Full text of Economic Indicators : November 1961
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8Jtb Congress, 1st Session Economic Indicators NOVEMBER 1961 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1961 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) WRIGHT PATMAN, Texas, Chairman PAUL H. DOUGLAS, Illinois, Vice Chairman SENATE HOUSE OF REPRESENTATIVES JOHN SPARKMAN (Alabama) RICHARD BOLLING (Missouri) J. WILLIAM FULBRIGHT (Arkansas) HALE BOGGS (Louisiana) WILLIAM PROXMIRE (Wisconsin) HENRY S. REUSS (Wisconsin) CLAIBORNE PELL (Rhode Island) MARTHA W. GRIFFITHS (Michigan) PRESCOTT BUSH (Connecticut) THOMAS B. CURTIS (Missouri) JOHN MARSHALL BUTLER (Maryland) CLARENCE E. KILBURN (New York) JACOB K. JAVITS (New York) WILLIAM B. WIDNALL (New Jersey) WM. SUMMERS JOHNSON, Executive Director JOHN W. LEHMAN, Deputy Executive Director RICHARD J. BARBER, Clerk COUNCIL OF ECONOMIC ADVISERS WALTER W. HELLER, Chairman KERMIT GORDON JAMES TOBIN [PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [S.L 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 t h e libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic ( ommittee; and the required number of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at 20 cents a single copy or by subscription at $2.00 per year (foreign, $2.75) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON 25, B.C. Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription price is $4.60 per year. The I960 Supplement to Economic Indicators, which describes each series and gives annual data for years not shown in the monthly issues, is now available at ( > ( ) cents a copy. 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 Page iv 1 2 3 4 5 6 7 8 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work Average Hourly and Weekly Earnings—Selected Industries 9 10 11 12 13 PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction Housing Starts and Applications for Financing Trade Sales and Inventories Manufacturers' Sales, Inventories, and New Orders Merchandise Exports and Imports U.S. Balance of Payments 14 15 16 17 18 19 20 21 22 PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers 23 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Supply Bank Loans, Investments, Debits, and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices 26 27 28 29 30 FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public 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. 31 32 ill TOTAL OUTPUT, INCOME, AND SPENDING THE NATION'S INCOME, EXPENDITURE, AND SAVING Gross national product rose about $10 billion (seasonally adjusted annual rate), or 2 percent, from the second to the third quarter of 1961, according to current estimates. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1960: First quarter. _. Second quarter. Third quarter.. Fourth quarter. 1961: First quarter. _. Second quarter.. Third quarter.. Personal Disposable consumption personal expendiincome l tures 227.5 238. 7 252. 5 256. 9 274. 4 292. 9 308.8 317. 9 337. 3 351. 8 345. 7 352. 7 354. 4 354. 9 354. 3 361. 8 367. 8 International Business Persons 209.8 219. 8 232. 6 238. 0 256. 9 269. 9 285.2 293.2 314 0 328. 9 323. 8 329. 9 329. 7 332. 3 330. 7 336. 1 341. 0 Personal Excess Gross saving Gross of private ( + ) or retained domestic investearndisment investsaving ings 2 ment 17. 7 18.9 19. 8 18. 9 17. 5 23. 0 23. 6 24.7 23. 4 22. 9 21. 8 22. 8 24. 6 22. 7 23. 7 25. 8 26. 8 31. 5 33. 2 34. 3 35. 5 42. 1 43. 0 45. 6 44. 8 50. 7 51.7 52.0 51. 9 51.7 51. 2 50. 4 53. 9 56. 3 49. 9 50. 3 48. 9 63. 8 67. 4 66. 1 56. 6 72. 4 72. 4 78. 9 74. 6 70. 5 65. 6 59.8 68.8 73. 2 -24. 8 -16. 6 -16. 0 -13. 4 -21. 8 -24. 3 -20. 5 -11. 9 -21. 7 - 20. 7 -26. 9 -22. 7 -18. 8 -14. 4 -9. 4 -14. 9 Net exports of goods Foreign and services net transfers by ImNet ExGovernports ment exports ports 2. 1 1. 5 1. 6 1. 4 1. 5 1. 5 1. 5 1. 3 1. 5 1. 6 1. 5 1. 6 1. 5 1. 6 1. 6 1. 5 1. 7 2. 4 1. 3 -. 4 1. 0 1. 1 2. 9 4. 9 1. 2 ao 1.8 2. 3 3. 0 5. 1 5. 3 3.9 2. 6 17. 9 17. 4 16. 6 17. 5 19. 4 23. 1 26. 2 22. 7 23. 1 20. 7 25. 6 26. 7 26. 8 27. 6 27. 6 26.4 27. 0 15. 5 16. 1 17.0 16. 5 18. 3 20. 2 21. :\ 21. 5 23. 8 23. 6 23.9 24. 4 23. 8 22. 4 22. 3 22. 5 24. 3 Excess of transfers ( + ) or of net exports -0. 2 .2 2.0 .4 .4 -1. 5 -3.5 .1 2. 3 -1. 5 —. 3 __. 7 -1.4 -3.6 -3.7 -2.4 —. 9 Government Net receipts Period 1951. 1952 1953 1954... 1955. 1956 1957 1958 1959 1960 1960: First quarter . . Second quarter Third quarter Fourth quarter 1961 : First quarter Second quarter _ _ _ Third quarter. _ Expenditures (+) or PurTransTotal fere, nontax fers, chases Net receipts interest, of goods expendi- interest, receipts and sub- and tures and subor accruals sidies 4 services sidies 4 Tax and Trans- 66. 6 72. 2 75. 7 68. 5 78. 4 84. 2 87. 5 82. 0 94. 9 102. 0 103. 5 103. 3 101. 5 99. 7 97. 1 100. 7 (5) 85. 5 90. 6 94. 9 90. 0 101. 4 109. 5 116. 3 115. 1 129. 3 139. 1 139.5 140/1 138. 8 138. 3 136. 8 141. 9 (5) 18. 9 18. 4 19. 2 21. 5 23.0 25. 3 28. 7 33. 1 34. 4 37. 1 36.0 36. 8 37. 3 38. 6 39.7 41. 2 42. 3 60. 5 76. 0 82. 8 75.3 75. 6 79.0 86. 5 93. 5 97. 1 100. 1 96. 9 99.6 101. 9 101. 6 105. 0 107. 3 109. 0 1 Personal Income (p. 3) less personal taxes and nontax payments (fines, penaltles.etc.). 3 undistributed corporate profits, corporate inventory valuation adjustment, capital consumption allowances, and excess of wage accruals over disbursements. 8 Net foreign investment with sign changed. * Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of government enterprises. iv Surplus 79. 4 94. 4 102.0 96.7 98. 6 104. 3 115. 3 126.6 131. 5 137. 2 132. 9 136.4 139.2 140.2 144. 7 148. 5 151. 3 18. 9 18. 4 19. 2 21. 5 23. 0 25.3 28.7 33. 1 34. 4 37.1 36.0 36. 8 37. 3 38.6 39.7 41. 2 42. 3 deficit Total income income (-) on receipts or and Gross Statis- national tical product discrepor expendiancy ture product account 6. 1 -3. 9 -7. 1 -6.7 2.9 5. 2 1. 0 -11. 4 -2. 2 1. 9 6. 5 3.5 -.5 -1.9 -7.9 -6. 6 (5) 1527. 7 345. 6 364. 1 362. 3 396. 5 421.6 443. 4 446. 0 484. 4 507. 1 502. 7 509. 5 509. 1 507. 4 503.4 517.9 1. '2 1. 4 1. 3 .9 1. 0 -2. 4 —. 6 -1. 5 -1.7 -2. 6 -1. 1 -2.9 -4.0 -2.9 -2.6 -1.7 «Not available. NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. ;}(>;>. i ;;(.)7. r> 419. 2 442. 8 444. 5 482. 8 504. 4 501. 5 506, 4 505. 1 504, 5 500. 8 516. 1 525. 8 GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product in current prices (seasonally adjusted) rose almost 2 percent in the third quarter of 1961/ when adjusted for price changes, the increase was about 11/£ percent. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT PERSONAL CONSUMPTION EXPENDITURES 200 — GOVERNMENT PURCHASES OF GOODS AND SERVICES 100 L.u-f-" «"••» "» t « » ; ..._,m.._J.-.-...-.-~«- ' GROSS f3RIVATE DOMESTIC NET EXPORTS OF GOODS , MVESTMENT *** AND SERVICES ^^^ O 1 1 ~~T " ' ' 1 ! ! 1955 ! ! 1956 1 i ! ! IS57 J 1 L _J 1959 IS58 L I960 SOURC E:. DEPARTMENT OF COMMERCE. J COUNGL OF ECONOMIC ADVISERS [Billions of dollars] Government purchases of goods Total Personal Gross Net services Total gross conprivate exports national gross sumpFederal domestic of goods product national tion and in 1960 product expend- invest- services Total Total i National Other ment defense 2 prices itures Period I 196! and State and local Implicit price deflator for total GNP, 1960= 1008 449. 6 459. 1 467. 6 459. 9 491. 0 504. 4 258. 1 284. 6 329. 0 347. 0 365. 4 363. 1 397. 5 419. 2 442. 8 444. 5 482. 8 504. 4 181. 2 195. 0 209. 8 219. 8 232. 6 238.0 256. 9 269. 9 285. 2 293. 2 314. 0 328. 9 33. 0 22. 2 3. 8 40. 2 50. 0 .6 19.3 39.0 56. 3 2. 4 60. 5 38. 8 49. 9 76. 0 1. 3 52. 9 50. 3 82. 8 —.4 58. 0 48. 9 1. 0 75. 3 47. 5 1. 1 63. 8 75.6 45.3 2. 9 79. 0 67. 4 45. 7 66. 1 86. 5 49. 7 4. 9 52. 6 56. 6 1. 2 93. 5 _. 7 72. 4 97. 1 53. 5 72. 4 3. 0 100. 1 52. 9 Seasonally adjusted annual rates 13. 6 14.3 33. 9 46. 4 49. 3 41.2 39. 1 40. 4 44. 4 44. 8 46. 2 45. 5 8. 9 5.2 5. 2 6.7 9. 0 6. 7 6.6 5. 7 5. 7 8. 3 7. 8 8.0 17. 9 19. 7 21. 7 23. 2 24. 9 27.7 30. 3 33. 2 36. 8 40. 8 43. 6 47.2 77. 2 78. 6 84. 0 85. 3 85. 9 87. 2 88. 4 91. 3 94. 7 96. 7 98. 3 100. 0 1960: First quarter Second quarter __ Third quarter Fourth quarter __ 504. 5 507. 6 504. 1 501. 2 501. 5 506. 4 505 1 504. 5 323. 8 329. 9 329. 7 332. 3 78.9 74. 6 70. 5 65. 6 1. 8 2. 3 3. 0 5. 1 96.9 99. 6 101. 9 101. 6 51. 8 52. 9 54. 0 53. 0 45. 5 45. 5 45. 4 45.7 6. 9 7. 9 9. 1 7. 9 45. 0 46. 8 48. 0 48. 6 99. 4 99. 8 100.2 100.7 1961: First quarter Second quarterThird quarter. >. 498. 1 510. 1 518. 1 500. 8 516. 1 525. 8 330. 7 336. 1 341. 0 59.8 68. 8 73. 2 5.3 3. 9 2. 6 105.0 107. 3 101). 0 54. 7 56. 6 57. 4 47. 2 48. 8 49. 0 8. 0 8. 3 8. 9 50. 3 50.6 51. 6 100. 9 101. 2 101. 5 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 - --- - - - . - -- - - - __ -- - 0& / ff) <joj;. f~- S62. 3 S91 8 406. 6 425. S 416. 6 1 Less Government sales. 3 These expenditures correspond closely with budget expenditures for "major national security," shown on p. 31. 3 Gross national product in current prices divided by gross national product in I960 prices. NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. NATIONAL INCOME Compensation of employees increased $6 billion (seasonally adjusted annual rate) in the third quarter. Other sources of noncorporate income showing third quarter increases were business and professional income and net interest. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME 400 300 COMPENSATION OF EMPLOYEES 200 200 100 CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME 1955 1956 1961 SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total national income Period 1949 1950_._ 1951__ 1952 1953 1954 1955 1956 _ _ _ 1957 1958 . 1959 1960 „ _ Compensation of employees * 217.7 241. 9 279. 3 292. 2 305. 6 301. 8 330. 2 350. 8 366.9 367. 4 399. 6 417. 1 Proprietors' income Farm 140.8 154. 2 180. 3 195. 0 208. 8 207. 6 223. 9 242. 5 255.5 257. 1 278. 4 293. 7 12. 9 14. 0 16. 3 15. 3 13. 3 12. 7 11. 8 11. 6 11. 8 13. 5 11. 3 12. 0 Business and professional Rental income of persons 22.7 23. 5 26. 0 26.9 27.4 27.8 30. 4 32. 1 32. 7 32. 5 35. 0 36. 2 8.3 9.0 9.4 10. 2 10. 5 10. 9 10. 7 10. 9 11. 9 12. 2 11.9 11.7 Net interest 4.8 5.5 6. 3 7. 1 8.2 9. 1 10. 4 11. 7 13. 4 14. 8 16. 6 18. 4 Corporate profits and inventory valuation adjustment Total Profits Inventory before valuation taxes adjustment 28. 2 35.7 41. 0 37.7 37.3 33.7 43. 1 42. 0 41. 7 37.2 46. 4 45. 1 26. 4 40.6 42. 2 36.7 38.3 34. 1 44. 9 44. 7 43.2 37.4 46.8 45.0 1.9 —5. 0 -1.2 1.0 -1. 0 -.3 -1. 7 -2.7 -1.5 2 -.5 .0 Seasonally adjusted annual rates 1960: First quarter _ _ Second quarter Third quarter Fourth quarter 413.5 419. 2 419.0 416. 5 290.2 294. 6 296.0 294. 0 10. 5 12. 3 12. 4 12.7 35. 8 36. 4 36. 3 36.3 11. 7 11. 7 11.7 11.7 17. 8 18. 3 18.6 18. 9 47. 4 45. 9 44. 1 42. 9 48. 1 46.3 43.2 42.6 -0.7 4 .9 .3 1961: First quarter Second quarter Third quarter 412. 2 426.0 (2) 292. 6 300.2 306. 2 12. 9 12. 9 12. 8 36. 0 36. 3 36. 6 11. 5 11. 5 11. 5 19. 2 19. 6 20.2 40. 0 45. 5 (2) 39. 6 45. 