Full text of Economic Indicators : November 1959
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86th Congress,; 1st Session
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Economic Indicators
NOVEMBER
1959
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1959
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
HOUSE OP REPRESENTATIVES
JOHN SPARKMAN (Alabama)
RICHARD BOLLING (Missouri)
J. WILLIAM FULBRIGHT (Arkansas)
HALE BOGGS (Louisiana)
JOSEPH C. O'MAHONEY (Wyoming)
HENRY S. REUSS (Wisconsin)
JOHN F. KENNEDY (Massachusetts)
FRANK M. COFFIN (Maine)
PRESCOTT BUSH (Connecticut)
THOMAS B. CURTIS (Missouri)
JOHN MARSHALL BUTLER (Maryland)
CLARENCE E. KILBURN (New York)
JACOB K. JAVTTS (New York)
WILLIAM B. WIDNALL (New Jersey)
RODERICK H. R.ILWX, Executive Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNIER, Chairman
KARL BRANDT
HENRY C. WALLICH
[PUBLIC LAW 120—81sr CONGRESS; CHAPTER 237—Isx SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.
11
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Per Capita Disposable Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
3
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Nonagricultural Employment
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Sales and Inventories—Manufacturing and Trade
Merchandise Exports and Imports
16
17
18
19
20
21
22
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
23
24
25
CURRENCY, CREDIT, AND SECURITY MARKETS
Currency and Deposits
Bank Loans, Investments, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices
26
27
28
29
30
FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public
31
32
NOTE.—Detail in these tables will not
necessarily add to totals because of rounding.
Ill
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that total income and expenditures dropped between the second and third quarters.
[Billions of dollars]
1958
Economic group
1959
Year
Third quarter
Second quarter
Excess
of reEx- ceipts
Re- pendceipts itures or(+)
expenditures
(-)
Excess
of reEx- ceipts
Re- pendceipts itures or(+)
expenditures
(-)
Excess
of reEx- ceipts
Re- pendceipts itures or(+)
expenditures
(-)
Third quarter
Excess
Of reEx- ceipts,
Re- pend(+)
ceipts itures or
expenditures
<-)
Seasonally adjusted annual rates
Consumers:
Disposable personal mcome_ 316. 5
Personal consumption ex-
320. 4
293. 0
23. 5
Personal net saving (+ )
Business:
Gross retained earnings
Gross private domestic investment
-10. 9
07 0
— 25. 2
1. 4
1. 6
.1
Government (Federal, State,
and local) :
Tax and nontax receipts or
accruals
114. 9
Less: Transfers, interest,
(')
— 10. 9
12
21.9
77. 5
1. 2
Excess of transfers ( + )
or of net exports (— )
Net receipts
52. 3
54. 2
1. 3
313.3
24. 1
20. 0
54. 9
Net exports of goods and
335. 1
311 2
43. 3
44 0
Excess of investment
(— )
International:
Foreign net transfers by
335. 3
294. 4
(')'
1. 5
0
— 1. 8
3. 2
—. 4
1.5
116. 1
131.0
(')
32. 9
33. 7
33.5
33 9
82. 0
82. 4
97. 5
(J)
Total government expenditures
Less: Transfers, interest,
125 6
127. 5
131. 2
132. 3
32. 9
33. 7
33. 5
33 9
Purchases of goods
and services
92.6
93. 8
97. 7
98.4
Surplus (+) or
deficit ( — ) on
income and
product account.
Statistical discrepancy
— 11. 4
-10.7
2 1
__
GROSS NATIONAL PRODUCT.. 441. 7 441. 7
— 2. 1
444. 0 444. 0
i Not available.
NOTE.—For explanation and use of this arrangement, see Senate Report
No. 1295, Joint Economic Report, pp. 92-93, 99-105, and Economic Report of the
President, January 1953, Appendix A.
3. 3
33
—. 2
2.0
484. 5 484.5
2.0
(')
J
<)
478.6 478.6
Sources: Department of Commerce and Council' of Economic Advisers.
(')
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product declined $5.9 billion (seasonally adjusted annual rate) between the second and third quarters,
according to current estimates. A drop in private domestic investment of a larger amount was partially offset by increases in other major components.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
50O
500
SEASONALLY ADJUSTED ANNUAL RATES
400
GROSS NATIONAL PRODUCT
300
300
PERSONAL CONSUMPTION
EXPENDITURES v.
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
1953
1958
1954
I
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
(Billions of dollars]
Total
Personal
Net
Gross
gross
Total
conexports
national
gross
sump- private of
goods
product national
tion domestic and
investin 1958
expendproduct
services
ment
prices 1
itures
Period
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
_
.
1957: Third quarter
Fourth quarter _ _ _
1958: First quarter
Second quarter
Third quarter
....
Fourth quarter...
1959: First quarter
Second quarter
Third quarter
Government purchases of goods and services
Federal
Total
Total
2
National
defense 3
Other
State
and
local
323.8
352. 2
378.6
391.6
408.7
402.1
434.9
443.6
452.0
441. 7
258.1
284.6
329.0
347.0
365.4
363. 1
397.5
419.2
442. 5
441. 7
181. 2
195.0
209. 8
219. 8
232. 6
238.0
256.9
269. 9
284 8
293. 0
22.2
3.8
33.0
40. 2
.6
39.0
19.3
50. 0
2.4
38. 8
60.5
56. 3
52. 9
1.3
76.0
49. 9
—.4
82.8
58.0
50. 3
1.0
47.5
48. 9
75.3
1.1
75.6
45.3
63. 8
2.9
45.7
67.4
79.0
49
86. 2
49. 4
66.6
1. 2
52. 2
54 9
92. 6
Seasonally adjusted annual rates
13. 6
14.3
33.9
46.4
49. 3
41. 2
39. 1
40. 4
44 3
44 5
8.9
5.2
5. 2
6.7
9.0
6.7
6. 6
5.7
5. 5
8. 1
17.9
19.7
21.7
23.2
249
27.7
30.3
33.2
36.8
40. 5
454. 2
447.2
433.2
435.4
444. 0
454. 8
465.5
477. 8
469. 7
447.8
442.3
431.0
434. 5
444, 0
457. 1
470.2
484. 5
478. 6
288. 2
288. 1
287.3
290.9
294 4
299. 1
303. 9
311.2
313. 3
67. 9
63. 2
52.4
51.3
542
61. 3
69.8
77. 5
67.0
49.7
49. 1
50. 1
51. 3
53. 1
54 2
53. 8
53.9
53. 6
44 9
43. 9
44 0
44 3
44 5
45. 3
45. 8
46.2
45. 9
5. 3
5.7
6.6
7.5
8.9
9. 4
8.3
8.0
8. 1
36.9
38.3
39.2
39.7
40, 8
42. 2
43.6
43.8
44 8
1
Preliminary estimates by Council of Economic Advisers.
'Less Government sales.
'Theseexpenditures correspond closely with the "major national security"
1959
5. 1
3.5
2.0
1.2
1.6
.2
—.9
— 1.8
.0
86. 6
87.4
89. 3
91. 1
93.8
96.5
97. 4
97.7
98. 4
category in The Budget of the Unitet States Government for the fiscal Year
Ending June SO, I960, shown on p. 31 of Economic Indicators.
Source: Department of Commerce (except as noted).
NATIONAL INCOME
Compensation of employees (seasonally adjusted) increased slightly in the third quarter.
income and net interest also increased slightly but (arm income dropped again.
Business and professional
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
SEASONALLY ADJUSTED ANNUAL RATES
300
300
COMPENSATION OF EMPLOYEES
X
a oo
100
100
PROPRIETORS'AND
RENTAL INCOME »
NET INTEREST-
CORPORATE PROFITS AND ^
INVENTORY VALUATION ADJUSTMENT
.1
1953
.1954
1
1957
1956
1955
I
1958
I
1959
COUNCU OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars]
Proprietors' income
Rental
income
of
persons
Corporate profits and inventory valuation adjustment
Total
national
income
Compensation
of employees *
1949...
1950—
1951—.
1952._
1953—
1954—
1955—
1956—
1957
1958—
217.7
241.9
279. 3
292.2
305.6
301. 8
330.2
350.8
366.5
366.2
140.8
154.2
180.3
195.0
208.8
207.6
223.9
242. 5
255. 5
256.8
12.9
22.7
8. 3
4,8
14.0
23.5
9.0
5.5
9.4
16.3
26.0
6.3
10.2
15.3
26.9
7.1
13.3
27.4
10.5
8.2
12.7
27.8
10.9
9. 1
10.7
11.8
30. 4
1O. 4
11. 6
32. 1
10.9
11.7
32.7
13.3
11.8
11.5
14.2
11.8
32.4
14 3
Seasonally adjusted annual rates
1957: Third quarter
Fourth quarter
1958: First quarter
Second quarter
Third quarter
Fourth quarter
1959: First quarter
Second quarter
Third quarter
371. 1
364.3
355. 8
358. 9
369. 5
380.4
389. 4
403. 9
(2)
258. 1
256.0
252 5
253. 2
258. 5
262.9
269. 9
278.9
279.3
12.3
12. 1
14. 6
13.9
14.2
14. 1
13.2
12. 1
10. 3
Period
1
'
Farm
Includes employer contributions for social insurance. (See also p. 4.)
* Not available.
Business
and professional
32. 9
32. 4
31. 6
32. 0
32. 6
33.2
33. 7
34.5
34.8
11.5
11.7
11.7
11.8
11. 9
11.9
12. 0
12.0
12.0
Net
interest
13.5
13. 8
13. 9
14 1
14 4
147
15. 1
15. 4
15.8
Total
Profits Inventory
before valuation
taxes adjustment
28.2
35.7
41. 0
37.7
37.3
33.7
43.1
42.0
41.7
36.7
26. 4
40. 6
42. 2
36. 7
38. 3
34 1
44 9
44 7 .
43. 3
37. 1
1.9
-5.0
— 1. 2
1.0
-1.0
-.3
-1.7
-2.7
— 1.5
—.4
42. 7
38.5
31. 5
33.8
38.0
43. 5
45.5
51.0
(2)
44 0
39. 4
32. -0
33. 6
38.3
44 6
46. 5
52.6
(2)
— 1. 3
-.9
—. 4
.2
—.3
-1.1
-.9
— 1.6
2
()
Source: Department of Commerce.
SOURCES OF PERSONAL INCOME
Personal income rose $1 billion (seasonally adjusted annual rate) in October. Farm income registered an increase
as did personal interest income and transfer payments. Partially offsetting these gains was a small drop in labor income.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
350 —
300
250
•ZOO
TRANSFER PAYMENTS,.
—tw,;.,..,->w
1953
1959
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
personal
income
1950
1951
1952
1953 „
1954 .
1955 _.
1956
1957..
1958
228. 5
256.7
273. 1
288.3
289. 8
310.2
332. 9
350. 6
359.0
1958: September.
October...
November.
December.
1959: January ..
February.
March
April
May
_
June
July
August
September.
October 3__
364. 2
364.3
367.5
366.9
369.0
371.0
375.4
379.0
381.3
383.8
383.4
380.0
380.9
381.9
[Billions of dollars]
Labor income Proprietors' income
Less: Per(wage and
Rental
sonal conPersonal
Transfer
salary disDivitributions
Business income
payof
bursements Farm
dends interest
for social
and
proments
income
and other 1
persons
insurfessional
labor income)
ance
9.0
150. 2
14.0
23.5
9.2
10. 3
15. 1
2. 9
9.4
26.0
3.4
175.5
16.3
9.0
11.2
12.6
190.2
15.3
26. 9
10.2
12.1
13.2
9.0
3.8
27.4
9.2
14.3
204. 1
13.3
10.5
13.4
3.9
12. 7
27. 8
10. 9
16.2
202.5
9.8
14.6
4.6
30.4
10. 7
11.2
5.2
218.0
11.8
17.5
15.8
32. 1
11. 6
10.9
12.1
235. 7
18.8
5.8
17.5
247.7
32. 7
6.7
11.8
11. 5
12.5
19. 5
21.7
32.
