Full text of Economic Indicators : September 1964
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88th Congress, 2d Session Economic Indicators SEPTEMBER Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1964 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) PAUL H. DOUGLAS, Illinois, Chairman RICHARD BOLLING, Missouri, Vice Chairman SENATE JOHN SPARKMAN (Alabama) J. W. FULBRIGHT (Arkansas) WILLIAM PROXMIRE (Wisconsin) CLAIBORNE PELL (Rhode Island) JACOB K. JAVITS (New York) JACK MILLER (Iowa) LEN B. JORDAN (Idaho) HOUSE OF REPRESENTATIVES WRIGHT PATMAN (Texas) HALE BOGGS (Louisiana) HENRY S. REUSS (Wisconsin) MARTHA W. GRIFFITHS (Michigan) THOMAS B. CURTIS (Missouri) CLARENCE E. KILBURN (New York) WILLIAM B. WIDNALL (New Jersey) JAMES W. KNOWLES, Executive Director MARIAN T. TRACY, Financial Clerk HAMILTON D. GEWEHR, Administrative Clerk COUNCIL OF ECONOMIC ADVISERS WALTER W. HELLER, Chairman GARDNER ACKLEY OTTO ECKSTEIN Economic Indicators prepared under supervision of FRANCES M. JAMES [PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [SJ. 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- Economic Indicators, published monthly, is available at 2 5 cents a single copy or by subscription at $2.50 per year (foreign, $3.50) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription price is $5.40 per year. The 1962 Supplement to Economic Indicators, which describes each series and gives annual data for years not shown in the monthly issues, is now available at 65 cents a copy. TOTAL OUTPUT, INCOME, AND SPENDING THE NATION'S INCOME, EXPENDITURE, AND SAVING Gross national product rose by $9.8 billion (seasonally adjusted annual rate) in the second quarter, according to the current estimates. There was a similar increase in the first quarter. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Business Persons Period Personal Personal Gross Excess saving Gross Disprivate consumpof retained posable (+) or tion investearn-2 domestic dispersonall expendiinvest-3 ment saving ings income ment tures 256.9 274.4 292.9 308.8 317.9 337. 1 349. 9 364. 7 384.6 402.5 386.0 390.4 395. 1 399. 1 404.4 411.2 419.5 431. 3 1954 _____ 1955 _____ 1956 _____ 1957 _____ 1958 _____ 1959 _____ 1960 _____ 1961 _____ 1962 _____ 1963 _____ 1962: III. 1963: I. III. IV. 1964: International 238. 0 256. 9 269. 9 285. 2 293. 2 313. 5 328. 2 337.3 356.8 375. 0 358. 5 364.0 369.2 372.0 377.4 381.3 390.0 396. 1 18.9 17. 5 23. 0 23.6 247 23. 6 21.7 27.3 27.8 27. 5 27. 5 26.4 25.9 27. 1 27.0 29.9 29.5 35.2 35. 5 42. 1 43. 0 45.6 44.8 51. 3 50. 7 51. 2 57. 5 59. 1 57. 6 58.9 58.5 58. 5 60. 3 59. 7 64. 1 65. 1 48. 9 63.8 67. 4 66. 1 56.6 72.7 71.8 68.8 79. 1 82.0 80.2 79.9 77.9 80.2 82.8 87. 1 85.9 87.2 -13.4 -21. 8 -24.3 -20. 5 -11. 9 -21. 4 -21. 1 -17. 6 -21. 7 -22.9 -22. 6 -21.0 -19.4 -21.7 -22. 5 -27.4 -21.8 -22. 1 Foreign Net exports of goods Excess of net and services transfers trans(4-) or fers by of net Govern- Net ExImexports ment exports ports ports 1.4 1.5 1. 5 1. 5 1.3 1.5 1.6 1.6 1.6 1.6 1.5 1.6 1.5 1.6 17.5 19. 4 23. 1 26. 2 22.7 22.9 26. 3 27. 6 29.2 30.7 29. 7 29.4 28.8 30. 5 31.0 32.6 34.5 33.7 1.0 1. 1 2.9 4. 9 1.2 —. 8 3.0 4.6 4.0 4.4 4.4 3.9 3.4 4.3 4.2 5.8 7.7 5.7 16. 5 18. 3 20. 2 21.3 21. 5 23.6 23. 3 23.0 25. 2 26.3 25. 3 25. 5 25.4 26. 3 26.8 26.9 26.8 27.9 0.4 .4 -1. 5 -3. 5 .1 2.3 -1.4 -3.0 -2. 4 -2.8 -2.9 -2.3 -1.9 -2.6 -2.6 -4. 1 -6.2 -4. 1 Government Net receipts Period 1954 ______ 1955 ______ 1956 ______ 1957 ______ 1958 _____ 1959 _____ 1960 _____ 1961 _____ 1962 _____ 1963 _____ 1962: III. IV. 1963: I__. III. IV. 1961: T _ _ . II.. Surplus Total (+) or income deficit or Tax and TransPurTrans- (-) on receipts nontax fers, chases Total fers, income Net interest, of goods expendi- interest, and receipts receipts or and suband tures and subproduct 5 5 accruals sidies services sidies account 68. 5 78. 4 84. 2 87.5 82.0 95. 7 103. 5 103. 8 114.4 123. 4 115.4 116.4 118.6 122. 7 124. 4 128. 2 125. 2 122. 9 90.0 21. 5 23. 0 101. 4 109. 5 25.3 116. 3 28.7 33. 1 115. 1 34. 4 130. 2 37. 1 140. 6 145. 6 41. 8 157. 8 43. 4 45. 4 168.9 43. 4 158.8 161.2 44. 8 45. 7 164. 3 44. <) 167. 6 ] 09. 0 45. 2 •15. <) 17-1. I 1 Persona! income (p. .r>) loss personal luxes :in<! n o n t a x payn ties, iiiua, etc.). UIA .;. capital const i Does not im eluded in dis 3 Private h institutions, Expenditures 75. 3 75. 6 79. 0 86. 5 93. 5 97. 2 99. 6 108. 0 116.3 122. 6 115. 9 118.7 121.4 120. 9 122. 8 JIM. S n adjustment. 1 >tion allowances, a id exec. - s of \vai',o accruals over < lisbursomonts. do retained earn in rs of in incorporated business which arc in^ablo personal inco no. inoss investment, | ureliast s of c a p i t a l goods by pr vate nonprofit d residential housi >!•'.. 96. 7 98. 6 104. 3 115. 3 126. 6 131. 6 136. 7 149. 8 159. 8 168.0 159. 3 1(57. 1 .105. S 1 OS. 0 170. 7 172. 7 170. 7 21. 5 -6.7 23. 0 2. 9 25. 3 5.2 28. 7 1.0 33. 1 — 11. 4 34. 4 — 1. 5 37. 1 3. 9 41.8 -4. 2 43.4 -1. 9 45. 4 .9 43. 4 —. 4 41. 8 -2. 2 4f>. 7 -2.8 44. 9 1.6 45. 2 1.7 45. 9 3.3 47.5 .0 47. 1 -6.7 362. 3 396. 5 421. 6 443. 4 446. 0 485. 7 505. 0 521. 2 558. 0 586. 7 560. 5 567. 3 573. 7 581.9 590.7 600. 8 610.3 620. 9 < Net foreign investment with sign changed. Statistical discrepancy 0.9 1. 0 -2.4 -. 6 -1. 5 — 3. 0 -3.0 -2. 6 -1.8 o 7 — .£,. / -1. 7 -. 8 -1.9 -4. 3 3.5 1.8 1.6 2.4 Gross national product or expenditure 363. 1 397. 5 419. 2 442. 8 444.5 482. 7 502. 6 518.7 556.2 583. 9 559. 0 566. 6 571. 8 577.4 587.2 599.0 608. 8 618. 6 « Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of government enterprises. NOTE.—Data for Alaska and Hawaii included beginning I960. Source: Department of Commerce. GROSS NATIONAL PRODUCT OR EXPENDITURE The current estimate of gross national product (seasonally adjusted) in the second quarter is 1.6 percent above the first quarter, measured in current dollars, or 1.2 percent in constant dollars. SEASONALLY ADJUSTED ANNUAL RATES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 600 GROSS NATIONAL PRODUCT X 500 400 300 GOVERNMENT PURCHASES OF GOODS AND. SERVICES 100 1964 SOURCE: DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Personal Total No+ conTotal gross exports private sump- domestic of goods national gross tion product national and investexpendproduct in 1963 ment services itures prices Goveirnment p urchases of good s and services Federal State Total Total i National and 2 Other local defense Implicit price deflator for total GNP, 1963= 100* Billions of dollars , quarter y data at seasonal ly adjust,ed annua rates 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1962: III IV 1963: I II III IV 1964: I II 1 2 404. 6 420.4 489. 6 481.0 464.5 474.4 488. 6 476. 4 508. 2 521. 1 581. 2 564. 7 588. 9 567. 0 572. 8 575. 6 578. 5 586. 6 594. 7 601.8 608. 5 329.0 347.0 365. 4 363. 1 397. 5 419. 2 442. 8 444. 5 482. 7 502. 6 518. 7 556. 2 583.9 559.0 566.6 571. 8 577. 4 587. 2 599. 0 60S. 8 618. 6 209. 8 219. 8 232. 6 238.0 256. 9 269. 9 285.2 293. 2 313. 5 328.2 337.3 356.8 375. 0 358. 5 364. 0 369. 2 372.0 377. 4 381.3 390.0 396. 1 56.3 49. 9 50.3 48. 9 63. 8 67. 4 66. 1 56. 6 72.7 71.8 68.8 79. 1 82.0 80.2 79.9 77.9 80.2 82. 8 87. 1 85. 9 87. 2 Less Government sales. Prior to 1959, this category corresponds closely with budget expenditures for national defense, shown on p. 35. Beginning with 1959, they differ because of inclusion of space program expenditures in this table; these expenditures, small in 1959-31, amounted to $1.6 billion in 1962. 2.4 1.3 —.4 1.0 1. 1 2. 9 4. 9 1. 2 -.8 3.0 4. 6 4.0 4.4 4. 4 3.9 3.4 4. 3 4.2 5.8 7.7 5.7 60.5 76.0 82.8 75.3 75.6 79.0 86. 5 93. 5 97. 2 99. 6 108.0 116.3 122. 6 115. 9 118.7 121.4 120. 9 122.8 124.8 125.2 129. 6 38. 8 52.9 58.0 47.5 45.3 45. 7 49. 7 52. 6 53. 6 53. 1 57.4 62. 9 64. 7 62. 4 63.8 65. 1 64. 3 64.4 64. 9 64. 3 67. 1 33. 9 46.4 49.3 41.2 39. 1 40. 4 44. 4 44 8 46. 2 45.7 49.0 53.6 55. 2 53. 0 53.5 54.8 55.2 55. 5 55.3 54. 0 57.0 5.2 6. 7 9. 0 6.7 6.6 5. 7 5. 7 8.3 7.9 8.0 8.9 10.2 10. 3 10. 2 11. 4 11.3 9. 9 9.5 10.5 11. 5 11. 0 21. 7 23. 2 24. 9 27.7 30.3 33.2 36. 8 40. 8 43.6 46. 5 50.6 53.5 57. 9 53. 5 54.8 56.3 56. 7 58.4 59.9 60. 9 62.5 81.3 82. 5 83. 1 84. 2 85.6 88. 4 91. 6 93.3 95.0 96. 5 97.6 98. 5 100.0 98.6 99.0 99. 3 99.8 100. 1 100. 7 101.3 101.7 3 Gross national product in current prices divided by gross national product in 1963 prices. NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. NATIONAL INCOME National income rose by $8.7 billion (seasonally adjusted annual rate) in the second quarter. Compensation of employees rose by $6.1 billion, corporate profits (plus inventory valuation adjustment) by $1.5 billion, and all other types of income were either unchanged or higher. BILLIONS OF DOLLARS BILLIONS OF- DOLLARS 500 500 400 400 300 200 CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT IOO \ i '"""""""'""" \ ^^ COUNCIL OF ECONOMIC ADVISERS * See Note, page 7. SOURCE: D E P A R T M E N T OF COMMERCE. [Billions of dollars, quarterly data at seasonally adjusted annual rates] Total national income Period 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962. 1963 Compensation of em- l plovees Propriety s' income Farm Business and professional Rental income of per- JNet interest ~\T 4- Corpora te profits and inventory va uation ad justment 2 Total Profits Inventory before valuation taxes 2 adjustment 279. 3 292. 2 305. 6 301. 8 330. 2 350.8 366.9 367. 4 400. 5 414. 5 426. 9 455. 6 478. 5 180. 3 195. 0 208. 8 207. 6 223. 9 242. 5 255. 5 257. 1 278. 5 293. 6 302. 2 323. 1 340. 3 16. 3 15. 3 13. 3 12. 7 11. 8 11. 6 11.8 13.5 11. 4 12. 0 12. 9 13. 2 13. 0 26.0 26.9 27. 4 27. 8 30. 4 32. 1 32. 7 32. 5 35. 1 34. 2 35.3 36. 6 37. 6 9. 4 10. 2 10. 5 10. 9 10. 7 10. 9 11. 9 12. 2 11. 9 12. 1 12.2 12. 2 12. 3 6.3 7. 1 8. 2 9. 1 10. 4 11.7 13. 4 148 16. 4 18. 0 20. 1 22. 1 24.4 41.0 37.7 37. 3 33. 7 43. 1 42. 0 41. 7 37.2 47. 2 44. 5 44. 1 48. 4 50. 8 42. 2 36. 7 38. 3 34. 1 4.4. 9 44. 7 43. 2 37. 4 47. 7 44. 3 44. 2 48.2 51.3 -1.2 1. 0 -1.0 -. 3 -1.7 -2.7 -1.5 -.3 —, Q .2 —— 1 .3 —.4 1962: III IV 457. S 463.2 325. 3 328. 0 13. 0 12. 8 36. 7 36. 9 12. 2 12. 2 22. 3 22. 9 48. 3 50.3 48. 1 49. 4 .1 .9 1903: I II III IV 467. 9 474. 6 481. 9 490.0 332.7 338. 1 342. 7 347.7 13. 2 12. 8 12. 9 13.2 37. 1 37.3 37. 8 38.3 12. 3 12.3 12.4 12. 4 23. 5 24.0 24. 7 25. 4 49. 1 50. 2 51.4 53. 1 48. 9 51. 1 51. 3 54. 3 -.9 .2 498.4 507. 1 352.5 358. 6 12.6 12. 6 38. 6 39. 1 12.4 12.4 25.9 26. 5 56. 4 57. 9 56. 6 57.9 -. 1 ___ 1964: T_ 11 1 2 _ _ ___ Includes employer contributions for social insurance. Sec Note, rage 7. (See also p. 4.) NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. 9 j 2 -.2 SOURCES OF PERSONAL INCOME Personal income rose $2.5 billion in August to a seasonally adjusted annual rate of $493.9 billion. Wages and .salaries accounted--for most of the rise, with increases of $1.2 billion in private payrolls and $1.0 in Government payrolls. iBILLIONS BILLK)NS OF DO -LARS OF DOL LARS 500 500 SEASO NAU.Y ADJUSTED tANNUAL RATES *-^ . •TOTAL PE RSONAL INC 3ME \ ^>* •s* '^ 45O —- -^ ^ i , »*«^i 400 S-* x 400 X 350 .. ' 350 300 WAGE AND SALARY DISBL RSEMENTS ***— JWI^ — * .~-~ g»i**"* +<**-* **'*~" 300 ^*f ^*»« 250 »...*< ****** DIVIDENDS AhID BUSINESS, PF?OFESSIONAL, AND RENT/XL INCOME p ERSONAL INTE REST „„„„«,.««,„ =1-™n=^; 50 UtvtfiViRNlimilNUKluni lUlirauiuntftfl WWHlAlftS «?,•asiasi 50 FARM PROPR ETORS 1 INCOME TRANSFER PAYMENTS^ O—O-O-O—O—»-<>_<; >. o-o-o—o-o-o-o-o-< i . i i !••••• , •Q 1959 19 58 I I 1 1 1 1 1 1 1960 1961 SOURC C: DEPARTME NT OF COMME:RC Per iod 1955__. 1956-. 1957... 1958__. 1959__. 1960__. 1961 1962. _ 1963. _ 1963: J une J uly Lug ^S ept C)ct I)ec 1964: J an I^eb 1^lar J Lpr J$ay June___ J uly 4 Lug _._ ^ Total persona 1 income 310.2 332.9 351. 4 360.3 383. S 401. 3 417.6 442.4 464.1 462.7 464. C1 466. 1 468. S 472. 7 473. £ 477. 1 479.4 480.5 482. S 486.6 487.8 489.2 491. 4 493. S • r_ 1 , .r o—o- 1962 1964 I9€>3 C OUN CIL OF ECONOMIC AC V1SERS [Billioiis of dolla rs, month' y data at scjasortally jadjusted annual rat68] Wage Reiatal and Other Proprietc rs' income inc Transf er ome Divi- Personal salary labor 2 Business interest paj^dends >f c Farm disburse-l income and pro- per sons income ments ments , fessional 11.2 10.7 210.9 7. 1 30.4 11.8 15. 8 17. 5 227.6 11.6 10.9 18. 8 8. 1 12. 1 32. 1 17.5 12.6 19. 6 11.8 11.9 21. 9 9. 1 32. 7 238. 5 12.2 21.0 9. 4 32. 5 13.5 12. 4 26. 3 239. 8 11. 9 11. 4 10. 4 23. 5 258. 5 35. 1 27. 5 13. 7 12. 0 12. 1 34.2 271. 3 11. 0 14.5 25. 8 29. 5 15.2 11.6 35.3 12.9 27. 5 12.2 278. 8 33. 6 13.2 12. 3 16.5 30.0 297. 1 34. 7 36. 6 12.2 312. 1 13. 1 18.0 37.6 13.0 32.9 36. 7 12.3 37.4 12.7 311. 9 13. 0 18.4 12.3 32.6 36. 2 12. 9 37.6 312.9 12.3 17.7 33.0 13. 1 36. 3 13.2 314.0 12.9 12.3 33.4 37.8 36. 6 17.8 12. 9 12.4 316.0 37.9 13. 3 18.0 33.7 36. 6 38.2 13. 2 318. 2 13. 