economic indicators: may 1952 - st. louis fed · 2018. 11. 7. · may 1952 prepared for the joint...

82d Congress, 2d Session

Economic IndicatorsMAY 1952

Prepared for the Joint Committee on the Economic Report

by the Council of Economic Advisers

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1952

Digitized 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 Public Law 304, 79th Cong.)

% JOSEPH C. O'MAHONEY, Wyoming, Chairman

EDWARD J. HART, New Jersey, Vice Chairman

JOHN J. SPARKMAN, AlabamaPAUL H. DOUGLAS, IllinoisWILLIAM BENTON, ConnecticutROBERT A. TAFT, OhioRALPH E. FLANDERS, VermontARTHUR V. WATKINS, Utah

WRIGHT PATMAN, TexasRICHARD BOLLING, MissouriCLINTON D. McKINNON, CaliforniaJESSE P. WOLCOTT, MichiganCHRISTIAN A. HERTER, MassachusettsJ. CALEB BOGGS, Delaware

GMOVES W. ENSLBY, Staff Director

JOHN W. LEHMAN, Clerk

COUNCIL OF ECONOMIC ADVISERS

(Created pursuant to Sec. 4 (a) of Public Law 304, 79th Cong.)

LEON H. KEYSERLING, Chairman- JOHN D. CLARK

ROY BLOUGH

[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 flf 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 House, 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

11


ContentsTHE TOTAL OUTPUT OF THE ECONOMY

Page

The Nation's Economic Accounts 1Gross National Product 7 2

PRICESConsumers' Prices 3Wholesale Prices 4Prices Received and Paid by Farmers ,.. 5Stock Prices 6

EMPLOYMENT AND WAGESCivilian Labor Force 1Nonagricultural Employment—Selected Industries 8Average Weekly Hours—Selected Industries 9Average Hourly Earnings—Selected Industries 10Average Weekly Earnings—^Selected Industries 11

PRODUCTION AND BUSINESS ACTIVITYIndustrial Production 12Weekly Production—Selected Indicators 13Production of Selected Manufactures 14Gross Private Domestic Investment '. 15Expenditures for New Plant and Equipment 16New Construction .. 17New Housing Starts 18Inventories and Sales 19Merchandise Exports and Imports 20

PURCHASING POWERNational Income 21Corporate Profits 22Personal Income 23Consumer Income, Spending, and Saving 24Per Capita Disposable Income 25Farm Income 26

CREDIT, MONEY, AND FEDERAL FINANCEBank Loans and Investments 21Consumer Credit 28Bond Yields and Interest Rates 29Money Supply. 30Federal Budget Receipts and Expenditures 31Federal Cash Receipts From and Payments to the Public 32

111


THE TOTAL OUTPUT OF THE ECONOMYTHE NATION'S ECONOMIC ACCOUNTSOn the basis of national income and expenditure accounts, consumer saving almost offset the excess of businessinvestment over retained earnings in the first quarter of 1952. Government (Federal, State, and local) expendituresfor goods and services were approximately equal to receipts, when adjusted for transfer payments.

BILLIONS OF DOLLARS

ANNUAL TOTALS SEASONALLY ADJUSTED ANNUAL RATES

CONSUMERS

DISPOSABLE INCOME

EXPENDITURES

^^^

I ! ! I I t I I 1

GOVERNMENT - FEDERAL, STATE, AND LOCAL

EXPENDITURES FOR GOODS*. AND SERVICES

t EXCESS OF RECEIPTS

J/INCLUDES NET FOREIGN INVESTMENT IN ADDITION TO GROSS PRIVATE DOMESTIC INVESTMENT.

J2/ INCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT, ANDCAPITAL CONSUMPTION ALLOWANCES.

NOTE:-THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN JN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES,OR GROSS NATIONAL PRODUCT, BECAUSE OF STATISTICAL DISCREPANCIES.SEE SENATE REPORT NO. 1295, JOINT ECONOMIC REPORT, PP. 92-93, 99-105, FOR EXPLANATION AND USE OF THIS ARRANGEMENT.

SOURCE: DEPARTMENT OF COMMERCE.

1951 1952

COUNCIL OP ECONOMIC ADVISERS


GROSS NATIONAL PRODUCTGross national product in the first quarter of 1952 was at an annual rate of $4K billion higher than in the fourthquarter of last year according to preliminary estimates. Most of the increase was in national security expenditures,but personal consumption expenditures also rose.

BILLIONS OF DOLLARS350

BILLIONS OP DOLLARS356

1949

•^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED) COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Period

1939194419461947 _1948194919501951 -_

1950: Third quarterFourth quarter

1951: First quarterSecond quarterThird quarter, > _Fourth quarter

1952: First quarter 3_ _

Total grossnationalproduct

91.3213.7211. 1233.3259.0257.3282. 6327. 8

Personalconsump-

tion expend-itures

67.5111. 6146. 9165.6177. 9180.2193. 6205. 5

Gross privatedomestic

investment

9.97.7

28.730. 242. 733.048. 959. 1

Net foreigninvestment

0.92. 14.68.91. 9.5

-2.3.2

Government purchases of goods andservices

Total

13. 196.530. 928.636. 643. 642.563.0

Nationalsecurity l

1.287.518.512.015. 518. 918.937.3

Other 2

11.99.0

12. 416. 621. 124.723.625.7

Seasonally adjusted annual rates

287.4303. 7319.5328. 2329. 5334.6339. 0

202. 5198.4208.8202. 4204.0206.7209. 0

47.360. 260.265.656.654.654. 0

-3.2-2. 7-2.7

— . 11. 22.51.5

40.847.853.260. 367.770.774.5

17.923.928.735. 141.643.947.6

22.923.924.525. 226. 126.826. 9

J Includes expenditures for military services, international security and foreign relations (except foreign loans), atomic energy, merchant marine, and promotionof defense production and economic stabilization; excludes Federal Government sales. For further detail, see Economic Report of the President, January 1952 (p. 167) >and Survey of Current Business, February 1952 (p. 9).2 Residual; expenditures by the Federal Government for other than "national security" and total expenditures by State and local governments.

8 Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).


PRICESCONSUMERS' PRICESConsumers1 prices, which had declined in February, rose 0.1 percent in March. Food prices, on the average, werestable/ rents increased/ and the prices of appare! and housefurnishmgs dropped a little.

PERCENT OF 1935-39 AVERAGE

250PERCENT OF 1935-39 AVERAGE

250

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

1947

SOURCE: DEPARTMENT OF LABOR

1949 I960 1951 1952


[1935-39=100]

Period

1939 monthly average1943 monthly average1944 monthly average1945 monthly average1946 monthly average1948 monthly average1949 monthly average1950 monthly average

June 151951 monthly average1951: February 15.-

March 15April 15May 15. _. .June 15July 15August 15 _September 15October 15_ _November 15December 15 _

1952: January 15. __February 15March 15 1

All items

99.4123.7125.7128.6139.5171. 9170.2171. 9170. 2185.6183. 8184. 5184. 6185. 4185. 2185. 5185. 5186. 6187. 4188. 6189. 1189. 1187. 9188. 0

Food

95. 2138. 0136. 1139. 1159. 6210. 2201.9204.5203. 1227. 4226. 0226. 2225. 7227. 4226. 9227. 7227. 0227. 3229. 2231. 4232. 2232. 4227. 5227. 6

Apparel

100.5129.7138.8145.9160.2198. 0190. 1187. 7184 6204. 5202 0203. 1203 6204. 0204 0203 3203 6209 0208 9207. 6206 8204 6204. 3203 5

Rent

104.3108.7109. 1109.5110. 1121.2126.4131.0130 9136.2134 0134. 7135 1135. 4135 7136 2136 8137 5138 2138. 9139 2139 7140 2140 5

Fuel, elec-tricity, andrefrigeration

99.0107.7109. 8110. 3112. 4133.9137.5140.6139 1144. 1143 9144. 2144 0143 6143 6144 0144 2144 4144 6144. 8144 9145 0145. 3145 3

Housefur-nishings

101.3125.6136.4145. 8159.2195. 8189.0190.2184 8210.9209. 7210. 7211 8212. 6212 5212 4210 8211 1210 4210. 8210 2209 1208. 6207 6

Miscellane-ous

100.7115.8121.3124. 1128. 8149.9154.6156.5154 6165.4163 2164. 3164 6165 0164 8165 0165 4166 0166 6

• 168 4169 1169 6170. 2170 7

* A special survey of food pric.es indicated an increase of 1.0 percent between March 15 and April 15.NOTE.—Revised index of prices for moderate-income families in large cities.Source: Department of Labor.


WHOLESALE PRICESIn March, wholesale prices generally were a little lower than in February* Farrn prices increased slightly, whileprocessed food and industrial prices edged downward. Week-to-week changes during April indicated some furtherweakening of food prices and a minor decline in the prices of farm products.



SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS

[1947-49 =-100]

Period

1942 monthly average.. .1946 monthly average1947 monthly average . -1948 monthly average1949 monthly average _ _ _1950 monthly average .

