Full text of Economic Indicators : September 1959
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86th Congress, 1st Session Prepared for the Joint Economic Committee by the Council of Economic Advisers %f UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1959 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.) PAUL H. DOUGLAS, Illinois, Chairman WRIGHT PATMAN, Texas, Vice Chairman SENATE HOUSE OF REPRESENTATIVES JOHN SPARKMAN (Alabama) RICHARD BOLLING (Missouri) J. WILLIAM FULBRIGHT (Arkansas) HALE BOGGS (Louisiana) JOSEPH C. O'MAHONEY (Wyoming) HENRY S. REUSS (Wisconsin) JOHN F. KENNEDY (Massachusetts) FRANK M. COFFIN (Maine) PRESCOTT BUSH (Connecticut) THOMAS B. CURTIS (Missouri) JOHN MARSHALL BUTLER (Maryland) CLARENCE E. KILBURN (New York) JACOB K. JAVITS (New York) WILLIAM B. WIDNALL (New Jersey) RODERICK H. RILEY, Executive Director JOHN W. LEHMAN, Clerk COUNCIL OF ECONOMIC ADVISERS RAYMOND J. SAULNIER, Chairman KARL BRANDT HENRY C. WALLICH [PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION fS. 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. 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 1 2 3 4 5 6 7 R 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 NOTE.—Detail in these tables will not necessarily add to totals because of rounding. ill TOTAL OUTPUT, INCOME, AND SPENDING THE NATION'S INCOME, EXPENDITURE, AND SAVING Current estimates show a continued increase in total income and expenditures between the first and second quarters or 1959. [Billions of dollars | i n ." ' 1958 Year First quarter Second qual I. •: Excess of reEx- ceipts Re- pend(+) ceipts itures or expenditures (-) Economic group Second quarter Excess of reExRe- pend- ceipts (+) ceipts itures or expenditures (-) Excess of reExRe- pend- ceipts (+) ceipts itures or expenditures (-) ExRe- pendceipts itures "(+)' or expend- Excess r i? ~''~ Seasonally adjusted annual rates Consumers: Disposable personal income. 316. 5 Personal consumption ex293 0 penditures 290. 9 Excess of investment (— ) International: Foreign net transfers by Net exports of goods and 22. 0 54. 9 49. 4 0) 77. 5 -20. 4 1. 5 1. 3 1. 2 1 2 0) 1. 4 — 1. 8 —.9 .1 .i 24. 1 69. 8 -8. 4 -10. 9 Excess of transfers ( + ) or of net exports (— ) 23. 5 51. 3 1 3 311. 2 303. 9 42. 9 44. 0 Gross private domestic investment 335 3 327. 4 23. 5 Personal net saving ( + ) Business: 312. 9 3. 2 2. 4 Government (Federal, State, and local) : Tax and nontax receipts or accruals 114 9 Less: Transfers, interest, 32 9 112. 3 125. 2 (') 33. 5 33. 3 33. 5 82. 0 78. 8 91. 9 0) Total government expendi- 125 6 Purchases of 130. 7 131 2 33. 5 33. 3 33. 5 92 6 goods 124. 6 32 9 Less: Transfers, interest, and subsidies (net) 91. 1 97. 4 97. 7 Surplus ( + ) or deficit (— ) on income and product account_ Statistical discrepancy —2 1 GROSS NATIONAL PRODUCT.. 441. 7 441. 7 1 — 12. 3 — 107 -2. 1 434. 5 434. 5 Not available. NOTE.—For explanation and use of this arrangement, see Senate Report No. 1295, Joint Economic Report, pp. 92-93, 99-105, and Economic Report of the President, January 1953, Appendix A. -1. 5 1. 5 — 5. 5 .0 470. 2 470. 2 .0 0) (>) 484. 5 484. 5 Sources: Department of Commerce and Council of Economic Advisers. (') GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product rose $14 billion (seasonally adjusted annual rate) between the first and second quarters of 1959, ^according to current estimates. Increases occurred in all major components except net exports. BILLl ONS OF'DOLLARS BILLIONS OF DOLLARS 500 50O SEASONALLY ADJUSTED ANNUAL RATES ^ ^^^ 400 •*—^ —•*—/7" 40O ^-—l GR OSS NATIONAL P RODUCT ^"""^ __— - ^ ^ _ " ^ 1 sob" 3OO —- PERSONAL CO NSUMPT1ON EXPENDITU RES «. ^^•B 1 **** £00 ZOO - GOVERNME NT PURCHASES OF GOODS AND SERVICES 100 | 100 -.-. — .— «- —^_ -^ ^ • ~ ^^ GROSS PR1VAT ~. DOMESTIC INVES1 WENT O .0 '"NET EXPORTS OF GOODS' | AND SERVICE 1 1 1 1 1953 f^ 1 1 1954 1 1 1 1 ! 1 1956 1955 1 1 1 J957 I . I 1 1958 1949.. 1950 1951 1952 1953 1954 1955 1956 1957 1958 1 1 1959 COUNCIL Of ECONOMIC ADVISERS * SOURCE: DEPARTMENT OF COMMERCE Period \ [Billions of dollars] Total Personal Net Gross Total gross conexports national gross sump- private of goods product national tion domestic and in 1958 product expend- investservices ment prices * itures 323.8 258. 1 181. 2 33.0 3. 8 352. 2 284. 6 195. 0 .6 50. 0 378. 6 329. 0 209. 8 2. 4 56. 3 347.0 391. 6 219. 8 49. 9 1.3 365. 4 232. 6 408. 7 50. 3 —.4 402. 1 363. 1 238. 0 1. 0 48. 9 434. 9 397. 5 256. 9 1. 1 63. 8 419. 2 443. 6 269. 9 2. 9 67. 4 442. 5 452.0 284. 8 4. 9 66. 6 441. 7 441. 7 293. 0 54. 9 1. 2 Government purchases of goods and services Federal Total 40. 2 39. 0 60. 5 76. 0 82.8 75. 3 75. 6 79. 0 86. 2 92. 6 Total 2 22. 2 19. 3 38. 8 52. 9 58. 0 47. 5 45. 3 45. 7 49. 4 52. 2 National defense 3 State Other and local 13. 6 14.3 33. 9 46. 4 49. 3 41. 2 39. 1 40. 4 44. 3 44. 5 8. 9 5.2 5. 2 6.7 9. 0 6. 7 6.6 5.7 5. 5 8. 1 17. 9 19.7 21.7 23. 2 24. 9 27. 7 30.3 33. 2 36. 8 40. 5 44. 9 43. 9 44. 0. 44. 3 44. 5 45. 3 45.8 46. 2 5.3 5. 7 6. 6 7.5 8. 9 9. 4 8. 3 8.0 36. 9 38. 3 39. 2 39. 7 40. 8 42. 2 43. 6 43. 8 Seasonally adjusted annual rates 1957: Third quarter. Fourth quarter 1958: First quarter Second quarter Third quarter Fourth quarter 1959: First quarter Second quarter 1 Preliminary 3 454. 2 447. 2 433. 2 435. 4 444. 0 454. 8 465. 5 477. 8 447. 8 442. 3 431. 0 434. 5 444. 0 457. 1 470. 2 484. 5 288.2 288. 1 287.3 290. 9 294. 4 299. 1 303. 9 311. 2 estimates by Council of Economic Advisers. Less Government sales. ' These expenditures correspond closely with tne "major national security" 67. 9 63. 2 52. 4 51. 3 54. 2 61. 3 69. 8 77.5 * 5. 1 3. 5 2. 0 1.2 1. 6 .2 -.9 — 1. 8 86. 6 87. 4 89. 3 91. 1 93.8 96. 5 97.4 97. 7 49. 7 49. 1 50. 1 51. 3 53. 1 54 2 53. 8 53.9 category in The Budget o/ the United States Government /or the Fisal Year ng p. Ending June SO, 11159, shown on p. 31 of Economic Indicators. Source: Department of Commerce (except as noted). i NATIONAL INCOME Compensation of employees increased $9 billion (seasonally adjusted annual rate) in the second qu Business and professional income and net interest also increased but farm income dropped. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 300 ZOO 100 CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT 1953 I .1958 1954 1959 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE . [Billions of dollars] Total Period national income 1949 Compensation of employees ' Proprietors' income Farm Business and professional Rental income of persons Corporate profits and inventory valuation adjustment .Net interest Total Profits Inventory before valuation taxes adjustment 1957-. 1958— 217. 241. 279. 292. 305. 301. 330. 350. 366. 366. 7 9 3 2 6 8 2 8 5 2 140. 8 154.2 180. 3 195. 0 208. 8 207. 6 223. 9 242. 5 255. 5 256. 8 22. 7 12. 9 8.3 14. 0 9.0 23. 5 26. 0 9. 4 16. 3 26. 9 10. 2 15. 3 27.4 10. 5 13. 3 12. 7 27. 8 10. 9 11. 8 30. 4 10. 7 32. 1 11. 6 10. 9 32. 7 11. 8 11. 5 32. 4 14. 2 11. 8 Seasonally adjusted annual 4. 8 5. 5 6. 3 7. 1 8. 2 9. 1 10. 4 11. 7 13.3 14.3 rates 28. 2 35. 7 41.0 37.7 37. 3 33. 7 43. 1 42. 0 41. 7 36. 7 26.4 40. 6 42. 2 36.7 38.3 34. 1 44. 9 44 7 43. 3 37. 1 1. 9 — 5.0 -1.2 1.0 -1-0, —.3 -1.7 — 2. 7 -1.5 —. 4 1957: Third quarter .. .. Fourth quarter 1958: First quarter _ Second quarter Third quarter Fourth quarter 1959: First quarter Second quarter 371. 364. 355. 358. 369. 380. 389. (2) 1 3 8 9 5 4 4 258. 1 256. 0 252.5 253. 2 258. 5 262. 9 269. 9 278. 9 12.3 12. 1 14. 6 13. 9 14 2 14. 1 13. 2 12. 1 13. 5 13. 8 13. 9 14. 1 14 4 147 15. 1 15.4 42.7 38. 5 31. 5 33. 8 38. 0 43. 5 45. 5 (2) 44 0 39. 4 32. 0 33. 6 38. 3 44. 6 46. 5 (2) -1.3 —.9 —.4 .2 —.3 -1. 1 -.9 (2) 1950 1951-- 1952 1953 1954 1955 1956 . ' 1 Includes _._ . employer contributions for social insurance. (See also p. 4.) Not available. 32.9 32. 4 31. 6 32. 0 32. 6 33. 2 33. 7 34. 5 11.5 11.7 11. 7 11. 8 11.9 11. 9 12. 0 12. 0 Source: Department of Commerce. SOURCES OF PERSONAL INCOME Personal income declined $2.6 billion (seasonally adjusted annual rate) in August. Labor income also declined by the same amount reflecting the steel strike. Small increases in dividends, personal interest, and transfer payments were offset by a decline in farm proprietors' income. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL- RATES 400 400 TOTAL PERSONAL INCOME L 3OO 250 LABOR INCOME _»•« ZOO BUSINESS, PROFESSIONAL, AND RENTAL INCOME 50 •till I n i tun*0"* mH'-'ViH" ,,,,,,,',,,,,.,..M.i,, , DIVIDENDS AND PERSONAL INTEREST TRANSFER PAYMENTS^ , _ , _ , _ , _ , _ . . , 1953 1958 SOURCE: DEPARTMENT OF COMMERCE Period Total personal income 1951 1952 . 1953 1954 1955 1956.. 1957.. 1958. 1958: July August SeptemberOctober NovemberDecember. 1959: January-FebruaryMarch April May June July 4 August - _ FARM PROPRIETORS' INCOME 256. 7 273.1 288.3 289.8 310.2 332. 9 350. 6 359. 0 3 3 363. 5 362. 4 364. 2 364. 3 367. 5 366. 9 369. 0 371.0 375. 4 379. 0 381. 3 383. 8 384. 0 381.4 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Labor income Proprietors' income Less: Per(wage and Rental Personal Transfer sonal consalary distributions DivipayBusiness income dends interest bursements Farm of and pro- persons income ments for social and other insurfessional labor income) * ance 3.4 16. 