2 (2) .4 .3 —.1 1 1 Includes employer contributions for social insurance. Not available. (See also p. 3.) NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. SOURCES OF PERSONAL INCOME Personal income increased $4 billion (seasonally adjusted annual rate) in October. Labor income accounted for $3 billion of the rise. Most other major income components increased slightly. BILLIONS OF DOLLARS 450 BILLIONS OF DOLLARS 450 SEASONALLY ADJUSTED ANNUAL RATES 4OO 400 TOTAL PERSONAL INCOME 350 300 LABOR INCOME 250 200 BUSINESS, PROFESSIONAL, AND RENTAL INCOME \ FARM PROPRIETORS' INCOME -f^ 1 / T ,tMMi«Mii»Mi»»«i«iiiiiMitiiiiinn«ititM«"IMtl "••""lillllll"lllnllll"1"""«VM«»>nii«»lMil""i"llilnII*"l"1IlrIMi"1 50 DIVIDENDS AND PERSONAL INTEREST jff 1955 1956 SOURCE: DEPARTMENT OF COMMERCE Period 1952 _ 1953 1954 1955 1956 1957 1958 1959___ 1960 Total personal income . .. .- _ 1960: October___ November. December. 1961: January __ February. March April 273. 1 288. 3 289. 8 310.2 332. 9 351. 4 360. 3 383. 3 402.2 406. 4 406. 0 404.0 403.6 403. 1 3 407. 3 409. 8 May 413.2 June 417.3 3 July 421. 2 419.4 August September. 421. 1 4 October __ 425. 0 [ ^ ^^_ 1961 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Labor income Proprietors' income Less: PerRental (wage and Personal Transfer sonal consalary disDivi- interest tributions Business income payof bursements Farm and pro- persons dends income ments for social and other insurfessional ance labor income)1 15.3 26. 9 10. 2 13.2 190. 2 9. 0 12. 1 3. 8 27.4 204. 1 13. 3 10. 5 9. 2 13.4 14. 3 3. 9 12.7 27.8 10. 9 16.2 202. 5 4. 6 14. 6 9. 8 30. 4 10. 7 11. 2 17. 5 218.0 11. 8 15. 8 5. 2 32. 1 12. 1 10. 9 18. 8 235. 7 11. 6 17. 5 5.8 32. 7 12. 6 11. 8 247. 7 11. 9 19. 6 21. 9 6. 7 13. 5 32.5 12. 2 12. 4 249. 2 21.0 26. 3 6. 9 35.0 11. 3 11. 9 13. 4 23. 6 7. 9 268. 8 27. 2 36.2 12.0 282.2 11. 7 14. 1 26. 2 29. 1 9. 3 Seasonally adjusted annual rates 12. 5 36. 4 30.2 284.0 11. 7 14. 4 26. 6 9.3 282. 7 12. 8 36. 4 11. 7 14. 4 26. 7 30. 7 9.3 12. 8 36.0 9.2 280. 9 14. 1 31.0 11. 6 26.7 12. 8 280. 6 36. 0 14. 2 11. 6 26. 8 31.1 9. 6 12. 9 280. 2 35. 8 11. 5 14. 2 31. 1 26.8 9. 4 3 13. 0 36.0 11. 4 14. 2 281. 7 26. 8 33. 7 9. 6 12. 9 36. 1 285. 3 14. 2 26. 8 9. 6 11. 5 32.5 12. 9 36. 3 288.0 14. 2 11. 5 27. 0 33. 0 9.7 13.0 36. 4 14. 3 291. 7 27. 1 33.0 9. 8 11. 5 3 12. 9 36.6 293. 4 11.5 27. 2 35. 2 9. 8 14. 3 294. 0 12.8 36. 6 14. 3 27. 4 32. 5 9. 8 11. 5 12. 7 14. 4 36. 8 11. 5 32. 7 295. 2 27. 5 9. 8 37. 0 14. 5 298. 2 13. 0 27. 7 11. 5 10. 0 33. 0 1 Compensation of employees (see p. 2) excluding employer contributions for social insurance and the excess of wage accruals over disbursements. 2 Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. 1 Includes stepped-up payment of National Service Life Insurance dividends 50 ,„„!—iiriiitimiH"i«tiiiii«Mii««'""'"Mitiiiiiiuii"i""ii'"'i § — , ^,, ^ mmtmmtmi* •»•• •• TRANSFER PAYMENTS^^^,^..,.c^L,1-r^f^...^—t^U*- —'-i-""l"<lir*' Nonagricultural personal2 income 254.3 271.5 273. 8 295.0 317.9 336. 1 343.0 368. 1 386. 2 389.8 389. 1 387. 2 386. 8 386. 2 3 390. 4 392.9 396. 4 400. 2 3 404. 0 402. 4 404. 1 407. 5 of $150 million ($1.8 billion at annual rate) in March and $218 million ($2.6 billion at annual rate) in July. 4 Preliminary. NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. o DISPOSITION OF PERSONAL INCOME Disposable personal income (seasonally adjusted) increased again in the third quarter of 1961. Since the rate of increase was slightly more than in consumption expenditures, there was a small rise in the saving rate. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS'* DISPOSABLE PERSONAL INCOME '////////Y////. NET SAVING 300 PERSONAL CONSUMPTION I EXPENDITURES ! 1 I I 1 ! I 1 1 1 1 1 1 1 1 1 1 1 ! PER CAPITA DISPOSABLE PERSONAL INCOME 1,800 IN CURRENT PRICES 1,600 —" 1,400 1955 1956 1961 *S£ASONALLY ADJUSTED ANNUAL RATES. SOURCE: DEPARTMENT OF COMMERCE Period 1950 1951 1952 1953 1954 __ 1955 1956 1957 1958 1959 1960 Disposable personal income l COUNCIL OF ECONOMIC ADVISERS Personal consumption expenditures Total 207. 7 227. 5 238. 7 252. 5 256. 9 274. 4 292. 9 308. 8 317. 9 337. 3 351. 8 195. 0 209. 8 219. 8 232. 6 238. 0 256. 9 269. 9 285. 2 293. 2 314. 0 328. 9 1960: First quarter Second quarter Third quarter Fourth quarter, 345. 7 352. 7 354. 4 354. 9 323. 8 329. 9 329. 7 332. 3 1 9 0 J : First quarter Second quarterThird quarter _ 354. 3 361. 8 367. 8 330. 7 336.1 341. 0 _ _ „ __ __ _ _ _ _ _ __ NonDurable durable Services goods goods Billions of dollars 64. 9 12. 6 30. 4 99. 8 17. 7 29. 5 110." 1 70. 2 29. 1 115. 1 18. 9 75. 6 32! 9 81. 8 19. 8 118. 0 32. 4 119. 3 86. 3 18. 9 124. 8 17. 5 39. 0 92. 5 131. 4 100. 0 23. 0 38. 5 137. 7 107. 1 23. 0 40. 4 24. 7 37. 3 114. 3 141. 6 147. 3 23. 4 123. 2 43. 5 152. 4 22. 9 44. 3 132. 2 Seasonally adjusted annual ro.tes 44. 7 21. 8 150 5 128. 6 22. 8 45. 3 153! 3 131. 2 24. 6 152, 7 43. 4 133. 6 22. 7 43. 8 135. 4 153. 1 39. 4 42.0 42. 3 153. 7 154. 1 156. 2 nul income (p. 3) less personal taxes and nontax payments (fines, penalMit prices divided by the implicit price deflator for personal Htures on a I960 base. he United States including armed forces abroad. Annual • rtorly data centered in the middle of the period, interpolated Personal saving 137. 5 139. 9 142. 4 23. 7 25. 8 26. 8 Per capita disposable personal income l Current prices 1960 prices 2 Saving as percent Populaof distion posable (thou-3 personal sands) income (percent) Dollars 1, 674 1, 369 1,474 1, 690 1,520 1, 706 1, 582 1, 760 1, 582 1, 742 1, 660 1,820 1. 742 1,879 1, 804 1, 891 1, 826 1, 877 1,905 1, 934 1,947 1, 947 6. 1 7. 8 7. 9 7. 8 7. 4 6. 4 7. 9 7. 6 7. 8 6. 9 6. 5 151, 683 154, 360 157, 028 159, 636 162, 417 165, 270 168, 176 171, 198 174, 060 177, 076 180, 670 1, 1, 1, 1, 936 958 955 941 6. 3 6. 5 6. 9 6. 4 179, 690 180, 328 181,084 181, 898 1, 923 1, 954 1, 972 6. 7 7. 1 7. 3 182, 602 183, 292 184, 054 924 956 957 951 1, 940 1, 974 1, 998 1, 1, 1, 1, NOTE.—Data for Alaska and Hawaii included beginning 1960. Sources: Department of Commerce and Council of Economic Advisers. FARM INCOME Gross and net farm incomes in the third quarter of 1961 were about the same as in the two previous quarters, and remained above the levels of a year earlier. BILLIONS OF DOLLARS * BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 40 •• f**~~~~J~ '* * ~^~ i —^ S m 40 •• 1 REALIZED GRC)SS FARM INCOME j/ ' 30 30 20 20 ir NET FARM INCOME CLUDING NET INVENTORY CHANGE-!/ U- . < 10 0 10 1 1 J 1955 i i t 1 1956 I \ IS57 1 1 1 1 i 1958 ' 1959 ' i i i I960 -l^INC OWE OF FARM OPERATORS FROM FARMING. SOUf *CE: DEPARTMENT OF AGRICULTURE. From From agricul- nonagritural l cultural sources sources 1952 1953 1954_ _ _ _ _ _ 1955_ _ _ _ _ 1956_ _ _ __ 1957 1958 1959 I960. _ _ (6) (6) (6) (6) (8) (6) (6) (6) (6) (6) (6) 6 (6) (6) () (6) (6) (6) (°) 6 (6) (6) (6) (6) (6) (6) () (6) (6) 1960: First quarter Second quarter Third quarter Fourth quarter. (6) 6 (6 ) (6) () (6) 6 (6 ) (6) () 6 (6) (6) (6) () 1961: First quarter Second quarter Third quarter. (6) (6) (6) (6) (6) (6) 0 Net income per farm including net inventory change * Net ProducCash tion ex- Exclud- Includreceipts penses ing in- ing net in- Current 1960 from Total 2 prices prices 5 ventory ventory3 marketchange change ings Billions of dollars Dollars 6 (6) (6 ) () 37. 0 35.3 33.9 33. 3 34. 6 34. 4 37. 9 37. 5 38. 1 Seasonally 36. 8 38. 5 38. 3 38. 7 1 Net income of farm operators from farming (including net inventory change) and wages received by farm resident workers. - 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. 4 The number of farms (based on 1959 Census of Agriculture definition) is held constant within a year. 7GS97 0 —61 2 1 Income received by farm operators from farming Realized gross From all sources 1 1961 -COUNCIL OF ECONOMIC AOV ISERS Income received by total farm population Period 1 39. 3 39. 2 39. 3 22. 6 14. 4 32.6 21.4 31. 1 13. 9 12. 2 30. 0 21.7 29. 6 21. 9 11. 5 22. 6 12. 0 30. 6 29. 8 23. 4 11. 0 12. 6 25. 3 33. 4 26. 3 11. 2 33. 4 34. 0 26. 4 11. 7 adjusted annual rates 32. 7 26. 4 10. 4 34. 4 12. 0 26.5 34. 2 12. 0 26. 3 34. 7 12. 4 26. 3 15. 3 13. 3 12.7 11.8 11. 6 11. 8 13. 5 11. 3 12. 0 (6) (6) 2,702 2,579 2,607 2,728 3, 214 2,756 3,000 (6) (6) 2,905 2,773 2,773 2,812 3,246 2,784 3,000 10. 5 12. 3 12. 4 12. 7 2,620 3,080 3, 100 3, 180 2, 620 3, 080 3, 100 3, 180 26. 7 26. 7 26. 9 12. 9 12. 9 12. 8 3, 310 3,310 3, 280 3, 310 3,310 3, 280 35. 3 34. 0 34. 4 12. 6 12. 5 12. 4 * Income in current prices divided by the index of prices paid by fanners for family living items on a 1960 base, e Not available until fall of 1961. Source: Department of Agriculture. CORPORATE PROFITS < . M | M , f < i i < - profits before taxes in the second quarter of 1961 are estimated at $45.2 billion (seasonally adjusted MMiuicil ink-), about 14 percent above the first quarter level but about 2 percent below a year earlier. DiLLIONS OF DOLLARS BILLIONS OF DOLLARS 20 10 1955 1956 I 1 1957 196! -^EXCLUDING INVENTORY VALUATION ADJUSTMENT. SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period 1950 1951 _ _._ _ Corporate profits (before taxes) and inventory valuation adjustment 1 TransManufacturing portation, All All NoncomDurable durable muniother indusgoods tries Total indusgoods cations, industries indusand nes tries public utilities 0 A 35 7 20 4 12 0 4 A n o^ 41. 0 24. 4 13. 5 10. 9 4. 5 12. 0 0 o O Q 21 1 11 8 4 n n A O 37 3 21 4 12 1 9 3 n A Q 0 10 1 33 7 18 4 4 H 1A O £• A 1 9 ft 43 1 25 0 14 2 10 Q 100 42 0 23 5 12 6 5 A 0 0 Q 8 22 9 41 7 13 1 5 r r: A 37 2 9 o 18 3 1° ° , . 9 3 46 4 A A24 8 1^9 13 2 11 6 45. 1 23. 3 12! o 11.3 6. 8 15. 0 47. 4 25. 5 13. 9 6. 7 11. 5 15. 2 45. 9 23. 4 12. 0 11. 4 6. 9 15. 5 44. 1 22. 6 11. 4 11. 3 6. 6 14. 9 42. 9 21. 6 10. 7 10. 9 6. 8 14. 6 40. 0 18. 8 8. 5 10. 4 6. 5 14. 6 45. 5 22. 3 11. 2 11. 2 7. 1 16. 1 2 2 2 1953 __ __ 1954 1955 1956_ __. 1957___ 1958 1959 __ _ _ _ I960.-. _ 1960: First quarter Second quarter. _ Third quarter Fourth quarter. _ 1961: First quarter Second quarter _ _ Third quarter () 1 3 See p. A 1 () 2 for inventory valuation adjustment. Not available. () (2) (2) (2) Corporate profits after taxes Corpo- Corpo- profits before taxes tax liability Total A 17 O OO 42. 2 19. 7 1O 1 AA Dividend payments O 9. 0 .0 90 .8 11. 2 -if) i 1A 7 22. 4 10 K OQ O OA O 0/1 T 17 O /< /I O O1 O A4 7 Q1 O OO K AQ 9 OA O OO O 07 yt I S A IP Q 19 A /1A 8 OO, OQ -1 O 45.0 48. 1 46. 3 43. 2 42. 6 39. 6 45. 2 22. 3 23. 9 23. 0 21. 4 21. 1 19. 6 22. 4 e (2) (2) 1 7" 22. 7 24 2 23 3 21. 7 21. 4 20. 0 22 8 (2) Undistributed profits — 10. 7 8 0 7. 0 11. 8 n 9 6 o t-J A ,4 1A Q 14. 1 14. 0 14. 0 14. 1 14.3 14. 2 14. 2 14. 3 8. 6 10 2 9 3 7 6 7. 2 5. 8 8 6 NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. (2) GROSS PRIVATE DOMESTIC INVESTMENT Private investment increased $4.4 billion (seasonally adjusted annual rate) in the third quarter of 1961. investment and inventories contributed to the increase. BILLIONS OF DOLLARS Both fixed BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 80 GROSS PRIVATE DOMESTIC INVESTMENT NEW CONSTRUCTION 40 PRODUCERS' DURABLE EQUIPMENT nnl " inH.H»«" "** [niliutniiutiiitii " - • » " • • „ „.. ..! 