June __1951 monthly average1951: March .

AprilMay • .. _JuneJulyAugust .September .October _ _NovemberDecember.

1952: JanuaryFebruaryMarch

Week ended:1952: April 1.

8 _ - _15222 9 _ _

All com-modities

64. 278 796. 4

104. 499. 2

103. 1100 2114. 8116 5116. 3115. 9115 1114. 2113. 71 13. 4113. 7113 6113. 5113 0112. 5112. 3

111. 8111. 6111. 5111. 3111.2

Farmproducts

(i)(i)100. 0107. 392 897. 594 5

113. 4117 6117. 5115. 7113 9111. 1110. 4109 9111. 5112 0111. 3110 0107 8108. 3

107. 6107. 4107. 2106. 7106. 7

Processedfoods

0)(i)

98. 2106. 195 799. 896 8

111. 4112 0111 8112. 3111 3110. 7111. 2110 9111. 6111 0110 7110 1109 5109 2

108 3107. 9107. 9107. 7107. 4

Other thanfarm products

and foods(industrial)

68 378 395 3

103. 4101 3105 0102 2115 9117 3117 1116 8116 2115 7114. 9114 8114 6114 5114 6114 3114 21 -i o niio. y

113 4113. 2113. 2113 1113. 0

4i Not available.NOTI.—Revised index. For description of the revision see The Monthly Labor Review, February 1952.•Source: Department of Labor.


PRICES RECEIVED AND PAID BY FARMERSIn April, for the third month in a row, the parity ratio held at 100. The "prices received" and ''prices paid" indexesboth rose slightly.



1 350

AND WAGE RATES)

i960

SOURCE: DEPARTMENT OF AGRICULTURE. COUNCIL OF ECONOMIC ADVISERS

[1910-14=100]

Period

1939 monthly average1942 monthly average _ _1944 monthly average _ _ _ _1946 monthly average1947 monthly average _ _1948 monthly average1949 monthly average _ _1950 monthly average __ _

June 15 „ _ „1951 monthly average1951- March 15

April 15May 15. _ _ - _June 15July 15 -_ _ _ _ -._ _-August 15 --September 15October 15 _ _ _November 15 __ _ _December 15 -

1952: January 15 _ _ --- _ - -February 15 -_March 15ADril 1 5 _ _ _ _ _ _ _ _ _ _ _ _ _ _ . _ .

Pricesreceived

by farmers

95158

2 1962 234

275285249256247302311309305301294292291296301305

300289288290

Parity index(prices paid,

interest, taxes,and wage

rates)

122151182207239259250255254281280283283282282282282283284284

287288286289

Parity ratio l

7810510811311511010010097

107111109108107104104103105106107

105100100100

1 Ratio of index of prices received by farmers to parity index..2 Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946.Source: Department of Agriculture.

98934—52 2


STOCK PRICESDuring April, stock prices declined fairly sharply from their high levels reached in the last week of March.

PERCENT OF 1939 AVERAGE PERCENT OF 1939 AVERAGE

SOURCE: SECURITIES AND EXCHANGE COMMISSION. COUNCIL OF ECONOMIC ADVISERS

[1939=1001

Period

Weekly average:19401942 _ . --1946__. -_19491950 ...

June.19511951: April

MayJuneJulyAugustSeptemberOctoberNovemberDecember _ _ _ _

1952: JanuaryFebruaryMareh_ _ _April

Week ended:1952: April 5

121926

Com-positeindex l

90.674.9

149. 6127.6154. 1158.3184.7183. 1181.6178.8181.8189. 1194.0191. 4185.0190. 2195.3193. 1192. 5191. 1

193. 0193.4189. 0189. 1

Manufacturing

Total

93.475.5

146. 6132. 1165.7171. 1206.6203.8202. 6199. 9204.4214.0219. 9215.8207.5214.5221.5218. 1216. 3214.5

217. 2217. 4211. 6211.8

Durablegoods

92.573.7

138.8116. 0150.4156. 0178.3181.2175.3168.9170.3177.7184. 5185. 1178.4182. 1185.2182. 6181. 5181.3

182.7182. 3179. 7180. 6

Non-durablegoods

94.277. 1

154. 4147.2180.2185.0233.0224.8228. 1228. 7236.3248.0252. 8244. 3234.6244. 6255. 1251. 1248. 4245.0

248. 9249.7240. 9240.4

Trans-portation

99. 190.8

202. 6138.8159.9149. 5199.2201.9196.7188.3187.9195. 1202. 3203.3194. 0203. 6210.6208.6214. 0217. 1

218. 6220. 4213. 2216.2

Utilities

97.769.8

121. 098. 1

107.2114. 8112.5111.4110.5109.9111.2113.9114. 9114. 3113.8115.0116.4116.8116. 7116.0

116. 1116.5115. 8115. 8

Trade,finance,

andservice

86.771.3

204.3160.5183.8182.4208.0207.8206.0200.9202.2205.5213. 1214.0207.8209.0209. 1206. 0202. 9202.5

203.5203.2201. 8201.4

Mining

75.959.7

125.5129.2143.5143.0204. 9183.4187.7186. 0195.2217.4229. 4243.6238. 8238. 1245.8258.0294.9298.4

300.8306. 9297.5288. 5

1 Includes 265 common stocks, distributed as follows; 14 for mining, 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 fortransportation, 28 for utilities and 32 for trade, finance, and service.

Source: Securities and Exchange Commission.


EMPLOYMENT AND WAGESCIVILIAN LABOR FORCEThe 400,000 rise in civilian employment in April resulted from a seasonal increase in agricultural employment.There was practically no change in total nonagricultural employment. Unemployment dropped to 1.6 million, or2.6 percent of the civilian labor force.

MILLIONS OF PERSONS70

MILLIONS OF PERSONS'*

PERCENT20

—

^ ill1939 1944 194?

$$&vfis1950

Uh

ill

Efl 1PLOYMENT AS PERCENT OF CIVILIAN LA30R FORGE

^^% !̂~*i_^

illllllliiiifI960

, , ,1951 1952

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

Period

1939 monthly average1944 monthly average1947 monthly average - --1948 monthly average1949 monthly average1950 monthly average

June1951 monthly average1951: March __

April «MaviV^CVJ

JuneJulyAugustSeptember. _ _OctoberNovember _ _December

1952: JanuaryFebruary .MarchApril2

Civilian labor force

TotalEmployment *

Total Agricul-tural

Nonagri-cultural

Unem-ploy-ment

Thousands of persons, 14 years of age and over

55, 23054, 63060, 16861, 44262, 10563, 09964, 86662, 88462, 32561, 78962, 80363, 78364, 38264, 20863, 18663, 45263, 16462, 68861, 78061, 83861, 51861, 744

45, 75053, 96058, 02759, 37858, 71059, 95761, 48261, 00560, 17960, 04461, 19361,80362, 52662, 63061, 58061, 83661, 33661, 01459, 72659, 75259, 71460, 132

9,6108,9508,2667, 9738,0267,5079, 0467,0546,3936,6457, 4408,0357,9087,6887, 5267,6687,0226,3786,1866,0646,0126,412

36, 14045, 01049, 76151, 40550, 68452, 45052, 43653, 95153, 78553, 40053, 75353, 76854, 61854, 94254, 05454, 16854, 31454, 63653, 54053, 68853, 70253, 720

9S 480670

2, 1422,0643,3953, 1423,3841,8792, 1471,7441,6091,9801,8561,5781,6061,6161,8281,6742,0542,0861, 8041,612

Unemploy-ment as per-cent of total

civilianlabor force

17.21.23.63.45.55.05.23. 03.42.82. 63. 1: 2.9

| 2.51 2.5

2.52.92.73. 33.42.92. 6

1 Includes part-time workers and those who had jobs but were not at work for such reasons as vacation, illness, bad weather, temporary lay-off,and indii<!tH«i dtepnte*

2 Data became available after chart was prepared.NOTK.—Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.


NONAGRICULTURAL EMPLOYMENT -Manufacturing employment declined slightly in March and was almost 250,000 below a year earlier. Reducedoutput of consumers' hard and soft goods was chiefly responsible for the March-to-March decline. However, defense-related industries recorded significant employment gains over the year.

