84th Congress, 1st Session : * ^S ^<** • 1 ' * * "
Economic IndicatorsAUGUST 195S
Prepared for the Joint Committee on the Economic Report&"'
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1955Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of PubUc Law 304, 79th Gong.)
PAUL H. DOUGLAS, Illinois, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
JOHN SPARKMAN (Alabama) RICHARD BOLLING (Missouri)J. WILLIAM FULBRIGHT (Arkansas) WILBUR D. MILLS (Arkansas)JOSEPH C. O'MAHONEY (Wyoming) AUGUSTINE B. KELLEY (Pennsylvania)RALPH E. FLANDERS (Vermont) JESSE P. WOLCOTT (Michigan)ARTHUR V. WATKINS (Utah) HENRY O. TALLE (Iowa)BARRY GOLDWATER (Arizona) THOMAS B. CURTIS (Missouri)
GROVER W. ENSLEY, Staff DirectorJOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERSARTHUR F. BURNS, Chairman
RAYMOND J. SAULNIER
JOSEPH S. DAVIS
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the JointCommittee on the Economic Report be authorized to issue a monthly publication entitled "Economic Indicators,"and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and theSergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; twocopies to the libraries of the Senate and House9 and the Congressional Library; seven hundred copies to the JointCommittee on the Economic Report; and the required number of copies to the Superintendent of Documents fordistribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printedfor sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce
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ContentsTOTAL OUTPUT, INCOME, AND SPENDING
PageThe Nation's Income, Expenditure, and Saving 1Gross National Product or Expenditure 2National Income 3Sources of Personal Income 4Disposition of Personal Income 5Per Capita Disposable Income 6Farm Income 7Corporate Profits 8Gross Private Domestic Investment 9Expenditures for New Plant and Equipment 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGESStatus of the Labor Force 11Nonagricultural Employment 12Average Weekly Hours—Selected Industries 13Average Hourly Earnings—Selected Industries 14Average Weekly Earnings—Selected Industries 15
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production 16Production of Selected Manufactures 17Weekly Indicators of Production 18New Construction 19Housing Starts and Applications for Financing 20Sales and Inventories—Manufacturing and Trade 21Merchandise Exports and Imports 22
PRICESConsumer Prices 23Wholesale Prices 24Prices Received and Paid by Farmers 25
CURRENCY, CREDIT, AND SECURITY MARKETSCurrency and Deposits 26Bank Loans, Investments, and Reserves 27Consumer Credit 28Bond Yields and Interest Rates 29Stock Prices 30
FEDERAL FINANCEBudget Receipts and Expenditures 31Cash Receipts from and Payments to the Public 32
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TOTAL OUTPUT, INCOME, AND SPENDINGTHE NATION'S INCOME, EXPENDITURE, AND SAVING
Estimates of total income and expenditures for the second quarter of 1955 reflect the continued rise in over-alleconomic activity.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES
CONSUMERS300
250
200
150
DISPOSABLE. INCOME
^EXPENDITURES
I I I I I I I I I I I I
300
250
200
150
1 I I
BUSINESS100 100
GROSS RETAINEDEARNINGS^
0 I I I I I I I
GOVERNMENT-FEDERAL, STATE, AND LOCAL100 100
(LESS TRANSFER PAYMENTS)
1955
FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT.•^INCLUDES CORPORATE UNDISTRIBUTED PROFITS AND INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES.^PRELIMINARY ESTIMATES.NOTE: THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES.OR
GROSS NATIONAL PRODUCT, BECAUSE OF STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT, SEE SENATE REPORTNO. 1295, JOINT ECONOMIC REPORT, PR 92-93, 99-105, AND THE ANNUAL ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1953, APPENDIX A.
SOURCES: DEPARTMENT OF COMMERCE AND COUNCIL OF ECONOMIC ADVISERS. COUNCIL OF ECONOMIC ADVISERS
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GROSS NATIONAL PRODUCT OR EXPENDITUREThe gross national product rose substantially in the second quarter to a new record high of about $385 billion (sea-sonally adjusted annual rate), according to current estimates. Increases of about $5 billion in personal consumptionexpenditures and $6 billion in gross private domestic investment were partially offset by a $1 billion decline in gov-ernment purchases.
BILLIONS OF DOLLARS•v 400
350
300
250
200
BILLIONS OF DOLLARS4OO
300
____^ 250
I 50
-50 L
I955
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
19391946194719481949_ _.1950. _1951195219531954 __
1954: First quarterSecond quarter _Third quarterFourth quarter
1955: First quarterSecond quarter
Totalgross
nationalproduct
91.1209.2232.2257. 3257.3285. 132a 2345.2364.5360.5
Personalcon-
sump-tion
expend-itures
67.6146. 6165.0177.6180.61940208.3218. 3230. 6236.5
Grossprivate
domesticinvest-ment
9.327. 129.741.232.551. 256. 949. 651.447. 2
Netforeigninvest-ment
0.94 68.92.0.5
-2.2.2
2-2.0-.3
Government purchases of goods and services
Total »
13.330.928. 636.643.642. 062.877.584.577,0
Federal
Total *
5.220.915.821.025.422. 141. 054.359.549. 2
Nationalsecurity2
1.321.213.316.019.318.537.348.851.443.2
Other
3.92.53.85.66.63.94.25.88.56.3
Stateandlocal
a 210.012.815.618. 219.921.823.225.027.8
Seasonally adjusted annual rates
358. 3357.6358.8367. 1375.3384.8
232. 2235. 1237.9241. 0245.8250.5
45.546. 945.950.754. 160. 1
-1. 13
-.7.9
-.4-.7
81.775.975.874.575.874.9
54.748.647.745.746.445.2
46.843.642. 140.541.240. 4
8.35.46. 15.55.55.2
27.027.328. 128.729.429.7
JLess Government sales.J Includes expenditures for military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promo-
tton of the merchant marine, promotion of defense production and economic stabilization, and civil defense. For further details, see Economic Report of thePresident, January 1955 (p. 137), and National Income, 195J, Edition (p. 148). These expenditures are not comparable with the "national security" category in TheBudget of the U, S. Government for the Fiscal Year Ending June SO, 1955, and shown on p. 31 of E( - - -. 31 of Economic Indicators.
NOTE —The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.
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NATIONAL INCOMEThe increase in general business activity during the second quarter was reflected in a $9 billion (seasonally adjustedannual rate) rise in national income. Increases in employee compensation and corporate profits accounted for mostof the rise.
ilLLIONS OF DOLLARS150
300
250 -
BILLIONS OF DOLLARS
300
250
CORPORATE PROFITS ANDINVENTORY VALUATION ADJUSTMENT
ISO
1950
-'PRELIMINARY ESTIMATES BY COUNCJL OF ECONOMIC ADVISERS-SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
1955
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1939 _„1946 -19471948 -.1949I960 _1951- - _19521953 . _ ...1954
1954* First quarterSecond quarter ~ „ _Third quarterFourth quarter
1955: First quarterSecond quarter.
Totalnationalincome
72.8179. 6197.2221. 6216.2240. 0277.0289.5303. 6299. 7
Compen-sationof em-
ployees l
48.1117.7128.8140. 9140.9154.3180. 4195. 3209.2207. 9
Proprietors' income
Farm
4.313. 914.516. 712.713. 316.014. 312.312. 0
Businessand pro-fessional
7.321. 319. 921.621.422.924.825.725. 925.9
Rentalincome
ofper-sons
2.76.26.57.27.98.59. 19.9
10.310.5
Netinter-est
4.63. 13.84.55.25. 96.87.48.89.5
Corporate profits and inven-tory valuation adjustment
Total
5.717.323.630. 628. 135. 139.936.937.233. 8
Profitsbeforetaxes
6.422. 629. 532.826.240. 041.235.938. 334.0
Inventoryvaluation
adjustment
-0.7-5.3-5.9-2.2
1.9-4.9-1.3
1.0-1. 1
f 2
Seasonally adjusted annual rates297. 7298. 9298. 7303. 2311.42 320. 3
200. 7207. 2207. 8209. 8213. 1219. 5
13. 211.911. 711.211.511.0
25.325.926.026. 326.627.1
10. 410.510.610.710.710.7
9.49.59.59.79.9
10.3
32.634.033. 135.539.6
2 41. 7
32. 733.733.536.040.92 42. 5
-. 2. 2
F
c
— 1.3o. o
> Includes employer contributions for social Insurance. (See also p. 4.) 2 Preliminary estimates by Council of Economic Advisers.NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey o/ Current Business, July 1955.Detail will not necessarily add to totals because of rounding. Source: Department of Commerce (except as noted).
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SOURCES OF PERSONAL INCOMEPersonal income remained at a level of about $301 billion (seasonally adjusted annual rate) in June, Labor incomeand investment income rose somewhat, while farm income and transfer payments declined.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
SEASONALLY. ADJUSTED ANNUAL RATES
TOTAL PERSONAL INCOME*
FARM PROPRIETORS'INCOME
I95I
LABOR INCOME
BUSINESS,PROFESSIONAL,AND RENTAL INCOME
; 1..—•DIVIDENDS AND PERSONAL INTEREST
TRANSFER PAYMENTS
SOURCE: DEPARTMENT OF COMMERCE .
