Economic Indicators: March 1961 - FRASEREconomic Indicators MARCH 1961 Prepared for the Joint...

8Jth Congress, 1st Session o T i n i i i o /V ! » L J U I J

PUBLIC LIBRAEJ

Economic IndicatorsMARCH 1961

Prepared for the Joint Economic Committee by the

Council of Economic Advisers

The November I960 issue of Economic Indicators introduced z. number ofrevisions resulting from the recent review of the needs of the Joint EconomicCommittee and other users of the publication. The revised Indicators incorpo-rates more seasonally adjusted data, expanded detail on some topics such asunemployment, and new information such as the balance of payments.

The I960 revised edition of the Supplement to Economic Indicators, whichdescribes each series and gives annual data for years not shown in the monthlyissues, is now available from the Superintendent of Documents, GovernmentPrinting Office.

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1961

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.)

WRIGHT PATMAN, Texas, ChairmanPAUL H. DOUGLAS, Illinois, Vice Chairman

HOUSE OF REPRESENTATIVESRICHARD BOLLING (Missouri)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)

WMJOHN W.

SENATEJOHN SPARKMAN (Alabama)J. WILLIAM FULBRIGHT (Arkansas)WILLIAM PROXMIRE (Wisconsin)CLAIBORNE PELL (Rhode Island)PRESCOTT BUSH (Connecticut)JOHN MARSHALL BUTLER (Maryland)JACOB K. JAVITS (New York)

SUMMERS JOHNSON, Executive DirectorLEHMAN, Deputy Executive Director and Clerk

COUNCIL OF ECONOMIC ADVISERSWALTER W. HELLER, Chairman

KERMIT GORDONTAMES TOBIN

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

JOINT RESOLUTION [SJ. 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 20 cents a single copyor by subscription at $2.00 per year (foreign, $2.75) 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 $4.60 per year.

The I960 Supplement to Economic Indicators, which describes each series andgives annual data for years not shown in the monthly issues, is now available at60 cents a copy.


ContentsTOTAL OUTPUT, INCOME, AND SPENDING p^

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

EMPLOYMENT, UNEMPLOYMENT, AND WAGESStatus of the Labor Force 9Unemployment Insurance Programs 10Nonagricultural Employment 11Weekly Hours of Work 12Average Hourly and Weekly Earnings—Selected Industries 13

PRODUCTION AND BUSINESS ACTIVITYIndustrial Production 14Production of Selected Manufactures 15Weekly Indicators of Production 16New Construction 17Housing Starts and Applications for Financing 18Trade Sales and Inventories 19Manufacturers' Sales, Inventories, and New Orders 20Merchandise Exports and Imports 21U.S. Balance of Payments 22

PRICESConsumer Prices 23Wholesale Prices 24Prices Received and Paid by Farmers 25

MONEY, CREDIT, AND SECURITY MARKETSMoney Supply 26Bank Loans, Investments, Debits, and Reserves 27Consumer Credit 28Bond Yields and Interest Rates 29Stock Prices 30

FEDERAL FINANCEBudget Receipts and Expenditures 31Cash Receipts from and Payments to the Public 32

NOTE.—Detail in these tables will not necessarily add to totals becauseof rounding.

Data for Alaska and Hawaii are not included unless specifically noted.Unless otherwise stated, all dollar figures are in current prices.

ill


TOTAL OUTPUT, INCOME, AND SPENDINGTHE NATION'S INCOME, EXPENDITURE, AND SAVINGIn current prices, total expenditures at $503.5 billion (seasonally adjusted annual rate) in the fourth quarter of 1960were unchanged from the third quarter level but $1.5 billion below the second quarter peak.

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

Period

1951 ... _19521953 _195419551956 _ .1957 .1958.1959 . ..19601959: First quarter,. _

Second quarter .Third quarter. _Fourth quarter.

1960: First quarter. __Second quarter.Third quarter _ _Fourth quarter.

Persons

Dis-posablepersonalincome J

227.238.252.256.274.292.308.317.337.354.329.338.338.342.347.354.357.358.

575949893263540151

Personalconsump-

tionexpendi-

tures

209. 8219. 8232. 6238. 0256. 9269. 9285. 2293. 5313. 8327. 8306. 1313. 6316. 0319. 6323. 3329. 0328. 3330. 8

Personalsaving( + ) or

dis-saving

/ \

17.718. 919. 818. 917. 523. 023. 624. 423. 426.423. 624. 822. 522. 823. 725. 229. 227. 2

Business

Grossretained

earn-ings 2

31. 533.234. 335. 542. 143. 045. 644. 650. 5(5)49. 151. 849. 651. 052. 452. 151. 6(5)

Grossprivate

domesticinvest-ment

56.349.950. 348. 963. 867. 466. 156. 072. 072. 870. 978. 967. 570. 879. 375. 570. 866.0

Excessof

invest-ment(-)

-24. 8— 16. 6-16. 0-13. 4-21. 8-24. 3-20. 5-11. 4-21. 6

(6)-21. 8-27. 1— 17. 9— 19. 8-26. 9-23. 4-19. 2

(5)

International

Foreignnet

trans-fers byGovern-

ment

2. 11. 51.61. 41. 51. 51. 51. 31. 51. 61. 51. 41. 21. 91. 61. 71. 41. 7

Net exports of goodsand services

Netexports

2. 41.3

-. 41. 01. 12. 94. 91. 2

-1. 03. 0

-1. 0-2. 2

— . 2A

1. 22. 03. 74.6

Govern ment

Ex-ports

17. 917.416. 617. 519. 423. 126. 222. 722. 926. 521. 822. 224. 023. 525. 226. 427. 327. 0

Im-ports

15. 516. 117. 016. 518. 320. 221. 321. 523. 823. 522. 824. 424. 223. 923. 924. 423. 522. 4

j

Excess oftransfers

( + ) orof net

exportsC-) 3

-0. 2. 2

2. 0. 4. 4

-1. 5-3. 5

. 12. 5j 4

2. 53. 61. 52. 4. 3

-. 3-2.3-2. 9

Period

1951195219531954 .1955 -.19561957. _ . _.19581959 . .-1960 -1959: First quarter

Second quarterThird quarterFourth quarter

1960: First quarterSecond quarterThird quarterFourth quarter

Government

Net receipts

Netreceipts

66. 672. 275. 768. 578. 484. 287. 582. 194. 6(5)92. 697. 394. 993. 6

101. 4100. 8ga 9(5)

Tax andnontaxreceipts

oraccruals

85. 590.694. 990. 0

101. 4109. 5116. 3115. 2129. 1

(5)126. 3131.3129. 0129. 7137. 3137. 9136. 3

(5)

Trans-fers,

interest,and sub-sidies 4

18. 918.419. 221. 523. 025. 328.733. 134. 537.333.834. 034. 136. 135.937. 037. 439. 1

Expenditures

Pur-chases

of goodsand

services

60. 576. 082. 875. 375. 679. 086. 593. 597. 199.797. 197. 798. 196. 497. 598. 6

100. 7102. 1

Totalexpendi-

tures

79.494. 4

102. 096. 798. 6

104. 3115. 3126. 6131. 6137. 0130. 8131. 6132. 2132. 4133. 4135. 6138. 1141. 2

Trans-fers,

interest,and sub-sidies 4

18. 918. 419. 221. 523. 025. 328. 733. 134. 537. 333. 834. 034. 136. 135. 937. 037.439. 1

Surplus(+)ordeficit(-) onincome

andproductaccount

6. 13 9

— 7. 1-6. 7

2. 95. 21. 0

-11. 4-2. 5

(5)-4. 5-. 4

-3. 2— 2. 8

3. 92. 3

-1. 8f5)

Totalincome

orreceipts

327. 7345. 6364. 1362. 3396. 5421. 6443. 4445. 9483. 9

(5)472. 9488. 8484. 3488. 9502. 3508. 7509. 4

(5)

Statis-tical

discrep-ancy

1. 21. 41. 3. 9

1. 0— 2. 4-. 6

-1. 7-1. 8(s)

. 1-1. 0-3. 0-2. 6-1. 1-3. 9— 5. 8m

Grossnationalproduct

orexpendi-

ture

329. 0347.0365. 4363. 1397. 5419. 2442. 8444. 2482. 1503. 2473. 1487. 9481. 4486. 4501. 3505. 0503. 5503. 5

1 Personal income (p. 3) less personal taxes and nontax payments (fines, penal-ties.etc.).3 Undistributed corporate profits, corporate inventory valuation adjustment,capital consumption allowances, and excess of wage accruals over disbursements.1 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 ofGovernment enterprises.5 Not available.

Source: Department of Commerce.

IV


GROSS NATIONAL PRODUCT OR EXPENDITUREIn constant (1960) prices, gross national product at $500.4 billion (seasonally adjusted annual rate) in the fourthquarter of 1960 was $1.3 billion below the third quarter level and $5.9 billion below the second quarter peak.

BILLIONS OF DOLLARS

500 -

BILLIONS OF DOLLARS

300

I954

SOURCE:.DEPARTMENT OF COMMERCE,

I960

.COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Period

1949__. . .195019511952_19531954-..1955195G—1957___195819591900

1959: Viixl. quar te rSecond q u n r t , c r _ _Third quarterFour th quar( .e r__

1900: Tirst quarterSecond q v i a r t e r _ _Third quarter! ' ' < > i i r U i <m;i.r(.er_.

Totalgross

nationalproductin 1960prices

334. s362. SSOS. 0406. 8425. 5416. 8449. 7459. 3/i(l~. S,',59 7J,i)0. (I503. '.'!

Totalgross

nationalproduct

258. 1284. 6329. 0347. 0305. 4303. 1397. 5419. 2442. 8444. 2482. 1503. 2

j,sr,. t497. !>.>,ss. r>.',91. SSO.',. S506. 3501. 7500. 4

473. 1487. '.)4S1. 4480. 4501. 3505. 0503. 5503. 5

Personalcon-

sump-tion

expend-itures

181. 2195. 0209. 8219. 8232. 0238. 0250. 9209. 9285. 2293. 5313. 8327. 8

300. 1313. 0310. 0319. 6323. 3329. 0328. 3330. 8

Grossprivate

domesticinvest-ment

33.050. 056. 349. 950. 348. 903. 807. 400. 150. 072. 072. 8

Netexportsof goods

andservices

3. 8. 6

2. 41. 3-. 4

1. 01. 12. 94. 91. 2

- 1 . 03. 0

Government purchases of goods andservices

Total

40. 239. 060. 570. 082. S75. 375. 079. 080. 593. 597. 199. 7

Federal

Total i

22. 219. 338. S52. 958. 047. 545. 345. 749. 752.653. 352. 4

Nationaldefense2

13. 614. 333. 946. 449. 341.239. 140. 444. 444. 846. 045. 1

Other

8. 95. 25. 26. 79. 06. 76.65.75.78. 37.87. 9

Stateandlocal

17. 919. 721. 723. 224. 927. 730. 333. 236. 840. 843. 947. 3

Implicitprice

deflatorfor total

GNP,1960=1003

77.278. 683. 985. 385. 987. 188. 491. 394. 796. 698. 3

100. 0Seasonally adjusted annual rates

70. 978. 967. 570. 879. 375. 570. 866. 0

— 1. 0-2. 2

— . 2-. 41. 22. 03. 74. 6

97. 197. 798. 196. 497. 598. 6

100. 7102. 1

53. 353. 753. 652. 551. 851. 752. 753. 3

45. 946. 446. 145.544. 944. 745. 145. 7

7. 97.88.07. 57. 57. 68. 28. 2

43. 844. 044. 543. 945. 746. 948. 048. 8

97. 598.098. 599. 099.399. 7

100. 4100. 6

1 Jjoss (lovennncnt sales.a These expenditures correspond closely with budget expenditures for "major

n; t t ional security," shown on p. 31.

3 Gross national product in current prices divided by gross national productin 1960 prices.



NATIONAL INCOMECompensation of employees declined $2 billion (seasonally adjusted annual rate) in the fourth quarter of 1960.Farm proprietors' income and net interest rose.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

300

O

SEASONALLY ADJUSTED ANNUAL RATES

1954

PROPRIETORS' ANDRENTAL INCOME S^

CORPORATE PROFITS ANDINVENTORY VALUATION ADJUSTMENT

1955 1959

100"

SOURCE! DEPARTMENT OF. COMMERCE.

I960

.COUNCIL Of ECONOMIC ADVISEES


Period

1949. .19501951195219531954195519561957...1958--.1959-_-1960_ ..

1959: First quarter. _ .Second quarterThird quarterFourth quarter

1960: First quarter _ _Second quarterThird quarterFourth quarter

Totalnationalincome

217. 7241.9279. 3292. 2305. 6301. 8330. 2350. 8366. 9367. 7399. 6C)

Compen-sationof em-

ployees >

140. 8154. 2180.3195. 0208.8207. 6223. 9242. 5255.5257.0277.8294 4

Proprietors' income

Farm

12. 914.016. 315. 313. 312. 711. 811. 611. 814. 011. 812. 0

Businessand pro-fessional

22. 723. 526. 026. 927. 427. 830. 432. 132. 732. 334. 735.9

Rentalincome

ofper-sons

8.39.09.4

10. 210. 510. 910.710.911. 912. 212. 412. 5

Netinter-est

4 85. 56. 37. 18. 29. 1

10. 411. 713. 414. 716. 418. 7

Corporate profits and inven-tory valuation adjustmpnt

Total

28. 235. 741. 037. 737. 333. 743. 142. 041. 737. 446. 6(2)

Profitsbeforetaxes

26. 440. 642. 236.738. 334 144. 944. 743. 237.747.0(2)

Inventoryvaluation

adjustment

1. 0-5.0

1 '21. 01 0-. u

I 7-2. 7

1 5-. 2-. 5

. 0

Seasonally adjusted annual rates

390. 9405. 4399. 4402. 8414. 4419. 4419. 3(2)

270. 4279. 7279. 5281. 6290. 2295.0297.2295.2

13.012. 011. 111. 210. 612. 112. 212. 8

33. 834. 835. 035. 135. 436. 036. 135. 9

12. 312. 412. 412. 512. 512. 512. 512. 5

15. 916. 216. 516. 917. 818. 519. 119. 4

45. 550. 444. 945. 548. 045. 342. 2(2)

46. 451. 745. 344. 848.845. 741. 5(2)

-. 9— 1. 3-. 4

. 7-. 8— . 4

.7

. 41 Includes employer contributions for social insurance.3 Not available.

