economic indicators: april 1963 - frasereconomic indicators, published monthly, is available at 2 5...
TRANSCRIPT
88th Congress, 1st Session
Economic Indicators
APRIL 1963
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1963
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
SENATB
JOHN SPARKMAN (Alabama)J. WILLIAM FULBRIGHT (Arkansas)WILLIAM PROXMIRE (Wisconsin)CLAIBORNE PELL (Rhode Island)JACOB K. JAVITS (New York)JACK MILLER (Iowa)LEN B. JORDAN (Idaho)
JAMES W.
HOUSE OF REPRESENTATIVESWRIGHT PATMAN (Texas)HALE BOGGS (Louisiana)HENRY S. REUSS (Wisconsin)MARTHA W. GRIFFITHS (Michigan)THOMAS B. CURTIS (Missouri)CLARENCE E. KILBURN (New York)WILLIAM B. WIDNALL (New Jersey)
KNOWLES, Executive Director
COUNCIL OF ECONOMIC ADVISERSWALTER W. HELLER, Chairman
GARDNER ACKLEY
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and Rouse 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 25, D.C.Subscribers 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 7962 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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TOTAL OUTPUT, INCOME, AND SPENDINGTHE NATION'S INCOME, EXPENDITURE, AND SAVINGPreliminary estimates indicate that gross national product rose $8.5 billion (seasonally adjusted annual rate) in thefirst quarter. Personal consumption expenditures rose $5.5 billion although only a $3.4 billion increase was regis-tered in disposable personal income.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1952,.1953195419551956,- ,1957 - -1958,1959I960,--19611962,--
1961: IIIIV
1962: I „IIIIIIV
1963: I 5
Dis-posablepersonalincome '
238. 7252. 5256. 9274. 4292. 9308. 8317. 9337. 1349. 4363. 6382. 9
366. 3372. 6
375. 6381. 8384. 1389. 3392. 7
Persons
Personalconsump-
tionexpendi-
219. 8232. 6238. 0256. 9269. 9285. 2293. 2313. 5328. 5338. 1356. 7340. 1346. 1
350. 2354. 9358. 2363. 5369. 0
Personalsaving( + ) or
dis-saving(-)
18. 919. 818. 917. 523. 023. 624 72.3. 620. 925. 626. 2
26. 326. 5
25. 426. 926. 025. 823. 7
Grossretained
earn-ings2
33. 234. 335. 542. 143. 045. 644. 851. 352. 153. 658. 1
54. 157. 0
57. 257. 657. 760. 0
Business
Grossprivate
domesticinvest-
49. 950. 348. 963. 867. 466. 156. 672. 772. 469. 376. 6
72.476. 6
75.977. 476. 376. 2
76. 0
Excessof
invest-ment
— 16. 6-16. 0-13. 4-21. 8— 24. 3-20. 5— 11. 9— 21. 4-20. 3-15. 6-18. 5
-18. 3— 19. 6
-18. 7-19. 9-18. 6-16. 2
Foreignnet
trans-fers by
Govern-ment
1. 51. 61. 41. 51. 51. 51. 31. 51. 61. 61. 7
1. 51. 6
1.71. 71. 81. 81. 5
In
Net e?ai
Netexports
1. 3— . 4
1. 01. 12. 94. 91. 2
-. 82. 94. 03. 32. 83. 83. 73.72. 53. 23. 2
iernatior
tports ofid servic
Ex-ports
17. 416. 617. 519. 423. 126. 222. 722. 926. 427. 328. 4
26. 928. 3
28. 229.028.328. 2
27. 9
al
goodsss
Im-ports
16. 117. 016. 518. 320. 221. 321. 523. 623. 523. 325.2
24. 124. 5
24. 525. 325. 825. 024. 7
Excess oftransfers(+) orof net
exports( — ) 4
0. 22. 0. 4. 4
-1. 5-3. 5
. 12.3
-1. 3-2. 4-1. 5
-1. 3-2. 2
-2. 0-2. 0
— . 7-1. 4
-1. 7
Period
1952,--19531954 --. -- .-1955195619571958,--1959,--1960196119621961: IIT
IV .1962: I
IIIIIIV
1963: Is
£
receipts
72. 275. 768. 578. 484. 287. 582. 095. 7
103. 8103. 0114. 9
103. 4109. 2
111. 9114. 9115. 9117.3
- j
Jet receip
Tax andnontaxreceipts
oraccruals
90. 694. 990. 0
101. 4109. 5116. 3115. 1130. 2141. 0144. 8158. 1
145. 7151. 6154. 6157. 8159. 2161. 8
C
ts
Trans-fers,
interest,and sub-sidies 6
18. 419. 221. 523. 025. 328. 733. 134. 437. 141. 943. 242. 442. 4
42. 742. 943. 344. 5
44. 8
iDvernmei
E
Pur-chases
of goodsand
services
76. 082. 875. 375. 679. 086. 593. 597. 299. 7
107. 4117. 3106. 9112. 1
115. 2116. 0118. 2120. 7
123. 8
it
xpenditur
Totalexpendi-
tures
94. 4102. 096. 798. 6
104. 3115. 3126. 6131. 6136. 8149. 3160. 5149. 3154. 4
157.9158. 9161. 6165. 2168. 6
es
Trans-fers,
interest,and sub-sidies 6
18. 419. 221. 523. 025. 328. 733. 134. 437. 141. 943. 2
42. 442. 4
42. 742. 943. 344. 5
44. 8
Surplus( + ) ordeficit(-) onincome
andproductaccount
-3. 9— 7. 1— 6. 7
2. 95. 21. 0
— 11. 4— 1. 5
4. 2-4. 4-2. 4
-3. 6-2. 9
-3.3— 1.1-2. 4-3. 4
Totalincome
orreceipts
345. 6364. 1362. 3396. 5421. 6443. 4446. 0485. 7506. 8521. 8557. 6
525. 3540. 5
546. 4556. 0559. 8568. 4
Statis-tical
discrep-ancy
1. 41. 3. 9
1. 0-2. 4
— . 6-1.5-3. 0-3. 4-3. 1-3.8-3. 1— 1. 9-1. 4-4. 0-4.3-4. 8
Grossnationalproduct
orexpendi-
ture
347.0365. 4363. 1397. 5419. 2442. 8444, 5482. 7503. 4518. 7553. 9
522. 3538. 6
545. 0552. 0555. 3563. 5
572. 01 Personal income (p. 5) less personal taxes and nontax payments (fines, penal-
ties, etc.),! 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 which are in-cluded in disposable personal income.3 Private business investment, purchases of capital goods by private nonprofitinstitutions, and residential housing.
4 Net foreign investment with sign changed.6 Preliminary estimates by Council ol Economic Advisers.6 Government transfer payments to persons, foreign net transfers by Govern-
ment, net interest paid by government, and subsidies less current surplus ofgovernment enterprises.
NOTE.—Data for Alaska and Hawaii included beginning I960.Source: Department of Commerce. l
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT OR EXPENDITUREGNP in the first quarter rose $8.5 billion (seasonally adjusted annual rate), or 114 percent, according to preliminaryestimates. The main increases were in personal consumption expenditures and government purchases.
BILLIONS OF DOLLARS
600
500
400
aoo
GROSS NATIONAL PRODUCT
\
GOVERNMENT PURCHASESOF GOODS AND SERVICES
BILLIONS OF DOLLARS
600
500
400
300
200
100
1957 1958 1 1959
J/ PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.SOURCE: DEPARTMENT OF COMMERCE. (EXCEPT AS NOTED).
1963
COUNCH OF ECONOMIC ADVISERS
Period
I
195019511952195319541955 .._1956__.1957 ..1958- _1959 _1960196119621961: III
IV1962: I.
IIIII.IV—
1963: I * ... ...
Totalgross
nationalproductin 1962prices
Jillions of
370. 0400. 4415. 8484. 84S6. 3459. 6469.4478.5471. 1508. 6515. 85S5. 5553. 9528. 5543. 7548. 455S. 6554. s560. 6566. 4
Totalgross
nationalproduct
dollars, c
284. 6329.0347. 0365.4363. 1397. 5419. 2442. 8444, 5482. 7503. 4518. 7553. 9522. 3538. 6
545. 0552. 0555. 3563. 5572. 0
Personalcon-
sump-tion
expend-itures
uarterly c
195. 0209. 8219. 8232. 6238. 0256. 9269. 9285. 2293. 2313. 5328. 5338. 1356. 7340. 1346. 1
350. 2354. 9358. 2363. 5
369. 0
Grossprivate
domesticinvest-ment
lata at se<
50. 056. 349. 950. 348. 963. 867. 466. 156. 672. 772. 469. 376. 6
72. 476. 6
75.977. 476. 376. 2
76. 0
Netexportsof goods
andservices
isonally a
0. 62. 41.3
-. 41. 01. 12. 94. 91.2
— . 82.94. 03.32. 83.83. 73. 72. 53.23. 2
Gove
Total
djusted <
39.060. 576.082.875.375.679. 086. 593. 597. 299. 7
107. 4117. 3106. 9112. 1
115. 2116. 0118. 2120. 7123. 8
rnment r
Total i
innual n19. 338.852. 958. 047.545. 345. 749. 752. 653. 653. 257. 062. 4
56. 559. 5
61. 962. 162. 763. 4
65. 9
mrchasesservicesFederal
Nationaldefense 2
ites
14. 333. 946. 449.341.239. 140.444. 444. 846.245. 749. 053. 4
48. 450. 8
53. 053. 254. 054. 2
56. 3
of good
Other
5.25.26.79.06.76. 65.75.78. 37. 98. 18. 79. 78. 79. 2
9. 69. 59. 6
10. 1
10. 4
s and
Stateandlocal
19.721. 723.224. 927.730. 333. 236. 840. 843. 646. 550. 455. 050. 452. 653. 354. 055. 557.357. 9
Implicitprice
deflatorfor total
GNP,1962=1003
76. 982. 283. 584. 085. 286. 589. 392. 594. 496. 097. 698. 7
100. 098. 899. 199. 499. 9
100. 2100. 5101. 0
1 r,oss Government sales.2 These expenditures correspond closely with budget expenditures for national
defense, shown on p. 35.J Gross national product in current prices divided by gross national product
In 1%2 prices.
4 .Preliminary estimates by Council of Economic Advisers.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL INCOMECompensation of employees rose by $5 billion (seasonally adjusted annual rate) in the first quarter. Farm proprie-tors' income fell, but other noncorporate income rose moderately.
BILLIONS OF DOLLARSSOO
SEASONALLY ADJUSTED ANNUAL RATES
BILLIONS OF DOLLARS1 SOO
TOTAL NATIONAL INCOME
COMPENSATION OF EMPLOYEES
PROPRIETORS' ANDRENTAL INCOME 'Ni
CORPORATE PROFITS ANDINVENTORY VALUATION ADJUSTMENT
1957 1959 I960
. NET INTEREST
1961
400
J/PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.SOURCE: DEPARTMENT OF COMMERCE. (EXCEPT AS NOTED).
1963
COUNCIL OF ECONOMIC ADVISERS.
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Period
19501951. _ _1952...1953195419551956. _.1957. ._1958 .1959.I960.. ...19611962...1961: III
IV1962: T
11IIIIV
1963: I 2
Totalnationalincome
241. 9279. 3292. 2305. 6301. 8330. 2350. 8366. 9367. 4400. 5415. 5427. 8458. 0431. 3444. 0448. 9456. 7459. 8466. 6
Compen-sationof em-
ployees '
154. 2180. 3195. 0208. 8207. 6223. 9242. 5255. 5257. 1278. 5293. 7302. 2321. 6304. 5309. 9315. 2321. 7323. 8325. 8330. 8
Proprieto
Farm
14.016. 315. 313. 312. 711. 811. 611.813. 511. 412. 013. 113. 013. 113. 612. 912. 812. 813. 613. 0
•s' income
Businessand pro-fessional
23. 526. 026. 927. 427. 830. 432. 132. 732. 535. 134. 234. 836. 835. 136. 036. 236. 837. 037. 337. 7
Rentalincome
ofper-
9.09. 4
10. 210. 510. 910. 710. 911. 912. 211. 911. 912. 312. 812. 312. 512. 612. 812. 912. 913. 0
Netinter-
est
5. 56. 37. 18. 29. 1
10. 411. 713. 414 816. 418. 120. 022. 220. 321. 021. 522. 022. 523. 023. 5
Corporatory va
Total
35. 741. 037. 737. 333. 743. 142. 041. 737. 247. 245. 645. 551. 546. 051. 150. 450. 751. 054. 0
be profitsluation a(
Profitsbeforetaxes
40. 642. 236. 738. 334. 144. e44. 743. 237. 447. 745. 445. 651. 346. 351.450. 150.951. 153. 2
and inven-Ijustment
Inventoryvaluation
adjustment
5. 0— 1. 2
1. 0— 1.0
0
— 1. 7— 2. 7— 1. 5-. 3-. 5
. 2
. 0
. 2— . 3— . 3
. 3
. 2— . 1
. S
. 41 Includes employer contributions for social insurance. (See also p. 4.)a Preliminary estimates by Council of Economic Advisers.
NOTE.—Data for Alaska and Hawaii included beginning I960.Source: Department of Commerce (except as noted).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES OF PERSONAL INCOMEPersonal income in March rose $1.6 billion (seasonally adjusted annual rate) to a record $452.7 billion. Most ofthe rise was in wage and salary disbursements.
BILLIONS OF DOLLARS500
BILLIONS OF DOLLARS500
I95T
SOURCE: DEPARTMENT OF COMMERCE
1963
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, monthly data at seasonally adjusted annual rates]
Period
195419551956-1957_19581959 _1960 .19611962*1962: Feb
MarAprMay...JuneJuly...AugSept...OctNovDec
1903: JanFebM n r < _ _
Totalpersonalincome
289. 8310. 2332. 9351. 4360. 3383. 9400. 8416. 4440. 5431. 9435. 2438. 3439. 7440. 7441. 9443. 0443. 5445. 6448. 2450.4452.4451. 1452. 7
Wageand
salarydisburse-ments '
196. 3210. 9227. 6238. 5239. 8258. 5271. 3278.8295. 8290. 2292. 2295.3296. 0296. 9297. 8298. 1298. 0298. 5299. 8301. 0301. 5303.6304. 8
Otherlabor
income 2
6. 27. 18. 19. 19. 4
10. 41L 011. 412. 312. 012. 112. 212. 312. 412. 412. 412. 412. 512. 512. 512. 612. 712. 7
Propriet
Farm
12. 711. 811. 611. 813. 511. 412. 013. 113. 012.812. 912. 812. 812.812. 712. 812. 913. 213. 614. 013. 412. 912. 7
ors' incomeBusinessand pro-fessional
27. 830.432. 132. 732. 535. 134 234. 836. 836. 236. 436. 636. 836. 836. 937.037. 037. 137. 337.437. 637.737. 8
Rentalincome
ofpersons
10. 910. 710. 911. 912. 211. 911. 912. 312. 812. 612. 712. 712. 812. 812. 812. 912. 912. 912. 912. 913. 013. 013. 0
Divi-dends
9.811. 212. 112. 612. 413.714 415. 015. 915.815. 915. 815. 815. 815. 715. 716. 016. 116. 217.016. 316. 416. 4
Personalinterestincome
14. 615. 817. 519. 621. 023. 525. 827. 429.728. 829. 029. 229. 429. 629. 830. 030. 230. 430.630.831. 131. 331. 6
Transferpay-
ments
16.217.518. 821. 926. 327. 529. 433. 434 633.834 534234 234134 234 534 535. 535. 835. 538. 735. 335. 4
Less: Per-sonal con-tributionsfor socialinsurance
4. 65.25.86.76.87.99.29.7
10. 510. 410. 410. 510. 510. 510. 510. 510. 410. 510. 510. 611.711. 811. 8
Nonagri-culturalpersonalincome 3
273. 8295. 0317.9336. 1343. 0sea 6384. 7399. 1423. 2414 8418. 0421. 2422. 6423. 5424 8425. 9426. 4428. 2430.4432.3434 6434 0435. 7
i ('nnipo.nsation of employees (see p. 3) excluding employer contributions fornodal i i iMirnnec mid the excess of wage accruals over disbursements.
* K i n p i o y e r contr ibut ions to private pension, health, and welfare funds; com-pflM-'Mlon for injuries; directors' fees; military reserve pay; and a few otherminor il i*nm.
* l'un?onal Income exclusive of net income of unincorporated farm enterprises.
farm wages, agricultural net interest, and net dividends paid by agriculturalcorporations.
4 Preliminary.NOTE.-—Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISPOSITION OF PERSONAL INCOMEIn the first quarter, personal consumption expenditures rose by $5.5 billion (seasonally adjusted annual rate) whiledisposable personal income rose by $3.4 billion. The saving rate declined to 6.0 percent.