1955
COUNCIL Of ECONOMIC AOVISIRS
(Billions of dollars]
Period
193919461948_19491950.195119521953 _1954
1954: MayJuneJulyAugustSeptember. _October.November. _December
1955: JanuaryFebruaryMarchAprilMayJune 4 _ _
Totalpersonalincome
72.9178.0208.7206.8227.1255.3271.1286.2287.6
Labor income(wage andsalary dis-
bursementsand other
labor income)1
46.6113.8137.9137.4150.3175.6190.5204. 6202.8
Proprietors' income
Farm
4.313.916.712.713.316.014. 312. 312. 0
Businessand pro-fessional
7.321.321.621.422.924.825.725. 925.9
Rentalincome
ofpersons
2.76.27.27.98.59.19.9
10.310.5
Divi-dends
3.85.87.27.59.29.19.09.3
10.0
Personalinterestincome
5.87.69.09.8
10.611.612.313.814.7
Transferpay-
ments
3.011.411.312.4
815.112.613. 214.016.2
Less: Per-sonal con-tributionsfor social
insur-ance
0.62.02.22.22.93.43.83.94. 5
Nonagri-eulturalpersonalincome8
67.1161. 1188.5190.8210.5235.7253.1270. 2271. 9
Seasonally adjusted annual rates286. 7286.7287. 1286.7287.9288. 4290.8293.4292.2293.2295.7298.9301.4301. 2
202. 2202. 4203.2202.4202.4203.5205.3205. 5206.1207. 1209. 4211.5214.2214. 6
11.811. 711.011. 612.510.911.311. 511.711.711. 111.410.910. 5
25. 726.026. 025.926.026.026.326. 726. 626.426. 726.927. 227. 1
10. 510.510. 610.610. 610.710.710. 710.710.710.710.610.710.7
9.89.99.99.9
10.010.110. 111.710. 110.210. 410.610.710. 8
14.714.714. 714.714. 714.814.814.914.915. 115.215.315.415. 5
16.516.016.116.116. 317.016. 817.117.017.017.417.617.517.2
4.54.54. 44.64.54.54.54.65.05.05. 15. 15.25.2
271.0272.1272. 1271.5272.1273. 8275.9278. 1276. 5277.7280. 9283.7286.6286. 8
1 Compensation of employees (see p. 3) excluding employer contributions for social insurance. s Includes $2.7 billion National Service Life Insurance2 Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agri- dividend, most of which was paid in the first half of the year,cultural net interest, and net dividends paid by agricultural corporations. * Preliminary estimates.
NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.
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DISPOSITION OF PERSONAL INCOMEDisposable personal income rose by $6 billion (seasonally adjusted annual rate) in the second quarter. Personalconsumption expenditures rose almost $5 billion/ $3 billion of this rise was for increased purchases of nondurables.The rate of personal saving rose moderately.
BILLIONS OF DOLLARS
300
200
BILLIONS OF DOLLARS
300
250
200
I 00
i960
SOURCE: DEPARTMENT OF COMMERCE
1955
COUNCIL OF ECONOMIC ADVISERS
Period
193919461947 _ .1948 - ._ ... ...19491950 . .19511952 _ _19531954
1 U5-I : Fin-4. quarterSecond < j u a n e rThird quar ter . . .T^uurtli quarter
1955; Pir^t quarter>Se('ond quarter
Personalincome
Less:
Personaltaxes l
Equals :
Dispos-able
personalincome
Less: Personal consumptionexpenditures
Total Durablegoods
Non-durablegoods
Services
Equals :
Personalsaving
Billions of dollars72.9
178. 0190. 5208. 7206. 8227. 1255. 3271. 1280. 2287. ( >
2.418. 821.521. 118.720. 929. 334. 45. 82. 8
70. 4159. 2169. 0187. 6188. 2206. 122(1 1236. 7250. -1251. 8
67. 6146. 6} 65. 0177. 6180. 6194. 0208. 3218. 3230. 6236. 5
6. 715.920. 622. 223. 628.627. 126. 629. 829. 3
35. 184.593. 198.796. 9
100.4111. 1116.0118.9120. 9
25.846.251. 356.760. 165. 070. 175. 781. 886.4
2.912. 64. 0
10.07.6
12. 117.718. 419. 818.3
i l l ions of dollars, seasonally adjusted annual rates2Sf>. 82S6. (i287. 32*K) 8
293. ( >300. 5
2. 72. 72. 8
io 112. 633. J
253. 12,r»H. 92,r»-l. 5257. 8
261. 0267. 1
232. 2235. 1237. 9241. 0245. 8250. 5
28. 329. 029. 430. 434. 435. 1
119.2120.4121. 5122. 5122. 4125.3
84. 785. 787.088. 189. 090. 2
21.018. 816.616. 815.316.6
Savingas percent
of dis-posableincome
4. 17.92.45.34.05.97.87.87.97.2
8. 37.46.56.55.96.2
i Includes such items us lines, penalties, and donations.NuTtf.—Tho. tisures beginning with !Uf>2 are the revised series. For details, see Hiirvey of Current Business, July 1955.Detail svUl not necessarily add to to ta l s because of rounding. Source: Department of Commerce.
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PER CAPITA DISPOSABLE INCOMEPer capita disposable income (seasonally adjusted) reached a new high in the second quarter of this year,constant prices, it exceeded that of the corresponding quarter of 1954 by 4 percent.
In
DOLLARS2,000
1,500
1,000
SEASONALLY ADJUSTED ANNUAL RATES
DOLLARS2,OOO
1954 PRICES^'
J_
1950 1951 1952 1953
%EE FOOTNOTE Z ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS-
1954
1,500
1,000
1955
COUNCIL OF ECONOMIC ADVISERS
Period
193919461947 _194819491950 _ -.19511952 -. --1953 --' --1954 _
1954* First quarterSecond quarter -Third quarter - ~Fourth quarter
l ' ) f ) f ) ' First quarterSecond ciuarter. -- - - --
Total disposable personalincome (billions of dollars)1
Currentprices
70. 4159.2169.0187. 6188.2206. 1226. 1236. 7250. 4254.8
1954prices 2
136.3219.3203. 1209.6212. 1230.3233. 8239. 4251. 1254.8
Per capita disposable per-sonal income (dollars)1
Currentpricei
5381, 1261, 1731,2791,2611,3591,4651, 5081,5681,569
1954prices a
1,0411,5511,4101,4291,4221,5181,5151, 5251,5731, 569
Seasonally adjusted annual rates
253. 1253. 9254. 5257.8
261. 0267. 1
252. 6253.6254. 2258. 6
262.0268.2
1,5681, 5671, 5631,576
1, 5891,620
1, 5651,5651, 5611, 581
1, 5951,627
Population(thousands) »
131, 028141, 389144, 126146, 631149, 188151, 683154, 360157, 028159, 643162, 409
161, 439162, 075162, 806163, 582
164, 262164, 911
J Income less taxes.' I >oHnr estimates in current prices divided by consumer price index on base 1954=100.i Includes armed forces overseas. .Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
NUTK. The Ili'ures bcpltmiii! ' w i l h 11)52 arc the revised series. For details, see Survey of Current Business, July 1955.; ourccr,: Department of Commcrc.-, I >cpar t inen t of Labor, and Council of Economic Advisers.
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FARM INCOMEGross and net farm income (seasonally adjusted) declined in the second quarter.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1
I960 1951
\ •'
NET FARM INCOME(INCL, ADJUSTMENT FORINVENTORY CHANGE 5 -!/
IS52 1953I
1954
J7 INCOME OF FARM OPERATORS FROM FARMING.SOURCE: DEPARTMENT OF AGRICULTURE.
1955
COUNCIL OF ECONOMIC ADVISERS
Period
1939 _ _ _ _ -- - --1946 - -1947 - -1948 - - -1949 _1950 - - _ _ _ -1951 -- -1952 - -1953 - --1954
1954" First quarter _Second quarterThird quarterFourth quarter
1 955 : First quarterSecond quarter
Farm operators' income
Realizedgross farmincome 1
Farm pro-ductionexpenses
Net income 2
Excludingadjustmentfor inven-
tory change 3
Includingadjustmentfor inven-
tory change4
Billions of dollars10.429.034. 034.531. 832. 136. 936. 835. 334. 0
6. 114. 817. 218. 918. 219. 722. 423. 222. 422. 4
4. 314.216. 815. 613. 612.414. 513. 612.911.6
4.313.914. 516.712.713. 315. 814. 312. 312.0
Net income per farm (in-cluding adjustment forinventory change)Currentprices
1954prices 5
Dollars670
2,3532,4662,8842,2222,3522,8192, 5792,2352,212
1, 5233, 1802,8673, 1352,4972,6132,8772, 6052,2582,212
Seasonally adjusted annual rates35. 833. 933. 332. 934. 233.3
22. 722. 522. 222. 122.722. 5
13. 111.411. 110.811.510.8
13. 211. 911. 711.211. 511.0
2,4332, 1942, 1572,0652, 1442,050
2,4582,1942, 1362,0862, 1662,050
Number offarms
(thousands)8
6, 4415,9275,8735,8045, 7235,6485,5965,5355,4825, 425
5,4255,4255,4255,425
7 5, 3657 5, 365
1 Includes cash receipts from farm marketings, value of farm products consumed directly in farm households, gross rental value of farm dwellings, and Govern-ment payments to farmers.
2 Excludes («) farm waps paid to workers living on farms and (b) any income to farm people from nonfarrn sources. These items in 1954 were as follows: (a) 2.1billion dollars and (ft) 5.7 billion dollars.
a Rt-alixed gross income less farm production expenses.* Same as farm proprietors' income on pages 3 and 4 except for 1951, which includes revisions by the Department of Agriculture not yet incorporated into the
nat ional income accounts of the Department of Commerce.s Dollar estimates in current prices divided by index of prices paid by farmers for items used in family living, on base 1954=100.8 For the quarterly data, the number of farms is held constant within a given year.7 Estimate by Council of Economic Advisers.
NOTE —Estimates for 1952-55 reflect interim revisions made in connection withthe annual report on national income by the Department of Commerce. Finalrevisions will be completed by the Department of Agriculture in October.
Source: Department of Agriculture (except as noted).
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CORPORATE PROFITSCorporate profits (seasonally adjusted), both before and after taxes, continued to rise in the second quarter of 1955,according to preliminary estimates.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
1955
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
193919461947.194819491950 _19511952 . .19531954
1954: First quarterSecond quarterThird quarter _ _Fourth quarter
1955 : First quarterSecond quarter . .
Corporateprofits
before taxes
6.422. 629.532.826. 240.041. 235.938.334.0
Corporatetax
liability
1.49. 1
11.312. 510. 417.822.519. 821.317. 1
Corporate profits after taxes
Total
5.013.418.220.315. 822. 118. 716. 117.017.0
Dividendpayments
3.85.86.57.27.59.29. 19.09.3
10.0
Undistributedprofits
1.27.7
11.713.08.3
12. 99.67. 17.77. 0
Seasonally adjusted annual rates
32.733.733.536.0
40. 91 42. 5
16. 416. 916.818. 1
20. 5!21. 3
16. 316.816.717. 9
20. 4i 21.2
9.79.8
10.010. 6
10. 210.7
6. 67.06.77.3
10. 21 10.5
* Preliminary estimates by Council of Economic Advisers.NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.See p. 3 for profits before taxes and after inventory valuation adjustment.Detail will not necessarily add to totals because of rounding. Source: Department of Commerce (except as noted).