MILLIONS OF WAGEAND SALARY WORKERS9.5

MILLIONS OF WAGEAND SALARY WORKERS

DURABLE MANUFACTURING

I I I I I ~~\ Q | I I I

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

CONTRACT CONSTRUCTION TRADE

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

o P i I I I I i I I I i . iJ F M A M J J . A S O N O

[Thousands of waee.and salary workers l]

Period

1939 monthly average1943 monthly average__1946 monthly average1948 monthly average1949 monthly average1950 monthly average

June1951 monthly average1951: February _ _

MarchAprilMayJuneJulyAugust. _SeptemberOctoberNovemberDecember

1952: January 2

February 2

March 2

Manufacturing

Total

10, 07817, 38114, 46115, 28614, 14614, 88414, 66615, 93115, 97816, 02215, 95515, 85315, 95615, 81316, 00816, 03915, 96515, 89015, 91315, 77715, 83615, 784

Durablegoods

4,68311,0777,7398,3157,4658,0087, 9648, 9268,8778, 9699, 0038, 9758, 9988,8398,8788, 9138,9428, 9769, 0008, 9508, 9908, 958

Nondur-able goods

5, 394-6,3046,7226,9706, 6816,8766,7027, 0057, 1017, 0536,9526,8786,9586, 9747, 1307, 1267,0236, 9146, 9136, 8276, 8466, 826

Contractconstruc-

tion

1, 1501,5671,6612, 1652, 1562, 3182, 4142, 5692, 2282,3262,4712,5982,6862, 7542,8092, 7682,7612,6332, 5182, 3092,3042, 289

Trade

6, 6127, 1898, 6029,4919,4389, 5249, 4119, 8049,5549,7139, 6279,6839, 7329, 6679,6419, 7819,893

10, 10910, 6609, 7199, 6439, 647

Financeand

service

4,7035, 3206,2076,5156,5456,5736,6536, 6416,4966,5366, 6106,6636, 7286,7606,7536,7296,6686, 6416, 6146, 5816, 5866, 610

Govern-ment

(Federal,

local)

3, 9876,0495,6075, 6135,8115,9105,8326,3906, 1226,2176, 2926, 3776,3776, 3566,4016, 5446,5326,4976,8816, 5096,4906, 528

Transpor-tationand

publicutilities

2,9123,6194,0234, 1513,9794,0104,0234, 1444,0824, 1124, 1324, 1374, 1614, 1764, 1904, 1784, 1664, 1654, 1614, 1074, 1104, 108

Mining

845917852981932904946920930924911915927906922917917917916909908907

Includes all full- and part-time wage and salary workers in nonagricultural establishments wlio worked or-received pay during the pay period ending nearestthe 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this table not com-parable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 7) which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which are based on anenumeration of population, whereas the estimates in this table are based on reports from employing establishments.

2 Preliminary estimates. Source: Department of Labor.8


AVERAGE WEEKLY HOURS - SELECTED INDUSTRIESThe average workweek in both durable and nondurable goods manufacturing industries has been declining since theend of last year.

HOURS PER WEEK HOURS PER WEEK

DURABLE MANUFACTURING

/**

i i i i j

NONDURABLE MANUFACTURING

> LL_LLJ II

RETAIL TRADE

SOURCE: DEPARTMENT OF LABOR.

1952


[Hours per week, selected industries1]

Period

1939 monthly average1943 monthly average1946 monthly average _ _ _ _ „_ _~1947 monthly average __1948 monthly average1949 monthly average _ _1950 monthly average

June _ _ _ . _ _1951 monthly average ...1951: February „ „ _ _ . _ _ _

March.AprilMay- .. _ _C*J » _

June _ _ . _ _ _JulyAugust-September,..OctoberNovember.December

1952: Januarv 4

February4

' March 4

Total

37. 744 940 440. 440 139. 2

* 40 540 540. 740. 941 141 040 740 740 240 340. 640 540 541. 240 940 840 7

Manufacturing

Durablegoods

38 046 640 240* 640 539 541 241 341. 741 641 942 041 841 840 941 341 641 741 542 241 941 841 6

V>

Nondurablegoods

37. 442 540 540. 139 638 839 739 539 540 040 039 739 339 439 339 139 438 939 239 939 639 539 4

Buildingconstruction

32 638 438 137. 6

3 37 336 736 337 037. 335 335 836 837 537. 738 138 238 238 536 437 737 337 7

(2)

Retail trade

(2)(2)

(2)40. 340. 340. 440. 540. 940. 140. 139. 739 939. 840. 440. 840. 840. 039. 839. 440. 139. 839. 9

(2)

1 For production and related workers.s Not strictly comparable with, previous data.

3 Not available.4 Preliminary estimates. Source; Department of Labor.


AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIESIn March, average hourly earnings in durable goods industries increased about 1 cent, while those in the nondurablegoods industries rose somewhat less.

DOLLARS PER HOUR DOLLARS PER HOUR

NONDURABLE MANUFACTURINGDURABLE MANUFACTURING

BUILDING CONSTRUCTION

it ^^195! PRICES X, JET

\ _ J****^

J ^^~*/

, ^

T . , , , 11949

f'^^-f "/

/

. . . 1 i 1 , . . i .1950

'?^URRENT PRICES

1 ( 1 M ,

1951

s

. . 1 1 . 1 1 1 1 m1952

•^EARNINGS IN CURRENT PRICES DIVSD

SOURCE: DEPARTMENT OF LABOR.: ON BASE 1951=100.

COUNCfL OF ECONOMIC ADVISERS

| Production and related workers in selected industries]

Period

1939 monthly, aver age1943 monthly average1946 monthly average1947 monthlv average1948 monthlv average. _1949 monthlv average1950 monthly average _

June _1951 monthlv average1951: February. __ _ _

March__April _MayJuneJulyAugustSeptember _October.November.December

1952: January 4 __ _February 4

March 4

All manufacturing

Currentprices

$0. 633. 961

1. 0861.2371. 3501. 4011. 4651. 4531. 5941. 5611. 5711.5781. 5861. 5991.5981. 5961. 6131. 6151. 6261. 6361. 6391. 6431. 651

1951prices l

$1. 1811. 4431. 4441. 4381. 4581.5281. 5821.5851. 5941.5771.5801. 5861.5881. 6021. 6001.5981. 6051. 5991.6001. 6051. 6081. 6241. 630

Durable goodsmanufacturing

Currentprices

$0. 6981.0591. 1561.2921. 4101. 4691. 5371. 5221. 6781. 6391. 6541. 6591. 6651. 6811. 6821. 6841.7071. 7051.7121.7231.7251. 7291. 740

1951prices 1

$1. 3021.5901. 5371. 5021. 5231. 6021. 6601. 6601. 6781. 6561. 6641.6671. 6671. 6841.6841. 6861. 6991.6881. 6851. 6911. 6931. 7081.718

Nondurable goodsmanufacturing

Currentprices

$0. 582.803

1. 0151. 1711. 2781.3251..3781/3651. 4811. 4581. 4601.4651. 4741.4841.4881. 4811.4891. 4911.5071. 5151.5201.5221. 528

1951prices 1

$1. 0861.2061. 3501.3621.380]. 4451.4881. 4891. 4811. 4731. 4691. 4721. 4751.4871. 4891. 4821.4821. 4761.4831.4871.4921. 5041. 508


Currentprices

$0. 9321.2521. 4781. 681

3 1. 8481. 9352. 0311. 9952. 2012. 1572. 1632. 1672. 1822. 1942. 1952.2072. 2362. 2392. 2602. 2532.2732. 288

(2)

1951prices 1

$1. 7391.8801. 9651. 955

3 1. 9962. 1102. 1932. 1762.2012. 1792. 1762. 1782. 1842. 1982. 1972.2092. 2252. 2172. 2242. 2112.2312.261

(2)

Retail trade

Currentprices

(2)(2)(2)

$1. 0091.0881. 1371. 1761. 1751. 2531.2361. 2331.2491. 2521. 2561.2621. 2591. 2701.2671. 2671. 2451.2881.283(2)

1951prices 1

(2)(2)(2)

$1. 1731. 1751. 2401. 2701. 2811.2531. 2481.2401. 2551. 2531.2591. 2631.2601.2641. 2541.2471. 2221. 2641.268

(2)>nt prices divided by consumers' price index on base 1951=100.

3 Not strictly comparable with previous data.< Preliminary estimates.Source: Department of Labor*

10


AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES

Reflecting the decline in the length of the workweek since December, average weekly earnings in March were slightlylower than at the end of 1951, in spite of a slow increase in average hourly earnings.

DOLLARS PER WEEK DOLLARS PER WEEK

55

0 f"l ' ' ] i I ). i i j..r] 1ji ij j | | i i 1 1 Ti M i i I i i i i.i.jf i1949 I 1950 I 1951 I

' EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMERS PRICE INDEX ON BASE 1961*100

SOURCE: DEPARTMENT OF LABOR.

[Production and related workers In selected Industries]

Period

1939 monthly average1943 monthly average1946 monthly average1947 monthly average1948 monthly average1949 monthly average1950 monthly average __ .._

June _ _ _1951 monthly average1951: February..

