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84th Congress, 1st Session

Economic Indicators
SEPTEMBER 1955
Prepared for the Joint Committee on the Economic Report




by the Council of Economic Advisers

A number of subscribers to Economic Indicators have inquired about the
Historical and Descriptive Supplement to Economic Indicators, which describes
each series and gives data for years not shown in the monthly issue. This
publication was issued in December 1953 but has been out of print in recent
months. A revised version is expected to be ready in October or early
November.

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1955

JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
JOHN SPARKMAN (Alabama)
J. WILLIAM FULBRIGHT (Arkansas)
JOSEPH C. O'MAHONEY (Wyoming)
RALPH E. FLANDERS (Vermont)
ARTHUR V. WATKINS (Utah)
BARRY GOLDWATER (Arizona)

RICHARD BOLLING (Missouri)
WILBUR D. MILLS (Arkansas)
AUGUSTINE B. KELLEY (Pennsylvania)
JESSE P. WOLCOTT (Michigan)
HENRY O. TALLE (Iowa)
THOMAS B. CURTIS (Missouri)
GROVER W. ENSLEY, Staff Director
JOHN W. LEHMAN, Clerk

COUNCIL OF ECONOMIC ADVISERS
ARTHUR F. BURNS, Chairman
RAYMOND J. SAULNIER
JOSEPH S. DAVIS

[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION IS. J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the Joint
Committee on the Economic Report be authorized to issue a monthly publication entitled "Economic Indicators,"
and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the
Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint
Committee on the Economic Report; 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
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

Page

:

1
2
3
4
5
6
7
8
9
10

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

11
12
13
14
15

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Sales and Inventories—Manufacturing and Trade
Merchandise Exports and Imports

16
17
18
19
20
21
22

PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers

23
24
25

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

26
27
28
29
30

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




31
32
111

TOTAL OUTPUT, IHCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Estimates of total income and expenditures for the second quarter of 1955 reflect the continued rise in over-al
economic activity.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

CONSUMERS
300

300

250

250
DISPOSABLE. INCOME

EXPENDITURES
200

200

ISO

150

nl

I

I

I

J

I

I

I

I

I

I

I

I

I

I

I

I_JL_Jo

BUSINESS
100

IOO

GROSS RETAINED
EARNINGS^

GOVERNMENT-FEDERAL, STATE, AND LOCAL
iOO

IOO

(LESS TRANSFER PAYMENTS)

1950

1955

-^NET FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT.
-^INCLUDES CORPORATE UNDISTRIBUTED PROFITS AND INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES.
•^PRELIMINARY ESTIMATES.
NOTE: THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES,OR
GROSS NATIONAL PRODUCT, BECAUSE OF STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT, SEE SENATE REPORT
NO. 1295, JOINT ECONOMIC REPORT, PR 92-93, 99-105, AND THE ANNUAL ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1953, APPENDIX A.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIL OF ECONOMIC ADVISERS




GROSS NATIONAL PRODUCT OR EXPENDITURE
The gross national product rose substantially in the second quarter to a new high of about $385 billion (seasonally
adjusted annual rate), according to current estimates. Increases of about $5 billion in personal consumption
expenditures and $6 billion in gross private domestic investment were partially offset by a $1 billion decline in
government purchases.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

350

300

PERSONAL CONSUMPTION EXPENDITURES

ZOO

200

150

150
GOVERNMENT PURCHASES
OF GOODS AND SERVICES

100

50
GROSS PRIVATE <
DOMESTIC INVESTMENT

\ NET FOREIGN

I ' i
1950

1952

1951

1953

SOURCE: DEPARTMENT OF COMMERCE

Period

INVESTMENT

i

I

-50

1954

1955

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Personal Gross
Total
conNet
private
gross
sump- domestic foreign
national
tion
investproduct expend- investment
ment
itures

1939
1946
1947
1948
1949
1950
1951.
1952.
1953
1954

91. 1
209.2
232.2
257.3
257.3
285. 1
328.2
345.2
364.5
360. 5

67.6
146. 6
165.0
177.6
180. 6
194. 0
208. 3
218.3
230. 6
236.5

T954: First quart er__ .
Second quarter _ _ _
Third quarter.
Fourth quarter.. _
1955: First quarter
Second quarter:

358. 3
357. 6
358.8
367. 1
375.3
384.8

232. 2
235. 1
237.9
241. 0
245.8
250.5

1
1

I

Government purchases of goods and services
Federal
State
and
Total » Total i National2 Other
local
security

5.2
13. 3
0.9
9.3
20. 9
30.9
46
27. 1
15. 8
28. 6
8.9
29.7
21. 0
36. 6
41.2
2.0
25.4
43.6
.5
32. 5
22. 1
42. 0
-2.2
51.2
41. 0
62. 8
.2
56.9
54.3
-.2
77.5
49. 6
59.5
84.5
-2.0
51.4
g
49.2
77 0
47. 2
Seasonally adjusted annual rates
54.7
— 1. 1
81.7
45. 5
48.6
75.9
—. 3
46.9
Y
47.7
75. 8
45. 9
45.7
74.5
!9
50.7
_.4
46. 4
75.8
54. 1
*7
45.2
74.9
60. 1

a2

1.3
21. 2
13.3
16. 0
19.3
18. 5
37. 3
48.8
51.4
43.2

3.9
2. 5
3.8
5. 6
6. 6
3.9
4.2
5.8
8.5
6.3

10.0
12.8
15. 6
18.2
19. 9
21.8
23. 2
25.0
27.8

46.8
43. 6
42. 1
40. 5
41.2
40.4

8.3
5.4
6. 1
5.5
5.5
5.2

27.0
27.3
28. 1
28.7
29.4
29. 7

Less Government sales.
ln<J"des 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
cwtnt, January 1955 (p. 137), and National Income, 1954 Edition (p. 148). These expenditures are not comparable with the "national security" category in The
t of the U. &. Government for the Fiscal Year Ending June SO, 1955 , and shown on p. 31 of Economic Indicators.
NOTK .— Tho figure's beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.
Source: Department of Commerce.
JJctttll win riot necessarily odd to totals because of rounding.




NATIONAL INCOME
The increase in general business activity during the second quarter was reflected in a $9 billion (seasonally adjusted
annual rate) rise in national income. Increases in employee compensation and corporate profits accounted for most
of the rise.
BILLIONS OF DOLLARS
350

BILLIONS OF DOLLARS

300 -

250

200

150

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

INTEREST

1955

1950
-'PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED),

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Period

Total
national
income

Compensation
of em-l
ployees

Proprietors' income
Farm

1939
1946
1947
1948
1949 ___ _ _ _
1950
1951 1952 ... __
1953
1954

72.8
179. 6
197.2
221. 6
216.2
240.0
277.0
289.5
303.6
299. 7

48. 1
117.7
128.8
140. 9
140. 9
154.3
180.4
195.3
209.2
207.9

4.3
13. 9
14.5
16. 7
12. 7
13.3
16.0
14.3
12.3
12. 0

1954: First quarter
Second quarter
Third quarter.
Fourth quarter
1955: First quarter
Second quarter

297. 7
298.9
298. 7
303.2
311.4
320. 3

206. 7
207.2
207. 8
209.8
213. 1
219. 5

13. 2
11.9
11. 7
11.2
11.5
11.0

2

Business
and professional

Rental
income
of
persons

Net
interest

4.6
2.7
7.3
6.2
3. 1
21.3
3.8
19. 9
6.5
21. 6
7.2
4.5
5.2
21.4
7.9
5.9
22.9
8.5
6.8
24. 8
9. 1
7.4
9.9
25.7
8. 8
25.9
10.3
9.5
25. 9
10.5
Seasonally adjusted annual rates
9,4
10.4
25.3
10. 5
9.5
25.9
9.5
10.6
26.0
9.7
26.3
10. 7
9.9
10.7
26.6
10.3
10.7
27. 1

Corporate profits arid inventory valuation adjustment
Total

Profits Inventory
before valuation
taxes adjustment

5. 7
17.3
23.6
30.6
28. 1
35. 1
39.9
36. 9
37.2
33.8

2

6. 4
22. 6
29.5
32.8
26. 2
40.0
41. 2
35.9
38.3
34.0

-0.7
-5.3
— 5. 9
-2.2
1.9
-4.9
1. 3
1.0
-1. 1
-. 2

32. 6
34.0
33. 1
35.5
39.6
41. 7

32. 7
33. 7
33.5
36.0
40.9
M2.5

— .2
.2

i Includes employer contributions for social insurance. (See also p. 4.)
a Preliminary estimates by Council of Economic Advisers.
NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted),




R

~-'.5
-1.3
0
__ ^ Q

SOURCES OF PERSONAL INCOME
Personal income rose $3 billion (seasonally adjusted annual rate) between June and July. A substantial part of
this increase was accounted for by lump-sum payments of retroactive pay increases to Federal Government employees.
Labor income of non-Federal employees, and business and professional income also rose, while farm proprietors'
income and transfer payments declined.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

TOTAL PERSONAL INCOME*

LABOR INCOME

FARM PROPRIETORS'
INCOME

TRANSFER PAYMENTS

:

COUNCIL OF ECONOMIC ADVISERS

Period

Total
personal
income

1939
1948
1949
.
1950
1951
1952 _ _
1953
1954

72. 9
208.7
206.8
227. 1
255. 3
271. 1
286.2
287.6

1954- June
July
August
September. _
October _ __
November. _
December.
1955: January
February
March
April
May
- June 4
July

286.7
287. 1
286.7
287.9
288.4
290. 8
293.4
292. 2
293.2
295.7
298.9
301.4
301.6
304.7

i

(Billions of dollars!
Labor income Proprietors' income
Less: Per(wage and
Rental
Personal Transfer sonal con- Nonagrisalary distributions cultural
Business income Divi- interest
payof
bursements
dends income ments for social personal
and pro
Farm
and other
insurincome3
fossional persons
labor income)1
ance
if <~«
a 8 :
4. 3
7. 3
46.6
67. 1
5,8
3.0
0.6
21. 6
16.7
137.9
2. 2
7. 2
7, 2
9, 0
188. 5
11.3
21.4
137.4
12. 7
2.2
7. 9
9, s ; 1 12.4
190.8
7, '*» :
22. 9
150. 3
10. <>
2.9
8. 5
13.3
1 5. 1
210. 5
9. *-!
24. 8
16. 0
9. 1
175. 6
11.0
3. 4
235. 7
9. 1
1?.. fi
25. 7
3. 8
14.3
190.5
1:1 i!
9. 9
9. 0
1 2, ;;
253. 1
25. 9
12. 3
204.6
;». 9
270. 2
10.3
M, 0
9. 3
i ;;, s
12.0
10. 5
202. 8
25.9
•1. .'»
10.0
271. 9
M. 7 !
Mi ',?
Seasonally adjusted annual rates
26.0
11.7
\ 'J, i
10. 5
9.9
202. 4
H). 0
14. 7
26. 0
' ;» i
10.6
11.0
ia i
14.7
9.9
203. 2
-'•IS
r i :..
• . it j
25. 9
11. 6
10. 6
202.4
16. 1
9.9
14.7
» •» j
12. 5
26.0
10.6
10.0
202. 4
16. 3
14. 7
• :i ,H
26. 0
17.0
10. 7
10. 1
203.5
10.9
14.8
\ ;'i 9
26.3
4! r»
10. 1
11. 3
10. 7
16.8
14.8
205. 3
I H. 1
4. C>
11.7
26.7
10.7
17. 1
14 9
205. 5
11.5
2 ti. ,:,
5.0
26. 6
10. 7
17.0
10.1
11. 7
14.9
206. 1
5.0
10.2
17.0
10.7
26.4
2 7, 7
11. 7
207. 1
15. 1
2HO, «.)
26.7
10.7
17. 4
5. 1
10.4
15.2
11. 1
209. 4
283. 7
17.6
26. 9
10. 6
11.4
5. 1
15.3
10. 6
211.5
286. (»
5.2
27.2
10.7
10.7
17.5
10.9
15. 4
214. 2
5.2
10. 8
287. 2
27. 3
10.7
17. 1
214. 9
10. 5
15. 5
5.3
291. 1
10. 7
10. 9
27. 6
16.9
15.6
9.8
218.6

>,h i

' Compensation of employees (see p. 3) excluding employer contributions for social insurance.
3 Includes $2.7 billion National Service Life Insurance
?
Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agridividend, most of which was paid in the first hajf of the year.
4
culiural net interest, and net dividends paid by agricultural corporations.
Preliminary estimates.
NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.
A Detail will not necessarily add to totals because of rounding.
Source; Department of Commerce.