BILLIONS OF DOLLARS*
350
300
I I ' I I I I I 1 1 I 1 1 1 1 1 1 1
BILLIONS OF DOLLARS*
350
300
2,300
2,OOO
I.8OO
1,600 LA
PER CAPITA DISPOSABLE PERSONAL INCOME
IN 1962 PRICES
»• •«.,.. „/•••
IN CURRENT PRICES
I95T 1958 1959* SEASONALLY ADJUSTED ANNUAL RATES.J/PREL1MINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED)
1962
J/
2,000
1,800
J\l 1,600
1963
COUNCIL OF ECONOMIC ADVISERS
Period
195119521953195419551956__ ...1957-. -19581959-- ---1960 _-- _19611962
1961: IIL.IV.-
1962: I...II—III-IV.
1963: I 3_-
Per-sonal
income
256. 7273. 1288. 3289. 8310. 2332. 9351.4360. 3383. 9400. 8416. 4440. 5
419. 4427.3
432.0439. 5442. 6448. 0
452. 1
Less:Per-sonaltaxes
29.234.435.832. 935. 740. 042. 642.346. 851. 452. S57. 6
53. 054. 6
56. 457. 758. 558. 7
59. 4
Equals:Dis-
posablepersonalincome
227. 5238. 7252. 5256. 9274. 4292. 9308. 8317. 9337. 1349. 4363. 6382. 9
306. 3372. 6
375. 6381. 8384. 1389. 3
392. 7
Persona
Total
Billions209. 8219. 8232. 6238. 0256. 9269. 9285. 2293. 2313. 5328. 5338. 1356. 7
Seasc340. 1346. 1
350. 2354. 9358. 2363. 5
369. 0
L! consumj
Durablegoods
of dollars29. 529. 132. 932. 439. 638. 540. 437. 343. 644. 843. 747. 5
nally adji44. 046. 6
46. 347. 247. 149. 6
50. 2
ess:tion expe
Non-durable
110. 1115. 1118.0119. 3124. 8131. 4137. 7141. G147. 1151. 8155. 2162. 0
asted ann156. 2157. 2
159. 9161. 3163. 0163. 9
166. 7
nditures
Services
70. 275. 681. 886. 392. 5
100. 0107. 1114. 3122. 8131. 9139. 1147. 1
ial rates139. 9142. 3
144. 1146. 3148. 1150. 1
152. 1
Equals :Personal
saving
17. 718. 919. S18. 917. 523. 023. 624. 723. 620. 925. 626. 2
26. 326. 5
25. 426. 926. 025. 8
23. 7
Per capposable
inco
Currentprices
Dol1,4751,5211, 5821, 5821, 6601, 7411,8031, 8251, 9041, 9341, 9792,052
1, 9892, 015
2, 0242, 0502, 0542,074
2, 085
ita dis-Dersonalme
1962prices '
lars1,7181, 7361,7881,7701,8491, 9081, 9191, 9071,9651, 9681, 9982,052
2, 0082,027
2,0342,0532,0522, 064
2, 066
Saving aspercentof dis-posablepersonalincome
(percent)
7. 87. 97.87. 46. 47. 97. 67. 87.06.07. 06. 8
7. 27. 1
6. 87. 06. 86. 6
6. 0
Popula-
(thou-sands) *
154, 283156, 947159, 559162, 388165, 276168, 225171, 278174, 154177, 080180, 676183, 742186, 591
184, 150184, 952
185, 607186, 258186, 080187, 738
1SS, 3501 Income in current prices divided by the implicit price deflator for personal
consumption expenditures on a 1962 base." Population of the United States including armed forces abroad. Annual
data as of July 1; quarterly data centered in tho middle of the period, interpolatedfrom monthly figures.
3 Preliminary.
NOTE.—Data for Alaska and Hawaii included beginning I960.
Sources: Department of Commerce and Council of Economic A - i v i s n - ; .
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FARM INCOMENet farm income (seasonally adjusted) fell in the first quarter to a level slightly above that of a year earlier.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
50
40
30
£0
10
SEASONALLY ADJUSTED ANNUAL RATES
REALIZED GROSSFARM INCOME
1957 1958 1959
NET FARM INCOMEINCLUDING NET INVENT
CHANGE
30
20
10
SOURCE: DEPARTMENT OF AGRICULTURE. COUNCIt OF ECONOMIC ADVISERS ;
Period
19531954 .19551956195719581959I960.1001 .1962
1961: IIIIV..
1902: I.II. .III.1 V _ _ _
1 9d:i : I *
Personaltotal :
Fromall
sources
20. 019. 018. 318. 618. 820. 519. 019. 620. 320. 4
income rearm popu
Fromfarm
sources
13. 813. 212. 212. 012. 213. 811. 812. 413. 313. 3
ceived bylation
Fromnonfarmsources
6. 35. 86. 10. 60. G6. 77. 17. 27. 07. 1
Realize
Total »
Billions <35. 333. 933. 334. 034. 437. 937. 537. 939. 940. 6
Seas40. 140. 8
40. 340. 340. 541. 4
40. 8
]
d gross
Cashreceipts
frommarket-
ings)f dollars
31. 130. 029. 630. 029. 833. 433. 534. 035. 235. 7
onallv ad35. 235. 8
35. 435. 335. 536. 5
35. 8
ncome re
tion ex-penses
21. 421. 721. 922. 623. 425. 326. 226. 227. 127. 7
usted am27. 227. 3
27. 527. 627.727. 9
28. 1
ceived fro
Net toper
Exclud-ing net in-ventorychange
13. 912. 211. 512. 011. 012. 611. 311. 712. 812. 9
inal rates12. 913. 5
12. 812. 712. 813. 5
12. 7
m farming
3 farmitors
Includ-ing net in-ventorychange 2
13. 312. 711. 811. 611. 813. 511. 412. 013. 013. 0
13. 113. 6
12. 912. 812. 813. 6
13.0
Net incfarm inclinventory
Currentprices
Dol2, 6642, 6452, 5292, 5742, 6953, 2012, 7753,0443, 4223,537
3, 4403, 570
3, 5003, 4703, 4703, 690
3, 630
ome peruding netchange 3
1962prices 4
lars2, 9272, 8752, 7492,7682, 8073, 2662, 8323, 0753, 4573, 537
3,4703, 610
3, 5003,4703,4703, 690
3, 590t 'uBh receipts from marketings, Government payments, and nonmoney in-
iii' furnished by farms.Inventory of crops find livestock valued at the average price for the year.H(>rl(>,-i revised banning 1951 on the basis of 1959 Census of Agriculture defi-ton of ii farm. The number of farms is held constant within a year.
* Income in current prices divided by the index of prices paid by farmers forfamily living items on a 1962 base.
6 Preliminary.Source: Department of Agriculture.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITSCorporate profits before taxes rose $2.1 billion (seasonally adjusted annual rate) in the fourth quarter c>f 1962 to arecord high of $53.2 billion.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
I956 I I957 1958•^EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.
1959 I960 1961 1962
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1951 -19521953 -1954 .195519561957 .1958 .1959196019611962 .
1961: III_-IV_-
1962: III---III ..I V _ _
1963: I3_ _
Corj
AHindus-tries
41. 037. 737.333. 743. 142. 041. 737. 247. 245. 645. 551. 5
46. 051. 1
50. 450. 751. 054. 0
>orate pr
M
Total
24.421. 121. 418.425. 023. 522. 918. 325. 424. 023. 528. 0
24.027. 5
27. 027. 128. 129. 7
ofits (befcvaluation
anufactur
Durablegoodsindus-tries
13. 511. 812. 110. 114. 212. 613. 19. 0
13. 412. 211. 714. 9
12. 114. 9
14. 214. 315. 315. 8
re taxes)adjustmei
ing
Non-durablegoodsindus-
10. 99.39.38.3
10. 810. 99. 89. 3
11. 911. 811. 713. 1
11. 912. 6
12. 812. 812. 813. 9
and inveriit
porta-tion,com-muni-
cations,and
publicutilities
4. 54. 84. 94. 45. 45. 65. 55. 66. 77. 07. 48.0
7. 58. 0
8. 18. 07. 98. 0
tory
Allotherindus-tries
12. 011. 811. 011. 012. 812. 913.313. 315. 114. 614.715. 6
14. 515. 6
15. 415. 714. 916. 3
Corpo-rate
profitsbeforetaxes
42. 236. 738. 334. 144. 944. 743. 237. 447. 745.445. 651. 3
46. 351. 4
50. 150. 951. 153. 2
Corpo-ratetax
liabil-ity
22. 419. 520. 217. 221. 821. 220. 918. 623. 222. 422. 325. 0
22. 625. 1
24. 424. 924. 926. 0
Corja
Total
19.717. 218. 116. 823.023. 522. 318. 824. 523. 023. 326. 3
23. 726.3
25. 626. 126. 127. 3
jorate prfter taxe
Divi-dendpay-
ments
9. 09. 09. 29. 8
11. 212. 112. 612.413.714. 415. 015. 9
14. 915. 5
15.815. 815. 816.416. 4
ofitss
Un-distrib-
utedprofits
10. 78.38. 97.0
11. 811. 39.76. 4
10. 88. 68.3
10. 3
8.710.8
9.910.310. 310. 9
Corpo-rate
capitalcon-
sump-tion
allow-ances i
11. 012. 314. 115. 818.420. 021. 822. 724. 325. 927. 529. 2
27. 828. 5
28. 729. 129. 429.730. 1
Profitsplus
capitalcon-
sump-tion
allow-ances 2
30. 729.632. 232. 741.443. 544. 141.448.748. 950. 855. 5
51. 454. 8
54. •!55. 255. 557. 0
1 Includes depreciation, capital outlays charged to current accounts and acci-dental damages.2 Corporate profits after taxes plus corporate capital consumption allowances.
97173°—63 2
3 Preliminary estimates by Council of Economic Advisers.NOTE.—Data for Alaska and Hawaii included beginning I960.Source: Department of Commerce (except as noted).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS PRIVATE DOMESTIC INVESTMENTIn the first quarter, a decline of $1.4 billion (seasonally adjusted annual rate) in fixed investment was almost offsetby a rise of $1.3 billion in the inventory accumulation rate, resulting in a small drop in total private investment.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
SEASONALLY'ADJUSTED ANNUAL RATES
GROSS PRIVATEDOMESTIC INVESTMENT
CHANGE IN BUSINESSINVENTORIES
1957 1958
NEW CONSTRUCTION
^"——-"— — — —
PRODUCERS'DURABLE EQUIPMENT
S\S vV
19591
I960 1961 1962-20
1963
-!/PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.SOURCE: DEPARTMENT OF COMMERCE. (EXCEPT AS NOTED) COUNCIL OF ECONOMIC ADVISBB
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Period
195019511952..195319541955195019571958 .. _. _195919001 DO 119(121DC1: 111
I V190'2: I
1 1 . _. _111.IV . .-
I D C > : ( - i •
Totalgross
privatedomesticinvest-ment
50. 056. 349. 950. 34a 963. 867. 466. 156. 672.772. 469.376.672.476. 675. 977. 476. 376. 276.0
Total
43. 246. 146. 849. 950. 558. 162. 764. 6sa 666. 268. 367. 173.468. 470. 669. 273. 475. 374 973. 5
Total
24. 224. 825. 527. 629.734. 935. 536. 135. 540. 240. 741. 644.542. 643. 241. 644. 546. 145.043. 5
Fix
New cons
Resi-dential
nonfarm
14. 112. 512. 813. 815. 418.717. 717. 018.022. 321. 121. 023.321. 922. 821. 223. 324. 323. 822. 6
sd investn
truction *
Otl
Total
10. 112. 312. 7ia 814. 316. 217.819. 017.417.919. 720. 521. 220. 720. 420. 521. 221. 821. 321. 0
nent
ler 2
Nonfarm
a 510. 410. 812. 112. 714 616. 317. 515. 916. 218. 018. 619. 518. 518. 618. 919. 419. 919. 519. 4
Produceable eqi
Total
18. 921. 321. 322. 320. 823. 127. 228. 523. 125. 927. 625. 52a 925. 827.427. 628. 929. 229. 930.0
;rs' dur-lipment
Non-farm
16. 218. 418. 619. 518. 520. 625. 026. 220. 323. 125. 12a 025. 923. 524. 924. 926. 026. 126. 626. 7
Changeness inv
Total
6. 810. 2a i. 4
-1. 65. 84. 71. 6
— 2.06. 64. 12. 13. 24.06. 06. 74 0L O1. 22.5
in busi-entories
Non-farm
6. 09. 12. 11. 1
-2. 15. 55. 1. 8
— 2.96.53. 71.93. 23. 85. 96. 63. 9L 01. 12.2
Uvi on now construction shown on p. 19 have not yet been in-- i - scnca.ic! mn m this sorics includes petroleum and natural gas well'.u'iiKird from estimates on p. 19.
3 Preliminary estimates by Council of Economic Advisers.NOTE.—Data for Alaska and Hawaii included beginninsr 1960.
Source: Department of Commerce (except as noted).
8
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES FOR NEW PLANT AND EQUIPMENTBusiness firms spent $37.3 billion on new plant and equipment in 1962, an 81>4 percent increase over 1961 expendi-tures. According to the February survey, 1 963 expenditures will be 5 percent above the 1 962 level. Expendituresdeclined by $400 million (seasonally adjusted annual rate) in the fourth quarter of last year and are expected toshow no change in the first quarter of 1963 and increases in subsequent quarters of the year.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
SEE NOTE 3 ON TABLE BELOW.SOURCES: SECURITIES AND EXCHANGE COMMISSION, AND DEPARTMENT OF CQMMERCE.
1962 1963
COUNCIL OF ECONOMIC'ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates!
Period
1951195219531954 ._1955195619571958 __1959 . .1960 ...196119C2 . .1963 3
1961: III.. ... ... .. _IV
1962: 1 _ _ ...IIIII ..IV. __ . ...
1963: 1 «... _ .. .. _II »..
1 Exelm os nprieulUirr.- Conn ireial ami other includes trade.
consfcnu-l in.3 E s i i n tes based on anticipated capita
In lato Fe ruarv 1W3. Includes adjuslmerelides in i f ie ipatory data.
NOTE. — Beginning Ki5(J nil quarterly d
Total '
25. 6426. 4928. 3226. 8328. 7035. 0836. 9630. 5332. 5435. 08'M. 3737. 3139. 1034. 70;-;r>. 4035. 7036. 9538. 3537.9537. 9538. 65
service, finan
1 expendituresits when neces
ita are rounde
M
Total
10. 8511. 6311. 9111. 0411. 4414. 9515. 9611. 4312. 0714. 4813. 6814. 6815. 6913. 6514. 0014. 2014. 4515. 0515. 0015. 3015. 30
;e, communica
as reported bsary for systen
d to nearest $
anufacturi
Durablegoods
5. 175. 615. 655. 095. 447. 628. 025.475. 777. 186. 277. 037. 786. 106. 406. 556. 957.257. 307. 507.30
tions, and
y businesslatic tend-
50 million.
Ig
Nondura-ble goods
5. 686. 026. 265. 956.007. 337. 945. 966. 297.307. 407. 657. 907. 557. 607. 607.507. 807.707. 808.00
Annnn! t.nt.fcoincide with
These figureestimates of t'agricultural iicharged to cur
Sources: Sec
Mining
0.93. 98.99.98. 96
1.241 24. 94.99.99.98
1.081. 011. 001. 001. 151.051. 101.001. 051. 05
il is the sunthe average <s do not aprcae Departmeivestment atrent expenseurities and J
Transpo
Railroads
1. 471. 401.31.85.92
1. 231. 40.75. 92
1.03. 67. 85.96. 65. 60.70.95
1. 00. 80. 95
1. 10of unadjiiKte
>f seasonally nc2 with the lotant of Coninierid also certak
^xcliangc Com
rtation
Other
1. 491. 501. 561. 511. 601.711.771. 502.021.941. 852. 071.841. 901. 952. 052. 252. 001. 901. 652. 00
i expendit[justed lifais includedce, princlpr
equipmeu
mission anc
Publicutilities
3. 663. 894. 554. 224. 314. 906. 206. 095. 675. 685. 525. 485. 605. 655. 555. 155. 405. 755. 455. 305. 60
ires; it docs nres.n the gross nally because tlt and constrrj
Department
Commer-cial andother 2
7. 247. 098. 008. 239. 47
11. 0510. 409. 81
10. 8811. 5711. 6813. 1513. 9411. 8512. 3512. 4512. 8513. 4013. 8013. 7013. 70
lorm] producte latter coverction outlays
of Commerce.
9
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
IB ^3B& ma m •B^iafi rib V foe iSm rfasrS ^gf' WKM tsfa 7 D£B JSamM •&§ m warn m
STATUS OF THE LABOR FORCEThe seasonally adjusted unemployment rate dropped sharply to 5.6 percent in March. Total employment, seasonallyadjusted, rose by over a half million persons.
MILLIONS OF PERSONS
SEASONALLY ADJUSTED
TOTAL LABOR FORCE
SPSS^f ,
PERCENT OF CIV IL IAN LABOR FORCE PERCENT OF- CIVILIAN LABOR FORCE
LJs
JEEX
MPLCSON A
i
| 1
195"
)YL
r
MLY
ETA
-
JT0 JU
-
W51
TE
1
E3)
r"
]
9
1
5 3
1
J--T—
19
"
5CJ
i -
9
1
60
r -IT- i -
1
-rkiri
96
1"1
-1
1
~
9 6
_
?
rn
h*i.
