Full text of Economic Indicators : October 1955
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84th Congress, 1st Session
Economic Indicators
OCTOBER 1955
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
A number of subscribers to Economic Indicators have inquired about the
Historical and Descriptive Supplement to Economic Indicators, which describes
each series and gives data for years not shown in the monthly issue. This
publication was issued in December 1953 but has been out of print in recent
months. A revised version will be available November 1 for 40 cents a
copy from:
Superintendent of Documents
Government Printing Office
Washington 25, D. C.
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 19SS
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (») of Public Law 304, 79th Gong.)
PAUL H. DOUGLAS, Illinois, Chairmmn
WRIGHT PATMAN, Texas, Viet Chairmen
JOHN SPARKMAN (Alabama)
J. WILLIAM FULBRIGHT (Arkansas)
JOSEPH G. O'MAHONEY (Wyoming)
RALPH E. FLANDERS (Vermont)
ARTHUR V. WATKINS (Utah)
BARRY GOLDWATER (Arizona)
RICHARD BOLLING (Missouri)
WILBUR D. MILLS (Arkansas)
AUGUSTINE B. KELLEY (Pennsylvania)
JESSE P. WOLCOTT (Michigan)
HENRY O. TALLE (Iowa)
THOMAS B. CURTIS (Missouri)
GROVER W. EMSLEY, Suf Direct*
JOHM W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
ARTHUR F. BURNS, Chairman
RAYMOND J. SAULNIER
JOSEPH S. DAVIS
[PUBLIC LAW 120—81sr CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Committee on the Economic Report be authorized to issue a monthly publication entitled "Economic .Indicat— fl
and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary anc
Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives;
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Jc
Committee on the Economic Report; and the required number of copies to the Superintendent of Documents i
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printer
for sale to the public.
Approved June 23, 1949.
Digitized for11
FRASER
Charts drawn by Graphics Unit, Office oj the Secretary, Department of Commerce
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Per Capita Disposable Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
3
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Nonagricultural Employment
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction.
Housing Starts and Applications for Financing
Sales and Inventories—Manufacturing and Trade
Merchandise Exports and Imports
16
17
18
19
20
21
22
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
23
24
25
CURRENCY, CREDIT, AND SECURITY MARKETS
Currency and Deposits
Bank Loans, Investments, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices
26
27
28
29
30
FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public
.
31
32
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Preliminary estimates of total income and expenditures for the third quarter of 1955 reflect the continued rise in over-all
economic activity.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES
CONSUMERS
300
300
250
250
DISPOSABLE INCOME
^^j*Siill ill SAVi NG
^EXPENDITURES
i^^^^^^P^^^^-ii^
gllppi^-*'
200
PIP-
200
150
ISO —
t
|
i
i
i
I
1
I
1
I
I
I
I
I
I
I
Io
BUSINESS
100
100
ACROSS RETAINED
EARNINGS^
GOVERNMENT-FEDERAL, STATE, AND LOCAL
100
100
(LESS TRANSFER PAYMENTS)
1955
FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT.
•^INCLUDES CORPORATE UNDISTRIBUTED PROFITS AND INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES,
•^PRELIMINARY ESTIMATES.
NOTE: THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE §UM OF THE EXPENDITURES,OR
GROSS NATIONAL PRODUCT, BECAUSE OF STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT, SEE SENATE REPORT
NO. 1295, JOINT ECONOMIC REPORT, PR 92-93, 99-105, AND THE ANNUAL ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1953, APPENDIX A.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS
GROSS NATIONAL PRODUCT OR EXPENDITURE
According to preliminary estimates, the gross national product rose $7 billion (seasonally adjusted annual rate) to
a new high of $392 billion during the third quarter. Consumer expenditures accounted for the largest share of the
increase. Both gross private domestic investment and government purchases also rose during the quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
SEASONALLY ADJUSTED ANNUAL RATES
350
300
250
250
PERSONAL CONSUMPTION EXPENDITURES
\
150
ISO
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
50
-50
I960
1955
1954
PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS,
SOURCE* DEPARTMENT OFCOMMERCE(EXCEPT AS NOTED).
COUNCIL OF ECONOMIC ADVISERS
(Billions ot dollars]
Personal
Gross
Total
conNet
gross
sump- private foreign
domestic
national
tion
investproduct expend- investment
ment
itures
Period
1939
1946
1947
1948
1949
1950
1951
1952_
1953
-
—
. .
„
1954..
91. 1
209.2
232.2
257.3
257. 3
285. 1
32a2
345.2
364. 5
360.5
67.6
146. 6
165.0
177.6
180.6
1940
208.3
218.3
230. 6
236. 5
5.2
13.3
0.9
9.3
20.9
30. 9
4.6
27. 1
15.8
28.6
8.9
29.7
21. 0
36. 6
41. 2
2.0
25.4
43. 6
.5
32.5
22. 1
42.0
-2.2
51. 2
41. 0
62. 8
.2
56.9
54.3
77.5
—.2
49.6
59.5
84.5
-2.0
51.4
49.2
77.0
-.3
47.2
Seasonally adjusted annual rates
358.3
357.6
358.8
367. 1
375.3
384.8
392.0
232. 2
235. 1
237. 9
241. 0
245.8
250.5
256.5
45.5
46.9
45.9
50.7
54. 1
60. 1
60.7
: V — ... _-,.
—<=*«§«»
1954: First quarter
Second quarter
Third quarter
Fourth quarter
1955: First quarter
Second quarter
Third quarter 3
Government purchases of goods and services
Federal
State
and
Total » Total i National2 Other
local
security
1.3
21. 2
13.3
16. 0
19. 3
18. 5
37.3
48.8
51.4
43.2
3.9
2.5
3.8
5.6
6.6
3.9
42
5.8
8.5
6.3
8.2
10. 0
12.8
15. 6
18.2
19.9
21.8
23.2
25.0
27.8
46.8
43.6
42. 1
40.5
41.2
40. 4
40.7
8.3
5.4
6. 1
5.5
5.5
5.2
5.0
27.0
27.3
28. 1
28.7
29.4
29.7
30. 1
•1fr'r>3«g5MEBHK3E*.-
.
...
-1. 1
-.3
-.7
.9
-.4
-.7
—.7
81.7
75.9
75.8
74.5
75.8
74.9
75. 5
54. 7
48.6
47.7
45.7
46.4
45.2
45.4
»Less Government sales.
»Includes expenditures for military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promotion of the merchant marine, promotion of defense production and economic stabilization, and civil defense. For further details, see Economic Report 01 the
President, January 1955 (p. 137), and National Income, 19,54 Edition (p. 148). These expenditures are not comparable with the "national security" category in The
Budget
of the U. S. Government for the Fiscal Year Ending June SO, 1956, and shown on p. 31 of Economic Indicators,
8
Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
NATIONAL INCOME
Compensation of employees increased $5 billion (seasonally adjusted annual rate) between the second and third
quarters, according to preliminary estimates. Business and professional income [and interest also rose while farm
proprietors1 income declined,
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
350
350
300 -
300
250
150
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
1950
1955
-^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
national
income
Period
1939--.
1946
1947
1948
1949
1950
1951
1952
1953
1954
1954: First quarter
Second quarter
Third quarter
Fourth quarter
1955: First quarter
Second quarter2
Third quarter
-.
Compensation
of em- 1
ployees
72.8
179.6
197.2
221. 6
216.2
240.0
277.0
289.5
303.6
299. 7
48. 1
117.7
128.8
140.9
140.9
154.3
180.4
195.3
209.2
207.9
297. 7
298.9
298.7
303. 2
311.4
320.7
(3)
206. 7
207.2
207.8
209.8
213. 1
219.5
224. 3
Proprietors' income
Farm
* Includes employer contributions for social insurance. (See also p. 4.)
NOTE.—Detail will JXQ|; necessarily add^to totals because of rounding.
Business
and professional
Rental
income
of
persons
Net
interest
4.6
2.7
7.3
6.2
21.3
3.1
3.8
19.9
6.5
7.2
21.6
4.5
5.2
21.4
7.9
22. 9
5.9
8.5
6.8
24.8
9. 1
7.4
25.7
9.9
10.3
8.8
25.9
9.5
25.9
10.5
Seasonally adjusted annual rates
9. 4
10.4
13. 2
25.3
9.5
10.5
25.9
11.9
9.5
10.6
26.0
11.7
9.7
26.3
10.7
11.2
9.9
10.7
26.6
11.5
10.3
11.0
10. 7
27. 1
10.6
10.7
10.5
27.5
4.3
13.9
14.5
16. 7
12.7
13.3
16.0
14.3
12.3
12.0
Corporate profits and inventory valuation adjustment
Total
Profits Inventory
before valuation
taxes adjustment
5.7
17.3
23.6
30. 6
2a 1
35. 1
39.9
36.9
37.2
33.8
6.4
22.6
29.5
32.8
26.2
40.0
41.2
35.9
38.3
340
-0.7
-5.3
-5.9
-2.2
1.9
—4.9
-1.3
1.0
— 1. 1
-.2
32. 6
34.0
33.1
35.5
39.6
42.2
(3)
32. 7
33.7
33.5
36.0
40.9
43.0
(3)
-.2
.2
— .5
-.5
-1.3
* Preliminary estimates by Council of Economic AdYisers.
Source: Department of Commerce (except as noted).
Q
"""""". O
-2.6
3 Not available.
SOURCES OF PERSONAL INCOME
Personal income declined slightly between July and August.
lump-sum retroactive salary increases to Federal employees.
However, the July figure reflected the inclusion of
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL PERSONAL INCOME
LABOR INCOME
FARM PROPRIETORS'
INCOME
TRANSFER PAYMENTS
1952
1954
1955
COUNCIL OF ECONOMIC ADVISERS
Period
1939i.._.___
1948
1949.. . _ _ _ _
1950
1951 .
_.
1952
.
.
1953
1954
_.,_„
Total
personal
income
72.9
208.7
206. 8
227. 1
255. 3
271. 1
286.2
287. 6
1954: July _ . _ „ _ . _ „ 287.1
August
286.7
September. _ 287.9
' October. __ . 288.4
November. . 290.8
December... 293.4
1955: January. ___ 292.2
February. >. 293.2
March
295.7
April ... _
298.9
' .
May
301.4
June
301. 6
July- 4
305. 3
August _ _ _ _ 305. 0
of dollars!
Less: PerLabor income Proprietors' income
(wage and
sonal con- NonagriRental
Transfer
Personal
salary distributions cultural
Business income Divi- interest
paybursements
dends income ments for social personal1
of
Farm
and proand other
income
insurfessional persons
labor income)1
ance
67. 1
0. 6
3.0
46.6
5.8
4.3
3.8
7.3
2.7
2.2
188.5
9.0
16.7
137. 9
11.3
7.2
7.2
21.6
2.2
190.8
12.4
137. 4
21.4
9.8
12.7
7.9
7.5
8
2.9
210.5
150. 3
15. 1
10.6
22.9
9.2
13.3
8.5
235.7
3.4
12.6
175. 6
16. 0
11.6
24.8
9. 1
9. 1
253. 1
3.8
13.2
190.5
14.3
25,7
12.3
9.0
9.9
270.2
3.9
14.0
204. 6
12.3
13.8
10.3
9.3
25. 9
271. 9
16.2
4.5
202. 8
12.0
14. 7
10.0
25. 9
10.5
Seasonally adjusted annual rates
272. 1
4.4
16. 1
14.7
203. 2
11.0
9.9
26.0
10.6
271. 5
4.6
16.1
14.7
202.4
11.6
9.9
10.6
25. 9
272. 1
4.5
14.7
16.3
202. 4
12. 5
10.0
10. 6
26.0
273.8
4.5
17.0
14. 8
10. 9
203.5
26.0
10.7
10. 1
275.9
4.5
16. 8
11.3
205. 3
14.8
10. 1
26. 3
10. 7
278. 1
4.6
17. 1
14.9
205. 5
11.7
10.7
11.5
26.7
276. 5
5.0
17.0
206.1
11.7
14.9
10.7
26.6
10. 1
277.7
5.0
17. 0
207. 1
11.7
15. 1
26.4
10. 2
10. 7
280.9
5.1
17.4
15.2
209.4
11. 1
10.4
26. 7
10. 7
283.7
5. 1
17. 6
211. 5
15.3
11.4
26.9
10. 6
10. 6
5.2
286.6
17.5
15.4
214.2
10.9
10.7
27.2
10.7
287.2
5.2
17. 1
10.8
15.5
10.7
214.9
27.3
10.5
291.7
5.3
16.9
219.4
15. 6
10.8
9.8
27. 5
10.7
5.3
290.9
16. 8
15.7
218.6
10.3
10.7
27.3
10. 9
i Compensation of employees (see p. 3) excluding employer contributions for social insurance.
