06-1963

88th Congress, 1st Session

Prepared for the Joint Economic Committee bv theI J X -J

Council of Economic Advisers

UNITED STATESGOVERNMENT PRINTING OFFICE

WASHINGTON : 1983

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 BOLLING, Missouri, Vice Chairman

SENATEJOHN 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)

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)

JAMES W. KNOWLES, Executive DirectorMARIAN T, TRACY, Financial Clerk

HAMILTON D, GEWEHR, Administrative Clerk

COUNCIL OF ECONOMIC ADVISERSWALTER W. HELLER, Chairman

GARDNER ACKLEYJOHN P. LEWIS

Economic Indicators -prepared under supervision of FRANCES M. JAMES

[PUBLTC LAW 12081sT CONGRESS; CHAPTER 237IST SESSION]JOINT RESOLUTION [SJ. Res. 55]

To print the monthly publication entitled "Economic Indicators"

TLesolved by the Senate and House of Representatives of the United States of America in Confess 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 25 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 7962 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

Persons

Dis-posablepersonal

Personalconsump-

tionexpendi-

tures

Personalsaving( + ) or

dis-saving

Business

Grossretained

earn-ings 2

Grossprivate

domesticinvest-ment3

Excessof

invest-ment

International

Foreignnet

trans-fers byGovern-

ment

Net exports of goodsand services

Netexports

Ex-ports

Im-ports

Excess oftransfers

( + ) orof net

exports

195219531954195519561957195819591960196119621961:

IV-1962:

II--III-IV-

238. 7252. 5256. 9274. 4292. 9308.8317.9337. 1349. 4363. 6382. 9366. 3372. 6375. 6381. 8384. 1389. 3

219. 8232. 6238. 0256. 9269. 9285. 2293. 2313. 5328. 5338. 1356. 7340. 1346. 1350.2354. 9358. 2363. 5

1963: I. 392. 6 ! 367. 8

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

33. 234. 335. 542. 143. 045. 644. 851. 352. 153. 658. 154. 157. 057. 257. 657. 760. 0

49. 950. 348. 963. 867. 466. 156. 672. 772. 469. 376. 672. 476. 675. 977. 476. 376. 2

-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. 2-17. 0

1. 51. 61. 41. 51. 51. 51.31. 51. 61. 61.71. 51. 61. 71. 71. 81. 81. 4

1. 3. 4

1. 01. 12. 94. 91. 2

-. 82. 94. 03. 32. 83. 83. 73. 72. 53. 23.2

17. 416. 617.519. 423. 126. 222. 722.926. 427. 328. 426. 928. 328. 229. 028. 328. 227. 9

16. 117. 016. 518. 320. 221. 321. 523. 623. 523. 325. 224. 124. 524.525. 325. 825. 024. 7

0. 22. 0. 4. 4

1. 53.5. 1

2.31.32.41.51. 32. 22.02.0

-1.8

Government

Periodreceipts

Netreceipts

Tax andnontaxreceipts

oraccruals

Trans-fers,

interest,and sub-sidies 5

Expenditures

Pur-chases

of goodsand

Totalexpendi-

tures

Trans-fers,

interest,and sub-sidies 5

Surplus( + ) ordeficit(-) onincome

andproductaccount

Totalincome

orreceipts

Statis-tical

discrep-ancy

Grossnationalproduct

orexpendi-

ture

195219531954195519561957195819591960196119621961: III

IV1962: I

IIIIIIV

1963: I

72. 275. 768. 578. 484. 287. 582. 095. 7

103. 8103. 0114. 9103. 4109. 2HI. 9114. 9115. 9117. 3121. 1

90. 694. 990. 0

101. 4109. 5116. 3115. 1130. 2141. 0144. 8158. 1145. 7151. 6154. 6157. 8159. 2161. 8165. 8

18.419. 221.523. 025.328.733. 134. 437. 141. 943. 242. 442. 442. 742. 943. 344. 544.7

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

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

94. 4102. 096. 798. 6

104. 3115. 3126. 6131. 6136. 8149. 3160. 5149. 3154, 4157. 9158. 9161. 6165. 2168. 7

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

-3.9 7. 1-6. 7

2. 95. 21. 0

-11. 4-1. 5

4. 2 4. 4-2. 4

-3. 3 1.1-2. 4-3. 3-2. 9

345. 6364. 1362. 3396. 5421. 6443. 4446. 0485. 7506. 8521. 8557. 6525. 3540. 5546. 4556. 0559. 8568. 4574. 9

1. 41. 3. 9

1. 0-2. 4

. 6-1. 5-3. 0-3. 4-3. 1-3.8-3. 1-1. 9-1. 4-4. 0-4. 3-4. 8-3.2

347.0365. 4363. 1397. 5419. 2442. 8444. 5482. 7503. 4518. 7553. 9522. 3538. 6545. 0552. 0555. 3563. 5571. S

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 oi wage accruals over disbursements.Does not include retained earnings of unincorporated business which are in-cluded in disposable persona! income.3

Private business investment, purchases ol capital goods by private nonprofitinstitutions, and residential housing.

4 Net foreign investment with sign changed.

Government transfer payments to persons, foreign net transfers by Govern-ment, net interest paid by government, and subsidies less current surplus oigovernment enterprises.

NOTE.Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce. 1


GROSS NATIONAL PRODUCT OR EXPENDITUREGNP in the first quarter rose $8.3 billion (seasonally adjusted annual rate), or 1^/2 percent, according to current esti-mates. The main increases were in personal consumption expenditures and government purchases.

BILLI

600

500

400

300

100

EOURC

5NS OF DOLLARS

-

PE~-

-

1 ! 11957

E: DEPARTMENT OF C

GRC

^ -*

~_ --*^

RSONAL CONSUMPTEXPENDITURES

^^=-.4=

GOVERNMOF GOODS

""MIIIUM,.!.'"'"""

1 ! I1958

OMMERCe

SEASON*

)SS NATIONAL P

r"~^ION

m~^

ENT PURCHASESAND SERVICES

\

GROSS PRIVAINVES

1 1 11959

LLY ADJUSTED ANNU

RODUCT

re. DOMESTIC^FMENT """^

! 1 1I960

XL RATES

-^-*1_

-^ -^

NET EXPOF~ AND

1 1 11961

n

^

T OF GOODSERVICES

I96Z

BILLIONS OF DDL

-.

~

-..

^

1 ! 11963

couNca or ECONOMIC A

LARS

600

50O

4OO

300

100

VISERS

Period

I

1950 _ _ _19511952195319541955 . _ .1 95019571958195!)1 '.)(>()19(111 9021901: III

IV,190'..': ! .

I I1 1 1I V

190:i: 1 . .

Totalgross

nationalproductin 1962prices

lillions of370. 0400. 4415. 8434. 8428. 3459. 6469. 4478. 5471. 1502. 6515. 8525. 5553. 95SS. 5543. 7548.4552. 6554. S560. 6566. S

Totalgross

nationalproduct

dollars, q284. 6329. 0347. 030 5. 4363. 1397. 5419. 2442. 8444. 5482. 7503. 4518. 7553. 9522. 3538. 6545. 0552. 0555. 3563. 5571. 8

Personalcon-

sump-tion

expend-itures

uarterly c195. 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 see

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 a0. 62. 41. 3

. 41. 01. 12. 94. 91. 2. 8

2. 94, 03. 32. 83. S3. 73. 72. 53. 23.2

Gove

Total

djusted ! i < n m l product in ciirroiit prices divided by gross national product

NOTE.Data tor Alaska and Ila\vaii included beginning I960.Source: Department of Commerce.


NATIONAL INCOMENational income increased $4.7 billion (seasonally adjusted annual rate) in the first quarter. The largest increasewas $5.0 billion in compensation of employees. Declines of less than $1 billion occurred in farm proprietors' incomeand corporate income.

BILLIONS OF DOLLARS500

BILLIONS OF DOLLARS1 500

SEASONALLY ADJUSTED ANNUAL RATES

PROPRIETORS ANDRENTAL INCOME >.

CORPORATE PROFITS ANDINVENTORY VALUATION ADJUSTMENT

.NET INTEREST

1957 1959 I960 1961 1962 1963-!/PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.SOURCE: DEPARTMENT OF COMMERCE. (EXCEPT AS NOTED). COUNCIL OF ECONOMIC ADVISERS

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

Period

19501951195219531954195519561957195819591960196119621961: III

IV1962: I

IIIIIIV,

1963: I

Totalnationalincome

241. 9279. 3292. 2305. 6301. 8330. 2350. 8366. 9367. 4400. 5415. 5427. 8458. 0431. 3444. 0448. 9456. 7459. 8466. 6471. 3

Compen-sationof em-

ployees '

154. 2180. 3195. 0208. 8207. 6223. 9242. 5255. 5257. 1278. 5293. 7302. 2321. 6304. 5309. 9315. 2321. 7323. 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

"s1 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. 054 053. 3

fce profitsluation ac

Profitsbeforetaxes

40. 642. 236. 738. 334. 144. 944 743. 237. 447. 745. 445. 651. 346. 351.450. 150. 951. 153. 252. 9

and inven-jiustment

Inventoryvaluation

adjustment-5.0-1. 2

1. 0-1. 0-. 3

-1. 72. 7

1. 5-.3 . 5

. 2

. 0

. 2-. 3-.3

. 3oi

. 84

1 Includes employer contributions for social insurance, (Sec also p. 4.) NOTE.Data for Alaska and Hawaii included beginning

Source: Department of Commerce.


