Economic Indicators€¦ · [PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION] JOINT...

83d Congress, 2a Session

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Economic Indicators

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

JOINT COMMITTEE ON THE ECONOMIC REPORT

(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Gong.)

JESSE P. WOLCOTT, Michigan, Chairman

RALPH E. FLANDERS, Vermont, Viet Chairman

RICHARD M. SIMPSON (Pennsylvania) ARTHUR V. WATKINS (Utah)HENRY O. TALLE (Iowa) BARRY GOLDWATER (Arizona)GEORGE H. BENDER (Ohio) FRANK. CARLSON, (Kansas)EDWARD J. HART (New Jersey) JOHN SPARKMAN (Alabama)WRIGHT PATMAN (Texas) PAUL H. DOUGLAS (Illinois)RICHARD BOLLING (Missouri) J. WILLIAM FULBRIGHT (Arkansas)

GRQVER W. EMSLEY, Staff DirectorJOHN W. LEHMAN, Clerk

COUNCIL OF ECONOMIC ADVISERSARTHUR F. BURNS. Clairmm

NEIL H. JACOBY

WALTER W. STEWART

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

JOINT RESOLUTION IS. J. Res. 55]

To print the monthly publication entitled "Economic Indicators"

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the JointCommittee on the Economic Report be authorized to issue a monthly publication entitled "Economic Indicators,"and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and theSergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; twocopies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the JointCommittee on the Economic Report; and the required number of copies to the Superintendent of Documents fordistribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printedfor sale to the public.

Approved June 23. 1949.

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

11


ContentsTHE TOTAL OUTPUT OF THE ECONOMY

The Nation's Economic Accounts 1Gross National Product 2

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

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

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

PURCHASING POWERNational Income 21Corporate Profits 22Personal Income 23Consumer Income, Spending, and Saving 24Per Capita Disposable Income 25Farm Income 26

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

111Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE TOTAL OUTPUT OF THE ECONOMYTHE NATION'S ECONOMIC ACCOUNTSEconomic activity as measured by over-ail expenditures and incomes continued at a high level in the third quarter.

BILLIONS OF DOLLARS

ANNUAL TOTALS SEASONALLY ADJUSTED ANNUAL RATES

300

E50

200

CONSUMERS

100

50

DISPOSABLE INCOME

I I I I I I I I I I I I I I I I I I

BUSINESS100

50INVESTMENT-

EXCESS OF GROSSRETAINED EARNINGS

GROSS RETAINEDEARNINGS I/

I I I I I I t

100GOVERNMENT-FEDERAL, STATE, AND LOCAL

EXPENDITURES FOR GOODSAND SERVICES

RECEIPTS(LESS TRANSFER PAYMENTS)

I 1 I I I I I I I I I I

** ^EXCESS OF RECEIPTS

45 47 49 51 53 1951 1952

1 I I

1953 1954

I/ INCLUDES NET FOREIGN INVESTMENT IN ADDITION TO GROSS PRIVATE DOMESTIC INVESTMENT.I/ INCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES.

NOTE: THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES, OR GROSS NATIONAL PRODUCT,BECAUSE OF STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT, SEE SENATE REPORT NO. 1295, JOINT ECONOMIC REPORT,PP. 92-93, 99-105, AND THE ANNUAL ECONOMIC REPORT OF THE-PRESIDENT, JANUARY 1953, APPENDIX A.

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


Total output of goods and services declined nearly 1 percent in the third quarter, according to current estimates. Alower rate of business inventory accumulation accounted for most of the decline. Total government and consumerexpenditures were fully maintained at their second quarter levels.

BILLIONS OF DOLLARS400

350

300

250

200

100

50

-50

ANNUAL TOTALS SEASONALLY ADJUSTED ANNUAL RATES


GROSS NATIONAL> PRODUCT

PERSONAL CONSUMPTIONEXPENDITURESf EXPENDITURES

GOVERNMENT PURCHASES OFGOODS AND> SERVICESf SERVICES

GROSS PRIVATEDOMESTIC INVESTMENT

1943 1945 194? 1949 1951 1953 1951

NET FOREIGN+ INVESTMENT

J I1952 1953

350

300

250

200

150

100

50

1954

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Period

193919441946 .1947. _ _ _.19481949—1950 _ _ .19511952

1952: First quarterSecond quarterThird quarterFourth quarter

1953: First quarterSecond quarterThird quarter

Totalgross

nationalproduct

91.3213.7211. 1233.3259.0258.2286.8329. 8348.0

Personalcon-

sump-tion

expend-itures

67.5111. 6146.9165. 6177.9180.6194.6208. 1218. 1

Grossprivate

domesticinvest-ment

9.97.7

28.730. 242.733.552.558. 652.5

Netforeigninvest-ment

0.9-2. 1

4. 68.91.9.5

-2.3.3

2

Government purchases of goods and services

Total

13. 196. 530.928. 636. 643.642.062.977.5

Federal

Total

5.289.020.915. 821.025.422. 141. 154. 2

Nationalsecurity *

1.388. 621.213.316. 119. 318.537.448.9

Other

3.91. 62. 53.85. 66.63.94. 15.8

LessGovern-

mentsales

1.22.71.3.6.4.2.4.5

Stateandlocal

7.97.5

10.012.815. 618.219. 921.823. 4

Seasonally adjusted annual rates

340.4345. 1345.3361. 1

362.0372.4369.0

213.7217.2217.2224. 4

227.7230.4231.0

50.449.652.357. 9

54.061.056.5

2. 1. 5

-2.0-1.6

— 2. 1-2.5-2. 1

74. 177.777.880.4

82. 483.583. 6

51. 054.754.656.4

57.458.958.4

46.249.849. 250.5

51.653.552. 1

5. 45.46.06.3

6.56.06.8

.5

.5

.6

.5

.7

.7

. 5

23. 123.023.224.0

24. 924. 625.2

i Includes expenditures for military services, international security and foreign relations (except foreign Joans), development and control of atomic energy, promo-tion of the merchant marine, promotion of defense production and economic stabilization, and civil defense. For further details, see Annual Economic Report of thePresident, January 1953 (p. 165), and Survey of Current Ftusiness, July 1953 (p. 10).

NOTE.—Detail will not necessarily add to totals because of rounding.

tio

Source: Department of Commerce.


PRICESCONSUMER PRICESConsumer prices fell 0.3 percent between mid-October and mid-November, reflecting mainly a drop of 1.4 percent infood prices. Transportation costs decreased slightly, while apparel prices were unchanged. Prices of all othermajor groups of items rose.

INDEX, 1947-49 = 100

140

INDEX, 1947-49 MOO

140

J F M A M J J A S O N D

1948

SOURCE: DEPARTMENT OF LABOR

J F M A M J J A S O N O

1953

COUNCIL Of ECONOMIC ADVISERS

(1947-49=1 OOP

Period

1939 monthly average1942 monthly average1945 monthly average _ -1946 monthly average1948 monthly average1949 monthly average1950 monthly average

June.1951 monthly average1952 monthly average.1952: October

November - -December

1953: JanuaryFebruaryMarch ..April .May - . _ -June - _ ~JulyAugustSeptemberOctoberNovember

Allitems

59.469.776. 983.4

102. 8101.8102. 8101.8111.0113.5114.2114.3114. 1113. 9113. 4113.6113. 7114.0114.5114.7115.0115.2115.4115.0

Food

47. 161.368. 979.0

104. 1100.0101. 2100.5112. 6114.6115.0115. 0113.8113. 1111.5111.7111. 5112. 1113. 7113.8114. 1113.8113.6112. 0

Housing

Total

(>)««(>)

101. 7103. 3106. 1104. 9112.4114. 6115.2115.7116. 4116. 4116. 6116.8117. 0117. 1117.4117. 8118. 0118.4118.7118.9

Rent

86.690. 490.991. 4

100. 7105. 0108.8108. 7113. 1117. 9118.8119.5120. 7121. 1121.5121.7122. 1123. 0123.3123. 8125. 1126.0126.8127.3

Apparel

52.564.976.383. 7

103. 599.498. 196.5

106. 9105.8105.6105. 2105. 1104. 6104.6104. 7104. 6104. 7104.6104. 4104. 3105. 3105.5105. 5

Trans-porta-

tion

(>)0)(')w

100.9108.5111. 3109.9118. 4126.2128. 4128.9128. 9129.3129. 1129. 3129. 4129. 4129.4129. 7130. 6130. 7130.7130. 1

Medicalcare

W«ww100. 9104. 1106. 0105.4111. 1117.2118. 9118. 9119.3119. 4119.3119.5120. 2120. 7121. 1121. 5121.8122.6122.8123. 3

Personalcare

WW(»)w

101.3101. 1101. 199. 2

110. 5111.8112.3112. 4112.5112.4112.5112. 4112. 5112.8112. 6112. 6112.7112. 9113.2113. 4

Headingand

recrea-tion

(>)(s)W(')

100. 4104. 1103. 4102.5106.5107.0107.6107. 4108.0107.8107. 5107.7107.9108.0107.8107.4107.6107.8108. 6108.9

UUiergoodsand

services

«W(')w100.5103.4105. 2103. 7109.7115.4115.8115.8115.9115.6115.8117.5117. 9118.0118. 2118.3118.4118. 5119.7120. 2

* The new base 1947-49= 100 is in compliance with recommendations of the U. S. Bureau of the Budget. Beginning with January 1953 the index structure has beenchanged. 2 Not available, Source: Department of Labor. _. _ o


FKIUESAverage wholesale prices were stable during most of December, with the monthly average being slightly above thatfor November. Prices of farm products and processed foods fluctuated, but were above their November averages.Industrial prices continued at the prevailing level in recent months.

