Full text of Economic Indicators : May 1963
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88th Congress, 1st Session
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1963
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
RICHARD ROLLING, Missouri, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
WRIGHT
PATMAN (Texas)
JOHN SPARKMAN (Alabama)
HALE
BOGGS
(Louisiana)
J. WILLIAM FULBRIGHT (Arkansas)
HENRY S. REUSS (Wisconsin)
WILLIAM PROXMIRE (Wisconsin)
MARTHA'W. GRIFFITHS (Michigan)
CLAIBORNE PELL (Rhode Island)
THOMAS B. CURTIS (Missouri)
JACOB K. JAVITS (New York)
CLARENCE E. KILBURN (New York)
JACK MILLER (Iowa)
WILLIAM B. WIDNALL (New Jersey)
LEN B. JORDAN (Idaho)
JAMES W. KNOWLES, Executive Director
MARION T. TRACY, Financial Clerk
HAMILTON D . GEWEHR, Administrative Clerk
COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman
GARDNER ACKLEY
JOHN P. LEWIS
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 2 5 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) from:
SUPERINTENDENT OF DOCUMENTS
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WASHINGTON 25, D.C.
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $5.40 per year.
The 1962 Supplement to Economic Indicators, which describes each series
and gives annual data for years not shown in the monthly issues, is now available at 65 cents a copy.
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that gross national product rose $8.3 billion (seasonally adjusted annual rate) in the first
quarter. Personal consumption expenditures rose $4.3 billion although only a $3.3 billion increase was registered
in disposable personal income.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1952
1953
1954
1955
1956
...
1957
1958
1959
1960 ...
1961 _ _ _ -_1962 .
1961: III
IV
1962: I
II
III
IV
1963: I
Personal
Disposable consumption
personal
income! expendi238. 7
252. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 1
349. 4
363. 6
382. 9
366. 3
372. 6
375. 6
381. 8
384. 1
389.3
392. 6
219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293. 2
313. 5
328. 5
338. 1
356. 7
340. 1
346. 1
350. 2
354. 9
358. 2
363. 5
367. 8
In ;ernatiorlal
Business
Persons
Personal
Gross
Excess
saving
Gross
private
of
( + ) or retained domestic investdisearn-2
ment
investsaving
ings
1 )
18. 9
19. 8
18. 9
17. 5
23. 0
23. 6
24. 7
23. 6
20. 9
25. 6
26. 2
26. 3
26. 5
25. 4
26. 9
26. 0
25. 8
24. 8
33. 2
34. 3
35. 5
42. 1
43. 0
45. 6
44. 8
51. 3
52. 1
53. 6
58. 1
54. 1
57. 0
57. 2
57. 6
57. 7
60.0
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72. 7
72.4
69. 3
76. 6
72. 4
76. 6
75. 9
77. 4
76. 3
76. 2
76. 8
Foreign
Net ejcports of goods Excess of
arid servic es
net
transfers
trans( + ) or
fers by
of net
ImGovern- Net
Exexports
ports
exports ports
ment
(— ) *
-16. 6
— 16. 0
-13. 4
-21. 8
-24. 3
-20. 5
— 11. 9
-21. 4
-20. 3
-15. 6
-18. 5
-18. 3
-19. 6
-18.7
-19. 9
-18. 6
-16. 2
1. 5
1. 6
1. 4
1. 5
1. 5
1. 5
1. 3
1. 5
1. 6
1. 6
1.7
1. 5
1.6
1.7
1. 7
1. 8
1. 8
1.4
1.3
—. 4
1. 0
1. 1
2.9
4. 9
1.2
-. 8
2. 9
4.0
3.3
2. 8
3.8
3. 7
3.7
2. 5
3. 2
3. 2
17.4
16. 6
17.5
19. 4
23. 1
26. 2
22. 7
22. 9
26. 4
27. 3
28.4
26. 9
28.3
28. 2
29.0
28. 3
28. 2
27. 9
16. 1
17. 0
16. 5
18. 3
20. 2
21. 3
21. 5
23. 6
23. 5
23. 3
25. 2
24. I
24. 5
24. 5
25. 3
25. 8
25.0
24. 7
0. 2
2. 0
.4
.4
— 1.5
-3. 5
.1
2. 3
-1. 3
-2. 4
— 1.5
-1. 3
-2. 2
-2. 0
-2.0
-. 7
-1. 4
-1. 8
Ciovernmeiit
I>Iet receip ts
Surplus
( + ) or
deficit
Tax and TransPurTrans- (-) on
nontax
chases
Total
fers,
fers,
income
Net
interest, of goods expendi- interest,
and
receipts receipts
or
and
and subtures and subproduct
5
5
services
accruals sidies
sidies
account
Period
1952
1953__1954
1955
1956
1957
1958
1959
1960
1961
1962
1961: IIT
IV
1962: I
II
III
IV
1963: I
E xpenditur es
...
..
72.2
75. 7
68. 5
78. 4
84. 2
87. 5
82. 0
95. 7
103. 8
103. 0
114. 9
103. 4
109. 2
111.9
114. 9
115. 9
117. 3
90. 6
94. 9
90. 0
101. 4
109. 5
116. 3
115. 1
130. 2
141. 0
144. 8
158. 1
145. 7
151. 6
154. 6
157. 8
159. 2
161. 8
18. 4
19. 2
21. 5
23. 0
25.3
28. 7
33. 1
34. 4
37. 1
41. 9
43. 2
42. 4
42. 4
42. 7
42. 9
43. 3
44. 5
44. 7
76. 0
82. 8
75. 3
75. 6
79. 0
86. 5
93. 5
97. 2
99. 7
107. 4
117. 3
106. 9
112. 1
115. 2
116. 0
118. 2
120. 7
124. 0
1
Personal income (p. 5) less personal taxes and nontax payments (fines, penalties,
2 etc.).
Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and excess of wage accruals over disbursements,
Does not include retained earnings of unincorporated business which are included
in disposable personal income.
!
Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
4
6
94. 4
102. 0
96. 7
98. 6
104. 3
115. 3
126. 6
131. 6
136. 8
149. 3
160. 5
149. 3
154. 4
157. 9
158. 9
161. 6
165. 2
168.7
18. 4
19. 2
21. 5
23. 0
25. 3
28. 7
33. 1
34. 4
37. 1
41. 9
43. 2
42. 4
42. 4
42. 7
42. 9
43. 3
44. 5
44. 7
-3.9
7 j
-6. 7
2. 9
5. 2
1. 0
-11. 4
-1. 5
4. 2
— 4. 4
-2. 4
-3. 6
-2. 9
-3. 3
— 1. 1
— 2. 4
-3.3
Gross
Total
Statis- national
product
tical
income
or
or
discrepexpendiancy
receipts
ture
345. 6
364, 1
362. 3
396. 5
421. 6
443. 4
446. 0
485. 7
506. 8
521. 8
557. 6
525. 3
540. 5
546. 4
556. 0
559. 8
568. 4
1. 4
1. 3
.9
1. 0
-2. 4
-. 6
— 1. 5
-3.0
-3. 4
-3. 1
-3. 8
O 1
— d.
1
— 1. 9
— 1. 4
-4. 0
-4. 3
-4. 8
347. 0
365. 4
363. 1
397. 5
419. 2
442. 8
444. 5
482.7
503. 4
518. 7
553.9
522. 3
538. 6
545. 0
552. 0
555. 3
563. 5
571.8
Net foreign investment with sign changed.
Government transfer payments to persons, foreign net transfers by -Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
1
GROSS NATIONAL PRODUCT OR EXPENDITURE
GNP In the first quarter rose $8.3 billion (seasonally adjusted annual rate), or 1 1 /z percent, according to current estimates. The main increases were in personal consumption expenditures and government purchases.
BILLI ONS OF DOLLARS
BILLIONS OF DOL LARS
SEASON iLLY ADJUSTED ANNU U. RATES
««•
-
GRCJSS NATIONAL P ROOUCT
^—--^
^^^\
_--?-^ll_
500
500
_^
-__
-
^^
PE RSONAL CONSUMPT ION
EXPENDITURES
-
/_...
300
300
GOVERNM ENT PURCHASES
AND SERVICES
OF GOOD:
.11
\
100
_
_
^^^L^
IOO
_
..n
....""""'"••...Illl..!..1"
G R O S S PRIVA rE DOMESTIC,^
1NVES TMENT
•^"^
1
1957
1
^L^^_
1958
1
I
1959
1
1
1
NET EXPORT OF GOODS
^- AND S ERVICES
U^
0— —^>—«_^v_
1
'""""
1
I960
^_
,<__„
I
I !
1961
.
.
!
!
1962
I
SOURC E1. DEPARTMENT OF C OMMEHCE
Period
x; imilium) product In current prices divided by gross national product
I
Gove rnment p urchases of good s and
services
Federal
State
Total Total i National2 Other
and
local
defense
E>illions of dollars, q uarterly c ata at se<isonally a djusted iinnual K ites
0. 6
19.3
14.3
1950
39. 0
370. 0
195. 0
50. 0
284. 6
38. 8
33.9
2. 4
60. 5
329. 0
56. 3
1951, . .
209. 8
400. 4
52. 9
46. 4
76. 0
1. 3
49. 9
1952
415. 8
347.0
219. 8
58. 0
— . 4 ' 82. 8
49. 3
1953
...
365. 4
232. 6
50. 3
434. 8
41.2
47.
5
75. 3
426. 3
363. 1
48. 9
1. 0
1954
238. 0
1.
1
45.
3
39. 1
75.
6
459. 6
397. 5
256. 9
63. 8
1955
45. 7
2. 9
40. 4
79. 0
419. 2
67. 4
1956
469. 4
269. 9
4. 9
49. 7
44. 4
442. 8
86. 5
1957
478. 5
285. 2
66. 1
52. 6
44. 8
1. 2
93. 5
444. 5
293. 2
56. 6
1958
. 471. 1
53. 6
46. 2
482. 7
SOS. 6
97. 2
72. 7
313. 5
-. 8
1959
45.7
2. 9
99. 7
53. 2
72. 4
1960
615. 8
503. 4
328. 5
57. 0
49. 0
4. 0 107. 4
1901
525. 5
518. 7
338. 1
69. 3
62. 4
53. 4
3. 3 117. 3
1962 . .
553. 9
356. 7
76. 6
553. 9
48. 4
2. 8 106. 9
56. 5
72. 4
522. 3
340. 1
1961: III...
._. 528. 5
50. 8
3. 8 112. 1
59. 5
76. 6
538. 6
346. 1
IV
.. . .. 543. 7
53. 0
3. 7 115. 2
350. 2
75. 9
61. 9
545. 0
I9<>L>: T
. 548. 4
62. 1
3.7 116. 0
53. 2
552. 0
354. 9
77. 4
552. 6
11
62.
7
54.0
2.5
76. 3
118. 2
555. 3
358. 2
[II
554. S
63.
4
3.
2
54.
2
120. 7
76. 2
563. 5
363. 5
660. 6
IV
3.
2
65.
9
56.
6
124.
0
367.
8
76.
8
566. S
571. 8
1'MiH- 1
. ;*hmvn on p. .'ifi.
!
1963
COUNCIL OF ECONOMIC At V1SERS
Personal Gross
Total
Net
Total
congross
private exports
national gross
sump- domestic
of goods
tion
product national
and
in 1962 product expend- investservices
ment
itures
prices
s (InvcrmmTH sales.
sr rx|M-![ilitiircs correspond closely with budget expeaditures for national
1
5. 2
5. 2
6. 7
9. 0
6. 7
6. 6
5. 7
5.7
8. 3
7. 9
8. 1
8. 7
9.7
8. 7
9. 2
9. 6
9. 5
9. 6
10. 1
10. 2
19. 7
21. 7
23. 2
24. 9
27. 7
30. 3
33. 2
36. 8
40. 8
43. 6
46. 5
50. 4
55. 0
50. 4
52. 6
53. 3
54. 0
55. 5
57.3
58. 1
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
Implicit
price
deflator
for total
GNP,
1962=100'
76. 9
82. 2
S3. 5
84. 0
85. 2
86. 5
89. 3
92. 5
94. 4
96. 0
97. 6
98. 7
100. 0
98. S
99. 1
99. 4
99. 9
100. 2
100. 5
101. 0
NATIONAL INCOME
Compensation of employees rose by $5 billion (seasonally adjusted annual rate) in the first quarter.
tors' income fell, but other noncorporate income rose moderately.
BILLIONS OF DOLLARS
500
Farm proprie-
BILLIONS OF DOLLARS
500
200
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
1957
1963
SOURCE: DEPARTMENT OF COMMERCE. . _
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annua! rates]
Total
national
income
Period
1950...
1951
1952..
1953
1954.
1955
1956
1957
1958- ..
1959.
196CL
1961.
1962
1961: III
IV
1962: I.
11
III
.
.. _ _
.
. ..
IV
1963: I
1
241.9
279. 3
292. 2
305. 6
301. 8
330. 2
350. 8
366. 9
367. 4
400. 5
415. 5
427. 8
458. 0
431. 3
444. 0
448. 9
456. 7
459. 8
466. 6
Compensation
of employees '
154.
180.
195.
208.
207.
223.
242.
255.
257.
278.
293.
302.
321.
304.
309.
315.
321.
323.
325.
330.
Proprieto rs* income
Farm
2
3
0
8
6
9
5
5
1
5
7
2
6
5
9
2
1
8
8
8
Includes employer contributions for social insurance. (See also p. 4.)
14. 0
16. 3
15. 3
13. 3
12. 7
11. 8
11. 6
11. 8
13. 5
11. 4
12. 0
13. 1
13. 0
13. 1
13. 6
12. 9
12. 8
12. 8
13. 6
13. 0
Business
and professional
23. 5
26. 0
26. 9
27. 4
27. 8
30. 4
32. 1
32. 7
32. 5
35. 1
34. 2
34. 8
36. 8
35. 1
36. 0
36. 2
36. 8
37. 0
37. 3
37. 7
Rental
income
of
per9. 0
9. 4
10. 2
10. 5
10. 9
10. 7
10. 9
11. 9
12. 2
11. 9
11. 9
12. 3
12. 8
12. 3
12. 5
12. 6
12. 8
12. 9
12. 9
13. 0
Net
interest
5. 5
6. 3
7. 1
8. 2
9. 1
10. 4
11. 7
13. 4
14. 8
16. 4
18. 1
20. 0
22 2
20. 3
21. 0
21. 5
22. 0
22. 5
23. 0
23. 5
Corpora ;e profits and inventory va luation at Ijustment
Total
35. 7
41. 0
37. 7
37. 3
33. 7
43. 1
42. 0
41. 7
37. 2
47. 2
45. 6
45. 5
51. 5
46. 0
51. 1
50. 4
50. 7
51.0
54. 0
Profits Inventory
before valuation
taxes adjustment
40. 6
42. 2
36. 7
38. 3
34. 1
44. 8
44. 7
43. 2
37. 4
47. 7
45. 4
45. 6
51. 3
46. 3
51. 4
50. 1
50. 9
51. 1
53. 2
NOTE.—Data lor Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-5. 0
-1. 2
1. 0
1. 0
-. 3
1. 7
-2. 7
1. 5
o
—. 5
2
.0
2
-. 3
-. 3
. 3
_. 2
—. 1
.8
. -1
SOURCES OF PERSONAL INCOME
Personal income rose $2.6 billion (seasonally adjusted annual rate) in April to a record $455.8 billion. Wase and
salary disbursements increased $1.9 billion/ all other major types of income except farm proprietors' also increased.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
500
I957
I
I958
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
personal
income
1954
1955
1956
1957
1958
1959
1960
1961 4
1962
1962: M a r _ _ _
Apr
May
June
July__
Aug
Sept___
Get
Nov
Dec
1903: Jan
Feb..
Mar...
Apr 4
289. 8
310. 2
332. 9
351. 4
360. 3
383. 9
400. 8
416. 4
440. 5
435. 2
438. 3
439. 7
440. 7
441. 9
443. 0
443. 5
445. 6
448. 2
450. 4
452. 4
451. 1
453. 2
455. 8
1
1963
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, monthly data at seasonally adjusted annual rates]
Wage
Less: PerPropriet 3rs' income Rental
Other
Personal Transfer sonal con- Nonagriand
income
Divicultural
salary
labor
Business
paytributions personal
dends interest
of
disburse- income 2 Farm
and pro- persons
income ments
for social income 3
ments '
fessional
insurance
J2. 7
14. 6
6. 2
27. 8
10. 9
196. 3
9. 8
16. 2
4. 6
273. 8
7. 1
11. 8
30. 4
10. 7
17. 5
15. 8
210. 9
11. 2
5. 2
295. 0
8. 1
11. 6
32. 1
10. 9
12. 1
18. 8
17. 5
227. 6
317. 9
5.8
11. 8
12. 6
21. 9
19. 6
9. 1
32. 7
11. 9
238. 5
6. 7
336. 1
12. 2
21. 0
13. 5
9. 4
32. 5
12. 4
26. 3
239. 8
6. 9
343. 0
10. 4
11. 4
11. 9
23. 5
35. 1
13. 7
27. 5
258. 5
7. 9
368. 6
12. 0
11. 0
29.
4
11.
9
271. 3
14.
4
34. 2
25. 8
384. 7
9. 2
12. 3
27. 4
13. 1
11. 4
34. 8
15. 0
33. 4
278. 8
9. 7
399. 1
12. 3
13. 0
12. 8
34. 6
36. 8
29. 7
295.8
15. 9
10. 5
423. 2
12. 9
12. 1
12. 7
292. 2
36. 4
29. 0
34. 5
15. 9
10.4
418.0
12. 2
12. 8
12. 7
34. 2
36. 6
29. 2
421. 2
295. 3
15. 8
10. 5
12. 3
12. 8
12. 8
34. 2
422. 6
296. 0
36. 8
15. 8
29. 4
10. 5
12. 4
12. 8
12. 8
34. 1
296. 9
15. 8
29. 6
10. 5
423. 5
36.8
12. 4
12. 7
12. 8
34. 2
297. 8
36. 9
15.7
29. 8
424. 8
10. 5
12. 4
12. 9
12. 8
15. 7
34. 5
37. 0
10. 5
298. 1
30. 0
425. 9
12.
9
12.
9
12.
4
37. 0
30. 2
34. 5
16. 0
10. 4
426. 4
298. 0
37.
I
12.
5
12.
9
30.
4
13.
2
16.
1
35.
5
10.
