economic indicators: april 1955 - fraser · [public law 120—81sx congress; chapter 237—ist...

84th Congress, 1st Session Si Louis Public librsrvDEFERENCE OEPT.

; -

Economic IndicatorsAPRIL 1955

Prepared for the joint Committee on the Economic Report

by the Council of Economic Advisers

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1955

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 Gong.)

PAUL H. DOUGLAS, Illinois, Chairman

WRIGHT PATMAN, Texas, Vice Chairman

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

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

COUNCIL OF ECONOMIC ADVISERS

ARTHUR F. BURNS, Chairman

WALTER W. STEWART

RAYMOND J. SAULNIER

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

JOINT RESOLUTION IS. L Res. 55J

To print the monthly publication entitled "Economic Indicators"

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the JointCommittee on the Economic Report be authorized to issue a monthly publication entitled "Economic Indicators,"and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and theSergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the Mousr 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 Doctimrnt* fordistribution to depository libraries; and that the Superintendent of Documents be authorized tofor sale to the public.

Approved June 23, 1949.

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

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

ContentsTHE TOTAL OUTPUT OF THE ECONOMY

fateThe Nation's Economic Accounts; 1Gross National Product or Expenditure , « . * . « . * . . 2

PRICESConsumer Prices 3Wholesale Prices f 4Prices Received and Paid by Farmers , .... 5Stock Prices . , 6

EMPLOYMENT AND WAGESStatus of the Labor Force 7Nonagricultural Employment 8Average Weekly Hours—Selected Industries 9Average Hourly Earnings—Selected Industries 10Average Weekly Earnings—Selected Industries 11

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

PURCHASING POWERNational Income 21Corporate Profits * 22Sources of Personal Income , 23Disposition of Personal Income 24Per Capita Disposable Income 25Farm Income 26

CREDIT, MONEY, AND FEDERAL FINANCEBank Loans, Investments, and Reserves 27Consumer Credit 28Bond Yields and Interest Rates 29Money Supply . 30Federal Budget Receipts and Expenditures 31Federal Cash Receipts From and Payments to the Public. *.+. * 32


THE TOTAL OUTPUT OF THE ECONOMYTHE NATION'S ECONOMIC ACCOUNTSPreliminary estimates of total income and expenditures for the first quarter of 1955 reflected the continued rise inover-ail economic activity.

BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

CONSUMERS300

250

200

150

DISPOSABLE INCOME

0 I I I I

F

"EXPENDITURES

300

250

200

150

I i

BUSINESS100 100

GOVERNMENT-FEDERAL, STATE, AND LOCAL100

50

EXPENDITURES FORGOODS AND SERVICES %

EXCESS OFEXPENDITURES

100

(LESS TRANSFER PAYMENTS)

1955

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

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

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


GROSS NATIONAL PRODUCT OR EXPENDITUREAccording to preliminary estimates, the gross national product reached $369 billion (seasonally adjusted annualrate) in the first quarter of 1955. The rise of $7 billion from the previous quarter was due mainly to increases in con-sumer expenditures and private domestic investment.

BILLIONS OF DOLLARS400

300

200

150

50

-50

SEASONALLY ADJUSTED ANNUAL RATES


I1950

i"GROSS NATIONAL PRODUCT

PERSONAL CONSUMPTION EXPENDITURES

GOVERNMENT PURCHASESOF GOODS AND SERVICES

GROSS PRIVATE *DOMESTIC INVESTMENT

1951 1952

\NET FOREIGN INVESTMENT

I I I I I

1953 1954

350

200

150

50

1955

PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS,

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

[Billions of dollars]

Period

193919461947.1948194919501951195219531954

1953: Third quarterFourth quarter

1954: First quarter,. .Second quarterThird quarter _Fourth quarter

1955: First quarter3 _ ,

Totalgross

nationalproduct

91. 1209.2232.2257. 3257.3285. 1328. 2346. 13649357.2

Personalcon-

sump-tion

expend-itures

67.6146. 6165. 0177. 6180. 6194 0208.3218.4230. 1234.0

Grossprivate

domesticinvest-ment

9.327. 129.741. 232. 551.256. 950. 751.446. 1

Netforeigninvest-ment

0.94 68.92. 0.5

-2.2. 2

-.2-1.9_.4

Government purchases of goods and services

Total *

13.330. 928.636. 643.642. 062.877.285. 277.5

Federal

Total *

5.220. 915. 821. 025. 422. 141. 054 060. 150. 0

Nationalsecurity2

1.321.213. 316. 019.318. 537.348. 552.043. 6

Other

3.92. 53.85.66.63.9425.88.56.7

Stateandlocal

8.210.012.815. 618. 219.921. 823.225. 127.5

Seasonally adjusted annual rates

367.2360.5355. 8356.0355.5362.0369.0

231.2229. 7230.5233. 1234.8237.7242. 0

52. 445.544.545.645.349.551.9

-1.8-.6

-1. 1— 1. 0

— . 2.8.8

85.486.081.978.375. 674. 174.3

60.359.855.051. 347.945.945.5

52, 350. 646.944742. 140.540.2

8.49.68.46.96. 15.65.5

25. 126.226. 927.027. 728. 228.8

* Includes expfcion of the mereh,.

f January 1955 (p. 137) and National Income', 1954 Edition (p. w/. __ ̂ ™w « _°-(. *K U' S' <*>™™mcntfar the Fiscal Year Endina June $0,1955, and shown on p. 31 of Economic Indicators.

3 Preliminary estimates by Council of Economic Advisers.Hon.—Detail will not necessarily add to totals because of rounding, Source: Department of Commerce (except as noted)


PRICESCONSUMER PRICESIn February, the average of consumer prices was unchanged for the second consecutive month.

I N D E X , 1947-49- 100140

INDEX, 194?-49 « 100

1953

COUNCIl OF ECONOMIC ADVISERS

[1947-49=100]

Period

1939 monthly average .1946 monthly average1947 monthly average1948 monthly average1949 monthly average1950 monthly average1951 monthly average1952 monthly average1953 monthly average1954 monthly average1954: January

FebruaryMarchAprilMayJuneJulyAugustSeptember _ _ __OctoberNovemberDecember

1955: January _ _ _February. _ _ _

Allitems

59.483.495. 5

102.8101. 8102.8111.0113.5114.4114.8115. 2115.0114. 8114. 6115.0115. 1115. 2115. 0114, 7114. 51 1 4. 6114. 3114. 3114. 3

Food

47.179.095.9

104. 1100.0101.2112.6114.6112.8112. 6113. 1112.6112. 1112.4113. 3113. 8114. 6113. 9112. 4111. 8111. 1110. 4110. 6110. 8

Housing

Total

P)P)

95.0101.7103.3106. 1112.4114.6117.7119. 1118.8118.9119. 0118. 5118.9118. 9119. 0119. 2119. 5119. 5119. 5119. 7119.6119. 6

Rent

86.691.494. 4

100.7105.0108.8113. 1117.9124. 1128. 5127.8127. 9128.0128. 2128.3128. 3128. 5128. 6128.8129. 0129.2129.4129. 5129. 7

Apparel

52.583.797. 1

103.599.498. 1

106. 9105.8104. 8104. 3104. 9104. 7104.3104. 1104.2104. 2104. 0103. 7104.3104. 6104. 6104.3103. 3103. 4

Trans-porta-tion

P)P)90.6

100.9108.5111. 3118.4126. 2129.7128. 0130.5129. 4129. 0129. 1129. 1128.9126.7126. 6126.4125. 0127.6127.3127.6127.4

Medicalcare

P)P)94. 9

100.9104. 1106.0111. 1117.2121. 3125. 2123. 7124. 1124. 4124 9125. 1125. 1125.2125.5125.7125.9126. 1126.3126.5126. 8

Personalcare

P)P)97.6

101.3101. 1101. 1110.5111.8112.8113.4113.7113.9114. 1112.9113.0112.7113.3113.4113.5113. 4113.8113.6113.7113.5

Readingand

recrea-tion

P)P)95.5

100.4104. 1103.4106.5107.0108.0107.0108.7108.0108.2106.5106.4106.4107.0106. 6106.5106.9106.8106.6106. 9106.4

Othergoodsand

services

p)P)96. 1

100.5103.4105.2109.7115.4118. 2120. 1120.3120.2120. 1120.2120. 1120.1120.3120. 2120. 1120. 1120.0119.9119.9119.8

Not available. Source: Department ol Labor.


WHOLESALE PRICESThe average of wholesale prices declined somewhat in March, due principally to reductions in the average pricesof farm products and processed foods.

COUNCIU Of ttOh

[1947-49== 100)

Period

1939 monthly average1946 monthly average . ~1947 monthly average1948 monthly average1949 monthly average -1950 monthly average1951 monthly average1952 monthly average1953 monthly average1954 monthly average1954: February.

MarchApril _ _May „ . « _June _ _ _ _JulyAugustSeptember -October „ . . . . . .NovemberDecember

1955: January . .FebruaryMarch _ _ _ _ _ _

Week ended :1955: April 5

All com-modities

50. 178. 796.4

104.499. 2

103. 1114.8111. 6110. 1110. 3110. 5130. 5111. 0110. 9110. 01 1 0. 4110. 5} 10. 0109. 7no, oH H > , ,r»

I in . ino, «ii in n

i MI ;;

Farmproducts

36. 583.2

100.0107.392.897. 5

113.4107. 097.095. 697.798. 499.497.994. 896. 295.893. 693. 193. 2S9. 992, 593. 192. 1

9? V

Processedfoods

43.377. 698.2

106. 195.799.8

111.4108. 8104.6105.3104.8105. 3105.9106.8105.0106.5106.4105. 5103.7103. 8103.5103.8103.2101.6

103. 1

Other thanfarm products

and foods(industrial)

58. 178.395. 3

103.4101.3105.0115.9113.2114.0114. 5114.4114 2114.5114.5114.2114.3114.4114.4114.5114. 8114. 9115.2115.7115.6

115.6

Source: Department of Labor.