March .AprilMayj „JuneJuly__AugustSeptemberOctoberNovemberDecember

1952: January 4 _ _February 4

March 4

All

Currentprices

$23. 8643. 1443. 8249.9754. 1454.9259. 3358. 8564.8863. 8464. 5764. 7064. 5565.0864. 2464. 3265. 4965. 4165. 8567.4067. 0467. 0367.20

1951prices 1

$44. 5164. 7758.2758. 1058. 4759. 8964. 0764. 1864. 8864. 4864.9665.0364. 6165. 2164. 3064. 3865. 1664. 7664. 8166. 1465. 7966.2466.34

Durable goodsmanufacturing

Currentprices

$26. 5049. 3046.4952. 4657. 1158.0363. 3262.8669. 9768. 1869.3069.6869. 6070.2768. 7969. 5571.0171. 1071.0572.7172.2872.2772.38

1951prices 1

$49. 4474.0261.8261. 0061.6763. 2868.3868. 5569 9768. 8769. 7270.0369.6770. 4168. 8669. 6270. 6670.4069. 9371.3570. 9371. 4171.45

Nondurable goodsmanufacturing

Currentprices

$21. 7834. 1241. 1446. 9650.6151. 4154.7153.9258. 5058. 3258. 4058. 1657.9358. 4758. 4857.9158. 6758.0059.0760. 4560. 1960. 1260.20

1951prices 1

$40. 6351. 2354. 7154. 6054. 6556.0659. 0858. 8058. 5058.9158. 7558.4557. 9958. 5958. 5457. 9758. 3857.4358. 1459. 3259.0759. 4159.43


Currentprices

$30. 3948. 1356. 2463.30

3 68. 8570. 9573. 7373. 8282. 1076. 1477. 4479. 7581.8382. 7183.6384. 3185.4286.2082. 2684. 9484.7886. 26

(2)

1951prices l

$56. 7072. 2774. 7973.60

3 74. 3577. 3779. 6280. 5082. 1076. 9177.9180. 1581.9182. 8883. 7184. 3985.0085. 3580. 9683. 3683. 2085.24

(2)

Retail trade

Currentprices

(2)(2)

(2)$40. 6643. 8545. 9347. 6348.0650. 2549. 5648.9549. 8449. 8350.7451. 4951. 3750. 8050.4349. 9249. 9251.2651. 19

(2)

1951prices 1

(2)(2)(2)

$47. 2847.3550. 0951.4452. 4150. 2550.0649. 2550.0949.8850. 8451.5451. 4250. 5549. 9349. 1348.9950.3050. 58(2)

* Earnings in current prices divided by consumers' price index on base 1951=100,* Not available.Source: Department of Labor.

* Not strictly comparable with previous data,* Preliminary estimates. 11


PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTIONTotal industrial production in April was more than 1 percent below the March level, according to preliminary esti-mates. About one-half of the decline was due to the loss of steel output when furnaces were banked early in themonth in expectation of a strike. Production of nondurable goods and of minerals also declined.

PERCENT OF 1935-39 AVERAGE400

PERCENT OF 1935-39 AVERAGE400

PRELIMINARY ESTIMATES.

SOURCE: BOARD OF GOVER COUNCIL OF ECONOMIC ADVISERS

[1935-39=100, seasonally adjusted]

Period

1943 monthly average1 946 monthly average1947 monthly average. „.1948 monthly average1949 monthly average1950 monthly average _

June _ _1951 monthly average1951: March

AprilMayJune. _ _JulyAugust -SeptemberOctober.NovemberDecember

1952: January __FebruaryMarch 1

April i _

Totalindustrialproduction

239170187192176200199220222223222221212217218218219218221222220217

I

Total

258177194198183209208229234234233231222226228226228228231232230227

Manufacture

Durablegoods

360192220225202237237273277279276274265267271274277282283283282277

s

Nondura-able goods

176165172177168187184194199198198197187193192188188185189190188186

Minerals

132134149155135148151164158164165165156165167174170163167167164162

121 Preliminary estimates. Source; Board of Governors of the Federal Reserve System.


WEEKLY PRODUCTION - SELECTED INDICATORSAfter the drop in steel production early in April, previous record weekly levels were almost regained, only to haveanother shutdown disrupt production in the final days of the month. In April, electric power production continuedthe seasonal decline begun in March. Bituminous coal output decreased, and was below April a year ago. At theend of the month motor vehicle production reached the highest point since last September.

MILLIONS OF TONS MILLIONS OF SHORT TONS (DAILY AVERAGE)

ELECTRIC POWER

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

Period

Weekly average:1950

June.1951 __ _ _ _ _ - _1951: February

March , _ _ . _ _AprilMavi «jr

• June - _ _ -_JulyAugustSeptemberOctoberNovember.December

1952: January _ 'FebruaryMarch.April 3 _

Week ended:1952: April 5

121926

Steel1

Thousands ofnet tons

1,8571,8982,0161,9412, 0482,0612,0532;0181,9641, 9712,0222,0582,0502,0102,0622,0912, 1181,884

2, 1201,2942,0382, 085

Percent oftheoreticalcapacity

96.999. 6

100,997. 1

102.4103. 1102.7100.998.298.6

101. 2102. 9102.5100. 699.3

100.7102.090. 7

102. 162. .398. 1

100. 4

Electric power j,by utilities(millions of

kilowatt-hours)

6, 1836,0386,9586,8796,8286, 7226,5576,8046,7607, 1147,0127,2047,3407,4647, 5097,4437,3827, 158

7,2197, 1547, 1207, 140

Bituminouscoal

(thousands ofshort tons) 2

1,6871.7071,7771,6721,6611,7341,6431,7071,6881,7481,7901, 9181,9901,7651, 9191,7511,5811,508

1,5371, 3421,5331, 622

Cars andtrucks

(number)

154,211192, 825129, 807157, 760171,212152, 948140, 461

., 147, 582112,786120,311115,721112,300103, 36290,47682, 195

104, 161115,014119,700

' 116, 282115, 879121, 805124, 832

1 Weekly data are scheduled rates of operation; monthly figures are for actual output except latest month which is an average of the weekly estimates. Percentof capacity based on weekly net ton capacity of 1,843,516 for 1949, 1,906,268 for the first half of 1950,1,928,721 beginning July 1,1950,1,999,034 beginning January1,1951, and 2,077,040 beginning January 1,1952. 2 Daily average for week. * Preliminary estimates.

Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports.

9*934—52- 13


PRODUCTION OF SELECTED MANUFACTURESIn March, there was little change in the output of iron and steel and nonferrous metals. Lumber production fell3 percent, and machinery also declined. The output of petroleum and coal products, chemicals/ and textiles de-creased. Manufactured food production increased moderately.

PERCENT OF 1935-39 AVERAGE (ADJUSTED FOR SEASONAL VARIATION)300

PERCENT OF 1935-39 AVERAGE (ADJUSTED FOR SEASONAL VARIATION)300

1940 42 !44 46 48 50 J95Q 1951

SOURCE' BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1952


[1935-39=100, seasonally adjusted]

Period

1943 monthly average1946 monthly average1947 monthly average1948 monthly average1949 monthly average1950 monthly average

June __1951 monthly average _

1951: FebruaryMarch _ _ _AprilMay.JuneJulyAugustSeptember _ _ _OctoberNovember __ _December

1952: JanuaryFebruaryMarch 1

Durable manufactures

Iron andsteel

208150195208188.229231259

252263264263261253254258261261263

261261262

Lumberand

products

129131143145130160155157

169169170163153141146146149157154

159162157

Machinery

443240276277234270262336

328335337336338328328336340347358

359358355

Nonferrousmetals andproducts

267157187193160206207207

217209211206205199197196201209207

217217218

Nondurable manufactures

Textilesand

products

153162163170147182173174

194188185190185160170163154157152

157160153

Petroleumand coalproducts

185173193218209229222268

269269255263263262

- 265266269276281

281282277

Manufac-tured foodproducts

145149157159163164164165

166167168167165164166167163160160

163165167

Chemicalproducts

3?4236251254241264261298

288292296298302305306301298299298

299296293

* Preliminary estimates.

14

Source: Board of Governors of the Federal Reserve System.


GROSS PRIVATE DOMESTIC INVESTMENTIn the first quarter of 1952, the rate of inventory accumulation continued to drop, while investment in plant and equip-ment and expenditures for residential construction were higher than in the fourth quarter of 1951.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

ANNUAL TOTALS

/Af '\ A // \ / \ •i \/ \ /

V

1940 42 44 46 48 50

-^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.

SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

1949



Period

19391944194619471948 . _ .194919501951

1950: Third quarter .Fourth quarter

1951: First quarterSecond quarterThird quarterFourth quarter

1952: First quarter 1 _ _ _

Total grossprivate

domesticinvestment

9. 97. 7

28. 730. 242. 733. 048. 959. 1

New construction

Total

4. 92.8

10. 313. 917. 717. 222. 122. 2

Residentialnonfarm

2. 7.8

4. 06. 38. 68. 3

12. 610. 9

Other

2. 12. 06. 37. 69. 18. 99. 5

11. 3

Producers'durable

equipment

4. 65. 7

12. 317. 119. 919. 022. 527. 3

Change inbusiness

inventories

0.4— . 86. 1

_. g5. 0

-3. 24. 39. 7


47. 360. 2

60. 265. 656. 654. 6

54. 0

23. 423. 4

23. 822. 621. 620. 7

22. 0

13. 713. 1

12. 910. 99. 8

10. 1

10. 5

9. 710. 3

10. 911. 711. 810. 6

11. 5

24. 525.0

25. 927. 227. 029. 0

30.0

-. 711.8

10. 615. 88. 04.9

2.0

1 Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted). 15


EXPENDITURES FOR NEW PLANT AND EQUIPMENTExpenditures for new plant and equipment for the first quarter of 1952 were estimated to be about 24 percent aboveactual expenditures in the first quarter of 1951. Business plans to spend this year a total of $24.1 billion for newplant and equipment, or about 4 percent above the previous high in 1951, according to the latest survey (made inFebruary). Expenditures of only commercial and miscellaneous businesses are expected to be significantly less in1952 than in 1951.