INDEX, I947-49MOO120

INDEX, 1947-49*100

1948

SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS

[1947-49=100]

Period

1942 monthly average1948 monthly average1949 monthly average1950 monthly average

June1951 monthly average1952 monthly average._.1952: October

NovemberDecember

1953: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember

Week ended:1

1953: December 1_8_

15_22_29 _

1954: January 5__

All com-modities

64.2104.499.2

103. 1100.2114.8111.6111. 1110.7109.6109.9109.6110.0109.4109. 8109.5110.9110.6111.0110.2109.8

110. 1110. 1110. 1110. 1110.6110.4

Farmproducts

59.2107.392.897.594.5

113.4107.0104.9103.699.299.697.999.897.397.895.497.996.498. 195.393. 6

95. 095.094.795.497.096.2

Processedfoods

Other thanfarm products

and foods(industrial)

59.1106. 195.799.896.8

111.4108.8108.5107.7104.3105.5105.2104. 1103. 2104.3103.3105.5104.8106.6104.7103.8

104.2104.7104. 91044105. 6105.8

68.3103.4101.3105.0102.2115.9113. 2113.0112.8112.9113. 1113. 1113.4113.2113. 6113.9114.8114.9114. 7114. 6114. 5

114. 6114.5114.5114. 4114. 5114.5

» Data for week nearest middle of month plotted as estimate for m.om$i, Source: Department of Labor.


PRICES RECEIVED AND PAID BY FARMERSPrices received by farmers rose 1 percent between November 15 and December 15, primarily because of a boost inaverage hog prices. Farmers also paid slightly more for production items, but the larger increase in the prices theyreceived was enough to raise the parity ratio 1 index point, the first increase in this ratio since June.

INDEX, 1910-14 • 100350

300

250

100

50

PARITY INDEX(PRICES PAID, INTEREST, TAXES,

AND WAGE RATES)

I I

1948 1949

PARITY RATIO

1950 1951 1952

INDEX, I9IO -14 =100350

300

250

* RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX.

SOURCE: DEPARTMENT OF AGRICULTURE,


1953

COUNCIL OF ECONOMIC ADVISERS

[1910-14=100]

Period

1939 monthly average1942 monthly average1944 monthly average1946 monthly average-. _ -1948 monthly average1949 monthly average-1950 monthly average

June 151951 monthly average1952 monthlv average1953 monthlv average1952: November 15

December 151953: January 15

February 15March 15April 15May 15 _June 15July 15August 15September 15October 15November 15December 15

Prices pai(use

Living

120149175202251243246243268271270269269268266269269270271271273270270270270

1 for itemslin

Production

121148173191250238246247273274253266264265261261257257248250249247246248250

Parity index(prices paid,

and wage rates)

123152182208260251256255282287279282281284281282280280277279279277276277278

Pricesreceived

by farmers

95158

2 1962234

285249256247302288258277269267263264259261259259258256250249252

Parity ratio 1

7710410811211099

10097

107100929896949494929394939292919091

1 Ratio of index of prices received by farmers to parity index. , A , , ^ ^ , ,rt,,o J T m^c2 Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June 1946.Source: Department of Agriculture.

41153—54 2Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STOCK PRICESStock prices in December were, on the average, about the same as in November. However, there were"some declinestoward the close of the month. fe&

INDEX, 1939 = 100300

INDEX, 1939 = 100300

1940 41 42 43 44 45 46 47 48 49 50 51 52 J F M A M J J A S 0 N D

1951

HANGE COMMISSION.


1953


Period

Weekly average:1940194619491950 _

June195119521953_ __1952: December1953: January

FebruaryMarchAprilMayJuneJulyAugust _ _SeptemberOctoberNovemberDecember

Week ended:1953: December 4

11 _ _182431

Com-positeindex 1

94.2149. 4127.7154. 1156. 1184.9195. 0193.3203. 4204, 7201.9203. 9193. 7194. 1187.3190.4190.2181.0187. 1191.2193.4

194. 8.192. 6194.3192. 9192. 4

Manufacturing

Total

93.4146. 6132. 1165. 7168. 7206 8220. 2220. 1230. 8232.4228. 6232. 2220.2220. 9212. 7216.7216.6205. 0213.5218. 7221. 8

223. 0220. 4223.3221. 5221. 0

Durablegoods

92. 5138. 6116, 0150 2153.7178. 5188.8192. 6204. 6207.7203. 6206.8193. 8195. 9186. 8188. 0185.9175. 2184.4190. 4192. 1

194.4190. 8193. 6191. 1190. 7

Non-durablegoods

94. 2154.5147 2180.2182.6233. 1249. 3245. 2254. 9255.3251.7255.6244.5243. 8236.4242. 9244. 7232. 2240. 2244.8249. 1

249. 3247. 6250. 5249. 4248. 8

Trans-portation

99. 2202. 4136. 0160.0147.3199. 0220.6218.7237. 7239.2234.8238. 1223.2225. 7219. 2223.2217.2198. 9202. 4203.8200. 0

205. 4200. 3202. 0197. 4194. 7

Utilities

99. 9121. 098. 1

108.9113.3112.6117.9121. 5123. 2124. 1124.3124.3120.4120. 0116.6118.9120.7118.8121. 4123.2124. 5

125.2124. 7124.3124. 1124. 1

Trade,finance,

andservice

90.4204.3160.7183. 8180. 4207.7205. 8206. 6212. 2211.9210.4212. 4207.0208. 8203. 8205.5205.8197. 5200.8206.5208.7

212. 0208. 7207. 9207. 1207.9

Mining

75.6125. 5129.4143. 5140.5204.9275.7240. 5266. 8261.2255.8262.7252.0247. 0237.4236.8236.3219.2218. 8231.4229.6

234. 5228. 2231. 1228.7225.3

i Includes 265 common stocks: 14 for mining, 98 for durable goods manufacturing, 72 for nondn rable goc'ds manufacturing, 21 for transportation, 28 forutilities, and 32 for trade, finance, and service. Indexes are for weekly closing prices. Source: Securities and Exchange Commission.


EMPLOYMENT AND WAGESCIVILIAN LABOR FORCECivilian employment in December totaled 60.8 million, or 1.2 million below the preceding month—primarily as aresult of the seasonal decline in agricultural employment. Unemployment continued to rise from the record low ofOctober and reached 1.8 million, or 3 percent of the civilian labor force.

MILLIONS OF PERSONS70

UNEMPLOYMENTTOTAL CIVILIANLABOR FORCEi

MILLIONS OF PERSONS1 70

"NONAGRICULTURAL EMPLOYMENT;

tinii£jilx _ m

1939 1944 1947

* - . ._

llltlll&I960

L

ps^sl

NE:MPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE

1951

m1952 1953

w 14 YEARS OF AGE AND OVER.

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

Period

1939 monthly average1944 monthly average1947 monthly average1949 monthly average -1950 monthly average

June1951 monthly average1952 monthly average1953 monthly average 2

1952: NovemberDecember

1953: January2.FebruaryMarch „. . .AprilMayJune - _ _ _ .JulyAugust __ _September ._OctoberNovemberDecember. _

Total laborforce (in-cludingarmedforces)

Civilian labor force

TotalEmployment l

Total Agricul-tural

N onagri -cultural

Unem-ploy-ment

Thousands of persons, 14 years of age and over55, 60065, 89061, 60863, 57164, 59966, 17765, 83266, 426

(3)67, 04766, 50865, 95966, 25566, 67966, 33866, 49768, 290

(3)(3)C3)(3)(3)

(3)

55, 23054, 63060, 16862, 10563, 09964, 86662, 88462, 96663, 41763, 64662,92162,41662, 71263, 13462, 81062, 96464, 73464, 66864, 64863, 55263, 40463, 35362. 614

45, 75053, 96058, 02758, 71059, 95761, 48261, 00561, 29361, 89462, 22861, 50960, 52460, 92461, 46061, 22861, 65863, 17263, 12063, 40862, 30662, 24261, 92560. 764

9, 6108, 9508,2668, 0267,5079,0467,0546,8056, 5286,7745,6975,4525, 3665,7206, 0706,3907,9267,6287,2747,2627,1596, 6515.438

36, 14045, 01049, 76150, 68452, 45052, 43653, 95154, 48855, 36655, 45455,81255, 07255, 55855, 74055, 15855, 26855, 24655, 49256, 13455, 04455, 08355, 27455, 326

9,480670

2, 1423,3953, 1423,3841,8791,6731,5231,4181,4121, 8921,7881,6741,5821, 3061,5621,5481, 2401,2461, 1621,4281, 850

Unemploy-ment as per-cent of total

civilianlabor force

17.21.23.65. 55.05.23.02. 72.42.22.23.02.92.72. 52. 12.42.41.92.01.82.33.0

1 Includes part-time workers and those who had jobs but were not at work for such reasons as vacation, illness, bad weather, temporary lay-off,and industrial disputes.