4
248.7
14. 2
11. 8
12. 4
7.0
20.4
26. 1
Seasonally adjusted annual rates
14. 3
20. 6
251.8
32.8
11.9
12.6
27. 3
7.1
14. 2
20. 7
251. 4
33. 2
11.9
12.6
27.4
7.1
14. 1
33. 1
11.9
12.6
26. 6
7.1
255. 5
20.8
14. 2
33.4
11.9
256. 4
10. 8
26.3
7.1
21.0
33. 5
12.0
21.1
258. 3
13.5
12.7
26. 1
8.1
13. 2
33. 7
12.0
259. 8
26.4
8.1
12.8
21.3
34.0
21. 6
8.2
12.9
12.0
26.6
263.8
12.8
267.2
12.2
34. 3
12.0
12.9
26.9
8.3
21.8
269.7
12.0
34.5
12.0
26.4
8.3
13.0
22.0
34.7
271.7
12.1
26.4
12.0
22.2
8.4
13. 1
11.4
34.9
12.0
13.2
26.3
8.4
271.6
22.4
34. 9
8.4
10.0
12.0
13.4
268.9
22.7
26.5
34.8
27.0
8.4
12.0
269. 4
9.6
13.5
23.0
34.9
12.0
8.4
269.2
10.0
13.5
27.3
23.3
1
Compensation of employees (sec p. 3) excluding employer contributions (or
social
Insurance and the excess of wage accruals over disbursements.
1
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
3
Preliminary estimates.
Source: Department of Commerce.
Nonagricultural
personala
income
211.3
237.0
254.3
271.5
273.8
295.0
317.9
335. 2
341. 1
346. 1
346. 3
349. 6
348.8
351.6
353.8
358.5
362.7
365.3
367.8
368.2
366.3
367.5
368. 0
DISPOSITION OF PERSONAL INCOME
Disposable personal income (seasonally adjusted) dropped slightly between the second and third quarters, according
to current estimates. Total consumption expenditures rose at an annual rate of $2.1 billion.
BILLIONS OF DOLLARS
35O
BILLIONS OF DOLLARS
3 SO
3OO
300
250 -
200
150
- ISO
-
100
100
1953
1958
1954
1959
COUSCIl OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OP COMMERCE
Equals:
Personal Less: Disposincome Personal able
taxes ' personal
income
Period
1949
1950
1951 •1952
1953
1954
1955
1956...
1957. __
1958
...
- .
—
1957: Third quarter
Fourth quarter
1958: First quarter
Second quarter
Third quarter
Fourth quarter.
1959: First quarter _
Second quarter
Third quarter
„ . .
.
,
_.
„
__
•„ _.
208. 3
22&S
256. 7
273. 1
288. 3
289. 8
310. 2
332. 9
350. 6
359.0
18. 7
20. 8
29. 2
34. 4
35.8
32.9
35.7
40.0
42.7
42.6
354. 5
352.8
352. 2
355.0
363. 4
366.3
371.8
381. 1
381. 0
43. 1
42. 9
41. 9
42. 1
42,9
43. 4
44. 4
45. 8
45.9
i Includes such items as toes, penalties, and donations.
48118°—59
Less: Personal consumption
expenditures
Total
Saving
Equals: as percent
Personal of disDurable Nonsaving
posable
goods durable Services
income
goods
Billions of dollars
189. 7
24. 6
96. 6
181. 2
207. 7
99. 8
195. 0
30. 4
227.5
209. 8
29. 5
110. 1
23&7
219. 8
29. 1
115. 1
252. 5
232. 6
32. 9
118. 0
256. 9
32. 4
238. 0
119. 3
274.4
256. 9
39.6
124. 8
292. 9
269. 9
131. 4
38.5
307. 9
284.8
40.3
137.7
316. 5
293.0
37.6
141.9
Seasonally adjusted annual rates
311.5
288. 2
40. 9
139. 7
309.9
288. 1
39. 7
139. 0
310. 3
36.9
287. 3
139. 5
312. 9
290. 9
36.7
141.5
320.4
294. 4
37. 1
143. 1
322. 9
299. 1
143.6
39.8
327. 4
303.9
41.3
145. 3
335. 3
44. 1
147. 7
311. 2
335. 1
43.6
313.3
148. 0
60. 0
64. 9
70. 2
75. 6
81.8
86.3
92.5
100.0
106.7
113. 4
8. 5
12. 6
17.7
. 18.9
19.8
18.9
17.5
23.0
23. 1
23. 5
4,5
6. 1
7.8
7.9
7.9
7.3
6. 4
7.9
7.5
7.4
2i3
7.5
7.0
7.4
7.0
8. 1
7.3
7.2
7.2
6. 5
107. 6
109. 4
111. 0
112. 7
114.2
115.7
117. 4
119. 4 '
121. 6
Source: Department ol Commerce.
21. 8
22. 9
22. 0
26.0
23.7
23. 5
24. 1
21.9
PER CAPITA DISPOSABLE INCOME
Per capita disposable income, measured in both current and constant prices, showed a small decrease in the third
quarter.
SEASONALLY ADJUSTED ANNUAL RATES
£,000
2,000
1,600
1,800
1,600
1,600
1.400
1,400
1,200
I,2OO
n
i
l
I
!
1953
1954
1955
1957
1956
J'SEE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS.
I
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1958
prices 2
Current
prices
189.7
207.7
227.5
238. 7
252. 5
256.9
274.4
292.9
307.9
316. 5
_.
i
COUNCIL OF ECONOMIC ADVISERS
Total disposable personal Per capita disposable perincome (billions of dollars) * sonal income (dollars)1
Period
I
1959
1958
230.2
249. 6
253.0
259. 8
272.7
276. 2
296. 1
311.3
316.4
316. 5
Current
prices
1,271
1,369
1,474
1,520
1,582
1,582
1,661
1, 742
1,798
1,818
1958
prices 2
Population
(thousands) 3
1,542
1,645
1,640
1, 654
1,708
1, 701
1, 792
1, 851
1,848
1,818
149, 188
151, 683
154, 360
157, 028
159, 636
162, 417
165, 270
168, 176
171, 198
174, 054
1,852
1,829
1,804
1,799
1,833
1, 839
1,857
1,890
1,867
171, 606
172, 382
173, 038
173, 692
174, 450
175, 242
175, 926
176,599
177, 358
Seasonally adjusted annual rates
1957: Third quarter
Fourth quarter
1958: First quarter
Second quarter
Third quarter
,
Fourth quarter
1959: First quarter
Second quarter. _ . .
Third quarter
1
1
_. .
Income less taxes.
Dollar estimates in current prices divided by consumer price index on a 1958
base.
3
Continental United States, including armed forces overseas. Annual data
311. 5
309.9
310. 3
312.9
320. 4
322. 9
327. 4
335. 3
335.1
317.9
315.3
312. 2
312. 6
319. 8
322. 3
326. 7
333. 6
331. 1
1,815
1,798
1, 793
1,801
1,837
1, 843
1,861
1,899
1,889
as of July 1; quarterly data centered in the middle of the period, interpolated
from monthly figures.
Sources: Department of Commerce, Department of Labor, and Council of
Economic Advisers.
FARM INCOME
Farm .operators' net income (seasonally adjusted and including net change in inventories) declined in the third quarter.
It was less than a year before, as a smaller 1959 wheat crop and lower prices for hogs and poultry products reduced
receipts fiom those commodities.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
30
NET FARM INCOME
(INCL. NET CHANGE
.<••*-.,———.,
10
ID
1954
1953
1955
1956
1957
'INCOME OF FAffi OPERATORS FROM FARMING. \
SOURCE ^DEPARTMENT OF ASFaCUlTUaE.
Period
1949.
1950
1951
1952 _..
1953 ._
1954
1955
1956.
1957
195S
_
Realized
gross farm
income *
_.
,
. ,.
1957: Third quarter
.
Fourth quarter
,
1958: First quarter
Second quarter,,
Third quarter
Fourth quarter
1959: First quarter
Second quarter
Third quarter
31. 8
32.5
37.3
37.0
35.3
33.9
33.3
34.6
34.4
38.3
34.7
34.6
38,3
38.0
sa4
38.5
38.2
37.3
35.5
1959
CQUHCIl Of ECONOMIC UfOSfUS
Farm operators' income
Net income*
Farm proExcluding
Including
duction
net change net change
expenses.
in invenin inventories
tories
Billions of dollars
Net income per farm including net change in
inventories
Current
1958
prices
prices *
Dollars
18.0
12.9
13. 8
2,259
2,658
13.2
19.3
14.0
2,479
2,883
22.2
15.2
16.3
2, 951
3, 173
22. 6
14. 4
15.3
2, 829
3,010
13.9
21.4
13.3
2, 502
2, 662
21.7
12. 2
12:7
2, 440
2,596
21. 9
11.5
11.8
2,313
2,- 461
22. 6
12. 0
2,338
11.6
2,461
23.4
11.0
2,426
11.8
2, 476
25.2
13. 1
14.2
2,990
2,990
Seasonally adjusted annual rates
23. 3
11.4
12.3
2,530
2, 560
23. 6
11.0
12, 1
2, 490
2,520
24.9
13.4
14.6
3, 070
3,070
25.2
12. 8
2,930
13, 9
2, 930
25.2
13. 2
14.2
2,990
2,990
25.3
13.2
14.1
2,970
2, 970
25.7
12.5
13.2
2,840
2,840
25.8
11.5
12.1
2,600
2,600
26.0
9.5
10.3
2,220
2,220
'Cash receipts from farm marketings, value of (arm products consumed in
farm households, gross rental value at farm dwellings, and Government payments
to1farmers.
Heal lied gross farm income less farm production expenses. Excludes farm
wages paid to workers living on farms and any income to farm people from nonfera sources, which in 1968 amounted to J1.8 billion and $6.2 billion, respectively.
1958
Number of
farms
(millions) *
' 5.7
5.6
5.5
5. 4;
5.3
5.2
5.1
5. 0
4.9
4.7
4.9
4,9
4.7
4.7
4.7
4.7
4.6
4.6
4.6
8
Dollar estimates to current prices divided by the indei of prices paid by
farmers for items used In family living on a 1958 base.
' The number ol farms is held constant within a given year.
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits before taxes in the second quarter of 1959 are estimated at $52.6 billion (seasonally adjusted
annual rate).
.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1953
1954
1955
1958
I
1959
i NO ALLOWANCE FDR INVENTORY VALUATION ADJUSTMENT.
.COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.
(Billions of dollars]
Corporate
profits
before taxes
Period
1949
1950.
1951
1952
1953
1954
1955
1956
1957
1958 ...
--
.
.
_.
_ --..
--
26. 4
40.6
42. 2
36.7
38.3
34, 1
44. 9
44. 7
43.3
37.1
Corporate
tax
liability
10. 4
17.9
22. 4
19.5
20.2
17.2
21.8
21. 2
21. 1
18.2
Corporate profits after taxes
Total
16.0
22.8
19.7
17.2
18. 1
16. 8
23.0
23.5
22.2
iag
Dividend
payments
Undistributed
profits
a5
7.5
9. 2
9.0
9.0
9. 2
9. 8
11. 2
12.1
12. 5
12.4
13.6
10.7
as
8.9
7.0
11. 8
11.3
9.7
6.5
Seasonally adjusted annual rates
1957: Third quarter
Fourth quarter
1958- First quarter
Second quarter
Third quarter
Fourth quarter
1959: First quarter
Second quarter
Third quarter
1
Not available.
8
..
.
44.0
39.4
32.0
33.6
38. 3
44. 6
46. 5
52.6
_•
._
- .
.
(')
22.5
20.2
16. 3
17. 1
19. 5
22. 7
23.8
27.0
21. 4
19. 2
15.7
16.5
18. 8
21. 9
22. 6
25.6
(»)
0)
12.8
12.2
12.7
12. 6
12. 6
12.0
12.8
13.0
13.4
9.7
ao
3.6
4.5
6.9
10.7
11.0
14. 0
C)
NOTE.—See p. 3 for profits before taxes and after inventory valuation adjustment.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment fell $10.5 billion (seasonally adjusted annual rate) between the second and third
quarters. The reduction in inventories accounted (or the decline.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
~
801
ISO.
