Full text of Economic Indicators : October 1960

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86th Congress, 2d Session

Economic Indicators
OCTOBER 1960

Prepared for the Joint Economic Committee by the
/^'
Council of Economic Advisers




UNITEDr
GOVERNMENT HRBNTIN/0, OFFICE
WASHINGTON : I960 /

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
WRIGHT PATMAN, Texas, Viet Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. WILLIAM FULBRIGHT (Arkansas)
JOSEPH C, O'MAHQNEY (Wyoming)
JOHN R KENNEDY (Massachusetts)
PRESCOTT BUSH (Connecticut)
' *
JOHN MARSHALL BUTLER (Maryland)
JACOB K.-JAVTIS (New York)

.

HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS^(WiscOTisin) Y
FRANK M. COFFER @$Wfle)
THOMAS B. CURTIS (Missouri)
CLARENCE E. KILBURN (New York)
WILLIAM B. WIDNALL (New Jersey)

JOHN W. LEHMAN, Clerk, and Acting Executive Director., .

COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNIER, Chairman
KARL BRANDT
HENRY C. WALLICH

[PUBLIC LAW 120—81sr CONGRESS; CHAPTER 237—Isr SESSION]
JOINT RESOLUTION [S.J, Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representative of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Anns 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.

ii




Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Per Capita Disposable Income
Farm Income
•
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment

1
2
3
4
5
6
7
8
9
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force.
Nonagricultural Employment.
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings-—Selected Industries .....

—

11
12
13
14
15

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

,

PRODUCTION AND BUSINESS ACTIVITY

PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers

,
.,

..,..,.
«.„...

23
24
25

CURRENCY, CREDIT, AND SECURITY MARKETS
Currency and Deposits
Bank Loans, Investments, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices

,..»..-.
,
,

,...

26
27
28
29
30

FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public




=.„...

31
32

NOTE.—Detail in tbcsc tables will oot
necessarily add to totals because of rounding.
iii

TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, ^EXPENDITURE, AND SAVING
Preliminary estimates indicate that total income and total expenditures in the third quarter of 1960 were slightly
below the second quarter level, thoush $21.6 billion (seasonally adjusted annual rate) above the third quarter of
1959.
[Billions of dollars]
1960

1959

Third quarter

Year
Economic group

_:;

Second quarter

Third quarter >

Excess
Excess
Excess
Excess
of reof reof reof reEx- ceipts
Ex- ceipts
Ex- ceipts
Ex- ceipts
ReRe- pendReRe- pendpend- (+)
pend- (+) i
(+)
ceipts itures or(+)
ex- ceipts itures or ex- ceipts itures or ex- ceipts itures or expendpendpendpenditures :
itures
itures
itures
(-)
(-)
(-)'
(-)
;

Seasonally adjusted annual rates
Consumers:
Disposable personal income. 337.3
Personal consumption ex-

338.5

72.0

Less: Transfers, Interest,

1.4

1. 4

34.5

34.0

- 37.0

94.6

95.0

-

3.5

-2.1

— 3

137.8

«

37.5

100. 8

P)

131.6

132. 1

135.6

isa o

34. 5

340

37.0

37.5

97. 1

9a i

9a 6

100.5

Surplus (+) or
deficit (— ) on
income and
product account.

-2.5
-1.8

GROSS NATIONAL PRODUCT- 482. 1 482.1
i Preliminary estimates by Council of Economic Advisers.
i Not available.
Source: Department of Commerce (except as noted).




(J)

2.0

129. 0

Purchases of goods

Statistical discrepancy

1. 7

129. 1

Less: Transfers, interest,

70.5
— 23. -4

—.2
2.5

Total government expendi-

P)

-17.9

— 1.0

29.0

75. 5

L2

Excess of transfers (+)
or of net exports (—)

25. 2

67. 5

1.5

328.5

52.1

-2L6

Net exports of goods and

Government (Federal, State,
and local) :
Tax and nontax receipts or

22.5
49.6

50.5

------- 357.5
329.0

23.4

Excess of investment
t \
International:
Foreign net transfers by

316.0

313.8

Personal net saving ( H* )
Business:
Gross retained earningsGross private domestic in-

354,1

—3. 2

-1.8 —3.0

-3.0 -3.9

481.4 481. 4

C)

2.2

505.0 505.0

-3.9

a

<)

(')

503.0 503.0

NOTE.—For explanation and use of this arrangement, see Senrun lit.|>,>rl
No. 1295, Joint Economic Report, pp. $2-93, 99-105, and Economic Report o) Uti
President, January 1953, Appendix A.
1

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product at an annual rate of $503 billion '(seasonally adjusted) in the third quarter of 1960 was $2.0
billion lower than in the second quarter,-accordin5 to preliminary estimates. Final purchases of goods and services—
total purchases excluding inventory change—rose $3.3 billion in the third quarter, following a rise of $9.8 .billion
in the second quarter. • •
. . , " • " ' '
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

Sob

500

400 -

300

30O

£00

COO

100

100

I960

1954
•" PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE'. DEPARTMENT OP COMMERCE. I EXCEPT AS NOTED).

, ..

1949..
1950
1951
1952..
1953
1954
1955
1956
1957
19581959_

Period

..
.:

1958: Third quarter
Fourth quarter
1959: First quarter
Second quarter
Third quarter
Fourth 'quarter
1960: First quarter
Second quarter
Third quarter *

1
Less Government sates.
'These expenditures correspond closely with the "major national security'
category In The Budget alike United State* Government for the Fltcal year Ending
June SO, tKl, shown on p. 81 of Economic Indicators.




of ECONOMIC jbyaas

IBithpns of dollars)
Persona]
letaJ
Government purchases of goods and services
Net
Gross
congross
Total
exports
private
Federal
suinpnational gross
State
goods
product national' tion domestic of and
Total
and
National
investexpendTotal'
in 1959 product
local
defense * Other
ment services
itures
prices
40.2
22.2
328. 4
18L 2
3.8
25ai
sao
13.6
ag
17,9
195.0
$66.4
284. 6
.6
39.0
50.0
19. 3
5.2
19.7
14.3
329.0
209.
8
2.4
eas
sas
5.2
S85.S
56.3
33. 9
21.7
347.0
219.8
S99.4
49.9
1.3
76.0
52.9
46. 4
6.7
23.2
232. 6
417.6
365. 4
50.3
—.4
82.8
sao 49. 3
9.0
24, 9
_.
238.0
409.2
363. 1
1.0
75. 3
47.5
41.2
6.7
4a9
27.7
397. 5
256. 9
1. 1
75. 6
45. 3
6.6
63. 8
39. 1
30.3
441.9
2.9
461. S
419. 2 269. 9
67.4
79. 0
45. 7
40. 4
5.7
33. 2
442. 8 285. 2
469.6
4,9
86. 5
49. 7
66. 1
44.4
5.7
36.8
1.2
461.3
93.5
52.6
444. 2 29&5
56.0
44,8
a3
40.8
482. 1 sias
482. 1
— 1.0
97.1
72.0
53.3
46. 0
7.8
43.9
Seasonally adjusted annual rates
294, 8
94. 8
453. 6
447.0
55.8
1.6
53.7
44, 9
9. 1
4L2
466.6
63.2
.4
461.0 300. 2
97.1
54.3
9.4
45.5
42.8
_. 476. S
473. 1 306. 1
70. 9
53.3
— 1. 0
97. 1
45.9
7.9
43.8
-2.2
489. S
313.6
7R9
97. 7
487.9
53. 7
46.4
7.8
44,0
o
480.0
316.0
67. 5
48L4
9a i 53. 6 46.1
44.5
486. 4
319. 6
;
483. S
70.8
— !4
96. 4
52. 5
45. 5
7.5
43.9
496.9
79.3
97.5
501.3 323. 3
L2
5L 8
44,9
7.5
45.7
329.0
2. 0
75. 5
9& 6
5t 7
447
505.0
7. 6
46.9
497.4
70. 5
503.0
328.5
3.5
100. 5
52. 5
45.0
ao
48.0
4&4.1

ao

I Preliminary estimates by Council of Economic Advisers.
Source: Department of Commerce (except as noted).

NATIONAL INCOME
Compensation of employees advanced by $2.2 billion (seasonally adjusted annual rate) in the third quarter,
interest also increased while other major components of noncorporate income showed little or ne> change.
BILLIONS OF DOLLARS

Net

BILLIONS Of DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL INCOME

400

400

300
COMPENSATION OF EMPLOYEES

eoo

eoo

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

PROPRIETORS' AND
RENTAL INCOME

100

NET INTEREST

-,—T

1954

1955

1956

1957

1958

I960

1959

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

COUNCIL Of KOMOMK MVBHB

(Billions of dollars]

Period

1949..1950
- „ . - _1951
1952
1953
1954
„.
1955
1956
1957
1958
1959_

Total
national
income
217.7
241.9
279.3
292. 2
305. 6
301. 8
330. 2
350. 8
366. 9
367.7
399.6

Compensation
of em- 1
ployees

Proprietors' income

140.8
154,2
180. 3
195.0
208.8
207.6
223.9
242. 5
255.5
257.0
277.8

Business
and professional

Farm
12. 9
14.0
16.3
15. 3
13.3
12.7
11.8
11. 6
11.8
14.0
11. 8

22.7
23.5
26.0
26.9
27.4
27.8
30.4
32. 1
32.7
32.3
34.7

Rental
income
of
persons

as

9.0
9.4
10. 2
10.5
10.9
10.7
10.9
11.9
12.2
12.4

Net
interest
4.8
5.5
6.3
7.1

a2

9. 1
10.4
11.7
13.4
14.7
16.4

Corporate profits and inventory valuation adjustment
Total

za 2

35.7
41.0
37.7
37.3
33.7
43. 1
42. 0
4L7
37.4
46.6

Profits Inventory
before valuation
taxes adjustment
26.4
40.6
42. 2
36.7

sas

34. 1
44. 9
44, 7
43.2
37.7
47.0

1. 9
>; n
-1.2
1.0
-1.0
—. 3
1 7

-2.7
— 1. 5
—. 5

Seasonally adjusted annual rates
1958: Third quarter
Fourth quarter
1959: First quarter.. .
Second quarter..
Third quarter
Fourth quarter _ _
1960: First quarter
Second quarter
Third quarter *
3
1Includes

370.8
SSL 9
390. 9
405.4
399.4
402.8
414. 4
419.4
(3)

258.8
263.4
270.4
279.7
279.5
281. 6
290. 2
295.0
297.2

employer contributions far social Insurance. (See also p. 4.)
Preliminary estimates by Council of Economic Advisers.
« Not available.




140
13. 5
13.0
12.0
11. 1
11.2
10. 6
12. 1
12.2

32.6
33.3
33.8
34.8
35.0
35. 1
35.4
36.0
36. 1

12.2
12.2
12.3
12.4
12.4
12. 5
12.5
12.5
12.5

14. 8
15.4
15.9
16.2
16. 5
16.9
17. 8

ia 5

19. 1

38. 5
44.0
45.5
50.4
44.9
45. 5
48.0
45.3
«

Source: Department of Commerce (except as noted).

38.8

44.9
46.4
51.7
45.3
44.8

4a s

45.7
(')

-0.2
—.9
-1.3
-.4
.7
-.8
—.4
C)

SOURCES OF PERSONAL INCOME
Personal income rose $200 million (seasonally adjusted annual rate) in September to $408.4 billion, although there
was a declfne in wage and salary disbursements. This decline was more than offset,by increases jn personal interest
income .ana transfer payments.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

400

TOTAL PERSONAL INCOME
350

3OO

250

ZOO

eoo;
ROFESSIONAL, AND RENTAL INCOME

I960
(COUjCIl Of *iCONOMC>f>V!3EKS

SOURCE: DEMftTMENT OF COMHERCC

Total
personal
income

Period

1951
1952
1953
1954
1955
1956
1957
1958
1959

.

256.7
273.1
288.3
289.8
310.2
332.9
35L4
360.3
383.3

.
—

_ _.
- -

1959: August...
September.
October. .
November.
December.
1960: January..
February.
March
April
May
June
July- .
August
September1

383.3
3843
384 3
388.7
393. 9
395.7
395. 7
397.0
401. 9
4047
406. 1
407.3
408.2
408.4

[Billions of dollars]
Labor income Proprietors" income
Less: Per(wage and
Rental
conPersonal Transfer sonal
salary disincome
tributions
DiviBusiness
payinterest
of
dends
bursements
for
social
Farm
and proincome ments
and other
insurfessional persons
labor income)1
ance
16.3
26.0
9.4
175.5
11.2
12.6
9.0
3.4
190.2
15.3
26.9
10.2
13.2
9.0
12.1
3.8
27.4
204 1
13. 3
10.5
9.2
13.4
143
3. 9
12.7
202. 5
27.8
10. 9
16.2
9.8
4.6
14.6
30.4
218.0
11.8
10. 7
11.2
15.8
17.5
5. 2
11. 6
32. 1
235. 7
10. 9
12. 1
18. 8
17. 5
5.8
32.7
247. 7
11.8
11. 9
12.6
21.9
19.6
6.7
140
32.3
12.2
12. 4
26.4
249. 1
20.8
6.8
11. 8
347
268.3
12.4
13. 4
27.0
23.5
7.8
Seasonally adjusted annual rates
10. 7
35. 0
12.4
268. 9
23.8
26.7
13. 6
7.8
10. 4
349
12. 5
27.2
13.8
269.3
24 0
7-9
269.0
10. 1
35.0
27.4
12. 5
13.8
24 2
7.9
28. 2
11.2
35. 1
12. 5
271.3
7.9
13. 8
245
27.9
12.3
35. 2
8. 0
13. 6
24 8
12.5
275.5
11. 3
35.5
278. 8
27.7
12.5
13. 9
25.2
9. 2
10.4
35. 5
279. 3
27.7
12. 5
13. 9
25.5
9. 1
28. 3
280.1
10.1
35.4
25.9
9.2
12.5
13. 9
13.9
11.7
35.7
9.2
26. 2
28.6
12.5
282.5
12.1
26. 5
28.4
12. 5
284 5
36.0
9.3
13. 9
2&5
285.0
12. 5
36.2
12. 5
9. 3
13.9
26. 8
12.0
36.2
12.5
286.2
13. 9
27.1
28.7
9.3
12.2
36.1
29.1
9.4
12.5
140
27.4
286.3
36.1
285. 9
12.2
12. 5
14 0
29.5
9.3
27.5

1
Compensation of employees (see p. 3) excluding employer contributions {or
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.