2 Beginning with January 1953, data are not entirely comparable with those for earlier periods because of revisions in the estimating procedures.s Not available. NOTE.—Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.


NONAGRICULTURAL EMPLOYMENT • SELECTED INDUSTRIESThe Christmas season accounted for the increase of 300,000 employees in retail stores and the 550,000 temporary postalworkers added to the Government payroll. Manufacturing employment continued its downturn, with declines pre-vailing in nearly all major industry groups. Employment in most other nonagricultural industries was down somewhatmore than seasonally.

MILLIONS OF WAGEAND SALARY WORKERS

II. 0

MILLIONS OF WAGEAND SALARY WORKERS8.5

DURABLE MANUFACTURING NONDURABLE MANUFACTURING

i i i i i i i i i i t i i _ i . . . . i iJ F M A M J J A S O N D

3.51 1 II.0


CONTRACT CONSTRUCTION WHOLESALE AND RETAIL TRADE


[Thousands of wage and salary workers l]

Period

1939 monthly average1948 monthly average1949 monthly average1950 monthly average

June1951 monthly average1952 monthly average1953 monthly average 2

1952: December1953: January

FebruaryMarchAprilMayJune „JulyAugustSeptemberOctober2. ..November2. _ _December 2

Manufacturing

Total

10, 07815, 32114, 17814, 96714, 73316, 08216, 20917, 00216, 95216, 88417, 01317, 13517, 07717, 04017, 16217, 06917, 25817, 22117, 01716, 70816, 440

Durablegoods

4,6838,3127,4738,0858,0359,0719,2629,9499,8569,8809, 989

10, 10310, 11710, 09610, 12110, 00710, 0069,9559,8789,7009,538

Nondu-rable goods

5,3947,0106,7056,8826, 6987,0116,9467,0537,0967,0047,0247,0326,9606,9447,0417,0627,2527,2667, 1397,0086,902

Contractconstruc-

tion

1, 1502,1692, 1652,3332,4302,5882,5722, 5382,4972,3032, 2802,3012,4162,5092,6082,6622,7152,7512, 7632,6612,481

Wholesaleand retail

trade

6,6129,5199,5139,6459,534

10, 01310, 25110, 47511,21810, 28310, 21410, 28410, 31410, 34810, 41510, 35510, 33410, 46410, 61510, 76911,310

Finance,service,

etc.

4,7036,6366,7366,8946,9927,0687,2377,3477,2157,1617,1717,2187,3217,3827,4437,4887,4857,4477,3777,3447,323

Govern-ment

(Federal,State,local)

3,9875,6145,8375,9925,9086,3786,6336, 6697,0956,6756,6256,6666, 6536,6696,6386,4786,4496,6636,7496, 7407,023

Transpor-tationand

publicutilities

2,9124, 1413,9493,9773,9844,1664,2204,2754,2934,2104,2104,2354,2444,2794,3154,3404,3374,3234,3094,2724,230

Mining

845982918889929913872832870866856846835831835823831826810814812

»Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay periodending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from thistable not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 7) which include pro-prietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which arebased on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.2 Preliminary estimates. Source: Department of Labor.


AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES

The average workweek of factory production workers in December showed a small increase from November but wasabout 1.6 hours lower than a year earlier. Most of this reduction over a year earlier represented a decline in overtime.

HOURS PER WEEK HOURS PER WEEK

DURABLE MANUFACTURING

BUILDING CONSTRUCTION

NONDURABLE MANUFACTURING

> I i i i i i I i i i t i i i 1 1 i I i i i 1 1 1

RETAIL TRADE

) 1 1 M i i i 1 1 1 1 1


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

Period

1 939 monthly average1943 monthly average1946 monthly average1947 monthly average .1948 monthly average1949 monthly average1950 monthly average «.

June1951 monthly average1 952 monthly average1 952 : November

December «1 953: January

FebruaryMarchApril _MayJune. - .JulvAugustSeptember .October2

November 2

December 2

Total

37. 744 940 440 440 139. 240 540 540 740 741 141 741 040 941 140 840 740 740 340. 539 940 340 040. 1

Manufacturing

Durablegoods

38 046 640 240 640 539 541 241 341 641 541 942 541 841 741 941 641 541 440 841 140 641 040 640. 8

•

Nondurablegoods

37 442 540 540 139 638 839 739 539 539 640 140 539 839 840 039 539 539 739 639 639 039 239 139 2

Buildingconstruction

32. 638 438 137 6

137 336. 736 337. 037 238 137. 138 236 937 136 836 937. 337 737. 137. 636 137. 536 4

R

Retail trade

42. 740 340. 740 340. 340. 440 540. 940 239. 939. 039 839. 239. 239. 239. 139. 039. 439. 939. 839. 139. 038. 9

(3)

i Data beginning with January 1948 are not strictly comparable with those for earlier periods. 2«Not available. Source: Department of Labor,

Preliminary estimates.


AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIESAverage hourly earnings in manufacturing industries in December continued at the record high of $1.79, six centshigher than in December 1952.

DOLLARS PER HOUR

1950 1953

RETAIL TRADE

-.—*.«/*%,.:.. -/' 952PRICES-*.

^^.\£z. ^

XT •

,. . jr«?r\|

CURRENT PRICES

1 , > ' J

........

1

I960 I 1951 I 1952 I 1953• EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1952 = 100.

SOURCE: DEPARTMENT OF LABOR.

i i i i i i i i iTi i i i i I i i i i lYt t i i i » • i i i i t i i t i i h i i iTI1950 I 1951 I 1952 I 1953


[For production workers or nonsupervisory employees]

Period

1939 monthly average1943 monthly average1946 monthly average1947 monthly average >1948 monthly average1949 monthly average1950 monthly average

June1951 monthly average1952 monthly average1952: November .

December1953: January _ _

FebruaryMarch-April _-MayJuneJulv-- - - -AugustSeptemberOctober 3

November 3

December 3 _ _

All manufacturing

Currentprices$0.63

.961.091.241.351.401.461.451.591.671.711.731.741.741.751. 751.761.761.771.771.791. 781.791.79

1952prices 1

$1.211.471.481.471. 491.561. 621.621.631.671.701.721.731.741.751. 7t>1.751.741.751. 751.761. 751.77(4)

Durable goodsmanufacturing

Currentprices$0.701.061.161.291.411.471.541.521.671.761.821.831.841.851.851. 861.861.871.881.881.901. SO1. 891.89

1952prices l

$1.341. 621.571.531. 561.641.701.691.711.761.811.821.831.851. 851.861.851. 851.861.861.871.871.87

(4)

Nondurable goodsmanufacturing

Currentprices$0. 58

.801.021. 171. 281.321.381.361.481.541.561.571.581.581. 591.591.601. 601.611. 611.631. 621. 631.64

1952prices 1

$1. 111.231.381. 391. 411.481. 521.521.511.541.551.561.571.581.591. 591.591. 591. 591.591.611. 591. 61(4)


Currentprices$0.93

1. 251.481.68

21.851.942.032.002. 192.312.392.402.412.422.442.442.442. 442.472.492.522.522. 53(4)

1952prices *$1.781.922.012.00

22.042. 162.242.232.242.312.372.392.402.422.442.442.432.422.442.462. 482.482.50(4)

Retail trade

Currentprices$0.54

.68

.891.011.091. 141.181.181.261.321.351.321.361.371.371.381.391.401.411.411.421. 421.42(4)

1952prices *

$1.041.041.211.201.201.271.301.321.291.321.341.311.351.371.371.381.381.391.391. 391.401. 401. 40

(4)1 Earnings in current prices divided by consumer price index on base 1952=100.2 Data beginning with January 1948 are not strictly comparable with those for earlier periods,

s Preliminary estimates. «Not available,go wee: Department of Labor.


AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIESAverage weekly earnings in manufacturing increased fractionally in December to $71.78, reflecting a small rise inthe workweek Over the year/ there was a drop of 36 cents, with a reduction in the workweek being partially offsetby increased wage rates.

DOLLARS PER WEEK DOLLARS PER WEEK

DURABLE MANUFACTURING BUILDING CONSTRUCTION

NONDURABLE MANUFACTURING

EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE 1952-100

SOURCE: DEPARTMENT OF LABOR.

1953


[For production workers or nonsupervisory employees]

Period

1939 monthly average1943 monthly average1946 monthly average1947 monthlv average1948 monthlv average1949 monthly average1950 monthly average

June1951 monthlv average1952 monthly average1952: November.-

December1953: January _.

