SCB_081958

AUGUST 1958

ism

V. S. DEPARTMENT OF COMMERCE

OFFICE OF BUSINESS ECONOMICS

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

SURVEY OF CUKRENT BUSINESS

No. 8

AUGUST 1958

omen,

THE BUSINESS SITUATIONPAGE

General Summary ......... , ................ . ..... . . . . . 1

National Income and Product in the Second Quarter . . . 2Growth in Business Concerns .......................... 24

* * *

SPECIAL ARTICLERegional Income Distribution in 1957 ......... . ........ 8

Summaries of Regional Developments ...... . , . . . , 9

State Change by Industries ............. . . . . , . , . . . 11

Disposable Income by States and Regions ......... . 12

Industrial Sources of Income in Each State ........ 14

* * *

MONTHLY BUSINESS STATISTICS ..... S-l to S-40Statistical Index . . . ............. Inside back cover

Published monthly by the U. S. Department of Commerce, SINCLAIR WEEKS,Secretary. Office of Business Economics, M. JOSEPH MEEHAN,Director. Subscription price, including weekly statistical supplement, is$4.00 a year; foreign mailings $5.75. Single copy, 30 cents. Send remit"tances to any Department of Commerce Field Office or to the Superintendent ofDocuments, United States Government Printing Office, Washington 25, D. C.Special subscription arrangements, including changes of address, should bemade directly with the Superintendent of Documents. Make checks payableto Superintendent of Documents.

U. S. DEPARTMENT OF COMMERCEFIELD SERVICE

Albuquerque, N. Mex.321 Post Office Bldg.

Tel. 7-0311

Atlanta 3, Ga.66 Luckie St. NW.

JAckson 2-4121

Boston 9, Mass.U. S. Post Office andCourthouse Bldg.

Liberty 2-5600

Buffalo 3, N. Y.117 Ellicott St.

MAdison 4216

Charleston 4, S. C.Area 2,Sergeant Jasper Bldg.

Tel. 2-7771

Cheyenne, Wyo.207 Majestic BJdg.

Tel. 8-8931

Chicago 6, 111.226 W. Jackson Blvd.

ANdover 3-3600

Cincinnati 2, Ohio36 E. 4th St.

D Unbar 1-2200

Cleveland 1, OhioE.6th St. & Superior Ave.CHerry 1-7900

Dallas 1, Tex.500 South Ervay St.

Riverside 8-5611

Denver 2, Colo.19th & Stout St.

KEystone 4-4151

Detroit 26, Mich.438 Federal Bldg.

WOodward 3-9330

Greensboro, N. C.407 U. S. Post OfficeBldg.

Tel. 3-8234

Houston 2, Tex.405 Main St.

CApitol2-7201

Jacksonville 1, Fla.311 W. Monroe St.

ELgin 4-7111

Kansas City 6, Mo.911 Walnut St.

BAltimore 1-7000

Los Angeles 15, Calif.1031 S. Broadway

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Memphis 3, Tenn.22 North Front St.

JAckson 6 3426

Miami 32, Fla.300 NE. First Are.

FRanklin 9-5431

Minneapolis 1, Minn.2d Ave. South and3d St.

FEderal 2-3244

New Orleans 12, La.333 St. Charles Ave.

EXpress 2411

New York 1, N. Y350 Fifth Ave.

LOngacre 3-3377

Philadelphia 7, Pa.1015 Chestnut St.

WAlnut 3-2400

Phoenix, Ariz.137 N. Second Ave.

ALpine 8-5851

Pittsburgh 22, Pa.107 Sixth St.

GRant 1-5370

Portland 4, Oreg.520 SW. Morrison St.

CApitol 6-3361

Reno, Nev.1479 Wells Ave.

Tel. 2-7133

Richmond 19, Va.llth and Main St,

Milton 4-9*71

St. Louis 1, Mo.1114 Market St.

MAin 1-8100

Salt Lake City 1, Utah222 SW. Temple St.

EMpire 4-2552

San Francisco 11, Calif.555 Battery St.

YUkon 6-3111

Savannah, Ga.125-29 Bull St.

ADams 2-4755

Seattle 4, Wash.909 First Ave.

MUtual 2-3300


AUGUST 1958

fr

Production and Final Demand*

Decline arrested in second quarter

Billion Dollars

450

400

350

Gross National Product

Fixed investment decline continued .. .

+50Fixed Investment

Change in Inventories

300

250

but Consumption rose slightly with the upturn inpersonal income...

200

and Government Purchases continued to advance

100

501953 54 55 56 57 58

QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATESU. S. Department of Commerce, Office of Business Economics 58 - 16 -

By the Office of Business Economics

BUSINESS activity maintained a firm tone in July,after allowance for the usual summer seasonal slack. Suchbroad business indicators as consumer income, employment,and industrial production were above the monthly averagesfor the second quarter.

The flow of personal income in July moved ahead of lastsummer's high. This latest monthly advance stemmed froma rise in private wages and salaries, and an increase inGovernment payments to meet the increase in base salariesof Government civilian employees and to supplement Stateunemployment compensation payments by Federal funds.Income earned in current production is still below the 1957peak as output is lower, and both employee and businessearnings are down.

The explanation of the new top in personal income liesin the sharp increase over last summer in Governmenttransfer payments which represents the higher flow of un-employment benefits and the higher payments enacted intolaw under other social security programs; the improvementover the past year in farm income; the maintenance of thecorporate dividend flow to individuals despite the sharpdrop in corporation profits with the fall in sales and thereduction in profit margins; and, finally, the rise in wagerates which has proceeded rather steadily in the past year.This advance in wage rates has been associated with thecontinued rise in the cost of living, negotiated advancesunder wage contracts, and recently the increase in Govern-ment salaries to bring them into line with higher livingcosts and the increase in private wage scales since the lastreadjustment of Federal basic pay schedules some years ago.

Personal income flow higherJuly personal income, at an annual rate of $354% billion,

(without inclusion of the lump-sum retroactive salarypayments to Federal employees) was up by some $2 billionover June and the previous high of last August. For thefirst 7 months of 1958, total personal income amounted to$350 billion at an annual rate, compared with $346 billionin the like period of 1957. Living costs averaged higher, andin purchasing power terms income was off somewhat.

While the overall flow of personal income has been wellsustained in the period of business recession over the pastyear and about the usual portion of it has been spent, buyingof durable goods has been lowered as consumers evidencedless willingness to incur debt for the purchase of large-ticket items.

Consumer buying at retail stores in July, seasonally ad-justed, held steady at the June rate. Durable-goods storessales leveled off following a steady decline which broughtthese sales to a point more than 10 percent below a year ago.Unit auto sales continued to run one-fourth below last year.Nondurable-goods sales have moved gradually upward.


SURVEY OF CURRENT BUSINESS August 1958

Consumer credit expanded less than usual from May toJune. The entire increase was ascribable to personal in-stallment and single payment loans. The type of creditmore closely associated with purchases of goods and servicesregistered a fractional decline from May and was belowJune 1957, due to the shrinkage in automobile installmentpaper outstanding.

Employment and outputEmployment in nonagricultural establishments in July

showed a small increase over the June volume, with all ofthe major industries remaining firm or up a little, afterallowances for the usual seasonal influences. In manufac-turing, gains were registered by nearly all the durable-goodsindustries. The chief exception was the transportationequipment group, where employment dropped as automobileplants began closing for an earlier than usual model change-over.

The employment rise in industrial plants reflected exten-sion of the recovery in industrial output. With minor ex-ceptions, increases were widespread among the major durable-goods industries. Steel ingot production in the first part ofAugust at 60 percent of capacity maintained its steady climbfrom the low point of early July. Output of nondurable-goods industries in July continued the slow rise of recentmonths. From the spring low of 126 the Federal Reserveindustrial production index advanced to 133 in July, com-pared with 145 in July 1957.

This moderate recovery in output reflects some improve-ment in the flow of new business, particularly in the durable-goods industries, which had experienced the brunt of therecession, and reflects the slackening pace of inventory re-duction and the acceleration of awards of defense contractsparticularly in Junewhich has generated substantialamounts of new business. The cumulative effects of thesevarious forces have been especially noticeable in the primaryand fabricated metal areas. Here, a May rise had beenpartially discounted as anticipatory buying prior to an ex-pected price rise, but in June new business for these producersadvanced againthis time by a sixth. The June increasein aircraft orders was sharp with the fiscal year-end place-ments of military contracts, but in machinery movementswere mixed. Nonelectrical machinery producers' orders haveheld relatively firm in recent months while those of electricalmachinery manufacturers have shown substantial fluctua-tionsin June dropping back to the April volume.

New orders in June continued well below a year ago anddid not match the rate of shipments. However, the declinein backlogs moderated from the pace of earlier months this

year. Electrical machinery firms recorded an increase inunfilled orders, while in the fabricated metals and buildingmaterials industries backlogs stabilized. Reductions in Junewere confined to the primary metal and nonelectrical ma-chinery groups.

Price movementsThe latest data show that the gradual rise of prices is

continuing in most markets. The chief exception was theJuly seasonal downward movement in farm markets whichwas also influenced by the generally heavier 1958 suppltjand production prospects for both crops and animals andanimal products. International developments which in-cluded the deployment of United States and United Kingdommilitary forces in the Middle East did not have any majoiimpact upon prices generally.

Industrial commodity prices in general maintained theirgradual upward rise in July. Leading steel producers an-nounced price advances averaging about 3 percent on abroad list of steel products.