'i-i
_n
1963* 14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMET OF LABOR. COUNCIL OF ECONOMIC ADVISERS
Period
1958—1959...1960...1961—1962 -..
1962:Mar__Apr.Apr s.May..June--July _ _A u g _ _Sept..Oct.-Nov._Dec._
1963:Jan_ _Feb..Mar__
Totallaborforce
(includ-ing
armedforces)
71, 28471, 94673, 12674, 17574, 839
73, 58273, 86473, 65474, 79776, 85776, 43776, 55474, 91474, 92374, 53274, 142
73, 32373, 99974, 382
Civilijploy
Total
63, 96665, 58166, 68166, 79667, 999
U
66, 31667, 02766, 82468, 20369, 53969, 56469, 76268, 66868, 89367, 98167, 561
65, 93566, 35867, 148
in em-ment
Non-
cul-tural
Thousand58, 12259, 74560, 95861, 33362, 744
nadjustec
61, 53361, 97961, 86362, 77563, 24963, 50063, 99363, 10363, 41863, 09863, 495
61, 73062, 30962, 812
Unem-ploy-ment
s of pers4, 6813,8133, 9314, 80(i4, 012
4, 3823, 9523, 9463, 7194, 4634, 0183, 9323, 5123,2943, 8013,817
4,6724, 9184, 501 1
Totallaborforce
(includ-ing
armedforces)
ons 14 ye
74, 688
74, 47074, 65774, 52974, 58575, 05674, 98974, 65174, 57774, 848
75, 06475, 82575, 430
Civilianlaborforce
irs of use
71, 803
71, 58571, 78371, 67371, 73072, 19772, 25471, 91571, 82772, 084
73, 34872, 50173, 698
Civilii
Total
and over
Sea so
67, 860
67, 59167, 82167, 73167, 83368, 10468, 18868, 07667, 69168, 091
68, 17168, 08668, 63S
in cmplo
Agri-cul-
tural
m l l y ; id j
5, 504
S, 8965,2696, 1905, 1185, 0875, 1145, 0404,9834, 843
5, 1834,8415, 008
yment
Non-
cul-tural
listed
62, 356
62, 29562, 55262, 54162, 71563,01763, 07463, 03662, 70863, 248
62, 98863, S4563, 628
Unem-ploy-ment
3,943
3,9943, 9613,9423,8974, 0934, 0663, 8394, 1363, 993
4, 1774,4154, 062
Unemp-rate (pe
civiliafor
Unad-justed
6. 85. 55. 66. 75. G
6. 2
5. 65. 26.05. 55. 34. 94.65.35.3
6. 66. 96.3
oymentrcent ofT labor00)
Season-ally ad-justedPercent
5. 5
5. 66.55. 55.45. 75. 65. S5. 85.5
6. 86. 15. 6
Laborforce
partici-pationrate,
unad-justed '
58.558. 358. 358. 057. 5
56. 857. 056. 857. 659. 258. 758. 757. 457. 356.956.6
55. 956.355. 5
1 Total labor force as percent of noninstitutiona; population.2 Averages have been adjusted by the Council of Economic Advisers for com-
parison with previous data,31960 Population Census data used in estimation procedure beginning April
1962; all other data based on 1950 Population Census.
10
NOTE.—Seasonally adjusted series revised beginning 1949. For definitionsand coverage, see Employment and Earnings, Department of Labor. Beginning1960, data include Alaska and Hawaii.
Source: Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENTThe decline in the over-all unemployment rate (seasonally adjusted) in March was accompanied by declines in othermeasures of joblessness.
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENTAND PART-TIME WORK
8.0 —
UNEMPLOYMENT RATE,EXPERIENCEDWAGE AND SALARY WORKERS
PERCENT
10.0
8.0
6.0
4.0
e.o
1957
SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS.
Period
l!).r>7 _ _]'.).r)S. -. ^ _ _ _I'.lfi'.L _ - _ _ _1900 - -. -1901. . .1902. _ .
1902: MarApr _ _ .M :wJune _ _Ju ly . . .A UR,Scpt( )ctNov -.Dec _. _-
1003: .InnFobMar
Unen(percen
for
Allworkers
•1. :>(i . s-r>. .r>f>. ( iC>. 7r>. o
5. 55. o5. 55. 5f>. 45. 75. 65. 35. S5. 55.86. 15. 6
iployment of civilLce in Kroi
Experi-enced
wn^o and
I'ei•1. .r>7. '25. (ir>. 70. Sr>. r>
Sr:uson;tll5. 4r>. 55. 55. 45. 45. 75. 65. 25. 65. 55. 76. 05. 5
; ratein laborP)
Marriedmen ]
rent,2. S5. 13. 03. 74. C3. 0
v adjustec3. 53. 73.53. 63. 53. 53. 43. 43. 43. 53. 84. 13. 5
Laborforce
time lostthroughunem-
ploymentand part-
t i m ework 2
,r>. 38. 10. 66. 78. 06. 7
6. 76.66. 66.66.76.76.86.66.96. 66.87. 16. 6
Over 40hours
17, 60416, 60017, 34517, 66418, 21019, 024
18, 86018, 86319, 48219, 60618, 71618, 45219, 88319, 46018, 79920, 12318, 89318, 35818, 9G4
Persons
35-10hours
Thousan28, 63428, 27327, 72328, 72429, 04728. 854
I29, 52630, 17230, 22929, 60327, 65628, 81229, 80128, 58726, 30829, 05229, 58728, 70529, 705
at work iby hoi
Total
ds of pers9, 730
10, 37211, 70211, 52811, 13211,675
Jnadjuste11, 21911, 00711, 12110, 2929, 783
10, 07110, 74013, 23715, 96812, 07511,08012, 81211,700
n nonagriirs workec
Ur
Part-tieconomi
Usuallyfull-
time 4
ons 14 ye1, 1831, 6381, 0321, 2431,2971,049
d1, 1101, 0501, 1111,041
9621,0881,0931,0231, 1681,0011, 1471,005
« 1 , 050
cultural iri per wee!ider 35 ho
me fore reasons
Usuallypart-time s
ars of age986
1, 3151, 3041, 3171, 5161, 287
1,2261, 1711, 1841, 5891, 7121, 5371, 1521, 1621, 2111, 1651, 0961, 181
« 1 , 142
idustriesc 3
urs
Part-tieconomi
Usuallyfull-
time *
and over
Seasonal^1, 057
99S1,0991, 0391, 0851, 1241, 1431, 0721, 145
9951,092
9651, 000
me fors reasons
Usuallypart-time5
/ adjusted1, 3201, 2021, 2531, 2891, 3391, 2521, 2621, 3641, 3161, 3031,2531,2311, 229
M I l i v i i r - with their wives.: Assumes t n n - i i i p l o y o d ]>ersons lost 37.5 hours a week; those on part-time fororoiimu ir reasons lost difference between 37.5 hours and actual number of hoursworKi1 '!.3 Dillrrs from total nonatrrictiltural employment (p. 13), which Includes per-sons with jobs bnt not at work for such reasons as vacation, illness, bad weather,and indust r ia l disputes.
4 Includes persons who worked part-time because of slack work, materialshortages or repairs, new job started, or job terminated.5 Primarily includes persons who could find only part-time work.e Average hours worked: usually full-time, 24.2; usually part-time, 17.
NOTE.—See note and also footnote 2. p. 10. Beginning 1960, dataAlaska arid Hawaii.
Source: Department of Labor.
.7.include
11
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNEMPLOYMENT INSURANCE PROGRAMSInsured unemployment averaged 2.5 million in March, 236,000 less than in March 1962.
MILLIONS OF PERSONS MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT(STATE PROGRAMS)
FEB.
SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS
Period
1 9.r.filiir.!)1 !)( .() .19G1 . _ _ -] 9021902: Feb
Mar. - - _ -A p r _ _ .MayJune _July- .AugSeptOct _. ..NovDec
1963: Jan_ . ...FebMar 2 . -_
Week ended:1963: Mar 2
9162330
Apr 61 Includes Federal and State pro^rf
from June 1958 through June 19G2, exp• Preliminary.
12
A
Coveredemploy-
ment
Thou44, 41245, 72846, 33446, 26447, 15046, 14646, 54247, 37247, 82148, 442
ms for tenijration date
11 progranInsuredunem-ploy-ment
(weeklyaver-age) '
sands3, 2692, 0992, 0672, 9941, 9462, 9142, 7022, 2161, 8401, 6671, 6991, 6281, 4971, 5391, 7802, 2232, 7782, 7262, 466
2, 6782, 5912, 5172, 4062, 305
sorarv exten3 orogram.
IS
Totalbenefits
paid(mil-
l ions ofdol-
lars) 1
4, 209. 22, 803. 03, 022. 74, 358. 23, 145. 2
353. 4381. 0297. 9254. 3215. 4205. 2218. 9181. 1198. 9215. 5236. 5373. 0339. 6359. 0
ion of bent
Insuredunem-ploy-ment
Weekly2, 5091, 6821, 9062,2901, 7832, 4152, 2181, 8311, 5701, 4691, 5431, 4691, 3311, 3851, 6252, 0632,5912,5462, 298
2,5022, 4182, 3482, 2412, 143
fits NcIndieKico
Soi
Initialclaims
iverage, t370281331350302320273267250258319261235275314422447325272
297291268263260300
TE. — For deators. Datasince Januar
irce: Deparl
Sta
Exhaus-tions
lousands50333]46323939393330282625252628353636
initions ancfor Alaska ay 1961.ment of Lat>
ite progra
Insurecploymencent of
emplo
Unad-justed
Per0. 44. 44. S5. 64. 4a o5. 54. 53. 93. 63. 83. 63. 33.44. 05. 16. 3e, 25.6
6. 15. 95. 75. 55. 2
coverage, sad Hawaii ir
or.
ms
1 unem-t as per-coveredyment
Season-all?/ ad-jllStfll
:ent
4. 64.4S. 9S. 84-04.34-44-44-64-84-84-84-74-4
ee the 1911eluded for a
Benefi
Total(mil-
lions ofdollars)
3, 512. 72, 279. 02, 726. 73, 422. 72, 675. 4
287. 2310. 2239. 6215. 0188. 9187. 0197. 4160. 6176. 6193. 6214. 2342. 4313. 3330. 0
Supplement11 periods an
ts paid
Averageweeklycheck
(dollars)
30. 5830. 4132. 8733. 8034. 5634. 7334. 9834. 5234. 0434. 2034. 0134. 2934. 4234.6934. 9535. 1135. 5235. 7035. 70
o Economici for Puerto
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NONAGRICULTURAL EMPLOYMENTNonfarm payroll employment, seasonally adjusted, rose in March. Gains were particularly large in manufacturingand trade.
MILLAND
6O
58
56
54
52
50
48
4.0
3.5
3.0
2.5
2.O
* SESOUR
IONS OF WAGESALARY WORKE
ALL NONA
—**—*** ^** tl_
I...L,,1,,I ,,1 1 U.,,1 1 -.
I960
CONTRAC1(ENLARGED
V^
_j i i i i i i i t i ii960
ASONALLY ADJUSOE: DEPARTMENT
RS
3RICULTURAL
-^^^•*^
-i i i i i 1 i i i i t1961
CONSTRUCTlSCALE)
a- ^~»__
i i t i i 1 t i i t i1961
TED DATA.OF LABOR.
ESTABLISHM
X" 1
( I 1 I 1 1 1 1 1 1 T
1962
ON
^"V— "«"°»
t t 1 1 t 1 , , , 1 ,1962
ENTS
*?
r i i i i t i i i i i^1963
, i ii i 1 i < i i \j1963
MILLAND
20
1 8
16
<1 2
10
8
6
12.5
12,0
11.5
11.0
10.5
IONS OF WAGESALARY WORKE
MANUFACT
' — — -— Z^5S,>
-"— >-*r_*"**
" "'"''""TOmnmnm
•& ' ' ' ' t ' ' ' ' ' 1I960
WHOLESA(ENLARGED
X™"
^ ! ( r i ! i i | i t
I960
*RS
URING
/TO
*V~*»* " ' ' "~*
DURABLEGOODS
INDUSTRIES
NNONDURABLE
- GOODS 1NDUSTR1
ttBwniiik'-*"" — !*!"—"*
I I 1 I 1 1 I I l I 1
1961
_E AND RETASCALE)
*^S^—
1 1 1 1 > 1 1 14 1 11961
FAL
— -— " *— —
****nm*™~'
[! zzr~i i t 1 1 i i i 1 1 i
1962
L TRADE
^=1
I 1 l_l 1 1 1 1 I l-LJ
1962
tOUNC
^**
<
an
ana
1 1 I 1 1 1 1 . 1 ! J^_
1963
X
1.4 1 1 1 1 1 1 II L-
1963
It 'O'F ECORbMIC ADV
>
5315 ._
[Thousands of wage and salary workers; ' seasonally adjusted]
Period
1956_ .19571958, _19591960196l_196221962: Feb__
Mar_Apr__.May_June-July,Aug__Sept-Oct__Nov_Dec__
1963: Jan--Feb2.Mar2.
Total
52, 40852, 90451, 42353, 38054, 34754, 07755, 32554, 77354, 90155, 26055, 40355, 53555, 61755, 53655, 58355, 64755, 59755, 58055, 53655, 72755, 928
Manufac
Total
17, 24317, 17415, 94516, 66716, 76216, 26716, 75016, 57216, 68216, 84816, 89116, 92316, 90816, 79516, 80516, 78116, 69516, 68116, 63216, 66316, 764
turing (
Durablegoods
9, 8349, 8568, 8309, 3699,4419, 0429, 4439, 3129,3859, 4909, 5449, 5559, 5529, 4619, 4869, 4709,4139,4189,3999, 4239, 479
Drivate)
Non-durablegoods
7, 4097, 3197, 1167, 2987, 3217, 2257, 3087, 2607, 2977,3587,3477, 3687,3567, 3347, 3197, 3117, 2827, 2637, 2337, 2407, 285
Total
27, 88728, 10427, 58528, 52329, 06528, 98329, 39029, 15729, 14629, 32429, 38529, 41529, 52629, 53729, 50429, 52729, 51329, 47029, 47029, 61929, 693
N
Mining
822828751731709666647653654656659652648646641638636625623624630
onmanu
Con-tractcon-
struc-tion
2, 9992, 9232, 7782, 9552, 8822, 7602, 6962, 6942, 6482, 7342, 7162, 6712, 7382, 7312, 7152, 7162, 6962, 6542, 6512, 6452, 623
'acturing
Trans-porta-tionand
publicutilities
4, 2444, 2413, 9764, 0104, 0173, 9233, 9253, 9143, 9273, 9353, 9363, 9343, 9133, 9323, 9283,9353, 9183, 9213, 8363,9143,924
(private
saleand
retailtrade
10, 85810, 88610, 75011, 12511, 41211, 36811, 57111, 44711, 46011, 54611, 59611, 62111, 65211, 62711, 61211, 59411, 60011,57311, 63711, 68311, 753
Finance,insur-ance,andreal
estate2, 4292, 4772, 5192, 5972, 6842, 7482, 7932, 7742, 7762, 7782, 7862, 7882, 7922, 7962, 7992, 8132 8222, 8212,8282, 8362, 844
Serviceand
miscel-laneous
6, 5366, 7496, 8117, 1057,3617, 5167, 7577, 6757, 6817, 6757, 6927, 7497, 7837, 8057, 8097,8317, 8467,8767, 8957,9177, 919
Gover
Federal
2, 2092, 2172, 1912, 2332, 2702, 2792, 3412, 3122, 3222, 3252, 3432, 3662, 3752, 3742, 3692, 3712, 3S12, 3912, 3792, 3562, 303
nment
Stateandlocal
5, 0695, 4095, 7025, 9576, 2506, 5486. 8446, 7326, 7516, 7636, 7846, 8316, 8086, 8306, 9056, 9687, 0037, 0387, 0557, 0897, 108
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY HOURS OF WORK - SELECTED INDUSTRIESThe average workweek of production workers in manufacturing was unchanged in March at 40.3 hours (seasonallyadjusted).
HOURS PER WEEK (SEASONALLY ADJUSTED)•46
40
38
36
34
DURABLE MANUFACTURING
1 9 6 2 I 1963
HOURS PER WEEK (SEASONALLY ADJUSTED)46
NONDURABLE MANUFACTURING
38
34
32
CONTRACT CONSTRUCTION
I960 1961
SOURCE: DEPARTMENT OF LABOR.
1962
42
40
38
36
34
44
42
40
33
I960 1962 1963
RETAIL TR*
"^ ^
I960'
DE
1961 I96Z 1963
COUNCIL OF ECONOMIC ADVISERS
[Average hours per week; l seasonally adjusted]
Period
19521953195419551956. _19571958 ... .. _195919601961 ... ...196221962: Feb
Mar _ _ . .. _ _Apr . . . ..M a v _ _ - .June.. .... . .JulyAugSept .Got .. . . .NovDec .
19C3: Jan._. .Feb2
Mar 2 ...
