05-1963

88th Congress, 1st Session

Prepared for the Joint Economic Committee by the

Council of Economic Advisers

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1963

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

JOINT ECONOMIC COMMITTEE

(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)

PAUL H. DOUGLAS, Illinois, ChairmanRICHARD ROLLING, Missouri, Vice Chairman

SENATE

JOHN SPARKMAN (Alabama)J. WILLIAM FULBRIGHT (Arkansas)WILLIAM PROXMIRE (Wisconsin)CLAIBORNE PELL (Rhode Island)JACOB K. JAVITS (New York)JACK MILLER (Iowa)LEN B. JORDAN (Idaho)

JAMES W.MARION

HAMILTON D

HOUSE OF REPRESENTATIVESWRIGHT PATMAN (Texas)HALE BOGGS (Louisiana)HENRY S. REUSS (Wisconsin)MARTHA'W. GRIFFITHS (Michigan)THOMAS B. CURTIS (Missouri)CLARENCE E. KILBURN (New York)WILLIAM B. WIDNALL (New Jersey)

KNOWLES, Executive DirectorT. TRACY, Financial Clerk

. GEWEHR, Administrative Clerk

COUNCIL OF ECONOMIC ADVISERSWALTER W. HELLER, Chairman

GARDNER ACKLEYJOHN P. LEWIS

Economic Indicators prepared under supervision of FRANCES M. JAMES

[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]

JOINT RESOLUTION [S.J. Res. 55]

To print the monthly publication entitled "Economic Indicators"

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the JointEconomic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that asufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant atArms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies tothe libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint EconomicCommittee; and the required number of copies to the Superintendent of Documents for distribution to depositorylibraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.

Approved June 23, 1949.

Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at 2 5 cents a single copyor by subscription at $2.50 per year (foreign, $3.50) from:

SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE

WASHINGTON 25, D.C.Subscribers who wish to receive it at an earlier date after release may take advan-tage of provisions for airmail subscriptions. The domestic airmail subscriptionprice is $5.40 per year.

The 1962 Supplement to Economic Indicators, which describes each seriesand gives annual data for years not shown in the monthly issues, is now avail-able at 65 cents a copy.


TOTAL OUTPUT, INCOME, AND SPENDINGTHE NATION'S INCOME, EXPENDITURE, AND SAVINGCurrent estimates indicate that gross national product rose $8.3 billion (seasonally adjusted annual rate) in the firstquarter. Personal consumption expenditures rose $4.3 billion although only a $3.3 billion increase was registeredin disposable personal income.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

19521953195419551956 ...1957195819591960 ...1961 - _ _ _ - _ -1962 .1961: III

IV1962: I

IIIIIIV

1963: I

Dis-posablepersonalincome !

238. 7252. 5256. 9274. 4292. 9308. 8317. 9337. 1349. 4363. 6382. 9366. 3372. 6375. 6381. 8384. 1389.3392. 6

Persons

Personalconsump-

tionexpendi-

219. 8232. 6238. 0256. 9269. 9285. 2293. 2313. 5328. 5338. 1356. 7340. 1346. 1350. 2354. 9358. 2363. 5367. 8

Personalsaving( + ) or

dis-saving

1 )

18. 919. 818. 917. 523. 023. 624. 723. 620. 925. 626. 226. 326. 525. 426. 926. 025. 824. 8

Grossretained

earn-ings 2

33. 234. 335. 542. 143. 045. 644. 851. 352. 153. 658. 154. 157. 057. 257. 657. 760.0

Business

Grossprivate

domesticinvest-

49. 950. 348. 963. 867. 466. 156. 672. 772.469. 376. 672. 476. 675. 977. 476. 376. 276. 8

Excessof

invest-ment

-16. 6— 16. 0-13. 4-21. 8-24. 3-20. 5— 11. 9-21. 4-20. 3-15. 6-18. 5-18. 3-19. 6-18.7-19. 9-18. 6-16. 2

Foreignnet

trans-fers by

Govern-ment

1. 51. 61. 41. 51. 51. 51. 31. 51. 61. 61.71. 51.61.71. 71. 81. 81.4

In

Net ejar

Netexports

1.3— . 41. 01. 12.94. 91.2

-. 82. 94.03.32. 83.83. 73.72. 53. 23. 2

;ernatior

cports ofid servic

Ex-ports

17.416. 617.519. 423. 126. 222. 722. 926. 427. 328.426. 928.328. 229.028. 328. 227. 9

lal

goodses

Im-ports

16. 117. 016. 518. 320. 221. 321. 523. 623. 523. 325. 224. I24. 524. 525. 325. 825.024. 7

Excess oftransfers

( + ) orof net

exports( — ) *

0. 22. 0. 4. 4

— 1.5-3. 5

. 12. 3

-1. 3-2. 4— 1.5-1. 3-2. 2-2. 0-2.0-. 7

-1. 4-1. 8

Period

19521953__-1954195519561957195819591960196119621961: IIT

IV ...1962: I

IIIII . .IV

1963: I

I

Netreceipts

72.275. 768. 578. 484. 287. 582. 095. 7

103. 8103. 0114. 9103. 4109. 2111.9114. 9115. 9117. 3

>Iet receip

Tax andnontaxreceipts

oraccruals

90. 694. 990. 0

101. 4109. 5116. 3115. 1130. 2141. 0144. 8158. 1145. 7151. 6154. 6157. 8159. 2161. 8

C

ts

Trans-fers,

interest,and sub-sidies 5

18. 419. 221. 523. 025.328. 733. 134. 437. 141. 943. 242. 442. 442. 742. 943. 344. 5

44. 7

iovernmei

E

Pur-chases

of goodsand

services

76. 082. 875. 375. 679. 086. 593. 597. 299. 7

107. 4117. 3106. 9112. 1115. 2116. 0118. 2120. 7124. 0

it

xpenditur

Totalexpendi-

tures

94. 4102. 096. 798. 6

104. 3115. 3126. 6131. 6136. 8149. 3160. 5149. 3154. 4157. 9158. 9161. 6165. 2168.7

es

Trans-fers,

interest,and sub-sidies 5

18. 419. 221. 523. 025. 328. 733. 134. 437. 141. 943. 242. 442. 442. 742. 943. 344. 544. 7

Surplus( + ) ordeficit(-) onincome

andproductaccount

-3.97 j

-6. 72. 95. 21. 0

-11. 4-1. 5

4. 2— 4. 4-2. 4-3. 6-2. 9-3. 3— 1. 1— 2. 4-3.3

Totalincome

orreceipts

345. 6364, 1362. 3396. 5421. 6443. 4446. 0485. 7506. 8521. 8557. 6525. 3540. 5546. 4556. 0559. 8568. 4

Statis-tical

discrep-ancy

1. 41. 3. 9

1. 0-2. 4-. 6

— 1. 5-3.0-3. 4-3. 1-3. 8

O 1— d. 1— 1. 9

— 1. 4-4. 0-4. 3-4. 8

Grossnationalproduct

orexpendi-

ture

347. 0365. 4363. 1397. 5419. 2442. 8444. 5482.7503. 4518. 7553.9522. 3538. 6545. 0552. 0555. 3563. 5571.8

1 Personal income (p. 5) less personal taxes and nontax payments (fines, penal-ties, etc.).2 Undistributed corporate profits, corporate inventory valuation adjustment,capital consumption allowances, and excess of wage accruals over disbursements,Does not include retained earnings of unincorporated business which are in-cluded in disposable personal income.! Private business investment, purchases of capital goods by private nonprofitinstitutions, and residential housing.

4 Net foreign investment with sign changed.6 Government transfer payments to persons, foreign net transfers by -Govern-

ment, net interest paid by government, and subsidies less current surplus ofgovernment enterprises.

NOTE.—Data for Alaska and Hawaii included beginning I960.

Source: Department of Commerce. 1


GROSS NATIONAL PRODUCT OR EXPENDITUREGNP In the first quarter rose $8.3 billion (seasonally adjusted annual rate), or 11/z percent, according to current esti-mates. The main increases were in personal consumption expenditures and government purchases.

BILLI

500

300

100

SOURC

ONS OF DOLLARS

-

-__ _^

PE

_ _ _

0— — >— «_^v_

1 1 1

1957

E1. DEPARTMENT OF C

GRC

^^

RSONAL CONSUMPTEXPENDITURES

/_...

GOVERNMOF GOOD:

^L^^_1958

OMMEHCE

SEASON

JSS NATIONAL P

ION

ENT PURCHASESAND SERVICES

\

....""""'"••...Illl..!..1"

GROSS PRIVA1NVES

1 I 11959

iLLY ADJUSTED ANNU

ROOUCT

rE DOMESTIC,^TMENT • "

1 1 1I960

U. RATES

^^^\

_--?- ll_

^^^L^

'"""" NET EXPOR^- AND S

U^ ,<__„ ^_

I I ! . .1961

^— --^

T OF GOODSERVICES

! ! I1962

BILLIONS OF DOL

««•

-

-

.11

..n

1 ! I1963

COUNCIL OF ECONOMIC At

LARS

500

300

IOO

V1SERS

Period

E

19501951, . .19521953 ...19541955195619571958 .1959196019011962 . .

1961: III... ._.IV .. . ..

I 9 < > L > : T .11[ I II V

1 ' M i H - 1

Totalgross

nationalproductin 1962prices

>illions of

370. 0400. 4415. 8434. 8426. 3459. 6469. 4478. 5471. 1SOS. 6615. 8525. 5553. 9528. 5543. 7548. 4552. 6554. S660. 6566. S

Totalgross

nationalproduct

dollars, q

284. 6329. 0347.0365. 4363. 1397. 5419. 2442. 8444. 5482. 7503. 4518. 7553. 9522. 3538. 6545. 0552. 0555. 3563. 5571. 8

Personalcon-

sump-tion

expend-itures

uarterly c

195. 0209. 8219. 8232. 6238. 0256. 9269. 9285. 2293. 2313. 5328. 5338. 1356. 7340. 1346. 1350. 2354. 9358. 2363. 5367. 8

Grossprivate

domesticinvest-ment

ata at se<

50. 056. 349. 950. 348. 963. 867. 466. 156. 672. 772. 469. 376. 672. 476. 675. 977. 476. 376. 276. 8

Netexportsof goods

andservices

isonally a

0. 62. 41. 3

— . 4 '1. 01. 12. 94. 91. 2

-. 82. 94. 03. 32. 83. 83. 73.72.53. 23. 2

Gove

Total

djusted i

39. 060. 576. 082. 875. 375. 679. 086. 593. 597. 299. 7

107. 4117. 3106. 9112. 1115. 2116. 0118. 2120. 7124. 0

rnment p

Total i

innual K

19.338. 852. 958. 047. 545. 345. 749. 752. 653. 653. 257. 062. 456. 559. 561. 962. 162. 763. 465. 9

urchasesservicesFederal

Nationaldefense 2

ites

14.333.946. 449. 341.239. 140. 444. 444. 846. 245.749. 053. 448. 450. 853. 053. 254.054. 256. 6

of good

Other

5. 25. 26. 79. 06. 76. 65. 75.78. 37. 98. 18. 79.78. 79. 29. 69. 59. 6

10. 110. 2

s and

Stateandlocal

19. 721. 723. 224. 927. 730. 333. 236. 840. 843. 646. 550. 455. 050. 452. 653. 354. 055. 557.358. 1

Implicitprice

deflatorfor total

GNP,1962=100'

76. 982. 2S3. 584. 085. 286. 589. 392. 594. 496. 097. 698. 7

100. 098. S99. 199. 499. 9

100. 2100. 5101. 0

s (InvcrmmTH sales.sr rx |M-! [ i l i t i i r c s correspond closely with budget expeaditures for national. ;*hmvn on p. .'ifi.x; i m i l i u m ) product In current prices divided by gross national product

NOTE.—Data for Alaska and Hawaii included beginning I960.Source: Department of Commerce.


NATIONAL INCOMECompensation of employees rose by $5 billion (seasonally adjusted annual rate) in the first quarter. Farm proprie-tors' income fell, but other noncorporate income rose moderately.

BILLIONS OF DOLLARS500


CORPORATE PROFITS ANDINVENTORY VALUATION ADJUSTMENT

200

1957

SOURCE: DEPARTMENT OF COMMERCE. . _

1963

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, quarterly data at seasonally adjusted annua! rates]

Period

1950...19511952..19531954.1955195619571958- ..1959. .196CL .. _ _1961. .19621961: III

IV . . .1962: I.

11IIIIV

1963: I

Totalnationalincome

241.9279. 3292. 2305. 6301. 8330. 2350. 8366. 9367. 4400. 5415. 5427. 8458. 0431. 3444. 0448. 9456. 7459. 8466. 6

Compen-sationof em-

ployees '

154. 2180. 3195. 0208. 8207. 6223. 9242. 5255. 5257. 1278. 5293. 7302. 2321. 6304. 5309. 9315. 2321. 1323. 8325. 8330. 8

Proprieto

Farm

14. 016. 315. 313. 312. 711. 811. 611. 813. 511. 412. 013. 113. 013. 113. 612. 912. 812. 813. 613. 0

rs* income

Businessand pro-fessional

23. 526. 026. 927. 427. 830. 432. 132. 732. 535. 134. 234. 836. 835. 136. 036. 236. 837. 037. 337. 7

Rentalincome

ofper-

9. 09. 4

10. 210. 510. 910. 710. 911. 912. 211. 911. 912. 312. 812. 312. 512. 612. 812. 912. 913. 0

Netinter-

est

5. 56. 37. 18. 29. 1

10. 411. 713. 414. 816. 418. 120. 022 220. 321. 021. 522. 022. 523. 023. 5

Corporatory va

Total

35. 741. 037. 737. 333. 743. 142. 041. 737. 247. 245. 645. 551. 546. 051. 150. 450. 751.054. 0

;e profitsluation at

Profitsbeforetaxes

40. 642. 236. 738. 334. 144. 844. 743. 237. 447. 745. 445. 651. 346. 351. 450. 150. 951. 153. 2

and inven-Ijustment

Inventoryvaluation

adjustment

-5. 0-1. 2

1. 01. 0-. 3

1. 7-2. 7

1. 5o

— . 52

. 02

-. 3-. 3

. 3_. 2— . 1

. 8

. -11 Includes employer contributions for social insurance. (See also p. 4.) NOTE.—Data lor Alaska and Hawaii included beginning 1960.

Source: Department of Commerce.


SOURCES OF PERSONAL INCOMEPersonal income rose $2.6 billion (seasonally adjusted annual rate) in April to a record $455.8 billion. Wase andsalary disbursements increased $1.9 billion/ all other major types of income except farm proprietors' also increased.



I957 I I958

SOURCE: DEPARTMENT OF COMMERCE

1962 1963


[Billions of dollars, monthly data at seasonally adjusted annual rates]

Period

195419551956195719581959196019611962 4

1962: M a r _ _ _AprMayJuneJ u l y _ _AugSep t___GetNovDec

1903: JanFeb..Mar...Apr 4

Totalpersonalincome

289. 8310. 2332. 9351. 4360. 3383. 9400. 8416. 4440. 5435. 2438. 3439. 7440. 7441. 9443. 0443. 5445. 6448. 2450. 4452. 4451. 1453. 2455. 8

Wageand

salarydisburse-ments '

196. 3210. 9227. 6238. 5239. 8258. 5271. 3278. 8295.8292. 2295. 3296. 0296. 9297. 8298. 1298. 0298. 5299. 8301. 0301. 5303. 6305. 0306. 9

Otherlabor

income 2

6. 27. 18. 19. 19. 4

10. 411. 011. 412. 312. 112. 212. 312. 412. 412. 412. 412. 512. 512. 512. 612. 712. 712. 8

Propriet

Farm

J2. 711. 811. 611. 813. 511. 412. 013. 113. 012. 912. 812. 812. 812. 712. 812. 913. 213. 614. 013. 412. 912. 712. 7

3rs' incomeBusinessand pro-fessional

27. 830. 432. 132. 732. 535. 134. 234. 836. 836. 436. 636. 836.836. 937. 037. 037. I37. 337.437. 637. 737. 837. 9

Rentalincome

ofpersons

10. 910. 710. 911. 912. 211. 911. 912. 312. 812. 712. 712. 812. 812. 812. 912. 912. 912. 912. 913. 013. 013. 013. 1

Divi-dends

9. 811. 212. 112. 612. 413. 714. 415. 015. 915. 915. 815. 815. 815.715. 716. 016. 116. 217. 016. 316. 416. 516. 6

Personalinterestincome

14. 615. 817. 519. 621. 023. 525. 827. 429. 729. 029. 229. 429. 629. 830. 030. 230. 430. 630. 831. 131.331. 631. 9

Transferpay-

ments

16. 217. 518. 821. 926. 327. 529. 433. 434. 634. 534. 234. 234. 134. 234. 534. 535. 535. 835. 538. 735. 335. 635. 8

Less: Per-sonal con-tributionsfor socialinsurance

4. 65. 25.86. 76. 97. 99. 29. 7

10. 510.410. 510. 510. 510. 510. 510. 410. 510. 510. 611. 711. 811. 811. 9

Nonagri-culturalpersonalincome 3

273. 8295. 0317. 9336. 1343. 0368. 6384. 7399. 1423. 2418.0421. 2422. 6423. 5424. 8425. 9426. 4428. 2430. 4432. 3434. 6434. 0436. 2438. 8

1 Compensation of employees (see p. 3) excluding employer contributions forin.sunuic'C : i n < ! the excess of wage accruals over disbursements,npioyer contributions to private pension, health, and welfare funds; com-lion for injuries; directors' fees; military reserve pay; and a few other

rsonal income exclusive of net income of unincorporated farm enterprises,

farm wages, agricultural net interest, and net dividends paid by agriculturalcorporations.