1
Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations.
^ NOTB.—Detail will not necessarily add to totals because of rounding.
'Includes $2.7 billion National Service Life Insurance
dividend, most of which was paid in the first half of the year.
* Preliminary estimates.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
According to preliminary estimates, disposable personal income rose $5 billion (seasonally adjusted annual rate) between the second and third quarters. Consumption expenditures increased $6 billion, while personal saving declined.
BILLIONS OF DOLLARS
300
BILLIONS OF DOLLARS
300
250
-
250
100 —^^7^
1955
-'PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTEO).
Equals:
Less:
DisposPersonal Personal
able
income taxes l personal
income
Period
1939
1946
1947
1948
1949
I960
1951
1952
1953
1954
._
COUNCIL OF ECONOMIC ADVISERS
._
1954: First quarter
Second quarter
Third quarter. _ _ _ _ _
Fourth quarter
1955: First quarter
_ _ __
Second quarter2
Third quarter
72.9
178.0
190. 5
208. 7
206.8
227. 1
255. 3
271. 1
286. 2
287.6
285. 8
286.6
287. 3
290. 8
293.6
300. 5
306.0
2.4
18.8
21.5
21. 1
18.7
20. 9
29.3
34. 4
35.8
32.8
Billions
32. 7
32.7
32. 8
33. 1
32.6
33. 4
34.0
» Includes such items as fines, penalties, and donations.
Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Less: Personal consumption
expenditures
Total
Saving
Equals: as percent
of disPersonal
saving
posable
NonDurable durable
income
Services
goods
goods
Billions of dollars
70.4
67. 6
25.8
35. 1
6.7
159.2
146. 6
46. 2
15.9
84.5
93. 1
51. 3
169. 0
165. 0
20.6
177. 6
22.2
98.7
56.7
187. 6
188.2
180. 6
60. 1
96.9
23.6
194. 0
100. 4
206. 1
28.6
65. 0
111. 1
70. 1
226. 1
208.3
27. 1
236. 7
218.3
26.6
116.0
75. 7
230. 6
29. 8
250. 4
118. 9
81. 8
86.4
236.5
120.9
29.3
254.8
of dollars, seasonally adjusted annual rates
232.2
28.3
119. 2
84.7
253. 1
120.4
253. 9
29.0
235. 1
85.7
121. 5
254. 5
29.4
237. 9
87. 0
241.0
30.4
122.5
257. 8
88. 1
245. 8
34.4
122. 4
89.0 i
261.0
250. 5
125. 3
90. 2
267. 1
35. 1
256. 5
127. 5
37. 5
91. 5 i:
272. 0
2.9
12. 6
4.0
10.0
7.6
12. 1
17.7
18.4
19.8
18.3
4. 1
7.9
2.4
5.3
4.0
5.9
7.8
7.8
7.9
7.2
21.0 i
18. 8
16.6
16. 8
15. 3
16.6
8. 3
7.4
6.5
6. 5
5. 9
6. 2
5. 7
15.5
2
68459—55
Source: Department of Commerce (except as noted).
PER CAPITA DISPOSABLE INCOME
Per capita disposable income (seasonally adjusted), measured in both current and constant prices, rose about 1 percent between the second and third quarters. In constant prices, it exceeded the level of the corresponding 1954
quarter by more than 5 percent.
DOLLARS
2,000
DOLLARS
2,OX>0
SEASONALLY ADJUSTED ANNUAL RATES
1,500
1,500
1,000
1,000
195!
I960
1952
1954
1953
1955
• S E E FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS
income (billions of dollars)1
.Per c&piut U.iBpuBa.Uit} personal income (dollars)1
Period
Current
prices
70. 4
159. 2
169.0
187.6
188. 2
206. 1
226. 1
236. 7
250.4
254.8
1939.
1946.
1947.
1948.
19491950.
19511952_
1953_
1954.
Current
prices
1954
prices 2
136.3
219.3
203. 1
209.6
212. 1
230.3
233. 8
239. 4
251. 1
254. 8
538
1. 126
1, 173
1,279
1, 261
1,359
1,465
1, 508
1,568
1,569
1954
prices 2
Population
(thousands) z
1,041
1,551
1,410
1,429
1,422
1,518
1,515
1,525
1,573
1,569
131,028
141, 389
144, 126
146, 631
149, 188
151, 683
154, 360
157, 028
159, 643
162, 409
Seasonally adjusted annual rates
1954: First quarter...
Second quarterThird quarter _ _
Fourth quarter.
1955
First quarter
Second quarter-.
Third < i u a r t < T 4
253.
253.
254.
257.
1
9
5
8
261. 0
267. 1
272.0
252.
253.
254.
258.
6
6
2
6
1,568
1,567
1, 563
1,576
1,565
1,565
1, 561
1,581
161,
162,
162,
163,
262.0
268. 2
272. 8
1,589
1, 620
1, 642
1,595
1,627
1, 647
164, 262
164,911
165, 628
1
Iwoine li'ss tases.
? Dollar 4'SiiniuU'S In current prices divided by consumer price index on base 1954 = 100.
3 I t t H n ' I r r . a r t i M - r l forn-s overseas A n n u a l da'ta as of J u l y 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
4
I ' n - l i i n i n a i \ i - s t m m t i - s by Council of Economic Advisers.
mien:*', I >ep!irlment of Labor, and Council of Economic Advisers.
439
075
806
582
FARM INCOME
Gross and net farm income (seasonally adjusted) declined between the second and third quarters.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
NET FARM INCOME
CINGL. ADJUSTMENT FOR
INVENTORY CHANGE)J/
\
1950
1951
U INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.
Realized
gross farm
income *
Period
1939 _
1946
1947
1948
1949
I960. _
1951
1952_ _
1953
1954
_ ___
- _ _
_
_
___
_
1954: First quarter
Second quarter
Third quarter
Fourth quarter
1955: First quarter.. _ _ _
Second quarter
Third quarter 7
10.4
29.0
34.0
34.5
31. 8
32. 1
36.9
36.8
35. 3
34.0
35.8
33.9
33. 3
32.9
34.2
33.3
32. 3
'
1952
1953
1955
1954
COUNCIL OF ECONOMIC ADVISERS
Farm operators' income
Net income per farm (inNet income 2
cluding adjustment for
Including
Excluding
Farm proinventory change)
duction
adjustment
adjustment
1954
Current
for invenfor invenexpenses
prices 5
prices
tory change 3 tory change4
Dollars
Billions of dollars
1,523
670
6. 1
4. 3
4.3
14.2
13.9
3, 180
2,353
14.8
2,466
17.2
2,867
14.5
16. 8
3, 135
2,884
15. 6
16. 7
18.9
2,497
18.2
12. 7
2,222
13.6
2,352
2,613
13. 3
12.4
19.7
2,877
22.4
14. 5
15.8
2,819
2, 605
14. 3
2, 579
23. 2
13.6
2, 258
2, 235
12.9
22.4
12.3
2,212
2, 212
12. 0
22.4
11.6
Seasonally adjusted annual rates
2,458
13. 2
22. 7
13. 1
2,433
2, 194
2, 194
22. 5
11. 9
11.4
2, 157
2, 136
22.2
11. 7
11. 1
2,086
22. 1
11. 2
2,065
10.8
2, 144
2, 166
22.7
11. 5
11. 5
2, 050
10. 8
2,050
11.0
22.5
]. 957
1, 957
22. 1
10.5
10. 2
Number of
farms
(thousands)6
6, 441
5,927
5,873
5,804
5, 723
5,648
5,596
5,535
5,482
5,425
5, 425
5,425
5,425
5,425
7
5, 365
7
5, 365
5, 365
i Includes cash receipts from farm marketings, value of farm products consumed directly in farm households, gross rental value of farm dwellings, and Government payments to farmers.
"•
" '
•
' ' '
"
""•
items in 1954 were as follows: (a) 2.1
JS.
tot yet incorporated into the
tional
income accounts of the Department of Commerce.
6
in
family
living,
on
base
1954=100.
Dollar
estimates
in
current
prices
divided
by
index
of
prices
paid
by
farmers
for
items
used
6
lates by Council of Economic Advisers.
For the quarterly data, the number of farms is held constant within a given year. 7 Estimat
Source: Department of Agriculture (except as noted).
NOTE.—Estimates for 1952-55 reflect interim revisions made in connection with
the annual report on national income by the Department of Commerce. Final
revisions will be completed by the Department of Agriculture in late October.
CORPORATE PROFITS
Corporate profits (seasonally adjusted), both before and after taxes, continued to rise in the second quarter of 1955.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
I960
1951
1955
ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1939
1946
1947
1948
1949
1950
1951
1952
1953__
1954
Corporate
profits
before taxes
6.4
22. 6
29.5
32.8
26.2
40. 0
41.2
35. 9
38.3
34. 0
/
Corporate
tax
liability
1. 4
9. 1
11.3
12. 5
10.4
17.8
22.5
19. 8
21.3
17. 1
Corporate profits after taxes
Total
5.0
13. 4
18. 2
20. 3
15.8
22. 1
18. 7
16. 1
17.0
17.0
Dividend
payments
3.8
5. 8
6.5
7.2
7.5
9.2
9. 1
9.0
9.3
10.0
Undistributed
profits
1. 2
7.7
11.7
13.0
8.3
12. 9
9. 6
7. 1
7.7
7.0
Seasonally adjusted annual rates
1954: First quarter
Second quarter
Third quarter
Fourth quarter
32.7
33.7
33. 5
36.0
16. 4
16.9
16. 8
18. 1
16.3
16. 8
16.7
17.9
9.7
9.8
10.0
10.6
6.6
7.0
6.7
7.3
1955: First quarter
Second quarter - .
40.9
43. 0
20.5
21. 6
20.4
21.4
10. 2
10.7
10. 2
10. 7
NOTE.—See p. 3 for profits before taxes and after inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
8
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates, gross private domestic investment increased by about $}£ billion (seasonally
adjusted annual rate) between the second and third quarters of 1955. Expenditures on fixed investment increased
by almost $2 billion while additions to business inventories were smaller by about $1 % billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
70
70
SEASONALLY ADJUSTED ANNUAL RATES
60
50
GROSS PRIVATE
^<
DOMESTIC INVESTMENT
NEW CONSTRUCTION *
PRODUCERS' DURABLE EQUIPMENT
>/
xvv
\
\
v
*
J
CHANGE IN BUSINESS
INVENTORIES
"••N..X"
L
HO
I960
1952
1951
1954
1953
1955
J/PREUMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
[Billions of dollars]
Total
gross
private
domestic
investment
Period
1939
1946
1947
1948
1949
1950
1951
1952
1953
1954
_
-
:
-_
__
..
-_
..
_
9.3
27. 1
29.7
41.2
32.5
51.2
56.9
49.6
51.4
47. 2
Change in business inventories
Fixed investment
New construction
Total
8.9
21. 0
30. 7
37. 0
35.3
43. 9
46.5
46.8
50. 2
50. 1
Total
4.8
10.3
14.0
17.9
17.5
22. 7
23.3
23.7
25. 8
27.8
Residential
nonfarm
Commercial and
industrial l
All
other 2
Producers'
durable
equipment
2.7
4.0
6.3
8.6
8.3
12. 6
11.0
11. 1
11. 9
13.5
1.2
4.2
4.9
5. 7
5.3
5.7
7.2
7.5
8.4
8. 6
0.8
2. 1
2.8
3.6
3.9
4. 5
5. 1
5.2
5.4
5.7
4.2
10. 7
16.7
19. 1
17.8
21. 1
23.2
23. 1
24. 4
22.3
0.4
6. 1
-1.0
4.2
-2. 7
7.4
10.4
2.8
1.2
-2.9
0.3
6.4
1.3
3.0
-1.9
6.4
9.0
2. 1
1.9
-3.2
22.9
22.4
22. 2
21. 9
21.5
23.7
25. 4
-3.2
-2.7
-4.9
-.6
1.5
4.3
3. 0
-3.4
-3.2
-5.4
-1.0
1.5
4. 2
2. 7
Total
Nonfarm
Seasonally adjusted annual rates
1954: First quarter _
Second quarter
Third quarter
Fourth quarter
1955: First quarter
Second quarter
Third quarter 3
45.5
46.9
45. 9
50. 7
54. 1
* 60. 1
60. 7
48. 8
49.7
50.7
51. 3
52.7
55.8
57. 7
25.9
27. 3
28.5
29.4
31.2
32. 1
32. 3
i Includes public utility.
