economic indicators: august 1955to print the monthly publication entitled "economic...

84th Congress, 1st Session : * ^S ^<** • 1 ' * * "

Economic IndicatorsAUGUST 195S

Prepared for the Joint Committee on the Economic Report&"'

by the Council of Economic Advisers

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1955Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOINT COMMITTEE ON THE ECONOMIC REPORT

(Created pursuant to Sec. 5 (a) of PubUc Law 304, 79th Gong.)

PAUL H. DOUGLAS, Illinois, Chairman

WRIGHT PATMAN, Texas, Vice Chairman

JOHN SPARKMAN (Alabama) RICHARD BOLLING (Missouri)J. WILLIAM FULBRIGHT (Arkansas) WILBUR D. MILLS (Arkansas)JOSEPH C. O'MAHONEY (Wyoming) AUGUSTINE B. KELLEY (Pennsylvania)RALPH E. FLANDERS (Vermont) JESSE P. WOLCOTT (Michigan)ARTHUR V. WATKINS (Utah) HENRY O. TALLE (Iowa)BARRY GOLDWATER (Arizona) THOMAS B. CURTIS (Missouri)

GROVER W. ENSLEY, Staff DirectorJOHN W. LEHMAN, Clerk

COUNCIL OF ECONOMIC ADVISERSARTHUR F. BURNS, Chairman

RAYMOND J. SAULNIER

JOSEPH S. DAVIS

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

JOINT RESOLUTION [S. J. Res. 55]

To print the monthly publication entitled "Economic Indicators"

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the JointCommittee on the Economic Report be authorized to issue a monthly publication entitled "Economic Indicators,"and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and theSergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; twocopies to the libraries of the Senate and House9 and the Congressional Library; seven hundred copies to the JointCommittee on the Economic Report; and the required number of copies to the Superintendent of Documents fordistribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printedfor sale to the public.

Approved June 23, 1949.

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

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

ContentsTOTAL OUTPUT, INCOME, AND SPENDING

PageThe Nation's Income, Expenditure, and Saving 1Gross National Product or Expenditure 2National Income 3Sources of Personal Income 4Disposition of Personal Income 5Per Capita Disposable Income 6Farm Income 7Corporate Profits 8Gross Private Domestic Investment 9Expenditures for New Plant and Equipment 10

EMPLOYMENT, UNEMPLOYMENT, AND WAGESStatus of the Labor Force 11Nonagricultural Employment 12Average Weekly Hours—Selected Industries 13Average Hourly Earnings—Selected Industries 14Average Weekly Earnings—Selected Industries 15

PRODUCTION AND BUSINESS ACTIVITYIndustrial Production 16Production of Selected Manufactures 17Weekly Indicators of Production 18New Construction 19Housing Starts and Applications for Financing 20Sales and Inventories—Manufacturing and Trade 21Merchandise Exports and Imports 22

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

CURRENCY, CREDIT, AND SECURITY MARKETSCurrency and Deposits 26Bank Loans, Investments, 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

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

TOTAL OUTPUT, INCOME, AND SPENDINGTHE NATION'S INCOME, EXPENDITURE, AND SAVING

Estimates of total income and expenditures for the second quarter of 1955 reflect the continued rise in over-alleconomic activity.

BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

CONSUMERS300

250

200

150

DISPOSABLE. INCOME

^EXPENDITURES

I I I I I I I I I I I I

300

250

200

150

1 I I

BUSINESS100 100

GROSS RETAINEDEARNINGS^

0 I I I I I I I

GOVERNMENT-FEDERAL, STATE, AND LOCAL100 100

(LESS TRANSFER PAYMENTS)

1955

FOREIGN INVESTMENT AND GROSS PRIVATE DOMESTIC INVESTMENT.•^INCLUDES CORPORATE UNDISTRIBUTED PROFITS AND INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES.^PRELIMINARY ESTIMATES.NOTE: THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES.OR

GROSS NATIONAL PRODUCT, BECAUSE OF STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT, SEE SENATE REPORTNO. 1295, JOINT ECONOMIC REPORT, PR 92-93, 99-105, AND THE ANNUAL ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1953, APPENDIX A.

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

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

GROSS NATIONAL PRODUCT OR EXPENDITUREThe gross national product rose substantially in the second quarter to a new record high of about $385 billion (sea-sonally adjusted annual rate), according to current estimates. Increases of about $5 billion in personal consumptionexpenditures and $6 billion in gross private domestic investment were partially offset by a $1 billion decline in gov-ernment purchases.

BILLIONS OF DOLLARS•v 400

350

300

250

200

BILLIONS OF DOLLARS4OO

300

____^ 250

I 50

-50 L

I955

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Period

19391946194719481949_ _.1950. _1951195219531954 __

1954: First quarterSecond quarter _Third quarterFourth quarter

1955: First quarterSecond quarter

Totalgross

nationalproduct

91.1209.2232.2257. 3257.3285. 132a 2345.2364.5360.5

Personalcon-

sump-tion

expend-itures

67.6146. 6165.0177.6180.61940208.3218. 3230. 6236.5

Grossprivate

domesticinvest-ment

9.327. 129.741.232.551. 256. 949. 651.447. 2

Netforeigninvest-ment

0.94 68.92.0.5

-2.2.2

2-2.0-.3

Government purchases of goods and services

Total »

13.330.928. 636.643.642. 062.877.584.577,0

Federal

Total *

5.220.915.821.025.422. 141. 054.359.549. 2

Nationalsecurity2

1.321.213.316.019.318.537.348.851.443.2

Other

3.92.53.85.66.63.94.25.88.56.3

Stateandlocal

a 210.012.815.618. 219.921.823.225.027.8

Seasonally adjusted annual rates

358. 3357.6358.8367. 1375.3384.8

232. 2235. 1237.9241. 0245.8250.5

45.546. 945.950.754. 160. 1

-1. 13

-.7.9

-.4-.7

81.775.975.874.575.874.9

54.748.647.745.746.445.2

46.843.642. 140.541.240. 4

8.35.46. 15.55.55.2

27.027.328. 128.729.429.7

JLess Government sales.J Includes expenditures for military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promo-

tton of the merchant marine, promotion of defense production and economic stabilization, and civil defense. For further details, see Economic Report of thePresident, January 1955 (p. 137), and National Income, 195J, Edition (p. 148). These expenditures are not comparable with the "national security" category in TheBudget of the U, S. Government for the Fiscal Year Ending June SO, 1955, and shown on p. 31 of E( - - -. 31 of Economic Indicators.

NOTE —The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.


NATIONAL INCOMEThe increase in general business activity during the second quarter was reflected in a $9 billion (seasonally adjustedannual rate) rise in national income. Increases in employee compensation and corporate profits accounted for mostof the rise.

ilLLIONS OF DOLLARS150

300

250 -

BILLIONS OF DOLLARS

300

250

CORPORATE PROFITS ANDINVENTORY VALUATION ADJUSTMENT

ISO

1950

-'PRELIMINARY ESTIMATES BY COUNCJL OF ECONOMIC ADVISERS-SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

1955

COUNCIL OF ECONOMIC ADVISERS


Period

1939 _„1946 -19471948 -.1949I960 _1951- - _19521953 . _ ...1954

1954* First quarterSecond quarter ~ „ _Third quarterFourth quarter

1955: First quarterSecond quarter.

Totalnationalincome

72.8179. 6197.2221. 6216.2240. 0277.0289.5303. 6299. 7

Compen-sationof em-

ployees l

48.1117.7128.8140. 9140.9154.3180. 4195. 3209.2207. 9

Proprietors' income

Farm

4.313. 914.516. 712.713. 316.014. 312.312. 0

Businessand pro-fessional

7.321. 319. 921.621.422.924.825.725. 925.9

Rentalincome

ofper-sons

2.76.26.57.27.98.59. 19.9

10.310.5

Netinter-est

4.63. 13.84.55.25. 96.87.48.89.5

Corporate profits and inven-tory valuation adjustment

Total

5.717.323.630. 628. 135. 139.936.937.233. 8

Profitsbeforetaxes

6.422. 629. 532.826.240. 041.235.938. 334.0

Inventoryvaluation

adjustment

-0.7-5.3-5.9-2.2

1.9-4.9-1.3

1.0-1. 1

f 2

Seasonally adjusted annual rates297. 7298. 9298. 7303. 2311.42 320. 3

200. 7207. 2207. 8209. 8213. 1219. 5

13. 211.911. 711.211.511.0

25.325.926.026. 326.627.1

10. 410.510.610.710.710.7

9.49.59.59.79.9

10.3

32.634.033. 135.539.6

2 41. 7

32. 733.733.536.040.92 42. 5

-. 2. 2

F

c

— 1.3o. o

> Includes employer contributions for social Insurance. (See also p. 4.) 2 Preliminary estimates by Council of Economic Advisers.NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey o/ Current Business, July 1955.Detail will not necessarily add to totals because of rounding. Source: Department of Commerce (except as noted).


SOURCES OF PERSONAL INCOMEPersonal income remained at a level of about $301 billion (seasonally adjusted annual rate) in June, Labor incomeand investment income rose somewhat, while farm income and transfer payments declined.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

SEASONALLY. ADJUSTED ANNUAL RATES

TOTAL PERSONAL INCOME*

FARM PROPRIETORS'INCOME

I95I

LABOR INCOME

BUSINESS,PROFESSIONAL,AND RENTAL INCOME

; 1..—•DIVIDENDS AND PERSONAL INTEREST

TRANSFER PAYMENTS

SOURCE: DEPARTMENT OF COMMERCE .