PRICES RECEIVED~AND PAID BY FARMERSThe index of prices received by farmers declined slightly during the month ended March 1 5, due primarily to a declinein the price of hogs. Prices paid by farmers for family living items rose slightly and the parity ratio declined from87 to 86.

INDEX, 1910-14 = IOO325

INDEX, I9IO-I4 =100325

PRICES RECEIVED

* PARITY INDEX(PRICES PAID, INTEREST, TAXES,

AND WAGE RATES)

300

275

250

225

1950

* PARITY RATIO-

-1951 1952 1953) N -3

75

•^RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX

SOURCE: DEPARTMENT OF AGRICULTURE

1954 1955


[1910-14=100]

Period

1939 monthly average1946 monthly average.1947 monthly average1948 monthly average1949 monthly average _1950 monthly average1951 monthly average1952 monthly average1953 monthlv average1954 monthlv average1954: February 15

March 15April 15—May 15June 15Julv 15August 15 ._September 15 .October 15 -November 15December 15

1955! January 15February 15March 15__

Prices paid bitems i

Family living

120202237251243246268271270274271272273276276277277273273272272273271272

y farmers forised in

Production

121191224250238246273274253252254255256256252247250251250251250254256256

Parity index(prices paid,

and wage rates)

123208240260251256282287279281282283283284282280282280279279279283283284

Pricesreceived

by farmers

953236

276287250258302288258250258256257258248247251246242244239244245244

Parity ratio l

7711311511010010110710092899190919188888988878786868786

i Percentage ratio of index of prices received by farmers to parity index. ^nin , „,.J0«Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946.Source: Department of Agriculture.

60985—55 2


STOCK PRICESStock prices, which declined early in March, rose again toward the end of the month.

INDEX, 1939 = 100

400INDEX,1939 « IOO

400

100

SOURCE: SECURITIES AND EXCHANGE COMMISSION.

1955

COUNCIL OF ECONOMIC ADVISIRS

[1939=** 100]

Period

Weekly average:19461947 _ _ _19481949 _195019511952195319541954: March _.

AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1955: January _ _ _ . :FebruaryMarch _ _

Week ended:1955: March 4 _

1118 -_25

April 1i "_

Com-positeindex *

149. 4130. 9132.7127.7154. 1184.9195.0193.3229. 8207. 1215. 8223.2223.9233.0237. 1240. 4243.6254. 4267.7270. 6281.0279.6

286. 2273.6275. 9282.6282. 4284.6

M anuf acturing

Total

146. 6132.4136.8132. 1165 7206.8220.2220. 1271. 3239.8252.9262. 9263.4275.3280.0285. 6291. 2305.2322.7326. 4340.0336. 9

344. 7328. 9332. 6341.4341.4343.8

Durablegoods

138. 6119. 9124.3116.0150. 2178. 5188.8192. 6245. 2209. 6223. 2232.5236.6254.3257.0260. 2267. 4284.4298. 3306. 9320.0318.2

325.6309.7314.7322.6322.8323.6

Nondura-ble goods

154.5144. 6148.6147. 2180.2233. 1249.3245.2295.2267.5280.3290.8288.0294. 4301.0308.8312. 8324.0345.0344. 0358.2353.8

361.9346.3348.7358.5358. 2362. 1

Trans-portation

202. 4149. 1158. 1136.0160.0199.0220.6218.7232. 6212.3211. 6220.6225.4233.5237. 1236. 0240. 4259.4284.8288. 1300.3305.4

315. 2298.4299. 2308.6308. 9316.5

Utilities

121 0105. 599.398. 1

108.9112.6117.9121. 5135. 8130.4131. 8134.2134.3138.6140.8139.8138.2141.2144. 1145.3150.0150. 9

154.3149.0149. 1151. 1150.7151.6

Trade,finance,

and service

204.3162.8156.9160.7183.8207.9206,0207. 1235. 6214.6219.8225.6228.3236. 0243. 1247.2248.6260.4267.5269. 8276. 0274.6

283. 0269.7269. 9276. 0274. 8278 5

Mining

125 5117.2133. 0129.4143.5204.9275.7240. 5267.0259.2265. 9269.6266.3257. 2262. 6267. 8269.4277. 9310.3314.4314. 6315. 1

321. 1307.3314.6317.4317.0313.2

> Includes 265 common stocks: 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 29 for utilities, 31for trade, finance, and service, and 14 for mining. Indexes are for weekly closing prices.

2 Data became available after chart, was prepared. Source: Securities and Exchange Commission.


EMPLOYMENT AND WAGESSTATUS OF THE LABOR FORCEEmployment increased and unemployment declined between early February and early March, as is usual at thistime of year.

MILLIONS OF PERSONS75

MILLIONS OF PERSONS75

I960

14 YEARS OF AGE AND OVER

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

Period

68-area sample : 8

1939 monthly average,,1949 monthly average..1950 monthly average...1951 monthly average. _1952 monthly average. _1953 monthly average. .

230-area sample:*1954 monthly average,. _1954: February

MarchAprilMayJune .JulvAugustSeptemberOctoberNovemberDecember

1955: JanuaryFebruaryMarch

Totallabor

force (in-cludingarmedforces)

Civilianlaborforce

Employment l

Total Agricul-tural

Nonagri-cultural

Tempo-rary

layoffs 2

Unemployment 3

Number

Thousands of persons 14 years of age and over

55, 60063, 72164, 74965, 98266, 56067, 362

67, 81867, 13967, 21867, 43867, 78668, 78868, 82468, 85668, 56668, 19067, 90966,81166, 70066, 55066, 840

55, 23062, 10563, 09962, 88462, 96663, 815

64, 46863, 72563, 82564, 06364, 42565, 44565, 49465, 52265, 24464, 88264, 62463, 52663, 49763, 32163, 654

45, 75058, 71059, 95761, 00561, 29362, 213

61, 23860, 05560, 10060, 59861, 11962, 09862, 14862, 27762, 14562, 14161, 73260, 68860, 15059, 93860, 477

9,6108,0267,5077,0546,8056,562

6,5045,7045,8756,0766,8227, 6287,4866,9287,5277,2396, 1545,3255,2975,0845,692

36, 14050, 68452, 45053, 95154, 48855, 651

54, 73454, 35154, 22554, 52254, 29754, 47054, 66155, 34954, 61854, 90255, 57755, 36354, 85354, 85454, 785

18592

117142142

22121623621629422929814319813612013725114575

9,4803,3953, 1421,8791, 6731, 602

3,2303,6703,7243,4653,3053,3473,3473,2453, 1002,7412, 8932,8383,3473,3833,176

%o£civilianlaborforce

17.25.55.03.02.72.5

5.05.85.85.45. 15. 15. 15.04.84.24.54. 55.35.35.0

Insuredunemploy-

ment(thousandsof persons)4

2,4701,599

9961,0641,058

2,0392,3622,3892,3832,2442,0822,0371,8711,7521,6311,6431,8692, 1982,109

•1, 9071 Includes part-time workers and those with jobs but not at work for such reasons as vacation, illness, bad weather, temporary layoff, and industrial disputes.»Shown separately so as to afford a basis for further analysis of employment and unemployment. a gee footnote 2.4 All programs Weekly average for period. For description of series, see Labor Market and Employment Security, April 1954.«Pertains to labor force data only. • Preliminary estimate. iSources: Department of Commerce (labor force) and Department of Labor (insured unemployment).Digitized for FRASER

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

NONAGRICULTURAL EMPLOYMENTTotal employment in nonagricultural establishments (seasonally adjusted) rose by 240,000 between February andMarch. This was the largest month-to-month rise since the recovery began in the early fall of 1954.

MILLIONS OF WAGEAND SALARY WORKERSII.0

DURABLE MANUFACTURING

MILLIONS OF WAGEAND SALARY WORKERS8.5 I

NONDURABLE MANUFACTURING

J F M A M J J A S O N D] oC. I I I I I I

J F M A M J J A S O

CONTRACT CONSTRUCTION WHOLESALE AND RETAIL TRADE

SOURCE: DEPAR- COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers l]

Period

19391946 .1948 .194919501952195319541954: February..

MarchAprilMayJuneJuly _ -AugustSeptember-OctoberNovember-December

1955: January _ _ _February 2_March 2 _ . _ _

Totaladjusted

forseasonalvariation

48, 60748, 44148, 26848, 17748, 10247, 98247, 94548, 05448, 20948, 89848,41948, 44548, 50448, 746

TotalManufacturing

Total Durablegoods

Nondu-rable goods

MiningContractconstruc-

tion

Wholesaleand retail

trade

Govern-ment

(Federal,State,local)

Other

Not adjusted for seasonal variation

30, 28741, 41244, 38243, 29544, 69648, 30649, 66048, 28347, 88047, 84848, 06847, 93548, 13747, 80848, 04548, 52648, 66848, 82749, 50547, 78147, 78648, 248

10, 07814, 46115, 32114, 17814, 96716, 33417, 25916, 04016, 32216, 23416, 00015, 83615, 88815, 62715, 86316, 01916, 05816, 10716, 09715,97016, 10116, 265

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

10, 1299, 1789,4809,3899,2609, 1529, 1238,8638,8758, 9509,0659, 1829,2019, 1669,2739, 395

5,3946,7227,0106,7056,8826,9947,1316,8636,8426,8456,7406,6846,7656,7646,9887,0696,9936,9256,8966,8046,8286, 870

845852982918889885844745790772749737744735737719716721720714711713

1, 1501,6612,1692, 1652,3332,6342,6442, 6282,3562,4152,5352,6342,7292,7952,8512,8172,7772,7242,5492,3532,2852,398

6,6128; 6029,5199,5139,645

10, 28110, 53310, 52410, 31010, 30510, 49610, 37510, 41410, 37710, 35010, 48010,58110, 7821 1, 40010, 45810, 34710, 406

3,9875,6075,6145,8375,9926,6096,6456,7126,6396,6676,6996,7016,6256,4676,4546,7386, 8656,8827, 1526,8346,8726,919

7,61510, 23010, 77710, 68510, 87111, 56511, 73511, 63311,46311,45511, 58911, 65211,73711,80711,79011, 75311,67111,61111,58711, 45211,47011, 547

' Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay periodending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from thistable not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 7) which include pro-prietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which arebased on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.