> Preliminary estimates.
Source: Department of Commerce,

Nonagricultural
personal
income"
237.0
2543
271.5
273.8
295.0
317,9
336. 1
342. 6
367. 6
368.9
370. 1
370.3
373. 5
377.4
380.2
381. 2
382. 7.
385. 9
388. 3
389.3
391. 1
391.8
392. 0

DISPOSITION OF PERSONAL INCOME
Disposable personal income rose $3.4 billion (seasonally adjusted! annual rate) between the second and third quarters
of 1960. Total consumption expenditures declined slightly, while personal saving rose by nearly $4 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

4OO

1 400

SEASONALLYAOJUSTEO ANNUAL RATES

DISPOSABLE PERSONAL INCOME

30O

300

TOTAL PERSONAL CONSUMPTION
EXPENDITURES

200

EXPENDITURES FOR
NONDURABLE GOODS

f

100
EXPENDITURES FOR SERVICES
EXPENDITURES FOR
DURABLE GOODS

\

1955

1954

1956

1958

1957

1959

I960

-^PRELIMINARY ESTIMATES BT COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE. (EXCEPT AS NOTED)

Period

1849
1950
1951 .
1952
1953
1954—
1955
1956
1957
1958.
1959

Equals:
Personal Less:
Disposincome Personal
able
1
taxes personal
income

2oas

;._
.

1058! Third rjiifl.rt.er
Fourth quarter
1959; First quarter
Second quarter
Third quarter

Fourth quarter
1960: First quarter
Second quarter
Third quarter *




2

ia 7

22a 5
256.7
273.1
288.3
289.8
310. 2
332. 9
351.4
360.3
383.3

20. 8
29.2
34 4
35. 8
32.9
35.7
40. 0
42. 6
42.4
46.0

364.7
368. 1
374.7
384.5
384.8
389.0
396. 2
404.2
408.0

42.8
43. 2
45. 1
46.2
46.3
46.5
49. 2
50.0
50.5

1
Includes such items as fines and penalties.
' Preliminary estimates by Council of Economic Advisers.

61788' -60

CDUHCa. Of ECOMOMtt ADVSiltS

Less: Personal consumption
expenditures

Total

Durable Nongoods durable Services

Billions of dollars
181.2
189. 7
24.6
195.0
30. 4
207.7
227.5
209.8
29. 5
219. 8
23a?
29. 1
23Z 6
252.5
32.9
2sao
256.9
32.4
256.9
274.4
39.6
292. 9
269.9
38. 5
285.2
308.8
40.4
317. 9
293.5
37.3
313.8
337.3
43.4
Seasonally adjusted annual
321. 9
294.8
36.7
324. 9
300.2
39.6
306. 1
329. 6
41.6
313.6
338.3
44.4
338.5
316.0
44.0
342.4
319.6
43.5
323.3
347.0
44.2
354.1
329.0
44. 5
357. 5
328.5
42.5

Saving

Equals: as percent
Personal of dissaving posable
income

goods

96. 6
99. 8
110. 1
115. 1
118.0
119.3
124, 8
13L 4
137.7
142.0
147.6

as

60.0
64. 9
70.2
75.6
81. 8
86. 3
92.5
100.0
107.1
114.2
122.8

19.8
18.9
17. 5
23. 0
23.6
24.4
23.4

4, 5
6. 1
7.8
7.9
7. 8
7. 4
6. 4
7.9
7.6
7.7
6. 9

115. 1
116.9
119.2
121.4
124. 1
126.6
128.6
130.9
133.0

27.1
247
23.6
248
22.5
22.8
23. 7
25.2
29.0

8.4
7.6
7.2
7.3
6.6
6.7
6.8
7. 1
&1

12.6
17.7

ia9

rates

143.0
143.8
145.3
147.7
148.0
149.6
150.5
153.5
153.0

Source: Department of Commerce (except as noted).

PER CAPITA DISPOSABLE INCOME
Per capita disposable income (seasonally adjusted), measured in both current and constant prices, increased slightly
in the third quarter of 1960.
>

