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.
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32
I. 5. G O V E R N M E N T PRINTING O F F I C E : 1959
I
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133
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