(See also p, 3J Source: Department of Commerce.


SOURCES OF PERSONAL INCOMEPersonal income declined $700 million (seasonally adjusted annual rate) further in February to $405.9 billion. Themost significant change was a $1.0 billion drop in labor income.

BILLIONS OF DOLLARS45O

4OO

350

300

BILLIONS OF DOLLARS45O

400

350

BUSINESS, PROFESSIONAL, AND RENTAL INCOME

250

1955 1956SOURCE: DEPARTMENT OF COMMERCE.

I960 1961COUNCIL OF ECONOMIC ADVISERS


Period

19521953195419551956 _19571958-.1959-. ... ...1960

1960: January. -February -MarchAprilMayJuneJuly.. ..AugustSeptember.OctoberNovember-December-

1901: January 3 _February 3-

Totalpersonalincome

273. 1288. 3289. 8310.2332. 9351. 4360. 3383. 3404. 2

Labor income(wage andsalary dis-bursementsand other

labor income) '190.2204. 1202. 5218. 0235. 7247. 7249. 1268. 3283. 5

Proprietors' income

Farm

15. 313. 312. 711. 811. 611. 814. 011. 812. 0

Businessand pro-fessional

26. 927.427. 830.432. 132. 732. 334. 735. 9

Rentalincome

ofpersons

10. 210. 510. 910.710. 911. 912. 212. 412. 5

Divi-dends

9.09.29.8

11. 212. 112. 612. 413. 414. 0

Personalinterestincome

12. 113.414. 615. 817. 519. 620. 823.526. 8

TransferPay-

ments

13.214.316.217. 518. 821. 926. 427. 029. 0

Less: Per-sonal con-tributionsfor social

insur-ance

3. 83. 94. 65. 25.86.76. 87. 89. 3

Nonagri-culturalpersonalincome 2

254. 3271.5273. 8295. 0317. 9336. 1342. 6367. 6388. 1

Seasonally adjusted annual rates395. 7395. 7397. 0401. 9404. 7406. 1407. 3408. 2408. 8409. 7409. 0400. 9400. 6405. 9

278. 8279.3280. 1282. 5284. 5285. 0286. 2286.3286. 2286. 1284. 7282. 4282. 4281. 4

11. 310. 410. 111.712. 112.512.012.212. 212. 612. 912. 9]2. 913.0

35. 535. 535. 435.736. 036. 236. 236. 136. 136. 135. 935. 735. 5?5. 4

12. 512. 512. 512. 512. 512. 512.512. 512. 512. 512. 512. 512. 512. 5

13. 913. 913. 913. 913. 913. 913. 914. 014. 014. 114. 114. 014. 013. 9

25. 225. 525. 926. 226. 526.827. 127. 427.527.627. 627. 727. 727. 7

27. 727.728.328. 628. 428. 528. 729. 129.730. 030. 530. 931. 031. 2

9. 29. 19. 29. 29. 39. 39.39. 49. 39. 39. 29.29.49.3

380. 2381. 2382. 7385. 9388. 3389. 3391.1391. 8392. 4393. 0392. 1390. 1389. 8389. 0

' Compensation of employees (see p. 2) excluding employer contributions forsocial insurance and the excess of wage accruals over disbursements.

2 Personal income exclusive or net income of unincorporated farm enterprises,farm wages, agricultural net interest, and net dividends paid by agriculturalcorporations.

3 Preliminary,



DISPOSITION OF PERSONAL INCOMEThe increase in disposable income (seasonally adjusted) slackened noticeably in the fourth quarter of 1960. Sincethe rise in income was less than that in consumption expenditures, the saving rate declined; however, it was higherthan in the first half of 1960.

BILLIONS OF DOLLARS* BILLIONS OF DOLLARS*

350

2,000

1,800

1,600

1,4001954 1955

"SEASONALLY ADJUSTED ANNUAL RATES.

SOURCE: DEPARTMENT OF COMMERCED

I960

DOLLARS*

2,000

1,800

I.6OO

1.400

COUNCIL Of ECONOMIC ADVISERS

Period

1949.1950...1951.195219531954 . .1955 .1956195719581959.1960 .


1960: First quarter -Second quarter _Third quarterFourth quarter

Dis-posablepersonalincome '

Personal consumption expenditures

Total Durablegoods

Non-durablegoods

Services

Personalsaving

Billions of dollars189. 7207. 7227. 5238.7252. 5256. 9274. 4292. 9308. 8317. 9337. 3354. 2

181. 2195. 0209. 8219. 8232. 6238. 0256. 9269. 9285. 2293. 5313. 8327. 8

24. 630. 429. 529. 132. 932. 439. 638. 540. 437. 343. 443. 6

96. 699. 8

110. 1115. 1118. 0119. 3124. 8131. 4137. 7142. 0147. 6152. 4

60. 064. 970. 275. 681. 886. 392. 5

100. 0107. 1114. 2122. 8131. 7

8.512. 617. 718. 919. 818. 917.523. 023. 624. 423. 426. 4

Per capita dis-posable personal

income '

Currentprices

1960prices 2

Dollars

1, 2721,3691, 4741,5201,5821,5821, 6601, 7421, 8041, 8261, 9051,969

1,5801,6761, 6921, 7081, 7621,7441,8221,8791,8911, 8791,9381, 969

Seasonally adjusted annual rales

329. 6338. 3338. 5342. 4347. 0354. 1357. 5358. 1

306. 1313. 6316. 0319. 6323. 3329. 0328. 3330.8

41. 644. 444. 043. 544. 244. 542.743. 2

145. 3147. 7148. 0149. 6150. 5153. 5152. 7152. 9

119. 2121. 4124. 1126. 6128. 6130. 9132. 9134. 7

23. 624. 822. 522. 823. 725. 229. 227. 2

1, 8731, 9141, 9071, 9201, 9391,9721,9831,977

1,9171, 9531, 9361, 9411,9511,9741, 9791, 965

Saving aspercentof dis-posablepersonalincome

(percent)

4.56. 17.87. 97.87.46.47. 97. 67.76. 97.5

7. 27. 36. 66. 76.87. 18.27. 6

Popula-tion

(thou-sands) 3

149, 188151, 683154, 360157, 028159, 636162, 417165, 270168, 176171, 198174, 060177, 076179, 894

176, 012176, 714177, 493178, 291178, 938179, 576180, 309181, 123

1 Personal income (p. 3) less personal taxes and nontax payments (fines, penal-ties, etc.).

* Income in current prices divided by the implicit price deflator for personalconsumption expenditures on a i960 base.

3 Population of the United States, excluding Alaska and Hawaii; includesarmed forces abroad. Annual data as of July 1; quarterly data centered in themiddle of the period, interpolated from monthly figures.

Sources: Department of Commerce and Council of Economic Advisers.


FARM INCOMEGross and net income of farm operators increased in the fourth quarter of 1960, liftins the year's totals to slightly above1959.


40

30


1954 1955 1956

REALIZED GROSSFARM INCOME-"

NET FARM INCOMEINCLUDING NET INVENTORY

CHANGE-!/

1957_ . l

1958 1959

•̂ INCOME OF FARM OPERATORS FROM FARMING.SOURCE: DEPARTMENT OF AGRICULTURE.

I960

COUNCIL OF ECONOMIC ADVISERS,

Period

195219531954195519561957195819591960_



Income received by totalfarm population

Fromall

sources

Fromagricul-

turalsources '

Fromnonagri-culturalsources

Income received by farm operators from farming

Realized gross

Total -

Cashreceipts

frommarket-

ings

Produc-tion ex-penses

Net

Exclud-ing in-ventorychange

Includ-ing net in-ventorychange 3

Billions of dollars

23. 421. 120. 219. 820. 120. 222. 220. 420. 7

17.315. 114. 413. 513. 413. 615. 813. 613. 8

6. 16.05.86. 36. 76. 66. 46. 86. 9

37. 035. 333. 933.334. 634. 438. 237. 537. 9

32. 631. 130. 029. 630. 629. 833. 533. 133. 7

22. 621.421. 721. 922. 623. 425. 226. 226. 3

14. 413.912. 211. 512. 011. 013. 011. 311. 6

15. 313. 312. 711. 811. 611. 814. 011. 812. 0

Net income perfarm including netinventory change 4

Currentprices

1960prices 5

Dollars

2, 8292, 5022, 4402,3132, 3382,4262, 9522, 5482, 646

3,0422,6902, 6242, 4872,4872,5012, 9822,5742, 646


(")(")(")(6)(6)(6)(6)(6)

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

(6)(")(")(6)(6)(")(6)(6)

38. 537. 836. 736. 936. 538. 338. 138. 6

34. 033. 532. 432. 732. 334. 134. 034. 3

26. 226. 326. 126. 126. 326. 526. 226. 2

12.311. 510. 610. 810. 211. 811. 912. 4

13. 012. 011. 111. 210. 612. 112. 212. 8

2, 8002, 5902, 3902, 4102, 3302, 6702,6902, 820

2,8302, 6202,4102,4102,3302, 6702,6902,820

1 Net income of farm operators from farming (including net inventory change)and wages received by farm resident workers.

3 Cash receipts from marketings, Government payments, and nonmoney in-come furnished by farms.

* Inventory of crops and livestock valued at the average price for the year.* The number of farms (based on 1954 Census of Agriculture definition) is held

67041°—61 2

constant within a year. The figures (in millions) for 1958, 1959, and 1960 are4.7, 4.6, and 4.5, respectively.

5 Income in current prices divided by the index of prices paid by fanners forfamily living items on a I960 base.

e Not available.Source: Department of Agriculture. p


CORPORATE PROFITSCorporate profits before taxes in the third quarter of 1960 are estimated to have been $41.5 billion (seasonally ad-justed annual rate), about 9 percent below their second quarter level.


1954 1955 I 1956J>NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.

SOURCE: DEPARTMENT OF COMMERCE.

1959 I960

COUNCIL OF ECONOMIC ADVISERS

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

Period

1950 .1951 .195219531954. _1955.-1956--1057-1958-.1959. .1959: First quarter

Second quarter. -Third quarterFourth quarter- -

1960: First quarterSecond quarter-.Third quarterFourth quarter. .

Corporate profits (before taxes) and inventoryvaluation adjustment 1

Allindus-tries

35. 741. 037.737.333.743. 142. 041. 737. 446. 645. 550. 444. 945. 548. 045. 342. 2(2)

Manufacturing

Total

20. 424. 421. 121. 418. 425. 023. 522. 918. 824. 824. 328. 123. 823. 226. 223. 521. 6(2)

Durablegoodsindus-tries

12. 013. 511. 812. 110. 114. 212. 613. 19. 2

12. 812. 615. 811. 511.313. G11. 610. 5(2)

Non-durablegoodsindus-tries

8. 410. 99.39.38.3

10. 810. 99.89. 6

12. 011. 712. 312. 212. 012. 611. 911. 1(2)

Trans-porta-tion,com-muni-

cations,and

publicutilities

4. 04. 54. 84. 94. 45. 45. 65. 55. 46. 36. 26. 56. 16. 36. 56. 46. 4

(2)

Allotherindus-tries

11. 312. 011.811. 011. 012.812.913. 313. 215. 515. 015. 815. 016. 015. 315. 514. 2V

Corpo-rate

profitsbeforetaxes

40. 642. 236. 738. 334. 144. 944. 743. 237. 747. 046. 451. 745. 344. 848. 845. 741.5(2)

Corpo-ratetax

liabil-ity

17.922. 419. 520. 217. 221. 821. 220. 918. 623. 222. 925. 522. 322. 123. 822. 320. 3(2)

Corporate profitsafter taxes

Total

22. 819.717. 218. 116. 823. 023. 522. 319. 123. 823. 526. 222. 922. 725. 023. 421. 3(2)

Divi-dendpay-

ments

9. 29.09. 09. 29. 8

11. 212. 112. 612. 413. 413. 013. 213.613. 813. 913. 914. 014. 1

Undis-tributedprofits

13.610.78.38.97. 0

11.811. 39. 76. 7

10. 510. 512. 99. 38. 9

11. 09. 57. 3

(2)] See p. 2 for inventory valuation adjustment.* Not available.



GROSS PRIVATE DOMESTIC INVESTMENTThe shift to liquidation of inventories accounted for most of the $4.8 billion (seasonally adjusted annual rate) declinein gross private domestic investment during the fourth quarter of 1960. The decline in producers' durable equip-ment represented the first reduction in this series since the 1957—58 recession.

BILLIONS OF DOLLARS BILLIONS Of DOLLARS

-eo

SOURCE: DEPARTMENT OF COMMERCE.