1955

COUNCIL Of ECONOMIC AOVISIRS

(Billions of dollars]

Period

193919461948_19491950.195119521953 _1954

1954: MayJuneJulyAugustSeptember. _October.November. _December

1955: JanuaryFebruaryMarchAprilMayJune 4 _ _

Totalpersonalincome

72.9178.0208.7206.8227.1255.3271.1286.2287.6

Labor income(wage andsalary dis-

bursementsand other

labor income)1

46.6113.8137.9137.4150.3175.6190.5204. 6202.8

Proprietors' income

Farm

4.313.916.712.713.316.014. 312. 312. 0

Businessand pro-fessional

7.321.321.621.422.924.825.725. 925.9

Rentalincome

ofpersons

2.76.27.27.98.59.19.9

10.310.5

Divi-dends

3.85.87.27.59.29.19.09.3

10.0

Personalinterestincome

5.87.69.09.8

10.611.612.313.814.7

Transferpay-

ments

3.011.411.312.4

815.112.613. 214.016.2

Less: Per-sonal con-tributionsfor social

insur-ance

0.62.02.22.22.93.43.83.94. 5

Nonagri-eulturalpersonalincome8

67.1161. 1188.5190.8210.5235.7253.1270. 2271. 9

Seasonally adjusted annual rates286. 7286.7287. 1286.7287.9288. 4290.8293.4292.2293.2295.7298.9301.4301. 2

202. 2202. 4203.2202.4202.4203.5205.3205. 5206.1207. 1209. 4211.5214.2214. 6

11.811. 711.011. 612.510.911.311. 511.711.711. 111.410.910. 5

25. 726.026. 025.926.026.026.326. 726. 626.426. 726.927. 227. 1

10. 510.510. 610.610. 610.710.710. 710.710.710.710.610.710.7

9.89.99.99.9

10.010.110. 111.710. 110.210. 410.610.710. 8

14.714.714. 714.714. 714.814.814.914.915. 115.215.315.415. 5

16.516.016.116.116. 317.016. 817.117.017.017.417.617.517.2

4.54.54. 44.64.54.54.54.65.05.05. 15. 15.25.2

271.0272.1272. 1271.5272.1273. 8275.9278. 1276. 5277.7280. 9283.7286.6286. 8

1 Compensation of employees (see p. 3) excluding employer contributions for social insurance. s Includes $2.7 billion National Service Life Insurance2 Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agri- dividend, most of which was paid in the first half of the year,cultural net interest, and net dividends paid by agricultural corporations. * Preliminary estimates.

NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.


DISPOSITION OF PERSONAL INCOMEDisposable personal income rose by $6 billion (seasonally adjusted annual rate) in the second quarter. Personalconsumption expenditures rose almost $5 billion/ $3 billion of this rise was for increased purchases of nondurables.The rate of personal saving rose moderately.

BILLIONS OF DOLLARS

300

200

BILLIONS OF DOLLARS

300

250

200

I 00

i960

SOURCE: DEPARTMENT OF COMMERCE

1955


Period

193919461947 _ .1948 - ._ ... ...19491950 . .19511952 _ _19531954

1 U5-I : Fin-4. quarterSecond < j u a n e rThird quar ter . . .T^uurtli quarter

1955; Pir^t quarter>Se('ond quarter

Personalincome

Less:

Personaltaxes l

Equals :

Dispos-able

personalincome

Less: Personal consumptionexpenditures

Total Durablegoods

Non-durablegoods

Services

Equals :

Personalsaving

Billions of dollars72.9

178. 0190. 5208. 7206. 8227. 1255. 3271. 1280. 2287. ( >

2.418. 821.521. 118.720. 929. 334. 45. 82. 8

70. 4159. 2169. 0187. 6188. 2206. 122(1 1236. 7250. -1251. 8

67. 6146. 6} 65. 0177. 6180. 6194. 0208. 3218. 3230. 6236. 5

6. 715.920. 622. 223. 628.627. 126. 629. 829. 3

35. 184.593. 198.796. 9

100.4111. 1116.0118.9120. 9

25.846.251. 356.760. 165. 070. 175. 781. 886.4

2.912. 64. 0

10.07.6

12. 117.718. 419. 818.3

i l l ions of dollars, seasonally adjusted annual rates2Sf>. 82S6. (i287. 32*K) 8

293. ( >300. 5

2. 72. 72. 8

io 112. 633. J

253. 12,r»H. 92,r»-l. 5257. 8

261. 0267. 1

232. 2235. 1237. 9241. 0245. 8250. 5

28. 329. 029. 430. 434. 435. 1

119.2120.4121. 5122. 5122. 4125.3

84. 785. 787.088. 189. 090. 2

21.018. 816.616. 815.316.6

Savingas percent

of dis-posableincome

4. 17.92.45.34.05.97.87.87.97.2

8. 37.46.56.55.96.2

i Includes such items us lines, penalties, and donations.NuTtf.—Tho. tisures beginning with !Uf>2 are the revised series. For details, see Hiirvey of Current Business, July 1955.Detail svUl not necessarily add to to ta l s because of rounding. Source: Department of Commerce.

06672—55——2Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PER CAPITA DISPOSABLE INCOMEPer capita disposable income (seasonally adjusted) reached a new high in the second quarter of this year,constant prices, it exceeded that of the corresponding quarter of 1954 by 4 percent.

In

DOLLARS2,000

1,500

1,000

SEASONALLY ADJUSTED ANNUAL RATES

DOLLARS2,OOO

1954 PRICES^'

J_

1950 1951 1952 1953

%EE FOOTNOTE Z ON TABLE BELOW.

SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS-

1954

1,500

1,000

1955


Period

193919461947 _194819491950 _ -.19511952 -. --1953 --' --1954 _

1954* First quarterSecond quarter -Third quarter - ~Fourth quarter

l ' ) f ) f ) ' First quarterSecond ciuarter. -- - - --

Total disposable personalincome (billions of dollars)1

Currentprices

70. 4159.2169.0187. 6188.2206. 1226. 1236. 7250. 4254.8

1954prices 2

136.3219.3203. 1209.6212. 1230.3233. 8239. 4251. 1254.8

Per capita disposable per-sonal income (dollars)1

Currentpricei

5381, 1261, 1731,2791,2611,3591,4651, 5081,5681,569

1954prices a

1,0411,5511,4101,4291,4221,5181,5151, 5251,5731, 569


253. 1253. 9254. 5257.8

261. 0267. 1

252. 6253.6254. 2258. 6

262.0268.2

1,5681, 5671, 5631,576

1, 5891,620

1, 5651,5651, 5611, 581

1, 5951,627

Population(thousands) »

131, 028141, 389144, 126146, 631149, 188151, 683154, 360157, 028159, 643162, 409

161, 439162, 075162, 806163, 582

164, 262164, 911

J Income less taxes.' I >oHnr estimates in current prices divided by consumer price index on base 1954=100.i Includes armed forces overseas. .Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.

NUTK. The Ili'ures bcpltmiii! ' w i l h 11)52 arc the revised series. For details, see Survey of Current Business, July 1955.; ourccr,: Department of Commcrc.-, I >cpar t inen t of Labor, and Council of Economic Advisers.


FARM INCOMEGross and net farm income (seasonally adjusted) declined in the second quarter.



1

I960 1951

\ •'

NET FARM INCOME(INCL, ADJUSTMENT FORINVENTORY CHANGE 5 -!/

IS52 1953I

1954

J7 INCOME OF FARM OPERATORS FROM FARMING.SOURCE: DEPARTMENT OF AGRICULTURE.

1955


Period

1939 _ _ _ _ -- - --1946 - -1947 - -1948 - - -1949 _1950 - - _ _ _ -1951 -- -1952 - -1953 - --1954

1954" First quarter _Second quarterThird quarterFourth quarter

1 955 : First quarterSecond quarter

Farm operators' income

Realizedgross farmincome 1

Farm pro-ductionexpenses

Net income 2

Excludingadjustmentfor inven-

tory change 3

Includingadjustmentfor inven-

tory change4

Billions of dollars10.429.034. 034.531. 832. 136. 936. 835. 334. 0

6. 114. 817. 218. 918. 219. 722. 423. 222. 422. 4

4. 314.216. 815. 613. 612.414. 513. 612.911.6

4.313.914. 516.712.713. 315. 814. 312. 312.0

Net income per farm (in-cluding adjustment forinventory change)Currentprices

1954prices 5

Dollars670

2,3532,4662,8842,2222,3522,8192, 5792,2352,212

1, 5233, 1802,8673, 1352,4972,6132,8772, 6052,2582,212

Seasonally adjusted annual rates35. 833. 933. 332. 934. 233.3

22. 722. 522. 222. 122.722. 5

13. 111.411. 110.811.510.8

13. 211. 911. 711.211. 511.0

2,4332, 1942, 1572,0652, 1442,050

2,4582,1942, 1362,0862, 1662,050

Number offarms

(thousands)8

6, 4415,9275,8735,8045, 7235,6485,5965,5355,4825, 425

5,4255,4255,4255,425

7 5, 3657 5, 365

1 Includes cash receipts from farm marketings, value of farm products consumed directly in farm households, gross rental value of farm dwellings, and Govern-ment payments to farmers.

2 Excludes («) farm waps paid to workers living on farms and (b) any income to farm people from nonfarrn sources. These items in 1954 were as follows: (a) 2.1billion dollars and (ft) 5.7 billion dollars.

a Rt-alixed gross income less farm production expenses.* Same as farm proprietors' income on pages 3 and 4 except for 1951, which includes revisions by the Department of Agriculture not yet incorporated into the

nat ional income accounts of the Department of Commerce.s Dollar estimates in current prices divided by index of prices paid by farmers for items used in family living, on base 1954=100.8 For the quarterly data, the number of farms is held constant within a given year.7 Estimate by Council of Economic Advisers.

NOTE —Estimates for 1952-55 reflect interim revisions made in connection withthe annual report on national income by the Department of Commerce. Finalrevisions will be completed by the Department of Agriculture in October.

Source: Department of Agriculture (except as noted).


CORPORATE PROFITSCorporate profits (seasonally adjusted), both before and after taxes, continued to rise in the second quarter of 1955,according to preliminary estimates.


ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

1955



Period

193919461947.194819491950 _19511952 . .19531954

1954: First quarterSecond quarterThird quarter _ _Fourth quarter

1955 : First quarterSecond quarter . .

Corporateprofits

before taxes

6.422. 629.532.826. 240.041. 235.938.334.0

Corporatetax

liability

1.49. 1

11.312. 510. 417.822.519. 821.317. 1

Corporate profits after taxes

Total

5.013.418.220.315. 822. 118. 716. 117.017.0

Dividendpayments

3.85.86.57.27.59.29. 19.09.3

10.0

Undistributedprofits

1.27.7

11.713.08.3

12. 99.67. 17.77. 0


32.733.733.536.0

40. 91 42. 5

16. 416. 916.818. 1

20. 5!21. 3

16. 316.816.717. 9

20. 4i 21.2

9.79.8

10.010. 6

10. 210.7

6. 67.06.77.3

10. 21 10.5

* Preliminary estimates by Council of Economic Advisers.NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.See p. 3 for profits before taxes and after inventory valuation adjustment.Detail will not necessarily add to totals because of rounding. Source: Department of Commerce (except as noted).