* Preliminary estimates. Sources: Department of Labor and Board of Governors of the Federal Eeserve System.


AVERAGE WEEKLY HOURS - SELECTED INDUSTRIESThe average workweek of factory production worker cse from 40.4 hours in February to 40.7 hours in March,although no change is usual between these months.

HOUR PER WEEK HOURS PER WEEK

DURABLE MANUFACTURING NONDURABLE MANUFACTURING

1954 1955

1953

SOURCE: DEPARTMENT OF LABOR,

1955


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

Period

1939 -- --19461947 _ _ _ _ _ _ _ _ _ _ _ _ _1948 _ _ _ _ _ _ _ _ _ _ _ - .. .__ _ _ .19491950 _ _ _ .. ..1951 •1952 _ _ _ _ _19531954 3

1954: February-March _ _ __AprilMayJuneJuly ._August.*. _. _ _ . . _SeptemberOctober _ _ - __NovemberDecember

1955: January-.-. -February 2 _March 2 _ _ _ _ _ _ _

Total

37. 740. 440.440. 139. 240. 540. 740. 740. 539. 639. 639. 539. 039.339. 639. 439. 739. 739. 940. 240.540. 240.440. 7

Manufacturing

Durablegoods

38. 040.240.640. 539. 541.241. 641. 541,340. 240. 240. 039. 739. 940. 039. 740. 140. 140. 440. 841. 140. 941. 141.4

r

Nondurablegoods

37.440.540. 139.638. 839.739.539. 639. 539. 038. 838.838. 138.538. 939. 039.239. 339.239.539.739.339.639. 7

"R-n-ilrHTirrJDUUQling

construction

32. 638. 137.6

*37. 336. 736. 337.238. 137. 036. 236.036.436.536.737. 136.937.036.036.635.836.035.234.7

(s)

Retail trade

42.740.740.340. 340. 440. 540.239. 939.339. 239. 139. 139. 138.939. 339.839.739.238.938.739.539.039. 1

(*)

» Data beginning with January 1948 are not strictly comparable with those for earlier periods.• Preliminary estimates.

Source: Department of Labor.

I Not available.


AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIESAverage hourly earnings of production workers in manufacturing were $1.85 in March, 1 cent more than in Februaryand 6 cents more than in March a year ago.

DOLLARS PER HOUR ,RS PER HOUR


I952

EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE I954«IOO.

SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC, ADVISERS

[For production workers or nonsupervisory employees]

Period

19391946 -1947 _1948194919501951 _19521953 .19543 -_1954: February

MarchApril-MavJune.JulyAugust- _ _ _ _September . .October .November.December

1955" Jan uaryFebruary 3

March 8 _ _ _ _ _

All manufacturing

Currentprices

$0, 6331.0861.2371.3501.4011.4651. 591.671.771.811. 801.791.801. 811.811.801.791.811.811. 831. 831. 841. 84L 85

1954prices 1

$1. 2241.4961.4871. 5081.5791.6371. 641. 691. 781.811.801. 791.801. 811.801. 791. 791.811.821.831.841. 851.85

(4)

Durable goodsmanufacturing

Currentprices

$0. 6981. 1561.2921. 4101. 4691.5371.671.771.871.921.901.901.901. 911.911.911.911.931. 931.941.951.961.961.97

1954prices l

$1. 3501. 5921.5531. 5751.6561. 7171.731.791.881.921.901.901.901. 911.901. 901.911.931. 941.941.961.971.97

(4)

Nondurable goodsmanufacturing

Currentprices$0. 5821.0151. 1711.2781.3251.3781.481. 541.611. 661.651.651.651. 661. 661. 661.651.661.661.671. 671.681.681. 68

1954prices l

$1. 1261. 3981.4071.4281.4941.5401. 531.561. 611. 661. 651. 651.651. 661.661. 661. 651.661. 661. 671. 681.691.69

(4)

Buildingconstruction

Currentprices$0. 932

1.4781.681

2 1. 8481. 9352.0312. 192.312. 482. 602.592.592.582. 582. 582.582.602. 622.632.632. 652. 652.65

(4)

1954prices l

$1. 8032.0362.020

2 2. 0652. 1822.2692.262.342.492. 602.582.592. 592.572.572.572.592.622. 642.642.662.662.66

(4)

Retail trade

Currentprices$0. 542

.8931.0091.0881. 1371. 1761.261.321.401.451.431.431.431.451.461.471.471.471.471.461.441.481.48

(4)

1954prices l

$1. 0481.2301.2131.2161.2821. 3141.301.331.401.451.431.431.431.451.461.471.471.471.471.461.451.491. 49(4)

Earnings In current prices divided by consumer price Index on base 1054«100.3 Data beginning with January 1948 are not strictly comparable with those forearlier periods.

Source: .Departmentfof'Labor.

10

* Preliminary estimates,4 Not available.


AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIESAverage weekly earnings of factory production workers reached $75.30 in March, setting a new all-time high. Thisfigure is $4.59 above that of a year earlier.

DOLLARS PER WEEK DOLLARS PER WEEK


1952 I 1953 I 1954 I 1955J/ EARNINGS IN CURRENT PRICES DIVIDED if CONSUMER PRICE INDEX ON BASE I9S4

SOURCE: DEPARTMENT OF LABOR.

1954 I 1955


[For production workers or nonsupervisory employees]

Period

193919461947 _1948 -- —1949 _.195019511952 _ .19531954s .1954* February - . _ _

MarchAprilM avJuneJuly - -AugustSeptemberOctoberNovemberDecember

1955* JanuaryFebruary 3

March 3

All manufacturing

Currentprices

$23. 8643.8249.9754. 1454.9259.3364. 7167.9771.6971. 6471.2870.7170.2071. 1371. 6870. 9271.0671.8672.2273.5774. 1273. 9774. 3475. 30

1954prices !

$46. 1560.3660.0660.4961.9266.2966.9268.7371.9171. 6471. 1470. 7170.3470.9971.4770.7170.9271. 9372. 4473.4274. 4274. 2774. 64

(4)

Durable goodsmanufacturing

Currentprices

$26. 5046. 4952.4657. 1158.0363.3269.4773.4677.2377.0176.3876.0075.4376.2176.4075. 8376.5977.3977. 9779. 1580. 1580. 1680. 5681. 56

1954prices *

$51. 2664.0463.0563.8165. 4270.7571. 8474.2877. 4677.0176.2376.0075. 5876. '0676. 1775. 6076. 4477.4778. 2079. 3180.4780. 4880. 88

(4)

Nondurable goodsmanufacturing

Currentprices

$21. 7841. 1446.9650. 6151.4154. 7158.4660. 9863. 6064.5864.0264.0262.8763.9164.5764.7464. 6865. 2465. 0765.9766.3066. 0266. 5366.70

1954prices l

$42. 1356.6756.4456.5557.9661. 1360. 4661. 6663. 7964. 5863. 8964.0263. 0063.7864. 3864. 5564.5565. 3165.2766. 1066.5766.2966. 80

(4)

Buildingconstruction

Currentprices

$30. 3956. 2463.30

2 68. 8570.9573.7381.4788.0191. 7694. 2693.2494. 2894. 1794.6995.7295.2096. 2094.3296.2694. 1595.4093. 2891. 96

(4)

1954prices *

$58. 7877.4776.08

2 76. 9379. 9982.3884. 2588.9992. 0494.2693.0594. 2894.3694. 5095.4394. 9296.0194.4196. 5594.3495.7893.6592. 33

(4)

Retail trade

Currentprices

$23. 1436. 3540.6643. 8545.9347.6350. 6552. 6755.0256.8655.9155.9155. 9156.4157.3858. 5158.3657.6257. 1856.5056.8857. 7257.87

(4)

1954prices !

$44. 7650.0748. 8748.9951.7853.2252.3853.2655. 1956.8655. 8055. 9156. 0256.3057.2158.3358.4457.6857.3556.6157. 1157.9558. 10(4)

i Earnings in current prices divided by consumer price Index on base 1954=-100.»Data beginning with January 1948 are not strictly comparable with those for

earlier periods.Source: Department of Labor.

• Preliminary estimates.* Not available.


PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTIONThe increase in industrial production which began in September 1954 continued in March. The seasonally adjustedindex, which was 135 (1947-49=100) in March, had recovered most of the 1953-54 decline.

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

I960

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1955


[1947-49=100, seasonally adjusted]

Period

1939..1946..194719481949 _1950 _195119521953195411954: February _

MarchAprilMayJune __ __JulyAugustSeptemberOctoberNovember. _ ._December . _ .

1955: January _ __February .March *

Totalindustrialproduction

589010010497112120124134125125123123125124123123124126128130132133135

Total

579010010397113121125136127126125125126125124125126128130131133134135

Manufactures

Durable

498610110495116128136153138139135134136135134135137139142143146147150

Nondurable

66959910299111114114118116114114115117116114114115117118119120121122

Minerals

689110010694105115114116111113112109111114112109108109113116120122123

1 Preliminary estimates. Source : Board of Governors of tae Federal Keserve System.


FKUJLJUUT1UJM UJt"In March, production in most industries registered additional gains.