4 18.5 34. 0 37. 1 3 2. 4 13.2 38.2 34.2 13. 5 12.4 37. 2 318. 3 18.8 13.2 320.0 13.5 38.4 12.4 34.4 20. 1 37. 2 12. 8 13.6 320.8 34.7 38.3 12.4 19.3 39. 7 12. 6 323. 6 13. 7 38.7 19.4 35.0 12.4 37. 5 12. 4 325. 1 13.8 12.4 19.6 38.8 35.3 37. 8 327.7 12. 5 39.0 13.9 35. 5 12.4 19. 8 38. 2 14. 0 12. 6 12.4 328. 7 39. 1 35. 7 19. 8 38. 0 12.4 14. 1 12. 6 19.9 39.3 35.9 37. 6 330. 1 14 2 12. 4 331. 8 39.5 12.4 20.0 36.0 37. 8 334.0 14. 2 12. 2 12.4 39.6 36. 2 20. 1 38. 1 'Compensation of employees (see p. 3) excluding employer contributions for social insurance and the excess of wage accruals over disbursements. 2 Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees: military reserve pay; and a few other minor items. 8 Personal income exclusive of net income of unincorf orated farm enterprises, V -O-O— O— O— O— O— O-> Less: Personal contributions for social insurance 5. 2 5.8 6. 7 6. 9 7.9 9.2 9.6 10.3 11.8 11. 8 11.9 11.9 11.8 12. 1 11. 9 12. 1 12.2 12. 3 12.4 12.5 12.5 12. 6 12. 7 12. 9 Nonagri cultural persona: income 295. < 317. < 336. 343. ( 368. 385. 400.'( 424. 446. 445. 446. 448. 451. 455. 456. 459. 462. 463. 466. 469. 470.' 472. 474. < 477. \ farm wages, agricultural net interest, and net dividends paid by agricultural corporations. 4 Preliminary. NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. DISPOSITION OF PERSONAL INCOME Disposable personal income scored an $11.8 billion gain (seasonally adjusted annual rate) in the second quarter, showing the effect of the tax cut for the-.Ml--quarter as well as the increase in before-tax income. Consumption spending advanced somewhat less rapidly and the saving rate rose from 7.0 percent to 8.2 percent. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* 450 400 - 350 1,800 1,700 1958 1959 * SEASON ALLY ADJUSTED ANNUAL RATES. SOURCE: -DEPARTMENT OF COMMERCE Period 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 COUNCIL OF ECONOMIC ADVISERS Equals: Less: PerT> „ DisJrersonal sonal posable income taxes personal income 273. 1 288.3 289. 8 310. 2 332.9 351.4 360.3 383. 9 401. 3 417. 6 442.4 464. 1 34.4 35.8 32. 9 35. 7 40. 0 42. 6 42. 3 46.8 51.4 52. 9 57.9 61. 6 238. 7 252. 5 256. 9 274.4 292. 9 308. 8 317. 9 337. 1 349.9 364.7 384.6 402. 5 1962: III__ 444. 5 IV— 449. 7 455.2 1963: I II— 460. 2 III.. 466.3 IV.. 474. 5 1964: !____ 480. 9 II___ 487.9 58. 5 59. 3 60. 1 61. 1 61.9 63. 3 61. 4 56. 6 386. 0 390.4 395. 1 399. 1 404. 4 411. 2 419.5 431.3 Per cap ita disas posable personal Saving percent inco me Equals: of disPersonal posable Nonsaving 1963 personal Current Total Durable Services goods durable prices prices 1 income sroods (percent) Billions of dollars> Dollars 219. 8 29. 1 115. 1 75.6 1,756 18. 9 1,521 7.9 232. 6 32. 9 118. 0 81. 8 1,808 19.8 7.8 1, 582 32. 4 238. 0 119. 3 1,792 86. 3 18.9 7. 4 1, 582 256. 9 39. 6 124. 8 92.5 1,870 17.5 6. 4 1, 661 269. 9 38. 5 131. 4 100. 0 1,930 23.0 7. 9 1,741 285. 2 40. 4 137. 7 107. 1 23.6 1,943 7. 6 1,803 37. 3 141. 6 293. 2 114. 3 1,930 24.7 7. 8 1,826 313. 5 43. 6 147. 1 122. 8 23.6 1,987 7.0 1,904 328.2 44.9 151. 8 21. 7 6.2 131. 5 1,994 1,936 337. 3 43. 7 155.4 138. 3 27. 3 1,985 2,028 7.5 48. 4 162.0 356.8 146. 4 27.8 2,060 2,087 7.2 52. 1 375. 0 167. 5 155. 3 27. 5 2, 125 2, 125 6.8 Seasonally adjiisted anniial rates 162. 9 48. 4 358.5 147. 2 27.5 2,064 2,089 7. 1 50. 2 164. 4 364.0 149. 5 26.4 2,079 2,096 6. 8 369. 2 51. 1 166.0 152. 1 25. 9 2,097 2, 105 6. 6 51. 5 166. 6 372.0 2, 111 153. 9 27. 1 2, 115 6.8 52.2 377. 4 168. 6 156. 6 27.0 2, 131 2, 129 6.7 381. 3 53. 6 168. 9 158. 8 29. 9 2, 159 2, 148 7.3 172. 9 390. 0 55. 9 161. 1 29. 5 2, 195 2, 175 7.0 175. 3 396. 1 57.0 35. 2 163.8 8.2 2,249 2,220 L ess: Persona I consump>tion expe nditures 1 Income in current prices divided by the implicit price deflator for personal consumption expenditures on a 1963 base. 2 Population of the United States including armed forces abroad. Annual data as of July 1; quarterly data centered in the middle oi the period, interpolated from monthly figures. Population (thou-2 sands) 156, 947 159, 559 162, 388 165, 276 168, 225 171, 278 174, 154 177, 080 180, 684 183, 756 186, 656 189, 375 187, 045 187, 816 188, 444 189, 047 189, 756 190, 498 191, 120 191, 744 NOTE.—Data for Alaska and Hawaii included beginning 1960. Source?: Department oi Commerce and Council of Economic Advisers. FARM INCOME Nef farm income (seasonally adjusted) in the second quarter was unchanged from the first quarter level. BILL IONS OF DOLLARS BILLIONS OF DOLL &RS SEASONALLY ADJUSTED ANNUA L RATES 50 REALIZED GROSS FARJ/I INCOME 40 40 ' ^ r' 30 20 NET FARM INCOME INC -UDING NET INVENTC CHANGE )Rr '--™_.--.^ '0 i f 1958 1 i f 1959 —— f i I I960 f I 1961 SOUF CEI DEPARTMENT OF AGRICULTURE. all sources 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1962: III IV 1963: I II III IV 1964: I II 19. 0 18. 3 18. 6 18. 8 20. 5 19. 0 19. 6 20. 1 20. 4 19. 9 From From farm nonfarm sources sources i i ! 1963 ! I 0 1964 13. 2 12.2 12. 0 12. 2 13. 8 11. 8 12.3 13. 1 13. 3 13. 0 5. 8 6. 1 6. 6 6. 6 6.7 7. 1 7.2 7.0 7. 1 6.8 Net t(3 farm oper<ators Net inc ame per farm incl uding net inventory change 3 Cash Production ex- Exclud- Includreceipts penses ing net in- ing net in- Current 1963 from Total i ventory ventory2 prices prices * marketchange change ings Billions c)f dollars Dol lars 21. 7 12. 2 12. 7 33.9 2, 645 30.0 2,939 21. 9 11. 5 2,779 33. 3 29. 6 11. 8 2,529 22. 6 12. 0 34. 6 30. 6 11. 6 2,574 2,798 34. 4 11. 0 29. 8 23. 4 11. 8 2, 695 2,837 12. 6 37. 9 25.3 3,201 33. 4 13. 5 3,334 26. 2 11. 3 11. 4 37. 5 33. 5 2, 775 2,861 26. 2 11. 7 12. 0 3, 106 37. 9 34. 0 3, 044 34. 9 12.6 27.0 12.9 3,458 39. 6 3,389 12. 6 13. 2 3,617 41. 0 36. 1 3,581 28. 3 29.2 12. 5 3,643 41. 7 13.0 36.9 3, 643 Seas onallv ad iusted amlual rates 3,560 13. 0 3,520 40. 8 35. 9 12.3 28. 5 12. 2 12. 8 3,470 40. 9 36. 0 3, 470 28. 7 3, 690 12. 6 13. 2 41. 9 37. 0 3,690 29. 3 3, 580 41. 5 36. 7 29. 2 12.3 12.8 3,580 3, 610 41. 6 12.4 12.9 36. 8 29. 2 3,610 42. 0 3,690 12. 8 13. 2 29. 2 3,690 37. 2 3, 630 12. 6 41. 9 12. 3 3,630 36.7 29. 6 12, 6 3, 590 42. 0 12.3 3,630 36. 8 29.7 1 Cash receipts from marketing?, Government payments, and nonmoney income furnished by farms. *1 Inventory of crops and livestock valued at the average price lor the year. Bused on 1959 Census of Agriculture definition cf a farm. The number fttrmt? Is held constant within a year. 1 ]income re ceived fro m farming Realized gross From 1 ,(:OUNCIL Of* ECONOMIC AD vis|RS_ Personal Fincome re ceived by total i arm popu lation Period 1 1962 * Income in current prices divided by the index of prices paid by farmers for family living items on a 1963 base. Source: Department of Agriculture. CORPORATE PROFITS Corporate profits before taxes rose about 2 percent to $57.9 billion (seasonally adjusted annual rate) in the second quarter, according to current estimates. After taxes they also rose about 2 percent to $31.9 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 20 I958 J/ EXCLUDING INVENTORY VALUATION ADJUSTMENT. SOURCE: DEPARTMENT OF COMMERCE. Period 1953 1954 1955 1956 i957 1958 1959 1960 1961 1962 1963 1962: I I I _ _ IV.1963: I II__. IIIIV__ 1964: ! _ _ _ _ II___ SEE NOTE ON TABLE BELOW. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Corr>orate pr ofits (befc>re taxes) and invei itory Cor] lorate pr ofits valuation adjustmei it a fter taxe s TransCorpo- CorpoM anufactur ing portation, rate rate comAll profits tax UnDiviWonAll Durable durable muniother before liabildend distribindusTotal goods indus- taxes ity payuted goods cations, tries Total indusand tries ments profits industries public tries utilities 21. 4 12. 1 9. 3 4. 9 37. 3 11. 0 20. 2 38. 3 9.2 18. 1 8.9 4. 4 18. 4 33. 7 10. 1 8. 3 1 1. 0 34. 1 17.2 16. 8 9. 8 7.0 25. 0 14. 2 10. 8 43. 1 5. 4 12. 8 44. 9 21. 8 23. 0 11. 2 11.8 32. 6 10. 9 42. 0 23. 5 5. 6 12. 9 44. 7 21.2 23. 5 12. 1 11. 3 41. 7 13. 1 9. 8 22. 9 5. 5 13. 3 43. 2 20.9 22. 3 12.6 9.7 9. 0 9. 3 5. 6 37. 2 J8. 3 13. 3 37.4 18. 6 12.4 6.4 18.8 25. 4 13. 4 11. 9 47. 2 6. 7 15. 1 47. 7 23. 2 24.5 13.7 10.8 23. 0 11. 4 11. 6 44. 5 7. 0 14. 4 44. 3 22. 3 22. 0 14. 5 7. 5 21. 7 44. 1 10. 8 10. 9 7. 3 15. 1 44. 2 22. 3 21. 9 15. 2 6. 7 13.2 48. 4 24. 7 11. 5 8.0 15. 7 48. 2 23. 2 16. 5 25. 0 8.5 26.7 14. 4 12.3 50. 8 8. 4 15. 7 51. 3 24. 6 26. 7 18. 0 8.7 48. 3 24. 8 13. 5 11. 3 8. 0 15. 4 48. 1 23. 1 25. 0 16. 5 8.5 12. 3 26. 1 8. 2 50. 3 16.0 1.3. 8 49. 4 23. 8 25. 7 17. 1 8.6 24. 7 49. 1 16.2 13. 2 11. 6 8. 1 48.9 17.2 23. 4 25.5 8.3 26. 6 12. 1 50. 2 14. 5 8.3 15. 3 51. 1 24. 5 26. 6 17. 7 8.9 14.7 27.8 51. 4 13. 1 8. 4 15. 2 51.3 24. 5 26. 7 17. 9 8.9 12.4 27. 8 15. 4 8. 7 53. 1 16. 6 54. 3 9.2 26. 0 28.3 19. 1 56.4 30. 6 16. 6 13. 9 8. 5 17. 4 56. 6 31.2 25.4 19. 4 11.8 14. 8 17. 0 57. 9 31. 7 8. 8 17.4 57. 9 12. 1 26.0 31. 9 19. 8 1 Includes depreciation, capital outlays charged to current accounts and accidental damages. 2 Corporate profits after taxes plus corporate capital consumption allowances. 37-886°—64- Corporate capital consumption allow-J ances 14. 1 15. 8 18. 4 20. 0 21. 8 22.7 24. 3 25. 6 26.9 30.5 31.8 30. 6 30.9 31.3 31. 6 32. 1 32.4 33.0 33.4 Profits plus capital consumption allow-2 ances 32. 2 32. 7 41.4 43. 5 44. 1 41.4 48.7 47. 6 48. 8 55. 5 58.5 55.6 56. 6 56. 8 58.2 58.8 60. 7 64. 2 65. 3 NOTE.—Data beginning 1962 have been adjusted for effects of new depreciation guidelines ($2H billion for 1962) and therefore not comparable with previous data. Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. GROSS PRIVATE DOMESTIC INVESTMENT In the second quarter, gross private domestic investment (seasonally adjusted) reversed the first quarter decline as outlays for nonresidential construction, producers' durable equipment and inventories all increased. Residential construction spending declined somewhat. BILLIONS BILLIONS OF OF D O L L A R S DOLLARS 100 100 20 COUNCIL OF ECONOMIC ADVISERS? SOURCE: DEPARTMENT OF COMMERCE. [Billions of dollars, quarterly data at seasonally adjusted annual rates] Total gross private domestic investment Period 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1962: III IV 1963: I II III IV 1964: I II _ 56.3 49.9 50. 3 48. 9 63.8 67.4 66. 1 56. 6 72.7 71.8 68.8 79. 1 82.0 80.2 79. 9 77.9 80.2 82.8 87.1 85.9 87.2 New cons truction 1 Total Total 46. 1 46.8 49. 9 50. 5 58. 1 62.7 64.6 58.6 66.2 68. 3 66.9 73. 3 77.6 75. 1 74.6 74. 3 76. 6 78.6 80. 7 83.4 83. 5 Residential nonfarm 24.8 25. 5 27. 6 29. 7 34.9 35.5 36. 1 35. 5 40. 2 40.7 41. 0 44.2 46.6 45. 5 44. 9 44. 7 45. 9 47.2 48.3 49.2 48.9 1 Revisions in series on new construction shown on p. 19 have not yet been incorporated into these series. 2 "Other" construction in this series includes petroleum and natural gas well drilling, which are excluded from estimates on p. 19. 8 Change in business inv entories Fix* 5d investnlent 12. 5 12.8 13.8 15.4 18.7 17.7 17.0 18.0 22. 3 21. 1 21. 1 23.6 25.2 24.4 24. 0 24.3 25. 1 25.4 26.2 26.9 26. 2 Oilter Total 12. 3 12.7 13. 8 14. 3 16.2 17.8 19.0 17.4 17.9 19.7 19.8 20.6 21.3 21. 1 20.9 20.4 20.8 21.9 22. 1 22.3 22.7 Produce;rs' durable eqilipment 2 Nonfarm 10. 4 10. 8 12. 1 12. 7 14. 6 16. 3 17. 5 15. 9 16. 2 18.0 18.2 19.0 19.8 19.5 19.3 18.8 19. 2 20.3 20.6 20.8 21.1 Total 21. 3 21. 3 22. 3 20. 8 23. 1 27.2 28. 5 23. 1 25. 9 27.6 25.9 29.0 31.0 29. 6 29.7 29.6 30.7 31.4 32.4 34.2 34.6 Total Non- Non.p____ 1 arm farm ia4 ia 6 19. 5 18. 5 20. 6 25.0 26.2 20.3 23. 1 25. 1 23.3 26.3 27.9 26.9 26.7 26.6 27.7 28.5 29.1 30.7 31.2 10.2 3.1 .4 -1.6 5.8 47 1.6 -2.0 6.6 3. 5 1.9 5.9 4.4 5. 1 5.4 3.6 3.6 4.2 6,4 2.5 3.7 NOTE.—Data for Alaska and Hawaii included beginning 1960. Source: Department of Commerce. 9.1 2.1 1. 1 -2.1 5.5 5. 1 .8 -2.9 6.5 3.2 1.5 5.3 3.9 4.4 4.8 3.0 3.2 3.7 6.0 2.2 3.4 EXPENDITURES FOR NEW PLANT AND EQUIPMENT The August survey of planf and equipment expenditures indicated a moderate upward revision in outlays planned for 1964, from 12.0 percent to 12.7 percent above 1963. The largest revisions from the May survey were made by durable goods manufacturers and the transportation industries. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1 50 50 SEASONALLY ADJUSTED ANNUAL RATES 40 40 30 20 COMMERCIAL AND OTHER MANUFACTURING 10 10 PUBLIC UTILITIES TRANSPORTATION „.».«"""" t I960 1959 1962 1961 1964 1965 SEE NOTE 3 ON TABLE BELOW. SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] M anufacturi ng Period Total * Total 1953 1954 1955 1950 1957 195S 1959 28. 32 20.83 _- I960 1901 1902 _ 1963 1904 a 1903: 1 _ _ _ 11 111 IV 1904: I 11 III s IV3 1 Excludes 1 .. ___ 28. 70 35. 08 30. 90 30. 53 32. 54 35. 08 34. 37 37. Ml 39. 22 44. 21 30. 95 38. 05 40. 00 41. 20 42. 55 43. 50 44. 55 40. 15 11. 91 11. 04 11. 44 14. 95 15. 96 11. 43 12. 07 14. 48 3. 08 4. 08 5. 09 IS. 27 4. 85 5. 30 5. 95 10. 45 17. 40 17. 80 18. 70 19. 05 Durable goods 5. 