I960



Period

194919501951195219531954195519561957195819591960

1959- First quarterSecond quarter.Third quarterFourth quarter

1960: First quarter- . _ _ .Second quarter.Third quarter. .Fourth auarter

Totalgross

privatedomesticinvest-ment

33. 050. 056. 349. 950. 348. 963. 867. 466. 156. 072.072. 8

Fixed investment

Total

36. 043. 246. 146. 849. 950. 558. 162. 764. 658. 566. 169. 2

New construction '

Total

18. 824. 224. 825. 527. 629. 734. 935. 536. 135. 440. 340. 4

Residen-tial

nonfarm9. 6

14. 112. 512. 813. 815. 418. 717. 717.018. 022. 321. 1

Other 2

9. 210. 112. 312. 713. 814. 316. 217. 819.017.418.019.3

Producers'durableequip-ment

17. 218.921. 321. 322. 320. 823. 127. 228. 523. 125. 828. 8

Change in businessinventories

Total

-3. 16.8

10. 23. 1. 4

— 1. 65. 84. 71. 6

-2. 55. 93.6

Nonfarm

-2. 26.09. 12. 11. 1

— 2. 15.55. 1. 8

-3.65. 43. 2


70. 978. 967. 570. 879. 375. 570. 866. 0

63. 367. 467. 666. 267. 970. 270. 269. 0

39. 441. 341. 139. 440. 840. 740. 540.3

21. 923. 522. 621.321.421. 321. 120. 5

17. 517. 818. 518. 119. 319. 419. 519. 8

23. 926. 126. 526. 827. 129. 529. 728. 7

7.011. 5

i4. 7

1 J . 45. 3. 6

-3.0

(i. 911.0— . 54. 3

11.05.0.3

-3. 41 Revisions in series on new construction shown on p. 17 have not yet been In-

corporated into these series.2 "Other" construction in this series includes petroleum and natural gas well

drilling, which are excluded from estimates on p. 17.Source: Department of Commerce. *7


EXPENDITURES FOR NEW PLANT AND EQUIPMENTBusinessmen plan to spend $34.6 billion on new plant and equipment in 1961, a decline of 3 percent from 1960,according to the January-February survey.


40


^MANUFACTURING<:

I955 1958 1959 I960

10

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

1961

COUNCIL OF ECONOMIC ADVISZRS


Period

1951 _. .1952 .195319541955 .19561957195819591960 ,- .1961s


]9(>0: First quarter. .Second quarterThird quarterFourth quarter

J 9 ( > 1 : Fi st quarter 3- -St ioiid quarter*

1 K x i ' l m l i a ric Hlirc.J ( ' i i i n n n ci: m 1 other includes trade,

comln i r i l n .s Ksnnm * (LSI on anticipated capita

In I n l c Jnn ar ai 1 Fclinmry 1901. Incl

O

Total i

25. 6426. 4928. 3226. 8328. 7035. 0836. 9630. 5332. 5435. 6834.57

Manufacturing

Total

10. 8511. 6311. 9111. 0411. 4414. 9515. 9611. 4312. 0714. 4814. 11

Durablegoods

5. 175. 615. 655. 095. 447. 628. 025.475.777. 186. 69

Nondura-ble goods

5. 686. 026. 265. 956. 007.337. 945. 966.297. 307. 42

Mining

.93

. 98

. 99

.98

. 961.241.24. 94. 99. 99. 98

Transportation

Railroads

1. 471. 401. 31. 85. 92

1. 231. 40. 75. 92

1. 03. 60

Other

1. 491. 501. 561. 511. 601.711. 771. 502. 021. 941. 85

Publicutilities

3. 663. 894. 554. 224. 314.906. 206.095. 675. 686. 22

Commer-cial andother 2

7. 247. 098. 008. 239. 47

11.0510. 409. 82

10.8811.5710.81

Seasonally adjusted annual rates30. 6032. 5033. 3533. 6035. 1536. 3035. 9035.5034. 433.8

11. 2011. 8012. 2512. 8514. 1014. 7014.6514. 4013. 813. 6

5. 255. 755. 856. 157. 157. 407. 356. 856. 56. 5

5. 950. 056. 406. 706. 957. 307.307. 557.37.2

0. 95. 95

1. 001. 051. 001. 051. 00.90

1.01.0

0. 651. 001. 30. 85

1. 001. 101. 001. 00.7. 6

i. 702. 102. 152. 152. 002. 151. 901. 801. 92. 1

5. 805. 805. 605. 505. 755. 705. 605. 705. 65. 9

ill. 3510.8511. 0511. 2011. 3511. 6011. 7511. 6511.510. 6

NOTE. — Quarterly anticipated data are rounded to nearest $100 million; be-service, finance, communications, and ginnine 1959 all other quarterly data are rounded to nearest $50 million.

Annual total is the sum of unadjusted expenditures; it does not necessarilyexpenditures as reported by business coincide with the average of seasonally adjusted figures,

udes adjustments when necessary for These figures do not agree with the totals included in the gross national productestimates of the Department of Commerce, principally. because the latter coveragricultural investment and also certain equipment and construction outlayscharged to current expense.

Sources: Securities and Exchange Commission and Department of Commerce.


EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEUnemployment increased by 300,000 in February to 5.7 million, and the seasonally adjusted rate of unemploymentrose to 6.8 percent. The civilian labor force and total employment also increased from January levels.

MILLIONS OF PERSONS * MILLIONS OF PERSONS*

SEASONALLY ADJUSTED

70

55

10

CIVILIAN LABOR FORCE

-V

>

•.m"""""1"1""""'

UNEMPLOYMENT

NONASRICULTURAL EMPLOYMENT

AGRICULTURAL EMPLOYMENT

'""""•••"'••'""«..n,1mro™,J|nnrammJ™'»"""""w..nm,,1,,... "ntgotnHivmwV'fa**1" "••

<

75

55

10

PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE10'UNEMPLOYMENT '

(SEASONALLY ADJU

1955

s

.

WE5TED)

';<

»

1956mI9S7

™~ ,-1

3 ^ * '' • \ ^

• •

s -

;

,

,

1958

S; h

J

-r~ - ~

1959

*>

'5

>S

v^

;

"•

i

I960

T

^ ,

1961* 14 YEARS OF AGE AND OVER.SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS

Period

19531954195519561957195819591960

1960: JanuaryFebruaryMarchAprilMay±*.0,J _

JuneJulyAugustSeptemberOctober-NovemberDecember.

1961: JanuaryFebruary

Totallaborforce

(includ-ing

armedforces)

Civil-ian

laborforce

Civilian em-ployment

TotalNon-agri-cul-tural

Unem-ploy-ment

Civil-ian

laborforce

Civilian employment

TotalAgri-cul-tural

Non-agri-cul-tural

Un-em-

ploy-ment

Millions of persons 14 years of age and over67. 467. 868. 970. 470.771.371. 973. 1

63. 864. 565. 867. 567. 968. 669. 470. 6

61. 960.962.964. 765. 064. 065. 666. 7

55. 454. 456.258. 158. 858. 159. 761. 0

1. 93. 62. 92. 82. 94.73. 83. 9

Unadjusted70. 771.071.072. 373. 275. 575. 274. 673. 773. 673.773. 172. 472. 9

68. 268. 468.569. 870.773. 072. 772. 171. 271. 171. 270. 569. 870. 4

64. 064. 564. 366. 267. 268. 668. 768. 367. 867. 567. 266. 064. 564. 7

59. 459. 959.760. 861. 461. 761. 861. 861. 261. 261. 561. 159. 859. 9

4. 13. 94. 23. 73. 54. 44. 03. 83.4'3.64.04. 55. 45. 7

Seasonally adjusted *69. 870.069. 670. 570. 571. 270. 770. 871.070. 671.471. 171.571.9

66. 166. 765. 867.067.067. 266. 966. 767. 066. 467. 066. 466. 666. 8

5. 75. 75. 35. 75. 55.75. 95. 86. 15. 75. 85. 85. 75. 8

60. 360. 860. 461.361. 661. 661. 261.061.060. 761. 260. 560. 760.9

3.73.43.83.63. 63. 83. 94. 14.04. 44. 44. 84.74. 9

Unemploymentrate (percent of

civilian laborforce)

Unad-justed

Season-ally ad-justed

Percent2. 95. 64. 44.24. 36. 85. 55. 6

6. 15. 76. 15.24. 96.15.55.34.85.05.76. 47.78. 1

5.34.85.55.15. 15.45.55. 85. 76.36.26. 86. 66.8

1 Seasonally adjusted totals may differ from sum of components because totalsand components have been seasonally adjusted separately.

NOTE.—For definitions and coverage, see Employment and Earnings, Depart-ment of Labor. Beginning January i960, data include Alaska and Hawaii

Source: Department of Labor. Q


UNEMPLOYMENT INSURANCE PROGRAMSTotal insured unemployment averaged 3.6 million in February, compared to 2.3 million in February 1960.

MILLIONS OF PERSONS MILLIONS OF PERSONS

WEEKLY INSURED UNEMPLOYMENT(STATE PROGRAMS)

JAN. FEB. MAR.

SOURCE: DEPARTMENT OF LABOR.

MAY

COUNCIL Of ECONOMIC ADVISERS

Period

19551956 . . . _19571958195919601960: January

February _ _ _ _March-April-MayJune _JulyAugust _September -October_November-December- _ _ -

1961: JanuaryFebruary 2

Week ended:1961: February 18

25March 4 2

11 2

All programs

Coveredemploy-

ment

Insuredunem-ploy-ment

(weeklyaver-age)

Thousands40, 01442, 75843, 44744, 50145, 727

0)45, 44645, 40945, 38946, 24046, 47346, 963

0)C)(')(')(')(>)C1)(')

(')C1)(')0)

1, 3951, 3181,5672,7661, 8562,0672,3592, 3262, 3702,0781, 8011, 7001,8261, 8041, 7811,8392, 2262, 8453, 5153, 645

3, 6623,660

3 3, 596

Totalbenefits

paid(mil-

lions ofdol-lars)

1, 560. 21, 540. 61, 913. 03, 892. 52, 651. 73, 022. 8

264. 4274. 6314. 6259. 6223. 0216. 8198. 7229. 7230. 8214. 9258. 6332. 4436. 4450. 0

0)O(>)(')

State programs

Insuredunem-ploy-ment

Initialclaims

Exhaus-tions

Weekly average, thousands1, 2541, 2121, 4502, 5091, 682], 9062, 1802, 1572, 2091, 9391, 6821, 5881, 6861, 6571, 5981, 6782, 0392, 6393, 2663,400

3,4223,4093, 346

226226268370281331386301301293264272339306274332396494541480

477434426383

2520235033312930333531312928272931364448

0)(')«C1)

Insured unem-ployment as per-cent of covered

employment

Unad-justed


Percent3. 53. 23. 66. 44. 44. 85. 65. 55.74. 94. 34.04. 34. 24. 04. 25. 16. 68. 18. 4

8. 48. 48.2

4.S4.24.64.24.14.24-65. 15. 35. 96.56. 56. 36. 5

(')(')(')o

Benefits paid

Total(mil-

lions ofdollars)

1, 350. 31, 380. 71, 733. 93, 512. 72, 279. 02, 726. 8

235. 2247. 8287. 1237. 4204. 9198. 9183. 8206. 3201. 8189. 9231. 1300. 2397.6415. 0

(>)(')(>)O

Averageweeklycheck

(dollars)

25. 0427. 0228. 1730.5830. 4132. 8731. 9032. 2632. 3932. 5032. 2432. 3332. 3732. 9933. 5433. 7334.0134. 1834.3434. 40

(')0)0)C1)

1 Not available.2 Preliminary.3 Not charted.

10NOTE.—For definitions and coverage, see 1960 Supplement to Economic Indi-

cators, Data for Alaska and Hawaii included for all periods.Source: Department of Labor.


NONAGRICULTURAL EMPLOYMENTTotal payroll employment in nonagricultural establishments, seasonally adjusted, declined by 280,000 in February.Employment in all major industry groups except government was lower than in January.

I -

MILLAND

56

54

S>Z

50

48

46

44

3.5

3.0

2.5

2.0

1.5

* SESOUF

IONS OF WAGESALARY WORKERS

ALL NONAGRICULTURAL ESTABLISHMENTS

^~/\

\̂ "1

1 1 1 I l l

1958

s

1959

. s^

I960

*t

1961

CONTRACT CONSTRUCTION(ENLARGED SCALE)

\/ — vY

J—

1958 1959ASONALLV ADJUSTED DATA, EXCLUCE: DEPARTMENT OF LABOR.

s

I960 1961

DING ALASKA AND HAWAII.

MILLAND

£0

1 8

1 6

<1 2

1 0

8

6

12.5

12.0

11.5

11.0

IO.5

IONS OF WAGE ^SALARY WORKERS

MANUFACTURING

T°TAJ>>\̂ ^

N-—H

'v* — •*-•^ , i , , 1 1 , 1 1 * ,

1958

~

DURABLEGOODS

mnitsTRiFS

.....--viv

1959

T <!

„ —NONDURABLE

GOODSf INDUSTRIES»»«t«»««^»-.

i i i i i 1 i i i t iI960

• B

**

1961

WHOLESALE AND RETAIL TRADE(ENLARGED SCALE)

A. A

.±, i , , 1 , , i , ,

1958

r1959

< *̂*̂ ^H

I960

COUNC

fv

^

1961

It OF ECONOMIC ADVISERS

[Thousands of wage and salary workers "]

Period

195419551956 ...1957195819591960

1960: January...February..MarchAprilMavJuneJulyAugustSeptember.OctoberNovember .December.

1961: January3..February3.