Table 1.Wholesale Prices Grouped According to Origin[Indexes: 1947-49=100]

All wholesale commoditiesRaw materials or semimanufactures__M anuf actur esAgricultural products _

Raw or semimanufactured.Manufactured or processed

Nonagricultural productsRaw or semimanufacturedM anuf actured

June1953

109. 5104.1111.699.894.4

103.1

U8.0116.6118 4

June1954

110 0

102.6112.8100 793.6

105 0118 2114.0119 5

June1955

110.3103.2113.198.291.3

102.4

120 8118.4121 5

June1956

114 2

105.5117.597.990.4

102 4

127 7124.5128 7

June1957

117 4

106.1121.699.090.5

104.2132 6125.5134 6

June1958

119 '

107.:123.'103.94.

109

1' '122.135

Source: Bureau of Labor Statistics data rearranged by Office of Business Economics.

Consumer prices in June were little changed frombut the index at 123.7 (1947-49 = 100) was nearly 3 perceirabove June 1957. Food prices, which have been prominenin the upward trend of living costs for the past 2 years, remained unchanged for the third successive month.

The arrangement of wholesale price indexes in the accompany ing table shows the differential price movement:according to the origin of the materials. Most importantof course, is to separate agricultural from nonagriculturamaterials because of the very different supply and demancconditions affecting their markets.

National Income and Product in Second QuarterECONOMIC activity leveled out in the second quarterafter the sharp contraction of the preceding half-year. Thenational income and product aggregates showed little changefrom the initial quarter of 1958, particularly after allowancefor the further slight rise in prices.

At an annual rate of $429 billion, gross national productin the second quarter was up $3 billion, following the $20billion drop of the two preceding quarters. The flow ofincomes reflected a stabilization of employee compensation

and no clear-cut changes in most other income shares.On the demand side, there was some increase in persona

consumption, although the dynamic durable-goods portio]showed a moderate decline following upon the sharp curtailment over the two preceding quarters. Domestic investment, which had slid off rapidly after the summer of 1957experienced little net change in the second quarter. Developments in this key area included the continued decline obusiness investment in plant and equipment, a furtheDigitized for FRASER

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

August 1958 SURVEY OF CURRENT BUSINESS

liquidation of inventoriesthough at a slackened rate inthe final month of the quarterand some evidences of basicimprovement in the initiation of residential building.

Government demand for goods and services picked up asthe enlarged programs instituted in earlier months began tobe reflected in the purchasing totals, reinforcing the trendof State and local buying which had moved steadily aheadduring the entire period of the 1957-58 recession.

The influence of government has been exerted not onlythrough direct purchases, but also indirectly. An importantexample is furnished by the rising flow of transfer paymentsfrom unemployment and other social security funds. Also

- to be noted is the lowering of the tax-take from business ascorporate profits shrank.

The cut in national output and income was transmittedonly in limited measure to personal income. First-quarterearnings from current production were $18 billion below lastsummer's annual rate, with profits off $12 billion and pay-rolls down $6 billion. As government transfer paymentsexpanded and dividends were maintained despite the cut inprofits, personal income declined only one-fourth as much asnational income through the first quarter and swung up inthe spring quarter to cancel over half of the previous reduc-tion. As noted in the business review section, by Julypersonal income was above last year's peak.

Consumer demandAt their low point during the winter, consumer outlays

for goods and services were $2 billion under last summer'shigh; all of this limited decline was recovered in the secondquarter. For the period as a whole, increased expendituresfor nondurable goods and services offset the reduction in

, autos and household durables. (See chart.)Sales of new cars continued at a slow pace, about one-

fourth under 1957. Total GNP associated with automotivedemandfinal sales to consumers and business users pluschange in inventoriesdeclined further as reductions indealer stocks accelerated. Automotive GNP had fallen$6/2 billion from the third quarter of 1957 to the first quarterof 1958, accounting for close to one-third of the total declinein national output.

Consumer outlays for durable household goods, whichhad been fairly stable at $17 billion for several years, havetapered slightly since last summer.

Nondurable goods expenditures moved up again in thespring. Outlays for clothing and shoes held at a $24 billionannual rate, after having dipped with the onset of the reces-sion and declined further in the winter. Food expenditurescontinued to reflect the higher prices which have also beena factor in the cost-of-living rise. Spending for consumerservices, characterized by its usual short-run insensitivityto income fluctuations, moved somewhat higher.

Investment Decline Moderates

The leveling off in investment last spring following aperiod of sharp contraction is evident from the accompanyingtable. The major part of the slackening in the rate of declinecame from the inventory change component, where liquida-tion was not quite so great as in the first quarter. The dropin fixed investment also slowed.

Inventory liquidationIn the aggregate, final purchasers in the second quarter

were still absorbing goods at an annual rate $8 billion inexcess of production.

By the end of June, three consecutive quarters of liquida-tion had cut nonfarm inventories 5 percent from their Sep-tember 1957 high. During the September-March period,sales had declined more than inventories, and stock-salesratios rose. With sales up and inventories off since then,the ratios have tended to fall, and by mid-1958 differedlittle on the average from a year earlier.

Inventory reductions last spring continued to featureheavy cuts in manufacturing, centering in durable goodslines. (See chart.)

The liquidation in durables manufacturing proceeded atabout the first-quarter pace, with further cuts in the holdingsof automotive, machinery, and fabricated metals producers,arid a downturn in stocks in the primary metals group.

Among nondurables manufactures, liquidation developedin the chemicals group and accelerated in petroleumwheremuch of it had previously occurredand in textiles. Inall these cases, sales have firmed recently.

Trade stocks declined less in the second quarter thanin the first. Except for passenger car stocks, liquidation ofwhich accelerated, there was a rather general tendency for

Changes in Nonfarm InventoriesBillior

0

-5

-10

0

-5

-10

i Dollars

Liquidation continued inManufacturing and Trade . . .

- Manufacturing

Trade -

111:::

1$$$$$!

m

and centered in durable goods

Durables -" % -BBBI

Nondurables BHBHI

is i n

*

1957 1958 1958QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES

U. S. Department of Commerce, Office of Business Economics 58 - 16-3


SURVEY OF CURRENT BUSINESS August 1958

trade inventories of durables and nondurables alike to leveloff or turn upward.

Tapering of decline in fixed investmentThe second-quarter decline in business fixed investment

was less severe than in the preceding quarter, according tothe survey of plant and equipment expenditures conductedlate in the spring. The survey data for this quarter restin part on business anticipations; and such anticipationsreported previously for the fourth and first quarters werenot fully realized.

Changes in Investment[Seasonally adjusted annual rates in billions of dollars]

Quarterly expenditures Change from proceding quarter

1958

III IV IV

Inventory accumulation (+) or liqui-Fixed and foreign investment | 68. 2 j 6.5. 8 ; 59.'

Total.57. 7 i 2 . 4 I 6.1

70. 4 ! 63. 5

+ 1.5

Residential construction activity in the first half of theyear was affected by the unusually severe weather conditionsof last winter and by the general decline in business. Somepickup in activity has been evident recently. Privatenonfarm housing starts, in particular, rose 10 percent in thespring quarter to bring the total number for the openinghalf of 1958 slightly above a year ago.

The second-quarter gains centered in government-backedhousing, which had experienced a wide decline from 1955to mid-1957. The increase accompanied an easing, aroundthe turn of the year, in money market conditions and alsoin the insurance eligibility requirements of the FHA. Withthese developments, requests for FHA and VA backing rosemarkedly during the first quarter and more starts followedin the second.

The rise in such requests for Federal backing acceleratedafter the enactment April 1 of the Emergency Housing Actof 1958, which contained a variety of provisions to ease theterms and improve the marketability of Federally under-written mortgages. In these respects the Act reinforced inthe field of housing the effects of the Federal Reserve Board'smeasures to increase the general availability of bank credit.

Role of Government

Purchases of national product by the Federal, State andlocal governments have moved up in each of the past threequarters by $1 billion to $1/4 billion, at annual rates. Ofeven greater importance in the recession period have beenthe roles of the tax structure and social security system incushioning private purchasing power against the effect ofthe production cuts. Finally, the Federal authorities inparticular have taken a variety of legislative and adminis-trative steps designed to bolster private demand.

The fiscal changes since last summer COD conveniently bereviewed in terms of the accompanying table, which showsgovernment receipts and expenditures on income and productaccount in this period. For all levels of government com-bined, they have involved a swing from a surplus to a sub-stantial deficit position, as purchases rose by $4 billion andtransfer payments by $4} billion while revenues declined$6 billion, at seasonally adjusted annual rates.

Government purchasesThe changes in taxes and transfer payments centered

mainly in the Federal Government. The relatively smoothrise of total purchases of goods and services, however,stemmed primarily from the State and local component,which moved up from quarter to quarter with the growth inpayrolls and the continued moderate advances in spendingfor the construction of educational, highway, and otherfacilities.

Federal purchases in the latter half of 1957 mirrored thequarterly declines in national security outlays. There wasa further cut in national security purchases from businessin the first quarter of 1958. In the Federal total, however,other changes more than offset this: Price-support activity

Consumption has moved withdisposable income . . .

Billion Dollars340

320 -

300 -

280 -

260

Disposable Personal Income

\Personal Consumption

1 I 1

but durable goodspurchasing has declined

Percent60

40 -

20

Personal Consumption asPercent of Income

Nondurable Goods

i I I i i 1

1957 1958* Quarterly totals, seasonally adjusted, at annual ratesU. S. Department of Commerce, Office of iusiness Economics 53-16-2


August 1958 SURVEY OF CURRENT BUSINESS

and certain other types of expenditures were stepped up, ona seasonally adjusted basis; a retroactive pay-rate increasefor general Government employees is also reflected in first-quarter purchases.1

These expansionary changes extended into the secondquarter and helped to account for the further increase shown

Federal purchases. In this quarter, moreover, thereinwas an upturn in defense procurement as the increase inorders during the first half of 1958 began to be reflected indeliveries.

