-
88th Congress, 2d Session
Economic IndicatorsXc^.derV
AUGUST 1964
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1964
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL H. DOUGLAS, Illinois, ChairmanRICHARD BOLLING, Missouri, Vice Chairman
SENATEJOHN SPARKMAN (Alabama)J. W. FULBRIGHT (Arkansas)WILLIAM PROXMIRE (Wisconsin)CLAIBORNE PELL (Rhode Island)JACOB K. JAVITS (New York)JACK MILLER (Iowa)LEN B. JORDAN (Idaho)
HOUSE OF REPRESENTATIVESWRIGHT PATMAN (Texas)HALE BOGGS (Louisiana)HENRY S. REUSS (Wisconsin)MARTHA W. GRIFFITHS (Michigan)THOMAS B. CURTIS (Missouri)CLARENCEWILLIAM B,
JAMES W. KNOWLES, Executive Director I ̂MARIAN T. TRACY, Financial Clerk
HAMILTON D. GEWEHR, Administrative Clerk
(New York)ew Jersey)
COUNCIL OF ECONOMIC ADVISERSWALTER W. HELLER, Chairman
GARDNER ACKLEYJOHN P. LEWIS
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sr CONGRESS; CHAPTER 237—Isr SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled " Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled+ That the JointEconomic Committee be authorized to issue a monthly publication entitled "Economic Indicators,*' and that asufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant atArms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies tothe libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint EconomicCommittee; and the required number of copies to the Superintendent of Documents for distribution to depositorylibraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 2 5 cents a single copyor by subscription at $2.50 per year (foreign, $3.50) from:
SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402Subscribers who wish to receive it at an earlier date after release may take advan-tage of provisions for airmail subscriptions. The domestic airmail subscriptionprice is $5.40 per year.
The 1962 Supplement to Economic Indicators, which describes each seriesand gives annual data for years not shown in the monthly issues, is now avail-able at 65 cents a copy.
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TOTAL OUTPUT, INCOME, AND SPENDINGTHE NATION'S INCOME, EXPENDITURE, AND SAVINGGross national product rose by $9.8 billion (seasonally adjusted annual rate) in the second quarter, according tothe current estimates. There was a similar increase in the first quarter.
fBillions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Persons
Dis-posablepersonalincome *
Personalconsump-
tionexpendi-
tures
Personalsaving( + ) or
dis-saving
Business
Grossretained
earn-ings2
Grossprivate
domesticinvest-ment*
Excessof
invest-ment
International
Foreignnet
trans-fers byGovern-
ment
Net exports of goodsand services
Netexports
Ex-ports
Im-ports
Excess oftransfers(-f)orof net
exports
195419551956195719581959.19601961196219631962: III...
IV...1963: I
II—_III...IV...
1964: III
256. 9274 4292. 930a 8317. 9337. 1349.936473846402.5386.0390.4395.1399.14044411.2419.5431.3
238.0256. 9269. 9285.2293.2313. 5328.2337. 3356.8375.0358. 53640369.2372. 0377.4381. 3390.0396.1
ia917.523.023.624723. 621.727.327.827.527.526.425.927. 127.029.929.535.2
35.542. 143.045.644851.350.751.257.559. 157.658.958.558.560.359.764 1649
48.963.867. 466. 156.672.771.868.879. 182.080.279.977.980.282.887. 185.987.2
-13. 4-21.8-24 3-20. 5-11. 9-21. 4-21. 1-17.6-21.7-22.9-22.6-21.0-19.4-21.7-22.5-27.4-21.8-22.3
1.41. 51.51.51.31. 51.61.61.61.61.51.61.51.61.61.71.51.6
1.01. 12. 94.91.2
-.83.04 640444.43.93.443425.87.75.7
17.519.423. 126. 222.722.926.327.629.230.729.729.428/830. 531.032.634533.7
16.518.320. 221.321.523. 623.323.025.226.325. 325.525;426. 326.826.926. 827.9
0.4.4
-1.5-3.5
.12.3
-1.4-3.0-2.4-2.8-2.9-2.3-1.9-2., 6-2.6-41-6.2-41
Period
Government
Net receipts
Netreceipts
Tax andnontaxreceipts
oraccruals
Trans-fers,
interest,and sub-sidies 8
Expenditures
Pur-chases
of goodsand
services
Totalexpendi-
tures
Trans-fers,
interest,and sub-sidies fi
Surplus(+) ordeficit(-) onincome
andproductaccount
Totalincome
orreceipts
Statis-tical
discrep-ancy
Grossnationalproduct
orexpendi-
ture
363.1397.5419. 2442.84445482.7502.6518.7556.2583. 9559.0566.6571.8577.4587.2599.0608.8618.6
1954. ..... .1955 .......1956 .......1957 .......1958 ______1959 ______1960 ......1961 ......1962 ______1963 ______1962: III..
IV..1963: I...
II...III..
1964: I.II.
84 287. 582.095.7103.5103.81144123.4
115.4116.4
118.6122.7124.4128.2125. 2122.7
90.0101. 4109. 5116. 3115. 1130. 2140.6145.6157.8168.9158.8161. 21643167.6169.6174 1172.7169.8
21. 523.025. 328. 733. 134 437. 141.843.445.443.444845.744945.245.947.547. 1
75.375.679. 086. 593. 597. 299.6
108.0116.3122.6115.9118.7121.4120. 9122. 81248125. 2129. 6
96. 798. 6
104 3115. 3126.6131. 6136.7149. 8159.8168.0159.3163.5167. 1165.8168.0170.7172.7176.7
21. 523.025. 32a 733. 134 437. 141.843.445.443.4448
45.744945.245.947.547. 1
-6.72.95. 21.0
-11. 4-1. 5
3.9-42-1.9
.9—. 4
-2.2-2.8
1.61.73.3.0
-6.9
362. 3396. 5421. 6443.4446.0485. 7505. 6521.2558. 0586. 7560. 5567.3573. 7581.9590. 7600.8610. 3620. 5
0.91-0
-2. 4-.6
-1.5-3.0-3.0-2.6-1.8-2.7-1.7-.8
-1.9-4.3-3. 5-1.8-1.6-1.9
Personal income (p. 5) teas personal taxes and nontax payments (fines, penal-ties, etc.).2 undistributed corporate profits, corporate inventory valuation adjustment,capital consumption allowances, and excess of wage accruals over disbursements.Does not include retained earnings of unincorporated business wbicb are in-cluded in disposable personal income.
> Private business investment, purchases of capital goods by private nonprofitinstitutions, and residential bousing.
< Net foreign investment with sign changed.* Government transfer payments to persons, foreign net transfers by Govern-
ment, net interest paid by government, and subsidies less current surplus ofgovernment enterprises.
NOTE.—"Revised series beginning 1861. For details, see Survey of CurrentBusiness, July 1964. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
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GROSS NATIONAL PRODUCT OR EXPENDITUREThe current estimate of gross national product (seasonally adjusted) in the second quarter is 1.6 percent above thefirst quarter, measured in current dollars, or 1.2 percent in constant dollars.
SEASONALLY ADJUSTED ANNUAL RATESBILLIONS OF DOLLARS
600
500
400
300
BILLIONS OF DOLLARS
100
GROSS NATIONAL PRODUCT
X
GOVERNMENT PURCHASESOF GOODS AND. SERVICES
500
400
1958
SOURCE: DEPARTMENT OF COMMERCE
1964
.COUNCIL OF ECONOMIC ADVISERS
Period
19511952.1953 __.1954__.195519561957195819591960 „1961.196219631962: III
IV...-1963: I
IIIIIIV
1964: III
Totalgross
nationalproductin 1963prices
404. $420.4489. 6431.0464.5474-4488. 6476.4508.2521.1581.2564. 7588. 9567.0572.8575.6578.5586.6594.7601.8608. 5
Totalgross
nationalproduct
Billions
329.0347.0365.4363. 1397.5419.2442. 8444. 5482.7502. 6518.7556. 2583. 9559. 0566. 6571. 8577.4587.2599. 0608.8618.6
Personalcon-
sump-tion
expend-itures
of dollars
209. 8219. 8232. 6238.0256. 9269. 9285. 2293. 2313. 5328. 2337.3356. 8375. 0358.5364.0369.2372.0377.4381.3390.0396. 1
n
privatedomesticinvest-ment
3, quarter
56.349. 950.348. 963. 867. 466. 156.672.771.868.879. 182.080.279. 977.980.282. 887. 185.987. 2
Notexportsof goods
andservices
y data at
2.41.3
-.41. 01. 12.94.9L 2
-.83.04.64.04.44.43. 93.44. 34. 25.87.75.7
Gove
Total
seasonal
60. 576.082.875.375. 679. 086.593. 597. 299. 6
108. 0116.3122.6
115. 9118. 7121. 4120. 9122. 8124.8125.2129.6
rnment p
Total i
ly adjust
38.852.958.047.545.345. 749.752. 653.653. 157. 462. 964.762.463.865. 164.364. 464.964. 367. 1
mrchasesservicesFederal
Nationaldefense2
ted annua
33. 946.449.341. 239. 140. 444.444.846. 245. 749.053. 655.2
53.053. 554.855.255. 555. 3
54. 057.0
of good
Other
rates
5.26.79.06.76.65.75.78.37.98. 08.9
10. 210.310.211. 411.39.99. 5
10.511.511.0
s and
Stateandlocal
21. 723.224. 927.730.333.236. 840. 843.646.550. 653.557.953. 554.856.356.758.459.9
60.962. 5
Implicitprice
deflatorfor total
GNP,1963= 100*
81.382. 583.184.285.688.491.693.395. 096. 597.698. 5
100.098.699.099.399.8
100. 1100.7101.3101.7
i Less Government sales.8 Prior to 1959, this category correspends closely with budget expenditures for
national defense, shown on p. 35. Beginning with 1959, they differ because ofinclusion of space program expenditures in this table; these expenditures, smallIn 1950-61, amounted to $1.6 billion in 1962.
3 Gross national product in current prices divided by gross national productin 1963 prices.
NOTE.—Revised series beginning 1961. For details, see Survey of CurrentBusiness, July 1964. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
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NATIONAL INCOMENational income rose by $8.2 billion (seasonally adjusted annual rate) in the second quarter. Compensation ofemployees rose by $6.1 billion, corporate profits (plus inventory valuation adjustment) by $1.0 billion, and all othertypes of income were either unchanged or higher.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
500
100
SEASONALLY ADJUSTED ANNUAL RATES
PROPRIETORS' ANDRENTAL INCOME
CORPORATE PROFITS ANDINVENTORY VALUATION ADJUSTMENT
1958
SOURCE: DEPARTMENT OF COMMERCE.
1962
* See Note, poqe 7.
1963
500
400
300
200
100
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Period
195119521953.-1954.1955 _.-195619571958 ._19591960196119621963
1962: IIIIV
1963: IIIIIIIV
1964: I__II
Totalnationalincome
279. 3292.2305.6301.8330.2350.8366.9367. 4400. 5414. 5426.9455. 6478. 5
457. 8463.2
467. 9474. 6481.9490.0
498.4506. 6
Compen-sationof em-
ployees !