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GROSS PRIVATE DOMESTIC INVESTMENTGross private domestic investment increased by $6 billion (seasonally adjusted annual rate) in the second quarterof 1955. Investment in inventories and producers1 equipment rose considerably. Construction continued to increase.
BILLIONS OF DOLLARS70
50
40
SEASONALLY ADJUSTED ANNUAL RATES
BILLIONS OF DOLLARS70
I I I I I Ii960 1951
SOURCE: DEPARTMENT OF COMMERCE
GROSS PRIVATE *SDOMESTIC INVESTMENT
v* CHANGE IN BUSINESS —r\INVENTORIES *«
I I I
1952I I I
1953I I
1954\ \
60
50
40
30
20
10
1955
COUNCIl OF ECONOMIC ADVISiRS
[Billions of dollars]
Period
1939 _194619471948194919501951 ...195219531954
1954: First quarterSecond quarterThird quarterFourth quarter
1955: First quart er«Second quarter
Totalgross
privatedomesticinvest-ment
9.327. 1 '29. 741.232. 551.256.949. 651.4
^ 4 7 . 2
Fixed investment
Total
8.921.030. 737.035.343.946.546. 850.250. 1
New construction
Total
4.810. 314.017.917.522.723.323. 725.827. 8
Residen-tial
nonfarm
2.74.06.38.68.3
12. 611. 011. 111. 913. 5
Commer-cial and
industrial l
1. 24.24. 95. 75.35. 77. 27.58.48. 6
Allother 2
0.82. 12.83.63.94.55. 15.25.45.7
Producers'durableequip-ment
4.210. 716.719. 117.821. 123. 223. 124.422.3
Change in busi-ness inventories
Total
0.46. 1
-1.04.2
-2.77.4
10.42.81.2
-2.9
Non-farm
0.36.41.33.0
-1.96.49-02. 11.9
-3.2
Seasonally adjusted annual rates
45. 546. 945. 950. 754. 160. 1
48. 849. 750.751. 352. 755. 8
25. 927.328. 529. 431. 232. 1
11. 813. 014. 215. 0
16.016. 4
8.58.58. 68.7
9.39.8
5. 65.85.75.7
5.95.9
22.922.422. 221. 9
21.523.7
-3.2-2.7— 4. 9-.6
1.54.3
-3.4-3.2-5.4-1.0
1.54.2
i Includes public utility.3 Includes petroleum and natural gas well drilling.
NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.
Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.
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EXPENDITURES FOR NEW PLANT AND EQUIPMENTAccording to a survey made in April and May, expenditures for new plant and equipment were expected to increase9 percent between the first and second quarters—the largest quarterly rise since the last half of 1950. Plans for thethird quarter indicated an additional rise of 3 percent to a level of about $29 billion (seasonally adjusted annualrate), equaling the previous peak in the third quarter of 1953.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1950 1951J I
1952
COMMERCIAL AND OTHER.
TRANSPORTATION
1953 1954
- SEE NOTE 3 ON TABLE BELOW.SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
1955
QF ECONOMIC ADVISERS
[Billions of dollars]
Period
1939 _.19461947 .1948 - _1949195019511952 _19531954
1 954 : First quarterSecond quarterThird quarterFourth quarter
1955; First quarterSecond quarter 3
Third quarter 3
Total *
5.5114.8520.6122.0619.2820.6025.6426. 4928.3226.83
Manufacturing
Total
1.946. 798.709. 137. 157.49
10.8511. 6311.9111. 04
Durablegoods
0.763. 113.413.482.593. 145. 175. 615.655.09
Nondura-ble goods
1. 193.685. 305.654. 564.365.686.026.265.95
Mining
0.33.43.69.88.79.71.93.98.99.98
Transportation
Railroads
0.28,.58.89
1.321. 351. 111.471.401.31.85
Other
0.36. 92
1. 301.28.89
1.211.491. 501.561.51
Publicutilities
0.52.79
1.542.54a 123.313.663.894.554.22
Commer-cial andother 2
2.085.337.496.905.986.787.247.098.008.23
Seasonally adjusted annual rates27.4626. 9226.8426. 1825.6527.8628.83
11.6211.0910.9810.5810. 1711.2211.30
5.405. 185.064.804. 785. 215.38
6. 225.905.935.795.396.015. 92
.941.041.00.91.80. 94.95
1.04.91.80.68.74.80.86
1.571.441.511. 531. 461.581.62
4.334.374. 124.014. 014.374. 77
7.978.078.428.468. 468. 969. 34
eludes agriculture.mmcrcal and other includes trade, service, finance, communications, and construction.ntmitrs
r fc , Tl>V* ' t HIT
, , , , .hfisnd on anticipated capital expenditures as reported by business in April and May 1955.»M» figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because thecultural investment and also certain equipment and construction outlays charged to current expense.
t iieei\ss:irily add to totals because of rounding.rlties mid Kxcliun^.f Commission and Department of Commerce,
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EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEEmployment rose between early June and mid-July to an ailtime high of almost 65 million, as young workers foundjobs after the close of school. Unemployment declined by over 200,000; there is usually no change at this timeof year.
MILLIONS OF PERSONS
75MILLIONS OF PERSONS
75
55
50
14 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
Period
19391949 - ...19501951 . --_.1952_>_195319541954: June
JulyAugust -SeptemberOctoberNovemberDecember
1955: JanuaryFebruaryMarch -AprilMayJuneJuly
Totallabor
force (in-cludingarmedforces)
Civilianlaborforce
Employment l
Total Agricul-tural
Nonagri-cultural
Tempo-rary
layoffs 2
Unemployment3
Number
Thousands of persons 14 years of age and over 5
55, 60063, 72164, 74965, 98266, 56067, 36267, 81868, 78868, 82468, 85668, 56668, 19067, 90966, 81166, 70066, 55066, 84067, 78468, 25669, 69270, 429
55, 23062, 10563, 09962, 88462, 96663, 81564, 46865, 44565, 49465, 52265, 24464, 88264, 62463, 52663, 49763, 32163, 65464, 64765, 19266, 69667, 465
45, 75058, 71059, 95761, 00561, 29362, 21361, 23862, 09862, 14862, 27762, 14562, 14161, 73260, 68860, 15059, 93860, 47761, 68562, 70364, 01664, 995
9,6108,0267,5077,0546, 8056,5626,5047,6287,4866,9287,5277,2396,1545,3255,2975,0845,6926, 2156,9637,6817,704
36, 14050, 68452, 45053, 95154, 48855, 65154, 73454, 47054, 66155, 34954, 61854, 90255, 57755, 36354, 85354, 85454, 78555, 47055, 74056, 33557, 291
18592
11714214222122929814319813612013725114575
108133107157
9,4803,3953,1421,8791, 6731,6023,2303,3473,3473,2453, 1002,7412,8932,8383,3473,3833,1762, 9622,4892, 6792,471
%ofcivilianlaborforce
17.25.55. 03.02.72.55.05. 15. 15.04.84.24.54.55.35.35.04.63.84.03. 7
Insured unemployment 4
Thousandsof persons
(all pro-grams)
2,4701,599
9961,0641,0582,0392,0822,0371,8711,7521,6311,6431,8692,2012,1091,8751,6511,3921,226
6 1, 202
% of coveredemployment(State pro-
grams)
6.24.62. 82.92.85.25.35. 14.64. 34.04.04.65.55.24. 74. 13.63.23.1
* jLJUuitiu.es pari-uuic wurjiers auu muse wiwi jousbut not at work for such reasons as vacations, Illness,bad weather, temporary layoff, and industrial dis-putes; excludes armed forces.
3 Shown separately so as to afford a basis for furtheranalysis of employment and unemployment.
3 See footnote 2.* Weekly average.« Data for 1949-53 (1953 revised series) based on 68-
area sample; beginning 1954, on 230-area sample.Starting July 1955, data are for week ending nearest
month.e Preliminary estimate.Sources; Department of Commerce (labor force)
and Department of Labor (insured unemployment).
11Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NONAGRICULTURAL EMPLOYMENTEmployment in nonagricultural establishments (seasonally adjusted) rose by 200,000 from June to July. Employ-ment fell less than seasonally in durable goods manufacturing and rose seasonally in nondurable goods manufacturing,
MILLIONS OF WAGEAND SALARY WORKERS
MILLIONS OF WAGEAND SALARY WORKERS
DURABLE MANUFACTURING NONDURABLE MANUFACTURING
J F M A M J J A S O N DS L I I I
J F M A M J J A S O N D
CONTRACT CONSTRUCTION
^1955
J of
WHOLESALE AND RETAIL TRADE
J F M A M J J A S O N D
SOURCE: DEPARTMENT OF LABOR
J F M A M J J A S O N D
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers *1
Period
1939194619481949.19501952_195319541954: June
JulyAugustSeptember.OctoberNovember-December.