* Preliminary.NOTE.—Data for Alaska and Hawaii included beginning 1960.



DISPOSITION OF PERSONAL INCOMEIn the first quarter, personal consumption expenditures rose by $4.3 billion (seasonally adjusted annual rate) whiledisposable personal income rose by $3.3 billion. The saving rate declined to 6.3 percent.

BILLIONS OF DOLLARS* BILLIONS OF DOLLARS*

350

300

1957 1958i SEASONALLY ADJUSTED ANNUAL RATES.

SOURCE: DEPARTMENT OF COMMERCE

1962

2,000

1,800

1,600

COUNOl Of ECONOMIC ADViSEBS

Period

1951.. -..19521953. ...1954 . ...1955. . ...1956 . ...1957 . ...1958 . ...1959.. ...1960 _ ...19611902. _ ..

1961: III..IV..

1962: I...II...III..IV-

1963: I

Per-sonal

income

256. 7273. 1288. 3289. 8310. 2332.9351.4360. 3383. 9400. 8416. 4440. 5

419. 4427. 3

432.0439. 5442. 6448. 0

452. 1

Less :Per-sonaltaxes

29. 234.435. 832. 935. 740. 042. 642. 346. 851. 452. 857. 6

53. 054. 6

50. 457.758. 558. 7

59. 5

Equals:Dis-

posablepersonalincome

227. 5238. 7252. 5256. 9274. 4292. 9308. 8317. 9337. 1349. 4363. 6382. 9

366. 3372. 6

375. 6381. 8384. 1389. 3

392. 6

Persona

Total

Billions209. 8219. 8232. 6238. 0256. 9269. 9285. 2293. 2313. 5328. 5338. 1356. 7

Seasc340. 1346. 1

350. 2354. 9358. 2363. 5

367. 8

1 consump

Durablegoods

of dollars29. 529. 132. 932. 439. 638. 540. 437. 343. 644. 843. 747. 5

nally adj\44. 046. 6

40. 347. 247. 149. 6

50.0

ess:tion expe

Non-durable

110. 1115. 1118. 0119. 3124. 8131. 4137. 7141. 6147. 1151. 8155. 2162. 0

isted ann156. 2157. 2

159. 9161. 3163. 0163. 9

165. 5

nditures

Services

70. 275. 681. 886. 392. 5

100. 0107. 1114. 3122. 8131. 9139. 1147. 1

jal rates139. 9142. 3

144. 1146. 3148. 1150. 1

152. 3

Equals:Personal

saving

17. 718. 919. 818. 917. 523. 023. 624. 723. 620. 925. 626. 2

26. 326. 5

25. 426. 926. 025. 8

24. 8

Per capposable

inco

Currentprices

Dol1, 4751, 5211, 5821, 5821, 6601, 7411, 8031, 8251, 9041, 9341, 9792,052

1, 9892, 015

2, 0242, 0502, 0542,074

2, 084

ita dis-Dersonalme

1962prices 1

.ars1,7181,7361,7881,7701, 8491, 9081, 9191,9071,9651,9681, 9982,052

2,0082,027

2, 0342,0532,0522, 064

2, 065

Saving aspercentof dis-

posablepersonalincome

(percent)

7. 87. 97.87. 46. 47. 97. 67. 87. 06. 07. 06. 8

7. 27. 1

6. 87. 06. 86. 6

6.3

Popula-

(thou-sands) 3

154, 283156, 947159, 559162, 388165, 276168, 225171, 278174, 154177, 080180, 676183, 742186, 591

184, 150184, 952

185, 607186, 258186, 980187, 738

188, 3501 Income in current prices divided by the implicit price deflator for personal

consumption expenditures on a 1962 base.2 Population of the United States including armed forces abroad. Annual

data as of July J ; quarterly data centered in the middle of the period, interpolatedfrom monthly figures.

NOTE.—Data for Alaska and Hawaii included beginning 1960.Sources; Department ol Commerce arid Council of Economic Advisers.


FARM INCOMENet farm income (seasonally adjusted) fell in the first quarter to a level slightly above that of a year earlier.

BILL

40

£0

10

0

SOU

IONS OF DOLLARS

'

^ ^

! 1 1

1957

?CE: DEPARTMENT OF

' ""

>"-™-,

1 1 1

1958

AGRICULTURE.

SEASON

REALIZED GROSSFARM INCOME

1NC1

*—*

1 ! 1

1959

ALLY ADJUSTED ANNUfl

-X *

NET FARM INCOME-UDING NET INVENTC

CHANGE

r~^**

i i 1I960

L RATES

I ' *~"

3RY

1 I 11961

»„- __^ -"•

1 1 1

1962

BILLIONS OF DOLL

-.

1963

COUNCIL OF ECONOMIC AD

&RS

40

20

10

0

VISERS •

Period

19531954.1955. . _ _1956.19571 95819591900. ..IDG 11902

1961: IIIIV

1 !l(i'_': I _ _I II I II V

i !m:>: !

Personaltotal

Fromall

sources

20. 019. 018. 318. 618. 820. 519. 019. 620. 320. 4

income rearm popu

Fromfarm

sources

13. 813.212. 212. 012. 213. 811. S12. 413. 313. 3

ceived bylation

Fromnonfarmsources

6.35. 86. 16. 66. 66. 77. 17. 27. 07. 1

Realize

Total '

Billions (35. 333. 933. 334. 634. 437. 937. 537. 939. 940. 6

Seas40. 140. 8

40. 340. 340. 541. 4

40. 8

]

d gross

Cashreceipts

frommarket-

ingsif dollars

31. 130. 029. 630. 629. 833. 433. 534. 035. 235. 7

onally ad35. 235. 8

35. 435. 335. 536. 5

35.8

ncorne re

tion ex-penses

21. 421. 721. 922. 623. 425. 326. 226. 227. 127. 7

justed am27. 227. 3

27. 527. 627. 727. 9

28. 1

ceived fro

Net toper

Exelud-ingnetin-ventorychange

13. 912. 211. 512. 011. 012. 611. 311.712. 812. 9

lual rates12. 913. 5

12. 812. 712. 813. 5

12.7

m farming

3 farmitors

Includ-ing net in-ventorychange 2

13. 312.711. 811. 611. 813. 511. 412. 013. 013. 0

13. 113. 6

12. 912. 812.813. 6

13. 0

>

Net incfarm inclinventory

Currentprices

Dol2, 6642, 6452, 5292, 5742, 6953, 2012,7753,0443, 4223,537

3, 4403,570

3, 5003, 4703,4703, 690

3, 630

ome peruding netchange 3

1962prices *

lars2, 9272, 8752, 7492, 7682, 8073, 2662, 8323,0753, 4573,537

3, 4703, 610

3, 5003, 4703,4703, 690

3, 590inrketings, Government payments, and nonmoney in-

u! livestock valued at the average price for the year.inp 19M on the basis of 1959 Census of Agriculture defi-nniher of farms is held constant within a year.

* Income in current prices divided by the index of prices paid by farmers forfamily living items on a 1962 base.

Source: Department of Agriculture,


CORPORATE PROFITSCorporate profits before taxes rose $2.1 billion (seasonally adjusted annual rate) in the fourth quarter of 1962 to arecord high of $53.2 billion.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

' E X C L U D I N G INVENTORY V A L U A T I O N A D J U S T M E N T .SOURCE: DEPARTMENT OF COMMERCE.

I962


[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

1951... __1952 .1953195419551956195719581959196019611962

1961: IIII V ^ _

1962: III-.III —IV.-

1963: ! „ _ _ _

Cori

Allindus-tries

41. 037. 737. 333. 743. 142. 041. 737. 247. 145. 645. 551. 5

46. 051. 1

50. 450. 751. 054. 0

lorate pr

M

Total

24. 421. 121. 418. 425. 023. 522. 918. 325. 424. 023. 528. 0

24. 027. 5

27.027. 128. 129. 7

ofits (befcvaluation

anufactui

Durablegoodsindus-tries

13. 511. 812. 110. 114. 212. 613. 19. 0

13. 412. 231. 714. 9

12. 114. 9

14. 2H. 315. 315. 8

>re taxes)adjustme

ing

Non-durablegoodsindus-tries

10. 99. 39. 38. 3

10. 810. 99. 89. 3

11. 911. 811. 713. 1

11. 912. 6

12. 812. 812. 813. 9

and inverit

Trans-porta-tion,com-muni-

cations,and

publicutilities

4. 54. 84. 94. 45. 45. 65. 55. 66. 77.07. 48. 0

7. 58. 0

8. 18. 07. 98. 0

tory

Allotherindus-tries

12. 011. 811. 011. 012. 812. 913. 313. 315. 114. 614. 715. 6

14. 515. 6

15. 415. 714. 916. 3

Corpo-rate

profitsbeforetaxes

42. 236. 738. 334. 144. 944. 743. 237. 447. 745. 445. 651. 3

46. 351. 4

50. 150. 951. 153. 2

Corpo-ratetax-

liabil-ity

22. 419. 520. 217. 221. 821. 220. 918. 623. 222. 422. 325. 0

22. 625. 1

24. 424. 924. 926. 0

Cor]a

Total

19. 717. 218. 116. 823. 023. 522. 318. 824. 523. 023. 326. 3

23. 726. 3

25. 626. 126. 127.3

oorate prfter taxe

Divi-dendpay-

ments

9. 09. 09. 29.8

11. 212. 112. 612. 413. 714. 415. 015. 9

14. 915. 5

15. 815. 815. 816. 416. 4

ofitss

Un-distrib-

utedprofits

10. 78. 38. 97. 0

11. 811. 39. 76. 4

10. 88. 68. 3

10. 3

8. 710. 8

9. 910. 310. 310. 9

Corpo-rate

capitalcon-

sump-tion

allow-ances '

11. 012. 314. 115. 818. 420. 021. 822. 724. 325. 927. 529. 2

27. 828. 5

28. 729. 129. 429. 730. 1

Profitsplus

capitalcon-

sump-tion

allow-ances 2

30. 729.632. 232. 741. 443. 544. 141.448. 748.950. 855. 5

51. 454. 8

51. .155. 255. 5,r,7. 0

1 Includes depreciation, capital outlays charged to current accounts and acci-dental damages.

2 Corporate profits after taxes plus corporate capital consumption allowances.98263°—63 2

NOTE.—Data for Alaska and Hawaii included beginning 1UGO.Source: Department of Commerce.


GROSS PRIVATE DOMESTIC INVESTMENTIn the first quarter, a rise of $1.8 billion (seasonally adjusted annual rate) in the inventory accumulation more thanoffset a decline of $1.2 billion in fixed investment, resulting in an increase in total private investment.

B I L L I O N S OF D O L L A R S B I L L I O N S OF DOLLARS

SOURCE: DEPARTMENT OF COMMERCE-

1963


[Billions of dollars, quarterly data at seasonally adjusted annual rates]

Period

1950195119521953.. ...1954.. ...19551956.195719581 9591900190 11902. .1901: 1 1 I _

I V1902: 1

I I1 1 1I V

1903: I , . ... ..

Totalgross

privatedomesticinvest-ment

50. 056. 349. 950. 348. 963. 867. 466. 156. 672.772. 469. 376. 672. 476. 675. 977. 476. 376. 276. S

Total

43. 246. 146. 849. 950. 558. 162. 764. 658. 666. 268. 367. 173. 468. 470. 669. 273.475. 374. 973. 7

Total

24. 224. 825. 527. 629. 734. 935. 536. 135. 540. 240. 741. 644. 542. 643. 241. 644. 546. 145. 043. 6

Fix

New cons

Resi-dential

nonfarm

14. 112. 512. 813. 815. 418. 717. 717. 018. 022. 321. 121. 023. 321. 922. 821. 223. 324. 323. 822. 6

3d investn

truction '

Ott

Total

10. 112. 312. 713. 814. 316. 217. 819. 017. 417. 919. 720. 521. 220. 720. 420. 521. 221. 821. 321.0

Tent

ler 2

Nonfarm

8. 510. 410. 812. 112. 714.616. 317. 515. 916. 218. 018. 619. 518. 518. 618. 919. 419. 919. 519. 4

Produc(able eq\

Total

18. 921. 321. 322. 320. 823. 127. 228. 523. 125. 927. 625. 528. 925. 827. 427. 628. 929. 229. 930. 1

?rs' dur-lipment

Non-farm

16. 218. 418. 619. 518. 520. 625. 026. 220. 323. 125. 123. 025. 923. 524. 924. 926. 026. 126. 626. 8

Changeness inv

Total

6.810. 23. 1. 4

-1. 65. 84. 71. 6

-2. 06. 64. 12. 13. 24. 06. 06. 74. 01. 01. 23.0

in busi-entories

Non-farm

6. 09. 12. 11. 1

-2. 15.55. 1. 8

-2.96. 53. 71.93. 23. 85.96. 63. 91. 01. 12.7

1 l iov ts ions HI snrir.'i on new construction shown on p. 19 have not yet been in-oorpm u l e i i Into U K - M - .MTii'.s.

5 "Other" construction in th is .series includes petroleum and natural gas well

drilling, which are excluded from estimates on p. 19.NOTE.— Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce.

8Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES FOR NEW PLANT AND EQUIPMENTBusiness firms spent $37.3 billion on new plant and equipment in 1962, an 8^/2 percent increase over 1961 expendi-tures. According to the February survey, 1963 expenditures will be 5 percent above the 1962 level. Expendituresdeclined by $400 million (seasonally adjusted annual rate) in the fourth quarter of last year and are expected toshow no change in the first quarter of 1963 and increases in subsequent quarters of the year.


20

10

SEE NOTE 3 ON TABLE BELOW.SOURCES: SECURITIES ANO EXCHANGE COMMISSION, AND DEPARTMENT OF COMMERCE.

1962 1963

COUNCIL OF ECONOMIC^ ADVISERS

fBillions of dollars; quarterly data at seasonally adjusted annual rates]

Period

1951195219531954195519561957195819591960196119621963 3

1961: IIIIV

1962: IIIIIIIV

1963: I 3

II 3 _ _ . . .

Total '

25. 6426. 4928. 3226. 8328. 7035. 0836. 9630. 5332. 5435. 6834. 3737. 3139. 1034. 7035. 4035. 7036. 9538. 3537. 9537. 9538. 65

M

Total

10. 8511.6311. 9111. 0411. 4414. 9515. 9611. 4312.0714. 4813. 6814. 6815. 6913.6514. 0014. 2014. 4515. 0515. 001 5. 3015. 30

anufacturi

Durablegoods

5. 175. 615. 655. 095. 447. 628. 025. 475. 777. 186. 277. 037.786. 106. 406. 556. 957. 257. 307. 507. 30

ag

Nondura-ble goods

5. 686. 026. 265. 956. 007. 337. 945. 966. 297. 307. 407. 657. 907. 557. 607. 607. 507. 807. 707. 808. 00

Mining

0. 93.98. 99.98.96

1. 241. 24. 94. 99. 99.98

1. 081.011. 001. 001. 151.051. 101. 001. 051. 05

Transpo

Railroads

1. 471. 401. 31. 85. 92

1. 231. 40. 75. 92

1. 03. 67. 85. 96. 65. 60. 70. 95

1. 00. 80. 95

1. 10

rtation

Other

1. 491. 501. 561. 511. 601. 711. 771. 502. 021. 941. 852. 071. 841.901. 952. 052. 252. 001. 901. 652. 00

Publicutilities

3. 663. 894.554.224.314. 906. 206. 095. 675. 685. 525. 485. 665. 655. 555. 155. 405. 755. 455. 305. 60

Commer-cial andother 2

7. 247. 098.008.239. 47

11. 0510. 409. 81

10. 8811.5711. 6813. 1513. 9411. 8512. 3512. 4512. 8513. 4013. SO1 3. 70] 3. 70

1 Excludes agriculture.1 Commercial and other includes trade, service, finance, communications, and

construction.s Estimates based on anticipated capita^ expenditures as reported by business

in late February 1963. Includes adjustments when necessary for systematic tend-encies in anticipatory data.

NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.

Annual total is the sum of unadjusted expenditures; it does not necessarilycoincide with the average of seasonally adjusted figures.

These figures do not agree with the totals included in the gross natioim! productestimates of the Department of Commerce, principally because the h i t l e r rnveiagricultural investment and also certain equipment and construction milluy:-charged to current expense.

Sources: Securities and Exchange Commission and Department of Commrrrr.


EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEEmployment and the labor force showed further substantial increases in April. The seasonally adjusted unemploy-ment rate rose slightly to 5.7 percent.

MILLIONS OF PERSONS MILLIONS OF PERSONS

SEASONALLY ADJUSTED

TOTAL LABOR FORCE

PERCENT OF CIVILIAN LABOR FORCE PERCENT CF CIVILIAN LABOR FORCE

1

urs

JEE£

-

MPSO

|

19

-CJA

5"

YMENTLLY AD

rrfl

II1 ii

uItST

-

T£

~

E31

95 3

i

Tl

95C)

"fl - -j

96<}

1

-"

Il<

"

16

Ti

_ -,-i

9

-

6

~

?

_

-__

r ...

— i

i

1i

i

i!

1963

* 14 YEARS OF AGE AND OVER.SOURCE: DEPARTMET OF LABOR. COUNCIL OF ECONOMIC ADVISERS

Period

Totallaborforce

(includ-ing

armedforces)

71, 28471, 94073, 12674, 17574, 839

73, 80473, 6.5474, 79776, 85776, 43776, 55474, 91474, 92374, 53274, 142

73, 32373, 99974, 38274, 897

Civilisploy

Total

63, 96665, 58166, 68166, 79667, 999

Unadj

67, 02766, 82468, 20369, 53969, 56469, 76268, 66868, 89367, 98167, 561

65, 93566, 35867, 14868, 097

in e rai-ment

Non-agri-cul-

tural

Thous58, 12259, 74560, 95861, 33362, 744

usted

61, 97961, 86362, 77563, 24963, 50063, 99363, 10:,63, 41803, 09863, 495

61, 73062, 30962, 81263, 424

Unem-ploy-ment

ands of ]4, 6813, 8133, 9314, 8064,012

3, 9523, 9463, 7194, 4634, 0183, 9323, 5123, 2943, 8013, 817

4, 672 |4, 9184, 5014, 063

Totallaborforce

(includ-ing

armedforces)

persons \l.

74, 47074, 65774, 53974, 58575, 05674, 98974, 65174, 57774, S48

75, 06475, 22575, 43075, 738

Civilianlaborforce

years of

71, 58571, 78271, 67371, 73072, 19773, 25471, 91571, 82772, 084

72, 34872, 50172, 69873, 002

Civilk

Total

age and o

easonally

67, 59167, 82167, 73167, 83368, 10468, 18868, 07667, 69168, 091

68, 17168, 08668, 63668, 874

in emplo

Agri-cul-

tural

ver

adjustet

5, 2965, 2695, 1905, 1185, 0875, 1145, 0404, 983.',, 843

5, 1834, 8415, 0085, 023

yment

Non-agri-cul-

tural

1

62, 29562, 55262, 54162, 71563, 01763, 07463, 03662, 70863, 248

63, 98863, 24563, 6S863, 851

Unem-ploy-ment

3, 9943, 9613, 9423,8974, 0934, 0663, 8394, 1363, 993

4, 1774, 4154,0624, 128

Unemp.rate (pe

civiliafor

Unad-justed

6. 85. 55. 66. 75.6

5. 65. 26. 05. 55. 34. 94, 65. 35. 3

6.66. 96. 35. 6

oymentrcent ofi laborce)Season-ally ad-justedPercent

5. 65. 55. 55.45. 75. 65. 35. 85.5

5. S6. 15. 65. 7

Laborforce

partici-pationrate,

unad-justed '

58. 558. 358. 358. 057. 5

57. 056. 857. 659. 258. 758. 757. 457. 356. 956. 6

55. 956. 356. 556. 9

1958...1959...1960__.1961...

1962:Apr.Apr 3 _May..June_.July..Aug_ .Sept..Oct...Nov..Dec..

1963:Jan ..Feb.Mar.Apr..1 Total labor force as percent of noninstitutional population.: A vcragcs have been adjusted by the Council of Economic Advisers for com-

parison with previous data.3 HW> Population Census data used in estimation procedure beginning April

twj; all other data based on 1950 Population Census.

10

NOTE.—Seasonally adjusted series revised beginning 1949. Forand coverage, see Employment and Earnings, Department of Labor,3960, data include Alaska and Hawaii,

Source: Department of Labor.

definitionsBeginning


SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENTThe seasonally adjusted over-all unemployment rate rose in April despite a decline in the rate for married men andexperienced wage and salary workers.

PERCENT10,0

SEASONALLY ADJUSTED

LABOR FORCE TIME LOST THROUSH UNEMPLOYMENTAND PART-TIME WORK

PERCENT

10.0

8.0

UNEMPLOYMENT RATE .EXPERIENCEDWAGE AND SALARY WORKERS

UNEMPLOYMENT RATE,MARRIED MEN

2.O

SOURCE: DEPARTMENT .OF LABOR. COUNCIL OF ECONOMIC ADVISERS.

Period

195719581959.196019011902 -

1962: A p rM:ivJ u n e. l u l vA ML',s,.,,l.Orl.N , , v! ) ( • ! •

1963: . I nnl ' V I >M a rApr _ . .

Unen(percen

foi

Allworkers

•I. 3(). <S5. r>5. (i(i. 75. 6

5. (ir>. 5r r

5. -1

5. 7r>. I;5. :i5. S5. 55. Sr,. ir>. ( i.'). /

iploymeut of civili;ce m groi

Experi-enced

wage andsalary

IVi•1. r>7. '25. 6• >. /(i. S; > . ; >

Seasonal!5. 5i>- :<5. -15. 1r>. 75. (ir>. 2.ri. li5. 5r>. 7(i. 05. 55. 4

; ratein laborP)

Marriedmen '

ccnl2. Sr.. i:-;. c>3. 7• i . ( il i . ( i

v a d j i i s h ' i3. 7• >. .'):i. < i:(. 53. r>3. 48. 43. 43. 58. 84. 13. 53. 3

Laborforce

lime lostthrough

ploymcntand part-

timework '2

:). 3S. 1(i. (ili. 7S. 0<;. 7

(i. (i(i. (i6. (i(i. 76. 76. 86. 66. 96. 66.87. 16. 66. 6

Over -10hours

17, l i O ll ( i , < > ( ) ( )17, 3-151 7, 06418, 21019,024

18, 86319, 48219, 60618, 71618, 45219, 88319, 46018, 79920, 12318, 89318, 35818, 96418, 068

Persons

35-10hours

Thousan28, 63428, 27327, 72328, 72429, 04728. 854

I30, 17230, 22929, 60327, 65628, 81229, 80128, 58726, 30829, 05229, 58728, 70529, 70528, 437

at work ibv hours

Total

ds of pers9, 730

10, 37211, 70211, 52811, 13211, 675

Jnadjuste11, 00711, 12110, 2929, 783

10, 07110, 74013, 23715, 96812, 07511, 08012, 81211, 70614, 311

n nonagriworked r

Ui

Part-ticconomi

Usuallyfull-

time *

ons 14 ye1, 1831, 6381, 0321, 2431, 2971,049

11, 0501, 1111, 041

9621,0881, 0931,0231, 1681, 0011, 1471, 0051, 050

6 1, 136

cultural ii>er week 3

ider 35 ho

me foro reasons

Usuallypart-time a

irs of age986

1, 3151, 3041, 3171, 5161, 287

1, 1711, 1841, 5891, 7121, 5371, 1521, 1621, 2111, 1651, 0961, 1811, 142

6 1 , 070

dustrics

urs

Part-ticconomi

Usuallyfull-

time 4

and over

Seasonal^998

1, 0991, 0391, 0851, 1241, 1431, 0721, 145

9951, 092

9651, 0001, ((SO

me for3 reasons

Usuallypart-ti me 5

/ adjusted1, 2021, 2531 , 2891, 5391 252, 262

561i l l !!():;) r( ' j

. 23122! I

I , I I ' . M I1 March'.!'•' Assumes un

r c u T i o i i i ic rra.so\vorkr i i .

J Dil lVrs fromsons \vi1 i ' jobs band industr ial

il mmapot at woites.

li their wives.ersons lost 37.5 hours a week; those on part-time forcmv between 37.5 hours and actual number of hours

Tici iRi i ra l employment (p. 13), which includes per-rk for such reasons as vacation, illness, bad weather, NOTE.—See note and also footnote 2. p. 10.

Alaska and Hawaii .Source: Department of Labor. 11


UNEMPLOYMENT INSURANCE PROGRAMSInsured unemployment under State programs averaged 1.9 million in April, 89,000 more than in April 1962.

MILLIONS OF PERSONS MILLIONS OF PERSONS

WEEKLY INSURED UNEMPLOYMENT(STATE PROGRAMS)

1961

n ) i | | 1 , , i 1 i i i , 1 , i , 1 , i , 1 i , , ,

•IAN. FEB. MAR. APR. MAY JUNE

SOURCE : DEPARTMENT OF LABOR.

1 r 1 1 1 f , . I . . I 1 1 , , . 1 i , ,

JULY AUS. SEPT. OCT. NOV.

COUNCIL

1 , , , ' ' ' , 1 "

DEC.

DF ECONOMIC ADVISERS

Period

195819591960 ...196119621962: Mar

Apr _ _May _JuneJulyA u g _ _SeptOctNovDec

1963: JanFebMar.. _ _ . _ _Apr 2

Week ended:1903: Apr 6

132027

May 4 __11 .._

' Im'Uult^ i''e<lvn\S and Slntc prosrtrom Jinn1 lO.'iH through June 1062, exp

1 1'rfllinitnury.

A

Coveredemploy-

ment

Thou44, 41245, 72846, 33446, 26447, 15046, 54247, 37247, 82148, 442

ims for terniration date

11 progranInsuredunem-ploy-ment

(weeklyaver-age) i

sands3, 2692, 0992, 0672, 9941, 9462, 7022, 2161, 8401, 6671, 6991, 6281, 4971, 5391, 7802, 2232, 7782, 7262,4652, 070

2, 1882, 1212, 1012,0141,927

porary extenof program.

IS

Totalbenefits

paid(mil-

lions ofdol-

lars) '

4, 209. 22, 803. 03, 022. 74, 358. 23, 145. 2

381. 0297. 9254. 3215. 4205. 2218. 9181. 1198. 9215. 5236. 5373. 0339. 6343. 0295. 0

sion of ben

Insuredunem-ploy-ment

Weekly j2, 5091, 6821, 9062, 2901, 7832, 2181, 8311, 5701, 4691, 5431, 4691, 3311, 3851, 6252, 0632, 5912, 5462, 2981, 920

2,0321,9681, 9111, 8301,746

sfits NcIndieEico

Initialclaims

iverage, t370281331350302273267250258319261235275314422447325272273

300282257261256247

)TE. — For dealms. Datasince Januai

Sta

Exhaus-tions

lousands50333146323939333028262525262835363637

finitions ancfor Alaska a

•y 1961.

te progra

Insurecploymencent of

emplo

Unad-justed

Per6. 44. 44. 85. 64. 45. 54. 53. 93.63. 83.63. 33. 44. 05. 16. 36. 25. 64. 7

4. 94. 84. 74. 54. 2

coverage,nd Hawaii i

ms

unem-t as per-coveredyment

Season-ally ad-justed

sent

4.43. 93. 84-04.34.44-44.64. 84.84.84.74.44. 1

*e the !9««ncluded for s

Benefi

Total(mil-

lions ofdollars)

3, 512. 72, 279. 02, 726. 73, 422. 72, 675. 4

310. 2239. 6215. 0188. 9187.0197. 4160. 6176. 6193. 6214. 2342. 4313. 3316. 4275. 0

Supplement11 periods an

ts paid

Averageweeklycheck

(dollars)

30. 5830. 4132. 8733. 8034. 5634. 9834. 5234. 0434. 2034.0134. 2934. 4234. 6934. 9535. 1135. 5235. 7035. 8035. 60

to Economicd for Puerto

12 Source: Department of Labor.


NONAGRICULTURAL EMPLOYMENTNonfarm payroll employment, seasonally adjusted, rose by 276,000 in April. Gains were particularly larse inmanufacturing and construction.

MILLAND

60

58

56

54

52

50

48

4.0

3.5

3.0

2.5

2.0

X SESOUB

IONS OF WAGESALARY WORKE

ALL NONA

^s*~ — ^

^ ! 1 1 t 1 1 1 1 1 1

I960

CONTRACT(ENLARGED

"V^

•1 ' ' ' ' 1 t I 1 ' '1960

ASONALLY ADJUSCE: DEPARTMENT

RS*

3RICULTURAL

"-•—

, , , , , ,1961

CONSTRUCTISCALE)

i i ' > t ' ' ' ' ' '1961

TED DATA.OF LABOR.

ESTABLISHM

_S*~~~J^

i , i i i i 1 1 1 1 ,1962

ON

I i i i i i1962

ENTS

-3?

, 1 1 1 1 1 1 1 1 1 11963

t . i i i i i i i t .1963

MILLAND

20

i e

16

<1 2

10

8

6

12.5

12.0

11.5

11.0

10.5

IONS OF WAGESALARY WORKE

MANUFACT

^^LZ_^

n.int.mimmn»mim

ij - - ' - i i t 1 I i t i t

I960

WHOLESA(ENLARGED

^ ^

,1,1 1 1 1 1 1 1 1 1 1J960

RS*

URING

..TO

^ 1

DURABLEGOODS

INDUSTRIES

N

"" NONDURABLE- GOODS INDUSTRI

Mf*

I 1 I 1 1 1 1 1 , 1 1

1961

LE AND RETASCALE)

-^

t r l 1 , 1 , , t 1 1

1961

HAL

_ * "•"•«

—-«— -.»._.

ESXT

1 1 1 r I 1 1 I I 1 I

1962

L TRADE

,^~^

^

1 ! 1 I t t I 1 1 1 1

1962

tODNC

«^«

.„„.»

i t i r r 1 i i i t i

1963

s

[ i i . i t ' i i i L1963

It &• ECONOMIC ADVI

>

SEBS

[Thousands of wage and salary workers; * seasonally adjusted]

Period

195619571958195919601961196221962: Mar-

Apr__May-JuneJuly _.Au !>;_..S < > ] > t -OctNov! > ( > ( • _

100.",: . l :ui . .I'V1> .Mar*.A p r 2

Total

52, 40852, 90451, 42353, 38054, 34754, 07755, 32554, 90155, 26055, 40355, 53555, 6175 , 5365 , 5835 , 6475 , 5975 , 5805 , 5305 , 7305 , 9535 , 229

Manufac

Total

17, 24317, 17415, 94516, 66716, 76216, 26716, 75016, 68216, 84816, 89116, 92316, 90816, 79516, 80516, 7811(1, ! i<)5

16, OS1I d , 03216, 065I d , 70210, 92X

turing (]

Durablegoods

9, 8349, 8568, 8309, 3699, 4419, 0429, 4439, 3859,4909, 5449, 5559, 5529, 4619, 4869, 4709. 4139, 4 1 89, .'{999, -1239, -1739, 91

private)

Non-durable

goods

7, 4097, 3197, 1167, 2987, 3217, 2257,3087, 2977, 3587, 3477, 3687,3567, 3347, 3197, 3117, 282

, 203" ' *!>!i

,' 2-12' 2S9. 337

Total

27, 88728, 10427, 58528, 52329, 06528, 98329, 39029, 14629, 32429, 38529, 41529, 52629, 53729, 50429, 52729. 51829, 47029, '17029, ( l i d29, 71029, SO!',

1\

Mining

822828751731709666647654656659652648646641638636625623625025030

onmanu

Con-tractcon-

struc-tion

2, 9992, 9232, 7782, 9552, 8822, 7602, 6962, 6482, 7342, 7162, 6712, 7382, 7312, 7152, 7162, 6962, 6542, 6512, 0-162, 0352, 719

faeturinj

Trans-porta-tionand

publicutilities

4, 2444, 2413, 9764, 0104, 0173, 9233, 9253, 9273, 9353, 9363, 9343, 9133, 9323, 9283, 9353, 9183, 9213. 8363, 9133, 9143, 918

; (private

Whole-saleand

retailtrade

10, 85810, 88610, 75011, 12511, 41211, 36811, 57111, 46011, 54611, 59611, 62111, 65211, 62711, 61211, 59411, 60011,57311, 03711, 67911, 75611, 767

)

Finance,insur-ance,andreal

estate2, 4292, 4772, 5192, 5972, 6842, 7482, 7932, 7762, 7782, 7862, 7882, 7922, 7962, 7992, 8132 8222, 8212, 8282, 8362,8452, 847

Serviceand

miscel-laneous

6, 5366, 7496, 8117, 1057, 3617, 5167,7577, 6817, 6757, 6927, 7497, 7837, 8057, 8097, 8317, 8467, 8767, 8957,9177,9357,922

Cover

Federal

2, 2092, 2172, 1912, 2332, 2702,2792, 3412, 3222, 3252, 3432, 3662, 3752, 3742, 3692, 3712, 3812, 3912, 3792,3562,3632,356

nment

Stateandlocal

5, 0695, 4095, 7025, 9576, 2506, 5486, 8446, 7516, 7636, 7846, 8316, 8086, 8306, 9056, 9687, 0037, 0387, 0557, 0937, 1187, 1-12

1 Includes ni l ful l - and p:irt.-Umc \v;it:o .'111(1 salnry \vorKrrs in n o n u i r r i c n l t . u n i lestablishments who worked d u r i n g or received pay for any part of the pay periodending nearest the 15th of the month. Excludes proprietors, self-employed per-sons, domestic servants, and personnel of the armed forces. Total derived fromthis table not comparable with estimates of nonapricultural employment of thecivilian labor force, shown on p. 10, which include proprietors, self-employedpersons, and domestic servants; which count persons as employed when they

are not at, work because of industrial disputes; and which are based on an enn-meration of population, whereas the estimates in this table are based un repor t - ;from employing establishments.

