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330JANUARY I960
Economic Report
or trie President
TRANSMITTED TO THE CONGRESS
Economic Report
of the President
TRANSMITTED TO THE CONGRESS
JANUARY 20, 1960
UNITED STATES GOVERNMENT PRINTING OFFICE
WASHINGTON : I960
Additional copies of this report are for sale by the Superintendent of Documents,
U.S. Government Printing Office, Washington 25, D.G.
Price of single copy, $1
LETTER OF TRANSMITTAL
THE WHITE HOUSE,
January 20}1960.
To the Congress of the United States:
I present herewith my Economic Report, as required by Section 3(a) of
the Employment Act of 1946.
The Report was prepared with the advice and assistance of the Council
of Economic Advisers and of the heads of the executive departments and
independent agencies directly concerned with the matters it discusses. It
summarizes the economic developments of the year and the steps taken in
major areas of economic policy to promote the sound expansion of employment, production, and income. It also puts forward a program for
the year 1960 which, in the context of present and prospective economic
conditions, would effectively implement the purposes of the Employment
Act.
The major conclusions and recommendations of the Report are set forth
below, in part in the words of the Report itself.
By the first quarter of 1959, the recovery that started early in 1958
had already carried production and income to levels higher than ever
before attained in the American economy. A considerable further advance
was scored during the remainder of 1959, despite the deep effect of the
116-day strike in the steel industry.
The Nation's output of goods and services in the fourth quarter of 1959
was at an annual rate of $482 billion. When adjusted for price changes,
this rate of output was 3/2 percent higher than the rate attained in the
corresponding period in 1958. By December 1959, total employment had
reached a record level, 66.2 million, on a seasonally adjusted basis. And
personal income payments in December were at an annual rate of $391
billion, $24 billion greater than a year earlier. After adjustment for increases in prices, the rise in total personal income in 1959 represented a
gain of nearly 5 percent in the real buying power of our Nation.
As we look ahead, there are good grounds for confidence that this
economic advance can be extended through 1960. Furthermore, with appropriate private actions and public policies, it can carry well beyond the
present year.
Hi
However, as always in periods of rapid economic expansion, we must
avoid speculative excesses and actions that would compress gains into so
short a period that the rate of growth could not be sustained. We must
seek, through both private actions and public policies, to minimize and contain inflationary pressures that could undermine the basis for a high, continuing rate of growth.
Three elements stand out in the Government's program for realizing
the objectives of high production, employment, and income set forth in the
Employment Act: first, favorable action by the Congress on the recommendations for appropriations and for measures affecting Federal revenues
presented in the Budget for the fiscal year 1961; second, use of the resulting surplus, now estimated at $4.2 billion, to retire Federal debt; third,
action by the Congress to remove the interest rate limitation that currently
inhibits the noninflationary management of the Federal debt. Numerous
additional proposals, many of which are described in Chapter 4 of the
Economic Report, will be made to supplement the Federal Government's
existing economic and financial programs.
Following the budget balance now in prospect for the fiscal year 1960,
these three elements of the 1960 program will strengthen and be
strengthened by the essential contributions to sustainable economic growth
made through the policies of the independent Federal Reserve System. Fiscal and monetary policies, which are powerful instruments for preventing
the development of inflationary pressures, can effectively reinforce one
another.
But these Government policies must be supplemented by appropriate
private actions, especially with respect to profits and wages. In our system
of free competitive enterprise and shared responsibility, we do not rely
on Government alone for the achievement of inflation-free economic
growth. On the contrary, that achievement requires a blending of suitable
private actions and public policies. Our success in realizing the opportunities that lie ahead will therefore depend in large part upon the ways
in which business management, labor leaders, and consumers perform their
own economic functions.
A well-informed and vigilant public opinion is essential in our free
society for helping achieve the conditions necessary for price stability and
vigorous economic growth. Such public opinion can be an effective safeguard against attempts arbitrarily to establish prices or wages at levels that
are inconsistent with the general welfare. Informed public opinion is also
necessary to support the laws and regulations that provide the framework
for the conduct of our economic affairs.
Further progress is needed in establishing a broad public understanding
of the relationships of productivity and rewards to costs and prices. It
would be a grave mistake to believe that we can successfully substitute legislation or controls for such understanding. Indeed, the complex relationships involved cannot be fixed by law, and attempts to determine them by
rv
restrictive governmental action would jeopardize our freedoms and other
conditions essential to sound economic growth.
Our system of free institutions and shared responsibility has served us
well in achieving economic growth and improvement. From our past experience, we are confident that our changing and increasing needs in the
future can be met within this flexible system, which gains strength from
the incentive it provides for individuals, from the scope it affords for individual initiative and action, and from the assurance it gives that government remains responsive to the will of the people.
DWIGHTD. EISENHOWER.
CONTENTS
Page
CHAPTER 1. Economic Growth in a Free Society
Record of Growth in the American Economy
New Challenges and Opportunities
Shared Responsibility for Economic Growth and Improvement.
Roles of Government
Roles of Individuals and Private Groups
1
1
3
4
5
7
CHAPTER 2. Economic Developments in 1959
Expansion of Output
Employment and Income
Financial Developments
Prices
Agriculture
International Economic Developments
9
9
12
18
23
27
29
Change in the World Market Situation
United States Foreign Trade and Payments
31
34
Outlook
'
36
Prospective Expansion of Demands
36
Balance of Payments Prospects
Conditions for Sound Advance
CHAPTER 3. Economic Policies in 1959
Federal Fiscal Policies
Federal Debt Management
Monetary and Credit Policy
Federal Housing and Home Financing
Federal Aid for Highways
Foreign Economic Policy
CHAPTER 4. A Legislative Program for 1960
Federal Finances
Competition
Small Business
Agriculture
Natural Resources
Research and Development
Education and Health
Personal Security
Area Assistance
VII
37
38
39
39
42
44
47
49
50
54
54
56
56
57
60
61
62
64
66
CHAPTER 4.—Continued
Housing and Home Financing
Foreign Economic Relations
Federal Statistics
Combining Private Actions with Public Policies
page
67
68
69
70
APPENDIXES
A. Report to the President on the Activities of the Council of Economic Advisers During 1959
B. Some Recent Economic Developments
I. Growth of Population
II. Employment and Earnings
III. Agriculture
IV. United States Foreign Trade and Payments
C. Statistical Tables Relating to the Diffusion of Weil-Being,
1946-59
D. Statistical Tables Relating to Income, Employment, and Production
73
81
83
91
100
Ill
125
149
LIST OF TABLES AND CHARTS
(Chapters 2 and 3 and Appendix B)
Tables
1. Net Changes in Commercial Bank Holdings of Loans and Investments, 1954-59
2. Changes in Consumer Price Index in 1959
3. Changes in Wholesale Price Index in 1959
4. World Imports, 1958-59
5. United States Exports, July to October, 1958 and 1959
6. Federal Budget Expenditures, 1958-61
7. Residential Mortgage Holdings of Selected Federal Programs,
1958-59
8. Obligations and Payments on Federal-Aid Highway Programs,
1957-59
B-l Population and Components of Its Year-to-Year Changes,
1950-59
B-2. Population Born Before July 1, 1957, by Age Groups: 1950,
1955, 1957, and Projections for 1960-80".
B-3. Population Born Before July 1, 1957: Projected Percentage
Changes, by Age Groups, 1960-80
B-4. Population Born After July 1, 1957: Projections by Specific
Age Groups Under Various Assumptions Regarding Fertility, 1960-80
VIII
18
23
25
34
35
41
49
50
83
85
85
86
Tables
B-5.
B-6.
B-7.
B-8.
B-9.
B-10.
B~l 1.
B-12.
B-13.
B-14.
B-15.
B-16.
B-17.
B-18.
B-19.
B-20.
B-21.
B-22.
B-23.
B-24.
B-25.
B-26.
B-27.
B-28.
B-29.
Page
Farm Population, 1910-59
Net Migration from Farms, 1920-59
Number of Households, by Type and Residence, 1900-59 . .
Number of Households, Projections for 1960-80
Growth of the Civilian Labor Force and Expansion of Employment, 1958-59
Growth of the Total Labor Force, by Sex and Age, 1950-59. .
Civilian Employment, by Major Occupational Groups, 1947
and 1957-59
.
Industrial Structure of Employment, 1947 and 1957-59. . . .
Changes in Nonagricultural Employment After April 1958,
by Major Industry Groups
Expansion of Labor Income and Related Items During 14
Months Following Cyclical Low Points
Distribution of Employees Receiving Wage Increases Under
Major Labor Agreements, by Size of Increase, 1956-59. . .
Carryover of Grains, Cotton, and Tobacco, 1957-59, and
Prospect for 1960
Output of Farm Products, 1910-59
Indexes of Productivity in Agriculture, 19.10-58
Indexes of Agricultural Inputs, 1910-58
Agricultural Resources in Use, 1910-59
Farmers' Income and Financial Position, Selected Periods,
1935-59
Civilian Food Consumption, Per Capita, Selected Periods,
1935-59
Caloric and Protein Content of Daily Food Consumption of
Civilians, Per Capita, 1935-59
Agricultural Output Per Capita of Total Population,
1910-59
United States Balance of Payments, 1953-55 Average and
1956-59
United States Imports, 1953-55 Average and 1957-59
United States Exports, 1953-55 Average and 1957-59
Changes in United States Shares of World Exports of Manufactures to Selected Markets, 1954-56 to 1958
Relation of Machinery Imports to Investment in Machinery
and Equipment, Excluding Transportation Equipment,
Selected Countries, 1954-59
87
88
89
90
91
92
93
93
94
97
98
100
101
102
104
105
107
108
108
109
Ill
114
116
119
121
Charts
1.
2.
3.
4.
5.
Gross National Product
Employment and Unemployment
Hours and Earnings in Manufacturing
Personal Income
Corporate Profits
IX
10
13
15
16
17
Charts
6. Consumer Instalment Credit
7. Stock Prices and Yields
8. Consumer Prices
9. Wholesale Prices
10. Indicators of Agricultural Conditions
11. U.S. Balance of Payments
12. Foreign Industrial Production
13. Surplus or Deficit of the Federal Government
14. Interest Rates and Bond Yields
15. Member Bank Reserves
Page
20
22
24
26
28
30
33
40
45
46
Chapter 1
Economic Growth in a Free Society
T
HE VIGOR of the underlying forces that make for growth in the
American economy was clearly evident in 1959. Employment, production, and income at the end of the year were substantially above the levels
reached at the end of 1958, despite the prolonged strike in the steel industry. As this Economic Report is transmitted to the Congress, the outlook
is good for an extension of growth through 1960 and beyond.
In these circumstances, it is appropriate that the first chapter of this
Report should be addressed to the question of how best to extend economic
growth into the years ahead at a high and sustainable rate and in ways that
strengthen and reinforce our political and economic freedoms. Other
chapters of the Report summarize the leading economic developments in
1959; describe the policies that were pursued in the past year to promote
higher employment, production, and purchasing power; and set forth the
Administration's 1960 program for extending the Nation's economic progress.
RECORD OF GROWTH IN THE AMERICAN ECONOMY
A few facts illustrate the ability of the American economy to continue
raising what has long been the highest living scale in the world, while
carrying a heavy defense burden and meeting broad international obligations.
In the 14 years since the passage of the Employment Act, employment
has advanced, on the average, by nearly 800,000 a year. In real terms,
the Nation's output of goods and services, as well as its personal income,
has increased by more than 50 percent, or at a rate of 3.2 percent per
year; and the output of the private sector of the economy has advanced
at a slightly higher rate, 3.5 percent. For industrial production, the rate of
increase has been 4.5 percent. The annual increase of 3.2 percent in total
national output, which corresponds to a doubling every 22 years, is roughly
equivalent to the long-term average reached in our previous history. Thus,
the American economy has sustained its long-term record of growth, despite
the high level of industrial development already achieved and despite
temporary setbacks.
The increase in national output has made possible very great gains in the
well-being of American families. Evidence of the advances made in this
respect since passage of the Employment Act is presented in the Appendix
on "Diffusion of Well-Being" included in this Report. Real income per
capita has increased by nearly 20 percent since 1946, and the increase
per family has been 16 percent. As incomes have risen and as paid vacations
have become longer and more common, leisure time has increased and
recreational activities have become more widely enjoyed. The shortage
of housing so evident immediately after World War II has been virtually
eliminated. Since 1946, the housing supply has been increased by the construction of 15 million private nonfarm dwelling units, and there have
been marked improvements in the quality of housing. At the same time,
there has been a general increase in home ownership; some 60 percent of
all nonfarm dwelling units are owned by the occupant families.
Attention to such material advances should not obscure the accompanying
gains made with respect to other components of our well-being, some of
which are less tangible. In health, there has been remarkable progress in
the reduction of infant and maternal mortality, in the prevention, mitigation,
and treatment of many diseases, in restoring the physically handicapped, in
making available a better balanced diet at lower cost, and in creating other
conditions conducive to longer years of life and greater efficiency. Health
services are more and more widely available, and the great majority of
Americans now have some protection under voluntary plans of hospital,
surgical, and medical insurance.
Notable gains have been made in education and other cultural areas.
School enrollment has risen in the last 12 years from 50 percent to about
65 percent of all persons in the age group of 5 to 29 years. From 1946
to 1959, the number of Bachelor's and first professional degrees conferred
annually almost trebled, and the number of Master's and second professional
degrees showed a still greater relative increase. To some extent, these
advances represent the resumption of academic work interrupted by war,
but the large gains made in the past few years indicate a rising trend that
will accelerate in the years ahead. The number of earned Doctorates conferred rose sharply after the war, reaching in 1954 a new high, which has
been maintained for several years. In the past decade, more than 83,000
Doctorates have been conferred, compared with some 27,000 during the
1930's and about 31,000 in the 1940's. Marked increases are expected
also in the next several years. Another source of satisfaction is the record of
scientific achievement. Since 1946, close to half of the Nobel awards for
contributions to medicine, chemistry, and physics have been bestowed on
American citizens.
The economic security of American families has been advanced significantly in the years since World War II. About 58 million persons—87 percent of all those in paid employment—are now covered by the Federal
Government's old-age, survivors, and disability insurance system and related
programs. More than 19 million persons are covered by privately financed
pension plans. The Federal-State Unemployment Compensation System,
which has proved its worth as a defense against loss of income during periods
of economic adversity, now provides protection for nearly 85 percent of
all persons on nonfarm payrolls.
But the progress made under Government programs should not divert
attention from the extensive provisions made independently by Americans
for personal and family security. The number of life insurance policyholders, for example, has increased by about 60 percent since 1946; about
115 million persons were insured through legal reserve companies in 1959.
The volume of time and savings deposits of individuals has increased by
nearly $35 billion, or more than 50 percent, since 1952. Share accounts
in savings and loan associations have also risen by $35 billion in this period—
by nearly 200 percent.
And it is not too much to say that we have made good progress in moderating fluctuations in our economy. Although economic recessions, however
minor, must remain a matter of concern to all Americans, the relative
mildness and short duration of the three since the war have to be reckoned
as a major factor in the strengthening of personal security.
NEW CHALLENGES AND OPPORTUNITIES
These improvements in the well-being of the American people offer convincing testimony of the productiveness of our free economy and the wide
distribution of its annual yield. Continuing efforts are needed, however, to
assure that advances are extended into the future at high rates.
One important line of progress to this end is the lessening of fluctuations
in our economic development. Although the severity and duration of economic recessions have been limited in the postwar period, we must strive
for a steadier rate of growth. This would not only reduce the personal
hardships incident to economic setbacks but could also yield a higher
annual rate of growth over a period of years.
In addition to lessening cyclical declines in employment, efforts should
be made to improve the skills of our labor force and to make consistently
fuller use of economic resources in all parts of the Nation. In general, unemployment rates in the United States have not been high for an economy
which allows and experiences considerable labor mobility and job change,
but they can and should be lower. Since unemployment is typically highest
among those persons with inadequate training in the skills demanded by a
dynamic industrial economy, better schooling and improved counseling services are clearly desirable. Also, while advances in economic activity and in
well-being have been widely shared, constructive measures are needed to
draw more fully into the mainstream of economic growth those communities and areas that experience persistently high unemployment.
In the decade we have just entered, a new factor—the expected sharp
increase in the labor force—will require, and will help to achieve, more
rapid economic growth. Over the past decade, our labor force increased
at an average rate of about 825,000 a year. But the sharp rise in births
in the years since the war means that the annual increase in the number
of persons available for employment will rise rapidly in the next ten years.
Projections suggest something close to a doubling of this annual increment
to the labor force by the end of the 1960's. The rapid expansion of our
manpower will offer a unique opportunity for increasing our rate of output.
By the same token, our economy will have to supply additional employment
openings, by the end of the decade, at a rate twice that required in the
1950's.
The coming of age of this large group of young people will also require
great increases in the output of housing and of consumer goods and services
of all kinds, as new families are formed and new households are established
in increasing numbers. Meeting these output and employment demands
in the next decade will require a vast increase in savings and invested capital
to supply needed tools and facilities. It will require continuing extensive
private and public support of basic and applied research. It also will require greater efforts, primarily by local and State governments and private
groups, in education and training.
Success in providing the additional new job opportunities would, of
itself, accelerate our rate of economic growth. By the end of the 1960's,
this acceleration and an improvement in productivity similar to the average
for recent decades would yield an annual national output close to half
again what it is today. And this performance could be bettered if we
succeed in creating conditions that favor a higher rate of increase in
productivity.
SHARED RESPONSIBILITY FOR ECONOMIC GROWTH AND IMPROVEMENT
The economic tasks of the next decade pose impressive challenges, but
there is every reason to believe that they will be met, just as similar challenges have been met in the past. We should regard these challenges as
opportunities, and recognize that we have great advantages as we go about
meeting them. A large productive base already exists in the American
economy, and our competitive enterprise system is well able to expand this
base as needs increase. The ideals, freedoms, incentives, and rewards of our
enterprise society are powerful forces in directing efforts and material
resources to the meeting of new tests. And our traditional and proven
system of sharing responsibility for economic growth and improvement between the private and public spheres of our society, and among the several
levels of government, provides a means for guiding those efforts along fruitful lines.
The premises of this system of shared responsibility, recognized by the
Congress in Section 2 of the Employment Act, deserve renewed emphasis
as we prepare for the challenges and opportunities of the new decade. In
our society, the maintenance of a climate conducive to orderly and vigorous
economic growth is not exclusively the function of government. Indeed,
excessive reliance on governmental machinery may not only frustrate the
quest for steady growth and reasonably stable prices, but may also have
undesirable consequences for our economic system and our freedoms. The
more effective the job done by individuals and private groups and by government at the State and community levels, the less the danger of Federal
encroachment in areas that have traditionally been the province of private
enterprise and of local government. Our various levels of government and
private individuals and groups have distinctive roles in our free society's
system of shared responsibility. At this point it is well to recall these roles,
with particular reference to the problem of maintaining a high rate of
economic growth.
Roles of Government
In a free society, government makes its major contribution to economic
growth by fostering conditions that encourage and reinforce the efforts of
individuals and private groups to improve their circumstances. This includes the preservation and enhancement of competition, the maintenance
of a stable currency, the moderation of fluctuations in employment and output, participation in the development of human and natural resources,
the enhancement of personal security, provision of a sound national defense,
and the maintenance of mutually advantageous ties with other countries.
Responsibility for many of these roles is divided among the various
levels of government, but none can be carried out adequately without the
initiative and cooperation of individuals and private groups. This network
of relationships is the product of our history. It embodies the American
concept of government as the responsive instrument of the people.
The Federal Government's contribution toward preserving and strengthening the institutions of our competitive enterprise system, to which the
Employment Act properly directs attention, is of special importance. Open
markets perform the essential task of channeling economic resources into
the uses that businessmen and consumers deem most satisfactory; in this
way, they contribute to the productiveness of our economy and to the quality
of our living. They should remain free of unwarranted restraints. Leaders
of business, labor, farming, and the professions, as well as the various levels
of government, have responsibilities for maintaining the openness and resiliency of our economic system. The competitive nature of this system is
closely linked to our ideals of freedom and individual initiative, which have
far more than economic significance. A free society, free political institutions, and a free economy are interdependent and reinforce each other.
As indicated earlier, Federal action to help smooth out economic fluctuations affords another opportunity to promote growth. Deep and prolonged
declines of production, involving substantial reductions in investment, not
only interrupt current advance but impede future growth. It is widely
acknowledged that to avoid such declines Government should take measures,
appropriately designed and timed, to counter recessionary tendencies. It
is also important that appropriate measures should be taken to restrain
surges in economic activity that might lead to drastic corrections.
Governmental decisions regarding the volume and character of public
expenditures have powerful effects on the health of the economy and on
its prospects for vigorous and sustainable growth. Especially in a briskly
growing economy—the kind to be expected in the current decade—
demands on economic resources are heavy and rising, and public outlays
are made at the expense of private spending. The public use of funds,
whether to continue established programs or to initiate new ones, must be
justified on the ground that it makes a larger contribution to well-being
and economic strength than could be made by their private use. The entire
range of Federal spending must be continuously under review, with this
criterion in mind. Many public programs make important contributions
to growth, both directly by increasing the productive capacity of individuals
and business firms and indirectly by facilitating and encouraging the greater
private investment that enlarges our capacity for future production. It
must always be borne in mind, however, that we grow only by investing
more and producing more, not simply by spending more.
The way taxes are levied also affects the advance of productivity and
output. We must remain alert to the possibility of making the tax system
a more effective instrument for promoting economic growth. Taxes affect
the ability of individuals and corporations to save. Likewise, their impact on the risk and return of investment influences the willingness to
make productive use of savings. Our tax system should give encouragement
to productive effort and should facilitate the mobility and efficient use of
capital. We should continue to review our tax system from these standpoints, as well as from the standpoint of equity.
The Federal Government can make a basic contribution to an environment favorable to economic growth through a constructive, forward-looking
management of its finances. To meet this vital responsibility in fiscal affairs, while performing its functions adequately, Government must give
clear evidence, in actual results, of its ability and determination to control
its expenditures. When the Nation is prosperous, as it is today, with
production, employment, and incomes rising, the most appropriate fiscal
policy is one that provides a sizable excess of Federal revenues over Federal
expenditures. In the economic circumstances now prevailing and expected in the near future, a budgetary surplus used to retire debt would
be a powerful aid in helping to restrain inflationary pressures and to promote sound growth. The added savings which it would supply to the
economy would help keep interest rates lower than otherwise, and facilitate
private investment activity and the financing of public projects by State
and local governments. The monetary authorities would have a freer hand
in pursuing policies aimed at promoting steady, inflation-free growth. And
such a fiscal policy would be a potent instrument for strengthening confidence in the dollar at home and abroad. Indeed, a sizable budget surplus
6
at this time, used to retire Federal debt, would effectively implement the
objectives proclaimed in the Employment Act.
Roles of Individuals and Private Groups
Since the vast majority of economic decisions in a free society are made
by private individuals and groups, the rate at which national output grows
and the character of that output are determined chiefly by private attitudes
and actions. The expenditures of consumers command about two-thirds
of the Nation's total product, and private investment expenditures command another one-eighth, or more. Individuals and business concerns
supply the bulk of the Nation's savings, and the major responsibility for
directing these savings into private and public investment rests with private
institutions. Finally, as citizens of a democracy, individuals determine
directly or through chosen representatives what they want done through
government, and at what cost. Obviously, the performance of our free
economy depends largely on how individuals and private groups fulfill their
many critical roles.
In their key role as consumers, individuals can contribute to the Nation's
economic strength by spending wisely, just as government, acting as their
agent, can promote growth by prudence in its spending. By the use to
which they put their income they determine in large measure how economic
resources are allocated. And in buying carefully for price and quality,
they exert a restraining influence on the cost of living.
Individuals and corporate groups, in their roles as business leaders, can
help strengthen the economy by the use they make of the resources under
their control. They may be able to speed the increase in productivity in
the private sector through allocating a greater share of these resources to
investment and research and through pricing policies that favor the expansion of markets. Also, they can speed growth by upgrading worker
skills, by improving the skills of management, and by eliminating wasteful
practices.
Equally, leaders of labor have an opportunity as well as a responsibility
to help realize more fully the Nation's economic potential. They can
contribute significantly in this direction by fostering arrangements favorable
to higher labor productivity.
And leaders of business and labor have a joint responsibility for facilitating economic growth through the conduct and results of collective bargaining. This responsibility is especially great in industries that are basic to
the Nation's defenses and economic health. Events of the past year demonstrate the damage that can be done when established methods for settling
industrial disputes break down. An obvious way to achieve our economic
potential more fully is to improve on this aspect of the past year's record.
Labor-management disputes in basic industries should be settled promptly,
preferably without recourse to strikes, and certainly without extended interruptions of production that cause widespread dislocation and unemploy533287 i
ment and threaten to paralyze our entire economy. They should be settled
also on terms that are fair to the public at large as well as to the parties
directly involved.
Labor-management negotiations in all industries offer opportunities to
help promote sound growth by avoiding settlements that contribute to inflation. Settlements should not be such as to cause the national average
of wage rate increases to exceed sustainable rates of improvement in national productivity. A national wage pattern that fails to meet this
criterion would put an upward pressure on the price level. Hourly rates
of pay and related labor benefits can, of course, be increased without
jeopardizing price stability. Indeed, such increases are the major means
in our free economy by which labor shares in the fruits of industrial progress. But improvements in compensation rates must, on the average,
remain within the limits of general productivity gains if reasonable stability
of prices is to be achieved and maintained. Furthermore, price reductions warranted by especially rapid productivity gains must be a normal
and frequent feature of our economy. Without such reductions we shall
not be able to keep the price level as a whole from advancing.
A well-informed and vigilant public opinion is essential in our free society
for helping achieve the conditions necessary for price stability and vigorous
economic growth. Such public opinion can be an effective safeguard
against attempts arbitrarily to establish prices or wages at levels that are
inconsistent with the general welfare. Informed public opinion is also
necessary to support the laws and regulations that provide the framework
for the conduct of our economic affairs.
However, we must go further in establishing a broad public understanding of the relationships of productivity and rewards to costs and
prices. It would be a grave mistake to believe that we can successfully
substitute legislation or controls for such understanding. Indeed, the
complex relationships involved cannot be fixed by law, and attempts to
determine them by restrictive governmental action would jeopardize our
freedoms and other conditions essential to sound economic growth.
Our system of free institutions and shared responsibility has served us
well in achieving economic gro\yth and improvement. From our past
experience, we are confident that our changing and increasing needs in the
future can be met within this flexible system, which gains strength from the
incentive it provides for individuals, from the scope it affords for
individual initiative and action, and from the assurance it gives that
government remains responsive to the will of the people.
Chapter 2
Economic Developments in 1959
HE ECONOMIC RECOVERY in the United States that started
early in 1958 carried production and incomes to new high levels
by the first quarter of 1959. The Nation's output, in terms of the physical
volume of goods and services, surpassed its previous peak. The flow of
income payments also exceeded the previous record, and civilian employment, though still below the high reached in the second quarter of 1957,
was 1.2 million greater than in mid-1958, after seasonal adjustments.
These advances were extended into 1959, though economic activity
was sharply affected by the 116-day steel strike which began on July 15.
Developments in the steel industry had first an expansive, and then an
increasingly contractive, effect. Anticipatory purchases of steel and products of steel quickened the advance in the Nation's output in the first half
of the year, but led to a drop in gross national product in the third
quarter, as about 85 percent of steel capacity was idled and the output
of steel-using products had to be sustained in the main out of previously
produced steel supplies. Still, by the end of the year, the Nation's
aggregate output amounted to $482 billion, on an annual rate basis;
employment had risen to 66.2 million (seasonally adjusted), the highest
in the Nation's history; and personal income was being received at the
rate of $391 billion a year, 5 percent (adjusted for price changes) higher
than in the last month of 1958.
T
EXPANSION OF OUTPUT
The rapid rise in general economic activity already in progress as 1959
began raised output to $484.5 billion in the second quarter of the year
(Chart 1). This exceptionally rapid expansion reflected not only the abnormal demand for inventories induced by the expectation of a steel strike,
but also a substantial, continuing increase in the final demand for goods and
services. To a certain extent, these two factors reinforced one another, but
increasing outlays by business concerns on plant and equipment, rising
expenditures on residential construction, and increased purchases of durable
goods by consumers had significant independent effects in stimulating the
expansion of production, employment, and income.
CHART 1
Gross National Product
Gross national product in 1959
reflected continued growth in
final purchases and marked shifts in inventory investment.
BILLIONS OF DOLLARS
500 -
450 -
400 -
-25
1956
1957
1958
1959
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
The shift between early 1958 and mid-1959 in the inventory policies of
business had a marked economic effect. Inventory accumulation began
in the latter part of 1958, following a full year of liquidation. It
quickened during the first half of 1959, as business firms replenished
their stocks of materials and finished goods to meet rising operating needs;
and it became especially rapid in the second quarter of the year as businesses
sought to assure continuance of their operations in the event of an interruption of steel production. Approximately one-third of the inventory
accumulation in the second quarter was attributable to increased holdings
of steel mill products. And inventory accumulation alone was equal to
one-third of the rise in gross national product from the 1958 recession low
to the 1959 high.
The advance in final purchases of goods and services which began in
the second quarter of 1958 also reached a peak rate in the second quarter
10
of 1959. Virtually all the main categories of final purchases increased.
Improved investment opportunities, supported by higher business earnings
and retained income, provided a basis for increased business outlays on plant
and equipment. These rose by about 10 percent, from a seasonally adjusted annual rate of $33.4 billion in the fourth quarter of 1958 to $36.6
billion in the second quarter of 1959 (Table D-8). Within nonfarm
business investment outlays, expenditures on equipment moved forward
somewhat more swiftly, rising approximately 14 percent from the end of
1958 to mid-1959. But nonresidential construction grew at a slower rate,
as substantial expenditures for public utility and commercial projects were
partially offset by a decline in factory building. Residential construction,
on the other hand, rose rapidly in the early months of 1959. The public
sector of the economy provided a moderately expansive impetus to aggregate output. State and local purchases of goods and services continued to
rise, while those of the Federal Government remained stable. Net exports
were the single contractive factor among the major components of national
output, declining from $0.2 billion at the close of 1958 to minus $1.8 billion
(on a national accounts basis) in the second quarter of 1959.
The underlying strength in these categories of final purchases of goods
and services helped bring about a rise in employment and income, and
consumers responded by expanding their outlays substantially. A further
rise of income incident to the production of goods to meet abnormal inventory needs, particularly in the second quarter, also helped to swell consumer
incomes and spending. And consumer confidence, reflected in high personal borrowings, brought particular strength to purchases of durable goods.
Economic developments in the second half of the year were also greatly
affected by the inventory factor. In this case, however, it exerted, on
balance, a pronounced contractive influence. Largely reflecting reductions
of holdings by manufacturers and retail dealers affected by the steel strike,
inventories—which had been accumulated at an annual rate of $10.4 billion
in the second quarter—were reduced by $1 billion in the third quarter.
This reduction was the dominant economic force in that quarter. Although
making possible a continued though less pronounced increase in final purchases, the drawing down of inventories incident to the stoppage in steel
production resulted in a rather sharp drop—$6 billion—in gross national
product. During the fourth quarter of the year, deficiencies and imbalances of steel inventories moderated the growth of final purchases, despite
the resumption of steel production in November. As a result, the increase
in gross national product (GNP) was limited to $3.4 billion, and most of
the recovery in economic activity expected after the strike was postponed
beyond the end of the year. Nevertheless, GNP in the fourth quarter
was nearly $25 billion (annual rate) above the level in the fourth
quarter of 1958.
1I
Divergent movements in the second half of the year in the major
components of national output reflected, in part, the impact of steel shortages. Sales of consumer durable goods, which had been rising rapidly, fell
as demands could not be fully met. New construction expenditures, which
had been very high in early 1959, decreased noticeably, though part of
this decline may have reflected the increased competition for funds arising in
other sectors of the economy. On the other hand, purchases of consumer
nondurable goods and services and of producer durable equipment, and
purchases by State and local governments continued to advance in the
second half of the year. And net exports of goods and services, which had
been a contractive influence before midyear, became moderately expansive.
EMPLOYMENT AND INCOME
The gains in employment and earnings that followed the upturn of the
economy in 1958 were extended at a rapid rate into 1959. By January,
the average length of the manufacturing workweek had increased to 40.1
hours (seasonally adjusted), from a recession low of 38.7 hours. Total
civilian employment had risen by more than 1 million (seasonally adjusted)
from its cyclical low, and unemployment had been reduced from the recession high of 7/2 percent of the civilian labor force to 6 percent.
As the year advanced, economic expansion brought about increasingly
heavy demands for labor. The average length of the workweek in manufacturing industries advanced to 40.7 hours in April, the highest since April
1956, and the average amount of overtime for production workers increased
rapidly, to almost 3 hours a week in June. Longer workweeks and increased overtime were the rule also in most nonmanufacturing industries.
Unemployment changed very little during the early months of 1959,
because the expansion in employment was nearly matched by the growth of
the labor force. But in the early spring, as production reached record
levels, the number of employed persons rose swiftly, exceeding the growth in
the labor force, and unemployment declined. Total nonfarm employment
expanded by nearly 1.3 million (seasonally adjusted) in the four months
from February to June 1959, and unemployment was reduced by 750,000.
By midyear, unemployment had fallen to about 5 percent of the labor force;
long-term unemployment—the number of individuals seeking work for 15
weeks or more—was 1 million below its recession high of nearly 2 million;
unemployment among men 25 years of age and over was sharply below
that in 1958; and the unemployment rate for family men in June 1959 was
2.7 percent, likewise far below its recession high. Nevertheless, these unemployment rates were above those prevailing prior to the 1957—58 recession,
and unemployment remained comparatively high, especially for persons
lacking work experience, for mining employees, and for nonwhite persons.
However, total unemployment was being reduced at a rapid rate until the
trend was reversed in July by the beginning of the steel strike (Chart 2).
CHART 2
Employment and Unemployment
Employment increased and unemployment
fell until July
1959.
These trends were interrupted by the steel strike but resumed
after its end.
MILLIONS OF PERSONS*
70
1956
1957
1958
1959
1958
1959
PERCENT OF CIVILIAN LABOR FORCE
UNEMPLOYMENT
RATE
(SEASONALLY ADJUSTED)
1956
1957
14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR.
After some 500,000 employees in the steel industry went on strike on
July 15, nearly 100,000 other persons were soon laid off in related industries,
especially in mining and rail transportation. Even though substantial inventories of steel had been accumulated by many firms, stocks were being depleted rapidly by mid-October and serious imbalances were making themselves felt. As a result, layoffs became increasingly heavy. By the time
steel production was resumed on November 7, under a Federal court injunction, employment in steel-related industries had declined by more than
500,000, exclusive of the number on strike. In most other industries,
employment ceased to advance during this period, and in October the rate
of unemployment increased to 6.0 percent of the civilian labor force.
The resumption of steel production brought an increase in employment
by the end of the year, and unemployment was again reduced. Although
the replenishment of working stocks of steel could not be accomplished
immediately, total employment reached 66.2 million (seasonally adjusted)
in December, slightly above the record of 66.0 million that had been
attained in June. Unemployment in December was 3.6 million (seasonally
adjusted), or 5.2 percent of the labor force.
The employment situation in areas of heavy labor surplus was improved
significantly by the economic advance of 1959. Although in November
1959 there were 29 major continental labor markets where unemployment
exceeded 6 percent of the labor force, the number of such areas was far
below the peak of 86 reported in July and September of 1958. And by
November 1959, unemployment had fallen below the 3 percent level in 27
major areas. Also, most labor market areas, regardless of their over-all
unemployment situation, experienced shortages in 1959 of certain types of
workers, notably professional, technical, clerical, and skilled.
The improving employment situation was reflected in substantial gains
in personal income. In the early months of 1959, higher hourly wage rates
supplemented the effects of longer workweeks and more extensive overtime employment on average weekly earnings (Chart 3). Wage rates in
manufacturing industries advanced in the first six months of the year by
about 2 percent, on the average. On an annual rate basis, this gain was
about the same as the increases in 1957 and 1958. Average weekly earnings for workers in these industries were 4.5 percent higher in the first six
months of 1959 than in the last six months of 1958. In nonmanufacturing
industries, also, earnings of workers increased. Despite the fact that the
advance of weekly earnings and employment was interrupted by the strike
in the second half of the year, wage and salary payments in the fourth
quarter exceeded payments a year earlier by $16.4 billion, or 6.7 percent.
Other forms of personal income, not as large in dollar terms as wages
and salaries—personal interest, dividends, incomes of nonfarm proprietors
(including self-employed professional persons), and transfer payments—
also rose above their levels at the end of 1958. Rental income increased
slightly, while the income of farm proprietors declined. The aggregate of
'4
CHART 3
Hours and Earnings in Manufacturing
Hourly earnings were much higher in 1959 than in 1958, as wage
rates continued to rise and overtime became more common.
DOLLARS
2.50
FOR PRODUCTION
WORKERS
2.25
AVERAGE HOURLY EARNINGS
GROSS
2.00
1.75
1.50
1954
1955
1956
1957
1958
1959
Weekly earnings increased rapidly until the steel strike, reflecting
longer workweeks and higher hourly earnings.
HOURS
DOLLARS
FOR PRODUCTION WORKERS
IOO
90
AVERAGE WEEKLY EARNINGS
( L E F T SCALE)
80
42
70
40
38
AVERAGE WEEKLY HOURS*
(RIGHT SCALE)
I
1954
(955
I
1956
1957
1958
* SEASONALLY ADJUSTED.
SOURCES: DEPARTMENT OF LABOR AND DEPARTMENT OF COMMERCE.
1959
all these income payments—total personal income—rose by $20.3 billion,
or 5.5 percent, and the amount of income available for spending and saving
after the payment of personal income taxes—disposable personal income—
increased at the same rate.
Since prices were relatively stable in much of the first half of the year,
the increases in disposable income were reflected almost entirely in increases
in real income. In the next six months, however, part of the gain was
offset by increases in prices. Over the year as a whole, per capita disposable
income, in dollars of constant purchasing power, increased by 2.2 percent
(Chart 4).
Personal savings, which had expanded earlier in the recovery period,
leveled off in the first half of 1959 as consumer expenditures on goods and
services rose by about as much as disposable income. In the final six
months, as consumption continued to rise in the face of a much slower
CHART 4
Personal Income
Disposable personal income rose significantly in 1959, but some
of the gain was offset by price increases in the latter part of
the year.
BILLIONS OF D O L L A R S
400 —
350 DISPOSABLE
PERSONAL INCOME **
300 —
1956
1957
1958
1959
LI PERSONAL INCOME LESS T A X E S .
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS.
16
growth in personal incomes, the share of disposable income that was saved
fell to about 6.7 percent., the lowest since early 1956. This decline was
reflected both in a less rapid addition to most financial assets of individuals and in a more rapid expansion of personal borrowings.
Corporate profits, which are especially sensitive to fluctuations in business
activity, expanded in 1959 in response to the increase in production and
improvement in profit margins. By the second quarter, earnings (before
taxes) reached a record figure of nearly $53 billion—$19 billion more than
in the second quarter of 1958, when they had been severely depressed.
Subsequently, they declined as the steel strike caused a curtailment of
activity, and were about the same as in early 1959 (Chart 5).
CHART 5
Corporate Profits
Corporate profits reached a new peak in the second quarter of
1959, but declined as the steel strike's impact spread.
BILLIONS OF DOLLARS
20 -*
1954
1955
1956
1957
1956
1959
-*/ NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.
Dividends did not match the rapid advance of profits after taxes for
the year ended in mid-1959; accordingly, retained earnings recovered
sharply. Together with the continued growth in funds generated through
depreciation allowances and rapidly rising tax accruals, these retained
earnings made it possible for corporations to acquire a substantial volume
of United States Government securities in the first half of 1959, while at
the same time increasing their outlays for inventory and for plant and
equipment.
FINANCIAL DEVELOPMENTS
The impact of rising economic activity was clearly evident in credit and
capital markets in 1959. Inventory accumulation in the early part of the
year, the resurgence in consumer spending on durable goods, and a high
level of construction activity combined to produce a heavy demand for commercial bank credit. Reflecting these demands, bank loans expanded
almost $12 billion, about the same as the record increase in 1955. However,
Federal Reserve policy made possible only a small expansion in total bank
assets, and banks financed about $8 billion of their loan expansion through
sales of United States Government securities. The financial markets were
Under considerable pressure in absorbing these security sales, since they were
also financing the Treasury deficit and meeting substantial demands for
funds from mortgage borrowers, State and local authorities, and corporations; and interest rates, particularly in the short-term and medium-term
range, advanced sharply.
The distribution of the increase in bank credit among the major users
largely reflected the character of the year's advance in economic activity
(Table 1). The growth in both consumer loans and real estate loans of
TABLE 1.—Net changes in commercial bank holdings of loans and investments, 1954-59
[Billions of dollars]
Loans and investments
1954
Loans (excluding interbank) and investments 2
Loans (excluding interbank) 2
Business
Real estate
Consumer
Security
Agricultural
All other
___
.___
Investments .__
U.S. Government securities
Other securities
1955
1956
1957
1958
1959 i
10.2
4.6
4.2
4.9
15.1
3.4
2.9
11.6
7.6
3.5
4.3
11 7
-.3
1.7
(3)
5.5
1.7
1.4
-.8
-.3
4
1.8
.6
1.2
.3
-.1
2.1
.2
.4
.9
1.0
5.3
2.5
2.5
.9
.2
.6
6.4
2.4
2.3
.6
-.7
.9
7.2
-7.0
-3.5
1.3
10.8
—8.4
5.6
1.6
-7.4
-3.0
-.4
-.3
1.7
8.1
2.6
-8.1
.4
— .1
— .1
(3)
— .2
1.4
-.3
1
Preliminary estimates by Council of Economic Advisers; excludes Alaska and Hawaii and other bank
structure
changes.
2
Total loans are net of, and individual loans are gross of, valuation reserves.
s Less than $50 million.
NOTE.—Sec Table D-41 for data including interbank loans. Detail will not necessarily add to totals
because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted).
commercial banks appear to have exceeded the high rates of 1955. The
expansion of business loans up to the middle of the year was comparable
to that of 1955, but the liquidation of inventories after midyear reduced this
use of bank funds considerably below the amounts extended in 1955.
Nevertheless, the business lending activity of banks was markedly greater
than in 1958, as most major groups of commercial and industrial businesses
employed more bank credit.
18
Not only was consumer lending by banks at a record rate, but so was the
over-all increase in consumer credit outstanding (Chart 6). All major
categories of instalment credit other than that extended for the purchase
of automobiles rose more than in 1955. Contrary to the developments in
that earlier year, however, there appears to have been no appreciable
liberalization in 1959 of the maximum terms on which instalment credit was
made available to consumers.
Long-term capital markets were subject to divergent influences but, on
balance, experienced larger demands. Corporate security offerings for new
money were lower than in 1958 by abount $1.5 billion, or 15 percent, as a
result of the sharp increase in corporate retentions of income and the
greater reliance on bank borrowing. The latter reflected the predominantly short-term nature of business financing requirements in this period
and, possibly, the high level of long-term interest rates prevailing. However, the reduction in corporate offerings was more than offset by the flow
of credit into home building. The amount of nonfarm residential mortgage credit in use increased by a record $15 billion, compared with an increase of $12 billion in 1958. State and local security issues exceeded those
in any previous year, as new authorizations of State and local securities continued to build up a large backlog of issues.
The credit markets were also required to supply funds associated with an
increase of $7.9 billion in United States Government debt and to absorb
outside of the banking system the $8 billion reduction, referred to above, in
bank holdings of United States securities. Most of the new issues of Federal securities were obligations of short- and intermediate-term maturity,
because the 4J4 percent interest rate limitation effectively precluded flotations of longer-term United States Government securities after the early
part of the year. Hence, the Federal Government was forced to do much of
its needed financing in the same maturity range in which commercial banks
were reducing their holdings of Government obligations.
Investment sources outside the commercial banking system absorbed
the new offerings of Federal securities, as well as bank sales of short- and
intermediate-term Federal obligations, but at a substantial increase in rates.
Nonfinancial corporations expanded their holdings by $5 billion (Table
D-49), mostly in very short-term securities; foreign and international
accounts, savings and loan associations, and individuals likewise added to
their portfolios.
These developments in the banking system and in capital markets,
jointly with the policies pursued by the monetary authorities, had significant effects on the financial position of the major lending institutions
and of nonfinancial businesses and individuals. The liquidity position
of commercial banks, as measured by the ratio of their holdings of United
States securities to deposits, was at about its postwar low, and the cash and
19
CHART 6
Consumer Instalment Credit
The amount of consumer instalment credit outstanding rose substantially in 1959, as extensions
increased much more rapidly
than repayments.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
4.5
4.0
CREDIT EXTENDED
3.5
3.0
2.5
2.0
JJLL
1954
1955
1956
1957
1958
1959
1954
1955
1956
1957
1958
1959
NOTE: SEE APPENDIX TABLES D-44 AND D-45.
SOURCE: BOARD OFGOVERNORS OFTHE FEDERAL RESERVE SYSTEM.
United States Government security holdings of insurance companies,
mutual savings banks, and savings and loan associations declined relative
to their respective liabilities.
For the economy as a whole, holdings of liquid assets increased only
moderately, though there were significant differences among the components
of the total. The money supply expanded by about 0.5 percent. Time
deposits of commercial banks advanced by 3/2 percent and mutual savings bank deposits by 4 percent, rates of increase that were appreciably lower than in recent years. The volume of outstanding Series E
and Series H savings bonds, including accrued interest, leveled off early
in the year, and then declined; however, the decline was reversed after a
new rate of 3% percent was announced for these bonds and the total at the
end of the year was almost the same as at the beginning. Total savings
bonds, which include other series not currently being sold, decreased by
about $3 billion during the year, though this decline partly reflected advance
refunding into marketable securities. Savings and loan share accounts rose
by 14 percent, about the same as in 1958. The decline in the rate of increase in savings-type liquid assets reflected the failure of personal savings
to keep pace with disposable income, as well as a shift of the flow of savings
into less liquid assets. On the other hand, the volume of marketable
United States Government securities with maturities of less than one year
increased by about $7 billion, or 10 percent, contrasted with a small decline
in 1958.
The advance in the cost of borrowing in 1959, though less steep
than in the second half of 1958, continued through most of the year. The
13-week Treasury bill rate rose from 2.7 percent to more than 4.5 percent.
The prime rate of commercial banks was raised in two stages, from 4 percent
to 5. The average yield on outstanding long-term taxable Government
bonds increased from about 3.8 percent to 4.4, while that on outstanding
corporate Aaa bonds rose from 4.1 percent to 4.6. It is estimated that the
yield on FHA-insured home mortgages purchased in the secondary market
rose from around 5.6 percent to about 6.3.
A significant development was the considerably more rapid advance
in short- and intermediate-term interest rates than in long-term rates. The
change in this relationship was such that short- and intermediate-term borrowing, on which the Federal Government was compelled to rely because
of the 454 percent limitation on its new issues of longer-term securities,
became considerably more expensive than long-term borrowing.
The exuberance that characterized the stock market in 1958 gave way
to a more restrained tone in most of 1959. Stock prices advanced about
9 percent, and the amount of credit used in stock market transactions varied
little during the year (Chart 7 ) . Since dividends increased at about the
same rate as stock prices, the average yield on common stocks remained at
21
CHART 7
Stock Prices and Yields
Stock prices rose more slowly in 1959 than in 1958.
Yields fluc-
tuated within a narrow range.
INDEX, 1939=100
BILLIONS OF DOLLARS
450
COMMON STOCK PRICES
( L E F T SCALE)
400
(SEC)
350
300
250
200
1957
1958
1959
1957
1958
1959
MILLIONS
PERCENT PER ANNUM
5
COMMON STOCK YIELDS
(MOODY'S)
1957
J/ END OF MONTH.
1958
1959
SEE APPENDIX TABLE 0-63 FOR EXPLANATION.
SOURCES: SECURITIES AND EXCHANGE COMMISSION, BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM, NEW YORK STOCK EXCHANGE, AND MOODV'S INVESTORS SERVICE.
22
about the 3*4 percent level that prevailed in the last few months of 1958.
The margin between the yield on outstanding long-term United States
Government securities and the yield on common stocks continued to widen
as interest rates in general advanced.
PRICES
The stability of the consumer price index that prevailed from the spring
of 1958 through the first five months of 1959 was followed by an upward
movement in the succeeding months. By November, the index was 1.5
percent higher than at the end of the previous year (Table 2).
TABLE 2.—Changes in consumer price index in 1959
Percentage change
Relative
importance
December December May 1959 December
to
1958 to
1958
1958
(percent) 1 to May November November
1959
1959
1959
Item
All items
100.0
0.2
1.3
Commodities
64.8
-.3
1.1
.8
Food
28.7
-.8
.2
-.7
-.1
1.5
-1.5
Food at home
23.9
Commodities less food
36.1
.1
1.7
1.8
22.5
8.7
1.5
.4
-.3
2.4
2.0
2.0
4.3
2.4
1.7
6.7
13.6
3.1
1.7
8.8
3.1
-.2
-3.3
3.0
.2
.0
1.2
3.9
3.3
.0
.4
1.1
.5
6.4
.2
.4
34.4
1.2
1.7
2.9
6.2
28.2
.4
1.3
.9
1.8
1.3
3.1
Nondurable commodities
Apparel..
Footwear
Durable commodities
Cars, new
Cars, used
Durables less cars
Appliances 2
Services
._
.
Rent
All services less rent _
-1.4
1
2
Weights do not add to 100 because the miscellaneous category, not actually priced but imputed, is omitted.
Includes household appliances, radios, and television sets. Comparisons are for December 1958 to
June 1959 and June to September 1959.
Source: Department of Labor.
Continuing declines in food prices during the early months of the year
offset increases in the prices of consumer services and small advances in the
prices of nondurable goods other than food. Prices of consumer durable
goods changed little in this period. After late spring, however, food prices
fluctuated within a narrow range, primarily in response to seasonal and
weather factors, whereas the prices of nondurable commodities (exclusive
of food) and of consumer services rose at an increased rate. Accordingly,
the over-all index began to rise and continued upward almost without interruption through the end of the year, though at a slower rate than in
the corresponding months of 1956 and 1957 (Chart 8).
The index of wholesale prices changed very little in 1959, but divergent
trends among its components (Table 3 and Chart 9) are significant for
533287 O--60
3
23
CHART 8
Consumer
Pri
umer rrices
The 1959 rise in the consumer price index was largely due to
higher prices of services.
Food prices fell but other commodity
prices rose moderately.
INDEX, 1947-49*100
150
-
140 -
130 -
1955
1956
1957
1958
1959
SOURCE. DEPARTMENT OF L A B O R .
the current movement of consumer goods prices and possibly also for
future changes in the cost of living. Declines in wholesale prices of a
number of farm products and processed foods brought reductions in retail
prices of food during the year. Sizable reductions in pork prices reflected
a cyclical expansion in hog production; and at the year-end, beef prices,
which for most of 1959 had been higher than in 1958, also showed a
moderate decline. A sharp increase in supplies exerted downward pressure on poultry and egg prices during the year. At the same time, higher
wholesale prices of wool and hides and skins, and a pronounced rise in the
prices of intermediate wool and leather products, were major factors
in the 2 percent increase in the retail prices of apparel. In the latter part
of the year, hide prices declined and a large cotton harvest, in combination
with somewhat lower price supports, helped to moderate the rising trend
in prices of textiles and apparel.
Prices of crude and semifinished materials and other items important in
the manufacture of durable goods rose during 1959, though there was some
diversity in their behavior. Prices of steel mill products, which had risen
significantly in the second half of 1958, remained substantially unchanged
in 1959, as did wholesale prices of consumer finished durable goods. Prices
TABLE 3.—Changes in wholesale price index in 1959
Percentage change
Item
December
1958 to
June 1959
All commodities
Crude materials for further processing
l
Crude foodstuffs and feedstuffs
Crude nonfood materials, except fuel, for manufacturing
Crude fuel
_
Intermediate materials, supplies, and components '
Intermediate materials for food manufacturing
Intermediate materials for nondurable manufacturing (excluding food) . _ .
_ _ _ _ _
...
.
Intermediate materials for durable manufacturing
Components for manufacturing
Materials and components for construction
_
Finished goods
_ _ _
Consumer foods
Consumer other nondurable goods
Consumer durable goods
Producer finished goods ... _ . . _ _
Special group:
Steel mill products.-- _ _ .
_ __ .
_ _ _ _ _ _
_ _
June 1959 December
to Decem- 1958 to Deber 1959 cember 1959
0.4
-0.7
1.1
—4.8
-3.7
.3
2.9
-2.6
-7.4
-1.7
4.6
—7.1
1.2
1.9
-0.3
.6
.2
.8
-.9
-2.5
—3.4
2.2
1.2
1.0
2.4
.2
.2
.3
2.4
1.4
1.3
2.0
.0
-.3
0
-1.9
.5
.5
1.0
—1.9
.9
-.4
.1
37
1.4
.1
1. 1
-.1
.1
.0
A
1
Total for this group includes some items not shown separately.
Source: Department of Labor.
of semifinished aluminum products were stable over most of this period, but
price increases were announced at the end of the year. Primary nonferrous
metals as a group, and the corresponding semimanufactured products,
advanced in price, especially during the final months.
Materials of importance for construction became somewhat more expensive in 1959. By late spring, lumber prices were 12 percent higher than a
year earlier, but they receded in the autumn, reflecting a lower rate of home
building and seasonal factors in lumber production. Other building
materials, particularly those used extensively in nonresidential construction,
displayed mixed price trends.
The wholesale price index of producer finished goods, including electrical,
metalworking, and general purpose machinery and equipment and related
capital goods, advanced in 1959, extending a rise that had begun in Septmber 1958. Including the 1959 increase, the index of these prices has
risen almost 25 percent since August 1954. Such a development, unless
offset by commensurate increases in operating efficiency, has important consequences for the prices of consumer goods since, in due course, the costs
of capital equipment influence retail prices. Foreign trade of the United
States could also be affected adversely by these price advances, since
machinery accounts for about one-fourth of the country's total exports.
The fact that 1959 and 1955 marked somewhat similar phases in the
business cycle suggests a comparison between price developments in these
two years. In 1955, the consumer price index remained fairly stable, but
substantial cost increases became noticeable as the year progressed. These
CHART 9
Wholesale Prices
The index of wholesale prices was stable in 1959.
Declines
in farm product prices offset some increases in industrial prices.
INDEX, 1947-49*100
140
-
120 -
100
1956
I9X55
1957
1958
1959
180
INTERMEDIATE MATERIALS
160
—
^-^
FOR DUR ABLE MANUFACT URIN6
-
NDURABLE MANU FACTORING
FOR NO
~
\
iwmr^^mj.
JJU-I m'mtmm* — "»«»i
••«*.*••«•«••
100
-g
/
140
120
'
•••••••^ '*
80
1956
1955
1957
1958
1959
180
FINISHED GOODS
-
160
PRODUCER GOODS
140
120
7
^**
_->"
f
CONSUMER DURABLE GOODS
^-
-*^ .
-
/
100
CONSUMER NONDURABLE G(DODS
EXCLUDING FOOD
. MI 1 1 1 1 . 1 1
80
1955
i ii i i 1 iti i i 1 iii i i1 i i i ii
1956
SOURCE*. DEPARTMENT OF LABOR.
1957
i i i i i 1 i i i i i n i i i 1 i i i ii
1958
1959
made themselves felt to an extent through price rises at wholesale of such
items as building materials, steel, nonferrous metals, and natural rubber,
and foreshadowed the consumer price rise that began after the spring of
1956. In 1959, events followed a somewhat different course. Wholesale
prices of intermediate materials for durable goods manufacturing advanced, as a group, but at a much slower rate than in 1955, especially
after midyear. The corresponding group of materials for nondurable
goods manufacturing (food excluded) showed somewhat larger wholesale
price increases last year than in 1955; but, significantly, most of the increase
in 1955 occurred after June, while in 1959 the index increased scarcely at
all over the second half of the year as several important materials declined
from earlier levels. On balance, rising costs of materials last year exerted
less upward pressure on the prices of finished manufactured goods than
they did in 1955, even if the influence of foods is excluded. This is reflected
in the fact that the wholesale price index for industrial products rose only
about 1 percent in 1959, compared with more than 4 percent in 1955. The
contrasting behavior of consumer prices in these two periods is largely
explained by the more rapid rise last year in the prices of consumer services
and by the fact that prices of consumer durable goods declined in 1955
but were for the most part unchanged in 1959.
AGRICULTURE
Agricultural output in 1959, including a very large harvest of corn
and a continued rise in the production of livestock, equaled the high 1958
volume and was 25 percent above the average output of 1947-49.
Although per capita food consumption rose to near-record levels, the full
volume of this output could not be absorbed by total domestic and export
demands at prevailing prices, some of which are supported under provisions of law, and carryover stocks of several price-supported crops continued to increase. An especially large increase in carryover stocks of corn
is in prospect from the 1959 harvest. On the other hand, wheat may account for only a small addition to stocks, and an increase in the carryover
of cotton may be avoided in the new marketing year.
This imbalance between production and commercial demand was also
reflected in the lower prices received by farmers in 1959, compared with
1958. Most of the reduction was in prices of livestock and livestock products; crop prices averaged nearly as high as in 1958. Declines in prices of
hogs, poultry, and eggs were especially sharp. However, a substantial part
of the decrease in livestock prices during 1959 was directly traceable to a
cyclical increase in the production of beef cattle and hogs, which had been
in short supply in 1958 and for which prices had been unusually high.
Among crops, price reductions in 1959 were largely confined to wheat and
fruit and oil-bearing crops.
In 1959, the realized net income of farm operators from farming fell
back from $13.1 billion in 1958 to the 1957 level of $11.0 billion (Chart 10).
27
CHART 10
Indicators of Agricultural Conditions
Net farm income declined in 1959 to its 1957 level.
Farm pro-
prietors' equities continued to rise.
BILLIONS OF DOLLARS
40
REALIZED GROSS
FARM INCOME-!/
30
s
S
TOTAL NET FARM INCOME-^
10
^
REALIZED NET FARM INCOME-1/
NET INCOME FROM NONFARM SOURCES-2/
I
I
1952
53
I
54
I
55
I
56
1
57
I
58
59
I N D E X , 1910-14 = 100
PRICES PAID, INTEREST, TAXES, AND WAGE RATES
/ (PARITY INDEX)
^
300
•••••••••••••••••••••••••••••••••••***
250
PRICES RECEIVED
(ALL FARM PRODUCTS)
200
J_
1952
I
53
I
I
54
55
I
56
57
58
59
57
58
59
BILLIONS OF DOLLARS
180
FARM PROPRIETORS' EQUITIES
(JANUARY I)
160
140
1952
53
54
55
56
-/ INCOME OF FARM OPERATORS, INCLUDING GOVERNMENT PAYMENTS.
^INCOME OF ALL FARM PEOPLE.
SOURCE: DEPARTMENT OF AGRICULTURE.
28
The fall was due in part to the decline in farm prices and an accompanying rise in average production costs. Another cause, however, was that
income in 1958 had been lifted well above the amounts recorded in the
immediately preceding years by certain factors that could not be expected
to recur. Among these were the delayed marketings of crops from the
previous year's harvest; the record crop of wheat sold at a supported
price; payments to farmers for participation in the acreage reserve, which
has since been discontinued; and a cyclically strong demand for beef cattle,
sheep, and hogs.
The realized net income of farm operators in 1959 was not greatly different, however, than that in the years immediately prior to 1958, especially
if allowance is made for the reduction in the number of farms. In fact,
realized net income per farm in 1959 was approximately equal to the
average for the period since the end of the Korean conflict, exclusive of
1958. Income earned by the farm population from nonfarm sources, on
the other hand, continued to increase in 1959, to an estimated $6.7 billion,
thus probably amounting to more than half of the net income derived from
farming itself.
Farm land values, which had been rising for five years, continued to do so
in the first quarter of 1959. The rise was practically halted, however,
toward the end of the year. Farmers' indebtedness increased, but by a
smaller amount than assets, so that by the end of 1959 farmers' equities were
2 percent larger than at the beginning of the year and 62 percent greater
than in 1947-49.
INTERNATIONAL ECONOMIC DEVELOPMENTS
In 1959, as in 1958, United States payments in international transactions
exceeded receipts by a wide margin (Chart 11). Exports, seasonally adjusted, fell to a low level in the first quarter of the year, but then began
to strengthen and in the third quarter rose vigorously. Though this expansion was interrupted later in the year by the steel shortage, the value of
exports in the 11 months through November was about the same as in the
corresponding period of 1958. Imports, which were little affected by the
1957-58 recession, staged an exceptionally rapid increase until mid-1959
and, on a seasonally adjusted basis, remained steady thereafter at a level
much higher than in previous years.
These developments in trade were superimposed upon a heavy outflow of
capital and military expenditures, though both of these flows, especially that
of private capital funds, were smaller in 1959 than in 1958. The transfer
of gold and liquid dollar assets resulting from the gap between aggregate
payments and receipts reached an annual rate of $4.5 billion in the second
quarter of 1959. This rate slackened a little in the third quarter, and there
was further improvement in later months, reflecting in part a $250 million
advance repayment by the United Kingdom to the Export-Import Bank.
29
CHART 11
U.S. Balance of Payments
The balance of payments deficit remained large in 1959, though
exports strengthened after the first quarter.
BILLIONS OF DOLLARS*
i,,,r
1953
1954
1955
1956
1957
1958
1959
1953
1954
1955
1956
1957
1958
1959
1953
1954
1955
1956
1957
1958
1959
20 -^
10
10
* SEASONALLY ADJUSTED ANNUAL RATES. ** INCLUDES UNIDENTIFIED RECEIPTS.
SOURCE: DEPARTMENT OF COMMERCE.
3°
Among the underlying factors that have contributed to the change in
the trade and payments position of the United States since the early postwar
years have been the steady recovery and growth in the productive capacity
of other countries, including the re-establishment of old comparative advantages and the introduction of new technologies. On the side of demand,
the pressures on domestic resources which persisted in many countries long
after the war have generally subsided. In some cases, new international
cost and price disparities may now have developed to the advantage of these
other countries, and the depressed level of ocean freight rates since 1957 has
facilitated the marketing in the United States of certain foreign products.
Much of the change in trade may be attributable, however, to intensified
production and export efforts by other countries on the basis of previously
existing cost differences.
These influences have not operated exclusively in one direction.
A detailed examination by the Department of Commerce of recent
changes in the shares of the United States in different export markets for
manufactured goods reveals a considerable diversity of trends, with many
gains as well as losses. Moreover, the serious contractions have been concentrated in a few items. Among these, automobiles and steel stand out, as
they do in the rise in imports.
A review of recent developments in the foreign trade of the United
States must also take account of the effect of business fluctuations at home
and abroad and of the special circumstances affecting trade in particular
products that figure prominently in this country's exports or imports. Thus,
the decline of exports after mid-195 7 was associated with a general weakening of foreign import demands, aggravated by the reversal of special forces
which had contributed (notably in the cases of petroleum, coal, cotton,
and wheat) to the earlier upswing. Similarly, the strengthening of exports
during 1959 reflects the renewal of economic expansion abroad. The
progress of expansion in countries that are the principal customers for
exports from the United States accordingly deserves attention.
Change in the World Market Situation
Economic conditions in virtually all industrially developed countries
improved in 1959. In Canada, as in the United States, production had
begun to recover in 1958; after some hesitation in the summer of 1959, it
rose again in the autumn. Production in Japan had also rebounded sharply
in 1958 and continued an extraordinarily rapid rate of expansion.
In Western Europe, the check to production at the end of 1957, though
enough to produce marked effects on inventory and import demands
in 1958, did not result in any widespread downturn, and a new rise in
output got under way early in 1959. The difference of about nine months
between North America and Western Europe in the inception of the expansion was of some significance for the development of trade and payments on
both sides.
31
By the second half of 1959, most of the more developed countries were
reporting impressive increases in economic activity, compared with a year
earlier (Chart 12). This strengthening extended to most industries, although coal mining remained a major exception, with adverse effects on
United States coal sales in Europe. In most countries, business fixed
investment seems to have played a small role, compared with other demands,
in starting the upturn, and the market for capital equipment was generally
weak at the beginning of the year. It strengthened, however, in most industrial countries as the expansion gained force, and in some of them, notably
Germany and Japan, new orders in the capital goods industries increased
markedly in the course of the year.
The renewed expansion in industrial countries abroad was initiated in part
by an increase in demand for their exports. It is noteworthy, however, that
these increases were, at first, almost exclusively in sales to the United States
and Canada, which rose strongly after mid-1958. Elsewhere, these other
industrial countries faced much the same market conditions as those confronting the United States. The trade among Western European countries
at the beginning of 1959 was scarcely higher than a year earlier, but in
March it began to rise significantly. Their exports to the nonindustrial
countries in the first quarter were 12 percent below shipments in the first
quarter of 1958; and in the second quarter they were still no higher than a
year earlier.
The weakness of demand in the nonindustrial countries at the beginning
of 1959 reflected their generally strained foreign exchange position, resulting
from the slowness with which their imports had adjusted downward to the
progressive fall in their export prices after mid-1957. In some cases, excess
capacity contributed to the weakness in these prices. By the first quarter
of 1959, the general level of prices in world trade for primary commodities
was 5 percent lower than at the beginning of 1958 and 13 percent lower
than at the beginning of 1957 (Table D-76). In Latin America—a market
that is relatively much mor.e important to the United States than to Europe
or Japan—the fall in export prices (exclusive of petroleum) over the twoyear period was about 20 percent. The volume of exports from the nonindustrial countries had, however, begun to improve, and in 1959 some of
them began to enjoy better export prices and sufficient earnings to permit
both some replenishment of their foreign exchange reserves and some increase in their imports. Sterling area countries were helped especially by
the improved markets for wool and rubber. Export gains by other primary
producers, notably the Latin American countries, were more moderate or
were delayed, and some of these countries continued to experience foreign
exchange difficulties.
The improvement in the world market situation during 1959 is shown
by the summary import figures in Table 4. In the first quarter, imports
of industrial countries other than the United States and Canada were little
higher, and in sonic cases lower, than in 1958, and those of the nonindustrial
3*
CHART 12
Foreign Industrial Production
The pace of production abroad, which had slowed after mid-1957,
increased rapidly in 1959.
INDEX, 1953= 100 (SEASONALLY ADJUSTED)
160
WESTERN EUROPE,
CAN ADA, AND JAPAN
120 -
100
1954
1955
1956
1957
1958
1959
220 ~
140 -
120 IOO
I
I
I i
1954
I
I
I I
1955
I
I
I I
1956
I
I
I I
1957
I
I
I I
1958
I
i
i i
1959
140
120 100
80 \ I I
1954
1955
1956
1957
1958
SOURCES: ORGANIZATION FOR EUROPEAN ECONOMIC COOPERATION
AND COUNCIL OF ECONOMIC ADVISERS.
33
1959
TABLE 4.—World imports, 1958-59 1
[Billions of dollars]
1959
Country or area
1958
First
quarter
Second
quarter
Third
quarter 2
Seasonally adjusted annual rates
World imports (c.i.f.) !
United States 3
._
__
All other countries
Other industrial countries
Continental OE EC countries. _. ___
United Kingdom
Canada. _ _
_
Japan
Nonindustrial countries
100.7
98.6
105.5
14.0
15.2
16.9
17.1
86.7
83.4
88.6
91.3
108.4
51.5
51.6
54.0
55.5
32.1
10.6
5.8
3.0
31.5
10.8
6.1
3.2
33.3
10.8
6.4
3.5
34.3
11.2
6.4
3.6
35.2
31.8
34.6
35.8
Unadjusted annual rates
Nonindustrial countries
Sterling area, excluding United Kingdom . _
Latin America.
_
All other
35.2
31.6
34.7
35.0
14.2
13.1
7.0
11.5 }
14.2
20.5
14.2
20.8
8.5
12.5
1
Excludes Soviet Area and Communist China.
23 The world total and the total for the nonindustrial countries in the third quarter of 1959 are provisional.
Figures for the United States include an adjustment by the International Monetary Fund to a c.i.f.
(cost, insurance, freight) basis for purpose of comparability with other countries' data.
Sources: International Monetary Fund, Department of Commerce, and Council of Economic Advisers.
countries were sharply reduced. In the second quarter, imports of the
industrial countries and of some of the nonindustrial countries strengthened
appreciably, and the improvement continued in the third quarter.
United States Foreign Trade and Payments
In the early months of 1959, United States exports continued to reflect
the consequences of the relatively low world demand and certain other
unfavorable influences. Goal exports, despite the price advantage favoring
the United States, met increasing obstacles because of the oversupply of coal
in Europe; cotton shipments were held down in prospect of a change in
the United States export price at the start of the new crop season; and
exports to many of the primary producing countries, especially in Latin
America, remained weak.
In the second quarter, and still more in the third, these influences were
offset by the resurgence of economic expansion in the more developed countries. United States exports responded well to the upturn in inventory investment and in expenditures on machinery and equipment in these countries (Table 5). Agricultural exports other than cotton also strengthened
in the course of the year, and by the fourth quarter cotton exports were
beginning to show the anticipated large increase over the previous year.
34
TABLE 5.—United States exports, July to October, 1958 and 1959
JulyOctober
1958
Item
JulyOctober
1959
Percentage
change
Millions of dollars
Total exports, excluding "special category"
1
Cotton, unmanufactured
Coal petroleum and related products
Exports, excluding above items, to Latin America ..
__
5,071
5,267
3.9
148
358
1,268
100
280
1,136
-32.4
21 9
-10.4
3,297
3,751
13.8
Geographic distribution:
Canada
Western Europe
Japan
Other countries, excluding Latin America
1,047
1,205
191
853
1,143
1,404
238
965
9.1
16.5
24.9
13.1
Commodity distribution:
Agricultural products .
Machinery
Transportation equipment
All other, including reexports
940
786
332
1,240
1,077
884
350
1,440
14.6
12.5
5.5
16.2
A l l other exports
_ ___
____
1
Total and area data include reexports; commodity data exclude reexports.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
On the other hand, a decrease in exports of machinery and vehicles in
November appeared to be attributable to shortages of steel arising from
the work stoppage in that industry.
United States merchandise imports rose in little more than a year by
about 25 percent from their recession low in the first quarter of 1958. The
principal elements in this expansion were the strengthening of demand for
industrial materials, as domestic economic activity began to increase; the
continued rise in purchases of foreign automobiles and other consumer
manufactures; and special demand situations relating to meat, steel, and
building materials. With the easing of some of these demands, total imports, seasonally adjusted, did not increase further after midyear.
Changes in service transactions in 1959 were of much less consequence
than those in trade. Among United States expenditures abroad, military
disbursements were somewhat lower in the first three quarters of the year
than in the same period of 1958 and travel outlays somewhat higher.
Among receipts, income from direct investments abroad, while lower than
in 1958, tended to strengthen in the course of the year.
Influenced by the rise in interest rates in this country, the outflow of
capital in the first three quarters of 1959 remained considerably below the
high rate of the preceding year, thereby offsetting part of the adverse shift
in the goods and services balance. The net outflow of capital was exceptionally low in the first quarter, but rose in the second and remained steady
in the third. With imports of goods and services also remaining unchanged
and exports rising from the second to the third quarter, the excess of payments on recorded transactions declined. Net transfers of gold and liquid
dollar assets to other countries did not diminish correspondingly in the
35
third quarter. This disparity is thought to be due to lags in crediting payments to foreign accounts, with the result of understating the gold and
dollar outflow in the second quarter and of overstating it in the third.
Incomplete data for the fourth quarter indicate a decline in the rate of
gold and dollar transfers, partly attributable to large advance payments of
foreign obligations to the United States.
OUTLOOK
Although it is always difficult in a dynamic, free economy such as ours
to depict in advance the course likely to be taken by production, employment, and income, present indications warrant the expectation that the
expansion now in progress will be extended through 1960. And there are
good grounds for belief that, with appropriate public policies and private
actions, the expansion can continue well beyond the present year.
Prospective Expansion of Demands
Past developments and present conditions clearly suggest that the demands of business concerns for capital goods and for inventories will be
especially important factors in the year ahead. Expenditures on capital
goods have been rising for more than a year and should continue upward
in 1960. In part, and especially during the early months, the increase will
represent a catching-up on projects delayed or postponed because of shortages attributable to the steel strike. Chiefly, however, capital investment
should rise in response to favorable underlying factors now discernible and
likely to strengthen as the year progresses. Surveys of businessmen's intentions, and the increased volume of contract awards and of new orders for
industrial machinery, confirm this outlook. A good demand from the farm
economy for machinery and equipment may also be anticipated.
Expenditures for residential construction, a second major category of
capital investment, are not likely to be as high as in 1959. However, the
extent of the decline should be limited, and activity in this sector of the
economy should exceed that of most recent years. Outlays for modernization and alterations should be a steady expansive force in the building
industry.
Within the aggregate of government outlays, Federal expenditures for
goods and services should change little in the first half of the year; but
later, in line with provisions in the fiscal 1961 budget for the development
of water resources and other public works, and for space and aviation
programs, they should increase moderately. The upward trend of expenditures at the State and local level, which reflects particularly the provision
of services needed by the growing urban population, may be expected to
continue, though possibly at a slower rate. The construction of schools,
public service enterprises, and community facilities in general is expected to
advance moderately and to outweigh declines in activity that occur under
36
the Federal-aid highway program as a result of the mandatory reduction in
apportionments under the present law.
Changes in investment in business inventories are likely to be less regular
during the year than the changes in final demands. Restocking needs are
clearly apparent, not only for steel but also for many steel-using intermediate and finished products; and further additions to inventories will be
required throughout the economy as production and final sales increase.
Inventory expenditures and the other outlays noted above should contribute to a strong expansion in production, employment, and income.
The increase in employment should exceed that of the labor force and, correspondingly, unemployment may be expected to fall. Within this context,
consumer incomes and expenditures may be expected to increase substantially during the year. Also, consumer confidence is favorable to an increasing volume of purchases of consumer durable goods.
The financing of the investment needs outined here, together with a significant volume of consumer credit, will make strong demands upon the
Nation's capital and credit markets. At high levels of income and savings,
a greater supply of investment funds may be expected. The sizable Federal budget surplus projected for the fiscal year 1961 would be helpful in
relieving pressure on the supply of funds.
Balance of Payments Prospects
A moderate improvement in the United States balance of international
payments seems to be ahead in 1960. Imports of capital equipment and
consumer manufactures may, on balance, continue their upward trend.
And, as industrial production continues to rise, imports of industrial materials may grow, though presumably more slowly than in the recovery
phase following the 1957-58 recession. On the other hand, the particular
supply and demand situations noted earlier in this chapter, which have
been responsible for the rapid rise of certain imports, are shifting; these
imports are now expected to increase less rapidly, and some of them may
even decline. The growth of total imports, therefore, may well be considerably smaller in 1960 than the rise in the period from early 1958 to mid1959.
Exports should gain from the strong expansion of production and investment that is proceeding in the industrial countries abroad. This expansion should benefit United States sales indirectly also, as the primary producing countries find their purchasing power raised by their higher exports
to the industrial countries. Moreover, certain major exports that declined
in 1959, as discussed above, may cease to decline in 1960, or may increase.
On this appraisal, exports in 1960 should rise appreciably more than
imports. Also, receipts from services are expected to rise faster than
payments for services and military expenditures abroad. Net exports of
goods and services, as registered in our national income accounts, should
show a positive balance. On the other hand, new United States invest-
37
ment abroad may increase, especially if interest rates in other countries
continue to rise. Therefore, the over-all payments deficit may still be
relatively large in 1960. To assist in attaining a needed adjustment of
the balance of payments consistent with our goal of promoting multilateral
world trade, a strengthening of exports continues to be essential. The level
of exports will depend on such fundamental conditions as the rate and
regularity of expansion of activity abroad, the progress of other countries
toward more liberal trade policies, and our own efforts to strengthen the
competitive position of United States products in foreign markets.
Conditions for Sound Advance
Our success in realizing the opportunities that 1960 presents, and for
extending economic growth at a high and stable rate into the future, will
depend upon the actions of business management, labor leaders, and consumers, as well as on the policies of Government, toward maintaining the
balance in our economy that is required for sustainable growth. A Federal
program for 1960 that is designed to help achieve our national economic
objectives is offered in Chapter 4, together with suggestions for appropriate
private action.
Chapter 3
Economic Policies in 1959
HE PRIMARY OBJECTIVES of the Administration's economic
policies in 1959 were, first, to extend the economy's expansion, already
well advanced when the year began; second, to counter the development of
imbalances that might jeopardize a sound expansion; third, to restrain
potential inflationary pressures; and, fourth, to improve the economic basis
for the Nation's international policies.
The present chapter describes briefly how the Federal Government's
fiscal and monetary policies were administered during the year to help
achieve these objectives. It also summarizes the steps taken directly to
strengthen the Nation's balance of international payments and to achieve
program objectives in two areas in which the Federal Government's role
is especially important—housing and highway construction. Activities
conducted under other continuing programs that have a significant bearing on economic growth and well-being, including measures taken in
agriculture, are dealt with in Chapter 4.
T
FEDERAL FISCAL POLICIES
As the year 1959 began, a budget deficit of substantial size was indicated for the fiscal year ending June 30. Although it proved to be $444
million smaller than was estimated in January 1959, it amounted to $12.4
billion, more than four times the deficit in the fiscal year 1958 (Chart 13).
The two factors jointly responsible for this budgetary outcome were a
sharp decrease in Federal revenues below what might have been obtained
if there had not been an economic recession in 1957—58, and a sizable
increase in Federal expenditures. Although tax receipts in fiscal 1959
fell substantially below first estimates, they were only slightly under those
of the fiscal year 1958. A decrease of nearly $3 billion in corporate income
tax receipts was offset in part by a rise of $2 billion in receipts from individual income taxes. The former reflected the impact of recession on
corporate earnings in the calendar year 1958; the latter reflected the steady
rise in personal incomes which, by mid-1959, were significantly higher
than they had been a year earlier.
On the expenditure side, all major categories except interest payments
on the public debt rose in fiscal 1959 (Table 6). Part of the increase can
be attributed directly to actions taken to help counteract economic recession.
533287 O—60
4
39
CHART 13
Surplus or Deficit of the Federal Government
A balanced budget is estimated for fiscal year I960, and a
sizable surplus for fiscal year 1961.
BILLIONS OF DOLLARS
10
-
-10
-
CONSOLIDATED CASH STATEMENT
10
-10
-
1953
1955
1957
1959
1961
1959
1961
NATIONAL INCOME ACCOUNTS
10
SURPLUS
I
-10
1953
1955
1957
FISCAL YEARS
SOURCES: TREASURY DEPARTMENT, BUREAU OF THE BUDGET, AND
DEPARTMENT OF COMMERCE.
40
Expenditures in this category involved mainly advances to the States for the
temporary extension of unemployment compensation payments, purchases
of mortgages by the Federal National Mortgage Association, and the acceleration of construction of water projects and other public works. Yet these
increases were not large in relation to the total rise in spending. The major
items were a rise of $2.3 billion for national security programs; an increase
of $2.1 billion for agricultural programs; an additional subscription of $1.4
billion to the International Monetary Fund; and substantial amounts for
higher pay for Government personnel (both civilian and military), increased
public assistance grants, larger expenditures for health, increased grants to
local governments for the support of education in federally affected areas,
and an increased Post Office deficit.
TABLE 6.—Federal budget expenditures, 1958-61
[Fiscal years, billions of dollars]
Function
Total budget expenditures
1958
___
Major national security
International affairs and finance
Commerce and housing
__.
Agriculture and agricultural resources
Natural resources
Labor and welfare .. _
Veterans services and benefits
Interest
General government
Allowance for contingencies
1959
1960
1961
(estimated) (estimated)
71.9
80.7
78.4
79.8
44.1
2 2
2.1
4.4
1.5
3.4
50
7.7
1.4
46.4
38
3.4
6.5
1.7
4.4
52
7.7
1.6
45.6
2.1
3.0
5.1
1.8
4.4
5.2
9.4
1.7
.1
45.6
2.2
2.7
5.6
1.9
4.6
5.5
9.6
1.9
.2
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Br.dget.
In addition to these expenditures, all encompassed within the conventional administrative budget, payments from the old-age and survivors trust
fund and from the highway trust fund, which are reflected in the consolidated cash accounts, were substantially higher in fiscal 1959 than in the
previous fiscal year. An excess of payments over receipts in each of these
two funds and in the unemployment trust fund accounted for the fact that
in the fiscal year 1959, in contrast to most previous years of deficit, the
excess of the Federal Government's payments over its receipts in the consolidated cash accounts was larger than the deficit in the conventional
administrative budget.
Largely owing to seasonal factors, by far the greater part of the budget
deficit in fiscal 1959 occurred in the six months ended December 1958—
$11.0 billion, contrasted with $1.4 billion in the next six months ended June
1959. Similarly, in the consolidated cash accounts, $12.6 billion of the
total excess of payments over receipts occurred in the six months ended
December 1958, and only $400 million in the next six months. This
substantial lessening of the deficit between the first and second halves of
the fiscal year 1959 reflected, in addition to seasonal factors, a significant
rise in revenues attributable to economic recovery.
41
The changes in the deficit between the first and second halves of the
fiscal year and their relationship to economic developments become clearer
when stated in terms of the national income accounts, which reflect the
accrual of tax liabilities as they are incurred and also give expression to
certain other circumstances affecting the budget. In these terms, the peak
of the deficit ($10.9 billion, seasonally adjusted) was in the April-June
quarter of 1958, although the impact upon the administrative budget and
the consolidated cash accounts was felt principally in the fiscal year 1959.
In the April-June quarter of 1959, the budget, again in national accounts
terms, was already showing a small surplus.
With a continuing economic advance in prospect, the Administration's
fiscal policy as set forth in the January 1959 Budget was designed to
achieve a balance of revenues and expenditures, to forestall inflationary
pressures, to promote a sustainable rate of expansion, and to help restrain
the rapidly rising pressures of demand in capital and credit markets. It
contemplated expenditures and receipts balanced at $77 billion.
Actual expenditures during the first half of fiscal 1960 exceeded the rate
projected in the January 1959 Budget, partly as a result of increases that
had not been anticipated in expenditure programs not directly subject to
administrative control, partly because of the continuing uncorrected deficit
of the Post Office Department, and partly because appropriations enacted
for certain Federal programs were higher than requested. On the other
hand, despite the adverse effect of the prolonged steel strike on Federal
corporate and individual income tax collections, the rapid recovery and
expansion of the economy now suggest that revenues will be higher than
estimated in January 1959; accordingly, a budget surplus of $200 million
is anticipated.
FEDERAL DEBT MANAGEMENT
The Federal Government's indebtedness rose in the calendar year 1959
by $7.9 billion, almost entirely:)as a result of the budget deficit. To this
financing requirement was added the refinancing of $52.3 billion of maturing marketable issues (exclusive of $24 billion of weekly bills), which
was accomplished by refunding $37.9 billion and paying off $14.4 billion.
These latter payments plus the net redemptions during the year of savings
bonds and other nonmarketable debt added further to the Treasury's 1959
cash financing needs.
As far as possible, the Administration sought to conduct these large
financing operations without contributing to inflationary pressures and on as
economical a basis as conditions permitted. Whenever feasible, it sought
to lengthen the maturity structure of the debt. Two issues of securities with
long-term maturities—$884 million of a 4 percent bond of 1980, issued at
99, and $619 million of a 4 percent bond of 1969—were marketed during
the first part of the year. Before midyear, however, the general rise in
interest rates stemming from increasing private and public demands for
42
capital and credit maole United States Government securities with maturities
of more than 5 years no longer competitive within the range allowed by the
statutory maximum rate of 4*4 percent. In recognition of this situation,
the Congress was requested on June 8 to remove the 4!/4 percent interest
rate limitation on new issues of Federal securities with maturities of
over 5 years.
Since no action was taken on this request, Treasury financing for the remainder of the year became limited to the issuance of securities with
maturities of 5 years or less. This contributed to the decline in the
average maturity of the public debt from 4 years and 7 months at the end of
June 1959 to 4 years and 4 months at the end of December. Partly because
demands for short-term credit in this period were particularly large in the
private sector of the economy, the additional pressures on short-term credit
markets incident to Treasury financing caused interest rates on short- and
intermediate-term Government securities, and on private borrowings as
well, to rise considerably more than rates on long-term issues. Indeed, during much of the year, rates on Federal securities with maturities of less
than 5 years, except on the very shortest-term issues, actually exceeded rates
on long-term securities. Thus, the statutory limitation on interest rates on
longer-term United States securities made Treasury financing more costly
in its immediate effect, and possibly also in its longer-term effect, than it
might otherwise have been.
Still more serious, the interest rate limitation impaired the ability of
the Federal Government to manage its debt with a minimum potential inflationary impact. Excessive reliance on short-term Government securities
is an undesirable financing practice, since such securities are in some respects
the equivalent of money and, like additions to the money supply, help
stimulate expenditures. Moreover, the frequent refunding entailed by a
large volume of short-term debt may complicate, in the future, the pursuit
of the monetary policy most appropriate to the economy's needs.
The adverse effects of this constraint on longer-term financing were
minimized during the year by a more orderly spacing of short-term issues
and by the issuance, insofar as feasible, of securities with maturities close to
5 years. An exchange offering in July, at 4% percent, of marketable
Treasury notes with maturity of almost 5 years totaled $4.2 billion; and a
cash offering in October of 5 percent notes of similar maturity amounted to
$2.3 billion. The October offering attracted a much broader range of individual savers than usual. Subscriptions included $941 million from 108,000
subscribers—largely individuals—who submitted paid-up subscriptions for
$25,000 or less. Another intermediate-term issue, a 4% percent 4-year
note, was offered as part of a refunding operation in November, and issues
of these notes to holders of two maturing securities totaled $3 billion. The
4% percent notes issued in July were reopened in November for holders of
Series F and G savings bonds maturing in 1960, and close to $800 million
was added to the issue in this way. Thus, between July and November more
43
than $10 billion of new Treasury issues were placed in the 4-5 year area.
These intermediate-term issues, however, did not eliminate the need for the
longer-term funding of a significant part of the Federal debt.
Adjustments were also made during the year in the United States
Savings Bond program. Sales of Series E and H bonds, some $42.5 billion
of which are held by individuals, were adversely affected as the interest
rates paid on other forms of savings increased steadily, making the 3J4
percent interest rate on these securities increasingly less attractive. As
indicated above, the net drain on Treasury cash on the part of savings
bonds of all series added to the already large financing requirements of the
Federal Government.
Accordingly, a recommendation was made to the Congress that the
3.26 percent interest limitation on savings bonds be removed to permit the
Treasury to restore the attractiveness of these securities relative to other
savings media. In September, legislation was enacted to increase the
maximum limit on the interest rate on savings bonds to 4% percent, and
the rate on new Series E and H savings bonds was promptly raised to 3%
percent, effective June 1, 1959. The return on outstanding Series E and H
bonds purchased before June 1 was also increased by approximately l/z
percent over their remaining life, if held to maturity. November and
December were the first months in 1959 in which sales of new Series E
and H savings bonds exceeded those in the corresponding months a year
earlier; and by the year-end the amount outstanding had recovered to the
level of the end of 1958.
MONETARY AND CREDIT POLICY
Monetary policy in 1959 was designed to influence the availability of
funds and the liquidity of the economy in ways that would help foster the
steady growth of production and employment and prevent the development of potential inflationary forces. In seeking to achieve these results,
Federal Reserve authorities increased the degree of the restraint that they
had been exercising on credit markets since August 1958, when recovery
from recession called for a gradual change in policy.
In pursuance of a policy of greater restraint, Federal Reserve Banks in
March, May, and September 1959 raised the discount rate charged by
them to member banks from 2/2 to 4 percent, paralleling the rise in the
interest rate on 3-month Treasury bills (Chart 14). Open market operations in United States Government securities were a major policy tool used
to influence member bank reserves. With Federal Reserve operations in
the Government securities market withdrawing somewhat more reserve
funds than usual on balance over the first half of the year, and with the
demand for bank credit expanding, commercial banks were under pressure
to enlarge their borrowings at Federal Reserve Banks (Chart 15). These
borrowings increased from a range of $500-700 million to around $ 1 billion
about mid-year, and they remained near the higher level during the rest of
44
CHART 14
Interest Rates and Bond Yields
Short-term interest rates rose sharply in 1959 ,
PERCENT PER ANNUM
5 -
4 -
3
••'
2 -
1956
1957
1958
1959
. . . and long-term rates increased during much of the year.
PERCENT PER ANNUM
r
5 -
4 -
3 -
2 -
1956
1957
1958
1959
SOURCES: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, TREASURY
DEPARTMENT, AND MOODY'S INVESTORS SERVICE.
45
CHART 15
Member Bank Reserves
Federal Reserve purchases of U.S. securities helped offset effects
on reserves of increased currency and gold outflow in 1959.
BILLIONS OF DOLLARS
f
35
CURRENCY IN CIRCULATION
30
U.S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
25
20
MEMBER BANK
RESERVE BALANCES
15
_L^
.
I
I I I I I I I I I I I I I I I I I I I I I I I I I I I
1956
1957
t
1958
I I I I I I I !1
1959
Borrowings at Federal Reserve Banks surpassed excess reserves of
member banks by late 1958, and the gap widened thereafter.
BILLIONS OF DOLLARS f (ENLARGED SCALE)
1.5
MEMBER BANKS
1.0
. • • • _ _ BORROWINGS FROM
/ " " *• FEDERAL RESERVE B A N K S /
/
'
•
^"-^%*^
.•'
FREE RESERVES
(EXCESS RESERVES
LESS BORROWINGS)
-1.0 L_L
1956
1957
1958
1959
t AVERAGES OF DAILY FIGURES.
* INCLUDES VAULT CASH ALLOWED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
the year. Over the year as a whole, total member bank reserves available
for monetary and credit expansion changed only slightly. Reserves supplied by open market purchases of United States Government securities,
when added to those supplied through the increased borrowings and other
factors, sufficed to offset a drain on bank reserves resulting from changes in
the gold stock and in the amount of currency in circulation.