FebruaryMarch _ _ _ .AprilMavJuneJulyAugustSeptemberOctober3

November 3

December 3_

All manufacturing

Currentprices

$23. 8643. 1443.8249.9754. 1454. 9259. 3358. 8564. 7167. 9770.2872. 1471. 3471. 1771.9371.4071.6371. 6371.3371. 6971.4271.7371. 6071. 78

1952prices 1

$45. 6266. 1759.6259.4259. 7661. 2365.4965. 6166. 1767.9769. 7971.7871.0671. 2471.8671.2671.3470. 9970.5570. 7770.3670. 5370. 68

(4)

Durable goodsmanufacturing

Currentprices

$26. 5049.3046. 4952.4657. 1158.0363.3262. 8669.4773.0476.2677.7876. 9177. 1577.5277.3877. 1977.4276.7077.2777. 1477.9076. 7377. 11

1952prices *

$50. 6775.6163.2562. 3863.0464. 6969. 8970.0871.0373. 0475.7377. 3976.6077.2377.4477.2376.8876.7375.8776.2876. 0076. 6075.75

(4)

Nondurable goodsmanufacturing

Currentprices

$21. 7834.1241. 1446. 9650. 6151.4154. 7153.9258.4660.9862.5663. 5962.8862. 8863. 6062.8163.2063.5263. 7663. 7663. 5763. 5063.7364, 29

1952prices l

$41. 6452.3355.9755. 8455. 8657.3160.3960. 1159. 7860.9862. 1363.2762. 6362.9463. 5462. 6862.9562.9563.0762. 9462. 6362. 4462. 91

(4)


Currentprices

$30. 3948. 1356.2463.30

2 68. 8570.9573.7373.8281. 4788.0188.6791.6888. 9389.7889.7990.0491.0892. 6391.6493. 6290. 9794. 5092.09

(4)

1952prices l

$58. 1173.8276. 5275.27

2 75. 9979. 1081.3882. 3083.3088.0188.0591.2288.5889.8789.7089.8690. 7291.8090. 6492. 4289.6392. 9290.91

(4)

Retail trade

Currentprices

$23. 1427.3636. 3540.6643. 8545. 9347.6348.0650. 6552. 6752. 6552.5453.4553. 7053.7053.9654.2155. 1656. 2656. 1255.5255. 3855.24

(4)

1952prices l

$44. 2441.9649. 4648.3548.4051. 2052.5753.5851. 7952.6752.2852.2853.2453.7553. 6553.8553. 9954.6755.6555. 4054.7054.4554. 53(4)

* Earnings in current prices divided by consumer price index on base 1952=100.2 Data beginning with January 1948 are not strictly with those lor earlier periods.1 Preliminary estimates.

* Not available.

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

PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTIONIndustrial production continued to decline moderately in November, according to the revised index,indications are that there was a further small contraction in December.

The preliminary

INDEX, 1947-49 * 100

175INDEX, 1947-49 • 100

175

150 150

125 125

100

I I I 1 I > I 1 I » » I I I I I I 1 I 1 I I I I I M I I I M I 175J F M A M J J A S O N D J F M A M J J A S O N * D J F M A M J J A S O N D

1952 1953 1954PRELIMINARY ESTIMATES.

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

[1947-49=100, seasonally adjusted]]

Period

1939 _19431946 . _1947 _194819491950

June1951..19521952: November

December. _ _1953: January

FebruaryMarch _ _ _ _ _ _AprilMayJuneJulyAugust _ _.September _ _ __ _ _October 2November2

Totalindustrialproduction

581279010010497112112120124133133134134135136137136137136133132130

Total

571339010010397113113121125135135136136137138139138139138134134132

Manufactures

Durable

491628610110495116117128136151152154155155155156154157157152151147

Nondurable

66103959910299111109114114118118117118119121123121121119117117116

Minerals

68879110010694105107115114118117116116115115117119120119118114113

1 Revised series; see Federal Reserve Bulletin, December 1953*2 Preliminary estimates. Source: Board of Governors of the Federal Reserve System.


WEEKLY PRODUCTION - SELECTED INDICATORSSteel production averaged about 80 percent of capacity during December, the lowest weekly average since the steelstrike in 1952. The lull in motor vehicle assemblies is partially explained by model changeovers and the holidays,Electric energy distributed in the week before Christmas set a new record. Bituminous coal production continued todecline.

MILLIONS OF TONS

3STEEL

\ l \ / "

,95* V U

•** ¥

MILLIONS OF SHORT TONS (DAILY AVERAGE)

3BITUMINOUS COAL

I I I I

BILLIONS OF KILOWATT HOURS

F M A

THOUSANDS

200

J F M A M J J ' A S O N D J F M A M J J A S O N D

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

Period

Weekly average:1950

June»_195119521953 3

1952: November,December __ _

1953: JanuaryFebruary _ _MarchApril . „MayUtJ

June «JulvAugust.SeotemberOctober _NovemberDecember3

Week ended:1953: December 5_ _

1219_ _ _26

1954: January 2 s_ _9 3

St

Thousands ofnet tons

1, 8571, 8982 0181 7822, 1412, 2002, 1932, 2342, 2332,2952, 2252,2572, 1922 0992, 1232, 0762, 1362. 031i; 795

1, 9721, 9551, 9001, 4441, 7061,788

eelPercent oftheoreticalcapacity l

96. 999. 6

100 985 895 0

105 9105. 699 199. 1

101.898.7

100. 197. 293 194. 292. 194. 790. 179. 6

87. 586. 784. 364. 175. 7

4 75. 0

Electric power,by utilities(millions of

kilowatt-hours)

6, 1836,0386 9587 4518 2447, 8417, 970S, 1568, 1368, 116&.0187, 9568, 2798 2388,4888, 3528, 3318, 3528,503

8, 5828, 6618, 8968, 1748,200

Bituminousicoal(thousands ofshort- tons) 2

1, 6871 7771 7721 5421 5001 7681, 6431 5101,4131, 387154631,4661,6231 5361, 5491, 6441, 5061,4931,442

1, 3671, 3981, 3831, 5151,388

Cars andtrucks

(number)

154, 212192 825129 828106* 834140 514126 618112 992137 890146 188158 658166, 322149 709150 252154 274147 542128, 375140,317103 576103, 000

116, S(>7105, 758123, 24185, 25984, 2 1 8

1 Percent of capacity based on weekly net ton capacity of 1,906,268 for the first half of 1950,1,928,721 beginning July 1,1950,1,999,034 beginning January 1,195J,2,077,040 beginning January 1,1952, and 2,254,459 beginning January 1,1953. 2 Daily average for week. 3 Preliminary estimates,

4 Based on new net weekly capacity of 2,384,549 tons.Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports. 1 O

41153—04 3 °Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF SELECTED MANUFACTURESOutput of most major manufacturing industry groups in November, as measured by the revised seasonally adjustedindex, was below the high rates reached earlier in 1953. The largest declines occurred in textiles, rubber and leatherproducts, tobacco, and primary metals.

INDEX, 1947-49*100, SEASONALLY ADJUSTED INDEX, 1947-49 = 100, SEASONALLY ADJUSTED

50 I I I I I I I I I I I I I I Ml I I I I I I I I M I I I I I I I I I I I I I I I I I I I 50 I I I I I I I I I I I I I I I I I I I I I I I I I I I I M I I I I I I I I I I I I I

I I I I I I I I it I I M I I I M I

200

150

100

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1954


[1947-49=100, seasonally adjusted]]

Period

19391947 - --1948 --19491950

June1951 _ _-1952 . _ _1952: October

NovemberDecember

1953: JanuaryFebruary __ _ _MarchApril __ __MavJune - -JulyAugustSeptember _ _October 2November2

Durable manufactures

Primarymetals

5310310790115118126116134136135135137136136139137136137130128124

Lumberand

products

8010110693113116113111115119115122124121120119114119116113116120

Machinery

3810310493114110130147156161161164163163164162161164165161159154

Transpor-tationequip-ment

4896102102120130135154177185190191191190190192188196191186189180

Nondurable manufactures

Textilesand

apparel

80991039711010710610510911111110710811011311511311110610210399

Petroleumand coalproducts

639710499110109122123128130128128128128131131131132132131129130

Food andbeveragemanu-factures

6610199100103102105105106107106106107107108109106108108108108109

Chemicalsand alliedproducts

4597103101121119136137141140141142143145148151150152148148146146

1 Revised series; see Federal Reserve Bulletin, December 1953. 2 Preliminary estimates. Source: Board of Governors of the Federal Reserve System-


GROSS PRIVATE DOMESTIC INVESTMENTGross private domestic investment in the third quarter decreased $4K billion (seasonally adjusted annual rate), accord-ing to current estimates. A lower inventory accumulation rate accounted for most of the drop. Residential construc-tion was slightly lower, while both nonresidential construction and investment in producers1 durable equipment weremaintained at the high levels of the second quarter.

BILLIONS OF DOLLARS70 I

60

50

30

20

10

ANNUAL TOTALS


1941 1943 1945 1947 1949 1951 1953

SOURCE: DEPARTMENT OF COMMERCE

VGROSS PRIVATE <DOMESTIC INVESTMENT

PRODUCERS' DURABLE EQUIPMENT

1951



Period

1939— _1944194619471948194919501951—1952

1952: First quarter _Second quarterThird quarter _Fourth quarter

1953: First quarterSecond quarter,Third quarter

Total grossprivate

domesticinvestment

9.97.7

28.730.242.733.552.558.652.5

New construction

Total

4.92.8

10.313.917.717.222.723. 123.4

Residentialnonfarm

2.7.8

4.06.38.68.3

12.611.011. 1

Other

2.22.06.37.69. 19.0

10. 112.212.3

Producers'durable

equipment

4.65.7

12.317. 119.918.722.324.625.4

Change inbusiness

inventories

0.4-.86. 1-.85.02 57.5

10.93.7


50.449. 652.357.9

54.061.056.5

23.323.423. 123.9

25.025.324.9

11.011.010.811.6

12.212.011.5

12.412.412.312.3

12.813.413.4

25.625.624.925.5

26.226.927.1

1.5.7

4.28.5

2.98.84.5

NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce. 15


EXPENDITURES FOR NEW PLANT AND EQUIPMENTDespite a slight drop in new plant and equipment expenditures in the fourth quarter, outlays for the full year 1953are estimated to have reached a record $27.8 billion. Expenditures for the first quarter of 1954 are expected to runabove the first quarter of 1953 but to be slightly below the level^of recent months.

.BILLIONS OF DOLLARS35


' SEE NOTE 4 ON TABLE BELOW.

SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS


Period

193919451948. - _ - - _-1949195019511952 _ _ _1953 3 4

1952: Third quarterFourth quarter

1953: First quarterSecond quarterThird quarterFourth quarter 3

1954: First quarter 3

Total1

5.518.69

22.0619.2820.6025. 6426.4627.83

Manufacturing

Totei

1.943.989. 137. 157.49

10.8511. 9912.42

Durablegoods

0.761. 593.482. 593. 145. 175,785.86

Nondura-ble goods

1. 192.395.654. 564365. 686.216.56

Mining

0.33.38.88.79.71.93.88.89

Transportation

R-ailroads

0.28.55

1.321.351. 111.471.391.32

Other

0.36.57

1.28.89

1.211.491.361. 36

Publicutilities

0. 52.50

2.543. 123.313. 663.844.48

Commer-cial andother 2

2.082,706.905.986.787.246.997.34


25.4926.9627. 1828.0628.8228. 2827. 96

11.6412.2312.4812.6612. 7112. 4412.08

(5)(5)(5)(5)(5)(5)(5)

(5)(5)(5)(5)(5)(5)(5)

.83

.87

.86

.84

.95

. 91

.88

1.241.321.381.321.301.281. 18

1.271. 381.271.281. 461. 441.32

3.714. 044. 204.594.704. 304. 52

6.807. 126. 987.377.697.907.98

* Excludes agriculture.2 Commercial and other includes trade, service, finance, communications, and construction.s Estimates for fourth quarter of 1953 and first quarter of 1954 based on anticipated capital expenditures reported by business in a November survey.4 Annual total is sum of seasonally unadjusted quarterly expenditures; it does not necessarily coincide with average of seasonally adjusted figures, in part

because of adjustments when necessary for systematic tendencies in anticipatory data. 8 Not available.NOTE.—These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the

latter cover agricultural investment and also certain equipment and construction outlays charged to current expense.Detail will not necessarily add to totals because of rounding.Sources: Securities and Exchange Commission and Department of Commerce.


NEW CONSTRUCTIONThere was no change in total expenditures for new construction, seasonally adjusted, in December. Expenditures forthe year 1953 are estimated to have been nearly 7 percent higher than in 1952.

BILLIONS OF DOLLARS

3.5BILLIONS OF DOLLARS

3.5

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

[Millions of dollars, seasonally adjusted]

Period

1939 monthly average1942 monthly average _ _ . _1944 monthly average1946 monthly average _ _ __1948 monthly average1949 monthly average1950 monthly average -

June1951 monthly average - -1952 monthly average1953 monthlv average 2 _ _1952: November. _ _ > _ -

December1953: January

February > _ » _ _ _ _ «MarchApril -May .JuneJulyAugustSeptember _OctoberNovemberDecember 2

Total newconstruction

6831, 173

4381,0001,8061, 8992,3712,3662,5752, 7202,9042,7812,7742,8242,9873,0503,0252, 9102,9222,8492,8112,8242,8412,9002,900

Private constructionTotal

private

366285182803

1,4041,3651,7881,7931,7971,8181,9681,8561,8711,8631, 9532,0552,0591,9801,9861,9551,9371,6281,9451,9691,985

Residential(nonfarm)

22314368

335715689

1,0501,072

914925992965980946

1,0071, 0891,080

9891,008

979956942957963989

Other

142142114469689676738721883893976891891917946966979991978976981986988

1,006996

Federal,State, and

local *

317888256197402534583573778902936925903961

1,034995966930936894874896896931915

1 Includes public residential construction.2 Preliminary estimates.Sources: Department of Commerce and Department of Labor.


NEW HOUSING STARTSThe number of nonfarm housing units started in November was 8,000 fewer than in the preceding month. However,on a seasonally adjusted basis, private starts at an annual rate of 1,069,000 units were at the highest rate since April.

THOUSANDS OF UNITS .THOUSANDS OF UNITS

SOURCE'- DEPARTMENT OF LABOR • COUNCIL OF ECONOMIC ADVISERS

Period

Annual totals: 1949195019511952

Monthly average: 19491950 .19511952

1952: October ...NovemberDecember .

1953: JanuaryFebruaryMarchApril •MayJune _.JulyAugustSeptember1,October J

November l _

All new nonfarm housing units started

Total

1, 025, 1001, 396, 0001, 091, 3001, 127, 000

85, 400116, 30090, 90093, 900

101, 10086, 10071, 50072, 10079, 200

105, 800111,400108, 300104,60096, 70093, 20092, 00088, 00080, 000

Public

36, 30043, 80071, 20058, 5003,0003,6005,9004,9001,9003,8003,9003,9005,4009,7004,0002,7002,600

3001, 0003,000

(2)1,600

Private

988, 8001, 352, 2001, 020, 1001, 068, 500

82, 400112, 70085, 00089, 00099, 20082, 30067, 60068, 20073, 80096, 100

107, 400105, 600102, 00096, 40092, 20089, 00088, 00078, 400

Seasonally ad-justed annualrates: private

1, 134, 0001, 122, 0001, 127, 0001, 137, 0001,213,0001, 165, 0001, 141, 0001, 039, 0001, 037, 0001, 006, 000

962, 000989, 000

1, 006, 0001, 069, 000

1 Preliminary estimates. 2 Less than 50. Source: Pepartjneut of Labor.


INVENTORIES AND SALESTotal business inventories (seasonally adjusted) declined in November for the second consecutive month, with thedownturn being widespread. Wholesale and manufacturing sales also dropped. Retail sales continued to showa small rise in November, but preliminary estimates indicate a slight falling-off in December.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

TOTAL* AND MANUFACTURING ...-*' RETAILSEASONALLY ADJUSTED

-..«••*

r— ^

,

•"" £""""** "••••••••c t ...-•**•

** ^N INVENTORIES *"**

SALES^

i i l l i 1 1 1 l l l 1 1 ! 1 1 1 1 1 I 1 1

_

-

-

| M I I I

1950

INDEX, 1947-49 =100

1952

I960 1951 1952 1953

* WHOLESALE, MANUFACTURING, AND RETAIL.

SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1950 1953


Period

193919461948-. ...1949_-_ -

1950June

19511952 .1952: October

NovemberDecember-

1953: JanuaryFebruaryMarch .AprilMavOIJ _

JuneJulyAugustSeptemberOctober.November 7

December 7

Total business *

Inven-tories 2 Sales 3

Retail


Manufacturing

Inven-tories 2 Sales s New

orders 3

Millions of dollars, seasonally adjusted

20, 05142, 94255, 64752, 26462, 42354, 191

6 74, 05974, 75774, 18974, 68274, 75774, 61974, 94175, 33576,46676, 83677,51178, 31078, 74879, 38078, 97978, 460

10, 80227, 15036, 43834, 664

5 39, 91739, 655

6 44, 82146, 08048, 57947, 65748, 78147, 81948, 53349, 67150, 18849, 39550, 00150, 39948, 13848, 65348, 29947, 897

5,53411,85215, 82815,31118, 65216, 139

6 20, 75420, 80420, 65220, 89520, 80420, 81420, 97321, 09621, 65621, 54321, 57222, 08822, 11522, 28022, 03721, 786

3,5038,541

10, 87710, 89311, 97412, 069

6 13, 18513, 67414, 20214, 02614, 41014, 14014, 51414, 43714, 28014, 42414, 41214, 46914, 07313, 98214. 04014, 19214, 100

11,46524, 49831, 73428, 97234, 11829, 60343, 03943, 82443, 41543, 59643. 82443, 76643, 84844, 05644, 56544, 97045, 52545, 79246, 19546, 51546, 26246, 077

5, 11212, 61717, 63016, 416

5 19, 28519, 08022, 20523, 04624, 65124, 27124, 70624, 50724, 72425, 76326, 36025, 81625, 88026, 36725, 06725, 38025, 00024, 559

5,35413, 69417, 35015, 903

6 20, 98020, 50324, 39123, 71024, 16423, 25424, 94624, 51924, 51225, 09625, 68125, 88225, 15224, 52522, 33922, 67822, 15421, 813

Department stores


Index 1947-49=100,seasonally adjusted

3577

107100109104129118121122120123123122125127128130131128128127

3590

10498

105103109110115111115111112115110117115112112107110112113

1 Also includes wholesale, not shown separately in this table.2 Book value, end of period.s Monthly average for year and total for month.* Book value, end of period, except annual data, which are monthly averages.

6 Revised series; see Survey of Current Business, December 1953.6 Revised series beginning with 1951; not comparable with previous data.See Survey of Current Business, September and November 1952, for detail.

? Preliminary estimates.Source: Department of Commerce and Board of Governors of the Federal Reserve System. 19


MERCHANDISE EXPORTS AND IMPORTSExports were unchanged in November, with the drop in grant-aid shipments being offset by a rise in commercial exports.Merchandise imports also increased.

ONS OF DOLLARS MILLIONS OF DOLLARS1,600

MERCHANDISE EXPORTSEXCLUDING GRANT-AID

SHIPMENTS!/

— 1,200

I/ SEE FOOTNOTES I AND 2 ON TABLE BELOW.

SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF DEFENSE.

S O N D J F M A M J J A S O N D

1953


[Millions of dollars]

Period

1936-38 monthly average . . .1946 monthly average1948 monthly average- _1949 monthly average1950 monthly average

June1951 monthly average . _ .1952 monthly average -1952: October -

November _ -.December _ _ . ...

1953: JanuaryFebruary - -March..April .-MavMf»J

June . . _ _JulvAugustSeptemberOctoberNovember3

Merchandise exports

Total *

247812

1,0541,003

856877

1,2531,2651,2161, 1901,3911,2921,1971,3891,3971,4501,3821,3551, 1851,2371,2451.246

Grant-aidshipments 3

54

24

89166173195283277272337340366371398274204234214

Excludinggrant-aidshipments

757

833

1, 1641,0991,042

9961, 1081,015

9241,0511,0571,0841,010

957911

1,0341,0111, 032

Merchandiseimports

207412594552738687914893918804

1,052922856

1,0041,013

902933908842926814839

Excess of eor impo

Total

+ 40+ 400+460+ 452+ 118+ 190+ 339+ 372+ 297+ 386+ 338+ 370+ 341+ 384+ 384+ 548+ 448+ 448+ 344+ 312+ 431+ 407

xports (+)_j._ / \rts ( )

Excludinggrant-aidshipments

+ 345

+ 95

+ 250+ 206+ 124+ 191+ 55+ 92+ 68+47+ 44

+ 183+77+ 50+70

+ 108+ 198+ 193

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

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


PURCHASING POWERNATIONAL INCOMEHigh employment and increased wage rates in private industries accounted for the third quarter rise in compensationof employees, according to recent estimates. There was also a small rise in net interest receipts and in rental income,and little change in independent business and professional incomes. The income of farm proprietors and corporateprofits (both before and after inventory valuation adjustment) were lower.


BILLIONS OF DOLLARS

300

250

200

SEASONALLY ADJUSTED ANNUAL RATES

TOTAL NATIONAL INCOME

C O A ^ ^

100 100

1949 1950 1951 1952 1953 1951

SOURCE: DEPARTMENT OF COMMERCE.

1954



Period

1939194419461947 -_ _.19481949195019511952

1952: First quarter .Second quarterThird quarterFourth quarter

1953: First quarter _Second quarterThird Quarter

Totalnationalincome

72.5183.8180.3198.7223. 5216.3240. 6278.4291.6

Compensa-tion of

employees

47.8121.2117.1128.0140. 2139.9153. 4178.9193. 2

Proprietors'(business,

professional,farm)

and rentalincome

14.735.542. 042.447.342. 145.450.751.2

Net interest

423. 12.93.54.35.05.76.47.0

Corporate profits and inventoryvaluation adjustment

Total

5.824.018.324.731.729.236.042. 440.2

Profitsbeforetaxes

6.524323.530.533.827.141.043. 739.2

Inventoryvaluation

adjustment

-0.7-.3

-5.2-5.8-2. 1+ 2.1-5.0-1.3+ 1.0


286.8287.9290.4301.4306.7310.7308. 1

187.9189.5194. 1201.3204. 5208.0210.4

50.551.551.551. 150.849. 749. 1

6.76.97.17.47.67. 77.9

41.739.937.741.743.845.240.7

41.538.237.040.344645. 943.3

+.2+ 1.7+.7

+ 1.4-.8-.6

-2.6

NOTE.—Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.


CORPORATE PROFITSThird quarter aggregate corporate profits, both before and after taxes, are estimated to have been below those in thesecond quarter, according to recent revisions.



20

1939 1949 I960 1951 1952 1953

-^NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.


1951 1954



Period

19391944194619471948 _1949 _195019511952

1952: First quarter _ _ _Second quarterThird quarter »Fourth quarter _

1953: First quarterSecond quarter-Third quarter

Corporateprofits

before taxes

6.524.323. 530.533.827. 141.043.739.2

Corporatetax

liability

1.513.59.6

11.913.010.818.223.620.6

Corporate profits after taxes

Total

5.010.813.918.520.716.322.720. 118.6

Dividendpayments

3.84.75.86.67 27.59. 19.29. 1

Undistributedprofits

1.26. 18. 1

12.013.58.8

13. 610.99.5


41. 538.237.040.3

44.645.943.3

21.820. 119.421.2

Fl24. 4t'25. 0

23. 6

19.718.017.519. 1

20.320.819.6

9. 19.19. 19. 1

9.29.49.6

10.68.98.4

10.0

11. 111.410.0

NOTE.—See p. 21 for profits before taxes and inventory valuation adjustment. Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.


PERSONAL INCOMEPersonal income fell $1.8 billion in November as a result of a decline in manufacturing employment and hoursworked. Farm and nonfarm proprietors' income increased.

BILLIONS OF DOLLARS

300BILLIONS OF DOLLARS

250

ISO

1949 1950 1951 195E 1953 1951


1954



Period

193919441948 — -1949 .195019511952

1950: June - .-1952: November


FebruaryMarchAprilMay - __ATO.O.J

JuneJulyAugustSeptemberOctoberNovember 3

Total per-sonal income

72.6165.9209. 5205.9226.7254. 3269.7

Labor income(salaries,

wages, andother labor

income)1

45.7116.2134.9134.2146.5170. 7184.9

Proprietors' income

Farm

4.511.817.712.813. 315. 514.8

Business,professional,and rentalincome *

10.223.729.629.332.135.236. 1

Dividendsand personal

interest

9.210.616.017. 119.620.521.0

Transferpayments

3.03.6

11.312.42 15.112. 512.9


221.3277.2280. 6280.5281. 0283. 6282.7284.7286.3287.5287.0286.3287.2285. 4

144. 7192.9193.8193.9196. 0197. 5197.9199.3200.7202. 4202.2201. 1200. 7199.0

12. 213.414.314.312. 813.212.112. 512.611.911.411.411. 912. 2

32. 136.437.437.237.237.337. 137.337.237.337.337.437.337.6

18.721. 421.521.621.721.922.022. 122.322.422. 522.722.822.8

13.613. 113.613.513.313.713.613.513.513.513.613. 614. 513. 8

1 Excludes social insurance contributions of employees and, beginning January 1952, of self-employed persons.2 Includes $2.7 billion National Service Life Insurance dividend, most of which was paid in the first half of the year.3 Preliminary estimates.NOTE.—Detail will not necessarily add lo totals because of rounding. Source: Department of Commerce. 23


CONSUMER INCOME, SPENDING, AND SAVINGDisposable personal income rose more than consumer spending in the third quarter, according to current estimates.Personal saving during the quarter was 7K percent of disposable income.


250

200

150


- 250

200

- 150

100 100

1941 1943 1945 1947 1949 1951 1953

•^PERSONAL INCOME LESS TAXES.SOURCE: DEPARTMENT OF COMMERCE

1951 1954


Period

193919411942194419461947 -.19481949...195019511952

1952: First quarterSecond quarter ...Third quarterFourth quarter

1953: First quarterSecond quarter ...Third Quarter

Dispos-able per-

sona]income *

Less: Personal consumption expenditures

Total Durablegoods

Nondu-rable goods Services

Equals:Personal

netsaving

Billions of dollars

70.292.0

116.7147.0158.9169.5188.4187.2205.8225. 0235. 0

67.582.391.2

111.6146.9165.6177.9180.6194. 6208. 1218. 1

6.79.87. 17. 1

16.621.422.923.829.227. 326.7

35.344.052.967.185.895. 1

100.999.2

102.6113.4118.8

25.528.531.237.444.549. 154. 157.562.767.472.7

2.79.8

25.635.412.03.9

10.56.7

11.316.916.9


228. 7231.7236.6243. 0245. 4247.7249.8

213. 7217.2217. 2224. 4227.7230.4231.0

26.027.425. 128.230.230. 730.4

117.2118.0118. 7121. 1121.2122. 1121. 3

70.571.873.375. 176.377.679.2

15. 014 519.418.617.717.218.8

Net savingas percent

of dis-posableincome

3.810.621.924. 17.62.35.63.65. 57.57.2

6.66.38. 27.77.26.97. 5

' Income less taxes.NOTE.—Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.


PER CAPITA DISPOSABLE INCOMEPer capita disposable income (in current dollars) increased to a new record high in the third quarter, according tocurrent estimates. It was nearly 4 percent above the third quarter of 1952; adjusted for price changes it was 2percent higher.

DOLLARS2,000 j

1,500

1,000

500

ANNUAL AVERAGES

CURRENT PRICES

I I I I I I I I 1 I I I

SEASONALLY ADJUSTED ANNUAL RATES

DOLLARS2,OOO

1943 1945 1947 1949

-'SEE NOTE 2 ON TABLE BELOW.

1951 1952 1953

1,500

1,000

1954

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

Period

1939 -.-1941 . -1942 _ _1944 _1946 .1947. _19481949. _19501951 . . -1952 _ -

1952: First quarter .Second quarterThird quarterFourth quarter

1953: First quarter _ _.._Second quarter--Third quarter

Total disposable personalincome (billions of dollars)1

Currentprices

70.292.0

116. 7147.0158.9169.5188.4187.2205.8225.0235.0

1952prices a

138.2169.4191.3210.3204.2198. 2208. 6209.9225.7229.6235.0

Per capita disposable per-sonal income (dollars)1

Currentprices

536690865

1,0621, 1241,1761,2851,2551,3571,4581,497

1952prices 3

1,0551,2711,4181,5191,4451,3751,4231,4071,4881,4881,497

Population(thousands)1

131, 028133, 402134, 860138, 397141, 389144, 126146, 631149, 188151, 677154, 360156, 981


228.7231.7236.6243.0

245.4247.7249.8

230.2231.7236. 1241.8

244. 4245.5245.1

1,4651,4791,5031,537

1,5461,5541. 560

1,4751,4791,5001,529

1,5401,5391,531

156, 064156, 669157,370158, 122

158, 752159, 366160, 094

* Income less taxes.> Dollar estimates in current prices divided by an over-all implicit price index for personal consumption expenditures. This price index is based on Department

of Commerce data, shifted from a 1939 base.* Including armed forces overseas. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.

3ources: Department of Commerce and Council of Economic Advisers. 25Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM INCOMEAlthough farm income in November was about 5K percent above November 1952, the total for the first 11 monthsof 1953 was 4 percent below that for the comparable period a year earlier. More than two-thirds of the total 1952-53decline in income was experienced by the 12 principal cattle producins States and the 6 most severely droughtstricken States.



FARM INCOME IN CURRENT PRICES DIVIDED BY PARITY INDEX ON BASE 1952" 100.NOTE: FARM INCOME INCLUDES CASH RECEIPTS FROM MARKETINGS AND GOVERNMENT PAYMENTS.SOURCE: DEPARTMENT OF AGRICULTURE. COUNCIL OF ECONOMIC ADVISERS

Period

1939 monthly average1942 monthly average - -. ..1944 monthly average .1946 monthly average -1948 monthly average1949 monthly average1950 monthly average -.

June - --1951 monthly average.-..1952 monthly average -1952: October

November _ _ _ « _ _ _ _ _December -

1953*. January . - - _. .. -February - -March- -A pri i _May --June -_ _July _ _

August «September -October - __ _November3-

Farm income(millions of

currentdollars)

7151,3451, 7632, 1112, 5392, 3442 3841, 8892, 7572 7214,0093 3252,9592,8341, 9492, 1002, 0012 0102, 1932 4562,4943 1973 6933. 511

Parity index(prices paid,

interest, taxes,and wage rates)

1952 = 100 *

435363729187898998

1009998989998989898979797979697

Farm income(millions of

1952 dollars) s

1, 6632,5382, 7982, 9322, 7902,6942, 6792, 1222,8132,7214,0493,3933,0192,8631,9892, 1432,0422,0512,2612,5322,5713,2963,8473,620

261 Converted from the reported base, 1910-14=100, to the base 1952=100.2 Farm income in current dollars divided by parity index on base 1952=100.NOTE.—Farm income includes cash receipts from marketings and Government payments.

3 Preliminary estimates.

Source: Department of Agriculture.


CREDIT, MONEY, AND FEDERAL FINANCEBANK LOANS AND INVESTMENTSBank loans and investments continued to increase in November. The rise, however, was concentrated in holdingsof U. S. Government securities. Bank loans increased very slightly at a time of year when they usually increaseconsiderably.

BILLIONS OF DOLLARS

175BILLIONS OF DOLLARS

175

1945 I960

END OF YEAR 1952

END OF MONTH

1953



End of period

1939-1945. _. -.1947 _. - ..1949-..1950

June19511952. -- _-1952: November


FebruaryMarchApril.MayJune. . _ -JulyAugustSeptemberOctoberNovember 2

December ^

All commercial banks

Totalloans and

investments

40.7124.0116.3120.2126.7121.8132.6141. 6141. 7141.6140.8140. 1140.0138.5138. 1138 0143.2143. 1143.0143.9145.5

Bank loans

17.226. 138. 143. 052.244. 857.764.263.464.263.964. 165.265.365.465.065.666.066.367. 167.2

Investments

Total

23. 497.978. 277.274.477.074.977.578.377.576.976.074.873. 272.772.977. 677. 176. 776. 878.2

U. S.Government

securities

16. 390. 669.267.062. 065.861. 563.364. 163.362.861. 960.558. 958.358.663.262.662.262.363. 7

Othersecurities

7. 17.39.0

10. 212. 411 213.314. 114.214. 114.214. 114.314.414.414.314. 314. 514. 514.414. 5

Weeklyreportingmemberbanks —businessloans *

4.77.2

14, 713. 917.913. 621. 623.423 123. 422.822.723.323. 122.822.822. 622.923. 123.323. 223.4

i Commercial, industrial, and agricultural loans; revised series beginning January 1952. 2 Preliminary estimates.NOTE.—Detail will not necessarily add to totals because of rounding. Source: Board of Governors of the Federal Keserve System.


CONSUMER CREDITConsumer credit outstanding at the end of November amounted to $28.3 billion, less than $100 million above theprevious month-end but still $3.6 billion above a year earlier. The small November rise continued to reflect thesmaller growth in the rate of instalment credit for automobiles and other consumer durable goods that has been charac-teristic of recent months.



1939 1945 1950 1951 1952END OF YEAR

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1952END OF MONTH

1953



End of period

1939 _19451950

June195119521952: October

November -December

1953: January _ _FebruaryMarchApril _„MayJuneJuly _ _AugustSeptemberOctoberNovember 4

Totalconsumer

creditoutstand-

ing

7,2225,665

20, 81318, 41721, 46825, 82724, 14724, 61125, 82725, 67425, 50425, 94626, 45527, 05627, 41127, 58127, 81027, 97928, 16628, 252

Instalment credit

Total

4,5032,462

14, 49012, 93114, 83718, 68417, 61117, 96118, 68418, 85118, 98219, 39119, 76720, 21320, 63521, 00421, 21821, 34721, 48621, 586

Auto-mobilepaper 1

1,497455

6,3425,7246,2428,0997,6307,8568,0998,2738,4808,7999, 1119,4329, 6929, 973

10, 13610, 23210, 33710, 358

Otherconsumer

goodspaper *

1,620816

4,3373,6794,2705, 3284,8954, 9625,3285,2885, 2085,2175,2175,2725, 3335,3515,3625,3525,3665,406

Repair andmoderni-

zationloans 2

298182

1,006912

1,0901,4061,3621,3931,4061,4031,4041,4161,4351, 4621,4931, 5161,5341,5621,5851,604

Personalloans

1,0881,0092,8052,6163,2353, 8513,7243,7503, 8513,8873, 8903, 9594, 0044, 0474, 1174, 1644, 1864, 2014, 1984,218

Noninstalment credit

Total

2,7193,2036,3235,4866,6317, 1436,5366, 6507, 1436,8236,5226,5556,6886,8436,7766,5776, 5926,6326, 6806,666

Chargeaccounts

1,4141,6123,0062,3503,0963,3422,7892,8393,3422,9752, 6782,6132, 6822, 7632, 7812,7052,6682, 7162,8112,840

Other »

1,3051,5913,3173,1363,5353,8013,7473,8113,8013,8483,8443,9424,0064, 0803,9953,8723,9243,9163,8693,826

28

i Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased.s Includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper."» Single-payment loans and service credit. < Preliminary estimates. Source: Board of Governors of the Federal Reserve System.NOTE.—Series revised back to January 1952; see Federal Reserve Bulletin, November 1953. Detail will not necessarily add to totals because of rounding.


BOND YIELDS AND INTEREST RATESDecember yields on 3-month Treasury bills averaged somewhat higher than November but yields on Treasury bondsdropped throughout the month. Corporate bond yields and commercial paper rates were steady.

PERCENT PER ANNUM

3.5PERCENT PER ANNUM

3.5

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

[Percent per annum]

Period

193919461948 . - -195019511952 _ . _ .19531952: November . _ _ _ _


February »MarchApril .- _ «MayJune _ -»•JulyAugustSeptemberOctoberNovemberDecember __ __

Week ended:1953: December 5

1219 _26

January 2

U. S. Government security yields

3-monthTreasury

bills *

0.023.375

1.0401.2181.5521.7661.9401.8622. 1262.0422.0182.0822. 1772. 2002.2312. 1012.0881.8761.4021.4271.630

1.5891. 6031. 6821.7041. 574

Taxable bonds 2

Old series3

2. 192.442.322.572.682. 922.712.752.802.832.892.973.093.092.993.002.972.832.852.79

2.852.802.792.782. 74

New series4

3. 16

3.263.293.253.223. 193.063.042. 96

3.012.972.972.962. 92

CorporateAaa bonds(Moody's)

3.012.532.822.622.862.963.202.982.973.023.073. 123.233.343.403.283. 243.293. 163. 113. 13

3. 143. 133. 123. 123. 12

Primecommercial

paper,4-6 months

0.59.81

1. 441.452. 172.332. 522.312.312.312.312.362. 442.682. 752.752.752.752.552. 322.25

2. 252.252.252. 252.25

1 Kate on new issues within period.2 Bonds in this classification were first issued in March 1941.8 2H-percent bonds, 15 years and over prior to April 1952 and 12 years and over beginning in April 1952.4 3M-percent bonds of 1978-83, issued May 1,1953. Source: Board of Governors of the Federal Reserve System. 29


MONEY SUPPLYThere was practically no change in the money supply in November. Demand deposits were about the same as inOctober. Time deposits declined slightly, while currency holdings of individuals and businesses increased/^suchchanges are not unusual at this time of the year.



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

1940 4! 42 43 44 45 46 47 48 49 50 51 52END OF YEAR

J F M A M J J A S O N D J F M A M J J A S O N O J F M A M J J A S O N D

1951 IS52 1953END OF MONTH


(Billions of dollars!

End of period

19391945 __-1946194819491950

June _195119521952: October..

NovemberDecember

1953* January .FebruaryMarchApriLMayC4.J

JuneJulyAugust . _„SeptemberOctober- _ > _November 4_

Total de-posits andcurrency

64.7176.4167.5172,7173.9180.6174.7189.8200. 4196. 1198.9200.4198.2197.4196.9195. 4195.3196.6201.3201. 1201. 1201.7203. 6

U.S.Government

deposits l

1.525.63.53.64. 13.74.83.95.65.97.35.64.95.85.83. 23.34. 18.37.76.84.46. 2

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

Total

63.3150.8164.0169. 1169.8176.9170.0186. 0194.8190. 2191. 6194.8193.3191.6191. 0192.2192. 1192.6193.0193.4194.3197.3197. 4

Currencyoutsidebanks

6.426.526.726. 125.425.425. 226.327.526.727.427.526.826.926.927.027.027.427.227. 327.527.427. 9

Demanddepositsadjusted 2

29.875.983 385.585. 892. 385.098.2

101.598. 699.4

101.5100.598.397. 498.097.596.997.497.597.7

100.3inn. 2

Timedeposits 3

27. 148.554. 057.558. 659. 259. 761.465.864.964.865.866. 166.466.867.267.668.368.468.769. 169. 669. 3

30

1 Includes U. s. Government deposits at Federal Reserve banks and commercial and savings banks, and TJ. S. Treasurer's time deposits,open ue.oonnl.

' Inc ludes demand deposits, other than interbank and TJ. S. Government, less cash items in process of collection.-1 Inc ludes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits.4 Preliminary estimates.

N«n i-;.—in-tail will not necessarily add to totals because of rounding. Source: Board of Governors of the Federal Reserve Syitem.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUDGET RECEIPTS AND EXPENDITURESBudget expenditures of $6.4 billion in December were $1 billion more than in November. Heavy interest paymentswhich fell due during December and somewhat higher outlays for national security programs were largely responsible forthe rise. The deficit of $1.2 billion for the month lifted the cumulative deficit for the current fiscal year to $9.1 billion.

BILL75

50

25

0

75

50

25

0

IONS OF DOLLARS

TOTAL BUDGET EXPENDITURES /^y<S .x

sfFISCAL YEAR I953 ^ ..•*''*%^FISCAL YEAR I952

FISCAL YEAR *XX***°IS54 ^&'''

>**JT I I I I I I I I I !J A S O N D J F M A M J

MAJOR NATIONAL SECURITY PROGRAMS

^

.<?-*'FISCAL YEAR 1953*^ *»** ...«••'*

r-^"^_^x^ .••••FISCAL YEAR ^ ..••"

1954 ^^^^••'**/ J^\***%'**% ^^FISCAL YEAR 1952

-^T 1 1 I 1 1 1 1 1 1 I

BILL75

50

25

0

•HO

+ 5

0

-5

-10

JONS OF DOLLARS

NET BUDGET RECEIPTS

L ^

^XV'*" ^-«frISCALYEAR 1952FISCAL YEAR 1953*-^ X**X'*"**

»*^^FISCAL YEAR **&£••1954 ^-^f^"

^«*r i i i i i i i i i iJ A S O N D J F M A M J

BUDGET SURPLUS (+) OR DEFICIT H(MAGNIFIED SCALE)

^ ... \ FISCAL YEAR ,952

^^-e=t^\ / \ /FISCAL YEAR I954X\'*'-.N / ^ 'X. /

F.SCAL YEAR 1953- V jg.... / / N^ "*"

1 i 1 I 1 "^ L I/ 1 V 1 ^J A S O N O J F M A ' M J J A S O N D J F M A M «V«j

FISCAL YEARS- CUMULATIVE TOTALS

SOURCES: .TREASURY DEPARTMENT AND BUREAU OF THE BUDGET. COUNCIL OF ECONOMIC ADVISERS

!RHHons of dollarsi

Period

Fiscal year 1944Fiscal year 1947Fiscal year 1948Fiscal vear 1949Fiscal year 1950Fiscal year 1951Fiscal year 1952Fiscal year 19531952: December1953: January

FebruaryMarchApril.MayJuneJulyAugustSeptemberOctoberNovemberDecember

Budget expenditures

Total

Total forperiod

95.339.333.840. 140. 244. 666. 174.6

7. 15.75. 66.26.46.28.06.16.06. 15. 55.46. 4

Cumula-tive fiscalyear totals

36. 542.247. 854.060.466. 674.6

6. 112. 118.223. 729. 135. 5

Major nationalsecurity programs 1

Total forperiod

88. 220.916.419. 117.826.447.2

3 52. 84.64.24. 24.74.64. 54.84.64.24.44.24.04 4. 4


25.930. 134. 238.943. 547. 952. 74.68.8

13.217.421.44 25. 8

Net budget receipts

Total forperiod

43.940. 042. 238. 237.048. 162. 165.2

6.05. 15. 5

10.52.84,49.73.34.66.02. 74.75.2


27. 232.337. 748.251. 155.565.23.37. 9

13.916. 621.326. 5

Budget surplus (+)or deficit (— )

Total forperiod

-51. 4+ .8

+ 8.4-1.8-3. 1-f-3. 5-4. 0-9.4-L I

ni

+ 4!3-3. 5-1. 9+ 1.8-2.8-1.5-. 1

-2.8-.7

-1. 2

Cumula-tive fiscal

yeartotals

-9.3-10.0-10. 1-5.8-9.3

-11. 1-9.4-2.8-4.2-4.3-7. 1-7.9-9. 1

Publicdebt

(end ofperiod)3

202. 6258. 4252. 4252. 8257. 4255. 3259. 2266.1267.4267.5267. 6264.5264.6266.6266. 1272. 7273. 3273.0273. 5275.3275.2

1 Includes expenditures for military services, international security and foreign relations, development and control of atomic energy, promotion of the merchantmarine, promotion of defense production and economic stabilization, and civil defense.2 Includes guaranteed securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation.3 Data for fiscal year not strictly comparable with monthly figures. 4 Preliminary estimates.

NOTE.—Detail will not necessarily add to totals because of rounding. " mSources: Treasury Department and Bureau of the Budget. 31Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL CASH RECEIPTS FROMAND PAYMENTS TO THE PUBLICThe excess of cash payments over cash receipts in the fourth quarter of 1953 was $4.7 billion, or the same as in thecorresponding quarter of 1952.



1950 1953

- EXCESS OF CASH~RECE!PTS -

-EXCESS OF CASH PAYMENTS -

2 31951 1952

CALENDAR YEARS

SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.

2 31953

COUNCIL OF ECONOMIC -ADVISERS


Calendar year

Calendar year total:1946 . _1947194819491950 _1951 -_19521953 l _

Quarterly totals, not adjusted for seasonal variation:1951: Third quarter

Fourth quarter1952: First quarter

Second quarter - - „ . _ _ _ . . . . .Third quarterFourth quarter . _

1953: First quarter -Second quarter. _ . ..Third quarter . . ..Fourth quarter 1

Federal eashreceipts from

the public

41, 44144, 28244, 92241, 34642,41959, 27871, 33970, 615

13, 99312, 77021, 87419, 38915, 35414, 722

22, 53918, 67415, 50213, 900

Federal cashpayments to

the public

41, 39938, 61636, 89742, 64241, 96958, 03472, 98076, 830

15,27017, 06416,92118, 70117, 92119, 436

18, 16621, 04919, 01518, 600

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

+42+ 5, 666+ 8, 027-1,295

+ 450+ 1,244-1,641-6,215

-1,277-4,295+ 4, 953

+ 688-2,567-4,715

+ 4,373-2,375-3, 513-4,700

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

32 For sale by the Superintendent of Documents, U. S, Government Printing Office, Washington 25, D. C.Price 20 cents per copy; $2.00 per year; $2.50 foreign.


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