" Preliminary.

NOTE.—Beginning 1959, data include Alaska and Hawaii.Source: Department of Labor, 13


WEEKLY HOURS OF WORK - SELECTED INDUSTRIESThe average workweek of production workers in manufacturing declined slightly in April to 40.3 hours (seasonallyadjusted).

HOURS PER WEEK (SEASONALLY ADJUSTED)46

HOURS PER WEEK (SEASONALLY ADJUSTED)46

NONDURABLE MANUFACTURING

44

42

38

RETAIL TRADE

I960

SOURCE'. DEPARTMENT OF LABOR.

196332 IT) i i i i I i

I960'! i ' '


[Average hours per week; ' seasonally adjusted]

Period

19521953 .19541955195619571958 .. ..19591960196119622

1962: MarApr__ _. .MavJune . _July-Au»SeptOctNovDee

1 (Ki . ' i : J a n _ . _ _ _I'VbMiir =A p r 2

Mar

40. 740. 539. 640. 740. 439. 839. 240. 339. 739. 840. 440. 540. 840. 640. 540. 540. 240. 540. 140. 440. 340. 240. 340. 440. 3

ufacturing Indus

Durablegoods

41. 541. 240. 141. 341. 040. 339. 540. 740. 140. 240. 941. 041. 341. 141. 041. 040. 941. 040. 741. 141. 140. 741. 041. 040. 9

tries

Nondurablegoods

39. 739. 639.039. 939. 639. 238. 839. 739. 239. 339. 739. 940. 240. 140. 039. 839. 439. 739. 339. 439. 639. 439. 539. 839. 6

Contract con-struction

38. 937.937.237. 137. 537. 036. 837. 036. 736. 937. 037. 336. 637. 536. 737. 437. 337. 737. 237. 335. 436. 536. 637. 5

Retail trade

40. 539. 839. 739. 639. 138. 738.738. 738.538. 137. 938. 037. 838. 037. 937. 937. 938. 037. 837. 938. 037. 837.937. 8

r r h - i t c i n product ion workers or nonsupervisory employees. Beginningi m r l m i r A h i s k u nnd Hawaii.1 1 i r i i i r y.



AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIESAverage hourly earnings of production workers in manufacturing rose by 1 cent to $2.45 in April. Average weeklyearnings, however, declined by 33 cents to $97.76.

DOLLARS

120

110

so

1.80I960 1961

SOURCE: DEPARTMENT OF LABOR.

AVERAGE WEEKLY EARNINGS

DURABLE GOODSINDUSTRIES

VvWALL MANUFACTURING

INDUSTRIES

t NONDURABLE GOODS»* INDUSTRIES

1962 1963COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]

Period

195319541955. _1956-.. ..1957,1958-.. ...1959-1960-_ ...1961-1962 s _ _ ...1962: Mar__

AprMay--June--July..Aug..Sept-Oct_-Nov-Dec__

1963: Jan..Feb..Mar3

Apr *

Avera

Manufj

AD

$1. 741. 781. 861. 952. 052. 112. 192. 262. 322. 392. 382. 392. 392. 392. 392. 372. 402. 402. 412. 432. 432. 432. 442. 45

ge hourly

icturing i

Durablegoods

$1. 861. 901. 992. 082. 192. 262. 362. 432. 492. 572. 562. 562. 562. 562. 562. 542. 572. 572. 592. 612. 602. 612. 612. 62

earnings-

ndustries

Non-durablegoods

$1. 581. 621. 671. 771. 851. 911. 982. 052. 112. 172. 162. 162. 172. 172. 172. 162. 172. 172. 192. 192. 202. 202. 212. 21

— current

Contractcon-

struc-tion

$2. 282. 392. 452. 572. 712. 822. 933. 073. 193. 293. 273. 273. 243. 233. 273. 283. 333.323. 333. 393. 393. 383.36

prices

Retailtrade

$1. 251. 291. 341. 401. 471. 521.571. 621. 681. 751. 731. 741. 751. 751. 751. 751. 761.771. 771. 751. 791. 781. 78

Aver

Manufz

All

$70. 4770. 4975. 7078. 7881. 5982. 7188. 2689. 7292. 3496. 5695. 9196. 5696. 8097. 2796. 8095. 7597. 6896.7297. 3698. 4297. 4497. 2098. 0997. 76

age weekl

icturing ii

Durablegoods

$76. 6376. 1982. 1985. 2888. 2689. 2796. 0597. 44

100. 10105. 11104. 45105. 22105. 22105. 47104. 45103. 89105. 88105. 37106. 19107. 53105. 82106. 23106. 49106. 63

y earnings

idustries

Non-durablegoods

$62. 5763. 1866. 6370. 0972. 5274. 1178. 6180. 3682. 9286. 1585. 3285. 5486. 3787. 0286. 8086. 1886. 8085. 7286. 7286. 9486. 2486. 2487. 0786. 19

i — currem

Contractcon-

struc-tion

$86. 4188. 9190. 9096. 38

100. 27103. 78108. 41112. 67117. 71121. 73118. 05120. 01123. 44121. 45125. 57127. 26128. 21126. 82120. 88117. 97120. 01117. 29121. 97

prices

Retailtrade

$49. 7551. 2153. 0654. 7456. 8958.8260. 7662. 3764. 0166. 3365. 3965. 4265. 9866. 8567. 3867. 5566. 8866. 5566. 3866. 8567. 3066. 9366. 93

Manufacindus

Adjusted

earnings,1957-59=

100 i

81. 684. 386. 991. 596. 2

100. 2103. 6107. 0110. 0112. 6112. 2112. 2112. 2112. 2112. 7112. 7112. 7113. 2113. 7114. 1114. 1114. 6114. 6

turingriesAverageweeklyearn-ings,1962

prices 2

$79. 7279. 3885. 5487. 7387. 7386. 6191. 6591. 7493. 3796. 5696. 3096. 7596. 9997. 3796. 7095. 6597. 0096. 1496. 7898. 0396. 8696. 5297. 31

1 Earnings in current prices, adjusted to exclude overtime and interindustry shifts.3 Earnings in current prices divided by tbeconsumer price index on a 1962 base.1 Preliminary.

NOTE.—Beginning 1959, data include Alaska and Hawaii.



PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTIONThe industrial production index (seasonally adjusted) increased 11/^ percent in April. The gain since April 1962is 4 percent.

INDEX, 1957-59 « 100 (SEASONALLY ADJUSTED)140

ISO

110

80

140

TOTAL

I960 I 1961 I9S2

INDEX, I957-59=IOO (SEASONALLY ADJUSTED)ISO

J963

80

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

90

801960 1961 1962.

: COUNCIL OF ECONOMIC ADVISERS

[1957-59=100, seasonally adjusted]

Period

195319541955195619571958 . .1959196019611962'__1902: Feb

Mar _ _ -. .Apr__ _ _ _ _May.JuneJ u l yAll) . ; . _ _ _Si-pi( )<:( ,N o vl ) < - 0 . _ .

I9C.:!: .InnI'VhMar .A p r '__ _

Totalindus-trial

produc-tion

91. 385. 896.699. 9

100. 793.7

105. 6108. 7109. 8118. 2116. 0117.0117.7118. 4118. 6119. 3119. 7119. 8119. 2119.6119. I118. 9119. 5120. 6122. 4

M

Total

92. 786. 397. 3

100. 2100. 893. 2

106. 0108. 9109. 7118. 6116. 3117. 4118. 1118. 8118. 9119. 7120.3120. 4119. 7120.0119. 7119. 4119. 8121. 1122. 9

anufactur

Durable

99. 988. 4

101. 9104. 0104. 090.3

105. 6108. 5107.0117.9115. 4116. 5118. 5118. 2117.7118. 7119. 8119. 5118. 6119. 1118. 9118. 5119. 4120.8123. 2

Industry

ng

Non-durable

83.683.691. 695. 496. 796.8

106. 5109. 5112. 9119.4117. 3118. 6117. 5119. 6120. 3121. 0120. 8121. 5120. 9121. 1120. 6120. 4120. 4121. 5122. 5

Mining

92. 990. 299. 2

104. 8104. 695.699.7

101. 6102. 6104,9104. 3104. 8105. 5104. 8104 6106. 1105. 5105. 9105. 5106. 2103. 0103. 0105. 1104. 5106. 6

Utilities

66. 871.880. 287. 993.998. 1

108. 0115. 6122. 8132. 3129.0128. 8128. 1129. 8132. 4133. 5132. 3133. 0133. 5135. 1135. 5135. 5137. 2137. 0138. 0

Fi

Total

89. 985. 793. 998. 199. 494.8

105. 7109. 9111. 3119.7116.8118. 2118. 5120. 2120. 6121. 7121. 6122. 0121. 5121. 4121. 4122. 0122. 5122. 6123. 0

Ma

nal produ

Con-sumergoods

85. 084. 393.395. 597. 096.4

106. 6111. 0112. 7119.7117.3118.8119. 1121. 1120. 9121. 7120. 9121. 8120. 8120. 7120. 5121. 8122. 7123. 1123. 6

rket

sts

Equip-ment

100. 588. 995. 0

103.7104. 691.3

104. 1107. 6108. 3119.8115. 0116. 1117. 0118. 5120. 1121. 8123. 2123. 2123. G123. 1123. 2121. 2121. 6121. 1121. 7

Mate-rials

92.985. 699. 0

101. 6101. 992.7

105. 4107.6108.4116.8115. 5116.9117. 1117. 0117. 1117. 0117. 7118. 1117. 2117. 8117. 1116. 5117. 5119. 1121. 9

Source; Board of Governors of the Federal Reserve System.


PRODUCTION OF SELECTED MANUFACTURESOutput of most manufactures continued to increase in April. Among the major groups, primary metals againregistered the largest increase with a rise of 8 percent.

INDEX, t957-59»IOO (SEASONALLY ADJUSTED)ISO

INDEX, 1957-59 = IOO (SEASONALLY ADJUSTED)140

\ . U* LUMBER**j AMD PRODUCTS

. . . i I . i . . . I I , , , . ,

I960 1961 I96Z 1963

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1962 1363

COUNCIL OF ECONOMIC ADVISERS.

[1957-59 = 100, seasonally adjusted]

Period

1953 -.1954 -1955 . _19561957 _ _ - ... ...1958...1959 - .. ...196019611962 '__ ... _ ... .. ..1962: Feb

MarApr__ _ — ..M a y ^ _ _ _Junc_ . _ .JulyAug — -Sept .. _, ..OctNov. ._Dec

1963: Jan .Fcb _Mar ._Apr' ... _. ..

Primarymetals

112. 591. 3

118. 4116. 4112. 287. 5

100. 4101. 398. 9

104. 5117. 5116. 6112. 4101. 396. 896. 699. 199. 698. 9

100. 799.799. 5

105. 2111. 4120

Durab

Fabri-catedmetal

products

100. 390. 298. 398. 8

101. 592. 9

105. 5107. 6106. 5117. 1111. 9113. 6116. 3117. 4118. 5118. 8119. 9119. 3117. 8118. 5117. 2118. 4118. 5119. 3121

le manufs

Machin-ery

100. 587.796. 5

107. 1104. 288. 8

107. 1110. 8110. 4123. 4117. 5120. 2122. 9124 5125. 9125. 4126. 5126.4125. 6125. 3125. 9125. 9127.1126. 8128

ictures

Transpor-tationequip-ment

91. 783. 8

102. 097. 4

106. 489. 5

104. 0108. 2103. 6118. 3113. 4113. 4116. 8119. 4116. 8122. 1122. 0121. 5121. 8121. 5121. 9122. 1121. 8122. 3124

Lumberand

prod-ucts

102. 499. 6

109. 5105. 495. 995. 6

108. 5102. 1101. 3106. 0109. 2107. 9106. 4107. 1107. 5103. 4107. 4108. 3101.5106. 1108.7105. 2107. 3112. 7

~ -

No

Textiles,apparel,

andleather

90. 786. 995.598.096. 995. 0

108. 1107. 5108. 4114,9113. 6114. 8114. 8115. 2115.8115. 5115. 2116.7115. 7115. 5115. 2115. 2115. 5115. 8116

ndurable

Paperand

print-ing

82. 685. 092. 597. 197. 897. 0

105. 2109. 0112. 4116. 7116. 2116. 9115. 7117. 0116. 7118. 0118. 1118. 2117. 2117. 9115. 4114. 5115. 2115. 4119

manufactu

Chemicals,petro-

leum, andrubber

75. 274. 786. 891. 495. 695. 5

108. 9113. 9118.8130. 6125.8126. 7126. 6130. 8132. 6133. 2133. 2133.7134. 2133. 7133.9133. 5133.6135. 5137

res

Foods,bever-

ages, andtobacco

88. 289. 893. 196. 696. 799. 4

103. 9106. 6110. 4113.0111. 7113. 5112. 1112. 8112. 5114 2113. 8114 7113. 5114. 1114. -1114. 711-1 0] 1 5. •)1 15

1 Preliminary. Source: Board ol Governors of the Federal Reserve System. 17


WEEKLY INDICATORS OF PRODUCTIONIn April, steel outpuf continued to rise with an increase of nearly 10 percent. Cars assembled, freight carloadings,and bituminous coal mined also rose.

MILLIONS OF TONS MILLIONS OF SHORT TONS (DAILY AVERAGE)

EO.O

18.0

'SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,EDfSON E L E C T R I C INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS. COUNCIL brtCONOMir ADVKK3

Period

Weekly average:1956..19571958 .1959196019611962. . _ _1962: Mar

AprMayJuneJulyAug_. _ _ _ .Sept_Oct .Nov_-Dec .

1963: JanFebMar_ _ Âpr2

Week ended:1963: Mar 30

Apr 6 .132027

May 4 2 _I I 2

Steel prThousands

of nettons

2,2042, 1621, 6351, 7921, 8991,8801, 8862, 3892, 1531, 7011, 5601,3971, 6021,6941, 7561, 8291, 8281, 8942, 0562, 2752, 494

2,3872, 4132, 4642, 5212, 5482, 5442, 548

oducedIndex

(1957-59 =100)

118.3116. 087. 896. 2

101. 9100. 9101. 2128. 2115. 691. 383. 775. 086. 090. 994. 398. 298. 1

101. 7110. 3122. 1133. 9

128. 1129. 5132. 3135. 3136. 8136. 6136. 8

Electricpower

distributed(millions of

kilowatMiours)

11, 29211, 87332,08213, 29714, 42415, 13916, 32515, 99815, 38815, 69916, 25416, 39616, 99416, 32416, 17616, 44217, 25217, 79217, 55016, 82416, 357

16, 42516, 41816, 32516, 19116, 49516, 279

3 16, 529

Bituminouscoal mined(thousands

of shorttons) *

1,6931, 6441,3801,3801,3901, 3531,4171, 3481, 4121,3981, 4551, 2961,4471, 4271, 4961,5061, 3281, 4181, 4211, 2821, 497

1, 4681, 4101, 5001, 5011, 5111, 483

Freightloaded

(thousandsof cars)

728683581596585550552548562574589511576568608551477482516532560

559546556561577591

Paperboardproduced(thousandsof tons)

276273274307306322343362347354359293364338360340307305353364354

369368355329364358

Carassemb

Total

132.8138.698. 4

129. 5151. 8127.9157. 5161. 3172. 3171. 9158. 8158. 965. 6

138. 9185. 9184. 1181. 3173. 5178. 7184. 4186. 0

189.7190. 6180.6187. 41 85. 419-1. 5200. 5

s and triLed (thoi

Cars

111. 6117. 681. 6

107.6128. 8106. 1133. 4136. 9147. 1146. 9132. 9135. 848. 2

117. 6158. 6158. 3155. 0147. 0149. 2154. 4157. 2

159. 3160. 0152. 5159. 61 5(1. 2](>3. 7169. 2

icksisands)

Truck s

21.221. 016. 821. 923. 021. 824. 124. 425. 225. 125.823. 117. 421. 327. 325. 826. 326. 529. 530. 028. 8

30. 430. 028. 027. 829. 230. 831. 3

1 Daily aveniee. Includes data for Alaska.'Preliminary. * Not charted.

18Sources: American Iron Mini Steel Insti tute, lOdison KMetr ic InsuiuU 1 , J)epnrl,-

ment of the Interior, Association of American Railroads, National PaperboardAssociation, and Ward's Automotive Reporta


NEW CONSTRUCTIONIn April, expenditures for new construction (seasonally adjusted) were maintained at about the March level. Anincrease in private residential construction was offset by a fall in public construction.