3 26. 0 11.2 12. 6 175. 5 9.4 9.0 26. 9 12. 1 13.2 3. 8 190. 2 15. 3 10. 2 9. 0 204. 1 27.4 13.4 14. 3 3.9 13. 3 10. 5 9. 2 202. 5 12. 7 27. 8 14. 6 4. 6 10. 9 16. 2 9.8 5.2 30.4 218. 0 11. 8 15.8 10. 7 11. 2 17.5 32. 1 11. 6 235. 7 10. 9 12. 1 17. 5 18. 8 5. 8 32. 7 11. 8 21. 7 6.7 247. 7 19. 5 11. 5 12.5 14. 2 32. 4 20. 4 7.0 248. 7 12. 4 26. 1 11.8 Seasonally adjusted annual rates 3 252. 5 32. 4 14. 1 20. 4 26. 8 7. 2 11. 8 12. 6 3 32. 6 250. 6 14. 2 20. 5 27. 2 7.1 11. 9 12. 6 7. 1 14. 3 32. 8 20. 6 27. 3 251. 8 11. 9 12. 6 14. 2 33. 2 -7.1 20. 7 251. 4 11. 9 12. 6 27.4 14. 1 33. 1 26. 6 7.1 255. 5 11. 9 12. 6 20.8 14. 2 33. 4 7. 1 21.0 256.4 11. 9 26. 3 10. 8 33. 5 21. 1 26. 1 8. 1 258.3 13. 5 12. 0 12. 7 33. 7 26. 4 259. 8 12. 0 8. 1 12. 8 21.3 13. 2 8.2 12. 9 34. 0 21. 6 26. 6 263. 8 12.0 12. 8 267. 2 12. 2 34. 3 21. 8 26.9 8. 3 12.0 12. 9 269.7 12. 0 34. 5 22.0 26. 4 8.3 12.0 13.0 8.4 271. 7 12. 1 34.7 22. 2 26.4 12.0 13. 1 8.4 271. 6 34. 9 22. 4 11.9 12.0 13.2 26.3 11.2 34. 9 22. 6 8. 4 269.0 12. 0 26. 6 13. 4 1 Compensation of employees (see p. 3) excluding employer contributions for social insurance and the excess of wage accruals over disbursements. 3 Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. 1959 Nonagricultural personal income 3 237. 0 254. 3 271. 5 273. 8 295.0 317.9 335. 2 341. 1 3 3 345. 7 344. 5 346. 1 346. 3 349. 6 348. 8 351. 6 353. 8 358. 5 362. 7 365.3 367. 8 368.3 366. 4 3 Includes lump-sum retroactive salary payments to Federal employees. At seasonally adjusted annual rates, these amounted to $0.2 billion in June, $3.6 billion in July, and $0.2 billion in August. 4 Preliminary estimates. Source: Department of Commerce. DISPOSITION OF PERSONAL INCOME Disposable personal income rose almost $8 billion (seasonally adjusted annual rate) between the firs' and second quarters of 1959. Total consumption expenditures rose about $71/2 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS .350 I953 I954 COUNCIL OF ECONOMIC ADVISERS ~ SOURCE: DEPARTMENT OF COMMERCE. Equals: Personal Less: Disposincome Personal able taxes ' persona! income Period 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 . . __ _-_ _ _. ..- _ 1957: Third quarter^Fourth quarter . 1958' First quarter Second quarter. _ _ _ Third quarter Fourth quarter 1959: First quarter __ _ _ Second Quarter. 208. 3 228. 5 256. 7 273. 1 288. 3 289. 8 310. 2 332. 9 350. 6 359. 0 18. 7 20. 8 29. 2 34. 4 35. 8 32. 9 35. 7 40. 0 42. 7 42. 6 354. 5 352. 8 352. 2 355. 0 363. 4 366. 3 371. 8 381. 1 43. 1 42. 9 41. 9 42. 1 42. 9 43. 4 44. 4 45. 8 i Includes such items as fines, penalties, and donations. 46352°—59- Less: Personal consumption expenditures Total Saving Equals: as per 3nt Personal of disDurable Nonsaving posable goods durable Services income goods Billions of dollars 189. 7 181. 2 24. 6 207. 7 30. 4 195. 0 227. 5 29. 5 209. 8 29. 1 238. 7 219. 8 252. 5 232. 6 32. 9 32. 4 256. 9 238. 0 274. 4 256. 9 39. 6 292. 9 38. 5 269. 9 307. 9 40. 3 284. 8 316. 5 37. 6 293. 0 Seasonally adjusted annual 311. 5 40. 9 288. 2 309. 9 39. 7 . 288. 1 36. 9 310. 3 287. 3 36. 7 312. 9 290. 9 37. 1 320. 4 294. 4 299. 1 39. 8 322. 9 41. 3 327.4 303. 9 335. 3 311. 2 44. 1 96. 6 99. 8 110. 1 115. 1 118. 0 119. 3 124. 8 131. 4 137. 7 141. 9 rates 139. 7 139. 0 139.5 141. 5 143. 1 143. 6 145. 3 147. 7 Source; Department of Commerce. 60. 0 64. 9 70. 2 75. 6 81. 8 86. 3 92. 5 100. 0 106. 7 113. 4 8. 5 12. 6 17.7 18. 9 19. 8 18. 9 17. 5 23. 0 23. 1 23. 5 45 6. 1 7.8 7.9 7.9 7.3 6. 4 7. 9 7.5 7. 4 107. 6 109. 4 111. 0 112. 7 114. 2 115. 7 117. 4 119. 4 23.3 21. 8 22. 9 22. 0 26. 0 23. 7 23. 5 24. 1 7. 5 7.0 7.4 7. 0 8. 1 7.3 7. 2 7. 2 PER CAPITA DISPOSABLE INCOME Per capita disposable income, measured in both current and constant prices, increased in the second quarter of 1959. DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 2,000 2,000 1,800 1,800 ^CURRENT PRICES 1,600 1,400 1,400 1,200 1,200 r,,, 1953 1 1 1954 1 1 1 1 1955 I 1 1 1956 1 I 1 1957 1 , 1 1 1958 •^SEE FOOTNOTE 2 ON TABLE BELOW. SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS, , , 1959 COUNCIL OF ECONOMIC ADVISERS Total disposable personal Per capita disposable perincome (billions of dollars) ' sonal income (dollars) ' Period Current prices 1949 1950 1951 „_ 1952 1953 „ 1954 1955 1956 ._. 1957 1958 .. 1958 prices 2 189. 7 207. 7 227. 5 238. 7 252. 5 256. 9 274. 4 292. 9 307. 9 316. 5 230. 2 249. 6 253. 0 259. 8 272. 7 276. 2 296. 1 311. 3 316. 4 316. 5 Current prices 1,271 1,369 1,474 1,520 1,582 1, 582 1, 661 1,742 1,798 1, 818 1958 prices 2 Population (thousands) 3 1,542 1, 645 1,640 1,654 1,708 1,701 1,792 1,851 1, 848 1,818 149, 188 151, 683 154, 360 157, 028 159, 636 162, 417 165, 270 168, 176 171, 196 174, 064 1,852 1,829 1,804 1, 799 1,833 1, 838 1,855 1,888 171, 612 172, 393 173, 054 173, 705 174, 460 175, 253 176, 104 176, 778 Seasonally adjusted annual rates 1957: Third quarter Fourth quarter 1958: First quarter Second quarter Third quarter Fourth quarter 1959: First quarter Second quarter _. 1 income less taxes. * Dollar estimates in current prices divided by consumer price index on a 1958 base. 'Includes armed forces overseas and, beginning February 1959, Alaska. 311. 5 309. 9 310. 3 312. 9 320. 4 322. 9 327. 4 335. 3 317. 9 315. 3 312. 2 312. 6 319. 8 322. 3 326. 7 333. 6 1,815 1, 798 1, 793 1,801 1,837 1,842 1,859 1,897 Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures. Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers. FARM INCOME Farm operators' net income (including net change in inventories and seasonally adjusted) was lower in the second quarter of 1959 than in the first quarter, but remained above 1955—57 levels. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 20 URM INCOME NET CHANGE /-^_ \ _„., "--v. ^ 10 1 1954 I953 1955 1 1 1 J/INCOME OF FARM OPERATORS FROM FARMING. SOURCE: DEPARTMENT OF AGRICULTURE. Realized gross farm income ' Period 1949 1950 _._ ._ 1951 ... 1952 1953 1954 1955 1956 1957 . ----- 1958 1957- Third quarter . Fourth quarter 1958- First quarter _ Second quarter Third quarter Fourth quarter 1959* First quarter Second quarter - 31. 8 32. 5 37. 3 37. 0 35. 3 33. 9 33.3 34. 6 34. 4 38. 3 34.7 34. 6 38.3 38. 0 38. 4 38. 5 38. 2 37. 3 I I I 1957 1 1 1 1958 I 1 1 0 1959 COUNCIL OF ECONOMIC' ADVISERS Farm operators' income Net income 2 Net income per farm including net change in Including Farm proExcluding inventories duction net change net change 1958 expenses in invenin invenCurrent prices prices 3 tories tories Dollars Billions of dollars 12. 9 2,658 2, 259 18. 0 13. 8 2, 883 14. 0 13.2 2, 479 19. 3 3, 173 22. 2 16. 3 2,951 15. 2 2, 829 3,010 15. 3 22. 6 14. 4 2, 502 2, 662 13. 3 13. 9 21. 4 12. 7 2,596 2,440 21. 7 12. 2 2,461 21. 9 11. 8 2, 313 11. 5 2,461 11. 6 2, 338 22,6 12. 0 2,476 11.8 2,426 23. 4 11. 0 14. 2 2, 990 2,990 25. 2 13. 1 Seasonally adjusted annual rates 12. 3 2,560 2, 530 23. 3 11. 4 2, 520 23. 6 12. 1 2, 490 11. 0 24. 9 13.4 14. 6 3, 070 3,070 2,930 25. 2 12. 8 13. 9 2, 930 25. 2 14. 2 2, 990 2,990 13. 2 14. 1 2,970 25. 3 13. 2 2,970 13. 2 25. 7 12. 5 2, 840 2,840 12. 1 25. 8 2, 600 11. 5 2,600 1 Cash receipts from farm marketings, value of farm products consumed in farm households, gross rental value of farm dwellings, and Government payments to 5farmers. Healized gross farm income less farm production expenses. Excludes farm wages paid to workers living on farms and any income to farm people from nonfarm sources, which in 1958 amounted to $1.8 billion and $6.2 billion, respectively. 1 1956 Number of farms (millions) * 5.7 5. 6 5. 5 5. 4 5. 3 5. 2 5. 1 5. 0 4. 9 4. 7 4. 9 4.9 4.7 4.7 4.7 4.7 4. 6 4. 6 3 Dollar estimates in current prices divided by the index of prices paid by farmers for items used in family living on a 1958 base. * The number of farms is held constant within a given year. Source: Department of Agriculture. CORPORATE PROFITS Corporate profits before taxes in t'ne first quarter of 1959 are estimated at-$46.5 billion (seasonally adjusted annual rate). BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1959 ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT. COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE. I Billions of dollars] Period 1949 1950 ... . 1951 . 1952 .. . 1953 1954 1955 1956 1957. 1958__. . Corporate profits before taxes 26. 4 40. 6 42. 2 36. 7 38. 3 34. 1 44. 9 44. 7 43. 3 37. 1 . .. Corporate tax liability Corporate profits after taxes Total 10. 4 17.9 22. 4 19. 5 20. 2 17. 2 21. 8 21. 2 •21. 1 18. 2 16. 0 22. 8 19.7 17. 2 18. 1 16. 8 23. 0 23. 5 22. 2 18. 9 Dividend payments Undistributed profits 7.5 9. 2 9. 0 9. 0 9. 2 9. 8 11. 2 12. 1 12. 5 12.4 8.5 13. 6 10. 7 8.3 8. 9 7.0 11. 8 11.3 9.7 6.5 Seasonally adjusted annual rates 1957: Third quarter .. Fourth quarter 1958: First quarter Second quarter Third quarter Fourth quarter 1959: First quarter Second quarter 1 (') Not available. NOTE.—See p. 3 for profits before taxes and after inventory valuation adjustment. 8 21. 4 19. 2 15. 7 16. 5 18. 8 21. 