[Millions of dollars, annual rates, not adjusted for seasonal variation]

Period

193919411945_19481949195019511952 4 _ _1950: Third quarter

Fourth quarter

1951: First quarter. _ _Second quaiterThird qaarter_Fourth quarter _ „

1952 : First quarter 4_Second quarter 4

Total *

5,2138, 1907,406

20, 03218, 02117, 83223, 29024, 12318, 04822, 06819, 45223, 65223, 37626, 68824, 20424, 392

Manufacturing

Total

1, 9433,4003, 9839, 1347, 1497,491

11, 13012, 0707,4369,896

8,61611, 20811, 36413, 34012, 48012, 480

Durablegoods

756(3)1.5903.4832,5943, 1355, 1685, 9943, 0884, 3443,69245 9245, 4526,608

6,4606, 312

Nondur-able goods

1, 187(3)

2,3935, 6514, 5554,356

" 5, 9626,076

4, 3685, 5284,9206,2845? 9046, 7326,0206, 164

Mining

380680443802738684796852720792732812796844852940

Transportation

Railroad

280560552

1,3191,3501, 1361, 5411,5391, 1401,2801.2121,6481, 5081,7961,5801, 604

Other

280340321700525437511609492580500544480520560620

Electricand gasutilities

480710630

2, 6833, 1403, 1673, 5773, 8643, 2843.740

3,0123, 5723,7323, 9923, 3523,448

Commer-cial andmiscel-

laneous 2

1,8502,4901,4775,3945, 1194,9175, 7355, 1894, 9765, 7805,3805,8685, 4966, 1965, 3805, 300

* Excludes agriculture.2 Commercial and miscellaneous composed of trade, service, finance, and communication.8 Not available.* Estimates based on anticipated capital expenditures of business as reported in a survey made in February and early March 1952.NOTE.—These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the

latter cover agricultural investment and also certain equipment and construction outlays charged to current expense. Figures for 1939-44 are Federal ReserveBoard estimates based on Securities and Exchange Commission and other data.

Detail will not necessarily add to totals because of rounding.Sources: Securities and Exchange Commission and Department of Commerce (except as noted).

16


NEW CONSTRUCTIONNew construction expenditures, seasonally adjusted., fell in April after, rising continuously during the preceding 5months. A drop of $17 million in total public construction and $60 million in private nonfarm residential waspartially offset by a rise of $19 million in "other11 private construction.

MILLIONS OF DOLLARS

3,000

2,500

2,000

1,500

1,000

MILLIONS OF DOLLARS

3,000

2,500

2,000

1,500

1,000

1952

SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR -

[Millions of dollars, seasonally adjusted]

Period

1939 monthly average1942 monthly average _1944 monthly average _1946 monthly average1948 monthly average1949 monthly average _ _ _ _ __1950 monthly average

June1951 monthly average _ _1951: March

April _ _MayJune _July .. ..August _ _ _ _ _ _ _- -,..SeptemberOctober _November _December . _

1952: January _ _ _FebruaryMarch-Aprin

Total newconstruction

6831, 173

4381,0001,7981,8822,3252,3162;4892,6672,6272, 5322,4832,4432, 4232,4282, 392 '2,4062,4122,5112,6022,7862, 728

Private constructionTotal

private

366285182803

1,3891,3481, 7321,7371,7351,9081,8451,7631,7171,7081, 6771,6711, 6341, 6081,5741,6831, 7391, 8661.825

Residential(nonfarm)

22314368

335715689

1,0501,072

9101,072

991888849836808815837849828837901

1, Oil951

Other

142142114469

.674660682665826836854875868872869856797759746846838855874

Federal,State,

1

317888256197409534593579753759782769766735746757758798838828863920903

i Includes public residential construction.1 Preliminary estimates.Source: Department of and Department of Labor.

17


NEW HOUSING STARTSNew housing starts rose sharply in March to 98,000 units, which was 27 percent above the February total. Thiswas the largest number of starts since last June, and 4,200 units more than in March a year ago.

THOUSANDS OF UNITS

200THOUSANDS OF UNITS

200

SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

"R /f_ __ J.t~iviontn

January ...FebruaryMarch.April _MayJune . .-JulyAugustSeptemberOctoberNovemberDecember

Total

Monthly average .

1947

39, 30042, 80056 00067, 10072 90077, 20081, 10086 30093, 80094 00079, 70058, 800

849, 000

70, 750

1948

53, 50050, 10076 40099, 500100 30097 80095, 00086 70082, 30073 40063, 70052, 900

931, 600

77, 600

New nonfarir

1949

50, 00050, 40069, 40088, 30095 40095, 50096, 10099, 000102, 900104 30095, 50078, 300

1, 025, 100

85, 425

i units started

1950

78, 70082, 900117, 300133, 400149, 100144, 300144, 400141, 900120, 600102 50087, 30093, 600

1, 396, 000

116,300

1951

85, 90080, 60093, 80096, 200101, 000132, 50090. 50089, 10096, 40090 00074, 50060, 800

1, 091, 300

90, 900

1952

1 68, 0001 77, 000*98 000

* Preliminary estimates.Source; Department of Labor,

18


INVENTORIES AND SALESBusiness sales/ seasonally adjusted, declined in March at the retail, wholesale, and manufacturing levels/ inventoriesshowed little change.

BILLIONS OF DOLLARS

TOTAL AND MANUFACTURINGMONTHLY AVERAGE SEASONALLY ADJUSTED

,..»**"****'

x\/ TOTAL INVENTORIES

TOTAL SALES*

MANUFACTURINGINVENTORIES

MANUFACTURINGSALES

IJJJ I I I I I I I I I I I I I I I I I I I

BILLIONS OF DOLLARS

RETAILMONTHLY AVERAGE SEASONALLY ADJUSTED

INVENTORIES ..•'" .,

v. r" '

1940 42 44 46 48 50 i960


1940 42 44 46 48 50 i960 1951 1952

*WHOLESALE, MANUFACTURING, AND RETAIL.

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

1940 42 44 46


Period

19391943 _ _ _ _ _1946__1947 _1948_ _,_19491950_ _ __ _ .

June19511951: February _ _ _

MarchAprilMayJuneJuly _ _AugustSeptemberOctober _November _December

1952: January 7

February 7_ _ __March 7

Total business l

Inven-tories 2 Sales 8

Retail

Inven-tories 2 Sales 8

Manufacturing

Inven-tories 2

f

Millions of dollars, seasonally adjusted

20, 05131, 34342, 94250, 60555, 64750, 92160, 43452, 82870, 10763, 41665, 24067, 36168, 98169, 44270, 26870, 08369, 96570, 06869, 99170, 10770, 21869, 88569, 769

10, 80221, 92027, 15133, 15636, 43834, 46739, 05139, 23943, 45344, 80444, 22243, 44844, 72843, 05241, 69142, 93041, 21544, 17543, 64841, 60943, 89845, 20242, 809

5, 5347,561

11, 85214, 06015, 82814, 50217, 79315, 57418, 09319, 04419, 74320, 34620, 64320, 28220, 04519, 42918, 76118, 54518, 28018, 09318, 06117, 97517, 833

3, 5045,2708,5419, 967

10, 87710, 89311, 97412, 06912, 54913, 32112, 63312, 28512,41112, 24012, 05812, 42912, 25812, 55112, 49212, 31812, 65012, 90812, 450

11,46520, 09824, 49828, mo31, 73428, 69033, 25329, 12342, 01434, 65735, 55736, 90838, 06839, 00939, 90840, 62141, 13241, 42441, 67642, 01442, 20642, 19342, 200

5, 11212, 82012, 61715, 91817, 63016, 33919, 06419, 27122, 03622, 26122, 60522, 47923, 43422, 13321, 24921, 67720, 59122, 46322, 21420, 76122, 48423, 33222, 100

Neworders

(millions ofdollars) 4

(6) -(6)

13, 69415, 62217, 33715, 79120, 73120, 92223, 99125, 76528, 49023, 82023, 58024, 10022, 48222, 97421,31423, 91622, 91220, 34422, 32622, 19222, 900

Department stores

Inven-tories s

8

Index 1947-49=100,seasonally adjusted

35557793

107100110105129129133138136136138134128121117119118116114

35569098

10498

105103109115105104104105105109107108112109108106105

1 Also includes wholesale, not shown separately in this table.s Book value, end of period. Revised trade data not available prior to 1948.3 Monthly average for year and total for month.< Data for new orders not adjusted for seasonal variation.

