Full text of Economic Indicators : September 1958
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85th Congress, 2d Session
Economic Indicators
SEPTEMBER 1958
Prepared for thejoinf Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1958
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
JOHN SPARKMAN, Alabama, Vice Chairman
RICHARD BOLLING (Missouri)
PAUL H. DOUGLAS (Illinois)
HALE BOGGS (Louisiana)
J. WILLIAM FULBRIGHT (Arkansas)
HENRY S. REUSS (Wisconsin)
JOSEPH C. O'MAHONEY (Wyoming)
HENRY O. TALLE (Iowa)
RALPH E. FLANDERS (Vermont)
THOMAS B. CURTIS (Missouri)
ARTHUR V. WATKINS (Utah)
CLARENCE E. KILBURN (New York)
JOHN D. HOBLITZELL, Jr. (West Virginia)
RODERICK: H. RILEY, Executive Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNIER, Chairman
JOSEPH S. DAVIS
PAUL W. McCRACKEN
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint
Economic Committee; and the required number of copies to the Superintendent of Documents for distribution
to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to
the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.
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
................................................
.....
N o n a ^ r i c u l t u r a l Employment
.................................................
A vcnujjc Week ly Hours - Selected Industries
....................................
Average H o u r l y Earnings — Selected Industries
..................................
Average Weekly Earnings— Selected Industries
.............................
.....
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
........................................
.....
..
11
12
13
14
15
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
...
31
32
FEDERAL FINANCE
Budget Receipts and Expenditures
.............................................
Cash Receipts from and Payments to the Public
..............................
iii
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates show an increase in total income and expenditures between the first and second quarters of 1958.
[Billions of dollars!
1957
Economic group
1958
Year
Second quarter
Excess
of reEx- ceipts
Re- pendceipts itures or(+)
expenditures
(-)
Excess
of reExceipts
Re- pend)
ceipts itures or( +expenditures
(-)
First quarter
ExReceipts penditures
Excess
of receipts
(+>
or ex-
Second quarter
ExRe- pendceipts itures
penditures
(-)
Excess
of receipts
(+)
or expenditures
(-)
Seasonally adjusted annual rates
Consumers:i
I )i.s|)os. il)I< 1 jHT.son.'il income.. :J05. 1
lVrson;il c o n s u m p t i o n ex-
282 5
28 1. 4
20. 7
IVrsuiril net siivin"' (~1~)
Business:
( Iross TV tni nod enrninjrs
(Iross private domestic investment
65. 3
Excess of receipts (+)
or of investment ( — ) _
O
OO. 0
Total government expenditures
Less: Transfers, interest,
and subsidies (net)
Purchases of goods
and services
-7. 2
«
.5
—4 2
.5
—.5
—.5
116. 3
110. 6
(')
27. 5
30. 4
32. 3
88.8
80. 2
C1)
115. 0
119. 9
123. 2
27. 4
27. 5
30. 4
32. 3
87. 1
87. 5
89. 5
90. 9
1. 3
1. 7
.7
GROSS NATIONAL PRODUCT. _ 440. 3 440. 3
.7
1.5
1. 5
441. 2 441. 2
i Not available.
NOTE.—Revised scries beginning 1946. For details, see Survey of Current
J3'imncss, July 1958.
For explanation and use of this arrangement, see Senate Report No. 1295, Joint
49. 2
114. 5
Surplus ( + ) or
deficit ( — ) on
income and
product account.
Statistical discrepancy
C1)
-21. 8
-3. 5
19. 2
49. 6
4. 2
Government (Federal, State,
and local) :
Tax and nontax receipts or
116. 2
accruals
Less: Transfers, interest,
27. 4
and subsidies (net)
288.3
18. 8
67. 0
3. 5
QO
286 2
42. 4
-19. 7
International:
Net foreign investment
307. 5
23 2
45. 2
45. 6
Excess of investment
(—)
Net receipts
305. 0
1305. 7
-9. 3
-1. 7
425. 8 425. 8
-1. 7
0)
0)
l
()
429. 0 429. 0
Economic Report, pp. 92-93, 99-105, and Economic Report of the President, January 1953, Appendix A.
Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Council of Economic Advisers.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national expenditures rose $3.2 billion (seasonally adjusted annual rate) between the first and second quarters
of 1958, according to current estimates. Increases occurred in personal consumption expenditures and government
purchases.
BILLIONS OF DOLLARS
50O
BILLIONS OF DOLLARS
'5OO
SEASONALLY ADJUSTED ANNUAL RATES
GROSS NATIONAL PRODUCT
-X:
300
300
PERSONAL CO ^SUMPTION
EXPENDITU RES *w
__
~~
200
200
~
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
100
-^
-—^
"-*—
—
——
' GROSS PRIVATE DOMESTIC INVESTMENT
0
NET FORElGf 4 INVESTMENT ^
^
I
1
1
1952
1
1 •
1
1953
1
1
!
1954
I
L
_J
I
I
J
Period
1939
1948
1949
1951
1952 _ _
1953 _ _ _
1954
1955
1956 _ _
1957
204. 7
317. 1
316. 6
370. 1
382. 6
399.3
393.0
425. 1
435. 3
440. 3
\
1958
COUNCIL OF ECONOMIC ADVISE
SOURCE : DEPARTMENT OF COMMERCE
Total
gross
national
product
in 1957
prices l
\
L
1957
1956
1955
[Billions of dollars]
Personal
Gross
Total
conNet
sump- private foreign
gross
domestic
national
tion
investproduct expend- investment
ment
itures
91. 1
259.4
258. 1
329.0
347.0
365. 4
363. 1
397.5
419. 2
440. 3
67. 6
178.3
181.2
209.8
219. 8
232.6
238. 0
256. 9
269.4
284.4
9. 3
43. 1
33.0
56. 3
49. 9
50. 3
48.9
63. 8
68. 2
65.3
436. 3
441.2
445. 6
438. 9
425. 8
429. 0
279. 8
282. 5
288.3
287. 2
286.2
288. 3
65. 9
67.0
66. 7
61.5
49. 6
49. 2
0.9
1.9
.5
.2
— .2
-2.0
— .4
_.4
1.4
3. 5
Government purchases of goods and services
Federal
Total 2
13. 3
36. 1
43. 4
62. 6
77.5
84.4
76.6
77. 1
80. 3
87. 1
National3
Total 2 security
5.2
20.9
25. 5
40. 9
54. 3
59. 5
48. 9
46.8
47. 1
50.8
Other
State
and
local
1.3
15.8
19.3
37.2
48. 9
51. 5
43.0
41.3
42. 5
46. 5
3.9
5.6
6. 6
4.2
5.8
8.4
6.2
5.9
5.0
4.8
8.2
15.2
17.9
21.7
23.2
24.9
27.7
30.3
33. 1
36.3
45.8
47.4
46. 9
46.0
45. 6
46. 0
5. 1
4. 5
4. 5
5.0
5.7
6. 2
35.9
36.0
36. 1
37.8
38. 6
39. 1
Seasonally adjusted annual rates
1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter
Second quarter
1
2 Preliminary estimates by Council of Economic Advisers.
•> TLessi Government
:,
— sales.
3 Includes expenditures for military services, international security and foreign
relations (except foreign loans), development and control of atomic energv promotion of the merchant marine, promotion of defense production and economic
stabilization, and civil defense. For further details, see Economic Report of the
President, January 1955 (p. 137), and National Income, 1954 Edition (p. 148).
inese expenditures are not comparable with the "major national security" cate-
4.2
4.2
3.6
1. 9
.5
.5
86.4
87. 5
87. 0
88. 3
89.5
90. 9
50.5
51. 5
50.9
50. 5
50. 9
51. 9
gory in The Budget of the United States Government for the Fiscal Year Ending
June SO, 1959, and shown on p. 31 of Economic Indicators.
^ . .
XT
NOTE.—Revised series beginning 1946. For details, see Survey of Current
Business,
»«"»*»— July
T«I« 1958.
TQKC
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
NATIONAL INCOME
Compensation of employees remained virtually unchanged between the first and second quarters of 1958.
proprietors' income rose about $1 billion (seasonally adjusted annual rate).
BILLIONS OF DOLLARS
400
Farm
BILLIONS OF DOLLARS
400
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL INCOME
200
100
CORPORATE PROFITS AND ^
INVENTORY VALUATION ADJUSTMENT
NET'"INTEREST.
I
.1952
1953.
.1.954
1955
1956
1958
1957
COUNCIL OF ECONOMIC ADVISERS
SOURCEf DEPARTMENT 6F COMMERCE~
[Billions of dollars]
Period
Total
national
income
Compensation
of em- 1
ployees
Proprietors* income
Farm
Business
and professional
Rental
income
of
persons
Corporate profits and inventory valuation adjustment
Net
interest
1939 _
1948
1949
1951
1952
1953.
1954
1955_ - _ _
1956 _
1957
72. 8
223.5
217. 7
279. 3
292.2
305. 6
301. 8
330. 2
349. 4
364. 0
48. 1
141.0
140. 8
180. 3
195.0
208. 8
207.6
223. 9
241.8
254. 6
4.3
7. 3
2.7
22. 4
7.3
17.8
22. 7
12. 9
8.3
9.4
26.0
16. 3
26. 9
15. 3
10. 2
27.4
13. 3
10.5
12.7
27. 8
10. 9
30. 4
10.7
11.8
10. 9
11.6
30.8
11. 6
31.4
11. 8
Seasonally adjusted annual
1957: First quarter
Second quarter
Third quarter. __ _
Fourth quarter __ _
1958: First quarter
Second quarter
361. 5
364. 1
368. 7
361. 5
350. 6
(2)
251. 6
254. 9
257. 3
254. 8
250. 9
250. 7
11. 5
11. 6
11. 8
11. 5
12. 6
13. 4
1
Includes employer contributions for social insurance. (See also p. 4.)
" Not available.
31. 1
31. 4
31. 7
31. 3
30. 6
30. 7
11. 4
11. 7
12. 0
12. 2
12. 1
12. 1
Total
Profits Inventory
before valuation
taxes adjustment
4. 6
4. 2
4.8
6.3
7. 1
8.2
9. 1
10. 4
11.3
12. 6
rates
5.7
30.8
28.2
41.0
37.7
37.3
33.7
43.1
42. 9
41. 9
6.4
33.0
26.4
42.2
36.7
38.3
34.1
44.9
45.5
43.4
-0.7
-2.2
1. 9
-1. 2
1. 0
-1.0
-.3
-1.7
— 2. 6
— 1.5
12. 1
12. 5
12. 8
12. 9
13. 0
13. 1
43. 7
42. 0
43. 1
38. 8
31.3
(2)
46. 1
43. 5
44. 2
39. 9
31.7
(2)
-2.4
-1. 5
— 1.1
— 1. 1
-. 3
.5
NOTE.—Revised series beginning 1946. For details, see Survey of Current
Business, July 1958.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
SOURCES OF PERSONAL INCOME
Personal income in August was about $1Vz billion (seasonally adjusted annual rate) higher than the comparable
July total (excluding the lump-sum retroactive salary payments to Federal employees).
Wages and salaries
accounted for most of the rise.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL PERSONAL INCOME
\
300
LABOR INCOME
r>
|
BUSINESS, PROFESSIONAL, AND RENTAL INCOME^
FARM PROPRIETORS'
J NCOff£
.
I
vmitfiniiiiiifiiiiniiii/niiini nti»iiiimi« i B"1
j^ DJV DENDS AND PERSONAL- INTEREST
1 1 I 1 1 1 11 1
II
1 II
1952
1! 1 1 1 1 1 1
1953
1 1 1 1 1 1 II
1954
1 1 1
"'"'THZT.-
"TRANSFER PAYMENTS
1 1 1 1 1 i 1 1 1 II
1955
i iI M 1 i i i i i
1956
SOURCE: DEPARTMENT OF COMMERCE.
Period
Total
; personal
income
1939
_ __
1949
_
1951
1952 _ _ _ _ _ _
1953
___
1954
1955
1956
_
1957
72.9
208. 3
256. 7
273. 1
288. 3
289. 8
310.2
330. 5
347. 9
1957: July _
August
September.
October
November.
December.
1958: January _ _
February.