47-49*IOO, SEASONALLY ADJUSTED

/LUMBER AND PRODUCTS

100

80

1952 1953 1954 1955


1952 1953 1954 1955


[1947-49=100, seasonally adjusted]

Period

193!K,__ _1947 _ _ _ _ _1948___1949 __ __ _19501951 - .195219531954 l ___ »>

1954: February _ __MarchApril. _MayJuneJulyAugustSeptemberOctoberNovemberDecember

1955: JanuaryFebruaryMarch *_ _

Durable manufactures

Primarymetals

5310310790115126116132108

109103103106108103105105111118121

127131136

Fabri-catedmetal

products

10310493115122121136123

123120119121122122124122124125125

125126127

Machin-ery

3810310493114130147160142

141138138138139141144147147148145

145146147

Transpor-tationequip-ment

4896102102120135154189175

179173174178170170166167169175187

194196200

Lumberandprod-ucts

8010110693113113111118115

1181161141201089697116128124131

129129(2)

Nondurable manufactures

Textilesand

apparel

809910397110106105107100

989910110199989998102103104

106105(2)

Paperandprint-ing

96103101114118118125125

123124125126126126126127127127127

129131132

Chemicaland petro-

leumproducts

97103100118132133142142

141139140142142141141144143145148

148150151

Foods,bever-

ages, andtobacco

101100100103105106107106

105106106110108105105105105106106

107106107

Con-sumerdurablegoods

98102101133114105127116

113111116119118116115114112119125

131135139

1 Preliminary estimates.2 Not available.

Source: Board of Governors of the Federal Reserve System.

60985—55 3 13


SELECTED WEEKLY INDICATORSProduction according to several weekly indicators continued to expand in March and in early April. Steel pro-duction was at near record levels. Passenger car assemblies were at an all-time high and truck assemblies increasedsharply.

MILLIONS OF TONS

3MILLIONS OF SHORT TONS (DAILY AVERAGE)

STEEL

,,'V-'-

0 I I ! I I I I I I

BITUMINOUS COAL

^1954

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

Period

Weekly average:19501951 _ _ _19521953 _..19541954: March

AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1955: JanuaryFebruary.March •"»

Week ended:1955: March 5

12_192 t t _ _ _

April 2 39 3

Steel producedThousands

of nettons

1,8572,0181,7822, 1411,6941,6461,6251,6871, 7161,4991, 5051,5911,7381,8861,8751,9952, 1242, 253

2,2182, 24 12, 2732, 2022,2782, 300

Percent oftheoreticalcapacity 1

96.9100.985.894.971.069.068. 170.772.062.963. 166.772. 979. 178.682.788.093.3

91. 992. 99-1. 293. 791. 495. 3

Electricpower

distributed(millions of

kilowatt-hours)

6, 1836,9587,4518,2448,8838,5268,3478,4068,6848,8419, 1229,0409, 1249, 2409,6459,9369,9029,796

9,7279, 7269, S 1 49, 9079, 804

Bituminouscoal mined(thousands

of shorttons) 2

1,6871,7721,5481,5211,3041, 1751, 1261, 1501,3171, 1841,2881,3791,4101,4981,5021,4441,4631,376

1,2971 , 3971, 3421, 3171, 361

Freightloaded

(thousandsof cars)

748779727735652602624674670658677687726671610631644656

659667656639659

Paperboardproduced

(thousandsof tons)

214229213241237235235245239200247236255255227243260270

267270274267271

Cars and trucksassembled (thousands)

Total

154.2129.8106.8141. 1125.6137.0144. 1144. 5128.2117. 6116.482.870.8

134.2159.4178.9185.0198. 1

183.7193.5201.5205.5206.3197.2

Cars

128.4102.783.4

118.0106.0115.0122.0122.3109. 1100.399.867.555.8

113.7138.9156.9169. 2174. 1

167.8171. 3176.2178. 1177.3169. 3

Trucks

25.927.223.423.219.721. 922. 122.219.217. 316.515.315.020. 520.522. 015. 823.9

15.922. 125.327. 429.027. 9

1 Percent of capacity based on weekly net ton capacity of 1,906,268 for the first half of 1950; 1,928,721 beginning July 1, 1950; 1,999,034 beginning January 1, 1951;2.077.040 beginning January lf 1952; 2,254,459 beginning January 1, 1953; 2.384,549 beginning January 1, 1954; and 2,413,278 beginning January 1, 1955.

1 Daily average for week. » Preliminary estimates.Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard

Association, and Ward's Automotive Reports.


GROSS FKIVATfc UUMISSTiUAccording to preliminary estimates, gross private domestic investment increased by about $2M billion (seasonallyadjusted annual rate) in the first quarter of 1955. A sharp rise in conslruction was only partially offset by a de-cline in producers' durable equipment. The decline in business inventories which started in late 1953 was arrested.


60

40

20

10



Z

1950J L

1951

GROSS PRIVATE ^^DOMESTIC INVESTMENT

NEW CONSTRUCTIONSUCTION is. ^^

CHANGE IN BUSINESS mf~r\INVENTORIES

1952J L

1953 1954

50

30

J/PRELIMiNARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.

SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

1955



Period

1939 . _1946 -. - -. _ ...1947 _1948 _ ..19491950 .. _195119521953. _ _ _- .1954


1954: First quarterSecond quarterTh ircl quarterFourth quarter

1055: First quarter 3 _ _

Totalgross

privatedomesticinvest-ment

9.327. 129.741.232. 551.256.950.751. 446. 1

Fixed investment

Total

8.921. 030. 737.035. 343. 946.547. 049. 949. 8

New construction

Total

4, 810.314.017. 917. 522. 723. 323. 725. 527. 0

Residen-tial

nonfarm

2. 74.06.38.68.3

12. 611.01 1. 111. 913. 3

Commer-cial and

industrial l

1.24.24.95.75.35.77. 27. 58. 4

14

Allother 2

0.82. 12.83.63.94.55. 15. 25.2

- 3

Producers'durableequip-ment

4.210.716.719. 117.821. 123. 223.324. 422. 2

Change in busi-ness inventories

Total

0.46. 1

-1.04.2

-2.77.4

10.43.61.5

-3.7

Non-farm

0.36.41.33.0

-1.96.49.03.02. 2

-3.8


52.445. 544.545. 045. 349. 551. 9

50. 449. 748. 749. 450. 150. 851. 9

25.625. 726. 027.028.329. 130.8

12. 111.711. 712.814.014. 815.8

8.58.68.88.78.7

1415

5.05.45. 55.55.6

.3

.0

24.824. 022.722.421.821.721. 1

2.0—4. 2-4.2-3.8-4.8— 1. 3

.0

2.9-3.7-4.2-4.0-5.0— 1. 6

.0

" Includes public u t i l i t y .3 P re l iminary osl.imjil.es by Council of Economic Advisers.NOTIC.— Detail will not necessarily add to totals because of rounding.

2 Includes petroleum and natural gas well drilling.

Source: Department of Commerce (except as noted). 15


EXPENDITURES FOR NEW PLANT AND EQUIPMENTAccording to a survey made in January and February, expenditures for new plant and equipment in 1955 are ex-pected to be $27 billion, or about 1 percent more than in 1954. Current plans suggest a 5 percent rise betweenthe first and second quarters, with approximate stability for the rest of the year.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

30


I II960 I95I 1952

MANUFACTURING^

COMMERCIAL AND OTHER

PUBLIC UTILITIES*

TRANSPORTATION

I | |

1953J L

1954

20

•%EE NOTE 4 ON TABLE BELOW.SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.

1955



Period

193919461947 _19481949 ._1950 . .1951 --- ---1952_195319541955 3 *

1954: First quarter.Second quarterThird quarter. __Fourth quarter

1955: First quarter 4 __Second quarter 4

Second half 4

Total i

5. 5114.8520.6122.0619.2820.6025.6426. 4928. 3220. SH27. 00

27. - i f )20. 9220. 8426. 1826.0427.4327.38

Manufacturing

Total

L 946.798. 709. 137. 157.49

10.8511.6311. 9111. 0-i10. 70

1 I. 02I I. 091 0. OS10.5810. 2410. 7410. 91

Durablegoods

0.763. 113.413.482.593. 145. 175. 615. 655. 094. 88

Nondura-ble goods

1. 193.685.305.654.564.365.686. 026.265. 955. 83

Mining

0.33.43.69.88.79.71.93. 98. 99. 98. 90

Transportation

Railroads

0.28.58. 89

1.321.351. 111.471. 401. 31. 85. 70

Other

0. 36.92

1. 301.28.89

1. 211.491. 501. 561. 511. 50

Publicutilities

0. 52. 79

1. 542. 54a 123. 313. 663. 894. 554. 224. 38

Commer-cial andother 3

2. 085. :w7, 496. 906. 986. 787.247.098.008. 238.82

Seasonally adjusted annual rates5. 40f>. IS5. 004. 804.724.864.97

(i. 225. 905. 935. 795.525. 885.96

. 941. 041. 00. 91. 93. 88.90

I. 04. 91. 80.68. 78.78. 74

1. 571. 441. 511. 531.501.471. 52

4.334.374. 124. 014.054.364.56

7.978.078.428.468. 539. 218. 77

i Excludes agriculture.* Commercial and other includes trade, service, finance, communications, and construction.* Annual total is sum of seasonally unadjusted expenditures; it does not necessarily coincide with average of seasonally adjusted figures, in part because

of adjustments when necessary for systematic tendencies in anticipatory data.* Estimates based on anticipated capital expenditures as reported by business in January and February 1955.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,Detail will not necessarily add to totals because of rounding.Sources: Securities and Exchange Commission and Department of Commerce.