Sources: Department of Commerce and Board of Governors of the Federal Keserve System,

• Index of book value, end of period, except annual data? which are averages ofmonthly figures.

6 Not available.1 Preliminary estimates^

19


MERCHANDISE EXPORTS AND IMPORTSIn February, exports of all classes of commodities except crude materials increased over January levels. Total importsdeclined slightly but no more than could be explained by the shortness of the month. On a working-day basis,imports of semimanufactured goods fell but other categories of imports rose.

MILLIONS OF DOLLARS

1.600MILLIONS OF DOLLARS

1,600

!,200

J/ RECORDED MERCHANDISE EXPORTS, INCLUDING REEXPORTS, AND CSVSUAN SUPPLIES FOR OCCUPIEDSJ RECORDED GENERAL MERCHANDISE IMPORTS ,

SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF THE ARMY, AND DEPARTMENT OF THE NAVY, COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

Period

1936—38 monthly average- _ _ - . -_1943 monthly average1946 monthly average _ _1947 monthly average __1948 monthly average - *1 949 monthly average ~ •. _ __1950 monthly average

June -1951 monthly average1951" January _ -

February . . - - _ ~ -~MarchApril - _ - -Mav - - -- --AAC.J „ _ „ .

June - -- --July _ . _AugustSeptemberOctober _ ~NovemberDecember

1952: January _ _ _ _ _ _ _ _ _February

Exports 1

2471, 080

8121,2781,0541/003

856877

1,252974

1?0761, 2851, 37015 3541, 2941, 1901, 2691, 2321, 1551, 3881, 4381, 2471, 328

Imports 2

207282412480594552738687914

1,024910

1, 1011, 0331, 018

930894880721833818800922892

Excess ofexports (-f ),imports (— )

+ 40+ 799+ 400+ 799+ 461+ 452+ 119+ 190+ 339-50

+ 166+ 184+ 337+ 337+ 364+ 296+ 3S9+ 511+ 321+ 570+ 637+ 325+ 436

20

* Recorded merchandise exports, including reexports, and civilian supplies for occupied areas.3 Recorded general merchandise imports.NOTE: Detail will not necessarily add to totals because of rounding.Sources: Department of Commerce, Department of the Army, and Department of the Navy.


PURCHASING POWERNATIONAL INCOMEIn the first quarter of 1952, national income increased at an annual rate of $3 billion above the fourth quarter oflast year. Compensation of employees, with the largest increase since the second quarter of last year, rose at arate of $3K billion while proprietors9 and rental income declined from the peak level reached in the fourth quarterof 1951. Other major components showed no significant changes.

BILLIONS OF DOLLARS

ANNUAL TOTALS

BILLIONS OF DOLLARS

300

SEASONABLY ADJUSTED ANNUAL RATFS

TOTAL NATIONAL INCOME

I949 I960

SOURCE : DEPARTMENT OF COMMERCE (EXCEPT AS NOTED)


Period

1939 -19441946194719481949_._ _19501951 _ _ _

1950: Third quarterFourth quarter

1951: First quarterSecond quarterThird quarterFourth quarter

1952: First quarter 1

Totalnationalincome

72.5183. 8180.3198.7223. 5216.7239.0275.8

Compensa-tion of

employees

47.8121. 2117. 1128.0140. 2139. 9153.3178. 1

Proprietors1

(business,professional,

farm)and rental

income

14.735.542. 042.447.341. 444. 048.9

Net interest

4.23. 12. 93.54.34.95.45.7

Corporate profits and inventory.valuation adjustment

Total

5. 824.018.324. 731. 730.536. 243.0

Profitsbeforetaxes

6. 524.323.530. 533.828.341. 444.5

Inventoryvaluation

adjustment

-0.7-.3

-5.2-5. 8— 2. 1+ 2. 1-5. 1-1.5


245. 8260. 1269.4274. 3278.0281. 2284.0

157.3165. 2172. 1177. 5180.6182. 0185. 5

45.647.248. 848. 149. 149. 849. 0

5.55.65.65.75. 8

* 5.85.9.

37.442. 242. 943.042. 643. 643.7

45.750.351. 845. 439. 841. 142. 5

-8.3— 8. 2-8.9-2.3+ 2.8+ 2.5+ 1.2

i Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

21


CORPORATE PROFITSIn the first quarter of 1952, corporate profits before taxes were slightly above the fourth quarter of 1951 but wereconsiderably below the peak reached a year ago, according to preliminary estimates. Corporate profits after taxeswere virtually unchanged, reflecting for the first time the full impact of the 1951 tax increase.

BILLIONS OF DOLLARS

60

BILLIONS OF DOLLARS

60

SOURCE:DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).


Period

1939 — . -1944 _ _ .„_19461947 „ -_194819491950 .... ..1951

1950: First quarterSecond quarter ~Third quarter .._Fourth quarter

1951: First quarterSecond quarter *Third quarter _ _ _ .Fourth quarter

1952: First Quarter !

Corporateprofits

before taxes

6.524.323.530.533. 82&341.444. 5

Corporatetax

liability

1.513.59.6

11.913.011.0iae26.6

Corporate profits after taxes

Total

5.010.813.918.520. 717.322. 818. 0

Dividendpayments

3.84.75.86. 67 27.69.29.4

Undistributedprofits

1.26. 18. 1

12.013.59.8

13.68.6


31. 937.545. 750.351. 845. 439.841. 142.5

14.416. 920. 522.531. 127. 023.724.525. 9

17.520.625.227. 820.718.416. 116.716.6

7.88.49.4

11. I8.8a 69.69.89.0

9.712.215.816.711.98.86.56. 97.6

22

i Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—No allowance has been made for inventory valuation adjustment. See p. 21 for profits before taxes and inventory valuation adjust-

ment.Detail will not necessarily add to totals because of rounding.Source: Departmsnt of Commerce (except as noted).


PERSONAL INCOMEThe small drop in personal income for March primarily reflected lower proprietors1 income. Salaries and wageswere unchanged; dividends increased.



SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS


Period

19391944 . _19481949 . - -19501951

1950- June1951: February-

MarchAprilMay :_-JuneJulyAugust __September _ -October..NovemberDecember

1952: JanuaryFebruary _March 3

Total per-sonal income

72.6165. 9209.5205. 1224. 7251. 1

Labor income(salaries,

wages, andother labor

income)1

45.6116. 2134.9134.2146.4169.7

Proprietors' income1

Farm

4.511.817.713.013.716.9

Business,professional,and rental

income10.323.729.62R430.332.0

Dividendsand personal

interest

9.210. 616.017. 119.320.0

Transferpayments

3.03.6

11.312.4

2 15. 112.5


219. 0243.3245. 5249.0249. 8251.0252.4253.7253.6257. 5256.5

, 258. 6257.7258. 3257.8

144. 6163.8166. 0168.6168.9170.2170.9171.2172. 1173.3174.6175.8176.0177. 6177. 6

12.315.915.816.416. 216. 217.317.616.818.217. 117.617. 115. 715.0

30.232.331.931.731.831. 831.932. 131. 532.332.032. 232.432. 532. 0

18.419.219.720.220. 220.019. 720. 120. 720.820.220.719.319.920. 6

13.512. 112. 112. 112.712.812.612.712. 512.912.612. 312.912. 612. 6

1 Excludes employee contributions for social insurance, and self-employed contributions (which became effective January 1952).2 Includes $2.7 billion National Service Life Insurance dividend, most of which was paid in the first half of the year.* Preliminary estimates.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce. 23


CONSUMER INCOME, SPENDING, AND SAVINGWith expenditures for nondurable goods and services rising slightly in the first quarter of 1952 and disposable incomedeclining a little, personal saving fell somewhat below the very high levels prevailing during the previous 9 months.



/ PERSONAL INCOME LESS TAXES.

J PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.

OURCE; DEPARTMENT OF COMMERCE (EXCEPT AS NOTED) COUNCIL OF ECONOMIC ADVISERS

Period

193919411942 _ _ _ _ _ _ _ _ _ _1944 '1946 _ ...1947., _ •19481949 _ _ _ _ _ . _ _ „19501951 ' _ _ -

1950: Third quarterFourth, quarter

1951: First quarter __Second quarterThird quarterFourth quarter

1952: First quarter 2

Dispos-able per-

sonalincome l

Less: Personal consumption expenditures

Total Durablegoods

Nondur-able goods Services

Equals:Personal

netsaving

Billions of dollars

70. 292.0

116. 7147. 0158. 9169. 5188.4186. 4204. 3222. 6

67. 582. 391. 2

111. 6146.9165. 6177.9180. 2193. 6205. 5

6. 7 35. 39. 8 44. 07. 1 52. 97. 1 67. 1

16. 6 85. 821. 4 95. 122. 9 100. 923. 9 98. 729. 2 102. 326.8 111.8

25. 528. 531. 237.444. 549. 154. 157. 662. 166. 8

2. 79.8

25. 635. 412.03.9

10.56.3

10.717. 2

Net savingas percent

of dis-posableincome

3,810. 721.924. 17.62.35.63.45.27.7


207. 1215.2216. 5221. 8224. 9227.2226. 5

202. 5198. 4208.8202. 4204.0206. 7209.0

34.329. 431.325. 925.225. 025. 0

105. 5104.9112. 1110. 1111. 5113. 6115.0

62. 764.065. 466. 567.368. 169. %0

4. 616. 87.8

19. 420.820.517. 5

2.27.83. 68.79.29.07. 7

1 Income less taxes.2 Estimates based on incomplete data; by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

24


PER CAPITA DISPOSABLE INCOMEPer capita disposable income in both current and constant prices declined in the first quarter of 1952.