BILL

60

4O

20

o1

30

20

i O i

IONS OF DOLLARS

TOTAI NF

• . -

-

i t f i i 1 I 1 l t i 1 i r I r I

PRIVATE RESIDENTIAL

auudtamanpOTimmiiii!™'..m"»"'

> '

1957 19

* SEE NOTE 3 IN TABLE BELOW.SOURCE: DEPARTMENT OF COMME

ff CONS

\\

PR

..-'*""

T ! 1 , L

(NONTARM]

^„.«•"•

•" n J

i i t i 1

58

RCE.

SEASONALL

TRUCTION

*>^ ^^S

__,- S!.«

PUBLIC-

i i i i i 1 i i i l i

_ ^

| —

1959

f ADJUSTE

1 J T 1 I

"""•'•I,!'"™

.11 1

1 1 1 t 1

19

D ANNUAL

• • -"I

1 1 1 i 1

""•-..„.«,„,

1 1 1 ! !

60

RATES

— —^

! t 1 1 1 1 1 1 1 T 1

X"11"1"""'*

OTHER PRIVATE

I ! T T t I 1 I f ! !

1961

E

X *"*"•< X

(f > «^••Itw,**

1 1 1 1 1 1 1 1 1 1 1

./""""""""

ir- — • .,

1 1 I 1 1 ! 1 ! ! ! 1

1962

CO

ilLLIONS OF DOLL

\~

-

-

%vs

1 1 1 1 1 I 1 1 1 , 1

p*X

<1 1 1 1 ! 1 1 1 1 1 1

1963

UNCH. OF ECONOMIC ABV1S

»RS

60

50

40

30

20

0

20

**0

sts

Period

1958--1959- —1959 (new series)3

196019611962..

1962: MarApr _ _ __May_JuneJulyAugSept .OctNovDec _

1963: JanFebMarApr4

Total neweons true-

expendi-tures

49. 054. 156. 655. 657. 461. 1

57.758. 360. 862. 762. 162. 862. 463. 562. 661. 862. 960. 461. 161. 0

Total

33. 538. 040. 339. 640. 443. 4

40. 641. 743. 544. 844. 945. 245. 043. 844. 144. 143. 442. 342. 343. 3

Resi

Total '

18. 022. 325. 022. 522. 524. 8

Sea

22. 523. 525. 026. 126. 026. 025. 825. 025. 425. 724. 823. 923. 824. 8

rr

dential noi

Newhousing

units

Billions13. 617. 119. 216. 416. 218. 3

soreo.% adji

16. 317. 318. 519. 319. 219. 219. 018. 518. 719. 018. 217. 217. 318.4

vate

if arm

Additionsand al-

terations

of dollars3. 94. 45. 05. 25. 15. 3

isled annua

5.05.05. 35. 65. 55. 45. 55. 25. 55.45. 45. 45. 25. 1

Commer-cial and

industrial

6. 06. 06. 07.07.47.8

I rates

7.47.67. 67. 88. 18. 28. 17. 97.87.87. 97. 77. 77.7

Other

9. 59. 79. 3

10. 010. 410. 8

10. 610. 710. 810. 910. 811. 111. 010.910. 810.710. 710. 710. 810. 8

Federal,State,andlocal

15. 516. 116. 216. 017.017.7

17. 216. 517.317.817.217.617. 419. 718. 617. 719. 518. 018. 817.7

Construetior

Total value(index,

1957-59 =100)

101. 7105. 1105. 1105. 2107.6119.7

Seasonallyadjusted

131121117120117118113117123138121130118

i contracts 2

Commer-cial and

industrialfloor space(millionsof square

feet)

359440440461443500

Seasonallyadjustedannual

rates542490545516478512479499500510539r><>4467

1 Includes nonhousekeeping residential construction, not shown separately.2 Compiled by F. W. Dodge Corporation and relates to 48 States.* In addition to major differences between old and new series, data for Alaska

and Hawaii are included beginning January 1959.

4 Preliminary.

Sources; Department of Commerce and F. W. Dodge 19


NEW HOUSING STARTS AND APPLICATIONS FOR FINANCINGIn April, private housing starts rose 7 percent to a seasonally adjusted annual rate of 1.6 million units while the numberof new units authorized dropped 2 percent. FHA applications increased while VA appraisal requests dropped.

MILLIONS OF UNITS

2.5

2.0

MILLIONS OF UNITS

2.5

2.0

SEASONALLY ADJUSTED, ANNUAL RATES

1957

SOURCES-. DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION COUNCIL OF ECONOMIC ADVISERS

[Thousands of units]

Period

1956195719581959

19591 00010(11I962 3

I9C.2- MarApr. .M a y .J u n e _J u l vAm;. . .S-pt.. .1 I r l

\ , ,vI V , -

i o n : ; - . I M I II 'VI r '

M.-ir 'A p r '

Totalprivate

andpublic

(includ-ing

farm)

*1, 553. 51, 296. 01, 365. 01, 482. 0

117. 2151. 6156. 6139. 5139.3147. 9116. 3136. 4121. 99-1. 5s:i. 3S7. 0

12(1. 71 .r>H. '1

Totalprivate(includ-

ingfarm)

*1, 516. 81, 252. 11, 313. 01, 452. 6

115. 4147. 0154. 2136. 2135. 8146. 1113. 6133. 5120. 393. 580. 686. 5

123. 2155. 0

Priv

Total

1, 093. 9992. 8

1, 141. 51, 342. 8

*1, 494. 61, 230. 11, 284. 81, 429. 0

113. 8144. 9152. 7133. 7133. 9143. 0111. 0129. 7119. 292. 579. 585. 0

121. 5152. 8

Hou

ate nonfa

One-family

980. 7840. 2932. 5

1, 078. 5*

1, 211. 7972. 3946. 4965. 2

78. 098. 9

105. 793. 493. 397. 973. 487. 077. 254.746. 251. 4

sing star

rm

Two ormorefami-lies

113. 2152. 6209. 0264. 3

*282. 9257. 4338. 6463. 5

35. 846. 047. 040. 240. 645. 037. 642. 642. 037. 833. 333. 5

ts

Totalprivate(includ-

ingfarm)

*1, 516. 81, 252. 11, 313. 01, 452. 6

1, 4311, 5421, 5791, 4251, 4661, 5291, 2891,5501, 5861, 4721, 2421, 2801, 5211, 627

Priv

Total

1, 093. 9992. 8

1, 141. 51, 342. 8

*1, 494. 61, 230. 11, 284. 81, 429. 0

Se,1, 4071, 5211, 5661, 3991,4471, 5001, 2611, 5041, 5711, 4531, 2201, 2551, 4971,605

ate nonf

Goverhome p

FHA183. 4150. 1270. 3307. 0

307. 0225. 7198. 8197. 3

isonally214228204189205190178173183176172164172176

arm

nmentrograms

VA

270. 7128. 3102. 1109. 3

109. 374. 683. 377.8

adjusted8794877774727070727574787383

Newprivatehousing

unitsauthor-

ized1

921. 9820. 3950. 8

1, 081. 1*

1, 208. 3997. 6

1, 064. 21, 179. 0annual ra

1, 1471,2241, 1241, 1331, 1551, 1191, 1691, 1701, 2611, 3131, 2771, 2281, 2291, 204

Proposeconstr

Applica-tions for

FHAcommit-ments 2

197. 7198. S341. 7369. 7

369. 7242. 4236. 2221. 1

tes246240229216221195191207207199203197197251

>d homeuction

Requestsfor VAapprais-

als2

401. 5159. 4234. 2234, 0

234. 0142. 9177. 8171. 2

208167172147184148158176168172161150152119

May

= 11 ,

20

,sr/(/r/.v, C 20-11 (Supplement, Bureau of the Census,

home construction,l building permit.r applications for new

3 Preliminary.NOTE.—Data for Alaska and Hawaii are included in all VA and FHA series,

and Census series beginning with the new series in 1959.Sources: Department oi Commerce, Federal Housing Administration (FHA)

and Veterans Administration (VA).


TRADE SALES AND INVENTORIESIn March, retail sales were almost 1/2 percent above the February level, and sales of wholesalers were almost the sameas in February. Retail inventories rose sharply while at the wholesale level there was a small drop. Preliminarydata indicate retail sales in April dropped 1 percent and were about at the December 1962 level.

BILLIONS OF DOLLARS* BILLIONS OF DOLLARS"

12

l£

10

RETAIL TRADEDURABLE GOODS STORES

NONDURABLE GOODS STORES

INVENTORIES

.7I960

* SEASONALLY ADJUSTED.1961

10

8 -

WHOLESALE TRADE

INVENTORIES

i ll ll t I L.I..I J 11 Ll ! 1 1 ! ! i I T i 1..1..I. t.. I...>..!_!..1.1. l...l.1_..Ll-t_I.J_L-t. t 1 1 1 1 1

INDEX.I957-59MOO*

SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1962 1963


Period

19551956195719581959196019611962''1962: Feb

Mar _ _ _ _AprMavJune__ _ _ _Julv _ _AucSept. - _ - _ _Oct_ ___ . _ _ .Nov _Dec _

1963: JanFeb7

Mar'A p r ' _ _ .

Who

Sales l

10. 6211. 2711. 2711. 0912. 2912. 3312. 5613. 0612. 7312. 7613. 0613. 3813. 1313. 3513. 1613. 4813. 2713. 4213. 4713. 1813. 6913.71

esale

Inven-tories 2

11. 4412. 9512. 7111. 9912. 6513. 2113. 4813.9713. 6213. 7013.7013. 7813. 8913. 9713. 8813. 9514. 03.13. 8613. 9714. 0513. 9613.89

Total

Billions o

15. 3215. 8116. 6716. 7017. 9518. 2918. 2319. 6119. 0319. 3319.6719. 5119. 1619. 7619. 6419. 6919. 8220. 2320. 2020. 2520. 3520. 4220. 18

Sales ' 3

Durablegoodsstores

f dollars,

5. 585. 485. 705. 285. 975. 895. 616. 245. 986. 186.336. 176. 036. 386. 136. 126. 486. 526. 456. 486. 586. 646. 57

Re

Non-durablegoodsstores

seasonally

9. 7410. 3310. 9711. 4111. 9812. 4012. 6313. 3713.0513. 1513.3413. 3413. 1313. 3813. 5213. 5713. 3413. 7113. 7513.7713. 7713. 7913. 60

tailI

Total

adjusted

22. 7723. 4324. 5724. 2925. 5427. 1826. 8627. 4326. 9026. 7826.8726. 9427. 0827. 1827. 0527. 2427. 4027. 4927. 4327. 5427. 5927. 73

nventories

Durablegoodsstores

10. 5310. 5311. 4110. 7111. 2712. 3311. 5211. 7311. 4811.3811. 4311. 4211. 4511. 5911. 5111. 6611.7611. 8311. 7311. 7211. 7811. 80

2Non-

durablegoodsstores

12. 2412. 9013. 1613.5814. 2714.8515. 3415. 7015. 4215. 4015. 4415. 5215. 6215. 5915. 5415.5815. 6415. 6615. 7015. 8215. 8115. 93

Departm

Sales *

Index, 195seasonally

88949699

105106109114111117113115111114115117110118117113114119110

snt stores

Inven-tories 6

7-59=100,adjusted"

85949998

1031091101171151161151171181191181181201 181 17120119120

1 Monthly average for year and tota< for month.2 Book value, end of period, seasonally adjusted.3 Beînnine January 1960, data include Alaska and Hawaii.* Daily average.6 End of period, except annual data, which are montnly averages.

o Based on retail value.'Preliminary.Sources: Department of Commerce and Board of Governors of the Federal

Reserve System,


MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERSManufacturers' sales (seasonally adjusted) rose Vk percent to a record level in March. Inventories rose for the fourthstraight month. New orders for total durable goods rose slightly, but orders for machinery and equipment declined.Preliminary data indicate total durable goods new orders increased 4 percent and machinery and equipment orders5 percent in April.

BILLIONS OF DOLLARS* BILLIONS OF DOLLARS"

60

60

30

MANUFACTURERS' INVENTORIES

TOTAL

DURABLE GOODS

\

NONDURABLEGOODS

30

20

10

MANUFACTURERS' SALES

NONDURABLEGOODS

"

DURABLE GOODS

MANUFACTURERS' NEW ORDERS

NONDURABLE GOODS

«,,»•«»**

DURABLE GOODS

1963 I960

* SEASONALLY ADJUSTED.SOURCE: DEPARTMENT OF COMMERCE.

1963


-p .

19551956195719581959196019611962< _1962: Feb

Mar.AprMayJune_July ...Aug.SeptGetNo •! )e

1 '.Ml",: Jin < . . .I'VI *Mi • * .Ap ' • ' . .

Manu

Total

26. 3427. 7128. 3826. 2329. 7430. 4130. 7333. 2632. 8533. 2233. 4833. 5032. 9633. 4033. 2933. 6833. 4833. 8633. 3633. 1 1!3-1. oo3-1. 27

'acturers'

Durablegoods

13. 0813. 8014. 1612. 3814. 5114. 6814. 5416. 2015. 9516. 3316. 4016. 4015. 8916. 3316. 3516. 3416. 3416. 4616. 1816. 0116. 5416. 6017. 0-1

sales 1

Non-durablegoods

13. 2613. 9114. 2213. 8515. 2315. 7316. 1817. 0616. 8916. 8917. 0817. 1017. 0817. 0816. 9317. 3417. 1417. 4117. 1717. 1317. 5517. 67

Manufac

Total

Billions46. 3652. 3053. 5249. 1852. 4353. 7455. 2057. 4056. 1856. 5756. 6956. 8156. 9157. 0056. 9757. 1957.2757. 1957. 4057. 4857. 6957. 84

,urers' inv

Durablegoods

of dollars26. 6630. 6631. 1527. 8230. 0830. 8631. 4732. 6932. 1932. 4132. 4732. 5832. 5832. 6332. 6932. 7432.7632. 6632. 6932. 7332. 8732. 88

entories 2

Non-durablegoods

seasonal]19. 7021. 6422. 3721. 3622. 3422. 8823. 7224. 7123. 9924. 1624. 2224. 2324. 3424. 3724. 2824 4424. 5124. 5324. 7124. 7624. 8224. 96

Ma

Total

y adjuste<27. 1728. 3227. 2625. 9030. 1329. 9030. 9633. 0533. 0832. 9532. 7333. 0732. 4333. 2632. 8333. 2333. 8233. 76?3. 0433. 9034. 5934. 79

nufacture

Durah

Total

I

13. 8514. 4413. 0812. 0414. 8514. 2414. 7416. 0216. 1916. 0015. 7315. 9715. 4416. 2715. 9115. 8916. 5716. 3416. 0216. 7117. 0917. 1917. 86

rs' new orde

le goods

Machineryand

equipment

4. 204. 744. 363. 924. 954. 955. 245. 645. 715. 595. 475. 605. 625. 715. 605. 695. 625. 855. 745. 755.895. 796. 06

rs J

Non-durablegoods

13. 3213. 8814. 1713. 8615. 2815. 6616. 2317. 0416. 8916. 9517. 0017. 1016. 9916. 9816. 9217. 3417. 2517. 4217.0217. 1917.5017.60

Manu-fac-

turers'inven-tory-sales

ratio 3

1. 681. 791. 891. 931. 721. 791. 751. 701. 711. 701. 691. 701. 731. 711. 711. 701.711. 691. 721.731. 691. 69

I n v t ' i i l o r !<•: : In : tv»-n i ! ' c monthlynl ol i n o n l t i lo Milt-s iui month.

* Preliminary.* Not charted.Source: Department of Commerce.


MERCHANDISE EXPORTS AND IMPORTSFollowing settlement of the East Coast dock strike in January, exports were exceptionally high in February and March,producing monthly trade surpluses (seasonally adjusted) in excess of $500 million.

BILLIONS OF DOLLARS

2.5BLL10NS OF DOLLARS

12.5SEASONALLY ADJUSTED

GENERAL IMPORTS

-" SEE NOTE I BE LOW.SOURCES: DEPARTMENT OF COMMERCE.

1963


f Millions of dollars]

Period

Monthly average :19551956195719581959^ _ .196019611962

1962: PebMarAprMayJuneJulyAugSeptOctNovDec

1963: JanFebMar

Total (ing ree?


1, 8121, 6741, 8031, 7821, 8381, 7291, 6871,9431,4931,6951, 839

9882, 1311, 991

M

includ-•ports)1

Unad-justed

1, 1911, 4451, 6261, 3641, 3671, 6341, 6791, 742

1, 7131, 7831, 8031, 8911, 8981, 6201, 6331, 7101, 5831,7911, 864

9602, 0212, 058

erchandi

]

Total '

1, 1801,4321, 6111, 3511, 3521, 6171, 6591, 719

U1, 6921, 7611, 7801,8651, 8761, 6021, 6131, 6911, 5621,7651, 839

9421, 9972, 032

se expo

Domest

Food-stuffs

162216208198210230254281

nadjust284299285342318259263265246267289140328347

rts

c exporIndus-trial

mate-rials

351441530368366510486440

ed420423417450468420420465412476491234522495

tsFinished

manu-fac-

tures '

667775872784776877919998

9881, 0381, 0781, 0731, 090

923930962904

1, 0221, 058

5671, 1471, 190

Generpoi


1, 3151, 3391,3641, 3861, 3421, 8621, 3641,4761, 3191, 4321, 3721,0931, 4931,484

M

al i ni-ts2

Unad-justed

9581, 0641, 1051, 1051, 3021, 2511, 2261, 366

1, 2231, 3811, 3331, 4521, 3481, 3371, 3561, 3421, 4391, 4521, 3661, 1171, 3901, 463

erchandi

Impc

Total

9541,0561, 102

41, 1011, 2841, 2511, 2211, 355

U1, 2081, 3641, 3251, 4111, 3201,3301, 3681,3451, 4241, 4701, 3361, 1391, 3671, 418

se impo

>rts for

Food-stuffs

260267274288285274277298

nadjust263293288315271283284297322345329208323

rts

consumIndus-trial

mate-rials

477521534489569539522561

ed519584553585558558580544541585527518553

ption 3

Finishedmanu-

fac-tures

217268294326431438423496

427487485512491489505504562539480412491

Merchan-dise

tradesurplus,season-ally ad-justed

234380521260

65383453376

497335439396496367323467174264467

-in637nan

1 Total exports less Department of Defense shipments of grant-aid militarysupplies and equipment under the Military Assistance Program.2 imports for immediate consumption plus entries into bonded warehouses.

3 Imports for immediate consumption plus withdrawals for consumption frombonded warehouses.

4Total adjusted to exclude $33.5 million of the value reported by economiccategory.

NOTE.—Seasonally adjusted series revised Ixsginning 19fil. "Bomuw of re v i s ionsbeing made in series, subgroups do not necessarily inelnde a l l d u l u in t o t a l * ' .

Source: Department of Commerce. oo


U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICESA fall in imports of goods and services in the first quarter of 1963 raised the surplus on goods and services to $4.6billion (seasonally adjusted annual rate).


SEASONALLY ADJUSTED ANNUAL RATES

EXPORTS OF GOODS AND SERVICES

IMPORTS OF GOODS AND SERVICES

I96I

SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS.

[Millions of dollars, quarterly data at seasonally adjusted annual rates)

Period

15)54 _1955 _ . .1 95(i105719581 959I96019(1119(12

19(11*: THI I IIV

I 9 I 1 2 1 : II I1 1 1I V

i '.in:;* • i -

Total

17, 75919, 80423, 59526, 48123, 06723, 47627,01328, 06629, 81428, 17627, 15628, 01628, 91628, 86430, 66830, 31629, 40829, 400

Expo

Mer-chan-dise '

12, 79914, 28017, 37919, 39016, 26416, 28219, 45919, 91520, 56620, 20019, 04019, 93620, 48420, 14021, 26021, 11219, 75219, 900

rts of goo

Militarysales

182200161375300302335406638

352448408416

452756568776

ds and sei

vestn

Private

1, 9552, 1702, 4682, 6122, 5382, 6942, 8733, 3033, 7113, 3203, 1283,3963, 3683, 5803, 6803, 7003, 884

vices

lentsGovern-

ment272274194205307349349379471

376480280380

436564436448

Otherservices

2, 5512, 8803, 3933, 8993, 6583, 8493, 9974, 0634, 4283, 9284, 0603, 9964, 2684, 2564, 4084, 5004, 548

Impo

Total

15, 93117, 79519, 62820, 75220, 86123, 34223, 18822, 92324, 99921, 92022, 02023, 56824, 18424, 50424, 92425, 23225, 33624, 800

rts of goo

Mer-chan-dise '

10, 35411, 52712, 80413, 29112, 95215, 31014, 72314, 51416, 19313, 55213, 62015, 30415, 58015, 82416, 14016, 56416, 24416, 000

ds and se

Militaryexpend-itures

2,6422,9012, 9493, 2163,4353, 1073,0482,9473,0063, 0803, 0242, 7962, 8883, 0082, 9842, 9203, 112

"vices

Otherservices

2,9353, 3673, 8754,2454, 4744,9255,4175, 4625, 8005, 2885, 3765, 4685, 7165, 6725, 8005, 7485,980

Balanceon goods

andservices

1, 8282,0093,9675,7292, 206

1343, 8255, 1434, 8156, 2565, 1364, 4484, 7324, 3605, 7445, 0844, 0724, 600

customs d:ita for differences in timing and coverage. •Data revised beginning 1961.



U.S. BALANCE OF INTERNATIONAL PAYMENTSDespite a rise in the surplus on goods and services, the over-all payments deficit rose slightly in the first quarter of1963 to $3.3 billion (seasonally adjusted annual rate).


-ro

SEASONALLY ADJUSTED ANNUAL RATES

BILLIONS OF DOLLARS1 20

BALANCE ON GOODS AND SERVICES

7BALANCE ON OTHER TRANSACTIONS

; i i I I t I i i

10

-10

OVER-ALL B«

is

t t i1957

LANCE [SURPLUS C

UUULJ1 1 1

1958

R DEFICIT (-)]

tiuJLJu

t i i1959

uuyyi i i

I960

u Uy

t ! 11961

LJ^â

i i i1962

-

yt i i

1963-10

SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS.

[Millions of dollars]

Period

195619571958195919601961---1962 6 _ _ _

1961:*IIIIII— -IV

1962:*IIIIII— .IV

1963:*!.__ -

goodsand

services

3, 9675, 7292,206

1343, 8255, 1434,815

6, 2565, 1364, 4484, 732

4, 3605, 7445, 0844,072

4, 600

Govern-ment

grantsand

capital,net

— 2, 362-2,574-2,587-1, 986-2, 769-2, 777-2,996

- 3, 520-116

-3, 796-3, 676

-3, 732-3, 460- 1, 804-2, 988

U.S. pr

Directinvest-ments

-1, 951-2, 442— 1, 181-1,372-1, 694— 1, 475-1,377

Season

- 1, 764-1, 336- 1, 504- 1, 296

-784— 2, 024-1, 396- 1, 304

ivate cap]

Long-termport-folio

-603-859

— 1, 444-926-850

-1,006-1,207ally adjuf

-404-908-868

-1, 844

-1, 312-1, 240

— 740- 1, 536

tal, net

Short-term

-517— 276-311-77

-1,338-1, 472

-467ted annvu

— 1, 812- 1, 692

— 792-], 592

-1, 164204

- 632— 276

Foreigncapital '

653487

22863335733975

il rates

7921, 004

161, 120

1, 160164620

1, 956

Unre-cordedtrans-

actions

5431, 157

488412

-592-628

-1,000

-628-1, 240

652- 1, 296

-60-376

-1, 744-1, 820

Over-

Total *

-935520

-3, 529-3, 743-3, 925-2, 360-2, 181

- 1, 87264

- 2, 648-4, 984

-2, 380— 1, 784— 1, 452— 3, 108

-3, 300

all balanc

Total

-935520

-3, 529-3,743-3, 925-2, 360-2, 181

Quai

-33172

— 912-1, 189

-473-324-693-691

— 672

3 (surplus

Goldand con-vertible

cur-rencies

306798

-2,275-731

-1, 702-742-907

•terly tota

-346330

-270-456

-189207

-550-375

'-78

or deficitLiquid 1To mon-

etaryauthor-

itiesand

institu-tions *

1—

— I ,-3,

-1, 862-542

-1,071Is, unadju

-69307

-417-363

416-506— 601-380

.i

(-))labilities 3

To otherforeignholders s

241278254012

-361-1,076

-203sted

84-565— 225-370

-700-25458

64

>94i Other than liquid funds.z Equals changes in U.S. gold and convertible currencies and liquid liabilities

to foreigners. Remittances and pensions, not shown separately in this table,are Included in over-all balance and amounted to $924 million in 1062.

3 Minus indicates increase in liabilities.* To International Monetary Fund (IMF) and foreign central banks and

governments.« To foreign commercial banks and other international and regional institutions

not listed In footnote 4, and other foreigners.

Preliminary.; Total at end of first quarter was $16,078 million, of which $15,946 million was

U.S. gold stock. The decline in gold stock during quarter was $111 million.'Seasonally adjusted data revised beginning 1961.NOTE.—Data exclude military aid and U.S. subscriptions to IMF.Source: Department of Commerce. «_


PRICESCONSUMER PRICESConsumer piices lose sl ightly in March as a fall in commodity prices was more than offset by a rise in service prices.

HO

105

100

95

--"T.-*""' !

INDEX, 1957-59 = 100115 i

110

105

100

95

1957

SOURCE: DEPARTMENT OF LABOR.

1963

COUNCIL Of ECONOMIC ADVISERS

[1957-59=100]

Period

19521953 _1954195519561957195819591960196119621962: Feb

MarAprMay _JuneJulyAugSeptOctNov _ - _Dec

1 903 : JanFcbMar ..

Allitems

92. 593. 293. 693. 394. 798. 0

100. 7101. 5103. 1104. 2105. 4104. 8105. 0105. 2105. 2105. 3105. 5105. 5106. 1106. 0106. 0105. 8106. 0106. 1106. 2

All com-modities

96. 796. 495. 494. 495. 398. 4

100. 7101. 0101. 7102. 4103. 2102. 7102. 8103. 1103. 0103. 1103. 1103. 2104. 1104. 0103. 9103. 6103. 6103. 8103.7

Co

Food

97. 195. 695. 494. 094. 797. 8

101. 9100. 3101. 4102. 6103. 6103. 1103. 2103. 4103. 2103. 5103. 8103. 8104. S104. 3104. 1103. 5104. 7105. 0104. 6

mmoditie

Comrr

All

96. 796. 895. 694. 695. 998. 999. 8

101. 3101. 8102. 1102. S102. 2102. 4102. 8102. 6102. 6102. 5102. 6103. 4103. 6103. 5103. 4102. 6102. 7102. 9

3

odities le.

Durable

102. 7101. 697. 794 994. 998. 299. 7

102. 0100. 7100. 5101. 5100. 8100. 9101. 4101. 5101. 6101. 5101. 7101. 6102. 0102. 2101. 7100. 4100. 6100. 8

5s food

Non-durable

93. 294. 094. 494, 496. 599. 199. 8

101. 0102. 6103. 2103. S103. 3103. 5103. 8103. 5103. 4103. 3103. 2104. 6104 6104. 4104. 6104. 0104. 1104. 2

Allservices

84. 087. 589. 891. 493. 497. 0

100. 3102. 7105. 6107. 6109. 5108. 9109. 0109. 2109. 4109. 5109. 8109. 9109. S109. 8110. 0110. 1110. 5110. 5110. 8

Services

Rent

85. 790. 393. 594. 896. 598. 3

100. 1101. 6103. 1104. 4105. 7105. 2105. 3105. 4105. 5105. 6105. 7105. 8105. 9106. 1106.2106. 2106. 3106. 4106. 4

Serviceslessrent

83. 887. 089. 190. 892. 896. 7

100. 3102. 9106. 1108. 3110. 2109. 5109. 6109. 8110. 1110. 2110. 5110. 6110. 5110. 5110. 6110. 8111. 2111. '2111. 6

e: Department of Labor.


WHOLESALE PRICESWholesale prices fell in April for the third straight month. The entire decrease came in industrials.

INDEX

115

110

105

95

90

SOURC

1957-59-100

LfZ?****^

'''•nj? COMMOOIPRC

i i i I i 1 i i i i i

1957

£'. DEPARTMENT OF Li

'FARM PRODUCTS

1 1

1 * 11 1

/ / \\.,_XAL

SLX—^-^'N^^^V* \/

/.

TIES OTHER THAN FADUCTS AND FOODS(INDUSTRIALS)

f . i , i 1 i i i t i

1958

BOR.

—

L COMMODITIES

RM V\ ""V

i !1959

PROCESSED

\

I ^S^/'S(9''.-/ \

'*" * * tX \

! "\ /

1 1 1 , 1 1 1 1 1 1 ,I960

rOODS

_A

r > s,^

\ A A\ i "\ i

i1961

«i / \

^4^ -»ISi

' N•'"\ / V

V

, , , , , , , , , , , .

1962

INDEX, 1957-59

S«g-<N,

V1

r\

\\

1 1 ! , 1 1 1 1 . 1 1

1963

COUNCIL OF ECONOMIC A

-100

115

110

105

00

95

90

DVISERS

[1957-59=1001

Period

195519561957-.19581959196019611 902 3

1962: FebMarApr _ _ _ _MayJune _JulyAug _S e p t ^ _ _OctNovDec . .

1963: JanFebMarApr 3

Week ended: 4

1963: May 714

Allcom-modi-ties

93. 296. 299. 0

100. 4100. 6100. 7100. 3100. 6100. 7100. 7100. 4100. 2100. 0100. 4100. 5101. 2100. 6100. 7100. 4100. 5100. 299. 999. 8

99. 8100. 0

Farmprod-ucts

97. 996. 699. 2

103. 697. 296. 996. 097. 798. 298. 496. 996. 295. 396. 597. 6

100. 698. 799. 397. 398. 596. 595. 495. 4

94. 794. 7

Proc-essedfoods

94. 394. 397. 9

102. 999. 2

100. 0100. 7101. 2101. 8101. 6100. 299. 699. 8

100. 8101. 5103. 3101. 5101. 3100. 9100. 8100. 599. 099. 4

99. 7100. 7

Commodi

All in-dustri-

als '

92. 496. 599. 299. 5

101. 3101. 3100. 8100. 8100. 8100. 8100. 9100. 9100. 7100. 8100. 6100. 8100. 7100. 7100. 7100. 7100. 6100. 6100. 4

100. 5100. 5

ies other t

Indus-trialcrudemate-rials96. 6

102. 3100. 996. 9

102. 398. 397. 295. 698. 297. 195. 895. 394. 494. 494. 895. 194. 894. 694. 894. 794. 994. 994. 4

han farm •

Indus-trial in-

termedi-ate ma-terials 2

92. 597. 099. 699. 4

101. 0101. 4100. 199. 999. 9

100. 0100. 3100. 2100. 1100. 099. 899. 899. 799. 699. 599. 599. 499. 399. 3

products ai

Produc-er fin-

goods

85. 692. 097. 7

100. 2102. 1102. 3102. 5102. 9102. 8102. 8102. 9102. 9102. 8103. 0103. 0102. 9102. 8102. 9103. 0103. 0103. 0102. 9102. 9

id foods (iiConsurished g

cludinDur-able92. 895. 998. 7

100. 1101. 3100. 9100. 5100. 0100. 1100. 099. 9

100. 0100. 0100. 2100. 1100. 199. 9

100. 099. 999. 899. 899. 799. 7

idustri.als)ner fin-aods ex-g food

Non-durable

95. 897. 799. 999. 3

100. 8101. 5101. 5101. 6101. 8101. 3101. 6101. 5101. 4101. 5101. 4101. 7101. 8101. 7101. 8101. 7101. 7101.8101. 7

1 Coverage of the subgroups does not correspond exactly to coverage of thisindex.

2 Excludes intermediate materials for food manufacturing and manufactured,-animal feeds; includes, in part, grain products for further processing.

3 Preliminary.* Weekly series based on smaller sample than monthly series.Source: Department of Labor.


PRICES RECEIVED AND PAID BY FARMERSBetween March 1 5 and April 1 5, the index of prices received by farmers increased 1 percent, with the most importantincreases being for oranges and beef cattle. The index of prices paid was unchanged and the parity ratio rose 1point to 78.

INDEX, 1957-59-100 INDEX, 1957-59 = 100

PRICES PAID,INTEREST, TAXES, AND

WAGE RATES

8 0 i i i . i i t . i l .