20 CHANGE IN BUSINESS INVENTORIES _J L I955 J L I . I I956 I957 >f» " V 1958 I960 1959 1961 SOURCE: DEPARTMENT OF COMMERCE. . COUNCIL OFHECONOMlC ADVISERS [Billions of dollars] Period Total gross private domestic investment New construction l Total 1949 1950 1951 _ 1952 . __ __ _ _ _ .__ 1953 _ 1954 1955 1956 _ 1957 __ _ __ 1958 _ 1959 1960 33. 0 50.0 56. 3 49.9 50. 3 48. 9 63. 8 67. 4 66. 1 56. 6 72. 4 72. 4 36.0 43.2 46. 1 46. 8 49. 9 50.5 58. 1 62.7 64. 6 58. 6 66. 1 68. 2 1960: First quarter Second quarter Third quarter Fourth quarter 1961: First quarter Second quarter Third quarter 78.9 74. 6 70. 5 65. 6 59.8 68.8 73. 2 68.0 69. 3 68. 1 67. 4 63.8 66.0 68. 7 Producers' durable Residenequiptial Total Other * ment nonfarm 9. 6 18.8 9. 2 17. 2 24.2 14. 1 10. 1 1&9 12. 5 24.8 12. 3 21. 3 12. 8 25. 5 12. 7 21. 3 27. 6 13. 8 22. 3 13.8 29. 7 15. 4 14,3 20.8 34. 9 18. 7 16. 2 23. 1 17.7 35. 5 17.8 27. 2 17.0 36. 1 19.0 28.5 18. 0 35. 5 17. 4 23. 1 22. 3 40. 2 17. 9 25.9 21. 1 40. 7 19. 6 27. 5 Seasonally adjusted annual rates 40. 9 40. 7 40. 4 40. 7 39. 6 41.3 42. 7 1 Revisions in series on new construction shown on p. 17 have not yet been incorporated into these series. 3 "Other" construction in this series includes petroleum and natural gas well drilling, which are excluded from estimates on p. 17. Change in business inventories Fixed investment 21. 5 21. 2 21.0 20. 5 19. 3 20. 6 22. 1 19. 3 19. 5 19. 4 20. 2 20.4 20. 7 20.6 27. 1 28. 6 27. 7 26.7 24.2 247 26.0 Total Nonfarm -3. 1 6.8 10. 2 3. 1 .4 -1.6 5. 8 4. 7 1. 6 -2.0 6.3 4.2 -2. 2 6.0 9. 1 2. 1 1. 1 — 2. 1 5.5 5. 1 .8 -2.9 6. 2 4. 0 10. 9 5.4 2.4 -1.9 -4.0 2.8 4.5 10. 8 5. 1 2. 0 NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. o 2 — 4. 3 '2. -J <f. I EXPENDITURES FOR NEW PLANT AND EQUIPMENT Businessmen planned to spend $34.8 billion (seasonally adjusted annual rate) on new plant and equipment in the third quarter of 1961 and $35.9 billion in the fourth quarter, according to the July-August survey. In the first half of this year the spending rate was $33.7 billion. BILLldNS OF DOLLARS BILLIONS OF DOLLARS 10 10 ise: 1955 NOTE 3 ON TABLE BELOW. SOURCES: SECURITIES AND EXCHANGE COMMISSION, AND DEPARTMENT OF COMMERCE. COUNCIL OF* ECONOMIC ADVIS28S [Billions of dollars] Transportation Manufacturing Period 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 3 Total i . _„ __ _ 1959: Third quarter. _. Fourth quarter 1960: First quarter Second quarter Third quarter Fourth quarter 1961: First quarter Second quarter Third quarter 3 3 Fourth quarter _ __ 1 3 _ Total 25. 64 26.49 28. 32 26.83 28. 70 35. 08 36. 96 30. 53 32. 54 35. 68 34. 56 10. 85 11. 63 11. 91 11. 04 11. 44 14. 95 15. 96 11. 43 12. 07 14. 48 13. 80 33. 35 33. 60 35. 15 36. 30 35. 90 35. 50 33. 85 33. 50 34. 80 35. 90 12. 25 12. 85 14. 10 14. 70 14 65 14. 40 13. 75 13. 50 13. 75 14. 20 Railroads Other 5. 17 . 93 1. 47 5.68 5. 61 6. 02 . 98 1. 40 5. 65 .99 1. 31 6. 26 5. 09 . 85 5. 95 .98 .92 5. 44 . 96 6. 00 7. 62 1. 23 1. 24 7. 33 8. 02 1. 24 L 40 7. 94 5.47 . 94 5. 96 . 75 .92 5.77 6. 29 . 99 7. 18 7. 30 . 99 1. 03 6.28 .63 7. 52 . 99 Seasonally adjusted annual rates 5. 85 1. 30 1. GO 6. 40 6. 15 1. 05 . 85 6. 70 7. 15 1.00 6. 95 1. 00 7. 40 7. 30 1. 05 1. 10 7.35 1. 00 1. 00 7.30 6. 85 1. 00 7. 55 .90 . 70 6. 50 7. 25 . 95 6. 20 . 70 1. 00 7. 30 6. 15 . 60 .95 7. 65 6. 35 . 50 7. 85 1. 05 1. 49 1. 50 1. 56 1. 51 1. 60 1.71 1.77 1. 50 2. 02 1. 94 1. 88 3. 66 3. 89 4. 55 4. 22 4. 31 4.90 6. 20 6. 09 5. 67 5. 68 5. 75 7. 24 7. 09 8. 00 8. 23 9. 47 11.05 10. 40 9. 82 10. 88 11. 57 11. 52 2. 15 2. 15 2. 00 2. 15 1. 90 1. 80 1.75 1. 80 2. 05 1. 90 5. 60 5. 50 5. 75 5. 70 5. 60 5. 70 11. 05 11. 20 11. 35 11. 60 11. 75 11. 65 11. 30 11.05 11. 50 12. 20 .Excludes agriculture. Commercial and other Includes trade, service, finance, communications, and construction. 3 Estimates based on anticipated capital expenditures as reported by business In Into July and August. 1961. Includes adjustments when necessary for systematic tendencies in anticipatory data. 8 Commercial and other 2 Public utilities Durable Nonduragoods ble goods Mining 5.35 5. 50 5. 95 6. 05 NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million. Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the average of seasonally adjusted figures. These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because 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 Civilian employment in October was 67.8 million, or 800,000 above September. This increase was greater than seasonal. Unemployment declined by 200,000, although the seasonally adjusted unemployment rate remained unchanged at 6.8 percent. MILLIONS OF PERSONS* MILLIONS OF PERSONS* SEASONALLY ADJUSTED 75 CIVILIAN LABOR FORCE 70 NONAGRICULTURAL EMPLOYMENT 55 1> 10 AGRICULTURAL EMPLOYMENT .,„*«» «"»»"" ^^KSSSS^B; -< PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE UNEMPLOYMENT RATE (SEASONALLY ADJUSTED) _p 3T1 '—f— •~T~ 1 T I {IF 1955 1 1956 T '1 - -j.l~ -*~". r- " ~_ 1 1 " T"fT~ H«, n- Period 1953 1954 1955 1956 1957 1958 1959 1900 67.4 67. 8 68. 9 70. 4 70.7 71.3 71. 9 73. 1 1960: September October. _ November. December 19f)l : January February.. _ March. April _ _ May _ _ June July August September __ October _ 73.7 73.6 73.7 73. 1 72. 4 72. 9 73.5 73.2 74. 1 76. 8 76. 2 75. 6 73.7 74. 3 1957 1 1 1959 - ~'- - j 1958 •%. ;' -' -', ! f I960 -Hj 5 - 1961 COUNCIL OF ECONOMIC ADVISERS Civilian employment CivilCivilian Non- Unemian ploylabor Total agrilabor ment force eulforce tural Millions of persons 14 years of age 63. 8 61. 9 55. 4 1. 9 64. 5 60.9 54. 4 3.6 65. 8 62. 9 56. 2 2. 9 67. 5 64,7 58. 1 2.8 67.9 65.0 58. 8 2.9 68. 6 64. 0 58. 1 4. 7 69. 4 65. 6 59. 7 3.8 70. 6 66. 7 61. 0 3. 9 Unadjusted 71. 2 67. 8 61. 2 3. 4 71. 0 71. 1 67. 5 61. 2 3. 6 70.6 71.2 67. 2 61. 5 4.0 71. 4 61. 1 70. 5 66. 0 4. 5 71. 1 69. 8 64. 5 59. 8 5. 4 71. 5 59. 9 70. 4 64. 7 5. 7 71. 9 71. 0 65. 5 60. 5 72. 2 5.5 70. 7 65. 7 60. 7 5. 0 71.4 71. 5 66. 8 61. 2 4. 8 71. 4 62. 0 74, 3 68. 7 5. 6 72. 4 73.6 68. 5 62.0 5. 1 71. 6 62. 2 73. 1 68. 5 4. 5 71. 8 71. 1 67. 0 4. 1 61. 4 71. 0 71.8 67. 8 61. 9 3. 9 71. 3 1 Seasonally adjusted totals may differ from sum of components because totals and components have been seasonally adjusted separately. ^r — * 14 YEARS OF AGE AND OVER. SOURCE:DEPARTMENT OF LABOR. Total labor force (including armed forces) . 5 FT Civilian employment AgriTotal cultural Nonagricultural Unemployment and over Seasonally adjusted l 67. 0 6. 1 61. 0 66. 4 5. 7 60. 7 67. 0 61. 2 5.8 06. 4 5.8 00. 5 66. 6 5.7 60. 7 66. 8 5.8 60. 9 67. 1 5. 8 61. 2 66. 5 5. 3 61. 2 66. 6 5. 2 61. 5 67. 3 5. 6 61. 9 66. 8 5. 5 61. 4 67.0 5.7 61. 4 66. 3 5.2 61. 2 66.7 5. 4 61. 3 4. 0 4. 4 4. 4 4. 8 4. 7 4. 9 5.0 4. 9 4. 9 4.9 4. 9 5.0 4.8 4. 8 Unemployment rate (percent of civilian labor force) SeasonUnad- ally adjusted justed Percent 2. 9 5. 6 4. 4 4.2 4 3 6. 8 5. 5 5. 6 4. 8 5. 0 5.7 6.4 7.7 8. 1 7. 7 7.0 6. 7 7. 5 7.0 6.2 5.7 5. 5 5.7 6.3 6.2 6. 8 6. 6 6. 8 6.9 6.8 6. 9 6. 8 6. 9 6. 9 0. 8 6. 8 NOTE.—For definitions and coverage, see Employment and Earnings, Department of Labor. Beginning January 1960, data include Alaska and Hawaii. Source: Department of Labor. & UNEMPLOYMENT INSURANCE PROGRAMS Insured unemployment averaged 2.0 million in October, or about 100,000 less than September. MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT (STATE PROGRAMS) JAN. SEPT. SOURCE: DEPARTMENT OF LABOR. Period 1956 1957 1958 1959 1960 __ _ 1960: September October November. December _ 1961: January February March April May June July August September October2 Week ended: 1961: October 1 7 14 21 28 2 November 4 2 _ _ 11 ___ COUNCIL OF ECONOMIC ADVISERS All programs Insured Total unem- benefits Covered ploypaid (milemploy- ment (weekly lions of ment averdolage) lars) Thousands 1,318 42, 758 1, 567 43, 447 2, 766 44, 501 1,856 45, 727 2,067 46, 334 1, 781 47, 012 1,839 46, 602 2, 226 46, 270 2, 845 46, 282 3, 515 0) 3,638 0) 1 3, 403 C1 ) 3 3, 626 C) 3 3, 290 3 2, 877 0) 3 2, 678 0) 3 2, 357 3 2, 122 C1) 3 2, 017 0) « « C11) C) C11) C) (l) 0) 3 3 3 3 3 2, 006 2, 042 2, 014 2, 007 2, 030 1, 540. 6 1, 913. 0 3, 892. 5 2, 651. 7 3, 022. 8 230. 8 214. 9 258. 6 332. 4 436.4 435. 5 500. 9 3 419. 6 3 457. 2 3 404. 0 3 322. 0 3 333. 5 3 263. 0 3 250. 0 Cl1) () « (l) C) C1) State programs Insured unemployment Weekly average, thousands 1,212 20 226 23 1,450 268 2, 509 370 50 1, 682 33 281 331 1, 906 31 274 27 1, 598 332 29 1,678 396 31 2,039 36 2, 639 494 44 541 3,266 49 480 3,394 372 53 3,168 367 58 2,779 54 297 2, 328 53 279 1,991 50 357 1,958 44 1, 744 271 38 257 1, 558 35 274 1,499 1,478 1,521 1,499 1,499 4 1, 526 a Not. available. Preliminary. 'Includes Temporary Extended Unemployment Compensation program beginning April. This program Is excluded from State data. * Not charted. 10 Initial claims Insured unemployment as perExhaus- cent of covered employment tions Unad- Seasonjusted ally adjusted 292 250 273 270 299 314 0) l (« ) i () (l1) C) Percent 3. 2 3.6 6. 4 4. 4 4. 8 4.0 4. 2 5. 1 6.6 8. 1 8.4 7.8 6. 8 5.7 49 4. 8 4.3 3. 8 3. 7 3. 6 3. 8 3. 7 3. 7 3.8 5.4 5.7 6. 3 6.4 6.1 6.8 6. 3 5.9 5.6 5.3 5.3 5.2 5. 1 5. 1 C) 0 C) (l) C) l () Benefits paid Total Average weekly (millions of check dollars) (dollars) 1, 380. 7 1, 733. 9 3, 512. 7 2, 279. 0 2, 726. 8 201. 8 189. 9 231. 1 300. 2 397.6 399. 3 461. 5 362. 5 320. 1 264.4 224.0 237.2 185.0 180.0 C11; C) Cl1) () C) w NOTE.—For definitions and coverage, see 1960 Supplement to Indicators. Data for Alaska and Hawaii included for all periods. Source: Department of Labor. 27.02 28. 17 30.58 30. 41 32. 87 33. 54 33. 73 34. 01 34. 18 34. 34 34.45 34.37 34. 18 33. 46 32.92 32.91 33.36 33. 12 33. 20 e;) C1 « i1) 0) o) Economic NONAGRICULTURAL EMPLOYMENT Total nonfarm payroll employment/ seasonally adjusted, rose 160/000 in October to 54.6 million, according to the revised series. MILL IONS OF WAGE MILL IONS OF WAGE AND SALARY WORKERS AND SALARY WORKERS 56 20 ALL NONAGRICULTURAL ESTABLISHMENTS s^ 54 52 MANUFACTURING ^S*. *^ ^ 1 8 ^ TOTAL ^^ 1 6 ^-^ • ^ ^ **^1 " " > < 1 2 50 48 ^ DURABLE GOODS INDUSTRIES 10 46 < ^ 8 +~**-*^»* 1 1 NONDURABLE * -*..* """ "* GO OOS INDUSTRIE!3 w « • • • • • • ! , , , ^J 44 ^ i i ii i i i 1 1 i i i I l i I i i i ti 1958 i iiiii 11 11 i 1959 \ \ \ \ \ \ \ \ \ \ \ ^ I960 6 ^ i i i i I i i i ii 1958 1961 3.5 i i ti i 1 i i i i i 1 1 1 1 1 1 t 1959 i i i i i i i i i f j^_ 1 1 1 1 I960 1961 12.5 CONTRACT CONSTRUCTION WHOLESALE AND RETAIL TRADE (ENLARGED SCALE) (ENLARGED SCALE) 3.0 —s—"^^ wx~ 12.0 \ > *^— , ^ 2.5 11.5 ^^ 2.0 ^ 11.0 1.5 10.5 ^^ r 1958 1961 I960 1958 1959 * SEASONALLY ADJUS FED D A T A , INCLU DING A L A S K A ANC) HAWAII BEGINNING 1959. SOUP CE: DEPARTMENT OF LABOR. 