SEASONALLY ADJUSTED ANNUAL RATES
60
40
-lfc
CHANGE IN BUSINESS
INVENTORIES*^
""""""——•I.......-—..
t
I
1953
I
1955
1954
1956
I
1958
1957
]_
I
-20
1959
COUNCIL OF ECONOMIC ADViSEBS
SOURCE: DEPORTMENT OF COMMERCE.
[Billions of dollars]
Period
1949
1950 _.
1951
1952
1953
1954 . .
1955
.
1956
1957..
1958---.
....
.
._
1957: Third quarter
Fourth quarter
1958 : First quarter
Second quarterThird quarter .
Fourth quarter
1959: First quarter
_ _
Second quarterThird quarter. .
Total
gross
private
domestic
investment
Total
33.0
SO. 0
56. 3
49.9
50.3
48.9
63.8
67.4
66.6
54.9
36.0
43.2
46. 1
46.8,
49.9
50.5
58. 1
62. 7
64. 6
58.7
67.9
63.2
52.4
51.3
54. 2
61. 3
69.8
77.5
67.0
65. 2
63.8
59.3
57.2
57.6
60.5
63.6
67.0
68.0
New construction *
Producers'
durable
ResidenOther
equipTotal
tial
ment
nonfarm
17.2
9. 2
18. 8
9.6
14. 1
10.1
24.2
18.9
24. 8
12.3
21.3
12.5
12. 7
12. 8
21.3
25. 5
13.8
13. 8
27. 6
22.3
29. 7
15.4
14.3
20.8
18.7
16. 2
23. 1
34. 9
27.2
17.7
17.8
35.5
19.0
17.0
36. 1
28.5
17.7
18.0
35. 8
22.9
Seasonally adjusted annual rates
36.2
36. 1
35.5
34.6
35.4
37.3
39.7
41.0
41.0
' "Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.
Change in business
inventories
Fixed investment
17.0
17.1
17.1
16. 9
18.0
19. 9
21.9
23.1
22.6
19.3
19.0
18.4
17. 7
17. 4
17. 4
17.8
17.9
18.3
29.0
27.7
23.8
22.6
22.2
23.2
23.9
26.0
27.0
Total
Nonfarm
-3. 1
6.8
10. 2
3. 1
.4
-1.6
5.8
47
2.0
-3.8
-2.2
6.0
9. 1
2. 1
1. 1
— 2. 1
5.5
5.1
1.2
-4.9
2.7
— .6
—6.9
-5.8
-3.4
.8
6.1
10.4
-1.0
1.7
-1.7
— 8. 1
— 7.0
—4. 5
— .1
5.4
9.8
-1.8
Source: Department of Commerce.
9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The July-August survey of business expenditures on plant and equipment indicates rising outlays in the third and
fourth quarters of 1959. Expenditures for the year 1959 have been raised above earlier anticipations, and are now
expected to.be 9 percejit^boy^aetual outlays Jnl 958,.,,,,;
•_ : -« .--•.--._-;.-.• -•/•.._:-^ : --- : -.-.-.
;
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1959
SEE NOTE 3 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
[Billions of dollars]
Transportation
Manufacturing
Period
1949
1950_.
1951
1952
1953
1954
1955
1956
1957
1958
1959 3
Total »
_
_
1958:
First quarter
;
Second quarter
Third quarter.
Fourth quarter
____
1959: First quarter
Second quarter
Third quarter 3 s
Fourth quarter _ _ •„ _
Mining
Total
19.28
20.60
25.64
26.49
28.32
26.83
28.70
35.08
36. 96
30. 53
33. 26
7. 15
7. 49
10. 85
11.63
11. 91
11.04
11. 44
14.95
15.96
11.43
12.44
32.41
30. 32
29. 61
29.97
30. 62
32.51
34.29
35. 34
13. 20
11.53
10. 86
10.58
11.20
11.80
12. 81
13. 72
Durable NonduraRailroads Other
goods ble goods
2.59
.89
4.56
1.35
.79
1.21
3. 14
4.36
1. 11
.71
5.17
5.68
1. 49
.93
1.47
5. 61
6.02
1. 50
1.40
.98
5. 65
6. 26
. 99
1. 56
1.31
1. 51
5.09
5.95
.98
.85
.96
5. 44
6.00
.92
1.60
1.71
7. 62
7.33
1.24
1.23
8.02
7.94
1.77
1.24
1.40
5.47
.94
5.96
.75
1.50
6.42
6. 02
1.00
2.02
1.03
Seasonally adjusted annual rates
6.58
6.62
1.02
1.69
1.00
5.57
.92
5.96
.77
1. 40
5. 16
.88
5.70
. 63 1.29
5.72
1.62
4. 86
.97
.58
5.26
5.94
1.71
.95
.63
5.74
6.06
.94
1.00
2.08
6.28
6.53
1. 04
2. 19
1.41
6. 65
7.07
1.06
1. 12
2. 12
• Excludes agriculture.
> Commercial and other Includes trade, service, finance, communications, and
cons traction.
''Estimates based on anticipated capital expenditures as reported by business
in late July and August 1959. Includes adjustments, when necessary, for systematic tendencies in anticipatory data.
10
Public
utilities
Commercial and
other 2
3.12
3.31
3. 66
3.89
4. 55
4. 22
4. 31
4, 90
6. 20
6.09
5. 84
5.98
6.78
7.24
7.09
8. 00
8. 23
9. 47
11.05
10. 40
9.81
10.92
5.87
5.97
9.63
9.73
9.85
9.96
10.33
10.87
11.04
11.39
a 10
6.26
5.80
5.82
5.80
5.93
NOTE.—Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the.average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Unemployment was practically unchanged from September to October, although a decline is usual at this time of
year. The seasonally adjusted rate of unemployment increased to 6.0 percent, reflecting rising layoffs in steel-using
industries.
MILLIONS OF PERSONS-!'
75
"14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR.
COUNCIL Of ECONOMIC ADVISERS
:
Period
New definitions:'
1952
1953
1954
1955
1956
1957
1958_1958: September.
October
November.
December..
1959: January
February..
March
April
May
June
July—
August.
September.
October
Total
Civilian employment
Unemployment'
Insured unemployment2
labor
% of civilian All proState proforce (in- Civilian
labor1
Agricul- Nonagri- Number labor force
grams
grams as
cluding
Total
force
tural
cultural
Unad- Seas. (thousands % of covered3
armed
forces) '
justed adj. of persons) employment
Thousands of persons 14 years of age and over
66,
67,
67,
"68,
560
362
818
896
70, 387
70, 744
71, 284
71, 375
71, 743
71, 112
70, 701
70, 027
70, 062
70, 768
71, 210
71, 955
73, 862
73, 875
73, 204
72, 109
72, 629
62, 966
63, 815
64, 468
65, 848
67, 530
67, 946
68, 647
68, 740
69, ll'l
68, 485
68, 081
67, 430
67, 471
68, 189
68, 639
69, 405
71, 324
71, 338
70, 667
69, 577
70, 103
61, 035
61, 945
60, 890
62, 944
64,708
65, Oil
63, 966
64,629
65, 306
64, 653
63, 973
62, 706
62, 722
63, 828
65, 012
66,016
67, 342
67, 594
67, 241
66, 347
66, 831
6,792
6,555
6,495
6,718
6,572
6, 222
5,844
6, 191
6, 404
5,695
4, 871
4,693
4,692
5, 203
5,848
6,408
7,231
6,825
6,357
6, 242
6, 124
i See Employment and Earnings, Department of Labor, for definitions, methods
of estimation, periods to which data pertain, etc.
> Weekly averages. Beginning July 1959, includes Alaska and Hawaii.
i Includes program for Federal employees lor 1955-June 1959.
54, 243
55, 390
54,395
56, 225
58, 135
58, 789
58, 122
58, 438
58, 902
58, 958
59, 102
58, 013
58, 030
58, 625
59, 163
59, 608
60, 111
60, 769
60, 884
60, 105
60, 707
1, 932
1,870
3,578
2, 904
2, 822
2,936
4,681
4, 111
3, 805
3,833
4,108
4,724
4,749
4,362
3,627
3,389
3,982
3,744
3,426
3,230
3,272
3. 1
2.9
5.6
4.4
4.2
4. 3
6. 8
6.0
5.5
5. 6
6.0
7.0
7.0
6. 4
5.3
4.9
5. 6
5. 2
4.8
4.6
4.7
7. 1
5. 9
6. 1
6.0
6. 1
5.8
5.3
4.9
4.9
5.1
5.5
5.8
6.0
1, 064
1,058
2, 039
1, 388
1,312
1,560
2, 758
2, 062
1,863
1,957
2,307
2,729
2,584
2, 273
1,927
1, 586
1,408
1, 477
1,451
1, 370
1, 479
2.9
2.8
5.2
3.4
3. 1
3.5
6. 1
4.5
4. 1
4.3'
5. 1
6.0
5.7
5.0
4. 4
3.6
3. 3
3.5
3. 4
3. 1
'3.4
1
Preliminary estimate.
Sources: Department of Commerce Department of Labor, and Council of
Economic Advisers.
11
NONAGRICULTURAL EMPLOYMENT
Employment in nonagricultural establishments, seasonally adjusted, declined in October. Employment decreases in
manufacturing and construction industries were partially offset by increases in trade and government.
MILLIONS OF WAGE
AND SALARY WORKERS *
MILLIONS OF WAGE
AND SALARY WORKERS *
20
MANUFACTURING
ALL NONAGRICULTURAL ESTABLISHMENTS
18
54
52
80
DURABLE
, 60ODS
/INDUSTRIES
10
NONDURABLE
GOODS
INDUSTRIES
——4,
X
eU-L
I9S6
12.0
CONTRACT CONSTRUCTION
15
-(ENLARGED SCALE)
:
1957
WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)
11.5
3-0
10.5
I ' I I I I II I I I
I I I I I- I I I I I I .1 I I I I I I I I LlJ
1957
* SEASONALLY ADJUSTED DATA
SOURCE: DEPARTMENT OF LABOR.
Period
1952
1953
1954
1955
1956
1957..
1958
„
1958: September.
October
November.
December.
1959: January
February
March
April _ .
May ._..
June
July
August 2
September
October2..
Total,
unadjusted
Total
48, SOS
49, 681
48, 431
50, 056
51, 766
6S, 16®
60, 543
48, 303
49, 681
48, 431
50, 056
51,766
52, 162
50, 543
61, SS7
51, 136
61, 432
61, 935
60, 310
60, 315
50, 878
61, 430
61, 982
68, 680
52, S4S
52, 066
5S, 660
62, 573
50, 780
50, 582
50, 877
50, 844
51, 086
51, 194
51, 456
51, 887
52, 125
52, 407
52, 558
52, 023
52, 169
52, 006
ll-l 11 1 1 1 1 1 1 I
COUNCIL OF ECONOMIC ADVISBIS
[Thousands of wage and salary workers ']
GovernManufacturing
Contract Wholesale
ment
Mining construc- and retail (Federal,
Durable
NonduraTotal
tion
State,
trade
goods ble goods
local)
16, 334
6,994
885
2,634
6,609
9, 340
10, 281
17, 238
852
2,622
6,645
10, 105
7,133
10, 527
15, 995
9,122
777
2, 593
6,751
6,873
10, 520
16, 563
9,549
6,914
7,014
777
2,759
10, 846
2,929
11, 221
7,277
16, 903
9,835
807
7, 068
9,821
7,626
16, 782
6,961
11, 302
809
2, 808
8,743
721
7, 893
15, 468
2,648
6,725
11, 141
Adjusted for seasonal variation
8,005
11, 151
707
2,698
15, 529
8,801
6,728
7,986
2,698
15, 358
6,733
708
11, 154
8,625
7,980
15, 693
2,690
8,937
6,756
708
11, 119
8,049
2,550
15, 701
11, 143
709
8,956
6,745
8,028
704
2, 650
11,216
9,007
6,757
15, 764
8,040
11, 279
2,626
15, 819
9,049
6,770
693
8,056
9, 192
11, 263
6, 814
688
2, 719
16, 006
8,074
11, 333
701
2,829
16, 182
9,319
6,863
8,079
11, 363
16, 372
9,462
6,910
2,787
708
8,076
6,954
709
2,799
16, 527
11, 425
9,573
8, 083
714
6,945
2,800
11, 465
16, 580
9,635
8,131
11, 529
9,094
633
2,814
16, 037
6,943
8,230
11, 469
615
9,222
6,929
2,776
16, 151
8,263
11,500
612
2,752
9,097
6,896
15, 993
1
Includes all lull- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
12
10.0
Other
11, 563
11, 797
11, 795
12, 197
12, 629
12, 835
12, 672
12, 690
12, 678
12, 687
12, 692
12, 724
12, 737
12, 724
12, 768
12, 816
12, 871
12, 916
12, 879
12, 928
12, 886
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which ore based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
* Preliminary estimates.