65 5. 09 5. 44 7. 62 8. 02 5. 47 5. 77 7. 18 0. 27 7. 03 7. 85 9. 19 7. 35 7. 05 8. 00 8. 30 8. 85 9. 00 9. 35 9. 50 agriculture. Commercial and other includes trade, service, finance, communications, and construction. a Estimates based on anticipated capital expenditures as reported by business In August 1904. Includes adjustments when necessary for systematic tendencies in anticipatory data. NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million. Transpo rtation Nondurable goods 6. 26 5.95 6.00 7.33 7. 94 5. 96 6. 29 7. 30 7. 40 7. 05 7. 84 9. 08 7. 50 7. 05 8. 00 8. 15 8. 55 8.80 9.35 9. 55 Mining 0.99 .98 .96 1.24 1. 24 . 94 .99 . 99 . 98 1. 08 1. 04 1. 12 1. 05 1. 00 1. 05 1. 05 1.15 1. 15 1. 15 1. 10 Railroads Other 1.31 . 85 . 92 1. 23 1. 40 1. 56 1. 51 1. 60 1. 71 1.77 1.50 2.02 1. 94 1. 85 2. 07 1. 92 2.31 1.70 2.05 1.85 2. 10 2.30 2. 25 2. 25 2.45 .75 . 92 1.03 . 67 . 85 1. 10 1.46 . 90 1.00 1.20 1. 35 1. 40 1. 25 1.40 1.90 Public utilities 4. 55 4. 22 4. 31 4. 90 6.20 6. 09 5. 67 5. 68 5. 52 5. 48 5. 65 6.07 5.20 5. 45 5. 90 5.80 5. 95 6. 30 6. 00 6. 00 Commercial and other 2 8. 00 8. 23 9.47 11.05 10. 40 9. 81 10. 88 11. 57 11.68 13. 15 13. 82 14. 98 13.20 13. 30 14. 05 14.50 14.30 14.75 15. 10 15.60 Annual total is the sum 01 unadjusted expenditures; it does not necessarily coincide with the average of seasonally adjusted figures. These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense. Sources: Securities and Exchange Commission and Department of Commerce. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE The seasonally adjusted civilian labor force rose by about 85,000 in August; unemployment increased by almost 200,000, largely teenagers. MILLIONS OF PERSONS' MILLIONS OF PERSONS'* SEASONALLY ADJUSTED 70 65 * NON AGRICULTURAL EMPLOYMENT 55 55 10 10 AGRICULTURAL EMPLOYMENT 7 UNEMPLOYMENT •I I f ' I I I 1I 1 I I 1I I PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE 1958 1959 * 14 YEARS OF AGE AND OVER. SOURCE: DEPARTMENT OF LABOR. Period Total labor force (including armed forces) 1959... I960... 1961—2 1962 .. 1962 8_. 1963— 71, 73, 74, 74, 74, 75, 1963: July. Aug. Sept. Oct_. Nov. Dec. 1964: Jan.. Feb. Mar. Apr. May. June. July, 946 126 175 839 681 712 COUNCIL OF ECONOMIC ADVISERS Ci villa\,n emUnempl oyment Labor Total Civiliain emplo yment ployinent rate (pe rcent of force labor civiliaii labor particiforce UnemCivilian UnemXT ^ JNlonNonpation for ce) (includlabor Agriployployagriagrirate, ing Total Seasonforce Total culment ment culculUnad- ally ad- unadarmed tural tural tural justed justed justed l forces) Thousands of jjersons 14 years of age and o ver Percent 65, 581 59,745 3,813 71, 946 69, 394 65, 581 5, 836 59, 745 3,813 5. 5 58. 3 66, 681 60,958 3,931 7C, 126 70, 612 66, 681 5,723 60, 958 3,931 5.6 58. 3 66, 796 61, 333 4, 806 74, 175 71, 603 66, 796 5,463 61, 333 4, 806 58.0 6.7 67, 999 62,744 4, 012 74, 839 72, Oil 67, 999 5, 255 62, 744 4,012 57.4 5. 6 67, 846 62, 657 4, 007 74, 681 71, 854 67, 846 5, 190 62, 657 4, 007 57.4 5. 6 68, 809 63, 863 4, 166 75, 712 72, 975 68, 809 4, 946 63, 863 4, 166 57.3 5. 7 Unadji listed S easonally adjustec 1 77, 917 77, 167 75, 811 76, 086 76, 000 75,201 70, 851 70, 561 69, 546 69, 891 69, 325 68, 615 64, 65, 64, 64, 64, 64, 882 065 220 541 548 576 4, 322 3, 857 3, 516 74, 514 75, 259 75, 553 76, 544 77, 490 79, 389 78, 958 78, 509 67,228 68,002 68, 517 69, 877 71, 101 71,953 72, 405 72, 104 63, 234 64, 071 64, 500 65, 448 66, 094 66, 100 66, 586 66, 704 4, 565 3,453 3,936 3, 846 4,524 4, 293 3,921 3, 640 4,692 3,813 75, 951 75, 787 75, 840 75, 910 76, 811 75, 964 73, 207 72, 988 78, 091 73, 168 73, 572 78, 224 69, 101 68, 941 69, 044 69, 067 69, 222 69, 205 5, 009 4,872 4, 877 4, 939 4,903 4,890 64, 092 64, 069 64, 167 64, 128 64, 819 64, 315 76, 888 76, 567 76, 503 77, 828 77, 848 77, 084 76, 970 77, 066 73, 667 73, 835 78, 760 74, 588 74, 595 69, 567 69, 882 69, 807 70, 559 70, 754 70, 887 70, 591 70, 488 4, 986 4, 797 4,600 64, 631 65, 085 65, 207 65, 811 65, 889 65, 549 65, 706 65, 678 3,654 _AHJLL * Total Inlior Corel* it* iM»roeitl of noninstitutional population. <l«t 74, 340 74, 280 74, 315 1 by round) of Economic- Advisors for comparability with previous 10 a 4, 748 4, 865 4, 838 4,885 4, 810 4, 106 4, 047 4,047 4,101 4,350 4,019 4,100 4,003 3,958 4,024 3,841 8,958 8, 639 3,827 5.7 5. 2 4.8 4. 7 5.4 5.3 5.6 5.5 5.5 5.6 5.9 5.5 58.9 58.3 57. 2 57.3 57.2 56. 5 6.4 6.2 5.9 5.3 4.9 6. 1 5. 0 4.8 5.6 55. 9 56. 4 56. 6 57. 3 57. 9 59.2 58. 8 58.4 5.4 5.4 5.4 5. 1 5.8 4.9 5. 1 Not strictly comparable with preceding data. See Employment and Earnings. May 1962, p. XIV. NOTE.—Beginning I960, data include Alaska and Hawaii. Source: Department oJ Labor. SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT The seasonally adjusted unemployment rate moved slightly upward in August to 5.1 percent from a low of 4.9 percent in July. The rate for married men fell to 2.6 percent. PERCENT PERCENT 10.0 IO.O SEASONALLY ADJUSTED LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT AND PART-TIME WORK 8.0 8.0 6.0 UNEMPLOYMENT RATE .EXPERIENCED WAGE AND SALARY WORKERS *%*»* 4.0 *" ^r __^T 4.0 w v \ * \ \_ V" UNEMPLOYMENT RATE, MARRIED MEN 2.0 2.0 I, 1958 1959 1963 1961 SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS. linenaploymen t rate (percen t of eivilijin labor for ce m grotip) Experienced Married ployment Over 40 All and men 1 and part- hours workers wage salary workers work 2 Period 1959 1960 1961 1962 1963 Persons at work i n nonagri cultural 3iridustries by hours worked p>er week Urider 35 hours Labor force time lost through _ 1963: Aug Sept Oct Nov. Dec 1964: Jan Feb Mar Apr May JuneJuly Aug J 5. 5 5. 6 6. 7 5. 6 5. 7 5.5 5. 5 5. 6 5. 9 5. 5 5. 6 5.4 5. 4 5. 4 5. 1 5.3 4. 9 5. 1 Per cent 3.6 5.6 3.7 5.7 4. 6 a8 5. 5 3. 6 3. 4 5. 5 Season all y adjusted I 3. 1 5. 4 3. 0 5. 4 2. 9 5. 5 3.4 5. 7 5.3 5.3 5.2 5. 1 5. 0 4.8 5.3 4. 8 4.9 6. 6 6.7 8. 0 2 6.7 6. 4 6.3 6. 1 6.2 6.3 3.3 3.2 6. 1 3. 0 2. 9 2. 9 6. 1 2.6 2.8 2.7 2. 6 6.2 5.8 5. 9 5.7 6. 1 5.7 5.7 17, 345 17, 664 18, 210 19, 025 19, 257 18, 658 20, 154 20, 334 19, 101 20, 220 18, 337 18, 985 19, 466 20, 173 20, 450 19, 783 19, 195 19, 159 Married men living svitb their wi ves. '• Man-hours lost by the unempk>yed and th ose on part-t ime for econ omic reasons as a percent of t()tal man-hou rs potentiall y available tc the civilian 1abor force. Beginning 1963, s eries not str ctly compar able with pr eeeding data. 3 Differs Irom total n(magriculturEil employme at (p. 13), w tiieh includes sons with jobs but not a t work for su eh reasons as vacation, illiless, bad wea and industrial disputes. 35-40 hours Part-ti me for economi B reasons Part-ti me for economic3 reasons Total Usually Usually Usually Usually fullfullpartparttime 4 time 5 time 4 time 5 Thousan ds of pers ons 14 yeia.rs of age and over • 27, 723 11, 702 1, 032 1, 304 28, 724 11, 528 1,243 1, 317 29, 047 11, 132 1, 297 1, 516 28 853 11, 675 1,049 1,288 29, 422 11, 856 1,070 1,219 IJnadjuste d Seasonally? adjusted 29, 020 10, 245 1, 183 1, 287 1,608 1, 178 30, 308 10, 768 1, 112 1, 158 1, 173 1, 223 30, 626 11,294 1, 061 1, 058 1, 220 1, 101 27, 028 16, 391 1, 075 1, 086 1, 034 1, 168 30, 597 11,773 1, 039 1, 008 1,023 1, 157 28, 842 13,801 1,057 1, 015 957 1, 164 29, 968 13, €15 1, 036 1,106 1, 085 1, 165 31, 090 11, 908 1, 032 1,049 1, 003 1, 127 31, 279 11, 885 992 1,053 1,069 1, 154 31,055 12, 283 932 931 1, 137 1, 216 30,994 11, 320 1, 431 1, 088 1,100 1, 150 29, 450 10, 476 878 6 1, 510 995 1, 176 6 30, 053 10, 284 904 1, 503 900 1,203 4 ] ncludes pers.ons who we>rked part-time because of slack woi•k, material shor tages or repa irs, new job started, or job terminatec . » IMmarily inc udes person s who could 1ind only par t-tlme work, « /Lverage hours worked: us ually full-tinae, 23.0; usucilly part-time , 17.4. DTE.— Begimling 1960, da ta include Jdaska and ]iawaii. So urce: Depart ment of Lab or. 11 s: *< UNEMPLOYMENT INSURANCE PROGRAMS In August, insured unemployment under State programs averaged 1.3 million, about 173,000 less than in August 1963. MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT tSTATE PROGRAMS) 1961 JAN. FEB. MAR. APR. MAY JUNE OCT. J/ SEE NOTE Z ON TABLE BELOW. SOURCE: DEPARTMENT OF LABOR. Period A U progranis Total Insured unem- benefits Insured paid Covered ployunem(milemploy- ment ploy(weekly lions ment ment averof dolage) lars) Initial claims Sta te progra tns InsuredI unemploymen t as perExhaus- cent of eovered emplo yment tions Unad- Seasonadjusted ally justed Weekly iiverage, t lousands 1, 906 31 3, 022. 7 331 46 4, 358. 2 2,290 350 32 302 1,783 3,160.0 294 1,806 30 3,025.9 2 301 28 211.8 2 1, 497 251 1,438 26 204.8 226 24 1,296 179. 8 24 256 190. 0 1,333 22 292 1, 542 181. 3 1,972 415 27 2545 412 30 345.6 2,395 31 2, 243 291 307. 9 32 259 2,050 315. 6 34 246 1,755 280. 9 31 1,447 218 218.3 1,297 27 218 199.3 282 24 1,343 195.6 24 212 187.4 1,265 1,336 1,312 1,237 1, 182 *1, 129 is Preliminary. •Not charted. l*rograms include Puerto Bican sugarcane workers for initial claims and Insured unemployment beginning July 1963. DEC. COUNCIL OF ECONOMIC ADVISERS Thou sands 46, 334 1960 2,067 2,994 46, 264 1961_.__ 1962 47, 766 1,924 1 48, 426 1,973 1963 2 1,655 49, 095 1963: July 1,587 49, 381 Aug 1,444 49, 424 Sept. 1,476 49, 256 Oct.. _ 49, 058 1, 686 Nov....... 2, 122 Dec - 49, 309 2,563 1964: Jan... 2, 410 Feb.. 2,200 Mar 1, 920 Apr.. 1,605 May 1,448 June 1,491 July 1 1,395 Aug .... Week ended: 1,477 1964: Aug 8.. 1,449 15... 1,372 22.. _ 1, 314 29 1,254 ^ Sept 5......... 12.... 12 NOV. 265 204 196 187. 196 171 Per<sent 4. 8 5.6 4. 4 4.3 3.6 3.4 3. 0 3. 1 3.6 4.7 5.7 5.3 4.9 4.2 3.4 3. 1 3. 1 3.0 4*1 4.2 4.0 4.1 4.1 4.3 4. 3 4.0 S.8 3.8 3.6 3.6 3.6 3. 6 Benefil :s paid Total Average (milweekly check lions of dollars) (dollars) 2, 726. 7 3, 422. 7 2, 675. 4 2, 774. 7 195. 6 186.8 163. 1 172. 0 165.0 233.0 319. 3 283.8 292. 6 258. 0 201.5 183.1 180. 5 172.5 32.87 33. 80 34 56 35.27 3443 34.67 3493 35. 15 35. 37 35. 78 36. 07 36. 24 36.26 36.02 35.50 35. 27 35.35 35. 40 3. 1 3. 0 2.8 2.7 2.6 NOTE.—For definitions and coverage, see the 196$ Supplement to Economic Indicators. Data for Alaska and Hawaii included for all periods and for Puerto Rico since January 1961. Source: Department of Labor. NONAGRICULTURAL EMPLOYMENT Employment-of wage and salary workers in nonagricultural establishments showed a barely perceptible increase in August, on a seasonally adjusted basis. The 50,000 increase in nonmanufacturing was offset in manufacturing. MILLIONS OF WAGE . AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS ALL NONAGRICULTURAL ESTABLISHMENTS 1961 1962 1961 1964 1963. 12.5 4.0 WHOLESALE AND RETAIL TRADE CONTRACT CONSTRUCTION (ENLARGED SCALE) (ENLARGED SCALE) 12.0 3.5 3.0 2.5 2.0 1961 1962 * SEASONALLY ADJUSTED DATA. SOURCE: DEPARTMENT OF LABOR. 1961 1964 1963 1964 COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers;l seasonally adjusted] Manufac sturing (]Drivate) Period Total 1957 1958 1959 1960 1961 1962 1963 1963: July. Aug.. Sept. Oct__ Nov. Dec. 1964: Jan.. Feb.. MarApr. _ May. June-2 July An*. 52, 904 51, 423 53, 404 54, 370 54, 224 55, 841 57, 174 57, 340 57, 344 57, 453 57, 646 57, 580 57, 748 57, 850 58, 183 58, 327 58, 502 58, 590 58, 782 58, 929 58, 944 NonTotal Durable goods durable goods 17, 174 15, 945 16, 675 16, 796 16, 327 16, 859 17, 035 17, 103 17, 033 17, 076 17, 119 17, 061 17, 127 17, 119 17, 175 17, 242 17, 301 17, 323 17, 367 17,411 17, 364 9,856 7,319 8,830 7, 116 9,373 7,303 9,459 7,336 9,072 7,255 9, 493 7,367 9,659 7,376 9,701 7, 402 9, 652 7,381 9, 705 7,371 9,718 7,401 9,688 7,373 9,737 7,390 9, 726 7, 393 9, 750 7,425 9, 814 7, 428 9,868 7,433 9, 853 7,470 9,896 7,471 9,946 7, 465 9,913 7,451 N onmanu facturini 5 (private ) Total 28, 104 27, 585 28, 539 29, 054 29, 069 29, 794 30, 605 30, 748 30, 812 30, 825 30, 884 30, 866 30, 916 31, 013 31, 296 31, 330 31, 408 31, 459 31, 582 31,723 31,773 Con- Trans- Whole- Finance, insurtract portasale tion ance, Mining conand and and struc- public retail real tion utilities trade estate 828 2,923 4, 241 10, 886 2,477 751 2,778 3, 976 10, 750 2,519 732 2,960 4,011 11, 127 2,594 712 2,885 4,004 11, 391 2,669 672 2,816 3,903 11, 337 2, 731 652 2,909 3,903 11, 582 2,798 634 3,029 3,913 11,865 2,866 640 3,069 3, 936 11, 884 2,870 635 3,083 3, 941 11,907 2, 873 632 3,071 3, 950 11, 922 2,873 629 3,066 3, 937 11,935 2,887 630 3,057 3, 928 11,941 2,887 630 3, 069 3, 915 11,963 2,892 623 3, 017 3, 923 12, 072 2, 904 624 3, 169 3,934 12, 143 2,911 625 3, 162 3, 930 12, 143 2,918 631 3, 144 3,954 12,211 2,925 628 3, 159 3,961 12, 209 2, 930 638 3,179 3,964 12, 268 2,937 643 3, 186 3,987 12, 304 2,944 637 3,173 3,999 12, 328 2, 947 * Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 10, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they Gover nment Service State and and miscel- Federal local laneous 6,749 6,811 7, 115 7,392 7,610 7,949 8,297 8,349 8, 373 8,377 8,430 8,423 8,447 8,474 8, 515 8, 552 8,543 8,572 8,596 8,659 8,689 2, 217 2, 191 2,233 2,270 2,279 2, 340 2,358 2,351 2, 348 2, 347 2,352 2, 347 2,349 2, 349 2, 321 2, 328 2,329 2,337 2,328 2,332 2, 331 5,409 5,702 5,957 6,250 6, 548 6,849 7,177 7, 138 7, 151 7,205 7,291 7,306 7,356 7,369 7,391 7,427 7,464 7,471 7,505 7,463 7,476 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. NOTE.