Mar
An
40. 740. 539. 640. 740. 439. 839. 240. 339. 739. 840. 440. 340. 540. 840. 640. 540. 540. 240. 540. 140.440. 340. 240. 340. 3
itifacturing indus
Durablegoods
41. 541. 240. 141. 341. 040. 339. 540. 740. 140. 240. 940. 941. 041. 341. 141. 041. 040. 941. 040. 741. 141. 140. 741. 041. 0
tries
Nondurablegoods
39.739. 639.039. 939. 639. 238. 839. 739. 239. 339. 739. 539. 940. 240. 140. 039. 839. 439. 739. 339. 439. 639. 439. 439. 7
Contract con-struction
38. 937. 937. 237. 137. 537. 036. 837. 036. 736. 937. 037. 037. 336. 637. 536. 737. 437.337. 737. 237. 335. 436. 536. 6
Retail trade
40. 539. 839. 739. 639. 138. 738. 738. 738. 538. 137. 938. 038. 037. 838. 037. 937. 937. 938. 037. 837. 938. 037. 837. 9
1 Uai,;i relate to production workers or nonsupervisory employees. BeginningiUf>9, data include Alaska and Hawaii
3 Preliminary,
Source: Department of Labor.
14Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIESAverage hourly earnings of production workers in manufacturing rose by 1 cent to $2.44 in March, Average weeklyearnings rose by 64 cents to $97.84.
DOLLARS
120
1.80I960 1961
SOURCE-. DEPARTMENT OF LABOR.
70
AVERAGE WEEKLY EARNINGS
DURABLE GOODSINDUSTRIES f.
.*>»*/
xALL MANUFACTURING
INDUSTRIES
NONDURABLE GOODSINDUSTRIES
1962 1963 1962 '1963
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
1953195419551956195719581959 _ _ _ _ _196019611962 3 _ _ _ ..1962: Feb...
Mar..AprMay..June--July-.Aug..Sept..Oct..Nov..Dec..
1963: Jan..Feb3.Mar3
Avera
Manufi
All
$1. 741. 781. 861. 952. 052. 112. 192. 262. 322. 392. 382. 382. 392. 392. 392. 392. 372. 402. 402. 412. 432. 432. 432. 44
ge hourlj
icturing i
Durablegoods
$1. 861. 901. 992. 082. 192. 262. 362. 432. 492. 572. 552. 562. 562. 562. 562. 562. 542. 572. 572. 592. 612. 602. 612. 61
earnings-
adustries
Non-durablegoods
$1. 581. 621. 671. 771. 851. 911. 982. 052. 112. 172. 152. 162. 162. 172. 172. 172. 162. 172. 172. 192. 192. 202. 202. 21
— current
Contractcon-
struc-tion
$2. 282. 392. 452. 572. 712. 822. 933. 073. 193. 293. 233. 273. 273. 243. 233. 273. 283. 333. 323. 333. 393. 393. 39
prices
Retailtrade
$1. 251. 291. 341. 401. 471. 521. 571. 621. 681. 751. 731. 731. 741. 751. 751. 751. 751. 761.771. 771. 751. 791. 78
Aver
Manuf
All
$70. 4770. 4975. 7078. 7881. 5982. 7188. 2689. 7292. 3496. 5695. 2095. 9196. 5696. 8097. 2796. 8095. 7597. 6896. 7297. 3698. 4297. 4497.2097. 84
age weekl
icturing i
Durablegoods
$76. 6376. 1982. 1985. 2888. 2689. 2796. 0597. 44
100. 10105. 11103. 53104. 45105. 22105. 22105. 47104. 45103. 89105. 88105. 37106. 19107. 53105. 82106. 23106. 49
y earnings
idustries
Non-durablegoods
$62. 5763. 1866. 6370. 0972. 5274. 1178. 6180. 3682. 9286. 1584 2885. 3285. 5486. 3787. 0286. 8086. 1886. 8085. 7286. 7286. 9486. 2486. 0286. 85
— currenl
Contractcon-
struc-tion
$86. 4188. 9190. 9096. 38
100. 27103. 78108. 41112. 67117. 71121. 73113. 37118. 05120. 01123. 44121. 45125. 57127. 26128. 21126. 82120. 88117. 97120. 01117. 63
prices
Retailtrade
$49. 7551. 2153. 0654. 7456. 8958. 8260. 7662. 3764. 0166. 3365. 2265. 3965. 4265. 9866. 8567. 3867. 5566. 8866. 5566. 3866. 8567. 3066. 93
Manufacindus
Adjustedhourly
earnings,1957-59 =
100 J
81. 684. 386. 991. 596. 2
100. 2103. 6107.0110. 0112. 6111.7112. 2112. 2112. 2112. 2112. 7112. 7112. 7113. 2113. 7114. 1114. 1114. 6
turingriesAverageweeklyearn-ings,1962
prices 2
$79. 7279. 3885. 5487. 7387. 7386. 6191. 6591. 7493. 3796. 5695. 7796. 3096. 7596. 9997. 3796. 7095. 6597. 0096. M96. 7898. 0396. 8096. 52
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
1 Earnings in current prices, adjusted to exclude overtime and interindustry shifts.- Earnings in current prices divided by the consumer price index on a 1962 base.
3 Preliminary.
°__63 3 15Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTIONThe industrial production index (seasonally adjusted) increased 1 percent in March to a new hi3n.
1NDE
120
80
140
no
80
SOU?
X, 1957-59 =100
TOTAL
^^^
I960
MANUFACTIj
, NONDURAB
~^TMNT "* ' 1?" ' In
S\\
I960
CE: BOARD OF GO
(SEASONALLY A
y~^-/
1961
RING
-E — -.s^S**S~«^
t ^ — OUR
1961
/ERNORS OF THE F
3JUSTED)
f^
1962
j/ C!7a«Sgg^7*-—
«LE
i9ea
EOERAL RESERVE
1963
1963
5YSTEM.
INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)150
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted]
Period
1953I95-)I9. r>f> . ...1 !).">(>]<) , r >7l i l / iS1959I ' . t l iOI ' . M i Ji '.)(;•_> i1962: Jan... ._ _ . .
K ( > ! >M:ir.Apr.May.lu ne. I n l yA U KSi ' pL . . _ _ _( ) ! • (
Nov! ) < • < •
P.ir.l!: Jan! • < h.\1 11 '
Totalindus-trial
produc-tion
91. 385. 896. 699. 9
100. 793. 7
105. 6108. 7109. 8118. 2114. 3116. 0117. 0117. 7118. 4118. 6119. 3119. 7119. 8119. 21 1 9. 6119. 11 1 S. 91 1 !>. -1120. -1
M
Total
92. 786. 397. 3
100. 2100. 893. 2
106. 0108. 9109. 7118. 6114. 4116. 3117. 4118. 1118. 8118. 9119. 7120. 3120. 4119. 7120. 0119. 7119. 2119. 9120. 9
anufaotur
Durable
99. 988. 4
101. 9104. 0104. 090. 3
105. 6108. 5107. 0117. 9113. 2115. 4116. 5118. 5118. 2117. 7118. 7119. 8119. 5118. 6119. 1118. 9118. 6119. 41 20. 6
Industry
ng
Non-durable
83. 683. 691. 695. 496. 796. 8
106. 5109. 5112. 9119. 4115. 9117. 3118. 6117. 5119. 6120. 3121. 0120. 8121. 5120. 9121. 1120. 6120. 0120. 4121. 3
Mining
92. 990. 299. 2
104. 8104. 695. 699. 7
101. 6102. 6104. 9104. 0104. 3104. 8105. 5104. 8104. 6106. 1105. 5105. 9105. 5106. 2103. 0103. 0103. 9105. 0
Utilities
66.871.880. 287. 993. 998. 1
108. 0115. 6122. 8132. 3128. 8129. 0128. 8128. 1129. 8132. 4133. 5132. 3133. 0133. 5135. 1135. 5136. 4137. 5137. 0
Fi
Total
89. 985. 793. 998. 199. 494. 8
105. 7109. 9111. 3119. 7115. 7116. 8118. 2118. 5120. 2120. 6121. 7121. 6122. 0121. 5121. 4121. 4122. 0122. 4122. 6
Ma
nal produ
Con-sumergoods
85. 084. 393. 395. 597. 096. 4
106. 6111. 0112. 7119.7116. 5117. 3118. 8119. 1121. 1120. 9121. 7120. 9121. 8120.8120. 7120. 5121. 9122. 6123. 0
rket
3tS
Equip-ment
100. 588. 995. 0
103. 7104. 691. 3
104. 1107. 6108.3119. 8112. 7115. 0116. 1117. 0118. 5120. 1121. 8123. 2123. 2123. 6123. 1123. 2121. 2121. 6121. 1
Mate-rials
92. 685. 999. 0
101. 6101. 992. 7
105. 4107. 6108. 4116. 8113. 7115. 5116. 9117. 1117. 0117. 1117. 0117. 7118. 1117. 2117. 8117. 1116. 5117. 2118. 8
Source: Board of Governors of the Federal Reserve System.
it,Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION OF SELECTED MANUFACTURESOutput of most manufactures increased in March. Among the major groups, primary metals registered the largestincrease with a rise of 5 percent.
INDEX, 1957-59 = 100 ! SEASONALLY ADJUSTED)160
INDEX, 1957-59 = 100 (SEASONALLY ADJUSTED)
I960
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1962 I 1963
COUNCIL OF ECONOMIC ADVISERS.
[1957-59=100, seasonally adjusted]
Period
1953-__ _195419551956-1957.1958-1959. ,19601961- .1962 i1962: Jan
FebMar__ _ _ _ _ _ _ _ _AprMay-- .. _ _-JuneJulyAug — .. -_Sept ...OctNov. - -Dec -._ .
1963: JanFebMar1
Primarymetals
112. 591. 3
118. 4116. 4112. 287. 5
100. 4101. 398. 9
104. 5111. 9117. 5116. 6112. 4101. 396. 896. 699. 199. 698. 9
100. 799. 799.9
104. 6110
Durab
Fabri-catedmetal
products
100. 390. 298. 398. 8
101. 592. 9
105. 5107. 6106. 5117. 1111. 0111. 9113. 6116. 3117 4118. 5118. 8159. 9119. 3117. 8118. 5117. 2117. 6118. 8120
le manuff
Machin-ery
100. 587. 796. 5
107. 1104. 288. 8
107. 1110. 8110. 4123. 4
115. 6117. 5120. 2122. 9124. 5125. 9125. 4126. 5126. 4125. 6125. 3125. 9124. 5125.7126
ictures
Transpor-tationequip-ment
91. 783. 8
102. 097. 4
106. 489. 5
104. 0108. 2103. 6118. 3112. 5113. 4113. 4116. 8119. 4116. 8122. 1122. 0121. 5121. 8121. 5121. 9122. 1121. 7121
Lumberand
prod-ucts
102. 499. 6
109. 5105. 495. 995. 6
108. 5102. 1101. 3106. 096. 5
109. 2107. 9106. 4107. 1107. 5103. 4107. 4108. 3101. 5106. 1108. 7105. 2107. 1
Nc
Textiles,apparel,
andleather
90. 786. 995. 598. 096. 995. 0
108. 1107. 5108. 4114.9112. 4113. 6114. 8114. 8115. 2115. 8115. 5115. 2116. 7115. 7115. 5115. 2115. 2115. 7117
ndurable
Paperand
print-ing
82. 685. 092. 597. 197. 897. 0
105. 2109. 0112. 4116. 7115. 1116. 2116. 9115. 7117. 0116. 7118. 0118. 1118. 2117. 2117. 9115. 4114. 4114.7115
manufactu
Chemicals,petro-
leum, andrubber
75. 274. 786. 891. 495. 695. 5
108. 9113. 9118. 8130. 6124, 1125. 8126. 7126. 6130. 8132. 6133. 2133. 2133. 7134. 2133.7133. 9132. 9133. 4135
res
Foods,bever-
ages, andtobacco
88. 289. 893. 196. 696. 799. 4
103. 9106. 6110. 4113. 0111. 2111. 7113. 5112. 1112. 8112. 5114. 2113. S1M. 71 1 3. 51 11. 11 I I . 1.1 14. 11 1 •) 2i i r >
1 Preliminary. Source: Board oi Governors of the Federal Reserve System. 17
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY INDICATORS OF PRODUCTION!n March, steel output again rose sharply. Cars and trucks assembled, paperboard produced, and freight carloadingsalso rose.
MIL
3
2
1
BILLI
20.0
18.0
16.0
14.0
LIONS OF TONS
STEEL
1
1962
j~f ^ .-'"' -^ .....".-•' "•.,.••.„„.„,,,•
Q963J „„••"•'"' **"»»„ „«*•"»**'' "*
Y/1 1 1 1 1 . 1 1 1 I 1 1 t 1 1 1 1 ! 1 1 1 1 1 1 1 1 1 1 1 I 1 1 1 1 1 1 , 1 1 1 1 , 1 1 1 1 , 1 1 1 |_
J F M A M J J A S O N O
ONS OF KILOWATT HOURS
ELECTRIC POWER[I963J
TV* .v/ v, » *\ *rxA> , Arr^^v/vA«£V\/VA.V VX,x^ '"
f '--. = "-. S'•"**°\ , ,,wv,,, 1 W — 1961
.Xi ! 1 1 1 M 1 1 ! i 1 1 1 1 1 1 t 1 ! 1 1 1 1 1 } 1 i 1 1 1 t | 1 i I p t I I M I I I i 1 I I I" " J F M A M J J A S O N D
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE ItEDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REP
MILL
Z.O
• I 5
1.0
THOU
250
ZOO
ISO
IOO
50
O
TERIOR,ORTS.
ONS OF SHORT TONS (DAILY AVERAGE)
BITUMINOUS COAL
19613 sS-^
LTHH !"-'xT -/^ ^ fc-V'-et-i
^C«» |J> ** '' t1 •w>^P*«<**s«*"^w^«\ f^&Sj*' ^••irt^ =j /'>,#'"'»••' * ' \
\,/"'"'V' !*' l962
|
^ [ i ) i f i 1 i i i ( I i i > 1 i i I 1 I r I i t i i t t i f i r ! i i i 1 i r i f i i i i I T i iJ F M A M J J A S O N D
3ANOS
— ~— CARS AND TRUCKS
Il963[
s' '" \ ^ / P—>™\ n i\$ i*ij
i r l 1 i r i 1 i r i i 1 i i i 1 > i i 1 i i i i t i i f 1 i i i i 1 i i 1 1 < < i 1 i i M 1 i i j_
'COUNCIL 6F ECON.OMIC" ADVISERS
Period
VVeeklv average:1956195719581959 ._1960196119621962: Feb
Mar__ -Apr_.May_- . . -June_ - -JulyAug _ _SeptOctNovDec
1903: JanFebM a r ! _ _ -. .-
Wrrk onded:I;H;:;: Mar 2
9162330
Apr C>"'13 -
Steel prThousands
of nettons
2,2042, 1621,6351,7921, 8991,8801,8862, 4252, 3892, 1531, 7011, 5601,3971,6021, 6941, 7561, 8291, 8281, 8942, 0562, 275
2, 1302, 1782,2252, 3302,3872, 413
3 2, 464
oducedIndex
(1957-59 =100)
118.3116. 087. 896. 2
101. 9100. 9101. 2130. 1128. 2115. 691. 383.775. 086.090. 994. 398. 298. 1
101. 7110. 3122. 1
114. 3116. 9119. 4125. 1128. 1129. 5132. 3
Electricpower
distributed(millions of
kilowatt-hours)
11, 29211, 87312,08213, 29714,42415, 13916, 32516, 34015, 99815, 38815, 69916, 25416, 39616, 99416, 32416, 17616, 44217, 25217, 79217, 55016, 824
17, 50517, 06116, 94916, 86016, 42516, 418
Bituminouscoal mined(thousands
of shorttons) '
1,6931, 6441,3801,3801,3901, 3531, 4171, 3841, 3481, 4121, 3981, 4551, 2961,4471, 4271,4961, 5061, 3281, 4181, 3781, 282
1, 4001, 2311,2171,3281, 4681,437
Freightloaded
(thousandsof cars)
728683581596585550552530548562574589511576568608551477482516532
533518517535559546
Paperboardproduced(thousands
of tons)
276273274307306322343354362347354359293364338360340307305353364
348354360374369368
Carassemb
Total
132. 8138. 698. 4
129. 5151. 8127.9157. 5158. 6161. 3172. 2171. 9158. 8158. 965. 6
138. 9185. 9184 1181. 3173. 5178. 7184. 4
178.5181. 2180.3186. 4189. 7190. 6183. 1
3 and tned (thoi
Cars
111. 6117. 681. 6
107. 6128. 8106. 1133. 4134. 0136. 9147. 1146. 9132. 9135. S48. 2
117. 6158. 6158. 3155. 0147. 0149. 2154. 4
148.7151. 7151. 0155.7159. 3160. 6154. 0
icksisands)
Trucks
21.221. 016. 821. 923. 021. 824. 124. 624. 425. 125. 125. 823. 117. 421. 327. 325. 826. 326. 529.530. 0
29. 829. 529.430. 730.430. 029. 1
1 D u l l y i ivcr : i r< \ Inc ludes data for Alaska.3 I ' r i ' l i i n i n n r y . s Not charted.
18Sources: American Iron and Steel Institute.Edison Electric Institute, Depart-
ment of the Interior, Association of American Railroads, National PaperboardAssociation, and Ward's Automotive Heporta.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CONSTRUCTIONExpenditures For new construction (seasonally adjusted) increased slightly in March to an annual rate of $60.7 billion.There were small rises in both public and private construction.