5
298. 5
428. 2
12. 5
37. 3
12. 9
299. 8
13. 6
16. 2
30. 6
35. 8
10. 5
430. 4
12. 5
14. 0
12. 9
30. 8
301. 0
37.4
35. 5
10. 6
432. 3
17. 0
12. 6
37. 6
13. 0
31. 1
301. 5
13. 4
16. 3
38. 7
11. 7
434. 6
12. 9
12. 7
37. 7
13. 0
31.3
434. 0
303. 6
16. 4
35. 3
11. 8
12. 7
12. 7
37. 8
13. 0
31. 6
35. 6
11. 8
305. 0
16. 5
436. 2
12. 8
12. 7
37. 9
31. 9
35. 8
13. 1
16. 6
11. 9
438. 8
306. 9
Compensation of employees (see p. 3) excluding employer contributions for
in.sunuic'C :in<! the excess of wage accruals over disbursements,
npioyer contributions to private pension, health, and welfare funds; comlion for injuries; directors' fees; military reserve pay; and a few other
rsonal income exclusive of net income of unincorporated farm enterprises,
1962
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
* Preliminary.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
In the first quarter, personal consumption expenditures rose by $4.3 billion (seasonally adjusted annual rate) while
disposable personal income rose by $3.3 billion. The saving rate declined to 6.3 percent.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
350
300
2,000
1,800
1,600
1957
1962
1958
i SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: DEPARTMENT OF COMMERCE
COUNOl Of ECONOMIC ADViSEBS
Personal
income
Less :
Personal
taxes
Equals:
Disposable
personal
income
256. 7
273. 1
288. 3
289. 8
310. 2
332.9
351.4
3
9
8
4
5
29. 2
34.4
35. 8
32. 9
35. 7
40. 0
42. 6
42. 3
46. 8
51. 4
52. 8
57. 6
227. 5
238. 7
252. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 1
349. 4
363. 6
382. 9
1961: III.. 419. 4
IV.. 427. 3
53. 0
54. 6
366. 3
372. 6
Per cap ita disas
posable Dersonal Saving
percent Populainco
me
Equals:
of disPersonal
posable
(thouNonsaving
1962 1 personal sands) 3
Current
Total Durable
durable
Services
goods
prices
prices
income
(percent)
Billions of dollars
Dol .ars
29. 5
110. 1
70. 2
17. 7
209. 8
1,718
1, 475
7. 8 154, 283
29. 1
219. 8
115. 1
75. 6
18. 9
1, 521
1,736
7. 9 156, 947
32. 9
1, 582
232. 6
118. 0
81. 8
19. 8
1,788
7.8 159, 559
32. 4
86. 3
1, 582
119. 3
18. 9
238. 0
1,770
7. 4 162, 388
39. 6
124. 8
92. 5
256. 9
17. 5
1, 660
1, 849
6. 4 165, 276
100. 0
1, 741
269. 9
38. 5
23. 0
131. 4
1, 908
7. 9 168, 225
107. 1
40. 4
137. 7
23. 6
285. 2
1, 803
1, 919
7. 6 171, 278
37. 3
114. 3
24. 7
293. 2
141. 6
1, 825
7. 8 174, 154
1,907
122. 8
43. 6
313. 5
147. 1
23. 6
1, 904
1,965
7. 0 177, 080
44. 8
131. 9
151. 8
20. 9
1, 934
328. 5
1,968
6. 0 180, 676
139. 1
43. 7
155. 2
25. 6
338. 1
1, 979
1, 998
7. 0 183, 742
47. 5
147. 1
162. 0
26. 2
2,052
356. 7
2,052
6. 8 186, 591
Seasc nally adj\ isted ann jal rates
44. 0
340. 1
156. 2
139. 9
26. 3
1, 989
2,008
7. 2 184, 150
46. 6
142. 3
346. 1
26. 5
157. 2
2, 015
2,027
7. 1 184, 952
1962: I...
II...
III..
IV-
432.0
439. 5
442. 6
448. 0
50. 4
57.7
58. 5
58. 7
375. 6
381. 8
384. 1
389. 3
350. 2
354. 9
358. 2
363. 5
40. 3
47. 2
47. 1
49. 6
159. 9
161. 3
163. 0
163. 9
1963: I
452. 1
59. 5
392. 6
367. 8
50.0
165. 5
Period
1951.. -..
1952
1953.
...
1954 . ...
1955. . ...
1956 . ...
1957 . ...
1958 . ...
1959.. ...
1960 _ ...
1961
1902. _ ..
360.
383.
400.
416.
440.
1
ess:
Persona 1 consump tion expe nditures
Income in current prices divided by the implicit price deflator for personal
consumption
expenditures on a 1962 base.
2
Population of the United States including armed forces abroad. Annual
data as of July J; quarterly data centered in the middle of the period, interpolated
from monthly figures.
144. 1
146. 3
148. 1
150. 1
25. 4
26. 9
26. 0
25. 8
2, 024
2, 050
2, 054
2,074
2, 034
2,053
2,052
2, 064
6. 8
7. 0
6. 8
6. 6
185,
186,
186,
187,
152. 3
24. 8
2, 084
2, 065
6.3
188, 350
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources; Department ol Commerce arid Council of Economic Advisers.
607
258
980
738
FARM INCOME
Net farm income (seasonally adjusted) fell in the first quarter to a level slightly above that of a year earlier.
BILLIONS OF DOLL &RS
BILL IONS OF DOLLARS
SEASON ALLY ADJUSTED ANNUfl L RATES
REALIZED GROSS
FARM INCOME
40
I
'
-X
""
'
*~"
40
*
'
£0
20
NET FARM INCOME
1NC1 -UDING NET INVENTC3RY
CHANGE
»„- _ _ ^
>"-™-,^
^
^
0
!
1
1
1
1
1
1958
1957
1
!
10
i
1
i 1
1959
1
I
1
1
1
] ncorne re ceived fro m farming>
Net t 3 farm
oper itors
Realize d gross
1955.
1956.
1957
1 958
1959
1900.
IDG 1
1902
. __
..
1961: III
IV
1 !l(i'_': I
II
III
IV
From
all
sources
From
farm
sources
20. 0
19. 0
18. 3
18. 6
18. 8
20. 5
19. 0
19. 6
20. 3
20. 4
13. 8
13.2
12. 2
12. 0
12. 2
13. 8
11. S
12. 4
13. 3
13. 3
From
nonfarm
sources
6.3
5. 8
6. 1
6. 6
6. 6
6. 7
7. 1
7. 2
7. 0
7. 1
Net inc ome per
farm incl uding net
inventory change 3
Cash
tion ex- Exelud- Includreceipts penses ingnetin- ing net in- Current
1962
from
Total '
ventory ventory2
prices prices *
marketchange change
ings
Dol lars
Billions (if dollars
2, 927
2, 664
13. 9
35. 3
21. 4
13. 3
31. 1
2, 875
12. 2
12.7
2, 645
21. 7
30. 0
33. 9
2, 529
2, 749
29. 6
21. 9
11. 5
11. 8
33. 3
12. 0
2, 574
2, 768
22. 6
34. 6
11. 6
30. 6
11. 0
2, 807
2, 695
34. 4
11. 8
29. 8
23. 4
12. 6
3, 201
3, 266
25. 3
33. 4
37. 9
13. 5
2, 832
11. 4
26. 2
11. 3
33. 5
2,775
37. 5
3,075
11.7
12. 0
26. 2
3,044
34. 0
37. 9
3, 422
3, 457
12. 8
13. 0
27. 1
39. 9
35. 2
3,537
3,537
12. 9
27. 7
13. 0
40. 6
35. 7
Seas onally ad justed amlual rates
3, 470
12. 9
3, 440
13. 1
40. 1
35. 2
27. 2
3, 610
13. 6
13. 5
3,570
40. 8
35. 8
27. 3
__
i !m:>: !
inrketings, Government payments, and nonmoney inu! livestock valued at the average price for the year.
inp 19M on the basis of 1959 Census of Agriculture definniher of farms is held constant within a year.
0
1963
COUNCIL OF ECONOMIC ADVISERS •
Personal income re ceived by
total arm popu lation
1953
1954.
1
1962
1961
I960
SOU ?CE: DEPARTMENT OF AGRICULTURE.
Period
-"•-.
r~^**
*—*
10
40. 3
40. 3
40. 5
41. 4
35. 4
35. 3
35. 5
36. 5
27. 5
27. 6
27. 7
27. 9
12. 8
12. 7
12. 8
13. 5
12. 9
12. 8
12.8
13. 6
3, 500
3, 470
3,470
3, 690
3, 500
3, 470
3,470
3, 690
40. 8
35.8
28. 1
12.7
13. 0
3, 630
3, 590
* Income in current prices divided by the index of prices paid by farmers for
family living items on a 1962 base.
Source: Department of Agriculture,
CORPORATE PROFITS
Corporate profits before taxes rose $2.1 billion (seasonally adjusted annual rate) in the fourth quarter of 1962 to a
record high of $53.2 billion.
BILLIONS OF D O L L A R S
BILLIONS OF DOLLARS
I962
' E X C L U D I N G INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.
Period
1951... __
1952
.
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1961: III
IV^_
1962: I
II-.
III —
IV.1963: ! „ _ _ _
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corilorate pr ofits (befc>re taxes) and inver tory
Cor] oorate pr ofits
a fter taxe s
valuation adjustme it
TransM anufactui ing
portaCorpo- Corpotion,
rate
rate
DiviUnAll
comAll
profits
taxNondend distribmuniDurable durable
indusother before liabil- Total
uted
paygoods
tries
indus- taxes
ity
Total
goods cations,
ments profits
indusand
tries
industries
public
tries
utilities
24. 4
41. 0
12. 0
13. 5
10. 9
4. 5
42. 2
22. 4
19. 7
10. 7
9. 0
21. 1
37. 7
11. 8
9. 3
4. 8
11. 8
17. 2
36. 7
19. 5
9. 0
8. 3
12. 1
21. 4
37. 3
9. 3
4. 9
11. 0
20. 2
38. 3
18. 1
8. 9
9. 2
18. 4
33. 7
10. 1
8. 3
4. 4
11. 0
34. 1
17. 2
16. 8
7. 0
9.8
25. 0
14. 2
43. 1
10. 8
5. 4
12. 8
21. 8
44. 9
23. 0
11. 8
11. 2
42. 0
23. 5
10. 9
5. 6
12. 9
21. 2
12. 6
44. 7
23. 5
12. 1
11. 3
22. 9
41. 7
13. 1
9. 8
13. 3
5. 5
20. 9
43. 2
22. 3
12. 6
9. 7
37. 2
9. 0
9. 3
13. 3
18. 3
5. 6
18.
6
37. 4
18. 8
12. 4
6. 4
25. 4
13. 4
47. 1
11. 9
6. 7
15. 1
23. 2
47. 7
24. 5
13. 7
10. 8
24. 0
12. 2
45. 6
11. 8
14. 6
7.0
22. 4
45. 4
23. 0
14. 4
8. 6
23. 5
45. 5
31. 7
11. 7
7. 4
14. 7
22. 3
23. 3
45. 6
8. 3
15. 0
28. 0
14. 9
51. 5
13. 1
8. 0
15. 6
51. 3
25. 0
26. 3
10. 3
15. 9
24. 0
46. 0
12. 1
11. 9
7. 5
14. 5
22. 6
46. 3
23. 7
14. 9
8. 7
27. 5
14. 9
51. 1
12. 6
15. 6
8. 0
25. 1
51. 4
26. 3
10. 8
15. 5
27.0
50. 4
14. 2
12. 8
8. 1
15. 4
24. 4
50. 1
25. 6
9. 9
15. 8
27. 1
50. 7
H. 3
12. 8
8. 0
15. 7
50. 9
24. 9
26. 1
10. 3
15. 8
28. 1
51. 0
12. 8
7. 9
15. 3
14. 9
24. 9
51. 1
10. 3
26. 1
15. 8
29. 7
54. 0
15. 8
13. 9
8. 0
16. 3
26. 0
53. 2
10. 9
27.3
16. 4
16. 4
1
Includes depreciation, capital outlays charged to current accounts and accidental
damages.
2
Corporate profits after taxes plus corporate capital consumption allowances.
98263°—63
2
Corporate
capital
consumption
allowances '
Profits
plus
capital
consumption
allow-2
ances
11. 0
12. 3
14. 1
15. 8
18. 4
20. 0
21. 8
22. 7
24. 3
25. 9
27. 5
29. 2
30. 7
29.6
32. 2
32. 7
41. 4
43. 5
44. 1
41.4
48. 7
27. 8
51. 4
54. 8
28. 7
29. 1
29. 4
29. 7
30. 1
51. .1
55. 2
28. 5
NOTE.—Data for Alaska and Hawaii included beginning 1UGO.
Source: Department of Commerce.
48.9
50. 8
55. 5
55. 5
,r,7. 0
GROSS PRIVATE DOMESTIC INVESTMENT
In the first quarter, a rise of $1.8 billion (seasonally adjusted annual rate) in the inventory accumulation more than
offset a decline of $1.2 billion in fixed investment, resulting in an increase in total private investment.
B I L L I O N S OF D O L L A R S
BILLIONS OF D O L L A R S
1963
SOURCE: DEPARTMENT OF COMMERCE-
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Total
gross
private
domestic
investment
Period
1950
1951
1952
1953.. ...
1954.. ...
1955
1956.
1957
1958
1 959
1900
190 1
1902. .
1901: 1 1 I _
IV
1902: 1
II
111
IV
1903: I
50. 0
56. 3
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72.7
, .
...
1
..
72. 4
69. 3
76. 6
72. 4
76. 6
75. 9
77. 4
76. 3
76. 2
76. S
New cons truction '
Total
Total
43. 2
46. 1
46. 8
49. 9
50. 5
58. 1
62. 7
64. 6
58. 6
66. 2
68. 3
67. 1
73. 4
68. 4
70. 6
69. 2
73.4
75. 3
74. 9
73. 7
Residential
nonfarm
24. 2
24. 8
25. 5
27. 6
29. 7
34. 9
35. 5
36. 1
35. 5
40. 2
40. 7
41. 6
44. 5
42. 6
43. 2
41. 6
44. 5
46. 1
45. 0
43. 6
liovtsions HI snrir.'i on new construction shown on p. 19 have not yet been inoorpm
uleii Into UK-M- .MTii'.s.
5
"Other" construction in this .series includes petroleum and natural gas well
8
Change in business inv entories
Fix 3d investnTent
14. 1
12. 5
12. 8
13. 8
15. 4
18. 7
17. 7
17. 0
18. 0
22. 3
21. 1
21. 0
23. 3
21. 9
22. 8
21. 2
23. 3
24. 3
23. 8
22. 6
2
Ottler
Total Nonfarm
10. 1
12. 3
12. 7
13. 8
14. 3
16. 2
17. 8
19. 0
17. 4
17. 9
19. 7
20. 5
21. 2
20. 7
20. 4
20. 5
21. 2
21. 8
21. 3
21.0
8. 5
10. 4
10. 8
12. 1
12. 7
14.6
16. 3
17. 5
15. 9
16. 2
18. 0
18. 6
19. 5
18. 5
18. 6
18. 9
19. 4
19. 9
19. 5
19. 4
Produc(?rs' durable eq\lipment
Total
18. 9
21. 3
21. 3
22. 3
20. 8
23. 1
27. 2
28. 5
23. 1
25. 9
27. 6
25. 5
28. 9
25. 8
27. 4
27. 6
28. 9
29. 2
29. 9
30. 1
Total
Nonfarm
16. 2
18. 4
18. 6
19. 5
18. 5
20. 6
25. 0
26. 2
20. 3
23. 1
25. 1
23. 0
25. 9
23. 5
24. 9
24. 9
26. 0
26. 1
26. 6
26. 8
6.8
10. 2
3. 1
.4
-1. 6
5. 8
4. 7
1. 6
-2. 0
6. 6
4. 1
2. 1
3. 2
4. 0
6. 0
6. 7
4. 0
1. 0
1. 2
3.0
drilling, which are excluded from estimates on p. 19.
NOTE.— Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
Nonfarm
6. 0
9. 1
2. 1
1. 1
-2. 1
5.5
5. 1
.8
-2.9
6. 5
3. 7
1.9
3. 2
3. 8
5.9
6. 6
3. 9
1. 0
1. 1
2.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business firms spent $37.3 billion on new plant and equipment in 1962, an 8^/2 percent increase over 1961 expenditures. According to the February survey, 1963 expenditures will be 5 percent above the 1962 level. Expenditures
declined by $400 million (seasonally adjusted annual rate) in the fourth quarter of last year and are expected to
show no change in the first quarter of 1963 and increases in subsequent quarters of the year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
10
1962
1963
SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES ANO EXCHANGE COMMISSION, AND DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC^ ADVISERS
fBillions of dollars; quarterly data at seasonally adjusted annual rates]
M anufacturi ag
Period
Total '
25. 64
26. 49
1951
1952
1953
1954
1955
1956
1957
1958
1959
28. 32
26. 83
28. 70
35. 08
36. 96
30. 53
32. 54
35. 68
34. 37
37. 31
39. 10
34. 70
1960
1961
1962
1963 3
1961: III
1962:
IV
I
II
III
IV
1963: I 3
II 3
1
1
__
.
. .
35.
35.
36.
38.
37.
37.
38.
40
70
95
35
95
95
65
Total
10. 85
11.63
11. 91
11. 04
11. 44
14. 95
15. 96
11. 43
12.07
14. 48
13. 68
14. 68
15. 69
13.65
14. 00
14. 20
14. 45
15. 05
15. 00
1 5. 30
15. 30
Durable Nonduragoods
ble goods
5.
5.
5.
5.
5.
7.
8.
5.
5.
7.
6.
17
61
65
09
44
62
02
47
77
18
27
7. 03
7.78
6.
6.
6.
6.
7.
7.
7.
7.
10
40
55
95
25
30
50
30
Excludes agriculture.
Commercial and other includes trade, service, finance, communications, and
construction.
s Estimates based on anticipated capita^ expenditures as reported by business
in late February 1963. Includes adjustments when necessary for systematic tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
Transpo rtation
5. 68
0. 93
6. 02
6. 26
5. 95
6. 00
7. 33
7. 94
.98
. 99
.98
.96
1. 24
6. 29
7. 30
. 99
5. 96
7. 40
7. 65
7. 90
7. 55
7. 60
7. 60
7. 50
7. 80
7. 70
7. 80
8. 00
Railroads
Other
Public
utilities
1. 47
1. 40
1. 31
. 85
. 92
1. 23
1. 40
. 75
. 92
1. 03
. 67
. 85
. 96
. 65
. 60
. 70
. 95
1. 00
. 80
. 95
1. 10
1. 49
1. 50
1. 56
1. 51
1. 60
1. 71
1. 77
1. 50
2. 02
1. 94
1. 85
2. 07
1. 84
1.90
1. 95
2. 05
2. 25
2. 00
1. 90
1. 65
2. 00
3. 66
3. 89
4.55
4.22
4.31
4. 90
6. 20
6. 09
5. 67
5. 68
5. 52
5. 48
5. 66
5. 65
5. 55
5. 15
5. 40
5. 75
5. 45
5. 30
5. 60
Mining
1. 24
. 94
. 99
.98
1. 08
1.01
1. 00
1. 00
1. 15
1.05
1. 10
1. 00
1. 05
1. 05
Commercial and
other 2
7. 24
7. 09
8.00
8.23
9. 47
11. 05
10. 40
9. 81
10. 88
11.57
11. 68
13. 15
13. 94
11. 85
12. 35
12. 45
12. 85
13. 40
13. SO
1 3. 70
] 3. 70
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 natioim! product
estimates of the Department of Commerce, principally because the h i t l e r rnvei
agricultural investment and also certain equipment and construction milluy:charged to current expense.