March
April
May
June
July. _
August 4 ___
351. 8
352. 1
351.4
350. 6
350. 2
348.4
348. 2
346.4
347. 1
348. 1
349. 9
352. 0
3
358. 8
355. 6
1
1 1 1 1 1 1 1 1 1 1
1957
1 1 1 1 1 1 1 1 1 1 1
1958
COUNCIL Or ECONOMIC
[Billions of dollars]
Labor income Proprietors' income
(wage and
Rental
salary disDiviincome
Business
bursements
of
dends
Farm
and
proand other
fessional persons
labor income)l
46. 6
4.3
2. 7
7. 3
3.8
137.4
12.9
22. 7
8. 3
7.5
175. 5
16. 3
9.4
26. 0
9.0
190.2
15. 3
10. 2
26. 9
9. 0
204. 1
13. 3
9.2
27.4
10. 5
202. 5
12. 7
10. 9
27. 8
9.8
218.0
11.8
30. 4
10.7
11.2
235.2
11. 6
30. 8
10. 9
12.0
247. 1
11. 6
31.4
12.4
11.8
Seasonally adjusted annual
249. 6
11.9
31. 8
11.9
12. 8
249. 9
11.8
31. 8
12.0
12.8
249. 3
12. 1
11.7
31. 6
12. 7
247. 8
11.4
12. 1
31. 6
12. 6
247. 2
11.4
31. 2
12.2
12. 6
246. 5
11.8
31. 2
12. 2
10. 8
244.2
12.0
12. 5
30.9
12.2
242. 2
12. 7
12. 1
30.4
12.4
241. 5
13.0
12. 1
12.4
30.5
240. 9
13. 4
12. 1
30. 6
12.4
242. 0
13. 7
12. 1
30. 7
12. 4
244. 7
13. 2
12. 2
30. 8
12. 5
3251. 2
13. 1
12. 2
31. 0
12. 5
274. 5
12.9
12.2
31. 2
12. 5
1
Compensation of employees (see p. 3) excluding employer contributions for
social
insurance and the excess of wage accruals over disbursements.
2
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
tOTimiBi » tan
_—
Less: PerconPersonal Transfer sonal
tributions
interest
paysocial
income ments forinsurance
5.8
3.0
0. 6
9.4
12.4
2.2
11. 2
12. 6
3.4
12. 1
13.2
3.8
14. 3
13. 4
3.9
16.2
14. 6
4. 6
17. 5
5.2
15. 8
17.0
18. 6
5. 7
21. 5
18. 8
6.6
rates
21.7
18. 9
6. 7
21. 5
19.0
6. 7
21. 5
19. 1
6. 6
22. 6
19. 1
6.6
19. 1
23.0
6. 6
19.2
23. 3
6.6
19. 3
23. 9
6. 7
19. 3
23. 8
6. 7
19. 3
24. 8
6.6
19. 3
26. 1
6. 6
19. 3
26. 4
6.7
19. 3
26. 0
6. 7
19. 3
26. 5
7.0
26.7
19. 4
6.8
Nonngricul tu ral
personal2
income
67. 1
192. 1
237.0
254.3
271.5
273.8
295.0
315. 4
332. 7
336.2
336. 6
336. 1
335. 7
335.2
333. 0
332.5
330. 1
330. 5
331. 0
332.4
335. 1
3
342. 0
338. 9
3
Includes lump-sum retroactive salary payments to Federal employees at an
annual
rate of $4.6 billion ($380 million multiplied by 12).
4
Preliminary estimates not charted.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Disposable personal income rose $2.5 billion (seasonally adjusted annual rate) between the first and second quarters
of 1958. Total consumer expenditures rose $2.1 billion, though outlays for durable goods continued to fall.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
350
350
S E A S O N A L L Y ADJUSTED ANNUAL RATES
300
TOTAL PERSONAL CONSUMPTION
EXPENDITURES
200
EXPENDITURES FOR
NONDURABLE GOODS>
I X l ' l NDITUHLS FOR S E R V I C E S
>, )'! MM 1 t l l - ' l '. I 1 > M
M I M A I H I r.ni>tr, v.
JL
1954
>UHCi:
1956
1955
1957
1958
COUNCIL OF ECONOMIC ADVISERS
1)1 P A M T M L N T OF COMMENCE
Equals:
Less:
DisposPersonal Personal
able
income taxes 1 personal
income
Period
1939
_
1948
1949___ _
1951 __
1952
1953
»
1954 „
1955
_ _
1956
__
1957
_
1957: First quarter
Second quarter
Third quarter _
Fourth quarter
1958: First quarter
Second quarter___ _
72. 9
210. 4
208. 3
256. 7
273. 1
288. 3
289. 8
310. 2
330. 5
347. 9
2. 4
21. 1
18. 7
29. 2
34. 4
35. 8
32. 9
35. 7
40. 1
42. 7
342. 3
348. 4
351. 8
349.7
347. 3
349. 8
42. 3
42. 7
43. 1
43. 0
42. 3
42.3
2
Total
Saving
Equals: as percent
Personal
of disNonsaving
posable
Durable durable
Services
income
goods
goods
Billions of dollars
67. 6
6. 7
70. 4
178. 3
22. 7
189.3
24. 6
181. 2
189. 7
227. 5
209. 8
29. 5
219. 8
238. 7
29. 1
252. 5
232. 6
32. 9
32. 4
256. 9
238. 0
274.4
256. 9
39.6
269.4
38. 4
290. 5
284. 4
305. 1
39. 9
Seasonally adjusted annual
279. 8
300. 0
40. 2
282. 5
305. 7
39. 5
288. 3
40. 4
308. 7
306. 8
287. 2
39. 6
305. 0
286. 2
36.3
307. 5
288. 3
35. 6
1
Includes such items as fines, penalties, and donations.
NOTE.—Revised series beginning 1946. For details, see Survey of Current Business, July 1958.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
31337°—58
Less: Personal consumption
expenditures
35. 1
98. 7
96. 6
110. 1
115. 1
118. 0
119. 3
124. 8
131. 4
138.0
rates
135. 5
137. 1
140. 5
138. 8
139. 8
141. 4
25. 8
56. 9
60.0
70.2
75. 6
81. 8
86. 3
92. 5
99. 6
106.5
2. 9
11. 0
8. 5
17. 7
18. 9
19. 8
18. 9
17. 5
21. 1
20. 7
4. 1
5.8
4. 5
7.8
7.9
7. 9
7. 3
6.4
7.2
6. 8
104. 1
105. 9
107.4
108. 7
110. 1
111. 3
20. 3
23. 2
20. 4
19. 6
18. 8
19. 2
6.8
7.6
6. 6
6.4
6. 2
6. 2
PER CAPITA DISPOSABLE INCOME
t\'» cupitu (Jr.po'.dbU* income, measured in current prices, rose a little in the second quarter, but fell slightly when
mr'iuHr*! in constant prices.
SEASONALLY ADJUSTED ANNUAL RATES
2,000
1,800
1,800
„-*-*
1,600
"^
1,600
•
^
1,400
1,400
L200
1,200
0
' , ,,
I
1
I
1953
1952
^SEE FOOTNOTE 2 ON T/VBLE BELOW.
SOURCES: DEPARTMENT (DF COMMERCE, DEPARTM :NT
!
!
I
195
I
I
1955
I
I
1956
1958
1957
1
OF LABOR
Total disposable person:!.!
income (billions of dollars)!
Period
I
1957
prices 2
Current
prices
1939
1948
1949
1951
1952
1953
1954 _
1955
1956
1957
70. 4
189. 3
189. 7
227. 5
238.7
252. 5
256.9
274. 4
290. 5
305. 1
142.6
221. 4
223. 9
246. 5
252. 9
265. 2
269.0
288. 0
300. 4
305. 1
Per c a p i t a disposable personal income (dollars) '
Current
prices
538
1,291
1,271
1,474
1, 520
1,582
1,582
1,661
1, 727
1,782
1957
prices ~
Population
(thousands) 3
1, 089
1,510
1,501
1,597
1,610
1,662
1,657
1,743
1, 786
1,782
131,028
146, 631
149, 188
154, 360
157, 028
159, 636
162, 417
165, 270
168, 176
171, 196
1,786
1,796
1,786
1,762
1,726
1,722
170, 151
170, 839
171, 612
172, 393
173, 054
173, 705
Seasonally adjusted annual rates
1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter _ __
Second quarter1
Income
2
less taxes.
Dollar estimates in current prices divided by consumer price index on a 1957
base.
3 Includes armed forces overseas. Annual data as of July 1; quarterly data
centered in the middle of the period, interpolated from monthly figures.
300. 0
305. 7
308. 7
306. 8
305. 0
307. 5
304. 0
306. 9
306. 6
303. 8
298. 7
299. 1
1, 763
1,789
1,799
1,780
1, 762
1, 770
NOTE.—Revised series beginning 1946. For details, see Survey of Current
Business, July 1958.
Sources: Department of Commerce, Department of Labor, and Council of
Economic Advisers.
FARM INCOME
In the second quarter of 1958, farm operators' net income (seasonally adjusted), whether excluding or including
inventory change, was 6 percent above the first quarter, according to current estimates.
BILLIONS OF, DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
20
^\
NET FARM INCOME
(INCL. NET CHANGE
IN INVENTORIES)!/
I954
I953
I952
I955
I956
I957
1958
J/INCOMC Of TAfJM OPl HA10RS FROM FARMING.
soiwcr ni j'AiuMi rji of ACHIGULTUHE
'COUNCIL OF ECONOMIC'ADVISERS
Farm operators' income
IVriod
Roali/.ed
tfross far in
income 1
<KW
'.MS..
<)-!<)
r
<), j_
<). 2
<)r:5_
<)f4
( rr
r
). . >
<)f(> . _ .
1)57
_
___
_
1957' First, quarter
Second quarter
Third quarter
Fourth quarter
10. 6
34. 9
31. 8
37. 3
37.0
35. 3
33. 9
33. 3
34. 6
34. 3
34. 4
34. 3
34. 3
34. 3
37. 0
38. 0
Net income 2
Excluding
Including
net change
net change
in invenin inventories
tories 3
Net income per farm including net change in
inventories
Current
1957
prices 4
prices
Billions of dollars
Dollars
4. 4
6. 2
4. 5
697
1, 660
18. 9
3,483
16. 1
17. 8
3, 065
13. 8
18. 0
12. 9
2,658
2,259
22. 2
15. 2
16. 3
3, 139
2, 951
22. 6
14. 4
2, 978
15. 3
2, 829
2,662
13. 9
2,502
21. 4
13. 3
12. 2
2,542
12. 7
2,440
21. 7
21. 9
11. 5
2,435
11.8
2, 313
12. 1
22. 5
2,413
11. 6
2, 341
10. 8
23. 5
2,388
11. 6
2,388
Seasonally adjusted annual rates
2,390
11. 0
23. 4
2, 370
11. 5
2,390
10. 7
2, 390
23. 6
11. 6
2,430
10. 9
2,430
23. 4
11. 8
2,350
10. 7
2,370
23. 6
11. 5
2,600
24. 2
12.8
2,650
12. 6
2,760
24. 4
13.6
13. 4
2,820
Farm production
expenses
1958: First quarter
Second qua.rter.
i Cash receipts from farm markelimrs, value of farm products consumed in
fwM households, gross rental value ol farm dwellings, and Government payments
to sf: rinei's
(eal x.ed j^ross farm income less farm production expenses. Excludes farm
war "' P id to workers livinf: on farms and any income to farm people from nonfjirn soi -ces, which in n>.r>7 amounted to $1.8 billion and $6.3 billion, respectively.
•'' )at? prior to HM(i difVer from farm proprietors' income on pages 3 and 4
hoc; use >f revisions by the Department of Agriculture not yet incorporated into
the lational income accounts of the Department of Commerce.
Number of
farms
(millions) 5
6. 4
5. 8
5.7
5. 5
5. 4
5. 3
5. 2
5. 1
5.0
4, 9
4.9
4.9
4.9
4.9
4.8
4. 8
* Dollar estimates in current prices divided by the index of prices paid by
farmers
for items used in family living on a 1957 base.
5
The number of farms is held constant within a given year.
NOTE.—Revised series beginning 1946. For details, see Farm Income Situation,
July 15, 1958.
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits in the first quarter of 1958 were lower than in the fourth quarter of 1957.
$8.2 billion (seasonally adjusted annual rate)/ profits after taxes fell $4.5 billion
BILLIONS OF DOLLARS
Profits before taxes fell
BILLIONS OF DOLLARS
I0
1952
!/ NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Corporate
profits
before taxes
Period
1939
1948
_
1949
_ __ _
1951
1952
1953 _ _ _
1954 _ _ _ _ .
1955_
_
1956
1957
_ __
Corporate
tax
liability
Total
1. 4
12. 5
10. 4
22. 4
19. 5
20. 2
17. 2
21. 8
22. 4
21. 6
6. 4
33.0
26. 4
42. 2
36. 7
38. 3
34. 1
44. 9
45. 5
43. 4
_
Corporate profits after taxes
5. 0
20. 5
16.0
19. 7
17. 2
18. 1
16. 8
23. 0
23. 1
21. 8
Dividend
payments
Undistributed
profits
1. 2
13. 3
8. 5
10.7
8.3
8. 9
7. 0
11. 8
11. 0
9.4
3.8
7. 2
7.5
9.0
9. 0
9. 2
9.8
11. 2
12. 0
12. 4
Seasonally adjusted annual rates
1957: First quarter
_
Second quarter.
Third quarter
Fourth quarter
1958: First quarter
Second quarter
_.
1
__
_ _
P)
46. 1
43. 5
44. 2
39. 9
31.7
Not available.