DOLLARS

DOLLARS

Z.EOO

~~~12,200

SEASONALLY ADJUSTED ANNUAL RATES

£.000

Z,OOO
PER CAPITA
•DISPOSABLE PERSONAL INCOME
IN 1999 PRICES -*/

1,800

1,800

1,600

IJ60O

1,400

I (tOO

I960
•VsEt FOOTNOTE E ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE. AND COUNCIL or ECONOMIC AOVISEIIS.

CtMMOl 0» KOMOMC MMSBtf

Total disposable personal Per capita disposable perincome (billions of dollars)1
sonal income (dollars)'
Period

1949 ._
19SO
1951.
1952.

Current
prices

.

_.

...

.

.

1953
1954
1955
1956
.1957
1958.
1959

—
;„__

_.;

.

.. _

.,

,
,

1959 .
prices*

189.7
207.7
227.5
238.7
252.5
256. 9
274.4
292.9

soa s

3 17. .9
337.3

231.6
250. 2
256. 8
263. 8
276. 3
27a 3
29&S
310. 9
31R4
32L4
337.3

Current
prices

1,272
1,369
1,474
1,520
1, 582
1, 582
1, 660
1.742
1,804
1, 826
1,906

1959
prices'

Population
(thousands) *

1,553
1, 649
1,664
1,680
1,731
i, 714
1, 793
1, 849
1,860
1, 846
1,906

149, 188
151, 683
154, 360
157, 028
159, 636
162,417
165, 270
168, 176
171, 198
174, 054
176, 947

1, 866
1,871
1,885
1,922
1,905
1,909
1,920
1,940
1, 947

174, 450
175, 242
175, 926
176, 599
177, 358
178, 144
178, 794
179, 432
180, 183

Seasonally adjusted annual rates
1958: Third quarter
Fourth quarter
1959' First quarter
Second quarter
Third quarter
Fourth quarter
1960: First quarter .
Second quarter
Third quarter 4 .

.
-

.
.

*

---

--

- ,- •-.

_-

.

.
•

.._„-.

:

1
iacome Jess taxes.
' Dollar estimates in current prices divided by tbe Implicit deflator (or personal consmnptlon expenditures on a 1959 base.
' Population of the united States, excluding Alaska and Hawaii: tnctades
armed forces abroad. Annual data as of July 1; quarterly data centered in tbe
middle of tbe period, interpolated from monthly figures.




321.9
324.9
329.6
33a3
33&5
342.4
347. 0
354. 1
367.5
4

325. 5
327. 9
33 L 6
339. 3
337. 8

34ao

34&2
348.2
350.8

1,845
1,854
1,874
1, 916
1,909
1,922
1,941
1,973
1,984

Preliminary estimates.
Sources: Department of Commerce and Council of Econom'c Advisera.

FARM INCOME
Both gross farm income and farm production expenses were lower in Hie third quarter of 1960 than in the second
quarter. Net farm income rose slightly.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

40

4O

'—TT^n

^—

_

\^^_^

>

1
^—

'

REALIZED GROSS
FARM INCOME-1'

50

3O

20

86

NET FARM INCOME
(INCL. NET CHANGE
IN INVENTORIES)-"^^
*\.
^
^
.
.
.
.

10

IO

1

O

1

1

1954

1

1

t

1

1

1

1956

I9S5

1

1

4

1957

i

1

1958

1

1

1

1959

-»i»t,OME OF FARM OPERATORS FROM FARMING.
SOU RCEl DEPARTMENT OF AGRICULTURE.

Period

1949
1950
1951
1952
1953
1954.
1955
1956 _
1957 .
1958.
1959

- _ _

1958: Third quarter ..
Fourth quarter
1959: First quarter
Second quarter
Third quarter
Fourth quarter
1960" First quarter
Second quarter
Third quarter '

Realized
gross farm
income '

31.8
32.5
37. 3
37.0
35.3
33.9
33. 3
34.6
34.4
38.2
37. 5
3& 4
3&4

sa 5

37. 8
36.7
36.9
36.5
38. 3
38.1




i

i i
I960

0

cnUNdl OF tCONOMIC AOVBOS

Farm operators' income
Net income s
Farm proExcluding
Including
duction
net change net change
expenses
in invenin inventories
tories
Billions of dollars

Net income per farm including net change in
inventories
Current
1959
prices
prices*
Dollars
iao
ia 8
12.9
2, 259
2,689
19.3
13.2
14.0
2,479
2,916
22.2
15.2
16.3
2,951
3,173
22.6
14.4
15.3
2,829
3, 010
21.4
13. 3
13.9
2,502
2,690
21.7
12.2
12.7
2,440
2,624
2L9
11. 5
11.8
2,313
2, 487
22.6
12. 0
11. 6
2,338
2,461
2&4
11. 0
11. 8
2, 426
2, 476
25.2
13.0
14.0
2, 952
2,982
26. 2
11. 3
11.8
2,548
2,548
Seasonally adjusted annual rates
25.4
13.0
140
2,950
2,980
25.7
12.7
ia 5
2,840
2,870
26.2
12. 3
13.0
2,800
2,830
26.3
11.5
12. 0
2,590
2,620
26. 1
10.6
11. 1
2,390
2,390
26. 1
10. 8
11.2
2, 410
2,390
26.3
10.2
10.6
2,330
2,330
26.5
11. 8
12. 1
2,670
2,640
26. 2
11.9
12. 2
2,690
2,690

i Cash receipts from farm marketings, value of larm products consumed in
farm households eross rental value of farm dwellings, and Government payments
. expenses. Excludes (arm
Realized gross farm Income less farm production
wages paid to workers living on farms and any income to farm people from
nonfarm sources, which in 1959 amounted to $1.8 billion and $6.8 billion,
respectively.
to (
,1§fm5r3.

f

Number of
farms
(millions) *
5.7
5.6
515
5.4
5.3
5.2
5. 1
5. 0
49
47
46
47
47
46
46
46
46
45
45
45

' Dollar estimates In current prices divided by the Index of prices oaid bv
farmers for items used in family living on a 1B59 base.
*'Preliminary
The numberestimates.
of farms is held constant wttnln •»•»»••*••».
a given year
Source: Department of Airicolture.

CORPORATE PROFITS
Corporate profits before taxes in the second quarter of 1960 are estimated to have been $45.7~'b"i|li6ri (seqsdnally
adjusted annual rate), about 6 percent below their first quarter level.
'
"
•
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

60

PROFITS BEFORE TAXES-1/

\

40

30

ZO

1954

1955

1956

I960

i> HO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
•SOUfifi& OeWWYWENY OF COMMERCE. — -' -

• • ' • ' '

council C* ECONOMIC ADVH3B

''

[Bilhons of dollars]

Corporate
profits
before taxes

Feriod
1949
1950

1951
1952
1953
1954.
1955
1956
1957
1958.
1959

.

-

--

•

.
.

.
_

,

_

.. ..-

Corporate profits after taxes
Total

16.0
22.8
19.7
17.2

10,4
17.9
22.4
19.5
20.2
17.2
21. 8
21. 2
20. 9
18.6
23.2

26. 4
40.6
42. 2
36.7
38.3
34.1
44, 9
44. 7
43.2
37.7
47.0

--

_

Corporate
tax
liability

ia i

16.8
23.0
23. 5
22.3
19.1
23. 8

Dividend
payments

Undistributed
profits

as

7.5
9.2
9.0
9.0
9.2
9.8
11.2
12.1
12.6
12,4
13. 4

13.6
10. 7
8.3
8.9
7.0
11.8
11. 3
9.7
6.7
10.5

Seasonally adjusted annual rates
1958: Third quarter
Fourth quarter
1959: First quarter Second quarter
Third quarter
Fourth quarter
1960: First quarter
Second quarter
Third quarter
i Not
1

38.8
44. 9
46.4
51.7
45.3
44. 8
48. 8
45.7

.
-

:J ._

--

0)

available.
Preliminary estimate by Council of Economic Advisers.
NOTE.—Bee p. 3 for profits before taxes and after inventory valuation
adjustment




0)

19.1
22.1
22.9
25. 5
22.3
22.1
23.8
22.3

19.6
22. 7
23.5
26.2
22.9
22. 7
25.0
23.4
C)

12.6
12.0
13.0
13.2
13.6
13. 8
13.9
13.9
* 14.0

Source: Department of Commerce (except as noted).

7.0
10.8
10.5
12.9
9.3

a9

11. 1
9.5

(0

GROSS PRIVATE DOMESTIC INVESTMENT
A cessation of inventory accumulation and a small decline in residential construction expenditures accounted for
the third quarter decline in gross private domestic investment. Other major categories of investment expenditures
increased.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

GROSS PRIVATE
DOMESTIC INVESTMENT

I960
•*/ PRELIMINARY ESTIU1TES BT COUNCIL OF ECONOMIC ADVISERS.
SOURCE: OEMBTIIEMT OF COMMERCE.! EXCEPT AS NOTED)

[Billions of dollars]
Total
gross
private
domestic
investment

Period

1949 ._
i960.
1951
1952
1953
1954
1955
1956
1957
1958 .
1959

sao

„
...

.. '

1958: Third quarter
Fourth Quarter
1959: First quarter .
Second quarter
Third quarter
:
Fourth quarter
1960: First quarter
Second quarter
Third quarter*

Fixed investment
Total

50.0
56.3
49.9
50.3
48.9
63.8
67.4
66.1
56.0
72.0

36.0
43.2
46. 1
46.8
49.9
50.5
58.1
62.7
646
58.5
66. 1

55.8
63.2
70.9
78.9
67.5
70.8
79.3
75.5
70.5

57.3
60.3
63.3
67.4
67.6
66.2
67.9
70.2
70.5

New construction J
Producers'
durable
ResidenTotal
equipOther
tial
ment
nonfarm
ia 8
9.6
9.2
17.2
24.2
14.1
18.9
10.1
24.8
12.5
12.3
21. 3
25.5
las
12.7
21.3
27.6
las
ias
22.3
29.7
15.4
143
20.8
34.9
1R7
16.2
2ai
35.5
17.7
17.8
27.2
36.1
17.0
19.0
28.5
35.4
18.0
17.4
23.1
40.3
22.3
18.0
25.8
Seasonally adjusted annual rates
35.0
18.0
17.0
22.3
36.8
19. 9
16.9
23.5
39.4
21.9
17.5
23.9
41.3
23.5
17.8
26. 1
41.1
22.6
18.5
26.5
39.4
21.3
18.1
26.8
40.8
21.4
19.3
27.1
40.7
21.3
19.4
29.5
40.5
21.0
19.5
30.0

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




Change in business
inventories
Total

-3.1
6.8
10.2

ai

..4
— 1.6
5.8
47
1.6
-2.5
5. 9
— 1.6
2. 9
7.6
11.5
—. 1
47
11. 4
5. 3
.0

Nonfarm

-2.2
6.0
9.1
2. 1
1.1
-2.1
5.5
5. I
.8
-3.6
5.4
2 f>
2.0

o. e
-.ft
4. a

11.0
11,0

s.o
-.a

Source: Department of Commerce (except as noted).

9

EXPENDITURES FOR NEW
The July-August survey of business expenditures on plant and equipment indicates a moderate rise in planned expenditures in third quarter followed by a leveling off in fourth quarter. Current anticipations for 1960 are about $'/2 billion
lower than reported in the April-May survey.

> OH TMLC BELOW.

„

meg *TO E*«<*M8g ootnnsstoHi **» oepAHTUCMT

{Biffiofls of dollars]
• : •*..-.• . ; - •

'":"' "" •' Manufacturing
Period
1950.
1851
1952 . I..
1953
1954
1955
.
1956...
:
1957
1958
_..„
1959

1960 »

.----

-.

Total '
20.60
'•2&.M
26.49
28.32
_._•_
26.83
28.70
35. 08
-:
36.96
30.53
i..i._.
32.54
36.37

1958: Third quarter
Fourth quarter
1969: First quarter
...
Second quarter,
Third quarter
Fourth quarter _. .
1960: First quarter
".
Second quarter
Third quarter'
;_
Fourth miarter1
.

2ft 61
29. 97
30. 60
32.50

sa 35

33.60
35.15
36.30
36.9
36.9

Tptal

Durable Nonduragoods ble goods

3. 14
5.17
5. 61
5. 65
5.09
5,44
7.62
8. 02
5.47
5.77
7.28

4.36
5.68
6.02
6. 26
5.95
6.00
7.33
7.94
5. 96
6.29
7.28

tt 71

10. 86

5. 16
4.86
5.25
5. 75
5.85
6. 15
7.15
7.40
7.3
7.3

5i 70
5. 72
5.95
6.05
6.40
6.70
6. 95
7.30
7.3
7.5

a 88

lass

11.20
11.80
12.25
12.85
14 10
14.70
14.6
14.8




.93
i98
.99
.98
.96
1. 24
1.24
. 94
.99
1.05

Commercial and
other '

Railroads Other

Public
utilities

1.21
1.49
1. 50
1. 56
1.51
L60
1.71
1. 77
1.50
2.02
2. 10

3. 31
3.66
3.89
4. 55
4, 22
4. SI
4.90
-6 20
6-09
5.67
5.89

6.78
7. 24
7. 09
8. 00
8. 23
9.47
11. 05
10. 40
8.81
10. 88
11.71

L 29
1.62
1.70
2. 10
2. 15
2. 15
2.00
2.15
2.2
2. 2

6. 10
6.26
- 5. 80
5. 80
5. 60
5. 50
5.75
5.70
6.0
6.1

y. ss

Mining

,,7.49
IftSS
11. 63
11.91
li. 04
11. 44
14.95
15.96
11.43
12. 07
14.55

1.11
L 47

1:1?
.85

.92
1.23
1.40
. 75
.92
1.07
Seasonally adjusted annual rates

1
Excludes agriculture.
»Commercial and other Includes trade, service, finance, communications, and
construction.
* Estimates based on anticipated capital expenditures as reported by business
In late July and August I960. Includes adjustments when necessary for systematic tendencies In anticipatory date.

10

Transportation -

a 63

. 97 . .58
.65
.95
LOO
.95
1.00
1.30
i. 05
.85
1.00
1.00
1.10
1.05
1.1
1. 1
1. 1
1.0

9. 96
10. 35
10. 85
11.05
11. 20
11. 35
11. €0
11.9
11. 9