1959 ^ I960 1961 COUNC IL OF ECONOMIC ADVISERS [Thousands of wage and salary workers l] Manufacturing (private) Period 1954 1955 1956 1957 1958 1959 1960 _ _ 1960: September OctoberNovember December 1961: January February March- _ _ April May June July August September3 October 3 Total, unadjusted Total 49, 0!BS 50, 675 52, 408 52, 904 51, 423 53, 380 54, 347 49, 022 50, 675 52, 408 52, 904 51, 423 53, 380 54, 347 16, 314 16, 882 17, 243 17, 174 15, 945 16, 667 16, 762 9, 129 9, 541 9,834 9,856 8,830 9,369 9,441 54, 989 54, 882 54, 595 54, 706 52, 864 52, 523 52, 785 53, 171 53, 708 54, 429 54, 227 54, 538 55, 092 55, 260 54, 301 54, 190 53, 995 53, 707 53, 581 53, 485 53, 561 53, 663 53, 894 54, 182 54, 335 54, 333 54, 417 54, 576 16, 619 16, 489 16, 351 16, 174 16, 021 15, 962 16, 023 16, 119 16, 275 16, 373 16, 392 16, 381 16, 342 16, 352 9,322 9,208 9, 111 8, 988 8,863 8,797 8, 820 8, 904 9,058 9, 114 9, 138 9, 131 9, 119 9, 128 Total Nonmanufacturing (private) Contract Transporta- Wholesale construc- tion and pub- and retail trade tion lic utilities 2,612 7, 185 25, 957 4,084 10, 235 7,340 26, 879 2,802 4, 141 10, 535 7,409 27, 888 4, 244 10, 858 2, 999 7,319 28, 104 2,923 10, 886 4, 241 7, 116 27, 585 3, 976 2,778 10, 750 7,298 28, 523 2,955 4,010 11, 125 7, 321 29, 065 2,882 11,412 4, 017 Seasonally adjusted 11,422 7,297 29, 113 2, 879 4,008 7,281 29, 111 2,877 3,991 11, 423 2, 832 7,240 29, 022 3, 976 11, 371 7, 186 28, 890 11, 334 2,757 3,950 7,158 28, 889 2,773 3,931 11, 347 11,296 7,165 28, 841 3,922 2, 765 11,252 7,203 28, 826 2, 792 3, 919 7,215 28, 810 2,766 11, 320 3,901 7,217 28, 845 2,742 3,903 11, 355 11, 392 7,259 28, 988 2, 795 3, 914 3,942 11,437 7,254 29, 108 2,776 11,410 7,250 29, 087 2,770 3, 939 11,414 7,223 29, 155 2, 777 3, 953 11,471 7,224 29, 254 2, 788 3,958 Durable Nondura- Total 2 goods ble goods 1 Includes all full- and part-time wage and salary workers in nonagrieultural 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 nonagrieultural employment of the civilian labor force, shown on p. 9, which include proprietors, self-employed persons, and domestic servants: which count persons as employed when they are not at work because of industrial disputes: and which are based on an enu- | Government (Federal, State, local) 6,751 6,914 7,277 7,626 7,893 8, 190 8,520 8, 569 8,590 8,622 8,643 8,671 8,682 8,712 8, 734 8, 774 8, 821 8, 835 8, 805 8, 920 8 970 meration of population, whereas the estimates in this table are based on report.-! from employing establishments. 2 Includes mining; finance, insurance, and real estate; and service and inl»cellaneous, not shown separately. s Preliminary. NOTE.—Series revised; see note, p. 13. Source: Department of Labor. 11 WEEKLY HOURS OF WORK The average workweek of production workers in manufacturing industries, seasonally adjusted, rose to 40.1 hours in October from 39.5 in September, thus resuming the rise in September which was interrupted by abnormally bad weather, religious holidays, and industrial disputes. HOURS PER WEEK (SEASONALLY ADJUSTED) 46 T DURABLE MANUFACTURING HOURS PER WEEK (SEASONALLY ADJUSTED) 46 NONDURABLE MANUFACTURING 44 44 42 40 38 36 1958 1959 34 I960 1958 1961 I960 44 CONTRACT CONSTRUCTION RETAIL TRADE 42 40 40 36 34 i i i i . 1 . i i ii 30 M i i i i I t i t i i 1958 1 . i t . i ! i ii ,i 1959 I960 1 1 1 1 1 1 1 1 1 ! Jf 32 1961 , 1 I 1 1 1 1 1 1 1 J-L 1958 1 1 1 1 , 1 . 1 . 1 1 , , ,, , 1 ,,, ,, 1959 I960 SOURCE: DEPARTMENT OF LABOR. Manufacturing industries Period All 1955 1956 __ 1957 1958 1959 1960 40. 7 40. 4 39. 8 39. 2 40.3 39. 7 1960: September October November December 1961: January February March April May June July August September Q October 6 39. 4 39. 5 39. 3 38. 5 39. 0 39. 3 39. 3 39. 7 39. 8 39. 9 40. 0 40. 0 39. 5 40. 1 Durable goods Non- Contract Retail durable construc- trade tion goods Hours per week 41. 3 39. 9 37. 1 41. 0 39. 6 37. 5 40. 3 39. 2 37.0 39.5 38. 8 36. 8 40. 7 39. 7 37.0 40. 1 39. 2 36. 7 Seasonally adjusted 39. 8 38. 9 37. 0 39. 9 38. 9 37. 2 39. 7 38. 7 36. 8 39. 0 38. 1 34. 8 39. 3 38. 7 37. 5 39. 6 38.8 38. 1 39. 7 39. 1 36. 9 40. 0 39. 3 35. 7 40. 2 39. 3 36.3 40. 4 39. 5 36. 8 40. 5 39. 5 36. 9 40. 5 39.3 37. 1 39. 7 39. 2 36.8 40. 5 39. 4 (5) 1 Data relate to production workers or nonsupervisory employees. Series revised; see note, p. 13. 2 Differs from total nonagrieultural employment (p. 9), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather and industrial disputes. Beginning January 1960, data include Alaska and Hawaii. 12 1961 COUNCIL OF ECONOMIC ADVISERS Average hours per week l i iiii 1 i iii i . 39.6 39. 1 38.7 38. 7 38. 7 38. 5 38. 4 38. 4 38. 5 38. 2 38. 3 38.4 38. 2 38. 2 38. 3 38. 1 38.2 37. 9 38. 2 (5) J Persons at work in nonagricultural 2industries by hours worked per week Under 35 hours Part-time for Over 40 35-40 economic reasons hours hours Total Usually Usually fullparttime 3 time 4 Millions of persons 14 years of age and over 18.0 27. 0 8. 7 (5) (5) 27. 3 18. 7 9.4 1. 1 0. 9 17. 6 28. 6 9.7 1. 2 1.0 16. 6 28. 3 10. 4 1. 6 1. 3 17. 3 27. 7 1.0 11. 7 1. 3 17. 7 1.2 28. 7 11. 5 1. 3 18. 5 18. 6 17. 0 18. 3 17. 7 17. 4 17. 7 17. 7 18. 1 17. 9 17.2 17. 7 18. 5 19. 3 29. 7 29. 0 24. 6 29. 3 29. 5 27. 9 29. 6 29. 9 29. 8 29. 9 27. 8 28. 4 29. 0 28. 4 10. 4 11.7 18. 2 11. 6 10. 9 12.7 11. 4 11. 3 11.4 10. 5 9. 9 9. 7 11. 2 11. 9 1. 3 1.3 1. 4 1.5 1.7 1.7 1. 5 1. 5 1. 3 1.2 1. 1 1. 2 1. 1 7 1. 1 1.2 1.2 1. 3 1. 3 1. 4 1. 4 1. 5 1. 5 1. 5 2. 0 1. 9 1.9 1. 4 7 1.2 3 Includes persons who worked part-time because of slack work, material shortages or repairs, new job started, or job terminated. 4 Primarily includes persons who could find only part-tune work. «Not available. 6 Preliminary. ? Average hours worked: usually full-tune, 24.0; usually part-time, 19.0. Source: Department of Labor. AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing industries were $2.35 in October, up 2 cents from September. Average weekly earnings increased to $94.71 in October from $92.50 in September. DOLLARS DOLLARS AVERAGE WEEKLY EARNINGS AVERAGE HOURLY EARNINGS 2.60 2.40 2.20 2.0O I960 SOURCE: DEPARTMENT OF LABOR. 1961 COUNCIL OF ECONOMIC ADVISERS [For production workers or nonsupervisory employees] Average hourly earnings— current prices Period 1951 $1. 56 1952 1. 65 1953 1. 74 1954 1. 78 1955__ 1. 86 1956 ._ 1. 95 1957_. _ 2. 05 1958 . ._ 2. 11 1959 2. 19 1960 2. 26 1960: September... 2. 27 October 2.27 November 2. 27 December 2. 29 1961 1 January 2. 29 February 2. 29 March 2. 29 April 2. 31 May _ _ 2. 32 June 2.32 July. 2.33 August 2. 31 September2.. 2. 33 October 2 2. 35 $1. 65 1. 75 1. 86 1.90 1. 99 2.08 2. 19 2. 26 2.36 2.43 2. 44 2.43 2. 43 2. 46 2. 45 2. 45 2. 46 2.47 2.48 2. 49 2.49 2. 48 2. 49 2. 51 $1. 44 1. 51 1. 58 1. 62 1.67 1.77 1. 85 1. 91 1. 98 2.05 2. 06 2. 06 2.07 2.09 2.09 2.09 2.09 2. 10 2. 11 2. 11 2. 12 2. 10 2. 13 2. 14 $2. 02 2. 13 2. 28 2. 39 2. 45 2. 57 2.71 2. 82 2.93 3.07 3. 10 3. 12 3. 10 3. 16 3. 17 3. 16 3. 14 3. 15 3. 16 3. 16 3. 16 3. 17 3. 21 (3) 76897s—61 3 Manufacturing industries All $1. 13 $63. 34 1. 18 67. 16 1. 25 70.47 1. 29 70. 49 1.34 75.70 1. 40 78. 78 1.47 81. 59 1. 52 82. 71 1. 57 88. 26 1. 62 89. 72 1. 64 89.89 1. 64 90. 12 1. 64 89. 21 1.61 88. 62 1. 66 89. 08 1. 65 89. 31 1. 65 89. 54 1. 67 90. 78 1. 68 92. 10 1. 69 93. 03 1.69 93. 20 1. 69 92. 86 1.70 92. 50 94. 71 (3) 1 2 Earnings in current prices divided by the consumer price index on a 1960 base. Preliminary. 'Not available. Average weekly earnings— current prices Manufacturing industries Contract conRetail NonDurable durable structrade All goods tion ffoods NonDurable durable goods goods $68. 48 $56. 88 72. 63 59. 95 62. 57 76. 63 76. 19 63. 18 82. 19 66. 63 85. 28 70.09 88. 26 72. 52 89.27 74. 11 96. 05 78. 61 97.44 80. 36 97. 60 80.75 97. 69 80. 55 96. 23 80. 52 96. 19 79. 84 96. 29 80. 47 96. 29 80. 47 97. 17 80. 88 98. 31 81. 27 99. 70 82. 29 101. 09 83. 56 100. 35 84. 16 100. 44 83. 58 99. 35 84. 14 102. 41 84. 74 Contract construction Retail trade $76. 96 82. 86 86. 41 88. 91 90. 90 96. 38 100. 27 103. 78 108. 41 112. 67 116. 87 119. 18 110. 98 108. 07 115. 39 114. 08 112. 41 112. 77 116. 29 119. 13 119. 76 122. 05 120. 38 (3) $46. 22 47.79 49. 75 51.21 53. 06 54. 74 56. 89 58.82 60.76 62.37 62. 98 62. 65 62. 48 61.82 63. 25 62. 87 62. 70 63. 46 63. 84 64. 90 65. 57 65.23 64. 94 (3) Average weekly earnings, all manufacturing industries,J 1960 prices $72. 22 74. 87 77. 95 77. 63 83. 65 85. 83 85. 88 84. 74 89. 60 89.72 89. 71 89. 58 88. 59 87. 92 88. 46 88.60 88. 83 90. 06 91. 46 92. 20 92. 00 91.76 91. 22 (3) NOTE.—Series revised to conform to 1957 Standard Industrial Classification and March 1959 social security benchmark data. Beginning with 1959. data include Alaska and Hawaii. Source: Department of Labor. 1Q PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The industrial production index (seasonally adjusted) rose 1.4 percent in October, following a September decline induced by auto strikes. The October index was a new high. INDEX, 1957=100 ( SEASONALLY ADJUSTED ) INDEX, 1957=100 ( SEASONALLY ADJUSTED ) 130 140 TOTAL UTILITIES AND MINING 120 130 no 120 100 110 90 too 80 90 70 1959 1961 1958 1961 80 1961 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS [1957=100, seasonally adjusted] Total industrial production Period 1951 1952 1953 J954 1955 _ _ 1 956 1 957 1958 1959, _ 1 900 1900: September October November J December 11)01: January February March... April Muy June J u l v . ... A ui f list Si'pl ember < »r!oln-r ' _ _ _ 80. 8 83. 8 90. 8 85. 4 96. 0 99.3 100.0 92.9 104. 9 108. 0 106. 7 106. 1 104. 5 103. 0 102. 3 102. 1 102.6 105. 6 108. 3 110. 4 112.0 112.9 111. 5 113. 1 Industry Market Manufacturing Total 81. 5 84.8 92. 1 85. 8 96. 7 99. 5 100. 0 92. 4 105. 3 108. 2 106. 6 106. 0 104. 1 102. 4 101. 4 101. 3 101. 9 105. 2 108. 2 110. 5 112. 2 113. 1 111. 4 113. 1 Final products NonDurable durable 80. 3 85. 1 96. 0 85. 0 97. 9 100.0 100.0 86. 8 101. 5 104. 3 101. 8 100. 6 98.0 95. 8 94. 6 94. 3 94. 7 98. 7 102. 7 105. 3 107. 3 107. 9 105. 5 107. 8 81. 7 83. 3 86. 9 86. 9 95.0 98.9 100.0 99. 9 110. 3 113. 4 113. 0 113. 3 112.3 111. 2 110. 5 110. 8 111. 6 113.9 115. 5 117. 4 119. 0 120. 1 119. 4 120. 2 Mining Utilities 87. 3 86. 5 88.8 86. 2 94 8 100. 1 100. 0 91. 4 95.3 97. 1 96. 3 96. 9 98. 0 97. 8 97. 6 96. 3 96. 3 97.4 97. 1 97. 6 97. 8 98.7 98. 2 99. 2 60. 1 65. 2 71.1 76.5 85. 4 93. 6 100. 0 104 5 115. 0 123. 1 125. 5 124. 0 122. 9 122. 9 124 6 125. 1 124 9 127. 1 130. 4 131. 5 131. 7 1346 136. 5 137. 5 Total 79. 3 85. 2 90. 7 86.5 946 98. 9 100.0 95. 1 106. 5 110, 6 110. 2 110.4 109.0 108. 0 106. 6 106. 6 106. 7 109. 2 110. 8 112. 7 114 3 114 7 113.3 115. 8 Consumer goods 80. 6 82. 5 88. 1 87.2 96. 5 98. 7 100. 0 99. 0 110. 0 114 4 113. 7 114 3 112.7 111. 7 110. 2 110. 2 110. 6 113.7 115. 4 117. 8 119. 5 119. 7 116. 8 119. 4 Equipment 75.0 90. 0 96. 1 85. 0 90. 9 99. 1 100.0 87.3 99. 5 102. 9 103. 1 102. 7 101.7 100.6 99. 5 99.5 99. 0 100. 1 101. 6 102.4 103. 9 104 7 106.2 108.7 Source: Board of Governors of the Federal Reserve System- Materials 82. 2 82. 7 90. 8 84 4 97. 1 99.7 100.0 91.0 103. 5 105.7 103.7 102. 8 101. 1 99.0 98. 1 98. 2 99. 1 102.9 106. 2 108.7 109. 5 111. 1 109.4 110.7 PRODUCTION OF SELECTED MANUFACTURES Output of most durable and nondurable manufactures (seasonally adjusted) increased in October, with the largest gain—8/£ percent—occurring in transportation equipment. Primary metals decreased 2/£ percent. INDEX, 1957 = 100 (SEASONALLY ADJUSTED) INDEX, 1957*100 (SEASONALLY ADJUSTED) reo 120 140 100 PRIMARY METALS A/ FABRICATED METAL / PRODUCTS * JL v2 140 120 .60 100 1958 1959 I960 1958 1961 140 CHEMICALS, PETROLEUM, AND RUBBER \ 80 1958 1959 I960 1961 1958 I960 1961 COUNCIL OF KONOWIC ADVlSEftS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. [1957=100, seasonally adjusted] Durable manufactures Primary metals Period 1951 1952 1953_ 1954 1955 . 