9 22. 6 44. 0 39. 4 32. 0 33. 6 38. 3 44. 6 46. 5 (') 22. 5 20. 2 16. 3 17. 1 19. 5 22. 7 (') 23.8 Source: Department of Commerce. 12. 8 12. 2 12. 7 12. 6 12. 6 12.0 12. 8 13. 0 0) 9.7 8.0 3.6 4. 5 6. 9 10. 7 11.0 GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment rose about $7^/2 billion (seasonally adjusted annual rate) between the first and second l quarters of 1959. Inventory accumulation and producers' durable equipment accounted for most of the residential construction also contributed. BILLIONS OF DOLLms BIL LIONS OF DOLLARS 80 BO SEASONALLY ADJUSTED ANNUAL RATES - /^^ 60 / \ / SO /\.6ROSS PRIVAT DOMESTIC INVEST WENT - ~ ° ^ " * " " * * \ 40 ^ 40 NEW CONSTRUC -.--* ODUCERS' EQUIPMENT •si,,,M...i DURAB LE - . ' •''""'"•HimiiNiii"*"1"""" 1 ,„„..••"•"" 20 _# CHANGE IN BUS NESS __ S *\ ?* '*+ 0 I -20 ! 0 ! I 1953 1 1 ! 1954 1 1 1 1 1956 1955 1 1 I I ! , i cou^ CIL SOURCE: DEPARTMENT OF COMMERCE. i f -20 1959 1958 1957 OF' ECONOMIC ADVISERS [Billions of dollars] Total gross private domestic investment Period 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 - _ ___ 1957: Third quarter Fourth quarter 1958' First quarter Second quarter Third quarter Fourth quarter 1959: First quarter Second quarter 1 Total 33. 0 50. 0 56. 3 49. 9 50. 3 48. 9 63. 8 67. 4 66. 6 54. 9 _ _ _ _ _ __ -__ _ 36. 0 43. 2 46. 1 46. 8 49. 9 50. 5 58. 1 62. 7 64. 6 58. 7 67. 9 63. 2 52. 4 51. 3 54. 2 61. 3 69. 8 65. 2 63. 8 59. 3 57. 2 57. 6 60. 5 63. 6 67. 0 77.5 New construction ' Producers' durable ResidenOther equipTotal tial ment nonfarm 9. 2 9. 6 17. 2 18. 8 14. 1 10. 1 24. 2 18. 9 12. 5 12. 3 21. 3 24. 8 12. 8 12. 7 21. 3 25. 5 13. 8 13. 8 22. 3 27. 6 14. 3 29. 7 15. 4 20. 8 34. 9 18. 7 16. 2 23. 1 17. 8 35. 5 17. 7 27. 2 17. 0 36. 1 19. 0 28. 5 18. 0 17. 7 22. 9 35. 8 Seasonally adjusted annual rates 36. 2 36. 1 35. 5 34. 6 35. 4 37. 3 39. 7 41. 0 "Other" construction in thi? series includes petroleum and natural gas well drilling, which are excluded from estimates on p. 19. Change in business inventories Fixed investment 17. 0 17. 1 17. 1 16. 9 18. 0 19. 9 21. 9 23. 1 19. 3 19.0 18. 4 17. 7 17. 4 17. 4 17. 8 17. 9 Total 29. 0 27. 7 23. 8 22. 6 22. 2 23. 2 23. 9 26. 0 Source: Department of Commerce. Nonfarm -3. 1 6. 8 10. 2 3. 1 .4 -1. 6 5. 8 4.7 2. 0 -3. 8 — 2. 2 6. 0 9. 1 2. 1 1. 1 -2. 1 5. 5 5. 1 1. 2 — 4. 9 2. 7 -. 6 -6. 9 -5.8 -3.4 .8 6. 1 10. 4 1. 7 -1.7 -8. 1 -7. 0 -4. 5 1 5. 4 9.8 EXPENDITURES FOR NEW PLANT AND EQUIPMENT The July-August survey of business expenditures on plant and equipment indicates rising outlays in the third and fourth quarters of 1959. Expenditures for the year 1959 have been raised above earlier anticipations, and are now expected to be 9 percent above actual outlays in 1958. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES COMMERCIAL AND OTHER s v UTILITIESv TRANSPORTATION 1953 1955 1954 1956 1957 1958 1959 SEE NOTE 3 ON TABLE BELOW. COUNCIL OF ECONOMIC ADVISERS SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE. [Billions of dollars] Transportation Manufacturing Period Total > 1949 1950 1951 1952_ 1953 1954 1955 1956 1957 1958 1959 3 - 1958: First quarter _. Second quarter Third quarter Fourth quarter 1959: First quarter Second quarter Third quarter 3 3 Fourth quarter 1 Excludes 1 - Mining Total 19. 28 20. 60 25. 64 26. 49 28. 32 26. 83 28.70 35. 08 36. 96 30. 53 33.26 7. 15 7. 49 10. 85 11.63 11. 91 11. 04 11. 44 14. 95 15. 96 11. 43 12.44 32. 41 30. 32 29. 61 29. 97 30. 62 32. 51 34. 29 35. 34 13. 20 11. 53 10. 86 10. 58 11. 20 11. 80 12. 81 13. 72 Durable NonduraKailroads Other goods ble goods 4. 56 . 89 2. 59 1. 35 .79 1. 21 3. 14 1. 11 4. 36 .71 1. 49 5. 17 1. 47 5. 68 . 93 6. 02 5. 61 1. 40 1. 50 . 98 1. 56 5. 65 1. 31 6. 26 . 99 5. 09 5. 95 .98 . 85 1. 51 .92 1. 60 5. 44 6.00 . 96 1.23 1. 71 7. 62 7. 33 1. 24 8.02 7. 94 1. 40 1.77 1. 24 5.47 5. 96 . 94 1. 50 . 75 2.02 6. 02 6. 42 1. 00 1.03 Seasonally adjusted annual rates 6. 58 6. 62 1. 69 1. 02 1. 00 5. 96 .92 5. 57 .77 1. 40 5. 16 5. 70 . 88 . 63 1. 29 4.86 5. 72 . 97 . 58 1. 62 5. 26 5. 94 . 95 . 63 1. 71 5. 74 6. 06 . 94 1.00 2.08 6. 28 6. 53 1. 41 2. 19 1. 04 6. 65 7.07 1. 12 2. 12 1. 06 agriculture. Commercial and other includes trade, service, finance, communications, and construction. *Estimates based on anticipated capital expenditures as reported by business in late July and August 1959. Includes adjustments, when necessary, for systematic tendencies in anticipatory data. NOTE.—Annual total is the sum of unadjusted expenditures; it does not neces- 10 Public utilities Commercial and other 2 3. 12 3. 31 3. 66 3. 89 4. 55 4. 22 4. 31 4, 90 6. 20 6. 09 5. 84 5. 98 6. 78 7. 24 7. 09 8. 00 8. 23 9. 47 11. 05 10. 40 9. 81 10. 92 5. 87 5. 97 6. 10 6.26 5. 80 5. 82 5. 80 5. 93 9. 63 9. 73 9. 85 9.96 10. 33 10. 87 11. 04 11. 39 sarily coincide with the average of seasonally adjusted figures. charged to current expense. Sources: Securities and Exchange Commission and Department of Commerce. EMPLOYMENT, UNEMPLOYMENT, AND WAG^ STATUS OF THE LABOR FORCE Although civilian employment dropped by 350,000 to 67.2 million in August, it was at a record For the month sonal cutbacks in farm employment accounted For most of the drop. Unemployment declined by 300,000, so less than expected For this time of the year. Sea- MILLIONS OF PERSONS-!/ MILLIONS OF PERSONS 1 TOTAL LABOR FORCE AGRICULTURAL EMPLOYMENT \, 1953 1956 1955 1954 1957 Period New definitions; a 1952 1953 1954... .__ 1955. _ 1956 1957_. 1958 1958: July August September October November December 1959: January. _ February March April May June__ _July. . .August 1 COUNCIL OF ECONOMIC ADVISERS Total Civilian employment * Insured unemployment2 Unemployment ' labor State pro% of civilian All proforce (in- Civilian labor Agricul- Nonagri- Number labor force grams grams as cluding Total force ' tural cultural armed Unad- Seas, (thousands % of covered 3 forces) * justed adj. of persons) employment Thousands of persons 14 years of age and over 66, 560 67, 362 67, 818 68, 896 70, 387 70, 744 71, 284 73, 104 72, 703 71,375 71, 743 71, 112 70, 701 70, 027 70, 062 70, 768 71, 210 71, 955 73, 862 73, 875 73, 204 62, 966 63, 815 64, 468 65, 848 67, 530 67, 946 68, 647 70, 473 70, 067 68, 740 69, 111 68, 485 68, 081 67, 430 67, 471 68, 189 68, 639 69, 405 71, 324 71, 338 70, 667 61, 035 61, 945 60, 890 62, 944 64, 708 65, Oil 63, 966 65, 179 65, 367 64, 629 65, 306 64, 653 63, 973 62, 706 62, 722 63, 828 65, 012 66, 016 67, 342 67, 594 67, 241 6, 792 6, 555 6, 495 6, 718 6,572 6, 222 5,844 6,718 6, 621 6, 191 6,404 5,695 4,871 4, 693 4,692 5, 203 5,848 6, 408 7,231 6, 825 6, 357 See Monthly Report on the Labor Force, Department of Commerce, for definitions, methods of estimation, periods to which data pertain, etc. 2 Weekly averages. Beginning July 1959, includes Alaska and Hawaii. 3 Includes program for Federal employees for 1955-June 1959. 1959 1958 - 1 4 Y E A R S O F AGE A N D OVER. SOURCE: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR. 54, 243 55, 390 54, 395 56, 225 58, 135 58, 789 58, 122 58, 461 58, 746 58, 438 58, 902 58, 958 59, 102 58, 013 58, 030 58, 625 59, 163 59, 608 60, 111 60, 769 60, 884 1, 932 1,870 3, 578 2, 904 2,822 2, 936 4, 681 5, 294 4, 699 4, 111 3, 805 3,833 4,108 4,724 4,749 4, 362 3,627 3,389 3,982 3, 744 3,426 3. 1 2. 9 5. 6 4.4 4.2 4. 3 6. 8 7. 5 6.7 6.0 5. 5 5. 6 6. 0 7.0 7. 0 6. 4 5. 3 4.9 5. 6 5. 2 4.8 7. 3 7. 6 7. 2 7. 1 5. 9 6. 1 6.0 6. 1 5.8 B. 3 4-9 4.9 5. 1 5.5 4 1,064 1, 058 2, 039 1, 388 1, 312 1, 560 2,758 2, 717 2,374 2,062 1, 863 1,957 2,307 2,729 2, 584 2, 273 1,927 1, 586 1, 408 1,477 1, 450 2. 9 2.8 5.2 3.4 3. 1 3.5 6. 1 6.0 5.2 4.5 4. 1 4. 3 5. 1 6.0 5. 7 5.0 4. 4 3. 6 3. 3 3. 5 * 3. 4 * Preliminary estimate. Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers. 11 NONAGRICULTURAL EMPLOYMENT Employment in nonagricultural establishments, seasonally adjusted, declined by 538,000 in August. Most of the decline was due to the steel strike and to the auto model changeover. MILLIONS OF WAGE AND SALARY WORKERS * MILLIONS OF WAGE AND SALARY WORKERS * MANUFACTURING ALL NONAGRICULTURAL ESTABLISHMENTS 50 DURABLE , GOODS /INDUSTRIES NONDURABLE GOODS INDUSTRIES X 12.0 WHOLESALE AND RETAIL TRADE CONTRACT CONSTRUCTION -(ENLARGED SCALE) - (ENLARGED SCALE) 10.0 lj|-l I I I I 1 I I I I I I I I I I 1 I I I I ' I I I I I I II 1957 * SEASONALLY ADJUSTED DATA SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers 1952. 1953 1954 1955 __ 1956. . . Manufacturing Total, unadjusted Period ... 1958. _ 1958: July August September. October November. December. 