NOTE.—Quarterly anticipated data are rounded to nearest $100 minion,- beginning 1969 all other quarterly data rounded to nearest $50 million.
Annual total Is the sum of unadjusted expenditures; It does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included In thn gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense:
Sources: Securities and Exchange Commission and Department of Commerce.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES

STATUS OF THJ6 LABOR^ FORCE

v,;^^

,!

Unemployment declined more than seasonally in September, and tke adjusted rate of unemployment dropped to
5.7 percent. Total employment was 500,000 lower than in August, as young people left summer jobs to return *o
school, but was 1.4 million higher than in September 1959.
• -.
MILLIONS Of PERSONS^

MILLIONS OF PERSONSV
60

|6O

78

78

TOTAL LABOR FORCE

70 _ CIVILIAN LABOR FORCE

TO

T^P^

.SB •

TOTAL EMPLOYMENT

60

60

»s

5S

NONAGRICULTURAL EMPLQYMeNT

'.

!
AGRICULTURAL EMPLOYMENT '

10

10

UNEMPLOYMEnT-

\ >•*„•

1 1 1_L 1

1966 .

1955

1954

1958

11957

ef ECONOMIC A

Total
Civilian employment l
Unemploynaent »•
Insured unemployment '
labor
All proState pro%
of
ol^Maa
force {in- Civilian
labor
Agricul- N onagri- Number labor force
grams
grams as
cluding
Total
force
»
tural
cultural
armed
Unad- Seas. (thousaads % of covered
forces) '
justed *4j. of jpersons) employment*
Thousands of persons 14 years of age and over

' Period

New definilicms: *
1953—
1954
.
1955
1956
1957
....^
1958--

I960

1959

•V 14 YEARS OF »W
SOURCE I

;

1959
.._..,
1959: August..
September
October
November
December
1960: January.
February
March_ ...
April
Maj_~
June.. .
July
August.. ._
September^

67,362
6.7; 818
68,896
70, 387
70, 744
71, 284
71, 946
73, 204
72, 109
72, 629
71, 839
71,808
70, 689
70, 970
70, 693
72,331
73, 171
75, 499
75, 215
74,551
73, 672

63, 815
64,468
65, 848
67, 530
67, 946
68,647
69, 394
70, 667
69; 577
70, 103
69, 310
69, 276
68, 168
68, 449
68, 473
69, 819
70, 667
73,002
72, 706
72, 070
71, 155

61, 945
60, 890
62, 944
6i708
65, Oil
63, 966
65, 581
67, 241
66, 347
66. 83J
65,640
65, 699
64,020
64,520
64, 267
66, 159
67, 208
68, 579
68, 689
68,282
67, 767 .1

6,555
6,495
6,718
6. 572
6,222
5,844
S, 836
6, 357
6, 242
6, 324
5,601
4,811
4,611
4,619
4,565
5,393
5,837
6, 856
6.SS5
6, 454
6,588

> Sec Employment <mi Earning*, Department of Labor, (or definitions, methods
of 1esttaatloD, periods to which data pertain, etc.
Weekly averages. Bwfn&tug January 1958, includes Alaska and Hawaii.
' Includes program lor Federal employees (or 195J>-June 195a_




55, 390
54, 395
56, 225
58, 135
58,789
58, 122
59, 745
60, 884
60. 105
60, 707
60, 040
60,888
59, 409
59, 901
59, 702
60. 765
61, 371
61,722
61,805
61,828
61, 179

1, 870
2,9
5.6
3,578
44
2, 904
42
2,822
2,93.6
43
4.681
8.8
5.5
3, 813
48
3,426
3,230 • 4 6
4.7
3,272
3,670
5.3
5. 2
3,577
4,149
6. 1
3,931
5.7
4,206
6..1
3,660
5.2
3,459
49
6.1
4,423
4,017
5.6
3,788
5.3
3, 388
48

•

*
6.4
6.6
6.0
6.9
B.B
S.S
4-8
6-4
6.0
4.9
6.6
6.4
6.9
6.7

1,068
2.039
11388
1, 312
1, 560
2, 758
1, 856
.1.451
1, 370
1,479
1, 853
2,008
2,359
2, 326
2, 370
2, 078
1, 801
1,700
1,826
1, 804
< 1, 782

2.8
5.2
3.4
3.1

as

6.1
44
3 4

3. 1
3.4
44
48
5.6
5.5
5.7
49
43
40
43
42
'40

1
Preliminary estimate.
NOT*.—Beginning January 1060, labor fon» data Includa Alaska lod HsvraK.
Sources: Department or Labor and Council ol Economic Advisers.

11

.
PayroHemployment in nonagricultural establishments, seasonally adjusted, declined slightly in Se'pt^mlwtt.
MUiUONSCF WABE
,
ANCILLARY WORKERS1

\JABE
ihp SALAqy WOflKERS
WOBK
*

ALL NONAGRICULTURAL ESTABLISHMENTS

MANUFACTURING

M

'8

SB

ie

so

12

48

10

46

a

1

DURABLE
60ODS
INDUSTRIES -

NOKDUHABI.E
GOODS,

6

44

1088

I9ST

4989

1900

I98T

I9S8

I2.Q

3.8,

CONTRACT CONSTRUCTION

WHOtESALC ANO RETAIL'

(ENLARGED SCALE) ' - ' - ' -

t.9

"11.0

tui

10.3

!o.o

1.8 Kj

WST

,I ,
195*

k«WIUWUI.
cquMn o> eoyoM: MXUBBB

jOUHBg: CtMBTMEUT Of L*»OH,

T

?l£.
unad-

Period
1963
1954.

wf!:::::
1956
1957
1958.
1959

Toiial
including
ecfdHdixig 4l«*«~
aad '
A3jU9fc$&ZlC
lifawaB Hawaii
40,881
48, m
60, Q68
— 51, 768

1959: August
September.
October
November.
December.
1960: January
February ..
March
April
May
June
July
August'—
September*

en, teg
eo,B4S

SI. 975 "527265"
ES, 066

68,048

BS, 66$
BS, 793

BS, res

58,078
BS,060

5% in
ffe, 844
68, 9S7

BS.SO9

68, 9SS
BS, DBS

68,488

62, 479
52,902
53, 108
63,201
53, 052
53, 362
53,344
63.BS8
53,407
53, 294
53, 238

CDiousands of wage and salary workers M
Manufacturing
Private nonmauuf aoturing
Total
Govern- •
excluding
•meat
Alaska Wholesale
Contract
(Federal,
Durable iNondura- Total* ^qwkuc- and retail State,
Total
and
goods ble goods
Hawaii
trade
tipa
local)
7, 133 26, 798
49,681
IP, 105
?,'622 JO, 527
17,238
6,645
0,873 25,686
15,995
10,620
48,431
9,122
2, 5£3
6,761
9,549
16,563
7, Oli 26, 579
10,846
50,056
2,769
6,93,4
9,835
51, 766
I«,9fl3
7,068 27, 586
11,221
2,929
i,wt
16,782
9,821
52, 162
6,961 27,754
2,808
11, 302
7,626
8,743
6,725 27, 182
50,543
15,468
2,^48
11, 141
7,893
9,290 , 6,878 27,680
5J.975
16, 168
11 3S6
8tl?7
2,767
Seasonally adjusted
9, 094
a, 8-14
16, 037
6,943 27,855
52,023
11, 529
8,131
52, 154
16, 141
9,214
2,776
U 464
8,221
6,927 27, 792
16,022
9,129.
2,762
52,002
6,893 27,763
11, 478
8,217
2,792
52, 253
16, 174
9,266
6,908 27,846
11,452
8,233
9,542
6,894 27, 931
52,674
16,436
2,800
8,307
11,486
16,562
9,655
52,880
2,775
11, 594
6,907 28, 028
8,290
2.7S1
52, 972
16, 567
9,667
6,900 28,090
11, 62?
8,315
6,906 27, 815
9,603
16,509
2,601 11,595
52,823
8,499
11,652
2,752
9,552
53, 128
16, 527
6,975 28,086
8,515
16, 540
9,537
7,003 28,156
2,783
53, 105
8,409
11, «S
53,140
9,499
2,790
11, 712
16, 498
8, 4?0
6,999 28,222
2,858
11,736
9,462
6,965 28, 324
53, 145
16, 417
8,404
16, 274
2,822
9,342
6,932 28,285
53, 036
11, 755
8,477
16,238
9,359
6,879 28,213
2,789
52, 994
11, 678
8,643

' Includes all fall, and part-ttm* wage and salary workers in nonBKricultnral
establishments who worked daring or received pay tor any part of tbe nay period
«ndloe nearest the Utb of tbe month. Excludes proprietors, self-employed per•OIM, domeatic go-nmta, and pareamMl ol the limed forces. Total dOTi V(x} btno
this table not comparable with estlmstei of noougricultoral employment of tbe
rfviUan tabor force, jhown op p. 11, which include proprietors, self-empkiyed
pcnoiu, wd domestic nen-ants; wbidi dxmt parwus » omplgyed when tbey




are not at work because of industrial difflhrtee; and which BID based on an enumeration of population, wlieroas tbe estimates ia this table are based on reports
from
employing establishments.
1
Includes mmltif!; transportation and public utilities; finance, Insurance, and
real estate: and service and miscellaneous, hot stiowa separately.
* FreUttunacy estimates.
Sonroe; DeparttuoEt of Labor.

AVERAGE WEEKLY HOURS - SEATED INDUSTRIES

v

.4 ;

- „-,

The cjvsrage factory workweek was 39..6 hours in September compared wifli 39.8 hoprs, in August.
HOURS PER WEEK

HOURS PER WEEK

46

46

NONDURABLE MANUFACTURING

42
40
3B
36
34

I960

1959

1937

4,4

RETAIL TRADE
46

40
38

i.i.i.11,1, r

'321>a
1967

193?

nijj

I9SS

I960

SOURCE: DEPARTMENT of

JHotirs per weefct for production worker or ueasupervisory employeeaf1 -

• -•
Period

1950
19S1
„
1952,
1953
1954
_
1955
1966
..
1957
„
1958
1859
1959: August
September
October
November
»
December,
1960: January.
February
March
April
_
May
June
,,
July 1
„
August 1
September
i Pnsltolnary e
' Not available.

61788'—-60




Vlanufacturini!
Durable
goods

Total

,„

.
.

__

,

_.i.
.;.

_•_

,

'., .

40, 5
40. 7
40. 7
40.5
39. 7
40.7
40. 4
39.8
39. 2
40, 3
40. 5
40,3
40. 3
39. 9
40. 6
40. 3
39.8
39. 7
39 3
39.9
40 0
39. 8
39.8
39.6

41 2
41. 6
4L 5
41.3
40. 2
41. 4
41. 1
40. 3
39. 5
40. 8
40. 8
40. 8
40.9
40. 1
41 1
41 0
40. 4
40 3
39 9
40. 4
40 4
39 9
40. 0
40.0

Nondurable construction

trade

gSKKifi

39 7
39 S
39 6
39. 5
39 0
39. 8
39 5
39 1
38 8
39 6
40 1
39 8
39 S
39 6
39 8
39 4
39 0
38. 8
1R fi
39 3
30 k
39 6
39 5
39.0

36 3
37 2
38, 1
37 0
36 *i
36 2
36 4
36 1
35 7
35 8
36. 9
35 8
3& 0

40
40
IS
3!9
39
39

*&L ft
^R 1

^ 1

^8 i
3& A
J5R_ 1

37 ?
^7 *;

*3A O

1R 1

5
2
9
2
1
0

-

^R ^>

1A R

Q7 A
07 A

34 ^

OA o

•9*"f

A

ffe O
1

a; Q
OR

0*7 A

0

36 7
*lfi 7
(J)

Og ft

OQ q

(')

Nora.—Data exclude Alaska and Hawaii.
Sonra?; Department of Labor. •

3

13

'V-U-/<*
AVERAGE HOURLY EARNINGS
Average hourly earnings of production workers ifi rWafiufac'ruring indusfrifS'increased froWi '$S,"28 hi' Atigu$» fefl
in "September..
'
"
'
" . ' • , '
c
" T

NONDURABLE MANUFACTURING

1.60 L

raa?

SOURCE,'OCPARTHEKT OF LABOR

Period

{For production workers or nonsupervisory employees!
good* Nondurable goods ,. Buildiag
Retail trade
AH manufacturing Durable
manufacturing
manufacturing
construction
Current
1959
Current
1959 Current 1959
Current
Carrt^it- 1059
1959
prices prices ' prices prices ' prices prices ' priceS prices " prices. prices •

1$50
SI- 465
195!U
1.59
1952 „
,.
1.67
1953
1.77
1.81
1954.
1955.
1.88
1.98
19$6
1957
2.07
1958
„ a 13
2.22
1959 ...
a 1»
1959: August
September
._...„ 2. 22
October
'• 2. 21
a 23
November
Deceixyb<5r
2.27
1960: January
2. 29
February „
™
a 29
2. 29
March. - - w
2.28
April
2.29
May .
.
June
„- a 29
a 29
My
August *
J 2.28
2.29
(September *.
1
: Bantings

$1. 776
1. 78
1.83
1.93
1.97
2.05
2.12
2.15
2. 15
2.22

a 19
a 21
a 19
a 21
a 25
a 28
a 27

2. '27
2.25
2.26
2.26
2.25

a 24
ffl

$1. 537
1.67
1.77
1.87
1.92

a 01
a 10
2.20
a 28
ass
ass
a 37
a se
a 38
2.43
a 46
a 45

2.45
2.44
2.44

a45
a 44
a 45
2.45

in current price divided by consumer price iadej on a 19S9 base.
Proliminsry egtimates.

'Notavamble.

14




$1.863
1.87
1.94
2.04

a os

2. 19
2.26
2.28

a so
2.38

a2,36
35
a 34

1 36
2.41

a 45
a 43

2.43
2.41
2.41

a 4i
a 41
a4o
P)

$1. 378
1.48
1.54
1.61
1.66
1.71
1.80
1.88
1.94
2.01

aoo
a os

2.02

a os
a 04

a os
2.05
a oe

2.06
2.07

a os
a os
ao?
a 09

$1.670
.66
.69
.75
.80
.86

$2. 031

.9S
1.96

a«6
3.10
a 22
a 23
a ae
a 27
a 28

•n

a 01
aoo
a 02
a 01
aOi
a 03
ao4
a 03

a w '•
a 31
a 48
aeo

2.66
2.80

3.30
3.32
3.33

ass

2.04
2.03
2.04

3.32
3.34

2.05
2.04
(')

3.37
3.37
P)

a os

a 34

B.—Data eiclutle Alasta and Hawaii.
Source: Department of Labor.

$2.4,62
2.46
?.54
Z70
2.82
2.89

aoo
a 07

3. 13
3. 22
3.22
a24
3.25

a 25

a 28
3.30
3.30
3.35
3.28
3.29
3.29
3.32

a 32
0

SI. 176
1.26
1.32
1.40
1.45
1.50
1.67
1.64
1.70