Sources: Securities and Exchange Commission and Department of Commrrrr.
9
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Employment and the labor force showed further substantial increases in April.
ment rate rose slightly to 5.7 percent.
The seasonally adjusted unemploy-
MILLIONS OF PERSONS
MILLIONS
OF PERSONS
SEASONALLY ADJUSTED
TOTAL LABOR FORCE
P E R C E N T OF CIVILIAN LABOR FORCE
PERCENT CF CIVILIAN LABOR FORCE
urJE MP -C YMENT It T E
s E£ SO JA LLY AD uST £ 31
-~
1
-
Tl
rrfl
|
"fl
-
"
"
T
i
-j
1
_
-,-i
-
~
__
_
-
i
II
C
Period
1958...
1959...
1960__.
1961...
71,
71,
73,
74,
74,
1962:
Apr.
Apr 3 _
May..
June_.
July..
Aug_.
Sept..
Oct...
Nov..
Dec..
1963:
Jan ..
Feb.
Mar.
Apr..
284
940
126
175
839
95 3
95 )
96<}
96
?
Civilisin e raiploy ment
NonagriTotal
cultural
Total
Civilkin emplo yment
labor
force
UnemCivilian
Non(includ- labor
Agriployagriing
ment
force
culTotal
cularmed
tural
tural
forces)
Thous ands of ] persons \l. years of age and o ver
63, 966 58, 122 4, 681
65, 581 59, 745 3, 813
66, 681 60, 958 3, 931
66, 796 61, 333 4, 806
67, 999 62, 744 4,012
Unadj usted
easonally adjustet 1
67, 027
66, 824
68, 203
69, 539
69, 564
69, 762
68, 668
68, 893
67, 981
67, 561
61,
61,
62,
63,
63,
63,
63,
63,
03,
63,
979
863
775
249
500
993
10:,
418
098
495
3,
3,
3,
4,
4,
3,
3,
3,
3,
3,
952
946
719
463
018
932
512
294
801
817
74, 470
74, 657
74, 539
74, 585
75, 056
74, 989
74, 651
74, 577
74, S48
71, 585
71, 782
71, 673
71, 730
72, 197
73, 254
71, 915
71, 827
72, 084
67, 591
67, 821
67, 731
67, 833
68, 104
68, 188
68, 076
67, 691
68, 091
5, 296
5, 269
73,
73,
74,
74,
65,
66,
67,
68,
61,
62,
62,
63,
730
309
812
424
4,
4,
4,
4,
672 |
918
501
063
75, 064
75, 225
75, 430
75, 738
72, 348
72, 501
72, 698
73, 002
68, 171
68, 086
68, 636
68, 874
5, 183
4, 841
935
358
148
097
1
Total
:
labor force as percent of noninstitutional population.
A vcragcs have been adjusted by the Council of Economic Advisers for comparison
with previous data.
3
HW> Population Census data used in estimation procedure beginning April
twj; all other data based on 1950 Population Census.
10
i!
1963
COUNCIL OF ECONOMIC ADVISERS
73, 804
73, 6.54
74, 797
76, 857
76, 437
76, 554
74, 914
74, 923
74, 532
74, 142
323
999
382
897
i
i
i
I
l<16
* 14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMET OF LABOR.
Total
labor
force
(including
armed
forces)
—i
1
1 ii
19 5"
r ...
5, 190
5, 118
5, 087
5, 114
5, 040
4, 983
.',, 843
5, 008
5, 023
62, 295
62, 552
62, 541
62, 715
63, 017
63, 074
63, 036
62, 708
63, 248
63, 988
63, 245
63, 6S8
63, 851
Unemp. oyment
rate (pe rcent of
Unem- civilia i labor
for ce)
ployment
Unad- Seasonadjusted ally
justed
Labor
force
participation
rate,
unadjusted '
Percent
58. 5
58. 3
58. 3
58. 0
57. 5
6. 8
5. 5
5. 6
6. 7
5.6
3, 994
3, 961
3, 942
3,897
4, 093
4, 066
3, 839
4, 136
5. 6
5. 2
6. 0
5. 5
5. 3
4. 9
4, 6
5. 3
5. 3
5. 6
5. 5
5. 5
4, 177
4, 415
4,062
6.6
5. S
6. 1
3, 993
4, 128
6. 9
6. 3
5. 6
5.4
5. 7
5. 6
5. 3
5. 8
5.5
5. 6
5. 7
57. 0
56. 8
57. 6
59. 2
58. 7
58. 7
57. 4
57. 3
56. 9
56. 6
55. 9
56. 3
56. 5
56. 9
NOTE.—Seasonally adjusted series revised beginning 1949. For definitions
and coverage, see Employment and Earnings, Department of Labor, Beginning
3960, data include Alaska and Hawaii,
Source: Department of Labor.
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted over-all unemployment rate rose in April despite a decline in the rate for married men and
experienced wage and salary workers.
PERCENT
PERCENT
10,0
10.0
SEASONALLY ADJUSTED
L A B O R FORCE TIME LOST THROUSH UNEMPLOYMENT
AND PART-TIME WORK
8.0
UNEMPLOYMENT RATE .EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
2.O
SOURCE: DEPARTMENT .OF LABOR.
COUNCIL OF ECONOMIC ADVISERS.
Uneniploymeu ; rate
(percen t of civili;in labor
foi ce m groi P)
IVi ccnl
•1. r>
2. S
r.. i
7. '2
•I. 3
(). <S
-
5. 6
• >. /
(i. S
5. 7
r>. I;
5. :i
,s,.,,l.
Orl.
5. S
5. 5
5. S
N,,v
!)(•!•
1963: . I n n
l'VI>
Mar
Apr _ . .
March'.!
r,. i
r>. (i
.'). /
5.
i>5.
5.
r>.
5.
5
:<
-1
1
7
(i
r>.r 2
. i. li
5. 5
r>. 7
(i. 0
5. 5
5. 4
:). 3
:-;. c>
3. 7
•i. (i
S.
(i.
li.
S.
3. 7
(i. (i
;>. ;>
li. (i
Seasonal! v a d j i i s h ' i
5. -1
A ML'
'•' Assumes un
rcuTioiii ic rra.so
\vorkrii.
J DillVrs from
sons \vi1 i' jobs b
and industrial
5. r>
5. (i
(i. 7
5. 6
5. (i
r>.r 5r
1962: A p r
M:iv
June
.lulv
1
Labor
force
lime lost
through
Experienced Married ploymcnt Over -10
All
and men ' and part- hours
workers wage
salary
time
work '2
Period
1957
1958
1959.
1960
1901
1902
Persons at work i n nonagri cultural ii3 dustrics
bv hours worked r>er week
Ui ider 35 ho urs
• >. .')
:i. <i
:(. 5
3. r>
3. 4
8. 4
3. 4
3. 5
8. 8
4. 1
3. 5
3. 3
1
(i
7
0
<;. 7
(i. (i
6. (i
(i. 7
6. 7
6. 8
6. 6
6. 9
6. 6
6.8
7. 1
6. 6
6. 6
17, l i O l
l ( i , <>()()
17, 3-15
1 7, 064
18, 210
19,024
18,
19,
19,
18,
18,
19,
19,
18,
20,
18,
18,
18,
18,
863
482
606
716
452
883
460
799
123
893
358
964
068
35-10
hours
Part-ti me for
cconomi o reasons
Part-ti me for
cconomi 3 reasons
Total
Usually
fulltime *
Usually
parttime a
Usually
fulltime 4
Thousan ds of pers ons 14 ye irs of age and over
28, 634
1, 183
9, 730
986
28, 273 10, 372
1, 638
1, 315
1, 032
27, 723 11, 702
1, 304
28, 724 11, 528
1, 243
1, 317
29, 047 11, 132
1, 297
1, 516
1,049
28. 854 11, 675
1, 287
I Jnadjuste 1
Seasonal^/
30, 172 11, 007
1, 050
1, 171
998
30, 229 11, 121
1, 111
1, 184
1, 099
29, 603 10, 292
1, 041
1, 589
1, 039
27, 656
962
9, 783
1, 712
1, 085
28, 812 10, 071
1,088
1, 537
1, 124
29, 801 10, 740
1, 093
1, 152
1, 143
1,023
28, 587 13, 237
1, 162
1, 072
1, 168
26, 308 15, 968
1, 211
1, 145
29, 052 12, 075
1, 001
1, 165
995
29, 587 11, 080
1, 147
1, 096
1, 092
28, 705 12, 812
965
1, 005
1, 181
29, 705 11, 706
1, 050 6 1, 142
1, 000
6
28, 437 14, 311
1, ((SO
1, 136
1 , 070
Usually
partti me5
adjusted
1, 202
1, 253
1 , 289
1, 539
1 252
, 262
561
ill!
!():;
) r( ' j
. 231
22! I
I , II'.MI
li their wives.
ersons lost 37.5 hours a week; those on part-time for
cmv between 37.5 hours and actual number of hours
il mmapTiciiRiiral employment (p. 13), which includes perot at wo rk for such reasons as vacation, illness, bad weather,
ites.
NOTE.—See note and also footnote 2. p. 10.
Alaska and Hawaii.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
Insured unemployment under State programs averaged 1.9 million in April, 89,000 more than in April 1962.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
1961
n
) i |
| 1 , , i 1 i i i , 1 , i , 1 , i , 1 i
•IAN.
FEB.
MAR.
APR.
MAY
, , ,
JUNE
1
r
1 1
JULY
1 f
,
AUS.
.
I
.
.
I
SEPT.
1
1
,
,
.
OCT.
SOURCE : DEPARTMENT OF LABOR.
1
i
,
,
1,,,'
NOV.
'
'
,1
"
DEC.
COUNCIL DF ECONOMIC ADVISERS
A 11 progranIS
Period
1958
1959
1960
1961
1962
1962: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1963: Jan
_
__
Feb
Mar..
_
Apr2
Week ended:
_ .
Sta te progra ms
Insured Total
Insurec unemunem- benefits Insured
ploymen t as perCovered ploypaid
of covered
unemInitial Exhaus- cent
(milemploy- ment
emplo yment
tions
ployclaims
(weekly lions of
ment
ment
Unad- Seasonaverdoladjusted ally
age) i
lars) '
justed
Per sent
Weekly jiverage, t lousands
Thou sands
50
2, 509
6. 4
44, 412
3, 269 4, 209. 2
370
4. 4
33
1, 682
2, 099 2, 803. 0
45, 728
281
31
4. 8
... 46, 334
2, 067 3, 022. 7
1, 906
331
46
2, 994 4, 358. 2
2, 290
5. 6
46, 264
350
3,
145.
2
32
4. 4
1, 783
302
47, 150
1, 946
39
2, 702
381. 0
5. 5
46, 542
2, 218
273
4.4
297. 9
39
4. 5
3. 9
2, 216
1, 831
267
_ _ 47, 372
33
254. 3
1, 570
3. 9
3. 8
250
47, 821
1, 840
4-0
215. 4
3.6
48, 442
1, 667
30
1, 469
258
4.3
205. 2
28
3. 8
1, 699
1, 543
319
26
3.6
218. 9
1, 469
1, 628
261
4.4
25
3. 3
1, 497
181. 1
1, 331
235
4-4
4.6
25
198. 9
3. 4
1, 539
1, 385
275
26
4. 0
4. 8
215. 5
1, 625
314
1, 780
236. 5
4.8
28
422
5. 1
2, 223
2, 063
4.8
2, 591
35
6. 3
373. 0
447
2, 778
4.7
36
6. 2
2, 726
339. 6
2, 546
325
36
5. 6
343. 0
272
2,465
2, 298
_ _
4.4
4. 1
37
4.
7
1,
920
2, 070
295. 0
273
2, 188
1903: Apr
6
13
20
27
May 4
11
__
.._
2, 121
2, 101
2,014
1,927
2,032
1,968
1, 911
1, 830
1,746
' Im'Uult^
i''e<lvn\S and Slntc prosr ims for tern porary extension of ben sfits
trom
Jinn 1 lO.'iH through June 1062, exp iration date of program.
1
1'rfllinitnury.
12
300
282
257
261
256
247
Benefi ts paid
Total Average
(milweekly
check
lions of
dollars) (dollars)
3, 512. 7
2, 279. 0
2, 726. 7
3, 422. 7
2, 675. 4
310. 2
239. 6
215. 0
188. 9
187.0
197. 4
160. 6
176. 6
193. 6
214. 2
342. 4
313. 3
316. 4
275. 0
30. 58
30. 41
32. 87
33. 80
34. 56
34. 98
34. 52
34. 04
34. 20
34.01
34. 29
34. 42
34. 69
34. 95
35. 11
35. 52
35. 70
35. 80
35. 60
4. 9
4. 8
4. 7
4. 5
4. 2
Nc)TE. — For de finitions anc coverage, *e the !9«« Supplement to Economic
Indie alms. Data for Alaska a nd Hawaii i ncluded for s 11 periods an d for Puerto
Eico since Januai•y 1961.
Source: Department of Labor.
NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment, seasonally adjusted, rose by 276,000 in April.
manufacturing and construction.
MILL IONS OF WAGE
AND SALARY WORKE R S *
60
MILL IONS OF WAGE
AND SALARY WORKE RS*
20
ALL NONA 3RICULTURAL ESTABLISHM ENTS
MANUFACT URING
ie
58
56
54
16
-3?
_S*~~~
J^
^s*~—^^
..TO HAL
^^
LZ_^
^
<
12
"-
_^*
>
10
N
^
n.int.mimmn»mim
^ ! 1 1 t
,,,,,,
1 1 1 1 1 1
I960
i , i i i i 1 1 11 , , 1 1 1 1 1 1 1 1 1 1
6 ij --'- i i t 1 I i t i t
I960
1963
1962
1961
—-«— -.»._.
"" NONDURABLE
- GOODS INDUSTRI ES
8
50
"•"•«
1
DURABLE
GOODS
INDUSTRIES
•—^
52
48
Gains were particularly larse in
Mf*
I
1
I 1 1
1
1 1 ,
XT
«^«
.„„.»
i t ir r 1 i ii t i
1 1 1 rI 11 I I1 I
1 1
1963
1962
1961
12.5
4.0
WHOLESA LE AND RETA L TRADE
CONTRACT CONSTRUCTI ON
(ENLARGED SCALE)
(ENLARGED SCALE)
3.5
12.0
3.0
11.5
s
"V^
,^~^
^
^-^
^
11.0
2.5
2.0 •1 ' ' ' ' 1 t I 1 ' '
1960
i i' > t ' ' '' ' '
1961
I iii ii
1962
t
. i i i i i i i t ^.
1963
10.5
,1,1 1 1 1 1 1 1 1 1 1
t r l 1 , 1 ,, t 1 1
J960
1 ! 1 I t
1961
[ i i . i t ' i iiL
1963
t I 11 1 1
1962
X SE ASONALLY ADJUS TED DATA.
SOUB CE: DEPARTMENT OF LABOR.
tODNC It
&• ECONOMIC ADVI
SEBS
[Thousands of wage and salary workers; * seasonally adjusted]
Manufac turing (]private)
Period
1956
1957
1958
1959
1960
1961
19622
1962: MarApr__
MayJune
July _.
Au !>;_..
S<>]>tOct
Nov
!>(>(•_
100.",: .l:ui. .
I'V1> .
Mar*.
Apr2
Total
52, 408
52, 904
51, 423
53, 380
54, 347
54, 077
55, 325
54, 901
55, 260
55, 403
55, 535
55, 617
5 , 536
5 , 583
5 , 647
5 , 597
5 , 580
5 , 530
5 , 730
5 , 953
5 , 229
Total
17, 243
17, 174
15, 945
16, 667
16, 762
16, 267
16, 750
16, 682
16, 848
16, 891
16, 923
16, 908
16, 795
16, 805
16, 781
1(1, ! i < ) 5
16, OS1
I d , 032
16, 065
Id, 702
10, 92X
NonDurable durable
goods goods
9, 834
9, 856
8, 830
9, 369
9, 441
9, 042
9, 443
9, 385
9,490
9, 544
9, 555
9, 552
9, 461
9, 486
9, 470
9. 413
9, 4 1 8
9, .'{99
9, -123
9, -173
9, 91
7, 409
7, 319
7, 116
7, 298
7, 321
7, 225
7,308
7, 297
7, 358
7, 347
7, 368
7,356
7,
7,
7,
7,
,
334
319
311
282
203
" ' *!>!i
,' 2-12
' 2S9
. 337
1\ onmanu faeturinj ; (private)
Total
27, 887
28, 104
27, 585
28, 523
29, 065
28, 983
29, 390
29, 146
29, 324
29, 385
29, 415
29, 526
29, 537
29, 504
29, 527
29. 518
29, 470
29, '170
29, ( l i d
29, 710
29, SO!',
Con- Transtract portation
Mining conand
struc- public
tion utilities
822 2, 999 4, 244
828 2, 923 4, 241
751 2, 778 3, 976
731 2, 955 4, 010
709 2, 882 4, 017
666 2, 760 3, 923
647 2, 696 3, 925
654 2, 648 3, 927
656 2, 734 3, 935
659 2, 716 3, 936
652 2, 671 3, 934
648 2, 738 3, 913
646 2, 731 3, 932
641 2, 715 3, 928
638 2, 716 3, 935
636 2, 696 3, 918
625 2, 654 3, 921
623 2, 651 3. 836
625 2, 0-16 3, 913
025 2, 035 3, 914
030 2, 719 3, 918
1
Includes nil full- and p:irt.-Umc \v;it:o .'111(1 salnry \vorKrrs in n o n u i r r i c n l t . u n i l
establishments who worked d u r i n g 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 nonapricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
Cover nment
Whole- Finance,
insur- Service
sale
State
and
ance,
and
and
and
miscel- Federal local
retail
real laneous
trade
estate
10, 858
10, 886
10, 750
11, 125
11, 412
11, 368
11, 571
11, 460
11, 546
11, 596
11, 621
11, 652
11, 627
11, 612
11, 594
11, 600
11,573
11, 037
11, 679
11, 756
11, 767
2,
2,
2,
2,
2,
2,
2,
2,
429
477
519
597
684
748
793
776
2, 778
2, 786
2, 788
2,
2,
2,
2,
792
796
799
813
2 822
2, 821
2, 828
2, 836
2,845
2, 847
6,
6,
6,
7,
536
749
811
105
7, 361
7, 516
7,757
7, 681
7, 675
7, 692
7, 749
7, 783
7, 805
7, 809
7, 831
7, 846
7, 876
7, 895
7,917
7,935
7,922
2, 209
2, 217
2, 191
2, 233
2, 270
2,279
2, 341
2, 322
2, 325
2, 343
2, 366
2, 375
2, 374
2, 369
2, 371
2, 381
2, 391
2, 379
2,356
2,363
2,356
5,
5,
5,
5,
6,
6,
6,
6,
6,
069
409
702
957
250
548
844
751
763
7,
7,
7,
7,
7,
038
055
093
118
1-12
6,
6,
6,
6,
6,
6,
7,
784
831
808
830
905
968
003
are not at, work because of industrial disputes; and which are based on an ennmeration of population, whereas the estimates in this table are based un report-;
from employing establishments.