NOTE.—Revised series beginning 1946. For details, see Survey of Current
Business, July 1958.
See p. 3 for profits before taxes and after inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
8
23. 0
21. 7
22.0
19. 9
16. 1
P)
23. 1
21. 8
22. 1
20. 0
15.5
P)
12. 5
12. 6
12. 7
12. 0
12.5
12. 4
10.6
9. 2
9.4
8.0
3. 0
P)
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment (seasonally adjusted) dropped slightly in the second quarter of 1958, according to
current estimates. All components of fixed investment declined, but business inventories were liquidated at a
slower rate than in the first quarter.
BILLIONS OF DOLLARS
180
BILLIONS OF DOLLARS
801
SEASONALLY ADJUSTED ANNUAL RATES
vGROSS PRIVATE
DOMESTIC INVESTMENT
NEW CONSTRUCTION-
PRODUCERS'
DURABLE EQUIPMENT1*^
a
*^*%*
2Q
20 „•£.
CHANGE IN BUSINESS
INVENTORIES
\
-20
J
_J
JL JL
1952
1953
1954
L
J
1955
L_
1958
1957
1956
SOURCE: DEPARTMENT OF COMMERCEi
COUNCIL OF ECONOMIC ADVISERS
IBillions of dollars]
Period
1939
1948
1949
1951
1952__ _
1953_ _ _
1954
__ _ _ _ _ _ _
1955__ _ _ _ _ _ _ _ _
_
1956
1957
Total
gross
private
domestic
investment
9.3
43. 1
33. 0
56. 3
49. 9
50. 3
48. 9
63.8
68. 2
65. 3
Change in business
inventories
Fixed investment
New construction 1
Total
Total
8.9
38. 4
36. 0
46. 1
46. 8
49. 9
50.5
58. 1
62. 7
64. 3
4. 8
19. 5
18. 8
24. 8
25. 5
27. 6
29. 7
34. 9
35. 7
36. 5
Residential
nonfarm
2. 7
10. 1
9. 6
12. 5
12. 8
13. 8
15. 4
18. 7
17. 7
17. 0
Other
Producers'
durable
equipment
2. 1
9. 3
9. 2
12. 3
12.7
13. 8
14.3
16. 2
18. 1
19. 5
Total
Nonfarm
4. 2
18. 9
17. 2
21. 3
21. 3
22. 3
20. 8
23. 1
27. 0
27. 9
0. 4
4. 7
-3. 1
10. 2
3. 1
.4
— 1. 6
5. 8
5. 4
1.0
0. 3
3. 0
-2. 2
9. 1
2. 1
1. 1
-2. 1
5. 5
5. 9
.2
28. 7
28. 1
28. 0
26. 7
22. 9
22. 3
1. 1
2. 9
2. 2
-2. 3
-9.5
-8. 0
.6
2. 0
1. 3
-3. 1
-9. 3
-7. 8
Seasonally adjusted annual rates
1957: First quarter _ __
Second quarter
Third quarter __
Fourth quarter
1958: First quarter. _
Second quarter
65. 9
67.0
66. 7
61. 5
49. 6
49. 2
64. 8
64. 2
64. 6
63. 8
59. 2
57. 2
36. 1
36. 1
36. 6
37. 1
36.3
34.9
i "Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.
NOTE.—Revised series beginning 1946. For details, see Survey of Current
Business, July 1958.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
17,2
16. 5
16. 9
17. 6
17. 1
16. 2
18. 9
19. 6
19. 7
19. 6
19. 2
18. 7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The July—August survey of business expenditures on plant and equipment indicates that anticipated capital outlays
in the third quarter will be $30.3 billion (seasonally adjusted annual rate), the same as expenditures in the second
quarter. A moderate rise to $31.0 billion in the last quarter of the year is expected.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1958
1952
I/ SEE NOTE 3 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
[Billions of dollars]
Manufacturing
Period
Total *
Total
1939___ _
1948
1949__ _ _ _ _
1950
1951
1952
1953
1954___
1955__
1956_>_
1957
19583
5. 51
22. 06
19. 28
20. 60
25. 64
26. 49
28. 32
26. 83
28. 70
35. 08
36. 96
30. 98
1. 94
9. 13
7. 15
7. 49
10. 85
11. 63
11. 91
11. 04
11. 44
14. 95
15. 96
12. 03
1957: Third quarter
Fourth quarter.
1958: First quarter
Second quarter- _ _
Third quarter 3 3
Fourth quarter _
37. 75
36. 23
32. 41
30. 32
30. 32
31. 02
16. 37
15. 27
13. 20
11. 53
11. 57
11. 86
1
2
Commercial and
other 2
Railroads
Other
Public
utilities
1. 19
0. 76
0. 33
0. 28
5. 65
3. 48
1. 32
. 88
4. 56
2. 59
. 79
1. 35
3. 14
4. 36
.71
1. 11
5. 17
5. 68
.93
1.47
5. 61
6. 02
.98
1. 40
6. 26
5. 65
. 99
1. 31
5. 95
5. 09
. 98
. 85
. 92
5. 44
6. 00
. 96
7. 62
7.33
1. 24
1. 23
8. 02
7. 94
1. 24
1. 40
6. 25
5. 78
. 93
. 75
Seasonally adjusted annual rates
8.23
8. 14
1. 54
1. 24
7.57
7.70
1. 26
1. 15
6. 62
6. 58
1. 02
1. 00
5. 57
5. 96
. 92
.77
5. 48
6. 09
. 91
. 67
5. 54
6. 32
. 50
. 96
0. 36
1. 28
. 89
. 21
.49
. 50
. 56
. 51
. 60
.71
. 77
1. 50
0.
2.
3.
3.
3.
3.
4.
4.
4.
4.
6.
6.
52
54
12
31
66
89
55
22
31
90
20
28
2.08
6. 90
5. 98
6.78
7.24
7. 09
8. 00
8. 23
9. 47
11. 05
10. 40
9. 48
1.
1.
1.
1.
1.
1.
6. 64
6. 43
5. 87
5. 97
6. 20
6. 38
10. 15
10. 21
9. 63
9.73
9. 60
9. 77
Durable
goods
Excludes agriculture.
Commercial and other includes trade, service, finance, communications, and
•construction.
3 Estimates based on anticipated capital expenditures as reported by business
in late July and August 1958.
NOTE.—Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the average of seasonally adjusted figures, which include
10
Transportation
Nondurable goods
Mining
81
91
69
40
37
55
adjustments, when necessary, for systematic tendencies in anticipatory data.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commercea
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Total employment increased by 200,000 in Ausust, a better than usual rise for the month.
by 600,000 to 4.7 million.
Unemployment declined
MILLIONS OF PERSONS-^
75
MILLIONS OF PERSONS-!/
75
NONAGRICULTURAL EMPLOYMENT
1958
J
\A YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF COMMERCE.
Period
1939
New definitions: l
1952
1953
1954
1955 _ __
1956
__
1957-_
_
1957: July
August
September
October
November
December
1958: January
February
March
April
May__ __.
June
July
._ _
August
1
COUNCIL OF ECONOMIC ADVISERS
Total
Civilian employment l
Unemployment 1
Insured unemployment 2
labor
Civilian
All pro% of civilian
State proforce (inlabor1
Agricul- Nonagri- Number labor force
grams
grams as
cluding
Total
force
tural
cultural
armed1
Unad- Seas, (thousands % of covered
of
persons)
employment
forces)
justed adj.
Thousands of persons 14 years of age and over
55, 600
55, 230
45, 750
9, 610
36, 140
9,480
17.2
66, 560
67, 362
67, 818
68, 896
70, 387
70, 746
73, 051
71, 833
71, 044
71, 299
70, 790
70, 458
69, 379
69, 804
70, 158
70, 681
71, 603
73, 049
73, 104
72, 703
62, 966
63, 815
64, 468
65, 848
67, 530
67, 946
70, 228
68, 994
68, 225
68, 513
68, 061
67, 770
66, 732
67, 160
67, 510
68, 027
68, 965
70, 418
70, 473
70, 067
61, 035
61, 945
60, 890
62, 944
64, 708
65, Oil
67, 221
66, 385
65, 674
66, 005
64, 873
64, 396
62, 238
61, 988
62, 311
62, 907
64, 061
64, 981
65, 179
65, 367
6, 792
6, 555
6,495
6,718
6, 572
6, 222
7,772
6,823
6, 518
6,837
5, 817
5,385
4,998
4, 830
5,072
5,558
6,272
6, 900
6, 718
6, 621
54, 243
55, 390
54, 395
56, 225
58, 135
58, 789
59, 449
59, 562
59, 156
59, 168
59, 057
59, 012
57, 240
57, 158
57, 239
57, 349
57, 789
58, 081
58, 461
58, 746
1,932
1,870
3, 578
2,904
2, 822
2, 936
3,007
2, 609
2,552
2,508
3, 188
3,374
4,494
5,173
5, 198
5, 120
4, 904
5, 437
5, 294
4, 699
3. 1
2. 9
5.6
4. 4
4. 2
4. 3
4.3
3.8
3. 7
3.7
4.7
5.0
6.7
7.7
7. 7
7.5
7. 1
7. 7
7.5
6.7
See Monthly Peports on the Labor Force, Department of Commerce, for definitions, methods of estimation, periods to which data pertain, etc.
2 Weekly averages.
5. 1
4.8
4.3
4.5
4.7
4.9
5. 0
5.8
6. 7
7. 0
7.5
7. 2
6. 8
7. 3
7. 6
3
1,064
1,058
2,039
1, 388
1, 312
1,560
1,368
1,228
1,240
1,314
1, 623
2,256
3,065
3,375
3, 505
3,527
3, 184
2, 847
2, 717
2, 374
3
2.9
2. 8
5.2
3.4
3. 1
3. 5
3. 1
2.8
2. 8
3.0
3. 6
5. 1
6. 9
7. 6
7. 9
7. 9
7. 1
6.3
6. 0
5. 2
3
Preliminary estimate.
Sources: Department of Commerce, Department of Labor, and Council of
Economic Advisers.
11
NONAGRICULTURAL EMPLOYMENT
Employment in nonagricultural establishments rose by 100,000 (seasonally adjusted) in Ausust, led by increases
in manufacturing, trade, and government.
MILLIONS OF WAGE
AND SALARY WORKERS *
MILLIONS OF WAGE
AND SALARY WORKERS *
MANUFACTURING
ALL NONAGRICULTURAL ESTABLISHMENTS
DURABLE
j GOODS
/INDUSTRIES
NONDURABLE
GOODS
INDUSTRIES
I I I I I I I I I II
1956
1957
1955
1958
12.0
X
M M I I 1I M I
CONTRACT CONSTRUCTION
WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)
(ENLARGED SCALE)
1958
II.0
10.5
2.0
1955
* SEASONALLY ADJUSTED DATA
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers
Total
_
__
SO, 311
48, SOS
49, 681
48, 431
50, 056
51, 766
52, 162
30, 311
48, 303
49, 681
48, 431
50, 056
51, 766
52, 162
10, 078
16, 334
17, 238
15, 995
16, 563
16, 903
16, 782
4, 683
9, 340
10, 105
9, 122
9,549
9,835
9,821
1957: July_
August
September.
October
November,
December.
1958: January
February
March
April
Mav
t ^
June2
July 2
August
52, 229
52, 477
52, 692
52, 570
52, 316
52, 610
50, 477
49, 777
J-9, 690
49, 726
49, 949
50, 413
50, 202
50, 541
52, 464
52, 457
52, 224
52, 015
51, 758
51,516
51, 223
50, 575
50, 219
50, 054
50, 147
50, 315
50, 431
50, 529
16, 876
16, 826
16, 678
16, 604
16,455
16, 252
15, 965
15, 648
15, 389
15, 243
15, 202
15, 275
15, 319
15, 354
9,893
9,863
9,726
9,681
9,562
9,393
9, 155
8,895
8,717
8,566
8,498
8,556
8,601
8, 619
1939
1952
1953
1954
1955. _
1956. _
1957
GovernContract Wholesale
ment
Mining
construcand
retail
(Federal,
Nonduration
trade
State,
ble goods
local)
5, 394
845
6, 612
1, 150
3,995
6, 994
885
2, 634
10, 281
6,609
7, 133
852
2, 622
10, 527
6, 645
777
6,873
2,593
10, 520
6,751
7,014
777
2,759
6,914
10, 846
11, 221
807
7,068
2, 929
7,277
6,961
11, 302
809
7,626
2,808
M anuf acturing
Total,
unadjusted
Period
Total
Durable
goods
Other
7,632
11,563
11, 797
11,795
12, 197
12, 629
12, 835
Adjusted for seasonal variation
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force reported by the Department of Commerce (p. 11) which include proprietors, self-employed persons, and domestic servants; which count
12
6,983
6,963
6,952
6,923
6,893
6,859
6,810
6,753
6,672
6,677
6,704
6,719
6,718
6, 735
828
820
814
802
789
784
766
747
733
723
718
713
711
705
2,847
2,805
2, 782
2,763
2, 710
2,679
2,652
2,455
2, 573
2,624
2,698
2, 698
2,699
2,699
11,368
11,402
11,349
11,315
11, 290
11,237
11, 305
11,235
11, 116
11,050
11, 087
11, 105
11, 123
11, 171
7, 638
7,694
7,685
7,674
7,671
7, 747
7,754
7,766
7, 788
7, 816
7,835
7,877
7,900
7,935
12, 907
12, 910
12, 916
12, 857
12, 843
12, 817
12, 781
12, 724
12, 620
12, 598
12, 607
12, 647
12, 679
12, 665
persons as employed when they are not at work because of industrial disputes;
and which are based on an enumeration of population, whereas the estimates in
this table are based on reports from employing establishments.