1955: JanuaryFebruary _ _MarchAprilMay
J u l v '-'
Totaladjusted
forseasonalvariation
48, 17048, 04848, 02948, 02048, U948, S8648, 88048, 89848, 44048, 76648, 8814-9 21440, 4834-0, 684
TotalManufacturing
Total Durablegoods
Nondu-rable goods
MiningContractconstruc-
tion
Wholesaleand retail
trade
Govern-ment
(Federal,State,local)
Other
Not adjusted for seasonal variation
30,31141, 28744, 44843, 31544, 73848, 30349, 68148, 28548, 20047, 86648, 12348, 49048, 58048, 80849, 46347, 74147, 75348, 21248, 64348, 91849, 48749, 465
10, 07814, 46115, 32114, 17814, 96716, 33417, 23815, 98915, 83515, 58415, 82215, 97216, 00716, 05716, 05015, 92516, 06016, 20116, 25516, 33416, 56316, 557
4,6837,7398,3127,4738,0859,340
10, 1059, 1209,0668,8118, 8208,8879,0029, 1219, 1449, 1139,2209,3239,4189, 5019,6159,557
5,3946,7227,0106, 7056, 8826,9947, 1336,8706; 7696, 7737,0027, 0857,0056,9366,9066, 8126, 8406,8786, 8376, 8336, 9487,000
845852982918
885852770771760763744743749747741737739739742760748
1, 1501,6612, 1692, 1652,3332, 6342, 6222, 5272, 6292,6862, 7352,6982, 6522,5982,4262,2372, 1692, 2552,3992, 5262, 6152, 694
6,6128, 6029,5199,5139,645
10, 28110, 52710, 49810, 38910, 35110, 32110, 44710, 54810, 74510, 35410, 41910, 30910, 40810, 54910, 53410, 63310, 624
3,9955, 5955,6505, 8566,0266, 6096,6456,7516,7166,5516,5636,7466,8296,9177, 1666, 8356,8736,9226,9276, 8816,8516, 706
7, 63210, 11610, 80710, 68610, 87811, 56311, 79711, 75111, 86011, 93411, 91911, 88311, 80111, 74211,72011, 58411, 60511, 68711, 77411, 90112, 06512, 136
1 Includes all full- nud part-time wage and salary workers in nonagricultural establishments wlio worked during or received pay for auy part of the pay periodem) it ip nearest the* Jf i th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from thistable not comparable with estimates of nonagricultural employment of "the civilian labor force reported by the Department of Commerce (p. 11) which include pro-prietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which arebn«e<i on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.1 Preliminary estimates.
12 NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels.Source: Department of Labor.
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AVERAGE WEEKLY HOURS - SELECTED INDUSTRIESTfie average workweek of factory production workers declined from 40.7 hours in June to 40.3 hours in July,decline is usual at this time of year.
A
HOUR PER WEEK HOURS PER WEEK
DURABLE MANUFACTURING
1952 1954
NONDURABLE MANUFACTURING
. . . ; . T J1955 1952
i i , I1954
BUILDING CONSTRUCTION
V^pvy^
^
RETAIL TRADE
SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS
[Hours per week, for production workers or nonsupervisory employees]
Period
19391946 _ .. _ .1947 . .1948 _ ..1949 . _19501951 ... _195219531954 . .1954: June
JulyAugustSeptember . „October .November _ _ _ _December . _ _
1955: January _ - _ _._February— __ _MarchApril_ _ _ _May. _June2--. _ . _July2
Total
37.740.440.440. 139.240. 540. 740. 740. 539. 739. 539, 439. 739. 739. 940.240.540. 240.440. 640. 340. 840. 740. 3
Manufacturing
Durablegoods
38.040.240.640. 539.541.241. 641.541.340. 240. 039.740. 140. 140. 440.841. 140. 941. 141. 441. 241. 641. 340. 7
r
Nondurablegoods
37.440. 540. 139. 638. 839. 739. 539. 639. 539. 038. 939. 039. 239. 339. 239. 539.839. 339. 539 739.039. 639. 939. 7
T)__*| J'_ _.15 uil dingconstruction
32. 638. 137. 6
*37. 336.736.337. 238. 137. 036. 237. 136.937.036.036.635. 836.035. 134. 735. 935.436. 736.8
(3)
Retail trade
42.740. 740. 340. 340. 440. 540. 239. 939. 239. 239 339. 839.739. 138.938. 739. 538. 938. 938 838.638. 839. 1
(3)
1 Data beginning with January 1948 are not strictly comparable with those for earlier periods.2 Preliminary estimates.NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.Source: Department of Labor.
66672—55 3
»Not available.
13
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AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIESAverage hourly earnings of production workers in manufacturing were $1.88 in July, 1 cent higher than in June and8 cents higher than in July of last year.
DOLLARS PER HOUR DOLLARS PER HOUR
EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1954*100.
SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
193919461947 .. _ _ _ _19481949 _ _ _1950 . _19511952195319541954: June-
JulyAugust.Septemb er .OctoberNovember . . _December
1955 1 JanuaryFebruaryMarch .AprilMay.June 3
July*
All manufacturing
Currentprices$0. 6331.0861.2371.3501.4011.4651.591.671.771.811.811.801. 791.811.811.831.831.841.851.851. 861.871.871.88
1954prices l
$1. 2241.4961.4871.5081.5791.6371. 641.691. 781.811.801.791.791.811.821.831.841.851.861.861.871.881.88
(4)
Durable goodsmanufacturing
Currentprices$0. 698
1. 1561.2921.4101.4691.5371.671.771.871.92
1.911.911.911.931.931.941.951.961.961. 971.981.991. 992.00
1954prices 1
$1. 3501.5921.5531.5751. 6561.7171.731. 791.881. 921.901.901. 911.931. 941.941.961.971.971. 981. 992.002. 00
(4)
Nondurable goodsmanufacturing
Currentprices$0. 5821.0151. 1711.2781.3251.3781.481. 541.611. 661. 661. 661. 651.661. 661.671.671.681.681.681. 691.701.701.71
1954prices l
$1. 1261.3981.4071.4281. 4941.5401.531.561.611.661.661.661.651. 661.661.671. 681.691.691.691.701.711. 71
(4)
Buildingconstruction
Currentprices,^$0. 932
1.4781.681
2 1. 8481. 9352.0312. 192.312. 482.602.582.582. 602.622.632.632.652.652. 652.632.632. 632. 64
(4)
1954prices l
$1. 8032.0362.0202 2. 0652. 1822.2692.262.342.492.602.572.572.592.622.642. 642.662.662.662.642.642.642 65
(4)
Retail trade
Currentprices$0. 542
.8931.0091.0881. 1371. 1761. 261.321.401.451.461.471.461.461.471.461.441.481.481.481.491. 501. 51
(4)
1954prices *$1. 0481.2301.2131.2161. 2821. 3141.301.331.401.451.461.471.461.461.471.461.451.491.491.491. 501.511.51(4)
1 Earnings in current prices divided by consumer price index on base 1954=100.2 Data beginning with January 1948 are not strictly comparable with those for earlier periods.NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.Source: Department of Labor.
* Preliminary estimates.* Not available.
14Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIESAverage weekly earnings of factory production workers declined from $76.11 in June to $75.76 in July as a resultof the shorter workweek. The July figure was $4.84 higher than a year earlier.
LLARS PER WEEK DOLLARS PER WEEK
NONDURABLE MANUFACTURING
J/ EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1954 = 100.
SOURCE:DEPARTMENT OF LABOR. COUNCH. OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
19391946 __ _19471948 ... _.1949 .. _195019511952 _ _195319541954: June
July « .August ...September »October...NovemberDecember
1955: January .February.MarchApril-MayJune *July 3_ _
All manufacturing
Currentprices
$23. 8643. 8249.9754. 1454.9259.3364.7167.9771.6971.8671. 5070.9271.0671.8672. 2273.5774. 1273. 9774.7475. 1174.9676.3076. 1175. 76
1954prices l
$46. 1560.3660.0660.4961.9266. 2966.9268. 7371.9171.8671.2970.7170. 9271.9372.4473.4274.4274. 2775.0475.4175.3476.6876. 34
(4)
Durable goodsmanufacturing
Currentprices
$26. 5046.4952.4657. 1158.0363.3269.4773.4677.2377. 1876.4075.8376. 5977.3977.9779. 1580. 1580. 1680.5681.5681.5882.7882. 1981. 40
1954prices l
$51. 2664.0463.0563.8165. 4270. 7571.8474.2877.4677. 1876. 1775. 6076.4477.4778.2079.3180.4780. 4880.8881.8981.9983.2082. 44
(4)
Nondurable goodsmanufacturing
Currentprices
$21. 7841. 1446.9650. 6151. 4154. 7158.4660.9863. 6064.7464.5764. 7464. 6865.2465.0765.9766.4766. 0266.3666.7065. 9167. 3267. 8367. 89
1954prices l
$42. 1356. 6756.4456. 5557.9661. 1360. 4661. 6663.7964.7464. 3864. 5564.5565. 3165.2766. 1066.7466. 2966.6366.9766.2467.6668.03
(4)
Buildingconstruction
Currentprices
$30. 3956. 2463. 30
2 68. 8570.9573.7381.4788.0191.7694. 1295.7295.2096.2094. 3296.2694. 1595. 4093.0291. 9694.4293. 1096. 5297. 15
(4)
1954prices *
$58. 7877.4776.082 76. 9379. 9982.3884. 2588.9992. 0494. 1295.4394. 9296. 0194.4196. 5594.3495. 7893.3992.3394. 8093.5797.0197. 44
(4)
Retail trade
Currentprices
$23. 1436.3540. 6643.8545. 9347.6350.6552.6754.8856.8457. 3858.5157.9657.0957. 1856.5056. 8857.5757.5757. 4257.5158. 2059. 04
(4)
1954prices l
$44. 7650.0748.8748.9951. 7853.2252. 3853.2655.0556.8457.2158.3357.8457. 1557. 3556.6157. 1157.8057.8057.6557.8058.4959. 22W
1 Earnings in current prices divided by consumer price index on base 1954=100.2 Data beginning with January 1948 are not strictly comparable with those for earlier periods.NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.Source: Department of Labor.
3 Preliminary estimates.* Not available.
15Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTIONAccording to preliminary estimates, the seasonally adjusted index of industrial production reached a new high of140 (1947-49=100) in July. Durable goods manufacturing reached the previous peak in 1953 for the first timesince the current expansion began.
INDEX, 1947-49=100 INDEX, I94T-49MOO
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1955
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100, seasonally adjusted]
T>_ * . Js. enod
1939 .194619471948 _1949 . _ .1950 .19511952.. .19531954 i
1954- June - - --July _August -- -SeptemberOctoberNovemberDecember-
1955* JanuaryFebruaryMarch _> _,AprilMayJuneJuly »
Totalindustrialproduction
589010010497112120124134125124123123124126128130132133135136138139140
Total
579010010397113121125136127125124125126128130131133134136138140141143
Manufactures
Durable
498610110495116128136153137135134135137139142143145147148151153155157
Nondurable
66959910299111114114118116116114114115117118119121121124125127128128
Minerals
689110010694105115114116111114112109108109113116120123121120121123122
»Preliminary estimates. Source : Board of Governors of the Federal Reserve System.
16Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION OF SELECTED MANUFACTURESDurable goods manufacturing industries shared unevenly in the July risefacturing showed i'tfle change,
production. Nondurable goods manu-
, 1947-49 = 100, SEASON ALLY ADJUSTED INDEX,I947-49 = 100, SEASONALLY ADJUSTED
100 LLL
MACHINERY
FABRICATED METAL
120
80
CHEMICAL AND PETROLEUM PRODUCTS
PAPER AND PRINTING
FOODS, BEVERAGES,AND TOBACCO
19 TEXT ILES AND APPAREL V
1952 1953 1954 1955
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1952 1953 1954 1955
COUNCIL OF ECONOMIC ADVISERS
{1947-49=100, seasonally adjusted]
Period
1939 __19471948 _-194919501951 -_ _- ...19521953 _ _1954 l __ _
1954: JuneJuly - - -August _ _ _ _SeptemberOctoberNovember-December
1955: JanuaryFebruaryMarchADrilMayJuneJuly i _
Durable manufactures
Primarymetals
5310310790115126116132108
108103105105111118121
127131136138140142139
Fabri-catedmetal
products
10310493115122121136123
122122124122124125125
125126129130134135138
Machin-ery
3810310493114130147160142
139141144147147148145
145146146149151155158
Transpor-tationequip-ment
4896102102120135154189175
170170166167169175187
191193195197199194204
Lumberandprod-ucts
8010110693113113111118115
1089697116128124131
129127127127128133W
Nondurable manufactures
Textilesand
apparel
809910397110106105107100
99989998102103104
106105109112113112111
Paperand
print-ing
96103101114118118125125
126126126127127127127
129130133134137138138
Chemicaland petro-
leumproducts
97103100118132133142142
142141141144143145148
148151153155158160162
Foods,bever-
ages, andtobacco
101100100103105106107106
108105105105105106106
107106108110110109109
Con-sumerdurablegoods
98102101133114105127116
118116115114112119125
131135139144145147155
i Preliminary estimates,2Not available.Source: Board of Governors of the Federal Reserve System,,
17Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY INDICATORS OF PRODUCTIONElectric power production was at a new high during July. Car and truck assemblies during the month were higherthan in June, but steel and paperboard output and bituminous coal mining were lower.
MILLIONS OF TONS MILLIONS OF SHORT TONS (DAILY AVERAGE)
BITUMINOUS COAL
... .......... ***"%..•••...•••... ... A*^«*
J F M
BILLIONS OF KILOWATT HOURS
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS. COUNCIL OF ECONOMIC ADVISERS
Period
Weekly average:19501951 . __19521953 _ _ -19541954: July _ _
AugustSeptemberOctoberNovemberDecember
1955: January—FebruaryMarchAprilMayJuneJuly 3 _
Week ended :1955: July 2
9162330
August 6 3
1 3 3 _ _ _
Steel producedThousands
of nettons
1,8572,0181,7822, 1411,6941,4991, 5051,5911,7381,8861,8751,9952, 1242,2532,2882,3312,2722,061
1,7162,0732, 2022, 1952, 1902, 0982, 192
Percent oftheoreticalcapacity 1
96.9100.985.894.971.062.963. 166.772.979. 178.682.788.093.494.896.694. 185.4
71. 185. 991. 291.090. 786. 990.8
Electricpower
distributed(millions of
Mlowatt-hours)
6, 1836,9587,4518, 2448,8838,8419, 1229, 0409, 1249,2409,6459,9369,9029,7969,6589,7419,986
10, 386
10, 1389,759
10, 44010, 62010, 727
4 10, 925
Bituminouscoal mined(thousands
of shorttons) 2
1,6871,7721,5481,5211,3041, 1841,2881,3791,4101,4981,5021,4441,4631,3761,3661,5231,6171,573
1, 7231,4781,6221, 5821, 602
Freightloaded
(thousandsof cars)
748779730737651658677687726671610631644656693766756758
697653799786796765
Paperboardproduced
(thousandsof tons)
214229213241236199246235254254227243260270263275278232
279156226265280278
Cars and trucksassembled (thousands)
Total
154.2129.8106.8141. 1125.6117.6116.482.870.8
134.2159.4178. 9185. 0198. 1207.6204.2168. 1183.8
184. 7155. 7195.4196.4187. 5165. 7
Cars
128.4102.783.4
118. 0106.0100.399.867.555.8
113.7138.9156.9169.2174. 1177.0173.3141.8158.0
158.4134. 1167.5169. 1161. 4142. 6
Trucks
25.927.223.423.219.717.316.515.315. 020.520.522.015. 823.930.630.926.225. 8
26.321. 628. 027.326. 123. 1
* Percent of capacity based on weekly net ton capacity of 1,906,268 for the first half of 1950; 1,928,721 beginning July 1,1950; 1,999,034 beginning January 1,1951;2,077,040 beginning January 1,1952; 2,254,459 beginning January 1,1953; 2,384,549 beginning January 1,1954; and 2,413,278 beginning January 1,1955.
2 Daily average for week. 3 Preliminary estimates. 4 Not plotted.Sources: American Iron and Steel Institute, Edison Electric Institute, Pepartment of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.
18Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CONSTRUCTIONIn July, expenditures for total new construction, expressed as a seasonally adjusted annual rate, continued at $42billion. Private construction rose to a new high, while public construction declined. On a seasonally adjustedbasis, construction contracts awarded were 5 percent below the June level, but nearly 25 percent higher than a yearearlier.
BILLIONS OF DOLLARS50
BILLIONS OF DOLLARS50
0 I I I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I I I I I I I I I -I I I 1 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
20
..»**"***
1 1 1 I 1 1 1 1 1 1 iI960
i i i 1 i 1 i l I 1 I1951
I i i l i 1 i i i i |1952
PRIVATE RESIDENTIAL^(NONFARM) >y t.-
1 1 1 1 1 I M i l l
1953
OTHER PRIVATE
1 1 i I i 1 1 1 i 1 11954
^ *
l i j i i 1 l l I i i1955
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
1939. _ _ __ _ - _ ...19461947 _ _ - _19481949 _ _1950__~ _ __ _1951 _1952. _ _ _ _ _ _ _19531954
1954: June - -_JulyAugust _SeptemberOctober-November _ __December _ __ _
1955: JanuaryFebruary.. _ _March- _ _AprilMayJune _ _ _ _ _ _ _Julv 2
Total newconstruc-
tion
8.212.016.721.722. 828.531. 233.035.337. 6
PrivateTotal
private
4. 49.6
13. 316.916.421.521.822. 123.925. 8
Residential(nonfarm)
2. 74. 06.38.68. 3
12. 611.011. 111. 913. 5
Other
1.75.66.98. 38.18.9
10.811.011. 912. 3
Federal,State, and
local
3. 82.43.44. 86.47.09.4
10. 911. 411.8
Seasonally adjusted annual rates
37. 337.638.438.437. 639.041. 141. 141. 441.341.942. 442.042. 0
25.526.226.727.026. 927.228. 228.829.229.430. 030.029.830. 3
13. 213.814.314.614. 514. 715. 716.016. 116.016. 416. 416.316. 6
12. 312.412.412.412. 312.512.512. 713. 113.413. 613.613. 513. 7
11.811.411. 711.410. 811.812. 912.412.212.011. 912. 312.211. 7
Construction con-tracts awarded in37 Eastern States 1
3. 67.57.89.4
10.414.515.816.817.419. 8
Annual ratesUn-
adjusted20. 822. 018. 921. 828. 618. 021.918. 019. 025. 627. 926. 227. 127. 3
Seasonallyadjusted
19.319. 318. 318. 923.420. 922. 924.425.626. 124.422. 825. 123. 9
1 Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Research.Omits small contracts, and covers rural areas less fully than urban.
Sources: Department of Commerce, Department of Labor, and F. W. Dodge Corporation (except as noted).
2 Preliminary estimates.
19Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
HOUSING STARTS AND APPLICATIONS FOR FINANCINGThe number of private nonfarrn housing starts declined from 1.3 to 1.2 million units (seasonally adjusted annual rate)between June and July.
MILLIONS OF UNITS MILLIONS pF UNITS
•I/SEE FOOTNOTE I ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Period
Annual total: 1939___19461948.--19491950___1951 .1952___19531954___
Monthly average: 1950_1953-1954.
1954: JuneJulyAugustSeptemberOctoberNovemberDecember
1955: JanuarvFebruarvMarchAprilMavJuneJulv4
New nonfarm housing starts
Total
515. 0670. 5931. 6
1, 025. 11, 396. 01, 091. 31, 127. 01, 103. 81, 220. 4
116. 392.0
101. 7116.5116. 0114.3115. 7110. 7103.690.687.689.9
113.8132.0
4 132. 04 129. 0115.0
Publiclyfinanced
56.68.0
18. 136. 343.871.258.535.518.73.63.01.63.93. 11.32.3. 2.3.7.3
2.01.01.5
4 2. 54 2. 5.8
Privately financed
Total
458.4662. 5913.5988. 8
1, 352. 21, 020. 11, 068. 51, 068. 31, 201. 7
112. 789.0
100. 1112. 6112.9113.0113.4110.5103.389. 987.387.9
112.8130.5
* 129. 54 126. 5114. 2
Government underwrittenTotal158. 1152.0396. 1468.8686.7412.2421. 2408. 6583.357.234.048.655.652.260.359.858.262. 450.746. 145.353. 660.365. 971. 662.9
FHA
158. 169.0
294. 1363.8486.7263. 5279. 9252.0276. 340. 621.023. 027.725. 427.025. 924.726.321.520.017.223.825.828.032. 125. 5
VA
2 83. 02 102. 02 105. 02 200. 0
148. 6141.3156. 6307.0
16. 713. 125.627. 926. 833.333. 933.536. 029. 126. 128.029.834. 537.839. 537.4
Private,seasonallyadjustedannualrates
1, 1751, 1881, 2111,2481,2871,3931,4781,4161,3701,3671,350
4 1, 3064 1, 3201,202
Proposed home construction
Applicationsfor FHA com-
mitments l
167.8121.7293.2327.0397.7192.8267. 9253. 7338.633. 121. 128.235.230. 132.234. 829.326. 924. 325.628.335.633. 130. 130.824.3
Requestsfor VA
appraisals
(3)(3)(3)
(8)164. 4226.3251.4535. 4
(3)21. 044. 652.752.355.451.345.647.744. 346.264.271.965.969.352.451.4
1 Units represented by mortgage applications for new home construction. * Estimated. * Not available.Sources: Department of Labor, Federal Housing Administration (FHA), and Veterans Administration (VA).
i Preliminary estimates.
20Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SALES AND INVENTORIES-MANUFACTURING AND TRADEIn July, retail sales increased 2 percent, according to preliminary estimates. Total sales of manufacturing and tradefirms (seasonally adjusted) increased 1 percent in June, due principally to a 2 percent increase in manufacturers' sales.Manufacturers1 new orders increased slightly from the May level and continued to exceed sales. Inventories ofmanufacturers and retailers also increased during June,
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
TOTAL* AND MANUFACTURING
i i i I i i i i i
INVENTORIES —T"
INVENTORIES
-
I 1 1 1 t 1 I 1 1 1 11952
RETAIL
INVENTORIES
—»«""*"*"***"*
^ SALES
1 J 1 I I | | 1 1 I I
1953
1 1 1! i i 1 1 1 1 11954
» *— — —
i I I I I i i I I I I
1955
INDEX, 1947-49- 100, SEASONALLY ADJUSTED140
* WHOLESALE, MANUFACTURING, AND RETAIL..
SOURCES: DEPARTMENT OF COMMERCE AND BO/
Period
19391946 . .19481949195019511952__19531954- -1954: May _
JuneJulyAugust _ _ _ _SeptemberOctoberNovemberDecember
1955: JanuaryFebruaryMarchAprilMayJune 5
July5
Man uf acturiiigand trade
Sales i Inven-tories 2
Manufacturing
Sales * Inven-tories 2
Neworders l
Wholesale
Sales i Inven-tories 2
Retail
Sales *
Billions of dollars, seasonally adjusted
10.827.236.434. 739.9
4 44. 945.948.446. 746. 146. 946.646.346. 445.647. 648.748.748. 950.750.951.752.2
20. 142. 955. 652. 164. 1
4 75. 276.780.376. 978.978.677. 677. 377.076.977. 176.976.977. 377.577.778.478.8
5. 112. 617.616.419.322. 322.824.923. 423.223. 323.223. 123. 022.524. 024. 124. 324. 626.026.026.727.2
11. 524. 531.728. 934.342.843. 845. 943. 344. 344. 243. 443. 142. 943. 243. 343.343.243. 343.343. 343. 543.8
5.413.717.415. 921. 024. 523. 623.422. 421. 922. 021.421. 923. 322. 923. 124. 824. 624. 826. 526. 127. 727. 8
2.26.07.97.48.79.49.49.39. 18.99. 19. 19. 19.29.09.39. 59. 59. 59. 79. 69, 79. 7
3. 16. 68. 17.9
10. 511. 111. 311. 711. f>11. X
1. '.)1. s!. s1, 71. 71, 71. f>1. 51. 71. 61. 71.8
11. 8
3. 58. f,
](). « »10 . « :Jl.'. < i
4 • « • »
- I . :\i . :*
-1. 0- i . Ii , :•;
•J , 2•i. 2• I , 1-I . -l5. 14. 9
14. 815. 115. 315.415.315. 6
Iim-.M
tori*- '-'
I 1 « >I , , ;-,
l i ' . ;• ;1 V 1 . ?
: i , r»
>',». iJ'J. S!2. 0
22. 422. 522. 422. 022. 122. 122. 222. 422. 622. 823.023. 2
I » r l ' ? U i :n
• ! » . , ! . • > . HM7. . - . - . M i u i l h
:*590
10498
105109110112111108112111112108113114117118112113119117116123
•i\\. ;•: lores
Inven-tories 3
-49 = 100,T adjusted
3577
107100109129118126122121122124124125124124124123121123123124128
i Monthly average for year and total for month. * New series on retail trade beginning with 1951; not comparable with previous2 Book value, end of period. data. See Survey of Current Business, September and November 1952, for detail.3 Book value, end of period, except annual data, which are monthly averages. 8 Preliminary estimates. f\~tSources: Department of Commerce and Board of Governors of the Federal Reserve System. "
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MERCHANDISE EXPORTS AND IMPORTSFor the first half of the year, commercial exports were 10 percent higher and imports 5 percent higher than in the corre-sponding period of 1954. Total merchandise exports were 1 percent lower than in the first half of 1954 because ofthe decline in military aid shipments.
MILLIONS OF DOLLARS1,800
1,600
1,400
1,200
MILLIONS OF DOLLARS1,800
1950
I/SEE FOOTNOTES I AND 2 ON TABLE BEtOW.
SOURCES". DEPARTMENT OF COMMERCE AND DEI COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
i Q^fi— -38 monthly average -
i oj.7 mnnt.lilv avGiase --i Q4.R monthly average — — —1 QAQ mnntlllv fLVBTfiffe
iQ^l monthly average101^0 rvi ATI tM v ftVGrace _ _ _
i Q^4 rnonthlv averase
Tiilv "
September -H. iDecember — —
i Q • la niiarv --
April — — — _ _ — —Miay -June
Merchandise exports
Total
247812
1,2781,0541,003
8561,2531,2661,3141,2581,4011,4741,2911, 1561, 1141, 2651, 2491,3181, 1661,2331,3421, 2641,3081, 315
Grant-aidshipments 1
5496
2489
166293188264359268200153104859885959294
131128
Excludinggrant-aidshipments
7571,182
8331, 1641, 1001,0221,0701, 1371, 1151,023
955961
1, 1611, 1641,2211,0801, 1381, 2501, 1701, 1771, 187
Merchandiseimports
207412480594552738914893906851829946822825780764839942870850
1,019871956
3 925
Excess of exports (+)or imports ( — )
Total
+ 40+ 400+ 798+460+ 452+ 118+ 339+ 373+ 408+ 407+ 572+ 528+ 469+ 331+ 334+ 502+ 410+ 376+ 295+ 384+ 324+ 393+ 352
Excludinggrant-aidshipments
+ 345+ 702
+ 95+ 250+ 207+ 116+ 219+ 308+ 168+ 202+ 130+ 181+ 398+ 325+ 279+ 210+ 289+ 231+ 299+ 221
3 +262
22
TI -rmiru? with 1950 figures include only Department of Defense shipments of grant-aid military supplies and equipment under the Mutual SecurityProgram Shipments for'the first 6 months of the program (July-December 1950) amounted to 282 million dollars.
NOTE—Detail will not necessarily add to totals because of rounding. Sources: Department of Commerce and Department of Defense-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICESCONSUMER PRICESThe average of consumer prices increased slightly in June.
INDEX, 1947-49- IOO140
INDEX, 1947-49 = 100140
- 120
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100]
Period
19391946194719481949 _195019511952 „195319541954: May-
JuneJulyAugustSeptemberOctoberNovemberDecember
1955: JanuaryFebruary .MarchAprilMayJune _ _ _
Allitems
59.483.495.5
102.8101.8102.8111.0113.5114.4114. 8115. 0115. 1115. 2115. 0114. 7114. 5114.6114.3114.3114. 3114. 3114.2114. 2114. 4
Food
47.179.095. 9
104. 1100.0101.2112.6114. 6112. 8112. 6113.3113.8114. 6113.9112.4111.8111. 1110.4110.6110.8110.8111.2111. 1111. 3
Housing
Total
C1)(>)
95.0101.7103.3106. 1112.4114.6117.7119. 1118.9118. 9119.0119. 2119. 5119. 5119. 5119. 7119. 6119.6119. 6119.5119. 4119. 7
Rent
86.691.494.4
100.7105.0108.8113. 1117.9124. 1128. 5128.3128.3128. 5128. 6128.8129.0129. 2129. 4129.5129. 7130. 0129.9130. 3130. 4
Apparel
52.583. 797. 1
103.599.498. 1
106. 9105.8104. 8104. 3104.2104. 2104.0103.7104.3104. 6104. 6104. 3103.3103. 4103. 2103. 1103. 3103. 2
Trans-porta-tion
««90.6
100.9108. 5111.3118.4126.2129. 7128. 0129. 1128.9126. 7126. 6126.4125.0127. 6127.3127. 6127.4127.3125. 3125.5125.8
Medicalcare
(l)C1)94. 9
100.9104. 1106. 0111. 1117.2121. 3125.2125. 1125. 1125.2125. 5125.7125. 9126. 1126.3126.5126.8127. 0127.3127.5127.6
Personalcare
C1)C1)97.6
101. 3101. 1101. 1110.5111. 8112.8113. 4113.0112.7113. 3113.4113.5113. 4113.8113. 6113.7113.5113. 5113. 7113. 9114. 7
Readingand
recrea-tion
C1)0)95.5
100.4104. 1103.4106.5107.0108.0107.0106.4106.4107.0106. 6106.5106.9106. 8106. 6106.9106.4106. 6106. 6106. 5106. 2
Othergoodsand
services
(*)C1)96. 1
100. 5103. 4105.2109.7115.4118.2120. 1120. 1120. 1120.3120. 2120. 1120. 1120. 0119. 9119.9119.8119.8119.8119. 9119.9
i Not available. Source: Department of Labor.
23Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WHOLESALE PRICESThe average of wholesale prices increased in July, as increased prices for industrial commodities more than offsetdeclines in the average prices of farm products and processed foods.