1959: January February March April Mav t •'June3 Julv . -. August 2 Total 48, SOS 49, 681 48, 431 50, 056 51, 766 52, 162 50, 543 48, 303 49, 681 48, 431 50, 056 51, 766 52, 162 50, 543 SO, 178 SO, 576 51, 237 51, 136 51, 432 51, 935 50, 310 50, 315 50, 878 51, 430 51, 982 52, 580 52, 371 52, 084 50,411 50, 570 50, 780 50, 582 50, 877 50, 844 51, 086 51, 194 51, 456 51, 887 52, 125 52, 407 52, 585 52, 047 Total 16, 334 17, 238 15, 995 16, 563 16, 903 16, 782 15, 468 15, 312 15, 330 15, 529 15, 358 15, 693 15, 701 15, 764 15, 819 16, 006 16, 182 16, 372 16, 527 16, 586 16, 051 Durable goods Nondurable goods 9, 340 10, 105 9, 122 9, 549 9, 835 9, 821 8, 743 8, 596 8, 605 8, 801 8, 625 8, 937 8, 956 9,007 9,049 9, 192 9, 319 9, 462 9, 573 9, 638 9, 112 1 Includes all full- and part-time wage and salary workers in nonagrieultural 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 irom this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed 12 GovernContract Wholesale ment Mining construc- and retail (Federal, tion trade State, local) 6, 609 885 2, 634 10, 281 852 2, 622 10, 527 6, 645 10, 520 777 2, 593 6,751 6, 914 10, 846 777 2, 759 11,221 7,277 807 2,929 7,626 11, 302 809 2, 808 7, 893 721 2, 648 11, 141 6, 994 7, 133 6, 873 7, 014 7, 068 6, 961 6, 725 Adjusted for seasonal 6,716 709 6, 725 701 6, 728 707 6, 733 708 6, 756 708 6, 745 709 6, 757 704 6, 770 693 6, 814 688 6, 863 701 6, 910 708 6, 954 709 712 6, 948 6, 939 619 Other 11, 563 11,797 11,795 12, 197 12, 629 12, 835 12, 672 variation 2, 693 2, 711 2, 698 2,698 2,690 2, 550 2, 650 2,626 2, 719 2, 829 2, 787 2, 799 2, 809 2, 832 11, 121 11, 175 11, 151 11, 154 11, 119 11, 143 11, 216 11, 279 11, 263 11, 333 11, 363 11, 425 11, 459 11, 494 7, 903 7, 989 8, 005 7, 986 7,980 8,049 8, 028 8,040 8, 056 8,074 8,079 8,076 8, 099 8, 155 12, 673 12, 664 12, 690 12, 678 12, 687 12, 692 12, 724 12, 737 12, 724 12, 768 12, 816 12, 871 12, 920 12, 896 persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments, 2 Preliminary estimates, gource. Department „, Labor- AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES The average workweek of production workers in manufacturing industries rose seasonally by 0.2 hours to 40.5 hours in August. HOURS PER WEEK HOURS PER WEEK NONDURABLE MANUFACTURING DURABLE MANUFACTURING -.LI I I I I I I I I I 1958 1956 RETAIL TRADE JJIIll.l I I I Illlllllll LU I II I I III I I 1956 (959 COUNCIL OF ECONOMIC ADVISERS SOURCE:DEPARTMENT OF LABOR. [Hours per week, for production workers or nonsupervisory employees] Manufacturing Period Durable goods Total 1949 1950 1951 1952 _ 1953 1954 1955 1956 1957 . .. ... .. 1958 . 1958: July August September October November December 1959: January February March April . _May June July 3 1 _ _ _ _ Aueust , --_ .. .. ... _. ... - _ - - - - _ . . . . . . . _ ~ -. - _ -... ... .. . _ _- . _ ' _. . 39. 2 40. 5 40. 7 40. 7 40. 5 39. 7 40. 7 40. 4 39. 8 39. 2 39. 2 39. 6 39. 9 39. 8 39. 9 40.2 39. 9 40.0 40. 2 40. 3 40. 5 40. 7 40. 3 40. 5 construction 38 8 39. 7 39 5 39. 6 39. 5 39. 0 39. 8 39. 5 39. 1 38. 8 39. 0 39. 4 39. 5 39. 4 39. 4 39. 6 39. 3 39. 4 39. 5 39.5 39. 7 39. 8 39. 8 36 7 36. 3 37 2 38. 1 37. 0 36. 2 36. 2 36. 4 36. 1 35. 7 36. 3 36. 7 36. 5 36. 8 35. 4 34. 6 35.0 34. 0 35.0 36. 1 36. 4 36. 8 36. 3 39. 5 41. 2 41. 6 41. 5 41. 3 40. 2 41. 4 41. 1 40. 3 39. 5 39. 4 39. 8 40. 2 40. 1 40.3 40. 8 40. 4 40. 3 40. 8 40. 9 41. 1 41. 4 40. 6 40. 9 40.0 (2) trade (2) 40 4 40. 5 40 2 39. 9 39. 2 39. 1 39. 0 38. 6 38. 1 38. 1 38. 7 38. 7 38. 0 37. 9 37. 7 38. 5 38. 1 37. 9 37. 9 37. 9 3" 9 38 3 38. 9 Source: Department of Labor. 1 3 Preliminary estimates. Not available. 46352°—59 ... Nondurable goods ; 13 AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing industries dropped 4 cents to $2.19 in August. The drop resulted from employment declines of higher-paid workers in steel and auto industries and large seasonal increases of lower-paid nondurable goods workers. DOLLARS PER HOUR DOLLARS PER HOUR 2.60 3.40 NONDURABLE MANUFACTURING RETAIL TRADE I958 PRICES ^CURRENT PRICES CURRENT PRICES ULLLL I959 I958 COUNCIL OF ECONOMIC ADVISERS. SOURCE: DEPARTMENT OF LABOR. [For production workers or nonsupervisory employees] Building All manufacturing Durable goods Nondurable goods Retail trade manufacturing manufacturing construction 1958 Current Current 1958 Current 1958 1958 Current Current 1958 prices prices 1 prices prices ' prices prices ' prices prices ' prices prices ' Period 1949 „ 1950 1951 1952 1953 1954 ... 1955 1956 1957 . • .. 1958 . 1958: July _ _ August September October November December. 1959: January. . . February March April May _ _ June _ _.. July 2 2 August _ 1 3 $1. 401 1. 465 1. 59 1.67 1. 77 1. 81 1. 88 1. 98 2. 07 2. 13 2. 13 2. 13 2. 14 2. 14 2. 17 2. 19 .- 2. 19: , . 2. 2. 2. 2. 2. 2. 2. 20 22 23 23 24 23 19 $1. 700 1. 761 1. 77 1. 82 1.91 1. 95 2.03 2. 10 2. 13 2. 13 2. 12 2. 13 2. 14 2. 14 2. 16 2. 19 2. 19 2. 20 2. 22 2. 22 2. 22 2. 22 2. 21 (3) $1. 469 1. 537 1. 67 1. 77 1. 87 1. 92 2.01 2. 10 2. 20 2. 28 2. 28 2. 29 2. 30 2. 29 2. 34 2.36 2. 35 2. 36 2. 38 2. 39 2. 40 2. 40 2. 39 2. 35 $1. 783 1. 847 1. 86 1. 93 2.02 2. 06 2. 17 2. 23 2. 26 2. 28 2. 27 2. 29 2. 30 2. 29 2. 33 2. 36 2. 35 2. 36 2.38 2. 38 2.39 2.38 2. 36 (3) Earnings in current prices divided by consumer price index on a 1958 base. Preliminary estimates. 14 ' $1. 325 1. 378 1. 48 1. 54 1. 61 1. 66 1. 71 1. 80 1. 88 1. 94 1. 94 1. 93 1. 95 1. 95 1. 96 1.97 1. 98 1.98 2.00 2.00 2. 00 2. 00 2. 01 2. 00 $1. 608 1. 656 1. 65 1. 68 1. 74 1. 78 1. 84 1. 91 1.93 1. 94 1. 93 1. 93 1. 95 1.95 1.95 1. 97 1. 98 1. 98 2. 00 1. 99 1. 99 1. 98 1. 99 (3) $1. 935 $2. 348 2. 031 2. 441 2. 19 2. 44 2. 31 2. 51 2. 48 2. 68 2. 80 2. 60 2. 87 2. 66 2. 80 2. 98 3.04 2. 96 3. 10 3. 10 3.08 3. 09 3. 09 3. 08 3. 13 3. 12 3. 13 3. 12 3. 13 3. 14 3. 19 3. 18 3. 19 3. 18 3. 17 3. 18 3.17 3.16 3. 16 3. 17 3. 17 3. 16 3. 17 3. 14 3. 19 3. 16 (3) • (3) » Not available. Source: Department of Labor. SI. 137 1. 176 1. 26 1.'32 1.40 1. 45 1. 50 1. 57 1. 64 1. 70 1. 71 1. 71 1. 71 1. 71 1.71 1. 68 1.74 1. 74 1.74 1.75 1.76 1.77 1.77 (3) $1. 380 1. 413 1. 40 1. 44 1. 51 1. 56 1. 62 1. 67 1. 69 1.70 1. 70 1. 71 1.71 1.71 1. 70 1. 68 1. 74 1. 74 1.74 1. 74 1. 75 1. 76 1.75 (3) AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES Average weekly earnings of production workers in manufacturing industries fell in August by $1.1 7 to $88.70 because of the decline in average hourly earnings. DOLLARS PER WEEK DOLLARS PER WEEK RETAIL TRADE NONDURABLE MANUFACTURING CURRENT PRICES Eol-l-l I I I I I I I M I I I I I I I I II I I I I I I I LLJ -1J I I I l - l i I M SOURCE:DEPARTMENT OF LABOR. Period 1949 1950.. ._ _ _ 1951 1952 ... 1953 _ 1954 1955 1956 1957 . 1958 1958- July August September October November December. 1959: January February March _. April May June 2 July _ August 2 1 2 3 COUNCIL OF ECONOMIC ADVISERS [For production workers or nonsupervisory employees] Building All manufacturing Durable goods Nondurable goods Retail trade manufacturing manufacturing construction Current 1958 Current 1958 Current Current 1958 1958 Current 1958 prices ' prices prices ' prices prices l prices prices J prices prices ' prices $54. 92 59. 33 64. 71 _ _ __ 67. 97 71. 69 _ 71. 86 .. 76.52 79. 99 82. 39 83. 50 83. 50 84. 35 85. 39 85. 17 86. 58 88.04 87. 38 88. 00 89. 24 89. 87 90. 32 :_. 91. 17 89. 87 88. 70 $66. 65- $58. 03 71.31 63. 32 71.98 69. 47 73. 96 73.46 77.42 77. 23 77.27 77. 18 83.21 82.55 85.01 86. 31 84. 68 88. 66 83. 50 90. 06 83. 25 89. 83 84. 18 91. 14 85. 22 92. 46 85.00 91. 83 86. 32 94. 30 87.86 96. 29 87.21 94. 94 87. 82 95. 11 89. 06 97. 10 89. 60 97. 75 89. 96 98. 64 90.45 99. 36 97. 03 88. 89 3 96. 12 () Earnings in current prices divided by consumer price index on a 1958 base. Preliminary estimates. Not available. $70. 42 76.11 77. 27 79. 93 83.40 82. 99 89. 76 91. 72 91. 12 90. 06 89. 56 90. 96 92. 28 91. 65 94. 02 96. 10 94. 75 94.92 96. 91 97. 46 98. 25 98.57 95.97 (s) $51. 41 54. 71 58.46 60. 98 63. 60 64.74 68. 06 71.10 73.51 75.27 75.66 76. 04 77. 03 76. 83 77. 22 78. 01 77. 81 78.01 79. 00 79. 00 79. 40 79. 60 80. 00 80. 00 $62. 39 65. 76 65.03 66. 35 68. 68 69. 61 73.42 75. 56 75. 55 75. 27 75.43 75. 89 76. 88 76. 68 76. 99 77.85 77.65 77. 85 78. 84 78. 76 79.08 78. 97 79. 13 (3). $70. 95 73.73 81.47 88.01 91. 76 94.12 96.29 101. 92 106. 86 110. 67 112. 17 113. 40 114. 25 115. 18 111. 16 110. 37 111. 65 108. 12 110. 95 114. 44 115. 39 116. 66 115. 80 (3) $86. 10 88.62 90. 62 95.77 99. 09 101. 20 103. 87 108. 31 109. 83 110. 67 111. 83 113. 17 114. 02 114. 95 110. 83 110. 15 111. 43 107. 90 110. 73 114. 10 114. 93 115. 73 114. 54 (3) $45. 93 47. 63 50. 65 52. 67 54. 88 56. 70 58. 50 60. 60 62.48 64. 77. 66. 18 66. 18 64.98 64. 81 64.47 64.68 66. 29 65. 95 65. 95 66. 33 66. 70 67. 79 68. 85 (3) $55. 74 57. 25 56.34 57.31 59.27 60.97 63. 11 64. 40 64. 21 64. 77 65. 98 66. 05 64. 85 64. 68 64. 28 64. 55 66. 16 65. 82 65. 82 66. 13 66. 43 67. 25 68. 10 (3) Source: Department ol Labor. 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION In Ausust, the index of industrial production (seasonally adjusted) dropped 4 points as the effects of the steel strike became more widespread. I N D E X , 1947-49 = 100 180 INDEX, 1947-49 = 100 ISO 80 I 1 I I I I 1953 JJ 80 1954 1956 1955 1957 1958 1959 COUNCIl OF ECONOMIC ADVISERS SOURCE: BOftRO OF GOVERNOSS OF THE TEDER4L RESERVE SYSTEM. [1947-49 = 100, seasonally adjusted) Manufactures Total production 1949 1950 1951 1952 . 1953 __ . _ 1954 . . " 1955 .: . 1956 1957 " 1958 . 