NEW CONSTRUCTIONFirst quarter expenditures for total new construction, seasonally adjusted, were at an annual rate of nearly $41 billion.Construction contracts awarded were about a third higher than in the first quarter of last year.


TOTAL NEW CONSTRUCTION

0 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I I I I I I I I I I I I I I I I I t I I I n

••*" _.

1 1 1 1 I M i l l

1950

PRIVATE RESIDENTIAL-̂ ..(NONFARM) ,......••"

( „. ̂ — ̂ '•sw.'nsMMwii:?

1 1 1 ! i 1 1 1 1 1 i

1951

»^£tnsj«»MtM«tti <••«•••• <•» «

1 1 ! I 1 1 1 ! 1 1 1

19521 1 1 1 ! 1 1 1 1 1 1

1953

OTHER PRIVATE^

1 1 1 1 ! 1 1 1 1 1 11954

—

1 1 ! 1 1 1 1 1 1 1 1

1955

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

[Millions of dollars]

Period

1939 monthly average1946 monthly average .1947 monthly average1948 monthly average1949 monthlv average1950 monthly average1951 monthly average1952 monthly average1953 monthly average1954 monthly average

1954: FebruaryMarchAprilMayJuneJulyAugustSeptember „OctoberNovemberDecember -

1955: JanuaryFebruarvMarch 3

Total new con-struction

6831,0001,3911,8061,8992,3712,5982,7512, 9383,098

Private construction

Totalprivate

366803

1, 1051,4041,3651,7881.8141,8421,9902, 143

Residential(nonfarm)

223335526715689

1,050914925994

1, 121

Other

142469579689676738899917996

1,022

Federal,State, and

local l

317197286402534583785908948954

Seasonally adjusted

3, 0513,0053,0273,0893,0783,0943, 1453,1573, 1053, 1923,2623,3793,4263,409

2,0042,0112, 0592, 1312, 1222, 1732,2192,2342,2212,2592, 2922,3982,4332,423

980989

1,0401, 1051, 1021, 1501, 1921,2141,2101,2281,2621,3231,3261,301

1,0241,0221,0191,0261,0201,0231,0271,0201,0111,0311,0301,0751, 1071, 122

1,047994968958956921926923884933970981993986

Construction contractsawarded in 37Eastern States 2

296624647786863

1,2081,3131,3981,4541,648

Un-adjusted

1,2211,5281,6921,9251, 7331,8371,5731,8161,9651,4991,8291,5041,5812,135

Seasonallyadjusted

1,6501,5591,4841,6741,6051,6111,5271,5791,9461,7431,9052,0332,1372, 178

»Includes public residential construction. 3 Preliminary estimates.« Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Research,

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

Omits small contracts, and covers rural area?


HOUSING STARTS AND FINANCING APPLICATIONS

In March, the number of nonfarm housing units started was 117,000, or over 20 percent higher than a year earlier,On a seasonally adjusted basis, private starts were at an annual rate of 1.4 million units.

i/SEE f

SOURCE! COUNCIL OF ECONOMIC ADVISERS

[Thousands of units]

Period

Annual total: 1939. _ _1946_ . .1948_-_1949- -J1950_ _ _1951-.-1952. ._19531954 4 _ _

Monthly average: 1950_1953_19544

1954" FebruaryMarchAprilM ay -June --JulyAuiiustScr)tcm l)er0c toilerNovemberDecember

1955° JanuaryFebruaryMarch

New nonfarm housing starts

Total

515.0670.5931. 6

1, 025. 11, 396. 01, 091. 31, 127. 01, 103. 81, 220. 2

116.392.0

101.775. 295.2

107.7108.5116.5116. 0114.3115.7110.7103.690. 6

4 88. 04 90.0

4 117. 0

Publiclyfinanced

56.68.0

18. 136.343.871.258.535. 519. 43.63.01.61.32.01.21. 13.93. 11.32.3.2.3.7

4. 24 1.4

4 . 9

Privately financed

Total

458.4662. 5913.5988.8

1, 352. 21, 020. 11, 068. 51, 068. 31, 200. 8

112.789.0

100. 173. 993.2

106. 5107.4112. 6112.9113. 0113. 4110.5103.389.9

4 87.84 88. 64 116. 1

Government underwrittenTotal158. 1152. 0396. 1468.8686. 7412. 2421.2408. 6583.357. 234.048.630.536.443. 649.055. 652.260.359.858.262. 450.746. 145.353.4

FHA

158. 169.0

294. 1363.8486. 7263. 5279.9252.0276. 340.621. 023.016. 320.523. 824.027.725. 427.025. 924.726.321.520.017.223.5

VA

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

148.6141. 3156. 6307.016.713. 125.614.215.919.825.027. 926.833.333.933.536.029. 126. 128.029.8

Private,seasonallyadjustedannualrates

1, 1521, 1301, 1021,0831,1751,1881,2111, 2481,2871,3931,478

4 1, 4244 1, 3814 1, 407

Proposed home construction

Applicationsfor FHA com-

mitments l

167.8121.7293.2327. 0397.7192. 8267.9253. 7338.633. 121. 128. 220.028. 132.330.335.230. 132.234.829. 326.924.325.628.335.6

Requestsfor VA

appraisals

(3)(3)(3)(3)

164.4226. 3251.4535. 4

(3)21.044. 634.436.542. 952.252. 752.355.451. 345.647. 744. 346.264.271.9

18 i Units in mortgage applications for new home construction. a Estimated. »Not available.Sources: Department of Labor, Federal Housing Administration (FHA), and Veterans Administration (VA).

4 Preliminary estimates.


SALES AND INVENTORIES-MANUFACTURING AND TRADETotal inventories (seasonally adjusted) increased in February, with most of the increase occurring at the distributors'level. Manufacturers' sales rose in February, and new orders exceeded sales. Retail sales in February andMarch were slightly below the record December level, but were substantially above the levels of the correspond-ing months of 1954.

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

TOTAL* AND MANUFACTURING

INVENTORIES*r

FOTAL SALES*

MANUFACTURING

INVENTORIES

SALES

1952 1953 1954

INDEX, 1947-49- 100, SEASONALLY ADJUSTED

1955

DEPARTMENT STORES

INVENTORIES

o 1 1 1 1 119

SOURCES.!

1 1 1 1 1

52

'

1 L M 1 1 1 1 1 1 1

1953

'

1 M 1 1 1 | | 1 1 1

1954

1 1 1 1 1 1 1 1 1 1 1

1955

90 1 1 1 1 1

19

1 1 1 1 1

52

1 1 1 M 1 1 M M

1953

M i l l I I I

1954


Period

19391946 -1948.-19491950..195119521953 _19546 __ _1954: January

FebruaryMarchAprilMayJuneJulyAugust « .SeptemberOctoberNovemberDecember

1955: JanuaryFebruary6

March6

Manufacturingand trade l

Sales a Inven-tories *

Manufacturing

Sales > Inven-tories *

Neworders 2

Retail

Sales 2 Inven-tories *

Millions of dollars, seasonally adjusted

10, 80227, 15036, 43834, 66439, 9175 44, 82146, 08048, 83647, 30546, 45046, 71047, 09047, 64046, 91047, 78047, 42046, 72046, 98046, 22047, 99049, 47049, 32049, 490

20, 05142, 89255, 61252, 11164, 092

5 75, 26877, 10981, 07277, 36080, 69080, 39080, 09079, 52079, 37079, 00078, 35078, 16077, 79077, 54077, 60077, 36077, 35077, 660

5, 11212, 61717, 63016, 41619, 28522, 20523, 04625, 28023, 97523, 90223, 62024, 06424, 41823, 97824, 26024, 05523, 48223, 61223, 14124, 36124, 82624, 91025, 230

11,46524, 45731, 69328, 86034, 31442, 90444, 19046, 72243, 76046, 38246, 11545, 77445, 18344, 79844, 535 -44, 19443, 92943, 66843, 81943, 81143, 76043, 62543, 643

5,35413, 69417, 35015, 90320, 98024, 39123, 71023, 86123, 08020, 74922, 01622, 85923, 01722, 81922, 87622, 55122, 56024, 46323, 85824, 36625, 33924, 81725, 686

3, 5038,541

10? 87710, 89311,974

5 13, 18513, 67414, 22814, 22213, 62213, 97213, 90014, 24214, 04414, 43914, 27214, 15014, 21414, 07114, 36115, 12314, 86414, 76514, 967

5,53411,85215, 82815,31119, 316

5 21, 23921, 59222, 66122, 09022, 52022, 42022, 56022, 69022, 80022, 60022, 40022, 45022, 42022, 00022, 08022, 09022,21022, 360

Department stores

Sales 2 Inven-tories 4

Index 1947-49=100,seasonally adjusted

3590

10498

105109110112111107109105111108112111112107113114117118112112

3577

107100109129118126122119118121120121122124124125124124124123121

* Also includes wholesale, not shown separately In this table. * New series on retail trade beginning with 1951; not comparable with previous* Monthly average for year and total for month. data. Bee Survey of Current Business, September and November 1952, for detail* Book value, end of period. • Preliminary estimates. wuemii.< Book value, end of period, except annual data, which are monthly averages. * oSources: Department of Commerce and Board of Governors of the Federal Reserve System. IO


MERCHANDISE EXPORTS AND IMPORTSFor the first 2 months of this year, commercial exports were 1 5 percent higher and imports 5 percent higher than inthe corresponding period of 1954.

MILLIONS OF DOLLARS

1,800

1,400

1,000

MILLIONS OF DOLLARS

1,800

1,600

1,400

1,200

1,000

I/SEE FOOTNOTES I AND 2 ON TABLE BELOW.