GROSS PRIVATE DOMESTIC INVESTMENTGross private domestic investment increased by $6 billion (seasonally adjusted annual rate) in the second quarterof 1955. Investment in inventories and producers1 equipment rose considerably. Construction continued to increase.

BILLIONS OF DOLLARS70

50

40



I I I I I Ii960 1951

SOURCE: DEPARTMENT OF COMMERCE

GROSS PRIVATE *SDOMESTIC INVESTMENT

v* CHANGE IN BUSINESS —r\INVENTORIES *«

I I I

1952I I I

1953I I

1954\ \

60

50

40

30

20

10

1955

COUNCIl OF ECONOMIC ADVISiRS


Period

1939 _194619471948194919501951 ...195219531954

1954: First quarterSecond quarterThird quarterFourth quarter

1955: First quart er«Second quarter

Totalgross

privatedomesticinvest-ment

9.327. 1 '29. 741.232. 551.256.949. 651.4

^ 4 7 . 2

Fixed investment

Total

8.921.030. 737.035.343.946.546. 850.250. 1

New construction

Total

4.810. 314.017.917.522.723.323. 725.827. 8

Residen-tial

nonfarm

2.74.06.38.68.3

12. 611. 011. 111. 913. 5

Commer-cial and

industrial l

1. 24.24. 95. 75.35. 77. 27.58.48. 6

Allother 2

0.82. 12.83.63.94.55. 15.25.45.7

Producers'durableequip-ment

4.210. 716.719. 117.821. 123. 223. 124.422.3

Change in busi-ness inventories

Total

0.46. 1

-1.04.2

-2.77.4

10.42.81.2

-2.9

Non-farm

0.36.41.33.0

-1.96.49-02. 11.9

-3.2


45. 546. 945. 950. 754. 160. 1

48. 849. 750.751. 352. 755. 8

25. 927.328. 529. 431. 232. 1

11. 813. 014. 215. 0

16.016. 4

8.58.58. 68.7

9.39.8

5. 65.85.75.7

5.95.9

22.922.422. 221. 9

21.523.7

-3.2-2.7— 4. 9-.6

1.54.3

-3.4-3.2-5.4-1.0

1.54.2

i Includes public utility.3 Includes petroleum and natural gas well drilling.

NOTE.—The figures beginning with 1952 are the revised series. For details, see Survey of Current Business, July 1955.

Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.


EXPENDITURES FOR NEW PLANT AND EQUIPMENTAccording to a survey made in April and May, expenditures for new plant and equipment were expected to increase9 percent between the first and second quarters—the largest quarterly rise since the last half of 1950. Plans for thethird quarter indicated an additional rise of 3 percent to a level of about $29 billion (seasonally adjusted annualrate), equaling the previous peak in the third quarter of 1953.



1950 1951J I

1952

COMMERCIAL AND OTHER.

TRANSPORTATION

1953 1954

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

1955

QF ECONOMIC ADVISERS


Period

1939 _.19461947 .1948 - _1949195019511952 _19531954

1 954 : First quarterSecond quarterThird quarterFourth quarter

1955; First quarterSecond quarter 3

Third quarter 3

Total *

5.5114.8520.6122.0619.2820.6025.6426. 4928.3226.83

Manufacturing

Total

1.946. 798.709. 137. 157.49

10.8511. 6311.9111. 04

Durablegoods

0.763. 113.413.482.593. 145. 175. 615.655.09

Nondura-ble goods

1. 193.685. 305.654. 564.365.686.026.265.95

Mining

0.33.43.69.88.79.71.93.98.99.98

Transportation

Railroads

0.28,.58.89

1.321. 351. 111.471.401.31.85

Other

0.36. 92

1. 301.28.89

1.211.491. 501.561.51

Publicutilities

0.52.79

1.542.54a 123.313.663.894.554.22

Commer-cial andother 2

2.085.337.496.905.986.787.247.098.008.23

Seasonally adjusted annual rates27.4626. 9226.8426. 1825.6527.8628.83

11.6211.0910.9810.5810. 1711.2211.30

5.405. 185.064.804. 785. 215.38

6. 225.905.935.795.396.015. 92

.941.041.00.91.80. 94.95

1.04.91.80.68.74.80.86

1.571.441.511. 531. 461.581.62

4.334.374. 124.014. 014.374. 77

7.978.078.428.468. 468. 969. 34

eludes agriculture.mmcrcal and other includes trade, service, finance, communications, and construction.ntmitrs

r fc , Tl>V* ' t HIT

, , , , .hfisnd on anticipated capital expenditures as reported by business in April and May 1955.»M» figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because thecultural investment and also certain equipment and construction outlays charged to current expense.

t iieei\ss:irily add to totals because of rounding.rlties mid Kxcliun^.f Commission and Department of Commerce,


EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEEmployment rose between early June and mid-July to an ailtime high of almost 65 million, as young workers foundjobs after the close of school. Unemployment declined by over 200,000; there is usually no change at this timeof year.

MILLIONS OF PERSONS

75MILLIONS OF PERSONS

75

55

50

14 YEARS OF AGE AND OVER

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

Period

19391949 - ...19501951 . --_.1952_>_195319541954: June

JulyAugust -SeptemberOctoberNovemberDecember

1955: JanuaryFebruaryMarch -AprilMayJuneJuly

Totallabor

force (in-cludingarmedforces)

Civilianlaborforce

Employment l

Total Agricul-tural

Nonagri-cultural

Tempo-rary

layoffs 2

Unemployment3

Number

Thousands of persons 14 years of age and over 5

55, 60063, 72164, 74965, 98266, 56067, 36267, 81868, 78868, 82468, 85668, 56668, 19067, 90966, 81166, 70066, 55066, 84067, 78468, 25669, 69270, 429

55, 23062, 10563, 09962, 88462, 96663, 81564, 46865, 44565, 49465, 52265, 24464, 88264, 62463, 52663, 49763, 32163, 65464, 64765, 19266, 69667, 465

45, 75058, 71059, 95761, 00561, 29362, 21361, 23862, 09862, 14862, 27762, 14562, 14161, 73260, 68860, 15059, 93860, 47761, 68562, 70364, 01664, 995

9,6108,0267,5077,0546, 8056,5626,5047,6287,4866,9287,5277,2396,1545,3255,2975,0845,6926, 2156,9637,6817,704

36, 14050, 68452, 45053, 95154, 48855, 65154, 73454, 47054, 66155, 34954, 61854, 90255, 57755, 36354, 85354, 85454, 78555, 47055, 74056, 33557, 291

18592

11714214222122929814319813612013725114575

108133107157

9,4803,3953,1421,8791, 6731,6023,2303,3473,3473,2453, 1002,7412,8932,8383,3473,3833,1762, 9622,4892, 6792,471

%ofcivilianlaborforce

17.25.55. 03.02.72.55.05. 15. 15.04.84.24.54.55.35.35.04.63.84.03. 7

Insured unemployment 4

Thousandsof persons

(all pro-grams)

2,4701,599

9961,0641,0582,0392,0822,0371,8711,7521,6311,6431,8692,2012,1091,8751,6511,3921,226

6 1, 202

% of coveredemployment(State pro-

grams)

6.24.62. 82.92.85.25.35. 14.64. 34.04.04.65.55.24. 74. 13.63.23.1

* jLJUuitiu.es pari-uuic wurjiers auu muse wiwi jousbut not at work for such reasons as vacations, Illness,bad weather, temporary layoff, and industrial dis-putes; excludes armed forces.

3 Shown separately so as to afford a basis for furtheranalysis of employment and unemployment.

3 See footnote 2.* Weekly average.« Data for 1949-53 (1953 revised series) based on 68-

area sample; beginning 1954, on 230-area sample.Starting July 1955, data are for week ending nearest

month.e Preliminary estimate.Sources; Department of Commerce (labor force)

and Department of Labor (insured unemployment).


NONAGRICULTURAL EMPLOYMENTEmployment in nonagricultural establishments (seasonally adjusted) rose by 200,000 from June to July. Employ-ment fell less than seasonally in durable goods manufacturing and rose seasonally in nondurable goods manufacturing,

MILLIONS OF WAGEAND SALARY WORKERS

MILLIONS OF WAGEAND SALARY WORKERS

DURABLE MANUFACTURING NONDURABLE MANUFACTURING

J F M A M J J A S O N DS L I I I

J F M A M J J A S O N D

CONTRACT CONSTRUCTION

^1955

J of

WHOLESALE AND RETAIL TRADE


SOURCE: DEPARTMENT OF LABOR



[Thousands of wage and salary workers *1

Period

1939194619481949.19501952_195319541954: June

JulyAugustSeptember.OctoberNovember-December.