Total,unad-justed,

excludingAlaska and

Hawaii48, 43150, 05651, 76658, 16250, 54351, 97552, 898

52, 07852, 06052, 17252, 84452, 95753, S0952, 92353, 06253, 49853, 39153, 13353, 31051, 48051, 105

TotalincludingAlaska

andHawaii

52, 20553, 137

Totalexcluding

Alaskaand

Hawaii

48, 43150, 05651, 76652, 16250, 54351, 97552, 898

Manufacturing (private)

Total

15, 99516, 56316, 90316, 78215, 46816, 16816,337

Durablegoods

9, 1229,5499, 8359,8218,7439, 2909, 432

Nondura-ble goods

6,8737,0147, 0686,9616, 7256, 8786,905

Nonmanufacturing (private)

Total 2

25, 68526, 57927, 58627, 75427, 18227, 68028, 103

Contractconstruc-

tion

2, 5932,7592,9292,8082,6482,7672, 772

Wholesaleand retail

trade

10, 52010, 84611, 22111, 30211, 14111, 3851 ] , 642

Govern-ment

(Federal,State,local)

6,7516,9147,2777,6267,8938, 1278,458

Seasonally adjusted53, 10853, 20153, 05253, 36253, 34453, 38853, 40753, 30453, 24253, 04752, 82552, 45352, 50152, 225

52, 88052, 97252, 82353, 12853, 10553, 14053, 14553, 04652, 99852, 80952, 59152, 22152, 27351, 996

16, 56216, 56716, 50916,52716, 5401C, 49810, 41710, 26510, 27516, 13216, 03015, 79015, 67715, 527

9, 6559, 6679, 6039, 5529, 5379, 4990, 4529,3389, 3919, 2669, 1909, 0308, 9298, 792

0, 9076, 9006, 9066, 9757,0036, 9996, 9656,9276,8846, 8666, 8406, 7606, 7486, 735

28, 02828, 09027, 81528, 08628, 15628, 22228, 32428, 30728, 18428, 15328, 03027, 84327, 98827, 814

2, 7752, 7812, 6012, 7522, 7832, 7902,8582, 8352, 8002, 8042, 7832,6472, 6912, 605

11, 59411,62711, 59511, 65211,67511, 71211, 73611, 76411, 66511, 66811,56811, 54111, 66111, 598

8, 2908, 3158,4998, 5158, 4098,4208,4048, 4748, 5398, 5248, 5318,5888, 6088, 655

1 Includes all fu l l - and part-time wage and salary workers in nonagriculturalestablishments who worked during 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 force?. Total derived from

are not at work because of industrial disputes; and which are based on an enu-meration of population, whereas the estimates in this table are based on reportsirom employing establishments.

2 Includes mining; transportation and public utilities; finance, insurance, andthis table not comparable with estimates of nonagricultural employment of the real estate; and service and miscellaneous, not shown separately.civilian labor force, shown on p. 9, which include proprietors, self-employedpersons, and domestic servants; which count persons as employed when they

Preliminary.

Source: Department of Labor. 11Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY HOURS OF WORKThe average factory workweek, adjusted for seasonal variation, increased slightly in February to 39.0 hours. It was1 hour less than a year earlier.

HOURS PER WEEK (SEASONALLY ADJUSTED)46

HOURS PER WEEK (SEASONALLY ADJUSTED)46

NONDURABLE MANUFACTURING

38

1959 i I960 1961

RETAIL TRADE

1958 ! 1959


36

32 il i i i i I i i i1958

i i i 1 iI960 I 1961


Period

1954 ...1955 ..1956- . .1957195819591960

1960: January-- -FebruaryMarchAprilMay _ _JuneJulyAugustSeptemberOctoberNovemberDecember

1961: January6 . .-February 6 _ _

Average hours per week *

Manufacturing industries

All Durablegoods

Non-durablegoods

Buildingconstruc-

tionRetailtrade

Hours per week39. 740. 740. 439. 839. 240. 339.7

40. 241. 441. 140. 339. 540. 840. 1

39. 039. 839. 539. 138. 839. 639. 1

36. 236. 236. 436. 135. 735.835. 5

39. 139. 038. 638. 138. 138. 137. 7

Seasonally adjusted40. 440. 039. 939. 640. 139. 939. 939. 739. 339. 539. 138. 338. 939. 0

41. 240. 740. 340. 140. 540. 240. 240. 039. 740. 139. 438.639.439. 6

39. 639. 239. 039. 139. 739. 539. 439. 238. 738. 838. 737. 738.638. 4

35. 135. 834. 836. 035. 435. 636. 035. 835. 335. 935. 334. 036.2(5)

37. 537. 637. 637. 937. 637. 637. 637. 737. 637. 637. 937. 437. 7(5)

Persons at work in nonagricultural industriesby hours worked per week ^

Over 40hours

35-40hours

Under 35 hours

Total

Part-time foreconomic reasonsUsually

full-time 3

Usuallypart-time *

Millions of persons 14 years of age and over15. 718. 018. 717.616. 617.317. 7

17. 617. 117. 217. 018. 018. 017. 317. 118. 518. 617. 018. 317. 717. 4

24. 427. 027. 328. 628. 327.728. 7

29. 528. 228. 927. 830. 629. 828. 129. 129. 729. 024. 629. 329. 527. 9

11. 88. 79. 49. 7

10. 411. 711. 5

10. 212. 211. 213. 810. 810. 29. 38. 8

10. 411. 718. 211. 610. 912. 7

(5)(6)

1. 11. 21. 61. 01. 2

1. 11. 11. 11. 21. 21. 41. 11. 21. 31. 31. 41. 51. 7

'1.7

(6)(5)

0.91. 01. 31. 31. 3

1. 11. 21. 11. 31. 21. 51. 71. 61. 21. 21. 31. 31. 4

'1. 4* Primarily includes persons who could find only part-time work.' Not available.e Preliminary.' Average hours worked: usually full-time, 25.2; usually part-time, 18.5.Source: Department of Labor.


AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIESAverage hourly and weekly earnings of production workers in manufacturing industries were unchanged from Januaryto February. Hourly earnings were up 3 cents and weekly earnings were down $1.12 from February 1960.

2.60

2.4O

2.0O

i.eo

!S58 1959

SOURCE: DEPARTMENT or LABOR.

1961 1960 1961


[For production workers or nonsupervisory employees]

Period

19511952195319541955195619571958195919601960: January

FebruaryMarchApril-_MayJune- _July- - -.-August-September.—OctoberNovember- _December

1961: January 2

February 2- _

Average hourly earnings — current prices


All

$1. 591. 671. 771. 811. 881. 982. 072. 132. 222. 292. 292. 292. 292. 282. 292. 292. 292. 272. 302. 302. 302. 322. 322. 32

Durablegoods

SI. 671. 771. 871. 922. 012. 102. 202. 282. 382. 452. 462. 452. 452. 442! 442.452. 452. 432. 462. 462. 462. 482. 472. 47

Non-durablegoods

$1. 481. 541. 611. 661. 711. 801. 881. 942. 012. 082.052. 052.062.062.072.082.082. 072. 092. 092. 102. 112. 122. 12

Build-ing con-struc-tion

$2. 192. 312. 482. 602. 662. 802. 963. 103. 223. 373. 323. 333. 383. 323. 343. 343. 373. 373. 403. 423. 423. 463. 47(3)

Retailtrade

$1. 261. 321. 401.451. 501. 571. 641. 701. 761. 811. 791. 791. 791. 791. 811. 821. 821. 811. 821. 831. 821. 781. 84f3)

Average weekly earnings — current prices


All

$64- 7167. 9771. 6971. 8676.5279. 9982. 3983. 5089. 4790. 9192. 2991. 1490. 9189. 6091. 3791. 6091. 1490. 3591. 0891. 3190. 3989. 5590. 0290 02

Durablegoods

$69. 4773. 4677. 2377. 1883. 2186. 3188. 6690. 0697. 1098. 25

100. 8698. 9898. 7497. 3698. 5898. 9897. 7697. 2098. 1508. 8997. 42!I6. 9796. 8297. 07

Non-durablegoods

$58. 4660. 9863. 6064. 7468. 067.1. 1073. 5175. 2779. 6081. 3380. 7779. 9579. 9379. 5281. 3582. 1682. 3781. 7781. 7281. 5181. 4880. 1881. 4180. 98

Build-ing con-struc-tion

if 81. 4788. 0191. 7694. 1296. 29

101. 921 06. 86110. 67115. 281 1 9. 64114. 87114. 22115. 60119. 19119. 91121. 24123. 68123. 68122. 40125. 17117. 99] 1 5. 56123. 88

(3)

Jlctn.iltrade

$50. 6552. 6754. 8856. 7058. 5060. 6062. 4864. 7767. 0668. 2466. 9566. 9566. 9567. 4867. 6968. 8069. 5269. 3268. 4368. 4468. 2567. 1 162. 21

f3 ')

Averageweekly

earnings,all manu-facturing

industries,1960

prices '

$73. 7975. 7779. 3079. 1484. 5587.0486. 7385. 5590. 8390. 9193. 1391. 7891. 4689. 7891. 5591. 6091.0590. 2690. 9090. 7789. 7688. 8489. 39

(3): Earnings in current prices dividedby theconsumer priceindexona!960 base.3 Preliminary.

67041°—61 3

2 Not ^vaiJabJe.Source: Department of Labor. 13


PRODUCTION AND BUSINESS ACTIVITYUINDSTRIAL PRODUCTIONThe industrial production index (seasonally adjusted) changed little in February. There were small declines in manu-facturing and mining and a rise in utilities.

INOE130

| 120

110

IOO1

90

80

' 70

: 130

120

110

100

90

i 80

70

[ sou

X, 1957 = 100 (SEASONALLY ADJUSTED) INDEX, I957=1OO (SEASONALLY ADJUSTED)

TOTAL

s\/x-'

\ j T

1958 I9S9

^™ N̂.

I960

14O IUTILITIES AND MINING

UTILITIES^ ^f*"^*^

'"o S^^^

inn —^ ,- •

1 ^ t •̂•̂ "xi i •

^/ i *1961 1958 ' 1959 i960 i 196!

MANUFACTURING

NONDURABLE j<*-̂\ —- — > — cV^ ̂ \

x^-r/\ i^ X X\/'

a ̂

\

liOl iMARKET GROUPS ;

| FINAL PRODUCTS ̂ Hk Sf ^Si**^^^ H*. :

,rt^ 1 m^T \ / ^V !

*»

OUHABLE

, . .j.j 1 , , i i .1958 i 1959

*G£: BOARD OF GOVERNORS OF THE

i _^-f *^A 1-x S*JT^ X-« MATERIALS i

7O 1 ! I 1 , ! t 1 » 1 1 ' • • , , • I 1 1 t 1 1 ! 1 1 t 1 ! 1 1 1 1 • : ! 1 1 1 t 1 ! I_L •

i960 1 196! 1958 i 1959 > I960 > 1961

FEDERAL RESERVE SYSTEM. - COUNCH OF ECONOMIC ADVISERS |

[1957=100, seasonally adjusted]

Period

1951 —1952-195319541955195619571958195919601-1 960 : January. _

February _MarchAprilMayJune ,JulyAugust _ _ _ .September _ _ _ -October _ ._NovemberDecember

l i M ' i l : .lanuarvI'Vbruarv '

Totalindus-trial

produc-tion

80. 883. 890. 885. 496. 099. 3

100. 092. 9

104. 9108. 0111. 0109. 6109. 1108. 8109. 8109. 4109. 5108. 4106. 8106. 3104. 6103. 1102. 4102. 0

Industry

Manufacturing

Total

81. 584, 892. 185. 890. 799.5

100. 092.4

105. 3108. 2111. 8110. 3109. 6109. 1110. 3109. 8109. 9108. 4106. 7106. 2104. 1102. 3101. 5101. 0

Durable

80.385. 196. 085. 097. 9

100. 0100. 086. 8

101. 5104. 3110. 9109. 4107.8106. 0107. 1105. 3105. 6103. 7101. 9100. S98. 095.995. 094. 5

Non-durable

81. 783. 386. 986. 995. 098. 9

100. 099. 9

110. 3113. 5113. 1111. 5112. 0113. 2114. 7115. 8115. 6114. 8113. 1113. 4112. 2111. 1110. 3110. 0

Mining

87. 386. 588. 886. 294. 8

100. 1100. 091. 495. 396. 897. 896. 095. 897. 896. 897. 297. 598. 096. 496. 998. 097.798.296. 5

Utilities

60. 165. 271. 176. 585. 493. 6

100. 0104. 5115. 0123. 9120. 2120.7123. 6123. 1122. 0123. 6124. 5125. 8126. 6124. 8124. 6124. 8125. 0126. 0

Market

Final products

Total

79.385. 290. 786. 594. 69a 9

100.095. 1

106. 5110. 7111.7109. 7110. 0110. 8112. 3112. 2112. 0111. 1110. 3110. 7109. 1108. 1106. 8106. 5

Con-sumergoods

80. 682. 588.187.296. 598. 7

100. 099. 0

110. 0114 6116. 0113. 4113. 2115. 1116. 5116. 8115. 9115. 1114. 0114. 7112. 9111. 9110. 5110. 0

Equip-ment

75. 090.096. 185.090. 999. 1

100. 087. 399. 5

102. 9103.0102.3103. 5102. 3104. 1103. 2104. 3103. 1103. 0102. 7101. 7100.699. 6

100. 0

Mate-rials

82.282.790. 884. 497. 199. 7

100. 091. 0

103. 5105. 6110. 3109. 4ioa 2107. 5107. 3106. 4106. 2105. 1103.7102. 9101. 198. 998. 498. 0

14Source: Board of Governors of the Federal Reserve System.


PRODUCTION OF SELECTED MANUFACTURESIn February, output of primary metals increased significantly. However, production of other durable manufacturesdecreased while nondurable goods registered little change.