DISPOSITION OF PERSONAL INCOME
Disposable personal income rose by $6 billion (seasonally adjusted annual rate) in the second quarter. Personal
consumption expenditures rose almost $5 billion/ $3 billion of this rise was for increased purchases of nondurables.
The rate of personal saving rose somewhat.
BILLIONS OF DOLLARS
300

BILLIONS OF DOLLARS
300

250

250

200

100 —

...

1 00

50

1955

I960

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Less:

Personal
Disposincome Personal able
1
taxes
personal
income

Period

1939
1946
1947
1948
1949
1950
1951
1952
1953
1954

Equals:

_
_._

1954: First quarter
Second quarter
Third quarter
_
Fourth quarter.
1955: First quarter
Second quarter..

72.9
178.0
190.5
208.7
206. 8
227. 1
255.3
271. 1
286. 2
287. 6
285.8
286. 6
287. 3
290. 8
293. 6
300. 5

Less: Personal consumption
expenditures
Total

Saving
as percent
of disPersonal posable
NonDurable durable Services saving
income
goods
goods

Billions of dollars
67.6
6.7
35. 1
25. 8
146. 6
46.2
15.9
84.5
165. 0
20. 6
93. 1
51. 3
177.6
22. 2
98. 7
56.7
180.6
23.6
96.9
60. 1
194. 0
28.6
100. 4
65.0
208. 3
27. 1
111. 1
70. 1
218.3
116. 0
26.6
75. 7
230.6
29. 8
118.9
81.8
236. 5
120. 9
86. 4
29.3
Billions of dollars, seasonally adjusted annual rates
232. 2
32. 7
253. 1
119. 2
28.3
84. 7
253. 9
235. 1
32. 7
29. 0
120. 4
85.7
32. 8
254. 5
237. 9
29.4
121. 5
87. 0
33. 1
241.0
257. 8
30.4
122. 5
88. 1
32.6
261. 0
245. 8
122.4
34.4
89.0
33. 4
250. 5
267. 1
90.2
35. 1
125. 3
2. 4
18.8
21. 5
21. 1
18. 7
20.9
29. 3
34. 4
35.8
32. 8

70. 4
159.2
169.0
187.6
188.2
206. 1
226. 1
236. 7
250.4
254. 8

* Includes such items as fines, penalties, and donations.
NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
67738—55




;

Equals:

2. 9
12.6
4. 0
10. 0
7. 6
12. I
17.7
18. 4
19. 8
18. 3

4. 1
7.9
2.4
5.3
4.0
5.9
7.8
7.8
7.9
7.2

21.0
18. 8
16.6
16. 8
15. 3
16.6

8. 3
7.4
6.5
6.5
5.9
6.2

Pi:R CAPITA1DISPOSABLE INCOME
i'^r oipjfu disposable income (seasonally adjusted) reached a hew nigh in the second quarter of this year.
* ..MiKwt prices, it exceeded that of the corresponding quarter of 1954 by 4 percent.
PULIARS
2.OOO

In

DOLLARS
2,000
SEASONALLY ADJUSTED ANNUAL RATES

1,500

1,500

1,000

1,000

1950

1951

1953

1952

1

1954

1955

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

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

Period

Current
prices
1939
1946
1947
1948
1949
1950
1951
1952 .._
1953
1954

-

---

_

COUNCIL OF ECONOMIC ADVISERS

70.4
159.2
169. 0
187.6
188.2
206. 1
226. 1
236.7
250. 4
254.8

---

_.

_

1954
prices *
136. 3
219.3
203. 1
209.6
212. 1
230. 3
233. 8
239.4
251.1
2548

Current
prices
538
1, 126
1, 173
1,279
1,261
1,359
1,465
1,508
1,568
1,569

1954
prices 3

Population
(thousands) *

1,041
1,551
1,410
1,429
1,422
1,518
1,515
1,525
1,573
1,569

131,028
141,389
144, 126
146, 631
149, 188
151, 683
154, 360
157, 028
159, 643
162, 409

Seasonally adjusted annual rates
1954* First quarter
Second quarter
Third quarter.Fourth, quarter
1955 : First quarter
Second quarter

_

.. ;

„

253. 1
253.9
254.5
257; 8

252. 6
253.6
254.2
258.6

1,568
1,567
1,563
1,576

1,565
1,565
1,561
1,581

161,439
162, 075
162, 806
163, 582

261.0
267. 1

262.0
268.2

1,589
1,620

1,595
1,627

164, 262
164, 911

» Income less taxes.
a I >ollar estimates in current prices divided by consumer price index on base 1954=100.
J Includes armed forces overseas. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures,
NOTK.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.
»' waves: Department of Commerce, Department of Labor, and Council of Economic Advisers.

6



FARM INCOME
Gross and net farm income (seasonally adjusted) declined in the second quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SCASOMALUf ADJUSTED ANNUAL RATES

EO

20
NET FARM INCOME
(WCL. AD JUSTMQ4T FOR
INVENTORY CHANGE }J/

1950

1951

1952

19.53

1954

1955

U INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.

Realized
gross farm
income l

Period

1939
1946
19471948
1949
1950
1951
1952
1953
1954

_ _ _ _ _ _ _

1954: First quarter-Second quarter
Third quarter
Fourth quarter
1955: First quarter
Second quarter

COUNCIL OF ECONOMIC ADVISERS

_ .

10.4
29.0
34.0
34. 5
31.8
32. 1
36.9
36.8
35.3
34.0

35. 8
33. 9
33.3
32. 9
34. 2
33.3

Farm operators' income
Net income per farm (inNet income 2
cluding adjustment for
Excluding
Including
Farm proinventory change)
duction
adjustment adjustment
for invenCurrent
1954
for invenexpenses
tory change 8 tory change*
prices
prices 6
Dollars
Billions of dollars
4.3
6. 1
670
1,523
4.3
13.9
2,353
14.2
3,180
14.8
2,466
17.2
14.5
16.8
2,867
18. 9
2,884
15.6
3,135
16.7
18.2
2,222
13.6
12.7
2,497
2,352
12.4
13.3
2,613
19.7
22. 4
14.5
15.8
2,819
2,877
23.2
13.6
14.3
2,579
2,605
12.9
2,235
22.4
2,258
12.3
22.4
2,212
12.0
2,212
11.6
Seasonally adjusted annual rates
13.2
13. 1
22.7
2,433
2,458
22. 5
11.4
11. 9
2,194
2,194
22. 2
11. 1
2, 157
11.7
2,136
22.1
11.2
10.8
2, 086
2,065
2, 144
22.7
11.5
11. 5
2, 166
10.8
22.5
11.0
2,050
2,050

Number of
farms
(thousands)6

6,441
5,927
5, 873
5,804
5,723
5,648
5,596
5,535
5,482
5,425
5,425
5,425
5,425
5,425
1
5, 365
* 5, 365

1
Includes cash receipts from farm marketings, value of farm products consumed directly in farm households, gross rental value of farm dwellings, and Government payments to farmers.
2 Excludes (a) farm wages paid to workers living on farms and (6) any income to farm people from nonfarm sources. These items in 1954 were as follows: (a) 2.1
billion dollars and (6) 5.7 billion dollars.
s Realized gross income less farm production expenses.
* Same as farm proprietors' income on pages 3 and 4 except for 1951, which includes revisions by the Department of Agriculture not yet incorporated into the
national income accounts of the Department of Commerce.
* Dollar estimates in current prices divided by index of prices paid by farmers for items used in family living, on base 1954=100.
* For the quarterly data, the number of farms is held constant within a given year.
? Estimate by Council of Economic Advisers.
NOTE.—Estimates for 1952-55 reflect interim revisions made in connection with
Source: Department of Agriculture (except as noted),
the annual report on national income by the Department of Commerce. Final
revisions will be completed by the Department of Agriculture in October.
•




CORPORATE PROFITS
Corporate profits (seasonally adjusted), both before and after taxes/ continued to rise in the second quarter of 1955,
according to preliminary estimates.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars)
Corporate
profits
before taxes

Period

1939.
1946
1947
1948
1949
1950
1951
1952
1953
1954_

.

.,

tax

liability

1.4
9. 1
11.3
12. 5
10.4
17. 8
22. 5
19.8
21. 3
17. 1

6. 4
22. 6
29.5
32.8
26. 2
40. 0
41. 2
35.9
38.3
34.0

.
-

Corporate

...

_

Corporate profits after taxes
Total

5.0
13.4
18. 2
20. 3
15.8
22. 1
18.7
16.1
17.0
17.0

Dividend
payments

3.8
5.8
6.5
7.2
7.5
9.2
9. 1
9.0
9.3
10.0

Undistributed
profits

1.2
7.7
11.7
13.0
8.3
12.9
9.6
7.1
7.7
7.0

Seasonally adjusted annual rates
1954: First quarter
Second quarter
Third quarter
Fourth quarter

_

1955: First quarter
Second quarter . . 1

16.4
16. 9
16.8
18. 1

32.7
33. 7
33.5
36.0
1

40.9
42. 5

1

16.3
16.8
16.7
17.9

9.7
9.8
10.0
10.6

6.6
7.0
6.7
7.3

20.5
21. 3

20.4
* 21. 2

10. 2
10.7

10.2
i 10.5

Preliminary estimates by Council of Economic Advisers.
NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.
See p. 3 for profits before taxes and after inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source; Department of Commerce (except as noted).

8



GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment increased by $6 billion (seasonally adjusted annual rate) in the second quarter
of 1955. Investment in inventories and producers' equipment rose considerably. Construction continued to increase.
BILLIONS OF DOLLARS
70

BILLIONS OF DOLLARS
70

SEASONALLY ADJUSTED ANNUAL RATES

60

60

Xx^

50

50

GROSS PRIVATE
DOMESTIC INVESTMENT

40

30

NEW CONSTRUCTION w

20

10

10

I

I

1

1950

1951

1

I

1952

1

1

1953

1

1

-10

1955

1954

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
gross
private
domestic
investment

Period

1939
1946..1947
1948
1949
I960.
1951
1952
1953
1954

_
_

9.3
27. 1
29.7
41.2
32.5
51.2
56.9
49. 6
51.4
47.2

Change in business inventories

Fixed investment
New construction
Residential
nonfarm

Total
Total

8.9
21. 0
30. 7
37. 0
35.3
43. 9
46.5
46. 8
50. 2
50. 1

4.8
10. 3
14.0
17. 9
17.5
22.7
23.3
23. 7
25. 8
27. 8

Commercial and
industrial l

All
other 2

Producers'
durable
equipment

2.7
4.0
6.3
8.6
8.3
12. 6
11.0
11. 1
11. 9
13. 5

1.2
4. 2
4.9
5. 7
5.3
5. 7
7.2
7.5
8.4
8.6

0.8
2. 1
2.8
3.6
3.9
4.5
5. 1
5.2
5.4
5.7

4.2
10.7
16.7
19. 1
17.8
21. 1
23.2
23. 1
24. 4
22. 3

0.4
6. 1
-1.0
4.2
2 7
7.4
10.4
2.8
1.2
-2. 9

0. 3
6.4
1.3
3.0
1 9
6.4
9.0
2. 1
1. 9
— 3. 2

22. 9
22. 4
22.2
21. 9
21.5
23. 7

-3.2
-2.7
-4.9
-.6
1.5
4.3

-3.4
-3.2
-5.4
-1.0
1. 5
4.2

Total

Nonfarm

Seasonally adjusted annual rates
1954: First quarter
Second quarter
Third quarter
Fourth quarter
1955: First quarter
Second quarter

45. 5
46. 9
45. 9
50. 7
54. 1
60. 1

48. 8
49. 7
50. 7
51. 3
52.7
55. 8

25. 9
27.3
28.5
29. 4
31.2
32. 1

11.8
13.0
14.2
15.0
16.0
16.4

8.5
8.5
8.6
8.7
9.3
9. 8

5.6
5.8
5.7
5.7
5.9
5.9

i Includes public utility.
Includes petroleum and natural gas well drilling.
NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
3




EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to a survey taken in July and August, business expenditures on plant and equipment in 1955 are expected
to total $27.9 billion, more than $1 billion higher than in 1954. Expenditures for the third and fourth quarters are
programed at $29.0 and $29.7 billion (seasonally adjusted annual rate), up sharply from the first half of this year and
higher than any prior quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

20

MANUFACTURING-v

COMMERCIAL AND OTHER'

PUBUC UTILITIES^

TRANSPORTATION

I

i

I

1950

1952

1951

I

1953

J SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.

