Full text of Economic Indicators : May 1964
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88th Congress, 2d Session
v
Economic Indicators
MAY
1964
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1964
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
WILLIAM PROXMIRE (Wisconsin)
CLAIBORNE PELL (Rhode Island)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
HOUSE OF REPRESENTATIVES
WRIGHT PATMAN (Texas)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
THOMAS B. CURTIS (Missouri)
CLARENCE E. KILBURN (New York)
WILLIAM B. WIDNALL (New Jersey)
JAMES W. KNOWLES, Executive Director
MARIAN 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
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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
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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
Gross national product rose by $7.9 billion (seasonally adjusted annual rate) in the first quarter, according to the
revised estimate. The decline of $2.3 billion in gross private domestic investment resulted from the reduction in the
inventory accumulation rate. All other components rose.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Business
Persons
Period
Personal
Disposable consumption
personal1 expendiincome
tures
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
252. 5
256. 9
274. 4
292. 9
308.8
317.9
337. 1
349.9
364.4
384.4
402.4
1962:
386. 5
391. 4
394. 5
400.0
404. 4
410. 9
418.7
_
IV.
1963: !___
II..
III.
IV.
1964: I...
232. 6
238. 0
256. 9
269. 9
285. 2
293. 2
313. 5
328. 2
336.8
355. 4
373. 1
356. 7
362. 9
367. 4
370. 4
374. 9
379.9
387.9
International
Personal
Excess
Gross
saving
Gross
private
of
retained
(+) or
investdisearn-2 domestic
invest-3
ment
saving
ings
ment
19. 8
18. 9
17. 5
23. 0
23. 6
24. 7
23. 6
21. 7
27.6
29. 1
29.3
29. 7
28. 5
27. 1
29.6
29.5
31.0
30.8
34. 3
35. 5
42. 1
43. 0
45. 6
44. 8
51. 3
50. 7
50.8
57. 6
60.5
57.4
59. 4
59.3
59. 6
61.9
61. 3
65. 2
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72. 7
71. 8
69. 0
78. 8
82.3
78.9
78.8
77.8
80.7
83. 7
87. 1
84.8
Foreign
Net exports of goods Excess of
net
and services
transfers
trans(+) or
fers by
of net
ExImGovern- Net
exports
ment exports ports
ports
-16.0
-13. 4
-21. 8
-24. 3
-20. 5
-11. 9
-21.4
-21.1
-18.2
-21.1
-21.8
-21.5
-19. 4
-18.5
-21.1
-21.8
-25.8
-19. 6
1. 6
1. 4
1. 5
1. 5
1. 5
1.3
1.5
1. 6
1. 6
1. 6
1.7
1. 5
1. 5
1.5
1.8
1.7
2. 0
1.7
-0. 4
1. 0
1. 1
2.9
4. 9
1.2
-.8
3.0
4.4
3. 8
4. 5
4. 1
3.3
3. 6
4. 8
4.3
5.4
16. 6
17.5
19. 4
23. 1
26. 2
22. 7
22.9
26.3
27. 5
28.9
30.7
29. 4
28. 8
28. 6
30. 7
31.4
32.3
6.6
33.6
17.0
16. 5
18.3
20. 2
21. 3
21.5
23. 6
23. 3
23. 1
25. 1
26. 2
25. 3
25.5
24. 9
25. 9
27.1
26.9
27.0
2.0
.4
.4
-1. 5
-3. 5
.1
2. 3
-1.4
-2.9
-2.2
-2.8
-2.6
-1.7
-2.2
-3.1
-2.6
-3.4
-4.8
Government
Expenditures
Net receipts
Period
1953_
1954_
1955.
1956..
1957_
1958_
1959 _
I960.
1961_
1962_
1963.
'1962:
IV-
TTI_
1964: I1
Surplus Total
Statis(+) or income
tical
deficit
or
discrepTax and TransPurTrans- (-) on receipts
ancy
nontax
fers,
chases
Total
fers,
income
Net
interest,
expendireceipts
of
goods
interest,
and
receipts
or
and suband
tures and subproduct
accruals sidies 5
sidies 5 account
75.7
68.5
78. 4
84. 2
87.5
82. 0
95. 7
103.5
103. 2
113.0
123.3
114. 0
114.8
118.8
122.3
125.0
127.0
124. 8
94. 9
90.0
101. 4
109.5
116. 3
115. 1
130.2
140.6
145. 5
156. 8
168.7
157.3
159, 7
164.0
167. 1
170.1
173.8
172.5
19. 2
21.5
23. 0
25.3
28.7
33. 1
34. 4
37.1
42.2
43.8
45.4
43.3
44.9
45. 2
44. 8
45. 1
46.8
47.7
82.8
75.3
75. 6
79.0
86.5
93.5
97.2
99.6
107.9
117.0
125. 1
117. 0
120.2
123. 0
123. 8
125. 7
127.7
128.8
Personal income (p. r>) 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.
Docs 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.
102. 0
96.7
98. 6
104. 3
115. 3
126.6
131. 6
136.7
150. 2
160.7
170.5
160.2
165. 1
168. 2
168. 6
170.8
174. 5
176.5
19. 2
21. 5
23. 0
25. 3
28.7
33.1
34. 4
37. 1
42. 2
43. 8
45.4
43.3
44. 9
45. 2
44. 8
45. 1
46. 8
-7. 1
-6.7
2.9
5.2
1. 0
— 11. 4
— 1. 5
3.9
-4. 7
-3.9
— 1.8
-3.0
-5.4
-4. 2
— 1.3
47.7
-4.0
364. 1
362. 3
396.5
421.6
443. 4
446.0
485. 7
505. 6
520. 1
556. 7
587.9
559. 4
567. 1
574. 1
583.7
593.0
601. 2
610.4
1.3
.9
1.0
— 2. 4
-. 6
-1.5
-3. 0
-3. 0
-1.9
-1.8
-3.0
-2. 6
-1.9
-2. 3
-4. 1
-4.4
-1.0
-2.4
Gross
national
product
or
expenditure
365.4
363. 1
397.5
419.2
442.8
444.5
482. 7
502.6
518.2
554.9
585. 1
556. 8
565.2
571.8
579. 6
588.7
600. 1
608.0
« Net foreign investment with sign changed.
s 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 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
The first quarter rise of about 11/3 percent in current dollar sross national product (seasonally adjusted) amounts to
almost 1 percent after adjustment for price changes.
SEASONALLY ADJUSTED ANNUAL RATES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600 -
600
GROSS NATIONAL PRODUCT
X
500 -
- 500
400
400
300
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
100
1958
1964
1959
SOURCE: DEPARTMENT OF COMMERCE.
Personal
Total
KTof
conTotal
gross
private exports
national
sump- domestic
gross
of goods
tion
product national
investand
in 1963 product expend- ment services
itures
prices
Period
1951
—1952...
1953
1954
1955
1956__
1957.
1958
1959
1960
1961
1962
1963
1962: III
IV
1963: I
II
III
IV
1964: I
1
2
COUNCIL OF ECONOMIC ADVISERS'
_.
404.9
420. 8
440. 1
431.4
464.9
4?4. 7
488.9
476. 7
_
508.4
521.8
581. 2
568.6
585. 1
564.6
571.4
575.7
580.8
587.5
_
595. 4
600. 6
Billions of dollars5, quarter y data at seasonal ly adjust,ed annua i rates
5.2
33. 9
56.3
60.5
38.8
329.0
209.8
2.4
6.7
46.4
49.9
52.9
219. 8
1.3
76.0
347. 0
9.0
49.3
232. 6
82. 8
58.0
50.3
—.4
365. 4
41.2
6. 7
75.3
47.5
238.0
48.9
1.0
363. 1
6.6
39.1
256.9
45.3
397.5
63.8
1. 1
75.6
5.7
40.4
45.7
269.9
2.9
79.0
419. 2
67.4
5.7
44.4
49.7
442. 8
285.2
4.9
86.5
66. 1
8.3
44. 8
52.6
56.6
1.2
93.5
293. 2
444. 5
46.2
7.9
97.2
72.7
53. 6
—.8
482.7
313. 5
45.7
8.0
328.2
53. 1
71.8
99. 6
502.6
3.0
8.9
49. 0
69.0
57.4
4.4 107.9
336. 8
518. 2
53.3 10.0
62.4
355.4
7as
3.8 117.0
554. 9
56.7 10. 5
373. 1
66.3
82.3
4.5 125. 1
585.1
9.7
53. 5
62.4
78.9
4. 1 117. 0
356. 7
556. 8
54.3 10. 4
362. 9
63.6
565.2
7a 8
3. 3 120. 2
56.4 10. 1
65.5
367.4
77.8
3.6 123.0
571. 8
56.7 10.6
370.4
80.7
66.5
4.8 123.8
579.6
56.7 10.8
4.3 125.7
66. 4
83.7
374.9
588.7
57.2 10.4
87. 1
379. 9
5.4 127. 7
66.6
600. 1
57. 1 10.9
84. 8
66.9
387.9
608.0
6.6 128.8
Less Govern men t sales.
Prior to 1969, this category corresponds closely with budget expenditures for
national defense, shown on p. 36. Beginning with 1969, they differ because of
inclusion of space program expenditures in this table; these expenditures, small
in 1960-G1, amounted to $1.6 billion in 1902.
GoveJrnment p urchases of good 3 and
services
Federal
State
and
Total Total i National
2 Other
local
defense
21.7
23.2
24. 9
27. 7
30.3
33.2
36.8
40.8
43. 6
46. 5
50.6
54.6
58.8
54.6
56. 6
57.5
57.3
59.4
61.2
61.9
Implicit
price
deflator
for total
GNP,
1963=1003
81.3
82. 5
83.0
84.2
85. 5
88.3
91.5
93.2
949
96.4
97. 6
98.5
100.0
98. 6
9a9
99.3
99.8
100.2
100.8
101.2
3
Gross national product in current prices divided by gross national product
in 1963 prices.
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
NATIONAL INCOME
National income increased by $7.8 billion (seasonally adjusted annual rate) in the first quarter as all major components except farm income snowed continued advances.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
500
TOTAL NATIONAL INCOME
400
400
COMPENSATION OF EMPLOYEES
L—^
300
300
200
200
PROPRIETORS' AND
RENTAL INCOME
100
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100
1964
1963
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
*See Note, page 7.
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Period
Total
national
income
Compensation
of em- l
ployees
Business
and professional
Rental
income
of
persons
Proprieto rs' income
Farm
Total
Profits Inventory
before valuation
taxes 2 adjustment
9. 1
10.4
11.7
13. 4
14.8
16. 4
18.0
20. 0
22. 0
24. 1
42.2
36. 7
38. 3
34. 1
44.9
44.7
43. 2
37. 4
47. 7
44.3
43. 8
46. 8
51.5
12. 0
12.0
22. 3
23. 0
46. 1
49. 3
46. 2
48. 4
—.1
.9
37. 2
37.4
37. 8
38.2
12.0
12.0
12.1
12.2
23. 3
23. 7
24. 3
25.0
48. 8
50. 1
52. 2
53.2
48. 3
51.0
52. 2
54.3
.4
—.9
38. 6
12.3
25.6
55.8
56.0
279. 3
292. 2
305. 6
301. 8
330. 2
350. 8
366. 9
367. 4
400. 5
414. 5
426. 1
453. 7
478.1
180. 3
195. 0
208. 8
207. 6
223. 9
242. 5
255.5
257. 1
278. 5
293. 6
302. 1
322. 9
340.4
16. 3
15. 3
13. 3
12. 7
11. 8
11. 6
11. 8
13.5
11. 4
12.0
12. 8
13.3
12. 8
26.0
26.9
27. 4
27. 8
30. 4
32. 1
32.7
32.5
35. 1
34. 2
35. 3
36. 5
37.7
9. 4
10. 2
10.5
10.9
10. 7
10. 9
11.9
12. 2
11.9
12. 1
12. 1
12. 0
12.1
1962: III
IV
455.5
462.2
325. 3
327.7
13. 2
13. 4
36. 6
36. 9
1963: I
II
III
IV
466.7
474.6
482.0
489. 1
332. 0
338.7
342. 8
347. 9
13. 5
12. 6
12.7
12.6
1964: I 3
496.9
352.5
12. 2
est
41.0
37.7
37. 3
33.7
43. 1
42. 0
41. 7
37. 2
47.2
44. 5
43. 8
47. 0
51.1
1951
1952_
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1
Includes employer contributions for social insurance. (See also p. 4.)
2
See Note, page 7.
' Preliminary.
Net
inter-
Corporal&e profits and inveritory vaJ uation ad justment 2 •
6. 3
7. 1
8.2
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-1. 2
1.0
-1. 0
-. 3
-1. 7
-2. 7
-1. 5
— .3
•—— . O
.2
.0
.2
—.4
.0
— 1. 1
ey
SOURCES OF PERSONAL INCOME
Personal income in April rose by $2.2 billion (seasonally adjusted anmiml rafe); ificrtdwtig the averagemonthly rise
in the precedins 12 months. Wase and salary payments accounted for almost
offhe gGms
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
450
400 —
400
350
300
1958
1964
SOURCE: DEPARTMENT OF COMMERCE.
Period
1955
1956
1957
1958
1959
1960
1961
1962
1963
1963: Feb..._
Mar
Apr
May
June
July...
Aug
Sept....
Oct
Nov_.._
Dec
1964: Jan
Feb
Mar
Apr«—
Total
personal
income
310. 2
332. 9
351. 4
360. 3
383.9
401. 3
417. 4
442. 1
463.0
452.9
454. 8
457.4
460. 1
462. 6
464. 2
465. 1
467.3
471. 2
472.6
476. 0
478.1
478. 8
480.9
483. 1
[Billions of dollars, monthly data at seasonally adjusted annual rates]
Wage
Rental
and
Other Propriet<>rs' income income
Divi- Personal Transfer
salary
labor 2
Business
paydends interest
of
disburseFarm
income
and
proincome ments
l
persons
ments
fessional
210. 9
11.8
7. 1
30.4
10.7
11. 2
15. 8
17.5
227. 6
11.6
8. 1
10.9
32. 1
12. 1
18. 8
17.5
11.
8
9. 1
238. 5
12. 6
21. 9
32. 7
19. 6
11. 9
13.5
239. 8
9. 4
12. 2
32. 5
12. 4
21.0
26. 3
11.4
258. 5
10. 4
11.9
35. 1
13.7
23.5
27.5
271. 3
12. 0
11. 0
12.1
34. 2
14. 5
25.8
29.5
12. 8
278. 8
11. 4
12. 1
35. 3
27.7
33. 6
15. 3
297. 1
12. 1
13. 3
12. 0
36. 5
16. 6
30. 0
34.8
312.3
12.8
12.6
12. 1
37.7
36. 9
17.8
32.5
304.7
12. 5
13.5
12. 0
17.2
37. 2
35. 7
31. 7
306. 1
12. 5
13.3
12.0
31.8
36.2
37. 2
17. 2
12. 5
12. 8
308. 7
37.3
12.0
31.9
36.4
17.3
12. 6
12. 6
311. 2
37. 4
12. 0
32. 1
36.6
17. 3
312. 9
12. 6
12.4
12. 0
18.2
37.6
32.3
36.4
12.7
12. 7
314. 1
12. 1
17.5
37.7
32.6
36.5
314.4
12.7
12. 7
12. 1
37. 9
32.
8
36. 7
17.6
12.7
12. 1
12.7
316. 2
37.9
33.0
17. 8
36.8
33.2
12. 8
12.7
38.2
12. 2
318. 7
18.2
37.3
12. 8
12.6
319. 2
12.2
38.2
18. 5
33.5
37.6
320.8
12. 5
12. 8
38.4
12.2
33.8
37.7
19. 8
12.2
321.7
12.8
12.2
39.9
34. 1
38.4
19.0
12. 1
324. 2
12. 9
12.3
34.3
37.7
38.6
19. 1
325.3
12. 9
12.3
12.3
38.7
34.5
38.0
19. 3
12. 9
12.2
326. 9
12. 3
38.7
19. 4
38. 2
348
1
Compensation of employees (see p. 3) excluding employer contributions for
social Insurance and the excess of wage accruals over disbursements.
» Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other
minor items,
• Personal income exclusive of net income of unincorporated farm enterprises,
Less: Personal contributions
for social
insurance
5.2
5. 8
6.7
6.9
7.9
9.2
9.5
10.2
11.8
11.5
11.5
11.6
11.7
11.8
11.8
11.9
11.9
12.0
12.0
12. 1
12.3
12.4
12.4
12.4
Nonagricultural
personal3
income
295.0
317. 9
336. 1
343. 0
368. 6
385. 1
400.3
424.5
445.7
434.9
437.0
440.0
443. 1
445. 8
447. 0
448.0
450.3
454. 1
455.7
459. 2
461.6
462. 4
464.3
466.5
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
Disposable personal income jumped by $8.0 billion (seasonally adjusted annual rate) in the first quarter as personal
income rose and personal taxes fell owing to the Federal tax cut. Consumption spending also rose substantially and
the saving rate edged down to 7.4 percent.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS
450
450
400
400
1,800
1,700
1964
1958
* ^SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: DEPARTMENT OF COMMERCE.