—Beginning 1959, data include Alaska and Hawaii. Source; Department of Labor. 13 WEEKLY HOURS OF WORK - SELECTED INDUSTRIES Average hours worked by production workers in manufacturing rose in August, on a seasonally adjusted basis, with the sharpest increase in durable goods. HOURS PER WEEK (SEASONALLY ADJUSTED) 46 f DURABLE MANUFACTURING HOURS PER WEEK (SEASONALLY ADJUSTED) 46 NONDURABLE MANUFACTURING 44 42 40 40 38 38 36 36 34 1962 1961 1963 34 1964 1962 1961 1964 44 42 RETAIL TRADE CONTRACT CONSTRUCTION 40 42 38 40 38 34 36 32 34 30 1961 32 1963 1962 1961 1962 SOURCE: DEPARTMENT OF LABOR. 1963 1964 .COUNCIL OF ECONOMIC ADVISERS * [Average hours per week; l seasonally adjusted] Man ufacturing industries Period 1953 1954 1955 1956 1957 1958 1959 _ 1960 1961 1962 1963 1963: July Aug Sept Oct Nov Dec 1964: Jan Feb Mar Apr ' May June 2 July 2 _ _ Aug ___ Durable goods All _ _ _.._ ___ _ , ._ 40. 5 39.6 40. 7 40. 4 39.8 39.2 40. 3 39. 7 39. 8 40.4 40.4 40. 4 40. 3 40.7 40. 6 40. 5 40.5 40. 1 40. G 40. 7 40.7 40. 7 40. 6 40. 5 40. 7 1 Data relate to production workers or nonsupervisory employees. Data for Alaska and Hawaii included beginning 1959. 3 Preliminary. 14 41. 2 40. 1 41.3 41.0 40. 3 39. 5 40. 7 40. 1 40.3 40. 9 41. 1 41. 2 41. 0 41. 3 41.2 41. 1 41.5 40. 8 41.3 41.2 41.4 41.4 41.4 41. 4 41.6 Nondurable goods 39.6 39.0 39.9 39. 6 39. 2 38. 8 39. 7 39. 2 39. 3 39.6 39.6 39.5 39.6 39.7 39.8 39.5 39. 6 39. 1 39.9 39.9 39. 8 39. 8 39.7 39. 5 39.6 Source: Department of Labor. Contract construction 37.9 37. 2 37. 1 37. 5 37. 0 06. 8 37. 0 36. 7 36.9 37. 0 37.3 37.3 37.2 37. 3 37. 6 36.9 36. 6 35. 6 37.4 37.6 37.3 37.4 37.5 36.9 37.0 Retail trade 39. 8 39.7 39.6 39. 1 38. 7 38. 7 38. 7 38.5 38. 1 37. 9 37.8 37. 9 37. 8 37. 7 37.8 37. 7 37. 8 37. 3 37. 5 37.4 37. 4 37.5 37.6 37.8 AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES Average weekly earnings in manufacturing resumed their upward movement in August, despite a slight decrease in qverage hourly earnings. DOLLARS 120 AVERAGE WEEKLY EARNINGS NO too ALL MANUFACTURING INDUSTRIES 2.40 90 \ 2.20 NONDURABLE GOODS INDUSTRIES 80 2.00 1961 1964 1962 1963 SOURCE: DEPARTMENT OF LABOR. 1964 COUNCIL OF ECONOMIC ADVISERS [For production workers or nonsupervisory employees] Period Avera ge hourly earnmgs-— current prices Aver age weekl y earningsj— current prices Manuffi icturing iiidustries Contract conRetail Nontrade strucAll Durable durable tion goods goods Manuf*icturing iiidustries Contract conRetail NonDurable durable structrade All goods tion goods 1954_ $1.78 1955 . _ _ 1. 86 1.95 1956. 1957 . _ _ 2.05 1958 ... 2. 11 2. 19 1959 2. 26 1960 2.32 1961-1962_ 2.39 2.46 1963 1963: July— 2. 45 Aug». 2. 43 Sept.. 2.47 Oct... 2. 47 Nov.. 2.49 Dec._ 2. 51 1964: Jan... 2.51 Feb_. 2. 51 Mar__ 2.51 Apr__ 2. 52 May., 2. 53 2. 53 JuneJuly8. 2.53 Aug «. 2.52 $1.90 1.99 2.08 2. 19 2.26 2. 36 2. 43 2.49 2.56 2. 63 2.63 2. 61 2.65 2. 65 2. 67 2.69 2.69 2.68 2.69 2.70 2.71 2.71 2.71 2.70 1 Earnings in current prices, adjusted 2 $1.62 1. 67 1.77 1.85 1. 91 1. 98 2. 05 2. 11 2. 16 2. 22 2.22 2. 21 2.24 2.23 2. 25 2.26 2. 27 2.26 2.27 2.28 2.28 2.28 2.29 2. 28 $2.39 2. 45 2.57 2.71 2. 82 2. 93 3. 08 3. 20 3. 31 3.42 3.40 3.42 3. 47 3.47 3.45 3. 54 3. 58 3. 54 3.52 3.54 3.51 3. 50 3.54 $1. 29 1. 34 1.40 1.47 1. 52 1. 57 1. 62 1. 68 1.74 1. 80 1.80 1.80 1. 82 1. 82 1. 83 1.80 1.84 1. 85 1.85 1. 86 1.87 1.87 1.87 $70. 49 75. 70 78. 78 81. 59 82. 71 88. 26 89.72 92.34 96. 56 99.38 99. 23 98. 42 100. 53 100. 53 100. 85 102. 41 99. 90 101. 15 101. 40 102. 06 102. 97 103. 48 102. 72 103. 07 to exclude overtime and interindustry shifts. Earnings in current prices divided by the consumer price index on a 1963 base, i Preliminary. 87-S86* $76. 19 82. 19 85.28 88.26 89. 27 96.05 97.44 100. 35 104. 70 108. 09 108. 09 107. 01 109. 45 109. 71 110. 00 111. 90 109. 21 109. 88 110. 29 111. 51 112. 47 113. 01 111. 92 112. 32 $63. 18 66. 63 70.09 72.52 74. 11 78.61 80.36 82. 92 85.54 87.91 88. 36 88.40 89. 38 88. 98 89. 10 90. 17 87.85 89. 04 89. 67 89.83 90. 52 90.97 91. 14 91.20 $88. 91 90.90 96.38 100. 27 103. 78 108. 41 113. 04 118. 08 122. 47 127. 57 130. 90 132. 70 132. 90 134. 98 125. 58 124. 96 122. 08 127. 09 128. 48 131. 33 133. 03 133. 70 13487 $51. 21 53.06 54. 74 56. 89 58. 82 60.76 62.37 64 01 65. 95 68. 04 69.30 69. 30 68. 61 68.25 68.26 68.40 68.26 68. 82 68.64 69. 19 69.75 70.69 71. 81 Manufac turing indust ries Adjusted Average weekly earnings, earn1957-59= ings, 19632 100 1 prices 843 $80. 38 86.9 86.61 91. 5 88.72 96. 2 88.88 100. 2 87.62 103.5 92.81 106. 8 92.88 109. 8 9451 112. 5 97.73 115.4 99. 38 115.2 98.83 115.0 98.03 116.0 100. 13 116. 1 100. 03 116.8 100. 15 117.2 101. 60 117. 6 99. 01 117.7 100. 35 117.8 100. 50 118. 1 101. 05 118.2 101. 95 118. 3 102. 25 118.4 101. 20 NOTE.—Beginning 1959, data include Alaska and Hawaii. Source: Department of Labor. 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION In Ausust,the industrial production index reached 133.5 (1957-59=100, seasonally adjusted)—a gain of Vz percent for the month and 6% percent over the year. Gains were registered by every major industry and market group. INDEX, 1957-59*100 (SEASONALLY ADJUSTED) ISO INDEX, 1957-59=100 (SEASONALLY ADJUSTED) 160 TOTAL UTILITIES AND MINING 140 UTILITIES130 140 120 130 no 120 100 110 90 J96I 1962 MINING 100 1963 1964 1961 1964 1963 90 1961 COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Period 1954 1955 1956 1957 1958. 1959 1960 __ 1961 1962 1963 1963: July Aug __ Sept Oct Nov Dec 1964: Jan Fob Mar Apr M ay Juno - _ __ .-. July 1 Aug i'rellinlnnry. Total industrial production 85.8 96. 6 99. 9 100.7 93.7 105. 6 108.7 109. 7 118.3 124.3 125.6 125.4 125. 7 126. 1 126. 1 127. 0 127.7 128. 2 129.0 130. 5 131. 3 131. 6 132.7 133.5 [1957-59=100, seasonally adjusted] Industry M,anufacturi ng Total 86.3 97.3 100.2 100. 8 93.2 106.0 108.9 109. 6 118. 7 124. 9 126. 1 125.7 126. 2 126. 8 126.9 127.9 128. 5 129. 1 129. 9 131.4 132. 2 132.4 133.6 134.4 : liouni of Oovwnomof llui Federal Reserve System. 16 NonDurable durable 88.4 101. 9 104.0 104. 0 90. 3 105.6 108.5 107.0 117. 9 124.5 126. 1 125. 0 125. 6 126. 0 126. 4 127. 3 128. 1 128. 9 130.0 131. 6 132.6 133. 2 134.7 135.7 83.6 91. 6 95. 4 96.7 96.8 106. 5 109.5 112.9 119. 8 125.3 126.0 126.6 127. 0 127.7 127.6 128. 7 128. 9 129. 4 129.8 131. 1 131.7 131. 5 132. 3 132.8 Mining Utilities 90. 2 99.2 104.8 104. 6 95. 6 99. 7 101. 6 102.6 105. 0 107. 9 110. 1 111. 1 109.9 108.6 107.5 107. 3 108.8 108.9 108. 8 109.9 111. 3 111. 3 111.5 112.7 71.8 80.2 87.9 93.9 98. 1 108. 0 115.6 122. 3 131.4 140. 0 141.9 142.4 142. 1 142.3 142. 1 143. 0 144. 5 143.4 144. 8 147.5 148.3 149. 3 150.0 151. 0 Mairket Fiiaal produ<3tS Total 85. 7 93.9 98. 1 99.4 94.8 105.7 109. 9 111. 2 119. 7 124. 9 125.2 126.0 126.3 127.2 127.0 128.0 128.5 128. 1 128. 7 130.6 131. 1 131.6 131. 9 132.7 Consumer goods 84.3 93.3 95. 5 97. 0 96.4 106.6 111. 0 112. 6 119. 7 125.2 125.8 126. 5 126.4 127. 4 126.9 128. 0 128.9 128. 8 128.8 130. 8 131.0 131.3 131. 5 132. 2 Equipment 88.9 95.0 103.7 104. 6 91. 3 104. 1 107.6 108. 3 119. 6 124.2 124. 0 125.0 126.0 127.0 127. 1 128. 1 127. 9 127. 1 128. 8 130.7 131.3 132.0 132. 5 133.8 Materials 85.9 99.0 101.6 101.9 92.7 105.4 107.6 108.4 117. 0 123. 7 126. 0 124.9 125.0 125. 5 125. 7 125.9 126. 7 128. 1 129.3 130.6 131.3 131. 9 133. 6 134.6 NOTE.—Beginning January 1961, data have been revised. For details, i Business Indexes, G. 12.3, FKB, September 16,1964. PRODUCTION OF SELECTED MANUFACTURES Output of most manufacturers, seasonally adjusted, scored further advances in Ausust. occurred in fabricated metals, machinery, and automobiles. Especially strong increases INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED) INDEX, I957-59MOO (SEASONALLY ADJUSTED) 160 140 140 120 100 100 80 140 60 120 100 140 160 100 140 too 120 1961 1962 1963 100 1964 1963 SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1964 COUNCIL OF ECONOMIC ADVISERS. [1957-59=100, seasonally adjusted] Durab le manufatctures Period 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1963: July Aug Sept Oct Nov Dec 1964: Jan Feb Mar Apr May June July 1 Aug 1 Preliminary. NOTE.—See note, p. 16. Primary metals 91. 3 118.4 116.4 112. 2 87.5 100.4 101. 3 98. 9 104.6 113.3 121.4 109.5 107.8 108. 5 109. 7 110.5 113.6 117. 6 120.9 123. 8 127. 1 126. 4 131. 3 132 No ndurable manufactu res FabriTranspor- Lumber Textiles, Paper Chemicals, Foods, cated Machin- tation and and apparel, petrobevermetal ery prodequipprint- leum, and ages, and and products ment ucts ing leather rubber tobacco 90.2 98.3 98.8 101. 5 92. 9 105. 5 107. 6 106.5 117. 1 123.4 124.4 125.7 125.6 126.8 126.0 126.8 128.2 129. 0 129. 3 129.5 130.3 130. 6 133. 5 135 87.7 96.5 107. 1 104.2 88. 8 107. 1 110. 8 110.4 123.5 129.2 129. 6 130.3 131.9 131.7 132.8 133.9 134.7 133.6 135.9 137.5 138.5 139.9 141.2 143 83. 8 102. 0 97. 4 106.4 89.5 104.0 108.2 103. 6 118. 3 127. 0 127.6 128.2 129.4 130. 0 129. 6 131.3 130.8 131. 1 130. 1 133.0 134. 1 134.9 133. 6 135 99. 6 109. 5 105.4 95.9 95.6 108. 5 102. 1 101.3 106. 1 108. 9 104.3 108. 7 110.5 112.2 111.8 111.0 112.2 117. 3 116. 1 115.4 114.9 109.5 116. 0 86. 9 95.5 98.0 96. 9 95.0 108. 1 107.5 108. 4 115. 1 118. 5 118. 9 119.9 120.6 120. 7 121. 3 121.3 120.7 122.4 121.7 121.6 123. 5 122.8 125. 1 126 85. 0 92. 5 97. 1 97.8 97. 0 105. 2 109. 0 112. 4 116.7 120. 1 121.2 121. 9 121. 6 121. 7 121.7 123.9 123.4 124.5 125.4 127. 5 128.2 126.6 127.7 128 74.7 86.8 91.4 95. 6 95. 5 108.9 113. 9 118.9 131.2 141. 8 142. 2 143.2 144.7 146. 2 146. 0 146.3 146.4 146.9 147.4 149.5 150.0 152. 1 152.8 153 89. 8 93. 1 96. 6 96.7 99. 4 103.9 106.6 110.2 113.3 116. 8 117.6 117.4 116. 8 117.8 117. 1 118.8 120. 2 119. 5 120.2 121.2 120.7 119.5 119.4 120 Source: Board of Governors of the Federal Reserve System. 17 WEEKLY INDICATORS OF PRODUCTION Car assemblies dropped sharply in August because of the model changeover period, production recovered from their summer lows. MILLIONS OF TONS Other weekly indicators of MILLIONS OF SHORT TONS (DAILY AVERAGE) SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS. Electric Bituminous Freight Paperboard Steel pi oduced power coal mined produced loaded Index distributed (thousands (thousands Thousands (thousands of net of short (1957-59= (millions of of cars) of tons) kilowatt-hours) tons) 1 tons 100) Period Weekly average: 1057.—! 1958 1959 1960 1961 1962 1963 1963: July Aug Sept Get Nov Dec 1964: Jan Feb Mar Apr May June July Aug 2 Week ended: 1964: Aug 8 15 22 29 Sept 5 2 12« »Puffy a i I'rrllwlnnry. 18 — ._ , Car s and triicks assembled (thoiisands) Total Cars Trucks 21. 0 16.8 21. 9 23.0 21. 8 24.1 28.1 27. 6 2, 162 1,635 1,792 1,899 1,880 1,886 2,096 1,958 1,757 1,836 1,915 1,979 1,980 2,148 2,289 2,367 2,459 2, 494 2,371 2,284 2,367 116. 0 87. 8 96.2 101. 9 100. 9 101. 2 112. 5 105. 1 94.3 98.6 102. 8 106. 2 106. 3 115. 3 122.8 127. 1 132.0 133.9 127. 3 122.6 127.1 11, 873 12, 082 13, 297 14, 424 15, 139 16, 325 17, 490 18, 078 18, 257 17, 527 17, 250 17, 482 18, 792 18, 722 18, 668 18, 144 17, 770 17, 915 18, 948 19, 546 19, 478 1,644 1,380 1,380 1,390 1,353 1,414 1,535 1,534 1,567 1,680 1,662 1,559 1,563 1,555 1,392 1,415 1,476 1,531 1,651 1,548 1,588 683 581 596 585 550 552 555 539 579 577 628 559 493 517 526 526 554 586 601 537 589 273 274 307 306 322 343 358 319 381 355 387 373 325 349 386 384 386 391 390 351 403 138.6 98.4 129.5 151.8 127. 9 157. 5 175. 0 166.1 48.1 145.7 205.8 205.5 202. 0 189. 9 201. 2 196.6 214.0 204.9 213.0 158. 8 64.3 117.6 81.6 107.6 128.8 106. 1 133.4 146.9 138.5 29. 7 118.9 174,9 175.7 173.3 159. 8 168. 4 164.0 178.5 171.6 177.0 131.4 41.5 26.8 30.9 29.8 28.7 30. 1 32.7 32. 6 35.5 33.4 36.0 27.5 22.9 2,300 2,379 2,392 2,414 2,436 2,464 123.5 127.7 128.4 129.6 130.8 132.3 20, 135 19, 109 19, 103 19, 563 19, 792 * 18, 937 1,585 1, 655 1,607 1,662 1,625 574 582 594 605 610 531 399 405 403 407 413 308 22.2 42. 1 69.3 123.6 153.0 145.0 12.4 20.7 40.7 92. 1 122. 9 120. 1 21.5 28.6 31. 5 30. 