180. 3195. 0208. 8207. 6223. 9242. 5255.5257. 1278. 5293. 6302.2323. 1340. 3
325.3328.0
332.7338. 1342. 7347. 7
352.5358. 6
Proprieto
Farm
16. 315. 313. 312. 711. 811. 611.813.511. 412. 012.913.213.0
13.012.8
13.212. 812.913.2
12.612.6
rs> income
Businessand pro-fessional
26.026. 927. 427. 830. 432.132.732.535. 134. 235. 336.637.6
36.736.9
37. 137.337.838.3
38.639. 1
Eentalincome
ofper-sons
9. 410. 210.510.910.710.911.912. 211. 912. 112. 212.212.3
12.212.2
12.312.312.412.4
12.412.4
Netinter-est
6.37. 18.29. 1
10.411.713.414816. 418.020. 122. 124.4
22. 322.9
23. 524.024.725.4
25. 926. 5
Corporatory vaJ
Total
41.037.737.333.74a 142. 041. 737. 247. 244. 544. 148. 450.8
48.350. 3
49. 150.251.453. 1
56.457. 4
be profitsuation ad
Profitsbeforetaxes 2
42.236.738. 334. 144.944.743. 237. 447. 744. 344.248.251.3
48. 149.4
48.951. 151.354.3
56.657. 4
and inven-justment 2
Inventoryvaluation
adjustment
-1.21.0
-1.0-.3
-1.7-2.7— 1.5-.3-.5
.2-. 1
.3-.4
. 1
.9
.2-.9
.2-1.2
-. 2_. i
i Includes employer contributions for social insurance. (See also p. 4.)3 See Note, page 7.
NOTE.—Revised series beginning 1961. For details, see Survey of CurrentBusiness, July 1964. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
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SOURCES OF PERSONAL INCOMEPersonal income rose $1.5 billion in July to a seasonally adjusted annual rate of $490.8 billion. Wages andsalaries accounted for most of the ris«.
BILLIONS OF DOLLARS500
BILLIONS OF DOLLARS50O
1958
SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, monthly data at seasonally adjusted annual rates]
Period
1955195619571958195919601961196219631963: May._.
JuneJuly....AugSeptOctNovDec
1964: JanFebMarAprMayJuneJ u l y < _ _ _
Totalpersonalincome
310. 2332.9351.4360.3383.9401. 3417.6442.4464. 1460.2462.7464.0466. 1468.9472.7473. 8477. 1479.4480.5482.9486.6487.8489. 3490. 8
Wageand
salarydisburse-ments 1
210. 9227. 6238. 5239. 8258. 5271. 3278. 8297. 1312. 1310.4311. 9312. 9314. 0316.0318.2318. 3320. 0320.8323. 6325. 1327. 7328.7330.1331. 3
Otherlabor
income 2
7. 1a i9. 19. 4
10. 411. 011.612. 313. 113.013.013. 113.213.313.413. 513.513.613. 713.813.914. 014. 114.2
Propriet<
Farm
11.811.611. 813. 511.412. 012.913.213. 012.812.712.912. 912.913.213.213. 212.812.612.412.512.612.612.4
3rsJ incomeBusinessand pro-fessional
30. 432. 132. 732. 535. 134.235.336.637.637.337.437.637.837.938.238.238.438. 338.738.839.039. 139.339.5
Rentalincome
ofpersons
10.710. 911. 912. 211. 912. 112.212.212.312. 312.312.312.312.412.412.412.412.412.412.412.412.412.412.4
Divi-dends
11.212.112. 612. 413.714.515.216.518.017.418.417.717.818.018.518.820. 119.319.419.619. 819. 819.920.0
Personalinterestincome
15.817.519. 621.023.525.827.530.032.932.432.633.033.433.734.034.234.434.735.035.335. 535.735.936.0
Transferpay-
ments
17.518.821. 926.327.529.533.634.736.736.436.236.336.636.637.137.237.239.737.537.838.238.037.637.7
Less: Per-sonal con-tributionsfor socialinsurance
5.25.86.76.97.99.29.6
10.311.811.711.811.911.911.812. 111.912. 112.212.312.412.512.512.612.7
Nonagri-culturalpersonalincome 3
295.0317.9336. 1343.036R6385. 1400.4424.9446.6442.9445.5446.6448.8451.6455.1456.1459.5462.1463.5466. 1469.7470.7472. 1473.8
'Compensation of employees (see p. 3) excluding employer contributions forsocial insurance and the excess of wage accruals over disbursements.
8 Employer contributions to private pension, health, and welfare funds; com-pensation for injuries; directors' fees; military reserve pay; and a few otherminor items.1 Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agriculturalcorporations.
Preliminary.NOTE.—Revised series beginning 1961. For details, see Survey of Ourren
Business, July 1964. Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce.
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DISPOSITION OF PERSONAL INCOMEDisposable personal income scored an $11.8 billion gain (seasonally adjusted annual rate) in the second quarter,showing the effect of the tax cut for the full quarter as well as the increase in before-tax income. Consumptionspending advanced somewhat less rapidly and the saving rate rose from 7.0 percent to 8.2 percent.
BILLIONS OF DOLLARS*
450
400 -
BILLIONS OF DOLLARS*
450
400
350
2,000
1,800
1,7001958 1959
H SEASONALLY ADJUSTED ANNUAL RATES.
SOURCE: -DEPARTMENT OF COMMERCE
1,800
1,7001964
COUNCIL OF 'ECONOMIC ADVISERS"
Period
1952195319541955195619571958 1.1959.1960196119621963
1962: II I__I V _ _
1963: I!!___III..IV._
1964: III—
Per-sonal
income
273. 1288.3289. 8310. 2332. 9351.4360. 3383. 9401. 3417. 6442.4464. 1
444. 5449. 7455. 2460.2466. 3474. 5480. 9487.9
Less:T>Per-sonaltaxes
34.435. 832.935. 740. 042. 642.346.851.452. 957.961. 6
58. 559. 360. 161. 161.963.361. 456. 6
Equals :Dis-
posablepersonalincome
238. 7252. 5256. 9274. 4292. 9308. 8317. 9337. 1349.9364.7384.6402. 5
386. 0390. 4395. 1399. 1404.4411. 2410. 5431.3
Persona
Total
Billions219.8232.6238.0256. 9269. 9285. 2293. 2313. 5328. 2337. 3356.8375. 0
Seaso358. 5364. 0369. 2372.0377.4381.3390.0396. 1
L(1 cons ump
Durablejgoods
of dollars29. 132. 932.439.638. 540. 437. 343. 644.943. 748.452. 1
nally adji48. 450. 251. 151. 552.253. 655.957.0
3ss:tion expe
Non-durable
115. 1118. 0119. 3124. 8131. 4137. 7141. 6147. 1151. 8155.4162. 0167. 5
isted anni162. 9164. 4166.0166.6168. 6168. 9172.9175.3
tiditures
Services
75.681. 886. 392.5
100. 0107. 1114. 3122.8131.5138.3146.4155. 3
lal rates147. 2149. 5152. 1153. 9156.6158.8161. 1163.8
Equals :Personal
saving
18.919. 818.917.523.023.624.723.621.727.327.827.5
27.526.425. 927. 127.029.929. 535.2
Per capposable
ineo
Currentprices
Dol1,5211,5821,5821,6611,7411,8031,8261,9041,9361,9852,0602, 125
2,0642,0792,0972, 1112, 1312,1592, 1952,249
ita dis-personalme
1963prices 1
lars1,7561,8081,7921,8701,9301,9431,9301,9871,9942,0282,0872, 125
2,0892,0962, 1052, 1152, 1292,1482,1752,220
Saving aspercentof dis-posablepersonalincome
(percent)
7.97.87. 46.47. 97. 67. 87.06.27.57.26.8
7. 16.86.66.86.77.37.08.2
Popula-tion
(thou-sands) 2
156, 947159, 559162, 388165, 276168, 225171, 278174, 154177, 080180, 684183, 756186, 656189, 375
187, 045187, 816188, 444189, 047189, 756190, 498191, 120191, 744
1 Income in current prices divided by the implicit price deflator for personalconsumption expenditures on a 1963 base.5 Population of the United States including armed forces abroad. Annualdata as of July 1; quarterly data centered in the middle of the period, interpolatedfrom monthly figures.
NOTE.—Revised series beginning 1961. For details, see Survey of CurrentBusiness, July 1964. Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
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FARM INCOMENet farm income (seasonally adjusted) in the second quarter was unchanged from the first quarter level.
BILL
ft/N
40
Of\
in
'0
SOU*
IONS OF DOLLARS
— —,.
t f f
1958
tCE! DEPARTMENT OF
REALIZED GROSSFAR (VI INCOME
-^ .
INC
"*--* ->.
i f I1959
AGRICULTURE.
SEASON
x 1
NET FARM INCOME.UDING NET INVENTC
CHANGE
! t 1
I960
ALLY ADJUSTED ANNUA
^—j*"^
5RY
I f 1
1961
L RATES
_-^^
f 1 1
1962
f t !
1963
,(
BILLIONS OF DOLL
»*~
1 I 11964
:OUNCIL OT ECONOAAfC AD
ARS
40
ort
in
O
/Bl5§-.
Period
1954195519561957195819591960196119621963
1962: IIIIV
1963: IIIIIIIV
1964: III
Personaltotal i
Fromall
sources
19.0ia31& 618. 820. 519. 019. 620. 120.419. 9
income re"arm popu
Fromfarm
sources
13.212.212. 012.213. 811. 812.313. 113.313.0
ceived bylation
Fromnonfarmsources
5.86.16. 66.66.77. 17. 27. 07. 16. 8
Realize
Total i
Billions c33.933.334. 634. 437. 937.537. 939.641.041.7
Seas40. 840. 941.941.541.642. 041.942.0
]
d gross
Cashreceipts
frommarket-
ings)f dollars
30.029. 630.629.833.433. 534. 034. 936. 136.9
onally ad35. 936. 037.036. 736.837.236. 736.8
income re
i'roduc-tion ex-penses
21. 721. 922. 623.425.326.226.227.028. 329.2
Justed am28. 528.729.329.229.229.229.629. 7
ceived fro
Net t(open
Exclud-ing net in-ventorychange
12.211. 512.011.012. 611.311. 712.612.612. 5
nial rates12.312. 212.612.312.412.812.312. 3
m farming
> farmxtors
Includ-ing net in-ventorychange 2
12. 711. 811.611.813.511. 412. 012.913.213.0
13.012.813.212.812.913.212.612.6
r
Net incfarm inclinventory
Currentprices
Dol2, 6452,5292,5742, 6953,2012,7753,0443,3893,5813,643
3,5203,4703,6903, 5803,6103,6903,6303,630
ome peruding netchange 3
1963prices 4
lars2,9392,7792,7982,8373,3342,8613,1063,4583,6173,643
3, 5603,4703,6903,5803,6103,6903,6303,590
1 Cash receipts from marketings, Government payments, and nonmoney in-eonie furnished by farms.
1 Inventory of crops and livestock valued at the average price for the year.1 Hoard on 1959 Census ol Agriculture definition ol a farm. The number of
farm* i.s held constant within a year.'Income In current prices divided by the indei of prices paid by fanners for
Ininlly living Items on a 1963 base.
NOTE.—Revised series beginning 1961. For details, see Farm Income Situation,July 1964.
Source: Department of Agriculture.
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-
CORPORATE PROFITSCorporate profits before taxes rose 1.4 percent to $57.4 billion (seasonally adjusted annual rate) in the second quarter/according to preliminary estimates. After taxes they rose 1.6 percent to $31.7 billion.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
20
10
•i/ EXCLUDING INVENTORY VALUATION ADJ-USTMENT.SOURCE: DEPARTMENT OF COMMERCE.
SEE NOTE ON TABLE BELOW.
1964
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1953195419551956j[9571958195919601961196219631962: III..
I V _ _1963: T
!!___III..IV..