1958: July - August September . October November.. December 1959: January _ February March April May _ June July August ' 1 16 Preliminary estimates. . . _ . " ' 97 112 120 124 134 125 139 143 143 134 134 136 137 138 141 142 143 145 147 150 153 155 153 149 Total 97 113 121 125 136 127 140 144 145 136 136 138 139 140 143 144 145 148 150 153 156 158 157 152 Durable 95 116 128 136 153 137 155 159 160 141 141 144 145 146 151 152 153 157 160 164 169 172 168 159 Nondurable 99 111 114 114 118 116 126 129 130 130 132 133 133 134 135 135 137 139 140 142 144 144 146 146 Source: Board of Governors of the Federal Reserve System. Q4 105 115 114 116 111 122 129 128 117 116 120 123 122 123 124 124 124 123 124 126 125 120 119 PRODUCTION OF SELECTED MANUFACTURES In August, output of most durables dropped while production of nondurables continued at or near their July rates. INDEX, 1947-49 = 100, SEASONALLY ADJUSTED INDEX, 1947-49 = 100, SEASONALLY ADJUSTED ISO 240 220 180 rnuuuu I o r ^,* 1956 1957 1953 1959 JjJLI..Iji I I I I ilU_LLLLU-L!. lJj..U_.LLjj_LJ...ulL 1956 1957 1958 1959 1956 1957 1958 1959 1956 ieo 100 1958 1957 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1959 COUNCIL OF ECONOMIC ADVISERS [1947-49 = 100, seasonally adjusted] Durable manufactures FabriTranspor- Lumber Textiles cated Primary Machin- tation and and metal metals ery equipprod- apparel products ment ucts Period 1949 1950 1951 1952 1953 ... 1954 1955 1956 1957 1958 1958- July August September October November December 1959: January February March April May . June July Auerust 1 1 2 Preliminary estimates. Not available. Nondurable manufactures _ __ „ 9.0 115 126 116 132 108 140 138 131 104 102 109 113 122 123 123 125 138 146 149 154 150 108 64 93 115 122 121 136 123 134 135 139 128 129 132 135 133 136 136 136 135 138 142 148 150 150 144 93 114 130 147 160 142 155 171 168 145 144 147 148 147 150 152 154 158 159 163 170 178 180 179 102 120 135 154 189 175 203 199 213 187 185 186 178 183 203 204 204 204 207 211 214 216 218 215 93 113 113 111 118 115 127 123 114 115 114 120 118 120 125 125 127 126 129 136 139 133 135 (2) 97 110 106 105 107 100 109 108 105 103 107 108 109 111 110 110 112 113 115 119 122 123 126 125 Paper Chemical and and petroleum printing products 101 114 118 118 125 125 137 145 148 147 148 150 150 153 152 150 153 155 156 158 161 159 164 164 100 118 132 133 142 142 159 167 172 170 171 174 174 175 177 180 182 184 187 188 190 193 191 190 ConFoods, sumer bever- durable ages, and goods tobacco 100 103 105 106 107 106 109 112 112 115 116 116 116 116 117 117 118 120 120 121 122 119 118 119 101 133 114 105 127 116 147 131 130 113 114 115 103 108 133 134 133 132 135 137 141 145 149 140 Source: Board of Governors of the Federal Keserve System. 17 WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production fell in Ausust. Exceptions were electric power, which rose because of heavy demands made by the prolonged hot spell, and paperboard. MILLIONS OF TONS 3 SOURCES: MILLIONS OF SHORT TONS (DAILY A V E R A G E ) AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS. Period Weekly average: 1955 1956 1957 1958 1958: Julv August September October November December 1959: January February _ March April. May June July. 3 August _ Week ended: 1959: August 8— 15— 2229— September 5 3123, 193 2, 245 2, 204 2, 162 1, 635 1, 458 1, 650 1, 783 1, 995 1,998 1, 971 2, 103 2,401 2, 611 2, 630 2, 618 2, 543 1,183 325 139. 7 137. 2 134. 6 101. 8 90. 7 102. 7 111.0 124. 2 124.3 122. 7 130. 9 149. 5 162. 6 163.7 163. 0 158. 3 73. 6 20. 2 10,318 '11,292 11, 873 12,314 12, 051 12, 579 12, 214 12, 146 12, 386 12, 949 13,356 13, 170 12, 888 12, 583 12, 763 13, 402 13, 479 13, 859 1,542 1, 693 1,644 1, 361 1, 330 1, 306 1, 458 1,470 1,445 1, 514 1,374 1,407 1, 339 1,357 1,351 1, 494 1, 236 1,155 724 728 683 581 553 631 642 682 615 531 569 573 600 633 686 703 559 542 269 274 272 275 234 296 286 311 304 262 272 304 312 311 320 319 275 327 176. 7 132. 8 138. 6 98. 4 82. 8 53. 5 38. 9 71.9 149.7 144. 3 152. 6 144. 7 156. 1 157. 3 157. 2 154. 7 145. 6 70.8 152.7 111. 6 117. 6 81. 6 68. 4 42. 0 29. 0 56. 7 126. 2 124. 8 129. 0 119. 6 131. 3 131.0 130. 4 127. 2 121. 2 57. 8 24. 0 21. 2 21. 0 16. 8 14. 4 11. 5 9. 9 15. 2 23. 5 19. 6 23. 6 25. 1 24. 8 26. 3 26. 8 27.5 24. 4 13. 1 318 335 321 332 332 327 345 19. 8 20. 9 20.0 20. 7 20. 7 20. 4 21. 5 13, 675 13, 648 14, 003 14, 109 13, 759 « 13, 109 1, 134 1, 204 1, 192 1,220 1, 219 532 337 326 321 324 336 250 119. 4 83. 7 46. 5 33. 6 32. 7 35. 6 108. 2 72. 6 31. 8 18.3 17. 3 22. 8 11. 2 11. 1 14. 7 15. 3 15.4 12. 8 1 Weekly capacities (net tons) as of January 1 are: 2.413,278 (1955), 2,455,300 (1956), 2,559.631 (1957). 2.699,320 (1958), and 2,831,486 (1959). 3 Daily average for week, 18 COUNCIL OF ECONOMIC ADVISERS Bituminous Freight Paperboard Electric Cars and trucks Steel produced * coal mined power produced loaded distributed (thousands (thousands (thousands assembled (thousands) Thousands Index (1947-49 = (millions of of short of net Total Cars Trucks of tons) of cars) tons 100) kilowatt-hours) tons) 2 3 544 543 549 544 4 Preliminary. Not charted. Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard Association, and Ward's Automotive Reports. NEW CONSTRUCTION Expenditures for both private residential and public construction (seasonally adjusted) declined during August, while outlays for private nonresidential construction rose. BILlJONS OF DOLLARS BILLIONS OF DOLLARS 60 60 SEASON ALLY ADJUSTED ANNUAL RATES 50 A IOIAL NEV1 CONSTRUCTION 50 ***** —^«**~—]***^^ ^^ ^ /I 4O X— * 40' ~ —-*^ =->—»»«- , ~~— ^ ^ '3O 30 20 2O **1^>*«ct*" «w ./PUBLIC _^.-~- ~^-.-.-^° „—* IO 0 IO \ \ II 1 1 1 ! 1 J 1 1 1- II i ! I ! II 1 ! ! 1 1 1 I 1 1 1 1 1 1 M i l l 1 1 1 1 1 1 1 1 1 1 I 1 1 M 1 PRIVATE RESIDENT / (NONFARM) 2O 1 1 1 1 1J 11 1 1 1 AL ..«< i i ii 1 1 i i i M •rf1***^ 0. ^**t*- 20 mnii..™.™.!!*****^ OTHER PRIVATE 0 io " 10 M 1 1 1 I 1 1 II 1 1 1 1 1 1 1 1 M 1953 1954 1 1 M 1 M 1 M 1 1 1 1955 1 1 M 1 1 11 11 1 1 1 1 1 1 l-i 1 1 1 i 1956 1957 1 I ! 1 1 J 1 II M 1958 i i i i 1 1 i n i i* 0 1959 COUNCIL OF ECONOMIC ADVISER, SOURCES: DEPARTMENT 3F COMMERCE AND DEPfl RTMENT OF LABOR [Billions of dollars] Period 1952 . ... 1953 ._ ... 1954 1955 1956 1957 1958--. 1958: July August. . _ September _ October November December. 1959: January __ February March April __ _ _ May _ __ _ June July 4 ._ August _ _ Total new construction 34.7 37. 0 39. 4 44. 2 45. 8 47. 8 49. 1 48. 4 48. 5 49. 3 50. 4 52. 3 53. 4 54.7 54. 3 56. 0 56. 0 56. 0 55.9 55. 5 54. 9 Private Federal, State, and Total Residential Other local (nonfarm) private 12. 8 23. 9 10. 8 11. 0 13. 8 12. 0 25. 8 11. 2 27. 7 15. 4 12. 3 11. 7 32. 4 18.7 11. 7 13. 7 17.7 33. 1 12. 7 15. 4 33. 8 17. 0 14.0 16. 8 18. 0 33. 8 15. 8 15. 3 Seasonally adjusted annual rates 33. 3 17. 6 15. 6 15. 1 33. 5 18.0 15. 5 15.0 33. 9 18. 4 15. 4 15. 4 19. 1 34.5 15. 4 15. 9 35. 4 19. 8 15. 5 16. 9 36. 4 20. 8 17. 1 15. 6 37.4 21.5 15. 8 17. 3 37. 5 21. 7 16. 8 15. 8 38. 2 22. 4 17. 9 15. 8 39. 1 23. 4 16. 9 15. 7 39. 6 23. 8 16. 4 15. 8 39. 2 23. 1 16. 2 16.7 22. 6 39.0 16.4 16. 5 21. 9 38. 4 16. 5 16.4 3 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. 2 Series begins January 1956. The 37 Eastern States data are probably indicative of the 48 States trend for other periods. 3 Kevised series beginning January 1955; not comparable with prior data. Series discontinued beginning January 1958. Construction contracts ' 48 States 2 37 Eastern States 3 16. 8 17. 4 19. 8 23. 7 3 24. 6 31. 6 32. 2 25. 3 35. 4 38. 9 42. 6 36. 4 39. 6 36. 6 29. 7 35. 1 34. 5 39. 0 39. 2 37. 1 40. 5 39. 5 ' Preliminary estimates. NOTE.—Data on new construction revised beginning April 1959. 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) declined slightly in August to an annual rate of 1,340,000 units. Both FHA applications and VA appraisal requests decreased. MILLIONS OF UNITS 1953 MILLIONS OF UNITS 1954 1955 1956 1957 1958 I/SEE FOOTNOTE 2 ON TABLE BELOW. SOURCES: DEPARTMENTS OF LABOR AND COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA). [Thousands of units] New nonfarm housing starts Period Total 1, 220. 4 1, 328. 9 1, 118. 1 1, 041. 9 1, 209. 4 101. 7 110. 7 93. 2 86. 8 100. 8 112. 8 124. 0 121. 0 . 115. 0 109. 4 91. 2 87. 0 94. 5 121. 0 142. 2 137. 0 May 136. 7 June 3 126. 0 July 3 129. 0 August . .._ _. Annual total: 1954 1955 1956 1957 1958 Monthly average: 1954_ 19551956. 1957. 19581958- July August September October November December 1959: January February March April Publicly financed 18. 7 19. 4 24. 2 49. 1 67. 9 1. 6 1. 6 2.0 4. 1 5. 7 4. 2 9. 4 10. 1 2. 1 2.4 1. 7 2.9 1.0 2. 9 4. 8 3. 5 5. 6 3 1. 5 4. 2 Total 1, 201. 7 1, 309. 5 1, 093. 9 992. 8 1, 141. 5 100. 1 109. 1 91. 2 82. 7 95. 1 108. 6 114. 6 110. 9 112. 9 107.0 89. 5 84. 1 93.5 118. 1 137. 4 133. 5 131. 1 3 124. 5 124. 8 Privately financed Government programs FHA' VA Total > 583. 3 276. 3 307. 0 392. 9 609. 6 276. 7 460. 0 189. 3 270. 7 296. 7 168. 4 128. 3 102. 1 397. 5 295. 4 48. 6 23. 0 25. 6 32. 7 55. 8 23. 1 22. 6 15. 8 38. 3 24. 7 14. 0 10. 7 33. 1 24. 6 8. 5 40. 3 29. 7 10. 6 13. 2 43. 6 30. 5 14.4 31. 9 46.3 34. 7 14. 7 49. 4 11. 0 36. 8 25. 8 9. 0 34.0 25. 0 26. 7 19. 8 6. 9 6. 2 26. 1 20.0 9.7 39. 8 30. 0 44. 6 33. 5 11. 0 10. 3 44. 6 34. 3 45. 6 11. 0 34. 7 42. 1 10. 