3
Includes petroleum and natural gas well drilling.
3 Preliminary estimates by Council of Economic Advisers.
NOTE.—Details will not necessarily add to totals because of rounding.
11.8
13.0
14.2
15.0
16.0
16. 4
16. 2
8.5
8.5
8.6
8.7
9.3
9.8
ia i
5.6
5.8
5.7
5.7
5.9
5.9
Source; Department of Commerce (except as noted).
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to a survey taken in July and August, business expenditures on plant and equipment in 1955 are expected
to total $27.9 billion, more than $1 billion higher than in 1954. Expected expenditures for the third and fourth
quarters are up shcrply from the first half of this year and higher than in any prior quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
MANUFACTURIING-v
10
COMMERCIAL AND OTHER
PUBLIC UTILlTlESs
TRANSPORTATION
I
J
I
I960
-i
I
1952
I95I
I
I
1953
I
I
• I/
J
I
1954
I
-!/
JO
1955
SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Transportation
Mining
Durable NonduraRailroads Other
goods ble goods
0.36
0.28
0.33
0.76
1. 19
.92
.58
. 43
3. 11
3. 68
1. 30
.89
3.41
.69
5. 30
1.28
1.32
.88
5.65
3.48
.89
1. 35
2.59
.79
4. 56
1. 11
.71
1.21
3. 14
4.36
1.47
1.49
.93
5. 17
5.68
1. 50
1. 40
.98
5. 61
6. 02
1.56
.99
1.31
6. 26
5.65
.85
1.51
. 98
5.09
5.95
1. 56
. 91
.90
5. 36
5. 83
Seasonally adjusted annual rates
1.51
.80
1. 00
5.06
5.93
1. 53
.68
4. 80
.91
5.79
1. 46
.74
.80
4. 78
5.39
. 80
1. 62
. 94
5.06
5. 78
1.68
.98
.93
5.88
5. 48
1.47
1. 12
. 92
5. 96
6. 09
Manufacturing
Period
1939
1946
1947 .
1948
1949.
1950
1951
1952
1953
1954 3 4
1955
Total *
...
„
1954: Third quarter
Fourth quarter
1955: First quarter _ _
Second quarter
Third quarter 3 3
Fourth quarter
Total
5.51
14.85
20.61
22. 06
19. 28
20.60
25. 64
26. 49
28. 32
26.83
27.90
1. 94
6. 79
8.70
9. 13
7. 15
7. 49
10.85
11. 63
11. 91
11.04
11. 19
26.
26.
25.
27.
29.
29.
10. 98
10.58
10. 17
10.84
11.36
12.05
84
18
65
19
03
73
Public
utilities
Commercial and
other 3
3.31
3.66
3.89
4.55
4.22
4. 44
2.08
5. 33
7.49
6. 90
5.98
6. 78
7.24
7. 09
8.00
8.23
8. 89
4. 12
4.01
4. 01
4. 09
4. 64
4. 68
8.42
8.46
8. 46
8.90
9. 43
9. 48
0.52
.79
1. 54
2.54
a 12
Excludes agriculture.
Commercial and other includes t rade, service, finance, communications, and construction,
Estimates based on anticipated (capital expenditures as reported by business in late July and August 1955.
f
A inial total is sum f seasonallyunadjusted expenditures; it does not necessarily coincide with average of seasonally adjusted figures, which include adjustmer s, vlien neeo.^sary, fo systemat ic tendencies in anticipatory data,
NOTK.— TlH'.se tijrures lo not atrr t with the totals included in the gross national product estimates of the Department of Commerce, principally because the
l a t t r r e vor aur iculturul ii vosunont i i il also certain equipment and construction outlays charged to current expense.
DC ill will not m-ei'.s.s: -ily add t < t utals because of rounding.
Commission and Department of Commerce.
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Total employment declined seasonally between mid-August and mid-September, as young people left jobs and
returned to school. Unemployment also declined about as expected at this time of year.
MIUJONS OF PERSONS
MILLIONS OF PERSONS
75
75
1955
I960
14 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Total
Unemployment 3 Insured unemployment 4
Employment l
labor
Tempo1
%of Thousands % of covered
force (in- Civilian
Period
rary 2
labor
civilian
of persons employment
cluding
AgriculNonagriNumber
force
Total
(State pro(all prolabor
tural
cultural layoffs
armed
grams)
grams)
force
forces)
5
Thousands of persons 14 years of age and over
17.2
9,480
9, 610
36, 140
1939
55, 600 55, 230 45, 750
6.2
2,470
5. 5
185 3,395
1949
.__ . 63, 721 62, 105 58, 710
8, 026
50, 684
4. 6
1, 599
5.0
92 3, 142
1950
52, 450
7,507
64, 749 63, 099 59, 957
2. 8
117 1, 879
3.0
996
7, 054
]951__
53, 951
65, 982 62, 884 61, 005
2.9
1,064
2. 7
167 1, 673
1952
6,805
54, 488
66, 560 62, 966 61, 293
2. 8
1,058
6,562
142 1, 602
2.5
55, 651
1953-.
67, 362 63, 815 62, 213
5. 2
2, 039
5.0
221 3,230
6,504
]954_
54, 734
67, 818 64, 468 61, 238
4. 6
1,871
5.0
6,928
55, 349
143 3, 245
68, 856 65, 522 62, 277
1954; August
4.3
1,752
4. 8
7, 527
198 3, 100
54, 618
September
68, 566 65, 244 62, 145
4. 0
4. 2
1,631
7,239
54, 902
136 2,741
68, 190 64, 882 62, 141
October - 4. 0
1,643
4.5
6, 154
120 2, 893
55, 577
November
67, 909 64, 624 61, 732
4. 6
1,869
4. 5
5,325
137 2,838
55, 363
66,811 63, 526 60, 688
December
5.5
2, 201
5.3
5, 297
54, 853
251 3,347
66, 700 63, 497 60, 150
1955: January
5. 2
2, 109
5.3
5,084
54, 854
145 3,383
February
66, 550 63, 321 59, 938
4. 7
1,875
5.0
5, 692
75 3,176
54, 785
66, 840 63, 654 60, 477
March
4.
1
4. 6
1, 651
55, 470
6, 215
108 2, 962
67, 784 64, 647 61, 685
April
3. 6
1,392
3.8
6, 963
133 2,489
55, 740
68, 256 65, 192 62, 703
May
3. 2
1, 226
7,681
4. 0
107 2,679
56, 335
69, 692 66, 696 64, 016
June
3.1
1,202
3. 7
7,704
157 2,471
57, 291
July
- 70, 429 67, 465 64, 994
2.7
1,068
3.3
57, 952
7, 536
173 2, 237
70, 695 67, 726 65, 488
August
8
6
2. 4
951
3. 2
7, 875
116 2, 149
56, 858
69, 853 66, 8R2 64, 733
Hen t.ember
1
Includes part-time workers and those with jobs
but not at work for such reasons as vacations, illness,
bad weather, temporary layoff, and industrial disputes; excludes armed forces.
2 Shown separately so as to afford a basis for further
.analysis of employment and unemployment.
s See footnote 2.
< Weekly average,
8 Data for 1949-53 (1953 revised series) based on 68area sample; beginning 1954, on 230-area sample.
Starting July 1955, data are for week ending nearest
15th of month; previously, for week containing 8th of
month.
• Preliminary estimate.
Sources: Department of Commerce (labor force)
and Department of Labor (insured unemployment).
11
NONAGRICULTURAL EMPLOYMENT
Employment in nonagricultural establishments increased somewhat more than seasonally between mid-August
and mid-September.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
NONDURABLE MANUFACTURING
1
J
(
F
1
M
1
A
I
I
1
M
J
J
A
S
O
N
D
3.5|
J
1
F
M
A
M
J
J
1
I
I
1
A
S
O
N
D
A
S
0
N
D
11.5
CONTRACT CONSTRUCTION
WHOLESALE AND RETAIL TRADE
^1955
I
J
I
F
I
M
I
A
I
M
J
J
i i i
A
0
N
J
D
F
M
A
M
J
J
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers l]
Period
Total
adjusted
for
seasonal
variation
1939
1946
1948
1949
1950
1952
1953—
._
1954
1954: August
48, 029
September. 48, 020
October
48, 1%9
November. 48, 886
December. 48, 880
1955: January
48, 898
February.. 48, 440
March
48, 766
April . .
48, 881
May__
49, 214
June _
49, 505
July __2
49, 640
August
49, 750
September2. 49, 821
Government
Contract Wholesale
and retail (Federal,
Durable Nondu- Mining construcState,
trade
tion
goods rable goods
local)
Not adjusted for seasonal variation
Manufacturing
Total
30,311
41, 287
44, 448
43, 315
44, 738
48, 303
49, 681
48, 285
48, 123
48, 490
48, 580
48, 808
49, 463
47, 741
47, 753
48, 212
48, 643
48, 918
49, 508
49, 420
49, 864
50, 300
Total
10, 078
14, 461
15, 321
14, 178
14, 967
16, 334
17, 238
15, 989
15, 822
15, 972
16, 007
16, 057
16, 050
15, 925
16, 060
16, 201
16, 255
16, 334
16, 577
16, 475
16, 819
16, 925
4,683
7,7,39
8,312
7,473
8, 085
9,340
10, 105
9, 120
8,820
8,887
9,002
9, 121
9, 144
9, 113
9,220
9,323
9,418
9,501
9,624
9,511
9,595
9, 632
5,394
6,722
7,010
6,705
6,882
6,994
7, 133
6,870
7,002
7,085
7,005
6, 936
6,906
6,812
6,840
6,878
6,837
6,833
6,953
6,964
7,224
7, 293
845
852
982
918
889
885
852
770
763
744
743
749
747
741
737
739
739
742
760
749
759
759
1,150
1,661
2,169
2, 165
2,333
2,634
2,622
2,527
2,735
2,698
2,652
2,598
2,426
2,237
2, 169
2,255
2,399
2,526
2, 615
2,701
2,733
2,730
6,612
8,602
9,519
9,513
9,645
10, 281
10, 527
10, 498
10, 321
10, 447
10, 548
10, 745
10, 354
10, 419
10, 309
10, 408
10, 549
10, 534
10, 643
10, 633
10, 643
10, 793
3,995
5,595
5,650
5,856
6,026
6,609
6,645
6,751
6,563
6,746
6,829
6,917
7,166
6,835
6,873
6,922
6,927
6,881
6,851
6,696
6,717
6,931
Other
7,632
10, 116
10, 807
10, 686
10, 878
11,563
11, 797
11, 751
11,919
11, 883
11,801
11, 742
11,720
11, 584
11,605
11, 687
11,774
11,901
12, 062
12, 166
12, 193
12, 162
J Includes all full- and part-time wage and salary workers in nonagrieulturai establishments who worked during or received pay for any part of the pay period
ending nearest the Ifith of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this
tftMfi Tint. f'ftTTTnarftMfi
Wlt.Vl 0«t.iimP-tA« rif -nrmaorrim-lHTIlHll o-mnlrttrmo-n*- r\t 4-Vn* niiTilinn 1^V^_ t~~~* .«»>^»4.^^l V^T, *-V.»> "T\*-r\nv*~ma-n+ nf
O./YmmQl*r»Oi f"T»
11\ whif.ll lHClUd6 DrO-
prietors, self-employed persons, and domestic servants; which count persons as emp^X^d^whe^^y^aTe^noTat^oTk because of Industrial disputes; and which are
based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
»Preliminary estimates.