1955: JanuaryFebruary _ _MarchAprilMay

J u l v '-'

Totaladjusted

forseasonalvariation

48, 17048, 04848, 02948, 02048, U948, S8648, 88048, 89848, 44048, 76648, 8814-9 21440, 4834-0, 684

TotalManufacturing

Total Durablegoods

Nondu-rable goods

MiningContractconstruc-

tion

Wholesaleand retail

trade

Govern-ment

(Federal,State,local)

Other

Not adjusted for seasonal variation

30,31141, 28744, 44843, 31544, 73848, 30349, 68148, 28548, 20047, 86648, 12348, 49048, 58048, 80849, 46347, 74147, 75348, 21248, 64348, 91849, 48749, 465

10, 07814, 46115, 32114, 17814, 96716, 33417, 23815, 98915, 83515, 58415, 82215, 97216, 00716, 05716, 05015, 92516, 06016, 20116, 25516, 33416, 56316, 557

4,6837,7398,3127,4738,0859,340

10, 1059, 1209,0668,8118, 8208,8879,0029, 1219, 1449, 1139,2209,3239,4189, 5019,6159,557

5,3946,7227,0106, 7056, 8826,9947, 1336,8706; 7696, 7737,0027, 0857,0056,9366,9066, 8126, 8406,8786, 8376, 8336, 9487,000

845852982918

885852770771760763744743749747741737739739742760748

1, 1501,6612, 1692, 1652,3332, 6342, 6222, 5272, 6292,6862, 7352,6982, 6522,5982,4262,2372, 1692, 2552,3992, 5262, 6152, 694

6,6128, 6029,5199,5139,645

10, 28110, 52710, 49810, 38910, 35110, 32110, 44710, 54810, 74510, 35410, 41910, 30910, 40810, 54910, 53410, 63310, 624

3,9955, 5955,6505, 8566,0266, 6096,6456,7516,7166,5516,5636,7466,8296,9177, 1666, 8356,8736,9226,9276, 8816,8516, 706

7, 63210, 11610, 80710, 68610, 87811, 56311, 79711, 75111, 86011, 93411, 91911, 88311, 80111, 74211,72011, 58411, 60511, 68711, 77411, 90112, 06512, 136

1 Includes all full- nud part-time wage and salary workers in nonagricultural establishments wlio worked during or received pay for auy part of the pay periodem) it ip nearest the* Jf i th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from thistable not comparable with estimates of nonagricultural employment of "the civilian labor force reported by the Department of Commerce (p. 11) which include pro-prietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which arebn«e<i on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.1 Preliminary estimates.

12 NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels.Source: Department of Labor.


AVERAGE WEEKLY HOURS - SELECTED INDUSTRIESTfie average workweek of factory production workers declined from 40.7 hours in June to 40.3 hours in July,decline is usual at this time of year.

A

HOUR PER WEEK HOURS PER WEEK

DURABLE MANUFACTURING

1952 1954

NONDURABLE MANUFACTURING

. . . ; . T J1955 1952

i i , I1954

BUILDING CONSTRUCTION

V^pvy^

^

RETAIL TRADE

SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS

[Hours per week, for production workers or nonsupervisory employees]

Period

19391946 _ .. _ .1947 . .1948 _ ..1949 . _19501951 ... _195219531954 . .1954: June

JulyAugustSeptember . „October .November _ _ _ _December . _ _

1955: January _ - _ _._February— __ _MarchApril_ _ _ _May. _June2--. _ . _July2

Total

37.740.440.440. 139.240. 540. 740. 740. 539. 739. 539, 439. 739. 739. 940.240.540. 240.440. 640. 340. 840. 740. 3

Manufacturing

Durablegoods

38.040.240.640. 539.541.241. 641.541.340. 240. 039.740. 140. 140. 440.841. 140. 941. 141. 441. 241. 641. 340. 7

r

Nondurablegoods

37.440. 540. 139. 638. 839. 739. 539. 639. 539. 038. 939. 039. 239. 339. 239. 539.839. 339. 539 739.039. 639. 939. 7

T)__*| J'_ _.15 uil dingconstruction

32. 638. 137. 6

*37. 336.736.337. 238. 137. 036. 237. 136.937.036.036.635. 836.035. 134. 735. 935.436. 736.8

(3)

Retail trade

42.740. 740. 340. 340. 440. 540. 239. 939. 239. 239 339. 839.739. 138.938. 739. 538. 938. 938 838.638. 839. 1

(3)

1 Data beginning with January 1948 are not strictly comparable with those for earlier periods.2 Preliminary estimates.NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.Source: Department of Labor.

66672—55 3

»Not available.

13


AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIESAverage hourly earnings of production workers in manufacturing were $1.88 in July, 1 cent higher than in June and8 cents higher than in July of last year.

DOLLARS PER HOUR DOLLARS PER HOUR

EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1954*100.

SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]

Period

193919461947 .. _ _ _ _19481949 _ _ _1950 . _19511952195319541954: June-

JulyAugust.Septemb er .OctoberNovember . . _December

1955 1 JanuaryFebruaryMarch .AprilMay.June 3

July*

All manufacturing

Currentprices$0. 6331.0861.2371.3501.4011.4651.591.671.771.811.811.801. 791.811.811.831.831.841.851.851. 861.871.871.88

1954prices l

$1. 2241.4961.4871.5081.5791.6371. 641.691. 781.811.801.791.791.811.821.831.841.851.861.861.871.881.88

(4)

Durable goodsmanufacturing

Currentprices$0. 698

1. 1561.2921.4101.4691.5371.671.771.871.92

1.911.911.911.931.931.941.951.961.961. 971.981.991. 992.00

1954prices 1

$1. 3501.5921.5531.5751. 6561.7171.731. 791.881. 921.901.901. 911.931. 941.941.961.971.971. 981. 992.002. 00

(4)

Nondurable goodsmanufacturing

Currentprices$0. 5821.0151. 1711.2781.3251.3781.481. 541.611. 661. 661. 661. 651.661. 661.671.671.681.681.681. 691.701.701.71

1954prices l

$1. 1261.3981.4071.4281. 4941.5401.531.561.611.661.661.661.651. 661.661.671. 681.691.691.691.701.711. 71

(4)

Buildingconstruction

Currentprices,^$0. 932

1.4781.681

2 1. 8481. 9352.0312. 192.312. 482.602.582.582. 602.622.632.632.652.652. 652.632.632. 632. 64

(4)

1954prices l

$1. 8032.0362.0202 2. 0652. 1822.2692.262.342.492.602.572.572.592.622.642. 642.662.662.662.642.642.642 65

(4)

Retail trade

Currentprices$0. 542

.8931.0091.0881. 1371. 1761. 261.321.401.451.461.471.461.461.471.461.441.481.481.481.491. 501. 51

(4)

1954prices *$1. 0481.2301.2131.2161. 2821. 3141.301.331.401.451.461.471.461.461.471.461.451.491.491.491. 501.511.51(4)

1 Earnings in current prices divided by consumer price index on base 1954=100.2 Data beginning with January 1948 are not strictly comparable with those for earlier periods.NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.Source: Department of Labor.

* Preliminary estimates.* Not available.


AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIESAverage weekly earnings of factory production workers declined from $76.11 in June to $75.76 in July as a resultof the shorter workweek. The July figure was $4.84 higher than a year earlier.

LLARS PER WEEK DOLLARS PER WEEK

NONDURABLE MANUFACTURING

J/ EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1954 = 100.

SOURCE:DEPARTMENT OF LABOR. COUNCH. OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]

Period

19391946 __ _19471948 ... _.1949 .. _195019511952 _ _195319541954: June

July « .August ...September »October...NovemberDecember

1955: January .February.MarchApril-MayJune *July 3_ _

All manufacturing

Currentprices

$23. 8643. 8249.9754. 1454.9259.3364.7167.9771.6971.8671. 5070.9271.0671.8672. 2273.5774. 1273. 9774.7475. 1174.9676.3076. 1175. 76

1954prices l

$46. 1560.3660.0660.4961.9266. 2966.9268. 7371.9171.8671.2970.7170. 9271.9372.4473.4274.4274. 2775.0475.4175.3476.6876. 34

(4)

Durable goodsmanufacturing

Currentprices

$26. 5046.4952.4657. 1158.0363.3269.4773.4677.2377. 1876.4075.8376. 5977.3977.9779. 1580. 1580. 1680.5681.5681.5882.7882. 1981. 40

1954prices l

$51. 2664.0463.0563.8165. 4270. 7571.8474.2877.4677. 1876. 1775. 6076.4477.4778.2079.3180.4780. 4880.8881.8981.9983.2082. 44

(4)

Nondurable goodsmanufacturing

Currentprices

$21. 7841. 1446.9650. 6151. 4154. 7158.4660.9863. 6064.7464.5764. 7464. 6865.2465.0765.9766.4766. 0266.3666.7065. 9167. 3267. 8367. 89

1954prices l

$42. 1356. 6756.4456. 5557.9661. 1360. 4661. 6663.7964.7464. 3864. 5564.5565. 3165.2766. 1066.7466. 2966.6366.9766.2467.6668.03

(4)

Buildingconstruction

Currentprices

$30. 3956. 2463. 30

2 68. 8570.9573.7381.4788.0191.7694. 1295.7295.2096.2094. 3296.2694. 1595. 4093.0291. 9694.4293. 1096. 5297. 15

(4)

1954prices *

$58. 7877.4776.082 76. 9379. 9982.3884. 2588.9992. 0494. 1295.4394. 9296. 0194.4196. 5594.3495. 7893.3992.3394. 8093.5797.0197. 44

(4)

Retail trade

Currentprices

$23. 1436.3540. 6643.8545. 9347.6350.6552.6754.8856.8457. 3858.5157.9657.0957. 1856.5056. 8857.5757.5757. 4257.5158. 2059. 04

(4)

1954prices l

$44. 7650.0748.8748.9951. 7853.2252. 3853.2655.0556.8457.2158.3357.8457. 1557. 3556.6157. 1157.8057.8057.6557.8058.4959. 22W

1 Earnings in current prices divided by consumer price index on base 1954=100.2 Data beginning with January 1948 are not strictly comparable with those for earlier periods.NOTE.—Beginning with 1953, data are based on first quarter 1954 benchmark levels of employment.Source: Department of Labor.

3 Preliminary estimates.* Not available.


PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTIONAccording to preliminary estimates, the seasonally adjusted index of industrial production reached a new high of140 (1947-49=100) in July. Durable goods manufacturing reached the previous peak in 1953 for the first timesince the current expansion began.

INDEX, 1947-49=100 INDEX, I94T-49MOO

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1955


[1947-49=100, seasonally adjusted]

T>_ * . Js. enod

1939 .194619471948 _1949 . _ .1950 .19511952.. .19531954 i

1954- June - - --July _August -- -SeptemberOctoberNovemberDecember-

1955* JanuaryFebruaryMarch _> _,AprilMayJuneJuly »

Totalindustrialproduction

589010010497112120124134125124123123124126128130132133135136138139140

Total

579010010397113121125136127125124125126128130131133134136138140141143

Manufactures

Durable

498610110495116128136153137135134135137139142143145147148151153155157

Nondurable

66959910299111114114118116116114114115117118119121121124125127128128

Minerals

689110010694105115114116111114112109108109113116120123121120121123122

»Preliminary estimates. Source : Board of Governors of the Federal Reserve System.