1964: III—
Cori
Allindus-tries
37. 333. 743. 142. 041.737. 247. 244. 544. 148.450. 848.350.349.150.251.453. 156.457.4
:>orate pr
M
Total
21.418. 425. 023. 522. 918.325.423. 021.724.726. 724.826. 124.726.627. 827. 830.6
ofits (befcvaluation
anufactui
Durablegoodsindus-tries
12. 110. 114. 212. 613. 19.0
13.411. 610.913.214. 413. 513.813.214.514.715.416. 6
>re taxes)ad justinei
ing
"NT nil
durablegoods
tries
9.38.3
10.810.99.89. 3
11.911.410.811. 512.311.312.311.612. 113. 112.413.9
and inverit
Trans-portation,
com-muni-
cations,and
publicutilities
4. 94, 45.45. 65. 55.66.77.07. 38.08.48.08.28. 18.38.48.78.5
itory
Allotherindus-tries
11. 011. 012. 812. 913.313.315. 114. 415. 115.715.715. 416. 016.215. 315. 216. 617.4
Corpo-rate
profitsbeforetaxes
38.334. 144.944. 743. 237.447. 744. 344.248.251. 348.149.448.951. 151.354. 356. 657. 4
Corpo-ratetax
liabil-ity
20.217.221.821. 220.918. 623. 222. 322. 323.224.623.123.823. 424. 524. 526. 025. 425.8
Corja
Total
18. 116.823.023. 522. 318. 824. 522. 021. 925.026.725.025.725. 526. 626.728. 331.231.7
Derate prfter taxe
Divi-dendpay-
ments
9.29.8
11.212. 112.612.413.714. 515.216. 518.016.517. 117.217.717.919. 119.419.8
ofitss
Un-distrib-uted
profits
8.97.0
11.811.39.76.4
10.87. 56.78.58.78.58.6as8.98.99.2
11.811.9
Corpo-rate
capitalcon-
sump-tion
allow-ances 1
14, 115.818.420.021.822.724.325.626.930.531.830.630.931.331.632. 132.433.033. 4
Profitsplus
capitalcon-
sump-tion
allow-ances*
32.232.741.443.544. I41.44S.747.648.855.55as55.656.656.85&258.860.764.265. 1
1 Includes depreciation, capital outlays charged to current accounts and acci-dental damages.
2 Corporate profits after taxes plus corporate capital consumption allowances.
36-771°—64 2
NOTE.—Data beginning 1962 have been adjusted for effects of new depreciationguidelines ($2^ billion for 1962) and therefore not comparable with previous data.Revised series beginnine 1961. For details, see Surpey of Current, Business, July1964. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
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-
GROSS PRIVATE DOMESTIC INVESTMENTIn the second quarter, gross private domestic investment (seasonally adjusted) reversed the First quarter decline asoutlays for nonresidential construction, producers1 durable equipment and inventories all increased. Residentialconstruction spending declined somewhat.
BILLIONS OF DOLLARSJOO
80
60
40
20
SEASONALLY ADJUSTED ANNUAL RATES
GROSS PRIVATEDOMESTIC INVESTMENT
X
i i i
CHANGE IN BUSINESS'X INVENTORIES
J I LI960
J L
BILLIONS OF DOLLARS1 100
80
60
40
20
1 I I1963
I I L
SOURCE: DEPARTMENT OF COMMERCE.
1964
COUNCIL OF ECONOMIC ADVISERS?
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Period
19511952195319541955 _1956195719581959 _19601961196219631962: III _
IV1963: I...
IIIIIIV
1964: I...II
1 Revisions in series on new construeeorporated into these series.
'"Other" construction in this seriesdrilling, which are excluded from estiir
Totalgross
privatedomesticinvest-ment
56.349.950.348.963.867.466. 156.672.771. 868.879. 182.080.279.977.980.282.887.185.987.2 1
tion shown o
includes petiBtes on p. 19
Total
46. 146. 849.950. 558. 162.764.658.666.268.366.973. 377.675.174.674. 376.678.680.783.483.5
n p. 10 have
roleum and
Total
24825.527.629.734.935.536.135.540.240.741.044.246.645. 544.944.745.947.248.349.248.9
not yet been
natural gas \
Fix<
New cons
Resi-dential
nonfarm
12. 512.813.815.418.717.717.018.022.321. 121. 123.625.224.424.024. 325. 125.426.226.926. 2
in- No£«*»
"o" Depa
3d investn
truction 1
Ott
Total
12, 312. 713. 814 316.217.819.017.417.919.719.820.621.321. 120.920.420.821.922. 122.322.7
TE.—Revlsecness, July 1&•rtment of C<
aent
ier 2
Nonfarm
10.410.812. 112. 714 616.317.515.916. 218. 018.219.019.819. 519.318.819.220. 320.620.821.1
I series begiS4. Datafoi>mmerce.
Produceable eqi
rp « iTotal
21.321. 322. 320.82a i27.22a 52a i25. 927.625.929.031.029.629.729.630.731.432.434.2346
nning 1961.Alaska and
;rsj dur-lipment
Non-farmia4ia 619. 5ia 520. 625.02d220.32a i25. 123.326.327.926.926.726.627.728.529.130.731.2 1
For detailsHawaii Incli
Changeness inv
Total
10.2ai.4
-1.65.8471.6
-2.06.63.51.95.9445.15.43.63.6426.42.53.7
, see Surveyided begtnni
in busi-entories
Non-
9.12.11.1
-2.15.55. 1.8
-2.96.53.21.55.33.944483.03.23.76.02.2a4
of Currenttag I960.
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-
NE WThe May"survey of plant and equipment expenditures shows an upward revision in the rate of outlays planned for 1964,from 10 percent to 12 percent above 1963. Estimated spending in the first half of the year was raised by $1 billion(seasonally adjusted annual rate) from the earlier estimate. Outlays are expected to advance throughout the secondhalf of 1964.
BILLIONS OF DOLLARS50
BILLIONS OF DOLLARS50
10
1958 1 1959•^ SEE NOTE 3 ON TABLE BELOW.SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
1964
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1953.1954.1955195619571958195919601961196219631964 8
1963: IIIIIIIV
1964: ! .__II' .._Ill8 ._IV 8
Total l
28. 3226. 8328.7035. 0836.9630. 5332. 5435. 6834.3737. 3139.2-43. 9236.9538.0540. 0041. 2042.5543.3544. 3045. 40
M
Tota]
11. 9111. 0411.4414.9515. 9611. 4312. 0714. 4813. 6814.6815. 6918.2514. 8515. 3015.9516. 4517. 4017.8518.6019.00
anufacturii
Durablegoods
5. 655. 095. 447. 628. 025.475. 777. 186. 277. 037.859.057. 357. 658. 008. 308. 858. 959.009.30
Qg
Nondura-ble goods
6.265. 956.007.337. 945. 966. 297. 307. 407. 657. 849.207. 507. 658.008. 158. 558. 909. 559.70
Mining
0.99.98.96
1. 241. 24. 94.99. 99. 98
1. 081. 041.091. 051.001.051. 051. 151.051.10
Transpoi
Railroads
1.31. 85. 92
1. 231.40.75. 92
1.03.67. 85
1. 101. 44. 90
1. 001. 201. 351. 401.301. 35
•tation
Other
1.561.511. 601.711.771. 502. 021. 941.852.071. 922. 211. 702.051.852. 102. 302. 152. 15
26.40
Publicutilities
4. 554. 224.314 906.206.095.675. 685. 525. 485.656.035. 205. 455.905. 805. 956. 156.00
Commer-cial andother 2
8. 008.239.47
11.0510.409. 81
10.8811.5711.6813. 1513. 8214.9013. 2013.3014.0514. 5014. 3014.8515.05
1 Excludes agriculture.* Commercial and other includes trade, service, finance, communications, and
construction.> Estimates based on anticipated capital expenditures as reported by business
in May 1964. Includes adjustments when necessary for systematic tendenciesin anticipatory data.
NOTE.—Beginning 1969 all quarterly data are rounded to nearest $50 million.
Annual total is the sum ol unadjusted expenditures; it does not necessarilycoincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national productestimates of the Department of Commerce, principally because the latter coveragricultural investment and also certain equipment and construction outlayscharged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce
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-
EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEThe seasonally adjusted civilian labor force declined by 110,000 in July/ unemployment dropped by 314,000.
MILLIONS OF PERSONS' MILLIONS OF PERSONS*SEASONALLY ADJUSTED
CIVILIAN LABOR FORCE
\
.̂._,,,,.-i.".
75
65
PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE
J~
urs
~
^EEt
MkS
1
Por
9
LCW
5J
)YLI
J
VI-Y
P
El>A
JTOv
-
uVSI
iJE
E01
:
~
(
_,
95J
„
J
p L. TrrJ"
96C)
~
>
_ ~
l
-
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENTThe seasonally adjusted unemployment rate dropped in July to 4.9 percent—the lowest rate since February 1960.The rate for experienced workers fell to 4.8 percent.
PERCENT
10.0
8.0
6.0
2.0
SOURCE: DEPARTMENT OF LABOR.
2.0
1963 i 1964
COUNCIL OF ECONOMIC ADVISERS.
Period
19591960 ._1961__.1962...1963
1963: JulyAugSeptOctNovDec
1964: JanFebMarAprMayJuneJuly..
Unen(percen
for
Allworkers
5. 55.66. 75. 65.7
5. 65. 55. 55. 65. 95. 55.65. 45. 45.45. 15. 34. 9
iploymen!t of civilisce in grou
Experi-enced
wage andsalary
workers
Per5.65. 76. 85.55.5
Season all5.45.45.45. 55.75.35.35. 25. I5. 04.85.3
•4. 8
t ratem laborP)
Marriedmen l
cent3. 63. 74. 63. 63.4
y adjusteo3. 23. 13. 02.93.43.33.23.02. 92. 92. 62.82. 7
Laborforce
time lostthroughunem-
ploymentand part-
timework 2
6.66.78.06.76.4
I6.46.36. 16. 26.36. 16.26. 15.85. 95. 76. 15.7
Over 40hours
17, 34517, 66418, 21019,02519, 257
18, 74718, 65820, 15420, 33419, 10120, 22018, 33718, 98519, 46620, 17320, 45019, 78319, 195
Persons
35-40hours
Thousan27, 72328, 72429, 04728. 85329, 422
I28, 46729, 02030, 30830, 62627, 02830, 59728, 84229, 96831, 09031, 27931, 05530, 99429, 450
at work iby hours
Total
ds of pers11,70211, 52811, 13211, 67511, 856
Jn ad juste9,888
10, 24510, 76811, 29416, 39111, 77313, 80113, 01511, 90811, 88512, 28311,32010, 476
n nonagriworked p
Un
Part-tieconomic
Usuallyfull-
time 4
ons 14 ye*1,0321,2431, 2971,0491,070
d924
1,1831, 1581,0581,0751,0081,0571,0361,0321,053
9311, 088
6 878
cultural iner week 3
der 35 ho
me for3 reasons
Usuallypart-time 5
irs of age1,3041, 3171, 516I, 2881,219
1, 5591,6081, 1121, 0611,0861, 0391, 0151, 1061,0491, 0691, 1371,431
8 1, 510
dustries
urs
Part-tieconomi<
Usuallyfull-
time 4
and over
Seasonally1, 0481, 1781, 1731, 1011, 0341,023
9571, 0851, 003
992932
1, 100995
me for3 reasons
Usuallypart-time5
7 adjusted1, 2141, 2871, 2231, 2201, 1681, 1571, 1641, 1651, 1271, 1541, 2161, 1501, 176
1 Married men living with their wives.J Man-hours lost by the unemployed and those on part-time for economicreasons as a percent of total man-hours potentially available to the civilian laborforce.