I

I

I

1954

1955

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Transportation
Mining
Durable NonduraRailroads Other
goods ble goods
0.36
0.76
0.28
1.19
0.33
.92
.43
.58
3. 11
3.68
3.41
.89
1.30
5.30
.69
1.32
1.28
S. 48
5.65
.88
.89
1.35
2.59
4.56
.79
1.21
3. 14
.71
4.36
1. 11
1.49
5.17
.93
1. 47
5.68
5.61
6.02
1.50
1.40
.98
5. 65
.99
1.31
1.56
6.26
.98
5.09
.85
1.51
5.95
1.56
.91
5.36
.90
5.83
Seasonally adjusted .annual rates
.80
1.00
1.51
5.06
5.93
.91
.68
1.53
4.80
5.79
.74
.80
1.46
4. 78
5.39
1.62
.94
.80
5. 06
5.78
.98
1.68
5.48
5.88
.93
. 92
1. 12
5.96
1.47
6.09

Manufacturing

Total1

Period
1939
1946
1947
1948 _
1949
1950..
1951
1952
1953
1954 3 4
1955
—

-.
-

..

1954: Third quarter
Fourth quarter
1 955 : First quarter
Second quarter
Third quarter 3 3
Fourth quarter

_

Total

5.51
14.85
20.61
22.06
19.28
20.60
25.64
26.49
28.32
26.83
27.90

1.94
6.79
8.70
9.13
7.15
7.49
10.85
11.63
11.91
11.04
11. 19

26.84
26. 18
25. 65
27. 19
29.03
29.73

10.98
10.58
10. 17
10.84
11.36
12.05

Public
utilities

Commercial and
other 3

3.31
3.66
3.89
4.55
4.22
4. 44

2.08
5.33
7.49
6.90
5.98
6.78
7.24
7.09
8.00
8.23
8. 89

4. 12
4.01
4.01
4. 09
4.64
4.68

8.42
8.46
8. 46
8.90
9.43
9.48

0.52
.79
1.54
2.54

a 12

» Excludes agriculture.
* Commercial and other includes trade, service, finance, communications, and construction.
8
Estimate's based on anticipated capital expenditures as reported by business in late July and August 1955.
« Annual total is sum of seasonally unadjusted expenditures; it does not necessarily coincide with average of seasonally adjusted figures, which include adjustments, when necessary, for systematic tendencies in anticipatory data.
NOTE.— These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the
latter rover nrriciilliirul investnumt and also certain equipment and construction outlays charged to current expense.
Detail will not necessarily add to totals because of rounding.
Houmvi: Hi'ctirittas uiul KxduuijM 1 Commission and Department of Commerce.

10



EMPLOYMENT, UNEMPLOYMENT, AND WAGES

STATUS OF THE LABOR FORCE

Employmenf rose seasonally between mid-July and mid-Augusf to an all-time high of 65}£ million. Unemployment
declined by 234,000. The fall in unemployment was somewhat less than expected at this time of year.
MILLIONS OF PERSONS

MILLIONS OF PERSONS
75

75

55

1955
14 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Total
Unemploy men t3 Insured unemployment 4
Employment l
labor
Civilian
Tempoforce (in- labor
%of Thousands % of covered
Period
rary
cluding
force
Total Agricul- Nonagri- layoffs * Number civilian of persons employment
(State proarmed
(all prolabor
tural
cultural
grams)
forces)
grams)
force
Thousands of persons 14 years of age and over 5
1939
9,610
55, 600 55, 230 45, 750
9,480
17.2
36, 140
6.2
1949
_ - 2,470
8,026
63, 721 62, 105 58, 710
50, 684
5.5
185 3,395
1950
4.6
1,599
64, 749 63, 099 59, 957
7,507
92 3, 142
52, 450
5.0
2.8
7,054
65, 982 62, 884 61, 005
1951
- ..
996
117 1,879
3.0
53, 951
1952
. . 66, 560 62, 966 61, 293
2.9
1,064
6,805
142 1, 673
54, 488
2.7
2.8
6,562
67, 362 63, 815 62, 213
1,058
142 1,602
1953
55, 651
2.5
5. 2
1954
. -.- .
2,039
6,504
67, 818 64, 468 61, 238
221 3,230
54, 734
5.0
5. 1
1954: July
68, 824 65, 494 62, 148
2,037
7,486
54, 661
298 3,347
5. 1
4. 6
August
68, 856 65, 522 62, 277
1,871
6,928
55, 349
5.0
143 3,245
4.3
September
1,752
7,527
68, 566 65, 244 62, 145
54, 618
4.8
198 3, 100
4.0
October
1,631
7,239
68, 190 64, 882 62, 141
54, 902
4.2
136 2,741
November
4.0
6, 154
67, 909 64, 624 61, 732
1,643
55, 577
120 2, 893
4.5
4. 6
December
1,869
66,811 63, 526 60, 688
5,325
55, 363
4.5
137 2,838
5.5
1 955 1 Jan uary
5,297
66, 700 63, 497 60, 150
2,201
54, 853
5.3
251 3,347
5.2
February
2,109
5,084
66, 550 63, 321 59, 938
54, 854
5.3
145 3,383
4.7
1,875
66, 840 63, 654 60, 477
5,692
March
54, 785
75 3,176
5.0
4. 1
April
67, 784 64, 647 61, 685
1,651
6, 215
55, 470
4.6
108 2,962
3.6
May
1,392
6,963
68, 256 65, 192 62, 703
55, 740
133 2,489
3.8
3.2
1,226
June
69, 692 66, 696 64, 016
7,681
56, 335
4.0
107 2,679
3.1
1,202
7,704
July
70, 429 67, 465 64, 995
57, 291
157 2,471
3.7
6
2.7
August _
70, 694 67, 725 65, 488
1, 076
7, 536
57, 952
3. 3
173 2, 237
1 Includes part-time workers and those with jobs
but not at work for such reasons as vacations, illness,
bad weather, temporary layoff, and industrial disputes; excludes armed forces.
2 Shown separately so as to afford a basis for further
analysis of employment and unemployment.




3 See footnote 2.
< Weekly average.
« Data for 1949-53 (1953 revised series) based on 68area sample; beginning 1954, on 230-area sample.
Starting July 1955, data are for week ending nearest

15th of month; previously, for week containing 8th of
month.
«Preliminary estimate.
Sources: Department of Commerce (labor force)
and Department of Labor (insured unemployment).

.11

NONAGRICULTURAL EMPLOYMENT
Total employment in nonasricultural establishments increased seasonally between mid-July and mid-August Employment in both durable and nondurable goods manufacturing increased about as expected at this time of year.
MILLIONS OF WAGE
AND SALARY WORKERS

MILLIONS OF WAGE
AND SALARY WORKERS

DURABLE MANUFACTURING

NONDURABLE MANUFACTURING

•r i i i i i i i i i i i r
J

F

M

A

M

J

J

A

S

O

N

D

J

CONTRACT CONSTRUCTION

J

F

M

A

M

J

F

J

MAM

J

A

S

0

A

S

ON

N

D

WHOLESALE AND RETAIL TRADE

J

A

S

O

N

D

r of

J

F

MA

M

. J

J

D

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers!]

Period

Total
adjusted
for
seasonal
variation

1939
1946—
1948
1949
1950
1952
1953
1954
_ .
1954: July
August
September.
October
NovemberDecember.
1955: January...
February. _
March
April
May _ _
June 2
July 2
August

48, 048
48, 029
48, 020
48, 129
48, S86
48, S80
48, 398
48, 440
48, 766
48, 881
49, 214
49, 505
49, 654
49, 678

Government
Contract Wholesale
Durable
Nondu- Mining construc- and retail (Federal,
trade
State,
tion
goods rable goods
local)
Not adjusted for seasonal variation

Manufacturing
Total

30,311
41, 287
44, 448
43, 315
44, 738
48, 303
49, 681
48, 285
47, 866
48, 123
48, 490
48, 580
48, 808
49, 463
47, 741
47, 753
48, 212
48, 643
48, 918
49, 508
49, 433
49, 789

Total

10, 078
14, 461
15,321
14, 178
14, 967
16, 334
17, 238
15, 989
15, 584
15, 822
15, 972
16, 007
16, 057
16, 050
15, 925
16, 060
16, 201
16, 255
16, 334
16, 577
16, 491
16, 772

4,683
7,739
8,312
7,473
8, 085
9,340
10, 105
9, 120
8,811
8,820
8,887
9,002
9, 121
9, 144
9, 113
9,220
9,323
9,418
9, 501
9, 624
9,525
9, 570

5,394
6,722
7,010
6,705
6,882
6,994
7, 133
6, 870
6,773
7,002
7,085
7,005
6,936
6,906
6,812
6,840
6,878
6,837
6,833
6,953
6, 966
7, 202

845
852
982
918
889
885
852
770
760
763
744
743
749
747
741
737
739
739
742
760
747
753

1,150
1, 661
2, 169
2, 165
2,333
2,634
2,622
2,527
2,686
2,735
2,698
2, 652
2,598
2,426
2, 237
2, 169
2,255
2,399
2,526
2, 615
2,701
2,729

6, 612
8,602
9, 519
9,513
9,645
10, 281
10, 527
10, 498
10, 351
10, 321
10, 447
10, 548
10, 745
10, 354
10, 419
10, 309
10, 408
10, 549
10, 534
10, 643
10, 642
10, 641

3,995
5,595
5, 650
5,856
6,026
6,609
6,645
6,751
6,551
6,563
6,746
6,829
6,917
7, 166
6,835
6,873
6,922
6,927
6,881
6,851
6, 696
6,718

Other

7,632
10, 116
10, 807
10, 686
10, 878
11, 563
11, 797
11,751
11,934
11, 919
11, 883
11, 801
11, 742
11,720
11, 584
11,605
11, 687
11,774
11,901
12, 062
12, 156
12, 176

' Includes all full- and part-time wage and salary workers in nonsgrieulturaJ 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 tbi?
table not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 11) which include pro
prietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which ar
based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
* Preliminary estimates.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels.
Source: Department of Labor.

12




AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek of factory production workers increased from 40.4 hours in July to 40.8 hours in August,
increase is usual at this time of year.
HOUR PER W E E K

An

HOURS PER WEEK

DURABLE MANUFACTURING

1952

NONDURABLE MANUFACTURING

1955

1953

1955

RETAIL TRADE

1954

1952

1955

1954

1953

SOURCE: DEPARTMENT OF LABOR.

1955

COUNCIL OF ECONOMIC ADVISERS

[Hours per week, for production workers or nonsupervisory employees]
Manufacturing •
Period
1939
_ _
1946
1947 .
1948
1949
1950
1951
1952
1 953
1954,.
_ _ . ..„
1954: July
August
September
_„
October
November
December
1955: January
February-.
March
April
May. _ _
June
July 2 2
August __
1
3

Total

„__ .

„

__

. .
„.

_ _ _ _

.