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


Period

1936-38 monthly average1946 monthly average...1947 monthly average _ _ _1948 monthly average1949 monthly average _-1950 monthly average1951 monthly average -_.1952 monthly average1953 monthly average1954 monthly average1954: February

MarchApril _MavJune -July „AugustSeptemberOctoberNovember _December

1955: JanuaryFebruary , _ _

Merchandise exports

Total *

247812

1,2781,0541,003

8561,2531,2661,3141,2571,1831,1261,4261,4001,4741,2911,1551, 1121,2641,2481,3141,1631, 230

Grant-aidshipments 2

5496

2489

16629318818420316726435926820015310485988595

Excludinggrant-aidshipments

7571,182

8331,1641, 1001, 0221,069

998923

1,2581, 1361, 1151,023

955959

1, 1611, 1631,2171,0781, 136

Merchandiseimports

207412480594552738914893906851809862957829946822825780764839942870850

Excess of exports (+)or imports (— )

Total

+ 40+ 400+ 798+460+ 452+ 118+ 339+ 373+ 408+ 406+ 374+ 264+ 468+ 571+ 528+ 469+ 331+ 332+ 501+ 409+ 372+ 293+ 381

Excludinggrant-aidshipments

+ 345+ 702

+ 95+ 250+ 207+ 116+ 218+ 189+ 61

+ 301+ 307+ 168+ 202+ 130+ 179+ 397+ 324+ 275+ 208+ 286

i Includes shipments under the various grant-aid programs; for some of these programs separate data are not available.» Beginning with 1950, figures include only Department of Defense shipments of grant-aid military supplies and equipment under the Mutual Security

Program. Shipments for the first 6 months of the program (July-December 1950) amounted to 282 million dollars.NOTE,—Petail will not necessarily add to totals because of rounding. Sources: Department of Commerce and Department of Defense.


PURCHASING POWERNATIONAL INCOMEAccording to preliminary esfimafes, the increase in general business activity during the first quarter was reflected in arise from the preceding quarter of about $31A billion (seasonally adjusted annual rate) in employee compensation.Farm proprietors* income increased by $1 billion.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS350

300

250

CORPORATE PROFITS ANDINVENTORY VALUATION ADJUSTMENT

>-NET INTEREST.......U..—.— • — .L..—• — ... I—- — .

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

1955



Period

1939 --1946194719481949195019511952 .19531954


1954* First quarterSecond quarterThird quarterFourth quarter

1955: First quarter 2

Totalnationalincome

72. 8179. 6197.2221. 6216.2240. 0277.0291.0305.0300.0

Compen-sationof em-

ployees l

48. 1117. 7128.8140. 9140.9154.3180.4195. 4209. 1207.3

Proprietors1 income

Farm

4.313.914.516. 712. 713.316.014.212. 211.9

Businessand pro-fessional

7.321.319. 921. 621.422.924.825.726. 225.9

Rentalincome

ofper-sons

2.76.26.57.27.98. 59. 1

10. 010.610.9

Netinter-est

4.63. 13.84.55.25. 96.87.48.49. 1

Corporate profits and inven-tory valuation adjustment

Total

5.717.323.630.628. 135. 139.938.238.534.9

Profitsbeforetaxes

6.422. 629. 532.826.240.041.237.239.435.0

Inventoryvaluation

adjustment

-0.7-5.3-5.9-2.2

1.9—4. 9-1.3

1. 0-1.0-. 2


306. 2299. 9298. 9299. 6298. 8

2 302. 9(3)

211.4208.8206.4206. 6207. 2208.9212.5

11. 112.313. 012.211. 611.012.0

26. 125.925. 625.925. 926.326.5

10.610.810. 810. 910. 910.911.0

8. 68.99.09. 19. 29.29.3

38.333. 134. 134.933. 9

236.6(3)

40.932.534.534, 534. 2

2 37. 0

(3)

-2. 6. 6

__. ,|. -1

- - . *i• • - . -1

1. l>

1 Includes employer contributions for social insurance. (See also p. 23.)2 Preliminary estimates by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.

3 Not available.

Source: Department of Commons (i'ic«'t»t m noted).


CORPORATE PROFITSCorporate profits, both before and after taxes, rose in the fourth quarter of last year.


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

1955



Period

19391946 . _1947194819491950 ..195119521953 -1954


1954: First quarter _ _ „Second quarterThird quarterFourth quarter

Corporateprofits

before taxes

6.422. 629.532. 826.240. 041.237.239.435. 0

Corporatetax

liability

1.49. 1

11.312. 510.417.822. 520.021. 117. 2

Corporate profits after taxes

Total

5.013. 418. 220. 315.822. 118.717.218.317.8

Dividendpayments

3.85.86.57. 27.59.29. 19. 19.49.9

Undistributedprofits

1.27. 7

11.713. 08.3

12. 99.68. 18.98.0


40.932.534. 534.534.2

*37. 0

21.917.417.017.016.8

U8. 2

19.015. 117. 517.517.4

U8. 8

9.59.69.69.69.8

10.4

9. 55.57.97.97.6

»8. 4

i Preliminary estimates by Council of Economic Advisers.NOTE.—See p. 21 for profits before taxes and inventory valuation adjustment.Detail will not necessarily add to totals because of rounding. Source: Department of Commerce (except as noted).


SOURCES OF PERSONAL INCOMEIn February, personal income reached a record rate of over $292 billion (seasonally adjusted annual rate). Themajor part of the increase over the January level occurred in labor income.



TOTAL PERSONAL INCOME

1950

FARM PROPRIETORS'INCOME

LABOR INCOME

„ — X

TRANSFER PAYMENTS

1953



Period

19391946 - - --194819491950195119521953 -1954

1954: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember _ _OctoberNovember...December—.

1955: JanuaryFebruary 4 _ _

Totalpersonalincome

72.9178. 0208.7206. 8227. 1255.3271.2286. 1286.5

Labor income(wage andsalary dis-

bursementsand other

labor income)1

46. 6113. 8137.9137.4150.3175. 6190.6204.4202. 3

Proprietors1 income

Farm

4. 313.916.712.713.316.014.212.211.9

Businessand pro-fessional

7.321.321.621.422. 924.825. 726.225.9

Rentalincome

ofpersons

2. 76.27.27.98.59. 1

10.010.610. 9

Divi-dends

3.85.87.27.59.29. 19. 19.49.9

Personalinterestincome

5.87.69. 09.8

10. 611.612. 313. 514. 4

Transferpay-

ments

3.011.411.312.4

3 15. 112.613.113.815. 9

Less: Per-sonal con-tributionsfor social

insur-ance

0. 62.02.22.22.93.43.84. 04. 7

Nonagri-culturalpersonalincome2

67.1161. 1188.5190.8210.5235. 7253.3270.0270.7

Seasonally adjusted annual rates284.9285. 0285.0284.4286.2286.5285.7285.4286. 6286.3289.3291.4291.4292.4

201. 3201.3201. 1200.9201. 6202. 1202.3202. 1202.0202.7204.7204.4205.9206. 5

13.213. 212.511. 512.612.211. 111.411.810.411.211.312. 112.5

25. 525.625.625.925.826.026.025.925.925.926.226.626.426.4

10.910.810.810.811.010.910.810.911.010. 910.911.011.011.0

9.79.69.69.69.69.69.79.89.89.89.9

11.510.010.0

14.214.314.314.414.414.414. 514.514. 614. 614.714. 714. 714. 8

14. 815.015. 815.915. 815. 815.815. 516.016. 516. 416. 716. 516. 4

4.74.84. 74.64.64.74.54. 74. 64. 64.74. 75.25. 1

267.9268.2268. 8269. 1269. 7270.3270.6270. 2271. 1272. 3274. 6276. 5275.5276. 3

» Compensation of employees (see p. 21) excluding employer contributions for social insurance.* Personal income exclusive of net income of unincorporated farm enterprises, farm wages, agri-

cultural net interest, and net dividends paid by agricultural corporations.NOTE.—Detail will not necessarily add to totals because of rounding.

s Includes $2.7 billion National Service Life Insurancedividend, most of which was paid in the first half of the year.

* Preliminary estimates.Source: Department of Commerce.


DISPOSITION OF PERSONAL INCOMEAlthough personal income rose by over $3 billion (seasonally adjusted annual rate) in the first quarter, disposableincome rose by about $4K billion, according to preliminary estimates. The difference was due to the delayedeffect of the 1954 tax reductions and revisions. Consumer expenditures rose almost as much as disposable income,and the rate of consumer saving was unchanged.



200

"PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.

SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).

I955


Period

19391946 _1947_ _ _ _ _ - _ -194819491950195119521953 ._ ---.1954


1954: First quarter -Second quarter.Third quarterFourth quarter

1955: First quarter 2 _ _

Personalincome

Less:

Personaltaxes l

Equals :

Dispos-able

personalincome

Less: Personal consumptionexpenditures

Total Durablegoods

Non-durablegoods

Services

Equals:

Personalsaving

Billions of dollars72.9

178.0190.5208.7206.8227. 1255.3271.2286. 1286.5

2.418.821. 521. 118.720.929. 334.436. 032. 9

70.4159.2169. 0187.6188.2206. 1226. 1236.9250. 1253. 5

67.6146. 6165. 0177.6180.6194. 0208.3218.4230. 1234.0

6.715.920. 622.223.628.627. 126.829.728. 9

35. 184. 593. 198. 796.9

100. 4111. 1116.0118.9120.5

25.846.251. 356. 760. 165.070. 175.681.484. 6

2. 912.64.0

10.07.6

12. 117.718.420.019.5

Billions of dollars, seasonally adjusted annual rates287.5287.3285. 1285.7286.2289.0292.3

36.336. 132.832.932. 933. 131.8

251. 2251.2252.3252.9253. 2255. 9260. 5

231. 2229.7230. 5233. 1234. 8237.7242.0

30. 328.028. 028.828. 929.933.0

118. 6118.7118.8120.0121. 1122. 1122.5

82. 383.083. 684.384. 885.786.5

20. 021. 521. 819. 718.418.218. 5

Savingas percent

of dis-posableincome

4.17.92.45.34. 05.97.87.88.07. 7

8.08.68. 67.87. 37. 17. 1

»Includes such items as fines, penalties, and donations.2 Preliminary estimates by Council of Economic Advisers.NOIE.—Detail will not necessarily add to totals because of rounding. Source: Department of Commerce (except as noted).