•• Differs from total nonagricultural employment (p. 13), which includes per-sons with jobs but not at work for such reasons as vacation, illness, bad weather.and industrial disputes. ; . , .
* Includes persons who worked part-time because of slack work, materialshortages or.repairs.Jiew job started, or job terminated.5 Primarily includes persons who could find tmly part-time work.
8 Average hours worked: usually full-time, 22.3; usually part-time, 17.0. • i
NOTE.—See note, p. 10. Beginning 1960, data include Alaska and/Hawaii.Source: Department of Labor. 1 J
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-
UNEMPLOYMENT INSURANCE PROGRAMSIn July, insured unemployment under State programs averaged about 1.3 million, 154,000 less than in July 1963.
MILLIONS OF PERSONS MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT{STATE PROGRAMS)
JAN. FEB. W
J/ SEE NOTE 2 ON TABLE BELOW.SOURCE: DEPARTMENT OF LABOR.
JUNE SEPT. OCT.
COUNCIL OF ECONOMIC ADVISERS
Period
19601961196219631963: June
JulyAugSept „OctNov. _.. -Dec
1964: JanFebMarAprMayJuneJulyi.__.
Week ended:1964: July 4
111825 ._
Aug 18
A
Coveredemploy-
ment
Thou46, 33446, 26447, 766
1 48, 42649, 00149, 09549, 38149, 42449, 25649, 05849, 309
11 progranInsuredunem-ploy-ment
(weeklyaver-age)
sands2,0672,9941,9241,9731,628
2 1, 6551, 5871,4441,4761,6862,1222, 5632,4102, 2001, 9201, 6051,4481,490
1,4611,5151,4991,4851,480
is
Totalbenefits
paid(mil-lions
of dol-lars)
3, 022. 74, 358. 23, 160. 03, 025. 9
205. 0211.8204 8179.8190.0181.3254. 5345. 6307.9315.6280. 9218.3199.3197. 0
Insuredunem-ploy-ment
Weekly i1,9062,2901,7831,8061,468
2 1, 4971,4381,2961,3331,5421, 9722, 3952, 2432,0501,7551, 4471,2971,343
1,3081,3651,3531,3381,337
Initialclaims
iverage, t331350302294240
*301251226256292415412291259246218218282
270335266271264265
Sta
Exhaus-tions
lousands314632303228262424222730313234312725
te progra
Insuredploymencent of
emplo
Unad-justed
Per<4. 85.64.44 33.53.63.43.03. 13.64. 75.75. 34.94.23.43. 13. 1
3. 13. 23. 23. 13. 1
ms
I unem-t as per-coveredyment
Season-ally ad-justed
sent
4.14-14*%4.04.14.14.34.S4*08.8S.8S.6S.6S. 6
Benefil
Total(mil-
lions ofdollars)
2, 726. 73, 422. 72, 675. 42, 774 7
188.2195. 6186. 8163. 1172.0165.0233.0319. 3283.8292.6258.0201.5183. 1180.0
fcs paid
Averageweeklycheck
(dollars)
32.8733. 8034 5635.273434344334.6734 9335.1535.3735.7836.0736.2436.2636.0235.5035.2735.30
* Preliminary.J Programs Include Puerto Bican sugarcane workers for initial claims and
Insured unemployment beginning July 1063.
12
NOTE.—For definitions and coverage, see the 196S Supplement to EconomicIndicators. Data for Alaska and Hawaii included for all periods and for PuertoRico since January 1961.
Source: Department of Labor.
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NONAGRICULTURAL EMPLOYMENTEmployment of wage and salary workers in nonagricultural establishments rose by 138,000 in julyr on a seasonallyadjusted basis/ the largest increase occurred in the service and miscellaneous groups.
MILLAND62
60
58
56
54
52
50
4.0
3.5
3.0
2.5
2.0
* SESOUR
Per
1957..1958..1959. .1960_.1961 ._1962..1963..1963:
1964:
IONS 0SALAR
ALL
^X
a 1 • • •IS
CO(Eh
ssW
. , , , , ,IS
ASONALCE: DEP
iod
June.Julv-Aug>.Sept.Oct..Nov.Dec.Jan..Feb..Mar.Apr..May.June2July 2
F WAGEY WORKE
. NONA<
-x-^*
1 , M i i
)6I
NTRACTLAR6ED
i r
^"" l . i196
rkers ; 1 s
onmanu
Con-tractcon-
strue-tion
2,9232,7782,9602,8852,8162,9093,0293,0463,0693,0833,0713,0663,0573,0693,0173,1693,1623,1443, 1593,1723,186
AGEVORKE
JFACT
=1q>0
LESAIftRGED
•*X"
1
seasoi
factu
Traiporltioan
pubutilit
4, 2<3,9'4,04, 0(3,9<3, 9(3,93,93,9;3>3,9,3,9J3,9!3,93,9!3,9J3,9;3,9,3, 9(3,9(3,9?
RS
DKir
-**"
DUfl6(
INDU
GO
_ESC/
A
S*
aall
ring
16-a-Dilieles117611343333131936415057281523J43054313534
*G TOT
• i
ABLE)OOSSTRIES*.
NONDURABLEODS INDUSTRI
. , ! , . . . ,
1962
AND RETA1^LE)
^-~-1
1962
y ad juste
5 (private
Whole-saleand
retailtrade
10, 88610,75011, 12711, 39111, 33711,58211,86511, 86411, 88411, 90711, 92211, 93511, 94111, 96312, 07212, 14312, 14312,21112, 20912, 24412, 273
ftL
— ̂ -"
ES* ;̂-
. , , . . 1 .
1963
L TRADE
s^f
,.1963
d]
)
Finance,insur-ance,andreal
estate2,4772,5192,5942,6692,7312,7982,8662,8652,8702,8732,8732,8872,8872,8922,9042,9112,9182,9252,9302,9362,949
^^•B
1 1 1
****
COUH<
Serai
mislane
6,
7,7,:7,1V8,!8,!8,;8,;
8 f -8 'C
O, '8,,8,18, (
••in**
m«"«"
. . . .
*sf
ai on
viceadcel-JOUS
749311115392510349297282349373377430423447474515552543572587543
M0»
<
"
mini
. 1 . , . .j.
1964 .
^f^
11 ' "Ml /1964
CONOMIC ADVl
Gover
Federal
2,2172, 1912, 2332, 2702,2792,3402,3582,3492,3512,3482,3472,3522,3472,3492,3492,3212,3282,3292,3372,3282,326
>
.̂,.^~
f- iv
ISE&
nment
Stateandlocal
5, 4C5,7C5,956, 2S6,546,847,177, IS7,137, IS7, 2C7,2£7,3C7, 3£7, 3C7,397,427,467,477,527,50
!
19»270.8197>5815U16>69174127
1 Includes all full- and part-time wage and salary workers in nonagriculturalestablishments who worked daring or received pay for any part of the pay periodending nearest the 15th of the month. Excludes proprietors, self-employed per-sons, domestic servants, and personnel of the armed forces. Total derived fromthis table not comparable with estimates of nonagricultural employment of thecivilian labor force, shown on p. 10. which include proprietors, self-employedpersons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on an enu-meration of population, whereas the estimates in this table are based on reportsfrom employing establishments.
* Preliminary.NOM.—Beginning 1959, data include Alaska and Hawaii.Source: Department of Labor. 13
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-
WEEKLY HOURS OF WORK - SELECTED INDUSTRIESAverage hours worked by production workers in manufacturing remained unchanged in July, on a seasonally adjustedbasis.
HOURS PER WEEK (SEASONALLY ADJUSTED)46
44
42
40
38
36
42
40
38
36
34
32
30
DURABLE M
^^0""V
1961'
ANUFACTURINC
-̂̂ -i
1962
*r-mj^^S~+J*
1963
r —
1964
HOURS PER WEEK (SEASONALLY ADJUSTED)46
CONTRACT CONSTRUCTION
1961 1962
SOURCE: DEPARTMENT OF LABOR.
1963
44
42
40
38
36
34
44
42
40
38
36
34
NONDURABLE MANUFACTURING
1961 1963 1964
1964
RETAIL TR/l
^=— ±*
1961
,DE
1962
••'•'"•;•• •< i >
1963
r~, , , , , i , , 1 1 *.
1964
COUNCIL OF ECONOMIC ADVISERS
[Average hours per week;* seasonally adjusted]
Period
195319541955195619571958 ----195919601961196219631963: June
JulyAugSept -OctNov :Dec
1964: JanFebMarAprMayJune 2July2.
Man
A 11All
40. 539. 640. 740. 439. 839. 240. 339. 739. 840. 440.440. 540. 440. 340.740. 640. 540.540. 140. 640. 740.740. 740. 640.6
ufaeturing indus
Durablegoods
41. 240. 141.341.040.339. 540. 740. 140.340. 941. 141. 341. 241. 041. 341.241. 141.540. 841.341.241.441.441. 441. 5
tries
Nondurablegoods
39.639.039.939.639. 238.839. 739.239. 339. 639. 639. 639. 539. 639.739.839.539. 639. 139. 939.939.839. 839.739.5
Contract con-struction
37. 937. 237.137. 537.036.837. 036.736. 937. 037.337. 637. 337. 237.337.636.936. 635.637.437.637.337. 437.537. 0
Retail trade
39.839.739.639. 138. 738. 738. 738. 538. 137. 937.837.937.937.837. 737. 837.737.837.337. 537.437.437.537.6
» Data relate to production workers or nonsupervisory employees. Data forAlaska and Hawaii included beginning 1959.
1 Preliminary.
Source: Department of Labor.
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-
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTEID IMDUSTMESAverage weekly earnings in manufacturing declined slightly in July from their June peak. Average hourly earningswere unchanged.
AVERAGE HOURLY EARNINGS
DOLLARS120
110
100
2.40
2.20
2.001961 ' 1962
SOURCE: DEPARTMENT OF LABOR.
1963 196470 U±
AVERAGE WEEKLY EARNINGS
ALL MANUFACTURINGINDUSTRIES
\•NONDURABLE GOODS
INDUSTRIES
1961 1962\ i t i I i i i i i
1963 1964COUNCIL OF ECONOMIC ADVISERS
Period
195419551956195719581959196019611962 _19631963: June-
July.._Aug..Sept..Oct...Nov..Dec..