Some additional funds for seasonal monetary and credit needs were released in early December when the Federal Reserve took its first step in
exercising the authority provided by Public Law 86-114 to include vault
cash in meeting required reserves. Country banks with vault cash holdings
greater than 4 percent of demand deposits were allowed to count the excess
to meet their required reserves, while central reserve city and reserve city
banks were permitted to count any excess greater than 2 percent. However,
this move released only $270 million of vault cash, out of an average of $2.3
billion held by member banks.
Reflecting all developments influencing the availability of reserve funds,
the money supply (demand deposits and currency) grew by about 0.5
percent in 1959, compared with 4 percent during 1958. Additions to
time deposits of commercial banks also were smaller; they amounted to
about 3.5 percent, compared with an increase of 13 percent in 1958. At
the same time, the amount of marketable U.S. Government securities with
maturities of less than one year increased by about $7 billion.
Regulations T and U were amended by the Federal Reserve authorities,
as of June 15, to make margin requirements more effective as a restraint
on the use of credit in stock market transactions. No change was made in
the 90 percent margin requirement.
FEDERAL HOUSING AND HOME FINANCING
Increasing demands for capital and credit in 1959 led to more intensive
competition for funds in the markets from which much of the financing of
home construction and purchase is normally drawn. As construction
financing and commitments for mortgage funds became less readily available in an increasing number of housing market areas, and as borrowing
costs rose, numerous adjustments were required in Federal housing and home
financing programs. These actions were taken to facilitate the flow of
private funds into home financing and thereby to help sustain an adequate
level of home building and to avoid unnecessary demands for Federal
financial assistance.
First, adjustments became necessary in the maximum interest rate that
private lending institutions are permitted to charge on Government-insured
or guaranteed home mortgage and project loans. In the absence of such
adjustments, the availability of private funds for families wishing to purchase
homes with federally insured or guaranteed mortgages and for the construction of apartment projects under such financing would have decreased
rapidly. In March, the Federal Housing Administration raised to 4/2
47
percent the maximum permissible interest rates on armed service project
mortgages. In September, the maximum permissible interest rate on FHAinsured home loans was raised to 5% percent. Pursuant to the authority
granted by a 1959 legislative act, the Veterans Administration in
July increased to 5}4 percent the ceiling rate chargeable on its guaranteed
and insured home loans and charged by it on direct home loans. Also,
following approval of the Housing Act of 1959, on September 23, 1959,
interest rate ceilings were raised on FHA-insured loans on rental and
cooperative projects; the maximum size of home loans eligible for insurance by the Federal Housing Administration was increased; and the
limits were raised on the size of mortgages that could be insured for rental
housing projects. Other adjustments permitted by the new legislation were
put into effect where needed to take account of changes in construction
cost and design that had taken place in earlier years. The Farmers Home
Administration raised the interest rate on direct home loans to farmers from
4^4 to 5 percent in September 1959; a similar increase had been made in
December 1958 on certain types of insured home loans.
Second, changes were required in Federal programs that supplement and
support private sources of credit and capital for home construction and
purchase. The Federal National Mortgage Association made several reductions in its schedule of mortgage purchase prices under special assistance
programs. In the Association's secondary market operations, prices on
FHA-insured and VA-guaranteed 5 54 percent loans were reduced in a
series of five changes, and corresponding reductions were made in the
prices of mortgages bearing other interest rates. The several Federal Home
Loan Banks advanced interest rates on loans to member associations to bring
the cost of these borrowings into closer alignment with conditions in the
capital markets.
Despite these changes, total demands for assistance under Federal programs that supply funds directly to the home mortgage market increased
rapidly during the year, as progressively higher yields on long-term nonmortgage investments tended increasingly to attract investment funds that
might otherwise have been available for the purchase of home mortgages.
In 1959, the Federal National Mortgage Association purchased $735 million of mortgages under its secondary market operations program and
$1,172 million under its special assistance programs; purchases in 1958 had
totaled $623 million under all programs. The advances of the Federal
Home Loan Banks to their member institutions, most of which are savings
and loan associations, increased by approximately $760 million over the
year, a rise of nearly 60 percent; the 1958 increase in these advances had
been only $33 million, or 3 percent. The Veterans Administration made
$200 million of loans to veterans for the purchase of homes in areas
eligible for such assistance under its direct lending program. And the
Farmers Home Administration extended credits of $84 million for the
purchase or improvement of farm homes (Table 7).
TABLE 7.—Residential mortgage holdings of selected Federal programs, 1958-59
[Millions of dollars]
Federal National
Mortgage Association
Farmers Home Administration
Secondary
market
activities
Special
assistance
functions
Veterans
Administration,
direct
home
loans
1958: December
1,381
419
743
402
12
1959: March. ..
June
September
December.
1,464
1,574
1,777
2,052
820
1,211
1,483
1,568
778
821
855
900
413
429
447
452
22
32
37
39
End of period
Direct
loans
Secondary
market
activities
Sources: Federal National Mortgage Association, Veterans Administration, and Farmers Home
A dministration.
These direct financial supports of home financing themselves involved
demands on the capital markets. To obtain additional funds, the Federal
National Mortgage Association increased its debentures to the public by
$540 million during the year. It also increased by $1 billion its use of funds
furnished by the Treasury. In other home loan operations, the Veterans
Administration used $150 million and the Farmers Home Administration
$115 million of Federal funds. The expanded advances of the Federal
Home Loan Banks necessitated an increase of more than $1 billion in their
capital market borrowings.
FEDERAL AID FOR HIGHWAYS
Progress continued during the past year in carrying forward the interstate
highway program initiated in 1956. By the end of 1959, some 5,300 miles
of this' nation-wide system of highways had been completed, and some 5,000
miles of additional roads were under contract for construction.
The cost of this construction is financed predominantly by the Federal
Government out of taxes on highway fuels and certain other excise taxes
paid by highway users. To the end of 1959, total construction expenditures
on the program amounted to $4.3 billion, of which some $3.6 billion was
financed by grants to the States from the highway trust fund. During this
period, the Federal Government also made grants to the States of $3.5 billion
for primary and secondary highways and roads under a Federal assistance
program that extends back for many years (Table 8).
Under legislation enacted in 1958, apportionments of grant-in-aid funds
to the States for highway construction under Federal-aid programs were
sharply increased to combat the recession. As a result, the highway trust
fund, in the absence of additional revenues, faced prospective deficits beginning in the fiscal year 1960. Moreover, the likelihood that such deficits
would arise made it necessary, under the mandatory terms of the basic
legislation, to discontinue apportionments to the States on behalf of the
interstate program until a prospective balance of revenues and disbursements in the trust fund could be foreseen.
49
TABLE 8.—Obligations and payments on Federal-aid highway programs, 1957-59
[Millions of dollars]
New obligations for Jhighway
construction
Period
Total
1957: First quarter
Second quarter
Third quarter.
Fourth quarter
1958: First quarter
Second quarter
Third quarter
Fourth quarter...
1959: First quarter
Second quarter
Third quarter 3
Fourth quarter
__
Interstate Other 2
program programs
Federal payments to States
Total
Interstate Other 2
program programs
781
896
803
1,174
418
410
406
833
364
486
398
341
214
235
362
423
82
64
120
173
132
171
242
250
770
1,378
1,399
1,266
386
.598
737
650
385
780
662
615
269
410
643
878
129
251
365
509
140
159
278
369
852
1,142
599
615
514
605
306
246
338
537
293
369
491
513
1,101
857
293
315
667
561
198
198
434
296
1
2
Includes Federal and State matching funds.
Includes primary, secondary, and urban extension highways.
3 Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
In order to avoid the costly cutback in highway planning and construction
that a cessation of apportionments would entail, and to assure continuance
of the interstate program on a self-sustaining basis and on the scale originally scheduled, the Administration requested an increase of 15/2 cents per
gallon, for a period of five years starting July 1, 1959, in the excise tax
levied on highway fuels. The Congress chose to raise the tax by only one
cent per gallon, starting October 1, 1959 and continuing until July 1, 1961,
and during the subsequent three years to transfer from general revenues
to the trust fund part of the revenue from the excise taxes on automobiles,
automobile parts and accessories. However, these revenues are less than
are needed to maintain apportionments at the level provided for in the
1958 legislation. Accordingly, while the 1959 legislation authorized apportionments of $2.0 billion, the amount apportioned to the States in
October 1959, covering the fiscal year 1961, was necessarily limited to $1.8
billion.
FOREIGN ECONOMIC POLICY
The Administration continued in 1959 to provide substantial assistance
for the economic development of less developed areas as well as military
and economic assistance to countries of the free world. The importance of
these programs and their need for adequate budgetary support was emphasized in a special message of the President transmitted to the Congress on
March 13, 1959. During the year, the United States increased its participation in existing international financial institutions and encouraged the setting
up of certain new institutions designed to promote the flow of capital to
underdeveloped countries. The United States also continued its traditional efforts to reduce impediments to international trade.
The economic potential and the security of the free world, and the future
growth of the less developed countries, depend in large measure upon the
economic strength of the United States in both its domestic and its international aspects. With a view to safeguarding that strength, action was
taken in 1959 to improve the United States balance of payments, in which
a sizable deficit was anticipated for the year. The payments deficit underlined the importance of the firm fiscal and monetary policies being pursued
to restrain domestic inflationary pressures and to assure stable economic
growth. These policies served to maintain confidence in the dollar throughout the world. They also helped to lessen the danger that, through
inflation, the competitive strength of United States trade in foreign markets
might be weakened.
Throughout 1959, the United States emphasized that the strong economic
position attained by the other industrial countries justified moves on their
part to liberalize commercial policies and to expand foreign investment. A
great rise had occurred in their gold and exchange reserves, their balance
of payments positions had become strong, and major progress had been
made toward currency convertibility. Thus, at the Fifteenth Session of
the Contracting Parties to the General Agreement on Tariff's and Trade,
it was agreed that discriminatory import restrictions based on financial
reasons, largely affecting the United States, should quickly be eliminated.
Moreover, the rise in reserves of most industrial countries provides the
basis for reducing quantitative import restrictions generally. The United
States pressed this view at other international meetings also, as well as
directly with the governments concerned. By the end of the year, many
countries had taken action to reduce discriminatory restrictions against
imports from and travel to the United States. A number of these countries
indicated their intention to take further action in the near future. The
United States also asked the industrially advanced nations to increase their
assistance to less developed countries. The economic progress of these
industrial countries was clear evidence of their capacity to provide increased
aid.
A specific step to improve the balance of payments was taken with the
announcement that the Development Loan Fund (DLF) henceforth would
place primary emphasis, in its lending to the less developed countries, on
the financing of goods and services which these countries require from the
United States. This decision was taken in the knowledge that other industrial countries are now capable of financing their exports of capital goods
to these countries on a long-term basis. Also, steps were taken to transfer
from the International Cooperation Administration (1CA) to the DLF,
to the greatest extent possible, assistance which ICA affords in the form
of aid to specific development projects. Projects so transferred are subject
to the new DLF financing procedures. There is reason to expect that these
measures, in addition to strengthening the United States balance of payments, will bring about an increased volume of foreign lending by other
industrial countries.
51
Several steps were taken during the year to augment the flow of capital
from the United States and other nations to the less developed countries
and to strengthen international financial agencies. On June 17, the President signed legislation authorizing an increase in the subscriptions of the
United States to the International Monetary Fund and to the International
Bank for Reconstruction and Development. The added subscriptions
amounted to $1,375 million to the Fund and $3,175 million to the Bank.
A second step to expand the flow of capital was taken when the United
States joined with the Latin American countries in the establishment
of the Inter-American Development Bank. It is contemplated that the
Bank will have an ordinary capital of $850 million, in addition to a separate
fund of $150 million for special operations. The United States contribution will amount to $450 million.
A third move was the decision taken by the Governors of the International
Bank for Reconstruction and Development, on the initiative of the United
States, to proceed with the formulation of plans for an International Development Association (IDA). This institution would have resources of
about $1 billion, including a prospective United States contribution of
somewhat more than $300 million, payable over approximately five years.
It would be closely affiliated with the International Bank for Reconstruction
and Development and would give greater flexibility to the operations of
that institution. It would also facilitate the use, for development purposes,
of the local currencies of certain member countries provided to IDA out
of holdings by other members. Such use would be with the consent of the
countries whose currencies were involved.
The economic aid extended in various forms by the United States to
other countries—almost entirely to less developed countries—totaled about
$3 billion in the year ended September 1959. Disbursements under the
Mutual Security Program for economic assistance amounted to about $1.4
billion, exclusive of disbursements by the Development Loan Fund. The
latter, whose operations were still in an initial stage, disbursed $114 million
and committed $393 million. Under Public Law 480, agricultural surpluses were disposed of as follows: $736 million against local currencies;
$133 million through transfers to private welfare and international relief
agencies for foreign operations; and $58 million through deliveries for
famine and other emergency relief purposes. The Export-Import Bank
disbursed $598 million in loans and committed $693 million, while receiving
repayments of $301 million. During the year, it increased the portion of
suppliers' credits which it will finance.
Under the national security provision of the trade agreements legislation,
the President approved a finding that oil and oil products were being imported in such amounts as to threaten to impair the national security and
instituted a program for regulating these imports. The Director of the
Office of Civil and Defense Mobilization found no threat to national
security from imports of certain heavy electrical equipment, fluorspar, and
52
cobalt. Under the escape clause provision of the trade agreements legislation, the President approved a Tariff Commission finding of injury from
imports of certain stainless steel flatware products, but disapproved such
findings for tartaric acid and cream of tartar. The Tariff Commission
found no injury in eight cases and terminated three other cases without
formal findings.
In pursuance of its policy of seeking a reduction of barriers to international trade, the United States in October 1958 proposed to the Contracting
Parties to the General Agreement on Tariffs and Trade that they sponsor
a new round of multilateral tariff negotiations. The proposal was approved
by the Contracting Parties in May 1959, and the tariff conference is
scheduled to begin in September 1960. Its successful conclusion will
permit further progress toward the attainment of higher levels of trade.
53
Chapter 4
A Legislative Program for 1960
T
HE 1960 PROGRAM for promoting high employment, production,
and income is intended to supplement and reinforce the large body of
pertinent laws already administered by the Federal, State, and local governments. It also takes account of the pervasive influence on economic growth
and well-being of the institutions and practices of the private sector of the
economy. Thus it is consistent with the concept of the Employment Act—
that responsibility for economic advance in our free society is shared by the
Federal Government with other political divisions and the private economy.
The specific proposals have been shaped with a view to their appropriateness
in the current economic context and with due regard to the longer-range
challenges and opportunities noted in Chapter 1.
FEDERAL FINANCES
In view of present economic conditions and prospects, a Federal budget
that not merely balances expenditures with revenues but achieves a significant surplus for debt retirement is clearly the fiscal plan most appropriate
for promoting the purposes of the Employment Act. Such a plan has been
transmitted by the President to the Congress for the fiscal year 1961.
In addition to making adequate provisions for defense, for meeting the
obligations of our international leadership, and for supplying other needecf
services, the proposed budget would make an essential contribution to the
strengthening of our national economy by yielding a $4.2 billion surplus of
receipts over expenditures. By helping to restrain inflationary pressures,
such a budgetary surplus would be a significant factor in promoting steady
and vigorous economic growth. It would help meet demands for savings in
credit and capital markets and thus facilitate and make less costly the
financing of private and State and local investment projects important to
economic growth and well-being. It would greatly facilitate the economical
and noninflationary management of the Federal debt. It would also reinforce confidence at home and abroad in the United States dollar, and contribute in this way not only to the strength of our economy but also to the
economic health of the entire free world.
Attainment of the projected surplus in the fiscal year 1961 will depend
in part on economic conditions in the next year and a half. However,
favorable action by the Congress on certain tax and postal rate pro-
54
posals and on recommended expenditures is also needed to assure this
highly desirable budgetary outcome.
The Congress has been requested to extend the corporate income tax
at the present rate for another year; to postpone for an additional year the
reduction of excise taxes on alcohol, tobacco, automobiles, and automobile
parts and accessories that is now scheduled for June 30, 1960; and to postpone for a year the repeal of the tax on local telephone service and the
reduction of the tax on transportation of persons, likewise scheduled for
June 30, 1960. The Congress has also been requested to make certain corrective amendments in the tax laws applicable to cooperatives; to preclude
unintended and excessive percentage depletion allowances for mineral
products, if this problem is not satisfactorily resolved through litigation
pending before the Supreme Court; to tax as ordinary income any gain
realized by the sale of depreciable personal property used in business, to
the extent of the depreciation deductions previously taken on the property;
to defer the taxation of income earned in less developed countries
of the world; to increase the aviation fuel tax to 45/2 cents per gallon;
and to impose a tax of 4^ cents per gallon on jet fuel. To assure construction of the interstate highway system at a high rate and on a self-supporting
basis, the Congress has been asked to increase the highway fuel tax by l/z
cent per gallon and to continue the tax at 4^ cents per gallon until June 30,
1964. This action would obviate diversion of excise taxes from the general
fund. In addition, favorable action by the Congress has been requested
on an adjustment of postal rates. The effect of the recommended rate
increases would be to reduce the deficit on postal operations by about
$550 million and to contribute, by this amount, toward the attainment of
the desired surplus.
Expenditures in the fiscal year 1961 are estimated at $79.8 billion, an
increase of $1.4 billion above the estimate for the current fiscal year. Some
of this increase will occur under commitments already made in accordance
with existing laws; some would be incurred under recommendations made
to the Congress in the budget for fiscal 1961. A considerable part of the
rise involves programs that directly support our economy's capacity for
growth. Among these are programs for the development of land and water
resources; for the promotion of research, education, and science; for
the construction of physical facilities in the field of health; for urban renewal ; for the expansion and improvement of highway and air transportation; and for aid to other nations of the free world.
A major proposal has been made to the Congress for legislative
action in the field of public debt management. This proposal is of particular importance in view of the large amount of the public debt, now
more than $290 billion, and its heavy cost, involving interest payments in
the fiscal year 1960 estimated at $9.3 billion. Specifically, the Congress
is requested to remove the 4% percent ceiling on the interest rate which can
be paid on United States Government securities with a maturity of more
533287 O—60——5
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than 5 years. Events since this request was first made have underscored
its importance for minimizing the hazard of creating inflationary pressures
through public debt transactions; for giving greater latitude in the conduct
of monetary and credit policies conducive to the growth and stability of the
economy; and for financing the debt as economically as possible.
Also, to permit the financing of seasonal increases in the Federal debt
during the fiscal year 1961, it is necessary to enact a temporary debt limit
that is somewhat higher than the present permanent limit of $285 billion.
A proposal to this effect will be made to the Congress prior to the expiration
on June 30, 1960 of the present temporary limit of $295 billion.
COMPETITION
The importance of vigorous competition to the promotion of economic
growth is recognized in the Employment Act, which calls upon the Federal
Government to pursue policies for economic expansion in ways that foster
free competitive enterprise. To strengthen competition, some improvement
is needed in the existing body of antitrust laws.
Four specific legislative actions recommended last year are again
requested of the Congress. The first would require that antitrust agencies be notified when firms of significant size engaged in interstate commerce
propose to merge. The second would authorize the Federal Trade Commission to seek preliminary injunctions in merger cases where a violation of law
is likely. The third would strengthen Federal law governing bank mergers
accomplished through the acquisition of assets. The fourth would grant
the Attorney General power to issue civil investigative demands under
which the necessary facts may be elicited when civil procedures are contemplated in antitrust cases. This recommendation, which was acted upon
favorably last year by the Senate, is urgently needed to strengthen the
investigative authority of the Attorney General.
SMALL BUSINESS
Federal policies and programs to benefit small business, which also
contribute to the competitive quality of our enterprise economy, have
evolved along lines marked out by recommendations of the Cabinet Committee on Small Business and by various laws.
The Small Business Administration (SBA) provides a wide variety of
services to eligible firms and individuals. For example, it supplies loan
funds, for periods up to ten years, to small businesses unable to obtain
financing from other sources on reasonable terms. Under this program,
SBA in 1959 approved a total of 4,533 loans, amounting to $217 million,
to small business concerns; $186 million was to be supplied directly by SBA
and the remainder by private financial institutions under participation
arrangements. Second, in cooperation with the Defense Department and
civilian procurement agencies, SBA reserves certain proposed Government
56
procurements for competitive bidding exclusively by small businesses.
These "set-asides" amounted to $1.1 billion for the 11 months through
November 1959. As a result of them, contracts amounting to $860 million
were awarded to small firms in the first 11 months of 1959, contrasting
with $771 million in the full year 1958 and $557 million in 1957. Third,
with the concurrence of the Attorney General and the Chairman of the
Federal Trade Commission,, SBA approves the formation of small-business
pools to assist enterprises in overcoming handicaps attendant upon a
small scale of operations in carrying out production and research and development contracts. Fourth, SBA publishes and distributes information
on management and technical subjects and has developed a program of
courses in cooperation with educational institutions to acquaint owners and
managers of small concerns with more efficient methods of planning, organizing, and conducting business operations. Fifth, SBA awards grants
to universities, colleges, and State agencies, for research on problems of small
businesses; these grants in 1959 totaled $1.9 million. Finally, loans are
being made under the authority provided in the Small Business Investment
Act of 1958 for long-term loans to State and local development corporations for the ultimate benefit of small business concerns; by the end of 1959,
these loans amounted to some $4 million.
The use of the new powers granted by the Small Business Investment Act
of 1958 to license and help finance investment companies that specialize in
providing equity capital or long-term loans to eligible small concerns was
promptly initiated by the Small Business Administration. Some 61 such
companies are now licensed, with a present total capitalization of $40
million, of which $5.5 million has been committed by SBA.
Experience so far suggests that the specifications set down in the Small
Business Investment Act as to the types of securities that may be purchased
by small business investment companies are perhaps too rigid. Accordingly,
proposals have been made to the Congress for amendments to the Act
to provide the needed flexibility. Long-term financing by small business concerns would also be assisted by favorable Congressional action on
a request, repeated again, for an amendment to the Securities Act of 1933
to increase from $300,000 to $500,000 the maximum amount of a corporate
security issue for which the privilege of simplified Regulation A filings may
be accorded.
AGRICULTURE
Federal expenditures for agriculture and agricultural resources in the
fiscal year 1960 are expected to total $5.1 billion. Of this amount, some
$1.6 billion is for the support of research, conservation, marketing, and
similar services, and for loan programs; and $3.5 billion is for price and income stabilization. A sizable portion of the latter amount is absorbed by
interest charges, storage and transportation costs, and disposal losses on
excess stocks of farm commodities.
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To the extent possible under present legislation, administrative actions
were taken in the past year to help bring about a better adjustment between
agriculture's greatly expanding capacity to produce and the demand* for
farm products, to improve farm incomes, and to reduce the heavy cost of
agricultural programs to the Federal Government. More emphasis is
being placed on the development of markets for farm products at home
and abroad, on efforts to support prices at levels that will more nearly
balance production with potential demand, on the removal of cropland
from production, and on the development of the nonagricultural resources
of marginal, low-income farm areas.
Several actions taken in these directions during 1959 were of special
importance. First, support prices for cotton were adjusted as individual
producers were given, for the first time, a choice between (1) continuing compliance with tightly restrictive acreage allotments, with prices
supported at 80 percent of parity, and (2) freedom to plant up to 40
percent beyond the allotment, with prices supported at 65 percent of
parity. Second, under existing legislation, corn producers abolished! their
acreage allotments by referendum late in 1958 and thereby put into effect a
single schedule for price support at 90 percent of the three-year average
market price with a minimum price support level of 65 percent of parity.
Third, support prices for several commodities, including rye, oilseeds, dry
beans, and feed grains other than corn, were reduced under discretionary
authority of the Secretary of Agriculture. A number of these commodities
are selling at prices above support levels. The /support prices for tobacco
were increased under mandatory provisions of the law. Fourth, under the
law, efforts were continued for the disposal abroad, without disrupting
ordinary commercial markets, of as large a volume as possible of stocks of
the Commodity Credit Corporation. This action was aided' by a renewal
of the International Wheat Agreement and by a lowered price and an increased export subsidy for cotton. Fifth, in accordance with legislation,
the acreage reserve portion of the Soil Bank was terminated after the
1958 season, but the Conservation Reserve was increased from 9.9 million
acres in 1958 to 22.4 million in 1959. Sixth, the Rural Development Program was strengthened with the establishment, by Executive Order, of an
interdepartmental committee responsible for the coordination of policies
and actions of all participating Federal agencies and for the acceleration of
activities under the Program. Finally, under a newly enacted law, benefits
under price support loans for 1960 were limited for a number of crops
to $50,000 per producer, unless acreage is reduced 20 percent below the
1959 amount or the part of the loan in excess of $50,000 is repaid within
12 months.
Additional agricultural legislation is urgently needed, however, in view
of the continuing high program costs borne by the Federal Government
and the continuing accumulation of surpluses of farm products. Such legislation should assist an orderly transition toward eventual balance between
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production and demand for farm products, so that the restrictive limitations to which agriculture is subject under present law may be removed.
The Conservation Reserve Program should be expanded, provided certain conditions are fulfilled, and adapted to the correction of specific
commodity problems on a regional basis. Legislation is proposed to extend
through the 1963 crop year authority, which expires after the 1960 crop
year, to bring additional land into the Conservation Reserve; and to expand the program by increasing the basic limitation on the total payments
in any calendar year from $450 million to $600 million. It is planned
under the proposed legislation to add about 9 million acres to the
program during the 1961 crop year, thus bringing the total to about
37 million acres. Together with this expansion in acreage in the Conservation Reserve, realistic price support programs are needed, especially
for wheat.
Specific authority will be requested for the Secretary of Agriculture
to give special consideration, in allocating Conservation Reserve funds,
to those States and regions in which curtailment of production of wheat
or other surplus commodities is consistent with long-range conservation
and production-adjustment goals. The future authorization for the Conservation Reserve Program should not be increased above the 1960 level
unlejss needed price-support legislation is enacted for wheat. Federal
policy on cost-sharing should be concentrated in the future on conservation measures that foster needed shifts to less intensive uses of cropland;
and cost-sharing assistance should be eliminated for practices which increase output of agricultural commodities already in excess supply.
New obligational authority of $10 million is requested for the Great
Plains Conservation Program, the same as for the fiscal year 1960. Under
this Program, conducted in designated counties of the ten Great Plains
States, the Federal Government provides technical assistance to farmers
who enter into long-term contracts to make needed adjustments of land use
on their farms, and it shares in the cost of making such adjustments.
The Sugar Act, which expires on December 31, 1960, should be extended
early in the present session of the Congress.
Limitation on price support for certain crops grown on newly irrigated
or drained land should be extended for another three years.
The Congress should again consider the amendments to the Agricultural
Trade Development and Assistance Act of 1954 (Public Law 480) proposed
last year to make more effective the program for surplus disposal abroad.
Favorable action by the Congress is also requested on pending legislation
to place the loan program of the Farmers Home Administration on a
revolving-fund basis and to make other improvements in the laws affecting
this activity.
The Rural Electrification Administration (REA) continues to provide
additional electric power generating capacity and heavier transmission and
distribution facilities. At present, 96 percent of all farms have central
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station electric service, and more than one-half of REA's power is sold to
nonfarm customers. The latter comprise over 80 percent of the new customers served. Legislation is proposed under which REA's borrowings
from the Treasury would be at an interest rate not in excess of the average
rate paid by the Treasury on recently issued long-term marketable obligations, and REA would charge that rate plus one-fifth of one percent on
future electric and telephone loans. Also, pending legislation should be
enacted to place REA's operations on a revolving-fund basis.
NATURAL RESOURCES
The Federal Government has traditionally pursued policies designed
to assure an adequate supply of raw materials for current economic activity and also to conserve and develop resources for future needs. Significant advances in geological and geophysical exploration methods have led
to the discovery of new bodies of ore. Another area of Federal activity is
participation in the construction, maintenance, and operation of water
projects. These projects meet various needs, often simultaneously—human consumption, irrigation, flood control, power generation, navigation,
and recreation. Expenditures for such purposes are expected to rise to
$1.2 billion in the fiscal year 1961. The Congress is requested to enact
a pending proposal for establishing a consistent basis on which non-Federal beneficiaries will share the costs of protection against floods.
Additional programs are being conducted by the Federal Government
to improve the water supply, which is a major problem in many parts
of our country. Encouraging progress is being made in research on techniques of converting brackish and sea water into fresh water. Important
research advances have also been made in water conservation techniques.
The Congress will be requested this year to strengthen the enforcement
provisions of Federal legislation for control of water pollution. Increasing attention is being directed also *o local needs for limiting air
pollution.
Sound management of timber resources is another aspect of Federal
concern in the development of natural resources. The Government seeks
not only to improve timber stands in national forests and on other public lands, but also to promote conservation practices on private woodlands. More than $200 million is being spent annually on Federal programs concerned with forest resources, in addition to outlays for soil conservation on farms, a part of which is also directed to improving forest
resources.
In recent years, increasing amounts of Federal funds have been spent
annually for the conservation, development, and wise use of recreational and
fish and wildlife resources. Intensive efforts are being made to accommodate an ever-increasing number of visitors to national parks, expected
to reach 80 million by 1966. In this connection, enactment has been
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requested of a pending proposal for the preservation of certain undeveloped
shoreline areas for public use.
Federal assistance is also being provided for the enlargement and diversification of the Nation's mineral reserves. Mapping surveys, field
appraisals, and research programs on extraction methods and product
utilization contribute directly to these ends. Other contributions are being
made, for example, through the schedule of depletion allowances in the
Internal Revenue Code and the mandatory limitation of imports of petroleum and petroleum products. Legislation will again be recommended
for a long-range program to conserve helium gas, for contract authority
on coal research, and for revision of the fee schedule for noncompetitive
oil and gas leases on public lands.
RESEARCH AND DEVELOPMENT
The annual investment of sizable amounts of Federal funds in research
and development programs has served significantly to enlarge the scientific
and technological potential of the Nation. These outlays, which have
increased rapidly in recent years, exceed those made by business firms and
nonprofit institutions for the improvement of the technical base of our
society. According to revised compilations recently reported by the
National Science Foundation and the Bureau of the Budget, Federal research
and development obligations for the fiscal year 1960 exceed $8.1 billion;
they were $7.9 billion for the fiscal year 1959 and $5.9 billion for fiscal
1958. Estimates of expenditures for the same three periods are somewhat
lower—$7.5 billion, $6.6 billion, and $4.5 billion.
The predominant share of the Federal funds for research and development is devoted to military projects; but, even so, the benefits obtained from
them by the civilian economy have been, and will remain, impressive. The
billions of dollars spent annually for procurement and construction under
programs of the Department of Defense and the Atomic Energy Commission
likewise have a peacetime value apart from their immediate contribution to
the Nation's security. Many areas of defense spending that will continue
to influence civilian technology may be cited—for example, the development and production of aircraft and missiles, data-processing machines,
electronic communication and control equipment, high-energy fuels, unconventional devices for generating electrical energy, solar furnaces, and
metallic and other materials meeting strict performance requirements under
stress and at extreme temperatures.
The peacetime usefulness of atomic energy is also being demonstrated in
both research and production. Thus, more than 2,000 patents have been
released for public use without payment of royalties. Civilian nuclear
power reactors are being developed for eventual economic use in the United
States and abroad. Research is being conducted in the realms of highenergy physics and controlled thermonuclear fusion. Radioisotopes are
being used in agricultural research and various industrial processes.
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Through bilateral agreements, participation in the International Atomic
Energy Agency, cooperation with regional atomic energy organizations, and
international conferences and exchanges of visits, efforts are being made to
widen these opportunities for the constructive application of nuclear energy.
By far the greater part of the Federal research and development budget
supports projects that are performed extramurally by profit and nonprofit
organizations under contract. Accordingly, many of the benefits of new
knowledge are diffused quickly and widely. Thus, some companies acquire
patents and know-how that serve, and will continue to serve, productive
purposes that range far beyond the objectives of the original research projects. Employees acquire new skills and specialized experience, and the
backgrounds of participating teachers, doctors, and other professional
workers are also enriched. In the fiscal year 1960, extramural projects
will account for about $6 billion of the Federal obligations for research and
development. The corresponding figure for the fiscal year 1959 is $5.5
billion, and for the fiscal year 1958, $4 billion.
The civilian economy is deriving technological advantages not only from
Federal expenditures for research, procurement, and construction but also,
of course, from the multibillion-dollar annual research outlays of business
firms and other private organizations. Various Federal legislative provisions have been designed to encourage business participation in private
research ventures. Among these are Section 174 of the Internal Revenue
Code of 1954, which permits business expenditures for research to be deducted from taxable income, and Section 9 of the Small Business Act of
1958, which encourages small business concerns to engage in joint research
and development efforts.
Federal support of basic research in the physical, biological, and social
sciences has been expanded in recent years, and an increasing proportion
of the funds for such research is being channeled into educational institutions, including research centers administered by colleges and universities.
The amount obligated for basic research in the fiscal year 1960, as in 1959,
is close to $500 million, an increase of almost one-half over the total for 1958.
EDUCATION AND HEALTH
In our Nation, responsibility for education and training and for
health services has traditionally been borne by local and State governments and by private groups. The Federal Government supplements these
efforts, however. In the current fiscal year, its expenditures for the promotion of education will total $549 million. Indeed, Federal support for
public education dates from the Ordinance of 1787; another landmark is the
land grant college system, which will soon celebrate its 100th anniversary.
Federal interest in health may be traced to 1798, when the Public Health
Service was established; the first food and drug law was enacted over half
a century ago.
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The efforts in these fields at all levels of government—local. State, and
Federal—and by private groups are impressive, and they are expanding
rapidly. In the last ten years, total public and private expenditures for
education have almost tripled, reaching $22 billion in 1959; the number of
teachers in elementary and secondary schools has increased by 450,000, and
their average compensation has risen by 71 percent.
Public and private expenditures for health and medical care have almost
doubled during this period—from more than $12 billion to about $24 billion.
Annual Federal expenditures for health and medical programs rose from
about $700 million to $1.5 billion, and State and local expenditures increased from $1.7 billion to well over $2.5 billion.
Yet, as noted in Chapter 1, increased public and private efforts in education and health will be required to meet the needs of a growing population
and labor force. During the next five years, the population aged 14 to 24
will increase by nearly 1,400,000 annually, compared with 625,000 per year
from 1955 to 1960. The Nation's educational institutions will have to
prepare to accommodate far greater numbers of high school, college, and
graduate students. State and local governments will have to redouble their
programs to provide teachers and equipment for secondary and higher education. The assurance of an adequate supply of doctors and other health
personnel will require an expansion of medical training facilities. Since the
growth of the seasoned labor force of persons over 25 years of age will be
small, in contrast to the increase in the number of younger and less-experienced persons who will be seeking employment, business firms will find
it advisable to expand job-training programs.
For its part, the Federal Government has already been providing largescale support for education programs administered by the Department of
Health, Education, and Welfare, the National Science Foundation, the
Atomic Energy Commission, and other agencies. Under the National Defense Education Act of 1958, Federal contributions are being made to
student loan funds; matching grants are being provided for equipment
needed in teaching science, mathematics, and foreign languages; and assistance is being given to teacher training in foreign languages, graduate study
in all fields, including science and mathematics, and guidance counseling
and testing services. Other programs include graduate and faculty fellowships, institutes for college and high school teachers of science and mathematics, traineeships, and grants for research and equipment. In the current
school year, about 100,000 college students, almost three times as many as
last year, are expected to make use of the loan funds established under this
Act.
Expenditures for education and training of veterans, currently requiring
nearly $450 million, will amount to a little more than $300 million in the
fiscal year 1961. For ex-servicemen having service-connected disabilities,
however, a necessary program of vocational rehabilitation will be recommended to the Congress.
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As noted, programs for raising standards of health throughout the Nation
have been given large and increasing Federal support in recent years.
These programs include the research conducted at the National Institutes
of Health, research grants to medical schools and research institutions,
and grants to States for the construction of hospitals and other health
facilities. They will entail Federal expenditures approaching $600 million
in 1961, about double the amount spent for these purposes in the fiscal
year 1953.
Finally, a program involving Federal expenditures of nearly $1 billion
in the fiscal year 1961 serves veterans eligible for hospitalization and other
medical benefits under existing law.
PERSONAL SECURITY
The efforts of Government to foster sustainable inflation-free economic
growth are its principal contribution to strengthening the foundations of
personal security for all Americans. An expanding economy offers opportunities for better jobs and self-advancement, for good homes, and for
greater independent financial provision against the hazards of life. As
indicated in Chapter 1 of this Report, Americans have scored impressive
improvement in recent years in individual security and well-being. Nevertheless, as earlier Economic Reports have pointed out, a dynamic, urban
economy also presents hazards to personal security that in some instances
may be met inadequately or not at all by individual efforts. By helping
individuals overcome these hazards, Government strengthens the foundations of personal security; and, by improving morale and efficiency and
helping to maintain incomes in times of economic slack, it further enhances
the economy's capacity for healthy growth.
Existing programs for promoting personal security and welfare should
be adjusted in certain respects. First, improvements are needed in the
Federal-State unemployment insurance system. The scope of this system,
under which some $2.4 billion was paid in 1959 (exclusive of benefits for
Federal employees, veterans, and railroad employees), should be extended
to employers of one or more persons, to nonprofit institutions, and to
Federal instrumentalities that are not now covered. It is also recommended
that the Federal-State system be extended to Puerto Rico, which now has
its own unemployment insurance law, and that the provisions of the District
of Columbia law be brought up to the standard recommended for all States.
Under the present Federal-State system, the responsibility for the amount
and duration of benefits rests with the States. In general, benefits have
lagged behind the rise in wages, and it is again recommended that the States
increase their benefits to make the great majority of covered workers eligible
for payments equal to at least half their regular earnings; and that the States
increase the maximum duration of benefits to 26 weeks a year for all eligible
workers who remain unemployed that long.
The heavy unemployment benefit payments during the last recession
strained the finances of several State unemployment funds. Three of these
States secured $213 million in loans from the Federal Unemployment
Account. Three other States were eligible for such advances. It is possible that the funds of a few additional States would be in a precarious
financial condition if another recession should occur in the next few years
unless their finances are improved. This problem is under study by the
Secretary of Labor.
The proceeds of the present Federal unemployment tax barely suffice
to finance the administration of the Federal-State employment security
system as it stands today. Steps should be taken to provide additional
funds for administration as the system expands and also to rebuild the
Federal Unemployment Account which is virtually exhausted.
Amendments are needed to remedy serious defects in the legislation enacted in 1958 to protect the interests of the Nation's working men and
women in private pension and welfare plans, under which funds amounting
to more than $30 billion have been accumulated. Corrective legislation
was proposed in the last session of the Congress to allow the Secretary of
Labor to make necessary interpretations of the law and to enforce compliance. The proposal also contained provisions necessary to deal with
such crimes as bribery and embezzlement. Both of these amendments are
again recommended to the Congress.
The Congress is again requested to extend the coverage of the Fair Labor
Standards Act to several million workers not now receiving its protection.
While such a law does not deal with the fundamental causes of low incomes, it may help safeguard the economic interests of workers at the fringes
of competitive labor markets.
To enhance the progress being made toward equalizing economic
opportunity for all citizens, certain legislative improvements are required in
programs that lie within Federal jurisdiction. Favorable consideration is
again requested for legislation to revise the outmoded provisions of the
8-hour laws applying to Federal and certain federally assisted construction
projects, and to carry out the principle of equal pay for equal work without
discrimination because of sex. The Congress should also establish a statutory commission on equal job opportunities under Government contracts.
Efforts to reduce the hardship and loss occasioned by occupational accidents, which amount to nearly 2 million each year, should be intensified by
employers and by State and local governments. Where necessary, the
States should improve workmen's compensation systems with respect to
benefits, administration, and provision for rehabilitation.
Nearly 14 million persons are currently receiving benefits under the Federal program of old-age, survivors, and disability insurance, compared
with 12.4 million at the end of 1958 and 11.1 million at the end of 1957.
Old-age benefits exceed $112 per month, on the average, for a retired
worker and his wife; aggregate benefits amounted to $10.3 billion in 1959,
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compared with $8.6 billion in 1958. The liberalization of benefit amounts
in 1958 and an increase in the number of beneficiaries caused the rapid
rise in total benefit payments. The provision of benefits for permanently
disabled workers and their dependents, which became effective in 1957,
has added more than 400,000 persons to the rolls. The average monthly
benefit for a disabled person exceeded $88 in 1959. The public assistance
programs, to which the Federal Government now contributes more than
$1.8 billion of the funds expended annually, distributed more than $3.6
billion to needy persons in the fiscal year 1959, compared with $3.3 billion
in 1958.
Programs designed to return handicapped persons to remunerative employment are administered by all States. The Federal Government supports State programs with grants averaging about 60 percent of total State
agency expenditures. Federal grants in support of rehabilitation and rehabilitation research and training totaled $58 million in the fiscal year 1959.
In that year, 81,000 persons were rehabilitated, compared with less than
56,000 in 1954 and the long-range objective of at least 200,000 persons
annually.
AREA ASSISTANCE
Although the number of labor market areas in the United States with
a substantial surplus of labor beyond current requirements has been reduced
significantly as economic activity has expanded, many communities continue to suffer from substantial and persistent unemployment. Assistance
to these communities is available through a number of Federal agencies,
whose activities in this connection are coordinated through an interdepartmental Committee To Coordinate Federal Urban Area Assistance Programs, as well as from State and local groups. In 1959, the Office of Area
Development of the Department of Commerce, which carries the principal
responsibility for providing Federal assistance, aided an increasing number
of area development groups in their efforts to strengthen the economic bases
of their communities. Technical assistance furnished by the Office included
counseling on methods used by various communities to solve their development problems, on community industrial foundations and industrial parks,
and on State and local financing plans for promoting economic development.
The Department of Labor aids community organizations in connection
with manpower aspects of economic development and with on-the-job training. Financial assistance to business concerns is furnished through the
Small Business Administration. The "set-asides" of defense contracts
for concerns located in areas of substantial labor surplus help to bolster
economic activity in particular communities.
Legislation is needed, however, to supplement and strengthen these efforts
to help areas of persistent unemployment create new job opportunities.
Such legislation should stimulate and complement the efforts of communities to help themselves, should promote maximum participation by private
66
financial institutions and by State and local agencies, should encourage the
creation of new job opportunities rather than the mere transference of jobs
from one area of the country to another, and should encompass technical aid
for the economic diversification of rural low-income areas and single-industry
communities.
A recommendation has already been made to the Congress for a program
that meets these specifications. It would provide for Federal participation
in loans to business concerns, for financial assistance to State and local development groups, and for technical assistance to local groups seeking to
strengthen their regional economies.
HOUSING AND HOME FINANCING
The past year was an exceptionally active one in the home building and
home financing industries. Some 1,340,000 new private dwelling units
were started, of which 440,000 were financed under mortgages either insured
or guaranteed by the Federal Government. The funds that flowed into
this use in 1959 are estimated at $15 billion, a record amount, despite
the increasingly intensive competition of other financing requirements.
The role of the Federal Government in home financing has assumed
great importance—in terms of the impact on housing and home financing
markets and in respect of the burden on the Federal budget. Thus, the
Federal National Mortgage Association now holds a portfolio of $5.6
billion of mortgages and utilizes $2.7 billion of Treasury funds for this purpose. Under the Urban Renewal Program, nearly $250 million has already been paid out in grants as the Federal share of clearing city areas
for redevelopment, and some $1.1 billion of additional funds will ultimately be paid to the cities under existing contracts and reservations of
funds. Nearly $675 million has already been paid out under the public
housing program in annual contributions to local housing authorities; and
the Federal Government is obligated to make annual contributions for the
next several decades to repay $3.5 billion of outstanding indebtedness, together with interest, under contracts for projects completed or under construction. Loans of about $700 million have been disbursed to colleges and
universities under the college housing program, and about $460 million
of commitments and reservations for additional loans are outstanding. The
Veterans Administration has employed $1 billion of Treasury funds for
direct loans to veterans for the purchase of homes.
Under present law, the Federal Housing Administration's program for
the insurance of home improvement and modernization loans will expire
on October 1, 1960, unless extended. This program, under which some
$12.4 billion of loans have been insured since its inception in 1934, should
be made permanent. Also, the present ceiling on VA interest rates is
again restricting the ability of veterans to avail themselves of this form
of home-purchase financing. The Congress should accordingly place this
67
program on the same basis,, with respect to maximum interest rate requirements, as FHA programs. The maximum permissible interest rate
on armed service housing loans insured by FHA should also be adjusted to
permit such loans to be made at rates above the present 4/2 percent ceiling.
FOREIGN ECONOMIC RELATIONS
Stronger efforts must be made at this time to expand United States
exports of goods and services. Fiscal and monetary policies designed to
restrain inflation provide a solid basis for such efforts, but more needs to
be done to strengthen the competitive position of our exports. In this
connection, the Federal Government should encourage intensified use of
Department of Commerce facilities for disseminating foreign trade information to exporters and potential foreign buyers of American products;
strengthen the commercial activities of our Foreign Service; increase the
number of our trade missions to other countries; and arrange for more
extensive United States participation in trade fairs abroad.
These steps should make more effective the efforts of private businesses
to increase foreign sales. Expansion of exports should be a major aim of
American business in the coming year. To take full advantage of expanding market opportunities abroad, businessmen will have to price competitively, sell aggressively, adapt and design products to meet the needs of
foreign buyers, and offer adequate credit and service facilities.
Markets for United States products were significantly expanded last
year, particularly toward the end of the year, by the reduction of quantitative restrictions on dollar imports by many of our trading partners abroad,
as described in Chapter 2 of this Report. The United States intends to
continue encouraging the removal of remaining restrictions on imports
from the dollar area. These efforts, which are expected to result in a
further expansion of United States export opportunities, will be made in
such international forums as the General Agreement on Tariffs and Trade
and the International Monetary Fund, as well as through bilateral consultations with foreign governments.
It is hoped that the industrial countries, consonant with their growing
financial ability, will increase their long-term lending to less developed
countries, and this subject is being actively discussed with the governments
concerned. For its part, the United States will continue vigorously with its
plans to aid the economic growth of less developed countries. The efforts
of many of these countries have already been fruitful, and the groundwork is
being laid for more rapid advances in the future. In many instances, however, the level of living in the less developed countries remains very low.
The efforts of the United States to aid less developed countries to improve their productivity and level of living will be channeled through institutions that have served in the past, including both the Development Loan
Fund and the Export-Import Bank (which has just observed its twenty -
68
fifth anniversary), and through appropriate new institutions. The InterAmerican Development Bank, which came into existence late last year, will
begin operations shortly. This institution, which brings together the United
States and the countries of Latin America, manifests the enduring interest
that the United States has in the economic progress of its neighbors.
The formation of the International Development Association will also
be pursued actively during the year. It is expected that funds for the
initial United States subscription will be requested during the year.
FEDERAL STATISTICS
Significant steps have been taken in recent years to achieve an improved
and better integrated program of Federal statistics on the Nation's economy.
Important additional improvements are proposed for the coming fiscal year.
The 1961 budget for current statistical programs provides for a net increase of about $2.5 million over 1960 appropriations. This increased appropriation would make it possible (1) to provide better crop and livestock
estimates, based on experimental work previously undertaken, (2) to
improve retail trade statistics, (3) to initiate a monthly survey of the service
trades and a quarterly survey of State and local government finances, and
(4) to carry forward work initiated this year, within the framework of the
national income and product accounts, for a table of interindustry purchases
and sales and for real output estimates by major industries.
In the area of social statistics, provision is made for obtaining data from
health examinations of a scientifically selected random sample of the population, as part of the national health survey program initiated in 1957.
Improvements in statistics on education and on marriages and divorces
are also planned.
Provision is also made for the continuation of work on the periodic censuses and on the five-year project to revise the consumer price index. The
1961 budget recommends funds for tabulating and processing economic
and demographic data collected through the 18th Decennial Census, and
for final publication of the results of the 1958 Censuses of Business, Manufactures, and Mineral Industries. The major appropriations for these
censuses were made last year. Funds are alsa included for preparatory work
on the 1962 Census of Governments.
A consumer expenditure survey will be undertaken as an integral part of
the revision of the consumer price index* This index, along with additional needs for price information, is being studied by a Price Statistics
Review Committee, which will make recommendations concerning these
programs by October 1960.
Improvements are also being made in the statistics on wages and salaries
for different occupations and in different industries and labor markets;
on fringe benefit costs; and on current wage rate changes.
69
COMBINING PRIVATE ACTIONS WITH PUBLIC POLICIES
This chapter has presented the major legislative proposals of a 1960 program to supplement and reinforce existing Federal laws that contribute to
our Nation's capacity for inflation-free economic growth. In accordance
with the language and the spirit of the Employment Act, this program
acknowledges that the State and local governments and the private sector
of the economy have vital roles to play in the achievement of such growth.
Indeed, in the present economic circumstances, when opportunities for
vigorous expansion are abundantly evident, these roles should be encouraged to the fullest extent, while the Federal role should become more
restrained.
The current economic setting is favorable for the enactment of proposals
of long-run significance for sound growth and greater well-being. Accordingly, the 1960 program looks to a modification of farm programs and includes proposals for enhancing the competitive character of our economy,
for improving the effectiveness of various Federal lending and loan insurance programs, for extending and strengthening present provisions for personal security and welfare, for helping to provide new job opportunities in
areas with high and persistent unemployment, and for establishing a new
international agency to assist the less developed countries of the free world.
At the present time, the Federal Government could make its greatest
contribution to inflation-free economic growth through financial policies
that help create an environment favorable to the exercise of maximum
private initiative. The major step in creating such an environment would
be the achievement of the recommended budget surplus for debt retirement in the fiscal year 1961. The effectiveness of this policy would be
heightened by removal of the interest rate limitations that currently inhibit
the noninflationary management of the Federal debt. Following the budget
balance now in prospect for the fiscal year 1960, and complemented by the
policies of the independent Federal Reserve System, these elements of the
1960 program would make important contributions to sustainable economic
growth.
Fiscal and monetary policies gain strength from each other and are
powerful instruments for preventing the development of inflationary pressures which can endanger the healthy growth of our economy. But there
is need to supplement these Government policies with appropriate private
actions, especially those affecting profits and wages. Our markets must
be sufficiently flexible to allow downward as well as upward adjustments
in individual prices if we are to achieve greater stability in the general level
of prices. Achievement of this desirable result is unlikely unless the national
average of increases in wage and salary rates and related labor benefits remains within the limits of national productivity gains. Under such a
standard, price reductions in sectors of the economy where productivity is
advancing especially rapidly would offset increases that might be warranted
elsewhere.
70
The general wage-productivity-price relationship emphasizes the importance of private actions favorable to the acceleration of productivity
gains. The achievement of widely shared and sustainable increases in
economic rewards, without inflation, must rest on a solid foundation of
productivity advance. Accordingly, it is important for management and
labor to cooperate for more complete attainment of the productivity potentials afforded by continuing technological progress.
In our free economy and under our system of shared responsibility, we
do not rely on Government alone for the achievement of inflation-free
economic growth. On the contrary, the attainment of this objective requires a blending of suitable public policies and private actions, both of
which rest upon an informed public opinion. To enhance public awareness
of the damage that could be done by inflation and to support Government's
efforts to restrain inflationary forces, the Congress should amend the Employment Act of 1946 to make reasonable price stability an explicit goal
of national economic policy. Although this goal may already be implied in
the declared objectives of the Act, such an amendment would express more
firmly our national determination to curb inflation. The amendment that
has been proposed by the Administration is limited to a change in the language of the Act's declaration of policy. Such an amendment would help
accomplish the desired purpose without causing changes in our economic
institutions that might be inimical to the freedoms we now enjoy.
533287 I
Appendix A
REPORT TO THE PRESIDENT ON THE
ACTIVITIES OF THE COUNCIL
OF ECONOMIC ADVISERS
DURING 1959
73
Letter of Transmittal
DECEMBER 31, 1959.
The PRESIDENT.
SIR: The Council of Economic Advisers submits this Annual Report for
calendar year 1959 in accordance with the requirements of Congress, as
set forth in Section 4 (d) of the Employment Act of 1946.
Respectfully,
RAYMOND J. SAULNIER, Chairman.
KARL BRANDT.
HENRY C. WALLIGH.
75
Report to the President on the Activities of the
Council of Economic Advisers During 1959
In pursuance of the duties set forth in the Employment Act of 1946, the
Council continued in 1959 to follow developments in the economy, to
analyze their significance for outlook and policy, and to keep under study
major policy questions having a bearing on the objectives of the Employment Act. The Council consisted of Raymond J. Saulnier, Chairman,
Karl Brandt, and Henry C. Wallich.
Through its Chairman, the Council reported frequently to the President
and to the Cabinet on current economic developments and on the economic
effects of Government policies and programs. As circumstances warranted,
it submitted recommendations for legislative enactments and for administrative actions under existing programs, which, in its judgment, would help
to further vigorous, sustainable, inflation-free economic growth. The
Council made numerous analytical reviews of legislative proposals emanating from the Congress.
The Council continued to draw heavily on the resources of the operating
departments and agencies of the Federal Government and to avail itself
fully of the information and counsel of individuals and private groups.
As in previous years, it was aided by the Advisory Board on Economic
Growth and Stability, which is particularly helpful in maintaining close
and constructive working relationships with various departments and agencies of the Government. Member agencies of the Board are presently
represented by the following officials:
Department of State—Thomas C. Mann, Assistant Secretary for
Economic Affairs
Department of the Treasury—Julian B. Baird, Under Secretary
Department of Agriculture—True D. Morse, Under Secretary
Department of Commerce—Philip A. Ray, Under Secretary
Department of Labor—James T. O'Connell, Under Secretary
Department of Health, Education, and Welfare—Bertha Adkins,
Under Secretary
Board of Governors of the Federal Reserve System—Abbot L. Mills,
Member of the Board
Bureau of the Budget—Elmer Staats, Deputy Director
Export-Import Bank of Washington—Samuel C. Waugh, President
The White House Office—Don Paarlberg, Special Assistant to the
President
Council of Economic Advisers—Raymond J. Saulnier, Chairman
77
Committees and Task Forces
The Council participated during the year in the work of a number of
important committee groups and task forces within Government. The
Chairman of the Council serves as a member of the Cabinet Committee
on Price Stability for Economic Growth, chaired by the Vice President
of the United States. He also serves as a member of an informal group
which discusses problems of financial policy with the President; the other
members are the Secretary of the Treasury, the Chairman of the Board
of Governors of the Federal Reserve System, and the Special Assistant to
the President with responsibilities in the economic area.
The Chairman of the Council attends all Cabinet meetings, special meetings on legislative matters, and those meetings of the National Security
Council at which economic matters are discussed. Members of the Council
and its staff participate in the work of the Planning Board of the National
Security Council.
The Chairman of the Council serves as Chairman of the Cabinet Committee on Small Business and of the Committee on Government Activities
Affecting Prices and Costs. He is a member of the Board of the Federal
National Mortgage Association, represents the Council on the Civil and
Defense Mobilization Board and on the President's Special Committee on
Financial Policies for Postattack Operations, and participates in semiannual meetings of the Business Advisory Council of the Department of
Commerce. Meetings of the technical consultants to the Business Advisory Council are attended by a member of the staff of the Council of
Economic Advisers.
Dr. Brandt served as a member of the interdepartmental Committee for
Rural Development Program and as a member of the interagency work
group on research and analysis of the Federal Council on Aging. He also
attended regularly the sessions of the Council on Foreign Economic Policy
and of the National Agricultural Advisory Commission.
Dr. Wallich participated in the work of the National Advisory Council
and served as a member of the interdepartmental Committee To Coordinate Federal Urban Area Assistance Programs, under the Chairmanship
of the Under Secretary of Commerce.
The Council met during the year with representatives of industrial and
commercial concerns and financial houses, with professional economists
from universities, with representatives of agriculture, industry, and labor,
and with groups considering business conditions, the economic outlook,
and policies relating to economic growth and stability. Throughout the
year, Council staff members were in touch with experts of other Government departments and agencies and outside groups, as the need arose.
Participation in international meetings here and abroad and frequent
discussions with foreign visitors continue to be an important part of the
Council's activities. In the past year, two members of the Council and
members of the Council's staff took part in meetings held in Paris under
78
the auspices of the Organization for European Economic Cooperation
(OEEC), and prepared, as in previous years, a report on the United States
economy for use in the OEEC's annual review of world economic developments. The Council and members of its staff received various visiting
groups of economists and officials from other countries and international
organizations, and two members of the Council staff held a number of
seminars for foreign businessmen and Government officials.
Publications Work
In keeping with its responsibilities under the Employment Act, the Council assisted the President in the preparation of his annual Economic Report
to the Congress; 30,000 copies of the January 1959 Report were printed.
Copies were distributed to members of the Joint Economic Committee, all
other members of the Congress, departments and agencies of the Government, representatives of the press, and depository libraries throughout the
country. The Superintendent of Documents sold 19,000 copies to the
general public.
The Chairman of the Council, accompanied by the other Council members, testified in executive session before the Joint Economic Committee on
the 1959 Economic Report of the President. At these hearings, the character and effectiveness of economic policies for the preceding year were
reviewed, the prospects for 1959 were appraised, and recommendations
were made for policies that would promote economic growth and price
stability in the year ahead.
The Council prepares Economic Indicators, a monthly compendium of
current economic statistics, published by the Joint Economic Committee
of the Congress. Copies of this publication are distributed to all members
of the Congress and to depository libraries. In addition, 10,000 copies of
each monthly issue are sold by the Superintendent of Documents to subscribers and others.
Council Members and Staff
Dr. Saulnier served as Consultant to the Council from 1953 to 1955,
has been a member of the Council since April 1955, and its Chairman
since December 1956. He is on leave of absence from Barnard College,
Columbia University, where he is Professor of Economics, and from the
National Bureau of Economic Research.
Dr. Brandt, who received an interim appointment as a member of the
Council in November 1958, was confirmed by the Senate on March 12,
1959. He is on leave of absence from Stanford University, where he is
Professor of Economic Policy and Associate Director of the Food Research Institute.
Dr. Wallich was appointed a member of the Council on April 15, 1959
and confirmed by the Senate on May 5. He is on leave of absence from
Yale University, where he is Professor of Economics. Dr. Wallich succeeded
79
Paul W. McCracken, Professor of Business Conditions at the School of
Business Administration of the University of Michigan, who resigned on
January 31, 1959, to return to his University work; he had served as
a member of the Council from December 1956.
The Council is assisted by a staff of 12 senior economists and statisticians
who are experts in their fields. Each staff member is responsible for
obtaining the cooperation of other Government agencies and of business,
labor, and other private groups in analyzing and evaluating economic
developments in his assigned areas, and for keeping the Council advised
of current and foreseeable developments. The full-time staff members
are Bernard S. Beckler, Harold F. Breimyer, Henry W. Briefs (on leave
from Georgetown University), Samuel L. Brown, Robert C. Colwell,
Frances M. James, Marshall A. Kaplan, Hal B. Lary, David W. Lusher,
Irving H. Siegel, Walter F. Stettner, and Collis Stocking, who is also
Administrative Officer of the Council. Charles A. Taff of the University
of Maryland serves as a Consultant to the Council.
Charles L. Schultze resigned from the Council staff on January 30, 1959
to join the faculty of Indiana University and John A. Schnittker on August
14, 1959 to return to his post of Associate Professor, Department of
Economics, Kansas State University.
For the fiscal year 1960, the Congress appropriated $395,000 for the
Council's activities, the same amount appropriated for the fiscal year 1959.
80
Appendix B
SOME RECENT ECONOMIC DEVELOPMENTS
I.
II.
III.
IV.
Growth of Population
Employment and Earnings
Agriculture
United States Foreign Trade and Payments
81
I. Growth of Population
Notable changes have occurred during the past decade in the size and
structure of the United States population and in the composition of both
families and households. The impact of these changes is already evident
in numerous sectors of the economy and will have a further important
bearing on national economic development in the decades immediately
ahead. An understanding of the dimensions of the accelerated growth of
the population in recent years and of the structural changes in economic
demands that are inherent in its changing age composition should be
helpful in orienting public and private policies appropriately to these
important movements.
POPULATION INCREASES DURING 1950-59
Between January 1, 1950 and July 1, 1959, the estimated population of
the United States, including armed forces abroad, increased from
150,552,000 to 177,103,000 persons. This increase of more than 17/2
percent in the course of 9 5/2 years resulted from 23,648,000 more births
than deaths, a net immigration of 2,750,000, and the addition of 153,000
Alaskans (civilian population on January 1, 1959) to the United States
TABLE B-l.—Population and components oj its year-to-year changes, 1950-59
[Thousands]
Change from preceding year
Year ended July 1
Population
Net change *
Births 2
Number
Percent
Net civilian
Deaths 3 immigration
1952
1953 . ,
1954..
151, 683
154, 360
157, 028
159, 636
162, 417
2,495
2,677
2,667
2,608
2,782
1.67
1.76
1.73
1.66
1.74
3,620
3, 753
3,839
3,928
4,022
1,460
1,480
1,506
1,526
1,483
337
389
331
204
241
1955
1956
1957
1958
1959
165, 270
168, 176
171, 198
174, 054
176, 947
2,852
2,907
3,022
2,856
2,893
1.76
1.76
1.80
1.67
1.66
4,096
4,142
4,287
4,293
4,276
1,501
1,566
1,577
1,679
1,644
262
332
312
244
<261
1950
1951
1
2
Includes change due to admissions into, and discharges from, armed forces abroad.
Adjusted for underregistration.
3 Deaths occurring in the United States, adjusted for underregistration of infant deaths, plus estimated
deaths occurring in armed forces abroad.
* Preliminary; based on final statistics for period ended July 1,1958.
NOTE.—The data in this table exclude Alaska (civilian population of 153,000 on January 1, 1959) and
Hawaii but include armed forces abroad.
Sources: Department of Commerce and Department of Health, Education, and Welfare.
population. The population of Hawaii, which is estimated to have been
about 603,000 on September 1, 1959, will further increase the national
totals for January 1, 1960 and thereafter.
Except in 1952, 1953, and 1958, the estimated annual net increase in
each year ended July 1 in the last decade exceeded that of the preceding
year (Table B-l); the percentage increase ranged from 1.66 to 1.80 per
annum. As recently as 1941, the increase had been less than 1 percent. The
estimated number of births each year ended July 1 during the last decade
was larger than the number in the preceding year, with the exception of
1950 and 1959. The number of deaths also increased each year, except
in 1954 and 1959, but the annual average increase was only about one-third
of the annual average increase in the number of births. Net civilian immigration varied from year to year, within the range of 200,000 to 400,000
per annum.
FUTURE AGE GROUPINGS OF PERSONS BORN BEFORE JULY 1, 1957
Because birth rates, as measured by the number of live births per 1,000 of
population, have varied considerably over the last hundred years, the distribution of our population among age groups is relatively uneven. Not
only did the rising birth rate after World War II cause a disproportionate
increase in the number of persons now under 14 years of age, but the declining birth rate during the decade of the 1920's and the very low birth rate of
the 1930's reduced the size of the group that is now between 25 and 35
years of age.
Many of our future demands for goods and services, as well as our needs
for specific resources with which to supply them, will depend on the number of persons in the various age groups at the time. Needs for education
and employment and also the timing of household formation are, for the
population as a whole, closely related to the number of persons who pass
certain age marks each year.
Table B-2 gives estimates of the number of persons in various age groups
on July 1 of 1950, 1955, and 1957, and of the distribution in selected years
up to 1980, on the assumption of a moderate reduction in mortality rates
and about the same volume of immigration as in recent years. The percentage change from 1960 in the number of persons in each age group is
shown in Table B-3.
Of particular interest is the marked increase during the next decade that
is indicated for the number of high school and college-age boys and girls.
Also, substantial increases are expected during at least the next 15 years for
the age groups from which new entrants to the labor force are drawn.
Those who reach the average age for marriage are generally in the same
age groups as those who commence working. Thus the projected increase
in the number in these groups foretells a corresponding growth in the rat;e
of household formations and in the creation of additional demands for
housing and for a wide range of commodities and services generally pur-
TABLE B-2.—Population born before July 7, 1957, by age groups: 1950, 1955, 7957, and projections for 1960-80
[Millions of persons *]
1950
Age
Under 5 years
5 to 13 years
14 to 17 years
18 to 21 years
22 to 24 years _
25 to 34 years .
35 to 44 years
45 to 64 years
65 to 84 years .
85 years and over
-._..
_•
_
1955
1957
1960
1965
1970
1975
1980
(2)
(2)
(2>)
15 9
14.6
10.2
(2)
(2)
(2)
(2)
(2)
14.3
12.2
8.0
22.5
24.3
39.2
16.6
1.1
25.2
23 0
42.3
18.2
1.4
16.3
22.3
8.4
8.9
7.1
18.3
28.1
9.2
8.6
6.5
19.1
30.1
10.2
8.9
6.4
(2)
23.9
21.6
30.8
11.7
.6
24.2
22.8
33.5
13.3
.8
23.8
23.3
34.7
13.9
.8
22.8
24.0
36.5
14.9
.9
33.6
11.2
9.6
6.7
(2)
16.3
11.3
C2)
(«)
(2)
31.2
22.7
43.9
20.3
1.6
37.0
25 4
43.9
22.7
1.8
12 As of July 1.
Number of persons will depend on births occurring after July 1,1957.
Source: Department of Commerce.
TABLE B-3.—Population born before July 1, 7957: Projected percentage changes, by age groups,
1960-80'i
Percentage change from 1960
Age
Under 5 years
5 to 13 years
14 to 17 years..
18 to 21 years
22 to 24 years
._. .
__
1965
1970
1975
1980
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
27.9
26 5
19.2
25 to 34 years .
35 to 44 years
45 to 64 years .
65 to 84 years
85 years and over
-1.3
1.3
7.6
11.2
22.2
(2)
41.7
51.7
52.9
10.5
-4.1
16.0
22.2
52.3
69 3
69.7
36.8
-5.2
20.4
36.3
77.9
62.1
5.9
20.3
52.3
108.5
1 Percentage changes are based on thousands of persons.
2 Number of persons will depend on births occurring after July 1,1957.
Source: Department of Commerce.
chased by newly employed and newly married persons. However, it is
significant that almost no change during the next five years is indicated for
the total number of persons between the ages of 25 and 45, the period of
typical first ownership of homes. But the projections show that after 1965,
the group between 25 and 35 years of age will expand considerably, while
the group between 35 and 45 will decline slightly until after 1975. Rather
sharp increases will occur during the next two decades in the number of
persons aged 65 and over, and by 1980 there will be nearly twice as many
persons in this group as there were in 1950.
Estimates of the size and composition of the labor force over the next
decade have been constructed on the basis of various assumptions. These
estimates point toward a labor force growth of from 12 million to 14 million
by 1970, with the greater part of the increase occurring in the second half
of the decade. Women are expected to comprise some 40 percent of the
increase. For men, the rate of growth will be substantially greater in the
younger working groups, particularly those under 25, than in the older
85
groups; for women, however, proportionately greater increases are expected
in groups 45 years of age and older.
ESTIMATES OF POPULATION GROWTH
The future size of the population in the younger age groups will be influenced more by birth rates than by death rates or by net immigration. Over
the past fifty years, the birth rate has fluctuated considerably, in contrast
to the death rate, which has declined gradually; and in recent years, net
immigration has been relatively unimportant in shaping the size of the total
population. Thus, estimates of the number of persons expected to comprise
the various groups under 25 years of age until 1980 will be governed largely
by the assumptions made regarding the birth rate during the interim years.
Because of the previous variability in birth rates and their dependence on
factors that, in many cases, cannot be accurately forecast, the projections of
the population born after July 1, 1957, shown in Table B-4, were based on
TABLE B—4.—Population born after July 7, 1957: Projections by specific age groups under various
assumptions regarding fertility) 1960-80
[Millions of persons]l
1960
Age
Series I:
Under 5 years
5 to 13 years
14 to 17 years
18 to 21 years
22 to 24 years..
_
•_.
_
Series II:
Under 5 years
5 to 13 years
14 to 17 years
18 to 21 years
22 to 24 years
Series III:
Under 5 years
5 to 13 years
14 to 17 years
18 to 21 years .22 to 24 years
Series IV:
Under 5 years. _
5 to 13 years
] 4 to 17 years
18 to 21 years
22 to 24 years
1980
( 2)
36.0
54.2
20.1
18.6
12.8
21.2
36.4
(22)
()
24. 2
38.9
(22)
()
28.1
42.9
17.0
(2)
(2)
32.0
49.3
18.3
17.2
12.5
19.5
36.0
(2)
(8)
(2)
(2)
20.7
36.8
(22)
()
(2)
24.0
37.8
16.4
(2)
(2)
27.1
42.3
16.4
16.4
12.4
19.3
(22)
(2)
( 2)
()
17.7
35.7
(22)
(2)
()
17.1
34.7
(22)
19.9
32.8
15.8
(22)
()
22.2
35.2
14.6
15.6
12.4
(2)
(2)
20.0
(2)
(2)
19.6
(2)
(2)
2
„ _ _ _ _
1975
31.1
47.1
18.4
2
()
(2)
(2)
-
1970
(22)
(2)
21.0
(2)
(2)
_.
1965
23.4
37.4
(22)
( )
(2)
26.7
42.1
()
(2)
(2)
(*)
1
3
As of July 1.
Persons born before July 1,1957; see Table B-2.
Source: Department of Commerce.
several fertility assumptions that span the high and low rates actually experienced in recent years. Fertility, as used in this connection, refers to a measure which takes into account both birth rates according to the ages of women
and the number of women of childbearing age. Series I, which shows the
largest increase over the period 1960-80, assumes a fertility rate from 1958 to
1980 of 10 percent above the 1955-57 average; Series II, that the rate will
remain at the 1955-57 average until 1980; Series III, that by 1965-70 the
86
rate will decline to the 1949-51 level and will remain there to 1980; and
Series IV, that by 1965-70 fertility will drop to the 1942-44 level and
will then even out. All computations are carried forward from July 1, 1957
as a date of reference.
It is apparent from the projections that steady or rising fertility rates
during the next two decades will cause substantial increases in the pre-school
and school-age segments of the population. It should be noted, however,
that there are significant differences in the various projections, depending
on the assumptions made with respect to fertility rates.
CHANGES IN FARM POPULATION
The farm population has declined by about 34 percent since 1910 (Table
B-5). The decrease in the number of persons living on farms was rather
gradual until World War II, but since then net migration has proceeded
more rapidly. While the farm population has been dwindling, the total
TABLE B-5.—Farm population, 1910-59
Farm population *
Year
Number
(millions)
1910
1920
1930
1940
1950..-.
1953
1956
1959
._
_
.
.
.
.
. . . .
.....
.
.
As percent
of total
population 2
32.1
32.0
30.5
30.5
25.1
34.9
30.1
24.9
23.1
16.5
22.7
22.4
21.2
14.3
13.3
12.0
i As of April 1.
* Based on thousands of persons. The percentages in this table may differ from those in Table D-66,
which are based on total population as of July 1.
Sources: Department of Agriculture and Department of Commerce.
population of the United States has been growing, so that the proportion
living on farms has declined substantially. Fifty years ago, one out of three
persons lived on a farm; at present, one out of eight is a farm resident.
The decline in farm population since 1950 has been much greater among
persons 18 to 44 years of age than among other age groups. Because of
this, farm people 45 years old and over now outnumber, for the first time,
farm persons who are 18 to 44 years of age. The total number of males on
farms slightly exceeds the number of females, except in the age group 25 to
44 years.
The net migration of persons from farms in the past four decades has
been substantially larger than the decline in the farm population, as farm
families have continued to contribute to the growth of the total population.
During the 1930's, as a result of the depression, the rate was considerably
less than in the 1920's; but World War II caused a record increase. The
533287 O—-60
7
87
annual average migration was very high in the years 1950-53, owing in part
to the Korean conflict, declined somewhat until 1956, but rose again in the
following three-year period (Table B-6). Since 1920, net migration from
farms has totaled nearly 27 million persons; however, the farm population
has declined by only 11 million, from 32.1 million to 21.2 million. The
continuing migration from farms to urban areas has contributed to the
increase in the nonagricultural labor force and to the growth of towns
and cities.
TABLE B-6.—Net migration from farms, 1920-59l
Annual
average
(thousands)
Period 2
1920 to 1930
1930 to 1940.
1940tol950
1950 to 1953
1953 to 1956
1956 to 1959
1
3
_.
..
...
Percentage
change
(annual
average)
—630
-383
-952
—2.0
-1.2
-3.5
-1,190
-474
-753
-4.9
-2. 1
-3.5
Includes persons who have not moved but whose residence is no longer classified as a farm.
Years beginning April 1 and ending March 31.
Source: Department of Agriculture.
The employment status of persons 14 years old and over living on farms
has changed significantly since 1950 when, out of nearly 9.5 million such
persons employed, nearly 70 percent worked in agriculture. The number
of employed farm residents has since declined by almost 2 million, and
less than 60 percent, or 4J/2 million, now work in agriculture. During the
past decade, the number of persons who live on farms but are engaged in
nonagricultural activities increased, and, as a percentage of the farmresident labor force, rose from 29 percent in 1950 to 38 percent in 1958.
Participation in off-the-farm employment among employed farm residents
is more common for women than for men.
CHANGES IN HOUSEHOLD FORMATION
The number of households in the United States increased from 15,992,000
in July 1900 to 51,302,000 in March 1959. Households that include both
a husband and wife rose from 12,804,000 to 38,420,000 during this period,
while all other households, including single persons living alone in a dwelling
unit, increased from 3,188,000 to 12,882,000 (Table B-7).
Over the past fifty years, the number of nonfarm households has increased by 31,920,000; the number of farm households rose moderately
until 1935, but since then it has declined by more than 1,800,000. During
the past decade, nonfarm households have increased at an average rate
of about 1,000,000 per year, while the number of farm households has
declined at an annual average rate of about 100,000.
TABLE B-7.—Number of households, by type and residence, 1900-59
Number of households (millions)
Percent of total 3
By type of household
Year i
Total
households
1900
1910
1920_
1930
1940
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959.
.
-._ .
..
..
- -
Husbandwife
Other
By residence 2
Nonfarm
16.0
20.2
24.5
30.0
35.2
12.8
16.3
19.7
23.7
26.8
3.2
3.9
4.8
6.3
8.4
(4)
14.0
17.7
23.3
28.0
42.2
43.6
44.7
45.5
46.3
33.3
34.1
34.4
35.1
35.6
8.9
9.5
10.3
10.4
10.8
46.9
47.8
48.8
49.5
50.4
51.3
35.9
36.3
37.0
37.7
38.0
38.4
11.0
11.5
11.7
11.8
12.4
12.9
Farm
(4)
Husbandwife
Nonfarm
households
(4)
6.2
6.8
6.7
7.2
80.1
80.7
80.3
79.0
76.2
35.7
37.3
38.6
39.6
40.5
6.5
6.3
6.1
5.9
5.8
78.8
78.2
77.0
77.2
76.7
84.6
85.6
86.4
86.9
87.4
41.4
42.2
43.1
44.3
45.2
45.9
5.5
5.5
5.6
5.2
5.2
5.4
76.5
75.9
75.9
76.1
75.3
74.9
88.3
88.4
88.4
89.5
89.7
89.5
69.3
72.2
77.6
79.7
1 Data relate to the following months: July (1900-40), April (1949 and 1951-55), and March (1950 and
1956-59).
2
From 1900 to 1940 data represent total farm households and total nonfarm households; from 1949 to
1959,
data are urban and rural nonfarm households and rural farm households.
3
Based on thousands of households.
4 Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
HOUSEHOLD AND FAMILY CHARACTERISTICS
Differences in the composition of households are a reflection of current
economic and social influences. In 1959, nearly 75 percent of the households included a husband and wife, over 14 percent had as a head a person either living alone or with unrelated persons, and 11 percent were
comprised of related persons but not including a husband and wife. More
than three times as many women as men were the heads of families that
did not contain both spouses.
In urban places, husband-wife families comprised only about 71 percent of all households, while in rural farms they accounted for nearly 84
percent. Conversely, the households of single and unrelated persons made
up over 17 percent of the total in urban places but less than 8 percent in
rural farm areas.
The median age of husbands in husband-wife households was 44 years
in 1959, and the median age of wives was 41 years. However, in other
households, the median age of the head was 57 years. In nearly a million
cases where married couples lived in the household of relatives, the median
age of the husband was 34 years and that of the wife was 30 years.
Since 1948, there has been a marked increase in the number of husbandwife families having two or more children under 18 years of age. In that
year, 32 percent had two or more children of their own, 23 percent had one
child, and 45 percent had none. By 1958, 40 percent had two or more chil-
dren, 19 percent had one child, and 41 percent had none. The increase in
the number of their own children was less marked in farm families than in
nonfarm families.
PROSPECTIVE INCREASES IN HOUSEHOLDS
On the basis of projected population growth and various assumptions
concerning continuation of the changes in marital and household status
that occurred between 1950 and 1957, estimates have been made of the
number of households there will be in the United States up to 1980. In
constructing such estimates, several assumptions had to be made, which
involved different rates of household formation in future years. Accordingly, as shown in Table B-8, the outlook for household growth is expressed
in terms of four separate series. Because of the variations in the assumptions, the four series differ in respect of the amount of increase in the
number of households from 1960 to 1980.
TABLE B-8.—Number of households, projections for 1960—80
[Millions]
Series A
Period
July: 1960
1965
1970
1975
1980
._
.
1960 to 1980:
Estimated increase.--
Percentage increase
--
Series B
Series C
Series D
52.4
57.5
62.9
69.3
76 0
51.9
56. 1
61.1
67.0
73 1
51.6
55 3
59.7
64.9
70 5
51.4
54.6
58.8
63.9
69 4
23.6
21.2
18.9
18.0
45
41
37
35
Source: Department of Commerce.
These estimates rest in a considerable degree on projections of the population in various age brackets. Until the latter part of the 1970's, the number
of households formed will be determined largely by the marriage, divorce,
and mortality rates of persons now living, and by their actions regarding the
formation or dissolution of households. Sometime before 1980, however,
the number of households will be influenced also by the birth rate during
the next several years.
The economic significance of the indicated growth in the number of
households is considerable. Since most of the increase will arise in husbandwife households, the requirements for family dwelling units will grow
correspondingly. From this will stem the related demands for household
equipment and furnishings and a wide range of related items of consumption.
II. Employment and Earnings
As the recovery movement was extended in 1959 into a more general
expansion, employment increased and unemployment was substantially reduced. During the first half of the year, workweeks were lengthened and
hourly and weekly earnings increased rapidly. Real earnings also were
sharply higher, because price increases were small. From July to November, however, prolonged strikes in industries producing primary metals
adversely affected employment and earnings, but expansion was resumed by
the end of the year.
EMPLOYMENT AND THE LABOR FORCE
The total number of persons employed in civilian occupations averaged
65.6 million in 1959, compared with 64.0 million in 1958 (Table B-9).
Employment increased rapidly until July, but then was seriously checked
by the widespread effects of the long strike in the steel industry; before the
TABLE B-9.—Growth of the civilian labor Jorce and expansion of employment, 1958-59
[Millions of persons 14 years of age and over, seasonally adjusted data]
1959
1958
Employment status
Civilian labor force
E mploy ment
Agricultural _
Nonagricultural
Unemployment
Rate of unemployment (percent)
1958
1959
Third Fourth First Second Third Fourth
quarter quarter quarter quarter quarter quarter
68.6
69.4
68.5
68.5
69.2
69.5
69.3
69.5
64.0
65.6
63.7
64.3
64.9
65.9
65.6
65.8
5.8
58.1
5.8
59.7
5.8
58.0
5.8
58.6
5.9
58.9
6.1
59.8
5.7
60.1
5.6
60.1
4.7
3.8
5.1
4.3
4.1
3.5
3.8
3.9
6.8
5.5
7.4
6.4
6.0
5.0
5.4
5.6
NOTE.—Detail will not necessarily add to totals because series are seasonally adjusted separately and
because of rounding.
Source: Department of Labor.
end of the year, however, expansion was renewed. In December, the total
number employed was 66.2 million (seasonally adjusted), a rise of more
than 2.8 million from the recession low of 1958 and an increase of nearly
800,000 above the high point attained in 1957. Agricultural employment,
in which a decreasing proportion of the labor force is engaged, changed
little during the year.
The civilian labor force increased by nearly 750,000 in 1959, but since
employment increased by a greater amount, unemployment was substan-
91
tially reduced, averaging about 850,000 less than in 1958. The growth of
the labor force, like the expansion of employment, was greater in the first
half of the year than in the second. Women, especially those over 35 years
of age, accounted for much of the increase in the labor force. For men
over 25 years of age, the increase was slight; this reflected the small number
of births in the 1930Js and the greater inducements to retirement provided
by the social security system for those reaching age 65. The great rise in
the number of births, which began in the 1940's, is now beginning to affect
the labor force, however; for the teen-age group, the labor force increase
was comparatively large in 1959 (Table B-10). As the generation of the
1940's comes of working age in the next decade, the labor force is expected
to grow more rapidly.
TABLE B-10.—Growth of the total labor force, by sex and age, 1950-59
[Thousands of persons 14 years of age and over]
Change
Sex and age
1950-55
annual
average
Total labor force
Males
14-19years
20-24 years
25-34 years
35-64 years
65 years and over
._
Females
14-19 years
20-24 years
25-34 years
35-64 years
65 years and over. __
_
.
1955-59
annual
average
1958 to 1959
860
763
662
427
257
279
-9
-64
92
393
15
85
34
-121
310
-51
91
138
-128
234
-57
432
506
383
1
66
80
-26
--105
419
14
-45
32
404
39
—41
461
14
Source: Department of Labor.
Over the years, technological progress and rising levels of living bring
about substantial changes in the occupational and industrial structure of
employment. "White collar" employment, especially of professional and
technical staff, gains rapidly; agricultural employment declines; and other
manual occupations do not keep pace with the general long-term expansion.
Employment in the service industries—trade, government, and others—
tends to increase more, over the long run, than in industries producing
goods (Tables B-ll and B-12). These trends suggest, in broad outline,
the character of the employment opportunities that may be expected for
the growing labor force.
Over the shorter period of the business cycle, however, different changes
take place in the occupational and industrial distribution of the employed
population. Just as employment declines most sharply among production
workers in durable goods manufacturing industries during periods of recession, so it recovers most rapidly in these industries during periods of
TABLE B-l 1.—Civilian employment, by major occupational groups, 7947 and 1957-59
[Thousands of persons 14 years of age and over]
1947 i
Major occupational group
Civilian employment
1957 1
1958
1959
Change,
1958 to
1959
57, 843
65,016
63, 966
65 581
1 615
_
20, 183
26, 451
27, 056
27, 798
742
Managers, officials, and proprietors, except
farm..- _
Professional, technical, and kindred workersSales workers
Clerical workers.
_ _ _ __
5,795
3,794
3,394
7,200
6,703
6,468
4,128
9,152
6,785
6,961
4,173
9,137
6,935
7,143
4,394
9,326
182
221
29, 540
32, 506
31,319
32, 202
883
7,754
12, 274
8,664
12,530
7,253
5,534
3,680
2 098
8,469
11,441
6,409
5,605
3,600
2 204
8,561
11,858
6,699
5,843
3,743
2 197
92
417
290
238
143
—7
"White collar" employment
Manual workers except farm_
Craftsmen and foremen... _ _
Operatives and kindred workers
Manufacturing.
Service workers. __
Laborers
Household domestics
Farm employment
2
()
4,256
3,526
1,730
_
Farmers and farm managers
Farm laborers and foremen
150
189
8,119
6,059
5,591
5, 582
-9
4,995
3,124
3,329
2,730
3,083
2,508
3,019
2,563
—64
55
1
Annual figures shown for 1947 and 1957 are averages of data for January, April, July, and October since
data prior to 1958 are available only for these months. These averages, therefore, will differ slightly from the
annual averages shown in Table D-17.
2 Not available.
NOTE.—The data represent total employment of the civilian labor force and, therefore, include proprietors
and self-employed.
Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
TABLE B-l 2.—Industrial structure of employment, 1947 and 1957-59
[Thousands of persons]
1947
Industry
Total
Q oods-producing industries
..
Manufacturing...
Production employees
Salaried employees
.
..
Agriculture..
Contract construction
Mining _ _ _ . .
__
Trade
Service and miscellaneous
Transportation and public utilities
Finance, insurance, and real estate
Government
__
Federal
State and local
...
1958
19591
Change,
1958 to
1959 i
53, 844
59, 739
58,068
59, 336
1,268
28, 597
27, 976
26, 362
26, 979
617
15, 290
16, 782
15, 468
16, 156
688
12, 795
2,495
12,911
3,871
11,658
3,810
12, 226
3,930
568
120
10, 382
1,982
7,577
2,808
7,525
2,648
7,384
2,764
675
116
-46
25, 247
31, 763
31, 706
32, 357
651
9,196
4,783
4,122
1,672
5,474
11, 302
6,336
4,151
2,348
7,626
11, 141
6,395
3,903
2,374
7,893
11, 379
6,524
3,903
2,425
8,126
238
129
0
51
233
1,892
3,582
2,217
5,409
2,191
5,702
2,198
5,928
7
226
943
Service-producing industries
1957
809
721
-141
i Preliminary.
NOTE.—The data in this table include employees in nonagricultural establishments, reported by the
Department of Labor, and all persons doing work on farms, reported by the Department of Agriculture.
The figures for total employment and agricultural employment will differ from those shown in Tables B-ll
and D-17. For explanation of differences, see Table D-22, footnote 1, and Table D-69, footnote 4.
Sources: Department of Agriculture and Department of Labor.
93
expansion. This occurred in the recent recovery, when between April 1958
and the middle of 1959 there was a net increase of 1.3 million in employment in the Nation's factories, a rise of 9 percent. The industries in which
employment recovered most rapidly were primary and fabricated metals,
machinery, transportation equipment, and apparel, but nearly all major
industries shared in the expansion. Employment in nonmanufacturing
industries, which had been less affected by the recession, rose by nearly 1.2
million—an increase of 3 percent—in the same period (Table B-13).
TABLE B—13.—Changes in nonagr{cultural employment after April 1958, by major industry groups
[Thousands of persons, seasonally adjusted data]
Change
April 1958
to
July 1959
(15 months)
Major industry group
Total *
July 1959 to October 1959
October 1959 to Decem(steel strike:
ber 1959 i
3 months)
(2 months)
2,504
-556
1,337
-558
328
1,069
-506
334
210
180
144
123
111
83
71
50
47
31
19
-452
30
9
-1
-62
-19
-15
-9
3
7
3
410
-7
-12
-63
28
-13
0
-2
-11
1
3
_
268
-52
Apparel and other finished textile products
Textile-mill products
Chemicals and allied products
Leather and leather products
Rubber products
Paper and allied products
Printing, publishing, and allied industries
Tobacco manufactures
Products of petroleum and coal
Food and kindred products
93
64
37
36
32
20
17
—4
—5
-22
-16
-13
-3
-4
1
-4
9
1
-5
-18
-1
-29
4
-2
-7
-2
0
-3
-1
35
415
267
13
134
-48
71
29
238
0
134
30
41
218
176
73
70
-43
-9
-21
-38
-21
27
1
62
15
13
2
0
40
Manufacturing
Durable goods
Primary metal industries
Electrical machinery
Machinery (except electrical)
Transportation equipment
Fabricated metal industries
Lumber and wood products (except furniture)
Stone, clay, and glass products
Furniture and fixtures
Miscellaneous manufacturing industries
Instruments and related products
Ordnance and accessories
Nondurable goods
Nonmanulacturing
,_
1,167
Wholesale and retail trade
Government
Federal
State and local
Service and miscellaneous
Contract construction
Transportation
Finance, insurance, and real estate
Public utilities
Mining
483
155
1 Based on preliminary data for December.
2 See Table D-22, footnote 1, for types of workers included.
Source: Department of Labor.
During the long steel strike, which began on July 15 and continued until
suspended by injunction on November 7, employment ultimately declined
by more than 500,000 persons in the industries affected, exclusive of the
steel industry, whose striking workers also numbered approximately 500,000.
94
In the early weeks of the stoppage, employment fell by less than 100,000,
almost all the decline occurring in the mining and transportation industries,
which service steel production. Layoffs in steel-using industries increased
slowly at first. By the middle of October, however, work forces were being
cut back rapidly as inventories were drawn down. Because of the need to
replenish working stocks of steel, additional layoffs occurred in some steelusing industries for nearly a month after the mills were reopened. Employment ceased to expand in most other major industries during the period of
the strike; but as steel output was resumed in November, employment began
to recover rapidly.
UNEMPLOYMENT
Unemployment in 1959 averaged 3.8 million or 5.5 percent of the civilian
labor force, compared with 4.7 million, or 6.8 percent, in the previous year.
During the spring and early summer, the number unemployed was reduced
to about 5 percent of the labor force, seasonally adjusted, as employment
expanded and furloughed employees were recalled. However, for reasons
associated with the strike in the steel industry, the number increased in
the third quarter. This trend was reversed during the final months of the
year, and in December unemployment was 5.2 percent of the civilian labor
force, seasonally adjusted.
The individuals comprising the jobless group changed substantially in
every month of 1959, as people seeking work found jobs or retired from
the labor force, and as others became unemployed or began to look for work.
On the average, about 1.8 million persons became unemployed, voluntarily
or involuntarily, each month, and nearly 1.9 million found work or left the
labor market. During the spring, the number of people newly unemployed
(i.e., those seeking work for less than 5 weeks) declined to pre-recession
levels; it increased again in the autumn, with the spreading effects of the
steel strike. The number unemployed for periods of 15 weeks or more,
which had reached the high figure of almost 2 million in 1958, declined
rapidly in the first half of 1959 but did not change much thereafter. By
December, this group had been reduced by 1 million, but it still numbered
about 300,000 more than before the recession.