Rise in transfer paymentsAs the table shows, the increase in Federal expenditures

over the period of the business recession was mainly intransfer payments. These advanced from an overall annualrate of $20 billion in the third quarter of 1957 to $22% billionin the first quarter of this year and $24% billion in the secondquarter.

Two principal elements have contributed to the increase.The more important has been the unemployment compensa-tion payments, made from Federally administered trustfunds under the various State programs. Disbursementsunder the old-age and survivors insurance programs havealso increased substantially.

Federal receipts off in 1958From an $83% billion annual rate in the summer quarter

of last year, Federal Government receipts as measured fornational income purposes dropped nearly $3 billion in thefourth quarter and $4% billion further in the opening quarterof 1958. Available data for the spring months indicatelittle change in this period.

1. Retroactive pay is adjusted to a "when-earned" basis in the national income and productmeasures. In personal income, it is included when actually paid.

Table 1.Government Receipts and Expenditures, Seasonally Ad-justed Quarterly Totals at Annual Rates, Fiscal Year 1958

[Billions of dollars]

Federal Government receiptsPersonal tax and nontax receiptsC or porate profits tax accrualsIndirect business tax and nontax accrualsContributions for social insurance _ .

Federal Government expendituresPurchases of goods and servicesTransfer paymentsGrants-in-aid to State and local governmentsNet interest paid-Subsidies less current surplus of government enterprises _

Surplus or deficit ( ) on income and product accountState and local government receipts

Personal tax and nontax receiptsCorporate profits tax accrualsIndirect business tax and nontax accrualsContributions for social insurance.- .Federal grants-in-aid

State and local government expendituresPurchases of goods and servicesTransfer payments...Net interest paidLess: Current surplus of enterprises. .

Surplus or deficit ( ) on income and product account

19

III

83.337.721.012 312.479.950.915 94 35.73.13.4

38.35.41 0

25 62.04 3

38 9

36.14.0.5

1.8_ . r,

57

IV

80.637.519.012.012.280.850.517 24 45.73.1

2

38.55.5

925.72.04 4

40 637.84.1.6

1.8

-2.1

19

I

76 136 615.412 012 182 850 918 34 45 73.4

-6.638 95.7

725 92.14 4

41 6

38.64.3.6

1.8

-2.7

58

II

(a)

36 5(a)

11 912 186 051 920 34 85 73.4

b-10.0

(a)

5.8(a)

26.42.14 8

42 139.14.3.6

1.9(a)

a Not available.b Estimate based on incomplete data.

Source: XI. S. Department of Commerce, Office of Business Economics.

As table 1 shows, corporation profits tax accruals ac-counted for the major part of the third- to first-quarterdecline in Federal revenues. This tax is by far the mostvolatile of the major Federal revenue sources, because ofthe variability of the corporation profits on which it isbased. Paralleling the fall in the latter since the summerquarter of 1957and partly offsetting its impact on cor-porate financesprofits tax accruals moved down $5% bil-lion. Of the remainder of the overall drop in Federalreceipts, about $1 billion was in personal taxes while $%billion stemmed from lower social security collections andindirect business taxes.

The fall in Federal receipts, accompanying increases inpurchases and especially in transfers, converted last summer's$3% billion surplus on income and product account to adeficit approaching $10 billion, at annual rates, this spring.

The cushioning effect upon the economy of the FederalGovernment's shift to a deficit position has thus been effectedprimarily through the release of private purchasing powervia transfer payments and lower tax accruals.

Over the recession period, the record for State and localgovernment also shows a rising gap between income andoutlay. With expendituresin this case primarily for goodsand servicesup $3 billion by mid-1958 while receipts wereonly $1% billion above last summer, the overall deficit rosesubstantially from the $% billion annual rate recorded forthe third quarter of 1957.

Aside from the fiscal developments which have beennoted above, the Federal authorities have taken numeroussteps to ease credit conditions and otherwise encourage theuse of private purchasing power to reverse the market down-swing. Those relating to credit have included the FederalReserve Board's lowering of reserve requirements and re-discount rates and its open market operations, and thesupporting actions by other Federal agencies engaged infinancial activities. The processing of contract awards fordefense and other procurement has been stepped up also,and the Congress has provided higher authorizations fordefense and other requirements.

National Income Steadies

Paralleling the movement in GNP, national income in-creased last year to a peak seasonally adjusted annual ratenear $369 billion in the summer, and then registered succes-sive quarterly declines of $7 billion and $11 billion, reachinga low of $350% billion in the opening quarter of this year.In the second quarter there was little further change.

Profits in the recessionThe recession brought a sharp fall in corporate profits.

Here again there has been some indication of overall stabilityin the mixed industry pattern shown by early reports for thesecond quarter.

The annual rate of profits for the first half of 1958 (adjustedto eliminate inventory gains and losses and seasonal varia-tions) was almost one-fourth lower than in 1957 as a whole.Last year's experience, moreover, already reflected somedeterioration of profit margins. These changes have cen-tered largely in manufacturingespecially the metal andother durable goods industriesand in mining and trans-portation. It is probably significant that together this samegroup of industries has accounted for a major part not onlyof the recent inventory reduction but also of the recentdeclines in plant and equipment spending.

The drop in earnings available for dividends has paralleledthat in before-tax net income, though lesser in dollar amountsince the annual rates of profits tax accruals has been several


6 SURVEY OF CURRENT BUSINESS August 1958

Table 2.Gross National Product, National Income, and Personal Income, 1956, 1957, and First Two Quarters, 1958[Billions of dollars]

GROSS NATIONAL PRODUCTOR EXPENDITURE

Gross national productPersonal consumption expenditure

Durable goods --Nondurable goodsServices -- --

Gross private domestic investment _New construction -

Residential nonfarmOther

Producers' durable equipment --Change in business inventories total _

Nonfarm onlyNet foreign investmentGo vernmen t purchases o f goods and services _.

FederalNational security _-

National defenseOther national security -

OtherLess' Government sales

State and localNATIONAL INCOME

BY DISTRIBUTIVE SHARESNational income - - -

Compensation of employeesWages and salaries _ _ _

Private - - -MilitaryGovernment civilian

Supplements to wages and salariesProprietors' and rental income * -

Business and professionalFarm _Rental income of persons

Corporate profits and inventory valuation adjustmentCorporate profits before tax

Corporate profits tax liabilityCorporate profits after tax

Inventory valuation adjustmentNet interestAddendum: Compensation of general government em-

ployeesPERSONAL INCOME

AND ITS DISPOSITIONPersonal income _Less: Personal tax and nontax payments

Federal _ _ - _State a n d local _ _ _ . . _ _ _

Equals : Disposable personal income - _ _Less: Personal consumption expendituresEquals: Personal saving

1956

419.2

269.438.4

131.499.668.235.717.718.127.05.45.91.4

80.3

47.1

42.540.32.2

5.0.4

33.1

349.4241.8

227.3189.3

9.728.4

14.553.330.811.610.942.945.522.423.1

-2.611.3

36.3

330.540.135.24.8

290.5269.421.1

1957

440.3284.439.9

138.0106.565.336.517.019.527.91.0.2

3.587.150.846.544.32.2

4.8

.536.3

364.0254.6238.1198.0

9.630.516.554.831.411.611.841.943.421.621.8-1.512.6

38.6

347.942.7

37.45.4

305.1284.420.7

Seasonally adjusted at annual rates

1956

I

410.8265.238.7

129.696.968.035.217.817.4

25.96.97.4

-.578.146.141.2

39.12.1

5.4.4

32.0

342.2235.3221.4

184.39.7

27.4

13.952.730.711.310.743.346.222.823.4

-2.810.9

35.2

322.339.2

34.54.7

283.1265.217.9

II

414.9267.237.8

130.998.667.735.817.718.126.65.46.21.3

78.746.041.4

39.12.3

5.0.4

32.7

346.2240.6226.4188.6

9.728.014.2

52.930.911.310.741.644.822.122.7

-3.2

11.1

35.9

328.739.9

35.14.8

288.8267.221.6

III

420.5269.737.5

131.6100.668.135.817.618.327.34.95.32.0

86.847.4

43.041.02.04.7

.4

33.4

350.8243.0228.2189.8

9.728.814.7

53.630.811.910.942.844.321.822.4

-1.511.4

36.8

332.340.2

35.44.9

292.1269.722.4

IV

430.5275.439.5

133.4102.568.836.217.718.4

28.24.44.62.8

83.4

49.144.542.12.4

5.0.4

34.4

357.9248.1

232.9194.1

9.629.315.154.130.912.011.244.046.723.023.7

-2.711.7

37.2

338.1

40.935.95.0

297.2275.421.7

1957

I

436.3279.840.2

135.5104.1

65.936.117.218.928.7

1.1.6

4.2

86.450.545.843.72.1

5.1.4

35.9

361.5251.6235.6196.2

9.629.816.054.131.111.511.443.746.123.023.1

-2.412.1

37.8

342.342.3

37.15.2

300.0279.820.3

II

441.2

282.539.5

137.1105.967.036.116.519.628.12.92.04.2

87.551.547.4

44.92.54.5.4

36.0

364.1

254.9238.4198.6

9.730.2

16.454.731.411.611.742.043.521.721.8-1.512.5

38.4

348.442.7

37.35.3

305.7282.523.2

III

445.6288.340.4

140.5107.4

66.736.616.919.728.02.21.33.6

87.050.946.944.92.04.5.5

36.1

368.7257.3240.5199.9

9.830.816.855.531.711.812.043.144.2

22.022.1

1.112.8

39.1

351.843.1

37.75.4

308.7288.320.4

IV

438.9287.239.6

138.8108.761.537.117.619.626.7

-2.3-3.1

1.988.350.546.043.92.1

5.0.5

37.8

361.5254.8238.0197.4

9.531.116.855.031.311.512.2

38.839.919.920.0-1.112.9

39.2

349.743.037.55.5

306.8287.219.6

1958

I

425.8286.236.3

139.8110. 149.636.3

17.119.222.9-9.5-9.3

.589.550.945.643.71.9

5.7.4

38.6

350.6250.9234.4192.7

9.432.316.555.330.612.612.131.331.716.115.5-.313.0

40.0

347.342.336.65.7

305.0286.218.8

II

429.0288.335.6

141.4111.349.234.916.218.722.3

-8.07.8

.590.951.946.044.12.06.2.4

39.1

250.7234.2191.8

9.632.816.456.230.713.412.1

.513.1

40.8

349.842.336.55.8

307.5288.319.2

1. Includes noncorporate inventory valuation adjustment.Source: U. S. Department of Commerce, Office of Business Economics.