1. 76
1.77
1.-78
1.7$
1.77
1.73
1.79
1.79 :
1.79
1.79
LSI
1.82
.1.82
i.«2
f)

$1.426
1.41
l.*§

1:^

l.€3
1.68
1.70
1.72
1.76
1.77
1.77
1.77
1.76
1.72
1.78
1.78
1.77
1.77
1.79
1.79
1.79
1.79
(a)

AVERAGE WEEKI,y EAIWING^f SEUSCTET) I^USWRIES
Average weekly earninss of production workers in manufacturing induslries were $90.68 in,; September, sltgnMy loi^ei
in Augwsf buf $1,21 filgher,tlian in September 1959. '
"
„"''•'
PER WEEK

DOLLARS PtH WEEK
J30

so

I957
90

NONDURABLE MANUFACTURING

rest

1360

1959

I960

RETAIL TRADE

"•CURRENT PRICES

,1 I M I I I 1 , 1 , 1 , 1

1959

*CURRENT rnices

I'-'' 11 '
1958

i 1 i i i I i •• i i

1959

" ' ' '" ' •'

(9S7

I960

1958

eouMa. t* KOHawc wim*

SOURCt: OCPJUmttNY OP MBOII.

<For production workers or oo&supervis&ry employees]
Durable goods Nondurable goods
SuilctiHg
Retail trade
manufacturing
manufacturing
tjonstrufetion '
Current
Current
1959
1959
Current
1959 Current
Current
1959
1959
prices prices ' prices prices1 prices prices ' |>noess prices ' prices prices'
All manufacturing

Period
1950
1951
1952...
_
1953.
1954
1966.
1956
1957
1958
1959
I960: August
September
October-,
November
December
1960: January
February
March.-.
. ' - - • • April
• May „
June
July !
August
September*

*..
...

-

*._.__
_,
i

$59. 33
64.71
67.97
71.69
71.86
76.52
79.99
82. 39
83.50
89.47
88.70
89. 47
89.06
88.98
92. 16
92.29
91.14
90.91
89.60
91.37
91.60
91. 14
90. 74
90.68

*71. 92
72.63
74.61

$63. 32

7a02
S3. 26
85.73
85.38
84. 26
89.47

77.18

7ao9

sa 52

89.02
88.44
8a27

91. 52
91.74
90. 42
90. 10
88. 45
90. 11
90. 25
89. 70
89.31
P)

69.47
73.46
77.23
8a2l

86.31

88.66

90. 06
«7. 10
.95. 88
96.70
96. 52
95.44
99.87
100. 86
•98. 98
98. 74
97. 36
9&5S
98. 98
97. 76
97. 60
98. 00

r iDtf ta
S
"a"""' P110™ dlfWfi4 by BOnsiuner priw hidej on a 19S9 base.
Preliminary estimates.
' Not available.

I&
3




$76. 75
77.97
80.64
84. 13
83. 80
90. 54
92. 51
91.88
90. 88
97. 10
95. 69
96.22
95.85
94. 68
99. 18
100.26
98.19
97. 86
96. 11
97.22
97. 52
96. 22
96.06
fji

$64.71
5&46
60. 98
63.60
64.74
88.06
71. 10
73. 51
75.27
79.60
80.20
80.79
79.79
80. 39
81.19
80.77
79. 95
79. 93
79.52
8t 35
82. 16
82.37
81.77
81. 51

$66. 32
65.61
66.94
69. 28
70.29
74.06
76.21
76. 18
75.95
79.60
80.04
80. 39
79.24
79. 75
80.63
80.29
79.32
79. 22
78.60
80.23
M95
81.07
80.48
(3)

$73. 73
81-47
88.01
91. 76
94. 12
96.29
101. 92

loase

110.67
115. 28
119. 19
116. 71
117.72
114 14
119. 13
114. 87
114.22
116. 60
119. 19
119. 91
121.24
123.68
123. 68
P)

«89. 37
91.44
96.61
99. 96
102. 19
104. ?«
109.24
lift 74
111. 68
115. 28

$47. 63
50. 65
52.67
54-88
56.70
58.50
60.60
62.48
64.77
67.06

$57. 73
56.85
57.82
59.78
61. S6
63.66
6495
64 75
65. 36
67.06

na 95 ea 33

ea is

116. 13

na9d

113. 23

na so

114. 18
113. 31
114, 57
117. 66

im 25

119. 45
131. 73
121. 73
(')

67.82
67. 11
66,38
66.09
66.95
66.95
66.96
67. *8
67.69
RR SO

69.52
69.71
(*)

67.48
66.64
6485
. 65.63
66. 55
66:42
66.38
66.61
66.76
67. 78
68.43
68,61
P)

*,—Data exclnae Alaska and Hawaii
Source; Department of Labor.

IS

PRODUCTION AND BUSINESS ACTIVITY
INlDUSTRIMi PRODUCTION
Th« indusrr.'al production index for September (seasonally adjusted) was slisrttly below •&« revised August Jevell

INDEX, 1357.100 (SEASONALLY ADJUSTED)
130

INDEX, (987*100 (SEASONALLY ADJUSTED)
ISO

IOO

HO

90

SO

1957

'

'

1858

1937

1999

1959

«6»n» at SOYCTNWB oF~Ttfc FEOERHL "RESERVE srita*.

I960

oaiKaat KOHomie jgaafgi

F1957«=160.~seasonally

Period

1960
.
„
1951. ...i.
1962—
.,
1953
'i..
1954 .-.
195S
1956 . .' - "
19S7
.'
1958 . . '..' .'.
19&9. . .w- ' 1959: August .
September . „_
October *.
Novecaber
December,.., , .
1960: Januarv
Fsbraftry_,»
]
March
. . _ __.^
Aprili-.
MayJune
^»
July..
August __ J
»* Septeinber ~
I'rfllmitmry.

16




Total
indttStrift)
production

75
81
84
91
85
S6
99
100
93
105
104
103
102
103
109
111

lit)

109
J09
HO
109

lib

108
107

Industry
Manufacturing
Total

76
82
85
92
86
97
100
100
92
105
104
104
102
102
109
112
110
110
109
110
110
110
109
107

NonDurable durable
71
80
85
96
85
98
100
100
8t
102
98
97
96
96
107
111
109
108
106
107
105
106
104
102

79
82
83
87
87
95
99
100
100
110
113
113
111
111
112
113
112
112
113
115
116
116
115
114

Mining

Utilities

80
87
87
89
86
95
100
100
91
95
91
91
91
96
98
98
96
95
98
97
97
97
97
96

53
60
OS
71
77
85
94
100
105
115
116
117
117
118
120
120
121
124
124
122
124
125
125
126

Market
Final products
ConTotal
sumer Equipment
goods

74
79
85
91
87
95
99
100
95
107
109
109
109
106
109
112
110
110
111
112
112
112
111
111

82
81
83
88
. 87,
97
99
100
99

lib
112
112
112
109
113

ue

113
113
115
117
117
116
115
115

Source: Board of Governors or the Federal Reserve System.

54
75
90
96
86
91
99
100
87
100
103
103

ioa

101
W2
103
102
104
102
104
133
104
103
102

Materials

75
82
83
91
84
97
100
100
91
104
98
99
97
100
J09
110
109
108
108
107
106
106
105
104

PRODUCTION O F DELECTED MANUFACTURES-

. . - , - „ ,

Praductipn of most manufasfures (seasonally adjusted) was lower in September ttKfcrjn 'August,
INDEX, 1937"TOO (SEASQNUiy *OJUiTEO)

INDEX, 1957m 100 (SEASONALLY AOJU5TEO)

180

60

,40

100
400

-LJ-1.1..4..1. I l l

t - I t ,| 1J 1 1 * 1 *

1957'
1
I99B -»
I9S9
- I960
SOUBCE-- BOARO OF oqvtnroBs OF THE rtotnnL RESERVE SYSTEM.

I960
COUHCT of tcOMUHUC «>BtBK

[19.57=5= 100,
Durable mapuf aotures
Period

Primary
tnetals

195P
,
19JJ
1952
.
195?
19fi4
195?
,
1956
_..
J957
1958
__.„*_
19S9
1959: August.
Septeniber__««j..__ ..„„_

October. _„„,,„„ „_..»»
November. •..•--„.»»»

DnnBtther , ,

I960; January
February,
March. I
April
May".
June
July
August
September *
> Not available.




^

,,

__„__
..^
i.;

....

;

„„.
.

89
97
89
100
81
106
104
100
78
90
47
45
44
79
114
115
110
106
99
94
88
85
82
79

Nondurable manufactures

Fabric
Transpor- Lumber Textiles, Paper Chemicals, Foods,
petrobevercaled
apparel,
and
and
Machin- tation
prodand
ery
equipprint- leum, and ages, and
metal
tobacco
leather
ing
rubber
ucts
products
ment
84
90
88
99
89
97
97
100
92
104
106
106
99
95
105
109
108
107
104
108
108
109
108
105

70
SO
88
96
84
93
103
100
85
103
107
108
107
104
108
110
108
10$
107
109
109
110
107
105

53
59
69
SB
79
96
92
100
84
98
102
98
98
79
93
108
107
104
102
106
102
102
101
102

103
102
101
107
104
114
110
100
100
113
114
113
111
112
116
115
115
110
114
110
109
111
103
<*)

92'
90
92
94
90
98"
101
100
99
115
117,
116
115
116
117
116
114
115
116
118
119
119
118
116

78
81
79
85
87
95
99
100
99
108
110
111
110
109
111
111
110
110
110
112
112
112
112

ilo

65
72
75
SO
79
92
96
100
99
113
116
117
115
114
115
116
115

lie

118
119
122
122
121
119

87
88
90
91
93
96
100
100
102
107
108
108
106
107
108
. 109
107
108
109

no
lid

110
109
109

Source: Board of Governors of the federal Reserve System,

•17

WEEKLY INDICATORS OF PRODUCTION

,

':

Auto assemblies were.Substantially higher in September Acin-in August, reflecting rhe me5p jbfe output of new jnpdels.
Most other weekly indicators of production, were slightly tc'ow August levels.
.
,
.'
• » , ' . ' .
•IL.UOHS or TOWS

HU.UONS OF SHORT TONS I DART IVERMO

12

SOUHCQl kHEftlCHII PBOUJlKO STCEL IMXTITUTE, DEnUTTWCNT BT THt IMtXIIRM,
EDI30H ILETTKIC IHSTITUTE, IMP WHUffl *UTO«OTtVt «ffOBTJ.

Period

L'.iectrie Bituminous Freight Paper board
Cars and trucks
bteel produced '
coal mined
power
produced assembled (thousands)
loaded
Thousands
Index
distributed (thousands (thousands
(thousands
of net (1947-49= (millions of
of abort
Total
of tons)
Cars ttucks
100)
tons
kflowattrhoura) tons) ' . of cara)

Weekly average:
2,204
1956,—.,;
- 2, 162
1957
„."_ .
1,635
1958
1,792
1959
325
1959: August 359
September
385
October
1. 694
November
2.713
December
2, 720
I960: January ,
February . . _ 2, 688
2, fill
March . - _
April.
2,279
May1, 993
1,726
JuneJuly,
1,437
1, 544
August.
1,504
September*
Week ended;
1, 401
1960: September 10..
1, 510:
17..
1,547
24.,
1,558
October
1—
8»1,622
15*.
1, 579
22 »_
'1,556

137.2
134, "6
101. S
ill. 6
•A). 'I
22.3
24 0
105. 5

ids. 9

169.3
167.3
162. 5
141.9
124 1
107. 5
89.4
96. 1
9a 6
87. 2
940
. 96.3
97.0
947
98. 3
96.9

11,292
11, 873
12.314
13,229
13. 859
13, 152
12. 922
13. 3J8
13. 828
14, 345
14, 122
14, 027
13,318
13, 382
13, 883
14, 102
14, 665
14, 014

1,693
1,644
1,380
1,380
1,157
1,303
1,293
1, 512
1, 560
1,444
1, 387
1,439
1,368
1,411
1, 475
1,269
1,339
1,367

728
683
581
596
542
553
584
«01
572
597
573
580
622
640
613
•574
592
682

274
272
275
308
327
316
329
321
284
287.
321
318
310
"316
313
264
318
301

132.8
138.6
98. 4
129.5
70.8
78. 6
137.7
72.4
117*7201. 8
187. 8
171. 5
163.8
174,3
156. 4
123.0
80.6
117. 1

11L6
11?. 8
81.6
107. «
57.8
60.3
116.6
60.7
101.8
171. 3
157. 4
143. 1
137.3
146. 3
131. 8
103.5
65.1
98.3

2L2
21.0
16.8
2L8
13.1
18.4
2t 1
11.7
15. 8
MS
30.3
2&4
26.fi
2&0
246
19.5
15.5
18. 7

14, 216
13, 9Q3
14, 1§6
13, 779
13, 726

1, 320
1,368
1,370
1,376
« 1, 353

4S1
599
618
«32
646

238
65.3
321 106. 2
322 140.5
325 155.7
314 1SS.S
327 < 167. 9

85.9
120,7
134. 1
140.8
149. 2

sae

13.2
20.3
19.8
21.6
17.9

' Wetkly capacities (net tons) as of January I .an: 2.159,300 (1956), 2,659,631
(1967), 2,e»»,320 (IMS). 2,831,486 (1959), and 2,941,833 (1960).
> Dill}' storage.
» Fnlimtwrr.
«Not cUarted.

18




ias

Bootees: American Iron and Stcol IiwtltuUi, Edison Electric Institute, Department at the Interior, Association of American Railroads. National I'aperboftrd
Association, and Ward's Automotive Reports.

NEW
Expenditures for both private and public construction (seasonally adjusted) rose during September.
BILLIONS OF DOLLARS

BIU.IONS OF OOUL4HS

•0

, I i i 11 i 1 1 11 111 t 11 i i_L LI i _i_i I i _ i i i 11 ill i i 11 i i i i ! 1 1 11 i I 1 1 1 i 1 1 i 1 1 i i 1 i i i ill i i j I 1 1 i i Ti i_l 1'i i_i iJ*

I960

1954
*S£E WOTK * IN TABLE 6CLOW.

CDONCX w 'eaaHQiK AMX»

Mum*. ocnirnicxT or COMMERCE.

[Billions of dollars]
Total new
construction
.....
34.7
37.0
39.4
„,_____
44.2
' ......
46.8
47.8
48.9
56.1

Period
1952.—
1953
1954
„
^
1056.
1966
1967.
1958
1959 (new series) •
1959: August1
September
October
November
December
1960: Janunry
February
March „
April

'.

;

._

May

June
July.
August
September*

.

57.3
55.6
547
54.3
55,4
54.7
54.9
54. 4
54. 2
55.3
55.3
55.5
55.0
55.4

Private
Residential
Total
private
(nonfarin)
2&9
12. 8
25.8
ias
27. 7
16.4
32,4
ia7
33.1
17.7
33.8
17.0

33.5

39.8
41.4.
40.5
39.8
39. 6
40. 1
39.9
39.7
39.3
38. 8
39. 0
39.2
39. 2
38. 8
38. 9

1