6 31. 4 41. 3 9. 9 31. 4 1 Excludes armed forces bousins: 2,837 units in 1956; 18,850 units in 1957: 32.874 units in 1958; and 11.725 units in the first 8 months of 1959. Also excludes starts under Certified Agent Program: 678 units in May-August 1959. £ Units represented by mortgage applications for new nome construction. 20 1959 COUNCIL OF ECONOMIC ADVISERS Proposed home construction Private, seasonally Applications Requests adjusted for FHA comfor VA 2 appraisals2 annual mitments rates 535. 4 338. 6 620. 8 306. 2 401. 5 197. 7 159. 4 198. 8 234. 2 341. 7 44. 6 28. 2 51. 7 25. 5 33. 5 16. 5 16. 6 13. 3 28. 5 19. 5 1, 174 31. 8 28. 5 28. 5 1, SS8 33. 6 26. 7 36. 8 1, 255 19. 1 1, SOS 31. 8 22. 3 15. 3 1, 4S7 14. 8 1, 432 23.0 25. 5 17. 9 1, 364 21. 0 1,403 29. 5 23. 2 1, 403 38. 9 39. 1 18. 9 1,434 20. 7 1, 370 38. 2 60. 2 27. 2 1, 388 3 29. 0 1, 350 26. 0 21. 2 25. 6 1, 340 3 Preliminary estimates, Sources: Department of Labor, Department of Commerce, Federal Housing Administration (FHA), and Veterans Administration {VA). SALES AND INVENTORIES—MANUFACTURING AND TRADE Manufacturing and trade inventories continued to advance in July. Trade sales showed little change while those of manufacturers dropped somewhat because of the steel strike. Preliminary estimates of August retail sales indicate a 1 percent drop. BILLIONS OF DOLLARS,SEASONALLY ADJUSTED 30 BILLIONS OF DOLLARS, SEASONALLY ADJUSTED lOOi— n T I I M I I I I ! I M I i I I I I I I 1 I I 1 I M I ) 1 I | I I I I j I I I M ,1 I I I I ! 4] INDEX, 1947-49 = 100. SEASONALLY ADJUSTED 1959 1959 1956 MANUFACTURING, RETAIL TRADE, AND WHOLESALE TRADE. SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Period 1952 1953 1954 1955 1956 1957 1958 1958: . - _ June Julv August _ _ September October November December1959: January _ February March. _ April Mav June4 July 4 August 1 2 Manufacturing and trade Manufacturing Retail Department stores InvenInven- New Sol InvenInvenInvenSales i tories 2 Sales 1 tories 2 orders1 0 e i tories 2 Sales > , tories 2 Sales 1 tories 3 Index, 1947-49 = 100 Billions of dollars, seasonally adjusted seasonally adjusted 45. 9 22. 8 9. 6 75. 4 10. 0 121 43. 8 23. 6 13. 5 21.6 114 24. 5 45. 4 14. 1 22. 7 48. 4 78. 6 9.8 23. 1 10. 5 118 131 47. 4 22. 5 9. 7 14. 1 22. 1 75. 5 23. 5 43. 0 10. 4 118 128 52. 3 26. 3 11. 4 46. 4 27. 2 10. 6 15. 3 81. 7 23. 9 128 136 54. 8 27.7 11. 3 89. 1 52. 3 28. 3 13. 0 15. 8 23. 9 135 148 5G. 3 90.7 28. 4 53. 5 27. 3 11. 3 10. 7 24. 5 12.7 152 135 54. 0 12. 0 26. 2 11. 1 16. 7 85. 1 49. 2 25. 9 24. 0 136 148 53. 2 50. 2 10. 9 16. 6 86. 4 12. 1 25. 7 25.8 24. 1 133 147 54. 0 26. 3 11. 0 16. 7 49. 8 12. 1 85. 9 26. 4 24. 0 140 148 54. 4 26. 4 12. 1 85. 4 49. 4 26. 1 11. 1 16. 9 23. 9 147 148 54. 8 26. 8 49. 3 27. 0 11. 4 12. 1 16. 6 85. 0 23. 7 135 150 84. 9 27. 2 11. 5 12. 1 16. 9 55. 6 49. 3 27. 9 23. 5 135 152 27. 5 49. 3 11. 6 17. 0 56. 1 85. 0 27. 8 12. 1 23. 6 137 153 57. 4 85. 1 28. 1 49. 2 28. 4 11. 7 12. 0 17. 6 24. 0 143 150 57. 4 85.5 28. 1 49. 5 11. 8 11. 9 17. 5 24. 2 28. 5 138 152 58. 0 28. 5 49. 9 11. 9 11. 9 17. 6 24.1 86. 0 29. 7 140 150 12. 2 12. 0 86. 6 29. 1 50. 5 30. 2 17. 9 59. 2 24, 2 138 148 60. 6 12. 4 87. 6 30. 3 51. 1 18. 0 12. 1 31. 2 24. 5 141 151 12. 5 12. 2 61. 5 30.7 30. 5 88. 3 51. 6 18. 2 24. 5 144 151 62. 0 12. 6 12. 4 89. 3 31. 2 52. 1 31. 4 18. 2 24. 8 144 156 61. 7 30. 8 52. 2 12. 5 12. 5 89. 8 30. 9 18. 3 25.0 149 158 18. 1 150 MonthJy average for year and total lor month. Book value, end of period, seasonally adjusted. 3 Book value, end of period, except annual data, which are monthly averages. Wholesale COUNCIL OF ECONOMIC ADVISERS 4 Preliminary estimates. • ^ , ,-, , ^ „ Reserves Senf^111 Commerce and Board of Governors of the Federal 21 MERCHANDISE EXPORTS AND IMPORTS In the first 7 months of 1959, commercial exports were 3 percent lower and imports 18 percent hisher than in the corresponding period of 1958. BILLIONS OF DOLLARS 2.5 BILLIONS OF DOLLARS 2.5 1959 1953 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE. [Millions of dollars] Merchandise exports Period 1950 monthly average 1951 monthly average. 1952 monthly average. 1953 monthly average. 1954 monthlv average. 1955 monthly average 1956 monthly average 1957 monthly average 1958 monthly average 1958: June . July August September October November December 1959: January February March April May _ June July._ Total ._ ___ .. .. _ .. Grant-aid shipments ' Commercial exports 24 89 166 293 188 105 146 113 129 99 129 113 122 181 188 135 114 97 81 125 141 78 115 833 1, 164 1, 100 1,022 1,071 1, 191 1, 444 1, 625 1, 360 1, 308 1,287 1, 283 1, 239 1,418 1, 408 1,379 1, 286 1, 184 1, 375 1, 343 1, 411 1, 348 1,354 856 1,253 1,267 1, 314 1,259 1,296 1, 591 1, 738 1, 488 1,406 1,416 1, 396 1,361 1, 599 1, 596 1, 514 1,400 1, 280 1,456 1,468 1, 552 1, 426 1, 469 1 Figures include only Department ol 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 1960) amounted to $282 million. 22 Merchandise imports 738 914 893 906 851 949 1, 051 1,082 1, 069 1, 031 1,049 950 1,074 1, 142 1,089 1,253 1, 154 1, 118 1,301 1,221 1,264 1, 369 1, 248 Excess of exports over imports Excluding grant-aid Total shipments 95 119 339 250 374 207 408 116 220 408 347 242 540 393 656 543 290 419 375 276 366 238 446 333 287 165 457 276 507 319 260 125 132 246 162 65 74 155 247 122 288 147 56 -22 220 106 Sources: Department of Commerce and Department of Defense. PRICES CONSUMER PRICES Consumer prices rose 0.3 percent in July. As in June, food was the largest contributor to the rise, but price increases were recorded for all major groups of goods and services. INDEX, 1947-49 = IOO INDEX, 1947-49 = 100 150 ISO 130 r^,.,_...» 120 1953 1959 SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS [1947-49=100] All items Period 1949 1950 1951 1952 1953 - -1954 1955 1956 1957 1958 1958: June July August September October November December 1959: January February March _ April May June July 1 Housing „ _ Food 101. 8 102. 8 111. 0 113. 5 114. 4 114. 8 114. 5 116. 2 120. 2 123.5 123. 7 123. 9 123. 7 123. 7 123. 7 123. 9 123. 7 123. 8 123. 7 123. 7 123. 9 124. 0 124. 5 124. 9 100. 0 101,2 112. 6 114. 6 112. 8 112. 6 110. 9 111. 7 115. 4 120. 3 121. 6 121. 7 120. 7 120. 3 119. 7 119. 4 118. 7 119. 0 118. 2 117. 7 117. 6 117.7 118. 9 119. 4 Total i Rent 103.3 106. 1 112. 4 114. 6 117. 7 119. 1 120.0 121. 7 125. 6 127. 7 127. 8 127. 7 127. 9 127. 9 127. 9 128. 0 128. 2 128. 2 128. 5 128. 7 128. 7 128. 8 128. 9 129. 0 105. 0 108. 8 113. 1 117. 9 124. 1 128. 5 130. 3 132.7 135. 2 137. 7 137. 7 137. 8 138. 1 138. 2 138. 3 138. 4 138. 7 138.8 139. 0 139. 1 139. 3 139. 3 139.5 139. 6 Includes, in addition to rent, homeowner costs, utilities, housefumfshings, etc. Apparel Transportation 99.4 98. 1 106. 9 105. 8 104. 8 104. 3 103. 7 105. 5 106. 9 107. 0 106.7 106.7 106. 6 107. 1 107. 3 107. 7 107. 5 106. 7 106. 7 107.0 107. 0 107. 3 107. 3 107. 5 108. 5 111. 3 118. 4 126. 2 129. 7 128. 0 126. 4 128. 7 136. 0 140. 5 138. 9 140. 3 141. 0 141. 3 142. 7 144. 5 144. 3 144. 1 144. 3 144. 9 145. 3 145. 4 145. 9 146. 3 Reading Other Medical Personal and goods recreacare care and tion services 104. 1 106. 0 111. 1 117. 2 121. 3 125. 2 128. 0 132. 6 138. 0 144 6 144. 2 145. 0 145, 3 146.5 147. 1 147. 4 147. 6 148. 0 149.0 149.2 149. 6 150. 2 150. 6 151.0 101. 1 101. 1 110. 5 111. 8 112. 8 113. 4 115. 3 120. 0 124. 4 128. 6 128. 6 128. 9 128. 9 128. 7 128. 8 129. 1 129. 0 129. 4 129. 8 129. 7 130. 0 130. 7 131. 1 131.3 104. 1 103. 4 106. 5 107. 0 108. 0 107.0 106. 6 108. 1 112. 2 116. 7 116. 7 116. 6 116.7 116. 6 116. 6 117. 0 116. 9 117. 0 117. 1 117.3 117.7 117. 8 118. 1 119. 1 103.4 105. 2 109.7 115. 4 118. 2 120. 1 120. 2 122. 0 125. 5 127. 2 127. 2 127. 2 127. 1 127. 1 127. 2 127.3 127.3 127. 3 127. 4 127. 3 128. 2 128. 4 129. 2 130.8 Source: Department of Labor. 23 WHOLESALE PRICES Wholesale prices continued to decline in August, Farm products and processed foods recorded further price reductions. INDEX, 1947-49 = 100 INDEX, 1947-49=100 OTHER THAN FARM PRODUCTS AND FOODS (INDUSTRIAL) 1955 1954 1953 1956 1957 1958 SOURCE: DEPARTMENT OF LABOR 1959 COUNCIL OF ECONOMIC ADVISERS [1947-49 = 100] Period 1949 1950 1951 1952 1953 1954 _. 1955 1956 1957 1958. 1958: July ... August September October . . November _ . December 1959: January February ._ March... April May. June. July. August Week ended : 1 1959: September 8 _ . . ... 15 i Weekly series based on smaller sample than monthly series. 24 All commodities Farm products Processed foods Other than farm products and foods (industrial) 99 2 103 1 114 8 111 6 110 1 110 3 110 7 114 3 117 6 119. 2 119 2 119 1 119. 1 119. 0 119 2 119. 2 119. 5 119. 5 119. 6 120 0 119. 9 119 7 119 5 119. 1 92 8 97 5 113 4 107 0 97 0 95 6 89 6 88 4 90 9 94. 9 95 0 93 2 93. 1 92 3 92 1 90. 6 91. 5 91. 1 90. 8 92 4 90 8 89 8 88 4 87. 0 95 7 99 8 111 4 108 8 104 6 105 3 101 7 101 7 105 6 110. 9 112. 7 111. 3 111. 1 110. 0 109. 5 108. 8 108. 7 107. 6 107. 2 107. 2 107. 7 108 1 107. 5 105. 8 101 3 105 0 115 9 113 2 114 0 114 5 117 0 122 2 125 6 126. 0 125 6 126 1 126. 2 126. 4 .126 8 127. 2 127. 5 127. 8 128. 1 128 3 128 4 128 2 128 4 128. 