Full text of Economic Indicators : October 1958

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-83*

Economic Indicators
OCTOBER 1958

Prepared for the Joint Economic Committee by the
.ft
il of Economic Advisers




UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1958

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
JOHN SPARKMAN, Alabama, Vice Chairman
RICHARD BOLLING (Missouri)
PAUL H. DOUGLAS (Illinois)
HALE BOGGS (Louisiana)
J. WILLIAM FULBRIGHT (Arkansas)
HENRY S. REUSS (Wisconsin)
JOSEPH C. O'MAHONEY (Wyoming)
HENRY O. TALLE (Iowa)
RALPH E. FLANDERS (Vermont)
THOMAS B. CURTIS (Missouri)
ARTHUR V. WATKINS (Utah)
CLARENCE E. KILBURN (New York)
JOHN D. HOBLITZELL, Jr. (West Virginia)
RODERICK H. RILEY, Executive Director
JOHN W. LEHMAN, Clerk

COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNIER, Chairman
JOSEPH S. DAVIS
PAUL W. McCRACKEN

[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators/1 and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint
Economic Committee; and the required number of copies to the Superintendent of Documents for distribution
to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to
the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.

11



Contents
TOTAL OUTPUT, INCOME, AND SPENDING

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. 5 ...




31
32
•• *
111

TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Preliminary estimates show a marked increase in total income and expenditures between the second and third quarters
of 1958.
[Billions of dollars]

1958

1957

Economic group

Second quarter

Year

Third quarter

Excess
of reEx- ceipts
Re- pendceipts itures or(+)
expendr
itures
(-)

Excess
of reEx- ceipts
Re- pendceipts itures or(+)
expenditures
(-)

ExRe- pendceipts itures

Excess
of receipts

(+)

or expenditures
(-)

Third quarter1
Excess
of reEx- ceipts
Re- pendceipts itures or expenditures
<->

Seasonally adjusted annual rates
Consumers:
Disposable personal income 305. 1
Personal consumption ex284. 4
penditures

288. 3

Excess of receipts (--4-)
or of investment ( — ) _
Government (Federal, State,
and local):
Tax and nontax receipts or
116. 2
accruals _ _ _
„ ._
Less: Transfers, interest,
27. 4
and subsidies (net)
88. 8

Purchases of goods
and services

(2)

*~5. 3
.5

.5

-3.6

-.5

117. 3

111. I

(2)

27 5

32. 3

33.2

89 8

78.8

(2)

114. 5

123. 2

126. 2

27. 4

27. 5

32. 3

33 2

87. 1

87. 0

90. 9

93 0

.7

.7

.7

,7

445. 6 445. 6

i8 Preliminary estimates.
Not available.
NOTE.—For explanation and use of this arrangement, see Senate Report No.
1295, Joint Economic Report, pp. 92-93, 99-105, and Economic Report of the President, January 1953, Appendix A.

(2)

-12. 1

2.8

1. 7

GROSS NATIONAL PRODUCT^ 440. 3 440. 3




54, 5

114. 5

Surplus (+) or
deficit ( — ) on
income and
product account _
Statistical discrepancy-

49. 2

3. 6
-3. 5

22.0
(2)

— 20 3

3. 5

292.0
19. 2

43 9

-19. 7

Total government expenditures
..
Less: Transfers, interest,
and subsidies (net)

288. 3

66. 7

65.3

International:
Net foreign investment

314.0

20 4
46. 4

45. 6

Excess of investment
(— )

Net receipts

307. 5

20. 7

Personal net saving (+ ) Business:
Gross retained earnings
Gross private domestic investment
.

308.7

— 1. 1

429.0 429. 0

-1. 1

(2)

440. 0 440.0

Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Council of Economic Advisers.

(*).

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national expenditures rose $11.0 billion (seasonally adjusted annual rate) between the second and third
quarters of 1958, according to preliminary estimates. Increases occurred in all major components except net foreign
investment.
BILLIONS OF DOLLARS
800

'BILLIONS OF DOLLARS
50O
SEASONALLY ADJUSTED ANNUAL RATES

GROSS NATIONAL PRODUCT
400

400

300

300

PERSONAL CONSUMPTION
EXPENDITURES *s.

200

200

GOVERNMENT PURCHASES
OF GOODS AND SERVICES

100

100

I95E

1953

I

1954

1955

1956

1957

1958

\l PRELIMINARY ESTIMATES .BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Government purchases of goods and services
Total
Personal Gross
Total
con- private
gross
Net
Federal
national gross
foreign
sumpState
Period
product national tion domestic
investand
Total
»
2
National
3 Other
in 1957l product expend- invest- ment
Total
local
security
ment
prices
itures
8.2
. 1939
_
3.9
204.7
1.3
91.1
13.3
5.2
67.6
0.9
9.3
15.2
1948
5.6
317.1
15.8
259.4
36. 1
178.3
1.9
20.9
43.1
1949..
17.9
6.6
316.6
19.3
43.4
258.1 181.2
25.5
.5
33.0
4.2
21.7
1951
37.2
370. 1
329.0
.2
62. 6
40.9
209.8
56.3
23.2
1952
...
382. 6
48.9
5.8
54.3
347.0
—.2
77.5
219.8
49. 9
24.9
8.4
1953..
. . .
51.5
232. 6
59.5
399. 3
365.4
2 0
84.4
50.3
6.2
27. 7
1954
. .
43.0
393.0
363.1 238.0
—.4
76.6
48.9
48. 9
41.3
5.9
30.3
1955
425. 1
397.5 256. 9
— 4
77. 1
46.8
63.8
5.0
1956
33.1
42.5
47.1
419. 2
L4
80.3
435.3
269.4
68.2
4.8
36.3
46.5
50.8
1957
. .. 440.3
440.3 284.4
87.1
3.5
65.3
Seasonally adjusted annual rates
35.9
5.1
45.8
1957: First quarter
4.2
50.5
436.3 279.8
86.4
65.9
47.4
36,0
4.5
Second quarter
441, 2 282. 5
4.2
87. 5
51.5
67.0
46.9
36.1
4.5
Third quarter
87.0
50.9
3.6
445.6 288. 3
66.7
37.8
46.0
5.0
50.5
Fourth quarter .
438.9 287.2
1.9
88.3
61.5
45. 6
5.7
38.6
50.9
1958: First quarter
425.8 286.2
.5
89.5
49.6
6.2
39. 1
46. 0
51. 9
90. 9
49.2
Second quarter
429.0
.5
288.3
7.0
40.0
53.0
46.5
440.0
93.0
292.0
.5
Third quarter i
54.5
a* Preliminary estimates by Council ol Economic Advisers.
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 of the
t January 1956 (p. 137), and National Income, 1954 Edition (p. 148).




These expenditures are not comparable with the "major national security** cate*
gory in The Budget of the United States Government for the Fiscal Year Ending
June S0t 1959, and shown on p. 31 of Economic Indicators*
NOTE.—Detail wfll not necessarily add to totals because of rounding.
Source; Department of Commerce (except as noted).

NATIONAL INCOME
Compensation of employees rose $4.6 billion (seasonally adjusted annual rate) between the second and third quarters
of 1958. There were only small changes in other components of noncorporate income.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

400

400
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL NATIONAL INCOME

300

300

200

20O

100

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

NET INTEREST.
.«••••••••• •«!•••

952

I

1953

I

1955

1954

1956

1957

y PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

1958
COUNCIL C* ECONOMIC ADVtSCXS

[Billions of dollars]

Period

1939 —
1948.
1949
1951.
1952
1953
1954
1955
1956.. _
1957..

_
_

1957: First quarter
Second quarter.... _
Third quarter
Fourth quarter
1958: First quarter ..
Second quarter2 .
Third quarter _.

Proprietors' income

Compensation
of employees *

72. 8
223. 5
217.7
279. 3
292. 2
305. 6
301. 8
330. 2
349. 4
364. 0

48.1
141. 0
140. 8
180. 3
195. 0
208.8
207. 6
223. 9
241. 8
254. 6

4.3
2.7
7.3
22.4
7.3
17.8
22. 7
12.9
8.3
9.4
16. 3
26.0
15.3
26. 9
10. 2
13.3
27.4
10.5
12.7
10. 9
27.8
11.8
30.4
10.7
11. 6
10,9
30.8
11. 6
31.4
11.8
Seasonally adjusted annual

361. 5
364. 1
368.7
361. 5
350. 6
352. 4
(3)

251. 6
254. 9
257. 3
254. 8
250. 9
250. 7
255. 3

11. 5
11. 6
11.8
11.5
12.6
13.4
13.3

Farm

1
8 Includes employer contributions for social insurance. (See also p. 4.)
Preliminary estimates by Council of Economic Advisers.
• Not available.




Rental
income
of
persons

Total
national
income

Business
and professional

31. 1
31.4
31.7
31.3
30. 6
30.7
31. 1

11.4
11. 7
12.0
12.2
12. 1
12. 1
12.2

Net
interest

Corporate profits and inventory valuation adjustment
Total

Profits Inventory
valuation
before
taxes adjustment

4. 6
42
4.8
6.3
7. 1
8. 2
9. 1
10. 4
11.3
12. 6
rates

5.7
30.8
28. 2
41.0
37. 7
37.3
33.7
43. 1
42.9
41.9

6.4
33.0
26.4
42. 2
36.7
38.3
34. 1
44 9
45. 5
43.4

—0.7
-2.2
1.9
-1.2
1.0
— 1.0
-.3
-1.7
2 6

12.1
12.5
12. 8
12.9
13.0
13. 1
13.3

43.7
42. 0
43. 1

46. 1
43.5
442
39.9
31.7
32.0
(3)

-2.4
-1.5
— 1. 1
1i

3as

31. 3
32.5
(3)

NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).

— 1. 5

(8)

— ."S3

SOURCES OF PERSONAL INCOME
Personal income in September was about $1!/2 billion (seasonally adjusted annual rate) hisher than in August.
Wages and salaries accounted for one-half of the rise.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

350

TOTAL PERSONAL INCOME

V

300

250'

LABOR INCOME
•^••••••^y*

200

ISO
FARM PROPRIETORS'
INCOME

1952

1958

SOURCE: DEPARTMENT OF COMMERCE.

Total
personal
income

Period

1939
1949 ...
1951 ...
1952
1953
1954
1955
1956
1957

.

72.9
208.3
256. 7
273. 1
288.3
289.8
310. 2
330. 5
347. 9

352. 1
351.4
350.6
350. 2
348.4
348.2
346.4
347. 1
348. 1
May
349.9
June
352.0
3
July..
358. 8
356. 1
August
September* 357. 5

1957: August
September.
October. __
November^
December.
1958: January __
February.
March.!
April

[Billions of dollars]
Labor income Proprietors' income
Less: Per(wage and
sonal con- NonagriRental
Transfer
Personal
cultural
tributions
salary disDivipayBusiness income
for social personal3
bursements Farm
of
dends interest
and
proments
income
income
insurand other
fessional persons
ance
labor income)l
67.1
0.6
4.3
3.0
7.3
2. 7
46.6
5.8
3. 8
192. 1
2.2
12.4
137. 4
12.9
22. 7
9.4
8. 3
7.5
237.0
3.4
12.6
9.4
11.2
175.5
16.3
26.0
9.0
254.3
13.2
3.8
190.2
15.3
10.2
12. 1
26.9
9.0
271.
5
3. 9
14.3
204. 1
13.3
9.2
13.4
27.4
10. 5
273.8
4.6
16.2
202. 5
12.7
14. 6
27. 8
10. 9
9.8
295.0
5.2
17.5
11.2
218.0
11.8
30.4
15. 8
10. 7
315. 4
5. 7
235.2
18. 6
11.6
17.0
30.8
10.9
12.0
332.7
6.6
21.5
31.4
11.6
12.4
18.8
247. 1
11. 8
Seasonally adjusted annual rates
336.6
6.7
21.5
19.0
11.8
31. 8
12.0
249. 9
12. 8
336. 1
6.6
21. 5
12. 1
19. 1
11.7
31.6
12.7
249. 3
335. 7
22. 6
6.6
12. 1
19. 1
11.4
12.6
247.8
31. 6
335.2
6.6
23.0
12.2
12. 6
19. 1
11. 4
31.2
247. 2
333.0
6.6
23.3
12.2
19. 2
10. 8
11.8
31. 2
246. 5
332.5
6.7
23. 9
19. 3
12. 2
12.0
12.5
244. 2
30.9
330.1
6.7
23. 8
12.1
12.4
19.3
30.4
242. 2
12.7
330. 5
6.6
24.8
12. I
19. 3
12.4
30. 5
241. 5
13.0
331.0
6.6
26.
1
19.3
12. 1
12.4
13.4
30. 6
240. 9
332.4
6.7
26.4
12. 1
12.4
19. 3
30. 7
13. 7
242. 0
335. 1
6.7
26. 0
19. 3
12. 2
12. 5
13.2
244. 7
30.8
3
3
342. 0
7.0
2&5
19. 3
12. 2
12.5
13. 1
31.0
251. 2
339. 2
6.8
26.8
12. 2
19. 4
13. 3
12.5
247. 6
31. 1
340. 6
6.8
27. 2
19. 5
12. 5
12. 3
13. 5
31. 2
248. 3

i Compensation of employees (see p. 3) excluding employer contributions for
social insurance and the excess of wage accruals over disbursements.
* Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.