2 Preliminary estimates.
NOTE.—Data beginning 1956 are the revised series.
Source: Department of Labor.
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek in manufacturing rose seasonally by 0.2 hours to 39.4 hours in August.
HOURS PER WEEK
46
HOURS PER WEEK
46
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
JJ I I I I I | I I I
LLI I I I I I I I I
I
RETAIL TRADE
BUILDING CONSTRUCTION
.LI II I I I I I I I
1955
1.1 I I I l i t MJ.
1955
I I II I I II II !
i n nInn i
1956
1957
jj 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i i i i M 1 1 1 1 1 1 1 n ! 1 1 M 1 1 n
SOURCE:DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Hours per week, for production workers or nonsupervisory employees]
Manufacturing •
Period
1939
1948
1949
1951
1952
1953 _
1954 ... _
1955
1956
___
1957
1957: Julv
AugustSeptember. _ _
October
November
December
1958: January _ _ _ _ _
February
March
At)ril
_
May
Jime
J u l y 2 _ _2_
August
« Data hep-inning with January 1948 are not strictly comparable with those for
earlier periods.
NOTE.—Data beginning 1956 are the icvised series..
31337°—58
3
Durable
goods
Total
37. 7
40. 1
39 2
40 7
40 7
40. 5
39. 7
40. 7
40. 4
39. 8
39 8
40. 0
39. 9
39. 5
39. 3
39. 4
38. 7
38. 4
38. 6
38. 3
38. 7
39. 2
39. 2
39. 4
Nondurable
goods
38 0
40 5
39 5
41 6
41 5
41 3
40 2
41 4
41 1
40 3
40 0
40 3
40 2
39. 8
39. 7
39. 7
38 9
38 6
39. 0
38. 8
39 1
39 6
39. 4
39. 7
37 4
39 6
38 8
39 5
39 6
39 5
39 0
39 8
39 5
39 1
39 4
39 5
39 6
39 0
38 8
39 0
38 3
38 1
38 1
37. 7
38 1
38 7
38 9
39 1
Building
construction
32
i 37
36
37
38
37
36
36
36
36
36
37
36
36
34
34
35
33
35
35
36
36
36
(3)
6
3
7
2
1
0
2
2
4
1
8
2
8
5
4
9
2
0
2
5
3
2
3
Retail
trade
42 7
40 3
AQ 4
(3)
40
39
39
39
39
38
38
38
38
38
37
37
38
37
37
37
37
37
38
38
2
9
2
1
0
6
1
6
6
1
6
5
3
8
8
8
8
8
2
7
2
3
Preliminary estimates.
Not available.
Source: Department of Labor.
13
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing were $2.12 in August, 1 cent below the previous
month and 5 cents above August 1957.
DOLLARS PER HOUR
DOLLARS PER HOUR
BUILDING CONSTRUCTION
CURRENT PRICES'
3.00
, i4_i i i i I i i i i i
r L I i i i 11 i i i
, 956
i i t i i It
i t i l
1957
I
l i l i i I t l t L.L
'
2 CO l^-1 ' ' ' I ' '•-' i i ' t t i l l i i i i i
1958
1955
1956
'
i i > i i ! i i i i i I t i t i
1957
'
'
1953
1.50
I go U-J ' ' I I I I I f I
1955
! II II I I i I II
I f II I II II M
1956
I I I I II
1.40
U~l t.l I 1 M M I
t M Ml
1955
1957
M.I I I
I I I I I I I I l-l I
1956
I i I I ' I M I I.JL
1958
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
All manufacturing
Period
Durable goods
manufacturing
Current
prices
1957
prices l
Current
prices
1957
prices l
Current
prices
1957
prices *
1939
_ «_ $0. 633
1948
1. 350
1949
__ ___ 1. 401
1951
1. 59
1952
1.67
1953
--_. _ __
1. 77
1954
__ __ __ 1. 81
1955
1. 88
1956
1. 98
1957
2. 07
1957: July_
2. 07
August
2.07
September
2. 08
October
2. 09
November
2. 11
December
2. 10
2. 11
1958: January
February..
2. 10
2. 11
March.
April _
2. 11
May
2. 12
June 3
2. 12
July 3
2. 13
August
2. 12
$1. 281
1. 579
1. 654
1. 72
1.77
1. 86
1. 90
1. 97
2. 05
2. 07
2. 06
2. 06
2. 07
2. 08
2. 08
2. 08
2. 07
2. 06
2. 06
2. 05
2.06
2. 06
2. 07
C4)
$0. 698
1. 410
1. 469
1. 67
1. 77
1.87
1. 92
2.01
2. 10
2. 20
2. 20
2. 21
2. 22
2. 23
2. 24
2. 24
2.24
2.24
2. 25
2. 25
2.26
2. 27
2. 28
2. 28
$1. 413
1. 649
1. 734
1. 81
1. 88
1. 96
2. 01
2. 11
2. 17
2.20
2. 19
2. 19
2. 20
2. 21
2.21
2. 21
2.20
2. 20
2. 19
2. 19
2. 20
2. 21
2. 21
(4)
$0. 582
1.278
1. 325
1. 48
1. 54
1. 61
1. 66
1. 71
1. 80
1. 88
1. 89
1. 88
1. 90
1. 90
1. 91
1. 92
1. 92
1. 92
1. 93
1. 94
1. 94
1. 94
1. 94
1.93
$1. 178
1. 495
1. 504
1. 60
1. 63
1. 69
1. 74
1. 79
1. 86
1.88
1.88
1.87
1. 89
1.89
1. 89
1. 90
1. 89
1.88
1. 88
1. 89
1. 89
1. 89
1.88
(4)
1
Earnings in current prices divided by consumer price index on a 1957 base.
* Data beginning with January 1948 are not strictly comparable with those for
earlier
periods.
3
Preliminary estimates.
14
Building
construction
Nondurable poods
manufacturing
Current
prices
$0. 932
1. 848
1. 935
2. 19
2. 31
2. 48
2. 60
2.66
2. 80
2. 96
2. 95
2. 97
3. 02
3. 02
3. 03
3. 05
3. 07
3. 08
3.06
3. 06
3.08
3. 06
3.08
(4)
2
Retail trade
1957
prices *
Current
prices
$1. 887
2. 161
2. 285
2. 37
2. 45
2. 61
2. 72
2. 79
2. 90
2. 96
2. 94
2.95
3, 00
3. 00
2. 99
3. 01
3. 02
3. 02
2. 98
2. 98
2.98
2. 97
2. 99
(4)
$0. 542
1. 088
1. 137
1.26
1. 32
1. 40
1. 45
1. 50
1. 57
1. 64
1.67
1.66
1. 67
1. 67
1. 66
1. 63
1. 68
1. 68
1. 67
1. 68
1. 69
1. 70
1. 71
(4)
2
* Not available.
NOTE.—Data beginning 1956 are the revised series.
Source: Department of Labor.
1957
prices *
$1. 097
1. 273
1. 342
1. 37
1. 40
1. 47
1. 52
1. 57
1. 62
1. 64
1. 66
1. 65
1. 66
1. 66
1. 64
1.61
1. 65
1. 65
1. 63
1. 64
1. 64
1. 65
1. 66
(4)
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing in August were about the same as in July and 73 cents above ihe year-ago
level.
DOLLARS PER WEEK
DOLLARS PER WEEK
100 |
115
DURABLE MANUFACTURING
BUILDING CONSTRUCTION
CURRENT PRICES^
/\
CURRENT
CURRENT PRICES
•L'K^
V
,JJ i i i I i i i i i
I I I I I I I I I U_.
NONDURABLE MANUFACTURING
CURRENT PRICESs^
RETAIL TRADE
CURRENT PRICES
V
50 UJ_LJ_L
-U I I I I I I I I I
I I I I II
I I I I I I I I III
IS55
1955
I I t I I I I I II I
1956
SOURCE: DEPARTMENT OF LABOR
Period
1939
1948
_
1949 _
_ _ _
1951
_
1952
1953
1954
1955
_ _ _
1950 __ __ _ _ _
1957
1957: Julv _
August
_ _
September
_ _
October _
November
_
December
1958: January
February
March
April
_ _
May
June.
July 3 ..3 _ _
August
M I M I I M I..U
1958
COUNCIL Or ECONOMIC ADVISERS
[For production workers or nonsupervisory employees!
Durable goods
Building
Nondurable goods
All manufacturing manufacturing
manufacturing
construction
Current
1957
1957 Current
Current
1957 Current
1957
prices
prices l
prices
prices 1 prices
prices l
prices
prices l
Current
prices
$23. 86
54. 14
54. 92
64. 71
67. 97
71. 69
71. 86
76. 52
79. 99
82. 39
82. 39
82. 80
82. 99
82. 56
82. 92
82. 74
81. 66
80. 64
81. 45
80. 81
82. 04
83. 10
83. 50
83.53
$23. 14
43. 85
45. 93
50. 65
52. 67
54. 88
56. 70
58. 50
60. 60
62. 48
64. 46
64. 08
63. 63
62. 79
62. 25
62. 43
63. 50
63. 50
63. 13
63. 50
63. 88
64. 94
66. 18
(4)
$48. 30
63. 32
64. 84
70. 11
72. 00
75. 30
75. 25
80. 29
82. 72
82. 39
81. 98
82. 22
82. 41
81. 99
81. 94
81. 76
80. 29
79. 14
79. 39
78. 69
79. 81
80. 76
80.99
(4)
$26. 50
57. 11
58. 03
69. 47
73. 46
77. 23
77. 18
83. 21
80. 31
88. 66
88. 00
89. 06
89. 24
88. 75
88. 93
88. 93
87. 14
86. 46
87. 75
87. 30
88. 37
89. 89
89. 83
90. 52
$53. 64
66. 80
68. 51
75. 27
77. 82
81. 12
80. 82
87. 31
89. 20
88. 66
87. 56
88. 44
88. 62
88. 13
87. 88
87. 88
85. 68
84. 85
85. 53
85. 00
85. 96
87. 36
87. 13
(4)
1
Earnings in current prices divided by consumer price index on a 1957 base.
2
Data beginning with January 1948 are net strictly comparable with those for
earlier
periods.
3
Preliminary estimates.
l
1957
$21. 78
50. 61
51. 41
58. 46
60. 98
63. 60
64. 74
68. 06
71. 10
73. 51
74. 47
74. 26
75. 24
74. 10
74. 11
74. 88
73. 54
73. 15
73. 53
73. 14
73. 91
75. 08
75. 47
75. 46
$44. 09
59. 19
60. 70
63. 34
64. 60
66. 81
67. 79
71. 42
73. 53
73. 51
74. 10
73. 74
74. 72
73. 58
73. 23
73. 99
72. 31
71. 79
71. 67
71. 22
71. 90
72. £6
73. 20
(4)
$30. 39
68. 85
70. 95
81. 47
88. 01
91. 76
94. 12
96. 29
101. 92
106. 86
108. 56
110. 48
111. 14
110. 23
104. 23
106. 45
108. 06
101. 64
107. 71
108. 63
111. 08
110. 77
111. 80
(4)
2
$61. 52
80. 53
83. 77
88. 27
93. 23
96. 39
98. 55
101. 04
105. 40
106. 86
108. 02
109. 71
110. 37
109. 46
102. 99
105. 19
106. 25
99. 74
104. 98
105. 77
108. 05
107. 65
108. 44
(4)
2
Retail trade
1957
prices 1
$46. 84
51. 29
54. 23
54. 88
55. 79
57. 65
59.37
61. 39
62. 67
62. 48
64. 14
63. 63
63. 19
62. 35
61. 51
61. 69
62. 44
62. 32
61. 53
61. 83
62. 14
63. 11
64. 19
(4)
* Not available.
NOTE.—Data beginning 1956 are the revised series.
Source: Department of Labor.
15
PRODUCTION
ACTIVITY
INDUSTRIAL PRODUCTION
The index of industrial production (seasonally adjusted) increased 3 points in August to 137 (1947-49=100).
The index has recovered about three-fifrhs of the 1957—58 decline.