" Preliminary.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor,
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek of production workers in manufacturing declined slightly in April to 40.3 hours (seasonally
adjusted).
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46
NONDURABLE MANUFACTURING
44
RETAIL TRADE
42
38
32 IT) i i i i I i
I960
1963
! i ' '
I960'
SOURCE'. DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[Average hours per week; ' seasonally adjusted]
Mar ufacturing Indus tries
Period
1952
1953
.
1954
1955
1956
1957
1958
1959
1960
1961
19622
1962: Mar
Apr__
_.
Mav
June . _
July-
Durable
goods
.. ..
.
Au»
Sept
Oct
Nov
Dee
1 (Ki.'i: Jan
I'Vb
Miir 2=
Apr
_._ __
40. 7
40. 5
39. 6
40. 7
40. 4
39. 8
39. 2
40. 3
39. 7
39. 8
40. 4
40. 5
40. 8
40. 6
40. 5
40. 5
40. 2
40. 5
40. 1
40. 4
40. 3
40. 2
40. 3
40. 4
40. 3
rrh-itc in product ion workers or nonsupervisory employees. Beginning
i m r l m i r A h i s k u nnd Hawaii.
11 i r i i i r y.
14
41. 5
41. 2
40. 1
41. 3
41. 0
40. 3
39. 5
40. 7
40. 1
40. 2
40. 9
41. 0
41. 3
41. 1
41. 0
41. 0
40. 9
41. 0
40. 7
41. 1
41. 1
40. 7
41. 0
41. 0
40. 9
Nondurable
goods
Contract construction
39. 7
39. 6
39.0
39. 9
39. 6
39. 2
38. 8
39. 7
39. 2
39. 3
39. 7
39. 9
40. 2
40. 1
40. 0
39. 8
39. 4
39. 7
39. 3
39. 4
39. 6
39. 4
39. 5
39. 8
39. 6
Source: Department of Labor.
38. 9
37.9
37.2
37. 1
37. 5
37. 0
36. 8
37. 0
36. 7
36. 9
37. 0
37. 3
36. 6
37. 5
36. 7
37. 4
37. 3
37. 7
37. 2
37. 3
35. 4
36. 5
36. 6
37. 5
Retail trade
40. 5
39. 8
39. 7
39. 6
39. 1
38. 7
38.7
38. 7
38.5
38. 1
37. 9
38. 0
37. 8
38. 0
37. 9
37. 9
37. 9
38. 0
37. 8
37. 9
38. 0
37. 8
37.9
37. 8
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing rose by 1 cent to $2.45 in April.
earnings, however, declined by 33 cents to $97.76.
Average weekly
DOLLARS
120
AVERAGE WEEKLY EARNINGS
110
DURABLE GOODS
INDUSTRIES
VvW
A LL MANUFACTURING
INDUSTRIES
so
t
»*
NONDURABLE GOODS
INDUSTRIES
1.80
1962
I960
1961
SOURCE: DEPARTMENT OF LABOR.
1963
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Avera ge hourly earnings-— current prices
Period
Manufj icturing i ndustries Contract
conRetail
NonDurable durable
structrade
AD
goods
tion
goods
1953
$1. 74
1954
1. 78
1955. _
1. 86
1956-.. .. 1. 95
1957,
2. 05
1958-.. ... 2. 11
2. 19
19591960-_ ... 2. 26
2. 32
19611962 s _ _ ... 2. 39
1962: M a r _ _ 2. 38
2. 39
Apr
May-- 2. 39
June-- 2. 39
July.. 2. 39
2. 37
Aug..
Sept- 2. 40
Oct_2. 40
Nov- 2. 41
Dec__ 2. 43
1963: Jan.. 2. 43
2. 43
Feb..
Mar 3
2. 44
Apr *
2. 45
$1. 86
1. 90
1. 99
2. 08
2. 19
2. 26
2. 36
2. 43
2. 49
2. 57
2. 56
2. 56
2. 56
2. 56
2. 56
2. 54
2. 57
2. 57
2. 59
2. 61
2. 60
2. 61
2. 61
2. 62
$1. 58
1. 62
1. 67
1. 77
1. 85
1. 91
1. 98
2. 05
2. 11
2. 17
2. 16
2. 16
2. 17
2. 17
2. 17
2. 16
2. 17
2. 17
2. 19
2. 19
2. 20
2. 20
2. 21
2. 21
$2. 28
2. 39
2. 45
2. 57
2. 71
2. 82
2. 93
3. 07
3. 19
3. 29
3. 27
3. 27
3. 24
3. 23
3. 27
3. 28
3. 33
3.32
3. 33
3. 39
3. 39
3. 38
3.36
Aver age weekl y earningsi— currem prices
Manufz icturing iiidustries Contract
conNonDurable durable
strucAll
goods
tion
goods
$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. 75 96. 56
1. 73 95. 91
1. 74 96. 56
1. 75 96. 80
1. 75 97. 27
1. 75 96. 80
1. 75 95. 75
1. 76 97. 68
1.77 96.72
1. 77 97. 36
1. 75 98. 42
1. 79 97. 44
1. 78 97. 20
1. 78 98. 09
97. 76
1
Earnings in current prices, adjusted to exclude overtime and interindustry shifts.
3
Earnings in current prices divided by tbeconsumer price index on a 1962 base.
1
Preliminary.
$76. 63
76. 19
82. 19
85. 28
88. 26
89. 27
96. 05
97. 44
100. 10
105. 11
104. 45
105. 22
105. 22
105. 47
104. 45
103. 89
105. 88
105. 37
106. 19
107. 53
105. 82
106. 23
106. 49
106. 63
$62. 57
63. 18
66. 63
70. 09
72. 52
74. 11
78. 61
80. 36
82. 92
86. 15
85. 32
85. 54
86. 37
87. 02
86. 80
86. 18
86. 80
85. 72
86. 72
86. 94
86. 24
86. 24
87. 07
86. 19
$86. 41
88. 91
90. 90
96. 38
100. 27
103. 78
108. 41
112. 67
117. 71
121. 73
118. 05
120. 01
123. 44
121. 45
125. 57
127. 26
128. 21
126. 82
120. 88
117. 97
120. 01
117. 29
121. 97
Retail
trade
$49. 75
51. 21
53. 06
54. 74
56. 89
58.82
60. 76
62. 37
64. 01
66. 33
65. 39
65. 42
65. 98
66. 85
67. 38
67. 55
66. 88
66. 55
66. 38
66. 85
67. 30
66. 93
66. 93
Manufac turing
indus ries
Adjusted Average
weekly
earnings, earn1957-59= ings,
1962
100 i
prices 2
81. 6 $79. 72
84. 3
79. 38
86. 9
85. 54
91. 5
87. 73
96. 2
87. 73
100. 2
86. 61
103. 6
91. 65
107. 0
91. 74
110. 0
93. 37
112. 6
96. 56
112. 2
96. 30
112. 2
96. 75
112. 2
96. 99
112. 2
97. 37
112. 7
96. 70
112. 7
95. 65
112. 7
97. 00
113. 2
96. 14
113. 7
96. 78
114. 1
98. 03
114. 1
96. 86
114. 6
96. 52
114. 6
97. 31
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) increased 11/^ percent in April.
is 4 percent.
INDEX, 1957-59 « 100 (SEASONALLY ADJUSTED)
140
The gain since April 1962
INDEX, I957-59=IOO (SEASONALLY ADJUSTED)
ISO
TOTAL
ISO
110
80
I960
I
1961
I9S2
J963
140
90
80
80
1960
1962.
1961
: COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1957-59=100, seasonally adjusted]
Total
industrial
production
Period
1953
1954
1955
1956
1957
1958
1959
1960
1961
91. 3
. .
1962'__
1902: Feb
Mar
Apr__
May.
June
July
__
All).;. _
Si-pi
( )<:(,
N ov
__
l)<-0._.
I9C.:!: .Inn
I'Vh
Mar
A p r '__
.
_
_ _ -. .
_ _
85. 8
96.6
99. 9
100. 7
93.7
105. 6
108. 7
109. 8
118. 2
116. 0
117.0
117.7
118. 4
118. 6
119. 3
119. 7
119. 8
119. 2
119.6
119. I
118. 9
119. 5
120. 6
122. 4
Ma rket
Fi nal produ sts
Industry
M anufactur ng
Total
92. 7
86. 3
97. 3
100. 2
100. 8
93. 2
106. 0
108. 9
109. 7
118. 6
116. 3
117. 4
118. 1
118. 8
118. 9
119. 7
120.3
120. 4
119. 7
120.0
119. 7
119. 4
119. 8
121. 1
122. 9
NonDurable durable
Mining
Utilities
83.6
83.6
91. 6
95. 4
96. 7
92. 9
90. 2
66. 8
71.8
80. 2
87. 9
93.9
98. 1
99. 9
88. 4
101. 9
104. 0
104. 0
90.3
105. 6
108. 5
107.0
117.9
115. 4
116. 5
118. 5
118. 2
117.7
118. 7
119. 8
119. 5
118. 6
119. 1
118. 9
118. 5
119. 4
120.8
123. 2
96.8
106. 5
109. 5
112. 9
119.4
117. 3
118. 6
117. 5
119. 6
120. 3
121. 0
120. 8
121. 5
120. 9
121. 1
120. 6
120. 4
120. 4
121. 5
122. 5
99. 2
104. 8
104. 6
95.6
99.7
101. 6
102. 6
104,9
104. 3
104. 8
105. 5
104. 8
104 6
106. 1
105. 5
105. 9
105. 5
106. 2
103. 0
103. 0
105. 1
104. 5
106. 6
108. 0
115. 6
122. 8
132. 3
129.0
128. 8
128. 1
129. 8
132. 4
133. 5
132. 3
133. 0
133. 5
135. 1
135. 5
135. 5
137. 2
137. 0
138. 0
Total
89. 9
85. 7
93. 9
98. 1
99. 4
94.8
105. 7
109. 9
111. 3
119.7
116.8
118. 2
118. 5
120. 2
120. 6
121. 7
121. 6
122. 0
121. 5
121. 4
121. 4
122. 0
122. 5
122. 6
123. 0
Con-
sumer
goods
85. 0
84. 3
93.3
95. 5
97. 0
96.4
106. 6
111. 0
112. 7
119.7
117.3
118.8
119. 1
121. 1
120. 9
121. 7
120. 9
121. 8
120. 8
120. 7
120. 5
121. 8
122. 7
123. 1
123. 6
Equipment
100. 5
88. 9
95. 0
103.7
104. 6
91.3
104. 1
107. 6
108. 3
119.8
115. 0
116. 1
117. 0
118. 5
120. 1
121. 8
123. 2
123. 2
123. G
123. 1
123. 2
121. 2
121. 6
121. 1
121. 7
Source; Board of Governors of the Federal Reserve System.
16
Materials
92.9
85. 6
99. 0
101. 6
101. 9
92.7
105. 4
107.6
108.4
116.8
115. 5
116.9
117. 1
117. 0
117. 1
117. 0
117. 7
118. 1
117. 2
117. 8
117. 1
116. 5
117. 5
119. 1
121. 9
PRODUCTION OF SELECTED MANUFACTURES
Output of most manufactures continued to increase in April.
registered the largest increase with a rise of 8 percent.
Among the major groups, primary metals again
INDEX, t957-59»IOO (SEASONALLY ADJUSTED)
INDEX, 1957-59 = IOO (SEASONALLY ADJUSTED)
ISO
140
\ . U*
LUMBER
**j AMD PRODUCTS
. .. i I . i . . . I
I960
1961
I96Z
I , ,, . ,
1963
1962
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1363
COUNCIL OF ECONOMIC ADVISERS.
[1957-59 = 100, seasonally adjusted]
Durable manufsictures
Period
1953
1954
1955
1956
1957
_
1958...
-.
1959
1960
1961
1962 '__
1962: Feb
112. 5
. _
_ -
... ...
..
...
... _ ...
Mar
Apr__ _ —
May
Junc_
July
Aug
Sept
Oct
Nov.
Dec
1963: Jan
Fcb
Mar
Apr'
1
Primary
metals
Preliminary.
.. ..
^_
. _.
101. 3
98. 9
104. 5
117. 5
116. 6
101. 3
._
.
_
._
... _. ..
112. 2
87. 5
100. 4
112. 4
..
__
— _, ..
..
91. 3
118. 4
116. 4
96. 8
96. 6
99. 1
99. 6
98. 9
100. 7
99.7
99. 5
105. 2
111. 4
120
No ndurable manufactu res
FabriTranspor- Lumber Textiles,
Machin- tation
cated
and
apparel,
metal
ery
equipprodand
products
ment
ucts
leather
100. 3
90. 2
98. 3
98. 8
101. 5
92. 9
105. 5
107. 6
106. 5
117. 1
111. 9
113. 6
116. 3
117. 4
118. 5
118. 8
119. 9
119. 3
117. 8
118. 5
117.
118.
118.
119.
121
2
4
5
3
100. 5
87.7
96. 5
107. 1
104. 2
88. 8
107. 1
110. 8
110. 4
123. 4
117. 5
120. 2
122. 9
124 5
125. 9
125. 4
126. 5
126.4
125. 6
125. 3
125. 9
125. 9
127.1
126. 8
128
91. 7
83. 8
102. 0
97. 4
106. 4
89. 5
104. 0
108. 2
103. 6
118. 3
113. 4
113. 4
116.
119.
116.
122.
8
4
8
1
122. 0
121. 5
121. 8
121. 5
121. 9
122. 1
121. 8
122. 3
124
102. 4
99. 6
109. 5
105. 4
95. 9
95. 6
108. 5
102. 1
101. 3
106. 0
109. 2
107. 9
106. 4
107. 1
107. 5
103. 4
107. 4
108. 3
101.5
106. 1
108.7
105. 2
107. 3
112. 7
~ -
90. 7
86. 9
95.5
98.0
96. 9
95. 0
108. 1
107. 5
108. 4
114,9
113. 6
114. 8
114. 8
115. 2
115.8
115. 5
115. 2
116.7
115. 7
115. 5
115. 2
115. 2
115. 5
115. 8
116
Paper
and
printing
Chemicals,
petroleum, and
rubber
82. 6
85. 0
92. 5
75. 2
74. 7
112. 4
95. 6
95. 5
108. 9
113. 9
118.8
130. 6
125.8
126. 7
97. 1
97. 8
97. 0
105. 2
109. 0
116. 7
116. 2
116. 9
115. 7
117. 0
116. 7
118. 0
118. 1
118. 2
117. 2
117. 9
115. 4
114. 5
115. 2
115. 4
119
86. 8
91. 4
126. 6
130. 8
132. 6
133. 2
133. 2
133.7
134. 2
133. 7
133.9
133. 5
133.6
135. 5
137
Source: Board ol Governors of the Federal Reserve System.
Foods,
beverages, and
tobacco
88. 2
89. 8
93. 1
96. 6
96. 7
99. 4
103. 9
106. 6
110. 4
113.0
111. 7
113. 5
112. 1
112. 8
112. 5
114 2
113. 8
114 7
113. 5
114. 1
114. -1
114. 7
11-1 0
] 1 5. •)
1 15
17
WEEKLY INDICATORS OF PRODUCTION
In April, steel outpuf continued to rise with an increase of nearly 10 percent.
and bituminous coal mined also rose.
MILLIONS OF TONS
Cars assembled, freight carloadings,
MILLIONS OF SHORT TONS
(DAILY AVERAGE)
EO.O
18.0
'SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDfSON E L E C T R I C I N S T I T U T E , AND WARD'S AUTOMOTIVE R E P O R T S .
Period
Weekly average:
1956..
1957
1958
.
1959
1960
1961
1962. . _ _
1962: Mar
Apr
May
June
July
Aug_. _ _ _ .
Sept_
Oct .
Nov_Dec
.
1963: Jan
Feb
Mar_2
_^
Apr
Week ended:
1963: Mar 30
Apr 6
.
13
20
27 2
May 4 2_
II
1
Electric
Bituminous Freight Paperboard
Car s and triicks
Steel pr oduced
power
coal mined
loaded
produced assemb Led (thoiisands)
Index
distributed (thousands (thousands
Thousands
(thousands
of net (1957-59 = (millions of
of short
Total
Cars Truck s
of cars)
of tons)
tons
100)
kilowatMiours) tons) *
2,204
2, 162
1, 635
1, 792
1, 899
1,880
1, 886
2, 389
2, 153
1, 701
1, 560
1,397
1, 602
1,694
1, 756
1, 829
1, 828
1, 894
2, 056
2, 275
2, 494
118.3
116. 0
87. 8
96. 2
101. 9
100. 9
101. 2
128. 2
115. 6
91. 3
83. 7
75. 0
86. 0
90. 9
94. 3
98. 2
98. 1
101. 7
110. 3
122. 1
133. 9
11, 292
11, 873
32,082
13, 297
14, 424
15, 139
16, 325
15, 998
15, 388
15, 699
16, 254
16, 396
16, 994
16, 324
16, 176
16, 442
17, 252
17, 792
17, 550
16, 824
16, 357
2,387
2, 413
2, 464
2, 521
2, 548
2, 544
2, 548
128. 1
129. 5
132. 3
135. 3
136. 8
136. 6
136. 8
16, 425
16, 418
16, 325
16, 191
16, 495
16, 279
3
16, 529
Daily aveniee. Includes data for Alaska.
'Preliminary. * Not charted.