1956 1957 1958 _ 1959__ _ _ _ _ _ 1960 1960: September October _ _ __ _ November December 1961: January February March April _ _ ___ _ _ _ May__ _ _ June July__ August September _ _ October *_ I Preliminary. 8 Not available. __ _ _ Fabricated metal products Machinery 96. 9 88. 5 100. 3 81. 3 105. 5 103. 7 100.0 78.0 89. 5 90. 3 79. 8 78. 3 73. 6 69.3 71.2 72. 6 73. 5 82. 0 89.9 92. 3 94.6 98. 2 98. 7 96 90. 0 87.8 98.8 88.8 96. 9 97. 4 100. 0 91. 6 103. 9 106.0 105. 8 105. 4 101. 0 100. 7 96. 5 95. 7 96. 3 98.6 104.8 107. 3 108. 1 111. 0 105.4 110 79.6 88.4 96. 4 84 3 92. 6 102. 8 100. 0 85.2 102.8 106. 4 105.3 101.8 102. 1 101. 2 101. 3 100. 8 100.5 102. 9 104, 3 107. 3 110. 2 108. 5 108. 4 110 Nondurable manufactures Transpor- Lumber Textiles, Paper Chemicals, Foods, tation and and petrobeverapparel, equipprodand print- leum, and ages, and ment leather rubber tobacco ucts ing 102.2 59. 0 90. 1 71.8 88.3 81. 1 68.6 100.9 92. 2 79. 4 74.5 90. 2 86.2 84, 5 80. 2 106.7 93. 6 91. 2 78.7 103. 9 79. 3 89. 6 86. 9 92.8 95.9 114. 2 91. 8 94. 6 98. 4 96. 2 91. 5 109. 9 96. 3 99.3 99.8 101. 1 100. 0 100. 0 100. 0 100.0 100.0 100.0 84.2 99.2 99.7 98.8 102. 1 99. 2 113. 1 97. 8 112.7 107. 6 115. 2 106. 5 101. 7 106. 5 117.7 111. 5 114.8 109. 4 112.2 101. 2 103. 0 112. 3 117.5 109. 6 112. 1 100.4 112. 8 101. 8 116. 8 110.8 96. 7 95. 1 111. 1 111. 9 116.0 109.5 93.3 107.5 95. 9 114. 6 110.8 110.4 88. 9 100.2 105.0 111.1 114.0 110.2 107.4 87. 6 99. 2 113.4 111. 4 110. 1 110.2 88. 1 99. 8 111.2 113. 3 111. 2 111.8 94,0 105.7 113. 1 118.0 111.9 99.0 113.3 106.6 121. 7 113. 6 112. 1 100.6 115.7 110. 6 114. 9 124.6 113. 1 102. 2 118.2 111. 2 114. 8 127.4 113. 9 102. 7 120.2 108.8 117. 8 127. 5 114. 0 94. 8 118.1 107.7 117.7 125. 9 114. 7 103 120 118 127 116 (2) Source: Board of Governors of the Federal Reserve System. 15 WEEKLY INDICATORS OF PRODUCTION Weekly indicators of production registering increases in October were auto assemblies, paperboard produced, freight cat-loadings, and bituminous coal mined. Steel and electric power output decreased. MILLIONS OF TONS MILLIONS OF SHORT TONS (DAILY AVERAGE) 12 SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE. AND WARD'S AUTOMOTIVE REPORTS. Period Weekly average: 1956 > _ . . 1957 . 1958 1959 1960 1960: September October November December 1961: January February March. _ April A c*jr_ Mav June July August _ September 2 October Week ended: 1961: September 30— October 7— 14__ 21__ 28__ November 4 2 _ 11 2 _ 1 Dully nvorajL' 3 Preliminary. •Not elmrtod. 16 COUNCIL OF ECONOMIC ADVISERS. Electric Bituminous Freight Paperboard Steel produced Cars and trucks power coal mined loaded produced Index Thousands distributed (thousands (thousands (thousands assembled (thousands) (1957-59 = (millions of of net of short of tons) Total of cars) Cars Trucks tons 100) . kilowatt>-hours) tons) l 2, 204 2, 162 1, 635 1,792 1, 899 1,509 1,550 1,439 1, 321 1,448 1,560 1,600 1,768 2,027 1,993 1,831 1, 955 2,083 2,070 118.3 116.0 87.8 96.2 101. 9 81.0 83.2 77.2 70.9 77.7 83.7 85.9 94. 9 108. 8 107. 0 98. 3 104.9 111. 8 111. 1 11, 292 11, 873 32,076 13, 206 14, 685 14, 408 14, 172 14, 394 15, 086 15, 098 14, 854 14, 473 14, 295 14, 223 15, 100 15, 274 15, 917 15, 518 15, 146 1, 693 1, 644 1,380 1,380 1,390 1,388 1,365 1,371 1,273 1,303 1, 207 1,081 1, 202 1,288 1, 432 1,288 1,389 1,409 1,483 728 683 581 596 585 582 639 545 470 480 489 501 527 555 582 543 593 588 645 274 272 275 307 306 301 323 301 257 274 303 319 316 320 333 268 334 327 353 132. 8 138. 6 98. 4 129. 5 151. 8 117. 1 162. 9 156.3 136.7 112. 2 113. 2 109. 9 135. 8 141.0 153. 1 118.8 60.3 103. 3 146. 2 111. 6 117. 6 81. 6 107.6 128. 7 98. 3 145. 3 136. 1 116. 9 93.8 91.4 88. 7 111. 7 118. 4 127. 5 97.7 44. 6 83.8 125. 1 21.2 21. 0 16. 8 21.9 23.1 18.7 17.6 20.2 19.9 18. 4 21. 9 21. 1 24. 1 22. 6 25. 5 21.1 15.7 19. 6 21. 0 2,131 2, 102 2,071 2,042 2,057 2, 044 2,046 114.4 112. 8 111. 2 109.6 110.4 109. 7 109. 8 15,340 15,035 15, 125 15,162 15,263 15, 396 3 15, 520 1,463 1,433 1,475 1,437 1,522 1,464 638 640 642 651 648 619 605 350 350 350 355 356 353 345 138. 8 120. 1 112. 4 167. 5 184. 6 179. 2 176. 0 114. 6 102. 1 96. 2 143. 2 159. 1 152. 9 151. 8 24. 3 18.0 16. 2 24. 4 25. 5 26. 4 24. 2 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 Total expenditures for new construction (seasonally adjusted) in October were about the same as in September. drop in private outlays was about offset by a rise in public. BILLIONS OF DOLLARS A BILLIONS OF DOLLARS TOTAL NEW CONSTRUCTION 20 rJ. . . . . I I -I . . . . . I . . . . . I . . . . . I . . . . . I I . , . .. 1955 1961 *SEE NOTE 4 IN TABLE BELOW. SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS Private Period 1956 1957 1958 _ _ - _ _ _ . __ __ 1959 _ 1959 (new series) 3 1960 Total new construction expenditures 45. 8 47. 8 49. 0 54. 1 56. 6 55. 6 Total 33. 1 33. 8 33. 5 38.0 40. 3 39.6 Residential Commercial and (nonfarm) industrial Billions of dollars 17. 7 6.7 17. 0 7. 1 18.0 6.0 22. 3 6. 0 25. 0 6.0 22. 5 7. 0 Other 8.7 9. 6 9. 5 9.7 9. 3 10.0 Construction contracts 1 CommerFederal, Total value, cial and industrial State, and 48 States floor space (index, local 1947-49 = (millions 100) of square feet) 2 12.7 14. 1 15. 5 16. 1 16. 2 16.0 Seasonally adjusted Seasonally adjusted annual rates 1960: September _ October November _ December 1961: January February March April May June July August __ _ Sept ember _ 4 October 55. 6 55. 6 56. 1 56. 6 56.0 55. 7 55. 8 55. 5 55. 5 57. 2 57. 0 58. 0 58. 6 58. 5 39. 3 39. 2 39. 6 39. 6 38.6 38.0 38. 5 39.0 39. 2 40. 3 41.2 41.3 41. 6 41. 3 22. 1 21. 8 22.0 21. 9 20. 6 20. 0 20. 5 21. 0 21. 3 22. 3 23. 1 23. 3 23. 7 23. 6 1 Compiled by F. W. Dodge Corporation. « Relates to 48 States beginning 1956 and to 37 Eastern States prior to 1956. Seasonal adjustment by National Bureau of Economic Research. easonal 3 In addition to major differences between old and new series, data for Alaska and Hawaii are included beginning January 1959. 7. 1 7.3 7. 4 7. 5 7. 9 7.8 7. 7 7.6 7. 4 7.3 7. 2 7. 2 7.3 7.3 231. 3 235. 4 256. 8 265. 4 265.4 265. 7 10. 1 10. 1 10. 2 10. 2 10.0 10. 1 10.3 10. 4 10. 6 10. 8 10. 8 10. 7 10. 6 10. 4 16. 3 16. 4 16. 5 17.0 17. 4 17.8 17. 3 16. 5 16. 3 16.9 15. 9 16. 7 17.0 17. 2 271 294 280 302 273 239 262 261 257 281 277 293 261 436 421 359 440 440 461 Seasonally adjusted annual rates 473 483 489 469 404 421 454 427 433 418 423 4<)\) 470 Preliminary. NOTE.— New construction revised beginning April 1961 „, s *. ± f Commerce and- F.- W. rDodge^Corporation (except us j n iT -r^j , s ources: -i-* Department of ^ our -j rj noteaj HOUSING STARTS AND APPLICATIONS FOR FINANCING Private housing starts increased in October to an annual rate of almost 1.5 million units (seasonally adjusted), number (unadjusted) of FHA applications and VA appraisal requests also increased. MILLIONS OF UNITS (ANNUAL RATE) The MILLIONS OF UNITS (ANNUAL RATE) 1955 1961 SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATIONIFHA), AND VETERANS ADMINISTRATION ( V A ) . COUNCIL OF ECONOMIC ADVISERS [Thousands of units] Total housing starts (farm and nonfarm) Period 1954 1955 1956 1957 1958__ 1959 _ 1959 __ 1960 _ __ _ 3960: September October November December 1 9 G 1 : January February _ _ March.. April. Miiv.lune Julv Anirust 4 September 4 October « _ _ _ 1 2 3 Total private and public (2) (2) (2) (2) 2 (2) () 1, 553. 5 1, 296. 0 102. 6 113. 2 94. 5 70.9 72.5 81. 0 109. 7 115. 3 130.7 138. 3 128. 5 130. 1 127. 8 127. 6 Private Total private and public 18 Private Government programs VA FHA Total Old series 2 1, 220. 4 1, 201. 7 (2) 1, 328. 9 1, 309. 5 (2) 1, 118. 1 1, 093. 9 (2) 1, 041. 9 992.8 () 1, 209. 4 1, 141. 5 (2) 2 1, 378. 5 1, 342. 8 () New series 3 1, 516. 8 1, 531. 3 1, 494. 6 1,252. 1 1, 274. 0 1, 230. 1 96. 9 100. 6 94. 9 110. 4 110. 1 107.3 92. 8 93.5 91. 8 64. 2 70. 4 63. 7 69. 8 71. 0 68. 3 75. 8 77. 7 72. 5 102.2 104. 6 107. 3 111. 0 113. 0 108.7 126.6 128. 3 124.2 132. 4 135. 3 129. 5 125.2 122. 7 126. 0 127. 3 124.2 127.0 122. 1 126. 2 120. 5 124. 6 121. 9 124. 9 Units represented by mortgage applications for new home construction. Not available. See limiting Starts, C 20-11 (Supplement), Bureau of the Census, May ll'txi, for description. (Data for Alaska and Hawaii included.) Private housing starts, seasonally adjusted annual rates Nonfarm housing starts 276. 3 276. 7 189. 3 168. 4 295.4 332.5 109.3 74. 6 6. 8 5.9 5. 5 4. 8 4. 9 4. 9 6. 4 6. 1 8.0 7.8 7.3 8. 4 7.3 9. 2 Total farm and Nonfarm nonfarm Applications for Requests for VA FHA commit- appraisl als1 ments 338.6 306.2 197.7 198. 8 341. 7 369. 7 307.0 392. 9 270. 7 128. 3 102. 1 109.3 332.5 260. 9 21. 9 22.6 20. 2 13. 8 14.0 13.0 20. 1 20. 1 23. 7 22. 1 21. 3 25.5 20.9 23. 4 Proposed home construction 535. 4 620. 8 401. 5 159.4 234. 2 234. 0 369.7 242.4 20. 1 18. 3 14.8 13.2 14.3 16. 9 24.0 20. 8 23. 9 23.4 20.6 24. 4 19. 6 22. ] 234. 0 142. 9 11. 6 10.0 10. 3 10.0 9.4 12.0 17. 7 17.5 14. 7 17.6 15. 1 17. 4 15. 7 16.1 New series 3 4 1, 089 1,273 1,220 996 1,127 1,169 1,296 1, 166 1,291 1,881 1,34S 1,326 1,380 1,442 1,067 1,237 1,206 987 1,098 1,115 1,262 1,143 1,268 1,351 1,318 1,301 1,362 1,409 Preliminary. Sources: Department of Commerce, Federal Housing Administration (FHA), and Veterans Administration (VA). TRADE SALES AND INVENTORIES Trade sales (seasonally adjusted) decreased in September; wholesale inventories continued to show no change, while retail inventories rose slightly. Retail sales rose about 2 percent in October, according to preliminary estimates. BILLIONS OF DOLLARS * — 14 BILLIONS OF DOLLARS * RETAIL TRADE — 16 WHOLESALE TRADE — — DURABLE GOODS STORES INVE NTORIES > ^^f\~~ "v "^""^ ^ SALES % «r'~*** SAL ES 6 - /*^-w% r*****1*1" V\ 8 S * 1*** W~*«' — > „ £ - , , , , . 1 ,.. .i i. 1 INDE K, 1947-49*100 * 16 E 14 •<TT 10 __ ^ GOODS STOFRES DEPARTMENT STORES INVENTORIES NVENTORIES ^ _— " . ^ ^ ^ . ^ \\ ^-**~**f L 140 10 - - ^^ ~ ^-V 160 _^"*«*/~ ^j^^S* ^\*^^r ^vx^ ^ s***s*~ V"' •s**'""' \f M SALES — 120 — °J i i i .f t . .. .. 0 1 1 1 ! 1 1 • 1 1 . 1 mo . . . . . 1 . . . . .1 1958 I960 1 1961 1958 1959 *SEASONALLY ADJUSTED. SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Wholesale 1959 Sales * Inventories 2 Department stores Retail Total NonDurable durable goods goods stores stores Inventories 2 Total NonDurable durable goods goods stores stores Billions of dollars, seasonally adjusted 1953 1954 1955 1956 1957 1958 1959 I960. _ . 1960: August .. September October November. December _ _ __ 1961: January.. February March April May.. _ _ June- _ July 6 August September 6 _ October 6 9.8 9.7 10. 6 11. 3 11. 3 11. 1 12. 3 12. 3 12. 3 12. 2 12. 2 12. 2 12. 3 12.2 12. 4 12.5 12. 1 12. 8 12.8 12. 5 12. 8 12. 4 10. 5 10. 4 11. 4 13. 0 12. 7 12. 0 12.6 13. 2 13. 1 13. 1 13. 2 13. 3 ]3. 2 13. 1 13. 2 13. 3 13. 4 13.5 13.5 13.6 13. 6 13. 6 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 4 14. 1 14. 1 15. 3 15. 8 16. 7 16. 