SOURCES OF PERSONAL INCOMEPersonal income rose $2.0 billion in May to a seasonally adjusted annual rate of $458.2 billion. Wage and salarydisbursements accounted for most of the rise.

BILLIONS OF DOLLARS5OO


1957 I 1958SOURCE: DEPARTMENT OF COMMERCE

I960 1962 1963

COUNCIL OF ECONOMIC ADVISERS

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

Period

1954195519561957195819591960 .1961 __1962 *1962: Apr__

May...JuneJuly.A U R _ _ _S e p t _ _ _OctNovDec....

1W.3: .Ian...l 'Vl>MarA p r . M i i y < _ .

Totalpersona]income

289. 8310. 2332. 9351. 4360. 3383. 9400. 8416. 4440. 5438. 3439. 7440. 7441. 9443. 0443. 5445. 6448. 2450. 4452. 4451. 1453. 2456. 2458. 2

W ageand

salarydisburse-ments '

196. 3210. 9227. 6238. 5239. 8258. 5271. 3278. 8295. 8295. 3296. 0296. 9297. 8298. 1298. 0298. 5299. 8301. 0301. 5303. 6305. 0307. 2308. 7

Otherlabor

income 2

6. 27. 18. 19. 19. 4

10. 411. 011. 412. 312. 212. 312. 412. 412. 412. 412. 512. 512. 512. 612. 712. 712. 812. 9

Propriet

Farm

12. 711. 811. 611. 813. 511. 412. 013. 113. 012. 812. 812. 812. 712. 812. 913. 213. 614. 013.412. 912. 712! 512. 4

ors' incomeBusinessand pro-fessional

27. 830. 432. 132. 732. 535. 134 234. 836. 836. 636. 836. 836. 937. 037. 037. 137. 337. 437. 637. 737. 837. 938. 1

Rentalincome

ofpersons

10. 910. 710. 911. 912. 211. 911. 912. 312. 812. 712. 812. 812. 812. 912. 912. 912. 912. 913. 013. 013. 013. 113. 1

Divi-dends

9. 811. 212. 112. 612. 413. 714. 415. 015. 915. 815. 815. 815. 715. 716. 016. 116. 217. 016. 316. 416. 516. 616. 6

Personalinterestincome

14. 615. 817. 519. 621. 023. 525. 827. 429. 729. 229. 429. 629. 830. 030. 230. 430. 630.831. 131. 331. 631. 932. 1

Transferpay-

ments

16. 217. 518. 821. 926. 327. 529. 433. 434. 634. 234. 234. 134. 234. 534. 535. 535. 835. 538. 735. 335. 636. 036. 2

Less: Per-sonal con-tributionsfor socialinsurance

4. 65. 25. 86. 76. 97. 99. 29. 7

10. 510. 510. 510. 510. 510. 510. 410. 510. 510. 611.711. 811. 811.911. 9

Nonagri-culturalpersonalincome 3

273. 8295. 0317. 9336. 1343. 0368. 6384. 7399. 1423. 2421. 2422. 6423. 5424. 8425. 9426. 4428. 2430. 4432.3434. 6434. 0436. 2439. 3441. 4

(De lus ive 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.Source: Department of Commerce.


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.

1,800

1,6001957 ! 1958

Jt SEASONALLY ADJUSTED ANNUAL RATES.

SOURCE: DEPARTMENT OF COMMERCE

,800

1,600


Period

195119521953195419551956195719581959196019611962

1961: III-IV.-

1962: T - - -II--III-IV.

1963: I

Per-sonal

income

256. 7273. 1288. 3289. 8310. 2E32. 9351. 4360. 3383. 9400. 8-116. 4140. 5

419. 4427. 3

432. 0439. 5442. G448. 0

452. 1

Less:'er-

sonaltaxes

29. 234. 435. 832. 935. 740. 042. 642. 346. 851. 452, 857.6

53. 054. 6

56.457. 758. 558. 7

59. 5

Equals :Dis-

posablepersonalincome

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

36ii. 3372. 6

375. 6381. S384. 1389. 3

392. 6

Personn

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 consumr

Durablegoods

of dollar.'29. ;329. 1H2. 932. -1H9. 638. 5-Hi. -i37. 343. 644. 843. 747. 5

nally adjt44. 046. 6

46. 347. 247. 149. 6

50. 0

tion expo

Non-durable^ooc.s

1 Hi. 11 15. i118. 0119. 3124. S131. 4J 37. 7141. 6147. 1151. 8155. 2162. 0

isted aimJ 5i>. 2157. 2

159. 9161. 3163. 0163. (I165. 5

nditures

Ferviees

71). 275. 081. 886. 392. 5

1 00. 0107. 1114. 3122. 8131. 9139. 1147. 1

lal rates139. 9142. 3

344. 1146. 3148. 1150. 1

152. 3

Equals:Personal

saving

17. 7IS. 919. S18. 917. 523. 023. 024. 723. 620. 925. 626. 2

26. 326. 5

25. 426. 926. 025. S

24. 8

Per cappossible

inco

Currentprices

Dol1, 4751, 5211, 5821, 5821. 660I, 7411, 8031, 8251, 9041, 9341, 9792, 052

1, 992. 015

2. 0242, 0502, 0542, 074

2, 084

ita dis-iersonalme

1962prices '

lars1, 7181, 7361, 7881, 7701, 8491, 90S1, 9191, 9071, 9651, 9681, 9982, 052

2, 00.82, 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. S

7. 27. 1

6. 87. 06. S6. (i6. 3

Popula-

(thou-sands) 2

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

.181. 150184, 952

385, 607186, 258186, 980187, 7.'if>1 S8, :!5(i

1 Income in current prices divided by the implicit price delator for persona!

consiimption expenditures on a 1962 base.- Population of tne United States including armed forces abroad. Annuni

dataasofJt i ly 1; quarterly ( iaf :i centered in the middle ol the period, inirrpobfedfrom montlily figures.


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

BILL

50

40

30

10

0

SOU

IONS OF DOLLARS

. I l l1957

CE: DEPARTMENT OF

/

1 1 1

1958

AGRICULTURE.

SEASON

REALIZED GROSSFARM INCOME

INC

l 1 i1959

ALLY ADJUSTED ANNUd

-^

NET FARM INCOME.UDING-NET INVENT

CHANGE

I.....I 1 ,,I960

L RATES

)RY

"--"""

_L J i1961

1 I 11962

BILLIONS OF DOLL

"

1 l i1963

COUNCIL OF ECONOMIC AO

4RS

50

40

30

10

0

VISERS ;

Period

1953195419551956_1957^ _ ... .1958. .19591960__1961.. .1962

1901: IIIIV

1962: IIIIII ..IV

I ' .Ui . ' i : I

Personaltotal i

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. 812. 413. 313. 3

ceived bylation

Fromnonfarmsources

6. 35. 86. 16. 66. 66. 77. 17.27.07. 1

Realize

Total !

Billions35. 333. 933. 334. G34. 437. 937. 537. 939. 940. 6

Seas40. 140. 840. 340. 340. 541. 4

40. 8

]

d gross

Cashreceipts

frommarket-

ingsDf dollars

31. 130. 029. G30. 629. 833. 433. 534. 035. 235. 7

onallv ad35. 235. 835. 435. 335. 536. 535. 8

ncome re

tion ex-penses

21. 421. 721 i)22. 623. 425. 326. 226. 227. 127. 7

listed am27. 227. 327. 527. G27. 727. 928. 1

ceived fro

Net toper

Exclud-ing net in-ventorychange

] 3. 912. 211. 512. 011. 012. 611. 311. 712. 812. 9

nial rates12. 913. 512. 812. 712. 813. 512. 7

m farming

3 farmators

Includ-ing net in-ventorychange 2

13. 312. 711. 81 1. 011. 813. 511. 412. 013. 013. 0

13. 113. 612. 912. 812. 813. 613. 0

Net incfarm inclinventory

Currentprices

Dol2, 6642, 6452, 5292, 5742, 6953. 20)2, 7753, 0443, 4223,537

3, 4403, 5703, 5003, 4703, 4703, 6903, 630

ome perading netchange 3

1962prices *

lars2, 9272, 8752, 7492, 76S2, S073, 2662, 8323, 0753, 4573, 537

3, 4703, 6103, 5003,4703, 4703, 6903, 590

receipts from marketings, Government payments, and nonmoney in-rnished hy farms.n io rv of crops and livestock valued at the averace price for the year,s n^'isod bosrmninfc 1951 on the basis of 1959 Census of Agriculture defi-; ;! f ; inn. Tlio number of farms is held constant within a year.

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

Source: Department of Agriculture.


CORPORATE PROFITSCorporate profits before taxes were at a seasonally adjusted annual rate of $52.9 billion in the first quarter, slightlybelow the unusually high rate in the fourth quarter of 1962 and nearly $3 billion above the first quarter rate of lastyear.

BILLIONS OF DOLLARS BILLIONS OF DOLLARSSEASONALLY ADJUSTED ANNUAL RATES

PROFITS BEFORE TAXES */

\ 50

40

EXCLUDING INVENTORY VALUATION ADJUSTMENT.SOURCE: DEPARTMENT or COMMERCE.