1 24.9 Includes dfttn for A Uiska. * Not COUNCIL OF ECONOMIC ADVISERS* ia 4 9.8 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 Although outlays for n«w construction (seasonally adjusted) declined 1 percent in August, they were 3% percent above the August 1963 rate. Lower public expenditures were largely responsible for the drop. BILLIONS OF DOLLARS BILLIONS Of DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW CONSTRUCTION 40 30 30 20 20 , n I i i f i t I I i i i i I i f i i i I t i i i i I t i i i i I i i i t i I ,t i i t I i i I i t i I i i n i I I i t t t I i t i i t I i n t t -I t i t t i I t t t i i 30 30 _L 1958 1963 1959 * SEE NOTES IN TABLE BELOW. SOURCE: DEPARTMENT OF COMMERCE. Period 1958 4 1959 4* 1960 4 1961 1962 * 1963 * Total new construction expenditures -... '..... . 50. 2 55. 3 53.9 55.4 59.5 62.5 COUNCIL OF ECONOMIC ADVISERS Pr ivate Total 34. 7 39.2 38.1 38.3 41.7 43.8 Res idential noicif arm CommerNew Additions cial and Total * housing and al- a industrial units terations Billions of dollars 19. 8 15.4 3.7 6.0 24.3 19.2 4. 3 6.0 21.7 16.4 7.0 21.7 16. 2 7.6 24. 3 18. 6 7.9 25.8 20. 1 8. 2 Other 8.9 8.9 9.3 9.2 9.5 9.8 Federal, State, and local 15. 5 16. 1 15.9 17.1 17. 8 18. 7 1 Includes J 62. 3 63.7 ea 5 65.0 65.1 65.2 64.7 65.5 66.5 66.6 65.0 66.6 66.7 66.0 43. 7 44. 3 44. 6 45.4 45.5 45.8 45.4 46.3 46.9 46.4 45.8 46. 0 46.2 46.2 25. 8 25. 8 26.0 26.6 27.0 26. 9 26.9 27. 6 28.1 27.5 26. 7 26.6 26.7 26. 5 20. 1 19.9 20. 1 20.7 21. 1 21. 0 21. 0 21.7 22.3 21. 6 20.7 20.6 20. 7 20.4 nonhousekeeplng residential construction, not shown separately. Not available for revised series beginning 1960. 'Compiled by F. W. Dodge Corporation and relates to 48 States. < Annual and monthly data have been revised. See Construction Reports, O-30-62 (Supplement). Census Bureau, September 1964. Constructioii contracts8 CommerTotal value cial and (index, industrial 1957-59 = floor space 100) (millions of square feet) 101. 7 105. 1 105.2 107. 6 119. 7 132. 0 Seasonally adjusted Sea sonally adjiisted annua I rates 1963: * July Aug Sept Oct _ Nov Dec 1964: Jan Feb Mar Apr May June July...... Aug 5 jJo 1964 7. 9 8. 5 8.7 8.6 8.6 8.7 8.6 8. 6 8.7 8.6 8.7 8.8 8.9 9. 1 9.9 10. 1 10.0 10.2 9.9 10.2 10. 0 10.1 10.1 10.3 10.4 10.6 10.6 10.6 ia 6 19. 3 18.9 19.6 19. 6 19.4 19. 2 19.3 19.6 20. 2 19. 2 20.6 20.5 19.8 126 132 128 146 144 148 147 143 140 138 138 138 140 359 440 461 443 500 534 Seasonally adjusted annual rates 549 539 527 610 518 530 620 630 578 658 555 579 643 • Preliminary. NOTE.—Data for Alaska and Hawaii included beginning January 1959. Sources: Department of Commerce and F. W. Dodge Corporation. 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts (seasonally adjusted) dropped nearly 6 percent in August to a seasonally adjusted annual rate of 1,380,000. VA appraisal requests also declined wnile housing permits and FHA applications rose. MILLIONS OF UNITS 2.5 MILLIONS OF UNITS 2.5 1963 SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION (VA). COUNCIL OF ECONOMIC ADVISERS [Thousands of units] Houising star ts Period 1957 1958 1959 1960 1961 1962 1963 * - _ _ _ _ _ 1963:*July_ Aug.. Sept. Oct.. Nov.. Dec... 1964: Jan.. Feb.. Mar. Apr__ MayJune 3 July * Aug ' Total private Total and private public (includ(including farm) ing farm) 1, 553. 5 1, 296. 0 1,365. 0 1, 492. 4 1, 640. 9 153.5 149.9 148.4 167.5 122.3 97.4 100.8 101. 1 133. 3 152.3 160. 5 164.0 143.3 141. 0 r Pri\> ate nonf a rm 1, 174. 8 1, 022. 2 1, 314. 2 1, 705. 2 1, 516. 8 1, 494. 6 1, 211. 9 972.3 1,252. 1 1, 230. 1 1, 313. 0 1, 284. 8 946.4 967.8 1, 462. 8 1, 439. 1 993.2 1, 609. 2 1, 581. 7 Two or more families 152. 6 209. 0 282.7 257.4 338. 6 471. 3 588. 5 97.4 95. 5 90.8 100.9 69.7 48.6 53.8 61. 1 80.4 87. 8 98.9 99.0 93. 1 52. 3 48. 5 52.4 60.3 48. 1 44.8 44.5 36. 7 47. 9 57. 9 56. 3 55. 4 48. 6 151.3 146. 3 146.4 164.5 120. 5 95.7 99. 6 100. 3 130. 1 148.5 157.5 158. 5 141. 0 139. 0 Total 149. 7 143.9 143.2 161. 2 117.9 93.4 98. 3 97. 7 128. 3 145. 7 155. 2 155. 8 138. 8 136. 4 Onefamily Total private (including farm) Total Gover nment home pirograms FHA VA 1, 174. 8 150. 1 128. 3 1, 314. 2 270. 3 102. 1 1, 516. 8 1, 494. 6 307.0 109.3 1, 252. 1 1, 230. 1 225.7 74. 6 83.3 1, 313. 0 1, 284. 8 198. 8 1, 462. 8 1, 439. 1 197.3 77.8 71.0 1, 609. 2 1, 581. 7 166.2 Seiisonally adj usted 72 1, 599 1, 584 164 63 1,454 151 1,475 62 1,712 1,747 159 62 1,864 1,824 158 1,544 153 67 1,577 1,524 157 73 1,570 75 1,688 1,718 158 192 83 1,657 1,613 68 1,638 165 1,663 146 60 1, 531 ,501 1,529 61 ,507 174 152 60 1, 611 ,585 56 145 1, 488 :,466 52 142 1, 402 , 380 1 Authorized by issuance of local building permit; in 10,000 permit-issuing places prior to 1963, and 12,000 or more thereafter. 2 8 Units represented by mortgage applications for new home construction. Preliminary. Priv ate nonf tirm Proposed home constr uction New private housing Applica- Requests for forVA units tions FHA appraisauthorl commitized als 2 ments 2 820.3 198. 8 341.7 950. 8 369. 7 1, 208. 3 242. 4 998.0 243. 8 1,064. 2 221. 1 1, 186. 6 190. 2 1, 334. 7 annual ra tes 182 1,320 172 1, 286 173 1,371 1,401 176 190 1,359 1,402 183 178 1, 333 193 1,404 190 1,377 190 1,280 173 1,271 177 1,306 162 1,246 176 1,282 159.4 234.2 234.0 142. 9 177. 8 171.2 139. 3 122 133 140 140 145 159 138 135 124 111 99 103 109 88 •Data for 1963, Census scries, have been revised. Bee Housing Starts, C 20-63 September 1964. NOTE.—Data Include Alaska and Hawaii. Sources: Department of Commerce, Federal Housing Administration (FHA) and Veterans Administration (VA). TRADE SALES AND INVENTORIES According to the advance report, retail sales (seasonally adjusted) rose by almost 1 percent Fn August, the second consecutive increase of this size. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* RETAIL TRADE J/ 16 DURABLE GOODS STORES 14 12 NONDURABLE GOODS STORE! INVENTORIES 1961 1961 1962 JL/ SEE * BELOW. SOURCE; DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Who esale l Sales Period Sales 2 Inventories 3 Total 1962 1963 •SEASONALLY ADJUSTED. Ret ail 2 4 Departm ent stores Iiiventories NonDurable durable goods goods stores stores Total Durable goods stores 3* Nondurable goods stores Millions o f dollars, seasonally7 adjusted 1956 1957 1958 1959 1960 1961 1962 1963 1963: June July Aug Sept Oct Nov Dec 1964: Jan Feb Mar_ Apr May June 6fl July6 Aug 1 3 10,513 10,475 10,257 11,413 11,440 11,629 12,158 12,692 12,555 12,884 12,848 12,931 12,954 12,776 __ _ 12,986 13, 315 13, 245 13, 204 13, 228 13, 697 13, 023 13, S64 13,260 12,730 12,739 13,952 13,983 14,251 14,580 15,597 14,863 14,991 15,140 15,301 15,488 15,495 15,597 15, 818 15, 719 15,734 15, 879 16,053 16, 043 16, 080 Beginning January 1961, data include Alaska and Hawaii. Montl)ly average for year and total for month. sBook value, end of period, seasonally adjusted. * Beginning January 1960, data include Alaska and Hawaii. * Series discontinued. 15, 811 16, 667 16, 696 17, 951 18, 294 18, 234 19, 613 20, 536 20, 486 20, 719 20, 666 20, 426 20, 716 20, 558 21, 019 21, 000 21, 533 21, 223 21,392 21, 777 21,773 21, 964 22, 115 5, 484 5, 696 5, 284 5, 972 5,894 5,608 6,245 6,675 6, 630 6,773 6, 562 6, 606 6, 941 6, 734 6, 831 6, 855 7, 262 6,939 7,010 7, 218 7,002 7,076 7, 191 1964 COUNCIL OF KONOMIC ADVISERS. 10, 326 23, 402 10, 495 12, 907 10, 971 24, 451 11, 283 13, 168 11, 412 24, 113 10, 526 13, 587 11, 979 25, 305 11, 044 14, 261 12, 400 26, 813 11, 951 14, 862 12, 626 26, 238 11, 019 15, 219 13, 367 27, 938 11,728 16, 210 13, 861 *29, 383 *12, 509 *16, 874 13, 856 28, 457 11,876 16, 581 13, 946 28, 648 11,981 16, 667 14, 104 28, 615 11,976 16, 639 13, 820 28, 752 12, 032 16, 720 13, 775 28, 921 12, 116 16, 805 13, 824 29, 254 12, 341 16, 913 14, 188 29, 383 12, 509 16, 874 14, 145 29, 608 12, 666 16, 942 14, 271 29, 586 12, 708 16, 878 14, 284 29, 661 12, 913 16, 748 14, 382 29, 961 13, 045 16, 916 14, 559 29, 926 13, 024 16, 902 14, 771 30, 180 13, 079 17, 101 14, 888 30, 061 12, 887 17, 174 14, 924 Sales Inventories Index, 195 7-59=100, seasonally7 adjusted 94 94 96 99 99 98 105 103 106 109 109 110 114 117 119 123 120 121 120 123 126 122 121 124 113 128 117 128 126 127 123 127 (5) (5) 8 Preliminary. *Beginning January 1963, retail inventories have been revised. Sources: Department of Commerce and Board of Governors of the Federal Reserve System. 21 MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS Manufacturers* shipments and nevv orders rose to new highs in July and inventories also reversed the previous month's decline (figures seasonally adjusted). In August, new orders for durable goods fell 9 percent, largely aircraft. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* 40 MANUFACTURERS' INVENTORIES MANUFACTURERS' SHIPMENTS TOTAL 60 30 40 GOODS 10 MANUFACTURERS' NEW ORDERS 3.0 DURABLE GOODS 20 NONDURABLE GOODS NONDURABLE GOODS 20 10 1962 1961 1963 1962 1961 1964 * SEASONALLY ADJUSTED. SOURCE: DEPARTMENT OF COMMERCE. Total 1956 1957 _• 1958 1959 1960 1961 1962 1963. 1963: June July Aug Sept Oct....-Nov..___ Dec... 1964: Jan Feb Mar. Apr May June44 July 48 Au^ ... 27, 740 28, 736 27, 280 30, 219 30, 796 30, 884 33, 308 34, 774 34, 942 35, 641 34, 736 34, 672 35, 214 35, 004 36, 021 36,677 36. 235 36, 222 37, 167 37, 186 36, 791 37, 867 NonDurable durable goods goods 14, 715 15, 237 13, 572 15, 544 15, 817 15, 532 17, 184 18, 071 18, 242 18, 746 18, 160 17, 937 18, 590 18, 272 18, 476 19, 144 19, 027 18, 887 19, 359 19, 138 19, 023 19, 777 19, 173 13, 025 13, 499 13, 708 14, 675 14, 979 15, 352 16, 124 16, 704 16, 700 16, 895 16, 576 16, 735 16, 624 16, 732 17, 545 17, 533 17, 208 17, 335 17, 808 18, 048 17, 768 18, 090 Total Millions 50, 642 51, 871 50, 070 52, 707 53, 814 55, 087 57, 753 60, 147 58, 706 58, 884 58, 917 59, 087 59, 322 59, 780 60, 147 59, 991 60, 108 60, 326 60, 531 60, 528 60, 398 60, 443 NonDurable durable goods goods of dollars 30, 447 31, 728 30, 095 31, 839 32, 360 32, 646 34, 326 36, 028 35, 156 35, 346 35, 507 35, 536 35, 581 35, 704 36,028 35, 955 35, 945 36, 079 36, 277 36, 300 36, 492 36, 549 i Monthly avornpt' (or yesir and total for month. n\<wk vulufe, wul of PAT tod, seasonally adjusted. * l'*or tint) tin) periods, ratio of weighted average inventories to average monthly 4i|pj«; for monthly Uftttt, ratio of inventories at end of month to sales lor month. 22 1964 .COUNCIL OF ECONOMIC ADVISERS Manufae turers' sh ipments l Manufact urers' inventories 2 "period 1963 Ma nufacture rs' new orders 1 Durab le goods Total Total seasonal] y ad juste d 20, 195 28, 383 15, 381 20, 143 27, 514 14, 073 19, 975 26, 901 13, 170 20, 868 30, 679 15, 951 21, 454 30, 115 15, 223 22, 441 31, 061 15, 664 23, 427 33, 167 17, 085 24, 119 35, 036 18, 300 23, 550 34,425 17, 682 23, 538 35, 207 18, 275 23, 410 34, 930 18, 060 23, 551 34, 991 18, 244 23, 741 35, 354 18, 622 24, 076 34, 953 18, 113 24, 119 35, 619 17, 974 24, 036 37, 148 19, 740 24, 163 36, 657 19, 499 24, 247 36, 547 19, 262 24, 254 38, 184 20, 461 24,228 37, 893 19, 945 23, 906 37, 782 20, 016 23, 894 39, 393 21, 346 19, 400 «Preliminary. «Not charted. Source: Department of Commerce. NonMachinery durable and goods equipment 2,870 2,566 2,354 2,878 2,791 2,854 3,090 3,326 3,292 3,334 3,307 3,415 3,441 3,273 3,612 3,617 3,413 3,455 3,610 3,929 3,916 3,839 3, 717 13, 002 13, 441 13, 731 14,728 14, 892 15, 397 16, 082 16, 736 16, 743 16,932 16, 870 16, 747 16, 732 16, 840 17, 645 17, 408 17, 158 17, 285 , 17, 723 17, 948 17, 766 18, 047 Manufacturers' inventorysales ratio 3~ 1. 73 1. 81 1.84 1.70 1.76 1.74 1.70 1.69 1.68 1. 65 1.70 1.70 1.68 1. 71 1.67 1.64 1.66 1.67 1.63 1. 63 1. 64 1.60 MERCHANDISE EXPORTS AND IMPORTS Merchandise exports, seasonally adjusted, surged upward by more than $100 million in July, reaching their highest monthly rate since early 1963. Imports also increased strongly but not as much as exports. As a result, tl e trad ; surplus advanced by $23 million, or 5 percent. BILLIONS OF DOLLARS 2.5 BILLIONS OF DOLLARS 2.5 2.0 SEE NOTE I BELOW. SOURCES DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS [Millions of dollars] M erchandi se expo rts Period Total ( ineluding reejtports)1 Season- Unadally ad- justed justed Monthly average: 1956 1957____._ 1958 1959 1960 1961 1962 1963 1963: June July Aug Sept Get Nov Dec __ . 1964: Jan Feb Mar_ _ _ Apr Mav June July 1, 444 1,625 1,364 1,366 1, 633 1,679 1, 745 1,857 1, 785 1,823 1, 895 1,980 1, 946 1, 945 2,049 2, 037 2,029 2, 078 2, 046 2,052 2, 004 2,111 1,779 1,714 1,811 1,766 2, 023 2, 028 2,092 2, 025 1, 994 2, 127 2, 120 2, 204 2,031 2,039 M grchandis3e impo rts Gener al 2i ra]Domes t] c expor ts por ts Indus- Finished Foodtrial SeasonmanuTotal i stuffs mateally ad- jUnadfacusted justed rials tures l 1, 432 1,611 1,351 1,352 1, 617 1,659 1, 723 1,834 216 441 208 530 198 368 366 210 230 510 254 486 440 281 314 488 U nadjust ed 1,754 280 459 1,693 294 455 282 518 1,787 1,744 493 288 569 1,999 354 2, 003 363 567 582 2, 068 364 1, 998 355 548 1, 966 347 527 542 2, 099 364 531 2, 084 367 552 378 2, 173 2,000 308 549 294 586 2,013 1, 031 1, 016 944 992 962 1, 076 1, 074 1, 122 1,095 1 , 092 1, 193 1, 186 1,243 1, 143 1, 134 1 Total exports less Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program. 