18
COUNCIL brtCONOMir ADVKK3
1,693
1, 644
1,380
1,380
1,390
1, 353
1,417
1, 348
1, 412
1,398
1, 455
1, 296
1,447
1, 427
1, 496
1,506
1, 328
1, 418
1, 421
1, 282
1, 497
728
683
581
596
585
550
552
548
562
574
589
511
576
568
608
551
477
482
516
532
560
276
273
274
307
306
322
343
362
347
354
359
293
364
338
360
340
307
305
353
364
354
132.8
138.6
98. 4
129. 5
151. 8
127.9
157. 5
161. 3
172. 3
171. 9
158. 8
158. 9
65. 6
138. 9
185. 9
184. 1
181. 3
173. 5
178. 7
184. 4
186. 0
111. 6
117. 6
81. 6
107.6
128. 8
106. 1
133. 4
136. 9
147. 1
146. 9
132. 9
135. 8
48. 2
117. 6
158. 6
158. 3
155. 0
147. 0
149. 2
154. 4
157. 2
21.2
21. 0
16. 8
21. 9
23. 0
21. 8
24. 1
24. 4
25. 2
25. 1
25.8
23. 1
17. 4
21. 3
27. 3
25. 8
26. 3
26. 5
29. 5
30. 0
28. 8
1,
1,
1,
1,
1,
1,
559
546
556
561
577
591
369
368
355
329
364
358
189.7
190. 6
180.6
187. 4
1 85. 4
19-1. 5
200. 5
159. 3
160. 0
152. 5
159. 6
1 5(1. 2
](>3. 7
30. 4
30. 0
28. 0
27. 8
29. 2
30. 8
31. 3
468
410
500
501
511
483
169. 2
Sources: American Iron Mini Steel Institute, lOdison KMetric InsuiuU 1 , J)epnrl,ment of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reporta
NEW CONSTRUCTION
In April, expenditures for new construction (seasonally adjusted) were maintained at about the March level.
increase in private residential construction was offset by a fall in public construction.
An
EilLLIONS OF DOLL »RS
BILL IONS OF DOLLARS
SEASONALL f ADJUSTE D ANNUAL RATES
TOTAI
60
\~
CONS TRUCTION
NFff
\
\ *>^
•
^^S
60
— —^
-"I
•
50
•
.
PR
X
__,-^S!.«
4O
-
*"*"
•< X
40
30
-
-
PUBLIC-
20
(f
20
%vs
> «^
••Itw,**
..-'*""
o1
i t f i i 1 I 1 l t i 1i r I r I
i i i i i 1 ii il i
T ! 1 ,L
1 1 1 i1
1 J T1 I
!
t
1 1 1 1 1 1 1 1 11 1
1 1 1 1 1 1 1 T 1
1 1 1 11 I 1 1 1 ,1
0
30
PRIVATE RESIDENTIAL (NONTARM]
X"11"1"""'*./""""""""p*X
""•-..„.«,„,
"""•'•I,!'"™
20
ir-—•
„.«•"•
^
•"
nJ
auudtamanpOTimmiiii!™'..m"»"'
i
Oi
>
'
i i t i1
19 58
1957
_
^ .11
OTHER PRIVATE
|
—
1
1
1
t
1
1 1 1 ! !
I ! T T t I 1 I f ! !
1 1 1 1 ! 1 1 1 1 1 1
1962
1963
1961
19 60
1959
1 1 I 1 1 ! 1 ! ! ! 1
* SEE NOTE 3 IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMME RCE.
COUNCH.
rr vate
Period
Total new
eons trueexpenditures
1958-1959- —
1959 (new series)3
1960
1961
1962..
49. 0
54. 1
56. 6
55. 6
57. 4
61. 1
Resi dential noiif arm
Total
33. 5
38. 0
40. 3
39. 6
40. 4
43. 4
Total '
18. 0
22. 3
25. 0
22. 5
22. 5
24. 8
New
housing
units
CommerAdditions cial and
and al- industrial
terations
Billions of dollars
13. 6
3. 9
17. 1
4. 4
19. 2
5. 0
16. 4
5. 2
16. 2
5. 1
18. 3
5. 3
6. 0
6. 0
6. 0
7.0
7.4
7.8
Other
9. 5
9. 7
9. 3
10. 0
10. 4
10. 8
Federal,
State,
and
local
1
2
57.7
58. 3
60. 8
62. 7
62. 1
62. 8
62. 4
63. 5
62. 6
61. 8
62. 9
60. 4
61. 1
61. 0
40. 6
41. 7
43. 5
44. 8
44. 9
45. 2
45. 0
43. 8
44. 1
44. 1
43. 4
42. 3
42. 3
43. 3
22. 5
23. 5
25. 0
26. 1
26. 0
26. 0
25. 8
25. 0
25. 4
25. 7
24. 8
23. 9
23. 8
24. 8
16. 3
17. 3
18. 5
19. 3
19. 2
19. 2
19. 0
18. 5
18. 7
19. 0
18. 2
17. 2
17. 3
18.4
Includes nonhousekeeping residential construction, not shown separately.
Compiled by F. W. Dodge Corporation and relates to 48 States.
* In addition to major differences between old and new series, data for Alaska
and Hawaii are included beginning January 1959.
5.0
5.0
5. 3
5. 6
5. 5
5. 4
5. 5
5. 2
5. 5
5.4
5. 4
5. 4
5. 2
5. 1
7.4
7.6
7. 6
7. 8
8. 1
8. 2
8. 1
7. 9
7.8
7.8
7. 9
7. 7
7. 7
7.7
sts
Construetiori contracts 2
CommerTotal value cial and
(index,
industrial
1957-59 = floor space
100)
(millions
of square
feet)
101. 7
105. 1
105. 1
105. 2
107.6
119.7
Seasonally
adjusted
10. 6
10. 7
10. 8
10. 9
10. 8
11. 1
11. 0
10.9
10. 8
10.7
10. 7
10. 7
10. 8
10. 8
< **
0
OF ECONOMIC ABV1S
15. 5
16. 1
16. 2
16. 0
17.0
17.7
Sea soreo.% adjiisled annua I rates
1962: Mar
Apr _ _ __
May_
June
July
Aug
Sept
.
Oct
Nov
Dec
_
1963: Jan
Feb
Mar 4
Apr
20
.,
1
17. 2
16. 5
17.3
17.8
17.2
17.6
17. 4
19. 7
18. 6
17. 7
19. 5
18. 0
18. 8
17.7
4
Preliminary.
Sources; Department of Commerce and F. W. Dodge
131
121
117
120
117
118
113
117
123
138
121
130
118
359
440
440
461
443
500
Seasonally
adjusted
annual
rates
542
490
545
516
478
512
479
499
500
510
539
r><>4
467
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
In April, private housing starts rose 7 percent to a seasonally adjusted annual rate of 1.6 million units while the number
of new units authorized dropped 2 percent. FHA applications increased while VA appraisal requests dropped.
MILLIONS OF UNITS
MILLIONS OF UNITS
2.5
2.5
SEASONALLY ADJUSTED, ANNUAL RATES
2.0
2.0
1957
COUNCIL OF ECONOMIC ADVISERS
SOURCES-. DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION
[Thousands of units]
Hou sing star ts
Period
Total
private
Total
and
private
public (includ(including
ing
farm)
farm)
*
*
I962
Total
Onefamily
1, 093. 9
992. 8
1, 141. 5
1, 342. 8 1,
1956
1957
1958
1959
1959
1 000
10(11
Priv ate nonfa rm
1, 553. 5
1, 296. 0
1, 365. 0
1, 482. 0
3
I9C.2- Mar
Apr..
May.
June _
Julv
Am;...
S-pt...
1 Irl
\,,v
IV,-
ion:;- .IMII
I'VIr'
M.-ir'
Apr'
117. 2
151. 6
156. 6
139. 5
139.3
147.
116.
136.
121.
9-1.
9
3
4
9
5
s:i. 3
S7. 0
12(1. 7
1 .r>H. '1
May
= 11,
20
r
*
980. 7
840. 2
932. 5
078. 5
*
1, 516. 8 1, 494. 6 1, 211. 7
1, 252. 1 1, 230. 1 972. 3
1, 313. 0 1, 284. 8 946. 4
1, 452. 6 1, 429. 0
965. 2
115. 4
147. 0
154. 2
136. 2
135. 8
146. 1
113. 6
133. 5
120. 3
93. 5
80. 6
86. 5
123. 2
155. 0
113. 8
144. 9
152. 7
133. 7
133. 9
143. 0
111. 0
129. 7
119. 2
92. 5
79. 5
85. 0
121. 5
152. 8
78. 0
98. 9
105. 7
93. 4
93. 3
97. 9
73. 4
87. 0
77. 2
54.7
46. 2
51. 4
Two or
more
families
113. 2
152. 6
209. 0
264. 3
*
Total
private
(including
farm)
Total
1, 093. 9
992. 8
1, 141. 5
1, 342. 8
*
282.
257.
338.
463.
Propose>d home
constr uction
New
private
housing Applica- Requests
Gover nment
units tions for for VA
FHA appraishome p rograms authorized1 commitals 2
ments 2
FHA
VA
921. 9
183. 4 270. 7
401. 5
197. 7
820. 3
150. 1 128. 3
198. S
159. 4
270. 3 102. 1
950. 8
341. 7
234. 2
307. 0 109. 3 1, 081. 1
234, 0
369. 7
Priv ate nonf arm
*
9 1, 516. 8 1, 494. 6 307. 0 109. 3
4 1, 252. 1 1, 230. 1 225. 7
74. 6
6 1, 313. 0 1, 284. 8 198. 8
83. 3
5 1, 452. 6 1, 429. 0 197. 3
77.8
Se,isonally adjusted
1, 431
35. 8
1, 407
214
87
1, 542
46. 0
1, 521
228
94
1, 579
47. 0
1, 566
204
87
40. 2
1, 399
189
1, 425
77
40. 6
1, 466
1,447
205
74
1, 529
1, 500
72
45. 0
190
37. 6
1, 289
70
1, 261
178
42. 6
173
70
1,550
1, 504
42. 0
72
1, 586
1, 571
183
1, 472
37. 8
1, 453
176
75
33. 3
172
74
1, 242
1, 220
33. 5
164
78
1, 280
1, 255
172
73
1, 521
1, 497
1,605
1, 627
176
83
,s /(/r/.v, C 20-11 (Supplement, Bureau of the Census,
l building permit.
r applications for new home construction,
3
*
1, 208. 3 369. 7
997. 6
242. 4
1, 064. 2 236. 2
221. 1
1, 179. 0
annual ra tes
1, 147
246
1,224
240
1, 124
229
216
1, 133
221
1, 155
1, 119
195
1, 169
191
1, 170
207
207
1, 261
199
1, 313
1, 277
203
197
1, 228
197
1, 229
1, 204
251
234.
142.
177.
171.
0
9
8
2
208
167
172
147
184
148
158
176
168
172
161
150
152
119
Preliminary.
NOTE.—Data for Alaska and Hawaii are included in all VA and FHA series,
and Census series beginning with the new series in 1959.
Sources: Department oi Commerce, Federal Housing Administration (FHA)
and Veterans Administration (VA).
TRADE SALES AND INVENTORIES
In March, retail sales were almost 1/2 percent above the February level, and sales of wholesalers were almost the same
as in February. Retail inventories rose sharply while at the wholesale level there was a small drop. Preliminary
data indicate retail sales in April dropped 1 percent and were about at the December 1962 level.
BILLIONS OF DOLLARS"
BILLIONS OF DOLLARS*
RETAIL TRADE
WHOLESALE TRADE
DURABLE GOODS STORES
INVENTORIES
12
10
8 i ll
ll t I L.I..I J 11 Ll ! 1 1 ! ! i I T i 1..1..I. t.. I...>..!_!..1.1. l...l.1_..Ll-t_I.J_L-t. t 1 1 1 1 1
INDEX.I957-59MOO*
NONDURABLE GOODS STORES
INVENTORIES
l£
10
.7
1962
I960
1961
* SEASONALLY ADJUSTED.
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Who esale
Period
Sales l
Inventories 2
Sales ' 3
Total
Re tail
Departm snt stores
I nventories 2
NonDurable durable
goods
goods
stores
stores
Total
NonDurable durable
goods
goods
stores
stores
Billions o f dollars, seasonally adjusted
1955
1956
1957
1958
1959
1960
1961
1962''
1962: Feb
Mar
Apr
1963:
_
_
_
_
Mav
June__ _ _ _
Julv
_ _
Auc
Sept. _ -__
Oct_ ___ . _ _ .
Nov _
Dec _
Jan 7
Feb
Mar'
Apr'__ .
10. 62
11. 27
11. 27
11. 09
12. 29
12. 33
12. 56
13. 06
12. 73
12. 76
13. 06
13. 38
13. 13
13. 35
13. 16
13. 48
13. 27
13. 42
13. 47
13. 18
13. 69
13.71
1
Monthly average for year and tota< for month.
2
Book value, end of period, seasonally adjusted.
3
11. 44
12. 95
12. 71
11. 99
12. 65
13. 21
13. 48
13.97
13. 62
13. 70
13.70
13. 78
13. 89
13. 97
13. 88
13. 95
14. 03
.13. 86
13. 97
14. 05
13. 96
13.89
15. 32
15. 81
16. 67
16. 70
17. 95
18. 29
18. 23
19. 61
19. 03
19. 33
19.67
19. 51
19. 16
19. 76
19. 64
19. 69
19. 82
20. 23
20. 20
20. 25
20. 35
20. 42
20. 18
Be^innine January 1960, data include Alaska and Hawaii.
*6 Daily average.
End of period, except annual data, which are montnly averages.
5. 58
5. 48
5. 70
5. 28
5. 97
5. 89
5. 61
6. 24
5. 98
6. 18
6.33
6. 17
6. 03
6. 38
6. 13
6. 12
6. 48
6. 52
6. 45
6. 48
6. 58
6. 64
6. 57
1963
COUNCIL OF ECONOMIC ADVISERS
9. 74
10. 33
10. 97
11. 41
11. 98
12. 40
12. 63
13. 37
13.05
13. 15
13.34
13. 34
13. 13
13. 38
13. 52
13. 57
13. 34
13. 71
13. 75
13.77
13. 77
13. 79
13. 60
22. 77
23. 43
24. 57
24. 29
25. 54
27. 18
26. 86
27. 43
26. 90
26. 78
26.87
26. 94
27. 08
27. 18
27. 05
27. 24
27. 40
27. 49
27. 43
27. 54
27. 59
27. 73
10. 53
10. 53
11. 41
10. 71
11. 27
12. 33
11. 52
11. 73
11. 48
11.38
11. 43
11. 42
11. 45
11. 59
11. 51
11. 66
11.76
11. 83
11. 73
11. 72
11. 78
11. 80
12. 24
12. 90
13. 16
13.58
14. 27
14.85
15. 34
15. 70
15. 42
15. 40
15. 44
15. 52
15. 62
15. 59
15. 54
15.58
15. 64
15. 66
15. 70
15. 82
15. 81
15. 93
Sales *
Inventories 6
Index, 195 7-59=100,
seasonally adjusted"
88
85
94
94
96
99
99
98
105
103
106
109
109
110
114
117
111
115
117
116
113
115
115
117
111
118
114
119
115
118
117
118
120
110
118
1 18
117
1 17
113
120
114
119
119
120
110
o Based on retail value.
'Preliminary.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System,
21
MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers' sales (seasonally adjusted) rose Vk percent to a record level in March. Inventories rose for the fourth
straight month. New orders for total durable goods rose slightly, but orders for machinery and equipment declined.
Preliminary data indicate total durable goods new orders increased 4 percent and machinery and equipment orders
5 percent in April.
BILLIONS OF DOLLARS"
BILLIONS OF DOLLARS*
MANUFACTURERS' SALES
MANUFACTURERS' INVENTORIES
60
TOTAL
30
60
20
NONDURABLE
GOODS
"
DURABLE GOODS
10
DURABLE GOODS
\
MANUFACTURERS' NEW ORDERS
30
NONDURABLE
GOODS
NONDURABLE GOODS
«,,»•«»**
DURABLE GOODS
1963
1963
I960
* SEASONALLY ADJUSTED.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
Manu 'acturers' sales 1
Manufac ,urers' inv entories 2
J
Ma nufacture rs' new orde rs
-p .
Total
1955
1956
1957
1958
1959
1960
1961
1962<
_
1962: Feb
Mar.
Apr
May
June_
July ...
Aug.
Sept
Get
No •
! )e
1 '.Ml",: Jin < . . .
I'VI *
Mi • * .
Ap '•'..
26. 34
27. 71
28. 38
26. 23
29. 74
30. 41
30. 73
33. 26
32. 85
33. 22
33. 48
33. 50
32.
33.
33.
33.
33.
33.
33.
33.
96
40
29
68
48
86
36
1 1!
3-1. oo
3-1. 27
NonDurable durable
goods
goods
13. 08
13. 80
14. 16
12. 38
14. 51
14. 68
14. 54
16. 20
15. 95
16. 33
16. 40
16. 40
15. 89
16. 33
16. 35
16. 34
16. 34
16. 46
16. 18
16. 01
16. 54
16. 60
17. 0-1
13. 26
13. 91
14. 22
13. 85
15. 23
15. 73
16. 18
17. 06
16. 89
16. 89
17. 08
17. 10
17. 08
17. 08
16.
17.
17.
17.
93
34
14
41
17. 17
17. 13
17. 55
17. 67
Total
NonDurable durable
goods
goods
Billions of dollars seasonal] y
46. 36
26. 66
19. 70
52. 30
30. 66
21. 64
22. 37
53. 52
31. 15
27. 82
21. 36
49. 18
52. 43
22. 34
30. 08
22. 88
53. 74
30. 86
55. 20
31. 47
23. 72
32. 69
57. 40
24. 71
56. 18
32. 19
23. 99
56. 57
32. 41
24. 16
32.
47
56. 69
24. 22
32. 58
56. 81
24. 23
56. 91
32. 58
24. 34
57. 00
32. 63
24. 37
32. 69
56. 97
24. 28
57. 19
32. 74
24 44
32.76
57.27
24. 51
57. 19
32. 66
24. 53
57. 40
32. 69
24. 71
32. 73
57. 48
24. 76
57. 69
32. 87
24. 82
57. 84
32. 88
24. 96
I n v t ' i i l o r !<•:: In :tv»-ni!'c monthly
nl ol i n o n l t i lo Milt-s iui month.
Durah le goods
Total
adjuste<I
27. 17
28. 32
27. 26
25. 90
30. 13
29. 90
30. 96
33. 05
33. 08
32. 95
32. 73
33. 07
32. 43
33. 26
32. 83
33. 23
33. 82
33. 76
?3. 04
33. 90
34. 59
34. 79
Total
13. 85
14. 44
13. 08
12. 04
14. 85
14. 24
14. 74
16. 02
16. 19
16. 00
15. 73
15. 97
15. 44
16. 27
15. 91
15. 89
16. 57
16. 34
16. 02
16. 71
17. 09
17. 19
17. 86
* Preliminary.
* Not charted.
Source: Department of Commerce.
NonMachinery durable
and
goods
equipment
4.
4.
4.