1964: Jan...Feb_.Mar__Apr..May..June 3July»_
Aven
Manuf
All
$1.781. 861.952.052. 112. 192. 262. 322. 392.462.462.452.432.472. 472.492. 512. 512. 512. 512. 522.532. 532. 53
ige hourly
acturing i
Durablegoods
$1.901. 992.082. 192. 262.362.432.492.562.632. 642. 632.612. 652.652.672.692. 692.682. 692.702.712. 712.71
[For
earnings-
ndustries
Non-durablegoods
$1.621. 671.771. 851. 911. 982. 052. 112. 162. 222. 222. 222.212. 242.232.252.262. 272. 262. 272.282.282.282.29
productio
— current
Contractcon-
struc-tion
$2.392.452.572.712.822.933.083.203.313.423.383. 403.423.473.473.453.543. 583. 543.523. 543.513. 49
n worker
prices
Retailtrade
$1.291.341.401.471.521. 571.621.681.741.801.811. 801. 801. 821. 821. 831.801.841.851. 851.861. 871.87
s or nons
Aver
Manuf*
All
$70. 4975.7078.7881. 5982.7188.2689.7292.3496. 5699.38
100. 3799. 2398.42
100. 53100. 53100. 85102. 4199. 90
101. 15101. 40102. 06102. 97103. 48102. 97
supervisor
age weekl
icturing ii
Durablegoods
$76. 1982. 1985.2888.2689.2796. 0597. 44
100. 35104.70108. 09109. 82108. 09107. 01109. 45109. 71110. 00111. 90109. 21109. 88110. 29111. 51112. 47113. 01112. 19
y employ
y earnings
idustries
Non-durablegoods
$63. 1866. 6370.0972. 5274. 1178.6180.3682.9285.5487.9188. 3688. 3688. 4089. 3888.9889. 1090. 1787. 8589. 0489. 6789. 8390. 5290.9791. 14
ees]
3 — currenl
Contractcon-
struc-tion
$88. 9190. 9096. 38
100. 27103. 78108. 41113. 04118. 08122. 47127. 57129. 79130. 90132. 70132. 90134. 98125. 58124. 96122. 08127. 09128. 48131. 33133. 03133. 32
prices
Retailtrade
$51. 2153.0654.7456. 8958. 8260.7662.3764. 0165.9568. 0468. 9669. 3069. 3068.6168. 2568.2668.4068.2668. 8268.6469. 1969.7570.69
Manuf acindust
Adjustedhourly
earnings,1957-59=
100 i
84.386.991. 596. 2
100. 2103.5106.8109.8112. 5115.4115. 1115. 2115. 0116.0116. 1116.8117.2117. 6117. 7117.8118. 1118.2118.2
turingriesAverageweeklyearn-ings,1963
prices 2
$80. 3886.6188.7288.8887. 6292. 8192. 8894.5197.7399.38
100. 4798. 8398.03
100. 13100. 03100. 15101. 6099.01
100. 35100. 50101. 05101. 95102. 25
1 Earnings in current prices, adjusted to exclude overtime and interindustry shifts.2 Earnings in current prices divided by the consumer price index on a 1963 base.* Preliminary.
36-771 *—-64 3
NOTE.—Beginning 1959, data include Alaska and Hawaii.Source: Department of Labor.
15
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-
PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTIONIn July, the industrial production index rose about 1 percent to 132.7 (1957-59=100, seasonally adjusted), bring-ing the over-the-year rise to 5]/£? percent. Almost every major industry group contributed to the July increase.
INDEX, 1957-59* 100 (SEASONALLY ADJUSTED)150
140
130
120
1 1 0
100
90
150
140
130
120
no
100
90
TOTAL
1961 1963
INDEX, 1957-59*100 (SEASONALLY ADJUSTED)160
1964
MANUFACTURING
NONDURABLE
1961 1962
150
14-0
130
120
110
100
150
140
130
120
110
100
90
UTILITIES AND MINING
UTILITIES
1961
MINING
-tr1962 1963 1964
MARKET GROUPS
1 1 1 I 1 I 1 1 I I 11961
1 1 1 M I 1 1 1 1 1
19621 I 1 ! 1 I 1 1 1 1 1 i r i i i 1 i i \ i i
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1964
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100, seasonally adjusted]
Period
1954 .„1955 _. ._1956195719581959 _1960196119621963 i1963: June
JulyAugSeptOctNovDec
1964: JanFebMarAprMay _JuneJuly *
Totalindus-trial
produc-tion
85.896. 699. 9
100. 793.7
105.6108. 7109. 8118.3124.3125.5125. 7125. 1125. 4125. 9 ,126. 1126.8127.7128.2129.0130. 5131.3131. 7132.7
Mi
Total
86.397.3
100. 2100. 893.2
106.0108. 9109. 7118. 7124.7126. 1126. 1125. 3125.9126. 7127.0127.7128.5129. 1129.9131.4132. 2132.5133. 6
anufacturj
Durable
88.4101. 9104. 0104. 090.3
105. 6108. 5107. 0117. 9124.4127. 0126.3124. 5125. 1126.2126. 4127. 1128. 1128. 9130.0131.6132.6133. 1134. 5
Industry
ng
Non-durable
83.691. 695.496.796.8
106. 5109. 5112. 9119.8125. 1125.0125. 8126.4126.9127.4127.7128.5128.9129.4129.8131. 1131. 7131.5132.5
Mining
90. 299. 2
104.8104. 695. 699.7
101. 6102. 6105.0107.8109.3110.2111. 2109.9108.6107.4107. 0108.8108.9108.8109.9111. 2111.8112.3
Utilities
71.880.287.993.998. 1
108. 0115. 6122.8131. 3140.7141. 0144. 0144. 0142. 3140.5140. 0142. 3144. 5143.4144. 8147.5148. 3149.5149.0
Fii
Total
85. 793. 998. 199.494.8
105.7109. 9111. 3119. 7124. 8125. 1125.2126. 1126.3127.2126.9128.0128.5128. 1128.7130.6131. 1131.7132. 5
Mai
aal produc
Con-sumergoods
84. 393. 395.597.096.4
106. 6111. 0112. 7119. 7125. 1125.8125.7126.4126.3127.3126.8127. 9128.9128.8128.8130.8131.0131. 6132. 3
rket
3tS
Equip-ment
88. 995. 0
103. 7104. 691.3
104. 1107. 6108. 3119. 6124.2123.7124.2125.2126. 1127.1127.0128.3127.5126.5128. 6130. 2131.2132.0132.9
TVTaforials
85.999.0
101. 6101.992.7
105.4107. 6108.4117.0123.6125.8125.9124.8124.9125.4125. 6125.9126.7128. 1129. 3130.6131.2131.6133. 1
16
Preliminary.; Board of Governors of the Federal Reserve System.
NOTE.—Beginning January 1963, data for the market groupings have beenrevised. For details, see Business Indexes, Q. 12.3, FBB, August 15,1964.
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-
PRODUCTION OF SELECTED MANUFACTURESOutput of most durable and nondurable manufactures, seasonally adjusted, increased again in July,with a rise of 3]/k percent registered the largest increase.
Primary metals
INDEX, 1957-59-100 (SEASONALLY ADJUSTED)
160
120
1961 1962 1963 1964
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
INDEX, 1957-59*100 (SEASONALLY ADJUSTED)
140
120
100
140
120
100
160
140
120
1001961 1963 I 1964
COUNCIL OF ECONOMIC ADVISERS.
[1957-59=100, seasonally adjusted]
Period
1954195519561957 ..19581959196019611962196b*_1963: June .
JulyAugSeptOct _Nov _Dec
1964: JanFebMar _AprMayJune _July i
Primarymetals
91. 3118.4116. 4112. 287. 5
100.4101. 398. 9
104. 6113. 1125.8122. 8109.4107.7108.4109. 5110.4113.6117. 6120.9123. 8127. 1126.6131
Durab
Fabri-catedmetal
products
90. 298. 398. 8
101. 592.9
105. 5107. 6106. 5117. 1123.4123.9124. 4125. 7125. 6126.8126. 0126.8128. 2129. 0129.3129. 5130.3130. 9133
le man ufa
Machin-ery
87.796. 5
107. 1104. 288. 8
107. 1110.8110. 4123. 5129. 1129.0129.4130. 4131.6132.0132.8133.4134.7133.6135.9137.5138.5140.0142
ctures
Transpor-tationequip-ment
83.8102.097. 4
106. 489. 5
104. 0108.2103. 6118. 3127.0130. 3127.8126. 1127.7130. 3130.4130. 8130.8131. 1130. 1133. 0134. 1134.7135
Lumberand
prod-ucts
99. 6109. 5105.495. 995. 6
108. 5102. 1101. 3106. 1109.0106.3105. 3108. 5109.6112.2111. 8110.6112.2117.3116. 1115.4114.9107.9
No
Textiles,apparel,
andleather
86. 995. 598. 096. 995. 0
108. 1107. 5108.4115. 1118. 5117.8119. 0120. 0120.7120.8121.2121.3120.7122.4121.7121. 6123. 4123.7125
ndurable
Paperand
print-ing
85.092. 597. 197. 897. 0
105. 2109. 0112. 4116.7120. 0121.3121.2121.8121. 5121. 6122.2123.9123.4124.5125.4127. 5128.2126.6129
manufactu
Chemicals,petro-
leum, andrubber
74.786.891. 495. 695. 5
108. 9113. 9118.8131.2141.5140.7142.2143. 1144.6145.4146. 4146. 1146.4146.9147.4149.5150.0150.9152
res
Foods,bever-
ages, andtobacco
89. 893. 196.696.799.4
103.9106. 6110.4113. 4116. 3116.2116.8116.8116.6117.3116.8118. 5120.2119.5120.2121.2120.7120.3120
1 Preliminary.NOTE.—See note, p. 16.
Source: Board of Governors of the Federal Reserve System.
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-
WEEKLY INDICATORS OF PRODUCTIONMost weekly Indicators (seasonally unadjusted) declined in July. July declines are usual because of vacations.
MILLIONS OF TONS MILLIONS OF SHORT TONS (DAILY AVERAGE)
18.0
16.0
14.0
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
8 O N 0
COUNCIL OF ECONOMIC ADVISERS
Period
Weekly average:195719581959 _ _ _19601961196219631963: June
JulyAugSeptOetNov _Dec
1964: JanFeb___ ._MarAprMayJuneJuly2
Week ended:1964: July 11
1825
Aug 182
152»
Steel piThousands
of nettons
2,1621,6351, 7921, 8991,8801,8862,0962,4161, 9581,7571,8361,9151,9791,9802,1482,2892,3672, 4592,4942,3712,285
2,2852,3202,2702,2702,3002,379
reducedIndex
(1957-59=100)
116. 087.896.2
101.9100.9101.2112.5129.7105. 194. 398. 6
102.8106.2106. 3115. 3122.8127. 1132. 0133.9127.3122.7
122.7124. 5121.9121.9123.5127. 7
Mectriepower
distributed(millions of
kilowatt-hours)
11, 87312, 08213, 29714, 42415, 13916, 32517, 49017, 62518, 07818, 25717, 52717, 25017, 48218, 79218, 72218, 66818, 14417, 77017, 91518, 94819, 546
18, 96719, 39720, 38020, 03620, 105
Bituminouscoal mined(thousands
of shorttons) i
1,6441,3801,3801,3901,3531,4141,5121,5731,5101, 5431,6551,6371,5351,5401,5551,3921,4151,4761,5311,6221,548
1, 7681, 7101, 3711,6001,585
Freightloaded
(thousandsof cars)
683581596585550552555606539578577628559493517526526554586601537
495552560572574
Paperboardproduced
(thousandsof tons)
273274307306322343358370319381355387373325349386384386391390351
248358387399399
Carassemb
Total
138.698.4
129. 5151. 8127. 9157.5175.0200. 1166. 148. 1
145. 7205. 8205. 5202.0189.9201.2196. 6214. 0204. 9213. 0158.8
194.6185. 2142. 879.422.242.2
3 and triled (thoi
Cars
117.681.6
107.6128.8106. 1133. 4146. 9170.5138. 529.7
118. 9174. 9175.7173.3159.8168.4164. 0178.5171.6177. 0131. 4
163.1154.9115. 062.012.420.9
icksisands)
Trucks
21. 016.821.923.021.824. 128. 1-29. 627.618.426.830.929. 828. 730. 132.732.635.533.436. 027. 5
31. 530. 327. 817.39.8
21. 2* Daily average. Includes data for Alaska.'Preliminary.a Not charted.
Sources: American Iron and Steel Institute, Edison Electric Institute, Depart-ment of the Interior, Association of American Railroads, National PaperboardAssociation, and Ward's Automotive Reports.