Unemployment during the recession increased most among men aged
20 to 44; correspondingly, the reduction during recovery was greatest for
this group. Rates of unemployment were also reduced, but not so substantially, for younger people, for men over 65, and for women. Unemployment among married men living with their families—the group most firmly
committed to the labor force—averaged 3.6 percent of their number in the
labor force during 1959, compared with 5.1 percent in 1958 and 2.8
percent in 1957. The increase of unemployment attributable to the steel
strike occurred chiefly among men.
During the recession, unemployment was highest in durable goods manufacturing, mining, rail transportation, and construction. But by May
1959, unemployment rates in these industries had been sharply reduced
95
by extensive recalls of laid-off employees and by shifts of workers to other
lines of activity. Rates of unemployment for less experienced workers, employees in mining and construction, and nonwhite workers remained
higher in 1959 than before the recession.
Insured unemployment, which covers only persons eligible to draw unemployment compensation benefits, declined rapidly in the first half of 1959.
By July, the number in this group was 1.4 million, or about 3.3 percent
of the number of insured employees; this was approximately the level prevailing before the recession. Beginning in August, insured unemployment,
seasonally adjusted, increased again, as employees laid off in industries related to steel production filed claims for benefits. By the end of the year,
2.1 million people, or 5 percent of insured employees, were claiming benefits.
In all, about $2.6 billion was paid in unemployment benefits in 1959; payments in 1958 totaled $4.2 billion.
The general expansion of employment is reflected in data on employment conditions in the Nation's 145 major continental labor markets. In
July 1958, 86 major urban areas were officially classified as "areas of
substantial labor surplus," indicating unemployment in excess of 6 percent
of the labor force. The number was reduced to 73 in January 1959, to 43
in July, and to 29 in November. Of the major areas where unemployment
remained relatively high in November, 21 were in New England or other
eastern States. In this month, 116 of the 145 areas were classified in categories indicating a rate of unemployment lower than 6 percent, in contrast
to 59 in July 1958; of the 116 areas, 27 (including 11 in the midwestern
industrial region) had unemployment rates lower than 3 percent. Surveys
indicated that, while there were adequate numbers of workers in nearly
all of the Nation's labor markets, persons seeking work often lacked the
skill or training required for the job opportunities that were available.
Shortages of professional, scientific, clerical, and skilled manpower are the
rule in most labor markets.
HOURS OF WORK AND EARNINGS
The average length of the workweek of production employees in manufacturing industries turned upward in March 1958 and increased without
significant interruption through June 1959. From the low point in February 1958, the average workweek increased by 2.3 hours, or 6 percent—a
larger expansion than occurred in the corresponding period of the 1954-55
recovery. Increases were greatest in the durable goods industries, but they
were substantial also in nondurable goods and nonmanufacturing industries.
Longer workweeks normally mean more overtime hours of work and
result in sharply increased hourly, as well as weekly, earnings. An increase
in overtime was general throughout manufacturing industry in the first
half of 1959 and was especially important in the industries producing
primary and fabricated metals, machinery, textiles, and rubber products.
96
The annual rate of flow of labor income was augmented by $29 billion
between April 1958 and June 1959. This rise of 12 percent in 14 months
of recovery and expansion was larger than that in the corresponding 14month period from July 1954 to September 1955. Important elements of
the increase were the longer workweeks and higher employment, which
have already been noted, and the substantial increase in hourly earnings
resulting from higher wage rates and increased overtime (Table B-14).
Average weekly earnings of production workers in manufacturing industries
rose from $80.81 in April 1958 to $91.17 in June 1959, or by nearly 13
percent; and the increase in real purchasing power was nearly as great,
since prices of consumer goods advanced only a little during this period.
TABLE B-14.—Expansion of labor income and related items during 14 months following cyclical
low points
Percentage increase *
Item
October 1949 July 1954 to
1958 to
to December September April
June 1959
1955
1950
Income:
Labor income 2
Wage and salary disbursements in manufacturing
Employment:
Nonagricultural employment '
Manufacturing4
21.3
10.4
12.0
32.1
13.4
17.7
9.2
5.2
4.7
15.4
6.0
8.4
15.6
9.6
12.8
9.8
9.9
11.9
10.8
5.6
6.2
7.8
3.0
4.4
1.2
4.2
2.0
4.1
2.8
4.9
Hours and earnings for production workers in manufacturing
industries:
Average weekly earnings: Gross
. .
Average weekly "real" earnings 5 .
Average hourly earnings: Gross
Wage rate 8
Overtime, etc
_
Average weekly hours
1
Percentage increases are based on seasonally adjusted data for all series except weekly and hourly
earnings.
2
Wage and salary disbursements and other labor income.
3 Employees in nonagricultural establishments: See Table D-22, footnote 1, for employees included.
4
All employees.
• Based on earnings in current prices divided by the consumer price index on a 1947-49 base.
* Excludes overtime and interindustry shifts.
Sources: Department of Commerce and Department of Labor.
Labor income declined during the steel strike from an annual rate of
$272 billion in June to $269 billion in October; by December, it had
increased again, to $274 billion. Lower employment, reduction of the
average workweek, and reduction of average hourly and weekly earnings—
because the employees on strike or laid off had been employed in relatively
high-paid industries—were important factors in the decline.
DEVELOPMENTS IN COLLECTIVE BARGAINING
Wage rates continued to rise and fringe benefits continued to grow in
1959. Wage increases were put into effect for 7 million employees, about
97
TABLE B—15.—Distribution of employees receiving wage increases under major labor agreements,
by size of increase, 1956-59l
1956
Item
1958
1957
1959
2
Employees receiving wage increases:
Number (millions)..
_
7.5
7.6
7.2
7.0
Percent
Percentage distribution:
Total
Under 5 cents
5 and under 9 cents
9 and under 13 cents
13 and under 17 cents
17 cents and over.
__
Not specified or computed
_
_
100
100
100
100
1
19
62
8
7
3
2
21
30
38
5
2
4
23
32
22
18
2
329
26
35
6
2
2
1
Includes cost of living, deferred, and newly negotiated wage increases received under collective bargaining
situations affecting 1,000 or more employees and coming to the attention of the Department of Labor. Excludes
construction, services, finance, and government.
2
Preliminary.
3 In 1959,13 percent of employees receiving wage increases received less than 3 cents, and 16 percent received
3 cents to 5 cents.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
85 to 90 percent of those covered by major labor agreements (Table B-15).
The average wage increase was smaller in 1959 than in 1958 primarily
because cost of living changes were smaller. The most common increase
was about 9 cents per hour, compared with about 12 cents in 1958.
Settlements negotiated in 1959 were concentrated in nondurable goods
manufacturing and in nonmanufacturing industries and affected nearly 3
million workers. As in 1958, negotiated wage increases averaged 7 or 8
cents per hour, and fringe benefits were improved in 7 out of 10 major
contracts. Revisions of health and welfare plans were the most frequent
type of fringe improvement. Relatively few settlements were concluded in
heavy industries in 1959; negotiations were not completed in railroads;
settlement of the steel dispute was not reached until January 4, 1960; and
contracts negotiated in earlier years and providing for deferred increases
were already in existence in the automobile and related industries.
The steel agreement provided for wage rate increases which, including
incentive pay effects, average 9.4 cents per hour, effective on December 1,
1960, and 8.6 cents per hour on October 1, 1961, in addition to liberalized
insurance and pension benefits. The companies will assume immediately
employee contributions for insurance, thus increasing hourly take-home
pay by about 6^2 cents. Steel companies estimate the increase in hourly
employment costs by the end of the 30-month contract period at 39 to 41
cents, including maximum effects of cost of living adjustments and indirect
effects on premium pay for overtime, social security, holidays, etc. This
settlement involves substantially smaller percentage hourly employment
costjncreases than in previous postwar steel settlements.
In the construction trades, about 9 out of 10 union wage scales were raised
in 1959, about the same proportion as in prior years. The average increase
for all scales was about 16 cents per hour, compared with 15 cents in 1957
and 1958.
Longer-term contracts and the use of cost of living escalator clauses
continued to be important in 1959. However, cost of living increases were
much smaller than in 1958, amounting to 1 cent per hour in steel, 3 cents
in railroads, 3 cents in the automobile and related industries, and 2 cents
in major bargaining situations in the trucking industry. Several new
agreements reached in 1959 placed limits on cost of living adjustments.
Agreements in the aluminum industry and in can manufacturing limited
adjustments to a maximum of 3 cents in each of the second and third
years of the contract. In the steel industry, the agreements concluded in
January 1960 also limited such increases to 3 cents in each of the last two
years of the contract period, and provided that increases due under these
clauses will be used to offset anticipated higher costs of insurance. Deferred
increases, most commonly amounting to 6 or 7 cents an hour, became effective for 2J4 million workers in 1959.
Concern with problems of unemployment was evident in the terms of
some settlements. Severance pay was established or liberalized, and in
two instances funds were established to cushion the impact of technological
change on employment.
Extended work stoppages occurred in 1959 in the basic steel, nonferrous
metals, meat-packing, and rubber industries. For the year as a whole,
the number of strikes recorded and the number of workers involved were
not notably high, judged by experience since World War II, but the
number of man-days of idleness due directly to labor-management disputes
was estimated at 69 million, the highest total for any year since 1946. The
116-day steel strike, lasting from July 15 to November 7, accounted for more
than one-fourth of the 1.9 million workers directly involved in strikes
during the year, and for about 60 percent of the time lost.
99
III. Agriculture
Despite less favorable weather, output on the Nation's 4.6 million
farms in 1959 slightly exceeded the record volume attained in 1958 and
was 25 percent above the 1947-49 average. Crop production was virtually
unchanged, while livestock production increased slightly. The corn harvest
increased by 560 million bushels, to a new high of 4.4 billion, and cotton
output rose by 3.2 million bales, to 14.7 million. These gains offset a decrease of 330 million bushels in wheat and sizable declines in oats, barley,
and soybeans. Production of hogs, broilers, and eggs increased substantially
while milk production declined somewhat.
OVERPRODUCTION AND EXCESS STOCKS
Food and natural fiber production in 1959 was so great that it exceeded,
once again, the absorptive capacity of domestic and foreign demand. As a
consequence, carryover stocks, already excessive, continued to grow. The
magnitude of present and prospective stocks is indicated by the data in
TableB-16.
TABLE B-16.—Carryover of grains, cotton, and tobacco, 1957-59, and prospect for 7960 *
Crop
1957
1958
19602
1959
Million short tons
Grains (5) :
Total ..
_ _
_
-
Wheat
_
4 feed grains -
-
_.-__.
Government financed -
. . .
_
.
_
76.2
85.5
105. 8
121.0
27.3
48.9
26.4
59.1
38.4
67.4
41.0
80.0
65.9
74.8
93.3
109.0
8.9
7.0
9.0
6.7
Million bales
Cotton:
Total
Government financed
3
.-
11.3
8.5
_ __
8.7
3.4
Million pounds (farm-sales weight)
Tobacco:
Total
Government financed
4,414
1,028
4,164
1,000
3,976
958
3,800
600
1
Inventory date is July 1 for wheat, oats, and barley; October 1 for corn and grain sorghums; \ugust 1 for
cotton; July 1 for flue-cured types (11-14) of tobacco and cigar wrapper types (61-62), and October 1 for
all2 other types of tobacco.
Prospective.
3 Fiscal and not operating data.
Source: Department of Agriculture.
100
The stock of 121 million tons of five grains expected to be on hand by
the summer and fall of 1960 exceeds by 70 million tons the estimated size
of reserves required to meet the initial needs of defense emergencies and
all but the worst weather contingencies. Cotton stocks also are much in
excess of a desirable carryover.
The major part of total stocks is in Government hands and constitutes a
burden on the Federal budget. This ties up sizable amounts of Federal
funds: during the fiscal year I960, Commodity Credit Corporation investment in inventory and loans may at times reach nearly $10 billion, and
by June 30, 1960 it is expected to be about $9 billion. Expenditures during
the year for storage, transportation, and interest will exceed $1.25 billion,
and substantial losses will be incurred as those commodities are disposed of
in domestic and export markets.
MAGNITUDE OF OUTPUT
As Table B-17 indicates, United States agricultural output increased
slowly during the three decades preceding World War II, and then advanced steeply during the two decades from 1940 through 1959. Output
TABLE B-17.—Output of farm products, 1910-59
Product group
1910-19
average
1920-29
average
1930-39
average
1940-49
average
1950-59
average l
1958
19591
Million short tons
Crops:
14 major food and feed crops.
8 grains
3 root crops 4
3 oil-bearing crops 5
29 commercial vegetables _ _ .
15 fruits
Cotton. __ _
Tobacco .
Livestock products:
Red meat and poultry 6
Beef and veal
Lamb and mutton
Pork, excluding lard
Poultry __
Milk
Eggs_
(2)
150
136
180
208
253
250
129
19.9
.9
112
22.1
1.9
148
23.7
7.4
168
2x9
13.5
205
29.3
19.4
203
30.1
17.6
(2)
8.4
3.1
.6
(2)
10.6
3.2
.7
(2)
12.6
3.2
.7
13.1
15.9
2.9
.9
17.0
16.9
3.3
1.0
18.2
17.62.8
.9
17.3
18.2
3.5
.9
(2)
(2)
9.3
12.6
14.9
15.9
16.7
3.6
.3
3.7
(2)
3.7
.3
4.2
(2)
3.8
.4
4.0
1.0
5.2
.5
5.5
1.5
6.8
.3
5.4
2.3
7.3
.3
5.3
3.0
7.4
.4
5.9
3.1
(2)
M6.9
2.2
51.6
2.3
58.0
3.3
60.6
3.9
62.6
4.0
62.2
4.1
3 123
(2)
1.8
1947-49=100
Index of total output _
All crops _
All livestock and products 8.
64
70
73
95
112
125
125
73
64
78
72
76
78
95
100
106
118
118
125
118
128
1
2
3
4
5
6
Preliminary.
Not available.
Excludes grain sorghums, which probably average 1 million tons.
Potatoes, sweet potatoes, sugar beets.
Soybeans, flaxseed, peanuts.
Dressed weight of slaughter.
78 1924-29 average.
Meat animal component is based on live weight production on farms.
Source: Department of Agriculture.
IOI
was particularly large in 1958 and 1959 when, for the first time, annual
grain production exceeded 200 million tons; this is 80 percent more than the
average annual production during the decade before World War II. Production in 1959 of all kinds of meat, including poultry meat, exceeded 16
million tons, a rise of nearly 80 percent since the 1930's. Cotton and tobacco
production have increased less rapidly.
The more than 200 million tons of grain and 16 million tons of meat
currently produced in the United States compare with an estimated 125
million tons of grain and 7 million tons of meat produced in the Soviet
Union in 1957-58, and with a total of 107 million tons of grain and 14
million of meat produced in the 17 member countries of the Organization
for European Economic Cooperation (OEEC), Yugoslavia, and Spain.
Yet the population of the Soviet Union is 30 million more than that of
the United States, and the population of the 19 European countries is almost
twice the United States total. Production per capita in the United States,
averaging 2,325 pounds of grain and 185 pounds of meat, compares with
1,200 pounds of grain and 70 pounds of meat in the Soviet Union, and 625
pounds of grain and 80 pounds of meat in the 19 European countries.
GROWTH IN PRODUCTIVITY
The growth in United States farm output" has been achieved through
an extraordinary increase in production per unit of labor and per unit of
land (Table B-18). Production per man-hour on farms in 1958 was more
than three times the 1930-39 average. The increase in the last ten years
was about 80 percent, a growth rate of 6 percent per year, or from 2 to 3
times the increase per year in nonfarm output per man-hour. Production
TABLE B-18.—Indexes of productivity in agriculture, 1910-58
[1947-49=100]
Output ratio
1910-19
average
1920-29
average
1930-39
average
1940-49
average
Per man-hour of farm work:
All farm output
46
51
57
85
143
188
72
46
75
50
74
55
92
85
126
146
144
203
80
80
77
96
106
126
72
84
64
74
83
57
65
79
68
93
101
93
116
116
123
143
162
163
86
96
97
114
100
125
108
80
95
109
123
Livestock and products
Crops
Per acre:
All crops 1
_.
Corn
Wheat. _
Cotton
Per unit of capital:
Livestock
production per breeding
unit 2
Farm output per unit of assets used^..
Per unit of total input 4
(33)
76
()
(3)
73
74
(3)
1950-58
average
1958
1
Aggregate index computed from variable yearly weights.
2
Live weight of farm production of meat animals plus output of livestock products, per head of breeding
stock.
3
Not available.
4
Aggregate farm output per unit of total input.
Source: Department of Agriculture.
IO2
per man-hour has increased much faster in crop production than in animal
husbandry, since high mechanization and the heavy use of fertilizer in crops
have had no equivalent counterparts in livestock production.
The national average production of crops per acre increased by 15 percent
from 1946-48 to 1956-58. In view of the very large acreage devoted to
farming and the wide variation in latitude and climatic conditions under
which farming is carried on, this over-all productivity increase is most significant. Underlying it is an even more rapid rise in yields per acre of such
important crops as wheat, corn, and cotton, which have been pushed in
recent years to levels twice those in the decade prior to World War II.
There is as yet no sign of a halt in the uptrend in yields per acre.
Although the increase in productivity has been less for livestock than for
crops, livestock output per man-hour, per animal, and per dollar of total
capital has shown sizable gains, especially since the 1940's.
Because, as described below, increasing quantities of resources other than
labor and land have been employed in agriculture, productivity has risen
less rapidly in terms of total input than in terms of labor and land. The
ratio of output to total input is estimated to have increased at an annual
rate of about 2 percent during the last ten years, and to have been more
than 50 percent higher in 1959 than in the 1930's. This increase in
efficiency is the composite result of greater precision in apportioning and
coordinating factors of production, the use of improved crop varieties and
hybrid animals, a reduction of losses by plant and animal protection, and—
most important of all—the increased managerial skill of farm operators.
CHANGES IN TYPES AND RATES OF INPUT
The changes in technology and management in agriculture leading to
the remarkable growth in output per man-hour and in output per acre of
land have involved extensive shifts in the mix of factors of production. By
19585 labor input had been reduced to scarcely half that used in 1930-39
(Table B-19). Much labor has been replaced by capital. Investment in
labor-saving machinery has increased greatly, and purchases of petroleum
fuels have multiplied several times. The 1958 inputs of mechanical power
and machinery, including fuels, were more than 2.5 times the inputs in the
decade prior to World War II, owing in part to the substantially faster
increase in farm wage rates than in prices of farm machinery and motor
fuels.
A second important factor has been the increase in the application of
purchased plant nutrients to crops and pastures. Commercial fertilizer
applied in 1958 was 5 times the 1930-39 average. In addition to intensive
application to cotton, truck crops, root crops, soybeans, and irrigated pasture,
the use of fertilizer in the production of feed crops has increased rapidly in
recent years. According to the latest Census of Agriculture data, the
amount of nitrogen used on corn, oats, and barley in 1954 was 3 times
that in 1947. A comparatively stable cost has encouraged this larger use of
533287 O—60
8
I
O3
TABLE B-19.—Indexes of agricultural inputs, 1910-58
1910-19
average
Item
1920^29
average
1930-39
average
1940-49
average
1950-58
average
1958
1947-49=100
Aggregate inputs: J
Total
-
Paid vs. unpaid inputs:
Paid
Unpaid 3..
Labor
Capital
_ ._
88
94
92
100
102
101
95
140
35
22
23
96
139
47
29
37
94
129
50
31
38
97
113
78
77
88
105
79
133
147
119
105
66
137
166
141
58
134
70
133
70
126
93
108
112
90
117
82
148
96
149
90
139
91
115
88
79
120
64
128
0.91
.73
1.14
.80
M.36
6.87
--. .-
Farm real estate
-.
Farm labor
Mechanical power and machinery .
Fertilizer and lime
Feed, seed, livestock services 2
. . ...
Short tons
Concentrate feeds:
Supply per animal unit
Fed per animal unit
5
(4)
(<)
0.81
5.69
0.78
.64
1
Proportion of total inputs:
Mechanical
Feed, seed,
Farm real
Fertilizer
Farm labor
power and
livestock Miscellaneous
estate
and lime
machinery
services
14.4
56.4
1.6
5.4
1940..
9.5
12.7
1958..
14.9
29.6
5.5
21.7
11.6
16.7
2
Nonfarm inputs associated with farmers' purchases.
a4 Farm operator and family labor plus inputs of real estate and other capital owned by farm operator.
Not available.
8
1927-29 average.
• 1957-58 feeding season.
Source: Department of Agriculture.
fertilizer. For instance, the 1959 price of $1.06 per unit of 20 pounds of
pure nitrogen, in the form of anhydrous ammonia, differed little from the
average for the last 25 years. The marginal return for expenditures on
fertilizer appears to have continued high. For 1954 it is estimated to have
been $3.00 per dollar spent on fertilizer for corn, $2.27 for soybeans, $1.55
for grain sorghum, $1.62 for barley, $1.44 for oats, and $2.26 for wheat.
Since then, it appears to have been reduced somewhat, as prices of those
commodities have declined.
Another input factor that has contributed to the expansion of output is
the application of supplementary sprinkler irrigation in subhumid and
humid climates, which is being used increasingly in connection with nitrogen fertilizer. Also, such inputs as commercial mixing of feed, pesticides
and other materials, the services used in livestock production, selective
weed-killing chemicals, and related items used in crop production have been
rising rapidly.
When all inputs are combined, their total traces a slowly rising long-term
trend. During the last few years, however, withdrawal of land from use
by the Soil Bank and continued reductions in labor inputs have brought
some declines in total inputs.
Indicative of the changing mix of inputs is the shifting proportion
between those which are "paid" and "unpaid." The former refer to cur-
104
rent cash costs, the latter to farm family labor and owned capital including
land. Paid inputs increased by two-thirds from 1930-39 to 1958; unpaid
declined by one-third. The increase in paid inputs, reflecting greater
commercialization in farming, makes agriculture increasingly sensitive to
the prices of goods and services that farmers buy—prices that recently have
been rising.
CHANGING ORGANIZATION OF AGRICULTURAL RESOURCES
The rapid increase in productivity in agriculture has been a major factor
in releasing resources for use in the industrial economy. Only 8l/2 percent
of the civilian labor force is now engaged in agricultural production on the
farm; the remainder is available to the nonfarm economy.
High productivity in agriculture, reducing labor needed for farm production, was achieved as profound structural changes in agricultural
resources took place. The number of farms declined from 6.7 million
in the 1930's to 4.6 million in 1959 (Table B-20). The average size
increased by approximately 100 acres. Yet the total acreage of cropland
TABLE B-20.—Agricultural resources in use, 1910-59
Item
Farms:
Number
Cropland per farm 23
Grazing land per farm
Millions
Acres
Acres
Cropland:
Total
Harvested 4
Idle, fallow, soil improvement
Pasture
Grazing land:
In farms 2 3
Not in farms
1910-19 1920-29 1930-39 1940-49 1950-59
average average average average average 1
Unit
2
6.5
6.5
92
111
4.7
99
121
4.6
101
124
477
470
472
470
470
335
344
323
321
325
52
68
74
68
60
66
81
68
83
66
79
66
347
592
442
502
535
413
570
350
575
320
575
320
72
53
Million acres
447
470
Million acres
332
350
Million acres
Million acres
42
73
Million acres
Million pcres
240
607
Millions
Millions
Power and machinery:
Horses and mules
Tractors
Trucks. _
Automobiles
Combines
Millions
Millions
Millions
Millions _
Millions
Billions
.,
Livestock on farms:
Grain consuming
Million units
Per farm_
Units
Roughage consuming... Million units.
Per farm
Units
Units of production ?_ . . Millions
6.0
6 7
72
66
10. 1
3.4
9.7
3.4
9.4
2.9
8.0
2.4
6.4
2.1
5.6
2.0
5.5
1.9
23 3
23 3
21 7
18 9
13.0
11. 1
11.1
25.9
22.9
16.8
11
11.9
2.3
1.5
4.3
.4
4.9
4.2
2.6
4.2
.9
3.4
4.7
3.0
4.3
1.0
3.1
4.8
3.1
4.3
1.1
5
.5
3.1
(5)
(5)
.6
.9
3.8
(5)
(5)
140
152
147
87
14
86
13
(5)
22
124
23
138
1
2
22
85
13
136
Preliminary.
Averages for census years, except 1958 and 1959.
34 Permanent pasture and woodland pasture; excludes cropland pasture.
Census concept of land area.
« Less than 50,000.
6
Feeding year beginning during previous calendar year.
7
Based on concentrate feed.
Source: Department of Agriculture.
1959 i
78
89
69
37
Manpower:
Family workers
Hired workers.
Man-hours used in farm
work
5.1
1958
105
168
28
89
15
167
164
32
92
18
176
M61
34
692
19
181
•171
37
695
21
191
declined slightly. Moreover, in 1959 only 69 percent of cropland was
actually used for harvested crops; of the other 31 percent, much is reserve
capacity. Even so, at present yields per acre, the number of acres used
for harvested crops is too great relative to the effective demand.
The number of tractors, trucks, and automobiles on farms increased from
5.8 million in the 1930Js to 12.2 million in 1959, or from less than 1 per
farm to nearly 3 per farm. The value of the inventory of machinery and
motor vehicles increased from $3.1 billion in 1940 to $18.4 billion in
1959.
INCREASING PREDOMINANCE OF LIVESTOCK PRODUCTION
Among agriculture's major structural changes is the shift in land utilization toward more animal husbandry. Some 960 million acres of land are
used for grazing animals. In 1959, 154 million acres were planted to the 4
feed grains and 23 million acres to soybeans—all sources of concentrate
feed. The milling and other processing by-products of oilseeds, sugar
beets, other bread grains, and other food cereals, as well as the by-products
of the dairy and meat-packing industries, are converted to food by animals.
As the farmers' managerial skill in primary production of vegetable matter increased, the secondary livestock industry expanded, converting more
and more feed into animal products in response to increasing consumer
demand. Livestock and products contributed roughly 57 percent to the
cash receipts from marketing in 1959.
The number of grain-consuming animal units (each equivalent to 1
milk cow) increased from 147 million in the 1930's to 171 million in 1959
(Table B—20). With an increase in output per animal, livestock production rose even more—from 136 million units (each equivalent to the milk
produced from 1 milk cow) to 191 million units. The value of all livestock
on farms in 1959 was $18.1 billion, considerably above the value of $5.1
billion in 1940.
FARMERS' INCOME AND FINANCIAL POSITION
Realized gross income from farming (including cash receipts from farm
marketings, Government payments to farmers, home consumption of farm
products, and the rental value of farm dwellings) declined from $38.3 billion
in 1958 to $36.9 billion in 1959. With a slightly increased volume of
farm marketings, prices averaged about 4 percent less in 1959 than in
1958. Because of increased prices of production cost items, farm operators' realized net income from farming (Table B-21) was probably $11.0
billion in 1959, compared with $13.1 billion in 1958, $11.0 billion in 1957,
and $12.0 billion in 1956. Since the number of farms has been declining,
the average of $2,363 per farm operator, while $404 less than in 1958, was
about equal to the average for 1954-57.
Despite rapid adjustments in the structure of resources and the number
and size of operational units, average income of farm operators has not
106
shown the same advance that has generally characterized the nonfarm
economy. On the other hand, many farm people, particularly those living
on units with a small income-earning capacity, have availed themselves of
the opportunities afforded by general economic expansion and are earning
income outside the farm. In 1959, farmers' income from nonfarm sources
amounted to $6.7 billion, compared with $6.3 billion in 1958 and $6.6
billion in 1957. The average total net income per capita of the farm
population from all sources was $960 in 1959, compared with $1,043 in
1958 and $933 in 1957.
TABLE B-21.—Farmers'' income and financial position, selected periods, 1935-59
1935-39 1947-49
average average
Item
1953
1956
1958
1959'
Billions of dollars
Realized net income: 2
Operators', from farming
Farm population, all sources
From farming 3
Nonfarm sources
-
_ -
Assets of farmers *
Machinery
Livestock
_ .__ _
Real estate 4debt 4
Other debt
Proprietors' equities *__ ..
.
__
_
.
.
.__._..
_. .
......
4.7
7.7
15.7
22.7
13.9
21.7
12.0
20.5
13.1
21.2
11.0
19.6
5.4
2.3
17.6
5.1
15.7
6.0
13.8
6.7
14.9
6.3
12.9
6.7
(5)
124.0
163.0
168.0
186.0
203.0
0)
5
7.2
13.2
15.6
14.8
16.7
10.7
17.4
14.1
18.4
18.1
5.1
4.6
114.0
7.3
8.8
147.0
9.1
9.8
149.0
10.5
9.7
166.0
11.3
12.0
180.0
()
(5)
(55)
()
Dollars
2
Operators' realized net income from farming per farm
Average net income6 of farm population from all
sources, per capita
713
2,708
2,619
2,421
2,767
2, 363
251
851
931
897
1, 043
960
1
Preliminary.
2
"Realized" income as received, without adjustment for change in inventories. Includes Government
payments.
3
Operators', plus farm wages received by farm residents.
* For other items not shown separately, see Table D-71. Preliminary estimate for January 1960: Assets,
total,
208; real estate debt, 12.0; other debt, 12.0; proprietors' equities, 184.
5
Not available.
8
Based on total net income, which includes net change in inventories.
Source: Department of Agriculture.
Agriculture as an industry continues to be in a financially strong position.
Total agricultural assets have risen steadily for many years; the increase
in 1959 was 2.5 percent, to $208 billion at the end of the year. This value
was 68 percent above the 1947-49 average and 293 percent above that
for 1940. Farm real-estate debt at the end of 1959 was about 6 percent
higher than at the end of 1958, or more than twice the 1947-49 average.
Yet total liabilities, including non-real-estate debt, amounted to only 11.5
percent of total assets; thus proprietors' equities of $184 billion were 56
percent higher than in 1950 and 328 percent higher than in 1940. The
foreclosure rate of 1.6 per 1,000 farms for the year ended March 15, 1959
was near the very favorable low average of the last decade; since March,
the rate probably has changed very little.
107
CHANGES IN DEMAND FOR FOOD
The structural change in the resources used in agriculture, as well as the
shift to more animal production, has been induced by the general expansion
of the United States economy, rising consumer incomes, and the resulting
trend in demand toward preferred food commodities within a better balanced diet.
TABLE B—22.—Civilian food consumption, per capita, selected periods, 1935—59
[Pounds]
1935-39 1947-49
aver- average
age
Food group
Red meat and poultry
143
Beef and veal
Lamb and mutton
Pork, excluding lard 2
Chicken and turkey
Eggs _
-_
Fluid milk and cream
Cheese
Other milk products 3
_
Fats and oils, fat content
Fruits, farm weight equivalent
Vegetables, farm4 weight equivalent
Cereal products
Dry beans and peas
Potatoes and sweet potatoes .
Sugar, refined
____
1953
1956
1958
19591
170
194
182
196
186
64
6.8
56
15.6
75
87
95
87
68
22.0
64
26.7
67
29.8
61
34.1
87
4.5
67
35.8
37.5
330
5.6
75
48.8
359
7.0
102
49.3
348
7.5
98
47.8
354
8.0
96
45.6
345
8.2
96
46.3
348
8.3
90
45
187
193
215
9.4
152
97
42
212
227
185
7.3
127
95
44
202
228
171
8.2
114
98
45
199
230
162
8.7
107
98
46
188
226
161
7.8
107
98
46
198
221
160
8.4
110
98
1
2
Preliminary.
Ready-to-cook weight.
Excluding butter. Milk equivalent, fat solids basis.
Includes corn sugar and sirup.
Source: Department of Agriculture.
43
TABLE B-23.—Caloric and protein content of daily food consumption of civilians,
per capita, 1935-59
Percent of total consumption
Quantity
Food group
1935-39
average
1947-49
average
1959 »
1935-39
average
1947-49
average
1959 !
Number of calories
Total Foods of livestock origin 2
Fats and oils 3
Flour and cereal products _
Potatoes and sweet potatoes. _ _
Sugar and sirup
Other foods.
3,314
795
633
921
133
517
315
3,270
3,210
100
100
100
938
628
778
108
504
314
986
661
668
103
498
295
24
19
28
4
16
9
29
19
24
3
15
10
31
21
21
3
15
9
Grams of protein
Total
Foods of livestock origin 2
Flour and cereal products. _ _
Other foods
91
95
96
100
100
100
49
26
16
58
22
15
63
19
14
54
29
17
61
23
16
65
20
15
1
Preliminary.
a Excludes fat cuts and butter; includes fish.
• Includes fat cuts and butter.
Source: Department of Agriculture.
108
According to the data in Table B-22, the civilian per capita consumption
of red and poultry meat increased by 24 pounds between 1947-49 and
1959. By contrast, consumption of wheat products declined by 18 pounds
in the same period, and of all cereal foods by 25 pounds.
Of the total caloric content of the American diet in 1959, 31 percent
was derived from foodstuffs of livestock origin; in 1935-39, those foods
contributed 24 percent of the total (Table B~23). The share of the total
caloric intake in 1959 obtained from the starchy items, such as bread,
cereals, potatoes, and sweet potatoes, was only 24 percent, appreciably less
than in 1935-39. Animal protein made up 65 percent of all protein consumed in 1959, compared with 54 percent in 1935-39. Nevertheless, there
is no indication that per capita consumption of animal products has reached
saturation.
SCOPE AND DEGREE OF MALADJUSTMENT
The problems of commercial agriculture are chiefly the result of oversupply—a supply which exceeds even the very strong domestic, and fairly
strong foreign, demand—and rising costs of production. Changes in the
output of major commodity groups measured in pounds per capita of
the total population of the United States are given in Table B-24. The
most impressive change shown is for the output of all grains, root crops,
and oil-bearing crops; on a per capita basis, the output of these crops in
1959 was about 260 pounds, or 10 percent, above the high average for
1940-49.
TABLE B-24.—Agricultural output per capita of total population, 1910-59
[Pounds]
1910-19
average
Product group
Crops:
14 major food and feed crops
(2)
1920-29
average
1930-39
average
1940-49
average
1950-59
average 1
2,619
2,148
2,572
2,534
2,831
1 769
348
31
2 126
340
107
2 052
316
165
2 291
340
199
(2)
199
50
11
188
228
41
13
208
206
40
12
195
206
40
10
8 grains
3 root crops 4
3 oil-bearing crops 5. _
3 2 470
13
2 257
347
15
29 commercial vegetables
15 fruits
_
Cotton
Tobacco
_ __
(2)
169
62
12
(2)
185
55
12
(2)
(2)
(2)
Livestock products:
Red meat and poultry
Beef and veal
Lamb and mutton
Pork, excluding lard
Poultry
Milk.
Eggs
1
2
3
4
5
.
73
6
74
._
(2)
__
Preliminary.
Not available.
Excludes grain sorghums.
Potatoes, sweet potatoes, sugar beets.
Soybeans, flaxseed, peanuts.
e1924-29 average.
Source: Department of Agriculture.
36
146
181
182
188
64
5
74
61
7
63
15
74
7
79
21
83
4
66
29
83
4
67
35
794
38
813
36
830
47
739
47
703
46
(2)
6
(2)
1959 i
Correction of the existing maladjustment would require persistent efforts
to lower output toward market equilibrium and to dispose of the accumulated excess carryover of commodities with the least possible market impact.
The magnitude of the problem is demonstrated by the size of the surplus:
the excess carryover of grain would feed all the Nation's livestock for almost
six months; if converted over a period of six years into meat, it would yield
more than 1 million short tons (carcass weight) per year, or more than
500,000 short tons of canned meat. The excess stocks of cotton would run
the cotton mills for six months. Obviously, correction requires an adjustment of production to effective demand. Until this adjustment is accomplished, the problem of surpluses will—even when seemingly dormant—
remain a cause of public concern.
no
IV. United States Foreign Trade and Payments
The United States has had a large deficit in its balance of payments for
the greater part of two years; over most of this period, it has ranged around
$4 billion, on an annual rate basis, as measured by net transfers of gold
and recorded liquid dollar assets to foreign ownership. The main constituents of the deficit have varied much more widely, however, with
partially offsetting changes in goods and services and in capital movements.
There were indications in the second half of 1959 that the deficit was
diminishing. The third quarter brought a substantial rise in exports,
seasonally adjusted, for the first time in two years (Table B-25). Imports,
which had been increasing rapidly, held steady, on a seasonally adjusted
basis, and the net outflow of United States capital on private and public
TABLE B-25.—United States balance of payments, 1953-55 average and 1956-59
[Billions of dollars]
1959
1953-55
(annual
average)
Payment or receipt
1956
1957
1958
First Second Third
quarter quarter quarter
Seasonally adjusted
annual rates
United States payments l
._ .
Merchandise imports
Services and military expenditures 2
Remittances and pensions
Government grants and related capital
outflows (net)
United States private and other Government capital outflows (net)
United States receipts ! . . .
Merchandise exports
Services and military transactions
Foreign long-term investments
United States
in
Errors and omissions (net receipts)
Increase in foreign gold and liquid dollar
assets through transactions with the
United States
20.5
25.8
27.4
27.1
26.6
29.4
29.4
11.0
5.9
.6
12.8
7.0
.7
13.3
7.6
.7
12.9
8.0
.7
14.2
7.9
.7
15.7
8.2
.7
15.8
8.1
.8
2.1
2.6
2.6
2.4
2.6
2.2
2.5
.9
2.8
3.2
3.0
31.2
*2.5
2.2
18.6
24.2
27.1
23.2
22.5
23.5
25.2
13.1
5.2
17.4
6.3
19.4
7.3
16.2
7.0
15.2
6.9
15.7
7.0
17.3
7.4
.3
.5
.4
.3
.8
.3
.6
.7
.4
.5
1.4
1.0
-.5
3.4
33.7
*4.5
1.6
}
(5)
.5
(8)
4.2
1
Transfers of military aid are excluded both from exports (under receipts) and from grants (under
payments).
2 Includes United States military expenditures abroad, in billions of dollars as follows: 1953-55, 2.7;
1956, 3.0; 1957, 3.2; 1958, 3.4; 1959, 3.1 (first 3 quarters at an annual rate).
3 Reflects $150 million advance repayment by Germany on postwar debt to the United States.
4
Excludes $1,375 million for increase in United States subscription to the International Monetary Fund.
s Less than $50 million.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
Ill
account combined showed no change from the second to the third quarter,
at a level lower than in 1958. Total recorded receipts thus increased in
the third quarter, while total recorded payments leveled out, but the
improvement was only partially reflected in a decrease in net transfers of
gold and liquid dollar assets to other countries. This discrepancy (which
is reflected in the wide shifts in the errors and omissions item of the balance
of payments) is believed to be attributable to lags in crediting payments to
foreign accounts, with the result of understating gold and dollar transfers
in the second quarter and of overstating them in the third. Incomplete
data for the fourth quarter show a much lower rate of transfer of such
assets, partly because of a $250 million repayment by the United Kingdom
to the Export-Import Bank.
Development of the Deficit
With respect to the evolution of the deficit, it is relevant to note that in
the last several years the United States would have had to achieve an
extraordinarily rapid growth in its earnings from exports and other receipts
to match, within the same period, the swift rise which occurred in its
payments.
As a starting point for this comparison, the years 1953-55 may be taken.
This was a relatively quiet period between the disturbances associated with
the Korean conflict and those produced by the Suez crisis. It may be
noted, however, that the United States was in deficit in its balance of payments at that time, in the sense of transferring gold and liquid dollar assets
to other countries at a rate averaging some $1.6 billion annually. These
transfers were related, on the one hand, to the position of the United States
as an international reserve center and, on the other hand, to the needs of
other countries to reconstitute, and to add to, their exchange reserves as
international trade expanded.
Measured from the 1953-55 average, United States payments to other
countries rose, with some irregularity, by almost $9 billion, or 43 percent, to
the second and third quarters of 1959. All of the main categories of payments contributed to this increase, as may be seen in Table B-25 (also
Chart 11 in Chapter 2 ) . The magnitude of this expansion, as well as the
adjustment problem which it presented for exports, is brought out by the
fact that the total value of world trade rose by only about 30 percent over
the same period.
A striking feature of the evolution of the United States balance of payments is that until mid-1957 the rise, relative to 1953-55, in export earnings
and other receipts was even faster than the rise in payments. The underlying circumstances proved, however, to be short-lived. Starting in the
latter part of 1957, total receipts fell back sharply and then fluctuated for
a time before recovering in the third quarter of 1959 to the level reached
three years before, that is, some 36 percent higher than in 1953-55.
112
INCREASE IN PAYMENTS SINCE 1953-55
The outflow of United States capital and grants at the rates prevailing
in the second and third quarters of 1959 was more than one and one-half
times the rate in 1953-55 (when, however, the movement averaged less
than in earlier years), after having risen to even higher rates in the intervening period. United States private direct investment abroad moved up
rapidly in 1956 and 1957 in connection with major petroleum and other
resource development projects, especially in Latin America and Canada.
This movement subsided during the 1957-58 recession, but in the first half
of 1958 the outflow of United States capital through new issues of foreign
securities and other portfolio investments rose in response to the markedly
higher level of yields prevailing in other financial centers. But these
capital flows also declined subsequently as monetary policies in the United
States became more restrictive. Net credits by the United States Government increased in 1956 and 1957 and have since varied only moderately,
except as they were reduced by large repayments by the Federal Republic
of Germany in the first quarter of 1959 and by the United Kingdom in the
fourth quarter.
Among services, the chief increases have been in payments for transportation and foreign travel, both of which were some $500 million higher
in 1959 than in 1953-55. These outlays have been stimulated by the rise
in the volume of foreign commerce and in personal incomes in this country.
United States military expenditures abroad rose by some $750 million from
1953-55 to 1958, but they have now moved part way back to the earlier
level, as payments on procurement contracts and construction projects
abroad have declined.
Expansion of Merchandise Imports
The rise in the value of merchandise imports by the United States was
interrupted briefly by a dip, chiefly affecting industrial materials, during
the 1957-58 recession. After that, the increase became extraordinarily
rapid for a time, the total value of imports expanding by almost onequarter from April-June 1958 to the same period in 1959.
Finished manufactures have been among the most important elements
of growth since 1953-55 (Table B-26). Passenger cars led the rise until
mid-1959 but were imported at lower rates during the rest of the year. The
growth of imports of other consumer goods was resumed, after a pause during the recession; these goods have included both wearing apparel and a
wide variety of sundry consumer items (Appendix Table D-74). Imports
of capital goods, though small compared with the amounts exported, have
also moved up rapidly. Petroleum figured prominently in the import
increase until 1958 but has since been limited by import controls.
In addition, imports of certain other products rose substantially in 1959,
owing in part to temporary circumstances: steel because of the anticipated
TABLE B-26.—United States imports, 1953-55 average and 1957-59
[Millions of dollars]
1959
1958
1953-55
average
Commodity or source
1957
Second
half
First
half
AprilSeptember
Annual rates
Total general imports
10, 824
12, 982
12, 546
13,180
15,368
191
1,437
1, 558
250
1, 375
1,625
402
1,232
1,822
530
1,114
1,746
524
1,090
1,976
By commodity:
Meat products and edible animals
Coffee. _
Other foods and drugs _ _ .
.
Newsprint and paper base stocks
904
971
898
952
1,028
Petroleum and products.
Building materials.
Steel-mill products
Other industrial materials
875
387
153
1,534
400
212
1,654
496
276
3,286
1,310
646
570
4,324
594
284
1,046
824
370
1,260
3,637
4,020
1,570
356
186
3,382
Passenger cars and parts. .
Wearing apparel
O ther consumer manufactures l
62
164
687
327
254
953
474
228
792
Materials and equipment for use in agriculture
451
448
534
428
574
Capital equipment (nonfarm)
156
329
328
382
432
All other 2
162
284
342
392
440
2,242
2,497
3,078
2,907
601
3,026
2,541
603
3,550
2,834
739
4,601
3,143
1,051
694
225
1,188
263
1,238
349
1,273
351
1,018
327
2,847
By source:
Industrial countries:
Western EuropeCanada
Japan
324
Oil-exporting countries:
Venezuela and Caribbean
Middle East
Other nonindustrial countries:
Latin American Republics, excluding
Venezuela
Sterling area, excluding oil exporters
All other
2,869
1,002
1,064
2,783
1,041
2,611
914
2,789
1,322
993
1,012
965
908
1,119
1 See Table D-74 for detail.
2 Includes noncommercial entries, unclassified imports, and military equipment.
Source: Department of Commerce.
and actual effects of the strike on deliveries from domestic producers; building materials because of the high level of housing construction during recovery from the recession; and feeder cattle and beef for processing because of
relatively short domestic supplies of beef and veal while cattle herds were
being built up. Normal demands for imported industrial materials were
also intensified as expansion spread throughout the economy.
The unusual speed of the increase in United States imports from the
second quarter of 1958 to the second quarter of 1959 may thus be attributed
to a combination of forces. Some of these began to exercise a less buoyant
effect in the second half of 1959, and total imports, seasonally adjusted,
remained at about the level set in the second quarter.
114
The products leading the import expansion since 1953-55 have come
mainly from the industrially developed countries. Until 1958, imports
from the petroleum-producing countries also grew rapidly. Imports from
other nonindustrial countries, on the other hand, showed little tendency
to rise until stimulated by the quickening of United States demand for
industrial materials in 1959. Even with this pick-up, the value of imports
from Latin America (exclusive of Venezuela) remained lower than in
1953-55; the fall in coffee prices from the extraordinary 1954 peak had
a particularly depressing influence on the value of imports from this area.
VARIATIONS IN RECEIPTS
Merchandise exports have accounted for the greater part of the swings
noted in United States receipts from abroad since 1953-55; these changes
will be examined more closely below. It is also relevant to observe that
receipts from services, including earnings on foreign investments, rose
swiftly up to 1957 but then fell the next year by more than $300 million
(Table B-25; also Appendix Table D-72). This decline (largely in
transportation earnings as a result of the reduction in export cargoes and
in freight rates) contrasted with a further increase of about the same
amount in 1958 in United States payments abroad on services and military
expenditures. The two sides of the services account together thus contributed some $700 million to the deficit in that year.
The 1957-58 Decline in Exports
The fall in United States exports after mid-1957 was not unrelated to
the forces behind the preceding upsurge. Some of these forces were of a
quite specific character, including the effort to ensure Europe's petroleum
supplies during the closure of the Suez Canal in 1956-57 and the special
supply and demand situations affecting cotton and wheat (Table B-27).
These developments for particular commodities were superimposed on
a much more general shift in the world economic climate. For some years,
foreign countries, especially the more developed ones, had been experiencing a rapid growth in capacity and in output. Inflationary tendencies were
fairly common, and there was a general pressure on supplies of fuels, industrial materials, and capital equipment. The Suez crisis accentuated these
demands. Whether or not the expansion had run its course, policies of restraint became imperative in a number of countries whose imports of
capital goods and industrial materials had grown faster than their export
earnings or other means of financing. As a result, the pace of production
abroad slowed down and capacity was less fully utilized; investment activity
became more hesitant in many countries; inventory policies shifted toward
liquidation; and prices and earnings of countries supplying primary products
weakened.
TABLE B-27.—United States exports, 1953-55 average and 1957-50
[Millions of dollars]
Change from 1958 to AprilSeptember 1959, by areas
Product
1953-55
(annual
average)
1957
1958
1959,
AprilSeptember
Western
Europe,
Canada,
and
Japan
Latin
American
Republics
All
other
Annual rates
Total exports, excluding "special
category"- -- --
12, 710
18,868
15, 789
15, 794
409
1,648
2,325
2,224
2,464
166
-29
103
Coal and related products. _
Petroleum and products.
385
546
846
872
534
462
418
416
-116
-6
2
-24
-2
-16
Cotton, unmanufactured..
Inedible vegetable oils and oilseeds
549
1,059
661
292
-328
-2
-39
208
374
269
408
137
-2
4
Iron and steel-making raw materials .
_ _ _ -_ _
Iron and steel-mill products
Nonferrous metals
112
529
267
432
993
448
137
563
345
224
392
292
85
-76
-52
4
-66
-7
-2
-29
6
Metal manufactures
362
517
480
456
19
-46
3
1,138
1,949
1,708
2,731
1,300
2,655
1,456
2,642
173
97
-44
-116
27
6
767
131
110
874
267
145
789
217
209
790
138
74
46
-72
-9
-32
-42
-80
-13
35
-46
Foodstuffs
__
Construction, excavating, mining and hauling equipment L.
Other machinery
Passenger 2cars, parts, and accessories
Aircraft and engines.
Railroad equipment
-496
92
Textile semi- and finished manufactures
629
670
602
620
25
-12
5
Chemicals and related products.
956
1,379
1,342
1,514
118
20
34
All other, including reexports...
2,424
3,228
3,000
3,198
202
-20
16
1 Includes tractors and trucks.
Also includes busses, special-purpose vehicles, and truck parts and accessories.
Source: Department of Commerce.
2
This shift in the foreign economic situation, together with the changes
that affected particular commodities, brought a severe setback to United
States exports. About two-thirds of the decline from 1957 to 1958 was
in fuels and industrial materials. For petroleum and coal, the decline,
though immediately attributable to the short-term factors mentioned,
seemed to mark a shift in the world energy situation. The weakness in the
steel market abroad, largely attributable to a reduction in inventories by the
steel-consuming industries, was more temporary, but enough to cause a
fall in aggregate steel output in Western Europe and Japan.
Finished manufactures accounted for only about one-third of the decline
in total exports from 1957 to 1958. Within this group, a few major types
of capital equipment (Table B-27) were affected most sharply because of
their apparent sensitivity to the investment cycle. These items are construction, excavating, and mining equipment, and tractors and trucks.
Among other finished manufactures, the declines from 1957 appear relatively modest when the change in the business situation in some of our
leading markets is taken into consideration.
116
Divergent Tendencies in Exports During 1959
Unfavorable conditions continued to affect certain of our main export
commodities and markets through part, and in some cases all, of 1959.
Among our leading exports, cotton shipments to all destinations were extremely low through the third quarter (Table B-27). Market conditions
abroad improved as consumption rose and stocks fell, but United States
exports lagged pending an announced change in export price policy with the
start of the new crop year. In the fourth quarter, this change was Deflected
in a steep rise in cotton shipments, and heavy export bookings extended well
into 1960.
Exports of coal, petroleum products, and steel remained very weak
throughout the year. For the first two, this weakness reflected the shift
in the world fuel balance and the growth of foreign refining capacity. The
further decrease in steel exports, like the rise in steel imports, may have
been influenced by diverging trends of United States and foreign prices,
but the more immediate factor in both cases was the prolonged steel strike
in the United States. Late in the year, the steel shortage began to affect
also the availability of products made of steel.
Exports of railway equipment fell in 1959, following large deliveries in
the two preceding years financed by export credits. Exports of civilian
aircraft in each of the first three quarters of 1959 also were consistently
lower than a year earlier but rose from the second to the third quarter of
1959, as deliveries started against large orders for the new plane models.
Among our major markets, United States exports during 1959 were
particularly affected by weaknesses in the trade and payments position of
the Latin American countries, which normally take about one-quarter of
our total exports. The reductions were in a broad range of export products, especially in the capital equipment field.
The weaknesses noted in certain key products and in some of our main
markets tended, during much of the year, to offset the increases in exports
of foodstuffs, oils and oilseeds, machinery, tractors, automotive parts, chemicals, and other manufactures to Canada, Western Europe, and Japan,
where economic activity was expanding. But as the year advanced, and
the tempo of economic activity increased further in the leading industrial
countries, the gains outweighed the losses and total exports in the third
quarter were above those a year earlier. Subsequently, however, exports
were restrained by the relatively brief dock strike in October and possibly
also by the spreading effects of the steel shortage.
RELATIVE PERFORMANCE OF UNITED STATES EXPORTS
As the preceding analysis points out, changes in foreign demand associated with changes in general economic conditions abroad and shifts in the
market situation with respect to particular products have had an important
effect on United States exports. It is also relevant to consider whether the
behavior of our exports reflects any general deterioration in the ability of
117
United States producers to compete in foreign markets. This question is
chiefly of interest with respect to finished manufactures. These constitute
about 60 percent of total United States exports, though, as noted above,
they accounted for a much smaller part of the setback in exports after 1957.
United States Share in Export Markets for Manufactures
Measured on a global basis, the share of the United States in total
exports of manufactures by all industrial countries to all destinations has
declined appreciably in the last ten years. Its share, so computed, was
around 26 or 27 percent in the early 1950's, remained slightly over 25
percent through 1957, and has since declined to 22 or 23 percent. There
are, however, several reasons why this type of global calculation is unsatisfactory as a criterion of the performance of United States exports. For
one thing, the shift was in part a necessary consequence of the belated,
but then swift, recovery in the exports of Germany and Japan, which caused
a decline not only in the United States share of the export market but
still more, up to 1957, in the shares of other industrial countries. Second, the over-all shares are appreciably affected by the rapid increase in
recent years in other countries' exports of manufactures to the United States
itself. Similarly, the global percentages are affected by the rapid expansion
of Western European exports of machinery and steel to the Sino-Soviet
bloc. A further distorting influence arises from the fact that two markets
which are of much greater importance to the United States than to Europe
or Japan have recently been rather depressed—Canada in 1958 and Latin
America in 1959—thus reducing the United States share in any simple
global calculation.
An analysis by the Department of Commerce examines recent changes
in the United States share for each of 45 items or groups of manufactures
in each of six regional markets (that is, 270 product-market subdivisions)
comprising together by far the greater part of free world trade in manufactured goods. The analysis compares the shares in 1958 with the averages for 1954-56 on the basis of uniformly classified trade statistics compiled by the United Nations. Had the earlier United States shares prevailed in all the cases considered, United States exports of manufactures
would have been some $500 million greater in 1958 than they actually were
(Table B-28).
It is noteworthy, moreover, that the declines in the United States share
were heavily concentrated in automobiles, iron and steel, and aircraft.
Shortfalls in these three categories totaled $483 million. It may be significant that the first two of these groups, especially iron and steel, were
marked by greater-than-average price increases in the United States over
the last ten years. United States losses in the automobile market abroad
were universal and were the continuation of a trend of some years' duration. The decrease in our share of steel exports, on the other hand, was
predominantly in Europe and was attributable, at least in part, to tempo-
118
TABLE B-28.—Changes in United States shares of world exports of manufactures to selected markets,
1954-56 to 19581
Standard
International
Trade
Classification
number
Product group 2
Total of groups specified
Total, excluding iron and steel, automobiles and other road motor vehicles,
ships, and aircraft
United States exports
to 6 regional markets
in 1958
Value
(millions Percentage
share 3
of dollars)
1958
Index of
United
States
shares
(1954-56=
100) *
Value
equivalent
of change
from
1954-56
average
(millions
of dollars)
-511
7,576
27.5
« 94
5,774
29.5
«100
-3
.
511-599
1,159
33.0
98
-20
Rubber manufactures
.
Paper and manufactures
Textiles, excluding clothing
621, 629
641, 642
651-657
124
194
364
29.7
25.7
13.2
98
99
102
-3
-1
8
681
682-689
699
570
272
289
17.1
28.9
21.9
83
127
101
-112
58
3
229
109
271
121
244
1, 456
604
24.2
44.7
52.3
38.5
38.1
38.6
25.5
96
95
89
92
103
98
97
-8
-5
-33
-11
8
-27
-18
Chemicals
Iron and steel
Other metals . .
_
Metal manufactures
_.
Power generating machinery
Agricultural machinery
Tractors
___
_
Office machinery
Metalworking machinery.
Industrial machinery
Electrical machinery and appliances.. .
711
712
713
714
715
716
721
Railway vehicles
Automobiles and other road motor
vehicles
Ships and miscellaneous road vehicles.
Aircraft
731
184
35.5
131
43
732
733, 735
734
966
105
185
33.3
7.4
36.9
76
81
74
-305
-25
-66
Scientific, photographic, professional
and other instruments
861
130
32.3
103
4
1 Canada, Latin America, Western Europe, Africa, Near East, and Far East (excluding Japan and
Australasia).
Trade with communist countries excluded.
2
Condensation of 45 product groups, making up about 90 percent of total United States exports of manufactures, covered in the analysis.
a Share of United States exports in total exports by the United States, OEEC countries (excluding Iceland,
Ireland,
and Switzerland), and Japan to markets specified.
4
Weighted average for 6 regional markets.
8
Weighted average of indexes for individual commodity groups.
Sources: Department of Commerce and United Nations.
rary market conditions in that area in 1958, though in 1959 the steel strike
here continued to depress our share in export markets for this product.
In aircraft, the decline was attributable to the switchover in production to the new jet and turbo-jet models; large export deliveries of the new
planes are scheduled for 1960, after which, however, they are expected to
fall again as the reequipment of the major airlines is completed.
Exclusive of these three groups and also of ships (exports of which from
the United States include mere transfers of registry), the weighted index
of United States shares in the six regional markets for manufactures showed
virtually no change in 1958 compared with 1954-56. In none of the 41
manufactured items other than those specified were the decreases in market shares particularly great insofar as the dollar magnitudes are concerned. The decreases as well as the increases in the United States share
in different products and regions were not sufficiently great to provide any
535287 CX—60
9
clear sign of significant shifts. This reserved judgment seems all the more
warranted when account i&taken of the effects of cyclical movements during
the period on United States exports of machinery.
Machinery Exports and Investment Activity Abroad
The competitive position of the United States as a supplier of machinery
is of particular importance to its trade and payments position. Machinery
alone accounts for almost one-quarter of United States exports and has
a strong growth potential in view of the stress placed on construction
projects and industrial expansion in both underdeveloped and developed
economies.
In 1958, the United States supplied one-third of all machinery exports
of the industrial countries to markets outside the United States. Its share
in the total and in most machinery categories was, however, slightly less
than in 1954-56 (Table B-28) and still less than in the early postwar
years when the United States was drawn upon even for items of which it
had not been traditionally a major exporter. The supply capacity of
other countries has greatly strengthened since that time. There are also
some indications, though this is a difficult area of measurement, that machinery prices may have increased rather more in the United States than
in most other countries, especially during the investment upsurge in 1955-57.
Foreign demand for United States machinery is also closely related to
the state of business abroad and especially to changes in investment activity.
This relationship may be further examined in the light of Table B—29,
which shows, for a number of countries, investment in machinery and
equipment (exclusive of transportation equipment wherever possible) and
machinery imports, both total and from the United States, over the period
1954-59. The availability of information limits these comparisons to
Canada, Japan, and a number of Western European countries, and the
data for 1959 are necessarily based on partial information or forecasts
for the year. Most of the countries considered went through fairly pronounced cyclical phases in machinery and equipment investment over the
last several years; in the United Kingdom, however, the fluctuations were
small after 1957, and in Germany, Sweden, and Denmark the expansion
proceeded without interruption. The data in the table permit the following generalizations with respect to the behavior of the machinery imports
of the various countries:
(1) When investment rose strongly, total imports of machinery
tended to rise proportionately more strongly. It is also true that
machinery imports from the United States tended to rise more than
proportionately when investment activity in these countries was expanding rapidly. At such times, the rise in machinery imports from the
United States tended to equal, or frequently to exceed, the rise in total
machinery imports of the countries considered—at least up to 1956 or
1957.
120
TABLE B-29.—Relation of machinery imports to investment in machinery and equipment, excluding
transportation equipment,1 selected countries, 1954-59
Country
1954-56
average
value
(millions
of dollars)
Indexes of current dollar values, 1954-56=100
1954
1955
1956
1957
1958
19592
Canada:
Machinery and equipment investment
Machinery imports
From the United States
1,700
1,019
923
88
81
81
91
94
94
121
125
125
134
125
122
107
109
104
117
127
121
Japan:
Machinery and equipment investment
Machinery imports _
From the United States
1,600
122
85
91
103
104
89
90
87
119
107
109
151
198
189
141
249
251
184
252
263
OEEC (member countries combined):
Machinery and equipment investment, including transportation
equipment
Machinery imports
From the United States
20,400
2,960
543
87
86
85
100
99
99
112
115
116
121
130
128
125
134
123
(38)
()
<130
United Kingdom:
Machinery and equipment investment
_Machinery imports
From the United States
2,907
317
101
89
80
72
101
102
103
110
118
125
123
134
133
126
147
133
124
177
152
Germany, Federal Republic of:
Machinery and equipment investment, including transportation equipment
Machinery imports
From the United States
4,880
204
47
83
70
62
103
101
112
114
128
125
118
149
153
126
200
190
138
261
245
France: 8
Machinery and equipment investment
Machinery imports
From the United States
2,414
442
111
85
81
88
96
98
93
119
122
119
137
148
143
136
140
142
124
132
114
1,691
306
72
91
99
111
102
98
93
108
103
97
117
117
106
113
107
93
605
293
30
84
84
86
97
97
96
119
120
118
121
120
]20
108
106
101
Belgium:
Machinery and equipment investment
Machinery imports
__
From the United States
609
320
47
93
86
69
96
96
106
111
117
125
119
116
103
100
110
79
(3)
Switzerland:
Machinery and equipment investment, including transportation equipment
Machinery imports
From the United States
600
149
27
86
82
75
97
97
98
117
121
127
136
146
144
133
131
108
(3)
143
119
Sweden, Norway, and Denmark:
Machinery and equipment in'
vestment
Machinery imports
From the United States
939
473
53
101
94
85
98
99
101
101
107
114
108
125
136
117
141
147
124
155
181
Italy:
Machinery and equipment investment
.
Machinery imports
From the United States
Netherlands:
Machinery and equipment investment
Machinery imports
__
From the United States
1 Except as noted for the OEEC group, Germany, and Switzerland.
2
(8)
114
74
114
121
107
115
77
Figures for 1959 are based on first six or nine months or, in some cases, on official estimates,
s Not available.
* Based on trend shown in United States export statistics.
* Investment and trade indexes are derived from dollar equivalents of data in French francs, converted at
average annual exchange rates, and reflect the franc devaluations of August-October 1957 and December
1958. Indexes of current franc values are higher by 5 percent in 1957,20 percent in 1958, and 40 percent in 1959.
Sources: United Nations, OEEC, national statistical sources, and Council of Economic Advisers.
121
(2) In most countries where investment activity ceased to rise after
1956-57, or where it fell, there was a weakening tendency in total machinery imports and, still more, in machinery imports from the United
States. In countries, which were still fairly numerous, where investment remained below earlier peaks, the relative weakness in imports
of machinery from the United States usually continued into 1959.
(3) Where, however, the expansion of machinery investment continued or was resumed in strength in 1959, machinery imports from the
United States usually responded vigorously. The increase in such
imports by Germany, one of the strongest competitors in this field, is
especially noteworthy, though Germany's total machinery imports rose
even more strongly. The increase in imports of United States
machinery by the Scandinavian countries in 1959 was also substantial
and greatly exceeded the increase in their total machinery imports.
Machinery exports from the United States in 1959 thus appeared to reflect,
in accentuated measure, the differing degrees of intensity in the investment
activity of foreign countries. A firmer view of these relationships and trends
as currently experienced can scarcely be formed until investment has risen
further in countries where it is still sluggish in relation to earlier peaks.
As far as the past is concerned, however, the observations made with respect
to Table B-29 suggest that machinery exports from the United States do
well under conditions of sustained investment expansion in other countries
or in periods of strong cyclical upswing, but may fare relatively badly when
investment abroad slows down and the machinery production capacity in
other countries is underutilized. Price disparities could contribute to this
result. Another influence could be the greater cyclical sensitivity of some
types of machinery than of others (as suggested above with regard to the
1958 fall in United States exports of construction, excavating, and mining
equipment). Moreover, even in the absence of price or other differences,
any foreign discrimination against imports from the United States would
have a greater adverse impact in slack periods when foreign producers have
spare capacity available than in periods when they have long delivery dates.
THE CONTINUING ADJUSTMENT PROBLEM
The preceding analysis has described the present balance of payments
position of the United States largely in terms of the changes that have taken
place since 1953-55. At that time, payments already exceeded receipts
by some $1.6 billion annually, and since then have risen faster, the increase
being about 43 percent in payments against some 36 percent in receipts,
measured to the third quarter of 1959.
Neither of these percentage increases is in any sense a stable figure. On
the payments side, imports contain certain strong growth elements, even
though there were some exceptional ones in the recent past which are not
expected to continue. And the outflow of private capital from the United
States for investment abroad, which was lower in 1959 than in the three
122
preceding years, has undoubtedly been restrained in some measure by conditions that may be subject to change. These include the relatively lower
demand for capital prevailing until recently in foreign financial centers
and the relatively large production facilities, built up in earlier years, for
certain raw materials, which, especially in a period of slack demand, have
been a deterrent to the further expansion of capacity.
Receipts have varied rather more widely than payments over the last
five years, first rising and then falling abruptly in response to a combination
of cyclical and special influences. More recently, despite unfavorable
conditions affecting some of our main export products and markets, export
earnings have strengthened in response to the renewed upswing in other
industrial countries. Other more temporary factors have also influenced the
current development of exports, some favorably, as in the case of aircraft
deliveries, and others unfavorably, as in the case of steel. These factors,
too, are subject to change.
By some standards, our recent export performance in relation to the
1953-55 level is not unfavorable. The increase in exports, for example,
was greater than the rise of about 30 percent in world trade as a whole over
the same period, though less than the rise of some 45 percent since 1953-55
in intra-European trade, which has set a remarkably fast pace.
The rise in export earnings and other receipts has not been sufficient so
far, however, to offset the extraordinary rise in payments, and the deficiency
appears to be greater than can be attributed to still depressed conditions in
some of our major markets or to temporary factors which have affected
trade in cotton and steel.
The problem has been complicated by obstacles that have developed to
our coal exports and by changes in the international automobile trade.
The latter alone has had an adverse effect of some $1 billion on the United
States trade position, including both the rise in our imports and our failure
to share in the growth in export markets abroad.
Such changes as these increase the burden of adjustment to be borne by
other United States exports, and especially by other manufactures. Some
of the latter have gained and others have lost in relative standing in different
markets but without a decisive impact either way on the dollar magnitudes
involved. Increases in United States shares of export markets sufficient to
meet the balance of payments problem would have been difficult to attain
under the relatively dull or depressed conditions prevailing in international
trade until the last few months. The current upturn in economic activity
abroad and in world trade, together with further steps taken recently by
other countries to eliminate or to reduce discrimination against dollar
goods and the anticipated increase in their financing extended to the less
developed countries, provides a more favorable setting for the attainment
of the desired expansion in our exports. As discussed in Chapter 4, the
realization of these potentials would be aided by efforts of United States
producers to strengthen their competitive position in foreign markets.
123
Appendix C
STATISTICAL TABLES RELATING TO THE
DIFFUSION OF WELL-BEING, 1946-59
125
CONTENTS
C-l. Population growth and vital statistics, 1946-59
C—2. Gross national product, total and per capita, in current and 1959 prices,
1946-59
G-3. Civilian employment, 1946-59
C-4. Personal income, total and per capita, in current and 1959 prices, 1946-59.
C-5. Disposable personal income, total and per capita, in current and 1959
prices, 1946-59
C-6. Personal income disbursements: Percentage distribution by type of income, 1946-59
C-7. Average family personal income, before and after Federal individual
income tax liability, in current and 1959 prices, 1946-59
C-8. Real personal income of families: Number and percent of families, by income group, 1947 and 1955-58
,
C—9. Average gross hourly earnings of production workers in manufacturing
industries, in current and 1959 prices, 1946-59
C—10. Average weekly earnings of production workers in manufacturing industries, in current and 1959 prices, 1946-59
C—11. Average gross weekly earnings in selected industries, in current and 1959
prices, 1946-59
C—12. Work stoppages resulting from labor-management disputes, 1946—59 . . . .
C—13. Total and per capita personal consumption expenditures, in current and
1959 prices, 1946-59
C-l 4. Vacations and vacation activities, 1946-59
C-15. Automobile ownership, 1948-59
C-16. Home ownership, 1947, 1950, and 1952-59
C-l 7. Household status of married couples, 1946-59
C-l 8. Homes with selected electrical appliances, 1946-59
C-19. Life insurance, 1946-59
C-20. Financial assets and net equity of individuals, 1946-59
C-21. Shareowners in public corporations, 1952, 1954, 1956, and 1959
C-22. Fall school enrollment, 1948-59. . .
.
C—23. Percent of civilian noninstitutional population 5 to 34 years of age enrolled
in school, by age group, October of each year, 1946-59
C-24. Educational expenditures and selected measures of educational achievement, 1946-59
C-25. Old-age, survivors, and disability insurance coverage: Number and percent relation to total population and to paid employment, 1946-59. .
C-26. Old-age, survivors, and disability insurance benefits, 1946-59
C—27. Unemployment insurance coverage and benefits, 1946—59
C-28. Beds in civilian hospitals, 1947-59
C-29. Hospital, surgical, and medical expense coverage, 1946-59
C-30. Physicians, dentists, and nurses, 1949-59
C-31. Communicable diseases, 1946-59
C-32. Injury-frequency rates in manufacturing industries, 1946-59
127
Page
129
130
130
131
131
132
132
133
133
134
135
136
136
137
137
138
138
139
139
140
140
141
141
142
143
144
144
145
145
146
146
147
Statistical Tables Relating to the Diffusion of Well-Being,
1946-59
The following tables present certain indicators of the improvement of
well-being that has been attained in the United States since 1946. Necessarily, they are limited to those aspects and conditions of personal welfare
that can be expressed in quantitative terms. Although they fail to reveal,
except indirectly, the qualitative aspects of welfare, they may be useful
indicators of some of the material conditions on which improvements in the
quality of living are based. Tables are included on production and employment; personal income and its distribution; consumption; material
comforts and conveniences; conditions of work; education; leisure and
recreational activities; personal financial security; and health.
TABLE G-l.—Population growth and vital statistics, 1946-59
Population 1
Year
Number
(thousands)
Annual
percentage
increase
Birth2
rate
Death
rate
Age-
adjusted
death
rates
Per 1,000 population
Infant
mortality
rate
Maternal
mortality
rate
Per 1,000 live births
1946
1947
1948
1949
141, 389
144, 126
146, 631
149, 188
1.04
1.94
1.74
1.74
24.1
26.6
24.9
24.5
10.0
10.1
9.9
9.7
9.1
9.0
8.8
8.5
33.8
32.2
32.0
31.3
1.57
1.35
1.17
.90
1950
1951
1952
1953
1954
151, 683
154, 360
157, 028
159, 636
162, 417
1.67
1.76
1.73
1.66
1.74
24.1
24.9
25.1
25.0
25.3
9.6
9.7
9.6
9.6
9.2
8.4
8.3
8.2
8.1
7.7
29.2
28.4
28.4
27.8
26.6
.83
.75
.68
.61
.52
165, 270
168, 176
171, 198
174, 054
176, 947
1.76
1.76
1.80
1.67
1.66
25.0
25.2
25.3
424.5
524.4
9.3
9.4
9.6
9.5
59.4
7.7
7.7
7.9
7.8
6 7.7
26.4
26.0
26.3
<26. 9
526.3
.47
.41
.41
<.35
5.38
1955
1956
1957
1958
1959
- -
1
2
3
As of July 1; includes armed forces abroad.
Adjusted for under-registration.
The age-adjusted rate makes allowance for changes in age composition of the population. The ageadjusted rate for a giver
during the given year 1
distribution
of the popu
4
Provisional.
56 Preliminary; based on provisional data for January-November 1959.
Preliminary; based on provisional data for January-October 1959.
NOTE.—The birth rate for 1946 is based on total population including armed forces abroad. Birth rates
for 1947-59 and death rates for 1946-59 are based on total population excluding armed forces abroad. Alaska
and Hawaii are excluded from all data.
Sources: Department of Commerce and Department of Health, Education, and Welfare.
129
TABLE C—2.—Gross national product, total and per capita, in current and 1959 prices, 1946-59
Total (billions of dollars)
Per capita (dollars)
Year
In current
prices
1946
1947 1948
1949 1950 1951
1952
1953
1954
1955
1956
1957
1958
19592
.
-
-
-
-
-
-
.
In 1959
prices l
In current
prices
In 1959
prices
210.7
234.3
259.4
258.1
316.0
315.7
327.9
328.2
1,490
1,626
1,769
1,730
2.235
2,190
2,236
2,200
284.6
329.0
347.0
365.4
363.1
356.2
385.0
399.0
417.1
408.8
1,876
2,131
2,210
2,289
2,236
2,348
2,494
2,541
2,613
2,517
397.5
419.2
442. 5
441.7
478.8
441.5
450.9
458.9
448.6
478.8
2,405
2,493
2,585
2,538
2,706
2,671
2,681
2,681
2,577
2,706
1
For method of deflation, see U.S. Income and Output, A Supplement to the Survey of Current Business,
1958.
2
Preliminary; includes fourth quarter estimate by Council of Economic Advisers.
Sources: Department of Commerce and Council of Economic Advisers.
TABLE C-3.—Civilian employment, 1946-59
[Millions of persons 14 years of age and over]
Civilian employment
Year
Total
Old definition: 1
1946
1947
New definition: »
1947
1948
1949
1950
1951
1952 3
1953
1954
.
1955
1956
1957
1958
1959
Male
55.2
58.0
57.8
59.1
58.4
-.
-_
.-.
..
.--
__
-
.
.
Female
38.9
41.7
(2)
42.3
41.5
130
(2)
16.8
16.9
59.7
60.8
61.0
61.9
60.9
42.2
42.4
42.2
43.0
42.2
17.6
18.4
18.8
19.0
18.7
62.9
64.7
65.0
64.0
65.6
43.2
44.0
44.0
43.0
44.1
19.8
20.7
21.0
20.9
21.5
1 See Note, Table D-17.
2 Not available.
Beginning with 1953 data are not strictly comparable with prior data. See Note, Table D-17.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
3
16.3
16.3
TABLE G—4.—Personal income, total and per capita, in current and 1959 prices, 1946-59
Total (billions of dollars)
Year
1946
1947
1948
1949
In current
prices
--
1950 - 1951
1952
1953
1954
...
-
1955
1956
1957
1958
1959 2
In 1959
prices J
Per capita (dollars)
In current
prices
In 1959
prices 1
179.3
191.6
210.4
208.3
253.2
245. 0
254. 1
254. 0
1, 268
1, 329
1, 435
1,396
1,791
1,699
1,733
1,702
228. 5
256. 7
273. 1
288.3
289.8
274.6
289. 4
301.4
315. 1
313.6
1,506
1,663
1, 739
1, 806
1,784
1,810
1,875
1,919
1,974
1,931
310.2
332.9
350. 6
359. 0
380.1
334.6
352.6
360.7
362.6
380.1
1,877
1,979
2,048
2,063
2,148
2,025
2,096
2,107
2,084
2,148
1
Dollar estimates in current prices divided by the implicit price deflator for personal consumption expenditure
component of gross national product on a 1959 base.
2
Preliminary; includes fourth quarter estimate by Council of Economic Advisers.
Sources: Department of Commerce and Council of Economic Advisers.
TABLE C-5.—Disposable personal income, total and per capita, in current and 1959 prices, 1946—59l
Total (billions of dollars)
Year
1946
1947
1948
1949
_.
1950
1951
1952
1953
1954 _ 1955
1956 .
1957
1958 _.
19593
In current
prices
_.
_
-
__
._
_-
_-_
_
In 1959
prices 2
Per capita (dollars)
In current
prices
In 1959
prices 2
160.6
170. 1
189. 3
189.7
226.8
217.5
228.6
231.3
1,136
1,180
1,291
1,272
1,605
1,509
1,559
1,551
207.7
227.5
238.7
252. 5
256.9
249.6
256.5
263.5
276.0
278.0
1,369
1,474
1,520
1,582
1,582
1,645
1,662
1,678
1,729
1,712
274.4
292.9
307. 9
316.5
334.6
296.0
310.3
316. 8
319.7
334.6
1,660
1,742
1,799
1,818
1,891
1,791
1,845
1,851
1, 836
1,891
1
2
Disposable personal income is personal income less personal taxes.
Dollar estimates in current prices divided by the implicit price deflator for personal consumption expenditure
component of gross national product on a 1959 base.
3
Preliminary; includes fourth quarter estimate by Council of Economic Advisers.
Sources; Department of Commerce and Council of Economic Advisers.
'3*
TABLE G-6.—Personal income disbursements: Percentage distribution by type of income, 1946—59
Percent of total income disbursements
Year
Total
Labor income and transfer
personal
Proprietors' income
Investment income
income
payments
disburseWage
ments
Busiand
(billions
Rental
Perness
Transsalary Other
Divi- sonal
of dollabor
Total
and Farm Total income
1 Total
fer
paydis- income ments
of
dends
lars)
interest
profesbursepersons
income
sional
ments
1946
1947
1948
1949
1950
1951
1952
1953
1954
-.
1955
1956
1957
1958
1959 2
100.0
100.0
100.0
100.0
69.1
70.7
70.2
71.1
61.7
63.4
63.6
63.8
1.0
1.2
1.3
1.4
6.3
6.1
5.3
5.9
20.2
18.3
18.9
16.9
11.7
10.3
10.5
10.8
8.4
8.0
8.4
6.1
10.8
10.9
10.9
12.0
3.4
3.4
3.4
3.9
3.2
3.4
3.4
3.6
4.2
4.2
4.1
4.5
100.0
100.0
100.0
100.0
100. 0
71.4
72.3
73.5
74.7
74.3
63.3
65.6
66.8
67.8
66.7
1.6
1.8
1.9
2.1
2.1
6.5
4.8
4.8
4.9
5.5
16.2
16.3
15.2
13.9
13.7
10.2
10.0
9.7
9.4
9.4
6.1
6.3
5.5
4.6
4.3
12.3
11.4
11.3
11.3
12.0
3.9
3.6
3.7
3.6
3.7
4.0
3.5
3.3
3.1
3.3
4.5
4.3
4.4
4.6
5.0
100.0
100.0
100.0
100.0
100.0
74.7
75.1
75.4
75.1
75.8
66.9
67.2
66.8
65.4
66.4
2.3
2.4
2.5
2.5
2.6
5.5
5.5
6.1
7.1
6.9
13.4
12.9
12.5
12.7
11.9
9.6
9.5
9.2
8.9
8.9
3.7
3.4
3.3
3.9
3.0
12.0
12.0
12.2
12.2
12.3
3.4
3.2
3.2
3.2
3.1
3.6
3.6
3.5
3.4
3.4
5.0
5.2
5.5
5.6
5.8
1
2
Personal income receipts plus personal contributions for social insurance.
Preliminary; includes fourth quarter estimate by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Council of Economic Advisers.
TABLE G—7.—Average family personal income, before and after Federal individual income tax
liability, in current and 1959 prices, 1946-59
Average (mean) personal income per family 1
Number of
families and
unattached
individuals
(millions)
Year
1946
1947
1948
1949
1950
1951
1952
1953
1954
__ .
. _
.
__
1955
1956
1957
1958
1959
.
.
Before tax
In current
prices
After tax
In 1959
prices 3
In current
prices
In 1959
prices >
43.3
44.7
46.3
47.8
$3,940
4,130
4,350
4,170
$5,560
5,280
5,250
5,080
(3)
$3, 720
4,010
3,860
(3)
$4,760
4,850
4,710
48.9
49.5
50.2
50.5
51.2
4,440
4,900
5,120
5,390
5,360
5,340
5,530
5,650
5,890
5,800
4,070
4,420
4,570
4,810
4,840
4,890
4,980
5,040
5,260
5,240
52.2
52.8
53.5
54.3
55.3
5,640
5,950
6,200
6,220
6,470
6,080
6,310
6,380
6,290
6,470
5,090
5,350
5,580
5,610
5,830
5,490
5,670
5,740
5,670
5,830
1
3
Includes unattached individuals.
Dollar estimates in current prices divided by the implicit price deflator for personal consumption
expenditure
component of gross national product on a 1959 base.
3
Not available.
Source: Department of Commerce.
132
TABLE G—8.—Real personal income of families: Number and percent of families, by income group,
1947 and 1955-58
Family personal income in 1958 prices (before income taxes)1
Year
Under
$2,000
Total
$2,000
and
over
Under
$4,000
$4,000
and
over
Under
$6,000
$6,000
and
over
Under
$8,000
$8,000
and
over
Families (millions)2
1947
...
1955
1956
1957
1958
.
_ __
.
44.7
7.6
37.1
20.8
23.9
32.4
12.3
38.2
6.5
.
52.2
52.8
53.5
54.3
7.5
7.2
7.3
7.6
44.7
45.6
46.2
46.7
19.3
18.9
18.9
19.7
32.9
33.9
34.6
34.6
32.7
32.1
32.2
33.3
19.5
20.7
21.3
21.0
41.9
41.2
41.5
42.5
10.3
11.6
12.0
11.8
72
28
85
15
63
61
60
61
37
39
40
39
80
78
78
78
20
22
22
22
Percent of families 2
1947
100
17
83
47
53
1955
1956
1957
1958
100
100
100
100
14
14
14
14
86
86
86
86
37
36
35
36
63
64
65
64
_
1
An approximate conversion of the 1947 and the 1955-57 income distributions of families and unattached
individuals into 1958 dollars has been made by applying the implicit price deflator of the personal consumption expenditure component of gross national product to the current dollar distribution for the earlier years.
Separate indexes applicable to the various income brackets are not available. It is therefore necessary to
use the same index throughout the income range even though all brackets may not have been actually
affected
in the same way by the price rise.
2
Includes unattached individuals.
Source: Department of Commerce.
TABLE G-9.—Average gross hourly earnings of production workers in manufacturing industries, in
current and 1959 prices, 194$-59
In current
prices
Year
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958 2
1959
1
2
_.
.
_
_
.
.
_,
$1. 086
1.237
.350
.401
$1. 621
1.613
1.634
1.713
.465
1.77
1.81
1.774
1.78
1.83
1.93
1.96
1.88
1.98
2.07
2.13
2.22
2.04
2.12
2.15
2.15
2.22
.59
.67
__
.
_
-
_
_
_
_
_
In 1959
prices l
Dollar estimates in current prices divided by the consumer price index on a 1959 base.
Preliminary.
NOTE.—Average hourly earnings of production workers in manufacturing are affected by changes in
premium pay for overtime, by changes in the industrial composition of employment, and by other factors,
as well as by general changes in hourly wage rates.
Sources: Department of Labor and Council of Economic Advisers.
133
TABLE C-10.—Average weekly earnings of production workers in manufacturing industries,
in current and 1959 prices, 1946-59
Average gross weekly
earnings
Year
In current
prices
In 1959
prices 2
Average spendable weekly earnings '
Worker with no
dependents
In current
prices
In 1959
prices 2
Worker with three
dependents
In current
prices
In 19592
prices
1046
1947
1948
1949
$43.82
49.97
54.14
54.92
$65.40
65.15
65.54
67.14
$37. 72
42.76
47.43
48.09
$56. 30
55.75
57.42
58.79
$43.20
48.24
53.17
53.83
$64.48
62.89
64.37
65.81
1950
1951
1952
1953
1954
59.33
64.71
67.97
71.69
71.86
71.83
72.54
74.53
78.01
77.94
51.09
54.04
55.66
58.54
59.55
61.85
60.58
61.03
63.70
64.59
57.21
61.28
63.62
66.58
66.78
69.26
68.70
69.76
72.45
72.43
76.52
79.99
82.39
83.50
89.47
83.17
85.73
85.38
84.17
89.47
63.15
65.86
67.57
68.46
72.81
68.64
70.59
70.02
69.01
72.81
70.45
73.22
74.97
75.88
80.34
76.58
78.48
77.69
76.49
80.34
1955 ..
1956
1957
1958
19593
-.
-
1
2
3
Average gross weekly earnings less Federal social security and income taxes.
Dollar estimates in current prices divided by the consumer price index on a 1959 base.
Preliminary.
NOTE.—Average gross weekly earnings are affected not only by changes in average gross hourly earnings,
but also by changes in the length of the workweek, part-time work, stoppages for varying causes, labor
turnover, and absenteeism.
Sources: Department of Labor and Council of Economic Advisers.
134
TABLE C—11.—Average gross weekly earnings in selected industries, in current and 1959 prices,
1946-59
[For production workers or nonsupervisory employees]
Manufacturing
Year
Total
Building
conDurNonstrucable durable tion
goods goods
Retail
trade
Whole- Class I Telerailsale
trade
roads phone
Laundries
Bituminous
coal
mining
In current prices
1946
1947 .
1948
1949
$43. 82
49.97
54.14
54. 92
$46. 49
52.46
57.11
58.03
$41. 14
46.96
50.61
51.41
$56. 24
63. 30
i 68. 85
70.95
,$36. 35
40.66
43.85
45.93
$47. 73
51.99
55.58
57.55
$50. 00
55.03
60.11
62.36
$44. 29
44. 77
48.92
51. 78
$30. 20
32. 71
34. 23
34.98
$58. 03
66.59
72.12
63.28
1950
1951
1952- . .,
1953.....
1954
59.33
64.71
67.97
71.69
71.86
63.32
69.47
73.46
77. 23
77.18
54.71
58.46
60.98
63.60
64.74
73.73
81.47
88.01
91.76
94.12
47.63
50.65
52.67
54.88
56.70
60.36
64.31
67.80
71.69
73.93
64.14
70.93
74.30
76.33
78.74
54. 38
58.26
61.22
65.02
68.46
35.47
37.81
38. 63
39.69
40.10
70.35
77.79
78.09
85.31
80.85
1955
1956
1957
1958
1959»
76.52
79.99
82.39
83.50
89.47
83.21
86. 31
88.66
90.06
96.87
68.06
71.10
73.51
75.27
79.80
96.29
101. 92
106. 86
110. 67
114. 60
58.50
60.60
62.48
64.77
67.06
77.14
81.20
84.42
87.02
90.27
82.12
88.40
94.24
101. 50
106. 17
72.07
73.47
76.05
78.72
85.06
40.70
42.32
43.27
44.30
46.33
96.26
106. 22
110. 53
102. 38
116. 64
In 1959 prices 2
1946 . ..
1947
1948
1949
1950
1951..
1952
1953
1954.
1955..
1956
1957
1958
19593
.
_
_ ..
$65. 40
65.15
65.54
67.14
$69. 39
68.40
69.14
70.94
$61.40
61.23
61.27
62.85
$83. 94
82.53
i 83. 35
86.74
$54. 25
53.01
53.09
56.15
$71. 24
67.78
67.29
70.35
$74. 63
71.75
72.77
76.23
$66.10
58.37
59.23
63.30
$45. 07
42.65
41.44
42.76
$86.61
86.82
87.31
77.36
71.83
72.54
74.53
78.01
77.94
76.66
77.88
80.55
84.04
83.71
66.23
65.54
66.86
69.21
70.22
89.26
91. 33
96.50
99.85
102.08
57.66
56.78
57.75
59.72
61.50
73.08
72.10
74.34
78.01
80.18
77.65
79.52
81.47
83.06
85.40
65.84
65.31
67. 13
70.75
74.25
42.94
42.39
42.36
43. 19
43.49
85.17
87.21
85.62
92.83
87.69
83.17
85.73
85.38
84.17
89.47
90.45
92.51
91.88
90.79
96.87
73.98
76.21
76. 18
75.88
79.80
104.66
109. 24
110. 74
111.56
114.60
63.59
64.95
64.75
65.29
67.06
83.85
87.03
87.48
87.72
90.27
89.26
94.75
97.66
102. 32
106.17
78.34
78.75
78.81
79.35
85.06
44.24
45.36
44.84
44.66
46.33
104. 63
113. 85
114.54
103. 21
116. 64
12 Data beginning with 1948 not comparable with prior data.
Dollar estimates in current prices divided by the consumer price index on a 1959 base,
s Preliminary.
Sources: Department of Labor and Council of Economic Advisers.
533287 O—60-
-10
TABLE G—12.—-Work stoppages resulting from labor-management disputes, 1946—59 l
Man days idle
Work
stoppages
(number)
Year
1946
1947
1948
1949
.
1950
1951
1952
1953
1954.. -. .
1955-. .
1956
1957
1958 2
1959
-.- -.
. .. . .
.
- .-
--
Workers
involved
(thousands)
Number
(thousands)
Percent of
estimated
working
time of
all workers
4,985
3,693
3,419
3,606
4,600
2,170
1,960
3,030
116,000
34,600
34,100
50,500
1.43
.41
.37
.59
4,843
4,737
5,117
5,091
3,468
2,410
2,220
3,540
2,400
1,530
38,800
22,900
59,100
28,300
22,600
.44
.23
.57
.26
.21
4,320
3,825
3,673
3,694
3,900
2,650
1,900
1,390
2,060
1,850
28,200
33,100
16,500
23,900
68,000
.26
.29
.14
.22
.61
1
The number of stoppages and workers involved pertain to stoppages beginning in the period, involving
6 or more workers, and lasting a full day or shift or longer. Data on man-days of idleness pertain to all
stoppages
in effect during the period.
2
Preliminary.
Source: Department of Labor.
TABLE C—13.— Total and per capita personal consumption expenditures, in current and 1959
prices, 1946-59
Total (billions of dollars)
Year
1946
1947 1948
1949
1950
1951
1952 .
1953
1954 1955
1956
1957
1958
In current
prices
.
-
.
_
-
.
19592
In 1959
prices 1
Per capita (dollars)
In current
prices
In 1959
prices *
147.1
165.4
178.3
181.2
207.8
211.4
215.4
220.9
1,040
1,148
,216
,215
1,470
1,467
1,469
1,481
195.0
209.8
219.8
232.6
238.0
234.5
236.4
242.5
254.2
257.5
,286
,359
,400
,457
,465
1,546
1,531
1,544
1,592
1,585
256.9
269.9
284.8
293.0
311.4
277.0
286.0
293.1
295.9
311.4
,554
,605
,664
1,683
1,760
1,676
1,701
1,712
1,700
1,760
1
For method of deflation, see 17. S. Income and Output, A Supplement to the Survey of Current Business,
1958.
2
Preliminary; includes fourth quarter estimate by Council of Economic Advisers.
Sources: Department of Commerce and Council of Economic Advisers.
136
TABLE G—14.—Vacations and vacation activities, 1946-59
Number of
weeks of
vacations '
(millions)
Year
Visitors to areas
administered by
National Park Service
(millions)
Total 3
1946. .
1947
1948
-. .
1949
1950
1951
1952
1953
1954
-
_.
-
_ _ . _ . - .