NOTI.—Beginning with 1053, data are based on first quarter 1954 benchmark levels
Source: Department of Labor.
12
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of factory production workers increased more than seasonally in September to 41.0 hours.
This represents a gain of more than 1 hour since September of last year.
HOUR PER WEEK
HOURS PER WEEK
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
1953
1955
1954
BUILDING CONSTRUCTION
RETAIL TRADE
1954
195.3
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[Hours per week, for production workers or nonsupervisory employees]
Manufacturing I
Period
1 939
1946
1947
__
1948
1949
1950
1951
1952
1953
1954-.
1954: August
. ..
September
October
„ _ _ _ _
November
December 1955* January
February
March
April.
May
_ _
June
July__ 2
August
September 2 -
Total
_ _ _ _ _ _
_
.....
.
.
_ . „ _ .
_
37. 7
40. 4
40.4
40. 1
39. 2
40. 5
40. 7
40. 7
40. 5
39. 7
39. 7
39. 7
39. 9
40. 2
40.5
40. 2
40.4
40. 6
40. 3
40. 8
40. 7
40. 4
40. 6
41. 0
Durable
goods
38. 0
40.2
40.6
40. 5
39. 5
41.2
41.6
41. 5
41.3
40. 2
40. 1
40. 1
40. 4
40.8
41. 1
40. 9
41. 1
41.4
41.2
41. 6
41. 2
40. 9
41. 1
41. 6
1 Data beginning with January 1948 are not strictly comparable with those for earlier periods.
Preliminary estimates.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.
Source: Department of Labor.
2
3
68459—55
Building
construction Retail trade
Nondurable
goods
37.4
40. 5
40. 1
39.6
38. 8
39. 7
39. 5
39. 6
39. 5
39. 0
39. 2
39. 3
39. 2
39.5
39.8
39. 3
39. 5
39.7
39.0
39.6
39. 9
39. 7
39. 9
40. 1
32. 6
38. 1
37.6
*37. 3
36. 7
36. 3
37.2
38. 1
37.0
36. 2
37.0
36. 0
36. 6
35. 8
36.0
35. 1
34. 7
35.9
35. 4
36. 7
36.7
37. 2
36. 7
(3)
1
42.7
40.7
40. 3
40. 3
40. 4
40. 5
40. 2
39. 9
39.2
39. 2
39.7
39. 1
38. 9
38. 7
39. 5
38. 9
38. 9
38. 8
38. 6
38. 8
39. 1
39. 7
39. 6
(3)
Not available.
13
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing were $1.90 in September, 2 cents higher than In
August and 9 cents higher than a year earlier.
DOLLARS PER HOUR
DOLLARS PER HOUR
NONDURABLE MANUFACTURING
EARNINGS IN CURRENT PRICES DIVIDED
Y CONSUMER PRICE INDEX ON BASE 1954-100.
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
All manufacturing
Period
Current
prices
$0. 633
1939
1.086
1946.
1.237
1947
1.350
1948
1.401
1949
1.465
1950
.
1.59
1951
1.67
1952
.
1.77
1953
1.81
1954
1954: August.
1. 79
1.81
September October
_ _ _ . 1.81
November
1. 83
1.83
December
1.84
1955: January
February
1.85
1.85
March
April
_
__ _
1. 86
1.87
A *«. jr
Mav
1.87
June _
•Julv
1. 89
3
August . .
1.88
:i
September
.. _ . .
1. 90
1
Durable goods
manufacturing
Current
1954
prices
prices l
$1. 224 $0. 698
1.496
1. 156
1. 292
1.487
1.410
1. 508
1. 469
1.579
1.537
1.637
1.67
1.64
1.77
1. 69
1.87
1.78
1. 92
1.81
1. 91
1.79
1. 93
1.81
1.82
1. 93
1.94
1. 83
1.84
1.95
1. 96
1.85
1.86
1.96
1.97
1. 86
1. 98
1. 87
1.99
1. 88
1. 99
1.88
2.02
1. 89
2. 01
1.89
2. 03
(4)
1954
prices l
$1. 350
1.592
1.553
1.575
1. 656
1.717
1.73
1.79
1.88
1. 92
1.91
1.93
1. 94
1.94
1.96
1.97
1.97
1.98
1.99
2.00
2. 00
2.02
2.02
(4)
Building
Nondurable goods
Retail trade
construction
manufacturing
Current
1954
1954
Current
1954
Current
prices!
prices
prices prices l
prices prices l
$1. 048
$0. 582 $1. 126 $0. 932 $1. 803 $0. 542
1. 230
2. 036
.893
1.478
1. 015
1.398
1.213
1.009
1. 171
1.407 2 1.681 2 2.020
1.216
2. 065
1.428
1.088
1.278
1. 848
1. 282
2. 182
1. 137
1.325
1. 494
1. 935
1. 314
1. 176
2.031
2.269
1.540
1.378
1.30
1.26
2.26
2. 19
1. 53
1.48
1.33
1. 32
2. 34
2. 31
1. 54
1.56
1.40
1.40
2. 48
2.49
1. 61
L 61
1. 45
2.60
2. 60
1.45
1. 66
1. 66
1. 46
2.60
1. 46
2.59
1.65
1. 65
1.46
2.62
1.46
2. 62
1. 66
1.66
1.47
1.47
2.64
1.66
2.63
1. 66
1.46
2.64
1.46
2.63
1. 67
1.67
1.45
1. 44
2.66
2.65
1.68
1.67
1.49
1.48
2. 66
2.65
1.69
1.68
1.49
1.69
2. 65
1.48
2.66
1.68
1.49
2. 64
1.48
1.69
2.63
1. 68
1.50
2. 64
1.49
2. 63
1.70
1. 69
2.64
1.51
1.50
2.63
1.71
1.70
1.51
1.51
2.64
2 65
1.71
1. 70
1.52
1.52
2. 66
2. 66
1.71
1. 71
1.52
1.52
2.68
2.67
1.71
1.70
1. 71
(4)
(4)
(4)
(4)
(4)
Kurnlngs tn ruiwnt prices divided by consumer price indei on base 1954=100.
I>jil« ImKlmilng w l f h Junuury 1Mb are not strictly comparable with those for earlier periods.
\'ott, B<'Kiniilnj' u-lth Hifui, data art- ba.s«>d on first quarter 1954 benchmark levels of employment.
hoiiMv; I >«'i»iu liut'iil of }«nbur
3
Preliminary estimates.
«Not available.
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings of factory production workers rose from $76.33 in August to a new high of $77.90 in
September, reflecting the longer workweek and higher hourly earnings. The September figure was $6 higher than a
year earlier.
DOLLARS PER WEEK
DOLLARS PER WEEK
NONDURABLE MANUFACTURING
1954 PRICES!/
'.EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1954 = 100.
COUNCIL OF ECONOMIC ADVISERS
SOURCE:DEPARTMENT OF LABOR.
Period
[For production workers or nonsupervisory employees]
Durable goods Nondurable goods
Building
All manufacturing manufacturing
manufacturing
construction
Current
prices
$23. 86
1939
43.82
1946
49. 97
1947
1948
— 54. 14
1949
54. 92
59. 33
1950
64. 71
1951
.. .. ..
67.97
1952
..
71. 69
1953
71.86
1954.
71.06
1954: August
September.
- - - 71.86
72.22
October
November
73.57
74. 12
December.
73.97
1955: January _ .
74.74
February
March
75. 11
74.96
April—
May_,
76.30
76. 11
June
76.36
July 3
76. 33
August
September 3
77. 90
Current
1954
prices1 prices
$46. 15 $26. 50
46. 49
60.36
60.06
52.46
60.49
57. 11
61. 92
58. 03
63.32
66.29
66. 92
69. 47
73. 46
68.73
77. 23
71.91
71.86
77. 18
70.92
76.59
77.39
71. 93
72.44
77.97
73.42
79. 15
74.42
80. 15
74.27
80. 16
75. 04
80.56
75. 41
81. 56
75.34
81.58
82. 78
76.68
76.34
81.99
76.44
82. 62
82. 61
76. 56
4
84. 45
()
Current
1954
prices 1 prices
$51. 26 $21. 78
64. 04
41. 14
46. 96
63.05
50. 61
63.81
65. 42
51. 41
54. 71
70. 75
71. 84
58. 46
60.98
74.28
63. 60
77.46
64.74
77. 18
76.44
64.68
77. 47
65.24
65.07
78.20
65.97
79.31
80. 47
66. 47
66.02
80.48
66. 36
80.88
81. 89
66. 70
81.99
65.91
83. 20
67. 32
82. 24
67.83
67.89
82.70
82. 86
67. 83
68. 57
(4)
»8 Earnings in current prices divided by consumer price index on base 1954—100.
Data beginning with January 1948 are not strictly comparable with those for earlier periods,
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.
Source: Department of Labor.
Current
1954
prices 1
prices
$42. 13 $30. 39
56. 67
56. 24
56.44 2 63.30
68. 85
56. 55
57.96
70.95
61. 13
73. 73
60.46
81.47
61. 66
88.01
91.76
63.79
64. 74
94. 12
64. 55
96. 20
94.32
65.31
96.26
65. 27
94. 15
66. 10
66. 74
95. 40
93.02
66.29
66. 63
91.96
94. 42
66. 97
66.24
93. 10
96. 52
67.66
96.89
68. 03
67.96
08. 95
68. 03
97. 99
(4)
(4)
Retail trade
1954
Current
prices
prices l
$58. 78 $23. 14
77.47
36. 35
40.66
76.08
2
76. 93
43. 85
79.99
45. 93
82. 38
47. 63
50. 65
84.25
52. 67
88. 99
92. 04
54.88
94. 12
56. 84
57. 96
96. 01
94. 41
57.09
57. 18
96. 55
94. 34
56.50
95. 78
56. 88
93.39
57.57
92.33
57. 57
57.42
94. 80
93. 57
57. 51
58.20
97.01
97. 18
59. 04
99.05
60. 34
98. 28
60. 19
4
()
(4)
1954
prices l
$44. 76
50. 07
48.87
48. 99
51.78
53. 22
52.38
53. 2fi
55.05
56.84
57.84
57. 15
57.35
56. 61
57. 11
57.80
57.80
57.65
57.80
58.49
59.22
60. 40
60. 37
(4)
1
Preliminary estimates.
< Not available.
13
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
According to preliminary estimates, the seasonally adjusted index of industrial production reached a new high of
141 (1947-49=100) in September, 14 percent higher than the level a year earlier.
INDEX, 1947-49 = 100
INDEX, 1947-49 = 100
100
1955
I960
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1947-49=100, seasonally adjusted]
~&£*tnf\A
Jreriod
1939
_ _ - _1946
. 1947
1948
1949
. .-_1950
_
__
1951
.. _1952.
1953 *
. 195-1 !
1954:1 August
September
_
__
October
November
.-._.
December
1955 11 January
February
March
_
_ _ __
April
May
June
July
August
_ September
_
_ _ _ _
_ __»_
1
16
Preliminary estimates.
Total
industrial
production
58
90
100
104
97
112
120
124
134
125
123
124
128
128
130
132
133
135
136
138
139
139
140
141
Manufactures
Total
57
90
100
103
97
113
121
125
136
127
125
126
128
130
131
133
134
136
138
140
141
141
142
143
Minerals
Durable
'49
86
101
104
95
116
128
136
153
137
135
137
139
142
143
145
147
148
151
153
155
155
158
160
Nondurable
66
95
99
102
99
111
114
114
118
116
114
115
117
118
119
121
121
124
125
127
128
126
125
125
68
91
100
106
94
105
115
114
116
111
109
108
109
113
116
120
123
121
120
121
122
120
120
121
Source : Board of Governors of tlie Federal Reserve System.
PRODUCTION OF SELECTED MANUFACTURES
Production of most durable goods manufacturing industries rose in September/ nondurable goods manufacturing
changed very little.