INDEX, 1957 = IOO {SEASONALLY ADJUSTED)

160INDEX, 1957 = 100 (SEASONALLY ADJUSTED)

1958 1959 i I960

IOO

1958 '• 1959 I960 i 1961

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

I960 i 1961

COUNCIL OF ECONOMiC ADVISERS

[1957=100, seasonally adjusted]

Period

1951 _1952195319541955 __19561957 .. -1958 _19591960 '1960: January _

February -March - -AprilMavij.a,jiJuneJulyAugust _SeptemberOctoberNovemberDecember _

1961: Januarv_Februarv '

Durable manufactures

Primarymetals

96. 988. 5

100. 381. 3

105. 5103. 7100. 078.089. 590. 5

115. 4109. 8105. 799. 093. 687. 585. 182. 879. 878.373.669. 371. 974

Fabri-catedmetal

products

90. 087. 898. 888. 896. 997. 4

100. 091. 6

103. 9106. 0ioa 6108. 1106. 6103. 8107. 9108. 4108. 7107. 7105. 8105. 4101. 0100. 799. 298

Machin-ery

79. 688. 496. 484 392. 6

102. 8100. 085. 2

102. 8106. 4109.7108. 0108. 4106. 8108. 5108. 6110. 0107. 2105. 4102. 0101. 9101. 2101. 0102

Transpor-tationequip-ment

59. 068. 686. 278.795.991. 5

100. 084. 297. 8

101. 7107.5106. 9103. 9102. 3106. 4101. 6101. 5101. 3101. 5102. 596.893. 589. 188

Lumberand

prod-ucts

102. 2100. 9106. 7103. 9114. 2109. 9100. 099. 7

113. 1106. 6115. 0114. 5110. 3114. 4110. 2ioa 9110. 9102 2103. 0100. 1

95. 1Of). !l

100. 7( J )

Nondurable

Textiles,apparel,

andleather

90. 192. 293. 689. 698. 4

101. 1100. 0

99. 2115. 2115. 1116. 4114. :{115. 1110. 11 1 8. ::1 1 S. 91 I 8. 71 17. 11 1 •-'. 11 1 2. I1 10. !)107. li101. 7101

Paperand

print-ing

81. 179. 484. 586. !)94. (i9!). 3

1 00. 099. 2

107. li1 1 1. liin. : ' ,1 10. -110!). I)

i o. :;2. 1?.. 0'.'. :i

2. ':(

2. SI , '.»O. 81. I

manufuel urrs

Chemicals,petro-

leum, andrubber

71. S7-1. fiSO. 27'.). :','.M. SM>. :',

KM). 0!IH. K12. 717. 8

1 (i. .'!1 -1. S1 5. (i1 7. 9M). 122. <122. 020. 2I 7. .r>17. 1Hi. 1

1 14. 6113. 6i i : j

1' OOlis,bi 'vrr-

HKCS, f indl ob;iroo

ss. :j!)(). 2'.)!. 292. 8!)6. 299. 8

100.0102. 1106. 5109. 4109. 0107. 2ioa o108. 5109.7109. 8109. 6109. 7109. 9111. 1109.3110.0109. 8110

'Preliminary. Source: Ifoard of ( iuviTiiui . - ; of U n > t i-<!oni! icx-i vr .system.! Not available.

15


WEEKLY INDICATORS OF PRODUCTIONFreight carloadings and output of steel, paperboard, and trucks rose in February, on a weekly average basis,duction of electric power, coal, and cars fell.

Pro-

MILLIONS OF TONS MILLIONS OF SHORT TONS (DAILY AVERAGE)

SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS. COUNCIL OF ECONOMIC ADVISERS

Period

Weekly average:195619571958195919601960: January

FebruaryMarchAprilMayJuneJulyAugust. _ _SeptemberOctoberNovemberDecember

1961: JanuaryFebruary 2

Week ended :1961: February 4 _ _

11..18-.25..

March 4 2 _11 J _ _

Steel producedThousands

of nettons

2, 2042, 1621, 6351,7921. 8992, 7202, 6882, 6112, 2791,9931, 7261,4371. 5441, 5091, 5501, 4391, 3211,4481, 558

1, 4921 , 5241,5821, 5821, 5801. 573

Index(1957-59 =

100)

118. 3116. 087. 896. 2

101. 9146. 0144. 3140. 1122. 3107.092. 777. 182. 981.083. 277. 270.977. 783. 6

80. 181. 884. 984. 984. 884. 4

Electricpower

distributed(millions of

kilowatt-hours)

11,29211,87312,07613, 2061 4, 29614, 34514, 12214, 02713, 31813, 38213,88314, 1021 4, 66514, 01413, 78714, 00114, 67414,77714, 592

3 5, 07214, 74414, 31514, 23914, 226

3 14, 353

Bituminouscoal mined(thousands

of shorttons) '

1, 6931, 6441,3801,3803,3821, 4571,4001, 4481, 3771, 4221, 4871, 2701, 3501,3781,3561,3611, 2631,2571, 179

I, 2131, 2271, 2221, 1031, 029

Freightloaded

(thousandsof cars)

728683581596585597573580622640613574592582639545470480489

498486502468501493

Paperboardproduced(thousands

of tons)

274272275308305287321318310315313264318301322299267274303

313301298301317323

Oars and trucksassembled (thousands)

Total

132. 813R 698.4

129. 5151. 8201. 8187.8171. 5163. 8174. 3156. 4123. 080. 6

117. 1162. 9156. 3136. 71 1 2. 2113. 2

1 23. 6110. 097. 7

121. 7111. 5115. 2

Cars

111. 6117. 681. 6

107.6128. 7171.3157. 4143. 1137. 3146. 3131. 8103. 565. 198. 3

145. 3136. 1116. 993. 891. 4

100. 688.076. 5

100. 392. 092. 8

Trucks

21. 221. 016. 821. 923. 130. 530. 328. 426. 528. 024. 619. 515. 518. 717.620. 219. 918. 421. 9

23. 022. 021. 221. 419. 522. 5

1 Daily average.3 Preliminary.'Not charted. Sources: American Iron and Steel Institute, Edison Electric Institute, Depart-

ment of the Interi9r, Association of American Railroads, National PaperboardAssociation, and Ward's Automotive Reports.

16


NEW CONSTRUCTIONTotal expenditures for new construction (seasonally adjusted) declined in February. Outlays for private constructionfell while those for public construction rose.


1955*SEE NOTE 4 IN TABLE BELOW.SOURCE: DEPARTMENT OF COMMERCE.

1961


Period

195419551956195719581959 (new series) *1960

1960: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1961: JanuaryFebruary s_ ..

Total newconstruc-

tionexpendi-

tures

Private

Total Residential(nonfarm)

Commer-cial and

industrialOther

Federal,State, and

local

Billions of dollars39. 444. 245. 847. 848. 956. 255. 1

27. 732. 433. 133. 833. 539. 938. 9

15. 418.717. 717.018. 024. 522. 0

4. 25. 66. 77. 16. 06. 06. 9

8. 18. 18.79. 69. 59.4

10. 0

11. 711.712. 714. 015. 416. 31 0. 2


54.754. 954. 454, 255. 355. 255. 455. 355. 354. 755.456. 154. 854. 4

39. 939. 739. 338. 738.939. 139.038.738.738. 338. 638. 637. 937. 3

23. 222. 522. 421. 922. 222. 422. 321. 821. 721. 221.421. 520. 419. S

6. 77. 16. 96. 86. 76. 76. 76. 97. 17. 27. 27. 37. 57. n

10. 010. 110. 010. 010. 010. 110. 010. 09. 99. 9< > . i)It. 8it. !)9. 9

.1-1. S1 5. 2.1 5. 2i r>. -ij c,. :i]<;. i10. -1Hi. CiI (i. (i1 (i. -116. 8]7. 517. 017. 1

Construction contracts*

Total value(index,

1947-49 =100) "

192. -1230. (1L3 1 . 31,35. -IL50. S1,05. I'_(ifi. 7

ScdXOtlClUl/

adjusted

235234252200244272285276271294280302273

Commer-cial and in-

dustrialfloor space

(millionsof square

feet) 3

238299436421359440461

Seasonallyadjustedannual

rates436429439465473457460493473483489469404

i Compiled by F. W. Dodge Corporation. Omits small contracts, and coversrural areas less fully than urban.

3 Relates to 48 States.a Relates to 48 States beginning 1956 and to 37 Eastern States prior to 195G.Seasonal adjustment by National Bureau of Economic Research.

* Series on new construction beginning January 1959 not comparable with prior

data. (In addition to major differences between old and new series, data for.Alaska and Hawaii are included beginning January 1959.)

5 Preliminary.Sources: Department of Commerce and F. W. Dodge Corporation (except as

noted). 17Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING STARTS AND APPLICATIONS FOR FINANCINGPrivate housing starts rose in February to an annual rate of 1.2 million (seasonally adjusted). The number ofFHA applications and VA appraisal requests also rose.

MILLIONS OF UNITS (ANNUAL RATE) MILLIONS OF UNITS (ANNUAL RATE)

I955

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

[Thousands of units]

Period

195419551956 ...1957 ...1958 _ .1959

1959.1960I960: January.. . .

February. _ _MarchApril _ _MayJuneJulv

September.. ..OctoberNovember.i Vremlier

1 9 ( i l : . l . - inuary <]' 'ebni.-irv ''

Total housingstarts (farm and

nonfarm)

Totalprivate

andpublic

8

Private

|

Nonfarm housing starts

Totalprivate

andpublic

Private

Total

Old series1, 220. 41, 328. 91, 118. 11, 041. 91, 209. 41, 378. 5

1, 201. 7I , 309. 51, 093. 9

992. 81, 141. 51, 342. 8

New series 3

1, 553. 51,279. 4

88. 490. 293. 3

125. 2130. 0127. 3114. 9129. 6102. 0110. 496. 072. 170. 677. 7

1, 516. 81, 237. 8

87. 187. 990. 2

123. 5127. 3122. 2111. 1124. 896. 4

107. 694. 365. 468. 073. 9

1, 531. 31, 257. 4

84. 388. 892. 3

123. 4128. 2125. 7113. 2127.5100. 0107. 495. 071.669. 174. 2

1, 494. 61,215. 7

83. 086. 589. 2

121. 7125. 5120. 6109. 4122. 794. 4

104. 593.364. 966. 570. 4

Governmentprograms

FHA

276. 3276. 7189. 3168. 4295. 4332. 5

332. 5260. 9

15. 917. 621. 925. 425. 226. 523. 626.321. 922. 620. 213. 814. 013.0

VA

307. 0392. 9270. 7128. 3102. 1109. 3

109. 374. 6

4. 14.85.27.36.97. 77. 48.26. 85. 95. 54. 84. 94. 9

Private housingstarts, seasonally ad-justed annual rates

Totalfarm andnonfarm

Nonfarm

New series 3

1,3661, 3671, US1,3S71,3331, SOS1, 1881, 8981,0621, 3361, 816

9791, 0761, 154

1,2911,3471,0981,3071,8151, 8851, 1641, 8731, 0401, 2001,803

9701,0491,000

Proposed homeconstruction

Applica-tions for

FHAcommit-ments '

338. 6306. 2197. 7198. 8341. 7369. 7

369. 7242. 416.321. 127. 422.522.423. 719. 622. 920. 118. 314. 833. 214. 316. 8

Requestsfor VAapprais-

als1

535. 4620. 8401. 5159. 4234. 2234. 0

234. 0142. 9

11. 212. 912. 913. 714. 415. 28. 5

12. 411. 610. 0

](). 09. 4

12. 01 I i n i t s n'pmsi'ntoil by nmrl.tiatfe applications for new home construction. * Preliminary.

18.xturls. * ' '-'0 11 (Supplement), Bureau of the Census, May

r.mn, lor (Icscp-l iHIoii . (Datr i lur Akisk:i and Hawaii included.)Sources: Department of Commerce, Federal Housing Administration (FLIA),

and Veterans Administration (VA).


TRADE SALES AND INVENTORIESIn February, total retail sales (seasonally adjusted) increased slightly and department store sales rose markedly.

BILLIONS OF DOLLARS » BILLIONS OF DOLLARS *

14

10

£

14

10

n

RETAIL TRADE— —

DURABLE GOODS STORES

^1

SAL

* <*

NONDURAB

_

•./-* — "*"_

•1958

ES^~-"~+jH

» \ iV

E GOODS STO

NVENTORIES

r-^^-^w-

^\\

, , , , , , , , , , ,1959

INVENTORIES

^V^ *-

*ES

[~U— „-*.

, , , , , ] , , , , ,I960

-

%»

•*

*

„

~

| r i i | i 1

16

12

WHOLESALE TRADE_ —

„./•<k >•-**•s^

r> 1 • ' ' • • ' ' ' ' » ' '

INV!