I963


[Billions of dollars; quarterly data at seasonally adjusted annual ratesl

Period

19511052... .1953. _ .195419551956195719581959... .1000.19(il19021901: ITT..

IV..1962: I ..

II.III..IV..

1963: I

Corf

Allindus-tries

41. 037. 737. 333. 743. 1'12. 0-11. 7:?7. 2-17. '_-15. !- i r> . r51. rHi. 051. 150. -150. 751. 054. 053. 3

orate pri

M

Total

24. 421. 121. 4]8. 425. 023. 522. 9is! 325. 42-1. 023. 528. 02-!. 027. 527. 027. 128. 129. 728. 3

ofits (befo/aluationanufactur

Durablegoodsindus-tries

13. 511. 812. 110. ]M 212. (i13. 19. 0

13. -1j ') >11. 7M. 912. 1M. 9M. 2M. 315. 315. 815. 0

re taxes)adjustmeiing

Non-durablegoodsindus-tries

10. 99. 39. 38. 3

10. 810. 99. 89. 3

1 1 . 9] 1. 811. 713. 111. 912. 612. 812. 812. 813. 913. 3

and invenit

Trans-portation,

com-muni-

cations,and

publicutilities

4. 54. 84. 9

. 4

. -1

. (i

. 5

. 6

. 7

. 0

. 48. 07. 58.08. 18. 07. 98. 08. 1

tory

Allotherindus-tries

12. (111. 811. 011. 012. 81 2. 913. 313.315. 114. 614. 715. 614. 515. 615. 415. 714. 916. 316. 9

Corpo-rate

profitsbeforetaxes

42. 236. 738. 334. 144. 944. 743. 237. 447. 745. 445. 651. 346. 351. 450. 150. 951. 153. 252. 9

Corpo-ratetax

liabil-ity

22. 419. 520. 217. 221. 821. 220. 918. 623. 222. 422. 325. 022. 625. 124. 424. 924. 926. 025. 8

Corja

Total

19. 717. 218. 116. 823. 023. 522. 318.824. 523. 023. 326. 323. 726. 325. 626. 126. 127. 327. 1

Derate prfter taxe

Divi-dendpay-

ments

9. 09. 09. 29. 8

11. 212. 112. 612. 413. 714. 415. 015. 914. 915. 515. 815. 815. 816. 416. 4

ofitss

Un-distrib-

utedprofits

10.78.38.97.0

11. 811. 39. 76. 4

10. 88.68. 3

10. 38. 7

10. 89.9

10. 310. 310. 910. 6

Corpo-rate

capitalcon-

sump-tion

allow-ances 1

11. 012. 314. 115. 818. 420. 021. 822. 724. 325. 927. 529. 227. 828. 528. 729. 129. 429. 730. 1

Profitsplus

capitalcon-

sump-tion

allow-ances 2

30. 729.632.232. 741. 443. 544. 141.448. 748. 950. 855. 551. 454. 854.455.255. 557. 057. 2

1 Inc'Jndas depreciation, e.'ipHaJ outlays charged to current accounts and acci-

dental d am sires.:

Corporate profits after taxes plus corporate capita! consumption allowances.

NOTE.Data for AJaskn and Hawaii included beginning I960,Source: Department of Commerce.


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

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

80

-20

SEASONALLY ADJUSTED ANNUAL RATES

GROSS PRIVATEDOMESTIC INVESTMENT

PRODUCERS-DURABLE EQUIPMENT

V ...i

CHANGE IN BUSINESSINVENTORIES

>1

1957 1958 1959

20

1960 1961 1962

SOURCE: DEPARTMENT OF COMMERCE..

1963



Period

195019511952195319541955 . 195619571958195919601961. .19621961: III

IV1962: I

II .. .IIIIV

1963: I

Totalgross

privatedomesticinvest-ment

50. 056. 349. 950. 348. 963. 867. 460. ]56. 672. 772. 469. 376. 672. 476. 675. 977. 476. 376. 276. 8

Total

43. 246. 146. 849. 950. 558. 102. 764. 658. 666. 268. 367. 173. 468. 470. 669. 273. 475. 374. 973. 7

Total

24. 224. S25. 527. (i29. 734. 935. 53f>. 135. 540. 240. 741. 644. 542. 643. 241. 644. 546. 145. 043. 6

Fix

New cons

liesi-dential

non fa rm

4. 12. 52. S3. S5. -1

18. 717. 717. 0IS. 022. 321. 121. 023. 321. 922. 821. 223.324. 323. 822. 6

3d invcstn

traction '

OtlTotal

10. 112. 312. 71 3. S1-1. 31 6. 21 7. S19. 017. 417. 919. 720. 521. 220.720. 420. 521. 221. 821. 321. 0

lent

or 2

Nonfarm

S. 510. 410. S12. 112. 7J 4. 616. 317. 515. 916. 218. 018. 619. 518. 518. 618. 919. 419. 919. 519. 4

I'roduciable cq\

1 ola l

IS. '.)21 . 3U. 3, ., .1LO. SL3. 1L7 228. 523. 125. 927. 625. 528. 925. 827. 427. 628. 929. 229. 930. 1

;rs' dur-lipment

Non-farm

16. 2I K . 4.18. 619. 5IS. 520. (i25. 026. 220. 323. 125. 123. 025. 923. 524. 924. 926. 026. 126. 626. 8

Changeness inv

Total

li. 810. 2

3. 1. 1

-1.65. S-!. 71. 6

- 2. 06. 64. 12. 13.24. 06. 06. 74. 01. 01. 23.0

in busi-entories

Non-farm

(i. 09. 12. 11. 1

2 15. 55. 1

8-2. 9

6. 53. 71. 93. 23. 85. 96. f>3. 91. 01. 12. 7

1 Revisions in series on new construction shown on p. 19 have not yet been in-

corporated into these series.!"Other" construction in this series includes petroleum and natural gas well

driUinp, -which are excluded from estimates on p. 19.NOTE. Data for Alaska and Hawaii included bejrinnin;: 1960.Source: Department of Commerce.

8


EXPENDITURES FOR NEW PLANT AND EQUIPMENTAccording to the May survey, business firms plan to spend $39.2 billion on new plant and equipment in 1963, 5 per-cent above the total spent in 1962. Actual expenditures in the first quarter of 1963 were $1 billion (seasonallyadjusted annual rate) below the anticipation in the February survey and $1 billion below the fourth quarter 1 962 rate.Expenditure plans call for substantial increases in each of the last 3 quarters of 1963.


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

I962 I I963


[Billions of dollars; quarterly data at seasonally adjusted annual ratesl

Period Total ,

1951 - . . _ . 25. 641952 . -_. .: 26.491953 _ - . . - . - 28.321954 . _ 26. 831955 28. 701956 j 35. 081957 36. 901958 ... ! 30.531959 _ _ . _ . 32. 541960 _ . _ i 35. 681961 34. 371962 . _ . . 37. 3119633 39. 241961: III . . 34. 70

IV 35. 401962: I . . .. _ 35. 70

II _ _ 36. 95III..- . .. . 38.35IV.- 37.95

1963: I.. _ . 36. 95II3 J 38.40III 3 39. 95

1 Excludes agr icul ture .: Commercial and other includes trade, service, fluam

construction.3 Estimates based on anticipated capita] expenditures

in May 39G3. Includes adjustments when necessary fin anticipatory data.

NOTE. Beginning 1959 ail quarterly da ta are rounde

M

Total

10. 8511. 6311. 9111. 0411. 4414. 9515. 9611. 4312. 0714. 4813. 6814. 6815. 5613. 651-i. 0014. 2014. 4515. 0515. 0014. 8515. 3515. 80

e, communic"as reported b

3r systematic

d to nearest $

anufacturi

Durablegoods

5. 175. 615. 655. 095. 447. 62S. 025. 475. 777. 186. 277. 037. 726. 10. 406. 556. 957. 257. 307. 357. 657. 95

tions, andy businessendencies

50 million.

ng

Nondura-ble goods

5. 686. 026. 265. 956. 007. 337. 945. 966. 297. 307. 407. 657.847. 557. 607. 607.507. 807. 707. 507. 707. 85

Annual totcoincide \vith

These figureestimates of tagricultural iicharged to cur

Sources: 3e

Mining

0. 93. 98. 99. 98. 96

1. 241. 24. 94. 99. 99. 98

1. OS1. 021. 001. 001. 151. 051. 101. 001. 051. 001. 05

1 is the sunthe average ts do not acrele Dcpartmeivestrnent arent expenseurities and I

Transpo

R,ailroads

1. 471. 401. 31. 85.92

1. 231. 40. 75. 92

1. 03. 67. 85

1. 08. 65.

EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEOn a seasonally adjusted basis, total employment declined and the size of the labor force was little changed inMay; the unemployment rate rose to 5.9 percent.

MILLIONS OF PERSONS MILLIONS OF PERSONS

SEASONALLY ADJUSTED

TOTAL LABOR FORCECIVILIAN LABOR FORCE

UNEMPLOYMENT

NONAGRICULTURALEMPLOYMENT

I

AGRICULTURAL EMPLOYMENT

PERCENT OF CIVIL IAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCEl(S

p1EMPEASO

It19

LOJAL

57

I'MLY

ElA

-1

JT0

ru

-

w3T

-

TE

-

E11

-T

95 3

'

- -

--

-|-u

195 )

-i_ fl

196()

1_r -

-

"

I

T~

36 9

-

6

-

S

-jr" -r - -]

963

* 14 YEARS OF AGE AND OVER.SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADViSFRS

Period

19581959I9601961 1962 2-

1962:Apr 3.May..June.-July..Aug..Sept..Oct_-Nov.Dec..

