110. 1
109. 9
107. 9
108. 5
110. 5
107. 4
103. 1
67. 3
75. 3
84. 8
86.4
86. 3
95.8
117. 6
129. 3
168.4
159. 2
168. 9
170. 0
164.0
166. 7
170. 6
168. 9
173.9
186.0
188.4
181. 4
183.0
184. 2
180.3
60. 8
69. 1
87. 1
89. 9
82.2
95. 1
122. 3
127. 4
160.2
146. 7
150. 4
153. 1
156. 0
158. 4
1642
166. 4
176. 6
187.7
188. 0
175.2
176. 4
175.2
172. 0
70.4
78. 2
91. 6
104. 6
107.2
97. 9
95. 0
73.8
92. 5
89. 2
93. 5
96. 9
97.0
93. 1
92.8
87.3
90. 2
95. 1
101. 1
104. 1
109. 7
106. 6
103. 9
137. 8
139. 6
134.7
134 8
127. 2
128.
129.
124.
125.
118.
128. 6
129. 5
123. 1
123. 7
116. 4
127. 7
130. 0
126. 7
126. 7
119. 8
103. 2
104. 5
100. 5
101. 4
98. 1
179.8
182. 6
176. 8
175. 4
164. 6
171. 1
173. 7
169. 4
169. 4
162. 0
103. 4
105. 9
102. 2
102. 0
97.4
1
7
9
2
1
1
Includes 300 common stocks: 108 for durable goods manufacturing, 86 for nondurable goods manufacturing, 18 for transportation, 34 for utilities, 45 for trade,
finance, and service, and 10 for mining.
30
Transportation
NOTE.—Indexes are based on weekly closing prices.
Source: Securities and Exchange Commission.
FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
The bucket deficit for the first 10 months of fiscal 1962 was $9.7 billion.
deficit was $6.0 billion.
For the comparable period of 1961, the
BILLIONS OF DOLLARS
100
NET BUDGET RECEIPTS
BILLIONS OF DOLLARS
NET BUDGET EXPENDITURES
0
1957
I9S8
1959
I960
1961
1962
1957
+ IO
NATIONAL DEFENSE
1958
1959
I960
1961
1962
BUDGET SURPLUS (+) OR DEFICIT {-)
(ENLARGED SCALE)
+5
FIRST IOMONTHS
1957
1962
1959
1957
1959
1961
FISCAL Y E A R S
*ESTIMATE
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.
Period
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1961:
year 1957
year 1958
year 1959
year 1960
year 1961 4
..
year 1962 _ _
.
year 1963 * .
.
March-._
April
Mav
June
July 5 6
August
September 5
October 5 5
November5
_
_ _
December
5
1962: January .5
February
March 5 _
April 5
Cumulative totals first 10 months:s
Fiscal year 1961
Fiscal vear 1962
1
_
- -
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Net budget expenditures
Net
National defense 1
budget
Department
Total
receipts
Total
of Defense,
military 2
69. 0
70.6
43. 4
40. 8
71.4
68. 5
44. 2
41. 3
80.
3
46. 5
43. 6
67. 9
76. 5
77. 8
42. 8
45.7
81. 5
77. 7
44. 7
47.5
89. 1
82. 1
51.2
48.2
92. 5
52.7
49.7
93. 0
7.0
8. 5
4. 0
4. 3
6. 5
5. 1
3.8
3.5
7. 2
4. 2
3. 9
6.5
8.0
10.8
4. 6
4.3
6.3
3.0
3. 5
3. 2
7. 6
6.4
4.0
3. 8
6.8
3. 6
8.9
3. 9
7.8
4. 1
3. 1
3.8
7.5
40
6. 4
4. 3
7.2
4. 3
8. 0
4. 1
7. 4
4. 0
4. 3
5. 4
6. 9
4. 1
6.7
3. 9
7.7
4. 6
4. 3
9. 1
7. 3
40
5.8
4. 3
60.4
62. 8
Expenditures for military activities of the Department of Defense (military
functions and the military assistance portion of the mutual security program),
atomic
energy, and defense related services.
2
Military functions and military assistance.
;
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
66. 4
72. 5
38.7
41. 3
36.4
38.9
Budget
surplus
or
deficit (-)
Public
debt
(end of3
period)
1. 4
— 1. 5
270. 6
276.4
284. 8
286. 5
289.2
295.8
295. 6
287. 7
288. 2
290.4
289. 2
292. 6
294. 0
294. 0
296. 0
297. 3
296. 5
296. 9
297. 4
296. 5
297. 4
-6.0
-9.7
288.2
297.4
1. 6
-2.8
-12. 4
1.2
— 3. 9
— 7. 0
.5
1. 5
-1.3
7
2. 9
-3. 3
-1.3
2.2
-4. 7
-1. 1
.8
-2.0
-J
• Estimate (1963 Budget).
> Preliminary.
NOTE.—Total budget receipts arid expenditures exclude certain intragovernmental transactions.
__
Sources: Treasury Department and Bureau of the Budget.
ol
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter of calendar 1962, cash receipts exceeded cash payments by $300 million; on a seasonally adjusted
basis, however, payments exceeded receipts by $3.2 billion.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
30
BILLIONS OF DOLLARS
(SEASONALLY ADJUSTED)
30
EXCESS OF 3ASH RECEIPTS
Fftfl
tvm
m
• •
f
EXCESS OF DASH PAYMENTS
I
1
I9S6
1
I
1
l
1957
HI
BH
i—1 LJ
i
£
i
1
1958
1
i
i
i
1
i959
1
I960
1
l
i
r
l
l
l
1962
1961
CALENDAR YEARS
COUNCIl OF ECONOMIC ADVISERS
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.
[Billions of dollars]
Cash receipts
from the
public
Period
Fiscal vear total:
1957
1958 . _
1959
1960-1961
196211
. ...
1963
Calendar year total:
1958
1959
1960
1961 2
Quarterly total (calendar years) :
1960: Third quarter. __
Fourth quarter- .
1961: First quarterSecond quarter2 _ _
Third quarter
Fourth quarter 2
1962: First quarter 2 _ _
1
Estimate (1963 Budget).
32
' Preliminary.
Cash payments to
the public
Excess of re- Cash receipts
ceipts (+) or
from the
payments
public
82. 1
81. 9
81.7
' 95. 1
97. 2
102.6
116. 6
80. 0
83.4
94 8
94. 3
99. 5
111. 1
114, 8
2. 1
— 1. 5
-13. ]
.8
— 2. 3
-8.5
1. 8
81.7
87.6
98. 3
97. 9
89.0
95. 6
94. 7
104. 7
Unadjusted
-7.3
-8. 0
3.6
-6.8
24. 2
24.5
23,4
27.4
26.7
27.2
26. 0
-.8
-3.9
1.4
1. 1
-3.3
-5.9
.3
23.4
20.6
24.8
28. 5
23.4
21.3
26. 2
Cash payments to
the public
Excess of receipts (+) or
payments
(-)
Seasonally adjusted
249
24 6
23.3
24. 6
24 9
25.3
246
23.6
24 3
25. 1
26. 5
26.2
26. 9
27. 8
Sources: Treasury Department and Bureau of the Budget.
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