Source: Department ol Labor.
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of production workers in manufacturing industries was unchanged at 40.3 hours in October,
although an increase is usual at this time of year.
HOURS PER WEEK
46
HOURS PER WEEK
46
NONDURABLE MANUFACTURING
I9S6
RETAIL TRADE
liinli-iin .riniliiin. nnilmu
1956
1958
1957
1958
SOURCE: DEPARTMENT OF LABOR.
COONCIl OF ECONOMIC ADVISERS
[Hours per week, for production workers or nonsupervisory employees]
Manufacturing
Period
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
.
1958: September _ _.
October
_
November
December
1959: January. ._ _ _
February.
March
April
May
:
1
a
Preliminary estimates.
Not available.
48118°
...
__
'
_ _ _.
:
_
.
i
'
June
July
i._ '
August
l
September
October1 — _ .;
,
,.
.'
Durable
goods
Total
_ _
__
'
_„_
•_
39. 2
40. 5
40. 7
40. 7
40. 5
39. 7
40. 7
40. 4
39.8
39. 2
39. 9
39. 8
39. 9
40.2
39. 9
40.0
40.2
40. 3
40.5
40. 7
40. 2
40.5
40.3
40.3
Nondurable construction
goods
39. 5
41. 2
41. 6
41. 5
41. 3
40. 2
41. 4
41. 1
40. 3
39. 5
40. 2
40. 1
40.3
40. 8
40. 4
40. 3
40. 8
40. 9
41. 1
41. 4
40. 5
40.8
40. 7
40.8
38. 8
39. 7
39. 5
39. 6
39. 5
39. 0
39. 8
39. 5
39. 1
38. 8
39. 5
39. 4
39. 4
39. 6
39. 3
39. 4
39. 5
39.5
39. 7
39.8
39.8
40. 1
39. 8
39. 7
36. 7
36. 3
37. 2
38. 1
37. 0
36. 2
36. 2
36. 4
36. 1
35. 7
36. 5
36. 8
35. 4
34. 6
35.0
34. 0
35.0
36.1
36. 4
36. 8
36.3
36. 9
35. 7
<2)
trade
(2)
40. 4
40. 5
40. 2
39. 9
39. 2
39. 1
39. 0
38. 6
38. 1
38. 1
38. 0
37. 9
37. 7
38. 5
38. 1
37.9
37.9
37.9
37. 9
38. 3
38. 8
38. 6
38. 1
Source: Department of Labor.
13
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing industries declined slightly in October.
they were below the levels of last.spring but 7 cents above October 1958.
DOLLARS PER HOUR
DOLLARS PER HOUR
2.60
3.4 O
At $2.21
2.20
2.80
2.00
2.20
RETAIL TRADE
NONDURABLE MANUFACTURING
1956 PRICES
2.00
^CURRENT PRICES
-CURRENT PRICES
1.80
1.60 IJ I I I l l I I I I I
I9S6
I I ll I I I I I
I I I Hi I I H I
ii 111111111
I I II ll I I I I I
I I I I I I II I I I
1956
1959
1958
1959
COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF LABOR.
[For production workers or nonsupervisory employees]
All manufacturing
Period
Nondurable goods
manufacturing
Durable goods
manufacturing
Building
construction
Retail trade
Current
prices
1958
prices 1
Current
prices
1958
prices '
Current
prices
1958
prices '
Current
prices
1958
Current
prices ' prices
1949
$1. 401
1950
1. 405
1951
1. 59
1952
_
1. 67
1953
1. 77
1954
1.81
1955
. . 1.88
1956
...
. ... 1.98
1957
2.07
19582. 13
1958: September
__1
2. 14
October
2. 14
November .
2. 17
December
2. 19
1959: January
2. 19
February
2. 20
March
2.22
April
2. 23
May
2. 23
June
2. 24
July
2.23
August
2. 19
2
2.22
September
2
October
_ _ 2.21
$1. 700
1. 761
1. 77
1. 82
1. 91
1.95
2.03
2. 10
2. 13
2. 13
2. 14
2. 14
2. 16
2. 19
2. 19
2. 20
2.22
2. 22
2.22
2. 22
2. 21
2. 17
2. 19
(3)
$1. 469
1.537
1.67
1.77
1.87
1. 92
2.01
2. 10
2. 20
2. 28
2.30
2. 29
2. 34
2. 36
2. 35
2.36
2. 38
2. 39
2. 40
2. 40
2. 39
2. 35
2. 36
2. 36
$1. 783
1.847
1. 86
1. 93
2.02
2. 06
2. 17
2. 23
2.26
2. 28
2.30
2. 29
2. 33
2.36
2. 35
2.36
2. 38
2. 38
2. 39
2. 38
2. 36
2. 32
2.33
(3)
$1. 325
1.378
1.48
1. 54
1. 61
1. 66
1. 71
1. 80
1. 88
1. 94
1. 95
1. 95
1. 96
1.97
1. 98
1.98
2.00
2.00
2. 00
2.00
2.01
2.00
2. 03
2. 02
$1. 608
1. 656
1. 65
1. 68
1. 74
1.78
1. 84
1. 91
1. 93
1. 94
1. 95
1. 95
1. 95
1.97
1. 98
1.98
$1. 935
2. 031
2. 19
2. 31
2. 48
2.60
2.66
2.80
2. 96
3. 10
3. 13
3. 13
3. 14
3. 19
3. 19
3. 18
3.17
3. 17
3. 17
3. 17
3. 20
3.23
3.26
(3)
$2. 348
2. 441
2. 44
2. 51
2. 68
2.80
2.87
2. 98
3.04
3. 10
3. 12
3. 12
3. 13
3. 18
3. 18
' Earnings In current prices divided by consumer price index on a 1958 base.
Preliminary estimates.
1
14
a oo
1.99
1. 99
1. 98
1. 99
1. 98
2.00
(3)
3
Not available.
Source: Department of Labor.
a 17
3.16
3. 16
3. 16
3. 14
3. 17
3. 19
3.21
(3)
$1. 137
1. 176
1. 26
1. 32
1. 40
1.45
1.50
1. 57
1.64
1.70
1.71
1.71
1. 71
1.68
1.74
1.74
1.74
1.75
1. 76
1.77
1.77
1. 77
1. 78
(3)
1958
prices '
$1. 380
1. 413
1.40
1. 44
1. 51
1. 56
1. 62
1. 67
1. 69
1.70
1.71
1.71
1. 70
1.68
1.74
1.74
1.74
1.74
1.75
1.76
1.75
1.75
1.76
(3)
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings of production workers in manufacturing industries dropped slightly in October to $89.06.
They were $3.89 higher than in October 1958.
DOLLARS PER WEEK
DOLLARS PER WEEK
RETAIL TRADE
NONDURABLE MANUFACTURING
CURRENT PRICES
I I I I I I I I I UUI
* COUNCIL OF ECONOMIC ADVISER^
SOURCE:DEPARTMENT OP LABOR.
Period
1949
1950
1951
1952
1953
1954
1955
1956 ._
1957
1958
1958- September
October
November
December
1959: January
February
March
April
May
June
July
August
September 2
October 2
.....
[For production workers or nonsupervisory employees]
Durable goods Nondurable goods
Building
All manufacturing manufacturing
Retail trade
manufacturing
construction
Current 1958
Current
1958
Current
1958 Current
1958 Current
1958
prices prices ' prices prices ' prices prices ' prices prices: prices prices *
$54. 92 $66. 65 $58. 03 $70. 42 $51. 41 $62. 39 $70. 95 $86. 10 $45. 93
$55. 74
59.33
71. 31
63. 32
76. 11
54.71
65. 76
47.63
57.25
88. 62
73.73
64. 71
71. 98
69. 47
77. 27
58.46
65. 03
50. 65
90. 62
56. 34
81.47
67.97
73. 96
73. 46
79.93
60. 08
66. 35
88.01
52.67
57.31
95. 77
71. 69
77. 42
77.23
83. 40
63. 60
68. 68
54.88
91.76
99. 09
59.27
71. 86
77.27
77. 18
82.99
64: 74
69. 61
56.
70
94.12 101. 20
60.97
76.52
82. 55
83.21
89.76
68.06
73. 42
96. 29 103. 87
58.50
63. 11
79.99
85. 01
86. 31
91. 72
71. 10
75. 56 101. 92 108. 31
60.60
64.40
82. 39
84. 68
88. 66
91. 12
73. 51
75.55 106. 86 109. 83
62. 48
64. 21
83.50
83. 50
90. 06
90.06
75. 27
75. 27 110. 67 110. 67
64.77
64. 77
85. 39
85. 22
92. 46
92. 28
77.03
76. 88 114. 25 114. 02
64.98
64. 85
85.00
85. 17
91. 83
91. 65
76.83
76. 68 115. 18 114. 95
64. 81
64. 68
_ 86.58
86.32
94. 30
94.02
77.22
76. 99 111. 16 110. 83
64. 47
64. 28
88. 04
87. 86
96.29
96. 10
78. 01
77.85 110. 37 110. 15
64. 68
64. 55
87. 21
87.38
94. 94
94. 75
77.81
77.65 111. 65 111. 43
66. 29
66. 16
88.00
87.82
95. 11
94. 92
78. 01
77. 85 108. 12 107. 90
65. 95
65. 82
89. 24
89.06
97. 10
96. 91
79. 00
78. 84 110.95 110. 73
65. 95
65. 82
89.87
89.60
97.75
97. 46
79.00
78.76 114. 44 114. 10
66. 33
66. 13
90. 32
89. 96
98. 64
98.25
79. 40
79. 08 115. 39 114 93
66. 70
66. 43
91. 17
90. 45
99. 36
98.57
79.60
78. 97 116. 66 115. 73
67. 79
67. 25
89. 65
88.67
96. 80
95. 75
80.00
79. 13 116. 16 114 90
68. 68
67. 93
88. 70
87. 73
95.88
94 84
80. 20
79.33 119. 19 117.89
68. 32
67. 58
89.47
88.23
96.05
94. 72
80.79
79.s 67 116.3 38 114. 77
67. 82
66. 88
96. 29
89. 06
80. 19
(3)
(3)
()
()
(3)
(3)
(3)
i Earnings in current prices divided by consumer price index on a 1958 base.
*:Preliminary estimates.
Not available.
Source: Department or Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The index of industrial production declined sli$htly in October, and at 148 (1947-49=100, seasonally adjusted)
was 4'/2 percent below the pre-strike June peak but 7 percent above October 1958.
INDEX, I947-49 = IOO:
ISO
INDEX, 1947-49 = 100
180
160
IOO
1953
1954
1955
1956
1957
1959
1958
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1947-49 = 100, seasonally adjusted]
Manufactures
Total
production
1949
1950
1951
1952
1953
1954
^
1955._.
1956
1957
1958
.
1958: September
October
November.:
December
1959: January
February
March
April
.
May
June .
July
August.
September
October1
1
Preliminary estimates.
16
.
.