JanI'YhMar--A p r - _M n v _ _

Totallaborforce

(includ-ing

armedforces)

71, 28471, 94673, 12674, 17574, 839

73, 65474, 79776, 85776, 43776, 55474, 91474, 92374, 53274, 142

73, 32373, 99974, 38274, ,89775, K64

CivilLploy

Total

63, 96665, 58166, 68166, 79667, 999

Unadj66, 82468, 20369, 53969, 56469, 76268, 66868, 89367, 98167, 56165, 93566, 35867, 14868, 09769, 061

m em-ment

cul-turalThous

58, 12259, 74560, 95861, 33362, 744

usted

61, 86362, 77563, 24963, 50063, 99363, 10163, 41863, 09863, 49561, 73062, 30962, 81263, 42463, 883

Unem-ploy-ment

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

3, 9463, 7194, 4634, 0183, 9323, 5123, 2943, 8013,8174, 6724, 9184, 5014, 0634, 066

Totallaborforce

(includ-ing

armedforces)

persons 1471, 28471, 94673, 12674, 17574, 839

74, 47074, 65774, 5297i, 58575, 05674, 98974, 65174, 57774, 848

75, 06475. 22575, 43075, 73875, 726

Civilianlaborforce

vears of68, 64769, 39470, 61271, 60372, Oil

S

71, 58571, 78271, 67371, 73072, 19772, 25471, 91571, 82772, 084

72, 34872, 50172, 69873, 00272, 989

Civilis

Total

age and o63, 96665, 58168, 68186, 79667, 989

easonally

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

68, 17168, 08668, 63668, 87468, 676

in emplo

Agri-cul-

tural

ver

5, 8445, 8365, 7235. 4635, 255

adjustet5, 2965, 2695, 1905, 1185, 0875, 1145, 0404,9834,843

5, 1834,8415, 0085, 0235, 033

yment

Non-agri-cul-

tural

58, 12259, 74560, 95861, 33362, 744

1

62, 29562, 55262, 54162, 71563, 01763, 07463, 03662, 70S63, 248

62, 98863, 24563, 62863, 85163, 643

Unem-ploy-ment

4,6813,8133,9314, 8064, 012

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

4, 1774, 4154, 0624, 1284, 313

Unemp]rate (pe

civiliaifor

Unad-justed

6. 85. 55. 66. 75. 6

5.65. 26.05. 55. 34. 94. 65. 35. 36. 66. 96. 35. 65. 6

oymentrcent ofi laboree)Season-ally ad-justedPercent

5. 65. 55. 55.45.75.65. 35. S5.5

5. S6. 15. 65. 75. 9

Laborforce

partici-pationrate,

unad-justed '

58. 558. 358. 358. 057 5

56. 857. 659. 258. 758. 757. 457. 356. 956. 655. 956. 356. 556. 957. 5

Tr>i.!i] h ihor lorro as percent of noninstitutional population.' A VT;UTS have hem adjusted by the Council of Economic Advisers for com-

parison w i t h previous (inla.J i%o i ' n p u i a ) ion Census data used in estimation procedure beginning April

1W?; ni l other d i i tn based on J'JGO Population Census.

NOTE.Seasonally adjusted series revised heginning 1949. For definitionsand coverage, see Employment and Earnings, Department of Labor. BeginningI960, data include Alaska and Hawaii.

Source: Department of Labor.

10Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENTThe increase in the seasonally adjusted overall unemployment rate in May was accompanied by increases in othermeasures of joblessness.

PERCENTIO.O SEASONALLY ADJUSTED

LABOR FORCE TIME LOST THROUGH UNEMPLOYMENTAND PART-TIME WORK

UNEMPLOYMENT RATE.EXPERIENCEDWAGE AND SALARY WORKERS

PERCENT

10.0

8.0

SOURCE: DEPARTMENT OF LABOR. COUNCIL or ECONOMIC ADVISERS.

Period

195719581959196019611962

1962: MayJune -JulvAug ...SeptOctNovDec

1963: JanFebMarApr ._May

1 -Man ed men living

" Assu nos nnemployfeconomi reasons lost dworked.

Dill'c s from total nsons witl iobs but not, aand industrial disputes.

Unen(percen

for

Ailworkers

4. 36. 85. 55. 66. 75. 6

5. 55. 55. 45. 75. 65. 35. 85. 55.86. 15.65. 75. 9

with their wd persons loflerencc beti

"maTrieultur;t work for si

iployment of civiluce in Kroi

Experi-enced

wage and

workers

Per4. 57. 25. 65. 76. 85. 5

Seasonall5. 55, 45. 45. 75. 65.25. 65. 55. 76.05.55. 45. 5

res.st 37.5 hourss'een 37.5 hoi1 ernploymeeh reasons as

t ratein laborP)

Marriedmen 1

cent2. 85. 13.63. 74. 63. 6

v adjustec3.53. 63. 53. 53. 43. 43. 43. 53. 84. 13. 53. 33. 4

a week; thosITS and actuant (p. 13), wvacation, ill

Laborforce

time lostthroughploymentand part-

timework z

5. 38. 16. 66. 78.06. 7

6. 66. 66. 76. 76. 86. 66. 96. 66. 87. 16. 66. 66. 9

e on part-tim1 number of ]hich includesness, bad wea

Over 40hours

17, 60416, 60017, 34517, 66418, 21019, 024

19, 48219, 60618, 71618, 45219, 88319, 46018, 79920, 12318, 89318, 35818,96418, 06819, 894

:e for sborours 5 '

per- ther, . ,N

So

Persons

35-40hours

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

T30, 22929, 60327, 65628, 81229, 80128, 58726, 30829, 05229, 58728, 70529, 70528, 43730, 489

ncludes pertaffes or repa^rimarily incLvera^e hourOTE. See nc

dree: l>("iar

at work iby hours

Total

ds of pers9, 730

10, 37211, 70211, 52811, 132]] , 675

Jnadjuste11, 12110, 292

9, 78310,07110, 74013, 23715, 96812, 07511, 08012, 81211,70614, 31111, 408

ons who wIT?^ new iobudes person

s worked: u.e and also

men! of La

n nonagriworked p

Ur

Part-tieconomi

Usuallyfull-

time 4

ons 14 ve1, 1831, 6381, 0321, 2431, 297I, 049

11, 1111,041

9621,0881,0931,0231, 1681, 0011, 1471,0051, 0501, 1366

1, 021irked part-tstarted, or ics who couldDually fu!l-t:ifootnote 2.

or.

cultural irer week sider 35 ho

me for3 reasons

Usuallypart-time 5

ars of age986

1, 3151, 3041, 3171, 516], 287

1, 1841, 5891, 7121, 5371, 1521, 1621, 2111, 1651,0961, 1811, 1421, 070

6 1, 119

me becauseb terminatecind only parlie, 23.8; usup. 10. Begi

dustries

urs

Part-tieconomic

Usuallyfull-

time *and over

Seasonally1, 0991, 0391,0851, 1241, 1431, 0721, 145

9951,092

9651, 0001,0801,010

of slack wo.

t-time work.illy par/..tnmminjr I'jW. (

me for; reasons

Usuallypart-time5

T adjusted1,2531, 2891, 3391,2521,2621,3641, 3161,3031,2531,2311, 2291,0991, 184

k, material

I.S.I.ll:i in r l iKlo

11


UNEMPLOYMENT INSURANCE PROGRAMSInsured unemployment under State programs averaged 1.6 million in May, 54,000 more than in May 1962.

MILLIONS OF PERSONS MILLIONS OF PERSONS

WEEKLY INSURED UNEMPLOYMENT(STATE PROGRAMS)

SEPT.

SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECON6MIC ADVISERS

Period

1958 ^19501 900 -196119021962: Apr

Mav . _JuneJulv . . .Aug_ _Sept. _ .OctNovDeo

1963: J a n _ _ .FebMar _AprMay2-- --

Week ended:1963: May 4^

1]IS -25

June 1 .S

A

Coveredemploy-

ment

Thou44, 41245, 72840, 33446, 26447, 15047, 37247, 82148, 44248, 43448, 71848, 639

11 progranInsuredunem-ploy-ment

(weeklyaver-age) '

sands3, 2692, 0992, 0672, 9941, 9462, 2161, 8401, 6671, 6991, 6281, 4971, 5391, 7802, 2232, 7782, 7262, 4652, 0891, 7991, 9251, 8551, 7911, 7201, 751

as

Totalbenefits

paid(mil-

lions ofdol-

lars) >

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

297. 9254. 3215. 4205. 2218. 9181. 119S. 9215. 5236. 5373. 0339. 6343. 0297. 8255. 0

Insuredunem-ploy-ment

Weekly2, 5091, 6821, 9062, 2901,7831,8311, 5701, 4691, 5431, 4691, 3311, 3851, 6252, 0632, 5912, 5462, 2981,9181, 6241, 7461, 6801, 6161, 5491, 578

Initialclaims

iverage, t370281331350302267250258319261235275314422447325272273239

256247231244222248

St

Exhaus-tions

lousands50333146323933302826252526283536363733

ite prograInsurec

ploymencent of

emploUnad-justed

Per6. 44. 44. 85. 64. 44. 53. 93. 63. 83. 63. 33. 44. 05. 16. 36. 25. 64. 73.9

4. 24. 13. 93. 73. 8

ms

1 unem-t as per-coveredyment

Season-ally ad-justed

3ent

3. 9S. 84.04.34-44.44.64. 84.84.84. 74-44. 14. o

Benefi

Total(mil-

lions ofdollars)

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

239. 6215. 0188. 9187.0197. 4160. 6176. 6193. 6214. 2342. 4313. 3316. 4274. 8235. 0

ts paid

Averageweeklycheck

(dollars)

30. 5830. 4132. 8733.8034. 5634. 5234. 0434. 2034. 0134. 2934. 4234. 6934. 9535. 1135. 5235.7035. 8035. 5435. 00

12NOTE.Por defini t ion? and coverage, see the iQ^S Supplement to Economic

hid/calory. Data for Alaska and Hauaii included for all periods and for PuertoRico since January 1961,



NONAGRICULTURAL EMPLOYMENTNonfarm payroll employment, seasonally adjusted, rose by 170,000 in May. Gains were particularly large indurable goods manufacturing and trade.

MILLIONS OF WAGEAND SALARY WORKERS

MILLIONS OF WAGE ^AND SALARY WORKERS

ALL NONAGRICULTURAL ESTABLISHMENTS

CONTRACT CONSTRUCTION(ENLARGED SCALE)

,L 1 I 1 1 1 t 1 1 1 1

DURABLEGOODS

INDUSTRIESV

""""NONDURABLE- GOODS 1NDUSTRI

1 , , , , 1 , 1 , , 1ESS*_ '

1 1 , , , ,

f

1

WHOLESALE AND RETAIL TRADE(ENLARGED SCALE)

I960. SEASONALLY ADJUSTED DATA.SOURCE: DEPARTMENT OF LABOR.

1963 1961'COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers; ' seasonally adjusted]Manufacturing (private) I Nonmanufacturing (private) Government

Period

195619571958195919601961196221962: Apr__

May.June-July -Aug_-Sept-Oct__Nov_Dec .

1963: JanFeb-Mar .Apr'.M;iva.

Total

52, 40852, 90451, 42353, 38054, 34754, 07755, 32555, 26055, 40355, 53555, 61755, 53655, 58355, 64755, 59755, 58055, 53055, 73055, 96:556, 1 S956. 3f>9

Total

17, 24317, 17415, 94516, 66716, 76216, 26716, 75016, 84816, 89116, 92316, 90816, 79516, 80516, 78116, 69516, 68116, 0321 6, 66516, 7711 (>, 90SHi, 9S-I

Durablegoods

9, 8349, 8568, 8309, 3699, 4419, 0429, 4439, 4909, 5449, 5559, 5529, 4619, 4869,4709, -1139,4189, 3909, 4239, 47S9, 575!), 653

Non-durablegoods

7, 4097, 3197, 1167, 2987, 3217, 2257, 3087, 3587, 3477,3687, 3567, 3347, 3197, 3117, 2827, 2637, 2337, 2427, 2937, 3337. 331

Total

27, 88728, 10427, 58528, 52329, 06528, 98329, 39029, 32429, 38529, 41529, 52629, 53729, 50429, 52729. 5 1 829, 47029, 47029, 61629, 72029, S0629. si;:;

Mining

8228287517317096666476566596526486466416386:;o625623625625635637

Con-tractcon-

struc-tion

2, 9992, 9232, 7782, 9552, 8822, 7602, 6962, 7342, 7162, 6712, 7382, 7312, 7152, 7162, 6962, 6542, 6512, (MO2, 6342, 7342 , 7 1 6

Trans-porta-tionand

publicutilities

4, 2444, 2413, 9764, 0104, 0173, 9233, 9253, 9353, 9363, 9343, 9133, 9323, 9283, 9353, 9183, 9213, 836{, 913i, 915>, 915i, 922

Whole-saleand

retailtrade

10, 85810, 88610, 75011, 12511, 41211, 36811, 57111, 54611, 59611, 62111, 65211, 62711, 6121 1, 5941 1 , 60011, 573I I , 6 3 711, 07911, 76511, 7641 1 , 807

Finance,insur-ance,andreal

estate2, 4292, 4772, 5192, 5972, 6842, 7482, 7932, 7782, 7862,7882, 7922, 7962, 7992, 8132, S222! 8212, S282, 8362, 8442, 8432, 851

Serviceand

miscel-laneous

6, 5366, 7496, 8117, 1057, 3617, 5167, 7577, 6757, 6927. 7497,7837, 8057, 8097, 8317, 8467, 8767, 8957,9177, 9377, 9157, 930

Federal

2, 2092, 2172, 1912, 2332, 2702, 2792, 3412, 3252,3432, 3662, 3752, 3742, 3692, 3712, 3812, 3912, 3792,3562,3632,3632, 380

Stateandlocal

5, 0695,4095, 7025, 9576, 2506, 5486. 8446, 7636, 7846, 8316, 8086, 8306, 9056, 9687, 0037, 0387, 0557,0937, 1097, 1127, 132

sons, domes! i.this table not

proprietors, solf-cmplo ' innintr 1950. data include Alaska andsource: Drpiirtment of Labor. 13


WEEKLY HOURS OF WORK - SELECTED INDUSTRIESThe average workweek of production workers in manufacturing rose in May to 40.5 hours (seasonally adjusted1).

HOURS PER WEEK (SEASONALLY ADJUSTED) HOURS PER WEEK (SEASONALLY ADJUSTED)46

44

NONDURABLE MANUFACTURING

1962 I 1963

38

30 t-\MI960 1961

SOURCE'. DEPARTMENT OF LABOR.

RETAIL TR/!

nr*- .1 -i

I960

OE

1961 (962 1963.COUNCIL OF ECONOMIC ADVISERS

[Average hours per week; * seasonally adjusted]

Period

1952 . _ .19531954..1955 .195619571958 1959 _ _1900lO i i i1 062 21962: Apr ... .

MavJune.JulyAugSeptOct .Nov . .Dec. ... _

1963: JanFebMarApr2 _ _ _ _Mav2

Mai

A l l

40. 740. 539. 640. 740. 439. 839. 240. 339. 739. 840. 440. 840. 640. 540. 540. 240. 540. 140. 440. 340. 240. 340. 440. 340. 5

mfacturing indus

Durablegoods

41. 541. 240. 141. 341. 040. 339. 540. 740. 140. 240. 941. 341. 141. 041. 040. 941. 040. 741. 141. 140. 741. 041. 040. 841. 0

tries

Nondurablegoods

39. 739. 639. 039. 939. 039. 238. 839. 739. 239. 339. 740. 240. 140. 039. 839. 439. 739. 339. 439. 639. 439. 539. 839. 639. 9

Contract con-struction

38. 937. 937. 237. 137. 537. 036. 837. 036. 730. 937. 036. 637. 536. 737. 437. 337. 737. 237. 335. 436. 536. 637. 437. 3

Retail trade

40. 539. 839. 739. 639. 138. 738. 738. 738. 538. 137. 937. 838.037. 937. 937. 938. 037. 837. 938. 037. 837. 937. 837. 9

1 Data relate to production workers or nonsupervisory employees. Beginning

1959, data include Alaska and Hawaii.2 Preliminary.

14



AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIESAverage hourly earnings of production workers in manufacturing were unchanged at $2.45 in May. Averageweekly earnings, however, rose by $1.22 to $98.98.

I960 1961SOURCE: D E P A R T M E N T OF L A B O R .

1962 1963COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]

Period

19531954___ ...1955_ ...195619571958195919601961__ ...196231962: Apr___

May_.June,.July-.Aug--Sept__Oct._NovDec..

1963: J an__Feb__Mar__Apr 3 _May3_

Avera

Manufe

All

$1. 741. 781. 861. 952. 052. 112. 192. 262. 322. 392. 392. 392. 392. 392. 372. 402. 402. 412. 432. 432. 432. 442. 452. 45

ge hourly

icturing i

Durablegoods

$1. 861. 901. 992. 082. 192. 262. 362. 432. 492. 572. 562. 562. 562. 562. 542. 572. 572. 592. 612. 602. 612. 612. 622. 62

earnings-

ndustries

Non-durablegoods

$1. 581. 621. 671. 771. 851. 911. 982. 052. 112. 172. 162. 172. 172. 172. 162. 172. 172. 192. 192. 202. 202. 212. 212. 22

current

Contractcon-

struc-tion

$2. 282. 392. 452. 572. 712. 822. 933. 073. 193. 293. 273. 243. 233. 273. 283. 333. 323. 333. 393. 393. 383. 373. 31

prices

Retailtrade

$1. 251. 291. 341. 401. 471. 521. 571. 621. 681. 751. 741. 751. 751. 751. 751.761. 771. 771. 751. 791. 781.781. 79

Aver

Manufrts for

Food-stuffs

260267274288285274277298

nadjust293288315271283284297322345329208323317317

rts

consum

Indus-trial

mate-rials

477521534489569539522561

ed584553585558558580544541585527518553575593

ption 3Finishedmanu-

fac-tures

217268294326431438423496

487485512491489505504562539480412491526547

Merchan-dise

tradesurplus,season-ally ad-justed

23438052126065

383453376

335439396496367323467174264467

-1116375G6495

1 Total exports less Department oi Defense shipments of erant-aid military

supplies and equipment under the Military Assistance Program.2 Imports for immediate consumption phis entries into bonded warehouses.3 Imports for immediate consumption plus withdrawals for consumption from

bonded warehouses.