Compiled by F. W. Dodge Corporation; seasonally adjusted by the National
Korean of Economic Research. (.Hints small con tracts, and covers rural areas lea
fully than urban.
< Series begins January 1956. The 37 Eastern States data are probably indicative oi the « States trend for other periods
'Revised series beginning January 1956; not comparable with prior data.
Series discontinued beginning January 1958.




iao

24.5
Seasonally
' 25. 3
26.0
24,5
24,0
23. 9
23.2
22.5
22. 4
21. 9
22.2
22.4
223
21. 8
21.7

Federal,' Construction contracts '
State; a»d
Baatern
48 States J 37States
Other
local
*
1LO
' 10.8
16.8
11. 2
12.0
17.4
12.3
19.8
11. 7
13.7
11.7
2i7
1&4
31.6
1Z7
'246
16.8
'14rO
32.2
25. 3
15.4
15.4
35.4
15.4
36.5
16.3
adjusted annual rates
16.1
16, 0
34.9
15.5
15.2
37.4
15.3
14, 9
37.2
15. 6
14, 6
33. 1
16.2
15.3
35.1
16.6
14.8
32.9
17.2
15. 2
34.0
16.9
15. 2
33.8
16. 8
15. 4
37.3
16.8
16.3
33.9
16.8
16.1
34. 2
-_
16. 9
16.4
36.6
17.0
16.3
37,3
17.2
16.5

* New series on new construction bezlantag January 1959; not comparable with
prior data. For detafls, see Qmttru&m AetSttty, O 30-13, Bureau at the OenSQ3, August 2990.
* PrBuininafy estuu&tes.
Sources: Department of Commerce and F. W. Dodge Corporation (except as
noted).

19

HOUSING STARTS AND APPLICATIONS FOR FINANCING

jr.;

Private housins starts in September were at an annual rate of 1.1 million (seasonally adjusted), compared wifh 1.3
million in August and 1.2 million in July. The number of FHA 'applications and yA appraisal requests received
was also below the August level but was higher than in Jufy.
MILLIONS OF UNITS (ANNUAL RATE)

MILLIONS OF UNITS (ANNUAL RATE)
SEASONALLY ADJUSTED

PRIVATE NONFARM
HOUSING STARTS

,-W—N

/

c I

^--OLDSEFIES

,£V,

v

SOURCES: DEPARTMENTOF COMMERCE, Ff.Of.ftU. HOUSING ADMINI5TRAT)ON(FH»I, AND VETERANS ADMINISTRATION (VA).

COUNC& OF ECONOMIC A0WSHB

[Thousands of units]

Period

1954
1955
1956
1957
1958
1959

TotiJ housing
starts (farm and
nonfarm}
Total
private
Private
and
public
(')
(')
(Ja)
()
(')
«

1959
1, 553. 5
1959: June „ ._
153.4
July.
_
149.7
August
142.4
September
140.0
123.3
October
November
106.5
December.
96.4
1960: January
8a4
February
90.2
March
93.3
April
125.4
May
130.8
June.
127.3
July
1149
129.9
August *
September *
103. 4
Of)
faj

Total
private
and
public

Private
Total
private

Old series
1, 220. 4 1, 201. 7
1,328.9 1, 309. 5
1, 118. 1 1, 093. 9
1, 041. 9
992.8
1, 209. 4 1, 141. 5
1. 378. 5 1, 342. 8
New series *
1, 516. 8 1, 531. 3 1, 494 6
152, 1
147.8
146.5
148.1
146.7
145.1
142,0
138. 2
137.8
136. 1
136. 3
132.4
121.2 x 117. 9
120.0
1043
1047
102.5
95.6
93.6
92.8
87.1
843
83.0
87.9
8&8
86.5
92.3
90.2
89.2
121.9
123.7
123.6
129.0
12ai
126.3
122.2
125. 7
120.6
113.2
109.4
111. 1
125.1
127.8
123.0
101.3
97.8
95.7
<?)
»
(')

0?!

for new home construction.
' Not available.
> See Houiinj Starts, C20-11 (Supplement), Bureau of the Census, May
I860, for description.




Private housing
starts, seasonally adjusted annual rates

Nonfarm housing starts

Government
programs
FHA
VA
276.3
276.7
189.3
168.4
295.4
332. 5

307.0
392.9
270.7
128.3
102.1
109.3

332. 5
348
31. 7
31.3
29.8
26. 8
20.3
20.0
15.9
17.6
21. 9
25.4
25. 2
26.5
23.6
26.3
22. 4

109.3
11.0
10.6
9.9
10.0
9.4
7.9
6.4
4.1
48
5.2
7.3
6.9
7.7
7.4
8.2
6.8

Proposed home
construction

Applica- Bequests
Total
tions, for forVA
farm and Nonfarm
FHA
appraisnonf arm
commitals1
ments '

338. 6
306.2
197.7
198, 8
341. 7
369. 7

535.4
620.8
401.5
159.4
2342
234. 0

369.7
60.2
29.0
25. 6
25.5
241
16.1
18.2
16. 3
21.1
27.4
22.5
22.4
23.7
19.6
22.9
20. 1

2340
27.2
26.0
21.2
17.9
16.7
12.2
11. 1
11.2
12.9
12.9
13.7
14.4
15.2
8.5
12.4
11.6

New series *
1, S77
1,578
1,450
1,609
1,S78
1,SB6
1,461
1,S66
1,867
1, US
1,SS9
1,S4«
1,S08
1,182
1,895
1,077

jf, 563
1,546
1,448
1,468
1,SS4
1,388
1,401
1,891
1.&47
1,098
1,309
1.SS4
1,S85
1,184
1,1176
1,054

Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).

SALES AND INVENTORIES—MANUFACTURING BND TRADE
Business sales and inventories (seasonally adjusted) declined in August. The sajes reduction was centered in mcjnufacturing while liquidation of retail inventories of $200 million accounted for the entire drop in stocks. Mgnufeeturers' new orders rose $600 million. Preliminary estimates of retail sajes in September indicate a drop of aBout
1 percent.
•
" '
BILL ONS OF DOLLARS (SEASONALLY ADJUSTED)

BILL IONS OF DOLLARS (SEASONALLY ADJUSTED)

100

30
RETAIL
(ENLARGED SCALE)

TOTAL*AND MANUFACTURING
^TOTAL INVENTORIES*

,/*"""

-

\-..r""~

INVENTORIES

ZO

BO

>

,SALE5

i

•*•*%,

^-~<*
-—4

60

-

TOTAL SALES*

•»**

10

.-*""•"*"'
^^"^%

>

o1 1 1 1 .|

| \ 1 1 t 1 1) 1 1 II 1 1 III 1 1 1 IJ 1 J 1 1 I ( . 1. 1 1 1 1 t 1 1 t I.H*

INDE <, I947-49-100 (SEASONALLY ADJUSTED)
MANUFACTURING INVENTORIES

ISO

DEPARTMENT STORES

40
160

-x^v^ '•*»-—*»
^^^
>

1 1 i 1 1! i 1 1 1t
1957

I 1

1 i

t I I 1

1958

1

1959

A/-V
t t 1 1 i ! i i i t t-

I r < i I 1 t i I I l< IPO

11 11I 1 I 1 1 ! 1 1 t

1

I960

1957

1958

t .t i i i 1 i i i i i
1959

*UANUFACTUH1NS, RETAIL TRADE, ARO WHOLESALE TRADE.
sou »CE: DEPARTMENT OF COMMERCE ANO BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM.

Period

1953
1954
1955
1956
1957
1958 —
1959 .
1959: July
August
Sfipt.ftTOhfiT

October
Novfirnhftr
December
1960: January
February
March
April
May _ _
June
July
August 4 -September 4

Manufacturing
and trade

Manufacturing

Wholesale

I9SO

^OUNCfi. Of ECONOMIC ADVISERS

Retail

Department stores

Inven- Sales' Inven-2 New 1
InvenInvenInvenSales1 tories
*
tories orders Sales " tories a Sales i tories » Sales'
tories 3
Index, 1947-49 = 100
Billions of dollars, seasonally adjusted
seasonally adjusted
4a4
7&6
24. 5
45.4
23. 1
22.7
10.5
118
9.8
14. 1
131
47.4
75.5
23.5
10.4
43.0
22.5
14.1
22.1
9.7
118
128
81.7
26.3
46. 4
27. 2
- 52.3
11.4
15.3
10.6
23.9
128
136
54.8
27,7
89. 1
52.3
28.3
11.3
13.0
15.8
23.9
135
148
56.3
90.7
28.4
53. 5
27.3
24. 5
11.3
12.7
16.7
135
152
54.0
85. 1
26. 2
25. 9
12. 0
24. 0
49. 2
11. 1
16. 7
136
148
60.0
89.4
52.4
30. 1
12. 3
12.6
29.7
18.0
24.3
144
156
61.7
52.2
89.9
30.9
30.8
12. 5
18.3
25.1
12.5
148
158
59.6
29.3
52. 1
89. 5
29. 0
12. 2
12. 6
24.8
144
18. 1
160
60.1
89.2
29.8
51. 9
30.6
12. 5
17.8
24. 8
144
12.5
160
59. 7
29. 4
5L5
88. 7
30. 4
12.0
24. 7
12.5
18. 3
147
158
59. 1
29. 2
29.0
51.6
8&4
12. 3
12. 6
24.2
17.8
146
160
60.9
89. 4
30.8
52. 4
30.7
12.7
24.3
12.6
17.5
146
161
61.6
90.5
31. 1
53.3
29.8
12.4
12.7
24.5
18.1
146
161
62. 2
91.4
31. 6
53.9
30. 6
12.5
24.8
12.7
18.1
1*2
160
61.3
92.3
54.3
30.8
30.3
18.2
12.2
12.8
25. 1
138
162
62. 6
92. 6
54.7
31.0
30.4
12.9
12.6
25.0
18. 9
154
159
61.9
93.2
55.0
31.0
30.5
12.4
13. 1
18.5
25.2
141
361
93.5
61.8
30. 1
30.8
55.1
13.0
12.5
18.5
25.3
145
165
60.9
93.4
54.9
30.4
29. 2
12.3
25.4
13.0
18.1
149
167
93.2
60.6
54.9
30.1
29.8
12.2
13.0
25.2
1&2
144
169
is:o
142

' Monthly average for year and total for month.
' Book value, end of period, seasonally adjusted.
' Book value, end of period, except annual data, which are monthly averages.
' Preliminary estimates.




~JLL

^pA^~140

eo

>

-INVENTORIES

.MANUFACTURING SALES

Sources: Department of Commerce and Board of Governors of tbe Federal
Reserve System.

21

MERCHANDISE EXPORTS AND IMPORTS
CommercioT exports were 21 percent higher and imports 2 percent higher in the first 8 monrhs of 1960 than in the
corresppndin'g period of 1959.
BILLIONS OF DOLLARS
2.S

BIUJ QNS OF DOLLARS
2.5' ' '

I960
caxat or KONOMK wvuas

SOURCE: DEPARTMENT OP COMMERCE.
{Millions of dollars]
Merchandise exports
Period
1950 monthly average.
1951 monthly average
1952 monthly average
.
1953 monthly average
1954 monthly average...
______.„_
1955 monthly average ,
......
1956 monthly average
1957 monthly average. _
.
1958 monthly average
_..
1959 monthly average
1959: July.
.
AuEUSt

September.
„
. __
October.
November...
____
_December
__
1960: January
February... _
_ . _ . _ _ _ __
March
...
April
May
'
June
_. „ _
July.
August

Total

Grant-aid
shipments '

856
1,253
1,267
1,314
1,259
1,296
1,591
1,738
1, 491
1,464
1,468
1,397
1, 479
1,482
1,479
1,674
1,562
1,576
1,751
1,823
1,810
1,738
1,699
1,610

1
Figures Include only Department of Defense shipments of grant-aid military
supplies and equipment under the MtEtn&l Security Program. Shipments for
the first fl months of the program f July-December 1950) amounted to $282 million.

22




24
89
166
293
188
105
146
113
129
102
115
97
80
84
102
105
78
79
117
115
94
100
70
63

Commercial
exports

833
,164
, 100
,022
,071
, 191
,444
,625
1.362
1,362
1,353
1,300
1,399
1,398
1,376
1,569
1,484
1, 497
1, 634
1, 708
1,716
1,638
1,629
1,548

Merchandise
imports

738
914
893
906
SSI
949
1,051
1,082
1,070
1,268
1,248
1,189
1,392
1,202
1,282
1, 478
1, 137
1, 288
1,375
1,257
1,260
1,313
1, 155
1,228

Excess of exports
over imports
Excluding
Total
grant-aid
shipments
119
95
339
250
374
207
116
408
408
220
242
347
540
393
656
543
422
293
196
94
220
105
no
208
7
87
280
196
196
94
92
197
424
347
288
209
376
259
566
451
550
456
325
425
544
474
382
320

Sources: Department of Commerce and Department of Defense.

PRICES

CONSUMER PRICES

Consumer prices in Ausust held steady at the July level as food price declines offset slight price advances in the other
major categories.
INDEX, I947-49>K>O

INDEX, 1947-49-100

ISO

140

140

130

ieo

100

I960

1954
•ounce : oeMRTMCHT OF LABOR.

COUNC* « KSMOWC ADVBMS,

11947-49=1001
Period

1949
»
1950
1951
1952. _
_i
1953 ,
1954
—
1955
1956
.
1957
1958
.
1959.
.
1959: July .
August
_
RepteTJibeiv
,, ^ ^
October
No vember-- _
December
1960: January.
February
IVTarnh

April
May
JinVQ .. ,
July
Aueust
1

_

Housing

All
items

Food

101.8
102.8
111.0
113. 5
114.4
114.8
114.5
116.2
120. 2
123.5
124.6
124.9
124.8
125. 2
125. 5
125. 6
125. 5
125. 4
125.6
125.7
126.2
126.3
126.5
126.6
126.6

100.0
101. 2
112. 6
114. 6
112.8
112. 6
110.9
111.7
115.4
120.3
118. 3
119.4

lias
11&7
na 4

117.9
117.8
117.6
117. 4
117.7
119.5
119.7
120.3
120.6
120.1

Total"

Rent

103.3
106. 1
112. 4
114.6
117.7
119. 1
120.0
121.7
125.6
127.7
129.2
129.0
129.3
129.7
130. 1
130.4
130.4
130.7
131.2
13L3
131.4
131. 2
131.3
131.3
131.5

105.0
108. 8
113. 1
117.9
124. 1
12&5
130.3
132.7
135.2
137.7
139.7
139.6
139.8
140.0
140. 4
140.5
140. 8
140.9
141.0
141.2
141.4
141.4
141. 6
141.8
141.9

Includes, la addition to rent, homeowner costs, utilities, bousefurnishlags. etc.




Apparel

99.4
9a 1
106. 9
105. 8
104.8
104.3
103.7