1955
1956
1957
1958
1959
National
Parks only
Paid licenses (millions) l
Hunting
Fishing
34.4
43.4
54.3
54.3
21.8
25.5
29.9
31.7
9.0
10.7
11.3
13.0
9.9
12.1
11.4
12.8
11.1
12.6
14.1
15.5
59.1
55.8
58.8
60.9
70.8
33.3
37.1
42.3
46.2
47.8
13.9
15.1
17.1
17.4
18.0
12.6
12.7
13.9
14.8
14.1
15.3
16.0
17.1
17.7
18.6
65.9
70.0
75.2
76.9
«77.7
50.0
54.9
59.3
58.7
<62.6
18.8
20.1
20.9
21.7
<22.3
14.2
14.5
14.9
14.8
15.2
18.9
18.7
19.3
20.2
20.0
1
2
Data relate to persons with a job but on vacation.
Data relate to year ended June 30.
34 Includes National Parks, national monuments, and other areas.
Preliminary.
Sources: Department of Commerce and Department of Interior.
TABLE C-15.—Automobile ownership, 1948-59
Number of families owning
automobiles (millions)
Percent of all families
owning automobiles
One or more Two or more
automobiles automobiles
One or more Two or more
automobiles automobiles
Year
1948
1949
1950
1951
1952
1953
1954
-
23
25
27
30
31
31
34
-
1955
1956
1957
1958
1959
35
37
39
38
39
2
2
54
56
3
2
5
60
65
65
65
70
5
6
7
7
8
71
73
76
73
74
0)
4
5
7
W
8
10
11
12
13
14
15
i Not available.
NOTE.—Data relate to ownership of an automobile by some member of the family early in each year.
Data are not available prior to 1948.
Source: Board of Governors of the Federal Reserve System.
137
TABLE C-l6.—Home ownership, 1947, 1950, and 1952-59
Total owner-occupied
dwelling units l
Year
Number
(millions)
Nonfarm owner-occupied
dwelling units
Percent
of total
occupied
dwelling
units
1947
21.3
55
1950
23.6
55
1952
1953
1954
.
.
-
1955
1956
December .
Number
(millions)
Percent of
nonfarm
occupied
dwelling
units
17.3
53
19.8
53
22.2
22.7
23.6
56
56
57
29.3
60
24.1
25.4
57
59
30.1
60
26.1
59
26.3
27.1
28.0
59
60
61
1957 .
1958
1959
1
Since 1946, data are available only for years shown.
NOTE.—Data are for the early part of each year, usually March or April, unless otherwise indicated.
Sources: Department of Commerce and Council of Economic Advisers.
TABLE C-17.—Household status of married couples, 1946-59
Year
Total
Married
couples
with own
household
Married
couples
without own
household
Percent
with own
household l
Millions
31.6
33.5
34.4
35.4
28.9
30.6
31.9
33.3
2.7
2.9
2.5
2.2
91.4
91.3
92.8
93.9
1950
1951
1952
1953
1954 .
36.1
36.1
36.7
37.1
37.3
34.1
34.4
35.1
35.6
35.9
2.0
.8
.6
.5
.5
94.4
95.1
95.8
95.8
96.1
1955
1956
1957
1958
1959
37.6
38.3
38.9
39.2
39.5
36.3
37.0
37.7
38.0
38.4
.3
.3
.2
1.2
1.1
96.5
96.7
96.8
96.9
97.2
1946
1947 .
1948
1949
.
.
1
Percents are based on data in thousands.
NOTE.—Data for 1946 relate to June, for 1950 and 1956-59 to March, and for all other years to April.
Source: Department of Commerce.
138
TABLE G—18.—Homes with selected electrical appliances, 1946—59
Wired homes with—
Television
Refrigerators
sets
End of year
11
38
o|
"d^
S?
i-t'tn
23
si
Si
Vacuum
cleaners
(floor)
Freezers
1!
11
£*
<D -H
!1
fe H
0 0
38
«^
4J.C
Is
Dryers
(electric
and gas)
Electric
washers
21
II
if
•ol
+jfC
fe§
fr£
S^
11 £ £
&*
O>T3
g
II
II
l
°J8
II
I!
48 8
49.5
51.7
52.8
18.8
20.8
23.7
25.6
60 5
63.0
67.4
68.6
0 2
.3
0.4
1.0
3.0
2.9
10.1
21.4
23 5
27.0
29.5
69.1
71.2
76.6
79.2
1.5
4.3
2.0
5.2
15 1
16 4
18 2
19.7
1950
1951
1952
1953
1954
10.6
15.8
21.2
27.7
32.1
26.4
38.5
50.2
63.5
74.1
33.8
35.5
37.8
39.4
41.4
86.4
86.7
89.2
90.4
92.5
2.8
3.8
4.9
5.8
6.8
7.2
9.3
11.5
13.4
15.1
22.0
23.6
25.1
26.4
27.9
56.5
57.7
59.4
60.5
62.2
28.1
30.1
32.2
34.2
36.4
71.9
73.5
76.2
78.5
81.3
.6
1.0
1.6
2.2
3.0
1955
1956
1957
1958
1959
35 0
38.8
41.9
44.0
45.5
76.1
81.9
86.3
89.0
89.9
43.3
45.5
46.8
48.2
49.6
94.1
96.0
96.3
97.7
98.0
7.7
8.6
9.4
10.4
11.2
16.8
18.0
19.2
21.0
22.1
29.6
31.6
33.2
35.0
36.7
64.3
66.6
68.3
70.9
72.5
38.7
41.2
43.0
44.9
47.1
84.1
86.8
88.5
90.9
93.1
4 2
5.6
6.6
7.7
9.0
|f
1!
-M.CJ
§T3
*I
1946
1947
1948
1949
Air conditioners
££
£i*
*1
IS
*l
.7
0.1
.1
1
.1
0.2
.2
3
.4
1.4
2.4
3.7
5.1
6.6
.2
.3
.6
1.2
1.8
.6
.8
1.4
2.6
4.0
9.2
11.9
13.7
15.6
17.8
2.6
3.6
4.6
5.8
6.5
5.6
7.6
9.6
11.7
12.8
Source: McGraw-Hill Publishing Co. (Electrical Merchandising Week).
TABLE G-19.—Life insurance, 1946-59
End of year
1946
1947
1948
1949
1950
1951
1952
1953
1954
_
- ._
.. _
.
_
1955
1956
1957
1958
19593
.-
.
_
.
_
_.
Policy
reserves
of United
States life
insurance
companies
(billions of
dollars)
of
Number of Number
policypolicies
holders
(millions) i (millions)
Life insurance per
family
(dollars)
173
182
187
194
73
75
78
80
3,600
3 800
4,200
4,300
41.7
44 9
48.2
51.5
202
210
219
229
237
83
86
88
90
93
4,600
4,900
5,300
5 800
6,300
54.9
58.5
62.6
66.7
70.9
251
261
266
267
280
2103
6,900
7,600
8,300
8,800
9,300
75.4
79.7
84.1
88.6
93.2
106
109
112
115
1 Total of ordinary, group, industrial, and credit.
2 Figures beginning with 1955 are not strictly comparable with the earlier data because of a change in the
method of estimation. The result of this change in procedure was to raise the 1955 figure by 6 or 7 percent
over the figure that would have been obtained by the old method.
3 Estimates.
Source: Institute of Life Insurance.
139
TABLE C-20.—Financial assets and net equity of individuals, 1946-59
[Billions of dollars]
Financial assets
Govern- IndividTime
State
Prement
U.S.
and
and
CurCorpo- ferred
PriPriinsur- uals'
rency saving Govern- local
rate
vate
vate
net 2
and
ance equity
and deposits ment Govern- bonds com- insurTotal
penand
demand and
secur- ment
and
ance
sion
mon
deposits savings ities
secur- notes i shares 1 reserves reserves pension
shares
ities
reserves
End of
year
291.4
303.7
312.9
321.6
75.1
74.8
72.3
70.0
61.6
65.0
67.2
69.6
64.1
65.5
66.5
67.8
10.7
11.0
12.0
12.4
(3)
(33)
(3)
()
333.2
350.2
372.8
394.0
4
660. 1
73.1
77.0
79.8
80.4
81.5
71.8
75.9
83.5
91.6
100.7
67.6
66.3
66.8
67.3
66.1
12.9
13.3
14.3
16.1
16.8
(3)
(33)
(3)
()
21.1
(3)
(33)
(3 )
()
223.7
737.5
769.2
756.5
890.7
956.2
81.6
82.5
81.3
83.8
85.0
109.2
118.2
129.8
144.1
155.4
68.4
70.4
71.7
68.3
74.6
18.7
20.2
22.5
23.7
26.4
21.6
19.9
20.6
22.4
21.3
276.5
285.9
248.3
355.0
389.4
1946
1947
1948
1949
1950
1951
1952
1953 - -.1954
1955
1956
1957
1958
1959»
(33)
( 3)
( 3)
()
50 .5
54 .4
58 .5
53.7
9.2
29.4
32.9
36.4
38.8
265.4
271.1
272.7
274.3
57.0
60.0
63.9
67.8
72.3
11.1
13.5
16.1
19.0
23.5
39.9
44.1
48.5
51.8
54.4
274.8
284.5
295.7
305.5
4
560. 7
76.8
81.0
84.3
88.5
92.2
27.1
30.0
33.9
40.1
45.1
57.5
61.1
64.2
64.9
66.8
619.6
638.7
651.8
740.1
788.0
1
Rough estimates of market value.
J
Total financial assets less total liabilities (mortgage debt, consumer debt, and securities loans). The
year-to-year changes are not equivalent to savings shown in Table D-15 which do not reflect revaluations
in certain of the components.
a Not available.
4
Data prior to 1954 do not include individuals' holdings of corporate securities and, therefore, are not
comparable with subsequent data.
• Preliminary.
Source: Securities and Exchange Commission.
TABLE C-21.—Shareowners in public corporations, 7952, 1954, 1956, and 1959
Number of
shareowners
(thousands)
Year
1952
1954
1956
1959
.-
_
.--
6,490
7,500
8,630
12,490
NOTE.—Data for 1952,1956, and 1959 relate to the early part of the year and for 1954 to the end of the year.
Sources: Brookings Institution and New York Stock Exchange.
140
TABLE C-22.—Fall school enrollment, 7948-591
[Thousands of persons]
Kindergarten
October
Elementary school
College or professional school
High school
PriTotal Public
vate
school school
Total
PriPriPriPublic vate
Public vate
Total Public
vate
school school Total school school
school school
1948
1949 .
1,086
992
904
859
182
133
19, 778
20, 486
17, 784
18, 090
1,994
2,396
6,334
6,498
5, 853
5,924
481
574
2,278
2,299
(22)
()
1950
1951
1952
1953
1954
902
1,107
1,383
1,654
1,509
755
876
,135
,336
,235
147
231
249
317
274
20, 504
21, 116
21, 994
23, 154
24, 427
18, 087
(22)
()
20, 245
21, 416
2,417
(22)
()
2,908
3,011
6,656
6,773
7,108
7,266
7,733
6,115
( 22)
()
6,600
7,053
541
( 22 )
()
665
679
2,214
1,869
1,980
2,377
2,414
1,294
(2)
(2)
1,042
1,441
920
(22)
()
1,334
973
1,628
1,758
1,824
_ 1,991
2,032
,365
,566
,471
,569
,678
263
192
353
422
354
25, 458
26, 169
27, 248
28, 184
29, 382
22, 078
22, 474
23, 076
23, 800
24, 680
3,379
3,695
4,172
4,385
4,702
7,961
8,543
8,956
9,482
9,616
7,181
7,668
8,059
8,485
8,571
780
875
897
998
1,045
2,379
2,883
3,138
3,242
3,340
1,515
1,824
2,054
2,088
2,120
864
1,059
1,084
1,155
1,220
1955 .
1956
1957
1958
1959
(22)
()
1 Civilian noninstitutional population, 5 to 34 years of age.
Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
2
TABLE C-23.—Percent of civilian noninstitutional population 5 to 34 years of age enrolled in
school, by age group, October of each year, 1946—59
[Percent]
5 to 29 years of age
Total
5 to 34
years
16 and 18 and 20 to
5 J
6
7 to 9 1013to Hand
24
15
of age Total years
19
17
years * years years
years years years years
October
30 to
34
25 to years
29
of age
years
(2)
(2)
42.3
43.1
43.9
(2)
50.3
51.2
52.1
(2)
53.4
55.0
55.1
(2)
96.2
96.2
96.2
98.1
98.4
98.3
98.5
98.3
98.6
98.0
98.7
92.8
91.6
92.7
93.5
66.7
67.6
71.2
69.5
22.5
24.3
26.9
25.3
10.1
10.2
9.7
9.2
2.2
3.0
2.6
3.8
1950
1951 .
1952
1953
1954
44.2
45.4
46.8
48.8
50.0
52.7
54.4
56.0
58.3
59.7
51.8
53.8
57.8
58.4
57.7
97.0
96.0
96.8
97.7
96.8
98.9
99.0
98.7
99.4
99.2
98.6
99.2
98.9
99.4
99.5
94.7
94.8
96.2
96.5
95.8
71.3
75.1
73.4
74.7
78.0
29.4
26.3
28.7
31.2
32.4
9.0
8.3
9.5
11.1
11.2
3.0
2.5
2.6
2.9
4.1
.9
.7
1.2
1.7
1.5
1955
1956
1957
1958
1959
50.8
52.3
53.6
54.8
55.5
60.4
61.9
63.2
64.1
64.5
58.1
58.9
60.2
63.8
62.9
98.2
97.0
97.4
97.3
97.5
99.2
99.4
99.5
99.5
99.4
99.2
99.2
99.5
99.5
99.4
95.9
96.9
97.1
96.9
97.5
77.4
78.4
80.5
80.6
82.9
31.5
35.4
34.9
37.6
36.8
11.1
12.8
14.0
13.4
12.7
4.2
5.1
5.5
5.7
5.1
1.6
1.9
1.8
2.2
2.2
1946
1947
1948
1949 -
-.
1
2
Includes children enrolled in kindergarten.
Not available.
Source: Department of Commerce.
141
1.0
.9
1.1
TABLE C-24.—Educational expenditures and selected measures of educational achievement, 7946—50
Education expenditures per pupil in
average daily
attendance
(dollars) 1
Year
Earned degrees conferred 2
Percent enrolled in
school or
college 3
Bachelor's Master's Doctor's Total (5 5 to 13
and first and second or equiv- to 34 years years of
professional professional alent
of age)
age
14 to 17
years of
age
Total *
Current
1946
1947
1948
1949
145
(5)
203
(5)
135
(5)
179
(5)
136, 174
(5)
271, 186
365, 492
19, 209
(5)
42, 432
50,741
1,966
(5)
3,989
5,049
(5)
42.3
43.1
43.9
(5)
92.3
91.9
92.7
80.1
79.3
81.8
81.6
1950
1951
1952
1953
1954
259
(5)
313
(5)
351
209
(5)
244
(5)
265
432, 058
382, 546
329, 986
303, 049
290, 825
58, 183
65, 077
63, 534
60, 959
56,788
6,633
7,337
7,683
8,307
8, 995
44.2
45.4
46.8
48.8
50.0
92.8
92.8
92.3
93.6
93.6
83.3
85.1
85.1
85.9
87.1
(5)
388
(5)
«446
(5)
(5)
294
(5)
6340
(5)
285, 138
308, 812
337,663
362, 554
387,000
58, 165
59, 258
61,909
65, 487
70, 700
8,837
8,903
8,752
8,938
9,300
50.8
52.3
53.6
54.8
55.5
93.9
94.0
94.4
94.8
94.8
86.9
88.2
89.5
89.2
90.2
1955
1956
1957
1958
1959 8
_..
1
For pupils in public elementary and secondary schools.
2
For school year ended in year shown.
3
Percent
of civilian noninstitutional population 5 to 34 years of age
4
,Total of current expenditures, capital outlays, and interest paid.
5
Not
available.
6
enrolled as of October of each year.
Preliminary.
Sources: Department of Health, Education, and Welfare and Department of Commerce.
142
TABLE G-25.—Old-age, survivors, and disability insurance coverage: Number and percent relation to total population and to paid employment, 1946-59
Paid employment
Population
Year
Total
Covered by OASDI
including joint railroad
retirement
- OASDI
Covered
by OASDI coverage as percent of
including
joint railroad retirement— PopulaPaid emOASDI
tion
ployment
coverage 1
Millions of persons 142 years of age
and over
Percent
Monthly averages: 3
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
19594
....
-
_ -
. _
-
_
106.5
107.6
108.6
109.8
56.4
57.6
58.9
58.4
36.7
37.2
38.4
37.4
34.5
34.6
35.4
34.1
65.1
64.6
65.2
64.0
110.9
112.2
113.4
115.2
116.3
59.8
62.5
63.3
63.8
62.8
38.4
49.3
50.2
50.8
49.6
34.6
43.9
44.3
44.1
42.6
64.2
78.9
79.3
79.6
79.0
117.5
118.9
120.6
122.1
123.5
64.5
66.0
66.0
64.9
66.6
54.7
56.8
56.7
56.1
57.8
46.6
47.8
47.0
45.9
46.8
84.8
86.1
85.9
86.4
86.8
1
The Social Security Amendments of 1950 expanded by more than 10 million the number of jobs eligible
for coverage by old-age and survivors insurance in a given month. The Social Security Amendments of
1954 extended coverage to an additional 7^i million jobs eligible for coverage on an average monthly basis,
while the 1956 Amendments to the Social Security Act further extended coverage to nearly 1 million civilian
workers and 3 million members of the armed forces on a contributory basis in 1957. The Social Security
Amendment of 1958 had only a slight effect on coverage of the program. Members of the armed forces are
also included in the earlier years, although on a noncontributory basis, as provided under special provisions
of the Social Security Act. Thus, 90 percent of all gainfully employed persons are covered or eligible for
coverage.
The expansion in the number of jobs eligible for coverage did not result in an equal number of additional
covered persons, for three reasons. First, many persons holding these newly covered jobs had been working
at some time during the year in other jobs already covered; for these, the coverage was strengthened rather
than extended. Second, a substantial number of persons affected by the amendments were eligible for
coverage on a group elective basis, and not all of these groups had elected coverage by the end of 1959. Data
on covered workers in this table include only those workers
hi the voluntary coverage group who had elected
to be covered. As of December 1959, there were about 7l/i million persons in jobs subject to coverage on a
group elective basis. Approximately three-fifths of the number of persons in this group, comprised primarily
of ministers (eligible on an individual elective basis) and employees of State and local governments and
nonprofit organizations, had elected coverage. Third, even in those jobs for which coverage was compulsory,
some
persons had not reported their earnings for social security tax purposes.
2
Civilian noninstitutional population of the United States, excluding Alaska and Hawaii, and all armed
forces.
3 Beginning 1951, monthly averages are based on four calendar months: March, June, September, and
December.
4
Preliminary.
Sources: Department of Commerce, Department of Health, Education, and Welfare, Railroad Retirement Board, and Interstate Commerce Commission.
143
TABLE C-26.—Old-age, survivors, and disability insurance benefits, 1946-59
Number of
Amount of beneficiaries
benefits paid
receiving
(millions of
monthly
dollars)
payments 1
(thousands)
Year
1946
1947
1948
1949
_
1950
1951
1952
1953
1954
1955
1956
1957
1958
19593
_ _
_
__
__
-
.
_ _ _
378
466
556
667
1 642
1 978
2 315
2 743
961
1,885
2 194
3,006
3,670
3 477
4 379
5 026
5 981
6 886
4,968
5,715
7 404
8,576
10,300
-
__
2
7 961
9,128
11 129
12 430
13 800
1 Status at the end of the year.
2
November used. December not available.
3 Preliminary.
Source: Department of Health, Education, and Welfare.
TABLE G—27.—Unemployment insurance coverage and benefits, 1946-59
Civilian employment (millions of persons
14 years of age and over)
Year
Total
Nonagricultural !
Covered by
unemployment compensation 2
Covered
employment
as percent
of non agricultural
employment
Average
weekly payment for
total unemployment
(dollars) 3
1946
1947
1948
1949
55.2
57.8
59.1
58.4
41.3
43.5
44.4
43.3
31.8
33.9
34.6
33.1
77.0
77.9
77.9
76.4
18.50
17.83
19.03
20.48
1950
1951 - - - - - 1952
1953
1954
59.7
60.8
61.0
61.9
60.9
44.7
47.3
48.3
49.7
48.4
34.3
36.3
37.0
38.1
36.6
76.7
76.7
76.6
76.7
75.6
20.76
21.09
22.79
23.58
24.93
1955 -1956
1957
1958 4
1959
62.9
64.7
65.0
64.0
65.6
50.1
51.8
52.2
50.5
52.0
40.2
42.7
43.4
41.8
42.9
80.2
82.4
83.1
82.8
82.5
25.08
27.06
28.21
30. 58
30.37
1 Includes all full- and part-time wage and salary workers in nonagricultural establishments. Excludes
proprietors,
self-employed persons, domestic servants, and unpaid family workers.
2
Data for 1955-59 relate to persons covered by State, Railroad Retirement, and Federal employee programs. For 1946-54 they relate only to State and Railroad Retirement programs.
s Data for 1955-58 relate to State and Federal employee programs. For 1946-54 and 1959 they relate to
State
unemployment programs only.
4
Preliminary.
Source: Department of Labor.
144
TABLE C-28.—Beds in civilian hospitals, 1'947-591
Number of
beds
(thousands)
End of year
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959 2
1
2
-
.
-
017
,025
- -
.
-.-
- -
119
.
_
- - - - -
_
.
_
_ -_-
, 185
194
219
-.-
,242
275
279
,287
1,300
1 322
1,346
.. - -
Excludes Federal facilities.
Preliminary.
NOTE.—Data relate to the United States and Territories.
Source: Department of Health, Education, and Welfare.
TABLE C-29.—Hospital, surgical, and medical expense coverage, 7946-59
Net number of persons protected (millions)
End of year
Hospital
expense
1946
1947
1948
1949
_ .
1950
1951
1952
1953
1954
1955
1956
1957
1958 2
1959
1
2
-
_
-__
.
_ - _
.-
Adjusted for duplication.
Estimates.
Source: Health Insurance Council.
145
Surgical
expense
Regular
medical
expense
J
Major medical expense
42. 1
52.6
61.0
66.0
18.6
26.2
34.1
41.1
6.4
8.9
12.9
16.9
76.6
85.3
91.0
97.3
101.5
54.2
64.9
72.5
81.0
85.9
21.6
27.7
35.7
42.7
47.2
0.1
.7
1.2
2.2
107.7
115.9
121 4
123.0
127.0
91.9
101.3
108.9
111.4
119.0
55.5
64.9
71.8
75.4
82.0
5.2
8.9
13.3
17.4
21.0
TABLE G—30.—Physicians, dentists, and nurses, 7949—59
Number of persons (thousands)
Period »
Physicians
201.3
(4)
1950
1951
1952
1953
1954
203.4
205.5
207.9
210.9
214.2
77.6
(44)
(4 )
(4)
()
1955
1956
1957
1958
1959
.
.-
--
- _
.--
218.1
221.7
226.6
230.7
235.0
Active
professional Physicians
graduate
nurses 3
Active
dentists
1949
Rate per 100,000 population
(4)
135
4
134
133
132
132
132
()
374.6
(44)
()
401.6
4
83.0
84.2
85.2
86.0
87.0
Active
dentists
Active
professional
graduate
nurses
(4)
(4)
51
(44)
(4 )
()
50
50
50
49
49
132
132
132
133
133
()
430.0
(4)
460.0
(4)
2
(44)
()
(4)
247
247
4
()
(4)
(4)
256
264
1
2
As of various dates.
Based on population estimates as of July 1 for United States, excluding Alaska and Hawaii but
including armed forces abroad.
3 Estimates.
4 Not available.
Sources: American Medical Association, American Dental Association, and American Nurses Association.
TABLE G-31.—Communicable diseases, 1946-59
Number of cases reported
Brucellosis
(undulant
fever)
Period
Diphtheria
Malaria
Meningococcal
infections
Smallpox
Tuberculosis
Typhoid
fever
1946
1947
1948
1949
5 887
6,321
4 991
4,235
16,354
12, 262
9,493
7,969
48 610
15, 116
9 606
4,151
5 693
3,420
3 376
3,519
337
176
57
49
119
134
137
134
256
946
006
865
3 268
3,075
2 840
2,795
1950
1951
1952
1953
1954
3 510
3 139
2 537
2 032
1,823
5 796
3,983
2 960
2,355
2,041
2 184
5 600
7 023
1 310
715
3 788
4 164
4 884
5 077
4,436
39
11
21
1
4
19
121
118
109
106
100
742
491
837
925
540
2 484
2 128
2 341
2 252
2,169
1 444
1 300
983
924
720
1 984
1 568
1 211
918
930
522
234
132
85
80
3 455
2 735
2,691
2,581
2,240
i2
98
90
86
82
75
860
465
861
266
000
1 704
1 700
1 231
1*043
900
1955
1956
1957
1958 .
19592.
.-
.
il
1
These cases do not fulfill the generally accepted criteria for a diagnosis of smallpox.
»Estimates.
Source: Department of Health, Education, and Welfare.
146
TABLE C—32.—Injury-frequency rates in manufacturing industries, 1946-59
Year
_
1946
1947
1948
1949..
19.9
-.
18.8
17.2
14.5
_
_._
_
1950
1951
1952
1953
1954
1955-..
1956
1957
1958
1959»
Ratei
.
_
_
_
'
_
12.1
12.0
11.4
10.9
12.1
. .
.
i Average number of disabling work injuries per each million employee-hours worked.
a Preliminary; based on data for first 9 months.
Source: Department of Labor.
14.7
15.5
14.3
13.4
11.9
147
Appendix D
STATISTICAL TABLES RELATING TO INCOME,
EMPLOYMENT, AND PRODUCTION
149
CONTENTS
National income or expenditure:
D-l. Gross national product or expenditure, 1929-59
D-2. Gross national product or expenditure, in 1959 prices, 1929-59
D-3. Gross private and government product, in current and 1959 prices,
1929-59
D-4. Gross national product or expenditure, in 1954 prices, 1929-59
D-5. Implicit price deflators for gross national product, 1929-59
D-6. Gross national product: Receipts and expenditures by major economic
groups, 1929-59
D-7. Personal consumption expenditures, 1929-59
D-8. Gross private domestic investment, 1929-59
D-9. National income by type of income, 1929-59
D-10. Relation of gross national product and national income, 1929-59. . . .
D—11. Relation of national income and personal income, 1929-59
D-12. Sources of personal income, 1929-59
D-l 3. Disposition of personal income, 1929-59
D-l 4. Total and per capita disposable personal income and personal consumption expenditures, in current and 1959 prices, 1929-59
D-l5. Financial saving by individuals, 1939-59
D-l 6. Sources and uses of gross saving, 1929-59
Employment and wages:
D-l 7. Noninstitutional population and the labor force, 1929-59
D-l 8. Employment and unemployment, by age and sex, 1942-59
D-l 9. Employed persons not at work, by reason for not working, and special
groups of unemployed persons, 1946—59
D-20. Unemployed persons, by duration of unemployment, 1946-59
D-21. Unemployment insurance programs, selected data, 1939 and 1946-59.
D-22. Number of wage and salary workers in nonagricultural establishments,
1929-59
D-23. Average weekly hours of work in selected industries, 1929-59
D-24. Average gross hourly earnings in selected industries, 1929-59
D-25. Average gross weekly earnings in selected industries, 1929-59
D-26. Average weekly hours and hourly earnings, gross and excluding overtime, in manufacturing industries, 1939-59
D-27. Average weekly earnings, gross and spendable, in manufacturing
industries, in current and 1959 prices, 1939-59
D-28. Labor turnover rates in manufacturing industries, 1930-59
Production and business activity:
D-29. Industrial production indexes, 1947-59
D-30. Business expenditures for new plant and equipment, 1939 and 1945-60 .
D-31. New construction activity, 1929-59
D-32. New public construction activity, 1929-59
D-33. Housing starts and applications for financing, 1929-59. . .
D-34. Sales and inventories in manufacturing and trade, 1939-59
D-35. Manufacturers' sales, inventories, and orders, 1939-59
533287 0—60
11
15l
Page
155
156
158
159
160
162
164
165
166
167
168
169
170
171
172
173
174
176
177
178
179
180
182
183
184
185
186
187
188
190
191
192
193
194
195
Prices:
D-36. Wholesale price indexes, 1929-59
D-37. Wholesale price indexes, by stage of processing, 1947-59
D-38. Consumer price indexes, by major groups, 1929-59
D-39. Consumer price indexes, by special groups, 1935-59
Money supply, credit, and finance:
D-40. Deposits and currency, 1929-59
D-41. Loans and investments of all commercial banks, 1929-59
D-42. Federal Reserve Bank credit and member bank reserves, 1929-59 . . . .
D-43. Bond yields and interest rates, 1929-59
D-44. Short- and intermediate-term consumer credit outstanding, 1929-59 . .
D-45. Instalment credit extended and repaid, 1946-59
D—46. Mortgage debt outstanding, by type of property and of financing,
1939-59
D-47. Net public and private debt, 1929-59
Government finance:
D-48. U. S. Government debt, by kind of obligation, 1929-59
D-49. Estimated ownership of Federal obligations, 1939-59
D—50. Average length and maturity distribution of marketable interest-bearing public debt, 1952-59
D—51. Federal budget receipts and expenditures and the public debt,
1929-61
D-52. Federal budget receipts by source and expenditures by function, fiscal
years 1946-61
D—53. Government cash receipts from and payments to the public, 1946-61. .
D-54. Government receipts and expenditures as shown in the national income
accounts, 1954-59
D—55. Reconciliation of Federal Government receipts and expenditures in
the conventional budget and the consolidated cash statement with
receipts and expenditures in the national income accounts, fiscal
years 1957-59
D-56. State and local government revenues and expenditures, selected fiscal
years, 1927-58
Corporate profits and finance:
D-57. Profits before and after taxes, all private corporations, 1929-59
D-58. Relation of profits before and after taxes to stockholders' equity and
to sales, private manufacturing corporations, by asset size class,
1956-59
D-59. Relation of profits after taxes to stockholders' equity and to sales,
private manufacturing corporations, by industry group, 1956-59. .
D-60. Sources and uses of corporate funds, 1948-59
D-61. Current assets and liabilities of United States corporations, 1939-59. .
D-62. State and municipal and corporate securities offered, 1934-59
D-63. Common stock prices and earnings and stock market credit, 1939-59 .
D-64. Business population and business failures, 1929-59
Agriculture:
D-65. Income of the farm population, 1929-59
D-66. Indexes of prices received and prices paid by farmers, and parity
ratio, 1929-59
D-67. Farm production indexes, 1929-59
D-68. Selected measures of farm resources and inputs, 1940-59
D-69. Farm population, employment, and productivity, 1929^59
D-70. Selected indicators of farming conditions, 1929-59
D-71. Comparative balance sheet of agriculture, 1940-60
152
Page
196
198
200
201
202
203
204
205
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
224
225
226
227
228
229
230
232
233
234
235
236
International statistics:
D-72. United States balance of payments, 1953-59
D-73. U.S. Government grants and credits, by areas and major countries,
fiscal years 1954-59
D-74. United States imports of miscellaneous consumer manufactures,
1953-59
D-75. Estimated gold reserves and dollar holdings of foreign countries and
international institutions, selected periods, 1952-59
D-76. Price changes in international trade, 1956-59
Page
237
238
241
242
243
NATIONAL INCOME OR EXPENDITURE
TABLE D-l.—Gross national product or expenditure, 1929-59
[Billions of dollars]
Gross private domestic investment 2
Period
1929
1930
1931
1932_
1933
1934
1935
1936
1937
1938 1939
1940
1941
1942
_ _
1943
1944
1945
1946.
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959 6
Total
gross
national
product
104.4
91.1
76.3
58.5
56.0
65.0
72.5
82.7
90.8
85.2
91.1
100.6
125.8
159.1
192.5
211.4
213.6
210.7
234.3
_. 259.4
258.1
284.6
329.0
347.0
365.4
363.1
397.5
419.2
442.5
441.7
478.8
Personal
consumption
expenditures i
79.0
71.0
61.3
49.3
46.4
51.9
56.3
62.6
67.3
64.6
67.6
71.9
81.9
89.7
100.5
109.8
121.7
147.1
165.4
178.3
181.2
195.0
209.8
219.8
232.6
238.0
256.9
269.9
284.8
293.0
311.4
g
1
Net exports of
goods and
services 3
Government purchases of
goods and services
Federal
'§ g
1
EH
•si
ii
8
!«
fc r go
&
16.2
10.3
5.5
.9
1.4
2.9
6.3
8.4
11.7
6.7
9.3
13.2
18.1
9.9
5.6
7.1
10.4
28.1
31.5
43.1
33.0
50.0
56.3
49.9
50.3
48.9
63.8
67.4
66.6
54.9
70.3
8.7
6.2
4.0
1.9
1.4
1.7
2.3
3.3
4.4
4.0
4.8
5.5
6.6
3.7
2.3
2.7
3.8
11.0
15.3
19.5
18.8
24.2
24.8
25.5
27.6
29.7
34.9
35.5
36.1
35.8
40.3
(H -M
|
ft
3 O1
PH
e
1
I
5.8 1.7 0.8
4.5 -.4
.7
.2
2.8 -1.3
.2
1.6 -2.6
.2
1.6 -1.6
2.3 -1.1 .4
.9 -.1
3.1
4.2 1.0 -.1
.1
5.1 2.2
3.6 -.9 1.1
.4
.9
4.2
5.5 2.2 1.5
6.9 4.5 1.1
4.3 1.8 -.2
4.0 -.8 -2.2
5.4 -1.0 -2.1
7.7 -1.1 -1.4
10.7 6.4 4.9
16.7 -.5 9.0
18.9 4.7 3.5
17.2 -3.1 3.8
18. § 6.8
.6
21.3 10.2 2.4
21.3 3.1 1.3
.4 -.4
22.3
20.8 -1.6 1.0
23.1 5.8 1.1
27.2 4.7 2.9
28.5 2.0 4.9
22.9 -3.8 1.2
26.1 3.9
.2
Iw
H
42
7.0
5.4
3.6
2.5
2.4
3.0
3.3
3.5
4.6
4.3
4.4
5.4
6.0
4.9
4.5
5.4
7.4
12.8
17.9
14.5
14.0
13.1
17.9
17.4
16.6
17.5
19.4
23.1
26.2
22.6
(7)
6.3
4.8
3.4
2.3
2.3
2.5
3.3
3.6
4.5
3.2
3.5
3.8
4.8
5.1
6.8
7.5
8.8
7.9
8.9
11.0
10.2
12.5
15.5
16.1
17.0
16.5
18.3
20.2
21.3
21.3
(7)
aa
"* rt
"cS
"o
EH
8.5
9.2
9.2
8.1
8.0
9.8
10.0
11.8
11.7
12.8
13.3
14.1
24.8
59.7
88.6
96.5
82.9
30.5
28.4
34.5
40.2
39.0
60.5
76.0
82.8
75.3
75.6
79.0
86.2
92.6
97.9
3
"o
o«2
£ 00
C3T3
EH
;_,
o>
£0
1.3
1.4
1.5
1.5
2.0
3.0
2.9
4.8
4.6
5.3
5.2
6.2
16.9
52.0
81.2
89.0
74.8
20.6
15.6
19.3
22.2
19.3
38.8
52.9
58.0
47.5
45.3
45.7
49.4
52.2
53.6
3
1. 4
1. 5
1. 5
2. 0
3. 0
2. 9
4. 8
4. 6,
53
1.3 3.9
2.2 4.0
13.8 3.2
49.6 2.7
80.4 1.5
88.6 1.6
75.9 1.0
18.8 4.5
11.4 5.4
11.6 8.2
13.6 8.9
14.3 5.2
33.9 5.2
46.4 6.7
49.3 9.0
41.2 6.7
39.1 6.6
40.4 5.7
44.3 5.5
44.5 8.1
45.8 8.1
1.
ll
O w
T5
??S
05
03
OQ
CO O>
(5)
cc8
.6
1.2
2.2
2.7
1.1
.5
.2
.1
.3
.3
.3
.3
.4
.3
.4
.5
.4
7.2
7.8
7.7
6.6
6.0
6.8
7.1
7.0
7.2
7.5
8.2
7.9
7.8
7.7
7.4
7.5
8.1
9.9
12.7
15.2
17.9
19.7
21.7
23.2
24.9
27.7
30.3
33.2
36.8
40.5
44.3
8(59)
()
(')
(•)
(56)
()
<•)
(5s)
((•))
0.2
Seasonally adjusted annual rates
1957:
First quarter
Second quarter ...
Third quarter
Fourth quarter. ,
1958:
First quarter
Second quarter. ..
Third quarter
Fourth quarter. .
1959:
First quarter
Second quarter. __
Third quarter 6
Fourth quarter .
437.7
442.4
447.8
442.3
279.8
282.9
288.2
288.1
66.9
68.3
67.9
63.2
35.8
36.0
36.2
36.1
28.8 2.2
28.6 3.6
29.0 2.7
27.7 -.6
6.0
5.1
5.1
3.5
27.0
26.4
26.6
24.9
21.0
21.3
21.5
21.3
84.9
86.1
86.6
87.4
49.1
49.7
49.7
49.1
43.7
44.9
44.9
43.9
5.8
5.2
5.3
5.7
0.4
.3
.5
.5
35.8
36.5
36.9
38.3
431.0
434.5
444.0
457.1
287.3
290.9
294.4
299.1
52.4
51.3
54.2
61.3
35.5
34.6
35.4
37.3
23.8 -6.9
22.6 -5.8
22.2 -3.4
23.2
.8
2.0
1.2
1.6
.2
22.2
22.3
23.1
22.7
20.2
21.1
21.5
22.5
89.3
91.1
93.8
96.5
50.1
51.3
53.1
54.2
44.0
44.3
44.5
45.3
6.6
7.5
8.9
9.4
.5
.5
.3
.6
39.2
39.7
40.8
42.2
470.2
484.5
478.6
482.0
303.9
311.2
313.3
317.0
69.8
77.5
67.0
67.0
39.7
41.0
41.0
39.5
23.9 6.1 -.9 21.5 22.4 97.4
26.0 10.4 -1.8 22.1 23.9 97.7
27.0 -1.0
.0 24.1 24.1 98.4
.0
.0 (7)
27.5
(7) 98.0
53.8
53.9
53.6
53.0
45.8
46.2
45.9
45.5
8.3
8.0
8.1
8.0
.3
.3
.4
.4
43.6
43.8
44.8
45.0
1
2
3
See Table D-7 for major components.
See Table D-8 for more detail and explanation of components.
For 1929-45, net exports of goods and services and net foreign investment have been equated, since foreign
net4 transfers by Government were negligible during that period.
This category corresponds closely to the major national security classification in the Budget of the United
States
Government for the Fiscal Year ending June SO, 1961. See Table D-52.
8
Less than $50 million.
• Preliminary estimates by Council of Economic Advisers.
7 Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
155
TABLE D-2.—Gross national product or expenditure, in 1959 prices, 1929-591
[Billions of dollars, 1959 prices]
Per sonal consumption
expenditures
Total
gross
national
product
Period
Gross private domestic investment
New construction
Produc- Change
Dura- Noners'
in busiTotal
ble durable Services Total
Residurable ness
goods goods
dential
equipinvenTotal (non- Other
ment
tories
farm)
1929
203.6
138.6
15.9
69.3
53.4
41.5
24.5
9.9
14.6
13.6
3.4
1930
1931
1932
1933.
1934
184.4
170.3
144.8
141.4
155.1
130. 3
126.2
114.8
112.1
117.9
12.7
11.0
8.3
8.1
9.2
65.9
65.6
60.4
58.6
62.5
51.7
49.7
46.1
45.4
46.2
28.3
17.5
4.9
5.5
9.6
18.2
12.8
7.1
5.4
6.0
5.8
4.8
2.4
1.8
2.2
12.4
8.0
4.7
3.6
3.9
10.7
7.2
4.3
4.5
6.1
-.6
-2.5
-6.5
-4.4
-2.5
1935
1936
1937
1938
1939
170.3
194.5
204.8
195.2
211.5
125.2
138.0
142.9
140.4
148.3
11.4
14.1
14.7
12.0
14.2
66.0
73.5
76.0
77.3
81.4
47.8
50.4
52.1
51.1
52.7
18.4
25.4
31.2
18.4
25.7
7.9
11.0
13.2
11.8
14.2
3.5
5.2
5.7
5.8
7.7
4.4
5.8
7.6
6.0
6.5
8.2
11.2
12.7
8.8
10.3
2.4
3.2
5.3
-2.3
1.2
1940
1941
1942
1943
1944
229.9
267.7
304.1
341. 6
366.3
156.3
166.7
162.9
167.2
173.1
16.4
18.9
11.6
10.1
9.2
85.2
90.9
92.7
95.6
99.8
54.7
56.9
58.6
61.5
64.1
34.0
43.1
22.1
13.3
14.8
15.9
17.8
9.1
5.2
5.7
8.3
9.0
4.1
2.0
1.7
7.6
8.9
5.0
3.2
4.0
13.3
15.6
9.0
8.4
11.2
4.9
9.6
3.9
-.2
-2.0
1945
1946
1947
1948
1949
359.9
316.0
315.7
327.9
328.2
185.2
207.8
211.4
215.4
220.9
10.5
20.7
24.9
26.3
28.2
107.7
114.3
111.8
111.6
112.9
67.0
72.8
74.6
77.6
79.9
20.5
50.0
49.9
58.4
46.4
7.8
20.3
23.3
26.5
26.1
2.1
8.3
11.0
13.0
12.8
5.8
12.0
12.4
13.5
13.3
15.5
19.6
26.4
27.7
24.1
-2.8
10.1
.2
4.2
-3.8
1950
1951
1952
1953
1954
356.2
385. 0
399.0
417.1
408.8
234.5
236.4
242.5
254.2
257.5
34.4
31.2
30.5
35.4
34.7
116.0
118. 1
122.1
125.6
126.7
84.1
87.1
89.9
93.2
96.1
65.7
68.3
59.8
60.4
57.9
31.9
30.5
30.4
32.2
34.7
17.7
14.7
14.6
15.5
17.5
14.2
15.8
15.8
16.7
17.2
25.9
26.8
26.5
27.4
25.3
7.9
11.1
2.9
.8
-2.2
441.5
450.9
458.9
448.6
478.8
277.0
286.0
293.1
295.9
311.4
42.4
40.7
41.2
38.3
43.0
133.2
138.3
140.8
142.0
147.8
101.4
106.9
111.1
115.6
120.6
73.5
73.1
69.1
56.0
70.3
39.5
37.8
37.3
36.8
40.3
20.7
18.5
17.5
18.5
22.3
18.8
19.3
19.8
18.2
18.0
27.4
30.4
30.0
23.4
26.1
6.6
5.0
1.9
-4.2
3.9
. -.
1955
1956
1957
1958
19597
Seasonally adjusted annual rates
1957:
First quarter
Second quarter..
Third quarter...
Fourth quarter. .
459.5
460.9
461.5
453.7
290.8
292.2
295.4
294.0
41.5
41.1
41.7
40.4
139.9
140.5
142.1
140.8
109.4
110.6
111.7
112.8
70.5
71.1
70.1
64.7
37.5
37.2
37.3
37.1
17.7
17.4
17.4
17.5
19.8
19.8
19.9
19.6
30.7
30.2
30.3
28.7
2.4
3.8
2.5
—1.1
1958:
First quarter
Second quarter..
Third quarter. _.
Fourth quarter. .
439.4
441.9
450.9
462.2
290.9
293.6
297.7
301.4
37.7
37.5
37.7
40.1
139.4
141.0
143.6
143.9
113.8
115.1
116.3
117.3
53.4
52.4
55.4
62.5
36.6
35.6
36.5
38.0
17.5
17.5
18.5
20.3
19.1
18.1
17.9
17.8
24.5
23.1
22.7
23.5
—7.7
—6.2
—3.7
.9
1959:
First quarter
Second quarter..
Third quarter...
Fourth quarter 7 _
473.3
486.1
477.3
478.6
305.6
312.1
312.7
314.9
41.5
44.1
43.5
42.9
145.8
148.3
148.0
148.9
118.3
119.7
121.2
123.2
70.2
77.2
66.6
67.2
40.0
40.9
40.7
39.7
22.0
23.0
22.5
21.7
18.0
17.9
18.2
18.0
24.1
26.0
26.9
27.5
6.1
10.4
—1.0
.0
See footnotes at end of table, p. 157.
156
TABLE D-2.—Gross national product or expenditure, in 1959 prices, 1929-59 l—Continued
[Billions of dollars, 1959 prices]
Net
exports
of goods
and
services 2
Period
1929
1930
1931. .
1932
1933
1934.... ...
1935
1936
1937
1938
1939
1940
1941
1942
1943.-1944
1945
1946
1947..
1948
1949
1950
1951
1952
1953 .. .
1954
. ..
_._
_
._
_.
1955
1956
1957
1958
1959 7
Government purchases of goods and services
Federal
Total
National
84
Total 2 defense
1.1
1.0
.4
.3
-.3
(6)
-1.3
-1.4
-.8
1.6
1.1
1.9
.3
-2.2
-5.8
-5.9
-4.6
5.0
9.4
3.1
3.8
1.4
3.6
2.6
.5
2.4
22.4
24.7
26.1
24.8
24.1
27.5
27.8
32.5
31.4
34.9
36.5
37.7
57.7
121.2
166.9
184.2
158.8
53.2
45.0
50.9
57.1
54.6
76.6
94.1
102.0
91.1
3.6
4.1
4.5
4.7
6.4
8.4
8.1
12.4
11.7
13.9
13.3
15.9
37.2
102.5
149.9
167.6
141.8
34.1
23.4
27! 7
30.6
26.2
47.5
64.5
71.1
57.6
2.5
4.3
5.8
1.8
-.7
88.6
87.5
90.9
94.9
97.9
52.7
50.5
51.8
53.3
53.6
Other
(5)
(«)
(55)
(s)
()
(5)
0)
(55)
(5)
( 5)
()
3.2
(5)
State and
local
5.7
30.2
97.3
147.2
164.7
139.8
26.7
15.3
15.9
18.4
19.1
41.1
56.3
60.1
49.5
(55)
(5)
( s)
(s)
()
(55)
(s )
( 10.1
)
10.2
7.0
5.3
2.7
2.9
1.9
7.4
8.1
11.8
12.2
7.0
6.4
8.2
11.0
8.1
18.8
20.7
21.6
20.1
17.7
19.2
19.7
20.1
19.8
21.0
23.1
21.8
20.5
18.7
17.0
16.7
17.0
19.0
21.5
23.2
26.5
28.4
29.1
29.6
30.9
33.5
45.0
44.2
46.1
45.0
45.5
7.6
6.3
5.8
8.3
8.1
35.9
37.0
39.0
41.6
44.3
Seasonally adjusted annual rates
1957- First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter
Second quarter
Third quarter
Fourth quarter
1959' First quarter ._
Second quarter
Third quarter 7
Fourth quarter
_
..
.
6.9
6.2
5.9
4.1
91.3
91.4
90.1
90.8
52.7
52.6
51.3
50.8
46.5
47.1
45.8
44.9
6.2
5.5
5.4
5.9
38.6
38.9
38.8
40.0
_
2.6
1.8
2.3
.5
92.5
94.1
95.4
97.7
51.8
53.2
53.6
54.8
44.9
45.4
44.6
45.2
6.8
7.8
9.0
9.5
40.8
40.9
41.8
43.0
-.9
-1.7
.1
i
98.4
98.5
98.0
96.6
54.4
54.5
53.4
52.2
46.0
46.4
45.3
44.4
8.4
8.1
8.1
7.8
44.1
44.0
44.6
44.4
1 These estimates represent an approximate conversion of the Department of Commerce series in 1954
prices. (See Tables D-4 and D-5.) This was done by major components, using the implicit price indexes
converted to a 1959 base. Although it would have been preferable to redeflate the series by minor components, this would not substantially change the results except possibly for the period of World War II, and
for the series on change in business inventories.
For explanation of conversion of estimates in current prices to those in 1954 prices, see U, S. Income and
Output, A Supplement to the Survey of Current Business, 1958.
2 For 1929-45, net exports of goods and services and net foreign investment have been equated, since foreign
net3 transfers by Government were negligible during that period.
Net of Government sales, which are not shown separately in this table. See Table D-l for Government
sales in current prices.
«5 See Table D-l, footnote 4.
Not available separately.
6
Less than $50 million.
7 Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Council of Economic Advisers.
157
TABLE D-3.—Gross private and government product, in current and 1959 prices, 1929-59
[Billions of dollars]
Current prices
Total
gross
national
product
Period
1959 prices «
Gross private product
Total
Farm
2
l
Nonfarm
Gross
government
prod-3
uct
Total
gross
national
product
Gross private product 1
Total
Farm 2
Nonfarm
Gross
government
product 3
1929
104.4
100.1
9.8
90.3
4.3
203.6
190.1
15.6
174. 5
13.6
1930
1931
1932
1933
1934
91.1
76.3
58.5
56.0
65.0
86.6
71.6
54.0
51.3
59.4
7.7
6.2
4.4
4.6
4.3
78.8
65.4
49.6
46.7
55.1
4.5
4.7
4.4
4.7
5.6
184.4
170.3
144.8
141.4
155.1
170.1
155.9
130.7
126.3
137.6
14.3
16.7
15.7
15.5
12.8
155.8
139.2
115.0
110.8
124.8
14.2
14.4
14.1
15.2
17.5
72.5
82.7
90.8
85.2
91.1
66.6
75.5
83.9
77.6
83.5
6.9
6. 3
8.1
6.7
6.5
59.6
69.2
75.8
70.9
77.0
5.9
7.3
6.9
7.6
7.6
170.3
194.5
204.8
195.2
211.5
151.6
172.6
184.1
172.8
188.9
15.7
13.4
16.7
16.9
16.9
135.9
159.2
167.4
155. 9
172.0
18.7
21.9
20.7
22.4
22.6
100.6
125.8
159.1
192.5
211.4
92.8
116.4
144.0
167.0
179.2
6.8
9.4
13.4
15.3
15.7
86.0
107.0
130.6
151.7
163.5
7.8
9.4
15.1
25.6
32.2
229.9
267.7
304.1
341.6
366.3
206.6
238.8
262.0
275.6
290.0
16.6
17.8
19.4
17.8
18.2
190.0
221.0
242.6
257.8
271.8
23.2
28.9
42.1
66.0
76.3
213.6
210.7
234.3
259.4
258.1
178.4
189.9
217.6
242.0
238.7
16.2
19.3
20.7
23.8
19.3
162.2
170.7
196.9
218.2
219.4
35.2
20.7
16.7
17.4
19.4
359.9
316.0
315.7
327.9
328.2
285.1
276.8
285.8
298.0
296.8
17.2
17.4
16.0
18.3
17.4
267.9
259.4
269.8
279.7
279.4
74.8
39.2
29.9
29.9
31.4
1950
1951
1952
1953
1954
284.6
329.0
347.0
365.4
363.1
263.8
301.7
316.0
333.6
330.8
20.5
23.6
22.8
20.9
20.3
243.2
278.2
293.2
312.7
310.5
20.8
27.3
31.0
31.8
32.3
356.2
385.0
399.0
417. 1
408.8
323.7
344.6
355.4
374.0
366.4
18.4
17.1
17.8
18.5
19.3
305.3
327.5
337.6
355.5
347.1
32.5
40.4
43.6
43.1
42.4
1955
1956 .
1957
1958
19595.
397.5
419.2
442.5
441.7
478.8
363.5
382.8
403.5
399.6
434.1
19.6
19.3
19.4
22.0
20.5
343.9
363.5
384.2
377.6
413.6
34.0
36.4
39.0
42.1
44.8
441.5
450.9
458.9
448.6
478.8
399.2
408.0
415.2
404.7
434.1
20.3
19.9
19.6
20.6
20.5
378.9
388.1
395.6
384.1
413.6
42.3
42.9
43.6
43.9
44.8
1935..
1936
1937
1938
1939
._
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
_.
1
Gross national product less compensation of general government employees, i. e., gross product accruing
from
domestic business, households, and institutions, and from the rest of the world.
2
See Survey of Current Business, October 1958, for description of series and estimates in current and constant prices and implicit deflators for 1910-57.
s Includes compensation of general government employees and excludes compensation oi employees in
government enterprises. Government enterprises are those agencies of government whose operating costs
are at least to a substantial extent covered by the' sale of goods and services, in contrast to the general activities of government which are financed mainly by tax revenues and debt creation. Government enterprises, in other words, conduct operations essentially commercial in character, even though they perform
them under governmental auspices. The Post Office and public power systems are typical examples of
government enterprises. On the other hand, State universities and public parks, where the fees and admissions cover only a nominal part of operating costs, are part of general government activities.
*8 'See Table D-2, footnote 1.
Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Council of Economic Advisers.
158
TABLE D-4.—Gross national product or expenditure, in 1954 prices, 1929-59l
[Billions of dollars, 1954 prices]
Dtion Gross private domestic
investment
Government
purchases of
goods and
services
Nondurable goods | c c
i £*
Perse nal cc
(3xpen
1
1929
181.8 128.1 14.9
65.3
48.0 35.0 20.9
1930
1931
1932
1933
1934
164.5
153.0
130.1
126.6
138.5
120.3 11.8
116.6 10.3
106.0 7.8
103.5 7.5
108.9 8.6
62.1
61.8
56.9
55.2
58.8
46.4 23.6 15.4
44.6 15.0 10.9
41.4 3.9 6.0
40.8 4.0 4.6
41.5 7.4 5.1
1935
1936
1937
1938
1939
152.9
173.3
183.5
175.1
189.3
115.8
127.7
132.1
129.9
137.3
10.7
13.1
13.8
11.2
13.3
62.1
69.2
71.6
72.8
76.7
42.9
45.3
46.8
45.9
47.2
16.1 6.7
21.0 9.4
27.0 11.3
15.5 10.1
21.6 12.2
6.7 2.6 -1.9
9.2 2.4 -2.2
10.5 5.2 -1.6
7.3 -1.8
.8
8.5 1.0
.3
1940
1941
1942
1943
1944
205.8
238.1
266.9
296.7
317.9
144.6 15.3
154.3 17.6
150.8 10.9
154.6 9.4
160.2 8.6
80.2
85.6
87.3
90.0
94.0
49.1
51.1
52.6
55.2
57.6
29.0 13.6
36.7 15.3
18.8 7.8
10.7 4.4
12.3 4.8
10.9 4.5
1.1
12.9 8.6 -.6
7.4 3.6 -2.9
6.9 -.6 -6.6
9.2 -1.7 -6.7
314.0
282.5
282.3
293.1
292.7
171.4
192.3
195.6
199.3
204.3
9.8
19.4
23.3
24.6
26.3
101. 4
107.6
105.3
105.1
106.3
60.2
65.3
67.0
69.6
71.7
17.0
42.4
41.5
49.8
38.5
6.6
17.3
19.9
22.7
22.3
12.7 -2.4 -5.6 131.2 117.1 14.0 257.0
16.1 9.0
3.8 43.9 28.2 15.8 252.7
21.7 -.1 8.0 37.2 19.4 17.8 259.6
22.8 4.4
2.0 42.1 22.9 19.2 270.3
19.8 -3.6
2.6 47.2 25.3 21.9 268.7
1950
1951
1952
1953
1954
318.1
341.8
353.5
369.0
363.1
216.8
218.5
224.2
235.1
238.0
32.1
29.2
28.5
33.1
32.4
109.2
111.2
115.0
118.3
119.3
75.5
78.2
80.8
83.7
86.3
55.9
57.7
50.4
50.6
48.9
27.4
26.0
26.0
27.6
29.7
21.3
22.0
21.8
22.5
20.8
1955
1956
1957
1958
1959 5
392.7
400.9
408.3
399.0
425.6
256.0
264.3
270.8
273.3
287.6
39.6
38.0
38.5
35.7
40.2
125.4 91.0 62.5 33.9
130.3 96.0 61.7 32.3
132.6 99.8 58.5 31.9
133.7 103.8 47.3 31.5
139.2 108.3 59.7 34.6
Period
Total
gross
national
product
•8
1
,2
£5
1
1945
1946
1947
1948
1949
- . ._.
2
O
o
^1
to
1
'>
1
1
L
.S"S
3 o*
•6 «
2
-.7
-1.8
-5.6
-4.2
-2.8
Gross
private
prod-4
uct
3o
I'*
6
ll.l 3.0
8.8
5.9
3.5
3.7
5.0
Net
exports
of
goods
and
services 2
0.2 18.5
.2 20.5
-.3 21.6
-.3 20.5
fi
I
1
2.9 15.6 171.5
3.4
3.7
3.9
5.3
6.9
17.1
17.9
16.6
14.6
15.8
153.7
142.0
119.4
115.0
125.1
23.0 6.7 16.3
26.9 10.3 16.6
26.0 9.6 16.4
28.8 11.4 17.4
30.1 11.0 19.1
138.7
156.6
167.8
158.0
172.1
-.8 19.9
-.6 22.8
31.1 13.1
47.7 30.7
100.1 84.7
137.9 123.9
152.2 138.4
18.0
16.9
15.4
14.0
13.8
188.1
216.0
234.8
246. 4
259.8
.2
2.2
1.2
-.9
1.0
45.1
63.3
77.7
84.3
75.3
21.6
39.3
53.3
58.8
47.5
23.5
24.1
24.5
25.5
27.7
293.3
311.1
320.4
336.2
330.8
22.5 6.1
.9
25.0 4.5
2.5
24.6 2.0
3.8
.0
19.3 -3.5
21.5 3.7 -2.6
73.2
72.3
75.1
78.4
80.9
43.5
41.7
42.8
44.1
44.3
29.7
30.6
32.3
34.4
36.6
360.4
368.2
375.0
365.5
391.5
7.2
9.7
2.6
Seasonally adjusted annual rates
1957:
First quarter
Second quarter...
Third quarter
Fourth quarter..
1958:
First quarter
Second quarter...
Third quarter....
Fourth quarter. .
1959:
First quarter
Second quarter...
Third quarter....
Fourth quarter 5.
408.7
410.1
410.6
403.8
268.7
270.0
273.0
271.6
38.8
38.4
38.9
37.7
131.8
132.3
133.8
132.6
98.2
99.3
100.3
101.3
59.6
60.3
59.2
54.9
32.0
31.8
31.9
31.7
25.2 2.3
24.8 3.7
24.9 2.5
23.6 -.5
4.9
4.2
3.9
2.3
75.4
75.5
74.5
75.0
43.5
43.4
42.4
41.9
31.9
32.1
32.1
33.1
391.0
393.1
400.9
410.8
268.7
271.1
275.0
278.4
35.2
35.0
35.3
37.5
131.3
132.7
135.3
135.6
102.2
103.4
104.4
105.3
45.0
44.2
46.6
53.0
31.3
30.5
31.2
32.6
20.1 -6.4
.8
.1
19.0 -5.3
18.6 -3.2
.5
19.3 1.1 -1.4
76,5
77.7
78.9
80.8
42.8
43.9
44.3
45.2
33.7
33.8
34.6
35.5
420.6
431.8
424.3
425.7
282.3
288.3
288.8
290.8
38.8
41.2
40.6
40.1
137.3
139.7
139.4
140.2
106.2
107.4
108.8
110.6
59.7
65.7
56.4
57.1
34.3
35.1
34.9
34.0
19.8 5.6 -2.7
21.3 9.2 -3.5
22.1 -.6 -1,9
22.6
.5 -2.0
81.3
81.4
81.0
79.8
44.9
45.0
44.1
43.1
36.4
36.4
36.9
36.7
i
1
For explanation of conversion of estimates in current prices to those in 1954 prices, see 17. S. Income and
Output,
A Supplement to the Survey of Current Business, 1958. See Table D-5 for implicit price deflators.
2
For 1929-45, net exports of goods and services and net foreign investment have been equated, since foreign
net3 transfers by Government were negligible during that period.
Net of Government sales.
4
Gross national product less compensation of general government employees.
• Preliminary estimates by Council of Economic Advisers.
6
Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
159
TABLE D-5.—Implicit price deflators for gross national product, 1929—59
[Index numbers, 1954=100]
Personal consumption
expenditures
Gross
national
prodTotal
uct 1
Period
Gross private domestic
investment!
New construction
Dura- Nonble durable Services
goods goods
Total
Residential
nonfarm
Producers'
durable
Other equipment
1929
57.4
61.6
62.0
57.7
66.8
41.7
41.8
41.6
52.5
1930
1931
1932
1933
1934
55.4
49.9
44.9
44.2
46.9
59.0
52.6
46.5
44.8
47.6
60.5
53.5
47.0
46.1
48.8
54.8
46.9
40.0
40.3
45.3
64.2
60.3
55.3
50.7
50.7
40.0
36.5
31.1
31.2
33.3
40.8
37.1
30.1
29.8
33.1
39.7
36.2
31.7
31.9
33.4
50.5
47.9
45.5
43.1
45.9
47.4
47.7
49.5
48.7
48.1
48.6
49.1
50.9
49.8
49.2
47.9
47.9
50.3
50.8
50.2
47.2
47.4
49.1
46.7
45.8
50.9
51.9
53.8
54.5
54.5
34.1
34.8
39.0
39.1
39.0
32.6
34.3
37.8
39.2
39.5
35.4
35.2
39.9
39.1
38.4
45.6
45.4
48.7
50.2
49.4
48.9
52.9
59.6
64.9
66.5
49.7
53.1
59.5
65.0
68. f>
50.7
54.8
64.2
70.3
78.7
46.4
50.5
58.8
65.8
69.5
54.8
56.8
59.8
62.8
65.5
40.1
43.4
47.6
53.0
56.3
40.9
44.6
47.7
51.4
56.2
39.1
42.2
47.6
54.0
56.3
50.6
54.0
58.5
58.4
59.3
68.0
74.6
83.0
88.5
88.2
71.0
76.5
84.6
89.5
88.7
82.8
82.0
88.4
92.4
93.5
72.2
78.8
88.7
94.0
90.9
67.1
71.1
76.8
81.7
83.6
57.8
63.7
76.6
85.9
84.3
60.0
65.3
78.4
88.6
85.9
56.9
62.6
74.8
83.1
82.6
60.0
66.7
76.8
83.1
87.0
1950
1951
1952
1953
1954
89.5
96.2
98.1
99.0
100.0
89.9
96.0
98.0
99.0
100.0
94.6
101.1
102.2
99.4
100.0
91.4
99.0
100.1
99.7
100.0
85.9
89.8
93.6
97.7
100.0
88.3
95.3
98.4
100.1
100.0
90.9
97.5
100.3
101.3
100.0
85.1
93.1
96.5
98.9
100.0
89.0
96.8
97.5
99.0
100.0
1955 ...
1956
1957 .
1958
19592
101.2
104. 6
108.4
110.7
112.5
100.4
102.1
105.1
107.2
108.3
100.1
101.3
104.8
105.2
107.0
99.5
100.9
103.9
106.1
106.2
101.7
104.1
107.0
109.2
111.4
103.1
109.8
113.2
113.7
116.5
103.0
109.0
110.8
111.1
114.0
103.2
110.7
115.3
116.4
119.8
102.6
109.0
115.8
119.0
121.6
1957' First Quarter
Second quarter,. __ _ _
Third quarter
Fourth quarter
107.1
107.9
109.1
109. 5
104.1
104.8
105.6
106.1
103.9
104.8
105.0
105.3
102.8
103.4
104.5
104.8
106.0
106.6
107.3
108.0
111.9
113.3
113.7
113.8
110.4
110.9
111.2
110.9
113.4
115.5
116.0
116.5
114.2
115.4
116.4
117.4
1958: First quarter
Second quarter.
Third quarter
Fourth quarter
110.2
110. 5
110.7
111.3
107.0
107.3
107.1
107.5
104.7
104.9
105.2
106.0
106. 3
106.6
105. 8
106.0
108.6
109.0
109.3
109.9
113.4
113.5
113.3
114.4
111.2
110.2
110.8
111.9
115. 6
116.9
115.9
117.5
118.2
119.0
119.3
119.7
1959: First quarter
Second quarter
Third quarter
Fourth quarter 2
111.8
112.2
112.8
113.2
107.6
107.9
108.5
109.0
106.4
107.1
107.3
107.3
105.8
105.7
106.2
107.0
110.5
111.1
111.8
112.1
115.8
116.8
117.4
116.1
113.6
114.3
114.9
113.1
118.6
120.1
120.6
119.9
120.8
122.0
122.0
121.6
-
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
_--
_
-
_
See footnotes at end of table, p. 161.
160
TABLE D-5.—Implicit price deflators for gross national product, 7929-59—Continued
[Index numbers, 1954=100]
Exports and importsl of
goods and services
Government purchases of goods
and services
Period
Exports
Imports
Total
Federal
State and
local
1929
-
63.1
57.3
45.8
44.5
46.1
1930
1931
1932
1933
1934
.-
55.0
43.2
36.2
35.2
43.0
48.9
39.7
32.3
29.3
33.8
44.9
42.7
39.4
40.3
42.9
41.8
41.7
38.2
38.3
43.2
45.5
43.0
39.7
41.1
42.8
44.7
46.0
48.9
46.5
46.9
36.0
36.9
41.1
38.0
38.6
43.4
44.0
45.1
44.5
44.2
43.7
46.9
47.3
46.1
46.8
43.3
42.2
43.8
43.4
42.7
51.2
56.1
64.9
68.1
73.3
40.9
43.0
48.9
51.3
53.3
45.2
51.9
59.6
64.3
63.4
47.0
55.1
61.4
65.6
64.3
43.9
46.2
49.8
52.7
54.6
75.3
80.8
93.4
98.6
92.7
57.4
65.5
79.7
86.3
82.0
63.2
69.4
76.4
82.0
85.1
63.9
73.0
80.8
84.4
88.0
57.4
63.0
71.5
79.3
81.7
90.3
103.3
103.0
101.0
100.0
87.8
102.8
102.8
98.2
100.0
86.5
95.5
97.8
98.3
100.0
89.6
98.7
99.2
98.6
100.0
83.7
90.2
94.8
97.5
100.0
100.7
103.4
107.3
104.6
105.4
99.9
101.8
103.2
98.8
97.1
103.3
109.2
114.9
118.1
121.0
104.1
109.7
115.4
118.4
121.0
102.2
108.6
114.2
117.7
121.0
112.6
114.0
116.3
116.5
112.8
114.4
117.3
117.0
112.3
113.6
115.0
115.9
116.8
117.2
119.0
119.4
117.2
116.9
119.7
119.9
116.3
117.6
117.9
118.9
119.7
120.1
121.5
122.8
119.8
119.8
121.6
123.0
119.6
120.4
121.4
122.6
1935
1936
19371938
1939-
1940_1941
1942
1943
1944
_ _ _ _ _
_
1945
1946. . _ _
1947
1948
1949
1950. _ _
1951
1952.
1953
1954
_
.
1955
1956
1957
1958
19592
1957: First quarter _
Second quarter
Third quarter.
Fourth quarter
1958: First quarter. _
Second quarter
Third quarter
Fourth quarter. .
1959: First quarter
Second quarter
Third quarter 2
Fourth quarter
.
(')1
C)
0)1
C)
0)
C11)
c)
0)
C1)
0)
(')
0)
C11)
C)
0)
0)
0)
(>)
0)
0)
C1)
0)
0)
(')
1
Separate deflators are not available for total gross private domestic investment, change in business
inventories, and net exports of goods and services, and for exports and imports quarterly.
For explanation of conversion of estimates in current prices to those in 1954 prices, see U.S. Income and
Output,
A Supplement to the Survey of Current Business, 1958.
2
Preliminary estimates by Council of Economic Advisers.
Source: Department of Commerce (except as noted).
161
TABLE D-6. — Gross national product: Receipts and expenditures by major economic groups*
1929-59
[Billions of dollars]
Persons
Business
International
PerDisPerGross Excess
sonal sonal
Gross private
of re- Foreign
Net
posnet
conreceipts transexports
able sump- saving tained
doin- fers by of goods
per- tion ex- or dis- earn- mestic or
vest- governand 2
saving ings 1 invest- ment
sonal
income pendiment 2 services
ment
(-)
tures
(-)
Period
Excess of
transfers
or net
exports
(-)
1929
83.1
79.0
4.2
11.5
16.2
-4.7
(2)
0.8
-0.8
1930
1931
1932
1933
1934
74.4
63.8
48.7
45.7
52.0
71.0
61.3
49.3
46.4
51.9
3.4
2.5
-.6
-.6
.1
8.8
5.2
2.7
2.6
4.9
10.3
5.5
.9
1.4
2.9
-1.5
-.3
1.8
1.2
2.0
(22)
(2)
(2)
( 2)
()
.7
.2
.2
.2
.4
-.7
-.2
-.2
-.2
-.4
58.3
66.2
71.0
65.7
70.4
56.3
62.6
67.3
64.6
67.6
2.0
3.6
3.7
1.1
2.9
6.3
6.5
7.8
7.8
8.3
6.3
8.4
11.7
6.7
9.3
.1
-1.9
-4.0
1.2
-1.0
(2)
(22)
( 2)
( 2)
()
-.1
-.1
.1
1.1
.9
.1
.1
-.1
-1.1
-.9
76.1
93.0
117.5
133.5
146.8
71.9
81.9
89.7
100.5
109.8
4.2
11.1
27.8
33.0
36.9
10.4
11.5
14.1
16.3
17.2
13.2
18.1
9.9
5.6
7.1
-2.8
-6.6
4.3
10.7
10.1
(22)
(2 )
( 2)
( 2)
()
1.5
1.1
-.2
-2.2
-2.1
-1.5
-1.1
.2
2.2
2.1
1945
1946
1947
1948
1949
150.4
160.6
170.1
189.3
189.7
121.7
147.1
165.4
178.3
181.2
28.7
13.5
4.7
11.0
8.5
15.6
13.1
18.9
26.6
27.6
10.4
28.1
31.5
43.1
33.0
5.2
-15.1
-12.6
-16.5
-5.4
(2)
0.3
.1
1.6
3.2
-1.4
4.9
9.0
3.5
3.8
1.4
-4.6
-8.9
-1.9
-.5
1950
1951
1952
1953
1954
207.7
227.5
238.7
252.5
256.9
195.0
209.8
219.8
232.6
238.0
12.6
17.7
18.9
19.8
18.9
27.7
31.5
33.2
34.3
35.5
50.0
56.3
49.9
50.3
48.9
-22.3
-24.8
-16.6
-16.0
-13.4
2.8
2.1
1.5
1.6
1.4
.6
2.4
1.3
-.4
1.0
2.2
-.2
.2
2.0
.4
1955
1956
1957
1958
1959 «
274.4
292.9
307.9
316. 5
334.6
256.9
269.9
284.8
293.0
311.4
17.5
23.0
23.1
23.5
23.3
42.1
43.0
45.1
44.0
550.6
63.8
67.4
66.6
54.9
70.3
-21.8
-24.3
-21.5
-10.9
5
-19. 7
.5
.5
.5
.3
.5
1.1
2.9
4.9
1.2
-.7
.4
-1.5
-3.5
.1
2.2
_
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
.-
- -
Seasonally adjusted annual rates
302.5
308.0
311.5
309.9
279.8
282.9
288.2
288.1
22.6
25.1
23.3
21.8
44.9
44.8
45.8
44.6
66.9
68.3
67.9
63.2
-21.9
-23.5
-22.1
-18.7
1.4
1.8
1.2
1.4
6.0
5.1
5.1
3.5
-4.6
-3.3
-3.9
-2.1
__
310.3
312.9
320.4
322.9
287.3
290.9
294.4
299.1
22.9
22.0
26.0
23.7
41.3
43.0
43.3
48.1
52.4
51.3
54.2
61.3
-11.1
-8.3
-10.8
-13.2
1.2
1.3
1.2
1.5
2.0
1.2
1.6
.2
-.7
.1
-.4
1.3
1959' First quarter
Second quarter
Third quarter 4
Fourth quarter ...
327.4
335.3
335.1
340.6
303.9
311.2
313.3
317.0
23.5
24.1
21.9
23.6
49.4
52.3
50.6
(6)
69.8
77.5
67.0
67.0
-20.3
-25.2
-16.3
(6)
1.5
1.4
1.5
1.5
-.9
-1.8
.0
.0
2.4
3.2
1.5
1.5
1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter
Second quarter
Third quarter
Fourth quarter
See footnotes at end of table, p. 163.
TABLE D-6.—Gross national product: Receipts and expenditures by major economic groups,
1929-59—Continued
[Billions of dollars]
Government
Less:
Tax and Transfers,
nontax
interest,
receipts or and subaccruals
sidies 3
Period
Net
receipts
Surplus or Statistical
Purchases deficit (-) discrepof goods on income
ancy
and
and
services
product
account
GROSS
NATIONAL
PRODUCT
1929
11.3
1.7
9.5
8.5
1.0
0.3
104.4
1930
1931
1932
1933
1934
10.8
9.5
8.9
9.3
10.5
1.8
3.1
2.5
2.6
3.1
8.9
6.4
6.4
6.7
7.4
9.2
9.2
8.1
8.0
9.8
0
-£ 8
-1.7
-1.4
-2.4
-1.0
.8
.8
.9
.7
91.1
76.3
58.5
66.0
65.0
11.4
12.9
15.4
15.0
15.4
3.4
4.1
3.1
3.8
4.2
8.0
8.9
12.3
11.2
11.2
10.0
11.8
11.7
12.8
13.3
-2.0
-3.0
.6
-1.6
-2.1
-.2
1.1
-.2
.5
1.2
72.5
82.7
90.8
85.2
91.1
17.7
25.0
32.6
49.2
51.2
4.4
4.0
4.3
4.8
6.5
13.3
21.0
28.3
44.4
44.6
14.1
24.8
59.7
88.6
96.5
-.7
-3.8
-31.4
-44.2
-51.9
.8
.4
-.8
-1.7
2.8
100.6
125.8
159.1
192.5
211.4
53.2
51.1
57.1
59.2
56.4
10.1
16.5
15.4
16.5
19.4
43.1
34.6
41.6
42.8
37.0
82.9
30.5
28.4
34.5
40.2
-39.7
4.1
13.3
8.2
-3.1
4.5
2.1
3.5
-.8
.5
213.6
210. 7
234.3
259.4
258.1
69.3
85.5
90.6
94.9
90.0
22.1
18.9
18.4
19.2
21.5
47.2
66.6
72.2
75.7
68.5
39.0
60.5
76.0
82.8
75.3
8.2
6.1
-3.9
-7.1
-6.7
-.7
1.2
1.4
1.3
.9
284.6
329.0
347.0
365.4
363.1
101.4
109.5
116.4
114.9
6 128. 8
23.0
25.3
28.8
32.9
34.1
78.4
84.2
87.6
82.0
594.7
75.6
79.0
86.2
92.6
97.9
2.9
5.2
1.4
-10.7
5-3.2
1.0
-2.4
.5
-2.1
5-2.7
397.5
419.2
442.5
441.7
478.8
1935
1936
1937
1938
1939
._
..-
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
-.
..
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959 *
_.-
.-_
Seasonally adjusted annual rates
1957: First quarter
Second quarter...
Third quarter
Fourth quarter...
116.4
116.5
117.7
115.1
27.4
29.3
28.7
30.0
89.1
87.2
89.0
85.1
84.9
86.1
86.6
87.4
4.1
1.1
2.4
-2.3
-0.2
.6
.3
1.3
437.7
442.4
447.8
442.3
1958: First quarter
Second quarter
Third quarter
Fourth quarter. __
110.7
112.2
116.1
120.7
31.3
33.4
33.8
33.7
79.3
78.8
82.3
87.0
89.3
91.1
93.8
96.5
-10.0
-12.3
-11.5
-9.5
-1.2
-1.5
-3.3
-2.4
431.0
434.5
444.0
457.1
1959: First quarter
Second quarter. _ _
Third quarter
Fourth quarter 4 _.
125.2
131.0
128.9
(6)
33.3
33.5
33.8
35.3
91.9
97.6
95.0
(fl)
97.4
97.7
98.4
98.0
-5.5
-.1
-3.4
(8)
.0
-2.0
-3.7
(fl)
470.2
484.5
478.6
482.0
1
Undistributed corporate profits, corporate inventory valuation adjustment, capital consumption
allowances,
and excess of wage accruals over disbursements.
a
For 1929-45, foreign net transfers by Government were negligible; therefore, for that period, net exports
of 3goods and services and net foreign investment have been equated.
Government transfer payments to persons, foreign net transfers by Government, net interest paid by
government, and subsidies less current surplus of government enterprises.
*8 Preliminary estimates by Council of Economic Advisers.
Data for corporate profits and inventory valuation adjustment are approximations for the year as a whole;
they do not derive from, nor imply, specific estimates for the quarters. All other data incorporating or
derived
from these figures are correspondingly approximate.
8
Not available.
NOTE.—Detail will riot necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
163
TABLE D-7.—Personal consumption expenditures, 1929—59
[Billions of dollars]
Durable goods
Total
personal
consumption Toextal
penditures
Period
Nondurable goods
i
ft
TJ
8
«~
.§!
?i
b/o M
§
*
1
s0 gS
Total
3
JU
%*
T1 £
1
o> o
52
'%2-^°
< £EH
fl
o>
fl
0
0
I
1
w
13
cCJ
tJO
3
J3
ts
O
Services
§
s
a
a
0
T3
Total
s
o>
JjJ
o
0
T3
b£
'o
^3
§
1
W
3
I
O
w
S3
£1
O
W
1929
79.0
9.2 3.2 4.8 1.2 37.7 19.5 9.4 1.8 7.0 32.1 11.4 4.0 2.6 14.0
1930
1931
1932
1933
1934
71.0
61.3
49.3
46.4
51.9
7.2
5.5
3.6
3.5
4.2
2.2
1.6
.9
1.1
1.4
3.9 1.1 34.0 18.0 8.0 1.7 6.3 29.8 11.0 3.9 2.2
3.1 .9 28.9 14.7 6.9 .5 5.7 26.9 10.3 3.5 1.9
2.1 .6 22.8 11.4 5.1 .5 4.8 22.9 9.0 3.0 1.6
1.9 .5 22.3 10.9 4.6 .5 5.3 20.7 7.9 2.8 1.5
2.2 .6 26.7 12.2 5.7 .6 7.2 21.0 7.6 3.0 1.6
12.7
11.2
9.3
8.5
8.8
56.3
62.6
67.3
64.6
67.6
5.1
6.3
6.9
5.7
6.7
1.9
2.3
2.4
1.6
2.2
2.6 .7 29.3 13.6
3.2 .8 32.8 15.2
3.6 1.0 35.2 16.4
3.1 .9 34.0 15.6
3.5 1.0 35.1 15.7
.-
1935
1936
1937
1938
1939
-.
71.9
81.9
89.7
100.5
109.8
1940
1941
1942
1943
1944
7.8 2.7 3.9 1.1 37.2 16.7
9.7 3.4 4.9 1.4 43.2 19.4
7.0 .7 4.7 1.6 51.3 23.7
6.6 .8 3.9 1.9 59.3 27.8
6.8 .8 3.8 2.2 65.4 30.6
6.0 .7 7.9 21.9
6.6 .9 9.1 23.5
6.8 2.1 9.8 25.1
6.8 2.1 9.5 25.0
7.1 2.2 10.1 25.8
7.6
7.9
8.4
8.8
9.0
3.2
3.4
3.7
3.6
3.8
1.7
1.9
2.0
1.9
2.0
0.4
10.3
11.1
10.7
11.0
11.4
12.3
13.1
14.7
16.3
7.4
8.8
11.0
13.4
14.6
2.3
2.6
2.1
1.3
1.4
10.8
12.3
14.5
16.7
18.7
26.9
29.0
31.5
34.7
37.7
9.3
10.0
10.8
11.3
11.9
4.0
4.3
4.8
5.2
5.9
2.1
2.4
2.7
3.4
3.7
1.8
3.0
3.6
4.4
5.0
20.8
22.9
25.2
26.0
25.9
40.4
46.4
51.4
56.9
60.0
12.4
13.8
15.6
17.6
19.3
6.4
6.7
7.4
7.9
8.4
4.0 17.5
5.1 20.8
5.5 23.0
6.0 25.4
6.1 26.2
121.7
147.1
165.4
178.3
181.2
8.1
15.9
20.6
22.7
24.6
1.0
3.9
6.3
7.4
9.8
4.6
8.7
11.0
11.9
11.5
2.5
3.3
3.4
3.4
3.3
73.2 34.1 16.5
84.8 40.7 18.2
93.4 45.8 18.8
98.7 48.2 20.1
96.6 46.4 19.3
1950
1951
1952
1953
1954
195.0
209.8
219.8
232.6
238.0
30.4
29.5
29.1
32.9
32.4
13.0
11.6
11.0
14.0
13.4
14.0
14.2
14.1
14.7
14.8
3.4
3.7
3.9
4.1
4.3
99.8 47.4 19.6
110.1 53.4 21.1
115. 1 55.8 21.9
118.0 56.6 21.9
119.3 57.7 21.9
5.4 27.4
6.0 29.5
6.7 30.7
7.5 31.8
8.0 31.7
64.9 21.2
70.2 23.2
75.6 25.4
81.8 27.5
86.3 29.1
9.3
10.1
10.8
11.7
12.1
6.3 28.1
6.9 29.9
7.4 32.0
8.0 34.6
7.9 37.1
1955
1956... .
1957
1958 ..
1959 4
256.9
269.9
284.8
293.0
311.4
39.6
38.5
40.3
37.6
43.0
18.3
15.8
17.0
14.0
17.9
16.6
17.4
17.4
17.4
18.6
4.8
5.3
5.8
6.2
6.5
124.8 59.2 23.4
131. 4 62.2 24.5
137.7 65.2 25.4
141.9 67.4 26.1
147.8 69.3 27.7
8.8 33.4
9.6 35.2
10.4 36.8
10.5 37.9
11.2 39.6
92.5 30.7
100.0 32.7
106.7 35.2
113.4 38.0
120.6 40.7
13.5
14.8
15.8
16.9
17.7
8.3 39.9
8.6 43.8
8.9 46.8
9.1 49.4
9.4 52.8
1945
1946
1947
1948
1949
_..
..
Seasonally adjusted annual rates
1957:
First quarter
Second Quarter
Third quarter
Fourth quarter
1958:
First quarter
Second quarter
Third quarter
Fourth quarter
1959:
First quarter
Second quarter
Third quarter
Fourth quarter
_
4
279.8
282.9
288.2
288.1
40.3
40.3
40.9
39.7
17.2
17.0
17.3
16.7
17.5
17.5
17.5
17.2
5.6
5.7
6.1
5.8
135.4 63.7 25.3
136.8 64.9 25.0
139.7 66.1 26.0
139.0 66.0 25.3
10.3 36.1
10.3 36.5
10.4 37.2
10.4 37.2
104.1 34.2
105.8 34.8
107.6 35.6
109.4 36.3
15.3
15.7
15.9
16.2
8.9
8.9
9.1
8.9
287.3
290.9
294.4
299.1
36.9
36.7
37.1
39.8
13.5
13.6
13.2
15.7
17.2
17.0
17.6
17.8
6.1
6.1
6.3
6.3
139. 5 66.7 25.3
141.5 67.8 25.7
143.1 67.4 26.7
143.6 67.7 26.6
10.3 37.2
10.4 37.6
10.7 38.3
10.7 38.5
111.0
112.7
114.2
115.7
37.0
37.7
38.4
39.0
16.5
16.8
17.0
17.2
8.9 48.6
9.0 49.2
9.1 49.7
9.2 50.3
303.9
311.2
313.3
317.0
41.3
44.1
43.6
43.0
17.2
18.8
18.2
17.4
17.7
18.8
18.9
19.0
6.4
6.4
6.5
6.6
145. 3 68.5 26.7
147.7 69.4 27.8
148.0 69.3 27.8
150.0 70.1 28.3
11.0 39.1
11.1 39.4
11.3 39.7
11.4 40.2
117.4 39.6
119.4 40.3
121.6 41.0
124.0 41.9
17.3
17.6
17.8
18.0
9.3 51.1
9.3 52.1
9.5 53.4
9.5 54.6
1
2
3
4
Quarterly data are estimates by Council of Economic Advisers.
Includes standard clothing issued to military personnel.
Includes imputed rental value of owner-occupied dwellings.
Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
164
45.7
46.4
47.1
47.9
TABLE D-8.—Gross private domestic investment, 1929-59
[Billions of dollars]
Period
Total Nonfarra producers'
Farm equipment
gross plant and equipment
and construction
private
domestic
ConEquip- Connvest- Total i Equipstrucment 2 tion 3 Total « ment strucmcnt
tion
Residential
construction
(nonfarm)
Net change in
Other
pri- business inventories
vate
construc-8 Total Non-6 Farm
farm
tion
1929
16.2
9.5
5.2
4.2
0.9
0.6
0.3
3.6
0.5
1.7
1.8
-0.2
1930
1931
1932
1933 .
1934
10.3
5.5
.9
1.4
2.9
7.4
4.5
2.5
2.3
3.0
4.0
2.6
1.4
1.5
2.1
3.4
1.9
1.0
.8
.9
.7
.4
.2
.2
.3
.5
.3
.1
.1
.3
.2
.1
2.1
1.6
.6
.5
.6
.5
.4
.2
.1
.1
-.4
-1.3
-2.6
-1.6
-1.1
-.1
-1.6
-2.6
-1.4
.2
-.3
.3
(7)
-.3
-1.3
1935
1936
1937
1938
1939
6.3
8.4
11.7
6.7
9.3
3.8
5.1
6.6
4.7
5.3
2.7
3.6
4.5
3.1
3.7
1.1
1.4
2.1
1.6
1.6
.5
.7
.8
.7
.7
.4
.5
.6
.5
.5
.1
.2
.2
.2
.2
1.0
1.6
1.9
2.0
2.7
.1
.1
.2
.2
.2
.9
1.0
2.2
-.9
.4
.4
2.1
1.7
-1.0
.3
.5
-1.1
.5
.1
.1
1940
1941
1942
1943
1944
13.2
18.1
9 9
5.6
7.1
7.0
8.7
53
4.6
6.3
4.9
6.1
37
3.5
4.7
2.0
2.6
16
1.1
1.5
.8
1.1
9
.8
1.0
.6
.8
7
.6
.7
.2
.3
3
.3
.3
3.0
3.5
17
.9
.8
.2
.2
1
2.2
4.5
18
-.8
-1.0
1.9
4.0
7
-.6
-.6
.3
.5
12
9
—*4
1945
1946
1947
1948
1949
10.4
28.1
31.5
43.1
33.0
9.3
14.8
20.7
23.3
21.0
6.9
9.8
14.9
16.4
14.4
2.3
5.0
5.8
6.9
6.6
1.0
1.8
3.2
4.1
4.4
.7
.9
1.8
2.6
2.9
.3
.9
1.4
1.5
1.5
1.1
4.8
7.5
10.1
9.6
.1 -1.1
.4
6.4
.5 -.5
.9
4.7
1.1 -3.1
-.6
6.4
1.3
3.0
-2.2
-.5
(7)
-1.8
1.7
-.9
1950
1951
1952
1953
1954
50.0
56.3
49.9
50.3
48.9
23.4
27.4
28.1
30.2
29.5
16.2
18.4
18.6
19.5
18.5
7.2
9.1
9.5
10.7
11.0
4.4
4.8
4.6
4.5
4.0
2.7
2.9
2.7
2.8
2.3
1.6
1-8
1.9
1.7
1.6
14.1
12.5
12.8
13.8
15.4
1.3
6.8
1.4 10.2
1.3
3.1
1.4
.4
1.7 -1.6
6.0
9.1
2.1
1.1
-2.1
.8
1.2
.9
-.6
.5
1955
1956
1957
1958
1959 s
63.8
67.4
66.6
54.9
70.3
33.4
39.4
41.5
33.8
36.9
20.6
25.0
26.2
20.2
23.2
12.8
14.4
15.2
13.7
13.7
4.1
3.8
3.9
4.3
4.7
2.5
2.2
2.3
2.8
2.9
1.6
1.6
1.6
1.6
1.7
18.7
17.7
17.0
18.0
22.3
1.8
5.8
1.9
4.7
2.2
2.0
2.5 -3.8
2.6
3.9
5.5
5.1
1.2
-4.9
3.1
.3
-.4
.8
1.1
.8
(77)
()
(7)
Seasonally adjusted annual rates
1957:
66.9
First quarter
Second quarter- 68.3
Third quarter _ _ 67.9
Fourth quarter . 63.2
1958:
52.4
First quarter
Second quarter. 51.3
Third quarter _ _ 54.2
Fourth quarter. 61.3
1959:
69.8
First quarter
Second quarter . 77.5
Third quarter. 8_ 67.0
Fourth quarter . 67.0
41.6
41.6
42.1
40.5
26.5
26.3
26.7
25.4
15.0
15.3
15.4
15.1
3.8
3.9
3.9
3.9
2.3
2.3
2.3
2.3
1.6
1.6
1.6
1.6
17.1
16.9
17.0
17.1
2.1
2.2
2.2
2.3
2.2
3.6
2.7
-.6
1.9
2.9
1.7
-1.7
0.3
.7
.9
1.1
35.9
33.5
32.7
33.4
21.4
19.8
19.4
20.1
14.5
13.7
13.3
13.3
,4.0
4.3
4.4
4.7
2.4
2.8
2.8
3.1
1.6
1.6
1.6
1.6
17.1
16.9
18.0
19.9
2,-3 -6.9
2.4 -5.8
2.5 -3.4
.8
2.5
-8.1
-7.0
-4.5
-.1
1.2
1.1
1.0
.9
34.7
36.6
37.8
38.3
21.0
23.0
23.9
24.8
13.7
13.7
13.9
13.5
4.5
4.7
4.9
4.6
2.9
3.0
3.1
2.7
1.6
1.7
1.8
1.9
21.9
23.1
22.6
21.5
2.5
6.1
2.6 10.4
2.6 -1.0
2.6
.0
5.4
9.8
-1.8
-1.0
.7
.6
.8
1.0
1
Items for nonfarm producers' plant and equipment are not comparable with those shown in Table D-30
principally because the latter exclude equipment and construction outlays charged to current expense and
also
investment by nonprofit organizations and professional persons.