7 18.0 18. 3 18. 2 18. 1 18. 5 18. 4 17.9 17.8 17. 8 18. 1 17. 9 18.0 18.2 18. 0 18. 2 18. 1 18. 6 Hawaii. End of period, except annual data, which are monthly averages. 5. 0 4. 8 5. 6 5. 5 5.7 5.3 6. 0 5. 9 5. 8 5. 8 6. 1 5.9 5.5 5. 4 5. 3 5.5 5.4 5.5 5.6 5. 5 5. 5 5. 6 5. 9 9. 1 9. 2 9.7 10. 3 11.0 11. 4 12. 0 12. 4 12. 4 12. 3 12.5 12. 5 12. 4 12. 4 12. 4 12.6 12. 5 12. 4 12. 6 12.5 12. 7 12. 6 12. 7 5 6 1961 COUNCIL OF ECONOMIC ADVISERS Sales i s Period I960 22. 7 22. 1 23. 9 23. 9 24. 5 24.0 24. 3 25.4 25.2 25. 3 25. 4 25.4 25. 4 25.2 24. 9 24. 4 24, 4 24.5 24.6 24. 7 24. 5 24. 7 10. 7 10. 1 11.2 10. 7 11. 4 10. 8 11. 0 11.9 11.7 11.8 11. 9 11. 9 11. 9 11. 6 11. 4 11.0 10. 9 11.0 11. 1 11. 2 10. 8 11.0 12.0 12. 0 12. 7 13. 2 13. 1 13. 2 13.3 13. 5 13.6 13. 6 13.5 13.5 13. 5 13. 6 13. 5 13.5 13.5 13. 5 13. 5 13.6 13.7 13. 7 Sales 1 Inventories 4 Index, 1947-49=100, seasonally adjusted 5 118 131 118 128 128 136 148 135 152 135 136 148 144 156 165 145 169 144 168 145 167 148 169 144 J 6f> 147 142 162 161 145 161 146 162 148 144 104 149 164 151 1 66 150 1 (I!) 150 170 151 Based on retail value. Preliminary. bources: Department of Commerce and Board of Governors of tins K n i r - r u l Reserve System. 1n MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS In September, manufacturers' inventories continued to rise while sales were unchanged. New orders rose fractionally. Durable goods sales and new orders rose in October, according to preliminary estimates. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* MANUFACTURERS' INVENTORIES 50. 40 DURABLE GOODS \ _MANUFACTURERS' NEW ORDERS NONDURABLE GOODS ,'„»«..•.««•«""•""" 20 10 1961 1958 # SEASONALLY ADJUSTED. SOURCE'. DEPARTMENT OF COMMERCE. .COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted] Manufacturers' sales l Period Total 1953 1954. 1955 1956 1957 1958 1959 _ 19GO__ _. _ 1960: September October November December 1961: January February March / April _ May _ June _ July. 3 August _ September 3 October 3 4 _ NonDurable durable goods goods 24. 5 23. 5 26. 3 27. 7 28. 4 26. 2 29. 7 30. 4 30. 1 29. 6 29. 2 29. 1 28. 7 29. 0 29. 6 30. 1 30.8 30. 9 31. 2 31. 5 31. 5 1 Monthly average for year and total for month. 2 Book value, end of period, seasonally adjusted. Preliminary. 3 20 12. 4 11. 2 13. 1 13. 8 14. 2 12.4 14. 5 14. 7 14. 4 14. 1 13.8 13. 6 13. 2 13. 3 13. 7 14. 1 14.6 14. 7 14. 8 15.0 15. 0 15. 3 12. 1 12. 3 13.3 13. 9 14. 2 13. 8 15. 2 15.7 15. 7 15. 5 15. 4 15. 5 15. 5 15. 7 15. 9 16.0 16. 2 16. 2 16. 4 16. 4 16. 5 Manufacturers' inventories 2 Total 45. 4 43.0 46. 4 52. 3 53. 5 49. 2 52. 4 53. 7 54. 7 54. 4 54. 0 53. 7 53. 7 53. 6 53. 3 53. 4 53. 4 53.4 53.6 54. 0 54. 4 NonDurable durable goods goods 26. 2 24. 1 26. 7 30. 7 31. 1 27. 9 30. 1 30. 9 31. 8 31.4 31. 1 30. 9 30. 8 30. 6 30. 3 30. 2 30.2 30. 2 30. 4 30. 8 31. 1 19. 2 18. 9 19. 7 21. 6 22. 4 21. 3 22. 3 22. 9 22. 9 23. 0 22. 9 22. 9 22. 9 23.0 23. 0 23. 2 23. 2 23. 2 23. 2 23. 2 23. 4 Manufacturers' new orders Total 23. 1 22. 5 27. 2 28. 3 27. 3 25. 9 30. 1 29. 9 30. 4 29. 2 29. 0 28. 7 28. 5 29. 1 29.9 30.4 31. 1 31.1 31. 3 32. 2 32.3 < Not charted. Source: Department of Commerce. 1 Durable goods NonMachinery durable and goods Total equipment 11.0 12. 1 3.3 10. 2 12. 3 3. 1 13. 9 4. 2 13.3 14. 4 4. 7 13.9 4.4 14.2 13. 1 12. 0 3.9 13.9 14. 9 5.0 15. 3 14. 3 4. 9 15. 7 14. 6 4. 9 15. 8 13. 7 4. 7 15. 5 4. 8 13. 6 15. 4 13. 2 4. 7 15. 5 12. 9 4. 8 15.6 4. 8 13.4 15. 8 16.0 13. 8 5. 1 14. 4 5.0 16. 1 5.2 14.8 16. 3 14.9 5.3 16. 2 15. 0 5. 3 16. 3 15. 6 5. 6 16.5 15. 7 16. 6 5. 5 5.6 15. 9 MERCHANDISE EXPORTS AND IMPORTS A fall in exports (seasonally adjusted) and a slight rise in imports reduced the merchandise trade surplus in September below the average of the previous three months. BILLIONS OF DOLLARS £.5 BILLIONS OF DOLLARS I 2.S SEASONALLY ADJUSTED 2.0 MERCHANDISE EXPORTS EXCLUDING , MUTUAL .SECURITY PROGRAM SHIPMENTS 1.5 I.S 1.0 1.0 I9S5 SOURCES: DEPARTMENT OF COMMERCE, AND DEPARTMENT OF DEFENSE. [Millions of dollars] Merchandise exports excluding Mutual Security Program shipments Total (includDomestic exports ing reexports)1 Indus- Finished Season- Unad- Total i Food- trial manually ad- justed facstuffs matejusted rials tures ' Period Monthly average: 1951 1952... 1953 1954 1955 . 1956 1957 1958 1959.. 1960 1960: August September October November December _ . 1961 : January February March April May June July August September „ 1,622 1, 610 1, 707 _ 1, 677 1, 62 1 1,649 - 1, 764 1, 6S7 1, 655 1, 554 1, 691 1, 707 1, 653 1, 613 1, 164 1, 100 1,022 1,071 1,191 1, 444 1,625 1,364 1, 366 1, 629 1, 547 1,557 1,690 1, 724 3,743 1,539 1,606 1, 889 1, 647 1, 671 1, 644 1, 558 1, 581 3 , 542 1, 151 190 345 1,088 175 300 1,012 143 254 1,060 131 310 162 351 1,180 1,432 441 216 1,610 208 529 1,350 198 368 1,351 210 365 1,613 230 509 Unadjusted 501 1,529 218 242 1,541 476 1,676 246 524 1,710 569 247 1,724 250 580 222 494 1,511 492 1,594 245 I, 859 283 525 1, 629 242 454 1,653 262 474 1, 623 239 457 1, 539 446 231 1, 562 220 485 1 , 52.5 221 445 1 Total exports less Department of Defense shipments of grant-aid military supplies and equipment under the Mutual Security Program. • Imports for immediate consumption plus entries into bonded warehouses. COUNCIL OF ECONOMIC ADVISERS j i >,• , .,. . . Merchandise imports General 2imImports for consumption 3 ports Indus- Finished Season- Unad- Total Food- trial manually ad- justed stuffs matefacjusted rials tures 914 893 906 851 949 1,051 1,082 1,070 1,267 1,221 616 612 614 620 667 775 872 784 776 874 810 822 905 894 894 795 856 1,051 933 917 927 862 856 860 1,228 1, 177 1, 196 1, 128 1, 100 1,119 1, 122 1, 1S7 1, 189 1, 117 1, 181 1,371 1,243 1,249 1,229 1, 160 1, 157 1, 161 1, 157 1, 124 1,046 1,230 1,042 1, 194 1, 220 1,268 1,234 1,176 258 901 485 896 263 459 898 274 441 853 276 394 945 260 468 1,043 267 508 1,079 274 511 1,062 287 450 1,249 534 285 1, 221 274 509 Unadjusted 1,246 280 539 269 478 1, 159 268 463 1, 157 1, 176 280 465 474 265 1, 151 1, 112 260 470 250 1,037 438 502 311 1,235 1, 046 251 428 497 1,188 264 1, 189 287 492 3. 241 275 511 1,250 285 511 266 1, 176 495 158 174 183 183 217 268 294 325 431 438 427 412 425 431 412 382 348 422 367 427 410 455 454 4i5 • Imports for immediate consumption plus withdrawals for consumption from bonded warehouses. __ Sources: Department of Commerce and Department of Defense. Zl U.S. BALANCE OF PAYMENTS A sharp rise in imports of goods and services in the third quarter more than offset a rise in exports.The overall deficit of the United States, as measured by U.S. gold sales and increases in foreign dollar assets/ rose to $3.4 billion at a seasonally adjusted annual rate. RILLIONS OF DOLLARS * BILLIONS OF DOLLARS * 40 U.S. PAYMENTS 40 TOTAL U.S.. PAYMENTS »^^ 30 ^^x^^ _^_ ^—-^x—^r-tC.^ -•— — —. ***+*"***/ ^J^^^^^^^^^v 30 , ,-m . U.S. RECEIPTS 20 20 10 10 itf*^' 1 1 1 f 1 ! 1 1 1 ^^mmt 1 1 '• '• | IMPORTS OF" 6061)5^: \ AND SERVICES . , ' \ '' \ . . ..' . ; ' ] ' \ I ! 1 J < ^ ] J t ~ * * I l ' ' ' 40 U.S. RECEIPTS 10 — EXCESS OF RECEIPTS — - TOTAL - k FOREIGN 30 - vr**^**r*ar~ra^ « u u y y | y u'u n [| m 20 j. ! r i I I I 1958 1 |,; 1 1 1959 1 t 1 1 I960 \ ( i O 1961 I ( ' / '!> f ~~~ s - '• ] ___ ^ , , -10 — EXCESS OF PAYMENTS -20 °/////wV ,i 0 20 0 G R A N T S AN '^^f^f^m^^^jf^ ; 0 g „ 77,, 1 ' \ fEXPORTS OF GOODS f 1 AND SERVIOF^ l -"" - f 1958 * S E ASONALLY ADJUSTED ANNUAL RATES. -i/ ifJCLUDES UNRECORDED TRANSACTIONS, EXCLUDES LIQUID DOLLAR ASSETS. s OURCE : DEPARTMENT OF COMMERCE. 1 — **\ 1959 i 1 ill I I960 1 1 1' 1 1961 rnuNcn OFECONOMIC ADVISERS ECONOMIC ADVISERS °F COUNCIL [Millions of dollars"! U.S. receipts (recorded) Exports of goods and services Foreign capital other than liquid dollar assets (net) Imports of goods and services 1954 1955 1956 1957 ___ 1958—1959 _ _ _ 1960 17, 949 20, 003 23, 705 26, 733 23, 325 23, 709 27, 300 210 351 576 428 -27 709 200 16, 088 17, 937 19, 829 20, 923 21, 053 23, 537 23, 327 1960: First quarter Second quarter Third quarter Fourth quarter 1961: First quarter Second quarter Third quarter 6 26, 27, 27, 28, 28, 27, 27, Period 1 2 260 312 416 212 456 548 800 724 372 68 -364 796 992 Increase in foreign Balance Unregold and on recorded recorded corded U.S. grants and capital (net) transacliquid transtions — dollar actions U.S. Private capital [net pay- errors and assets Governments ( — ) omissions through ment (net Total i grants transacor receipts receipts) tions with Total Direct and ( + )] the U.S. capital U.S. payments (recorded) 23, 24, 23, 22, 22, 22, 24, 700 096 496 016 084 164 100 664 -1,717 1,554 1,619 3,788 2,211 1, 211 779 -1,590 4,007 -1, 565 2, 362 2, 990 1, 859 6, 017 -213 2, 574 3, 175 2,058 6,451 -3,908 6, 153 2 2, 587 2, 844 1,094 2 -4, 271 1, 986 2, 375 1, 372 5, 152 -3,281 7, 454 2, 750 3, 856 1, 694 Seasonally adjusted annual rates -2, 612 2, 328 2, 776 1, 376 5, 896 -2, 484 6, 072 2, 780 2, 440 1,040 7, 588 3 2, 420 4 4, 340 4 1, 624 34-3, 600 -4, 428 3, 472 5, 868 2, 736 10, 260 -1,304 8,472 3, 476 4, 156 2,048 2, 180 96 3, 216 1,412 4, 196 Includes remittances and pensions not shown separately. Excludes $1 375 million increase in U.S. subscription to International Monelarv Fund. •"includes U S subscription to International Development Association of $74 million ($296 million at annual rate). . . 4 Includes sil gle direct investment transaction of $370 million ($1,480 million nt annual rate). 22 167 446 643 748 380 528 -648 132 -568 -848 -1, 308 -100 -1, 184 1, 550 1, 144 922 -535 3,528 3, 743 3,929 2, 480 3,052 4, 448 34 5, 736 1,404 5 -996 7 3, 400 * Includes advance debt repayment and interest payments on U.S. Government loans o" $774 million ($3.1 billion at annual rate). 6 7 Preliminary, Before adjustment for receipts of principal and interest on government loans paid in tbe previous quarter. NOTE. — Data exclude goods and services transferred under military grants, Source: Department of Commerce. PRICES CONSUMER PRICES The consumer price index rose 0.2 percent in September. Service prices continued their long-term uptrend. Commodity price changes were largely seasonal; food prices decreased slightly while nonfood commodities, particularly apparel, increased. INDEX, 1947-49 = 100 INDEX, 1947-49 = 100 130 t 120 1961 1955 SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS [1947-49=100] Commodities All items Period 1950_ . _ _ 1951 _ _ 1952 1953 1954_ __ _ 1955 1956 1957 1958 1959 _ _ _ _ _ 1960 1960: August September October November December _ 1961: January February March April _ _ May June July August _ September ... __ _ _ _ _ _ _ _ _ Source: Department of Labor. _ _ _ _ 102. 8 111. 0 113. 5 114. 4 114. 8 114. 5 116. 2 120. 2 123. 5 124. 6 1 26. 5 126. 6 126. 8 1 27. 3 127. 4 1 27. 5 127. 4 127. 5 127. 5 127. 5 127. 4 127. 6 128. 1 128.0 128. 3 All commodities 101. 2 110. 3 111. 7 111. 3 110. 2 109. 0 110. 1 113. 6 116. 3 116. 6 117. 5 117. 6 117. 7 118. 2 118. 3 118. 4 118. 0 i 1 8. 1 118. 0 117. 9 117. 7 118. 0 118. 7 118. 4 118. 7 Services Commodities less food Food All 101. 2 112. 6 114. 6 112. 8 112. 6 110. 9 111. 7 115. 4 120. 3 118. 3 1 1 9. 7 120. 1 120. 2 120. 9 121. 1 121. 4 121. 3 121. 