INDEX, 1947-49 = 100, SEASONALLY ADJUSTED
220
INDEX,1947-49»IOO, SEASONALLY ADJUSTED
1801
:
MACHINERY
200
160
180
140
160
120
140
"'V
- FABRICATED METAL
' PRODUCTS
I I I I II
100
160
CHEMICAL AND PETROLEUM PRODUCTS
120
140
^PAPtK
PAPER AND
ANDPHIN
PRINTING
100
f
I
.•*••******"***••_
I - »•*'
*
\i««'
FOODS,BEVERAGES,
AND TOBACCO
120
100
80
1952
1953
1954
1955
1953
1952
SOURCE: BOARD OF GOVERNORS .OF THE FEDERAL RESERVE SYSTEM.
1954
1955
COUNCIL OF ECONOMIC ADVISERS
11947-49=100, seasonally adjusted]
Period
1939
1947
1948
1949
1950
1951 _
1952
1953 *
...
1954 *
1954 *l August
September
October
November
December
l
1955 : January
February
March .
Aoril
May__
June
July ..
August
September
Nondurable
Durable manufactures
FabriTranspor- Lumber Textiles Paper
Primary
and
cated
Machin- tation
and
and
printmetals
metal
ery
equipprod- apparel
ing
products
ment
ucts
.
54
103
107
90
115
126
116
132
108
105
105
111
118
121
127
131
136
138
140
143
134
139
146
52
103
104
93
115
122
121
136
123
123
122
124
125
125
125
126
129
130
134
135
135
138
140
i Preliminary estimates.
Source: Board of Governors of the Federal Reserve System.
38
103
104
93
114
130
147
160
142
144
147
147
148
145
145
146
146
149
151
155
158
161
163
47
96
102
102
120
135
154
189
175
166
167
169
175
187
191
193
195
197
199
194
203
205
206
80
101
106
93
113
113
111
118
115
97
116
128
124
131
129
127
127
127
128
133
125
128
128
80
99
103
97
110
106
105
107
100
99
98
102
103
104
106
105
109
112
112
110
110
108
107
66
96
103
101
114
118
118
125
125
126
127
127
127
127
129
130
133
134
137
139
139
138
138
manufactures
ConChemical Foods,
sumer
and petro- bever- durable
leum ages, and goods
products tobacco
49
97
103
100
118
132
133
142
142
141
144
143
145
148
148
151
153
155
158
161
160
159
160
65
101
100
100
103
105
106
107
106
105
105
105
106
106
107
106
108
110
110
110
107
106
106
98
102
101
133
114
105
127
116
115
114
112
119
125
131
135
139
144
145
147
153
153
154
17
WEEKLY INDICATORS OF PRODUCTION
Steel production, bituminous coal mining, and freight carloadsngs increased during September,
assemblies declined again as a result of model changeovers.
Car and truck
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS .OF TONS
3
BITUMINOUS COAL
STEEL
^1954
I
J
F
M
A
M
J
J
A
S
O
N
O
J
F
M
J
F
M
A
M
- j
j
AS
I
0
I
N
D
BILLIONS OF KILOWATT HOURS
ELECTRIC POWER
SOURCES: AMERICAN IRON AND STEEL INSTITUTE,
Period
Weekly average:
1950 ._
1951 ..
1952
1953
1954
_
1954: September
October
November
December
1 955 : January
February
March .
April
May
June— July . . _.
August
September 3 _ _ _
Week ended:
1955: September 3__
10__
17__
24__
October
1 33_
8 _
DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
COUNCIL OF ECONOMIC ADVISERS
Bituminous Freight Paperboard
Electric
Steel produced
Cars and trucks
power
coal mined
produced assembled (thousands)
Thousands Percent of distributed (thousands loaded
(thousands
of net
theoretical
(millions of
of short (thousand?
of cars)
Total
of tons)
Cars Trucks
tons
capacity l kilowatts-hours) tons) 2
1,857
2,018
1,782
2, 141
1,694
1,591
1,738
1,886
1,875
1,995
2,124
2,253
2,288
2,331
2,272
2,059
2, 166
2,309
96.9
100.9
85.8
94. 9
71.0
66.7
72.9
79. 1
78.6
82.7
88.0
93.4
94.8
96.6
94. 1
85.3
89. 7
95. 7
2,255
2,264
2, 309
2, 320
2, 341
2,334
03. 4
93.8
95. 7
96. 1
97. 0
96. 7
6, 183
6,958
7,451
8, 244
8,883
9,040
9, 124
9,240
9,645
9,936
9,902
9, 796
9,658
9, 741
9,986
10, 386
10, 816
10, 540
10,
10,
10,
10,
10,
4
10,
706
155
623
756
627
639
1,687
1,772
1,548
,521
,304
,379
,410
,498
,502
1,444
1,463
1, 376
1,366
1, 523
1,617
1, 573
1,575
1, 642
748
779
730
737
651
687
726
671
610
631
644
656
693
766
756
758
781
792
214
229
213
241
236
235
254
254
227
243
260
270
263
275
278
232
282
274
154. 2
129.8
106. 8
141. 1
125. 6
82.8
70.8
134. 2
159.4
178.9
185.0
198. 1
207. 6
204. 2
168. 1
183. 8
149. 2
131. 1
128.4
102.7
83. 4
118.0
106. 0
67.5
55. 8
113.7
138. 9
156.9
169.2
174. 1
177. 0
173. 3
141. 8
158. 0
128.7
110. 3
25. 9
27.2
23.4
23.2
19.7
15.3
15. 0
20.5
20. 5
22.0
15.8
23.9
30. 6
30. 9
26.2
25. 8
20. 4
20. 9
1, 587
1, 714.
1, 662
1, 595
1, 597
794
707
822
819
820
807
291
219
290
294
293
290
100.7
95.0
143. 6
147.2
138. 8
95. 8
85. 9
79.9
122. 3
123. 1
115.7
80.3
14.8
15.0
21. 3
24. 1
23. 1
15. 5
» Percent of capacity based on weekly net ton capacity of 1,906,268 for the first half of 1950; 1,928,721 beginning July l, 1950; 1,999,034 beginning January 1
2,077,040 beginning January l, 1952; 2,254,459 beginning January 1,1953; 2,384,549 beginning January 1,1954; and 2,413,278 beginning January 1,1955.
2 Daily average for week.
s Preliminary estimates.
* Not plotted.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Eailroads, National Paperboard
ociation, and Ward's Automotive Keports.
...............
.^,.. ...... ,
Associatioi
18
NEW CONSTRUCTION
Total new construction continued at near record levels in September,
adjusted) showed the third successive monthly decline.
Construction contracts awarded (seasonally
BILLIONS OF DOLLARS
50
BILLIONS OF DOLLARS
5O
20
20
PRIVATE RESIDENTIALv
(NONFARM)
^
..-
„
..•
•—
****
OTHER PRIVATE
1 1 1 1 1 1 1 1 1 1 1
1950
i i 1 i i I i 1 1 11
1 1 1 1 1 1 M i l l
1
1
1 1 1 1
1 1 I 1 1
I i i i i 1 i i I i i
1955
1 1 1 1 1 1 1 1 1 I I
1954
1953
1952
1951
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR.
[Billions of dollars]
Total new
construction
Period
1939
1946
1947
1948
1949
1950
1951
1952
1953
1954
__
_
_
_
_
_-
_
_
___
___
___
_
__
8.2
12.0
16.7
21. 7
22. 8
28. 5
31.2
33.0
35. 3
37. 6
Private
Residential
Total
(nonfarm)
priv ate
2.7
4. 4
4.0
9.6
6.3
13. 3
8.6
16. 9
16.4
8. 3
12.6
21. 5
11.0
21.8
11. 1
22. 1
11.9
23.9
13. 5
25. 8
Other
1.7
5.6
6.9
8. 3
8.1
8. 9
10.8
11.0
11.9
12. 3
Federal,
State, and
local
Construction contracts awarded inl
37 Eastern States
3.8
2.4
3.4
4. 8
6.4
7.0
9. 4
10. 9
11. 4
11. 8
3.6
7.5
7.8
9.4
10. 4
14. 5
15.8
16. 8
17.4
19. 8
Annual rates
UnSeasonally
adjusted
adjusted
18. 9
18.3
21.8
18. 9
28. 6
23.4
18. 0
20. 9
21. 9
22.9
18. 0
24.4
19. 0
25.6
25.6
26. 1
27.9
24.4
26. 2
22.8
27. 1
25. 1
27. S
23. 9
22 7
22. 1
24. 4
21. 2
Seasonally adjusted annual rates
1954: August
September
OctoberNovember _
December
1955: January _ __
February
March
April _.
May
June
July
August
September 2
_
__
_ __
38. 4
38.4
37.6
39.0
41. 1
41. 1
41. 4
41. 3
41. 9
42. 4
42. 1
41. 9
41. 6
42. 0
26. 7
27.0
26. 9
27.2
28. 2
28. 8
29. 2
29. 4
30. 0
30.0
29. 8
30.2
30. 0
30.2
14. 3
14. 6
14.5
14.7
15.7
16. 0
16. 1
16.0
16. 4
16. 4
16.3
16.5
16.0
16. 0
12.4
12.4
12. 3
12.5
12.5
12.7
13. 1
13.4
13.6
13. 6
13. 5
13. 7
13. 9
14. 2
i Compiled by P. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Research.
Omits small contracts, and covers rural areas less fully than urban.
Sources: Department of Commerce, Department of Labor, and F. W. Dodge Corporation (except as noted).
11. 7
11.4
10. 8
11.8
12. 9
12.4
12. 2
12.0
11. 9
12. 3
12.2
11. 7
11. 6
11.8
2 Preliminary estimates.
19
HOUSING STARTS AND APPLICATIONS FOR FINANCING
The number of private nonfarm housing starfs in September was 1.2 million units (seasonally adjusted annual rate).
This figure is somewhat below that of August this year and September last year.
MILLIONS OF UNITS
MILLIONS OF UNITS
1955
J^SEE FOOTNOTE I ON TABLE BELOW,
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF LABOR, FEDEI
[Thousands of units]
New nonfarm housing starts
Period
Total
Annual total: 1939
515. 0
1946_ _ _
670.5
1948._.
931.6
1949_ . . 1, 025. 1
1950. . _ 1, 396. 0
1951_-_ 1, 091. 3
1952_ _ _ 1, 127. 0
1953__. 1, 103. 8
1954..-.. 1, 220. 4
Monthly average: 1950.
116. 3
1953
92.0
1954.
101. 7
1954r August
114.3
September
115.7
October
110.7
November
103.6
December..
90.6
1955: January
87.6
February __
89.9
March
113.8
April132.0
Mav_ -_
137. 6
June
134. 8
4
July
115. 0
4
August
123. 0
4
Septcm ber
113. 0
20
Publicly
financed
56.6
8.0
18. 1
36.3
43.8
71.2
58.5
35.5
18.7
3.6
3.0
1.6
1.3
2.3
.2
.3
.7
.3
2.0
1.0
1.5
2. 5
3.4
4
.8
4
1. 3
1.3
Total
458.4
662.5
913.5
988.8
1, 352. 2
1, 020. 1
1, 068. 5
1, 068. 3
1, 201. 7
112.7
89.0
100. 1
113.0
113.4
110.5
103. 3
89.9
87.3
87.9
112.8
130.5
135. 1
131.4
4
114. 2
4
121. 7
111. 7
Privately financed
Government underwritten
VA
Total
FHA
158.
1
158.
1
(2)
69.0
(22)
(22)
294. 1
( 2)
()
363.8
()
(2)
486. 7 3 200. 0
686. 7
412.2
263.5
148.6
421.2
279.9
141. 3
252.0
156. 6
408. 6
307.0
583.3
276. 3
57.2
16.7
40.6
13. 1
34.0
21.0
25.6
48.6
23.0
60.3
33.3
27.0
33.9
25.9
59.8
33. 5
24. 7
58. 2
36.0
26.3
62. 4
29. 1
50. 7
21. 5
26. 1
20.0
46. 1
28.0
17.2
45.3
29.8
53.6
23.8
34.5
25.8
60.3
37. 8
65.9
28.0
32. 1
39.5
71. 6
37. 4
63.3
26. 0
40.8
26.9
67.6
33.4
24. 8
58.2
Proposed home construction
Private,
seasonally Applications
Requests
adjusted for FHA comfor VA
1
annual
mitments
appraisals
rates
167. 8
121.7
(22)
293. 2
( 2)
327.0
(2)
397. 7
()
192.8
164. 4
267. 9
226. 3
253.7
251.4
338. 6
535. 4
33. 1
(2)
21. 1
21.0
28.2
44.6
1, 211
32.2
55.4
1,248
34.8
51.3
1,287
29.3
45. 6
1,393
26.9
47.7
1,478 I
24. 3
44. 3
25.6
1,416 1
46.2
1,370
28.3
64.2
1,367 1
35.6
71.9
33. 1
1, 350
65.9
1,362
30. 1
69.3
1,371
30.8
52.4
4
1, 202
24. 3
51. 4
4
26.4
1, 304
56.0
1, 230
23. 1
45. 1
2
3
i Units represented by mortgage applications for new home construction.
Not available.
Partly estimated.
Sources: Department of Labor, Federal Housing Administration (FHA), and Vetm-ana Administration (VA)
4
Preliminary estimates.
SALES AND INVENTORIES-MANUFACTURING AND TRADE
Sales (seasonally adjusted) of both manufacturers and distributors increased in August. Preliminary estimates indicate that retail sales continued to rise in September. Manufacturers' new orders rose sharply in August and were
substantially larger than sales. Inventories of manufacturers increased during August while distributors' stocks were
unchanged.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
TOTAL* AND MANUFACTURING
RETAIL
INVENTORIES
INVENTORIES
1952
1953
1954
INDEX, 1947-49- 100, SEASONALLY ADJUSTED
DEPARTMENT STORES
MANUFACTURING
INVENTORIES
INVENTOR I E S ^ v ^ x
XV
x
~\
0 1M I M M I M I
1952
1952
*
1955
WHOLESALE, MANUFACTURING, AND RETAIL.
SOURCES: DEPARTMENT OF COMMERCE AND BO
Period
1939
1946
1948-__
_ _ _ >_
1949
1950
--1951
1952.._
1953
1954 .
1954: July
AugustSeptember
October
November
December..
January
1955: February. _
March
April. _ _
May
June__ _ _ _
July
August 5 _ 5 _
September
__ -
COUNCIL OF ECONOMIC ADVISERS
Manufacturing
Department stores
Manufacturing
Retail
Wholesale
and trade
InvenInven-2 Sales i Inven-2 New 1 Sales l Inven-2 Sales J Inven-2 Sales *
Sales i tories
tories 3
tories
tories orders
tories
Index 1947-49 = 100,
Billions of dollars, seasonally adjusted
seasonally adjusted
5. 5
3.5
11. 5
3. 1
5. 4
36
35
2. 2
5. 1
20. 1
10.8
6. 6
8.5
12. 6
24.5
27.2
78
13.7
11. 9
90
42.9
6. 0
10.9
107
15. 8
104
17. 4
8. 1
17. 6
7.9
36.4
31. 7
55.6
7.9
10.9
15.3
99
15.9
7.4
52. 1
98
16. 4
28. 9
34.7
34. 3
10. 5 4 12. 0
19. 3
105
8.7
19. 3
109
21. 0
39.9 4 64. 1
11. 1
13. 2 * 21. 2
109
42. 8
24.5
22.3
*44. 9
128
75. 2
9. 4
11.3
21. 6
13. 7
22. 8
43. 8
76.7
110
23.6
9.4
45.9
118
11.7
14.2
22. 7
112
24. 9
45.9
23.4
9.3
126
80. 3
48. 4
22. 1
111
11. 5
122
22. 4
14. 2
23. 4
43. 3
76. 9
9. 1
46. 7
112
121
14.3
22.4
11.8
23. 2
43. 4
77. 6
21. 4
9. 1
46. 6
14. 2
22. 5
111
21. 9
122
43. 1
77.3
11. 8
9. 1
23. 1
46.3
14.2
22. 4
11.7
111
23.3
9. 2
42.9
122
23. 0
46. 4
77.0
112
14. 1
22. 0
22. 5
22. 9
11. 7
43. 2
122
9.0
45. 6
76. 9
14. 4
22. 1
11. 7
113
23. 1
9.3
77. 1
24. 0
43. 3
47. 6
123
22. 1
11.5
15. 1
24. 1
43.3
24. 8
116
9. 5
124
48. 7
76. 9
11.
5
22.
2
14.
9
43.
2
24.
6
24. 3
119
76.9
9. 5
123
48. 7
22.4
112
11.7
24. 8
43. 3
14.8
9. 5
77.3
24. 6
48. 9
123
11.
6
22.
6
15. 1
9. 7
26.0
43. 3
26.5
124
115
77. 5
50. 7
43. 3
124
9. 6
22.8
26. 1
15.3
26.0
119
50. 9
77.7
11.7
26.7
15. 4
23.0
117
43.5
9. 7
11. 8
27. 7
78.3
51. 7
123
15.4
114
27. 8
9.7
27. 1
43.8
127
23. 2
11.8
52. 3
78. 8
23.4
124
43.
9
27.
0
79. 2
26. 7
9. 6
15. 5
127
11.9
51. 9
28.9
11.9
44.3
15.7
23. 4
119
27. 4
52. 9
9. 9
79. 6
129
119
15. 8
4
i Monthly average for year and total for month.
Revised series on retail trade beginning with 1951 ; not comparable with previous
2 Book value, end of period.
data. See Swmf/ of Current Business, September and November 1952, for detail ,
3 Book value, end of period, except annual data, which are monthly averages.
& Preliminary estimates.
n -j
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
"*
MERCHANDISE EXPORTS AND IMPORTS
For the first 8 months of this year, commercial exports were 11 percent higher and imports 7 percent higher than in
the corresponding period of 1954.
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
1,800
1.800
1,200
MERCHANDISE EXPORTS
EXCLUDING GRANT-AID ,
SHIPMENTS-"*
*
/»
1,000
1955
I/SEE FOOTNOTES I AND 2 ON TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Merchandise exports
Period
Total
1936-38 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1950 monthly average-.
1951 monthly average-. .
1952 monthly average
1953 monthly average
1954 monthly average
1954: July
August
September
October
November
December
_ ~
1955: January
February __ _
March
April
May
June.......
July
\Ui't|-t
.
..
_
Excess of exports
over imports
Grant-aid
shipments 1
Excluding
grant-aid
shipments
(2)
(2)
247
812
1,278
1,054
1,004
856
1,253
1,267
1,314
1,258
1,291
1,156
1, 114
1,265
1, 249
1,318
1, 167
1,238
1,343
1,260
1,320
1, 318
1, 268
1, 227
(22)
()
54
96
24
89
166
293
188
268
200
153
104
85
98
85
95
92
94
131
128
128
128
757
1, 182
2
(2)
()
833
1, 164
1, 100
1,022
1,070
1,024
955
961
1, 161
1, 164
1,221
1,082
1, 143
1,250
1, 166
1, 189
1, 190
1, 140
1, 100
Merchandise
imports
207
412
480
594
552
738
914
893
906
851
822
825
780
763
840
942
870
850
1,019
871
959
938
885
039
Total
40
400
798
460
452
118
339
374
408
407
469
331
334
502
410
376
297
388
324
389
362
380
382
268
Excluding
grant-aid
shipments
(?)
(22)
()
345
702
95
250
207
116
219
202
131
181
398
325
278
211
293
231
296
231
252
254
141
r i H i t i y w i t h IO/KI, flames include only Department of Defense shipments of grain-aid military supplies and equipment under tiie Mutual security
sitlpim-nts Jor th«- flr:4 G months of the program (July-December 1950) amounted to 282 million dollars.
*)f)
hrf ill will not noce-sr.Mrily add to totals because of rounding.
Sources: Department of Commerce and Department of Defense.
PRICES
CONSUMER PRICES
In August, the average of consumer prices decreased slightly, as lower food prices more than offset small increases
in prices for other categories of goods and services.
INDEX, 1947-49= 100
140
INDEX, 1947 -49
« 100
140
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF L A B O R .
I1947-4y=100j
Period
1939
1946
1947
_
._
1948__
--_
1949
- . __
1950
1951
..
1952
1953
1954
1954: July
August
_ September
October
November
December
1955: January
February .
March
April
May
June _
Julv
Auerust
All
items
59. 4
83.4
95.5
102.8
101. 8
102. 8
111.0
113.5
114.4
114. 8
115.2
115. 0
114. 7
114. 5
114. 6
114. 3
114.3
114,3
114.3
114.2
114. 2
114.4
114. 7
114. 5
Food
Housing
Total i
47. 1
79.0
95. 9
104. 1
100. 0
101.2
112. 6
114.6
112. 8
112. 6
114: 6
113. 9
112.4
111. 8
111. 1
110.4
110. 6
110.8
110. 8
111.2
111. 1
111. 3
112. 1
111. 2
(22)
()
95.0
101. 7
103.3
106. 1
112.4
114. 6
117.7
119. 1
119. 0
119.2
119.5
119. 5
119.5
119. 7
119. 6
119. 6
119. 6
119.5
119. 4
119. 7
119. 9
120.0
i2 Includes, in addition to rent, homeowner costs, utilities, housefurnishing
Not available.
Apparel
Rent
86. 6
91. 4
94. 4
100.7
105.0
108.8
113. 1
117. 9
124. 1
128.5
128.5
128. 6
128.8
129.0
129. 2
129. 4
129.5
129. 7
130.0
129.9
130.3
130. 4
130. 4
130. 5
52. 5
83. 7
97. 1
103.5
99.4
98. 1
106. 9
105. 8
104.8
104. 3
104.0
103. 7
104.3
104. 6
104. 6
104.3
103.3
103. 4
103. 2
103. 1
103. 3
103. 2
103. 2
103. 4
Transportation
Reading Other
and
goods
Medical Personal
recreaand
care
care
tion
services
.2)
,2)
(2)
I2)
90.6
100.9
108.5
111. 3
118. 4
126. 2
129. 7
128.0
126.7
126. 6
126.4
125. 0
127. 6
127.3
127. 6
127.4
127. 3
125. 3
125. 5
125. 8
125. 4
125.4
94. 9
100. 9
104. 1
106.0
111. 1
117.2
121. 3
125.2
125. 2
125. 5
125.7
125. 9
126. 1
126.3
126.5
126. 8
127. 0
127.3
127.5
127.6
127. 9
128.0
I 22)
C)
97.6
101.3
101. 1
101. 1
110.5
111.8
112.8
113. 4
113. 3
113.4
113.5
113.4
113.8
113. 6
113.7
113.5
113. 5
113.7
113.9
114. 7
115. 5
115. 8
I2)
(2)
95.5
100. 4
104. 1
103.4
106.5
107.0
108.0
107.0
107.0
106. 6
106. 5
106.9
106. 8
106.6
106.9
106.4
106.6
106. 6
106. 5
106. 2
106. 3
106.3
(22)
()
96.1
100.5
103.4
105.2
109.7
115.4
118.2
120. 1
120.3
120.2
120. 1
120. 1
120. 0
119. 9
119.9
119.8
119.8
119.8
119. 9
119.9
120. 3
120.4
Source: Department of Labor.
23
WHOLESALE PRICES
The average of wholesale prices rose 0.6 percent in September, reflecting increases in average prices of farm and
industrial products. The average of industrial prices increased appreciably for the third consecutive month.
INDEX. 1947-49" 100
INDEX,1947-49-100
120
120 I
OTHER THAN FARM
PRODUCTS AND FOODS
<IHOUSTRIAL*
I J
•
\\ ALL
\V
<!
COMMODITIES
N
V-' V.
PROCESSED
FOODS
—V
FARM PRODUCTS
1 1 1 1 1
1
1 1
1 1 1 1 1
1 1 1 | 1
1 1 1 M 1 1 1 I
1 1 1 1 1 1 1 1 1 1 \
i t i i i
1 1 1 I I I I I I BO
1954
1953
1950
i i i ii
1955
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[1947-49=100]
Period
1939
.. .
1947 1948
_
1949 .
. . . . . . --1950
1951
_
1952
_
1953
1954-. - 1954: August
SeptemberOctoberNovember
_
December
_
. ._
1955: January
February
March
.. . . _
April >
_
May
_
.
June
_
July
August
September
Week ended: l
1955: October 4
_
__ __ _ _ _
.
11
24
* Weekly series based on a smaller sample than the montfoly series.
Source: Department of Labor.