37. 7
40,4
40.4
40. 1
39. 2
40. 5
40. 7
40. 7
40. 5
39. 7
39. 4
39. 7
39. 7
39. 9
40.2
40.5
40. 2
40. 4
40. 6
40. 3
40. 8
40. 7
40. 4
40. 8

Durable
goods
38. 0
40.2
40.6
40. 5
39. 5
41.2
41. 6
41. 5
41.3
40. 2
39. 7
40. 1
40. 1
40. 4
40. 8
41. 1
40. 9
41. 1
41. 4
41. 2
41. 6
41. 2
40 9
41. 5

Data beginning with January 1948 are not strictly comparable with those for earlier periods.
Preliminary estimates.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.
Source: Department of Labor.
67738—55




3

.building
Nondurable construction Retail trade
goods
TJ

37.4
40.5
40. 1
39.6
38.8
39. 7
39. 5
39.6
39. 5
39. 0
39. 0
39. 2
39. 3
39. 2
39. 5
39.8
39. 3
39.5
39.7
39.0
39. 6
39. 9
39. 7
39. 9

«| J «

32. 6
38. 1
37. 6
1
37. 3
36. 7
36. 3
37. 2
38. 1
37. 0
36 2
36.9
37. 0
36. 0
36.6
35. 8
36.0
35. 1
34. 7
35.9
35. 4
36. 7
36.7
37 1
(3)

42.7
40.7
40. 3
40.3
40. 4
40. 5
40. 2
39. 9
39.2
39. 2
39. 8
39.7
39. 1
38.9
38. 7
39. 5
38. 9
38. 9
38. 8
38.6
38. 8
39. 1
39 (i
(3)

* Not available.

13

AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing were $1.89 in August, the same as in July and
10 cents higher than in August of last year.
ARS PER HOUR

DOLLARS PER HOUR

19 55

NONDURABLE MANUFACTURING

EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1954*100.
SOURCE: DEPARTMENT OF LABOR.

COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]
All manufacturing
Period

1939
1946
..
1947 .
1948
1949
___
1950
1951
1952
1953.
1954
1954: Julv
AugustSeptember .
October
November _
December
1 955 : .In mwry..
I'Vbriwrv
March
April .
May . . .
JlllH'
Jt|l\

'
A U l ' l | : . | '•'•




Current
1954
prices prices l
. $0. 633 $1. 224
1.496
1.086
1.487
1.237
1. 508
1.350
1.579
_ _ 1.401
1.465
1.637
1. 64
1. 59
1.69
1.67
1. 77
1. 78
1.81
1.81
1.79
1.80
1. 79
1. 79
1.81
1.81
1. 82
1. 81
1.83
1.83
1.84
1.83
1.84
1.85
1.86
1.85
1. 85
1. 86
_ _ 1.86
1. 87
1.87
1. 88
. ..
1. 87
1.88
1. 89
1. 89
1 . 89
(4)

Durable goods Nondurable goods
Building
Retail trade
manufacturing
manufacturing
construction
1954
1954
Current
Current
Current
Current
1954
1954
prices prices 1 prices prices l
prices prices i
prices prices l
$0. 698 $1. 350 $0. 582 $1. 126 $0. 932 $1. 803 $0. 542
$1. 048
1. 592
1. 156
1. 015
1.398
1. 478
2. 036
.893
1.230
1.553
1. 171
1. 292
1.213
1.407 2 1.681 2 2.020
1.009
1.410
1.428
1.575
1.216
2. 065
1.278
1. 848
1.088
1.656
2. 182
1.325
1. 282
1. 469
1. 494
1. 137
1. 935
1.314
1.537
1.717
2.031
1. 176
1.540
1.378
2.269
1.73
1. 26
1.67
1. 53
2. 19
2. 26
1.48
1. 30
1.32
1.54
1.79
2. 31
1.77
1. 56
2.34
1.33
1.88
2. 48
1.40
1.87
2. 49
1. 40
1. 61
1. 61
1.92
1. 92
1.66
2. 60
1.66
2.60
1.45
1.45
1.90
1.66
1. 91
1. 66
2.58
2.57
1.47
1.47
1. 46
1.91
1. 65
1. 65
2.60
2.59
1. 46
1.91
2.62
1.66
2.62
1.93
1.46
1.46
1.93
1. 66
1.94
2. 64
1.47
1. 66
2.63
1.47
1. 66
1. 93
2. 64
1. 94
1. 94
1. 67
2.63
1.46
1. 46
1. 67
1.96
2. 65
1.44
2.66
1.45
1. 67
1.95
1. 68
1. 97
1. 49
2. 66
1. 69
1.48
1. 96
1.68
2.65
1.97
2. 65
1. 69
1.96
1.68
2.66
1.48
1. 49
1.98
2. 64
1.97
1.68
1.49
1. 69
2.63
1.48
1.70
2.63
2. 64
1. 99
1. 50
1. 98
1. 49
1. 69
1.51
1.71
2.64
2.00
2.63
1. 70
1. 50
1. 99
1. 71
2.00
2 65
1.51
1.99
1.70
2. 64
1.51
2. 01
1.52
2. 01
1. 71
1. 52
2. 65
2. 65
1. 71
4
4
4
4
4
2. 02
1. 70
(4)
()
()
()
()
()

h l'lf<l b> rmiiuirnor price index on base 1954=100.
M HHH n r r not strictly comparable with those for earlier periods.
«i?u;i an- II;IM'<! on first quarter 1954 benchmark levels of employment.

* Preliminary estimates.
Not available.

4

AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings of factory production workers rose from $76.36 in July to an all-time high of $77.11 in
August, reflecting the longer workweek. The August figure was $6.05 higher than a year earlier.
DOLLARS PER WEEK

DOLLARS PER WEEK

85

100

1952

1955

70

NONDURABLE MANUFACTURING
1954 PRICES-!/

1954

I

1955

J/ EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1954*100.
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR.

Period

1939
1946
1947
1948
1949 ._
1950
1951
1952_
._
1953
1954
1954: July
August
SeptemberOctober
November .
December
1955: January _„
February .
March
April
May

June 3
__
Julv 3
August
1
1

[For production workers or nonsupervisory employees]
Durable goods
Building
All manufacturing manufacturing Nondurable goods
Retail trade
manufacturing
construction
Current 1954 l Current
1954
Current 1954 1 Current
1954 Current
1954
prices
prices prices
prices l
prices prices
prices prices * prices prices >
$23. 86 $46. 15 $26. 50 $51. 26 $21. 78 $42. 13 $30. 39 $58. 78 $23. 14
$44. 76
43.82
60.36
46. 49
64. 04
41. 14
56.24
56. 67
77.47
50. 07
36.35
49.97
60.06
52.46
56.44 2 63. 30 2 76.08
46. 96
63.05
48.87
40.66
54. 14
60.49
57. 11
63. 81
50.61
56.55
68. 85
76. 93
48. 99
43. 85
61.92
54.92
65.42
58.03
57. 96
51. 41
70. 95
79.99
51.78
45. 93
63. 32
59. 33
66.29
54.71
61. 13
70.75
82. 38
73.73
53. 22
47.63
66.92
64.71
69.47
71.84
58. 46
60. 46
81.47
52. 38
84.25
50. 65
68.73
73.46
67. 97
74.28
60.98
88.01
61. 66
88. 99
52. 67
53.26
77.23
71.69
71.91
63.60
77.46
63.79
91. 76
92.04
54. 88
55.05
71. 86
64.74
71.86
77. 18
77. 18
64. 74
94. 12
94. 12
56.84
56.84
70.92
70.71
.
75. 83
64. 74
75. 60
64. 55
95.20
94. 92
58. 51
58.33
70.92
71.06
76.59
76.44
64. 68
64.55
96.20
57.84
96. 01
57.96
77.39
71. 93
77. 47
71.86
65.24
94. 32
94.41
65. 31
57. 15
57.09
72. 22
72.44
77.97
65. 07
78. 20
96.26
65. 27
96. 55
57. 18
57.35
79. 15
_. 73. 57* 73.42
79.31
65.97
94. 15
66. 10
94.34
56. 61
56.50
74. 12
74.42
80. 15
80. 47
66. 47
66.74
95.40
95. 78
56. 88
57. 11
74. 27
73.97
80. 16
80.48
66.02
93.02
66.29
93.39
57.80
57.57
75. 04
74. 74
80.56
66.36
80.88
66.63
57.80
92.33
91. 96
57.57
75. 11
75. 41
81. 56
81. 89
66.70
66.97
94.42
94. 80
57.42
57.65
74.96
75.34
81.58
81.99
65. 91
66. 24
93. 10
93.57
57. 51
57. 80
82. 78
83. 20
76.30
76.68
96.52
67. 32
58.49
67.66
97.01
58.20
76. 11
76.34
82. 24
81. 99
67.83
96.89
68.03
59. 22
97. 18
59.04
76.44
82. 21
76. 36
82. 29
67. 89
98.32
67.96
98. 42
60. 25
60. 19
77. 11
83. 83
67.83

Earnings in current prices divided by consumer price index on base 1954=100.
Data beginning with January 1948 are not strictly comparable with those for earlier periods.
NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.
Source: Department of Labor.




3

Preliminary estimates.
* Not available.

15

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
According to preliminary estimates, the seasonally adjusted index of industrial production was at an all-time high
of 140 (1947-49=100) in August. Durable goods manufacturing exceeded the previous peak in 1953 for the
first time since the current expansion began.
INDEX, 1947-49 = 100

INDEX, 1947-49=100

1955

1950

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[1947-49=100, seasonally adjusted]
Total
industrial
production

Period
1939_
1946
__
1947
1948
1949
_.
1950
. . _.
1951
1952
1953
. . . .
1954 *
1954: July
._
August
September .
October
November
December.
.
1955 : January
February
March
April
.
May
_
June
July l
August
1

16

Preliminary estimates.




..
.

-

.

. .

- ._

..
.
_ _ _ _

-

58
90
100
104
97
112
120
124
134
125
123
123
124
126
128
130
132
133
135
136
138
139
139
140

Manufactures
Total
57
90
100
103
97
113
121
125
136
127
124
125
126
128
130
131
133
134
136
138
140
141
141
142

Durable
49
86
101
104
95
116
128
136
153
137
134
135
137
139
142
143
145
147
148
151
153
155
155
158

Nondurable
66
95
99
102
99
111
114
114
118
116
114
114
115
117
118
119
121
121
124
125
127
127
126
126

68
91
100
106
94
105
115
114
116
111
112
109
108
109
113
116
120
123
121
120
121
122
120
120

Source : Board of Governors of the Federal Reserve System.

PRODUCTION OF SELECTED MANUFACTURES
Production of most durable goods manufacturing industries rose in August,
experienced divergent movements.

Nondurable goods manufacturing

INDEX,1947-49 = 100, SEASONALLY ADJUSTED

180.1

160

140

A

FABRICATED METAL

120

100

CHEMICAL AND PETROLEUM PRODUCTS

J

140

~

^r^

t PAPER AND PRINTING

.•*
.""

X

FOODS, BEVERAGES,
XNX AND TOBACCO

TEXTILES AND APPAREL V

1952

1953

1954

1955

1952

1953

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1954

1955

COUNCIL OF ECONOMIC ADVISERS

{1947-49=100, seasonally adjusted]

Period

1939 -._
1947 _
1948
1949
.
1950
1951 . _
.
1952
1953
1954 i _._
_. .
1954: July
August
September
October
November
December.
1955: January
February
March Aoril
May._ _
June
July _ _1_ _
August

Nondurable manufactures
Durable manufactures
ConFabriTranspor- Lumber Textiles Paper Chemical Foods, sumer
Primary cated
and and petro- bever- durable
Machin- tation
and
and
leum ages, and goods
ery
metals
equipprod- apparel printmetal
products tobacco
ing
products
ment
ucts
53
103
107
90
115
126
116
132
108
103
105
105
111
118
121
127
131
136
138
140
143
134
141

103
104
93
115
122
121
136
123
121
123
122
124
125
125
125
126
129
130
134
135
135
138

38
103
104
93
114
130
147
160
142
141
144
147
147
148
145
145
146
146
149
151
155
158
162

•

48
96
102
102
120
135
154
189
175
170
166
167
169
175
187
191
193
195
197
199
194
202
203

80
101
106
93
113
113
111
118
115
96
97
116
128
124
131
129
127
127
127
128
133
125
130

80
99
103
97
110
106
105
107
100
98
99
98
102
103
104
106
105
109
112
112
110
110
107

96
103
101
114
118
118
125
125
126
126
127
127
127
127
129
130
133
134
137
138
138
137

97
103
100
118
132
133
142
142
141
141
144
143
145
148
148
151
153
155
158
160
160
160

101
100
100
103
105
106
107
106
105
105
105
105
106
106
107
106
108
110
110
110
108
109

98
102
101
133
114
105
127
116
116
115
114
112
119
125
131
135
139
144
145
147
153
152

i Preliminary estimates.
Source: Board of Governors of the Federal Reserve System.