__
97
112
120
124
134
125
139
143
143
134
137
138
141
142
143
145
147
150
153
155
153
149
149
148
Total
97
113
121
125
136
127
140
144
145
136
139
140
143
144
145
148
150
153
156
158
157
152
152
151
Durable
95
116
128
136
153
137
155
159
160
141
145
146
151
152
153
157
160
164
169
172
167
158
158
157
Nondurable
99
111
114
114
118
116
126
129
130
130
133
134
135
135
137
139
140
142
144
145
146
146
147
146
Source: Board of Governors of the federal Beserve System.
94
105
115
114
116
111
122
129
128
117
123
122
123
124
124
124
123
124
126
125
118
117
116
117
PRODUCTION OF SELECTED MANUFACTURES
Output of most durable and nondurable manufactures declined further in October, as the effects of the steel strike
continued to spread.
INDEX, 1947-49=100, SEASONALLY ADJUSTED
INDEX, 1947-49=100, SEASONALLY ADJUSTED
240
£20
ISO
100
1956
1956
1957
1957
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1959
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100, seasonally adjusted]
Durable manufactures
Period
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1958: September
October
November
December
1959: January
February
March
April
May
June
July
August
September
October '.
1
Preliminary
2
estimates.
Not available.
Primary
metals
90
115
126
116
132
108
140
138
131
104
113
122
123
123
125
138
146
149
154
150
106
67
64
62
Nondurable manufactures
FabriTranspor- Lumber Textiles
and
cated Machin- tation
and
ery
prod- apparel
metal
equipucts
products
ment
93
115
122
121
136
123
134
135
139
128
135
133
136
136
136
135
138
142
148
150
150
144
145
142
93
114
130
147
160
142
155
171
168
145
148
147
150
152
154
158
159
163
170
178
180
179
183
182
102
120
135
154
189
175
203
199
213
187
178
183
203
204
204
204
207
211
214
216
218
211
205
205
93
113
113
111
118
115
127
123
114
115
118
120
125
125
127
126
129
136
139
133
137
132
130
(2)
97
110
106
105
107
100
109
108
105
103
109
111
110
110
112
113
115
119
122
123
126
125
125
124
ConPaper Chemical Foods, sumer
and and petro- bever- durable
printleum ages, and goods
ing
products tobacco
101
114
118
118
125
125
137
145
148
147
150
153
152
150
153
155
156
158
161
160
164
163
164
164
100
118
132
133
142
142
159
167
172
170
174
175
177
180
182
184
187
188
190
193
191
191
194
193
100
103
105
106
107
106
109
112
112
115
116
116
117
117
118
120
120
121
122
119
119
122
121
120
101
133
114
105
127
116
147
131
130
113
103
108
133
134
133
132
135
137
141
145
149
142
137
138
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Output of cars and trucks continued to increase during the early part of October but dropped thereafter as steel
supplies became scarce. Steel production picked up rapidly as mills resumed operation. On the average, paperboard production and freight carloadings improved a little in October.
MILLIONS OF TONS
3
MILLIONS OF SHORT TONS (DAILY AVERAGE)
STEEL
r\i'
1958
_/
l l 1 1 I I I I I I I H I I l I I I I I I I I I I l li I l I l l I l l l I l l I I I III I I I I l
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
BILLIONS OF KILOWATT HOURS
15
SO
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Period
Weekly average:
1955
1956
1957
1958
1958: September
October
November
December
1959: January
February.. __
March
April
May
June
July.
August
September
October 3
Week ended:
1959: October 17.
24.
31.
November 73s.
14 .
21s.
1
Electric Bituminous Freight Paperboard
Cars and trucks
Steel produced '
power
coal mined loaded
produced assembled (thousands)
Index
Thousands
distributed (thousands (thousands
(thousands
of net (1947-49 = (millions of
of short
Total Cars Trucks
of cars)
of tons)
tons
100)
kilowatt-hours) tons) 2
2,245
2,204
2, 162
1, 635
1,783
1, 995
1,998
1,971
2, 103
2,401
2,611
2, 630
2,618
2,543
1, 183
325
359
380
139. 7
137.2
134. 6
101. 8
111.0
124.2
124.3
122. 7
130. 9
149. 5
162. 6
163. 7
163.0
158. 3
73. 6
20. 2
22.3
23.7
10, 318
11, 292
11, 873
12,314
12, 214
12, 146
12, 386
12,949
13, 356
13, 170
12, 888
12, 583
12, 763
13, 402
13, 479
13,859
13, 152
12, 922
1,542
1, 693
1,644
1,361
1,478
1, 489
1,445
1,514
1,374
1,407
1, 339
1,357
1,351
1,494
1,251
1, 152
1,301
1,299
724
728
683
581
643
682
615
531
569
573
600
633
686
703
559
542
553
584
269
274
272
275
286
311
304
262
272
304
312
311
320
319
275
327
316
329
176. 7
132.8
138.6
98. 4
39.0
71.9
149.7
144.3
152.6
144. 7
156.1
157.3
157.2
154. 7
145. 6
70.8
78.6
137.7
152.7
111. 6
117.6
81. 6
29.0
56.7
126.2
124.8
129.0
119. 6
131. 3
131.0
130. 4
127. 2
121. 2
57. 8
60. 3
116. 6
24. 0
21. 2
21. 0
16.8
9.9
15. 2
23. 5
19. 6
23. 6
25. 1
24. 8
26.3
26. 8
27.5
24. 4
13. 1
18.4
21. 1
368
371
371
368
1,291
2,233
22.9
23.1
23. 1
22. 9
80.4
139.0
12, 861
12, 762
12, 978
13, 019
1,329
1,350
1,323
1,256
581
607
588
561
333
318
332
319
332
157.4
133.3
117. 8
77.2
77.8
133.4
112. 5
101.6
63. 5
64.7
24. 0
20.8
16.2
13.7
Weekly capacities (net tons) as of January 1 are: 2.413,278 (1955), 2,455,300
(1956),
2,559,631 (1957), 2,699,320 (1958), and 2,831,486 (1959).
5
Dally average for week.
18
COUNCIL OF ECONOMIC ADVISERS
ia i
'Preliminary.
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
Expenditures for both private and public construction (seasonally adjusted) continued to decline during October.
[Billions of dollars]
Total new
construction
34.7
37.0
39.4
44. 2
45. 8
47.8
49. 1
Period
1952
1953.
1954
1955
1956
1957
1958
_
.
1958: September
October,
November
December
1959: January
February
March
April.
May .
June
July
August. .
September October4
1
.
^
49. 3
50. 4
52.3
53.4
55.3
55. 7
56.2
56.2
56.6
56. 5
55.9
54.8
52.4
50.8
Private
Federal, Construction contracts *
State, and
Total
Residential
Eastern
3
48 States 2 37States
Other
local
(nonfarm)
private
23.9
12. 8
11.0
16. 8
10. 8
11.2
17.4
12.0
25. 8
13. 8
27.7
19.8
11. 7
15. 4
12.3
11.7
32.4
18.7
13.7
3 23.7
12. 7
33. 1
17.7
15. 4
24 6
31. 6
14.0
32. 2
17.0
16. 8
33.8
25.3
33. 8
18.0
15. 8
15. 3
35. 4
Seasonally adjusted annual rates
33.9
15.4
36.4
18.4
15.4
34. 5
19.1
15.4
15. 9
39. 6
35.4
16.9
36.6
19.8
15. 5
29. 7
36. 4
20. 8
15.6
17.1
17.9
37. 4
21.5
15.8
35.1
37. 5
21.7
15.8
34.5
18.1
18.0
38.2
22.4
15.8
39.0
39.2
39.1
23.4
15. 7
17.1
17.0
39.6
23. 8
37. 1
15.8
17.0
39.4
16. 2
40. 5
23.3
16.4
39.5
16.4
23.1
39.5
15.7
39. 1
22.7
37. 5
16.4
22.2
14.4
38.0
15.8
34. 7
21. 6
37.0
15. 4
13.8
Compiled by F.'W. Dodge Corporation; seasonally adjusted by the National
Bureau of Economic Kesearch, Omits small contracts, and covers rural areas less
folly than urban.
H J«S^.b!l^f *S'??5rfl1f966MiP?5-Slftem Stat6S data *" probably indicatlve of the 48 States trend for other periods.
'Revised series beginning January 1956; not comparable with prior data.
Series discontinued beginning January 1958.
'Preliminary estimates.
NOTE.-Series on new construction revised beginning August 1959.
Sources: Department of Commerce, Department of Labor, and If. W. Dodge
Corporation (except as noted).
HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts (seasonally adjusted) declined in October to an annual rate of 1,180,000 units. Both
FHA applications and VA appraisal requests decreased.
MILLIONS OF UNITS
MILLIONS OF UNITS
o.s
1953
1954
1955
1956
1957
1959
1958
I/SEE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENTS OF LABOR AND COMMERCE, FEDERAL HOUSING ADMINISTRATION IF HA), AND VETERANS ADMINISTRATION IVAI
[Thousands of units]
New nonfarm housing starts
Period
Annual total: 1954
1955
1956
1957
1958
Monthly average: 1954_
1955.
1956.
1957.
1958.
1958: September
October
November
December
1959: January
February
March
April
May..
.
June
July
August
September
.
October3-..
Total
1, 220. 4
1, 328. 9
1, 118. 1
1, 041. 9
1, 209. 4
101. 7
110.7
93.2
86.8
100. 8
121.0
115. 0
109. 4
91. 2
87.0
94.5
121.0
142. 2
137.0
136. 7
128.8
129. 3
3 120. 4
105.1
Publicly
financed
18.7
19. 4
24.2
49. 1
67. 9
1. 6
1.6
2.0
. 4. 1
5.7
10. 1
2. 1
2.4
1.7
2.9
1.0
2.9
4. 8
3. 5
5.6
1.6
4.2
'3.4
3.0
Total
1, 201. 7
1, 309. 5
1, 093. 9
992.8
1, 141. 5
100. 1
109. 1
91. 2
82.7
95. 1
110. 9
112. 9
107.0
89.5
84.1
93.5
118. 1
137. 4
133. 5
131. 1
127. 2
125. 1
3
117. 0
102. 1
Proposed home construction
Private,
Privately financed
seasonally Applications
Requests
Government programs
for VA
adjusted for FHA com2
annual
appraisals2
mitments
VA
Total ' FHA1
rates
276.3
338.6
535.4
583.3
307.0
392. 9
276. 7
306. 2
669.6
620. 8
197. 7
460. 0
270. 7
189. 3
401. 5
159. 4
296.7
128.3
168. 4
198. 8
102. 1
341. 7
234. 2
397. 5
295. 4
28.2
23.0
25. 6
44. 6
48. 6
32. 7
51.7
55. 8
23. 1
25. 5
22. 6
15. 8
16. 5
38.3
33. 5
14.0
16. 6
24.7
10.7
13.3
24. 6
8. 5
28. 5
19. 5
33. 1
26.7
14.4
31.9
36.8
46.3
1,235
14. 7
34. 7
31. 8
19. 1
49. 4
1,S03
11. 0
22. 3
15.3
36.8
25. 8
1,427
23.0
34.0
25. 0
9.0
14.8
1,4SS
6.9
26. 7
19. 8
25. 5
17.9
1,364
6.2
29.5
21.0
26. 1
20.0
1,408
23.2
39. 8
30.0
9.7
38.9
1,403
11.0
33.5
39.1
18.9
44. 6
1,434
38.2
20.7
10.3
44. 6
34.3
1,370
60.2
11.0
34.7
27. 2
45. 6
1, 368
31.4
26.0
29.0
10. 6
42. 1
1,375
21. 2
9. 9
31. 1
25. 6
41. 0
1,340
3
10.0
29. 6
17. 9
25. 5
39.5
1, 3S5
26.0
9. 4
24, 1
16.7
35. 5
1,180
1
Excludes armed forces bousing: 2,837 units in 1956; 18,843 units in 1957; 33,005
units in 1958; and 14,859 units in the first 10 months of 1959. Also excludes starts
under
Certified Agent Program: 1,168 units in May-October 1959.
2
Units represented by mortgage applications for new home construction.
20
COUNCIL OF ECONOMIC ADVISERS
' Preliminary estimates.
Sources: Department of Labor, Department of Commerce, Federal Housing
Administration (FHA), and Veterans Administration (VA).