INDEX, 1947-49 = 100
ISO
INDEX, !947-49 = IOO
180
160
1952
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1947-49 = 100, seasonally adjusted]
Total
industrial
production
"Pof-irkrl
1939
1948
1949__
1951
1952
1953
1954
1955
__
_
_ _
_ _ _ _ _
-__
_ _
___ __
_
i \j «?• r
1957: July
August
September
October
November
December
1958: January
February
M arch
April
Mav-Juno
July
__
Aim ust l
16
rrcllminury estimates.
_ _
58
104
97
120
124
134
125
139
143
143
145
145
144
142
139
135
133
130
128
126
128
132
134
137
Manufactures
Minerals
Total
57
103
97
121
125
136
127
140
144
145
147
147
146
143
141
137
135
131
129
128
130
134
137
139
Durable
49
104
95
128
136
153
137
155
159
160
162
163
160
156
154
146
142
137
135
131
134
139
141
144
Nondurable
66
102
99
114
114
118
116
126
129
130
131
132
131
130
128
127
127
125
124
125
126
129
132
134
Source: Board of Governors of the Federal Reserve System.
68
106
94
115
114
116
111
122
129
128
128
129
129
127
123
123
121
118
112
109
109
112
115
119
PRODUCTION OF SELECTED MANUFACTURES
Production of almost all major groups of durable and nondurable manufactures increased further in August.
INDEX, 1947-49 = 100, SEASONALLY ADJUSTED
INDEX, 1947-49 = 100, SEASONALLY ADJUSTED
220
120
1958
1955
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL Of ECONOMIC ADVISERS
[1947-49=100, seasonally adjusted]
Durable manufactures
Period
1939
1948
1949
1951
1952
1953
1954
1955 _ _
1956
1957
1957: July
August
September
October
November _
December _ _
1958: January
February
March
April
May _ _ _
June
July 1
August
1
2
Preliminary estimates.
Not available.
Nondurable manufactures
FabriTranspor- Lumber Textiles
Primary
cated Machin- tation
and
and
metal
metals
ery
equipprod- apparel
products
ucts
ment
54
107
90
126
116
132
108
140
138
131
134
136
131
128
121
107
100
95
91
86
91
103
102
107
52
104
93
122
121
136
123
134
135
139
141
140
139
137
141
135
129
124
122
118
120
125
129
128
38
104
93
130
147
160
142
155
171
168
173
172
170
164
163
156
151
144
141
137
137
141
144
150
47
102
102
135
154
189
175
203
199
213
216
216
212
208
203
194
191
185
183
178
182
185
185
185
80
106
93
113
111
118
115
127
123
114
113
116
112
109
107
103
110
108
109
105
110
114
119
(2)
80
103
97
106
105
107
100
109
108
105
107
106
106
104
101
97
97
97
95
98
99
102
108
112
ConPaper Chemical Foods, sumer
and and petro- bever- durable
leum ages, and goods
printing
products tobacco
6.6
103
101
118
118
125
125
137
145
148
146
149
149
149
149
146
146
144
142
143
143
146
149
151
49
103
100
132
133
142
142
159
167
172
174
175
174
173
171
169
168
164
163
164
165
168
173
175
65
100
100
105
106
107
106
109
112
112
113
112
113
111
110
113
114
114
113
113
114
116
116
116
102
101
114
105
127
116
147
131
130
132
135
134
129
128
119
113
110
104
97
105
111
114
114
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production continued to rise during August and early September,
rate dropped again because of model changeovers.
MILLIONS OF SHORT TONS (DAILY
MILLIONS OF TONS
The auto assembly
AVERAGE)
BITUMINOUS COAL
i 111111»1111111111111111111.111111111111111111
J
F
M
AM
J
J
A
S
ON
J
0
F
M
A
M
J
J
A
S
0
N
D
0
N
D
BILLIONS OF KILOWATT HOURS
ELECTRIC POWER
CARS AND TRUCKS
A
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Period
Weekly average:
1954 _
1955 ._
1956 ___
1957___ .
1957: July
August
September
October _ _
November
December
1958: January
February
March
April ..
May
June
Julv 3
August __
Week ended:
1958: August 9 _ . . _
16
23
30 3
Sept.
6 ___
13 33 _
20 ___
' « COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Steel produced 1
Cars and trucks
power
coal mined
loaded
produced assembled (thousands)
Index
Thousands
distributed (thousands (thousands
(thousands
of net (1947-49 = (millions of
of short
of cars)
Total
of tons)
Cars True ks
tons
100)
kilowatt-hours) tons) 2
1, 694
2, 245
2, 204
2, 162
2,016
2,084
2,098
2, 076
1,956
1, 679
1, 525
1,446
1, 412
1,290
1, 422
1,661
1, 453
1. 644
105. 4
139.7
137. 2
134.6
125. 5
129. 8
130. 6
129. 2
121. 8
104. 5
94. 9
90. 0
87.9
80.3
88.5
103.4
90. 4
102.4
8,883
10, 318
11, 292
11, 873
12, 009
12, 162
11, 828
11,721
11,904
12, 129
12, 247
12, 212
11, 764
11, 239
11,261
11, 872
12, 051
12, 579
1,303
1,542
1, 693
1, 635
1,632
1,594
1,698
1, 684
1, 551
1,480
1,450
1,310
1,228
1, 183
1, 139
1,419
1,327
1, 315
652
724
728
683
690
749
713
727
627
555
543
528
537
528
549
622
552
631
236
269
274
272
228
287
278
299
286
263
224
262
270
257
260
272
234
296
125. 6
176. 7
132. 8
138. 5
128. 7
139.5
84.3
91.7
157.9
146. 5
120. 9
116.3
103. 2
88. 8
96. 6
99.0
82. 8
53. 5
106.0
152. 7
111. 6
117. 6
108. 4
119. 5
70. 1
72.8
136. 3
126. 4
103.7
98. 0
86.2
71.9
79. 8
82.1
68. 4
42. 0
19. 7
24. 0
21. 2
20. 9
20. 3
19.9
14. 2
18. 9
21. 6
20. 1
17. 2
18.3
17.0
16.9
16. 8
16.9
14. 4
11. 5
1, 586
1, 632
1, 690
1, 715
1, 666
1, 780
4
1,797
98.7
101. 6
105.2
106. 8
103. 7
110.8
111. 9
12, 707
12, 851
12, 486
12, 272
12, 025
1, 328
1, 346
1, 380
1,382
1, 416
619
626
634
645
563
289
294
294
308
219
81. 1
72. 7
34. 8
25. 6
16. 5
4
31. 2
65.6
59. 7
25. 9
16.8
12. 0
24. 9
15. 4
13. 0
8. 9
8.8
4. 5
6. 3
3
Weekly capacities (net tons) as of January 1 are: 2,384,549 (1954), 2.413.278
(1955),
2,455,300 (1956), 2,559,631 (1957), and 2,699,320 (1958).
2
Daily
average for week.
3
Preliminary.
18
S
4
Not charted.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.
NEW CONSTRUCTION
The seasonally adjusted annual rate of private residential construction expenditures continued to rise during August,
while private nonresidential outlays dropped. Public construction expendiiures again increased somewhat.
BILLIONS OF DOLLARS
20
BILLIONS OF DOLLARS
20
PRIVA TE RESIDENTIAL
(NONFARM)
"s^
>g*<^^«»^«^
-—- ^
I..*-*"""**""
OTHER PR IVATE
"**
I M ii I1 I i ( ii
1952
1 1 I I 1 i 1 1 LJJ_
| | | ( i l i i i i i
1953
1954
**-**,*£
1 1 ! | | ! I 1 1 1 1
1 1 1 i t 1 1 1 1 I I
1 1 1 1 1 1 1 1 1 1 1
1956
1957
1955
SOURCES; DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
1 1 1 1 1 1 1 ! I 1 1 1
1958
.COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Period
1939
1952
1953
1954
1955
1956
1957
1957: July___
August
September
October
_
November _ __
December _ _
1958: January
February
March
April
__
_
May
June
Julv 4
August, .
_. _ _ _
_
_
Total new
construction
8. 2
34. 8
37. 1
39. 6
44. 6
46.3
4R. 5
Total
private
4. 4
23. 8
25. 7
27. 7
32. 6
33. 3
31. 1
47. 2
48. 4
48. 9
50. 0
49. 6
50. 5
49. 9
48. 9
48. 6
47. 5
47. 1
47. 6
48. 7
49. 4
33. 7
31. 2
31. 4
34. 9
35. 0
34. 7
34. 4
34. 0
33. 5
32. 8
32. 6
32. 9
33. 6
34. 3
1
Compiled by F. W. Dodge Corporation; seasonally adjusted by the. National
Bureau of Economic Research. Omits small contracts, and covers rural areas less
mlly
than urban.
2
Series begins January 1956. The 37 Eastern States data are probably indicative
of the 48 States trend for other periods.
3
Revised series beginning January 1950; not comparable with prior data.
Series discontinued beginning January 1958.
Private
Federal,
State, and
Residential
Other
local
(nonfarm)
3. 8
2. 7
1. 7
10. 9
12. 8
11.0
11. 4
13.8
11.9
11. 9
12. 3
15. 4
12. 0
13. 9
18. 7
13. 0
17.7
15. 6
17. 0
17. 1
14. 4
Seasonally adjusted annual rates
16. 6
13. 5
17. 1
14, 2
16. 9
17.3
17. 2
17. 3
14. 5
17. 4
17.5
15. 0
17. 7
17. 3
14 6
17. 5
17. 2
15. 8
17.3
17. 0
15. 5
17. 3
16.7
14.9
16. 8
16.7
15. 1
16. 6
14. 7
16. 2
14. 6
16. 0
16. 6
16. 4
14. 7
16. 5
17. 2
16. 5
15. 0
18. 1
16. 2
15. 2
Construction contracts 1
Eastern
3
48 States 2 37States
3. 6
16. 8
17.4
19. 8
23.7
3
31. 6
24. 6
32. 2
25. 3
31. 2
34. 5
28. 7
31. 3
33. 5
25. 3
31. 2
29.6
32. 1
30. 1
35.9
41. 8
38. 8
24. 7
28.0
23. 8
23. 5
26. 5
20. 3
(3)
* Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce, Department of Labor, and F. W. Dodge
Corporation (except as noted).
19
HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts (seasonally adjusted) rose slightly in August to} an annual rate of 1,170,000 units.
Aoolications for FHA commitments increased and VA appraisal requests were the same as in June-July.
MILLIONS OF UNITS
MILLIONS OF UNITS
0.5
1952
1953
1954
1955
1956
I/SEE FOOTNOTE 2 ON TABLE BELOW.SOURCES: DEPARTMENT OF LABOR, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA).
[Thousands of units]
New nonfarm housing starts
1957
1958
COUNCIL 'OF ECONOMIC ADVISERS
Proposed home construction
Private,
Requests
seasonally Applications
for VA
adjusted for FHA com2
appraisals
annual
mitments
rates
397. 7
(4)
251. 4
253. 7
535. 4
338. 6
620. 8
306. 2
401.5
197. 7
159. 4
198. 8
33. 1
(4)
21. 0
21. 1
33. 5
16. 5
13. 3
16.6
14. 0
18.4
1,015
14. 5
22. 3
1,056
8.9
1,012
20. 4
6. 4
20. 2
1, 020
3. 7
14. 7
1,009
3. 5
13. 6
1,000
5. 3
17.3
1, 02O
5. 3
915
20. 6
8. 4
25. 0
918
24. 8
31. 6
983
29. 2
34. 6
1, 039
5
28. 4
33. 4
1, 090
5
28. 5
31. 8
1, 160
28. 5
33. 6
1, 170
Privately financed
Government programs
Total
VA
Total i
FHA*
Annual total: 1950
486. 7 3 200. 0
1 398. 0
43. 8 1, 352. 2
686. 7
1953
252. 0
156. 5
35. 5 1, 068. 3
408. 6
1 103. 8
1954
18.7 1, 201. 7
276. 3
307. 0
1 220. 4
583. 3
392. 9
1955
19. 4 1, 309. 5
669. 6
276. 7
1 328. 9
1956
24. 2 1,093. 9
460. 0
189. 3
270. 7
1 118. 1
1957
1 041. 9
992. 8
296. 7
49. 1
168. 4
128. 3
112. 7
57. 2
Monthly average: 1950_
3. 6
40. 6
16. 7
116. 3
34. 0
21. 0
1953.
92. 0
3. 0
89. 0
13. 0
1956.
2. 0
22. 6
91. 2
38. 3
15. 8
93. 2
1957_
4. 1
82. 7
10.7
24.7
14. 0
86. 8
1957: July
3.9
93. 9
12. 3
97. 8
28.0
15. 7
August
3.2
17. 7
29. 3
11. 6
96.8
100. 0
September
90. 2
91. 9
1. 7
16. 4
11. 8
28. 2
October _
97. 0
88. 4
28. 4
9. 7
8. 6
18. 7
November _ _
21. 4
75. 7
6. 4
2. 5
15. 0
78. 2
December _
62. 5
14. 2
4. 6
.9
18. 9
63. 4
1958: January
__
5. 0
62. 9
17. 4
4. 1
13. 3
67. 9
February
2. 8
61. 0
14. 1
5. 1
11. 3
66. 1
March _
4. 1
77. 3
81. 4
19. 6
3. 1
16. 5
April.