2 Imports for immediate consumption plus entries into bonded warehouses. a Imports for immediate consumption plus withdrawals for consumption from bonded warehouses. 1,051 , 082 ,070 , 267 , 251 , 226 , 366 1,429 775 872 784 776 877 919 998 1, 420 1, 458 1, 508 1, 450 1, 459 1, 472 1, 480 1, 422 1, 445 1, 528 1,542 1,548 1, 506 1,590 1, 356 1, 503 1,458 1, 398 1, 591 1,432 1, 532 1, 447 1,338 1, 592 1, 562 1,458 1, 596 1,612 Merchandise Impo rts for consum ption 3 trade surplus, Indus- Finished trial manu- seasonTotal Foodally adstuffs matefacjusted rials tures 1,056 1, 102 521 267 274 534 n, 101 288 489 1, 284 569 285 1, 251 274 539 1,221 277 522 1, 354 561 297 1,418 574 310 U nadjust ed 1,328 279 560 1,505 313 600 1,479 304 629 1,375 325 546 1, 578 367 598 1, 428 316 538 1, 512 600 356 1,465 294 617 1,322 267 561 1, 567 353 613 342 1, 555 611 1,434 297 582 632 1, 577 303 294 1, 615 659 268 294 326 431 438 423 496 533 393 543 294 99 382 453 380 428 489 592 547 504 612 573 556 562 494 601 603 556 642 662 364 366 386 529 488 473 569 616 583 555 504 504 499 522 1 Total adjusted to exclude $33.5 million of the value reported by economic category. NOTE.—Seasonally adjusted series revised beginning 1962. Because of revisions made in series, subgroups do not include all data in totals. OO Source: Department of Commerce. <uw U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES A decline in exports and a sharp rise in imports in the second quarter resulted in a 21-percent drop in the surplus on goods and services to a seasonally adjusted annual rate of $7.2 billion. However, the surplus was more than 25 percent above the 1963 level. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 10 10 1964 COUNCIL OF ECONOMIC ADVISERS. SOURCE: DEPARTMENT OF COMMERCE. Period Total 23, 595 26, 481 23, 067 23, 476 27, 044 28, 438 30, 084 32, 020 1956 1957 1958 1959 1960 1961 1962 1963* 1963:* I !!__._ Ill IV 1964:* I II 30, 140 31, 908 32, 148 33, 884 35, 988 35, 192 [Millions of dollars] Expo rts of goo ds and ser vices Impo rts of goods and sei•vices Balance Incorne on Mer- Military Mer- Military Other on goods invest ments Other chan-1 chan-1 expend- services and sales services Total dise Private Governdise itures services ment 17, 379 161 2,468 194 3,393 19, 628 12, 804 2, 949 3,875 3,967 19, 390 2,612 375 205 3,899 20, 752 13, 291 3,216 4, 245 5,729 16, 264 300 2, 538 307 12, 952 3,658 20, 861 3,435 4,474 2,206 16, 282 2, 694 302 349 3,849 23, 342 15, 310 3, 107 134 4,925 19, 459 2, 911 335 349 3, 990 23, 193 14, 723 5,422 3, 048 3, 851 19, 913 402 3, 464 380 4,279 22, 852 14, 497 2,954 5,401 5, 586 20, 576 3,850 656 471 4, 531 25, 021 16, 134 3, 044 5,843 5, 063 21, 989 659 3,969 498 4,905 26, 335 16, 996 2, 897 6,442 5, 685 S<jasonally <adjusted einnual rat es 19, 960 724 4, 144 492 4,820 25, 308 16, 148 2, 988 6, 172 4,832 21, 888 824 3, 876 4,824 26, 124 16, 848 496 2,924 6,352 5,784 22, 440 3,852 468 500 4,888 26, 932 17, 472 2,844 6,616 5,216 23, 668 4,004 620 504 5,088 26, 976 17, 516 2,832 6,628 6,908 24, 448 840 4,908 512 5,280 26, 980 17, 464 2,868 6,648 9,008 24, 168 568 4,760 5, 180 28, 036 18, 304 516 2,924 6,808 7, 156 'Beginning 1963, data have been revised. Adjusted from customs data for differences in timing and coverage. 1 24 Source: Department of Commerce. U.S. BALANCE OF INTERNATIONAL PAYMENTS The over-all payments deficit rose sharply in the second quarter, bringing the seasonally adjusted annual rate for the first half year up to $1.6-billion, but still $1 billion below the 1963 rate. The large change in the balance in the second quarter was not unexpected as there had been a number of international transactions in the first quarter which were temporarily favorable to the U.S. balance of payments. BILLIONS OF DOLLARS 20 BILLIONS OF DOLLARS 20 10 10 10 OVER-ALL BALANCE [SURPLUS OR DEFICIT (-Q -10 -10 1958 1959 1961 I960 1962 1964 SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS. [Millions of dollars] U.S. pr ivate capi tal, net Period 1956 1957 1958 1959____ 1960 1961 1962 1963*___ 1963:* I II Balance Governon ment grants goods and and services capital, net Direct investments Longterm portfolio Shortterm 653 543 487 1, 157 22 488 412 863 -772 366 707 -998 1,030 -1, 111 696 -339 Season ally ad justed annua 1 rates IV I II 9,008 -2,828 -2,068 -908 -2,440 7, 156 -3,768 -2,052 - 1, 044 -2,484 1964:* Unrecorded transactions — 603 3, 967 -2,362 -1, 951 -517 -859 -276 5, 729 -2,574 -2, 442 2, 206 -2, 587 -1, 181 -1, 444 — 311 134 -1,986 -1, 372 — 926 -77 -863 - 1, 348 3,851 -2, 769 - 1, 674 5, 586 -2, 780 - 1, 599 - 1, 025 - 1. 556 5,063 -3,013 - 1, 654 - 1, 227 -553 -734 5, 685 -3, 553 -1,888 -1,685 4, 832 -3, 576 -2,472 -2, 184 144 5,784 -4, 584 -1,908 -2,392 -2,248 5, 216 -2,340 -940 -1, 212 16 -952 6, 908 -3, 712 -2,232 -848 !!!____ Foreign capital 1 -935 520 -3, 529 -3, 743 -3,881 -2,370 -2,203 -2,644 -472 -4,248 316 44 -5, 180 1,048 540 - 1, 068 -612 880 228 -536 *Beginning 1963, data have been revised. * Other than liquid funds. : Equals changes in U.S. gold and convertible currencies and liquid liabilities to foreigners. Remittances and pensions, not shown separately in this table, are3 included hi over-all balance and amounted to $826 million in 1963. Minus indicates increase in liabilities. •To International Monetary Fund (IMF) and foreign central banks and governments. Over- all balance2 (surplus or deficit (-)) Liquid 1labilities 3 Gold To monand con- etary Total 2 Total vertible author- To other foreign curities and rencies holders 5 institutions 4 452 216 6 -768 -124 -340 -2,932 -935 306 -1, 241 520 798 -278 -3,529 -2,275 -1, 254 -731 — 3, 743 -3, 012 -3,881 - 1, 702 -1,890 -289 -741 -2,370 -546 - 1, 083 -2,203 -907 - 1, 083 -213 -2,644 -348 -1,702 -594 Quai terly tota Is, unadju sted -705 -1, 193 -594 -152 217 -624 -78 -122 -168 20 6 182 -185 -230 -927 -379 -166 268 -325 -397 — 144 -47 -6 -233 -114 To foreign commercial banks and other international and regional institutions not listed in footnote 4, and other foreigners. « Total at end of second quarter was $15,805 million, of which $15,623 million was U.S. gold stock. The increase in gold stock during quarter was $73 million. NOTE.—Data exclude military aid and U.S. subscriptions to IMF. Source: Department of Commerce. OC PRICES CONSUMER PRICES The over-all index of consumer prices rose by 0.3 percent in July. The increase was almost entirely due to a 0.9 percent rise in food prices—similar to the rise last July—while nonfood commodity prices were unchanged and service prices up 0.2 percent. INDEX, 1957-59 = 100 120 INDEX, 1957-59 = 100 I2O 100 NOTE BELOW. SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS. [1957-59 = 1001 Co mmodities5 All Period items 1954 1955 1956 1957 1958 1959 1960 1961 1962_ 1963 1963: June July____ Aug Sept Oct Nev Dec 1964: Jan (new series) Feb Mar Apr May June July_. l _ >__ 1 93.6 93. 3 94 7 98.0 100. 7 101. 5 103. 1 104. 2 105. 4 106. 7 106. 6 107. 1 107. 1 107. 1 107. 2 107. 4 107. 6 107.7 107. 6 107. 7 107. 8 107.8 108.0 108. 3 All commodities 95. 5 94.6 95. 5 98. 5 100.8 100. 9 101. 7 102.3 103. 2 104 1 104 0 104 6 104 6 104 4 104 5 104 7 104.9 104 9 104. 8 104 8 104 9 1048 105.0 105.3 Comm odities les s food Food All 95. 4 94 0 94 7 97. 8 101. 9 100. 3 101. 4 102. 6 103. 6 105. 1 105. 0 106. 2 106. 0 105.4 104 9 105. 1 105. 4 105.8 106.0 105.7 105. 7 105. 5 106. 2 107.2 See note. NOTE.— Prior to January 1964, 'ndexes revis ed to reflect, transfer of ho meownership from services to durable commodities 26 Services 95. 6 94.9 95. 9 98. 8 99. 9 101. 2 101. 7 102. 0 102. 8 103. 5 103. 3 103. 5 103. 6 103. 7 104 2 1045 104 5 104.3 104 1 104.3 104 3 104.3 104 3 1043 Non- Durable durable 97. 7 94 9 95.4 98. 5 100. 0 101. 5 100. P 100. 8 101. 8 102. 1 102. 0 102. 1 102. 1 102. 2 102. 7 103. 1 103.0 102. 9 102. 9 102. 9 102. 9 102.8 102. 9 102. 9 94 4 94 4 96. 5 99. 1 99. 8 101.0 102. 6 103. 2 103. 8 1048 104 5 104.8 105. 0 105. 2 105. 6 105. 8 105. 9 105. 6 105. 3 105. 6 105. 6 105.7 105. 6 105. 6 All services 88.7 90. 5 92.8 96.6 100.3 103. 2 106. 6 108.8 110.9 113. 0 112. 9 113. 1 113. 3 113. 5 113.7 113. 9 114 1 114 2 114 3 114.5 114.8 1149 115. 1 115.3 Rent 93. 5 94 8 96. 5 98. 3 100. 1 101. 6 103. 1 104 4 105. 7 106.8 106.7 106.7 106.8 107. 0 107. 1 107.2 107.3 107.3 107. 5 107.5 107.7 107. 7 107.8 107.8 Services less rent 87. 4 89. 4 91.9 96. 1 100.2 103.6 107.4 110.0 112. 1 114 5 114 4 114 6 114.8 115. 1 115. 3 115.5 115. 8 116.0 116. 0 116.3 116.5 116. 6 116.8 117. 0 Be ginning witl January 19(54, new inde:£ with revised weights c Average, and samp ling procediires. For d etails, see D epartment c>f Labor re]ease, Major Chan 0es in the Consumer Price Index, Marc h 3, 1964. Soijrce: Depart mentofLab IT. WHOLESALE PRICES Wholesale prices declined by 0.1 percent in August, industrial commodity prices were unchanged. Prices of farm products and processed foods decreased while INDEX, 1957-59»IOO INDEX, 1957-59*100 115 115 FARM PRODUCTS no 105 105 COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS % f (INDUSTRIALS) 90 SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS All commodities Period 1956 1957 1958 1959 1960 1961 1962. __ 1963 1963: June July Aug Sept Oct Nov __„ _ Dec 1964: Jan Feb Mar _ Apr __ May -June July 3 Aug Week ended: 4 1964: Sept 8 15 1 96. 2 99. 0 100. 4 100. 6 100. 7 100. 3 100. 6 100. 3 100. 3 100. 6 100. 4 100. 3 100. 5 100. 7 100. 3 101. 0 100. 5 100.4 100.3 100. 1 100.0 100. 4 100.3 100. 6 100. 6 [1957-59=100] Commodii ies other tban farm aroducts a]ad foods (iridustrials Consuiiaer finIndusIndusFarm Procished g(3ods extrial in- ProducAll intrial essed prodcludin g food dustricrude termedi- er finucts foods mate- ate ma-2 als1 DurNongoods terials rials durable able 94 3 102. 3 96. 6 96. 5 92. 0 97. 0 97.7 95. 9 97. 9 99. 2 99. 2 100. 9 99.6 97. 7 98. 7 99. 9 102. 9 103. 6 99. 5 99.4 96.9 100. 2 100. 1 99. 3 97. 2 99. 2 101. 3 102. 1 102. 3 101. 0 101. 3 100. 8 100. 0 96. 9 101.3 9a 3 101. 4 102. 3 100. 9 101. 5 100. 7 96. 0 97. 2 100. 8 102. 5 100. 1 100. 5 101. 5 97. 7 101. 2 100. 8 95. 6 102. 9 99. 9 100.0 101. 6 95. 7 100. 7 94. 3 101. 1 99.6 103. 1 99. 5 101.9 1)4. 9 102. 4 100. 7 93. 9 99. 7 103. 0 102. 1 99. 3 102. 2 100. 8 93. 9 1)6. 8 99. 7 103. 0 99. 4 102.3 96. 3 100. 9 100. 8 93. 9 99. 7 103. 0 99. 3 101. 9 100. 9 95. 5 100. 7 93.9 99.6 99. 4 103. 0 101.9 95. 1 102. 2 100. 9 94. 4 99. 8 103. 2 99. 6 102. 0 102. 5 96. 2 100. 9 94. 5 99. 9 103. 4 99. 6 101. 7 101. 2 93. 3 100. 4 94. 5 100. 1 103. 6 102.2 99. 5 96.3 102. 5 101.3 94. 9 100. 1 103. 5 99. 5 102.4 94. 5 100. 9 94.9 101. 2 100. 2 103. 7 102. 1 99. 6 100. 5 95. 2 101. 1 95.2 100. 2 103. 8 99. 6 101.5 94.4 100.4 101. 1 96. 2 100. 2 103. 9 99. 7 101. 1 99. 4 93. 7 101. 1 95. 6 100. 1 104.3 100. 1 101. 3 100. 2 93.2 100.9 95. 9 100.0 99.9 101. 2 104. 1 101.2 94. 1 101. 1 96.6 100. 0 104.3 100. 1 101. 5 93.6 101.0 101. 1 98. 2 100. 0 104.3 100.0 101. 3 95.0 95.5 101.7 102. 1 Coverage of the subgroups does not corresponc1 exactly to coverage of this index. 2 Excludes intermediate materials for food mamifacturing an d manufaeti red animal feeds; includes, in part, grain products for fiirther proces sing. 101. 1 101. 1 8 Preliminary. < ?Weekly series based on sm aller sample than monthl y series. 801tirce: Depart ment of Lab<jr. OT PRICES RECEIVED AND PAID BY FARMERS During the month ended August 15, the index of prices received by farmers fell 1 point while the index of prices paid was unchanged. The parity ratio decreased by 1 point to the June level of 74. INDEX, 1957-59 = 100 INDE)<, 1957-59*100 PRICES PAID, NTEREST, TAXES, A ND WAGE RATES 110 •MK ^ •• •*** m\i m *~ ""* ^ \ 100 /^\. J** "**""" 110 • ~* %~%^-'*" ^\ —4*\^ *~\S^-' V J^ ^^ ^^ 100 ^ ^w PRICES RECEI VED (ALL FARM PRODUCTSJ 90 80 90 • . i i i 1 . i t i i I I 1 . . . . .1 RA-noJ' RATI 0-^ 100 100 90 90 ^'tii* ^ ^» * '*.,...**^ 'v »** PARITY RATI0 v tiiinniiiiv,. 80 -g..^ ^^£!!g* <£^*»^ *>, -?r——- X ! """"%^ 80 J^'''1'*',,,, '''V's-.X'"""""*^ •» •«••» ^ - 7" 1958 ( , 1 , , I960 1959 . 1 , , ! . . ( . I , , , 1 1954__ 1955 1956 1957 1958 1959 1960 1961 1962_. 1963 1963: July 15 Aug 15 Sept 15 Oct 15 Nov 15 Dec 15 1964: Jan 15 Feb 15 Mar 15 Apr 15 Mav 15__ June 15 July 15 AuglS All farm products _ _ _ Crops 102 96 95 97 104 99 98 99 101 100 101 100 100 100 100 98 101 99 99 98 97 96 97 96 1 Percentage ratio oJ index o/ prices rece.ved by farmers to index oi prices paid, interest, taxes, and wape rates, on 1910-14 = 100 base. 108 104 105 101 100 99 99 102 104 106 106 104 104 105 108 108 109 109 108 109 111 108 105 101 70 1964 courJCfL Prices i-eceived by rarmers Period ,1 1963 1962 1961 -^RAT 0 OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTERE1ST, TAXES, AND WAGE RATES, ON 1910- 14 = 100 E3ASE. SOURC E: DEPARTMENT OF AC RICULTURE. 