105.5
106. 9
107. 0
107.9
107. 5
108. 0
109.0
109. 4
109.4
109.2
107. 9
108. 4
108.8
108.9
108.9

ioa 9

109. 1
109.3

Transportation

108.5
111. 3
118. 4
126. 2
129.7

i2ao

126.4
128. 7
136.0
140. 5
146.3
146.3
146. 7
146.4
148 5
149. 0

ua7

147.6
147.5
146. 5
146.1
145. 6
145,8
145.9
146.2

Medical Personal
care
care

104. 1
106. 0
111. 1
117. 2
121. 3
125. 2
128. 0
132. 6

isao

144. 6
150.8
151.0
151. 4
152. 2
152. 5
153. 0
153, 2
153. 5
154. 7
155.0
155.5
155.9
15ft 1
156.4
156.7

101. 1
101. I
110.5
111. 8
112.8
113.4
115.3
120.0
124.4
128. 6
131. 2
131. 3
131.7
132.1
132. 5
132.7
132. 9
132.7
132. 6
132. 7
132.9
133.2
133. 2
133.4
133. 8

Reading Other
goods
and
and
recreation
services

104. 1
103.4
106.6
107.0
108.0
107.0
106.6
108. 1
112.2
116. 7

nae

119. 1
119. 1
119.6
119.7
120.0
120.4
120.3
120. 6
120.9
121.1
121.4
121. 1
121. 6
121.9

103. 4
105.2
109.7
115.4
118.2
120. 1
120-2
122.0
125. 5
127. 2
129.7
130.8
131. 1
131.5
131. 6
131. 6
131. 7
131. 8
131.8
131. 7
131.9
131.9
132. 0
132.2
132. 4

Source: Department of Labor.

23

WHOLESALE PRICES
Wholesale prices were unchanged in September, as price advances for farm products and processed foods Were offset
in the index by a small price decline for industrial commodities.
*, 1947- 49-100

INDEX, 1947-49* 100

I9S4

1956

1955

1958

1957

1959

SOURCE: DEPARTMENT OP LABOR

I960
COUNCIL OF ECONOMIC AOVB8S

[1947-49=100]
All commodities

Period

1849

..

1950

:

1961
„
1952
1953
1964
1955
*.„
1956
'
1957
1958
1959
„_
1959: August
September
October
November
December
_
1960: January.. .
__
February
;
March_ _
April

May
June
July
_
August,
September

_

_

Source: Department of Labor.




:

__

_..,

_

_

_
_

_

-- .-.
_ _
.
_

_ _ _ _ _

,
_

_.

_

•
,

_.

_ _
:•

__ _ _

.,
_

_

99 2
103. 1
114. 8
111.6
110 1
110.3
110. 7
114.3
117. 6
119. 2
119. 5
119. 1
119. 7
119. 1
118. 9
118. 9
119. 3
119. 3
120 0
120 0
lift 7
119. 5
119 7
119 2
119. 2

Farm
products
92. 8
97.5
113.4
107.0
97.0
95. 6
89.6
88.4
90. 9
94.9
89. 1
87.1
88. 9
86.5
85. 4
85. 9
86. 5
87. 0
90. 4
91. 1
90. 4
89.0
88.9
86 6
87. 5

Processed
foods
95 7
99.8
111. 4
io&8
104. 6
105. 3
101. 7
101. 7
105. 6
110. 9
107.0
105. 8
107 8

ioa 4

104. 9
104. 7
105. 6
105. 7
107 8
106 8
107. 3
107. 6
108. 9
107 8

ioa i

Other than
farm products
and foods
(industrial)
101 3
105 0
115 9
113 2
114 0
114. 5
117 rj
122 2
125. 6
126. 0
128. 2
128. 4
128 4
128. 4
128. 5
128. 6
128 8
128. 7
128 6
128 7
128 2
128. 2
128 2
128. 2
128. 0

PRICES

AND BAH) BY FARMERS

The index of prices received by farmers advanced in the month ended September .15? to abput its June"July level.
The parity ratio rose one point to 80.
INDEX, 1910-14 «IOO

INDEX, 1910-14.100

Stei

——
PRICES PAID, INTEREST, TAXES,
AND WAGE RATES

275

ESO

ees

2OO
RATIO-"

n.^.^

PARITY RATIO
—•»"-•.»*„_*,
'^.M

.^Mr*.
iirom*^

\

*''UM»I

^r».

...M^."-^

"-"*

/*™>».^«—.«..
HtMMUMI ttiwt^^

T5
•

j±ijj||iiii

1 i_l L 1 L 1 1 1 1 1

1954

1955

1956

1957

_llllMi.lliJ1958

l l l l l l l f l |

1959

-"RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST,TAXES, AND WASE RATES.
SOURCE: DEPARTMENT or AGRICULTURE.

,_

L I L l l l l J 1 1 1

I960
COUNOt W ECONOMIC MJVKSa

Prices received by farmers
Period

AM farm
products

1950
1951

1952
1953
1954.
1955
1956
1957
1958
1959..
1959: August 15
September 15
October 15_
November 15
December 15
1960: January 15
February 15
March 15__
April 15
May 15
June 15
July 15
August 15
September 15

_ .

:

Crops

258
302
288
255
246
232
230
235
250
240
239
240
235
231
230
232
233
241
242
241
236
238
234
237

1
Percentage ratio of index of prices received by fanners to Index of prices paid,
Interest, taxes, and wage rates.




233
265
267
240
242
231
235
225
223
221
220
220
218
217
218
220
218
222
225
228
221
226
218
221

Prices paid by farmers
All items,
interest,
Livestock taxes,
Family
Producand
and
tion
living
wage
rates
products
items
items
{parity
• index)
Index, 1910-14=100
280
246
256
246
336
282
268
273
306
287
271
274
268
277
269
256
249
277
270
255
234
276
270
251
226
274
278
250
244
286
257
282
273
293
287
264
256
298
289
266
255
297
288
266
257
296
288
264
250
296
290
264
243
297
291
264
240
297
291
264
242
299
290
265
245
299
266
289
257
300
289
267
257
302
291
268
252
301
291
267
248
299
290
265
249
298
290
263
247
298
290
262
251
298
290
263

Parity
ratio >

101
107
100
92
89
84
83
82
85
81
80
81
79
78
77
78
78
80
80
80
79
80
79
80

Source: Department of Agriculture.

25

CURRENCY, CREDIT, AND SECURITY MARKETS

CURRENCY AND DEPOSITS

The total of demand deposits and currency rose in September but by less than the usual seasonal change.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ESO

zoo *^*~

£00

,00 ^Njm,

1960
SOURCE: HOMO or OOVEBNOIIS OP THE FEDERAL RESERVE SYSTEM.

U.S.
Total
deposits Governand
ment
curderency
posits J

End of period

1953
1954
1955
1956
.. ._
1957
1958
1959
1959: August
September
October
November
December
1960: January .
February
March
April.
May

June
July »
August *_
September

4

1

.-.

205.7
214 8
221. 0
226. 4
232, 3
247.5
252.4
247.3
248.5
248. 2
247. 7
252.4
247.3
244. 9
244.2
247. 0
246. 1
247.7
249.6

24as

251.8

4.8
5. 1
4.4
4. 6
4.7
4.9
5.8

6. 6

7.1
6.0
5. 1
5.8
4. 4
5. 3
5.2
5.3
7.7
7.8
7.0
6.2
8.2

[Billions of dollars]
Total excluding U. 8. Government deposits
Demand deposits and
currency
Time
deTotal
Demand Currency
posits * Total deposits outside
adjusted* banks
200.9
70. 4
130. 5
102.5
28. 1
209.7
75.3
1344
106.6
27.9
216. 6
78.4
138.2
109.9
28.3
222.0
82.2
139.7
111.4
2as
89. 1
138.6
227. 7
110. 3
28.3
242. 6
gas 144.2 115. 5 2a7
101. 8
246. 6
1448
115. 4
29.4
101. 2
139. 6
240. 8
111. 1
28.5
241.4
101.5
139.8
111. 4
28.5
242.2
101.1
141. 1
112.7
2&3
242.6
100. 3
142.2
113. 1
29. 1
246. 6
101.8
1448
115.4
29. 4
242. 9
101. 0
141. 9
1140
27. 9
239. 6
101. 2
138. 4
110. 5
28.0
239. 0
102.2
136. 8
108.8
28. 1
241.7
102.3
139.4
111.5
27.9
238.4
102.6
107.7
135.8
2ai
239.8
103.7
136. 2
107.8
2as
242.6
104. 2
138.4
110. 1
28.4
105.2
242. 7
ioa9 28. 5
137.5
243. 6
106. 0
137.6
109.3
28.3

U.S. Government deposits at Federal Beserve Bants and commercial and
savings banks, and U.S. Treasurer's time deposits, open account.
'Deposits IB commercial banks, matna) savings banks, and Postal Savings
System; excludes interbank deposits.
* Demand deposits, otber than Interbank and U.8. Government, less cash
Items to process of collection.

26




jCOUNQL OP ECONOMIC-ADVBm

Demand deposits
and currency,
seasonally adjusted
Demand Currency
Total deposits outside
adjusted banks

HO. 9
HO. 8
140.4
140. 1
U0.8

140. o

1S9. 1
1S9.B
1S9.4
137.5
138.0
1S8.6
138.6
1S8.B

US. 6
118.4
112.0
111.8
118. 0
111.7
110.8
111.1
lli.S
109. S
109. 9
110. S
110. S
110. S

S8.S
$8.4
28.4

es.s

28. S
28. S
28. S
$8.4
88.8
88.2
88.1
88. S
88. S
88. S

* Preliminary estimates.
NOTE.—See Note, p. 27.
Monthly data are for tbe last Wednesday of the month, except the unadjusted
data (or December 1989, which are for tbe call date.
Source: Board of Governors of tbe federal Reserve System,

BANK LOANS, INVESTMENTS, AND RESERVES
Gomrticrcial bank loans rose~$700 milJion in September, compdi-ed to an increase of $400 million in September 1959.
BILLIONS OF DOLLARS

•BILLIONS OF-.OOLLAHS

ZOO

ISO

100

1954
SOURCE: BOARD OF GOVERNORS or THE FEDERAL RESERVE SYSTEM.

Total loans
and investments

End of period
1952.
1953
1954
1955
1956
1957
1958
__
1959 .
1959: August
-- September. _ .
October
November
I}^r»emJ}Rr

.. „ „

I960: January
February..
March
April
May _
June .
July < 4
August
September l - -

141.6
145.7
155.9
160. 9
165.1
170. 1
185.2
190. 3
188. 2
187. 8
188.4
188. 3
190. 3
187.8
186.5
185.7
188. .8
188. 6
188. 9
190. 9
191. 2
193.3

[Billions of dollars]
All commercial banks
Investments
U. 8. GovLoans
Other
Total
ernment
securities securities
64.2
77.5
63.3
141
67.6
63.4
78. 1
147
69. 0
70.6
85.3
16.3
82.6
7&3
61.6
16.7
5& 6
90.3
74.8
16.3
93. 9
76. 2
sa 2
17.9
98. 2
87.0
66.4
20. 6
110. 8
79.4
sad
20.5
107. 4
60.3
80. 8
20.5
80.0
107. 8
59. 2
20.7
108.2
80. 2
59.6
20.6
109.5
78. 8
sa 5
20.3
110.8
79.4
58.9
20. 5
109. 6
78. 2
sa o20. 3
110. 3
76. 3
56. 2
20. 1
111.4
74,3
54 2
20.1
113.0
75. 9
55. 8
20.0
113.6
55. 1
75.0
19.8
114.8
74. 1
54. 2
19.9
114.2
76. 6
56. 7
20.0
114 7
76. 6
56. 6
20. 0
115.4
77.8
57.7
20.2

1
Member banks Include, besides all national banks, Cbose State banks that
have taken membership In the Federal Reserve System.
' Commercial and Industrial loans and, prior to 1956, agricultural loans. Series
revised beginning January 1962, October 1965, July 1958, and July 1959.
* Averages of dally figures on balances and borrowings during the period.
< Preliminary estimates.




OF ECONOMIC ADVISERS

Weekly
reporting
member
banks >
Business
loans z
8
23. 4
23.4
22.4
J
26. 7
30. 8
31.8
»3L7
'30. 5
29. 0
29.5
29. 5
29. 9
30.5
29.9
30. 2
31. 0
30. 9
31.2
31. 6
31.0
31. 0
31.5

All member banks 1
BorrowReserve balances1 ings at
Federal
Required Excess Reserve
Banks3
19.6
0.7
0.8
.7
19.3
.8
.8
.1
1& 5
.6
18.3
.6
ia4
.6
.8
18. 5
.5
.8
18. 1
.6
.3
ia 2
.4
.8
la i
.5
1.0
18.2
.4
.9
18.2
.4
.9
ia 2
.4
.9
la 5
.5
.9
18. 3
.5
.9
17.8
.8
-5
17.6
.4
.6
17.7
.4
.6
17.8
.5
.5
%
17. 8
.5
.4
18.0
.5
.4
18. 0
.5
.3
17.9
.6
.2

MOTS.—Between January and August 1959, these series (except that for weekly
reporting member banks) were expanded to Include data for all banks in Alaska
and Hawaii.
Source: Board of Governors of the Federal Beserve System.

27

CONSUMER CREDIT
Consumer credit outstanding rose by $275 million in August, compared to an increase of about $.800 million in
August 1959.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

60

END OF MONTH

TOTAL CREDIT OUTSTANDING

40

(ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED

s.

1959

1954
I
I95S
1956
SOURCE: BOARD OF GOVERNORS OF THE-FEOERAI. RESERVE SYSTEM

I960
f COUNCfc OF ECONOMIC AOVtSgS

[Millions of dollars]

End of period

Total
consumer
credit
outstanding

1950 .
1951
1952
1953 . .
1954..
1955
1956
1957
1958..
1959.. .
1959: July
August
September.
October
November.
December .
1960: January...
February..
March
April
May.. .
JuneJuly August

21, 471
22, 712
27, 520
31, 393
32, 464
38, 882
42,511
45, 286
45, 586
52, 046
48, 047
48, 841
49, 350
49, 872
50, 379
52, 046
51, 356
51, 021
51, 162
52,169
52, 831
53, 497
53, 653
53, 928

Total

Automobile
paper *

14, 703
15, 294
19, 403
23,005
23,568
28, 958
31, 897
34, 183