22. 7
94. 2
27. 4
4. 8
4. 9
99. 1
M.«i,v__
7.
2
101.
3
26.0
6. 0
108.
5
32.0
5
5
5
.lime.
10. 5
115. 0
104. 5
36. 5
8. 5
28. 0
5
5
5
Julv
111. 0
3. 7
107. 3
29. 7
10. 6
40. 3
r>
Ati^usl.
119. 0
13. 2
10. 2
108. 8
43. 7
30. 5
5
tf: 2.S.T7 units in 195G, 10,539 units in 1957, and
Preliminary estimates.
i t h s of lUfiS.
NOTE.—Detail will not necessarily add to totals because of rounding.
Htrar.o applications for new home construction.
Sources: Department of Labor, Federal Housing Administration (FHA), and
Veterans Administration (VA).
Period
Total
Publicly
financed
SALES AND INVENTORIES—MANUFACTURING AND TRADE
Manufacturers1 sales and new orders (seasonally adjusted) continued to rise in July and the rate of inventory liquidation was reduced. Distributors1 sales rose slightly. In August, retail sales were up 1 percent, according to preliminary estimates/ department store sales again increased sharply.
BILLIONS OF DOLLARS, SEASON ALLY ADJUSTED
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
IQOr
TOTAL AND MANUFACTURING
20
10
nil M I I I ! I I I I I I I I I I I I I I I I I I I I I I I I I I M I I 1 I 11I I I I I I I f
iNDEXJ947-49 = IOO. SEASONALLY ADJUSTED
n t i i i i i I I i M i I I I ! i i I i i i i i I i i i i i I i i i i i I i i i i 1 1 i i i.i n
1955
I
1956
i
1957
1
1958
1958
MANUFACTURING, RETAIL TRADE, AND WHOLESALE TRADE.
SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Period
Manufacturing
and trade
Inventories 2
Sales i
Manufacturing
Sales
1
Wholesale
New
Inventories 2 orders 1
Sales i
Inventories 2
COUNCIL OF ECONOMIC ADVISERS
Retail
Sales i
Inventories 2
13. 0
13. 5
14. 1
14. 1
15. 3
15. 8
16. 7
16. 8
17. 0
17. 0
16. 9
16. 7
16. 6
16. 8
16.7
16. 1
16. 1
16. 5
16. 6
16. 6
16. 7
16. 9
21. 2
21. 6
22,7
22. 1
23.9
23.9
24. 5
24. 1
24. 1
24. 3
24. 4
24. 2
24. 3
24. 5
24. 5
24. 3
24. 1
23. 9
23. 9
24. 1
24. 0
Billions of dollars, seasonally adjusted
1951
1952 _
1953 _
1954
1955
195G
1957
1957: June
July
August
September
October
November, _ _
December. _
_ _
1958: January
February
March
Anril
_ __ _
M a y_ _
June
July 4 4
August
44. 7
45. 9
48. 4
47. 4
52. 3
54.8
56. 3
50. 4
57. 4
57. 0
56. 3
55. 7
54. 7
54. 5
53. 8
52. 1
51. 3
52. 1
52. 4
53. 2
54. 0
s
1
Monthly average for year and total for month.
2
Book value, end of period, seasonally adjusted.
3
73. 8
75. 4
78. 6
75. 5
81. 7
89. 1
90. 7
90. 7
91. 0
91. 3
91. 3
91. 1
91. 0
90. 7
90.0
89.3
88. 5
87. 6
86. 9
86. 4
85. 9
22. 3
22. 8
24. 5
23.5
26. 3
27. 7
28. 4
28. 1
29. 0
28. 6
28. 2
28. 1
27. 2
26.7
26. 4
25. 5
24. 9
24. 9
25. 2
25.7
26. 3
42. 8
43. 8
45. 4
43. 0
40. 4
52. 3
53. 5
53. 9
54. 1
54. 2
54. 2
54. 1
53. 9
53. 5
52. 9
52. 4
52. 0
51. 5
50. 9
50. 2
49. 8
Book value, end of period, except annual data, which are monthly averages.
24. 5
23. 6
23. 1
22. 5
27. 2
28.3
27. 3
27. 1
27. 3
27. 3
26. 6
26. 2
26. 0
25. 1
24. 4
24. 1
24. 8
24. 5
25. 0
25.8
26. 3
9. 4
9. 6
9. 8
9.7
10. 6
11. 3
11. 3
11. 4
11. 4
11. 4
11. 2
11. 0
10. 9
10. 9
10.7
10. 5
10. 3
10. 7
10. 7
10. 9
11. 0
9. 7
10. 0
10. 5
10. 4
11. 4
13.0
12. 7
12. 7
12. 7
12. 8
12. 8
12. 8
12. 8
12. 7
12.6
12. 5
12. 4
12. 2
12. 1
12. 1
12. 1
Department stores
Inventories 3
Index, 1947-49 = 100
seasonally adjusted
Sales i
112
114
118
118
128
135
136
138
138
144
136
129
133
138
130
124
131
130
134
133
140
148
131
121
131
128
136
148
152
153
155
153
154
155
154
150
147
146
142
143
144
148
148
4
Preliminary estimates.
Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.
21
MERCHANDISE EXPORTS AND IMPORTS
In the first 7 months of 1958, commercial exports (merchandise exports excluding grant-aid shipments) were 1 8 percent
lower than in the corresponding period of 1957. In the first 6 months, imports were 3 percent lower than a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
2.5
Z.5
2.0
MERCHANDISE EXPORTS
EXCLUDING GRANT-AID SHIPMENTS
I952
1958
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE7
[Millions of dollars]
Merchandise exports
Period
1936—38 monthly average
1949 monthly average
1951 monthly average
1952 monthly average
1953 monthly average .
1954 monthly average
_.
1955 monthly average
1956 monthly average
1957 monthly average
1957: June
July
August
Sept em her _ _ . _ _
October
November
December
1958: Januarv
__ _ .
February.
March
April
May.
June
Julv__
Total
__
_ _
247
1, 004
1,253
1,267
1,314
1,259
1,296
1, 591
1,734
1,786
1, 692
1,677
1, 540
1, 674
1, 683
1, 639
1, 511
1, 345
1, 557
1, 531
1, 638
1, 408
1, 419
Grant-aid
shipments l
(2)
(2)
1
Beginning with 1950, figures include only Department of Defense shipments
of grant-aid military supplies and equipment under the Mutual Security Program. Shipments for the first 6 months of the program (July-December 1950)
amounted to 282 million dollars.
22
89
166
293
188
105
146
113
134
187
141
103
74
87
95
109
100
114
122
131
99
129
Excluding
grant-aid
shipments
Merchandise
imports
(22)
()
1, 164
1, 100
1,022
1,071
1, 191
1,444
1,621
1,652
1, 505
1,536
1,437
1, 600
1, 596
1,543
1, 402
1,245
1,442
1, 409
1, 506
1, 309
1, 290
207
552
914
893
906
851
949
1,051
1,082
984
1, 146
1, 042
1,009
1, 148
1, 043
1, 141
1, 095
962
1,072
1,057
1, 063
1, 037
Excess of exports
over imports
Total
40
452
339
374
408
408
347
540
653
802
546
635
532
526
640
498
416
383
485
473
575
371
Excluding
grant-aid
shipments
(2)
(2)
250
207
116
220
242
393
540
668
359
494
428
452
553
402
307
284
371
352
444
273
2
Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Department of Defense.
PRICES
CONSUMER PRICES
UUJNJbUJyLt.K rKlUr-C)
The consumer price index rose slightly in July.
index were the main contributors to the rise.
Increases in the transportation and medical care components of the
INDEX, 1947-49*100
150
INDEX, 1947-49 = 100
150
140
140
no
100
100
9 O I J JJLLJ.J_1_LJ_J_JL.
O t t ' A M t M t N T Of
t AIH1M
1 Vriod
1939
_. _
1948
__ _
_ __
1949
_ _ _ _ _ _ _
1951
1952
_
_
1953. _
___
1954
1955
1956
1957
1957: June
July
_ _ _
August
_
__ _
September
October
November
December
__
1958: January
February
March.
April __
May
_
_ __ _ _
June
July
COUNCIL OF ECONOMIC ADVISERS
J lousing
All
items
Food
59. 4
102. 8
101.8
111.0
113.5
114. 4
114.8
114. 5
116. 2
120.2
120. 2
120. 8
121. 0
121. 1
121. 1
121. 6
121. 6
122.3
122. 5
123. 3
123. 5
123. 6
123. 7
123. 9
47. 1
104. 1
100.0
112. 6
114. 6
112. 8
112. 6
110.9
111.7
115.4
116. 2
117. 4
117. 9
117.0
116. 4
116. 0
116. 1
118. 2
118. 7
120. 8
121. 6
121. 6
121. 6
121. 7
Total 1
76. 1
101. 7
103. 3
112. 4
114. 6
117. 7
119. 1
120. 0
121. 7
125. 6
125.5
125. 5
125. 7
126. 3
126. 6
126.8
127. 0
127. 1
127. 3
127.5
127. 7
127. 8
127.8
127. 7
Rent
86. 6
100. 7
105. 0
113. 1
117.9
124. 1
128. 5
130.3
132. 7
135.2
135. 0
135. 2
135. 4
135. 7
136. 0
136.3
136. 7
136. 8
137. 0
137. 1
137. 3
137. 5
137. 7
137. 8
Apparel
Transportation
52. 5
103. 5
99. 4
106. 9
105. 8
104. 8
104. 3
103. 7
105. 5
106. 9
106. 6
106. 5
106. 6
107. 3
107. 7
107. 9
107. 6
106. 9
106. 8
106. 8
106. 7
106. 7
106.7
106. 7
70. 2
100. 9
108. 5
118.4
126. 2
129. 7
128. 0
126. 4
128. 7
136.0
135. 3
135. 8
135. 9
135. 9
135. 8
140.0
138. 9
138. 7
138. 5
138. 7
138. 3
138. 7
138. 9
140. 3
Medical Personal
care
care
72. 6
100. 9
104. 1
111. 1
117. 2
121. 3
125. 2
128. 0
132. 6
138.0
137. 9
138.4
138. 6
139.0
139. 7
140. 3
140. 8
141. 7
141. 9
142.3
142. 7
143. 7
143. 9
144. 6
59. 6
101. 3
101. 1
110. 5
111. 8
112. 8
113. 4
115. 3
120. 0
124. 4
124. 2
124. 7
124. 9
125. 1
126. 2
126. 7
127. 0
127. 8
128.0
128. 3
128. 5
128.5
128. 6
128. 9
Reading Other
and
goods
recreaand
tion
services
63. 0
100.4
104. 1
106.5
107. 0
108. 0
107.0
106. 6
108. 1
112. 2
111. 8
112. 4
112. 6
113. 3
113. 4
114. 4
114. 6
116. 6
116. 6
117. 0
117. 0
116. 6
116. 7
116. 6
70. 6
100. 5
103.4
109.7
115. 4
118.2
120. 1
120. 2
122.0
125.5
124. 6
126. 6
126. 7
126.7
126. 8
126.8
126. 8
127.0
127. 0
127. 2
127. 2
127. 2
127. 2
127.2
1
Includes, in addition to rent, homeowner costs, utilities, housefurnishings, etc.
Source: Department of Labor.
23
WHOLESALE PRICES
The average of prices in primary markets declined fractionally in August,
foods were lower, while industrial prices rose.
Prices for farm products and processed
OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIAL)
[1947-49 = 1001
1939
1948
._
1949
1951
1952
1953
1954
1955
1956
1957
1957: July___
August
September.
October
November
December
1958: January
February
March
April
May
June
July
August
Week ended :1
1958: September 2
9
1
_ __
_
__.
_ _
_
Weekly series based on smaller sample than monthly series.
Source: Department of Labor.
24
50 1
104 4
99 2
114 8
111 6
110 1
110 3
110 7
114 3
117 6
118 2
118 4
118 0
117 8
118 1
118. 5
118. 9
119. 0
119. 7
119 3
119. 5
119. 2
119 2
119. 1
36 5
107 3
92 8
113 4
107 0
97 0
95 6
89. 6
88 4
90 9
92 8
93. 0
91. 0
91. 5
91. 9
92. 6
93. 7
96. 1
100. 5
97. 7
98. 5
95. 6
95. 0
93. 2
43 3
106 1
95 7
111 4
108 8
104 6
105 3
101 7
101 7
105. 6
107. 2
106. 8
106. 5
105. 5
106. 5
107. 4
109. 5
109. 9
110. 7
111. 5
112. 9
113. 5
112. 7
111. 3
Other than
farm products
and foods
(industrial)
58 1
103 4
101. 3
115 9
113. 2
114. 0
114. 5
117. 0
122. 2
125. 6
125. 7
126. 0
126. 0
125. 8
125. 9
126. 1
126. 1
125. 7
125. 7
125. 5
125. 3
125. 3
125. 6
126. 1
118. 8
119. 0
92. 6
93. 4
110. 2
110. 8
126. 1
126. 0
All commodities
Period
Farm
products
Processed
foods
PRICES RECEIVED AND PAID BY FARMERS
In the month ended August 15, the index of prices received by farmers declined 3 points.