18
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-
NEW CONSTRUCTIONOutlays for new construction, seasonally adjusted, declined 1 percent in July to an annual rate of $65.5 billion.Lower public expenditures accounted for the drop.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
30
20
0 i t r f t i I n t i i I i i i i t I i t i i i t i i i i i I i i i i i i i > i t I i t » i i i I t t i i i I i i i i i i t i i i i I i i i i i i i i. i i i | i i j i i T o
1963
* SEE NOTES IN TABLE BELOW.SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS
Period
1958 41959 4I96041961 41962 41963 *
1963: 4 JuneJulyAugSeptOctNovDec
1964: JanFebMarAprMayJuneJulys
Total newconstruc-
tionexpendi-
tures
50.255.353.955.459. 562. 5
62. 162. 363.763.565.065. 165. 264.765.566. 566. 665.066. 265.5
Total
34.739.238. 138.341.743. 8
43. 243.744. 344. 645.445. 545.845.446.346. 946.445. 845. 745.9
Resi
Total »
19.824. 321.721.724.325. 8
£ea
25. 825.825.826.026.627.026. 926. 927. 628. 127.526.726. 426. 5
Pr
dential noi
Newhousing
units
Billions15.419. 216. 416. 218.620. 1
sona% adj
20. 120. 119. 920. 120.721. 121. 021. 021.722. 321. 620.720.420.4
ivate
if arm
Additionsand al-
terations 2
of dollars3.74.3
usted annuc
Commer-cial and
industrial
6.06. 07.07.57. 98. 2
iL rates
7.77.98.58.78.68.68.78. 68. 68.78. 68.78.88.9
Other
8.98.99.39. 29.59. 8
9.79.9
10. 110. 010. 29. 9
10.210.010. 110. 110. 310. 410.510.6
Federal,State,andlocal
15.516. 115.917. 117.818. 7
18.918.619. 318. 919.619. 619.419. 219.319.620. 219. 220. 519.6
Constructior
Total value(index,
1957-59 =100)
101.7105. 1105. 2107. 6119.7132. 0
Seasonallyadjusted
135126132128146144148147143140138138138
i contracts 3
Commer-cial and
industrialfloor space(millions ofsquare feet)
359440461443500534
Seasonallyadjustedannual
rates617549539527610518530620630578658555579
1 includes nonhousekeeping residential construction, not shown separately.2 Not available for revised series beginning 1960.s Com piled by F. W. Dodge Corporation and relates to 48 States.«Annual and monthly data have been revised. See Construction Report*,
C-30-61 (Supplement), Census Bureau, August 1964.
4 Preliminary.MOTE.—Data tor Alaska and Hawaii included beginning January 1959.Sources: Deportment 01 Commerce and F. W. Dodee Corporation.
19
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-
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCINGPrivate nonfarm housing starts (seasonally adjusted) dropped nearly 5 percent in July, wiping out previous month*s
Housing permits and FHA applications also declined while VA appraisal requests rose slightly.increase.
MILLIONS OF UNITS
2.5
2.0
MILLIONS OF UNITS
2.5
1958
SOURCES; DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION (VAl. COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Period
1957195819591960196119621963
1963: June.July.Aug..Sept.Oct..Nov..Dec..
1964: Jan..Feb..Mar.Apr._May 8June8July •
Tntnl
privateand
public(includ-
ingfarm)
1, 553. 51, 296. 01, 365. 01, 492. 41, 617. 7
157.3152.3147.9147.3166. 1121. 296.8
100.8101. 1133.3152. 3160. 5162.4145.9
Totalprivate(includ-
ingfarm)
1, 516. 81, 252. 11, 313. 01, 462. 81, 587. 0
153.4150.2144. 4145. 3163. 1119.495.199. 6
100.3130. 1148.5157. 5157. 0143.9
Prh
Total
1, 174. 81, 314. 21, 494. 61, 230. 11, 284. 81, 439. 11, 559. 6
151.6148. 6142. 0142. 1159. 8117. 092.898. 397. 7
128. 3145.7155. 2154.4141.7
Hou
''ate nonfa
One-family
1, 022. 21, 705. 21, 211. 9
972. 3946.4967.8977. 3
98.396.593.489.799. 269.448.253.861. 180.487.897. 299.8
ising star
rm
Two ormorefami-lies
152. 6209. 0282. 7257.4338. 6471.3581.9
53. 352. 048.552.460.547. 544.544.536.747. 957. 955.252.2
ts
Totalprivate(inolud-
ingfarm)
1, 516. 81, 252. 11,313.01, 462. 81, 587. 0
1,5711,5881,4551,7321,8471,5641,5641,7181,657,663,531,529,596517
Priv
Total
1, 174. 81, 314. 21, 494. 61, 230. 11, 284. 81, 439. 11, 559. 6
Sej1,5541,5731,4341,6971,8071,5331,5181,6881,6131,6381,5011,5071,5701,495
ate nonfj
Goverhome pi
FHA
150. 1270.3307. 0225.7198. 8197. 3166.2
isonally179164151159158153157158192165146174152145
irm
nment"Ograms
VA
128. 3102. 1109. 374. 683.377.871.0
ad j usted7272636262677375836860616056
Newprivatehousing
unitsauthor-ized *
820.3950. 8
1, 208. 3998.0
1, 064. 21, 186. 61, 334. 7annual ra
1,3631,3081, 2621, 3721,4121, 3691,4261,3141,4051,3841,2561,2461,3161,237
Proposeconstr
Applica-tions for
FHAcommit-ments 2
198. 8341.7369. 7242. 4243. 8221. 1190. 2
tes195182172173176190183178193190190173177162
sd homeuction
Requestsfor VAapprais-
als2
159.4234.2234. 0142. 9177. 8171.2139.3
12312213314014014515913813512411199
103109
i Authorized by Issuance of local building permit; in 10,000 permit-issuingplaces prior to 1963, and 12,000 or more thereafter.
1 Units represented by mortgage applications for new home construction.4 Preliminary.
20
NOTE.—Beginning 1945, Census series revised. See Housing Starts, C 20-59,May 1964. Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA)and Veterans Administration (VA).
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-
TRADE SALES AND INVENTORIESRetail sales (seasonally adjusted) rose by about 1 percent in July to a new peak, according to the advance report.
Bl LLIONS OF DOLLARS * BILLIONS OF DOLLARS
10
RETAIL TRADEDURABLE GOODS STORES
INVENTORIES/
NONDURABLE GOODS STORI
INVENTORIES
±
1962 1963 19641961J/SEE * BELOW.SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. •SEASONALLY ADJUSTED.
1964
COUNCIL OF ECONOMIC ADVISERS
Period
195619571958195919601961196219631963: May
JuneJulyAugSeptOct _ _NovDec
1964: JanFeb __ ._ •MarApr.May 5June 5July5
Who
Sales !
10,51310,47510,25711,41311,44011,62912,15812,69212,50912,55512,88412,84812,93112,95412,77612,98613, 31513,24513, 20413, 22913, 69713, 649
esale
Inven-tories 2
13,26012,73012,73913,95213,98314,25114,58015,59714,75514,86314,99115,14015,30115,48815,49515,59715, 81815, 71915, 73415, 87916, 05316, 071
Total
Millions c
15,81116, 66716, 69617, 95118, 29418, 23419, 61320, 53620, 20020, 48620, 71920, 66620, 42620, 71620, 55821, 01921, 00021, 53321, 22321, 39221, 77721, 67521, 928
Sales * 3
Durablegoodsstores
f dollars,
5,4845,6965, 2845,9725,8945,6086,2456, 6756, 5126, 6306, 7736,5626,6066, 9416,7346, 8316,8557, 2626,9397, 0107, 2186, 9697, 118
Re
Non-durablegoodsstores
seasonally
10, 32610, 97111, 41211, 97912, 40012, 62613, 36713, 86113, 68813, 85613, 94614, 10413, 82013, 77513, 82414, 18814, 14514, 27114, 28414, 38214, 55914, 70614, 810
tailli
Total
r adjusted
23, 40224, 45124, 11325, 30526, 81326, 23827, 93828, 69128, 06228, 12428, 25928, 14828, 14728, 35728, 65128, 69129, 03028, 95428, 96929, 24229, 20529, 465
iventories
Durablegoodsstores
10, 49511, 28310, 52611, 04411, 95111, 01911, 72811,96511, 58411, 61411, 67311, 60411, 60511, 66411, 85611,96512, 10912, 10312, 23612, 34012, 32012, 387
2
Non-durablegoodsstores
12, 90713, 16813, 58714, 26114, 86215, 21916, 21016, 72616, 47816, 51016, 58616, 54416, 54216, 69316, 79516, 72616, 92116, 85116, 73316, 90216, 88517, 078
Depart nn
Sales
Index, 195seasonal!}
949699
105106109114119117120120126121113117126123
(4)
gnt stores
Inven-tories
7-59=100,r adjusted
949998
103109110117123121121123122124128128127127
(4)
1 Monthly averaee lor year and total for month.2 Book value, end oi period, seasonally adjusted.3 Beginning January 1960, data include Alaska and Hawaii.< Series discontinued.
6 Preliminary.Sources: Department of Commerce and Board of Governors of the Federal
Reserve System.
21
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-
MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERSManufacturers' shipments, inventories and new orders (all seasonally adjusted) declined in June. Lower orders fortransportation equipment accounted for an important part in the fall in new orders. New orders for durable goodsrose 61/2 percent in July, according to preliminary estimates.
BILLIONS OF-DOLLARS* BILLIONS OF DOLLARS*
10
MANUFACTURERS' NEW ORDERS
_ DURABLE GOODS .
1961
NONDURABLE GOODS
1962
60
50
40
30
20
MANUFACTURERS' INVENTORIES
„„..*•«»•«»'
1961
DURABLE GOODS
NONDURABLEGOODS
„,„«,„.«,,»"'""""\*"uiiiiiiuiiMniii**
* SEASONALLY ADJUSTED.SOURCE: DEPARTMENT OF COMMERCE.
1964
COUNCIL OF ECONOMIC ADVISERS
.
1956 ..1957____195819591960 ..1961 ...1962 .19631963: May
JuneJulvAugSeptGetNovDec.