PRODUCTION OF SELECTED MANUFACTURESDurable goods manufacturing industries shared unevenly in the July risefacturing showed i'tfle change,

production. Nondurable goods manu-

, 1947-49 = 100, SEASON ALLY ADJUSTED INDEX,I947-49 = 100, SEASONALLY ADJUSTED

100 LLL

MACHINERY

FABRICATED METAL

120

80

CHEMICAL AND PETROLEUM PRODUCTS

PAPER AND PRINTING

FOODS, BEVERAGES,AND TOBACCO

19 TEXT ILES AND APPAREL V

1952 1953 1954 1955


1952 1953 1954 1955


{1947-49=100, seasonally adjusted]

Period

1939 __19471948 _-194919501951 -_ _- ...19521953 _ _1954 l __ _

1954: JuneJuly - - -August _ _ _ _SeptemberOctoberNovember-December

1955: JanuaryFebruaryMarchADrilMayJuneJuly i _

Durable manufactures

Primarymetals

5310310790115126116132108

108103105105111118121

127131136138140142139

Fabri-catedmetal

products

10310493115122121136123

122122124122124125125

125126129130134135138

Machin-ery

3810310493114130147160142

139141144147147148145

145146146149151155158

Transpor-tationequip-ment

4896102102120135154189175

170170166167169175187

191193195197199194204

Lumberandprod-ucts

8010110693113113111118115

1089697116128124131

129127127127128133W

Nondurable manufactures

Textilesand

apparel

809910397110106105107100

99989998102103104

106105109112113112111

Paperand

print-ing

96103101114118118125125

126126126127127127127

129130133134137138138

Chemicaland petro-

leumproducts

97103100118132133142142

142141141144143145148

148151153155158160162

Foods,bever-

ages, andtobacco

101100100103105106107106

108105105105105106106

107106108110110109109

Con-sumerdurablegoods

98102101133114105127116

118116115114112119125

131135139144145147155

i Preliminary estimates,2Not available.Source: Board of Governors of the Federal Reserve System,,


WEEKLY INDICATORS OF PRODUCTIONElectric power production was at a new high during July. Car and truck assemblies during the month were higherthan in June, but steel and paperboard output and bituminous coal mining were lower.

MILLIONS OF TONS MILLIONS OF SHORT TONS (DAILY AVERAGE)

BITUMINOUS COAL

... .......... ***"%..•••...•••... ... A*^«*

J F M

BILLIONS OF KILOWATT HOURS

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:19501951 . __19521953 _ _ -19541954: July _ _

AugustSeptemberOctoberNovemberDecember

1955: January—FebruaryMarchAprilMayJuneJuly 3 _

Week ended :1955: July 2

9162330

August 6 3

1 3 3 _ _ _

Steel producedThousands

of nettons

1,8572,0181,7822, 1411,6941,4991, 5051,5911,7381,8861,8751,9952, 1242,2532,2882,3312,2722,061

1,7162,0732, 2022, 1952, 1902, 0982, 192

Percent oftheoreticalcapacity 1

96.9100.985.894.971.062.963. 166.772.979. 178.682.788.093.494.896.694. 185.4

71. 185. 991. 291.090. 786. 990.8

Electricpower

distributed(millions of

Mlowatt-hours)

6, 1836,9587,4518, 2448,8838,8419, 1229, 0409, 1249,2409,6459,9369,9029,7969,6589,7419,986

10, 386

10, 1389,759

10, 44010, 62010, 727

4 10, 925

Bituminouscoal mined(thousands

of shorttons) 2

1,6871,7721,5481,5211,3041, 1841,2881,3791,4101,4981,5021,4441,4631,3761,3661,5231,6171,573

1, 7231,4781,6221, 5821, 602

Freightloaded

(thousandsof cars)

748779730737651658677687726671610631644656693766756758

697653799786796765

Paperboardproduced

(thousandsof tons)

214229213241236199246235254254227243260270263275278232

279156226265280278

Cars and trucksassembled (thousands)

Total

154.2129.8106.8141. 1125.6117.6116.482.870.8

134.2159.4178. 9185. 0198. 1207.6204.2168. 1183.8

184. 7155. 7195.4196.4187. 5165. 7

Cars

128.4102.783.4

118. 0106.0100.399.867.555.8

113.7138.9156.9169.2174. 1177.0173.3141.8158.0

158.4134. 1167.5169. 1161. 4142. 6

Trucks

25.927.223.423.219.717.316.515.315. 020.520.522.015. 823.930.630.926.225. 8

26.321. 628. 027.326. 123. 1

* Percent of capacity based on weekly net ton capacity of 1,906,268 for the first half of 1950; 1,928,721 beginning July 1,1950; 1,999,034 beginning January 1,1951;2,077,040 beginning January 1,1952; 2,254,459 beginning January 1,1953; 2,384,549 beginning January 1,1954; and 2,413,278 beginning January 1,1955.

2 Daily average for week. 3 Preliminary estimates. 4 Not plotted.Sources: American Iron and Steel Institute, Edison Electric Institute, Pepartment of the Interior, Association of American Railroads, National Paperboard

Association, and Ward's Automotive Reports.


NEW CONSTRUCTIONIn July, expenditures for total new construction, expressed as a seasonally adjusted annual rate, continued at $42billion. Private construction rose to a new high, while public construction declined. On a seasonally adjustedbasis, construction contracts awarded were 5 percent below the June level, but nearly 25 percent higher than a yearearlier.



0 I I I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I I I I I I I I I -I I I 1 I I I I I I I I I I I I I I I I I I I I I I I I I I I I

20

..»**"***

1 1 1 I 1 1 1 1 1 1 iI960

i i i 1 i 1 i l I 1 I1951

I i i l i 1 i i i i |1952

PRIVATE RESIDENTIAL^(NONFARM) >y t.-

1 1 1 1 1 I M i l l

1953

OTHER PRIVATE

1 1 i I i 1 1 1 i 1 11954

^ *

l i j i i 1 l l I i i1955

SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS


Period

1939. _ _ __ _ - _ ...19461947 _ _ - _19481949 _ _1950__~ _ __ _1951 _1952. _ _ _ _ _ _ _19531954

1954: June - -_JulyAugust _SeptemberOctober-November _ __December _ __ _

1955: JanuaryFebruary.. _ _March- _ _AprilMayJune _ _ _ _ _ _ _Julv 2

Total newconstruc-

tion

8.212.016.721.722. 828.531. 233.035.337. 6

PrivateTotal

private

4. 49.6

13. 316.916.421.521.822. 123.925. 8

Residential(nonfarm)

2. 74. 06.38.68. 3

12. 611.011. 111. 913. 5

Other

1.75.66.98. 38.18.9

10.811.011. 912. 3

Federal,State, and

local

3. 82.43.44. 86.47.09.4

10. 911. 411.8


37. 337.638.438.437. 639.041. 141. 141. 441.341.942. 442.042. 0

25.526.226.727.026. 927.228. 228.829.229.430. 030.029.830. 3

13. 213.814.314.614. 514. 715. 716.016. 116.016. 416. 416.316. 6

12. 312.412.412.412. 312.512.512. 713. 113.413. 613.613. 513. 7

11.811.411. 711.410. 811.812. 912.412.212.011. 912. 312.211. 7

Construction con-tracts awarded in37 Eastern States 1

3. 67.57.89.4

10.414.515.816.817.419. 8

Annual ratesUn-

adjusted20. 822. 018. 921. 828. 618. 021.918. 019. 025. 627. 926. 227. 127. 3

Seasonallyadjusted

19.319. 318. 318. 923.420. 922. 924.425.626. 124.422. 825. 123. 9

1 Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Research.Omits small contracts, and covers rural areas less fully than urban.

Sources: Department of Commerce, Department of Labor, and F. W. Dodge Corporation (except as noted).

2 Preliminary estimates.


HOUSING STARTS AND APPLICATIONS FOR FINANCINGThe number of private nonfarrn housing starts declined from 1.3 to 1.2 million units (seasonally adjusted annual rate)between June and July.

MILLIONS OF UNITS MILLIONS pF UNITS

•I/SEE FOOTNOTE I ON TABLE BELOW.


[Thousands of units]

Period

Annual total: 1939___19461948.--19491950___1951 .1952___19531954___

Monthly average: 1950_1953-1954.

1954: JuneJulyAugustSeptemberOctoberNovemberDecember

1955: JanuarvFebruarvMarchAprilMavJuneJulv4

New nonfarm housing starts

Total

515. 0670. 5931. 6

1, 025. 11, 396. 01, 091. 31, 127. 01, 103. 81, 220. 4

116. 392.0

101. 7116.5116. 0114.3115. 7110. 7103.690.687.689.9

113.8132.0

4 132. 04 129. 0115.0

Publiclyfinanced

56.68.0

18. 136. 343.871.258.535.518.73.63.01.63.93. 11.32.3. 2.3.7.3

2.01.01.5

4 2. 54 2. 5.8

Privately financed

Total

458.4662. 5913.5988. 8

1, 352. 21, 020. 11, 068. 51, 068. 31, 201. 7

112. 789.0

100. 1112. 6112.9113.0113.4110.5103.389. 987.387.9

112.8130.5

* 129. 54 126. 5114. 2

Government underwrittenTotal158. 1152.0396. 1468.8686.7412.2421. 2408. 6583.357.234.048.655.652.260.359.858.262. 450.746. 145.353. 660.365. 971. 662.9

FHA

158. 169.0

294. 1363.8486.7263. 5279. 9252.0276. 340. 621.023. 027.725. 427.025. 924.726.321.520.017.223.825.828.032. 125. 5

VA

2 83. 02 102. 02 105. 02 200. 0

148. 6141.3156. 6307.0

16. 713. 125.627. 926. 833.333. 933.536. 029. 126. 128.029.834. 537.839. 537.4

Private,seasonallyadjustedannualrates

1, 1751, 1881, 2111,2481,2871,3931,4781,4161,3701,3671,350

4 1, 3064 1, 3201,202

Proposed home construction

Applicationsfor FHA com-

mitments l

167.8121.7293.2327.0397.7192.8267. 9253. 7338.633. 121. 128.235.230. 132.234. 829.326. 924. 325.628.335.633. 130. 130.824.3

Requestsfor VA

appraisals

(3)(3)(3)

(8)164. 4226.3251.4535. 4

(3)21. 044. 652.752.355.451.345.647.744. 346.264.271.965.969.352.451.4

1 Units represented by mortgage applications for new home construction. * Estimated. * Not available.Sources: Department of Labor, Federal Housing Administration (FHA), and Veterans Administration (VA).

i Preliminary estimates.