17

WEEKLY INDICATORS OF PRODUCTION
Electric power and paperboard production were at new highs during August. Steel production, bituminous coal mining, and freight carloadings increased during the month. Car and truck assemblies declined as the industry entered
the model changeover period.
MILLIONS OF TONS

MILLIONS OF SHORT TONS (DAILY AVERAGE)

STEEL

BITUMINOUS COAL

^1954

SOURCES: AMERICAN IRON AND STEEL INSTITUTE,

Period
Weekly average:
1950
1951
1952
1953
1954
1954: August
September
October
November
December
1955: January
February
March .
April
May
June
Julv- 3
August _ _
Week ended:
1955: August
6__
13_20. _
27_3 _
September 3 3 _
10 _

DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.

COUNCIL OF ECONOMIC ADVISERS

Electric
Bituminous Freight Paperboard
Steel produced
Cars and trucks
power
coal mined
produced
loaded
Thousands Percent of distributed (thousands (thousands (thousands assembled (thousands)
theoretical (millions of
of net
of short
Total
Cars Trucks
of tons)
of cars)
tons
capacity * Mlowatt-hours) tons) 2
1,857
2,018
1,782
2, 141
1, 694
1,505
1,591
1,738
1,886
1,875
1,995
2,124
2,253
2,288
2,331
2,272
2,059
2, 163

96.9
100.9
85.8
94.9
71.0
63. 1
66.7
72. 9
79. 1
78.6
82.7
88.0
93.4
94.8
96.6
94. 1
85.3
89.6

6, 183
6,958
7,451
8,244
8, 883
9, 122
9,040
9, 124
9,240
9,645
9,936
9,902
9,796
9,658
9,741
9,986
10, 386
10, 816

1, 687
1,772
1,548
1,521
1,304
1,288
1,379
1,410
1,498
1,502
1,444
1,463
1,376
1,366
1,523
1,617
1,573
1, 609

748
779
730
737
651
677
687
726
671
610
631
644
656
693
766
756
758
781

214
229
213
241
236
246
235
254
254
227
243
260
270
263
275
278
232
282

154. 2
129.8
106.8
141. 1
125. 6
116.4
82. 8
70.8
134. 2
159.4
178. 9
185.0
198. 1
207.6
204.2
168. 1
183.8
149. 2

128. 4
102.7
83.4
118.0
106.0
99.8
67.5
55.8
113. 7
138.9
156.9
169.2
174. 1
177.0
173.3
141.8
158.0
128.7

25. 9
27.2
23.4
23.2
19.7
16. 5
15.3
15.0
20. 5
20.5
22. 0
15.8
23.9
30.6
30.9
26.2
25.8
20. 4

2,098
2, 157
2, 176
2, 186
2,255
2,264

86.9
89.4
90.2
90.6
93.4
93.8

10, 925
10, 729
10, 812
10, 906
10, 706
4
10, 155

1,532
1,553
1,579
1, 622
1,578

765
775
781
792
794

278
274
283
283
291
219

163. 1
172.7
159.5
149. 8
100.7
95. 6

140. 8
149.2
138.2
129. 6
85.9
80. 2

22.3
23.5
21. 3
20.2
14.8
15.3

•

J Percent of capacity based on weekly net ton capacity of 1,906,268 for the first half of 1950; 1,928,721 beginning July 1, 1950; 1,999,034 beginning January 1, 1951;
2,077,0-10 beginning January 1, 1952; 2,254,459 beginning January 1, 1953; 2,384,549 beginning January 1, 1954; and 2,413,278 beginning January 1, 1955.
3
3
1 >uily average for week.
Preliminary estimates.
* Not plotted.
Hourws: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
A • ioriut ion, and Ward's Automotive Reports.

'8



NEW CONSTRUCTION
In August, expenditures for total new construction continued at near record levels,
(seasonally adjusted) dropped 8 percent.

Construction contracts awarded

BILL IONS OF DOLLARS
50

BILLIONS OF DOLLA RS
50

SEASONALLY ADJUSTED ANNUAL RATES

yi
•

40

TOTAL NEW CONSTRUCTION.^^

30

20

~+

.

^H

r

_^^

*

40

<

^_)1^l^ILirV^*^ ~ ^^

1^-~-~1

j*j+~*~*~*~* *~~~~~^ ^^-*-*-«^*-~

30

PRIVATE
^^^^>^»-«-'*>»v» •• ^. • ».

~-~—'
20

**"*
PUBLIC

S> "X."

•-<•

10

*•—*****'
*^.^*™**" »»•*•»•*

i i i i i 1i i I j i

0

1 0

,^,s*~fm"m *»«*** *"

1 1 1 1 i 1 1 1 11 1

1 1 I 1 1 1 M i l l

II 1 1 1 I II 1 i 1

M i l l

M i l l

1 1 1 1 i 1 1 1 1 1 1

20

0

20

PRIVATE RESIDENTIAL\
(NONFARM)
>^

10

,.—•""•"

—-

*l^«*"«:.<r.T.Tr.w.«nifa

I0

OTHER PRIVATE

0

!

1 1 1 i

1

1 I I

1 .J 1 i 1 I 1 1 I 1 1
1951

1 I

I960

1 1 1 I 1 1 M i l l
1952

I 1 1 1 ! 1 ! 1 1 ! 1

1 i ! I I I I 1 J I\

1953

1 1 1 ! 1 1 1 1 1 1 1

1954

SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR.

0

1955
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total new
construction

Period

1939
1946
1947
1948
1949
1950
1951
1952
1953.
1954

-

. -- _ - _

.

_ _ - -_

.
._ ...

_-

. __
.__
_ - _ _ _- _ _

8.2
12.0
16.7
21.7
22.8
28.5
31. 2
33.0
35.3
37.6

Total
private
4.4
9.6
13. 3
16.9
16.4
21. 5
21.8
22.1
23.9
25.8

Private
Residential
(nonfarm)
2.7
4.0
6.3
8.6
8.3
12. 6
11.0
11. 1
11.9
13.5

Other
1.7
5.6
6.9
8. 3
8. 1
8. 9
10.8
11.0
11.9
12. 3

Federal,
State, and
local

Construction contracts awarded in
37 Eastern States 1

3.8
2.4
3.4
4.8
6.4
7.0
9.4
10.9
11.4
11.8

3.6
7.5
7.8
9.4
10. 4
14.5
15.8
16.8
17.4
19.8
Annual rates
UnSeasonally
adjusted
adjusted
22. 0
19.3
18. 9
18. 3
21. 8
18. 9
23. 6
23. 4
18.0
20.9
21. 9
22.9
18. 0
24.4
19. 0
25.6
25. 6
26. 1
27. 9
24.4
26. 2
22. 8
27. 1
25.1
27.8
23.9
22.7
22. I

Seasonally adjusted annual rates
1954: July
August
September
October
November _
December. _
1955: January
February
March __
_
April
Mav June—
July 2
August __ _ _-

_

__

•

__-

_
__

;

37.6
38.4
38.4
37.6
39.0
41. 1
41. 1
41.4
41.3
41. 9
42.4
42. 1
41.9
41.5

26.2
26.7
27.0
26.9
27.2
28.2
28.8
29.2
29.4
30.0
30.0
29.8
30.2
30.0

13.8
14.3
14.6
14.5
14.7
15.7
16.0
16. 1
16.0
16.4
16.4
16.3
16.5
16. 1

12.4
12.4
12. 4
12. 3
12.5
12.5
12.7
13.1
13.4
13.6
13.6
13.5
13. 7
13.9

i Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Research.
Omits small contracts, and covers rural areas less fully than urban.
Sources; Department of Commerce, Department of Labor, and F, W, Podge Corporation (except as noted).




11.4
11. 7
11.4
10. 8
11.8
12.9
12.4
12.2
12.0
11. 9
12. 3
12. 2
11.7
-1L5-

2 Preliminary estimates.

19

HOUSING STARTS AND APPLICATIONS FOR FINANCING
The number of private nonfarm housing starts increased from 1.2 to 1.3 million units (seasonally adjusted annual rate)
between July and August.
MILLIONS OF UNITS

MILLIONS OF UNITS

SOURCES: DEPARTMENT OF LABOR. FEDERAL HOUSING ADMINISTRATION ( F H A), AND VETERANS ADMINISTRATION ( V A ) .

COUNCIL OF ECONOMIC ADVISERS

[Thousands of units]
Proposed home construction

New nonfarm housing starts
Period
Annual total: 1939. __
1946--1948.-.
1949-.1950
1951-.1952
1953. _ _
1954. _.
Monthly average: 1950.
19531954_
1954? July . -_ August
September
October
November
December
1955: January
February
March
ApriL .
Mav ...
JlllK:

July 4
August,
1

Total
515. 0
670.5
931. 6
1, 025. 1
1, 396. 0
1, 091. 3
1, 127. 0
1, 103. 8
1, 220. 4
116. 3
92. 0
101. 7
116.0
114. 3
115.7
110. 7
103.6
90.6
87.6
89.9
113.8
132. 0
137. 6
4
129 0
1
1 lf>. 0
123. 0

Publicly
financed
56. 6
8. 0
18. 1
36.3
43.8
71.2
58. 5
35. 5
18.7
3.6
3.0
1.6
3. 1
1.3
2.3
.2
.3
.7
.3
2.0
1.0
1.5
2. 5
4
2. f>
4
.S
I. H

Privately financed
Government underwritten
Total
VA
Total
FHA
458.4
158. 1
158. 1
(2)
662. 5
69.0
(22)
(2)
913.5
294. 1
(2 )
(2)
988.8
363.8
()
(2)
1, 352. 2 686. 7
486. 7 3 200. 0
412.2
1, 020. 1
263. 5
148. 6
279. 9
1, 068. 5 421. 2
141. 3
1, 068. 3 408. 6
252.0
156. 6
307.0
1, 201. 7 583.3
276. 3
57.2
112.7
16.7
40. 6
89.0
13. 1
34. 0
21. 0
48.6
100. 1
25. 6
23.0
112. 9
52. 2
26.8
25.4
113.0
60.3
33.3
27. 0
113.4
33.9
25.9
59.8
58.2
110.5
33.5
24. 7
103.3
36.0
62. 4
26.3
89.9
29. 1
50. 7
21 5
46. 1
26. 1
20.0
87. 3
87.9
28.0
45.3
17.2
112. 8
29.8
53.6
23.8
34. 5
130.5
60.3
25. 8
135. 1
65. 9
37.8
28.0
4
126. 5
71. 6
39.5
32. 1
4
1H. 2
63. 3
37. 4
26. 0
121. 7
67. 6
40.8
26.9

Private,
seasonally
adjusted
annual
rates

20

167.8
121.7
293.2
327.0
397.7
192. 8
267.9
253. 7
338.6
33. 1
21. 1
28. 2
30. 1
32.2
34.8
29.3
26.9
24. 3
25.6
28.3
35.6
33. 1
30. 1
30.8
24. 3
26.4

1, 188
1,211
1,248
1,287
1,393
1,478
1,416
1,370
1,367
1,350
1,362
4
1, 320
4
1, 202
1,304

2
3
Units represented by morl-imp- applications lor iu-w home construction.
Not available.
Partly estimated.
Sources: Department of Labor, Federal HOU.HUIK Adniini«truUon (FHA). and Veterans Administration (VA)




Applications
for FHA commitments l

4

Requests
for VA
appraisals
(2)
(2)
(2)
(2)

(2)

Preliminary estimates.