1964: Jan.Feb.Mar_AprMay 4June 4J u l y 4 5 _ . _
Manufac
Total
27, 74028, 73627, 28030, 21930, 79630, 88433, 30834, 77434, 83634, 94235, 64134, 73634, 67235, 21435, 00436, 02136, 67736. 23536, 22237, 16737, 18636, 905
turers' sh
Durablegoods
14, 71515, 23713, 57215, 54415, 81715, 53217, 18418, 07118, 11218, 24218, 74618, 16017, 93718, 59018, 27218, 47619, 14419, 02718, 88719,35919, 13819, 06919,818
ipments l
Non-durablegoods
13, 02513, 49913, 70814, 67514, 97915, 35216, 12416, 70416, 72416, 70016, 89516, 57616, 73516, 62416, 73217, 54517, 53317, 20817,33517, 80818, 04817, 836
Manufact
Total
Millions50, 64251, 87150, 07052, 70753, 81455, 08757, 75360, 14758, 50758, 70658, 88458, 91759, 08759, 32259, 78060, 14759, 99160, 10860, 32660, 53160, 52860, 377
,urers' inv
Durablegoods
of dollars,30, 44731, 72830, 09531, 83932, 36032, 64634, 32636, 02834, 96235, 15635, 34635, 50735, 53635, 58135, 70436, 02835, 95535, 94536, 07936, 27736, 30036, 471
entories 2
Non-durablegoods
seasonal]20, 19520, 14319, 97520, 86821, 45422, 44123, 42724, 11923, 54523, 55023, 53823, 41023, 55123, 74124, 07624, 11924, 03624, 16324, 24724, 25424, 22823, 906
Ma
Total
y ad juste28, 38327, 51426, 90130, 67930, 11531, 06133, 16735, 03635, 43834, 42535, 20734, 93034, 99135, 35434, 95335, 61937, 14836, 65736, 54738, 18437, 89337, 635
nufaeture
Durab
Total
i
15, 38114, 07313, 17015, 95115, 22315, 66417, 08518, 30018, 73617, 68218, 27518, 06018, 24418, 62218, 11317, 97419, 74019, 49919, 26220, 46119, 94519, 80221, 104
rs' new orde
le goods
Machineryand
equipment
2,8702,5662,3542, 8782,7912,8543, 0903,3263,4163, 2923,3343,3073,4153, 4413,2733,6123,6173,4133,4553,6103, 9293,8773,844
rs1
Non-durablegoods
13, 00213, 44113, 73114, 72814, 89215, 39716, 08216, 73616, 70216, 74316, 93216, 87016, 74716, 73216, 84017, 64517, 40817, 15817, 28517, 72317, 94817, 833
Manu-fac-
turers'inven-tory-sales
ratio 8
1.731.811.841.701.761.741.701.691.681. 681.651.701.701. 681.711.671.641.661.671. 633. 631.63
1 Monthly average lor year and total lor month.2Book value, end of period, seasonally adjusted.* For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio ol inventories at end oi month to sales for month.
* Preliminary. 5 Not charted.Source: Department oi Commerce.
22
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-
MERCHANDISE EXPORTS AND IMPORTSMerchandise exports, seasonally adjusted, fell almost $50 million in June. Imports also declined but by a slightlysmaller amount. The trade surplus remained near $500 million, 17 percent above the 1963 monthly average.
BILLIONS OF DOLLARS2.5
2.0
BILLIONS OF DOLLARS2.5
1964
•V SEE NOTE I BELOW.SOURCES: DEPARTMENT OF COMMERCE.. COUNCIL OF'ECONOM^C"ADVISERS'
[Millions of dollars]
Period
Monthly average :19561957195819591960196119621963
1963: MayJuneJulyAugSeptOct _NovDec
1964: JanFebMarAprMayJune
Total (ing rees
Season-ally ad-justed
1,8931,7851,8231,8951,9801,9461,9452,0492,0372,0292,0782,0462,0522,004
M
inelud-cports)1
Unad-justed
1,4441,6251,3641,3661, 6331,679] , 7451, 857
2,0751,7791,7141,8111,7662, 0232, 0282,0922, 0251,9942,1272, 1202,2042,031
erchandi
]
Total *
1,4321,6111,3511,3521,6171,6591,7231,834
U2,0501,7541,6931,7871,7441,9992,0032,0681,9981,9662,0992, 0842, 1732,000
se expo
3omesti
Food-stuffs
216208198210230254281314
nadjust375280294282288354363364355347364367378308
rts
c exporIndus-trial
mate-rials
441530368366510486440488
ed509459454518493569567582548527542531552549
tsFinished
manu-fac-
tures l
775872784776877919998
1,031
1,1661, 016
942992962
1,0761, 0741, 1221,0951,0921, 1931, 1861,2431, 143
Generpoi
Season-ally ad-justed
1,4201,4^01,4581,5081,4501,4591,4721, 4801,4221,4451,5231,5421,5481,506
M
al im-ts2
Unad-justed
1,0511,0821,0701,2671,2511,2261,3661,429
1,4601,3561,5031,4581,3981,5911,4321,5321,4471,3381,5921,5621,4581,596
srchandis
Impo
Total
1,0561,102
n, 1011,2841,2511,2211,3541,418
U1,4371,3281,5051,4791,3751,5781,4281,5121,4651,3221,5671,5551,4341,577
se impo
rts for
Food-stuffs
267274288285274277297310
nadjust299279313304325367316356294267353342297303
rts
eonsumIndus-trial
mate-rials
521534489569539522561574
ed594560599629546598538600617561613611582632
ption 3
Finishedmanu-
fac-tures
268294326431438423496533
544489593547504612573556562494601603556641
Merchan-dise
tradesurplus,season-ally ad-justed
39354329499
382453380428
472364366386529488473569616583555504504499
1 Total exports less Department of Defense shipments of grant-aid militarysupplies and equipment under the Military Assistance Program.3 Imports for immediate consumption plus entries into bonded warehouses.
*Imports for immediate consumption plus withdrawals for consumption frombonded warehouses.
*Total adjusted to exclude $33.5 million of the value reported by economiccategory.
N OTE.—Seasonally adjusted series revised beginning 1962. Because of revisionsmade in series, subgroups do not include all data in totals. 150
Source: Department of Commerce. ^ODigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICESThe small decline in exports and the sharp rise in imports in the second quarter resulted in a 23-percent drop in thesurplus on soods and services to a seasonally adjusted annual rate of $6.7 billion. However/the surplus was morethan 20 percent above the 1963 level.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
40
30
20
10
SEASONALLY ADJUSTED ANNUAL RATES
EXPORTS OF GOODS AND SERVICES
1958
IMPORTS OF GOODS AND SERVICES
1959 I960 1961 1962
40
30
20
10
SOURCE: DEPARTMENT OF COMMERCE.
1963 1964
COUNCIL OF ECONOMIC ADVISERS.
[Millions of dollars]
Period
19561957195819591960196119621963
1963:* IIIIllIV
1964:* I112
Total
23, 59526, 48123, 06723, 47627, 04428, 43830, 08431, 673
29, 80831, 59631, 79633, 49235, 47634,632
Expo
Mer-chan-dise1
17, 37919, 39016, 26416, 28219, 45919, 91320, 57621, 938
19, 93621, 83622, 38823, 59224,34824, 080
rts of goo
Militarysales
161375300302335402656634
724824368620852
ds and seiIncoi
invest
Private
2,4682,6122,5382,6942,9113,4643,8503,982
S<
4, 1683,8963,8883,9764,916
-vicesne onmentsGovern-
ment194205307349349380471498
sasonally .
492496500504508
Otherservices
3,3933,8993,6583,8493, 9904, 2794, 5314,621
adjusted &
4,4884,5444, 6524,8004,852
Impc
Total
19, 62820, 75220, 86123, 34223, 19322, 85225, 02126, 160
tnnual rat
25, 14825, 94426, 71626, 83226, 74427, 892
>rts of goo
Mer-chan-dise 1
12,80413, 29112, 95215, 31014, 72314, 49716, 13416, 931
es
16, 06816, 78817, 41217, 45617, 38818, 200
ds and se
Militaryexpend-itures
2,9493,2163,4353,1073,0482,9543,0442,897
2, 9882, 9242,8442,8322,880
rvices
Otherservices
3,8754,2454,4744,9255,4225,4015,8436,332
6,0926,2326,4606,5446,476
Balanceon goods
andservices
3,9675,7292,206
1343,8515,5865,0635,513
4, 6605,6525,0806, 6608,7326,740
'Revised seasonal factors.* Adjusted from customs data for differences in timing and coverage.•Preliminary.
Source: Department of Commerce.
24
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-
U.S. BALANCE OF INTERNATIONAL PAYMENTSThe over-all payments deficit rose sharply in the second quarter, bringing the seasonally adjusted annual rate forthe first half year up to $1.7 billion, but still almost $1 billion below the 1963 rate. The large change in the bal-ance in the second quarter was not unexpected as there had been a number of international transactions in the firstquarter which were temporarily favorable to the U.S. balance of payments.
BILLIONS OF DOLLARS20
BILLIONS OF DOLLARS20
10
-10
OVER-ALL BALANCE [SURPLUS OR DEFICIT (-)]
1958 1959 I960 1961 1962 1963
SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS.
[Millions of dollars]
Period
19561957195819591960196119621963
1963:*IIIIII_._.IV
1964:*III '_
Balanceon
goodsand
services
3,9675,7292,206
1343,8515,5865,0635,513
4,6605,6525,0806,660
8,7326,740
Govern-mentgrantsand
capital,net
-2, 362-2, 574— 2, 587-1,986-2,769— 2,780-3,013-3, 553
-3, 576-4,584-2, 340-3, 712
-2,812-3, 588
U.S. pr
Directinvest-ments
-1,951-2, 442-1, 181-1,372-1,674-1,599-1,654-1,862
Season
-2, 392-1,952
-860-2,244
-1,912
ivate capi
Long-termport-folio
-603-859
-1,444-926-863
- 1, 025— 1, 227— 1, 644ally adjus
-2,084-2,392-1,208
-892
-924
tal, net
Short-term
-517— 276-311-77
- 1, 348- 1, 556
-553-696
ted annua
184-2,288
104-784
-2,580
Foreigncapital *
653487
22863366707
1,030710
il rates
2921,068
528952
420
Unre-cordedtrans-actions
5431, 157
488412
-772-998
-1, 111-286
-496168
-1,108292
-412-372
Over-
Total 2
-935520
-3, 529-3, 743-3,881-2,370-2,203-2,644
-4, 248-5,180
-612-536
-300— 3, 156
all balance
Total
-935520
-3, 529-3, 743-3, 881-2,370-2,203-2,644
Quai
-705-1, 193
-594— 152
207-670
2 (surplus
Goldand con-vertible
cur-rencies
306798
-2,275-731
- 1, 702-741-907-348
•terly tota
-78-122-168
20
182'-185
or deficitLiquid 1
To mon-etary
author-itiesand
institu-tions 4
-1,
-1,-3,
- 1, 890— 546
-1,083- 1, 702Is, unadju
-230-927-379-166
295-351
(-))labilities 3
To otherforeignholders5
241-278254012
-289-1,083
-213-594
isted
-397-144-47-6
-270-134
•Revised seasonal factors. l Other than liquid funds.* Equals chances in 17.8. gold and convertible currencies and liquid liabilities
to foreigners. Remittances and pensions, not shown separately in this table,are included in over-all balance and amounted to $826 million in 1963.1 Minus indicates increase in liabilities.
* To International Monetary Fund (IMF) and foreign central banks andgovernments.
5 To foreign commercial banks and other international and regional institutionsnot listed in footnote 4, and other foreigners.
«Preliminary.' Total at end of second quarter was $15,805 million, of which $15,623 million was
U.S. gold stock. The increase in gold stock during quarter was $73 million.NOTE.—Data exclude military aid and "UJB. subscriptions to IMF.Source: Department of Commerce. OR
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-
PRICESCONSUMER PRICESThe over-all index of consumer prices rose 0.2 percent in June. Both service and commodity prices increased 0.2percent.
INDEX, 1957-59*100
120INDEX, 1957-59 = 100
120
951958
•i/SEE NOTE BELOW.SOURCE: DEPARTMENT OF LABOR.
1963 i 1964
COUNCIL OF ECONOMIC ADVISERS.