34, 080
39, 482
36, 757
37, 510
37, 962
38, 421
38, 723
39, 482
39, 358
39, 408
39, 648
40,265
40,740
41, 362
41, 687
41, 995

6,074
5,972
7,733
9,835
9,809
13, 472
14, 459
15, 409
14, 237
16, 590
15, 923
16, 288
16, 470
16, 659
16, 669
16,590
16, 568
16, 677
16, 876
17, 218
17,481
17, 807
17, 946
18, 078

Other Repair and
consumer moderni- Personal
goods
loans
zation
paper *
loans *
4,799
4,880
6,174
6,779
6,751
7,634
8,580
8,782
8,923
10,243
9,134
9,289
9,390
9,534
9,687
10, 243
10, 129
9,997
9, 940
10, 022
10,080
10, 194
10, 202
10, 202

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

28




Noniustalment credit
outstanding

Instalment credit outstanding

1,016
1, 085
1,385
1, 610
1,616
1,689
1, 895
2,089
2,350
2,704
2,517
2,569
2,613
2,653
2,683
2,704
2, 691
2, 695
2, 706
2,736
2, 786
2,824
2,852
2,891

2,814
3,357
4,111
4,781
5,392
6, 163
6,963
7,903
8, 570
9, 945
9, 183
9,364
9,489
9, 575
9,684
9, 945
9,970
10, 039
10, 126
10, 289
10, 393
10, 537
10, 687
10, 824

Total

6, 768
7,418
8, 117
8,388
8,896
9, 924
10, 614
11, 103
11, 506
12, 564
11, 290
11, 331
11,388
11,451
11,656
12, 564
11,998
11, 613
11, 514
11,904
12, 091
12, 135
11, 966
11, 933

InstalInstalment
ment
Charge credit ex- credit
tended
»
repaid
*
accounts
3,367
3,700
4,130
4,274
4,485
4, 785
4, 995
5, 146
5, 060
5, 351
4,407
4,365
4,390
4,525
4,614
5, 351
4,816
4,305
4, 118
4,451
4,547
4,628
4,506
4, 473

21, 558
23, 576
29, 514
31, 558
31, 051
39, 039
40, 175
42,545
.40, 818
48,, 476
4, 315
4, 193
4,061
4, 185
3,928
4,686
3,534
3, 723
4,201
4,457
4, 335
4,561
4, 141
4,301

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

18, 445
22, 985
25, 405
27, 956
30, 488
33, 649
37, 236
40, 259
40, 921
43, 239
3,693
3,578
3, 609
3,726
3, 62&
3,927
3, 658
3,673
3,961
3,840
3,860
3,939
3,816
3,993

BOND YIELDS AND INTEREST RATES
The rate on 3-month Treasury bills and U.S. Government bonds averaged spmew,hgt higher inSepterrjber than in August,
but yields on high-grade municipals and corporate Aaa bonds changed Jitris. Yields rose slightly in early October.
PERCENT PER ftHNim

PERCENT PER ANNUM

I960

1954

COUNCL OF iCONOfcJC ADVlSBtS

SOURCES: SEE TABLE BELOW.

Period
1953
19541—
1955.
_ _. . "..
1956.
1957.
_
1958_.
_.
1959.
___-._.„_
1959: September
.
_
October November.
_.
December
__ .
I960: January.
February
'March
, ...
.
April
May
.. .^
June.
( July . - »
August...
September
Week ended:
I960: September 3

17
October

1
1 Bate

24
1
8
15
22

— .-

.

.
.

[Percent gey annum]
CJ. S. Government
High-grade
security ;yie!ds
municipal
3-month
bonds
Taxable
Treasury
(Standard
&
1
bonds
*
Poor's) *
bills
2.94
1.931
2.72
.953
2.55
a 37
L753
2.84
2.53
2.658
aos
2.93
3.267
, 3.47
aeo
1. 839
a 43
a 56
3.405
408
a 95
4 26
3.998
4 13
4117
411
a 99
4 12
4 209
3.94
4. 572
4 27
405
4. 436
4.37
4.13
3. 954
4 22
3.97
3. 439
4 08
3.87
3.244
418
3.84
3.392
4 16
3.85
2. 641
3.98
3.78
2.396
3.86
3.72
2.286
3.79
3. 53
3,84
2.489
3.53
2. 550
2. 520
2.654
2. 434
2.286
2. 473
2. 698
< 2. 406

on new Issues within period.
Series Includes: April 1553 to date, bonds doe or callable 10 years and after;
April 1952-Mardi 1953, bonds due or callable after 12 years; October 1941-Mareh
1952, bonds due or callable after IS years.




3. 84
3.84
3. 86
3.81
3.83
3.88
*3. 93

3.48
3.49
3.52
3.54
3.58
3.62
3.62

Corporate bonds
fMoody's)
Aaa

Baa

Prime
commercial
paper,
4-6
months
2. 52
1. 58

3. 20
2.90

3.74

3.36

438
452
457
4 56
458
461
456
449
445
446
. 445
441
428
425

3.88
471
4 73
5.05
5.18
5. 28
5.26
5. 28
5.34
5.34
5.25
5.20
5. 28
5. 26'
5.22
5.08
5.01

2.46
3.97
4 63
473
467
4 88
491
466
449
4 16
425
3. 81
3.39
3.34
3.39

423
423
4 26
426
427
4.28
«429

5.01
4.98
499
5.02
5.05
5.09
5. 12

3.25
3.25
3.40
3.50
3.45
3.38
4
3. 38

a 06
a 89
a 79

a 51
a 53

a is
a si
a si

' Weekly data are Wednesday figures.
'Not charted.
Sonrces: Treasury Department and Board of Qoreroon of the Federal Beserro
System (except as noted).

29

STOCK PRICES
Stock prices declined in September but recovered somewhat in early Ofcfober.
INDEX, 1939-100
600

INDEX, |»S9 8IQQ

400

300

400

too

100

I960
.OOUHCK C» KXMOWC «WHte

BOURCC: SECURITIES AND EXCHANBE COHMSSIOM.

.

-

Composite
index'

Period

Weekly average:
1951_
1952
1953
:.
1964. ,
...
1955
1956
1967— _
19581959
1959: September October
__
!•
November ,
£)eceznber
.
1960: January
February .
March
April..
May.....
June
July.
August. _ ..
September.
Week ended:
1960: September 9.

October
1

23
30
7_

H»

_.
. ...
.
„

_

,

... .
...

"

j.

..

: .......

11939 = 100)
Manufacturing
TransDurable Nondura- portation
Total
ble goods
goods

206.8
220. 2
220.1
271.3
374.4
438.6
422.1
426.4
521.7
520.3
517.2
519. 0
53a 3
518.2
494 0
478.2
478. 2
471.6
484.8
472.5
475.7
458.7

17a5
188. 8
192.6
245.2
35Z4
409. 8
391.2
385.3
495.2
499. 8
49R4
496. 4
517.5
499. 1
474. 4
458. 2
459.7
455.6
469.8
454.3
454. 1
431. 6

233. 1
249.3
24&2
295. 2
394.4
465.1
450.6
458.0
535.9
529. 0
524. 4
529. 6
547.1
525.8
502.5
487.4
485.8
477.2
489.2
480.1
486.3
4743

32ao

311,9
295.0
291.7
289.8
293. 4
28a4
289.9
277.7

219. 4
223.7
226. 4
232.6
232.0
239.7
240.2
243. 1
246.3

2049
275.7
240.5
267.0
312.9
357. 5
342.3
313.8
4iao 321. 8
4245
305. 4
42a4
291.9
285. 4
434 2
296. 7
440. 5
4340
291.6
278.6
41ft 9
26a2
4246
433.2
260.7
437.0
250.0
462.2
249.8
457.7
245. 5
459.7
258. 4
256. 3
443.0

398.2
392.2
383.3
380.8
384. 6
390. 3

465.5
45a2
447.8
447.8
452. 9
458.4

442.6
430.1
417.9
417.4
420. 2
425. 3

477.3
4748
466.3
466.6
473.8
479. 5

283.8
278.6
272.4
268.2
267.7
271.7

251.2
248. 5
242.0
237. 1
239. 1
2449

451.9
442.7
435.5
422.1
423.2
429. 1




199. 0
220.6

2ia?

232.6
320.0
327.1
275.4
270. 2
347.0
333.0
338. 8
322. 3
327.8

112. 6
117.9
121. 5
135. 8
152.9
155. 8
156. 0

Trade,
finance, Mining
and service

184. 9
195.0
19a 3
229. 8
304.6
345. 0
331.4
340.9
420. 2
417.2
416.4
416. 6
. 429. 2
419.0
405. 0
396. 1
398.5
394.4
406.3
398. 8
402.0
391.8

Includes 266 common stocks: 9S (or durable goods manufacturing, 72 for nondurable gooda mantuscturlne. 22 for traiLsportatiou, 29 for militias. 31 for trade,
finance, and scrvlcr, and 14 (or mining. Indexes are for weekly dosing prices.

30

Utilities

i7as

216.2
211. 2
213. 4
21X 3

2iao

> Not charted.
Source: Securities and Exchange Commission.

207.9
206.0
207. 1
235. 6
296.9
306.3
277.4
3145

25&S
250.8
250.4
257.8
267.7
266.8

FEDERAL FINANCE

BUDGET RECEIPTS AND EXPENDITURES

For ilic first 3 months of the currentfisc01;year, there was d budget deficit of Jl .2 billion*. For the same period (last
year, the deficit was $1.8.billion.: .
;
i' '• - ;- '' : ' • •• - ' •r

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

NET BUDGET RECEIPTS

NET BUDGET EXPENDITURES
78

SO

1989

1956

I960

1961

19 SB

MAJOR NATIONAL SECURITY
-EXPENDITURES

1957

1959

I960

1961

BUDGET SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE )
+8

-S

-10

-IS

1956

I9S7

I9S8

I9S9

I960

1961

1956

1987

.1958

1969

I960

1961

FISCAL YEARS
• ESTIMATE

SOURCES: TREASURY DEPARTMENT, AHO BUREAU of THE BU08ET.

Period
Fiscal year 1955
Fiscal year 1956
Fiscal year 1957
,
Fiscal year 1958
Fiscal year 1959 4
Fiscal year I960
Fiscal year 1961 '
1959: September*
October4
November*
December*
1960: January *
February
*___
March4.
April* _
May*.
June *_ _
_

.

.

..

July «
_
August*
September*
Cumulative totals first 3 months: *
Fiscal year 1960-_
Fiscal year 1961. _

'

..

,

COUNCIL Of KOHOMK

{Billions of dollarsj
Net budget expenditures
Budget
Net
Major national security '
surplus
budget
Department
or
Total
receipts
Total
of Defense,
deficit
(-)
military a
64.4
-4.2
60.2
40.6
37.8
66.2
1. 6
67.8
40. 6
38. 4
69.0
1.6
70.6
43.3
. 40-8
-2.8
eae 7L4
44 1
41. 2
80.3
-12.4
67.9
46. 4
43.6
76,6
1.1
77.7
45.6
42.8
79. 7
111
46.0
80. 8
43.2
6.3
as
2.1
as
3.6
6. 9
3.0
-3.8
3. 9
3.7
6. 6
5.9
—.7
3.73. 5
6.6
.7
7.3
42
4.0
6.2
4.9
-L3
as
as
6. 1
7.2
3.7
1. 1
3.5
6.4
9.6
3.2
4.0
3.7
a
o
3.7
-1.0
5. 1
3.4
e. i
6.5
3.7
.5
a4
6. 6
10.8
4.2
4.0
3.7

ai

Public
debt
(end of3
period)
274.4
272. 8
270.6
276.4
284. 8
286. 5
283. 6
28R4
291.4
290.7
290. 9
291.2
290. 7
287. 0
288. 9
289.fi
286.5

6.5
9.0

6,2
6.8
6.8

3. 5
4.0
3.9

3.2
3.7

a?

-3.0
-.3
2.2

288.5
28R8
288.6

17.3
18. 6

19. 1
19. 8

11. 3
11.4

10.5
10.7

-1.8
-1.2

28a4

i Includes military activities of tbo Department of Defense (military functions
and the military assistance portion of the mutual security program). Atomic
Energy Commission, stockpiling, and defense production expansion.
> Military functions and military assistance.
> Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.




"

4

2sae

Preliminary.
'Estimate.
NOTE.—Total budget receipts and expenditures have been adjusted to exclude
certain iutragovernmexxtal transactions.
^.
Sources: Treasury Department and Bureau of the Budeet<**

CASH RECEIPTS FROM AND
PAYMENTS TO THE PtJBLIC
In the first quarter of,the current fiscal year, cash payments from the public exceeded cash receipts by'about $760
million. In the first quarter of Fiscal 1960, cash payments exceeded cash receipts by $3.0 billion.

.BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

-15

1954

1957
I
1958
CALENDAR YEARS

I960-"

•" PRELIMINARY ESTIMATES.
SOURCES: TREASURY OEP*RTMENT, ANO BUREAU OP THE BUPSET.

[Millions of dollars]
Period
Fiscal year total:
1956
1957
•
„
1958
•
1959 1
I960
_
1961' . . ...
Calendar year total:
1956
*
_
_ _
1957
1958
.
1959' .
• ..
Quarterly total (calendar years), not adjusted for seasonal variation:
1958: Third quarter
Fourth quarter
-- . . 1959: First quarter__
,
.. _
Second quarter1 „
_
Third quarter
.
_
_ ., .
Fourth quarter '
._ _ _.
1960: First quarter1..
..
..
Second quarter1
_, _
Third quarter 1 ,....

Cash receipts
from the
public

Cash payments to
the public

77, 087
82, 106
81, 892
81, 660
94,984
100, 598

72,616
80,007
83, 412
94,804
94, 283
98, 085

4,471
2,099
- 1, 520
— 13, 144
701
2,513

80, 332
84,520
81, 729
87, 553

74, 806
83, 326
89. 015
95, 559

5,526
1, 194
— 7.286
— 8,006

18, 274
16, 618
22, 628
24, 141
21, 364
19, 420
25, 776
2a 425
23, 418

23, 789
23, 750
22, 734
24, 530
24, 378
23, 917
21, 941
24,047
24, 179

-5,515
— 7 132
— 106
— 389
— 3, 014
— 4,497
3, 835
4,378
-761

' Preliminary,
' Estimate.
Sources: Bureau ot the Budget and Treasury Department.

32

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Excess of receipts or
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