SALES AND INVENTORIES—MANUFACTURING AND TRADE
Sales of manufacturers and wholesalers rose somewhat in September and sales of retailers declined slightly. Liquidation of manufacturing and trade inventories continued. Preliminary estimates of October retail sales indicate an
increase of about $1/j billion due primarily to higher automobile sales.
BILLIONS OF DOLLARS, SEASON ALLY ADJUSTED
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
IOO
TOTAL AND MANUFACTURING
10
ril :1 I I I I I ) 1 I 1 I I I 1 i t I \ I 1.1 I I I I I I I 1 I 1 I I I I Ijl I 1 I fl fl | 1 1 1,1 III
INDEX.I947-49.IOO. SEASONALLY ADJUSTED
I6O
1956
1959
1959
MANUFACTURING, RETAIL TRADE, AND WHOLESALE TRADE.
SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
1952
1953
1954___
1955
1956
1957.
1958
1958: August
September
October.
November _ _ _
December
1959: January.
February _
March
April
Mav
June
July
August.. ...
September
*
October4
1
1 Monthly
Manufacturing
and trade
Manufacturing
Retail
Department stores
Inven-2 Sales' Inven-2 New 1 Q
InvenInveni i InvenSales > tories
tories orders Sales tories* Sales ' tories 2 Sales '
tories 3
Index, 1947-49 = 100
Billions of dollars, seasonally adjusted
seasonally adjusted
45.9
75.4
22. 8
23.
6
43.8
10.0
13. 5
21.6
9. 6
114
121
14. 1
48. 4
78.6
24. 5
45.4
10.5
23. 1
22.7
9.8
118
131
47. 4
22. 5
10.4
75. 5
23.5
43.0
22.1
14. 1
9.7
118
128
52.3
81.7
26.3
15. 3
46.4
27. 2
11. 4
23.9
10.6
136
128
54. 8
27. 7
28.3
89. 1
52.3
13.0
15.8
23.9
11.3
135
148
56. 3
90.7
27. 3
28. 4
12.7
24. 5
53.5
11.3
16.7
152
135
54. 0
85. 1
26. 2
49. 2
25. 9
iao 16.7 24, 0
11. 1
136
148
54.4
85.4
26. 4
26. 1
12. 1
49.4
11.1
16.9
23.9
148
147
26. 8
54. 8
85.0
12. 1
16. 6
4S. 3
27. 0
23.7
150
11. 4
135
55.6
84.9
27. 2
152
49.3
27.9
12. 1
23. 5
11. 5
16.9
135
85.0
27. 5
56. 1
27.8
12. 1
17.0
49.3
23. 6
11.6
153
137
49. 2
57. 4
28. 1
85. 1
28. 4
24. 0
17.6
11. 7
12.0
150
143
57. 4
49. 5
24. 2
85.5
28. 1
11.9
28. 5
17.5
11. 8
152
138
29. 7
58.0
86.0
28.5
24. 1
11. 9
17.6
49.9
150
11. 9
140
59. 2
29. 1
30. 2
86.6
50.5
12.2
12.0
17.9
24, 2
148
138
60. 6
30. 3
51. 1
12. 1
18.0
87.6
31. 2
24. 5
12.4
141
151
30. 7
30. 5
51. 6
88.3
12. 5
12. 2
18. 2
24. 5
61. 5
151
144
31.2
52. 1
62.0
31. 4
89. 3
12.4
18. 2
24. 8
144
156
12.6
30.9
61.7
52.2
30.8
12. 5
89.9
18. 3
25. 1
150
159
12.5
29.2
29.0
52. 1
59. 5
89.5
12. 2
12. 6
18. 1
149
160
24.8
29. 6
30. 6
59.9
12. 5
17. 8
89.1
12. 5
161
51; 8
143
24.8
18.3
144
average for year and total for month.
Book value, end of period, seasonally adjusted.
s Book value, end of period, except annual data, which are monthly averages.
Wholesale
COUNCIL OF ECONOMIC ADVISERS
' Preliminary estimates.
Sources: Department at Commerce and Board ol Governors ol tbe Federal
Reserve System.
21
MERCHANDISE EXPORTS AND IMPORTS
In the'first 9 months of 1959, commercial exports were 1 percent lower and imports 20 percent hisher than in the
corresponding~period of "1958.
•' .
-. . .
•
BILLIONS OF DOLLARS
2.5
BILLIONS OF DOLLARS
Z.S
2.0
2.0
TOTAL MERCHANDISE EXPORTS
COMMERCIAL EXPORTS
.5
I9S9
1953
COUNCIL OF fcONOMlC ACVISEUE
SOURCE: DEPARTMENT OF"R>MMERCE-
[Millions of dollars]
Merchandise exports
Period
1950 monthly average
1951 monthly average „
1952 monthly average
1953 monthly average__
„_ __
1954 monthly average-_____
1955 monthly average__
1956 monthly averas;e_______ „
1957 monthly average-_- _._
1958 monthly average
1958: August. -.
September
October
_„ ,„__
November
December.- __
1959: January
February
_ _ _
March
.
April
_-___-_-—
May_
June
July
„
August .
._._..
September
Total
'.
___
___
____
_,__
__
__
-
Grant-aid
shipments!
Commercial
exports
24
89
166
293
188
105
146
113
129
113
122
181
188
135
114
97
81
125
141
78
115
97
80
833
1,164
1, 100
1,022
1,071
1, 191
1,444
1,625
1;360
1,283
1,239
1,418
1,408
1,379
1,286
1,184
1,375
1,343
1,411
1,348
1, 354
1,300
1.399
856
1,253
1,267
1,314
1,259
1,296
1,591
1,738
1,488
1,396
1,361
1, 699
1,596
1,514
1,400
1,280
1,456
1,468
1,552
1,426
1,469
1,397
1.479
1
figures include only Department of Defense shipments of grant-aid military
supplies and equipment under tne Mutual Security Program. Shipments for
tbe first 6 months of tlie program (July-December 1960) amounted to $282 million.
22
Merchandise
imports
. 738
914
893
906
851
949
1,051
1,082
1,069
950
1,074
1,142
1,089
1,253
1, 154
1, 118
1,301
1,221
1,264
1,369
1, 248
1,190
1.392
Excess of exports
over imports
Excluding
Total
grant-aid
shipments
119
95
339
250
374
207
408
116
408
220
347
242
540
393
656
543
419
290
446
333
287
165
457
276
507
319
260
125
246
132
162
65
155
74
247
122
288
147
56
—22
220
106
207
110
87
8
Sources: Department of Commerce and Department of Defense.
PRICES
CONSUMER PRICES
Consumer prices rose by 0.3 percent in September, as all categories except transportation recorded increases.
INDEX, 1947-49-100
INDEX, 1947-49 <IOO
ISO
I4O
ISO .___
110
1959
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT .OF LABOR.
[1947-49=100]
Period
1949 . ...
1950
1951 .
1952 .
1953
1954
1955
„
1956
1957....
1958
1958: August
September
October _ _
November
December..
1959: January
February
March.
April.
„
May .
June
_
July
August ._
September
1
.
Housing
All
items
Food
101.8
102. 8
111.0
113.5
114. 4
114. 8
114.5
116. 2
120. 2
123. 5
123.7
123.7
123. 7
123. 9
123.7
123.8
123. 7
123.7
123. 9
124.0
124.5
124. 9
124. 8
125. 2
100.0
101.2
112. 6
114.6
112.8
112.6
110.9
111.7
115. 4
120. 3
120.7
120. 3
119. 7
119. 4
na 7
119. 0
118. 2
117.7
117. 6
117.7
na9
119. 4
118.3
118.7
Total '
103.3
106. 1
112. 4
114. 6
117.7
119. 1
120. 0
121. 7
125. 6
127. 7
127.9
127. 9
127. 9
128. 0
128. 2
128.2
128.5
128.7
128.7
128.8
12a9
129.0
129. 3
129.7
Rent
105.0
108.8
113. 1
117.9
124. 1
128. 5
130.3
132.7
135. 2
137. 7
138.1
138. 2
138.3
isa 4
138.7
138.8
139.0
139.1
139. 3
139. 3
139.5
139.6
139.8
140.0
Includes, in addition to rent, homeowner costs, utilities, bousefuroistungs, etc.
Apparel
99.4
98. 1
106. 9
105. 8
104. 8
104.3
103.7
105.5
106.9
107.0
106.6
107. 1
107. 3
107. 7
107. 5
106.7
106. 7
107.0
107.0
107.3
107.3
107. 5
108.0
109.0
Other
Trans- Medical Personal Reading
and
goods
portacare
care
recreaand
tion
tion
services
108. 5
111. 3
118. 4
126. 2
129. 7
128.0
126.4
128.7
136.0
140. 5
141.0
141. 3
142.7
144. 5
144. 3
144. 1
144. 3
144. 9
145. 3
145. 4
145.9
146. 3
146. 7
146.4
104. 1
106.0
111. 1
117.2
121.3
125.2
128.0
132.6
138.0
144. 6
145. 3
146.5
147. 1
147. 4
147. 6
148. 0
149.0
149.2
149. 6
150.2
150.6
151.0
151. 4
152. 2
101. 1
101.1
110. 5
111.8
112.8
113. 4
115. 3
120.0
124. 4
128. 6
128.9
128. 7
128.8
129. 1
129. 0
129. 4
129. 8
129. 7
130.0
130. 7
131. 1
131. 3
131. 7
132. 1
104.1
103.4
106. 5
107.0
108.0
107.0
106.6
108. 1
112.2
116. 7
116. 7
116.6
116.6
117.0
116. 9
117. 0
117. 1
117. 3
117. 7
117.8
118.1
119. 1
119. 1
119.6
103.4
105. 2
109. 7
115.4
118. 2
120. 1
120. 2
122. 0
125. 5
127.2
127. 1
127. 1
127. 2
127.3
127. 3
127.3
127.4
127.3
128. 2
128.4
129.2
130.8
131. 1
131.5
Source: Department of Labor.
23
WHOLESALE PRICES
Wholesale prices declined 0.4 percent in October as prices of processed foods and of farm products dropped from
their September levels.
INDEX, I947-49*IOO
INDEX, 1947-49- IOO
130
120
IOO
80
1953
1954
1956
1955
1957
1958
SOURCE: DEPARTMENT OF LABOR
1959
COUNCIL OF ECONOMIC ADVISERS i
(1947-49 = 100)
All commodities
Period
1949
^
1950
_ .. ._
1951
..
1952
1953
1954
_
_
_
1955
_
1956.
1957.
1958
.. _„ „
1958: September
...
October
November
December
_
1959: January
_ _ _ _ _ _
February
_
__
March
April.
May
June
_
„
July
_
_
August
_.
September
October
_
Week ended : ' .
1959: November 3
... _ _
10
_
1
Weekly series based on smaller sample than monthly series.
24
:
_
Farm
products
Processed
foods
Other than
farm products
and foods
(industrial)
99. 2
103 1
114 8
111. 6
110.1
110 3
110. 7
114.3
117. 6
119 2
119 1
119. 0
119. 2
119. 2
119 5
119. 5
119. 6
120. 0
119. 9
119.7
119. 5
119. 1
119 7
119. 2
92. 8
97 5
113 4
107. 0
97. 0
95 6
89. 6
88.4
90. 9
94. 9
93 1
92. 3
92. 1
90. 6
91. 5
91. 1
90. 8
92. 4
90. 8
89. 8
88. 4
87. 1
88. 9
86. 5
108 7
107. 6
107. 2
107 2
107 7
108 1
107 5
105 8
107 8
106. 4
128
128
128
128
128
119. 2
119. 2
86. 4
86. 5
106. 0
105 7
128 6
128 7
Source: Department of Labor.
95. 7
99 8
111 4
108 8
104. 6
105 3
101. 7
101 7
105. 6
110 9
111 1
110. 0
109. 5
ioa 8
101. 3
105 0
115 9
113 2
114 0
114 5
117 0
122 2
125 6
126 0
126 2
126 4
126 8
127. 2
127 5
127 8
128. 1
128 3
128 4
2
4
4
4
5
PRICES RECEIVED AND PAID BY FARMERS
The indexes of prices received by farmers declined 4 points in the month ended October 15, due in part to seasonal
declines in prices of hogs and cattle. The parity ratio decreased 1 point.