August 1958 SURVEY OF CUEEENT BUSINESS

Table 3.Relation of Gross National Product, National Income, and Personal Income, 1956, 1957, and First Two Quarters, 1958pillions of dollars]

Gross national productLess: Capital consumption allowances ._

Indirect business tax and nontax liabilityBusiness transfer payments . _Statistical discrepancy _

^~Eus: Subsidies less current surplus of government enterprises.Equals: National incomeLess: Corporate profits and inventory valuation adjustment...

Contributions for social insurance ._Excess of wage accruals over disbursements __ .

Plus' Government transfer paymentsNet interest paid by government___ ... ___ _ _DividendsBusiness transfer payments _ __

Equals: Personal income _ _ _ _

1956

419.2

34.735.61.5-.91.0

349.442.912.3

.017.15.7

12.01.5

330.5

1957

440.3

37.737.61.6.7

1.3364.041.914.2

.019.96.2

12.41.6

347.9

Seasonally adjusted at annual rates

1956

I

410.8

33.734.51.5

o

.9342.2

43.311.9

.016.65.5

11.71.5

322.3

II

414.934.335.31.5

-1.31.0

346.241.612.1

.017.05.7

12.01.5

328.7

III

420.535.035.81.5

-1.51.1

350.842.812.5

.017.35.8

12.21.5

332.3

IV

430.535.737.01.5

1.2

357.944.012.7

.017.65.9

11.81.5

338.1

1957

I

436.336.637.11.6.9

1.4

361.543.714.0

.018.46.1

12.51.6

342.3

II

441.2

37.537.81.61.51.4

364.142.014.1

.019.96.2

12.61.6

348.4

III

445.638.137.91.6.7

1.3368.743.114.3

.020.06.2

12.71.6

351.8

IV

438.938.537.71.6.7

1.2

361.538.814.2

.021.36.2

12.01.6

349.7

1958

I

425.838.938.01.6

-1.7

1.6350.631.314.2

.822.56.3

12.51.6

347.3

II

429.039.338.31.6

1.5

14.2.8

24.66.2

12.41.6

349.8

Source: U. S. Department of Commerce, Office of Business Economics.

billion dollars lower this year than last. Partly because ofthe reduced tax liability and partly because their financialposition was in general adequate, corporations have beenable to continue paying dividends this year in substantiallythe same amount as in 1957. The average payout ratio hasaccordingly risen from last year's relatively low figurelessthan 60 percentto a high for the postwar period.

The comparatively low ratios of 1957 and previous yearshave helped to make the current high average possible. Thelarge amounts of net income retained in those years, alongwith the depreciation charges on an unprecedented stock ofjplant and equipment, have contributed much to the liquidreserves which have allowed or facilitated maintenance ofdividend stability during the recession. Also important inthis connection has been the lesser need for funds to financenew fixed investment and to carry inventories.

In sum, the primary impact of the drop in profits was onthe Federal and corporate segments of the economy, whereit could be absorbed in the short run without enforcing anyvery substantial curtailment of consumer demand. Morelasting effects would not be anticipated provided the presentlow level of profits is not extended into the future; risingstock market quotations and other evidence do not suggestthat this is a present business expectation.

Other incomesAlso contributing to the fall in national income were de-

clines in private payrolls, associated with reduced employ-ment, and in nonfarm proprietors' earnings. Private wagesand salaries were down only $1 billion at annual rates in thesecond quarter after having contracted $2% billion in thefourth quarter and nearly $5 billion in the first. The declinein business and professional incomes, following a like pattern,

leveled off in the spring.Income flows which held up well early in the recession con-

tinued to rise in the second quarter. Farm income rose inthe first quarter with advancing prices and was somewhathigher again in the second, though the monthly figures showthat the increase was checked before midyear. Governmentwage and salary payments also have risen since the turn ofthe year, reflecting continued growth at the State and locallevel and the effects of pay raises for military and civilianFederal employees.

Compensation of employeesCompensation of private employees in the second quarter

held even with the first. Among the durable-goods manu-facturing industries wage payments were down $1 billionfrom the first quarter and $5% billion from last summer, atannual rates. On a monthly basis, increases occurred inMay and June. The firming was most pronounced in lineswhere demand is associated to a greater or lesser extent withconstruction activity. The drop in the capital equipmentindustries showed signs of tapering off, and other groupsreported little change following the moderate declines of thefirst quarter.

Almost all the nondurables manufacturing groups showedmore strength in the second quarter. The firming of con-sumer demand for clothing and shoes was accompanied byan upturn in payrolls in textiles and apparel and stability inleatherindustries which had declined.in the winter. Mostother lines registered small gains or held about even.

The limited overall advance of factory wage paymentsfrom April to June was associated primarily with advancingaverage weekly hours worked. Also contributing was thecontinued updrift in hourly earnings.


By Robert E. Graham, Jr.

Regional Income Distribution in 1957

JL ERSONAL INCOME in 1957 was of record dollar volumein every State as the 3-year expansion in business activitypushed the Nation's economy to a peak in the third quarterof last year. Part of the income increase in 1957 was offsetby generally higher consumer prices, with real purchasingpower moderately higher than in 1956.

Personal income totaled $345 billion in the continentalUnited States last year, 5 percent above the 1956 figure.Income came to $41 billion in New York, $35 billion inCalifornia, and $21-24 billion in each of the States of Illinois,Pennsylvania, and Ohio. Together, these five States ac-counted for more than two-fifths of the national total. Bycontrast, the five States at the other end of the scale eachreceived $1 billion or less.

Per capita personal income last year amounted to $2,027for the country, up 3 percent from 1956. Incomes averagedmore than $2,500 per person in Connecticut, Delaware, NewYork, California, District of Columbia, and New Jersey.

Relative increases in both total and per capita income areshown for the eight broad regions of the country in the ac-companying chart. Rates of change last year were broadlysimilar in most areas.

By States, the 1956-57 differences in income expansionwere of course larger. Increases ranging from one-tenth toone-fifth were recorded for South Dakota, Nebraska, NewMexico, Iowa, Florida, Louisiana, and Colorado. In five

NOTE: MR. GRAHAM IS A MEMBER OF THE NATIONAL INCOME DI-VISION OF THE OFFICE OF BUSINESS ECONOMICS.

other States, income was only slightly larger in 1957 than i^1956. The percentage changes for all States and regions ar3/

35919465

365

243154945

52416

10

6

285632

12

86213134

13

8G2759632610

373

19464

366

2731561055

534175

12

6

297G32

12

91223039

15943560712812

609405

2048

4377

3233581055

5542

51376

327642

13105253742

16923359793013

Table 55. Colorado

1957 1954

644408

21483

379

35346011

564385

13

632

642

139(5262545

17

1175661833415

2, 543

1, 6233957

Q

2127

110259334

632835

120563827

63

3925

1531139141474

424142141141

1

41

38395

28836117641

1955

2, 783

1,7884268102730

138285367

723239

132584628

68

4027

17015

171680

446151139157

1

46

417

34538619549

1956

3, 045

1, 9793779123037

159319411833845

143625230

4329

1911646

1692

483158148178

53

44480

36441720855

1957

3, 339

2, 1304385123539

178357434894148

153655632

78

4632

20916482615

103

503164140199

1

60

539150390450225

64

Table 56. Utah

1954 | 1955

1, 143

7851458135

40

48124151281415

68431510

26

1411

555

1265

28

2131162276

1

23

17056

1141207024

1,242

8601369155

49

64141164321616

7045178

28

1612

595

135

28

2181172378

28

18456

1291257529

1956

1,336

939138117

58

74159179351718

7647209

30

1613

656

1485

33

225122

1984

1

32

18551

1351337932

1957

1, 442

1,0061590191159

78178190371819

80492110

34

1816

716

14105

36

234125

1891

1

38

20263

1391468838

Table 57. Far West

1954

35,815

23, 867558230

0

14384

1, 6046, 3534, 400

933368564

1, 456542359555

721

456265

2,421172540374444890

5, 0891,4011,4172,270

102

-,6/35, 163I, 3603, 8034,6502,100

637

1955

39, 156

26, 089565248

315194

1, 7627, 1374,8481,064

420644

1,551566401583

781

509272

2,702184596435507980

5,3211,4781,4032, 440

112

762

5,6671, 3784,2895,0792,2887, 298

1956

42, 588

28, 699590258

3154101

1, 9338,0495,3101, 195

470725

1, 677595452630

861

571290

2, 973194638501528

1, 113

5,7261,5581,4212,746

128

842

6,0101,4714,5395, 3872,465

815

1957

44, 955

30, 342589256

216095

1,9768, 6435, 6361, 260

510750

1,754580470704

929

619310

3,192211673567552

1,188

5,9751,6041,4082,963

132

967

5,9331,3394, 5935, 8222,842

951

ItemTable 58. Washington | Table 59.Oregon Table 60.Nevada Table 61.California

1954 | 1955 1956 1957

Table 62.Territoryof Hawaii

1954 i 1955 ' 1956 ! 1957

Personal income^

91011 !1213

1415i?!1819

212223 '242526

27282930

Wage and salary disbursementsFarmsMining

Bituminous and other soft coal miningCrude petroleum and natural gasMining and quarrying, except fuel

Contract constructionManufacturingWholesale and retail tradeFinance, insurance, and real estate..