(parity index) declined 1 point and the parity ratio was unchanged.
The index of prices paid
INDEX, 1910-14 = 100
325
INDEX, 1910-14* 100
325
PRICES PAID, INTEREST, TAXES,
AND WAGE RATES
275
250
250
225
225
200 i i IJ I I I M I I I I I II I I I I M 1 I I I M I I I I I I I 1 I I I I I I I II 1 I I I M I I I I I I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I . 200
100
100
-^RATIO OF INDEX OF PRICES RECEIVED TO INDEX QF PRICES PAID, INTEREST, TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.
COUNCIL OF ECONOMIC ADVISERS
Prims •ecoivcd by farmers
Period
1939
_ _
1948
_
1949
.
1951 _ _ _ _ _ _
1952 _
1953 _
1954 _
1955___
1956 _
1957_
1957: July 15
August 15
September 15
October 15 _
_
November 1 5 _ _
__
December 1 5 _ _ _ _ _ _
1958: January 15
February 15
March 15
April 15
May 15
June 15
July 15
August 15
All farm
products
_ _
- _
_ __
___
_ _
95
287
250
302
288
258
249
236
235
242
246
247
245
241
242
243
247
252
263
264
264
255
254
251
Crops
82
255
224
265
268
242
242
236
240
233
237
232
227
225
223
219
224
229
245
252
246
232
228
225
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.
Prices paid by farmers
All items,
interest,
Family
Livestock taxes,
Producand
and
tion
living
wage
rates
products
items
items
(parity
index)
Index, 1910-14=100
121
107
120
123
260
250
251
315
272
238
243
251
282
336
268
273
274
271
306
287
272
279
270
253
274
252
255
281
236
281
273
249
230
278
249
285
249
258
296
286
254
287
257
295
261
287
295
257
260
296
287
258
255
296
286
258
258
289
260
298
263
299
289
263
264
267
289
301
302
290
265
273
280
304
293
269
271
306
293
275
294
280
271
306
305
270
275
293
277
305
293
270
304
291
269
275
Parity1
ratio
77
110
100
107
100
92
89
84
82
82
83
84
83
81
81
81
82
83
87
86
86
84
83
83
Source: Department of Agriculture.
25
CURRENCY, CREDIT, AND SECURITY MARKETS
CURRENCY AND DEPOSITS
The total of demand deposits and currency increased somewhat more than seasonally in July.
tinued to rise.
Time deposits conBILLIONS OF DOLLARS
240
IONS OF DOLLARS
200
1958
1.952
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
End of period
1951
,_
1952___ _
_ _ _ _ _
1953
_ _
1954
_.. _ _ _ _ _ _ _
1955
1956
1957
1957: July
___
August
September. _ _ _ _
October
November.
December5
_
1958: January _5 _
February
__
March5 5
April 5
Mav
_ _ _ _
June 55
July
_
Total
U.S.
deposits Government
and
curderency
posits 1
189. 9
200. 4
205. 7
214. 8
221. 0
226.4
232. 3
225.2
225. 0
225. 4
226. 9
227. 0
232. 3
227. 7
228. 0
230. 9
234. 4
234. 2
239. 6
237. 5
3. 9
5. 6
4. 8
5. 1
4.4
4. 5
4. 7
4. 2
4. 9
4. 5
3.9
3.8
4. 7
2. 9
4. 2
6.4
6.0
6. 1
10. 2
4. 8
[Billions of dollars]
Total excluding U. S. Government deposits 2
Demand deposits and
currency
Time
Total
de- 3
Demand Currency
posits
Total deposits outside
adjusted* banks
98.2
186. 0
61. 5
26. 3
124.5
194. 8
27. 5
101. 5
65. 8
129. 0
200. 9
102. 5
70.4
28. 1
130. 5
27. 9
209. 7
75. 3
108.
6
134. 4
216. 6
78. 4
138.2
109. 9
28. 3
222. 0
111. 4
82.2
139. 7
28. 3
227. 7
89. 1
110.3
28.3
138. 6
221. 0
86.7
106.6
134. 3
27. 8
87. 1
220. 0
105. 1
132. 9
27. 8
87. 7
220. 9
133. 3
105. 5
27.8
223. 0
88. 1
107.2
134. 9
27. 8
223. 3
87. 6
107. 2
135. 7
28. 5
227. 7
89. 1
110. 3
138. 6
28. 3
224. 8
89. 8
107.
6
135. 0
27. 3
223. 9
90. 9
105. 6
133. 0
27.4
224. 5
92. 5
104. 6
27.4
132.0
228. 4
93. 6
107. 2
134.8
27. 6
94. 6
228. 1
105. 8
133. 5
27. 8
229. 4
95. 9
105. 7
133. 5
27. 8
232. 7
96. 7
136. 0
108. 2
27. 8
1
Includes 17. S. Government deposits at Federal Reserve Banks and commercial
2 and savings banks, and TJ. S. Treasurer's time deposits, open account.
Includes
deposits and currency held by State and local governments.
3
Includes deposits in commercial banks, mutual savings banks, and Postal
Savings
System,
but excludes interbank deposits.
4
Includes demand deposits, other than interbank and TJ. S. Government, less
cash items in process of collection.
26
6
Demand deposits
and currency,
seasonally adjusted
Demand Currency
Total deposits outside
adjusted banks
136.0
134- 7
133.9
134. 2
134. o
133.2
132. 2
183. 1
134. o
135. 0
135. 5
135. 4
137. 6
108.0
106. 8
106. 2
106.5
105. 9
105. 1
104. 7
105.5
106. 4
107. 2
107. 6
107. 4
109. 6
28. 0
27.9
27. 7
27. 7
28. 1
28. 1
27.5
27. 6
27. 6
27. 8
27. 9
28. 0
28. 0
Preliminary estimates.
NOTE.—Monthly data are for the last Wednesday of the month, except the
unadjusted data for December 1957, which are for the last day of the month.
Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, AND RESERVES
Commercial bank loans dropped $1.5 billion in July, compared to $1.0 billion in July 1957. Excess reserves were
greater than borrowings again in August but by a smaller amount than in any month since January.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
1952
1
1953
1
1954
1955
1956
1957
1958
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
End of period
1949______
1951
1952
1953
1954
1955
1956
1957
1957: June
Julv
August ___ _ _ _
September
October
November
December
1958: January 4 4
February
March 4
April 44
May
June 44
July _ ___ __
Augus'. 4
Total loans
and investments
120. 2
132. 6
141. 6
145. 7
155. 9
160. 9
165.1
170. 1
165. 6
165.4
165. 9
166. 3
167. 9
167.3
170. 1
167. 7
168. 6
171.4
175.6
175. 4
179. 7
177. 6
[Billions of dollars]
All commercial banks
Investments
U. S. GovLoans
Other
Total
ernment
securities securities
77.2
43.0
67.0
10.2
57.7
74.9
61. 5
13.3
64.2
77.5
14. 1
63.3
67.6
78. 1
63.4
14.7
70. 6
69.0
85.3
16.3
82. 6
61. 6
78.3
16.7
90.3
74.8
58.6
16.3
93. 9
76. 2
58. 2
17.9
93.3
72.3
55. 5
16.8
73.0
92.3
56. 3
16. 8
92. 8
73.1
56. 2
16.9
72.9
93. 4
55. 9
17. 1
93.0
74.9
57.3
17.6
92. 9
74.3
56. 9
17.4
93. 9
76. 2
58. 2
17. 9
92. 0
75. 6
57.7
17.9
92. 1
76. 5
58.3
18.2
93. 0
78.4
59.6
18.9
82. 1
93. 5
62.8
19.3
82. 6
92.8
63. 2
19. 4
94. 9
84. 7
64. 7
20. 0
93. 4
84. 2
64. 3
19. 8
»Member banks include, besides all national banks, those State banks that
have taken membership in the Federal Reserve System.
2 Commercial, industrial, and agricultural loans; revised series beginning
January 1952 and again October 1955. Such loans by weekly reporting member
banks represent approximately 70 percent of business loans by all commercial
banks.
Weekly
reporting
memberl
banks
Business
loans 2
13. 9
21.6
23.4
23. 4
22.4
26. 7
31.3
32. 2
32.5
31. 7
32.0
32. 4
31.8
31. 5
32. 2
30.6
30.4
31.0
30.2
29. 8
30.4
29. 5
29. 9
All member banks * 3
BorrowReserve balances ings at
Federal
Required Excess Reserve
Banks
0.8
17.0
0. 1
18.5
.8
.3
.7
19.6
.8
.7
19.3
.8
18.5
.8
.1
18.3
.6
.6
18.4
.6
.8
18.5
.5
.8
18. 5
.5
1.0
18. 6
.5
.9
.5
18.3
1.0
18.4
.5
1.0
18. 6
.5
.8
18. 4
.5
.8
18.8
.6
.7
18.7
.6
.5
18.4
.6
.2
18. 1
.6
.1
17.8
.6
.1
17.6
.7
.1
18.0
.6
.1
18. 0
.7
.1
17. 9
.6
.3
3
Data are averages of daily figures on balances and borrowings during the
period.
4
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, consumer credit outstanding decreased about $100 million/ in July 1957 there was an increase of about
$175 million.
BILLIONS OF DOLLARS
50
BILLIONS OF DOLLARS
5O
2 Is*
1952
1953
1954
1957
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1958
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
End of period
1939
1948
19491951.
1952_
__ _
1953__
1954
1955
1956_
1957__
___ ._
1957: J u n e _ _ __
Julv
August
SeptemberOctober
NovemberDecember.
1958: January..
February.
March
April
Mav
June
July
Total
consumer
credit
outstanding
7,222
14, 398
17, 305
22, 617
27, 401
31, 243
32, 292
38, 670
42, 097
44, 776
42, 491
42, 668
43, 101
43, 270
43, 274
43, 530
44, 776
43, 966
43, 043
42, 562
42, 665
43, 027
43, 122
43, 026
Total
Automobile1
paper
4, 503
8, 996
11, 590
15, 294
19, 403
23, 005
23, 568
28, 958
31, 827
34, 105
32, 608
32, 968
33, 303
33, 415
33, 504
33, 596
34, 105
33, 737
33, 302
32, 983
32, 932
32, 957
33, 054
33, 133
1, 497
3,018
4, 555
5,972
7, 733
9, 835
9,809
13, 472
14, 459
15, 496
15, 127
15, 329
15, 490
15, 556
15, 579
15, 542
15, 496
15, 326
15, 122
14, 889
14, 788
14, 713
14, 691
14, 673
Other
Repair and
consumer moderni- Personal
goods
zation
loans
paper 1
loans 2
I , 620
2, 901
3, 706
4, 880
6, 174
6,779
6,751
7, 634
8, 510
8, 687
8, 165
8, 189
8, 229
8, 228
8,236
8, 300
8.687
8, 499
8,277
8, 192
8, 134
8, 176
8,203
8, 220
1
Includes all consumer credit extended for the purpose of purchasing automobiles
and other consumer goods and secured by the items purchased.
2
Includes only such loans held by financial institutions; those held by retail
outlets are included in "other consumer goods paper."
28
Non instalment credit
outstanding
Instalment credit outstanding
298
853
898
1,085
1,385
1, 610
1, 616
1 , 689
1,895
1,984
1, 905
1, 921
1,954
1,969
1, 988
1, 996
1,984
1,963
1,936
1,915
1,914
1, 933
1, 942
1, 952
3
1,088
2, 224
2,431
3, 357
4, 111
4, 781
5,392
6, 163
6, 963
7, 938
7, 411
7, 529
7,630
7, 662
7, 701
7, 758
7, 938
7,949
7, 967
7, 987
8,096
8, 135
8, 218
8, 288
Total
2, 719
5, 402
5,715
7,323
7, 998
8,238
8,724
9, 712
10, 270
10, 671
9,883
9, 700
9, 798
9,855
9, 770
9, 934
10, 671
10, 229
9, 741
9,579
9,733
10, 070
10, 068
9, 893
Charge
accounts
1, 414
2, 673
2, 795
3, 605
4, Oil
4, 124
4,308
4, 579
4,735
4,760
3, 948
3,886
3,925
3,942
3,991
4, 135
4,760
4, 264
3, 710
3,528
3,694
3, 956
3,949
3, 901
InstalInstalment
ment
credit excredit 3
3
tended
repaid
6, 872
15, 585
18, 108
23, 576
29, 514
31, 558
31, 051
39, 039
40, 063
42, 411
3,674
3, 837
3, 704
3,388
3, 545
3,439
4,069
3, 108
2, 754
3, 164
3, 345
3, 386
3,484
3, 494
Credit extended or repaid during the period.
