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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