economic indicators: august 1964€¦ · 88th congress, 2d session economic indicators xc^.derv...

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.


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.


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.



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.




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.


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.


Sources: Department of Commerce and Council of Economic Advisers.


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.


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.


20

10

•i/ EXCLUDING INVENTORY VALUATION ADJ-USTMENT.SOURCE: DEPARTMENT OF COMMERCE.

SEE NOTE ON TABLE BELOW.

1964


[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.



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


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


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.

8Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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.



10

1958 1 1959•^ SEE NOTE 3 ON TABLE BELOW.SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.

1964


[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


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


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.


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.


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


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


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


[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.


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


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


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


[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.


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


[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.


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


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


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.


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


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).


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


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


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


.

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


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


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


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.


40

30

20

10


EXPORTS OF GOODS AND SERVICES

1958

IMPORTS OF GOODS AND SERVICES

1959 I960 1961 1962

40

30

20

10


1963 1964



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.


24


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.



10

-10

OVER-ALL BALANCE [SURPLUS OR DEFICIT (-)]

1958 1959 I960 1961 1962 1963

SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS.


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


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


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


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.


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.


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


[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


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