INDEX, 1910-14 = 100
INDEX, 1910-14=100
325
325
PRICES PAID, INTEREST, TAXES,
300
AND WAGE RATES
275
275
250
PRICES RECEIVED
(ALL FARM PRODUCTS)
225
ZOO
PARITY RATIO.!/
75
I I I I I I I I I II I I I I I I I I I I !
1953
1955
1954
I I I I I I I I I II
I I I I I I I I I II
1956
1957
RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES.AND WAGE RATES.
SOURCE: DEPARTMENT.OF AGRICULTURE.
1958
1959
.COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
1949
1950
1951
1952
_„
1953
_
1954
—
1955
-.
1956
1957 ..
..
1958
...-. .
1958: September 15._
October 15
November 15
December 15
1959; January 15
February 15
March 15
April 15
Mav 15 .
June 15
'.
July 15..
August 15
.
September 15
__
October 15
All farm
products
.
__
250
258
302
288
255
246
232
230
235
250
255
249
247
244
245
243
244
244
245
242
240
239
239
235
1
Percentage ratio of index of prices received by farmers to index of
prices paid, interest, taxes, and wage rates.
Crops
224
233
265
267
240
242
231
235
225
223
228
221
218
213
215
218
220
223
230
229
226
221
220
219
Prices paid by farmers
All items,
interest,
Livestock taxes,
Producand Family
tion
and
living
wage
rates
products
items
items
(parity
index)
Index, 1910-14=100
272
238
243
251
280
246
246
256
268
282
336
273
274
271
306
287
268
277
269
256
249
270
255
277
234
276
270
251
274
250
226
278
282
244
257
286
264
273
293
287
294
286
265
278
274
294
287
265
288
273
294
263
270
287
265
295
298
288
270
268
267
265
297
288
267
287
264
298
287
269
299
261
258
299
288
268
252
267
298
288
252
289
266
298
297
288
254
266
297
288
265
256
264
248
296
290
Source: Department of Agriculture.
Parity
ratio '
100
101
107
100
92
89
84
83
82
85
87
85
84
83
82
82
82
82
82
81
81
80
80
79
25
CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
The total of demand deposits and currency rose somewhat less than seasonally in October,
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
860
260
220
1959
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OFTHE FEDERAL RESERVE SYSTEM.
End of period
1952
1953
1954
1955
1956
1957
1958
1958: October _
November
December
1959: January
February
_ _
March
. __ _
April
. _„
May
. _.
June 4
July 4
August
4
September
October 4
._' .
Total
U.S.
deposits Governand
ment
curderency
posits l
200. 4
205.7
214.8
221. 0
226.4
232. 3
247.5
240.7
243. 8
247. 5
245. 1
242. 6
242. 1
245.4
245.0
245.4
247. 6
247. 3
248. 5
248. 2
5. 6
4.8
5. 1
4.4
4.5
4.7
4.9
4. 3
6.4
4.9
5. 3
4.9
4.4
5. 1
5.7
5.3
5.6
6. 6
7. 1
6.0
[Billions of dollars]
Total excluding U. S. Government deposits
Demand deposits and
currency
Time
Total
Demand Currency
de- z
Total deposits3 outside
posits
adjusted banks
129. 0
194.8
65.8
101.5
27.5
200. 9
70.4
130.5
102.5
28. 1
209.7
27.9
75.3
134,4
106.6
28.3
216.6
78.4
138.2
109.9
28. 3
222.0
82,2
139.7
111.4
227.7
28. 3
89. 1
138. 6
110.3
28. 7
242.6
144.2
98. 3
115.5
236.4
111.0
28.0
97. 5
139.0
237.5
140.7
111.9
28.8
96.8
242.6
144.2
28.7
98. 3
115. 5
141. 4
239. 8
113.8
27.6
98. 4
237.7
98.7
111.3
27.7
139.0
237.6
138.2
27.9
99.5
110.3
240.3
99.9
140.4
112.5
27.9
239.3
138. 9
110.7
28. 1
100.4
240. 1
139. 1
110.7
28.3
101.0
242.0
141. 1
112.7
28.4
100. 9
139. 6
240. 8
101. 2
111.1
28.5
241.4
111.4
28.5
101. 5
139.8
242.2
112.7
101. 1
141.0
28.3
1
U. S. Government deposits at Federal Reserve Banks and commercial and
savings
banks, and U. S. Treasurer's time deposits, open account.
3
Deposits in commercial banks, mutual savings banks, and Postal Savings
System;
excludes interbank deposits.
3
Demand deposits, other than interbank and TJ. 8. Government, less cash
items in process of collection.
26
Demand deposits
and currency,
seasonally adjusted
Demand Currency
Total deposits outside
adjusted banks
138. 1
138. 8
139.4
138. 6
139.1
UO.S
140.7
140.9
140.9
14S.7
141-4
140.5
140. 1
110. 2
110.6
in. s
110. 7
111.2
113.2
11%. 6
IIS. 6
11S.B
114. s
112. 9
112.2
111.9
27.9
28. S
28.1
27.8
27.9
28.1
28. S
28.3
28.4
28.6
28.5
28.3
S8. S
* Preliminary estimates.
NOTE.—See Note, p. 27. Monthly data are for the last Wednesday of the month.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, AND RESERVES
Commercial bank loans increased $400 million in October, compared to an increase of $800 million in October
1958. Borrowings at Federal Reserve Banks exceeded excess reserves by about the same amount as in recent months.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
!OO
ZOO
160
160
1956
END OF MONTH
COUNCIL OF ECONOMIC ADVISBB
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Billions of dollars]
Weekly
reporting
member
banks '
All commercial banks
End of period
1951
1952
1953. „
1954...
1955
1956.
1957
1958
1958: September
October
November
December
1959: January
February
March
April
May
June
July 4
August *
September 4 __
October4— ..
Total loans
and investments
132. 6
141. 6
145. 7
155. 9
160.9
165.1
170. 1
185.2
179.5
181.7
184. 1
185.2
185.6
183.8
182.9
185. 7
185.8
185. 9
187. 7
188.2
187.8
188. 3
Investments
U. S. Gov-
Loans
Total
57.7
64. 2
67.6
70.6
82. 6
90.3
93.9
98.2
94.2
95.0
96. 1
98. 2
97.7
97.9
99. 2
101.2
102.4
104. 5
105. 9
107.4
107. 8
108.2
ernment
securities
74.9
77.5
78.1
85.3
78.3
74.8
76. 2
87.0
85.3
86.7
88.0
87.0
87.9
86.0
83. 8
84.5
83.4
81.5
81. 7
80.8
80.0
80.1
1
Member banks include, besides all national banks, those State banks that
have taken membership in the Federal Eeserve System.
> Commercial and industrial loans and, prior to 1056, agricultural loans. Series
revised beginning January 1952, October 195S, and July 1959.
* Averages of daily figures on balances and borrowings during the period.
< Preliminary estimates.
61. 5
63.3
63.4
69.0
61. 6
58. 6
58. 2
66.4
647
66. 2
67. 7
66. 4
67.5
65. 5
63. 2
63. 6
62. 6
60.9
61. 1
60.3
59.2
59.5
Other
securities
13. 3
14. 1
14.7
16.3
16.7
16.3
17.9
20.6
20.6
20. 5
20. 3
20. 6
20.4
20.4
20. 6
20.9
20.8
20. 6
20.6
20.5
20. 7
20. 6
Business
loans 2
21. 6
23. 4
23. 4
22.4
11
26. 7
30.8
31.8
30.8
29.7
29.7
30.0
30.8
29.7
29.7
30. 6
30. 6
31.0
32. 0
2
228.6
29.0
29. 5
29. 5
All member banks
J
Borrowings at
Federal
Excess Reserve3
Banks
Reserve balances 3
Required
18. 5
19. 6
19.3
18.5
18.3
18.4
18.5
18. 1
17.9
18.0
18.0
18.4
18.4
18. 1
18.0
18.2
18.1
18.0
18.3
18.1
18.2
18. 2
0.8
.7
.7
.8
.6
.6
.5
.6
.6
.5
.5
.5
.5
.5
.5
.4
.4
.4
.4
.5
.4
.4
0.3
.8
.8
.1
.6
.8
.8
.3
.5
.4
.6
.6
.6
.5
.6
.7
.8
.9
1.0
1.0
.9
.9
NOTE.—Between January and August 1959, these series (except tbat for
weekly reporting member banks) were expanded to include data for ail banks
in Alaska and Hawaii.
Source: Board ol Governors of the Federal Eeserve System.
27
CONSUMER CREDIT
Consumer credit outstanding rose about $480 million in September, compared with almost no change in September
1958.
BILLIONS OF DOLLARS
50
BILLIONS OF DOLLARS
SO
TOTAL CREDIT OUTSTANDING
NONINSTALMENT CREDIT
1 1 , 1 1 I_L I I I I I
1953
1954
1 ,,,
I I I I t_,
1955
1958
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,
End of period
1949
1950
1951.
1952
1953
1954
1955
1956
1957
1958
1958: August ...
September.
October
November.
December.
1959: January..
February.
March
April _ _ _ _ _
May...
June ___
July
August —
September1
Total
consumer
credit
outstanding
17, 305
21, 395
22, 617
27,401
31,243
32, 292
38, 670
42, 097
44, 774
45, 065
43, 128
43, 144
43, 164
43, 464
45, 065
44,415
44,071
44,203
44, 916
45, 790
46, 716
47, 256
47, 910
48, 394
[Millions of dollars]
Instalment credit outstanding
Total
Automobile
paper *
11, 590
14, 703
15, 294
19, 403
23,005
23, 568
28, 958
31, 827
34, 095
33, 865
33, 165
33, 079
33, 052
33, 126
33, 865
33, 768
33, 751
33, 943
34, 453
35, 029
35, 810
36, 449
37, 049
37, 495
4,555
6,074
5,972
7, 733
9,835
9,809
13, 472
14, 459
15, 409
14, 131
14, 514
14, 332
14, 164
14, 066
14, 131
14, 155
14, 223
14, 375
14, 686
14, 991
15, 419
15, 780
16, 082
16, 259
Includes all consumer credit extended lor the purpose ol purchasing automobiles
and other consumer goods and secured by the items purchased.
1
Includes only such loans held by financial institutions; those held by retail
outlets are included in "other consumer goods paper."
28
Noninstalment credit
outstanding
Other Repair and
consumer moderni- Personal
zation
goods
loans
paper '
loans 2
3,706
4,799
4,880
6, 174
6, 779
6,751
7,634
8,510
8,692
9,007
8,254
8,312
8,411
8, 528
9,007
8,881
8,767
8,721
8,777
8,911
9,077
9, 183
9,314
9,419
.
1959
COUNCIL OF ECONOMIC ADVISERS
898
1,016
1,085
1, 385
1,610
1,616
1,689
1, 895
2,091
2, 145
2, 091
2, 107
2, 128
2, 146
2, 145
2, 125
2, 116
2, 127
2, 149
2,198
2, 240
2,282
2,323
2,363
2, 431
2, 814
3,357
4, 111
4,781
5,392
6, 163
6,963
7,903
8,582
8,306
8,328
8, 349
8,386
8,582
8,607
8,645
8,720
8,841
8,929
9,074
9,204
9,330
9,454
Total
5,715
6,692
7,323
7,998
8,238
8, 724
9,712
10, 270
10, 679
11,200
9,963
10, 065
10, 112
10, 338
11, 200
10, 647
10, 320
10, 260
10, 463
10, 761
10, 906
10, 807
10, 861
10, 899
Charge
accounts
2,795
3,291
3,605
4,011
4, 124
4,308
4,579
4,735
4,829
5,018
3,956
4,033
4, 191
4,297
5,018
4,504
4,004
3,883
3,997
4,220
4,318
4,272
4,243
4, 250
InstalInstalment
ment
credit 3
credit ex3
repaid
tended
18, 108
21, 558
23, 576
29, 514
31, 558
31, 051
39,039
40, 063
42, 426
40, 497
3,385
3,297
3,475
3,338
4,350
3,321
3,247
3,786
4,022
4,053
4,432
4,292
4, 139
4,013
3
Credit extended or repaid during the period.