4 121. 2 121. 2 120. 7 120. 9 122. 0 121. 2 121. 1 101. 3 ioa 9 109. 8 110. 0 108. 6 107. 5 108. 9 112. 3 113. 4 115. 1 115. 7 115. 5 115. 6 115. 9 115. 9 115. 9 115. 4 115. 5 115. 4 115. 2 115.3 115. 6 116. 0 116. 1 116. 6 Durable Nondurable 104. 4 112. 4 113. 8 112. 6 108. 3 105. 1 105. 1 108. 8 110. 5 113. 0 111.6 111. 0 110. 0 110. 9 110. 7 110. 8 110. 2 110. 3 109. 9 110. 7 110. 8 111. 2 111. 5 111. 9 111. 9 100. 9 108. 5 109. 1 110. 1 110. 6 110. 6 113. 0 116. 1 116. 9 118. 3 120. 1 120. 1 120. 9 120. 9 121. 1 121. 0 120. 5 120. 6 120. 7 120. 0 120. 0 120. 3 120. 6 120. 7 121. 5 All services 108. 5 114. 1 119. 3 124. 2 127. 5 129. 8 132. 6 137. 7 142. 4 145. 8 1 50. 0 150. 3 150. 8 151. 2 151. 3 151. 4 151. 7 151. 9 152. 2 152. 3 152. 5 152. 7 152. 8 153. 0 53.2 Rent 108. 8 113. 1 117. 9 124. 1 128. 5 130. 3 132. 7 135. 2 137. 7 139. 7 141. 8 141. 9 142. 1 142. 5 142. 7 142. 8 142. 9 143. 1 143. 1 143. 3 143. 4 143. 5 143. 6 143. <i ] 43. 9 Services less rent 108. 114. 120. 124. 127. 130. 133. 138. 143. 147. 152. 152. 153. 153. 153. 153. 154. 15-1. 1 6 1 6 7 1 0 6 8 5 1 5 0 4 6 (> 0 *J ir>-!. <; 1 .' > i . 7 ir>r>. o ir.f). -i ir>r>. c, OO WHOLESALE PRICES Wholesale prices, on the average, changed little in October, while processed food prices rose slightly. Prices of industrial and farm products declined slightly INDEX, 1947-49 = 100 INDEX, I947-49»IOO COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS (INDUSTRIALS) - 130 — 120 120 100 80 1961 SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All commodities Period 1953 1954 1955 1956 1957 1958 1959 I960 _ I960' August September October November December _ _ 1961: January February March April _ _ May _ _ _ June>_ _ _ _ July August- _ __ September _ __ October _ 110. 1 110.3 110. 7 114. 3 117. 6 119. 2 119. 5 119. 6 119. 2 119. 2 119. 6 119. 6 .1 1 9. 5 119. 9 120. 0 119. 9 119. 4 118. 7 118. 2 118. 6 118. 9 118. 8 118. 7 [1947-49 = 100] Commodities other than farm products and foods (industrials) Consumer finIndus- Indus- ProducFarm Procished goods extrial in- er fintrial All inessed prodcluding food dustricrude termedi- ished ucts foods DurNonals1 mate- ate ma- goods terials 2 able durable rials 97. 0 114. 0 106. 9 104. 6 ioa 5 116. 2 123. 1 113. 8 114. 7 107.2 114. 5 116. 7 124 7 103. 3 95. 6 105. 3 107. 8 117. 0 120. 1 128. 5 89. 6 113. 4 115. 9 101. 7 122. 2 101. 7 120. 0 126. 0 138. 1 119. 7 109. 9 88. 4 112. 4 129. 3 146. 7 123. 3 125. 6 90. 9 105. 6 118. 3 129. 1 150. 3 94. 9 110. 9 126.0 113. 7 125. 0 111. 7 131. 2 153. 2 128. 2 120.0 113. 4 89. 1 107.0 126. 5 153. 5 107. 7 128. 3 126. 0 114 1 88. 8 115. 3 131. 7 131. 6 114. 4 153. 7 12a 2 86. 6 107. 8 12a 2 114 6 152. 5 131. 5 87. 7 127. 9 114. 2 108. 1 123. 6 114 8 112. 7 153. 4 89. 5 109.0 128. 0 131. 3 125. 7 114. 8 153.6 127. 9 111. 8 109. 1 131. 0 125. 8 89. 9 114 7 153. 8 130. 9 88. 7 109. 2 127. 9 125. 8 114 7 111. 0 154. 0 89. 7 128. 1 111. 3 130.8 109. 9 125. 8 114 9 153. 9 115.2 128. 1 112. 1 90. 0 110. 5 130. 7 125. 6 128. 2 153. 8 89. 9 109. 6 130. 7 125. 5 113. 3 115. 0 153. 7 128. 0 114 2 88. 5 108. 7 113.3 130. 6 125. 5 127. 6 129. 9 153. 7 86. 8 107. 5 125. 5 113. 5 113. 3 127. 4 129. 8 106. 7 153.9 125. 6 85. 1 113. 6 113. 8 87. 1 114. 4 129. 6 153. 8 127. 4 125. 6 107. 5 113. 9 153. 8 129. 5 125. 5 127. 4 115. 8 114 0 88. 6 108.1 87. 2 127. 5 153. 8 116.4 125. 5 108. 1 129. 8 113. 9 129. 6 154, 0 125. 5 117.0 87. 1 108. 3 127.3 113. 8 1 Coverage of the subgroups does not correspond exactly to coverage of this index. - Excludes intermediate materials for food manufacturing and manufactured animal feeds; includes, in part, grain products for further processing. 24 Source: Department of Labor. PRICES RECEIVED AND PAID BY FARMERS In the month ended October 15, the index of prices received by farmers declined 0.8 percent and prices paid were unchanged. The parity ratio continued at the level of the two previous months. INDEX, ISIO-I4 = IOO 325 I INDEX, I9IOH4 IOO 325 PRICES PAID, INTEREST, TAXES, AND WAGE RATES 275 250 - 225 200 RATIO-17 PARITY RATIO ii»»5«t*. \ ni """ *mu» 1 ! 1 (• 1 ! ! 1 ! I 1 t 1 ! | IS55 ! 1 ! 1 1 l._l 1956 ! I 1 1 1 ! 1 ! ! 1 ! ! ! 1 I f 1I 1 1 I I I t ! 1 1 ! 1 1 1 1959 1958 !957 ^'""^t*,,. 1 .n - ' . . . ^ ^n - ™ ! * 1 .^ " ^ 1 1 1 1 1 t i l l ! ! ! I960 "^^^.^t^"111" ! 1 ! 1 ! I 1 I 1 ! ! _j 1961 -^RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES. SOURCE: DEPARTMENT OF AGRICULTURE. COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period 1951 1952 1953 1954 1955 1956 1957___ 1958_ 1959 1960 1960: September 1 5 _ October 15 November 15 December 15 10G1 : January 15 February 15 March 15_ __ April 15 Mav 15 June 15 July 15 August 15 September 15 October 15 1 All farm products _. _ _ _ _ _ _ _ _ _ __ Crops 302 288 255 246 232 230 235 250 240 238 238 241 241 242 241 244 243 239 236 234 237 241 242 240 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. 265 267 240 242 231 235 225 223 221 221 222 222 219 217 218 221 224 226 230 231 232 229 229 226 Prices paid by farmers All items, interest, Livestock Family Productaxes, and and tion living wage rates items products items (parity index) Index, 1910-14=100 268 282 273 336 274 287 271 306 269 256 268 277 270 277 255 249 234 270 251 276 274 250 226 278 282 244 257 286 287 264 273 293 256 288 266 297 290 265 253 299 289 263 251 298 262 257 296 290 262 291 260 297 291 263 265 298 261 267 301 291 302 267 291 263 290 259 302 268 290 267 302 251 241 266 291 302 265 290 236 300 290 264 241 300 265 290 251 301 252 266 291 301 252 291 205 301 Parity ratio 1 107 100 92 89 84 83 82 85 81 80 80 81 81 81 80 81 80 79 78 78 79 SO SO 80 Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY SUPPLY The money supply increased more than seasonally in October. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1 150 150 AVERAGES OF DAILY FIGURES* SEASONALLY ADJUSTED TOTAL MONEY SUPPLY 140 140 DEMAND DEPOSITS AT ALL. COMMERCIAL BANKS 120 I2O 110 100 100 1955 , t .1 i i I i 1956 i t i i i 1 i i I 1 » 1957 1959 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Period 1953: 1954: 1955: 1956: 1957: 1958: 1959; 1960: 1960: December _ . December December December December December December December. September. _ _ _ _ October November December. 1961: January^ . _ February. March April May June July August__ September October 2 First half _ Second half 2 1 3 Deposits at all commercial banks. Preliminary. 26 1961 COUNCH OP ECONOMIC ADVISERS [Averages of daily figures, billions of dollars] Money supply Seasonally adjusted Unadjusted Currency Demand Currency Demand Total outside Total outside deposits 1 deposits * banks banks 128. 1 27. 7 100. 4 131.4 28. 2 103.3 131. 8 27. 4 104. 4 27. 9 135. 0 107. 1 134. 6 27. 8 106. 8 137. 9 28. 3 109. 6 136. 5 28. 2 108. 3 139. 7 28. 7 111. 0 135. 5 28. 3 107. 2 138. 8 28. 9 109. 9 140. 8 28. 6 112. 2 144. 3 29. 2 115. 1 141. 5 28. 9 112. 6 144. 9 29. 5 115. 5 140. 4 29. 0 111. 4 29. 5 143.8 114. 3 140. 4 29.0 111. 5 139. 7 29. 1 110. 7 140. 6 29.0 111. 6 140.6 29. 1 111. 5 140. 2 29.0 111. 2 141. 4 29.2 112. 2 140.4 29.0 111. 4 29. 5 143. 8 114. 3 140. 6 28.9 111. 7 28. 8 143. 7 114. 9 141. 2 28. 9 112.3 140. 9 28. 6 112.3 141. 5 29. 0 112. 6 140. 1 28. 6 111. 4 142. 0 29. 0 141. 7 113. 0 28. 7 113. 0 142. 0 29. 0 113. 0 140. 0 28. 7 111. 3 142. 1 28. 9 113. 2 28.9 140. 7 111. 8 142. 0 29.0 141. 1 113. 0 29. 2 111. 9 141. 8 29.0 112. 8 141. 1 29.2 111. 9 143. 0 29. 2 113.8 142. 4 29. 3 113. 1 143.7 29. 3 114. 3 143. 6 29. 4 114. 2 143. 1 29. 4 113. 8 142. 8 29.5 113. 3 144. 2 29. 3 114. 9 144. 4 29. 3 115. 1 Related deposits (unadjusted) 1 U.S. Government demand 44 7 3. 8 48. 5 5. 0 3.4 50. 0 51. 8 3.4 57. 1 3.5 3.9 65. 1 67.0 4.9 4. 7 72. 5 71. 2 5.4 5.7 71.8 72.0 5.8 4. 7 72.5 4. 1 73. 7 75. 1 4. 8 75. 9 4. 7 76. 9 2.9 4. 6 78. 1 79. 0 4. 5 79.9 4. 3 80.7 5. 5 81. 3 5. 2 82.0 6.5 81.9 6. 9 82. 1 6. 1 Gross time NOTE.—See note, p. 27. Source: Board of Governors of the Federal Reserve System. BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES Commercial bank loans declined $300 million in October, compared to a decline of $600 million in October 1960, BILLIONS OF DOLLARS BILLIONS OF DOLLARS ALL COMMERCIAL BANKS 200 ISO 150 BANK LOANS 100 INVESTMENTS IN U.S. GOVERNMENT SECURITIES 50 INVESTMENTS IN OTHER SECURITIES 1955 1956 1957 1958 1959 I I960 1961 END OF MONTH SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS All commercial banks End of period 1953 _ 1954 1955 1956 1957 1958 _ _ _ __ _ 1959 1960 1960: September October November December 1961: January February March _ April May_ _ June_ July 5 5 August September 5 October 5 Investments Total loans and investments Loans 145. 7 155. 9 160.9 165. 1 170. 1 185.2 190. 3 199. 5 193. 3 195. 6 195. 5 199. 5 197. 0 199. 3 198.0 199. 7 201.2 201. 8 205. 1 205. 1 210. 1 210. 3 67. 6 70.6 82.6 90. 3 93. 9 98. 2 110. 8 117. 6 115. 4 114. 8 115. 0 117. 6 114. 2 116. 7 116. 6 117. 2 117. 9 118.0 118. 1 118. 5 120.8 120. 5 U.S. Government securities Billions of dollars 14, 7 63. 4 16. 3 69. 0 16. 7 61. 6 16. 3 58. 6 17. 9 58. 2 20. 6 66. 4 20. 5 58. 9 61. 0 20.9 20. 2 57. 7 60. 4 20. 4 60. 2 20. 3 61. 0 20. 9 61. 9 20. 9 21. 3 61. 3 21.7 59. 7 21. 8 60. 7 21. 9 61.5 22. 1 61. 8 22. 3 64. 7 22. 5 64. 2 66. 1 23. 2 66. 6 23. 2 1 Member banks are all national banks and tliose State banks which have taken membership in the Federal Reserve System. 3 Commercial and industrial loans and prior to 1956 agricultural loans. Series revised beginning January 1952, October 1955, July 1958, July 1959, and April 1961. 'Debits during period to demand deposit accounts except interbank and U.S. Government. Prior to 1955, relates to 344 centers outside New York City. 4 Averages of daily figures. Annual data are for December. Other securities Weekly reporting member banks l Business loans 2 23. 4 22.4 26. 7 30. 8 31. 8 2 31. 7 2 30. 5 31. 9 31. 5 31.4 31.7 31. 9 31. 2 31. 3 32.0 2 31. 7 31. 5 31. 8 31. 3 31. 5 31. 8 31. 9 2 Bank All member banks 1 debits outside Reserves 4 New York BorrowCity (343 ings at centers) , Federal seasonally adjusted Required Excess Reserve Banks 4 annual 3 rates Millions of dollars 441 693 19, 227 1, 126 246 703 1, 148 18, 576 839 594 18, 646 1,277 652 688 1,385 18, 883 710 577 1,468 18, 843 516 557 1,481 18, 383 482 906 18, 450 1,656 18, 514 769 87 1, 736 639 225 17, 931 1,742 149 638 1, 722 18, 095 142 756 18, 248 1, 768 769 87 18, 514 1, 711 49 18, 570 745 1, 788 654 137 1, 775 18, 310 1, 775 18, 263 546 70 1, 783 56 18, 266 618 1,872 18, 307 549 96 612 1,846 18, 430 63 18, 482 1, 817 581 51 67 604 18, 619 1,854 37 1,818 590 18, 783 05 506 1,895 19, 153 ' 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 for all periods. Source: Board of Governors of the Federal Reserve System. 27 CONSUMER CREDIT In September consumer credit outstanding changed little, compared to a rise of about $1 70 million in September 1960. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 60 60 TOTAL CREDIT OUTSTANDING 1 1955 I 1956 I I I I I I ! I I I I I l I 1 I I ! I I I 1 I 1957 1951 1952 1953 1954 1955__ __ _ 1956 1957 1958_ 1959. 1960 1960: August. _ September October November December 1961: January February _ March April... May.. June. Julv _ August. _ _ September 1 _ __ 1 28 I I I I I I • J_l_l_f COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Consumer credit outstanding (end of period; unadjusted) Instalment NonAutomoTotal instalTotal l bile 2 ment 3 paper 22, 712 5, 972 15, 294 7, 418 27, 520 19, 403 7, 733 8, 117 31, 393 9, 835 23, 005 8,388 32, 464 23, 568 9, 809 8, 896 38, 882 13, 472 28, 958 9, 924 42, 511 14, 459 31, 897 10, 614 45, 286 34, 183 15, 409 11, 103 45, 544 34, 057 14, 237 11, 487 52, 119 39, 852 16, 549 12, 267 56, 049 17, 866 12, 768 43, 281 54, 092 42, 378 11, 714 18, 020 54 265 42, 517 IS, 021 11, 748 54, 344 42, 591 17, 992 11, 753 54, 626 42, 703 17, 967 11, 923 56 049 43, 281 17, 866 12, 768 42, 782 55, 021 17, 611 12, 239 54, 102 42, 264 17, 383 11, 838 42, 058 53, 90C 17, 265 11, 848 53, 972 41, 988 17, 200 11, 984 54, 390 42, 127 17, 242 12, 263 54, 786 42, 441 17, 358 12, 345 54, 687 42, 457 12, 230 17, 358 54, 889 42, 636 17, 350 12, 253 54, 869 42, 554 17. 179 12, 315 Also includes other consumer eoods paper, repair and modernization loans, and persona! loans, not shown separate!3?. 2 Consumer credit extended for the purpose of purchasing automobiles and secured by !he items purchased. '•' Consists of sinple-payment loans, charge accounts, and service credit. I 1961 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Period I Consumer instalment credit extended and repaid (seasonally adjusted) Automobile parjer 2 Total 1 Extended 23, 576 29, 514 31, 558 31, 051 39, 039 40, 175 42, 545 40, 789 49, 045 50, 343 4, 072 4, 125 4, 108 4, 134 4, 007 3, 869 3, 803 4, 002 3, 883 4, 001 4, 116 3, 961 4,081 4,010 Repaid 22, 985 25, 405 27, 956 30, 488 33, 649 37, 236 40, 259 40, 915 43, 407 46, 914 3, 918 3, 958 3, 994 3, 946 3, 931 3, 972 4,011 3. 954 4, 022 3, 974 4, 016 4,035 4,055 4,085 Extended 8, 956 11, 764 12, 981 11, 807 16, 745 15, 563 16, 545 14, 316 17, 941 17, 839 1,422 1,422 1,460 1,482 1, 325 1,239 1, 190 1, 288 1, 243 1,315 1, 347 1, 301 1,297 1, 239 Prepaid 9, 058 10, 003 10, 879 11,833 13, 082 14, 576 15, 595 15, 488 15, 698 16, 522 1,388 1, 375 1, 417 1, 397 1, 356 1,387 1, 363 1,353 1, 388 1,365 1, 386 1,403 1,384 1, 374 NOTE.—Data for Alaska and Hawaii included beginning January and August 1959, respectively. Source: Board of Governors of the Federal Reserve System. BOND YIELDS AND INTEREST RATES The rate on 3-rnonth Treasury bills averaged about the same in October as in September. ment and corporate bonds also averaged about the same. The yields on U.S. Govern- PERCENT PER ANNUM PERCENT PER ANNUM SOURCES: SEE TABLE BELOW. COUNCIL OF ECONOMIC ADVISERS Period )f>-i )f>r> )5C) »r>7 >f>S >f>9 __ ___ MiO )00: September. _ _ . October November. __ _ __ December 1961 : January. February March, __ ___ _ _ _ _ April May __ _ _ _ _ _ _ _ June July August September October.. Week ended: 1961: October 7 14 21 28 November 4 11 18 1 _ _ [Percent per annum j u. S. Government High-grade security yields municipal bonds 3-month Taxable (Standard3 & Treasury bonds 2 bills ' " Poor's) 0. 95;> 2. 55 2. 37 2. S-J i . 7f>3 2. 53 2. <MX :>,. 08 2. 93 ;;. 207 :>». '17 3. 60 ( i. s;i .) ;>. 43 ::. 56 :;. 4 or> 4. 08 3. 95 2. 1)28 •!. 02 3.73 2. '189 3. 84 3. 53 2. -126 3. 91 3. 59 2. 384 3. 46 ;}. 93 2. 272 3.45 3. 88 2. 302 3. 44 3. 89 2. 408 3. 33 3. 81 2. 420 3.38 3. 78 2. 327 3. 44 3. 80 2. 288 3. 38 3. 73 2. 359 3.88 3.53 3. 90 3. 53 2. 268 2. 402 3. 55 4, 00 4.02 2.304 3. 54 2. 349 3. 46 3.98 2. 302 2. 389 2. 382 2.325 2. 280 2. 349 2. 516 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. 3. 98 4. 00 3. 98 3.96 3. 95 3. 96 4 4. 00 3.48 3. 48 3. 46 3. 42 3. 41 3. 39 3. 42 Corporate bonds fMoody's") Aaa Baa 2. 90 3. 06 3. 36 3. 89 3.79 4. 38 4. 41 4. 25 4. 30 4. 31 4. 35 4. 32 4. 27 4. 22 4. 25 4. 27 4. 33 4. 41 4. 45 4. 45 4. 42 4. 4. 4, 4. 4. 4. 4 4. 43 42 42 42 40 39 39 3. 51 3. 53 3. S8 4. 71 4. 73 5. 05 5. 19 5. 01 5. 11 5. 08 5. 10 5. 10 5.07 5. 02 5. 01 5. 01 5. 03 5.09 5. 11 5. 12 5. 13 5. 5. 5. 5. 5. 5. 5. Prime commercial paper, 4-6 months 1. 58 2. 18 3. 31 3. 81 2, 46 3. 97 3. 85 3.39 3.30 3.28 3. 23 2. 98 3.03 3.03 2. 91 2. 76 2. 91 2. 72 2.92 3.05 3. 00 13 13 13 13 12 11 11 s Weekly data are Wednesday figures. < Not charted. Sources: Treasury Department, Board of Governors of the Federal Reserve System, Standard & Poor's Corporation, and Moody's Investors Service. 3.00 3. 00 3. 00 3. 00 2. 98 2. 88 4 2. 97 STOCK PRICES Stock prices were somewhat higher in October than September and rose further in early November. INDEX, 1957-59=100 180 120 1955 1956 I960 I I Composite index 1 Period Weekly average: 1952 1953 1954 1955 1956 1957 1958__ . 1959_ _ 1960 1960: September October November . December . 1 96 1 : January February March April Mav .lune _ July August September ( h-loher \Yrri, r m J . M l ; I'.MH ; ( >Hob<T Nn\ rmbrr _ i:> '2( ) _. \\ . in [1957-59=100] Manufacturing NonDurable Total durable goods goods Transportation Utilities Trade, finance, and service Mining 52. 3 51. 9 61. 7 81. 8 92. 6 89. 8 93.2 116. 7 113.9 112. 1 109. 1 112. 6 115. 2 120. 9 125. 4 129. 8 133. 0 134. 9 132. 8 132. 7 137. 4 136. 2 138. 0 46. 8 46. 7 57. 6 79. 5 93.2 90.7 92. 5 116. 5 110. 9 107. 6 104. 9 108. 5 110. 3 115. 3 119. 2 123.9 125. 8 127. 6 126.0 125. 2 130. 1 128. 9 129. 1 42. 1 43. 0 54.7 78.7 91. 5 88.5 90. 4 120. 8 117. 3 114. 1 109. 4 113. 0 114. 5 118. 6 121.4 127. 8 128. 5 130. 6 128.0 126. 5 131.3 131.7 132. 2 50.7 49. 8 60. 0 80. 1 94. 5 92. 8 94. 4 112. 6 104.9 101. 7 100. 8 104. 5 106. 4 112. 2 117. 3 120. 3 123. 3 124. 9 124. 2 123. 9 129.0 126. 4 126. 4 74. 6 73. 9 78. 6 108. 2 110. 6 93. 2 91.0 115. 6 95. 8 91. 5 88. 0 91.7 92. 6 100. 3 102. 6 104. 2 103. 4 107. 5 105. 1 103. 2 107.0 106. 8 110. 1 65. 4 67. 3 75. 3 84.8 86. 4 86.3 95. 8 117. 6 129. 3 134. 2 130. 5 132.0 138. 5 148. 7 156. 0 159.2 168. 9 170. 0 164.0 166. 7 170. 6 168. 9 173. 9 60. 4 60. 8 69. 1 87. 1 89. 9 82. 2 95. 1 122. 3 127. 4 127. 2 122. 8 129. 3 132. 4 134. 8 139. 8 146. 7 150. 4 153. 1 156.0 158.4 164.2 166. 4 176.6 80. 7 70. 4 78. 2 91. 6 104. 6 107. 2 97.9 95.0 73. 8 70. 1 71. 8 74. 1 78.2 85. 1 89. 0 89. 2 93. 5 96. 9 97. 0 93. 1 92. 8 87.3 90.2 137. 5 1 38. 5 1 38. 4 MO. 7 1-M. 0 128. 129. 129. 130. 134. 132. 3 132. 1 131. 5 132.7 137. 1 125. 5 127. 0 127.0 129. 2 131. 5 111.0 110. 1 108. 5 109. 6 109. 9 173. 174. 175. 181. 185. 174.8 180. 5 179. 8 181. 1 185. 4 89.0 92. 3 92. 7 92. 7 95. 1 8 4 1 8 2 IDS for d u r a b l e coods manufacturing, 85 for nonI H fin t i i m : , | » c i M ! i l l o i i f 31 for utilities, 45 for trade, Utlflltlf 1961 COUNCIL OF ECONOMIC ADVISERS SOURCE: SECURITIES AND EXCHANGE COMMISSION. 3 5 9 2 0 NOTE.—Indexes are based on weekly closing prices. Source: Securities and Exchange Commission. FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES The estimate of the budget deficit for fiscal year 1962 is $6.9 billion. BILLIONS In fiscal 1961 there was a deficit of $3.9 billion. BILLIONS OF DOLLARS OF D O L L A R S 100 NET BUDGET EXPENDITURES NET BUDGET RECEIPTS 30 0 1957 1958 I960 1957 1962 + 10 MAJOR NATIONAL SECURITY I960 1959 1961 1962 BUDGET SURPLUS (+} OR DEFICIT (-) (ENLARGED SCALE) -10 -15 1958 1959 1962 1957 I960 1961 1962 FISCAL Y E A R S * ESTIMATE SOURCES'- TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Net budget expenditures Period Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal 1960: year 1956 . _. _ _ . _ year 1957 __ ___.. year 1958 year 1959 year 1960 4 _. year 1961 5 year 1962 _ _ September 4 - _ _ _ 4 October November 4 . _ December 4 1961: January 4 February * Marcli 4 April 44 May June 4 July 4 . 4 _ August „ 4 September 4 October Cumulative totals first 4 months :4 Fiscal year 1961 Fiscal year 1962 _ _ _ __ Net budget receipts 66. 2 69. 0 71. A .) 8 6 1 0 S so. ;; 7c>. r> 7. 6 4. 8 8. 5 5. 1 6. 5 10.7 3.0 6.4 8. 9 3. 1 0. S C». 5 (i. 2 7. 0 (>. 5 7. 2 7. 9 6. 3 7.6 6. 8 7. 8 -10. 6 •13. 3 <H. 1 •10. 4 45. 6 47. 4 51. 1 3. 9 3. 7 3. 9 4, 2 3. 7 3. 8 4. 3 3. 8 4. 1 4. 6 3. 5 4.0 3.9 41 21.4 21. 4 26. 6 28. 5 15. 1 15. 4 67. 8 70. 6 68. (r> 67. 77. 77. 82. <). 2. 6. 3 (;. r> 1 Includes military activities of the Department of Defense (military functions and the military assistance portion of the mutual security program). Atomic Energy Commission, stockpiling, and defense production expansion. 2 Military functions and military assistance. 3 Includes guaranteed securities held outside the Treasury. Not all of total shown is subject to statutory debt limitation. Total Major national security 1 Department Total of Defense, military 2 8J. f> 89. 0 r>. 8 <». S (i. S Budget surplus or deficit (-) 38.4 40. 8 41. 2 43. 6 42. 8 44. 7 48. 4 3. 7 3. 5 3. 6 4. 0 3. 5 3. 6 4, 0 3. 5 3. 9 4. 3 3. 2 3. 8 3. 6 3.8 1. 6 1. 6 -2.8 -12. 4 1. 2 -3.9 -6. 9 2. 2 -4.0 -. 5 .8 -1.6 .3 1. 5 -1. 3 -. 7 2. 8 -3. 3 -1. 3 2. 2 __4 7 14 2 14. 5 -5. 2 — 7. 1 Public debt (end of? period) (6) 272. 8 270. 6 276.4 284. 8 286. 5 289. 2 288. 6 290. 6 290. 6 290. 4 290.2 290. 7 287. 7 288. 2 290.4 289. 2 292. 6 294. 0 294. 0 296. 0 290. 6 296. 0 8 < Preliminary. Estimate (1962 Budget Review}. c Not available. NOTE.—Total budget receipts and expenditures have been adjusted to exclude certain intragovernmental transactions. Sources: Treasury Department nrul Bureau of the Hudr.ot. 31 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC in the first quarter of the current fiscal year cash payments exceeded cash receipts by $3.3 billion or, on a seasonally adjusted basis, by $900 million. The estimate of the cash deficit for the current fiscal year as a whole is $8.4 billion. BILLIONS OF DOLLARS ( SEASONALLY ADJUSTED ) BILLIONS OF DOLLARS {SEASONALLY ADJUSTED ) 30 30 EXCESS OF CASH RECEIPTS LJ EXCESS OF CASH PAYMENTS -5 1955 I960 1958 CALENDAR Y E A R S SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Cash receipts from the public Period Fiscal year total: 1957 1958 1959__ 1960__ _ „ _ _. 1961 l 1962 2 _ _ _ _ Calendar rear total: 1957 *' _ 1958 .. .. . 1961: First quarter J Second quarter x _ Third quarter 1 1 Preliminary. 32 2 Estimate (1962 Budget Review ). 24. 4 23. 9 21. 9 24. 1 24. 2 -3.0 -4. 5 3. 8 4. 5 20. (i 2-1. 5 —. 8 :>. 9 2-1. S 2S. <1 2:',. -1 i. -i Excess of receipts (-f ) or payments (-) 1. 2 -7. 3 -8.0 3. 6 2:1 4 Quarterly t o t a l (calendar years): 1959: Third q m i r l . e r _ _ Fourth q u a r t e r 83. 3 89.0 95. 6 94. 7 Unadjusted Cash payments to the public 2. 1 -1. 5 -13. 1 .8 -2. 1 -8. 4 21. 4 19. 4 25. 8 28. 5 _„ 80. 0 83. 4 94. 8 94. 3 99. 3 111. 1 84. 5 81. 7 87. 6 98. 3 _ 1960: First q u a r i e r _ _ Second quarter Third quarter ' Fourth quarter ' Excess of re- Cash receipts ceipts ( + ) or from the payments public (-) 82. 1 81. 9 81. 7 95. 1 97. 1 102. 8 1959_ J900' Cash payments to the public 2:-;. -1 Seasonally adjusted 1. 2 2<>. 7 23. 2 23. 6 23. 5 25. 0 25. 1 2-1. 8 22. 5 2-1. 9 25. 2 23. 8 23. 6 23. 3 23. 6 23. 6 24 2 24. 9 2(5. 0 20. J Sources: Tri-nsury I Department HIH! Bureau of the Bud tret. For sale by the Superintendent of Documents, U.S. Government. P r i n t i n g oflic , \Yasl)ii)<jton 25, D.C. Price 20 cents per copy; $2.00 per year; $2.75 foreign -0.6 .0 .1 1. 5 1. 5 .6 -2. 3 -1. 7 -.9