COUNCIL OF ECONOMIC ADVISERS

3
Includes lump-sum retroactive salary payments to Federal employees at an
annual rate of $4.6 billion ($380 million multiplied by 12).
* Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce-

DISPOSITION OF PERSONAL INCOME
Disposable personal income rose $6.5 billion (seasonally adjusted annual rate) between the second and third quarters
of 1958. Total consumer expenditures rose $3.7 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

350

350

3OO

- 250

200

1957

1958

!/ PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISER:
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED}.

EqualsLess:
DisposPersonal Personal
able
income taxes l personal
income

Period

.

72. 9
210. 4
208. 3
256. 7
273. 1
288. 3
289. 8
310.2
330. 5
347. 9

2. 4
21. 1
18.7
29. 2
34. 4
35. 8
32. 9
35. 7
40. 1
42. 7

1957: First quarter
Second quarter
Third quarter^- _
Fourth quarter
.
1958: First quarter
Second quarter2
Third quarter _ _ _ _ _ _ _ _

342.3
348. 4
351. 8
349. 7
347.3
349. 8
357. 5

42. 3
42. 7
43. 1
43. 0
42. 3
42.3
43. 5

1939
___
1948
1949
1951 - .
1952
.
1953—. ... .
1954 ..
1955
1956
1957

1
2 Ineltides

.

.

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.
Source: Department of Commerce (except as noted).
32159°—58




2

.

COUNCIL Of ECONOMIC ADVISERS

Less: Personal consumption
expenditures
Total

Saving
Equals: as percent
Personal of disNonsaving
posable
Durable durable
Services
income
goods
goods

Billions of dollars
70. 4
67. 6
6. 7
189. 3
22. 7
178. 3
189. 7
24. 6
181.2
227. 5
209. 8
29. 5
238. 7
219. 8
29. 1
252. 5
232. 6
32.9
256. 9
32.4
238.0
274. 4
39.6
256.9
290. 5
269.4
38. 4
284. 4
305. 1
39. 9
Seasonally adjusted annual
300. 0
279. 8
40. 2
305. 7
282. 5
39. 5
308. 7
288.3
40. 4
306. 8
287. 2
39. 6
286.2
305. 0
36.3
307. 5
35. 6
288.3
314.0
36. 5
292.0

35. 1
98. 7
96.6
110. 1
115. 1
118. 0
119. 3
124.8
131. 4
138. 0
rates
135. 5
137. 1
140. 5
138. 8
139.8
141.4
143.0

25. 8
56. 9
60.0
70.2
75.6
81. 8
86. 3
92. 5
99. 6
106. 5

2. 9
11.0
8. 5
17, 7
18.9
19. 8
18. 9
17. 5
21. 1
20. 7

4. 1
5.8
4.5
7.8
7.9
7.9
7.3
6.4
7.2
6.8

104. 1
105.9
107.4
108. 7
110. 1
111.3
112.5

20. 3
23. 2
20. 4
19. 6
18. 8
19. 2
22.0

6.8
7.6
6. 6
6.4
6.2
6.2
7.0

PER CAPITA DISPOSABLE INCOME
Per capita disposable income, measured in both current and constant prices, rose in the third quarter.
DOLLARS

DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

2,000

2,000

1,800

1,800

1,600

L60O

1,400

L4OO

1,200

L200

L

t

1952

1953

1954

1955

1956

1957

%£E FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS.

|

1939_
1948
• .
1949
1951
1952
1953
1954
1955 _ _-..
1956
1957

1957
prices 2

Current
prices
.

.

_

...

_
___..

_

70.4
189.3
189.7
227.5
23a7
252. 5
256.9
274.4
290. 5
305. 1

In

COUNCIL Of ECONOMIC ADVISERS

Total disposable personal Per capita disposable perincome (billions of dollars) * sonal income (dollars)l
Period

f

1958

142.6
221.4
223.9
246. 5
252.9
265.2
269.0
288.0
300.4
305.1

Current
prices
538
1,291
1,271
1,474
1,520
1, 582
1,582
1,661
1,727
1,782

1957
prices *

Population
(thousands)f

1, 089
1,510
1,501
1,597
1,610
1, 662
1,657
1,743
1,786
1, 782

131,028
146, 631
149, 188
154, 360
157, 028
159, 636
162, 417
165, 270
168, 176
171, 196

1,786
1, 796
1,786
1,762
1,726
1,722
1,748

170, 151
170, 839
171, 612
172, 393
173, 054
173, 705
174, 460

Seasonally adjusted annual rates
1957: First quarter
Second quarter

.

Fourth quarter
1958: First quarter.
Second quarter
Third quarter *

....

Third quarter , ,, „ „ ,IL _, ^ _,

1
1 Income

- _, ^ _, . u , „ ^

.
!

.

_„

...

300.0
305.7
308.7
306.8
305.0
307.5
314.0

less taxes.
Dollar estimates in current prices divided by consumer price index on a 1957
base.
1
Includes armed forces overseas. Annual data as of July 1; quarterly data
centered in the middle of the period, interpolated from monthly figures.

6



304.0
306. 9
306.6
303.8
298. 7
299. 1
3049

1, 763
1,789
1,799
1,780
1,762
1,770
1,800

* Preliminary estimates.
Sources: Department of Commerce, Department of Labor, and Council of
Economic Advisers.

FARM INCOME
Farm operators* net income (seasonally adjusted) was slightly lower in the thirrd quarter of 1958 than in the second
quarter, though still appreciably higher than last year.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

40

30

20
NET FARM INCOME
(INCL. NET CHANGE
IN INVENTORIES)!/

x-V

1952

1954

1953

1955

1956

"1957

1958

IMNCOME^OF FARM OPERATORS FROM FARMING.
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF AGRICULTURE.

Period

1939
1948
1949
1951
1952... _
1953
1954
1955
1956__
1957

Realized
gross farm
income l

_
.

1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter
Second quarter
Third quarter 6

10. 6
34. 9
31. 8
37. 3
37. 0
35. 3
33.9
33.3
34. 6
34. 3
34. 4
34.3
34. 3
34. 3
37. 0
38.0
37. 7

Farm operators' income
Net income 2
Net income per farm including net change in
Excluding
Farm proIncluding
inventories
duction
net change
net change
expenses
in invenin inven1957
Current
3
tories
tories
prices
prices 4
Billions of dollars
Dollars
6. 2
4. 4
4. 5
697
1,660
18. 9
16. 1
17.8
3,483
3,065
18.0
13. 8
12. 9
2,259
2,658
22.2
15.2
16.3
3, 139
2,951
22.6
14. 4
15. 3
2, 829
2,978
13.9
21. 4
2,502
2,662
13. 3
21. 7
12.2
12. 7
2,542
2,440
21. 9
11.5
11.8
2, 313
2,435
12. 1
22.5
2,341
11.6
2,413
23.5
10. 8
11. 6
2,388
2,388
Seasonally adjusted annual rates
23. 4
11.0
11. 5
2, 370
2,390
23. 6
10. 7
2, 390
11. 6
2,390
23.4
10.9
2, 430
11. 8
2,430
23.6
10.7
2,370
2,350
11.5
24. 2
12.8
12. 6
2, 650
2,600
24. 4
13.4
2, 820
13.6
2,760
24. 8
12. 9
13. 3
2, 800
2,750

1 Cash receipts from farm marketings, value of farm products consumed in
arm households, gross rental value of farm dwellings, and Government payments
to 2farmers.
Realized gross farm income less farm production expenses. Excludes farm
wages paid to workers living on farms and any income to farm people from nonfarm
sources, which in 1957 amounted to $1.8 billion and $6.3 billion, respectively.
3
Data prior to 1946 differ from farm proprietors' income on pages 3 and 4
because of revisions by the Department of Agriculture not yet incorporated into
the national income accounts of the Department of Commerce,




Number of
farms
(millions) 5

6.4
5.8
5.7
5. 5
5.4
5.3
5.2
5. 1
5.0
4.9
49
4.9
4. 9
4.9
4.8
4.8
4,8

* Dollar estimates in current prices divided by the index of prices paid by
farmers
for items used in family living on a 1957 base.
4
The number of farms is held constant within a given year.
• Preliminary estimates.
Source: Department of Agriculture,

CORPORATE PROFITS
Corporate profits (seasonally adjusted) rose slightly in the second quarter of 1958.
BILLIONS OF DOLLARS

BILLIONS OP DOLLARS

1957
\! NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.

1958
COUNCIL OF ECONOMIC ADVISERS.

[Billions of dollars]
Corporate
profi ts
before taxes

Period

1939
1948
1949 . .
1951
1952
1953 .,
1954
1955
1956
1957

.. .

.- . . •
_ . „ . __

__„ __

_.

_..

_ _„

6. 4
33.0
26. 4
42. 2
36. 7
38.3
34. 1
44. 9
45. 5
43. 4

Corporate
tax
liability
1. 4
12.5
10. 4
22. 4
19. 5
20. 2
17. 2
21. 8
22. 4
21. 6

Corporate profits after taxes
Total
5.0
20. 5
16. 0
19. 7
17. 2
18. 1
16. 8
23.0
23. 1
21. 8

Dividend
payments

Undistributed
profits
1. 2
13. 3
8.5
10. 7
8.3
8.9
7.0
11. 8
11. 0
9.4

3.8
7. 2
7.5
9.0
9.0
9.2
9. 8
11. 2
12.0
12.4

Seasonally adjusted annual rates
1957- First quarter
Second quarter
Third quarter
Fourth quarter _ _.
1958: First quarter
Second quarter
Third quarter l
1
1 Preliminary

(2)

46. 1
43. 5
44. 2
39. 9
31.7
32. 0

estimates by Council of Economic Advisers.
Not available.
NOTE.—See p. 3 for profits before taxes and after inventory valuation adjust
menu

8



(2)

23. 0
21.7
22. 0
19. 9
16. 1
16. 3

(2)

23. 1
21. 8
22. 1
20. 0
15. 5
15.7

12. 5
12. 6
12. 7
12.0
12. 5
12. 4
12. 5

Detail will not necessarily add to totals because of rounding
Source: Department of Commerce (except as noted).

(2)

10.6
9. 2
9. 4
8.0
3. 0
3.3

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose $5.3 billion (seasonally adjusted annual rate) between the second and third
quarters of 1958, mainly due to a $4.0 billion reduction in the rate of inventory liquidation.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
:
;
8OI

SEASONALLY ADJUSTED ANNUAL RATES

wGROSS PRIVATE
DOMESTIC INVESTMENT

t-

NEW CONSTRUCTION-v
•^^*

CHANGE IN BUSINESS
INVENTORIES

1952

1953

1954

1957

1956

1955

I/PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

1958
COUNCIL-OF ECONOMIC ADVISERS

[Billions of dollars]
Total
gross
private
domestic
investment

Period

1939
1948
1949
1951--.
1952
1953
1954__
1955
1956
1957

.