Source; Board of Governors of the Federal Reserve System.
15, 514
18, 445
22, 985
25, 405
27, 956
30, 488
33, 649
37, 194
40, 158
40, 727
3,294
3,383
3,502
3,264
3,611
3,418
3,264
3,594
3,512
3,477
3, 651
3,653
3,539
3,567
BOND YIELDS AND INTEREST RATES
Rates on Treasury bills remained above 4 percent durins October and early November.
ment and municipal bonds declined somewhat. Corporate bond yields rose slightly.
Yields on U.S. Govern-
O/ 1953-58 DATA PLOTTED MONTHLY; 1959 WEEKLY
SOURCES: SEE TABLE BELOW.
[Percent per annum]
U. S. Government
High-grade
security yields
municipal
3-month
bonds
Taxable
Treasury
(Standard3 &
!
bonds
bills '
Poor's)
1.766
2.68
2. 19
2.72
1.931
2.94
.953
2.55
2.37
1.753
2.84
2.53
2.658
a os
2.93
. .
3.267
3.47
3.60
1.839
3.43
3.56
3.94
2.793
3.76
3.84
2. 756
3.70
2. 814
3.80
- 3. 84
2. 837
3.91
3.87
2. 712
3. 92
3.85
2. 852
3.92
3.76
2.960
4. 01
3.84
2. 851
4.08
3. 97
3. 247
409
4 04
a 243
4 11
404
3.358
4 10
3.96
4 13
4 26
3. 998
___
. 4.117
3.99
411
Period
1952
1953
... _.
_____
1954
_
1955
1956
___
1957
1958
„
1958: October November
December
1959: January
February..
MarchApril
May
June _
July
August
_
September
October
Week ended:
1959: October 10
17
24
31
November 7
14—
21
1
2
.
_
4.007
4,262
4.099
4.022
4,137
4.089
4
4. 332
Rate on new issues within period.
Series includes: April 1953 to date, bonds due or callable 10 years and after;
April 1952-March 1953, bonds due or callable after 12 years: October 1941-March
1952, bonds due or callable after 15 years.
414
413
406
409
409
4. 10
407
401
3.95
3.93
3.93
3.95
Corporate bonds
(Moody's)
Aaa
2. 96
3.20
2.90
3.06
a 36
a 89
Baa
3.52
3.74
3.51
3.53
ass
4 11
4.09
408
412
4 14
413
423
4 37
4 46
447
443
452
457
471
473
492
4.87
485
4 87
4. 89
485
4 86
4 96
5.04
5.08
5.09
5. 18
5. 28
457
4 56
4 56
4 56
4 57
457
5.28
5. 29
5. 28
5.26
5.27
5.27
a 79
»Weekly data are Wednesday figures.
• Not charted.
Sources: Treasury Department and Board of Governors of tbe
Federal Reserve System (except as noted).
Prime
commercial
paper,
4-6
months
2.33
2.52
1. 58
2.18
3.31
3.81
2.46
3. 23
3.08
3.33
3. 30
3.26
a 35
3.42
3. 56
3. 83
3.98
3.97
4 63
473
475
4 75
4.75
468
463
463
29
STOCK PRICES
Stock prices have changed little since mid-October.
INDEX, 1939'100 U
50O
500
300
200
100
1953
it 1953-58 DATA PLOTTED MONTHLY, 1959 WEEKLY
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
Composite
index *
Period
Weeklv average:
1950
1951
_
1952 __
1953
1954.
1955
1956
1957
1958
1958: October
November
December
1959: January
February
March
April .
May
June
July-.
August
September. _
October
Week ended:
1959: October
9
16
23
._.
__
^
30..
November 6
..^
13 .
COUNCIL OF ECONOMIC -ADVISERS?
[1939 = 100]
Manufacturing
Trade
TransUtilities finance, Mining
Durable Nondura- portation
Total
goods ble goods
and service
165.7
206.8
220. 2
220. 1
271. 3
374.4
438.6
422.1
426. 4
474,2
487.4
489.8
507.6
495.7
50a 5
514. 4
527.3
520. 9
542. 6
542.5
520. 3
517. 2
150.2
178. 5
188. 8
192. 6
245.2
352. 4
409.8
391.2
385.3
437.2
448.0
451.4
473.6
465. 6
475.0
480.6
495.0
495.8
521. 8
516. 1
499. 8
498.4
180. 2
233. 1
249. 3
245. 2
295. 2
394. 4
465. 1
450.7
458.0
499.2
514.3
515.6
529.0
513.8
. 529. 5
535.5
546. 8
533. 9
551.2
556. 3
529.0
524,4
160.0
199. 0
220. 6
218. 7
232. 6
320.0
327. 1
275.4
270. 2
310.6
327.0
329.8
349.9
349.9
353. 0
360.0
357. 7
357. 1
364.3
349. 4
333. 0
338. 8
108.9
112. 6
117.9
121. 5
135. 8
152.9
155.8
156.0
173.3
183.4
189. 8
198.7
212.7
214.9
221.0
226.3
221. 3
212. 8
217.8
219.0
211.2
213.4
183. 8
207. 9
206. 0
207. 1
235. 6
296.9
306.3
277.5
314.5
345.5
361.9
374.9
393.6
400. 5
405.0
405.2
408. 9
417.5
429. 4
425.4
424. 5
42a4
204.9
275.7
240. 5
267.0
312.9
357.5
342. 4
313. 8
343.9
341.4
339.0
348.1
345.3
347. 5
340.2
334.0
325. 6
321.4
324.4
305.4
291.9
415. 8
418. 2
412.4
419. 1
420. 3
413. 4
516.0
518.9
511. 5
522. 3
523. 9
514. 3
498.4
502.5
493.0
500. 4
499. 6
488. 9
522. 1
5240
518. 6
532.3
535. 9
527. 6
340.4
344.2
337.3
332.8
330. 8
318. 7
213. 6
214.4
212.5
212. 8
213. 1
211.0
428.1
431. 9
424.0
429. 3
432. 8
432. 3
289.5
293.8
289. 7
296. 1
287. 8
284. 1
•' Includes 285 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31 for trade,
nuance, and service, and 14 for mining. Indexes are for weekly closing prices.
30
i4as
154, 1
184.9
195.0
193.3
229.8
304. 6
345.0
331. 4
340. 9
376. 4
387.8
392. 8
409.9
403. 9
41&9
419. 4
425. 3
419. 0
434.3
433.9
417. 2
416.4
Source: Securities and Exchange Commission.
FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
For the first 4 months of the current fiscal year, there was a budget deficit of $5.7 billion.
year, the deficit amounted to $8.8 billion.
For the same period last
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
*m*T4 MONTH*
NET BUDGET RECEIPTS
•.NET BUDGET EXPENDITURES
1957
MAJOR NATIONAL SECURITY
"""«."«" "•
I960
BUDGET SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE)
nmr-4 MOUTHS
1956
1958
I960
* ESTIMATE
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
Period
Fiscal year 1954
Fiscal year 1955
Fiscal year 1956
Fiscal year 1957
Fiscal year 1958
Fiscal year 1959 3 _
Fiscal year I960*3
1958: September
October3T^nvpmhfir 3
3
.
:
__
_
_.
... _ _
-
December
.
1959: January 3 3
February
_ _;
March33 ._
...
April
..
3
May
. .-June 3
____
July 3 3 .
August
.» 3
September
'.
October3..
Cumulative totals for first 4 months:3
Fiscal year 1959..
... ..
Fiscal year 1960 _ .
.
1955
1957
1958
1959
I960
FISCAL YEARS
[Billions of dollars]
Net budget expenditures
Budget
Major national security l
Net
budget
Department surplus (+)
Total
receipts
or
of Defense
Total
deficit (-)
military
functions
46. 9
40.3
-3. 1
64. 7
67.8
64. 6
40. 6
35.5
-4. 2
60. 4
66. 5
40.6
35.8
+ 1.6
68. 2
sa4
+ 1.6
69. 4
71.0
43.3
71. 9
44. 1
-2. 8
39. 1
69. 1
41.2
80. 7
46. 4
— 12. 5
68. 2
45.7
40.9
79.0
78.9
+ .1
3. 5
+.6
7.2
6. 6
3.9
7. 1
3.8
-4. 4
4. 2
2.8
3.2
3.6
6. 2
-1.3
5.0
7. 1
3.7
—.9
6.2
4.2
3.3
—2.2
3.7
4. 5
6.8
+.2
3.2
6.3
3.6
6. 6
3.4
+ 2. 0
6.5
8.4
3. 9
a5
— 2. 2
6. 4
3.9
4.3
3. 2
-.7
6.2
3.6
5. 4
+ 1.4
3. 9
8.6
4.5
10. 0
3.4
a. 2
-as
6.6
3.8
3.4
3.7
.6
5.7
6.3
3.4
+2.1
6.4
3. 8
8.5
3.6
6.9
3.9
-3. 8
3.0
17.8
20.4
1
Includes military functions of Department of Defense, military assistance
portion of the mutual security program. Atomic Energy Commission, stockpiling,
and defense production expansion.
3
Includes guaranteed securities, except those held by the Treasury. Not all
of total shown is subject to statutory debt limitation.
1956
26. 6
26. 1
15.4
" 15. 2
13.7
13.8
Public
debt
(end of2
period)
-8.8
-5.7
» Preliminary.
< Estimates {I960 Federal Budget Midyear Review, September 1959).
Sources: Treasury Department and Bureau of the Budget,
271.3
274. 4
272. 8
270. 6
276. 4
284. 8
284,8
276.8
280.3
283. 2
283. 0
285.9
285.2
282. 2
285.5
286.4
284.8
28&8
290.5
288.4
291.4
280.3
291.4
31
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the third quarter of calendar year 1959, cash payments fp the public exceeded cash receipts by $3 billion.
This compares with an excess of payments of $5.5 billion in the third quarter of calendar 1958.
BILLIONS OF DOLLARS
BILLIONS Of DOLLARS
EXCESS OF CASH RECEIPTS
(ENLARGED SCALE)
EXCESS OF CASH PAYMENTS
-15
-15
1953
1954
1955
"PRELIMINARY ESTIMATES
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT
1956
I
1957
CALENDAR YEARS
I958-*
I
1959
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Cash receipts
from the
public
Period
Fiscal year total:
1956_
1957
1958
_
1959i
__
_
1960 2 _..
•__
..
Calendar year total:
1955
_. ..
1956
„
1957
1958"
-.
Quarterly total, not adjusted for seasonal variation:
1957: Third quarter
„
.
Fourth quarter
_
_
1958: First quarter
„•
Second quarter
_ •
Third quarter '
...
Fourth quarter '_ .___
„ „ _„
1959: First quarter 1 1
Second quarter __
._
....
Third quarter *
Cash payments to
the public
Excess of receipts ( + ) or
payments ( — )
..
.. . _. . . ..'
.. . .
.
77, 088
82, 107
81, 893
81, 530
95, 209
72, 617
80, 008
83, 413
94, 537
95, 037
-f-4, 471
+ 2, 099
— 1, 520
— 13, 007
+ 172
„
_
71, 448
80, 330
84, 520
81, 729
72, 188
74, 807
83, 326
89, 015
-740
+ 5, 524
+ 1, 194
— 7, 288
18, 653
16, 404
23, 618
23, 219
18, 274
16, 618
22, 628
24, 015
21, 381
21,099
20, 839
19, 626
21, 850
23, 789
23, 750
22, 734
24, 267
24, 395
— 2, 447
— 4, 435
+ 3, 993
+ 1, 368
— 5, 516
— 7, 133
— 107
— 253
— 3, 014
._ „
..
• __
.
_ _ _ _ „ _
1
!
Preliminary.
Estimates (I960 Federal Budget Midyear Review, September 1959).
Sources: Bureau of the Budget and Treasury Department.
32
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