Source: Board of Governors of the Federal Reserve System.
6,060
13, 284
15, 514
22, 985
25, 405
27, 956
30, 488
33, 649
37, 194
40, 133
3,224
3, 477
3, 369
3,276
3,456
3, 347
3, 560
3, 476
3, 189
3, 483
3,396
3, 361
3,387
3, 415
BOND YIELDS AND INTEREST RATES
Rates on Treasury bills and prime commercial paper rose sharply in August and early September,
and government bonds also rose.
Yields on corporate
PERCENT PER A N N U M
PERCENT PER ANNUM
1958
1952
SOURCES: SEE TABLE BELOW
COUNCIL OF ECONOMIC ADVISER1
Period
1951
1952
1953__.
1954_._
1955__.
1956
1957
1957: August
SeptemberOctober
November
December
_
1958 1 January
February _
March- _
. .
April. _ _ _
May _
June
_ _
Julv
August
Week ended:
1958: August
16
23_
30
September 6
13
20
1
2
__
[Percent per annum]
U. S. Government
High-grade
security yields
municipal
3-month
bonds
Taxabler
Treasury
(Standard
&
bonds
bills i
Poor's) 3
1. 552
2. 57
2. 00
1.766
2. 68
2. 19
1. 931
2. 94
2. 72
. 953
2. 55
2. 37
1. 753
2. 84
2. 53
2. 658
3. 08
2.93
3. 267
3. 47
3.60
3. 404
3.63
3. 91
3. 578
3.66
3. 90
3. 591
3. 73
3. 79
3. 337
3. 57
3.76
3. 102
3. 30
3. 47
2. 598
3. 24
3. 32
1. 562
3. 28
3. 37
1. 354
3. 25
3. 45
1. 126
3. 12
3. 31
1. 046
3. 14
3. 25
.881
3. 20
3. 26
. 962
3. 36
3. 45
1. 686
3. 60
3. 74
4
1.
1.
2.
2.
2.
2.
524
895
162
462
359
605
Rate on new issues within period.
First issued in 1941. Series includes: October 1941-March 1952, bonds due or
callable after 15 years; April 1952-March 1953, bonds due or callable after 12 years;
April 1953 to date, bonds due or callable 10 years and after.
4
3.
3.
3.
3.
3.
61
62
67
72
75
3.
3.
3.
3.
3.
68
76
88
95
98
Corporate bonds
(Moody's)
Aaa
4
Baa
2. 86
2. 96
3. 20
2. 90
3. 06
3. 36
3.89
4. 10
4. 12
4. 10
4.08
3.81
3. 60
3. 59
3. 63
3. 60
3.57
3. 57
3.67
3.85
3. 41
3. 52
3. 74
3. 51
3. 53
3. 88
4.71
4. 82
4. 93
4. 99
5. 09
5. 03
4. 83
4.66
4. 68
4. 67
4. 62
4. 55
4. 53
4. 67
3.
3.
3.
4.
4.
4.
4.
4,
4.
4,
83
89
94
03
07
66
71
74
80
85
Prime
commercial
paper,
4-6
months
2. 16
2. 33
2. 52
1. 58
2. 18
3. 31
3. 81
3. 98
4. 00
4. 10
4. 07
3. 81
3. 49
2. 63
2. 33
1. 90
1. 71
1. 54
1. 50
1. 96
4
1.
2.
2.
2.
2.
68
14
63
88
88
8
4
Weekly data are Wednesday figures.
Not charted.
Sources: Treasury Department and Board of (lovcnior:;
System (except as noted).
he Federal Reserve
29
STOCK PRICES
Stock prices continued to increase in August and early September.
The composite index almost equaled its 1957 high
INDEX, I939 = IOO
500
INDEX, 1939 = IOO
500
3OO
2OO
1952
1958
SOURCE: SECURITIES AND EXCHANGE COMMISSION
Composite
index 1
Period
Weekly average:
1948
1949 _
1951__ _ __ __
1952 _ _ _ _
1953
___ _
1954
1955
1956 .
1957__
1957: August
__
September
October
November
December
1958: Januarv
February
March.
April
May
June
July
August
Week ended:
1958: August
_
8
15 __
22 _ _ _
29
September 5 2
12
COUNCIL OF ECONOMIC ADVfSERS
__ _
___
[1939 = 1001
Manufacturing
TransDurable Nondura- portation
Total
goods
ble goods
Trade;
finance, Mining
and service
132. 7
127. 7
184. 9
195. 0
193.3
229. 8
304. 6
345. 0
331. 4
343. 2
327. 9
306. 4
301. 8
298. 5
304. 7
304, 0
310. 8
311. 9
322. 9
330. 6
339. 2
351. 7
136. 8
132. 1
206. 8
220. 2
220. 1
271. 3
374. 4
438. 6
422. 1
441. 2
419. 1
388. 2
381. 9
376. 1
381. 6
378. 1
388. 2
387. 4
401. 4
411. 7
423. 6
442. 0
124. 3
116. 0
178. 5
188. 8
192. 6
245. 2
352. 4
409. 8
391. 2
408. 1
385. 8
356. 9
350. 1
335. 6
346. 6
345. 8
351. 6
339. 8
353. 2
362. 2
376. 5
399. 4
148. 6
147. 2
233. 1
249. 3
245. 2
295. 2
394. 4
465. 1
450. 7
471. 6
449. 7
417. 0
411. 1
413. 2
413. 6
407. 7
421. 6
425. 7
438. 4
449. 6
458. 9
472. 9
158. 1
136. 0
199. 0
220. 6
218. 7
232. 6
320. 0
327. 1
275. 4
285. 5
263. 3
240. 9
227. 8
214. 7
230. 2
231. 3
230. 6
233. 1
249. 0
259. 2
268. 8
282. 6
99. 3
98. 1
112. 6
117. 9
121. 5
135. 8
152. 9
155. 8
156. 0
155. 2
152. 6
148. 8
149. 3
152. 3
157. 8
160. 5
161. 7
165. 7
168. 9
171. 3
173. 4
173. 9
156. 9
160. 7
207. 9
206. 0
207. 1
235. 6
296. 9
306. 3
277. 5
281. 6
277. 2
266. 5
262. 0
257. 9
269.7
277. 5
283. 4
285. 6
301. 0
305. 1
311. 9
324. 6
133. 0
129. 4
204, 9
275.7
240. 5
267. 0
312. 9
357. 5
342.4
353.9
334. 5
296. 9
284. 2
274. 5
272. 1
266. 8
283. 2
287. 0
300. 1
318. 9
330. 7
341. 1
354. 1
350. 0
351. 9
352, 3
353. 7
357. 6
446.
439.
441.
442.
443.
449.
401.
397.
399.
399.
401.
409.
478.
471.
472.
472.
473.
477.
285.
279.
284.
282.
282.
284.
173. 8
173. 2
173. 5
174. 0
175. 3
176. 0
320. 5
323. 0
331. 6
330. 6
334. 8
335. 2
346. 2
341. 4
341. 0
337. 4
341. 6
338. 1
1
9
9
2
8
6
1
Includes 265 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31 for trade,
finance, and service, and 14 for mining. Indexes are for weekly closing prices.
30
Utilities
2
6
0
6
7
9
8
6
0
5
9
9
6
6
0
2
4
6
7
Not charted.
Source: Securities and Exchange Commission.
FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
The budget deficit for the first 2 months of the current fiscal year was $5.0 billion. For the same period of last year,
the deficit amounted to $4.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET RECEIPTS
NET BUDGET EXPENDITURES
-
MAJOR NATIONAL SECURITY
- EXPENDITURES
FIRST MONTH
50
BUDGET SURPLUS (t) OR DEFICIT H
FIRST MONTH
(ENLARGED SCALE)
-5
-10
-15
1959
1956
1957
1953
1959
_
___
_ _
>
[Billions of dollars]
Net budget expenditures
Net
Major national security 1
Budget
budget
Department surplus ( + )
receipts
Total
or
of Defense
Total
deficit (-)
military
functions
43. 6
95. 1
76. 8
76. 1
-51. 4
74. 3
64. 8
-9. 4
51. 8
43. 6
64. 7
67. 8
47. 9
40.3
-3. 1
60. 4
64. 6
42. 1
-4. 2
35. 5
66. 5
68. 2
41. 8
35.8
4-1.6
44. 4
69. 4
+ 1.6
38. 4
71. 0
69. 1
-2. 8
45. 0
71. 9
39.0
67. 0
79. 2
46.8
-12. 2
40.8
6.
3
3.
2
3.7
-3. 3
3. 1
5.9
4. 0
5. 1
3. 5
-. 8
7.2
5. 7
3. 5
3. 0
4-1.6
6. 5
3. 7
3.2
3. 1
-3. 4
5. 8
3. 5
4. 8
3. 1
-1. 0
5. 8
6. 0
3. 8
3. 3
+. 1
6. 0
4. 8
3. 8
3. 1
-1. 2
5. 5
3. 6
6. 3
3. 2
+ .8
5. 7
9. 5
3. 7
3. 1
+ 3. 8
6. 1
3. 7
3. 2
-2. 6
3. 5
-. 9
4. 9
5. 8
3.7
3.2
6. 6
4. 3
+ 4.2
3. 9
10. 8
6. 6
2. 9
3. 8
3. 2
-3. 7
6. 2
3. 7
3. 2
-1. 4
4. 8
8. 2
7. 8
1
Includes military functions of Department of Defense, military assistance
and defense support portions of the mutual security programs, Atomic Energy
Commission,
and stockpiling and defense production expansion.
2
Includes guaranteed securities, except those held by the Treasury. Not all
of total shown is subject to statutory debt limitation.
1955
. COUNCIL OF ECONOMIC ADVISERS
Feriod
Kisonl vi'.'ir 1 •' I 1
I(1iscal year 1( 9f>3
Fiscal year J .). r >l
_
Fiscal year 1955
Fiscal year ] 956
Fiscal year 1957 :
Fiscal year 1 95S <
Fiscal 3year 1959 4
1957: Julv
_ _
August ._ _ _
September
October
November
December
1958: 3 January
.
_
_ _
February.
_ _
_
March..
_
_ _ _ _
__
April.. _
_
May
June
_ _
Julv
August
Cumulative totals for first 2 months:
Fiscal year 1958
Fiscal year 1959
1954
FISCAL YEARS
* ESTIMATED
SOURCES:TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
12. 3
12. 8
3
7. 7
7. 5
6. 7
6. 4
__4. i
-5. 0
Public
debt
(end of
period) 2
202. 6
266. 1
271. 3
274. 4
272. 8
270. 6
276.4
283. 1
272. 6
274. 0
274. 5
274. 2
274. 9
275. 0
274. 7
274. 8
272. 7
275. 2
275. 7
276. 4
275.9
278. 6
274. 0
278. 6
Preliminary. Cumulative totals for first 2 months, not charted
4 Estimate, "1959 Federal Budget Midyear Review," September 11, 1958.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
O1
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
According to preliminary estimates, Federal cash payments to the public in the fiscal year 1958 exceeded Federal
cash receipts by $1.5 billion. Current estimates for fiscal year 1959 indicate a cash deficit of $13.7 billion.
BILLIONS OF DOLLARS
BH.LIONS OF DOLLARS
£0
(ENLARGED S C A L E )
EXCESS OF CASH RECEIPTS
f§§$!
Ll'AVxi
1
•
EXCESS OF CASH PAYMENTS
1952
1954
1953
PRELIMINARY ESTIMATES.
1955
1956
CALENDAR YEARS
1957
1957^
1
1958""
COUNCIL OF ECONOMIC ADVISERS
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
[Millions of dollars]
Cash receipts
from the
public
Period
Fiscal year total:
1955
1956
1957 1
1958 2
1959
Calendar year total:
1954
_
1955
1956
19571
Quarterly total, not adjusted for seasonal variation:
1957: First quarter _.
._
Second quarterJ
Third quarter
Fourth quarter 1
1958: First quarter 1 l
Second quarter
_
_
67,
77,
82,
81,
80
Cash payments to
the public
Excess of receipts ( + ) or
payments ( — )
836
088
107
855
357
70, 538
72, 617
80, 008
83, 328
94 066
— 2 702
+ 4 471
+ 2, 099
- 1, 472
— 13 709
68, 589
71, 448
80, 330
84, 520
69, 661
72, 188
74, 807
83, 326
— 1 072
— 740
+ 5, 524
+ 1, 194
24, 617
24, 846
18, 653
16 404
23, 618
23, 180
19, 814
21, 574
21,099
20 839
19, 626
21, 764
-f-4 802
4-3 273
— 2 447
— 4 435
+ 3 992
+ 1.417
1
Preliminary.
2 Estimate, "1959 Federal Budget Midyear Review," September 11, 1958.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Bureau of the Budget and Treasury Department.
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