__-_

Change in business
inventories

Fixed investment
New construction l
Total

9.3
43. 1
33.0
56. 3
49. 9
50. 3
48. 9
63. 8
68. 2
65. 3

8.9
38. 4
36.0
46. 1
46. 8
49. 9
50.5
58. 1
62. 7
64. 3

65. 9
67. 0
66. 7
61. 5
• 49. 6
49. 2
54. 5

64. 8
64. 2
64. 6
63. 8
59. 2
57. 2
58. 6

Total
4. 8
19. 5
18. 8
24.8
25.5
27.6
29. 7
349
35. 7
36. 5

Residential
nonfarm
2. 7
10. 1
9.6
12. 5
12. 8
13. 8
15.4
18.7
17. 7
17. 0

Other

Producers'
durable
equipment

2. 1
9.3
9.2
12. 3
12. 7
13. 8
14 3
16. 2
18. 1
19. 5

Total

Nonfarm

42
18.9
17. 2
21.3
21.3
22. 3
20. 8
23. 1
27.0
27. 9

0.4
47
-3. 1
10. 2
3. 1
.4
— 1.6
5. 8
5. 4
1.0

0.3
3.0
-2.2
9. 1
2. 1
1. 1
-2.1
5.5
5.9
.2

28.7
28. 1
28.0
26. 7
22. 9
22.3
22. 3

1. 1
2.9
2. 2
-2.3
-9. 5
-8.0
40

.6
2.0
1.3

Seasonally adjusted annual rates
1957: First quarter
Second quarter. _.
Third quarter
Fourth quarter
1958: First quarter
Second quarter2
__>.
Third quarter

36. 1
36. 1
36. 6
37. 1
36. 3
34.9
36. 3

1
"Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.
2 Preliminary estimates by Council of Economic Advisers.




17. 2
16. 5
16. 9
17.6
17. 1
16. 2
17. 9

18. 9
19. 6
19. 7
19.6
19. 2
18. 7
18. 4

NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).

-ai

-9.3
-7.8
— 44

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The July-August survey of business expenditures on plant and equipment indicates that anticipated capital outlays
in the third quarter will be $30.3 billion (seasonally adjusted annual rate), the same as expenditures in the second
quarter. A moderate rise to $31.0 billion in the last quarter of the year is expected.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

20

5=1- 10

10

TRANRPARTATI nM«^

1952

I

1958

1953

I/ SEE NOTE 3 ON TABLE BELOW.
COUNCIL Of ECONOMIC ADVISERS

SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.

[Billions of dollars]
Transportation

Manufacturing
Period

Total *
Total

1939
1948
1949
1950.
1951
1952
1953
1954
1955
1956_
1957 8
1958

5. 51
_
_

_

_

-.

22.06

19. 28
20. 60
25. 64
26. 49
28. 32
26.83

28. 70
35.08

36. 96
30. 98

1.94
9. 13
7. 15
7,49
10. 85
11.63
11. 91
11.04
11.44
14.95
15.96
12. 03

Durable
goods

0.76
3. 48
2. 59
3. 14
5.17
5. 61
5.65
5.09
5.44
7. 62
8.02
5. 78

Nondurable goods

1. 19
5.65
4.56
4.36
5.68
6.02
6.26
5.95
6.00
7.33
7.94
6. 25

0.33
88
79
71
93
98
99
98
96
1 24
1 24
93

Commercial and
other a

Railroads

Other

Public
utilities

0.28
1.32
1.35
1. 11
1.47
1. 40
1.31
.85
.92
1.23
1. 40
.75

0.36
1.28
.89
1.21
1.49
1.50
1.56
1.51
1.60
1.71
1.77
1.50

0.52
2.54
3. 12
3.31
3.66
3.89
455
422
431
490
6. 20
6.28

2.08
6.90
5.98
6.78
7.24
7.09
8.00
8.23
9.47
11.05
10. 40
9.48

1.81
1.91
1.69
1. 40
1. 37
1.55

6.64
6. 43
5.87
5.97
6.20
6.38

10. 15
10.21
9.63
9.73
9.60
9. 77

Mining

Seasonally adjusted annual rates
1957: Third quarter _.„.
Fourth quarter
„._
1958: First quarter
Second quarter
Third quarter 3
....
Fourth quarter 3

37.75

36. 23
32.41
30. 32
30. 32
31. 02

16.37
15. 27
13. 20
11. 53
11. 57
11.86

8. 23
7.57
6.58
5. 57
5.48
5. 54

i Excludes agriculture.
* Commercial and other includes trade, service, finance, communications, and
construction.
a Estimates based on anticipated capital expenditures as reported by business
in late July and August 1958.
NOTB.—Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the average of seasonally adjusted figures, which include

10



8. 14
7.70
6. 62
5.96
6.09
6.32

1 24
1 15
1 00
92
91
96

1 54
1 26
1 02
77
67
50

adjustments, when necessary i for systematic tendencies in anticipatory data.
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.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commerce.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Unemployment declined by 600,000 in September, a much larger than usual drop for the month.
employment declined less than is normal for September.
'MILLIONS OF PERSONS-!'

MILLIONS OF PERSONS-^
75

75

1952

1954

1953

1956

1955

1957

•^14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF COMMERCE.

Period

1939
New definitions: l
1952_.
1953 .
1954
1955
..
1956___
.
1957
1957: August
September
..
October.
November.
December
1958: January
February
March.
April
May. .
June
July
August » _ .
September

1958
COUNCIL OF ECONOMIC ADVISERS

Total
Civilian employment l
Unemployment l
Insured unemployment2
labor
Civilian
All pro% of civilian
State proforce (inlabor
Agricul- Nonagri- Number labor force
grams
grams as
cluding
Total
force
*
tural
cultural
(thousands
%
of covered
armed
Unad- Seas,
forces) *
justed adj. of persons) employment
Thousands of persons 14 years of age and over
55, 600

55, 230

45,750

9, 610

36, 140

9,480

17.2

66, 560
67, 362
67, 818
68, 896
70,387
70, 746
71, 833
71, 044
71,299
70, 790
70,458
69, 379
69,804
70, 158
70, 681
71, 603
73, 049
73, 104
72,703
71, 375

62, 966
63,815
64, 468
65, 848
67, 530
67, 946
68, 994
68, 225
68, 513
68,061
67, 770
66, 732
67, 160
67, 510
68, 027
68, 965
70, 418
70, 473
70, 067
68, 740

61, 035
61, 945
60,890
62,944
64, 708
65, Oil
66, 385
65, 674
66, 005
64, 873
64,396
62, 238
61, 988
62, 311
62, 907
64, 061
64, 981
65, 179
65, 367
64,629

6,792
6, 555
6, 495
6, 718
6,572
6,222
6, 823
6,518
6, 837
5, 817
5,385
4, 998
4,830
5, 072
5,558
6, 272
6, 900
6,718
6,621
6, 191

54,243
55, 390
54,395
56, 225
58, 135
58, 789
59, 562
59, 156
59, 168
59,057
59, 012
57,240
57, 158
57, 239
57, 349
57, 789
58, 081
58, 461
58, 746
58, 438

1, 932
1,870
3, 578
2,904
2, 822
2, 936
2, 609
2,552
2, 508
3, 188
3,374
4,494
5, 173
5, 198
5,120
4,904
5,437
5,294
4,699
4, 111

3. 1
2.9
5.6
4.4
4.2
43
3.8
3.7
3.7
4.7
5.0
6.7
7.7
7.7
7.5
7.1
7.7
7.5
6.7
6.0

1
See Monthly Peports on the Labor Force, Department of Commerce, for definitions, methods of estimation, periods to which data pertain, etc.




Nonagricultural

5.1

4.S
4.5
£7
4.9
5.0
5.8
6. 7
7.0
7.5
7.2
6.8
7.3
7.6
7.2

1,064
1, 058
2,039
1,388
1, 312
1,560
1, 228
1,240
1,314
1,623
2,256
3,065
3,375
3,505
3,527
3, 186
2,847
2,717
2,374
3
2, 062

2.9
2.8
5.2
3.4
3.1
3.5
2.8
2.8
3.0
3.6
5.1
6.9
7.6
7.9
7.9
7.1
6.3
6.0
5.2
•4.5

3

Preliminary estimate.
Sources: Department of Commerce, Department of Labor, and Council of
Economic Advisers.

11

NONAGRICULTURAL EMPLOYMENT
Employment in nonagricultural csfablishmcnts rose by 100,000 (seasonally adjusted) in September.
manufacturing industries accounted for most of the rise.
MILLIONS OF WAGE
AND SALARY WORKERS *

Durable goods

MILLIONS OF WAGE
AND SALARY WORKERS *

ALL NONAGRICULTURAL ESTABLISHMENTS

MANUFACTURING

52

DURABLE
, GOODS
/INDUSTRIES
NONDURABLE
GOODS
INDUSTRIES -

1958

CONTRACT CONSTRUCTION

WHOLESALE AND RETAIL TRADE

(ENLARGED SCALE)

(ENLARGED SCALE)

3.5

fV2.5

£56
* SEASONALLY ADJUSTED DATA
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

l

Total,
unadjusted

Total

1939
1952 _
1953 _
1954
1955
1956
1957

30, 311
48, SOS
49, 681
48, 431
50, 056
51, 766
52, 162

30, 311
48, 303
49, 681
48, 431
50, 056
51, 766
52, 162

1957: August
September.
October
NovemberDecember.
1958: January
February
March
April _
May .
June
July 2
August
September2

52, 477
52, 692
52, 570
52, 316
52, 610
50, 477
49, 777
J'9, 690
49, 726
49, 949
50, 41 3
50, 178
50, 555
51, 110

52, 457
52, 224
52, 015
51,758
51, 516
51,223
50, 575
50,219
50, 054
50, 147
50, 315
50,411
50, 552
50, 651

Period

[Thousands of wage and salary workers \
GovernManufacturing
ment
Contract Wholesale
(Federal,
and
retail
construcMining
Durable
NonduraTotal
State,
trade
tion
goods
ble goods
local)
3, 995
6, 612
4, 683
10, 078
1, 150
5,394
845
6,609
16, 334
10, 281
9,340
2, 634
6,994
885
6, 645
2, 622
10, 527
17, 238
10, 105
7, 133
852
9, 122
6, 751
15, 995
10, 520
777
2, 593
6,873
6,914
10, 846
16, 563
9,549
2,759
7,014
777
11,221
7, 277
16, 903
9,835
807
2, 929
7,068
7,626
9,821
11,
302
16, 782
6, 961
809
2, 808
Adjusted for seasonal variation
7,694
11, 402
2,805
16, 826
9,863
6,963
820
7,685
2, 782
6, 952
11, 349
9,726
814
16,678
7, 674
802
11,315
16, 604
2, 763
6, 923
9, 681
7, 671
11,290
2,710
9, 562
8, 893
16, 455
789
7,747
11,237
784
2,679
6, 859
16, 252
9,393
7,754
2,652
11,305
766
9, 155
6,810
15, 965
7,766
11,235
2, 455
8,895
747
6, 753
15, 648
7,788
11, 116
6,672
2, 573
8,717
733
15, 389
7, 816
11,050
2, 624
8, 566
6,677
723
15, 243
7,835
11,087
6, 704
2, 698
15, 202
8,498
718
7,877
11, 105
2, 698
8, 556
6,719
713
15, 275
7, 903
11, 121
2, 693
15,312
6, 716
8, 596
709
7, 975
11, 168
2,716
705
8,601
6, 725
15, 326
7, 991
11, 124
2, 699
705
15, 464
8,746
6, 718

1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force reported by the Department of Commerce (p. 11) which in-

12



Other
7, 632
11, 563
11, 797
11, 795
12, 197
12, 629
12, 835

12,910
12, 916
12, 857
12, 843
12, 817
12, 781
12, 724
12, 620
12, 598
12, 607
12, 647
12, 673
12, 662
12, 668

elude 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 enumeration of population, whereas the estimates in
this table are based on reports from employing establishments.
2 Preliminary estimates.
Source: Department of Labor.

AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek in manufacturing rose about seasonally to 39.8 hours in September,
HOURS PER WEEK

HOURS PER WEEK

NONDURABLE MANUFACTURING

DURABLE MANUFACTURING

i 1 1 1 h1 1 1 1
1955

1 1 1 1 1 1 11 1 1 1

1956

I M I I I I I 1 IM M I I 1 I I II I

1957

I I I 1 I I I I IJ

1957

1958

1957

1958

RETAIL TRADE

JJ..1 I I I II I I I
1955

1958

1955

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Hours per week, for production workers or nonsupervisory employees]
Manufacturing •
Period

1939
1948
._
.
1949
1951
1952
1953
1954
1955.
_
1956_
__
1957
1957: August
September
.'
October
November
:
December
.
1958: January. - . _
February
March;
April
May.. _ _.
June
July
August ? 2
September _. . .

Total

_

__

. -

__

_ _ „.
_.„
_

_;

1
Data beginning with January 1948 are not strictly comparable with those for
earlier
periods.
2
Preliminary estimates.

32159°—58




Durable
goods

37 7
40. 1
39. 2
40. 7
40. 7
40. 5
39. 7
40. 7
40. 4
39. 8
40. 0
39. 9
39. 5
39. 3
39. 4
38 7
38. 4
38. 6
38. 3
38. 7
39. 2
39. 2
39. 6
39 8

TV,f i 1/1 .;_.«•
Jtsuiiuing
Nondurable construction
goods

38 0
40 5
39. 5
41 6
41 5
41 3
40 2
41 4
41 1
40. 3
40 3
40 2
39 8
39 7
39 7
38 9
38 6
39. 0
38. 8
39 1
39 6
39 4
39 8
40 1

37
39
38
39
39
39
39
39
39
39
39
39
39
38
39
38
38
38
37
38
38
39
39
39

4
6
8
5
6
5
0
8
5
1
5
6
0
8
o
3
1
1
7
1
7
0
3
5

1

32 6
37 3
36. 7
37 2
38 1
37 0
36 2
36 2
36 4
36 1
37 2
36 8
36 5
34. 4
34 9
35 2
33 0
35 2
35 5
36 3
36 2
36 3
36 7

(3)

T? of oil
jttetau
trade

(3)

42 7
40 3
40. 4
40 2
39 9
39 2
39 1
39 0
38 6
38. 1
38 6
38 1
37 6
37 5
38 3
37 8
37 8
37. 8
37. 8
37 8
38. 2
38 7
38 6

1

Not available.
Source: Department of Labor.

13

AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing were $2.14 in September, 6 cents above the level
of a year ago.
DOLLARS PER HOUR
2.40

DOLLARS PER HOUR

BUILDING CONSTRUCTION
CURRENT PRICES

2.30

•V"'
Jj

2 6O L>LJ i i i t i i i i i I t ) i i i I i i i i i I i i i i i I i M i i 1 r 1 1 i i I t i i i i-

1958

1955

'

1956

•

1957

^

1958

I.8Q

NONDURABLE

MANUFACTURING
CURRENT PRICES-^

I.5O

1.70

I.40U-4-L1

I $O
1955

1958

1957

SOURCE: DEPARTMENT OF LABOR.

COUNCIl OP ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]
Building
goods Nondurable goods
Retail trade
All manufacturing Durable
manufacturing
manufacturing
construction
Period
1957 l
Current
1957
1957 Current 1957
Current
Current 1957 Current
prices prices l prices prices * prices prices * prices prices l prices prices
$1.097
1939
$0. 633 $1. 281 $0. 698 $1. 413 $0. 582 $1. 178 2$0. 932 2$1. 887 $0. 542
1. 273
1.088
1. 848
2. 161
1.495
1.278
1.649
1948
1.350
1. 579
1. 410
1.342
1.137
2.285
1.564
1.935
1.325
1.401
1.734
1949
1.654
1.469
1.37
1.26
2.37
2. 19
1.60
1.59
1.72
1.81
1.48
1951
_
1.67
-.
1.40
1.32
2.45
2.31
1. 54
1.63
1.67
1952
1.88
1.77
1.77
1.47
1.40
2.61
2.48
1.61
1.69
1.96
1.77
1.86
1.87
1953
1.52
1.45
2.72
2.60
1.66
1.74
1.92
2.01
1954
1.81
1.90
1.57
1.50
2.66
2.79
1.71
2. 11
1.79
1.88
1.97
2.01
1955
1.62
1.57
2. 80
2.90
2.17
1.80
1.86
1.98
2.05
2. 10
1956
1.64
1.64
2.96
2.96
2.20
1.88
1.88
2.07
2.07
2.20
1957
1.65
1.66
2. 97
2.95
2. 19
1.87
1.88
2.21
2.07
2.06
1957: August
.
1.66
1.67
3.02
3.00
1.89
1,90
2.22
2.20
2.08
2.07
September .
..
1.66
1.67
3.02
3.00
2.21
1.89
1.90
2.08
2.23
October
__ 2.09
1.64
1.66
2,99
2.21
3.03
1.91
1. 89
2. 11
2.24
2.08
November
1. 61
1.63
3.05
3.01
2.21
1.92
1.90
2.08
2.24
2. 10
December
1.68
1.65
3.07
3.02
1.92
1.89
2.07
2.20
2.24
2. 11
1958: January -.
1.65
3.02
1.68
1.92
1.88
3.08
2.20
2.06
2.24
2. 10
February
1.67
1. 63
3.06
2.98
2. 19
1.88
1.93
2.11
2.06
2.25
March
1.64
1.68
3.06
2. 19
1.94
2.98
1.89
2. 11
2.05
2.25
April.. . _ _
1.64
1.69
3.06
1.94
2.98
2. 20
1.89
2.26
2. 12
2.06
May.
1. 65
1. 70
2.97
3.06
2. 21
1.94
1.89
2.27
2. 12
2. 06
June . .
1.66
3.00
3.09
1.71
2.21
1.94
1.88
2.07
2.28
2.13
July 8
3.01
1.71
1.66
2.22
3. 10
1. 94
1. 89
2.07
2. 28
2. 13
August 3 - »
4
4
1. 95
2.30
()
(4)
September
. _ . - 2. 14
()
W
(4)
(4)

w

i Earnings in current prices divided by consumer price index on a 1957 base.
* Data beginning with January 1948 are not strictly comparable with those for
earlier periods.

14



* Preliminary estimates.
* Not available.
Source: Department of Labor.

AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing reached $85.17 in September, $2.18 higher than a year ago.
DOLLARS PER WEEK

DOLLARS PER WEEK

BUILDING CONSTRUCTION

DURABLE MANUFACTURING

CURRENT PR

CURRENT PRICES

/
105

75

t i 1111 t i

M I I Ii tM II

JJ I I II M I II
1955

I II I I I I I I

NONDURABLE MANUFACTURING

I I I I I I I I II1 I I I ( I I I III I
1956

I f I I I I M 1 L[

RETAIL TRADE

CURRENT

CURRENT PRICES

55

i M i l l M l II
1956

1 I I I I 1 I I I 1 I I M M I I I ! UU
1957

50

^J I 1 t I I I., i l I

1958

1957

SOURCE: DEPARTMENT OF LABOR

Period

1939
1948
1949.
...
1951
1952
1953
1954
.
1955
1956__
1957
1957: August
September
October
November.
December
1958: January
February
March
April
May
June
July.
_
August* 3
September
.

t i l i . t . i 11 i i J1958

COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]
Durable goods Nondurable goods
Building
All manufacturing manufacturing
Retail trade
manufacturing
construction
1957
Current
Current
1957
Current
1957
Current
1957
Current 1957
prices prices * prices prices J prices prices *- prices prices l prices prices *
$23. 86 $48. 30 $26. 50 $53. 64 $21. 78 $4409 2$30. 39 $61. 52 $23. 14
$46.84
54. 14
63. 32
57. 11
50.61
66. 80
59. 19
43.85
68. 85 2 80. 53
51. 29
54.92
64. 84
51.41
58.03
60. 70
68.51
83.77
45.93
5423
70.95
64. 71
70. 11
69.47
58.46
75.27
63.34
50. 65
81.47
88.27
5488
72.00
67.97
73.46
77. 82
60.98
64.60
88.01
52.67
55.79
93.23
71. 69
75.30
77.23
81. 12
63. 60
66. 81
96.39
91.76
5488
57.65
71.86
75.25
77. 18
80.82
64.74
67.79
56.70
94 12
98.55
59.37
76. 52
80.29
83.21
68. 06
87.31
71. 42
58.50
96.29 101. 04
61.39
82. 72
79.99
86.31
71. 10
89.26
73. 53 101. 92 105. 40
60. 60
62.67
82. 39
82.39
88.66
8a 66
73. 51
73.51 106. 86 106. 86
62. 48
62.48
82.80
82.22
89.06
74. 26
88. 44
73. 74 110. 48 109. 71
6408
63. 63
82. 99
82. 41
89. 24
88. 62
75. 24
7472 111. 14 110. 37
63. 63
63. 19
82. 56
81.99
88.75
74. 10
88. 13
73.58 110. 23 109. 46
62. 79
62.35
82. 92
81. 94
sa 93 87. 88 74 11 73.23 10423 102. 99 62.25
6L 51
82.74
81. 76
sa 93 87.88 74.88 73.99 106. 45 105. 19 62. 43
61.69
81. 66
80. 29
87. 14
85. 68
73. 54
72.31 10a 06 106. 25
63.50
62.44
80. 64
79. 14
86.46
84. 85
73. 15
71.79 101. 64
99. 74
63.50
62.32
81. 45
79.39
87. 75
85. 53
73. 53
71. 67 107. 71 104 98
63. 13
61. 53
80. 81
87.30
7a 69
85. 00
73. 14
71. 22 108. 63 105. 77
63. 50
61. 83
82.04
79. 81
88.37
85. 96
73.91
71. 90 111. 08 108. 05
63. 88
62. 14
83. 10
80. 76
89. 89
87. 36
75.08
72.96 110. 77 107. 65
64.94
63. 11
83. 50
80. 99
89.83
87. 13
75. 66
73.39 112. 17 108. 80
66. 18
64 19
84. 35
81. 97
90.74
88. 18
76.24
7409
113.4 77 110. 56
66.01
64 15
4
4
85. 17
92. 23
77. 03
«
«
()
()
()
(*)
W

1
Earnings In current prices divided by consumer price index on a 1957 base.
3
Data beginning with January 1948 are not strictly comparable with those for
earlier periods.




t Ii it I i t I t i

* Preliminary estimates.
* Not available.
Source: Department ol Labor.

15

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION

The index of industrial production (seasonally adjusted) for September is estimated at 137 (1947-49=100), 1 point
above the revised index for August.
INDEX, 1947-49 = 100
180

INDEX, 1947-49 «1OO
180

160

140

1952

1953

1954

1955

1956

1957

1958
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[1947-49=100, seasonally adjusted]
T>-._J-- J
Jrenoa

1939 .
1948
.
___
._
1949 _ _
___
..
1951
__
1952
.
.
1953
____
. _ _
-___
1954
...
_
1955
__ __
1956
1957
_
1957: August
_ _
September
_
.
October
i
November
December •
»
_
__~_
r _ _ ,_
1958: January.
February
March
April
__
A -«, J
Mav
.
.
June
_
July
________
August _ _
.__.
:
September *
1

Preliminary estimates.

16



Total
industrial
production
58
104
97
120
124
134
125
139
143
143
145
144
142
139
135
133
130
128
126
128
132
134
136
137

Manufactures
Total
57
103
97
121
125
136
127
140
144
145
147
146
143
141
137
135
131
129
128
130
134
136
138
139

Durable
49
104
95
128
136
153
137
155
159
160
163
160
156
154
146
142
137
135
131
134
139
141
144
144

Nondurable
66
102
99
114
114
118
116
126
129
130
132
131
130
128
127
127
125
124
125
126
129
132
133
134

Source: Board of Governors of the Federal Reserve System.

Minerals
68
106
94
115
114
116
111
122
129
128
129
129
127
123
123
121
118
112
109
109
112
116
120
123

PRODUCTION OF SELECTED MANUFACTURES
A sharp drop in automobile production in September offset gains in other major durable goods industries.
of nondurable goods continued to increase.