PRICES RECEIVED(ALL FARM PRODUCTS)

RATIO I*

100

70

PARITY RATIO

1958

I i i I

1961 1962

80

-^RATIO OF INDEX OF PRICES RECEIVED, TO INDEX OF PRICES PAID,INTEREST, TAXES AMD WAGE RATES, ON 1910-14 * 100 BASE.SOURCE: DEPARTMENT OF AGRICULTURE. NGIL OF ECONOMIC ADVISERS

Period

19531954 _ _ _ . _19551956195719581959196019611962.1962: Mar 15

Apr 15May 15June 15 -July 15Aug 15Sept 15 -Oot 15 . --.Nov 15Dec 15. _ _

1963: Jan 15Feb 15-..Mar 15 _Apr 15_-

Prices

All farmproducts

105102969597

104999899

1001011001009999

10110310110110010110099

100

•eceived by

Crops

1081081041051011009999

101104105106109106104103104101102100102104107110

farmers

Livestockand

products

Index, 195

10497908894

106100989799999594949699

103101102100100979493

Price

All items,interest,

taxes, andwage rates

7-59 = 100

9595949598

100102102103105104105105104104104105105105106106106106106

3 paid by fa

Familylivingitems

9494949699

100101101102103103103103103103103103103103103104104104104

rmers

Produc-tion

items

9797969598

101101101101103103103103102102102103103103104104104104104

Parityratio '

928984838285818079808079797879808180807878787778

1 Percentage ratio of index of prices received by farmers to index of prices paid,interest, taxes, and wage rates, on 1910-14=100 base.

28

Source: Department of Agriculture.


MONEY, CREDIT, AND SECURITY MARKETSMONEY SUPPLYIn April, the money supply rose $0.5 billion and time deposits $0.8 billion on a seasonally adjusted basis.

BILL

160

80

n

SOUR

ONS OF DOLLARS

—

—

-

.-— '

r1

1957

CE: BOARD OF GOVERNC

*—

1958

RS Of THE FEDERAL

AVERAGES OF

— —

TIME DCOMM

1959

RESERVE SYSTEM.

[Averages of da

3AILY FIGURES, SEASO

MONEY SUPPLY

— ~

iPOSITS AT ALLIRCIAL BANKS

\ ,-

I960

ily figures, billic

MALLY ADJUSTED

r — " — "**"

..-"•*"*

1961

)ns of dollars]

"1

+*

1962

COUN

BSLL50N3 OF DOLl

^MHMB ~~

,'-*

<

1963

CIL OF ECONOMIC AOV

-ARS

ISO

80

0

ISERS.

Period

1956: Deo1957: Deo1958: Dec_1959: Dec1960: Dec1961: Dec1962: Dec1962: May

JuneJulyAug.. - -SeptOctNovDec

1963: Jan _FebM a r ^ _ _ _ _ _ - _ - - - _ _Apr 2

First halfSecond half 2

M

Total

136. 9135. 9141. 2142.0141. 2145. 7147. 9145. 7145. 6345. 7145. 1145. 3146. 1146. 9147. 914S. 7148. 6148. 9149. 4149. 5149. 3

oney supr

Cur-rencyout-side

banks

Seasonalli28. 228. 328. 628.928. 929. 630. 630. 030. 130. 230. 230. 230. 330. 530. 630. 730. 931. 131. 231. 331. 1

)ly

De-mand

de-posits

f adjustec108. 7107. 5112. 6113. 2112. 2116. 1117. 3115. 7115. 4115. 5114. 9115. 1115. 8116. 4117. 3118. 1117. 7117. 8118. 2118. 3118. 1

Timede-

posits '

52. 157. 565. 567. 472.782. 597. 589. 690. 791. 892. 593. 494. 696. 097. 599. 1

100. 3101. 8102. 6102. 4102. 8

M

Total

140. 3139. 3144. 7145. 6144. 7149. 4151. 6143. 6144. 0144. 3143. 8145. 0146. 5148. 2151. 6151. 8148. 3147.4149. 5148. 9150.2

oney supf

Cur-rencyout-side

banks

Unad28. 828. 929. 229. 529. 630. 231. 229. 830. 030. 330. 330. 330. 430. 831. 230. 530. 530. 730. 931. 130. 7

ly

De-mand

de-posits

justed111. 5no. 4115. 5116. 1115. 2119. 2120. 4113. 8113. 9114. 0113. 5114. 6116. 1117. 5120. 4121. 3117. 8116. 7118. 6117. 7119. 5

Timede-

posits '

51. 456. 764. 666. 672. 181. 896. 689. 991. 192. 293. 093. 894. 995. 496. 698. 499. 9

101. 7102.9102. 7103.0

U.S.Gov-ern-mentde-

mandde-

posits '

3. 43.53.94.94. 74. 95.67.07.27. 16.87.27. 36.05. 64. 85. 05. 94. 24. 53. 9

1 Deposits at all commercial banks.'Preliminary.

NOTE.—See note, p. 31.Source: Board of Governors of the Federal Kescrve System.


SELECTED LIQUID ASSETS HELD BY THE PUBLICIn April, total selected liquid assets, seasonally adjusted, rose by $3.0 billion.


400

300

SEASONALLY ADJUSTED, END OF MONTH

TOTAL SELECTEDLIQUID ASSETS

SAVING TYPE

ASSETS4'

DEMAND DEPOSITS ANDCURRENCY

-BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS.

fBillions of dollars; seasonally adjusted]

End of period

19551956 . . .195719581959196019611962 3

1962: Mar _AprMayJune .July....Aug .. .Sept.Oct.NovDec3

] !><> :{ • Jan 3

Feb 3

M a r 3

A p r 3

Totalselected

liquidassets

332. 5343. 2356. 0373. 1393. 9399. 2424. 6459. 2435. 3438. 2439. 6442. 9444. 2447. 9449. 1453. 4456. 9459. 2462. 7464. 7466. 7469. 7

Demanddeposits

andcurrency '

133. 3134. 6133. 5138. 8139. 7138. 4142. 6144. 8142. 2143. 4142. 8142. 3142. 2141. 3142. 5143. 8143. 4144.8144. 4144. 5145. 0145. 2

Time d

Com-mercialbanks

49. 752. 057. 565. 467. 473. 182. 598. 187. 888. 689. 791. 291. 792. 793. 995. 296. 998. 1

100. 1101. 2102. 2102. 9

eposits

Mutualsavingsbanks

28. 130. 031. 033. 934. 936. 238. 341. 439. 039. 239. 339. 740. 040. 240. 640. 941. 241. 441. 741. 942. 242. 5

PostalSavingsSystem

1. 91. 61. 31. 1. 9. 8. 6. 5. 6. 6. 6. 6. 6. 6. 6. 6. 5. 5. 5. 5. 5. 5

Savingsand loan

shares

32. 037. 041.747. 754. 361. 870. 580. 072. 873. 474. 074. 875. 476. 377. 478. 279. 280.081. 082. 283. 484. 2

U.S. Gov-ernmentsavingsbonds 2

55. 954. 851. 650. 547. 947. 047. 447. 647. 447. 447. 447. 447. 547. 547.547. 547. 547. 647. 847. 947. 948. 0

ernmentsecuritiesmaturing

within

31. 633. 238. 835. 648. 841. 942. 646. 845. 545. 645. 746. 946. 849. 246. 647. 248. 246.847. 146. 545.546. 3

1 with money supply, p. 29, except for deduction oi demandI mil savings banks and savings and loan associations. Data

( month.•s of Government agencies and trust funds, domestic com-i s;iv!ns rs hanks, Federal Reserve Banks, and beginning

and loan associations.

3 Preliminary.NOTE.—See note, p. 31.Source: Board of Governors of the Federal Reserve System.


BANK LOANS, INVESTMENTS, DEBITS, AND RESERVESCommercial bank loans declined $600 million, seasonally adjusted, in April.

BILLIONS OF DOLLARS*-

2 5 0BILLIONS OF DOLLARS*

250

ALL COMMERCIAL BANKS

BANK LOANS

INVESTMENTS IN U.S. GOVERNMENT SECURITIES

_.__-J—X

INVESTMENTS IN OTHER SECURITIES

I I

1957 1958 1959

-* SEASONALLY ADJUSTED.SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE 'SYSTEM.

I960

END OF MONTH

COUNCIL OF ECONOMIC ADVISERS'

End of period

1956195719581959 _ _ _1960-__ _19611962 5

1962: MarAprMayJune _JulyAugSept .Oct5

Nov5

Dec5,-, _ _1983: Jan s

F e b 5 _ ~ _ _ _Mar5

Apr 5

(s

Totalloansand

invest-ments

161. 6166. 4181. 0185. 7194. 5209. 6227. 6215. 2215. 0216. 4220. 3217.8220. 3222. 0224. 4225. 8227. 6228. 8232. 2234. 9232. 6

All eomiTjeasonally

Loans,excluding

inter-bank

88. 091. 495. 6

107. 8114. 2121. 1134. 8123. 8124. 5124. 8126. 6126. 1127. 3129. 7131. 7132. 3134. 8134. 9137. 0138. 0137. 4

ercial banksadjusted da

Investr

U.S. Gov-ernmentsecurities

Billions57. 357. 064. 957. 659. 664, 763. S66. 164. 665. 566. 664. 165. 064. 364. 164. 463. 864. 365. 166. 464. 0

ta)

aents

Othersecuri-

ties

of dollars16. 317. 920. 520. 420. 723. 829. 025. 325. 926. 127. 127. 628. 028. 028. 629. 129.029. 630. 130. 531. 2

Weeklyreportingmemberbanks '

Businessloans 2

30. 831. 8

2 31. 72 30. 7

32. 22 32. 9

35. 233. 032. 832. 933. 433. 033. 434. 134. 334. 735. 234. 334. 635. 235. 0

Bankdebitsoutside

New YorkCity (343centers) ,

seasonallyadjustedannualrates 3

7, 3831, 4681, 4811, 6561, 7361, 88SS, 0211, 985S,0442, 0152, 000S, 0552, 0171, 9882, 081S, 091S, 0672, 149S, 0862, 095S, SOI

A

Totalreserves

19, 53519, 42018, 89918, 93219, 28320, 11820, 04019, 55019, 72319, 82319, 92420, 04319, 92420, 03420, 20519, 60420, 04020, 03519, 58119, 51619, 574

11 member

Excessreserves

Millions o652577516482756568572473510503491529566455484592572483472426434

banks l *

Borrow-ings atFederalReserveBanks

: dollars688710557906

8714'J304

916963

10089

1278065

119304

99172155121

Freereserves

-36-133-41

-4246694192683824414403914404393754194732683S43002713 1 3

1 Member banks are all national banks and those State banks which have takenmembership in the Federal Reserve System.2 Commercial and industrial loans and prior to 1956 agricultural loans. Seriesrevised beginning October 1955, July 1958, July 1959, and April 1961.3 Debits during period to demand deposit accounts except interbank andU.S. Government. Prior to 1955, relates to 344 centers outside New York City.

* Averages of daily figures. Annual data are for December.!)S'203°—03 3

* Preliminary.NOTE.—Between January and August 1959, series for all commercial banks

expanded to include data for all banks in Alaska and Hawaii. Duta for n i lmember banks include Alaska and Hawaii beginning 1954 and 1959, ruspoctiveh .

Source: Board of Governors of the Federal Reserve System.


CONSUMER AND REAL ESTATE CREDITIn March, total consumer credit outstanding rose about $60 million, compared to a rise of $1 80 million in March 1962.


SEASONALLY ADJUSTED (ENLARGED SCALE)

INSTALMENT CREDIT EXTENDED\

oLINSTALMENT CREDIT REPAID

—I 1

1957 J958 1959

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE.SYSTEM.

1960 1961I T 1 ' i 1 i i ' t i ! i - A^L.A-. .L-J- ' '....'..' '—I 0

1962 1963


(Millions of dollars]

Period

1953 .195419551956195719581959. ..19001961 ..1962 ..1962: Feb

MarAprM ayJun_JulAugHepOctN'ovDrc

1903- JanI'VI>Mar . ..

Consu

Total

31, 39332, 46438, 83042, 33444, 97045, 12951, 54256, 02857, 67863, 45856, 09356, 27557, 31458, 31859, 10859, 36460, 00360, 12660, 62661, 47303, 45862, 74062, 21962, 276

mer crediti

Total »

23, 00523, 56828, 90631, 72033, 86733, 64239, 24542, 83243, 52748, 24343, 07443, 21143, 83744, 49545, 20845, 65046, 20446, 31046, 72247, 27448, 24348, 13048, 02548, 190

outstandinreadjustedInstalment

Automo-bilepaper

9, 8359, 80913, 46014, 42015, 34014, 15216, 42017, 68817, 22319, 38417, 19117, 34817, 67118, 03218, 41018, 68018, 93318, 88119, 08319, 30719, 38419, 42619, 50319, 720

g (end of Y-

Personalloans

4, 7815, 3926, 1126, 7897, 5828, 1169, 38610, 48011, 25612, 71411, 26411, 34311, 54011, 69611, 87211, 99012, 18712, 29112, 36412, 479

- 12, 71412, 73512, 79012, 864

eriod;

Non-instal-ment 2

8, 3888, 8969, 92410, 61411, 10311, 48712, 29713, 19614, 15115, 21513, 01913, 06413, 47713, 82313, 90013, 71413, 79913, 81613, 90414, 19915, 21514, 61014, 19414, 086

Consumand rTo

Extended

31, 55831, 05138, 97239, 86842, 01640, 11948, 05249, 56048, 39655, 3954, 3564, 4994, 6594, 6504, 6234, 6694, 6194, 4914, 6824, 9614, 8294, 8784, 8854, 940

er instalmespaid (seastal

Repaid

27, 95630, 48833, 63437, 05439, 86840, 34442, 60345, 97247, 70050, 6794, 0844, 1214, 1664, 2114, 2024, 2834, 2614, 2894, 2984, 3804, 3714, 3704,4494, 540

nt credit eonally adjtAutomob

Extended

12, 98111, 80716, 73415, 51516, 46514, 22617, 77917, 65416, 00719, 5151, 5461, 5821, 6751, 6551, 6211, 6311, 6021, 5051, 6851, 7971, 6841, 7431, 7341, 782

s tendedsted)ile paper

Repaid

10, 87911, 83313, 08214, 55515, 54515, 41515, 57916, 38416, 47217, 3541, 3901, 4151, 4351, 4471, 4331, 4561, 4461, 4401, 4911, 4901, 5131, 5041, 5171, 550

Mortgagedebt out-standing,nonfarm1- to 4-

houses 3

66, 10075, 70088, 20099, 000

107, 600117,700130, 900141, 300153, 000168, 400

155, 700

159, 900

164, 200

168, 400

'Also inchidos other consumer goods paper, and repair and modernizationloans, not shown sr imni tHy.

3 Consists of s i n r l c - j m y m c n t loans, charge accounts, and service credit.1 Knd of period, u r m < i j u > I ( - d .

NOTE.—Data for Alaska and Hawaii included beginning January and August1959, respectively.

Sources: Board of Governors of the Federal Reserve System and Federal HomeLoan Bank Board.


BOND YIELDS AND INTEREST RATESThe yield on 3-month Treasury bills changed little in April and early May. Most bond yields rose somewhat,although FHA mortgage yields continued to decline.

PERCENT PER ANNUM PERCENT PER ANNUM


[Percent per annum]

Period

1956 . .195719581959196019611962 .1962: Mar

Apr. _-MayJuneJulyAug . ..SeptOct.Nov...Dec

1963: JanFebMarApr.

Week ended:1963: Apr 6_.

13..20..27. _

May 4__11-.18__

U.S. Govt

3-monthTreasury

bills i2. 6583. 2671. 8393. 4052. 9282. 3782. 7782. 7192. 7352. 6942. 7192. 9452. 8372. 7922. 7512. 8032. 8562. 9142. 9162. 8972. 909

2. 9222. 9132. 9172. 8842. 8982. 9052. 903

;rnment secu

3-5 yearissues 2

3. 123. 622. 904. 333. 993. 603. 573. 553. 483. 533. 513. 713. 573. 563. 463. 463. 443. 473. 483. 503. 56

3. 533. 543. 593. 593. 563. 54

"ity yields

Taxablebonds 3

3. 083. 473. 434. 084. 023. 903.954. 013. 893. 883. 904. 023. 983. 943. 893. 873. 873. 893. 923. 933. 97

3. 953. 963. 993. 983. 983. 97

High-grademunicipal

bonds(Standard &

Poor's) *2. 933. 603. 563. 953. 733. 463. 183. 193. 083. 093. 243. 303. 313. 183. 033. 033. 123. 123. 183. 113. 11

3.083. 113. 133. 133. 133. 12

Corpora(Moo

Aaa

3. 363. 893. 794. 384. 414. 354. 334. 394. 334. 284. 284. 344. 354. 324. 284. 254. 244. 214. 194. 194. 21

4. 204. 204. 214. 224. 224, 22

be bondsdy's)

Baa

3. 884. 714. 735. 055. 195. 085. 025. 045. 025. 005. 025. 055. 065. 034. 994. 964. 924. 914. 894. 884. 87

4. 874. 874. 874. 874. 874.86

Primecommercial

paper,4-6

months3. 313. 812. 463. 973. 852. 973. 263. 253. 203. 163. 253. 363. 303. 343. 273. 233. 293. 343. 253. 343. 32

3. 383. 383. 303. 253. 253. 25

FHAnew homemortgageyields 5

4. 795. 425. 495. 716. 185. 815. 625.705. 685. 655. 615. 605. 605. 585. 565. 555. 535. 535. 525. 505. 47

1 Kate on new issues within period, 2 Selected note and bond issues.3 Series includes: Apri! 1953 to date, bonds due or callable 10 years and after.4 Weekly data are Wednesday figures,* Data for first of the month; based on the maximum permissible interest rate

(5H% since May 1961) and 25-year mortgages paid in 12 years.