164. 4
226.3
251. 4
535.4
21.0
44. 6
52.3
55.4
51.3
45. 6
47.7
44. 3
46.2
64.2
71. 9
65.9
69.3
52. 4
51. 4
56.0

SALES AND INVENTORIES-MANUFACTURING AND TRADE
Retail sales (seasonally adjusted) increased in July, while sales of manufacturers and wholesalers declined somewhat.
According to preliminary estimates, August retail sales were practically unchanged from the record July level. Manufacturers1 new orders declined in July but continued to exceed sales. Inventories of manufacturers and distributors
increased during July, with the largest increase occurring in retail stores.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

TOTAL* AND MANUFACTURING

INVENTORIES

^* SALES

1952

1953

1954

INDEX, 1947-49- 100, SEASONALLY ADJUSTED

INVENTORIES

SALES

1

1

I

i

1

1

1

1952

It

1

1 I 1 1 1 1 1 1 II 1
1954

1955

* WHOI
SOURCI

Period

1939
1946 .
1948
1949
1950
1951
1952-__
1953
1954. _
1954: June
July
August _ »
September
October
November
December
1955: January _ _
February
March
April
May
June6
Julv 8
August

COUNCIL OF ECONOMIC ADVISERS

M an uf acturing
Manufacturing
Department stores
Wholesale
Retail
and trade
InvenInven- New
InvenInvenInvenSales l tories 2 Sales i tories 2 orders l Sales * tories 2 Sales * tories 2 Sales »
tories 3
Index 1947-49 = 100,
Billions of dollars, seasonally adjusted
seasonally adjusted
10. 8
11. 5
5. 1
20. 1
3.5
35
3. 1
5.4
35
5. 5
2. 2
27. 2
12. 6
24.5
42.9
8.5
13.7
11. 9
90
78
6. 6
6.0
36.4
17. 6
55.6
104
107
17.4
31. 7
15.8
10. 9
8. 1
7.9
34.7
52. 1
16. 4
28.9
7.9
99
15.3
98
15.9
10. 9
7.4
39. 9 4 64. 1
19. 3
34. 3
105
10. 5 4 12. 0 4 19. 3
21.0
109
8. 7
M4.9
75. 2
22.3
42.8
21. 2
109
11. 1
24. 5
128
13. 2
9. 4
76.7
22. 8
45. 9
43.8
21. 6
13. 7
110
11. 3
9.4
23.6
118
48. 4
112
80. 3
24.9
45. 9
14.2
23.4
22.7
11.7
126
9. 3
43.3
46. 7
76.9
22. 4
23.4
22. 1
111
122
11.5
14. 2
9. 1
46.9
..
23. 3
44. 2
22. 0
78.6
111
14. 4
121
22.6
11.9
9. 1
23. 2
46. 6
112
21. 4
77.6
43. 4
22. 4
14. 3
121
9. 1
11.8
23. 1
43. 1
46. 3
21. 9
77.3
14.2
111
122
11. 8
22.5
9. 1
42. 9
46.4
23. 3
77.0
23.0
14.2
22. 4
111
122
9.2
11.7
22. 5
43. 2
76.9
45. 6
112
22. 9
22. 0
11. 7
14. 1
122
9.0
47.6
24. 0
_ _
43.3
77. 1
23. 1
22. 1
113
11. 7
14. 4
9.3
123
24. 1
76.9
43. 3
48. 7
22. 1
116
24. 8
11. 5
124
15. 1
9.5
43.2
48.7
76.9
24.3
22.2
24. 6
119
14. 9
123
11.5
9. 5
77. 3
24. 6
43.3
48. 9
22. 4
112
24. 8
14.8
9. 5
123
11. 7
77. 5
26. 0
50. 7
43. 3
22. 6
26. 5
11. 6
124
15. 1
115
9. 7
43. 3
50. 9
77. 7
26.0
26. 1
22.8
124
15. 3
119
11.7
9. 6
78.3
26.7
51. 7
43. 5
15.4
23.0
117
27. 7
123
9.7
11. 8
52. 2
114
27. 1
78. 8
43.8
27. 8
23. 2
127
15. 3
9.7
11.8
51 9
79 2
26.8
124
43. 9
26. 9
23. 4
11.9
15. 5
9. 6
127
6
_- _
118
15. 4

4
i Monthly average for year and total for month.
New series on retail trade beginning with 1951; not comparable with previous
a Book value, end of period.
data. See fitorwy of Current Business, September and November 1952, for detail.
8
6
Book value, end of period, except annual data, which are monthly averages.
* Preliminary estimates.
Not plotted.
/\ ••
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
"*




MERCHANDISE EXPORTS AND IMPORTS
Both commercial exports and imports declined moderately in July. For the first 7 months of the year, commercial
exports were 10 percent higher and imports 5 percent higher than in the corresponding period of 1954.
MILLIONS OF DOLLARS
1,800

MILLIONS OF DOLLARS
1,800

1,400

1,200

1,200

1950
1/SEE FOOTNOTES I AND 2 ON TABLE BELOW.

SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF DEFENSE.

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Merchandise exports
Period

1936—38 monthly average ..
1946 monthly average
._
1947 monthly average
1948 monthly average. .
1949 monthly average
1950 monthly average
1951 monthly average..
1952 monthly average
1953 monthly average
1954 monthly average
1954: June .
..
July
August
- - - .
September
October -~ November
December
1955" January February— . _ _
.
March
April
Mav
June
_
July
-L

«J

Total
247
812
1,278
1, 054
1, 003
856
1,253
1,266
1,314
1,258
1,474
1,291
1,156
1, 114
1,265
1, 249
1,318
1,166
1,238
1,343
1,260
1,312
1,317
1,267

Excess of exports (+)
or impo rts ( )

Grant-aid
shipments 1

Excluding
grant-aid
shipments

54
96

757
1,182

24
89
166
293
188
359
268
200
153
104
85
98
85
95
92
94
131
128
128

833
1, 164
1,100
1,022
1,070
1,115
1, 024
955
961
1, 161
1,164
1,221
1,080
1,143
1,250
1, 166
1, 181
1,189
1, 139

Merchandise
imports
207
412
480
594
552
738
914
893
906
851
946
822
825
780
763
840
942
870
850
1,019
871
966
940
3
863

Total

Excluding
grant-aid
shipments

+ 40
+ 400
+ 798

+ 345
+ 702

+460

+ 452
+ 118
+ 339
+ 373
+ 408
+ 407

+ 388
+ 324

+ 95
+ 250
+ 207
+ 116
+ 219
+ 168
+ 202
+ 131
+ 181
+ 398
+ 325
+ 278
+ 210
+ 294
+ 232

+ 346
+ 377

+ 215
+ 249

+528
+469

+ 331
+ 334
+ 502
+ 410
+ 376
+296

+389

3

+404

+295

3

+276

i Beginning with 1950, figures include only Department of Defense shipments of grant-aid military supplies and equipment under the Mutual Security
I'rofrrnm. Shipments for the first 6 months of the program (July-December 1950) amounted to 282 million dollars.
3
2 Not available.
Preliminary estimates.
O NOTK -Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Department of Defense.




PRICES
CONSUMER PRICES
In July, the average of consumer prices increased 0.3 percent,
marily responsible for the increase.

As in June, seasonally higher food prices were pri-

1NDEX, 1947-49- 100
140

INDEX,1947-49 = 100
140

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR.

[1947-49=100]
Period

1939
1946
-. - _
1947
1948
_
1949 _._
1950
- - 1951- .
_- ..
1952
1953
. _
1954
_
1954: June _
July
_ _August
September
_ _
October
November
December
1955: January
February
March
April
May
„
June
July
i Not available.



All
items

Food

59.4
83.4
95.5
102.8
101.8
102.8
111.0
113.5
114. 4
114.8
1 1 5. 1
115. 2
115. 0
114. 7
114. 5
114. 6
114. 3
114. 3
114. 3
114.3
114.2
114. 2
114.4
114. 7

47.1
79.0
95. 9
104. 1
100.0
101.2
112.6
114.6
112.8
112. 6
113. 8
114. 6
113. 9
112.4
111. 8
111. 1
110.4
110.6
110.8
110.8
111.2
111. 1
111.3
112. 1

Housing
Total

86.6
91.4
94.4
100. 7
105.0
108.8
113. 1
117.9
124. 1
128.5
128.3
128. 5
128. 6
128.8
129.0
129. 2
129.4
129.5
129.7
130.0
129. 9
130. 3
130.4
130. 4

Transportation

52.5
83. 7
97. 1
103.5
99.4
98. 1
106. 9
105.8
104. 8
104. 3
104.2
104. 0
103.7
104.3
104.6
104.6
104. 3
103.3
103.4
103.2
103. 1
103. 3
103. 2
103.2

(l)
0)
90.6
100.9
108.5
111.3
118.4
126.2
129.7
128.0
128.9
126. 7
126.6
126.4
125.0
127.6
127.3
127.6
127.4
127.3
125.3
125.5
125.8
125.4

Rent

«
«
95.0
101.7
103.3
106. 1
112.4
114. 6
117.7
119. 1
118. 9
119.0
119. 2
119. 5
119.5
119. 5
119.7
119.6
119.6
119.6
119.5
119. 4
119.7
119. 9

Apparel

Reading Other
and
Medical Personal
goods
care
care
recreaand
tion
services
(l)
«
94.9
100.9
104. 1
106.0
111. 1
117.2
121.3
125.2
125. 1
125. 2
125. 5
125.7
125.9
126. 1
126.3
126.5
126.8
127.0
127.3
127.5
127.6
127.9

(»)
0)
97.6
101.3
101.1
101.1
110.5
111.8
112. 8
113.4
112.7
113.3
113.4
113.5
113.4
113.8
113.6
113.7
113.5
113.5
113.7
113.9
114.7
115.5

(')
(')
95.5
100.4
104. 1
103.4
106.5
107.0
108.0
107.0
106.4
107.0
106.6
106.5
106.9
106.8
106. 6
106.9
106.4
106.6
106. 6
106.5
106.2
106.3

C1)
«
96.1
100.5
103.4
105.2
109.7
115.4
118.2
120. 1
120. 1
120.3
120.2
120. 1
120. 1
120.0
119.9
119.9
119.8
119.8
119.8
119.9
119.9
120.3

Source: Department of Labor.

23

WHOLESALE PRICES
The average of industrial prices rose 0.8 percent in August. Higher prices for metals, rubber, and machinery and motive
products were largely responsible for the increase. Reductions in the average prices of farm products and processed
foods partly offset the increase in prices of industrial commodities, so that the average of wholesale prices increased
only 0.3 percent.
INDEX ,1947- 49 «

INDEX, 1947-49=100

COUNCIL OF ECONOMIC ADVISERS

1939
1947 1948
1949 1950_
1951
1952-.
1953
1954.. _ .
1954: July
August
September
October
November
December
1955: January
February
March
April

.

. ...

_ __

__

Mav
June.
_
Julv _ _
August. _ _ _ _ _ _ _ _
Week ended: l
1955: September 6
13

24

1

Weekly series based on a smaller sample than the monthly serie
Source: Department of Labor.