BILL
60
50
40
20
o '
i
20
i o '
IONS OF DOLLARS
T
^ — _^— —-
-
1 1 T 1 1 ! 1 1 1 1 !
PRIVATE RES
1957
* SEE NOTE 3 IN TABSOURCE: DEPARTMENT
OTAL NEW CONS
V.'
jT
***^—— "•""'
HK
-"-'-"""""*
f f ! r i 1 i I i , t
DENTIAL (NONFARM)
P=^_
1958
LE BELOW.OF COMMERCE.
SEASONALL
TRUCT10N
:•*'
PUBLIC
••».— i
1 1 1 1 1 f C 1 ! I T
„..•"" "••-,.
1
«_^—
1959
Y ADJUSTED ANNUAL
i f r t I f ! I 1 T I
"tun"' '""">i,llltutl)
^^ ALL
I960
RATES
r «•««>,
-,... _,„.-. -X
i i i t i 1 i , i i r
n „••»"•«•vo*'
OTHER PRIVATE
1961
t
V/
^y *~"
'
i p i f i 1 i i i i i
/""""""' **»«!«*
_— „ • **i |lm_
1962
CO
ILLIONS OF DOLL
V
_
N..
-
'*»»
p 1 I t ! 1 I 1 1 , ,
I*''**
<
1963
UNCIt OF ECONOMIC ADV1S
ARS
70
60
so
40
30
20
0
30
20
>
0
£RS
Period
19581959 ... .1959 (new series)3
196019611962
1962: FebMarAprMay _June-JulyAugSept.- _ _ . _OctNovDec
1963: Jan jFeb !Mar4 1
Total newconstruc-
tionexpendi-
tures
49. 054. 156. 655. 657. 461. 1
56. 757. 758. 360. 862. 762. 162. 862. 463. 562. 661. 862. 960. 460. 7
Total
33. 538. 040. 339. 640. 443. 4
39. 940. 641. 743. 544. 844. 945. 245. 043. 844. 144. 143. 442. 442. 5
Resi
Total i
18. 022. 325.022. 522. 524. 8
Sea
22. 222. 523. 525. 026. 126. 026. 025. 825. 025. 425. 724. 823. 924. 0
Pr
dential noi
Newhousing
units
Billions13. 617. 119. 216. 416. 218. 3
sonally adji
16. 016. 317. 318. 519. 319. 219. 219. 018. 518. 719. 018. 217. 117. 3
ivate
ifarm
Additionsand al-
terations
of dollars3.94. 45. 05. 25. 15. 3
isted annua
5. 05. 05.05. 35. 65. 55. 45. 55. 25. 55. 45. 45. 55. 4
Commer-cial and
industrial
6.06. 06. 07. 07.47. 8
I rales
7. 37. 47. 67. 67. 88. 18. 28. 17. 97. 87.87. 97. 77. 7
Other
9. 59.79. 3
10. 010. 410. 8
10. 310. 610. 710. 810. 910. 811. 111. 010. 910. 810. 710.710. 810. 8
Federal,State,andlocal
15. 516. 116. 216. 017. 017.7
16. 817. 216. 517. 317. 817. 217. 617. 419.718. 617. 719. 518. 018. 2
Constructioi
Total value(index,
1957-59 =100)
101. 7105. 1105. 1105. 2107. 6119. 7
Seasonallyadjusted
119131121117120117118113117123138121130
i contracts2
Commer-cial and
industrialfloor space(millionsof square
feet)
359440440461443500
Seasonallyadjustedannual
rates529542490545510478512479499500510539SIM
1 Includes nonhousekeeping residential construction, not shown separately.• Compiled by F. W. Dodge Corporation and relates to 48 States.3 In addition to major differences between old and new series, data for Alaska
and Hawaii are included beginning January 1959,
4 Preliminary.
Sources; Department of Commerce and F. W. Dodge Corporation. , Q
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCINGPrivate housing starts rose 17 percent in March to a seasonally adjusted annual rate of 1.5 million units,of new units authorized was 1 percent higher than in February.
The number
MILLIONS OF UNITS2.5
MILLIONS OF UNITS2.5
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION 1VA) COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Period
1956195719581959
19591960 __196]..- -.-1962 3
1962: Feb__Mar--Apr __May-June—July__Aug__Scpt_.Oct..Nov'Dec—
1 < > < > : ! : . I n n 3 _ _I'Vb3
Mar1..
privateand
public(includ-
ingfarm)
*1, 553. 51, 296. 01, 365. 01, 482. 0
77. 8117. 2151. 6156. 6139. 5139.3147. 9116. 3136.4121. 994. 583. 387. 4
124. 4
Totalprivate(includ-
ingfarm)
*1, 516. 81, 252. 11, 313. 01, 452. 6
76. 4115. 4147. 0154. 2136. 2135. 8146. 1113. 6133. 5120. 393. 580. 686. 4
121. 4
Pri\
Total
1, 093. 9992. 8
1, 141. 51, 342. 8
*1, 494. 61, 230. 11, 284. 81, 429. 0
75. 3113. 8144. 9152. 7133. 7133. 9143. 0111. 0129. 7119. 292. 579. 584. 8
119. 7
Hou
ate nonfa
One-family
980. 7840. 2932. 5
1, 078. 5*
1, 211. 7972. 3946. 4965. 2
52. 678.098. 9
105. 793. 493.397. 973. 487. 077.254.746. 2
sing star
rm
Two ormorefami-lies
113. 2152. 6209. 0264. 3
*282. 9257. 4338. 6463. 5
22. 735. 846. 047. 040. 240. 645.037. 642. 642. 037. 832. 5
ts
Totalprivate(includ-
ingfarm)
*1, 516. 81, 252. 11, 313. 01, 452. 6
1, 1521, 4311, 5421, 5791,4251,4661, 5291, 2891,5501, 5861, 4721, 2421, 2781, 494
Priv
Total
1, 093. 9992. 8
1, 141. 51, 342. 8
*1, 494. 61, 230. 11, 284. 81, 429. 0
Se1, 1341, 4071, 5211, 5661, 3991, 4471, 5001, 2611, 5041, 5711, 4531, 2201, 2531, 471
ate nonf
Coverhome p
FHA
183. 4150. 1270. 3307. 0
307. 0225. 7198. 8197. 3
isonally228214228204189205190178173183176172164172
a,rm
nmentrograms
VA
270. 7128. 3102. 1109. 3
109. 374. 683. 377. 8
adjusted9587948777747270707275747873
Newprivatehousing
unitsauthor-
ized1
921. 9820. 3950. 8
1, 081. 1*
1, 208. 3997. 6
1, 064. 21, 179. 0annual ra
1, 2321, 1471,2241, 1241, 1331, 1551, 1191, 1691,1701, 2611, 3131, 2771, 2281,240
Proposeconstr
Applica-tions for
FHAcommit-ments 2
197. 7198. 8341. 7369. 7
369. 7242. 4236. 2221. 1
tes239246240229216221195191207207199203197197
d homeuction
Requestsfor VAapprais-
als2
401. 5159.4234. 2234. 0
234. 0142. 9177. 8171. 2
169208167172147184148158176168172161150152
*Nc\v scries; sri* 1 Inusiny Starts, C20-11 (Supplement, Bureau of the Census,May J U G U ) , for description.
' A u l h o r i z i ' i j by issuance oflocal building permit.: i ' n i l s rrpn'sontcd by mortgage applications for new borne construction.
20
3 Preliminary.NOTE.—Data for Alaska and Hawaii are included in all VA and FHA series,
and Census series beginning with the new series in 1959.Sources: Department of Commerce, Federal Housing Administration
and Veterans Administration (VA).Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TRADE SALES AND INVENTORIESIn February, retail sales were 1 percent above January, and sales of wholesalers were almost 5 percent above Januarylevels. Trade inventories showed little change in February. Preliminary data indicate retail sales in March rosemore than 1 percent.
Bll
14
12
!. 10
:" 8
6
44
IS
16
14
12
10
0
*SO
-LIONS OF DOLL
RETAIL TRADURABLE G
^^^^^—/^
"~
*"'*-..,.«>%.,
S
NONDURABLE
~ (WEI
^^^S^~"*
r, , , , , , , , , , ,I960
SEASONALLY ADJUSJRCES: DEPARTMENT
HRS»
DE
OOOS STORES
\~-\ 1v-qIN
S
-» «-/*
*"
GOODS STORE;
TORIES
\ ^*~
SALES
, , , , , , , , , , ,
1961TEO.
OF COMMERCE Ar.
VENTORIES
LES
1".
_ J 1 II II •"
«^*"* ** **
*
. . . . . I . . . . .
I96E
D BOaRD OF GOVE
•MB
—
.-'-
r«* ~
.
1 1 1 t ! 1 1 1 1 1 1^
1963
*NORS OF THE FED
Bll
16
14
12
10
8
0\- 1NDE
125
120
H5
110
105
100
95
ERAL RESERVE
LIONS OF DOLL/
WHOLESALE
ssj T*"**""_
-1 M ! 1 ! II t t 1
X.I957-59-IOO'
DEPARTMEN
1
W ^ ^ '*JfC t /^-y * v
1I960
SYSTEM.
1RS«
TRADE
INVEN
^x*— * -»t^^ ^ f+^
S-
i i i i-M 1 1 t I i
t
T STORES
WENTORIES
t i '
^ ^afcjy^ j*
^^c/ /k ' SALES
i i i i i 1 i i i i i
1961
TORIES
^^^qLES
i i i i 1 1 M 1 t t
jtor y^ 1 1t * \ ! ^i1 v V
tf
, , , , , ,igea
COUNCIL C
""~
-
I 1 1 t 1 1 ! 1 1 1 1
' 1
1V
—
, , , , , ,
1963
5F ECONOMIC ADVISE'RS
Period
195519561957195819591960 „_ .19611962'1962: Jan... _ _ _ -
FebMar. .AprMayJune._ .. - _JulyAugSept..OctNovDec
1963: Jan7
Feb'Mar7
Who
Sales '
10. 6211.2711. 2711. 0912. 2912. 3312. 5613. 0613. 0812. 7312. 7613. 0613. 3813. 1313. 3513. 1613. 4813. 2713. 4213. 4713. 1813. 82
esale
Inven-tories 2
11. 4412. 9512. 7111. 9912. 6513. 2113. 4813. 9713. 5813. 6213. 7013. 7013. 7813. 8913. 9713. 8813. 9514. 0313. 8613. 9714. 0514. 03
Total
Billions o
15. 3215. 8116. 6716. 7017. 9518. 2918. 2319. 6118. 9019. 0319. 3319. 6719. 5119. 1619. 7619. 6419. 6919. 8220. 2320. 2020. 2520. 4520. 70
Sales 1 3
Durablegoodsstores
f dollars,
5. 585. 485. 705. 285. 975. 895. 616. 245. 925. 986. 186. 336. 176. 036. 386. 136. 126. 486. 526. 456. 486. 606. 66
Re
Non-durablegoodsstores
seasonally
9. 7410. 3310. 9711. 4111. 9812. 4012. 6313. 3712. 9813. 0513. 1513. 3413. 3413. 1313. 3813. 5213. 5713. 3413. 7113. 7513. 7713.8514. 03
tailI
Total
adjusted
22. 7723. 4324. 5724. 2925. 5427. 1826. 8627. 4326. 8626. 9026. 7826. 8726. 9427. 0827. 1827. 0527. 2427. 4027. 4927. 4327. 5427. 54
nventories
Durablegoodsstores
10. 5310. 5311. 4110. 7111. 2712. 3311. 5211. 7311. 5211. 4811. 3811. 4311. 4211. 4511. 5911. 5111. 6611. 7611. 8311. 7311. 7211.77
Non-durablegoodsstores
12. 2412. 9013. 1613. 5814. 2714. 8515. 3415. 7015. 3415. 4215. 4015. 4415. 5215. 6215. 5915. 5415. 5815. 6415. 6615. 7015. 8215. 77
Departm
Sales 4
Index, 195seasonally
88949699
105106109114110111117113115111114115117110118117113114120
ent stores
Inven-tories 5
7-59=100,adjusted6
85949998
103109110117114115116115117118119118118120118117120119
1 Monthly average for year and tota. for month.2 Book value, end of period, seasonally adjusted.3 Beginning January 1960, data include Alaska and Hawaii.4 Dally average.6 End of period, except annual data, which are monthly averages
6 Based on retail value.7 Preliminary.Sources: Department ol Commerce and Board of Governors of ( I n
Reserve System.
21Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERSManufacturers' sales (seasonally adjusted) rose sharply in February to record levels following 2 months of decline.Inventories were up from January levels. New orders for durable goods rose over 2Vi2 percent in February and frac-tionally in March, according to preliminary data.
BILLIONS OF DOLLARS* BILLIONS OF DOLLARS"
60
50
40
30
20
TOTAL
MANUFACTURERS' INVENTORIES
DURABLE GOODS
NONDURABLE6000S
I960 1961
EO
MANUFACTURERS' SALES
TOTAL
NONDURABLEGOODS
\
DURABLE GOODS
20
10
MANUFACTURERS' NEW' ORDERS
NONDURABLE GOODS
.....--..,„„... „...»••'•-•";
1963 I960
DURABLE .600DS
1961* SEASONALLY ADJUSTED.SOURCE: DEPARTMENT OF COMMERCE.
I96£ 1963
COUHC!t OF ECONOMIC ADVISERS
T> • A
19551956195719581959196019611962 *1962: Jan
FebMarApr__M a v _ . _JuneJuly- . _ _AugSeptOct-NovDec4
1963: Jan 4
Fob 4
M a r 4 5 - - -
Manu
Total
26. 3427. 7128. 3826. 2329. 7430. 4130. 7333. 2632. 0432. 8533. 2233. 4833. 5032. 9633. 4033. 2933. 6833. 483 1 8631363 i. 1 334. 03
'acturers'
Durablegoods
13. 0813. 8014. 1612. 3814. 5114. 6814. 5416. 2015. 5015. 9516. 3316. 4016. 4015. 8916. 3316. 3516. 3416. 3416. 4616. 1816. 0116. 5216. 57
sales '
Non-durablegoods
13. 2613. 9114. 2213. 8515. 2315.7316. 1817. 0616. 5416. 8916. 8917. 0817. 1017. 0817. 0816. 9317. 3417. 1417. 4117. 1717. 1317. 51
Manufac
Total
Billions46. 3652. 3053. 5249. 1852. 4353. 7455. 2057. 4055. 7356. 1856. 5756. 6956. 8156. 9157. 0056. 9757. 1957. 2757. 1957. 4057. 4857. 71
uurers' inv
Durablegoods
of dollars,26. 6630. 6631. 1527. 8230. 0830. 8631. 4732. 6931. 8832. 1932. 4132. 4732. 5832. 5832. 6332. 6932.7432.7632. 6632. 6932. 7332. 84
entories 2
Non-durablegoods
seasonal!19. 7021. 6422. 3721. 3622. 3422. 8823. 7224. 7123. 8423. 9924. 1624. 2224. 2324. 3424. 3724. 2824. 4424. 5124. 5324. 7124. 7624. 86
Ma
Total
y adjustec27. 1728. 3227. 2625. 9030. 1329. 9030. 9633. 0532. 9433. 0832. 9532. 7333. 0732. 4333. 2632. 8333. 2333. 8233. 7633.0433. 9034. 60
nufacture
Durab
Total
1
13. 8514. 4413. 0812. 0414. 8514. 2414. 7416. 0216.4316. 1916. 0015. 7315. 9715. 4416. 2715. 9115. 8916. 5716. 3416. 0216. 7117. 1517. 18
rs' new orde
le goods
Machineryand
equipment
4. 204. 744.363. 924. 954. 955. 245. 645.785.715. 595. 475. 605. 625. 715. 605. 695. 625. 855. 745. 755. 8456.4
rs '
Non-durablegoods
13. 3213. 8814. 1713. 8615. 2815. 6616. 2317. 0416. 5116. 8916. 9517. 0017. 1016. 9916. 9816. 9217. 3417. 2517. 4217.0217. 1917. 45
Manu-fac-
turers'inven-tory-sales
ratio 3
1. 681. 791. 891. 931. 721. 791. 751. 701. 741. 711. 701. 691. 701. 731. 711. 711. 701. 711. 691. 721. 731. 70
1 Monthly average for yi'ar and loinl for month.2 Book value, end of period, seasonally adjusted.3 T^nr annual nnrinrls rntio of wcifhl.pd nvfjrnr** ii
tales; for n
22
ilue, end of period, seasonally adjusted.ual periods, ratio of weighted average inventories to average monthly[Onthiy data, ratio of inventories at md of month to sales for month.
xiuutt vuiue, eou ui pui HFor annual periods, rati
* Preliminary.5 Not charted.Source: Department of Commerce.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MERCHANDISE EXPORTS AND IMPORTSFollowing settlement of the East Coast dock strike, exports rose more sharply than imports, producing the largest monthlytrade surplus since early 1957.