2
Total producers' durable equipment less farm machinery and equipment and farmers' purchases of
tractors
and business motor vehicles.
3
Industrial buildings, public utilities, gas- and oil-well drilling, warehouses, office and loft buildings,
stores,
restaurants,
garages, miscellaneous nonresidential construction, and all other private construction.
4
Farm construction (residential and nonresidential) plus farm machinery and equipment and farmers'
purchases
of tractors and business motor vehicles. (See footnote 2.)
6
Includes religious, educational, social and recreational, and hospital and institutional.
6
After inventory valuation adjustment.
7
Less than $50 million.
8
Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
165
TABLE D-9.—National income by type of income, 1929-59
[Billions of dollars]
Business and professional income
and inventory
valuation
adjustment
InTotal Comcome
penna- sation
of
tional of emIn- farm
Inin- ! ploycome ven- procome
tory prieof
ees 2
unin- valu- tors 3
Total corpoation
rated adenter- justprises ment
Period
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944.
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
19596
--- -.
-.
.
--- --
87.8
75.7
59.7
42.5
40.2
49.0
57.1
64.9
73.6
67.6
72.8
81.6
104.7
137.7
170.3
182.6
181.2
180.9
198.2
223.5
217.7
241.9
279.3
292.2
305. 6
301.8
330.2
350.8
366.5
366.2
7 398. 3
51.1
46.8
39.7
31.1
29.5
34. 3
37.3
42.9
47.9
45.0
48.1
52.1
64.8
85.3
109.6
121.3
123.2
117.7
128.8
141.0
140.8
154.2
180.3
195.0
208.8
207.6
223.9
242.5
255.5
256. 8
277.4
8.8
7.4
5.6
3.4
3.2
4.6
5.4
6.5
7.1
68
7.3
8.4
10.9
13.9
16.8
18.0
19.0
21.3
19.9
22.4
22.7
23.5
26.0
26.9
27.4
27.8
30.4
32.1
32.7
32.4
34.5
0.1
8.6
6.7
.8
.6
5.0
.3
3.1
3.7 -.5
4.6 -.1
5.4
(5)
6.6 -.1
7.1
(5)
.2
6.6
2
7.5
8.5
(•)
11.5 -.6
14.3 -.4
17.0 -.2
18.1 -.1
19.1 -.1
23.0 -1.7
21.4 -1.5
22.8 -.4
22.2
.5
24.6 -1.1
26.3 -.3
26.7
.2
27.6 -.2
27.8
(5)
30.6 -.2
32.6 -.5
33.0 -.3
32.4
(5)
34.5 (5)
6.0
4.1
3.2
1.9
2.4
2.4
5.0
4.0
5.6
4.3
4.3
4.6
6.5
10.0
11.4
11.5
11.8
15.3
15.5
17.8
12.9
14.0
16.3
15.3
13.3
12.7
11.8
11.6
11.8
14.2
11.8
Rental income
of
persons
5.4
4.8
3.8
2.7
2.0
1.7
1.7
1.8
2.1
2.6
2.7
2.9
3.5
4.5
5.1
5.4
5.6
6.2
6.5
7.3
8.3
9.0
9.4
10.2
10.5
10.9
10.7
10.9
11.5
11.8
12.0
Corporate profits
and inventory
valuation
adjustment
Net
Ininventerest
Cor- tory
porate
Total profits valubefore4 ation
adtaxes justment
10.1
6.6
1.6
-2.0
-2.0
1.1
2.9
5.0
6.2
4.3
5.7
9.1
14.5
19.7
23.8
23.0
18.4
17.3
23.6
30.8
28.2
35.7
41.0
37.7
37.3
33.7
43.1
42.0
41.7
36.7
747.0
9.6
3.3
-.8
-3.0
.2
1.7
3.1
5.7
6.2
3.3
6.4
9.3
17.0
20.9
24.6
23.3
19.0
22.6
29.5
33.0
26.4
40.6
42.2
36.7
38.3
34.1
44.9
44.7
43.3
37.1
7
48.0
0.5
3.3
2.4
1.0
-2.1
-.6
-.2
-.7
f5)
1.0
-.7
-.2
-2.5
-1.2
-.8
-.3
-.6
-5.3
-5.9
-2.2
1.9
-5.0
-1.2
1.0
-1.0 o
46.2
43.5
44.0
39.4
32.0
33.6
38.3
44.6
46.5
52.6
46.4
(8)
-2.4
-1.5
-1.3
-.9
-.4
.2
-.3
-1.1
-1.7
-2.7
-1.5
-.4
7-1.0
6.4
6.0
5.8
5.4
5.0
4.9
4.8
4.7
4.7
4.6
4.6
4.5
4.5
4.3
3.7
3.3
3.2
3.1
3.8
4.2
4.8
5.5
6.3
7.1
8.2
9.1
10.4
11.7
13.3
14.3
15.6
Seasonally adjusted annual rates
1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter
Second quarter
Third quarter
Fourth quarter
1959: First quarter
Second quarter
Third quarter.. _
Fourth quarter 6
364.0
366.5
371.1
364.3
355. 8
358.9
369.5
380.4
389.4
403.9
398.2
(8)
252. 3
255. 5
258.1
256.0
252. 5
253.2
258.5
262.9
269.9
278.9
279.3
281.6
32.6
32.9
32.9
32.4
31.6
32.0
32.6
33.2
33.7
34.5
34.8
35.1
33.0 -0.4
33.3 -.4
33.0 -.1
32.7 -.3
31.6
.0
32.1 -.1
.1
32.5
33.3 -.1
.0
33.7
34.8 -.3
35.1 -.3
(8)
(8)
11.2
11.5
12.3
12.1
14.6
13.9
14.2
14.1
13.2
12.1
10.3
11.4
11.3
11.4
11.5
11.7
11.7
11.8
11.9
11.9
12.0
12.0
12.0
12.0
43.8
42.0
42.7
38.5
31.5
33.8
38.0
43.5
45.5
51.0
46.0
(8)
g
-L6
-.3
(8)
12.7
13.2
13.5
13.8
13.9
14.1
14.4
14.7
15.1
15.4
15.8
16.1
1
National income is the total net income earned in production. It differs from gross national product
mainly in that it excludes depreciation charges and other allowances for business and institutional consumption
of durable capital goods, and indirect business taxes. See Table D-10.
2
Wages and salaries and supplements to wages and salaries (employer contributions for social insurance;
employer contributions to private pension, health, and welfare funds; compensation for injuries; directors'
fees;
pay of the military reserve; and a few other minor items).
3
Excludes income resulting from net reductions of farm inventories and gives credit in computing
income to net additions to farm inventories during the period. Data for 1929-45 differ from those shown in
Table D-65 because of revisions by the Department of Agriculture not yet incorporated into the national
income
accounts.
4
See Table D-57 for corporate tax liability (Federal and State income and excess profits taxes) and
corporate profits after taxes.
8 Less than $50 million.
6
Preliminary estimates by Council of Economic Advisers.
7 Data for corporate profits and inventory valuation adjustment are approximations for the year as a whole;
they do not derive from, nor imply, specific estimates for the quarters. All other data incorporating or
derived from these figures are correspondingly approximate.
s Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
166
TABLE D-40.—Relation of gross national product and national income, 1929-59
[Billions of dollars]
Plus:
Less:
Subsidies
Equals:
less
Gross
Net current Indirect business
nana- surplus
Busi;ional
tax
tional
ness
prodDepreof govprodtransOther
i
ernuct Total ciation
uct
fer
charges
ment
State payenter- Total Fedand ments
eral
prises
local
Less: Capital consumption allowances
Period
104.4
8.6
7.7
0.9
95.8
91.1
76.3
58.5
56.0
. 65.0
8.5
8.2
7.6
7.2
7.1
7.7
7.6
7.0
6.7
6.6
.8
.6
.6
.5
.5
82.6
68.1
50.9
48.8
57.9
1935
1936
1937
1938
1939
72 5
82 7
90.8
85.2
91.1
7.2
7.5
7.7
7.8
7.8
6.7
6.7
6.9
6.9
7.1
.6
.8
.8
.8
.7
65.3
75.2
83.0
77.4
83.3
1940
1941
1942
1943
1944
100.6
125.8
159.1
192.5
. _ 211.4
8.1
9.0
10.2
10.9
12.0
7.3
8.1
9.2
9.9
10.8
.8
1.0
1.0
1.0
1.
92.5
116.8
149.0
181.6
199.4
.4
.1
.2
.2
1945
1946
1947
1948
1949
213.6
210.7
234.3
259.4
258.1
12.5
10.7
13.0
15.5
17.3
11.2
9.0
11.1
13.1
*i
1.
1.
2.
2.
2.
201.0
200.0
221.3
244.0
240.8
1950
1951
1952 .
1953
1954
284.6 19.1
329.0 22.0
347.0 24.0
365.4 26.5
363.1 28.8
16.5
18.8
20.9
23.1
25.2
2.
3.
3.
3.
3.6
265.5
307.0
323.0
338.9
334.3
1955
1956
1957
1958
19593
397.5 32.0
419.2 34.4
442.5 36.9
441.7 37.9
478.8 40.2
27.9
30.5
33.0
34.7
36.8
4.0
3.9
3.9
3.2
3.4
365.5
384.8
405.6
403.8
438.6
1929
1930
1931
1932
1933
1934.. . ._
.
._
Equals:
StaNatisti- tional
cal ncome
discrepancy
7.0
1.2
5.8
0.3
87.8
7.2
6.9
6.8
7.1
7.8
1.0
.9
.9
1.6
2.2
6.1
6.0
5.8
5.4
5.6
.5 -1.0
.6
.8
.7
.8
.7
.9
.6
.7
75.7
59.7
42.5
40.2
49.0
8.2
8.7
9.2
9.2
9.4
2.2
2.3
2.4
2.2
2.3
6.0
6.4
6.8
6.9
7.0
.6
.6
.6
.4
.5
-.2
1.1
-.2
.5
1.2
57.1
64.9
73.6
67.6
72.8
10.0
11.3
11.8
12.7
14.1
2.6
3.6
4.0
4.9
6.2
7.4
7.7
7.7
7.8
8.0
.4
.8
.4
-.8
-1.7
2.8
81.6
104.7
137.7
170.3
182.6
.8 • 15.5
.< 17.3
18.6
20.4
21.6
<• 23.7
25.6
28.1
30.2
30.2
7.1
7.9
7.9
8.1
8.2
8.4
9.4
10.8
12.3
13.5
4.5
2.1
3.
181.2
180.9
198.2
223.5
217.7
9.0
9.5
10.5
11.2
10.1
14.7
16.1
17.6
19.0
20.1
.8
1.0
32.9
.9 35,7
1.1 38.1
1.0 39.0
42.0
11.0
11.6
12.2
11.9
12.6
21.8
24.1
25.9
27.2
29.4
1.
1.6 -2.
1.7
1.7 -2.]
1.7 <-2.7
330.2
350.8
366.5
366.2
4
398. 3
-0.1
. i
(22)
( 2)
()
.3
.4
(2)
.2
(2)
0.6
•\
!s
1.
1.
1.
1.
1.
1.
1.
241. 9
279.3
292.2
305.6
301.8
Seasonally adjusted annual rates
1957:
First quarter
Second quarter _ _
Third quarter
Fourth quarter. .
437.7
442.4
447.8
442. 3
36.2
36.7
37.3
37.5
(5)
(55)
C5 )
(5)
(55)
( 5)
()
401.5
405.7
410.5
404.8
1.3 37.3
1.3 38.1
1.1 38.4
.9 38.4
12.1
12.5
12.3
12.0
25.2
25.7
26.2
26.4
1.7 -0.2
1.7
.6
1.7
.3
1.7
1.3
364.0
366.5
371.1
364.3
393.5
396.9
406. C
418.6
1.1
1.1
l.C
l.C
38.3
38.9
39.1
39.9
11.8
12.0
11.7
12.1
26.5
26.9
27.4
27.9
1.7
1.7
1.7
1.7
-1.2
-1.5
-3.3
-2.4
355.8
358.9
369.5
380.4
430. S
444.6
438.1
440.8
.8
.7
.6
.6
40.7
41.7
42.3
43.2
12.2
12.4
12.7
13.0
28.5
29.3
29.7
30.2
.0
1.7
1.7 -2.0
1.7 -3.7
1.7 (5)
389.4
403.9
398.2
(5)
()
1958:
First quarter
Second quarter. _
Third quarter
Fourth quarter _ _
431. C
434.5
444. C
457.1
37.5
37.6
38.0
38.5
(5)
(55)
(5)
()
(5)
(55)
( 5)
()
1959:
First quarter
Second quarter. _
Third quarter 3
Fourth quarter _
470.2
484.5
478.6
482. C
39.3
39.9
40.5
41.2
(55)
( 5)
( 5)
()
(5)
(55)
( 5)
()
1
2
3
4
Accidental damage to fixed capital and capital outlays charged to current account.
Less than $50 million.
Preliminary estimates by Council of Economic Advisers.
Data for corporate profits and inventory valuation adjustment are approximations for the year as a whole;
they do not derive from, nor imply, specific estimates for the quarters. All other data incorporating or
derived
from these figures are correspondingly approximate.
5
Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
533287 O—60
167
TABLE D-l 1.—Relation of national income and personal income, 1929-59
[Billions of dollars]
Plus:
Less:
CorpoExcess
rate
of
National profits Contri- wage
income and in- butions
acfor
vensocial cruals
tory
over
insurvaludisance
ation
burseadjustments
ment
Period
Government
transfer
payments
to
persons
Net
interest
paid
by
government
0.9
Equals:
Dividends
Business
transfer
payments
1.0
5.8
0.6
85.8
.5
.6
.7
.7
.6
76.9
65.7
50.1
47.2
53.6
Personal
income
1929
87.8
1930
1931
1932
1933
1934
75.7
59.7
42.5
40.2
49.0
6.6
1.6
-2.0
-2.0
1.1
.3
.3
.3
.3
.3
1.0
2.1
1.4
1.5
1.6
1.0
1.1
1.1
1.2
1.2
5.5
4.1
2.6
2.1
2.6
1935
1936
1937
1938
1939
57.1
64.9
73.6
67.6
72.8
2.9
5.0
6.2
4.3
5.7
.3
.6
1.8
2.0
2.1
1.8
2.9
1.9
2.4
2.5
1.1
1.1
1.2
1.2
1.2
2.9
4.5
4.7
3.2
3.8
.6
.6
.6
.4
.5
60.2
68.5
73.9
68.6
72.9
1940
1941
1942
1943
1944
81.6
104.7
137.7
170.3
182.6
9.1
14.5
19.7
23.8
23.0
2.3
2.8
3.5
4.5
5.2
2.7
2.6
2. -6
2.5
3.1
1.3
1.3
1.5
2.1
2.8
4.0
4.5
4.3
4.5
4.7
.4
.5
.5
.5
.5
78.7
96.3
123.5
151.4
165.7
1945
1946
1947
1948
1949
181.2
180.9
198.2
223.5
217.7
18.4
17.3
23.6
30.8
28.2
6.1
6.0
5.7
5.2
5.7
5.6
10.9
11.1
10.5
11.6
3.7
4.5
4.4
4.5
4.7
4.7
5.8
6.5
7.2
7.5
.5
.6
.7
.7
.8
171.2
179.3
191.6
210.4
208.3
241.9
279.3
292.2
305.6
301.8
35.7
41.0
37.7
37.3
33.7
6.9
8.2
8.6
8.7
9.7
14.3
11.6
12.0
12.9
15.0
4.8
5.0
5.0
5.2
5.4
9.2
9.0
9.0
9.2
9.8
.8
1.0
1.2
.4
.3
228.5
256.7
273.1
288.3
289.8
330.2
350.8
366.5
366.2
2398.3
43.1
42.0
41.7
36.7
2
47.0
11.0
12.6
14.6
15.1
17.9
16.0
17.2
20.0
24.4
25.1
5.4
5.7
6.2
6.2
6.8
11.2
12.1
12.5
12.4
13.2
.5
.6
.7
.7
1.7
310.2
332.9
350.6
359.0
380.1
1950
1951
1952
1953
1954
..
..
..
„
1955
1956
1957
1958
1959 i
10.1
0.2
0.2
-.2
.1
-.1
Seasonally adjusted annual rates
1957: First quarter
Second quarter
Third quarter
Fourth quarter
364.0
366.5
371.1
364.3
43.8
42.0
42.7
38.5
14.4
14.5
14.8
14.6
1958: First quarter
Second quarter
Third quarter
Fourth quarter
355.8
358.9
369.5
380.4
31.5
33.8
38.0
43.5
14.8
14.8
15.3
15.5
1959: First quarter
Second quarter
Third quarter
Fourth quarter L_.
389.4
403.9
398.2
(3)
45.5
51.0
46.0
(3)
17.5
17.9
18.1
18.2
0.6
.6
—1.3
18.5
20.1
20.1
21.5
6.1
6.2
6.2
6.2
12.6
12.7
12.8
12.2
1.7
1.7
1.7
1.7
344.7
350.7
354.5
352.8
22.8
24.9
25.4
25.1
6.2
6.2
6.1
6.1
12.7
12.6
12.6
12.0
1.7
1.7
1.7
1.7
352.2
355.0
363.4
366.3
24.7
24.8
24.8
26.0
6.3
6.6
7.0
7.4
12.8
13.0
13.4
13.6
1.7
1.7
1.7
1.7
371.8
381.1
381.0
386.6
1
Preliminary estimates by Council of Economic Advisers.
2 Data for corporate profits and inventory valuation adjustment are approximations for the year as a whole;
they do not derive from, nor imply, specific estimates for the quarters. All other data incorporating or
derived from these figures are correspondingly approximate.
3
Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
168
TABLE D-12.—Sources of personal income, 1929—59
[Billions of dollars]
Labor
Prop rietors'
inc 3me 2
income
(wage and
PerRental
Total
salary
Transincome Divi- sonal fer
personal disbursepayBusiof
dends
interest
income
ments
ments
ness
and
persons
income
and other Farms profeslabor
sional
income) 1
Period
Less:
Personal
Noncontri- agriculbutions tural
for
personal
social income*
insurance
1929
85.8
51.0
6.0
8.8
5.4
5.8
7.4
1.5
0.1
77.7
1930
1931
1932
1933
1934
76.9
65.7
50.1
47.2
53.6
46.7
39.6
30.9
29.4
34.1
4.1
3.2
1.9
2.4
2.4
7.4
5.6
3.4
3.2
4.6
4.8
3.8
2.7
2.0
1.7
5.5
4.1
2.6
2.1
2.6
6.9
6.9
6.6
6.2
6.1
1.5
2.7
2.2
2.1
2.2
.1
.2
.2
.2
.2
70.8
60.9
46.9
43.6
49.8
1935
1936
1937
1938
1939
60.2
68.5
73.9
68.6
72.9
37.2
42.5
46.7
43.6
46.6
5.0
4.0
5.6
4.3
4.3
5.4
6.5
7.1
6.8
7.3
1.7
1.8
2.1
2.6
2.7
2.9
4.5
4.7
3.2
3.8
5.9
5.8
5.9
5.8
5.8
2.4
3.5
2.4
2.8
3.0
.2
.2
.6
.6
.6
53.9
63.2
67.0
62.8
67.1
1940
1941
1942
1943
1944
78.7
96.3
123.5
151.4
165.7
50.5
62.8
83.0
106.7
118.5
4.6
6.5
10.0
11.4
11.5
8.4
10.9
13.9
16.8
18.0
2.9
3.5
4.5
5.1
5.4
4.0
4.5
4.3
4.5
4.7
5.8
5.8
5.8
5.8
6.2
3.1
3.1
3.1
3.0
3.6
.7
.8
1.2
1.8
2.2
72.6
88.0
111.5
137.6
151.6
1945.
1946
1947
1948
1949
171.2
179.3
191.6
210.4
208.3
119.4
113.8
125.2
137.9
137.4
11.8
15.3
15.5
17.8
12.9
19.0
21.3
19.9
22.4
22.7
5.6
6.2
6.5
7.3
8.3
4.7
5.8
6.5
7.2
7.5
6.9
7.6
8.2
8.7
9.4
6.2
11.4
11.8
11.3
12.4
2.3
2.0
2.1
2.2
2.2
156.8
161.2
172.8
189.2
192.1
1950
1951
1952
1953
1954
228.5
256.7
273.1
288.3
289.8
150.2
175.5
190.2
204.1
202.5
14.0
16.3
15.3
13.3
12.7
23.5
26.0
26.9
27.4
27.8
9.0
9.4
10.2
10.5
10.9
9.2
9.0
9.0
9.2
9.8
10.3
11.2
12.1
13.4
14.6
15.1
12.6
13.2
14.3
16.2
2.9
3.4
3.8
3.9
4.6
211.3
237.0
254.3
271.5
273.8
1955
1956
1957
1958
19595
310.2
332.9
350. 6
359.0
380.1
218.0
235.7
247.7
248.7
267.8
11.8
11.6
11.8
14.2
11.8
30.4
32.1
32.7
32.4
34.5
10.7
10.9
11.5
11.8
12.0
11.2
12.1
12.5
12.4
13.2
15.8
17.5
19.5
20.4
22.4
17.5
18.8
21.7
26.1
26.8
5.2
5.8
6.7
7.0
8.3
295.0
317.9
335.2
341.1
364.4
___
Seasonally adjusted annual rates
1957:
First quarter
Second quarter
Third quarter ._ _.
Fourth quarter
344.7
350.7
354.5
352.8
244.7
247.8
250.2
248.1
11.2
11.5
12.3
12.1
32.6
32.9
32.9
32.4
11.3
11.4
11.5
11.7
12.6
12.7
12.8
12.2
18.8
19.4
19.8
20.0
20.2
21.8
21.8
23.2
6.7
6.7
6.8
6.7
329.9
335.6
338.7
337.1
1958:
First quarter
Second quarter
Third quarter
Fourth quarter
352.2
355.0
363.4
366.3
243.9
244.7
251.6
254.5
14.6
13.9
14.2
14.1
31.6
32.0
32.6
33.2
11.7
11.8
11.9
11.9
12.7
12.6
12.6
12.0
20.2
20.3
20.5
20.8
24.4
26.6
27.1
26.8
6.9
6.9
7.1
7.1
334.1
337.4
345.4
348.2
1959:
First quarter
Second quarter
Third quarter
Fourth quarter s _ _ _
371.8
381.1
381.0
386.6
260.6
269.3
269.6
271.8
13.2
12.1
10.3
11.4
33.7
34.5
34.8
35.1
12.0
12.0
12.0
12.0
12.8
13.0
13.4
13.6
21.3
22.0
22.7
23.5
26.4
26.5
26.5
27.7
8.1
8.3
8.4
8.4
354.6
365.0
366.9
371.3
1
The total of wage and salary disbursements and other labor income differs from compensation of employees in Table D-9 in that it excludes employer contributions for social insurance and excludes the excess
of 2wage accruals over wage disbursements.
Excludes income resulting from net reductions of inventories and gives credit in computing income
to 8net additions to inventories during the period.
Data for 1929-45 differ from those in Table D-65 because of revisions by the Department of Agriculture
not4 yet incorporated into the national income accounts.
Nonagricultural income is personal income exclusive of net income of unincorporated farm enterprises,
farm
wages, agricultural net interest, and net dividends paid by agricultural corporations.
5
Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
169
TABLE D-13.—Disposition of personal income, 7929—59
Less:
Equals: Personal
DisposLess:
Equals:
conPersonal Personal
able
Personal
income
taxes i personal sumption
saving
income expenditures
Period
Saving as
percent
of disposable
personal
income
(percent)
Billions of dollars
1929
1930
1931
1932
1933
1934
.
_
1935
1936
1937
1938
1939
--
1940
1941
1942
1943
1944
.- -
-
-- .
--
1945
1946 -.
1947
1948
1949 „
1950
1951
1952
1953
1954
--
.
.
.
_. _
1955
1956
1957 _1958
19592
85.8
2.6
83.1
79.0
4.2
5.1
76.9
65.7
50.1
47.2
53.6
2.5
1.9
1.5
1.5
1.6
74.4
63.8
48.7
45.7
52.0
71.0
61.3
49.3
46.4
51.9
3.4
2.5
-.6
-.6
.1
4.6
3.9
-1.2
-1.3
.2
60.2
68.5
73.9
68.6
72.9
1.9
2.3
2.9
2.9
2.4
58.3
66.2
71.0
65.7
70.4
56.3
62.6
67.3
64.6
67.6
2.0
3.6
3.7
1.1
2.9
3.4
5.4
5.2
1.7
4.1
78.7
96.3
123.5
151.4
165.7
2.6
3.3
6.0
17.8
18.9
76.1
93.0
117.5
133.5
146.8
71.9
81.9
89.7
100.5
109.8
4.2
11.1
27.8
33.0
36.9
5.5
11.9
23.7
24.7
25.1
171.2
179.3
191.6
210.4
208.3
20.9
18.7
21.5
21.1
18.7
150.4
160.6
170.1
189.3
189.7
121.7
147.1
165.4
178.3
181.2
28.7
13.5
4.7
11.0
8.5
19.1
8.4
2.8
5.8
4.5
228.5
256. 7
273.1
288.3
289.8
20.8
29.2
34.4
35.8
32.9
207.7
227.5
238.7
252.5
256.9
195.0
209.8
219.8
232.6
238.0
12.6
17.7
18.9
19.8
18.9
6.1
7.8
7.9
7.8
7.4
310.2
332.9
350.6
359.0
380.1
35.7
40.0
42.7
42.6
45.5
274.4
292.9
307.9
316. 5
334. 6
256.9
269.9
284.8
293.0
311.4
17.5
23.0
23.1
23.5
23.3
6.4
7.9
7.5
7.4
7.0
Seasonally adjusted annual rates
1957: First quarter. -Second quarter
Third quarter _ . _
Fourth quarter
_.
1958: First quarter _
Second quarter
Third quarter
Fourth quarter _
1959: First quarter
Second quarter Third quarter 2
Fourth quarter
- -
344.7
350.7
354.5
352.8
42.3
42.7
43.1
42.9
302.5
308.0
311.5
309.9
279.8
282.9
288.2
288.1
22.6
25.1
23.3
21.8
7.5
8.1
7.5
7.0
352.2
355. 0
363.4
366.3
41.9
42.1
42.9
43.4
310.3
312.9
320.4
322.9
287.3
290.9
294.4
299.1
22.9
22.0
26.0
23.7
7.4
7.0
8.1
7.3
371.8
381.1
381.0
386.6
44.4
45.8
45.9
46.0
327.4
335.3
335.1
340.6
303.9
311. 2
313.3
317.0
23.5
24.1
21.9
23.6
7.2
7.2
6.5
6.9
1 Includes also such items as fines, penalties, and donations.
2 Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
170
TABIE D-14.— Total and per capita disposable personal income and personal consumption
expenditures^ in current and 1959 prices, 1929-59
Total disposable Per capita dispersonal income posable personal
(billions of
income (dollars)
dollars)
Period
Total personal
consumption
expenditures
(billions of
dollars)
Per capita personal consumption expenditures (dollars)
Population
(thousands)4
Current 1959 l Current 1959 l Current 1959 2 Current 1959 3
prices prices
prices prices
prices prices
prices prices
1929.
83.1
145.8
682
1,196
79.0
138.6
648
1,137
121, 875
1930
1931.
1932
1933
1934
74.4
63.8
48.7
45.7
52.0
136. 5
131.3
113.5
110.4
118.2
604
514
390
364
411
1,108
1,058
909
879
934
71.0
61.3
49.3
46.4
51.9
130.3
126.2
114.8
112.1
117.9
576
494
395
369
410
1,058
1,017
919
892
932
123, 188
124, 149
124, 949
125, 690
126, 485
58.3
66.2
71.0
65.7
70.4
129.6
145.8
150.7
142.8
154.4
458
516
551
506
537
1,018
1,137
1,170
1,100
1,178
56.3
62.6
67.3
64.6
67.6
125.2
138.0
142.9
140.4
148.3
442
488
522
497
516
983
1,077
1,108
1,080
1,132
127, 362
128, 181
128,961
129,969
131, 028
76.1
93.0
117.5
133.5
146.8
165.4
189.4
213.2
222.1
231.5
576
697
871
976
1,061
,252
,420
,581
,624
,674
71.9
81.9
89.7
100.5
109.8
156.3
166.7
162.9
167.2
173.1
544
614
665
735
793
,183
,250
,208
,223
,251
132, 122
133, 402
134,860
136, 739
138, 397
150. 4
160.6
170.1
189.3
189.7
228.9
226.8
217.5
228.6
231.3
1,075
1,136
1,180
1,291
1,272
,636
,605
,509
,559
,551
121.7
147.1
165.4
178.3
181.2
185.2
207.8
211.4
215.4
220.9
870
,040
,148
,216
,215
,324
,470
,467
,469
,481
139, 928
141, 389
144, 126
146, 631
149, 188
207.7
227.5
238.7
252.5
256.9
249.6
256.5
263.5
276.0
278.0
1,369
1,474
1,520
1,582
1,582
,645
,662
,678
,729
,712
195.0
209.8
219.8
232.6
238.0
234.5
236.4
242.5
254.2
257.5
,286
,359
,400
,457
,465
1,546
1,531
1,544
1,592
1,585
151, 683
154, 360
157, 028
159, 636
162, 417
274.4
292.9
307.9
316.5
334.6
296.0
310.3
316.8
319.7
334.6
1,660
1,742
1,799
1,818
1,891
1,791
1,845
1,851
1,836
1,891
256.9
269.9
284.8
293.0
311.4
277.0
286.0
293.1
295.9
311.4
,554
,605
,664
,683
,760
1,676
1,701
1,712
1,700
1,760
165, 270
168, 176
171, 198
174, 054
176, 947
_
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
__
..
_
1945- _
1946
1947
1948-.
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
19595.-
.
-
Seasonally adjusted annual rates
1957: First quarter
Second quarter. __
Third quarter
Fourth quarter....
302.5
308.0
311.5
309.9
314.4
318.2
319.2
316.2
1,778
1,803
1,815
1,798
1,848
1,863
1,860
1,835
279.8
282.9
288.2
288.1
290.8
292.2
295.4
294.0
1,644
1,656
1,679
1,671
1,709
1,710
1,721
1,706
170, 148
170, 840
171,606
172, 382
1958: First quarter
Second quarter
Third quarter
Fourth quarter
310.3
312.9
320.4
322.9
314.1
315.7
324.0
325.5
1,793
1,801
1,837
1,843
1,815
1,817
1,857
1,858
287.3
290.9
294.4
299.1
290.9
293.6
297.7
301.4
1,660
1,675
1,688
1,707
1,681
1,690
1,707
1,720
173,038
173, 692
174, 450
175, 242
1959: First quarter
Second quarter. _ _
Third quarter 5
Fourth quarter ..
327.4
335.3
335.1
340.6
329.4
336.3
334.4
338.2
1,861
1,899
1,889
1,912
1,872
1,905
1,885
1,899
303.9
311.2
313.3
317.0
305.6
312.1
312.7
314.9
1,727
1,762
1,766
1,779
1,737
1,767
1,763
1,768
175, 926
176, 599
177, 358
178, 140
1
Dollar estimates in current prices divided by the implicit deflator for personal consumption expenditures
on a 1959 base.
2
See
Table D-2 for explanation.
3
Total
expenditures in 1959 prices diyided by population.
4
Population of the United States excluding Alaska and Hawaii; includes armed forces abroad. Annual
data
are for July 1; quarterly data are for middle of period.
8
Preliminary estimates by Council of Economic Advisers.
Sources: Department of Commerce and Council of Economic Advisers.
171
TABLE D-15.—Financial saving by individuals, 1939-59l
[Billions of dollars]
Period
Securities
Currency SavTotal and
ings
U.S. Other Corbank shares
2
Total sav- gov- porate
deings ern- and
posits
bonds ment 3 other
Private
insurance
reserves4
Noninsured
pension
funds
Government
insurance
and
pension
reserves5
0.66 -0.87 -0.62
1.30
1939
4.24
2.99
1940
1941
1942
1943
1944
4.23
10.51
29.28
38.69
41.39
2.87
4.77
10.93
16.18
17.53
1945 .
1946
1947
1948
1949
37.33 18.98
14.06 10.57
2.00
6.47
2.76 -1.83
2.21 -1.36
. __
0.08 -0.83
.26
.42
.27
.57
.85
Less: Increase in
debt
Mort- Con- Securgage sumer ities
debts debt? loans8
1.72
0.05
-.44
-.50
.01
-.26
-.68
1.85
2.14
2.49
2.85
3.21
.05
.08
.12
.20
.60
.85 1.01 -.20
1.30
.82
.69 -.11
1.86
.27
.10 -2.96
2.55
.58
3.92 -.38 -1.03
.14 1.38
4.96 -.05
6.85 4.23 -1.16
.96 -2.40 (9)
2.01 -.28
.69
1.60
.40 1.12
1.46
.20
.73
3.46
3.42
3.64
3.75
3.71
.93
.30
.30
.40
.60
5.14
3.55
3.49
3.57
2.34
.22
3.60
4.62
4.72
4.12
.48 1.48
2.32 -2.34
2.81 -.76
2.41
.43
.32
2.64
.71
1.43
2.16
1.23
.68
3.92
4.06
4.84
5.00
5.21
.90
1.35
1.51
1.84
1.93
1.09
4.24
4.40
3.24
2.63
7.29
6.58
6.51
7.29
9.01
3.64
.22
.99 -.30
4.36
.60
.40
3.65
.86
.96
.26 3.92
-.09 3.30
-1.91 5.29
-.52 -1.80
-1.80 11.00
2.23
2.00
3.18
2.92
1.40
5.54
5.54
5.12
5.23
5.30
2.08
2.41
2.68
2.78
3.40
3.10 11.83
3.57 10.28
3.19 7.76
.67 9.32
1.90 12.50
.60
6.09
3.14 -.75
2.49 -.07
.45
.10
5.60 -.40
2.18
.51
1.94
.65
.88
1.10
.79
.41
1.04
1.12
1.69
1.27
.84
.66
.52
.66
.73
1.50
.86
.11
1.84 -.84 -.34
.05
2.06 1.35
.64 -.02
2.13
.24
1.72 1.34
.86 -.84
-.43
.38
2.64 2.75
10.33 7.98 2.34
14.14 11.14 3.25
15.71 11.80 4.59
1.10 9.93
1.23 -1.43
1.28 2.42
1.30 3.12
1.61 2.39
0.50
0.81 -0.23
1950
1951
1952
1953
1954
.82
11.11
13.14
10.88
9.47
3.50
5.90
7.02
4.73
5.37
1955 _
1956
1957
1958
1959 10
7.14
14.10
17.68
16.17
16.00
3.29
4.68
5. 10
10.26
5.60
5.23 6.41
5.37 5.20
5.21 6.56
6.51
.59
6.90 10.60
1957:
First quarter
Second quarter. .
Third quarter...
Fourth quarter. .
5.42
3.35
5.08
3.83
-.10
.72
1.88
2.61
1.09
1.68
.65
1.79
1958:
First quarter
Second quarter..
Third quarter. _ _
Fourth quarter..
5.53
1.34
5.78
3.52
.82
.63
5.39
3.42
1.42 1.01 -.01 -.23
1.92 -.11 -.19 -.53
.98 -1.41 -.16 -1.98
.93
2.20 1.09 -.16
1.25
.62
.73
.32
1.20
1.13
1.30
1.60
.90 -.14
.48
.75
.25
.58
.82 -.20
.01
1.48 -1.81
.30 1.05
2.10
.05 -1.52
2.78
.91
2.95 1.56
1959:
First quarter
Second quarter. .
Third quarter...
Fourth quarter 10
5.22
2.40
4.80
3.60
.28
.35
2.43
2.60
1.48
2.23
1.14
2.00
2.52
2.32
3.95
2.20
.24
.29
.31
.60
1.37
1.31
1.27
1.30
.94 -.01
.88 1.37
.79
.68
.80 -.20
2.41 -.51 -.52
.06
3.72 2.16
3.44 1.79 -.02
3.00 2.10 (9)
1.67
2.28
3.34
3.97
4.79
.25 -.07
.90
.54 -.47 -.42
3.51
.09 1.26
.20 2.01
3.44
.60 -.91
.37
2.48
1.15
2.25
.69
2.53
2.18
3.71
2.20
-.58
-.46
-.49
-.38
-.24
-.43
-. 55
-.60
1
Individuals' saving, in addition to personal holdings, covers saving of unincorporated business, trust
funds,
and nonprofit institutions in the forms specified.
2
Includes
shares in savings and loan associations and shares and deposits in credit unions.
3
Includes U.S. Government issues (except savings bonds), nonguaranteed Federal agency securities, and
securities
of
State
and local governments.
4
Includes insured pension reserves.
5
Includes
Social
Security funds, State and local retirement systems, etc.
6
Mortgage debt to institutions on one- to four-family nonfarm dwellings.
7
Consumer debt owed to corporations, largely attributable to purchases of automobiles and other durable consumer goods, although including some debt arising from purchases of consumption goods. Policy
loans
on Government and private life insurance have been deducted from those items of saving.
8
Change in bank loans made for the purpose of purchasing or carrying securities.
9
Less
than $5 million.
10
Preliminary.
NOTE.—In addition to the concept of saving shown above, there are other concepts of individuals'
saving, with varying degrees of coverage, currently in use. The personal saving estimates of the Department of Commerce are derived as the difference between personal income and expenditures. Conceptually,
Commerce saving includes the following items not included in Securities and Exchange Commission saving: Housing, farm and unincorporated business investment in inventories and plant and equipment, net
of depreciation, and increase in debt. Government insurance is excluded from the Commerce saving series. For a reconciliation of the two series, see Securities and Exchange Commission Statistical Bulletin,
July 1959, and Survey of Current Business, July 1959.
The Federal Reserve Board's flow-of-funds system of accounts includes capital investments as well as
financial components of saving and covers saving of Federal, State and local governments, businesses, financial institutions and consumers. While the Federal Reserve Board's estimates of consumer saving in financial form are similar to the Securities and Exchange Commission estimates of individuals' saving, there
are some statistical and conceptual differences in the two sets of data.
Revisions for 1947-59 in the consumer credit statistics of the Board of Governors of the Federal Reserve
System have riot yet been incorporated into these estimates.
Detail will not necessarily add to totals because of rounding.
Source: Securities and Exchange Commission.
172
TABLE D-16.—Sources and uses of gross saving, 1929—59
[Billions of dollars]
Gross private saving and government surplus or
deficit on income and product transactions
Total
PerTotal sonal
saving
Statistical
Gross
disprivate Net for- crepeign in- ancy
Total domestic in- vest-1
State
vest- ment
and
ment
local
Government surplus
or deficit (-)
Private saving
Period
Gross investment
Gross
busi- Total
ness
saving
Federal
1929
16.7
15.7
4.2
11.5
1.0
1.2
-0.1
17.0
16.2
0.8
1930
1931
1932
1933
1934
11.9
4.9
.3
.6
2.6
12.2
7.7
2.0
1.9
5.0
3.4
2.5
-.6
-.6
.1
8.8
5.2
2.7
2.6
4.9
-.3
-2.8
-1.7
-1.4
-2.4
.3
-2.1
-1.5
-1.3
-2.9
-.'7
-.2
(2)
.5
11.0
5.7
1.1
1.5
3.3
10.3
5.5
.9
1.4
2.9
.7
.2
.2
.2
.4
1935 .
1936
1937
1938-.
1939
6.4
7.2
12.1
7.3
9.0
8.4
10.1
11.5
8.9
11.2
2.0
3.6
3.7
1.1
2.9
6.3
6.5
7.8
7.8
8.3
-2.0
-3.0
.6
-1.6
-2.1
-2.6
-3.5
-.2
-2.0
-2.2
.6
.5
.7
.4
.1
6.2
8.3
11.8
7.8
10.2
6.3
8.4
11.7
6.7
9.3
-.1
-.1
.1
1.1
.9
-.2
1.1
-.2
.5
1.2
13.9
18.8
10.5
5.1
2.3
14.6
22.6
41.9
49.3
54.2
4.2
11.1
27.8
33.0
36.9
10.4
-.7 -1.4
11.5 -3.8 -5.1
14.1 -31.4 -33.2
16.3 -44.2 -46.7
17.2 -51.9 -54.6
.7
1.3
1.8
2.5
2.7
14.7
19.2
9.7
3.4
5.0
13.2
18.1
9.9
5.6
7.1
1.5
1.1
-.2
-2.2
-2.1
.8
.4
-.8
-1.7
2.8
4.5
30.6
36.8
45.9
33.0
44.3
26.5
23.6
37.6
36.1
28.7
13.5
4.7
11.0
8.5
15.6 -39.7 -42.3
4.1
13.1
2.2
18.9
13.3
12.2
26.6
8.2
8.0
27.6 -3.1 -2.5
2.6
1.9
1.1
.3
-.6
9.0
32.7
40.4
45.0
33.5
10.4
28.1
31.5
43.1
33.0
-1.4
4.6
8.9
1.9
.5
4.5
2.1
3.5
-.8
.5
48.5
55.3
48.3
47.0
47.6
40.3
49.2
52.2
54.1
54.4
12.6
17.7
18.9
19.8
18.9
27.7
31.5
33.2
34.3
35.5
8.2
6.1
-3.9
9.2
6.4
-3.9
-7.4
-5.8
-1.0
-.3
.1
.3
-.9
47.8
56.6
49.7
48.3
48.5
50.0
56.3
49.9
50.3
48.9
-2.2
.2
-.2
-2.0
-.4
—.7
1.2
1.4
1.3
.9
62.4
71.3
69.6
56.9
^70.7
59.6
66.1
68.2
67.5
<73.9
17.5
23.0
23.1
23.5
23.3
2.9
42.1
3.8
5.2
43.0
5.7
1.4
2.4
45.1
-9.1
44.0 -10.7
450.6 4-3.2 4-2.0
-1.0
-.5
-1.0
-1.6
63.4
68.8
70.1
54.8
68.1
63.8
67.4
66.6
54.9
70.3
-.4
1.5
3.5
i
-2^2
1.0
-2.4
.5
-2.1
4-2.7
1940
1941
1942..
1943
1944
1945
1946.
1947
1948
1949..
1950-.
1951
1952.
1953
1954
1955
1956
1957
1958.
19593
.
,
.
.
.-
-
7 -j
-e'7
4-1.0
0.3
-1.0
.8
.8
.9
.7
Seasonally adjusted annual rates
1957:
First quarter
Second quarter. .
Third quarter
Fourth quarter -_
71.7
70.9
71.5
64.1
67.6
69.8
69.1
66.4
22.6
25.1
23.3
21.8
44.9
44.8
45.8
44.6
4.8
2.2
3.0
-.6
-0.7
-1.1
-.6
-1.7
71.5
71.5
71.8
65.4
66.9
68.3
67.9
63.2
4.6
3.3
3.9
2.1
-0.2
.6
.3
1.3
1958:
First quarter
Second quarter..
Third quarter. _.
Fourth quarter .-
54.2
52.7
57.8
62.4
64.2
65.0
69.3
71.9
22.9
22.0
26.0
23.7
41.3 -10.0 -8.0
43.0 -12.3 -10.9
43.3 -11.5 -10.1
48.1 -9.5 -7.8
-1.9
-1.4
-1.4
-1.7
53.1
51.2
54.6
60.0
52.4
51.3
54.2
61.3
.7
-.1
.4
-1.3
-1.2
— 1.5
-3.3
-2.4
1959:
First quarter
Second quarter _ _
Third quarter 3
Fourth quarter .
67.4
76.3
69.1
(5)
72.9
76.4
72.5
(5)
23.5
24.1
21.9
23.6
49.4
52.3
50.6
(5)
-5.5
-.1
-3.4
(5)
-1.6
-.5
-1.0
(5)
67.4
74.3
65.5
65.5
69.8
77.5
67.0
67.0
-2.4
-3.2
-1.5
-1.5
.0
-2.0
-3.7
(5)
4.1
1.1
2.4
-2.3
-3.9
.4
-2.4
(5)
1
Net exports of goods and services less foreign net transfers by Government. For 1929-45, net foreign
investment and net exports of goods and services have been equated, since foreign net transfers by Government were negligible during that period.
2 Less than $50 million.
3 Preliminary estimates by Council of Economic Advisers.
4 Data for corporate profits and inventory valuation adjustment are approximations for the year as a
whole; they do not derive from, nor imply, specific estimates for the quarters. All other data incorporating5 or derived from these figures are correspondingly approximate.
Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
EMPLOYMENT AND WAGES
TABLE D-17.—Noninstitutional population and the labor force, 7929-59
Period
Noninstitutional
population i
Civilian labor force
Total
Total
labor
labor
2
force as UnemployEmployment
force Armed
percent ment as per(includ- forces *
Unem- of non- cent of civiling
ian labor
Total
ploy- instituAgri- Nonarmed
tional
force
agriment 2 popuforces) i
Total culcultural tural
lation
Thousands of persons 14 years of age and over
Old definitions: a
1929
-
Percent
(3)
49, 440
260 49,180 47, 630 10, 450 37, 180
1,550
(3)
3.2
1930 .
1931
1932
1933 .
1934
(33)
()
(3)
(33)
()
50, 080
50, 680
51, 250
51, 840
52,490
260
260
250
250
260
49, 820
50. 420
51,000
51, 590
52, 230
45, 480
42, 400
38, 940
38, 760
40, 890
10, 340
10, 290
10, 170
10, 090
9,900
35, 140 4,340
32, 110 8,020
28, 770 12, 060
28, 670 12, 830
30, 990 11, 340
(33)
(3)
(3)
(3)
()
8.7
15.9
23.6
24.9
21.7
1935
1936
1937
1938 ...
1939
(33)
(3)
(3)
(3)
()
53, 140
53, 740
54, 320
54, 950
55, 600
270
300
320
340
370
52, 870
53, 440
54,000
54, 610
55, 230
42, 260 10, 110
44, 410 10,000
46,300 9,820
44, 220 9,690
45, 750 9,610
32, 150 10, 610
34, 410 9,030
36,480 7,700
34, 530 10, 390
36, 140 9,480
(33)
()
(33)
(3)
()
20.1
16.9
14.3
19.0
17.2
100, 380
101, 520
102, 610
103, 660
104, 630
56, 180
540
57, 530 1,620
60, 380 3,970
64, 560 9,020
66, 040 11, 410
55, 640
55, 910
56, 410
55, 540
54, 630
47, 520
50, 350
53, 750
54, 470
53, 960
9,540
9,100
9,250
9,080
8,950
37, 980
41, 250
44, 500
45, 390
45, 010
8,120
5,560
2,660
1,070
670
56.0
56.7
58.8
62.3
63.1
14.6
9.9
4.7
1.9
1.2
105, 520
106, 520
107, 608
108, 632
109, 773
65, 290 11, 430
60, 970 3,450
61, 758 1,590
62, 898 1,456
63, 721 1,616
53, 860
57, 520
60, 168
61, 442
62, 105
52, 820
55, 250
58, 027
59, 378
58, 710
8,580
8,320
8,266
7,973
8,026
44, 240
46, 930
49, 761
51, 405
50, 684
1,040
2,270
2,142
2,064
3,395
61.9
57.2
57.4
57.9
58.0
1.9
3.9
3.6
3.4
5.5
110, 929
112, 075
113, 270
115, 094
116,219
64, 749
65, 983
66, 560
67, 362
67, 818
1,650
3,097
3,594
3,547
3,350
63,099
62,884
62,966
63, 815
64, 468
59, 957
61, 005
61, 293
62, 213
61, 238
7,507
7,054
6,805
6,562
6,504
52, 450
53, 951
54, 488
55, 651
54, 734
3,142
1,879
1,673
1,602
3,230
58.4
58.9
58.8
58.5
58.4
5.0
3.0
2.7
2.5
5.0
117, 388
118, 734
120, 445
68, 896
70, 387
70, 761
3,048 65, 847 63, 193
2,857 67, 530 64, 979
2,797 67, 964 65, 272
6,730 56, 464
6,585 58, 394
6,229 59, 043
2,654
2,551
2,693
58. 7
59.3
58.7
4.0
3.8
4.0
New definitions: 2
1947
._ 107, 608
108, 632
1948
109, 773
1949
61, 758
62, 898
63, 721
1,590 60,168 57, 812
1,456 61, 442 59, 117
1,616 62, 105 58, 423
8,256 49, 557
7,960 51, 156
8,017 50, 406
2,356
2,325
3,682
57.4
57.9
58.0
3.9
3.8
5.9
110, 929
112, 075
113, 270
115,094
116, 219
64, 749
65, 983
66,560
67, 362
67, 818
1,650
3,097
3,594
3,547
3,350
63,099
62, 884
62, 966
63, 815
64,468
59, 748
60, 784
61, 035
61, 945
60,890
7,497
7,048
6,792
6,555
6,495
52, 251
53, 736
54, 243
55,390
54, 395
3,351
2,099
1,932
1,870
3,578
58.4
58.9
58.8
58.5
58.4
5.3
3.3
3.1
2.9
5.6
.-- 117, 388
68, 896
70, 387
70, 744
71,284
71, 946
3,048
2,857
2,797
2,637
2,552
65, 848
67, 530
67, 946
68,647
69, 394
62, 944
64,708
65, Oil
63.966
G5, 581
6,718
6,572
6,222
5,844
5,836
56, 225
58, 135
58, 789
58, 122
59, 745
2,904
2,822
2,936
4,681
3,813
58.7
59.3
58.7
58.5
58.3
4.4
4.2
4.3
6.8
5.5
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949 .
.
-
1950
1951
1952
1953
1954 ..
1955
1956
1957
-
1950
1951
1952
1953
1954
1955
1956
1957
1958 ...
1959
118, 734
120, 445
121, 950
123, 366
See footnotes at end of table, p. 175.
174
TABLE D-17.—Noninstitutional population and the labor force, 1929-59—Continued
Civilian labor force
Total
Period
Nonin- labor
stitu- force
tional (includ- Armed
popu-1 ing forces * Total
lation armed
forces) i
Total
labor
force
as
Employment
percent
of
nonUnemploy- instituAgri- Nontional
agriment 2 popuTotal culcultural tural
lation
2
Thousands of persons 14 years of age and over
Unemployment as percent of civilian labor
force
Unad- Seasonadjusted ally
justed
Percent
New definitions: *
1957:
January _ -February
March
April
May
June
119, 614
119, 745
119,899
120, 057
120, 199
120,383
68,638
69,128
69, 562
69, 771
70, 714
72, 661
2,817
2,817
2,816
2,820
2,821
2,819
65, 821
66, 311
66, 746
66, 951
67, 893
69,842
62, 578
63,190
63, 865
64, 261
65, 178
66, 504
4,935
5,195
5,434
5,755
6,659
7,534
57,643
57, 996
58, 431
58, 506
58, 519
58, 970
3,244
3,121
2,882
2,690
2,715
3,337
57.4
57.7
58.0
58.1
58.8
60.4
4.9
4.7
4.3
4.0
4.0
4.8
4.*
4.1
3.9
4-0
4.1
4.2
July. _.
August
September
October..
November
December
120, 579
120, 713
120, 842
120,983
121, 109
121, 221
73,051
71, 833
71,044
71,299
70, 790
70, 458
2,823
2,839
2,819
2,786
2,729
2,688
70,228
68,994
68,225
68, 513
68, 061
67, 770
67, 221
66, 385
65,674
66,005
64, 873
64,396
7,772
6,823
6,518
6,837
5,817
5,385
59, 449
59, 562
59, 156
59, 168
59, 057
59,012
3,007
2,609
2,552
2,508
3,188
3,374
60.6
59.5
58.8
58.9
58.5
58.1
4.3
3.8
3.7
3.7
4.7
5.0
4.2
4.3
4.5
4.7
4.9
5.0
121, 325
121, 432
121, 555
. 121, 656
121, 776
121, 900
69, 379
69, 804
70, 158
70, 681
71,603
73, 049
2,647
2,644
2,648
2,654
2,638
2,631
66, 732
67,160
67, 510
68, 027
68, 965
70, 418
62, 238
61, 988
62, 311
62,907
64, 061
64, 981
4,998
4,830
5,072
5,558
6,272
6,900
57, 240
57, 158
57, 239
57, 349
57, 789
58, 081
4,494
5,173
5,198
5,120
4,904
5,437
57.2
57.5
57.7
58.1
58.8
59.9
6.7
7.7
7.7
7.5
7.1
7.7
5.8
6.7
7.0
7.5
7.2
6.8
121, 993
122, 092
122, 219
122, 361
122, 486
122,609
73, 104
72, 703
71, 375
71, 743
71, 112
70, 701
2,631
2,636
2,635
2,632
2,627
2,620
70, 473
70, 067
68,740
69, 111
68, 485
68,081
65, 179
65, 367
64, 629
65, 306
64,653
63,973
6,718
6,621
6,191
6,404
5,695
4,871
58, 461
58, 746
58, 438
58, 902
58, 958
59, 102
5,294
4,699
4,111
3,805
3,833
4,108
59.9
59.5
58.4
58.6
58.1
57.7
7.5
6.7
6.0
5.5
5.6
6.0
7.3
7.6
7.2
7.1
5.9
6.1
1959:
January
February
March
April
May.. .
June
122, 724
122, 832
122, 945
123, 059
123, 180
123, 296
70, 027
70. 062
70, 768
71, 210
71, 955
73, 862
2,597
2,591
2,579
2,571
2,550
2,538
67, 430
67, 471
68, 189
68, 639
69, 405
71, 324
62, 706
62, 722
63,828
65, 012
66, 016
67, 342
4, 693
4,692
5,203
5,848
6,408
7,231
58,013
58,030
58,625
59, 163
59,608
60,111
4,724
4,749
4,362
3,627
3,389
3,982
57.1
57.0
57.6
57.9
58.4
59.9
7.0
7.0
6.4
5.3
4.9
5.6
6.0
6.1
5.8
5.3
4.9
4.9
July
August
September
October
November
December
123, 422
123, 549
123, 659
123, 785
123, 908
124, 034
73, 875
73,204
72, 109
72, 629
71, 839
71, 808
2,537
2,537
2,532
2,526
2,529
2,532
71, 338
70, 667
69, 577
70, 103
69, 310
69, 276
67,594
67, 241
66, 347
66,831
65,640
65, 699
6,825
6,357
6,242
6,124
5,601
4,811
60,769
60,884
60,105
60, 707
60,040
60,888
3,744
3,426
3,230
3,272
3,670
3,577
59.9
59.3
58.3
58.7
58.0
57.9
5.2
4.8
4.6
4.7
5.3
5.2
5.1
5.5
5.6
6.0
5.6
5.2
1958:
January
February
March
April
May
June
July
August
September
October
November
December..
1
Data for 1940-52 revised to include about 150,000 members of the armed forces who were outside the
United States in 1940 and who were, therefore, not enumerated in the 1940 Census and were excluded from
the 1940-52 estimates.
2 See Note.
' Not available.
NOTE.—Civilian labor force data beginning with May 1956 are based on a 330-area sample. For January
1954-April 1956 they are based on a 230-area sample; for 1946-53 on a 68-area sample; for 1940-45 on a smaller
sample; and for 1929-39 on sources other than direct enumeration.
Effective January 19.57, persons on layoff with definite instructions to return to work within 30 days
of layoff and persons waiting to start new wage and salary jobs within the following 30 days are classified
as unemployed. Such persons had previously been classified as employed (with a job but not at work).
The combined total of the groups changing classification has averaged about 200,000 to 300,000 a month in
recent years. The small number of persons in school during the survey week and waiting to start new
jobs are classified as not in the labor force instead of employed, as formerly. Persons waiting to open new
businesses or start new farms within 30 days continue to be classified as employed.
Beginning July 1955, monthly data are for the calendar week ending nearest the 15th of the month; previously, for week containing the 8th. Annual data are averages of monthly figures.
For the years 1940-52, estimating procedures made "se of 1940 Census data; for subsequent years, 1950
Census data were used. For the effects of this changv* on the historical comparability of the data, see
Annual Report m the Labor Force, 1954, Series P-50, No. 59, April 1955, p. 12.
Detail will not necessarily add to totals because of rou iding.
Source: Department of Labor.
175
TABLE D-18.—Employment and unemployment, by age and sex, 1942—59
[Thousands of persons 14 years of age and over]
Employed
Period
Unemployed
Total
civil45 years
45 years
20-44 years and
20-44 years and
ian
over Total
over
labor Total
14-19
14-19
em- years
unem- years
force ployed
Fe- Male Fe- ployed
Fe- Male FeMale male
Male male
male
male
Old definitions:!
1942
1943
1944
56, 410 53, 750 5,770 20,790 9,400 14,160 3,630
55, 540 54, 470 6,350 17, 550 11,050 15,160 4,360
54, 630 53,960 6,050 16, 380 11, 280 15, 480 4,770
1945
1946
1947
1948
1949
53,860
57, 520
60,168
61, 442
62, 105
52, 820
55,250
58, 027
59, 378
58, 710
5,480 15,830 11, 140 15,520
4,550 21, 170 9,870 15, 280
4,717 23, 409 9,828 15, 474
4,841 23, 842 10, 098 15, 677
4, 512 23, 483 10, 087 15, 491
63, 099
62, 884
62, 966
63, 815
64, 468
59, 957
61, 005
61,293
62, 213
61, 238
4,564 23,833 10, 376 15, 666
4,614 23, 594 10, 833 16, 144
4, 530 23, 372 10, 917 16, 345
4,514 23, 715 10, 953 16, 725
4,285 23, 178 10, 730 16, 649
2,660
1,070
670
510
290
200
670
180
140
520
260
170
770
240
110
190
100
50
4,850
4,380
4,600
4,924
5,138
1,040
2,270
2,142
2,064
3,395
330
190
290 1,200
425 920
415
757
595 1,329
270
280
303
353
559
200
410
396
414
719
50
90
99
127
194
5,517
5,819
6,130
6,306
6,395
3,142
1,879
1,673
1,602
3,230
543 1,119
515
356
495
362
312
512
515 1,158
552
419
344
300
617
697
402
345
363
684
232
190
127
116
256
65, 847 63, 193 4,446 23, 768 11,000 16, 878 7,101
67, 530 64, 979 4,764 24, 051 11, 271 17,294 7,598
2,654
2,551
471
510
854
784
502
491
606
530
222
239
1957
1958
1959.
67, 946 65, Oil 4,719 23, 992 11, 247 17, 247 7,803
68,647 63, 966 4,511 23. 374 11, 028 17, 036 8,015
69, 394 65, 581 4,789 23, 952 11.080 17,316 8,443
2,936
4,681
3,813
936
574
757 1,715
727 1,233
566
850
708
605
965
789
254
392
356
1958:
January
February
March-April
May...
June _
66, 732
67, 160
67, 510
68, 027
68, 965
70, 418
62, 238
61, 988
62,311
62, 907
64,061
64, 981
3,805 23, 022 10,890 16, 837
3,844 22, 738 10, 779 16, 784
3,878 22, 818 10, 877 16, 746
4,016 23, 018 10, 942 16, 888
4,361 23, 266 11, 131 17, 137
5,308 23, 513 10, 983 17, 146
7,682
7,844
7,994
8,039
8,167
8,031
4,494
578
5,173 640
5,198 603
5,120 673
4,904
776
5,437 1,360
779
920
932 1,103
894 1,171
937 1,114
915
992
916
906
377
400
382
436
410
420
July
70, 473
August
70, 067
September
68, 740
October..
69, 111
November _ _ 68, 485
December
68, 081
65, 179
65, 367
64, 629
65, 306
64, 653
63, 973
5,756 23, 567 10, 887 17, 119
5,797 23, 769 10, 891 17, 058
4,416 23, 730 11, 125 17, 236
4,468 23, 823 11,450 17, 351
4,238 23, 763 11,286 17, 172
4,252 23, 467 11,096 16, 964
7,851
7,852
8,122
8,214
8,195
8,194
5,294 1,200 1,848
754 1,633
4,699
4,111 695 1,365
3,805 601 1,265
3,833 625 1,258
4,108
587 1,529
886
907
838
752
745
707
930
968
825
807
874
968
428
436
387
381
330
316
4,724
607
4,749 586
4,362 606
3,627 648
3,389 690
3,982 1,312
897 1,089
851 1,095
974
785
655
787
634
679
662 596
369
386
393
392
375
347
675
674
646
696
697
627
370
312
324
341
329
320
1950
1951
1952
1953
1954
-. -
1955
1956
New definitions:1
1,839
2,095
2,147
1,959
1,812
1,836
1959:
January
February .
March
April
May
June
67, 430
67, 471
68, 189
68, 639
69, 405
71, 324
62, 706
62, 722
63, 828
65, 012
66, 016
67, 342
3,932 23, 177 10, 752 16, 766
4,000 23, 083 10, 813 16, 782
4,062 23, 460 10, 989 16, 991
4,268 23, 950 11,058 17, 283
4,523 24, 094 11,287 17, 452
5,782 24, 328 11.099 17, 534
8,078
8,043
8,324
8,454
8,660
8,602
July
August
September
October
November
December
71, 338
70, 667
69, 577
70, 103
69, 310
69, 276
67, 594
67, 241
66, 347
66, 831
65, 640
65, 699
6,307 24, 471 10, 868 17, 539
6,102 24, 451 10, 839 17, 496
4,793 24, 241 11, 188 17, 564
4,731 24, 276 11,564 17, 579
4,437 23, 912 11,288 17, 404
4,538 23, 978 11, 229 17, 398
8,407 3,744 1,007 1,023
8,354 3,426 7£l 1,003
8,565 3,230 598 1,032
8,684 3,272 605 939
8,599 3,670 624 1,212
8,553 3,577
660 1,173
1
1,761
1,831
1,604
1,145
1,009
1,064
See Note, Table D-17 for explanation of differences between the old and new definitions.
NOTE.—Data are not available prior to 1942 for all the age/sex groups above.
See Note, Table D-17 for information on area sample used and reporting periods.
Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
176
669
646
629
692
808
797
TABLE D—19.—Employed persons not at work, by reason for not working, and special groups
of unemployed persons, 1946-59
[Thousands of persons 14 years of age and over]
Employed persons not at work,
by reason for not working
Special groups of un-2
employed persons
Period
Total
Bad
weather
Industrial
dispute
Vacation
Illness
All
other
reasons '
Tempo- New wage
rary
and salary
layoff 3
job *
New definitions: 5
1946
1947
1948
1949
2,103
2,260
2,490
2,243
(6)
211
197
110
2,440
2,459
2,555
2,529
2,688
(6)
95
97
79
662
834
1,044
1,044
819
847
844
719
(6)
273
308
291
97
123
141
185
58
92
121
101
151
111
68
96
73
85
57
164
73
53
1,137
1,073
1,130
1,171
1,361
718
782
775
827
776
349
436
418
362
425
92
117
142
167
221
116
103
117
101
127
2,683
2,888
3,017
3,076
3,161
103
109
139
182
115
61
76
45
59
160
1,268
1,346
1,447
1,479
1,494
835
901
962
882
907
416
456
425
474
484
133
124
150
166
128
117
147
110
120
134
2,297
2,821
2,149
2,316
1,902
3,305
342
708
271
135
40
65
22
27
54
41
50
45
330
353
324
742
584
1,867
1,145
1,202
1,026
938
836
751
458
531
474
460
391
577
187
227
201
207
160
156
61
68
64
88
188
328
7,315
5,893
2,731
2.224
1,971
1,991
145
27
29
20
44
353
31
58
58
206
33
85
5,781
4,517
1,512
788
602
353
745
736
737
821
850
801
612
555
395
389
442
399
176
154
112
129
153
129
130
175
135
70
56
77
June
2,086
2,212
2,101
2,017
2,007
3,436
322
367
171
90
31
28
36
41
41
68
66
73
290
316
332
437
661
2,028
952
1,008
1,083
1,021
918
774
486
480
473
401
331
533
139
144
112
99
104
104
90
96
136
129
198
405
July
August
September _ _
October
November-December. ._
7,085
6,812
3,575
2,644
2,064
1,893
79
28
39
55
74
99
196
426
399
382
128
64
5,141
4,778
1,907
975
622
442
880
828
841
847
871
867
789
752
389
384
369
421
140
189
139
84
144
144
159
192
157
102
133
73
.
...
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
--
_._
1958: January
February
March_
April
MayJune
July
August
September. .
October
November..
December. .
1959: January
February- _ _
March
April
May
1
Includes persons waiting to open new businesses or start new farms within 30 days.
2
Under the old definitions of employment and unemployment, these groups were included in the
"employed but not at work" category.
s4 Persons on layoff with definite instructions to return to work within 30 days of the layoff.
Persons scheduled to start new wage and salary jobs within 30 days. Under the old definitions, the
"new job or business" group included these persons as well as persons waiting to open new businesses or
start new farms within 30 days (see "all other" category in this table) and persons in school during the
survey week and waiting to start new jobs (these are now classified as "not in the labor force").
«See Note, Table D-17 for explanation.
• Not available.
NOTE.—See Note, Table D-17 for information on area sample used and reporting periods.
Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
177
TABLE D—20.—Unemployed persons, by duration oj unemployment, 1946—59
Duration of unemployment
Period
Total unemployed
4 weeks
and under
5-14
weeks
15-26
weeks
Over 26
weeks
Average
duration
of unemployment
(weeks)
Thousands of persons 14 years of age and over
Old definitions: »
(2)
(2)
(3)
234
193
427
141
164
116
256
1.055
574
517
482
1,115
425
166
148
132
495
357
137
84
79
317
12.
9.
8.
8.
11.
1, 138
1,214
815
805
367
301
336
232
13.
11.,
2,936
4,681
3,813
1,485
1,833
1,659
890
1,397
1,114
321
785
469
239
667
571
10.
13.
14.
1957: First quarter
Second quarter
Third quarter
Fourth quarter
3,082
2,914
2,723
3, 023
1,382
1,559
1,469
1,530
1,108
738
781
935
371
359
245
309
223
258
228
248
10.
10.
9.
10.,
1958' First quarter
Second quarter
Third quarter _.
Fourth quarter
4,955
5,154
4,701
3,915
1,902
2,024
1,785
1,620
1,900
1,377
1,322
986
799
1,126
683
533
354
626
911
776
11.
13.
15.
15.
1959: First quarter
Second quarter
Third quarter
Fourth quarter
4,612
3,666
3,467
3,506
1,609
1,687
1,626
1,712
1,542
831
1,062
1,021
684
526
311
357
777
623
468
417
15. <
15.
13.
12.
1946
1947
1948
1949
2,270
2,142
2,064
3,395
()
,041
,087
,517
1950
1951
1952
1953
1954
3,142
1,879
1,673
1,602
3,230
,307
,003
925
910
1,303
2,654
2,551
1957
19581959
-
1955
1956
704
669
1,195
9.
8.
10.
New definitions: *
1
2
See Note, Table D-17 for explanation of differences between the old and new definitions.
For duration of less than 6 months, data are available only for under 3 months (1,568,000) and 3 to 6
months (564,000).
3 Not available.
NOTE.—See Note, Table D-17 for information on area sample used and reporting periods.
Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
!78
TABLE D-21.—Unemployment insurance programs, selected data, 1939 and 1946—59
Period
Initial claims 1
Insured unemployment 4
State,
veteran,
and
State
Federal
proemployee grams 3
pro- 2
grams
State
All pro-8
pro- 3 6
grams grams
State
Benefits paid
insured under State8 prounemgrams
ployExhaus- ment
tions,
as perState
cent of
Total Average
procovered (millions
weekly
grams 7 employof
dolcheck 10
9
ment
lars)
(dollars)
(per-3
cent) «
Weekly average (thousands)
1939
188
188
1946 .
1947
1948
1949
1950. _
1951
1952
1953
1954
1955
1956
1957
1958 12
1959 -.. ... _ _
1958: January
February.
March
April
May
June
July .
August
September
October
November
December
1959: January
February
.
March
April
May _
June
July .
August
September. . . .
October
November 12 _ _ _ _ _ _ _
December
341
280
282
375
239
211
215
222
310
236
234
276
382
288
505
461
435
457
355
369
367
302
273
276
328
429
417
329
266
257
217
231
277
250
221
282
368
330
189
187
210
323
236
208
215
217
303
228
229
271
373
278
497
454
427
451
349
360
361
298
269
274
315
418
403
316
255
247
209
221
267
241
213
272
357
320
2,803
1,804
1,465
2,474
1,599
996
1,064
1,058
2,039
1,388
1,312
1,560
2,758
1,856
3,065
3,375
3,505
3,527
3,186
2,847
2,717
2,374
2,062
1,863
1,957
2,307
2,739
2,596
2,282
1,936
1,593
1.414
1,477
1,451
1,370
1,479
1,853
1,970
1
2
1,086
61
5.1
429.3
10.66
1,294
1,008
999
1,973
1,497
965
1,019
988
1,857
1,269
1,225
1,466
2,537
1,680
2,877
3,163
3,276
3,302
2,984
2,667
2,511
2,203
1,906
1,722
1,781
2,111
2,489
2,368
2,077
,768
,464
,298
,333
,291
,203
,309
,677
1,800
38
24
20
37
36
16
18
15
34
25
20
23
50
33
32
36
46
53
54
60
62
61
54
49
44
46
48
45
44
41
35
30
27
25
25
23
23
21
4.3 1, 094. 9
3.1
775.1
3.0
789.9
6.2 1, 736. 0
4.6 1, 373. 1
840.4
2.8
998.2
2.9
962.2
2.8
5.2 2, 026. 9
3.4 1, 379. 2
3.1 1, 409. 3
3.5 111,,766. 4
6.1 3,574.7
4.4 132,259.2
313.0
6.9
7.6
320.2
370.2
7.9
7.9
403.8
363.6
7.1
6.3
325.0
305.6
6.0
255.4
5.2
4.5
231.1
4.1
210.3
4.3
174.5
234.7
5.1
6.3
274.7
251.0
6.0
250.6
5.3
4.5
213. 7
3.8
162.0
3.4
142.9
3.5
142.5
133.4
3.4
141.8
3.1
3.4
136.9
4.4
168.3
200.0
4.7
18.50
17.83
19.03
20.48
20.76
21.09
22.79
23.58
24.93
25.08
27.06
28.21
30.58
30.37
30.09
30.48
30.53
30.88
30.80
30.80
30.62
30.50
30.66
30.45
30.46
30.41
30.50
30.52
30.38
30.02
29.45
29.23
29.10
29.76
30.49
30.81
32.21
31.50
Most of these are instances of new unemployment.
Data on veterans relate to those under the following programs: Servicemen's Readjustment Act which
became effective in October 1944 and expired for most veterans in July 1949; Veterans' Readjustment
Assistance Act of 1952, effective October 15,1952; and the unemployment compensation for ex-servicemen
program
which became effective October 27. 1958.
3
Data include State programs and the program for Federal employees for the period January 1955 through
December
1958. Data for all other periods are for State programs only.
4
Represents the number of unemployed workers covered by unemployment insurance programs who
have completed at least one week of unemployment. Excludes Territories prior to inclusion of data for
Alaska
and Hawaii beginning January 1959.
5
State, veteran, ex-servicemen, Federal employee, and railroad programs.
6
State unemployment insurance programs during the period shown excluded from coverage agricultural
workers, domestic servants, workers in nonprofit organizations, unpaid family workers, the self-employed,
and (in most States) workers in very small firms.
7 Represents the number of individuals who received payment for the final week of compensable unemployment in a benefit year. Workers who have exhausted benefit rights do not necessarily remain unemployed; some find employment, and others withdraw from the labor force. Includes final payments under
the8 Federal employee program for the period January 1955 through June 1959.
Includes benefits paid under the Federal employee program for the period January 1955 through June
1959.
9
Monthly totals are gross amounts: annual figures are adjusted for voided benefit checks.
10
For total unemployment only.
11
Includes $81.5 million paid out under State programs which temporarily extended duration of benefit
pay
ments.
12
Estimated for December 1959.
13
Includes $54.5 million paid out under State programs which temporarily extended duration of benefit
payments.
Source: Department of Labor.
179
TABLE D-22.—Number of wage and salary workers in nonagr{cultural establishments, 1929-59
l
[Thousands of employees]
Period
Total
wage
and
salary
workers
31. 041
1929
Manufacturing
Government
(Federal,
State,
and
local)
Total
Durable
goods
Nondurable
goods
Mining
TransCon- porta- Wholetract tion
sale
conand
and
struc- public retail2
tion utili- trade
ties
10, 534
(3)
(3)
1,078
1,497
3,907
6,401
1,431
3,127
3, 066
3
1,000
864
722
735
874
1,372
1,214
970
809
862
3, 675
3,243
2,804
2,659
2,736
6,064
5, 531
4,907
4,999
5, 552
1,398
1, 333
1,270
1,225
1,247
3,084
2,913
2,682
2,614
2,784
3,149
3, 264
3,225
3,167
3,298
1,262 2,883
1,313 3, 060
1,355 3.233
1,347 3, 196
1,399 2 3, 321
3,477
3,662
3, 749
3,876
3,995
Finance,
insurance,
and
real
estate
Service
and
miscellane-2
ous
29, 143
26, 383
23, 377
23, 466
25, 699
9, 401
8,021
6,797
7,258
8,346
()
8
(3)
(33)
(3)
(3 )
()
26, 792
28, S02
30, 718
28, 902
30,311
8,907
9, 653
10, 606
9, 253
10, 078
(3)
(3)
(3)
(3)
4,683
(3s)
(3)
(3)
()
5,394
888
937
1,006
882
845
91?
1,145
1,112
1,055
1,150
2,771
2,956
3, 114
2,840
2,912
5, 692
6,076
6, 543
6,453
2
6, 612
1940
1941
1942
1943
1944
32, 058
36, 220
39, 779
42, 106
41, 534
10, 780
12,974
15,051
17,381
17,111
5, 337
6,945
8,804
11,077
10, 858
5, 443
6,028
6,247
6, 304
6,?53
916
947
983
917
883
1,294
1,790
2,170
1,567
1,094
3, 013
3,248
3, 433
3,619
3,798
6,940
7,416
7, 333
7,189
7,260
1,436
1,480
1,469
1, 435
1,409
3, 477
3, 705
3,857
3, 919
3,934
4,202
4,660
5, 483
6,080
6,043
1945
1946
1947
1948
1949
40, 037
41, 287
43, 462
44, 448
43, 315
15, 302
14, 461
15,290
15, 321
14, 178
9,079
7, 739
8,372
8, 312
7,473
6,222
6, 722
6,918
7,010
6,705
826
852
943
982
918
1, 132
1.661
1,982
2,169
2, 165
3,872
4, 023
4,122
4,141
3, 949
7,522
8,602
9,196
9,519
9,513
1,428
1,619
1,672
1.741
1, 765
4,011
4,474
4, 783
4,925
4,972
5,944
5,595
5. 474
5, 650
5,856
1950
1951
1952
1953
1954
44, 738
47, 347
48, 303
49, 681
48, 431
14, 967
16, 104
16. 334
17, 238
15, 995
8,085
9,080
9,340
10, 105
9,122
6,882
7,024
6,994
7, 133
6,873
889
916
885
852
777
2, 333
2,603
2, 634
2,622
2,593
3,977
4,166
4, 185
4,221
4,009
9, 645
10,012
10, 281
10, 527
10.. 520
1,824
1,892
1,967
2,038
2,122
5, 077
5,264
5, 41 1
5,538
5,664
6,026
6, 389
6,609
6, 045
6,751
50, 056
_ _ .. - 51, 766
52, 162
50, 543
51, 952
16, 563
16, 903
16, 782
15, 468
16, 156
9, 549
9,835
9,821
8,743
9,280
7,014
7,068
6,961
6, 725
6,876
777
807
809
721
675
2, 759
2,929
2,808
2,648
2,764
4, 062
4,161
4,151
3,903
3,903
10, 846
11,221
11,302
11,141
11,379
2,219
2,308
2,348
2,374
2,425
5,916
6,160
6,336
6,395
6,524
6,914
7,277
7,626
7,893
8,126
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1955
1956
1957
1958 4
1959
.. _ -
- -
(3)
(3)
Seasonally adjusted
1957: January
February. _ _
March
April
May
June..- - _ _
52, 194
52, 254
52. 207
52, 243
52, 340
52, 415
17, 030
16, 978
16, 949
16,947
16, 930
16, 909
10,017
9,991
9, 952
9.940
9,928
9,921
7,013
6,987
6,997
7,007
7,002
6,988
808
807
803
812
814
823
2,798
2,831
2, 859
2, 855
2, 891
2,899
4,181
4,161
4,164
4, 157
4, 158
4,159
11,275
11,306
11,258
11,265
11,298
11,327
2,321
2,330
2,329
2, 326
2,335
2,342
6,268
6,306
6,279
6,284
6,306
6,347
7,513
7,535
7, 566
7, 597
7,608
7,609
July
August
September..
October
November-December,.
52, 464
52, 457
52, 224
52, 015
51,758
51,516
16,876
16, 826
16, 678
16, 604
16, 455
16, 252
9,893
9,863
9,726
9,681
9, 562
9,393
6,983
6, 963
6, 952
6, 923
6, 893
6,859
828
820
814
802
789
784
2,847
2, 805
2,782
2,763
2,710
2,679
4,163
4,179
4,170
4,141
4,104
4,070
11,368
11,402
11,349
11,315
11,290
11,237
2, 349
2, 359
2,366
2,373
2,372
2,365
6,395
6,372
6,380
6,343
6,367
6,382
7,638
7,694
7, 685
7,674
7, 671
7,747
See footnotes at end of table, p. 181.
180
TABLE D-22.—Number of wage and salary workers in nonagr{cultural establishments, 1929-59 *—
Continued
[Thousands of employees]
Manufacturing
Period
Total
wage
and
salary
workers
Total
Durable
goods
Nondurable
goods
TransCon- porta- Wholetract
tion
sale
Min- conand
and
ing struc- public
retail2
tion
utili- trade
ties
Finance, Service
insur- and
ance, misceland
lane-2
real
estate ous
Government
(Federal,
State,
and
local)
Seasonally adjusted
51, 223
50, 575
50, 219
50, 054
50, 147
50, 315
15, 965
15, 648
15, 389
15, 243
15, 202
15, 275
9,155
8,895
8,717
8,566
8,498
8,556
6,810
6,753
6,672
6,677
6,704
6,719
766
747
733
723
718
713
2,652
2,455
2,573
2,624
2,698
2,698
4,045
3,990
3,930
3,890
3,877
3,888
11,305
11,235
11,116
11, 050
11,087
11, 105
2,368
2,367
2,360
2,356
2,370
2,367
6,368
6,367
6,330
6,352
6,360
6,392
7,754
7,766
7,788
7,816
7,835
7,877
July
August
September..
October
November. _
December.-
50, 411
50, 570
50, 780
50, 582
50, 877
50, 844
15,312
15, 330
15, 529
15, 358
15, 693
15, 701
8,596
8,605
8,801
8,625
8,937
8,956
6,716
6,725
6,728
6,733
6,756
6,745
709
701
707
708
708
709
2,693
2,711
2,698
2,698
2,690
2,550
3,877
3,867
3,858
3,887
3,875
3,859
11,121
11, 175
11,151
11, 154
11,119
11, 143
2,363
2,377
2,392
2,392
2,386
2, 385
6,433
6,420
6,440
6,399
6,426
6,448
7,903
7,989
8,005
7,986
7,980
8,049
1959: January
February _ _ _
M arch
April
May
June
51, 086
51, 194
51, 456
51,887
52, 125
52, 407
15, 764
15,819
16, 006
16, 182
16, 372
16, 527
9,007
9,049
9,192
9,319
9,462
9,573
6,757
6,770
6,814
6,863
6,910
6,954
704
693
688
701
708
709
2, 650 •
2,626
2,719
2,829
2,787
2, 799
3,894
3,880
3,885
3,886
3,917
3,928
11,216
11,279
11, 263
11,333
11,363
11, 425
2,387
2,395
2,398
2,403
2,413
2,418
6,443
6,462
6,441
6,479
6,486
6,525
8,028
8,040
8,056
8,074
8,079
8,076
July
August
September..
October 4
November .
December *_
52, 558
52, 023
52, 154
52, 002
52, 199
52, 485
16, 580
16, 037
16, 141
16, 022
16, 139
16, 350
9,635
9,094
9,214
9,129
9,235
9,463
6,945
6,943
6,927
6,893
6,904
6,887
714
633
617
621
655
661
2,800
2,814
2,776
2,762
2,788
2,777
3,920
3,893
3,899
3,900
3,899
3,913
11,465
11, 529
11,464
11, 478
11,450
11,430
2,426
2,437
2,452
2,453
2,452
2, 455
6,570
6,549
6,584
6,549
6,586
6, 611
8,083
8,131
8,221
8,217
8,230
8,288
1958: January
February
March
April. ..
May
June
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked
during, or received pay for, any part of the pay period ending nearest the 15th of the month. Excludes
proprietors, self-employed persons, domestic servants, and unpaid family workers. Not comparable with
estimates of nonagriculturaJ employment of the civilian labor force (Table D-17) which include proprietors,
self-employed persons, domestic servants, and unpaid family workers, which count persons as employed
when they are not at work because of industrial disputes; bad weather, etc.; and which are based on a
sample survey of households, whereas the estimates in this table are based on reports from employing
establishments.
2
Beginning with 1939, data are not strictly comparable with data shown for earlier years because of the
shift of the automotive repair service industry from the trade to the service division.
34 Not available.
Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
181
TABLE D-23.—Average weekly hours of work in selected industries, 1929—59
Manufacturing
Period
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
..
1942
1943
1944
1945.
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958.fl
1959
1958: January
February
March
April
May
June
July
August
September
October
November
December
1959: January
February
March
April
May
June
July
August
September
October...
November 86 _ _
December _ _ _
Total
Durable
goods
44.2
42.1
40.5
38.3
38.1
34.6
36.6
39.2
38.6
35.6
37.7
38.1
40.6
42.9
44.9
45.2
43.4
40.4
40.4
40.1
39.2
40.5
40.7
40.7
40.5
39.7
40.7
40.4
39.8
39.2
40.3
38.7
38.4
38.6
38.3
38.7
39.2
39.2
39.6
39.9
39.8
39.9
40.2
39.9
40.0
40.2
40.3
40.5
40.7
40.2
40.5
40.3
40.3
39.9
40.5
(3)
(3)
(3)
32.6
34.8
33.9
37.3
41.0
40.0
35.0
38.0
39.3
42.1
45.1
46.6
46.6
44.1
40.2
40.6
40.5
39.5
41.2
41.6
41.5
41.3
40.2
41.4
41.1
40.3
39.5
40.7
38.9
38.6
39.0
38.8
39.1
39.6
39.4
39.8
40.2
40. 1
40.3
40.8
40.4
40.3
40.8
40.9
41.1
41.4
40.5
40.8
40.8
40.9
40.1
40.9
Retail
trade
Bitumi- Build(except
ing
Class I Tele- Whole- eating
nous
2
conNonrailsale
coal
and
struc- roads 1 phone
dutrade drinkrable mining tion
ing
goods
places)
(3)
(33)
()
41.9
40.0
35.1
36.1
37.7
37.4
36.1
37.4
37.0
38.9
40.3
42.5
43.1
42.3
40.5
40.1
39.6
38.8
39.7
39.5
39.6
39.5
39.0
39.8
39.5
39.1
38.8
39.7
38.3
38.1
38.1
37.7
38.1
38.7
39.0
39.4
39.5
39.4
39.4
39.6
39.3
39.4
39.5
39.5
39.7
39.8
39.8
40.1
39.8
39.5
39.6
39.8
38.4
33. 5
28.3
27.2
29.5
27.0
26.4
28.8
27.9
23.5
27.1
28.1
31.1
32.9
36.6
43.4
42.3
41.6
40.7
38.0
32.6
35.0
35.2
34.1
34.4
32.6
37.6
37.8
36.6
33.9
36.0
34.0
33.1
31.7
30.0
31.1
35.2
32.4
35.3
35.4
35.8
35.3
38.1
36.3
35.6
35.2
35.2
36.7
38.8
32.5
36.7
35.2
37.9
35.9
(3)
(3)
(3)
8( )
3
28.9
30.1
32.8
33.4
32.1
32.6
33.1
34.8
36.4
38.4
39.6
39.0
38.1
37.6
<37.3
36.7
36.3
37.2
38.1
37.0
36.2
36.2
36.4
36.1
35.7
35.7
35.2
33.0
35.2
35.5
36.3
36.2
36.3
36.7
36.5
36.8
35.4
34.6
35.0
34.0
35.0
36.1
36.4
36.8
36.3
36.9
35.8
36.0
34.8
(3)
(3)
(33)
()
(33)
()
(3)
(3)
(3)
(3)
(3)
43.7
44.3
45.8
47.0
48.7
48.9
48.5
46.0
46.4
46.2
43.7
40.8
41.0
40.6
40.6
40.8
41.9
41.7
41.7
41.6
41.8
41.6
41.5
40.1
41.4
41.2
41.3
42.5
41.2
42.2
42.6
40.7
42.6
41.6
42.4
41.5
42.1
41.3
42.8
42.6
40.7
41.8
41.8
(33)
()
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
38.8
38.9
39.1
39.5
40.1
40.5
41.9
42.3
*41. 7
39.4
37.4
39.2
38.5
38.9
39.1
38.5
38.7
38.9
39.6
39.5
39.0
38.4
39.2
38.0
38.2
37.8
37.7
37.8
38.2
38.5
38.6
39.0
39.0
39.7
38.6
38.3
38.9
38.4
38.4
38.8
39.0
39.4
39.2
40.6
39.9
40.8
(3)
(3)
(33)
()
(33)
(3)
()
41.3
42.6
42.8
* 42. 2
41.7
41.2
41.0
41.3
42.2
42.9
42.7
41.5
41.0
40.9
40.7
40.7
40.7
40.6
40.5
40.4
40.6
40.4
40.2
40. 1
40.3
40.1
39.8
39.9
39.6
40.0
40.1
40.3
40.2
40.3
40.3
40.1
40.4
40.2
40.0
40.2
40.1
40.3
40.5
40.6
40.5
40.5
40.5
40.4
(3)
(3)
(33)
()
(33)
( 3)
()
(33)
(3)
(3 )
()
42.7
42.5
42.1
41.1
40.3
40.4
40.3
40.7
40.3
40.3
40.4
40.5
40.2
39.9
39.2
39.1
39.0
38.6
38.1
38. 1
38.1
37.8
37.8
37.8
37.8
37.8
38.2
38.7
38.7
38.0
37.9
37.7
38.5
38.1
37.9
37.9
37.9
37.9
38.3
38.8
38.6
38.1
37.7
37.5
(3)
Laundries
(3)
(33)
()
(33)
()
39.4
41.0
42.7
42.6
41.6
41.8
41.8
42.1
42.2
42.9
42.9
42.8
42.9
42.6
41.9
41.5
41.2
41.1
41.1
40.5
40.1
40.3
40.3
39.7
39.2
39.6
39.0
38.6
39.0
39.2
39.6
39.8
39.7
39.3
39.3
39.4
38.8
39.2
39.3
39.0
39.4
39.9
40.4
40.1
39.5
39.6
39.8
39.8
39.3
(3)
1
Averages are based upon monthly data (exclusive of switching and terminal companies) summarized
in the M-300 report by the ICC and relate to all employees who received pay during the month, except
executives, officials, and staff assistants (ICC Group I). Beginning September 1949, data reflect a reduction
in the basic workweek from 48 to 40 hours.
2
Prior to April 1945, data relate to all employees except executives; from April 1945 to May 1949, mainly
to employees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory employees only.
'4 Not available.
Data beginning with January of year noted are not comparable with those for earlier periods.
•8 Nine-month average, April through December, because of new series started in April 1945.
Preliminary.
NOTE.—Data are for production workers in manufacturing and mining, construction workers in building
construction, and for nonsupervisory employees in other industries (except as noted). Data are for pay
period ending nearest the 15th of the month.
The annual figures for 1959 are simple arithmetic averages of the monthly figures shown and are not
strictly comparable with the averages for earlier years, which have been weighted by data on employment.
Source: Department of Labor.