Output

INDEX, 1947-49*100, SEASONALLY ADJUSTED

INDEX, 1947-49-100, SEASONALLY ADJUSTED

2OO

TEXTILES AND APPAREL
I II I I I I I l l

l I I l 1 I I 1 1 li

1958

1955
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF ECONOMIC ADVISERS

[1947-49 = 100, seasonally adjusted]
Durable manufactures
Period

1939
1948
1949_ >
1951_ ___ ._
1952
1953
1954
1955
1956
1957. >
1957: August.
_.
September
October
November
December
1958: January__ _.
February
March
April
Mav
June _ _
July
August,
September 1
1
2

Preliminary estimates.
Not available.




Nondurable manufactures

FabriTranspor- Lumber Textiles
Primary
cated Machin- tation
and
and
metals"
metal
ery
equipprod- apparel
products
ment
ucts
54
107
90
126
116
132
108
140
138
131
136
131
128
121
107
100
95
91
86
91
103
102
108
110

52
104
93
122
121
136
123
134
135
139
140
139
137
141
135
129
124
122
118
120
125
129
132
134

38
104
93
130
147
160
142
155
171
168
172
170
164
163
156
151
144
141
137
137
141
144
147
148

47
102
102
135
154
189
175
203
199
213
216
212
208
203
194
191
185
183.
178
182
185
185
187
177

80
106
93
113
111
118
115
127
123
114
116
112
109
107
103
110
108
109
105
110
114
118
119
(2)

80
103
97
106
105
107
100
109
108
105
106
106
104
101
97
97
97
95
98
99
102
107
108
109

ConPaper Chemical Foods,
sumer
and and petro- bever- durable
leum ages, and goods
printing
products tobacco
66
103
101
118
118
125
125
137
145
148
149
149
149
149
146
146
144
142
143
143
146
148
150
151

49
103
100
132
133
142
142
159
167
172
175
174
173
171
169
168
164
163
164
165
168
171
173
175

65
100
100
105
106
107
106
109
112
112
112
113
111
110
113
114
114
113
113
114
116
116
116
116

Source: Board of Governors of the Federal Reserve System.

102
101
114
105
127
116
147
131
130
135
134
129
128
119
113
110
104
97
105
111
114
115
104

17

WEEKLY INDICATORS OF PRODUCTION
Steel and coal production and freisht car-loadings increased during September and early October.
weekly indicators of production registered declines.

Some other

MILLIONS OF SHORT TONS (DAILY AVERAGE)

MILLIONS OF TONS

10

SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.

Period
Weekly average:
1954
1955
- 1956
1957
1957: August.
September
October
.
November....
December
1958: January
February
March- _ -~_
April. . ..
May.
.
June
-----July
.
August
8
September
Week ended:
1958: September 6..
13—
20..
27..
October
43_
II 3318 .

Electric
Bituminous Freight Paperboard
Steel produced *
Cars and trucks
power
coal mined
loaded
produced assembled (thousands)
Index
Thousands
distributed (thousands (thousands
(thousands
of net (1947-49 = (millions of
of short
of cars)
of tons)
Total
Cars Trucks
100)
'tons
kilowatt-hours) tons) 2
1, 694
2, 245
2, 204
2, 162
2,084
2,098
2,076
1,956
1,679
1,525
1,446
1,412
1,290
1,422
1,661
1, 453
1. 647
1, 778

105. 4
139. 7
137. 2
134. 6
129. 8
130. 6
129. 2
121. 8
104. 5
94. 9
90.0
87.9
80.3
88. 5
103.4
90.4
102. 4
110.7

8, 883
10, 318
11, 292
11, 873
12, 162
11, 828
11,721
11, 904
12, 129
12, 247
12, 212
11, 764
11, 239
11, 261
11, 872
12, 051
12, 579
12, 214

1,303
1,542
1, 693
1,644
1,604
1,708
1,694
1,559
1,487
1,450
1,310
1,228
1,183
1,139
1,419
1,313
1,315
1,440

652
724
728
683
749
713
727
627
555
543
528
537
528
549
622
552
631
642

236
269
274
272
287
278
299
286
263
224
262
270
257
260
272
234
296
286

125.6
176.7
132. 8
138. 5
139.5
84.3
91.7
157.9
146. 5
120.9
116.3
103. 2
88.8
96. 6
99.0
82.8
53.5
38.9

106.0
152.7
111. 6
117.6
119. 5
70. 1
72.8
136.3
126.4
103.7
98.0
86.2
71.9
79.8
82.1
68.4
42,0
29.0

19.7
214. 0
21. 2
20.9
19.9
14.2
18.9
21.6
20. 1
17.2
18. 3
17.0
16.9
16.8
16.9
14.4
11.5
9.9

1, 666
1, 780
1,771
1,816
1,901
1,933
1, 987

103. 7
110.8
110. 2
113.0
118. 3
120. 3
123.7

12, 025
12, 248
12, 240
12, 342
12, 111
« 12, 067

1,404
1,391
1,404
1,483
1,401

563
666
667
673
677
686

219
306
311
308
309
309

16. 5
30.9
51.3
56.9
48.8
45.5

12.0
24.1
37.2
42.6
34. 5
34.4

4.5
6.9
14.1
14.3
14.3
11.0

Weekly capacities (net tons) as of January 1 are: 2,384,549 (1954), 2,413,278
(1955), 2,455,300 (1956), 2,559,631 (1957), and 2,699,320 (1958).
*4 Daily average for week.
Preliminary.

18



COUNCIL OF ECONOMIC ADVISERS

* Not charted.
Sources; American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.

NEW CONSTRUCTION
Expenditures for both public construction and private residential building (seasonally adjusted) rose again during
September. Construction contracts in August were considerably larger than a year previous.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

50

30

20

I i i i i i I i i i i i I i ii i i I -i i i i i I i i i i i ( i i i i i ! i t i i ii i i i i t ! i i i i i 1 i i i i i I i i i i i I i i i i i 1 1 i i i i I i i i i i I

10
I I I I! IIIII? I

1952

1958

SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Period

1939
1952
1953
1954
1955 _ _
1956. . ._
1957.

.
..

'

— ...

___.

1957: August
September
.
October
' „„
November
'.
December
.
_
1958: January
February
._
March
_«_ .
April-- -- - - _ May
.
_.
June
•
•-«« - July

August _i
.
September *___«__

.

-

-- „_.

Total new
construction
8.2
34.8
37. 1
39. 6
44.6
46.3
48. 5

Total
private
4,4
23. 8
25.7
27. 7
32. 6
33. 3
34. 1

48. 4
48. 9
50. 0
49. 6
50. 5
49. 9
48. 9
48. 6
47. 5
47. 1
47. 6
48. 7
49. 4
50. 2

34. 2
34. 4
34 9
35.0
34.7
34.4
34 0
33. 5
32. 8
32. 6
32. 9
33.6
34 3
348

* Compiled by F. W. Dodge Corporation; seasonally adjusted by the National
Bureau of Economic Research. Omits small contracts, and covers rural areas less
folly
8 than urban.
Series begins January 1956. The 37 Eastern States data are probably indicative of the 48 States trend for other periods.
* Revised series beginning January 1956; not comparable with prior data.
Sales discontinued beginning January 1958.




Private
Federal,
State, and
Residential
Other
local
(nonfarm)
2.7
1.7
3.8
10.9
12. 8
11.0
11.4
11.9
13,8
11.9
15. 4
12.3
13.9
12.0
18. 7
15.6
13. 0
17.7
14 4
17.0
17.1
Seasonally adjusted annual rates
14 2
16.9
17.3
14 5
17. 2
17.3
17.5
17. 4
15.0
14 6
17. 7
17.3
17.2
15. 8
17.5
17.3
15. 5
17.0
17.3
16.7
14 9
16. 8
15. 1
16. 7
16.2
147
16. 6
14 6
16.0
16.6
16.4
147
16.5
17.2
16.5
15.0
16.2
15.2
18.1
18.6
16. 2
15. 5

Construction contractsl
Eastern
3
48 States2 37States
3.6
16.8
17.4
19.8
23.7
8
24 6
31. 6
32.2
25.3

34 5
28. 7
31. 3
33.5
25. 3
31. 2
29. 6
32. 1
30. 1
35.9
41. 8
38.8
42.6

28. 0
23.8
23.5
26.5
20.3
(3)

* Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce, Department of Labor, and F. W. Dodge
Corporation (except as noted).

19

HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts (seasonally adjusted) rose again in September, reaching an annual rate of 1,220,000
units. Applications for FHA commitments increased and VA appraisal requests declined.
.MILLIONS OF UNITS

MILLIONS OF UNITS

1955

1952

1956

1957.

I/SEE FOOTNOTE 2 ON TABLE BELOW.
...
SOURCES: DEPARTMENT OF LABOR, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA).

[Thousands of units]
New nonfarm housing starts
Period

Annual total: 1950
1953....
1954....
1955
1956
1957
Monthly average: 1950_
1953.
1956.
1957.
1957: August .
September
October
November
December
1958: January.
February
March
April
- . ._
May

June
July
August
September 5

Total

Publicly
financed

Total

1, 396. 0
1, 103. 8
1, 220. 4
1, 328. 9
1, 118. 1
1, 041. 9
116. 3
92.0
93. 2
86.8
100.0
91.9
97. 0
78. 2
63. 4
67. 9
66. 1
81. 4
99. 1
108. 5
112. 9
5
111. 0
6
119. 0
118. 0

43. 8
35.5
18. 7
19.4
24. 2
49. 1
3. 6
3.0
2.0
4. 1
3. 2
1. 7
8. 6
2. 5
.9
5.0
5. 1
4. 1
4. 9
7.2
11. 6
5
3. 7
5
10. 2
10. 0

1, 352. 2
1, 068. 3
1, 201. 7
1, 309. 5
1, 093. 9
992. 8
112.7
89.0
91. 2
82. 7
96. 8
90. 2
88. 4
75.7
62. 5
62.9
61. 0
77. 3
94. 2
101. 3
101. 3
5
107. 3
5
108. 8
108. 0

Privately financed
Government programs
VA
Total * FHAi
686. 7
486. 7 3 200. 0
156. 5
252. 0
408. 6
307. 0
583. 3
276. 3
392. 9
669. 6
276. 7
270. 7
460. 0
189. 3
296. 7
128. 3
168. 4
16. 7
57. 2
40. 6
13. 0
34.0
21.0
22.6
38. 3
15. 8
10.7
24.7
14. 0
11. 6
17. 7
29. 3
11. 8
16. 4
28. 2
9.7
28. 4
18. 7
21. 4
6. 4
15. 0
14. 2
4. 6
18. 9
4. 1
17. 4
13. 3
2. 8
14. 1
11. 3
3. 1
16. 5
19. 6
4. 8
22. 7
27. 4
6. 0
32. 0
26. 0
8. 5
36. 5
28. 0
10. 6
29. 7
40. 3
13. 2
30. 5
43. 6
14. 4
46. 1
31.7

1
Excludes armed forces housing: 2,837 units in 1956, 16,539 units in 1957, and
12,392 units in the first 9 months of 1958.
*1 Units represented by mortgage applications for new home construction.
Partly estimated.
• Not available.

20



1958
COUNCIL OF ECONOMIC ADVISERS

Proposed home construction
Private,
Requests
seasonally Applications
for VA
adjusted for FHA com2
annual
appraisals
mitments
rates
397. 7
(4)
251. 4
253. 7
535.4
338. 6
620. 8
306. 2
197. 7
401. 5
159. 4
198. 8
33. 1
(4)
21. 1
21. 0
16. 5
33.5
13.3
16. 6
22. 3
14.5
1,056
8. 9
20. 4
1,012
6.4
1,020
20. 2
3.7
14. 7
1, 009
3. 5
13.6
1,000
5. 3
17. 3
1,020
5.3
915
20. 6
8.4
918
25. 0
24. 8
31. 6
983
29. 2
1, 089
34. 6
28. 4
33. 4
1,057
5
28.5
31. 8
1, 160
5
28.5
1, 170
33.6
26.7
1,220
36.8

6
Preliminary estimates.
NOTE.-—Detail will not necessarily add to totals because of rounding.
Sources: Department of Labor, Federal Housing Administration (FHA), and
Veterans Administration (VA).

SALES AND INVENTORIES—MANUFACTURING AND TRADE f
Manufacturers* safes (seasonally adjusted) continued to rise in August, although new orders declined fractionally,
and inventories were reduced. Retail sales fell in September, according to preliminary estimates.
BILLIONS OF DOLLARS, SEASON ALLY ADJUSTED

BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

ioo.