BILLIONS OF DOLLARSZ.5
BLLIONS OF DOLLARS2.5
•" SEE NOTE I BELOW.SOURCES'- DEPARTMENT OF COMMERCE.
1963
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
Monthly average :1955-19561957- ...1958_195919601961.1962- ...
1962: JanFebMarAprMayJuneJulyAug- _ _ -SeptOctNovDec
1963: JanFeb
1 Total exports lesssupplies and equipme
Total (ing ree?
Season-ally ad-justed
1, 6551,8121, 6741,8031, 7821,8381, 7291,6871,9431,4931, 6951,839
9822, 131
Department under tl
M
includ--ports)1
Unad-justed
1, 1911, 4451, 6261,3641, 3671, 6341, 6791, 742
1,6121, 7131,7831,8031, 8911, 8981, 6201, 6331, 7101,5831,7911, 864
9602, 021
nt of Defeie Military
erchandi
]
Total i
1,1801,4321, 6111,3511, 3521, 6171, 6591,719
U1,5871, 6921, 7611,7801, 8651, 8761, 6021, 6131, 6911, 5621,7651, 839
9421,997
ise shipmeAssistance
se expo
Domest
Food-stuffs
162216208198210230254281
nadjust256284298285343318260263264246267289140328
nts of graProgram
rts
c exporIndus-trial
mate-rials
351441530368366510486440
ed418420427417450468420421466412476491234522
nt-aid mi
tsFinished
manu-fac-
tures '
667775872784776877919998
912988
1,0361, 0741, 0741,086
924931962904
1, 0221,058
5671, 147
litary 4cat
Generpoi
Season-ally ad-justed
1, 3271,3151, 3391,3641,3861,3421,3621,3641,4761,3191,4321, 3721, 0931, 493
Total adjueeory.
M
al irn-ts2
Unad-justed
9581, 0641, 1051, 1051, 3021, 2511, 2261, 366
1,3681, 2231, 3811, 3331, 4521,3481, 3371, 3561, 3421, 4391,4521, 3661,1171, 390
sted to exc
erchandi
Impc
Total
9541,0561, 102
H, 1011, 2841, 2511, 2211, 355
U1,3561, 2081, 3641, 3251,4111, 3201,3301, 3681, 3451, 4241, 4701, 3361, 1391, 367
ude $33.5 n
se impo
rts for
Food-stuffs
260267274288285274277298
aadjust285263297288316271283284297322345329208323
lillion of
rts
consumIndus-trial
mate-rials
477521534489569539522561
ed602519586553585558556582544541585527518553
the valu
ption 3
Finishedmanu-
fac-tures
217268294326431438423495
469427486485511492489505504562539480412491
e reported 1
Merchan-dise
tradesurplus,season-ally ad-justed
234380521260
65383453376
327497335439396496367323467174264467
-111637
>y economic
bonded warehouses. Source: 23Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICESIn the fourth quarter of 1962, a slight fall in imports of goods and services raised the surplus on goods and servicesto $4.3 billion (seasonally adjusted annual rate).
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
SEASONALLV ADJUSTED ANNUAL RATES
EXPORTS OF 600DS AND SERVICES
IMPORTS OF GOODS AND SERVICES
I960
20
SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS.
[Millions of dollars, quarterly data at seasonally adjusted annual rates]
Period
19541955 .1956.1957195819591960196119621961: I
IIIIIIV
1962: IIIIII.IV
Total
17, 75919, 80423, 59526, 48123, 06723, 47627,01328, 06629, 81428, 27627, 31227, 56429, 11229, 02031,02829, 54429, 664
Expo
Mer-chan-dise 1
12, 79914, 28017, 37919, 39016, 26416, 28219, 45919,91520, 56620, 24419, 07219, 76020, 58420, 28821, 36020, 68019, 936
rts of goo
Militarysales
182200161375300302335406638284600352388384912504752
ds and setIncome
vestn
Private
1, 9552, 1702, 4682, 6122, 5382, 6942, 8733, 3033,7113,3883,0723, 1843, 5683,6683, 6683, 4724,036
viceson in-
aentsGovern-
ment272274194205307349349379471376480280380436564436448
Otherservices
2, 5512, 8803, 3933, 8993, 6583, 8493,9974,0634,4283,9844,0883, 9884, 1924,2444, 5244, 4524, 492
Impo
Total
15, 93117, 79519, 62820, 75220, 86123, 34223, 18822, 92324, 99921, 79222, 04023, 70824, 15224, 18424, 94425, 51225, 356
rts of goo
Mer-chan-dise 1
10, 35411, 52712, 80413, 29112, 95215, 31014, 72314, 51416, 19313, 47613, 66815, 36015, 55215, 73216, 18016, 65616, 204
ds and sei
Militaryexpend-itures
2, 6422,9012,9493, 2163, 4353, 1073,0482,9473,0063,0803,0242, 7962, 8883,0082, 9842,9203, 112
-vices
Otherservices
2,9353,3673, 8754, 2454,4744,9255, 4175, 4625, 8005,2365, 3485, 5525,7125,4445, 7805,9366,040
Balanceon goods
andservices
1, 8282,0093,9675, 7292, 206
1343,8255, 1434,8156, 4845, 2723, 8564,9604, 8366,0844,0324, 308
1 A<1 justed from customs data for differences in timing and coverage. Source: Department of Commerce.
24
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. BALANCE OF INTERNATIONAL PAYMENTSA small rise in the surplus on goods and services was more than offset by an increase m other paymenis to foreigners,raising the over-all deficit in the fourth quarter of 1962 to $3.2 billion (seasonally adjusted annual rate).
BILLIONS OF DOLLARS£O
SEASONALLY ADJUSTED ANNUAL RATES
BILLIONS OF DOLLARS2O
BALANCE ON GOODS AND SERVICES
7BALANCE ON OTHER TRANSACTIONS
I
I 1 I
-10
OVER-ALL BA
m mI_J
1 1 11957
LANCE [SURPLUS 0
WOTJi i i
1958
R DEFICIT (-)]
JUUU
1 I 11959
u u y yi i i
I960
" UU1 1 I
IS6I
rr"aTJU
1 ! 11962
_
1 1 11963
SOURCE: DEPARTMENT OF COMMERCE. COUNCiL OF ECONOMIC ADVISERS,
[Millions of dollars]
Period
1956195719581959196019611962 c * _ _
1961: *IIIIII—IV
1962:*IIIIII—IV—
i (HI r t l i• K(]i ils e
to fore rnersarc ine ided
3 M ii n^ ii'To I n t o
govern t e n t•To 'ren-
net listed in
Balanceon
goodsand
services
3, 9675, 7292, 206
1343, 8255, 1434, 815
6, 4845, 2723, 8564, 960
A, 8366, 0844, 0324, 308
in i i ( | i i i d funlan L'OS in I i .
K e m i t t a nii over-ai l Id -atos inrnn tional M
l oiinnerciaf( i t n o i c 4, i
Govern-mentgrants
andcapital,
net
-2, 362-2, 574-2, 587-1, 986-2, 769-2, 777-2, 996
-3, 316188
— 4, 052— 3, 928
-3, 576— 3, 216— 1 , 804-3, 388Is.
^. pc Id and ('es : n < l perui l a n -i" and iiise i i HaHl inet : ry Km
hanks and (nd other fort
U.S. pr
Directinvest-ments
-1,951-2, 442-1, 181-1, 372-1, 694— 1, 475-1, 377
Season
-1, 828— 1, 076— 1, 716-1, 280
-924— 1, 604-1, 652- 1 , 328
onvert ihlo eions, not shnou i i l ed to
MI MF) ar
!her in ternaU'ners.
ivate cap'
Long-termport-folio
-603-859
— 1, 444— 926-850
— 1, 006-1, 207ally ad jus
-480— 872— 776
-1, 896
-1, 608-1, 196
— 644-1, 380
irrencies ancown separat924 million i
d foreign ce
ional and re?
tal, net
Short-term
-517-276— 311-77
-1, 338— 1, 472
-467ted annm
-1, 928-1, 556
— 888— 1, 516
— 1, 296376
— 752— 196
liquid liabi3ly in this tn 1962.
ntral banks
iona! institu
Foreigncapital J
653487
22863335
*733975
il rates
7921, 004
161, 120
1, 160164620
1, 956'I
ities ; 1able, TJ.S
*Iand N
tions Sc
Unre-cordedtrans-actions
5431, 157
488412
-592* — 628
-1, 000
-208— 1, 440
772-1, 636
360— 576
-1, 624— 2, 160
preliminary.^otai at end opold stock.
,cviscd bof-'iiOTE. — Dataurec: Depai
Over-
Total 2
-935520
— 3, 529-3,743-3, 925-2, 360— 2, 181
-1, 368636
— 3, 652-5, 056
— 1, 980-856
-2, 724— 3, 16-1
f fourth nnarThe decl im
nine J 'J i i l .delude m i l i t
ment of Co
all balanc
Total
-935520
-3, 529-3, 743-3,925-2, 360-2, 181
Quai
-33172
— 912— 1, 189
— 173— 32-1— (193— (191
er was $Hi, I fin ; old sUn
iry aid and
meree.
3 (surplus
Goldand con-vertible
cur-rencies
306798
— 2, 275-731
— 1, 702— 742— 907
terly tola
— 3-16330
-270-•156
— 1 89207
— 5507 - M75
i m i l l i o n , of; during ([ii
U.S. siibserii
or deficitLiquid 1To mon-
etaryaxithor-
itiesand
institu-tions *
Vi—
— 1,— 3
-1, S62 '*-512
— 1, 071
Is, u n a d j i
- 69307
--I17- 363
•1 1 6- 506— 601— 380
vliieli $10,057irter was $2-1
tions to IM
t — ))
labilities 3
To otherforeignholders 5
. '241278254012
-361*-l, 076
-203sled
84— 565— 225— 370
-700-25458
64
million wasmillion.
P.
O.R
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER PRICESConsumer prices rose slightly in February. Services held steady at their January level.
INDEX, 1957-59 = 100115
110
I N D E X , 1957-59-1001115
105
100
SOUF
*S jf jf-"
S: f'*^ 4f*.'j+
1 1 1 1 1 1 1 1 1 1 t
1957
CE: DEPARTMENT
VCOMMODITIES
LESS FOOD
i I i i i 1 i i i T |
1958
OF LABOR.
T I 1 1 1 1 t T 1 1 1
1959
1 1 1 1 ) 1 ) 1 1 1 1
I960
1 t t 1 I 1 t t 1
1961
110
105
100
95
1962 1 1963
COUNCIL OF ECONOMIC ADVISERS,
[1957-59 = 100]
Period
1952 ...1953i -'• r' '1955_ .195619571958 .- - .. -.. ..19591960196119621962: Jan .. .
Feb .MarAprMav _ _June ..JulyAugSeptO c t - - _ _ _ _ _ ..Nov _Dec
1963: Jan..Feb
Allitems
92. 593. 293. 693. 394. 798. 0
100. 7101. 5103. 1104. 2105. 4104. 5104. 8105. 0105. 2105. 2105. 3105. 5105. 5106. 1106. 0106. 0105. 8106. 0106. 1
All com-modities
96. 796. 495. 494. 495. 398. 4
100. 7101. 0101. 7102. 4103. 2102. 3102. 7102. 8103. 1103. 0103. 1103. 1103. 2104. 1104. 0103. 9103. 6103. 6103. 8
Co
Food
97. 195. 695. 494. 094. 797. 8
101. 9100. ;(101. 4102. 0103. G102. 5103. 1103. 2103. 4103. 2103. 5103. 8103. 8104. 8104. 3104. 1103. 5104. 7105. 0
mmoditie!
Comm
All
96. 796. 895. G94. 695. 998. 999. 8
101. ,'i101. 8102. 1102. 8102. 0102. 2102. 4102. 8102. 6102. 6102. 5102. 6103. 4103. 6103. 5103. 4102. 6102. 7
odities ICE
Durable
102. 7101. (i97. 7!>•!. !)94. 1)9S. 299. 7
102. 0100. 7100. 5101. 5100. 8100. 8100. 9101. 4101. 5101. 6101. 5101. 7101. 6102. 0102. 2101. 7100. 4100. 6
s food
Non-durable
<«. 29-1. I )!M. •'!91. •!96. 599. 199. 8
101. 0102. 6103. 2103. 8102. 9103. 3103. 5103. S103. 5103. 4103. 3103. 2104. 6104. 6104. 4104. 6104. 0104. 1
Allservices
84. 087. 589. 891. 493. 497. 0
100. 3102. 7105. 6107. 6109. 5108. 7108. 9109. 0109. 2109. 4109. 5109. 8109. 9109. 8109. 8110.0110. 1110. 5110. 5
Services
Rent
85. 790. 393. 594. 896. 598. 3
100. 1101. 6103. 1104. 4105. 7105. 1105. 2105. 3105.4105. 5105. 6105. 7105. 8105. 9106. 1106. 2106. 2106.3106. 4
Serviceslessrent
S3. 887. 089. 190. 892. 896. 7
100. 3102. 9106. 1108. 3110. 2109. 3109. 5109. G109. 8110. 11 10. 2110. 5110. 6110. 5110. 5110. 6110. 8111. 2111. 2
{Source; department of Labor,
26Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WHOLESALE PRICESWholesale prices fell in March for the second consecutive month. The decline was centered in farm products andprocessed foods.
INDEX, 1957-59 = 100 INDEX,1957-59 = 100
105
95
SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
Period
1955_. _. ._1956__ _ . . _195719581959 _ _ _ . - - - - .196019611962 3
1961: Dec1962: Jan
FebMarAprMay -June .-JulyAug . ...SeptOctNov_ . . . - _ _Dee _
1963: JanFebMar 3
Allcom-modi-
ties
93. 296. 299. 0
100. 4100. 6100. 7100. 3100. 6100. 4100. 8100.7100. 7100. 4100. 2100. 0100. -1TOO. 5101. 2100. (iJOO. 7100. -1loo. r,100. 299. i)
Farmprod-ucts
97. 996. 699. 2
103. 697. 296. 996. 097. 795. 997. 998. 298. 496. 990. 295. 3'.Hi. 597. 0
100. ()9S. 79'.). :>>97. :•!9s. r>90. 595. 4
Proc-essedfoods
94. 394. 397. 9
102. 999. 2
100. 0100. 7101. 2101. 0102. 0101. S101. 0JOO. 2
!I9. (i99. S
JOO. 8101. 5103. 15101. 5101. 3100. 9J 00. 8100. 599. 1
Commodi
All in-dustri-
als '
92. 496. 599. 299. 5
101. 3101. 3100. 8100. 8100. 9101. 0100. 8100. 8100. 9100. 91 00. 7100. 8JOO. 6100. 8100. 7100. 7100. 7100. 7100.6100. 6
ties other t
Indus-trialcrudemate-rials96. 6
102. 3100. 996. 9
102. 398. 397. 295. 097. 298. 598. 297. 195. 895. 394. 494. 494. 895. 194. 894. 694. 894. 794. 994. 9
ban farm
Indus-trial in-
termedi-ate ma-terials 2
92. 597. 099. 699. 4
101. 0101. 4100. 199. 999. 9
100. 099. 9
100. 0100. 3100. 2100. 1100. 099. 899. 899. 799. 699. 599. 599. 499. 3
products ai
Produc-er fin-ishedgoods
85. 692. 097. 7
100. 2102. 1102. 3102. 5102. 9102. 7102. 8102. 8102. 8102. 9102. 9102. 8103. 0103. 0102. 9102. 8102. 9103. 0103. 0103. 0102. 9
id foods (it
Consunished g<
cludinDur-able92. 895. 998. 7
100. 1101. 3100. 9100. 5100. 0100. 3100. 2100. 1100. 099. 9
100. 0100. 0100. 2100. 1100. 199. 9
100. 099. 999. 899. 899. 7
idustrials)
aer fin-Dods ex-g food
Non-durable
95. 897. 799. 999. 3
100. 8101. 5101. 5101. 6101. 8102. 0101. 8101. 3101. G101. 5101. 4101. 5101. -1101. 7]()!. 8101. 7101 . S1 0 1 . 7101. 7101. 9
1 Coverage of the subgroups does not correspond exactly to coverage of this 3 Preliminary.
3 Excludes intermediate materials for food manufactur ing and manufactured Source: Department of Labor.annnal feeds; includes, in p:iri , p ru in products for further processing.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES RECEIVED AND PAID BY FARMERSBetween February 15 and March 15, the index of prices received by farmers declined 1 percent for the second con-secutive month: lower prices for cattle and hogs were again primarily responsible. The index of prices paid wasunchanged ana the parity ratio declined 1 point to 77.
INDE
110
90
80
RATI
100
80
70
INTERESOURC
«, 1957- 59 * 100
•*^_ff—*
, , , , , 1 , , , . .
oJ>
,••>'"••.,
„&»„»£
195?