4 119. 4 119. 6 88. 1 88. 7 107. 1 107. 7 128. 3 128. 3 Source: Department of Labor. PRICES RECEIVED AND PAID BY FARMERS The indexes of prices received by farmers and of prices paid (parity index) each dropped 1 point in the month ended August 1 5. The parity ratio also fell 1 point, reaching the lowest level since March 1957. INDEX, I9IO-I4-IOO INDEX, 1910-14=100 325 i 325 PRICES PAID, INTEREST, TAXES, AND WAGE RATES 275 PRICES RECEIVED (ALL FARM PRODUCTS) 200 i ii 1 1 In 1 1 1 1 n 1 1 1 In i MI 1 1 1 1 1 li 1 1 1 I I 1 1 1 1 1 1 1 n n 11111II1111 100 200 100 PARITY RATIOJ/ I I I I -I I I I I I I I I I I I I I I 1I I 1953 1954 1955 I I I I I I I 1I 1956 I I I I 1 I I I I I I I II 1957 RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES,AND WAGE RATES. SOURCE: DEPARTMENT OF AGRICULTURE. I II I I I II 1958 J_L 1959 "COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period 1949 - - 1950 1951 1952 1953 1954 All farm products . - -- -.- _- _- ... . . . 1955 . 1956 . 1957 1958 . 1958: July 15 August 15 September 15 October 15 November 15 December 15 1959- January 15 February 15 March 15 April 15 . _ _ _ _ __ . Mav 15 June 15 July 15 August 15__ 1 _ 250 258 302 288 255 246 232 230 235 250 250 248 255 249 247 244 245 243 244 244 245 242 240 239 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. Crops 224 233 265 267 240 242 231 235 225 223 222 221 228 221 218 213 215 218 220 223 230 229 226 221 Prices paid by farmers All items, interest, Livestock taxes, and Family Producliving tion and wage rates items items products (parity index) Index, 1910-14=100 272 238 243 251 246 246 280 256 268 273 282 336 271 274 306 287 269 256 268 277 270 255 249 277 251 234 270 276 274 250 226 278 282 257 244 286 264 287 273 293 287 274 265 293 287 264 272 293 286 265 278 294 287 265 274 294 288 263 273 294 287 265 270 295 288 268 270 298 288267 265 297 267 287 264 298 287 269 261 299 288 268 258 299 267 252 288 298 252 289 266 298 254 297 288 266 Source: Department of Agriculture. Parity ratio ' 100 101 107 100 92 89 84 83 82 85 85 85 87 85 84 83 82 82 82 82 82 81 81 80 25 CURRENCY, CREDIT, AND SECURITY MARKETS CURRENCY AND DEPOSITS The total of demand deposits and currency declined more than seasonally in August. BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH TOTAL DEPOSITS AND CURRENCY TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS 180 I2O DEMAND DEPOSITS ADJUSTED TIME DEPOSITS X CURRENCY OUTSIDE BANKS US.GOVERNMENT DEPOSITS V S954 1953 1955 1956 1957 1958 1959 COUNCIt OF tCONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OFTHE FEDERAL RESERVE SYSTEM. Total U. S. deposits Government and curderency posits ' End of period 1952 1953 1954 1955 1956 1957 1958 1958: August September October _ November December 1959: January February March April4 * May June * July* August * _. 200. 4 205. 7 214. 8 221. 0 226. 4 232. 3 247. 5 238.7 238. 1 240. 7 243. 8 247. 5 245. 1 242. 6 242. 1 245.3 244 8 245. 1 247. 4 247. 2 5. 6 4.8 5. 1 4. 4 4. 5 4,7 49 6. 2 5.0 43 6. 4 49 5. 3 49 44 5. 1 5.7 5. 2 5. 6 6. 5 [Billions of dollars] Total excluding U. S. Government deposits Demand deposits and currency Time Demand Currency de- 2 Total Total deposits3 outside posits adjusted banks 27. 5 101. 5 194. 8 65. 8 129. 0 200. 9 102. 5 70.4 28. 1 130. 5 134.4 209. 7 75. 3 106. 6 27. 9 216. 6 109.9 28. 3 138.2 78. 4 139. 7 222. 0 82.2 111. 4 28. 3 227.7 89. 1 138. 6 110. 3 28. 3 144 2 28. 7 242. 6 98. 3 115. 5 135. 5 28.0 97.0 232.5 107. 5 233. 1 135. 9 108. 1 27. 9 97. 2 236. 4 97. 5 139.0 111. 0 28.0 237. 5 140.7 96. 8 111. 9 28.8 242. 6 144 2 98. 3 115. 5 28.7 239. 8 141. 4 113.8 27. 6 98. 4 237. 7 98. 7 139.0 27.7 111. 3 110. 3 237. 6 99. 5 138. 2 27. 9 240.3 140.4 112. 5 99.9 27. 9 239. 1 100. 3 138. 8 110. 7 28. 1 239. 9 100. 9 110. 7 139. 0 28. 3 241. 8 141. 0 100. 8 112. 6 28. 4 240. 7 101. 2 139. 5 111. 1 28. 4 1 U. S. Government deposits at Federal Reserve Banks and commercial and savings banks, and U. S. Treasurer's time deposits, open account. ' Deposits in commercial banks, mutual savings banks, and Postal Savings System; excludes interbank deposits. 3 Demand deposits, other than interbank and U. S. Government, less cash Items in process of collection. 26 Demand deposits and currency, seasonally adjusted Demand Currency Total deposits outside adjusted banks 137. S 138. 7 138. 1 138. 8 139. 4 138.6 139.1 140. s 140.7 140. 9 140. 9 142. 6 141. 3 109.2 108. 9 110. 2 no. e 111. 3 110. 7 111. 2 112. 2 112.5 112. 6 112.5 114.1 11-2. 9 28. 1 27.8 27.9 28. 2 28. 1 S7.8 27. 9 28. 1 28. IS 0Q Q &O. O 28. 4 28.5 28.4 4 Preliminary estimates. NOTE.—See Note, p. 27. Monthly data are for the last Wednesday of the month, except the unadjusted data for June 1958, which are for the call date. Source: Board of Governors of the Federal Reserve System. BANK LOANS, INVESTMENTS, AND RESERVES Commercial bank loans increased $1.4 billion in August, compared with a rise of $200 million in August 1958. Borrowings at Federal Reserve Banks continued to exceed excess reserves by about the same amount as in recent months. BILLIONS OF DOLLARS BILLIONS OF DOLLARS ISO 140 1956 END OF MONTH SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars I All commercial banks Total loans and investments End of period 1951 1952 1953 1954... 1955 1956 1957 1958 ._ 1958: July August. September October November December 1959: January February March April 4 May 4 June4____ July 4 August 4 _ _. 132. 6 141. 6 145. 7 155. 9 160. 9 165.1 170. 1 185. 2 177. 6 180. 0 179.5 181.7 184. 1 185. 2 185. 6 183. 8 182.9 185. 6 185.5 185. 5 187. 2 187.8 U. S. Gov- Loans Total 57. 7 64. 2 67. 6 70.6 82. 6 90. 3 93. 9 98. 2 93.6 93.8 94. 2 95. 0 96. 1 98. 2 97. 7 97. 9 99. 2 101.2 102. 4 104 3 105. 8 107.2 ernment securities 74. 9 77. 5 78. 1 85.3 78.3 74.8 76.2 87.0 84. 0 86.2 85.3 86. 7 88.0 87.0 87.9 86.0 83.8 84.4 83.1 81. 2 81.4 80. 5 1 Member banks include, besides all national banks, those State banks that have taken membership in the Federal Reserve System. i Commercial and industrial loans and, prior to 1956, agricultural loans. Series revised beginning January 1952, October 1955, and July 1959. a Averages of daily figures on balances and borrowings during the period* < Preliminary estimates. Weekly reporting member banks * Investments 61. 5 63.3 63. 4 69. 0 61. 6 58. 6 58. 2 66. 4 64. 1 66. 1 64. 7 66. 2 67. 7 66. 4 67.5 65. 5 63. 2 63. 5 62. 4 60. 6 60. 8 60. 0 Other securities 13.3 14. 1 14. 7 16.3 16.7 16. 3 17.9 20. 6 19.9 20.2 20. 6 20.5 20. 3 20. 6 20.4 20. 4 20. 6 20. 9 20. 8 20. 6 20. 6 20. 6 Business loans 2 21,6 2 23. 4 • 23.4 22. 4 J 26. 7 30.8 31.8 30. 8 28.9 29. 3 29. 7 29. 7 30.0 30. 8 29. 7 29. 7 30. 6 30. 6 31.0 32. 0 2 28. 6 29.0 All member banks ' Borrowings at Federal Excess Reserve Banks 3 Reserve balances 3 Required 18. 5 19. 6 19. 3 18. 5 18. 3 18.4 18. 5 18. 1 18. 0 17.9 17.9 18.0 18.0 18.4 18.4 18. 1 18.0 18.2 18. 1 18.0 18. 3 18. 1 0. 8 .7 .7 .8 .6 .6 .5 .6 .7 .6 .6 .5 .5 .5 .5 .5 .5 .4 .4 .4 .4 .5 0. 3 .8 .8 .1 .6 .8 48 .3 .1 .3 .5 .4 .5 .6 .6 .5 .6 .7 .8 .9 1.0 1. 0 NOTE.—Between January and August 1959, these series (except that for weekly reporting member banks) were expanded to include data for all banks in Alaska and Hawaii. Source: Board of Governors of the Federal Reserve System. 27 CONSUMER CREDIT Consumer credit outstanding rose $540 billion in July, compared with a decline of about $1 50 million in July 1958. BILLIONS OF DOLLARS 50 BILLIONS OF DOLLARS 50 TOTAL CREDIT OUTSTANDING 1953 1954 1959 1955 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] End of period 1949 1950. 1951 1952 _ 1953. ._ __ 1954, 1955 1956. . . . 19"7_ ... 195--? 1958: June- .._ Julv August September. October.,.. November. December. 1959: January.. February. '. March April May June July Total consumer credit outstanding 17, 305 21, 395 22, 617 27, 401 31, 243 32, 292 38, 670 42, 097 44, 774 45, 065 43, 079 42, 923 43, 128 43, 144 43, 164 43, 464 45, 065 44,415 44, 071 44, 203 44, 916 45, 790 46, 716 47, 256 Non instalment credit outstanding Instalment credit outstanding Total Automobile paper 1 11, 590 14, 703 15, 294 19, 403 23, 005 23, 568 28, 958 31, 827 34, 095 33, 865 33, 008 33, 074 33, 165 33, 079 33, 052 33, 126 33, 865 33, 768 33, 751 33, 943 34, 453 35, 029 35, 810 36, 449 4, 555 6, 074 5,972 7, 733 9, 835 9,809 13, 472 14, 459 15, 409 14, 131 14, 590 14, 567 14, 514 14, 332 14, 164 14, 066 14, 131 14, 155 14, 223 14, 375 14, 686 14, 991 15, 419 15, 780 Other Repair and consumer moderni- Personal goods zation loans paper ' loans 2 3, 706 4, 799 4, 880 6, 174 6,779 6, 751 7, 634 8, 510 8, 692 9,007 8, 190 8, 197 8,254 8,312 8, 411 8, 528 9, 007 8,881 8, 767 8, 721 8, 777 8, 911 9,077 9, 183 898 1, 016 1,085 1, 385 1, 610 1, 616 1, 689 1,895 2, 091 2, 145 2,048 2, 061 2, 091 2, 107 2, 128 2, 146 2, 145 2, 125 2, 116 2, 127 2, 149 2, 198 2, 240 2, 282 2,431 2, 814 3, 357 4, 111 4, 781 5, 392 6, 163 6, 963 7, 903 8,582 8, 180 8,249 8, 306 8, 328 8,349 8,386 8,582 8, 607 8, 645 8, 720 8, 841 8, 929 9,074 9, 204 Total 5, 715 6, 692 7, 323 7, 998 8,238 8, 724 9, 712 10, 270 10, 679 11, 200 10, 071 9, 849 9, 963 10, 065 10, 112 10, 338 11, 200 10, 647 10, 320 10, 260 10, 463 10, 761 10, 906 10, 807 Charge accounts 2, 795 3, 291 3, 605 4, Oil 4, 124 4,308 4, 579 4, 735 4,829 5, 018 4, 012 3,927 3,956 4,033 4, 191 4, 297 5, 018 4, 504 4, 004 3, 883 3, 997 4, 220 4, 318 4, 272 InstalInstalment ment credit ex- credit3 3 repaid tended 18, 108 21, 558 23, 576 29, 514 31, 558 31, 051 39, 039 40, 063 42, 426 40, 497 3, 477 3, 483 3, 385 3,297 3, 475 3, 338 4, 350 3,321 3, 247 3, 786 4,022 4,053 4, 432 4, 292 - Credit extended or repaid during the period. Source: Board of Governors of the Federal Reserve System. 