1 Total adjusted to exclude S33.5 million o- the value reported by economic

category.NOTE.Seasonally adjusted series revised beginning 1901. Because of revisions

being made in series, subgroups do not necessarily include all data in totals.Source: Department of Commerce. OO


U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICESA fall in imports of soods and services in the first quarter of 1963 raised the surplus on goods and services to $4.8billion (seasonally adjusted annual rate).


SOURCE: DEPARTMENT OF COMMERCE.

I963

COUNCIL OF ECONOMIC ADVISERS.

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

Period

19541955 ...1956 ...195719581959_1960*1961*1962*1961*: I _ _ _

IIIII _IV

1962*: IIIIIIIV

1963: I 2 _ . _

Total

17, 75919, 80423, 59526, 48123, 06723, 47626, 97428, 31129, 79028, 35227, 37228, 42829, 09228, 82430, 44030, 20029, 69629, 464

Expo

Mer-chan-dise '

12, 79914, 28017, 37919, 39016, 26416, 28219, 45919, 91320, 47920, 20019, 02019, 94820, 48420, 08821, 04821, 08019, 70019, 992

rts of goo

Militarysales

182200161375300302335402660352448408400452760564864732

ds and seiIncome

vestn

Private

1, 9552, 1702, 4682, 6122, 5382, 6942, 8733, 4643, 8503, 4323, 3243, 6163, 4843, 6163, 7603, 7844, 2404, 020

viceson ui-

icntsGovern-

ment272274194205307349349380472380480280380436576420456472

Otherservices

2, 55)2, 8803, 3933, 8993, 6583, 8493, 9584, 1524, 3293, 9884, 1004, 1764, 3444, 2324, 2964, 3524, 4364, 248

Impo

Tola!

15, 93117, 79519, 62820, 75220, 86123, 34223, 20522, 86724, 96421, 90822, 02423, 48424, 05224, 47624, 88825, 12825, 36424, 692

rts of goo

Mer-chan-dise '

10, 35411, 52712, 80413, 29112, 95215, 31014, 72314, 49716, 14513, 54413, 61615, 30415, 52415, 76816, 12016, 50816, 18415. 940

ds and so

Militaryexpend-

itures

2, 6422, 9012, 9493, 2163, 4353, 1073, 0482, 9343,0283, 0923, 0562, 7202, 8683, 0162, 9922, 9283, 1762, 964

vices

Otherservices

2, 9353, 3673, 8754, 2454, 4744, 9255, 4345,4365,7915, 2725, 3525, 4605, 6605, 6925, 7765, 6926, 0045, 788

Balanceon goods

andservices

1, 8282, 0093, 9675, 7292, 206

1343,7695,4444, 8266, 4445, 3484, 9445, 0404, 3485, 5525, 0724, 3324, 772

1 Adjusted from customs data for differences in t iming and coverage.2 PreUminarv.

*Data revised beginning I960.Source: Department of Commerce

24


U.S. BALANCE OF INTERNATIONAL PAYMENTSDespite a rise in the surplus on goods and services, the overall payments deficit rose slightly in the first quarter of1963 to $3.2 billion (seasonally adjusted annual rate).



OVER-ALL BA

LJ

1 1 11957

LANCE [SURPLUS C

ULJUU1 1 1

1958

R DEFICIT (-)]

UUUU1 1 1

1959

uuuur i i

I960

u LJ 1 1

1 1 11961

ULJ^LJ

i i i1962

-

U1 1 1

1963

SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS.

[Millions of dollars]

Period

19561957195819591960*___1961*___1962*__

1961:*IIIHIIV

1962:*I . -III I I _ _ _ _IV

1963:I '

JjaianCeon

goodsand

services

3,9675,7292, 206

1343,7695,4444, 826

6, 4445, 3484, 9445, 040

4, 3485, 5525, 0724, 332

4,772

Govern-mentgrants

andcapital,

net

-2,362-2, 574-2, 587-1,986 2, 769-2, 782 2, 998

-3, 428- 20

-3, 720- 3, 960

-3, 680- 3, 364 1, 776-3, 172

-3,656

U.S. pr

Directinvest-ments

-1,951-2, 442-1, 181-1,372-1,694 1, 598-1, 557

Season

-1, 832-1, 376-1, 596-1, 588

-796-2,024-1, 436-1,972

-2, 224

ivate capi

Long-termport-folio

-603-859

-1, 444-926-850

1, Oil 1, 209ally adjus

-376-876-936

-1, 856

-1,428-1,316

-752 1, 340

-1, 828

tal, net

Short-term

-517-276-311-77

-1, 348-1, 541

507ted annut

-1, 888 1, 756

-844 1, 676

1, 2204

-656 156

220

Foreigncapital '

653487

22863366728

1, 020il rates

8481, 048

164852

1, 308216704

1, 852

536

Unre-cordedtrans-actions

5431, 157

488412

-683-905

-1, 025

-908-1, 560

60-1, 212

-108-148

-1, 876-1, 968

-176

Over-

Total 2

-935520

-3, 529-3, 743 3, 881-2, 370-2, 186

-1,888124

-2,620-5, 096

-2, 340-1, 808-1, 424-3, 172

- 3, 224

all balanc

Total

-935520

-3, 529-3, 743-3,881-2, 370 2, 186

Quai

-33173

-912-1,200

-472-323-693-698-669

3 (surplus

Goldand con-vertible

cur-rencies

306798

-2, 275-731

-1, 702-741-907

terly tola

-346331

-270-456

-189207

- 550-375

' -78

or deficitLiquid 1

To mon-etary

author-itiesand

institu-tions 4

i

i-3,

-1,890 546

-1, 079Is, unadji

-69307

-417-367

416-506-601-388-215

(-))labilities3

To otherforeignholders 5

241278254012

-289-1,083

-200sted

84- 565-225-377

699.} I

15805

-376J Other than liquid !unds.2 Equals changes IB U.S. gold and convertible currencies and liquid liabilities

to foreigners. Remittances and pensions, not shown separately in tins table,are included in over-all balance and amounted to $736 million in 1962.

- Minus indicates increase in liabili t ies,* To Internationa! Monetary Fund (IMF) and foreign central banks and

governments.6 To foreign commercial banks and other international and regional institutions

not listed in footnote 4, ;tnd other foreigners. 25Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER PRICESConsumer prices were unchanged in April, with a slight fall in commodity prices offsetting a small rise in service prices.

I N D E X , 1957-59 = 100115

110 -

I N D E X , 1957-59=1001 1 5

110

- 105

100

95

1957 I 1958SOURCE: DEPARTMENT OF LABOR. "COUNCIL Of ECONOMIC ADVISERS

[1957-59 = 100)

Period

19521953195419551958 . . _1957 .-.195819591960196119S21962: Mar .

AprMayJune, _July..AugSeptOctNov _ _Dec _ _

1903: Jan .. Feb _ _MarApr

Allitems

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

100. 7101. 5103. 1104, 2105. 4105. 0105. 2105. 2105. 3105. 5105. 5106. 1106. 0106. 0105. 8106. 0106. 1106. 2106. 2

All com-modities

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

100. 7101. 0101. 7102. 4103. 2102. 8103. 1103. 0103. 1103. 1103. 2104, 1104. 0103. 9103. 6103. 6103. 8103.7103. 6

Co

Food

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

101. 9100. 3101. 4102. 6103. 6103. 2103. 4103. 2103. 5103. 8103. 8104. 8104. 3104. 1303. 5104. 7105. 0104. 6104. 3

mmoditieComn

All

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

101. 3101. 8102. 1102. 8102. 4102. 8102. 6102. 6102. 5102. 6103. 4103. 6103. 5103. 4102. 6102. 7102. 9103. 0

3

odities le

Durable

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

102. 0100. 7100. 5101. 5100. 9101. 4101. 5101. 6101. 5101. 7101. 6102. 0102. 2101. 7100. 4100. 6100. 8100. 9

5S food

Non-durable

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

101. 0102. 6103. 2103. S103. 5103. 8103. 5103. 4103. 3103. 2104. 6104 6104 4104. 6104. 0104. 1104 2104. 3

Allservices

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

100. 3102. 7105. 6107. 6109. 5109. 0109.2109. 4109. 5109. 8109. 9109. 8109. 8110. 0110. 1110. 5110. 5110. 8111. 1

Services

Rent

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

100. 1101. 6103. 1104 4105. 7105. 3105. 4105. 5105. 6105. 7105. 8105. 9106. 1106. 2106. 2106. 3106. 4106. 4106. 5

Serviceslessrent

83. 887.089. 190. 892. 896. 7

100. 3102. 9106. 1108. 3110. 2109. 6109. 8110. 1110. 2110. 5110. 6110. 5110. 5110. 6110. 8111. 2111. 2111. 6111. 9

Source: Uepjir tmcnt ol Labor.26


WHOLESALE PRICESWholesale prices rose in May for the first time in 4 months. The largest increase was in processed foods.