1,200

ANNUAL AVERAGES

CURRENT PRICES

SEASONALLY ADJUSTED ANNUAL RATES

DOLLARS1,600

1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 I95O 1951

1949 1950

1,200

1952

SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

Period

1939 .194119421944 __1946 --19471948 - -1949 -19501951 _„_

1950: Third quarter . _ _ - _Fourth quarter .

1951: First quarterSecond quarterThird quarter - -Fourth quarter _ . _ _

1952: First Quarter 4

Total disposable personalincome (billions of dollars) l

Currentprices

70.292.0

116. 7147.0158.9169. 5188.4186. 4204.3222. 6

1951prices 2

134. 5164. 3185.8205. 0198.4193. 1203. 7204. 2219. 2222. 6

Per capita disposable per-sonal income (dollars)1

Currentprices

536690866

1,0621, 1241, 1761,2851,2501,3471,442

.1951prices 2

1,0281, 2321,3781, 4811, 4031,3401, 3891,3691,4451,442

Population(thousands)3

130, 880133, 377134, 831138, 390141, 398144, 129146, 621149, 149151, 689154, 353


207. 1215.2

2l6. 5221. 8224. 9227.2

22B. 5

219. 4225. 1

217. 6222. 5225. 4224. 7

224. 0

1, 3621,409

1,4111,4401,4541,461

1,451

1,4431,473

1,4191,4451,4571,445

1,435

152, 068152, 774

153, 396154,011154, 724155, 466

156,098

iIncome less taxes.* Dollar estimates in current prices divided by the price index of personal consumption expenditures. This price index was based on the Department of Com-

merce data, shifted from 1939 base.' Provisional intercensal estimates of the population of the United States including Armed Forces overseas, taking into account the final 1950 Census total popu-

lation eount. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.< Estimates based on incomplete data; by Council of Economic Advisers.Source: Department of Commerce (except as noted).

25


FARM INCOMEIn March, farm income was about 2 percent higher than in February, in both current and constant prices,was far short of the February-March gain in 1951.

This rise



S O N G

1952FARM INCOME IN CURRENT PRICES DIVIDED BY PARITY INDEX ON BASE I95l = iu0,

NOTE" FARM INCOME INCLUDES CASH RECEIPTS FROM MARKETINGS AND GOVERNMENT PAYMENTS.

SOURCE^ DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS

Period

1939 monthly average _1941 monthly average1944 monthly average _ - -- - -1946 monthly average - _1948 monthly average1949 monthly average - -1950 monthly average _ _ _ - .

June _ _ _ _ _ _ _1951 monthly average -- - - - - -1951: February _ _

MarchA.Dril - - -Mav - - - -June • - -July _ ' _ _ _ _ _ - .._ __ _ _ _ _ _ _ _ _AugustSeptember -_October __ _ _November - - . .December- _ _

1952* JanuaryFebruary 3 _ _ _ _ _ _March3 _ _

Farm income(millions of

currentdollars)

724979

1,7532, 1362, 5672, 3502,4211, 8852, 756138992,0712, 1372, 1532, 1692,6522, 9923, 3954, 3553, 6013, 1152, 6422, 0432,087

Parity index(prices paid,

interest, taxes,and wage rates)

1951 = 100!

4347657492899190

10098

100101101100100100100101101101102102102

Farm income(millions of

1951 dollars) 2

1, 6842 0832, 6972,8862, 7902, 6402, 6602, 0942, 7561,9382, 0712, 1162, 1322, 1692, 6522, 9923, 3954, 3123, 5653,0842, 5902, 0032,046

1 Converted from the reported base, 1910-14=100, to the base 1951=100.2 Farm income in current dollars divided by parity index on base 1951=100.8 Preliminary estimates.NOTE.—-Farm income includes cash receipts from marketings and Government payments,Source: Department of Agriculture.

26


CREDIT, MONEY, AND FEDERAL FINANCEBANK LOANS AND INVESTMENTSBank loans rose during March at the same moderate rate as in February. Investments expanded slightly, as increasedholdings of corporate and State and local securities more than offset declines in holdings of U. S. Government issues.

BILLIONS OF DOLLARS

ISOBILLIONS OF DOLLARS

150

1939 1945 1949 1950 1951END OF YEAR

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

1950 I 195! 195?END OF MONTH

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


End of period

1939 ...19451947 ..1948 . „19491950

June19511951: March .__

AprilMayJuneJuly. ' _.AugustSeptemberOctober _NovemberDecember

1952: January _February _March 2 _ _April

All commercial banks

Totalloans and

investments

40.7124. 0116.3114. 3120.2126.7121.8132.6125.7125.4125. 1126. 0126. 1127. 0128. 6130. 5131.9132. 6132.8132. 2132. 5

Bank loans

17.226. 138. 142.543.052.244.8, 57> 7

54.454.454. 554.854. 655.256.056. 857.357.757. 557. 657.8

Investments

Total

23.497. 978.271.877.274.477. 074.971.371.070.671. 271.571. 972. 673.774.674.975. 374.674. 7

U. S.Government

securities

16. 390. 669.262.667.062.065.861.558.858. 558. 158.558.759. 159.760.961.661.562.061. 361. 1

Othersecurities

7. 17.39.09.2

10.212.411.213.312. 612. 612.512.712.812.712. 912. 913.013. 313. 313. 413. 6

Weeklyreportingmemberbanks —Businessloans 1

4.47.3

14.615.613.917.813.621.619.219. 119.019. 219.019.520. 120. 620.921.621.221.221. 420.9

i Commercial, industrial, and agricultural loans.NOTE.—Detail will not necessarily add to totals beowsp of rounding.

s Preliminary estimates.Source: Board of Governors of the Federal Reserve System. 27


CONSUMER CREDITConsumer credit outstanding declined about $150 million during March, largely because of a reduction in chargeaccounts. At the end of March, total consumer credit was more than $1 billion, or 5 percent, below the December1951 level.



1945 1949 1950 195END OF YEAR

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1951

END OF MONTH


[Millions of dollars]

End of period

19391943194619491950

June1951.1951: February

MarchApril .MayJuneJulyAugustSeptember,OctoberNovember _ _December..

1952: January. _ _February 3

March 3

Totalconsumer

creditoutstand-

ing

7, 0314,6008, 677

16, 80920, 09717, 65120, 64419, 53319, 37919, 12619, 20719, 25619, 13219, 26219, 36219, 58519, 98920, 64420, 12619, 71619, 557

Instalment credit

Totalinstalment

credit

4,4242,0014,000

10, 89013, 45912, 10513, 51013, 07312, 97612, 90412, 92012, 95512, 90313, 04513, 16713, 19613, 27113, 51013, 31413, 18413, 149

Sale credit

Total

2,792882

1, 6486,2407, 9046,9957,5467,5217,3687,2707,2487, 2347, 1737,2477,3277,3557,4007,5467,3227, 1587,047

Automo-bile salecredit

1,267175544

3, 1444, 1263,7904,0393,9903,9463, 9343, 9804,0414,0614, 1384, 1754, 1344, 1004,0393,9623, 9273,891

Other salecredit

1,525707

1, 1043,0963,7783, 2053,5073, 5313,4223,3363,2683, 1933, 1123, 1093, 1523, 2213, 3003, 5073, 3603, 2313, 156

Loans 1

1, 6321, 1192,3524, 6505,5555, 1105, 9645,5525, 6085,6345,6725, 7215, 7305, 7985, 8405,8415, 8715, 9645, 9926,0266,102

Chargeaccounts

1, 5441,4983,0543,9094,2393,3924,5874, 0103,9383, 7443,7933,8043, 7433, 7243, 6963, 8684, 1904,5874,2533,9673,855

Otherconsumercredit 2

1,0631, 1011,6232,0102, 3992, 1542,5472, 4502,4652,4782,4942,4972,4862,4932,4992, 5212,5282,5472.5592, 5652,553

28

1 Includes repair and modernization loans insured by Federal Housing Administration.s Includes loans by pawnbrokers, service credit, and unclassified single-payment Joans under $3,000 made by commercial banks.> Preliminary estimates.NOTE.—Detail will not necessarily addjo totals because of rounding. flpurce: JBp^rd of Governors of the Federal Reserve System.


BOND YIELDS AND INTEREST RATESYields on Treasury bills and corporate bonds and the rate on prime commercial paper fell slightly in April. Reportedyields on Government bonds showed a more substantial decline, but part of the drop reflected a change-in the issuesincluded in the averages.