28 15,514 18, 445 22, 985 25, 405 27, 956 30, 488 33, 649 37, 194 40, 158 40, 727 3,379 3,417 3,294 3, 383 3, 502 3, 264 3, 611 3,418 3, 264 3,594 3, 512 3, 477 3, 651 3, 653 BOND YIELDS AND INTEREST RATES Rates on Treasury bills have risen sharply since late Ausust. bonds have also increased. Yields on U.S. Government, municipal, and corporate PERCENT PER ANNUM _V 1959 1953 1954 I 1955 J/ 1953-58 DATA PLOTTED MONTHLY; 1959 WEEKLY SOURCES: SEE TABLE BELOW. Period 1952 1953 1954 . 1955 1956 1957 1958 1958: August . September October November _. December 1959: January February March April. _ May _ June . July August Week ended: 1959: August 8 15 22 29 . September 5 12 19 1 2 . . ... . . .COUNCIL OF ECONOMIC ADVISERS/ (Percent per annum] U. S Government High-grade security yields municipal 3-month bonds Taxable 2 Treasury (Standard3 & bonds bills * Poor's) 1. 760 2. 68 2. 19 1. 931 2. 94 2. 72 . 953 2. 55 2. 37 2. 84 1. 753 2. 53 2. 658 2. 93 3. OS 3. 47 3. 267 3. 60 1. 839 3. 43 3. 56 1. 686 3. 60 3. 74 2. 484 3. 75 3. 96 2. 793 3. 76 3. 94 2. 756 3. 70 3. 84 2. 814 3. 80 3. 84 2. 837 3. 91 3. 87 2. 712 3. 92 3.85 2. 852 3. 92 3. 76 4. 01 2. 960 3. 84 2. 851 4. 08 3. 97 4 04 3. 247 4. 09 4. 11 3. 243 4. 04 4 10 3.358 3. 96 3. 3. 3. 3. 3. 3. 4. Rate on new issues within period. Series includes: April 1953 to date, bonds due or callable 10 years and after; April 1952-March 1953, bonds due or callable after 12 years; October 1941-Marcb 1952, bonds due or callable after 16 years. 4, 4. 4. 4. 4. 4. 043 150 417 824 889 979 166 3 08 06 08 15 24 25 3.94 3. 94 3. 94 4.00 4. 09 4. 11 Corporate bonds (Moody's) 2. 96 3. 20 2. 90 3. 06 3. 36 3. 89 3. 79 3. 85 4.09 4. 11 4. 09 4. 08 4. 12 4. 14 4. 13 4. 23 4. 37 4 46 4. 47 4 43 3. 52 3.74 3. 51 3. 53 3. 88 4. 71 4 73 4. 67 4.87 4 92 4. 87 4. 85 4 87 4 89 4 85 4. 86 4 96 5. 04 5. 08 5. 09 Prime commercial paper, 4-6 months 2. 33 2. 52 1. 58 2. 18 3. 31 3. 81 2. 46 1. 96 2. 93 3. 23 3. 08 3. 33 3. 30 3. 26 3. 35 3. 42 3. 56 3.83 3. 98 3. 97 4. 43 4. 42 4. 42 4. 44 4. 47 4. 49 5. 08 5.09 5.09 5. 11 5. 13 5. 15 3.89 3. 88 3. 98 4. 10 4 38 4 50 Aaa Baa Weekly data are Wednesday figures. JTJ A t/-\ QowrnOTS not?df noted). 29 STOCK PRICES Stock prices declined during most of August and early September. INDEX, 1939 = 100 J/ 1953-58 DATA PLOTTED MONTHLY, 1959 WEEKLY COUNCIL OF ECONOMIC ADVISERS SOURCE' SECURITIES AND EXCHANGE COMMISSION. Composite index * Period Weekly average: 1950 1951 1952 1953__ ___ 1954 1955 1956 1957 1958 1958: August September October November December _ _ 1959' Januarv February March April May June Julv August Week ended: 1959: August 7 14 21 28 September 4 11 _ . .. _ .. . . . [1939 = 100] Manufacturing TransDurable Nondura- portation Total goods ble goods Trade finance, Mining and service 154. 1 184. 9 195. 0 193. 3 229. 8 304.6 345. 0 331. 4 340.9 351. 7 360. 5 376. 4 387. 8 392. 8 409. 9 403. 9 413. 9 419. 4 425. 3 419. 0 434. 3 433. 9 165. 7 206. 8 220. 2 220. 1 271. 3 374.4 438. 6 422. 1 426. 4 442. 0 452. 9 474, 2 487. 4 489. 8 507. 6 495. 7 508. 5 514. 4 527. 3 520. 9 542. 6 542. 5 150. 2 178. 5 188. 8 192. 6 245. 2 352. 4 409. 8 391. 2 385. 3 399. 4 412. 9 437. 2 448. 0 451. 4 473. 6 465. 6 475. 0 480. 6 495. 0 495. 8 521. 8 516. 1 180. 2 233. 1 249. 3 245. 2 295. 2 394. 4 465. 1 450. 7 458, 0 472. 9 481. 1 499. 2 514. 3 515. 6 529. 0 513. 8 529. 5 535. 5 546. 8 533. 9 551. 2 556. 3 160. 0 199. 0 220. 6 218. 7 232. 6 320. 0 327. 1 275. 4 270. 2 282. 6 292. 2 310. 6 327. 0 329. 8 349. 9 349. 9 353. 0 360. 0 357. 7 357. 1 364. 3 349. 4 108. 9 112. 6 117. 9 121. 5 135. 8 152. 9 155. 8 156. 0 173. 3 173. 9 177. 5 183. 4 189. 8 198. 7 212. 7 214. 9 221. 0 226. 3 221. 3 212. 8 217. 8 219. 0 183. 8 207. 9 206. 0 207. 1 235. 6 296. 9 306. 3 277. 5 314. 5 324. 6 337.2 345. 5 361. 9 374. 9 393. 6 400. 5 405. 0 405. 2 408. 9 417. 5 429. 4 425. 4 143. 5 204. 9 275. 7 240. 5 267. 0 312. 9 357. 5 342. 4 313. 8 341. 1 340. 6 343. 9 341. 4 339. 0 348. 1 345. 3 347. 5 340. 2 334. 0 325. 6 321. 4 324. 4 437. 5 433. 1 430. 9 434. 0 427. 0 418. 7 548. 541. 537. 542. 533. 522. 520. 1 513. 5 510. 5 520. 3 510. 1 502. 2 563. 6 556. 8 552. 4 552. 3 544. 1 531. 3 352. 347. 348. 349. 339. 335. 219. 219. 218. 218. 216. 211. 424. 2 419. 9 425.5 432. 2 427. 2 423. 8 328. 325. 321. 321. 316. 311. 3 5 8 5 2 7 1 Includes 265 common stocks: 98 .or durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 lor utilities, 31 for trade. finance, and service, and 14 for mining. Indexes are for weekly closing prices. 30 Utilities 9 0 4 3 8 8 Source: Securities and Exchange Commission. 3 6 7 5 0 2 6 8 8 4 6 2 FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES For the first 2 months of the current fiscal year, there was a budget deficit of $3.9 billion, year, the deficit amounted to $5.0 billion. For the same period last BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS NET BUDGET EXPENDITURES 75 25 0 I960 75 +10 MAJOR NATIONAL SECURITY EXPENDITURES BUDGET SURPLUS (+) OR DEFICIT (-) (ENLARGED S C A L E ) +5 1955 1956 Period year 1 953 _ . . year 1954 _ _ year 1955 year 1956 year 1957 year 1958 3 year 1959 .. _ Julv 3 3 .. , August _ _ _ - _ . September 3 -_ _ _ October 3 3 November _ _ -_ _ _ December 3 3 1959: January 3 February ___ _ _ _ March 3 . _ _ .. _.. 3 April .. - . __ 3 May June 3 . July 3 3 August __ Cumulative totals for first 2 months: 3 4 Fiscal year 1959 Fiscal year 1960 [Billions of dollars I Net budget expenditures Net Budget Major national security ' budget Department surplus ( + ) Total receipts or of Defense Total deficit (-) military functions 74. 3 64. 8 50. 4 -9. 4 43. 6 64. 7 67. 8 46. 9 40. 3 -3. 1 64. 6 60. 4 -4. 2 40. 6 35. 5 66. 5 40. 6 68. 2 35. 8 + 1.6 69. 4 71. 0 + 1.6 38. 4 43.3 69. 1 71. 9 44, 1 -2. 8 39. 1 80. 7 68. 2 46. 4 41.2 — 12. 5 2. 9 6. 6 3. 8 3. 2 -3. 7 4. 8 6. 2 3.2 3. 6 -1. 4 7. 2 6. 6 +.6 3. 9 3.5 2. 8 7. 1 4. 2 3.8 -4. 4 6. 2 3.6 5. 0 3. 2 — 1.3 7. 1 6. 2 4. 2 3.7 —.9 4. 5 6. 8 — 2. 2 3. 3 3.7 6. 6 6. 3 3.6 3. 2 +.2 6. 5 + 2. 0 8. 4 3. 9 3. 4 4. 3 6. 4 — 2. 2 3.9 3. 5 6. 2 5. 4 3. 2 —.7 3. 6 10. 0 3. 9 8. 6 4. 5 + 1. 4 3. 2 6. 6 3. 4 3. 8 -3. 3 5.7 3.7 6.3 3.4 —.6 7.8 8.9 1 Includes military functions of Department of Defense, military assistance portion of the mutual security program, Atomic Energy Commission, stockpiling, and defense production expansion. 2 Includes guaranteed securities, except those held by the Treasury. Not all "tf total shown is subject to statutory debt limitation. I960 FISCAL YEARS * PRELIMINARY Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal 1958: mil 12. 8 12.9 7.4 7.5 6. 4 6.8 -5. 0 -3.9 Public debt (end of2 period) 266. 1 271. 3 274. 4 272. 8 270. 6 276. 4 284. 8 275. 6 278. 6 276. 8 280.3 283. 2 283. 0 285.9 285. 2 282. 2 285. 5 286. 4 284. 8 288. 8 290. 5 278. 6 290. 5 3 Preliminary. * Not charted. Sources; Treasury Department and Bureau of the Budget. 31 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In the second quarter of calendar year 1959, cash payments to the public exceeded cash receipts by $250 million. This compares with an excess of receipts of $1.4 billion in the second quarter of calendar 1958. BILLIONS OF DOLLARS BILLIONS OF D O L L A R S |_ CASH RECEIPTS \ CASH PAYMENTS FIRST HALF J 0 I-H s EXCESS OF CASH RECEIPTS (ENLARGED SCALE) EXCESS OF CASH PAYMENTS I 1956 CALENDAR ^PRELIMINARY ESTIMATES SOURCES: BUREAU OF THE BUDGET AIJD TREASURY 1957 YEARS DEPARTMENT COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] Cash receipts from the public Period Fiscal year total: 1956 . . -.. 1957 1958 - 1959 ' Calendar year total: 1955 1956 . ----1957 1 _ - __ 1958 --- - - - - - - _ . _ --. Quarterly total, not adjusted for seasonal variation: 1957: Third quarter _ Fourth quarter. _ . 1958' First quarter Third quarter ' _ Fourth quarter * 1959: First quarter 1 Second Quarter ' _ _ _ _ _ __ Excess of receipts ( + ) or payments ( — ) 77, 088 82, 107 81 893 81, 534 __ - 72 80 83 94 617 008 413 542 + 4 471 + 2 099 — 1 520 — 13 007 71 80, 84, 81, _ __ Cash payments to the public 448 330 520 729 72 188 74, 807 83, 326 89, 015 — 740 + 5, 524 18, 653 16 404 23 618 23 219 18, 274 16, 618 22 628 24. 015 21, 099 20 839 19 626 21 850 23, 789 23 750 22 734 24. 267 — 2 447 — 4 435 + 3 993 + 1, 194 — 7, 288 + 1 368 —5 — 7, — — ! ' Preliminary. Estimate. Sources: Bureau of the Budget and Treasury Department. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington 25, B.C. Price 20 cents per copy ; $2.00 per year ; $2.75 foreign. 32 I. 5. G O V E R N M E N T PRINTING O F F I C E : 1959 I 516 133 107 253