SALES AND INVENTORIES-MANUFACTURING AND TRADEIn July, retail sales increased 2 percent, according to preliminary estimates. Total sales of manufacturing and tradefirms (seasonally adjusted) increased 1 percent in June, due principally to a 2 percent increase in manufacturers' sales.Manufacturers1 new orders increased slightly from the May level and continued to exceed sales. Inventories ofmanufacturers and retailers also increased during June,

BILLIONS OF DOLLARS, SEASONALLY ADJUSTED BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

TOTAL* AND MANUFACTURING

i i i I i i i i i

INVENTORIES —T"

INVENTORIES

-

I 1 1 1 t 1 I 1 1 1 11952

RETAIL

INVENTORIES

—»«""*"*"***"*

^ SALES

1 J 1 I I | | 1 1 I I

1953

1 1 1! i i 1 1 1 1 11954

» *— — —

i I I I I i i I I I I

1955

INDEX, 1947-49- 100, SEASONALLY ADJUSTED140

* WHOLESALE, MANUFACTURING, AND RETAIL..

SOURCES: DEPARTMENT OF COMMERCE AND BO/

Period

19391946 . .19481949195019511952__19531954- -1954: May _

JuneJulyAugust _ _ _ _SeptemberOctoberNovemberDecember

1955: JanuaryFebruaryMarchAprilMayJune 5

July5

Man uf acturiiigand trade

Sales i Inven-tories 2

Manufacturing

Sales * Inven-tories 2

Neworders l

Wholesale

Sales i Inven-tories 2

Retail

Sales *

Billions of dollars, seasonally adjusted

10.827.236.434. 739.9

4 44. 945.948.446. 746. 146. 946.646.346. 445.647. 648.748.748. 950.750.951.752.2

20. 142. 955. 652. 164. 1

4 75. 276.780.376. 978.978.677. 677. 377.076.977. 176.976.977. 377.577.778.478.8

5. 112. 617.616.419.322. 322.824.923. 423.223. 323.223. 123. 022.524. 024. 124. 324. 626.026.026.727.2

11. 524. 531.728. 934.342.843. 845. 943. 344. 344. 243. 443. 142. 943. 243. 343.343.243. 343.343. 343. 543.8

5.413.717.415. 921. 024. 523. 623.422. 421. 922. 021.421. 923. 322. 923. 124. 824. 624. 826. 526. 127. 727. 8

2.26.07.97.48.79.49.49.39. 18.99. 19. 19. 19.29.09.39. 59. 59. 59. 79. 69, 79. 7

3. 16. 68. 17.9

10. 511. 111. 311. 711. f>11. X

1. '.)1. s!. s1, 71. 71, 71. f>1. 51. 71. 61. 71.8

11. 8

3. 58. f,

](). « »10 . « :Jl.'. < i

4 • « • »

- I . :\i . :*

-1. 0- i . Ii , :•;

•J , 2•i. 2• I , 1-I . -l5. 14. 9

14. 815. 115. 315.415.315. 6

Iim-.M

tori*- '-'

I 1 « >I , , ;-,

l i ' . ;• ;1 V 1 . ?

: i , r»

>',». iJ'J. S!2. 0

22. 422. 522. 422. 022. 122. 122. 222. 422. 622. 823.023. 2

I » r l ' ? U i :n

• ! » . , ! . • > . HM7. . - . - . M i u i l h

:*590

10498

105109110112111108112111112108113114117118112113119117116123

•i\\. ;•: lores

Inven-tories 3

-49 = 100,T adjusted

3577

107100109129118126122121122124124125124124124123121123123124128

i Monthly average for year and total for month. * New series on retail trade beginning with 1951; not comparable with previous2 Book value, end of period. data. See Survey of Current Business, September and November 1952, for detail.3 Book value, end of period, except annual data, which are monthly averages. 8 Preliminary estimates. f\~tSources: Department of Commerce and Board of Governors of the Federal Reserve System. "


MERCHANDISE EXPORTS AND IMPORTSFor the first half of the year, commercial exports were 10 percent higher and imports 5 percent higher than in the corre-sponding period of 1954. Total merchandise exports were 1 percent lower than in the first half of 1954 because ofthe decline in military aid shipments.

MILLIONS OF DOLLARS1,800

1,600

1,400

1,200

MILLIONS OF DOLLARS1,800

1950

I/SEE FOOTNOTES I AND 2 ON TABLE BEtOW.

SOURCES". DEPARTMENT OF COMMERCE AND DEI COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

Period

i Q^fi— -38 monthly average -

i oj.7 mnnt.lilv avGiase --i Q4.R monthly average — — —1 QAQ mnntlllv fLVBTfiffe

iQ^l monthly average101^0 rvi ATI tM v ftVGrace _ _ _

i Q^4 rnonthlv averase

Tiilv "

September -H. iDecember — —

i Q • la niiarv --

April — — — _ _ — —Miay -June

Merchandise exports

Total

247812

1,2781,0541,003

8561,2531,2661,3141,2581,4011,4741,2911, 1561, 1141, 2651, 2491,3181, 1661,2331,3421, 2641,3081, 315

Grant-aidshipments 1

5496

2489

166293188264359268200153104859885959294

131128

Excludinggrant-aidshipments

7571,182

8331, 1641, 1001,0221,0701, 1371, 1151,023

955961

1, 1611, 1641,2211,0801, 1381, 2501, 1701, 1771, 187

Merchandiseimports

207412480594552738914893906851829946822825780764839942870850

1,019871956

3 925

Excess of exports (+)or imports ( — )

Total

+ 40+ 400+ 798+460+ 452+ 118+ 339+ 373+ 408+ 407+ 572+ 528+ 469+ 331+ 334+ 502+ 410+ 376+ 295+ 384+ 324+ 393+ 352

Excludinggrant-aidshipments

+ 345+ 702

+ 95+ 250+ 207+ 116+ 219+ 308+ 168+ 202+ 130+ 181+ 398+ 325+ 279+ 210+ 289+ 231+ 299+ 221

3 +262

22

TI -rmiru? with 1950 figures include only Department of Defense shipments of grant-aid military supplies and equipment under the Mutual SecurityProgram Shipments for'the first 6 months of the program (July-December 1950) amounted to 282 million dollars.

NOTE—Detail will not necessarily add to totals because of rounding. Sources: Department of Commerce and Department of Defense-


PRICESCONSUMER PRICESThe average of consumer prices increased slightly in June.

INDEX, 1947-49- IOO140

INDEX, 1947-49 = 100140

- 120


[1947-49=100]

Period

19391946194719481949 _195019511952 „195319541954: May-

JuneJulyAugustSeptemberOctoberNovemberDecember

1955: JanuaryFebruary .MarchAprilMayJune _ _ _

Allitems

59.483.495.5

102.8101.8102.8111.0113.5114.4114. 8115. 0115. 1115. 2115. 0114. 7114. 5114.6114.3114.3114. 3114. 3114.2114. 2114. 4

Food

47.179.095. 9

104. 1100.0101.2112.6114. 6112. 8112. 6113.3113.8114. 6113.9112.4111.8111. 1110.4110.6110.8110.8111.2111. 1111. 3

Housing

Total

C1)(>)

95.0101.7103.3106. 1112.4114.6117.7119. 1118.9118. 9119.0119. 2119. 5119. 5119. 5119. 7119. 6119.6119. 6119.5119. 4119. 7

Rent

86.691.494.4

100.7105.0108.8113. 1117.9124. 1128. 5128.3128.3128. 5128. 6128.8129.0129. 2129. 4129.5129. 7130. 0129.9130. 3130. 4

Apparel

52.583. 797. 1

103.599.498. 1

106. 9105.8104. 8104. 3104.2104. 2104.0103.7104.3104. 6104. 6104. 3103.3103. 4103. 2103. 1103. 3103. 2

Trans-porta-tion

««90.6

100.9108. 5111.3118.4126.2129. 7128. 0129. 1128.9126. 7126. 6126.4125.0127. 6127.3127. 6127.4127.3125. 3125.5125.8

Medicalcare

(l)C1)94. 9

100.9104. 1106. 0111. 1117.2121. 3125.2125. 1125. 1125.2125. 5125.7125. 9126. 1126.3126.5126.8127. 0127.3127.5127.6

Personalcare

C1)C1)97.6

101. 3101. 1101. 1110.5111. 8112.8113. 4113.0112.7113. 3113.4113.5113. 4113.8113. 6113.7113.5113. 5113. 7113. 9114. 7

Readingand

recrea-tion

C1)0)95.5

100.4104. 1103.4106.5107.0108.0107.0106.4106.4107.0106. 6106.5106.9106. 8106. 6106.9106.4106. 6106. 6106. 5106. 2

Othergoodsand

services

(*)C1)96. 1

100. 5103. 4105.2109.7115.4118.2120. 1120. 1120. 1120.3120. 2120. 1120. 1120. 0119. 9119.9119.8119.8119.8119. 9119.9

i Not available. Source: Department of Labor.


WHOLESALE PRICESThe average of wholesale prices increased in July, as increased prices for industrial commodities more than offsetdeclines in the average prices of farm products and processed foods.

I960


[1947-49=100]

193919461947.19481949-1950-19511952-1953-1954-1954:

1955:

Week1

Period

JuneJulyAugust . «SeptemberOctoberNovember-DecemberJanuary _ _February _MarchAprilMayJune _Julyended: 1

355: August 29 _ _ _ _ _

All com-modities

50 178. 796. 4

104. 499. 2

103. 1114. 8111. 6110. 1110. 3110. 0110. 4110. 5110. 0109. 7110.0109. 5110. 1110. 4110. 0110. 5109. 9110. 3no. o

110. 1no. i

Farmproducts

36 583. 2

100. 0107. 392. 897. 5

113. 4107. 097. 095. 694. 896. 295.893. 693. 193. 289. 992. 593. 192. 194. 291. 291. 889. 5

' 87. 287.8

Processedfoods

43 377 698. 2

106 195. 799. 8

111 4108. 8104. 6105. 3105. 0106. 5106.4105. 5103. 7103. 8103. 5103. 8103. 2101. 6102. 5102. 1103. 9103. 1

101. 1100. 9

Other thanfarm products

and foods(industrial)

58 178. 395. 3

103. 4101. 3105.0115. 9113. 2114. 0114. 5114. 2114. 3114. 4114. 4114. 5114. 8114. 9115. 2115.7115. 6115. 7115. 5115. 6116. 5

116.7116.7

241 Weekly series based on a smaller sample than the monthly seriesSource: Department of Labor.


PRICES RECEIVED AND PAID BY FARMERSThe index of prices received by farmers declined 2 percent during the month ended July 15. The index of pricespaid by farmers was slightly lower than a month earlier. The parity ratio dropped 2 points to 84—4 points below ayear earlier.