^ SALES

, , , , , , , , , , ,

NTORIES

f

INDEX. 1947-49=100 *

160

120

inn1961

DEPARTMENT STORES

INVENTORIES

^^1

^^f**-f

V—

1958

"xSALES

1959

-+n>S

» \ f* ~l t*\ 1 Ip \f 1̂

v

I960

"V

—

1961•SEASONALLY ADJUSTED.SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS

Period

1953 _ -19541955195619571958 _ _1959I960"1959: December1960: January

FebruaryMarchAprilMayJuneJulyAugust-September-OctoberNovemberDecember 6

1961: January6

February6 _ -

Wholesale

Sales l Inven-tories 2

KetailSales 1 3 | Inventories 2

TotalDurable

goodsstores

Non-durablegoodsstores

TotalDurablegoodsstores

Non-durablegoodsstores

Billions of dollars, seasonally adjusted

9. 89. 7

10. 611.311. 311. 112. 312. 312. 712. 412.512. 212. 612. 412.512. 312. 312. 212. 212. 212.312. 2

10. 510. 411. 413. 012. 712. 012. 613. 212. 612. 712. 712. 812. 913. 113. 013. 013. 113. 113. 213.3]3. 213. 2

14. 114. 115. 315. 816.716. 718.018. 317.518. 118. 118.218. 918. 518. 518. 1IS. 2IS. 118.518.418. 017. 717. 8

5.04.85.65. 55.75.36.05.95.35.96. 05.96. 3(i. 16. 05.75. 85.86. 15. 95. 05. 45. 5

9. 19. 29. 7

10. 311. 011. 412. 012. 412. 212. 212. 112. 312. 612. 412.512. 412. 412. 312. 412. 512.412. 212. 4

22. 722. 123. 923. 924. 524. 024. 325. 524. 324. 524. 825. 125. 025. 225. 325. 425. 225. 325. 425.425. 525. 2

10. 710. 111. 210. 711. 410. 811. 011. 911. 011.311. 611. 611.611.811.811. 911.711. 811. 911. 911. 911.6

12. 012. 012. 713. 213. 113. 213. 313. 513. 313. 213. 213. 513. 313.413. 513. 513. 613. 613. 513. 513. 513. 6

Department stores

Sales ' Inven-tories 4

Index, 1947-49=100,seasonally adjusted 5

118118128135135136144145146147142138154141145149143144150142147142147

13112813614815214815616516116116016215916116516716?1081671C9167

* Based on retail value.6 Preliminary.

Sources: Department of Commerce and Board of Governors of the FederalKeserve System.

19Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERSManufacturers' sales and new orders (seasonally adjusted) continued their downward tendency during January.Further liquidation of inventories among durable goods firms was partly offset by a small rise for nondurable goods

Durable goods sales and new orders increased in February, according to preliminary estimates.companies.

BILLIONS OF DOLLARS * BILLIONS OF DOLLARS *

60

40

£0

MANUFACTURERS' INVENTORIES

DURABLE GOODS

NONDURABLE GOODS

;

1 1 1 1 1 1 . . . i1956 1959

* SEASONALLY ADJUSTED.SOURCE: DEPARTMENT OF COMMERCE.

i i i t 1 i i i i iI960

eo _MANUFACTURERS' NEW ORDERS.

1961

NONDURABLE GOODS\

1958

xvDURABLE GOODS

I960 1961


[Billions of dollars, seasonally adjusted]

Period

19531954. .19551956.1957.. . .1958..1959.. . . „1960s1960: January _ _

FebruaryMarchAprilMayJune _ _ _ _July .August _ _September.OctoberTsFnvemherDf>r.fimhpr 3

1961: January 3

February 3 *

Manufacturers' sales '

Total

24.523.526. 327.728. 426. 229. 730. 431. 131. 630.831.031. 030. 830. 430. 130. 129. 629. 229. 128.6

Durablegoods

12. 411. 213. 113. 814. 212. 414. 514. 715. 415.715. 215.015. 114.914.714. 414.414. 113. 813. 613. 313. 4

Non-durablegoods

12.112. 313. 313. 914.213. 815.215.715.715. 915.716. 015. 915.915.715.715. 715. 515. 415.515. 3

Manufacturers' inventories 2

Total

45. 443. 046. 452.353. 549. 252.453. 653. 353. 954. 354. 755. 055. 154. 955. 054. 754. 454. 053. 653.5

Durablegoods

26. 224. 126. 730. 731. 127. 930. 130. 830. 831. 331. 831. 932. 132. 232. 032. 131.831. 431. 130. 830. 6

Non-durablegoods

19. 218. 919. 721. 622. 421. 322. 322. 822. 622. 622. 622. 722. 922. 922. 822. 922. 923. 022. 922. 822. 9

Manufacturers' new orders 1

Total

23. 122. 527. 228.327. 325. 930. 129. 929. 830. 630. 330. 430. 530. 129. 230. 030. 429. 229.028. 728. 4

Durable goods

Total

11.010. 213.914. 413. 112.014. 914. 314. 214. 814. 614. 514. 714. 313. 814. 414. 613. 713. 613. 213. 013. 3

Machineryand

equipment3.33. 14.24.74.43.95. 04.95.05.25. 25.25.35. 14.75.04.84.54.84. 74.8

Non-durablegoods

12. 112.313. 313. 914,213.915.315.715. 615. 815.715. 915. 815. 815.415. 615. 815.515. 415. 515. 4

1 Monthly average for year and total for month.' Hook value, end of period, seasonally adjusted.1 Preliminary.

' Not charted.Source: Department of Commerce.

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

MERCHANDISE EXPORTS AND IMPORTSThe merchandise trade surplus rose slishtly in January to $530 million (seasonally adjusted),imports dropped less than usually for the month.

Both exports and

BILLIONS OF DOLLARS2.5

1.5

1.0

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS2.5

MERCHANDISE EXPORTS EXGLUDINS,MUTUAL SECURITY PROGRAM

SHIPMENTS

1955

SOURCES: DEPARTMENT OF COMMERCE, AND DEPARTMENT OF DEFENSE. COUNCIL OF ECONOMIC ADVISERS ,

[Millions of dollars]

Period

Monthly average:1951_1952 _ . „ _1953 . .195419551956195719581959 __.1960

1959: December1960: January

FebruaryMarchApril _ . _May .June.JulyAugustSeptemberOctoberNovember _December

1961: January

Merchandise exports excludingMutual Security Program shipments

Total (includ-ing reexports)1


1, 4971,5611,5841,4961,6311, 6SS1,6261, 7361, 6SS1, 6101, 7071,6771, 6211,649

Unad-justed

1, 1641, 1001,0221,0711, 1911, 4441, 6251, 3641, 3661, 629

Domestic exports

Total i

1, 1511,0881,0121,0601, 1801,4321,6101, 3501,3511, 613

Food-stuffs

190175143131162216208198210230

Indus-trial

mate-rials

345300254310351441529368365509

Finishedmanu-

fac-tures *

616612614620667775872784776874

Unadjusted1, 5801, 4841, 4971, 6321,7031,7101,6371,6291, 5471,5571,6901, 7241,7431, 539

1, 5641, 4661,4801,6131,6861, 6941, 6211,6121, 5291,5411, 6761,7101, 7241,511

218205224222241230221210218242246247250222

505483459482493506525510501476524569580494

842778796910952958876892810822905894894795

Merchandise imports

General im-ports2


1,3SS1,2081,3061,2531, 3091, SSI1,2651,2581, 2281, 1771, 1961, 1281, 1001, 11.9

Unad-justed

914893906851949

1,0511,0821,0701,2671,221

Imports for consumption 3

Total

901896898853945

1,0431,0791,0621,249J , 221

Food-stuffs

258263274276260267274287285274

Indus-trial

mate-rials

485459441394468508511450534509

Finishedmanu-

fac-tures

15817418318321720829-13254:u438

Unadjusted1,4671, 1431,2891,3781,2611,2621, 3071, 1501,2291, 1601, 1571, 1611, 1571, 124

1,4361, 1681,2901,3691, 2501,2561,2891, 1401, 2461, 1591, 1571 , 1 7(i1, 1511, 1 12

3182192832992793002882572802(i92(182 SO•J(>5

6095385425725 1 -150.'!551•Killr,:ic.)-17H•n;a•ni;».171

r>os•110•10fi•!!IH•157•if>;i•150•1 1 7•IL'7-i i :>•r_'.'>•1:11•I I '.'.

1 Total exports less Department ol Defense shipments of grant-aid military 3 Imports for immediate consumption plu:; wii lnlniwu!. '* < » j ' r im. ' i inn | i i imi f n t msupplies and equipment under the Mutual Security Program. bonded warehouses. „ _

1 Imports for immediate consumption plus entries into bonded warehouses. Sources: Department of Conum-rco mi.l j n - i m r l n i c n i of |)o(nii.w. Ctl


U.S. BALANCE OF PAYMENTSThe over-ail balance of payments deficit rose $1.3 billion (seasonally adjusted annual rate) in the fourth quarter of1960, despite a $1.7 billion improvement in the surplus on goods and services.

BILLIONS OF DOLLARS*40

30

U.S. PAYMENTS

U.S. RECEIPTS

; i i i i l I i I i t

BILLIONS OF DOLLARS *40

U.S. PAYMENTS

•---' .;• "-{IMPORTS OF 'GOOD'S!" '' . 4 AND SERVICES ;

f t i ~ I I 4 ! f

- EXCESS OF RECEIPTS •

— EXCESS OF PAYMENTS

-201957 1958

* SEASONALLY ADJUSTED ANNUAL RATES.•" INCLUDES UNRECORDED TRANSACTIONS.• SOURCE: DEPARTMENT OF COMMERCE.

U.S. RECEIPTS

EXPORTS OF GOODSi AND SERVICES

1959 I960

COUNCIL.OF ECONOMIC ADVISERS .

[Millions of dollars]

Period

1952195319541955195C1 957]958] 959I'.WO

1951): First quarterSecond quarterTliircl quarterFourth quarter

19(10: First quarterSecond quarterThird quarterK n u r l h ( ( i K i r l o r

U.S. receipts(recorded)

Exportsof

goodsand

services

18, 10517, 08117, 94920, 00323, 70526, 73323, 32523, 46427, 146

Foreignlong-term

capital(net)

141206244346530361

24548327

U.S. payments (recorded)

Importsof

goodsand

services

15, 76016, 64416, 08817, 93719, 82920, 92321, 05323, 56023, 303

U.S. grants and capital (net)

Total i

4,0833, 0413, 7884, 0076,0176, 4516, 153

2 5, 0617, 101

U.S.Govern-

mentgrants

andcapital

2, 3802, 0551, 5542, 2112, 3622, 5742, 587

2 1, 9812, 757

Private capital

Total

1, 158369

1, 6191, 2112, 9903, 1752, 8442, 3013. 522

Direct

850721664779

1, 8592, 0581, 0941, 3101, 541

Balanceon re-cordedtrans-actions

[net pay-ments ( — )or receipts

( + )]

-1, 597-2, 398-1, 683-1, 595-1, 611

— 280-3, 857-4, 609-2, 931

Unre-corded

transac-tions —

errors andomissions

(netreceipts)

505296167446643748380783

-905

Increasein foreigngold andrecorded

liquiddollarassets

throughtransac-

tions withthe U.S.

1,0922, 1021,5161, 149

968-4683,4773, 8263, 836

Seasonally adjusted annual rates22, 45622, 75624, 61224, 03225, 86427, 30027, 61227, 808

288760632512740608

-40(3)

22, 48423, 86424, 13223, 76023, 64423, 97223, 56022, 036

4, 4082 5, 696

5, 3684, 7725, 4325,9087,4809, 584

1, 8962 2, 424

2, 3361, 2682, 2882, 7522, 400

4 3, 588

1, 7682, 5162, 1SS2, 7322, 3642, 3044, 280

5 5, 140

1, 2361, 4801, 2841, 2401, 212

9121, 600

5 2, 440

-4, 148— 6, 044— 4, 256-3, 988

2 472— 1, 972-3,468

4 5 —3, 812

5761, 404-2521, 404

ss-636-956

— 1, 940

3, 5724, 6404, 5082, 5842, 5602, 6084, 424

4 5 5, 752I n i - l i i . l m i - i - m i l in iHvs :mcl pensions not shown separately. « Includes single direct investment transaction of $370 million ($1,480 millionI ' . x r i i n i f M ;•! ,.),.. i i u l l i o n increase In U.S. subscription to International Mone- at annual rate).

l.'-v; i l i . - in .^/^N) ( M H J NOTE. — Data for 1960 have been revised.Includes r.s. suhsrripUun !o International Development Association of Data exclude goods and services transferred under military grants.

op SV1 m i l l i o n (j,L-!«i m i l l i o n :ii. ; i i i n i i : i l rale). Source: Department of Commerce.


PRICESCONSUMER PRICESThe consumer price index declined slishtly in January, reflecting lower commodity prices. Services continued theirlong-term price advance.

INDEX, 1947-49=100 INDEX, 1947-49 = 100

150

140

130

1955 1956


1961


[1947-49 = 100]

Period

1950-.1951-- .... -1952- -_ - _1953-.-1954 -1955-19561957-195819591960 _1959: December1960: January ..

February _MarchAprilMay__JuneJulyAugustSeptember _OctoberNovemberDecember

1961: January .