I960
COUNCIL OF ECONOMIC ADVISERS
[1947-49=100]
193919461947.19481949-1950-19511952-1953-1954-1954:
1955:
Week1
Period
JuneJulyAugust . «SeptemberOctoberNovember-DecemberJanuary _ _February _MarchAprilMayJune _Julyended: 1
355: August 29 _ _ _ _ _
All com-modities
50 178. 796. 4
104. 499. 2
103. 1114. 8111. 6110. 1110. 3110. 0110. 4110. 5110. 0109. 7110.0109. 5110. 1110. 4110. 0110. 5109. 9110. 3no. o
110. 1no. i
Farmproducts
36 583. 2
100. 0107. 392. 897. 5
113. 4107. 097. 095. 694. 896. 295.893. 693. 193. 289. 992. 593. 192. 194. 291. 291. 889. 5
' 87. 287.8
Processedfoods
43 377 698. 2
106 195. 799. 8
111 4108. 8104. 6105. 3105. 0106. 5106.4105. 5103. 7103. 8103. 5103. 8103. 2101. 6102. 5102. 1103. 9103. 1
101. 1100. 9
Other thanfarm products
and foods(industrial)
58 178. 395. 3
103. 4101. 3105.0115. 9113. 2114. 0114. 5114. 2114. 3114. 4114. 4114. 5114. 8114. 9115. 2115.7115. 6115. 7115. 5115. 6116. 5
116.7116.7
241 Weekly series based on a smaller sample than the monthly seriesSource: Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES RECEIVED AND PAID BY FARMERSThe index of prices received by farmers declined 2 percent during the month ended July 15. The index of pricespaid by farmers was slightly lower than a month earlier. The parity ratio dropped 2 points to 84—4 points below ayear earlier.
INDEX, I9IO-I4* IOO325
INDEX, I9IO-I4 *!00325
125
1950
-^RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.SOURCE. DEPARTMENT OF AGRICULTURE.
1955
COUNCIL OF ECONOMIC ADVISERS
Period
1939 __19461947 _1948 _ _1949 .1950 _ __1951 „1952 .1953 _1954 _
1954* June 15July 15 -August 15September 15 -October 15 -November 15 -December 15
1955* January 15February 15 - _ _ . .March 15 -April 15May 15 -June 15 --JUly 15
Prices paid by farmersfor items used in
Familyliving
Produc-tion
Parity index(prices paid,
interest,taxes, and
wage rates)
Prices re-ceived byfarmers
Index, 1910-14=100
120202237251243246268271270274276277277273273272272273271273274274274274
121191224250238246273274253252252247250251250251250254256256254251250248
123208240260251256282287279281282280282280279279279283283284284282282281
952 236
276287250258302288258249247245249246242242239243244243247244243237
Parityratio l
7711311511010010110710092898888888887878686868687878684
i Percentage ratio of index of prices received by farmers to parity index.* Includes wartime subsidies paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946.Source: Department>f Agriculture. 25
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENCY, CREDIT, AND SECURITY MARKETSCURRENCY AND DEPOSITSDemand deposits were unchanged between the end of May and the end of June/ a decrease is usual at this timeof the year. On a seasonally adjusted basis, total deposits (excluding Government) and currency have changedvery little since the end of April.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
160
1 2 0
END OF MONTH
TOTAL DEPOSITS AND CURRENCY
TIME DEPOSITS
CURRENCY OUTSIDEBANKS
TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS
DEMAND DEPOSITSADJUSTED
160
120
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
End of period
1946 ---1948.19491950. ~ -1951 „ _ _ _ _ _ _19521953_._. „--1954. .1954: May —
June -July - _August --September „OctoberNovember .December -
1955: January 4 .February 4
March 4
April 4
May 4
June4 ~ _
Total de-posits andcurrency
167. 5172.7173. 9180.6189.9200.4205.7214.8203. 6205.3204.8206.3207.7211. 3213.3214.8213.4212.0210. 6213.0212. 6213.0
U. S.Government
deposits *
3.53. 64. 13.73.95. 64.85. 15.66.84.46.05.26.67.55. 14.25. 15.35. 65.95.6
Total excluding U. S. Government deposits(privately held money supply)
Total
164.0169. 1169.8176, 9186.0194. 8200.9209.7198.0198.5200.4200.3202. 5204.7205.8209.7209. 2206. 9205.3207.4206.7207.4
Currencyoutsidebanks
26.726. 125. 425. 426.327.528. 127.926. 827. 126. 826.926.926.927.527.926.826.826.726.726.827. 1
Demanddeposits
adjusted a
83.385. 585.892.398.2
101.5102.5106.698.798. 1
100.099.4
101.2103. 1104.0106.6107.0104.5102.4104.5103.4103.4
Timedeposits a
54.057. 558.659. 261.465. 870.475.372. 573.373.774. 074.474.874.375.375.475.776.276.276.577.0
»Includes U. S, Government deposits at Federal Keserve banks and commercial and savings banks, and U. S. Treasurer's time deposits, open account.* Includes demand deposits, other than interbank and U, S. Government, less cash items in process of collection.> Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.* Preliminary estimates.Nora.—Detail will not necessarily add to totals because of rounding. Source: Board of Governors of the Federal Reserve Board.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK LOANS, INVESTMENTS, AND RESERVESTotal loans and investments of commercial banks were unchanged between the end of May and the end of June.A rise of $1.8 billion in loans was offset by a decline in holdings of U. S. Government securities.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
120
\ 8O
40
20
ALL COMMERCIAL BANKS
TOTAL LOANS AND INVESTMENTS
V
^INVESTMENT IN OTHER SECURITIES
BANK LOANS*
1952 1953
END OF MONTH
I 2080
40
20
SOURCE: BOflRO OF GOVERNORS OF THE FEDERAL RESERVE SYStEM 'COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
End of period
19491950__195119521953 .1954 - _ _1954: May _
JuneJuly .. -August- -_..September .October . -NovemberDecember _
1955: January * .. _ _February 4 _ »March 4 .April4 .- -May 4 -June 4-July4
All commercial banks
Total loansand invest-
ments
120.2126. 7132.6141.6145.7155.9145. 7146.4147.3149.5150. 6154.0155.7155.9156.2154.8153.5155.5155.5155.5
Loans
43.052. 257.764.267.670.667. 167.367.366.567.367.769.470.670.671.272.372.973.975.7
Investments
Total
77.274.474.977.578. 185.378. 679.080. 083.083.386.386.385.385.783.681.282.681.679.8
U.S. Gov-ernmentsecurities
67.062. 061.563.363.469.063.363.564. 367.367. 370.270. 169.069.066.864. 265. 664. 963.0
Othersecurities
10.212.413.314. 114.716.315.315.515.715.716.016. 116. 216.316.716.817.017.016.716. 8
Weeklyreportingmemberbanks * 2
Businessloans 2
13. 917.921. 623.423.422.421. 921.921.520.821. 021.022. 122.422.022.122.622.522. 623. 523.5
All member banks * 8
Reserve balances
Required
17.015.618.519.619.318.518. 818.818.317.617.618.218.418.618.418.218.018.218. 218. 118.2
Excess
.8
.8
.8
.7
.7
.8
.7
.9
.8
.8
.8,7.8.7.7.6.6.6.6.6.6
Borrow-ings atFederalReserveBanks
. 1
.1
.3
.8
.8
.1
.2
.1
. 1
. 1
. 1
. 1
.2
.2
.3
.4
.5
.5
.4
.4
. 51 Member banks include, besides all national banks, those State banks that have taken membership in the Federal Eeserve System.2 Commercial, industrial, and agricultural loans; revised series beginning January 1952. Such loans by weekly reporting member banks represent approximately
70 percent of business loans by all commercial banks.* Data are averages of daily figures on balances and borrowings during the period.< Preliminary estimates.NOTE.—Detail will not necessarily add to totals because>f rounding. Source:lBoard of Governors of the Federal Reserve System.
27Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDITIn June, total consumer credit outstanding rose $900 million to a new high of $32,5 billion. The increase of $2,5billion during the second quarter exceeds any past performance. Increased instalment financing of automobile pur-chases accounted for most of the rise.
BILLIONS OF DOLLARS
35
BILLIONS OF DOLLARS
35
TOTAL CREDITOUTSTANDING
NONINSTALMENT CREDIT^
-INSTALMENT CREDIT
1950
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,
1955
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars}
End of period
193919461947 .1948 ---194919501951 .1952195319541954* May
JuneJulyAugustSeptember.OctoberNovember.December.
1U55: January1'Y.bniary _Miirch.."..A p r i l . ..MayJ l l l H '
Totalconsumer
creditoutstand-
ing
7,2228,384
11, 57014,41117, 10420, 81321, 46825, 82729, 53730, 12528, 37228, 66628, 72528, 73628, 85628, 97529, 20930, 12529, 76029, 51829, 948{0, 655M, r>osVI, -171
Instalment credit outstanding
Total
4,5034, 1726,6958,968
11,51614, 49014, 83718, 68422, 18722, 46721, 48721,71721, 84921, 90121, 93521, 95222, 01422, 46722, 43622, 50822, 97423, 51324, 14924, 914
Auto-mobilepaper *
1,497981
1,9243,0544,6996,3426,2428,099
10, 34110, 39610, 00210, 16810, 29810, 34910, 36510, 34010, 29610, 39610, 45910, 64111,05311, 48211, 98512, 561
Otherconsumer
goodspaper l
1,6201,2902,1432,8423,4864,3374,2705,3285,8315,6685,3705,3675,3285,2945,2875,3245,3985, 6685,6095,4845,4795,4925,5555, 639
Repair andmoderni-
zationloans 2
298405718843887
1,0061,0901,4061,6491,6161,6341, 6351,6371,6421,6421,6371,6311,6161,5741,5501,5301,5341,5461,562
Personalloans
1,0881,4961,9102,2292,4442,8053,2353,8514,3664,7874,4814,5474,5864,6164,6414,6514,6894,7874,7944,8334,9125,0055,0635, 152
Noninstalment creditoutstanding
Total
2,7194,2124,8755,4435,5886,3236,6317,1437,3507,6586,8856,9496,8766,8356,9217,0237, 1957,6587,3247,0106,9747, 1427,4197,557
Chargeaccounts
1,4142, 0762, 3532,7132,6803,0063,0963,3423,4113,5182,7862,8192,7732,7342,8072,8923,0423,5183,2252,8312,7352,8593,0113,040
Instal-ment
credit ex-tended 8
8,49512, 71315, 54018, 00221, 25622, 79128, 39730, 32129, 3042,3972,7032,5492,4772, 4412,4542,5543,0462,3892,4163,1593,0893,2063,443
Instal-mentcredit
repaid *
6,78510, 19013, 26715, 45418, 28222, 44424, 55026, 81829, 0242,3362, 4732,4172,4252,4072,4372,4922,5932,4202,3442,6932,5502,5702, 678
vdit i - j t iMuicd for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.s held hy f inanc ia l institutions; those held by retail outlets are included in "other consumer goods paper."i < l ' lur lnn HH* jmi iod . Source: Board of Governors of the Federal Keserve System.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOND YIELDS AND INTEREST RATESInterest rates rose during July and early August.