INDEX, I9IO-I4* IOO325

INDEX, I9IO-I4 *!00325

125

1950

-^RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.SOURCE. DEPARTMENT OF AGRICULTURE.

1955


Period

1939 __19461947 _1948 _ _1949 .1950 _ __1951 „1952 .1953 _1954 _

1954* June 15July 15 -August 15September 15 -October 15 -November 15 -December 15

1955* January 15February 15 - _ _ . .March 15 -April 15May 15 -June 15 --JUly 15

Prices paid by farmersfor items used in

Familyliving

Produc-tion

Parity index(prices paid,

interest,taxes, and

wage rates)

Prices re-ceived byfarmers

Index, 1910-14=100

120202237251243246268271270274276277277273273272272273271273274274274274

121191224250238246273274253252252247250251250251250254256256254251250248

123208240260251256282287279281282280282280279279279283283284284282282281

952 236

276287250258302288258249247245249246242242239243244243247244243237

Parityratio l

7711311511010010110710092898888888887878686868687878684

i Percentage ratio of index of prices received by farmers to parity index.* Includes wartime subsidies paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946.Source: Department>f Agriculture. 25


CURRENCY, CREDIT, AND SECURITY MARKETSCURRENCY AND DEPOSITSDemand deposits were unchanged between the end of May and the end of June/ a decrease is usual at this timeof the year. On a seasonally adjusted basis, total deposits (excluding Government) and currency have changedvery little since the end of April.


160

1 2 0

END OF MONTH

TOTAL DEPOSITS AND CURRENCY

TIME DEPOSITS

CURRENCY OUTSIDEBANKS

TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS

DEMAND DEPOSITSADJUSTED

160

120



End of period

1946 ---1948.19491950. ~ -1951 „ _ _ _ _ _ _19521953_._. „--1954. .1954: May —

June -July - _August --September „OctoberNovember .December -

1955: January 4 .February 4

March 4

April 4

May 4

June4 ~ _

Total de-posits andcurrency

167. 5172.7173. 9180.6189.9200.4205.7214.8203. 6205.3204.8206.3207.7211. 3213.3214.8213.4212.0210. 6213.0212. 6213.0

U. S.Government

deposits *

3.53. 64. 13.73.95. 64.85. 15.66.84.46.05.26.67.55. 14.25. 15.35. 65.95.6

Total excluding U. S. Government deposits(privately held money supply)

Total

164.0169. 1169.8176, 9186.0194. 8200.9209.7198.0198.5200.4200.3202. 5204.7205.8209.7209. 2206. 9205.3207.4206.7207.4

Currencyoutsidebanks

26.726. 125. 425. 426.327.528. 127.926. 827. 126. 826.926.926.927.527.926.826.826.726.726.827. 1

Demanddeposits

adjusted a

83.385. 585.892.398.2

101.5102.5106.698.798. 1

100.099.4

101.2103. 1104.0106.6107.0104.5102.4104.5103.4103.4

Timedeposits a

54.057. 558.659. 261.465. 870.475.372. 573.373.774. 074.474.874.375.375.475.776.276.276.577.0

»Includes U. S, Government deposits at Federal Keserve banks and commercial and savings banks, and U. S. Treasurer's time deposits, open account.* Includes demand deposits, other than interbank and U, S. Government, less cash items in process of collection.> Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.* Preliminary estimates.Nora.—Detail will not necessarily add to totals because of rounding. Source: Board of Governors of the Federal Reserve Board.


BANK LOANS, INVESTMENTS, AND RESERVESTotal loans and investments of commercial banks were unchanged between the end of May and the end of June.A rise of $1.8 billion in loans was offset by a decline in holdings of U. S. Government securities.


120

\ 8O

40

20

ALL COMMERCIAL BANKS

TOTAL LOANS AND INVESTMENTS

V

^INVESTMENT IN OTHER SECURITIES

BANK LOANS*

1952 1953

END OF MONTH

I 2080

40

20

SOURCE: BOflRO OF GOVERNORS OF THE FEDERAL RESERVE SYStEM 'COUNCIL OF ECONOMIC ADVISERS


End of period

19491950__195119521953 .1954 - _ _1954: May _

JuneJuly .. -August- -_..September .October . -NovemberDecember _

1955: January * .. _ _February 4 _ »March 4 .April4 .- -May 4 -June 4-July4

All commercial banks

Total loansand invest-

ments

120.2126. 7132.6141.6145.7155.9145. 7146.4147.3149.5150. 6154.0155.7155.9156.2154.8153.5155.5155.5155.5

Loans

43.052. 257.764.267.670.667. 167.367.366.567.367.769.470.670.671.272.372.973.975.7

Investments

Total

77.274.474.977.578. 185.378. 679.080. 083.083.386.386.385.385.783.681.282.681.679.8

U.S. Gov-ernmentsecurities

67.062. 061.563.363.469.063.363.564. 367.367. 370.270. 169.069.066.864. 265. 664. 963.0

Othersecurities

10.212.413.314. 114.716.315.315.515.715.716.016. 116. 216.316.716.817.017.016.716. 8

Weeklyreportingmemberbanks * 2

Businessloans 2

13. 917.921. 623.423.422.421. 921.921.520.821. 021.022. 122.422.022.122.622.522. 623. 523.5

All member banks * 8

Reserve balances

Required

17.015.618.519.619.318.518. 818.818.317.617.618.218.418.618.418.218.018.218. 218. 118.2

Excess

.8

.8

.8

.7

.7

.8

.7

.9

.8

.8

.8,7.8.7.7.6.6.6.6.6.6

Borrow-ings atFederalReserveBanks

. 1

.1

.3

.8

.8

.1

.2

.1

. 1

. 1

. 1

. 1

.2

.2

.3

.4

.5

.5

.4

.4

. 51 Member banks include, besides all national banks, those State banks that have taken membership in the Federal Eeserve System.2 Commercial, industrial, and agricultural loans; revised series beginning January 1952. Such loans by weekly reporting member banks represent approximately

70 percent of business loans by all commercial banks.* Data are averages of daily figures on balances and borrowings during the period.< Preliminary estimates.NOTE.—Detail will not necessarily add to totals because>f rounding. Source:lBoard of Governors of the Federal Reserve System.


CONSUMER CREDITIn June, total consumer credit outstanding rose $900 million to a new high of $32,5 billion. The increase of $2,5billion during the second quarter exceeds any past performance. Increased instalment financing of automobile pur-chases accounted for most of the rise.

BILLIONS OF DOLLARS

35

BILLIONS OF DOLLARS

35

TOTAL CREDITOUTSTANDING

NONINSTALMENT CREDIT^

-INSTALMENT CREDIT

1950

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,

1955


[Millions of dollars}

End of period

193919461947 .1948 ---194919501951 .1952195319541954* May

JuneJulyAugustSeptember.OctoberNovember.December.

1U55: January1'Y.bniary _Miirch.."..A p r i l . ..MayJ l l l H '

Totalconsumer

creditoutstand-

ing

7,2228,384

11, 57014,41117, 10420, 81321, 46825, 82729, 53730, 12528, 37228, 66628, 72528, 73628, 85628, 97529, 20930, 12529, 76029, 51829, 948{0, 655M, r>osVI, -171

Instalment credit outstanding

Total

4,5034, 1726,6958,968

11,51614, 49014, 83718, 68422, 18722, 46721, 48721,71721, 84921, 90121, 93521, 95222, 01422, 46722, 43622, 50822, 97423, 51324, 14924, 914

Auto-mobilepaper *

1,497981

1,9243,0544,6996,3426,2428,099

10, 34110, 39610, 00210, 16810, 29810, 34910, 36510, 34010, 29610, 39610, 45910, 64111,05311, 48211, 98512, 561

Otherconsumer

goodspaper l

1,6201,2902,1432,8423,4864,3374,2705,3285,8315,6685,3705,3675,3285,2945,2875,3245,3985, 6685,6095,4845,4795,4925,5555, 639

Repair andmoderni-

zationloans 2

298405718843887

1,0061,0901,4061,6491,6161,6341, 6351,6371,6421,6421,6371,6311,6161,5741,5501,5301,5341,5461,562

Personalloans

1,0881,4961,9102,2292,4442,8053,2353,8514,3664,7874,4814,5474,5864,6164,6414,6514,6894,7874,7944,8334,9125,0055,0635, 152

Noninstalment creditoutstanding

Total

2,7194,2124,8755,4435,5886,3236,6317,1437,3507,6586,8856,9496,8766,8356,9217,0237, 1957,6587,3247,0106,9747, 1427,4197,557

Chargeaccounts

1,4142, 0762, 3532,7132,6803,0063,0963,3423,4113,5182,7862,8192,7732,7342,8072,8923,0423,5183,2252,8312,7352,8593,0113,040

Instal-ment

credit ex-tended 8

8,49512, 71315, 54018, 00221, 25622, 79128, 39730, 32129, 3042,3972,7032,5492,4772, 4412,4542,5543,0462,3892,4163,1593,0893,2063,443

Instal-mentcredit

repaid *

6,78510, 19013, 26715, 45418, 28222, 44424, 55026, 81829, 0242,3362, 4732,4172,4252,4072,4372,4922,5932,4202,3442,6932,5502,5702, 678

vdit i - j t iMuicd for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.s held hy f inanc ia l institutions; those held by retail outlets are included in "other consumer goods paper."i < l ' lur lnn HH* jmi iod . Source: Board of Governors of the Federal Keserve System.