3.
4.
4.
5.
5.
5.
5.
5.
20
74
36
92
95
95
24
64
71
59
47
13. 32
13. 88
14. 17
5. 62
5. 71
5. 60
5. 69
5. 62
5. 85
5. 74
5. 75
5.89
5. 79
16. 99
16. 98
16. 92
17. 34
5. 60
6. 06
13. 86
15. 28
15. 66
16. 23
17. 04
16. 89
16. 95
17. 00
17. 10
17. 25
17. 42
17.02
17. 19
17.50
17.60
Manufacturers'
inventorysales
ratio 3
1. 68
1. 79
1. 89
1. 93
1. 72
1. 79
1. 75
1. 70
1. 71
1. 70
1. 69
1. 70
1. 73
1. 71
1. 71
1. 70
1.71
1. 69
1. 72
1.73
1. 69
1. 69
MERCHANDISE EXPORTS AND IMPORTS
Following settlement of the East Coast dock strike in January, exports were exceptionally high in February and March,
producing monthly trade surpluses (seasonally adjusted) in excess of $500 million.
BLL10NS OF DOLLARS
B I L L I O N S OF D O L L A R S
2.5
12.5
SEASONALLY ADJUSTED
GENERAL IMPORTS
1963
-" SEE NOTE I BE LOW.
SOURCES: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
f Millions of dollars]
M erchandi se exports
Period
Total ( including ree?•ports)1
Season- Unadally ad- justed
justed
Monthly average :
1955
1956
1957
1958
1959^ _ .
1960
1961
1962
1962: Peb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1963: Jan
Feb
Mar
1,
1,
1,
1,
1,
1,
1,
1,
191
445
626
364
367
634
679
742
1, 812
1, 674
1, 803
1, 782
1, 838
1, 729
1, 687
1,943
1,493
1,695
1, 839
1, 713
1, 783
1, 803
1, 891
1, 898
1, 620
1, 633
1, 710
1, 583
1,791
1, 864
2, 131
1, 991
2, 021
2, 058
988
960
162
1, 180
351
1,432
216
441
530
208
1, 611
198
368
1, 351
1, 352
210
366
1, 617
230
510
1, 659
254
486
1, 719
281
440
U nadjust ed
1, 692
284
420
1, 761
299
423
1, 780
285
417
342
1,865
450
1, 876
318
468
420
1, 602
259
1, 613
263
420
1, 691
265
465
1, 562
412
246
267
1,765
476
491
1, 839
289
942
1, 997
2, 032
140
328
347
234
522
495
667
775
872
784
776
877
919
1,
1,
1,
1,
1,
1,
1,
998
1,
1,
1,
1,
988
038
078
073
090
923
930
962
904
1, 022
1, 058
567
1, 147
1, 190
1 Total exports less Department of Defense shipments of grant-aid military
supplies
and equipment under the Military Assistance Program.
2
imports for immediate consumption plus entries into bonded warehouses.
3
Imports for immediate consumption plus withdrawals for consumption from
bonded warehouses.
Merchandise
trade
Impc>rts for consum ption
Indus- Finished surplus,
trial
manu- seasonTotal Foodally adstuffs matefacjusted
tures
rials
M erchandi se imports
Gener al 2i ni] Domest c expor ts
poi ts
Indus- Finished
FoodmanuSeasontrial
Total ' stuffs mateally ad- Unadfacrials
tures ' justed justed
1, 315
1, 339
1,364
1, 386
1, 342
1, 862
1, 364
1,476
1, 319
1, 432
1, 372
1,093
1, 493
1,484
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
958
064
105
105
302
251
226
366
223
381
333
452
348
337
356
342
439
452
366
117
390
463
3
954
260
477
521
1,056
267
1, 102
274
534
4
489
1, 101
288
1, 284
569
285
274
539
1, 251
277
522
1, 221
1, 355
298
561
U nadjust ed
519
1, 208
263
584
1, 364
293
288
553
1, 325
1, 411
315
585
1, 320
271
558
283
558
1,330
284
580
1, 368
544
1,345
297
322
1, 424
541
1, 470
345
585
329
1, 336
527
208
518
1, 139
1, 367
323
553
1, 418
217
268
294
326
431
438
423
496
234
380
521
260
65
383
453
376
427
497
335
439
396
496
367
323
487
485
512
491
489
505
504
562
539
480
412
491
467
174
264
467
-in
637
nan
4
Total adjusted to exclude $33.5 million of the value reported by economic
category.
NOTE.—Seasonally adjusted series revised Ixsginning 19fil. "Bomuw of re visions
being made in series, subgroups do not necessarily inelnde all d u l u in t o t a l * ' .
Source: Department of Commerce.
oo
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
A fall in imports of goods and services in the first quarter of 1963 raised the surplus on goods and services to $4.6
billion (seasonally adjusted annual rate).
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
EXPORTS OF GOODS AND SERVICES
IMPORTS OF GOODS AND SERVICES
I96I
COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE.
[Millions of dollars, quarterly data at seasonally adjusted annual rates)
Expo rts of goo ds and sei vices
Impo rts of goo ds and se "vices
Period
15)54
1955
1 95(i
1057
1958
1 959
_
_
..
I960
19(11
19(12
19(11*: T
H
III
IV
I9I121: I
II
111
IV
i '.in:;* • i -
Total
Merchandise '
17, 759
19, 804
23, 595
26, 481
23, 067
23, 476
27,013
28, 066
29, 814
28, 176
27, 156
28, 016
28, 916
28, 864
30, 668
30, 316
29, 408
29, 400
12, 799
14, 280
17, 379
19, 390
16, 264
16, 282
19, 459
19, 915
20, 566
20, 200
19, 040
19, 936
20, 484
20, 140
21, 260
21, 112
19, 752
19, 900
Military
sales
182
200
161
375
300
302
335
406
638
352
448
408
416
452
756
568
776
vestnlents
Other
services
Private Government
272
1, 955
2, 551
274
2, 170
2, 880
2, 468
194
3, 393
205
2, 612
3, 899
2, 538
307
3, 658
2, 694
349
3, 849
2, 873
349
3, 997
379
3, 303
4, 063
471
4, 428
3, 711
3, 320
376
3, 928
3, 128
480
4, 060
3,396
280
3, 996
3, 368
380
4, 268
3, 580
436
4, 256
3, 680
564
4, 408
3, 700
436
4, 500
3, 884
448
4, 548
customs d:ita for differences in timing and coverage.
24
Total
Merchandise '
15, 931
17, 795
19, 628
20, 752
20, 861
23, 342
23, 188
22, 923
24, 999
21, 920
22, 020
23, 568
24, 184
24, 504
24, 924
25, 232
25, 336
24, 800
10, 354
11, 527
12, 804
13, 291
12, 952
15, 310
14, 723
14, 514
16, 193
13, 552
13, 620
15, 304
15, 580
15, 824
16, 140
16, 564
16, 244
16, 000
•Data revised beginning 1961.
Source: Department of Commerce.
Balance
Military Other on goods
and
expend- services
services
itures
2,642
2,901
2, 949
3, 216
3,435
3, 107
3,048
2,947
3,006
3, 080
3, 024
2, 796
2, 888
3, 008
2, 984
2, 920
3, 112
2,935
3, 367
3, 875
4,245
4, 474
4,925
5,417
5, 462
5, 800
5, 288
5, 376
5, 468
5, 716
5, 672
5, 800
5, 748
5,980
1, 828
2,009
3,967
5,729
2, 206
134
3, 825
5, 143
4, 815
6, 256
5, 136
4, 448
4, 732
4, 360
5, 744
5, 084
4, 072
4, 600
U.S. BALANCE OF INTERNATIONAL PAYMENTS
Despite a rise in the surplus on goods and services, the over-all payments deficit rose slightly in the first quarter of
1963 to $3.3 billion (seasonally adjusted annual rate).
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
1 20
SEASONALLY ADJUSTED ANNUAL RATES
10
BALANCE ON GOODS AND SERVICES
7
-ro
BALANCE ON OTHER TRANSACTIONS
;
i
i
I
I
t
I
i
i
OVER-ALL B« LANCE [SURPLUS C R DEFICIT (-)]
-
is
-10
t
t
UUULJ tiuJLJu u u y y u
i
1
1957
1
1958
1
t
i
1959
i
i
i
i
t
I960
Uy
!
1
1961
LJ^^a
i
i
1962
SOURCE: DEPARTMENT OF COMMERCE.
Period
1956
1957
1958
Direct
investments
Longterm
portfolio
Shortterm
2,206
134
3, 825
5, 143
4,815
1961:*
I
II
III— IV
-404 — 1, 812
6, 256 - 3, 520 - 1, 764
5, 136
-116 -1, 336 -908 - 1, 692
4, 448 -3, 796 - 1, 504
-868
— 792
4, 732 -3, 676 - 1, 296 -1, 844 -], 592
1963:*
!.__ -
Unrecorded
transactions
653
-603
543
-517
-859
487
1, 157
— 276
22
488
-311
— 1, 181 — 1, 444
-1,372
863
412
-926
-77
335
-592
-1, 694
-850 -1,338
— 1, 475 -1,006 -1, 472
733
-628
-1,377 -1,207
975 -1,000
-467
Season ally adjuf ted annvuil rates
1959
1960
1961--1962 6 _ _ _
1962:*
I
II
III— .
IV
Foreign
capital '
3, 967 — 2, 362 -1, 951
5, 729 -2,574 -2, 442
4, 360
5, 744
5, 084
4,072
-2,587
-1, 986
-2, 769
-2, 777
-2,996
-3, 732
i
i
-10
1963
-784 -1, 312 -1, 164
-3, 460 — 2, 024 -1, 240
204
- 1, 804 -1, 396
— 740
- 632
-2, 988 - 1, 304 - 1, 536 — 276
Over- all balanc 3 (surplus or deficit (-))
Liquid 1labilities 3
Gold To monand con- etary
Total vertible author- To other
Total *
curities
foreign
and
holders s
rencies
institutions *
1 241
-935
-935
306
— 278
520
520
798
-3, 529 -3, 529 -2,275
— I , 254
-3, 743 -3,743
-731
-3, 012
-3, 925 -3, 925 -1, 702 -1, 862
-361
-2, 360 -2, 360
-742
-542 -1,076
-2, 181 -2, 181
-907 -1,071
-203
Quai•terly tota Is, unadju sted
792
-628 - 1, 872
-331
72
1, 004 -1, 240
64
652 - 2, 648
— 912
16
1, 120 - 1, 296 -4, 984 -1, 189
1, 160
-60
164
-376
620 -1, 744
1, 956 -1, 820
4, 600
iz Other than liquid funds.
Equals changes in U.S. gold and convertible currencies and liquid liabilities
to foreigners. Remittances and pensions, not shown separately in this table,
are3 Included in over-all balance and amounted to $924 million in 1062.
Minus indicates increase in liabilities.
* To International Monetary Fund (IMF) and foreign central banks and
governments.
« To foreign commercial banks and other international and regional institutions
not listed In footnote 4, and other foreigners.
t
COUNCIL OF ECONOMIC ADVISERS.
[Millions of dollars]
U.S. pr ivate cap]tal, net
Government
goods grants
and
and
services capital,
net
i
y
-346
330
-270
-456
-69
307
-417
-363
-370
416
-506
— 601
-700
-25
380
784
452
108
-473
-324
-693
-691
-189
207
-550
-375
-3, 300
— 672
'-78
-2,
— 1,
— 1,
— 3,
.
84
-565
— 225
458
64
-380
i >94
Preliminary.
;
Total at end of first quarter was $16,078 million, of which $15,946 million was
U.S. gold stock. The decline in gold stock during quarter was $111 million.
'Seasonally adjusted data revised beginning 1961.
NOTE.—Data exclude military aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
«_
PRICES
CONSUMER PRICES
Consumer piices lose slightly in March as a fall in commodity prices was more than offset by a rise in service prices.
INDEX, 1957-59 = 100
115
HO
110
.-*""'
--"T
!
105
105
100
100
95
95
1963
1957
S O U R C E : D E P A R T M E N T OF L A B O R .
COUNCIL Of ECONOMIC ADVISERS
All
items
Period
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1962: Feb
_
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1 903 : Jan
Fcb
Mar
i
_
_
- _
e: Department of Labor.
26
..
92. 5
93. 2
93. 6
93. 3
94. 7
98. 0
100. 7
101. 5
103. 1
104. 2
105. 4
104. 8
105. 0
105. 2
105. 2
105. 3
105. 5
105. 5
106. 1
106. 0
106. 0
105. 8
106. 0
106. 1
106. 2
[1957-59=100]
Services
Co mmoditie 3
Comrr odities le.5s food
Services
All
All comRent
Food
less
Non- services
modities
All
Durable durable
rent
96. 7
96. 4
95. 4
94. 4
95. 3
98. 4
100. 7
101. 0
101. 7
102. 4
103. 2
102. 7
102. 8
103. 1
103. 0
103. 1
103. 1
103. 2
104. 1
104. 0
103. 9
103. 6
103. 6
103. 8
103.7
97. 1
95. 6
95. 4
94. 0
94. 7
97. 8
101. 9
100. 3
101. 4
102. 6
103. 6
103. 1
103. 2
103. 4
103. 2
103. 5
103. 8
103. 8
104. S
104. 3
104. 1
103. 5
104. 7
105. 0
104. 6
96. 7
96. 8
95. 6
94. 6
95. 9
98. 9
99. 8
101. 3
101. 8
102. 1
102. S
102. 2
102. 4
102. 8
102. 6
102. 6
102. 5
102. 6
103. 4
103. 6
103. 5
103. 4
102. 6
102. 7
102. 9
102. 7
101. 6
97. 7
94 9
94. 9
98. 2
99. 7
102. 0
100. 7
100. 5
101. 5
100. 8
100. 9
101. 4
101. 5
101. 6
101. 5
101. 7
101. 6
102. 0
102. 2
101. 7
100. 4
100. 6
100. 8
93. 2
94. 0
94. 4
94, 4
96. 5
99. 1
99. 8
101. 0
102. 6
103. 2
103. S
103. 3
103. 5
103. 8
103. 5
103. 4
103. 3
103. 2
104. 6
104 6
104. 4
104. 6
104. 0
104. 1
104. 2
84. 0
87. 5
89. 8
91. 4
93. 4
97. 0
100. 3
102. 7
105. 6
107. 6
109. 5
108. 9
109. 0
109. 2
109. 4
109. 5
109. 8
109. 9
109. S
109. 8
110. 0
110. 1
110. 5
110. 5
110. 8
85. 7
90. 3
93. 5
94. 8
96. 5
98. 3
100. 1
101. 6
103. 1
104. 4
105. 7
105. 2
105. 3
105. 4
105. 5
105. 6
105. 7
105. 8
105. 9
106. 1
106.2
106. 2
106. 3
106. 4
106. 4
83. 8
87. 0
89. 1
90. 8
92. 8
96. 7
100. 3
102. 9
106. 1
108. 3
110. 2
109. 5
109. 6
109. 8
110. 1
110. 2
110. 5
110. 6
110. 5
110. 5
110. 6
110. 8
111. 2
111. '2
111. 6
WHOLESALE PRICES
Wholesale prices fell in April for the third straight month.
The entire decrease came in industrials.
INDEX 1957-59-100
INDEX, 1957-59 -100
115
115
'FARM PRODUCTS
110
110
—
11
1 * 1
1
1
105
105
r
PROCESSED
/
/
\\.,_ X AL L COMMODITIES
\
/'S(9''
.-/ \
/
/
95
/ \
«i
S«g-<N,
^4^^^-»ISi
SLX—^-^
.
COMMOOI TIES OTHER THAN FA
PRC DUCTS AND FOODS
(INDUSTRIALS)
_A
r^>^s,^
I^^S^
^
•'"\
LfZ?****^ 'N^^^V*^ \
'''•nj?
OODS
RM
'*" *
tX \
*
V\ "" !
"\ /
V
\\ iA"A
\i
'N
/ Vr\
V
00
V1
\
\
95
90
90
i i i I i 1 i i i i i
f . i , i 1 i i i t i
1958
1957
i
!
1959
1 11,1 11111,
i
, , , , , , , , , , , .
I960
1961
1962
SOURC £'. DEPARTMENT OF Li BOR.
May
June
__
_
July
Aug
_
Sept^__
Oct
Nov
Dec . .
1963: Jan
Feb
Mar
Apr 3 4
Week ended:
1963: May 7
14
!
,
1
1
1
1
. 1
1
1963
All
commodities
_ _
93. 2
96. 2
99. 0
100. 4
100. 6
100. 7
100. 3
100. 6
100. 7
100. 7
100. 4
100. 2
100. 0
100. 4
100. 5
101. 2
100. 6
100. 7
100. 4
100. 5
100. 2
99. 9
99. 8
99. 8
100. 0
[1957-59=1001
Commodi ies other t han farm • products aiid foods (iiidustri.als)
Consurner finIndusIndusFarm
Procished g aods extrial in- Productrial
All inprodessed
er
fincludin g food
dustricrude termediucts
foods
Durmate- ate ma-2
Nonals '
goods
terials
rials
able
durable
94. 3
92. 4
97. 9
92. 5
92. 8
96. 6
85. 6
95. 8
94. 3
92. 0
96. 6
96. 5
102. 3
97. 0
95. 9
97. 7
99. 2
97. 9
99. 2
99. 6
98. 7
100. 9
97. 7
99. 9
102. 9
103. 6
99. 5
99. 4
100. 1
96. 9
100. 2
99. 3
102. 1
97. 2
99. 2
101. 3
102. 3
101. 0
101. 3
100. 8
96. 9
100. 0
102. 3
100. 9
101. 3
98. 3
101. 4
101. 5
96. 0
100. 7
102. 5
100. 8
97. 2
100. 1
100. 5
101. 5
97. 7
99. 9
102. 9
101. 2
100. 8
95. 6
100. 0
101. 6
98. 2
101. 8
100. 8
99.
9
102.
8
100.
1
98. 2
101. 8
102. 8
98. 4
101. 6
100. 8
97. 1
100. 0
100. 0
101. 3
96. 9
100. 2
100. 3
102. 9
99. 9
100. 9
95. 8
101. 6
96. 2
99. 6
100. 9
100. 2
100. 0
95. 3
102. 9
101. 5
95. 3
99. 8
100. 7
100. 1
102. 8
100. 0
94. 4
101. 4
96. 5
100. 8
94. 4
100. 0
100. 2
100. 8
103. 0
101. 5
97. 6
101. 5
100. 6
100. 1
94. 8
99. 8
103. 0
101. 4
100. 6
102. 9
103. 3
100. 8
99. 8
100. 1
95. 1
101. 7
98. 7
99. 9
101. 5
100. 7
94. 8
99. 7
102. 8
101. 8
99. 3
100. 7
94. 6
99. 6
102. 9
100. 0
101. 3
101. 7
97. 3
100. 9
100. 7
94. 8
99. 5
103. 0
99. 9
101. 8
98. 5
100. 8
100. 7
94. 7
103. 0
99. 5
99. 8
101. 7
96. 5
100. 5
100. 6
94. 9
99. 4
103. 0
99. 8
101. 7
95. 4
99. 0
100. 6
94. 9
99. 3
102. 9
99. 7
101.8
95. 4
99. 4
100. 4
102. 9
94. 4
99. 3
99. 7
101. 7
94. 7
94. 7
99. 7
100. 7
1
Coverage of the subgroups does not correspond exactly to coverage of this
index.
2 Excludes intermediate materials for food manufacturing and manufactured,
-animal feeds; includes, in part, grain products for further processing.
1
COUNCIL OF ECONOMIC A DVISERS
Period
1955
1956
1957-.
1958
1959
1960
1961
1 902 3
1962: Feb
Mar
Apr
1
100. 5
100. 5
3
Preliminary.
* Weekly series based on smaller sample than monthly series.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
Between March 1 5 and April 1 5, the index of prices received by farmers increased 1 percent, with the most important
increases being for oranges and beef cattle. The index of prices paid was unchanged and the parity ratio rose 1
point to 78.
INDEX, 1957-59-100
INDEX, 1957-59 = 100
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
PRICES RECEIVED
(ALL FARM PRODUCTS)
80 i i i . i i t . i l .
RATIO I*
100
PARITY RATIO
80
I i iI
70
1961
1958
1962
-^RATIO OF INDEX OF PRICES RECEIVED, TO INDEX OF PRICES PAID,
INTEREST, TAXES AMD WAGE RATES, ON 1910-14 * 100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE.
NGIL OF ECONOMIC ADVISERS
Prices •eceived by farmers
Period
1953
1954
__
1955
1956
1957
1958
1959
1960
1961
1962.
1962: Mar 15
Apr 15
May 15
June 15
July 15
Aug 15
Sept 15
Oot 15
Nov 15
Dec 15.
1963: Jan 15
Feb 15-..
Mar 15
Apr 15_-
All farm
products
Crops
105
_._
102
96
95
97
104
99
98
99
100
101
100
100
99
99
-
101
. --.
_ _
_
103
101
101
100
101
100
99
100
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates, on 1910-14=100 base.
28
108
108
104
105
101
100
99
99
101
104
105
106
109
106
104
103
104
101
102
100
102
104
107
110
Price 3 paid by fa rmers
Livestock
and
products
All items,
interest,
taxes, and
wage rates
Index, 195 7-59 = 100
104
95
97
95
90
94
88
95
94
98
106
100
102
100
98
102
97
103
99
105
99
104
95
105
94
105
94
104
104
96
104
99
103
105
101
105
102
105
106
100
106
100
97
106
94
106
106
93
Family
living
items
94
94
94
96
99
100
101
101
102
103
103
103
103
103
103
103
103
103
103
103
104
104
104
104
Source: Department of Agriculture.
Production
items
97
97
96
95
98
101
101
101
101
Parity
ratio '
92
89
84
83
82
85
81
80
79
103
80
103
103
103
102
80
79
79
78
79
80
81
80
80
78
78
78
77
78
102
102
103
103
103
104
104
104
104
104
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
In April, the money supply rose $0.5 billion and time deposits $0.8 billion on a seasonally adjusted basis.
BILL ONS OF DOLLARS
BSLL50N3 OF DOLl-ARS
AVERAGES OF 3AILY FIGURES, SEASO MALLY ADJUSTED
160
ISO
MONEY SUPPLY
—
^MHMB
~~
^"1
*—
——
r—"—"**"
—~
—
-
,'-*
TIME D iPOSITS AT ALL
COMM IRCIAL BANKS
+*
80
\
,-
80
..-"•*"*
.-—'
n
r1
<
0
1961
I960
1959
1958
1957
SOUR CE: BOARD OF GOVERNC RS Of THE FEDERAL RESERVE SYSTEM.
COUN CIL OF ECONOMIC AOV ISERS.
[Averages of daily figures, billic)ns of dollars]
M oney supr)ly
M oney supf
Period
Total
1956:
1957:
1958:
1959:
1960:
1961:
1962:
1962:
Deo
Deo
Dec_
Dec
Dec
Dec
Dec
May
June
July
Aug..
Sept
Oct
Nov
Dec
1963: Jan
_
Feb
Mar
^ _ ___
Apr 2
First half
Second half
1
_ - _ - - - _ _
2
Deposits at all commercial banks.
'Preliminary.
136. 9
135. 9
141. 2
142.0
141. 2
145. 7
147. 9
145. 7
145. 6
345. 7
145. 1
145. 3
146. 1
146. 9
147. 9
14S. 7
148. 6
148. 9
149. 4
149. 5
149. 3
Currency
outside
banks
1963
1962
Demand
deposits
Time
deposits '
Seasonallif adjustec
28. 2
108. 7
107. 5
28. 3
112. 6
28. 6
28.9
113. 2
112. 2
28. 9
29. 6
116. 1
30. 6
117. 3
30. 0
115. 7
30. 1
115. 4
30. 2
115. 5
30. 2
114. 9
30. 2
115. 1
30. 3
115. 8
30. 5
116. 4
117. 3
30. 6
118. 1
30. 7
117. 7
30. 9
31. 1
117. 8
31. 2
118. 2
31. 3
118. 3
31. 1
118. 1
52. 1
57. 5
65. 5
67. 4
72.7
82. 5
97. 5
89. 6
90. 7
91. 8
92. 5
93. 4
94. 6
96. 0
97. 5
99. 1
100. 3
101. 8
102. 6
102. 4
102. 8
Total
140. 3
139. 3
144. 7
145. 6
144. 7
149. 4
151. 6
143. 6
144. 0
144. 3
143. 8
145. 0
146. 5
148. 2
151. 6
151. 8
148. 3
147.4
149. 5
148. 9
150.2
Currency
outside
banks
ly
Demand
deposits
Unad justed
111. 5
28. 8
no. 4
28. 9
29. 2
115. 5
29. 5
116. 1
29. 6
115. 2
30. 2
119. 2
31. 2
120. 4
29. 8
113. 8
30. 0
113. 9
114. 0
30. 3
30. 3
113. 5
114. 6
30. 3
116. 1
30. 4
117. 5
30. 8
31. 2
120. 4
30. 5
121. 3
117. 8
30. 5
116. 7
30. 7
118. 6
30. 9
117. 7
31. 1
119. 5
30. 7
Time
deposits '
51. 4
56. 7
64. 6
66. 6
72. 1
81. 8
96. 6
89. 9
91. 1
92. 2
93. 0
93. 8
94. 9
95. 4
96. 6
98. 4
99. 9
101. 7
102.9
102. 7
103.0
U.S.
Government
demand
deposits '
3. 4
3.5
3.9
4.9
4. 7
4. 9
5.6
7.0
7.2
7. 1
6.8
7.2
7. 3
6.0
5. 6
4. 8
5. 0
5. 9
4. 2
4. 5
3. 9
NOTE.—See note, p. 31.
Source: Board of Governors of the Federal Kescrve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
In April, total selected liquid assets, seasonally adjusted, rose by $3.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED, END OF MONTH
TOTAL SELECTED
LIQUID ASSETS
400
SAVING TYPE
300
ASSETS 4 '
DEMAND DEPOSITS AND
CURRENCY
-BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS.
fBillions of dollars; seasonally adjusted]
Total
selected
liquid
assets
End of period
1955
1956
1957
1958
1959
1960
1961 3
1962
.
..
1962: Mar
_
Apr
May
June .
July....
Aug
.. .
Sept.
Oct.
Nov 3
Dec
]!><>:{ • Jan 33
Feb 3
Mar
Apr3
332. 5
343. 2
356. 0
373. 1
393. 9
399. 2
424. 6
459. 2
435. 3
438. 2
439. 6
442. 9
444. 2
447. 9
449. 1
453. 4
456. 9
459. 2
462. 7
464. 7
466. 7
469. 7
Demand
deposits
and
currency '
133. 3
134. 6
133. 5
138. 8
139. 7
138. 4
142. 6
144. 8
142. 2
143. 4
142. 8
142. 3
142. 2
141. 3
142. 5
143. 8
143. 4
144.8
144. 4
144. 5
145. 0
145. 2
Time d eposits
Commercial
banks
30
28. 1
30. 0
31. 0
33. 9
34. 9
36. 2
38. 3
41. 4
39. 0
39. 2
39. 3
39. 7
40. 0
40. 2
40. 6
40. 9
41. 2
41. 4
41. 7
41. 9
42. 2
42. 5
49. 7
52. 0
57. 5
65. 4
67. 4
73. 1
82. 5
98. 1
87. 8
88. 6
89. 7
91. 2
91. 7
92. 7
93. 9
95. 2
96. 9
98. 1
100. 1
101. 2
102. 2
102. 9
1 with money supply, p. 29, except for deduction oi demand
I mil savings banks and savings and loan associations. Data
( month.
•s of Government
agencies and trust funds, domestic comi s;iv!ns r s hanks, Federal Reserve Banks, and beginning
and loan associations.
Mutual
savings
banks
3
Postal
Savings
System
1. 9
1. 6
1. 3
1. 1
.9
.8
.6
.5
.6
.6
.6
.6
.6
.6
.6
.6
.5
.5
.5
.5
.5
.5
Savings
and loan
shares
32. 0
37. 0
41.7
47. 7
54. 3
61. 8
70. 5
80. 0
72. 8
73. 4
74. 0
74. 8
75. 4
76. 3
77. 4
78. 2
79. 2
80.0
81. 0
82. 2
83. 4
84. 2
ernment
U.S. Gov- securities
ernment
maturing
savings2
within
bonds
55. 9
54. 8
51. 6
50. 5
47. 9
47. 0
47. 4
47. 6
47. 4
47. 4
47. 4
47. 4
47. 5
47. 5
47.5
47. 5
47. 5
47. 6
47. 8
47. 9
47. 9
48. 0
Preliminary.
NOTE.—See note, p. 31.
Source: Board of Governors of the Federal Reserve System.
31. 6
33. 2
38. 8
35. 6
48. 8
41. 9
42. 6
46. 8
45. 5
45. 6
45. 7
46. 9
46. 8
49. 2
46. 6
47. 2
48. 2
46.8
47. 1
46. 5
45.5
46. 3
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans declined $600 million, seasonally adjusted, in April.
BILLIONS OF D O L L A R S *
BILLIONS OF DOLLARS*-
250
250
ALL
COMMERCIAL BANKS
BANK LOANS
INVESTMENTS IN U.S. GOVERNMENT SECURITIES
_.__-J—X
INVESTMENTS IN
1957
OTHER
SECURITIES
I
I
1958
1959
-* SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE 'SYSTEM.
I960
END OF MONTH
All eomiTj ercial banks
(s easonally adjusted da ta)
End of period
1956
1957
1958
1959
1960-__ _
1961 5
1962
1962: Mar
Apr
May
___
June _
July
Aug
Sept
.
Oct 5 5
Nov 5
Dec ,-, _ _
1983: J a n5s
F e b _5 ~ _ _ _
Mar
Apr 5
Total
Investr aents
Loans,
loans excluding
and
inter- U.S. Gov- Other
investsecuriernment
bank
ments
ties
securities
161. 6
166. 4
181. 0
185. 7
194. 5
209. 6
227. 6
215. 2
215. 0
216. 4
220. 3
217.8
220. 3
222. 0
224. 4
225. 8
227. 6
228. 8
232. 2
234. 9
232. 6
88. 0
91. 4
95. 6
107. 8
114. 2
121. 1
134. 8
123. 8
124. 5
124. 8
126. 6
126. 1
127. 3
129. 7
131. 7
132. 3
134. 8
134. 9
137. 0
138. 0
137. 4
Billions of dollars
57. 3
16. 3
57. 0
17. 9
64. 9
20. 5
57. 6
20. 4
59. 6
20. 7
64, 7
23. 8
63. S
29. 0
66. 1
25. 3
64. 6
25. 9
65. 5
26. 1
66. 6
27. 1
64. 1
27. 6
65. 0
28. 0
64. 3
28. 0
64. 1
28. 6
64. 4
29. 1
63. 8
29.0
64. 3
29. 6
65. 1
30. 1
66. 4
30. 5
64. 0
31. 2
1
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 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.
!)S'203°—03
3
COUNCIL OF ECONOMIC ADVISERS'
Weekly
reporting
member
banks '
Business
loans 2
Bank
debits
outside
New York
City (343
centers) ,
seasonally
adjusted
annual3
rates
A 11 member banks l *
Total
reserves
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions o : dollars
30. 8
31. 8
31. 7
30. 7
32.
2
2
32. 9
35. 2
33. 0
32. 8
32. 9
33. 4
33. 0
33. 4
34. 1
34. 3
34. 7
35. 2
34. 3
34. 6
35. 2
35. 0
2
2
7, 383
1, 468
1, 481
1, 656
1, 736
1, 88S
S, 021
1, 985
S,044
2, 015
2, 000
S, 055
2, 017
1, 988
2, 081
S, 091
S, 067
2, 149
S, 086
2, 095
S, SOI
19, 535
19, 420
18, 899
18, 932
19, 283
20, 118
20, 040
19, 550
19, 723
19, 823
19, 924
20, 043
19, 924
20, 034
20, 205
19, 604
20, 040
20, 035
19, 581
19, 516
19, 574
652
577
516
482
756
568
572
473
510
503
491
529
566
455
484
592
572
483
472
426
434
688
710
557
906
87
14'J
304
91
69
63
100
89
127
80
65
119
304
99
172
155
121
-36
-133
-41
-424
669
419
268
382
441
440
391
440
439
375
419
473
268
3S4
300
271
3 13
* Preliminary.
NOTE.—Between January and August 1959, series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Duta for nil
member banks include Alaska and Hawaii beginning 1954 and 1959, ruspoctiveh .
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
In March, total consumer credit outstanding rose about $60 million, compared to a rise of $1 80 million in March 1962.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
(ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED
\
INSTALMENT CREDIT
oL
—I
REPAID
1
I T
1957
J958
1959
1960
1
'
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE.SYSTEM.
Instalment
Total
1953
1954
1955
1956
1957
1958
1959. ..
1900
1961 ..
1962
..
1962: Feb
Mar
Apr
M ay
Jun_
Jul
Aug
Hep
Oct
N'ov
Drc
1903- Jan
I'VI>
Mar
. 31, 393
32, 464
38, 830
42, 334
44, 970
45, 129
51, 542
56, 028
57, 678
63, 458
56, 093
56, 275
57, 314
58, 318
59, 108
59, 364
60, 003
60, 126
60, 626
61, 473
03, 458
62, 740
62, 219
. .. 62, 276
Total »
23, 005
23, 568
28, 906
31, 720
33, 867
33, 642
39, 245
42, 832
43, 527
48, 243
43, 074
43, 211
43, 837
44, 495
45, 208
45, 650
46, 204
46, 310
46, 722
47, 274
48, 243
48, 130
48, 025
48, 190
AutomoPersonal
bile
paper
loans
9, 835
4, 781
5, 392
9, 809
6, 112
13, 460
14, 420
6, 789
7, 582
15, 340
14, 152
8, 116
9, 386
16, 420
17, 688
10, 480
11, 256
17, 223
19, 384
12, 714
11, 264
17, 191
17, 348
11, 343
17, 671
11, 540
18, 032
11, 696
11, 872
18, 410
11, 990
18, 680
12, 187
18, 933
12, 291
18, 881
12, 364
19, 083
12, 479
19, 307
19, 384 - 12, 714
19, 426
12, 735
12, 790
19, 503
12, 864
19, 720
'Also inchidos other consumer goods paper, and repair and modernization
loans,
not shown srimnitHy.
3
Consists of s i n r l c - j m y m c n t loans, charge accounts, and service credit.
1
Knd of period, u r m < i j u > I ( - d .
32
t
i ! i - A^L.A-.^.L-J- '
'....'..'
'—I
0
1963
COUNCIL OF ECONOMIC ADVISERS
(Millions of dollars]
Consumer credit outstandin g (end of Y- eriod;
ireadjusted
Period
i 1i i '
1962
1961
Noninstalment 2
8, 388
8, 896
9, 924
10, 614
11, 103
11, 487
12, 297
13, 196
14, 151
15, 215
13, 019
13, 064
13, 477
13, 823
13, 900
13, 714
13, 799
13, 816
13, 904
14, 199
15, 215
14, 610
14, 194
14, 086
Consum er instalme nt credit e s tended
and r spaid (seasonally adjt sted)
Automob ile paper
To tal
Extended
31, 558
31, 051
38, 972
39, 868
42, 016
40, 119
48, 052
49, 560
48, 396
55, 395
4, 356
4, 499
4, 659
4, 650
4, 623
4, 669
4, 619
4, 491
4, 682
4, 961
4, 829
4, 878
4, 885
4, 940
Repaid
27, 956
30, 488
33, 634
37, 054
39, 868
40, 344
42, 603
45, 972
47, 700
50, 679
4, 084
4, 121
4, 166
4, 211
4, 202
4, 283
4, 261
4, 289
4, 298
4, 380
4, 371
4, 370
4,449
4, 540
Extended
12, 981
11, 807
16, 734
15, 515
16, 465
14, 226
17, 779
17, 654
16, 007
19, 515
1, 546
1, 582
1, 675
1, 655
1, 621
1, 631
1, 602
1, 505
1, 685
1, 797
1, 684
1, 743
1, 734
1, 782
Repaid
10, 879
11, 833
13, 082
14, 555
15, 545
15, 415
15, 579
16, 384
16, 472
17, 354
1, 390
1, 415
1, 435
Mortgage
debt outstanding,
nonfarm
1- to 4houses3
66, 100
75, 700
88, 200
99, 000
107, 600
117,700
130, 900
141, 300
153, 000
168, 400
155, 700
1, 447
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
433
456
446
440
491
490
513
504
517
550
159, 900
164, 200
168, 400
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
The yield on 3-month Treasury bills changed little in April and early May.
although FHA mortgage yields continued to decline.
Most bond yields rose somewhat,
PERCENT PER ANNUM
PERCENT PER A N N U M
COUNCIL OF ECONOMIC
Period
1956
. .
1957
1958
1959
1960
1961
1962
1962: Mar
Apr.
May
June
July
.
_-
Aug
. ..
Sept
Oct.
Nov...
Dec
1963: Jan
Feb
Mar
Apr.
Week ended:
1963: Apr 6_.
13..
20..
27. _
May 4__
11-.
18__
1
3
4
[Percent per annum]
U.S. Govt;rnment secu "ity yields
High-grade
municipal
3-month
bonds
3-5
year
Taxable
3
Treasury
2
(Standard &
bonds
issues
bills i
Poor's) *
2. 658
3. 12
3. 08
2. 93
3. 267
3. 62
3. 47
3. 60
1. 839
3. 43
2. 90
3. 56
3. 405
4. 08
4. 33
3. 95
2. 928
4. 02
3. 99
3. 73
2. 378
3. 60
3. 90
3. 46
2. 778
3.95
3. 57
3. 18
2. 719
3. 55
4. 01
3. 19
2. 735
3. 48
3. 89
3. 08
2. 694
3. 88
3. 53
3. 09
2. 719
3. 90
3. 51
3. 24
2. 945
4. 02
3. 71
3. 30
2. 837
3. 57
3. 98
3. 31
2. 792
3. 56
3. 94
3. 18
2. 751
3. 46
3. 89
3. 03
2. 803
3. 87
3. 46
3. 03
2. 856
3. 44
3. 87
3. 12
2. 914
3. 47
3. 89
3. 12
2. 916
3. 48
3. 92
3. 18
2. 897
3. 50
3. 93
3. 11
2. 909
3. 97
3. 56
3. 11
2.
2.
2.
2.
2.
2.
2.
922
913
917
884
898
905
903
2
3. 53
3. 54
3. 59
3. 59
3. 56
3. 54
3. 95
3. 96
3. 99
3. 98
3. 98
3. 97
Kate on new issues within period,
Selected note and bond issues.
Series includes: Apri! 1953 to date, bonds due or callable 10 years and after.
Weekly data are Wednesday figures,
* Data for first of the month; based on the maximum permissible interest rate
(5H% since May 1961) and 25-year mortgages paid in 12 years.
3.08
3. 11
3. 13
3. 13
3. 13
3. 12
Corpora be bonds
(Moo dy's)
Aaa
Baa
3. 36
3. 89
3. 79
4. 38
4. 41
4. 35
4. 33
4. 39
4. 33
4. 28
4. 28
4. 34
4. 35
4. 32
4. 28
4. 25
4. 24
4. 21
4. 19
4. 19
4. 21
3. 88
4. 71
4. 73
4.
4.
4.
4.
4.
4,
4.
4.
4.
4.
4.
20
20
21
22
22
22
5. 05
5. 19
5. 08
5. 02
5. 04
5. 02
5. 00
5. 02
5. 05
5. 06
5. 03
4. 99
4. 96
4. 92
4. 91
4. 89
4. 88
4. 87
87
87
87
87
87
4.86
Prime
commercial
paper,
4-6
months
3. 31
3. 81
2. 46
3. 97
3. 85
2. 97
3. 26
3. 25
3. 20
3. 16
3. 25
3. 36
3. 30
3. 34
3. 27
3. 23
3. 29
3. 34
3. 25
3. 34
3. 32
ADVISERS
FHA
new home
mortgage
yields 5
4. 79
5. 42
5. 49
5. 71
6. 18
5. 81
5. 62
5.70
5. 68
5. 65
5. 61
5. 60
5. 60
5. 58
5. 56
5. 55
5. 53
5. 53
5. 52
5. 50
5. 47
3. 38
3. 38
3. 30
3. 25
3. 25
3. 25
Sources: Treasury Department, Board o' Governors ol the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices rose in April and early May.
INDEX, 1941-43*10
INDEX, 1941-43 = 10
80
80
WEEKLY
MONTHLY
''-_,
s'-~
~~fc~^
DIVIDEND YIELD ON COMMON STOCKS
V
---
1,1. I.J I..-U-J. l,l.l_-_
/-~~-\
/
>—— — r' " " *"^
[
/
k
J
"^ *"*N.
i i i t r 1 i i i i u
1 ! 1 1 1 1 I 1 1 I 1,
RATIO
RATIO
25
25
y.
PRICE / E ARNINGS RATIO ON CC MMON STOCKS
^^*~—*-_
\
20
^__.
\_^
K-~^
J
i
l
l
1
1967
1
1958
1
1
!
1959
1
1
1
1
1
I960
1
1961
1
SOURCE: STANDARD AND POOR'S CORPORATION.
Secui ities and Exchange Commiss ion price index
M inufactur ng
TransUtiliDuraNonportaTotal
ties
ble
durable
tion
_ _ _ _ _ _
Mar
Apr
May.June _
July
_ _ _
. _
_ _ _ _
AllL'
SeptOct
Nov
J)cc
106:5- .Jan
J'VI>
Mar
Apr
\ V i v k ended:
I'.M;:>: A p r
_
_
....
5
VI _ .
I'.l
26
Miiv 3 .. .
10
fl
34
. . . _.
92. 6
89. 8
93. 2
116. 7
113. 9
134. 2
127. 1
142. 9
138. 0
128. 2
114. 3
116. 0
119. 5
117. 8
114. 3
122. 8
128. 0
132. 6
135. 0
133. 7
140. 7
I
I
|96a
I
1
1
1963
t
i
'
10
COUNCIL OF ECONOMIC ADVISERS.
Composite
index '
Period
III!
15
^——s
"
1956
1957
1958
1959
1960
1961
1962
1962:
20
93. 2
90. 7
92. 5
116. 5
110. 9
126. 7
118. 0
133. 5
128. 2
119. 0
105. 7
106. 8
110. 4
108. 9
105. 6
114. 0
119. 1
123. 6
125. 5
124. 5
132. 0
1957-5 9=100
91. 5
94. 5
92. 8
88. 5
90. 4
94. 4
120. 8
112. 6
117. 3
104. 9
129. 2
124. 4
116. 5
119. 4
134. 0
133. 1
128. 0
128. 5
117. 4
120. 6
103. 2
108. 1
104. 4
109. 2
109. 1
111. 7
106. 2
111. 5
102. 5
108. 4
110. 7
117. 3
114. 0
123. 8
119. 2
127. 7
121. 0
129. 7
118. 7
129. 9
126. 8
136. 9
110. 6
93. 2
91. 0
115. 6
95. 8
105. 7
97. 8
107. 4
103. 1
98. 5
90. 2
90. 0
90. 6
88. 5
86. 6
97. 2
102. 3
107. 3
110. 3
109. 3
116. 3
86. 4
86. 3
95. 8
117. 6
129. 3
168. 4
167. 2
184. 2
180. 3
167. 1
151. 1
156. 6
160. 7
158. 2
154. 3
162. 0
167. 9
173. 0
177. 5
174. 5
179. 2
Standard and Poor's common stock data
Price ndex 2
DiviPrice/
dend earnings
Indus3
yield
Total
trial
(percent) ratio *
1941--:.3=10
49. 80
46. 62
47. 63
44. 38
49. 36
46. 24
57. 38
61.45
59. 43
55. 85
66. 27
69. 99
62. 38
65. 54
74. 22
70. 29
71. 64
68. 05
62. 99
66. 32
58. 32
55. 63
59. 61
56. 97
61. 29
58. 52
60. 67
58. 00
56. 17
58. 66
62. 90
60. 04
62. 64
65. 59
68. 00
65. 06
65. 92
68. 91
68. 71
65. 67
72. 17
68. 76
4. 09
4. 35
3. 97
3. 23
3.47
2. 98
3. 37
2. 95
3. 05
3. 32
3. 78
3. 68
3. 57
3. 60
3. 71
3.
3.
3.
3.
3.
3.
50
40
31
27
28
15
14. 05
1 2. 89
16. 64
17. 04
17. 08
21. 18
16. 93
19. 98
15. 63
16. 09
16. 02
70. 70
3. 20
125. 5
113. 7
178. 8
67. 44
139. 2
130. 4
135. 0
71. 91
3. 16
114. 8
178. 2
68. 51
131. 7
126. 4
136. 8
1 40. 3
72. 51
117. 2
179. 0
3. 13
132. 7
127. 6
137. 5
69. 05
141. 2
73. 09
3. 10
127. 9
119. 5
180. 7
69. 60
1 42. 0
133. 3
138. 3
3. 09
73. 42
121. 1
69. 92
142. 7
133. 8
128. 6
138. 6
181. 6
73. 49
3. 10
121. 2
69. 97
131. 7
181. 7
M3. 7
135. 0
138. 1
are4 averages of monthly data. Weekly data are Wednesday figures.
urinf-', 193; transportation. 18; utilities,
Ratio oi quarterly earnings (seasonally adjusted annual rate) to price index
for last day in quarter. Annual ratios are averages of quarterly data.
Sources:
Securities and Exchange Commission and Standard and Poor's:
Hie stocks in the i-'roun. Annual yields
Corporation.
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
There was a deficit of $10.1 billion in the first 10 months of fiscal 1963; in the corresponding period of 1962, the
deficit was $9.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET RECEIPTS
NET BUDGET EXPENDITURES
100
75
50
I958
I959
I960
I96I
1958
1962
-no
NATIONAL DEFENSE
75
1959
1962
BUDGET SURPLUS ( + ) OR DEFICIT ((ENLARGED SCALE)
+5
FIRST lo'MONTHS;
Gssa
y S3
-
1
L
:-=•
1959
1963
1958
I960
cour
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
Period
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1962:
year 1958
year 1959
year 1960
. __
year 1961 - ..
year 1962 3
..
year 1963 3
year 1964
Feb
Mar
Apr
May _ --.
June _ _ _ .
_Julv
Aug
__ _ _ _
Sept
_
Oct
Nov
_ -_
_- _
Dec
1963: Jan_
Feb
Mar
_
... ,
Apr
Cumulative totals first 10 months:
Fiscal year 1962
__
Fiscal year 1963__
Net
budget
receipts
68. 5
67. 9
77. 8
77. 7
81. 4
85. 5
86. 9
6. 7
9. 1
5. 8
7. 0
11. 6
3. 6
7. 1
10. 1
3. 0
7. 0
8. 4
5. 5
7. 3
9. 7
5. 7
62. 8
67. 4
[Billions of dollars]
Net budg et expenditi res
N ational defeiise *
Department of
Military
Total
Total
Defense,
assistmilitary
ance
functions
71. 4
44. 2
2 2
39. 1
80. 3
46. 5
2. 3
41. 2
76. 5
45. 7
41. 2
1. 6
47. 5
81. 5
43. 2
1. 4
87. 8
51. 1
46. 8
1. 4
94. 3
53. 0
48. 3
1. 8
55. 4
98. 8
51. 0
1. 4
.1
4. 1
6. 9
3. 8
4. 6
.2
7. 7
4. 2
.1
4. 3
7. 3
3. 9
.1
4. 8
7. 2
4. 4
8. 1
5. 0
4. 5
.3
7. 3
3. 9
.1
3. 6
4. 5
8. 5
.1
4. 1
7. 3
4. 0
.1
3. 7
4. 6
.1
8. 5
4. 2
4. 6
.1
8. 1
4. 3
4. 3
.1
7. 6
4. 0
4. 5
.1
8. 0
4. 2
.1
6. 8
4. 1
3. 8
.2
4. 5
4. 1
7. 8
4. 5
.2
7. 6
4. 1
41.3
43. 6
72. 5
77. 5
E In addition to items shown, also includes atomic energy and defense related
services.
!
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
1961
I9(33
19 52
FISCAL YEARS
i» ESTIMATE.
3
37. 9
40. 2
1.0
1. 2
CIL OF ECO JOMIC A DVIS ERS
Budget
surplus
or
deficit (-)
-2. 8
-12. 4
1. 2
-3. 9
-6. 4
-8.8
-11. 9
—.1
1. 4
— 1. 5
—. 2
3. 5
-3. 7
— 1. 5
2. 7
-5. 5
-1.0
.8
-2. 5
.5
1. 9
-1. 9
-9. 7
— 10. 1
Estimate.
NOTE.—Total budget receipts and expenditures exclude certu
mental transactions.
Sources: Treasury Department and Bureau of the Buuiret.
Public
debt
(end of3
period)
276. 4
284. 8
286. 5
289. 2
298. 6
304. 1
316. 1
297. 4
296. 5
297. 4
299. 6
298. 6
298. 3
302. 3
300. 0
302. (i
305. 9
30'!. 0
303. 9
305. 2
303 .r>
30.'!. 7
1!'.)7 -1
:in:t. 7
35
FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter, cash payments exceeded cash receipts by $900 million on a seasonally adjusted basis.
BILLIONS OF DOLLARS
35
(SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS
(SEASONALLY ADJUSTED)
35
EXCESS OF CASH RECEIPTS
—
fm
vm
_™
1
1
1957
l
i
i
b
-J
EXCESS OF CASH fPAYMENTS
1
1
m H n __
LJ
1
1
1 959
1958
t
i
i
i960
ULJUU y u u u u
iii iii
1961
1962
1
1
1
1963
CALENDAR YEARS
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.
COUNCIl OF ECONOMIC ADVISERS
[Billions of dollars]
Cash receipts
from the
public
Period
Fiscal vear:
1958
1959
1960
1961
1962 1
1963
1964 i
Calendar year:
1958
1959
I960
.
1961
1962
. _ .
Quarterly total (calendar years) :
1961: III
IV
1962: 1
TIT
III.
IV
1968: 1...
'Estimate.
36
.
Cash payments to
the public
Excess of re- Cash receipts
ceipts ( + ) or
from the
payments
public
81. 9
81. 7
95. 1
97 2
101. 9
108. 4
112. 2
83. 4
94. 8
94. 3
99. 5
107. 7
116. 8
122. 5
— 1. 5
-13. 1
.8
-2. 3
-5. 8
-8. 3
-10. 3
81. 7
87. 6
98. 3
97. 9
106. 2
89. 0
95. 6
94. 7
104. 7
111. 9
Unadjusted
-7. 3
-8. 0
3. 6
-6. 8
-5.7
26. 7
27. 2
26. 0
27. 9
28. 5
29. 6
26. 6
-3. 3
-5. 9
.3
3. 1
— 2. 5
-6. 6
1.6
23. 4
21. 3
26. 2
31. 0
26. 0
23. 0
28. 2
Cash payments to
the public
Excess of receipts ( + ) or
payments
Se£isonally adjus ted
24. 6
25. 2
25. 3
26. 5
27. 3
27. 1
27. 4
26. 3
26. 9
27. 6
27. 0
28. 1
-1. 7
-1.7
-2. 2
29. 2
-. 5
-. 7
-2. 1
28.3
—.9
Sources: Treasury Department and Bureau of toe Budget.
FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
On a national income accounts basis, Federal Government expenditures rose more than receipts in the fourth quarter
of 1962, resulting in an increase in the deficit to $1.4 billion (seasonally adjusted annual rate).
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
120
I2O
100
+ 20
+ 20
SURPLUS
LJfLJU
L_J
DEFICIT
-20
I
-20
t_
1961
I960
* SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: DEPARTMENT OF COMMERCE.
1963
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS.
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federa 1 Governinent expe nditures
Federal (3overnment receipl s
Period
Fiscal year:
1961
1962
1963 '
1964 i
Calendar
year:
"1955
1956
1957
1958
1959
1960
1961
1962
1961: II..
III.
IV.
1962: I
II..
III.
IV.
1963: I
Indirect ContriPersona] Corporate
business butions
and profits
tax and to social
Total tax
nontax
tax
insurnontax
receipts accruals
ance
accruals
95. 5
104. 0
108. 8
111. 4
72. 8
77.5
81. 7
78. 5
90. 3
96. 9
98. 3
108. 2
97. 7
98. 9
103. 8
105. 9
108. 4
108. 9
110. 5
44.0
47. 6
50. 1
48. 8
19. 8
21. 9
21. 7
23. 3
31. 5
35. 2
20. 9
36. 6
40. 4
44.0
45. 0
49. 1
44. 7
45. 1
17. 7
37. 3
46. 7
48. 0
49. 2
49. 9
50. 1
50. 5
20. 2
19. 9
22. 0
21. 2
21. 0
23. 6
20. 6
21. 3
23.7
23. 0
23. 4
23. 5
24. 5
13. 6
14. 6
15. 3
15. 8
11. 0
11. 6
12. 2
11. 9
13. 0
14. 1
13. 9
15. 0
14. 1
13. 9
14. 7
14. 6
15. 2
15. 0
15. 3
15. 5
1
Preliminary estimates by Bureau of the Budget.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
18. 0
19. 8
21. 8
23. 4
9. 3
10. 6
12. 2
12. 4
14. 9
17. 6
18. 4
20. 5
18. 3
18. 6
18. 8
20. 3
20. 5
20. 5
20. 7
23. 0
Total
GrantsSubsidies Surplus
less
Purin-aid
or
chases
Trans- to State
Net
current
deficit
of goods fer payand
interest surplus
and
paid
of Govt.
ments
local
enterservices
goverprises
ments
97.7
105. 7
113. 2
54. 8
59. 8
64. 4
68. 2
68. 9
71. 8
79. 7
87. 9
91. 4
93. 1
102. 1
45. 3
45.7
49. 7
52. 6
53. 6
53. 2
57. 0
62. 4
56. 6
56. 5
59. 5
61. 9
62. 1
62. 7
63. 4
65. 9
119. 0
109.
101.
102.
105.
108.
109.
109.
112.
114.
5
9
2
1
3
0
8
0
9
25.9
27. 8
29. 7
6. 9
6. 6
7. 3
7.5
3. 4
4. 2
4.0
3. 6
-2. 2
30. 9
6. 6
7. 3
7. 8
8. 8
14. 0
14. 9
3. 0
3. 3
4. 9
5. 2
5. 7
5. 6
6. 4
7. 1
1. 6
2. 7
2. 8
3. 0
2. 5
2. 8
4. 1
4. 2
4. 3
4. 5
4. 4
4. 3
4. 3
4. 3
4. 3
3. 8
3. 8
5. 7
2.0
-9. 4
-1. 1
3. 8
17.4
21. 3
22. 2
23. 8
27. 4
28. 5
27. 3
27.7
27. 8
28. 0
28. 0
28. 5
29. 5
29. 9
4. 1
5. 4
6. 7
6. 3
7.0
7.7
7.0
7.0
7.0
7.5
7. 9
7.5
8. 0
8. 3
6. 6
6. 7
6. 7
6. 5
6. 4
6. 6
6. 7
6. 8
6. 9
7. 1
-1. 7
-4. 3
-7. 6
—3. 8
-1. 3
— 4. 2
-3. 3
— 1. 3
— 2. 4
—.7
— . i)
-1. -1
Source: Department of Commerce.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
PENALTY FOR P R I V A T E USE TO A V O I D
PAYMENT OF POSTAGE, S3OO
(GPO)
C I V I S I O N OF PUBLIC DOCUMENTS
WASHINGTON 25, D.C.
OFFICIAL
BUSINESS
First-Class Mail
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Trade Sales and Inventories
Manufacturers' Sales, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
I'i'dcral Budget, National Income Accounts Basis
page
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
.
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
NOTE.— Detail in these tables wiill not necessatily 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.
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