Banking and other financeInsurance and real estate

TransportationRailroadsHighway freight and warehousing.Other transportation

Communications and public utilitiesTelephone, telegraph, and other commu-

nicat ionsElectric, gas, and other public utilities...

ServicesHotels and other lodging placesPersonal services and private households.Business and repair servicesAmusement and recreationProfessional, social, and related services...

GovernmentFederal, civilianFederal, militaryState and local

Other industries..

Other labor income.Proprietors' income..

Farm..Nonfarm.

Property incomeTransfer paymentsLess: Personal contributions for social insurance

3,30968113

2508645941244579

237984792

5632

25019563117127

812258246307

90

78024951155632280

3,50968123

2359646471365186

243995094

88

6128

26820603617136

833260239335

76221255058335092

3, 70868132

16

106

771219552614378100

236 1 252 |1.042 ! 1,1276921405684

2501035691

6625 !

293 |20634118150

14660 !86 I

258 !104 I58 |96 I

7126

30521644219158

888268234387

119

791233558671423115

2,919

1,855536

(-}6

102589378642936

146764030

64

2K

3,139 ;3,352

2.007 2,15753 546 6

(2) ! (-')6 ! 6

107 125056 693409 44069 7732 3637

154794431

67

38

41

166824934

76

49

3, 385 508

2,144 35857 : 76 : 25

(r) ()6 25

122 45645 ; 20440 j 5879 i 738 442 | 3166 : 2982 : 1848 ; 636 ! 4

80 1 9

4n (\

582

4187

603

4329

29 26

(-) f-n28 ! 26

50 i 412370

5

2973106

647 1 27, 432!

464 18,3441022

22

482974106

4 4 5

31 3219 2065

11

75

12

8

321976

13

8

431188

14246

1, 2084,8813,370737290447

1,045351266428

560

25Q

30,224 133,157 35,131 ! 893 ; 952 1,0241,098

20,155 22,402 23,832 671 714 767 ! 826437 ! 458202 ! 212

448 ; 72 70 69 68216 1 1 1 1

i150 154 15952 59

1, 3705,4933,722849332

1, 5316, 2854, 105

58

1,5546,8414,394

968 i 1,026372 407

517 596 618

1, 123 1, 229369 i 390301453

614

409

340

1,298375357

500 566

682

4Kn

739

4Q4

1 I ' l l 1

33 : 33 : 38 i 4763 ; 65 66 : 7092 ! 101 i 107 ; 11615 ! 16 1 18 ; 218 8 9 ; 107 8 ; 9 ; 1028 31 34 38

5 5 6 723 25 28 i 31

17 17 18 | 20Q Q i Q ! 10

1601038201180

2908029181

52

54214739533818149

1741241231287

3048827190

G

58

58315143235419356

1841243271290

3309127212

6

65

61516844936920762

4535

18812422811

35693

584 i148 !436 I411 1246 !70 !

76 !19 i8 :3 i

38 i

82 i 8824 i 2430 2928 34

60 I20 |9 !

642210

10432104499

95282839

123411165510

102303140

201

1, 936124438320378676

3,9051, 0391,1131,754

83

523

3,791951

2,8403,6961,578499

212

2,158122485372430749

4, 0961,1061,1091,882

92

596

4,2441,0043,2404,0771,723

570

227

2,391130522428448864

4,4331,1681,1302,134

106

660

4,5481,0743,4754,3351,854643

245

2,577137556492467925

4,6301,2121,1172,301

108

764

4,478944

3,5344,6672,144753

51712

568136

63914

22 i 23

322 i 352110 I 114145 ! 16568 I 73

24 ] 27 i 29

10711014716

691015

30

37311917381

2

31

9110811195221

20Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

August 1058 SURVEY OF CURRENT BUSINESS 21Table 63.Broad Industrial Sources of Personal Income, by States and Regions, 1957

Table 70.Industrial Sources of Civilian Income Received by Persons for Participation in Current Production, by States and Regions, 1957

[Millions of dollars]

State and region

Continental United States

New EnglandMaineNew HampshireVermont. _MassachusettsRhode IslandConnecticut _ _ . .

MideastNe\\ Yoi K:New JeisevPeiins-, 1\ aniciDelawareMankindDistrict ni Columbia

Great LakesMi"hisjnOhio-. . .Indiana- - _ ._ . -.IllinoisA\ iseoiisiii .

Plains

lo \ \uMi ^ o ; u iN o i t J i i t i K O t at -U' th I ako taKebra^kaKansas

Southeast\ irs-Ui. iaA>\ e^t \ ii" uiiaKentm J\ vTenni^se-1North CarolinaSou'li I 'KOiibHGeort'i iFloridaAlaba'nuMissis- ; ,!>!LcuiM; ~ i <

3302905f,319730836823t)257198280

1,459184978

94203

71720916075

190

1, 903303202

241,374

85

Governmentincome

disbursements 2

Federal

35, 642

2,31521813365

1,237271391

8,5203, 1331,1742, 165

891, 130

829

5,6401, 0821, 568

6771,780

533

2, 686495420706

13H292480

7.5S41,500

2605505026954",()'- 7

1 ,04 ,>024307401313

2,S28518

1, 906245259

99213811482

448210

>

22 SURVEY OF CURRENT BUSINESS August 1958

Table 78.Wages and Salaries in Manufacturing Industries, by States and Regions, 1957 1


State and region

Continental United States .New England _ _ _ .. - _

Maine _ _New HampshireVermontMassachusetts. ._.Rhode IslandConnecticut _ ..

MideastNew York _ _ _ .New JerseyPennsylvania _ _ _ _ _ . _DelawareMaryland^ _District of Columbia

Great LakesMichigan . ... .OhioIndiana . .IllinoisWisconsin _ _.

PlainsMinnesota . . _Iowa._. ... _ . _ _ _MissouriNorth Dakota-.. _ _South Dakota _ . _ _NebraskaKansas. - - -

SoutheastVirginia _ . _West VirginiaKentucky..TennesseeNorth CarolinaSouth CarolinaGeorgia. _ _ . _ _ _ _ .FloridaAlabama. . ... ___ _MississippiLouisiana.. . .Arkansas

SouthwestOklahoma ... .. .TexasNew Mexico ._ .. . _Arizona

Rocky Mountain - _ . _ ..MontanaIdaho.. - .WyomingColorado . _ _Utah....

Far West.WashingtonOregon _NevadaCalifornia ..

Territory of Hawaii ._ ... _

Totalmanu-

facturing 3

80, 630. 0

6, 453. 0387. 0306 0140.0

3, 042. 0473.0

2, 104. 0

22 444.09, 364 04 123 07, 238. 0

365 01, 272. 0

82 0

25,214.06, 125. 07, 182 03, 097. 06 567 02, 243. 0

4 568.01 076 0

776.01, 771 0

24.048.0

250 0623 0

9 575.0969.0626 0739.0

1 118 01 483.0

732 01, 104. 0

606 0940.0326 0652.0280 0

2, 947. 0390.0

2, 292 068.0

197 0

786.096 0

121.034 0

357. 0178 0

8, 643. 01 127 0

645. 029.0

6,841.0

70.0

Food andkindredproducts

6, 623. 0

275.331.9

7 49.3

168.516.741.5

1 486.9653.9275 9396.9

18 7126.115 4

1, 667. 6247.3316.4180.7667. 8255. 4

967.5247.3229.7236.612.231.4

119.291.1

884.788.628.0

110.698.274.825.3

123.4106 555.034.4

100.439. 5

321.653.5

243.48.6

16. 1

147.615 627.0

4 968.731.4

871.8103 072.92.5

693. 4

45.1

Tobaccomanu-

factures

314.0

3.0

.6

1.5(2)

.9

51 97.06 6

38 0

.3

11.72.54 81.72. 1.6

2.0

2.0

245.053.93 1

44. 13 7

109.94 12.0

21 21.2

1.8

.3

.3

.1

.1

Textile-mill

products

3, 373. 0

537.353.345 85.8

221.8123 687.0

826 9268 6186 9334 5

11 725 2

152.813 660 55. 1

46 327.3

19 58 11.99 2

3(2)

1 765.2118.3

6 78 0

91 9674.4419 3296 5

2 1125 512 94 65 0

29 23.0

26 1.1

1.1

(2)47

41.02 69 8

28 61 l

Appareland otherfinished

fabricproducts

3, 734. 0

254.96.96 25.5

177.510 548.3

2 073 21 305 4

241 3443 3

12 670 2

4

347 043 978 037 0

164 823 3

162 727 210.8

112 3(2)

24 08 2

576.053.510 446 083 662 758 9

103 119 849 356 316 715 7

96 47 5

84 15

4 3

9 213

(2)4 34 5

214 611 98 4

(2)194 3

2 9

Lumberand woodproducts,

exceptfurniture

2, 240. 0

125.958 520 614 523.31 77.3

167 278 020 849 12 6

16 07

255 748 640 839 762 863. 8

90 132 521.525 1

.23 13 93 8

593 956 119 727 648 574.538 067 144 957 450 455 054 7

85 56 6

56 37 5

15 1

96 828 254 93 97 12 7

824 9210 0340 5

2 4272 0

1 1

Furnitureand

fixtures

1,536.0

81.52.96 55.6

49.52 4

14.6

328 3174 240 693.8

118.7

9

482.5103. 3107 685.0

137 748.9

64 212 79.3

34 1.1.1

4 33.6

351.652.44 0

20.538 1

126.910 525.325 58.3

15 94.5

19 7

47 26 9

37 6.4

2 3

7.7331

4 82 2

173 015 78 6

(2)148 7

1 9

Paper andallied

products

2, 804. 0

342.890.235 18.7

161.27 1

40.5

695 6324 9141 5190 4

2 634 91 3

779 4156.5199 152. 1

165 5206 2

128 957 59 5

49 51

3 19 2

544 653 35 18 0

41 755 834 878 569 653 239 683 321 7

48 03 3

44 2(2)

5

8.12

4 0

3 36

256 691 837 3

127 5

Printing,publishingand alliedproducts

4, 444. 0

298.39 0

12 96 9

177.918 073.6

1 560 9966 4152 6318 2

7 059 257 5

1 252 7163 1309 0101 1574 6104 9

329 291 150 1

122 65 25 5

21 733 0

358 338 114 838 951 437 012 842 055 923 38 7

24 311 1

166 925 2

123 35 7

12 7

56 67 45 02 8

31 69 8

421.141 626 53 3

349 7

7 S

Chemicalsand alliedproducts

4, 753. 0

175.93.51. 71.3

101.56.9

61.0

1, 538. 6474. 1514 0295.2196.657.8

.9

1, 030. 1259.4297. 7150. 1282 740.2

233.934 231.4

118.3.1

1.09 3

39.6

1,098.2183. 1169 964.0

249 351.677 042 260 646 122 6

104 727 1

312 09 4

282 413 07 2

36.75 0

14 01

11 06 6

327.674 0

7 211 2

235 2

2 6

Productsof petro-leum and

coal

1, 552. 0

18.8.12

.212.12.83.4

382.5101.390 6

175.65 29.8

(2)

282.221.873 082.999 45. 1

55 47 9.6

16 9.2

(2)5

29 3

166 32 76 3

10 13 3

1 23 72 9

17 01 7

104 712 0

361 654 2

302 84 5

1

40 99 4

(2)18 63 99 0

244 37 71 5

235 1

1 0

1. This table corresponds to table 78 in "Personal Income by States Since 1929." Figures shown there for 1955 have not been revised. 2. Less than $50,000. 3. Figures in thistable are on a "where paid" basis (see section on "adjustments for residence," pp. 100-102, 1956 State Personal Income supplement). For this reason, the manufacturing wage and salarytotals in this table for some States and the District of Columbia differ from those incorporated in tables 4-70. NOTE.Detail will not necessarily add to totals due to rounding.

of all personal income received in the region has advancedfrom Sl/2 percent in 1929, to 10 percent in 1940, 12 percentin 1950, and 13 percent in 1957. Over the 29-year span theFar West has experienced the largest relative growth amongregions.

NOTE ON DISPOSABLE INCOME

Regular estimates of personal income by States are meas-ured on a before-tax basis. Disposable incomepersonalincome less personal tax and nontax payments to govern-mentis the best available measure of consumer purchasingpower. Estimates of total and per capita disposable incomeby States for selected years 1929-53 were published in the

Personal Income bulletin. Table III of this report carriesfigures for 1955the latest year for which tabulations of

Percent of Continental United States

Region

New England _ _Mideast . . . _ ...Great LakesPlains

SoutheastSouthwestRocky MountainFar West

Personal income

1929

8.3232.0623. 618.87

11.674.971 888.62

1950

6.7326.3622.518.80

15.176.502 23

11.70

1957

6.5725. 4622.468.08

15. 386.792.24

13.02

Disposable income

1929

8.3131.7623.658.93

11.785.021.898.66

1950

6.7226.0522.488.89

15.506.542.23

11.59

1957

6.5125.1122.388.23

15. 786.912.26

12.82


August 1958 SURVEY OF CURRENT BUSINESS 23Table 78.Wages and Salaries in Manufacturing Industries, by States and Regions, 1957Continued


State and Region

Continental United StatesNew England

Maine _ _New Hampshire _VermontMassachusettsRhode IslandConnecticut ._ _ _ _ _

Mideast _New YorkN e w Jersey _ _ _ _ _Pennsylvania.. _DelawareMaryland __ _ _District of Columbia

Great LakesMichigan _OhioIndianaIllinois _ _Wisconsin

PlainsMinnesota _ _ _ __ _IowaMissouri _ _North Dakota _ __South DakotaNebraska- _ _Kansas

SoutheastVirginiaWest Virginia ___ _KentuckyTennessee _North CarolinaSouth CarolinaGeorgia _ _ _ _ _ _ _ _FloridaAlabama _ _ _ _ _ _ _ _ _MississippiLouisiana. _ _ _ _ _ _ _ _Arkansas

SouthwestOklahoma _ _TexasNew MexicoArizona _ __

Rocky MountainMontanaIdaho _ _ _ _ _ _ _WyomingColorado . .__ _ _ _ _ _Utah

Far WestWashington _ _ _ _ _ _ _OregonNevadaCalifornia

Territory of Hawaii

Rubberproducts

1, 379. 0

202.8.6

3 23.5

111 125.159.3

229.843 280.271.05.8

29.6

653.470.6

451 176.730.025.048.14.8

22.35.4

5.310.3

89.34.91.71.2

27.48.3.3

3.7.7

34.45.11.6

28.310.318.0

27.6

(2)(2)

26.21.4

99.7.7

1.2

97.8(2)

Leatherand

leatherproducts

1, 249. 0373.768.868 42.1

223 22.58.7

379.5218 240.9

103.08.68.8

(2)

217.417.446.08.4

78.067.6

132.76.21.3

124.2

.6

.4

99 916.93.37.2

42.12.029.42.92.13.2.2

10.49.8.8

8.7.2.1

9.2(2)(2)

9.02

26.81.4.8

24.6

Stone,clay, and

glassproducts

2, 638. 0116.4

3.95.5

14.457 29.9

25.5789.1224 6159.0360.8

1.442.01.3

767.789.8

352. 9113.5186.624.9

208.471.522.978.31.42.06.7

25.6381.525.8

108. 721.335.324.619.329.037.431.812.325.110.9

109.626.074.51.87.3

31.72.52.02.2

15.89.2

233.616.58.62 1

206.4.0

Primarymetalsindus-tries

7, 484. 0294.3

1.12 72.7

116 619.3

151.92, 680. 6

467 4206.9

1, 736. 627.4

242.3(2)

2, 994. 6512.1

1 149 3577 4606.3149 5142 932.530 570.0

(2)(2)

2.97 0

632 716.1

160.348 479.49 34. 1

21.75.0

251.21 3

20.215 7

181. 517.1

139 22.7

22.5158.624.26.7.1

60.866.8

398.882.128.85 2

282.7(2)

Fabricatedmetal

products,includingordnance

6, 492. 0532.511.38.03.2

189 930.5

289.61, 695. 9

658.2274.1644.811.5

105.41.9

2, 540. 1668.5737.2251.1718.8164.5350.0114.045.8

143.41.31.8

15.128 6

454.651.324.657.687.129.04.9

27.061.753.213.632.711.9

177.533.7

126.210.37.3

43.51.32.5.3

24.814.6

697.934.528.3

4634. 7

1.9

Machin-ery,

exceptelectrical

9, 329. 0945.118.938.838.0

401.360.3

387.82, 092. 4

869.2418.1729.216.459.1

.4

4, 429. 4979.3

1, 360. 5336.5

1, 244. 8508.3530.2158. 5188.3123.0

1.41. 7

17.140.2

362.817.019.5

128.841.238.911.031.617.225.710.517.83.6

304.553.9

237.61.0

12.043.5

.73.0.3

29.310.2

621.137.726.0

7556.7

4

Electricalmachinery

6, 105. 0661.0

1.834.34.2

425.834.0

160.92, 175. 4

836 4649.1624.9

.563.8

.7

2, 040. 5185.6468 5341.8807.2237.4254.443.946 0

144.2.1

16.33.9

266 423.319.944.135.880.43.7

16.015.315.23.8.3

8.697.75.9

48.01.7

42.1

6.1

.14.21.8

603.57.6

11.6584.3

A

Transpor-tation

equipmentexcept

automobiles

6, 266. 0591.519.8

.37.1

109 2.7

454.41, 149. 1

438.5200.8259.4

.9249.5

983.989.5

452.1213.6197.631.1

476.94.1

18 4195.5

.23.4

255.3415.583.49.05.3

11.59.02.1

103.039.977.524.747.62.5

465.857.5

355.27.8

45.339.7

.1

.1

.236.82.5

2, 143. 6370.512.0

.81, 760. 3

1.9

Automo-biles and

auto-mobile

equipment

4, 482. 0

50.3.3

(2)(2)

38.83.77.5

465.0212.1104.896.327.923.9

3,381.32, 306. 6

449.4370.9109.0145.4157.617.25 7

99.7.3.4

5.129.2

163.111.34.6

36.924.15.0.4

61.43.36.86.21.41.7

56.47.0

48.4.8.2

4.9(2)

. 53.41.0

203.48.54.8

190.1.1

Instru-ments

1,781.0215.8

.51.53.7

107.916.385.9

931.3610.1162.9146.5

1.210.0

.6345.848.454.917.1

165.759.7

115.379.310.816.9

.4

.36.9. 7

36.96.2.8

3.610.02.4.8

3.05.0.6.3

1.23.0

20.45.0

15.0.2.2

6.2.1.1.5

5.1.4

109. 31.25.1

103.0

^

Miscellane-ous manu-facturing

2, 052. 0357.1

4.27.03.5

166.681.294.6

743.9431.9155.5129.5

6.320.1

.6597.197.3

172.354.9

219.053.698.626.019.343.6

.8

.34.34.3

88.912.85.97.1

15.26.53.0

14.18.64.82.74.53.7

26.93.3

20.71.21.7

10.2.6.8.1

6.42.3

129.38.05.1.7

115. 5

4

Federal individual income taxes are available from theInternal Revenue Service on a State-of-residence basis.These 1955 data, together with corresponding estimates ofother personal tax and nontax payments to governments,have been extended to 1957 by regions on the basis of theincomplete information now available.

As shown in the tabular comparisons below, the regionaldistribution of disposable income is similar to that of totalincome. For each of seven regions the percentage share ofthe Nation's disposable income received in 1957 differed byless than 2 percent from the share of personal income re-ceived. In the eighth region, the Southeast, the share ofdisposable income received was 2% percent higher than theshare of personal income. In 1929 and 1950, the regional

distributions of disposable income and personal income boreapproximately the same relationships to each other as in1957, except that the differences were generally smaller.This points to the fact that relative shifts in personal incomeare much the same as those in the after-tax measure.

By States, the range of differences was wider, but onlymoderately so. In 1955, the percentage of the Nation'sdisposable income and personal income differed by 2 percentor less in as many as 33 States; by 3 percent or less in 38States. Differences were largest in Delaware (wrhere theshare of disposable income was 10 percent lower than thatof personal income) and Mississippi (where the share ofdisposable income received was 6 percent higher than thatof personal income).


24 SURVEY OF CURRENT BUSINESS Ausust 1058

Growth in Business Concerns

T,HE number of operating businesses in the United Statesreached 4/3 million in 1957, an increase of more than 30,000during the year. Although the number of firms continuedto increase, the net addition was somewhat less last yearthan in either 1956 or 1955.

As in the preceding .year, the actual 1957 growth in numberof businesses occurred during the first half of the year. Ona seasonally adjusted basis, however, the increase continuedto the end "of 1957.

All major industrial segmentsexcept manufacturingwhich declined slightlyshared in last year's gain in numberof concerns. Wholesale trade rose nearly 2 percent, services,IK percent, and contract construction, l}{ percent. This isthe first year since the end of World War II when contractconstruction did not lead all other industry divisions inrelative growth among number of reporting concerns,

Business turnoverBusiness turnover during 1957 reflected the usual large

shifts. Approximately 365,000 new businesses were estab-lished, 332,000 firms discontinued operations, and 340,000operating concerns were sold, reorganized or otherwise ac-quired by new owners. The number of new and discon-tinued businesses were both lower in 1957 than in 1956;however, the number of entrants declined more, 4 percent,than did the number of discontinuances, down 1.5 percent.Transferred businesses, on the other hand, increased in 1957nearly 4 percent over 1956.

Table 1.Number of Firms in Operation and Number of New, Dis-continued, and Transferred Businesses

[Thousands]

December 31,June 30, 1955December 31,June 30, 1950December 31,June 30, 1957 rDecember 31,

January-JuneJuly-Deeemb(January-JuneJuly DecembiJanuary- JuneJuly-Dccernbf

January- JuneJuly-DecembiJanuary-JuneJuly-DVeemlKJanuary-JuneJune-Deccmb

January-JuneJuly-DecembcJanuary-JuneJuly-DeccmbcJanuary JunJuly-Deccmbc

19541955

1956 T

1957 !

1955r l955 . _. .1956T 19561957

->r 1957

1955T 19551950r 1950 r1957 *:r 1957 i

1955 .r 19551950r 19501957r 1957

All in-dus-tries

4. 1*9 04, 232 34 l)45 24 294 24 2*9 04 323 24, 322. 7

210.2170.2223. 9156.9211.01 54. 0

100.9157.2174.9102. 1176.9155. i

176. 3150. 7180. 1141.2193 '?147. 8

Con-tractcon-

struc-tion

446. 14(15 6471 9483. 0481.0489 \4S6 7

40.930. 041.023.834.521.0

21.423. 730. 025. 826. 023. 7

6. 65.37.45. 17 45.0

Manu-factur-

ing

Firn

312. 5311.4309 2311.8310.2310. 83( 'S.f i

Whole-sale

trade

s in opei

287. 5289^ 9291.2294. 9296 5300 3302.0

Xc\v Busi

14.9 11.711.4 9.016.2 ! 12.410. 6 9. 413. 4 12. 29. 3 9. 1

Discor

16.013. 613.712. 212.811.5

Transf

7. 56.27. 75. 77 f,5.6

tinned b

;). 48.3

7.88.37.4

>rred bib

6. 05.06. 55 26 95.1

Retailtrade

at ion

1 ^731 *74^21 S79 21 878.^

81.8 S69.4 !,80 8 :05.4 ;87. 9 ;67, 4 ,'

usiiiesses

70 6 i66.1 :73.1 :69. 8 i78.4 !67.8 :

i nesses

102. 6 [123 794.8i->() 4

100.0

^erviceindus-tries

"45. i)

04. 4"OH. 1

32.8 ;27. 1 :36. 7 i

35. 6 :28. 1 \

28.3 |

25. 5

24.3

26. 4 |2 2 :28'. 1 21.022.0

Allother

55(i. 25(i3 05' .."). 8574. 7575. 2579. 1578 4

23. 122. 730^821. 427.519.7

21.219.921.921.023.520. 4

12.09. 5

12,69.3

13. 19.6

The annual article, giving details on developments in UnitedStates private foreign investments in 1957, will appear in theSeptember issue. Returns in the mandatory Survey of AmericanBusiness Investments in Foreign Countries covering 1957 aredue August 31, 1958 unless an extension of time has been re-quested.


BUSINESS STATISTICSJL HE STATISTICS here are a continuation of the data published in the 1937 edition of BUSINESS STATISTICS, biennial Statistical Supplement

to the SURVEY OF CURRENT BUSINESS. That volume (price $2) contains monthly (or quarterly) data for the years 1953 through 1956 andmonthly averages for all years back to 1929 insofar as available; it also provides a description of each series and references to sources of monthlyfigures prior to 1953. Series added or significantly revised since publication of the 1957 BUSINESS STATISTICS are indicated by an asterisk (*) and adagger ( f ) , respectively; certain revisions for 1956 issued too late for inclusion in the aforementioned volume appear in the monthly SURVEYbeginning with the July 1957 issue. Except as otherwise stated, the terms "unadjusted" and "adjusted" refer to adjustment for seasonalvariation.

Statistics originating in Government agencies are not copyrighted and may be reprinted freely,through the courtesy of the compilers, and are subject to their copyrights.

Data from private sources are provided

[Averages for the year 1957 are provided in the May 1958 issue of the SURVEY]Unless otherwise stated, statistics through 1956 and

descriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957

June July August Septem-ber OctoberNovem-

berDecem-

ber

1958

Janu-ary

Febru-ary March April May June July

GENERAL BUSINESS INDICATORSNATIONAL INCOME AND PRODUCT

Seasonally adjusted quarterly totals at annual ratesifNational income total bil of dol

Compensation of Amployees total do\Vages and salaries total do

Private doMilitary doGovernment civilian do

Supplements to wages and salaries doProprietors' and rental income totaled do

Business and professional cf doFarm doRental income of persons do

Corporate profits and inventory valuation adjust-ment total bil of dol

Corporate profits before tax total doCorporate profits tax liability doCorporate profits after tax do

Inventory valuation adjustment doNet interest do

Gross national product total doPersonal consumption expenditures total do

Durable goods doNondurable goods doServices do

Gross Drivate domestic investment, total doNew construction doProducers' durable equipment doChange in business inventories do

Net foreign investment doGovernment purchases of goods and services, total

bil of dolFederal (less Government sales) do

National security 9 doState and local do

Personal income, total doEquals' Disposable personal income doPersonal saving do

PERSONAL INCOME, BY SOURCESeasonally adjusted, at annual rates :t

Total personal income bil. of dolWage and salary disbursements, total do

Commodity-producing industries doDistributive industries- _.. ... doService industries doGovernment _ do

Other labor income _ doProprietors' and rental income doPersonal interest income and dividends doTransfer payments ___ do_ __Less personal contributions for social insurance

bil. of dol. _Total nonagricultural income do

364 1254 9238 4198 6

9.730 216.4

54 731.411 611.7

42 043 521 721 8-1.5

12 5

441 2

282 539 5

137 1105.9

67 036 128 12 9

4 2

87 551 547 436 0

348 442 7

305. 7

23 2

350. 7

240. 0103. 463.932.640.2

9.054.931.621.86.6

335. 6

c 351. 8240. 5103.364.032 840.4

9. 155. 631.721.7

6.7336. 2

352. 1240.8103. 164.232 940.69 1

55. 631.821.56.7

336.6

368 7257 3240 5199. 9

9.830.816.855 531.711 812.043 144 222 022 1

1. 112 8

445 6288 3

40 4140 5107.466 736 628 02 2

3 687 050 946 936 1

351 843 i308. 7

90 4

351. 4240. 2102.464.232.940.79.1

55.431.821. 56.6

336.1

350.6238. 6101. 563. 532.940.79.2

55.131.822.66.6

335.7

350.2238.0101.063. 632.940. 59.2

54.831.823.06.6

335.2

361 5254 8238 0197.4

9.531.116.855 031.311 512.238 839 919 920.0

-1. 1

12 9438 9287.239 6

138 8108. 7

61 537 126 7

2 31 9

88 350 546 037 8

349 743 0

306. 819 6

348.4237. 399 863. 733 240.69.2

55. 230. 023.36.6

333.0

348.2235.197.963.533. 140. 79.1

55. 131.823. 96.7

332. 5

346.4233.205 663. 433. 241.0

9.05'"> 331.823.8

6.7330.1

350 6250 9234 4192.7

9.432.316.555 330. 612 612.1

31 331. 716 115. 5-.313 0

425 8286. 2

36 3139.8110. 149 636 322.9

9 5.5

89.550 945 638 6

347.349 3305. 018 8

347. 1232. 695.362. 933. 341.1

8.955. 731.724. 8

6.6330. 5

348.1232.0

95. 062.433.441.2

8.956.131.726.16.6

331.0

349.9233. 1

95. 662.633. 441.58.9

56.531.726. 46.7

332.4

250 7234 2191 8

9.632 816.456 230.713 412. 1

.513 1

429 0288 335 6

141.4111.349 234 922 3

8 0.5

90.951 946 039 1

349.849, 3307. 5

19.2

' 352. 0' 235. 8r 96. 6r 63. 3

33. 6r 42. 4

8.9r 56. 231.826.06.7

r 335. 1

i S54. 31 358. 9

1 242. 4

97. 163. 533 8

1 48.0

9.056. 131.926. 5

7.01 342. 2

r Revised. c Corrected. l Italicized total excludes and other footnoted figures include lump-sum retroactive salary payments to Federal employees; disbursements of $380 million

multiplied by 12 (to put on annual rate basis) amounted to $4.6 billion. file-vised series. Estimates of national income"and"product and personal income have been revised back to 1946;revisions beginning 1946 appear on pp. 12 IT. of the July 1958 S H R V E Y .

cf Includes inventory valuation adjustment. 9 Government sales are not deducted.Pcrs:onal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.

47451058 S-lDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

S-2 SURVEY OF CUKKENT BUSINESS August 1958

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957


berDecem-

ber

1958Janu-

aryFebru-

ary March April May June July

GENERAL BUSINESS INDICATORSContinuedNEW PLANT AND EQUIPMENT

EXPENDITURES

Unadjusted quarterly totals:All industries mil. of dol__

Manufacturing doDurable-goods industries doNondurable-goods industries do

Morning doRailroads doTransportation other than rail doPublic utilities doCommercial and other do

Seasonally adjusted quarterly totals at annual rates:All industries bil of dol

Manufacturing doDurable-goods industries doNondurable-goods industries do

Railroads doTransportation other than rail doPublic utilities doCommercial and other do

FARM INCOME AND MARKETINGS*

Cash receipts from farming, including Governmentpayments total mil. of dol

Farm marketings and CCC loans, total do __Crops doLivestock and products, total 9 do

Dairy products doM^eaf animals doPoultry and eggs do

Indexes of cash receipts from marketings and CCCloans, unadjusted:

\11 commodities 1947-49=100Crops - - - - - - - d oLivestock and products do

Indexes of volume of farm marketings, unadjusted:All commodities 1947-49=100

Crops _ _ _ _ _ _ d oLivestock arid products - do

INDUSTRIAL PRODUCTION cf

Federal Reserve Index of Physical VolumeUnadjusted combined index 1947-49=100..

M^anufactures doDurable manufactures _ _ _ do

Primary metals 9 doSteel - -- do _Primarv nonferrous metals do

Metal fabricating (incl. ordnance) _ ._ . doFabricated metal products doMachinery. _ _ _ _ _ _ _ - _ . - d o

Nonelectrical machinery _ doElectrical machinery _ ...do _

Transportation equipment 9 - .-do ...Autos -_ - _ .. d oTrucks - do\ircraft and parts do

Instruments and related products.. . do .Furniture and fixtures _ _ doLumber and products doStone, clay, and glass products doMiscellaneous manufactures _ _ _ _ . do

Nondurable manufactures. _ ... _ ... doFood and beverage manufactures do

Food manufactures 9 ..- - . do _Meat products doBakery products do

Beverages. _ _ ... . doAlcoholic beverages do

Tobacco manufactures ._ . doTextile-mill products 9 do

Cotton and synthetic fabrics doWool textiles do

Apparel and allied products . doLeather and products do .Paper and allied products do

Pulp and paper __ do

Printing and publishing doChemicals and allied products . . do.

Industrial chemicals doPetroleum and coal products . do

Petroleum refining doRubber products do

9,590

4,1832 1202,063

327362478

1,5102,730

37.03

16.258.317.94

1 281 351.825 93

10.40

2,362

2, 118752

1, 366415689222

8770

100

10175

122

145

146162136140167

176139168153197

217156119615171118131159139

130116111120102138123

12199

10487

110105161155

140179200139147132

2,680

2,5111, 0731,438

398782233

103100106

115103123

135

137151118128157

167134158146183

205134103609168116105150131

122116114116104122105

1028686679692

139132

134174195139146112

2,812

2, 6761, 1941,482

385821259

110111109

122117125

145

147160128134160

174141167143213

209148103606172124125163144

134122123118103120102

12010110582

116112165157

136181200144152135

9,357

4,0101, 9952,015

314358447

1,7202,508

37.75

16.378.238.14

1.241.541.816.64

10.15

3,041

2,9341, 3981, 536

368881270

120130113

133137130

146

148160128134153

174145173149220

1948485

597174126121162150

135128131130102118108

11810110779

109105163153

144185205144152139

3,447

3,3471, 6301,717

3781,014

308

137152126

158169150

146

148159129134156

173142170145220

1988893

592172125119161148

137125126140101121117

11910310671

112104170163

146190208139145145

3, 136

3,0741, 5221, 552

361857320

126142114

145159134

142

144156121126159

174139165140215

21317199

569172121106152143

131113116133101105100

11098

10765

10799

163156145187203136147135

9,733

4,2612 1482, 113

302334488

1 7602, 588

36.23

15.27

7.70

1. 151 261.916 43

10.21

2,850

2, 8011,3121,489

374812288

115122109

127133123

134

135147106107161

166133157138194

20315195

57117012092

145134

1231071091311019989

878997559694

140137

142183198138153114

_ _ .

2,753

2,7081, 1711,537

377886246

111109113

126131122

132

13414310299

160

161127153133192

19613291

570166113100136125

125103106134989388

11293

10255

106101153151

136183197134148123

....

2, 175

2,144799

1,345355738223

887499

9786

105

131

1321399993

155

156124148131181

19112292

562163112105130126

12610310312198

10299

11295

10361

113108158156

137180190130144120

7.325

2,8981 4411, 457

225256398

1,2272,321

32.41

13.206.586.62

1.001 021.695 879.63

2,133

2,108630

1,478406762276

8759

108

8955

114

129

1311389591

149

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' Revised. *> Preliminary. 1 Estimates for April-June based on anticipated capital expenditures of business. 2 Estimates for July-September based on anticipated capital expend-itures of business. Anticipated expenditures for the year 1958, and comparative data for 1955-57, appear on p. 8 of the June 1958 SURVEY.

9 Includes data not shown separately.^Revised beginning 1946 to take into account more recent information on production, disposition, and prices. Unpublished revisions (prior to May 1947) will be shown later as follows:

Annual data for 1946-57 and monthly data back to January 1956.cfRevisions for 1956 for the seasonally adjusted indexes of industrial production and consumer durables output appear on p. 18 of the July 1958 SURVEY.


August 1958 SURVEY OF CURRENT BUSINESS S-3

Unless otherwise stated, statistics through 1956 anddescriptive notes are shown in the 1957 edition ofBUSINESS STATISTICS

1957


berDecem-

ber

1958Janu-ary

Febru-ary March April May June July

GENERAL BUSINESS INDICATORS ContinuedINDUSTRIAL PRODUCTION Continued

Federal Reserve Index of Physical Volume Con.Unadjusted index Continued

Minerals 1947-49-100..Coal doCrude oil and natural gas do_Metal mining doStone and earth minerals do

Seasonally adjusted, combined index doManufactures,. do __.

Durable manufactures doPrimary metals do ___

Metal fabricating (incl. ordnance) do. ._Fabricated metal products __ doMachinery do

Nonelectrical machinery doElectrical machinery do _ .

Transportation equipment doAutos, trucks, and parts do

Instruments and related products do _.Furniture and fixtures . doLumber and products do _ _Stone, clay, and glass products _ doMiscellaneous manufactures _ _ _ __ do _ _ _

Nondurable manufactures doFood and beverage manufactures . _ _ . do _ _ .

Food manufactures doBeverages do

Tobacco manufactures doTextile-mill products. _ _ _ _ _ _ __ __ do .Apparel and allied products do

Leather and products doPaper and allied products doPrinting and publishing doChemicals and allied products . do

Industrial chemicals doPetroleum and coal products doRubber products do

Minerals doCoal _ doCrude oil and natural gas doMetal mininsr.. . _ doStone and earth minerals do

CONSUMER DURABLES OUTPUT rf1

Unadjusted, total output 1947-49=100Major consumer durables do ._

Autos _ _ _ _ _ d oMajor household goods do

Furniture and floor coverings doAppliances and heaters _ _ _._ do ..Radio and television sets do

Other consumer durables do

Seasonally adjusted, total output .doM ajor consumer durables do

Autos doMajor household goods do

Furniture and floor coverings do ._Appliances and heaters doRadio and television sets. do __

Other consumer durables doBUSINESS SALES AND INVENTORIES^

Manufacturing and trade sales (seas, adj.), totalbil. ofdoL.

Manufacturing, total doDurable-goods industries. __ doNondurable-goods industries do

Wholesale trade, total doDurable-goods establishments _ _ do _Nondurable-goods establishments do

Retail trade, total doDurable-goods stores _ doNondurable-goods stores _ do

Manufacturing and trade inventories, book value, endof month (seas, adj.), total __bi l . of dol__

Manufacturing, total doDurable-goods industries. __. do _ _Nondurable-goods industries _do ...

Wholesale trade, total doDurable-goods establishments do __Nondurable-goods establishments. _ do

Retail trade, total doDurable-goods stores doNondurable-goods stores do

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