28 80 OF ECONOMIC ADV ISERS Price3 paid by fa]rmers items, Livestock All interest, and taxes, and products wage rates Index, 1957-59 = 100 95 97 94 90 95 88 98 94 106 100 102 100 102 98 103 98 99 105 95 106 107 97 107 97 106 97 96 106 94 106 106 91 94 107 107 92 92 107 107 89 87 107 107 87 107 91 92 107 Family living items 94 95 96 99 100 101 102 102 103 104 105 104 104 104 104 104 104 105 104 105 105 105 105 105 Source: Department of Agriculture. Production items 97 96 95 98 100 102 101 101 103 104 104 104 104 104 103 103 104 103 104 104 103 103 103 103 Parityl ratio 89 84 83 82 85 81 80 79 79 78 78 78 78 78 78 76 78 77 76 75 75 74 75 74 MONEY, CREDIT, AND SECURITY MARKETS MONEY SUPPLY In August, the money supply rose by $0.5 billion and time deposits by $1.2 billion (seasonally adjusted). In the first 8 months of this year the total of money supply plus time deposits increased at an annual rate of 7 percent compared with the 8-percent rise in the 12 months of 1963. BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED 160 MONEY SUPPLY 120 120 TIME DEPOSITS AT ALL COMMERCIAL BANKS 80 80 40 40 0 1958 I960 1959 1963 1961 I 1964 COUNCIL OF ECONOMIC ADVISERS. SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. [Averages of daily figures, billions of dollars] M oney supp>ly M oney supp ly Period Revised series: 1958: Dec 1959: Dec 1960: Dec 1961: Dec 1962: Dec 1963: Dec 1963: Aug Sept Oct Nov__ Dec 1964: Jan Feb Mar Apr May June _ July 2 Aug First half 2 Second half _ _ _ 1 2 Deposits at all commercial banks. Preliminary. Total _ __ __ _ 141. 1 142. 1 141. 1 145. 5 147. 6 153. 2 151. 2 151. 6 152. 3 153. 5 153. 2 153. 8 153. 8 154. 2 154. 5 154. 5 155. 6 156. 7 157.2 157.0 157. 5 Currency outside banks Seasonallyi 28. 6 28. 9 28. 9 29. 6 30. 6 32. 4 31.8 31.9 32. 0 32. 3 32. 4 32. 6 32.7 32. 9 33. 0 33.3 33.4 33. 5 33.7 33. 7 33. 7 Time deposits l Demand deposits Total Currency outside banks Time deposits 1 demand deposits 1 1Jnad justed adjustec 112. 6 113. 2 112. 1 116. 0 117. 1 120. 7 119. 5 119. 7 120.3 121. 2 120. 7 121. 2 121. 1 121. 3 121. 5 121. 3 122. 1 123. 3 123. 5 123.3 123.8 Demand deposits U.S. Government 65. 4 67. 4 72. 9 82. 8 97. 9 112. 3 107. 1 108. 1 109.3 111. 1 112. 3 113. 9 115. 1 115. 7 116. 4 117. 4 118. 5 119. 4 120. 6 120.3 120. 9 144. 7 145. 6 144. 7 149. 4 151. 6 157. 2 149. 2 150.6 152. 5 154. 8 157. 2 157. 8 153. 8 152.9 155. 0 152. 4 153. 6 155.2 155. 1 156. 0 154. 3 29. 2 29. 5 29. 6 30. 2 31. 2 33. 1 31. 9 31.9 32. 1 32. 6 33. 1 32. 4 32. 3 32. 6 32. 7 33. 0 33.3 33. 7 33.8 33.9 33. 7 115. 5 116. 1 115. 2 119. 2 120. 3 124. 1 117.3 118.6 120.4 122. 1 124. 1 125.4 121. 5 120.3 122. 3 119. 4 120. 3 121. 5 121.3 122. 1 120. 6 64. 6 66.6 72. 1 81. 8 96. 7 111. 0 107. 5 108.3 109.5 110. 2 111. 0 113. 2 114. 6 115. 7 116. 7 118. 1 119. 2 120. 1 121. 1 120.8 121. 4 NOTE.—See note, p. 31. Source: Board of Governors of the Federal Reserve System. 3.9 4.9 4. 7 4.9 5.6 5.2 6. 3 6.6 5.3 4. 4 5. 2 4. 2 4.8 6. 1 4. 2 6. 9 7. 8 7.0 6.4 5.9 6.9 29 SELECTED LIQUID ASSETS HELD BY THE PUBLIC Most types of liquid assets (seasonally adjusted) continued to rise in August. BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED, END OF MONTH 500 500 •«"*" „!»••* SAVING TYPE 300 ASSETS-^ 200 DEMAND DEPOSITS AND CURRENCY I \ ! r 100 100 I960 1959 -BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY. SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS. [Billions of dollars; seasonally adjusted! End of period 1955 1956 1957 1958 1959 1960 1961 1962 1963 1963: Aug Sept Oct Nov ^__ Dec 1964: Jan 33 Feb M a r33 Apr M a v 33 June July 3 AUK« Total selected liquid assets 332. 5 343. 2 356.0 373. 1 393. 9 399. 2 424. 6 459. 0 495. 3 482. 5 483. 9 489. 0 493. 2 495. 3 498. 8 499. 5 soa 9 505. 9 507. 5 511.0 511. 5 515.6 Demand deposits and currency J 133. 3 134.6 133. 5 138. 8 139. 7 138. 4 142. 6 144. 8 149. 6 146. 2 147. 1 i4as 149.6 149.6 149. 5 148. 4 150. 2 149. 9 149. 6 151. 1 151.7 152. 0 Time c eposits Commercial banks 49. 7 52. 0 57.5 65. 4 67.4 73. 1 82. 5 9a i 112. 9 107. 1 107. 9 110. 1 111. 9 112.9 114. 8 115. 5 115. 9 117. 0 117. 9 118. 4 119. 8 120.5 1 Agrees in concept with money supply, p. 29, except for deduction of demand dejxwits held by mutual savings banks and savings and loan associations. Data tor last Wednesday of month. • Kxcludas holdings of Government agencies and trust funds, domestic comti.ftrrlni find mutual fnvinps banks, Federal Reserve Banks, and beginning I>briinry I960, snvlnps and loan associations. 30 Mutual savings banks 28. 1 30.0 31.6 33. 9 34. 9 36. 2 38. 3 41. 4 44 5 43. 5 43.7 44 2 44 6 44. 5 45. 0 45. 4 45. 6 46. 0 46. 3 46. 6 47. 1 47. 4 Postal Savings System 1. 9 1. 6 1. 3 1. 1 .9 .8 .6 .5 .5 .5 .5 .5 .4 .5 .5 .4 .4 .4 .4 .4 .4 .4 Savings and loan shares 32.0 37.0 41.7 47.7 54 3 61. 8 70. 5 79. 8 90. 8 87. 2 88. 3 89. 1 90. 0 90. 8 91. 3 92.3 9a4 94.0 94. 8 95. 7 96. 5 97.6 U.S. Government U.S. Gov- securities ernment maturing savings2 within bonds year lo 55. 9 54 8 51. 6 50. 5 47. 9 47. 0 47. 4 47. 6 49.0 48. 4 48.5 48. 5 48. 6 49.0 49. 1 49.0 49.0 49. 1 49. 1 49. 2 49.3 49.3 3 Preliminary. NOTE.—See note, p. 31. Source: Board of Governors of the Federal Reserve System. 31. 6 33. 2 38. 8 35. 6 48. 8 41.9 42. 6 46. 8 48. 1 49. 5 48. 0 47.9 48. 1 48. 1 48.6 48. 4 49. 3 49. 5 49. 4 49. 4 46.7 48. 3 BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES Commercial bank loans (seasonally adjusted) rose by $1.8 billion in August, from an unusually low end-July figur e Thus far in 1964, the increase amounts to $11.9 billion compared with $9.7 billion in the corresponding period of 196 3 BILLIONS IONSO^D BILLIONS OF DOLLARS* "^"^ 250 ALL COMMERCIAL BANKS TOTAL . LOANS AND INVESTMENTS . 300 ISO 150 BANK LOANS 100 INVESTMENTS IN U.S. GOVERNMENT SECURITIES 50 50 INVESTMENTS IN OTHER SECURITIES I i1 I ii I I I I 11I 1I I I 1961 END OF MONTH * SEASONALLY ADJUSTED. SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS. All comm ercial banks * (s easonally adjusted da ta) End of period Total loans Loans, and excluding interinvestbank ments Investnlents U.S. Government securities Other securities Weekly reporting member banks 1 Business loans - Bank J l_44. debits outside New York City (343 centers), seasonally adjusted annual rates 3 Billions of dollars 1956 1957 1958 1959 1960 1961 5 1962 6 1963 1963: Aug Sept Oct Nov 5 Dec6 1964: Jan 161. 6 166. 4 181. 2 185. 9 194. 5 209. 8 228. 3 246. 5 239. 2 241. 5 241. 2 244. 2 246. 5 246. 7 88. 0 91. 4 95. 6 107. 6 113. 8 120. 5 133. 9 149. 4 143. 6 145. 4 146. 1 148. 4 149. 4 151. 0 151. 8 153. 9 155. 4 157. 3 158.9 159.5 161.3 57.3 57. 1 65. 1 57. 8 59. 9 65. 4 65. 2 62. 1 62. 0 62. 2 60. 8 61. 4 62. 1 60. 8 61. 2 62. 1 60. 8 60.3 59. 9 58.3 60.0 16. 3 17. 9 20. 5 20. 5 20. 8 23. 9 29. 2 35. 0 33. 6 33. 9 34.3 34. 4 35. 0 34. 9 35. 4 35. 4 35. 6 35. 9 36.3 36. 4 37. 1 248.4 Feb 6 Mar 6 251. 4 6 Apr 251. 8 6 May __ 253.5 6 June 255. 1 July 6 254. 2 6 258.4 Aug 1 Member banks are all national banks and those State banks which have taken membership in the Federal Reserve System. 2 Commercial and industrial loans. 3 Debits during period to demand deposit accounts except interbank and U.S. Government. < Averages of daily figures. Annual data are for December. 30. 8 31. 8 31. 7 30. 7 32. 2 32. 9 35. 2 38.7 35.2 35. 9 36. 3 37.3 38.8 37.2 37. 6 38. 2 38. 1 38. 3 38. 7 38. 5 38. 9 1, 386 1,468 1,481 1, 656 1, 736 1,832 2,021 2, 199 2, 190 2, 275 2,316 2, 247 2,321 2,355 2,240 2, 322 2,451 2, 313 2, 329 2,431 A 11 member banks » 4 Total reserves Borrowings at Free Excess Federal reserves Reserve reserves Banks ]Millions oif dollars 652 688 577 710 516 557 482 906 769 87 149 568 572 304 327 536 463 330 412 321 313 407 409 376 536 327 427 256 395 304 357 259 375 213 333 255 388 270 397 265 20,564 334 413 19, 535 19, 420 18, 899 18, 932 19, 283 20, 118 20, 040 20, 746 19, 719 19, 945 20, 003 20, 114 20, 746 20, 675 20, 148 20, 213 20, 273 20, 219 20, 558 20, 663 -36 -133 -41 — 424 682 419 268 209 133 91 94 33 209 171 91 98 162 78 118 132 79 2,373 B * Estimates. Preliminary. * Revised series NOTE.—Between January and August 1959. series for all commercial banks expanded to include data for all banks in Alaska and Hawaii. Data for all member banks include Alaska and Hawaii beginning 1954 and 1959, respectively. Source: Board of Governors of the Federal Reserve System. Ol CONSUMER AND REAL ESTATE CREDIT In July consumer credit outstanding rose about $550 million, or slightly more than the rise in July 1963. consumer instalment credit increased more than repayments on a seasonally adjusted basis. BILLIONS OF DOLLARS Extension of BILLIONS OF DOLLARS TOTAL CONSUMER CREDIT OUTSTANDING 20 SEASONALLY ADJUSTED (ENLARGED SCALE) INSTALMENT CREDIT EXTENDED I958 I I959 I I960 SOURCE: BOARD OF GOVERNORS OF THE F E D E R A L RESERVE SYSTEM. Period 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1963: June July Aug Sept Oct_ Nov Dec 1964: Jan Feb Mar_ Apr May June Julv 1964 COUNCIL OF ECONOMIC ADVISERS. [Millions of dollars] Consu mer credit outstandin g (end of period ; Consum er instalme nt credit e xtended Mortgage Lmad justed) and r<3paid (seas onally adju sted) debt outstanding, [nstalment To tal Automob ile paper nonfarm NonAutomo1- to 4Total Total 1 bile Personal instal-2 Extended Repaid Extended Repaid family ment paper loans houses 3 32, 464 23, 568 9, 809 5,392 8, 896 31, 051 30, 488 11, 807 11, 833 75, 700 38, 830 28, 906 6, 112 13, 460 9, 924 38, 972 33, 634 16, 734 13, 082 88, 200 42, 334 31, 720 14, 420 6,789 10, 614 39, 868 37, 054 15, 515 14, 555 99, 000 44, 970 7,582 33, 867 15, 340 42, 016 11, 103 39, 868 16, 465 15, 545 107, 600 33, 642 45, 129 14, 152 8, 116 40, 344 14, 226 11, 487 40, 119 15, 415 117,700 51, 542 39, 245 16, 420 9, 386 48, 052 12, 297 42, 603 17, 779 15, 579 I 130, 900 42, 832 56, 028 17, 688 45, 972 10, 480 13, 196 49, 560 17, 654 16, 384 141, 300 57, 678 43, 527 17, 223 14, 151 11, 256 16, 472 48, 396 47, 700 16, 007 153, 100 63, 164 48, 034 19, 540 12, 643 15, 130 55, 126 50, 620 19, 796 17, 478 166, 500 69, 890 53, 745 22, 199 14, 391 16, 145 60, 822 22, 013 19, 354 55, 111 182, 200 64, 987 50, 307 21, 236 5,054 13, 368 14, 680 4,568 1,820 1, 588 173,700 50, 894 65, 491 21, 593 13, 526 14, 597 5, 100 4, 501 1, 854 1, 603 66, 308 51, 526 21, 819 13, 743 14, 782 1, 802 5, 100 4, 619 1, 607 66, 538 51, 718 21, 725 13, 914 14, 820 5,093 4, 752 1, 730 1, 659 178, 200 52, 257 67, 088 21, 971 14, 041 5, 311 4, 780 14, 831 1, 910 1, 676 67, 746 52, 695 22, 107 1,792 14, 135 4, 979 4,596 15, 051 1, 638 69, 890 53, 745 22, 199 5,272 4,812 1,914 14, 391 1,707 16, 145 182, 200 69, 203 53, 597 22, 189 5,276 14, 416 15, 606 4,848 1, 888 1,684 68, 786 53, 552 22, 271 5, 421 15, 234 4,842 14, 479 1,953 1, 716 68, 913 53, 795 22, 471 4,956 14, 552 5,480 1,942 15, 118 1,735 185, 200 54, 382 69, 816 22, 830 4, 959 14, 748 15,434 5, 371 1, 759 1, 961 70, 945 55, 120 23, 255 14, 902 5, 552 5, 059 2,023 15, 825 1, 776 71, 907 55, 914 23, 702 15, 087 15, 993 5, 399 5, 029 1,962 1,768 72, 456 56, 496 24, 024 5,541 15, 233 5, 058 1,996 1,781 15, 960 1 Also includes other consumer poods paper, and repair and modernization loans, not shown separately. <: Consists of single-payment loans, charge accounts, and service credit. End of period, unadjusted. 32 1963 NOTE.—Data for Alaska and Hawaii included beginning January and August 1959, respectively. Sources: Board of Governors of the Federal Reserve System and Federal Home Loan Bank Board. BOND YIELDS AND INTEREST In August and early Sepfember most bond yields and the Treasury bill rate ed$ed up somewhat from early August lows. PERCENT PER ANNUM PERCENT PER A N N U M 1958 1964 SOURCES: SEE TABLE BELOW. COUNCIL OF ECONOMIC ADVISERS [Percent per annum] High-grade municipal bonds Taxable 3 (Standard & bonds Poor's) * U.S. Gov€ rnment secui•ity yields 3-month Treasury bills i Period 1957 1958. 1959 1960 1961 1962 1963. 3. 1. 3. 2. _.- 1963: July Aug.— Sept _ Oct Nov Dec 1964: Jan Feb Mar Apr May 267 839 405 928 2.378 2.778 3. 157 3. 143 3.320 3. 379 3.453 3. 522 3.523 3. 529 3. 532 3. 553 3.484 3.482 3.478 June July 3. 479 3. 506 Aug Week ended: 1964: Aug 15. _ 22. _ 29.. Sept 5_. 12.. 19__ 1 2 3. 510 3.511 3. 513 3. 512 3.514 3. 541 3-5 year issues 2 (Moo dy's) Aaa Baa Prime commercial paper, 4^6 months 3. 62 2. 90 4.33 3.99 3.60 3.57 3. 72 3.78 3. 81 3.88 3. 91 3. 97 4. 04 4.06 4.02 4. 15 4. 18 4. 07 4.03 3.99 3.99 3. 47 3. 43 4.08 4. 02 3.90 3.95 4. 00 4. 01 3.99 4. 04 4. 07 4. 11 4. 14 4. 15 4. 14 4. 18 4.20 4. 16 4. 13 4. 13 4. 14 3. 60 3.56 3.95 3.73 3.46 3. 18 3.24 3.31 3.22 3. 27 3. 32 3.41 3.41 3. 25 3. 17 3. 32 3. 29 3. 22 3. 20 3. 18 3.20 3. 89 3.79 4.38 4. 41 4. 35 4.33 4.26 4. 26 4. 