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

103

SOURCE: DEPARTMENT OF LABOR. .COUNCIL OF ECONOMIC AD1

[1957-59=100]

Period

1955195619571958195919601961 _ _ .1962 31962: Feb

MarApr .MayJune _July _ _A u a _ _ . _ __Sept.OctNov. . - __ .Dec..-. .. ...

1963: Jan . . .FebMarApr. ..Mav 3 .

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. 7

100. 1

Farmprod-ucts

97. 996. 699. 2

103. 697. 296. 996. 007. 798. 208. 496. 996. 295. 306. 597. 6

100. 698. 799. 397. 398. 596. 595. 495. 494. 4

Proc-essedfoods

94. 394. 397. 9

102. 999. 2

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

100. 8101. 5103. 3101. 5101. 3100. 9IOC. 8100. 599. 099. 3

101. 5

Commodit

All in-dustri-

als1

92. 496. 599. 299. 5

101. 3101. 3100. 8300. 8100. 8100. 8100. 9100. 9100. 7100. 8100. 6100. 8100. 7100. 7100. 7100. 7100. 6100. 6100. 410G 5

ies other 1Indus-trial

crudemate-rials96. 0

102. 3100. 996. 9

102. 398. 397. 295. 698. 297. 195. 895. 394. 494. 494. 895. 194. 894. 694. 894. 794. 994. 994. 394. 1

ban 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. 590. 599. 499. 399. 399. 5

jroducts aiProduc-er fin-ishedgoods

85. 692. 097. 7

100. 2102. 1102. 3102. 5102. 9102. 8102. 8102. 9102. 9102. 8103. 0103. 0102. 9102. 8102 9103. 0103. 0103. 0102. 9102. 9103. 1

id foods (irConsunished gc

cludinDur-able92. 895. 998. 7

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

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

100. 093 ()99. 899. 899. 799. 599. 6

idustrials)tier fin-sods ex-K 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. 6101. 7

1 Coverage of the subgroups does not correspond exactly to coverage of this

index.3 Excludes intermediate materials for food mnrmfacturinp: find innnufaetnred

animal feeds; includes, in part, grain products for further processing.

3 Preliminary.


27


PRICES RECEIVED AND PAID BY FARMERSDuring the month ended May 1 5, the index of prices received by farmers declined 1 percent, with the most significantdeclines being for cattle, eggs, and wholesale milk. The index of prices paid was unchanged and fhe parity ratiodeclined 1 point to 77, the same as in March.

tNDEX, I I N D E X , 1957-59 = 100

PRICES PAID,INTEREST, TAXES, AND

WAGE RATES

80

RATIO yIOO

RATIO-"IOO

._ ...

SUPPLYIn May, the money supply was unchanged and time deposits rose $1.1 billion on a seasonally adjusted basis.

BILL

160

120

40

0

SOUR

ONS OF DOLLARS

. "" ' . -

_

.

r1957

GE: BOARD OF GOVERNC

.. "^""'

1958

RS OF THE FEDERAL

AVERAGES OF C

.**..,,.

TIME DCOMME

1959

RESERVE SYSTEM.

)AILY FIGURES, SEASO

MONEY SUPPLY

^ 1

EPOSITS AT ALLERCIAL BANKS

4

\ .--

I960

MALLY ADJUSTED

^**~

^^*

1961

_ ^ -^

^^*

1962

COUN

BILLIONS OF DOLL

* ""

'

~

***

-

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVESCommercial bank loans rose $1.4 billion, seasonally adjusted, in May.

BILLIONS OF DOLLARS*

2 5 0

BILLIONS OF DOLLARS*2 5 0

ALL COMMERCIAL BANKS

TOTALLOANS AND INVESTMENTS

BANK LOANS

INVESTMENTS IN U.S GOVERNMENT SECURITIES

* SEASONALLY ADJUSTEDSOURCE: BOARD OF GOVERNORS or THE FEDERAL RESERVE SYSTEM.

I960END OF MONTH


End of period

1956-. .. .. _1957195819591960190119(12 s19012: Apr

MayJuneJulyAny;SeptOct. .NovDec5

19G3: JanFebMar.Apr5May5.

(s

Totalloansand

invest-ments

161. 6166. 4181. 0185. 7194. 5209. 6228. 1215. 0216. 4220. 3217. 8220. 3222. 022-1. 4225. 9228. 1228. 9232. 3235. 0232. 6234. 8

All comneasonally

Loans,excluding

inter-bank

88. 091. 495. 6

107. 8114. 2121. 1134. 7124. 5124. 8126. 6126. 1127. 3129. 7131. 0132. 2134. 7134. 7136. 8137. 8137. 4138. 8

ercial bankadjusted dr

Investi

U.S. Gov-ernmentsecurities

Billions57. 357.064. 957. 659. 664. 704. 364. 665. 566. 664. 165. 004. 361. 264. 464. 364. 665. 466. 764. 064. 1

ta)

nents

Othersecuri-

tiesof dollars

16. 317. 920. 520. 420. 723. 829. 125. 926. 127. 127. 628. 028. 028. 629. 129. 129. 630. 130. 531. 231. 9

Weeklyreportingmemberbanks '

Businessloans 2

30. 831.8

2 31. 72 30. 732 22

32. 935. 232. 832. 933. 433. 033. 434. 134. 334. 735. 234. 334. 635. 235. 035. 1

Bankdebitsoutside

New YorkCity (343centers),

seasonallyadjustedannualrates 3

1, 3851, 46 S1, 4811, 6561, 7361, 8832, 021s,0442, 015S, 0002, 0552, 0171,988S, 081S, 0.912, 067s, 149S, 086S, 095&, 199S, 151

A

Totalreserves

19, 53519, 42018, 89918, 93219, 28320, 11820, 04019, 72319, 82319, 92420, 04319, 92420, 03420, 20519, 60420, 04020, 03519, 58119, 51619, 57419, 679

,1 member

Excessreserves

Millions o652577516482756568572510503491529566455484592572483472426434459

banks * 4

Borrow-ings atFederalReserveBanks

' dollars688710557906

87149304

6963

10089

1278065

119304

99172155121190

Freereserves

36-133

41 424

669419268441440391440439375419473268384300271313269

1 Member banks are all national banks and those State banks which have taken

membership in the Federal Reserve System.' Commercial and industrial loans and prior to 1956 agricultural loans. Series

revised beginning October 1955, July 1958, July 1959, and April 1961.* Debits durine period to demand deposit accounts except interbank and

U.S. Government. Prior to 1955, relates to 344 centers outside New York City.* Averages of daily figures. Annual data are for December.

99946033

NOTE.Between January and August 1959, series for n i l commercial bunk:expanded to include data for all banks in Alaska and H a w a i i . D;il ; i formember banks include Alaska and Hawaii bccinninir 1

31


CONSUMER AND REAL ESTATE CREDITIn April, total consumer credit outstanding rose almost $1 billion, compared to a rise of slightly over $1 billion inApril 1962.


60

END OF MONTH

TOTAL CONSUMER CREDIT OUTSTANDING

ot.

r INS

*MM

^^^M^

>ta_tKMmi

fALMENT CREDIT EXTENDED\

'*""1'"

1 "" "

lr"y1"

INSTALMENT1

SEASONALLY ADJUSTED

-^- j^- *^ _

CREDIT REPAID1

(ENLARGED SCALE)

[

I957 1958 1959SOURCE: BOARD OF GOVERNORS or THE FEDERAL RESERVE SYSTEM.

I960 1961 1962 1963COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars|

Period

19531954 .19551956 _ _1957 _1958--. .-1959.--1960 -_196119621962: Mar__ __

Apr. . . .MayJunJulAugSepOctNov _ .Doc

UK::-:: Jun . .I'Vb..Mar.Apr

Consu

Total

31, 39332, 46438, 83042, 33444, 97045, 12951, 54256, 02857, 67863, 45856, 27557, 31458, 31859, 10859, 36460, 00360, 12660, 62661, 47363, 45862, 74062, 21962, 27663, 267

iner creditt

Total i

23, 00523, 56828, 90631, 72033, 86733, 64239, 24542, 83243, 52748, 24343, 21143, 83744, 49545, 20845, 65046, 20446, 31046, 72247, 27448, 24348, ISO48, 02548, 19048, 873

outstandirinadjustedInstalmentAutomo-

bilepaper9, 8359, 809

13, 46014, 42015, 34014, 15216, 42017, 68817, 22319, 38417, 34817, 67118, 03218, 41018, 68018, 93318, 88119, 08319, 30719, 38419, 42619, 50319, 72020, 121

g (end of r

Personalloans4, 7815, 3926, 1126, 7897, 5828, 1169, 38610, 48011, 25612, 71411, 34311, 54011, 69611, 87211, 99012, 18712. 29112, 36412, 47912, 71412, 73512, 79012, 86413, 068

eriod;

Non-instal-ment 2

8, 3888, 8969, 92410, 61411, 10311, 48712, 29713, 19614, 15115, 21513, 06413, 47713, 82313, 90013, 71413, 79913, 81613, 90414, 19915, 21514, 01014, 19414, 08614, 394

Consumand rTo

Extended

31, 55831, 05138, 97239, 86842, 01640, 11948, 05249, 56048, 39655, 3954, 4994, 6594, 6504, 6234, 6694, 6194, 4914, 6824. 9614, 8294, 8784, 8854, 9405, 020

er instalmcepaid (seastal

Repaid

27, 95630, 48833, 63437, 05439, 86840, 34442, 60345, 97247, 70050, 6794, 1214, 1664, 2114, 2024, 2834, 2614, 2894, 2984, 3804, 3714, 3764, 4494, 5404, 490

nt credit eonally adji-Automofc

Extended

12, 98111, 80716, 73415, 51516, 46514, 22617, 77917, 65416, 00719, 5151, 5821, 6751, 6551, 6211, 6311, 6021, 5051, 6851, 7971, 6841, 7431, 7341, 7821, 864

xtendedisted)ile paper

Repaid

10, 87911, 83313, 08214, 55515, 54515, 41515, 57916, 38416, 47217, 3541, 4151, 4351, 4471, 4331, 4561, 4461, 4401, 4911, 4901, 5131, 5041,5171, 5501, 570

Mortgagedebt out-standing,nonfarm1- to 4-familyhouses 366, 10075, 70088, 20099, 000107, 600117, 700130, 900141, 300153, 000168, 400155, 700

159, 900

164, 200

168, 400

NOTE.Data for Alaska and IJavraii included beginning January a??