Allitems

102. 8111. 0113. 5114. 4114. 8114. 5116. 2120. 2123. 5124. 6126. 5125. 5125. 4125. 6125. 7126. 2126. 3126. 5126. 6126. 6126. 8127. 3127. 4]27. 5127. 4

Commodities

All com-modities

101. 2110. 3111. 7111. 3110. 2109. 0no. i1 13. 6110. 3116. 6117. 5117. 1116. 7116. 7116. 7117. 4117. 3117. 6117. 7117. 6117. 7118. 2118.3118. 4118. 0

Food

101. 2112. 6114. 6112. 8112. 6110. 9111. 7115. 4120.3118. 3119. 7117. 8117. 6117. 4117. 7119. 5119. 7120. 3120. 6120. 1120. 2120. 9121. 1121. 4121. 3

Commodities less food

All

101. 3ioa 9109. 8110. 0108. 6107. 5108. 9112. 3113. 4115. 1115. 7116. 4115. 9116. 0115. 7115. 6115. 3115. 3115. 4115. 5115. 6115. 9115. 9115. 9115. 4

Durable

104. 4112. 4113. 8112. 6108. 3105. 1105. 1108. 8110. 5113. 0111. 6113. 8113. 3113. 3112. 5112. 1111. 9111. f)111. 1111. 0110. 0110. 9110. 7110. 8110. 2

Non-durable

100. 9108. 5109. 1110. 1110. 6110. 6113. 0116. 1116. 9118. 3120. 1119. 9119. 2119. 4119. 6119. 7119. 4119. 6119. 9120. 1120. 9120. 9121. 1121. 0120. 5

Services

Allservices

108. 5114. 1119. 3124. 2127. 5129. 8132. 6137. 7142. 4145. 8150. 0147. 8148. 2148. 9149. 2149. 4149. 6149. 7150. 0150. 3150. 8151. 2151.3151. 4151. 7

Rent

108. 8113. 1117. 9124. 1128. 5130. 3132. 7135. 2137. 7139. 7141.8140. 8140. 9141. 0141. 2141. 4141. 4141. 6141.8141. 9142. 1142. 5142. 7142. 8142. 9

Serviceslessrent

108. 1114. 6120. 1124. 6127.7130. 1133.0138. 6143. 8147. 5152. 1149. 7150. 1150. 9151. 3151. 5151. 7151. 8152. 1152. 5153. 0153. 4153. 6153. 6154. 0

Source: Department of Labor. 23


WHOLESALE PRICESWholesale prices rose slightly in February, reflecting higher prices of farm products and processed foods.

INDEX,1947-49=100 INDEX, 1947-49 = 100

/ I IO

COMMODITIES OTHER THAN FARMPRODUCTS AND FOODS

(INDUSTRIALS)

100

1955 1956 1957 1958 1959 I960

SOURCE: DEPARTMENT OF LABOR

1961

COUNCIL OF ECONOMIC ADVISERS-

[1947-49 = 100]

Period

1953.195419551956195719581959___ .1 0001960: January

February _March. .ApriLMayJune.- _JulyAugustSeptember< 'richerNovember1 'eeembcr -

1 '.Mi ! : J;mu:irv __ _I 'Vbrunrv

Week ended: 3

J ' . H J I : March 7Mnrc.li 14

Allcom-modi-ties

110. 1110.3110. 7114. 3117. 6119. 2119. 5119. 6119. 3119. 3120. 0120. 0119. 7119. 5119. 7119. 2119. 2119. 6119. 6119. 5119. 8120.0

119. 7119. 9

Farmprod-ucts

97. 095. 689. 688. 490. 994. 989. 188. 886. 587. 090. 491. 190. 489. 088.986. 687. 789. 589. 988. 789. 790.3

88.890. 2

Proc-essedfoods

104. 6105. 3101.7101. 7105. 6110.9107.0107. 7105. 6105. 7107.3106. 8107. 3107. 6ioa 9107. 8108. 1109. 0109. 1109. 210». 8110. 5

109. 6109. 7

Commodities other than farm products and foods(industrials)

All in-dustri-

als1

114. 0114. 5117. 0122. 2125. 6126. 0128. 2128. 3128. 8128. 7128. 6128. 7128. 2128. 2128. 2128. 2127. 9128. 0127. 9127. 9128. 0128. 0

128. 1128. 1

Indus-trialcrudemate-rialsioa 5103. 3113. 4120. 0118. 3113. 7120. 0115. 3121. 4119. 2116. 8116. 2116. 0115. 2114. 8114. 4114. 2112. 7113. 8111. 0111. 5112. 7

(4)(4)

Indus-trial in-

termedi-ate ma-terials 2

116. 2116. 7120. 1126. 0129. 3129. 1131. 2131.7132. 1132. 2132. 2132. 2131. 9131. 8131. 7131. 6131. 5131. 3131. 0130. 9130. 9130. 9

(4)(4)

Produc-er fin-ishedgoods

123. 1124. 7128. 5138. 1146. 7150. 3153. 2153. 5153. 8153. 8153. 9153. 6153. 3153. 4153. 6153. 7152. 5153.4153. 6153. 8153. 9153.7

(4)(4)

Consumer fin-ished goods ex-

cluding foodDur-able113. 8114. 7115. 9119. 7123. 3125. 0126. 5126. 0126. 4126. 4126. 5126. 5126. 3126. 212a 3126. 2123. 6125. 7126. 5126. 5126.6125. 6

(4)(4)

Non-durable

106. 9107. 2107. 8109. 9112. 4111.7113. 4114. 1113. 9113. 8113. 8113. 7113. 2113. 6114 1114. 6114. 8114. 8114. 7114. 7115. 0115. 2

(4)(4)

1 ( ' n v i ' i u f c of th t> subgroups docs not correspond exactly to coverage of this1 Kxrhnjc.-; i i ) l r n i n ' < j j : i l o materials for food manufacturing and manufactured

n i i l r i i i t i feed;,; im'lutt i 'S, in part, prain products for further processing.

24

a Weekly series based on smaller sample than monthly series.' Not available.Source: Department of Labor.


PRICES RECEIVED AND PAID BY FARMERSThe index of prices received by farmers advanced to 244 (1910-14=100) on February 15, 1961, the highest sinceMay 1959. The parity ratio edged up to 81.

INDEX, 1910-14 = 100325

INDEX, 1910-14 =

EDO

RATIO-^

100

75

PRICES PAID, INTEREST, TAXES,AND WAGE RATES

225

Jj 200

RATIO-^

1 1 I 1 1 1 1 I 1 1 11955

iifinn**̂ **<aAii

1 I 1 1 1 1 1 I f ! !

1956

PARITY RATIO

».ra..̂ --""'̂ »«."

i i i i i 1 i i i i i

1957

x̂ -s-*̂ -....

i i i 1-1 1 i i i i i1958

a^u—*,.̂ ,̂ ^̂ ....̂ ^ ,.%....̂

r i i i l 1 t i i i i

1959

i r i i i 1 t i i i i

I960

«»«•

1 1 ! I 1 1 1 1 1 1 1

1961

75

-"RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF.PRICES PAID, INTEREST,TAXES, AND WAGE RATES.SOURCE: DEPARTMENT OF AGRICULTURE. COUNCIL OF ECONOMIC ADVISE'

Period

1951 . .1952 _._ .. .1953 .._1954195519561957—195819591960 .1960: January 15 . _ _

February 15March 15April 15May 15June 15July 15August 15September 15.Ootober 15November 15December 15_ _

1961: January 15February 15 _

Prices received by farmers

All farmproducts Crops

Livestockand

products

Prices paid by farmersAll items,interest,

taxes, andwage rates

(parityindex)

Familylivingitems

Produc-tion

items

Index, 1910-14=100302288255246232230235250240238232233241242241236238234237240241242241244

265267240242231235225223221221220218222225228221226218222220218217218221

336306268249234226244273256252242245257257252248249247251258261263261263

282287277277276278286293297299299299300302301299298298298297297298301302

268271269270270274282287288290289289289291291290290290290290291291291291

273274256255251250257264266265265266267268267265263262263262262265267267

Parityratio '

10710092898483828581807878808080798079808181818081

i Percentage ratio of index of prices received by farmers to index of prices paid,interest, taxes, and wage rates.

Source: Department of Agriculture.

25


MONEY, CREDIT, AND SECURITY MARKETSMONEY SUPPLYThe money supply declined less than seasonally in February.

BILLIONS OF DOLLARS

ISO

140

130

120

80 ̂

AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

1 150

I i i i1955

i f i I i ' '1956 1957

DEMAND DEPOSITS AT ALL-COMMERCIAL BANKS

_L 1.11958 19 S3

1 I ' ' ' ' ' ' ' ' >

120

90

80

SOURCE: BOARD OF GOVERNORS OP THE FEDERAL RESERVE SYSTEM. COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, billions of dollars]

Period

1953: December1954: December1955: December1956: December. .. . .1957: December _ _1958: December .1959: December . . . .1960: December .1960: January.

February _ _ .March _April _. .. ..MayJune. __ _ ...July . . .AugustSeptemberOctoberNovemberDecember

1961: JanuaryFebruary3

First half. . . . . . _Second half3

Money supplySeasonally adjusted

Total

128. 1131. 8134. 6136. 5135. 5140. 8141. 5140. 4141. 3141. 0140. 6140. 5139. 9139. 4139. 6139. 7140. 4140. 6140. 2140. 4140. 6141. 3141. 3141. 2

Currencyoutsidebanks

27. 727.427.828. 228. 328. 628. 929. 029.029.029. 029. 129.028. 928.928. 929. 029. 029. 029. 028. 928. 928. 928. 9

Demanddeposits

1 2

100. 4104. 4106. 8108.3107. 2112. 2112. 6111. 4112. 3112. 1111. 6111. 4110. 9110. 5110.7110. 8111. 5111. 6111. 2111. 4111. 7112. 4112. 4112. 3

Unadjusted

Total

131. 4135.0137.9139.7138. 8144. 3144. 9143. 9144. 4140. 8139. 3140. 1138.0138. 0138.7138. 9139. 7140. 6141. 4143. 9143. 7140. 9142. 0139. 7

Currencyoutsidebanks

28. 227. 928. 328. 728. 929. 229.529. 528.828. 628. 728. 828. 829. 029. 129.029. 129. 129. 229. 528. 828. 628. 628. 5

Demanddeposits

: 2103. 3107.1109. 6111. 0109. 9115. 1115. 5114. 3115.6112. 2110. 6111. 4109. 2109. 1109. 6109. 8110. 7111. 5112. 2114. 3114.9112. 4113. 3111. 2

Deposits at member banks(unadjusted) 2

Demand

86. 990. 592.493. 292. 196.095. 794. 295. 692. 891. 692. 390. 490. 490. 791. 091. 692. 092. 394. 294. 792. 793. 591. 7

Time

35. 839. 140.341.745.952. 753.758. 153. 753.553.854.254. 554.955.556. 256. 957. 457. 658. 159. 060. 460.260. 6

U.S.Govern-

ment3. 54. 63.03.03. 13.44. 44. 13.63.63.83. 35. 85.76.05. 54. 85. 15. 24. 13.64.33.55. 1

' Demand deposits at all commercial banks (member and nonmember)1 See footnote 1, p. 27 for definition of member banks.3 Preliminary.

26

NOTE.—See note, p. 27.Source: Board of Governors of the Federal Reserve System.


BANK LOANS, INVESTMENTS, DEBITS, AND RESERVESCommercial bank loans rose $2.4 billion in February 1961, compared to an increase of $700 million in February1960.


ISO

50

ALL COMMERCIAL BANKS

TOTAL'LOANS AND INVESTMENTS

V

BANK LOANS

INVESTMENTS IN OTHER SECURITIES

I

I955 I956 I957

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

I958END OF MONTH

I959I

I960

200

I96I

COUNCIL OF ECONOMIC ADVISERS -

End of period

195319541955195619571958 .1959I9605

1960: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober.November 5

December 5

1961: January 5

February s_

All commercial banks

Totalloansand

invest-ments

Loans

Investments

U.S. Gov-ernmentsecurities

Othersecuri-

ties

Weeklyreportingmemberbanks l

Businessloans 2

Bankdebitsoutside

New YorkCity (343centers) ,

seasonallyadjustedannualrates 3

Billions of dollars145. 7155. 9160. 9165. 1170. 1185. 2190. 3200.3187. 8186. 5185. 7188. 8188. 6188.9190.9191. 2193.3195. 7195. 7200. 3197. 2199. 4

67. 670. 682. 690.393. 998. 2

110. 8118. 2109. 6110. 3111. 4113. 0113. 6114. 8114. 2114. 7115. 4114. 8115. 0118. 2114. 11 1 6. 5

63. 469. 061. 658. 658. 266. 458. 961. 358. 056. 254. 255. 855. 154. 256. 756. 657. 7(10. 500. 461. 302. 261. 0

14. 716. 316.716. 317.920. 620. 520. 820. 320. 120. 120. 019. 819. 920. 020. 020. 220. 420. 320. 820. 921. 3

23. 422. 4

2 26. 730. 831. 8

2 31. 72 30. 5

31. 929. 830. 231. 0;!0. 931. 231. 631. 031. 031. 531 .431. 731. 931. 231. 3

1, 126. 31, 148. 41, 276. 71, 384. S1, 468. S1, 481. 01, 655. 61, 735. 91, 686. 91, 783. 71, 708. 3i, 742. s1, 767. 51, 758. 41, 699. %1, 789. 91, 742. 41, 722. 01, 767. 91, 710. 71, 782. 01, 774. 3

All member banks '

Reserves 4

Required Excess

Borrow-ings atFederalReserveBanks *

Millions of dollarsJ 9, 22718,57618,64618, 88318, 84318, 38318, 45018, 51418, 33417, 75817,61117, 69617, 77017, 82818, 01017, 96117, 93118, 09518, 24818, 51418, 57018, 309

693703594652577516482769544455416408469466508540639638756769744649

441240839688710557906

879058166356025024253882932251491428749

1371 Member banks are ail national banks and those State banks wiiic i have taken 6 Preliminary,

membership in the Federal Reserve System.J Commercial and industrial loans and prior to 1956 agricultural loans. Series NOTE.— Between January and August 1959, series for all commercial banks

revised beginning January 1952, October 1955, July 1958, and July 195<J. and all member banks were expanded to include data for all banks in Alaska and' Debits during period to demand deposit accounts except interbank and Hawaii.

°ard °f °°Vern°rS Of the 27


CONSUMER CREDITIn January, repayments of consumer instalment credit (seasonally adjusted) exceeded extensions for the first timesince September 1958.

BILLIONS OF DOLLARS60

BILLIONS OF DOLLARS60

I955 1956 1957

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1958 1959 I960 1961

COUNCIL OF tCONOMIC ADVISERS

[Millions of dollars!