50. 1
96. 4
104.4
99. 2
103. 1
114. 8
111. 6
110. 1
110. 3
110.4
110.5
110. 0
109. 7
110.0
109. 5
110. 1
110.4
110.0
110. 5
109. 9
110. 3
110. 5
110. 8

36. 5
100. 0
107.3
92. 8
97. 5
113. 4
107.0
97.0
95. 6
96.2
95. 8
93.6
93. 1
93.2
89. 9
92. 5
93. 1
92. 1
94. 2
91. 2
91. 8
89. 5
88. 1

43.3
98. 2
106. 1
95. 7
99. 8
111. 4
108. 8
104. 6
105. 3
106. 5
106. 4
105. 5
103. 7
103. 8
103. 5
103. 8
103. 2
101.6
102 5
102. 1
103. 9
103. 1
101. 9

Other than
farm products
and foods
(industrial)
58. 1
95. 3
103.4
101. 3
105.0
115. 9
113. 2
114.0
114. 5
114. 3
114.4
114.4
114. 5
114.8
114. 9
115. 2
115.7
115.6
115. 7
115. 5
115. 6
116. 5
117. 4

111. 1
111.4

88. 3
89.5

101. 8
102 2

117. 8
117.9

All commodities

Period

Farm
products

Processed
foods

PRICES RECEIVED AND PAID BY FARMERS
The index of prices received by farmers declined 2 percent during the month ended August 1 5.
paid by farmers also declined, and the parity ratio was unchanged.
INDEX, 1910-14 = IOO

The index of prices

INDEX, I9IO-I4 =l

325

300

1951

1950

1955

-^RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX,
SOURCE. DEPARTMENT OF AGRICULTURE

Period

1939
.- - _
1946
1947
_ ..
....
1948
.. ...
1949
1950
1951
1952 .. .
1953
1954
1954: July 15
August 15
September 1 5 Ootober 1 5
_ _ _ _
Novt'inbor 1 5
I )ft:rmbt»r 15
. .
H»,V*; Jmnuu'v I ,'»
K f h n u i f v 1 ;»
Miirr.h !.'»
A p t i l l;»
Mnv l;i.

J u m - i;»
.inl.\ i..

A ii|- u t l. r i

. ..

.

.

_

COUNCIL OF ECONOMIC ADVISERS

Prices paid by farmers Parity index
(prices paid, Prices refor items used in
ceived by
interest,
taxes, and
farmers
Family
Producwage rates)
tion
living
Index, 1910-14=100
123
95
121
120
2
236
208
202
191
240
276
224
237
260
287
_ _ - ... _ _ _ _
250
251
250
251
238
243
256
258
246
-_ - _ _
246
282
302
273
268
274
287
288
271
279
258
253
270
-._
252
249
281
274
247
280
245
...
277
249
250
281
277
246
280
251
273
242
__
250
273
279
279
272
242
251
239
272
250
279
254
283
243
273
256
283
244
271
256
284
243
273
284
247
254
,
274
.... .
282
274
244
..
251
.
_.
„_
282
274
250
243
237
281
274
248
..____
247
233
273
279

Parity
ratio 1

77
113
115
110
100
101
107
100
92
89
88
89
88
87
87
86
86
86
86
87
87
•86
84
84

i ivrn ntij'e ratio of Iwli'X ol prlro<. tnvivrtl by fanners lo jiurlty imffx.
Iwlu'irs w.'trtlnir subsidies paid on beef wttlo. shH*j>, lambs, milk, micJ butterfat betwceo October 1943 and June 1946,
Sourtr: De.purtimmt of Agriculture.

1




25

CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
Total deposits (excluding Government) and currency rose more than seasonally between the end of June and the end
of July.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

240

END OF MONTH
TOTAL DEPOSITS AND CURRENCY

TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS

160

160

120

120

DEMAND DEPOSITS
ADJUSTED

TIME DEPOSITS

CURRENCY OUTSIDE
BANKS

_(JUN<_II OF ECONOMIC i

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Billions of dollars]
Total deposits and
currency

End of period

1946
1948
„.
1949..
1950
.
1951.. .
1952
1953
1 954
1954: June
Julv, . ..
August
September
October.. November
I )(;(ii i inber _
J955: .Inmmrv 4
I'Vbruarv 4
March <
April *
M;iv *
J « Mr

5

J i 1< *

__

. .
.

167. 5
172.7
173. 9
180. 6
189. 9
200.4
205. 7
2148
205. 3
204.8
206.3
207.7
211. 3
213.3
214.8
213.4
212.0
210. 6
213.0
212.6
213. 0
LM4. 7

U.S.
Government
deposits l
3.5
3.6
4. I
3.7
3.9
5.6
4.8
5. 1
6. 8
4.4
6. 0
5.2
6.6
7.5
5. 1
4.2
5. 1
5.3
5.6
5.9
5.6
«. 5

Total excluding U. S. Government deposits
(privately held money supply)
Demand
Currency
Time
outside
deposits
Total
deposits 3
adjusted 3
banks
54. 0
83. 3
164. 0
26.7
57. 5
85. 5
169. 1
26. 1
58.6
85.8
25.4
169.8
59.2
176.9
92.3
25.4
61. 4
98. 2
26.3
186.0
27, 5
101.5
65.8
194. 8
70.4
102.5
28. 1
200.9
106.6
75.3
27.9
209.7
73.3
198. 5
27. 1
98. 1
73.7
100.0
200.4
26.8
74. 0
99.4
26. 9
200.3
101.2
74.4
26.9
202. 5
74.8
26,9
103. 1
204.7
74.3
104.0
205.8
27.5
106.6
75.3
27.9
209.7
75.4
107. 0
26.8
209.2
104.5
75.7
206.9
26.8
76.2
102.4
26.7
205.3
76.2
26.7
104.5
207.4
76.5
103.4
26.8
206.7
77.0
103.4
27.1
207.4
104. 1
27. 1
77.0
208. 2

1 lt
" '«•'• - l ••'• ' '"••'•' "iii"ut iit'p..- if MI !'V<!inui H«",<T v ( - hunks and ooiiinu-reial and savings banks, and U. S. Treasurer's time deposits, open account.
» in, • • i t - <!r;n.u..i .ii-j.,.M!«. n t u m t i r . M m t « ' i h : i ii; mid u S. < Jovcniinwit. less cash items in process of collection.
» id* > « . » . - • .u - t i . r -a-? in f . x i i n i K M -i it hntii -, n i i i i i i u l Huvinrn hunks, mid Postal Havings 85rstem, but excludes interbank deposits.




Source: Board of Governors of the Federal Reserve Board.

BANK LOANS, INVESTMENTS, AND RESERVES
Total loans and investments of commercial banks rose $1.3 billion in July, Increased loans accounted for $1 billion
of the rise. During July and August/'free 1 ' reserves (excess reserves less borrowings at Federal Reserve Banks) declined.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL LOANS AND INVESTMENTS

1952

1953

END OF MONTH
'COUNCIL OF ECONOMIC ADVISERS

End of period

1949 _
1950
1951
1952 ...
!..
1953
1954
. ... ...
1954: June
July
August
September . _ _
October
November^
December . _
1955: January 4 4
February
March 4
April44 —
May _
June44July 4
August

Total loans
and investments

120.2
126. 7
132.6
141.6
145.7
155.9
146.4
147.3
149.5
150.6
154.0
155.7
155; 9
156.2
154.8
153.5
155. 5
155.5
155. 5
156.8

[Billions of dollars]
All commercial banks
Investments
U. S. Gov- Other
Loans
Total
ernment
securities securities
77.2
43.0
10. 2
67. 0
52.2
74. 4
12.4
62. 0
74.9
57.7
13.3
61. 5
64. 2
77.5
63.3
14. 1
67.6
63.4
78. 1
14.7
70.6
85.3
69.0
16.3
79.0
67.3
63.5
15.5
80.0
67.3
64. 3
15.7
83.0
66.5
67.3
15.7
67.3
83.3
67.3
16. 0
67.7
70.2
86. 3
16. 1
69.4
70. 1
86.3
16. 2
85.3
70.6
69.0
16.3
70.6
69.0
85.7
16.7
71.2
83.6
66.8
16.8
64.2
81.2
72.3
17.0
82.6
72.9
65. 6
17.0
64. 9
73.9
81.6
16.7
75.7
79. 8
63.0
16. 8
80.2
76.7
63. 4
16.8

Weekly
reporting
member
banks 1 2
Business
loans a
13.9
17.9
21. 6
23.4
23. 4
22.4
21. 9
21.5
20.8
21.0
21. 0
22. 1
22.4
22.0
22. 1
22.6
22.5
22. 6
23.5
23.5
24. 2

All member banks * 3
BorrowReserve balances ings at
Federal
Required Excess Reserve
Banks
.1
17.0
.8
.8
.1
15.6
18.5
.8
.3
19.6
.7
.8
19.3
.7
.8
18.5
.8
.1
.9
18.8
.1
.8
18.3
.1
17. 6
.8
.1
17.6
.8
.1
.7
18. 2
.1
18.4
.8
.2
.7
18.6
.2
18.4
.7
.3
18.2
.6
.4
18.0
.6
.5
18.2
.6
.5
18.2
.6
.4
.6
.4
18. 1
18.2
.6
.5
.6
.8
18. 1

i Member banks include, besides all national banks, those State banks that have taken membership in the Federal Reserve System.
* Commercial, industrial, and agricultural loans; revised series beginning January 1952. Such loans by weekly reporting member banks represent approximately
70 percent of business loans by all commercial banks.
a Data are averages of daily figures on balances and borrowings during the period.
* Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.




27

CONSUMER CREDIT
in July, total consumer credit outstanding rose $425 million to a new high of $32.9 billion,
standing increased $560 million, due largely to the continued rise in automobile credit,
declined slightly.
BILLIONS OF DOLLARS

Instalment credit outNoninstalment credit

BILLIONS OF DOLLARS

35

35

1955

1950
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Total
consumer
End of period
credit
outstanding

1939
1946
1947 _ _
1948
1949
„
1950
1951
1952
_
1953
1954
1954: June
July
August
SeptemberOctober
NovemberDecember.
1955: January
February.
March
April
May
June
July

7,222
8,384
11,570
14,411
17, 104
20, 813
21, 468
25, 827
29, 537
30, 125
28, 666
28, 725
28, 736
28, 856
28, 975
29, 209
30, 125
29, 760
29, 518
29, 948
30, 655
31, 568
32, 471
32, 896

Instalment credit outstanding
Total

Automobile
paper *

4,503
4, 172
6, 695
8,968
11,516
14, 490
14, 837
18,684
22, 187
22, 467
21, 717
21, 849
21, 901
21, 935
21, 952
22, 014
22, 467
22, 436
22, 508
22, 974
23, 513
24, 149
24, 914
25, 476

1,497
981
1,924
3,054
4, 699
6,342
b, 242
8,099
10, 341
10, 396
10, 168
10, 298
10, 349
10, 365
10, 340
10, 296
10, 396
10, 459
10, 641
11, 053
ll s 482
11, 985
12, 561
13, 038

Other Repair and
consumer moderni- Personal
loans
zation
goods
paper!
loans 2
1,088
298
1,620
1,496
405
1, 290
1,910
2, 143
718
2,229
2, 842
843
2,444
887
3,486
2,805
1,006
4, 337
3,235
4,270
1,090
3,851
1,406
5,328
4,366
1,649
5,831
4,787
1,616
5, 668
4, 547
1,635
5,367
4,586
1,637
5,328
4,616
1,642
5,294
4, 641
1,642
5,287
4, 651
5,324
1,637
4,689
1, 631
5,398
4, 787
5, 668
1, 616
4,794
1, 574
5,609
4,833
1, 550
5,484
4,912
1,530
5, 479
5,005
1, 534
5,492
5,063
1, 546
5,555
5, 152
1, £62
5, 639
5, 192
1,570
5, 676

Noninstalment credit
outstanding
Total
2, 719
4,212
4,875
5,443
5,588
6,323
6, 631
7, 143
7,350
7,658
6,949
6,876
6,835
6,921
7,023
7, 195
7,658
7,324
7,010
6,974
7, 142
7,419
7, 557
7, 420

Charge
accounts
1,414
2, 076
2,353
2,713
2, 680
3,006
3,096
3,342
3,411
3} 518
2, 819
2,773
2,734
2,807
2,892
3, 042
3,518
3,225
2, 831
2,735
2,859
3,011
3,040
2, 991

Instal- Instalment
ment
credit ex- credit 3
3
repaid
tended
8,495
12, 713
15, 540
18, 002
21, 256
22, 791
28, 397
30, 321
29, 304
2, 703
2,549
2,477
2,441
2,454
2,554
3, 046
2,389
2,416
3,159
3,089
3,206
3,443
3, 131

1
Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.
OQ 2 includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper."
«U a Credit extended or repaid during the period.
Source; Board of Governors of the Federal Keserve System.