0 OF INDEX OF PRICESST, TAXES AND WAGE RE: DEPARTMENT OF AC
J—^
.
/'"'Wx,,••<•
1958
DECEIVED, TO INDEX OF&TES, ON 1910-14*100 ERIGULTURE.
PRICES PAID,NTEREST, TAXES, A
WAGE RATES
\
""X
,1/vVLJ*..
**<»
^U^_, 1 ^
1959
PRICES PAID,Ase.
ND
PRICES RECE(AUL FARM PROD
PARITY RAT
\n.,,n.
I960
VEDUCTS)
0
<£— 'Jl, IMlllu/
, , , , , 1 , , , , ,
1961
^
""' •yC' " .r
)uml>j -y^-^*myy~
1962
cou
INDEX, 1957-59
^«»
•s.
RA-
1963
JCI1- OF ECONOMIC ADV
= 100
110
90
80
100
80
70
ISERS
Period
195319541955—- -1956 -1957-19581959.1960 -1961. ---19621962: Feb 15
Mar 15 — - _. -- __Apr 15. -_ — -May 15June 15 -_July 15Aug 15 _- - -_ -_Sept 15Oct 15.. .. ... - - . - . _Nov 15 - ._ -_ _ ._ -_Dec 15
lOllf!: .fan 15 ._I'd) 15Mnr l,ri_ .. .. ..
Prices i
All farmproducts
105102969597104999899100101101100100999910110310110110010110099
-eceived by
Crops
1081081041051011009999101104101105106109106104103104101102100102104107
farmers
Livestockand
products
Index, 195
104979088941061009897991009995949496991031011021001009794
Price
All items,interest,taxes, andwage rates
7-59 = 100
9595949598100102102103105104104105105104104104105105105106106106106
3 paid by fa
Familylivingitems
9494949699100101101102103103103103103103103103103103103103104104104
rmers
Produc-tionitems
9797969598101101101101103102103103103102102102103103103104104104104
Parityratio '
928984838285818079808080797978798081808078787877
*' r n t l r t o f imicx of price;; received by farmers to index of prices paid,, ami vviu'f rti lt- .-: , on ly iO-H*- ](K) base.
Source: Department of Agriculture.
28
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY, CREDIT, AND SECURITY MARKETSMONEY SUPPLYIn March, the money supply increased $0.3 billion and time deposits $1.5 billion on a seasonally adjusted basis.
BILL
0
SOUR
ONS OF DOLLARS
-
' -
-
—
:-
p-1957
;E: BOARD OF GOVERNC
.
1958
RS OF THE FEDERAL
AVERAGES OF t
— — 1
TIME DCOMM
1959
RESERVE SYSTEM.
Averages of da
)AILY FIGURES, SEASO
MONEY SUPPLY
— 1—,
5POSITS AT ALL:RCIAL BANKS
..-
I960
ily figures, billi(
YALLY ADJUSTED
. — '
,---*
,---
1961
ms of dollars]
"^
..„/--'*-+*
I96a
COUN
BILLIONS OF DOLL
-
0MM ~~
*'f
-
-
*1963
GIL OF ECONOMIC ADV
ARS
0
SERS.
Period
1956: Dec1957: Dec1958: Dec1959: Dec1960: Dec1961: Dec1962: Dec1962: Apr _ - _.
MayJune . . _JulvA u g _ _ _ —SeptOctNovDec
1963: JanFeb _.Mar2 .
First half... - -Second half 2 _ _
M
Total
136.9135. 9141. 2142.0141. 2145. 7147. 9146. 1145. 7145. 6145. 7145. 1145.3146. 1146. 9147. 914,8. 7uae148.9149. 0148.8
oney supp
Cur-rencyout-side
banks
Seasonally28. 228. 328.628. 928. 929.630. 630.030.030. 130. 230. 230.230. 330. 530. 630. 730. 93L 131.031. 1
iy
De-mand
de-posits
r adjustec108. 7107. 5112. 6113. 2112. 2116. 1117. 3116.0115. 7115. 4115. 5114.9115. 1115. 8116. 4117.3118. 1117. 7117. 8118. 0117. 6
Timede-
posits '
52. 157.565. 567.472.782. 597. 588. 789. 690.791. 892.593. 494. 696. 097.599. 1
100. 3101. 8101. 3102. 2
M
Total
140. 3139. 3144. 7145. 6144.7149. 4151. 6146. 2143. 6144.0144. 3143. 8145. 0146. 5148.2151. 6151. 8148. 3147. 4147. 9146. 9
oney supp
Cur-rencyout-side
banks
Unaa28.828. 929.229.529.630. 231. 229.829. 830. 030. 330. 330. 330. 430.831. 230. 530. 530. 830. 830. 7
>ly
De-mand
de-posits
justed111.5110. 4115. 5116. 1115. 2119. 2120. 4116.4113. 8113. 9114. 0113. 5114. 6116. 1117.5120. 4121. 3117. 8116.6117. 1116. 2
Timede-
posits '
51. 456.764. 666. 672. 181. 896. 688. 989.991. 192. 293.093. 894. 995. 496. 698. 499. 9
101. 7101. 2102. 1
U.S.Gov-ern-mentde-
mandde-
posits i
3.43.53.94.94.74.95. 63.87.07. 27. 1as7. 27. 36.05.64. 85. 65. 95. 26. 0
1 Deposits at all commercial banks.3 Preliminary.NOTE.—See note, p. 31.Source: Board of Governors of llie Federal Reserve
29
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED LIQUID ASSETS HELD BY THE PUBLICMost liquid assets continued to expand in March.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
400
200
SEASONALLY AOJUSTED.END OF MONTH
TOTAL SELECTEDLIQUID ASSETS
O I • i • i i I • i . i
SAVINS TYPEASSETS-^
DEMAND DEPOSITS ANDCURRENCY
. . . . . I 0
-BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
1963
COUNCIL OF ECONOMIC ADVISERS.
[Billions of dollars; seasonally adjusted]
End of period
1955 ___ _1956195719581959196019611962 3
1962: FebMarAprMay- _JuneJulyAug _ _Sept-OctNov3
Dec3
1003: .Inn3
Fob 3
Mar 3 ^
Totalselectedliquidassets
332. 5343. 2356. 0373. 1393. 9399. 2424. 6458. 3430. 6435. 3438.2439.6442.9444. 2447. 9449. 1453. 4456. 8458. 3462. 3464. 3465. 7
Demanddeposits
andcurrency '
133. 3134. 6133. 5138. 8139. 7138. 4142. 6144. 5142. 3142. 2143. 4142. 8142. 3142. 2141. 3142. 5143. 8143. 3144. 5144. 2144. 2144. 8
Time d
Com-mercialbanks
49. 752. 057. 565. 467. 473. 182. 597. 686. 487. 888. 689. 791. 291. 792. 793. 995. 296. 897. 699. 9
101. 0102. 0
eposits
Mutualsavingsbanks
28. 130. 031. 633. 934, 936. 238. 341. 338. 839.039. 239. 339. 740. 040. 240. 640. 941. 241. 341. 741. 942. 1
PostalSavingsSystem
1. 91. 61. 3L 1. 9. 8. 6. 5. 6. 6. 6. 6. 6. 6. 6. 6. 6. 5. 5. 5. 5. 5
Savingsand loan
shares
32. 037. 041. 747. 754. 361. 870. 580. 071. 872. 873.474. 074. 875. 476. 377. 478. 279. 280.081. 182. 283. 4
U.S. Gov-ernmentsavingsbonds 2
55. 954 851. 650. 547. 947. 047. 447. 647. 447. 447. 447. 447. 447. 547. 547. 547. 547. 547. 647. 847. 947. 9
U.S. Gov-ernmentsecuritiesmaturing
within
31. 633. 238. 835. 648. 841. 942. 646. 843. 345. 545. 645.746. 946. 849. 246. 647. 248. 246.847. 146. 545. 0
1 At-Tccs in concept with money supply, p. 29. except for deduction of demanddeposits hold by mutual savings banks and savings and loan associations. Datalor JiLst Wednesday of month.
1 Kxcludrs holdings of Government agencies and trust funds, domestic com-rnrrr lnl und innlim! savings banks, Federal Reserve Banks, and beginning1'Vbrunry I'jijO, savings and loan associations.
3 Preliminary.
NOTE.—See note, p. 31.
Source: Board of Governors of the Federal Reserve System.
30Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVESCommercial bank loans rose $1 billion, seasonally adjusted, in March.
BILLIONS OF DOLLARS*.
250
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS*250
INVESTMENTS IN U.S. GOVERNMENT SECURITIES
1957
•» SEASONALLY ADJUSTED.SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
I960
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS'
End of period
19561957 ... ...195819591960196119625 _ _1962: Feb
MarApr _MayJuneJulyAug .SeptOct5
Nov5
Dec5_1963: Jan5
Feb5
Mar5
(s
Totalloansand
invest-ments
161. 6166. 4181. 0185. 7194. 5209. 6227. 6213. 3215. 2215. 0216. 4220. 3217. 8220. 3222. 0224. 4225. 8227. 6228. 8232. 2234. 9
All commeasonally
Loans,excluding
inter-bank
88. 091. 495. 6
107. 8114.2121. 1134. 8122. 6123. 8121. 5124. 8126. 6126. 1127. 3129. 7131. 7132. 3134. 8134. 9137. 0138. 0
ercial banksadjusted da
Investr
U.S. Gov-ernmentsecurities
Billions57. 357. 064. 957. 659. 664. 703. 866. 166. 164. 665. 566. 664. 165. 064. 364. 164. 463. 864. 365. 166. 4
ta)
nents
Othersecuri-
ties
of dollars16. 317. 920. 520. 420. 723. 829. 024. 625. 325. 926. 127. 127. 628. 028. 028. 629. 129.029. 630. 130. 5
Weeklyreportingmemberbanks '
Businessloans 2
30. 831. 8
2 31. 72 30.7
32. 22 32. 9
35. 232. 233. 032. 832. 933. 433. 033. 434. 134. 334. 735. 234. 334. 635. 2
Bankdebitsoutside
New YorkCity (343centers) ,
seasonallyadjustedannualrates 3
1, S8o1, 4681, 4811, 6561, 7361, 8SSS, 0211, 9171, 985s,044S, 016S, 000S, 055S, 0171, 988S, 096S, 091S, 087s, 149S, 0868, OSS
A
Totalreserves
19, 53519, 42018, 89918, 93219, 28320, 11820, 04019, 57119, 55019, 72319, 82319, 92420, 04319, 92420, 03420, 20519, 60420, 04020, 03519, 58119, 513
11 member
Excessreserves
Millions o652577516482756568572502473510503491529566455484592572483472423
banks ' *
Borrow-ings atFederalReserveBanks
' dollars68871055790687
149304
68916963
10089
1278065
119304
99172155
Freereserves
— 36-133
— 41-424
66941926843438244144039144043937541947326838430026S
3 Member banks are all national banks and those State banks which have takenmembership in the Federal Reserve System.
2 Commercial and industrial loans and prior to 1956 agricultural loans. Seriesrevised beginning October 1955, July 1958, July 1959, and April 1961.
3 Debits during period to demand deposit accounts except interbank andU.S. Government. Prior to 1955, relates to 344 centers outside New York City.
4 Averages of daily figures. Annual data are for December.
fi Preliminary.NOTE,—Between January and August 1959, series for n i l commorcia) banks
expanded to include data for all banks in Alaska and Hawaii . i ) ; i l a for nilmember banks include Alaska and Hawaii beginning 19M ami !'.).r><). n - s j H ' c l i v d y .
Source: Board of Governors of the Federal He.serve System.
31
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER AND REAL ESTATE CREDITIn February, total consumer credit outstanding declined about $520 million, compared to a decline of $620 millionin February 1962.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
60
END Of MONTH
TOTAL CONSUMER CREDIT OUTSTANDING60
40
INS
^M^ ^H^ ^MnMggfHb
r* -195?
SEASONAL
FALMENT CREDIT EXTENDED\
INSTALMENT CREDIT
1
I j 11958 1 1959
LY ADJUSTED (ENLAf
^
REPAID
I960
1GEO SCALE )
„,,, «tt
,
1961
,n_..nr-XS
t 1 1 t 1 1 1 ( t 1 1
1962
MMt
-
, , , , , , 11963
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
2
o
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1953-,-1954 -..1955195619571958195919601961 _ _1962-. ...1962: Jan .
FebMarApr -MayJunJulAug.. —Sep__OotNov) ) • ( !
1 '.Mi:!: .1: n! ' ' • !> _ _ -
1 Also in ' l i i d r s otherloans, not i i nwn st'par
ij t ' n n v f s f s of smr ie - f )- K u . l of period. Una.
Consu
Total
31, 39332, 46438, 83042, 33444, 97045, 12951, 54256, 02857, 67863, 45856, 71156, 09356, 27557, 31458, 31859, 10859, 36460, 00360, 12660, 62661, 47363, 45862, 74062, 219
consumer goilcly..yment loans,justed.
mer crediti
Total J
23, 00523, 56828, 90631, 72033, 86733, 64239, 24542, 83243, 52748, 24343, 26543, 07443,21143, 83744, 49545, 20845, 65046, 20446, 31046, 72247, 27448, 24348, 13048, 025
ods paper, an
charge accourj
outstandinmadjusted)Instalment
bilepaper
9, 8359, 809
13, 46014, 42015, 34014, 15216, 42017, 68817, 22319, 38417, 15517, 19117, 34817, 67118, 03218, 41018, 68018, 93318, 88119, 08319, 30719, 38419, 42619, 503
d repair and
ts, and service
g (end of f
Personalloans
4, 7815, 3926, 1126, 7897, 5828, 1169, 386
10, 48011, 25612, 71411, 23911, 26411, 34311, 54011, 69611, 87211, 99012, 18712, 29112, 36412, 47912, 71412, 73512, 790
modernizatioi
credit.
eriod;
Non-instal-ment 2
8, 3888, 8969, 924
10, 61411, 10311, 48712, 29713, 19614, 15115, 21513, 44613, 01913, 06413, 47713, 82313, 90013, 71413, 79913, 81613, 90414, 19915, 21514, 61014, 194
1 NOTE.-1959. resp
Sources
Consumand r
To
Extended
31, 55831, 05138, 97239, 86842, 01640, 11948, 05249, 56048, 39655, 395
4, 3274, 3564, 4994, 6594, 6504, 6234, 6694, 6194, 4914, 6824, 9614, 8294, 8784, 885
-Data for Alaectively.: Board of Go
er instalmeepaid (seastal
Repaid
27, 95630, 48833, 63437, 05439, 86840, 34442, 60345, 97247, 70050, 679
4, 0484,0844, 1214, 1664, 2114, 2024, 2834, 2614,2894, 2984, 3804, 3714, 3764, 449
ka and Hawa
rernors of the
:nt credit eonally adjt
Automot
Extended
12, 98111, 80716, 73415, 51516, 46514, 22617, 77917, 65416, 00719, 515
1, 5041, 5461,5821, 6751, 6551, 6211, 6311, 6021, 5051, 6851, 7971, 6841, 7431, 734
i included bej
Federal Keser\
xtendedisted)ile paper
Prepaid
10, 87911, 83313, 08214, 55515, 54515, 41515, 57916, 38416, 47217, 3541,4011, 3901, 4151, 4351, 4471,4331, 4561, 4461, 4401,4911, 4901, 5131, 5041, 517
'inning Jamjar
re System and
Mortgagedebt out-standing,nonfarm1- to 4-
houses 3
66, 10075, 70088, 20099, 000
107, 600117, 700130, 900141, 300153, 000168, 300
155, 700
160, 000
164, 200
168, 300
y and August
Federal Home
32Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOND YIELDS AND INTEREST RATESThe yield on 3-month Treasury bills declined somewhat in March. Municipal bond yields also declined, but otheryields changed little.
PERCENT PER'ANNUM PERCENT PER ANNUM
COUNCIL Or ECONOMIC ADVISERS
[Percent per annum]
Period
1956.19571958..195919601961..1962. —1962: Feb.
Mar .Apr .May_ . .. .-June -JulyAugSept _OctNovDec . .
1963: Jan. . ... .FebMar
Week ended:1963: Mar 9_.
16..23..30..