TOTAL AND MANUFACTURING

1 I i I I I I I I I I I I I I I I I I l I l l III I I I I I I l l l I I I I I I l I I l I I I if
INDEXJ947-49°IOO, SEASONALLY ADJUSTED
160

40

OtI I I I I I M M I I I I f i l l I 11 1 1 I I 1.1 I I I I I t I I I > 1| I I I I I M I

1955

|

1956

I

1957

1958

J

1958

1955

MANUFACTURING, RETAIL TRADE, AND WHOLESALE TRADE.
SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE

Period

Manufacturing
and trade

Manufacturing

Inven-2
Sales i tories

Inven-2 New l
Sales * tories
orders

SYSTEM.

Wholesale

COUNCIL OF ECONOMIC ADVISERS

Retail

Inven-2 Sales J
Sales i tories

Inventories 2

Billions of dollars, seasonally adjusted
1951_
__ __
1952
_
1953
____
1954
1955
.
1956
__
1957..
_
1957: July.
August
September
October
_
November
December
1958: January.
February. _ _
March
April
May
i .
June __
Julv__
August * 4
September
r

44. 7
45.9
48. 4
47. 4
52. 3
54. 8
56. 3
57.4
57.0
56. 3
55. 7
54. 7
54 5
53.8
52. 1
51. 3
52. 1
52. 4
53. 2
54. 0
54.4

1
2 Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
8

73.8
75. 4
78. 6
75. 5
81. 7
89. 1
90.7
91. 0
91. 3
91. 3
91. 1
91.0
90. 7
90. 0
89. 3
88. 5
87. 6
86. 9
86. 4
85. 9
85. 4

22. 3
22. 8
24 5
23. 5
26. 3
27.7
28. 4
29. 0
28. 6
28.2
28. 1
27. 2
26. 7
26.4
25. 5
24 9
249
25. 2
25. 7
26. 3
26. 4

42.8
43. 8
45. 4
43. 0
46. 4
52. 3
53.5
54 1
54 2
54 2
54 1
53.9
53. 5
52.9
52. 4
52. 0
51. 5
50. 9
50. 2
49. 8
49. 5

Book value, end of period, except annual data, which are monthly averages.




24 5
23. 6
23. 1
22. 5
27.2
28.3
27. 3
27. 3
27. 3
26. 6
26. 2
26. 0
25. 1
24 a
24 1
24 8
245
25. 0
25.8
26. 4
26. 3

9. 4
9. 6
9. 8
9.7
10. 6
11.3
11.3
11.4
11. 4
11.2
11.0
10.9
10.9
10.7
10. 5
10. 3
10. 7
10.7
10. 9
11.0
11. 1

9.7
10. 0
10.5
10. 4
11. 4
13.0
12.7
12. 7
12. 8
12.8
12. 8
12.8
12. 7
12.6
12.5
12. 4
12. 2
12. 1
12. 1
12. 1
12. 1

13.0
13. 5
14 1
14 1
15.3
15. 8
16. 7
17.0
17.0
16.9
16. 7
16. 6
16. 8
16. 7
16. 1
16. 1
16. 5
16. 6
16. 6
16. 7
16. 9
16. 6

21.2
21. 6
22.7
22. 1
23.9
23.9
245
241
243
244
242
243
245
245
243
24 1
23.9
23.9
24 1
240
23.9

Department stores
Inventories 3
Index, 1947-49 = 100
seasonally adjusted
112
131
114
121
118
131
118
128
128
136
135
148
136
152
138
155
144
153
136
154
129
155
133
154
138
150
130
147
124
146
131
142
130
143
134
144
133
148
140
148
147
148
138
Sales i

4

Preliminary estimates.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.

21

MERCHANDISE EXPORTS AND IMPORTS
In the first 8 months of 1958, commercial exports (merchandise exports excluding grant-aid shipments) were 18 percent lower than in the corresponding period of 1957. In the first 7 months, imports were 3 percent lower than a year
earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

2.5

2.5

2.0

MERCHANDISE EXPORTS
EXCLUDING GRANT-AID SHIPMENTS

.5

1952

1958
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE.

[Millions of dollars]
Merchandise exports
Period
Total
1936-38 monthly average.
1949 monthly average
1951 monthly average
1952 monthly average
1953 monthly average
1954 monthly average
1955 monthly average
1956 monthlv average1957 monthly average
1957: July
AugustSeptember
October.
November
December
1958: January
February
March
_
__ _
April „
May „
June
July
August
1

_
_

_
__

247
1,004
1,253
1,267
1,314
1,259
1,296
1,591
1,734
1,692
1,677
1,540
1,674
1,683
1,639
1,511
1,345
1,557
1,531
1, 638
1, 408
1,419
1, 3(.)6

Grant-aid
shipments l

(2)
(2)

Beginning with 1950, figures include only Department of Defense shipments
of grant-aid military supplies and equipment under the Mutual Security Program. Shipments for the first 6 months of the program (July-December 1950)
amounted to 282 million dollars.

22



89
166
293
188
105
146
113
187
141
103
74
87
95
109
100
114
122
131
99
129
113

Excluding
grant-aid
shipments

(22)
()
1, 164
1, 100
1, 022
1,071
1, 191
1,444
1,621
1,505
1,536
1,437
1,600
1,596
1,543
1,402
1,245
1,442
1,409
1,506
1,309
1,290
1,283

Merchandise
imports

207
552
914
893
906
851
949
1,051
1,082
1, 146
1,042
1,009
1, 148
1,043
1, 141
1,095
962
1,072
1, 057
1,063
1,037
1,050

Excess of exports
over imports
Total

40
452
339
374
408
408
347
540
653
546
635
532
526
640
498
416
383
485
473
575
371
369

Excluding
grant-aid
shipments
(2)
(2)
250
207
116
220
242
393
540
359
494
428
452
553
402
307
284
371
352
444
273
240

2 Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Department of Defense.

PRICES

CONSUMER PRICES

The consumer price index declined slightly in August
the decline.

Lower food prices were the most important contributors to

INDEX, 1947-49 «IOO
I5O '

INDEX, 1947-49-100
150

140

140

130

130

120

120

110

110

too

IOO

t ! ten

1952

1958

SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

[1947-49=100]
Period
1939..
.
1948
1949...
1951
.
1952
1953
1954
1955
1956
_
1957
*
1957: July
August
September....
October
November
December
1958: January
February
March _
....
April__..
.
May
June
July
August

All

HouLsing

items

Food

59.4
102 8
101. 8
111. 0
113. 5
114. 4
114. 8
114. 5
116. 2
120. 2
120. 8
121. 0
121. 1
121. 1
121. 6
121. 6
122 3
122. 5
123. 3
123. 5
123. 6
123. 7
123. 9
123. 7

47. 1
104. 1
100. 0
112. 6
114. 6
112. 8
112. 6
110. 9
1H. 7
115. 4
117. 4
117. 9
117. 0
116. 4
116. 0
116. 1
118. 2
118. 7
120. 8
121. 6
121. 6
121. 6
121.7
120. 7

Totali

Rent

76. 1
101. 7
103. 3
112. 4
114. 6
117. 7
119. 1
120. 0
121. 7
125. 6
125. 5
125. 7
126. 3
126. 6
126. 8
127.0
127. 1
127. 3
127. 5
127. 7
127. 8
127. 8
127. 7
127.9

86. 6
100 7
105. 0
113. 1
117.9
124. 1
128. 5
130. 3
132.7
135. 2
135. 2
135. 4
135. 7
136. 0
136. 3
136. 7
136 8
137 0
137. 1
137. 3
137. 5
137.7
137. 8
138. 1

Reading

Apparel

Transportation

Medical
care

52. 5
103 5
99 4
106 9
105 8
104. 8
104. 3
103. 7
105. 5
106 9
106 5
106 6
107. 3
107. 7
107.9
107. 6
106 9
106 8
106 8
106. 7
106 7
106. 7
106. 7
106. 6

70.2
100 9
108 5
118 4
126 2
129. 7
128. 0
126. 4
128. 7
136 0
135. 8
135 9
135. 9
135. 8
140. 0
138.9
138 7
138 5
138 7
138. 3
138. 7
138. 9
140. 3
141. 0

72. 6
100 9
104. 1
111 1
117 2
121. 3
125. 2
128. 0
132 6
138 0
138 4
138 6
139 0
139 7
140. 3
140. 8
141 7
141 9
142 3
142. 7
143 7
143. 9
144, 6
145. 0

care
59. 6
101 3
101 1
110. 5
111. 8
112. 8
113. 4
115.3
120.0
124. 4
124. 7
124. 9
125. 1
126. 2
126. 7
127.0
127 8
128 0
128. 3
128. 5
128. 5
128. 6
128. 9
12a9

Other
goods
recreaand
tion
services

63.0
100 4
104 1
106 5
107. 0
108. 0
107 0
106. 6
108. 1
112 2
112. 4
112 6
113. 3
113. 4
114. 4
114^6
116 6
116 6
117 0
117. 0
116 6
116. 7
116. 6
116. 7

70.6
100 5
103 4
109 7
115 4
118. 2
120^ 1
120. 2
122.0
125 5
126 6
126 7
126 7
126 8
126 8
126. 8
127 0
127 0
127 2
127 2
127 2
127.2
127. 2
127. 1

1

Includes, in addition to rent, homeowner costs, utilities, housefurnishings, etc.
Source; Department of Labor,




23

WHOLESALE PRICES
The average of prices in primary markets was unchanged in September.
of the three major components.

Only fractional changes occurred in each

INDEX, 1947-49 «IOO

INDEX, 1947-49-I0O

130

OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIAL}

90

80

1954

1953

1952

1955

1956

1957

SOURCE: DEPARTMENT OF LABOR

1958
COUNCIl OF ECONOMIC ADVISERS

f 1947-49 = 1001
All commodities

Period

1939 . .'
1948 ....

.

1949

-_.-.•

19511952
1953
1954
1955
1956

-

_

__

. .

.
_ . -

1957
^
1957: August
.._
September
..
October
_ _ _
November
_
December
1958: January
February
March
April .-.. »
_

May

- .-..

_ _ . - _ _
_
_ _ _
.

• ___

June
_
July .
August
_
September
Week ended: '
1958: October 7
14-... .

_ _
_
_ _ _




«
_~
-.

.
_ _ _
_
_

__ ___
_

__

__

_

« Weekly serins biuuxl on smaller sample than monthly series.
Bource; Department of Labor.

24

_

'--.
_--

Farm
products

Processed
foods

Other than
farm products
and foods
(industrial)

50. 1
104.4
99. 2
114. 8
111. 6
110. 1
110.3
110. 7
114.3
117. 6
118.4
118.0
117. 8
118. 1
118. 5
118. 9
119.0
119. 7
119. 3
119. 5
119. 2
119. 2
119. 1
119. 1

36. 5
107. 3
92. 8
113.4
107.0
97.0
95. 6
89. 6
88. 4
90.9
93.0
91.0
91.5
91.9
92.6
93. 7
96. 1
100.5
97.7
9a 5
95,6
95.0
93.2
93. 1

43. 3
106. 1
95. 7
111.4
108. 8
104. 6
105. 3
101. 7
101. 7
105. 6
106. 8
106. 5
105.5
106. 5
107.4
109. 5
109.9
110. 7
111. 5
112. 9
113.5
112. 7
111.3
111.2

58. 1
103.4
101.3
115.9
113. 2
114. 0
114. 5
117.0
122. 2
125.6
126.0
126.0
125.8
125.9
126. 1
126. 1
125. 7
125. 7
125. 5
125. 3
125. 3
125.6
126. 1
126. 2

118.8
118. 8

92. 1
92.0

110.3
110. 1

126. 1
126. 1

PRICES RECEIVED AND PAID BY FARMERS
In the month ended September 1 5, the index of prices received by farmers rose 7 points.
(parity index) rose 1 point, and the parity ratio rose 2 points.