50. 1
96.4
104.4
99.2
103. 1
114.8
111.6
110. 1
110. 3
110.5
110. 0
109. 7
110.0
109. 5
110. 1
110.4
110.0
110. 5
109.9
110. 3
110.5
110.9
111. 6
36. 5
100. 0
107.3
92.8
97.5
113.4
107.0
97.0
95. 6
95.8
93.6
93. 1
93.2
89. 9
92.5
93. 1
92. 1
94. 2
91.2
91. 8
89. 5
88. 1
89. 3
43.3
98.2
106. 1
95.7
99.8
111.4
108.8
104.6
105. 3
106.4
105. 5
103. 7
103. 8
103. 5
103.8
103.2
101.6
102. 5
102. 1
103.9
103. 1
101.9
101. 4
Otiiei than
farm produce
and foods
(industrial)
58. 1
95. 3
103.4
101.3
105.0
115.9
113.2
114.0
114. 5
114.4
114.4
114. 5
114. 8
114. 9
115. 2
115.7
115.6
115. 7
115.5
115.6
116. 5
117.5
118. 4
111. 4
111.2
87.5
86. 7
100. 1
99. 8
118. 6
118. 7
All commodities
Farm
products
Processed
foods
PRICES RECEIVED AND PAID BY FARMERS
The index of prices received by farmers increased 1 percent during the month ended September 15.
prices paid by farmers continued to decline, and the parity ratio increased 1 point.
INDEX, 1910-14*100
The index of
INDEX, 1910-14 »100
325
325
PRICES RECEIVED
300
'*
* PARITY INDEX
-«*"" (PRICES PAID, INTEREST, TAXES
AND WAGE RATES)
100
N 0
1950
1954
•^RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.
SOURCE: DEPARTMENT OF AGRICULTURE-
COUNCIL OF ECONOMIC ADVISERS
Period
1939
.
1946
1947
1948
_
__
..
1949 .
1950
. ..
1951
1952
1953
... .
1954
1954* August 15
September 15-October 15
November 15
December 15
1955: January 15
February 15 March 15
April 15
May 15
June 15
July 15
August 15
September 15
-
_._
1955
Prices paid by farmers Parity index Prices re(prices paid,
for items used in
ceived by
interest,
farmers
taxes, and
Family
Producwage rates)
living
tion
Index, 1910-14=100
95
123
121
120
2236
208
202
191
276
240
224
237
_..
287
260
250
251
250
251
238
243
._
258
256
246
246
302
282
273
268
288
287
274
271
258
279
253
270
249
281
252
274
_
249
281
250
277
246
280
273
251
242
279
250
273
242
279
272
251
239
279
272
250
283
243
254
273
244
283
256
271
284
243
256
273
247
284
254
274
244
282
274
251
282
243
250
274
237
281
248
274
233
279
247
273
235
278
245
271
i Percentage ratio of index of prices received by farmers to parity index.
»Includes wartime subsidies paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1943.
Source: Department of Agriculture.
Parity1
ratio
77
113
115
110
100
101
107
100
92
89
89
88
87
87
86
86
86
86
87
87
86
84
84
85
25
CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
Demand deposits (excluding Government) rose seasonally in August.
currency were 4 percent higher than a year earlier.
At the end of the month, total deposits and
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
END OF MONTH
TOTAL DEPOSITS AND CURRENCY
TOTAL EXCLUDING U.S. GOVERNMENT
DEPOSITS
{PRIVATELY HELD MOHEY SUPPLY)
160
160
120
120
DEMAND DEPOSITS
ADJUSTED
TIME DEPOSITS
CURRENCY OUTSIDE
BANKS ""
1950
COUNCIL OF ECONOMIC ADVISiRS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Billions of dollars]
Total deposits and
currency
End of period
1946
1948
1949
1950
1951
1952
.
...
1953...
1954
1954: July
August
September
October
November
December.
1955: January
February . . .
March
April
May
June5
.»
July 5
August
.
__
167. 5
172.7
173.9
180. 6
189.9
200.4
205.7
214.8
204.8
206.3
207.7
211.3
213.3
214.8
213.4
212.0
210.6
213.0
212. 6
213.5
214. 6
214.2
U.S.
Government
deposits 1
3. 5
3.6
4. 1
3.7
3.9
5.6
4.8
5. 1
4.4
6.0
5.2
6. 6
7.5
5. 1
4.2
5. 1
5.3
5.6
5.9
5.8
6.5
5.6
Total excluding U. S. Government deposits
(privately held money supply) 2
Demand
Currency
Time
outside
Total
deposits
deposits 4
banks
adjusted 3
164. 0
26. 7
83.3
54.0
26. 1
169. 1
85. 5
57. 5
25. 4
169.8
85.8
58. 6
92. 3
25. 4
176, 9
59. 2
98.2
26.3
186. 0
61. 4
194.8
27.5
101. 5
65. 8
200. 9
28. 1
102.5
70. 4
27.9
209.7
106.6
75.3
200.4
26.8
100.0
73. 7
200.3
26.9
99. 4
74.0
202. 5
26.9
101.2
74. 4
204. 7
26.9
103. 1
74.8
205.8
27.5
104.0
74.3
27.9
209.7
106.6
75.3
209.2
26.8
107.0
75.4
206.9
104.5
26.8
75.7
26.7
205.3
102.4
76.2
26.7
207.4
104. 5
76.2
103.3
206.7
26.8
76.5
27.4
103.2
207.7
77.1
27. 1
208. 1
103.9
77. 1
27. 3
208. 6
103.9
77.4
Includes U. 8 Government deposits at Federal Reserve banks and commercial and savings banks, and TJ. S. Treasurer's time deposits, open account.
Includes deposits and currency held by State and local governments.
Includes demand deposits, other than interbank and U S, Government, less cash items in process of collection.
Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.
OR
Preliminary estimates
"^ NOTE.— Detail will]notjnecessarily[addlto totals because of rounding.
Source: Board of Governors of the Federal Reserve Board
BANK LOANS, INVESTMENTS, AND RESERVES
In August, loans of commercial banks increased $700 million/ while their holdings of U. S. Government securities
declined $1.2 billion. The expansion of loans continued in September. "Free" reserves (excess reserves less borrowings at the Federal Reserve Banks) declined during August and September.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS
TOTAL LOANS AND INVESTMENTS
120
120 <1
8O
80
4O 1
20
40
20
^INVESTMENT IN OTHER SECURITIES
I I I I I I I I I t
o I I i
1950
I
I
I
I
1952
I
I
I
t
I
I
1953
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
End of period
1949
1950
-_
1951
1952
1953
1954
1954: July
August - _ ~ ~
September October _
November
December » 1955* January
February
March.
--.-May
June4 —
July 4 . August
September 4
Total loans
and investments
120.2
126. 7
132.6
141.6
145.7
155.9
147.3
149.5
150. 6
154.0
155.7
155.9
156.2
154.8
153.5
155.5
155. 6
155.3
157.0
156.7
[Billions of dollars]
All commercial banks
Investments
U. S. Gov- Other
Loans
Total
ernment
securities securities
10.2
77.2
67.0
43. 0
12.4
74.4
52.2
62.0
13.3
74.9
57.7
61.5
14. 1
77.5
64. 2
63.3
14.7
63.4
67.6
78. 1
70.6
85.3
16. 3
69.0
15.7
80.0
67.3
64.3
83.0
15.7
66.5
67.3
16.0
67.3
83.3
67.3
86. 3
70. 2
16. 1
67.7
16.2
86.3
69.4
70.1
16.3
85.3
69.0
70.6
16.7
85.7
70.6
69.0
83.6
71.2
16.8
66.8
17.0
81.2
64.2
72.3
17.0
72.9
82.6
65. 6
81.7
73.8
65.0
16.7
80. 1
75.2
16.8
63. 3
80.4
16.7
76.6
63.7
16.8
79.3
77.3
62.5
'COUNCIL OF ECONOMIC ADVISERS
Weekly
reporting
member2
banks *
Business
loans 8
13.9
17.8
21.6
23.4
23.4
22. 4
21.5
20.8
21.0
21. 0
22. 1
22.4
22.0
22. 1
22.6
22. 5
22. 6
23. 5
23. 5
24. 2
24. 7
All member banks * *
BorrowReserve balances ings at
Federal
Required Excess Reserve
Banks
17.0
.8
1
.8
15. 6
1
18.5
.8
3
19.6
.7
8
.7
19. 3
8
.8
18.5
1
18.3
.8
1
17.6
.8
1
17. 6
.8
1
18.2
.7
1
18.4
.8
2
.7
18. 6
2
18.4
.7
3
18. 2
.6
4
18.0
.6
5
18.2
.6
5
.6
18. 2
4
18. 1
.6
4
18. 2
.6
5
18.2
.6
8
18. 1
.5
8
i Member banks include, besides all national banks, those State banks that have taken membership in the Federal Reserve System.
a Commercial, industrial, and agricultural loans; revised series beginning January 1952. Such loans by weekly reporting member banks represent approximately
70 percent of business loans by all commercial banks.
a Data are averages of daily figures on balances and borrowings during the period.
* Preliminary estimates.
NOTE —Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
27
CONSUMER CREDIT
In August, total consumer credit outstanding increased almost $% billion to a new high of $33.6 billion. Instalment
credit rose about $680 million, due largely to the continued increase in automobile credit. Noninstalment credit
increased slightly.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
35
35
1950
1955
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
| Millions of dollars]
Total
consumer
End of period
credit
outstanding
1939 .
7. 222
8,384
1946 _
1947
_ _ _ - 11,570
1948
14,411
17, 104
1949
1950
_
20, 813
1951
21, 468
1952
.
25, 827
1953
29, 537
1954
30, 125
1954: July
28, 725
August
-28,736
September- 28, 856
October
28, 975
November. 29, 209
December. 30, 125
1955: January
29, 760
February. 29,518
March
29, 948
April
30, 655
May
31, 568
June
32, 471
July
32, 896
August
33, 636
1
Includes
1
Instalment credit outstanding
Total
4,503
4,172
6, 695
8,968
11, 516
14, 490
14, 837
18.684
22, 187
22, 467
21, 849
21, 901
21, 935
21, 952
22, 014
22, 467
22, 436
22, 508
22, 974
23, 513
24, 149
24, 914
25, 476
26, 155
Automobilel
paper
1,497
981
1,924
3,054
4,699
6,342
6,242
8,099
10, 341
10, 396
10, 298
10, 349
10, 365
10, 340
10, 296
10, 396
10, 459
10, 641
11, 053
115 482
11, 985
12, 561
13, 038
13, 547
Other Repair and
consumer moderni- Personal
zation
loans
goods
loans s
paper *
1,088
298
1,620
1,496
405
1,290
1,910
2, 143
718
2,229
2,842
843
2,444
887
3,486
2,805
1,006
4,337
3,235
1,090
4,270
3,851
1,406
5,328
4,366
1,649
5,831
4,787
1,616
5 3 668
4,586
1,637
5,328
4,616
1,642
5,294
4,641
1,642
5,287
4, 651
5,324
1,637
4,689
1, 631
5,398
4,787
5,668
1, 616
4,794
1,574
5,609
4,833
1,550
5, 484
4,912
1,530
5,479
1,534
5,005
5,492
5,063
1,546
5,555
1,562
5, 152
5, 639
5, 192
1,570
5,676
5,257
5, 762
1, 589
Noninstalment credit
outstanding
Total
2,719
4,212
4, 875
5,443
5,588
6,323
6, 631
7,143
7,350
7,658
6,876
6,835
6,921
7,023
7,195
7,658
7,324
7,010
6,974
7,142
7,419
7,557
7, 420
7,481
Charge
accounts
1,414
2, 076
2,353
2,713
2,680
3,006
3,096
3,342
3,411
33518
2,773
2, 734
2,807
21,892
3,042
3,518
3,225
2, 831
2,735
2, 859
3,011
3,040
2,991
3,019
Instal- Instalment
ment
credit excredit 3
3
repaid
tended
6,872
8,495
12,713
15, 540
18, 002
21, 256
22, 791
28, 397
30, 321
29, 304
2,549
2,477
2,441
2,454
2,554
3,046
2,389
2,416
3,159
3,089
3,206
3,443
3, 131
3,436
all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured b> the items purchased.