PER CAPITA DISPOSABLE INCOMEAccording to preliminary estimates, per capita disposable income in both current and constant dollars rose over1 percent in the first quarter, continuing the increase begun in the latter part of 1954.

DOLLA2,000

1,500

1,000

=?S DC


1954 PRlCES-^-X,

^^

\ 1

^~

I 1 1

*«~-~>-z**^~• — -^^^^

i i 1

T\URRENT PRICES

. 1 i1950 1951 1952 1953

-%£E FOOTNOTE 2 ON TABLE BELOW, '

SOUHCK. DEPARTMENT OF COMMERCE, DEPARTMENT OF LABOR, AND COUNCIL OF ECONOMIC ADVISERS-

, 1 i 1 i 1

1954 1955


JLLARS2,000

1,500

1,000

0

Period

1939 --- _ _ _19461947 „ _ _ _ _ _ _ _1948 - -- -_194919501951 _1952 .19531954 _

1953: Third quarterFourth quarter _

1954: First quarter _ _ . . _Second quarterThird quarterFourth quarter

1955: First quarter 4

Total disposable personalincome (billions of dollars)1

Currentprices

70.4159.2169. 0187. 6188.2206. 1226. 1236.9250. 1253.5

1954prices 2

136.3219.3203. 1209.6212. 1230.3233.8239.5250.9253.5

Per capita disposable per-sonal income (dollars)1

Currentprices

5381, 1261, 1731,2791,2611,3591,4651,5081,5671,561

1954prices 2

1,0411,5511,4101,4291,4221,5181,5151,5251,5721,561


251.2251.2

252.3252.9253.2255. 9

260.5

250.9250.4

251.8252.6252.9256. 7

261.5

1,5701,562

1,5631,5601,5551,564

1,586

1,5681,557

1,5601,5581,5531,569

1,592

Population(thousands) 8

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

160, 030160, 768

161, 439162, 075162, 806163, 582

164, 262

»Income less taxes.* Dollar estimates in current prices divided by consumer price index on base 1954=100.i Includes armed forces overseas. Annual data as of July l; quarterly data centered In the middle of the period, interpolated from monthly figures.4 Preliminary estimates.Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.


FARM INCOMEDuring the first 2 months of 1955, farmers received about 5 percent less from cash marketings and Government pay-ments than a year earlier. Receipts from livestock and products were down 9 percent; receipts from crops were aboutthe same as a year ago.



i960

NOTE: FARM INCOME CONSISTS OF CASH RECEIPTS FROM MARKETINGS AND GOVERNMENT PAYMENTS.SOURCE: DEPARTMENT OF AGRICULTURE.

1955


Period

1939 monthly average _.1946 monthly average1947 monthly average __ _ _1948 monthly average1949 monthly average1950 monthly average1951 monthly average1952 monthly average1953 monthly average1954 monthly average1954* January -

FebruaryMarchApril - -« «.-•-MayJuneJuly _.AugustSeptember __ .October _November- _ - .December

1955: January. . „_February3

Farm income (millions of dollars, current prices)

Cash receiptsand Govern-

mentpayments

7152, 1112, 5022,5392,3442,3842, 7572,7472,6362, 5182, 7152,0202,0361,9342,0152, 1092,2052,4813, 1903,5063,1912,8092,5711,947

Cash receipts from marketings

Livestock andproducts

. 3771, 1441,3731,4231,2801,3311,6341,5371,4391,3901,4211,3081,4581,3951,4501,3511,2581,3581,3981,4651,5171,3051,2911, 179

Crops

275903

1, 1021,0951,0491,0291,0991, 1871, 1791,1061,276

698554506536719929

1,1111,7802,0321,6551,4741,245

737

Parity index(prices paid,

interest, taxes,and

wage rates),1954= 100 ' »

447485*938991

10010299

100100100101101101100100100100999999

101101

Farm income(millions of

dollars,1954 prices) >

1, 6252, 8532, 9442, 7302,6342,6202,7572,6932,6632,5182,7152,0202,0161,9151,9952,1092,2052,4813,1903,5413,2232,8372, 5461,928

»Converted from the reported base, 1910-14=100, to the base 1954=100.* Farm income in current dollars divided by parity index on base 1964=100.

« Preliminary estimates.Source: Department of Agriculture,


CREDIT, MONEY, AND FEDERAL FINANCEBANK LOANS, INVESTMENTS, AND RESERVESIn February, loans of commercial banks increased by $0.7 billion and total investments declined by $2.0 billion.The rise in loans was the largest for the month since 1951. 'Tree" reserves (excess reserves less borrowings at FederalReserve Banks) continued to decline.


12080

40 y20

ALL COMMERCIAL BANKS

^INVESTMENT IN OTHER SECURITIES

1950


BANK LOANS*

1952 1953

END OF MONTH1954

I I I ( I I I I I I I

12080

40

20

1955



End of period

193919491950 -1951195219531954 3

1954: January..FebruaryMarch.AprilMay _ .June__July3

August3

September 8

October 8

November 8 _ -December 3

1955: January 3

February 3

March 3 __ __ _ _

All commercial banks

Total loansand invest-

ments

40. 7120. 2126.7132. 6141.6145.7156. 8145.3144. 9142.8144. 1145.7146.4147.3149.5150.6154. 1155.8156.8156.5155.0

Loans

17.243.052. 257.764.267.671. 266.566.967.166.867. 167.367.366.567.367.869.571.270.771.4

Investments

Total

23.477.274.474.977.578. 185.778.978.075.777.478.679.080.083.083.386.386.385.785.783.7

U. S. Gov-ernmentsecurities

16.367.062. 061.563.363.469.564. 263.060.762. 163.363.564.367.367.370. 270.269.569. 166.9

Othersecurities

7. 110.212. 413.314. 114.716. 214. 715.015. 1

. 15.215.315.515.715.716.016. 116.216. 216.616.8

Weeklyreportingmemberbanks

Businessloans l

4.713.917.921.623.423.422.522.522.422.822. 221.921.921.520.821.021.022. 122.522.122.222.7

All member banks 2

Reserve balances

Required

6.017.015.618. 519.619.318.519. 218.918. 918. 618.818.818.317.617.618.218.418.618.418.218. 1

Excess

4 4888778967879888787766

Borrow-ings atFederalReserveBanks

0.0113881132121111122345

i Commercial, industrial, and agricultural loans; revised series beginning January 1952. * Preliminary estimates,* Data are averages of daily figures on balances and borrowings during the period. Member banks include,

besides all national banks, those State banks that have taken membership in tne Federal Reserve System.NOTE.—Detail will not necessarily add to totals because of rounding. Source: Board of Governors of the Federal Eeserve System. 27


CONSUMER CREDITTotal consumer credit outstanding decreased by $240 million in February, due to a seasonal decline in noninstalmentcredit. Outstanding instalment credit increased by $70 million, largely as a result of a contra-seasonal rise inautomobile credit.



1950


1955



End of period

193919461947194819491950 _19511952 _ ...195319541954: January—

February.-MarchAprilMavJunoJulvAutn iHlSc'.pt.oinhor-( N ' tob t - r .. .N oYriiibi ' r . ,! i « * r - r i i i b r r .

1 M , ! , . ; ,!:» n u n i v1 <• hum t %

Totalconsumer

creditoutstand-

ing

7.2228,384

11, 57014, 41117, 10420, 81321, 46825, 82729, 53730, 12528, 72428, 14027, 83328, 09528, 37228, 66628, 72528, 73628, 8562S, 1)752U, 200HO. I2f,'",». 7('»n: l (i : , ix

Instalment credit outstanding

Total

4,5034, 1726, 6958,968

11, 51614, 49014, 83718. 68422; 18722, 46721, 83621, 58221, 38121, 42621, 48721, 71721, 84921, 90121, 93521, 95222, 01422, 4671TJ, 43<i22, .r»OS

Auto-mobilepaper l

1,497981

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

10, 34110, 39610, 15810, 0109,9199,942

10, 00210, 16810, 29810, 34910, 36510, 34010, 29610, 39610, 45910, 041

Otherconsumer

goodspaper *

1,6201,2902, 1432,8423,4864,3374, 2705,3285, 8315, 668576975,5885,4435,4135,3705,3675,3285,2945,2875,3245,3985, 6685, 6095, 484

Repair andmoderni-

zationloans a

298405718843887

1,0061,0901,4061, 6491,6161,6351,6231,6141, 6171,6341,6351,6371,6421,6421, 6371,6311,6161,5741, 550

Personalloans

130881,4961,9102,2292,4442,8053,2353,8514, 3664,7874,3464,3614,4054,4544,4814, 5474,5864,6164, 6414,6514,6894,7874,7944, 833

Noninstalment creditoutstanding

Total

2,7194,2124,8755,4435, 5886,3236,6317,1437,3507,6586,8886, 5586,4526, 6696, 8856,9496,8766,8356, 9217,0237, 1957,6587,3247, 010

Chargeaccounts

1,4142, 0762,3532,7132,6803,0063,0963,3423,4113,5183, 0022,6822,5642, 7232,7862,8192, 7732,7342,8072, 8923,0423,5183,2252, 831

Instal-ment

credit ex-tended 3

8,49512, 71315, 54018, 00221, 25622, 79128, 39730, 32129, 3041,947

* 1,9562,3802,4002,3972,7032,5492,4772,4412,4542, 5543,0462, 3892,416

Instal-mentcredit

repaid 3

6,78510, 19013, 26715, 45418, 28222, 44424, 55026, 81829, 0242,2982,2102,5812,3552,3362,4732,4172,4252,4072,4372,4922,5932,4202,344

•mini for ihr purpose of purchasing automobiles and other consumer goods and secured by the items purchased,nimnrlu! i i i t t t i t t i i iu i iH; those lu'ld by retail outlets are included in "other consumer goods paper."