PERCENT PER ANNUM PERCENT PER ANNUM

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1952


(Percent per annum]

Period

Average :193919461947194819491950

19511951:

1952:

June - -

March - -April <-MayJune - - - - - -July . .AugustSeptember- «.OctoberNovemberDecemberJanuary -February _March -April

U. S. Government securityyields

3-monthTreasurv

bills * "

0. 023.375.594

1. 0401. 1021. 2181. 1741. 5521. 4221. 5201.5781. 4991. 5931.6441. 6461. 6081.6081.7311. 6881.5741.6581. 623

Taxablebonds 2

(3)2. 192.252.442.312.322.332. 572.472. 562.632.652.632.572. 562. 612.662. 702.742.712. 702. 64

CorporateAaa bonds(Moody's)

3.012.532.612.822.662.622. 622.862.782.872.882. 942.942. 882.842.892. 963.012.982.932.962. 93

Primecommercial

paper,4-6 months

0.59.81

1.031.441.481.451.312.172.062. 132. 172.312. 312.262. 192. 212. 252.312.382.382.382.35

1 Rate on new issues within period.215 years and over prior to April 1952; 12 years and over beginning in April.3 Bonds in this classification were first issued in March 1941.Source: Board of Governors of the Federal Eeserve System. 29


MONEY SUPPLYThe total money supply, including Government deposits, climbed $800 million during March. However, the pri-vately held money supply decreased $500 million as tax payments resulted in a transfer of funds from private toGovernment balances.



TOTAL DEPOSITS AND CURRENCY

TOTAL EXCLUDING U. S. GOVERNMENT DEPOSITS(PRIVATELY-HELD MONEY SUPPLY)

1940 41 42 -43 44 45 46 47 48 49 50 5iEND OF YEAR

DEMAND DEPOSITS ADJUSTED

TIME DEPOSITS „

CURRENCY OUTSIDE BANKS

U.S. GOVERNMENT DEPOSITS

SOURCE:BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

I A M J J A SO ' N O J F M A • M J J A S O N D

1951 1952END OF MONTH



End of period

19391945 - ... -1946 .. _19481949 -1950

June1951-1951: February .

March . .AprilMayJune _JulyAugustSeptember. „OctoberNovemberDecember „_.

1952: JanuaryFebruaryMarch 4

Total de-posits .andcurrency

64. 7176.4167.5172. 7173. 9180.6174.7189.8178.9179. 9179.8179. 1181.3180. 8181. 6183.8185.8187. 1189. 8188.2188. 0188. 8

U.S.Government

deposits l

1.525.63.53.64. 13.74. 83.94.77.46. 55.46.65.04.65.94.24.43.93.03. 65. 8

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

Total

63. 3150.8164. 0169. 1169.8176.9170.0186.0174.2172.5173.3173. 7174.7175.8177. 0177. 9181. 6182.7186. 0185.2183.4182. 9

Currencyoutsidebanks

6.426.526.726. 125. 425.425. 226. 324.624.424.624. 925.825. 125.325. 425.725. 826.325.625. 625. 7

Demanddepositsadjusted2

29.875. 983.385. 585.892.385.098.290.689.089.589.589.090.791.492. 095.096.398. 297.895. 794. 8

Timedeposits 3

27. 148.554.057.558.659.259.761.459.059 159.259.359.960. 160.460. 560.960.661.461.762. 062.4

30

1 Includes XJ. S. Government deposits at Federal Reserve banks and commercial and savings banks, and U. S. Treasurer's time deposits,open account.2 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.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System.


FEDERAL BUDGET RECEIPTS AND EXPENDITURESBudget expenditures in April rose to $6.0 billion, or 50 percent more than in April 1951. On the receipts side,there was a smaller-than-seasonal decline from March to April. The cumulative budget deficit for the first 10 monthsof the current fiscal year was $5.0 billion, compared to a cumulative surplus of $3.8 billion at the same time last year.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

TOTAL BUDGET EXPENDITURES

FISCAL YEAR I952X

-FISCAL YEAR 195I

I I I

NET BUDGET RECEIPTS

FISCAL YEAR I952

FISCAL YEAR I95I

O N O J F M A M t l J A S O N D J F M A M - J

MAJOR NATIONAL SECURITY PROGRAMS BUDGET SURPLUS (+) OR DEFICIT (-)(MAGNIFIED SCALE)

FISCAL YEAR 1951 /

J I

FISCAL YEARS-CUMULATIVE TOTALS

SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

O N D J F M A M J



Period

Fiscal year 1939Fiscal year 1944Fiscal year 1948Fiscal year 1950Fiscal year 19511951' February

MarchAprilMavJLM.CI.jr _ __

Jime__ __.JulyAugustSeptemberOctober. _NovemberDecember

1952: JanuaryFebruary _MarchAuril

Budget expenditures

Total

Total forperiod

9.095. 333.840. 244. 63.24. 14. 04.56.04.75. 15. 25. 55.25. 65.55. 15.76.0

Cumula-tive fiscalyear totals

26. 130. 134. 138.744. 6

4. 79. 8

15. 020.525. 631. 336.741. 847.553. 6

Major nationalsecurity programs 1

Total forperiod

1. 188. 216. 417.83 26. 42. 22.52.73. 13.53.43. 63. 13.73. 63.73.93. 84. 14 4. 5


14. 416.9

. 19.622. 726.23.47.0

10. 113. 817.421. 125.028. 832. 8

4 37. 3

Net budget receipts

Total forperiod

5. 143.942. 237.048. 14.38. 12.63. 17. 12.63. 66. 22.63.55.35.05. 69. 94.3


27. 235. 337.941. 148. 1

2.66. 2

12.415.018.523.828.834. 344. 248. 5

Budget surplus (+)or deficit ( — )

Total forperiod

-3.951. 4

+ 8.4-3. 1+ 3.5+ 1.0+ 4. 1-1.4-1. 4+ 1.1-2.2-1.5"+ 1.0-2.8-1.7-.3

. o+ .4

+4.2-1. 7

Cumula-tive fiscal

yeartotals

+ 1.1+ 5. 1+ 3. 8+ 2. 4+ 3.5-2. 2

3. 7-2. 6-5. 5-7. 1-7.5-8.0-7. 5-3.3

5.0

Publicdebt

(end ofperiod)2

45.9202. 6252. 4257.4255. 3256.0255.0254.7255. 1255.3255. 7256. 7257. 4258.3259.6259.5259.8260. 4258. 1258. 3

1 Includes expenditures for military services, international security and foreign relations, development and control of atomic energy, promotion of the merchantmarine, and promotion of defense production and economic stabilization.

2 Includes guaranteed securities, except those held by the Treasury. * Preliminary estimates.a Data for fiscal year not strictly comparable with monthly figures. q ••NOTE.—Detail will not necessarily add to totals because of rounding. Sources: Treasury Department and Bureau of the Budget. ^•*-


FEDERAL CASH RECEIPTS FROMAND PAYMENTS TO THE PUBLICThe sharp seasonal rise in cash receipts in the first quarter of 1952 resulted in a large cash surplus. However, thesurplus was less than three-fourths as large as in the first quarter of last year. Cash payments were $5.7 billion higherthan a year ago, while cash receipts were $3.8 billion higher. There was a cumulative cash deficit of $0.6 billionin the first three quarters of the current fiscal year.

BILLIONS OF DOLLARS2 5

BILLIONS OF DOLLARS1 25

-CASH RECEIPTS

CASH PAYMENTS

I950

EXCESS OF CASH RECEIPTS

tl TJ

EXCESS OF CASH PAYMENTS

1951CALENDAR YEARS

SOURCE: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.

1952


[Millions of dollars!

Calendar year

Calendar year total:1946 _ . .19471948 - . . __ -19491950 .1951 _ -

Quarterly total, not adjusted for seasonal variation:1949: Third quarter .

Fourth quarter1950: First quarter __.

Second quarter _.Third quarterFourth quarter - - _ _

1951: First quarter -Second quarter .. . _Third quarterFourth quarter

1952: First Quarter _

Federal cashreceipts from

the public

41,44144, 28244, 92241, 34642, 41959, 276

10, 1439, 267

12, 2359, 303

10, 49410, 38718,05114. 46213 99312, 77021. 874

Federal cashpayments to

the public

41, 39938, 61636, 89742, 64241, 96958, 034

10, 52810, 76210, 76011, 1059, 351

10, 75411, 17914, 52115 27017, 06416. 921

Excess of re-ceipts ( 4- ) orpayments ( — )

-f42+ 5, 666+ 8,027— 1, 295

-f450-f-1, 245

— 386— 1,4954- 1, 475— I 8034-1, 143

— 367-f 6 874

-59— 1 277— 4 2954-4. 953

NOT!.—Detail will not necessarily add to totals because of rounding.Sources: Treasury Department and Bureau of the Budget.

32 For sale by the Superintendent of Documents. U. S. Government Printing Office, Washington 25, D. C.Price 20 cents per copy ; $2.00 per year; $2.50 foreign.