Period

19511952195319541955 _ ^19561957195819591960_1959: December1960: January

FebruaiyMarch .AprilMayJuneJulyAugustSeptember _October.November1 )cccmber

V . X 1 I : . inn imrv

Consumer credit outstanding(end of period; unadjusted)

Total

22, 71227, 52031, 39332, 46438, 88242, 51145, 28645, 54452, 11956, 04952, 11951, 46851, 18251, 29852, 35352, 99153, 66253, 80954, 09254, 26554, 34454, 62656, 04955, 021

Instalment

Total i

15, 29419, 40323, 00523, 56828, 95831, 89734, 18334, 05739, 85243, 28139, 85239, 73839, 78540, 02040, 65141, 12541, 75242, 05042, 37842, 51742, 59142, 70343, 28142, 782

Automo-bile

paper 2

5, 9727, 7339, 8359, 809

13, 47214, 45915, 40914, 23716, 54917, 86616, 54916, 51916, 62616, 82617, 17017, 43117, 75517, 89318, 02018, 02117, 99217, 96717, 86617, 611

Non-instal-ment 3

7,4188, 1178,3888, 8969,924

10, 61411, 10311, 48712, 26712, 76812, 26711, 73011, 39711,27811, 70211, 86611, 91011, 75911, 71411, 74811, 75311, 92312, 76812, 239

Consumer instalment credit extended andrepaid (seasonally adjusted)

Total i

Extended

23, 57629, 51431, 55831, 05139, 03940, 17542, 54540, 78949, 04550, 343

4, 1194, 1604, 1974, 2594, 4994, 2554, 3134, 2144, 0724, 1254, 1084, 1344, 0073, 869

Repaid

22, 98525, 40527, 95630, 48833, 6-4937, 23640, 25940, 91543, 40746, 9143, 7733, 8483, 7653, 7773,9353, 9113,9343, 9973, 9183, 9583, 9943, 9463, 9313, 972

Automobile paper 2

Extended

8, 95611, 76-112, 98111,807Hi, 74515,56310, 54514,31017, 94117, 8391, 3551, 4541, 5341, 5911, 6361, 5581,5381, 4171,4221,4221,4601,4821, 3251, 239

Repaid

9, 05810, 00310, 879] 1 , 83313, 082!•!, 5761 5, 59515, 4881 5, 698] 0, 5221 , 3521, 3591, 3301, 342], 3791, 4021, 392], 3851, 3881, 3751, 4171, 3971,3561,387

onsumer goods paper, repair and modernization loans,ho\vn separately.oiuied for Hie purpose of purchasing automobiles andchnsiMl.

• p;i i i u - i i l iu:ins, rhnrfrc accounts, and service credit.

28

NOTE.—Monthly data tor 1960 for credit extended and repaid have beenrevised.

Data.for Alaska and Hawaii included beginning January and August 1959,respectively.

Source: Board of Governors of the Federal Reserve System.


BOND YIELDS AND INTEREST RATESThe rate on 3-month Treasury bills increased in February, while yields on bonds generally declined. In the firsthalf of March, the Treasury bill rate declined.

PERCENT PER ANNUM PERCENT PER ANNLIM

SOURCES: SEE TABLE BELOW. COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]

Period

195419551956_ _1957, ._195819591960 . .1960: January . .

February _ _March _ _April _ _ - -MayJuneJulyAugustSeptemberOctober _ _ .NovemberDecember

1961: JanuaryFebruary-

Week ended:1961: February 4 .

111825

March 41118

U. S. Governmentsecurity yields

3-monthTreasury

bills '0.9531. 7532. 6583. 2671. 8393. 4052. 9284. 4363.9543. 4393. 2443. 3922. 6412. 3962. 2862. 4892. 4262. 3842. 2722. 3022. 408

2. 2992. 3742. 4622. 4962. 5942. 4852. 352

Taxablebonds 2

2. 552. 843.083. 473. 434. 084.024. 374. 224. 084. 184. 163. 983.863. 793. 843. 913. 933. 883. 893. 81

3. 883. 843. 813. 763. 773. 75

* 3. 78

High-grademunicipal

bonds(Standard &

Poor's) 3

2. 372. 532. 933. 603. 563. 953.734. 133.973.873. 843.853. 783.723. 533. 533. 593. 463. 453. 443. 33

3. 403. 353. 313.273. 293. 363.41

Corporate bonds(Moody's)

Aaa

2. 903.063. 363. 893. 794. 384, 414. 614. 564. 494. 454. 464. 454. 414. 284. 254. 304. 314. 354. 324. 27

4. 304. 284.274. 254. 234. 221 4. 21

Baa

3. 513. 533. 884. 714.735. 055. 195. 345. 345. 255. 205. 285. 265. 225. 085. 015. 115.085. 105. 105. 07

5. 105.075.075. 065. 045. 025. 02

Primecommercial

paper,4-6

months1. 582. 183. 313. 812. 463.973. 854. 914. 664. 494, 164, 253. 813. 393. 343. 393. 303. 283. 232.983. 03

2. 933.003. 003. 093. 133. 13

« 3. 031 Rate on new issues within period. 4 Not charted.1 Series Includes: April 1953 to date, bonds due or callable 10 years and after;

April 1952-March 1953, bonds due or callable after 12 years; October 19-JI-March1952, bonds due or callable after 15 years.' Weekly data are Wednesday figures.

Sources: Treasury Department, Board of Governors of tlie FederalSystem, Standard & Poor's Corporation, and Moody's Investors Service"29


STOCK PRICESStock prices rose again in February.

INDEX, 1957-59=100

160

INDEX, 1957-59=100

- 140

1955 1956

SOURCE: SECURITIES AND EXCHANGE COMMISSION COUNCIL OF ECONOMIC ADVISERS

[1957-59=1001

Period

Weekly average:1952, ._ . .. ___195319541955195619571958195919601960: January

Februarj- . _March. _AprilMavJune _July.AugustSeptemberOctoberNovember,December-

1961: JanuaryFebruary

Week ended:19(11: February 10

17_ _ _24 ...

March 310 _

Compositeindex 1

52. 351. 961.781. 892. 689. 893. 2

116. 7113. 9117. 6114. 1112. 1113. 5113. 2117. 0114. 5115. 6112. 1109. 1112. 6115. 2120. 9125. 4

124. 0125. 4126. 7129. 1128. 1

Manufacturing

Total

46. 846. 757. 679. 593. 290. 792. 5

116. 5110. 9117.5112. 8109. 9111. 0110. 7114. 6111. 2112. 2107. 6104. 9108. 5110. 3115. 3119. 2

117. 8119. 0120. 4123. 3122. 4

Durablegoods

42. 143. 054.778. 791. 588. 590. 4

120. 8117. 3124. 3119. 1115. 8118. 3118. 7123. 4119. 0119. 8114. 1109. 4113. 0114. 5118. 6121. 4

119. 1121. 2] 23. 0127. 0126. 6

Non-durablegoods

50. 749. 860. 080. 194. 592. 894. 4

112. 6104. 9111. 2107.0104. 5104. 3103. 3106. 6104. 0105. 1101. 7100. 8104. 5106. 4112. 2117. 3

116. 7117. 0118. 0119. 9118. 5

Transpor-tation

74. 673. 978. 6

108. 2110. 693. 291. 0

115. 695. 8

106. 4103. 097. 496. 595. 897. 195. 796. 191. 588. 091. 792. 6

100. 3102. 6

101.3103. 5103. 5103. 2102. 0

Utilities

65. 467. 375. 384. 886. 486. 395. 8

117. 6129. 3120. 0122. 3124. 0127. 1126. 4129. 8131. 0132. 6134. 2130. 5132. 0138. 5148. 7156. 0

154. 8156. 2157. 7158. 6156. 6

Trade,finance,

andservice

60. 460. 869. 187. 189. 982. 295. 1

122. 3127. 4125. 6121. 9122. 2125. 3125. 8132. 1131. 0131. 8127. 2122. 8129. 3132. 4134. 8139. 8

138. 11-11. 3143. 0144. 9145. 1

Mining

80. 770. 478. 291. 6

104. 6107. 297. 995. 073. 8S3. 378. 575. 773. 470. 970. 368. 671. 670. 171. 874. 178. 285. I89. 0

88. 689. 788. 288. 087. 0

1 I ncliKlr.s ;um common stocks: 108 for durable Roods manufacturing, 85 for Doni h i n t l i h ' i Is i iMimifactnrinc, 18 for transportation, 34 for utilities, 45 for tradeI'nmniv, ani l .service, iind 10 for mining.

30

JSJOTE.—Indexes are based on weekly closing prices.

Source: Securities and Exchange Commission.


FEDERAL FINANCEBUDGET RECEIPTS AND EXPENDITURESFor the first 8 months of the current fiscal year, there was a budget deficit of $6.2 billion,year, the deficit was $5.8 billion.

For the same period last


o L

NET BUDGET EXPENDITURES75

1956 1957 1958 1959 I960 1961

MAJOR NATIONAL SECURITYEXPENDITURES

25

+ 10

0

NET BUDGET RECEIPTS

1958

1956 1957 1958 1959-15

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

1961 1956

FISCAL YEARSI960 1961

• ESTIMATESOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET. COUNCIL OF ECONOMIC ADVISEKS


Period

Fiscal year 1956 _Fiscal year 1957_ - -Fiscal year 1958 - - - - -Fiscal year 1959 _Fiscal year 1960Fiscal year 1961 * _ _ _Fiscal year 1962 *__1960: January -

February _March-April -MayJune - -July6

August5-- - - _September 5_ _ _October5 ._November 5

December5

1961: January 5

Februarv-Cumulative totals first 8 months: 5

Fiscal year 1960Fiscal year 1961

Netbudgetreceipts

67. 870. 668. 567. 977. 879.082. 3

4. 97. 29.65. 16. 6

10.93. 16. 59. 02. 86. 37.64. 86.5

45. 746. 7

Net budget expenditures

Total

66. 269. 071.480. 376. 578.980.9

6. 26. 16. 46. 06. 16. 56. 26. 86.86.86. 86. 86. 5C. 2

51. 552. 9

Major national security '

Total

40. 643.344. 146. 445.645. 947.4

3. 53. 74. 03.73.74.03.54.03.93.73. 94. 23. 73. 8

30. 330. 6

Departmentof Defense,military 2

38. 440. 841. 243. 642. 843. 244. 7

3. 33. 53.73.43. 43.73. 23. 73.73. 53. 64. 03. 53. 6

28. 528. 8

Budgetsurplus

ordeficit (-)

1. 61. 6

-2. 8-12. 4

1.2. 1

1.5-1. 3

1. 13. 2

-1. 0. 5

4. 4— 3. 0-. 32. 2

-4. 0— . 5

.8-1.6

. 3

-5. 8-6. 2

Publicdebt

(end ofperiod) 3

272. 8270. 6276.4284 8286.5285. 1283. 7291. 2290. 7287. 0288. 9289. 5286. 5288. 5288.828a 6290. 6290. 6290. 4290. 2290.7

290. 7290. 7

1 Includes military activities of the Department of Defense (military functionsand the military assistance portion of the mutual security program), AtomicEnergy Commission, stockpiling, and defense production expansion.2 Military functions and military assistance.3 Includes guaranteed securities held outside the Treasury. Not all of totalshown is subject to statutory debt limitation.

* Estimate.6 Preliminary.NOTE.—Total budget receipts and expenditures have been adjusted to exclude

certain intragovernmental transactions.Sources: Treasury Department and Bureau of the Budget. ol


CASH RECEIPTS FROM ANDPAYMENTS TO THE PUBLICIn the fourth quarter of calendar 1960, cash payments to the public exceeded cash receipts by $3.9 billion,seasonally adjusted basis, however, receipts exceeded payments by $500 million.

On

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED )30

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED )30

EXCESS OF CASH RECEIPTS

EXCESS OF CASH PAYMENTS

1955

SOURCES: TREASURY DEPARTMENT,AND BUREAU OF THE BUDGET.

I 1958

CALENDAR YEARS

COUNCIt OP ECONOMIC ADVISERS


Period

Fiscal year total:19571958195919601961 >1962'

Calendar year total:19561957195819591960 2.

Quarterly total (calendar years) :1959: First Quarter

Second quarterThird quarter-Fourth quarter

1960: First quarter. .Second quarter . . _ _ _Third quarter 2

Fourth quarter 2 _

Cash receiptsfrom the

public

82. 181. 981. 795. 199. 0

103. 1

80. 384. 581. 787. 698. 3

Cash pay-ments to

the public

80. 083. 494. 894. 397.9

101. 8

74. 883. 389. 095. 694. 7

Excess of re-ceipts (+) or

payments"(-)

2. 1— 1. 5

— 13. 1. 8

1. 11.3

5. 51.2

-7. 3— 8. 0

3. 6Unadjusted

22. 624. 121. 419. 425. 828. 523. 420. 6

22. 724. 524. 423. 921.924. 124. 224. 5

— . 1— . 4

-3.0-4.5

3.84.5-.8

-3. 9

Cash receiptsfrom the

public

Cash pay-ments to

the public

Excess of re-ceipts ( + )or

payments(-)

Seasonally adjusted

20.221.223. 323. 523.425. 125. 224. 7

24. 124.023. 823. 723. 323. 623. 624. 2

-3.8-2.9-. 5— . 1

. 11. 51. 7. 5

1 KxtinmU*. 2 Preliminary.

Sources: Treasury Department and Bureau of the Budget.

32Kor sale by the Superintendent of Documents, U.S. Government Printing Office, Washington 25, D.C.

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