BOND YIELDS AND INTEREST RATESIn early June, the yield on 3-month Treasury bills was somewhat higher than in May. Yields on U.S. Governmentbonds and, especially, on municipal bonds were also higher.

PERCENT PER ANNUM PERCENT PER ANNUM


[Percent per annum]

Period

1956.. .19571958195919601961... _1962... .1962: Apr

May . _June _ _July .. ...AugSept.. _ .GotNov_._Dec..

1963: Jan.Feb.MarApr.May _

Week ended:1963: May 18..

25.-June 1__

8 _ _15..22

U.fcJ. GOVE3-monthTreasury

bills 12. 6583. 2671. 8393. 4052 9282.3782.7782. 7352. 6942. 7192. 9452. 8372. 7922. 7512. 8032. 8562. 9142. 9162. 8972. 9092. 920

2. 9032. 9222. 9743. 0282. 975

"2. 997

rnment secur

35 yearissues 2

3. 123. 622. 904. 333. 993. 603. 573. 483. 533. 513. 713. 573. 563. 463. 463. 443. 473. 483. 503. 563. 57

3. 553. 593. 643. 683.66

ity yields

Taxablebonds 3

3. 083. 473. 434. 084. 023. 903. 953. 893. 883. 904. 023. 983. 943. 893. 873. 873. 893.923. 933. 973. 973. 963. 973. 994. 003. 99

High-grademunicipal

bonds(Standard &

Poor's) *2. 933. 603. 563. 953. 733. 463. 183. 083. 093. 243. 303. 313. 183. 033. 033. 123. 123. 183. 113. 113. 15

3. 143. 153. 203. 243. 26

Corpora(Moo

Aaa

3. 363. 893. 794. 384. 414. 354. 334. 334. 284. 284. 344. 354. 324. 284 254. 244. 214. 194. 194. 214. 22

4. 214. 224. 234. 234. 23

te bondsdy's)

Baa

3. 884. 714. 735. 055. 195. 085. 025. 025. 005. 025. 055. 065. 034. 994 964 924. 914. 894. 884 874. 85

4. SO4. 854. 844. 844. 83

Primecommercial

paper,4-6

months3. 313. 812. 463. 973. 852. 973. 263. 203. 163. 253. 363. 303. 343. 273. 233. 293. 343. 253.343. 323. 25

3. 253. 253. 253. 383.38

T?PT \new homemortgageyields 5

4. 795.425. 495. 71ii. 185. 8 15. 625. 685. 655. 615. 605. 605. 585. 565. 555. 535. 535. 525. 505. 475. 44

J Rate on new issues within period. 2 Selected note and bond issues.3 Series includes: April 1953 to date, bonds due or callabie 10 years and after,

* Weekly data are Wednesday figures.e Data for first o! the month; based on the maximum permissible interest rate

(5J4% since May 1951) and 25-year morteases paid in 12 years.

6 Not charted.


COMMON STOCK PRICES, YIELD, AND EARNINGSStock prices have changed little since early May.

INDE80

70

60

40

PE

4

2

RAT

20

10

SOUF

, 1941-43 = 10

N

5CENT

''-^ ,''"~

0

^^^v- 1 .... ' . i" I95T

CE: STANDARD AND P

X_---

, , , , , , , , , , ,

^-^

PRICE /E

^^ ^

1 ! 11958

DOR'S CORPORATION.

COMPOSITE PRICE 1ND500 COMMON STOC\^ j

1t i t i . f i - r , e l> : i r

res

ise 1

Militaryassist-ance

2. 22. 31. 01. 41. 41. 81. 4. 2. 1. 1. 3. 1. 1. 1. 1. 1. 1. 1. 1

9. 2. 2

1. 11.3

cipts and cxpet

tnenl nnd hun

Budgetsurplus

ordeficit (-)

-2. 8-12. 4

1. 2-3. 9-6. 4-8. 8

11. 91. 4

1. 5

3. 5-3. 7 1. 5

2. 7-5. 5-1.0

. 8-2. 5

. 51. 9

1. 9 . 5

-9. 9-10. 0

ditures exclude n

.in or the M i . M i i i ' l .

Publicdebt

(end ofperiod) 2

270. 42S4. 8280. 5289. 2298. 6304. 1316. 1296. 5297. 4299. 6298. 6298. 3302. 3300. 0302. 6305. 9304. 0303.9305. 2303. 5303. 7305. 8299. 6305. 8

r t a i n i n ! n r 'ovcrn-

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.

BILL35

1

IONS OF DOLLARS (SEASONALLY ADJUSTED) BILLIONS OF DOLLARS (SEASONALLY ADJUST

t

ED)35

30

EXCESS OF CASH

%% mt& ~

EXCESS OF CASH

1 1 \1957

RECEIPTS

LJPAYMENTS

i i195

-

81

j_

Li i

L-i

i t959

.

1 I 1I960

u y u ui i i

1961

LTUUi i i

I9B2

li

1 1 11963

CALENDAR YEARSSOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.

J-S


[Billions of dollars]

Period

Fiscal year:1958195919601961- .1962196311964 i

Calendar year:19581959196019611962

Quarterly total (calendar years) :1961: III

IV1962: I

IIIIIIIV -.-

1963: I

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

Unadjusted26. 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

Set

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

Cash pay-ments to

the public

isonally adjus26. 326. 927. 627. 028. 129. 228.3

Excess of re-ceipts ( + ) or

payments

ted

-i. r 1. 7-2. 2-. 5- . 7

2. 1-. 9-

"Estimate. Sources: Treasury Department and Bureau of the Budget.


FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASISOn a national income accounts basis, Federal Government expenditures rose slishtly more than receipts in the firstquarter, resulting in a deficit of $1.6 billion (seasonally adjusted annual rate).

BILLIONS OF DOLLARS*120

BILLIONS OF DOLLARS*120

100

SURPLUS

DEFICITI I

nr

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

I960CALENDAR YEARS

1961 1962

+ 20

COUNCIL OF ECONOMIC ADVISERS.


Period

Fiscal year:196119621963'1964 i

Calendaryear:195519561957195819591960196119621961: II-

III.IV.

1962: I...II..Ill,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. 5113. 3

Federal (

Personaltax andnorii>ixreceipts

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. 524. 3

nt receip-

Indirectbusinesstax andnontaxaccruals

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. G18.420. 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

Feders

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

il Govern!

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-nments

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 l! 7-4. 3-7. 6

3. 85.72. 0

-9. 4 1.1

3. 8O Q

-1. 3-4. 2-3.3 1. 3-2. 47

. 9 1. 4 1. 6

1 Preliminary estimates by Bureau of the Budget.

NOTE.Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce.


UNITED STATESGOVERNMENT PRINTING OFFICE

DIVISION OF UBLIC DOCUMENTS

WASHINGTON 25, D.C.

PENALTY FOR PRIVATE USE TO A V O L DPAYMENT OF POSTAGE, S3OO

(GPO)

OFFICIAL BUSINESS

First-Class Mail

ContentsTOTAL 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 WrorkSelected Industries 14Average Hourly and Weekly EarningsSelected Industries 15

PRODUCTION AND BUSINESS ACTIVITYIndustrial Production . . _ _ . 16Production of Selected Manufactures . - 17Vveekly Indicators of Production ISN e w Construction _ _ . 1 9New 1 lousing 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 I n t e rna t i ona l Payments . - - - . . . . 25

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

MONEY, CREDIT, AND SECURITY MARKETSMoney Supply . _ . . ...... .. . . . . . . . . . . . 29Selected Liquid .Assets 1 leld by the Public 30Bank Loans, Investments, Debits, and Reserves 31Consumer and Real Estate Credit 32Bond 1 ields and Interest Rates . 33Common Stock Prices, Yield, and Earnings .... . . _ . _ . . 34

FEDERAL FINANCEFederal Administrative Budget Receipts and Expenditures. . ... 55Federal Cash Receipts from and Payments to the Public . . . . . . 56Federal Budget, National Income Accounts Basis . . 57