Period
Personal
income
Per cap ita disL<3ss:
posable personal
.
consump
tion
expe]
Persona
aditures
Equals
:
inco me
Less:
Equals:
DisPerPersonal
posable
Nonsonal personal
saving Current
1963
Total Durable
taxes income
goods durable Services
prices prices J
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
273. 1
288.3
289.8
310.2
332.9
351.4
360.3
383.9
401.3
417.4
442. 1
463.0
34.4
35.8
32.9
35.7
40.0
42.6
42.3
46.8
51.4
52.9
57. 7
60.5
238.7
252.5
256.9
274.4
292.9
308.8
317.9
337.1
349.9
364.4
384.4
402.4
1962:
444. 5
449. 9
453. 9
459. 9
465. 2
473.0
479. 1
58. 1
58.5
59. 4
59.9
60.8
62. 1
60.4
386. 5
391.4
394. 5
400.0
404.4
410. 9
418.7
III_.
IV. _
1963: I
II_._
III._
IV._
1964: !-___
COUNCIL OF ECONOMIC ADVISERS
Billions of dollars
29. 1
219.8
115. 1
75.6
118.0
232. 6
32.9
81.8
32.4
119. 3
238.0
86.3
39. 6
124.8
256.9
92.5
131.4
38.5
100.0
269.9
40.4
137.
7
285. 2
107. 1
141. 6
37. 3
114. 3
293. 2
43. 6
147. 1
313.5
122.8
44. 9
151. 8
328.2
131.5
43. 6
155. 1
336.8
138.0
161. 4
48. 2
355.4
145.7
167.1
373.1
51.5
154.5
Seaso nally adjiisted annijal rates
162. 5
356. 7
47.7
146.6
362. 9
50. 5
163. 6
148. 9
367. 4
50.6
165. 3
151. 4
51. 0
165.9
370. 4
153.5
50.8
168.6
155. 5
374.9
168.7
53. 6
379.9
157.7
172.4
387.9
55.5
160.0
1
Income in current prices divided by the implicit price deflator for personal
consumption
expenditures on a 1963 base.
3
Population of the United States including armed forces abroad. Annual
data as of July 1; quarterly data centered in the middle of the period, interpolated
from monthly figures.
18.9
19.8
18.9
17.5
23.0
23.6
24.7
23.6
21.7
27.6
29. 1
29.3
29. 7
2as
27. 1
29. 6
29.5
31.0
30.8
Saving as
percent Populaof distion
posable (thoupersonal sands) 2
income
(percent)
Dol Lars
1,756
1,521
1,582
1,809
1,582
1,790
1,870
1,660
1,741
1,928
1,941
1,803
1,825
1,928
1,904
1,987
1,993
1,937
2,028
1,983
2,086
2,059
2,125
2,125
7.9
7.8
7.4
6.4
7.9
7. 6
7. 8
7.0
6.2
7.6
7.6
7.3
156,
159,
162,
165,
168,
171,
174,
177,
180,
183,
186,
189,
947
559
388
276
225
278
154
080
684
756
656
375
2,066
2,084
2,093
2, 116
2, 131
2, 157
2,191
7.7
7. 3
6. 9
7. 4
7.3
7.5
7.4
187,
187,
188,
189,
189,
190,
191,
045
816
444
047
756
498
120
2,091
2,101
2, 101
2, 118
2,127
2,144
2,171
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
FARM INCOME
Net farm income (seasonally adjusted) declined in the first quarter.
BILL IONS OF DOLLARS
BILLIONS OF DOLL ARS
SEASONALLY ADJUSTED ANNUA L RATES
50
REALIZED GROSS
FARM INCOME
m
40
•
f.
x
~
in
~~~
1
"* '""
^^^^^^^••IIM••••
40
30
nf\
20
NET FARM INCOME
INC .UDING NET INVENT(3RY
CHANGE
*—• — —
10
1
0
!
t
••
-~^
t
1
10
T
1959
1958
f
I
I
!
I960
I
I
r
1961
Personal income received by
total i"arm popuilation
1954
1955
1956
1957
1958
1959
I960..
1961
1962
1963
1962: III
IV
1963: I_
II
III
IV..
1964: I
19.0
18.3
18. 6
18.8
20. 5
19.0
19.6
20.1
20.5
19.8
-.
._
__
From
From
farm
nonfarm
sources sources
T
t
f
1963
f
f
0
1964
13.2
12.2
12.0
12.2
13.8
11.8
12.3
13.0
13.4
13.0
Nett<3 farm
operiitors
Net inc ome per
farm incl uding net
inventory change 3
Produc~
Cash tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1963
Total i
from
ventory ventory2
prices prices 4
marketchange change
ings
Dollars
Billions <>f dollars
21. 7
12. 2
12. 7
33.9
2,645
5.8
30.0
2,939
2, 529
6. 1
21. 9
11. 5
33. 3
29. 6
11. 8
2,810
2,574
6. 6
34. 6
12.0
22. 6
30.6
11.6
2,798
2, 695
6.6
34.4
23.4
11.0
29.8
11.8
2,837
12.
6
3,201
6.7
37. 9
33.4
25. 3
13.5
3,334
26.2
7. 1
37.5
11.3
11.
4
2,775
33.5
2,861
7.2
26.2
3,044
37.9
11.7
12.0
34.0
3, 138
7.0
39.6
12.5
27.1
3,359
34.9
12.8
3,428
3,602
7.1
28.2
12.6
40. 8
13.3
35.9
3,638
12.3
41. 1
3,580
3,580
36.2
28.8
6.8
12.8
Seas onally ad justed amlual rates
13.2
3,620
28.3
12.4
3,580
40.7
35.8
3,630
3,670
36.2
28.4
12.6
13.4
41. 0
12.7
13.5
3,780
3,780
41.3
36.4
28.6
3,530
12. 6
28.6
12.0
3,530
35. 6
40. 6
12. 2
12. 7
3, 550
28.9
41. 1
36. 1
3,550
3,530
29. 1
12.3
12. 6
3,530
41.4
36. 7
29.2
12.2
3,510
41.2
3, 510
12.0
36. 2
1
Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
'
Inventory of crops and livestock valued at the average price for the year.
1
Based on 1969 Census of Agriculture definition of a farm. The number of
farms is held constant within a year.
t
]income re ceived fro m farming '. •
Realize d gross
From
all
sources
?
<:OUNCIL OF ECOHOMJC"ADVISERS.r
SOUFICE'. DEPARTMENT OF AGRICULTURE.
Period
T
1962
4
Income in current prices divided by the index of prices paid by farmers for
family living items on a 1963 base.
Source: Department of Agriculture.
CORPORATE PROFITS
Preliminary estimates show corporate profits before taxes $1.7 billion (seasonally adjusted annual rate) higher in
the first quarter of this year than in the final quarter of 1963.
After tax profits rose sharply to $31.1 billion,
percent above a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
10
10
1964
SEE NOTE ON TABLE BELOW.
•U EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.
Period
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1962: III__
IV__
1963: I
II
III__
IV__
1964: I 3 _ _ _
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Cori)orate pr ofits (befc>re taxes) and inveritory
Coriuorate pr ofits
valuation adjustmei at
a fter taxes
TransCorpo- CorpoM anufactui ing
portation,
rate
rate
comAll
tax
profits
DiviUn•NT
All
Durable durable muni- other before liabil- Total
dend distribindusgoods
indus- taxes
uted
ity
payTotal indusgoods cations,
tries
and
tries
ments profits
public
tries
tries
utilities
37.3
33.7
43. 1
42.0
41.7
37. 2
47. 2
44. 5
43. 8
47. 0
51. 1
46. 1
49. 3
48.8
50. 1
52. 2
53. 2
55. 8
1
21.4
18.4
25. 0
23. 5
22. 9
18.3
25. 4
23. 0
22. 0
24. 5
26. 5
24. 7
25. 2
24. 2
26.0
27.6
28. 1
12. 1
10. 1
14. 2
12.6
13. 1
10.8
10.9
13.4
11. 6
11. 1
13.2
14. 6
13. 5
13.7
13. 2
14.5
15.0
15. 6
11. 9
11.4
10. 9
11. 3
11. 9
11. 3
11. 6
11. 0
11. 5
12. 6
12. 5
9.0
9.3
8.3
9.8
9.3
4.9
4. 4
5.4
5. 6
5. 5
5. 6
6. 7
7. 0
7. 2
7. 6
8.1
7.6
7.9
8. 1
7.9
8.3
8.3
11. 0
11. 0
12. 8
12. 9
13. 3
13. 3
15. 1
14. 4
14. 6
14. 9
16.5
13. 8
16. 2
16. 4
16. 2
16.4
16. 9
Includes depreciation, capital outlays charged to current accounts and accidental damages.
32 Corporate profits after taxes plus corporate capital consumption allowances.
Preliminary.
S2-925 °—64-
38.3
34. 1
44. 9
44. 7
43. 2
37.4
47.7
44.3
43.8
46.8
51.5
46. 2
48.4
48.3
51. 0
52.2
54. 3
56.0
20. 2
17.2
21.8
21. 2
20. 9
18. 6
23. 2
22. 3
22. 0
22. 2
24.4
21. 9
22. 9
22. 9
24. 2
24.7
25. 8
24. 9
18. 1
16. 8
23. 0
23. 5
22. 3
18. 8
24.5
22.0
21. 8
24. 6
27.1
24.3
25. 5
25.4
26.8
27. 5
28.6
31. 1
9.2
9. 8
11. 2
12. 1
12. 6
12.4
13.7
14. 5
15.3
16. 6
17.8
16. 5
17. 1
17.1
17.6
17. 6
18.8
19. 1
8. 9
7. 0
11.8
11.3
9.7
6.4
10.8
7.5
6. 5
8. 1
9.3
7. 8
8.4
8.3
9.2
9.8
9.7
12.0
Corporate
capital
consumption
allow-1
ances
14. 1
15. 8
18.4
20. 0
21. 8
22. 7
24. 3
25.6
26.8
30.8
32.4
31. 0
31.3
31. 7
32. 1
32.7
33. 2
33.7
Profits
plus
capital
consumption
allow-2
ances
32.2
32.7
41.4
43.5
44. 1
41.4
48.7
47. 6
48.6
55.4
59. 5
55. 3
56. 8
57. 1
58. 9
60. 2
61. 8
64. 8
NOTE.—Data beginning 1962 have been adjusted for effects of new depreciation
guidelines ($2^ billion for 1962) and therefore not comparable with previous data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
The rate of inventory accumulation fell substantially in the first quarter to $2.1 billion (seasonally adjusted annual
rate). Modest increases were registered in outlays for all types of construction and for producers' durable equipment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
)OO
GROSS PRIVATE
DOMESTIC INVESTMENT
X
40
20
1964
1958
SOURCE: DEPARTMENT OF COMMERCE,
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Total
gross
private
domestic
invest- Total
ment
Period
1951
1952
1953
1954.
1955
1956.__
1957
1958 .
.
1959
._
1960
.1961
1962
1963
1962: 1II_._
IV
1903: 1
.
II
III
__
IV
1WM: 1...
1
__-
56.3
49.9
50.3
48.9
63.8
67.4
66. 1
56. 6
72.7
71.8
69. 0
78.8
82.3
78. 9
78.8
77.8
80. 7
83.7
87. 1
84.8
46.1
46.8
49.9
50. 5
58. 1
62. 7
64.6
58.6
66.2
68.3
67. 1
73.2
77.5
75.3
74.9
72.7
76.5
79.5
81. 7
82. 6
New construction 1
Total
24.8
25.5
27.6
29.7
34.9
35.5
36. 1
35. 5
40.2
40. 7
41. 6
44.4
46.6
46.0
45. 0
43.7
45.8
47.9
49.2
49.7
Residential
nonfarm
12. 5
12.8
13.8
15.4
18.7
17.7
17.0
18.0
22.3
21.1
21. 0
23.2
25.0
24. 2
23.7
22.7
24.8
25.9
26.8
27.1
idwiftionn in .wriwi <m now construction shown on p. 19 have not yet been incor|MirnU*d into thtwo wirkw.
' "Olhrr" connlrucllou In thin wrlos includes petroleum and natural gas well
drilling, \v lilHi tiro included from «tUnmt«fl on p. 10.
8
Change in business inventories
Fix€id investnlent
Otller
Total
12. 3
12. 7
13.8
14.3
16. 2
17.8
19.0
17.4
17.9
19.7
20.5
21.2
21. 6
21.7
21.2
21.0
21.0
22.0
22.4
22.6
Produce>rs* durable eqiupment
2
Nonfarm
10.4
10.8
12.1
12.7
14. 6
16. 3
17. 5
15.9
16.2
18.0
18.6
19.5
19. 8
19.8
19.5
19.4
19.1
20.2
20. 6
20.8
Total
21. 3
21. 3
22.3
20. 8
23. 1
27.2
28.5
23. 1
25. 9
27.6
25.5
28.8
30.9
29.3
29.9
29.0
30.7
31.6
32. 5
32.9
Nonfarm
18. 4
18. 6
19. 5
18.5
20.6
25.0
26. 2
20.3
23. 1
25. 1
22.9
26.0
27. 9
26.6
26.8
25.9
27.6
28.8
29. 4
29. 5
Total
10.2
3.1
.4
-1.6
5.8
4.7
1.6
-2.0
6.6
3.5
1.9
5.5
4.7
3.6
4. 0
5.1
43
4.2
5.4
2.1
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
Non-
9. 1
2.1
1. 1
-2. 1
5.5
5. 1
.8
-2.9
6.5
3.2
1.5
4.9
4.2
2.8
3.2
4.3
3.6
3.7
5. 1
1.9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The February survey of plant and equipment expenditures indicates an upward revision of $500 million (seasonally
adjusted annual rate) in outlays in the fourth quarter of 1963 and the first quarter of this year. Plans call for $1.0
billion greater outlays in the second quarter than indicated in the previous survey and outlays in the second half of the
year are anticipated to rise 5.9 percent from the rate in the first half.
BILLIONS OF DOLLARS
50
BILLIONS OF DOLLARS
50
10
10
1958
1959
1964
-^ SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufacturi Dg
Period
Total
Total
1953_
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963 3
1964
1963: I
II
III
IV
1964: I 33
II
2nd half
3
_ _
28. 32
26.83
28.70
35. 08
36.96
30. 53
32. 54
35. 68
34.37
37.31
39.22
43. 19
36. 95
38. 05
40. 00
41. 20
41. 25
42. 70
44. 45
11. 91
11. 04
11. 44
14.95
15. 96
11. 43
12. 07
14. 48
13.68
14.68
15.69
17.72
14. 85
15. 30
1 5. 95
16. 45
10. 65
17. 40
18. 40
Durable Nonduragoods
ble goods
5.65
5.09
5. 44
7. 62
8.02
5. 47
5. 77
7. 18
6. 27
7. 03
7. 85
8. 97
7. 35
7. 65
8. 00
8. 30
8. 30
9. 00
0. 30
1 Excludes agriculture.
2 Commercial and other includes trade, service, finance, communications, and
construction.
'Estimates based on anticipated capital expenditures as reported by business
in February 1004. Includes adjustments when necessary for systematic tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
Trans po rtation
1
6. 26
5. 95
6. 00
7. 33
7. 94
5. 96
6. 29
7. 30
7. 40
7. 65
7. 84
8. 75
7. 50
7. 65
8. 00
8. 15
8. 35
8. 40
<>. 10
Railroads
Other
Public
utilities
1.31
. 85
. 92
1. 23
1. 40
. 75
. 92
1.03
. 67
. 85
1. 10
1. 38
.90
1. 00
1. 20
1. 35
1. 25
1. 40
1.40
1. 56
1. 51
1. 60
1. 71
1.77
1. 50
2. 02
1. 94
1. 85
2.07
1. 92
2. 06
1. 70
2.05
1.85
2. 10
2. 15
2. 45
1. 80
4.55
4. 22
4.31
4. 90
6. 20
6. 09
5. 67
5.68
5. 52
5.48
5.65
6. 01
5. 20
5.45
5.90
5. 80
5.70
6.00
6. 35
Mining
0. 99
. 98
.96
1.24
1. 24
. 94
.99
.99
.98
1.08
1.04
1. 04
1. 05
1. 00
1.05
1. 05
1. 05
1. 10
1. 00
Comm ercial and
other 2
8. 00
8.23
9.47
11. 05
10.40
9. 81
10.88
11.57
11. 68
13.15
13.82
14 98
13.20
13.30
1405
14 50
14 40
14 35
15.50
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The seasonally adjusted civilian labor force rose by over 800,000 in April, and was accompanied by a 750,000
increase in employment. An important part of the rise, in each case, consisted of part-time women workers. Unemployment continued to hover near the 4 million mark.
MILLIONS OF PERSONS'*
MILLIONS OF PERSONS*
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
Ul»JE MF>LC)Y M EI>JT RAT E
(S E* SC NA L _Y A DiJUS TE D)
r
4]"
HT"
"; "
1-
-
— -„
r-J~
~>
1
IS)5JJ
-~
n"
19 5$)
r. ~.
96()
"
n ~« _
- ,.
1
i96
q
T
i
I96 2
963
* 14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR.