Sources: Treasury Department, Board o' Governors ol the Federal ReserveSystem, Federal Housing Administration, Standard & Poor's Corporation, andMoody's Investors Service.

33


COMMON STOCK PRICES, YIELD, AND EARNINGSStock prices rose in April and early May.

INDEX, 1941-43*10

80INDEX, 1941-43 = 10

80

''-_, s'-~

1,1. I.J I..-U-J. l,l.l_-_

MONTHLY

~~fc~^ DIVIDEND YIELD ON COMMON STOCKS

V--- /> — — — r ' " " *

["^

1 ! 1 1 1 1 I 1 1 I 1,

/-~~-\/

WEEKLY

k"

J*"*N.

i i i t r 1 i i i i u

RATIO

25

20

^— —sJ i l l" 1967

PRICE /E

^__.

1 1 11958

ARNINGS RATIO ON CC

\

1 ! 11959

MMON STOCKS

K-~^

1 1 1

I960

y.

^^*~ — *-_

1 1 11961

\_^

I I I 1 1 t i|96a 1963 '

SOURCE: STANDARD AND POOR'S CORPORATION.

RATIO

25

20

15

10


Period

1956195719581959196019611962 _ _ _ _ _ _1962: Mar

Apr _ _ _ . _May.-June _ _ _ _ _JulyAllL'

Sept- _ _ ....OctNovJ)cc

106:5- .JanJ 'VI>MarApr

\ V i v k ended:I ' . M ; : > : Apr 5

VI _ .I ' . l26

M i i v 3 . . .10 . . . _.

Secui

Com-positeindex '

92. 689. 893. 2

116. 7113. 9134. 2127. 1142. 9138. 0128. 2114. 3116. 0119. 5117. 8114. 3122. 8128. 0132. 6135. 0133. 7140. 7

139. 21 40. 3141. 21 42. 0142. 7M3. 7

ities andM

Total

93. 290. 792. 5

116. 5110. 9126. 7118. 0133. 5128. 2119. 0105. 7106. 8110. 4108. 9105. 6114. 0119. 1123. 6125. 5124. 5132. 0

130. 4131. 7132. 7133. 3133. 8135. 0

Exchangeinufactur

Dura-ble

1957-591. 588. 590. 4

120. 8117. 3129. 2116. 5134. 0128. 0117. 4103. 2104. 4109. 1106. 2102. 5110. 7114. 0119. 2121. 0118. 7126. 8

125. 5126. 4127. 6127. 9128. 6131. 7

Commissng

Non-durable

9=10094. 592. 894. 4

112. 6104. 9124. 4119. 4133. 1128. 5120. 6108. 1109. 2111. 7111. 5108. 4117. 3123. 8127. 7129. 7129. 9136. 9

135. 0136. 8137. 5138. 3138. 6138. 1

ion price

Trans-porta-tion

110. 693. 291. 0

115. 695. 8

105. 797. 8

107. 4103. 198. 590. 290. 090. 688. 586. 697. 2

102. 3107. 3110. 3109. 3116. 3

113. 7114. 8117. 2119. 5121. 1121. 2

index

Utili-ties

86. 486. 395. 8

117. 6129. 3168. 4167. 2184. 2180. 3167. 1151. 1156. 6160. 7158. 2154. 3162. 0167. 9173. 0177. 5174. 5179. 2

178. 8178. 2179. 0180. 7181. 6181. 7

StandardPrice

Total

1941--:46. 6244. 3846. 2457. 3855. 8566. 2762. 3870. 2968. 0562. 9955. 6356. 9758. 5258. 0056. 1760. 0462. 6465. 0665. 9265. 6768. 76

67. 4468. 5169. 0569. 6069. 9269. 97

and Poor'sndex 2

Indus-trial

.3=1049. 8047. 6349. 3661.4559. 4369. 9965. 5474. 2271. 6466. 3258. 3259. 6161. 2960. 6758. 6662. 9065. 5968. 0068. 9168. 7172. 17

70. 7071. 9172. 5173. 0973. 4273. 49

common

Divi-dend

yield 3

(percent)

4. 094. 353. 973. 233.472. 983. 372. 953. 053. 323. 783. 683. 573. 603. 713. 503. 403. 313. 273. 283. 15

3. 203. 163. 133. 103. 093. 10

stock data

Price/earnings

ratio *

14. 051 2. 8916. 6417. 0417. 0821. 1816. 9319. 98

15. 63

16. 09

16. 02

I I I ! f l

34

urinf- ' , 193; transportation. 18; utilities,

Hie stocks in the i-'roun. Annual yields

are averages of monthly data. Weekly data are Wednesday figures.4 Ratio oi quarterly earnings (seasonally adjusted annual rate) to price indexfor last day in quarter. Annual ratios are averages of quarterly data.

Sources: Securities and Exchange Commission and Standard and Poor's:

Corporation.


FEDERAL FINANCEFEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURESThere was a deficit of $10.1 billion in the first 10 months of fiscal 1963; in the corresponding period of 1962, thedeficit was $9.7 billion.


NET BUDGET EXPENDITURES100

75

50

NET BUDGET RECEIPTS

I958 I959 I960 I96I 1962 1958 1959 1962

75NATIONAL DEFENSE

FIRST lo'MONTHS;

-no

+ 5

BUDGET SURPLUS ( + ) OR DEFICIT (-(ENLARGED SCALE)

1959i» ESTIMATE.

1963 1958FISCAL YEARS

SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

Gssa

I960 1961

cour

y

19

CIL OF

S3

52

ECO

1L

I9(

JOMIC A

:-=•

33

DVIS

-

ERS

[Billions of dollars]

Period

Fiscal year 1958Fiscal year 1959Fiscal year 1960 . __Fiscal year 1961 - - ..Fiscal year 1962 ..Fiscal year 1963 3

Fiscal year 1964 3

1962: FebMarAprMay _ -- -.June _ _ _ . _ -JulvA u g _ _ _ _ _Sept _ -OctNov _ -_ _ - _Dec

1963: Jan_FebMar _ ... ,Apr

Cumulative totals first 10 months:Fiscal year 1962 __Fiscal year 1963__

Netbudgetreceipts

68. 567. 977. 877. 781. 485. 586. 9

6. 79. 15. 87. 0

11. 63. 67. 1

10. 13. 07. 08. 45. 57. 39. 75. 7

62. 867. 4

Total

71. 480. 376. 581. 587. 894. 398. 8

6. 97. 77. 37. 28. 17. 38. 57. 38. 58. 17. 68. 06. 87. 87. 6

72. 577. 5

Net budgN

Total

44. 246. 545. 747. 551. 153. 055. 4

4. 14. 64. 34. 85. 03. 94. 54. 04. 64. 64. 34. 54. 14. 54. 5

41.343. 6

et expenditiational defei

Depart-ment ofDefense,military

functions39. 141. 241. 243. 246. 848. 351. 0

3. 84. 23. 94. 44. 53. 64. 13. 74. 24. 34. 04. 23. 84. 14. 1

37. 940. 2

resise *

Militaryassist-ance

2 22. 31. 61. 41. 41. 81. 4. 1. 2. 1. 1.3. 1. 1. 1. 1. 1. 1. 1. 1. 2. 2

1.01. 2

Budgetsurplus

ordeficit (-)

-2. 8-12. 4

1. 2-3. 9-6. 4-8.8

-11. 9— . 1

1. 4— 1. 5

— . 23. 5

-3. 7— 1. 5

2. 7-5. 5-1.0

. 8-2. 5

. 51. 9

-1. 9

-9. 7— 10. 1

Publicdebt

(end ofperiod) 3

276. 4284. 8286. 5289. 2298. 6304. 1316. 1297. 4296. 5297. 4299. 6298. 6298. 3302. 3300. 0302. (i305. 930'!. 0303. 9305. 2303 .r>30.'!. 7

1!'.)7 -1:in:t. 7

E In addition to items shown, also includes atomic energy and defense relatedservices.! Includes guaranteed securities held outside the Treasury. Not all of total

shown is subject to statutory debt limitation.

3 Estimate.NOTE.—Total budget receipts and expenditures exclude certu

mental transactions.Sources: Treasury Department and Bureau of the Buuiret. 35


FEDERAL CASH RECEIPTS FROM ANDPAYMENTS TO THE PUBLICIn the first quarter, cash payments exceeded cash receipts by $900 million on a seasonally adjusted basis.

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)35

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

35

EXCESS OF CASH

— fm vm _™

EXCESS OF CASH f

1 1 l

1957

RECEIPTS

PAYMENTS

i i1958

1

-J b1

1

LJ

1 1959

m H n __

t i ii960

U L J U Ui i i

1961

y u u ui i i

1962

u

1 1 11963

CALENDAR YEARS

SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET. COUNCIl OF ECONOMIC ADVISERS

[Billions of dollars]

Period

Fiscal vear:1958195919601961196219631 .1964 i

Calendar year:19581959I960 .19611962 . _ .

Quarterly total (calendar years) :1961: III

IV1962: 1

T I TIII.I V

1968: 1...

Cash receiptsfrom the

public

81. 981. 795. 197 2

101. 9108. 4112. 2

81. 787. 698. 397. 9

106. 2

23. 421. 326. 231. 026. 023. 028. 2

Cash pay-ments to

the public

83. 494. 894. 399. 5

107. 7116. 8122. 5

89. 095. 694. 7

104. 7111. 9

Unadjusted

26. 727. 226. 027. 928. 529. 626. 6

Excess of re-ceipts ( + ) or

payments

— 1. 5-13. 1

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

-10. 3

-7. 3-8. 0

3. 6-6. 8-5.7

-3. 3-5. 9

. 33. 1

— 2. 5-6. 6

1.6

Cash receiptsfrom the

public

Se£

24. 625. 225. 326. 527. 327. 127. 4

Cash pay-ments to

the public

isonally adjus

26. 326. 927. 627. 028. 129. 228.3

Excess of re-ceipts ( + ) or

payments

ted

-1. 7-1.7-2. 2-. 5-. 7

-2. 1—.9

'Estimate. Sources: Treasury Department and Bureau of toe Budget.

36


FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASISOn a national income accounts basis, Federal Government expenditures rose more than receipts in the fourth quarterof 1962, resulting in an increase in the deficit to $1.4 billion (seasonally adjusted annual rate).

BILLIONS OF DOLLARS*

120

100

BILLIONS OF DOLLARS*I2O

+ 20

-20

SURPLUS

DEFICITI t_

L J f L J U L_J

* SEASONALLY ADJUSTED ANNUAL RATES.SOURCE: DEPARTMENT OF COMMERCE.

I960

CALENDAR YEARS

1961

+ 20

-201963


[Billions of dollars, quarterly data at seasonally adjusted annual rates]

Period

Fiscal year:196119621963 '1964 i

Calendaryear:"195519561957195819591960196119621961: II..

III.IV.

1962: III..III.IV.

1963: I

Total

95. 5104. 0108. 8111. 4

72. 877.581. 778. 590. 396. 998. 3

108. 297. 798. 9

103. 8105. 9108. 4108. 9110. 5

Federal (

Persona]tax andnontaxreceipts

44.047. 650. 148. 8

31. 535. 237. 336. 640. 444.045. 049. 144. 745. 146. 748. 049. 249. 950. 150. 5

3overnme

Corpo-rate

profitstax

accruals

19. 821. 921. 723. 3

20. 920. 219. 917. 722. 021. 221. 023. 620. 621. 323.723. 023. 423. 524. 5

nt receipl

Indirectbusinesstax andnontax

accruals

13. 614. 615. 315. 8

11. 011. 612. 211. 913. 014. 113. 915. 014. 113. 914. 714. 615. 215. 015. 315. 5

s

Contri-butionsto social

insur-ance

18. 019. 821. 823. 4

9. 310. 612. 212. 414. 917. 618. 420. 518. 318. 618. 820. 320. 520. 520. 723. 0

Total

97.7105. 7113. 2119. 0

68. 971. 879. 787. 991. 493. 1

102. 1109. 5101. 9102. 2105. 1108. 3109. 0109. 8112. 0114. 9

Federa

Pur-chases

of goodsand

services

54. 859. 864. 468. 2

45. 345.749. 752. 653. 653. 257. 062. 456. 656. 559. 561. 962. 162. 763. 465. 9

1 Governi

Trans-fer pay-ments

25.927. 829. 730. 9

14. 014. 917.421. 322. 223. 827. 428. 527. 327.727. 828. 028. 028. 529. 529. 9

nent expe

Grants-in-aid

to Stateandlocal

gover-ments

6. 67. 37. 88. 8

3. 03. 34. 15. 46. 76. 37.07.77.07.07.07.57. 97.58. 08. 3

nditures

Netinterest

paid

6. 96. 67. 37.5

4. 95. 25. 75. 66. 47. 16. 66. 76. 76. 56. 46. 66. 76. 86. 97. 1

Subsidiesless

currentsurplus

of Govt.enter-prises

3. 44. 24.03. 6

1. 62. 72. 83. 02. 52. 84. 14. 24. 34. 54. 44. 34. 34. 34. 33. 8

Surplusor

deficit

-2. 2-1. 7-4. 3-7. 6

3. 85. 72.0

-9. 4-1. 1

3. 8—3. 8-1. 3— 4. 2-3. 3— 1. 3— 2. 4

— . 7— . i)

-1. -1

1 Preliminary estimates by Bureau of the Budget.

NOTE.—Data for Alaska and Hawaii included beginning 1960.


37


UNITED STATES

GOVERNMENT PRINTING OFFICECIVISION OF PUBLIC DOCUMENTS

WASHINGTON 25, D.C.

OFFICIAL BUSINESS

First-Class Mail

PENALTY FOR PRIVATE USE TO AVOID

PAYMENT OF POSTAGE, S3OO

(GPO)

TOTAL OUTPUT, INCOME, AND SPENDING page

The Nation's Income, Expenditure, and Saving 1Gross National Product or Expenditure 2National Income 3Sources of Personal Income 4Disposition of Personal Income 5Farm Income 6Corporate Profits 7Gross Private Domestic Investment 8Expenditures for New Plant and Equipment 9

EMPLOYMENT, UNEMPLOYMENT, AND WAGESStatus of the Labor Force 10Selected Measures of Unemployment and Part-Time Employment 11Unemployment Insurance Programs 12Nonagricultural Employment 13Weekly Hours of Work—Selected Industries 14Average Hourly and Weekly Earnings—Selected Industries 15

PRODUCTION AND BUSINESS ACTIVITYIndustrial Production 16Production of Selected Manufactures 17Weekly Indicators of Production 18New Construction . 19New Housing Starts and Applications for Financing 20Trade Sales and Inventories 21Manufacturers' Sales, Inventories, and New Orders 22Merchandise Exports and Imports 23U.S. Exports and Imports of Goods and Services 24U.S. Balance of International Payments 25

PRICESConsumer Prices 26Wholesale Prices 27Prices Received and Paid by Farmers 28

MONEY, CREDIT, AND SECURITY MARKETSMoney Supply 29Selected Liquid Assets Held by the Public 30Bank Loans, Investments, Debits, and Reserves 31Consumer and Real Estate Credit 32Bond Yields and Interest Rates 33Common Stock Prices, Yield, and Earnings 34

FEDERAL FINANCEFederal Administrative Budget Receipts and Expenditures 35Federal Cash Receipts from and Payments to the Public 36I ' i ' dc ra l Budget, National Income Accounts Basis 37

NOTE.— Detail in these tables wiill not necessatily add to totals because of rounding.Data for Alaska and Hawaii are not included unless specifically noted.Unless otherwise stated, all dollar figures are in current prices.

l*'or sale by the Superintendent o< Documents, U.S. Government Printing Office, Washington 25, D.C.Price 25 cents per copy; $2.50 per year; $3.50 foreign

U.S. G O V E R N M E N T PRINTING OFFICE: !963