BOND YIELDS AND INTEREST RATESInterest rates rose during July and early August.

PERCENT PER ANNUM4

PERCENT PER ANNUM4

1950


1955


[Percent per annum]

Period

19391948 - ...1949 . .. .. _19501951195219531954 .1954; June

July _.AugustSeptember .. _ ._OctoberNovemberDecember

1955: January.February ...MarchAprilMayJuneJuly

Week ended:1955: July 2

91623 ...30

August 613

U. S. Government security yields3-monthTreasury

bills1

0.0231.0401. 1021.2181.5521.7661.931.953.650.710.892

1.007.987.948

1. 1741.2571. 1771.3351.6201.4911.4321.622

1.4011. 5411.6061.6201.7201.8501.889

Taxable bonds 2

Old series 8

2.442.312.322.572.682.932.532.542.472.482. 512.522. 552.572.652.722.712.772.752.762. 87

2. 812.822.832. 902.942.942.90

New series *

3. 162.702.702.622.602.642.652.682.682.764 2. 922.922. 922.912.912.96

2.942. 942.942.962.993.033.02

High-grademunicipal

bonds 6

2.762.402.211.982.002. 192.722.372.482.312.232.292.322.292.332.392. 422.452.432.412.482.62

2.552.602.622.622. 642.662. 66

Corporate bonds( Moody 's)

Aaa3.012.822.662.622.862.963.202.902.902.892.872.892.872.892. 902.932. 993. 023.013.043.053.05

3.053.053. 053.053.073.093.09

Baa4. 963.473.423.243.413.523.743.513.493.503.493.473.463.453.453.453.473.483.493.503.513. 52

3.513.513. 523.523.533.553.56

Primecommercial

paper,4-6 months

0.591.441.491.452. 162.332.521.581.561.451.331.311.311.311.311.471.681.691.902.002.002.11

2.002.052.062. 142. 192.282.31

1 Rate on new issues within period.2 Bonds in this classification were first issued in March 1941.i Beginning April 1952, 2H-pereent bonds first callable after 12 yean. Prior

to that, only bondi due or callable after 16 years were included.

* 3H-pereent bonds of 1978-83, issued in May 1953; and 3-percent bonds of IQQ*issued in February 1955. '8 Standard and Poor's. Weekly data are Wednesday figures.

Source: Board of Governors of the Federal Reserve System. 29Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STOCK PRICESStock prices rose during'July and declined in early August.

INDEX, 1939 = 100

500INDEX, 1939*100

500

300

400

300

200

I960 1951

SOURCE: SECURITIES AND EXCHANGE COMMISSION.

1955

COUNCIL Of ECONOMIC ADVISERS

Period

Weekly average:1946 .........194719481949195019511952_195319541954: August

SeptemberOctoberNovemberDecember

1955: January- - -FebruaryMarch..AprilMayJuneJuly

Week ended:1955: July 1

8152229

August 5 _

Com-positeindex *

149.4130.9132.7127, 7154. 1184.9195.0193.3229.8237.1240. 4243.6254.4267.7270.6281.0279.6286.8289. 0302. 9318.8

314.2318.5318.2321. 1322. 1315.6

M anuf acturing

Total

146.6132.4136.8132. 1165.7206.8220.2220. 1271.3280.0285.6291. 2305.2322.7326.4340. 0336. 9347.0349.6370. 1394.6

388. 3395. 0393.4397. 3399. 2389. 9

Durablegoods

138.6119. 9124.3116.0150.2178.5188.8192. 6245.2257.0260. 2267.4284. 4298.3306. 9320. 0318.2326. 8324.5344.4366. 1

355.4363. 2365.4371. 1375. 2369. 2

Nondura-ble goods

154.5144.6148.6147.2180.2233. 1249.3245.2295.2301.0308. 8312.8324.0345.0344. 0358.2353.8365.3372.4393.4420.7

418. 3424. 1418. 9421.2420. 940S. 7

Trans-portation

202.4149.1158. 1136.0160.0199.0220.6218.7232.6237. 1236.0240.4259.4284.8288. 1300.3305.4320.5326.0336.5333.9

338.0331. 1332. 6335. 9331. 7323. 9

Utilities

121.0105.599,398. 1

108.9112.6117.912L5135.8140.8139.8138.2141.2144. 1145. 3150.0150. 9152. 1153. 5154.3156. 6

154. 1154. 6157. 0] 58. 2159. 0157. 6

Trade,finance,

and service

204. 3162.8156.9160.7183.8207.9206.0207.1235.6243. 1247.2248.6260.4267.5269. 8276.0274.6277.3280.5294. 2304.3

299. 6307. 6305. 4305. 5303. 4300. 8

Mining

125.5117.2133.0129.4143.5204.9275.7240.5267.0262.6267.8269.4277.9310.3314.4314.6315. 1311.3302.6313. 8317.2

323. 1313.3315.8318.9315. 1312.0

30

1 Includes 2fi5 common stocks: 98 for durable goods manufacturing, 72 lor nondurable goods manufacturing, 21 for transportation, 29 for utilities ,31for trade, finance, and service, and 14 for mining. Indexes arc for wee&ly closing prices.

Source: Securities and Exchange Commission.


FEDERAL FINANCEBUDGET RECEIPTS AND EXPENDITURESFiscal year 1955 closed with a budget deficit of $4.2 billion.

BILLIONS

75

50

25

0

OF DOLLARS BILLIONS OF DOLLARS

TOTAL BUDGET EXPENDITURES

__

75

50

25

0

ifiin1950

pi]AV. '

1sK

rrr^

%;>:;:

^V""^

np

!:|

"•"<•":-:*x:

nB

^7

:>;-x

'//'/.'

WA

<m

•'/s-

;.%< ;

_

7 5

50

25

O

NET BUDGET RECEIPTS

•//:••/.— '•/:••/:<

££> :>g W;.

11 p Hii If H

m.*«v.

v^"^

nM

Sf?:,<;•.;:

5S'<-'/'-'

3p&>^

^

us$n^K

-

1951 1952 1953 1954 1955 1950 1951 1952 1953 1954 1955

NATIONAL SECURITY PROGRAMS—

_

—

:|g

1xx

':>><

£vi5

raft'• \'.

p rs3

1:•:'' :::

ix§:

ii:>'>- ':

11 i!

•HO

+ 5

0

-5

- IO

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

-

1

H piKSJ-j

pi

1

H 8^^ —

1950 1951 1952 1953 1954 1955 1950 1951 1952 1953 1954 1955

FISCAL YEARS


Period

Fiscal year 1944 - -Fiscal year 1947Fiscal year 1948Fiscal year 1949 ,Fiscal year 1950Fiscal year 195 1 - - - -Fiscal year 1952Fiscal year 1953 - --Fiscal year 1954 --Fiscal year 1955 >1954: ApriL

May . - -iTX«*J .

June -July

September - -October .. . ....NovemberDecember

1955: JanuaryFebruary -March-_ » ». -April . _May .-June

Net budgetreceipts

43.639.841. 537.736.547.661.464.864.760.32.83.6

10.62.83.95.02.64.23.74.75.49.73.74.4

10.0

Budget expenditures

Total

95. 139.033. 139.539.644. 165.474.367.864.55.35.27.34.86.75. 04.93.86.34.94.85.95.25.46.7

Nationalsecurity 1

75.814.411.812.913.022. 343.850.346.540.43.73.34.53.23.43.33.33.33.73.23. 13.53.33.33.9

Budget sur-plus (+) ordeficit (-)

— 51. 4+ .8

+ 8.4-1.8-3. 1+3.5-4.0-9.4-3.1-4.2-2.5-1.6+ 3.3-2.0-2.8-. 1

-2.2+.4

-2.5-.3+.6

+ 3.8-1.5-.9

+ 3.4

Public debt(end of

period) 2

202. 6258.4252.4252.8257.4255.3259.2266. 1271.3274.4271. 1273.6271.3271.0275.0274.8278.8278.9278.8278.5278.2274.1276.7277.5274.4

i Revised to Include the items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending June 30,1965. Theseexpenditure items are: Military functions of Defense Department, mutual military program, development and control of atomic energy, and allocation ;of critical andstrategic materials.

* Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.NOTE.—Beginning with February 1954, the reporting of budget receipts and expenditures is on a basis consistent with that used in preparing budget estimates.

The figures shown above for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis.Detail will not necessarily add to totals because of rounding. Sources: Treasury Department <md Bureau of the Budget.


CASH RECEIPTS FROM ANDPAYMENTS TO THE PUBLICFederal cash receipts exceeded cash payments by $1.9 billion in the second quarter of this year. A cash surplus isusual at this time of the year. For the entire fiscal year 1955, Federal cash payments exceeded cash receipts by$3.0 billion.

BILLIONS OF DOLLARS

80

60

BILLIONS OF DOLLARS

+ 10

-^PRELIMINARY ESTIMATES

SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.

1953CALENDAR YEARS

1954-s/ 1955^


[Millions of dollars]

Calendar year

Calendar year total;1046 _194719481949195019511952 „195319541

Quarterly totals, not adjusted for seasonal variation:1953: Third Quarter

Fourth quarter »1954:1 First quarter

Second quarterThird quarter ,.Fourth quarter - - «.

1955: l First quarterSecond quarter _ _ _

Cash receiptsfrom the

public

41, 44144, 28244, 92241, 34642, 41959, 27871, 33970, 04168, 562

15, 35713, 47123, 69319, 11513, 50112, 25321, 28720, 749

Cash pay-ments to

the public

41, 39938, 61636, 89742, 64241, 96958, 03472, 98076, 19469, 622

18, 87018, 10916, 45918, 43118, 58216, 17217, 16118, 878

Excess of re-ceipts (+) orpayments (— )

+42+5, 666+8, 027

1,295+450

+ 1,244-1,641-6, 153-1,060

-3, 513-4, 638+ 7,234

+ 684-5,082-3,918+ 4, 126+ 1,871

»Preliminary estimates.Not s.—Detail will not necessarily add to totals because of rounding.Sources: Bureau of the Budget and Treasury Department.

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

Price 20 cents per copy; $2.00 per year; $2.50 foreign.U, S . G O V E R N M E N T P R I N T I N G O F F I C E : I9SSDigitized for FRASER

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