Apr 6..13..20.-
U.S. Gove
3-monthTreasury
bills i2. 6583. 2671. 8393. 4052. 9282. 3782. 7782. 7522. 7192.7352. 6942. 7192. 9452.8372. 7922. 7512. 8032. 8562. 9142. 9162. 897
2. 8972. 8702. 9022. 9192. 9222. 913
9 2. 917
,rnment secui
3—5 yearissues 2
3. 123. 622. 904. 333.993. 60s. 573.773. 553. 483.533. 513. 713. 573. 563. 463. 463. 443.473. 483. 50
3. 493. 493. 513. 533. 533. 54
"ity yields
Taxablebonds 3
3. 083. 473. 434. 084. 023.903.954. 094. 013.893.883.904. 023. 983. 943. 893. 873. 873. 893. 923. 93
3. 923. 933. 943. 953. 953. 96
High-grademunicipal
bonds(Standard &
Poor's) *2. 933. 603. 563. 953. 733. 463. 183.283. 193.083.093. 243.303. 313. 183. 033. 033. 123. 123. 183. 11
3. 173. 103.073. 083. 083. 11
Corpora(Moo
Aaa
3. 363. 893. 794. 384. 414. 354.334.424.394.334.284.284. 344. 354. 324. 284. 254. 244. 214. 194. 19
4, 194. 194. 194. 194. 204. 20
te bondsdy's)
Baa
3. 884.714. 735. 055. 195. 085. 025. 075. 045. 025. 005. 025. 055. 065. 034. 994. 964.924. 914. 894, 88
4.884.884. 874, 884.874. 87
Primecommercial
paper,4-6
months3. 313. 812. 463. 973. 852. 973.263. 223. 253. 203. 163. 253. 363. 303. 343. 27a 233. 293. 343. 253. 34
3. 253. 383. 383. 383. 383. 38
FHAnew homemortgageyields 6
4. 795. 425. 495.716. 185. 815. 625. 725. 705. 685. 655. 615. 605. 605. 585. 565. 555. 535. 535. 525. 50
i Rate on new issues within period. ! Selected note and bond issues.* Series includes: April 1953 to date, bonds due or callable 10 years and after.* Weekly data are Wednesday figures.* Data for first of the month; based on the maximum permissible interest rate
since May 1961) and 25-year mortgages paid in 12 years.
« Not charted.Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, andMoody's Investors Service. CO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMON STOCK PRICES, YIELD, AND EARNINGSAlthough stock prices in March averaged slightly less than in February, they have been rising since early March.
INDE
80
70
PE
4
2
RAT
10
SOUP
X, 1941-43=10
^"\_
I
RCENT
x-^ ' '
0
^~~-j i i t" 1957
CE: STANDARD AND P
(
s\
,
*""^^
**%-x*~~
PRICE /E
^—1 f !
J958
JOB'S CORPORATION.
POMPOSITE PRICE IND500 COMMON STOC
\
^-^^
DIVIDEND YIELD ON
E-—— *_*-—-*-
ARMINGS RATIO ON CC
--•— ~/^~^
1 1 11959
MONTHLY
EX FOR<S
V-^x^X
MONTHLY
COMMON STOCKS
1 ^*'
>MMON STOCKS
^~^1 t I
I960
yi^^^^ jf~^
/
, i
r---
^—1 I !
1961
V"~\\
\ ,
^^
' ' ' ' • ' 1 It I ' '
/-^-^
/ "*
1 1 1 t 1 1 1 1 1 T I
\_.. .
! 1 tI96S
COUN{
INDEX, I94I-4:
WEEKLY
—.Jr*
PERCE
WEEKLY
-**•-*
1 1 1 t t t > t t . VI
R
' ' ' tJ963 '
,IL OP ECONOMIC ADVI
= 1080
70
NT
4
2
MIO
10
5ERS.
Period
19561957195819591960196119621962: Feb _
MarApr..Mav - _ -..iuiieJulvAug ...SeptOct _ _ _Nov_ _Dec
1963: JanFeb _ _ . .._ _ .Mar
Week ended:1963: Mar 8_
15oo
2QApr 5
12. .. . .
Secui
Com-positeindex J
92. 689. 893. 2
116. 7113. 9134. 2127. 1142. 8142. 9138.0128. 2114. 3116. 0119. 5117. 8114. 3122. 8128.0132. 6135. 0133.7
133. 2134.3134. 9135. 6139. 2140. 3
ities andM
Total
93. 290. 792. 5
116. 5110. 9126. 7118. 0133. 4133. 5128. 2119. 0105. 7106. 8110. 4108. 9105. 6114. 0119. 1123. 6125. 5124. 5
123. 9125. 1125. 6126. 6130. 4131. 7
Exchangemufactur
Dura-ble
1957-591. 588. 590. 4
120. 8117. 3129. 2116. 5134. 4134.0128.0117. 4103. 2104. 4109. 1106. 2102. 5110. 7114. 0119. 2121. 0118. 7
118. 4119. 0119. 3120. 8125. 5126. 4
Commissng
Non-durable
9=10094. 592. 894. 4
112. 6104. 9124. 4119. 4132. 6133. 1128. 5120. 6108. 1109. 2111. 7111. 5108. 4117. 3123. 8127. 7129. 7129. 9
129. 1130. 8131. 5132. 1135. 0136. 8
ion price
Trans-porta-tion
110. 693. 291. 0
115. 695. 8
105. 797. 8
110. 5107. 4103. 198. 590. 290. 090. 688. 586. 697. 2
102. 3107. 3110. 3109. 3
108. 9109. 0109. 9111. 0113. 7114. 8
index
Utili-ties
86. 486. 395. 8
117. 6129. 3168. 4167. 2183. 0184. 2180. 3167. 1151. 1156. 6160. 7158. 2154. 3162. 0167. 9173. 0177. 5174. 5
173.9174. 9175.9175. 9178. 8178. 2
StandardPrice i
Total
1941-;46. 6244. 3846. 2457. 3855. 8566. 2762. 3870. 2270. 2968. 0562. 9955. 6356. 9758. 5258. 0056. 1760. 0462. 6465. 0665. 9265. 67
64. 9865. 7265. 8166. 4967. 4468. 51
and Poor'ndex 2
Indus-trial
13=1049. 8047. 6349. 3661. 4559. 4369. 9965. 5474.2274. 2271. 6466. 3258. 3259. 6161. 2960. 6758. 6662. 9065. 5968. 0068. 9168. 71
67. 9068. 7768. 8769. 6370. 7071. 91
3 commonDivi-dend
yield 3
(percent)
4. 094. 353. 973. 233. 472. 983. 372. 952. 953. 053. 323. 783. 683. 573. 603.713. 503. 403. 313. 273.28
3. 333. 283. 273. 243. 203. 16
stock data
Price/earnings
ratio 4
14. 0512. 8916. 6417. 0417. 0821. 1816. 75
19. 98
15. 63
16. 09
16. 02
1 includes ;i(HJ common stocks: manufacturing, 193; transportation, 18; utilities,3-1; trade, finance, and service, 45; and mining, 10.
3 JnelmJes 500 common stocks, 425 are industrials; averages of daily figures.- Ap^repatc cash dividends (based on latest known annual rate) divided by
1'ic af-'^re^ate monthly market value of the stocks in the group. Annual yields34
are averages of monthly data. Weekly data are Wednesday figures.* Ratio of quarterly earnings (seasonally adjusted annual rate) to price index
for last day in quarter. Annual ratios are averages of quarterly data.Sources: Securities and Exchange Commission and Standard and Poor's
Corporation.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCEFEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURESThere was a deficit of $8.2 billion in the first 9 months of fiscal 1963, about the same as in the corresponding periodof 1962.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
IOO
75
NET BUDGET EXPENDITURES
50
NET BUDGET RECEIPTS
n
1S59 I9S9 I960 1961 1962 1963 1958 1959 1968
NATIONAL DEFENSE
FIRST 9 MONTHS .
+ 10BUDGET SURPLUS ( + ) OR DEFICIT (-)(ENLARGED SCALE)
1958 1959 I960 1961 I96£• ESTIMATE.SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
1963 1958FISCAL YEARS
I960 1961 1962 1963
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year 1958Fiscal year 1959 ._Fiscal year 1960.Fiscal year 1961. _ — _ _ _Fiscal year 1962 _ _Fiscal year 1963 3
Fiscal vear 1964 3
1962: JanFebMarApr _ _May _ -June .JulyAug -_SeptGet .-NovDec
1963: JanFeb _Mar
Cumulative totals first 9 months:Fiscal year 1962__Fiscal vear 1903
Netbudgetreceipts
68. 567. 977. 877. 781. 485. 586. 9
5. 46. 79. 15. 87. 0
11. 63. 67. 1
10. 13. 07. 08. 45. 57. 39.7
57. 061. 6
Total
71. 480. 376. 581. 587.894. 398. 8
7. 46. 97.77. 37. 28. 17. 38.57.38.58. 17.68.06. 87. 8
65. 269. 9
Net budgN
Total
44. 246. 545. 747. 551. 153. 055. 4
4. 34. 14. 64. 34.85. 03. 94, 54. 04. 64. 64. 34. 54. 14. 5
37. 039. 1
et expendituational defei
Depart-ment ofDefense,military
functions39. 141. 241.243. 246. 848. 351. 03. 93. 84. 23. 94. 44. 53. 64. 13.74. 24. 34. 04. 23. 84. 1
34. 036. 1
resise 1
Militaryassist-ance
2. 22. 31. 61. 41. 41. 81. 4. 2. 1
2. 1. 1. 3. 1. 1. 1. 1. 1. 1. 1. 1.2
. 81. 0
Budgetsurplus
ordeficit (-)
-2.8-12. 4
1. 2-3. 9-6. 4-8.8
— 11. 9— 2. 0
— . 11. 4
— 1. 5— . 23. 5
-3. 7— 1. 5
2.7— 5. 5-1. 0
. 8-2. 5
. 51. 9(^ O
- S. 2
Publicdebt
(end ofperiod) *
276. 4284 8286. 5289. 229a 6304. 1316. 1296. 9297. 4296. 5297. 4299. 6298. 6298. 3302. 3300. 0302. (i505. 9;o-i. o{():{. 9{05. 2- ;<>;; . r>
".ic,. r>'.n;;. ,r>
.c energy and defense related
Treasury. Not all of total
J .Estimate.NOTK.—Total l u i d j
mental transitions.Source;-;: Treasury
:L nuripLs and expei
35
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL CASH RECEIPTS FROM ANDPAYMENTS TO THE PUBLIC
In the first quarter, cash payments exceeded cash receipts by $900 million on a seasonally adjusted basis.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)35
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)35
EXCESS OF CASH
EXCESS OF CASH (
! 1 1
1957
RECEIPTS
'AYMENTS
t 1
1958
u •-" ju1959
.••
I i I
i960
I ! 1
1961
u u uu1 t 1
1962
u
1 1 11963
CALENDAR YEARSSOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET. COUNCIt OF ECONOMtC ADV1SEKS
[Billions of dollars]
Period
Fiscal year:1958_1959.19601961196219631
1964 iCalendar year:
195819591960 -19611962 _
Quarterly total (calendar years) :1961: III
IV1902: I
IIIIIIIV
1963: I
Cash receiptsfrom thepublic
81. 981.795. 197. 2
101. 9108. 4112. 2
81. 787. 698. 397. 9
106. 2
23. 421. 326. 231. 026. 023. 028.2
Cash pay-ments to
the public
83. 494. 894. 399. 5
107.7116. 8122. 5
89. 095. 694, 7
104. 7111. 9
Unadjusted
26. 727. 226. 027. 928. 529. 626. 6
Excess of re-ceipts (+) or
payments(-)
— 1. 5-13. 1
. 8-2. 3-5.8-8. 3
-10. 3
-7.3-8.0
3. 6-6.8-5.7
-3. 3-5. 9
. 33. 1
— 2. 5— 6. 6
1.6
Cash receiptsfrom the
public
Sej
24. 625. 225. 326. 527. 327. 127.4
Cash pay-ments to
the public
isonally adjus
26. 326. 927.627. 028. 129. 228. 3
Excess of re-ceipts ( + ) or
payments(-)
ted
— 1. 7-1.7
2 2-. 5
>-7
-2. 1— . 9
i Estimate. Sources: Treasury Department and Bureau of the Budget.
36Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASISOn a notional income accounts basis. Federal Government expenditures rose more than receipts in the fourth quarterof 1962, resulting in an increase in the deficit to $1.4 billion (seasonally adjusted annual rate).
BILLIONS OF DOLLARS*120
100
BILLIONS OF DOLLARS*120
100
80 .
i i i 1 i i i 1 i i t i t r i
+ 20
-20DEFICIT
I I195?
OUPrzr Tur
* SEASONALLY ADJUSTED ANNUAL RATES.SOURCE: DEPARTMENT OF COMMERCE.
I960
CALENDAR YEARS
+ 20
COUNCIL OF ECONOMIC ADVISERS-
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Period
Fiscal year:196119621963 '1964 »
Calendaryear:195519561957195819591960196119621961: II..
III.IV.
1962: I...II..III.IV.
1963: I 2.
Total
95. 5104. 0108. 8111. 4
72. 877.581.778.590.396. 998. 3
108. 297. 798. 9
103. 8105. 9108. 4108. 9110. 5
Federal (
Persona]tax andnontaxreceipts
44.047. 650. 148. 8
31.535.237.336. 640. 444. 045.049. 144. 745. 146. 748.049. 249. 950. 150.3
jovernme
Corpo-rate
profitstax
accruals
19.821. 921.723. 3
20.920. 219. 917.722. 021. 221. 023. 620. 621. 323. 723. 023. 423. 524. 5
nt receipl
Indirectbusinesstax andnontaxaccruals
13. 614. 615. 315.8
11.011.612. 211.913. 014. 113.915. 014. 113.914.714. 615. 215.015. 315.5
s
Contri-butionsto socialinsur-ance
18. 019. 821. 823. 4
9. 310. 612. 212. 414. 917.618.420. 518.318.618. 820. 320. 520. 520. 723. 0
Total
97. 7105. 7113. 2119. 0
68. 971. 879, 787. 991. 493. 1
102. 1109. 5101. 9102. 2105. 1108. 3109. 0109.8112. 0115. 0
Federa
Pur-chases
of goodsand
services
54.859. 864. 468. 2
45. 345. 749. 752. 653. 653. 257.062. 456. 656. 559. 561. 962. 162. 763. 465. 9
1 Govern]
Trans-fer pay-ments
25.927. 829. 730. 9
14. 014 917.421. 322. 223. 827. 428. 527. 327. 727. 828. 028. 028. 529. 530. 0
•nent expe
Grants-in-aid
to Stateandlocal
gover-ments
6. 67. 37.88. 8
3. 03.34. 15. 46.76. 37.07.77.07.07.07.57.97.58. 08. 2
nditures
Netinterest
paid
6.96. 67.37.5
4. 95.25.75. 66. 47.16. 66.76.76.56. 46. 66.76. 86. 97. 1
Subsidiesless
currentsurplusof Govt.e nter-prises
3.44. 24. 03. 6
1. 62. 72. 83.02. 52. 84. 14. 24. 34. 54. 44. 34. 34. 34. 33. 8
Surplusor
deficit
— 2. 2— 1. 7-4. 3-7.6
3. 85. 72.0
— 9. 4— 1.1
3. 8—3. 8-1.3-4.2— 3. 3— 1. 3— 2. 4
— . 7— . 9
— ]. 4
3 Preliminary estimates by Bureau of the Budget.3 Preliminary estimates by Council of Economic Advisers,
NOTE.—Data for Alaska and Hawaii in r iudcd tfourcc: Do j i i i r t in rn t of OnnmciTi 1 ("rvrpl IL-; n 37
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNITED STATESGOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON 25, D.C.
PENALTY FOR PRIVATE USE TO AVOID
PAYMENT OF POSTAGE, $3OO
(GPOI
OFFICIAL. BUSINESS
First-Class Mail
ContentsTOTAL OUTPUT, INCOME, AND SPENDING Page
The Nation's Income, Expenditure, and Saving 1Gross National Product or Expenditure 2National Income 3Sources of Personal Income 4Disposition of Personal Income 5Farm Income __ 6Corporate Profits 7Gross Private Domestic Investment 8Expenditures for New Plant and Equipment 9
EMPLOYMENT, UNEMPLOYMENT, AND WAGESStatus of the Labor Force 10Selected Measures of Unemployment and Part-Time Employment 11Unemployment Insurance Programs 12Nonagricultural Employment 13Weekly Hours of Work—Selected Industries 14Average Hourly and Weekly Earnings—Selected Industries IS
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production 16Production of Selected Manufactures 17Weekly Indicators of Production 18New Construction 19New Housing Starts and Applications for Financing 20Trade Sales and Inventories 21Manufacturers' Sales, Inventories, and New Orders 22Merchandise Exports and Imports 23U.S. Exports and Imports of Goods and Services 24U.S. Balance of International Payments 25
PRICESConsumer Prices 26Wholesale Prices 27Prices Received and Paid by Farmers 28
MONEY, CREDIT, AND SECURITY MARKETSMoney Supply 29Selected Liquid Assets Held by the Public 30Bank Loans, Investments, Debits, and Reserves 31Consumer and Real Estate Credit 32Bond Yields and Interest Rates 33Common Stock Prices, Yield, and Earnings 34
FEDERAL FINANCEFederal Administrative Budget Receipts and Expenditures 35Federal Cash Receipts from and Payments to the Public 36Federal Budget, National Income Accounts Basis 37
NOTE.— Detail in these tables will not necessarily add to totals because of rounding.Data for Alaska and Hawaii are not included unless specifically noted.Unless otherwise stated, all dollar figures are in current prices.
38
For sale by the Superintendent of Documents, U.S. Government Print-ins: Office, Washington 25, D.C.Price 25 cents per copy; $2.50 per year; $3.50 foreign
O.S. G O V E R N M E N T P R I N T I N G O F F I C E : I 9 6 3
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis