Economic Indicators: April 1963 - FRASEREconomic Indicators, published monthly, is available at 2 5...

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:

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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.


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


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).


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).


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.


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


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 - ; .


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


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.


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.


I956 I I957 1958•^EXCLUDING INVENTORY VALUATION ADJUSTMENT.

SOURCE: DEPARTMENT OF COMMERCE.

1959 I960 1961 1962


[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).


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.


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


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


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.


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


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.


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.


.7.include

11


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


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


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


[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,


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


[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.


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


[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


[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


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.


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


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.


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.


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


[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).


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


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


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,


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


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,


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.


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


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


SELECTED LIQUID ASSETS HELD BY THE PUBLICMost liquid assets continued to expand in March.


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


[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.


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


CONSUMER AND REAL ESTATE CREDITIn February, total consumer credit outstanding declined about $520 million, compared to a decline of $620 millionin February 1962.


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



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


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


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.


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.


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


[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


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.


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).


100


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-


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


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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

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