Includes only sucb loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper."
* OredJt extended or repaid during the period.
Source: Board of Governors of the Federal Eeserve System.
6,060
6,785
10, 190
13, 267
15, 454
18, 282
22, 444
24, 550
26, 818
29, 024
2,417
2,425
2,407
2,437
2,492
2,593
2,420
2,344
2,693
2,550
2,570
2,678
2,569
2,757
BOND YIELDS AND INTEREST RATES
Short-term interest rates rose during September and early October.
drifted downward. Corporate bond yields changed very little.
Yields on U. S. Government and municipal bonds
PERCENT PER ANNUM
.4
PERCENT PER A N N U M
4
1950
1955
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
1939
„
„
1948
1949
- - 1950
1951
- 1952
1953
1954
_ _
1954; September
October
. „.
November
December
1955: January. _
February
March
April
May
June
..
July
August
September.
Week ended:
1955: September 10
17
24
October
1
8
15
1
[Percent per annum]
U. S. Government security yields
High-grade
3-month
Taxable bonds 2
municipal
Treasury
4
3
bonds 5
New
series
Old
series
bills i
0. 023
2.76
2.44
2.40
1. 040
2.31
1. 102
2. 21
2.32
1.98
1.218
1. 552
2.00
2.57
2. 19
2.68
1. 766
2.72
2.93
1.931
3. 16
2. 53
2.70
. 953
2.37
2.64
2.29
1.007
2. 51
2.52
2. 32
2. 65
.987
2.29
2.68
.948
2.55
2. 68
1. 174
2.57
2.33
2. 65
2.76
2. 39
1.257
4
2.72
2. 42
2. 92
1. 177
2.92
2. 71
2. 45
1.335
2.92
2.77
2.43
1.620
2. 91
1.491
2.41
2.75
1.432
2.48
2.91
2.76
2.62
1.622
2.96
2.87
3.02
2. 67
2.91
1. 876
3.00
2. 63
2.086
2.88
2.
2.
1.
2.
2.
2.
134
104
981
122
214
257
2. 88
2. 89
2.89
2.86
2.83
2.81
Rate on new issues within period.
2 Bonds in this classification were first issued in March 1941.
» Beginning April 1952, 2M>-percent bonds first callable after 12 years. Prior
to that, only bonds due or callable after 15 years were included.
3. 01
3. 01
3.00
2.98
2.98
2.96
4
2.68
2. 64
2. 60
2.58
2.57
2.56
Corporate bonds
(Moody's)
Aaa
3. 01
2.82
2.66
2.62
2.86
2.96
3. 20
2. 90
2. 89
2.87
2.89
2. 90
2.93
2. 99
3.02
3. 01
3.04
3.05
3.06
3. 11
3. 13
3.
3.
3.
3.
3.
3.
14
1H
\\\
VI
VI
11
3J4-percent bonds of 1978-83, issued in May nissued in February 1955.
* Standard and Poor's. Weekly data are W n t n
Source: Board of Governors of the Federal l ^ >
(except as noted).
Prime
commercial
paper,
Baa
4-6 months
4. UG
0.59
o. -17
1.44
1 42
1.49
i. 2-1
1.45
i. -1 1
2. 16
.' r •>
2.33
>. 7-1
2. 52
L f> 1
1.58
i. -IV
1.31
i, -ir,
1.31
i, -if.
1.31
>,. -i.'i
1.31
1 4.'»
1.47
i. -IV
1.68
i -is
1.69
i. -m
1. 90
; ;.()
2.00
; .M
2. 00
i. .V.'
2. 11
!
,^ . i f ,
2.33
; ;,<)
2. 54
I ,t'i
2. f O
2. rr>
2. / S
''. < ,'•»
j , >* »
v. < :>
STOCK PRICES
Stock prices declined in the latter part of September and early October.
INDEX, 1939-100
INDEX, 1939 = 100
500
500
300
200
I
100
1950
I I l I I
100
1955
1951
SOURCE: SECURITIES AND EXCHANGE-COMMISSION.
COUNCIL OF ECONOMIC ADVISERS
[1939=*1QOJ
Composite
index *
Period
Weekly average:
1946
1947
1948.
1949
1950
1951..
1952
1953
1954
.... .
_
1954: October
November
December
1955: January.
February
March,
April
-
May
V*J
June
July .
August
September
Week ended:
1955: September 9
16
October
23 _ _
30
7
142
Manufacturing
TransDurable Nondura- portation
Total
goods ble goods
Utilities
121.0
105.5
99.3
98. 1
108.9
112.6
117.9
121. 5
135.8
138.2
141.2
144. 1
145. 3
150.0
150. 9
152. 1
153.5
154.3
156.6
156. 2
155.3
204.3
162.8
156.9
160.7
183.8
207.9
206.0
207. 1
235. 6
248.6
260.4
267.5
269. 8
276.0
274.6
277.3
280. 5
294.2
304.3
302. 4
319. 7
125. 5
117.2
133. 0
129. 4
143.5
204.9
275.7
240. 5
267.0
269. 4
277.9
310. 3
314. 4
314.6
315. 1
311.3
302. 6
313.8
317.2
311.4
317. 1
155.2
156. 3
156. 6
153. 0
151.5
149. 6
312.8
323.8
335. 4
317.2
309. 9
301.9
319. 8
324. 2
321. 1
306.6
297. 3
284.8
149.4
130. 9
132.7
127.7
154. 1
1849
195.0
193.3
229.8
243.6
254. 4
267.7
270. 6
281.0
279.6
286. 8
289.0
302. 9
318.8
315.3
326. 6
146.6
132.4
136,8
132.1
165.7
206.8
220.2
220. 1
271.3
291.2
305.2
322.7
326.4
340. 0
336.9
347.0
349.6
370. 1
394. 6
390.0
407. 1
138.6
119.9
124.3
116.0
150.2
178.5
188.8
192.6
245.2
267.4
284.4
298.3
306.9
320. 0
318.2
326.8
324.5
344. 4
366. 1
367.8
387.0
147.2
180.2
233.1
249.3
245.2
295. 2
312.8
324.0
345.0
344. 0
358.2
353.8
365. 3
372.4
393.4
420. 7
410.0
425. 2
202.4
149.1
158. 1
136.0
160.0
199.0
220.6
218.7
252. 6
240.4
259.4
284.8
288. 1
300.3
305.4
320.5
326.0
336. 5
333. 9
323. 6
331. 3
325.0
331. 4
334.2
319.6
311.2
304.7
404.8
413.5
417. 1
397. 9
386.0
377.5
382.4
392. 9
398. 3
381.4
386.3
358.0
425.0
432. 1
434. 0
412.6
401. 9
395.0
334.7
337. 9
337.9
319. 2
310.7
305. 1
154.5
144.6
wae
Trade,
finance, Mining
and service
1
Includes 266 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing.
21 for transportation, 29 for utilities 31
2
for trade, finance, and service, and 14 for mining. Indexes are for weekly closing prices,
Not plotted.
Source: Securities and Eichange Commission.
Digitized for 30
FRASER
FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
The cumulative budget deficit for the first two months of the current fiscal year was $4.1 billion, due primarily to
seasonally low tax collections. For the same period last year, the budget deficit amounted to $4.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET EXPENDITURES
NET BUDGET RECEIPTS
75
1956
75
•HO
MAJOR NATIONAL SECURITY
- EXPENDITURES
BUDGET SURPLUS (+) OR DEFICIT (-)
(MAGNIFIED SCALE)
50
-5
-
-10
1951
1952
1953
1954
1955
I95K
*ESTIMATED
1951
1952
1953
1954
1955
1956
FISCAL YEARS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS
(Billions of dollars|
Net budget
receipts
Period
Fiscal year 1944
Fiscal year 1947
Fiscal year 1948
Fiscal year 1949
Fiscal year 1950 _ .
Fiscal vear 1951
Fiscal year 1952
Fiscal year 1953
_Fiscal vear 1 9543
Fiscal year 1955 _
Fiscals year 1956 (estimated)
1954 : August
September
_
October
November
December
1 955* : January
February
March
April
May
June
July
..
August _ _
Cumulative totals for first 2 months :
Fiscal vear 1955__
Fiscal vear 1956
..
.
.
._
„
_
.
___
43. 6
39 8
41. 5
37. 7
36. 5
47. 6
61.4
64. 8
64. 7
60. 3
62. 1
3. 9
5. 0
2. 6
4.2
3. 7
4. 7
5. 4
9.7
3. 7
4. 4
10.0
2. 8
4. 7
6.7
7.5
Net budget <3xpenditures
Major
nationall
Total
security
76. 8
95. 1
14. 4
39. 0
11.8
33. 1
39. 5
12. 9
39. 6
13. 0
44. 1
22. 3
65. 4
43. 8
74. 3
50. 3
67. 8
46. 5
64. 5
40.4
63. 8
38. 7
6. 7
3. 4
5. 0
3. 3
4.9
3. 3
3.8
3.3
3. 7
6. 3
4. 9
3. 2
4. 8
3. 1
5.9
3.5
5. 2
3.3
5.4
3.3
3. 9
6.7
5.4
2. 9
6. 2
3. 5
11.6
11.6
6.6
6.4
Budget surplus (+) or
deficit (— )
— 51.4
+. 8
+ 8.4
— 1. 8
— 3. 1
+ 3. 5
— 4. 0
— 9.4
— 3. 1
— 4.2
— 1. 7
— 2. 8
i
-2.2
+.4
— 2. 5
-.3
+.6
+ 3. 8
— 1. 5
-.9
Public debt
(end of
period) s
— 1. 5
202. 6
258. 4
252.4
252. 8
257.4
255.3
259.2
266. 1
271. 3
274.4
275. 0
275. 0
274. 8
278.8
278.9
278. 8
278. 5
278. 2
274. 1
276. 7
277.5
274.4
277. 6
278.4
-4.8
-4. 1
275.0
278. 4
+ 3.4
-2. 6
1 Kevised to include the items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending June SO, 1966. These
expenditure items are: Military functions of Defense Department, mutual military program, development and control of atomic energy, and allocation of critical and
strategic materials.
3
2 Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.
Preliminary.
NOTE.—Beginning with February 1954, the reporting of budget receipts and expenditures is on a basis consistent with that used in preparing budget estimates.
The figures shown above for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis.
Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
OI
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
Federal cash receipts exceeded cash payments by $1.9 billion In the second quarter of this year. A cash surplus is
usual at this time of the year. For the entire fiscal year 1955, Federal cash payments exceeded cash receipts by
$3.0 billion.
BILLIONS OF DOLLARS
80
BILLIONS OF DOLLARS
80
60
CASH RECEIPTS
X
CASH PAYMENTS
•HO
(MAGNIFIED SCALE)
EXCESS OF CASH RECEIPTS
EXCESS OF CASH PAYMENTS
1950
-10
1951
1952
•I/PRELIMINARY ESTIMATES
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
1954^
1953
1954^
I
1955^
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Calendar year
Calendar 'year total:
1946J
1947 .
1948.
1949
1950.
1951.
1952.
1953.
1954 *
Quarterly totals, not adjusted for seasonal variation:
1953: Third quarter
Fourth quarter
. 1954: 1 First quarter
Second quarter.
- - Third quarter
_
Fourth quarter
.. - 1955: 1 First quarter
Second quarter
.
32
Cash receipts
from the
public
Cash payments to
the public
Excess of receipts ( + ) or
payments (— )
41, 441
44, 282
44, 922
41, 846
42, 419
59, 278
71, 339
70, 041
68, 562
41, 399
38, 616
36, 897
42, 642
41, 969
58, 034
72, 980
76, 194
69, 622
4-42
4-5,666
+8, 027
1, 295
4-450
+ 1,244
-1,641
— 6, 153
— 1,060
15, 357
13, 471
23, 693
19, 115
13, 501
12, 253
21, 287
20, 749
18, 870
18, 109
16, 459
18, 431
18, 582
16, 172
17, 161
18, 878
-3,513
—4, 638
+ 7, 234
4-684
-5,082
-3,918
+ 4, 126
+ 1,871
i Preliminary estimates.
NOTs.—Detail will not necessarily tdd to totals bucanse of rounding.
Sources: Bureau of the Budget and Treasury Department.
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