• f fa }»tiiml. Source: Board of Governors of the Federal Reserve System.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND YIELDS AND INTEREST RATESYields on municipal and corporate bonds have been roughly stable in recent weeks. Rates on commercial paperincreased at the end of March. Yields on Treasury securities declined in early March and rose during the latterpart of the month and in early April.

PERCENT PER ANNUM4

PERCENT PER ANNUM4

1950

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

[Percent per annum]

Period

193919481949 . ...19501951 . _ -1952195319541954: February .

MarchAprilMay_ _ _JuneJuly _AugustSeptemberOctoberNovemberDecember

1955* January.FebruaryMarch

Week ended:1955: March 5

121926

April 29

U. S. Government security yields3-monthTreasury

bills1

0.0231.0401. 1021.2181. 5521.7661.931.953.984

1.0531.011.782.650.710.892

1.007.987.948

1. 1741.2571. 1771.335

1.4171.2311.2861.3661.3741. 466

Taxable bonds 2

Old series 3

2.442.312.322.572.682.932.532.602. 512.472.522.542.472.482.512.522.552.572.652. 722.71

2.752. 722.692.692.732.77

New series 4

3. 162. 702.852.732. 702.722.702.622.602. 642.652.682.682.76

4 2. 922. 92

2. 932.922.922.902.922.93

High-grademunicipal

bonds s

2.762.402.211.982.002. 192.722.372.392.382.472.492.482.312. 232.292.322.292.332.392.422.45

2.462. 452.452. 442.442.44

Corporate bonds( Moody *s)

Aaa

3. 012.822.662.622.862. 963.202.902.952.862.852.882.902.892.872.892.872.892.902.932. 993.02

3.033.043.033.013. 003.01

Baa

4.963.473.423.243.413.523.743. 513.613.513.473.473.493. 503.493.473.463.453.453.453.473.48

3.483.493.493. 483.483.48

Primecommercial

paper,4-6 months

0.591.441.491.452. 162.332.521.582.002.001.761.581.561.451.331.311.311.311.311.471. 681.70

1. 691. 691. 691. 691. 741. 81

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

to that, only bonds due or callable after 15 years were included.

4 3H-percent bonds of 1978-83, issued in May 1953; and 3-percent bonds of 1995,issued in February 1955.

« Standard and Poor's. Weekly data are Wednesday figures. OQSource: Board of Governors of the Federal Eeserve System. "^


MONEY SUPPLYThe privately held money supply decreased by $2.4 billion between January and February. The decline was dueentirely to a reduction in demand deposits which is usual at this time of the year.


160

120

END OF MONTH

TOTAL DEPOSITS AND CURRENCY

TIME DEPOSITS

CURRENCY OUTSIDEBANKS '

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

DEMAND DEPOSITS

1952

160

120

SOURCE:BOARD COUNCIL OF ECONOMIC ADVISERS


End of period

193919461947.19481949.. . ._19501951 _ __195219531954 4 _1954: January

February . . . . -MarchAprilMay. - . .. _.JuneJuly4 ....August 4 .September 4

October4 ... _November 4

December 4

1955: January4

February 4

Total de-posits andcurrency

64.7167.5172.3172.7173. 9180.6189.9200.4205.7214. 5203.5202.4201.3202.3203.6205.3204.8206.3207.7211. 4213.3214.5213. 5212. 1

U.S.Government

deposits 1

1.53.52.33.64. 13.73.95.64.85. 13.75.06. 15.05.66.84. 46.05.26.67.55. 14. 25. 1

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

Total

63.3164.0170.0169. 1169.8176.9186.0194.8200.9209.4199.8197.4195.2197.3198.0198.5200.4200.3202.5204.8205.8209.4209.4207.0

Currencyoutsidebanks

6.426.726.526. 125.425. 426.327. 528. 127.426.926.926.926.726.827. 126.826.926.926.927.527.426.826.8

Demanddeposits

adjusted 2

29. 883.387. 185.585.892.398. 2

101. 5102.5106. 9102.399. 696.798.698.798. 1

100.099.4

101. 2103. 1104. 1106.9107.2104. 6

Timedeposits 3

27. 154.056.457.558.659.261.465.870.475. 170.671.071.772.072.573.373.774.074.474.774.375. 175.475. 6

30

• Includes U. 8. Government deposits at Federal Reserve banks and commercial and savings banks, and TJ. S. Treasurer's time deposits, open account.> Includes demand deposits, other than interbank and U S. Government, less cash items in process of collection.• Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.• Preliminary estimates.NOTK.—Detail will not necessarily add to totals because of rounding. Source: Board of Governors of the Federal Reserve System.


FEDERAL BUDGET RECEIPTS AND EXPENDITURESThe cumulative budget deficit through February of the current fiscal year was $9.0 billion, compared with $8.2 billionat the same time a year earlier.


50

25

TOTAL BUDGET EXPENDITURES

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

NATIONAL SECURITY PROGRAMS•HO

-5

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

1950 1951 1952. 1953 19

* ESTIMATED

SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

1955 1950FISCAL YEARS

1953 1954 1955



Period

? seal v *ar 1944 _' srnl v »ar 1947•' H -n l v '.fir 1948' ' H - I I ! v -ar 19-10 „ _ . ...•' :, -ill v -a r 1950 _ _ _•' s -id v «.ar 19511 ^ •»! v 'jir 19f>2 .. .'* i< *nl vear 1953<'h 'ill vc'ar 1954•'in *al vear 1955 (estimated)

1954; January- _ ,February-M arch -April _ _MayJune _ . .JulyAugustSeptember . . _ _October ...NovemberDecember

1955: January.. ._February.

Cumulative totals for first 8 months:Fiscal year 1954Fiscal year 1955

Net budgetreceipts

43. 639. 841.537.736. 547. 661.464.864.759.05.05. 4

11.42.83.6

10.62.83.95.02.64.23.74.75.4

36.232.4

Budget expenditures

Total

95. 139.033. 139.539.644. 165.474. 367.863.55.24.75.65.35.27.34.86. 75.04.93.86.34.94.8

44.441.3

Nationalsecurity l

75. 814.411.812. 913.022.343.850.346.540.63.83.63.93.73.34.53.23.43.33.33.33.73.23. 1

31. 126. 4

Budget sur-plus (-f) ordeficit (— )

-51.4+ .8

+ 8.4-1.8-3. 1-f3. 5-4.0-9.4-3.1-4.5-.2+.7

-f5. 9-2.5— 1.6-f-3. 3-2.0-2.8

— . 1-2.2+.4

-2.53

+ .6

-8.29.0

Public debt(end of

period) *

202. 6258.4252.4252.8257.4255.3259.2266. 1271.3274.4274.9274.9270.3271. 1273.6271.3271.0275.0274.8278.8278.9278.8278.5278. 2

274.9278.2

i Revised to include the items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending June SO, 1966. Theseexpenditure items are: Military functions of Defense Department, mutual military program, development and control of atomic energy, and allocation of critical andstrategic materials.

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

The figures shown above for fiscal years 1953 and 1954 are those published by the Treasury Department on the new basis.Detail will not necessarily add to totals because of rounding. Sources: Treasury Department *nd Bureau of the Budget. Q1


FEDERAL CASH RECEIPTS FROMAND PAYMENTS TO THE PUBLICFor the calendar year 1954 the cash deficit was $1.1 billion, about $5 billion less than in 1953. The cash deficit forthe quarter ending in December was $3.9 billion, reflecting to a considerable degree the seasonally low receipts duringthe first half of the fiscal year.



1951

— M — EXCESS OF CASH RECEIPTS-

EXCESS OF CASH PAYMENTS-

1

1951 1952CALENDAR YEARS

SOURCES: BUREAU OF THE iuooEt AND TREASURY DEPARTMENT.

1954*



Calendar year

Calendar year total:1946 -19471948 _ ...194919501951 _19521953 _19541 _ _ _ „

Quarterly totals, not adjusted for seasonal variation:1953: First quarter

Second quarter _.Third quarterFourth quarter „

1954:1 First quarter _ _ _Second quarter . __Third quarter »_Fourth Quarter _ __

Cash receiptsfrom the

public

41, 44144, 28244, 92241 84642, 41959, 27871, 33970, 04168 562

22, 53918, 67415, 35713, 471

23, 69319, 11513, 50112. 253

Cash pay-ments tothe public

41, 39938, 61636, 89742 64241, 96958, 034725 98076, 19469 622

18, 16621, 04918, 87018, 109

16, 45918, 43118, 58216. 150

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

+424-5, 666+8, 027

1 295+450

+ 1,244— 1, 641—6, 153— 1 060

+ 4, 373— 2, 375— 3, 513—4, 638

+ 7,234+ 684

— 5,082-3,897

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

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

Price 20 cents per copy ; $2.00 per year; $2.50 foreign.U. S. G O V E R N M E N T P R I N T I N G OFFICE; 1955