Period
Total
labor
force
(including
armed
forces)
71,
73,
74,
74,
74,
75,
946
126
175
839
681
712
74,
74,
75,
77,
77,
77,
75,
76,
Nov. 70,
I>co_ 75,
1 '.)(»•!:
71,
J:m
r
I'Vh . 7. >,
382
897
864
901
917
167
811
086
000
201
1959_._
1960___
1961...
1962 23__
1962 _.
1963___
1963:
Mar_
Apr._
May_
June.
Julv.
AiiR_
Sept.
<>c.t,__
MarApr
f.H
'J.r>'J
75, 55:;
7<», 5 1 1
Total
labor
force
Non- Unemploy- (includagriing
ment
Total
cularmed
tural
forces)
Thous ands of j)ersons 14
65, 581 59, 745 3,813 71, 946
66, 681 60, 958 3,931 73, 126
66, 796 61, 333 4,806 74, 175
67, 999 62, 744 4,012 74, 839
67, 846 62, 657 4,007 74, 681
68, 809 63, 863 4, 166 75, 712
Unadji usted
67,
(iS,
(iS,
('.<),
148
097
061
319
851
561
546
891
325
615
22S
002
517
S77
62,
63,
63,
64,
64,
65,
64,
64,
64,
64,
63,
64,
<»4,
05,
812
424
883
365
882
065
220
541
548
576
234
071
500
448
4, 501
4, 063
4, 066
4,846
4,322
3, 857
3, 516
3,453
3,936
3,846
4,
4,
4,
3,
565
524
293
021
75, 192
75, 638
75, 759
75, 627
75, 951
75, 737
75, 840
75, 910
76, 311
75, 964
76, 388
76, 567
76, 503
77, 328
Civilia n emplo yment
Civilian
labor
force
10
AgriTotal
cul-
tural
Nonagncul-
tural
years of age and o ver
69, 394 65, 581 5,836 59, 745
70, 612 66, 681 5,723 60, 958
71, 603 66, 796 5,463 61, 333
72, Oil 67, 999 5,255 62, 744
71, 854 67, 846 5, 190 62, 657
72, 975 68, 809 4, 946 63, 863
Seasonally adjustec 1
72, 460
72, 902
73, 022
72, 891
73, 207
72, 988
73, 091
73, 168
73, 572
73, 224
73, 667
73, 835
73, 760
74, 583
us IU-M-I nl m i i u i i i n s l l l n l i o l i u l p o p u l a t i o n ,
i i i c i l c.f J'.ruimiulr Ailvlsrr.s for comparability with previous
1964
COUNCIL OF ECONOMIC ADVISERS
Civiliabn employioaent
67,
68,
69,
70,
70,
70,
69,
69,
69,
68,
Tl
1
68, 364
68, 767
68, 720
68, 767
69, 101
68, 941
69, 044
69, 067
fiQ
Oiy, 999
KI&&
69, 205
69, 567
69, 882
69, 807
70, 559
4,886
4, 997
5,030
4,924
5, 009
4,872
4,877
4, 939
4,903
4,890
4, 936
4, 797
4,600
4, U8
63, 478
63, 770
63, 690
63, 843
64, 092
64, 069
64, 167
64, 128
64, 319
64, 315
64, 631
65, 035
65, 207
65, 811
Unempl oyment Labor
rate (pe rcent of force
Unem- eiviliaii labor participation
for ce)
ployrate,
Seasonment
Unadad- unad- l
justed ally
justed
justed
Percent
58. 3
3,813
5.5
58. 3
3,931
5.6
58.0
6.7
4,806
57.4
4,012
5.6
57. 4
5. 6
4,007
4, 166
57.3
5.7
4,096
4,135
4,302
4,124
4,106
4,047
4,047
4,101
4,350
4, 019
4, 100
4,003
8,953
4,024
6.3
5.6
5.6
6.4
5.7
5.2
4.8
4.7
5.4
5.3
5. 7
5. 7
56.5
56.9
57.5
59.0
58. 9
58.3
57.2
57.3
57.2
56.5
6.4
6.2
5.9
5.3
5.6
5.4
55.9
56. 4
56. 6
57. 3
5.9
5.7
5.6
5.5
5.5
5.6
5.9
5.5
5.4
5.4
Not strictly comparable with preceding data. See Employment and Earnings, May 1962. p. XIV.
NOTE.—Beginning 1900, data include Alaska and Hawaii.
Source: Department of Labor.
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate stood at 5.4 percent in April, unchanged from the previous 2-months
rate. The rate for experienced workers declined to 5.0 percent.
PERCENT
.PERCENT
10.0
10.0
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
/Vs
8.0
8.0
6.0
6.0
UNEMPLOYMENT RATE .EXPERIENCED
WAGE AND SALARY WORKERS
^
4.0
4,0
V
UNEMPLOYMENT RATE,
MARRIED MEN
2.0
2.0
1958
1959
I960
J961
SOURCE: DEPARTMENT OP LABOR.
Unecaploymen t rate
(pereen t of civiliiin labor
for ce in grouip)
1959
1960
1961
1962
1963
5.5
5.6
6.7
5.6
5.7
1963: Apr
May
June
July
Aug
Sept
Oct_
Nov
Dec
1964: Jan
Feb
Mar
Apr
5. 7
5.9
5.7
5.6
5.5
5.5
5.6
5.9
5.5
5.6
5.4
5.4
5.4
_
1
3 Married
Per cent
3.6
5.6
5.7
3.7
4. 6
6. 8
3. 6
5.5
3.4
5. 5
Seasonallyy adjusted
3.3
5.4
3.3
5.5
3.2
5.6
3.2
5.4
3. 1
5.4
3.0
5.4
2.9
5.5
3.4
5.7
3.3
5.3
3.2
5.3
5.2
3. 0
2. 9
5. 1
5. 0
2.9
Labor
force
time lost
through
6.6
6.7
8.0
6.7
6.4
17, 345
17, 664
18, 210
19, 025
19, 257
6.4
6.5
6.6
6.4
6.3
6.1
6.2
6.3
6. 1
6.2
6. 1
5.8
5. 9
18, 068
19, 894
19, 706
18, 747
18, 658
20, 154
20, 334
19, 101
20, 220
18, 337
18, 985
19, 466
20, 173
men living with their wives.
Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian labor
force.
3
Differs from total nonagrlcnltural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
1963
1964
COUNCIL OF ECONOMIC .ADVISERS.
Experienced Married ployment Over 40
All
and men 1 and part- hours
workers wage
salary
•fiTY-iek
workers
__._. i 2
work *
Period
196a
Persons at work i n nonagricultural 3iridustries
by hours worked f >er week
Uiider 35 hours
Part-ti me for
Part-ti me for
economi B reasons economi B reasons
35-40
Total
hours
Usually Usually Usually Usually
fullpartfullparttime 4
time 4
time 6
time 5
Thousan ds of persons 14 ye ars of age and over
27, 723 11, 702
1,032
1,304
28, 724 11, 528
1,243
1,317
29, 047 11, 132
1,297
1,516
28. 853 11, 675
1,049
1,288
29, 422 11, 856
1,219
1,070
tJnadjuste d
Seasonally7 adjusted
28, 437 14, 311
1,136
1,070
1,070
1,156
30, 489 11, 408
1,021
,119
1, 022
1, 197
30, 098 10, 595
1,069
:,550
1,081
1,246
28, 467
924
9,888
, 559
1,048
1,214
29, 020 10, 245
1,183
,608
1,178
1,287
30, 308 10, 768
,112
1,173
1, 158
1,223
30, 626 11, 294
:,061
1,058
1, 101
1,220
27, 028 16, 391
1,086
1,075
1,034
1, 168
30, 597 11, 773
1,039
1,008
1,023
1,157
1,057
957
28, 842 13, 801
1,015
1,164
29, 968 13, 015
1,085
1,106
1,036
1,165
31, 090 11, 908 6 1,032 6 1,049
1,003
1,127
31, 279 11, 885
992
1, 053
1, 069
1, 154
* Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
* Primarily includes persons who could find only part-time work.
8
Average hours worked-' usually full-time, 24.3; usually part-time, 17.8.
NOTE.—See note, p. 10. Beginning I960, data include Alaska and Hawaii.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In April, insured unemployment under State programs averaged about 1.8 million.
of coverage, this was 163,000 less than in April 1963.
After adjustment for extension
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
If SEE NOTE 2 ON TABLE BELOW.
SOURCE: DEPARTMENT OF LABOR.
1960
1961
1962
1963
1963: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1964: Jan
Feb
Mar 1
Apr
Week ended:
1964: Apr
4
11
18
25
May 2
9
Stsite progra ms
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milployment
(weekly
lions
ment
averof dolage)
lars)
Thou sands
46, 334
2,067
46, 264
2,994
47, 766
1,924
1
48, 675
1,973
_ _ _ 47, 063
2,465
47, 892
2,089
48, 329
1, 799
49, 001 2 1,628
49, 095
1, 655
1,587
49, 381
49, 424
1,444
1,476
1,686
2,122
2, 563
2,410
2,200
1,919
3, 022. 7
4, 358. 2
3, 160. 0
3, 025. 9
343. 0
297. 8
254. 6
205. 0
211.8
204,8
179. 8
190. 0
181. 3
254. 5
345. 6
307. 9
315.6
276.4
12
Initial
claims
Exhaustions
Weekly £iverage, t housands
1,906
331
31
46
2,290
350
32
302
1,783
294
1, 806
30
272
2,298
36
1,918
273
37
1,624
33
239
32
240
1, 468
2
2
301
1, 497
28
1,438
26
251
226
24
1,296
24
256
1,333
22
292
1, 542
1,972
27
415
412
30
2,395
291
31
2, 243
32
259
2, 050
34
246
1,755
2,049
1,994
1,947
1,858
1,728
lnfiry.
» rroj mti inolucto Puerto Rican sugarcane workers for initial claims and
IttmimT tiiM'iiii>loyiiioiit Iwg liming July 1903.
DEC.
COUNCIL OF ECONOMIC ADVISERS
A11 progranis
Period
NOV.
1,910
1,856
1,761
1,681
1, 598
265
282
232
229
226
242
Insured I unemBenefi bs paid
ploymen t as percent of covered
Total Average
emplo yment
(milweekly
lions of check
Unad- $easonad- dollars) (dollars)
justed ally
justed
Per<3ent
4.8
5.6
4.4
4,3
5.6
4.7
3.9
3.5
3.6
3.4
3.0
3. 1
3.6
4,7
5.7
5. 3
4.9
4.2
4-4
4.2
4.2
4-1
4.1
4.2
4-0
4.1
4.1
4.8
4.3
4.0
3.5
8.8
2, 726. 7
3, 422. 7
2, 675. 4
2, 774. 7
316.4
274.8
235. 9
188.2
195. 6
186. 8
163. 1
172.0
165. 0
233. 0
319.3
283.8
292. 6
255. 0
32.87
33.80
34. 56
35. 27
35. 80
35.54
34.91
34.34
34.43
34.67
34.93
35. 15
35. 37
35. 78
36.07
36. 24
36.26
35.95
4. 6
4.4
4.2
4.0
3. 8
NOTE.—For definitions and coverage, see the 1962 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Kico since January 1961.
Source: Department of Labor.
NONAGRICULTURAL EMPLOYMENT
Employment of wa$e and salary workers in nonagriculfural establishments (seasonally adjusted) rose by 203,000 in
April/ approximately three-fourths of the increase occurred in wholesale and retail trade.
AND SALARY WORKE.RS *
MILL IONS OF WAGE
MILL IONS OF WAGE
AND SALARY WORKE RS^
62
20
ALL NONA GRICULTURAL ESTABLISHM ENTS
MANUFACT URIN6
60
58
^-»*v
**
^r^
S*
_**
16
x^^
56
54
TQT
AL
18
*"
<>
•* r
<*>
12
DURABLE
GOODS
INDUSTRIES*^
10
^^-"""
•••^^^^**^"~
8
52
IIKllHMIIIIIIIIIlnllllHl
50 4 < ' M 1 1 H M
1961
.mil.....
1 I 1 1 11 111)1
1 1 1 1 1 1 1 1 1 1 1^
1962
1963
J964
NONDURABLE
- GOODS INDUSTRI
ES^^-
uiiiniii'ioi'iiiiiiiiiiiiiii iitiiu""i"iii"ti»»»rut """*"*
6
J963
1962
1961
4.0
WHOLESA LE AND RETA L TRADE
CONTRACT!" CONSTRUCTION
(ENLARGED SCALE)
(ENLARGED SCALE)
12.0
3.5
•x-—-
**s^~"
3.0
1964
—*
12.5
j
- S
^
f
r*
1
11.5
^
S*
•^^^
>r
2.5
11.0
2.0 - 4 1 1 l i t 1 1 1 1 i
1961
1 1 1 1 1 1 1 1 1 1 1 , ,,,, ,
1962
l .. ii
10.5
. i i ri I i i i i ^
1963
1961
1964
1962
* SE ASONALLY ADJUS TED DATA.
SOUR CE: DEPARTMENT OF LABOR.
1963
1964
COUNC11 OF ECONOMIC ADVISER$
-
l
[Thousands of wage and salary workers; seasonally adjusted]
N onmanu faeturini ; (private)
Manufac during (]Drivate)
Period
Total
Total
1957
1958
1959
1960
1961
1962
1963
1963: Mar_
Apr__
MayJune .
JulyAug._
Sept.
Oct__
Nov_
Dec_
1964: Jan..
Feb..2
Mar
Apr 2 -
52, 904
51, 423
53, 404
54, 370
54, 224
55, 841
57, 174
56, 706
56, 873
57, 060
57, 194
57, 340
57, 344
57, 453
57, 646
57, 580
57, 748
57, 850
58, 183
58, 268
58, 471
17, 174
15, 945
16, 675
16, 796
16, 327
16, 859
17, 035
16, 948
17, 037
17, 095
17, 075
17, 103
17, 033
17, 076
17,119
17, 061
17, 127
17, 119
17, 175
17, 244
17, 285
NonDurable durable
goods goods
9, 856
8,830
9,373
9,459
9,072
9,493
9,659
9,586
9,660
9,683
9,685
9,701
9,652
9, 705
9,718
9,688
9,737
9,726
9,750
9,812
9,863
7,319
7, 116
7,303
7,336
7,255
7,367
7,376
7,362
7,377
7,412
7,390
7,402
7,381
7,371
7,401
7,373
7,390
7,393
7,425
7,432
7,422
Total
28, 104
27, 585
28, 539
29, 054
29, 069
29, 794
30, 605
30, 303
30, 370
30, 485
30, 615
30, 748
30, 812
30, 825
30, 884
30, 866
30, 916
31, 013
31, 296
31, 275
31, 406
Con- Transtract portation
Mining conand
strue- public
tion utilities
828 2,923 4,241
751 2,778 3,976
732 2,960 4,011
712 2,885 4,004
672 2,816 3,903
652 2,909 3,903
634 3,029 3,913
631 2,928 3,894
639 3,005 3,890
640 3,019 3,909
639 3,046 3,919
640 3,069 3,936
635 3,083 3, 941
632 3, 071 3,950
629 3,066 3,937
630 3,057 3,928
630 3,069 3,915
623 3,017 3,923
624 3, 169 3,934
624 3,157 3,932
627 3,124 3,943
Includes oil full-- and part-time
wage and salary workers in nonagricultural
uhlishmfints who
whn worked
workfid dnrmtr
nr received
rp.np.ivAd pay
nav for
fnr any
ftnv nart
np.rind
establishments
during or
part nf
of t.hp
the nav
pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
Gover nment
Whole- Finance,
insur- Service
sale
ance,
and Federal State
and
and
and
miscelretail
local
real
laneous
trade
estate
10, 886 2,477 6,749 2,217
5,409
10, 750 2,519 6,811 2, 191
5,702
11, 127 2,594 7, 115 2,233
5,957
11, 391 2,669 7,392 2,270
6,250
11, 337 2,731 7, 610 2,279
6,548
11, 582 2,798 7,949 2,340
6, 849
11, 865 2,866 8,297 2,358
7,177
11,795 2,848 8,207 2,340
7,115
11, 784 2,853 8, 199 2,339
7,127
11, 825 2,864 8,228 2, 345
7,135
11, 864 2,865 8,282 2,349
7, 155
11, 884 2,870 8,349 2,351
7,138
11,907 2,873 8,373 2, 348
7,151
11, 922 2,873 8,377 2,347
7,205
11,935 2,887 8,430 2,352
7,291
11, 941 2,887 8,423 2,347
7,306
11, 963 2,892 8,447 2,349
7,356
12, 072 2,904 8,474 2,349
7,369
12, 143 2,911 8, 515 2,321
7,391
12, 093 2,918 8,551 2,328
7,421
12, 244 2,925 8,543 2,326
7,454
are not at work because of industrial disputes; and which are based on an enu-
mp.rat.inn
in thio
ar« Hacorl
ronnrfa
meration nf
of nnnnlatinn
population, whp.rAfts
whereas t.hp
the AsMmatAfl
estimates in
this ta.Hla
table are
based n-n
on reports
from employing establishments.
a Preliminary.
NOTE.—Beginning 1959, data include Alaska and HawalL
Source: Department ol Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
Average hours worked by production workers in manufacturing, showed relatively little change in April from the
previous 2 months, on a seasonally adjusted basis.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46
DURABLE M ANUFACTURINCJ
NONDURABLE MANUFACTURING
44
42
40
*^**f ***—***
42
*T-"X/*"'»«^i/^«
Sf
40
38
38
36
36
34
1962
1961
1963.
34
1964
1961
42
1962
1963
1964
1962
1963
1964-
44
CONTRACT CONSTRUCTION
RETAIL TRADE
40
42
38
40
36
38
34
36
32
34
30 K.
1962
1963
32
1964
1961
SOURCE: DEPARTMENT OF LABOR.
.COUNCIL OF ECONOMIC ADVISERS
[Average hours per week; 1 seasonally adjusted]
Man ufaeturing Industries
Period
1953
1954_.
1955
1956
1957
1958
1959
1960
1961
1962
1963
1963: Mar
Apr_ .
May
June
July
Aug
Sept
Oct
Nov
Dec
1964: Jan.
Feb 2
Mar2
Apr
Durable
goods
.
--_.
-—
-—
40. 5
39.6
40. 7
40. 4
39. 8
39. 2
40.3
39. 7
39.8
40. 4
40.4
40. 5
40. 1
40. 5
40. 5
40. 4
40.3
40.7
40. 6
40. 5
40.5
40. 1
40.6
40.7
40.6
> 1 )ntn relate to production workers or nonsupervisory employees. Data for
Alaska
and Hawaii included beginning 1959.
:
Preliminary.
14
41. 2
40. 1
41. 3
41. 0
40. 3
39. 5
40. 7
40. 1
40.3
40. 9
41. 1
41. 0
40.7
41. 1
41. 3
41. 2
41. 0
41. 3
41.2
41. 1
41. 5
40. 8
41.3
41.2
41.3
Nondurable
goods
39.6
39.0
39.9
39. 6
39. 2
38. 8
39. 7
39. 2
39. 3
39.6
39.6
39.8
39. 3
39. 7
39.6
39.5
39. 6
39.7
39.8
39. 5
39.6
39. 1
39.9
39.9
39.7
Source: Department of Labor.
Contract construction
37.9
37.2
37.1
37.5
37.0
36.8
37. 0
36. 7
36. 9
37.0
37.3
37. 3
37. 5
37. 5
37. 6
37. 3
37.2
37.3
37.6
36.9
36. 6
35. 6
37.4
37.6
37.2
Retail trade
39.8
39.7
39. 6
39. 1
38. 7
38. 7
38. 7
38.5
38. 1
37. 9
37.8
37.8
37.9
37.8
37.9
37.9
37. 8
37.7
37.8
37.7
37. 8
37. 3
37.5
37.4
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
In April, average hourly earnings in manufacturing moved upward for the first time since December 1963.
earnings rose to $101.81.
Weekly
AVERAGE HOURLY EARNINGS
90
2.20
I96I
1962
1963
1964
1961
1962
SOURCE: DEPARTMENT OF LABOR.
1963
1964
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
Averatge hourly earnings-— current prices
Aver age weekl y earnings>— current prices
Manuf*icturing iiidustries Contract
Retail
conNontrade
Durable durable
strucAll
goods
tion
goods
Manufc icturing iiidustries Contract
Retail
conNontrade
Durable durable
strucAll
goods
tion
goods
1954
$1.78
1. 86
1955
1. 95
1956
2. 05
1957
2. 11
1958
2. 19
1959
2. 26
1960
2.32
1961
2. 39
1962
2. 46
1963
1963: Mar__ 2. 44
2. 44
Apr
May- 2. 45
June— 2. 46
July— 2. 45
A u g _ _ 2. 43
Sept__ 2. 47
Oet___ 2. 47
Nov _ 2. 40
Dec_. 2. 51
1964: Jan_-_ 2. 51
Feb.3_ 2. 51
Mar3 . 2. 51
Apr _ 2. 52
1
2
$1. 90
1. 99
2. 08
2. 19
2. 26
2.36
2.43
2. 49
2. 56
2. 63
2. 61
2. 62
2. 63
2. 64
2. 63
2. (> 1
2. 05
2. (if>
2. <>7
2. 69
2. 69
2. 68
2. 69
2.70
$1. 62
1. 67
1. 77
1. 85
1.91
1. 98
2. 05
2. 11
2. 16
2. 22
2. 20
2. 21
2. 21
2. 22
2. 22
2. 21
2. 24
2. 23
2 25
2. 26
2. 27
2.26
2. 27
2. 28
$2.39
2.45
2. 57
2. 71
2. 82
2.93
3. 08
3.20
3. 31
3.42
3. 39
3. 34
3. 37
3. 38
3. 40
3. 42
3. 47
3. 47
3. 45
IJ. 51
3.58
3. 54
3. 51
$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
1.74 96. 56
1.80 99.38
1.78 98. 09
1.79 97. 36
1. cSO
1)9. 23
1. 81 100. 37
1. 80
99. 23
1. 80
98. 42
1. 82 100. 53
1. 82 100. 53
1. 83 100. 85
1. 80 102. 41
1.84
99. 90
1. 85 101. 15
1.84 101. 40
101. 81
Earnings in current prices, adjusted to exclude overtime and interindustry shifts.
Earnings in current prices divided by theconsumer priceindex on a 1963 base.
3 Preliminary.
32-925 °—G4
3
$76. 19
82. 19
85. 28
88. 26
89.27
96. 05
97. 44
100. 35
104. 70
108. 09
106. 49
106. 37
108. 36
109. 82
108. 09
107. 01
109. 45
109. 71
110. 00
111. 90
109. 21
109. 88
110. 29
111. 24
$63. 18
66. 63
70.09
72. 52
74. 11
78. 61
80. 36
82. 92
85. 54
87. 91
86. 68
85.97
87. 52
88.36
88. 36
88. 40
89. 38
88. 98
89. 10
90. 17
87.85
89. 04
89.67
89.60
$88. 91
90.90
96. 38
100. 27
103. 78
108. 41
113. 04
118. 08
122. 47
127. 57
122. 72
124. 58
128. 06
129. 79
130. 90
132. 70
132. 90
134. 98
125. 58
124. 96
122. 08
127. 09
128. 12
$51. 21
53. 06
54. 74
56. 89
58. 82
60. 76
62. 37
64. 01
65. 95
68. 04
66. 75
67.48
67. 68
68.96
69. 30
69. 30
68. 61
68.25
68. 26
68. 40
68.26
68. 82
68. 26
Manufac turing
indust ries
Adjusted Average
weekly
earnings, earn1957-59= ings,
1963
lOOi
prices 2
84.3 $80. 38
86. 9
86.61
88. 72
91. 5
96. 2
88.88
87. 62
100. 2
103. 5
92.81
106. 8
92.88
109. 8
94.51
112. 5
97.73
115.4
99.38
114. 6
98. 58
114. 9
97. 85
114. 9
99.73
115. 1 100. 47
115. 2
98.83
115. 0
98.03
116.0 100. 13
116. 1 100. 03
116. 8 100. 15
117.2 101. 60
99.01
117. 6
117.7 100. 35
117. 8 100. 50
NOTE .—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
In April, the industrial production index increased 1 point, or 0.8 percent to a new high of 129.2 (1957-59=100,
seasonally adjusted). Increases were widespread among the major industry groups.
INDEX, 1957-59 « 100 (SEASONALLY ADJUSTED)
150
INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)
160
TOTAL
UTILITIES AND MINING
140
UTILITIES.
130
140
120
130
110
126
100
110
MINING
90
100
1962
1963
1964
1962
1963
1964
150
150
MANUFACTURING
MARKET GROUPS
140
140
130
130
120
120
110
110
100
100
90LUL
90
1961
1962
1961
1963
1964
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Total
industrial
production
Period
1954
1955.
1956
1957.
1958
1959
1960
1961
1962
1963 *
1963: Mar
Apr .
May
June
July
« uij
Auff
Sept
Oct
Nov .
Dec
1964: Jan
Feb
Mar
Apr'
i Preliminary.
16
._.
85. 8
96.6
99.9
100. 7
93. 7
105. 6
108.7
109.8
118. 3
124.3
121. 3
122. 5
124. 5
125. 8
126. 5
125. 7
125. 7
126. 5
126.7
126. 9
127.4
127. 8
128. 2
129.2
[1957-59 = 100, seasonally adjusted]
Industry
Mairket
Fiiaal produ(3tS
Mimufacturi ng
Total
86.3
97. 3
100. 2
100. 8
93.2
106.0
108. 9
109. 7
118. 7
124.7
121.9
123. 1
125.2
126. 4
126. 8
125. 9
126. 1
127. 1
127.5
127.9
128.2
128.8
129.2
130.2
NonDurable durable
88.4
101. 9
104. 0
104. 0
90.3
105.6
108. 5
107. 0
117. 9
124.4
121. 5
122. 8
125. 6
127.4
127.0
125. 0
125.3
126.3
126. 6
127.0
127.9
128.7
129.4
130.7
83.6
91. 6
95. 4
96. 7
96.8
106.5
109. 5
112. 9
119. 8
125. 1
122. 5
123.4
124. 8
125. 2
126. 4
127. 2
127. 1
128. 1
128. 6
128. 9
128. 6
128. 9
128.9
129.6
Mining Utilities
90. 2
99. 2
104. 8
104. 6
95. 6
99.7
101.6
102. 6
105. 0
107.8
105. 4
107. 4
108. 5
109.4
111. 3
111. 3
110. 3
109. 1
107.5
106. 6
108.3
108. 1
107.2
108. 5
71. 8
80.2
87. 9
93. 9
98. 1
108. 0
115. 6
122.8
131.3
140.7
136. 4
135.7
139. 1
141. 3
145. 3
144. 6
142. 8
143. 9
144. 5
143.3
144.9
143.6
144. 0
145. 0
Total
Equipment
88.9
95. 0
103. 7
104. 6
91. 3
104. 1
107. 6
108. 3
119. 6
124.2
120.7
120. 4
122. 1
123. 8
124.8
125.3
126. 2
127.7
127. 6
128.8
128. 0
126.7
127.,8
129.3
Feder al Reserve S?Astern.
85.7
93.9
98. 1
99. 4
94.8
105.7
109.9
111. 3
119. 7
124. 8
122. 4
122. 1
123. 5
125.2
125. 9
126. 2
126. 5
127. 9
128. 0
128. 4
128. 3
127. 9
128. 2
129. 1
Source: Board of Governors of the
Consumer
goods
84. 3
93.3
95. 5
97. 0
96. 4
106. 6
111. 0
112.7
119. 7
125. 1
123. 1
122. 5
124. 1
125.9
126. 4
126. 7
126. 7
128. 0
128.2
128.2
128. 5
128. 5
128.3
129. 0
Materials
85.9
99. 0
101. 6
101. 9
92.7
105.4
107. 6
108. 4
117. 0
123.6
120. 2
122. 9
125. 7
126. 6
126. 7
125. 1
125. 0
125.5
125. 8
125. 4
126.2
127. 7
128.2
129. 3
PRODUCTION OF SELECTED MANUFACTURES
Output of most durable manufactures (seasonally adjusted) registered gains in April with particularly good rises in
iron and steel and motor vehicles. All major nondurable groups also posted gains.
INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)
INDEX, I957-59«100 (SEASONALLY ADJUSTED)
160
140
120
100
80
80
1961
1964
COUNCIL OF ECONOMIC ADVISERS.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1957-59=100, seasonally adjusted]
Durab le manufsictures
Period
1954
1955__
1956
1957
1958
1959
1960
1961
1962
1963 i
1963: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1964: Jan
Feb
Mar
Apr 1
3
Preliminary.
_. _
Primary
metals
91.3
118.4
116. 4
112. 2
87. 5
100.4
101. 3
98. 9
104. 6
113. 1
111. 9
120. 1
127. 4
125.8
122. 8
109. 4
107.7
108.4
109. 5
110. 4
113. 6
118.6
120. 2
123
Nc>ndurable manufactu res
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
Machin- tation
cated
and
and
beverapparel,
petroprint- leum, and ages, and
prodand
metal
ery
equipment
rubber tobacco
products
ucts
ing
leather
90.2
98.3
98.8
101. 5
92. 9
105. 5
107. 6
106.5
117. 1
123. 4
119. 3
120. 2
123. 3
125. 1
125. 6
126. 4
125. 6
126.8
126.0
125. 6
127.7
127.6
129.
130
87.7
96.5
107. 1
104.2
88.8
107. 1
110. 8
110. 4
123. 5
129. 1
126. 2
125. 9
128. 4
129. 4
129. 6
130. 5
131. 3
132. 2
132. 6
133. 3
134. 7
133.7
135. 4
137
83.8
102.0
97.4
106. 4
89. 5
104. 0
108. 2
103. 6
118. 3
127. 0
122. 1
123. 7
124. 5
130.4
129. 3
126. 8
128. 7
130. 8
130. 8
130. 6
129. 6
130. 7
129. 6
132
99. 6
109. 5
105.4
95. 9
95. 6
108. 5
102. 1
101. 3
106. 1
109. 0
115. 7
108. 0
108. 9
106. 9
104. 1
110. 4
110. 3
108. 1
111. 1
112. 5
112. 1
116. 1
115. 6
86. 9
95. 5
98. 0
96. 9
95. 0
108. 1
107. 5
108. 4
115. 1
118. 5
115. 9
116. 2
116. 5
118. 0
118. 9
120. 2
121. 1
121.7
123. 0
123. 7
122. 5
122.5
122. 5
124
85. 0
92. 5
97. 1
97.8
97.0
105. 2
109. 0
112. 4
116. 7
120. 0
115. 7
119.2
120. 5
121. 6
122. 3
122. 4
122. 0
122. 3
122.7
123. 8
123.0
123. 9
24. 5
125
74.7
86.8
91. 4
95. 6
95. 5
108. 9
113. 9
118. 8
131. 2
141. 5
138. 2
139. 7
141. 3
141. 3
143.3
144.4
144. 8
145. 9
147.3
146. 1
145.5
145. 7
146.9
148
89. 8
93. 1
96.6
96.7
99.4
103. 9
106. 6
110. 4
113. 4
116. 3
115. 6
114. 7
116. 4
116. 1
116. 9
117. 5
116. 5
118. 2
117. 2
118. 4
119. 3
119. 3
117. 9
11
Source: Board of Goveroors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production (seasonally unadjusted) rose in April,
while steel production was the highest since May 1963.
MILLIONS OF TONS
Auto assemblies were at a new high
MILLIONS OF SHORT TONS
(DAILY AVERAGE)
A r iI I t i I I I I i I I i i I i i i I i i i i I i i i I I I i i I I I I I
20.0
18.0
16.0
14.0
"J
F
M"
A
M
J
d
A
S
ON
S
0
'SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
18
D
__
__
2, 162
1,635
1,792
1,899
1,880
1,886
2, 096
2,275
2,493
2,594
2,416
1,958
1,757
1,836
1,915
1,979
1,980
2,148
2,289
2,367
2,458
116. 0
87,8
96. 2
101.9
100.9
101. 2
112. 5
122. 1
133. 8
139. 2
129. 7
105. 1
94.3
98. 6
102.8
106. 2
106. 3
115.3
122.8
127. 1
131.9
11,873
12, 082
13, 297
14, 424
15, 139
16, 325
17, 490
16, 824
16, 357
16, 445
17, 625
18, 078
18, 257
17, 527
17, 250
17, 482
18, 792
18, 722
18, 668
18, 144
17, 770
1,644
1,380
1,380
1,390
1,353
1,414
1,512
1,292
1,495
1, 538
1,573
1,510
1,543
1,655
1,637
1,535
1,540
1,555
1,392
1,393
1,469
683
581
596
585
550
552
555
532
560
587
606
539
578
577
628
559
493
517
526
526
554
273
274
307
306
322
343
358
367
356
366
370
319
381
355
387
373
325
349
386
384
386
138.6
98.4
129. 5
151. 8
127. 9
157. 5
175.0
184.4
186.0
185. 1
200. 1
166. 1
48. 1
145. 7
205.8
205.5
202. 0
189. 9
201. 2
196. 6
214. 0
117.6
81.6
107.6
128.8
106. 1
133. 4
146. 9
154.4
157. 2
156. 3
170. 5
138. 5
29. 7
118. 9
174.9
175.7
173. 3
159. 8
168. 4
164. 0
178.5
21. 0
16.8
21. 9
23. 0
21. 8
24. 1
28. 1
30. 0
28.8
28. 8
29. 6
27. 6
18.4
26.8
30.9
29. 8
28. 7
30. 1
32. 7
32. 6
35. 5
2,447
2,457
2,464
2, 456
2,492
8
2, 503
131.4
131.9
132.3
131.8
133.8
134. 4
17, 870
17, 590
17, 852
17, 663
17, 836
1, 332
1,586
1,497
1,509
3
1, 525
530
581
572
568
582
397
390
389
380
369
208. 8
218.3
218. 1
215.8
212.6
3
208. 0
174.9
182.5
182.0
179.2
177.9
175. 3
33. 9
35.8
36. 0
36. 6
34. 7
32. 7
9
1 <> 3
» Dully nvtirnpi'. Includes dtita for Alaska.
• I'rttttmitmry,
» Not flwrM'd.
N
Electric
Bituminous Freight Paperboard
Steel pireduced
Car s and triicks
power
coal mined
produced assemb led (tho\isands)
loaded
Thousands Index
distributed (thousands (thousands
(thousands
of net
(1957-59= (millions of
of short
Total Cars Trucks
of cars)
of tons)
tons
100)
kilowatt-hours) tons) i
Period
Weekly average:
1957
1958
1959
1960
1961
1962
1963
1963: Mar
Apr
May
June»_
July
Aug
Sept
Get
Nov_
Dec
1964: Jan
Feb
Mar 2
Apr
Week ended:
1964- Apr 11
18
25
Muv 2_2
O
'COUNCIL OF ECONOMIC ADV1SMS"
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.
NEW CONSTRUCTION
Outlays for new construction (seasonally adjusted) in April remained at the record annual rate of $66.8 billion.
There were no significant changes among the major categories, both public and private.
BILL.IONS OF DOLLARS
EMLLIONS OF DOLL aRS
70
SEASONALL r ADJUSTED ANNUAL RATES »
T OTAL NEW CONS TRUCTION
60
vX^\>,
"•' •* "*" - ~
**^
"VX *^^
-X**i-x60
_^^^x^
^
X
50
50
^^^*"
PR VATE^
!.
40
+*+
***•*'
-,^40
«***
30
30
-
PUBLIC
20
.-.*•*""*
'
i rr i f 1 iI iti
30
^.—^^
**"
.-...
r f f f i! i i i it
I 1 1 ! I 1 I 1 1 1 1
PRIVATE RESIDE.NTIAL (NONFARMl
uu
iM^,^«""' "«'.,,N\
4»
}
1 1 1 1 I 1 t 1 1 1 1
, , , , . 1 , , , , ,1 0
30
„,..*»»•«
t-l
,,,—'<,.
t
^«t««w» ** »»*nini
''"""'""""""''••...MM,,*,
20
20
^''IHfclU"*"*****
i
f i 1 1I 1 1 i i 1 1
1 1 1 1 I I II I I 1
20
'""^*^\*^
\<
'"^^.•U-M-***'
o1
*!
I .
,
, 1
, ,
__^«^"^^»—^^
, -,
,
! 1 I ! 1 ( 1 ! f ! 1
.
V^ ~'
OTHER PRIVATE
, ,i,,L ,, ,,.
I960
1959
1958
•
1 1 1 1 1 1 1 1 1 1 1
1961
i r t 1 t* I 1 1 I 1 I
f 1 1 f f 1 1 1 1 1 1
1962
1963
KSEE NOTES. IN TAB LE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.
Total new
construction
expenditures
Period
1959
1959 (new series)4 _
1960
1961
1962
1963
54. 1
55. 3
53.9
55.5
59.0
62. 8
Residential noiif arm
Total »
38. 0
39. 2
38. 1
38. 3
41.5
43. 8
22.3
24. 3
21. 7
21. 7
24.2
25. 7
New
housing
units
CommerAdditions cial and
and al- industrial
terations 2
Billions of dollars
17. 1
4.4
19.2
4.3
16. 4
16. 2
18. 6
20. 1
6.0
6. 0
7.0
7. 5
7.9
8.2
Other
9.7
8.9
9.3
9.2
9.4
9.9
_
.
60. 1
59. 6
60. 5
62. 3
62. 7
64. 2
64. 2
65. 9
66. 1
65. 5
65. 6
65.8
66. 8
66. 8
41. 5
42. 4
43. 1
43. 2
43. 9
44. 6
44. 8
45. 6
45.8
45.9
45.6
46.0
46. 6
46. 6
1
Includes nonhousekeeping residential construction,
3
3 Not available for revised series beginning 1960.
24 4
25. 0
25. 6
25. 8
25. 9
25. 8
25. 9
26. 5
26. 9
26. 6
26. 7
27. 0
27. 4
27.5
18. 8
19. 4
20. 1
20. 2
20. 3
20. 2
20. 1
20. 7
21. 1
20.8
20. 9
21. 2
21. 6
21.7
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.
OF ECONOMIC ADV1S ERS
Constructioii contracts 8
Federal, Total value Commercial and
State,
(index,
industrial
and
1957-59
=
floor space
local
100)
(millions of
square feet)
16. 1
16. 1
15. 9
17. 2
17. 6
19.0
105.
105.
105.
107.
119.
132.
1
1
2
6
7
0
Seasonally
adjusted
£ea,tonally adjiisted annua / rates
1963: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1964: Tan
Feb
Mar
Apr 5
7.7
7.7
7.6
7.6
8. 1
8.7
9.0
8.9
8.9
9.0
8.9
8.9
9. 1
9.0
9.4
9.8
9.9
9. 8
10. 0
10. 1
10. 0
10.2
9.9
10. 3
10.0
10.1
10.1
10.2
0
- 1964
COUNCIL
Pr ivate
Total
1 1 I 1 1 i 1 1 III
18.6
17. 1
17.3
19. 2
18.8
19.6
19. 4
20.3
20.4
19. 7
20.0
19.7
20.2
20. 1
118
125
144
135
126
132
128
146
144
148
147
143
140
440
440
461
443
500
534
Seasonally
adjusted
annual
rates
473
483
564
617
549
539
527
610
518
530
620
630
578
^ Preliminary.
Sources: Department of Commerce and F. W. Dodge Corporation.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
In'April, private nonfarm housing starts dropped 7 percent to a seasonally adjusted annual rate of 1.5 million units/
however,.the total thus far this year was more than 10 percent above the corresponding 1963 period. Housing
permits and VA appraisal requests also declined in April.
MILLIONS OF UNITS
2.5
MILLIONS OF UNITS
2.5
2.0
I964
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION (VA).
COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Hotising star ts
Period
1957
1958
1959
1959
1960
1961
1962
1963
1963: Mar.
Apr__
May.
Juno.
July.
Aug__
Sept.
Oct__
Nov.
Dee
1964: Jan..
Fob 33_
Mar .
Apr 3 .
Total
private
Total
and
private
public (includ(including
farm)
ing
farm)
.
_
1, 553. 5
1, 296. 0
1, 365. 0
1, 492. 4
1, 617. 7
1, 516. 8
1, 252. 1
1, 313. 0
1, 462. 8
1, 587. 0
128. 1
160. 3
169. 5
157. I
152. *
H7. )
M7. i
166. 1
121. 2
1)6. 8
100. 8
124.4
158. 2
166. 4
153. 4
150. 2
144. 4
M5. 3
163. 1
1 1 '.).
4
<J.r). 1
'.ID. ('»
10J. I
m -i
i r>-i. i
loo. :t
j.m '2
151. 1
Prhrate nonfa rm
Total
Onefamily
992. 8
840. 2
1, 141. 5
932. 5
1, 342. 8 1, 078. 5
1, 494. 6 1, 211. 9
1, 230. 1
972. 3
1, 284. 8
946. 4
1, 439. 1
967. 8
977. 3
1, 559. 6
122. 6
155. 4
163. 2
151. 6
148. 6
142. 0
142. 1
159. 8
1 17. 0
92. 8
78. 8
102. 8
103. 9
98. 3
96. 5
93. 4
89. 7
99. 2
69. 4
48. 2
U7. 7
ll'S. 1
01. 7
us. :?
I IS. 0
r>:t. s
SL>. 0
Total
private
(including
farm)
Two or
more
families
152. 6
209. 0
264.3
282. 7
257. 4
338. 6
471. 3
581.9
1, 516. 8
1, 252. 1
1,313. 0
1, 462. 8
1, 587. 0
43.8
52. 5
59.4
53.3
52. 0
48. 5
52. 4
60. 5
47.5
44. 5
41. 5
35. 6
•15. (i
--
1, 575
1, 618
1, 618
1, 571
1, 588
1, 455
1,732
1,847
1,564
1,564
1,718
1, 657
1 , 665
1 , 55S
1
Authorized by issuance ol loeal h i i l l d ing p e r m i t ; In Ki,(MM) permit-Issuing
places
prior to 19f>3, and 12,000 or more Mien •after.
2
Units represented by mortgage a p p l i e a t i iDI1S f ( U ||«-\V h i i l l l i 8 Preliminary.
20
4
Priv ate nonf jirm
Total
Gover nment
home p]rograms
FHA
VA
992. 8 150. 1 128. 3
1, 141. 5 270.3 102. 1
1, 342. 8 307.0 109.3
1, 494. 6 307. 0 109. 3
1, 230. 1 225. 7
74. 6
1, 284. 8 198. 8
83. 3
77. 8
1, 439. 1 197. 3
71. 0
1, 559. 6 166. 2
Se asonally adj us ted
172
73
1, 549
83
1, 590
176
79
1,590
180
72
1, 554
179
•72
164
1, 573
63
151
1,434
62
1,697
159
62
1,807
158
67
1, 533
153
73
1, 518
157
75
1,688
158
192
83
1, 613
68
1, 640
165
1, 526
60
146
Propose*1 home
constr uction
New
private
Applicahousing
Requests
units tions for for VA
FHA
authorcommit-2 appraisized l
als 2
ments
198. 8
820.3
341.7
950. 8
369. 7
1, 081. 1
369. 7
1, 208. 3
242. 4
998. 0
243. 8
1, 064. 2
221. 1
1, 186. 6
190. 2
1, 327. 0
annual ra tes
197
1,274
251
1, 264
4
160
1,329
195
1,363
182
1,308
172
1,262
173
1,372
1,412
176
190
1,369
183
1,426
178
1,314
193
1,405
190
1,384
190
1,249
159.4
234.2
234. 0
234. 0
142. 9
177. 8
171.2
139.3
152
119
152
123
122
133
140
140
145
159
138
135
124
111
He Meets new application fee scheduled May 1.
NOTK. Data for Alaska and Hawaii are included in all VA and FHA series
ami Census series beginning with the new series in 1959.
Soijrees: 1 >epartment of Commerce, Federal Housing Administration (FHA)
and Veterans Administration (VA).
TRADE SALES AND INVENTORIES
Preliminary estimates show April retail sales (seasonally adjusted) little changed from March and 1.3 percent below
the high February peak.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
RETAIL TRADE
WHOLESALE TRADE
DURABLE GOODS STORES
.. -. .
INVENTORIES
.INVENTORIES
12
10
:—-'
SALES
10
SALES
8 IIII
n I i. i i i i I i i i n
ii |ii I t i i t i l
INDEX.I957-59-100*
130
NONDURABLE GOODS STORE!
INVENTORIES
14
1961
1963"
1962
J/SEE.* BELOW.
SOURCE; DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Whol ssale *
Period
Sales *
•SEASONALLY ADJUSTED.
Sales * 3
Inventories 2
Total
Re bail
Departm ent stores
Iiiventories
NonDurable durable
goods
goods
stores
stores
Total
2
NonDurable durable
goods
goods
stores
stores
13,260
12,730
12,739
13,952
13,983
14,251
14,580
15,597
14,581
14,629
14,781
14,755
14,863
14,991
15,140
15,301
15,488
15,495
15,597
15, 818
15, 719
15, 654
1
Monthly average for year and total for month.
2 Book value, end of period, seasonally adjusted.
3 Beginning January 1960, data include Alaska and Hawaii.
* Series discontinued.
* Preliminary.
15, 811
16, 667
16, 696
17, 951
18, 294
18, 234
19, 613
20, 536
20, 374
20, 350
20, 276
20, 200
20, 486
20, 719
20, 666
20, 426
20, 716
20, 558
21, 019
21, 000
21, 533
21, 305
21, 244
5,484
5,696
5, 284
5, 972
5, 894
5, 608
6, 245
6, 675
6, 624
6, 576
6, 646
6, 512
6, 630
6, 773
6, 562
6, 606
6, 941
6, 734
6,831
6, 855
7, 262
6,973
7,027
10, 326
10, 971
11, 412
11, 979
12, 400
12, 626
13, 367
13, 861
13, 750
13, 774
13, 630
13, 688
13, 856
13, 946
14, 104
13, 820
13, 775
13, 824
14, 188
14, 145
14, 271
14, 332
14, 217
23, 402
24, 451
24, 113
25, 305
26, 813
26, 238
27, 938
28, 691
28, 025
28, 066
28, 061
28, 062
28, 124
28, 259
28, 148
28, 147
28, 357
28, 651
28, 691
29, 047
28, 972
29, 023
Sales
Inventories
Index, 195 7-59=100,
seasonal!}r adjusted
Millions c f dollars, seasonallyr adjusted
1956
10,513
10,475
1957
10,257
1958
11,413
1959___
1960
_ _ _ _ _ _ 11,440
11,629
1961
12,158
1962
12,692
1963
12,514
1963: Feb
12,472
Mar
12,598
Apr
12,509
May
12,555
June
12,884
July
12,848
Aug
12,931
Sept
Oct
_ 12,954
12,776
Nov
Dec..
12,986
13, 315
1964: Jan 6
13, 245
Feb 5
Mar
13, 283
Apr 5
1964
COUNCIL OF lCONbMICWADVISiRS
10, 495
11, 283
10, 526
11, 044
11, 951
11, 019
11, 728
11, 965
11, 735
11, 724
11, 622
11, 584
11, 614
11, 673
11, 604
11, 605
11, 664
11, 856
11,965
12, 109
12, 103
12, 275
12, 907
13, 168
13, 587
14, 261
14, 862
15, 219
16, 210
16, 726
16, 290
16, 342
16, 439
16, 478
16, 510
16, 586
16, 544
16, 542
16, 693
16, 795
16, 726
16, 938
16, 869
16, 748
94
96
99
105
106
109
114
119
114
119
115
117
120
120
126
121
113
117
126
123
(4)
(4)
94
99
98
103
109
110
117
123
119
120
120
121
121
123
122
124
128
128
127
127
* Re vised to include farm products; seasonally adjusted data further revised
on basis of improved seasonal factors. See Wholesale Trade Report, uensus
BW-64-3, March 1964.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.
21
MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers' total shipments, inventories and new orders (seasonally adjusted) rose in March,
orders for durable goods declined, primarily, as a result of a fall in defense orders.
BILLIONS OF DOLLARS*
However, new
BILLIONS OF DOLLARS*
MANUFACTURERS'
SHIPMENTS
TOTAL
MANUFACTURERS' INVENTORIES
- TOTAL-
60
50
20
40
GOODS
10
MANUFACTURERS' NEW ORDERS
30
DURABLE GOODS
20
NONDURABLE
GOODS
X
NONDURABLE GOODS
20
!0
a..
i i iill
J964
1962
1962
1961
* SEASONALLY ADJUSTED*.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' sh ipments 1 Manufac ;urers' inv entories 2
Ma nufacture rs' new orde rs 1
.
Total
1956
1957
1958
1959
1960
1961
1962
1963
1963: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1964: Jan 4
Fob 4
Mar
27, 740
28, 736
27, 280
30, 219
30, 796
30, 884
33, 308
34, 774
33, 542
34, 114
34, 244
34, 578
34, 836
34, 942
35, 641
34, 736
34, 672
35, 214
35, 004
36, 021
36, 677
36, 278
36, 372
NonDurable durable
goods
goods
14, 715
15, 237
13, 572
15, 544
15, 817
15, 532
17, 184
18, 071
17, 301
17, 636
17, 622
17, 892
18, 112
18, 242
18, 746
18, 160
17, 937
18, 590
18, 272
18, 476
19, 144
19, 070
18, 978
13, 025
13, 499
13, 708
14, 675
14, 979
15, 352
16, 124
16, 704
16, 241
16, 478
16, 622
16, 686
16, 724
16, 700
16, 895
16, 576
16, 735
16, 624
16, 732
17, 545
17, 533
17, 208
17, 394
Total
NonDurable durable
goods
goods
Millions of dollars ,
50, 642 30, 447
51, 871 31, 728
50, 070 30, 095
52, 707 31, 839
53, 814 32, 360
55, 087 32, 646
57, 753 34, 326
60, 147 36, 028
57, 883 34, 390
58, 021 34, 496
58, 126 34, 593
58, 309 34, 787
58, 507 34, 962
58, 706 35, 156
58, 884 35, 346
58, 917 35, 507
59, 087 35, 536
59, 322 35, 581
59, 780 35, 704
60, 147 36, 028
59, 991 35, 955
60, 108 35, 945
60, 233 36, 032
» Monthly average lor year and total for month.
* Hook vulue, end of period, seasonally adjusted.
» For unmml periods, ratio of weighted avernpe inventories to average monthly
ta.H: for m o n t h l y data, r a t i o ol inventories at end of month to sales for month.
22
11 ..I...
1964
1963
Durat)le goods
Total
Total
seasonal y ad juste d
20, 195 28, 383 15, 381
20, 143 27, 514 14, 073
19, 975 26, 901 13, 170
20, 868 30, 679 15, 951
21, 454 30, 115 15, 223
22, 441 31, 061 15, 664
23, 427 33, 167 17, 085
24, 119 35, 036 18, 300
23, 493 34, 742 18, 466
23, 525 34, 636 18, 228
23, 533 35, 364 18, 776
23, 522 35, 752 19, 037
23, 545 35, 438 18, 736
23, 550 34, 425 17, 682
23, 538 35, 207 18, 275
23, 410 34, 930 18, 060
23, 551 34, 991 18, 244
23, 741 35, 354 18, 622
24, 076 34, 953 18, 113
24, 119 35, 619 17, 974
24, 036 37, 148 19, 740
24, 163 36, 696 19, 538
24, 201 36, 722 19, 360
4
Preliminary.
Source: Department of Commerce.
NonMachinery durable
and
goods
equipment
2, 870
2,566
2,354
2,878
2, 791
2,854
3, 090
3,326
3, 254
3, 206
3, 217
3,351
3,416
3, 292
3,334
3, 307
3, 415
3, 441
3,273
3, 612
3,617
3,452
3,491
13, 002
13, 441
13, 731
14, 728
14, 892
15, 397
16, 082
16, 736
16, 276
16, 408
16, 588
16, 715
16, 702
16, 743
16, 932
16, 870
16, 747
16, 732
16, 840
17, 645
17, 408
17, 158
17, 362
Manufacturers'
inventorysales
ratio 3
1.73
1.81
1.84
1. 70
1. 76
1. 74
1.70
1. 69
1.73
1.70
1.70
1. 69
1. 68
1. 68
1. 65
1.70
1.70
1.68
1. 71
1. 67
1. 64
1. 66
1. 66
MERCHANDISE EXPORTS AND IMPORTS
Merchandise imports, seasonally adjusted, increased a little more than exports, resulting in a small decline in the
trade surplus. The surplus for the first quarter, however, was at an annual rate of $7.0 billion, or 14 percent above
the level for the fourth quarter.
BILLIONS OF DOLLARS
2.5
BILLIONS OF DOLLARS
2.5
2.0
.5
1958
-^ SEE NOTE I BELOW.
SOURCES: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS.
[Millions of dollars]
M erehandise expo rts
Period
M erehandi se imports
Gener al 2imTotal ( includ]Domesti e expor ts
poi ts
ing ree?c ports)1
Indus- Finished
Season- Unad- Total i Food- trial
manu- Season- Unadally adally ad- justed
stuffs matefacjusted
tures * justed justed
rials
Monthly average :
1956
1957
1958
1959
1960
1961
1962
1963
1963:
Feb
Mar
Apr
May
June
July
Aug. __
Sept
Oct
Nov
Dec
1964: Jan
Feb
Mar
1,444
1,625
1,364
1,366
1, 633
1,679
1,745
1,857
2, 118
1,960
1,918
1,893
1,785
1,823
1,895
1,980
1,946
1,945
2,049
2,037
2,029
2,078
2,014
2,058
1,968
2,075
1,779
1,714
1,811
1,766
2,023
2,028
2,092
2,025
1,994
2, 127
1,432
216
441
530
1,611
208
1,351
198
368
1,352
366
210
1,617
230
510
254
1,659
486
440
1,723
281
1,834
314
488
U nadjust ed
521
1,990
322
347
2,031
495
1,941
464
360
509
2,050
375
1,754
280
458
1,693
294
454
282
1,787
518
1,744
493
288
569
1,999
354
2, 003
363
567
582
364
2,068
1,998
355
548
1,966
527
347
542
364
2,099
775
872
784
776
877
919
998
1,031
1,
1,
1,
1,
1,
147
189
117
160
014
942
992
962
1,076
1, 074
1, 122
1,095
1,092
1, 193
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.
1,051
1,082
1,070
1, 267
1, 251
1, 226
1,366
1,429
1,497
1,487
1,417
1, 420
1,420
1,458
1,508
1,450
1,459
1, 472
1, 480
1, 422
1, 445
1,523
1,386
1,463
1,454
1,460
1,356
1,503
1,458
1,398
1, 591
1 , 432
1, 532
1,447
1,338
1,592
Merchandise
trade
Impc>rts for consumption
Indus- Finished surplus,
Foodtrial
manu- seasonTotal stuffs mateally adfacjusted
rials
tures
3
521
267
534
274
n, 101 288 489
1,284
569
285
274
1,251
539
277
522
1,221
1,354
561
297
1,418
574
310
U nadjust ed
1,363
549
323
317
1,419
576
1,450
317
593
1,437
594
299
559
1, 328
279
1, 505
599
313
1,479
629
304
1 , 375
546
325
1, 578
367
598
1, 428
316
538
1, 512
600
356
1,465
294
617
1,322
267
561
1,567
353
613
1,056
1, 102
268
294
326
431
438
423
496
533
393
543
294
99
382
453
380
428
491
526
547
545
490
593
547
504
612
573
556
562
494
601
620
474
496
472
364
366
386
529
488
473
569
607
583
555
4
TotaJ adjusted to exclude $33.5 million of the value reported by economic
category.
N OTE.—Seasonally adjusted series revised beginning 1962. Because of revisions
made in series, subgroups do not include all data in totals.
f\r\
Source: Department of Commerce.
«w
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The sharp rise in exports and the small rise in imports in the first quarter resulted in a 17 percent increase in the surplus
on goods and services to a seasonally adjusted annual rate of $7.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
40
30
30
IMPORTS OF GOODS AND SERVICES
10
10
1958
1959
I960
1961
1963
1962
1964
COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE.
[Millions of dollars]
Period
1956
1957
1958
1959
1960
1961
1962
1963*
Total
23, 595
26, 481
23, 067
23, 476
26, 974
28,311
29, 790
31, 601
Expo rts of goods and sei'vices
Incoine on
invest ments
Other
Military
services
sales
Private Government
3,393
194
17, 379
2,468
161
2,612
19, 390
375
205
3,899
307
16, 264
2,538
3,658
300
302
2, 694
3,849
16, 282
349
335
2,873
349
3,958
19, 459
4, 152
402
3,464
380
19, 913
472
4,329
660
3,850
20, 479
4,504
21,900
632
4,067
498
Merchan-1
dise
Impo rts of goods and sei'vices
Total
Merchandise *
19, 628
20, 752
20, 861
23, 342
23, 205
22, 867
24, 964
26, 095
12, 804
13, 291
12, 952
15,310
14, 723
14, 497
16, 145
16, 939
Balance
Military Other on goods
and
expend- services
itures
services
2,949
3,216
3, 435
3, 107
3, 048
2, 934
3, 028
2,880
3,875
4,245
4,474
4,925
5,434
5,436
5,791
6,276
3,967
5,729
2,206
134
3,769
5,444
4,826
5,506
2,928
3,176
2,992
2,900
2,832
2,796
5,692
6,004
6,052
6,248
6,360
6,444
5,072
4,332
4,524
5,604
5,248
6,648
7, 756
S<^asonally adjusted imnual rat es
1962:
III
IV
1963*: I
II
III
IV
1964: I 2
30, 200
29, 696
29, 648
31, 552
31, 856
33, 348
34, 608
21, 080
19, 700
19, 876
21, 804
22, 344
23, 576
24, 296
564
864
724
812
368
624
3,784
4,240
4, 160
3,920
4,080
4,108
*3 Adjusted from customs data for differences in timing and coverage.
I'reUininnry.
*Kevi.so<l seasonal factors.
24
420
456
492
496
500
504
4,352
4,436
4,396
4,520
4,564
4,536
25,
25,
25,
25,
26,
26,
26,
128
364
124
948
608
700
852
16, 508
16, 184
16, 080
16, 800
17, 416
17, 460
17, 360
Source: Department of Commerce.
U.S. BALANCE OF INTERNATIONAL PAYMENTS
The over-all payments deficit of only $0.2 billion (seasonally adjusted annual rate) in the first quarter showed further
improvement over the low level reached in the last half of 1963. A larse part or the improvement was in the merchandise balance.
BILLIONS OF DOLLARS
20
10
BILLIONS OF DOLLARS
20
10
OVER-ALL BALANCE [SURPLUS OR DEFICIT (-)]
-10
1961
1959
1958
1962
1963
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS.
[Millions of dollars]
U.S. pr ivate capi tal, net
Period
1956
1957
1958
1959
1960
1961
1962
1963*. _ _
1962:
III____
IV
1963: *
I
II
III.___
IV_.__
1964:
I
Balance Governon
ment
goods
grants
and
and
services capital,
net
3,967
5,729
2,206
134
3,769
5,444
4,826
5,506
-2, 362
-2, 574
-2, 587
— 1, 986
-2,769
-2,782
-2, 998
-3, 558
Direct
investments
Longterm
portfolio
Shortterm
Foreign
capital 1
704 -1,876 -1,424
1,852 -1,968 -3, 172
— 693
-698
-550
-375
-601
-388
458
65
144
-3,568 -2, 124 -2, 156
-4, 624 -1,832 -2, 356 -2,244
-2, 312
-936 -1,252
128
-3, 728 -2,304
-800
-596
-564 -4, 164
392
220 -5, 132
960
732 -1,392
-576
1, 124
-768
-328
— 702
-1, 194
-589
-175
-78
-122
-168
20
-230
-930
-383
-166
— 394
— 142
-38
-29
*Revised seasonal factors.
* 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 $812 million in 1963.
Minus indicates increase in liabilities.
4
To International Monetary Fund (IMF) and foreign central banks and
governments.
-935
306
— 1 241
520
798
-278
-3, 529 -2, 275
-1, 254
-3, 743 -731
-3, 012
-3, 881 -1, 702 -1,890
-289
-2, 370
-741
-546
-1,083
-2, 186
-907 -1,079
-200
-2, 660 -348 -1,709
-603
Quai-terly tota Is, unadjiisted
— 656
— 156
7,756
2
Unrecorded
transactions
Over-all balanc 3 (surplus or deficit (-))
Liquid 1labilities 3
Gold To monand con- etary
2
Total
Total vertible author- To other
foreign
curities
holders5
and
rencies
institutions 4
-1,951
-517
-603
653
543
-935
-2,442
520
-859
-276
487
1, 157
-1, 181 -1,444
22
-311
488 -3, 529
-1, 372
-926
-77
412 -3, 743
863
-850 -1, 348
366
— 1, 694
-683 -3, 881
728
-905 -2,370
— 1, 598 — 1,011 -1, 541
1,020 -1,025 -2, 186
— 507
— 1, 557 -1, 209
— 642
802
-1,799 -1, 641
— 516 -2, 660
Season ally ad justed annusil rates
5,072 -1,776 -1,436
-752
4,332 -3, 172 -1, 972 -1, 340
4,524
5,604
5,248
6,648
1964
-164
7
182
* To foreign commercial banks and other international and regional institutions
not6 listed in footnote 4, and other foreigners.
Preliminary.
i Total at end of first quarter was $15,991 million, of which $15,551 million was
U.S. gold stock. The decline in gold stock during quarter was $46 million.
NOTE.—Data exclude military aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
Consumer prices rose 0.1 percent in March. A decline of 0.3 percent in food prices was more than offset by increases
in other nondurable commodities and services. Prices of durable commodities were unchanged on the average.
INDEX,1957-59*100
INDEX, 1957-59*100
120
120
95
1963
NOTE I BELOW.
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS.
All
items
Period
1954
_
1955
1956
1957
1958
1959
1960
1961
1962
1963
1963: Feb
Mar
Apr
. May
June
July
Aug
Sept
Oct
Nov
Dec
1964: Jan (new series) *
Feb
Mar
-
93.6
93. 3
94 7
98.0
100.7
101. 5
103. 1
104.2
105. 4
106.7
106. 1
106. 2
106. 2
106. 2
106. 6
107. 1
107. 1
107. 1
107. 2
107. 4
107. 6
107.7
107.6
107.7
[1957-59=100]
Services
Commodities3
Comm odities leg s food
Services
All comAll
Food
less
Nonmodities
services Rent
All
Durable durable
rent
95. 5
94 6
95. 5
98. 5
100.8
100.9
101.7
102.3
103. 2
104 1
103.6
103.6
103. 6
103. 5
104 0
104 6
104 6
104 4
104 5
1047
1049
1049
1048
104.8
95. 4
940
94 7
97. 8
101. 9
100.3
101. 4
102. 6
103. 6
105. 1
105.0
104 6
104 3
1042
105.0
106.2
106.0
105. 4
104 9
105. 1
105.4
105.8
106.0
105.7
1
Boo note.
NOTE,—Prior to January 1964. indexes revised to reflect transfer of homeownerohlp from services to durable commodities.
26
1964
95. 6
949
95.9
9as
99.9
101.2
101.7
102.0
102.8
103. 5
102.7
102. 9
103. 1
103. 0
103.3
103. 5
103.6
103.7
104 2
104 5
104 5
1043
1041
104.3
97.7
94 9
95.4
98.5
100.0
101.5
100.9
100.8
101.8
102. 1
101.2
101.5
101.8
101.8
102.0
102. 1
102. 1
102. 2
102.7
103. 1
103.0
102.9
102.9
102.9
94 4
94 4
96. 5
99. 1
99.8
101.0
102. 6
103. 2
103. 8
1048
104 1
1042
104.3
1042
1045
1048
105.0
105. 2
105.6
105.8
105. 9
105.6
105.3
105.6
88.7
90. 5
92.8
96.6
100.3
103. 2
106.6
108.8
110.9
113.0
112.1
112.3
112.5
112.6
112.9
113. 1
113. 3
113. 5
113.7
113.9
114. 1
114 2
1143
114.5
93. 5
94 8
96. 5
98.3
100. 1
101. 6
103. 1
104 4
105. 7
106.8
106. 4
106. 4
106.5
106.6
106. 7
106.7
106. 8
107.0
107. 1
107.2
107. 3
107.3
107.5
107.5
87.4
89.4
91.9
96.1
100.2
103. 6
107.4
110.0
112. 1
114 5
113.4
113.7
114 0
1140
114.4
1146
114.8
115. 1
115. 3
115. 5
115.8
116.0
116.0
116.3
Beginning with January 1964, new index with revised weights, coverage, and
sampling procedures. For details, see Department of Labor release, Major
Changes in the Consumer Price Index, March 3,1964.
Source: Department of Labor.
WHOLESALE PRICES
Wholesale prices decreased by 0.1 percent in April, the third consecutive monthly decline. Prices of farm products
fell by 0.7 percent and processed foods declined by 0.1 percent while prices of industrial commodities were unchanged.
INDEX, 1957-59*100
INDEX,1957-59*100
115
110
105
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)
SOURCE: DEPARTMENT OF LABOR.
'COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
All
commodities
Period
1956
1957_
1958
1959
1960
1961
1962
1963
1963: Feb___
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1964: Jan
Feb
Mar 3
Apr
__
_
96. 2
99. 0
100. 4
100. 6
100. 7
100. 3
100.6
100.3
100. 2
99. 9
99.7
100.0
100. 3
100.6
100. 4
100.3
100. 5
100.7
100. 3
101.0
100.5
100.4
100.3
Farm
products
Processed
foods
96. 6
99.2
103. 6
97. 2
96. 9
96. 0
97. 7
95. 7
96.5
95.4
95.4
94.4
94. 9
96. 8
96. 3
95.5
95. 1
96. 2
93. 3
96.3
94.5
95. 2
94.5
94.3
97.9
102. 9
99. 2
100. 0
100. 7
101. 2
101. 1
100.5
99.0
99.3
101. 7
102. 4
102.2
100. 9
100.9
102. 2
102. 5
100. 4
102. 5
100.9
100. 5
100.4
1 ("overage or the subgroups does not correspond exactly to coverage of this
Index.
2 Excludes intorrneclintc materials for food manufacturing and manufactured
animal foods; includes, in part, grain products for further processing.
Commodil ies other tban farm Droducts aiad foods (iiidustrials)
Consunner finIndusIndusished g<3ods extrial in- Productrial
All iner
fincludin g food
dustricrude termedi- ished
DurNonmate- ate maals1
2
goods
durable
able
terials
rials
97. 7
95. 9
92.0
102. 3
97. 0
96.5
99. 9
98. 7
97.7
99. 6
99. 2
100. 9
99.3
100. 1
100. 2
99. 4
99.5
96.9
100. 8
102. 1
101. 3
101. 0
102.3
101. 3
101. 5
102. 3
100. 9
101. 4
98.3
101. 3
102. 5
101. 5
100. 5
97. 2
100. 1
100. 8
101. (i
100. 0
102.9
99.9
100. 8
95. 6
99. 5
101. 9
103. 1
99. 6
100.7
94.3
101. 7
103.0
99. 8
99.4
94. 9
100. 6
101. 8
99. 7
102.9
99. 3
94. 9
100. 6
101. 6
102. 9
99.5
99. 3
94. 3
100. 4
101. 8
102. 9
99. 4
99. 5
100. 5
94 1
102. 1
99. 3
103.0
99. 7
93. 9
100. 7
102. .'5
99. 4
103.0
99. 7
93. 9
100.8
101. <)
99. 3
103. 0
99.7
93. 9
100. 8
99.
4
101. 9
103.0
99.6
100.7
93. 9
<)<
.
(
102. 0
103.
2
94. 4
99. 8
100. 9
(
.M . (
101. 7
103. 4
99. 9
945
100. 9
( <
r
1012. 12
103. 0
101.2
94. 5
100. 1
'. (. f
1012. 4
103. 5
949
100. 1
101.3
\<.(
103. 7
1012. I
100.2
94 9
101.2
< i . (
101. 5
103. 8
95.2
100. 2
101. 1
101. 1
10a «.)
< < . 7
100.2
96. 2
101. 1
s Preliminary.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended April 1 5, the index of prices received decreased by 1 point while the index of prices paid
was unchanged. The parity ratio fell 2 points to 75, the lowest since August 1939.
INDE)<,
1957-59*100
INDEX, 1957-59 = 100
110
PRICES PAID,
NTEREST, TAXES, A ND
WAGE RATES
^I^L
110
^mmtmmim^
\
N/xx^
v
100
PRICES RECE VED
(ALL FARM PRODUCTS)
90
80
^"y\_
"xv r\^/~ ^\x^^
100
\**m*m+
ii i i i ! t i « ii
i i .1. t i 1 i T t i t
»
T t
•
I
1
T 1
T 1
1
»
t
»
90
1
1 1 1
»
1
T
1
t « 1 1. 1 1 1 . § i < i
i « t « «l '- « t i i t . , , . I , . . . .
80
RA1no-"
RATI 0-^
100
100
90
90
f
/•*\«*Jh\
PARITY RATI0
'^fanumniM).
80
\
ft^ta^
„,„,
*,/ V'^
"nix/
80
'''V»*Sii«k*an*'*«imifc
A..,,
70
70
1959
1958
•^RAT O OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID,
INTERE1ST, TAXES, AND WAGE RATES, ONI9IO-i4 = IOO E3ASE.
SOURC E: DEPARTMENT OF AC RICULTURE.
COUh GIL OF ECONOMIC ADV1SERS
Prices i-eceived by 'armers
Period
All farm
products
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1963: Mar 15
Apr 15
May 15
June 15
July 15
Aug 15
Sept 15
Get 15
Nov 15
Dec 15
MMM: .Ian 15
_
I«VI> lf>
Mnr l.r>
Apr
lf>..
_ _
__
102
96
95
97
104
99
98
99
101
100
99
100
99
100
101
100
100
100
100
98
101
99
99
98
Crops
108
104
105
101
100
99
99
102
103
107
107
109
110
109
107
105
104
105
108
108
109
109
109
109
i ' M f a n - ratio of index of prices received by farmers to index of prices paid,
. tiur.M. and ware rutcs, on IUJO H=100 base.
28
1964
1963
1962
1961
I960
Price 3 paid by farmers
items,
Livestock All
interest,
and
taxes, and
products wage
rates
Index, 195 7-59 = 100
97
95
94
90
95
88
94
98
106
100
102
100
102
98
103
98
99
105
106
95
94
106
93
106
91
106
93
106
97
107
106
97
106
97
96
106
106
94
106
91
94
107
107
92
92
107
89
107
Family
living
items
94
94
96
99
100
101
101
102
103
104
104
104
104
104
105
104
104
104
104
104
104
105
104
105
Source: Department of Agriculture.
Production
items
97
96
95
98
101
101
101
101
103
104
104
104
104
104
104
104
104
104
103
103
104
103
104
104
Parity
ratio *
89
84
83
82
85
81
80
79
79
78
77
78
77
77
78
78
77
77
77
76
78
77
77
75
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
In April the money supply rose $700 million while time deposits rose $600 million on a seasonally adjusted basis.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
160
160
MONEY SUPPLY
!2P
IEO
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
80
80
40
40
1958
1959
1962.
I960
COUNCIL OF ECONOMIC ADVISERS.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Averages of daily figures, billions of dollars]
M oney supj:>ly
M oney supp>iy
Period
1957:
1958:
1959:
1960:
1961:
1962:
1963:
1963:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
May
June
July
Aug
SeptOct
Nov
Dec
1964: Jan
Feb
Mar 2
Apr
First half__ 2
Second half
1
3
Deposits at all commercial banks.
Preliminary.
Total
__
.-_
135. 9
141. 2
142. 0
141. 2
145. 7
147. 9
153. 5
149. 4
149. 8
150.7
150. 5
150. 9
152. 1
153. 4
153.5
154.8
154.4
154.8
155.5
155.5
155.4
Currency
outside
banks
Seasonally?
28. 3
28. 6
28. 9
28. 9
29. 6
30. 6
32.4
31. 3
31. 6
31.6
31.8
31. 8
32.0
32. 3
32.4
32. 5
32.7
32.9
33. 0
33.0
33. 1
Time
De-
mand
de-
posits
de-
posits
adjustec
107. 5
112. 6
113.2
112. 2
116. 1
117. 3
121. 1
118. 1
118.2
119. 1
118. 8
119. 1
120. 1
121. 1
121. 1
122. 3
121.7
121. 9
122. 5
122. 5
122.4
l
Total
Currency
outside
banks
De-
Time
de-
posits
mand
posits
de-
1
U.S.
Government
de-
mand
de-
posits 1
1Jnad justed
57. 5
65. 5
67.4
72.7
82.5
97. 5
111. 8
103. 7
104. 5
105. 5
106. 7
107. 6
108. 9
110. 7
111. 8
113. 7
114. 8
115. 6
116. 2
115.9
116.4
139.3
144. 7
145. 6
144.7
149. 4
151. 6
157.4
147. 3
148. 2
149. 4
149. 1
150.5
152. 5
154. 8
157.4
158. 0
154. 1
153. 3
155. 6
154. 8
156.4
28.9
29. 2
29.5
29.6
30.2
31. 2
33. 1
31. 1
31.4
31. 8
31. 9
32. 0
32. 1
32. 6
33. 1
32. 4
32.3
32. 6
32.7
32.8
32.6
110. 4
115. 5
116. 1
115. 2
119. 2
120. 4
124. 3
116. 2
116. 7
117. 6
117. 2
118. 6
120. 4
122.2
124. 3
125. 6
121. 8
120.7
122.9
122. 0
123.8
56. 7
64.6
66.6
72.1
SI. 8
96. 6
110. 8
104. 0
105.0
106. 0
107.3
108. 1
109. 3
110.0
110.8
112.9
114.3
115. 5
116.5
116.2
116.7
NOTE.—See note, p. 31.
Source: Board of Governors of the Federal Reserve System.
3.5
3.9
4.9
4. 7
4.9
5.6
5. 1
7.0
7.4
7. 7
6.2
6.5
5.2
43
5.1
4. 1
4.7
6.0
4.2
5.6
2.7
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Most types of liquid assets (seasonally adjusted) continued to rise in April.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED,END OF MONTH
500
500
400
400
SAVING TYPE
300
300
ASSETS-^
200
200
DEMAND DEPOSITS AND
CURRENCY
\
J.
100
ol
1963
1961
1959
-BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1964
COUNCIL OF ECONOMIC ADVISERS.
[Billions of dollars; seasonally adjusted]
Total
selected
liquid
assets
End of period
1955
1956
1957
1958
1959
1960
1961
1962
1963 3
1963: Apr
May
June
Julv
Aug
Sept
Get
Nov 3
Dec
190-1: .!;m 33
1«YI> 3_
M u r:t
_
Apr
1
A t'
III
lor la-Ml \\Yilncsi.
332. 5
343. 2
356. 0
373. 1
393. 9
399. 2
424. 6
459.0
495. 3
469.8
472. 9
476. 1
478. 2
482. 5
483. 9
489. 0
493. 2
495.3
498.8
499.5
503.9
506. 0
Demand
deposits
and
currency 1
133. 3
134. 6
133. 5
138. 8
139. 7
138. 4
142. 6
144. 8
149. 6
145. 4
145. 2
146.5
146. 9
146. 2
147. 1
148. 8
149. 6
149.6
149. 5
148.4
150.2
149. 8
Time d eposits
Commercial
banks
49. 7
52. 0
57. 5
65. 4
67. 4
73. 1
82. 5
98. 1
112.9
102. 9
104.0
105. 1
106. 2
107. 1
107. 9
110. 1
111. 9
112. 9
114.8
115. 5
115.9
117.0
th money supply, p. 29, except for deduction of demand
SUV inns hanks and savings and loan associations. Data
' Kxrliidr.M hoi
tnerrlul mid nil
Kehrimi y IUIMI. .-:
30
Mutual
savings
banks
.
Uovornmeni agencies and trust funds, domestic comlin's hunks. Federal Reserve Banks, and beginning
d loan iLSHociutions.
28. 1
30.0
31. 6
33.9
34.9
36.2
38.3
41. 4
44. 5
42. 5
42. 8
43. 1
43. 3
43. 5
43. 7
44.2
44. 6
44. 5
45.0
45.4
45.6
46. 0
3
Postal
Savings
System
1. 9
1. 6
1. 3
1. 1
.9
.8
.6
.5
.5
.5
.5
.5
.5
.5
.5
.5
.4
.5
.5
.4
.4
.4
Savings
and loan
shares
32. 0
37.0
41.7
47.7
54. 3
61. 8
70. 5
79.8
90.8
83.9
84.7
85. 6
86. 2
87.2
88. 3
89. 1
90.0
90.8
91. 3
92.3
93.4
94.2
U.S. Government
U.S. Gov- securities
ernment maturing
savings2
within
bonds
year 2
55.9
54. 8
51. 6
50. 5
47.9
47.0
47.4
47. 6
49.0
48.0
48. 1
48. 2
48. 3
48. 4
48. 5
48. 5
48.6
49. 0
49. 1
49.0
49.0
49. 1
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
48.1
46. 5
47.6
47.2
46.7
49.5
48.0
47.9
48. 1
48. 1
48.6
48.4
49. 3
49. 5
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans, seasonally adjusted, rose $1.0 billion in April.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
250
250
^
ALL COMMERCIAL BANKS
200
200
ISO
150
BANK LOANS
100
IOO
INVESTMENTS IN U.S. GOVERNMENT SECURITIES
50
INVESTMENTS IN OTHER SECURITIES
,1,,.,mh,M....»«»««"*««"'
I I i 11 I I
1958
1959
* SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
All comna ercial banks3
1956--.
1957
1958
1959
1960
1961 5
1962
19635
1963: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec 5
1964: Jan<L__
Feb66
Mar8
Apr
Investrnents
Total Loans,
loans excluding
and
U.S. Gov- Other
invest- intersecuriernment
bank
ments
ties
securities
__
161.6
166.4
181.0
185. 7
194. 5
209. 6
228. 1
246. 5
232.5
234. 8
240.3
237.8
238.5
240. 7
241. 0
244. 0
246. 5
246. 0
249. 2
253. 2
250.9
88.0
91.4
95. 6
107.8
1142
121. 1
134. 7
150.3
137.4
138.9
141.8
142. 4
142. 5
145.0
146. 1
148.5
150.3
151. 0
152.4
154. 3
155.3
Billions of dollarsi
16.3
57. 3
57.0
17.9
64. 9
20. 5
57.6
20.4
20.7
59. 6
64, 7
23.8
64. 3
29. 1
34.9
61.3
31.2
63.9
64.2
31. 7
32.5
66.0
62.4
33.0
62. 1
33.9
340
61.7
60.4
34 5
61. 1
34 4
34.9
61.3
34.7
60.3
35.3
61. 5
35.4
63. 5
60. 0
35. 6
1
Member banks are all national banks and those State banks which have taken
membership
in the Federal Reserve System.
a
Commercial and industrial loans.
* Debits during period to demand deposit accounts except interbank and
U.S. Government.
* Averages of daily figures. Annual data are for December.
1963
1964
END OF MONTH
(seasonally adjusted da ta)
End of period
1962
1961
I960
COUNCIL OF ECONOMIC ADVISERS
Weekly
reporting
member
banks l
Business
loans 2
30. 8
31. 8
31. 7
30.7
32. 2
32. 9
35. 2
38.7
35.0
35.0
35. 6
35.0
35.2
35. 9
36. 3
37. 3
38.8
37. 2
37.6
38.2
38. 1
Bank
debits
outside
New York
City (343
centers) ,
seasonally
adjusted
annual3
rates
J
l4
A 11 member banks
L •i
1,886
1, 468
1,481
1,656
1,736
1,882
2, 021
2,199
2,198
2,151
2, 105
2,277
2, 190
2,275
2,816
2, 247
2, 821
2,855
2,240
2, 322
2,452
Total
reserves
19, 535
19, 420
18, 899
18, 932
19, 283
20, 118
20, 040
20,746
19, 572
19, 679
19, 729
20, 020
19, 719
19, 945
20, 003
20, 114
20, 746
20, 675
20, 148
20, 213
20, 274
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
]Vlillions o f dollars
652
688
577
710
557
516
482
906
769
87
568
149
572
304
327
536
434
121
456
209
374
236
483
322
463
330
412
321
313
407
409
376
327
536
427
256
395
304
357
259
376
213
—36
— 133
— 41
-424
682
419
268
209
313
247
138
161
133
91
94
33
209
171
91
98
163
6
s Estimates.
Preliminary.
NOTE.—Between January and August 1959. series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Data for all
member banks include Alaska and Hawaii beginning 1954 and 1959, respectively.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
In March, total consumer credit outstanding rose about $130 million, compared to an increase of $160 million in
March 1953.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL CONSUMER CREDIT OUTSTANDING
20
20
SEASONALLY ADJUSTED (ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED
JL
1958
1959
1
I960
1
1963
1962
1961
[Millions of dollars]
Consumer instalme nt credit e xtended
Consumer credit outstandin g (end of p eriod;
imadjusted)
and r gpaid (seas onally adjuisted)
Instalment
Automob ile paper
To tal
NonAutomoTotal
Total *
bile
Personal instal-2 Extended Repaid Extended Repaid
ment
paper
loans
Period
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1963: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1964: Jan
Feb
Mar
1964
COUNCIL OF ECONOMIC ADVISERS.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
32, 464
38, 830
42, 334
44, 970
45, 129
51, 542
56, 028
57, 678
63, 164
69, 890
61, 989
62, 149
63, 167
64, 135
64, 987
65, 491
66, 308
66, 538
67, 088
67, 746
69, 890
69, 203
68, 786
68, 913
23, 568
28, 906
31, 720
33, 867
33, 642
39, 245
42, 832
43, 527
48, 034
53, 745
47, 852
48, 075
48, 806
49, 484
50, 307
50, 894
51, 526
51, 718
52, 257
52, 695
53, 745
53, 597
53, 552
53, 795
9, 809
13, 460
14, 420
15, 340
14, 152
16, 420
17, 688
17,223
19, 540
22, 199
19, 678
19, 930
20, 376
20, 794
21, 236
21, 593
21, 819
21, 725
21, 971
22, 107
22, 199
22, 189
22, 271
22, 471
5,392
6, 112
6,789
7,582
8, 116
9,386
10, 480
11, 256
12, 643
14, 391
12, 739
12, 819
13, 033
13, 173
13, 368
13, 526
13, 743
13, 914
14, 041
14, 135
14, 391
14, 416
14, 479
14, 552
1
Also Includes other consumer goods paper, and repair and modernization
loans, not shown separately.
> Consists of single-payment loans, charge accounts, and service credit.
» Knd of period, unadjusted.
32
8,896
9,924
10, 614
11, 103
11, 487
12, 297
13, 196
14, 151
15, 130
16, 145
14, 137
14, 074
14, 361
14, 651
14, 680
14, 597
14, 782
14, 820
14, 831
15, 051
16, 145
15, 606
15, 234
15, 118
31, 051
38, 972
39, 868
42, 016
40, 119
48, 052
49, 560
48, 396
55, 126
60, 822
4,957
4,973
5,008
4,985
5,054
5,100
5, 100
5,093
5,311
4,979
5,272
5,276
5,421
5,480
30, 488
33, 634
37, 054
39, 868
40, 344
42, 603
45, 972
47, 700
50, 620
55, 111
4,462
4,496
4,487
4,544
4, 568
4,591
4,619
4,752
4,780
4, 596
4,812
4,848
4,842
4,956
11, 807
16, 734
15, 515
16, 465
14, 226
17, 779
17, 654
16, 007
19, 796
22, 013
1,809
1,811
1,870
1,847
1,820
1,854
1, 802
1,730
1,910
1,792
1,914
1,888
1,953
1,942
11, 833
13, 082
14, 555
15, 545
15, 415
15, 579
16, 384
16, 472
17, 478
19,354
1, 566
1, 546
1,585
1,611
1,588
1,603
1,607
1,659
1, 676
1, 638
1,707
1,684
1,716
1,735
Mortgage
debt outstanding,
nonfarm
1- to 4family
houses 3
75, 700
88, 200
99, 000
107, 600
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
169, 200
173, 700
178, 200
182, 200
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Keserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
The yield on 3-month Treasury bills declined in April.
••'•*
There were mixed changes in yields on long-term securities.
PERCENT PER ANNUM
PERCENT PER ANNUM
1958
1964
SOURCES: SEE TABLE BELOW.
Period
1957
1958
1959
1960
.
1961
1962.
1963
1963: Mar
Apr
May
June
July—
Aug
Sept
Oct
Nov
Dec
1964: Jan
Feb
Mar
Apr
Week ended:
1964: Apr 11—
18—
25—
May 2—
9__
16—
1
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Gove rnment secui ity yields
municipal
3-month
bonds
3-5 year
Taxable
2
3
Treasury
(Standard
&
issues
bonds
bills1
Poor's) *
3. 62
3.267
3.47
3. 60
2.90
3.43
1.839
3.56
4.08
3.405
4.33
3.95
4.02
2. 928
3.99
3.73
3.90
2. 378
3. 60
3.46
2.778
3.95
3.57
3. 18
3.72
3. 157
4.00
3.24
2.897
3.50
3.93
3.11
3.97
2.909
3.56
3. 11
2.920
3.57
3. 97
3. 15
4.00
2.995
3.67
3.27
4. 01
3. 143
3.78
3.31
3.22
3.320
3.81
3.99
4.04
3. 88
3. 379
3.27
4.07
3.91
3. 453
3. 32
4. 11
3. 522
3.97
3.41
4. 04
4. 14
3.523
3.41
4.06
4. 15
3.529
3.25
4.02
4.
14
3. 532
3.17
4. 15
4. 18
3.553
3.32
4. 18
3.484
4.20
3.29
3.503
3.484
3.463
3.446
3.482
3.491
4.19
4. 18
4. 16
4. 14
4.10
4.04
6
4.20
4.20
4. 19
4. 19
4.18
4 16
Rate on new issues within period.
2 Selected note and bond issues.
a Series includes: April 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
(5M percent since May 1961) and 25-year mortgages paid in 12 years.
3.32
3.25
3.27
3.27
3.27
3. 24
Corpora be bonds
(Moo dy's)
Aaa
Baa
3.89
3.79
4.38
4.41
4.35
4. 33
4.26
4.19
4,21
4.22
4.23
4.26
4.29
4.31
4.32
4.33
4,35
4.37
4.36
4.38
4.40
4.71
4.73
5.05
5. 19
5. 08
5. 02
4.86
4.88
4.87
4,86
4.84
4.84
4.83
4.40
4.40
4.41
4.41
4.41
6
4. 41
4.85
4.85
4.85
4.85
4.86
4.86
484
4. 83
4 84
4.85
4.83
4.83
4.83
4.85
Prime
FHA
commercial new
home
paper,
mortgage
5
4-6
yields
months
5.42
3.81
5. 49
2.46
5. 71
3.97
6. 18
3.85
5. 81
2.97
5.62
3. 26
5.45
3.55
5.50
3.34
3.32
5.47
5.44
3.25
5.44
3.38
5.44
3.49
5.44
3. 72
5. 44
3.88
5. 43
3. 88
3.88
5. 43
3.96
5. 44
3.97
5.44
5.44
3.88
5.44
4.00
3.91
5.44
6
3.98
3.88
3.88
3.88
3.88
3. 88
• Not charted.
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
OQ
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices rose again in April and early May.
INDEX, 1941-43 =
INDEX, 1941-43* 10
80
80
WEEKLY
70
COMPOSITE PRICE INDEX FOR
70
500 COMMON STOCKS
60
40
PERCENT
DIVIDEND YIELD ON COMMON STOCKS
RATIO
25
25
PRICE /E ARNIN6S RATIO ON CGIMMON STOCKS
15
X*^-—
\
20
.-——•,
10 .
"
I
l
l
1958
_-*.
^—^
1
I
1959
!
f
I
I960
f
!
f
f
r
r
f
1962,
1961
r
?
1957
1958
1959
1960
1961
1962
1963
196-1 : J:in
Fob
Mar
Apr_. _ _
Week ended:
J W . i : Apr 17
1M
M.MV
1 _...
s
i;»
---
89.8
93.2
116.7
113. 9
134. 2
127. 1
142.3
140. 7
143. 2
142. 5
140.7
144. 6
148. 2
148. 7
147.3
151. 1
155.7
158.3
160. 9
163. 0
90. 7
92. 5
116.5
110.9
126.7
118. 0
133.3
132.0
134.3
133.7
131. 8
135. 6
139.4
139. 9
138. 0
141.4
146.3
149.0
152.8
154.9
1957-59=100
88. 5
92.8
90. 4
94.4
120. 8
112. 6
117. 3
104.9
129.2
124. 4
119. 4
116. 5
137. 1
129.3
126.9
136.9
130. 7
137. 7
136. 7
130.5
126. 6
136.7
140. 5
130. 4
135. 5
143. 2
141.6
138.0
136. 6
139. 4
145. 0
137.7
142. 9
149. 7
144.7
153.0
154.8
150.9
158. 0
151.8
93.2
91.0
115. 6
95.8
105.7
97. 8
122.5
116.3
124.2
127.2
125. 8
128.8
128.0
128. 2
129. 5
134. 9
140.4
145.2
150.4
153.2
86.3
95.8
117.6
129. 3
168. 4
167. 2
180.5
179. 2
180. 6
178. 0
176. 7
180. 9
182.9
184.8
186. 4
191. 3
196.0
197.3
194. 5
195.7
164. 1
1 02. 5
155.6
154. 0
155. 1
1 57. 1
1 56. 7
152.0
150. 2
151.4
153.3
152. 8
159.2
157.7
158. 6
160. 8
160. 5
153.7
150. 8
153.4
156. 5
157.3
198.0
196.3
195.9
196.3
195. 9
1 <W. 4
1 <»f>. :*
K)f>. 0
u/arhirmr. I'.).'»; transportation, 18; utilities,
Uncludes.'««)
r
m i n i m ' , ! <I"> .
nl minim'.
34;trade,
(inane M i n i srrvirr, -l. i;1 ami
H
2
Includes .r)0<) •oimiiun ::iurli, -t' .'. arc iudiist.riiil:-;; :ivrni>T <»f daily fU-iircs.
3
Aggregate e: sli dividend.-; ('lui.-u-d on lulr.sl k n o w n minimi rate) divided by
nitlily
inarket
vuhir
nf
Hie
sloek.s
In
the
f^roup.
A n n u a l yields
the aggregate in
34
i
i
1964
i
,4
10
r
COUNCIL OF ECONOMIC 'ADVISERS.
Secui ities and Exchange Commission price ndex
MJanufaetun ng
ComTransUtiliDuraposite
NonportaTotal
ties
index *
ble
durable
tion
Apr
May
June
July
Aug
Sept
Get
Nov
Doc
i
15
1963
SOURCE: STANDARD AND POOR'S CORPORATION.
Period
20
\.__^r—~— ^
Standard and Poor's5 common sstock data
Price i ndex 2
DiviPrice/
dend3 earnings
Indusyield
Total
trial (percent) ratio 4
1941- 43=10
47.63
44. 38
49.36
46.24
57.38
61. 45
55.85
59.43
66.27
69.99
62.38
65. 54
73.39
69. 87
68.76
72. 17
73. 60
70. 14
73. 61
70.11
69.07
72.45
70.98
74.43
76.63
72. 85
73.03
77. 09
72.62
76.69
78.38
74. 17
80. 85
76.45
81.96
77.39
83. 64
78. 80
84.92
79.94
4.35
3.97
3.23
3.47
2. 97
3.37
3.17
3. 15
3. 13
3. 16
3. 20
3. 13
3.06
3. 05
3. 14
3. 14
3.06
3.05
3. 03
3.00
85.12
85.35
84. 69
86. 08
86. 10
2. 99
2.98
3. 01
2.96
3.00
80. 12
80. 33
79. 72
80. 91
5
81. 00
5
12.89
16.64
17.05
17.09
20.49
16. 24
17.48
17.00
17.59
18.49
:s,
arc4 averages of monthly data. Weekly dnta arc Wednesday figures.
ips (seasonally
Ratio of price index for hist day in quarter to quarterly earnings
adjusted annual rate). Annual ratios are averages of quarterly datn
'Not charted.
Sources: Securities and Kxclianpo Coommlssion and Standard and Poor's
Corporation.
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND
The budget deficit for the first 10 months of fiscal 1964 was $9.7 billion.
it was $10.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET RECEIPTS
NET BUDGET EXPENDITURES
1959
I960
In the corresponding period of fiscal 1963
1961
1962
1963
1959
1964
1960
1961
1962
1963
1964
1963
1964
BUDGET SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE)
NATIONAL DEFENSE
FIRST 10 MONTHS
1959
1960
1961
1962
1963
1964
Period
Fiscal year 1959
Fiscal year 1960
Fiscal year 1961
Fiscal year 1962
Fiscal year 1963
Fiscal year 1964 33
Fiscal year 1965
1963: Mar
Apr
May
June
July
Aug
Sept
Oct_
Nov..
Dec...
1964: Jan
Feb
Mar
Apr
Cumulative totals first 10 months:
Fiscal year 1963
Fiscal year 1964
1959
1961
1962
COUNCIL OF ECONOMIC ADVISERS'
Net
budget
receipts
67.9
77.8
77. 7
81.4
86.4
88.4
93.0
9. 7
5.7
7.0
12.1
3.5
7.3
10. 1
3.4
7.1
8.8
5.9
8. 0
10. 1
6. 6
67. 4
70. 9
[Billions of dollars]
Net budg et expenditu res
N ational defeiise *
Budget
surplus
Depart ment of
or
Def ense
Total
Total
deficit ( — )
Military
Military
functions assistance
-12.4
2.3
41. 2
80. 3
46. 5
1. 2
1.6
41. 2
45.7
76. 5
-3.9
43. 2
1.4
47.5
81.5
-6.4
1.4
46. 8
51. 1
87.8
-6.3
1.7
48. 3
52.8
92.6
1.4
— 10.0
50. 9
55.3
98.4
-4.9
1.2
54.0
50. 0
97. 9
.2
1. 9
4. 1
4. 5
7.8
4. 1
.2
— 1. 9
4. 5
7.6
.2
—.5
4. 1
4. 5
7.5
.4
4. 3
4. 0
4. 6
7.7
-4.3
4. 2
3. 8
.1
7. 9
.1
— 1. 0
4. 4
4.0
8.3
.1
2.3
4. 2
3. 9
7. 8
-5.4
4.3
.1
4.
6
8. 8
-.7
4. 1
3.8
.1
7.8
4. 2
.5
4. 5
.1
8. 3
4. 3
.1
-2.6
4.0
8. 5
.1
4. 0
4. 4
.5
7. 5
4. 4
.1
7. 9
4. 1
2.3
42
.1
-1.3
4. 6
7. 9
77. 5
SO. 6
1
In addition to items shown, also includes atomic energy and defense related
services.
2
Include? guaranteed securities hold outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
1960
FISCAL YEARS
* ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
43. 6
43. 8
40.2
40.4
1.2
1.0
-10. 1
-9.7
Public
debt
(end of2
period)
-.,-.
234. 8
286.5
289.2
298.6
306.5
312.5
317.7
303. 5
303.7
305. 8
306.5
305. 5
307.2
307.3
307. 1
308.9
310. 1
309. 3
311. 1
310.4
308.4
303.7
308.4
3
Estimate.
NOTE.—Total budget receipts and expenditures exclude certain intragoverarnontal transactions.
Sources: Treasury Department and Bureau of the Budget.
35
FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter of calendar year 1964, cash payments exceeded cash receipts by $800 million on a seasonally
adjusted basis.
BliLJONS OF DOLLARS (SEASONALLY ADJUSTED)
35
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
35
20
EXCESS OF CASH RECEIPTS
EXCESS OF CASH PAYMENTS
1961
1959
1958
J962.
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 year:
1958
1959
1960
1961__
1962
1963
19641
1965 *
Calendar year:
1958
1959
1960
1961
1962
1963
_
Quarterly total (calendar years):
HMi'2: I
11
in
IV
P.M.:*: i
_
II
in
IV
Hllil: 1
_ __
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
109. 7
114.4
119. 7
83.5
94. 8
94. 3
99. 5
107.7
113. 8
122.7
122. 7
-1.6
-13. 1
.8
2. 3
-5.8
— 4. 0
-8.3
-2. 9
81.7
87. 6
98.3
97.9
106. 2
112. 6
89.0
95. 6
94. 7
104.7
111. 9
117.2
Unadjusted
-7.2
-8.0
3.6
-6.8
-5. 7
-4.6
25.9
27. 9
28. 5
29. 6
26.5
29. 1
30. 9
30.6
28.6
0. 3
3. 1
-2. 5
-6. 6
1. 7
3. 4
-3.6
—6. 1
1.7
26. 2
31. 0
26. 0
23. 0
28.2
32.6
27. 3
24.5
30.3
Cash payments to
the public
Sesisonally adjusibed
25.5
26. 5
27. 2
27. 1
27.5
27. 8
28.5
29.0
29.7
27. 6
27. 2
28. 0
29.0
28.2
28.5
30.4
30.0
30.5
Sources: Treasury Department and Bureau of the Budget.
36
Excess of receipts (+) or
payments
(-)
-2. 1
-. 7
-. 9
-1.9
-.7
-.7
— 1.9
— 1.0
-.8
FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
On a national income accounts basis, Federal government receipts fell almost $3 billion (seasonally adjusted annual
rate) and Federal expenditures rose more than $1 billion resulting in an increase in the deficit to $5% billion.
BILLIONS OF DOLLARS*
140
BILLIONS OF DOLLARS*
140
120
120
100
100
I
I
I
!
I
I
I
I
I
I
4-20
+20
SURPLUS
fi^_
uyijLi
LU
LJLJLJ- LJ^^LJ [JLJ^^ LJ
l&%i *^
DEFICIT
-20
i
I
1958
I
f
I
!
1959
!
1
i
1
I960
i
i
i
i
i
1
!
i
1
i
i
1964
1963
1962
1961
CALENDAR YEARS
*SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS.
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federa 1 Governrnent expe nditures
Federal (jrovernment receipts
Period
Fiscal year:
1961
1962
1963
1964 i
1965 i—
Calendar
year:
1957
1958
1959
1960
1961
1962
1963
1962:111.
IV_
1963:I_._
II—
IIIIV.
2
1964: I .
Subsidies Surplus
Grantsless
Purin-aid
or
Net
current deficit
chases Trans- to State
interest surplus
of goods fer payand
(-)
paid of Govt.
and
ments
local
enterservices
goverprises
ments
Indirect ContriPersonal Corporate business butions
tax
and
Total nontax profits tax and to social
insurtax
nontax
receipts accruals
accruals ance
Total
18.0
19.7
21.9
23.7
24 2
97.8
106.4
112.6
119. 1
121.5
54 9
60. 1
64 4
67.8
69. 1
25. 9
27. 8
29.3
30.5
31.8
6.6
7.3
7.9
9.4
9.7
7.0
7.0
7.6
8.0
8.5
3.4
42
3.5
3.5
2.5
12. 2
12. 4
79.7
87. 9
91. 4
93.1
102.8
109. 8
116. 1
109. 1
112. 4
114 5
115.3
116. 1
118. 2
119.3
49.7
52. 6
53. 6
53. 1
57.4
62. 4
66.3
62. 4
63. 6
65. 5
66.5
66. 4
66. 6
66.9
17.4
21. 3
22. 2
23.8
27.4
28.3
30.1
28. 1
29.2
30. 1
29.7
29. 8
30.8
31.3
41
2.8
3.0
8.2
8.5
5.7
5.6
6.4
7.1
6.9
7.2
7.5
7.2
7.3
7.4
7.5
9.4
9.4
7.6
7.9
95. 2
103. 6
109.3
113.6
118.8
44 0
47. 6
50. 1
50.1
52.3
19. 5
21. 3
21.6
23.3
24.9
81.7
78.5
90.3
96.6
98.2
105. 4
113.3
105. 6
107. 1
110.0
112.3
114.3
116.7
113.9
37.3
36.6
40. 4
19.9
17.7
22.0
21.0
20.7
20.8
22.9
20.5
21. 5
21. 5
22.6
23.2
24. 1
23 .2
440
45.1
49.0
50.9
49.4
49. 7
50.0
50.4
51. 1
52.2
49.9
1 Preliminary estimates by the Bureau of the Budget.
2 Preliminary.
13.6
149
15. 6
16. 5
17.3
12.2
11.9
13.0
14.0
14.2
15.2
16.2
15.2
15.4
15.7
16.0
16.4
16.5
16.5
149
17.6
18.2
20.4
23.4
20. 5
20.5
22.8
23.3
23.6
23. 9
243
5.4
6.7
6.3
7.0
7.7
8.9
7.5
8. 1
9. 2
7. 6
2. 5
2. 8
4. 1
42
3.4
3.9
4. 2
3.4
3.0
3.2
3.8
3.8
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
-2.7
-2.7
-3.3
-5. 5
-2.8
2.0
-9.4
— 1.1
3.5
— 45
— 43
-2.8
—3.6
-5.3
— 46
-3.0
-1.8
— 1. 5
-5.4
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
PENALTY FOR PRIVATE USE TO AVOID
PAYMENT OF POSTAGE, $3OO
(GPO1
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
.__„_
Disposition of Personal Income
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
-wU.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
Federal Budget, National Income Accounts Basis
_
__„_______
.
38
„
___„_.
...
-
---
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
;". •
NOTE.— Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
„__
Page
1
2
3
4
5
6
7
8
9
For »nte by tlic Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402
Price 26 cents per copy; $2.60 per year; $3.50 foreign
;.
_
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