The index of prices paid

INDEX, 1910-14-IOO

INDEX, 1910-14 »IOO

T 325

325

PRICES PAID, INTEREST, TAXES
AND WAGE RATES

300

300

275

250

250

225

225

200 I I » » I I I I I I I M » M M I' I I II I I M » M I I I I If I I II I i I I » I » i I i I 'I I I I I I I I I I I M 1 I I H- I- I 1 I I I I I I I f I I I I I 200

1952

1953

1954

1955

1956

•^RATJO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.

1958
COUNCIL Of ECONOMIC ADVISpRS

Prices received by farmers
Period

1939
1948 .
1949
1951
._
1952
1953
1954
__„
1955
.
1956
. .
1957.. _
1957: August 15
September 15
October 15 November 15 December 15
• „.
1958: January 15
February 15
•„
March 15
. ...
April 15
May 15
June 15
.
July 15
___August 15
.__. _
September 15

All farm
products

95
287
250
302
288
258
249
236
235
242
247
245
241
242
243
247
252
263
264
264
255
254
251
258

Prices paid by farmers
All items,
interest,
Livestock taxes,
Producand Family
Crops
and
living
tion
wage
rates
products
items
items
(parity
index)
Index, 1910-14=100
82
107
123
120
121
260
255
315
250
251
224
272
251
243
238
265
282
336
268
273
268
306
287
271
274
242
272
270
279
253
242
255
274
281
252
236
236
281
273
249
240
230
285
278
249
233
249
296
286
258
232
261
295
287
257
227
260
295
287
258
225
255
296
286
258
223
258
298
289
260
263
219
299
289
263
224
267
301
289
264
229
273
302
290
265
245
280
304
293
269
252
306
275
293
271
246
280
306
294
271
232
275
305
293
270
228
277
305
293
270
225
275
304
291
269
232
280
305
271
291

J Percentage ratio of index of prices received by iarmers to index of prices paid,
interest, taxes, and wage rates.




Source: Department of Agriculture.

Parityl
ratio

77
110
100
107
100
92
89
84
82
82
84
83
81
81
81
82
83
87
86
86
84
83
83
85

25

CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
The fofal of demand deposits and currency declined slightly more than seasonally in August.
BILLIONS OF DOLLARS^

BILLIONS OP DOLLARS
____
.._

240

1952
COUNCR. OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Billions of dollars]

End of period

1951...
1952
1953
1954
1955
1956
1957
1957: August
.
September
October
November
December
_
.«
1958: January 5 5 .
February
March. 5
April s
May 5
.
. ...
June 55.
.
July - s
._..._..
August _ _ _ _

Total
U.S.
deposits Government
and
curdeposits *
rency

189. 9
200.4
205.7
214.8
221.0
226.4
232.3
225. 0
225.4
226. 9
227. 0
232. 3
227. 7
228. 0
230.9
234.4
234.2
239.6
237. 5
239. 1

3.9
5.6
4.8
5. 1
4.4
4.5
4.7
4.9
4.5
3. 9
3.8
4.7
2. 9
4. 2
6.4
6.0
6. 1
10.2
48
6.2

Total excluding U. S. Government deposits 2
Demand deposits and
currency
Time
de- 3
Total
Demand Currency
posits
Total deposits outside
adjusted* banks
98.2
26. 3
186. 0
61.5
124.5
27.5
65. 8
129.0
101. 5
194.8
200.9
70.4
102.5
28. 1
130. 5
27.9
134.4
106. 6
209. 7
75.3
28.3
109. 9
216. 6
78.4
138.2
28.3
82. 2
111. 4
222. 0
139.7
89. 1
227. 7
138.6
110. 3
28. 3
87. 1
27.8
220. 0
132. 9
105. 1
220. 9
105. 5
27.8
87.7
133. 3
223. 0
88. 1
107. 2
27.8
134. 9
107.2
28.5
87.6
135.7
223. 3
89. 1
227.7
110.3
138. 6
28. 3
224. 8
89.8
107.
6
27.3
135. 0
90. 9
27.4
223.9
133.0
105. 6
92. 5
104. 6
27.4
132.0
224.5
107.2
93.6
27.6
228. 4
134. 8
94. 6
105. 8
228. 1
133. 5
27. 8
229.4
95.9
105. 7
133. 5
27.8
232. 7
108. 2
96.7
136.0
27. 8
97.2
232. 8
107.6
28.0
135.6

1
Includes U. S. Government deposits at Federal Reserve Banks and commerdal
2 and savings banks, and U. S. Treasurer's time deposits, open .account.
Includes
deposits and currency beld by State and local governments.
1
Includes deposits in commercial banks, mutual savings banks, and Postal
Savings System, but excludes interbank deposits.
*Includes demand deposits, other than interbank and U. S. Government, less
cash items in process of collection.

26



6

Demand deposits
and currency,
seasonally adjusted
Total

134*7
133. 9
134- 2
134-0
133. 2
132. 2
133. 1
134.0
135.0
135. 5
135. 4
137. 6
137.4

Demand Currency
deposits outside
adjusted banks

106.8
106. 2
106. 5
105. 9
105. 1
104. 7
105.5
106.4
107. 2
107.6
107. 4
109. 6
109. 8

27.9
27.7
27.7
28. 1
28.1
27.5
27.6
27.6
27.8
27. 9
28.0
28.0
28.1

Preliminary estimates.
NOTE.—Monthly data are for the last Wednesday of the month, except the
unadjusted data for December 1957, which are for the last day of the month.
Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Eeserve System.

BANK LOANS, INVESTMENTS, AND RESERVES
Commercial bank loans rose $200 million in August, compared to $500 million in August 1957.
exceeded borrowings by a much smaller margin in September than in August.

Excess reserves

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

I8O

80

160

160

140

140

120

too

1958

END OF MONTH
COUNCIL OF ECONOMIC ADVISEES

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[Billions of dollars]
Weekly
reporting
member
banks l

All commercial banks
Total loans
and investments

End of period

1949
1951. ......

1952
1953. __
1954
1955.
1956

_

__„

__

___

1957.... ...
1957: July
August
September
October
November
December
1958: January *
February *
March *
April 4*

May

June 4«. .....
July*
August *
September 4

120.2
132. 6
141. 6
145. 7
155. 9
- 160. 9
165.1
170.1
165. 4
165. 9
166.3
167. 9
167.3
170. 1
167.7
168. 6
171.4
175.6
175.4
179.7
177.6
180.0

Investments

U. S. Gov-

Loans
Total

43.0
57.7
64. 2
67. 6
70.6
82.6
90.3
93.9
92.3
92. 8
93. 4
93.0
92. 9
93. 9
92. 0
92. 1
93. 0
93.5
92.8
94.9
93.4
93.6

ernment
securities

77.2
74.9
77.5
78. 1
85.3
78.3
74.8
76.2
73.0
73. 1
72.9
74. 9
74.3
76. 2
75.6
76.5
78.4
82. 1
82. 6
84.7
84.2
86.4

* Member banks include, besides all national banks, those State banks that
Itavi* taken nmmborship In the Federal Reserve System.
» CJciinmnrdal, industrial, and agricultural loans; revised series beginning
Jftiumry |<tA2 and again October 1966. Such loans by weekly reporting member
reprttioat approximately 70 percent of business loans by all commercial




67.0
61.5
63.3
63.4
69.0
61.6
58.6

sa 2

5&3
56.2
55. 9
57.3
5&9
58.2
57. 7
58.3
59. 6
62.8
63.2
64.7
64.3
66.3

Other
securities

10.2
13.3
14. 1
14.7
16.3
16.7
16.3
17.9
16. 8
16.9
17. 1
17.6
17.4
17.9
17.9
18.2
18.9
19.3
19. 4
20.0
19. 8
20.1

All member banks l *
Reserve balances

Business
loans 2

Required

Excess

13. 9
21.6
23. 4
23.4
22.4
26.7
31.3
32.2
31.7
32.0
32.4
31.8
31.5
32.2
30. 6
30.4
31.0
30.2
29,8
30.4
29.5
29.9
30.2

17.0
18.5
19.6
19.3
18.5
18.3
18.4
18.5
18.6

0.8
.8
.7
.7
.8
.6
.6
.5
.5
.5
.5
.5
.5
.6
.6
.6
.6
.6
.7
.6
.7
.6
.6

ias

18.4
18. 6
18.4
18.8
18.7
18.4
18. 1
17.8
17.6
18.0
18.0
17.9
17.8

Borrowings at
Federal
Reserve
Banks

0. 1
.3
.8
.8
.1
.6
.8
.8
.9
1.0
1.0
.8
.8
.7
.5
.2
.1
.1
.1
.1
.1
.3
.5

3
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, consumer credit outstanding increased about $200 million, compared to an increase of $450 million in
August 1957.
BILLIONS OF DOLLARS
50

BILLIONS OF DOLLARS
50

TOTAL CREDIT OUTSTANDING

,,

NONINSTALMENT CREDIT
I ,.,,", I

2 £y

1952

1953

1954

1957

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE'SYSTEM.

End of period

1939
1948
1949
1951- ..
1952.. .
1953.... _ ...
1954. __.__
1955
19561957
1957: July '._
August
September.
October. __
November.
December.
1958: January _ _
February _
March
April
Mav

June:
July
...
August

Total
consumer
credit
outstanding
7,222
14, 398
17, 305
22, 617
27, 401
31,243
32, 292
38, 670
42, 097
44, 776
42, 668
43, 101
43,270
43,274
43, 530
44, 776
43, 966
43, 043
42, 562
42, 665
43, 027
43, 122
43, 026
43, 217

[Millions of dollars]
Instalment credit outstanding
Total
4, 503
8, 996
11, 590
15, 294
19, 403
23, 005
23, 568
28, 958
31, 827
34, 105
32, 968
33, 303
33, 415
33, 504
33, 596
34, 105
33, 737
33, 302
32, 983
32, 932
32, 957
33, 054
33, 133
33, 232

Automobile
paper 1
1,497
3,018
4, 555
5,972
7, 733
9,835
9, 809
13, 472
14, 459
15, 496
15, 329
15, 490
15, 556
15, 579
15, 542
15, 496
15, 326
15, 122
14,889
14,788
14, 713
14, 691
14, 673
14, 625

1 Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.
2 Includes only such loans held by financial institutions; those held by retail
outlets are included in "other consumer goods paper."

28



Non instalment credit
outstanding

Other Repair and
consumer moderni- Personal
zation
loans
goodsl
loans 2
paper
1,620
2, 901
3,706
4,880
6, 174
6, 779
6,751
7,634
8, 510
8,687
8, 189
8,229
8, 228
8,236
8, 300
8.687
8,499
8,277
8, 192
8, 134
8, 176
8,203
8, 220
8,280

1958
COUNCIL OF ECONOMIC ADVISERS

298
853
898
1,085
1, 385
1,610
1,616
1,689
1,895
1,984
1, 921
1,954
1,969
1,988
1,996
1,984
1,963
1,936
1,915
1,914
1,933
1, 942
1,952
1, 980
3

1,088
2,224
2, 431
3,357
4, 111
4,781
5, 392
6, 163
6,963
7, 938
7,529
7,630
7,662
7, 701
7,758
7,938
7,949
7, 967
7,987
8,096
8, 135
8,218
8, 288
8, 347

Total
2, 719
5,402
5,715
7, 323
7,998
8,238
8, 724
9, 712
10, 270
10, 671
9, 700
9, 798
9,855
9, 770
9,934
10, 671
10, 229
9,741
9, 579
9, 733
10, 070
10, 068
9,893
9,985

Instal- Instalment
ment
Charge credit excredit
accounts tended a repaid a
1, 414
2, 673
2,795
3,605
4,011
4, 124
4,308
4,579
4,735
4,760
3,886
3, 925
3, 942
3, 991
4,135
4, 760
4, 264
3,710
3,528
3, 694
3, 956
3,949
3, 901
3,937

6,872
15, 585
18, 108
23, 576
29,514
31, 558
31,051
39, 039
40, 063
42, 411
3,837
3, 704
3,388
3, 545
3, 439
4,069
3, 108
2, 754
3, 164
3,345
3, 386
3, 484
3, 494
3,402

Credit extended or repaid during the period.
Source: Board of Governors of the Federal Reserve System.