11957-59=100)
Period
195419551956195719581959196019611962.. _19631963: May
JuneJuly.... ___AugSeptOct :1NovDec
1964: Jan (new series) lFeb _MarAprMay __June. _
1 800 note.Norn— Prior to January 1004. indexes revls
owmwhlp from services to durable commodities
26
Allitems
93.693.394798.0
100. 7101. 5103. 1104. 2105. 4106.7106. 2106. 6107. 1107. 1107. 1107. 2107. 4107. 6107. 7107. 6107.7107. 8107. 8108.0
cd to reflect
All com-modities
95. 594. 695. 598. 5
100.8100.9101. 7102.3103. 2104 1103.5104 0104 6104 6104 4104 51047104 9104 910481048104 9104.8105. 0
transfer of ho
Co
Food
95. 494094 797. 8
101.9100.3101. 4102. 6103. 6105. 11042105.0106.2106.0105. 41049105. 1105. 4105. 8106. 0105.7105. 7105. 5106. 2
Besamp
me- ChanSoi
mmodities
Comm
All
95. 694995. 998. 899. 9
101. 2101.7102.0102.8103. 5103.0103.3103. 5103. 6103.710421045104 51043104 1104.3104 310431043
ginning withling procediges in the C&jrce: Depart
3
odities les
Durable
97. 794 995.49a5
100. 0101. 5100.9100.8101. 8102. 1101.8102. 0102. 1102. 1102. 2102.7103. 1103. 0102. 9102.9102. 9102. 9102. 8102. 9
January 19Cires. For d(nsumer Pricementof Labc
s food
Non-durable
94 494 496.599. 199.8
101.0102. 6103. 2103. 8104. 8104 2104 5104 8105.0105. 2105. 6105.8105. 9105. 6105. 3105.6105.6105. 7105. 6
4, new indejjtails, see DIndex, Mare
>r.
Allservices
88.790. 592.896.6
100.3103.2106.6108.8110.9113.0112. 6112.9113.1113.3113. 5113.7113.9114 1114 2114 31145114 8114.9115. 1
c with reviseepartment oh 3, 1964.
Services
Rent
93. 594 896.598.3
100. 1101. 6103. 1104 4105. 7106.8106. 6106.7106.7106.8107. 0107. 1107.2107. 3107.3107. 5107. 5107.7107.7107. 8
d weights. e(f Labor rel
Serviceslessrent
87.489. 491.996. 1
100.2103. 6107.4110. 0112. 1114 5114 0114411461148115.1115.3115. 5115.8116.0116. 0116.3116.5116. 6116. 8
>verage, andease, Major
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-
WHOLESALE PRICESWholesale prices increased 0.4 percent in July. Farm product, industrial commodity, and processed food priceswere higher than in the previous month.
INDEX, 1957-59" 100 INDEX.I957-59-IOO
105
COMMODITIES OTHER THAN FARMPRODUCTS AND FOODS
(INDUSTRIALS)
95
SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
Period
195619571958195919601961196219631963: May
JuneJulyAug —SeptOctNovDec
1964: JanFebMarApr _ _ _ _May __ __ _June __Julys
Week ended: 41964: Aug 4
11
Allcom-modi-ties
96. 299. 0
100. 4100. 6100. 7100.3100.6100. 3100. 0100.3100.6100. 4100.3100. 5100.7100.3101.0100. 5100.4100.3100. 1100.0100. 4
100.1100. 4
Farmprod-ucts
96. 699. 2
103. 697. 296.996.097.795. 794.494. 996. 896. 395.595. 196. 293.396.394.595.294.493.793.294. 1
92. 593. 7
Proc-essedfoods
94. 397. 9
102. 999. 2
100. 0100.7101.2101. 1101.7102.4102.2100. 9100.9102. 2102. 5100.4102. 5100.9100. 5100.499.4
100.2101. 2
100. 5101. 1
Commodi
All in-dustri-
als1
96. 599. 299. 5
101. 3101.3100.8100. 8100.7100. 5100.7100. 8100. 8100.7100. 9100. 9101. 2101.3101.2101. 1101. 1101. 1100. 9101. 1
101. 1101. 1
bies other t
Indus-trialcrudemate-rials102. 3100. 996. 9
102. 39as97. 295. 694. 394 193.993.993. 993.994. 494. 594.594. 994.995.296.295. 695. 996. 6
ban farm
Indus-trial in-
termedi-ate ma-terials 2
97. 099. 699. 4
101. 0101. 4100. 199.999.699.599.799.799.799.699.899. 9
100. 1100. 1100.2100.2100.2100. 199. 9
100.0
Droducts a
Produc-er fin-
goods92. 097. 7
100. 2102. 1102.3102.5102. 9103. 1102. 9103. 0103. 0103. 0103. 0103.2103. 4103. 6103.5103.7103. 8103. 9104.3104. 1104. 2
nd foods (i]Consurished g
cludinDur-able95.99a 7
100. 1101. 3100.9100. 5100. 099. 599.499. 399. 499. 399. 499. 699. 699. 599.599.699. 699. 7
100. 1100.0100.0
idustrials)ner fin-Dods ex-g food
Non-durable
97. 799.999.3
100.8101.5101. 5101. 6101.9101.8102. 1102. 3101. 9101.9102. 0101.7102. 2102.4102. 1101.5101. 1101.3101. 2101.4
1 Coverage or the subgroups does not correspond exactly to coverage of thisindex.
2 Excludes intermediate materials for food manufacturing and manufacturedanimal feeds; includes, in part, grain products for further processing.
3 Preliminary-4 Weekly series based on smaller sample than monthly series.Source: Department of Labor.
27Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
PRICES RECEIVED AND PAID BY FARMERSDuring the month ended July 15, the index of prices received by farmers rose 1 point while the index of prices paidwas unchanged. The parity ratio increased by 1 point.
INDE)
110
too
90
80
RATI
100
Qf)
or\
70
. -i/RATlINTERESOURC
-
MONEY, CREDIT, AND SECURITY MARKETSMONEY SUPPLYIn July, the money supply increased $1.1 billion and time deposits $0.9 billion/ on a seasonally adjusted basis.The increase since July 1963 in the money supply was $5.7 billion, or almost 4 percent, and in time deposits $13.8billion, or 1 3 percent.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
160
120
60
40
0
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
MONEY SUPPLY
1958
TIME DEPOSITS AT ALLCOMMERCIAL BANKS
1959 I960 1962
160
80
40
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1964
COUNCIL OF ECONOMIC ADVISERS.
[Averages of daily figures, billions of dollars]
Period
Revised series:1958: Dec1959: Dec1960: Dec1961: Dec1962: Dec. -1963: Dec1963: July
AugSept.OctNovDec _
1964: JanFebMarApr _-May - _JuneJuly 2First halfSecond half2
M
Total
141. 1142. 1141. 1145. 5147. 6153.2151. 0151. 2151.6152.3153.5153.2153.8153.8154. 2154 7154. 5155. 6156. 7156. 8156.7
oney supp
Cur-rencyout-side
banks
Seasonally
28. 628. 92a 929. 630. 632. 431. 631. 831. 932. 032.332.432.632.732.933.033.333. 433.533. 433. 5
>iy
De-mand
de-posits
7 adjusted
112. 6113.2112. 1116. 0117. 1120. 7119. 4119. 5119.7120.3121. 2120. 7121. 2121. 1121.3121.7121.3122. 1123.3123. 4123. 2
Timede-
posits l
65. 467. 472. 982. 897. 9
112.3105. 6107. 1108. 1109. 3111. 1112. 3113. 9115. 1115.7116.4117.4118.5119.4118.9119.8
M
Total
144 7145. 6144 7149. 4151. 6157. 2149. 5149. 2150.6152. 5154.8157. 2157.8153.8152.9155.31524153. 6155.2154 9155. 5
oney supp
Cur-rencyout-side
banks
\
29.229. 529. 630.231. 233. 131.831. 931. 932. 132. 633. 132. 432. 332. 632. 733. 033. 333.733. 833.5
lyDe-
mandde-
posits
Jnad juste
115.5116. 1115.2119. 2120. 3124 1117.7117.3118.6120.4122. 1124 1125.4121.5120.3122.6119. 4120.3121.5121. 1122.0
Timede-
posits l
d
64666.672.181.896. 7
111. 0106. 2107.5108.3109. 5110. 2111. 0113. 2114 6115. 7116.7118. 1119. 2120. 1119. 8120.4
U.S.Gov-ern-mentde-
mandde-
posits *
3.94947495.65.27.86.36.65.34 45.242486. 1426.97.87.09. 15. 1
i Deposits at all commercial banks.'Preliminary.
NOTE.—See note, p. 31.Source: Board of Governors of the Federal Reserve System. 29
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-
SELDVtost tyGovernr
B1LLIC
400
300
onn
inn
o1
J/ASSSOURC
CTED LICpes of liquid anent securities
)NS OF DOLLARS
^ *̂l
= '
DE
>
1958
ETS OTHER THAN DEM/E: BOARD OF GOVERNC
)UID ASS1ssets (seasonalmaturing within
^
:MAND DEPOSITS ANCURRENCY
\
1959
XND DEPOSITS AND CURS OF THE FEDERAL
ETS HELIIy adjusted) c<one year fell
SEASON
TOTAL SELECTEDLIQUID ASSETS
SAVING TYPE
ASSETS U
D
I960
RRENCY.RESERVE SYSTEM.
> BY THEDntinued to risesharply, reflecti
ALLY ADJUSTED, END Of
_— -r-**1
.
iilirmiiiKiiiiiiin.iiiiiiiii"11"
1961
: PUBLIC; in July/ howcng the pre-func
• MONTH
^^^\^~*
^»
—
1962
»ver, nonbank |Jmg of issues m
-̂i
»•*""
nniimnmiHinmntiMrt**"1
1963
cou
Dublic holdingsaturing within
BILLIONS OF DOL
<
1964
NCIL OF ECONOMIC AD
of U.S.August.
LARS
400
300
inn
0
VISERS.
fBillions of dollars; seasonally adjusted!
End of period
195519561957__.1958195919601961196219631963: Julv
AugSeptOctNovDec
1964: Jan 3 _ _Feb3Mar 8Apr 3M a v 3June 3J u l v 3
Totalselectedliquidassets
332. 5343.2356.0373. 1393. 9399. 2424. 6459.0495. 3478.2482. 5483.9489. 0493. 2495. 3498. 8499. 5503. 9505. 9507.6511. 1510. 4
Demanddeposits
andcurrency l
133.3134.6133.5138. 8139. 7138. 4142. 6144. 8149. 6146. 9146. 2147. 1148. 8149. 6149. 6149. 5148. 4150. 2149. 9149.6151. 2151. 4
Time d
Com-mercialbanks
49. 752.057.565.467.473. 182. 598. 1
112. 9106. 2107. 1107.9110. 1111. 9112.9114. 8115. 5115.9117. 0117. 9118.4119.8
eposits
Mutualsavingsbanks
28. 130.031. 633.934.936.238.341. 444, 543. 343. 543.744. 244 644. 545.045.445.646. 046. 346.647.1
PostalSavingsSystem
1.91.61.31. 1. 9.8. 6. 5. 5. 5. 5. 5. 5. 4. 5.5. 4.4.4.4.4.4
Savingsand loan
shares
32. 037.041.747.754.361. 870.579.890.886. 287.288. 389. 190. 090.891. 392.393.494094895. 796.7
U.S. Gov-ernmentsavingsbonds 2
55. 954 851. 650.547.947.047.447. 649.048.348. 448. 548. 548.649.049. 149.049.049.149. 149.249.3
U.S. Gov-ernmentsecuritiesmaturing
within
year2
31. 633.2Oo. o
35.648.841.942.646. 848. 146. 749. 548.047.948. 148.148.648.449.349. 549.449.445.7
! Atcreos in concept with money supply, p. 29, except for deduction of demandfJtj|WMi!t» ht'hl by mutual savings banks and savings and loan associations. Datalot in*! VViMlii««sduy of month.
* Kiclut!
-
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVESC