ERP1957 Appendixes 5

Appendix E

STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


CONTENTSNational income or expenditure: Page

E-l. Gross national product or expenditure, 1929-56 123E-2. Gross national product or expenditure, in 1956 prices, 1929-56 124E-3. Gross private and government product, in current and 1956 prices,

1929-56 126E-4. Gross national product or expenditure, in 1947 prices, 1929-56 127E-5. Implicit price deflators for gross national product, 1929-56 128E-6. The Nation's income, expenditure, and saving, 1954-56 129E-7. Personal consumption expenditures, 1929-56 130E-8. Gross private domestic investment, 1929-56 131E-9. National income by distributive shares, 1929-56 132E-10. Relation of gross national product and national income, 1929-56. . . . 133E—11. Relation of national income and personal income, 1929—56 134E-12. Sources of personal income, 1929-56 135E-13. Disposition of personal income, 1929-56 136E-l 4. Total and per capita disposable personal income and personal con-

sumption expenditures, in current and 1956 prices, 1929-56 137E-15. Financial saving by individuals, 1939-56 138E—16. Sources and uses of gross saving, 1929—56 139

Employment and wages:E-17. Noninstitutional population and the labor force, 1929-56 140E-l 8. Employment and unemployment, by age, and by sex for 20-64 year

group, 1942-56 142E—19. Employed persons with a job but not at work, by reason for not

working, 1946-56 143E-20. Unemployed persons, by duration of unemployment, 1946-56 144E-21. Unemployment insurance programs, selected data, 1939 and 1946-56. 145E-22. Number of wage and salary workers in nonagricultural establish-

ments, 1929-56 146E-23. Average weekly hours of work in selected industries, 1929-56 148E-24. Average gross hourly earnings in selected industries, 1929-56 149E-25. Average gross weekly earnings in selected industries, 1929-56 150E-26. Labor turnover rates in manufacturing industries, 1930-56 151

Production and business activity:E-27 Industrial production indexes, 1929-56 152E-28. Business expenditures for new plant and equipment, 1939 and

1945-57 154E-29. New construction activity, 1929-56 155E-30. New public construction activity, 1929-56 156E-31. Housing starts and applications for financing, 1929-56 157E—32. Sales and inventories in manufacturing and trade, 1939-56 158E-33. Manufacturers' sales, inventories, and orders, 1939-56 159

Prices:E-34. Wholesale price indexes, 1929-56 160E-35. Wholesale price indexes by economic sector, 1947—56 162E-36. Consumer price indexes, 1929-56 164

121


Money supply, credit, and Federal finance: PageE-37. Deposits and currency, 1929-56 165E-38. Loans and investments of all commercial banks, 1929-56 166E-39. Federal Reserve Bank credit and member bank reserves, 1929-56. . 167E-40. Bond yields and interest rates, 1929-56 168E-41. Short- and intermediate-term consumer credit outstanding, 1929-56 . 170E-42. Instalment credit extended and repaid, 1946-56 171E-43. Mortgage debt outstanding, by type of property and of financing,

1939-56 172E-44. Net public and private debt, 1929-56 173E-45. U. S. Government debt—total and by kind of obligations, 1929-56 . 174E-46. Estimated ownership of Federal obligations, 1939-56 175E-47. Federal budget receipts and expenditures, calendar and fiscal years

1946-58 176E-48. Government cash receipts from and payments to the public, calendar

years 1946-56 176E-49. Government receipts and expenditures as shown in national income

accounts, 1953-56 177Corporate profits and finance:

E-50. Profits before and after taxes, all private corporations, 1929-56 178E-51. Relation of profits before and after taxes to stockholders' equity and

to sales, private manufacturing corporations, by asset size class,1947-50 average and 1955-56 179

E-52. Relation of profits after taxes to stockholders' equity and to sales,private manufacturing corporations, by industry group, 1947-50average and 1955-56 180

E-53. Sources and uses of corporate funds, 1946-56 182E-54. Current assets and liabilities of all corporations, 1952-56 183E-55. State and municipal and corporate securities offered, 1934-56 184E-56. Common stock prices and stock market credit, 1939-56 185E-57. Business population and business failures, 1929-56 186

Agriculture:E-58. Income of the farm population, 1929-56 187E-59. Farm population and employment, 1929-56 188E-60. Farm production indexes, 1929-56 189E-61. Indexes of prices received and prices paid by farmers, and parity

ratio, 1929-56 190E-62. Comparative balance sheet of agriculture, 1940-57 191E-63. Selected indicators of farm conditions, 1929-56 192E-64. Selected measures of farm technology, 1929-56 193

International transactions:E-65. United States balance of payments, 1952-56 194E-66. United States balance of payments with individual areas, 1952-56. 195E-67. United States grants of military supplies and services, by areas, total

postwar period and fiscal years 1952-56 197E-68. United States grants and credits, excluding military supplies and

services, by areas, total postwar period and fiscal years 1952-56. 198E-69. United States merchandise exports and imports for consumption, by

leading commodities, 1936—38 average and 1952-56 199E—70. Estimated gold reserves and dollar holdings of foreign countries, 1937

and 1949-56 200

122


NATIONAL INCOME OR EXPENDITURETABLE E-l.—Gross national product or expenditure, 1929-56

[Billions of dollars]

Period

Totalgrossna-

tionalprod-uct

1929...- -

1930..- . —1931 -.19321933...- -.1934 _ .-

1935..-193619371938 -1939.-

19401941 -194219431944

1945194619471948 -1949

19501951195219531954-.-

1955_—1956 «

1953: First quarterSecond quarter. _Third q u a r t e r -Fourth quarter.

1954: First quarter.—Second quarter.Third quarter. _Fourth quarter.

1955: First quarter. _.Second quarter.Third quarter. _Fourth quarter .

1956: First quarter . . .Second quarter.Third quarter. _Fourth quarter"

104.4

91.176.358.556.065.0

72.582.790.885.291.1

100.6125.8159.1192.5211.4

213.6209.2232.2257.3257.3

285.1328.2345.4363.2360.7

390.9412.4

Per-sonalcon-

sump-tionex-

pendi-tures1

79.0

71.061.349.346.451.9

56.362.667.364.667.6

71.981.989.

100.5109.8

121.146.6165.0177.6180.6

194.0208.3218.3230.523R.5

254.0265.8

Gross private domesticinvestment 2

16.2

10.35.5.9

1.42.9

8.411.76.79.3

13.218.19.95.67.1

10.427.129.741.232.

51.256.949.850.348.0

60.665.3

New construc-tion

8.76.24.01.91.41.7

2.33.34.44.04.8

5.56.63.72.32.7

3.810.314.017.917.5

22.723.323.725.827.9

32.733.2

3.62.11.6

1.01.61.92.02.7

3.03.51.7

.9

.81.14.06.38.68.3

12.611.011.111.913.5

16.615.3

4.12.41.21.01.1

1.31.72.52.02.1

2.3.12.01.41.9

2.76.37.79.39.

10.112.412.613.814.4

16.117.8

5.84.52.81.612.3

3.14.25.13.64.2

5.56.94.34.05.4

7.10.716.19.117.8

21.123.23.124.322.4

23.728.7

Netfor-

eignin-

vest-ment

-A- 1 . 3-2 .6-1 .6- 1 . 1

.91.02.2

- . 9.4

2.4.51.8

- . 8-1 .0

-1 .16.1

-1 .04.2

- 2 .

7.410.43.0.3

- 2 . 3

4.3.4

0.8

- . 1- . 1

.11.1.9

1.51.1

- . 2-2.2-2.1

-1.44.68.92.0.5

-2.2.2

- . 2-2.0- . 4

- . 51.4

Government purchases ofgoods and services

8.5

9.2

76.879.9

30.132.8

Seasonally adjusted annual rates

361.6367.4366.3357.5357.6358. 5359.4367.1377.3387.4396.8401.9403.4408.3413.8424.0

228.6231.4232.0230.2232.2235.0237.8241.1246.7251.8257.8259.5261.7263.7266.8271.2

51.553.551.844.545.848.246.751.554.760.262.365.163.164.765.168.4

25.226.225.825.925.927.328.729.531.532.933.533.032.633.633.632.9

11.712.212.111.711.813.014.215.016.116.917.216.215.315.615.514.9

13.514.013.814.114.114.314.414.515.316.016.416.817.318.018.118.0

24.324.224.923.822.922.622.521.721.322.425.025.926.427.529.531.5

2.03.11.1

- 5 . 2- 3 . 1- 1 . 7- 4 . 5

. 2

1.94.93.76.1

4.13.52.04.0

- 2 . 1-3 .0-1 .4-1 .7- 1 . 1

- . 2- . 7

. 3

- . 4- . 9

.2- . 8

. 11.21.72.4

83.685.583.884.580.875.575.674.276.376.276.578.178.578.780.282.0

59.061.259.158.654.048.247.745.746.846.346.647.246.446.147.248.3

51.853.351.349.446.543.242.040.141.841.341.340.640.540.741.943.2

7.68.38.29.5

7.85.46.05.9

5.45.55.87.1

6.35.85.75.5

0.5. 4. 4. 3

.4

.4

.4

. 3

.4

.4

.4

. 5

.4

.4

.4

.4

24.624.324.725.9

26.827.328.028.5

29.529.929.9

32.132.633.033.7

1 See Table E-7 for major components.2 See Table E-8 for more detail and explanation of components.3 For 1947-56, national security expenditures include the items classified as such in the Budget of the

United States Government for the Fiscal Year ending June SO, 1954. They are not comparable with thenational security category in the Budget for the fiscal year ending June 30, 1958, which corresponds moreclosely to national defense expenditures for goods and services. National defense expenditures since 1947are as follows: 1947,12.3 billion dollars; 1948,11.6 billion; 1949,13.6 billion; 1950,14.3 billion; 1951, 33.9 billion;1952, 46.4 billion; 1953, 49.3 billion; 1954, 41.1 billion; 1955, 39.1 billion; and 1956, 39.6 billion.

* Not available separately.« Less than 50 million dollars.• Preliminary; fourth quarter by Council of Economic Advisers.

NOTE.—Detail will not necessarily add to totals because of rounding.

SOURCE: Department of Commerce (except as noted).

123


TABLE E-2.—Gross national product or expenditure, in 1956 prices, 1929-56l

[Billions of dollars, 1956 prices]

Period

1929

19301931193219331934

1935193619371938 _1939

19401941 __194219431944

19451946194719481949 __

19501951 . .195219531954

19551956 *

Totalgross

nationalproduct

187.1

169.5156.9133.5130.1143.6

158.5179.5190.2181.5196.2

213.7247.2278.7309.6332.6

325.7290.6289.6302.7301.8

329.9354.2366.6381.6374.6

401.7412.4

Personal consumptionexpenditures

Total

129.1

121.7118.2107.4104.7110.3

117.2129.2133.8131.8139.4

146.7156.5153.8157.9163.4

174.4194.6197.6201.5206.7

219.1220.6227.6237.2241.4

258.3265.8

Dura-ble

goods

14.4

11.610.07.67.48.4

10.312.813.411.013.0

14.917.211.19.68.7

9.919.022.723.524.8

30.026.726.429.429.7

35.834.0

Non-durable-goods

66.5

63.263.058.056.360.0

63.470.773.074.378.4

81.987.489.392.496.4

103.7109.2106.5106.7108.3

111.2113.2117.1120.7122.0

128.2132.9

Services

48.3

46.945.241.941.141.9

43.445.847.446.548.0

49.951.953.456.058.3

60.966.468.471.373.6

77.880.684.087.189.8

94.398.9

Total

37.2

25.115.64.34.28.3

17.222.429.116.422.9

30.839.119.711.113.1

17.844.342.651.639.9

61.262.354.354.151.4

63.865.3

Gross private domestic investment

New construction

Total

22.3

16.511.56.44.95.5

7.210.112.110.812.9

14.516.38.34.75.1

7.017.119.422.221.8

27.526.226.027.429.6

34.133.2

Resi-dential(non-farm)

9.3

5.44.52.21.72.0

3.34.95.35.47.2

7.88.43.81.81.5

1.96.58.5

10.310.2

14.912.111.912.614.4

17.315.3

Other

13.1

11.07.04.13.23.4

3.95.26.85.35.7

6.77.94.52.83.5

5.010.610.911.911.6

12.614.114.114.815.2

16.817.8

Produc-ers'

durableequip-ment

11.9

9.56.43.84.05.4

7.29.9

11.27.89.1

11.713.77.97.39.7

13.517.123.224.621.9

25.525.725.526.524.4

25.328.7

Changein busi-

nessinven-tories

3.0

- . 8- 2 . 3- 5 . 9- 4 . 7- 2 . 6

2.82.55.8

- 2 . 1.9

4 69.13 5

- . 9- 1 . 6

- 2 . 610.1

4.7- 3 . 8

8.310.32.8.2

- 2 . 6

4.33.4

See footnotes at end of table.

124


TABLE E-2.—Gross national product or expenditure, in 7956 prices, 1929-56l—Continued


Period

1929 _ _ _

1930 _19311932 _ _ _ _ _ __19331934 __ . -

193519361937 _19381939

1940 _ _1941194219431944 _ _

1945 _1946194719481949

19501951 .195219531954

1955 . _19566 _

Netforeigninvest-ment

.9

.6

.1- . 1- . 5

-1 .4—1.6- 1 . 2

1.41.0

1.7.1

- 2 . 3-5 .9-5 .8

- 4 . 74.69.11.2

- . 2

- 2 . 61.1

—2.1- . 3

—.41.4

Government purchases of goods and services

Total

19.9

22.023.122.021.725.1

25.529.428.531.932.9

34.551.5

107.5146.5162.0

138.147.140.348.455.4

52.270.284 592.382.0

80.079.9

Federal

Total 2

3.2

3.73.94.15.87.7

7.511.610.913.212.5

15.233.390.9

131.4147.2

123 130.121.027.331.6

26.744.258 164.952.2

48.347.0

Nationalsecurity3

4)4)4)

.)

4)

4)

3.0

5.527.186.7

130.1146.5

124.930.417.820.823.9

22.340.252 356.145.9

42.641.6

Other

(*)(4)W

wft

9.4

9.76.24.72.42.6

1.73.55.07.28.2

4.74.56 29.26.7

6.15.8

Stateandlocal

16.7

18.419 217.915.917.3

18.017.817.618.720.5

19.418.216.615.114.8

15.117.019.321.123.8

25.526.026 427.529.8

31.732.8

1 These estimates represent an approximate conversion of the Department of Commerce series in 1947prices. (See Table E-4.) This was done by major components, using the implicit price indexes convertedto a 1956 base. Although it would have been preferable to redeflate the series by minor components, thiswould not substantially change the results except possibly for the period of World War II, and for theseries on change in business inventories.

2 Net of Government sales, which are not shown separately in this table. See Table E-l for Government sales in current prices.

3 See Table E-l, footnote 3.* Not available separately.6 Less than 50 million dollars.6 Preliminary.


Source: Council of Economic Advisers.

125


TABLE E—3.—Gross private and government product, in current and 1956 prices, 1929—56

{Billions of dollars]

Year

1929

19301931193219331934

1935193619371938.1939

194019411942.19431944.

1945.1946-19471948-.1949 ._

1950195119521953-1954

1955. _ . .1956 8 — _ . -

Current prices

Totalgrossna-

tionalprod-uct

104.4

91.176.358.556.065.0

72.582.790 885.291.1

100.6125.8159.1192 5211.4

213.6209.2232.2257.3257.3

285.1328.2345.4363.2360.7

390.9412.4

Gross private productl

Total

100.1

86.671.654.051.359.4

66.675.583.977.683.5

92.8116.4144.0167.0179.2

178.4188.5215.6240.0238.Q

264.3301.0314.5331.5328.4

356.9376.5

Farm 2

9.8

7.76.24.44.64.3

6.96.38.16.76.5

6.89.4

13.415.315.7

16.218.820.623.720.1

21.124.622.721.020.2

19.719.8

Non-farm

90.3

78.865.449.646.755.1

59.669.275.870.977.0

86.0107.0130.6151.7163.5

162.2169.7195.0216.2217.8

243.1276.4291.8310.5308.2

337.3356.6

Grossgov-ern-mentprod-ucts

4.3

4.54.74.44.75.6

5.97.36.97.67.6

7.89.4

15.125.632.2

35.220.716.717.419.3

20.827.231.031.732.2

33.935.8

Totalgrossna-

tionalprod-uct

187.1

169.5156.9133.5130.1143.6

158.5179.5190.2181.5196.2

213.7247.2278.7309.6332.6

325.7290.6289.6302.7301.8

329.9354.2366.6381.6374.6

401.7412.4

1956 price.3*

Gross private product1

Total

175.9

157.7144.9121.8117.3128.6

142.4160.7172.6162.4177.0

193.7222.6242.8253.7268.5

263.1257.8264.5277.5275.4

302.7320.2330.1345.3339.0

366.2376.5

Farm 2

15.0

13.916.215.214.712.3

15.312.516.616.216.1

15.816.918.516.917.6

16.417.215.818.617.4

18.216.917.217.918.8

19.519.8

Non-farm

160.9

143.8128.7106.5102.5116.3

127.1148.2156.0146.2160.9

177.9205.7224.3236.8250.9

246.7240.6248.7259.0258.1

284.5303.2312.9327.4320.2

346.7356.6

Grossgov-ern-mentprod-ucts

11.2

11.812.011.712.815.0

16.118.817.619.119.2

20.024.635.955.964.2

62.632.825.125.226.4

27.234.036.536. 335.6

35.535.8

1 Gross national product less compensation of general government employees, i. e., gross product accruingfrom domestic business, households, and institutions, and from the rest of the world.

2 See Survey of Current Business, August 1954, pp. 20-24, for estimates in both current and 1947-49 pricesand for the implicit price deflators for 1929-51. Estimates for 1952-56 are based on unpublished data.

3 Includes compensation of general government employees and excludes compensation of employees ingovernment enterprises. Government enterprises are those agencies of government whose operating costsare at least to a substantial extent covered by the sale of goods and services, in contrast to the general activi-ties of government which are financed mainly by tax revenues and debt creation. Government enter-prises, in other words, conduct operations essentially commercial in character, even though they performthem under governmental auspices. The Post Office and public power systems are typical examples ofgovernment enterprises. On the other hand, State universities and public parks, where the fees and ad-missions cover only a nominal part of operating costs, are part of general government activities.

* See Table E-2, footnote 1.6 Preliminary.


Sources: Department of Commerce and Council of Economic Advisers.

126


TABLE E-4.—Gross national product or expenditure, in 7947 prices, 1929-561


Period

1929

19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949.

19501951195219531954

19551956 3

Totalgrossna-

tionalprod-uct

149.3

135.2126.6107.6103.7113.4

127.8142.5153.5145.9157.5

171.6198.2223.6248.9268.2

263.1233.8232.2243.9241.5

264.7282.9293.7305.3300.8

322.4330.4


Total

107.3

100.998.088.986.691.5

97.3107.6111.5109.8116.3

122.5130.9128.1131.4135.9

145.2162.4165.0168.0172.3

182.8183.6189.3197.4200.8

215.2221.2

Du-rablegoods

13.0

10.59.16.96.77.6

9.411.612.210.011.8

13.515.610.18.77.9

8.917.220.621.322.4

27.224.223.926.726.9

32.530.8

Non-du-

rablegoods

58.1

55.255.050.749.252.5

55.461.863.864.968.5

71.676.478.080.884.3

90.695.493.193.394.7

97.299.0

102.4105.4106.6

112.1116.3

Serv-ices

36.2

35.233.931.430.831.4

32.534.335.534.936.0

37.438.940.142.043.7

45.649.851.353.555.2

58.460.463.065.367.3

70.774.1

Gross private domesticinvestment

Total

26.8

17.912.03.32.14.3

13.615.222.512.116.8

22.828.914.77.49.2

13.032.429.738.828.1

45.345.239.338.537.7

46.747.4

Newcon-

struc-tion

16.1

11.88.34.63.53.9

5.27.38.77.89.4

10.611.86.03.43.6

5.012.314.016.115.8

20.019.018.819.821.5

24.824.0

Pro-duc-ers'du-

rableequip-ment

8.5

6.84.62.72.93.9

5.27.18.15.66.5

8.49.85.75.26.9

9.712.316.717.715.7

18.318.418.319.017.5

18.220.6

Changein

busi-ness

inven-tories

2.1

- ' .9- 4 . 1- 4 . 2- 3 . 5

3.2.9

5.7- 1 . 2

.8

3.97.33.0

—1.2- 1 . 3

- 1 . 67.8

- 1 . 05.1

- 3 . 5

7.07.82.2

- . 3- 1 . 3

3.72.8

Netfor-eignin-

vest-ment

1.6

1.2.6.3.1.5

- . 5- . 7- . 21.91.6

2.21.1

- 1 . 1- 4 . 1- 4 . 0

- 2 . 95.08.92.1.8

- 1 . 12.31.7

- . 31.2

1.22.7

Governmentpurchases of goods

and services

Total

13.6

15.115.915.114.917.2

17.420.319.722.122.8

24.137.381.8

114.2127.1

107.834.028.634.940.3

37.751.863.469.661.2

59.359.0

Fed-eral

2.3

2.72.93.04.35.7

5.48.37.89.69.0

11.025.170.8

104.3117.4

97.922.715.820.824.3

20.534.245.651.141.0

37.836.8

Stateandlocal

11.2

12.513.012.110.611.6

11.912.011.812.513.8

13.012.211.09.99.7

9.911.212.814.016.0

17.317.517.818.520.1

21.522.2

Grosspri-vate

prod-uct 2

142.3

127.8119.1100.395.6

103.9

117.6130.3142.1133.6145.0

158.6181.7198.7209.0222.0

218.0211.2215.6227.3224.0

246.6259.9268.9280.7276.8

298.6306.4

1 See National Income, 1954 Edition, A Supplement to the Survey of Current Business, for explanation ofconversion of estimates in current prices to those in 1947 prices. See Table E-5 for implicit deflators.

2 Total gross national product less compensation of general government employees.3 Preliminary estimates by Council of Economic Advisers.


Source: Department of Commerce (except as noted).

127


TABLE E-5.—Implicit price deflators for gross national product, 1929-56

[Index numbers, 1947=100

Year

Grossna-

tionalprod-uct i


TotalDur-able

goods

Non-dur-able

goods

Serv-ices

Total

Gross private domesticinvestmentl

New construction

Resi-den-tialnon-farm

Pro-duc-ers'dur-able

Other equip-ment

Total

Government pur-chases of goodsand services

Fed-eral

Stateandlocal

Grossgov-ern-mentprod-uct

Grosspri-vate

prod-uct

1929

193019311932.19331931

19351936 _193719331939

191019 tl19421943194i

19451946._194719481949

19501951195219531954

195519563

70.0

67.460.354.354.057.3

56.758.159.258.457.9

58.663.571.277.378.8

81.289.5

100.0105.5106.6

107.7116.0117.6119.0119.9

121.2124.8

73.6

70.362.655.453.656.7

57.858.260.358.958.1

58.762.670.076.580.8

83.890.3

100.0105.7104.8

106.2113.5115.3116.8117.8

118.0120.2

70.7

67.960.653.052.055.4

54.554.556.957.056.5

57.461.969.276.285.6

90.692.2

100.0104.3105.1

105.1112.0111.3111.7109.1

109.9110.3

64.8

61.652.644.945.350.8

52.953.255.152.351.3

52.056.665.873.477.6

80.888.6

100.0105.9102.3

103.3112.2113.4112.9113.4

112.6114.3

84.879.373.067.2

67.268.470.871.671.6

72.074.578.582.786.3

88.592.9

100.0105.9108.9

111.4116.1120.0125.0128.2

130.4133.4

53.9

52.247.740.840.643.4

44.245.050.450.750.6

51.756.061.669.274.7

76.883.3

100.0111.4110.7

113.9122.8125.9130.1129.6

132.1138.1

52.6

51.346.737.737.541.7

41.143.247.649.249.9

51.556.359.965.271.6

77.083.4

100.0112.0109.2

113.8121.6124.9127.4125.8

128.8134.3

54.9

52.648.442.542.444.4

47.046.852.852.351.5

51.955. 663.171.976.1

76.883.3

100.0110.9112.0

113.9123.9126.9132.4133.4

135.6141.5

68.5

65.862.358.855.759.3

59.159.063.365.464.0

66.070.676.477.278.3

79.387.4

100.0108.1113.3

115.7125.7126.4127.8128.2

130.3139.4

62.4

60.757.953.454.056.7

57.558.359.657.958.3

58.566.373.077.676.0

76.991.0

100.0104.9108.2

111.3121.3122.3121.2

129.6135.4

56.0

52.853.248.947.352.9

53.858.358.055.157.3

55.967.373.477.975.8

76.492.2

100.0100.8104.6

108.0119.9119.0116.3

123.7127.8

63.8

62.458.954.556.758.6

59.258.460.660.159.0

60.764.370.074.877.8

81.888.8

100.0110.8113.6

115.3124.3130.6134.6137.3

140.1148.0

61.5

61.362.060.558.358.7

58.359.761.061.861.2

59.957.260.964.169.7

77.991.9

100.0104.5111.0

115.0118.3124.7128.9134.1

142.4149.4

70.4

67.760.253.953.657.2

56.657.959.058.157.6

58.564.172.579.980.7

81.889.2

100.0105.6106.2

107 2115 8117.0118.1118.7

119 5122.9

1 Separate deflators are not available for total gross private domestic investment, change in businessinventories, and net foreign investment. For explanation of conversion of estimates in current prices tothose in 1947 prices, see National Income, 1954 Edition, A Supplement to the Survey of Current Business.

2 Preliminary estimates by Council of Economic Advisers.

Source: Department of Commerce except as noted).

128


TABLE E—6.—The Nat Ms income, expenditure, and saving, 195/^-56


Economic group

Consumers:Disposable personal incomePersonal consumption expendi-

turesPersonal net saving (+) —

Business:Gross retained earningsGross private domestic invest-

mentExcess of investment (—)__ _

International:Net foreign investment

Excess of receipts (+)or of investment (—)

Government (Federal, State, andlocal):

Tax and nontax receipts or ac-cruals

Less: Transfers, interest, andsubsidies (net)

Net receipts

Total government expendituresLess: Transfers, interest, and

subsidies (net)

Purchases of goods and serv-ices

Surplus(+) or deficit(-)on income and productaccount

Statistical discrepancy

Gross national product __

1954

Re-ceipts

254.4

34.8

89.6

19.9

69.6

1.8

360.7

Ex-pend-itures

236.5

48.0

- . 4

96.4

19.9

76.5

360.7

Excessof re-ceipts

or ex-pend-itures

17.9

-13.2

. 4

- 6 . 9

1.8

1955

Re-ceipts

270.6

39.5

100.6

21.6

79.0

1.8

390.9

Ex-pend-itures

254.0

60.6

—.5

98.4

21.6

76 8

390.9

Excessof re-ceipts

or ex-pend-itures

16.6

-21.0

. 5

2.2

1.8

19561

Re-ceipts

286.6

40 9

107 6

23.7

83.9

L0

412.4

Ex-pend-itures

265.8

65.3

1.4

103.6

23.7

79 9

412.4

Excessof re-ceipts

or ex-pend-itures

20.8

-24.4

-1 .4

4.0

1.0

i Preliminary; fourth quarter by Council of Economic Advisers.


Source: Based on the national income and product statistics of the Department of Commerce (exceptas noted).

129


TABLE E—7.—Personal consumption expenditures, 1929-56


Period

1929.

1930.1931.1932.1933.1934.

1935.1936.1937.1938.1939.

1940.19411942.1943.1944.

1945.1946.1947.1948.1949.

1950-1951.1952-1953-1954.

1955.1956*

1953: First quarterSecond quarter ___Third quarterFourth quarter

1954: First quarter.Second quarterThird quarterFourth quarter

1955: First quarterSecond quarterThird quarterFourth quarter

1956: First quarterSecond quarterThird quarterFourth quarter *

Totalper-sonalcon-

sump-tionex-

pend-itures

79.0

71.061.349.346.451.9

56.362.667.364.667.6

71.981.989.7

100.5109.8

121.7146.6165.0177. 6180.6

194.0208.3218.3230.5236.5

254.0265.8

Durable goods Nondurable goods

To-tal

9.2

7.25.53.63.54.2

5.16.36.95.76.7

7.89.77.06.66.8

8.115.920.622.223.6

27.1

29.829.4

35.734.0

28. 6 12. 410.9

26. 6 10. 413.212.6

17.214.6

4.68.7

11.07. 3 11. 59. 5 10. 9

12.912.712.512.812.9

14.315.0

To-tal

37.7

5 73.

3.3 100. 4 51,3. 5 111. 13.73. 9 119.1 63.03.9 120.9 64. 3

126.24. 4 132. 9 70. 5

19.5

34.0 18.028.9 14.722.8 11.422.3 10.926. 7 12. 2

29. 3 13. 632.8 15. 235. 2 16.434.0 15.635.1 15. 7

37. 2 16. 743. 2 19.451. 3 23.7 11.059. 3 27.8 13.465.4 30. 6 14. 6

5 40.16.518.2

34.11.4

. . . . 45.6 18.898. 7 49.4 19.696.9 48.8 18.

.. 0 18. 558. 3 19.8

116.1 61. 4 20.119.919.

67.0 20.621.6

.7

.92.12.1 9.52. 2 10.1

2.3 10.82.6 12.3

14.516.718.7

3 16.

1. 8 20. 83.0 22.83. 6 25.14. 3 25. 54.7 24.9

5.0 25. 95. 5 27. 46.0 28. 66. 6 29. 6

29.7

30.88.4 32. 5

Services

To-tal

32.1

29.

22.920.721.0

21.923.25.125.025.8

26.929.031.534.37.

65.0

11.4

8 11.026. 9 10.3

9.07.97.6

7.67.98.48.89.0

9.310.010.811.311.9

40.4 12.446.251.356.60.

13.615.417.5

L4119.

21.470.1 23.4 10. 375. 6 25.681. 7 27. 6

29.3

92.1 30. 6 14.098. 9 32. 2

11.112.012.6

2.6J14.0

2.2112.71.9 11.21.61.51.6

1.71.9

9.38.58.8

9.410.3

2.0 11.11.9 10. 7

11.02.0

2.1 :2.42.73.4

12.313.114.7

3.7 16.3

4.0 17. 55.1 20. 85. 5 23.05. 9 25. 25.8 26.4

5.8 28. 56.4 30.06. 8 32.17. 3 34. 87. 3 37.1

7. 5 40.17. 9 43. 5


228.6231.4232.0230.2

232.2235.0237.8241.1

246.7251.8257.8259.5

261.7263.7266.8271.2

30. 2 13. 530.30. 5 13. 7 12. 928. 0 11

28. 5 11. 929. 2 12.429. 4 12. 530.4 13.

12.812.9

4 12.9

34.7 16. 8 13.935.3 16.9 14.137. 2 18. 5 14. 535.4 16. 5 14. 5

34. 8 15. 5 14,33.433.0 13. 7 15.034.9 15.4 15.1

12.812.9

12.6

12.8

3. 9 118. 9 62. 8 20.3. 9 119. 8 63.1 20.3.9 118.9 63.0

118. 6 63.1

119. 2 63.3 19. 5

3.7

3.74. 0 120.3 63. 8 19. 74. 0 121. 5 64. 9 19. 54.1 122. 5 65.3 19.9

4.1 122. 5 64. 8 19.94. 2 125.3 66. 5 20.4. 2 127. 6 68.1 20.84. 4 129. 2 68. 6 21. 3

130. 5 69. 5 20.8132.3 70.1 21. 5134.0 71. 2 21. 9134.8 71. 3 22.3

41.3

19.519.3

6. 2 29. 56. 4 29. 96. 7 29. 76. 9 29. 4

7.0 29.47.1 29. 77. 2 29. 97.4 29.8

7. 5 30.37. 7 30. 57. 8 31. 07. 8 31. 5

8.1 32.28. 3 32.48. 5 32. 5

5 26.). 8 11. 7'. 2 12.0

82. 6 27. 8 12.383.6 28. 5 12. 2

0 27.

84. 5 28.8 12.485. 5 29.1 12.486. 9 29. 4 12. 688.3 29.8 13.1

94.9 31.1

8.6 32. 5 101. 5 33.0 15.8

5 30.12 30.9 30.

96.98.99. 7 32. 5 15. 5

4 310 31

13.4I. 5 13. 61.8 14. 2

14.8

. 5 15.0

.9 15. 2

7. 2 33. 87. 3 34. 57. 3 35. 27.3 35. 6

7.3 36.17. 2 36. 87. 2|37. 67.3i38.1

7. 4 38. 67. 4 39. 77. 5 40.57. 6 41.4

7. 7 42.17.8 43.07. 9 43. 88.0 44.7

1 Quarterly data are estimates by Council of Economic Advisers.2 Includes standard clothing issued to military personnel.3 Includes imputed rental value of owner-occupied dwellings.4 Preliminary; fourth quarter by Council of Economic Advisers.



I3O


TABLE E—8.—Gross private domestic investment, 1929—56


Period

Totalgross

privatedo-

mesticinvest- Totalment

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 8.

1953:First quarterSecond quarter..Third quarter. _.Fourth quarter.

1954:First quarterSecond quarter.Third quarter...Fourth quarter.

1955:First quarterSecond quarter.Third quarter...Fourth quarter.

1956:First quarter....Second quarter.Third quarter...Fourth quarter1

16.210.35.5.9

1.42.96.38.4

11.76.79.3

13.218.19.95.67.1

10.427.129.741.232.551.256.949.850.348.060.665.3

Nonfarm producers'plant and equipment

Equip-ment2

9.37.24.42.42.22.93.75.06.54.75.36.98.65.34.66.29.2

14.820.723.521.725.529.129.631.930.533.340.2

5.24.02.61.41.52.12.73.64.53.13.74.96.13.73.54.76.9

10.015.016.815.318.520.420.521.619.921.126.4

Con-struc-tion^

Total *

4.13.31.81.0.8.9

1.01.42.11.51.62.02.51.61.11.52.34.85.76.76.47.08.89.1

10.310.612.213.8

Farm equipmentand construction

Equip-ment

0.9.7.4.2.2.3

.5

.7

.8

.7

.7

.81.1

1.01.01.63.03.94.04.24.74.54.44.14.23.8

Con-struc-tion

0.6.5.3.1.1.3.4.5.6.5.5

.7

.6

.7

.7

.71.62.32.52.62.82.62.72.52.62.3

0.3.2.1

.3

.91.41.51.51.61.81.91.71.61.61.5

Resi-dential

con-struc-tion(non-farm)

Otherpri-vatecon-

struc-tion

3.62.11.6.6.5.6

1.01.61.92.02.73.03.51.7

1.14.06.38.68.3

12.611.011.111.913.516.615.3

Total

0.7.7.5.2.1.1.1.2.2.3.3

.3

.3

.2

.1

.1

.2

.6

.71.01.31.51.71.61.82.12.32.6

Net change inbusiness inventories

1.7- . 4

- 1 . 3- 2 . 6- 1 . 6- 1 . 1

1.02.2

- . 9.4

2.24.51.8

- . 8-1 .0- 1 . 1

6.1-1 .0

4.2- 2 . 7

7.410.43.0.3

- 2 . 34.23.4

Non-farm •

1.8—. 1

-1 .6-2 .6-1 .4

.2

.42.11.7

-1 .0

1.94.0.7

- . 66.41.33.0

-1 .96.49.02.1.9

-2 .73.83.6


Farm

-0.2- . 3

.3

- 1 . 3.5

- 1 . 1.5.1.1.3.5

1.2- . 2— 4- . 5- . 2

- 2 . 31.1

1.4.9

- . 6.5.3

- . 2

51.553.551.844.5

45.848.246.751.5

54.760.262.365.1

63.164.765.168.4

31.531.832.431.9

31.130.630.530.0

30.231.934.636.3

37.739.441.042.7

21.421.422.221.3

20.520.019.919.3

18.819.822.223.4

24.325.427.028.9

10.010.410.310.6

10.610.610.610.7

11.412.032.512.9

13.414.014.013.7

4.74.64.44.1

4.04.24.34.1

4.14.24.44.1

3.63.74.04.0

2.92.82.72.4

2.42.62.62.4

2.52.62.92.5

2.12.12.52.6

1.81.81.71.7

1.61.61.71.6

1.61.61.61.6

1.51.51.51.5

11.712.212.111.7

11.813.014.215.0

16.116.917.216.2

15.315.615.514.9

1.61.81.81.9

1.92.12.22.2

2.32.42.32.3

2.32.52.62.8

2.03.11.1

-5 .2

-3 .1-1 .7-4 .5

. 2

1.94.93.76.1

4.13.52.04.0

2.54.01.8

-4.9

-3.3-2 .2-5 .1

- . 3

1.44.53.45.9

4.23.92.44.1

- 0 . 5- . 9

1 Items for nonfarm producers' plant and equipment are not comparable with those shown in Table E-28,principally because the latter exclude equipment and construction outlays charged to current expense andalso investment by nonprofit organizations and professional persons.

2 Total producers' durable equipment less farm machinery and equipment, and farmers' purchases oftractors and business motor vehicles.

3 Industrial buildings, public utilities, gas- and oil-well drilling, warehouses, office and loft buildings,stores, restaurants, and garages.

4 Farm construction (residential and nonresidential) plus farm machinery and equipment, and farmers'purchases of tractors and business motor vehicles. (See footnote 2.)

«Includes religious, educational, social and recreational, hospital and institutional, miscellaneous non-residential, and all other private construction.

« After inventory valuation adjustment.7 Less than 50 million dollars.

Preliminary; fourth quarter by Council of Economic Advisers.




TABLE E-9.—National income by distributive shares, 1929-56


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 «.

1953: First quarterSecond quarter-Third quarter-Fourth quarter,

1954: First quarterSecond quarter..Third quarter.-.Fourth quarter. .

1955: First quarterSecond quarter-Third quarter. _Fourth quarter..

1956: First quarter-_.Second quarter.Third quarter. _Fourth quarter6

Totalna-

tionalin-

come1

87.875.759.742.540.249.057.164.973.667.672.881.6

104.7137.7170.3182.6181.2179.6197.2221.6216.2240.0277.0290.2302.1298.3324.0342.3

Com-pen-

sationof em-ploy-ees2

51.146.839.731.129.534.337.342.947.945.048.152.164.885.3

109.6121.3123.2117.7128.8140.9140.9154.3180.4195.1208.1206.9223.2239.0

Business and pro-fessional incomeand inventory

valuationadjustment

Total

In-come

ofunin-corpo-ratedenter-prises

8.87.45.63.43.24.65.46.57.16.87.38.4

10.913.916.818.019.021.319.921.621.422.924.825.725.925.927.329.1

8.66.75.03.13.74.65.46.67.16.67.58.5

11.514.317.018.119.123.021.422.121.024.025.125.526.125.927.629.8

In-ven-toryvalu-ationad-

just-ment

0.1

.3- . 5- . 1

(«).2

- . 2

- . 4- . 2—. 1- . 1-1.7-1.5- . 4

.5-1.1- . 3

.2- . 2- . 1- . 2

In-come

offarmpro-prie-tors s

6.04.13.21.92.42.45.04.05.64.34.34.66.5

10.011.411.511.813.914.516.712.713.316.015.113.312.511.711.7

Rent-al in-come

ofper-sons

Total

5.44.83.82.72.01.71.71.82.12.62.72.93.54.55.15.45.66.26.57.27.98.59.19.9

10.210.510.19.7

Corporate profitsand inventory

valuationadjustment

10.16.61.6

-2 .0-2 .0

1.12.95.06.24.35.79.1

14.519.723.823.018.417.323.630.628.135.139.93G.936.032.940.940.8

Cor-porateprofitsbeforetaxes4

9.63.3

- . 8- 3 . 0

.21.73.15.76.23.36.49.3

17.020.924.623.319.022.629.532.826.240.041.235.937.033.242.743.4

In-ven-toryvalu-ationad-

just-ment

0.53.32.41.0

- 2 . 1

- . 2- . 7(5)1.0

- . 7- . 2

- 2 . 5- 1 . 2

- . 6- 5 . 3

—2^21.9

-4.9- 1 . 3

1.0-1 .0- . 3

- 1 . 7- 2 . 6

Netin-

terest

6.46.05.85.45.04.94.84.74.74.64.64.54.54.33.73.33.23.13.84.55.25.96.87.48.79.7

10.811.9


303.0305.8304.1295.7295.8296.7297.6303.1311.3321.9328.3334.4334.9338.7343.5352.0

205.8209.3209.7207.6205.2205.9206.6209.7213.9221.6226.8230.3233.0237.2240.4245.3

26.326.125.825.525.325.926.026.226.527.127.728.028.228.929.529.9

26.626.226.425.225.425.826.226.326.627.428.028.328.929.629.930.7

- 0 . 3- . 1- . 6

. 3

- . 1. 1

- . 1(5)

- . 1- . 3- . 3- . 3

n

-.7- A- . 8

13.613.213.013.313.912.112.111.811.812.211.311.411.511.311.612.4

10.110.110.110.210.410.610.610.510.310.210.09.8

9.89.79.79.7

39.138.736.629.831.732.732.534.738.540.241.643.440.939.840.442.3

39.540.238.829.731.932.932.835.239.741.143.546.443.742.941.246.0

- 0 . 5- 1 . 5-2 .2

. 2

- . 2- . 2- . 3- . 6

-1 .2- . 9

- 1 . 9- 3 . 0-2 .8- 3 . 1

- . 8-3.7

8.28.58.99.29.39.59.8

10.110.410.611.011.311.511.712.012.4

1 National income is the total net income earned in production. It differs from gross national productmainly in that it excludes depreciation charges and other allowances for business and institutionalconsumption of durable capital goods, and indirect business taxes. See Table E-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 incometo net additions to farm inventories during the period.

* See Table E-50 for corporate tax liability (Federal and State income and excess profits taxes) andcorporate profits after taxes.

6 Less than 50 million dollars.6 Preliminary; fourth quarter by Council of Economic Advisers.

NOTE.—D etail will not necessarily add to totals because of rounding.


132


TABLE E—10.—Relation of gross national product and national income, 1929-56


PeriodGrossna-

tionalprod-

uct

1929.

1930..1931 . . . .193219331934

1935 . _ . .19361937._19381939

1940...1941194219431944

194519461947.— -19481949

1950195119521953—1954...

195519563

1953:First quarterSecond quarter..Third quarter....Fourth quarter..

1954:First quarter.._.Second quar ter..Third quarter-Fourth quarter ..

1955:First quarterSecond quarter. .Third quarter—Fourth quarter..

1956:First quarter..-.Second quarter..Third quarter-Fourth quarter 3

Total

104.4

91.176.358.556.065.0

72.582.790.885.91.1

100.6125.8159.1192.5211.4

213.6209.232.257.3257.

285.1328.345.4363.2360.7

390.9412.4

Less: Capital con-sumption allowances

8.6

8.58.7.67.27.1

7.27.57.7.87.8

8.19.0

10.10.912.0

12.511.14.116.518.4

20.523.523.926.528.8

31.334.0

Depre-ciationcharges

Other i

361.367.4366. 3357.5

357.6358.5359.4367.1

377.3387.4396.8401.9

403.4408.3413.424.0

25.626.226.827.4

28.028.529.029.6

31.732.2

32.933.634.435.1

7.7

7.77.67.06.76.6

6.76.76.96.97.1

7.38.19.29.9

10.8

11.210.012.214.316.4

18.020.321.023.325.4

27.830.2

Equals:Netna-

tionalprod-uct

0.9

.8

.6

.6

'.5

.6

.8

.8

.8

.7

.81.01.01.01.

1.31.2.02.22.1

2.53.12.93.23.3

3.8

Plus:Sub-sidiesless

iurrentsurplusof gov-

ern-mententer-prises

95.8

82.668.150.948.857.9

65.375.283.077.483.3

92.5116.8149.0181.6199.4

201.0197.6218.1240.8238.9

264.6304.8321.6336.7331.9

359. 5378.4

Total

- 0 . 1

- . 1

.2

- . 2- . 2- . 2

. 2- . 1- . 4

Less:

Indirect businesstax

7.0

7.26.96.87.17.8

8.28.79.29.29.4

10.011.311.812.714.1

15.517.318.720.421.6

23.25.628.130.30.2

32.534.6

Fed-eral

Stateandlocal

1.2

1.0

1.2.2

2.22.32.42.22.3

2.63.64.04.96.2

7.17.97.98.18.2

9.09.5

10.511.210.1

11.011.5

Busi-

;rans-fer

ments

5.8

6.16.05.85.45.6

6.06.46.86.97.0

7.47.77.77.88.0

8.49.5

10.812.313.5

14.716.117.619.020.1

2123.1

0.6

.5

.6

.7

.7

.6

.6

.6

.6

.4

.5

.4

.5

.5

.5

.5

.5

.6

.81.01.1.41.4

1.41.4

Sta-tisti-caldis-crep-ancy

Equals:Na-

tionalIncome

0.3

-1.0.8

- . 21.1

- . 2.5

1.2

.4- . 8

- 1 . 72.8

4.5.9

1.4- 2 . 1

.1

.21.32.02.61.8

1.81.0


336.0341.2339.5330.1

329.6330.0330.4337.5

347.0356.3365.1369.7

370.5374.7379.4

- 0 . 2

- . 4- . 7

.7

.7

.91.4

29. 8,30.230.430.4

30.030.129.930.6

31.432.432.833.4

33.734.135.135.5

11.311.311.310.

10.310.19.7

10.1

10.611.311.011.3

11.311.311.711.7

18.518.819.219.5

19.720.020.220.5

20.821.221.822.1

22.422.823.423.8

1.31.41.41.4

1.41.41.41.4

1.41.41.41.4

1.41.41.41.4

1.73.63.21.9

1.92.01.42.1

3.01.22.7

1.11.1.2

1.4

87.8

75.759.742.540.249.0

57.164.973.667.672.8

81.6104.7137.7170.3182.6

181.2179.6197.2221.6216.2

240.0277.0290.2302.1298.3

324.0342. 3

303.0305.8304.1295.7

295.8296.7297.6303.1

311.3321.9328.3334.4

334.9338.7343.5352.0

1 Accidental damage to fixed capital and capital outlays charged to current account,,2 Less than 50 million dollars.s Preliminary; fourth quarter by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

133


TABLE E—11.—Relation of national income and personal income, 1929-56


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..19561

1953: First quarterSecond quarter...Third quarterFourth quarter...



1956: First quarterSecond quarter—Third quarterFourth quarter i_

303.0305.8304.1295.7

295.8296.7297.6303.1

311.3321.9328.3334. 4

334.9338.7343.5352.0

Nationalincome

87.8

75.759.742.540.249.0

57.164.973.667.672.8

81.6104.7137. 7170.3182.6

181.2179.6197.2221.6216.2

240.0277.0290.2302.1298.3

324.0342.3

Less:

Corpo-rate

profitsand in-

ven-toryvalu-ation

adjust-ment

10.1

6.61.6

- 2 . 0—2.0

1.1

2.95.06.24.35.7

9.114.519.723.823.0

18.417.323.630.628.1

35.139.936.936.032.9

40.940.8

Contri-butions

forsocialinsur-ance

0.2

. 3

. 3

. 3

. 3

. 3

. 3

. 61.82.02.1

2.32.83.54.55.2

6.16.05.75.25.7

6.98.28.68.79.7

11.112.5

Excessof

wageac-

crualsoverdis-burse-

ments

0.2- . 2

. . .

- . 1

Gov-ern-

menttrans-

ferpay-

ments

0.9

1.02.11.41.51.6

1.82.91.92.42.5

2.72.62.62.53.1

5.610.911.110.511.6

14.311.612.012.915.0

16.117.3

Plus:

Netinter-

estpaidbygov-ern-ment

1.0

1.0M

;

1

]

L.IL. 21.2

L.IL.IL. 2L.2. 9

1.31.31.52.12.8

3.74.54.44.44.6

4.74.84.95.05.2

5.25.5

Divi-dends

5.8

5.54.12.62.12.6

2.94.54.73.23.8

4.04.54.34.54.7

4.75.86.57.27.5

9.29.19.09.3

10.0

11.212.0

Busi-ness

trans-fer

pay-ments

0.6

.5

.6

.7

.7

. 6

. 6

. 6

. 6

. 4

. 5

. 4

. 5

. 5

. 5

. 5

. 5

. 6

. 7

.7

. 8

. 81.01.21.41.4

1.41.4

Equals:

Per-sonalin-

come


39.138.736.629.8

31.732.732.534.7

38.540.241.643.4

40.939.840.442.3

8.88.98.78.5

9.69.79.79.8

10.610.911.311.4

12.112.312.713.0

- 0 . 1—.1_ i

12.712.712.813.4

14.314.815.015.8

15.916.216.016.3

16.917.317.217.7

4.95.05.05.1

5.15.25.25.2

5.25.25.25.3

5.45.55.65.7

9.29.59.59.5

9.79.9

10.010.3

10.410.711.012.1

11.812.212.311.8

1.31.41.41.4

1.41.41.41.4

1.41.41.41.4

1.41.41.41.4

85.8

76.965.750.147.253.6

60.268.573.968.672.9

78.796.3

123.5151.4165.7

171.2178.0190.5208.7206.8

227.0255.3271.8286.0287.3

306.1325.2

283.4286.9287.7286.8

284.9285.6286.9291.4

295.1303.8309.6314.6

317.5322.9327.0

1 Preliminary; fourth quarter by Council of Economic Advisers.




TABLE E-12.—Sources of personal income, 7929-56


PeriodTotal

personalincome

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 *

1953: First quarter. _Second quarter-Third quarter.-Fourth quarter.

1954: First quar ter-Second quarter-Third quarter-.Fourth quarter.

1955: First quarter. __Second quarter.Third quarter..Fourth quarter.

1956: First quar ter-Second quarter.Third quarter..Fourth quarter *.

85.8

76.965.750.147.253.6

60.268.573.968.672.9

78.796.3

123.5151.4165.7

171.2178.0190.5208.7206.8

227.0255.3271.8286.0287.3

306.1325.2

Laborincome

(wage andsalary

disburse-ments

and otherlabor

income)1

51.0

46.739.630.929.434.1

37.242.546.743.646.6

50.562.883.0

106.7118.5

119.4113.8125.2137.9137.4

150.3175.6190.3203.4201.8

217.4232.3

Proprietors'income 2

Farm

6.0

4.13.21.92.42.4

5.04.05.64.34.3

4.66.5

10.011.411.5

11.813.914.516.712.7

13.316.015.113.312.5

11.711.7

Busi-ness andprofes-sional

8.8

7.45.63.43.24.6

5.46.57.16.87.3

8.410.913.916.818.0

19.021.319.921.621.4

22.924.825.725.925.9

27.329.1

Rentalincome

ofpersons

5.4

4.83.82.72.01.7

1.71.82.12.62.7

2.93.54.55.15.4

5.66.26.57.27.9

8.59.19.9

10.210.5

10.19.7

Divi-dends

5.8

5.54.12.62.12.6

2.94.54.73.23.8

4.04.54.34.54.7

4.75.86.57.27.5

9.29.19.09.3

10.0

11.212.0

Per-sonal

interestincome

7.4

6.96.96.66.26.1

5.95.85.95.85.8

5.85.85.85.86.2

7.68.29.0

10.611.612.313.714.9

16.117.4

Trans-fer pay-ments

1.5

1.52.72.22.12.2

2.43.52.42.83.0

3.13.13.13.03.6

6.211.411.811.312.4

15.112.613.214.316.4

17.618.7

Less:Per-sonal

contri-butions

forsocialinsur-ance

0.1

.1

. 2

. 2

. 2

.2

. 2

.2

.6

.6

.6

.7

.81.21.82.2

2.32.02.12.22.2

2.93.43.83.94.6

5.25.8

Non-agricul-tural

income3


283.4286.9287.7286.8

284.9285.6286.9291.4

295.1303.8309.6314.6

317.5322.9327.0333.3

200.9204.4205.1203.0

200.1200.8201.5204.5

208.2215.4221.3224.2

226.7230.7233.6238.3

13.613.213.013.3

13.912.112.111.8

11.812.211.311.4

11.511.311.612.4

26.326.125.825.5

25.325.926.026.2

26.527.127.728.0

28.228.929.529.9

10.110.110.110.2

10.410.610.610.5

10.310.210.09.8

9.89.79.79.7

9.29.59.59.5

9.79.9

10.010.3

10.410.711.012.1

11.812.212.311.8

13.113.513.914.3

14.514.715.015.4

15.615.816.216.6

16.917.217.618.0

14.014.114.214.8

15.716.216.417.2

17.317.617.417.7

18.318.718.719.1

3.94.04.03.9

4.64.54.64.6

5.05.25.35.3

5.75.85.96.0

77.7

70.860.946.943.649.8

53.963.267.062.867.1

72.688.0

111. 5137.6151.6

156.8161.1172.8188.5190.8

210.5235.7253.1269.2271.4

290.9309.9

266.4270.1271.1270.0

267.6270.0271.4276.2

279.8288.1294.8299.7

302.4308.0311.9317.4

1 The total of wage and salary disbursements and other labor income differs from compensation of em-ployees in Table E-9 in that it excludes employer contributions for social insurance and excludes theexcess of wage accruals over wage disbursements.

2 Excludes income resulting from net reductions of inventories and gives credit in computing incometo net additions to inventories during the period.

3 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.

* Preliminary; fourth quarter by Council of Economic Advisers.



135


TABLE E—13.—Disposition of personal income, 1929—56

Period Personalincome

Less:Personaltaxes l

Equals:Dispos-

ablepersonalincome

Less:Personal

con-sumptionexpendi-

tures

Equals:Personalsaving

Saving aspercentof dis-

posablepersonalincome

(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 2.


1954: First quarterSecond quarter. __Third quarterFourth quarter

1955: First quarterSecond quarter. . .Third quarterFourth quarter. —

1956: First quarterSecond quarter. —Third quarterFourth quarter 2__.

85.8

76.965.750.147.253.6

60.268.573.968.672.9

78.796.3

123.5151. 4165.7

171.2178.0190.5208.7206.8

227.0255.3271.8286.0287.3

306.1325.2

2.6

2.51.91.51.51.6

1.92.32.92.92.4

2.63.36.0

17.818.9

20.918.821.521.118.7

20.929.334.435.832.9

35.538.6

83.1

74.463.848.745.752.0

58.366.271.065.770.4

76.193.0

117.5133.5146.8

150. 4159. 2169.0187.6188.2

206.1226.1237.4250.2254.4

270.6286.6

79.0

71.061.349.346.451.9

56.362.667.364.667.6

71.981.989.7

100.5109.8

121.7146.6165.0177.6180.6

194.0208.3218.3230.5236.5

254.0265.8


283.4286.9287.7286.8

284.9285.6286.9291.4

295.1303.8309.6314.6

317.5322.9327.0333.3

35.535.936.035.8

32.732.833.033.3

34.535.335.936.3

37.338.138.840.1

247.9251.0251.7251.0

252.3252.8254.0258.0

260.6268. 5273.8278.4

280.2284.9288.2293.2

228.6231.4232.0230.2

232.2235.0237.8241.1

246.7251.8257.8259.5

261.7263.7266.8271.2

4.2

3.42.5

- . 6- . 6

.1

2.03.63.71.12.9

4.211.127.833.0

28.712.64.0

10.07.6

12.117.719.019.717.9

16.620.8

19.319.619.720.8

20.117.816.216.9

13.916.715.918.8

18.621.221.422.0

5.1

4.63.9

- 1 . 2- 1 . 3

.2

3.45.45.21.74.1

5.511.923.724.725.1

19.17.92.45.34.0

5.97.88.07.97.0

6.17.3

7.87.87.88.3

8.07.06.46.6

5.36.25.86.8

6.67.47.47.5

1 Includes also such items as fines, penalties, and donations.




I36


TABLE E-14.—Total and per capita disposable personal income and personal consumptionexpenditures, in current and 1956 prices, 7929-56

Period

Total disposablepersonal income

(billions ofdollars)

Currentprices

1956prices J

Per capita dis-posable personalincome (dollars)

Currentprices

1956prices 1

Total personalconsumptionexpenditure*(billions of

dollars)

Currentprices

1956prices i

Per capita per-sonal consump-tion expendi-tures (dollars)

Currentprices

1956prices l

Popu-lation(thou-sands)2

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 3.

1953: First quarterSecond quarter. _Third quarterFourth quarter. _

1954: First quarterSecond quarter. _Third quarter. _.Fourth quarter..

1955: First quarterSecond quarter. _Third quarter, _.Fourth quarter. _

1956: First quarterSecond quarter. _Third quarter. _.Fourth quarter 3_

83.1

74.463.848.745.752.0

58.366.271.0b5.770.4

76.193.0

117.5133.5146.8

150.4159.2169.0187.6188.2

206.1226.1237.4250.2254.4

270.6286.6

131.7

121.0113.996.896.0

105.5

115.2129.5134.2126.6137.5

147.5171.6195. 8209.6226.5

227.2221.7205.3212.0214.6

232.9236.5242.7254.0257.2

274.4286.6

682

604514389364411

458517551505538

576697871977

1,060

1,0751,1261,1731,2791,261

1,3591,4651,5121,5681,566

1,6371,705

1,081

982918773765834

9051,0121,042973

1,051

1,1161,2861,4521,5341,636

1,6241,5681,4251,4451,438

1,5361,5321,5461,5921,583

1,6601,705

79.0

71.061.349.346.451.9

56.362.667.364.667.6

71.981.989.7

100.5109.8

121.7146.6165.0177.6180.6

194.0208.3218.3230.5236.5

254.0265.8

125.2

115.4109.598.097.5

105.3

111.3122.5127.2124.5132.0

139.3151.1149.5157.8169.4

183.8204.2200.5200.7205.9

219.2217.9223.2234.0239.1

257.6265.8


576494395369410

442488522497516

544614665735794

8701,0371,1451,2111,211

1,2791,3501,3901,4441,456

1,5371,581

247.9251.0251.7251.0

252.3252.8254.0258.0

260.6268.5273.8278.4

280.2284.9288.2293 2

253.5255.3254.0253.3

254.6255.4256.3261.7

264.8272.9277.1281.2

283 9286 3285.9288.9

1,5621,5761,5731,561

1,5631,5601,5601,577

1,5861,6281,6531,673

1,6771,6981,7101,732

1,5971, 6031,5871,575

1,5771,5761,5741,599

1, 6121,6541,6731,690

1,6991,7071,6961,706

228.6231.4232.0230.2

232.2235.0237.8241.1

246.7251.8257.8259.5

261.7263.7266.8271.2

233.7235.4234.1232.3

234.3237.4240.0244.5

250.7255.9260.9262.1

265.1265.0264.7267.2

1,4401,4531,4501,432

L, 4381,450L, 4611,474

1,5021,5271,556L, 559

1,5661,5721,583L,602

1,027

937882785775832

874955987958

1,008

1,0541,1331,1081,1541,225

1,3141,4441,3911,3681,381

1,4451,4121,4211,4661,472

1,5591,581

1,4721,4781,4631,445

1,4511,4651,4741,495

1,5261,5521,5751,575

1,5871,5801,5701,578

121,875

123,188124,149124,949125,690126,485

127,362128,181128,961129,969131,028

132,122133,402134,860136,739138,397

139, 928141,389144,126146,631149,188

151, 683154,360157,028159, 636162,417

165,271168,091

158, 718159,304160,028160, 770

161, 436162,078162, 816163, 602

164, 287164, 934165,653166, 424

167,103167, 754168,499169,296

1 Dollar estimates in current prices divided by the consumer price index on a 1956 base. Personal con-sumption expenditures in this table therefore differ from the data in Table E-2.

2 Population of the continental United States including armed forces overseas. Annual data are forJuly 1; quarterly data are for middle of period.

a Preliminary; fourth quarter by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.

137


TABLE E-15.—Financial saving by individuals, 1939-56x


Period

1939

194019411942—.19431944

1945—.194619471948-1949

1950—_1951

19511 -19521953—.1954

1955-..

1953: First quarter. .Second quarter.Third quarter..Fourth quarter.

1954: First quarter. . .Second quarter.Third quarter..Fourth quarter.

1955: First quarter. _.Second quarter.Third quarter..Fourth quarter.

1956: First quarter.. .Second quarter.Third quarter..

Total

Cur-rencyandbankde-

posits 2

4.25

4.2410.5229.3038.7141.41

37.3913.746.672.992.86

1.8011.29

11.3413.2310.5611.31

8.13

1.732.582.254.00

2.491.712.784.32

1.74- . 3 43.483.26

4.812.213.85

3.00

2.884.80

10.9516.1817.55

19.0610.562.01

-1.84-1.46

3.6:5.95

6.077.154.71

7.03

4.35

- 1 . 3 '.70

1.743.70

-2.131.443.694.03

-1.00.15

3.241.97

- . 5 0.75

1.52

ingsandloanasso-cia-

tions

0.04

.20

.36

.26

.55

.81

1.061.181.201.211.51

1.512.12

2.093.063.644.44

4.90

1.06.59

1.11

1.051.25.72

1.42

1.141.46.66

1.65

1.121.61.68

Securities

Totals

-0 .53

- . 12.83

10.2513.8314.96

.893.513.223.03

2.042.04

.742.832.94

- . 5 1

5.66

1.761.70.01

- . 5 3

1.26- . 6 8

- 1 . 3.27

1.85.83

1.7'1.21

3.68.62

1.88

U.S.

ingsbonds

Othergov-ern-

ment4

0.66

2.757.98

11.1411.80

6.85.90

1.782.131.53

.55- . 4 '

- . 4 '.09.20.60

.27

Cor-porateand

other

-0 .83

- . 8 1.44

2.172.883.89

3.43- . 6 5

.89- . 4 3

.52

.1 :- . 0 9

- . 3 4.90

1.65-1 .11

3.00

1.181.31

- . 2 2—.62

.73- . 8 7

-1.56.60

1.22.4'

1.14.16

2.72.10.74

Insur-ance

- 0 .36

- . 2 2- . 3 6

.09- . 2 0- . 7 3

- . 9 2.65.84

1.5:.98

1.2.60

1.551.841.09

2.39

.22

.66

.23- . 0 2

.49

.07

.03- . 5 9

.42

.34

.63

.99

.601.22

Private in-surance and

pensionreserves

1.72

1.852.142.492.853.21

3.463.423.643.753.71

3.924.06

3.113.783.924.36

4.£

.95

.79

.901.28

1.00

1."1.29

1.17.98

1.201.30

.96

.961.19

Pen-sion

Gov-ern-

mentinsur-anceandpen-sionre-

serves

2.292.572.893.02

3.38

.72

.72

.72

.72

.75

.75

.75

.76

.84

.84

.84

.84

.96

.96

.96

Less: Increasein debt

1.30

1.301.862.553.924.96

5.143.553.493.5:2.34

1.094.24

4.244.403.242.68

3.20

.791.06.9.42

.64

.84

.70

.50

.481.021.00.70

.761.591.02

Mort-agebt«

Con-sumerdebts

0.50

.84

.82

.09- . 3 8- . 0 6

.203.604.464.61

7.166.58

6.616.5:7.319.1

12.23

1.582.101.941.6!

1.4'2.222.592.89

2.693.383.502.66

2.592.952.76

0.78

.97

-2.89-1 .01

.14

.482.282.732.312.40

3.22.54

.584.053.52.54

5.79

.401.36.75

1.02

-1.38.66.20

1.05

.052.261.731.75

-.41 .1.34.63

1 Individuals' saving, in addition to personal holdings, covers saving of unincorporated business, trustand pension funds, and nonprofit institutions in the forms specified. Prior to 1951, separate data on corpo-rate pension fund investments are not available and are reflected in the various components of indi-viduals' saving.

2 Includes currency, demand deposits, and time and savings deposits.3 Does not include net purchases by brokers and dealers or by other individuals financed by bank loans.* Includes armed forces leave bonds and other U. S. Government bonds (except savings bonds) and

all securities issued by State and local governments.« Mortgage debt to institutions on 1- to 4-family nonfarm dwellings.• Largely attributable to purchases of automobiles and other durable consumers' goods, although includ-

ing some debt arising from purchases of other consumption goods. The other segmentsjof individuals'debt have been allocated to the assets to which they pertain, viz, saving in insurance and securities.

7 Not available separately. See footnote 1.8 Less than 5 million dollars.

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 series with the most complete coverage, thepersonal saving estimates of the Department of Commerce, is derived as the difference between personalincome and expenditures. Conceptually, Commerce saving includes the following items not includedin Securities and Exchange Commission saving: Housing net of depreciation, and farm and unin-corporated business investment in inventories and plant and equipment, net of depreciation and net of in-creases in mortgage and other debt to corporations and financial institutions. Government insurance isexcluded from the Commerce saving series. For a reconciliation of the two series, see Survey of CurrentBusiness, July 1956.

Revisions for 1948-56 in the consumer credit statistics of the Board of Governors of the Federal ReserveSystem have not yet been incorporated into these estimates.

Detail will not necessarily add to totals because of rounding.

Source: Securities and Exchange Commission.

138


T A B L E E—16.—Sources and uses of gross saving, 1929—56


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 2

1953:First quarterSecond quarter..Third quarterFourth quarter..

1954:First quarterSecond quarter..Third quarter...Fourth quarter..

1955:First quarterSecond quarter..Third quarter. _.Fourth quarter..

1956:First quarterSecond quarter..Third quarter...Fourth quarter2.

Gross private saving and government surplusdeficit on income and product transactions

>lus or

Total

16.7

11.94.9.3.6

2.6

6.47.2

12.17.39.0

13.918.810.55.12.3

4.530.837.345.233.0

48.855.847.745.745.8

58.365.7

Private saving

Total

15.7

12.27.72.01.95.0

8.410.111.58.9

11.2

14.622.641.949.354.2

44.326.624.037.436.2

40.749.651.052.552.7

56.161.7

Per-sonalsaving

4.2

3.42.5

.1

2.03.63.71.12.9

4.211.127.833.036.9

28.712.64.0

10.07.6

12.117.719.019.717.9

16.620.8

Grossbusi-ness

saving

11.5

5.22.72.64.9

6.36.57.87.88.3

10.411.514.116.317.2

15.614.020.027.428.7

28.631.932.032.8

39.540.9

Governmentsurplus (-f)

or deficit (—)

Total

1.0

- . 3- 2 . 8- 1 . 7-1 .4-2 .4

-2 .0-3 .0

.6- 1 . 6- 2 . 1

- . 7- 3 . 8

-31.4-44.2-51.9

-39.74.2

13.37.9

-3 .2

8.16.2

- 6 . 9

2.24.0

Fed-eral

1.2

.3- 2 . 1- 1 . 5- 1 . 3- 2 . 9

- 2 . 6- 3 . 5- . 2

- 2 . 0-2 .2

-1 .4- 5 . 1

-33.2-46.7-54.6

-42.32.2

12.28.0

-2 .4

9.26.5

-3 .4- 7 . 1- 6 . 1

3.35.8

Stateandlocal

- 0 . 1

- . 5- . 7- . 2

.5

.7

.4

.1

.71.31.82.52.7

2.62.01.0

- . 1

- 1 . 1- . 40)

.2

- 1 . 2- 1 . 8

Gross investment

Total

17.0

11.05.71.11.53.3

6.28.3

11.87.8

10.2

14.719.29.73.45.0

9.031.738.643.133.1

49.057.149.648.347.6

60.166.7

Grossprivate Net for-domes-tic in-vest-ment

16.2

10.35.5.9

1.42.9

6.38.4

11.76.79.3

13.218.19.95.67.1

10.427.129.741.232.5

51.256.949.850.348.0

60.665.3

eign invest-ment

0.8

.7

.2

.2

.2

.4

—.1- . 1

.11.1

1.51.1

- . 2-2 .2- 2 . 1

-1 .44.68.92.0.5

- 2 . 2.2

- . 2- 2 . 0

- . 51.4

Statis-ticaldis-crep-ancy


47.846.947.341.0

42.846.044.649.6

51.358.059.863.5

62.164.866.669.4

53.152.952.252.2

54.052.551.153.0

52.457.055.658.9

58.560.863.164.4

19.319.619.720.8

20.117.816.216.9

13.916.715.918.8

18.621.221.422.0

33.833.332.531.4

33.934.734.936.1

38.540.339.740.1

39.939.641.742.4

- 5 . 3-6 .0- 4 . 9

-11.2

-11.2- 6 . 5- 6 . 5-3 .4

- 1 . 11.04.24.6

3.64.03.55.0

- 4 . 6- 6 . 9- 5 . 6

-11.3

-10.5- 5 . 7- 5 . 8- 2 . 4

. 62.84.55.6

5.86.14.86.4

— 7!9. 6

0)

- . 7- . 8- . 8

-1 .0

- 1 . 8- 1 . 8

- . 3- . 9

- 2 . 2- 2 . 1- 1 . 4- 1 . 4

49.450.550.442.8

44.748.046.051.8

54.359.362.564.3

63.265.966.870.8

51.553.551.844.5

45.848.246.751.5

54.760.262.365.1

63.164.765.168.4

- 2 . 1-3 .0- 1 . 4- 1 . 7

- 1 . 1- . 2- . 7

. 3

- . 4- . 9

. 2- . 8

.11.21.72.4

0.3

- 1 . 0.8.8.9.7

- . 21.1

- . 2.5

1.2

.8

.4- . 8

- 1 . 72.8

4.5.9

1.4- 2 . 1

.1

.21.32.02.61.8

1.81.0

1.73.63.21.9

1.92.01.42.1

3.01.22.7

1.11.1.2

1.4

1 Less than 50 million dollars.




139


EMPLOYMENT AND WAGES

T A B L E E—17.—Noninstitutional population and the labor force, 1929—56

Period

Nonin-stitu-tionalpopu-

lation i

Totallaborforce

(includ-ing

armedforces)

Armedforces *

Civilian labor force

Total

Employment2

Total Agricul-tural

Non-agri-

cultural

Unem-ploy-ment

Totallabor

force aspercentof non-institu-tionalpopu-lation

Unem-ploy-

ment aspercentof civil-

ianlaborforce

Thousands of persons 14 years of age and over

1929 ,

19301931193219331934.

1935..1936.1937--1938. ....1939.

1940 ,1941 ,194219431944...

194519461947.19481949

19501951195219531954

19551956

1953: JanuaryFebruaryMarchApri l -May ,June

JulyAugustSeptemberOctoberNovemberDecember

1954: JanuaryFebruaryMarchAprilMay.June __.

JulyAugustSeptemberOctober __.NovemberDecember

8

100,380101, 520102,610103,660104, 630

105,520106,520107, 608108, 632109, 773

110, 929112,075113, 270115, 094116, 220

117,388118, 734

114, 581114, 674114, 755114,828114,931115,032

115,132115,232115,342115,449115, 544115,634

115,738115, 819115, 914115,987116,083116,153

116,217116,329116, 432116. 547116,644116, 763

49,440

50,08050,68051,25051,84052,490

53,14053,74054,32054,95055,600

56,18057, 53060,38064,56066,040

65,29060,97061, 75862, 89863, 721

64,74965,98366, 56067, 36267,818

68, 89670, 387

66,43966,42866,88466, 68366,81868,703

68, 80468,52167,48067,60967,49566,485

66, 29267,13967,21867,43867, 786

68,82468,85668, 56668,19067,90966,811

260 49,180

260260250250

270300320340370

5401,6203,9709,02011, 410

11,4303,450!1,590:1, 4561,616

1,6503, 098!3,5943,5473,350

3,0482,857

3,5433,5433,5453,5283,5333,556

3,5903,5903, 5753,5503,5203,492

3,4523,4143,3933,3753,3613,343

3,3303,3343,3223,3083,2853,285

47, 630

49,820 45,48050,420: 42,40051,00051, 59052,230

52,87053, 44054,00054, 61055, 230

55,64055,91056,41055, 54054,630

38, 94038, 76040,890

42,26044, 41046, 30044,22045, 750

47,52050,35053, 75054,47053, 960

53,860 52,82057,520 55,25060,16s1 58,02761,442 59,37862,105 58,710

63,099 59,95762,884 61,00562,966 61,29363,815 62,21364,468 61,238

65,84767,530

63,19364,979

62,896 61,00462, 885! 61,09763,339 61,66563,155; 61,57363,285 61,97965,147 63,585

65,214 63,66664,931 63,69163,905 62,58464,059 62,75863,975 62,27662,993 60,680

62.84063, 72563,82564,06364, 42565,445

65, 49465, 52265. 24464.88264,62463, 526

59,75360,05560,10060, 59861,11962,098

62,14862, 27762,14562,14161, 73260,688

10, 450

10,34010,29010,17010,0909,900

10,11010,0009,8209,6909,610

9,5409,1009,2509,0808,950

8,5808,3208,2667,9738,026

7,5077,0546,805;6,5626,504

6,7306,585

5,7605,6115,9246,2746,4227,865

7,5447,1737,1097,0756,6175,370

5,2845,7045,8756,0766,8227,628

7,'6,9287,5277,2396,1545,325

37,180

35,14032,11028, 77028,67030, 990

32,15034, 410

34, 53036,140

37,98041, 25044, 50045,39045,010

44,24046,93049, 76151, 40550, 684

52,45053,95154, 48855, 65154, 734

56,46458,394

55,24455,48655, 74155,29955, 55755,720

56,12256,51855,47555, 68355,65955,310

54, 46954,35154, 22554, 52254, 29754,470

54,66155, 34954, 61854, 90255,57755,363

1,550

4,3408,02012,06012,83011,340

10,6109,0307,70010,3909,480

8,1205,5602,6601,070670

1,0402,2702,1422,0643,395

3,1421,8791,6731,6023,230

2,6542,551

1,8921,7881,6741,5821,3061,562

1,5481,2401,3211,3011,6992,313

3,0873,6703,7243,4653,3053,347

3,3473,2453,1002,7412,8932,838

Percent

56.056.758.862.363.1

61.957.257.457.958.0

58.458.958.858.558.4

58.759.3

58.057.958.358.158.159.7

59.859.558.558.658.457.5

57.358.058.058.158.459.2

59.259.258.958.558.257.2

3.2

8.715.923.624.921.7

20.116.914.319.017.2

14.69.94.71.91.2

1.9

3.45.5

5.03.02.72.55.0

4.03.8

3.02.82.62.52.12.4

2.41.92.12.02.73.7

4.95.85.85.45.15.1

5.15.04.84.24.54.5


140


TABLE E—17.—Noninstitutional population and the labor force, 1929-56—Continued

Period

Nonin-stitu-tionalpopu-

lation i

Totallaborforce

(includ-ing

armedforces)i

Armedforces 1

Civilian labor force

Total

Employment2

Total Agricul-tural

Non-agri-

cultural

Unem-ploy-ment

Totallabor

force aspercentof non-institu-tionalpopu-lation

Unem-ploy-

ment aspercentof civil-

ianlaborforce

Thousands of persons 14 years of age and over Percent

1955: January. . .February .MarchAprilMay_June

116,855116,901117,051117,130117,236117,318

117, 404117, 517117, 634117, 749

November ] 117,864December 117,995

JulyAugustSeptember..October..

1956: January. _.February..MarchAprilMayJune

JulyAugustSeptember..OctoberNovember..December..

118,080118,180118,293118,367118, 537118,632

118, 762118, 891119,047119,198119, 344119, 481

66,70066, 55066,84067, 78468,25669,692

70,42970,69569,85370, 25070,16469, 538

68, 69168,39668,80669,43470, 71172, 274

72,32571, 78770,89670,90570, 56069, 855

3,2033,2293,1863,1373,0642,996

2,9642,9692,9712,9582,9582,946

2,9162,9062,8932,8792,8652,844

2,8362,8402,8272,8232,8282,826

63,49763,32163,65464,64765,19266,696

67,46567, 72666,88267, 29267,20566,592

65, 77565,49065,91366, 55567,84669,430

69,48968,94768, 06968,08267, 73267,029

60,15059,93860,47761,68562,70364,016

64.99465, 48864,73365,16164,80764,165

62,89162, 57663,07863,99065, 23866, 503

66, 65566, 75266,07166,17465,26964, 550

5,2975,0845,6926,2156,9637,681

7,7047,5367,8757,9056.9205,884

5,6355,4695,6786,3877,1467,876

7,7007,2657,3887,1736,1925,110

54,85354,85454, 78555,47055, 74056,335

57,29157, 95256,85857, 25657,88758,282

57,25657,10757, 40057, 60358,09258,627

58,95559, 48758, 68359, 00059, 07659, 440

3,3473,3833.1762,9622,4892,679

2,4712,2372,1492,1312,3982,427

2,8852,9142,8342,5642,6082,927

2,8332,195

1^909!2,463!2,479j

57.156.957.157.958.259.4

60.060.259.459.759.558.9

58.257.958.258.759.7

60.960.459.659.559.158.5

5.35.35.04.63.84.0

3.73.33.23.23.63.6

4.44.44.33.93.84.2

4.13.22.92.83.63.7

1 Data for 1940-52 revised to include about 150,000 members of the armed forces who were outside thecontinental United States in 1940 and who were, therefore, not enumerated in the 1940 Census and wereexcluded from the 1940-52 estimates.

2 Includes part-time workers and those with jobs but not at work for such reasons as vacation, illness,bad weather, temporary layoff, and industrial disputes.

3 Not available.

NOTE.—Civilian labor force data beginning with May 1956 are based on a 330-area sample. For January1954-April 1956 they are based on a 230-area sample; for 1946-53 on a 68-area sample; for 1940-45 on a smallersample; and for 1929-39 on sources other than direct enumeration.

Beginning July 1955, labor force data are for the calendar week containing the 12th of the month; previ-ously, for week containing the 8th.

Annual population data are as of July 1; monthly data are as of the 1st of the month.For the years 1940-52, estimating procedures made use of 1940 Census data; for subsequent years, 1950

Census data were used. For the effects of this change on the historical comparability of the data, seeAnnual Report on the Labor Force, 1954, Series P-50, No. 59, April 1955, p . 12.


Sources: Department of Commerce, Department of Labor (labor force, 1929-39), and Council ofEconomic Advisers.

141


TABLE E- l 8.—Employment and unemployment, by age, and by sex for 20-64 year group,7942-56

[Thousands of persons 14 years of age and over]

Period

Totalcivil-ian

laborforce

Employed i

Total 14-19years

20-64 years

Males Fe-males

65yearsandover

Unemployed

Total 14-19years

20-64 years

Males Fe-males

65yearsandover

1942.1943.1944.

1945.1946.1947-1948 _1949.

1950.1951.1952.1953..1954.

1955.1956-

1954: January __February.MarchAprilMayJune.


1955: J anua ry . -February _MarchAprilMayJune

56,41055, 54054,630

53,86057,52060,16861,44262,105

63,09962,88462, 96663,81564,468

65,84767, 530

62, 84063,72563, 82564,06364,42565, 445

65, 49465, 52265,24464,88264,62463, 526

63,49763,32163,65464,64765,192


1956: January--February -MarchAprilMayJune


67, 46567, 72666, 88267, 29267, 20566, 592

65, 77565,49065, 91366, 55567,84669, 430

68, 947

53, 75054,47053,960

52,82055,25058,02759,37858,710

59,95761,00561,29362, 21361,238

63,19364,979

1,75360, 05560,10060, 59861,11962, 098

62,14862, 27762,14562,14161, 73260,688

60,150

67, 73267,029

60, 47761,68562, 70364,016

64, 99465, 48864, 73365,16164,80764,16562,89162, 57663,07863,99065, 23866,503

66, 65566, 75266,07166,17465, 26964, 550

5,7706,3506,050

5,4804,5504,7164,8424,512

4,5644,6144,5304,5144,285

4,4464,764

3,8223,8443,9023,9413,9955,062

5,4845,3634,3434, 1453,9043,625

3,4943,3693,5243,8534,0565,145

5,7875,8094,6304,6304,5814,468

4,0203,8703,9174,2054,5665,814

6,3296,1274,8264,6724,4074,418

32,87030,45029,460

28,92034,17036, 56737, 20636,639

37,15837,35137,36637,94837,405

38,21638,827

37,16436, 94836, 84437, 23137, 35737, 564

37, 64337, 72937, 71437, 61737, 64037, 411

37,19537, 09837,34137, 61038,18038, 482

38, 769

38, 87638, 83238, 73638,586

38,14038,08638, 293

38,80139,193

39,21139,39539, 23239, 21439,06738,707

12,64014,93015,560

15,50013,81013,99114,51714,689

15,32716,11516,46816, 57516,476

17,33618,065

15, 84916, 25316, 33316,37916, 69216,391

15, 97316, 06216,90317,11317, 09116, 673

16, 49416, 52016, 55317, 01917, 25317,238

17, 25817, 55817, 90918, 254

17, 889

17, 46417, 50117,58217, 80018,41118,108

17, 79617, 96518, 62518,89018,43418,205

2,4702,7402,890

2,9202,7202,7542,8152,871

2,9072,9242,9303,1763,070

3,1963,324

2,9173,0103,0243,0473,0753,083

3,0473,1243,1843,2633,0962,978

2,9682,9523,0583,2033,2163,152

3,1813,2273,3193,4443,4053,220

3,2683,1203,2893,4043,4623,390

3,3203,2643,3883,3983,3613,220

2,6601,070

670

1,0402,2702,1422,0643,395

3,1421,8791,6731,6023,230

2,6542,551

3,0873,6703,7243,4653,3053,347

3,3473,2453,1002,7412,8932,838

3,3473,3833,1762,9622,4892,679

2,4712,2372,1492,1312,3982,427

2,8852,9142,8342,5642,6082,927

2,8332,1951,9981,9092,4632,479

510290200

190290425415595

543356362312515

471510

462540495469519731

734584485377378413

435421400367428751

515396373468461

442508433413548

1,005

759445356331482

360230

5001,5501,2561,0991,929

1,704835776823

1,738

1,3661,229

1,6852,0822,1031,9381,7811,678

1,6741,6711,6341,4901,5071,622

1,9382,0311,9041,7821,3061,209

1,1381,009892938

1,0691,161

1,5751,6111,5701,3221,2121,131

1,153987

1,0961,318

700350210

320360394470733

766595460407856

710713

823926977915890

827855887759872

794732714

628636769716749662

757659734731744691

817671668636778665

12070

30706882139

131967561

120

10999

11812215014211697

11113492116136108

1671351391028980

7893108112144

112137979610397

105926776108101

i Includes part-time workers and those with jobs but not at work for such reasons as vacation, illness,bad weather, temporary layoff, and industrial disputes.

NOTE.—Data are not available prior to 1942 for all the age and age/sex groups above.See note to Table E-17 for information on change in sample and reporting period.Detail will not necessarily add to totals because of rounding.

Source: Department of Commerce.

142


T A B L E E--19.—Employed persons with a job but not at work, by reason for not working, 1946-56

[Thousands of persons 14 years of age and over]

Period

1946 ___.194719481949

19501951195219531954

19551956

1954: JanuaryFebruaryMarchAprilMayJune _


1955: JanuaryFebruaryMarchAprilMayJune


1956: JanuaryFebruary.-MarchAprilMayJune


Total em-ployed per-sons witha job but

not at work

Temporarylayoff i

2,2582,4742,7512,530

2, 6482,6802,8142,7983, 036

2,9323,160

2,6362,2871,9432,2862,1382,964

7,9925,5753,1732,0251, 7251,694

2,2772,1841,8722,0962,0052,863

6, 4656,2352,9082,2941,9672,017

2,4372,3772,3292,0902,0913,831

7,4805,8432,9912,3152,1312,001

97123141185

92117142167221

133124

427216236216294229

298143198136120137

25114575108133107

15717311611786124

14513415397110

14512313911097160

New job orbusiness2

5892

121101

116103117101127

117147

801089218891227

1381511668613364

99557511789233

1532009669109104

628813894178396

156209158108

Vacation

662834

1,0441,044

1,1371,0731,1301,1711,361

Illness

819847844719

718782775827776

1, 2681,346

259347286395470

1,310

6,2114,0081,720736363230

302254297509575

1,373

4,8664,2001,356808412258

304381289399535

1,933

5,3273,9771,357789537327

835901

1,004996780930809784

706672648655670658

862967860781736661

708851842914883957

1,0321,032992913859829

851885859870854835

All other 3

622579602480

585604650531551

580641

867618549556474414

638601442412439606

764762564581471490

581811

477575

741758587411594

1, 002649477439554591

1 Includes persons who had been temporarily laid off from their jobs with definite instructions to returnto work within 30 days of layoff, and who were not seeking other work.

2 Includes persons who had a new job or business to which they were scheduled to report within the fol-lowing 30 days.

s Includes persons who were not at work because of bad weather, industrial disputes, and all other reasons.

NOTE.—See note on Table E-17 for information on change in sample and reporting period.Detail will not necessarily add to totals because of rounding.



TABLE E-20.—Unemployed persons, by duration of unemployment, 1946-56

Period

19461947 ._19481949 . __

19501951195219531954 _

19551956




Total mi-employed

Duration of unemployment

4 weeksand under

5-14weeks

15-26weeks

Over 26weeks

Thousands of persons 14 years of age and over

2,2702,1422,0643,395

3,1421,8791,6731,6023,230

2,6542,551

3,4943,3723,2312,824

3,3022,7102,2862,319

2,8782,7002,3422,284

0)1,0411,0871,517

1,3071,003

925910

1,303

1,1381,214

1,3961,3151,3131,189

1,1441,1291,1161,161

1,2121,3071,1381,199

0)704669

1,195

1,055574517482

1,115

815804

1,4291,0721,071

890

1,188702668700

1,041810730638

0)234193427

425166148132495

367301

475659473372

518490239218

347374256227

141164116256

3571378479

317

336232

195325374373

452389262239

278209218221

Averagedurationof unem-ployment(weeks)

(2)9.88.6

10.0

12.19.78.38.1

11.7

13.211.3

9.912.012.212.9

14.114.712.111.3

12.210.810.910.9

1 For duration of less than 6 months, data are available only for under 3 months (1,568,000) and 3 to 6months (564,000).

2 Not available.NOTE.—See note to Table E-17 for information on change in sample and reporting period.Detail will not necessarily add to totals because of rounding.


144


T A B L E E—21.—Unemployment insurance programs, selected data, 1939 and 1946-56

Period

1939

1946194719481949 _

19501951195219531954

1955.195610_

1955: JanuaryFebruary.MarchAprilMayJune

JulyAugustSeptemberOctoberNovemberDecember^



Initial claims i

State,veteran,

andFederal

employeepro-

grams 2

Statepro-

grams 3

Insured unem-ployment *

All pro-grams 6

Statepro-

grams 3 6

Exhaus-tions,Statepro-

grams 3

Weekly average (thousands)

188

341280282375

239211215222310

236234

372268226246213213

239199170194219279

315257219239220212

260188195185226297

188

189187210323

236208215218302

228228

362260219240207204

231191165189213271

307250213234216205

254182190181221292

2,470

1,599996

1,0641,0582,039

1,3881,310

2,1982,1091,8751,6511,3921,226

1,2021,068

951864956

1,238

1,6061,6511,5781,4391,3161,234

1,3161,1581,060

9391,0901,353

1,086

1,2951,0091,0021,976

1,503969

1,024995

1,865

1,2541,206

1,9781,9081,6871,5001,2891,144

1,113980875800881

1,144

1,4911,5351,4721,3591,2551,178

1,2091,059

988878

1,0131,263

61

Stateinsuredunem-ploy-mentas per-cent ofcoveredemploy-

ment(per-

cent) 3

5.14.33.13.06.2

4.62.82.92.85.2

3.43.2

5.45.14.64.03.53.1

3.02.62.32.12.33.1

4.04.14.03.63.33.1

3.12.72.62.32.63.1

Benefits paidunder State pro-

grams 3

Total(million'

of dol-lars)8

429.3

1,094.9775.1793.3

1, 737.3

1, 373.4840.4998.2962.2

2, 026.9

1,379.21, 400.0

170.9165.5178.8135.8117.4108.9

91.692.883.270.174.795.2

135.7143.9152.0133.9125.8116.1

111.7112.294.991.591.7

107.0

Averageweeklycheck

(dollars) 9

10.66

18.5017.8319.0320.48

20.7621.0922.7923.5824. 93

25.0827.05

25.1225.0825.0024.8524.4024.36

24.4625.0626.1126.0125.8526.10

26.6126.9527.1327.0326.7026.79

26.9127.0527.7727.5727.2627.20

1 Indicate, in general, instances of new unemployment.2 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) and Veterans ReadjustmentAssistance Act of 1952, effective October 15,1952.3 Data for 1955 and 1956 include State programs and the program for Federal employees; all other yearsare for State programs only. Data for 1956 also include workers added by the extension of coverage tosmaller firms.

* Represents the number of unemployed workers covered by unemployment Insurance programs whohave completed at least one week of unemployment.

5 State, veteran, Railroad Retirement, and Federal employee programs.6 State unemployment insurance programs during the period shown excluded from coverage agriculturalworkers, 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 unem-ployment in a benefit year. Workers who have exhausted benefit rights do not necessarily remain unem-ployed—some find employment, and others withdraw from the labor force.8 Monthly totals are gross amounts; annual figures are adjusted for voided benefit checks.9 For total unemployment only.10 Preliminary.

Source: Department of Labor.

145


TABLE E-22.—Number of wage and salary workers in nonagricultural establishments, 1929-56l

[Thousands of employees]

Period

1929

19301931193219331934.

19351936.19371938.1939.

1940.1941.1942.1943.1944.

1945-1946.1947.1948.1949.

1950.1951.1952.1953 _1954.

1955.1956

1953: January- _.February..MarchAprilMayJune

JulyAugustSeptember-OctoberNovember.December.

1954: January. __February. _MarchAprilMayJune

JulyAugustSeptember.October... _November-December,

Totalwageand

salarywork-

ers

31,041

29,14326,38323,37723,46625,699

26, 79228,80230,71828, 90230,311

32,05836, 22039, 77942,10641, 534

40, 03741, 28743, 46244,44843,315

44, 73847,34748,30349, 68148, 431

49, 95051,483

Manufacturing

Total

10,534

9,4018,0216,7977,2588,346

8,9079,653

10,6069,253

10,078

10, 78012,97415,05117,38117, 111

15,30214, 46115, 29015,32114,178

14,96716,10416,33417, 23815, 995

16, 55716,890

Du-rablegoods

(3)

(3)(3)(3)(3)(3)

(3)(3)(3)(3)

4,683

5,3376, 9458,804

11,07710, 858

9,0797,7398,3728.3127,473

8,0859,0809,340

10,1059,122

9,5369,788

Non-dura-ble

goods

(3)

(3)(3)(3)(3)(3)

(3)(3)(3)(3)

5,394

5,4436,0286,2476,3046,253

6,2226,7226,9187,0106,705

6,8827,0246,9947.1336,873

7,0217,102

Min-ing

1,078

1,000864722735874

888937

1,006882845

916947983917883

826852943982918

889916885852111

770795

Con*tractcon-

struc-tion

1,497

1,3721,214

970809862

9121,1451,1121,0551,150

1,2941,7902,1701,5671,094

1,1321,6611,9822,1692,165

2,3332,6032,6342,6222,593

2,7803,038

Trans-porta-tionand

publicutili-ties

3,907

3,6753,2432,8042,6592,736

2,7712,9563,1142,8402,912

3,0133,2483,4333,6193,798

3,8724,0234,1224,1413,949

3,9774,1664,1854,2214,009

4,0564,145

Trades

6,401

6,0645,5314,9074,9995,552

5,6926,0766,5436,4536,612

6,9407,4167,3337,1897,260

7,5228,6029,1969,5199,513

9,64510,01210,28110, 52710, 520

10, 80311,144

Fi-nance

1,431

:

:

1,3981,3331,2701,2251,247

1,2621,313L,3551,347L399

1,4361,480L, 4691,4351,409

1,4281,6191,6721,7411,765

1,8241,8921,9672,0382,122

2,215,300

Serv-ices

3,127

3,0842,9132,6822,6142,784

2,8833,0603,2333,1963,321

3,4773,7053,8573,9193,934

4,0114,4744,7834,9254,972

5,0775,2645,4115, 5385,664

5,8546,000

49, 60449, 70649, 79549, 83549, 82649, 894

49, 88949, 84249, 69549, 63649, 34449,156

48, 85948, 71448, 50648, 40748, 27148, 274

48,14048,14948,19748, 34848, 60048, 756

Seasonally adjusted

Gov-ern-ment(Fed-eral,

andlocal)

17,18417, 27917, 39217,46217,47117, 473

17, 49517, 36317,21717,06716, 82816, 658

16, 47916, 31816, 20716,09415,96415, 908

15, 74215, 69315, 73915, 83015, 96316,004

10,04110,12910, 23710, 28310, 28110, 275

10, 29210,19910,0919,9839,7989,684

9,5579,4149,2999.2099,1129,060

8,9168,8618,8798,9669,0809,110

7,1437,1507,1557,1797,1907,198

7,2037,1647,1267,0847,0306,974

6,9226,9046,9086,8856,8526,848

6,8266,8326,8606,8646,8836,894

876864856857858854

853847848840839834

821814794786776775

774764751755757757

2,6472,6692,6532,6382,6132,598

2,5882,5962,6122,6322,6232,626

2,5332,5832,6002,6142,6032,599

2,5912,5942,5862,5842,6182,615

4,2264,2094,2134,2024,2304,238

4,2494,2454,2354,2354,1984,155

4,1184,0633,9864,0013,9954,001

3,9993,9863,9863,9933,9793,980

10,49410,50410, 49410, 49610, 52110, 537

10, 53910, 53910, 51410, 55210,56410, 550

10, 56210, 56710, 53510, 50810, 48210, 472

10,50410, 50310,48210, 52110, 54310, 614

2,0032,0132,0162,0192,0252,029

2,0392,0502,0552,0662,0602,068

2,0722,0842,0872,0982,1082,113

2,1172,1292,1542,1612,1602,165

5, 4725,4865,5035, 5125,5165,546

5, 5385,5385,5685,5855,5985,621

5,6065,6135,6215,6265,6305,656

5,6685,6635, 6975, 7115,7345,765

3,066

3,1493,2643, 2253,1673,298

3,4773,6623,7493,8763,995

4,2024, 6605,4836,0806,043

5,9445, 5955,4745,6505,856

6,0266,3896,6096, 6456,751

6, 9157,172

6,7026,6826,6686,6496,5926,619

6, 5886,6646,6466,6596,6346,644

6,6726,6766,6806,7136,750

6,7456,8176,8026, 7936, 8406,856


146


T A B L E E-22.—Number of wage and salary workers in nonagr{cultural establishments,1929-56 i—Continued

[Thousands of employees]

Period

Totalwageand

salarywork-

ers

Manufacturing

TotalDu-rablegoods

Non-dura-ble

goods

Min-ing

Con-tractcon-

struc-tion

Trans-porta-tionand

publicutili-ties

Trade2 Fi-nance

Serv-ices

Gov-ern-

ment(Fed-eral,State,and

local)

Seasonally adjusted

1955: JanuaryFebruary.. _MarchAprilMayJune

JulyAugustSeptember.OctoberNovember.December..

1956: JanuaryFebruary. _MarchAprilMay _-June

JulyAugustSeptember..OctoberNovember4

December *.

48,82048,90649, 22549,40349, 74850,073

50,19350,31550,44850,59450,74550,948

51,08051,12751,05751,32751,45451,600

51,00351, 70251,67651,90251,94351,988

16,02916,11716, 24016,40716, 52716,649

16,64816,67716,68316,81016,94116,975

16, 94416,87916,80416, 91816,90916,877

16,46016,89016,86417,02617,05717,078

9,1349,2149,2979,4199,5169,610

9,6209,6189,6289,7199,8159,850

9,8339,7669,7039,7999,7669,752

9,3929,7849,7799,9199,98610,001

6,8956,9036,9436,9887,0117,039

7,0287,0597,0557,0917,1267,125

7,1117,1137,1017,1197,1437,125

7,0687,1067,0857,1077,0717,077

752750758767772779

776771780778779779

777780783798794808

750809814812805805

2,6242,6182,7032,7522,8042,815

2,8342,8332,8522,8332,8222,827

2,8762,9242,9663,0033,0553,132

3,0563,0763,0783,0853,0853,077

3,9923,9843,9843,9444,0014,066

4,0824,1054,1174,1104,1284,136

4,1454,1314,1274,1284,1414,164

4,1174,1474,1494,1664,1604,154

10,63110,64510, 70110, 67110, 72610, 784

10,84110,87310,90210,92110,95311,020

11,08311,10511,02711,12011,11011,162

11,15211, 21111,16411,21711,21211,218

2,1662,1772,1852,1852,1952,209

2,2192,2322,2482,2522,2492,254

2,2612,2732,2762,2782,2892,297

2,2962,3202,3212,3242,3262,325

5,7815,7985,8205,8215,8305,849

5,8715,8785,8835,8865,9135,942

5,9525,9675,9795,9795,9815,999

6,0176,0176,0156,0156,0416,063

6,8456,8176,8346,8566,893

6,9226,9466,9837,0046,9607,015

7,0427,0687,0957,1037,1757,161

7,1557,2327,2717,2577,2577,268

1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who workedduring, or received pay for, any part of the pay period ending nearest the 15th of the month. Excludesproprietors, self-employed persons, domestic servants, and unpaid family workers. Not comparable withestimates of nonagricultural employment of the civilian labor force (Table E-17) which include proprietors,self-employed persons, domestic servants, and unpaid family workers, which count persons as employedwhen they are not at work because of industrial disputes, bad weather, or temporary layoffs, and whichare based on a sample survey of households, whereas the estimates in this table are based on reports fromemploying establishments.

2 Beginning with 1939, data are not strictly comparable with data shown for earlier years because of theshift of the automotive repair service industry from the trade to the service division.

3 Not available.* Preliminary.



147


TABLE E—23.—Average weekly hours of work in selected industries, 1929-56

Period

1929

1930193119321933__ _.1934

193519361937.19381939

19401941. _.19421943__1944

19451946.1947-1948-1949.

1950.19511952 -.1953— - .1954.

1955-1956 6

1955: JanuaryFebruaryMarch.AprilMayJune _.

JulyAugustSeptember—OctoberNovember...December—.

1956: JanuaryFebruaryMarch _.AprilMayJune

JulyAugustSeptember—OctoberNovember 6.December 6_

Manufacturing

Total

44.2

42.140.538.338.134.6

36.639.238.635.637.7

38.140.642.944.945.2

43.440.440.440.139.2

40.540.740.740.539.7

40.740.5

40.240.440.640.340.840.7

40.440.640.941.141.241.3

40.740.540.440.340.140.2

40.140.340.740.740.641.0

Du-rablegoods

832.634.833.937.341.040.035.038.0

39.342.145.146.646.6

44.140.240.640.539.5

41.241.641.541.340.2

41.441.1

40.941.141.341.241.641.2

40.941.141.541.741.842.0

41.241.040.941.140.840.8

40.740.841.441.441.241.9

Non-du-

rablegoods

()41.940.035.1

36.137.737.436.137.4

37.038.940.342.543.1

42.340.540.139.638.8

39.739.539.639.539.0

39.839.6

39.339.539.739.0

39.839.940.140.340.340.4

39.939.839.639.239.139.2

39.439.639.839.839.639.8

Bitumi-nouscoal

mining

38.4

33.528.327.229.527.0

26.428.827.923.527.1

28.131.132.936.643.4

42.341.640.738.032.6

35.035.234.134.432.6

37.637.7

37.137.836.937.237.439.0

38.237.536.537.436.1

38.638.538.237.838.038.1

36.137.037.937.836.3()

Build-ingcon-

struc-tion

8(3)()28.9

30.132.833.432.132.6

33.134.836.438.439.6

39.038.137.6

4 37.336.7

36.337.238.137.036.2

36.136.3

35.134.636.035.436.736.7

37.236.737.436.334.736.1

35.135.534.636.036.537.2

37.037.237.437.435.6

Class Irail-

()43.7

44.345.847.048.748.9

48.546.046.446.243.7

40.841.040.640.640.8

41.941.7

40.442.142.041.241.342.6

41.443.142.641.242.641.9

41.342.441.841.042.341.6

40.642.540.742.6

Tele-phone 2

()38.838.939.1

39.540.140.541.942.3

5 41.739.437.439.238.5

39.138.538.738.9

39.639.5

38.939.039.039.439.839.4

40.040.240.139.940.239.7

39.439.139.139.139.039.3

39.939.4

41.0

Whole-sale

trade

(3)

8841.342.642.8

<42.241.7

41.241.041.342.242.9

42.741.541.040.940.7

40.740.740.640.540.4

40.640.4

40.440.340.340.340.640.6

40.940.640.740.740.740.8

40.640.340.240.240.340.3

40.540.340.640.540.4

Retailtrade

(excepteatingand

drink-ing

places)

Laun-dries

39.4

41.042.742.641.641.8

41.842.142.242.942.9

42.842.942.641.941.5

41.241.141.140.540.1

40.340.3

40.039.840.240.340.840.4

40.640.040.340.640.340.5

40.340.140.140.540.940.9

40.439.940.240.239.9

1 Averages are based upon monthly data (exclusive of switching and terminal companies) summarizedin the M-300 report by the ICC and relate to all employees who received pay during the month, exceptexecutives, officials, and staff assistants (ICC Group I). Beginning September 1949, data reflect a reduc-tion in basic workweek from 48 to 40 hours.

2 Prior to April 1945, data relate to all employees except executives; from April 1945-May 1949, mainlyto employees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory em-ployees only.

3 Not available.* 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 1945.6 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 payrollperiods ending closest to the middle of the month.

The annual figures for 1956 are simple arithmetic averages of the monthly figures shown and not strictlycomparable with the averages for earlier years, which have been weighted by data on employment.


148


TABLE E—24.—Average gross hourly earnings in selected industries, 1929—56

Period

Manufacturing

Total

$0,566

.552

.515

.446

.442

.532

.550

.556

.624

.627

.633

.661

.729

.853

.9611.019

1.0231.0861. 2371.3501.401

1.4651.591.671.771.81

1.881.98

1.841.851.851.861.871.87

1.891.881.901.911.931.93

.93L.93L.951.96L.97L.97

L.971.982.002.022.0352.05

Dura-ble

goods

$0.497.472.556

.577

.586

.674

.686

.698

.724

.808

.9471.0591.117

1.1111.1561.2921.4101.469

1.5371.671.771.871.92

2.012.10

;L.96L.96L.97L.98L.99L.982.012.012.042.042.052.06

2.062.052.062.082.082.09

2.072.102.142.152.162.18

Non-dura-

blegoods

i$0.420

.427

.515

.530

.529

.577

.584

.582

.602

.640

.723

.803

.861

.9041.0151.1711.2781.325

1.3781.481.541.611.66

1.711.81

1.681.681.681.701.701.70

1.711.701.721.721.741.74

1.751.751.781.791.801.81

1.821.811.821.831.851.86

Bitu-minous

coalmining

$0.681

.684

.647

.520

.501

.673

.745

.794

.856

.878

.886

.883

.9931.0591.1391.186

1.2401.4011.6361.8981.941

2.0102.212.292.482.48

2.562.79

2.482.502.492.502.512.52

2.502.522.652.672.662.672.702.682.682.792.792.832.832.772.802.922.95(4)

Build-ingcon-

struc-tion

(')

(4)(4)

$0. 795

.815

.824

.903

.908

.932

.9581.0101.1481.2521.319

1.3791.4781.681

51.8481.935

2.0312.192.31% 482.60

2.662.79

2.642.642.622.632.632.64

2.662.672.682.702.712.72

2.742.742.752.752.762.78

2.792.812.842.852.87(4)

Class Irail-

roads 1

»

(4)(4)(4)

(4)(4)(4)(4)

$0. 730

.733

.743

.837

.852

.948

.9551.0871.1861.3011.427

1.5721.731.831.881.93

1.952.11

1.951.981.921.941.941.94

1.961.941.951.981.981.96

2.102.122.102.112.092.11

2.112.092.142.10(4)

(4)

Tele-phone2

(4)

(4)(4)(4)(4)

(4)$0. 774

.816

.822

.827

.820

.843

.870

.9116.9621.1241.197L248L.345

L.398.49

L.59.68

1.76

1.821.86

1.791.821.801.821.831.80

1.801.811.811.841.881.86

1.861.841.841.851.851.86

1.861.851.861.861.88

4)

Whole-sale

trade

(?(4)(4)(4)$0. 648.667.698

5.700.715

.739

.793

.860

.933

.985

1.0291.1501.2681.3591.414

1.4831.581.671.771.83

1.912.01

1.861.851.871.891.901.91

1.911.911.931.941.941.95

1.961.961.992.012.012.02

2.032.022.042.042.04(4)

Retailtrade

(excepteatingand

drinkingplaces)

w(4)(4)(4)1(4)

$0. 542

.553

.580

.626

.679

.731

.783

.8931.0091.0881.137

1.1761.261.321.401.45

1.501.57

1.481.481.481.491.501.51

1.521.52•

•

L.53L.521.52L49

L. 54L.54L.54L.56L56L.58

L.59L.58L.59L.591.58(4)

Laun-Iries

!;j(4)(4)$0.378

.376

.378

.395

.414

.422

.429

.444

.482

.538

.605

.648

.704

.767

.817

.843

.861

.92

.94

.981.00

1.011.05

1011.011.011.011.021.01

1.011.011.011.011.021.02•

:

\

1.03L.02L.04L.04L.04L. 05

1.051.051.061.061.06C4)

Agri-cul-

t u r e 3

192919301931193219331934

19351936193719381939

194019411042. . . .19431944

19451946194719481949 ,

19501951195219531954

19551956 7

1955: January-FebruaryMarch. .April_._MayJuneJuly-.-August.SeptemberOctober.NovemberDecember

1956: JanuaryFebruaryMarch..AprilMayJuneJulyAugustSeptemberOctober „November 7. _December7

$0. 241

.226

.172

.129

.115

.129

.142

.152

.172

.166

.166

.169

.206

.268

.353

.423

.472

.515

.547

.580

.559

.561

.625

.661

.672

.661

.675

.724

"."590

.669

"."76I

.740

.615

1 Averages are based upon monthly data (exclusive of switching and terminal companies) summarized inthe M-300 report by the IOC 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 rateincrease and reduction in basic workweek from 48 to 40 hours.

2 Prior to April 1945, data relate to all employees except executives; from April 1945-May 1949, mainly toemployees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory employeesonly.3 Composite rate per hour. Weighted average of all farm wage rates on a per hour basis.

* Not available.* 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 1945.1 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-roll periods ending closest to the middle of the month.

The annual figures for 1956 are simple arithmetic averages of the monthly figures shown and not strictlycomparable with the averages for earlier years, which have been weighted by data on man-hours.

Sources: Department of Labor and Department of Agriculture.

149


TABLE E-25.—Average gross weekly earnings in selected industries, 1929—56

Period

Manufacturing

Total

$25.03

23.2520.8717.0516.7318.40

20.1321.7824.0522.3023.86

25.2029.5836.6543.1446.08

44.3943.8249.9754.1454.92

59.3364.7167.9771.6971.86

76.5280.13

73.9774.7475.1174.9676.3076.11

76.3676.3377.7178.5079.5279.71

78.5578.1778.7878.9979.0079.19

79.0079.7981.4082.2182.4284.05

Dura-ble

goods

$27.22

24.7721.2816.2116.4318.87

21. 5224.0426.9124.0126.50

28.4434.0442.7349.3052.07

49.0546.4952.4657.1158.03

63.3269.4773.4677.2377.18

83.2186.39

80.1680.5681.3681.5882.7881. 58

82.2182.6184.6685.0785.6986.52

84.8784.0584.2585.4984.8685.27

84.2585.6888.6089.0188.9991.34

Non-durablegoods

$22.93

21.8420.5017.5716.8918.05

19.1119.9421.5321.0521.78

22.2724.9229.1334.1237.12

38.2941.1446.9650.6151.41

54.7158.4660.9863.6064.74

68.0671.45

66.0266.3666.7066.3067.3267.83

68.0667.8368.9769.3270.1270.30

69.8369.6570.4970.1770.3870.95

71.7171.6872.4472.8373.2674.03

Bitumi-nouscoal

mining

$25. 72

22.2117.6913.9114.4718.10

19.5822. 7123.8420.8023.88

2*.7130.8635.0241.6251.27

52.2558.0366.5972.1263.28

70.3577.7978.0985.3180.85

96.26105.21

92.0194.5091.8893.0093.8798.28

95.5094.5096.7399.8696.03

105. 73

104.22103.18102.38105.46106.02107.82

102.16102.49106.12110.38107.09

(3)

TJ..J1J±>un cl-

ing con-struc-tion

(3)

(3)(3)(3)(3)

$22.97

24.5127.0130.1429.1930.39

31.7035.1441.8048.1352.18

53.7356.2463.30

<68.8570.95

73.7381.4788.0191.7694.12

96.03101.32

92.6691.3494.3293.1096.5296.89

98.9597.99

100. 2398.0194.0498.19

96.1797.2795.1599.00

100.74103.42

103.23104. 53106.22106.59102.17

(3)

Class Irail-

roads 1

(3)

(3)(3)(3)(3)(3)

(3)(3)(3)(3)

$31.90

32.4734.0339.3441.4946.36

46.3250.0055.0360.1162.36

64.1470.9374.3076.3378.74

81.7187.82

78.7883.3680.6479.9380.1282.64

81.1483.6183.0781.5884.3582.12

86.7389.8987.7886.5188.4187.78

85.6788.8387.1089.46

(3)(3)

Tele-phone 2

(3)

8(3)(3)(3)(3)(3)$30.03

31.7432.14

32.6732.8834.1436.4538.54

8 40.1244.2944.7748.9251.78

54.3858.2661.2265.0268.46

72.0773.38

69.6370.9870.2071.7172.8370. 92

72.0072.7672. 5873.4275. 5873.84

73.2871.9471.9472.3472.1573.10

74.2172.8974.2174.0377.08

(3)

Whole-sale

trade

(3)

(3)(3)

$27. 7226.1126.37

26.7628.4129.87

4 29.5429.82

30.4532.5135.5239.3742.26

43.9447.7351.9955.5857.55

60.3664.3167.8071.6973.93

77.5581.21

75.1474.5675.3676.1777.1477.55

78.1277.5578.5578.9678.9679.56

79.5878.9980.0080.8081.0081.41

82.2281.4182.8282.6282.42

(3)

Retailtrade

(excepteatingand

drink-ing

places)

(3)

(3)(3)(3)(3)(3)

(3)(3)(3)(3)

$23.14

23.5024.4225.7327.3629.53

31.5536.3540.6643.8545.93

47.6350.6552.6754.8856.70

58.5060.42

57.5757.5757.4257.5158.2059.04

60.3460.1959.8258.9858.6758.71

59.4459.2959.1459.9059.7561.15

62.1761.7861.2260.7460.04

(3)

Laun-dries

1929

19301931...1932...19331934..._

19351936193719381939

19401941..194219431944

1945... _.1946..1947..1948. _.1949

1950—19511952..19531964-._

19551956 8


JulyAugustSeptember-OctoberNovember...December...


JulyAugustSeptember. _OctoberNovember6 .December6.

()$14.89

15.4216.1416.8317.2217.64

17.9318.6920.3423.0825.95

27.7330.2032.7134.2334.98

35.4737.8138.6339.6940.10

40.7042.14

40.4040.2040.6040.7041.6240.80

41.0140.4040.7041.0141.1141.31

41.5140.9041.7042.1242.5442.95

42.4241.9042.6142.6142.29

1 Averages are based upon monthly data (exclusive of switching and terminal companies) summarized inthe M-300 report by the ICC and relate to all employees who received pay during the month, except execu-tives, officials, and staff assistants (ICC group I). Beginning September 1949, data reflect a wage rateincrease and reduction in basic workweek from 48 to 40 hours.

2 Prior to April 1945, data relate to all employees except executives; from April 1945-May 1949, mainly toemployees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory employeesonly.

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 1945.6 Preliminary.

NOTE.—Data are for production workers in manufacturing and mining, construction workers in buildingconstruction, and for all nonsupervisory employees in other industries (except as noted). Data are for pay-roll periods ending closest to the middle of the month.

The annual figures for 1956 are simple arithmetic averages of the monthly figures shown and not strictlycomparable with the averages for earlier years, which have been weighted by data on man-hours.

Source: Department of Labor.I5O


TABLE E-26.—Labor turnover rates in manufacturing industries, 1930-56

[Rates per 100 employees]

Period

19301931193219331934

193519361937 __19381939

1940194119421943 . .1944

1945194619471948 _1949

19501951195219531954

1955 .1956 2

1955' January _ _ __FebruaryMarch - -AprilMay - --.June

JulyAugust -- --SeptemberOctoberNovember _ __December

1956: January -__ ._ - --February -MarchAprilMayJune

July -.AugustS ep t emb erOctober _ -November3 - -

Separation rates

Total

5.04.04.43.84.1

3.63.44.44.13.1

3.43.96.57.36.8

8.36.14.84.64.3

3.54.44.14.33.5

3.33.6

2.92.53.03.13.23.2

3.44.04.43.53.13.0

3.63.63.53.43.73.4

3.23.94.43.53.3

Quit*

1.6.9.7.9.9

.91.11.3CD

OO

C

2.03.85.25.1

5.14.33.42.81.5

1.92.42.32.31.1

1.6CD

©

OC

OiC

. 55

1.62.22.81.81.41.1

1.41.31.41.51.61.6

1.52.22.61.7L3

Layoff

3.02.93.52.73.0

2.52.13.03.42.2

2.21.31.1.6. 6

2.31.21.01.32.4

1.11.21.11.31.9

1.21.5

1.51.11.31.21.11.2

1.31.31.11.21.21.4

1.71.81.61.41.61.3

1.21.21.41.31.5

Discharge,military,and mis-

cellaneous i

0.4.2.2.2.2

.2

.2

.2

.1

.1

.3

. 71.71.51.1

.9

.6

.5

.5

. 3

. 5

. 8

.6

.7

.4

. 5

.5

.5

.4

.4

.5

. 5

.5

.5

.5

.5

.5

.5

.4

.5

.5

.5

.5

.5

. 5

. 4

. 5

.5

.5

.5

Accessionrates

3.13.13.35.44.7

4.24.43.63.84.1

4.45.47.67.56.1

6.36.75.14.43.5

4.44.44.43.93.0

3.73.5

3.33.23.63.53.84.3

3.44.54.44.13.32.5

3.33.13.13.33.44.2

3.33.84. 14.02.9

* Prior to 1940, military and miscellaneous separations are included with quits.2 Based on data through November,s Preliminary.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Labor.


PRODUCTION AND BUSINESS ACTIVITYTABLE E-27.—Industrial production indexes, 1929-56

[1947-49=100]

Period

Industrial production

Total

Manufactures

Total

Durable

TotalPri-

marymet-als

Fabri-catedmetalprod-ucts

Non-elec-tricalma-chin-ery

Elec-tricalma-chin-ery

Trans-porta-tion

equip-ment

Instru-mentsand re-latedprod-ucts

Clay,glass,andlum-ber

prod-ucts

Fur-nitureand

miscel-lane-ous

man-ufac-tures

59

4940313740

4756614858

6787

106127125

1079010010497

112120124134125

139143

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 i.




JulyAugustSeptemberOctoberNovember1

December1


110133130

1109010010397

113121125136127

140144

60

4531192430

3849553549

6391126162159

1238610110495

116128136153137

155159

10310790

115126116132108

140138

10310493

115122121136123

134135

10410690

105126136143125

135151

101101

131138167194177

194207

96102102

120135154189175

203199

10010595

114128142155140

149166

Seasonally adjusted

10010595

115121118125123

140

132133135136138139

139140142143143144

143143141143141141

136142145146146147

133134136138140141

141142144145145146

145144142144143143

137144147148147148

145147148151153155

155158160161161161

160158156159157157

148158163164165166

127131136138140143

134139146148149150

148148145146141138

68124148147147149

125126129130134135

135137141142139138

136134132135130132

129134142142138138

124124126129134136

136140141143144146

146147147148149149

152155158155155154

187189190191189192

197196199203200199

197192191208206205

210211212215219217

197199200202202198

202203205208212212

205202197193186190

191194196203216219

140142143143142149

151153155156158159

160161160163164164

167171172172172173

132132135134137142

138140141141140139

140139137139141141

142144139139139139

10010495

117116118131121

132135

122124126127132136

134137137136136137

135134132134135136

136138137136132134

152


TABLE E-27.—Industrial production indexes, 1929-56—Continued

[1947-49=100]

Period

Industrial production

Manufactures

Nondurable

Total

Tex-tilesandap-

parel

Rub-berand

leatherprod-ucts

Paperand

print-ing

Chem-icaland

petro-leumprod-ucts

Foods,bever-

and to-bacco

Min-erals

Output of consumer durables

Total AutosMajorhouse-holdgoods

Othercon-

sumerdura-bles

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 i...




JulyAugustSeptemberOctoberNovember *December1

56

5148424849

5561645766

698493

103

969599

10299

111114114118116

126129

10397

110106105107100

109108

10610193

110105107113104

122118

96103101

114118118125125

137145

97103100

118132133142142

159167

101100100

103105106107106

109112

929110010694

105115114116111

122129

102101

133114105127116

147131

8593122

159127103146131

190138

Seasonally adjusted

9910596

143118115132122

144144

121121124126127128

126125128129130130

129130128129128128

127129130131129131

106104107109110110

109109111112113112

111112107108107106

106107108111107107

122120122123325127

120119121124122125

126125119120116111

111116116115116120

130131134135138139

139138140141141140

141141142144145146

147148146147147148

148151154156159161

160160163162164166

165166166167369169

166167168167166169

107106107109108109

108107107111111113

111112111113111110

110113113114113113

120123121119121122

120121123123125129

131131130130129130

122128128128130130

139140142144145144

148151152151151150

143137133132124124

129127129125132137

186189192192190173

188189195194196187

171158148142119120

122125119117148162

133133136141141151

150155151147143148

146141141144142141

153143151143136

109105

95969510295

106111

99100100103106

106107111114114114

113111109110110110

110112115112112113

1 Preliminary.NOTE.—Prior to 1947, detail not available.Source: Board of Governors of the Federal Reserve System.

153


TABLE E-28.—Business expenditures for new plant and equipment, 1939 and 1945-57


Period

1945—1946...1947...1948—1949...

1950...1951...1952...1953...1954...

1955...19563 *.

1953: First quarterSecond quarter..Third quarter-Fourth quarter..

1954: F irst quarterSecond quarter..Third quarter.__Fourth quarter..

1955: First quarterSecond quarter _.Third quarter...Fourth quarter..

1956: First quarter..._Second quarter-Third quarter-.Fourth quarter *

1957: First quarter *__.

Total i

5.51

14.8520.6122.0619.28

20.6025.6426.4928.3226.83

28.7034.92

Manufacturing

Total

1.94

3.986.798.709.137.15

7.4910.8511.6311.9111.04

11.4414.93

Dura-ble

goods

0.76

1.593.113.413.482.59

3.145.175.615.655.09

5.447.57

Non-durablegoods

1.19

2.393.685.305.654.56

4.365.686.026.265.95

6.007.36

Mining

0.33

.79

.961.23

Transportation

Rail-road

0.28

.55

.58

.891.321.35

1.111.471.401.31.85

.921.26

Other

0.36

.57

.921.301.28.89

1.211.491.501.561.51

1.601.75

Publicutili-ties

0.52

.50

.791.542.543.12

3.313.663.894.554.22

4.314.82

Com-mer-cialand

other 2

2.08

2.705.337.496.905.98

6.787.247.098.008.23

9.4710.92


27.8428.1028.8228.53

27.4626.9226.8426.18

25.6527.1929.6531.45

32.8234.4935.8737.33

37.96

11.9911.9011.9411.83

11.6211.0910.9810.58

10.1710.8411.9712.48

13.4514.6515.7816.41

16.46

5.805.695.605.53

5.405.185.064.80

4.785.065.776.00

6.577.388.208.39

8.18

6.196.216.336.30

6.225.905.935.79

5.395.786.206.48

6.887.277.588.02

8.28

0.

1.1.

i.l.

i.

l.I.l.l.

l.

94910305

94040091

80949908

13282628

22

1.341.341.301.26

1.04.91.80.68

.74

.80

.961.17

1.251.221.201.34

1.54

1.471.511.651.62

1.571.441.511.53

1.461.621.601.70

1.651.631.791.94

1.86

4.404.524.814.48

4.334.374.124.01

4.014.094.434.48

4.564.615.084.87

5.40

7.707.928.088.28

7.978.078.428.46

8.468.909.70

10.54

10.7811.1010.7611.49

11.48

1 Excludes agriculture.2 Commercial and other includes trade, service, finance, communications, and construction.3 Annual total is sum of seasonally unadjusted quarterly expenditures; it does not necessarily coincide

with average of seasonally adjusted figures, which include adjustments, when necessary, for systematictendencies in anticipatory data.

* Estimates for fourth quarter 1956 and first quarter 1957 based on anticipated capital expenditures re-ported by business in late October and November 1956.

NOTE.—These figures do not agree precisely with the plant and equipment expenditures included in thegross national product estimates of the Department of Commerce. The main difference lies in the inclusionin the gross national product of investment by farmers, professionals, and institutions, and of certain out-lays 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.

154


TABLE E-29.—New construction activity, 1929-56

[Value put in place, millions of dollars]

Period

1929..

1930 .1931-1932-4933..1934-

1935..1936-1937-1938..1939-

1940-1941..1942..1943 _1944..

1945-1946-1947-19481949-

1950..1951 .1952..1953..1954..

1955..1956 «.

1955: JanuaryFebruary...MarchAprilMayJune


1956: JanuaryFebruary...MarchAprilMayJune

July.AugustSeptember.OctoberNovember..December 4.

Totalnewcon-

struc-tion

10, 793

8,7416,4273,5382,8793,720

4,2326,497

8,68211, 95714, 0758,3015,259

5,63312, 00016, 68921, 67822, 789

28, 45431,18233, 00835, 27137, 782

42, 99144, 258

Private construction

Total i

Resi-dential

building(non-farm)

8,307

5,8833,7681,6761,2311,509

1,9992,9813,9033,5604,389

5,0546,2063,4151,9792,186

3, 2359,63813, 25616, 85316, 384

21, 45421, 76422,10723,87725,853

30, 57230,825

3,625

2,0751,565630470625

1,0101,5651,8751,9902,680

2,9853,5101,715885815

1,1004,0156,3108,5808,267

12, 60010, 97311,10011, 93013,496

16, 59515,339

Nonresidential building and other construction

TotalCom-

mercial 2

4,682

3,8082,2031,046761

1,4162,0281,5701,709

2,0692,6961,7001,0941,371

2,1355, 6236,9468,2738,117

8, 85410, 79111, 00711, 94712, 357

13, 97715,486

1,135

893454223130173

211290387285292

3484091553356

2031,132856

1,2531,027

1,2881,3711,1371,7912,212

3,0433,296

Indus-trial

949

53222174176191

158266492232254

442801346156208

6421,6891,7021,397972

1,0622,1172,3202,2292,030

2,3993,065

Publicutility

1,578

1,527946467261326

363518705605683

771872786570725

8271,3742,3383,0433,323

3,3303,7294,0034,4164,341

4,6045,065

Other 3

1,020

856582282194194

257342444448

508614413335382

4631,4282,0502,5802,795

3,1743,5743,5473,5113,774

3,9314,060


Publiccon-.

strac-tion

41,88042,34841,86843,14043, 70443, 296

43,17643, 65643, 47643,17643, 21242, 960

43, 50043,63242,84044,19644,92845,048

44,72444, 70044,41243,98044,38844,748

28,98029,47229, 79630, 50430, 93630,936

31, 28431,44031, 54831,12830,61230, 228

30,06030, 26430,33630, 98431,29631,260

31,41631,40431,15230,61230,61230, 504

16,05616,17616, 20016, 69217, 02817, 040

17, 22017,19617, 06416, 50016,10415,864

15,44415,36015,21615, 56415,67215,600

15, 58815,56415,43214,89214,86814,868

12,92413, 29613, 59613,81213, 90813,896

14,06414, 24414,48414,62814, 50814, 364

14,61614, 90415,12015,42015, 62415, 660

15, 82815,84015,72015,72015,74415,636

2,3882,6642,8322,9883,0002,940

3,0363,2643,4803,5043,2763,144

3,1803,3723, 4683,4803.3483,288

3, 2763,3243,2883,2643,1563,108

2,1722,1962,2562,2562,2922,376

2,4602,4842,5082,5562,6042,628

2,5922,6402,7242,9163,1563,288

3,3363,3483,2523,1923,1563,180

4,4524,5004,5724,5844,5844,680

4,6204,6204,6084,6924,6684,668

4,9925,0165.0285,0285,0765,076

5,1005,1245,1005,0765,0885,076

3,9123,9363,9363,9844,0323,900

3,9483,8763,8883,8763,9603,924

3,8523,8763,9003,9964,0444,008

4,1164,0444,0804.1884,3444,272

2,486

2,8582,6591,8621,6482,211

2,2333,5163,0963,4203,809

3,6285,75110, 6606,3223,073

2,3982,3623,4334,8256,405

7,0009,418

10, 90111,39411, 929

12,41913,433

12,90012,87612, 07212,63612,76812,360

11,89212, 21611,92812, 04812,60012, 732

13,44013,36812, 50413, 21213,63213, 788

13,30813, 29613, 26013,36813,77614,244

1 Excludes construction expenditures for crude petroleum and natural gas drilling, and therefore does notagree with the new construction expenditures included in the gross national product, Table E-l.

2 Office buildings, warehouses, stores, restaurants, and garages.3 Includes farm, institutional, and all other.* Preliminary.

Sources: Department of Commerce and Department of Labor.

155


TABLE E-30.—New public construction activity, 1929-56

[Value put in place, millions of dollars]

Year

1929 -

19301931193219331934

193519361937.19381939

19401941194219431944

19451956194719481949

19501951195219531954

195519563

Total new public construction *

Allpublicsources

2,486

2,8582,6591,8621,6482,211

2,2333,5163,0963,4203,809

3,6285,751

10, 6606,3223,073

2,3982,3623,4334, 8256,405

7,0009,418

10, 90111, 39411, 929

12, 41913, 433

Federal

Direct

155

209271333516626

814797776717759

1,1823,7519,3135,6092,505

1,737870840

1,1771,488

1,6252,9824,1864,1513,445

2,7782,760

Federalaid

80

104235111286721

5671,5661,1171,3201,377

946697475268126

99244409417461

465479619700709

759882

Stateandlocal

2,251

2,5452,1531,418

846864

8521,1531,2031,3831,673

1,5001,303

872445442

5621,2482,1843,2314,456

4,9105,9576,0966,5437,775

8,8829,791

Major types of new public construction

High-way

1

1]

]

,266

,516,355958847

1,000

8451,3621,2261,4211,381

1,302L,066

734446362

398895

1,4511,7742,131

2,2722,5182,8203,1603,870

1,5205,100

Educa-tional

389

36428513052

148

153366253311468

1561581286341

59101287618934

1,1331, 5131,6191,7142,134

2,4422,548

Hos-pitaland

institu-tional

101

118110834951

38747397

127

5442354458

858585

223477

496528473365365

331309

Sewerand

waterand

miscel-laneouspublicservice

404

500479291160228

246509445492507

469393254156125

152293515720822

844988983

1,0831,200

1,3641,727

Con-serva-tionandde-

velop-ment

115

137156150359518

700658605551570

528500357285163

130240394629793

881853854830704

593675

Mili-tary

facili-ties

19

2940343647

37293762

125

3851,6205,0162,550

837

690188204158137

177887

1,3881, 3071,030

1,2971,398

Allotherpublic 2

192

194234216145219

214518457486631

7341,9724,1362,7781,487

884560497703

1,111

1,1972,1312,7642,9352,626

1,8721,676

1 For expenditures classified by ownership, combine "Federal a id" and "Sta te and local" columns toobtain State and local ownership. "Direc t" 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.

3 Preliminary.

Sources: Department of Commerce and Department of Labor.

156


TABLE E—31.—Housing starts and applications for financing, 1929—56

[Thousands of units]

Period

19293..

New nonfarm housing starts

Total

509.0

Pub-licly

fi-nanced

Privately financed

Total

509.0

Government programs

Total FHA VA

Private,season-ally ad-justedannualrates

Proposed homeconstruction

FHAapplica-tions 2

VA ap-praisal

requests

1930193119321933____ _1934. . . .

1935..1936..1937..1938..1939..

330.0 330.0254.0134.093.0

126.0

215.7304.2332.4399.3458.4

529.6619.5301.2183.7138.7

208.1662.5845.6913.5

1,352. 21,020.11,068. 51,068.31,201.7

1,309.51, 096. 8

87.387.9112.8130.5135.1131.4

121.9122.3113.6104.888.473.5

73.777.093.9109.9110.8104.6

99.0103.290.7

7 90.87 79. 663.6

254.0134.093.0126.0

1940..1941..1942..1943..1944..

1945..1946-1947-1948..1949-

1950-1951-1952-1953-1954..

1955—1956 7.

1955: January...February.MarchAprilMayJune

JulyAugustSeptember.OctoberNovember..December..

1956: January...February.MarchApril.MayJune

July.__AugustSeptember..OctoberNovember. _December L.

221.0319.0336.0406.0515.0

602.6706.1356.0191.0141.8

209.3670.5849.0931.6

1,025.1

1,396.0,091.3., 127. 0, 103. 8, 220. 4

, 328. 9, 120. 2

87.689.9

113.8132.0137.6134.8

122.6124.7114.9105.889.276.2

75.078.398.6

111.3113.7107.4

101.1103.993.9

7 93.07 80.0

64.0

5.314.83.66.7

56.6

73.086.654.87.33.1

1.28.03.4

18.136.3

43.871.258.535.518.7

19.423.4

2.01.01.52.53.4

.72.41.31.0.8

2.7

1.31.34.71.42.92.8

2.1.7

3.27 2. 2

7 . 4.4

14.049.460.0

118.7158.1

180.1220.4165.7146.293.3

()00

686.7412.2421.2408.6583.3

462.6

46.145.353.660.365.971.6

63.367.659.153.445.637.9

36.030.537.646.346.344.9

42.843.239.239.530.026.3

14.049.460.0

118.7158.1

180.1220.4165.7146.293.3

41.269.0

229.0294.1363.8

486.7263.5279.9252.0276.3

276.7191.9

20.017.223.825.828.032.1

26.026.924.718.617.516.2

13.013.117.019.919.718.5

17.618.715.215.612.2

811.3

4 20.647.849.8

131.1179.8

231.2288.5238.5144.462.9

6 200.0148.7141.3156.6307.0

392.9270.7

26.128.029.934.537.839.5

37.440.834.434.828.121.6

23.017.420.626.426.626.4

25.224.424.024.017.815.0

1,4161,2861,3141,3741,3981,371

1,3181,3461,2621,2091,1791,192

1,1951,1271,0941,1571,1461,091

1,0701,1361,008

7 1,0507 1,060

1,030

56.6121.7286.4293.2327.0

397.7192.8267.9253.7338.6

306.2197.7

25.628.335.633.130.130.8

24.326.423.119.216.313.4

15.618.524.922.322.116.8

16.916.213.413.310.07.7

()164.4226.3251.4535.4

620.8401.5

46.264.271.965.969.352.4

51.456.045.143.130.424.9

29.337.137.545.844.435.6

34.636.530.029.721.919.0

1 Data since June 1950 are based on VA first compliance inspection; prior data are estimates of units startedwhich resulted in VA-guaranteed first mortgage loans.

2 Units in mortgage applications for new-home construction.s The number of starts 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 1935.5 Not available.8 Partly estimated.7 Preliminary.s Includes 1,686 units started sometime in 1956 and not reported until December.

Sources: Department of Labor, Federal Housing Administration (FHA), and Veterans Administra-tion (VA).

157


TABLE E—32.—Sales and inventories in manufacturing and trade, 7939-56

[Amounts in billions of dollars]

Period

Total manufactur-ing and trade *

Sales 2 Inven-tories3 Ratio *

Manufacturing

Sales 2Inven-tories3 Ratio

Wholesale trade

Sales 2Inven-tories3 Ratio *

Retail trade i

Inven-tories 3 Ra-

tio4

1939

19401941194219431944

1945.1946.1947.1948.1949.

1950.

1951.1952.1953.1954.

1955.1956

1955: JanuaryFebruary. _.MarchAprilMayJune

JulyAugustSeptember..OctoberNovember.December...

1956: JanuaryFebruary. _MarchAprilMayJune

JulyAugustSeptember-OctoberNovember6

Decemberfl.

Old series

10.8

12.115.818.621.923.8

23.927.233.236.434.7

39.9

20.1

22.228.831.131.331.1

30.942.950.555.652.1

64.1

]]

]]

]

L. 77

L. 72L.58L. 66L.40L.33

L30L.33L.43L.47L.56

L.40

5.1

5.98.2

10.412.813.8

12.912.615.917.616.4

19.3

11.5

12.817.019.320.119.5

18.424.528.931.728.9

34.3

2.11

2.061.781.771.511.45

1.481.661.711.721.86

1.57

2.2

2.43.03.43.84.2

4.56.07.37.97.4

8.7

3.1

3.24.03.83.73.9

4.66.67.68.17.9

10.5

1.34

1.301.201.19.97.94

.91

.901.01

.991.08

1.03

3.5

3.94.64.85.35.9

6.58.5

10.010.910.9

12.0

5.5

6.17.88.07.67.6

7.911.914.115.815.3

19.3

New series

Seasonally adjusted

1.53

1.491.481.761.431.31

1.211.131.271.401.43

1.40

44.945.948.446.7

51.754.0

75.276.780.376.9

82.287.9

1.611.641.641.68

1.531.58

22.322.824.923.4

26.427.6

42.843.845.943.3

45.951.3

1.771.901.821.89

1.671.77

9.49.49.39.1

9.810.4

11.111.311.711.5

12.313.2

]

.20

.18

.25L.29

L.21L22

13.213.714.214.2

15.515.9

21.221.622.722.1

23.923.5

1.631.531.571.58

1.491.49

48.748.950.750.951.752.2

51.952.853.152.553.253.2

52.952.953.153.254.454.3

52.754.553.955.055.8

76.977.377.577.778.378.8

79.279.680.080.981.682.2

82.883.683.884.585.185.6

85.886.186.587.287.9

1.581.58

]

L.53L.53L.51L.51

L.52L.51L.50L.53L.53L.54

1.561.571.581.581.561.57

1.631.581.601.581.57

24.324.626.026.026.727.1

26.727.227.226.627.327.3

27.027.227.127.227.827.7

26.227.627.628.328.8

43.243.343.343.343.543.8

43.944.344.745.445.745.9

46.346.947.448.048.649.1

49.249.550.150.851.3

]

]

L.78L.75L.67L.661.63L.61

L.64L.62L.63L.69L.66L.68

L.71L.71L.74L.75L.74L.76

1.881.791.801.781.77

9.59.59.79.69.79.7

9.69.9

10.010.110.110.1

10.310.410.310.410.710.6

10.510.610.310.610.6

11.511.711.611.711.811.8

11.912.012.012.212.312.3

12.412.512.612.612.712.7

12.812.813.013.113.2

1.211.221.201.211.211.21

1.231.211.201.201.221.22

1.211.201.221.211.181.19

1.211.211.251.221.24

14.914.815.115.315.415.3

15.515.715.815.815.815.8

15.715.315.715.515.916.0

16.016.316.016.016.416.4

22.222.422.622.823.023.2

23.423.323.223.323.623.9

24.124.223.823.923.923.8

23.823.723.423.323.5

1.491.511.491.491.491.51

1.501.491.471.471.481.50

1.531.571.531.531.501.49

1.491.461.471.461.43

* Beginning in 1951, the estimates of retail sales and inventories are based on a new method of estima-tion adopted by the Bureau of the Census. For a description of the retail sales and inventories series, seeSurvey of Current Business, September and November 1952 and January 1954.2 Monthly average shown for year and total for month.

3 Seasonally adjusted, end of period.4 Inventory/sales ratio. For annual periods weighted average inventories to average monthly sales;for monthly data, ratio of average end of current and previous month's inventories to sales for month.

» Where December data not available, data for year calculated on basis of no change from November.6 Preliminary.NOTE.—The inventory figures in this table do not agree with the estimates of change hi business inven-

tories included in the gross national product since these figures cover only manufacturing and trade ratherthan all business, and show inventories in terms of current book value without adjustment for revaluation.


158


TABLE E-33.—Manufacturers'' sales, inventories, and orders, 1939-56


Period Dura-ble-

goodsindus-tries

Sales i

Non-durable-

goodsindus-tries

Pur-chasedmate-rials

Inventories 2

Durable-goodsindustries

Goods-in-

process

Fin-ishedgoods

Pur-chasedmate-rials

Nondurable-goodsindustries

Goods-in-

process goods

Fin-ished

Total

New orders *

Dura-ble-

goodsindus-tries

Non-durable-

goodsindus-tries

Un-filled

orders(un-

adjust-ed) 3

1939—.

1940—1941—1942—1943....1944—

1945—1946—1947—1948—1949—

1950—1951—1952—1953—1954...

1955—1956 *«.

1955:JanuaryFebruary __.MarchAprilMayJune

JulyAugustSeptember .OctoberNovember .December -

1956:JanuaryFebruary..MarchAprilMayJune

JulyAugustSeptember-OctoberNovember 8.

2.0

2.53.85.26.97.3

6.35.06.77.67.1

10.410.912.511.1

13.213.8

3.2

3.44.45.36.06.4

6.67.69.2

10.09.3

10.511.911.912.412.3

13.313.9

1.8

2.13.13.73.93.3

3.24.55.15.64.6

6.17.47.37.46.3

7.08.1

1.5

2.03.24.65.25.0

3.54.65.25.44.7

6.08.6

10.210.6

10.912.5

2.1

2.22.32.22.12.1

2.12.94.04.74.7

4.76.86.98.37.9

8.49.3

2.4

2.64.04.34.54,7

4.96.57.27.36.5

8.49.18.68.27.8

8.28.5

0.8

1.21.21.41.4

1.51.82.22.22.1

2.52.72.72.82.8

2.93.1

2.9

3.03.23.33.03.0

3.24.25.26.56.3

6.68.28.1

8.59.8

5.4

6.89.8

13.312.711.9

10.513.715.617.415.9

21.024.523.623.422.4

27.228.2

2.2

3.45.38.06.85.5

3.95.96.47.56.6

10.312.711.711.110.1

13.914.4

Seasonally adjusted

11.812.012.912.813.313.5

13.513.713.713.313.713.7

13.613.613.313.513.813.8

12.613.713.714.214.4

12.412.613.113.213.313.6

13.213.513.513.413.613.6

13.413.613.813.714.113.8

13.514.013.914.114.4

6.46.36.36.56.56.6

6.66.76.97.06.97.0

7.17.37.57.77.88.0

7.97.87.98.08.1

9.79.89.99.9

10.010.0

10.110.110.210.510.810.9

10.911.111.211.411.611.5

11.611.611.912.212.5

7.97.97.97.87.97.9

7.88.08.08.28.38.4

8.58.68.78.78.78.6

8.68.78.99.29.3

7.87.77.77.77.87.8

7.87.97.98.08.18.2

8.28.28.28.28.38.4

8.58.68.58.58.5

2.82.82.82.82.92.9

2.93.03.03.03.12.9

2.93.02.93.03.03.1

3.13.13.13.13.1

8.68.78.78.68.58.6

8.68.68.68.78.48.5

8.68.78.99.09.19.3

9.59.69.89.89.8

24.624.826.526.127.727.8

27.028.728.327.528.329.3

28.127.626.927.828.827.9

27.029.128.128.929.6

12.112.213.412.914.314.0

13.615.114.914.114.715.6

14.714.113.314.114.714.2

13.515.214.314.615.3

3.2

3.44.55.35.96.4

6.67.89.39.99.3

10.711.811.912.312.3

13.313.8

12.512.713.113.213.413.8

13.513.613.413.413.613.7

13.413.513.613.714.113.7

13.513.913.814.314.3

7.0

18.437.972.971.549.0

20.933.830.326.920.8

41.167.676.359.046.5

55.561.9

47.247.548.248.048.449.3

50.851.853.053.353.855.5

56. 657.157.257.457.558.6

60.461.862.261.761.9

1 Monthly average shown for year and total for month.2 Book value, seasonally adjusted, end of period.3 End of period.* Based on data through November.s Preliminary.

NOTE.—See Table E-32 for total sales and inventories of manufacturers.


159


PRICES

TABLE E-34.—Wholesale price indexes, 1929-56

[1947-49=100] i

PeriodAll

com-modi-ties

Farmprod-ucts

Proc-essedfoods

All commodities other than farm productsand foods

Total

Textileprod-uctsand

apparel

Chemi-calsand

alliedprod-ucts

Rubberand

prod-ucts

Lumberand

woodprod-ucts

1929 _

19301931 __19321933 ...1934

19351936193719381939

194019411942 _1943 ._-.1944

19451946194719481949

19501951195219531954

1955.1956*

1955: January. . .February. _MarchAprilMay __June

JulyAugustSeptember.October....November.December.

1956: January. _.February..MarchAprilMayJune-

July. -AugustSeptember.OctoberNovember-December *.

61.9

56.147.442.142.848.7

52.052.556.151.150.1

51.156.864.267.067.6

78.796.4

104.499.2

103.1114.8111.6110.1110.3

110.7114.3

110.1110.4110.0110.5109.9110.3

110.5110.9111.7111.6111.2111.3

111.9112.4112.8113.6114.4114.2

114.0114.7115.5115.6115.9116.2

58.6

49.336.226.928.736.5

44.045.248.338.336.5

37.846.059.268.5

71.683.2

100.0107.392.8

97.5113.4107.097.095.6

89.688.4

92.593.192.194.291.291.8

89.588.189.386.884.1

84.1

88.090.991.2

90.089.190.188.487.988.6

58.5

53.344.836.536. 342.6

52.150.152.445.643.3

50.559.161.660.4

60.877.693.2

106.195.7

99.8111.4108.8104.6105.3

101.7101.7

103.8103.2101.6102.5102.1103.9

103.1101.9101.5100.298.898.2

98.399.099.2

100.4102.4102.3

102.2102.6104.0103.6103.6103.1

65.5

53.650.250.956.0

55.756.961.058.458.1

59.463.76S.369.370.4

71.378.395.3

103.4101.3

105.0115.9113.2114.0114.5

117.0122.2

115.2115.7115.6115. 7115.5115.6

116.5117.5118.5119.0119.4119.8

120.4120.6121.0121.6121.7121.5

121.4122.5123.1123.6124.2124.6

88

((3)(3)

100.1104.495.5

99.2110.699.897.395.2

95.395.3

95.295.295.395.095.095.2

95.395.395.495.495.695.6

95.796.095.995.194.994.9

94.994.894.895.395.495.6

()51.253.7

56.056.459.055.955.8

56.661.669.369.570.2

70.676.3

101.4103.894.8

96.3110.0104.5105.7107.0

106.6107.2

107.1107.1106.8107.1106.8106.8

106.0105.9106.0106.5106.6106.6

106.3106.4106.5106.9106.9107.1

107.3107.3107.1107.7108.2108.3

83.5

73.062.053.856.865.8

66.471.784.482.786.3

80.286.5

100.6103.3102.0

99.499.0

102.198.9

120.5143.0134.0125.0126.9

143.8145.8

140.613S.0133.3133.0140.3

143.4148.7151.7147.8150.6151.0

148.4147.1146.2145.0143.5142.8

143.3146.9145. 7145.8146.9147.9

31.9

29.423.820.324.228.5

27.428.733.730.831.6

35.241.845.448.051.9

52.560.393.7

107.299.2

113.9123.9120.3120.2118.0

123.6125.4

120.3121.2121.4122.4123.5123.7

124.1125.1125.7125.4125.0125.1

126.3126.7128.0128.5128.0127.3

126.6125.2123. 6122.0121.5120.9


160


TABLE E-34.—Wholesale price indexes, 1929-56—Continued

[1947-49=100] i

Period

All commodities other than farm products and foods (continued)

Hides,skins,and

leatherprod-ucts

Fuel,power,

andlight-ing

mate-rials

Pulp,paper,and

alliedprod-ucts

Metalsand

metalprod-ucts

Machin-ery andmotiveprod-ucts

Furni-tureand

otherhouse-holddura-bles

Non-metal-

licminer-

als(struc-tural)

Tobaccomanu-

facturesand

bottledbever-

Miscel-laneous

1929—.

1930.1931- .19321933.1934—

1935.193619371938-1939

194019411942._.. ._.19431944-

19451946--.19471948— _1949-

19501951195219531954

19551956*

1955: JanuaryFebruary._MarchAprilMayJune

JulyAugustSeptemberOctoberNovember _December

1956: JanuaryFebruary-MarchAprilMay _June


59.3

54.446.839.744.047.1

48.751.956.950.552.0

54.858.964.063.963.4

64.274.6

101.0102.196.9

104.6120.397.298.594.2

93.899.3

91.992.392.293.292.992.9

94.095.396.496.7

96.797.197.7

100.6100.0100.2

100.1100.0100.299.799.899.4

70.2

66.557.259.556.162.0

62.264.565.764.761.8

60.764.566.468.470.3

71.176.290.9

107.1101.9

103.0106.7106.6109.5108.1

107.9111.1

108.5108.7108.5107.4107.0106.8

106.4107.2108.0108.0108.6109.3

111.0111.2110.9110.6110.8110.5

110.7110.9111.1111.7111.2113.1

88(3)102.998.5

100.9119.6116.5116.1116.3

119.3127.2

116.3116.6116.8117.4117.7118.3

119.0119.7120.5122.8123.2123.6

124.8125.4126.8127.4127.3127.4

127.7127.9127.9128.1127.8127.9

67.0

60.354.149.950.956.2

56.257.365.663.162.6

62.864.064.964.864.8

65.973.991.3

103.9104.8

110.3122.8123.0126.9128.0

136.6148.4

130.1131.5131.9132.9132. 5132.6

136.7139.5141.9142.4142.9143.9

145.1145.1146.5147.7146.8145.8

144.9150.2151. 9152.2152.1152.4

(65.3

66.268.671.271.071.0

71.680.392.5

100.9106.6

108.6119.0121.5123.0124.6

128.4137.8

125.8126.1126.1126.3126.7127.1

127.5128.5130.0131.4132.5133.0

133.3133.9134.7135.7136.5136.8

136.9137.7139.7141.1143.4143.5

69.3

68.262.855.455.560.2

60.667.265.665.4

66.871.276.876.478.4

78.683.095.6'

101.4103.1

105.3114.1112.0114.2115.4

115.9119.1

115.5115.4115.1115.1115.1115.2

115.5116.0116.4116.9117.2117.3

118.0118.2118.1118.0118.0118.1

118.3119.1119.7121.0121.1121.4

72.6

72.467.663.466.971.6

71.671.773.471.169.5

69.771.374.174.575.9

79.184.293.9

101.7104.4

106.9113.6113.6118.2120.9

124.2129.6

122.0121.8121.9122.3123.2123.7

125.3126.1126.4126.8125.2125.4

127.0127.1127.9128.6128.6128.9

130.6130.8131.1131.5131.2131.3

86.6

87.184.681.472.876.0

75.975.876.576.476.4

77.378.179.183.083.4

85.889.797.2

100.5102.3

103.5109.4111.8115.7120.6

121.6122.3

121.4121.6121.6121.6121.6121.6

121.6121.7121.7121.7121.7121.7

121.7121.7121.7121.7121.6121.6

121.7122.5122.8123.1123.5123.6

(3)

88

()100.8103.196.196.6

104.9108.397.8

102.5

92.091.0

97.097.195.694.091.389.1

90.889.890 391. 588.088.8

88.788.292.196.192.9

91.391.189.989.291.291.6

1 This does not replace the former index (1926=100) as the official index prior to January 1952. Thesedata from January 1947 through December 1951 represent the revised sample and the 1947-49 weightingpattern. Prior to January 1947 they are based on the month-to-month movement of the former index.The only official index up to and including December 1951 is the former monthly index (1926=100).

2 The data from January 1947 through January 1953 differ from the official series due to a change in themethod of eliminating excise taxes and discounts.

s Not available.< Preliminary.



TABLE E-35.—Wholesale price indexes by economic sector, 1947-56

[1947-49=100]

Period

194719481949

19501951195219531954

19551956 2

1955:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember..OctoberNovember. .December. .

1956:JanuaryFebruary. . .MarchAprilMayJune

JulyAugustSeptember...OctoberNovember. __December 2__

Allcom-modi-

ties

96.4104.499.2

103.1114.8111.6110.1110.3

110.7114.3

110.1110.4110.0110.5109.9110.3

110.5110.9111.7111.6111.2111.3

111.9112.4112.8113.6114.4114.2

114.0114.7115.5115.6115.9116.2

i

Total

98.6108.093.4

101.8116.9107.499.298.3

94.595.0

96.796.696.197.394.796.2

95.193.894.993.289.989.9

91.593.393.495.496.695.7

95.096.496.795.094.996.2

3rude materials

Food-stuffsandfeed-stuffs

100.7108.890.5

97.0112.3105.794.694.7

85.783.9

90.889.789.291.287.789.7

86.583.484.982.777.275.8

77.880.780.883.486.486.2

85.486.887.284.483.484.8

Non-fr\r\r\IOOQ

ma-•

exceptfuel

96.0106.897.2

111.0128.1110.9106.2104.2

110.1114.1

106.9108.2107.6108.0106.8107.7

110.6112.4112.9111.8112.5114.9

115.8115.2115.5116.6114.3111.9

111.5113.1113.1112.6114.3115.5

Fuel

89.4105.6105.0

104.6106. 5107.2111.0106.0

105.8113.0

106.4107.7107.7104.6102.9102.9

102.8102.5106.6107.4108.2110.1

112.4112.7113.1112.6111.9110.6

110.4110.9111.5116.0116.5117.2

Intermediate material

Total

96.2104.099.9

104.3116.9113.5114.1114.8

117.0122.1

115.1115.6115.4115.7115.7115.7

116.8117.6118.6119.1119.1119.4

120.0120.3121.0121.7122.2121.7

121.3122.6123.0123.6123.8124.2

s, supplies, and components *

Materials and components for

Total

96.4104.099.6

104.5118.4113.4115.2115.4

118.2123.7

115.8116.4116.3116.9117.0117.1

118.2119.0120.1120.5120.7120.9

121.3121.9122.6123.1123.4123.1

122.6124.2124.8125.6125.7125.9

manufacturmg

Ma-terials

forfood

manu-factur-

ing

102.8106.091.2

94.9105.7101.5101.8100.9

97.798.0

99.199.798.498.999.0

100.0

99.297.195.595.694.994.8

95.396.798.198.1

100.598.7

97.396.797.098.399.8

100.1

Ma-terials

fornon-du-

rablemanu-factur-

ing

99.2105.095.8

100.5116.5104.8104.0102.3

102.7104.3

102.2102.2102.2102.5102.4102.4

102.8102.8103.1103.3103.6103.7

104.1104.3104.3104.3104.2104.0

104.1104.0104.0104.7104.8105.0

Ma-terials

fordu-

rablemanu-factur-

ing

91.2103.0105.8

111.9124.3124.6130.1133.1

139.7148.5

134.5135.7135.9137.0137.0137.2

140.1141.9143.7144.2144.2144.7

145.0145.7146.8147.4147.3147.1

146.1150.6151.7151.9151.1151.1

Com-po-

nentsfor

manu-factur-

ing

94.4101.9103.8

107.6122.2122.5124.7125.3

130.9142.9

126.4127.3127.4128.0128.3128.2

129.1131.3135.0135.9137.1137.5

137.9138.4139.3141.1142.3142.3

142.0143.3145.2146.7147.9147.9

Ma-terials

andcom-po-

nentsforcon-

struc-tion

93.3103.2103.5

108.9119.1118.3120.2120.9

125.6132.0

121.9122 A122.7123.4124.0124.2

125.9127.7128.7128.9128.7129.0

129.9130.3131.3132.3131.8131.5

131.4132.8133.2133.4133.1133.0


l 6 2


TABLE E-35.—Wholesale price indexes by economic sector, 1947-56—Continued

[1947-49=100]

Period

Finished goods

Total

Consumer finished goods

Total FoodsOther non-

durablegoods

Durablegoods

Producerfinished

goods

194719481949

19501951.1952—. ~ ~19531954... -

195519562

1955: January.. . .February- _MarchAprilMayJune

JulyAugustSeptember.OctoberNovember -December. .

1956: JanuaryFebruary..MarchAprilMayJune

JulyAugustSeptember _OctoberNovember-December 2

95.9103.5100.6

102.4112.1111.5110.4110.7

110.9114.0

110.6110.8110.2110.6110.2110.6

110.5110.9111.5111.3111.6111.5

111.8112.0112.3112.7113.6114.0

114.0114.1115.3115.6116.2116.0

96.8104.199.2

100.9110.3109.0107.1107.1

106.4108.0

106.7106.9106.2106.6106.1106.5

106.2106.4106.8106.2106.4106.1

106.4106.5106.8107.0108.0108.2

108.3108.1109.1109.1109.4109.2

97.0105.897.2

99 2111! 3110.4104.6103.8

101.1101.0

102.1102.5100.7102.3101.2102.1

101.5101.6102.199.999.4

98.098.098.499.1

101.5102.2

102.1101.4103.7103.0102.7101.8

97.4103.599.2

100.8108.5105.9106.9107.2

107.8109.9

107.8108.0108.0107.5107.3107.4

107.3107.5107.8107.9108.4108.7

109.5109.7109.6109.6109.6109.7

109.7109.8110.0110.3110.3110.7

94.8101.3104.0

105.0112.1113.0113.8114.7

115.9119.8

115.5115.3115.2115.2115.1115.1

115.3115.5115.7116.9117.9118.1

118.3118.5119.0119.1119.1119.1

119.2119.5119.8120.7122.3122.5

92.8101.1106.1

108.7119.3121.3123.1124.7

128.5138.1

125.8126.1126.1126.4126.7127.1

127.4128.7130.3131.7132.4132.9

133.3134.1134.7135.8136.6137.1

137.2138.4140.6141.9143.8143.9

1 Includes, in addition to subgroups shown, processed fuels and lubricants, containers, and supplies.2 Preliminary.NOTE.—For a listing of the commodities included in each sector and their relative importance, see Monthly

Labor Review, December 1955.


163


T A B L E E-36.—Consumer price indexes, 1929-56

For city wage-earner aud clerical-worker families

[1947-49=100]

Period AUitems

73.3

71.465.058.455.357.2

58.759.361.460.359.4

59.962.969.774.075.2

76.983.495.5

102.8101.8

102.8111.0113.5114.4114.8

114.5116.1

114.3114.3114.3114.2114.2114.4

114.7114.5114.9114.9115.0114.7

114.6114.6114.7114.9115.4116.2

117.0lib. 8117.1117.7117.8

Food

65.6

62.451.442.841.646.4

49.750.152.148.447.1

47.852.261.368.367.4

68.979.095.9

104.1100.0

101.2112 6114.6112.8112.6

110.9111.6

110.6110.8110.8111.2111.1111.3

112.1111.2111.6110.8109.8109.5

109.2108.8109.0109.6111.0113.2

114.8113.1113.1113.1112.9

Housing

Total

0)

0)0)0)0)0)71.872.875.476.676.1

76.478.381.882.884.7

86.188.395.0

101.7103.3

106.1112.4114.6117.7119.1

120.0121.6

119.6119.6119.6119.5119.4119.7

119.9120.0120.4120.8120.9120.8

120.6120.7120.7120.8120.9121.4

121.8122.2122.5122.8123.0

Rent

117.4

114.2108.297.183.678.4

78.280.183.886.586.6

86.988.490.490.390.6

90.991.494.4

100.7105.0

108.8113.1117.9124.1128.5

130.3132.5

129.5129.7130.0129.9130.3130.4

130.4130.5130.5130.8130.9131.1

131.4131.5131.6131.7132.2132.5

133.2133.2133.4133.4133.8

Ap-parel

60.3

58.953.647.545.950.2

50.651.053.753.452.5

53.255.664.967.872.6

76.383.797.1

103.599.4

98.1106.9105.8104.8104.3

103.7105.4

103.3103.4103.2103.1103.3103.2

103.2103.4104.6104.6104.7104.7

104.1104.6104.8104.8104.8104.8

105.3105.5106.5106.8107.0

Trans-porta-tion

0)

0)0)0)0)(069.670.271.371.970.2

69.872.278.578.278.2

78.182.190.6

100.9108.5

111.3118.4126.2129.7128.0

126.4128.3

127.6127.4127.3125.3125.5125.8

125.4125.4125.3126.6128.5127.3

126.8126.9126.7126.4127.1126.8

127.7128.5128.6132.6133.2

Medi-calcare

0)

0)0)

0)(071.471.672.372.572.6

72.773.175.178.781.2

83.187.794.9

100.9104.1

106.0111.1117.2121.3125.2

128.0132.5

126.5126.8127.0127.3127.5127.6

127.9128 0128.2128.7129.8130.2

130.7130.9131.4131.6131.9132.0

132.7133.3134.0134.1134.5

Per-sonalcare

0)

0)0)0)0)0)54.655.358.559.859.6

59.561.066.973.879.0

81.587.497.6

101.3101.1

101.1110.5111.8112.8113.4

115.3119.9

113.7113.5113.5113.7113.9114.7

115:5115.8116.6117.0117.5117.9

118.5118.9119.2119.5119.6119.9

120.1120.3120.5120.8121.4

Reaing arecrc

tio

d-nd3a-n

0)

0)(i(i

(l

58.159.160.862.963.0

64.166.469.575.383.4

86.889.795.5

100.4104.1

103.4106.5107.0108.0107.0

106.6108.0

106.9106.4106.6106.6106.5106.2

106.3106.3106.7106.7106.8106.8

107.3107.5107.7108.2108.2107.6

107.7107.9108.4108.5109.0

Othergoodsand

services

1929

19301931193219331934. _

193519361937 __19381939___

1940194119421943 _„1944

19451946194719481949

1950_19511952____ ____19531954

1955__ ___1956 2

1955: January. _.February, .MarchAprilMayJune

JulyAugustSeptember.OctoberNovember.December.

1956: January. __February. .MarchAprilMay _June __

JulyAugust—September.OctoberNovember.

67.267.068.869.470.6

72.874.276.380.282.4

85.788.696.1

100.5103.4

105.2109.7115.4118.2120.1

120.2121.9

119.9119.8119.8119.8119.9119.9

120.3120.4120.6120.6120.6120.6

120.8120.9121.2121.4121.5121.8

122.2122.1122.7123.0123.2

1 Not available.2 January-November average.Source: Department of Labor.

164


MONEY SUPPLY, CREDIT, AND FEDERAL FINANCETABLE E-37.—Deposits and currency, 1929-56


End of period *Total

depositsand

currency

54.7

53.648.445.442.648.1

52.757.656.859.964.7

71.179.1

100. 5123.4151.4

176.4167.5172.3172.7173.9180.6189.9200.4205.7214.8221.0225.8213. 4212.1210.6212.9212.5213.5214.6214.2214.8216.7217.2221.0217.2216.1217.8217.4217.4219.7217.5219.1220.1220.9222.8225.8

Total excluding U.

Total

54.6

53.247.944.941.546.3

51.356.455.858.163.3

70.076.391.3

112.4130.2

150.8164.0170.0169.1169.8176.9186.0194.8200.9209.7216.6221.6209.2206.9205.3207.4206.7207.7208.1208.6209.7211.3212.2216.6214.4211.6210.8212.4211.2213.6213.3212.8214.1216.6217.1221.6

S. Government deposits 2

Demand deposits and currency

Total

26.4

24.621.920.419.823.1

27.031.029.631.836.2

42.348.662.979.690.4

102.3110.0113.6111.6111.2117.7124.5129.0130.5134.4138.2139.6133.8131.3129.1131.1130.2130.6131.0131.2132.1133.5134.8138.2136.0132.8131.5133.1131.6133.0132.7131.9132.8135.1136.2139.6

Demanddepositsadjusted 3

22.8

21.017.415.715.018.5

22.125.524.026.029.8

34.939.048.960.866.9

75.983.387.185.585.892.398.2

101.5102.5106.6109.9111.1107.0104.5102.4104.5103.3103.2103.9103.9104.9106.1106.9109. 9108.9105.6104.4106.1104.2104.7105.2104.5105.4107.4108.2111.1

Cur-rency

outsidebanks

3.6

3.64.54.74.84.7

4.95.55.65.86.4

7.39.6

13.918.823.5

26.526.726.52b. 125.425.426.327.528.127.928.328.526.826.826.726.726.827.427.127.327.227.327.928.327.127.227.227.027.428.327.427.527.427.728.028.5

Timede-

posits *

28.2

28.726.024.521.723.2

24.225.426.226.327.1

27.727.728.432.739.8

48.554.056.457.558.659.261.565.870.475.378.482.075.475.776.276.276.577.177.177.477.777.977.478.478.478.879.379.379.680.680.780.981.381.580.982.0

U . S .Gov-ern-

mentde-

posits a

1929

1930.1931 -193219331934.-_

1935193619371938._1939

1940194119421943 ._1944

1945194619471948194919501951..19521953195419551956 61955: January

February.._MarchAprilMayJuneJuly. .AugustSeptember..OctoberNovember..December. _

1956: JanuaryFebruaryMarchAprilMayJ u n e . .Ju ly 6

August6

September6

October 6.._November«.December6.

0.2

.5

.51.01.8

1.51.21.01.81.5

1.12.89.2

11.021.2

25.63.52.33.64.13.73.95.64.85.14.44.24.25.15.35.65.95.86.55.65.15.35.04.42.84.57.05.06.26.14.26.36.04.35.74.2

1 June, December, and end-of-year figures are for call dates. Other data are for the last Wednesday ofthe month.

2 Includes holdings of State and local governments.s 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 'ex-

cludes interbank deposits.* 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.6 Preliminary; December estimates by Council of Economic Advisers.


Source: Board of Governors of the Federal Reserve System (except as noted).

165


TABLE E-38.—Loans and investments of all commercial banks, 1929-56


End of period *Totalloansand

invest-ments

49.448.944.936.130.432.736.139.638.438.740.743.950.767.485.1

105.5124.0114.0116.3114.3120.2126.7132.6141.6145.7155.9160.9165.3156.3154.8153.5155.5155.6155.3157.0156.7157.3158.9159.4160.9159.4158.4159.9160.1159.7160.0159.6161.0162.0162.5163.9165.3

Loans

Total 2

35.734.529.221.816.315.715.216.417.216.417.218.821.719.219.121.626.131.138.142.543.052.257.764.267.670.682.690.670.671.272.372.973.975.276.677.378.479.281.482.682.082.584.785.386.086.987.187.588.588.889.690.6

Businessloans 3

(•)(6)(6)<•)(6)(6)(6)(6)(6)

5.76.4

7.39.37.97.98.0

9.614.218.218.917.121.925.927.927.226.933.238.726.626.827.427.628.028.929.129.930.5

8 31.132.333.232.732.934.534.834.836.135.836.437.037.237.838.7

Total

13.714.415.714.314.017.020.923.121.222.323.425.129.048.266.083.997.982.978.271.877.274.474.977.578.185.378.374.785.783.681.282.681.780.180.479.378.979.778.078.377.475.875.274.873.773.172.473.673.673.774.474.7

Investments

U. S. Gov-ernment

obligations4

4.9

5.06.06.27.5

10.313.815.314.215.116.317.821.841.459.877.690.674.869.262.667.062.061.563.363.469.061.658.569.066.864.265.665.063.363.762.562.062.961.461.660.959.258.658.257.356.656.257.257.057.458.158.5

Othersecurities

8.79.49.78.16.56.77.17.97.07.27.1

7.47.26.86.16.3

7.38.19.09.2

10.212.413.314.114.716.316.716.216.716.817.017.016.716.816.716.916.916.816.616.716.516.616.616.616.416.516.316.416.616.316.316.2

1929—June 51930—Junes1931—June6

1932—June 51933—June 81934—June«193519361937193819391940194119421943194419451946194719481949195019511952195319541955195671955: January

February.. .MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

1956: JanuaryFebruary.-.MarchApril.MayJuneJuly 7August 7___.September 7October 7....November IDecember 7.

1 June, December, and end-of-year figures are for call dates. Other data are for the last Wednesday ofthe 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 reporteddata 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 continental UnitedStates. Therefore, they do not agree with figures in Table E-46, which are on the basis of par values andinclude holdings of banks in United States Territories and possessions.

6 June data are used because complete end-of-year data are not available prior to 1935 for U. S. Govern-ment obligations and other securities.

6 Not available.7 Preliminary; December estimates by Council of Economic Advisers.s For October 1955, certain loan items are available on two bases because of a reclassification resulting

from reporting errors. The business loans figure shown above is after reclassification. The figure beforereclassification is 30.8 billion.

NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System (except as noted).

166


TABLE E-39.—Federal Reserve Bank credit and member bank reserves, 1929-56

[Averages of daily figures, millions of dollars]

Period

Reserve Bank credit outstanding

Total

1,459

1,0871,2742,0772,4292,502

2,4752,4812,5542, 6002,628

2,4872,2933,4088,182

15,358

22, 21124,02922,98922, 28320,161

19,06224,07024,80126, 26225,602

25,47225, 702

25, 44925,02124, 98925,07024,92424,958

25, 49725, 45025, 52525, 79226,08926, 853

25,87925,18325, 51725,41125, 23725, 516

25, 59925,35725,73725, 69826,09727,156

U. S.Govern-ment se-curities

208

564669

1,4612,0522,432

2,4312,4312,5042,5652,584

2,4172,1873,1917,724

14,772

21,36323, 25022,33021,51119, 560

18, 41022, 75623,06624, 66124, 646

23, 89123,709

24, 20023, 83823, 61923, 63223, 66623, 598

23,96723, 88623, 70923, 95123, 99724, 602

23,89723, 40123, 52223, 41023,32223, 522

23,58023, 53023, 72823, 78124,02424,765

Memberbank

borrow-ings

943

27132351823429

76

1494

355

24135

366215156140115

106289780768147

607831

313354463495368401

527765849884

1,016839

807799993

1,060971769

738898792715744688

Allother,mainlyfloat

308

25228298

14341

3744362640

67101212434451

482564503632486

5461,025

955833809

9741,160

936829907944890958

1,003799967956

1,0751,412

1,175983

1,002941943

1,225

1,282929

1,2171,2021,3291,703

Member bank reserves

Total

2,358

2,3792,3232,1142,3433,676

5,0015,9896,8307,935

10,352

13,24913, 40412, 64812, 62613, 222

15,05515,96916, 46118, 00117, 774

16, 40019, 29320, 35619, 99619, 276

18, 84318, 965

19,11418, 81918, 63518, 80018, 74618, 715

18, 82418, 72818, 71118. 87018, 90219, 240

19,13818, 70918,92418,84718, 73518,933

18,83618, 78319,02418, 93919,16919, 535

Re-quired

2,315

2,3242,2341,858

i 1,815i 2,112

2,5323,4775,6105,4135,960

6,9238,0809,980

11,11612,176

13,93414,99315, 60817,16416,952

15, 61718, 53619, 64219, 31918, 504

18, 25718,403

18, 43218,19518,05018, 21018,16618,146

18, 20518,15218,14818, 34518, 37818, 646

18, 58618,17718, 34018,32018, 26818,359

18, 23718, 22418, 44618,41918, 57918,877

Excess

43

5589

2561528

i 1,564

2,4692,5121,2202,5224,392

6,3265,3242,6681,5101,046

1,121976853837822

783757714677772

586562

682625585590580569

619577564524525594

552533585527467575

599559579520590658

Memberbank"free"

reserves(excess re-serves lessborrow-

ings)

1929

193019311932...19331934 „

1935193619371938 —1939. —

1940194119421943 - - -1944

194519461947 --19481949

19501951 ._ .195219531954 _

19551956 2


JulyAugustSeptemberOctoberNovemberDecember.

1956: January __FebruaryMarch. . .AprilMayJune

JulyAugust. _SeptemberOctober..NovemberDecember2

-900

-216-234-262

2941,535

2,4622,5061,2062,5134,388

6,3235,3192,6631,486

911

755761697697707

677468-66-91625

-21-269

27112295212168

92-188-285-360-491-245

-255-266-408-533-504-194

-139-339-213-195-154-30

» Data from March 1933 through April 1934 are for licensed banks only.2 Preliminary.


Source: Board of Governors of the Federal Reserve System.


TABLE E-40.—Bond yields and interest rates, 1929-56

[Percent per annum]

Period3-monthTreas-

urybills i

1929

19301931193219331934. ___

19351936193719381939

19401941 ___.194219431944

19451946194719481949

19501951195219531954

1955 _.1956

1954:JanuaryFebruary _.MarchAprilMay _June

JulyAugustSeptember.October. __November.December _

U. S. Government securities

()1.402.879.515.256

.137

.143

.447

.053

.023

.014

.103

.326

.373

.375

.375

.375

.5941.0401.102

1.2181.5521.7661.931.953

1.7532.906

1.214.9841.0531.011.782.650

.710

.8921.007.987.948

1.174

9-12monthissues 2

().75.79

.81

.82

.881.141.14

1.261.731.812.07

.92

1.892.83

1.331.011.02.90.76.76

.65

.64

.891.03.94

1.10

Taxable bonds3

10-20years

20yearsandover

8 2.922.52

2.803.06

2.672.582.502.452.522.53

2.452.462.502.522.552.57

2.462.472.48

2.372.192.252.442.31

2.322.572.68

9 3.162.71

2.943.11

2.902.852.732.702.722.70

2.622.602.642.652.682.68

Corporatebonds

(Moody's)

Aaa

4.73

4.554.585.014.494.00

3 603.243.263.193.01

2.842.772.832.732,72

2.622.532.612.822.66

2.622.862.963.202.90

3.063.36

3.062.952.862.852.882.90

2.892.872.892.872.892.90

Baa

Commonstock

yields,200

stocks(Moody's)

5.90

5.907.629.307.766.32

5.754.775.035.804.96

4.754.334.283.913.61

3.293.053.243.473.42

3.243.413.523.743.51

3.533.88

3.713.613.513.473.473.49

3.503.493.473.463.453.45

3.41

4.546.177.364.424.11

4.063.504.774,384.15

5.316.256.674.894.81

4.193.975.135.786.63

6.276.125.505.494.78

4.064.07

5.335.325.144.944.884.82

4.614.754.464.574.394.20

High-grade

munic-ipal

bonds(Stand-ard &

Poor's)

4.27

4.074.014.654.714.03

3.403.073.102.912.76

2.502.102.362.061.86

1.671.642.012 402.21

1.982.002.192.722.37

2.532.93

2.502 392.382.472.492.48

2.312 232.292.322.292.33

Averagerate onshort-termbankloans

to busi-ness-

selectedcities

(6)

(6)(6)(6)(6)(6)

(6)(6)(6)(6)

2.1

2.12.02.22.62.4

2.22.12.12.52.7

2.73.13.53.73.6

3.74.2

3.72

3 60

3.56

3.55

Primecom-mer-cial

paper,4-6

months

5.85

3.592.642.731.731.02

.75

.75

.94

.81

.59

.56,53,66.69a73

.75

.811.031.441.49

1.452.162.332.521.58

2.183.31

2.112 002.00L76L 58L 56

L. 45L 3 3L. 31L. 3 1L.31L. 31

Fed-eralRe-

serveBankdis-

countrate

5.16

3.042.112.822.561.54

1.501.501.331.001.00

1.001.00

7 1.007 1.007 1.00

7 1.007 1.00

1.001.341.50

1.591.751.751.991.60

1.892.77

2.001.791.751.631.501.50

1.501.501.501.501.501.50


168


TABLE E-40.—Bond yields and interest rates, 1929-56—Continued

[Percent per annum]

Period

1955:JanuaryFebruary...MarchAprilMay__June

July.AugustSeptember-OctoberNovember.December..

1956:JanuaryFebruary....MarchAprilMayJune

July —AugustSeptember-OctoberNovember..December- _

U. S. Government securities

3-monthTreas-

urybills i

1.2571.1771.3351.6201.4911.432

1.6221.8762.0862.2592.2252.564

2.4562.3722.3102.6132.6502.527

2.3342.6062.8502.9613.0003.230

9-12monthissues 2

1.361.411.491.711.721.71

1.882.122.142.192.282.56

2.502.382.432.832.832.69

2.623.013.173.073.153.33

Taxable bonds3

10-20years

2.662.722.722.772.762.77

2.882.912.882.822.852.8S

2.862.822.903.052.942.89

2.973.153.193.183.303.43

20yearsandover

2.772.922.922.922.912.91

2.963.023.002.962.962.97

2.942.932.983.103.032.98

3.053.193.253.243.313.37

Corporatebonds

(Moody's)

Aaa

2.932.993.023.013.043.05

3.063.113.133.103.103.15

3.113.083.103.243.283.27

3.283.433.563.593.693.75

Baa

3.453.473.483.493.503.51

3.523.563.593.593.583.62

3.603.583.603.683.733.75

3.803.934.074.174.244.37

Commonstock

yields,200

stocks(Moody's)

4.224.214.214.124.143.87

3.783.913.934.124.094.06

4.214.093.863.874.134.01

3.874.024.244.234.254.13

High-grade

munic-ipal

bonds(Stand-ard &

Poor's)

2.392.422.452.432.412.48

2.622.672.632.562.552.71

2.642.582.692.882.862.75

2.782.943.073.143.383.44

Averagerate onshort-termbankloans

to busi-ness-

selectedcities

3.54

3.56

3.77

3.93

3.93

4.14

4.35

4.38

Primecom-mer-cial

paper,4-6

months

1.471.681.691.902.002.00

2.112.332.542,702.812.99

3.003.003.003.143.273.38

3.273.283.503.633.633.63

Fed-eralRe-

serveBankdis-

countrate

]

;

I

L. 50L.50L. 50L. 63t. 751.75

L. 751.972.182.252.362.50

2.502.502.502.652.752.75

2.752.815.00J.00$.00J. 00

1 Ra te on new issues wi th in period. Issues were tax exempt prior to March 1, 1941, and fully taxablethereafter. For the period 1934-37, series includes issues wi th maturi t ies of more t han 3 months .

2 Includes certificates of indebtedness and selected note and bond issues (fully taxable).3 First issued in 1941. T h e single series on these bonds (which continued through March 1953) included:

October 1941-March 1952, bonds due or callable after 15 years; April 1952-March 1953, bonds due or callableafter 12 years.

4 Treasury bills were first issued in December 1929 and were issued irregularly in 1930.5 No t available before August 1942.6 No t available on same basis as for 1939 and subsequent years.7 F rom October 30, 1942 to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances

secured by Government securities matur ing or callable in 1 year or less.8 J a n u a r y - M a r c h 1953, bonds due or callable 12 years and after; beginning April 1953, bonds due or callable

from 10 to 20 years.9 Beginning April 15,1953, bonds due or callable 20 years and after.

NOTE.—Yie lds and rates computed for N e w York Ci ty , except for short-term bank loans.

Sources: Treasury Depar tmen t , Board of Governors of the Federal Reserve System, Moody 's InvestorsService, and Standard & Poor 's Corporation.


TABLE E-41.—Short- and intermediate-term consumer credit outstanding, 1929-56

[Millions of dollars]

End of period Total

Instalment credit

TotalAuto-mobilepaper 1

Othercon-

sumergoods

paper 1

Repairand

modern-izationloans 2

Per-sonalloans

Noninstalment credit

TotalCharge

ac-counts

Others

1929

1930 . .1931.193219331934

19351936193719381939

19401941194219431944

19451946194719481949-

1950 „195119521953-.1954

19551956s



1956: January. . .February-MarchAprilMayJune


6,444

5,7674,7603,5673,4823,904

4,9116,1356,6896,3387,222

8,3389,1725,9834,9015,111

5,6658,38411, 57014,39817,305

21,39522,61727,40131,24332,292

42,000

31, 67631,42831,80032,63833,47934,395

34,80735, 52636,16936, 57337,11438, 648

37,84837, 47437, 76138,22238,91939,454

39,47839,87840,07440,19640, 63142,000

3,151

2,6872,2071,5211,5881,871

2,6943,6234,0153,6914,503

5,5146,0853,1662,1362,176

2,4624,1726,6958,996

11,590

14, 70315, 29419,40323,00523,568

29,02031,600

23, 51623,61424,06124, 61225,22926,001

26, 54627,19527, 70227,96828, 26929,020

28,91529,11229,41929, 76330,084

30,29730, 64430, 70730,81131,02431,600

()1,497

2,0712,458742355397

455981

1,9243,0184,555

6,0745,9727,7339,835

13,46814,500

9,86210,02910,41010, 79811,25611, 796

12,23612,71913,07513,24613,32613,468

13,48113, 57413, 74313,89214, 05914, 255

14,38114, 53014, 53314,47814, 44914, 500

()1,620

1,8271,9291,195819791

8161,2902,1432,9013,706

4,7994,8806,1746,7796,751

7,6268,200

6,5636,5546,595

6,769

6,808

6,9597,0257,1697,626

7,4877,3717,3007,3377,4017,417

7,4217,4937,4977,6017,7528,200

371376255130119

182405718853

1,0161,0851,3851,6101,616

1,6701,800

1,5731,5491,5291, 5321,5441,562

1,5741,5991,6251,6481,6611,670

1,6381,6281,6311,6431,6771,700

1,7101,7341,7581,7811,7971,800

2,8143,3574,1114,7815,392

6,2567,200

5,4155,4735,5685,6875,7665,874

5,9285,9936,0436,0496,1136,256

6,342

6,5476,6266,712

6,7856,8876,9196,9517,0267,200

3,293

3,0802,5532,0461,8942,033

2,2172,5122,6742,6472,719

2,8243,0872,8172,7652,935

3,2034,2124,8755,4025,715

6,6927,3237,9988,2388,724

10,400

8,1607,8147,7398,0268,250

8,2618,3318,4678,6058,845

8,9628,5598,649

9,1569, 370

9,1819,2349,3679,3859,60710, 400

1,602

1,4761,2651,020990

1,102

1,1831,3001,3361,3621,414

1,4711,6451,4441,4401,517

1,6122,0762,3532,6732,795

3,2913,6054,0114,1244,308

4,5444,800

3,7923,3653,2303,4593,5603,588

3,5003,5063,5863,7153,8394,544

3,9613,5303,4693,5313,7013,804

3,6743,6963,7803,8754,0294,800

1,691

1,6041,2881,026904931

1,0341,2121,3381,2851,305

1,3531,4421,3731,3251,418

1,5912,1362,5222,7292,920

3,4013,7183,9874,1144,416

5,0845,700

4,3684,4494,5094,5674,6904,806

4,7614,8254,8814,8905,0065,084

5,0015,0295,1805,2725,4555,566

5,5075,5385,5875,5105,5785,700

1 Includes all consumer credit extended for the purpose of purchasing automobiles and other consumergoods and secured by the items purchased.

2 Includes only such loans held by financial institutions; those held by retail outlets are included in "otherconsumer goods paper."

3 Single-payment loans and service credit.* Not available.6 Preliminary estimates by Council of Economic Advisers.


170


T A B L E E-42.—Instalment credit extended and repaid, 1946—56


Period

1946..1947..1948..1949..1950..1951..1952..1953-1954-.1955..1956 V

1955: JanuaryFebruary. . .MarchAprilM a yJuneJulyAugustSeptember-OctoberNovember..December..

1956: JanuaryFebruary. . .MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December».

1955: JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December..

1956: JanuaryFebruary. . .MarchAprilMayJuneJulyAugustSeptember-OctoberNovember.December V

Total

Ex-tended

8,49512, 71315, 58518,10821, 55823, 57629, 51431, 55831,051

39,12839,700

Re-paid

2,5102,5893,3153,2673,3513,6133,2793,5763,3613,2113,2713,7852,8852,9183,3053,3293,4703,3903,3163,5042,9813,3823,3873,800

6,78510,19013, 28415, 514

18,445

25, 40527,95630,48833, 67637,100

Automobilepaper

Ex-tended

5,2176,9678,5308,95611,76412,98111,807

16, 74315,600

Re-paid

1,4432,7494,1235,4307,0119,05810,00310,87911,833

13,08414,700

Other consumergoods paper

Ex-tended

3,0774,4985,3835,8657,1507,4859,1869,2279,117

10, 61511,100

Re-paid

2,6033,6454,6255,0606,0577,4047,8928,6229,145

9,74010,500

Repair andmodernization

loans

Ex-tended

423704714734835841

1,2171,3441,2611,3591,500

Re-paid

200391579689717772917

1,1191,2551.3051,300

Personalloans

Ex-tended

3,0263,8194,2714,5425,0436,2947,3478,0068,866

10,41111,500

Re-paid

2,5393,4053,9574,3354,6605,7516, 5937,3368,2559,54710,700

Unadjusted

2,5622,4912,8682,7162,7342,8412,7342,9272,8542,9452,9703,0343,0192,8893,1083,0223,1263,0693,1033,1572,9183,2783,1743,200

1,0001,1011,4781,4201,5121,6561,5001,6541,5001,3471,2721,3031,1921,2361,3781,3451,4071,3911,3371,3931,1501,2841,2251,300

947934

1,0971,0321,0541,1161,0601,1711,1441,1761,1921,1611,1791,1431,2091,1961,2401,1951,2111,2441,1471,3391,2541,300

701665832850869913832910887905969

1,282760731821894949883872952840

1,0101,0371,300

786768841809801807793834812839825825899847892857885867868880836906886900

6674971051211261151371351351301188897113123145128127137125140125100

10998117102109108103112109112117109120107110111111105117113101117109100

743749908892849918832875839824900

1,082845854993967969988980

1,022866948

1,0001,100

Seasonally adjusted

3,0003,0783,1973,2303,2743,2573,2583,4163,4213,3273,3553,3153,4413,3243,1743,4093,2643,0583,3023,3583,1603,3703,4613,400

2,6332,6422,6682,7192,7862,7882,8302,8642,9002,9672,9612,9183,1092,9482,8883,1453,0633,0093,1603,1473,0873,1833,1613,200

1,2261,3001,3861,3571,4091,4091,4081,5051,5041,4351,4151,3891,4561,3961,2841,3301,2561,1811,2521,2641,1981,3151,3611,400

9991,0061,0271,0461,0851,0841,0931,1221,1371,1691,1731,1431,2451,1841,1301,2581,2261,1581,2291,2141,1851,2841,2321,300

855840875892891876887911900873911904927883859968932841927952883942973

1,000

773774111789807808826829832849843833887821822870858869890891893883905900

9097104107115115111123123125125124119123120129133116121122117125121100

110104109105112107108109108112113108121110102118111104121112104113105100

829841832874859857852877894894904898939922911982943920

1,0021.020962988

1,0061,000

720691813773770810

778810789818836939

821792897858890902

907920834916925

1,000

751758755779782789803804823837832834

856833834

878920930905903919900

1 Preliminary; December by Council of Economic Advisers.


17!


TABLE E-43.—Mortgage debt outstanding, by type of property and of financing, 1939-56


End of period

1939 -_. -

194019411942 _19431944

1945 _ -194619471948 -1949

19501951195219531954

195519563


1955: First quarterSecond quarter _Third quarterFourth quarter

1956: First quarter 3Second quarter3

Third quartersFourth quarter3

All prop-erties

35.5

36.537.636.735.334.7

35.541.848.956.262.7

72.882.291.2

101.1113.6

129.7144.5

103.1106.2109.7113.6

117.2121.8126.1129.7

133.3137.3141.1144.5

Nonfarm properties

Total

28.9

30.031.230.829.929.7

30.836.943.950.957.1

66.775.684.193.5

105.4

120.8134.7

95.398.2

101.6105.4

108.8113.2117.2120.8

124.1127.8131.5134.7

1- to 4-family houses

Total

16.3

17.418.418.217.817.9

18.623.028.233.337.6

45.251.758.566.175.7

88.199.0

67.669.972.675.7

78.582.285.588.1

90.893.796.699.0

Governmentunderwritten

Total

1.8

2.33.03.74.14.2

4.36.19.3

12.515.0

18.922.925.428.132.1

38.944.1

28.829.730.732.1

33.535.337.038.9

40.241.342.444.1

FHAin-

sured

1.8

2.33.03.74.14.2

4.13.73.85.36.9

8.69.7

10.812.012.8

14.315.5

12.212 A12.612.8

13.213.513.914.3

14.715.015.215.5

VAguar-

anteed

0.22.45.57.28.1

10.313.214.616.119.3

24.628.6

16.617.318.119.3

20.321.823.124.6

25.526.327.228.6

Conven-tional^

14.5

15.115.414.513.713.7

14.316.918.920.822.6

26.328.833.138.043.6

49.254.9

38.840.241.943.6

45.046.948.549.2

50.652.454.254.9

Multi-family

and com-mercialprop-

erties"

12.5

12.612.912.512.111.8

12.213.815.717.619.5

21.623.925.627.429.7

32.635.7

27.728.429.029.7

30.331.031.832.6

33.334.134.935.7

Farmprop-erties

6.6

6.56.46.05.44.9

4.84.95.15.35.6

6.16.67.27.78.2

9.09.8

7.88.08.18.2

8.48.78.89.0

9.29.59.69.8

1 Derived figures.2 Includes negligible amount of farm loans held by savings and loan associations.3 Preliminary; fourth quarter by Council of Economic Advisers.

Source: Board of Governors of the Federal Reserve System, estimated and compiled from data suppliedby various Government and private organizations (except as noted).

172


TABLE E-44.—Net public and private debt, 1929-56 x


End ofperiod 2 Total

Fed-eralGov-ern-

ment

Stateandlocalgov-ern-

ment2

Private

Total

Total

Corporate

Long-term

Short-term

Individual and noncorporate

Total Farm 3

Nonfarm

Total Mort-gage

Com-mer-cialand

finan-cial*

Con-sumer

1929

19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949

19501951195219531954

19551956 fl

190.9

191.0181.9174.6168.5171.4

174.7180.3182.0179.6183.2

189.9211.6259.0313.6370.8

406.3397.4417.9434.0448.4

491.3525.8557.1587.6608.7

660.2693.0

16.5

16.518.521.324.330.4

34.437.739.240.542.6

44.856.3

101.7154.4211.9

252.7229.7223.3216.5218.6

218.7218.5222.9228.1230.2

231.5225.3

13.2

14.115.516.616.715.9

16.016.216.116.016.3

16.516.315.814.914.1

13.713.614.416.218.1

20.723.325.828.633.4

38.442.7

161.2

160.4147.9136.7127.5125.1

124.2126.4126.7123.1124.3

128.6139.0141.5144.3144.8

139.9154.1180.2201.3211.7

251.9284.0308.4330.9345.1

390.3425.0

88.9

89.383.580.076.975.5

74.876.175.873.373.5

75.683.491.695.594.1

85.393.5

108.9117.8118.0

142.1162.5171.0178.6177.5

196.8211.5

47.3

51.150.349.247.944.6

43.642.543.544.844.4

43.743.642.741.039.8

38.341.346.152.556.5

60.166.673.379.584.6

92.5101.5

41.6

38.233.230.829.130.9

31.233.532.328.429.2

31.939.849.054.554.3

47.052.262.865.361.5

81.995.997.799.192.8

104.3110.0

72.3

71.164.456.750.649.6

49.450.350.949.850.8

53.055.649.948.850.7.

54.660.671.383.593.7

121.5137.4152.3167.6

193.5213.5

12.2

11.811.110.19.18.9

9.08.68.69.08.8

9.19.28.98.27.7

7.27.78.6

10.812.0

12.213.615.116.817.5

18.820.5

60.1

59.453.346.641.540.7

40.441.742.340.942.0

43.946.441.040.543.0

47.453.062.772.781.6

97.6107.9122.2135.6150.0

174.7193.0

31.2

32.030.929.026.325.5

24.724.424.324.525.0

26.027.226.826.226.1

27.032.538.745.150.6

59.467.475.283.894.7

108.8121.5

22.4

21.617.614.011.711.2

10.811.211.310.19.8

9.510.08.19.5

11.8

14.812.112.413.213.7

16.817.919.720.623.1

27.229.5

6.4

5.84.83.63.53.9

4.96.16.76.37.2

8.39.26.04.95.1

5.78.4

11.614.417.3

21.422.627.431.232.3

38.642.0

1 Net public and private debt outstanding is a comprehensive aggregate of the indebtedness of borrowersafter elimination of certain types of duplicating governmental and corporate debt. For a further explana-tion of the concept, see Survey of Current Business, October 1950.

2 Data for State and local government are for June 30 of each year.3 Farm mortgages and farm production loans. Farmers' financial and consumer debt is included in the

nonfarm categories.4 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.5 Preliminary estimates by Council of Economic Advisers.

NOTE.—Data for 1948-55 for consumer debt (and related subtotals and totals) have been adjusted bythe Council of Economic Advisers to reflect revisions for 1948-56 in the consumer credit statistics of theBoard of Governors of the Federal Reserve System. No attempt has been made to reconcile other debtitems with the adjustments in consumer debt.


Sources: Department of Agriculture, Department of Commerce, Treasury Department, Board of Gov-ernors of the Federal Reserve System, Federal Savings and Loan Insurance Corporation, and InterstateCommerce Commission (except as noted).

173


TABLE E-45.—U. S. Government debt—total, and by kind of obligations, 1929-56


End of period

1929.__

19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949

195019511952.. - - .19531954... -

19551956

1955: January. _.February..MarchAprilMayJune

JulyAugustSeptember.OctoberNovember.December.

1956: January. _.February-MarchAprilMayJune --

JulyAugustSeptemberOctoberNovember.December-

Grosspublic

debt andguar-

anteedissues 1

16.3

16.017.820.824.031.5

35.139.141.944.447.6

50.964.3

112.5170.1232.1

278.7259.5257.0252.9257.2

256.7259. 5267.4275.2278.8

280.8276.7

278.5278.2274.1276.7277.5274.4

277.6278.4277.5279.9280.2280.8

280.1280.2276.4275.8276.8272.8

272.7275.6274.3275.4277.1276.7

Interest-bearing public debt

Marketable public

Short-term

issues 3

3.3

2.92.85.97.5

11.1

14.212.512.59.87.7

7.58.0

27.047.169.9

78.257.147.745.950.2

58.365.668.777.376.0

81.379.5

76.076.272.275.477.374.1

76.777.077.680.680.681.3

81.481.477.677.777.773.1

73.175.575.577.178.979.5

Treasurybonds

11.3

11.313.513.414.715.4

14.319.520.524.026.9

28.033.449.367.991.6

120.4119.3117.9111.4104.8

94.076.979.877.281.8

81.980.8

81.881.481.181.181.181.1

81.881.881.981.981.981.9

81.981.981.981.881.881.8

81.881.8

80.8

Nonmarketable public issues

UnitedStates

savingsbonds

0.2.5

1.01.42.2

3.26.1

15.027.440.4

48.249.852.155.156.7

58.057.657.957.757.7

57.956.3

58.058.258.458.358.358.4

58.458.458.358.358.357.9

57.657.757.757.757.757.5

57.457.357.357.156.956.3

Treasurytax andsavingsnotes

2.56.48.6

8.25.75.44.67.6

8.67.55.86.04.5

4.54.44.34.32.81.9

1.71.2.4.1.1

Invest-ment

bonds3

1.01.01.0

1.013.013.412.912.7

12.311.6

12.712.712.612.612.612.6

12.612.612.512.412.312.3

12.212.212.212.112.012.0

12.011.911.911.811.711.6

Specialissues 4

0 6

.4

.4

.4

.7

.62.23.24.2

5.47.09.0

12.716.3

20.024.629.031.733.9

33.735.939.241.242.6

43.945.6

42.342.042.141.742.243.3

43.344.243.943.744.043.9

43.643.743.743.444.345.1

45.446.145.845.545.745.6

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 leavebonds, not shown separately. Not all of total shown is subject to statutory debt limitation.

2 Includes bills, certificates of indebtedness, and notes.3 Includes Series A bonds and, beginning in April 1951, Series B convertible bonds.* Issued to U. S. Government investment accounts. These accounts also held 8 billion dollars of public

marketable and nonmarketable issues on December 31,1956.s Less than 50 million dollars,e The last series of treasury savings notes matured in April 1956.

Source: Treasury Department.

174


TABLE E-46.—Estimated ownership of Federal obligations, 1939-56

[Par values *, billions of dollars]

End of period

Gross public debt and guaranteed issues3

Total

Heldby U.S.

Gov-ern-

mentinvest-ment

ac-counts

Held by others

TotalFederalReserveBanks

Com-mercialbatiks 3

Mutualsavingsbanksand in-surance ations *

com-panies

Othercorpor-

Stateandlocal

jovern-ments8

Individ-uals o

Miscel-laneousinves-tors t

1939...

1940..1941_.1942..1943..1944..

1945..1946..1947..1948..1949..

1950-.1951..1952..1953-1954.

1955—1956 8_.

1955: JanuaryFebruary.._MarchAprilMayJune

JulyAugustSeptember..OctoberNovember. -December..

1956: JanuaryFebruary. . .MarchAprilMayJune

JulyAugustSeptember..OctoberNovember 8

December 8 .

47.6

50.964.3

112.5170.1232.1

278.7259.5257.0252.9257.2

256.7259.5267.4275.2278.8

280.8276.7

278.5278.2274.1276.7277.5274.4

277.6278.4277.5279.9280.2280.8

280.1280.2276.4275.8276.8272.8

272.7275.6274.3275.4277.1276.7

6.5

7.69.5

12.216.921.7

27.030.934.437.339.4

39.242.345.948.349.6

51.754.1

49.449.249.448.949.550.5

50.651.651.251.051.651.7

51.751.851.951.652.553.5

53.854.454.253.954.254.1

41.1

43.354.7

100.2153.2210.5

251.6228.6222.6215.5217.8

217.5217.2221.6226.9229.2

229.1222.6

229.0229.0224.7227.8228.1223.9

227.0226.8226.3228.8228.6229.1

228.4228.4224.5224.3224.3219.3

218.9221.2220.2221.5222.9222.6

2.5

2.22.36.2

11.518.8

24.323.322.623.318.9

20.823.824.725.924.9

24.824.9

23.923.623.623.623.723.6

24.123.823.824.024.324.8

23.523.523.623.323.523.8

23.423.923.723.824.424.9

15.9

17.321.441.159.977.7

90.874.568.762.566.8

61.861.663.463.769.2

62.059.1

68.766.964.265.864.863.5

63.862.762.162.761.662.0

60.559.558.358.557.857.1

56.557.657.658.058.759.1

9.4

10.111.915.821.228.0

34.736.735.932.731.5

29.626.325.525.023.8

22.821.0

24.124.023.823.823.723.5

23.723.823.723.523.322.8

22.722.422.222.121.921.6

21.621.421.421.321.121.0

2.2

2.04.0

10.116.421.4

22.215.314.114.816.8

19.720.719.921.619.8

24.019.0

20.521.719.520.621.719.3

20.321.221.022.723.724.0

24.324.421.121.121.518.0

18.319.118.018.919.419.0

0.4

.5

.71.02.14.3

6.56.37.37.98.1

8.89.6

11.112.714.4

15.115.8

14.514.614.614.614.714.7

14.914.914.915.015.015.1

15.415.615.715.715.815.7

15.815.815.815.815.815.8

10.1

10.613.623.737.653.3

64.164.265.765.566.3

66.364.665.164.863.0

64.9

63.664.264.864.965.164.8

65.265.565.765.665.264.9

65.966.567.267.167.166.9

67.067.267.467.367.266.8

0.7

2.34.47.0

9.18.18.48.99.4

10.510.611.713.213.9

15.616.0

13.913.914.214.414.414.4

15.015.015.115.315.415.6

16.016.416.516.516.616.2

16.216.316.316.316.416.0

1 United States savings bonds, series A-D, E, F, and J, are included at current redemption values.2 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 in

Territories and possessions; figures exclude securities held in trust departments. Since the estimates in thistable 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 E-38, which are based on book values and relate only to bankswithin the continental United States.

* Exclusive of banks and insurance companies.5 Includes trust, sinking, and investment funds of State and local governments and their agencies, and

of Territories and possessions.6 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. Beginningwith December 1946, the foreign accounts include investments by the International Bank for Reconstruc-tion and Development and the International Monetary Fund in special non-interest-bearing notes issuedby the U. S. Government. Beginning with June 30,1947, includes holdings of Federal land banks.

« Preliminary estimates by Council of Economic Advisers.


Source: Treasury Department (except as noted).

175


TABLE E-47.—Federal budget receipts and expenditures, calendar and fiscal years 1946-58


Calendar year:1946194719481949_

19501 9 5 1 . . . .19521953 _1954

19551956 2 .

Fiscal year:1946 __.19471948 . . _1949

1950195119521953 .1954

19551956 2

1957 3 _ _ .1958 3

Period Net budgetreceipts i

38.640.440.937.5

37.353.064.863.861.2

63.471.0

39.839.841.537.7

36.547.661 464.864.7

60468 270673.6

Budget ex-penditures

41.138.035.641.1

37.756.370.773.064.9

66.167.2

60.439 033.139.5

39.644.165.474.367.8

64.666 568.971.8

Surplus (+) ordeficit (-)

-2 .52.45.2

-3 .6

— 4-3 .4—5.8-9 .2-3 .7

—2 83.8

-20.78

8 4-1 .8

- 3 13.5

—4 0-9 .4- 3 . 1

-4 .21.61.71.8

1 Gross receipts less refunds of receipts and transfers of tax receipts to the Federal old-age and survivorsinsurance trust fund, the Federal disability insurance trust fund, the railroad retirement account, and thehighway trust fund.

2 Preliminary.8 Estimate.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Treasury Department and Bureau of the Budget.

TABLE E—48.—Government cash receipts from and payments to the public, calendar years 1946—56


Calendar year

19461947 _19481949

1950195119521953 —1954

1955. . . _1956* - - . -

Total

Cashre-

ceipts

53.057.560.057.9

60.679.293.093.393.2

98.0108.9

Cashpay-

ments

50.950.852.160.0

61.378.494.699.295.1

100.0105.1

Excessof re-ceipts(+) orof pay-ments

( - )

2.16.67.9

-2 .1

- . 7

- 1- 5—1

869Q

-2 .03.8

Federal

Cashre-

ceipts

41.444.344.941.3

42.459.371.370.068.6

71.480.2

Cashpay-

ments

41.438.636.942.6

42.058.073.076.269.6

72.274.7

Excessof re-ceipts(+) orof pay-ments(-)

(3)5.78.0

-1 .3

.41.2

-1 .6-6 .2-1 .1

- . 75.5

State and local l

Cashre-

ceipts 2

11.613.215.116.6

18.119.921.723.324.7

26.528.7

Cashpay-

ments 2

9.512.215.217.4

19.320.321.623.025.5

27.830.4

Excessof re-ceipts(+) orof pay-ments(-)

2.01.0

— 1- . 8

-1 .2- . 4

.1

.3—.8

-1 .3-1.7

1 Estimates by Council of Economic Advisers.2 Federal grants-in-aid have been deducted from State and local government receipts and paymentssince they are included in Federal payments.