6,785
10, 190
13, 267
15, 454
18, 282
22, 444
24, 550
26, 818
29, 024
2, 473
2, 417
2,425
2, 407
2,437
2,492
2, 593
2,420
2,344
2,693
2,550
2,570
2,678
2,569

BOND YIELDS AND INTEREST RATES
Short-term interest rates rose during August and early September.
rose, but U. S. Government bond yields declined slightly.

Yields on corporate and municipal bonds also

PERCENT PER ANNUM
4

PERCENT PER ANNUM
4

1950

1955

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

[Percent per annum]
Period

1939
1948
1949 . . _
.
1950
1951 ...
1952
1953
1954 ._
_ _ _ - -.
1954; July
August
September- _
October
November
December. . _ _
1955i January
February _ _ _ _
March
_
April.. _ _
May _
June
July
August
Week ended:
1955:
August
6
13 _
20
27
September 3
10

..
...

_

.

U. S. Government security yields
3-month
Taxable bonds 2
Treasurv
Old series 3 New series 4
bills * "
0.023
1.040
2. 44
1. 102
2. 31
2.32
1.218
1. 552
2. 57
1.766
2.68
1.931
2. 93
3. 16
.953
2. 53
2.70
.710
2. 47
2. 62
.892
2.48
2. 60
1.007
2. 51
2. 64
.987
2.52
2. 65
.948
2. 55
2.68
1. 174
2.57
2.68
1.257
2. 65
2.76
4
1. 177
2.72
2. 92
2.92
1.335
2.71
1.620
2. 92
2.77
1.491
2. 75
2. 91
1.432
2.76
2.91
1.622
2. 96
2.87
1. 876
3. 02
2. 91
1. 850
1.889
1.888
1. 875
2.088
2. 134

2.
2.
2.
2.
2.
2.

94
89
89
91
91
88

1 Rate on new issues within period.
2 Bonds in this classification were first issued in March 1941.
» Beginning April 1952, 2H-pereent bonds first callable after 12 years. Prior
to that, only bonds due or callable after 15 years were included.




3.
3.
3.
3.
3.
3.

03
02
01
02
02
01

Corporate bonds
( Moody '$>)

2.76
2.40
2. 21
1.98
2.00
2. 19
2.72
. 2.37
2.31
2. 23
2.29
2.32
2.29
2. 33
2.39
2.42
2. 45
2.43
2. 41
2. 48
2. 62
2.67

Aaa
3.01
2. 82
2. 66
2. 62
2.86
2. 96
3.20
2.90
2.89
2.87
2.89
2.87
2. 89
2.90
2.93
2.99
3.02
3.01
3.04
3.05
3.06
3. 11

Baa
4.96
3.47
3.42
3. 24
3.41
3.52
3. 74
3.51
3. 50
3.49
3.47
3.46
3.45
3.45
3.45
3.47
3.48
3.49
3.50
3. 51
3. 52
3.56

Prime
commercial
paper,
4-6 months
0.59
1. 44
1.49
1. 45
2. 16
2. 33
2.52
1.58
1.45
1.33
1.31
1.31
1.31
1.31
1.47
1.68
1.69
1.90
2. 00
2.00
2. 11
2. 33

2. 66
2.66
2. 66
2.69
2.69
2. 68

3.09
3. 10
3. 12
3. 12
3. 13
3. 14

3. 55
3.56
3. 57
3.58
3.58
3. 59

2. 29
2.31
2. 31
2. 35
2.48
2. 50

High-grade
municipal
bonds 5

«3M -percent bonds of 1978-83, issued in May 1953; and 3-percent bonds of 1995,
issued in February 1955.
!
Standard and Poor's Weekly data are Wednesday
figures.
OQ
Source: Board of Governors of the Federal Reserve System.
"^

STOCK PRICES
Stock prices reached new highs early in September,
INDEX, 1939 = 100
500

INDEX, 1939*100
500

300

200

100

i960
SOURCE: SECURITIES

1951
COUNCIL OF ECONOMIC ADVISERS

AND EXCHANGE COMMISSION

Composite
index *

Period
Weekly average:
1946
_
1947_ „ _
1948
1949
...
1950
1951
1952
1953 .
1954
1954: September
October
November
December
1955: January
February
March.. .
April,
May
June
July
August
\\<M-k <»n<lc<l:
I9;M>: August.

S-pl.-hihi-r

_
... „ _ _

._ .
_ .
.

5

12
11)

20
2. . .
<)

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

Utilities

Trade,
finance, Mining
and service

149. 4
130.9
132.7
127 7
154. 1
184.9
195.0
193.3
229.8
240. 4
243. 6
254. 4
267.7
270. 6
281. 0
279. 6
286.8
289.0
302. 9
318. 8
315.3

146.6
132.4
136. 8
132. 1
165.7
206.8
220.2
220. 1
271. 3
285. 6
291.2
305.2
322.7
326. 4
340.0
336. 9
347.0
349. 6
370. 1
394. 6
390.0

138. 6
119. 9
124.3
116. 0
150, 2
178.5
188.8
192. 6
245. 2
260. 2
267. 4
284. 4
298.3
306. 9
320. 0
318.2
326. 8
324.5
344. 4
366. 1
367.8

154.5
144.6
148.6
147. 2
180.2
233. 1
249.3
245. 2
295. 2
308.8
312. 8
324. 0
345.0
344. 0
358. 2
353.8
365. 3
372.4
393. 4
420.7
410.0

202. 4
149. 1
158. 1
136.0
160.0
199.0
220.6
218.7
232. 6
236.0
240. 4
259.4
284.8
288. 1
300. 3
305.4
320. 5
326.0
336. 5
333. 9
323.6

121. 0
105. 5
99.3
98. 1
108.9
112.6
117.9
121. 5
135. 8
139.8
138.2
141.2
144. 1
145. 3
150.0
150.9
152. 1
153. 5
154.3
156. 6
156. 2

204. 3
162. 8
156.9
160. 7
183.8
207.9
206.0
207. 1
235 6
247.2
248. 6
260.4
267.5
269. 8
276.0
274.6
277.3
280.5
294. 2
304.3
302.4

125.5
117.2
133.0
129. 4
143.5
204, 9
275.7
240. 5
267.0
267.8
269. 4
277.9
310.3
314.4
314.6
315. 1
311. 3
302.6
313.8
317. 2
311. 4

315.6
314. 4
312. 2
318. 9
322. 9
.125. 0

389. 9
388. 6
385. 4
396. 0
402. 0
404. 8

369.
364.
363.
374.
379.
382.

408. 7
410.9
405. 3
415. 3
422. 1
425. 0

323.
321.
322.
327.
326.
334.

157.6
156. 4
155.7
154.9
155. 6
155, 2

300.
302.
301.
305.
309.
312.

312.0
311. 2
307. 9
314. 4
313. 6
319.8

2
0
3
6
8
4

9
3
2
2
8
7

8
0
4
6
1
8

• I ' M i « i ,. -.-.:. o . m m « m Mock;*: ys for durui'h* goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 for utilities 31
? •• * • •» '••-. !!',,u!)- u t i ' i Mil -. in-, itti<l H for mining. Indexes are for weekly closing prices.
« - . . ft,. ' • • « m l i l r . i nu«l F.xrhungc CoimnlHHlem.




FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
In July, Federal budget expenditures exceeded budget receipts by $2.6 billion, due primarily to seasonally low fax
collections.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL BUDGET EXPENDITURES

NET BUDGET RECEIPTS
75

-

,.___,

FIRST
MONTH

pr^r,

'v"V*

?£§

ii
l
_

25

B

£< §

"v*v

n

*

1

X 1 1*"

:• ->:

^

—

x ::::

1

ll
|
J955

BUDGET SURPLUS (+) OR DEFICIT (-)

NATIONAL SECURITY PROGRAMS

(MAGNIFIED SCALE)

75

50

1951

1952

1953

1954

1953

19!

1954

1955

1956

FISCAl

-

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

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollara]
Net budget
receipts

Period
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1954:

vear 1944
year 1947
_
_ vear 1948
year 1949
year 1950
vear 1951
year 1952
year 1953 vear 1954—
_
year 1955__
__
vear 1956 (estimated)
Mav
June
July
August
September
_
October
.
»„
November.
December
1955: January
February __
March
April
__ •
May
June
.
Julv

-_--

. ..

»

_„

43. 6
39.8
41. 5
37.7
36.5
47. 6
61. 4
64. 8
64. 7
60.3
62. 1
3.6
10.6
2.8
3. 9
5.0
2.6
4.2
3.7
4.7
5.4
9.7
3.7
4.4
10.0
2. 8

Budget expenditures
National
Total
security 1
95. 1
75.8
39.0
14. 4
11.8
33. 1
39. 5
12. 9
39. 6
13.0
44. 1
22. 3
65. 4
43.8
74.3
50.3
67. 8
46.5
64. 5
40.4
63. 8
38.7
5.2
3.3
7.3
4.5
4.8
3.2
6. 7
3.4
5.0
3.3
4.9
3. 3
3.8
3.3
6.3
3.7
4.9
3.2
4.8
3. 1
5.9
3.5
5.2
3.3
5. 4
3.3
6.7
3.9
5. 4
2. 9

Budget surplus (+) or
deficit (-)
-51.4
+.8
+ 8.4
1. 8
3 1
+ 3. 5
4 0
-9.4
-3. 1
-4. 2
1 7
-1. 6
+ 3.3
-2.0
-2.8
-t
— 2! 2
+.4
-2.5
-.3
+ .6
+ 3.8
-1. 5
-. 9
+ 3.4
2. 6

Public debt
(end of
period) 2
202. 6
258.4
252.4
252.8
257.4
255.3
259.2
266. 1
271. 3
274.4
275.0
273. 6
271.3
271.0
275.0
274.8
278.8
278.9
278.8
278.5
278.2
274. 1
276.7
277. 5
274.4
277. 6

1
Revised to include the items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending June SO, 1956. These
expenditure items are: Military functions of Defense Department, mutual military program, development and control of atomic energy, and allocation of critical and
itrategic materials.
»Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.
NOTE.—Beginning with February 1954, the reporting of budget receipts and expenditures is on a basis consistent with that used in preparing budget estimates.
The figures ibown above for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis.
Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
O "I




CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
Federal cash receipts exceeded cash payments by $1.9 billion in the second quarter of this year. A cash surplus is
usual at this time of the year. For the entire fiscal year 1955, Federal cash payments exceeded cash receipts by
$3.0 billion.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

80

80

CASH RECEIPTS
\

CASH PAYMENTS

40

(MAGNIFIED SCALE)

EXCESS OF CASH RECEIPTS

.,,,,,.

vv'£

•

IXvXI

EXCESS OF CASH PAYMENTS

i960

1951

1952

-^PRELIMINARY ESTIMATES
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT

I954J/

1953

1954^

1955-^

CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS

|Millions of dollars]
Calendar year
Calendar ^fear total:
1946
1947
1948.
1949
I960,
1951
1952
1953,
1954 '
Quarterly totals, not adjusted for seasonal variation:
1953: Third quarter
Fourth quarter .
_ » .
1954: 1 First quarter.
.
._
Second quarter
_ _
Third quarter
Fourth quarter
- __
1955: 1 First quarter
Second quarter

Cash receipts
from the
public

Cash payments to
the public

Excess of receipts (+) or
payments (— )

41, 441
44, 282
44, 922
41, 346
42, 4 1 9
59, 278
71, 339
70,041
68, 562

41, 399
38, 616
36, 897
42, 642
41, 969
58 034
72, 980
76, 194
69, 622

-r-42
-1-5, 666
-f 8, 027
— 1, 295
+ 450
-f 1 244
— 1, 641
— 6, 153
— 1, 060

15, 357
13, 471
23, 693
19, 115
13, 501
12, 253
21, 287
20, 749

18,
18,
16,
18,
18,
16,
17,
18,

— 3 513
— 4,638
+ 7, 234
-f 084
5, 082
-3 918
-f 4, 126
- f l , 871

870
109
459
431
582
172
161
878

» Preliminary estimates.
NOTI.—Detail win not necessarily add to totals because of rounding.
Sources: Bureau of the Budget and Treasury Department.

32

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