PERCENT PER ANNUM4
PERCENT PER ANNUM4
1950
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1955
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
Period
19391948 - ...1949 . .. .. _19501951195219531954 .1954; June
July _.AugustSeptember .. _ ._OctoberNovemberDecember
1955: January.February ...MarchAprilMayJuneJuly
Week ended:1955: July 2
91623 ...30
August 613
U. S. Government security yields3-monthTreasury
bills1
0.0231.0401. 1021.2181.5521.7661.931.953.650.710.892
1.007.987.948
1. 1741.2571. 1771.3351.6201.4911.4321.622
1.4011. 5411.6061.6201.7201.8501.889
Taxable bonds 2
Old series 8
2.442.312.322.572.682.932.532.542.472.482. 512.522. 552.572.652.722.712.772.752.762. 87
2. 812.822.832. 902.942.942.90
New series *
3. 162.702.702.622.602.642.652.682.682.764 2. 922.922. 922.912.912.96
2.942. 942.942.962.993.033.02
High-grademunicipal
bonds 6
2.762.402.211.982.002. 192.722.372.482.312.232.292.322.292.332.392. 422.452.432.412.482.62
2.552.602.622.622. 642.662. 66
Corporate bonds( Moody 's)
Aaa3.012.822.662.622.862.963.202.902.902.892.872.892.872.892. 902.932. 993. 023.013.043.053.05
3.053.053. 053.053.073.093.09
Baa4. 963.473.423.243.413.523.743.513.493.503.493.473.463.453.453.453.473.483.493.503.513. 52
3.513.513. 523.523.533.553.56
Primecommercial
paper,4-6 months
0.591.441.491.452. 162.332.521.581.561.451.331.311.311.311.311.471.681.691.902.002.002.11
2.002.052.062. 142. 192.282.31
1 Rate on new issues within period.2 Bonds in this classification were first issued in March 1941.i Beginning April 1952, 2H-pereent bonds first callable after 12 yean. Prior
to that, only bondi due or callable after 16 years were included.
* 3H-pereent bonds of 1978-83, issued in May 1953; and 3-percent bonds of IQQ*issued in February 1955. '8 Standard and Poor's. Weekly data are Wednesday figures.
Source: Board of Governors of the Federal Reserve System. 29Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STOCK PRICESStock prices rose during'July and declined in early August.
INDEX, 1939 = 100
500INDEX, 1939*100
500
300
400
300
200
I960 1951
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
1955
COUNCIL Of ECONOMIC ADVISERS
Period
Weekly average:1946 .........194719481949195019511952_195319541954: August
SeptemberOctoberNovemberDecember
1955: January- - -FebruaryMarch..AprilMayJuneJuly
Week ended:1955: July 1
8152229
August 5 _
Com-positeindex *
149.4130.9132.7127, 7154. 1184.9195.0193.3229.8237.1240. 4243.6254.4267.7270.6281.0279.6286.8289. 0302. 9318.8
314.2318.5318.2321. 1322. 1315.6
M anuf acturing
Total
146.6132.4136.8132. 1165.7206.8220.2220. 1271.3280.0285.6291. 2305.2322.7326.4340. 0336. 9347.0349.6370. 1394.6
388. 3395. 0393.4397. 3399. 2389. 9
Durablegoods
138.6119. 9124.3116.0150.2178.5188.8192. 6245.2257.0260. 2267.4284. 4298.3306. 9320. 0318.2326. 8324.5344.4366. 1
355.4363. 2365.4371. 1375. 2369. 2
Nondura-ble goods
154.5144.6148.6147.2180.2233. 1249.3245.2295.2301.0308. 8312.8324.0345.0344. 0358.2353.8365.3372.4393.4420.7
418. 3424. 1418. 9421.2420. 940S. 7
Trans-portation
202.4149.1158. 1136.0160.0199.0220.6218.7232.6237. 1236.0240.4259.4284.8288. 1300.3305.4320.5326.0336.5333.9
338.0331. 1332. 6335. 9331. 7323. 9
Utilities
121.0105.599,398. 1
108.9112.6117.912L5135.8140.8139.8138.2141.2144. 1145. 3150.0150. 9152. 1153. 5154.3156. 6
154. 1154. 6157. 0] 58. 2159. 0157. 6
Trade,finance,
and service
204. 3162.8156.9160.7183.8207.9206.0207.1235.6243. 1247.2248.6260.4267.5269. 8276.0274.6277.3280.5294. 2304.3
299. 6307. 6305. 4305. 5303. 4300. 8
Mining
125.5117.2133.0129.4143.5204.9275.7240.5267.0262.6267.8269.4277.9310.3314.4314.6315. 1311.3302.6313. 8317.2
323. 1313.3315.8318.9315. 1312.0
30
1 Includes 2fi5 common stocks: 98 for durable goods manufacturing, 72 lor nondurable goods manufacturing, 21 for transportation, 29 for utilities ,31for trade, finance, and service, and 14 for mining. Indexes arc for wee&ly closing prices.
Source: Securities and Exchange Commission.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCEBUDGET RECEIPTS AND EXPENDITURESFiscal year 1955 closed with a budget deficit of $4.2 billion.
BILLIONS
75
50
25
0
OF DOLLARS BILLIONS OF DOLLARS
TOTAL BUDGET EXPENDITURES
__
75
50
25
0
ifiin1950
pi]AV. '
1sK
rrr^
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50
25
O
NET BUDGET RECEIPTS
•//:••/.— '•/:••/:<
££> :>g W;.
11 p Hii If H
m.*«v.
v^"^
nM
Sf?:,<;•.;:
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-
1951 1952 1953 1954 1955 1950 1951 1952 1953 1954 1955
NATIONAL SECURITY PROGRAMS—
_
—
:|g
1xx
':>><
£vi5
raft'• \'.
p rs3
1:•:'' :::
ix§:
ii:>'>- ':
11 i!
•HO
+ 5
0
-5
- IO
BUDGET SURPLUS (+) OR DEFICIT (-)(MAGNIFIED SCALE)
-
1
H piKSJ-j
pi
1
H 8^^ —
1950 1951 1952 1953 1954 1955 1950 1951 1952 1953 1954 1955
FISCAL YEARS
[Billions of dollars]
Period
Fiscal year 1944 - -Fiscal year 1947Fiscal year 1948Fiscal year 1949 ,Fiscal year 1950Fiscal year 195 1 - - - -Fiscal year 1952Fiscal year 1953 - --Fiscal year 1954 --Fiscal year 1955 >1954: ApriL
May . - -iTX«*J .
June -July
September - -October .. . ....NovemberDecember
1955: JanuaryFebruary -March-_ » ». -April . _May .-June
Net budgetreceipts
43.639.841. 537.736.547.661.464.864.760.32.83.6
10.62.83.95.02.64.23.74.75.49.73.74.4
10.0
Budget expenditures
Total
95. 139.033. 139.539.644. 165.474.367.864.55.35.27.34.86.75. 04.93.86.34.94.85.95.25.46.7
Nationalsecurity 1
75.814.411.812.913.022. 343.850.346.540.43.73.34.53.23.43.33.33.33.73.23. 13.53.33.33.9
Budget sur-plus (+) ordeficit (-)
— 51. 4+ .8
+ 8.4-1.8-3. 1+3.5-4.0-9.4-3.1-4.2-2.5-1.6+ 3.3-2.0-2.8-. 1
-2.2+.4
-2.5-.3+.6
+ 3.8-1.5-.9
+ 3.4
Public debt(end of
period) 2
202. 6258.4252.4252.8257.4255.3259.2266. 1271.3274.4271. 1273.6271.3271.0275.0274.8278.8278.9278.8278.5278.2274.1276.7277.5274.4
i Revised to Include the items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending June 30,1965. Theseexpenditure items are: Military functions of Defense Department, mutual military program, development and control of atomic energy, and allocation ;of critical andstrategic materials.
* Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.NOTE.—Beginning with February 1954, the reporting of budget receipts and expenditures is on a basis consistent with that used in preparing budget estimates.
The figures shown above for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis.Detail will not necessarily add to totals because of rounding. Sources: Treasury Department <md Bureau of the Budget.
31Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CASH RECEIPTS FROM ANDPAYMENTS TO THE PUBLICFederal cash receipts exceeded cash payments by $1.9 billion in the second quarter of this year. A cash surplus isusual at this time of the year. For the entire fiscal year 1955, Federal cash payments exceeded cash receipts by$3.0 billion.
BILLIONS OF DOLLARS
80
60
BILLIONS OF DOLLARS
+ 10
-^PRELIMINARY ESTIMATES
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
1953CALENDAR YEARS
1954-s/ 1955^
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Calendar year
Calendar year total;1046 _194719481949195019511952 „195319541
Quarterly totals, not adjusted for seasonal variation:1953: Third Quarter
Fourth quarter »1954:1 First quarter
Second quarterThird quarter ,.Fourth quarter - - «.
1955: l First quarterSecond quarter _ _ _
Cash receiptsfrom the
public
41, 44144, 28244, 92241, 34642, 41959, 27871, 33970, 04168, 562
15, 35713, 47123, 69319, 11513, 50112, 25321, 28720, 749
Cash pay-ments to
the public
41, 39938, 61636, 89742, 64241, 96958, 03472, 98076, 19469, 622
18, 87018, 10916, 45918, 43118, 58216, 17217, 16118, 878
Excess of re-ceipts (+) orpayments (— )
+42+5, 666+8, 027
1,295+450
+ 1,244-1,641-6, 153-1,060
-3, 513-4, 638+ 7,234
+ 684-5,082-3,918+ 4, 126+ 1,871
»Preliminary estimates.Not s.—Detail will not necessarily add to totals because of rounding.Sources: Bureau of the Budget and Treasury Department.
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