29 4.31 4.32 4. 33 4.35 4.37 4.36 4. 38 4. 40 4. 41 4.41 4. 40 4. 41 4. 71 4.73 5.05 5. 19 5.08 5. 02 4.86 4. 84 4. 83 4. 84 4.83 4. 84 4.85 4.83 4.83 4.83 4. 85 4. 85 4. 85 4.83 4. 82 3. 81 2. 46 3.97 3.85 2.97 3.26 3. 55 3. 49 3.72 3.88 3.88 3.88 3.96 3. 97 3. 88 4. 00 3.91 3.89 4. 00 3.96 3.88 3.99 3. 99 4. 00 4.03 4.05 4. 4. 4. 4. 4. 3.20 3. 20 3. 20 3. 20 3.22 4. 42 4. 41 4.41 4.42 4.42 4.81 4.81 4. 82 4.83 4.82 3.88 3. 88 3. 88 3.88 3. 88 14 14 14 16 17 2 Rate on new issues within period. Selected note and bond issues. Series includes: April 1953 to date, bonds due or callable 10 years and after. * Weekly data are Wednesday figures. * Data for first of the month, based on the maximum permissible interest rate 5J^ percent since May 1961) and 25-year mortgages paid in 12 years. Corporal,e bonds FHA new home mortgage yields 5 5. 42 5. 49 5.71 6. 18 5. 81 5. 62 5.45 5.44 5. 44 5. 44 5.43 5.43 5. 44 5.44 5. 44 5. 44 5.44 5.44 5.44 5. 44 5. 44 Sources: Treasury Department, Board of Governors of the Federal Reserve System, Federal Housing Administration, Standard & Poor's Corporation, and Moody's Investors Service. 33 COMMON STOCK PRICES, YIELD, AND EARNINGS In August, stock prices moved irregularly below the prevailing July level. upward movement. In early September they resumed an INDEX, 1941-43 = 10 80 70 70 COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS 60 60 50 PERCENT WEEKLY MONTHLY 5 "*%1*V» DIVIDEND YIELD ON COMMON STOCKS 4 ^\ 1 2 ^.^ *p-*— — -^. «...-•—--I** 1 3 ....I /^-^ Y***- 1—• 1. ..:,;.":' — - Swir-* -I: _L_L-L-..L UJ 1 1 t 1 M, RATIO 25 25 PRICE / E ARNINGS RATIO ON CC MMON STOCKS X*_-_ 20 ^—^\ 15 10 / I K I 20 ^_x^[v-—^ 1 I 1958 1 1959 I 1 1 I960 1 —• . \ — —I ! 1 1961 1 I I 1962 i 15 I i Oct Nov. Dec 1964: Jan _ _ _. __ _ __ Feb Mar Apr ___ May ._ June July Aug Week ended: 1904: Ausr 7 _ _ _ 14 21. 93. 2 116. 7 113. 9 134. 2 127. 1 142. 3 144. 6 148. 2 148. 7 147. 3 151. 1 155. 7 158. 3 160. 9 163. 0 164. 4 (*) 92. 5 116. £ 110.9 126. 7 118. 0 133.3 135. 6 139. 4 139. 9 138. 0 141. 4 146. 3 149. 0 152. 8 154. 9 156. 0 (*) 1957-5 9=100 90. 4 94. 4 112. 6 120. 8 117. 3 104. 9 129. 2 124. 4 116. 5 119. 4 129. 3 137. 1 130. 4 140. 5 135. 5 143. 2 141. 6 138. 0 136. 6 139. 4 137. 7 145. 0 142. 9 149. 7 144. 7 153.0 154. 8 150. 9 151. 8 158. 0 152. 2 159. 7 (*) (*) __ •js Srpt 4__ II __ I I I I I I M I storks; i i i a i i u . a ' h i r i i i L ' , I:i3; transportation, 18; utilities, t i : i | srrvin-. -jr.:r and m i n i n g , 10. i i i i K i n slncl:, -rj. > an- in<iijslrials; avornjrcs of dail}, figures. d i v i d e n d s (has.-d on iatrs- k n o w n annual rat<>) divided by ' l ' i \ m . r l - . r ! valu ., I he -.-lock, in I hr »roup. Annual yields 34 I I 1 ,1 10 1964 COUNCIL OF ECONOMIC ADVISERS. Secur ities and '. Exchange Commissi on price i ndex Mi inufacturi ng ComTransUtiliposite DuraNonportaTotal ties index l ble durable tion 1958 1959 1960 1961 1962 1963 1963: Aug Sept _ _ _ | 1963 SOURCE: STANDARD AND POOR'S CORPORATION. Period • —--H 91. 0 115. 6 95. 8 105. 7 97. 8 122. 5 128. 8 128. 0 128. 2 129. 5 134. 9 140. 4 145. 2 150. 4 153. 2 158. 0 (*) 95. S 117. 0 129. 3 168. 4 167. 2 ISO. 5 180.9 182. 9 184. 8 186. 4 191. 3 196. 0 197.3 194. 5 195. 7 195. 7 (*) Standard and Poor's common gstock data Price i ndex 2 DiviPrice/ dend Indusearnings 3 Total yield trial ratio 4 (percent) 1941- 43=10 49. ;:o 41). 24 57. 38 01. 45 55. 85 59. 43 66. 27 09. 99 05. 54 02. 38 73. 39 69. 87 70. 98 74. 43 70. 03 72. 85 77. 09 73.03 72. 62 70. 09 78. 3s 74. 17 SO. S5 76. 45 77. 39 81. 90 78. 80 83. 04 79. 94 84. 92 80. 72 85. 79 80. 24 85. 13 88. 19 S3. 22 SO. 05 ! 82. 00 82. 04 82. 09 82. 22 81. 67 82. 33 83. 12 -°> 3. 3. 2. 07 23 47 97 •}. 3. 3. 3. 3. 3. 17 13 00 05 14 14 3. :>7 :>. oo 3. 05 :i 03 3. 00 ;L 01 3. 05 2. 90 3. 03 16. 64 17. 05 17. 09 20. 49 16. 24 17. 41 17. 49 18. 22 18. 17 18.03 SO. 75 3. 02 SO. SO 3. 02 SO. 95 3. 02 1 86. 12 3.06 i 87. OS 3. 03 ! 87. 94 3. 00 are4 averages of monthly data. Weekly data are Wednesday figures. Ratio 01 price index for last day in quarter to quarterly earnings (seasonally adjusted annual rate). Annual ratios are averages of quarterly data. *Series discontinued; see SEC release Statistical Bulletin, May 1964. Source?: Securities and Kxchanee Commission and Standard and Poor'J Cor porn tion. FEDERAL FINANCE FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES The budget deficit for the first 2 months of fiscal 1965 was $5.4 billion, or about the same as in the corresponding period of fiscal 1964. BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS NET BUDGET EXPENDITURES 1960 1961 1962 1963 1964 1960 1965 NATIONAL DEFENSE 1961 1962 1963 BUDGET SURPLUS ( + ) OR DEFICIT (ENLARGED SCALE) 1964 1965 1964 1965 (-) .FIRST 2 MONTHS 1960 1961 1962 1963 1964 * PRELIMINARY. SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET. Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal 1963: vear 1959 year 1960 year 1961 year 1962 year 1963 year 1964 43 year 1965 July Aug _ _ _ _ Sept Oct Nov Dec 1964: Jan Feb Mar Apr May June _ __ July Aug Cumulative totals first 2 months: Fiscal vear 1964 _ _ _ _ Fiscal vear 1965___ __ 1 „ __ 1963 67. 9 77. 8 77.7 81. 4 86. 4 89.4 91. 5 3. 5 7.3 3.4 7. 1 8.8 5.9 8. 0 10. 1 6.6 6. 1 12.3 3. 5 6.7 10. 8 10. 1 [ Billions of dollars] Net budg et expenditu res 1 N ational defe use Depart ment of Def ense Total Total Military Military functions assistance 2. 3 80. 3 41. 2 46. 5 76. 5 1. 6 45. 7 41. 2 1.4 81. 5 47. 5 43. 2 87.8 1. 4 51. 1 46. 8 92. 6 52. 8 1. 7 48. 3 97.7 54.2 1.5 49.7 97. 3 7. 9 4. 2 .1 3.8 4. 4 8.3 4.0 .1 7. 8 4. 2 3.9 .1 4.3 .1 4, 6 8. 8 4. 1 7.8 3.8 .1 4.2 8. 3 4.5 .1 4. 3 .1 4.0 8. 5 4. 4 7. 5 .1 4. 0 .1 4. 4 4. 1 7.9 4.2 7.9 4. 6 .1 4.7 4. 3 .2 7. 5 9. 5 5. 7 5. 1 .3 3.2 7. 4 3. 5 (55) 8. 1 3.8 3. 5 () 16. 2 15. 5 In addition to items shown, also includes atomic energy and defense related services. * Includes guaranteed securities held outside the Treasury. Not all of total shown i? subject to statutory debt limitation. 3 Preliminary. 1962 COUNCIL OF ECONOMIC ADVISERS 10. 1 __ ___ 1961 FISCAL Y E A R S Net budget receipts Fei ic d 1960 1965 8.6 7.3 4 7.9 6. 8 .2 .1 Budget surplus or deficit ( - ) -12. 4 1. 2 -3. 9 -6.4 -6.3 8.3 -5.8 4.3 -1. 0 2. 3 -5.4 -. 7 .5 -2.6 .5 2.3 -1.3 -1. 4 2. 8 -3. 9 -1. 4 -5. 3 -5. 4 Public debt (end of2 period) 284. 8 286. 5 289. 2 298. 6 306.5 312. 5 305. 5 307. 2 307. 3 307. 1 308. 1) 310. 1 309. 3 311. 2 :no. -i 30X, A ;n2. ;>, .",12. f» ;»rj. o HM 9 :i<)7. '2 ;IM, t» s Estimate; revised May —-, 22,1964. juovwu-uxs, i^Tio^u AM.C*J *./«•*. l^ess than $50 million. NOTE.—Total budget receipts an< and expenditures exclude ceru mental lental transactions. Sources: Treasury Department and Bureau of the Budget. 35 FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In fiscal 1964, cash payments exceeded cash receipts by $4.7 billion. over the estimate made in January 1964. This represents a $3.7 billion improvement BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) 35 ! 1 ! 1 1 1 1 1 1 BILLIONS OF DOLLARS (SEASONALLY ADJUSTED) 35 ! 1 1 1 I I I I f I 1 I 1 1 t t I o EXCESS OF CASH RECEIPTS -5 EXCESS OF CASH PAYMENTS -5 1964 1961 1959 CALENDAR YEARS SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET. COUNCIL OF ECONOMIC ADVISERS. [Billions of dollars] Period Fiscal year: 1958 1959 1960 1961 1962 1963 19641 Calendar year: 1958 1959 1960 1961 1962 1963 Quarterly total (calendar years): 1962: III IV 1963: I II III IV. HUM: I II Cash receipts from the public Excess of rereceipts ceipts ( + ) or Cash from the payments public (-) Cash payments to the public 81.9 81. 7 95. 1 97. 2 101. 9 109. 7 115.4 83.5 94. 8 94. 3 99. 5 107.7 113. 8 120. 1 — 1. 6 -13. 1 .8 -2. 3 -5. 8 — 4. 0 -4.7 81.7 87. 6 98. 3 97. 9 106. 2 112. 6 89. 0 95. 6 94. 7 104.7 111. 9 117.2 Unadjusted -7.2 -8.0 3.6 -6.8 -5.7 -4.6 28. 5 29. 6 26. 5 29. 1 30. 9 30. 6 28.6 30. 0 -2.5 — 6. 6 1. 7 3. 4 —3. 6 -6. 1 1.7 3.3 26. 0 23. 0 28.2 32. 6 27. 3 24. 5 30. 3 33.3 Cash payments to the public Sesisonally adjus ted 27. 2 27. 1 27.5 27.8 28. 5 29.0 29.7 28.4 28.0 29.0 28. 2 28.5 30. 4 30.0 30.5 29. 3 Sources: Treasury Department and Bureau of the Budget. 36 Excess of receipts ( + ) or payments (-) -0.9 — 1. 9 n -.7 -1.9 — 1.0 o — .9 FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS In the second quarter, Federal receipts dropped $3.6 billion (seasonally adjusted annual rate) and expenditures rose $3.0 billion. As a result the deficit increased to $9.0 billion. BILLIONS OF DOLLARS* 140 BILLIONS OF DOLLARS* 140 120 120 RECEIPTS 100 100 EXPENDITURES 80 75 i r i t t i i t 1 1 t i ? i t i i t t t i t i t To +20 + 20 SURPLUS Drip Uu — enn^ UU^LJ u^~~ "1— BT-^J [.... J L—3 DEFICIT -20 i t 1958 i 1 1 I 1959 i t I960 i i t 1961 1 ! 1 1 1962 1 1 i 1 1963 i 1964 t -20 CALENDAR YEARS *SEASONALLY ADJUSTED ANNUAL RATES. SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS. [Billions of dollars, quarterly data at seasonally adjusted annual rates] Federal (jrovernment receipt s Period Total Fiscal year: 1961 1962 1963 19641 Calendar year: 1957 1958 1959 1960 1961 1962 1963 1962:III_ IV. 1963:I___ 1I__ III_ IV. 1964: I... IL. Personal Corporate tax and profits nontax tax receipts accruals Federa 1 Governrnent expe nditures Indirect Contribusiness butions tax and to social nontax insurance accruals Total GrantsSubsidies Surplus Purin-aid less or Net Trans- to State current chases deficit interest surplus of goods fer payand (-) paid and ments of Govt. local enterservices goverments prises 95.4 104.3 109.6 114. 3 44.2 47.7 50. 1 50. 7 19.7 21. 9 22. 1 23. 9 13.6 14. 9 15. 2 16.0 18. 0 19.7 22. 1 23. 7 97. 8 106.2 112. 3 117.2 54.9 60.0 63.6 65.2 25. 9 27.8 29. 2 30.4 6.8 7.6 8.3 9.9 6.9 6.8 7.4 8. 1 3.3 4.0 3.8 3. 6 81.7 78. 5 90. 3 96. 6 98. 3 106. 4 113. 6 107. 0 108 3 110. 5 112. 9 114.2 117. 2 114.8 111. 2 37.3 36. 6 40. 4 44. 0 45. 1 49. 1 51.9 49. 6 50. 2 50. 7 51. 5 52. 2 53.4 51.2 46. \ 19. 9 17. 7 22.0 21.0 20. 9 21. 8 23. 0 21. 7 22. 3 22. 0 23. 0 23. 0 24. 4 23. 9 24. 4 12. 2 11. 9 13.0 14.0 14. 1 15. 1 15.6 15. 0 15. 1 15.4 15. 5 15.7 15. 9 15.9 16. 4 12. 2 12. 4 14. 9 17. 6 18. 2 20. 5 23. 0 20.6 20. 7 22. 5 22. 9 23.2 23. 5 23. 9 24.2 79.7 87. 9 91. 4 93. 1 102. 6 110.4 115. 2 109. 9 112. 8 115. 3 113. 9 114. 9 116. 6 117.2 120. 2 49. 7 52. 6 53. 6 53. 1 57.4 62. 9 64. 7 62. 4 63. 8 65. 1 64. 3 64.4 64. 9 64.3 67. 1 17.4 21. 3 22. 2 23.8 27.4 28.3 29. 9 28.1 29. 2 30. 1 29. 5 29.6 30.3 31. 1 30. 7 4. 1 5. 4 6.7 6.3 7.2 8. 0 9. 1 7. 9 8.3 8.5 8.7 9.4 9.9 9. 8 10. 4 5.7 5. 6 6. 4 7. 1 6.7 7. 1 7. 7 7. 3 7.4 7. 6 7.5 7.8 7.9 8.3 8. 4 2.8 3. 0 2. 5 2. 8 3.9 4. 2 3. 8 4.1 4. 0 4. 0 3.9 3.7 3.5 3.7 3.6 i Preliminary estimates. NOTE.—Data for Alaska and Hawaii included beginning 1960. -2. 4 -1.9 -2.8 — 2. 9 2.0 -9. 4 — 1. 1 3. 5 — 4.3 -4. 1 -1. 5 -2.9 -4. 5 —4. 8 -1. 0 -.7 .6 -2.4 -9.0 Source: Department of Commerce. 37 UNITED STATES GOVERNMENT PRINTING OFFICE PENALTY FOR PRIVATE USE TO AVOID PAYMENT OF POSTAGE, *3OO (OPO) D I V I S I O N OF PUBLIC DOCUMENTS WASHINGTON, D.C. 2O4O2 OFFICIAL BUSINESS First-C!ass Mail Contents TOTAL OUTPUT, INCOME, AND SPENDING The Nation's Income, Expenditure, and Saving Gross National Product or Expenditure N ational Income Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Selected Measures of Unemployment and Part-Time Employment Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work—Selected Industries Average Hourly and W7eekly Earnings—Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction New Housing Starts and Applications for Financing Trade Sales and Inventories Manufacturers' Sales, Inventories, and New Orders Merchandise Exports and Imports U.S. Exports and Imports of Goods and Services U.S. Balance of International Payments PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY, CREDIT, AND SECURITY MARKETS Money Supply Selected Liquid Assets Held by the Public Hank Loans, Investments, Debits, and Reserves Consumer and Real Estate Credit l>oiul Yields and Interest Rates Common Slock Prices, Yield, and Earnings FEDERAL FINANCE Page 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 '. 26 27 28 29 30 31 32 33 34 Federal A d m i n i s t r a t i v e Bud get: Receipts and Expenditures Federal Cash Receipts from and P a y m e n t s to the Public Federal Budget, N a t i o n a l Income Accounts Tasis 38 16 17 18 19 20 21 22 23 24 25 35 36 37 NOTE.— Derail in these rabies will not necessarily add to rotals because of rounding. Data lor Alaska and Hawaii are not included unless specifically noted. Unless otherwise stated, all dollar figures are in current prices. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402 Price 25 cents per copy; $2.50 per year; $3.60 foreign U.S. G O V E R N M E N T P R I N T I N G O F F I C E : I 9 6 4
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