TABLE D- 24.—Average gross hourly earnings in selected industries, 1929—59
Manufacturing
Period
Retail
trade
Bitu- Building Class I Tele- Whole- (except
Nonminous
Dura- dura- coal
conrail- ] phone2 sale
eating Laundries
ble
Total
roads
trade
and
ble mining strucgoods goods
tion
drinking
places)
$0. 566
(4) $0. 681
(4)
(4)
(4)
(4)
.552
.684
(44)
(44)
(44)
(44)
(44)
.515
.647
()
()
(4)
( 4)
(4)
.446 $0. 497 $0.420
.520
(4)
(4)
( 4)
.442
.472
.427
.501
( 4)
()
( 4)
.532
.515
.556
.673 $0. 795
()
()
4
.550
.530
.745
.815
.577
(44)
( 4)
.556
.586
.529
.794
.824
( 4)
()
.624
.674
.577
.856
.903
(4 ) $0. 774
.686
.584
.816
.627
.878
.908
()
.633
.698
.582
.932 $0. 730
.822
.886
.661
.724
.602
.958
.733
.827
.883
.729
.808
.640
.993 1. 010
.743
.820
.723
.853
.947
.059 1.148
.837
.843
.961
.803
.852
.059
.139 1.252
.870
1.019
.861
.948
.117
.911
.186 1.319
.904
1.023
.111
.955 «.962
.240 1.379
1.086
.156 1.015
.124
.401 1.478 1.087
1.237
.292 1.171
.636 1.681
.186
.197
.410 1.278
.248
1.350
.898 51.848
.301
.469 1.325
1.401
.941 1.935
.345
.427
1.465
.537 1.378 2.010 2.031
.572
.398
1.48
1.59
.67
2.21
2.19
.73
.49
.77
1.54
2.29
1.67
2.31
.83
.59
1.61
1.77
1.87
2.48
2.48
.88
1.68
1.81
1.92
1.66
2.48
.93
1.76
2.60
1.88
2.01
2.56
2.66
1.96
1.82
1.71
1.98
1.86
2.10
1.80
2.81
2.80
2.12
2.20
2.07
1.88
3.02
2.96
2.26
1.95
1.94
3.02
2.28
2.44
2.05
2.13
3.10
3.21
2.22
2.01
2.54
2.17
3.24
2.38
2.11
2.24
1.92
3.04
3.07
2.38
2.01
2.44
2.24
1.92
3.04
3.08
2.10
2.01
2.02
2.11
2.25
3.04
3.06
1.93
2.40
1.94
3.02
3.06
2.11
2.25
2.39
2.03
2.12
1.94
3.06
2.04
May
2.26
3.00
2.43
2.12
1.94
3.02
3.06
2.45
2.27
2.05
June. _
3.02
2.06
2.13
2.28
1.94
3.09
2.43
July
3.09
2.13
2.29
1.93
3.00
2.45
2.07
August
September
2.14
2.45
2.30
1.95
3.01
3.13
2.08
3.13
October
2.14
2.43
2.09
2.29
1.95
3.01
2.34
3.04
2.09
2.17
1.96
3.14
2.56
November
2.19
3.04
3.19
2.36
1.97
2.52
2.10
December
1959: January
2.19
2.35
3.16
3.19
2.54
2.11
1.98
February
2.36
2.12
2.20
3.17
3.18
2.58
1.98
2.22
3.19
3.17
2.53
2.13
March
2.38
2.00
2.52
2.15
April
2.23
2.39
3.26
2.00
3.17
May
3.17
2.54
2.17
2.23
2.40
2.00
3.27
3.26
June
2.24
2.53
2.18
2.40
2.00
3.17
2.52
2.19
July
2.23
2.39
2.01
3.23
3.20
3.29
2.54
2.19
August
2.19
2.35
2.00
3.23
3.29
September
2.22
2.03
3.26
2.54
2.20
2.37
October
2.21
2.22
2.36
2.02
3.26
2.54
3.27
2.21
2.03
November 7 _ _ _ 2.23
3.29
2.38
3.28
(4)
4
4
4
2.42
December "> . . _ 2.26
2.04
(4)
()
()
()
1929
1930
1931
L932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942 ..
1943
1944
1945
1946
1947
1948 ..
1949
1950
1951
1952
1953 .
1954
1955
1956
1957
1958
19597
1958: January
February
March
April
(4)
(44)
(4)
(4)
( 4)
()
$0. 648
.667
.698
«.700
.715
.739
.793
.860
.933
.985
.029
.150
.268
.359
.414
.483
.58
.67
.77
.83
1.90
2.01
2.10
2.17
2.24
2.13
2.15
2.15
2.15
2.16
2.18
2.19
2.18
2.20
2.18
2.20
2.19
2.20
2.20
2.22
2.23
2.24
2.25
2.26
2.26
2.27
2.26
2.27
(4)
(4)
(44)
( 4)
(4)
(4)
()
(44)
( 4)
()
(4)
$0. 542
.553
.580
.626
.679
.731
.783
.893
1.009
1.088
1.137
.176
.26
.32
.40
.45
.50
.57
.64
.70
.76
.68
.68
.67
1.68
1.69
1.70
1.71
1.71
1.71
1.71
1.71
1.68
.74
.74
.74
.75
.76
.77
.77
.77
.78
.78
.77
(4)
Agriculture 3
$0. 241
(4)
.226
(44)
.172
( 4)
.129
(4)
.115
()
.129
$0. 378
.376
.142
.378
.152
.395
.172
.414
.166
.422
.166
.429
.169
.444
.206
.482
.268
.538
.353
.605
.423
.648
.472
.704
.515
.767
.547
.817
.580
.843
.559
.861
.561
.92
.625
.94
.661
.98
.672
.661
1.00
.675
1.01
1.05
.705
1.09
.728
1.13
.757
1.17
.798
1.12
.804
1.12
1.12
1.13
.657
1.13
1.14
1.14
.728
1.14
1.14
1.14
.795
1.14
1.14
1.15
.865
1.15
1.16
1.16 "."ns
1.17
1.17
1.17
.796
1.17
1.18
1.18 "".806
1.18 "(~4)"
(4)
1
Averages are based upon monthly data (exclusive of switching and terminal companies) summarized in
the M-300 report by the ICC and relate to all employees who received pay during the month, except executives, officials, and staff assistants (ICC group I). Beginning September 1949, data reflect a wage rate
increase
and reduction in the basic workweek from 48 to 40 hours.
2
Prior to April 1945, data relate to all employees except executives; from April 1945 to May 1949, mainly to
employees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory employees
only.
3
Weighted average of all farm wage rates on a per hour basis.
4
Not available.
6
Data beginning with January of year noted are not comparable with those for earlier periods.
6
Nine-month average, April through December, because of new series started in April 1945.
? Preliminary.
NOTE.—Data are for production workers in manufacturing and mining, construction workers in building
construction, and for all nonsupervisory employees in other industries (except as noted). Data are for pay
period ending nearest the 15th of the month.
The annual figures for 1959 are simple arithmetic averages of the monthly figures shown and are not
strictly comparable with the averages for earlier years, which have been weighted by data on man-hours.
Sources: Department of Labor and Department of Agriculture.
533287 <
l83
TABLE D-25.—Average gross weekly earnings in selected industries, 1929-59
Retail
trade
Bitumi- Build(except
ing
Class
I
Whole- eating
nous
Tele2
conrailsale
coal
Dura- Nonand
roads * phone trade drinkdurable mining strucble
tion
goods goods
ing
places)
M anuf actur ing
Period
Total
1929
1930
1931
1932
1933
_
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945 - - 1946
1947
1948 -1949
1950
1951 ... .
1952
1953
1954
1955
1956
1957 -.
1958 6
1959
1958: January
February
March
April
May
June . - _ _
July
August
September
October
November
December
1959: January
February
March
April
May
June
July . .
August
September
October fl
November 6 ._
December - _ _
$25. 03
23.25
20.87
17.05
16.73
18.40
20.13
21.78
24.05
22.30
23.86
25.20
29.58
36.65
43.14
46.08
44.39
43.82
49.97
54.14
54.92
59.33
64.71
67.97
71.69
71.86
76.52
79.99
82.39
83.50
89.47
81.66
80.64
81.45
80.81
82.04
83.10
83.50
84.35
85.39
85.17
86.58
88.04
87.38
88.00
89.24
89.87
90.32
91.17
89.65
88.70
89.47
89.06
88.98
91. 53
$27. 22
24.77
21.28
16.21
16.43
18.87
21.52
24.04
26.91
24.01
26. 50
28.44
34.04
42.73
49.30
52.07
49.05
46.49
52.46
57.11
58.03
63.32
69.47
73.46
77.23
77.18
83.21
86.31
88.66
90.06
96.87
87.14
86.46
87.75
87.30
88.37
89.89
89.83
91.14
92.46
91.83
94.30
96.29
94.94
95.11
97.10
97.75
98.64
99.36
96.80
95.88
96.70
96.52
95.44
98.98
$22.93
21.84
20.50
17.57
16.89
18.05
19.11
19.94
21. 53
21.05
21.78
22.27
24.92
29.13
34.12
37.12
38.29
41.14
46.96
50.61
51.41
54.71
58.46
60.98
63.60
64.74
68.06
71.10
73.51
75. 27
79.80
73.54
73.15
73.53
73.14
73.91
75.08
75.66
76.04
77.03
76.83
77.22
78.01
77.81
78.01
79.00
79.00
79.40
79.60
8P. 00
80.20
80.79
79.79
80.39
81.19
$25. 72
22.21
17.69
13.91
14.47
18.10
19.58
22.71
23.84
20.80
23.88
24.71
30.86
35.02
41.62
51.27
52.25
58.03
66.59
72.12
63.28
70.35
77.79
78.09
85. 31
80.85
96.26
106. 22
110. 53
102. 38
116. 64
103. 36
100.62
96.37
90.60
93.30
106. 30
97.85
105. 90
106. 55
107. 76
107. 31
115.82
114. 71
112. 85
112.29
114.75
120. 01
126. 49
104. 98
120. 74
115.81
123. 55
118.11
(3)
(3)
(33)
()
(33)
()
$22. 97
24.51
27.01
30.14
29.19
30.39
31.70
35. 14
41.80
48.13
52.18
53.73
56.24
63.30
4 68. 85
70.95
73.73
81.47
88.01
91.76
94.12
96.29
101.92
106. 86
110. 67
114. 60
108. 06
101.64
107. 71
108. 63
111.08
110. 77
112. 17
113.40
114. 25
115.18
111.16
110. 37
111.65
108. 12
110. 95
114. 44
115. 39
116. 66
116. 16
119. 19
116. 71
117. 72
114. 14
(3)
(3)
(33)
()
(33)
(3)
()
(33)
()
(33)
()
$31. 90
(3)
(3)
(33)
(33)
(3)
()
$27.
72
(3)
26.11
(3)
26.37
()
26.76
(33)
28.41
()
$30. 03
29.87
31.74 * 29. 54
29.82
32.14
32.47
32.67
30.45
34.03 32.88
32.51
39.34
34.14
35. 52
41.49
36.45
39.37
46.36 38.54
42.26
46.32 s 40. 12 43.94
44.29
47.73
50.00
51.99
55.03 44. 77
48.92
60.11
55.58
62.36
51.78
57. 55
64.14
54.38
60.36
70.93 58.26
64.31
61.22
67.80
74.30
76.33 65. 02
71.69
78.74
68.46
73.93
77.14
82.12
72.07
88.40
73.47
81.20
94.24
76. 05
84.42
78.72
87.02
101. 50
106. 17
85.06
90.27
76.38 85.41
99.01
101. 26
76.78
85.57
96.24
85.79
76.36
85.14
98.95
76. 53
100. 12
77.11
86.40
87.42
78.31
101. 19
103. 28
88.26
79.31
87.64
100. 94
79.90
81.12
88.66
103. 39
87. 85
103. 52
81.51
104. 19
82.97 88.22
107. 35
81.06
88.48
88.44
105. 66
80.81
109. 39
82.47 88.00
81.79
89.24
105.00
89.42
106. 09
82.56
104. 90
84.20
90.27
85. 02
91.13
108. 28
91.76
107. 35
86.29
85. 85
91.53
103. 38
91.94
89.32
106. 17
91.53
106. 17
88.58
91.71
90.17
(33)
(3)
(3)
()
(3)
(3)
(33)
(3)
(3)
()
(3)
(33)
()
(3)
$23. 14
23.50
24.42
25.73
27.36
29. 53
31. 55
36.35
40.66
43.85
45.93
47.63
50.65
52.67
54.88
56.70
58.50
60.60
62.48
64.77
67. 06
63.50
63.50
63.13
63. 50
63.88
64.94
66.18
66.18
64.98
64.81
64. 47
64.68
66.29
65.95
65.95
66.33
66.70
67.79
68.68
68.32
67.82
67.11
66.38
(3)
Laundries
(3)
(3)
(33)
()
(3)
$14. 89
15. 42
16.14
16.83
17.22
17.64
17.93
18.69
20.34
23.08
25.95
27.73
30.20
32.71
34.23
34.98
35.47
37.81
38.63
39.69
40.10
40.70
42.32
43.27
44.30
46.33
43.68
43.23
43.68
44.30
44.75
45.37
45.26
44.80
44.80
44.92
44.23
44.69
45.20
44.85
45.70
46.28
47.27
46.92
46.22
46.33
46.96
46.96
46.37
(3)
1
Averages are based upon monthly data (exclusive of switching and terminal companies) summarized in
the M-300 report by the ICC and relate to all emoloyees who received pay during the month, except executives, officials, and staff assistants (ICC group I). Beginning September 1949, data reflect a wage rate
increase
and reduction in the basic workweek from 48 to 40 hours.
2
Prior to April 1945, data relate to all employees except executives; from April 1945 to May 1949, mainly to
employees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory employees
only.
3
Not available.
4
Data beginning with January of year noted are not comparable with those for earlier periods.
5
Nine-month average, April through December, because of new series started in April 1945.
8
Preliminary.
NOTE.—Data are for production workers in manufacturing and mining, construction workers in building
construction, and for nonsupervisory employees in other industries (except as noted). Data are for pay
period en-ling nearest the 15th of the month.
The annual figures for 1959 are simple arithmetic averages of the monthly figures shown and are not
strictly comparable with the averages for earlier years, which have been weighted by data on man-hours.
Source: Department of Labor.
184
TABLE D—26.—Average weekly hours and hourly earnings, gross and excluding overtime, in
manufacturing industries, 1939-59
All manufacturing
industries
Average
weekly
hours
Period
Gross
Durable goods manufacturing industries
Average
hourly
earnings
Average
weekly
hours
Average
hourly
earnings
Nondurable goods manufacturing industries
Average
weekly
hours
Average
hourly
earnings
ExExExExExExcludcludcludcludcludcluding Gross ing Gross ing Gross ing Gross ing Gross ing
overoveroveroveroverovertime
time
time
time
time
time
1939
37.7
0)
1940
1941
1942
1943
1944 .._
38.1
40.6
42.9
44.9
45.2
$0. 633
0)
38.0
0) $0. 698 0)
.724 0)
0)
.808 $0. 770
0)
.947 .881
0)
0) 1.059 .976
0) 1.117 1.029
37.4
.042
.122
.250
.366
.434
0)
0)
0)
0)
0)
0)
$0. 582
42.3
40.5
40.1
39.6
38.8
80)
0)
0)
.904
.015
.171
.278
.325
2.858
.981
1.133
1.241
1.292
1. 537 .480
.60
1.67
1.77 1.70
1.87 1.80
1.92 1.86
39.7
39.5
39.6
39.5
39.0
8
80)
.378
.48
1.54
1.61
1.66
1.337
1.43
1.49
1.56
1.61
37.0
38.9
40.3
42.5
43.1
0)
.602 0)
.640 $0. 625
.723 .698
.803 .763
.861 .814
1945
1946
1947
1948
1949
43.4
40.4
40.4
40.1
39.2
1950
1951
1952
1953
1954
40.5
40.7
40.7
40.5
39.7
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
1955
1956
1957
1958 3
1959 _ . -
40.7
40.4
39.8
39.2
40.3
.88
0)
37.6 .98
37.4 2.07
37.2 2.13
37.6 2.22
1.82
1.91
2.01
2.08
2.15
41.4
41.1
40.3
39.5
40.7
0)
38.1
37.9
37.6
38.0
2.01
2.10
2.20
2.28
2.38
1.93
2.03
2.14
2.23
2.30
39.8
39.5
39.1
38.8
39.7
0)
37.0
36.7
36.6
37.0
1.71
1.80
1.88
1.94
2.01
1.66
1.75
1.83
1.89
1.94
June _
38.7
38.4
38.6
38.3
38.7
39.2
37.0
36.8
37.0
36.8
37.0
37.3
2.11
2.10
2.11
2.11
2.12
2.12
2.06
2.06
2.07
2.07
2.07
2.07
38.9
38.6
39.0
38.8
39.1
39.6
37.3
37.1
37.5
37.4
37.6
37.9
2.24
2.24
2.25
2.25
2.26
2.27
2.20
2.20
2.21
2.21
2.21
2.22
38.3
38.1
38.1
37.7
38.1
38.7
36.4
36.2
36.2
36.0
36.2
36.6
1.92
1.92
1.93
1.94
.94
.94
1.88
1.87
1.88
1.89
1.89
1.89
July.
August . ._
September
October
November
December.
39.2
39.6
39.9
39.8
39.9
40.2
37.3
37.3
37.5
37.4
37.3
37.6
2.13
2.13
2.14
2.14
2.17
2.19
2.08
2.07
2.08
2.08
2.11
2.12
39.4
39.8
40.2
40.1
40.3
40.8
37.6
37.7
37.9
37.7
37.7
38.1
2.28
2.29
2.30
2.29
2.34
2.36
2.23
2.23
2.24
2.23
2.26
2.28
39.0
39.4
39.5
39.4
39.4
39.6
36.8
37.0
36.9
36.9
36.9
37.0
.94
.93
.95
.95
.96
.97
.89
.88
.89
.89
.90
.91
39.9
40.0
40.2
40.3
40.5
40.7
37.6
37.6
37.6
37.7
37.8
37.8
2. 19
2.20
2.22
2.23
2.23
2.24
2.13
2.13
2.15
2. 16
2.16
2.16
40.4
40.3
40.8
40.9
41.1
41.4
38.1
37.9
38.2
38.3
38.3
38.4
2.35
2.36
2.38
2.39
2.40
2.40
2.29
2.29
2.31
2.31
2.32
2.32
39.3
39.4
39.5
39.5
39.7
39.8
36.9
37.0
36.9
37.0
37.1
37.1
1.98
1.98
2.00
2.00
2.00
2.00
.92
.92
.93
.94
.94
.94
40.2
40.5
40.3
40.3
39.9
40.5
37.5
37.6
37.3
37.5
37.3
37.8
2.23
2.19
2.22
2.21
2.23
2.26
2.16
2.12
2.14
2.14
2.16
0)
40.5
40.8
40.8
40.9
40.1
40.9
37.8
37.8
37.8
38.1
37.6
38.1
2.39
2.35
2.37
2.36
2.38
2.42
2.31
2.27
2.28
2.28
2.31
39.8
40.1
39.8
39.5
39.6
39.8
37.0
37.2
36.8
36.7
36.9
37.1
2.01
2.00
2.03
2.02
2.03
2.04
.95
.93
.95
1.95
1.96
..
.
1958: January
February
March
April. _
_ .
May
1959: January
February
March
April
May_
June
July
August
September
October 3
November 3
December
.661 0)
.729 $0. 702
.853 .805
.961 .894
1.019 .947
39.3
42.1
45.1
46.6
46.6
1.023
1.086
1.237
.350
.401
z.963
1.051
1.198
1.310
1.367
44.1
40.2
40.6
40.5
39.5
.465
.59
.67
.77
.81
.415
.53
.61
.71
.76
41.2
41.6
41.5
41.3
40.2
0)
0)
0)
0)
0)
0)
0)
80)
1.111 2
1.156
1.292
1.410
1.469
0)
0)
1 Not available.
Eleven-month average; August 1945 excluded because of VJ Day holiday period.
Preliminary.
2
3
NOTE.—Data relate to production workers and are for pay period ending nearest the 15th of the
month.
The annual figures for 1959 are simple arithmetic averages of the monthly figures shown and are not
strictly comparable with the averages for earlier years, which have been weighted by data on employment
(in the case of hours) and man-hours (in the case of earnings).
Source: Department of Labor.
185
TABLE D-27.—Average weekly earnings, gross and spendable-, in manufacturing industries,
in current and 1959 prices, 1939-59
Average spendable weekly earnings 2
Average gross weekly
earnings
Period
Current
prices
1959
prices l
Worker with no
dependents
Current
prices
1959
prices 1
Worker with three
dependents
Current
prices
1959
prices *
1939
$23. 86
$50. 02
$23. 58
$49. 43
$23. 62
$49. 52
1940
1941
1942
1943
1944
25.20
29.58
36.65
43.14
46.08
52.39
58.57
65.45
72.63
76.29
24.69
28. 05
31.77
36.01
38.29
51.33
55.54
56.73
60.62
63.39
24.95
29.28
36.28
41.39
44.06
51.87
57.98
64.79
69.68
72.95
1945
1946
1947
1948
1949
44.39
43.82
49.97
54.14
54.92
71. 83
65.40
65.15
65.54
67.14
36.97
37.72
42.76
47.43
48.09
•59. 82
56.30
55.75
57.42
58.79
42.74
43.20
48.24
53.17
53.83
69.16
64.48
62.89
64.37
65.81
1950
1951
19.52
1953
1954
59.33
64.71
67.97
71.69
71.86
71.83
72.54
74.53
78.01
77.94
51.09
54.04
55.66
58.54
59.55
61. 85
60.58
61.03
63.70
64.59
57.21
61.28
63. 62
66.58
66.78
69.26
68.70
69.76
72.45
72.43
1955
1956
1957
1958
19593
76.52
79.99
82.39
83.50
89.47
83.17
85.73
85.38
84.17
89.47
63.15
65.86
67.57
68.46
72.81
68.64
70.59
70.02
69.01
72.81
70.45
73.22
74.97
75.88
80.34
76.58
78.48
77.69
76.49
80.34
1958: January
February
March
April
.
May
.
June
81.66
80.64
81.45
80.81
82.04
83.10
83.16
81.95
82.27
81.46
82.62
83.60
66.98
66.17
66.81
66.30
67.29
68.14
68.21
67.25
67.48
66.83
67.76
68.55
74.37
73.54
74.20
73.67
74.68
75.55
75.73
74.74
74.95
74.26
75.21
76.01
83.50
84.35
85.39
85.17
86.58
88.04
83.92
84.86
85.91
85.68
87.02
88.57
68.46
69.14
69.97
69.80
70.93
72.10
68.80
69.56
70.39
70.22
71.29
72.54
75.88
76.58
77.43
77.25
78.41
79.60
76. 26
77.04
77.90
77.72
78.80
80.08
.,
_.
._
_.
__ .
July
_
August
September
October
November
December
- -
1959: January...
February
March
April
May
June
__
87.38
88.00
89.24
89.87
90.32
91.17
87.91
88.53
89.78
90.32
90.68
91.17
71.20
71.69
72.65
73.14
73.49
74.15
71.63
72.12
73.09
73.51
73.79
74.15
78.70
79.19
80.18
80.68
81.03
81.71
79.18
79.67
80.66
81.09
81.36
81.71
Julv
August
_
September
October 3 _
November3
December
89. 65
88.70
89.47
89.06
88.98
91.53
89.38
88.52
88.94
88.35
88.19
(4)
72.97
72.23
72.83
72.51
72.45
74.43
72.75
72.09
72.40
71.93
71.80
(4)
80.50
79.75
80.36
80.03
79.97
82.00
80.26
79.59
79.88
79.39
79.26
(«)
._
__
. __
1 Estimates in current prices divided by the consumer price index on a 1959 base (using 11-month average).
Average gross weekly earnings less social security and income taxes.
*4 Preliminary.
Not available.
NOTE.—Data relate to production workers and are for pay period ending nearest the 15th of the month.
The annual figures for 1959 are simple arithmetic averages of the monthly figures shown and are not
strictly comparable with the averages for earlier years, which have been weighted by data on man-hours.
2
Source: Department of Labor.
186
TABLE D-28.—Labor turnover rates in manufacturing industries, 1930-59
[Rates per 100 employees]
Accession rates
Separation rates
Period
Total 2
Quits
Layoffs
3.1
3.1
3.3
5.4
4.7
5.0
4.0
4.4
3.8
4.1
1.6
.9
.7
3.0
2.9
3.5
2.7
3.0
4.2
4.4
3.6
3.8
4.1
3.6
3.4
4.4
4.1
3.1
.9
1.1
1.3
2.5
2.1
3.0
3.4
2.2
4.4
5.4
7.6
7.5
6.1
3.4
3.9
6.5
7.3
6.8
2.0
3.8
5.2
5.1
1945
1946
1947
1948...
1949
6.3
6.7
5.1
4.4
3.5
8.3
6.1
4.8
4.6
4.3
5.1
4.3
3.4
2.8
1.5
2.3
1.2
1.0
1.3
2.4
1950
1951
1952
1953
1954
4.4
4.4
4.4
3.9
3.0
3.4
3.3
3.0
1.6
3.5
4.4
4.1
4.3
3.5
1.9
2.4
2.3
2.3
1.1
1.1
1.2
1.1
1.3
1.9
3.7
3.4
2.9
3.0
3.5
2.4
2.3
1.8
1.3
2.1
3.3
3.5
3.6
3.6
3.4
1.6
1.6
1.4
.9
1.3
1.2
1.5
1.7
2.3
1.6
2.5
2.2
2.4
2.5
3.0
3.8
1.0
.9
.9
.9
1.0
1.6
5.0
3.9
4.2
4.1
3.6
2.9
.7
.7
.7
3.8
2.9
3.2
3.0
2.4
1.8
3.3
3.9
4.0
3.4
2. 8
2.4
1.5
1.6
1.9
1.7
1.3
1.1
3.2
3.5
3.5
3.2
2.8
2.8
1.2
1.5
1.1
2.0
1.9
1.6
1.7
1.6
1.8
3.3
3.3
3.6
3.5
3.6
4.4
1.5
1.7
1.9
2.0
2.2
3.0
3.1
2.6
2.8
3.0
2.9
2.8
.9
.8
1.0
1.1
1.3
1.3
1.7
1.3
1.3
1.3
1.1
1.0
3.3
3.9
3.9
3.1
2.8
2.2
2.5
2.6
2.0
1.4
3.3
3.7
4.3
4.7
4.1
1.3
1.8
2.2
1.4
1.0
1.4
1.4
1.5
2.8
2.7
Total i
1930
1931
1932
1933
1934
.
1935
1936
1937
1938
1939
1940
1941
1942..
1943
1944
_._
1955
1956
1957
1958
1959 «
..._
1958: January
February
March
April
May—
June
-.
July
August
September
October
November
December
1959: January
February
March. ...
April
May
June
July
August
September
October
November »
__
New hires
1 Includes rehires and other accessions, not published separately.
Includes discharges and miscellaneous separations, not published separately.
34 Not available.
January-November average.
5
Preliminary.
Source: Department of Labor.
2
187
2.2
1.3
1.1
PRODUCTION AND BUSINESS ACTIVITY
TABLE D-29.—Industrial production indexes, 1947-59
1947-49=100
Market
Industry
Period
Total
industrial
production1
Final products
Manufacturing
Total
Durable
Nondurable
Mining
Utilities
Total
Consumer
Equipment
Materials
1947
1948
1949
99
103
98
99
103
97
100
105
95
98
102
100
101
106
94
91
101
108
99
102
99
98
101
101
100
105
94
100
104
96
1950
1951 . _
1952
1953
1954
113
123
127
138
130
113
123
127
139
129
116
130
138
156
138
111
115
117
122
122
105
115
114
117
113
123
140
152
166
178
112
121
130
138
132
115
114
116
124
123
102
142
170
182
161
114
124
125
137
128
1955
1956
1957
1958
19593-
146
151
152
141
159
145
150
150
139
158
159
162
162
141
165
134
139
141
141
155
125
132
132
120
125
199
218
233
244
268
144
150
152
145
162
136
139
141
140
155
172
188
189
165
188
147
151
151
138
157
_
Seasonally adjusted
1958' January
February
March
April
May
June
139
136
133
132
135
139
137
133
131
130
133
137
141
135
133
129
133
138
136
135
133
135
137
140
123
120
113
112
112
116
238
238
238
237
238
241
143
140
138
138
140
143
137
135
133
133
136
139
168
162
160
158
158
160
136
131
129
127
130
135
142
144
145
146
150
151
140
142
143
144
148
149
141
144
144
145
154
155
143
144
145
146
147
147
120
123
125
125
127
129
243
246
250
251
250
253
145
147
146
147
153
153
142
142
140
142
148
148
163
167
168
171
174
174
138
141
145
144
148
149
M ay
June
152
155
157
162
166
166
150
153
156
161
165
166
156
160
165
171
177
179
148
150
151
155
156
156
128
126
126
129
131
129
259
259
261
262
266
271
154
155
157
161
164
164
150
150
151
156
157
157
175
176
179
184
190
193
150
154
158
163
167
167
July
August
-_
September
October _
November
December3...
163
157
157
155
156
165
163
156
156
154
154
164
171
159
157
155
156
174
159
158
159
156
157
157
123
120
119
120
125
129
271
269
273
272
277
283
166
166
165
165
162
166
159
158
158
158
154
159
196
194
194
194
191
194
160
148
149
146
152
164
July
August
September
October
November
December
1959: January
February
M arch
April
See footnotes at end of table, p. 189.
188
TABLE D-29.—Industrial production indexes, 1947-59—Continued
1957=100
Industry
Period
Total
industrial
production 2
Market
Manufacturing
Total
Durable
Final products
Nondurable
Mining
Utilities
Total
Consumer
Equipment
Materials
1947
1948
1949
65
68
64
66
69
65
62
64
59
70
72
71
76
80
71
39
43
46
65
67
65
70
72
71
53
56
50
66
69
64
1950-.
1951
1952
1953
1954
74
81
84
91
85
75
82
85
92
86
71
80
85
96
85
79
82
83
87
87
80
87
87
89
86
53
60
65
71
76
73
79
85
91
86
82
81
82
88
87
54
75
90
96
85
75
82
83
91
84
96
99
100
93
105
97
100
100
92
105
98
100
100
87
102
95
99
100
100
110
95
100
100
91
95
85
94
100
104
115
95
99
100
95
107
97
99
100
99
110
91
99
100
87
100
97
100
100
91
103
1965
1956
1957
1958
1959
.
3
Seasonally adjusted
1958: January
February
March
April
May
June
July
August. _ - September.. .:
October
November
December
1959: January
February
March
April
May .
June
July
August
.
September
October
November3
December -._
92
89
88
87
89
92
91
89
87
87
88
91
87
83
82
80
82
85
97
96
95
96
97
100
94
91
86
85
85
88
102
102
102
102
102
104
94
92
91
91
92
94
97
96
94
95
96
99
89
85
85
84
83
85
90
87
85
84
86
89
93
95
95
96
99
100
93
95
95
96
99
99
86
89
89
89
94
95
102
102
103
104
105
105
91
93
95
95
97
98
104
106
107
108
107
109
96
96
96
97
101
101
100
101
99
100
105
105
86
88
89
90
92
92
91
93
96
95
98
98
100
102
104
107
109
110
100
102
104
107
110
110
96
98
101
105
109
110
105
107
107
110
111
111
97
96
95
98
99
98
111
111
112
112
114
116
102
102
103
106
108
108
106
107
107
111
111
111
92
93
95
97
100
102
99
101
104
108
110
110
108
103
103
102
103
109
108
104
104
102
102
109
105
98
97
95
96
107
113
113
113
111
111
112
94
91
90
91
95
98
116
115
117
117
119
121
109
109
109
109
107
109
112
112
112
112
109
113
103
102
103
103
101
102
106
98
99
97
100
109
1
Annual indexes (1947-49=100) for 1929-46, respectively, are: 58, 48, 40, 31, 37, 40, 46, 55, 60, 47, 58, 66,
85,2 105, 125, 123, 106, and 90.
Annual indexes (1957=100) for 1929-46, respectively, are: 38, 32, 26, 21, 24, 26, 31, 36, 40, 31, 38, 44, 56,
69, 82, 81, 70, and 59.
3 Preliminary.
NOTE.—The data in this table are the revised series on industrial production. Coverage has been
broadened to include electric and gas utility production, in addition to manufacturing and mining. For
details, see Federal Reserve Bulletin, December 1959.
Source: Board of Governors of the Federal Reserve System.
189
TABLE D-30.—Business expenditures for new plant and equipment, 1939 and 1945-60
[Billions of dollars!
Transportation
Manufacturing
Total i
Period
Total
Dura- Non- Mining
ble durable
goods goods
Railroad
Other
Public
utilities
Commercial
and
other 2
1939
5.51
1.94
0.76
1.19
0.33
0.28
0.36
0.52
2.08
1945
1946
1947
1948
1949
8.69
14.85
20.61
22.06
19.28
3.98
6.79
8.70
9.13
7.15
1.59
3.11
3.41
3.48
2.59
2.39
3.68
5.30
5.65
4.56
.38
.43
.69
.88
.79
.55
.58
.89
1.32
1.35
.57
.92
1.30
1.28
.89
.50
.79
1.54
2.54
3.12
2.70
5.33
7.49
6.90
5.98
20.60
25.64
26.49
28.32
26.83
7.49
10.85
11.63
11.91
11.04
3.14
5.17
5.61
5.65
5.09
4.36
5.68
6.02
6.26
5.95
.71
.93
.98
.99
.98
1.11
1.47
1.40
1.31
.85
.21
.49
.50
.56
.51
3.31
3.66
3.89
4.55
4.22
6.78
7.24
7.09
8.00
8.23
28.70
35.08
36.96
30.53
32.64
11.44
14.95
15.96
11.43
12.06
5.44
7.62
8.02
5.47
5.77
6.00
7.33
7.94
5.96
6.29
.96
1.24
1.24
.94
.99
.92
1.23
1.40
.75
.93
1.60
1.71
1.77
1.50
2.04
4.31
4.90
6.20
6.09
5.74
9.47
11.05
10.40
9.81
10.87
,
.
...
1950
1951
1952
1953
1954
1955
..
1956 8
1957
1958 3 _
195934
.. ..
Seasonally adjusted annual rates
1957: First quarter
Second quarter
Third quarter
Fourth quarter
36.89
37.03
37.75
36.23
16.12
16.25
16.37
15.27
8.09
8.31
8.23
7.57
8.03
7.94
8.14
7.70
1.35
1.28
1.24
1.15
1.42
1.35
1.54
1.26
1.52
.82
.81
.91
5.72
5.93
6.64
6.43
10.76
10.40
10.15
10.21
1958: First quarter....
Second quarter
Third Quarter _ _ _
Fourth quarter
_
32.41
30.32
29.61
29.97
13.20
11.53
10.86
10.58
6.58
5.57
5.16
4.86
6.62
5.96
5.70
5.72
1.00
.92
.88
.97
1.02
.77
.63
.58
.69
.40
.29
.62
5.87
5.97
6.10
6.26
9.63
9.73
9.85
9.96
1959: First quarter
Second quarter
Third quarter 4
Fourth quarter
30.62
32.51
33.35
33.95
11.20
11.80
12.25
12.82
5.26
5.74
5.83
6.13
5.94
6.06
6.42
6.69
.95
.94
1.01
1.05
.63
1.00
1.28
.87
1.71
2.08
2.17
2.22
5.80
5.82
5.58
5.81
10.33
10.87
11.06
11.18
34.40
13.84
6.97
6.87
.95
.84
2.15
5.59
11.03
_
__ .
1960: First quarter 4 . _ _
1
Excludes agriculture.
23 Commercial and other includes trade, service, finance, communications, and construction.
Annual total is the sum of unadjusted quarterly expenditures; it does not necessarily coincide with the
average
of seasonally adjusted figures. See footnote 4.
4
Estimates for fourth quarter 1959 and first quarter 1960 based on anticipated capital expenditures reported by business in late October and November 1959. The quarterly anticipations include adjustments,
when necessary, for systematic tendencies in anticipatory data.
NOTE.—These figures do not agree precisely with the plant and equipment expenditures included in the
gross national product estimates of the Department of Commerce. The main difference lies in the inclusion
in the gross national product of investment by farmers, professionals, and institutions, and of certain outlays charged to current account.
This series is not available for years prior to 1939 and for 1940 to 1944.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commerce.
TABLE D—31.—New construction activity, 1929—59
[Value put in place, millions of dollars]
Private construction
Total
new
construction
Period
Resi- Nonresidential building and other construction
dential
Total i building
(nonCom- 2 Indus- Public Other 3
Total mercial
farm)
utility
trial
Public
construction
1929
10, 793
8,307
3,625
4,682
1,135
949
1.578
1,020
2,486
1930
1931
1932
1933.
1934
8,741
6,427
3,538
2,879
3,720
5,883
3,768
1,676
1,231
1,509
2,075
1,565
630
470
625
3,808
2,203
1,046
761
884
893
454
223
130
173
532
221
74
176
191
1,527
946
467
261
326
856
582
282
194
194
2,858
2,659
1,862
1,648
2,211
4,232
6,497
6,999
6,980
8,198
1,999
2,981
3,903
3,560
4,389
1,010
1,565
1,875
1,990
2,680
989
1, 416
2,028
1,570
1,709
211
290
387
285
292
158
266
492
232
254
363
518
705
605
683
257
342
444
448
480
2.233
3,516
3,096
3,420
3,809
8,682
11, 957
14, 075
8,301
5,259
5,054
6,206
3,415
1,979
2,186
2,985
3,510
1,715
885
815
2,069
2,696
1,700
1,094
1,371
348
409
155
33
56
442
801
346
156
208
771
872
786
570
725
508
614
413
335
382
3,628
5, 751
10,660
6,322
3,073
1945
1946
1947
1948
1949
5,809
12, 627
17, 901
23, 243
24, 183
3,411
10,396
14, 582
18, 539
17, 914
1,276
4,752
7,535
10, 122
9,642
2,135
5,644
7,047
8,417
8,272
203
1,153
957
1,397
1,182
642
1,689
1,702
1,397
972
827
1,374
2,338
3,043
3,323
463
1,428
2,050
2,580
2,795
2,398
2,231
3,319
4,704
6,269
1950
1951
1952
1953
1954
29, 947
32,700
34, 670
37,019
39, 362
23,081
23, 447
23, 889
25, 783
27, 684
14,100
12, 529
12, 842
13, 777
15, 379
8,981
10, 918
11,047
12,006
12, 305
1,415
1,498
1,137
1,791
2,212
1,062
2,117
2,320
2,229
2,030
3,330
3,729
4,043
4,475
4,289
3,174
3,574
3,547
3,511
3,774
6,866
9,253
10, 781
11, 236
11, 678
44, 164
45, 779
47, 795
48,903
54,313
32, 440
33, 067
33, 778
33, 491
38, 343
18, 705
17, 677
17, 019
18, 047
22, 377
13, 735
15,390
16, 759
15, 444
15, 966
3,218
3,631
3,564
3,589
3,914
2,399
3,084
3,557
2,382
2,008
4,363
4,893
5,414
5,105
5,280
3,755
3,782
4,224
4,368
4,764
11, 724
12, 712
14,017
15, 412
15, 970
._
.
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
..
_
_ . _.
1955
1956.
1957
1958
1959 4
Seasonally adjusted annual rates
1958: January
February
March
April
May
June
_
July
August
September
October
November
December
1959: January
February
March
April
May
June
July
August
September _ . _
October
November
December * _ _
48, 420
48, 012
47, 520
47, 208
47, 040
47, 280
33, 516
33, 132
32, 856
32, 484
32, 340
32, 448
17, 196
17, 112
16, 920
16, 764
16, 872
17, 076
16, 320
16, 020
15, 936
15, 720
15,468
15,372
3,564
3,528
3,540
3,552
3, 576
3,636
3,192
3,012
2,820
2,640
2,448
2,268
5,376
5,268
5,364
5,280
5,148
5,136
4,188
4,212
4,212
4,248
4,296
4,332
14, 904
14, 880
14, 664
14, 724
14, 700
14, 832
48,168
48, 300
49, 080
50, 052
51, 936
53,088
32, 952
33, 120
33,504
34,008
34,884
35,856
17,640
18,000
18, 420
19,080
19,836
20, 796
15, 312
15, 120
15, 084
14, 928
15,048
15,060
3,684
3,600
3,564
3,540
3,576
3,600
2,160
2,052
2.004
1,980
2,004
1,992
5,028
5,028
5,040
4,920
4,920
4,944
4,440
4,440
4,476
4,488
4,548
4,524
15, 216
15, 180
15, 576
16, 044
17, 052
17, 232
54.684
55, 308
55,908
56, 004
56, 556
56, 460
36, 780
37,164
37, 896
38, 916
39, 552
39, 444
21, 516
21, 744
22,404
23, 424
23, 772
23, 268
15, 264
15, 420
15, 492
15, 492
15, 780
16, 176
3,648
3,696
3,660
3,732
4,008
4,128
,920
,920
,872
,836
,884
1,956
5,232
5,304
5,448
5,412
5,340
5,364
4,464
4,500
4,512
4,512
4,548
4,728
17, 904
18, 144
18, 012
17, 088
17, 004
17, 016
56, 052
54, 792
53, 124
51, 756
50, 808
52,560
39, 612
39, 120
38,352
37, 548
37, 200
38, 376
23.088
22.500
22, 260
21, 732
21, 144
21,696
16, 524
16, 620
16,092
15, 816
16, 056
16, 680
4,212
4,164
3,948
3,816
3,804
3,972
2,040
2,100
2,016
2,028
2,160
2,352
5,388
5,328
5,232
5,076
5,100
5,208
4,884
5,028
4,896
4,896
4,992
5,148
16, 440
15, 672
14, 772
14, 208
13, 608
14, 184
1
Excludes construction expenditures for crude petroleum and natural gas drilling, and therefore does not
agree
with the new construction expenditures included in the gross national product. (See Table D-l).
z
Office buildings, warehouses, stores, restaurants, and garages.
* Farm, institutional, and all other.
< Preliminary.
Source: Department of Commerce.
TABLE D-32.—New public construction activity, 1929-59
[Value put in place, millions of dollars]
Total new public construction 1
Major types of new public construction
Federal
Period
All
public
sources Direct Federal
aid
State
and
local
HosHigh- Educa- pital
and
way
tional institutional
Sewer Conand
water servation
and
miscel- and
delaneous veloppublic
service ment
Military
facilities
All
other
public 2
1929
2,486
155
80
2,251
1,266
389
101
404
115
19
192
1930
1931
1932..
1933
1934 . ...
2,858
2,659
1,862
1,648
2,211
209
271
333
516
626
104
235
111
286
721
2,545
2,153
.1,418
846
864
1,516
1,355
958
847
1,000
364
285
130
52
148
118
110
83
49
51
500
479
291
160
228
137
156
150
359
518
29
40
34
36
47
194
234
216
145
219
1935
1936
1937
1938
1939
2,233
3,516
3,096
3,420
3,809
814
797
776
717
759
567
1,566
1,117
1,320
1,377
852
1,153
1,203
1,383
1,673
845
1,362
1,226
1,421
1,381
153
366
253
311
468
38
74
73
97
127
246
509
445
492
507
700
658
605
551
570
37
29
37
62
125
214
518
457
486
631
3,628
5,751
10, 660
6,322
3,073
1,182
3,751
9,313
5,609
2,505
946
697
475
268
126
1,500
1,303
872
445
442
1,302
1,066
734
446
362
156
158
128
63
41
54
42
35
44
58
469
393
254
156
125
528
500
357
285
163
385
1,620
5,016
2,550
837
734
1,972
4,136
2,778
1,487
2,398
2,231
3,319
4,704
6,269
1,737
870
840
1,177
1,488
99
244
409
417
461
562
1,117
2,070
3,110
4,320
398
764
1,344
1,661
2,015
59
101
287
618
934
85
85
77
213
458
152
278
492
699
803
130
260
424
670
852
690
188
204
158
137
884
555
491
685
1,070
1950
1951
1952
1953
1954
6,866
9,253
10, 781
11, 236
11, 678
1,625
2,981
4,185
4,134
3,418
465
479
620
713
730
4,776
5,793
5,976
6,389
7,530
2,134
2,353
2,679
3,015
3,680
1,133
1,513
1,619
1,714
2,134
499
527
495
369
333
819
959
958
1,050
1,171
942
912
900
892
773
177
887
1,387
1,290
1,003
1,162
2,102
2,743
2,906
2,584
1955
1956
1957
1958
19593
11, 724
12,712
14,017
15, 412
15, 970
2,777
2,728
2,991
3,419
3,716
778
911
1,385
2,244
2,654
8,169
9,073
9,641
9,749
9,600
3,861
4,395
4,892
5,500
5,800
2,442
2,556
2,825
2, 875
2,637
300
300
354
390
423
1,318
1,659
1,737
1, 838
2,012
701
826
971
1,019
1,112
1,287
1,360
1,287
1,402
1,435
1,815
1,616
1,951
2,388
2,551
1940
1941
1942
1943
1944
1945
1946
1947 ..
1948
1949
_.
1
For expenditures classified by ownership, combine "Federal aid" and "State and local" columns to
obtain
State and local ownership. "Direct" column stands as it is for Federal ownership.
2
Includes nonresidential building other than educational and hospital and institutional (industrial,
commercial, public administration, social and recreational, and miscellaneous), public residential buildings,
and publicly owned parks and playgrounds, memorials, etc.
a Preliminary.
Source: Department of Commerce.
192
TABLE D—33.—Housing starts and applications for financing, 1929-59
[Thousands of units]
Proposed home
construction 2
New nonfarm housing starts
Period
Total
Publicly
financed 1
Privately financed
Government programs
Total
Total
19293
1930
.1931
1932
1933
1934
._
1935
_..
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
.
1947
1948.
1949
1950
1951
1952
1953—
1954
1955
._
1956
1957
1958
_
1959 7
1958: January
February
March
April
„
May.
June
July
August
September .
October
November
December
1959: January _
February
March
April
May
June.
July
August
September
October November77
December
509.0
330.0
254.0
134.0
93.0
126.0
221.0
319.0
336.0
406.0
515.0
602.6
706.1
356.0
191.0
141.8
209.3
670.5
849.0
931.6
1, 025. 1
1,396.0
1, 091. 3
1, 127. 0
1, 103. 8
1, 220. 4
1, 328. 9
1, 118. 1
1, 041. 9
1, 209. 4
1,376.9
67.9
66.1
81.4
99.1
108.5
113.0
112.8
124.0
121.0
115.0
109.4
91.2
87.0
94.5
121.0
142.2
137.0
136.7
128.8
129.3
120.3
105.5
92.3
82.3
5.3
14.8
3. 6
6.7
56.6
73.0
86.6
54.8
7.3
3.1
1.2
8.0
3.4
18.1
36.3
43.8
71.2
58.5
35.5
18.7
19.4
24.2
49.1
67.9
35.4
5.0
5.1
4.1
4.9
7.2
11.7
4.2
9.4
10.1
2.1
2.4
1.7
2.9
1.0
2.9
4.8
3.5
5.6
1.6
4.2
3.4
3.3
1.6
.6
509.0
330.0
254.0
134.0
93.0
126.0
215.7
304.2
332.4
399.3
458.4
529.6
619.5
301.2
183.7
138.7
208. 1
662.5
845.6
913.5
988.8
, 352. 2
, 020. 1
, 068. 5
, 068. 3
, 201. 7
, 309. 5
, 093. 9
992.8
, 141. 5
,341.5
62.9
61.0
77.3
94.2
101.3
101.3
108.6
114.6
110. 9
112.9
107.0
89.5
84.1
93.5
118.1
137.4
133.5
131.1
127.2
125.1
116.9
102.2
90.7
81.7
14.0
49.4
60.0
118.7
158.1
180.1
220.4
165.7
146.2
93.3
(55)
( 5)
( 5)
()
(5)
686.7
412.2
421.2
408.5
583.3
669.6
460.0
296.7
397.5
440.0
17.4
14.1
19.6
27.4
32.0
36.5
40.3
43.6
46.3
49.4
36.8
34.0
26.7
26.1
39.8
44.6
44.6
45.6
42.1
41.0
39.5
36.0
27.9
26.1
FHA
VA
14.0
49.4
60.0
118.7
158.1
180.1
220.4
165.7
146.2
93.3
41.2
(55)
69.0
()
229.0
(55)
294.1
()
363.8
(5)
486.7 6 200. 0
148.6
263.5
279.9
141.3
156.5
252. 0
276.3
307.0
276.7
392.9
189.3
270.7
168.4
128.3
102.1
295. 4
109.3
330.7
4.1
13.3
2.8
11.3
16.5
3.1
22.7
4.8
26.0
6.0
28.0
8.5
10.6
29.7
30.5
13.2
31.9
14.4
34.7
14.7
25.8
11.0
25.0
9.0
19.8
6.9
6.2
20.0
9.7
30.0
33.5
11.0
34.3
10.3
34.7
11.0
31.4
10.6
9.9
31.1
29.6
10.0
9.4
26.6
7.9
20.1
19.7
6.4
Private,
seasonFHA VA apally ad- applica- praisal
justed
tions requests
annual
rates
4
1,020
915
918
983
1, 039
1,057
1,174
1,228
1,855
1,303
1,4®7
1,432
1,364
1,403
1,403
1,434
1,370
1,368
1,375
1,340
1 323
1,180
1,210
1.310
20. 6
47 8
49.8
131 1
179.8
231.2
288 5
238.5
144.4
62 9
56.6
121.7
286.4
293.2
327.0
397.7
192.8
267.9
253.7
338.6
306.2
197.7
198.8
341.7
369.7
17.3
20.6
25.0
31.6
34.6
33.4
31.8
33.6
36.8
31.8
22.3
23.0
25.5
29.5
38.9
39.1
38.2
60.2
29.0
25.6
25.5
24.1
16.1
18.2
(55)
( 5)
( 5)
()
(5)
(5)
164.4
226.3
251.4
535.4
620.8
401.5
159.4
234.2
234.0
5.3
5.3
8.4
24.8
29.2
28.4
28.5
28.5
26.7
19.1
15.3
14.8
17.9
21.0
23.2
18.9
20.7
27.2
26.0
21.2
17.9
16.7
12.2
11.1
1
Military housing starts, including those financed with mortgages insured by FHA under Section 803
of the National Housing Act, are included in publicly financed starts but excluded from the privately
financed starts for FHA and Government programs.
2 Units in mortgage applications for new home construction.
3 The number of units started for the years 1920-28, respectively, was as follows: 247,000; 449,000; 716,000;
871,000; 893,000; 937,000; 849,000; 810,000; and 753,000.
* FHA program approved in June 1934; all 1934 activity included in 1935.
'Not available.
«Partly
estimated.
7
Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce, Federal Housing Administration (FHA), and Veterans Administration (VA).
TABLE D—34.—Sales and inventories in manufacturing and trade, 1939—59
[Amounts in billions of dollars]
Total manufacturing and trade 1
Manufacturing
Wholesale trade *
Retail trade J
Period
4
InvenInven4
InvenSales 2 Inventories 3 Ratio < Sales 2 tories 3 Ratio* Sales 2 tories s Ratio Sales 2 tories 3 Ratio
1939
10.8
20.1
1.77
5.1
11.5
2.11
2.2
3.1
1.34
3.5
5.5
1.53
1940...
1941
1942
1943 .
1944... _ .
12.1
15.8
18.6
21.9
23.8
22.2
28.8
31.1
31.3
31.1
1.72
1.58
1.66
1.40
1.33
5.9
8.2
10.4
12.8
13.8
12.8
17.0
19.3
20.1
19.5
2.06
.78
.77
.51
.45
2.4
3.0
3.4
3.8
4.2
3.2
4.0
3.8
3.7
3.9
1.30
1.20
1.19
.97
.94
3.9
4.6
4.8
5.3
5.9
6.1
7.8
8.0
7.6
7.6
.49
.48
.76
.43
.31
1945 .
1946—
1947
1948
1949
23.9
27.2
33 2
36.1
34.5
30.9
42.9
50.5
55.4
51.8
.30
.33
.43
.48
.56
12.9
12.6
15.9
17.6
16.4
18.4
24.5
28.9
31.7
28.9
.48
.66
.71
.72
.86
4.5
6.0
7.3
7.5
7.2
4.6
6.6
7.6
7.9
7.6
.91
.90
1.01
1.01
1.07
6.5
8.5
10.0
10.9
10.9
7.9
11.9
14.1
15.8
15.3
.21
.13
.27
.40
.43
1950
1951
1952
1953.
1954
39.7
44.7
45.9
48.4
47.4
62.8
73.8
75.4
78.6
75.5
.39
.58
.61
.61
.62
19.3
22.3
22.8
24.5
23.5
34.3
42.8
43.8
45.4
43.0
.57
.77
.90
.84
.86
8.4
9.4
9.6
9.8
9.7
9.1
9.7
10.0
10.5
10.4
.96
.05
.01
.06
.07
12.0
13.0
13.5
14.1
14.1
19.3
21.2
21.6
22.7
22.1
.40
.65
.55
.59
.59
1955
1956
1957
1958
1959 « «
52.3
54.8
56.3
54.0
59.8
81.7
89.1
90.7
85.1
88.3
.49
.56
.61
.61
.47
26.3
27.7
28.4
26.2
29.6
46.4
52.3
53.5
49.2
51.5
.68
.79
.89
.93
1.73
10.6
11.3
11.3
11.1
12.3
11.4
13.0
12.7
12.0
12.6
.02
.08
.13
.10
.00
15.3
15.8
16.7
16.7
18.0
23.9
23.9
24.5
24.0
24.2
.50
.50
.44
.44
.36
_.
_
Seasonally adjusted
1958: January
February. _.
March
April
May
June
July
August... -_
September. .
October
November. .
December—
1959: January
February
March
April
May
June
July
August
September. .
October
November 6fl_
December .
53.8
52.1
51.3
52.1
52.4
53.2
90.0
89.3
88.5
87.6
86.9
86.4
1.67
1.71
1.72
1.68
1.66
1.62
26.4
25.5
24.9
24.9
25.2
25.7
52.9
52.4
52.0
51.5
50.9
50.2
2.01
2.05
2.09
2.06
2.02
1.95
10.7
10.5
10.3
10.7
10.7
10.9
12.6
12.5
12.4
12.2
12.1
12.1
1.18
1.20
1.20
1.14
1.13
1.11
16.7
16.1
16.1
16.5
16.6
16.6
24.5
24.3
24.1
23.9
23.9
24.1
1.46
1.51
1.50
1.45
1.44
1.45
54.0
54.4
54.8
55.6
56.1
57.4
85.9
85.4
85.0
84.9
85.0
85.1
1.59
1.57
1.55
1.53
1.52
1.48
26.3
26.4
26.8
27.2
27.5
28.1
49.8
49.4
49.3
49.3
49.3
49.2
1.89
1.87
1.84
1.82
1.79
1.75
11.0
11.1
11.4
11.5
11.6
11.7
12.1
12.1
12.1
12.1
12.1
12.0
1.10
1.09
1.06
1.05
1.04
1.03
16.7
16.9
16.6
16.9
17.0
17.6
24.0
23.9
23.7
23.5
23.6
24.0
1.43
1.42
1.43
1.39
.39
.36
57.4
58.0
59.2
60.6
61.5
62.0
85.5
86.0
86.6
87.6
88.3
89.3
1.49
1.48
1.46
1.44
1.44
1.44
28.1
28.5
29.1
30.3
30.7
31.2
49.5
49.9
50.5
51.1
51.6
52.1
1.76
1.75
1.73
1.69
1.68
1.67
11.8
11.9
12.2
12.4
12.5
12.6
11.9
11.9
12.0
12.1
12.2
12.4
1.01
1.00
.98
.97
.97
.98
17.5
17.6
17.9
18.0
18.2
18.2
24.2
24.1
24.2
24.5
24.5
24.8
.39
.37
.35
1.36
1.35
1.36
61.7
59.6
60.1
59.7
59.4
89.9
89.5
89.2
88.8
88.3
1.46
1.50
1.48
1.49
1.49
30.9
29.3
29.8
29.4
29.2
52.2
52.1
51.9
51.5
51.5
1.69
1.78
1.74
1.75
1.76
12.5
12.2
12.5
12.0
12.3
12.5
12.6
12. 5
12.5
12.6
1.00
1.03
1.00
1.04
1.02
18.3
18.1
17.8
18.3
17.8
17.6
25.1
24.8
24.8
24.7
24.2
1.37
1.37
1.39
1.35
1.36
1
The series beginning in 1948 are not comparable with the previous years because of changes in definition
for the wholesale series. Beginning in 1951, the estimates of retail sales and inventories are based on a
new
method of estimation adopted by the Bureau of the Census.
2
Monthly average shown for year and total for month.
3
Seasonally
adjusted, end of period.
4
Inventory/sales ratio. For annual periods, ratio of weighted average inventories to average monthly
sales;
for
monthly
data, ratio of inventories at end of month to sales for month.
5
Where December data not available, data for year calculated on basis of no change from November.
'Preliminary.
NOTE.—For a description of the series and their comparability, see Survey of Current Business, September
and November 1952, January 1954, and June 1957 for retail, and August 1957 for manufacturing and
wholesale.
The inventory figures in this table do not agree with the estimates of change in business inventories
included in the gross national product since these figures cover only manufacturing and trade rather
than all business, and show inventories in terms of current book value without adjustment for revaluation.
Source: Department of Commerce.
194
TABLE D-35.—Manufacturers' Sales, inventories, and orders, 1930-59
[Billions of dollars]
Inventories 2
Sales i
Period
New orders 1
UnNondurable goods
Durable goods
filled
industries
industries
Dura- NonDura- Non- orders
ble durable
ble' durable (unadgoods goods Purgoods goods justPur- Goods Fin- Total indusindus- ed) a
indus- indus- chased
Goods Fin- chased
tries
tries mateished mate- in
ished
tries
in
tries
goods
process
goods
process
rials
rials
1939
1.9
3.2
1.8
1.5
2.1
2.4
0.8
2.9
5.4
2.2
3.2
7.0
1940
1941
1942
1943
1944
2.5
3.8
5.2
6.9
7.3
3.4
4.4
5.3
6.0
6.4
2.1
3.1
3.7
3.9
3.3
2.0
3.2
4.6
5.2
5.0
2.2
2.3
2.2
2.1
2.1
2.6
4.0
4.3
4.5
4.7
.9
1.2
1.2
1.4
1.4
3.0
3.2
3.3
3.0
3.0
6.8
9.8
13.3
12.7
11.9
3.4
5.3
8.0
6.8
5.5
3.4
4.5
5.3
5.9
6.4
18.4
37.9
72.9
71.5
49.0
1945
1946
1947
1948
1949
6.3
5.0
6.7
7.6
7.1
6.6
7.6
9.2
10.0
9.3
3.2
4.5
5.1
5.6
4.6
3.5
4.6
5.2
5.4
4.7
2.1
2.9
4.0
4.7
4.7
4.9
6.5
7.2
7.3
6.5
1.5
1.8
2.2
2.2
2.1
3.2
4.2
5.2
6.5
6.3
10.5
13.7
15.6
17.4
15.9
3.9
5.9
6.4
7.5
6.6
6.6
7.8
9.3
9.9
9.3
20.9
33.8
30.3
26.9
20.8
8.8
10.4
10.9
12.4
11.2
10.5
11.9
11.9
12.1
12.3
6.1
7.4
7.3
7.4
6.5
6.0
8.6
10.2
10.7
9.8
4.7
6.8
6.9
8.1
7.7
8.4
9.1
8.6
8.1
7.9
2.5
2.7
2.7
2.7
2.6
6.6
8.2
8.1
8.4
8.4
21.0
24.5
23.6
23.1
22.5
10.3
12.7
11.7
11.0
10.2
10.7
11.8
11.9
12.1
12.3
41.1
67.6
76.3
59.5
46.9
13.1
13.8
14.2
12.4
14.4
13.3
13.9
14.2
13.8
15.2
7.4
8.7
8.3
7.5
8.1
11.1
12.8
12.7
11.3
11.8
8.2
9.2
10.1
9.0
94
8.1
8.5
8.8
8.6
8.9
2.8
3.0
3.1
3.0
3.0
8.8
10.1
10.5
9.8
10.3
27.2
28.3
27.3
25.9
30.1
13.9
14.4
13.1
12.0
14.8
13.3
13.9
14.2
13.9
15.3
56.9
64.2
50.7
46.8
51.5
1950
1951
1952
1953 .
1954
1955 ..
1956
1957
1958...
1959 « «
..
Seasonally adjusted
1958:
January
February. _.
March ..
April
May
June
12.6
12.0
11.7
11.5
11.6
12.1
13.7
13.5
13.3
13.4
13.6
13.7
8.3
8.3
8.1
8.0
7.8
7.6
12.4
12.1
11.9
11.8
11.6
11.4
9.9
9.9
9.8
9.7
9.6
9.5
8.8
8.8
8.8
8.8
8.8
8.8
3.0
3.0
2.9
2.9
2.9
2.9
10.5
10.4
10.4
10.4
10.2
10.0
24.4
24.1
24.8
24.5
25.0
25.8
10.7
10.7
11.5
10.8
11.4
12.2
13.7
13.4
13.3
13.7
13.6
13.5
49.1
47.8
47.5
46.5
46.1
46.4
July
August
September..
October
November..
December..
12.3
12.4
12.7
12.9
13.3
13.6
14.0
14.0
14.1
14.2
14.2
14.5
7.5
7.4
7.5
7.7
7.6
7.5
11.3
11.3
11.3
11.3
11.3
11.3
9.5
9.3
9.2
9.0
9.0
9.0
8.8
8.7
8.6
8.7
8.6
8.6
2.9
3.0
2.9
2.9
3.0
3.0
9.8
9.7
9.7
9.8
9.9
9.8
26.4
26.1
27.0
27.9
27.8
28.4
12.5
12.2
12.9
13.5
13.6
13.7
13.9
13.9
14.2
14.4
14.2
14.7
46.7
46.7
46.2
46.1
46.7
46.8
1959:
January
February. __
March
April
May
June
13.5
13.9
14.4
15.2
15.5
15.8
14.6
14.6
14.7
15.1
15.2
15.5
7.7
7.8
8.1
8.3
8.5
8.9
11.4
11.4
11.5
11.7
11.8
11.9
9.0
9.2
9.3
9.3
9.4
9.5
8.6
8.6
8.6
8.7
8.8
9.0
3.0
3.0
3.0
3.0
3.0
3.0
9.8
9.9
9.9
10.0
10.0
9.9
28.5
29.7
30.2
31.2
30.5
31.4
13.9
14.9
15.3
15.8
15.2
16.1
14.6
14.8
14.9
15.4
15.3
15.3
47.7
49.1
50.4
50.5
50.1
50.4
July
August
September..
October.
November ».
15.4
14.0
14.1
14.0
13.5
15.5
15.3
15.7
15.3
15.7
8.9
8.7
8.3
8.0
8.1
11.9
11.9
12.0
11.8
11.8
9.5
9.5
9.5
9.4
9.4
9.0
9.0
8.9
9.0
89
3.1
3.1
3.1
3.1
3.0
9.8
9.9
10.1
10.2
10.3
30.8
29.0
30.6
30.4
29.5
15.5
14.0
14.7
15.1
13.9
15.3
15.0
15.8
15.4
15.6
50.6
50.6
51.1
51.5
51.5
1
2
3
4
Monthly average for year and total for month.
Book value, seasonally adjusted, end of period.
End of period.
Based on data through November.
* Preliminary.
NOTE.—See Table D-34 for total sales and inventories of manufacturers.
Source: Department of Commerce.
195
PRICES
TABLE D-36.—Wholesale price indexes, 1929-59
[1947-49=100] *
All coinmodities other tha n farm pr oducts
and foods
All
commodities
Period
Farm
products
Processed
foods
Total
Textile
products
and
apparel
Chemi- Rubber
cals
and
and
rubber
allied
prodproducts
ucts
Lumber
and
wood
products
1929
61 9
58 6
58 5
65 5
64 2
(2)
83 5
31 9
1930
1931
1932
1933
1934
56 1
47 4
42.1
42 8
48 7
49
36
26
28
36
53 3
8
5
3
6
60 9
53 6
50.2
50 9
56 0
57 1
47 1
39.0
46 0
51 8
(2)
(2)
(2)
51 2
53 7
73 0
62 0
53 8
56 8
65 8
29
23
20
24
28
52 0
52.5
56.1
51 1
50.1
44 0
45 2
48.3
38 3
36 5
52 1
50 1
52.4
45 6
43 3
55 7
56.9
61.0
58 4
58.1
50 4
50.8
54.2
47 4
49.5
56 0
56.4
59.0
55 9
55.8
66 4
71 7
84.4
82 7
86 3
27 4
28 7
33 7
30 8
31 6
51.1
56.8
64.2
67 0
67.6
37.8
46.0
59.2
68 5
68.9
43.6
50 5
59.1
61 6
60.4
59.4
63.7
68.3
69.3
70.4
52.4
60.3
68.9
69.2
69.9
56.6
61.6
69.3
69.5
70.2
80.2
86.5
100.6
103 3
102.0
35.2
41 8
45.4
48 0
51 9
68.8
78.7
96 4
104.4
99.2
71.6
83.2
100.0
107.3
92.8
60 8
77.6
98 2
106. 1
95.7
71.3
78.3
95.3
103.4
101.3
71.1
82.6
100.1
104.4
95.5
70.6
76.3
101.4
103.8
94.8
98.9
99.4
99.0
102.1
98.9
52 5
60.3
93 7
107.2
99.2
103.1
114 8
111 6
110 1
110.3
97.5
113 4
107 0
97 0
95.6
99.8
111 4
108 8
104 6
105.3
105.0
115.9
113.2
114 0
114.5
99.2
110.6
99.8
97.3
95.2
96.3
110 0
104.5
105 7
107.0
120.5
148 0
134.0
125 0
126.9
113.9
123 9
120.3
120 2
118.0
1955
1956
1957
1958
19593
110 7
114 3
117 6
119.2
119 5
89 6
88 4
90 9
94.9
89 1
101 7
101 7
105 6
110.9
107 0
117 0
122.2
125 6
126.0
128 2
95 3
95.3
95.4
93.5
95.0
106 6
107.2
109 5
110.4
109 9
143 8
145 8
145 2
145.0
144 8
123 6
125 4
119 0
117.7
125 8
1958' January
February
March
April
May
June
118 9
119 0
119.7
119 3
119.5
119 2
93 7
96 1
100 5
97 7
98 5
95 6
109 5
109 9
110 7
111 5
112 9
113 5
126 1
125 7
125.7
125 5
125.3
125 3
94 6
94 1
94.0
93 7
93.5
93 3
110 8
110 6
110 7
111 0
110.8
110 7
145 1
144 6
144 6
144 5
143 8
144 2
116 3
115 8
115 5
115 7
115.9
116 4
119 2
119 1
119.1
119 0
119 2
119 2
95
93
93
92
92
90
0
2
1
3
1
6
112 7
111 3
111 1
110 0
109 5
108 8
125 6
126 1
126.2
126 4
126.8
127.2
93 3
93 3
93.3
93 2
93.1
93 3
110 4
110 0
109 9
110 2
110 2
110 0
144 7
144 6
145 4
146 3
146 7
145 6
116 8
118 6
120 4
120 8
120 0
119 8
119.5
119 5
119 6
120.0
119 9
119.7
91.5
91 1
90 8
92.4
90 8
89.8
108.7
107 6
107 2
107.2
107 7
108 1
127.5
127 8
128.1
128.3
128 4
128.2
93.3
93 7
93 9
94.1
94 5
94.9
110.2
109 9
109 8
110.0
110 0
110.0
145.2
145 4
146 0
146.7
148 0
146 6
120.5
122 5
124 2
126.3
128 2
128 9
119.5
119.1
119 7
119. 1
118.9
118.9
88.4
87.1
88 9
86 5
85.4
85.8
107.5
105.8
107 8
106 4
104.9
104 7
128.4
128.4
128 4
128.4
128.5
128.6
95.3
95.7
95 9
95 9
96.3
96 7
109 9
109.7
109 9
110 0
110.0
110 0
146 4
141.0
142 0
142 3
145. 1
142 7
128 3
128.5
127 2
126 2
124.3
124 7
. .
1935
1936
1937
1938
1939
-
1940
1941
1942
1943
1944
.
1945
1946
1947
1948
1949
.
-.
1950
1951
1952
1953
1954
.
_
July
August
September
October
November _ _
December
1959: January
February
March
April
May
June
July
..
August
September
October
November3 _
December
..
.
3
2
9
7
5
44
36
36
42
See footnotes at end of table, p. 197.
196
4
8
3
2
5
TABLE D-36.—Wholesale price indexes, 7929-59—Continued
[1947-49=100] i
All commodities other than farm products and foods (continued)
FurniMachin- ture
and
ery and other
motive houseprodhold
ucts
durables
Hides,
skins,
leather,
and
leather
products
Fuel,
power,
and
lighting
materials
59.3
70.2
(2)
67.0
(2)
69.3
72.6
86.6
(2)
54.4
46.8
39.7
44.0
47.1
66.5
57.2
59.5
56.1
62.0
(22)
8( )
72.4
67.6
63.4
66.9
71.6
87.1
84.6
81.4
72.8
76.0
8
()
62.2
64.5
65.7
64.7
61.8
(2)
56.2
57.3
65.6
63.1
62.6
()
(22)
(2 )
()
(2)
65.3
68.2
62.8
55.4
55.5
60.2
48.7
51.9
56.9
50.5
52.0
I
il
60.3
54.1
49.9
50.9
56.2
59.8
60.6
67.2
65.6
65.4
71.6
71.7
73.4
71.1
69.5
75.9
75.8
76.5
76.4
76.4
(2)
(')
54.8
58.9
64.0
63.9
63.4
60.7
64.5
66.4
68.4
70.3
(22)
()
(2a)
(2)
()
62.8
64.0
64.9
64.8
64.8
66.2
68.6
71.2
71.0
71.0
66.8
71.2
76.8
76.4
78.4
69.7
71.3
74.1
74.5
75.9
77.3
78.1
79.1
83.0
83.4
8
8( )
64.2
74.6
101.0
102.1
96.9
71.1
76.2
90.9
107.1
101.9
(22)
()
98.6
102.9
98.5
65.9
73.9
91.3
103.9
104.8
71.6
80.3
92.5
100.9
106.6
78.6
83.0
95.6
101.4
103.1
79.1
84.2
93.9
101.7
104. 4
85.8
89.7
97.2
100.5
102.3
(22)
()
104.6
120.3
97.2
98.5
94.2
103.0
106.7
106.6
109.5
108.1
100.9
119.6
116.5
116.1
116.3
110.3
122.8
123.0
126.9
128.0
108.6
119.0
121.5
123.0
124.6
105.3
114.1
112.0
114.2
115.4
106.9
113.6
113.6
118.2
120.9
103.5
109.4
111.8
115.4
120.6
96.6
104.9
108.3
97.8
102.5
1955 . .
1956
1957
1958
19593
93.8
99.3
99.4
100.6
114.3
107.9
111.2
117.2
112.7
112.7
119.3
127.2
129.6
131.0
132.2
136.6
148.4
151.2
150.4
153.7
128.4
137.8
146.1
149.8
153.0
115.9
119.1
122.2
123.2
123.4
124.2
129.6
134.6
136.0
137.7
121.6
122.3
126.1
128.2
131.4
92.0
91.0
89.6
94.2
94.5
1958: January
February
March
April
May.
June
99.5
99.6
99.5
99.7
99.9
100.3
116.1
113.6
112.4
111.0
110.3
110.7
130.8
130.8
130.5
130.5
130.5
130.5
150.0
150.1
149.8
148.6
148.6
148.8
149.4
149.3
149.2
149.4
149.4
149.5
123.8
123.6
123.5
123.4
123.2
123.0
136.4
136.5
135.3
135.4
135.4
135.2
128.1
128.1
128.0
128.0
128.0
128.0
88.3
89.3
94.3
97.8
96.2
93.7
100.3
100.5
100.2
101.4
102.3
103.6
111.9
113.7
114.1
113.0
112.6
112.9
131.0
131.0
131.7
131.9
131.9
131.3
148.8
150.8
151.3
152.2
153.0
153.0
149.5
149.5
149.4
149.9
151.2
151.5
123.2
123.0
123.0
123.0
122.7
122.8
135.3
135.2
136.7
136.7
136.7
136.9
128.0
128.0
128.0
128.8
128.7
128.6
97.2
95.6
92.5
91.2
93.2
100.9
104.1
105.4
108.5
117.8
118.5
118.9
113.9
114.8
115.0
114.0
113.4
111.2
131.5
131.7
132.0
132.2
132.0
132.3
152.9
153.4
153.6
152.8
153.0
153.3
151.8
152.0
152.2
152. 1
152.5
153.0
123.3
123.3
123.5
123.4
123.5
123.6
137.2
137.5
137.7
138.3
138.4
137.4
128.6
128. 9
132.1
132.2
132.2
132.2
100.8
98.5
97.0
98.8
95.2
91.0
119.3
119.7
119.1
116.2
111.7
112.2
111.1
112.2
111.9
111.4
111.2
111.7
132.4
132.3
132.4
132.5
132.3
132.4
152.7
152.8
153.8
154.5
155.8
155.3
153. 6
153.8
153.9
153.7
153.6
153.7
123.8
123.5
123.4
123.3
123.3
123.2
137.5
137.4
137.5
137.5
137.7
137.8
132.2
131. 9
131.8
131.7
131.7
131.7
92.9
92.0
88.6
91.8
93.7
94.2
Period
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
. .
_. .
.
.
1945 .
1946 . . _
1947
1948 .
1949
1950
1951
1952
1953
1954
.
..
.._
_.
July
August
September- -.
October
November
December
1959: January
February
March
April
May
June
.
July
August
September. ..
October
November...
December3—
Pulp,
paper,
and
allied
products
()
(2)
Metals
and
metal
products
2
(22)
Non- Tobacco
metal- manu- Miscelfactures laneous
lic
and
minerprodbottled
als
ucts
(struc- beverages
tural)
2
(2a)
()
(2)
8
2
100.8
103.1
96.1
1
This does not replace the former index (1926=100) as the official index prior to January 1952. Data
beginning January 1947 represent the revised sample and weighting pattern. Prior to January 1947 they
are2 based on the month-to-month movement, of the former index.
Not available.
* Preliminary.
Source: Department of Labor.
197
TABLE D-37.—Wholesale price indexes, by stage of processing, 7947-59
[1947-49=100]
Intermediate materials, supplies, and components 1
Crude materials
Period
All
commodities
Materials and components for
manufacturing
Food- Nonstuffs food
ma- Fuel
Total and terials,
feed- except
stuffs fuel
Materials
and
Ma- MaCom- comMa- terials terials
poterials for
poTotal
for
for
nents nents
nondufor
Total food
du- rable
for
conmanu- strucmanu- rable manufactur- manu- factur- factur- tion
ing
ing factur- ing
ing
1947
1948
1949
96.4
104. 4
99.2
98.6
108.0
93.4
100.7
108.8
90.5
96.0
106.8
97.2
89.4
105.6
105.0
96.2
104.0
99.9
96.4
104.0
99.6
102.8
106.0
91.2
99.2
105.0
95.8
91.2
103.0
105.8
94.4
101.9
103.8
93.3
103.2
103.5
1950.
1951
1952
1953 . _
1954
103.1
114.8
111.6
110.1
110.3
101.8
116.9
107.4
99.2
98.3
97.0
112.3
105.7
94.6
94.7
111.0
128.1
110.9
106.2
104.2
104.6
106.5
107.2
111.0
106.0
104.3
116.9
113.5
114.1
114.8
104.5
118.4
113.4
115.2
115.4
94.9
105.7
101.5
101.8
100.9
100.5
116.5
104.8
104.0
102.3
111.9
124.3
124.6
130.1
133.1
107.6
122.2
122.5
124.7
125.3
108.9
119.1
118.3
120.2
120.9
1955
1956
1957
1958
1959*
110.7
114.3
117.6
119.2
119.5
94.5
95.0
97.2
99.4
96.7
85.7
84.0
87.7
92.8
86.8
110.1
114.2
112.5
108.4
112.2
105.8
113.3
119.7
121.2
123.4
117.0
122.1
125.1
125.3
127.0
118.2
123.7
126.9
127.2
129.0
97.7
98.0
99.9
102.2
98.5
102.7
104.3
105. 7
104.7
106.4
139.7
148.5
153.2
154.3
158.0
130.9
142.9
148.3
149.5
151.7
125.6
132.0
132.9
132.9
136.5
1958:
January
February. .March
April
May...
June
118.9
119.0
119.7
119.3
119.5
119.2
97.5
99.5
101.5
100.3
101.7
100.7
90.3
93.2
96.7
95.4
97.7
95.7
107.6
107.9
107.1
106.3
106.0
107.0
123.0
123.5
123.4
117.9
117.9
118.2
125.4
125.0
125.0
125.1
124.9
124.7
127.5
127.3
127.1
126.9
126.8
126.9
102.4
102.5
102.4
103.2
103.5
103.4
105.7
105.4
105.2
105.0
104.6
104.5
153.8
153.6
153.5
152.9
152.9
152.9
149.3
149.1
148.8
148.5
149.0
149.4
133.0
132.6
131.9
131.8
132.0
132.1
July
August
September..
October
November. _
December
119.2
119.1
119.1
119.0
119.2
119.2
100.0
99.1
98.4
98.0
98.4
97.0
94.3
92.1
90.7
89.3
89.9
88.4
107.7
109.3
109.6
111.1
111.2
110.1
118.8
120.6
121.8
123.1
123.0
123.5
125.0
125.3
125.4
125.4
125.7
126.3
126.7
127.2
127.3
127.6
127.8
127.8
102.6
101.8
101.5
101.4
101.2
100.4
104.3
104.2
104.1
104.2
104.3
104.5
152.9
155.0
155.4
156.2
156.6
156.6
149.5
149.5
149.8
150.2
150.7
150.7
132.1
132.7
133.7
134.2
134.1
134.2
1959:
January
February- _.
March
April
May
June
119.5
119.5
119.6
120.0
119.9
119.7
98.1
98.0
98.9
99.6
98.5
98.1
89.7
89.0
89.8
91.1
89.7
88.7
110. 5
111.3
112.7
112.6
112.3
113.1
126.1
126. 4
125.4
120.3
120.3
120.3
126.3
126.5
126.7
127.2
127.4
127.1
127.7
128.0
128.2
128.6
129.3
129.5
99.2
98.5
97.7
97.4
99.0
99.5
104.5
104.8
105.2
106.4
106.8
106.8
156.6
157.1
157.6
157.7
158.1
158.5
150.8
151.0
151.1
150.9
151.9
152.2
134.5
135.3
135.7
136.5
137.2
137.4
July
August
September..
October
November..
December 4.
119.5
119.1
119.7
119.1
118.9
118.9
96.4
95.6
95.9
94.4
93.6
93.4
86.3
85.2
85.3
83.2
81.8
82.1
112.6
112.1
112.7
112.3
112.8
111.4
119.7
122.5
124.2
124.2
125.2
125.8
127.2
127.0
126.9
127.1
127.3
127.3
129.4
129.1
129.4
129.4
129.5
129.5
99.3
98.6
99.1
98.5
97.8
97.0
107.0
107.0
107.2
106.9
106.8
107.0
157.8
157.6
158.2
158.5
159.0
158.8
152.1
151.3
151.5
151.8
152.6
152.7
137.0
137.1
137.0
136.9
136.7
136.9
See footnotes at end of table, p. 199.
198
TABLE D-37.—Wholesale price indexes, by stage of processing, 1947-59—Continued
[1947-49=100]
Special groups of industrial
products
Finished goods
Consumer finished goods
Period
Total
Total
Producer
Crude
materials a
Other
Du- finished
nonFoods durable
rable goods
goods goods
InterConmediate sumer
materials, finished
supplies, goods exand com-3 cluding
ponents
foods
1947
1948.
1949
95.9
103.5
100.6
96.8
104.1
99.2
97.0
105.8
97.2
97.4
103.5
99.2
94.8
101.3
104.0
92.8
101.1
106.1
92.9
108.5
98.6
95.3
103.7
101.0
96.6
102.8
100.6
1950
1951
1952
1953
1954...
102.4
112.1
111.5
110.4
110.7
110.9
114.0
118.1
120.8
120.6
100.9
110.3
109.0
107.1
107.1
99.2
111.3
110.4
104.6
103.8
100.8
108.5
105.9
106.9
107.2
105.0
112.1
113.0
113.8
114.7
108.7
119.3
121.3
123.1
124.7
109.9
120.8
109.3
108.5
103.3
105.7
118.5
114.7
116.2
116.7
102.1
109.6
108.0
108.9
109.4
106.4
108.0
111.1
113.5
112.5
101.1
101.0
104.5
110.5
105.5
107.8
109.9
112.4
111.7
113.3
115.9
119.7
123.3
125.0
126.5
128.5
138.1
146.7
150.3
153.2
113.4
120.0
118.3
113.7
120.0
120.1
126.0
129.3
129.1
131.2
120.6
120.6
121.4
120.9
121.0
120.7
113.3
113.3
114.4
113.7
113.9
113.6
109.2
110.1
113.1
111.9
112.5
111.6
112.5
111.8
111.5
111.1
110.9
111.0
125.1
124.9
124.9
124.8
124.7
124.7
150.1
150.1
150.0
150.1
150.0
150.0
112.2
112.9
112.0
110.2
109.7
111.2
129.7
129.2
128.8
128.6
128.5
128.5
116.3
115.8
115.6
115.3
115.2
115.2
120.8
120.6
120.9
120.6
120.6
120.5
113.7
113.3
113.7
113.3
113.0
112.8
111.5
110.0
110.8
109.6
108.5
107.6
111.4
112.0
112.2
112.2
112.0
112.2
124.7
124.7
124.6
125.0
126.0
126.1
150.0
150.0
150.1
150.3
151.6
152.0
112.4
114.7
115.9
117.8
118.5
116.5
128.5
129.1
129.4
129.6
129.7
129.9
115.5
115.8
116.0
116.1
116.8
116.5
120.8
120.7
120.6
120. 8
120.6
120.5
113.1
112.9
112.7
112.9
112.6
112. 4
107.8
106.8
105.6
106.2
105.5
105.6
112.7
113.1
113.7
113.6
113.5
112.8
126.4
126.4
126.5
126.5
126.6
126.7
152.2
152.4
152.8
152.9
153.2
153.5
117.7
118.8
119.5
119.0
118.2
119.6
129. 9
130.4
130.7
131.2
131.6
131.6
116.9
117.2
117.6
117.5
117.5
117.1
120.5
120.2
121. 4
120.5
120.0
120.1
112.4
111.8
113.4
112.3
111.7
111.9
105.4
103.6
107.2
105.0
103.5
103.6
113.1
113.4
113.5
113.5
113.6
113.8
126.7
126.7
126.6
126.0
126.1
126.2
153.6
153.6
153.8
153.8
153.6
153.7
119.8
121.0
122.0
121.7
122.6
120.8
131.6
131.5
131.6
131.5
131.6
131.7
117.2
117.5
117.5
117.3
117.4
117.5
.
1955
1956-..
1957
1958
1959*
1958: January
February .
March
April
May
June
_ _
July
August -_
September
October..
November
December 1959: January _
February
March
April
May
June._
July
August - -_
September
October
._ _
November 4
December 1
2
,
110.2
112.8
115.7
115.8
117.3
Includes, in addition to subgroups shown, processed fuels and lubricants, containers, and supplies.
Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and leaf tobacco.
34 Excludes intermediate materials for food manufacturing and manufactured animal feeds.
Preliminary.
NOTE.—For a listing of the commodities included in each sector and their relative importance, see Monthly
Labor Review, December 1955 and Wholesale Prices and Price Indexes, 1958 (BLS Bulletin No. 1257).
Source: Department of Labor.
533287 0—60
14
TABLE D—38.—Consumer price indexes, by major groups, 1929—59
For city wage-earner and clerical-worker families
[1947-49=100]
Housing
All
items
Food
1929
73.3
1930
1931.
1932
1933
1934
71.4
65.0
58.4
55.3
57.2
1935
1936
1937
1938
1939—
Period
Other
Per- ReadAp- Trans- Mediand goods
cal
sonal ing
parel portarecreaand
care
tion
care
tion services
Total
Rent
65.6
0)
117.4
60.3
0)
0)
0)
0)
0)
0)
0)
0)
114.2
108.2
97.1
83.6
78.4
58.9
53.6
47.5
45.9
50.2
0)
0)
0)
0)
0)
C)
0)
0)
(')
0)
0)
0)
62.4
51.4
42.8
41.6
46.4
0)
0)
0)
0)
0)
0)
0)
0)
0)l
()
0)
58.7
59.3
61.4
60.3
59.4
49.7
.50.1
52.1
48.4
47.1
71.8
72.8
75.4
76.6
76.1
78.2
80.1
83.8
86.5
86.6
50.6
51.0
53.7
53.4
52.5
69.6
70.2
71.3
71.9
70.2
71.4
71.6
72.3
72.5
72.6
54.6
55.3
58.5
59.8
59.6
58.1
59.1
60.8
62.9
63.0
67.2
67.0
68.8
69.4
70.6
59.9
62.9
69.7
74.0
75.2
47.8
52.2
61.3
68.3
67.4
76.4
78.3
81.8
82.8
84.7
86.9
88.4
90.4
90.3
90.6
53.2
55.6
64.9
67.8
72.6
69.8
72.2
78.5
78.2
78.2
72.7
73.1
75.1
78.7
81.2
59.5
61.0
66.9
73.8
79.0
64.1
66.4
69.5
75.3
83.4
72.8
74.2
76.3
80.2
82.4
1945
1946
1947. •
1948
1949
76.9
83.4
95.5
102.8
101.8
68.9
79.0
95.9
104.1
100.0
86.1
88.3
95.0
101.7
103.3
90.9
91.4
94.4
100.7
105.0
76.3
83.7
97.1
103.5
99.4
78.1
82.1
90.6
100.9
108.5
83.1
87.7
94.9
100.9
104.1
81.5
87.4
97.6
101.3
101.1
86.8
89.7
95.5
100.4
104.1
85.7
88.6
96.1
100.5
103.4
1950
1951.
1952
1953
1954
102.8
111.0
113.5
114.4
114.8
101.2
112.6
114.6
112.8
112.6
106.1
112.4
114.6
117.7
119.1
108.8
113.1
117.9
124.1
128.5
98.1
106.9
105.8
104.8
104.3
111.3
118.4
126.2
129.7
128.0
106.0
111.1
117.2
121.3
125.2
101.1
110.5
111.8
112.8
113.4
103.4
106.5
107.0
108.0
107.0
105.2
109.7
115.4
118.2
120.1
1955
1956
1957
1958
19592
114.5
116.2
120.2
123.5
124.5
110.9
111.7
115.4
120.3
118.3
120.0
121.7
125.6
127.7
129.1
130.3
132.7
135.2
137.7
139.6
103.7
105.5
106.9
107.0
107.8
126.4
128.7
136.0
140.5
146.1
128.0
132.6
138.0
144.6
150.6
115.3
120.0
124.4
128.6
131.0
106.6
108.1
112.2
116.7
118.4
120.2
122.0
125.5
127.2
129.5
1958: January
February
March
April ...
Mav
June
122.3
122.5
123.3
123.5
123.6
123.7
118.2
118.7
120.8
121.6
121.6
121.6
127.1
127.3
127.5
127.7
127.8
127.8
136.8
137.0
137.1
137.3
137.5
137.7
106.9
106.8
106.8
106.7
106.7
106.7
138.7
138. 5
138.7
138.3
138.7
138.9
141.7
141.9
142.3
142.7
143.7
144.2
127.8
128.0
128.3
128.5
128.5
128.6
116.6
116.6
117.0
117.0
116.6
116.7
127.0
127.0
127.2
127.2
127.2
127.2
July
August .September
October
November
December
123.9
_ _ _ -_ 123.7
123.7
123.7
123.9
123.7
121.7
120.7
120.3
119.7
119.4
118.7
127.7
127.9
127.9
127.9
128.0
128.2
137.8
138.1
138.2
138.3
138.4
138,7
106.7 140.3
106.6 141.0
107.1 141.3
107.3 142.7
107.7 144.5
107.5 /144. 3
145. 0
145.3
146.5
147.1
147.4
147.6
128.9
128.9
128.7
128.8
129.1
129.0
116.6
116.7
116.6
116.6
117.0
116.9
127.2
127.1
127.1
127.2
127.3
127.3
1959: January
February
March
April. .May
June-
123.8
123.7
123.7
. _. 123.9
124.0
124.5
119.0
118.2
117.7
117.6
117.7
118.9
128.2
128.5
128.7
128.7
128.8
128.9
138.8
139.0
139.1
139.3
139.3
139.5
106.7
106.7
107.0
107.0
107.3
107.3
144.1
144.3
144.9
145.3
145.4
145.9
148.0
149.0
149.2
149.6
150.2
150.6
129.4
129.8
129.7
130.0
130.7
131.1
117.0
117.1
117.3
117.7
117.8
118.1
127.3
127.4
127.3
128.2
128.4
129.2
July
August
September
October..
November
124.9
124.8
125.2
125.5
125.6
119.4
118.3
118.7
118.4
117.9
129.0
129.3
129.7
130.1
130.4
139.6
139.8
140.0
140.4
140.5
107.5
108.0
109.0
109.4
109.4
146.3
146.7
146.4
148.5
149.0
151.0
151.4
152.2
152.5
153.0
131.3
131.7
132. 1
132.5
132.7
119.1
119.1
119.6
119.7
120.0
130.8
131.1
131.5
131.6
131.6
_
1940
1941
1942_
1943
1944.
__ _.
__
_
.
_
.
.
.
. .
1
2
Not available.
January-November average.
Source: Department of Labor.