3 Less than 50 million dollars.* Preliminary.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Treasury Department and Bureau of the Budget (except as noted).

I76


TABLE E-49.—Government receipts and expenditures as shown in national income accounts,1953-56*

[Calendar years, billions of dollars]

Receipt or expenditure

Total

1953

Firsthalf 2

Sec-ond

half 2Total

1954

Firsthalf 2

Sec-ond

half 2Total

1955

Firsthalf 2

Sec-ond

half 2Total

1956 3

Firsthalf 2

Sec-ond

half*

Total government:ReceiptsE xpendituresExcess of receipts (•+•) or

of expenditures (—)___Federal Government:

Receipts:Personal tax and non-

tax receiptsCorporate profits tax

accrualsIndirect business tax

and nontax accruals-Contributions for so-

cial insuranceTotal receipts

Expenditures:Purchases of goods

and servicesTransfer paymentsGrants-in-aid to State

and local govern-ments

Net interest paidSubsidies less current

surplus of govern-ment enterprises

Total expenditures.Excess of receipts

(-{-) or of expend-itures (-)

State and local govern-ments:

Receipts:Personal tax and non-

tax receiptsCorporate profits tax

accrualsIndirect business tax

and nontax accruals-Contributions for so-

cial insuranceFederal grants-in-aid.

Total receiptsExpenditures:

Purchases of goodsand services

Transfer paymentsNet interest paidLess: Current surplus

of G o v e r n m e n tenterprises

Total expenditures-Excess of receipts

(+) or of expend-itures (-)

95.0101.8

-6.8

32.4

19.5

11.2

7.470.4

59.59.7

2.84.7

77.5

- 7 . 1

3.4

19.0

1.42.8

27.4

24.93.2.3

1.327.2

.2

96.3101.9

- 5 . 6

32.3

21.0

11.3

7.572.1

60.19.5

2.64.6

1.077.8

- 5 . 7

3.4

.9

18.7

1.32.6

26.9

24.53.2.3

1.226.7

. 1

i.7101.8

- 8 . 1

32.4

18.0

11.1

7.2

68.8

58.99.8

3.04.7

.777.2

-8.4

3.5

.7

19.3

1.43.0

27.9

25.33.2

1.327.6

96.4

- 6 . 9

29.1

16.0

10.1

8.163.3

48.911.7

2.94.8

1.269.4

- 6 . 1

3.8

.8

20.1

1.62.9

29.1

27.63.3.4

1.429.9

- . 8

97.7

29.0

15.6

10.2

8.163.0

11.3

2.74.8

1.271.1

- 8 . 1

3.7

.7

19.9

1.52.7

28.5

27.03.3.4

1.429.3

90.395.2

- 4 . 9

29.3

16.4

8.163.7

46.712.0

3.14.8

1.167.7

- 4 . 1

3.9

.8

20.3

1.63.1

29.7

28.23.3.4

1.430.6

- . 9

100.698.4

2.2

31.3

20.6

11.0

9.472.3

46.712.6

3.04.7

1.869.0

4.2

21.5

1.73.0

31.3

30.13.5.5

1.532.5

- 1 . 2

97.998.0

- . 1

30.8

19.5

10.9

9.170.3

46.612.6

2.74.7

2.0

1.7

4.1

21.0

1.72.7

30.4

29.73.5.5

1.532.2

-1.8

103.3

4.4

31.8

21.7

11.2

9.774.4

46.912.6

3.44.7

1.769.4

5.0

4.2

1.0

21.9

1.73.4

32.2

30.43.5.5

1.632.8

107.6103.6

4.0

34.0

21.0

11.5

10.777.2

47.013.7

3.1

2.671.4

5.8

4.6

1.0

23.1

1.83.1

33.6

32.83.6

1.735.3

- 1 . 8

105.6101.8

33.3

20.9

11.3

10.475.8

46.313.5

2.94.9

2.3

5.9

4.4

1.0

22.6

1.82.9

32.7

32.33.5.6

1.634.8

- 2 . 1

109.6105.4

4.2

34.7

21.0

11.7

11.078.5

47.813.8

3.35.0

2.972.8

5.6

4.7

1.0

23.6

1.93.3

34.4

33.33.6.6

1.835.8

- 1 . 4

1 These accounts, like the cash budget, include the transactions of the trust accounts. Unlike both theconventional budget and the cash statement, they exclude certain capital and lending transactions. Ingeneral, they do not use the cash basis for transactions with business. Instead, corporate profits taxes areincluded in receipts on an accrual instead of a cash basis; expenditures are timed with the delivery insteadof the payment for goods and services; and CCC guaranteed price-support crop loans financed by banks arecounted as expenditures when the loans are made, not when COC redeems them.

2 Seasonally adjusted annual rates.8 Preliminary; fourth quarter estimates by Council of Economic Advisers.

NOTE.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures andState and local receipts and expenditures. Total government receipts and expenditures have been adjustedto eliminate this duplication.



177


CORPORATE PROFITS AND FINANCETABLE E-50.—Profits before and after taxes, all private corporations, 1929-56


PeriodCorporate

profitsbeforetaxes

Corporatetax

liability *

Corporate profits after taxes

TotalDividendpayments

Undistrib-uted

profits

1929..

1930..1931..1932..1933..1934..

1935-.1936..1937-.1938-.1939..

1940..i941_.1942..1943-.1944..

1945..1946-.1947..1948..1949..

1950..1951,.1952..1953..1954..

1955..1956 3.


1954: First quarter, _Second quarter.Third quarter..Fourth quarter.


1956: First quarter.. .Second quarter.Third quarter..Fourth quarter

9.6

3.3- . 8

-3 .0.2

1.7

3.15.76.23.36.4

9.317.020.924.623.3

19.022.629.532.826.2

40.041.235.937.033.2

42.743.4

39.540.238.829.7

31.932.932.835.2

39.741.143.546.4

43.742.941.246.0

1.4

.5

.4

.5

.7

1.01.41.51.01.4

2.87.6

11.414.112.9

10.79.1

11.312.510.4

17.822.519.820.316.8

21.522.0

8.3

2.5- 1 . 3-3 .4- . 41.0

2.24.34.72.35.0

6.59.49.5

10.510.4

8.313.418.220.315.8

22.118.716.116.716.4

21.121.5

5.8

5.54.12.62.12.6

2.94.54.73.23.8

4.04.54.34.54.7

4.75.86.57.27.5

9.29.19.09.3

10.0

11.212.0


21.722.021.316.3

16.116.616.617.8

20.020.722.023.4

22.121.720.823.2

17.918.217.513.4

15.816.316.217.4

19.720.321.523.0

21.621.320.422.8

9.29.59.59.5

9.79.9

10.010.3

10.410.711.012.1

11.812.212.311.8

2.4

- 3 . 0- 5 . 4- 6 . 0- 2 . 4- 1 . 6

—.7- . 2

2)- . 91.2

2.44.95.26.05.7

3.67.7

11.713.08.3

12.99.67.17.46.4

9.99.5

8.78.78.03.9

6.16.46.27.1

9.39.6

10.510.9

9.89.18.1

11.0

1 Federal and State corporate income and excess profits taxes.2 48 million dollars.3 Preliminary; fourth quarter by Council of Economic Advisers.

NOTE.—No allowance has been made for inventory valuation adjustment. See Table E-9 for profitsbefore taxes and inventory valuation adjustment.



178


TABLE E-51.—Relation of profits before and after taxes to stockholders' equity and to sales, privatemanufacturing corporations, by asset size class, 1947—50 average and 1955-56

Asset size class(thousands of dollars)

All asset sizes

Under 250250-9991,000-4,999. . .5,000-99,999100,000 and over

All asset sizes

Under 250 _.250-9991,000-4,9995,000-99,999100,000 and over.

All asset sizes

Under 250250-9991,000-4,9995,000-99,999 .100,000 and over ._

All asset sizes

Under 250250-999 .1,000-4,9995,000-99,999 .100,000 and over

1947-50average First

quarter

1955

Second Thirdquarter quarter

Fourthquarter

1956

Firstquarter

Secondquarter

Secondquarteri

Thirdquarter1

Ratio of profits before Federal taxes (annual rate) to stockholders' equity(percent)

24.6

16.722.724.225.224.9

22.3

8.315.416.619.226.0

25.0

11.217.520.122.828.1

23.3

16.920.619.422.225.0

24.6

6.512.217.923.328.1

23.4

13.217.019.722.425.4

23.6

18.819.819.823.824.6

24.1

24.022.121.624.024.6

20.2

25.223.021.422.418.5

Profits before Federal taxes in cents per dollar of sales

11.1

4.47.49.0

11.313.2

9.9

1.94.55.78.8

13.2

10.6

2.44.86.69.8

13.9

10.2

3.55.66.69.7

13.0

10.3

1.23.25.69.8

13.9

10.3

2.84.66.59.7

13.1

10.2

4.15.16.5

10.012.7

10.2

4.65.26.9

10.112.6

9.0

4.95.36.99.7

10.4

Ratio of profits after Federal taxes (annual rate) to stockholders' equity(percent)

14.8

9.813.114.114.915.3

11.4

3.67.67.99.3

13.8

13.0

5.39.49.7

11.315.0

12.3

10.411.39.4

11.013.5

13.5

2.55.38.8

11.916.2

12.2

7.69.09.6

11.013.7

12.6

12.010.79.4

11.813.6

12.8

15.611.510.412.013.6

11.0

15.311.710.711.110.7

Profits after Federal taxes in cents per dollar of sales

6.7

2.64.35.26.78.1

5.1

0.82.22.74.27.0

5.5

1.12.63.24.97.4

5.4

2.23.13.24.87.1

5.6

0.51.42.85.08.0

5.4

1.62.43.24.77.0

5.5

2.62.83.15.07.0

5.4

3.02.73.35.07.0

4.9

3.02.73.54.86.0

1 New sample; see note below.

NOTE.—The sample for these series was changed beginning with the third quarter of 1951 and again begin-ning with the second quarter of 1956. However, the 1947-50 averages have not been adjusted to either ofthese samples and, therefore, are not strictly comparable with data for later periods. For comparativepurposes, the second quarter of 1956 is shown on the basis of the two later samples. For explanatory notesconcerning compilation of the series, see Quarterly Financial Reports for V. S. Manufacturing Corporationsby Federal Trade Commission and Securities and Exchange Commission.

Sources: Federal Trade Commission and Securities and Exchange Commission.

179


TABLE E-52.—Relation of profits after taxes to stockholders' equity and to sales, privatemanufacturing corporations, by industry group, 1947—50 average and 1955—56

Industry group

1947-501955

First Secondquarter quarter quarter

Third Fourth

1956

Firstquarter quarter quarter quarter1

Second Second Thirdquarter*

Ratio of profits after Federal taxes (annual rate) to stockholders' equity(percent)

All private manufac-turing corporations.

Lumber and wood products(except furniture)

Furniture and fixturesStone, clay, and glass prod-

uctsPrimary iron and steel in-

dustriesPrimary nonferrous metal

industries

Fabricated metal products. _Machinery (except electri-

cal).—Electrical machinery, equip-

ment, and suppliesMotor vehicles and equip-

mentOther transportation equip-

ment

Miscellaneous manufactur-ing (including ordnance) _.

Instruments and relatedproducts

Food and kindred products.Tobacco manufacturesTextile mill products

Apparel and related prod-ucts

Paper and allied products...Printing and publishing

(except newspapers) _Chemicals and allied prod-

uctsPetroleum refining

Products of petroleum andcoal (except petroleumrefining)

Rubber products__Leather and leather prod-

ucts

14.8

17.114.3

15.2

12.9

12.5

15.3

14.5

17.8

21.7

6.6

11.4

14.613.612.114.5

12.016.2

13.4

15.92 15.1

(3)12.8

10.4

11.4

10.35.2

11.5

11.2

14.5

8.4

8.7

12.0

23.6

15.4

5.9

10.17.38.95.7

5.810.3

10.8

13.312.6

6.412.0

8.1

13.0

13.07.5

19.1

14.5

16.1

9.8

11.3

12.3

25.8

16.6

6.8

13.09.2

11.85.2

4.111.9

10.7

14.812.1

10.013.5

7.1

12.3

13.311.7

18.5

12.8

13.5

11.5

10.0

11.9

15.7

14.2

10.3

11.810.713.15.3

7.511.6

10.6

15.012.5

11.413.2

10.1

13.5

7.712.2

13.2

15.5

17.6

10.3

11.2

13.1

21.7

15.5

11.2

15.08.4

11.86.5

7.212.3

8.8

15.716.1

7.013.9

8.7

12.2

7.99.3

12.6

14.6

19.1

10.3

11.5

11.0

16.8

13.3

8.8

9.78.1

10.07.2

7.211.7

13.0

14.612.8

6.912.1

7.0

12.6

10.110.1

17.3

15.1

17.3

10.9

13.6

12.7

13.1

15.7

9.1

13.09.9

12.15.6

4.511.8

11.9

14.312.9

9.513.0

4.3

12.8

11.011.4

17.3

15.1

18.0

11.5

14.2

12.4

13.1

16.7

10.4

11.99.9

12.04.8

4.512.2

15.0

14.712.9

11.113.1

6.6

11.0

9.013.0

15.9

5.9

13.9

11.0

12.0

12.0

6.9

13.6

13.3

12.510.412.75.5

10.911.0

11.0

13.112.9

12.011.0

6.3


180


TABLE E-52.—Relation of profits after taxes to stockholders* equity and to sales, private manu-facturing corporations, by industry group, 1947-50 average and 1955-56—Continued

Industry group

1947-50aver-age

1955

Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

1956

Firstquarter

Secondquarter

Secondquarter^

Thirdquarter1

Profits after Federal taxes in cents per dollar of sales

All private manufac-turing corporations.

Lumber and wood products(except furniture)

Furniture and fixturesStone, clay, and glass prod-

uctsPrimary iron and steel in-

dustriesPrimary nonferrous metal

industries

Fabricated metal products—Machinery (except electri-

cal)Electrical machinery, equip-

ment, and suppliesMotor vehicles and equip-

mentOther transportation equip-

ment

Instruments and relatedproducts

Miscellaneous manufactur-ing (including ordnance)..

Food and kindred products.Tobacco manufacturesTextile mill products

Apparel and related prod-ucts

Paper and allied products..Printing and publishing

(except newspapers)Chemicals and allied prod-

uctsPetroleum refining

Products of petroleum andcoal (except petroleumrefining)

Rubber productsLeather and leather prod-

ucts

6.7

9.25.0

8.9

7 9/. &

8.8

6.6

7.1

6.3

7.4

3.4

7.9

5.33.64.86.6

3.18.6

5.0

9.12 11.0

(3)4.8

3.4

5.1

5.41.8

7.1

a a0. D

8.0

3.5

4.7

4.4

7.1

3.8

4.9

2.31.94.12.6

1.35.7

4.0

7.610.2

3.64.1

2.4

5.5

6.32.4

10.1

7 ^/. o

8.6

3.8

5.3

4.5

7.7

3.8

6.4

2.62.34.82.4

0.96.5

3.9

8.010.5

4.84.4

2.1

5.4

6.23.5

9.7

a QD. »

7.6

4.3

4.9

4.3

5.8

3.6

5.8

3.62.75.32.5

1.66.1

3.8

8.710.7

4.94.5

2.8

5.6

3.83.5

7.2

8.9

3.7

5.3

4.3

7.0

3.7

6.6

3.62.25.02.8

1.56.2

2.9

8.812.7

3.24.7

2.4

5.4

4.23.0

7.5

9.8

4.0

5.4

3.9

6.0

3.4

5.0

3.22.24.63.2

1.56.2

4.5

8.310.4

3.74.4

2.0

5.5

4.83.3

9.4

9.4

4.0

6.0

4.2

5.0

3.6

6.2

3.32.65.02.6

1.06.2

4.1

7.911.0

4.44.6

1.2

5.4

4.73.3

9.1

9.8

4.2

5.8

4.0

5.0

3.8

5.8

3.42.65.02.2

1.06.4

5.0

8.111.0

4.74.6

1.9

4.9

3.84.0

8.6

4.0

8.1

4.0

5.3

3.9

3.3

3.2

6.1

4.12.75.32.6

2.15.9

3.7

7.611.1

5.34.1

1 New sample; see note below.2 Petroleum refining and products of petroleum and coal combined.s Not available separately for this period.

NOTE.—The sample for these series was changed beginning with the third quarter of 1951 and again be-ginning with the second quarter of 1956. However, the 1947-50 averages have not been adjusted to eitherof these samples and, therefore, are not strictly comparable with data for later periods. For comparativepurposes, the second quarter of 1956 is shown on the basis of the two later samples. For explanatory notesconcerning compilation of the series, see Quarterly Financial Reports for U. S. Manufacturing Corporationsby Federal Trade Commission and Securities and Exchange Commission.

Sources: Federal Trade Commission and Securities and Exchange Commission.

181


TABLE E-53.—Sources and uses of corporate funds, 1946-56 1


Source or use of funds

Uses:Plant and equipment outlaysInventories (change in book value)Change in customer net receivables8

Cash and U. 8. Government securities-Other assets -

Total uses

Sources:Internal:

Retained profits and depletionallowances

Depreciation and amortizationallowances -

Total internal sources

External:Change in Federal income tax

liabilityOther liabilitiesChange in bank loans and mort-

gage loansNet new issues

Total external sources

Total sources

Discrepancy (uses less sources)

1946

12.511.21.1

-4 .7- . 6

19.5

7.2

4.2

11.4

-1 .62.1

3.92.4

6.8

18.2

1.3

1947

17.07.13.11.00)

28.2

11.4

5.2

16.6

2.11.5

3.34.4

11.3

27.9

. 3

1948

18.84.22.81.0.2

27.0

12.4

6.2

18.6

1.0.4

1.85.9

9.1

27.7

- . 7

1949

16.3-3 .6

.93.2(*)

16.8

7.6

7.1

14.7

-2 .2.5

-2 .34.9

.9

15.6

1.2

1950

16.99.85.04.5.3

36.5

12.4

7.8

20.2

7.21.0

2.63.7

14.5

34.7

1.8

1951

21.69.42.02.8.6

36.4

9.1

9.0

18.1

4.41.9

5.46.3

18.0

36.1

. 3

1952

22.4.9

3.1.1.8

27.4

6.4

10.4

16.8

-2 .82.4

3.17.9

10.6

27.4

(*)

1953

23.91.5.7

2.1.2

28.4

6.5

11.8

18.3

.42.2

.57.1

10.2

28.5

- . 1

1954

22.4-2 .3

2.0-1.0

.1

21.2

5.7

13.3

19.0

-3.5.3

- . 95.9

1.8

20.8

.4

1955

24.24.64.94.8.9

39.4

8 8

14.8

23.6

2.81.7

4.47.0

15.9

39.5

- . 1

19562

30.06.06.0

-5 .02.0

39.0

68. 0

16.5

24.5

-1 .01.5

6.08.0

14.5

39.0

(*)

1 Excludes banks and insurance companies.2 Preliminary estimates.3 Receivables are net of payables, which are therefore not shown separately.* Less than 50 million dollars.5 Preliminary estimate by Council of Economic Advisers.


Source: Department of Commerce based on Securities and Exchange Commission and other financialdata (except as noted).

182


TABLE E-54.—Current assets and liabilities of all corporations, 1952-56 l

[Billions of dollars, end of period]

Asset or liability

Current assetsCash on hand and in banks. .U. S. Government securities-Receivables from U. S. Gov-

ernment 2Other notes and accounts

receivableInventories. _.Other current assets3 ,

Total current assets

Current liabilitiesAdvances and prepayments,

U. S. Government 2Other notes and accounts

payable _ —Federal income tax liabilities.Other current liabilities

Total current liabilities.

Net working capital

1952

30.819.9

2.8

64.665.82.4

186.2

2.3

57.018.118.7

96.1

90.1

1953

31.221.6

2.6

65.967.22.4

190.9

2.2

57.318.720.7

99.0

91.8

1954

32.019.8

2.4

67.364.42.6

188.5

2.4

54.915.320.8

93.5

95.0

1955

Firstquarter

30.619.5

2.2

68.865.12.8

189.1

2.5

55.113.121.1

91.8

97.3

Secondquarter

31.119.3

2.1

71.264.92.8

191.4

2.3

55.811.921.7

91.7

99.7

Thirdquarter

31.621.2

2.2

75.666.63.0

200.2

2.2

58.915.122.6

98.7

101.5

Fourthquarter

32.624.0

2.3

77.369.12.9

208.1

2.3

62.618.122.3

105.2

102.9

1956

Firstquarter

29.921.1

2.3

78.272.13.2

206.8

2.3

62.015.022.8

102.0

104.8

Secondquarter

30.718.0

2.3

79.973.93.1

207.9

2.5

63.912.122.9

101.5

106.4

Thirdquarter

31.218.0

2.4

83.675.13.1

213.4

2.5

65.414.224.0

106.2

107.2

1 All corporations in the United States, excluding banks and insurance companies. Data for 1952-53 arebased on Statistics of Income, covering virtually all corporations in the United States. Data for 1954-56 areestimates based on data compiled from many different sources, including data on corporations registeredwith the Commission. As more complete data become available, estimates are revised.

2 Receivables from and payables to U. S. Government do not include amounts offset against each otheron the corporation's books or amounts arising from subcontracting which are not directly due from or to theU. S. Government. W n e r e v e r possible, adjustments have been made to include U. S. Governmentadvances offset against inventories on the corporation's books.

3 Includes marketable securities other than U. S. Government.


Source: Securities and Exchange Commission.

183


TABLE E-55.-—State and municipal and corporate securities offered, 1934-56 1


Period

1934

19351936 .193719381939...

19401941194219431944

1945 . .1946194719481949

19501951195219531954

19551956s

1953: First quarter...Second quarter.Third quarter..Fourth quarter

1954: First quarter...Second quarter.Third quarter,.Fourth quarter

1955: First quarter._.Second quarter.Third quarter-Fourth quarter

1956: First quarter._.Second quarter.Third quarter..Fourth quarter^

Stateand

munici-pal se-curitiesofferedfor cash(prin-cipal

amounts)Total

939

1,2321,121

9081,1081,128

1,238956524435661

7951,1572,3242,6902,907

3,5323,1894,4015,558

1,1881,4421,2581,671

1,3842,3721,2321,980

1,4091,4291,1362,002

1,5171,617

9281,347

Corporate securities offered for cash a

Gross proceeds a

397

2,3324,5722,3102,1552,164

2,6772,6671,0621,1703,202

6,0116,9006,5777,0786,052

6,3617,7419,534

9,516

5,977 10,2405, 409 10, 950

2,0392,6951,6242,540

1,7302,5312,6852,571

2,5302,4132,3582,939

2,2262,9892,7173,020

Com-monstock

Pre-ferredstock

19

222722852587

1081103456163

397891779614736

8111,2121,1,3261,213

2,1852,380

356445196330

297302182432

758562405460

355526461

1,040

86271406

183167112124369

7581,127

762492425

631838564489816

635660

1591508298

115370180151

111208150167

18914798

230

Bondsand

notesTotal

372

2,2244,0281,6182,0441 P ~

2,3862,390

917990

2,670

4,8554,8825,0365,9734,890

4,9205,6917,601

7,488

1,5242,1001,3462,113

1,3181,8602,3231,988

1,6621,6431,8042,312

1,6822,3162,1581,750

Proposed uses of net proceeds *

Total

384

2,2664,4312,2392,1102,115

2,6152,6231,0431,1473,142

5,9026,7576,4666,9595,959

6,2617,6079,3808,7559,365

7, 420 10,0497,910 10,790

2,0062,6471,2,505

1,7002,4892,6482,529

2,4852,3592,3142,892

2,18'2,9352,6703,000

New money

57

208858991681325

569868474308657

3,2794,5915,9294,606

4,0066,5318,1807,9606,780

7,9579,620

1,7982,3721,4202,369

1,4611,8681,8371,615

1,9881,8141,6992,457

1,9212,5862,3762,740

Plantand

equip-ment

32

111380574504170

424661287141252

6382,1153,4094,2213,724

2,9665,1106,3125,6475,110

6,670

1,2721,585

9481,841

1,2401,4521,429990

1,2581,230

8981,948

1,0911,8761,6582,050

Work-ing

capi-tal

96478417177155

145207187167405

4421,1641,1821,708

1,0411,4211 , —2,3131,670

2,6242,950

526787472528

221416408625

730584801509

829710718690

Retire-mentof se-

curities

Otherpur-poses

231

1,8653,3681,1001,2061,695

1,8541,583396739

2,389

4,5552,8681,352307401

1,271486664260

1,875

1,22'420

94693661

92494658632

320307403197

11414610060

95

19320414822295

192172173100

267610524722952

984589537535709

864750

11420514075

147127154282

177238212237

152203194200

1 These data cover substantially all new issues of State, municipal, and corporate securities offered forcash 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, and issues soldthrough continuous offerings, such as securities of open-end investment companies and employee-purchaseplans.

3 Number of units multiplied by offering price.* Net proceeds represents the amount received by the issuer after payment of compensation to distributors

and other costs of notation.«Preliminary.


Sources: Securities and Exchange Commission, The Commercial and Financial Chronicle, and The BondBuyer.

184


TABLE E-56.—Common stock prices and stock market credit, 1939-56

Period

1939_

1940.,1941.1942..1943.1944..

1945..1946.1947.1948.1949.

1950-1951.1952.1953.1954-

1955.1956.

1955: January. _.February.MarchAprilMay _June


1956: January.. .February.MarchAprilMayJune


Commonstockprices

1939=100(SEC)

100.0

94.285.774.999.2

108.1

131.2149.4130.9132.7127.7

154.1184.9195.0193.3229.8

304.6345.0

270.6281.0279.6286.8289.0302.9

318.8315.3326.6310.2328.4333.6

325.7330.0350.9355.4347.0341.4

359.4359.4344.8341.6338.5344.0

Stock market credit

Customer creiit (excluding U. S.Government securities)

Total Net debitbalances i

Bank loansto

"others" *

Bank loansto brokers

anddealers3

Millions of dollars

(4)

8(4)1,374

9761,032

9681,249

1,7981,8261,9802,4453,436

4,0303,984

3,5373,6433,7323,7853,7873,870

3,9113,8653,9663,9443,9804,030

4,0403,9914,0384,0434,0474,009

4,0263,9793,9503,9143,946

)

]9

3 942473517499821

1,2371,2531,3321,6652,388

2,7912,823

2,5172, 5902,6522,7042,6842,711

2,7342,7102,8052,7492,7592,791

2,7862,7402,7862,7882,8102,786

2,8122,7852,7822,7482,7842,823

353

432503515469428

561573648780

1,048

1.2391,161

1,0201,0531,0801,0811,1031,159

1,1771,1551,1611,1951,2211,239

1,2541,2511,2521,2551,2371,223

1,2141,1941,1681,1661,1621,161

715

584535850

1,3282,137

2,7821,471

7841,3311,608

1,7421,4192,0022,2482,688

2,8522,214

2,4492,3262,4832,6602,6862,678

2,8082,4672,4062,5872,6052,852

2,5292,4222,4362,3472,4352,380

2,2411,9482,0191,9751,9152,214

1 Ledger balances of member firms of the New York Stock Exchange carrying margin accounts. Excludesbalances secured by U. S. Government obligations. Data are for end of period.

2 Loans by weekly reporting member banks to others than brokers and dealers for purchasing or carryingsecurities except U. S. Government obligations. However, some U. S. Government securities may beincluded after 1952. Series revised beginning July 1946 and March 1953. Data are for last Wednesday ofperiod.

3 Loans by weekly reporting member banks for purchasing or carrying securities, including U. S. Govern-ment obligations. Series revised beginning July 1946 and January 1952. Data are for last Wednesday ofperiod.

* Not available.

Sources: Securities and Exchange Commission, Board of Governors of the Federal Reserve System,and New York Stock Exchange.

185


TABLE E-57.—Business population and business failures, 1929-56

Period Operat-ing

busi-nesses ?

Operating businesses andbusiness turnover (thou-

sands of firms)1

Newbusi-

nesses;

Dis-con-tin-uedbusi-

Busi-ness

Newbusi-ness

incor-pora-tions(num-ber)*

Business failures, by size of liability3

Number of failures

TotalUnder

$100,000

Liability sizeclass

$100,000andover

Amount of currentliabilities (millions

of dollars)

TotalUnder

$100,000

Liability size

$100,000andover

1929

19301931.193219331934

19351936193719381939.._

19401941.194219431944

19451946.194719481949

1950.19511952.19531954

195519561955: January

February.MarchAprilMay .June

3,029.02.993.72,916.42,828.12, 782.12.884.0

2, 991. 93.069.83,136. 33,073. 73, 222.2

3.318.93, 276.03, 295. 33, 030.02.839.1

2, 995.43, 242. 53,651. 23,872. 93, 984. 2

4, 008. 74, 067.34,121.34,178.84,185.3

4,189.04,252.0

4,189.0

JulyAugustSeptember-OctoberNovember..December..

1956: JanuaryFebruary. . .MarchAprilMay.June

4,232.3

275.2290.0121.2146.0330.9

422.7617.4460.8393.3331.1

348.2363.2363.9340.5334.2

374.2

210.2

164.0

33

318.1270.7386. 5337.0174.6175.6208.7239.2282.0306.5289.6309.3306.3334.0330.6310.9

166.9

144.0

359.4

473.2626.571. 9 112,501.3434.7

9 132,)916

,63896,10185, 491

419.4378.3374.9356.319.

92, 92583, 64992, 819

2 102, 545~ ^164

321.;

145.0

4, 252.0

JulyAugustSeptember..OctoberNovember..December...

7 117,:

3 139, 651140,775

13,18111,36913, 41711, 75612, 02912, 60510, 89310, 98311, 02410, 69810,15"11, 539

13,36312,50312,82212,47513,14211,952

11, 51311,3399,58311, 5469,74910,788

22,909

26,35528, 28531,822

619,85912,091

12, 2449,6079,490

12, 83614,768

13, 61911, 848

9, 4053,2211,222

8091,1293,4745,2509,246

9,1628,0587,6118,86211, f

10, 96912,686

939877

1,038903955914861888822919945908

1,0481,0241,170985

1,1641,105

1,0181,101932

1,158999982

22,16525, 40827, 23030,197618,88011, 421

11,6919,2859,20312, 55314, 541

613,40011. 6859,2823,1551,176759

1,0023,1034,8538,708

8,7467,6267,0818,075

10, 226

10,11311, 615

873803952844900831

801811744862863829

971909

1,08190f

1,0511,020963982859

1,051925

744947

1,0551,6258 979670553322287283227

«2191631236646

50127371397538

416432530787860856

1,071

667486595583

6077785'8279

7:11589801138555119731077484

483.3668.3736.3928.36 457.5334.0

310.6203.2183.3246.5182.5

6166.7136.1100.845.331.7

30.267.3204.6234.6308.1

248.3259.5283.3394.2462.6449.4562.7

37.942.141.236.034.736.

32.536.033.134.842.841.6

42.949.42.641.959.943.0

48.755.039.350.039.950.3

261.5303.5354.2432.6

6 215. 5138.5

135.5102.8101.9140.1132.9

«119.9100.780.331.214.511.415.63.793.9161.4

151.2131.6131.9167.211.4206.4239.8

18.516.919.16.18.117.016.615.515.717.417.617.0

20.519.721.318.821.21.5

20.418.718.021.619.219.0

221.8

364.8382.2495.7

6 242.0195.5

175.1100.481.4106.449.7«46.835.420.514.217.1

18.851.6140.9140.7146.7

97.1128.0151.4226.6251.2

243.0322.9

19.425.222.019.316.619.6

15.920.517.417.325.224.6

22.429.521.423.138.721.5

28.336.321.328.420.731.3

1 Excludes firms in the fields of agriculture and professional services. Includes self-employed persononly if he has either an established place of business or at least one paid employee.

2 Annual data through 1939 are averages of end-of-quarter estimates centered at June 30. Beginning1940, annual data are for January 1.

3 Total for period.* Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933,

of real estate, insurance, holding, and financial companies, steamship lines, travel agencies, etc.5 Not available.« Series revised; not strictly comparable with earlier data.


Sources: Department of Commerce and Dun & Bradstreet, Inc.

186


AGRICULTURETABLE ESS.—Income of the farm population, 7929-56

Period Real-izedgrossfarmin-

come1

Income from agricultural sources

Farm operators' income

Farmpro-duc-tionex-

Net income2

Ex-clud'ingnet

changein in-ven-tories

In-clud'ingnet

changein in-ven-

tories 3

offarmresi-dent

work-ers

Total(in-

clud-ing netchangein in-ven-

tories)

Incomefromnon-

agricul-tural

sources

Incomefrom

allsources

(in-clud-

ing netchangein in-ven-

tories)

Percapitancomefrom

allsources

Farmincome

perworker «

Opera-tors' netincome

perfarms

Billions of dollars 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 7.

1955:First quarterSecond quarter. _Third quarter. _.Fourth quarter..

1956:First quarterSecond quarter--Third quarterFourth quarter 7.