6,060
13, 284
15, 514
22, 985
25, 405
27, 956
30, 488
33,649
37, 194
40, 133
3, 477
3, 369
3, 276
3,456
3, 347
3, 560
3, 476
3, 189
3,483
3,396
3, 361
3,387
3,415
3,303

BOND YIELDS AND INTEREST RATES
Rates on Treasury bills continued to rise sharply in September and early October.
ment bonds also rose.

Yields on corporate and sovern-

PERCENT PER ANNUM

PERCENT PER ANNUM

1958

1952
SOURCES: SEE TABLE BELOW

Period

1951
1952
.
1953
_.-•_ _
1954
_1955
1956..
'... _ . ,
.
1957
1957: September
.
.
October
.
.
November
. . »»
December
_ „
1958* January
i.. «
February
„
March
...
;
April
.
May
June
..
July
___
August
.
;.. ..
September .' .
Week ended:
1958: September 13
>_ „.
20_
„._ . .
27.
—
October
4_
,__
11.
_ „ _ _ ......
18__

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum I
U. S. Government
High-grade
security yields
municipal
bonds
3-month
Taxable
2
(Standard &
Treasury
l
bonds
Poor's) 3
bills
1. 552
2.00
2.57
1.766
2. 19
2.68
2.72
2. 94
1.931
2. 55
2.37
. 953
1.753
2. 84
2.53
2, 658
a os
2.93
3. 267
3.47
3.60
3. 66
3. 90
3. 578
3. 73
3. 79
3.591
3. 76
3.337
3. 57
3. 47
3. 102
3. 30
3.32
3.24
2. 598
3.37
1. 562
3. 28
3.45
1. 354
3.25
3. 31
1. 126
3. 12
3.25
3. 14
1. 046
3. 26
3. 20
.881
3.36
3. 45
.962
3.74
3.60
1. 686
3.96
3. 75
2.484
2.359
2.605
2. 511
2.920
2. 668
2. 927

1
Kute on new Issues within period.
» First Issued in 1941. Series includes: October 1941-Maren 1952, bonds due or
callable afu»r 15 years; April 1952-March 1953, bonds due or callable after 12 years;
A pfll 1U63 to date, bonds due or callable 10 years and after.




3.75
3.76
3.74
3.83
3. 72
4
3. 72

3.98
3.95
3.94
3.97
3. 95
3 94

Corporate bonds
( MoodyJs)

2.86
2.96
3. 20
2. 90
3.06
3.36
a 89
4 12
4. 10
4.08
3.81
3. 60
3.59
3.63
3.60
3.57
3.57
3. 67
3. 85
4.09

3.41
3.52
3.74
3. 51
3. 53
3.88
4.71
4. 93
499
5.09
5.03
483
466
468
467
462
4 55
4.53
467
487

Prime
commercial
paper,
4—6
months
2.16
2. 33
2. 52
1. 58
2. 18
3.31
3.81
400
4 10
407
3.81
3.49
2.63
2.33
1. 90
1.71
1.54
1.50
1.96
2.93

4. 07
4 10
4. 11
4, 13
4. 13
*4 10

486
488
490
4.92
4 94
494

2.88
2.90
3. 00
3.20
3.25
4
3. 25

Aaa

Baa

> Weekly data are Wednesday figures.
< Not charted.
Sources: Treasury Department and Board of Governors of the Federal Reserve
System (except as noted).

29

STOCK PRICES
Stocks prices increased again in September and early October.
INDEX, 1939 »100
500

INDEX,19o9 - tOO
500

400

300

300

200

20O

SOURCE: SECURITIES AND EXCHANGE COMMISSION

Period
Weekly average:
1948
.
1949
•_.
1951
......
1952
.
.
1953
.
1954
.
1955
.
1956.
1957
1957: September;
.
October.
. ..
November
..
December
,_.
1958* January,
...
February.
.
March .
;.'
April...'.
.
May . ..
June
'-..--..
.
July....
August
.
...
September
..
Weekended:
1958: September 5
.
12
19.
26.
.
October
3...
10

COUNCa OF ECONOMIC ADVISERS

Composite
index *

[1939=100]
Manufacturing
TransDurable Nondura- portation
Total
goods ble goods

132. 7
127.7
184. 9
195.0
193.3
229. 8
3046
345. 0
331.4
327. 9
306. 4
301. 8
298. 5
304. 7
304 0
310. 8
311.9
322.9
330.6
339.2
351. 7
360. 5

136.8
132. 1
206. 8
220.2
220.1
271.3
3744
438. 6
422. 1
419. 1
388.2
381.9
376. 1
381. 6
378. 1
388. 2
387.4
401.4
411. 7
423.6
442.0
452.9

353.7
357. 6
364.2
366. 5
372. 1
378. 6

443.8
449.6
457.8
460.5
468. 8
478.1

• Includes 265 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31 for trade,
finance, and service, and 14 for mining. Indeies are for weekly closing prices.

30



1243

Utilities

Trade:
finance, Mining
and service

178. 5
188. 8
192. 6
245. 2
352.4
409.8
391.2
385. 8
356. 9
350. 1
335. 6
346. 6
345. 8
351. 6
339. 8
353.2
362. 2
376.5
399.4
412. 9

148. 6
147.2
233. 1
249. 3
245.2
295. 2
394 4
465. 1
450.7
449.7
417.0
411. 1
413.2
413. 6
407.7
421.6
425.7
438.4
449. 6
458.9
472.9
481. 1

158. 1
136.0
199.0
220. 6
218. 7
232. 6
320. 0
327. 1
275. 4
263. 3
240. 9
227. 8
2147
230.2
231.3
230.6
233. 1
249. 0
259. 2
268. 8
282. 6
292.2

99.3
98. 1
112.6
117.9
121. 5
135. 8
152. 9
155. 8
156.0
152.6
148. 8
149. 3
152. 3
157. 8
160. 5
161. 7
165. 7
168. 9
171. 3
173.4
173.9
177.5

207. 1
235. 6
296. 9
306. 3
277.5
277. 2
266. 5
262.0
257. 9
269. 7
277.5
283. 4
285. 6
301.0
305. 1
311.9
324 6
337. 2

133.0
129.4
2049
275.7
240. 5
267.0
312.9
357. 5
342.4
334 5
296. 9
2842
2745
272. 1
266.8
283.2
287.0
300. 1
3ia9
330. 7
341. 1
340.6

401.9
409.8
418.4
421.6
429.9
440. 5

473.9
477.6
485.2
487.6
495.6
503. 5

282. 6
284 7
^ 300. 1
301. 2
307. 5
309. 6

175.3
176.0
178. 5
180.2
180. 6
183. 1

334 8
335.2
338. 5
340. 3
345. 8
345.4

341.6
33a 1
341. 4
341.4
343. 9
347. 2

lie. o

Source: Securities and Exchange Commission.

156. 9
160. 7
207. 9
206; 0

FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
The budget deficit (or the first quarter of the current fiscal year was $4-5 billion. For the same period of last year,
the deficit amounted to $2.5 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

NET BUDGET EXPENDITURES

NET BUDGET RECEIPTS

FIRST 2 MONTHS

FIRST 2 MONTHS

75

50

25

1955

1956

1957

1954

1955

1956

BUDGET SURPLUS (t) OR DEFICITH
(ENLARGED SCALE)

E5 -

FIRST 2 MONTHS v
1959

1956

1957

1958

1959

_

„
„

_.

[Billions of dollars]
Net budget expenditures
Net
Major national security 1
Budget
budget
Department surplus (+)
receipts
Total
or
of Defense
Total
deficit (-)
military
functions
43. 6
95. 1
76. 8
76. 1
-51. 4
64. 8
74. 3
51. 8
43. 6
-9. 4
64. 7
67. 8
47. 9
40. 3
-3. 1
60. 4
64. 6
42. 1
35. 5
-4. 2
68.2
66.5
41.8
+ 1.6
35.8
71.0
69. 4
44. 4
38.4
+ 1.6
69. 1
71. 9
45. 0
39.0
-2.8
67.0
79. 2
46.8
40.8
-12. 2
5.9
5. 1
4. 0
3. 5
-. 8
7. 2
5.7
3. 5
3. 0
+ 1.6
6. 5
3. 1
3.7
3.2
-3. 4
5.8
4.8
3. 5
3. 1
-1. 0
6. 0
5.8
3.8
3. 3
+. 1
6. 0
4.8
3.8
3. 1
-1. 2
5. 5
6.3
3. 6
3.2
+.8
9. 5
5. 7
3.7
3. 1
+ 3.8
6. 1
3. 5
3. 7
3.2
-2. 6
4. 9
5. 8
3.7
3.2
-. 9
6. 6
10. 8
4. 3
3.9
+ 4.2
6. 6
2. 9
3. 8
3.2
-3.7
6. 2
3.7
3.2
4.8
-1. 4
7.2
3. 9
6. 6
3.5
+.6
15. 4
15.0

i Includes military functions of Department of Defense, military assistance
and defense support portions of the mutual security programs, Atomic Energy
Commission, and stockpiling and defense production expansion.
* Includes guaranteed securities, except those held by the Treasury. Not all
of total shown is subject to statutory debt limitation.




1955

COUNCIL OF ECONOMIC ADVISERS

Period

Fiscal year 1944
Fiscal year 1953
Fiscal year 1954
Fiscal year 1955
Fiscal year 1956
Fiscal year 19573
_
Fiscal year 1958 4 _ .
Fiscal3year 1959
1957: August
September
October
November
December
3
1958: January. ...
February
March
April
May
June
_
Julv
August
September
_ _
Cumulative totals for3 first 3 months:
Fiscal year 1958
Fiscal year 1959 3
_„
__

1954

FISCAL YEARS

* ESTIMATED
SOURCES:TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

17.9
19.4

11. 2
11. 4

9. 8
9.9

Public
debt
(end of2
period)

-2.5
— 4. 5

a
Preliminary. Cumulative totals for first 3 months, not charted.
* Estimate, "1969 Federal Budget Midyear Review," September 11, 1958.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.

202. 6
266. 1
271. 3
274.4
272. 8
270.6
276.4
283. 1
274.0
274.5
274. 2
274. 9
275.0
274. 7
274. 8
272. 7
275. 2
275. 7
276. 4
275. 6
278. 6
276. 8
274. 5
276.8

01

CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
According to preliminary estimates, Federal cash payments to the public in the fiscal year 1958 exceeded Federal
cash receipts by $1.5 billion. Current estimates for fiscal year 1959 indicate a cash deficit of $1 3.7 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

0
t!5

EXCESS OF CASH RECEIPTS

(ENLARGED SCALE)

•588881

_• _•

K3&58

|
i
EXCESS OF CASH PAYMENTS

.

-15
1952
PRELIMINARY

1953

1

1954

ESTIMATES.

1955
1956
CALENDAR YEARS

1957*

1957

1958*

COUNCR OF ECONOMIC ADVISERS

SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.

[Millions of dollars]
Cash receipts
from the
public

Period
Fiscal year total:
1955.
.-.-.1956.___
1957
_ . ..
1958 2»
•
.
1959 _ _
Calendar year total :
1954__.
1955..... _ . _ . _ _ _ . _ . „ _ ...-„ ,
1956
.
19571-_ • ..
- —
Quarterly total, not adjusted for seasonal variation:
1957: First quarter____.
Second quarterl
Third quarter . . .
___
Fourth quarter * _
. _ _ _
1958: First quarter * l
Second quarter
'„
_ .

_,

.

.

•

>
__.
» _

Cash payments to
the public

67, 836
77, 088
82, 107
81, 855
80, 357

70, 538
72, 617
80, 008
83, 328
94, 066

68, 589
71,448
80, 330
84, 520

69, 661
72, 188
74, 807
83, 326

-1,072
-740
-f 5, 524
+ 1, 194

24, 617
24, 846
18, 653
16, 404
23, 618
23, 181

19, 814
21, 574
21, 099
20, 839
19, 626
21, 764

+ 4, 802
+3, 273
3 2] 447
— 4, 435
-f-3, 993
-f 1, 416

1

Preliminary.
* Estimate, "1959 Federal Budget Midyear Pcvicw," September 11,1958.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Bureau of the Budget and Treasury Department.

32

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Excess of receipts (-f) or
payments ( — )
— 2, 702
+4, 471
-}-2, 099
— 1, 472
— 13, 709