200
C1)
0)
0)
0)
TABLE D—39.—Consumer price indexes, by special groups, 1935-59
For city wage-earner and clerical-worker families
[1947-49=100]
Commodities
All
items
Period
Services
All
All
Commodities less food
items items
All
less
less
All
shelcomfood
ter modi- Food
Non- servDuraices
All
ties
bles durables
Rent
All
services
less
rent
58.7
59.3
61.4
60.3
59.4
65.8
66.5
68.9
69.6
69.1
55.5
56.2
58.0
56.4
55.4
52.0
52.7
54.7
52.7
51.6
49.7
50.1
52.1
48.4
47.1
57.3
57.9
60.4
60.4
59.4
53.3
54.1
57.5
58.5
57.3
57.1
57.6
59.9
59.6
58.7
75.6
76.4
78.7
80.3
80.4
78.2
80.1
83.8
86.5
86.6
72.6
72.2
72.9
73.5
73.5
59.9
62.9
69.7
74.0
75.2
69.4
7L. 4
76.4
78.5
81.5
55.8
59.1
66.6
71.6
72.9
52.1
55.7
63.8
69.4
70.2
47.8
52.2
61.3
68.3
67.4
59.8
62.7
69.8
72.7
76.7
56.8
60.7
68.9
71.2
77.8
59.3
61.8
68.4
71.3
74.9
80.6
81.6
84.2
85.8
87.9
86.9
88.4
90.4
90.3
90.6
73.6
74.5
77.8
81.3
85.2
76.9
83.4
95.5
102.8
101.8
83.4
87.0
95.1
101.9
103.0
74.8
82.3
95.6
103.1
101.3
72.3
80.1
96.3
103.2
100.6
68.9
79.0
95.9
104.1
100.0
79.7
84.7
95.7
102.9
101.5
83.7
87.5
94.9
101.8
103. 3
77.6
83.3
95.7
103.1
101.1
89.0
90.8
94.5
100.4
105.1
90.9
91.4
94.4
100.7
105.0
87.0
90.2
94.7
100.1
105.2
102.8
111.0
113.5
114.4
114.8
104.2
110.8
113.5
115.7
116.4
102.0
110.5
112.7
113.1
113.0
101.2
110.3
111.7
111.3
110.2
101.2
112.6
114.6
112.8
112.6
101.3
108.9
109.8
110.0
108.6
104.4
112.4
113.8
112.6
108.3
100.9
108.5
109.1
110.1
110.6
108.5
114.1
119.3
124.2
127.5
108.8
113.1
117.9
124.1
128.5
108.1
114.6
120.1
124.6
127.7
- - - 114.5
116.2
120.2
123.5
124.5
116.7
118.8
122.8
125. 5
127.8
112.4
114.0
117.8
121.2
122.2
109.0
110.1
113.6
116.3
116.5
110.9
111.7
115.4
120.3
118.3
107.5
108.9
112.3
113.4
115.0
105.1
105.1
108.8
110.5
112.9
110.6
113.0
116.1
116.9
118.1
129.8
132.6
137.7
142.4
145.6
130.3
132.7
135.2
137.7
139.6
130.1
133.0
138.6
143.8
147.3
1958' January
February
March. _ _ _ _ _ _
April
May
June
122.3
122.5
123.3
123.5
123.6
123.7
124.7
124.8
125. 0
125.0
125.1
125.2
120.0
120.2
121.0
121.2
121.3
121.4
115.4
115. 5
116.4
116.6
116.6
116.6
118.2
118.7
120.8
121.6
121.6
121.6
113.5
113.2
113. 1
112.8
112.9
112.9
110.5
110.3
109.6
109.6
109.7
109.6
117.0
116.7
116.9
116.6
116.5
116.7
140.5
141.0
141.7
142.1
142.3
142.3
136.8
137.0
137.1
137.3
137.5
137.7
141.7
142.3
143.1
143.5
143.8
143.8
July
August
September
October
November
December
123.9
123.7
123.7
123.7
123.9
123.7
125.4
125.6
125.8
126.0
126.5
126.5
121. 6
121.4
121.5
121.5
121.7
121. 5
116.8
116.4
116.4
116.4
116.6
116.3
121.7
120.7
120. 3
119.7
119.4
118.7
113.1
113.2
113.5
113.9
114.5
114.4
109.8
109.9
110.3
111. 2
112.8
112.9
116.9
116.9
117.2
117.2
117.1
117.0
142.6
143.0
143.0
143.1
143.4
143.5
137.8
138.1
138.2
138.3
138.4
138.7
144.1
144.4
144.4
144.5
144.8
145.0
1959: January _
February
March
April
May
June
123.8
123.7
123.7
__ 123.9
124.0
124.5
126.4
126.7
126.9
127.1
127.3
127.5
121. 5
121.4
121.4
121.5
121.6
122.2
116.2
116.0
115. 9
115.9
115. 9
116.6
119.0
118.2
117.7
117.6
117.7
118.9
114.0
114.2
114.4
114.5
114. 5
114.7
112.4
112.2
112.5
112.6
112.7
112.8
116.7
117.1
117.4
117.5
117.5
117.8
143.9
144.2
144.4
144.8
145.2
145.4
138.8
139.0
139.1
139.3
139.3
139.5
145.4
145.7
145.9
146.4
146.9
147.1
July
August
September
October
November
124.9
124.8
125.2
125.5
125.6
127.9
128.2
128.7
129.2
129.5
122.7
122.4
122.9
123.2
123.1
117.0
116. 6
117.0
117.3
117.2
119.4
118.3
118.7
118.4
117.9
115.1
115.3
115.7
116.3
116. 5
113.1
112.8
112.8
113.6
114.1
118.1
118.6
119.3
119.8
119.8
145.8
146.3
146.9
147.3
147.6
139.6
139.8
140.0
140.4
140.5
147.5
148.1
148.7
149.1
149.5
1935
1936
1937 _.
1938
1939
1940
1941
1942
1943
1944
- -
.
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
.
1955
1956
1957
1958
1959 J
1
January-November average.
Source: Department of Labor.
201
MONEY SUPPLY, CREDIT, AND FINANCE
TABLE D-40.—Deposits and currency, 1929-59
[Billions of dollars]
Total excluding U.S. 2 Government
deposits
End of period
Demand deposits and
currency,
Total U.S.
seasonally adjusted
Demand deposits and
deposits Govcurrency
ernand
Time
ment
curDemand CurDemand Curde- Total derency
posits 3 Total deposits rency Total deposits rency
posits *
adoutside
ad- outside
justed * banks
justed « banks
54.7
26.4
22.8
28.2
1929
__
54.6
0.2
3.6
24.6
21.0
53.6
28.7
3.6
.3 53.2
1930 21.9
48.4
26.0
17.4
.5 47.9
4.5
1931
45.4
20.4
15.7
1932
24.5
.5 44.9
4.7
15.0
42.6
19.8
21.7
.0
41.5
4.8
1933
23.1
48.1
23.2
18.5
46.3
4.7
.8
1934
1935
..
24.2
52.7
27.0
22.1
4.9
.5 51.3
57.6
25.4
31.0
25. 5
.2 56.4
5.5
1936
56.8
26.2
29.6
24.0
55.8
5.6
.0
1937
59.9
31.8
26.0
5.8
.8 58.1 26.3
1938
36.2
64.7
27.1
29.8
63.3
6.4
1.5
1939
71.1
27.7
34.9
42.3
7.3
1940
1.1 70.0
79.1
27.7
39.0
48.6
9.6
1941
.
2.8 76.3
1942
28.4
100.5
62.9
48.9
13.9
9.2 91.3
123.4
32.7
79.6
18.8
60.8
1943
11.0 112.4
151.4 21.2 130.2
39.8
66.9
90.4
23.5
1944
1945
.
176.4 25.6 150.8
75.9
48.5 102.3
26.5
167.5
54.0 110.0
83.3
26.7
3.5 164.0
1946
172.3
56.4 113.6
87.1
26.5
2.3 170.0
1947
172.7
1948
_
57.5 111.6
85.5
26.1
3.6 169.1
173.9
58.6 111.2
85.8
25.4
4.1 169.8
1949
180.6
59.2 117.7
92.3
25.4
3.7 176.9
1950
189.9
61.5 124.5
98.2
3.9 186.0
26.3
1951
200.4
65.8 129.0
101.5
27.5
5.6 194.8
1952
205. 7
70.4 130.5
102.5
28.1
4.8 200.9
1953 -.
214.8
75.3 134.4
106.6
27.9
5.1 209.7
1954
109.9
221.0
78.4 138.2
4.4 216.6
28.3
1955
226.4
82.2 139.7
111.4
4.5 222.0
28.3
1956
232.3
89.1 138.6
110.3
4.7 227.7
28.3
1957
247.5
4.9 242.6
98.3 144.2
115.5
28.7
1958
251.8
116.1
5.5 246.3 101.4 145.0
28.8
1959 * ^
107.6
27.5
227.7
89.8 135.0
1958: January
2.9 224.8
104.7
27.3 132.2
27.6
105.6
27.4 138.1
228.0
4.2 223.9
105.5
February
90.9 133.0
27.6
104.6
March
6.4 224.5
92.5 132.0
106.4
27.4 134.0
230.9
234.4
107.2
27.8
93.6 134.8
107.2
27.6 135.0
6.0 228.4
April
105.8
234.2
107.6
27.9
6.1 228.1
94.6 133.5
27.8 135.5
May
28.0
239.5 10.0 229.5
106.2
95.5 134.0
107.4
27.8 135.4
June
237.2
108.1
28.1
96.5 135.9
109.5
4.8 232.4
July
27.9 137.6
28.1
238.7
107.5
6.2 232.5
109.2
97.0 135.5
28.0 137.3
August
108.1
27.8
97.2 135.9
238.1
108.9
September
5.0 233.1
27.9 136.7
111.0
27.9
240.7
28.0 138.1
110.2
October
4.3 236.4
97.5 139.0
28.2
243.8
111.9
110.6
November
96.8 140.7
28.8 158.8
6.4 237.5
111.3
28.1
247.5
115.5
December
4.9 242.6
98.3 144.2
28.7 139.4
27.8
110.7
98.4 141.4
113.8
27.6 138.5
1959: January .
245.1
5.3 239.8
27.9
111.2
242.6
4.9 237.7
98.7 139.0
111.3
27.7 139.1
February
28.1
27.9 140.3
112.2
March
242.1
4.4 237.6
99.5 138.2
110.3
28.2
99.9 140.4
27.9 140.7
112.5
245.4
112.5
April
5.1 240.3
112.6
28.3
245.0
28.1 140.9
110.7
May
5.7 239.3 100.4 138.9
112.5
28.4
245.4
28.3 14C.9
June
__
5.3» 240.1 101.0 139.1
110.7
July'. 5
28.5
28.4 142.7
247.6
112.7
114.2
5.6 242.0 100.9 141.1
28.5
111.1
247.3
112.9
28.5 Ul-4
August
6.6 240.8 101.2 139.6
5
28.3
241.4
139.8
111.4
140.5
101.5
112.2
28.5
September
248.5
7.1
28.2
248.2
6.0 242.2 101.1 141.0
112.7
28.3 140.1
October 5 5_.
111.9
28.5
113.1
29.1 140.3
111.8
November
247.5
5.1 242.4 100.3 142.2
28.2
116.1
December •
251.8
28.8 140.0
5.5 246.3 101.4 145.0
111.8
* Includes U.S. Government deposits at Federal Reserve Banks and commercial and savings banks and,
beginning with 1938, includes U.S. Treasurer's time deposits, open account.
23 Includes holdings of State and local governments.
Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes
interbank deposits.
4
Includes demand deposits other than interbank and U.S. Government, less cash items in process of
collection.
8
Preliminary; December estimates by Council of Economic Advisers.
NOTE.—Monthly data are for the last Wednesday of the month, except the unadjusted data for December
1958, which are for the call date. All end-of-year figures except 1959 are for call dates.
Between January and August 1959, this series was expanded to include data for all banks in Alaska and
Hawaii. In December 1959, demand deposits were reduced as a result of a change in the definition of
such deposits.
Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted).
2O2
TABLE D-41.—Loans and investments of all commercial banks, 1929-59
[Billions of dollars]
End of period
1929—June 8
1930—June!
1931—June 5s
1932—June
1933—Junefi5
1934—June
1935
1936
1937
1938
1939
1940
1941
1942
1943 . .-1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957 .
1958
19597
1958* January
February
March
April—
.
May
June
July
August
September
October
November
December
1959: January
February
March
April
May
June
July 7 7
August 7
September
October 7
November 77
December
Total
loans
and
investments
l
-
.
- -
--
_-
_
49.4
48.9
44.9
36.1
30.4
32.7
36.1
39.6
38.4
38.7
40.7
43.9
50.7
67.4
85.1
105.5
124.0
114.0
116.3
114.3
120.2
126.7
132.6
141.6
145.7
155.9
160.9
165.1
170.1
185.2
191.0
167.7
168.6
171.4
175.6
175.4
179.9
177.6
180.0
179.5
181.7
184.1
185.2
185.6
183.8
182.9
185.7
185.8
185.9
187.7
188.2
187.8
188.3
188.2
191.0
Loans
Total 2
35.7
34.5
29.2
21.8
16.3
15.7
15.2
16.4
17.2
16.4
17.2
18.8
21.7
19.2
19.1
21.6
26.1
31.1
38.1
42.5
43.0
52.2
57.7
64.2
67.6
70.6
82.6
90.3
93.9
98.2
112.0
92.0
92.1
93.0
93.5
92.9
95.6
93.6
93.8
94.2
95.0
96.1
98.2
97.7
97.9
99.2
101.2
102.4
104.5
105.9
107.4
107.8
108.2
109.5
112.0
Investments
Business
loans 3
(8)
(6)
(6)
8( )
6
(«)
(«)
(•)
5.7
6.4
7.3
9.3
7.9
7.9
8.0
9.6
14.2
18.2
18.9
17.1
21.9
25.9
27.9
27.2
26.9
33.2
38.7
40.5
40.4
45.8
38.8
38.6
39.2
38.4
38.1
38.9
37.9
38.3
38.7
38.9
39.3
40.4
39.2
39.2
40.2
40.6
41.4
42.5
42.8
43.4
43.9
43.8
44.3
45.8
Total
13.7
14.4
15.7
14.3
14.0
17.0
20.9
23.1
21.2
22.3
23.4
25.1
29.0
48.2
66.0
83.9
97.9
82.9
78.2
71.8
77.2
74.4
74.9
77.5
78.1
85.3
78.3
74.8
76.2
87.0
79.0
75.6
76.5
78.4
82.1
82.5
84.3
84.0
86.2
85.3
86.7
88.0
87.0
87.9
86.0
83.8
84.5
83.4
81.5
81.7
80.8
80.0
80.2
78.7
79.0
U. S. GovOther
ernment
obligations * securities
4.9
5.0
6.0
6.2
7.5
10.3
13.8
15.3
14.2
15.1
16.3
17.8
21.8
41.4
59.8
77.6
90.6
74.8
69.2
62.6
67.0
62.0
61.5
63.3
63.4
69.0
61.6
58.6
58.2
66.4
58.6
57.7
58.3
59.6
62.8
63.1
64.2
64.1
66.1
64.7
66.2
67.7
66.4
67.5
65.5
63.2
63.6
62.6
60. 9
61.1
60.3
59 2
59! 6
58.4
58.6
8.7
9.4
9.7
8.1
6.5
6.7
7.1
7.9
7.0
7.2
7.1
7.4
7.2
6.8
6.1
6.3
7.3
8.1
9.0
9.2
10.2
12.4
13.3
14.1
14.7
16.3
16.7
16.3
17.9
20.6
20.4
17.9
18.2
18.9
19.3
19.4
20.1
19.9
20.2
20.6
20.5
20.3
20.6
20.4
20.4
20.6
20.9
20.8
20.6
20.6
20.5
20.7
20.6
20.3
20.4
1 End-of-year (except 1959) and June and December 1958 figures are for call dates. Other data (including
those for June and December 1959) are for the last Wednesday of the month.
2
Data are shown net, i. e., after deduction of valuation reserves. Includes commercial and industrial,
agricultural,
security, real estate, bank, consumer, and other loans.
3
Beginning with 1948, data are shown gross of valuation reserves, instead of net as for previous years.
Prior to June 1947 and for months other than June and December, data are estimated on the basis of reported
data for all insured commercial banks and for weekly reporting member banks.
* Figures in this table are based on book values and relate only to banks within the United States.
Therefore, they do not agree with figures in Table D-49, which are on the basis of par values and include
holdings
of banks in United States Territories and possessions.
5
June data are used because complete end-of-year data are not available prior to 1935 for U. S. Government
obligations and other securities.
6
Not available.
7
Preliminary; December estimates by Council of Economic Advisers.
NOTE.—Between January and August 1959, this series was expanded to include data for all banks in
Alaska and Hawaii.
Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted).
203
TABLE D-42.—Federal Reserve Bank credit and member bank reserves, 1929—59
[Averages of daily figures, millions of dollars]
Reserve Bank credit outstanding
Period
Total
U.S.
Member
Governbank
ment se- borrowcurities
ings
Member bank reserves
All
other,
mainly
float
Total
Required
Excess
Member
bank
free
reserves
(excess reserves less
borrowings)
1929
1,459
208
943
308
2,358
2,315
43
1930 ...
1931.
1932
1933 .
1934 .
1,087
1,274
2,077
2,429
2,502
564
669
1,461
2,052
2,432
271
323
518
234
29
252
282
98
143
41
2,379
2,323
2,114
2,343
3,676
2,324
2,234
1,858
11,815
i 2, 112
55
89
256
i 528
i 1, 564
-216
-234
-262
294
1,535
1935
1936
1937
1938
1939
2,475
2,481
2,554
2,600
2,628
2,431
2,431
2,504
2,565
2,584
7
6
14
9
4
37
44
36
26
40
5,001
5,989
6,830
7,935
10, 352
2,532
3,477
5,610
5,413
5,960
2,469
2,512
1,220
2,522
4,392
2,462
2,506
1,206
2,513
4,388
1940
1941
1942
1943
1944
2,487
2,293
3,408
8,182
15, 358
2,417
2,187
3,191
7,724
14, 772
3
5
5
24
135
67
101
212
434
451
13, 249
13, 404
12, 648
12, 626
13, 222
6,923
8,080
9,980
11,116
12, 176
6,326
5,324
2,668
1,510
1,046
6,323
5,319
2,663
1,486
911
22, 211
24, 029
22, 989
22, 283
20, 161
21,363
23,250
22, 330
21, 511
19,560
366
215
156
140
115
482
564
503
632
486
15, 055
15, 969
16, 461
18, 001
17, 774
13, 934
14, 993
15,608
17, 164
16, 952
1,121
976
853
837
822
755
761
697
697
707
19, 062
24, 070
24, 801
26, 262
25,602
18, 410
22, 756
23, 066
24, 661
24, 646
106
289
780
768
147
546
1,025
955
833
809
16,400
19, 293
20, 356
19, 996
19, 276
15,617
18, 536
19, 642
19, 319
18,501
783
757
714
677
775
677
468
-66
-91
628
1955
1956
1957
1958
1959
25, 472
25, 702
25, 373
25, 982
28, 089
23, 891
23, 709
23, 345
24, 654
26, 194
607
831
837
294
801
974
18, 843
1,162
18, 965
19, 021
1,191
1,032
18, 647
1,095 2318,611
18, 257
18,403
18,507
18, 056
3 18, 164
586
562
514
591
3447
-21
-269
-320
298
3 -354
1958* January
February
March
April
Mav
June _-
25, 229
24, 568
24, 559
24, 682
24, 939
25, 851
23, 608
23, 378
23, 486
23, 649
23, 939
24, 749
451
242
138
130
119
142
1,170
948
935
903
881
960
19, 296
19,000
18, 730
18, 394
18, 223
18,600
18, 723
18, 434
18, 097
17,772
17, 557
17, 974
573
566
633
622
666
626
122
324
495
493
547
484
26, 310
26, 554
26, 548
26, 789
27, 211
28, 412
25, 218
25, 410
25, 051
25, 296
25, 650
26, 312
109
252
476
425
486
557
983
892
1,021
1,068
1,075
1,543
18,609
18, 580
18, 425
18, 476
18, 540
18, 899
17, 953
17, 946
17, 854
17, 955
18, 034
18, 383
656
634
571
521
506
516
546
383
95
96
20
-41
27, 564
27, 059
27, 055
27, 323
27, 669
27, 937
25, 776
25, 532
25, 446
25, 661
25, 920
25, 963
556
508
601
676
767
921
1,232
1,019
1,007
986
982
1,053
18, 893
18, 577
18, 429
18, 664
18,580
18, 451
18, 396
18, 117
17, 968
18, 247
18, 132
18, 043
497
460
461
417
448
408
-59
-47
-140
-258
-318
-513
28, 441
28, 509
28, 687
28, 563
28, 741
29, 435
26, 422
26, 588
26, 674
26, 517
26, 732
27, 036
956
1,008
903
905
878
906
1,062
18, 671
914
18, 613
1,110
18, 593
1,141
18, 610
1,131
18, 621
1,493 2318,951
18, 271
18, 141
18, 183
18, 164
18, 176
318,456
400
472
410
446
445
3495
-557
-535
-493
-459
-433
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
... ..
. _
.-
--
---
-
- -
July
August
September
October
_ __
November
December
1959* January
February
March
April
May
June
July
August
September
October
November
December
i Data from March 1933 through April 1934 are for licensed banks only.
28 Includes vault cash allowed, which averaged $323 million in December.
Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
204
-900
3 _4U
TABLE D-43.—Bond yields and interest rates, 1929-59
[Percent per annum]
U.S. Government
securities
Period
Corporate
bonds
(Moody's)
1-month 9-12
Treas- month Taxable
Aaa
3
ury
2 bonds
bills i issues
Common
stock
yields,
200
stocks
Baa (Moody's)
Highgrade
municipal
bonds
(Standard &
Poor's)
Average
rate on Prime Fedshort- comeral
term
Remer- serve
bank
cial
loans paper,
Bank
to busidis4-6
ness —
count
selected months rate
cities
(4)
(5)
4.73
5.90
3.41
4.27
(6)
5.85
5.16
(«)
1.402
.879
.515
.256
(55)
( 5)
()
(55)
()
4.55
4.58
5.01
4.49
4.00
5.90
7.62
9.30
7.76
6.32
4.54
6.17
7.36
4.33
4.11
4.07
4.01
4.65
4.71
4.03
(66)
(6)
(6)
(6)
()
3.59
2.64
2.73
1.73
1.02
3.04
2.11
2.82
2.56
1.54
.137
.143
.447
.053
.023
(55)
()
(*)
(55)
()
3.60
3.24
3.26
3.19
3.01
5.75
4.77
5.03
5.80
4.96
4.06
3.50
4.77
4.38
4.15
3.40
3.07
3.10
2.91
2.76
(69)
()
(•)
(6)
2.1
.75
.75
.94
.81
.59
1.50
1.50
1.33
1.00
1.00
.014
.103
.326
.373
.375
(55)
(5)
()
.75
.79
2.46
2.47
2.48
2.84
2.77
2.83
2.73
2.72
4.75
4.33
4.28
3.91
3.61
5.31
6.25
6.60
4.89
4.81
2.50
2.10
2.36
2.06
1.86
2.1
2.0
2.2
2.6
2.4
.56
.53
.66
.69
.73
1.00
1.00
1.00
1.00
1.00
.375
.375
.594
1.040
1.102
.81
.82
.88
1.14
1.14
2.37
2.19
2.25
2.44
2.31
2.62
2.53
2.61
2.82
2.66
3.29
3.05
3.24
3.47
3.42
4.19
3.97
5.13
5.78
6.63
1.67
1.64
2.01
2.40
2.21
2.2
2.1
2.1
2.5
2.7
.75
.81
1.03
1.44
1.49
1.00
1.00
1.00
1.34
1.50
1.218
1.552
1.766
1.931
.953
1.26
1.73
1.81
2.07
.92
2.32
2.57
2.68
2.94
2.55
2.62
2.86
2.96
3.20
2.90
3.24
3.41
3.52
3.74
3.51
6.27
6.12
5.50
5.49
4.78
1.98
2.00
2.19
2.72
2.37
2.7
3.1
3.5
3.7
3.6
1.45
2.16
2.33
2.52
1.58
1.59
1.75
1.75
1.99
1.60
1955
1956
1957
1958
1959
1.753
2.658
3.267
1.839
3.405
1.89
2.83
3.53
2.09
4.11
2.84
3.08
3.47
3.43
4.08
3.06
3.36
3.89
3.79
4.38
3.53
3.88
4.71
4.73
5.05
4.06
4.07
4.33
4.05
3.31
2.53
2.93
3.60
3.56
3.95
3.7
4.2
4.6
4.3
5.0
2.18
3.31
3.81
2.46
3.97
1.89
2.77
3.12
2.16
3.36
1957: January
February
March
April
May
June
3.210
3.165
3.140
3.113
3.042
3.316
3.17
3.23
3.35
3.41
3.37
3.55
3.34
3.22
3.26
3.32
3.40
3.58
3.77
3.67
3.66
3.67
3.74
3.91
4.49
4.47
4.43
4.44
4.52
4.63
4.31
4.44
4.35
4.16
4.05
4.05
3.40
3.26
3.32
3.33
3.52
3.75
4.38
3.63
3.63
3.63
3.63
3.63
3.79
3.00
3.00
3.00
3.00
3.00
3.00
3.165
3.404
3.578
3.591
3.337
3.102
3.71
3.93
4.02
3.94
3.52
3.09
3.60
3.63
3.66
3.73
3.57
3.30
3.99
4.10
4.12
4.10
4.08
3.81
4.73
4.82
4.93
4.99
5.09
5.03
4.01
4.21
4.50
4.68
4.58
4.77
3.75
3.91
3.90
3.79
3.76
3.47
4.83
3.88
3.98
4.00
4.10
4.07
3.81
3.00
3.15
3.50
3.50
3.23
3.00
1929
1930
1931
1932
1933
1934
--
1935
1936
1937 1938
1939
.
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
-
- .
..
.-
__
...
July
August
September
October
November
December
See footnotes at end of table, p. 206.
205
4.40
4.85
TABLE D-43.—Bond yields and interest rates, 1929-59—Continued
[Percent per annum]
Corporate
bonds
(Moody's) Common
stock
yields,
200
3-month 9-12
stocks
Treas- month Taxable
3
Aaa
Baa
(Moody's)
2 bonds
ury
bills i issues
U.S. Government
securities
Period
1958: January
February
March
April
May
June
.-
- -
July
August
September
October.
November
December
1959: January
February
March
April
May
June
July
August _- _- _
September.
October
November _ __
December
Highgrade
municipal
bonds
(Standard &
Poor's)
Average
rate on
shortterm
bank
loans
to businessselected
cities
2.598
1.562
1.354
1.126
1.046
.881
2.56
1.93
1.77
1.35
1.21
.98
3.24
3.28
3.25
3.12
3.14
3.20
3.60
3.59
3.63
3.60
3.57
3.57
4.83
4.66
4.68
4.67
4.62
4.55
4.56
4.62
4.50
4.35
4.27
4.15
3.32
3.37
3.45
3.31
3.25
3.26
4.49
.962
1.686
2.484
2.793
2.756
2.814
1.34
2.14
2.84
2.83
2.92
3.24
3.36
3.60
3.75
3.76
3.70
3.80
3.67
3.85
4.09
4.11
4.09
4.08
4.53
4.67
4.87
4.92
4.87
4.85
3.97
3.91
3.72
3.64
3.54
3.34
3.45
3.74
3.96
3.94
3.84
3.84
4.21
2.837
2.712
2.852
2.960
2.851
3.247
3.26
3.38
3.56
3.66
3.92
3.97
3.91
3.92
3.92
4.01
4.08
4.09
4.12
4.14
4.13
4.23
4.37
4.46
4.87
4.89
4.85
4.86
4.96
5.04
3.36
3.41
3.43
3.29
3.25
3.28
3.87
3.85
3.76
3.84
3.97
4.04
4.51
3.243
3.358
3.998
4.117
4.209
4.572
4.30
4.32
4.80
4.65
4.70
4.98
4.11
4.10
4.26
4.11
4.12
4.27
4.47
4.43
4.52
4.57
4.56
4.58
5.08
5.09
5.18
5.28
5.26
5.28
3.18
3.19
3.34
3.36
3.38
3.28
4.04
3.96
4.13
3.99
3.94
4.05
1
4.17
4.50
4.87
8
5.27
85.36
Prime
commercial
paper,
4-6
months
Federal
Reserve
Bank
discount
rate
3.49
2.63
2.33
1.90
1.71
1.54
2.94
2.75
2.35
2.03
.75
.75
1.50
1.96
2.93
3.23
3.08
3.33
.75
.75
.91
2.00
2.40
2.50
3.30
3.26
3.35
3.42
3.56
3.83
2.50
2.50
2.92
3.00
3.05
3.50
3.98
3.97
4.63
4.73
4.67
4.88
3.50
3.50
3.83
4.00
4.00
4.00
Rate on new issues within period. Issues were tax exempt prior to March 1,1941, and fully taxable
thereafter.
For the period 1934-37, series includes issues with maturities of more than 3 months.
2
Includes
certificates of indebtedness and selected note and bond issues (fully taxable).
3
First issued in 1941. Series includes: April 1953 to date, bonds due or callable 10 years and after; April
1952-March 1953, bonds due or callable after 12 years; October 1941-March 1952, bonds due or callable
after
15 years.
4
Treasury bills were first issued in December 1929 and were issued irregularly in 1930.
8
Not available before August 1942.
6
Not available on same basis as for 1939 and subsequent years.
7 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secured by Government securities maturing or callable in 1 year or less.
s Series revised to exclude loans to nonbank financial institutions.
NOTE.—Yields and rates computed for New York City, except for short-term bank loans.
Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors
Service, and Standard & Poor's Corporation.
2O6
TABLE D-44.—Short- and intermediate-term consumer credit outstanding, 1929-59
[Millions of dollars]
Instalment credit
Total
End of period
Total
Other
conAutomobile sumer
paper 1 goods
paper 1
Noninstalment credit
Repair
and
Permodern- sonal
ization2 loans
loans
Total
Charge
acOther 3
counts
1929
6,444
3,151
(4)
(4)
(4)
(4)
3,293
1,602
1,691
1930
1931
1932
1933
1934
5,767
4,760
3,567
3,482
3,904
2,687
2,207
1,521
1,588
1,871
(44)
()
(44)
()
4
()
(4)
(4)
(44)
(4)
(44)
()
(44)
()
4
(44)
()
(44)
(4)
()
3,080
2,553
2,046
1, 894
2,033
1,476
1,265
1,020
990
1,102
1,604
1,288
1,026
904
931
1935 .
1936
1937
1938
1939
4,911
6,135
6,689
6,338
7,222
2,694
3,623
4,015
3,691
4,503
(44)
( 4)
()
(4)
1,497
(44)
()
(44)
()
1,620
(44)
(4)
()
(4)
298
(44)
(4)
( 4)
()
1,088
2,217
2,512
2,674
2,647
2,719
1,183
1,300
1,336
1,362
1,414
1,034
1,212
1,338
1,285
1,305
8,338
9,172
5,983
4,901
5,111
5,514
6,085
3,166
2,136
2,176
2,071
2,458
742
355
397
1,827
1,929
1,195
819
791
371
376
255
130
119
1, 245
1,322
974
832
869
2,824
3,087
2,817
2,765
2,935
1,471
1,645
1,444
1,440
1,517
1,353
1,442
1,373
1,325
1,418
5,665
8,384
11, 598
14, 447
17,364
2,462
4,172
6,695
8,996
11, 590
455
981
1,924
3,018
4,555
816
1,290
2,143
2,901
3,706
182
405
718
853
898
1,009
1,496
1,910
2,224
2,431
3,203
4,212
4,903
5,451
5,774
1,612
2,076
2,381
2,722
2,854
1,591
2,136
2,522
2,729
2,920
21, 471
22,712
27, 520
31, 393
32,464
14, 703
15, 294
19, 403
23,005
23, 568
6,074
5,972
7, 733
9,835
9,809
4,799
4,880
6,174
6,779
6,751
1,016
1,085
1,385
1,610
1,616
2,814
3,357
4,111
4,781
5,392
6,768
7,418
8,117
8,388
8,896
3,367
3,700
4,130
4,274
4,485
3,401
3,718
3,987
4,114
4,411
38, 882
42, 511
45, 286
45, 586
52,200
28, 958
31, 897
34, 183
34, 080
39, 650
13, 472
14, 459
15, 409
14, 237
16, 750
7,634
8,580
8,782
8,923
10, 300
1,689
1,895
2,089
2,350
2,700
6,163
6,963
7,903
8,570
9,900
9,924
10, 614
11, 103
11,506
12, 550
4.795
4,995
5,146
5,060
5,300
5,129
5,619
5,957
6,446
7,250
June
44, 401
43, 484
42, 970
43, 121
43, 433
43, 577
33, 812
33, 384
33, 062
33, 019
33, 051
33, 158
15, 246
15, 052
14, 826
14, 733
14, 663
14, 650
8,570
8,332
8,224
8,153
8,175
8,191
2,084
2,071
2,066
2,079
2,119
2,145
7,912
7,929
7,946
8,054
8,094
8,172
10, 589
10,100
9,908
10, 102
10, 382
10, 419
4,597
4,024
3,827
3,999
4,204
4,202
5,992
6,076
6,081
6,103
6,178
6,217
July
August
September
October
_ _ _
November
December
. ___
43, 495
43, 679
43, 656
43, 696
43, 970
45, 586
33, 238
33, 335
33, 246
33, 232
33, 322
34, 080
14, 636
14, 592
14, 415
14, 254
14, 164
14, 237
8,188
8,226
8, 258
8,345
8,452
8,923
2,174
2,221
2,259
2,298
2,334
2,350
8,240
8,296
8,314
8,335
8,372
8,570
10, 257
10, 344
10, 410
10, 464
10,648
11,506
4, 114
4,136
4,190
4,299
4,370
5,060
6,143
6,208
6,220
6,165
6,278
6,446
45, 094
.._ 44, 748
44, 925
45, 708
46,603
- _
47, 522
34, 029
34, 025
34, 234
34, 762
35, 357
36, 135
14, 271
14, 339
14, 494
14, 810
15, 128
15, 566
8,833
8,727
8,691
8,755
8,887
9,040
2,330
2,324
2,338
2,364
2,419
2,467
8,595
8,635
8,711
8,833
8,923
9,062
11, 065
10, 723
10, 691
10, 946
11, 246
11, 387
4,619
4,098
4,004
4,160
4,359
4,446
6,446
6,625
6,687
6,786
6,887
6,941
48, 047
48, 841
49,350
49, 872
- 50, 379
52,200
36, 757
37, 510
37, 962
38, 421
38, 723
39,650
15, 923
16,288
16, 470
16, 659
16, 669
16,750
9,134
9,289
9,390
9,534
9,687
10, 300
2,517
2,569
2,613
2,653
2,683
2,700
9,183
9,364
9,489
9,575
9,684
9,900
11, 290
11, 331
11, 388
11,451
11, 656
12, 550
4,407
4,365
4,390
4,525
4,614
5,300
6,883
6,966
6,998
6,926
7,042
7,250
1940
1941
1942
1943
1944
_
.
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
_
1955
1956
1957
1958 5
1959
- - .-
1958' January
February
March
April
May
1959: January
February
March
April
May
June
July
August .
September
October
November 5
December
-.-
()
()
1
Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer
goods and secured by the items purchased.
2 Includes only such loans held by financial institutions; those held by retail outlets are included in "other
consumer
goods paper."
3
Single-payment loans and service credit.
4
Not
available.
8
Preliminary estimates by Council of Economic Advisers.
NOTE.—Series revised beginning 1947. For details, see Federal Reserve Bulletin, November 1959.
Data for Alaska and Hawaii included beginning January and August 1959, respectively.
Source: Board of Governors of the Federal Reserve System (except as noted).
207
TABLE D-45.—Instalment credit extended and repaid, 1946-59
[Millions of dollars]
Total
Automobile
paper
Other consumer
goods paper
Repair and
modernization
loans
Period
Extended
Repaid
Extended
Repaid
Extended
Repaid
Extended
8,495
12, 713
15, 585
18, 108
21, 558
23, 576
29, 514
31, 558
31, 051
39, 039
40, 175
42, 545
40, 818
48, 500
6,785
10, 190
13, 284
15, 514
18, 445
22, 985
25, 405
27, 956
30, 488
33, 649
37, 236
40, 259
40, 921
43, 150
1,969
3,692
5,217
6,967
8,, 530
8,956
11,764
12, 981
11, 807
16, 745
15, 563
16, 545
14, 316
18, 100
1,443
2,749
4,123
5,430
7,011
9,058
10, 003
10, 879
11, 833
13, 082
14, 576
15, 595
15, 488
15, 700
3,077
4,498
5,383
5,865
7,150
7,485
9,186
9,227
9,117
10, 634
11, 702
11, 747
11, 638
13, 500
2,603
3,645
4,625
5,060
6, 057
7,404
7,892
8,622
9,145
9,751
10, 756
11,545
11,497
12, 200
423
704
714
734
835
841
,217
,344
,261
,3S8
,568
,660
,890
2,100
1958: January.
February
March..
April
May
June.
July
August
September
October
November
December
1959: January
February
March _
April
May
June
July
_
August
September
October
November
December i _ _ _
3,111
2,760
3,182
3,358
3,397
3,497
3,506
3,407
3,313
3, 520
3,374
4,393
3,369
3,290
3,830
4,073
4,092
4,454
4,315
4, 193
4,061
4,185
3,928
4,850
3,482
3,188
3,504
3,401
3,365
3,390
3,426
3,310
3,402
3,534
3,284
3,635
3,447
3,294
3,621
3,545
3,497
3,676
3,693
3,578
3,609
3,726
3,626
3,950
1,187
1,025
1,105
1,224
1,213
1,271
1,294
1,209
1,118
1,189
1,103
1,378
1,254
1,266
1,491
1, 598
1,580
1,780
1,720
1,627
1,515
1,564
1,313
1,450
1,350
1,219
1, 331
1,317
1,283
1,284
1,308
1, 253
1, 295
1,350
1.193
1,305
1,231
1,198
1,336
1,282
1,262
1,342
1,363
1,318
1,333
1,375
1,303
1,400
1958: January
February
March _. _
April
May
._
June.
July
August
-.
September
October
November
December
1959- January
February
March
April
._
May
June
July
August
September
October
November
December *
3,505
3,232
3,218
3,281
3,289
3,293
3,370
3,422
3,355
3,481
3,615
3,757
3,862
3,849
3,802
3,981
4,105
4,024
4,152
4,128
4,164
4,212
4,076
4,100
3,444
3,399
3,394
3,396
3,359
3,391
3,370
3,414
3,394
3,450
3,468
3,442
3,460
3,510
3,458
3,541
3,629
3,544
3, 637
3,635
3,662
3,700
3,701
3,700
1,341
1,183
1,074
1,162
1,124
1,110
1,163
1,157
1,094
1,203
1,274
1,431
1,445
1,465
1,431
1,524
1,530
1,505
1,554
1,535
1,517
1,619
1,463
1,500
1,357
1,311
1,294
1,330
1,291
1,282
1,281
1,282
1,254
1,288
1,248
1,270
1,259
1,289
1,277
1,296
1,318
1,290
1,334
1,325
1,316
1,341
1,311
1,300
1946
1947..
1948
1949
1950
1951
3952
1953___
1954
1955
1956
1957
1958
1959 *
Repaid
Personal
loans
Re-
Extended
paid
200
391
579
689
717
772
917
,119
,255
,315
,362
,466
,629
,750
3,026
3,819
4,271
4,542
5,043
6,294
7,347
8,006
8,866
10, 272
11,342
12, 593
12, 974
14, 800
2,539
3,405
3,957
4,335
4,660
5,751
6,593
7,336
8,255
9,501
10, 542
11,653
12, 307
13,500
124
111
129
148
166
166
169
176
186
187
169
159
120
126
157
173
198
195
197
199
191
190
175
150
129
124
134
135
126
140
140
129
148
148
133
143
141
132
143
147
143
147
147
151
147
150
145
150
1,012
921
1,049
1,119
1,025
1,101
1,099
1,065
1,039
1,069
1, 052
1,423
1,070
1,038
1, 187
1,212
1,186
1,306
1,289
1,244
1,232
1,233
1,268
1,600
1,003
904
1,032
1,011
985
1,023
1,031
1,009
1,021
1,048
1,015
1,225
1,052
998
1,111
1,090
1,096
1,167
1,168
1,116
1,107
1,147
1,159
1,350
157
141
141
150
155
154
157
166
168
169
170
162
156
157
168
175
190
177
183
185
174
173
171
150
126
131
131
137
127
142
139
132
145
143
135
141
140
139
138
149
149
145
146
152
147
147
142
150
1,080
1,036
1,020
1,055
1,023
1,065
1,077
1,111
1,106
1,103
1,134
1,164
1,160
1,163
1,129
1,138
1,227
1,213
1, 263
1,271
1,336
1,297
1,311
1,300
1,011
989
998
1,003
991
1,015
1,009
1,056
1,044
1,045
1,077
1,069
1,081
1,090
1,057
1,082
1,147
1,115
1,145
1,146
1,153
1,161
1,178
1,200
Unadjusted
788
703
899
867
993
959
944
957
970
1,075
1, 050
1,433
925
860
995
1,090
1,128
1,173
1,109
1,123
1,123
1,198
1,172
1,650
1,000
941
1,007
938
971
943
947
919
938
988
943
962
1,023
966
1,031
1,026
996
1,020
1,015
993
1,022
1,054
1,019
1,050
Seasonally adjusted
927
872
983
914
987
964
973
988
987
1,006
1,037
1,000
1,101
1,064
1,074
1,144
1,158
1,129
1,152
1,137
1,137
1,123
1,131
1,150
950
968
971
926
950
952
941
944
951
974
1,008
962
980
992
986
1,014
1,015
994
,012
,012
,046
,051
,070
,050
i Preliminary; December by Council of Economic Advisers.
NOTE.—See also Table D-44.
Series revised beginning June 1956. For details, see Federal Reserve Bulletin, November 1959.
Data for Alaska and Hawaii included beginning January and August 1959, respectively. Therefore the
difference between extensions and repayments for January and August 1959 and for the year 1959 do not
equal the net change in credit outstanding.
Source: Board of Governors of the Federal Reserve System (except as noted).
208
TABLE D-46.—Mortgage debt outstanding, by type of property and of financing, 1939-59
[Billions of dollars]
Nonfarm properties
1- to 4-family houses
All
properties
End of period
Government underwritten
Total
Total
Total
FHA
insured
ConvenVA
tional l
guaranteed
Multifamily
and
commercial
properties 2
Farm
properties
1939
35.5
28.9
16.3
1.8
1.8
14.5
12.5
6.6
1940
1941
1942
1943
1944
36.5
37.6
36.7
35.3
34.7
30.0
31.2
30.8
29.9
29.7
17.4
18.4
18.2
17.8
17.9
2.3
3.0
3.7
4.1
4.2
2.3
3.0
3.7
4.1
4.2
15.1
15.4
14.5
13.7
13.7
12.6
12.9
12.5
12.1
11.8
6.5
6.4
6.0
5.4
4.9
35.5
41.8
48.9
56.2
62.7
30.8
36.9
43.9
50.9
57.1
18.6
23.0
28.2
33.3
37.6
4.3
6.1
9.3
12.5
15.0
4.1
3.7
3.8
5.3
6.9
0.2
2.4
5.5
7.2
8.1
14.3
16.9
18.9
20.8
22.6
12.2
13.8
15.7
17.6
19.5
4.8
4.9
5.1
5.3
5.6
72.8
82.3
91.4
101.3
113.7
66.7
75.6
84.2
93.6
105.4
45.2
51.7
58.5
66.1
75.7
18.9
22.9
25.4
28.1
32.1
8.6
9.7
10.8
12.0
12.8
10.3
13.2
14.6
16.1
19.3
26.3
28.8
33.1
38.0
43.6
21.6
23.9
25,7
27.5
29.7
6.1
6.7
7.3
7.8
8.3
129.9
144.5
156.6
171.9
191.2
120.9
134.6
146.1
160.7
178.9
88.2
99.0
107.6
117.7
131.0
38.9
43.9
47.2
50.1
54.0
14.3
15.5
16.5
19.7
23.9
24.6
28.4
30.7
30.4
30.1
49.3
55. 1
60.4
67.6
77.0
32.6
35.6
38.5
43.0
47.9
9.1
9.9
10.5
11.2
12.3
147.3
150.4
153.7
156.6
137.2
140.1
143.3
146.1
101.1
103.4
105.7
107.6
45.1
45.9
46.5
47.2
15.7
15.9
16.1
16.5
29.4
30.0
30.4
30.7
55.9
57.5
59.2
60.4
36.2
36.7
37.6
38.5
10.1
10.3
10.4
10.5
1958* First quarter
Second quarter —
Third quarter .__ _
Fourth quarter
159.1
162.8
167.1
171.9
148.5
151 9
156.1
160.7
109.1
111.5
114.5
117.7
47.7
48.3
49.1
50.1
17.1
17.7
18.6
19.7
30.6
30.6
30.5
30.4
61.4
63.2
65.4
67.6
39.3
40.4
41.5
43.0
10.6
10.9
11.1
11.2
1959: First quarter 3 3
Second quarter
Third quarter 3 3
Fourth quarter
175.9
181.4
186.6
191.2
164.4
169.5
174.5
178.9
120.5
124.4
128.0
131.0
51.3
52.1
53.1
54.0
20.9
21.8
22.9
23.9
30.4
30.3
30.2
30.1
69.2
72.3
74.9
77.0
43.9
45.2
46.5
47.9
11.5
11.8
12.1
12.3
__
.
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
-.
_
1955
1956
1957 __
1958
1959 3
1957: First quarter. _
Second quarter
Third quarter
Fourth quarter
.
1
2
Derived figures.
Includes negligible amount of farm loans held by savings and loan associations.
3 Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System, estimated and compiled from data supplied
by various Government and private organizations (except as noted).
2O9
TABLE D-47.—Net public and private debt, 1929-59 l
[Billions of dollars]
Private
End of
period 2
Corporate
Individual and noncorporate
Fed- State
and
eral
Nonfarm
Total Gov- local
governern- 2 Total
ment ment
ComShortTotal Longmerterm term Total Farm'
Mortcial
ConTotal gage
and sumer
financial *
190.9
16.5
13.2 161.2
88.9
47.3
41.6
72.3
12.2
60.1
31.2
22.4
6.4
1930
1931
1932 _
1933
1934
191.0
181.9
174.6
168.5
171.4
16.5
18.5
21.3
24.3
30.4
14.1
15.5
16.6
16.7
15.9
160.4
147.9
136.7
127.5
125.1
89.3
83.5
80.0
76.9
75.5
51.1
50.3
49.2
47.9
44.6
38.2
33.2
30.8
29.1
30.9
71.1
64.4
56.7
50.6
49.6
11.8
11.1
10.1
9.1
8.9
59.4
53.3
46.6
41.5
40.7
32.0
30.9
29.0
26.3
25.5
21.6
17.6
14.0
11.7
11.2
5.8
4.8
3.6
3.5
3.9
1935
1936
1937
1938
1939
174.7
180.3
182.0
179.6
183.2
34.4
37.7
39 2
40'.5
42.6
16.0
16.2
16.1
16.0
16.3
124.2
126.4
126.7
123.1
124.3
74.8
76.1
75.8
73.3
73.5
43.6
42.5
43.5
44.8
44.4
31.2
33.5
32.3
28.4
29.2
49.4
50.3
50.9
49.8
60.8
9.0
8.6
8.6
9.0
8.8
40.4
41.7
42.3
40.9
42.0
24.7
24.4
24.3
24.5
25.0
10.8
11.2
11.3
10.1
9.8
4.9
6.1
6.7
6.3
7.2
1940
1941 . . .
1942
1943
..
1944
189.9
211. 6
259.0
313.6
370.8
44.8
56.3
101.7
154.4
211.9
16.5
16.3
15.8
14.9
14.1
128.6
139.0
141.5
144.3
144.8
75.6
83.4
91.6
95.5
94.1
43.7
43.6
42.7
41.0
39.8
31.9
39.8
49.0
54.5
54.3
53.0
55.6
49.9
48.8
50.7
9.1
9.2
8.9
8.2
7.7
43.9
46.4
41.0
40.5
43.0
26.0
27.2
26.8
26.2
26.1
9.5
10.0
8.1
9.5
11.8
8.3
9.2
6.0
4.9
5.1
1945
1946
1947
1948
1949
406.3
397.4
417.4
433.6
448.4
252.7
229.7
223.3
216. 5
218.6
13.7
13.6
14.4
16.2
18.1
139.9 85.3
154.1 93.5
179.7 108.9
200.9 117.8
211.7 118.0
38.3
41.3
46.1
52.5
56.5
47.0
52 2
62.8
65.3
61.5
54.6
60 6
70.8
83.1
93.7
7.2
7.6
8.6
10.8
11.9
47.4
53 0
62.2
72.3
81.8
27.0
32 5
38.7
45.1
50.6
14.8
12.1
11.9
12.9
13.9
5.7
8.4
11.6
14.4
17.3
1950
1951
1952
1953
1954
490.3
524.0
555.2
586.4
611.8
218.7
218.5
222.9
228.1
230.2
20.7
23.3
25.8
28.6
33.4
250.9
282.2
306.5
329.7
348.2
142.1
162.5
171.0
179.5
182. 8
60.1
66.6
73.3
78.3
82.9
81.9
95.9
97.7
101.2
100.0
108.8
119.7
135.5
150.2
165.4
12.2
13.6
15.1
16.9
17.6
96.6
106.1
120.3
133.3
147.8
59.4
67.4
75.2
83.8
94.7
15.8
16.1
17.8
18.4
20.8
21.4
22.6
27.4
31.2
32.3
1955
1956
1957
1958
19598
672.2
707.2
736.0
770.2
827.6
231.5
225.4
224.4
232.7
243.0
38.4
42.7
46.7
50.9
55.6
402.3
439.1
464.9
486.6
529.0
212.1
231.7
243.9
246.9
263.5
90.0
100.1
111.5
119.5
125.5
122.2
131.7
132.3
127.5
138.0
190.2
207.3
221.0
239.7
265.5
18.8
19.5
20.3
23.3
24.5
171. 4
187.8
200.8
216.5
241.0
108.8
121.2
131.6
144.4
160.5
24.0
24.4
24.4
27.0
29.0
38.7
42.1
44.8
45.1
51.5
1929
1 Net public and private debt outstanding is a comprehensive aggregate of the indebtedness of borrowers
after elimination of certain types of duplicating governmental and corporate debt. For a further explanation of the concept, see Survey of Current Business, October 1950.
2 Data for State and local government debt are for June 30.
3 Farm mortgages and farm production loans. Farmers' financial and consumer debt is included in the
nonfarm categories.
* Financial debt is debt owed to banks for purchasing or carrying securities, customers' debt to brokers,
and debt owed to life insurance companies by policyholders.
« Preliminary estimates by Council of Economic Advisers.
NOTE.—Revisions beginning 1947 in the consumer credit data of the Board of Governors of the Federal
Reserve System have not yet been incorporated into this series.
Detail will not necessarily add to totals because of rounding.
Sources: Department of Agriculture, Department of Commerce, Treasury Department, Board of Governors of the Federal Reserve System, Federal Savings and Loan Insurance Corporation, and Interstate
Commerce Commission (except as noted).
210
GOVERNMENT FINANCE
TABLE D-48.—U. S. Government debt, by kind of obligation, 1929-59
[Billions of dollars]
Interest -bearing public debt
Gross
Marketable public
public
Nonmarketable public issues
issues
debt and
guaranteed
Treasury InvestShort- Treasury United
issues i
States
tax and
term 2
ment 3
bonds
savings
savings bonds
issues
bonds
notes
End of period
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
...
1944
1945
1946
1947
1948
1949
1950
1951
1952
.
1953
1954
1955
1956
- -- 1957
1958
1959
1958: January
February
March
April
May
June
July
August
September
October
November
December
1959: January
February
March
April
May
June
July
August
September __.
October
November
December
_.
.--
_
16.3
16.0
17.8
20.8
24.0
31.5
35.1
39.1
41.9
44.4
47.6
50.9
64.3
112.5
170.1
232.1
278.7
259.5
257.0
252.9
257.2
256.7
259.5
267.4
275.2
278.8
280.8
276.7
275.0
283.0
290.9
274.7
274.8
272.7
275.2
275.7
276.4
275.6
278.6
276.8
280.3
283.2
283.0
285.9
285. 2
282.2
285. 5
286.4
284.8
288.8
290.5
288.4
291.4
290.7
290.9
3.3
2.9
2.8
5.9
7.5
11.1
14.2
12.5
12.5
9.8
7.7
7.5
8.0
27.0
47.1
69.9
78.2
57.1
47.7
45.9
50.2
58.3
65.6
68.7
77.3
76.0
81.3
79.5
82.1
92.2
103.5
82.5
78.1
75.2
78.3
78.3
75.7
75.8
81.6
81.9
86.4
89.6
92.2
95.6
95.1
92.1
95.8
96.1
93.2
98.2
99.6
98.2
102.6
102.1
103.5
11.3
11.3
13.5
13.4
14.7
15.4
14.3
19.5
20.5
24.0
26.9
28.0
33.4
49.3
67.9
91.6
120.4
119.3
117.9
111.4
104.8
94.0
76.9
79.8
77.2
81.8
81.9
80.8
82.1
83.4
84.8
82.1
86.3
87.7
87.7
87.6
90.9
90.5
87.6
85.7
85.7
85.7
83.4
84.1
84.2
84.2
84.8
84.8
84.8
84.8
84.8
84.8
84.8
84.8
84.8
0.2
.5
1.0
1.4
2.2
3.2
6.1
15.0
27.4
40.4
48.2
49.8
52.1
55.1
56.7
58.0
57.6
57.9
57.7
57.7
57.9
56.3
52.5
51.2
48.2
52.3
52.3
52.3
52.2
52.1
52.0
51.9
51.9
51.8
51.7
51.7
51.2
51.0
51.0
51.0
50.8
50.7
50.5
50.2
50.0
49.7
49.4
49.3
48.2
2.5
6.4
8.6
9.8
8.2
5.7
5.4
4.6
7.6
8.6
7.5
5.8
6.0
4.5
(5)
8
%CO
CO
(•)
CO6
()
CO
(68)
(6)
()
CO
CO
CO
CO
CO
CO
(«)
CO
CO
CO
CO
CO
CO
CO
CO
1.0
1.0
1.0
1.0
13.0
13.4
12.9
12.7
12.3
11.6
10.3
9.0
7.6
10.2
10.1
9.8
9.7
9.7
9.6
9.5
9.3
9.2
9.1
9.1
9.0
8.9
8.8
8.7
8.5
8.4
8.4
8.3
8.3
8.1
7.8
7.7
7.6
Special
issues *
0.6
.8
.4
.4
.4
.6
.7
.6
2.2
3.2
4.2
5.4
7.0
9.0
12.7
16.3
20.0
24.6
29.0
31.7
33.9
33.7
35.9
39.2
41.2
42.6
43.9
45.6
45.8
44.8
43.5
45.5
46.0
45.8
45.4
46.1
46.2
45.9
46.3
46.0
45.4
45.1
44.8
43.9
43.9
43.9
43.3
44.2
44.8
44.1
44.7
44.4
43.6
43.6
43.5
1 Total includes non-interest-bearing debt, fully guaranteed securities (except those held by the Treasury), Postal Savings bonds, prewar bonds, adjusted service bonds, depositary bonds, and armed forces
leave bonds, not shown separately. Not all of total shown is subject to statutory debt limitation.
2 Bills, certificates of indebtedness, and notes.
* Series A bonds and, beginning April 1951, Series B convertible bonds.
* Issued to U. S. Government investment accounts. These accounts also held $10.1 billion of public
marketable and nonmarketable issues on December 31,1959.
« Less than $50 million.
* The last series of Treasury savings notes matured in April 1956.
Source: Treasury Department.
211
TABLE D—49.—Estimated ownership of Federal obligations, 1939—59
[Par values,i billions of dollars]
Gross public debt and guaranteed issues 2
End of period
1939
1940
1941
1942
1943
1944
1945
- -. .
1946
1947
1948
1949
1950
1951
..
1952
1953
1954
1955
19f6
1957
1958
1959
1958: January
February
March
April
May
June
July
August
September
October
November
December
1959: January
February
March
April
May
-_June
July
August
September
October
November8 8 ___
December . . _
Held by others
Held
by U.S.
GovMutual
ernsavings
State
Total ment
MiscelComFederal
banks Other
and
invest- Total Reserve mercial and
laneous
inlocal Individcorpora6
3
ment
uals
invesbanks banks surance tions * govern-8
actors?
comments
counts
panies
47.6
50.9
64.3
112.5
170.1
232.1
278.7
259. 5
257. 0
252.9
257.2
256. 7
259.5
267.4
275. 2
278.8
280.8
276.7
275.0
283.0
290.9
274.7
274.8
272.7
275. 2
275. 7
276.4
275.6
278.6
276.8
280.3
283.2
283.0
285.9
285.2
282.2
285.5
286.4
284.8
288.8
290.5
288.4
291.4
290.7
290.9
6.5
7.6
9.5
12.2
16.9
21.7
27.0
30.9
34.4
37.3
39.4
39.2
42.3
45.9
48.3
49.6
51.7
54.0
55.2
54.4
53.7
55.1
55.4
55.4
55.2
55.8
55.9
55.6
56.0
55.6
55.1
54.8
54.4
53.5
53.6
53.7
53.1
54.2
54.6
54.1
54.6
54.2
53.6
53.8
53.7
41.1
43.3
54.7
100.2
153.2
210.5
251.6
228.6
222.6
215.5
217.8
217. 5
217.2
221.6
226.9
229.2
229.1
222.7
219.8
228.6
237.3
219.6
219.4
217.4
220.0
220.0
220.5
220.0
222.6
221.2
225.3
228.4
228.6
232.4
231.6
228.4
232.4
232.2
230.2
234.7
235.9
234.2
237.8
236.9
237.3
2.5
2.2
2.3
6.2
11.5
18.8
24.3
23.3
22.6
23.3
18.9
20.8
23.8
24.7
25.9
24.9
24.8
24.9
24.2
26.3
26.6
23.3
23.2
23.6
23.7
24.2
25.4
24.5
25.3
25.0
25.4
26.2
26.3
25.7
25.3
25.5
25.7
25.9
26.0
26.5
26.7
26.6
26.6
26.9
26.6
15.9
17.3
21.4
41.1
59.9
77.7
90.8
74.5
68.7
62.5
66.8
61.8
61.6
63.4
63.7
69.2
62.0
69.5
59.5
67.5
59.3
59.0
59.9
59.9
63.7
64.0
65.3
65.3
66.8
65.8
67.0
68.0
67.5
68.2
66.3
63.2
64.7
63.2
61.3
61.8
60.8
60.0
60.4
59.0
59.3
9.4
10.1
11.9
15.8
21.2
28.0
34.7
36.7
35.9
32.7
31.5
29.6
26.3
25.5
25.1
24.1
23.1
21.3
20.2
19.9
19.3
20.2
20.1
20.0
19.9
19.7
19.7
19.8
20.0
20.0
20.0
20.1
19.9
20.3
20.1
20.0
20.0
20.0
19.9
19.9
20.0
19.9
19.6
19.4
19.3
2.2
2.0
4.0
10.1
16.4
21.4
22.2
15.3
14.1
14.8
16.8
19.7
20.7
19.9
21.5
19.2
23.5
19.1
17.2
18.2
23.4
18.0
17.8
16.0
15.2
15.3
13.9
14.5
15.3
15.0
16.8
18.0
18.2
19.8
20.2
19.5
20.9
21.4
20.0
21.8
22.8
21.3
22.9
23.2
23.4
0.4
.5
.7
1.0
2.1
4.3
6.5
6.3
7.3
7.9
8.1
8.8
9.6
11.1
12.7
14.4
15.1
16.1
17.0
16.7
17.5
17.3
17.3
17.3
17.1
17.0
16.9
16.9
16.8
16.7
16.8
16.7
16.7
17.0
16.9
16.8
16.9
16.8
16.7
17.0
17.2
17.3
17.4
17.4
17.5
10.1
10.6
13.6
23.7
37.6
53.3
64.1
64.2
65.7
65.5
66.3
66.3
64.6
65.2
64.8
63.4
65. 0
65.7
65.1
63.5
69.2
65.4
65.2
65.2
64.7
64.5
64.2
63.9
63.5
63.4
63.5
63.4
63.5
64.6
65.3
66.2
66.5
66.7
66.8
67.2
67.7
68.3
69.1
69.1
69.2
0.7
.7
.9
2.3
4.4
7.0
9.1
8.1
8.4
8.9
9.4
10.5
10.6
11.7
13.2
13.9
15.6
16.1
16.5
16.5
21.9
16.2
15.9
15.4
15.7
15.4
15.2
15.0
14.9
15.3
15.8
16.0
16.5
16.7
17.3
17.2
17.8
18.2
19.4
20.4
20.6
21.0
21.7
21.9
21.9
12 United States savings bonds, series A-F and J, are included at current redemption value.
Excludes guaranteed securities held by the Treasury. Not all of total shown is subject to statutory
debt
limitation.
3
Includes commercial banks, trust companies, and stock savings banks in the United States and
Territories and possessions; figures exclude securities held in trust departments. Since the estimates in this
table are on the basis of par values and include holdings of banks in United States Territories and possessions,
they do not agree with the estimates in Table D-41, which are based on book values and relate only to banks
within
the United States.
4
Exclusive of banks and insurance companies.
«Includes trust, sinking, and investment funds of State and local governments and their agencies, and
of Territories and possessions.
«Includes
partnerships and personal trust accounts.
7
Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers
and brokers, and investments of foreign balances and international accounts in this country. Beginning
with December 1946, the foreign accounts include investments by the International Bank for Reconstruction and Development and the International Monetary Fund in special non-interest-bearing notes issued
by8 the U.S. Government. Beginning with June 30, 1947, includes holdings of Federal land banks.
Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Treasury Department (except as noted).
212
TABLE D-50.—Average length and maturity distribution of marketable interest-bearing
public debt, 1952-59
Maturity classes
End of period
Amount
outstanding Within
1 year
Ito5
years
years Average length
5 to 10 10 to 20 20and
years
years
over
Millions of dollars
Fiscal year:
1952
1953
1954
1955
1956
- -
1957
1958
1959
..
_
1958' January
February
March
April
May
June
_
_
_ _ _
July
August
September
October
November
December
1959* January
February
March
April
May
June
_
July
August
September
October
November
December
Years Months
140, 407
147, 335
150, 354
155, 206
154, 953
46, 367
65, 270
62, 734
49, 703
58, 714
47, 814
36, 161
29, 866
39, 107
34, 401
13, 933
15, 651
27, 515
34, 253
28,908
25, 700
28, 662
28, 634
28, 613
28, 578
6,594
1,592
1,606
3,530
4,351
5
5
5
5
5
8
4
6
10
4
155, 705
166, 675
178, 027
71, 952
67, 782
72, 958
40, 669
42, 557
58, 304
12, 328
21, 476
17, 052
26, 407
27, 652
21, 625
4,349
7,208
8,088
4
5
4
9
3
7
164,
164,
162,
165,
165,
166,
627
483
898
974
988
675
75, 690
74, 979
72, 624
71, 729
75, 538
67, 782
48, 037
43,047
42, 322
46, 299
42, 514
42, 557
8,868
12, 709
14, 206
14, 206
14, 206
21, 476
27,684
27, 678
27, 672
27, 665
27, 658
27, 652
4,347
6,069
6,074
6,074
6,073
7,208
4
4
5
4
4
5
6
11
0
11
10
3
166, 391
169, 233
167, 728
172, 153
175, 364
175, 586
67, 797
70, 477
68, 896
72, 117
76, 506
72, 616
42, 639
49, 559
49, 643
50, 854
48, 195
53, 803
21, 101
14, 347
14, 347
14, 347
15, 832
17, 167
27, 647
27,642
27, 633
27, 627
27, 623
24, 793
7,208
7,208
7,207
7,207
7,207
7,206
5
5
5
4
4
4
2
1
1
11
9
9
179, 816
179, 308
176, 293
180, 709
180, 993
178, 027
73, 210
71, 191
68,025
70, 115
75, 954
72,958
56,650
61, 986
62, 117
63, 811
58,265
58,304
17, 167
13, 312
13, 312
13, 311
13, 311
17, 052
24, 786
24, 779
24, 771
25, 383
25, 375
21, 625
8,004
8,039
8,068
8,089
8,088
8,088
4
4
4
4
4
4
8
9
9
8
7
7
183, 057
184, 463
183, 057
187, 433
186, 957
188, 269
77, 970
75, 158
73, 656
75, 836
77, 947
79, 941
58,331
62, 556
62, 660
64,864
62, 284
61, 609
17, 052
17, 051
17, 051
18, 326
18, 325
22, 139
21, 617
21,611
21,604
20, 321
20, 316
16, 494
8,088
8,087
8,087
8,086
8,085
8,085
4
4
4
4
4
4
5
6
5
4
4
4
NOTE.—All issues classified to final maturity except partially tax-exempt bonds, which are classified
to earliest call date.
Source: Treasury Department.
213
TABLE D-51.—Federal budget receipts and expenditures and the public debt, 1929—61
[Millions of dollars]
Period
Net budget Budget ex- Surplus or
receipts * penditures deficit (-)
Public debt
at end 2of
year
Fiscal year:
1929
3,861
3,127
734
16, 931
1930
1931
1932
1933
1934
4,058
3 116
1,924
2 021
3 064
3,320
3 577
4,659
4 623
6,694
738
—462
—2, 735
—2 602
—3,630
16, 185
16 801
19, 487
22 539
27, 053
3,730
4 069
4 979
5,615
4 996
6,521
8 493
7,756
6,792
8 858
-2, 791
—4 425
—2, 777
-1, 177
—3, 862
28, 701
33 779
36, 425
37, 165
40, 440
5 144
7,103
12 555
21, 987
43,635
9,062
13, 262
34 046
79, 407
95, 059
—3, 918
-6, 159
—21, 490
-57, 420
-51, 423
42,968
48, 961
72, 422
136, 696
201, 003
98, 416
60,448
39 032
33, 069
39,507
—53, 941
-20, 676
_
44 475
39, 771
39 786
41 488
37, 696
8,419
-1,811
258, 682
269, 422
258, 286
252, 292
252, 770
. ___
36, 495
47, 568
61, 391
64,825
64, 655
39, 617
44, 058
65, 408
74, 274
67, 772
-3, 122
3,510
-4, 017
-9, 449
-3, 117
257, 357
255, 222
259, 105
266, 071
271, 260
60,390
68, 165
71,029
69 117
68, 270
64, 570
66, 540
69, 433
71, 936
80, 697
-4, 180
1,626
1,596
-2, 819
-12,427
274, 374
272, 751
270, 527
276, 343
284, 706
78, 600
84, 000
78,383
79, 816
217
4,184
284, 500
280, 000
38 568
40, 389
40, 864
37, 514
41, 080
37, 955
35, 623
41, 106
—2, 512
2,434
5,241
-3, 592
259, 149
256, 900
252, 800
257, 130
37, 306
52, 979
64, 840
63,841
61,171
37, 728
56, 337
70,682
72, 997
64,854
-422
-3, 358
-5, 842
-9, 157
-3, 683
256, 708
259, 419
267, 391
275, 168
278, 750
63,358
70, 994
72, 284
68,694
< 73, 282
66,129
67, 216
71, 692
75,
782
4
80, 322
-2, 771
3,779
280, 769
276, 628
274, 898
282, 922
290, 798
1935
1936
1937
1938
1939
-
_
1940
1941
1942
1943
1944
_
1945
1946
1947
1948
1949
1950
1951..
1952
1953
1954
.
.
_
_ -
- .
_
-_
1955..
1956
1957
1958
1959
_
.-.
.
1960 3
19613.
...
_
Calendar year:
1946
1947 .
1948
1949
1950
1951
1952 .
1953
1954
1955
1956
1957...
1958
1959
.
.
-
_.
__.
._
.-
754
592
-7, 088
* 7, 040
1
Gross receipts less refunds of receipts and transfers of tax receipts to the old-age and survivors
insurance trust fund, the disability insurance trust fund, the railroad retirement account, and the highway
trust
fund.
2
Excludes guaranteed obligations; therefore, differs from total shown in Tables D-48 and D-49. The
change in the public debt from year to year reflects not only the budget surplus or deficit but also change?
in the Treasury's cash balances, the effect of certain trust fund transactions, and direct borrowing from the
public by certain Government enterprises.
34 Estimate.
Preliminary; subject to minor changes.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget (except as noted).
214
TABLE D-52 —Federal budget receipts by source and expenditures by Junction, fiscal years 1946-61
[Millions of dollars]
Budget expenditures by function
Budget receipts by source
Fiscal
year
Veter- Agri<->nl
culans'
All
All
Indi- CorpoMajor servture
ration
other
vidual
Excise
naand Inter- other
Total income income taxes
Total tional ices agrireest expendceipts i
itures 2
taxes taxes
security bene- cultural refits sources
1946
1947
1948
1949
39, 771
39, 786
41, 488
37, 696
16, 157
17,835
19, 305
15, 548
11,833
8,569
9,678
11, 195
6,999
7,207
7,356
7, 502
4,782
6,175
5,150
3,451
60, 448
39, 032
33, 069
39, 507
1950
1951
1952
1953
1954
36, 495
47, 568
61, 391
64, 825
64, 655
15, 745
21, 643
27, 913
30, 108
29, 542
10, 448
14, 106
21, 225
21, 238
21, 101
7,549
8,648
8,851
9,868
9,945
2,752
3,171
3,402
3,610
4,067
39,617 13,009 6,646
44, 058 22, 444 5,342
65, 408 43, 976 4,863
74, 274 50, 363 4,298
67, 772 46,904 4,256
1955
1956
1957
1958
1959
60, 390
68, 165
71, 029
69, 117
68, 270
28, 747
32, 188
35, 620
34, 724
36, 719
17, 861
20, 880
21, 167
20, 074
17, 309
9,131
9,929
9, 055
8,612
8,504
4,650
5,169
5,187
5,708
5,739
64, 570
66, 540
69, 433
71, 936
80, 697
1960 3. _. 78,600
19613... 84,000
40, 306
43, 706
22, 200
23, 500
9,100
9,523
6,994
7,271
78, 383 45, 650
79, 816 45, 568
43, 176
14, 368
11, 771
12, 908
40, 626
40, 641
43, 270
44, 142
46, 426
4,415
7,381
6,653
6,725
747
1,243
575
2,512
4,816
5,012
5,248
5, 445
2.783 5,817
650 5,714
1,045 5,934
2,936 6,583
2,557 6,470
Budget
surplus
or deficit (-)
7,294 -20, 676
754
11, 026
8,821
8,419
-1,811
11,917
11, 361
9,907
9,590
10, 094
7,584
-3, 122
3,510
-4, 017
-9, 449
-3, 117
4,457 4,388
4,756 4,867
4,793 4,525
5,026 4,389
5,174 6,529
6,438
6,846
7,308
7,689
7,671
8,662 —4, 180
1,626
9,429
1,596
9, 537
10, 689 -2,819
-12,427
14, 897
5,157
5,471
9,385
9,585
13, 078
13, 569
5,113
5,623
217
4,184
1
Includes employment taxes, estate and gift taxes, customs revenues, and miscellaneous receipts.
2 Includes expenditures for international affairs and finance (including defense support under the mutual
security program), labor and welfare, natural resources, commerce and housing, and general government;
also includes adjustment to daily Treasury statement (for actuals) and allowance for contingencies (for
estimates).
3 Estimate.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
533287 O—60
15
215
TABLE D-53.—Government cash receipts from and payments to the public, 1946-67
[Billions of dollars]
Federal 1
Total
Period
Cash
receipts
Calendar year:
1946
Excess
of receipts Cash
or of
repayments pay- ceipts
ments
(-)
Cash
State and local *
Excess
of receipts Cash
payor of
rements pay- ceipts
ments
(-)
Cash
Excess
of receipts
payor of
ments payments
(-)
Cash
1947
1948
1949 .
52.9
57.4
60.0
57.9
50.9
50.7
51.8
59.8
2.0
6.7
8.2
-1.8
41.4
44.3
44.9
41.3
41.4
38.6
36.9
42.6
(3)
5.7
8.0
-1.3
11.4
13.1
15.1
16.6
9.5
12.1
14.9
17.1
1.9
1.0
.2
-.5
1950—
1951
1952
1953. .._
1954
60.4
79.1
92.6
93.9
93.3
61.1
78.3
94.2
99.7
95.3
-.6
.9
-1.6
-5.9
-2.0
42.4
59.3
70.9
70.6
68.6
42.0
58.0
72.6
76.8
69.7
.5
1.2
-1.7
-6.1
-1.1
18.0
19.9
21.7
23.2
24.7
19.1
20.2
21.6
23.0
25.6
-1.1
-.4
.1
.3
-.9
98.4
110.2
116.8
115.7
124.3
100.2
105.2
116.5
124.5
133.4
-1.8
5.0
.2
-8.8
-9.1
71.4
80.3
84.5
81.7
87.6
72.2
74.8
83.3
89.0
95.6
-.7
5.5
1.2
-7.3
-8.0
26.9
29.9
32.3
33.9
36.7
28.0
30.4
33.2
35.5
37.8
-1.1
-.5
-.9
Fiscal year:
1946
1947
19481949
54.2
55.6
59.6
57.6
70.2
47.5
50.2
56.3
-16.0
8.1
9.4
1.3
43.5
43.5
45.4
41.6
61.7
36.9
36.5
40.6
-18.2
6.6
8.9
1.0
10.7
12.1
14.2
16.0
8.5
10.6
13.7
15.7
2.2
1.5
.5
.3
1950
1951
1952
1953
1954
58.2
72.5
88.7
93.9
95.6
61.5
65.2
88.9
99.1
96.1
-3.3
7.3
-.2
-5.2
-.4
40.9
53.4
68.0
71.5
71.6
43.1
45.8
68.0
76.8
71.9
-2.2
7.6
(3)
-5.3
-.2
17.3
19.1
20.7
22.4
24.0
18.4
19.4
20.9
22.3
24.2
-1.1
-.3
-.2
.1
-.2
93.5
105.8
113.3
114.9
116.8
97.5
101.6
111.8
117.9
131.2
-4.0
4.2
1.5
-3.0
-14.4
67.8
77.1
82.1
81.9
81.7
70.5
72.6
80.0
83.4
94.8
-2.7
4.5
2.1
-1.5
-13.1
25.7
28.7
31.2
33.0
35.1
27.0
29.0
31.8
34.5
36.4
-1.3
-.3
-.6
-1.5
-1.3
94.8
102.2
95.3
96.3
-.5
5.9
1955
1956 ..
1957
1958
1959 «_
.
1955
1956
1957
1958
1959
-. _
.
..
1960 8•
1961
r-1.5
-1.1
i For derivation of Federal cash receipts and payments, see Budget of the United States Government for the
Fiscal Year ending June SO, 1961, and Table D-55.
i Estimated by Council of Economic Advisers from receipts and expenditures in the national income
accounts. Cash receipts consist of personal tax and nontax receipts, indirect business tax and nontax
accruals, and corporate tax accruals adjusted to a collection basis. Cash payments are total expenditures
less Federal grants-in-aid and less contributions for social insurance. (Federal grants-in-aid are therefore
excluded from State and local receipts and payments and included only in Federal payments.) See
Table D-54.
» Less than $50 million.
< Preliminary.
»Estimate.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department, Bureau of the Budget, Department of Commerce, and Council of Economic Advisers.
2l6
TABLE D-54.—Government receipts and expenditures as shown in the national income accounts,
1954-59
[Calendar years, billions of dollars]
1957
Receipts or expenditures
1954
1955
1956
1957
1958
1959 »
First
half
1958
Second
half
First
half
1959
Second
half
SecFirst ond
half half 1
Seasonally adjusted annual rates
Total government
Receipts
Expenditures
Excess of receipts or of
expenditures (— )
90.0 101.4 109.5 116.4
96.7 98.6 104.3 115.0
114.9 2128.8 116.5 116.4
125.6 131.9 113.9 116.3
-6.7
2.9
5.2
63.8
Receipts
Personal tax and non29.2
tax receipts
Corporate profits taxaccruals.
- _ _ 16.5
Indirect business tax
and nontax accruals. 10.1
Contributions for social insurance
8.1
E xpenditures
69.6
Purchases of goods
and services
47.5
Transfer payments — 13.0
To persons
11.6
Foreign (net)
1.4
Qrants-in-aid to State
and local governments
_
2.9
Net interest paid
6.0
Subsidies less current
surplus of Govern1.2
ment enterprises
Excess of receipts or of
expenditures ( — )_
-5.8
72.8
77.5
81.9
78.4
31.5
35.2
37.4
36.7
20.9
20.2
11.0
Federal Government
1.4 -10.7
2
-3.2
2.6
111.4 118.4 128.1 ( 3 )
122.6 128.9 131.0 132.8
.0 -11.1 -10.5 -2.8
(3)
4
State and local governments
Receipts
Personal tax and nontax receipts
Corporate profits tax
accruals
Indirect business tax
and nontax accruals .
Contributions for social insurance
Federal grants-in-aid.
Expenditures
Purchases of goods and
services
Transfer payments
Net interest paid
Less: Current surplus
of government enterprises
Excess of receipts or of
expenditures (— )
2
89.0
82.5
81.3
75.6
81.1
88.9
(3)
39.2
37.2
37.5
36.2
37.2
38.9
39.6
20.1
17.3 222.3
20.8
19.3
15.3
19.3
23.0
(3)
11.6
12.2
11.9
12.6
12.3
12.1
11.9
11.9
12.3
12.8
9.3
68.9
10.6
71.8
12.2
79.5
12.5
87.4
14.9
91.0
12.2
79.0
12.3
80.1
12.3
85.1
12.7
90.1
14.8
90.7
15.0
91.4
45.3
14.0
12.5
1.5
45.7
14.9
13.5
1.5
49.4
17.4
15.9
15
52.2
21.2
19.9
1.3
53.6 49.4 49.4 50.7 53.6 53.9 53.3
21.8 16.9 17.9 20.6 22.0 21.5 22.2
20.3 15.3 16.6 19.3 20.7 20.0 20.7
1 5 1.6 1.3 1.3 1.4 1 5 1 6
3.0
4.9
3.3
5.2
4.1
5.6
5.4
6.5
1.6
2.7
3.0
3.1
6.6
6.1
4.0
5.6
4.2
5.7
5.1
5.6
5.8
5.5
6.6
5.8
3.0
3.1
2.9
3.1
3.2
3.0
2
6.6
6.4
2.9
2.4 -9.1 -2.0
3.5
41.9 246.4
38.0
39.3
40.9
43.0
45.8
5.8
6.3
5.3
5.5
5.7
5.9
6.2
1.0
.9
21.1
1.0
1.0
.8
1.0
1.2
24.1
25.9
27.2
29.4
25.4
26.3
26.7
27.6
28.9
29.9
2.0
3.3
35.7
2.3
4.1
39.6
2.7
5.4
43.5
3.0
6.6
47.4
2.2
4.0
38.8
2.4
4.2
40.5
2.6
5.1
42.5
2.8
5.8
44.6
3.0
6.6
46.9
3.1
6.6
48.0
30.3
3.5
33.2
3.7
36.8
4.1
.6
40.5
4.5
.6
44.3 36.2
4.8 4.C
.7
37.6
4.2
.6
39.5
4.5
.6
41.5
4.6
.6
43.7
4.8
44.9
4.7
.7
1.6
1.7
1.9
2.1
1.9
2.0
2.1
2.2
2.3
3.8
5.7
29.1
31.7
35.2
38.7
3.8
4.2
4.8
5.4
.8
1.0
1.0
20.1
21.8
1.6
2.9
30.1
1.7
3.0
32.7
27.7
3.4
.4
1.4
-.9 -1.0
-.5 -1.0
-1.6
2.3
2-1.0
1.8
1.2 -9.4 -8.9 -1.8
-.9 -1.2 -1.7 -1.6
-1.0
3
()
(3)
6.4
(3)
(3)
1
2
Preliminary estimates by Council of Economic Advisers.
Approximation for the year as a whole. See also footnote 4, Table D-57.
Not available.
These accounts, like the cash budget, include the transactions of the trust accounts. Unlike both the
conventional budget and the eash statement, they exclude certain capital and lending transactions. In
general, they do not use the cash basis for transactions with business. Instead, corporate profits taxes are
included in receipts on an accrual instead of a cash basis; expenditures are timed with the delivery instead
of the payment for goods and services; and CCC guaranteed price-support crop loans financed by banks are
counted as expenditures when the loans are made, not when CCC redeems them.
3
4
NOTE.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures and
State and local receipts and expenditures. Total government receipts and expenditures have been adjusted
to eliminate this duplication.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
217
TABLE D-55.—Reconciliation of Federal Government receipts and expenditures in the conventional
budget and the consolidated cash statement with receipts and expenditures in the national income
accounts, fiscal years 1957—59
[Billions of dollars]
Fiscal years
Receipts or expenditures
1957
1958
1959
RECEIPTS
Budget receipts
Less: Intragovernmental transactions _ .
Receipts from exercise of monetary authority
Plus* Trust fund receipts
Equals: Federal receipts from the public (consolidated cash receipts)
Less: Adjustment for agency coverage:
District of Columbia revenues
_
Plus: Adjustments for netting and consolidation:
Federal Government contributions to:
Employee retirement funds
Veterans' life insurance funds
Federal Government employee contributions to employee
retirement funds
Interest, dividends, and other earnings
Adjustments for timing:
Excess of taxes included in national income accounts over
cash collections:
Personal
Corporate profits
Other
.
M iscellaneous
Less: Adjustments for capital transactions:
Realization upon loans and investments
Proceeds from sale of Government property
Recoveries and refunds
Equals: Receipts—national income accounts
71.0
3.2
.0
14.4
82.1
69.1
3.5
.1
16.3
81.9
68.3
3.6
.0
17.1
81.7
.2
.2
.2
.5
.0
.7
.0
.8
.0
.7
-.6
.7
-.9
.8
-.8
-.3
-.8
.2
.4
.3
-3.1
-.1
-.3
-.3
3.6
-.2
.4
.3
.4
.4
80.9
.3
.3
.5
77.9
.6
.3
.4
84.4
69.4
3.2
-.8
13.0
.0
80.0
71.9
3.5
.5
16.1
-.6
83.4
80.7
3.6
2.1
18.6
1.3
94.8
.2
.2
.3
.5
.0
.7
.0
.8
.0
.7
-.4
.7
-.6
.8
-.8
EXPENDITURES
Budget expenditures
_ _ - Less' Intragovernmental transactions
Accrued interest and other noncash expenditures (net)
Plus* Trust fund expenditures
Government-sponsored enterprise expenditures (net)
Equals: Federal payments to the public (consolidated cash expenditures) _ .
Less: Adjustment for agency coverage:
District of Columbia expenditures
Plus: Adjustments for netting and consolidation:
Federal Government contributions to:
Employee retirement funds
Veterans' life insurance funds
Federal Government employee contributions to employee
retirement funds
Interest received and proceeds of Government sales
Adjustments for timing:
Accrued interest on savings bonds and Treasury bills
Commodity Credit Corporation guaranteed non-recourse
loans (net change)
Increase in clearing account
Miscellaneous
Less: Adjustments for capital transactions:
Loans and other adjustments:
Federal National Mortgage Association secondary market
operations
Other
..
Purchase of land and existing assets
Trusts and deposit fund expenditures
Redemption of International Monetary Fund notes
E quals • E xpenditures —national income accounts
.6
.3
.9
-.2
-.8
-1.1
.1
.6
-.9
-.2
-.1
-.4
1.0
.4
.1
.6
.7
76.5
.1
1.1
.1
-.2
.4
82.4
.1
5.1
.1
1.6
-1.4
89.9
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department, Bureau of the Budget, and Department of Commerce.
2l8
TABLE D—56.—State and local government revenues and expenditures, selected fiscal years•, 7927-58
[Millions of doUars]
Revenues by source 3
Fiscal year!
Expenditures by function 2
ReveSales
nue
Corpo- from
and
IndiAll
Prop- gross vidual ration Fed- other
Total erty
net
reincome
eral
revetaxes ceipts taxes income Gov- nue 3
taxes erntaxes
ment
EduTotal cation
High- Public
All 4
wel- other
ways
fare
7,271
4,730
470
70
92
116
1,793
7,210
2,235
1,809
151
3,015
1932
1934
1936
1938
7,267
7,713
8,504
9,228
4,487
4,076
4,093
4,440
752
1,008
1,484
1,794
74
80
153
218
79
49
113
165
232
1,051
1,057
800
1,643
1,449
1,604
1,811
7,765
7,181
7,644
8,757
2,311
1,831
2,177
2,491
,741
,509
,425
,650
444
889
827
1,069
3,269
2,952
3,215
3,547
1940
1942
1944
1946
1948
9,609
10, 418
10, 908
12, 357
17, 251
4,430
4,537
4,604
4,986
6,126
1,982
2,351
2,289
2,986
4,442
224
276
342
422
543
156
272
451
447
592
945
858
954
855
1,861
1,872 9,229
2,123 9,190
2,269 8,863
2,661 11, 028
3,685 17, 684
2,638
2,586
2,793
3,356
5,379
,573
,490
,200
,672
3, 036
1,156
1,225
1,133
1,409
2,099
3,862
3,889
3,737
4,591
7,170
1950
1952
1953
1954..
20, 911
25, 181
27, 307
29, 013
7,349
8,652
9,375
9,967
5, 154
6,357
6,927
7,276
788
998
,065
,127
593
846
817
778
2,486
2,566
2,870
2,966
4,541
5,763
6,252
6,897
22, 787 7,177
26, 098 8,318
27, 910 9,390
30, 701 10, 557
3,803
4,650
4,987
5,527
2,940 8,867
2,788 10, 340
2,914 10, 619
3,060 11,556
1955
1956
1957
1958
31, 073
34, 667
38, 164
41, 219
10, 735
11, 749
12,864
14, 047
7,643
8,691
9,467
9,829
,237
,538
,754
,759
744
890
984
1,018
6,452
6,953
7,816
8,567
3,168
3,139
3,404
3,729
1927
-_-
3,131 7,584 33, 724
3,335 8,465 36, 711
3,843 9,250 40, 375
4,865 9,699 44, 851
11,907
13, 220
14, 134
15, 919
12, 196
13, 397
15, 020
16, 635
1 Fiscal years not the same for all governments.
2
Excludes revenues or expenditures of publicly owned utilities and liquor stores, and of insurance-trust
activities. Intergovernmental receipts and payments between governments hi these categories are also
excluded.
34 Includes licenses and other taxes and charges and miscellaneous revenues.
Includes expenditures for health, hospitals, police, local fire protection, natural resources, sanitation,
housing and community redevelopment, local recreation, general control, interest on general debt, and
other and unallocable expenditures.
NOTE.—Data are not available for intervening years.
See Table D-47 for net debt of State and local governments.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (Bureau of the Census^.
CORPORATE PROFITS AND FINANCE
TABLE D-57.—Profits before and after taxes, all private corporations. 1929-59
[Billions of dollars]
Period
1929
1930
1931
1932
1933
1934...
_
__
1935
1936
1937
1938
1939. .
1940
1941
1942 .
1943
1944
. _
.
1945
1946
1947
1948
1949
1950
1951
1952
1953..
1954
_
1955-.1956
1957
1958
1959 3 .
_ .
..
-
_
_
_.
Corporate profits after taxes
Corporate
profits
before
taxes
Corporate
tax
liability 1
9.6
1.4
8.3
5.8
2.4
3.3
-.8
-3.0
.2
1.7
.8
.5
.4
.5
.7
2.5
-1.3
-3.4
-.4
1.0
5.5
4.1
2.6
2.1
2.6
-3.0
-5.4
-6.0
-2.4
-1.6
3.1
5.7
6.2
3.3
6.4
1.0
1.4
1.5
1.0
1.4
2.2
4.3
4.7
2.3
5.0
2.9
4.5
4.7
3.2
3.8
9.3
17.0
20.9
24.6
23.3
2.8
7.6
11.4
14.1
12.9
6.5
9.4
9.5
10.5
10.4
4.0
4.5
4.3
4.5
4.7
2.4
4.9
5.2
6.0
5.7
19.0
22.6
29.5
33.0
26.4
10.7
9.1
11.3
12.5
10.4
8.3
13.4
18.2
20.5
16.0
4.7
5.8
6.5
7.2
7.5
3.6
7.7
11.7
13.3
8.5
40.6
42.2
36.7
38.3
34.1
17.9
22.4
19.5
20.2
17.2
22.8
19.7
17.2
18.1
16.8
9.2
9.0
9.0
9.2
9.8
13.6
10.7
8.3
8.9
7.0
44.9
44.7
43.3
37.1
4
48.0
21.8
21.2
21.1
18.2
*23.4
23.0
23.5
22.2
18.9
4
24. 6
11.2
12.1
12.5
12.4
13.2
11.8
11.3
9.7
6.5
Total
Dividend
payments
Undistributed
profits
(J)
-.7
-.2
-.1.29
411.4
Seasonally adjusted annual rates
1957: First quarter
Second quarter
Third quarter
Fourth quarter
1958: First quarter
Second quarter
Third quarter
Fourth quarter
1959: First quarter
Second quarter
Third quarter ._
Fourth quarter 3
_
_
_
46.2
43.5
44.0
39.4
22.5
21.2
21.4
19.2
23.7
22.3
22.5
20.2
12.6
12.7
12.8
12.2
11.1
9.6
9.7
8.0
32.0
33.6
38.3
44.6
15.7
16.5
18.8
21.9
16.3
17.1
19.5
22.7
12.7
12.6
12.6
12.0
3.6
4.5
6.9
10.7
46.5
52.6
46.4
(5)
22.6
25.6
22.6
(5)
23.8
27.0
23.8
(5)
12.8
13.0
13.4
13.6
11.1
14.0
10.4
(5)
1
Federal and State corporate income and excess profits taxes.
23 $48 million.
Preliminary
estimates by Council of Economic Advisers.
4
Data for corporate profits and inventory valuation adjustment are approximations for the year as a whole;
they do not derive from, nor imply, specific estimates for the quarters. All other data incorporating or
derived
from these figures are correspondingly approximate.
5
Not available.
NOTE.—No allowance has been made for inventory valuation adjustment. See Table D-9 for profits
before taxes and inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
22O
TABLE D-58.—Relation of profits before and after taxes to stockholders' equity and to sales,
private manufacturing corporations, by asset size class, 1956-59
Asset size class (millions of dollars)
Period
All asset
sizes
Under 1
ItolO
10 to 100
100 to 1,000
1,000 and
over
Ratio of profits (annual rate) to stockholders' equity— percent
Before After Before After Before After Before After Before After Before After
taxes taxes taxes taxes taxes taxes taxes taxes taxes taxes taxes taxes
BASED ON 1945 SIC
1956:
First quarter
Second quarter. _ _
Third quarter
Fourth quarter- _ _
1957:
First quarter
Second quarter. _.
Third quarter
Fourth quarter. _ _
1958:
First quarter
Second quarter-..
Third quarter
Fourth quarter. _ BASED ON 1957 SIC
1958:
First quarter
Second quarter _ _ .
Third quarter
Fourth quarter- _ _
1959:
First quarter
Second quarter...
Third quarter
23.8
24.2
20.2
22.3
12.5
13.0
11.0
12.6
18.3
22.8
23.8
12.9
9.8
12.9
13.0
5.8
21.7
21.9
21.4
19.1
10.6
10.6
10.6
9.4
22.9
24.4
22.7
23.0
11.3
12.2
11.3
11.8
25.0
25.3
20.2
24.0
12.6
13.0
10.5
13.4
25.9
24.4
16.6
24.0
14.9
14.9
11.1
15.9
22.5
21.6
19.1
16.8
11.9
11.6
10.5
9.8
15.6
19.3
19.6
6.7
7.8
10.4
10.4
1.9
18.6
20.2
19.1
13.0
8.7
9.8
9.3
6.0
21.4
21.4
20.1
17.0
10.5
10.7
10.0
8.9
22.2
21.4
19.7
18.2
11.6
11.2
10.2
10.2
27.3
23.1
17.7
19.3
16.0
14.0
11.8
13.7
12.9
13.9
15.9
18.8
6.8
7.8
9.0
10.8
5.5
11.4
16.4
7.8
.4
5.4
9.3
2.5
9.8
13.3
17.1
14.9
3.5
6.1
8.3
7.3
13.1
14.4
16.9
18.5
6.4
7.2
8.5
9.7
14.2
15.7
17.9
20.3
7.4
8.4
9.4
11.3
14.3
12.3
12.3
21.4
9.5
8.8
9.1
14.2
12.9
13.9
15.9
18.8
6.8
7.8
9.0
10.7
5.5
11.4
16.5
7.8
.4
5.4
9.3
2.5
9.8
13.3
17.1
14.9
3.5
6.0
8.3
7.3
13.0
14.4
16.9
18.5
6.3
7.2
8.5
9.7
14.2
15.7
17.8
20.2
7.4
8.3
9.4
11.2
14.3
12.3
12.3
21.4
9.5
8.8
9.1
14.2
18.7
23.1
17.1
10.0
12.5
9.6
12.5
20.4
21.1
5.7
11.7
12.4
15.1
20.2
19.8
6.9
10.1
9.9
17.5
22.4
20.7
8.7
11.4
10.5
19.2
23.9
17.6
10.1
12.5
9.4
21.7
24.5
12.1
12.9
14.3
8.6
Profits per dollar of sales— cents
Before After Before After Before After Before After Before After Before After
taxes taxes taxes taxes taxes taxes taxes taxes taxes taxes taxes taxes
BASED ON 1945 SIC
1956:
First quarter
Second quarter
Third quarter
Fourth quarter. . .
1957:
First quarter
Second quarter
Third quarter
Fourth quarter
1958:
First quarter
Second quarter. - Third quarter
Fourth quarter. . _
BASED ON 1957 SIC
1958:
First quarter
Second quarter
Third quarter
Fourth quarter. . .
1959:
First quarter
Second quarter
Third quarter
10.2
10.3
9.0
9.3
5.3
5.5
4.9
5.2
4.1
5.0
5.1
2.7
2.2
2.8
2.8
1.2
7.5
7.5
7.4
6.4
3.7
3.6
3.7
3.2
10.0
10.4
10.0
9.8
5.0
5.2
5.0
5.0
11.5
11.5
9.7
10.6
5.8
5.9
5.1
5.9
15.5
15.0
11.8
14.0
8.9
9.1
7.9
9.3
9.7
9.4
8.5
7.6
5.1
5.0
4.7
4.4
3.5
4.2
4.2
1.5
1.8
2.2
2.2
.4
6.6
6.9
6.6
4.5
3.1
3.3
3.2
2.1
9.3
9.3
8.9
7.7
4.6
4.6
4.4
4.0
10.4
10.0
9.4
8.8
5.4
5.2
4.9
4.9
15.4
14.3
11.9
12.6
9.0
8.6
7.9
9.0
6.4
6.8
7.7
8.6
3.4
3.8
4.4
4.9
1.3
2.5
3.6
1.6
.1
1.2
2.1
.5
3.8
5.0
6.1
5.3
1.4
2.3
2.9
2.6
6.5
7.0
8.1
8.5
3.2
3.5
4.0
4.5
7.5
8.0
8.9
9.8
3.9
4.3
4.7
5.4
10.6
9.7
10.4
14.9
7.0
6.9
7.7
9.9
6.4
6.8
7.7
8.6
3.4
3.8
4.4
4.9
1.3
2.5
3.6
1.6
.1
1.2
2.1
.5
3.8
5.0
6.1
5.3
1.4
2.3
2.9
2.6
6.5
7.0
8.1
8.5
3.1
3.5
4.0
4.5
7.5
8.0
8.9
9.7
3.9
4.2
4.7
5.4
10.6
9.7
10.4
14.9
7.0
6.9
7.7
9.9
8.9
10.2
8.2
4.7
5.5
4.6
2.8
4.2
4.3
1.3
2.4
2.5
5.4
6.6
6.7
2.5
3.3
3.4
8.4
9.9
9.5
4.2
5.0
4.8
9.6
10.9
8.8
5.0
5.7
4.7
15.2
16.4
10.2
9.0
9.6
7.3
NOTE.—Data on a comparable basis are not available for earlier periods. For details concerning compilation of the series, see Quarterly Financial Reports for U. S. Manufacturing Corporations, Federal Trade
Commission and Securities and Exchange Commission.
Sources: Federal Trade Commission and Securities and Exchange Commission.
221
TABLE D-59.—Relation of profits after taxes to stockholders* equity and to sales; private manufacturing corporations, by industry group, 1956-59
Durable goods industries
Period
All
private
manufacturing
corporations
Lumber
and Furwood niture
prod- and
ucts fix(except tures
furniture)
Mis-
Stone,
clay,
and
glass
products
Primary
iron
and
steel
industries
EleccellaPri
IT nIn- neous
mary Fab- Ma- trical
Mo- Other strumamannon- ri- chin- chin- tor trans- ments ufacferery ery, vehi- porta- and turrous cated (ex- equipcles tion reing
metal metal
cept
and equipment, equiplated (inin- prodelecand ment ment prod- cluddus- ucts trical) supucts ing
k
plies
ordnance)
Ratio of profits after Federal taxes (annual rate) to stockholders' equity— percent
BASED ON 1945 SIC
1956:
First quarter
Second quarterThird quarter. - Fourth quarter —
12.5
13.0
11.0
12.6
11.0
9.0
5.6
9.1
10.7
11.4
13.0
11.2
12.6
17.2
15.9
13.6
14.7
15.1
6.0
15.1
19.9
18.0
13.9
14.1
10.9
11.5
11.0
9.4
11.9
14.2
12.0
12.3
10.3
12.1
11.6
11.4
16.7
13.1
6.9
15.7
14.3
16.7
13.6
16.1
11.9
12.5
16.3
8.7
9.7
10.4
13.3
13.0
1957:
11.9
First quarter
Second quarter — 11.6
Third quarter. - 10.5
Fourth quarter.. 9.8
2.0
6.2
6.5
4.1
7.3
9.2
9.7
7.8
10.0
13.7
13.8
11.9
13.8
13.0
9.9
8.9
12.4
9.7
8.1
7.1
9.5
10.9
11.0
5.8
12.3
13.0
10.1
7.5
13.9
12.9
11.5
11.9
18.8
15.3
9.2
13.6
14.8
16.4
13.9
13.8
10.6
12.4
11.6
13.2
6.9
7.5
10.4
5.8
.2
2.0
5.3
5.7
4.9
5.7
8.5
8.3
5.9
1.6
17.0
11.0
9.9
10.1
10.3
9.3
12.1
13.1
6.9
1.6
6.9
14.7
7.8
5.3
5.7
5.0
5.6
8.3
8.3
11.6
6.5
10.4
5.6
7.9
8.8
7.9
7.1
7.0
9.9
13.4
1.5
16.9
lol3
10.6
12.2
13.6
5. 7
13.7
9.2
8.0 11.7
17.4 16.7
15.7 -2.7
10.3
6.7
7.1
10.7
12.7
12.2
19.1
20.8
8.0
7.8
9.6
6.6
10.8
12.0
14.5
7.1
12.4
1958:
First quarter.. ..
Second quarter. .
Third quarter. Fourth quarter..
6.8
4.0
3.1
11.0
8.4
3.4
8.7
11.1
11.1
14.9
11.9
BASED ON 1957 SIC
1958:
6.80 3.2
First quarter
.1i
Second quarter — 7. O
9.0 11.0
Third quarter
8.4
Fourth quarter.. 10.7
2.0
q A
6.
4
8.6
11.0
n . ur\
1959:
10.0
First quarter
Second quarter.. 12.5
Third quarter... 9.6
9.1
11.7
7.8
9.0
10.8
6.1
11.3
12.9
6.2
3.4
14.7
11.4
4.6
5.6
8.0
6.5
6.5
10.4
6. 0C
8.2
7.3
8.8
7.6
5.9
9.7
10.9
7.7
7.2
7.7
12.5
10.7
9.2
10.3
13.2
5. ny
7.0
9 . 0O
3.6
7.2
Profits after taxes per dollar of sales— cents
BASED ON 1945 SIC
1956:
First quarter
Second quarter _.
Third quarter. ..
Fourth quarter..
5.3
5.5
4.9
5.2
4.4
4.7
3.8
2.5
3.1
3.3
4.0
3.1
7.3
9.1
8.6
7.8
7.3
7.2
4.1
7.5
10.2
9.8
8.1
8.7
4.2
4.2
4.0
3.5
5.2
5.8
5.3
5.2
3.6
4.0
3.9
3.5
6.0
5.0
3.3
5.8
3.6
3.8
3.2
3.2
4.5
5.8
6.1
6.6
3.2
3.4
4.1
3.8
1957:
First quarter.. ..
Second quarter..
Third quarter. Fourth quarter..
5.1
5.0
4.7
4.4
1.0
2.9
3.1
2.1
2.3
2.8
3.1
2.4
6.6
8.1
7.8
7.4
7.1
7.0
6.1
5.8
8.1
6.6
6.0
5.5
3.7
4.1
4.2
2.3
5.3
5.5
4.7
3.7
4.5
4.3
4.0
4.0
6.3
5.7
4.0
5.4
3.2
3.3
3.1
2.9
5.3
5.8
5.7
6.0
2.4
2.4
3.2
1.9
1958:
First quarter
Second quarter _.
Third quarter. ..
Fourth quarter. .
3.4
3.8
4.4
4.9
.1
1.6
5.0
3.8
.7
1.2
2.8
3.3
3.1
7.3
8.9
7.6
4.2
5.0
5.0
7.2
4.8
3.9
4.4
5.8
2.2
3.1
3.5
3.0
3.1
3.9
3.9
4.1
3.2
3.5
3.9
4.5
3.7
2.9
1.0
6.8
2.6
2.3
2.5
2.5
3.7
4.8
6.2
6.0
.6
2.3
4.7
2.6
3.4
3.8
4.4
4.9
.1
1.6
5.0
3.8
.7
1.2
2.8
3.2
2.7
7.2
8.8
7.3
4.2
4.9
5.0
7.1
4.7
3.8
4.4
5.8
2.3
3.2
3.6
3.2
3.0
3.9
3.9
3.7
3.2
3.5
3.9
4.7
3.7
2.9
1.0
6.8
2.7
2.3
2.4
2.5
3.8
5.0
6.3
6.3
1.5
2.2
4.8
3.3
4.7
5.5
4.6
3.0
4.7
5.4
2.0
2.8
3.4
7.1
5.7
8.1
9.8
9.1 —3.1
6.0
7.0
5.1
2.6
3.8
4.1
3.8
5.8
5.2
4.0
4.5
4.4
7.4
7.8
4.1
2.0
2.2
1.5
5.7
6.0
7.3
2.9
2.6
4.6
BASED ON 1957 SIC
1958:
First quarter
Second quarter ~
Third quarter- .Fourth quarter...
1959:
First quarter
Second quarter. Third quarter -...
See footnotes at end of table, p. 223.
222
TABLE D-59.—Relation of prof is after taxes to stockholders* equity and to sales, private manufacturing corporations, by industry group, 1956-59-—Continued
Nondurable goods industries
Period
Printing
and
Food To- TexAp- Paper puband
tile pare!
lishand
kin- bacco mill
and allied
ing
dred manufac- prod- related
prod- (exprod- tures
products
cept
ucts
ucts
ucts
newspapers)
1\
Products of
petroChemleum
icals Petro- and Rub- Leather
and
and leum coal
ber
allied refin- (ex- prod- leather
prod- ing
cept ucts products
ucts
petroleum
refining)
Ratio of profits after Federal taxes (annual rate) to stockholders' equity— percent
BASED ON 1945 SIC
1956:
First quarter
Second quarter
Third quarter
Fourth quarter
8.2
9.9
10.4
8.7
10.0
12.0
12.7
12.1
6.4
4.8
5.5
6.4
6.8
4.5
10.9
10.0
12.1
12.2
11.0
11.3
16.3
15.0
11.0
10.0
15.0
14.7
13.1
13.9
13.1
14.0
13.2
15.3
7.7
11.1
12.0
8.4
11.9
13.1
11.0
12.8
9.6
6.6
6.3
6.4
1957:
First quarter
Second quarter
Third quarter
Fourth quarter
7.4
8.4
10.4
8.3
10.3
11.9
13.9
13.8
4.4
4.4
4.8
3.4
6.7
5.9
9.7
3.0
10.2
9.0
8.7
7.8
12.3
14.8
11.9
8.0
13.7
13.9
13.1
12.3
14.4
11.8
11.1
12.5
4.3
8.2
10.8
7.6
11.5
11.6
10.9
10.6
6.6
6.5
6.9
8.0
6.9
8.6
9.9
9.7
11.8
13.3
14.5
14.3
.9
2.7
5.2
6.0
3.4
1.3
9.5
5.5
6.8
7.6
7.4
8.7
8.3
9.3
11.6
6.5
9.9
11.3
12.0
13.0
8.9
8.2
10.4
12.3
-.8
6.2
9.8
7.1
6.7
8.1
11.3
12.1
4.1
3.2
8.4
7.0
6.8
8.5
9.8
9.7
11.8
13.3
14.5
14.3
.6
2.5
5.1
5.8
3.3
1.5
9.4
5.5
7.0
7.9
7.9
9.3
8.4
9.4
11.5
6.6
9.8
11.0
11.8
12.8
8.9
8.2
10.4
12.3
-2.4
8.3
12.4
6.2
5.3
8.7
11.5
10.8
4.1
3.2
8.3
6.9
7.8
9.5
10.4
12.0
14.2
14.4
5.9
8.1
7.6
8.6
7.5
10.1
8.5
10.2
9.6
9.8
12.0
14.9
13.0
15.6
14.1
10.1
9.4
9.7
4.0
13.6
19.3
10.0
13.1
11.1
6.9
8.9
8.7
1958:
First quarter
Second quarter
Third quarter
Fourth quarter ..-BASED ON 1957 SIC
1958:
First quarter
Second quarter
Third quarter
Fourth quarter
1959:
First quarter
Second quarter
Third quarter
Profits after taxes per dollar of sales— cents
BASED ON 1945 SIC
1956:
First quarter
Second quarter
Third quarter
Fourth quarter
2.2
2.6
2.7
2.2
4.5
5.0
5.3
5.1
2.8
2.2
2.6
2.8
1.4
1.0
2.1
1.9
6.4
6.4
5.9
5.9
5.4
5.0
3.7
3.0
8.5
8.1
7.6
7.9
10.6
12.0
11.4
12.3
3.8
4.7
5.3
3.8
4.3
4.6
4.1
4.7
2.8
1.9
1.8
1.8
1957:
First quarter
Second quarter. _.
Third quarter
Fourth quarter. ._
2.0
2.2
2.6
2J
4.7
4.9
5.5
5.4
2.0
2.0
2.2
1.5
1.4
1.2
1.8
.6
5.7
4.9
4.9
4.5
4.0
4.8
3.8
2.5
7.8
7.9
7.6
7.3
11.0
10.2
9.8
11.3
2.1
3.6
4.4
3.4
4.4
4.3
4.0
4.1
1.8
1.9
2.0
2.4
1.8
2.2
2.5
2.4
5.1
5.2
5.5
5.6
.4
1.3
2.4
2.5
.7
.3
1.7
1.0
4.1
4.5
4.3
5.0
2.8
3.3
4.0
2.2
6.4
6.7
7.0
7.5
8.2
8.2
9.9
11.3
-.5
2.9
3.9
3.6
3.0
3.4
4.5
4.5
1.3
1.0
2.4
1.9
1.8
2.2
2.5
2.4
5.1
5.2
5.5
5.6
.3
1.2
2.3
2.4
.7
.3
1.7
1.0
4.3
4.8
4.6
5.3
2.9
3.4
4.1
2.3
6.4
6.7
7.1
7.6
8.2
8.2
9.9
11.3
-1.5
3.5
4.2
2.9
2.2
3.3
4.4
3.9
1.3
1.0
2.4
1.9
1958:
First quarter
Second quarter. _.
Third quarter
Fourth quarter.-BASED ON 1957 SIC
1958:
First quarter
Second quarter
Third quarter
Fourth quarter
1959:
1.9
3.9
1.9
7.7
9.3
2.5
1.6
5.0
3. 6
First quarter
2.1
5.2
9.4
5.7
4.4
2.4
8.5
4.2
2.5
1.4
5.5
5.5
3.2
Second quarter. _2.2
9.5
4.1
7.1
5.1
8.1
1.8
5.6
3.0
5.2
Third quarter
2.7
NOTE.— Data on a comparable basis are not available for earlier periods. For explanatory notes concerning
compilation of the series, see Quarterly Financial Reports for U.S. Manufacturing Corporations, Federal
Trade Commission and Securities and Exchange Commission.
Sources: Federal Trade Commission and Securities and Exchange Commission.
223
TABLE D-60.—Sources and uses of corporate funds, 1948-59l
[Billions of dollars]
Source or use of funds
Total ases
Plant and equipment outlays
Inventories (book value) 3
Customer net receivables
Cash and U.S. Government
securities
Other assets
Total sources
Internal sources
Retained profits and depletion allowances
Depreciation and amortization allowances
External sources
Federal income tax liability. _
Other liabilities ...
Bank loans and mortgage
loans
Net new issues .
Discrepancy (uses less sources)
1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 19592
27.0 16.8 36. 5 36.8 27.3 28.2 24.0 45,1 39.5 38.6 31.2
46.0
18.8 16.3 16.9 21.6 22.4 23.9 22.4 24.2 29.9 32.7 26.4
4.2 -3.6 9.8 9.8 1.3 1.8 -1.6
6.7 7.6 2.7 -4.4
2.8 .9 5.0 2.0 3.1 .7 2.4 6.4 3.3 4.0 4.1
27.0
3.0
6.0
1.0
.2
3.2
4.5
.3
2.8
.6
.1
.4
1.8 (4)
(4)
.8
5.0 —4 3 — 1 9
2.8 3 0 1 l
34
17
5 5
4 5
27.8 15.8 35.4 36.9 28.1 30.0 22.4 44.8 42.4 40.2 31.6
47.0
18.8 14.9 20.8 19.0 17.8 19.7 19,8 26.6 27 8 27 7 25 6
30 5
12.6
6.2
9.0
7.8 13.0 10.0
7.1
7.8
7.4
7.9
6.3 10.9 10.5
6.0
510.0
9.0 10.4 11.8 13.5 15.7 17 3 18.7 19 6
20.5
.9 14.6 17.9 10.3 10.3
9.0
2.6 18.2 14 6 12 5
6 0
16.5
.9 -2.2
.4
.5
7.3
1.0
4.3 -3.1
1 9 2.4
.6 -3.1
.4
2.2
3.8 -1.7 -1.9 -2.5
.1
2.1 3.0 2.2
2.5
2.0
1.8 -2.3
5 9 4.9
2.6
3.7
5.4
3.1
7 9
.4 -.6
7.1 5 9
5.4
6 3
4.0
8.0
-.8
1.0
1.1 -.1 -.8 -1.8
1
2
3
1.6
6 9
5.4 1.7 — 1.1
7.9 10.5 9.5
3 —2 9 — 1 6 — 4 — 1 0
Excludes banks and insurance companies.
Preliminary estimates.
Receivables are net of payables, which are therefore not shown separately.
46 Less than $50 million.
Preliminary estimate by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce based on Securities and Exchange Commission and other financial
data (except as noted).
224
TABLE D-61.—Current assets and liabilities of United States corporations, 1939-59l
[Billions of dollars]
Current assets
'd
e
03
a-a
"3 W
End of period
.a"ea
"o
z*a
o
il**• 'S !k
•S ° a
*°e
I
O 0>
GQ
S
|-.
§P
Current liabilities
$ CJ
3* 0
1939
54.5
10 8
2.2
1940
1941
1942
1943
1944
60.3
72.9
83.6
93.8
97.2
13.1
13.9
17.6
21.6
21.6
2.0
4.0
10.1
16.4
20.9
97.4
108. 1
21.7
22.8
21.1
15.3
1947
1948
1949
123.6
133.0
133.1
25.0
25.3
26.5
14.1
14.8
16.8
1950
1951
1952
1953
1954
161.5
179.1
186.2
190.6
194.6
28.1
30.0
30.8
31.1
33.4
19.7
20.7
19.9
21.5
19.2
1.1
2.7
2.8
2.6
2.4
224.0
237.9
242.0
243.7
34.6
34.8
34.7
37.1
1957:
237.2
First quarter
Second quarter. _. 236.8
Third quarter
241.6
Fourth quarter. .. 242.0
8
§|1 S
<S 3
1
e
O c3
U>
!*s if
l«~
li
t—1
1
i|
&l
6
^•2
03.2
-Sao
<<
f
lie
22.1
18.0
1.4
30.0
23.9
27.4
23.3
21.9
21.8
19.8
25.6
27.3
27.6
26.8
1.5
1.4
1.3
1.3
1.4
32.8
40.7
47.3
51.6
51.7
23.2
30.0
•».*•
3£ .3
42 .4
43 .0
26.3
37.6
2.4
1.7
45.8
51.9
44.6
48.9
45.3
1.6
1.6
1.4
61.5
64.4
60.7
55.7
58.8
64.6
65.9
71.2
55.1
64.9
65.8
67.2
65.3
1.7
2.1
2.4
2.4
3.1
79.8
92.6
96.1
98.9
99.7
.4
1.3
2.3
2.2
2.4
23.5
19.1
17.2
18.2
2.3 86.6
2.6 95.1
2.8 98.3
2.8 101.0
72.8
80.4
82.3
77.6
4.2
5.9
6.7
7.0
121.0
130.5
130.2
123.8
32.1
32.7
33.4
34.7
18.4
16.1
16.4
17.2
2.5
2.5
2.4
2.8
95.5
96.8
99.4
98.3
82.4
82.6
83.4
82.3
6.3
6.2
6.6
6.7
1958:
234.9
First quarter
Second quarter ... 232.9
Third quarter
237.8
Fourth quarter. .. 243.7
32.3
34.2
35.2
37.1
16.0
13.9
15.0
18.2
2.7 95.4
2.6 96.6
2.7 100.5
2.8 101.0
81.5
78.4
77.3
77.6
7.0
7.1
7.2
7.0
1959:
247.1
First quarter
Second quarter... 254.8
258.9
Third quarter
34.3
35.6
35.3
19.5
20.0
21.3
2.8 102.6
2.7 106.4
2.7 109.2
80.0
81.8
82.1
1945
1946
1955
1956
1957
1958
-
... -.-
.--
0.1
.6
4.0
5.0
4.7
-
2.7
.7
ll
fi w
2«!
iss |t
0> <S
I
3o>
fc o
O §3
Net
working
capiI* tal
S§
fc-s
5-3
S~
21.9
1.2
6.9
24.5
22.6
25.6
24.0
24.1
25.0
2.5
7.1
12.6
16.6
15.5
7.1
7.2
8.7
8.7
9.4
27.5
32.3
36.3
42.1
45.6
24.8
31.5
-v.
37 .6
39 .3
37 .5
10.4
8.5
9.7
11.8
51.6
56.2
10.7 13.2
11.5 13.5
9.3 14.0
62.1
68.6
72.4
47.9
53.6
57.0
57.3
59.3
16.7 14.9
21.3 16.5
18.1 18.7
18.7 20.7
15.5 22.5
81.6
86.5
90.1
91.8
94.9
2.3
2.4
2.3
1.7
73.8
81.5
81.2
77.9
19.3
17.6
15.7
13.3
25.7
29.0
31.1
30.9
103.0
107.4
111.7
119.8
127.8
126.4
130.3
130.2
2.5
2.6
2.6
2.3
80.5
80.9
81.9
81.2
15.0
12.7
14.4
15.7
29.8
30.1
31.4
31.1
109.4
110.5
111.3
111.7
121.5
117.9
120.7
123.8
2.1
1.9
1.8
1.7
76.5
75.3
76.4
77.9
12.4
9.8
11.4
13.3
30.4
30.8
31.1
30.9
113.4
115.0
117.1
119.8
7.8 124.7
8.3 129.3
8.4 132.0
1.7
1.7
1.7
78.4
81.1
82.6
12.8
13.7
14.6
31.8
32.8
33.1
122.4
125.4
126.9
0.6
.8
2.0
2.2
1.8
"
.9
.1
1
All United States corporations, excluding banks, savings and loan associations, and insurance companies.
Year-end data through 1956 are based on Statistics of Income (Treasury Department), covering virtually all
corporations in the United States. Statistics of Income data may not be strictly comparable from year to
year because of changes in the tax laws, basis for filing returns, and processing of data for compilation purposes. All other figures shown are estimates based on data compiled from many different sources, including
data on corporations registered with the Securities and Exchange Commission. As more complete information becomes available, estimates are revised.
2 Receivables from and payables to U.S. Government do not include amounts offset against each other
on the corporation's books or amounts arising from subcontracting which are not directly due from or to
the U.S. Government. Wherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on the corporation's books.
3 Includes marketable securities other than U.S. Government.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Securities and Exchange Commission.
225
TABLE D-62.—State and municipal and corporate securities offered, 1934-591
[Millions of dollars]
Corporate securities offered for cash 2
State
and
Gross proceeds 8
Proposed uses of net proceeds 4
municipal securities
New money
offered
for cash
Retire- Other
Com- Pre- Bonds
(prin- Total mon ferred and Total
Plant Work- ment
purcipal
of se- poses
stock stock notes
and
ing
amounts)
Total equipcapi- curities
ment
tal
Period
1934
939
397
19
6
372
384
57
32
26
231
95
1935
1936
1937
1938
1939
1,232
1,121
908
1,108
1,128
2,332
4,572
2,310
2,155
2,164
22
272
?85
25
87
86
271
406
86
98
2,224
4,028
1,618
2,044
1,980
2,266
4,431
2,239
2,110
2,115
208
858
991
681
325
111
380
574
504
170
96
478
417
177
155
1,865
3,368
1,100
1,206
1,695
193
204
148
222
95
1,238
956
524
435
661
2,677
2,667
1,062
1,170
3,202
108
110
34
56
163
183
167
112
124
369
2,386
2,390
917
990
2,670
2,615
2,623
1,043
1,147
3,142
569
868
474
308
657
424
661
287
141
252
145
?07
187
167
405
1,854
1,583
3%
739
2,389
192
172
173
100
96
795
1,157
2,324
2,690
2,907
6,011
6,900
6,577
7,078
6, 052
397
758
891 1,127
779
762
614
492
736
425
4,855
4,882
5,036
5,973
4,890
5,902
6,757
6,466
6,959
6,959
1,080
3,279
4,591
5,929
4,606
638
2,115
3,409
4,221
3, 724
442
1,164
1,182
1,708
882
4,555
2,868
1,352
307
401
267
610
524
722
952
3,532
3,189
4.401
5,558
6,969
6,361
7,741
9,534
8,898
9,516
811
1,212
1,369
1,326
1,213
631
838
564
489
816
4,9?0
5,691
7,601
7,083
7,488
6,261
7,607
9,380
8,755
9,365
4,006
6,531
8,180
7,960
6,780
2,966
5,110
6,312
5,647
5,110
1,041
1,421
1,868
2, 313
1,670
1,271
486
664
260
1,875
984
589
537
535
709
5,977
5,446
6,958
7,449
7,669
10, 240
10, 939
12, 884
11,558
9,579
2,185
2,301
2,516
1,334
2,003
635
636
411
571
510
7,420 10, 049
8,002 10, 749
9,957 12,661
9,653 11,372
7,066 9,362
7,957
9,663
11, 784
9,907
8,435
5, 333
6,709
9,040
7,792
5,838
2,624
2,954
2,744
2,115
2,597
1,227
364
214
549
159
864
721
663
915
768
1957:
First quarter
Second quarter
Third quarter
Fourth quarter
1, 758
1,689
1,549
1,962
3,558
3, 258
2,997
3, 071
753
765
404
593
98
139
72
102
2,706
2,354
2,521
2,376
3,493
3,194
2,950
3,023
3,180
2,948
2,809
2,847
2,591
2,238
1,955
2,255
589
710
853
592
49
46
51
69
264
201
91
107
1958:
First quarter
Second quarter
Third quarter
Fourth quarter
2,206
2,228
1,668
1,347
3,318
2.898
2,910
2,432
289
216
345
484
182
154
104
131
2,846
2,528
2,461
1,818
3,273
2,848
2,862
2,389
3,066
2,281
2,535
2,025
2,566
1,933
1,900
1,393
501
347
635
633
134
225
101
89
73
342
225
275
1959:
First quarter
Second quarter
Third quarter 8
Fourth quarter ---
2,157
2, 504
1,500
1,508
2,311
2,667
2,040
2,560
511
638
329
525
138
173
63
136
1,662
1,856
1,648
1,899
2,263
2,606
1,996
2,497
1,933
2,411
1,822
2,269
1,356
1,725
1,081
1,676
578
685
741
593
47
42
38
32
283
154
137
195
-
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
.- - -
1950
1951
1952
1953
1954
1955 _
1956
1957
1958
1959 8
..
. ..
1
These data cover substantially all new issues of State, municipal, and corporate securities offered for
cash
sale in the United States in amounts over $100,000 and with terms to maturity of more than 1 year.
2
Excludes notes issued exclusively to commercial banks, intercorporate transactions, sales of investment company issues, and issues to be sold over an extended period, such as offerings under employeepurchase
plans.
3
Number of units multiplied by offering price.
4
Net proceeds represents the amount received by the issuer after payment of compensation to distributors
and
other costs of notation.
8
Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission, The Commercial and Financial Chronicle, and The Bond
Buyer.
226
TABLE D-63.—Common stock prices and earnings and stock market credit, 1939-59
Common
stock
prices
index,
1939=100
(SEC) i
Period
Common
stock
price/
earnings
ratio —
industrials
(Standard2
& Poor's)
Stock market credit
Customer credit (excluding U. S.
Government securities)
Total
Net debit
balances 3
Bank loans
to
"others" 4
Bank loans
to brokers
and
dealers 5
Millions of dollars
1939
1940
1941
1942
1943
1944
.--
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
-_
-
1955
1956
1957
1958
1959
-
1958* January
February
March.
April
May
June
July
August
September
October
November
December
1959' January
February
March
April
May
June
July
August
September
October
November
December
..
100.0
15.06
(fl)
(6)
(6)
715
94.2
85.7
74.9
99.2
108.1
10.22
7.92
12.18
14.40
16.07
(66)
(6)
()
(66)
8
(66)
353
584
535
850
1,328
2,137
131.2
149.4
130.9
132. 7
127.7
19.74
13.90
8.94
6.45
6.88
1,374
976
1,032
968
1,249
942
473
517
499
821
432
503
515
469
428
2,782
1,471
784
1,331
1,608
154.1
184.9
195.0
193.3
229.8
7.03
9.54
10.91
9.56
12.90
1,798
1,826
1,980
2,445
3,436
1,237
1,253
1,332
1,665
2,388
561
573
648
780
1,048
1,742
1,419
2,002
2,248
2,688
304.6
345.0
331.4
340.9
420.2
12.83
14.19
12.24
19.98
(6)
4,030
3,984
3,576
4,537
(6)
2,791
2,823
2,482
3,285
(6)
1,239
1,161
1,094
1,252
1,187
2,852
2,214
2,190
2,569
2,579
304.7
304.0
310.8
311.9
322.9
330.6
13.70
3,554
3,679
3,863
3,980
4,069
4,218
2,487
2,580
2,665
2,735
2,856
2,921
1,067
1,099
1,198
1,245
1,213
1,297
1,645
1,882
2,070
2,749
2,204
3,170
339.2
351.7
360.5
376.4
387.8
392.8
18.20
4,293
4,243
4, 350
4,409
4,464
4,537
3,021
3,013
3,109
3,188
3,245
3,285
1,272
1,230
1,241
1,221
1,219
1,252
2,323
1,687
1,689
1,660
1,935
2,669
409.9
403.9
413.9
419.4
425.3
419.0
18.56
4,597
4,569
4,636
4,764
4,758
4,734
3,297
3,253
3,305
3,401
3,385
3,388
1,300
1,316
1,331
1,363
1,373
1,346
2,146
1,939
1,852
2,226
2,075
2,017
4,648
4,528
4,443
4,401
4,460
(«)
3,374
3,269
3,250
3,210
3,273
6
()
1,274
1,259
1,193
1,191
1,187
1,187
2,106
2,103
2,061
2,115
2,087
2,579
434.3
433.9
417.2
416.4
416.6
429.2
16.92
19.98
17.93
17.33
(6)
()
()
(•)
(fl6)
()
CO
()
(•)
(6)
1
Based on 265 stocks.
2 Based on 50 stocks for 1939-56 and 425 stocks beginning 1957. Ratio is obtained by dividing aggregate
market value at end of period by aggregate earnings for 12 months ending with period shown.
3 As reported by member firms of the New York Stock Exchange carrying margin accounts. Includes
net debit balances of all customers (other than general partners in the reporting firm and member firms of
national exchanges) whose combined accounts net to a debit. Balances secured by U. S. Government
obligations
are excluded. Data are for end of period.
4
Loans by weekly reporting member banks to others than brokers and dealers for purchasing or carrying
securities except U.S. Government obligations. From 1953 through June 1959, loans for purchasing
or carrying U.S. Government securities were reported separately only by New York and Chicago banks.
Accordingly, for that period any loans for purchasing or carrying such securities at other reporting banks
are included. Series also revised beginning July 1946, March 1953, and July 1958. Data are for last Wednesday
of period. For details, see Federal Reserve Bulletin, August 1959.
5
Loans by weekly reporting member banks for purchasing or carrying securities, including U.S. Government obligations. Series revised beginning July 1946, January 1952, July 1958, and July 1959. Data are
for8 last Wednesday of period. For details, see Federal Reserve Bulletin, August 1959.
Not available.
Sources: Securities and Exchange Commission, Board of Governors of the Federal Reserve System,
Standard & Poor's Corporation, and New York Stock Exchange.
227
TABLE D-64.—Business population and business failures, 1929-59
Operating businesses and
business turnover (thousands offirms)!
Period
Business failures 3 <
New
busiAmount of current
ness
Number of failures
liabilities (millions of
Disincordollars)
BusiconOper- New tin- Busi- pora- ness
Liability size
ating busi- ued ness tions failLiability size
class
busi- ness- busi- trans- (numclass
ure
nesses 2 es 3 ness- fers s ber) 3 rate 5 Total
Total
$100,000
Under
ess
Under $100,000
and
and
$100,000 over
$100,000 over
3, 029. 0
1929
2, 993. 7
1930
1931
-_ 2, 916. 4
2, 828. 1
1932
2, 782. 1
1933
2, 884. 0
1934
2, 991. 9
1935
3, 069. 8
1936
3, 136. 3
1937
1938
_._ 3, 073. 7
3, 222. 2
1939
3. 318. 9
1940 ._
3, 276. 0
1941
3, 295. 3
1942
3, 030. 0
1943
1944
2,839.T
1945
... 2, 995. 4
3, 242. 5
1946
3, 651. 2
1947 ..
3, 872. 9
1948
3, 984. 2
1949
4, 008. 7
1950
1951
4, 067. 3
1952
4, 118. 2
1953
4, 187. 7
1954
_._ 4, 239. 8
1955
4, 286. 8
1956
4, 381. 2
1957
___ 4, 470. 7
1958
4, 534. 4
1959
4, 589. 2
1958:
January
4,548.0
February
March
April
4, 557. 0
May
June.
July
4, 57JO. 0
August
September
October
4, 586. 0
November..
December..
1959:
January
4, 608. 0
February.-.
March
April
4,621.0
May
June
July
4, 645. 0
August
September..
October
4, 666. 0
November
December
(6)
(6)
(«)
(•)
(8)
(«)
(6)
(6)
(86)
(6)
()
275.2
290.0
121. 2
146.0
330.9
422.7
617.4
460.8
393.3
331.1
348.2
327.1
345.6
351.6
365.6
408.2
431.2
405.1
411.3
(6)
(6)
(•)
(•)
(66)
()
(68)
(8)
(6 )
(8)
()
318.1
270.7
386.5
337.0
174.6
175.6
208.7
239.2
282.0
306.5
289.6
276.2
276.1
299.4
318.7
313.8
341.7
341.4
356.5
(8)
(68)
(8)
(6)
()
(«)
(8)
(88)
(6)
( 8)
C)
8
8
(•)
8
%
(«)
(•)
(66)
()
(fl)
103.9
121.6
133.4
154.1
61.1
61.7
47.8
45.9
61.1
7
69. 6
63.0
54.4
44.6
16.4
6.5
4.2
5.2
14.3
20.4
34.4
34.3
30.7
28.7
33.2
42.0
41.6
48.0
51.7
55.9
51.8
22, 909
25, 355
28. 285
31,822
7 19, 859
12, 091
12, 244
9,607
9,490
12, 836
7
14, 768
13,619
11,848
9,405
3,221
1,222
809
1,129
3, 474
5, 250
9,246
9,162
8, 058
7,611
8, 862
11,086
10, 969
12, 686
13, 739
14.964
14, 053
22, 165
25, 408
27, 230
30, 197
7
18, 880
11, 421
11. 691
9,285
9,203
12,553
7
14, 541
13,400
11, 685
9,282
3,155
1,176
759
1,002
3,103
4,853
8,708
8, 746
7, 626
7,081
8,075
10, 226
10, 113
11,615
12, 547
13, 499
12, 707
13,080 63. g
10,466 64.1
11, 670 60.0
11,329 69.7
11, 943 66. S
11, 991 67. S
12, 454 68. g
12, 234 54.0
12, 932 68.4
13,633 67.4
12,090 55.9
16,458 61.3
,279
,238
,495
,458
,341
,260
,253
,127
,039
,271
.121
,082
1,142
1,113
1, 342
1,275
1,235
1,130
1,139
1,018
932
1,178
1,007
988
137
125
153
183
106
130
114
109
107
93
114
94
64.4
65.3
71.6
84.0
56.2
61.4
65.4
50.8
48.1
47.3
56.7
57.1
23.8
24.4
31.6
27.8
28.5
25.2
25.4
22.5
21.4
24.1
21.5
21.5
40.6
40.9
40.0
56.2
27.8
36 2
39.9
28.3
26.7
23.2
35.2
35.6
61.1
60.9
60.4
6g.O
48.3
63.8
49.9
63.3
68.4
50.5
55.4
49.6
,273
,161
,263
,292
,135
,244
,071
,135
,144
,125
,130
,080
1,136
1,047
1,143
1,153
1, 036
1,147
962
1,048
1,026
1,044
1,020
945
137
114
120
139
99
97
109
87
118
81
110
135
73.6
58.6
65.1
71.9
50.9
49.2
51.2
54.5
54.7
50.4
53.2
59.6
23.9
21.6
25.4
24.4
22.6
25.8
22.8
22.2
22.3
23.4
23.5
21.1
49.7
37.0
39.7
47.5
28.3
23.4
28.4
32.3
32.5
27.0
29.7
38.4
(•)
(8)
CO
(6)
(8)
(8)
359.4
473.2
(8)
626.9 132, 916
571.9 112,638
501.3 96, 101
434.7 85, 491
419.4 92,925
358.2 83,649
370.2 92, 819
377.6 102, 545
370.7 117, 164
384.3 139, 651
392.7 140, 775
376.2 136, 697
372.5 8150, 280
•193,060
818,839
15, 791
18, 176
17, 615
16, 721
16,208
16, 650
34,406
14, 664
14, 526
13, 015
• 16, 449
7100.3
744 483.3 261.5
947 668.3 303.5
1, 055 736.3 354. 2
1,625
928.3
432.6
7
979 7 457. 5 7 215. 5
670 334.0
138.5
553 310.6
135.5
322 203.2
102.8
287 183.3
101.9
283 7 246.5
140.1
7
227 182. 5 7 132. 9
219 166.7
119.9
163 136.1
100. 7
123 100.8
80.3
66 45.3
30.2
46 31.7
14.5
11.4
50 30.2
127 67.3
15.7
63.7
371 204.6
397 234.6
93.9
538 308.1
161.4
416 248.3 151.2
432 259.5
131.6
131.9
530 283.3
167.5
787 394.2
211.4
860 462.6
206.4
856 449.4
239.8
1,071 562.7
1,192 615.3 267.1
1,465 728.3 297.6
278.9
1,346 692.8
221.8
364.8
382.2
495. 7
7
242. 0
195.4
175.1
100.4
81.4
106.4
7
49.7
46.8
35.4
20.5
15.1
17.1
18.8
51.6
140.9
140.7
146.7
97.1
128.0
151.4
226.6
251.2
243.0
322.9
348.2
430.7
413.9
1
Excludes firms in the fields of agriculture and professional services. Includes self-employed person
only
if he has either an established place of business or at least one paid employee. Series revised beginning 1951.
2
Data through 1939 are averages of end-of-quarter estimates centered at June 30. Beginning 1940, data
are3 for beginning of period. Quarterly data shown here are seasonally adjusted.
Total for period,
4
Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933,
of 5real estate, insurance, holding, and financial companies, steamship lines, travel agencies, etc.
Failure rate per 10,000 listed enterprises. Monthly data are seasonally adjusted.
67 Not available.
Series
revised; not strictly comparable with earlier data.
8
Beginning January 1959,'data for Hawaii are included. Total for 1958 including Hawaii is 150,781.
9
Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Dun & Bradstreet, Inc.
228
AGRICULTURE
TABLE D-65.—Income of the farm population, 1929-59
Income from agricultural sources
Net income
from all
sources
Period
Net income
from agricultural
sources l
Farm operators' income
Realized
gross farm
income
Income
from
nonReal- Total agriculized
(in- tural
(exsources
cludes cludes
net
net
change change
in
in inveninven- tories)
4
tories)
Net farm3
income
Real- Total Real- Total
ProExized
ized
(in(includ- duc(ex- cludes
(ex- cludes
tion
ing
cludes net cludes net
exTo- Gov- penses
net change net change tal
2 ernchange in change in
ment
in
in
payinven- inveninven- inventories)
tories)
ments
tories)
tories)
Billions of dollars
(5)
1929
(')
7.1
7.0
13.9
13.9
Oper- Total
net
ators' income
total from
net
all
income sources
per
per
farm person
Dollars
7.6
6.3
6.1
(8)
943
(8)
(55)
(5)
(5)
()
165
8
86.3 85.3
5.3
3.5
2.4
3.2
4.4
5.1
4.0
2.5
3.0
3.4
11.4
8.4
6.4
7.1
8.5
11.4
8.4
6.4
7.0
8.1
6.9
5.5
4.4
4.3
4.7
4.5
2.9
1.9
2.8
3.9
4.3
3.3
2.0
2.6
2.9
(58)
( 5)
(8 )
()
1.9
650
506
305
382
434
7.2
8.1
8.4
7.3
7.6
7.9
7.3
9.3
7.4
7.7
5.2
5.8
5.9
5.0
5.1
5.9
5.0
6.8
5.1
5.2
9.7
10.7
11.3
10.1
10.6
9.1
10.4
11.0
9.7
9.8
5.1
5.6
6.1
5.8
6.2
4.6
5.1
5.2
4.3
4.4
5.3
4.3
6.0
4.4
4.5
2.0
2.3
2.5
2.3
2.5
778
643
911
675
697
244
228
296
239
249
1940
1941
1942
1943
1944
7.7
10.1
13.8
17.5
18.2
8.0
10.6
14.9
17.4
17.8
5.0
7.0
10.0
13.3
13.8
5.3
7.5
11.1
13.2
13.4
11.0
13.8
18.8
23.4
24.4
10.3
13.3
18.1
22.7
23.6
6.7
7.7
9.9
11.5
12.2
4.3
6.2
8.8
11.9
12.2
4.6
6.6
9.9
11.8
11.8
2.7
3.1
3.8
4.2
4.4
720
1,044
1,600
1,942
1,967
262
349
509
654
696
1945
1946
1947 1948
1949
18.7
21.3
24.1
23.2
20.8
18.2
21.4
22.4
24.9
19.9
14.5
17.0
19.2
18.1
15.6
14.0
17.0
17.5
19.8
14.7
25.8
29.7
34.4
34.9
31.8
25.0
28.9
34.0
34.7
31.6
12.9
14.5
17.0
18.9
18.0
12.8
15.2
17.3
16.1
13.8
12.4
15.3
15.5
17.8
12.9
4.2
4.3
4.9
5.1
5.2
2,080
2,574
2,648
3,065
2,259
720
806
825
962
767
1950
1951
1952
1953
1954
20.2
22.6
22.4
21.7
19.8
21.0
23.7
23.4
21.1
20.2
14.9
17.0
16.3
15.7
14.0
15.7 32.5
18.1 37.3
17.3 37.0
15.1 35.3
14.4 33.9
32.2
37.0
36.7
35.1
33.6
19.3
22.2
22.6
21.4
21.7
13.2
15.2
14.4
13.9
12.2
14.0
16.3
15.3
13.3
12.7
5.3
5.6
6.1
6.0
5.8
2,479
2,951
2,829
2,502
2,440
838
983
962
931
916
19.5
20.5
19.4
21.2
19.6
19.8
20.1
20.2
22.3
20.3
13.2
13.8
12.8
14.9
12.9
13.5
13.4
13.6
16.0
13.6
33.1
34.1
33.4
37.2
36.2
21.9
22.6
23.4
25.2
25.9
11.5
12.0
11.0
13.1
11.0
11.8
11.6
11.8
14.2
11.8
6.3
6.7
6.6
6.3
6.7
2,313
2,338
2,426
2,990
2,530
883
897
933
1,043
960
0)
5
(65)
(8)
()
(•)
(•)
(58)
(8)
()
38.3
38.0
38.4
38.5
(58)
()
8
CO
()
24.9
25.2
25.2
25.3
13.4
12.8
13.2
13.2
14.6
13.9
14.2
14.1
(55)
(5)
(5)
()
3,070
2,930
2,990
2,970
(58)
(5 )
(8)
()
(')
(55)
(8)
(8s)
()
(58)
38.2
37.3
35.5
36.6
(58)
()
(88)
()
25.7
25.8
26.0
26.2
12.5
11.5
9.5
10.4
13.2
12.1
10.3
11.4
(5s)
(5 )
(5)
()
2,840
2,600
2,220
2,450
(»)
(8)
(55)
()
1930
1931
1932
1933
1934 . .
1935
1936
1937
1938
1939
.
«
(8)
.-
. -.
1955
1956
1957
1958
19598
33.3
34.6
34.4
38.3
36.9
Seasonally adjusted annual rates
1958:
First quarter
Second quarter..
Third quarter _ _ _
Fourth quarter..
1959:
First quarter
Second quarter _.
Third quarter. __
Fourth quarter 6
(85)
()
(')
(fi)
(•)
(8)
(•)
W
()
(«)8
()
(88)
(5)
(6)
()
()
()
1
Net farm income plus wages received by farm resident workers, not shown separately.
2 Cash receipts from marketings; Government payments; and nonmoney income furnished by farms
(value
of farm products consumed in farm households and gross rental value of farm dwellings).
3
Gross farm income less production expenses.
4
Data prior to 1946 differ from farm proprietors' income shown in Tables D-9 and D-12 because of revisions by the Department of Agriculture not yet incorporated into the national income accounts of the
Department of Commerce.
s Not available.
6
Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Agriculture.
229
TABLE D-66.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929-^59
[1910-14=100]
Prices received by farmers
Crops
Period
Livestock and products
All
Feed grains
All
farm
Oil- live- Meat
and hay
prod- All Food
Dairy PoulCotTostock
beartry
ucts^ crops i grains
ani- prod- and
ton bacco ing
and mals
ucts eggs
Feed
crops prodTotal grains
ucts i
1929
148
135
116
118
124
150
171
143
159
155
1930
1931
1932
1933
1934
125
87
65
70
90
115
75
57
71
98
93
56
44
66
90
106
74
48
57
95
109
71
44
57
97
104
64
49
68
101
140
98
84
107
156
111
73
44
57
103
134
98
72
70
81
133
91
63
59
68
109
114
122
97
95
103
108
118
80
82
97
108
120
75
72
107
103
125
71
72
112
110
135
73
72
98
99
94
70
74
171
163
200
173
152
127
120
129
95
96
114
119
126
112
107
115
118
130
113
110
100
124
159
U93
« 197
90
108
145
187
199
84
97
120
148
166
85
92
115
152
172
86
94
117
156
175
83
111
156
167
172
134
157
247
319
348
103
138
183
202
222
6207
6236
276
287
250
202
228
263
255
224
172
201
271
250
218
167
202
256
258
177
168
212
275
273
176
179
238
274
272
246
360
376
374
380
398
1950
1951
1952
1953
1954
258
302
288
255
246
233
265
267
240
242
224
243
244
234
232
193
226
234
206
203
198
237
242
212
209
282
336
310
268
274
1955
1956
1957
1958
1959.
232
230
235
250
240
231
235
225
223
221
228
224
225
208
202
183
182
166
154
156
187
186
169
156
157
May
June
241
245
257
257
256
250
214
218
232
239
232
223
219
221
225
225
222
199
143
145
149
159
161
164
July .
August
September. __ .
October
November.. _.
December
250
248
255
249
247
244
222
221
228
221
218
213
192
192
196
201
201
199
245
243
244
244
245
242
215
218
220
223
230
229
240
239
239
235
230
228
226
221
220
219
216
217
. .
1935
1936
1937 .
1P3&
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
.-
.
1958:
January
February
March..
April
1959:
January
February ... .
March
April
May
June
July
August
September
October
_
November
December
161
86
87
101
128
98
81
74
89
114
125
131
115
110
116
115
111
110
96
109
138
171
198
196
108 120
143 140
186 163
203 6198
190 6222
98
122
152
191
177
228
260
363
351
242
211
242
288
315
272
6207 6229
6248 6268
329 273
361 301
311 252
198
201
223
242
221
402
436
432
433
443
276
339
296
279
304
280
336
306
268
249
340
409
353
288
283
249
286
303
267
246
186
228
206
221
178
272
268
263
253
264
437
452
466
482
504
249
255
244
225
219
234
226
244
273
255
246
235
275
334
312
247
255
259
254
254
191
176
162
169
142
143
145
150
163
165
170
231
211
220
236
246
246
476
475
475
474
474
474
228
225
230
234
233
234
264
269
278
272
276
272
306
319
335
339
352
348
268
263
254
239
231
227
174
172
187
175
173
169
163
160
157
149
143
151
169
165
161
151
143
152
260
281
292
281
273
256
474
478
485
499
498
504
228
230
217
212
210
214
274
272
278
274
273
270
348
337
340
333
329
328
238
248
263
270
272
270
167
165
171
162
161
155
199
203
205
205
205
199
152
154
155
161
163
163
153
155
157
164
167
168
238
238
254
264
269
266
499
505
505
508
508
509
218
221
223
225
230
228
270
265
264
261
258
252
328
322
327
336
338
329
264
258
249
240
232
229
161
159
154
135
126
124
200
201
198
203
206
206
161
159
156
149
150
149
164
161
157
148
149
146
287
281
280
274
260
254
503
504
510
505
504
491
222
214
204
208
216
215
252
254
256
248
243
238
314
314
307
291
275
264
239
251
265
273
279
274
139
139
143
138
139
148
See footnotes at end of table, p. 231.
166
142
111
230
TABLE D-66.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929-59—
Continued
[1910-14=100]
Prices paid by farmers
All
Commodities and services
items,
inProduction items
terest,
taxes,
Famand
All
wage items living All
Motor Farm
ma- Ferrates
tive- chinitems production l Feed hicles
(parity
items
index)
ery lizer
Period
fly
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1958:
_
-
_.
January
February
March
April
May
June
July
August
September
October
November
December
1959:
January
February
March
April
May
June
July
August
September
October
November
December
154
144
124
106
108
122
146
135
113
99
99
114
122
130
149
165
174
179
197
230
250
240
246
271
273
261
262
259
260
267
273
275
124
124
128
122
120
121
130
149
166
175
182
202
237
251
243
246
268
271
269
270
270
274
282
287
289
122
122
132
122
121
123
130
148
164
173
176
191
224
250
238
246
273
274
256
255
251
250
257
264
266
136
122
86
64
73
103
106
109
124
93
93
100
108
132
156
173
172
200
236
250
206
210
236
251
227
226
211
206
201
198
199
290
291
293
294
295
294
293
293
294
294
294
295
270
271
273
274
275
274
274
274
274
274
274
274
285
286
287
288
288
287
287
287
286
287
288
287
259
260
263
265
266
265
265
264
265
265
263
265
191
192
196
200
203
202
203
203
199
196
192
199
298
297
298
299
299
298
298
297
297
296
297
297
276
275
276
276
276
276
275
275
274
275
275
275
288
288
287
287
288
289
289
288
288
290
291
291
268
267
267
269
268
267
266
266
265
264
264
264
202
202
200
203
202
199
199
198
195
194
195
195
160
151
130
112
109
120
124
124
131
124
123
150
140
119
102
104
118
123
123
130
122
121
124
133
152
171
182
190
208
240
260
251
256
282
287
277
277
276
278
286
293
298
148
144
143
141
140
148
150
157
162
172
165
163
172
186
195
211
218
224
260
291
320
320
342
358
355
355
358
367
395
412
424
153
152
150
142
138
144
148
150
153
158
155
153
155
164
170
174
176
182
206
240
270
275
297
308
311
312
312
326
342
357
372
414
349
414
357
406
360
419
362
425
365
421
371
418
377
439
376
130
126
114
100
93
105
104
98
103
102
101
98
98
109
116
118
120
121
134
146
150
144
152
156
157
158
155
152
153
153
152
154
153
151
152
1
Includes items not shown separately.
2
Interest payable per acre on farm real estate debt.
3
Farm
real estate taxes payable per acre (levied in preceding year).
4
Monthly data are seasonally adjusted.
5
Percentage
ratio of prices received for all farm products to parity index.
6
Includes wartime subsidy payments.
Source: Department of Agriculture.
533287 0—60
16
2 31
Parity
In3 Wage ratio »
ter- Taxes rates4
est2
213
206
197
185
164
147
279
281
277
254
220
186
177
139
104
88
99
135
125
117
110
106
102
98
94
84
79
75
74
76
78
82
89
98
108
117
126
136
150
163
176
194
188
178
180
181
187
185
189
187
189
185
185
192
213
237
276
298
320
335
350
365
381
394
421
440
470
496
176
176
176
176
176
176
176
176
176
176
176
176
470
470
470
470
470
470
470
470
470
470
470
470
194
194
194
194
194
194
194
194
194
194
194
194
496 610
496
496
496 ~~~620
496
496
496 618
496
496
496 "~602
496
496
107
114
129
130
127
129
151
197
262
318
359
387
419
442
430
425
470
503
513
510
516
536
558
574
612
567
567
666
594
92
83
67
58
64
75
88
92
93
78
77
81
93
105
113
108
109
113
115
110
100
101
107
100
92
89
84
83
82
85
80
83
84
88
87
87
85
85
85
87
85
84
83
82
82
82
82
82
81
81
80
80
79
77
77
TABLE D-67.—Farm production indexes, 1929-59
[1947-49=100]
Crops
Livestock and products
Farm
Oil
Period outMeat Dairy PoulFood Vege- Fruits
To- bearput J Total 2 Feed Hay
try
and grains
and Cotani- prod- and
ton bacco ing Totals mals
grains forage
tables nuts
ucts eggs
crops
1929---
74
79
83
88
66
78
76
104
75
21
77
77
82
63
1930-.1931--1932...
1933..1934...
72
79
76
70
60
76
84
80
71
58
73
84
95
73
48
75
79
86
79
67
72
76
62
45
44
79
80
80
77
84
75
94
76
77
72
98
119
91
91
68
81
76
49
68
54
23
23
21
18
21
78
80
81
82
75
78
82
83
86
73
84
86
86
87
85
65
63
63
62
59
1935...
1936...
1937 ..
1938--.
1939. . .
72
65
82
79
79
76
64
88
83
82
80
53
87
84
83
96
74
87
98
93
53
52
72
75
61
85
80
86
86
85
91
72
95
85
101
75
87
133
84
83
65
58
78
69
93
34
27
30
36
47
72
77
76
79
85
66
74
71
77
88
86
87
86
89
90
59
63
63
65
70
1940...
1941.-.
1942...
1943...
1944...
82
85
96
94
97
85
87
97
91
96
85
91
104
96
100
105
106
115
109
108
67
76
80
69
85
88
89
95
103
98
96
102
101
87
101
88
75
90
80
86
72
63
70
69
96
56
61
92
98
82
87
92
102
110
105
89
94
108
120
108
92
96
100
99
101
70
77
89
102
102
1945...
1946...
1947.-1948-..
1949...
95
98
95
104
101
93
98
93
106
101
97
101
81
116
103
112
104
102
99
99
89
92
108
103
89
100
111
97
103
100
92
110
104
95
101
63
61
83
105
112
98
114
104
98
98
88
84
91
109
100
104
101
100
97
103
103
101
100
97
103
103
102
101
98
101
106
99
98
96
106
1950...
1951. ..
1952...
1953 ...
1954...
101
104
108
109
109
97
99
104
103
101
104
97
103
101
106
106
110
106
109
108
83
82
105
96
85
102
95
96
101
98
101
103
100
101
102
70
106
106
115
96
101
116
112
102
111
115
106
104
103
116
107
112
112
114
117
109
117
117
116
121
101
100
100
105
107
111
116
117
120
125
1955...
1956.-1957_._
1958--,
1959 4_ .
113
114
114
125
125
105
106
106
118
118
112
112
122
134
142
115
109
122
124
115
80
84
79
117
93
102
109
104
107
103
102
107
103
114
117
103
93
77
81
103
109
108
83
86
89
128
152
147
182
161
120
122
121
125
128
127
123
119
124
130
108
110
111
111
110
123
136
137
145
149
1
Farm output measures the annual volume of farm production available for eventual human use through
sales from farms or consumption in farm households. Total excludes production of feed for horses and mules.
2 Includes production of feed for horses and mules and certain items not shown separately.
34 Includes certain items not shown separately.
Preliminary.
Source: Department of Agriculture.
232
TABLE D-68.—Selected measures of farm resources and inputs, 1940—59
Cropland
harvested
(millions
of acres)1
Year
Index numbers of inputs (1947-49=100)
Livestock
breeding
Exclusive of units
use for (1947Total feed for 49=
horses 100) 2
and
mules
Manhours
of
farm
work
(billions)
Total
Farm
labor
Farm
real
estate3
Mechanical
power
and
machinery
Fertilizer
and
lime
Feed,
seed,
and
live- Miscelstock laneous
purchases 4
1940
1941
1942
1943
1944
339
342
346
356
361
296
302
307
319
325
95
94
104
117
114
20.5
20.0
20.6
20.3
20.2
97
97
101
101
101
122
120
123
121
120
98
98
96
94
93
58
61
66
69
70
48
52
58
66
75
63
65
80
88
90
93
94
95
97
97
1945
1946
1947
1948
1949
354
351
354
356
360
322
322
328
332
338
108
107
103
98
99
18.8
18.1
17.2
16.8
16.2
99
99
99
100
101
113
108
103
100
97
93
96
98
101
101
74
80
89
100
111
78
92
97
98
105
101
97
102
101
97
97
98
99
97
104
1950
1951
1952
1953
1954
345
344
349
348
346
326
326
334
335
335
102
103
102
100
104
15.1
15.2
14.4
13.9
13.1
101
104
104
103
102
90
91
86
83
78
103
104
105
105
106
118
127
133
134
135
118
126
139
143
152
101
112
113
112
115
108
112
112
115
115
1955
1956
1957
1958
1959 s
340
326
326
328
332
330
317
318
321
326
106
104
102
100
104
12.8
12.1
11.4
11.1
11.1
102
102
100
101
(6)
76
72
68
66
(6)
106
105
105
105
(6)
136
137
138
137
(6)
156
158
163
166
(6)
120
128
130
141
(6)
120
124
122
127
(6)
1
Acreage harvested (excluding duplication) plus acreages in fruits, tree nuts, and farm gardens. Differs
from
series in Table B-20, which is a Census land area concept.
2
Animal
units of breeding livestock, excluding horses and mules.
3
Includes buildings and improvements on land.
4
Nonfarm
inputs associated with farmers' purchases.
5
Preliminary.
6
Not available.
Source: Department of Agriculture.
233
TABLE D-69.—Farm population, employment, and productivity, 1929-59
Farm population
(April 1) i
•
Period
Farm employment
Net
(thousands) 4
migration to
and
Per
per- from
Num- As
farms
cent
of
Family Hired unit
ber
of
Total
total
(thouworkers workers total
(thou- popu- sands) 3
sands) lation
2
input
Farm output
LiveCrop stock
proproduc- duction
Per man-hour
tion
per
per
breeding
acre 5
Liveunit
Total Crops' stock
Index, 1947-49=100
1929.... 30, 580
25.1
-477
12, 763
9,360
3,403
76
54
51
76
79
84
1930....
1931—
1932....
1933....
1934....
30, 529
30, 845
31, 388
32, 393
32, 305
24.8
24.8
25.1
25.8
25.5
-61
156
607
-463
-527
12, 497
12, 745
12, 816
12,739
12, 627
9,307
9,642
9,922
9,874
9,765
3,190
3,103
2,894
2,865
2,862
74
82
82
77
70
53
56
56
52
50
50
54
55
50
48
76
75
75
73
69
75
83
79
71
59
85
86
85
84
77
1935....
1936—
1937....
1938... .
1939....
32, 161
31, 737
31, 266
30, 980
30, 840
25.3
24.8
24.2
23.8
23.5
-799
-834
-661
-545
-703
12, 733
12, 331
11, 978
11, 622
11,338
9,855
9,350
9,054
8,815
8,611
2,878
2,981
2,924
2,807
2,727
82
73
87
87
84
57
53
62
64
64
57
50
60
63
63
70
73
73
76
79
76
65
88
85
85
84
86
87
91
91
1940....
1941... .
1942....
1943— _
1944....
30, 547
30, 273
29, 234
26, 681
25, 495
23.1
-633
22.7 -1,424
21.7 -2, 975
19.5 -1,563
-564
18.4
10, 979
10, 669
10,504
10, 446
10, 219
8,300
8,017
7,949
8,010
7,988
2,679
2,652
2,555
2,436
2,231
85
88
95
93
96
67
71
78
78
81
67
71
78
76
79
80
82
88
92
90
88
90
99
92
96
92
98
98
94
92
1945.-.
1946—
1947—
1948—
1949—
25, 295
26, 483
27, 124
25, 903
25, 954
18.1
864
151
18.7
18.8 -1,686
-371
17.7
17.4 -1,314
10,000
10, 295
10, 382
10, 363
9,964
7,881
8,106
8,115
8,026
7,712
2,119
2,189
2,267
2,337
2,252
96
99
96
104
100
84
91
92
104
104
85
92
91
104
105
91
94
97
99
104
95
101
95
106
99
96
94
97
99
104
1950—.
1951—
1952—
1953—
1954—
25, 058
24, 160
24, 283
22, 679
22, 099
16.5 -1,302
-271
15.7
15.5 -1, 996
14.2 -1,171
-91
13.6
9,926
9,546
9,149
8,864
8,639
7,597
7,310
7,005
6,775
6,579
2,329
2,236
2,144
2,089
2,060
100
100
104
106
107
112
114
126
131
140
114
112
125
129
138
107
114
117
120
124
97
98
104
103
101
105
109
110
114
112
1955—
1956—.
1957—
1958—
1959 7__
22, 438
22, 362
21,606
21, 388
21, 172
-256
13.6
13.3 -2, 236
12.6
93
12.3
(86)
12.0
()
8,364
7,820
7,577
7,525
7,384
6,347
5,899
5,682
5,570
5,459
2,017
1,921
1,895
1,955
1,925
111
112
114
123
(6)
149
158
168
188
189
148
161
180
203
(6)
130
136
138
144
(6)
106
109
112
126
123
113
117
119
125
123
1 Farm population as denned by Department of Agriculture and Department of Commerce, i.e., civilian
population living on farms, both urban and rural, regardless of occupation.
2 Total population of United States as of July 1, excluding Alaska and Hawaii; includes armed forces abroad.
3 Net change for year beginning in April, estimated by Department of Agriculture. For 1940 and subsequent years, includes inductions and enlistments into the armed forces, and persons returning from the
armed forces. For all years, includes persons who have not moved but who are in and out of the farm population because agricultural operations have begun or have ceased on the place where they are living.
* Includes persons doing farm work on all farms. These data, published by the Department of Agriculture, Agricultural Marketing Service, differ from those on agricultural employment by the Department
of Labor (see Table D-17) because of differences in the method of approach, in concepts of employment,
and in time of month for which the data are collected. For further explanation, see monthly report on
Farm Labor, September 10, 1958.
« Computed from variable weights for individual crops produced each year.
« Not available.
7 Preliminary.
NOTE.—Farm population figures have been revised for 1954-58. A similar revision of net migration
data for 1953-57 is in process, but not yet completed. Therefore, the two series are not strictly comparable
for the periods mentioned.
Sources: Department of Agriculture and Department of Commerce.
234
TABLE D-70.—Selected indicators of farming conditions, 1929-59
Value of production assets
(dollars) i
Number
of farms
(thousands)
Year
Current prices
1947-49 prices
Per
farm
Per
farmworker
Per
farm
Per
farmworker
Investment
during year
in farm plant
and equipment
(millions of
dollars)
Gross
Real
Foreestate
closure
debt as rate
per
percent
1,000
of value 3 farms
<
(percent)
Net 2
Percent
of all
farms
having
central
station
electrical
service 5
1929 . .
6,512
(6)
(6)
(6)
(6)
966
50
20.3
15.7
(6)
1930
1931
1932
1933
1934
6,546
6,608
6,687
6,741
6,776
(6)
(66)
()
(6c)
6
(6)
(66)
(6)
(6)
(6)
6
8( )
717
408
194
189
376
-238
-448
-540
-455
-274
20.1
21.5
24.5
27.5
23.9
18.7
28.4
38.8
28.0
21.0
(6)
(66)
(6)
(6)
()
1935
1936
1937
1938
1939--.
6,814
6,739
6,636
6,527
6,441
6
()
()
8
8
8
8
(66)
(6)
(6)
(6)
()
(66)
(6)
(6)
()
(6)
560
756
903
685
774
-104
28
107
-148
-7
22.8
21.7
20.3
19.8
19.9
20.3
18.1
14.3
13.4
12.5
10.9
12.3
15.8
19.1
22.1
1940
1941
1942
1943
1944
6,350
6,293
6,202
6,089
6,003
6,094
6,340
7,449
8,934
10,328
3,413
3,634
4,330
5,179
5,935
13, 118
13, 444
14,076
14, 748
15,042
7,347
7,706
8,183
8,549
8,644
872
1,199
1,202
918
1,488
76
325
-168
-485
25
19.6
18.9
17.0
14.3
11.2
10.4
6.1
4.3
3.0
1.9
30.4
34.9
38.3
40.3
42.2
5,967
5,926
5,871
5,803
5,722
11, 346
12, 435
14, 154
15,906
17, 144
6,625
7,370
8,072
8,890
9,466
15, 100
15, 151
15,364
15, 509
16, 480
8,817
8,980
8,762
8,678
9,100
1,533
2,035
3,245
4,316
4,492
193
811
1,641
2,257
2,064
9.2
7.8
7.2
6.9
6.9
1.5
1.1
1.0
1.2
1.4
45.7
54.3
61.0
68.6
78.2
1950
1951 1952
1953
1954
5,648
5,535
5,421
5,308
5,201
16, 979
20, 434
23, 206
22, 946
22, 592
9,625
11, 394
13, 178
13, 313
13, 256
16, 979
17, 742
18, 428
19, 009
19, 631
9,625
9,893
10, 465
11, 029
11,519
4,594
4,825
4,696
4,785
4,230
1,858
1,599
1,297
1,265
614
7.4
7.0
7.0
7.5
8.2
1.5
1.6
1.3
1.7
2.0
77.2
84.2
88.1
90.8
92.3
1955
1956 -1957
1958 1959 7
5,087
4,969
4,856
4,749
4,645
23, 806
25, 055
27, 183
29,606
33, 455
14,018
14, 886
16, 880
18, 503
20, 651
20, 306
21, 091
21, 520
22, 068
23, 165
11,957
12, 530
13, 363
13, 831
14,299
4,229
3,863
3,955
4,440
4,874
507
141
70
452
712
8.4
8.8
9.1
9.0
9.0
2.3
2.0
1.7
1.6
(6)
93.4
94.2
94.8
95.4
96.0
1945
1946 .
1947
1948 1949
.
()
()
8( )
6
(6)
6
()
()
6
1 Farm real estate less value of dwellings; livestock; crops held for feed; machinery; farm share of value
of 2automobiles; and demand deposits used for production. Data are for January 1.
Gross investment less depreciation and other capital consumption.
3 Data are for January 1.
4
Data are for year ending March 15 of the year following that indicated.
s Data are for June 30, except for Census of Agriculture years: 1935 (January 1), 1940 (April 1), 1945
(January
1), and 1950 (April 1).
6
Not available.
? Preliminary.
Source: Department of Agriculture.
235
TABLE D-71.—Comparative balance sheet of agriculture, T940-60
[Billions of dollars]
Assets
Claims
Other physical assets
Beginning
of period
MachinReal
Total estate
ery
Live- and
stock motor Crops i
vehicles
Household
furnishings
and
equipment 2
Financial assets
Deposits
U.S.
and savings
cur- bonds
rency
ProReal Other prieInvest- Total estate
tors'
ment
debt debt equiin coties
operatives
1940
1941
1942
1943
1944
53.0
55.1
62.5
73.3
83.8
33.6
34.4
37.5
41.6
48.2
5.1
5.3
7.1
9.6
9.7
3.1
3.3
4.0
4.9
5.3
2.7
3.0
3.8
5.1
6.1
4.3
4.3
4.5
4.6
4.6
3.2
3.5
4.2
5.4
6.6
0.2
.4
.5
1.1
2.2
0.8
.9
.9
.0
.1
53.0
55.1
62.5
73.3
83.8
6.6
6.5
6.4
6.0
5.4
3.4
3.9
4.1
4.0
3.5
43.0
44.7
52.0
63.3
74.9
1945
1946
1947
1948
1949
93.1
102.0
113.9
125.2
132.1
53.9
61.0
68.5
73.7
76.6
9.0
9.7
11.9
13.3
14.4
6.3
5.2
5.1
7.0
9.4
6.7
6.3
7.1
9.0
8.6
4.7
4.8
5.4
6.2
7.0
7.9
9.4
10.2
9.9
9.6
3.4
4.2
4.2
4.4
4.6
.2
.4
.5
.7
.9
93.1
102.0
113.9
125.2
132.1
4.9
4.8
4.9
5.1
5.3
3.4
3.2
3.6
4.2
6.1
84.8
94.0
105.4
115.9
120.7
1950
1951
1952
1953
1954
130.8
149.6
165.6
162.9
159.7
75.3
86.8
96.0
96.6
94 7
12.9
17.1
19.5
14.8
11.7
11.3
13.0
15.2
15.6
16.3
7.6
7.9
8.8
9.0
9.2
7.8
8.7
9.5
10.2
10.8
9.1
9.1
9.4
9.4
9 4
4.7
4.7
4.7
4.6
4 7
2.1
2.3
2.5
2.7
2.9
130.8
149.6
165.6
162.9
159 7
5.6
6.1
6.7
7.3
78
6.9
7.0
7.9
8.8
9 3
118. a
136.5
151.0
146.8
142.6
1955
1956
1957
1958
1959
164.7
168.3
176.4
186.4
203.1
98.8
102.7
109.5
116.3
125.1
11.2
10.7
11.1
14.1
18.1
16.2
16.7
17.1
17.4
18.4
9.6
8.3
8.3
7.6
9.4
11.4
11.9
12.4
12.8
13.1
9.4
9.5
9.4
9.5
10.0
5.0
5.2
5.1
5.1
5.2
3.1
3.3
3.5
3.6
3.8
164.7
168.3
176.4
186.4
203.1
8.3
9.1
9.9
10.5
11.3
9.5
9.8
9.6
9.7
12.0
146.9
149.4
156.9
166.2
179.8
1960S
208.2 128.6
(0
W
(<)
C4)
(«)
(0
208.2
12.0
12.0
184. 2
1
(<)
Includes all crops held on farms for whatever purpose and crops held off farms as security for Commodity
Credit
Corporation loans. The latter on January 1, 1959, totaled $1,877 million.
3
Estimated valuation for 1940, plus purchases minus depreciation since then.
« Preliminary.
4
Not available.
Source: Department of Agriculture.
236
INTERNATIONAL STATISTICS
TABLE D-72.— United States balance of payments, 1953-59 l
[Millions of dollars]
1959
1953-55
(annual
average)
1956
1957
1958
First
quarter
20, 502
25, 846
27, 374
27, 079
6,513
8,962
7,343
16, 890
19, 829
20, 923
20, 951
5,422
5,992
6,162
10, 957
1,104
1,030
12 804
1,408
1,275
13 291
1, 569
1,372
12, 946
1,599
1,460
3 604
381
257
3 885
470
415
3 852
455
612
688
2,654
807
2 955
873
3 165
854
3,416
199
801
208
821
263
765
377
80
426
154
452
201
537
139
128
52
134
59
141
74
2,401
2,398
2,318
2,318
619
575
529
Government grants
._ . _ _ 1,795
Remittances and other transfers
606
1,733
665
1,616
702
1,611
707
433
186
390
185
331
198
1,211
3,619
4,133
3,810
472
2,395
652
1,066
2,990
3,175
2,844
383
752
431
721
236
-151
41
219
1,859
453
-174
324
528
2,058
597
-179
441
258
1,094
955
-85
574
306
267
163
-22
147
-172
450
115
-36
154
69
291
170
-12
42
-60
145
468
-470
147
629
545
-479
563
958
993
-659
624
89
1,643
966
1,272
287 2 1, 654
-116
-647 3 -263
341
105
65
221
205
-134
150
18, 610
24, 235
27, 094
23, 223
5,456
5,988
6,017
5,798
5,883
Type of transaction
United States payments: Total
Imports of goods and services: Total .
Merchandise, adjusted, excluding
military
Transportation _
Travel
Miscellaneous services, excluding
military..
Military expenditures
Income on investments:
Private
Government
Unilateral transfers, net, excluding military: Total
_
_
United States capital, net: Total
Private, net: Total _
Direct investments, net.
New issues
Redemptions
0 ther long-term , net
Short-term, net
Government, net: Total '
Long-term capital, outflow
.
Repayments
Short-term, net
_ __
United States receipts: Total.
Exports of goods and services* Total
Merchandise, adjusted, excluding
military
Transportation
Travel
Miscellaneous services
M ilitary transactions _ _
Income on investments:
Direct investments
Other private
_ _
Government
Foreign long-term investments in the
United States, net *
Net United States payments (— )
Increase in liquid dollar holdings by foreign countries and international institutions
United States gold sales or purchases (— ).
Errors qnd omissions
Second Third
quar- quarter
ter
18 345
23 705
26, 733
23, 199
5,381
13, 120
1,263
608
968
192
17, 379
1,642
705
1,210
158
19, 390
1,999
785
1,306
372
16, 227
1,650
825
1,279
296
3,798
386
170
318
74
4,061
434
224
322
88
4,032
457
286
330
57
1,693
235
266
2,120
297
194
2,313
363
205
2,198
417
307
468
108
59
488
121
60
536
113
72
265
530
24
75
190
134
-3, 856 -1,057 2-2,974
-1,326
-1,892 -1,611
1,089
500
303
1
1,274
-306
643
361
-280
330
-798
748
1,031
1,140
744
1,876
2,275
96
741
167
441
217
357
128
Excludes transfers of goods and services under military grant programs.
> Includes $1,375 million for increase in United States subscription to the International Monetary Fund,
of which $344 million was in gold and $1,031 million in non-interest-bearing notes.
3 Includes $150 million advance repayment by Germany on postwar debt to the United States.
4
Excludes investment in U.S. Government securities.
Source: Department of Commerce.
237
TABLE D-73.—U.S. Government grants and credits, by areas and major countries, fiscal years
1954-59
[Millions of dollars]
Fiscal years
Area and country
Net new grants (excluding military supplies and
services)
Western Europe (excluding Greece and Turkey) _.
Spain
Yugoslavia
. . _.
Other Europe
Near East (including Greece, Turkey, and United
Arab Republic)
Greece
--.
Iran
Jordan
Lebanon ._
Turkey
_
._
...
__
1955
1956
1957
1958
1,597
1,989
1,714
1.719
1,548
1,630
823
909
453
296
195
144
1
42
26
72
42
40
50
46
50
22
33
38
14
10
9
2
2
253
257
238
231
157
378
60
68
5
4
39
48
56
15
7
53
41
29
6
4
83
39
49
9
5
74
15
15
35
6
33
31
22
64
32
173
Other Africa (excluding United Arab Republic). .
Libya
Tunisia
- -
India
Pakistan
Far East and Pacific
-
Cambodia
China-Taiwan
Korea
__.
Laos
_ _ _
Thailand
Vietnam
.
__..
._
_
American Republics
Other international organizations and unspecified
areas
New credits
Western Europe (excluding Greece and Turkey) ._
7
15
19
37
41
79
10
1
13
1
22
7
12
9
21
35
114
102
169
107
150
161
30
83
67
30
74
92
47
49
53
64
47
90
310
582
696
845
788
654
(0
77
151
0)
5
1
15
82
238
28
6
159
28
92
298
37
25
169
41
96
317
49
33
246
39
61
327
38
24
222
24
68
293
26
39
152
34
54
77
96
118
109
41
59
62
98
96
103
624
448
487
445
1,135
1,276
166
M12
41
29
3359
250
1
32
0)
13
10
50
7
0)
37
55
131
0)
0)
Italy
Spain. . ...
Yugoslavia..
0)
0)
Other Europe (Poland)
0)
0)
4
24
Near East (including Greece, Turkey, and United
Arab Republic)
Greece
Iran
_ _
Israel _
Turkey
6
Japan
.
.
See footnotes at end of table, p. 240.
238
0)
20
26
89
56
126
100
3
13
19
16
27
24
39
35
9
44
46
1
30
6
1
49
50
34
28
32
22
2
7
53
37
78
126
3
1
31
15
18
10
23
48
58
62
117
81
188
143
175
154
95
59
117
102
110
104
0)
0)
Far East and Pacific
37
0)
0)
..
6
5
South Asia.
India .
Pakistan
W
23
12
29
25
0)
0)
Other Africa (excluding United Arab Republic) ._
0)
3
0)
South Asia
1959
1954
TABLE D-73.—U.S. Government grants and credits, by areas and major countries, fiscal years
1954-59—Continued
[Millions of dollars]
Fiscal years
Area and country
1954
1956
1955
1958
1957
1959
New credits —Continued
American Republics
Argentina
Brazil
Chile.
Colombia
Mexico
Peru
-__ _
158
2
217
3
7
25
7
1
106
2
0)
28
(')
8
4
501
460
508
640
519
668
361
224
265
284
206
380
227
12
53
81
6
56
92
19
72
66
32
108
69
38
5
5
212
65
Other international organizations and unspecified
areas..
_
Principal repayments
Western Europe (excluding Greece and Turkey) —
France
- _
Germany
United Kingdom
83
276
Other Europe
152
0)
0)
0)
0)
39
0)
0)
10
10
77
5
1
14
33
346
600
29
50
45
80
55
52
76
230
42
67
83
61
0)
0)
4
5
5
5
3
4
Near East (including Greece, Turkey, and United
Arab Republic) __
__
17
13
15
13
23
24
Other Africa (excluding United Arab Republic) .._
11
8
10
18
24
28
South Asia ._
India
Pakistan
..
__
Far East and Pacific
(0
0)
2
107
45
0)
0)
0)
0)
2
96
11
31
14
72
88
85
35
Japan
0)
100
1
(0
1
92
15
87
60
61
63
65
American Republics
60
106
125
121
132
137
Other international organizations and unspecified
areas
13
4
14
2
2
2
117
88
259
122
399
226
848
298
325
15
170
-30
3
19
25
19
38
73
17
44
79
86
80
90
-46
25
52
-27
35
-43
78
56
Net short-term assistance through sale of agricultural
commodities4
Western Europe (excluding Greece and Turkey) ._
Italy
Spain
Yugoslavia
.-
Other Europe (Poland)
0)
0)
Near East (including Greece, Turkey, and United
Arab Republic)
(1)
Greece
Israel
Turkey
0)
Other Africa (excluding United Arab Republic)-..
South Asia
(')
1
59
48
94
22
-26
i
19
15
25
9
6
11
20
15
56
-23
3
44
-8
8
-40
0)
0)
213
199
10
2
15
171
85
184
30
216
-23
27
163
-15
-21
-10
74
-4
54
16
-22
-2
5
-7
-36
82
32
5
-6
Indonesia
Japan
_Korea
0)
22
0)
0)
15
25
_.
American Republics
0)
See footnotes at end of table, p. 240.
239
0)
261
0)
60
.
7
17
Far East and Pacific
.
0)
('.)
11
0)
0)
0)
27
India
. .
Pakistan
0)
8
0)
11
TABLE D-73.—U.S. Government grants and credits, by areas and major countries, fiscal years
1954-59—Continued
[Millions of dollars]
Fiscal years
Area and country
Net military grants
8
_.
Western Europe (excluding Greece and Turkey) 5 _
1954
1955
1956
1957
1958
3,497
2,531
2,998
2,311
2,398
2,162
2, 326
1,583
1,818
1,197
799
722
1959
Near East and Africa (including Greece and
Turkey)
381
289
387
393
622
554
Far East and Pacific-..
726
596
732
626
877
810
American Republics.
45
43
38
72
73
50
Other international organizations and unspecified
areas
19
20
23
25
26
26
1 Less than $500,000.
Includes $100 million mutual security program loan to European Coal and Steel Community.
Includes $250 million Export-Import Bank loan to the United Kingdom, repaid in October 1959.
Gross sales (currency claims acquired) less currencies used by U.S. Government.
Includes cash contributions to the multilateral construction program of the North Atlantic Treaty
Organization, some part of which may be in Greece and Turkey as NATO members.
NOTE.—Area totals include data not shown separately.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
2
3
4
8
240
TABLE D-74.—United States imports of miscellaneous consumer manufactures, 1953-59 l
[Millions of dollars]
Product
1953
1954
1955
1956
1957
1958
JanuarySeptember
1958
Total
1959
620
653
788
891
953
919
639
879
26
2
14
3
28
1
14
3
35
2
13
3
47
4
14
4
54
7
15
4
60
15
14
4
43
10
11
3
56
44
11
4
28
11
30
108
32
13
34
123
40
17
40
152
47
24
47
162
54
24
51
142
51
23
41
142
36
15
30
98
46
24
43
135
Precious stones, excluding diamonds _
Jewelry and plated ware
Cutlery, flatware, hand tools, etc.
Aluminum, brass, and bronze ware ._
23
17
19
27
24
18
26
24
27
24
32
30
29
25
39
28
30
25
46
28
27
23
35
33
18
16
28
24
25
22
33
27
Electric home appliances, radios, etc.
Sewing machines and parts
Motorboats, motorcycles, and bicycles
Soap and toilet preparations
5
25
27
6
6
23
36
7
7
31
44
8
13
33
44
9
25
35
43
9
37
29
47
8
23
20
34
5
53
29
40
8
Photographic goods
Scientific and professional instruments
Musical instruments
Dolls, toys, and sporting goods
25
8
17
17
20
10
17
20
27
14
18
28
33
17
21
39
43
20
22
46
41
20
19
42
30
14
13
30
36
17
19
44
Firearms and parts
Books, maps, etc.
Clocks, watches, and parts
Artworks and antiques _
10
19
85
22
13
22
67
27
9
23
66
42
8
30
75
36
9
39
78
44
9
34
60
51
6
24
40
32
8
29
49
41
3
43
3
42
3
53
3
60
5
55
5
49
3
33
3
33
Leather articles— footwear, gloves, luggage, etc.Rubber articles — footwear, toys, balls, etc.
Nursery and greenhouse stock
Fur and felt apparel
Furniture and household notions Glassware, mirrors, etc
Porcelain, earthenware, and china
Gem diamonds
.
_ __
Tobacco manufactures
Miscellaneous goods _
1
Excludes manufactured foodstuffs, passenger cars, and wearing apparel.
Source: Department of Commerce.
241
TABLE D-75.—Estimated gold reserves and dollar holdings of foreign countries and international
institutions, selected periods, 1952-59
[Millions of dollars; end of period]
1959
September1
Total
Continental Western Europe
Austria
Belgium- Luxembourg (and Belgian Congo) ...
France (and dependencies)
Germany -- _ . _ _
Italy
Netherlands (and Netherlands West Indies
and Surinam)
...
Scandinavian countries (Sweden, Norway,
Denmark, and Finland)
' ._ ._
Switzerland
Other
Sterling area
-
United Kingdom
Other
Canada...
._
.
.
.
Latin America
Argentina
Brazil .
Chile
Colombia
Cuba
Mexico
Peru
- --.
Venezuela
Other
._
_.
-
.
.
Asia
Japan
Other
_
_. _
.
All other countries
International institutions
.
__
24 451
29 304
32 621
32 703
36 913
41 984
8 651
11 888
14 433
15 076
17 868
19 494
149
1,027
1 141
691
665
347
1,054
1 467
1 999
935
377
1,239
1 512
3 343
1,270
460
1,192
955
4 113
1,533
612
1,528
1 146
4 407
2 209
692
1,491
2 2 077
4 050
2 959
824
1,123
1,080
1,058
1 512
1,737
606
2 099
1,449
745
2 223
1,995
882
2,643
2,087
980
2 813
1,972
1 121
2 853
2 480
1,166
2 895
2 427
3,473
4,448
4,157
4 247
5,131
5 465
2,514
959
3,406
1,042
3,015
1,142
3,080
1,167
3,917
1,214
4,220
1,245
2,627
2,709
2,996
3,180
3,438
3,734
3 432
3 819
4 313
4 544
4 123
4 077
428
392
121
194
543
380
107
521
746
531
444
113
308
547
395
118
600
763
370
550
138
210
514
604
119
1,061
747
263
457
116
215
525
569
88
1,556
755
210
464
140
241
452
565
96
1,215
740
325
496
212
263
359
562
107
1,000
753
2,376
2,236
2,812
2,340
2,644
3,193
931
1,445
850
1,386
1,149
1,663
716
1,624
1,095
1,549
1,421
1,772
345
340
375
397
338
376
3,547
3,864
3,535
2,919
3,371
5,645
1
Preliminary.
2 Includes repayment to Bank of France of $286 million in gold loaned by Bank to French Exchange
Stabilization Fund in June 1957.
NOTE.—Includes gold reserves and dollar holdings of all foreign countries with the exception of gold
reserves of U. S. S. R. and other Eastern European countries, and of international institutions (International
Bank for Reconstruction and Development, International Monetary Fund, United Nations and others).
Holdings of the Bank for International Settlements (both for its own and EPU account) and of the Tripartite Commission for Restitution of Monetary Gold are included under "other" Continental Western
Europe.
Source: Board of Governors of the Federal Reserve System.
242
TABLE D-76.—Price changes in international trade, 1956-59
[1953=100]i
1957
Trade sector
1956
1958
1959
First Third First Third First Second Third
quar- quar- quar- quar- quar- quar- quarter
ter
ter
ter
ter
ter
ter
United States, foreign traded
104
88
109
104
104
88
111
104
104
88
108
105
107
89
103
114
106
89
100
112
107
88
102
115
107
87
102
114
107
85
102
115
104
99
94
100
104
97
109
100
104
100
107
100
102
99
103
101
99
96
100
100
98
89
100
100
98
90
101
99
98
89
102
100
102
99
98
96
105
100
99
98
105
99
95
92
104
95
92
88
102
93
88
84
101
90
84
78
101
90
81
75
101
91
M anuf actured goods *
__
Nonferrous base metals *
103
123
106
110
107
96
108
85
106
90
106
98
106
98
106
98
5
Primary commodities
Foodstuffs 5
_ - _ .6_ _
Coffee, tea, cocoa
Other agricultural
commodities 5. .
Wool 88
Minerals
__ _.
Metal ores *
101
97
100
101
87
109
110
106
101
99
104
101
119
112
101
97
97
101
97
111
105
97
93
97
93
78
109
98
96
95
95
89
66
108
99
92
89
81
89
61
104
99
93
87
80
95
74
102
99
94
89
80
95
78
102
99
Exports
Foodstuffs
Industrial materials
Finished manufactures
_ _
Imports for consumption
Foodstuffs
Industrial materials
_. _
Finished manufactures
.. _.
World trade: 3
Industrial countries: Exports
._
Other countries: Exports
..Latin America
E xcluding petroleum
Commodity classes:
1 Data shown for United States foreign trade and for country groups and for manufactured goods in the
world trade section of the table are unit value indexes. All others are price indexes.
For description of world trade indexes by commodity classes, see "Methods Used in Compiling the
United Nations Price Indexes for Basic Commodities in International Trade," Statistical Papers, Series
M,2 No. 29, United Nations, New York.
The series shown for foodstuffs is the weighted average of the two commodity classes, crude foodstuffs
and manufactured foodstuffs. The series shown for industrial materials is the weighted average of the
two commodity classes, crude materials and semimanufactures.
3 Excludes trade of U. S. S. R. and Soviet bloc countries.
« Exports.
' Exports and imports.
Sources: Department of Commerce and United Nations.
243
U. S. GOVERNMENT PRINTING OFFICE: I960
O—533287
@FedFRASER