13.9

11.48.46.47.18.5

9.710.711.310.110.6

11.013.818.823.424.4

25.829.334.034.631.6

32.137.136.735.133.5

32.933.8

7.6

6.95.54.44.34.7

5.15.66.15.86.2

6.77.79.9

11.512.2

12.914.316.818.617.9

19.222.322.521.221.4

21.621.9

6.3

4.52.91.92.83.9

4.65.15.24.34.4

4.36.28.8

11.912.2

12.815.017.215.913.7

12.914.814.313.912.0

11.311.9

6.1

4.33.32.02.62.9

5.34.36.04.44.5

4.66.69.9

11.811.8

12.414.915.517.712.9

13.716.115.113.312.5

11.711.7

0.9

.8

.6

. 5

.4

. 5

.6

.6

.7

.7

.7

.7

. 91.21.41.5

1.61.81.92.01.8

1.71.91.91.81.8

1.71.7

7.0

5.14.02.53.03.4

5.95.06.85.15.2

5.37.5

11.113.213.4

14.016.717.419.714.7

15.518.017.015.114.2

13.413.5

(6)

(6)(6)(6)(6)

1.9

2.02.32.52.32.5

2.73.13.84.24.4

4.24.34.95.15.2

5.35.66.16.05.7

6.16.4

()5.3

7.97.39.37.47.7

8.010.614.917.417.8

18.221.022.324.819.9

20.823.623.121.119.9

19.519.9

165

244228296239249

262349509654696

720793822958765

828977953930911

893

1,1,

1,1,1,1,1,

1,1,1,1,

593

456298203266360

423487519452475

484694995331411

515704926829660

671974968943

1,743

1,1,

711862


33.233.632.432.5

33.233.433.734.8

21.921.821.421.3

21.621.821.822.3

11.311.811.011.2

11.611.611.912.5

11.812.211.311.4

11.511.311.612.4

ft8(6)(6)(6)(6)

(6)(6)8CO

8(6)

(6)(6)8(6)(•)(6)(6)

(6)(6)(6)(6)

(•)

8(6)

(6)(6)(6)(6)(9)(6)(6)(6)

(6)(8)8(6)(•)(6)(6)

962

691437288410571

676762788655682

675978

1,4231,9502,035

2,1542,5312,9272,7472,389

2,2762,6822,6602,6492,357

2,2682,422

1 Cash receipts from farm marketings, value of farm products consumed in farm households, gross rentalvalue of farm dwellings, and Government payments to farmers.

2 Realized gross farm income less farm production expenses.3 Data prior to 1952 differ from farm proprietors' income shown in Tables E-9 and E-12 because of re-

visions by the Department of Agriculture not yet incorporated into the national income accounts of theDepartment of Commerce.

* Net income of farm operators including Government payments and excluding the net change in inven-tories, plus farm wages of resident workers and other hired workers.

»Including Government payments and excluding the net change in inventories.6 Not available.i Preliminary.


Source: Department of Agriculture.

187


TABLE E-59.—Farm population and employment, 7929-56

Period

Farm population *

Number(thou-sands)

(April 1)

Aspercentof totalpopula-tion2

Net mi-gration toand from

farms(thou-

sands) *

-477

- 6 1+156+607-463-527

-799-834-661-545-703

-633-1,424-2,975-1,563

-564

+864+151

-1,686-371

-1,314

-1,302-271

-1,996-1,171

-91

-256O

Farm employment(thousands) *

Total

12,763

12,49712,74512,81612,73912,627

12,73312,33111,97811,62211,338

10,97910,66910,50410,44610,219

10,00010,29510,38210,3639,964

9,3428,9858,6698,5808,451

8,2377,875

Familyworkers

9,360

9,3079,6429,9229,8749,765

9,8559,3509,0548,8158,611

8,3008,0177,9498,0107,988

7,8818,1068,1158,0267,712

7,2526,9976,7486.6456,521

6,3416,025

Hiredworkers

3,403

3,1903,1032,8942,8652,862

2,8782,9812,9242,8072,727

2,6792,6522,5552,4362,231

2,1192,1892,2672,3372,252

2,0901,9881,9211,9351,930

1,8961,850

Averagegross

hourlyearningsof hired

farmworkers

(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 «

30,580

30,52930,84531,38832,39332,305

32,16131,73731,26630,98030,840

30,54730,27329,23426,68125,495

25,29526,48327,12425,90325,954

25,05824,16024,28322,67921,890

22,15822,257

25.1

24.824.925.125.825.6

25.324.824.323.923.6

23.122.721.719.518.4

18.118.718.817.717.4

16.515.715.514.213.5

13.413.2

$0,241

.226

.172

.129

.115

.129

.142

.152

.172

.166

.166

.169

.206

.268

.3*3

.423

.472

.515

.547

.580

.559

.561

.625

.661

.672

.661

.675

i Farm population as denned by the Department of Agriculture and Department of Commerce, i. e.,population living on farms, both urban and rural, regardless of occupation.

a Total population as of July 1 including armed forces overseas.s Net change for year beginning in April. For 1940 and subsequent years, includes inductions and enlist-

ments into the armed forces, and persons returning from the armed forces. For all years, includes personswho have not moved but who are in and out of the farm population because agricultural operations havebegun 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 Agri-culture, Agricultural Marketing Service, differ from those on agricultural employment by the Departmentof Commerce, Bureau of the Census (see Table E-17) because of differences in the method of approach, inconcepts of employment, and in time of month for which the data are collected. For further explanation,see monthly reports on Farm Labor by the Department of Agriculture.

« Weighted average of all farm wage rates on a per hour basis.«Preliminary.7 Not available.Sources: Department of Agriculture and Department of Commerce.

188


TABLE E-60.—Farm production indexes, 1929-56

[1947-49=100]

Year

1929

19301931193219331934

1935193619371938...-1939

19401941194219431944

19451946....194719481949..-

1950....1951195219531954

1955...1956 *—

Farmout-put1

74

7279767060

7265827980

8386969497

969895104101

100103107108108

113114

Livestock and products

Total 2

77

7880818275

7277767985

8792102111105

10410110097103

106111112114117

121123

Meatani-mals

77

7882838673

6674717787

8994107120108

10310110097103

107114115114121

127126

Dairyprod-ucts

82

8486868785

8687868990

929610099101

10310210198101

101100101106107

108111

Poul-tryandeggs

63

6563636259

5963636569

707789102102

106999896106

111119123127125

123134

Crops

Total 3

79

7684807158

7664888382

8586979096

939893106101

9799103103101

106106

Feedgrains

83

7384957348

8053878483

859110496100

9710581116103

10497102101105

112111

Hav-anafor-age

88

7579867967

9674879893

106106115110109

11310410310097

105110105108107

116111

Foodgrains

66

7276624544

5352727561

6776806985

899210810389

83811059685

8083

Vege-tables

81

8283838087

8883898988

91929610399

1011109810399

101959610098

102106

Fruitsandnuts

76

7594767772

9172958598

9510210087102

9311010496100

102105102104105

108111

Cot-ton

104

98119919168

75871338483

8875908086

636183104113

7010610611596

10394

To-bac-co

75

8176496854

6558786994

7262707096

981141059897

101115112102111

109106

Oilcrops

21

2323211821

3427303647

5661929882

888591109100

116106104102116

129155

1 Farm output measures the annual volume of farm production available for eventual human use throughsales from farms or consumption in farm households. Total excludes production of feed for horses and mules.

2 Includes certain items not included in separate groups shown.• Includes production of feed for horses and mules and crops not included in separate crop groups listed in

this table.* Preliminary.


189


TABLE E—61.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929—56

[1910-14=100]

Period

1929

19301931.193219331934. .

19351936-19371938-1939 __

19401941194219431944

19451946194719481949

1950195119521953 . .1954

19551956

1955: January..-February ~MarchAprilM ayJune

JulyAugustSeptember-October. _-November-December-

1956: January—February-MarchAprilMayJune

JulyAugustSeptember.October...November.December,

Prices received

Allfarmprod-ucts1

148

12587657090

1091141229795

100124159

41934197

4 2074 236276287250

258302288258249

236236

243244242246242241

236232235229224222

226227228235242247

244237236234234237

1fa

116

9356446690

971081207572

8497120148166

172201271250218

224243244231232

228224

241240239236240232

222214217220220221

220220223229226218

216218222225232234

tub

fa

124

10971445797

1121101357372

8694117156175

168212275273176

198237242213211

189188

206206200200204201

196182176166162169

170172175188197199

201205203178182185

s"oO

150

104644968101

9899947074

83111156167172

179238274272246

282336310268274

272268

275268269270266266

271277285278274264

259262267275270273

274263275270270262

171

1409884107156

171163200173152

134157247319348

360376374380398

402436432429439

437453

425436437437436435

435437427443438455

452452453453454453

453451455453443461

1bo

o

143

111734457103

1271201299596

103138183202222

228260363351242

376339296274279

250250

274270264261259256

257246225227228232

236239245253265259

250249234249262264

1131

14997787493

891021177274

8194127207233

228240186166196

194181191209219

212225

222204204216209240

236208212189194208

225212211218233266

225210233232218216

O>

,Q

'aigso

137

1281071009094

1161081149698

122138178270236

240217262253232

211269274239223

233254

249254249270263220

206208224208231217

248264258260272310

286230178203264277

11<v

155

13391635968

115118130113110

108143186203190

4 2074 248329361311

340409353296292

249238

261261258266260271

259251249239214201

207215221237251252

246259254245231239

1ft

£?Q

166

1421118687101

114125131115110

120140163

4 1984 222

4 2294 268273301252

249286302274252

252259

258255248241236236

242249257264267266

261257250246247247

253256264272277275

to

s?

1o

161

12898817489

11611511111096

98122152191177

198201223242221

186228206221176

188177

163191200186176177

179191203195194204

205188187180178171

174171172167164165

Prices paid

Fam-ilyliv-in?

items

154

144124106108122

124124128122120

121130149166175

182202237251243

246268271270274

273278

273271273274274274

274273272274273273

272272274274278280

282281279279281282

Pro-duc-tionitems

146

1351139999114

122122132122121

123130148164173

176191224250238

246273274253252

249249

253255256254251250

248247246246244243

246245246248250248

248250252250252252

Parityindex(pricespaid,inter-est,

taxes,andwagerates)

160

151130112109120

124124131124123

124133152171182

190208240260251

256282287279281

281286

283283284284282282

281280279280279278

281280282284286286

287288287287289289

Par-ity

ratio *

92

8367586475

8892937877

8193105113108

109113115110100

1011071009289

8483

868685878685

848384828080

808181838586

858282828182

1 Includes items not shown separately.* For fresh market.» Percentage ratio of index of prices received by farmers for all farm products to parity index.* Includes wartime subsidy payments.Source: Department of Agriculture.

i go


TABLE E-62.—Comparative balance sheet of agriculture, 1940-57


Beginningof year

1940-1941-1942-1943-1944-

1945-1946-1947-1948-1949-

1950-1951-1952-1953-1954-

1955-1956-1957 3.

Assets

TotalReal

estate

53.855.863.374.485.1

94.7103.8115.7127.0133.8

133.5151.3167.2164.8161.5

166.5170.2176.0

33.634.437.541.648.2

53.961.068.573.776.6

75.386.898.096.694.7

98.8102.7106.4

Other physical

Live-stock

5.15.37.19.69.7

9.09.7

11.913.314.4

13.917.119.514.811.7

11.210.8(<)

Ma-chin-eryand

motorvehi-cles

3.13.34.04.95.3

6.35.25.16.99.3

11.212.814.915.415.9

16.016.6

Crops

House-holdfur-nish-ingsand

equip-ment2

2.73.03.85.16.1

6.76.37.19.08.6

7.67.98.89.09.2

9.68.3

Depos-itsandcur-

rency

4.34.34.54.64.6

4.74.85.36.16.9

7.78.69.3

10.010.6

11.111.5

Financial

3.94.25.06.57.9

9.511.312.211.911.5

10.910.911.311.311.3

11.311.3

U.S.Savingsbonds

Invest-mentin co-opera-tives

0.3.4.5

1.12.2

3.44.14.14.44.6

4.84.94.95.05.2

5.45.6

(*)

0.8

1.01.1

1.21.41.51.71.9

2.12.32.52.72.9

3.13.3

Claims

Total

53.855.863.374.485.1

94.7103.8115.7127.0133.8

133.5151.3167.2164.8161.5

166.5170.2176.0

Realestatedebt

6.66.56.46.05.4

4.94,4.95.15.3

5.66.16.67.27.7

8.29.09.8

Otherdebt

3.43.94.14.03.5

3.43.23.64.26.1

6.97.07.98.89.4

9.59.8

10.9

Pro-prie-tors*equi-ties

43.845.452.864.476.2

86.495.8

107.2117.7122.4

121.0138.2152. 7148.8144.4

148.8151.4155.3

1 Includes all crops held on farms for whatever purpose and crops held off farms as security for CommodityCredit Corporation loans. The latter on January 1,1956, totaled 1.4 billion dollars.

2 Estimated valuation for 1940, plus purchases minus depreciation since then.* Preliminary.* Not available.

NOTE:—-Detail will not necessarily add to totals because of rounding.



TABLE E-63.—Selected indicators of farm conditions, 1929-56

PeriodNumberof farms(thou-sands)

Percentof allfarmswith

centralstation

electricalservice 1

Beal estatedebt as

percent ofvalue of

real estate(percent) 2

Foreclosurerate per

1,000farms3

Productionexpenses

as percentof totalgrossfarm

income(percent)4

Incomeof farm

populationfrom

farmingas percentof incomefrom allsources

(percent) s

Parityratio «

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 8-

6,512

6,5466,6086,6876.7416,776

6,8146,7396,6366,5276,441

6.3506.2936,2026.0896,003

5 9675 9275,8735.8045,723

5,6485,5205,3605,2405,100

5,0004,900

10.912.315.819.122.1

30.434.938.340.342.2

45.754.361.068.678.2

77.284.288.190.892.3

93.494.2

20.3

20.121.524.527.523.9

22.821.720.319.819.9

19.618.917.014.311.2

9.27.87.26.96.9

7.47.06.97.48.1

14.8

15.718.728.438.828.0

21.020.318.114.313.4

12.510.46.14.33.0

.5

.1

.0

.2

.4

.5

.6

.31.7

2.02.3

55.4

61.962.268.662.661.4

48.856.350.257.057.9

59.653.950.049.350.8

51.049.052.151.358.2

58.458.059.861.663.2

65.2

64.3

74.568.373.068.967. 5

66.270.674.575.975.2

76.979.578.079.473.8

74.576.373.671.671.4

67.8

92

8367586475

92937877

8193105113108

109113115110100

1011071009289

8483

i Data are for June 30, except for the Census of Agriculture years, as follows: January 1,1935 and 1945and April 1, 1940 and 1950.

i Data are for January 1.3 Data are for year ended March 15.* Total gross farm income including Government payments and the net change in inventories.* Income from farming is net incorre of farm operators (including Government payments and the net

change in inventories) and farm wages of farm resident workers.* Percentage ratio of index of prices received by farmers to parity index (prices paid, interest, taxes, and

wage rates).7 Not available.* Preliminary.


192


TABLE E-64.—Selected measures of farm technology, 1929-56

Period

Specified machines on farms (January 1)

Trac-tors i

Auto-mobiles

Motor-trucks

Farmswith

milkingma-

chines

Graincom-bines

Cornpickers

Feedused by

farmhorsesand

mules2

Live-stock

produc-tionper

breed-ing

unit 3

Crop production

Perman-hour

Ferti-lizeruse

Thousands Index, 1947-49=100

1929

19301931193219331934

193519361937....19381939

19401941194219431944

1945__._1946194719481949

19501951195219531954

1955..._1956 8

827

5 920997

1,0221,0191,016

1,0481,1251,2301,3701,445

8 1, 5451,6651,8602,0552,160

5 2,3542,4802,6132,8213,123

«3,3943,6783,9074,1004,243

7 4,3454,450

3,970

5 4,1354,0773,7983,3993, 399

3,6423,7353,9624,1094,030

5 4,1444,3304,6704,3504,185

5 4,1484,2604,3504,2254,290

s 4,1994,2204,2304,2404,250

4,2584,260

840

5 900920910865875

890923990

1,0421,020

« 1,0471,0951,1601,2801,385

51,4901,5501,7001,9002,065

5 2, 2072,3102,4102,5202,610

2,7012,800

(4)

100(4)(4)(4)(4)

(4)(4)(4)(4)(4)

175210255275300

6 365440525575610

6 636655675690705

712715

(4)

61(4)(*)(4)(4)

(4)(4)(4)(4)(4)

190225275320345

6 375420465535620

6 714810887930965

9801,000

50

110120130138146

168203236299372

5 456522588630660

700

227

219212204198194

191186182176171

167162155148140

13112211010090

8274645751

4339

84

8586858477

8486879191

9298989592

96949799

104

104107108111112

114117

53

5256575149

5852626565

6973797781

869291

105104

115112121123128

133139

79

7583797159

7665888585

8890

1009196

9510195

10699

9899

103102101

106108

(*)

4132212428

3237434143

4751576573

77909599106

120130146153163

167171

i Excludes steam and garden tractors.3 Hay and concentrates only.3 Excludes horses and mules.* Not available.6 Census of Agriculture. Census dates: January 1,1945 and April 1,1930,1940, and 1950.6 Census of Agriculture of 1940 reported 1,567,430 tractors on farms April 1. The figure shown here is an

adjusted census figure to make allowance for tractors added to the number on farms between January 1and April 1. Similar adjustments for other census years were not considered worthwhile.

7 Census of Agriculture, November 1954.8 Preliminary.Source: Department of Agriculture.

193


INTERNATIONAL TRANSACTIONS

TABLE E-65.—United States balance of payments, 1952-56

Excluding transfers under military grant programs


Item 1952 1953 1954 1955First 3 quarters

1955 1956

Exports of goods and services: Total.

Merchandise, adjusted, excludingmilitary _.

TransportationTravelMiscellaneous services_._Military transactionsIncome on investments:

Direct investmentsOther privateGovernment

Imports of goods and services: Total.

Merchandise, adjusted, excludingmilitary.. __

Transportation . _TravelMiscellaneous services, excluding mil-

itary _Military expendituresIncome on investments:

PrivateGovernment

Balance on goods and services, excludingmilitaiy transfers

Unilateral transfers, excluding military:T o t a l - -

Private remittances-Government

United States capital, net: Total-

Private, net: Tota l . . --

Direct investments, net-.New issues.RedemptionsOther long-term, netShort-term, net

Government, net: Total-

Long-term capital, outflowRepaymentsShort-term, net

Foreign capital, net

Gold sales [purchases (-)]-

Foreign capital and gold..

Errors and omissions

18,058

13,3191,488

511912

1,419205204

15,688

10,8381,115

811

5771,957

64

2,370

-2,534

- 4 4 6- 2 , 0 8 8

- 1 , 5 7 8

- 1 , 1 5 8

- 8 5 0- 2 8 6

666

- 9 4

- 4 2 0

- 8 4 7429- 2

1,612

- 3 7 9

1,233

509

17,081

12,2941,198

574913192

1,442216252

16,644

10,9901,081

6592,535

36486

437

-2,454

- 4 7 6- 1 , 9 7 8

- 5 8 7

- 7 2 1- 2 7 0

139316167

- 2 1 8

- 7 1 6487

11

1,147

1,161

2,308

296

17,938

12,8141,171

179

1,725230272

16,088

10,3541,0261,009

6772,603

36059

1,850

-2,262

- 4 8 6- 1 , 7 7 6

- 1 , 5 2 6

- 1 , 619

- 6 6 4- 3 0 9

124- 1 3 5- 6 3 5

93

- 3 0 6507

- 1 0 8

1,462

298

1,760

178

19,915 14,474

14,2641,336645956202

1,978260274

10,421985501694150

1,376189158

17,923

11,5161,2021,155

7342,804

41894

1,992

-2,462

- 4 5 6- 2 , 0 0 6

- 1 , 4 5 5

- 1 , 1 5 3

- 6 7 9- 1 2 4

203- 3 5 9- 1 9 4

-302

- 3 7 5416

- 3 4 3

1,433

41

1,474

451

13,265

8,400901

5482,113

30463

1,209

- 1 , 8 8 8

- 3 3 0- 1 , 5 5 8

- 9 3 9

- 6 5 1

- 4 6 7- 9 8182

- 2 4 5- 2 3

- 2 8 8

- 2 7 1259

- 2 7 6

1,210

49

1,259

359

16,906

12,4171,184

554722117

1,525235152

14, 931

9,5561,1011,043

5872,204

334106

1,975

-1,682

-372-1,310

-2,423

-1.912

-1.139-298117

-334-258

-511

-402308

-417

1,961

-278

1,683

447


194


TABLE E—66.—United States balance of payments with individual areas, 1952—56



Area and type of transaction 1952

4,803

2,659709

1,16482189

4,007

3,955

52

-796

3,465

2,539188

5599683

2,842

2,847

-5

-623

3,429

2,835150

642513

3,926

3,855

71

497

1953

4,835

2,9431,047

736-110219

3,465

3,402

63

-1,370

3,272

2,424289

4214593

2,623

2,567

56

-649

3,546

2,961192

537711

4,132

4,066

66

586

1954

5,055

2.8301,196

74505189

3,946

3,865

81

-1,109

3,174

2,279417

16421797

2,939

2,804

135

-235

3,493

2,851194

-24437

3,812

3,830

-18

319

1955First 3 quarters

1955 1956

Continental Western Europe and depend-encies:

United States payments: Total

Nonmilitary imports of goods andservices

Military expenditures abroadGovernment grants and capital,

excluding military aid transfers-Private investments, netOther payments, net

Foreign payments to the UnitedStates: Total

Purchases of goods and services 1-Lo rig-term investments in the

United States _

Balance _._

Sterling area:United States payments: Total.




Foreign payments to the UnitedStates: Total _ _._

Purchases of goods and services.__Long-term investments in the

United States

Balance

Canada:United States payments: Total





Purchases of goods and services...Long-term investments in the

United States

Balance


5,855

3,2791,368

789203216

4,750

4,549

201

-1,105

3,561

2,635464

30361

3,424

3,322

102

-137

3,756

3,224216

- 931015

4,400

4,402

- 2

644

4,340

2,3681,060

634125153

3,510

3,335

175

-830

2,630

1,985328

287- 4 1

71

2,395

2,307

88

-235

2,761

2,399160

19212

3,210

3,215

- 5

449

4,792

2,874

440301181

4,289

4,141

148

-503

3,344

2,193440

275363

73

2,638

2,497

141

-706

3,481

2,609182

- 568510

3,927

3,855

72

446

195


TABLE E—66.—United States balance of payments with individual areas, 1952—56—Continued



Area and type of transaction 1952 1953 1954 1955First 3 quarters

1955 1956

Latin America:United States payments: Total.




Foreign paymentsStates: Total

to the United

Purchases of goods and services.._Long-term investments in the

United States - -

Balance _Other countries:

United States payments: TotaL



excluding military aid transfers.Private investments, net .Other payments, net

Foreign paymentsStates: Total

to the United

Purchase of goods and servicesLont-term investments in the

United States.

Balance..

International institutions:United States payments: Total..



excluding military aid transfers.Private investments, netOther payments, net


Purchases of goods and services...Long-term investments in the

United States

Balance..

4,805

4,21429

8741857

4,839

4,823

16

34

3,064

1,435881

49818

232

2,507

2,506

1

-557

234

49

4,621

4,32227

373-133

32

4,396

4,382

14

-225

3,255

1,411

429173262

2,596

2,597

- 1

-659

156

4,823

4,18424

76501

4,711

4,679

32

-112

3,137

1,304772

510267284

2,677

2,673

4

-460

194

37

4,824

4,31321

12132940

4,844

4,822

22

20

3,701

1,631735

223228

2,743

2,734

9

-958

143

37

11961

-156

97

87

10

-97

12

- 4 5

3,501

3,16615

11117930

3,532

3,515

17

31

2,740

1,200550

644177169

2,043

2,036

7

-697

120

34

76

10

4,205

3,61520

13839141

4,025

4,012

13

-180

3,064

1,392566

784156166

2,341

2,334

7

-723

150

44

9016

75

67

8

- 7 5

i Special category exports to European Sterling area countries and dependencies are included In conti-nental Europe and to "other" Sterling area countries, in "other countries."


196


TABLE E-67.—United States grants of military supplies and services, by areas, total postwarperiod and fiscal years 1952-56

[Fiscal years, millions of dollars]

AreaTotal

postwarperiod1

18,051

242

17,809

10,9222,2734,176

262174

1952

1,854

66

1,789

1,13121828211543

1953

4,380

62

4,318

3,1763147722135

1954

3,542

9

3,533

2,3623827264518

1955

2,566

10

2,556

1,6062895984320

1956

Gross military grants2

Less: Reverse grants and returns -

Equals: Net military grants2

Western Europe (excluding Greece and Turkey)2 .Near East (including Greece, Turkey, and Africa).Other Asia and Pacific - --American Republics -Unspecified

3,056

12

3,044

1,8573867403823

1 Postwar period covers July 1,1945, through June 30,1956.2 Includes cash contributions to the multilateral-construction program of the North Atlantic Treaty

Organization.



197


TABLE E-68.—United States grants and credits, excluding military supplies and services, byareas, total postwar period and fiscal years 1952—56


Item TotalNorth-westernEurope *

South-ern

Europe 2

EuropeanInterna-tional

institu-tions 3

Indo-China,Korea,

andFormosa

Rest ofworld 5

Gross new grants:Total postwar period s_.Fiscal year 1952.Fiscal year 1953-Fiscal year 1954Fiscal year 1955Fiscal year 1956

Reverse grants and returns on grants:Total postwar period •Fiscal year 1952. _Fiscal year 1953Fiscal year 1954.Fiscal year 1955Fiscal year 1956

Net new grants:Total postwar period *Fiscal year 1952Fiscal year 1953Fiscal year 1954Fj^calyear 1955Fiscal year 1956

New credits, excluding prior grants con-verted into credits:

Total postwar period 6

Fiscal year 1952Fiscal year 1953..Fiscal year 1954Fiscal year 1955Fiscal year 1956

Repayments:Total postwar period 6_Fiscal year 1952Fiscal year 1953.Fiscal year 1954Fiscal year 1955Fiscal year 1956

Net new credits:Total postwar period 8 .Fiscal year 1952Fiscal year 1953.. _Fiscal year 1954Fiscal year 1955Fiscal year 1956.

Prior grants converted into credits:Total postwar period 6

Fiscal year 1952Fiscal year 1953Fiscal year 1954 »Fiscal year 1955Fiscal year 1956

31,0452,5942,0411,6762,0261,708

1,405103105855364

29,6402,4911,9371,5921,9731,644

12,589659635624444472

3,899326528501460511

8,690332106124-16-40

2,256

15,0231,161932686749295

92758635421

5

14,096•1,104

868632727290

7,811201217129

7

1,910208359328186239

5,902- 8

-142-199-186-233

5,100563473288296301

2462931262848

4,853535442262268253

9537536371283

2983643414532

65539

- 7- 4

- 3 351

240187

(0

240187

100

100

100

100

1,000 1,000

Total net grants and eredits:Total postwar period 6

Fiscal year 1952Fiscal year 1953Fiscal year 1954Fiscal year 1955Fiscal year 1956

38,3302,8232,0431,7151,9571,604

19, 9981,09672643354257

5,509574435259236304

340187

11001

3,216275311270532580

3,189273 I309268532571

247

43

12922111

118- 2- 2-1- 142

60

3,307271307267531612

7,467407326431448532

205159332

7,261392317428446530

3,478383383458332340

:,56280124131229239

1,915303258328103101

236

9,177695575756549

1Includes Austria, Belgium-Luxembourg, Denmark, Finland, France, Germany, Iceland, Ireland,Netherlands, Norway, Sweden, and the United Kingdom.

2 Includes Greece, Italy and Trieste, Portugal, Spain, Turkey, and Yugoslavia.8 Includes European Coal and Steel Community, European Payments Union, and European Produc-

tivity Agency.* Includes United States contribution to U. N. Korean Reconstruction and Relief Administration.«Includes other international organizations outside Western Europe.«Postwar period covers July 1, 1945, through June 30, 1956. Excludes United States subscription to

International Bank for Reconstruction and Development and International Monetary Fund.r Less than $500,000.



198


TABLE E-69.—United States merchandise exports and imports for consumption, by leadingcommodities, 7936—38 average and 1952-56


Commodity l

Exports of United States merchandise: Total-

Nonmilitary exports: Total2

Agricultural commoditiesNonagricultural commodities *

Exports, excluding "special category"commodities: Total3

Agricultural commodities: Total.

Raw cotton, excluding lintersVegetable oils, fats, and oilseeds4

Tobacco, unmanufactured .-.Wheat, including flourOther grains and preparations._..Other agricultural commodities..

Nonagricultural commodities: Total«_.

Machinery ».__Automobiles, parts, and accessories B

Chemicals and related products •Textile manufacturesIron and steel-mill products, excluding scrap. _.Iron and steel scrap _Petroleum and products »Coal.Nonferrous metals, including ferroalloys..Other nonagricultural commodities •

Imports for consumption: Total

Agricultural commodities: Total.

Coffee _Cane sugar _Cocoa or cocao beansOther foodstuffs.Crude rubberWool, unmanufacturedOther agricultural commodities.

Nonagricultural commodities: Total..

Nonferrous metals and ferroalloys...Petroleum and productsPaper and paper-base stocksTextile manufacturesMachinery and vehiclesSawmill productsChemicals and related productsFish, including shellfishIron and steel-mill products, excluding scrap.Iron ore and concentratesOther nonagricultural commodities

1936-38

aver-

2,925

7782,147

778

3135

1436254

201

2,147

44029212987

15148

34456

114

2,461

1,260

14115235

32317957

373

1,201

17842

22117421188731195

405

1952

15,049

13,051

3,4319, 620

12, 434

3,431

862158246942541682

9,003

2,71298780166061011572494219

1,937

10, 747

4,519

1,376416178890619382

6,228

1, 56369292851335422224418120983

1,239

1953

15, 652

12,141

2,8479,293

11, 525

2, 847

517173341589470757

8,677

2,74796380064048510498335176

2,023

10,779

4,185

1,469425167908332296588

6, 594

1,66276293746435323629319425197

1,345

1954

14,978

12,723

3,0549,669

12,120

3,054

780306304427323914

9,066

2,5951,03698362146551431304305

2,275

10,240

3,973

411252827262223512

6,267

1,392829926440359252249210116119

1,375

1955

15, 413

14,157

3,19710,960

13,501

3,197

469324356481459

1,108

10,304

2,8231,2381,077615644174442485317

2,489

11,335

3,9821,357415185798442260525

7,353

1,5281,025985585438323255214145177

1,678

January-October

1955 1956

12, 708

11,609

2,5919,018

11,064

2,591

413227284415371881

8,473

2,3081,019

889512518141374394263

2,055

9,283

3,3001,095

368158662357224436

5,983

1,236823807478361277212174114150

1,351

15,303

13,837

3,2P510, 572

13,246

3,265

493333

4311,096

9,981

2,8651,1151,033518619222382603323

2,301

10,442

3,3921,228403127652331213438

7,050

1,4091,054912546515264225203177215

1,530

1 Commodity data for 1936-38 and 1952-55 have been adjusted to conform as nearly as possible to 1956statistical classifications. The distributions of nonagricultural exports by principal commodities, however,are based on total exports for 1936-38 and on exports excluding "special category" items in 1952 and laterperiods. (See note 3.)

2 Data represent total exports minus shipments of military equipment and supplies by the Departmentof Defense under the Mutual Security Program. Commodity breakdowns of nonmilitary exports are notavailable.

* "Special category" commodities are those to which security restrictions apply as regards publication ofdetailed export statistics.

4 Data exclude essential oils.« Data for 1952 and later periods exclude "special category" exports.

NDTE.—Detail will not necessarily add to totals because of rounding.


199


TABLE E-70.—Estimated gold reserves and dollar holdings of foreign countries,1937 and 1949-56


End of year

1937

1949

1950. _1951._19521953 . ._1954

19551956 i _

Allforeign

countries

15.1

15.8

19.919.821.223.725.7

27.529.1

Sterling area

Total

4.9

2.8

4.63.93.54.34.4

4.04.2

UnitedKing-dom

4.4

2.0

3.72.92.53.23.4

2.93.1

Conti-nentalOEEC

countriesand

depend-encies

6.8

6.1

7.07.28.5

10.111.6

13.214.1

OtherEuropeancountries

1.0

.6

.5

.5

.5

.6

.6

.7

.6

Canada

0.4

1.5

2.12.32.62.52.7

2.62.9

LatinAmericanRepublics

1.0

3.1

3.53.43.43.73.8

4.04.2

Allother

countries

1.0

1.7

2.22.52.72.52.6

3.03.1

i As of September 30.

NOTE.—Includes gold reserves and dollar holdings of all foreign countries with the exception of U. S. S. R.gold reserves. Holdings of the Bank for International Settlements (both for its own and EPU accounts)aad of the Tripartite Commission for Restitution of Monetary Gold are included with the holdings ofcontinental OEEC countries and dependencies. Figures represent (1) reported and estimated gold reservesof central banks and governments, and (2) official and private short-term dollar holdings reported by banksin the United States, including foreign-held deposits, U. S. Government securities and certain othershort-term liabilities to foreigners, and (3) estimated holdings of U. S. Government bonds and notes withoriginal maturities of more than one year. Figures for 1937 are not strictly comparable with those forsubsequent years owing to exclusion of long-term U. S. Government bonds and notes.

Source: Board of Governors of the Federal Reserve System.

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