ared for */ the joint economic -t committee by the council of … · 2018. 11. 7. · charts drawn...

Congress, 2d Session

ared for the Joint Economic Committee by thej */ -tCouncil of Economic Advisers

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1964

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

JOINT ECONOMIC COMMITTEE

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

PAUL H. DOUGLAS, Illinois, ChairmanRICHARD BOLLING, Missouri, Vice Chairman

SENATE

JOHN SPARKMAN (Alabama)J. W. FULBRIGHT (Arkansas)WILLIAM PROXMIRE (Wisconsin)CLAIBORNE PELL (Rhode Island)JACOB K. JAVITS (New York)JACK MILLER (Iowa)LEN B. JORDAN (Idaho)

HOUSE OF REPRESENTATIVESWRIGHT PATMAN (Texas)HALE BOGGS (Louisiana)HENRY S. REUSS (Wisconsin)MARTHA W. GRIFFITHS (Michigan)THOMAS B. CURTIS (Missouri)CLARENCE E. KILBURN (New York)WILLIAM B. WIDNALL (New Jersey)

JAMES W. KNOWLES, Executive DirectorMARIAN T. TRACY, Financial Clerk

HAMILTON D. GEWEHR, Administrative Clerk

COUNCIL OF ECONOMIC ADVISERSWALTER W. HELLER, Chairman

GARDNER ACKLEYJOHN P. LEWIS

Economic Indicators -prepared under supervision of FRANCES M. JAMES

[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 House of Representatives of the United States of America in Congress assembled, That the JointEconomic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that ;isufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant atArms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies tothe libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint EconomicCommittee; and the required number of copies to the Superintendent of Documents for distribution to depositorylibraries; and that -the Superintendent of Documents be authorized to have copies printed for sale to the public.

Approved June 23, 1949.

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

Economic Indicators, published monthly, is available at 2 5 cents a single copyor by subscription at $2.50 per year (foreign, $3.50) from:

SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE

WASHINGTON, D.C. 20402Subscribers who wish to receive it at an earlier date after release may take advan-tage of provisions for airmail subscriptions. The domestic airmail subscriptionprice is $5.40 per year.

The 1962 Supplement to Economic Indicators, which describes each seriesand gives annual data for years not shown in the monthly issues, is now avail-able at 65 cents a copy.


TOTAL OUTPUT, INCOME, AND SPENDINGNATION'S INCOME, EXPENDITURE, AND SAVING

'loss national producf rose by $8.4 billion (seasonally adjusted annual rate) in the first quarter, according to pre-minary estimates. Gross private domestic investment dropped primarily because of a decline in the inventory ac-nniulation rate. All other components rose.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

Persons

Dis-posablepersonalincome!

Persona]consump-

tionexpendi-

tures

Personalsaving( + ) or

dis-saving

Business

Grossretained

earn-ings 2

Grossprivate

domesticinvest-ment3

Excessof

invest-ment

International

Foreignnet

trans-fers byGovern-

ment

Net exports of goodsand services

Netexports

Ex-ports

Im-ports

Excess oftransfers(+) or .of net

exports

'.153'.154!.i55'.156'.1571)58'.159'.100'.101!I62'.)63%2: III.

IV.'JG3: I...

II..III.IV.

252. 5256. 9274. 4292. 9308. 8317. 9337. 1349.9364.4384. 4402.4386. 5391.4394.5400.0404. 4410. 9

232. 6238. 0256. 9269. 9285. 2293. 2313. 5328. 2336.8355.4373. 1356.7362. 9367.4370. 4374.9379.9

1)64: I 5 418.9 388.0

19. 818. 917.523. 023.624. 723. 621.727. 629. 129.329.728. 527. 129. 629. 531. 030.9

34. 335. 542. 143. 045. 644. 851. 350.750.857. 660.557. 459. 459. 359. 661. 961. 3

50.348. 963. S67. 466. 156. 672. 771. 869. 078. 882.378. 978. S77.880. 783. 787. 185. 0

-16. 0-13. 4-21. 8-24. 3-20. 5-11. 9-21.4-21.1-18. 2-21. 1-21.8-21. 5-19. 4-18. 5-21. 1-21.8-25.8

1. 61. 41. 51. 51.51. 31. 5•1. 61. 61. 61.71. 51. 51.51.81.72.01. 5

-0.41.01. 12. 94.91.2

-. 83.04.43.84.54. 13.33.64.84. 35.46 .5

16.617.519.423. 126.222. 722. 926.327.528.930.729. 428. 828. 630. 731.432.333.5

17.016. 518.320. 221. 321.523.623.323.125. 126. 225. 325.524.925.927. 126. 927.0

2.0. 4. 4

— 1. 5— 3. 5

. 12.3

-1.4-2.9-2. 2-2.8-2.6-1.7-2.2-3.1-2. 6-3.4-5.0

Period

1)53.!)54.1)55-1)56.(157..958.!)59-960.961.!>62_1)63..062: III.

IV.1)63: I—

II..III.IV-

1)04: I 5 —

Government

Net receipts

Netreceipts

75.. 768. 578.484. 287. 582. 095. 7

103. 5103. 2113. 0123.3114.0114. S118. S122. 3125.0127. 0

Tax andnontaxreceipts

oraccruals

94. 990. 0

101. 4109. 5116. 3115. 1130. 2140. 6145. 5156. 8168. 7157. 3159. 7164. 0167. 1170. 1173. 8

Trans-fers,

interest,and sub-sidies °

19. 221. 523. 025.328. 733. 134.437. 142. 243. 845.443. 344. 945. 244. 845.146.847. 2

Expenditures

Pur-chases

of goodsand

services

82. 875.375. 679.086. 593. 597. 299.6

107.9117. 0125. 1117. 0120. 2123. 0123. 8125.7127.7129. 0

Totalexpendi-

tures

102. 096. 798. 6

104. 3115. 3126.6131. 6136. 7150. 2160. 7170. 5160. 2165. 1168. 2168. 6170. 8174.5176. 2

Trans-fers,

interest,and sub-sidies

19. 221. 523. 025.328.733.134. 437. 142. 243. 845.443. 344. 945. 244. 845. 146.847. 2

Surplus( + ) ordeficit(-) onincome

andproductaccount

-7. 1-6.7

2. 95.21.0

-11. 4— 1. 5

3.9-4.7-3.9-1.7-3.0-5. 4-4. 2-1.3-.6

Totalincome

orreceipts

364. 1362. 3396. 5421. 6443. 4446.0485. 7505.6520. 1556. 7587.9559.4567. 1574. 1583.7593.0601.2

Statis-tical

discrep-ancy

1.3. 9

1. 0-2. 4—. 6

-1.5-3.0-3. 0-1. 9-1.8-3. 0-2. 6-1.9-2. 3-4. 1-4.4-1.0

Grossnationalproduct

orexpendi-

ture

365. 4363. 1397. 5419. 2442. 8444. 5482. 7502. 6518. 2554. 9585. 1556. 8565. .2571/8579. 6588. 7600. 1608.5

1 Personal income (p. 5) less personal taxes and nontax payments (fines, penal-i's, etc.).! Undistributed corporate profits, corporate Inventory valuation adjustment,ipital consumption allowances, and excess of wage accruals over disbursements,'nes not include retained earnings of unincorporated business which are in-uded in disposable personal income.J Private business investment, purchases of capital goods by private nonprofit

i stitutioris, and residential housing.

1 Net foreign investment with sign changed.1 Preliminary estimates.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 1960.Source: Department of Commerce.

1


GROSS NATIONAL PRODUCT OR EXPENDITUREGross national product (seasonally adjusted) rose by almost 1% percent in current prices or 1 percent in consfanlprices in the first quarter of this year, according to preliminary estimates.

SEASONALLY ADJUSTED ANNUAL RATESBILLIONS OF DOLLARS

600

500

400

300

GROSS NATIONAL PRODUCT

X

BILLIONS OF DOLLARS

600

500

400

300

100 •

1 1 I1958

GOVERN*OF GOOD

J

GROSS PRIVATEINVEST!

1 1 11959

ENT PURCHASESS AND SERVICES

""yDOMESTIC i*^

JIENT

I I 1I960

! 1 t

1961

i^i^*^'™1'

NET EXPORTS 0AND SERV

I 1 119 ea

_._.-..————

IMIU •""' "'" '

- GOODSCES

1 ! 11963

.-

,.,.

O

J/I 1 1

1964

100

-V PRELIMINARY ESTIMATESSOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS'

Period

19511952 -.-1953 - .195419551956195719581959196019611962 _ _ _1963.1962: III

IV1963: I

IIIIIIV

1964: I 4

Totalgross

nationalproductin 1963prices

404.94$0. 8440.14S1.4464. 94?4-7483. 9476. 7508. 4521. 3531. ZBBS. 6585. 1

564. 6G71. 4575,7580. 8587.5595. 4

600. 7

Totalgross

nationalproduct

Billions

329. 0347. 0365. 4363. 1397.5419.2442. 8444. 5482. 7502. 6518.2554. 0585. 1556. 8565. 2571. 8579. 6588. 7600. 1608. 5

Personalcon-

sump-tion

expend-itures

of dollars

209. 8219. 8232. 6238.0256.9269. 9285. 2293. 2313. 5328. 2336. 8355. 4373. 1356. 7362. 9367. 4370. 4374.9379. 9388. 0

Grossprivate

domesticinvest-ment

>, quarter

56. 349. 950.348. 963. 867.466. 156. 672. 771.869. 078. 882.378. 978. 877. 880.783.787. 185. 0

Netexportsof goods

andservices

y data at

2. 41. 3

-. 41. 01. 12.94. 91. 2

— . 83.04. 43. 84. 54. 13. 33.64. 84. 35.46.5

Oove

Total

seasonal

60. 576. 082. 875. 375.679.086. 593. 597. 299.6

107.9117. 0125. 1117. 0120. 2123. 0123. 8125. 7127. 7129. 0

rnment j

Total 1

ly adjusl

38. 852. 958. 047.545. 345. 749. 752. 653. 653. 157.462. 466.362. 463. 665. 566. 566. 466. 667.2

mrchasesservicesFederal

Nationaldefense2

ued annua

33. 946. 449.341.239. 140. 444. 444.846. 245. 749. 053.356.753. 554. 356.456.756.757. 257.4

of good

Other

. rates

5.26. 79. 06.76. 65. 75.78.37. 98. 08. 9

10. 010. 59. 7

10. 410.110.610.810. 410.8

s and

Stateandlocal

21. 723. 224. 927. 730.333.236.840. 843. 646. 550. 654.658. 854. 656. 657. 557.359.461. 261.8

Implicitprice

deflatorfor total

GNP,1963= 1003

81. S82. 583.084.285. 588.391. 593.294. 996.497. 698.5

100.098. C98. 999.399.8

100. 2100.8101. 3

1 Less Government sales.2 Prior to 1969, tins category corresponds closely with budget expenditures fornational defense, shown on p. 35. Beginning with 1959, tliey differ because ofinclusion of space program expenditures in this table; these expenditures, smallin 1959-61, amounted to $1.6 billion in 1962.

3 Gross national product in current prices divided by gross national productin 1963 prices.

4 Preliminary estimates.NOTE.—Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce.


IATIONAL INCOMEJATIOJNAJU IJNUUM£ompensation of employees increased by $4.6 billion (seasonally adjusted annual rate) in the firstnd professional and interest income also advanced.

quarter. Business

BILLI

400

2

100

0

-^PRGSOURC

ONS OF DOLLARS

-

^ 1

—^^

7

t 1 l1958

LIMINARr ESTIMATESE: DEPARTMENT OF C

r- -1

.-•""

- PROPRIETORS' ARENTAL 1NCOM

-^NET INTEREST o .

T 1 1

I9S9

DMMERCE.

SEASON)

TOTAL NATION

COMPENSAT

ND • • CORP-. INVENTOR

i i ri960

ILLY ADJUSTED ANNUA

AL INCOME:

r~\ON OF EMPLOYEES

ORATE PROFITS ANY VALUATION ADJU

\

1 1 !1961

L RATES

r -"I

D •STMENT

t

! 1 11962

*Sea Note, pa

^^*

' „•*—*"""

iiiintiimiiimiiiiiiiiiMitimi

1 1 \1963

t7. COUN

BILLIONS OF DOL

_

-

-

*s

Illll

-I/ 1 1 11964

OIL OF ECONOMIC AOV

-ARS

400

\.

100

0

ISERS

[Billions of dollars, quarterly data at seasonally adjusted annual rates]

Period

151152. . ... -153154155 ___i56._ _157- .158159160161I62_ . . .163

162: IIIIV

163: IIIIII -.-IV

i64: I 3 .

Totalnationalincome

279. 3292. 2305.6301.8330. 2350.8366. 9367. 4400. 5414. 5426. 1453. 7478. 1

455. 5462. 2

466. 7474. 6482. 0489. 1

Compen-sationof em-

ployees *

180. 3195. 0208. 8207. 6223. 9242. 5255. 5257. 1278. 5293. 6302. 1322. 9340.4

325. 3327. 7

332.0338. 7342. 8347. 9

352. 5

Proprieto

Farm

16. 315. 313. 312. 711. 811. 611. 813. 511. 412. 012. 813. 312. 8

13.213. 4

13. 512. 612. 712. 6

12. 2

rs' income

Businessand pro-fessional

26. 026.027. 427. 830. 432. 132. 732. 535. 134. 235.336. 537.7

36. 636. 9

37. 237. 437.838. 2

38. 6

Rentalincome

ofper-

9. 410. 210. 510. 910. 710. 911.912. 211. 912. 112. 112. 012. 1

12. 012. 0

12. 012.012. 112. 2

12.3

Netinter-est

6.3•7. 18.29. 1

10.411.713.414,816. 418. 020. 022. 024. 1

22. 323. 0

23. 323. 724. 325. 0

25.6

Corporatory val

Total

41. 037. 737. 333.743. 142. 041.737. 247. 244. 543. 847. 051. 1

46. 149. 3

48. 850. 152. 253. 2

e profitsuation ad

Profitsbeforetaxes 2

42.236.738. 334. 144. 944.743. 237.447. 744. 343. 846.851.5

46. 248. 4

48.351.052. 254.3

and inven-iustment 2

Inventoryvaluation

adjustment

— 1.21.0

— 1. 0-.3

-1.7-2.7-1.5

—.3-.5

.2

.0

.2-.4

— . 1.9

.4-.9

.0-1.1

1 Includes employer contributions for social insurance. (See also p. 4.); See Note, page 7.Preliminary estimates.

NOTE.—Data for Alaska and Hawaii included beginning 1960.

Source: Department of Commerce.


SOURCES OF PERSONAL INCOMEPersonal income in March amounted to a seasonally adjusted annual rate of $480.4 billion, $1.6 billion above theFebruary rate. Wage and salary payments accounted for one-half of the gain.

BILLIONS OF DOLLARSSCO

450

400

350

300

860

BILLIONS OF DOLLARS500

250

1958 1959

SOURCE: DEPARTMENT OF COMMERCE.

1963 1964

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, monthly data at seasonally adjusted annual rates]

Period

19551956_19571958195919601961196219631963: Jan

FebMar. ..AprMay...JuneJuly...AugSept,.-.OctNovDec

1964: JanFebMar4...

Totalpersonalincome

310. 2332. 9351. 4360. 3383. 9401. 3417.4442. 1463. 0454. 0452. 9454. 8457.4460. 1462.6464. 2465. 1467. 3471. 2472.6476. 0478.1478.8480.4

Wageand

salarydisburse-ments '

210. 9227. 6238. 5239. 8258. 5271.3278.8297. 1312. 3302. 8304. 7306. 1308. 7311. 2312. 9314. 1314.4316. 2318.7319. 2320.8321.7324. 2325. 0

Otherlabor

income 2

7. 18. 19. 19. 4

10. 411. 011. 412. 112. 612. 312. 512. 512. 512. 612. 612. 712.712. 712. 812. 812. 812. 812. 912. 9

Proprietc

Farm

11. 811. 611.813. 511. 412. 012. 813. 312.813. 613. 513.312. 812. 612. 412.712. 712. 712.712. 612. 5]2. 212. 112.3

MS' incomeBusinessand pro-fessional

30. 432. 132. 732,535. 134. 235. 336. 537.737. 137. 237. 237.337. 437.637.737. 937. 938.238. 238.438. 438. 638.7

Rentalincome

ofpersons

10.710. 911.912. 211. 912. 112. 112. 012. 112. 012. 012. 012. 012. 012.012. 112. 112. 112. 212. 212. 212 212! 312.3

Divi-dends

11. 212. 112. 612. 413.714. 515. 316. 617.817.017. 217. 217. 317. 318. 217. 517. 617.818. 218. 519. 819. 019. 119. 2

Personalinterestincome

15. 817. 519. 621. 023. 525. 827. 730. 032. 531. 531. 731. 831. 932. 132.332. 632. 833. 033. 233. 533. 834. 134. 334. 5

Transferpay-

ments

17. 518. 821. 926. 327.529. 533. 634.836. 939. 135. 736. 236. 436. 636.436. 536. 736. 837. 337. 637.739.937.737.8

Less: Per-sonal con-tributionsfor socialinsurance

5.25.86.76.97. 99.29.5

10. 211.811. 411.511.511. 611. 711.811. 811.911.912. 012. 012. 112. 312. 412.4

Nonagri-culturalpersonalincome 3

295. 0317. 9336. 1343. 0368. 0385. 1400. 3424. 5445. 7435.9434.9437.0440.0443. 1445. 8447. 0448.0450.3454. 1455.7459.2461.6462. 4463.7

1 Compensation of employees (see p. 3) excluding employer contributions forsocial insurance and the excess of \vage accruals over disbursements.

2 Employer contributions to private pension, neattn, and -welfare funds; com-pensation for injuries; directors' fees; military reserve pay; and a few otherminor items.

* Persona] income exclusive of net income of unincorporated farm enterprises,

farm wages, agricultural net interest, and net dividends paid by agriculturalcorporations.

* Preliminary.NOTE.—-Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce.


DISPOSITION OF PERSONAL INCOMEDisposable personal income jumped by $8,0 billion (seasonally adjusted annual rate) in the first quarter as personalincome rose and personal taxes fell owing to the Federal tax cut. Consumption spending also rose substantially andilie saving rate edged down to 7.4 percent.

BILLIONS OF DOLLARS'. BILLIONS OF DOLLARS*

350

300

1958 I 1959* SEASONALLY ADJUSTED ANNUAL RATES.-•^PRELIMINARY ESTIMATES.SOURCE: DEPARTMENT OF COMMERCE,

1964

DOLLARS*2,400

2,200

2,000

,800

1,700


Period

11)521 1)5311)541955l!)56l!)5711)5811)591060196119621963

1962: III _I V _ -

1963: III —III-IV..

1964: I 3 _ _

Per-sonal

income

273. 1288. 3280. 8310. 2332. 9351. 4360. 3383.9401.3417. 4442. 1463. 0

444. 5449. 9453. 9459. 9465. 2473. 0479. 1

Less:Per-sonaltaxes

34. 435. 832.935. 740. 042. 642. 346. 851. 452. 957. 760. 5

58. 158. 559. 459. 960. 862. 160.2

Equals:Dis-

posablepersonalincome

238. 7252. 5256. 9274. 4292. 9308. 8317. 9337. 1349. 9364. 4384. 4402. 4

386. 5391. 4394. 5400. 0404. 4410. 9418. 9

Persona

Total

Billions219. 8232. 6238. 0256. 9269. 9285. 2293. 2313. 5328. 2336. 8355. 4373. 1

Seaso356. 7362. 9307. 4370. 4374. 9379. 9388. 0

L: consump

Durablegoods

of dollars29. 132. 932. 439. 638. 540. 437. 343. 644. 943. 648. 251.5

nally adji47. 750. 550. 651. 050. 853. 655. 5

ess:tion expe

Non-durable

115. 1118. 0119. 3124. 8131. 4137. 7141. 6147. 1151. 8155. 1161. 4167. 1

isted anni162. 5163. 6165. 3165. 9168. 6168.7172. 5

nditures

Services

75. 681.886.392. 5

100. 0107. 1114. 3122.8131. 5138. 0145. 7154. 5

lal rates146. 6148. 9151. 4153. 5155. 5157. 7160.0

Equals :Personal

saving

18. 919. 818.917. 523. 023. 624.723. 621.727. 629. 129.3

29. 728. 527. 129. 629. 531. 030. 9

Per capposable

inco

Currentprices

Dol1, 5211, 5821, 5821, 6601,7411,8031,8251,9041,9371,9832, 0592, 125

2, 0662,0842, 0932, 1162, 1312, 1572, 192

ita dis-Dersonalme

1963prices '

lars1,7561,8091,7901,8701, 9281, 9411, 9281,9871, 9932, 0282, 0862, 125

2, 0912, 1012, 1012, 1182, 1272, 1442, 172

Saving aspercentof dis-

posablepersonalincome

(percent)

7.97. 87. 46. 47.97.67. 87. 06. 27. 67. 67.3

7. 77. 36. 97. 47. 37.57. 4

Popula-

(thou-sands) 2

156, 947159, 559162, 388165, 276168, 225171, 278174, 154177, 080180, 684183, 756186, 656189, 375

187, 045187, 816188, 444189, 047189, 756190, 498191, 120

1 Income in current prices divided by the implicit price deflator for personalnnsuznption expenditures on a 1963 base.; Population of the Uniied States including armed forces abroad. Annuallata as of July 3; quarterly data centered in the middle of the period, interpolatedn>m monthly figures.

3 Preliminary estimates.NOTE.—Data for Alaska and Hawaii included beginning 1960.Sources: Department of Commerce and Council of Economic Advisers.


FARM INCOMENet farm income (seasonally adjusted) declined in the first quarter.

BILL

40

0

SOUF

IONS OF DOLLARS

' —

'**••••»••«»

I ! 1

1958

CE: DEPARTMENT OF

REALIZED GROSSFARM INCOME

\

INC

1 f 1

1959

AGRICULTURE.

SEASON

x -1

NET FARM INCOME-UOIN6 NET INVENTC

CHANGE1

+*-—"

1 1 t

I960

ALLY ADJUSTED ANNUfi

, . .. *~~~"

)RY

1 1 I

1961

L RATES

f 1 I

I96Z

1 1 1

1963

' c

BILLIONS OF DOLL

M*

1 1 1

1964

OUNCIL OF ECONOMIC "AD

ARS

40

o

rtSERS. -

Period

1954. .19551956195719581959 . .1960. ._ .. . . _196119621963

1962: IIIIV .

1963: IIIIllIV

1964: I 5

Persona!total

Fromall

sources

19. 018. 318.618. 820. 519. 019. 620. 120. 519.8

income re'arm popi

Fromfarm

sources

13.212.212. 012. 213. 811. 812.313.013.413. 0

ceived bylation

Fromnonfarmsources

5. 86. 16.66.66. 77. 17. 27. 07. 16.8

Realize

Total >

Billions c33. 933. 334. 634.437. 937. 537. 939. 640.841. 1

Seas40. 741. 041.340. 641. 141.441.2

d gross

Cashreceipts

frommarket-

ings)f dollars

30. 029. 630. 629. 833. 433. 534. 034. 935.936.2

onally ad35. 836.236. 435. 636. 136.736. 2

"noome re

tion ex-penses

21. 721. 922. 623. 425. 326. 226. 227. 128.228.8

justed am28. 328. 428. 628. 628. 929. 129. 2

ceived fro

Net toper

Exclud-ing net in-ventorychange

12. 211.512. 011.012. 611.311.712. 512. 612.3

lual rates12. 412. 612.712.012. 212.312.0

m farming

3 farmitors

Includ-ing net in-ventorychange 2

12. 711. 811.611.813. 511. 412. 012.813.312.8

13. 213. 413. 512. 612. 712.612.2

Net incfarm inclinventory

Currentprices

Dol2, 6452, 5292, 5742, 6953,2012,7753,0443,3593,6023,580

3,5803,6303,7803,5303,5503,5303,510

ome peruding netchange '

1963prices f

lars2, 9392,8102,7982,8373, 3342,8613, 1383, 42S3,6383,580

3,6203,6703,7803, 5303,5503, 5303, 510

1 Cash receipts from marketings, Government payments, and nonmoney in-come furnished by farms.

2 Inventory of crops and livestock valued at the average price for the year.3 Based on 1959 Census of Agriculture definition of a 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 1963 base,5 Preliminary.

Source: Department of Agriculture.


IORPORATE PROFITSleliminary estimates indicate that corporate profits maintained their upward trend throushout 1963, rising in theMirth quarter by $2.1 billion (seasonally adjusted annual rate) before taxes or $1.1 billion after taxes, to make the

nrrease for the year as a whole about 10 percent in each case.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

60

50

40

IO

SEASONALLY ADJUSTED ANNUAL RATES

PROFITS BEFORE TAXES-^PROFITS AFTER TAXES

A \

40

30

20

10

1958

-f EXCLUDING INVENTORY VALUATION ADJUSTMENTSOURCE: DEPARTMENT OF COMMERCE.

1968 1963

SEE NOTE ON TABLE BELOW.

1964



Period

:)53!)54'.1551)56'.1571)581)59:)GO:)61:)G21)63.162: III—

IV...163: I

II—III..IV..

:i64: I3 ..

Coil

Allindus-tries

37. 333. 743. 142. 041. 737. 247. 244. 543. S47. 051. 146. 149. 348. 850. 152. 253.2

Jorate pr

M

Total

21. 418. 425. 023. 522. 918. 325. 423. 022. 024. 526. 524. 725.224. 226. 027. 628. 1

ofits (befcvaluation

anufactui

Durablegoodsindus-tries

12. 110. 114. 212. 613. 19. 0

13.411. 611. 113. 214. 613. 513. 713. 214. 515. 015.6

ire taxes)adjustme

ing

Non-durablegoods

tries

9. 38. 3

10. 810. 99.89. 3

11. 911. 410. 911. 311. 911. 311. 611. 011. 512. 612. 5

and invernt

Trans-portation,

com-muni-

cations,and

publicutilities

4. 94. 45. 45. 65. 55. 66. 77. 07. 27. 68. 17. 67. 9S. 17. 98.38.3

—

tory

Allotherindus-tries

11. 011. 012. 812. 913.313. 315. 114. 414. 614. 916. 513. 816. 216. 416. 216. 416. 9

_

Corpo-rate

profitsbeforetaxes

38. 334. 144. 944. 743. 237. 447. 744. 343. S46. 851. 546. 248. 448. 351. 052. 254. 3

Corpo-ratetax

liabil-ity

20. 217. 221. 821. 220. 918. 623. 222. 322. 022. 224.421. 922. 922. 924. 224. 725.8

Corja

Total

18. 116. 823. 023. 522. 318. 824. 522. 021. 824. 627. 124. 325. 525. 426. 827. 528. 6

jorate prfter taxe

Divi-dendpay-

ments

9. 29.8

11. 212. 112. 612. 413.714. 515. 316. 617.816.517. 117. 117. 617. 618. 819. 1

ofitsS

Un-distrib-

utedprofits

8. 97.0

11. 811. 39. 76. 4

10. 87. 56. 58. 19. 37.88.48.39. 29. 89.7

Corpo-rate

capitalcon-

sump-tion

allow-ances '

14. 115.818.420. 021. 822. 724. 325. 626. 830. 832.431. 031. 331.732. 132. 733. 233.7

Profitsplus

capitalcon-

sump-tion

allow-ances 2

32. 232. 741.443. 544. 141. 448.747. 648. 655. 459. 655. 356. 857. 158. 960. 261. 8

1 Includes depreciation, capital outlays charged to current accounts and aeci-•ntal damages.- Corporate profits after taxes plus corporate capital consumption allowances.3 Preliminary estimates.

NOTE.—Data beginning 1962 have been adjusted for effects of new depreciationguidelines ($2W billion for 1962) and therefore not comparable with previous flata.Data tor Alaska and Hawaii included beginning 1960.


31-408°—64-


GROSS PRIVATE DOMESTIC INVESTMENTPreliminary estimates indicate that gross private domestic investment fell by $2.1 billion (seasonally adjusted annualrate) in the first quarter, primarily as a result of the $2.4 billion reduction in the rate of additions to inventories.


BILLIONS OF DOLLARS

40

1958

-"PRELIMINARY ESTIMATES.SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS


Period

1951195219531954195519561957 ... ..1958195919601961...1962 ..19631962: III _ _ ..

IV1963: I .. .

II _IIIIV

1964: is .

Totalgross

privatedomesticinvest-ment

56. 349.950. 348.963. 867.466. 156. 672.771. 869.078. 882. 378.978.877. 880. 783.787. 185. 0

Total

46. 146. 849. 950.558. 162. 764.658. 666. 268. 367.173. 277.575. 374. 972. 776.579. 581. 782. 0

Total

24. 825. 527. 629. 734.935. 536. 135. 540. 240. 741. 644. 446. 646. 045. 043. 745. 847.949. 249.7

Fix

New cons

Resi-dential

nonfarm

12. 512. 813. 815. 418.717. 717.018.022. 321. 121. 023. 225. 024. 223. 722. 724. 825. 926. 827. 0

sd investn

truction !

OttTotal

12. 312.713. 814. 316. 217. 819. 017.417.919.720.521.221.621.721. 221. 021. 022.022. 4

22. 7

lent

ler 2

Nonfarm

10. 410. 812. 112. 714. 616. 317.515. 916. 218.018.619. 519. 819. 819. 519.419. 120. 220. 620.9

Produceable eqi

Total

21. 321. 322. 320.823. 127. 228. 523. 125. 927. 625.528.830.929. 329.929. 030. 731. 632. 5

32. 3

3rs' dur-lipment

Non-farm

1& 418. 619. 518. 520.625. 026. 220. 323. 125.122.926. 027. 926. 626.825. 927.628.829.429.2

Changeness inv

Total

10. 23.1. 4

— 1.65.84. 71.6

-2. 06.63. 51.95. 54.73. 64. 05. 14.34. 25. 43.0

in busi-entories

Non-

9. I2. 11. 1

-2. 1s. r.5.1. S

-2.!)6. r,3.2i. r>4.94.22. S3.24.33. G3.75. 12 0. o

1 Revisions in series on new construction shown on p. 19 have not yet been in-corporated into these series.: "Other" construction in this series includes petroleum and natural gas welldrilling, which are excluded from estimates on p. 19.

3 Preliminary estimates.NOTE.—Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce.

8


EXPENDITURES FOR NEW PLANT AND EQUIPMENTI lie February survey of plant and equipment expenditures indicates an upward revision of $500 million (seasonally

• idjusted annual rate) in outlays in the fourth quarter of 1963 and the first quarter of this year. Plans call for $1.0Billion greater outlays in the second quarter than indicated in the previous survey and outlays in the second half of theyear are anticipated to rise 5.9 percent from the rate in the first half.


40

30

20

10


MANUFACTURING

I--**——'"

TRANSPORTATION

1958 1959

COMMERCIALAND OTHER

PUBLIC UTILITIES

I960 1961 1962

BILLIONS OF DOLLARS1 50

40

30

t

10

-^ SEE NOTE 3 ON TABLE BELOW.SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.

1963 1964



Period

1953 ._1954 .1955I 9 5 6 _ _ _1957 .. .I958-.1959I960I961-.19621963I 9 6 4 3 _ _ _ .

1963: IIIIIIIV

1964: I 3

II'2nd half 3

Total J

28. 3226. 8328. 7035. 0836. 9630. 5332. 5435. 6834. 3737.3139. 2243. 1936. 9538. 0540. 0041.2041. 2542. 7044. 45

M

Total

11. 9111. 0411. 4414. 9515. 9611. 4312. 0714. 4813. 6814. 6815. 6917. 7214. 8515. 3015. 9516. 4516. 6517. 4018. 40

anufacturi

Durablegoods

5. 655.095.447. 628. 025. 475. 777. 186. 277.037.858. 977.357. 658. 008. 308. 309. 009. 30

ng

Nondura-ble goods

6. 265. 956. 007.337. 945. 966. 297. 307. 407.657.848. 757.507. 658. 008. 158.358. 409. 10

Mining

0. 99.98.96

1.241.24. 94. 99.99.98

1. 081. 041. 041. 051. 001. 051. 051. 051. 101. 00

Trans po

Railroads

1.31. 85. 92

1. 231. 40. 75. 92

1. 03.67. 85

1. 101. 38.90

1. 001. 201.351.251. 401. 40

rtation

Other

1.561. 511. 601. 711.771. 502. 021. 941. 852. 071. 922. 061. 702. 051. 852. 102. 152. 451. 80

Publicutilities

4. 554. 224. 314. 906. 206. 095. 675.685. 525. 485. 656. 015. 205. 455. 905.805.706. 006. 35

Commer-cial andother 2

8.008. 239. 47

11. 0510.409. 81

10.8811. 5711. 6813. 1513. 8214.9813. 2013. 3014.0514. 5014. 4014.3515. 50

1 Excludes agriculture.- Commercial and other includes trade, service, finance, communications, and

onstruction.s Estimates based on anticipated capital expenditures as reported by business

a February 1964. Includes adjustments when necessary for systematic tend-•ncies in anticipatory data.

NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.

Annual total is the sum of unadjusted expenditures; it does not necessarilycoincide with the average of seasonally adjusted figures.

These figures do not agree with the totals included in the gross national productestimates of the Department of Commerce, principally because the latter coveragricultural investment and also certain equipment and construction outlayscharged to current expense.

Sources: Securities and Exchange Commission and Department of Commerce


EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEThe seasonally adjusted civilian labor force declined slightly while employment held steady in March. Unemploy-ment dropped below 4 million for the first time in over a year.

MILLIONS OF PERSONS MILLIONS OF PERSONS*

SEASONALLY ADJUSTED

TOTAL LABOR FORCE

V

PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE

-F

* ,*

us

-

JEEl

~?

MS

IP0

9

LC«A

5

>YL

:*

3

M-Y

~

ItA

~

ITDl

RUS

ATTE

--

Eo;

--•

95

r

)

- -

T1r

96C)

-j

96

-|„1

96 2

r-r 1 -r

96 5

-]rn- --,

1964

# 14 YEARS OF AGE AND OVER.SOURCE: DEPARTMENT OF LABOR. COUNCIl OF ECONOMIC ADVISERS

Period

1959...1960. .1961—1962 2 __1962 3__1963...

1963:Feb..Mar.Apr-May.June.July.Aug.Sept.Oct-Nov_Dec..

1964:JanFeb..Mar_

Totallaborforce

(includ-ing

armedforces)

71, 94673, 12674, 17574, 83974, 68175, 712

73, 99974, 38274, 89775, 86477, 90177, 91777, 16775, 81176, 08676, 00075, 201

74, 51475, 25975, 553

Ci villaployi

Total

65, 58166, 68166, 79667, 99967, 84668, 809

Unadj

66, 35867, 14868, 09769, 06170, 31970, 85170, 56169, 54669, 89169, 32568, 615

67, 22868, 00268, 517

n effl-uent

Non-agri-cul-

tural

Thous59, 74560, 95861, 33362, 74462, 65763, 863

isted

62, 30962, 81263, 42463, 88364, 36564, 88265, 06564, 22064, 54164, 54864, 576

63, 23464, 07164, 500

Unem-ploy-ment

ands of j3, 8133,9314, 8064, 0124,0074, 166

4,9184, 5014, 0634, 0664,8464, 3223, 8573, 5163, 4533, 9363,846

4, 5654, 5244, 293

Totallaborforce

(includ-ing

armedforces)

persons 1471, 94673, 12674, 17574, 83974, 68175, 712

75, 15375, 19275, 63875, 75975, 62775, 95175, 73775, 84075, 91076, 31175, 964

76, 38876, 56776, 503

Civilianlaborforce

years of69, 39470, 61271, 60372, Oil71, 85472, 975

S

72, 42972, 46072, 90273, 02272, 89173, 20772, 98873, 09173, 16873, 57273, 224

73, 66773, 83573, 760

Civilia

Total

age and o65, 58166, 68166, 79667, 99967, 84668, 809

easonally

68, 12268, 36468, 76768, 72068, 76769, 10168, 94169, 04469, 06769, 22269, 205

69, 56769, 8S269, 807

n emplo

Agri-cul-

tural

ver5,8365,7235, 4635, 2555, 1904, 946

adjustec

4, 8954,8864,9975,0304,9245, 0094, 8724,8774, 9394, 90S4, 890

4, 9364, 7974, 600

yment

Non-

cul-tural

59, 74560, 95861, 33362, 74462, 65763, 863

1

63, 22763, 47863, 77063, 69063, 84364, 09264, 06964, 16764, 12864, 31964, 315

64, 63165, 03565, 207

Unem-ploy-ment

3, 8133,9314,8064, 0124, 0074, 166

4, S074,0964, 1354, 3024,1244, 1064, 0474, 0474, 1014, 3504, 019

4, 1004,0033, 953

Unemplrate (pe

civiliaifor

Unad-justed

5. 55. 66. 75.65.65. 7

6. 96. 35. 65. 66.45. 75. 24.84. 75.45.3

6.46.25.9

oymentrcent ofi laboroe)Season-ally ad-justedPercent

5.95. 75. 75.95.75.65.55,55.65.96.6

5. 65.46.4

Laborforce

partici-pationrate,

unad-justed '

58.358. 358.057.457.457.3

56.356.556.957.559.058.958. 357.257.357.256. 5

55. 956.456.6

Total labor force as percent of nqninstitutional population.* Adjusted by Council of Economic Advisers for comparability with previous

data.

10

Not strictly comparable witb preceding data. See Employment and Earn-ings, May 1962, p. XIV.

NOTE.—Beginning 1960, data include Alaska and Hawaii.Source: Department of Labor.


ELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENTlie seasonally adjusted unemployment rate in March remained at February rate of 5.4 percent. Labor force timeist dropped to a recent low of 5.8 percent.

PERCENT

10.0

8.Q

6.0

PERCENT10.0

LABOR FORCE TIME LOST THROU6H UNEMPLOYMENTAND PART-TIME WORK

^xUNEMPLOYMENT RATE,

ALL CIVILIAN WORKERS

UNEMPLOYMENT RATE,MARRIED MEN

SOURCE: DEPARTMENT OF LABOR.

1964

COUNCIL OF ECONOMIC ADVISERS.

Period

1)59 _0601)61. .062 .063—.

063: MarAprMayJuneJulyAug_SeptOctNovDec

064: Jan. .FebMar_ _ _

1 Married men living2 Man-hours lost by

Unen(percen

for

Allworkers

5.55. 66.75. 65.7

5.75. 75.95.75. 65.55.55.65.95. 55. 65.45. 4

witb their w;he unempk

iployment of civilice m groi

Experi-enced

wage andsalary

workers

Per5.65.76. 85. 55.5

Seasonall5. 55.45.55. 65.45.45.45.55.75.35.35.25. 1

ves.yed and th

; ratein laborP)

Marriedmen '

cent3. 63. 74. 63. 63.4

y adjusted3. 53. 33. 33.23.23. 13.02. 93.43.33.23.02.9

ose on part-t

Laborforce

time lostthrough

ploymentand part-

6. 66.78.06.76.4

6. 36.46.56.66.46. 36. 16. 26.36. 16. 26. 15. 8

ime for econ

Over 40hours

17, 34517, 66418, 21019, 02519, 257

18, 96418, 06819, 89419, 70618, 74718, 65820, 15420, 33419, 10120, 22018, 33718, 98519, 466

4 ;omic shor

Persons

35-40hours

Thousan27, 72328, 72429, 04728. 85329, 422

I29, 70528, 43730, 48930, 09828, 46729, 02030, 30830, 62627, 02830, 59728, 84229, 96831, 090

ncludes perstages or repa

at work iby hours

Total

ds of pers11, 70211, 52811, 13211, 67511, 856

Jnadjuste11, 70614, 31111, 40810, 5959, 888

10, 24510, 76811, 29416, 39111, 77313, 80113, 01511, 908

ons who wers, new job

n nonagriworked j

Ui

Part-tieconomi

Usuallyfull-

time 4

ons 14 ye1, 0321, 2431, 2971,0491, 070

i1, 0501, 1361, 0211, 069

9241, 1831, 1581, 0581, 0751, 0081,0571, 036

6 1, 032rked part-tstarted, or jo

cultural iijer week 3

ider 35 ho

me forc reasons

Usuallypart-time 5

irs of age1, 3041,3171, 5161, 2881, 219

1, 1421,0701, 1191, 5501, 5591, 6081, 1121, 0611, 0861, 0391, 0151, 106

6 1, 049me becauseb terminated

idustries

urs

Part-tieconomi

Usuallyfull-

time *

and over

Seasonallj1, 0201, 0701, 0221,0811, 0481, 1781, 1731, 1011, 0341, 023

9571, 0851, 003

of slack woi• .

me for3 reasons

Usuallypart-time5

T adjusted1, 2271, 1561, 1971, 2461, 2141, 2871, 2231, 2201, 1681, 1571, 1641, 1651, 127

k, material

asons as a percent of total man-hours potentially available to the civilian laborrce.s Differs from total nonagricultural employment CP- 13), which includes per-ms with jobs but not at work for such reasons as vacation, illness, bad weather,id industrial disputes.

, , .5 Primarily includes persons who could find only part-time work.B Average hours worked: usually full-time, 23.8; usually part-time, 17.9.NOTE.—See note, p. 10. Beginning 1960, data include Alaska and Hawaii.Source: Department of Labor. j "S


UNEMPLOYMENT INSURANCE PROGRAMSIn March, insured unemployment under State programs averaged 2,050,000. After adjustment for extension olcoverage, this was 248,000 less than in March 1963.

MILLIONS OF PERSONS MILLIONS OF PERSONS

WEEKLY INSURED UNEMPLOYMENT(STATE PROGRAMS)

1961

JAN. FEB. MAR.

I/ SEE NOTE 2 ON TABLE BELOW.SOURCE: DEPARTMENT OF LABOR.

APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEO.


Period

1960 - -196119621963 - -1963: Feb

MarApr —May —JuneJulyAug -SeptGetNovDeo

1964: JanFebMar1

Week ended:1964: Mar 7

142128

Apr 411

A

Coveredemploy-

ment

Thou46, 334•46, 26447, 66948, 67546, 63247, 16348, 15948, 59249, 285

11 progranInsuredunem-ploy-ment

(weeklyaver-age)

sands2,0672,9941,9241,9732,7262,4652,0891, 7991, 628

2 1, 6551,5871,4441,4761, 6862, 1222,5632,4102, 200

2, 3202, 2602, 1622, 1242,050

as

Totalbenefits

paid(mil-lions

of dol-lars)

3, 022. 74, 358. 23, 160. 03, 025. 9

339.6343.0297. 8254. 6205. 0211.8204.8179.8190. 0181. 3254.5345. 6307. 9336.0

Insuredunem-ploy-ment

Weekly1,9062,2901, 7831,8062,5462,2981,9181,6241,468

2 1, 4971,4381,2961,3331, 5421,9722,3952, 2432,050

2,1612, 1052, 0121, 9771,910

Initialclaims

average, t331350302294325272273239240

2 301251226256292415412291259

272265248249265282

Sti

Exhaus-tions

aousands314632303636373332282624242227303132

ite progra

Insurecploymerjcent of

emplo

Unad-justed

Per4.85.64.44. 36.25.64.73.93.53.63.43.03.13.64. 75.75. 34. 9

5.25.04.84.74.6

ms

1 unem-t as per-coveredyment

Season-ally ad-justed

eent

4.64.44.24.SS4-14.14.24-04-14-14.34.34-03.8

Benefi

Total(mil-

lions ofdollars)

2, 726. 73, 422. 72, 675. 42, 774. 7

313.3316.4274.8235. 9188.2195.6186.8163.1172. 0165. 0233.0319.3283.8305.0

ts paid

Averageweeklycheck

(dollars)

32.8733. 8034. 5635.2735.7035.8035. 5434.9134, 3434. 4334. 6734.9335. 1535. 3735. 7836. 0736. 2436. 30

i Preliminary; data for April 4, not charted.'Programs include Puerto Rican sugarcane workers for Initial claims and

insured unemployment beginning July 1963.

12

NOTE.—For definitions and coverage, see the 1962 Supplement to EconomicIndicators. Data for Alaska and Hawaii included for all periods and for PuertoBico since January 1961.

Source: Department of Labor.


JONAGRICULTURAL EMPLOYMENT

iyrol[ employment, seasonally adjusted, registered only a sli'shf gain—66,000—in March.

MILLIONS OF WAGE .AND SALARY WORKERS '

MILLIONS OF WAGEAND SALARY WORKERS

ALL NONAGRICULTURAL ESTABLISHMENTS

1961 I96E 1963 1964 1961 1962 1963 1964

4.0

3.5

3.0

2.5

CONTRACT CONSTRUCTION(ENLARGED SCALE)

2.01961 196E

X SEASONALLY ADJUSTED DATA.SOURCE: DEPARTMENT OF LABOR.

1963

12.5

11.5

I 1.0

10.5

WHOLESALE AND RETAIL TRADE(ENLARGED SCALE)

1964 1961 1963 1964

COUNCR OF ECONOMIC ADVISERS

[Thousands of wage and salary workers;' seasonally adjusted]

Period

'.157'.158!),59'.ICO'JG1DC2'J63'.163: Feb_

Mar_Apr_-May.June-July -Aug__Sept-Oct._Nov.Dec.

'.IC4: Jan..Feb2.Mar2

Total

52, 90451, 42353, 40454, 37054, 22455, 84157, 17456, 45856, 70656, 87357, 06057, 19457, 34057, 34457, 45357, 64657, 58057, 74857, 85058, 16058, 226

Manufac

Total

17, 17415, 94516, 67516, 79616, 32716, 85917, 03516, 87216, 94817, 03717, 09517, 07517, 10317, 03317, 07617, 11917, 06117, 12717, 11917, 17517, 224

turing (

Durablegoods

9, 8568, 8309, 3739, 4599,0729, 4939,6599,5469, 5869, 6609, 6839, 6859, 7019, 6529, 7059,7189,6889,7379, 7269, 7549, 801

private)

Non-durable

goods

7, 3197, 1167, 3037, 3367,2557, 3677,3767, 3267, 3627, 3777, 4127, 3907, 4027, 3817, 3717,4017,3737,3907, 3937, 4217,423

Total

28, 10427, 58528, 53929, 05429, 06929, 79430, 60530, 16230, 30330, 37030, 48530, 61530, 74830, 81230, 82530, 88430, 86630, 91631, 01331, 26531, 253

N

Mining

828751732712672652634631631639640639640635632629630630623624626

onmanu

Pnn-v/Uil—tractcon-

strue-tion

2, 9232,7782, 9602, 8852, 8162, 9093,0292,9202, 9283,0053,0193,0463, 0693, 0833, 0713,0663,0573, 0693, 0173, 1633, 135

facturinf

Trans-porta-tionand

publicutilities

4, 2413, 9764, Oil4,0043, 9033, 9033,9133,8993, 8943, 8903, 9093, 9193, 9363,9413, 9503,9373, 9283, 9153, 9233, 9373,941

; (private

Whnlp.VV 1IOAC—

saleand

retailtr£L(lc

10, 88610, 75011, 12711, 39111, 33711, 58211,86511, 72911, 79511,78411, 82511,86411, 88411, 90711, 92211,93511,94111,96312, 07212, 11412, 070

Finance,insur-ance,andreal

estate2, 4772, 5192, 5942, 6692, 7312, 7982,8662, 8392, 8482, 8532, 8642, 8652,8702, 8732, 8732,8872,8872,8922, 9042, 9102,917

Serviceand

miscel-laneous

6, 7496, 8117, 1157, 3927, 6107, 9498,2978, 1448, 2078, 1998, 2288, 2828, 3498, 3738, 3778,4308,4238,4478, 4748, 5178,564

Gover

Federal

2, 2172, 1912,2332, 2702, 2792, 3402,3582, 3322, 3402, 3392,3452, 3492, 3512,3482, 3472,3522,3472, 3492, 3492, 3212, 326

mnent

Stateandlocal

5,4095,7025,9576,2506,5486, 8497,1777, 0927, 1157, 1277,1357, 1557,1387, 1517,' 2057,2917,3067, 3567, 3697,3997,423

1 Includes all full- and part-time wage and salary workers in nonagricultural(ablishments who worked during or received pay for any part of the pay periodiding nearest the 15th of the month. Excludes proprietors, self-employed per-ms, domestic servants, and personnel of the armed forces. Total derived fromtis table not comparable with estimates of nonagricultural employment of thevilian Jabor force, shown on p. 10, whicb include proprietors, self-employedTsons, and domestic servants; which count persons as employed when they

are not at work because of industrial disputes; and which are based on an enu-meration of population, whereas the estimates in this table are based on reportsfrom employing establishments.2 Preliminary.

NOTE.—Beginning 1959, data include Alaska and Havraii.Source: Department of Labor. 13


WEEKLY HOURS OF WORK - SELECTED INDUSTRIESAverage hours worked of production workers in manufacturing increased to 40.7 hours (seasonally adjusted) inMarch, and remained higher than the figure of a year ago.

HOURS PER WEEK (SEASONALLY ADJUSTED)46

44

42

40

38

36

34

42

40

38

36

32

30

DURABLE MANUFACTURING

1962 1963

HOURS PER WEEK (SEASONALLY ADJUSTED)46

NONDURABLE MANUFACTURING

44

1964

CONTRACT CONSTRUCTION

i i _j i i t t i t1961 1962 1963 1964

42

40

38

36

34

44

42

40

38

36

34

32

1961 1962 1964

RETAIL TRADE

1962SOURCE: DEPARTMENT OF LABOR.

1963 1964COUNCIL OF ECONOMIC ADVISERS

[Average hours per week;' seasonally adjusted]

Period

195319541955 ._195619571958195919601961196219631963: Feb

Mar.. _Apr _ . __ ,May _ _June _JulvAugSept . ... .Got _NovDec

1964: Jan_ .Feb 2

Mar2

Mar

All

40. 539. 640.740. 439. 839. 240. 339. 739. 840. 440.440. 340. 540. 140. 540. 540. 440. 340. 740. 640. 540.540. 140. 640.7

lufacturing indus

Durablegoods

41. 240. 141. 341.040.339. 540. 740. 140. 340. 941. 141. 041. 040. 741. 141.341. 241. 041. 341. 241.141. 540. 841.341.3

tries

Nondurablegoods

39. 639.039. 939. 639. 238. 839. 739.239. 339. 639. 639. 739. 839. 339. 739. 639.539. 639.739.839. 539.639.139.939.8

Contract con-struction

37.937. 237. 137. 537. 036. 837. 036.736.937.037.336. 137.337. 537. 537. 637. 337. 237.337.636. 936.635. 637.537.7

Retail trade

39. S39.739.039. 138. 738.738. 738.538. 137.937.837.837.837.037.837.937. 937.837.737.837.737.837.337.6

»Data relate to production workers or nonsnpervisory employees. Data forAlaska and Hawaii included beginning 1959.

£ Preliminary,

14



IVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIESi March, average hourly earnings in manufacturing were $2.51 for the fourth consecutive month. Weekly earnings(|ged up a little to $101.40.

DOLL

3.00

j 2.80

2.60

2.40

2.20

2.OO

SOURC

&RS

AVERAGE M

/

Nj.f-'V"' AHUlf^

.>/^/^^

. <r +

Ml 1 1 M I .1 1 1 1 I.1961

E: DEPARTMENT C

OURLY EARNI

DURABINDl

A

••:,,f':.,,:..,/

_L MANUFACTURIINDUSTRIES

•sX-s/-'NONDURABL

INDUSTF

\\

i i i i i 1 i i i i i1962

F LABOR.

NGS

LE GOODSSTRIES /

JW

NO /

^J.—" V

E GOODSilES

^ **-**i^

r 1 I . 1 1 1 1 1 \ 1

1963

V

1 1 1 1 1 ! 1 t t 1 !.,

1964

DOLt

120

no

100

90

80

70

.ARS

AVERAGE V

4£"Z

J, ^

$

f\

f~*l

y«»«/•""/••^

• 1 1 * 1 1 1 1 1 1 11961

YEEKLY EARN

DURABLE GOODINDUSTRIES

\ /

/ ^ ''••./(>.»'

^^. A/1x^S/v\>f

A

4+ * 4»

t/" *V'

NON

i 1 1 1 1 ! 1 1 1 1 11962

NGS

s f-A •-*""

J V<**

-N*•W\LL MANUFACTUF

INDUSTRIES

/""*,. +J

\DURABLE GOODINDUSTRIES

.1 i i i i I i i i i i1963

council

- &

iING

t?k

S

I.J t ! 1 I 1 1 1 1 Lj

1964

OF ECONOMIC ADV1S RS

Period

195419551956195719581959I960_-- ---1961196219631963: Feb—

Mar--Apr—-May—June-July—Aug__Sept-Oct —Nov -Dec_-

1964: Jan__-Feb3_Mar3-

Avera

Manufs

All

$1. 781. 861. 952. 052. 112. 192. 262. 322. 392. 462. 432. 442. 442. 452.462. 452. 432. 472. 472.492. 512. 512. 512. 51

ge hourly

icturing ii

Durablegoods

$1. 901. 992. 082. 192. 262. 362. 432.492. 562.632. 612. 612. 622. 632. 642. 632. 612. 652. 652. 672. 692. 692. 682. 69

[For

earnings-

idustries

Non-durablegoods

$1. 621. 671. 771. 851. 911. 982. 052. 112. 162. 222. 192. 202. 212. 212. 222. 222. 212. 242. 232. 252. 262.272.262. 27

productio

—current

Contractcon-

struc-tion

$2.392. 452. 572.712. 822. 933.083. 203. 313.423.413.393. 343. 373. 383. 403. 423.473.473. 453. 543. 583. 54

D worker

prices

Retailtrade

$1. 291.341. 401.471.521. 571. 621. 681. 741. 801. 781. 781. 791. 801. 811. 801. 801. 821. 821.831. 801. 841. 85

s or nons

Avon

Manufs

All

$70. 4975. 7078. 7881. 5982. 7188. 2689.7292. 3496. 5699.3897. 2098. 0997. 3699. 23

100. 3799. 2398. 42

100. 53100. 53100. 85102. 4199. 90

101. 15101. 40

upervisor

ige weekl

cturing ii

Durablegoods

$76. 1982. 1985. 2888. 2689. 2796. 0597. 44

100. 35104. 70108. 09106. 23106. 49106. 37108. 36109. 82108. 09107. 01109. 45109. 71110. 00111. 90109. 21109. 88110. 56

y employe

y earnings

idustries

Non-durablegoods

$63. 1866. 6370. 0972. 5274. 1178. 6180. 3682. 9285.5487. 9185. 8586. 6885.9787. 5288. 3688. 3688. 4089. 3888. 9889. 1090. 1787. 8589. 0489. 44

;esl

— current

Contractcon-

struc-tion

$88. 9190. 9096. 38

100. 27103. 78108. 41113. 04118. 08122. 47127. 57118. 33122. 72124. 58128. 06129. 79130. 90132. 70132. 90134. 98125. 58124. 96122. 08127. 44

prices

Retailtrade

$51. 2153. 0654. 7456. 8958.8260. 7662.3764. 0165. 9568. 0466. 7566. 7567. 4867. 6868. 9669. 3069. 3068. 6168. 2568.2668.4068. 2669. 01

Manufacindust

Adjustednourly

earnings,1957-59 =

100 '

84.386. 991. 596. 2

100.2103. 5106. 8109. 8112. 5115. 4114. 4114. 6114. 9114. 9115. 1115. 2115. 0116. 0116. 1116. 8117.2117. 6117. 7

turingriesAverageweeklyearn-ings,1963

prices 2

$80. 3886. 6188. 7288.8887.6292. 8192. 8894.5197.7399.3897.7998. 5897.8599.73

100. 4798. 8398. 03

100. 13100. 03100. 15101. 6099.01

100. 35

1 Earnings in current prices, adjusted to exclude overtime and interindustry shifts.1 Earnings in current prices divided by toe consumer price index on a 1963 base,a Preliminary.

31-408°—64 3

NOTE.—Beginning 1959, data include Alaska and Hawaii.


15


PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTIONThe industrial production index (seasonally adjusted) increased 0.4 percent in March. Output of materials andbusiness equipment rose while consumer goods declined fractionally.

INOE150

140

130

120

no

100

90

150

140

130

120

110

too

90

SOUB

X, 1957-59 = 100

TOTAL

s*S~^s

1 1 1 1 1 1 1 1 1 1 iIS6I

MANUFACTU

NONDURABl\

^S<+ v

-^1 1 1 1 1 1 1 1 1 1 ,

1961

CE: BOARD OF G0\

(SEASONALLY A

-_^»- »,

1 I 1 1 . t 1 I 1 1 !

1962

RING

-E

- ^£J5S2B•' — -DURABLE

,

1962

ERNORS OF THE F

WUSTEO)

-Xs— *"""/

1 1 1 1 1 f 1 ! '( 1 1

1963

YH^Jfz^^jf^

i , . ,i i , 1 1 , .1963

EOERftL RESERVE

-•*

. t 1 1 1 1 1 I t ! 1

1964

, , , , , ,

1964

SYSTEM.

INOEI6O

ISO

140

130

120

110

100

150

140

130

120

110

100

90

•X, 1957-59=100

UTILITIES

——

_,, _

**T'T*PlT i i i i i1961

MARKET GF

FINAL PROOU

»*&*'

*S^*^

^__ —I I 1 I ) 1 I r t I i

1961

(SEASONALLY AC

AND MINING

UTILITIES

p^^

MINING

Mr —I t t 1 r I i I i t i

1962

OUPS

CTS ,.-•.-,

•JJ* ' i"*^"">|** ^MATERIAL

i i t t i 1 i i t i iI96E

JUSTED)

— ~^ r\^**j^/^

i . I i I 1 r t r ( p

1963

**"^^

^S

t 1 t r t 1 1 i 1 i i

1963

COUNCIL O

.••—

*«..

! i- f t I ! 1 t T t t

1964

*^*

T 1 1 t 1 1 1 I 1 1 t

1964

F ECOHOM1C.ADVISERS

[1957-59 = 100, seasonally adjusted]

Period

1954195519561957— -1958 _ -19591960196119621963 » .1963: Feb

MarApr _ _May _June -JulyAugSept_ .--Oct _ _ .Nov _ _ _ _Dec

1964: JanFebMari

Totalindus-trial

produc-tion

85. 896. 699. 9

100. 793. 7

105.6108. 7109. 8118. 3124.3120. 2121. 3122. 5124. 5125. 8126. 5125. 7125.7126. 5126.7126. 9127. 3127.7128. 2

M

Total

86.397.3

100. 2100. 893. 2

106.0108. 9109.7118. 7124.7120. 6121. 9123. 1125. 2126. 4126. 8125. 9126. 1127. 1127. 5127. 9128. 1128. 5129. 0

inufactur

Durable

88. 4101. 9104. 0104. 090. 3

105. 6108. 5107. 0117. 9124.4120.0121. 5122. 8125. 6127.4127.0125.0125. 3126.3126. 6127. 0127. 6128. 4128. 8

Industry

ng

Non-durable

83.691. 695. 496. 796.8

106. 5109. 5112.9119. 8125. 1121.4122. 5123. 4124. 8125. 2126. 4127. 2127. 1128. 1128.6128. 9128. 6128.8129. 3

Mining

90.299. 2

104. 8104. 695.699.7

101. 6102. 6105. 0107.8104.7105. 4107. 4108.5109.4111. 3111. 3110. 3109. 1107.5106. 6108. 4107. 6107. 1

Utilities

71.880. 287.993. 998. 1

108.0115. 6122. 8131.3140.7138. 2136.4135.7139. 1141. 3145. 3144.6142,8143. 9144.5143. 3144.9146. 0146. 0

Fi

Total

85. 793. 998. 199.494. 8

105.7109. 9111. 3119. 7124. 8122. 6122. 4122. 1123. 5125. 2125. 9126. 2126. 5127. 9128.0128. 4128.3128.4128. 4

Ma

nal produ

Con-sumergoods

84.393. 395.597.096.4

106. 6111. 0112.7119. 7125. 1122. 9123. 1122. 5124. 1125. 9126. 4126. 7126. 7128. 0128. 2128. 2128. 5129. 2129. 0

rket

BtS

Equip-ment

88.995. 0

103. 7104. 691.3

104. 1107. 6108. 3119. 6124.2121. 5120. 7120.4122. 1123. 8124. 8125. 3126. 2127. 7127.6128. 8128. 0126.7127. 1

- !»»•_ .

rials

85.999. 0

101. 6101.992.7

105.4107. 6108.4117. 0123.6118.0120. 2122. 9125. 7126. 6126. 7125. 1125.0125. 5125. 8125. 4126. 1127.3128. 0

1 Preliminary.

16Source: Board of Governors of the Federal Reserve System.


PRODUCTION OF SELECTED MANUFACTURESOutput of primary and fabricated metals, machinery, and chemicals each were up about 1 percent on a seasonallyadjusted basis in March while production of transportation equipment was down 1 percent. Output of most othermanufactures held at their February levels.

INDEX, 1957-59=100 (SEASONALLY ADJUSTED)

160

140

120

100

60

140

120

100

80

1963

TRANSPORTATIONEQUIPMENT

1962 1964

INDEX, 1957-59=100 (SEASONALLY ADJUSTED)

120

100

140.

120

100

160

120

100

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1964


[1957-59 = 100, seasonally adjusted]

Period

195419551956 _1957 .1958195919601961 -19621963' .1963: Feb

Mar .AprMayJuneJulyAug~ .. _ -Sep t___OctNov _Dec _ _

1964: Jan.FebMari

Primarymetals

91. 3118. 4116. 4112. 287. 5

100. 4101.398. 9

104. 6113. 1105. 2111. 9120. 1127. 4125.8122. 8109. 4107. 7108. 4109. 5110. 4112. 4116. 2118

Durab

Fabri-catedmetal

products

90. 298. 398. 8

101. 592. 9

105. 5107. 6106. 5117. 1123. 4118. 5119. 3120. 2123. 3125. 1125. 6126. 4125. 6126. 8126.0125. 6126. 7126. 7128

le manufa

Machin-ery

87. 796. 5

107. 1104. 288. 8

107. 1110. 8110. 4123. 5129. 1126. 4126. 2125. 9128. 4129. 4129. 6130. 5131. 3132. 2132. 6133. 3134. 4133. 9135

ctures

Transpor-tationequip-ment

83. 8102. 097. 4

106. 489. 5

104. 0108. 2103. 6118. 3127. 0122. 3122. 1123. 7124. 5130. 4129. 3126. 8128. 7130. 8130. 8130. 6129. 6130. 4129

Lumberand

prod-ucts

99. 6109. 5105. 495. 995. 6

108. 5102. 1101. 3106. 1109. 0108. 2115. 7108. 0108. 9106. 9104. 1110. 4110. 3108. 1111. 1112. 5116. 1119. 3

Nc

Textiles,apparel,

andleather

86. 995. 598. 096. 995. 0

108. 1107. 5108.4115. 1118. 5115. 6115. 9116. 2116. 5118. 0118. 9120. 2121. 1121.7123. 0123. 7122. 3122. 1123

ndurable

Paperand

print-ing

85.092. 597. 197. 897. 0

105. 2109. 0112. 4116. 7120. 0115. 8115. 7119.2120. 5121. 6122. 3122. 4122. 0122. 3122.7123. 8122. 7124. 3124

manufactu

Chemicals,petro-

leum, andrubber

74.786. 891. 495. 695. 5

108.9113. 9118. 8131. 2141. 5135. 3138. 2139. 7141. 3141. 3143. 3144. 4144. 8145. 9147. 3146. 1145. 8145. 9147

res

Foods,bever-

ages, andtobacco

89. 893. 196. 696. 799. 4

103. 9106. 6110. 4113. 4116. 3115. 0115. 6114. 7116. 4116. 1116.9117.5116. 5118. 2117. 2118. 4119. 3118. 8119

Preliminary. Source: Board of Governors of tbe Federal Reserve System.

17


WEEKLY INDICATORS OF PRODUCTIONWeekly indicators of production (seasonally unadjusted) registering gains in March were steel and bituminous coal.

MIL

2

1

BILLI

20.0

18.0

16.0

14.0

LIONS OF TONS

STEEL

T ,— -•%"^P>^\ ""%x63

I / . ^^ ^ ^^^1 196*1 '**» „>"•**

-N /"t*'V

,11 1 1 i 1 | | H 1 1 ! ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' 1 ' ' ' ' '

ONS OF KILOWATT HOURS

. , fcLtCTRIC POWER s.119641 /|

/Wv\ /",.% .963 / 1

'/"•i "X, / M/s ^I-' --. =" * V" K " \ -•••».-- V1/ »

r^/^x.,A/v/\/s</% Vv ^^\/ •' * v A*/ i1 ' \f*"f ^/ \m+ J V v

1962 \v/* * *

>f i i t i t i I i i i , I i i i i t i i I i r i ( i i i i i i t i | | i | i I i i i I 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 IIIEDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REP

MILL

2.0

1.5

1.0

THOU

250

2OO

ISO

too

50

O

TERIOR,ORTS.

ONS OF SHORT TONS (DAILY AVERAGE)

BITUMINOUS COAL

(.

f| 1963n^p3 &£ \ ,..»*'"""••-•<,*.„.»& f..

g 1962

j i i 1 i i i t i » i i 1 i i i 1 i i i 1 i > i i 1 i i i 1 i i i i 1 i i i t , i 1 1 i t i i 1 i , i

iANOS

CARS AND TRUCKS11964

jL/kL-N._X" * ••*""•' *** ~ -

P:O^^\L1 | A^!S« £<~"\f \i~**~y furi / ^ \\ s

^^"t S

i yV

r r i 1 i i i 1 t i i i I i i i I i i i 1 i i i i 1 i i i 1 t i i i ! i r il i i i 1 i i I I 1 i i tJ F M A M J J A S O N O


Period

Weekly average:19571958 .. .195919601961196219631963: Feb

Mar _ _Apr . _MayJuneJulyAug__Sept.Oct _. .NovDeo . _

1964: JanFebMar 3 ,

Week ended:1964: Mar 7

14___ _ _2128_

Apr 4 2 . .11 2-_.

Steel pThousands

of nettons

2,1621,6351,7921,8991,8801,8862, 0962, 0562,2752,4932,5942,4161,9581, 7571,8361,9151,9791,9802, 1482, 2892, 365

2,3122, 3152,3622,4062,4472, 447

'oducedIndex

(1957-59=100)

116. 087. 896. 2

101. 9100.9101. 2112. 5110. 3122. 1133. 8139. 2129.7105. 194. 398. 6

102. 8106. 2106. 3115. 3122. 8126. 9

124. 1124. 3126. 8129. 2131.4131. 4

Electricpower

distributed(millions of

kilowatt-hours)

11, 87312, 08213, 29714, 42415, 13916, 32517, 49017, 55016, 82416, 35716, 44517, 62518, 07818, 25717, 52717, 25017, 48218, 79218, 72218, 66818, 144

18, 22618, 24018, 14017, 97217, 876

s 17, 870

Bituminouscoal mined(thousands

of shorttons) l

1, 6441,3801,3801,3901,3531,4141,5121,4171, 2921, 4951,5381,5731, 5101, 5431, 6551, 6371,5351, 5401, 5551,3711, 393

1,3181,3151,4191,4581,269

Freightloaded

(thousandsof ears)

683581596585550552555516532560587606539578577628559493517526526

518521537528519

Paperboardproduced

(thousandsof tons)

273274307306322343358357367356366370319381355387373325349386384

383382387382372397

Carassemb

Total

138. 698. 4

129. 5151.8127. 9157. 5175. 0178. 7184.4186.0185.1200. 1166. 148. 1

145. 7205. 8205. 5202. 0189. 9201. 2196. 6

193.7196. 4197.7198. 8208.9209. 2

s and tnled (thoi

Cars

117. 681. 6

107. 6128. 8106. 1133.4146.9149. 2154.4157.2156. 3170.5138. 529. 7

118. 9174. 9175. 7173.3159.8168. 4164. 0

161.4164. 3164.7165. 6173.9174. 9

icksisands)

Trucks

21. 016. S21.923.021.824.128.129. 530.028.828.829.627.618.426.830. 929.828.730. 132.732. 6

32. 232. 033. 033. 235. 034. 3

1 Daily average. Includes data for Alaska.2 Preliminary,3 Not charted.

Sources: American Iron and Steel Institute, Edison Electric Institute, Depart-ment of the Interior, Association of American Railroads, National PaperboardAssociation, and Ward's Automotive Beports.

18


NEW CONSTRUCTIONOutlays for new construction (seasonally adjusted) reached a record annual rate of $67.0 billion in March, morellian $1 billion greater than in February. The rise stemmed from increased activity in private residential and com-mercial and public construction.

1

BILL

60

40

20

„'

nl

IONS OF DOLLARS

T

—

X-*" — •"

-

*

1 1 1 1 1 1 1 1 I 1

PRIVATE RESIDE

""iini,,,!."'1""""

r 1 1 1 r I i 1 r r

1958

* SEE NOTES IN TAB

SOURCE: DEPARTMENT

OTAL NEW CONS

.*— -N.>X^ "S *

PR

,+'""'*•*-

.-**

] t ! 1 1 I I 1 T r

NTIAL (NONFARM)

*

— •^••.pi*'

1959

LE BELOW.OF COMMERCE.

SEASONALL

T RUCTION

^^ - "

PUBLIC

~^,,,*,

""*i i i I i 1 I i i I i

\

-»—

, , , , , [ , , , , ,

I960

y ADJUSTED ANNUAL

^_^

i I 1 I 1 1 1 1 1 i 1

iS, ,un,«'lVl"

_—_

! 1 ! t 1 1 T 1 t I r

1961

RATES

_^^

1 1 1 1 1 1 T I 1 1 1

» m...-"""1"""""1"'"

OTHER PRIVATE

t r ! t T ! ! 1 1 ( 1

1962

E

~^~ 1

•-X--*"*

1 1 1 1 1 1 1 t 1 1 1

, „,.«•" """""

^- — 1I r r t r 1 T I 1 i t

1963

CO

HLLIONS OF DOLL

_>>

~

-*

-

-

( 1 ! , t I r I , . f

m»"

••••

«

i f r t t 1 t i ( f i

1964

JNCit OF ECONOMIC ADVIS

ftRS

i60

50

40

30

20

0

20

~>

0

FRS

Period

19591.959 (new series)4-1960196119621963

1963: FebMar _ _ ..AprMayJune_ _ _Julv . ._Aug_SeptOctNovDee _.

1964: JanFebMar5

Total newconstruc-

tionexpendi-

tures

54. 155. 353. 955. 559. 062. 8

59. 260. 159. 660. 562. 362. 764. 264. 265. 966. 165. 565. 665. 867. 0

Total

38.039. 238. 138. 341. 543. 8

41. 441. 542. 443. 143. 243. 944. 644. 845. 645. 845.945. 646. 146. 6

llesi

Total '

22. 324. 321.721. 724. 225. 7

Sea

24. 324, 425. 025. 625. 825. 925. 825. 926. 526. 926. 626.727. 027. 3

Pr

dential nor

Newhousing

units

Billions17. 119. 2.16. 416. 218. 620. 1

anally adji

18.718. 819. 420. 120. 220. 320. 220. 120. 721. 120. 820. 921. 221. 5

vate

if arm

Additionsand al-

terations 2

of dollars4. 44. 3

isted annum

Commer-cial and

industrial

6. 06.07.07.57.98.2

I rates

7. 77.77.77. 67. 68. 18.79. 08. 98. 99.08. 98.99. 1

Other

9. 78. 99. 39.29. 49.9

9. 49. 49.89.99. 8

10. 010.110.010. 29. 9

10. 310. 010. 210. 2

Federal,State,andlocal

16. 116. 115. 917. 217.619. 0

17. 818. 617. 117. 319.218. 819. 619. 420. 320. 419. 720. 019. 720. 5

Constructioi

Total value(index,

1957-59 =100)

105. 1105. 1105. 2107. 6119. 7132. 0

Seasonallyadjusted

130118125144135126132128146144148147143

i contracts 3

Commer-cial and

industrialfloor space(millions ofsquare feet)

440440461443500534

Seasonallyadjustedannualrates

541473483564617549539527610518530620630

1 Includes nonhousekeeping residential construction, not shown separately.2 Not available for revised series beginning 1960.3 Compiled by F. W. Dodge Corporation and relates to 48 States.* In addition to major differences between old and new series, data for Alaska

and Hawaii are included beginning January 1959.

s Preliminary.

Sources: Department of Commerce and F. W. Dodge Corporation.

19


NEW HOUSING STARTS AND APPLICATIONS FOR FINANCINGIn February, private nonfarm housing starts decreased 6 percent to a seasonally adjusted annual rate of 1.6million units. FHA applications rose, while VA appraisal requests declined,- both declined in March.

MILLIONS OF UNITS

2.5MILLIONS OF UNITS

2.5

1958

SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION (VA). COUNCIL OF ECONOMIC ADVISERS

[Thousands of units]

Period

19571958195919591960 _196119621963 3

1963: Feb._Mar.Apr--May.June-July .Aug__Sept.Oct..Nov.-Dec-..

1964: Jan3.,Feb3-Mar3

Totalprivate

andpublic

(includ-ing

farm)

1, 553. 51, 296. 01, 365. 01, 492. 41, 617. 7

87. 6128. 1160.3169. 5157.3152. 3147. 9147. 3166. 1121. 296.8

101. 3100. 0

Totalprivate(includ-

ingfarm)

1, 516. 81, 252. 11, 313. 01, 462. 81, 587. 0

86. 5124. 4158. 2166.4153.4150. 2144. 4145. 3163. 1119. 495. 1

100.299.2

Prh

Total

992. 81, 141. 51, 342. 81, 494. 61, 230. 11, 284. 81, 439. 11, 559. 6

85. 0122. 6155. 4163. 2151. 6148. 6142. 0142. 1159. 8117. 092.898.996. 7

Hoi

'ate nonfa

One-family

840. 2932. 5

1, 078. 51, 211. 9

972.3946. 4967.8977. 3

50. 978. 8

102. 8103. 998.396. 593. 489. 799. 269. 448.255. 362.0

ising star

rm

Two ormorefami-lies

152. 6209. 0264. 3282. 7257. 4338. 6471. 3581. 9

34.243. 852. 559. 453.352. 048. 552. 460.547. 544.543.634.7

ts

Totalprivate(includ-

ingfarm)

1, 516. 81, 252. 11, 313. 01, 462. 81, 587. 0

1, 3801, 5751,6181,6181, 5711, 5881,4551, 7321, 8471,5641, 5641,7291,643

Priv

Total

992. 81, 141. 51, 342. 81, 494. 61, 230. 11, 284. 81, 439. 11, 559. 6

Se1,3531, 5491, 5901,5901, 5541, 5731, 4341,6971, 8071, 5331, 5181,6991,601

ate nonf

Goverhome p

FHA150. 1270. 3307. 0307. 0225. 7198. 8197. 3166. 2

isonally164172176180179164151159158153157158192165

arm

nmentrograms

VA128. 3102. 1109. 3109. 374. 683. 377.871. 0

adjusted7873837972726362626773758368

Newprivatehousing

unitsauthor-ized *

820. 3950. 8

1, 081. 11, 208. 3

998. 01, 064. 21, 186. 61, 327. 0annual ra

1, 2281, 2741, 2641, 3291, 3631, 3081, 2621,3721, 4121, 3691, 4261, 3141, 404

Proposeconstr

Applica-tions for

FHAcommit-ments 2

198. 8341.7369. 7369. 7242. 4243. 8221. 1190. 2

tes197197251

4 160195182172173176190183178193190

3d homeuction

Request!for VAapprais-

als2

159. 4234.2234. 0234. 0142. 9177. 8171.2139.3

150152119152123122133140140145159138135124

* Authorized by issuance of local building permit; in 10,000 permit-issuingplaces prior to 1963, and 12,000 or more thereafter.2 Units represented by mortgage applications for new home construction.3 Preliminary.

20

4 Reflects new application fee scheduled May 1.NOTE.-—Data for Alaska and Hawaii are included in all VA and FHA scries

and Census series beginning with the new series in 1959.

. Sources: Department of Commerce, Federal Housing Administration (FHA)and Veterans Administration (VA).


TRADE SALES AND INVENTORIESPreliminary estimates show March retail sales (seasonally adjusted) about 1 percent below the February level whichhas, however, been revised substantially upward.

BILLIONS OF DOLLARS* BILLIONS OF DOLLARS*

RETAIL TRADE

DURABLE GOODS STORES

INVENTORIES

v

SALES

L—w~

NONDURABLE GOODS STORES

INVENTORIES

105

1961 1962 1963* SEASONALLY ADJUSTED.SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

WHOLESALE TRADE

INVENTORIES

n i l i i i i f i i i i i I i i i i i i i i i i I i i i I i I

INDEX, 1957- 59 >IOO*'130

1963 1964

COUNCil OF ECONOMIC ADVISERS

Period

19561957 . . .19581959I96019611962963963: Jan . ... __

FebMar_ _Apr _. _-May_ .JuneJuly..Aug. ._ —Sept__ _OctNovDee

964: Jan 7-Feb 'Mar '

Who

Sales i

9, 6899, 6119, 428

10, 47710, 46610, 63811, 18711, 67011, 28311, 54811, 61911, 47211, 47511, 66211, 70611, 67011, 95011, 99111, 63112, 10312, 13212, 143

esale

Inven-tories 2

11, 97411, 77811, 75712, 81112, 88513, 13113, 58114, 22413, 49313, 54213, 57013, 59313, 72613, 78013, 83113, 95214, 12214, 20214, 23914, 22414, 34714, 290

Total

Millions c

15, 81116, 66716, 69617, 95118, 29418, 23419, 61320, 53620, 38720, 37420, 35020, 27620, 20020, 48620, 71920, 66620, 42620, 71620, 55821,01921, 00021, 44021, 134

Sales i 3

Durablegoodsstores

>f dollars,

5, 4845, 6965, 2845, 9725, 8945, 6086, 2456, 6756, 6246, 6246, 5766, 6466, 5126, 6306, 7736, 5626, 6066, 9416, 7346,8316,8557, 1836,867

Re

Non-durable

& UB

stores

seasonally

10, 32610, 97111, 41211, 97912, 40012, 62613, 36713, 86113, 76313, 75013, 77413, 63013, 68813, 85613, 94614, 10413, 82013, 77513, 82414, 18814, 14514, 25714, 267

tailIi

Total

r adjusted

23, 40224, 45124, 11325, 30526, 81326, 23827, 93828, 69128, 00228, 02528, 06628, 06128, 06228, 12428, 25928, 14828, 14728, 35728, 65128, 69129,01228, 992

iventories

Durablegoodsstores

10, 49511, 28310, 52611, 04411, 95111, 01911, 72811,96511, 67611, 73511, 72411, 62211, 58411, 61411, 67311, 60411, 60511, 66411, 85611,96512, 10912, 093

2

Non-durable

stores

12, 90713, 16813, 58714, 26114, 86215, 21916, 21016, 72616, 32616, 29016, 34216, 43916, 47816, 51016, 58616, 54416, 54216, 69316, 79516, 72616, 90316, 899

Departm

Sales «

Index, 195seasonally

949699

105106109114119114114119115117120120126121113117126123

ent stores

Inven-tories 5

7-59=100,adjusted 8

949998

103109110117123120119120120121121123122124128128127127

1 Monthly average for year and total for month.= Book value, end of period, seasonally adjusted.2 Beginning January 1960, data include Alaska and Hawaii.' Dally average.

' End of period, except annual data, which are monthly averages.6 Based on retail value. 7 Preliminary. -Sources: Department of Commerce and Board of Governors of the Federal

Reserve System.21


MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERSManufacturers' sales and new orders (seasonally adjusted) declined somewhat in February from their January peaks.Inventories increased owing to the rise in stocks of nondurable goods producers. Preliminary data indicate a 2-per-cent decline in new orders for durable goods in March.

BILLIONS OF DOLLARS* BILLIONS OF DOLLARS*

50

40

30

20

MANUFACTURERS' INVENTORIES

DURABLE GOODS

NONDURABLEGOODS

>„ „.„."•'

1963

10

MANUFACTURERS' SHIPMENTS

DURABLE. GOODS

NONDURABLE GOODS

10

1964

MANUFACTU

^JlffiS™*"*"""

II I , , 1 1 , I 1 1 ,

" 1961

RERS' NEW OF

DURABLE GOODS

NOI\

, , > . . 1 » , , ,I96E

DERS

DURABLE GOODS

1963

"it

~

, I , , ,1964

* SEASONALLY ADJUSTED.SOURCE: DEPARTMENT OF COMMERCE. ICOUNCIL OF ECONOMIC ADVISERS

.

195619571958 _19591960 _ -196119621963.1963: Jan__

FebMarAprMay . _June_JulyAug. ...SeptOct _ .NovDec

1964: Jan4

Feb <Mar * 6

Manufac

Total

27, 74028, 73627, 28030, 21930, 79630, 88433, 30834, 77433, 54234, 11434, 24434, 57834, 83634, 94235, 64134, 73634, 67235, 21435, 00436, 02136, 67736, 338

turers' sh

Durablegoods

14, 71515, 23713, 57215, 54415, 81715, 53217, 18418, 07117, 30117, 63617, 62217, 89218, 11218, 24218, 74618, 16017, 93718, 59018, 27218, 47619, 14419, 08518, 963

ipments 1

Non-durablegoods

13, 02513, 49913, 70814, 67514, 97915, 35216, 12416, 70416, 24116, 47816, 62216, 68616, 72416, 70016, 89516, 57616, 73516, 62416, 73217, 54517, 53317, 253

Manufac

Total

Millions50, 64251, 87150, 07052, 70753, 81455, 08757, 75360, 14757, 88358, 02158, 12658, 30958, 50758, 70658, 88458, 91759, 08759, 32259, 78060, 14759, 99160, 074

iurers' inv

Durablegoods

of dollars30, 44731, 72830, 09531, 83932, 36032, 64634, 32636, 02834, 39034, 49634, 59334, 78734, 96235, 15635, 34635, 50735, 53635, 58135, 70436, 02835, 95535, 935

entories 2

Non-durablegoods

seasonal20, 19520, 14319, 97520, 86821, 45422, 44123, 42724, 11923, 49323, 52523, 53323, 52223, 54523, 55023, 53823, 41023, 55123, 74124, 07624, 11924, 03624, 139

Ma

Total

y ad juste28, 38327, 51426, 90130, 67930, 11531, 06133, 16735, 03634, 74234, 63635, 36435, 75235, 43834, 42535, 20734, 93034, 99135, 35434, 95335, 61937, 14836, 835

nufacture

Durat

Total

d15, 38114, 07313, 17015, 95115, 22315, 66417, 08518, 30018, 46618, 22818, 77619, 03718, 73617, 68218, 27518, 06018, 24418, 62218, 11317, 97419, 74019, 62419, 229

rs' new orde

)le goods

Machineryand

equipment

2, 8702, 5662, 3542, 8782, 7912, 8543, 0903, 3263, 2543, 2063,2173,3513, 4163, 2923,3343, 3073,4153, 4413, 2733, 6123, 6173,476

rs '

Non-durablegoods

13, 00213, 44113, 73114, 72814, 89215, 39716, 08216, 73616, 27616, 40816, 58816, 71516, 70216, 74316, 93216, 87016, 74716, 73216, 84017, 64517, 40817, 211

Manu-fac-

turers'inven-tory-sales

ratio 3

1.731. 811. 841. 701.761. 741. 701. 691. 731.701. 701. 691. 681. 681. 651. 701. 701. 681. 711. 671. 641. 65

1 Monthly average lor year and total for month.2 Book value, end of period, seasonally adjusted.8 For annual periods, ratio of weighted average inventories to average monthly

sales; for monthly data, ratio of inventories at end of month to sales for month.

4 Preliminary. fi Not charted.

Source: Department of Commerce,

22


MERCHANDISE EXPORTS AND IMPORTSMerchandise exporfs, seasonally adjusted, fell slightly while imports rose slightly in February, resulting in a smalldecline in the trade surplus. However, the January-February surplus amounted to an annual rate of $7.1 billion, or17 percent above the fourth quarter 1963 rate.

BILLIONS OF DOLLARS£.5

2.0

BILLIONS OF DOLLARS2.5

•^ SEE NOTE I BELOW.SOURCES: DEPORTMENT OF COMMERCE.

[Millions of dollars]

Period

Monthly average :19561957195819591960196119621963

1963: JanFebMar_ .AprMayJuneJulyAug _ .SeptOctNovDee

1964: Jan .Feb

Total (ing reej


9858, 1181,9601,9131, 8931, 7851, 8331,8951,9801, 9461,9452,0492, OS7%,029

M

inelud-tports)1

Unad-justed

1, 4441, 6251,3641, 3661, 6331, 6791, 7451, 857

9602,0142,0581,9682, 0751,7791, 7141. 8111, 7662, 0232, 0282,0922, 0251, 994

erchandi

]

Total '

1,4321,6111,3511,3521, 6171,6591, 7231,834

U941

1,9902, 0311,9412, 0501,7541, 6931,7871,7441,9992, 0032, 0681, 9981, 966

se expo

Domest

Food-stuffs

216208198210230254281314

nadjust140322347360375280294282288354363364355347

rts

c exporIndus-trial

mate-rials

441530368366510486440488

ed234521495464509458454518493569567582548527

tsFinishedmanu-

fac-tures '

775872784776877919998

1,031

5671,1471,1901, 1171, 1601, 014

942992962

1, 0761, 0741, 1221, 0951, 092

Generpoi


1,09S1,4971,4871,4171,4201,4^01,4581,5081, 4501, 4591, 47S1,4801,4301,44$

M

al i ro-ts2

Unad-justed

1,0511, 0821,0701,2671,2511, 2261,3661,429

1, 1171,3861,4631,4541, 4601, 3561, 5031,4581, 3981, 5911,4321, 5321, 4551,338

erchandi

Impc

Total

1,0561, 102

41, 1011, 2841,2511, 2211, 3541,418

U1, 1401,3631,4191,4501, 4371, 3281, 5051,4791, 3751,5781,4281,5121,4731,322

se impo

>rts for

Food-stuffs

267274288285274277297310

nadjust208323317317299279313304325367316356294267

rts

consumIndus-trial

mate-rials

521534489569539522561574

ed519549575593594559599629546598538600617561

ption 3

Finishedmanu-

fac-tures

268294326431438423496533

412491526547545490593547504612573556562494

Merchan-dise

tradesurplus,season-ally ad-justed

39354329499

382453380428

-107620474i9847S364366386529488473569607583

1 Total exports less Department of Defense shipments of grant-aid militarysupplies and equipment tinder the Military Assistance Program.

2 Imports for immediate consumption plus entries into bonded warehouses.3 Imports for immediate consumption plus withdrawals for consumption from

bonded warehouses.

•* Total adjusted to exclude $3-3.5 million of the value reported by economiccategory.

NOTE.—Seasonally adjusted series revised beginning 1962. Because of revisionsmade in series, subgroups do not include all data in totals.

Source: Department of Commerce. 23


U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICESThe exporf surplus increased in the fourth quarter of 1963 to $6.5 billion (seasonally adjusted annual rate). Exceptfor 1961, which was affected by recession, the surplus has increased year-by-year since 1959.


40

10


EXPORTS OF GOODS AND SERVICES

1958

IMPORTS OF GOODS AND SERVICES

1959 I960 1961 1962_! 1_ _J !_

40

30

£0

10

SOURCE: DEPARTMENT OF COMMERCE.

1963 1964



Period

19541955.19561957 ..19581959196019611962 __1963 2

1962: IIIIII __IV

1963: IIIIII..IV2 ...

Total

17, 75919, 80423, 59526, 48123, 06723, 47626, 97428,31129, 79031, 603

28, 82430, 44030, 20029, 69629, 80831,61231, 68433, 308

Expo

Mer-chan-dise 1

12, 79914, 28017, 37919, 39016, 26416, 28219, 45919, 91320, 47921, 902

20, 08821, 04821,08019, 70020, 04021, 97622, 23623, 356

rts of goo

Militarysales

182200161375300302335402660632

452760564864724812368624

ds and seiIncoi

invest

Private

1,9552,1702,4682,6122, 5382, 6942, 8733,4643, 8504, 067

Sc

3, 6163,7603, 7844,2404,2363, 8763, 9724, 184

•vicesne onmentsGovern-

ment272274194205307349349380472498

jasonally <

436576420456492496500504

Otherservices

2,5512,8803,3933,8993, 6583,8493,9584, 1524,3294, 504

adjusted a

4,2324,2964,3524,4364,3164,4524,6084,640

Inapo

Total

15, 93117, 79519, 62820, 75220, 86123, 34223, 20522, 86724, 96426, 118

nnual rat

24, 47624, 88825, 12825, 36425, 08025, 81226, 77626, 804

rts of goo

Mer-chan-dise 1

10, 35411, 52712, 80413, 29112, 95215,31014, 72314, 49716, 14516, 962

es

15, 76816, 12016, 50816, 18416, 05616, 72817, 56817, 496

ds and se

Militaryexpend-itures

2, 6422, 9012,9493,2163,4353,1073,0482, 9343,0282,880

3, 0162,9922,9283, 1762, 9922,9002,8322, 796

rvices

Otherservices

2, 9353,3673,8754,2454,4744,9255,4345,4365, 7916,276

5,6925,7765, 6926,0046,0326,1846,3766, 512

Balanceon goods

andservices

1, 8282,0093,9675, 7292,206

1343,7695,4444,8265,485

4,3485,5525, 0724,3324,7285,8004,9086, 504

1 Adjusted from customs data for differences in timing and coverage.2 Preliminary.


24


U.S. BALANCE OF INTERNATIONAL PAYMENTS(he over-all payments deficit in the fourth quarter of 1963 remained near the much-improved third quarter level (sea-.onally adjusted). The deficit for the calendar year was accordingly well below the annual rate indicated for the;irst half.



10

10

-10

OVER-ALL Bf

uuiiiU1 1 1

1958

LANCE [SURPLUS c

UULJU

1 1 11959

)R DEFICIT t-fl

UUUUi i i

I960

u u r ii i i

1961

LJU^LJ

i t i1962

^LT"i i i

1963

-

_

1 1 11964

10

-10

SOURCE: DEPARTMENT OF COMMERCE. COUNCIL OF ECONOMIC ADVISERS.


Period

1956195719581959196019611962I 9 6 3 6 _ _ . _

1962:IIIm..__IV

1963:IIIIII.—IV6— .

Balanceon

goodsand

services

3, 9675, 7292, 206

1343,7695,4444, 8265,485

4, 3485, 5525,0724, 332

4, 7285, 8004, 9086, 504

Govern-mentgrantsand

capital,net

— 2, 362-2, 574-2, 587— 1, 986-2, 769-2, 782-2, 998-3, 558

-3, 680-3, 364— 1, 776-3, 172

-3, 508-4, 660-2, 364-3, 700

U.S. pr

Directinvest-ments

-1, 951-2, 442-1, 181— 1, 372-I, 694— 1, 598— 1, 557— 1, 799

Season

-796-2,024-1,436-1,972

-2, 004-1, 952

-836— 2, 404

ivate capi

Long-termpor1>folio

-603— 859

-1, 444-926-850

-1, Oil— 1, 209— 1, 641ally ad jus

1, 428-1, 316

-752-1, 340

2,048-2, 480-1, 176

-860

tal, net

Short-term

-517-276-311-77

-1, 348— 1, 541

— 507— 642

ted annua

-1, 2204

-656— 156

336-2, 504

116-516

Foreigncapital '

653487

22863366728

1,020802

1 rates

1, 308216704

1, 852

3481, 004

7761,080

Unre-cordedtrans-actions

5431, 157

488412

-683-905

-1, 025— 495

-108-148

-1,876— 1, 968

-540484

— 1, 544-380

Over-

Total 2

-935520

-3, 529-3, 743-3, 881-2, 370-2, 186-2, 660

-2, 340-1, SOS— 1, 424-3, 172

-3, 532-5, 152

-900-1,056

all balanc

Total

-935520

-3, 529-3, 743-3, 881-2, 370-2, 186-2, 660

Quai

— 472— 323— 693-698

— 702-1, 194

-589-175

; (surplus

Goldand con-vertible

cur-rencies

306798

-2, 275-731

-1, 702-741-907-348

terly tota

-189207

-550-375

-78-122-168

* 20

or deficitLiquid 1

To mon-etary

author-itiesand

institu-tions 4

— 1

1— J.

3,-1,890

— 546-1,079-1, 709Is, unadji

416-506— 601— 388

— 230-930-383— 166

(-))labilities 3

To otherforeignholders 5

241-278254012

-289-1,083

-200— 603

sted

-699— 2445865

-394— 142-38— 29

1 Other than liquid funds.2 Equals changes in U.S. gold and convertible currencies and liquid liabilitieslo foreigners. Remittances and pensions, not shown separately in this table,are included in over-all balance and amounted to $812 million in 1963.

3 Minus indicates increase in liabilities.*To International Monetary Fund (IMF) and foreign central banks and

jyOYeraments,

* To foreign commercial banks and other International and regional institutionsnot listed in footnote 4, and other foreigners.

6 Preliminary.' Total at end of fourth quarter was $15,808 million, of which $15,596 million was

U.S. gold stock. The decline in gold stock during quarter was $38 million.NOTE.—I>ata exclude military aid and U.S. subscriptions to IMF.Source: Department of Commerce. OCJ


PRICESCONSUMER PRICESConsumer prices fell 0.1 percent in February, the first monthly decrease since December 1962.percent in nonfood commodity prices more than offset slight increases in food and service prices.

A decline of 0.2

INDEX, 1957-59 = 100

120INDEX, 1957-59 = 100

130

/ „> .,.,„-•

^ /COMMODITIES

LESS FOOD

NOTE I BELOW.SOURCE: DEPARTMENT Of LABOR.

100

951963 1964


[1957-59 = 100]

Period

19541955 . ..195619571958195919601961196219631963: Jan_.

Feb ... .MarAprMav ... .JuneJulyAug .Sept _ , . __Oct_ , _ _NovDec _ _

1964: Jan (new series) 1

Feb ..

Allitems

93. 693. 394. 798.0

100. 7101. 5103. 1104. 2105. 4106. 7106. 0106. 1106. 2106. 2106. 2106. 6107. 1107. 1107. 1107. 2107. 4107. 6107. 7107. 6

All com-modities

95. 594. 695.598.5

100. 8100. 9101. 7102. 3103. 2104.1103. 4103. 6103. 6103. 6103.5104. 0104. 6104. 6104. 4104. 5104.7104. 9104.9104. 8

Co

Food

95. 494. 094, 797. 8

101. 9100. 3101. 4102. 6103. 6105. 1104. 7105. 0104. 6104. 3104. 2105. 0106. 2106. 0105. 4104, 9105. 1105. 4105.8106. 0

mmoditie

Comm

All

95. 694. 995. 998. 899. 9

101. 2101. 7102. 0102. 8103. 5102. 6102.7102. 9103. 1103. 0103. 3103. 5103. 6103. 7104.2104. 5104. 5104. 3104. 1

3

odities let

Durable

97. 794, 995.498.5

100. 0101.5100. 9100. 8101. 8102. 1101.2101. 2101. 5101. 8101.8102. 0102. 1102. 1102. 2102. 7103. 1103.0102. 9102. 9

s food

Non-durable

94, 494. 496. 599. 199.8

101. 0102. 6103. 2103. 8104. 8104. 0104. 1104. 2104. 3104.2104. 5104. 8105. 0105. 2105. 6105.8105. 9105. 6105. 3

Allservices

88.790. 592.896. 6

100. 3103. 2106. 6108. 8110.9113. 0112. 0112. 1112. 3112. 5112. 6112.9113. 1113.3113. 5113.7113. 9114. 1114. 2114. 3

Services

Rent

93.594. 896. 598. 3

100. 1101. 6103. 1104. 4105. 7106.8106. 3106. 4106. 4106. 5106. 6106.7106. 7106. 8107. 0107. 1107. 2107. 3107.3107.5

Servicesless

87.489.491.996. 1

100. 2103. 6107. 4110.0112. 1114. 5113. 4113. 4113.7114. 0114. 0114. 4114. 6114. 8115. 1115. 3115. 5115.8116.0116. 0

1 See note.NOTE.—Prior to January 1964, indexes revised to reflect transfer of horn

ownership from services to durable commodities.

26

Beginning with January 1964, new index with revised weights, coverage, andsampling procedures. For details, see Department of Labor release, MajorChanges in the Consumer Price Index, March 3, 1964.



WHOLESALE PRICESWholesale prices decreased by 0.1 percent in March. Prices of farm products rose by 0.8 percent while processedfoods fell by 0.5 percent, and prices of industrial commodities declined by 0.1 percent.

INDEX, 1957-59=100 INDEX,1957-59*100

115

HO

105

100

'FARM PRODUCTS

_J» l_COMMODITIES OTHER THAN FARM *

PRODUCTS AND FOODS \(INDUSTRIALS)

115

110

100

95

90

SOURCE: DEPARTMENT OF LABOR.

1964

•COUNCIL OF ECONOMIC ADVISERS

[1957-59=100]

Period

1956195719581959i960.-. _ -. _ _ - -961962.,963__ -963: Feb

Mar.. -. .Apr _May .-JuneJulyAugSept _ ... _ -OctNov --Dec

964: Jan __FebMar"

Veek ended : 4

1964: Apr 7 _14

Allcom-modi-ties

96. 299. 0

100. 4100. 6100. 7100. 3100. 6100. 3100. 299. 999. 7

100. 0100. 3100. 6100. 4100. 3100. 5100. 7100. 3101. 0100. 5100. 4

100.3100. 4

Farmprod-ucts

96. 699. 2

103. 697 296. 996. 097.795.796. 595. 495. 494. 494. 996. S96. 395. 595. 196. 293. 396.394. 595. 3

94. 694. 8

Proc-essedfoods

94. 397. 9

102. 999. 2

100. 0100. 7101. 2101. 1100. 599. 099. 3

101. 7102. 4102. 2100. 9100. 9102. 2102. 5100. 4102. 5100. 9100. 4

100. 5100. 5

Commodii

All in-dustri-

als '

96. 599. 299. 5

101. 3101. 3100. 8100. 8100. 7100. 6100. 6100. 4100. 5100. 7100. S100. 8100. 7100. 9100. 9101. 2101. 3101. 2101. 1

101. 0101. 0

ies other t

Indus-trialcrudemate-rials102. 3100. 996. 9

102. 398. 397. 295. 694.394. 994. 994. 394. 193. 993. 993.993. 994. 494. 594. 594. 994. 995. 2

ban farm

Indus-trial in-

termedi-ate ma-terials 2

97. 099. 699. 4

101. 0101. 4100. 199.999. 699. 499. 399. 399. 599. 799. 799. 799. 699. 899.9

100. 1100. 1100. 2100. 2

3roducts ai

Produc-er fin-ishedgoods

92. 097. 7

100. 2102. 1102. 3102. 5102.9103. 1103. 0102. 9102. 9102.9103. 0103. 0103. 0103. 0103.2103. 4103. 6103. 5103.7103. 7

ad foods (iiConsurished g<

cludinDur-able95. 998. 7

100. 1101. 3100. 9100. 5100. 099. 599. 899. 799.599. 499. 399.499. 399. 499. 699. 699. 599. 599. 699. 6

idustrials)aer fin-jods ex-g food

Non-durable

97. 799. 999. 3

100.8101. 5101.5101. 6101. 9101. 7101. 8101. 6101. 8102. 1102. 3101. 9101. 9102. 0101. 7102. 2102.4102. 1101. 6

1 Coverage of the subgroups does not correspond exactly to coverage of thisulex.

3 Excludes intermediate materials for food manufacturing and manufacturednimal feeds; includes, in part, grain products for further processing.

3 Preliminary.* Weekly series based on smaller sample than monthly series.

Source: Department of Labor.21


PRICES RECEIVED AND PAID BY FARMERSDuring the month ended March 15, both the index of prices received and prices paid were unchanged. The parityratio also was unchanged at 77.

INDE!

110

100

90

80

RATI

100

80

70

•i'RATINTERESOURC

<, 1957-59 = 100

/—•%y^v7*"* *-"-• ^

O-!/

**«>••<.,J 'l>u«.f%''''%

,.«* ''/,

1958

0 OF INDEX OF PRICESST. TAXES, AND WAGE RE: DEPARTMENT OF AC

PRICES PAID,NTEREST, TAXES, A

WAGE RATES

\

X

t 1 t I 1 I t ! ( 1 )

* """•"*""V5.,__

1959

RECEIVED TO INDEX OFATES, ON 1910- 14 = 100 ERICULTURE.

ND

PRICES RECE(ALL FARM PROD

i i i i . 1 t . i . ,

PARITY RAT\

I960

PRICES PAID,ASE.

<~\^-^,

VEDUOTS)

0

r *" ixf""^

1961

A.

"'"•"""„./' """

1962

-^ — »-rf*Si • • m m+

*^S- ^

Xy

''<;

1963

COUN

INDEX, I95T-59

^•M

\=

RA'

1964

CIL OF ECONOMIC ADV

= 100

110

too

90

80

100

90

80

70

SERS

Period

1954 -1955-195619571958 -19591960 -- -196119621963 . -1963: Feb 15- -

Mar 15 -Apr 15. .--M a y l 5 _ _ - -June 15 -July 15Aug 15Sept 15Oct 15Nov 15 -. -Dec 15

1964: Jan 15_._ ..Feb 15Mar 15

Prices

All farmproducts

102969597

104999899

10110010099

10099

10010110010010010098

1019999

•eceived by

Crops

1081041051011009999

102103107104107109110109107105104105108108109109109

'armers

Livestockand

products

Index, 19597908894

106100989899959794939193979797969491949292

Price

All items,interest,

taxes, andwage rates

7-59 = 10095949598

100102102103105106106106106106106107106106106106106107107107

s paid by fa

Familylivingitems

94949699

100101101102103104104104104104104105104104104104104104105104

rmers

Produc-tion

items

97969598

101101101101103104104104104104104104104104104103103104103104

Parityratio 1

808-183828581807979787877787777787877777770787777

1 Percentage ratio of index of prices received by farmers to index of prices IInterest, taxes, and wage rates, on 1910-14=100 base.

28

Source: Department of Agriculture.


MONEY, CREDIT, AND SECURITY MARKETSMONEY SUPPLYIn March the money supply rose $400 million while time deposits rose $800 million on a seasonally adjusted basis.

BILL

o

SOUR

ONS OF DOLLARS

-

r— -

---

^_~ -

>1958

SE: BOARD OF GOVERNC

TIME DCOMM

1959

RS OF THE FEDERAL

AVERAGES OF t

MONEY SUPPLY

iPOSITS AT ALL:RCIAL BANKS

.,-

I960

RESERVE SYSTEM.

AILY FIGURES, SEASO

L „ "I

••••*__,

1961

4ALLY ADJUSTED

-»1

""

1962

__-'

.,-"""+•*'

1963

COUN

BILLIONS OF DOLL

-

in '•

.*-

—

—

-

, , , , , ! . , , , ,

1964

OIL OF ECONOMIC ADV

ARS

0

SERS.

[Averages of daily figures, billions of dollars]

Period

057: Dec.958: Dec!)59: Dec960: Dec.061: Dec .962: Dec _ _ -063: Dec, ... ..063: Apr

May .. -_ .June. _ _JulyAug _Sept- .OctNov.Dec

1064: JanFeb.— --Mar2-,

First half.Second half 2 . .

M

Total

135. 9141. 2142. 0141. 2145. 7147. 9153. 5149. 4149. 4149. 8150. 7150. 5150. 9152. 1153. 4153. 5154. 8154.4154. 8154. 7154. 9

oney supj

Cur-rencyout-side

banks

Seasonall.28. 328. 628. 928. 929. 630. 632. 431. 231. 331. 631. 631. S31. 832.032. 332. 432. 532.732. 932.933. 0

>iy

De-mand

de-posits

f adjustec107. 5112. 6113. 2112. 2116. 1117. 3121. 1US. 2118. 1118. 2119. 1118. S119. 1120. 1121. 1121. 1122. 3121. 7121. 9121. 8121. 9

Timede-

posits '

57. 565. 567. 472. 782. 597. 5

111. 8102. 6103. 7104. 5105. 5106. 7107.6108. 9110.7111. 8113. 7114.8115. 6115. 4115.9

M

Total

139. 3144. 7145. 6144. 7149. 4151. 6157. 4149.5147. 3148. 2149. 4149. 1150. 5152. 5154. 8157. 4158. 0154. 1153.3153. 5153. 0

oney supj

Cur-rencyout-side

banks

Unad28. 929. 229. 529. 630. 231. 233. 130. 931. 131.431. 831. 932.032. 132. 633. 132. 432.332. 632.632. 5

>iy

De-mand

de-posits

justed110. 4115. 5116. 1115. 2119. 2120. 4124. 3118. 6116. 2116. 7117. 6117. 2118. 6120. 4122.2124. 3125. 6121. 8120. 7120. 9120.4

Timede-

posits '

56. 764. 666. 672. 181. 896. 6

110. 8102. 9104. 0105. 0106. 0107. 3108. 1109.3110. 0110. 8112. 9114.3115. 5115. 3115. 7

U.S.Gov-ern-mentde-

mandde-

posits '

3.53.94. 94. 74. 95. 65. 14. 27. 07. 47.76.26. 55.24. 35. 14. 14. 76.04.77. 1

1 Deposits at all commercial banks.1 Preliminary.NOTE.—See note, p. 31.Source: Board of Governors of the Federal Reserve System. 29


SELECTED LIQUID ASSETS HELD BY THE PUBLICMost types of liquid assets (seasonally adjusted) continued to rise in March.


500

400

SEASONALLY AD JUSTED, END Of MONTH

SAVINS TYPE

ASSETS-17

DEMAND DEPOSITS ANDCURRENCY

JL. 1

0 I ' ' ' ' ' f t t ' ' ' ' ' ' ' ' I ' ' ' ' ' I . . .1961 I96S 1963

500

400

300

200

100

i i t t . 1 , i i t i I C

-BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1964


[Billions of dollars; seasonally adjusted]

End of period

1955 _ _ _ _ _ _1956195719581959 .19601961 _ _ _ ..19621963 3 ...1963: Mar ..

AprMay_June.Julv3

Aug3

Sept3

Oct3

Nov 3

Dec 3

1964: Jan 3 _ _ . _Feb3

Mar3

Totalselectedliquidassets

332. 5343. 2356. 0373. 1393. 9399. 2424. 6459. 0494. 7466. 5469. 8472. 9476. 1478. 2482. 5483. 9489. 0493. 0494.7498. 1499. 0503. 4

Demanddeposits

andcurrency '

133. 3134. 6133. 5138. 8139. 7138. 4142. 6144. 8149. 2145. 0145. 4145. 2146.5146. 9146. 2147. 1148.7149. 5149. 2149. 0148. 0149. 7

Time c

Com-mercialbanks

49. 752. 057. 565. 467. 473.182.598. 1

112. 8102. 2102. 9104. 0105. 1106. 2107.1107. 9110. 0111. 8112. 8114.7115. 3115.7

deposits

Mutualsavingsbanks

28. 130. 031. 633. 934. 936. 238.341. 444. 542.242. 542. 843. 143. 343. 543.744. 244, 644. 545.045.445.7

PostalSavingsSystem

1. 91. 61. 31. 1. 9.8. 6. 5. 5. 5. 5. 5. 5. 5. 5. 5. 5. 4. 5. 5. 4. 4

Savingsand loan

shares

32. 037. 041.747. 754. 361. 870.579. 890.783.283. 984.785. 686. 287. 288. 389. 190. 090. 791. 392.393. 5

U.S. Gov-ernmentsavingsbonds 2

55. 954. 851. 650. 547.947.047. 447. 649. 047. 948.048.148.248.348. 448. 548. 548. 649.049. 149.049.0

U.S. Gov-ernmentsecuritiesmaturing

within

year *

31. li33.1!38.X35. (i48. <S41. (I42. (i46. S48. 145.546. 547.047.246.749.548.048. 048. 148.148.648.549. 4

1 Agrees in concept with money supply, p. 29, except for deduction of demanddeposits held by mutual savings banks and savings and loan associations. Datafor last Wednesday of month.

* Excludes holdings of Government agencies and trust funds, domestic com-mercial and mutual savings banks, Federal Reserve Banks, and beginningFebruary 1960, savings and loan associations.

3 Preliminary.NOTE.—See note, p. 31.Source: Board of Governors of the Federal Reserve System.

30


SANK LOANS, INVESTMENTS, DEBITS, AND RESERVESommercial bank loans, seasonally adjusted, rose $2.0 billion in March.

BILLIONS OF DOLLARS*

250

200

ISO

100

50

ALL COMMERCIAL BANKS

BILLIONS OF DOLLARS*

250

TOTAL. LOANS AND INVESTMENTS .

BANK LOANS

I

* SEASONALLY ADJUSTED.SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

INVESTMENTS IN U.S. GOVERNMENT SECURITIES

INVESTMENTS IN OTHER SECURITIES

I I I I I I l i l I I1961

END OF MONTH1962 1963 1 1964

200

ISO

100

50


End of period

D56-D571)58!)59.1)601)61:)62 6

:)C35

H63: MarApr . _May_. _ - _June _ _JulyAug —SeptOctB-Nov 6

Dec5

.104: Jan °Feb6

Mar6 _ . _.

(E

Totalloansand

invest-ments

161. 6166. 4181.0185.7194. 5209. 6228. 1246. 3235. 0232.5234. 8240.3237. 8238.5240. 7241. 0244. 0246. 3245. 8249.0253. 0

All conaireasonally

Loans,excluding

inter-bank

88.091. 495. 6

107. 8114,2121. 1134 7150. 6137. 8137. 4138. 9141. 8142. 4142. 5145. 0146. 3148. 8150. 6151. 3152. 7154. 7

lercial bankadjusted da

Invest!

U.S. Gov-ernmentsecurities

Billions57. 357. 064. 957. 659. 664. 764. 360.866. 763.964. 266. 062. 462. 161. 760. 260.860.859. 861.062. 9

3

ita)

nents

Othersecuri-

ties

of dollars16. 317.920. 520. 420. 723. 829. 134. 930.531. 231. 732. 533.033. 934. 034. 534. 434.934.735. 335. 4

Weeklyreportingmemberbanks l

Businessloans 2

30. 831. 831.730. 732. 232. 935. 238.735. 235.035.035. 635.035.235. 936.337. 338.837. 237. 638.2

Bankdebitsoutside

New YorkCity (343centers) ,

seasonallyadjustedannualrates 3

1, 3851, 4681,4811, 6561, 7361,8332, 0212, 1992,0962, 1982, 1512, 1052, 8772, 1902,2752,3162, 2472,3212,3552,2402, 322

A

Totalreserves

19, 53519, 42018, 89918, 93219, 28320, 11820, 04020, 74619, 51519, 57219, 67919, 72920, 02019, 71919, 94520, 00320, 11420, 74620, 67520, 14820, 213

il member

Excessreserves

Millions o652577516482769568572536424434456374483463412407409536427395357

banks ' *

„ings atFederalReserveBanks

: dollars68871055790687

149304327155121209236322330321313376327256304259

Freereserves

-36— 133-41

— 424682419268209269313247138161133919433

2091719198

1 Member banks are all national banks and those State banks wbicb bave taken = Estimates.orabership in the Federal Reserve System.- Commercial and industrial loans.5 Debits during period to demand deposit accounts except Interbank and.S. Government.1 Averages of daily figures. Annual data arc for December.

6 Preliminary.NOTE.—Between January and August 1959, series for all commercial banks

expanded to include data for all banks in Alaska and Hawaii. Data for allmember banks include Alaska and Hawaii beginning 1954 and 1859, respectively.

Source: Board of Governors of tbe Federal Reserve System.31


CONSUMER AND REAL ESTATE CREDITIn February, total consumer credit outstanding declined about $420 million, compared to .a decline of about $470million in 1963.


80

60

40

20

END OF MONTH

TOTAL CONSUMER CREDIT OUTSTANDING

4 60

40

INSTALMENT CREDIT EXTENDEDf.

SEASONALLY ADJUSTED (ENLARGED SCALE)

INSTALMENT CREDIT REPAID

1958 1959 I I960 I

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

1961 1962 1963 1964



Period

1954-19551956.195719581959.196019611962_19631963: Jan .

FebMarAprMay . - .June.JulyAug. - ,SeptOctNovDeo

1964: JanFeb-

Consu

Total

32, 46438, 83042, 33444, 97045, 12951, 54256, 02857, 67863, 16469, 89062, 46261, 98962, 14963, 16764, 13564, 98765, 49166, 30866, 53867, 08867, 74669, 89069, 20368, 786

mer crediti

Total '

23, 56828, 90631, 72033, 86733, 64239, 24542, 83243, 52748, 03453, 74547, 92047, 85248, 07548, 80649, 48450, 30750, 89451, 52651, 71852, 25752, 69553, 74553, 59753, 552

outstandinmadjustedtnstalment

bilepaper

9, 80913, 46014, 42015, 34014, 15216, 42017, 68817, 22319, 54022, 19919, 58219, 67819, 93020, 37620, 79421, 23621, 59321, 81921, 72521, 97122, 10722, 19922, 18922, 271

g (end of \.

Personalloans

5, 3926, 1126, 7897, 5828, 1169, 386

10, 4801 1, 25612, 64314,39112, 67412, 73912, 81913, 03313, 17313, 36813, 52613, 74313, 91414, 04114, 13514,39114, 41614, 479

eriod;

Non-instal-ment 2

8, 8969, 924

10, 61411, 10311, 48712, 29713, 19614, 15115, 13016, 14514, 54214, 13714, 07414, 36114, 65114, 68014, 59714, 78214, 82014, 83115, 05116, 14515, 60615, 234

Consumand r

To

Extended

31, 05138, 97239, 86842, 01640, 11948, 05249, 56048, 39655, 12660, 8224, 8994, 9574, 9735,0084, 9855, 0545, 1005, 1005, 0935, 3114, 9795, 2725,2765,421

er mstalmeepaid (seastal

Repaid

30, 48833, 63437, 05439, 86840, 34442, 60345, 97247, 70050, 62055, 1114, 4144, 4624,4964, 4874, 5444, 5684, 5914, 6194,7524,7804, 5964,8124,8484,842

nt credit eonally adji

Automob

Extended

11, 80716, 73415, 51516, 46514, 22617, 77917, 65416, 00719, 79622, 0131,8071,8091,8111, 8701, 8471, 8201,8541, 8021, 7301, 9101, 7921,9141,8881, 953

xtendedisted)ile paper

Repaid

11, 83313, 08214, 55515, 54515, 41515, 57916, 38416, 47217, 47819, 3541,5641,5661,5461, 5851, 6111, 5881,6031,6071, 6591, 6761, 6381,7071,6841, 716

Mortgagedebt out-standing,nonfarm1- to 4-family

houses 3

75, 70088, 20099, 000

107, 600117, 700130, 900141, 300153, 100166, 500182, 200

169, 200

173, 700

178, 200

182, 200

1 Also includes other consumer goods paper, and repair and modernizationloans, not shown separately.2 Consists of single-payment loans, charge accounts, and service credit.

s End of period, unadjusted.

32

NOTE.—Data for Alaska and Hawaii included beginning January and August1959, respectively.

Sources: Board of Governors of the Federal Reserve System and Federal HomeLoan Bank Board.


5OND YIELDS AND INTEREST RATEShe yield on 3-month Treasury bills declined somewhat in early April. Yields on long-term bonds declined or.ibilized in early April after rising in March.

PERCENT PER ANNUM PERCENT PER ANNUM

1964


[Percent per annum]

Period

1057 .-1958 -1959I960196119621.963,-- - -1963: Feb

Mar-_AprMay ...JuneJulyAugSeptGotNov_ _ .- .Dec- _ . _ -

1964: JanFebMar._

Week ended:1964: Mar 14...

21.--28—

Apr 411 —18—

U.S. Gove

3-monthTreasury

bills i3. 2671. 8393. 4052. 9282. 3782. 7783. 1572. 9162. 8972.9092. 9202.9953. 1433. 3203. 3793. 4533. 5223. 5233. 5293. 5323. 553

3.5343. 5383.550

. 3. 5253. 5033.484

rnnient secui

3-5 yearissues 2

3. 622. 904. 333. 993. 603. 573. 723. 483. 503.563.573.673. 783. 813.883. 913. 974. 044.064.024. 15

4. 124. 164. 234. 214. 19

ity yields

Taxablebonds 3

3. 473.434.084.023. 903. 954. 003. 923. 933. 973.974. 004. 013. 994. 044. 074. 114. 144. 154. 144. 18

4. 174. 184.204. 204. 20

High-grademunicipal

bonds(Standard &

Poor's) 4

3. 603. 563. 953. 733. 463. 183. 243. 183. 113. 113. 153.273. 313.223. 273. 323. 413.413.253. 173. 32

3. 313.353. 353. 353.32

Corporal(Moo

Aaa

3. 893. 794. 384. 414. 354. 334. 264. 194. 194. 214. 224. 234. 264. 294.314. 324. 334.354.374.364.38

4. 374. 384. 394. 404. 40

je bondsdy's)

Baa

4. 714. 735. 055. 195. 085. 024.864. 894. 884. 874. 864.844. 844. 834. 844.834. 844. 854.834. 834.83

4. 834. 834.834. 844. 85

Primecommercial

paper,4-6

months3.812. 463. 973. 852. 973. 263. 553.253.343. 323. 253.383. 493. 723. 883. 883.883. 963. 973. 884. 00

4.004.004. 004.003. 98

FHAnew homemortgageyields 5

5. 425. 495. 716. 185. 815. 625.45•3. 52o. 505.475. 445. 445. 445. 445. 445.435. 435. 445. 445. 445. 44

1 Kate on new issues within period. 2 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

fyi percent since May 1961) and 25-year mortgages paid in 12 years.

Sources: Treasury .Department, Board of Governors of ttte Federal ReserveSystem, Federai Housing Administration, Standard & Poor's Corporation, andMoody's Investors Service.

33


COMMON STOCK PRICES, YIELD, AND EARNINGSStock prices rose again in March but leveled off in early April.

INDEX, 1941-43*1080

70

60

40

COMPOSITE PRICE INDEX FOR500 COMMON STOCKS

INDEX, 1941-43=108O

70

60

50

40

PERCENT PERCENT

"~*~«v DIVIDEND YIELD ON COMMON STOCKS

^X.. / .. .«-,*r* — 1* 1[ :.1

MONTHLY

"x..

, , , , . 1 . 1 , 1 1

f~~"^-

WEEKLY

1 1 1 1 1 1 1 1 1 1 M.

PRICE / E

^—

. I I I' 1958

ARNINGS RATIO ON CC

^_^^

1 1 1

1959

MMON STOCKS

\^*~^

1 1 1I960

/*--~ ^

1 1 11961

X___

! 1 11962

r_-—~-

1 1 T

1963• 1 I I .

1964

25

EO

15

10

SOURCE: STANDARD AND POOR'S CORPORATION.

25

20

IS

IO


Period

195719581959196019611962.1963..1963: Feb

MarAprMayJune__JulyAug ...SeptOctNovDec

1964: Jan .FebMar__ ..

Week ended :1964: Mar 13

20 .27 __

Apr 3 ...10

Seem

Com-positeindex '

89.893.2

116.7113. 9134. 2127. 1142.3135.0133. 7140.7143. 2142.5140. 7144. 6148. 2148. 7147. 3151. 1155.7158.3160.9

161.5161.0161.4162.9162.6

•ities andM

Total

90. 792.5

116.5110. 9126. 7118. 0133.3125. 5124. 5132. 0134.3133. 7131. 8135. 6139. 4139. 9138. 0141.4146.3149.0152. 8

153.4153. 0153.7155. 1154.9

Exchangeanufactur

Dura-ble

1957-588.590.4

120. 8117. 3129. 2116. 5129.3121.0118.7126. 9130. 7130.5126. 6130. 4135. 5138. 0136. 6137. 7142. 9144.7150.9

152. 5150. 3152. 0152.7152. 3

Commissng

Non-durable

9=10092.894.4

112. 6104. 9124. 4119. 4137. 1129.7129. 9136.9137. 7136. 7136.7140. 5143. 2141. 6139. 4145. 0149. 7153.0154. 8

154.3155. 6155.4157. 5157.4

ion price

Trans-porta-tion

93. 291. 0

115. 695.8

105.797. 8

122. 5110. 3109.3116. 3124. 2127. 2125. 8128. 8128. 0128. 2129.5134 9140.4145.2150. 4

149.7150. 7151.7154. 1154. 0

index

Utili-ties

86. 395.8

117. 6129.3168.4167. 2180.5177. 5174. 5179.2180. 6178. 0176. 7180.9182. 9184. 8186.4191. 3196. 0197.3194. 5

195.4193. 8193.4195. 1193.4

StandardPrice

Total

1941-44.3846.2457.3855.8566. 2762. 3869. 8765. 9265.6768.7670. 1470. 1169. 0770.9872. 8573. 0372.6274. 1776.4577.3978.80

78.8279. 2178.9779.4079.81

and Poor'ndex 2

Indus-trial

43=1047. 6349.3661.4559.4369. 9965. 5473.3968. 9168. 7172. 1773. 6073. 6172. 4574. 4376. 6377. 0976.6978.3880. 8581. 9683. 64

83.6584. 1483.8784. 3484.78

3 commonDivi-dend

yield 3

4. 353.973. 233. 472.973. 373.173. 273. 283. 153. 133. 163. 203. 133.063. 053. 143. 143.063.053.03

3.023. 013. 033. 023.00

stock data

Price/earnings

ratio 4

12.8916.6417.0517.0920. 4916. 2417.48

16. 85

17.00

17. 59

18. 49

1 Includes 300 common stocks: manufacturing, 193; transportation, 18; utilities,34; trade, finance, and service, 45; and mining, 1Q.2 Includes 500 common stock, 425 are industrials; averages of daily figures.3 Aggregate cash dividends (based on latest known annual rate) divided bythe aggregate monthly market value of the stocks in the group. Annual yields

34

are averages of monthly data. Weekly data are Wednesday figures.* Ratio of price index for last day in quarter to quarterly earnings (seasonally

adjusted annual rate). Annual ratios are averages of quarterly data.Sources: Securities and Exchange Commission and Standard and Poor's

Corporation.


FEDERAL FINANCEFEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURESI he budget deficit for the first 9 months of fiscal 1964 was $8.4 billion. In the corresponding period of fiscal 1963ii was $8.2 billion.


NET BUDGET EXPENDITURES100

NET BUDGET RECEIPTS

1959 1960 1961 1962 1963 1964 1959 1960 1961 1962 1963 1964

NATIONAL DEFENSE

FIRST 9 MONTHS-

BUDGET SURPLUS (+) OR DEFICIT (-)(ENLARGED SCALE)

1959 1960 1961 1962 1963« ESTIMATE.SOURCES; TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

1964 1959FISCAL YEARS

1960 1961 1962 1963 1964

COUNCIL OF ECONOMIC ADVISERS '

[Billions of dollars]

Period

l''iscal year 1959 _I'iscal year 1960___ . . .I'lseal year 1961 _l''iscal year 1962l''isoal year 1963 ._ .. _i''iseal year 1964 3 _ _ _ _l''iscal year 1965 3_ .. - .. _ _ .l!>63: Feb .

Mar . ..Apr _ _ _ _ _ _ _May - ._ _JuDe _ _July_Aug _Sept.OctNov.Dec

1964: Jan.. _ _ .. .Feb _ _ _ .. . .Mar. _ . _. .

( Cumulative totals first 9 months:Fiscal year 1963Fiscal year 1964 _ _

1 In addition to items shown, also includes atomic en'Tvices.• Includes guaranteed securities held outside the Tre

' !JOWE is subject to statutory debt limitation.

Netbudgetreceipts

67. 977. 877. 781. 486. 488.493. 07. 39. 75. 77. 0

12. 13. 57.3

10. 13. 47. 18. 85. 98. 0

10. 1

61. 664.3

ergy and defend

asury. Not al

Total

80. 376. 581. 587.892. 698.497. 96. 87. 87. 67. 57.77.98.37.88. 87.88.38. 57. 57. 9

69.972.7

e related

of total

Net budgN

Total

46. 545.747. 551. 152. 855. 354. 04. 14. 54. 54. 54. 64. 24. 44. 24. 64. 14. 54. 34. 44. 4

39. 139. 3

a EstimateNOTE.— T

mental tranSources: '.

et expendituational defe

DepartDef

Militaryfunctions

41. 241. 243. 246. 848. 350. 950. 03.84. 14. 14. 14. 03.84. 03. 94.33.84. 24. 04. 04. 1

36. 136.2

otal budget recsactions.>easury Depar

resuse *ment ofense

Militaryassistance

2.31. 61. 41. 41. 71.41. 2. 1. 2. 2. 2. 4. 1. 1. 1. 1. 1. 1. 1

i. 1

1.0.9

aipts and expen

ment and Bare

Budgetsurplus

ordeficit (-)

-12. 41. 2

-3.9-6.4-6.3

— 10. 0-4. 9

. 51.9

-1. 9-. 54.3

-4. 3— 1. 0

2.3-5. 4

— . 7.5

-2.6. 5

2.3

-8.2-8.4

ditures exclude ce

au of the Budget.

Publicdebt

(end ofperiod) 2

284. 8286. 5289. 2298. 6306.5312. 5317. 7305. 2303. 5303. 7305. 8306.5305. 5307. 2307.3307. 1308.9310. 1309. 3311. 1310.4

303. 5310.4

rtain intragovern-

35


FEDERAL CASH RECEIPTS FROM ANDPAYMENTS TO THE PUBLICIn the first quarter of calendar year 1964, cash payments exceeded cash receipts by $1.0 billion on a seasonallyadjusted basis.

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)35

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)35

r f i t t i i t r i t i T t

EXCESS

EXCESS

195

OF

OF

3

CAS

CA

Ii-

3H

RE

PA

Ci

Yli

:IPTS

IENTS

1959

*H H

t t II960

i i i1961

! I 1

1962i i i

1963

m

i i i1964

CALENDAR YEARS

SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

-5


[Billions of dollars]

Period

Fiscal year:1958 _195919601961196219631964 i1965 i

Calendar year:19581959 .. .1960 .19611962_ . . ....1963

Quarterly total (calendar years) :1962: I .

IIIIIIV

1963: IIIIII--- - .IV

1964: I

Cash receiptsfrom the

public

81.981. 795. 197.2

101. 9109. 7114.4119.7

81. 787. 698. 397. 8

106. 2112. 6

26. 231. 026. 023. 0

28. 232. 627. 324. 530. 3

Cash pay-ments to

the public

83.594. 894. 399. 5

107. 7113. 8122.7122.7

89.095. 694. 7

104.6111. 9117.3

Unadjusted

26.027.928. 529. 6

26. 629. 130.930. 628. 6

Excess of re-ceipts { + ) or

payments(-)

— 1. 6-13. 1

. 8-2. 3-5.8-4. 0-8.3-2. 9

-7. 3-8. 0

3. 6-6. 8-5. 7— 4. 7

0. 33. 1

-2. 5-6. 6

1. 63. 4

-3. 6-6. 1

1.7

Cash receiptsfrom the

public

_- _

Sei

25.326. 527. 327. 127. 427. 828. 728. 929. 5

Cash pay-ments to

the public

isonally adjus

27. 627. 028. 129. 2

28. 328. 230. 430. 230.4

Excess of re-ceipts (+) or

payments(-)

ted

2. 2-. 5

<7

-2. 1

— . 9-.4

-1.7— 1.3-1.0

i Estimate. Sources: Treasury Department and Bureau of the Budget.

36


FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS1 )n a national income accounts basis, Federal Government expenditures rose less than receipts in the fourth quarter• > f 1963, resulting in a drop in the deficit to $1.5 billion (seasonally adjusted annual rate). Expenditures rose slightlyMI the first quarter.

BILLIONS OF DOLLARS'

I40

ISO

100

BILLIONS OF DOLLARS"

140

EXPENDITURES

120

100

75

o

+ 20

-20

• SEASOURC

_^-^"*"

f i l l

SURPLUS

LJ[][]DDEFICIT

1 ! 1

1958

SONALLV ADJUSTED AE: DEPARTMENT OF C

1 1 1

1 . . i 1 . i

? t t

1959

NNUAL RATES.OMMERCE.

] 1 1

• n^

1 ! T

I960

1 1 1

LJULJ-

I T 1

1961

DALENDAR YEAR

i i i

ULJLJU

i i i1962

t I I

LJL-J^ —

1 t 1I9S3

COUNC

_

1 1 i -i

I I 11964

IL OF ECONOMIC ADV

75

0

+20

-20

SERS.


Period

fiscal year:1961196219631964 i—1965 '

Calendaryear:19571958195919601961196219631962:111.

IV.1963: !___

II—III-IV-

1964: I 3 _

Total

95. 2103. 6109. 3113. 6118. 8

81.778. 590. 396.698.2

105. 4113. 3105. 6107. 1110. 0112. 3114. 3116. 7

Federal (

Personaltax andnontaxreceipts

44. 047. 650. 150. 152. 3

37. 336. 640. 444. 045. 149. 050. 949. 449. 750. 050. 451. 152.250. 0

jovernme

Corpo-rate

profitstax

accruals

19.521. 321.623.324. 9

19.917.722.021. 020. 720. 822.920.521. 521. 522. 623. 224. 1

nt receipt

Indirectbusinesstax andnontaxaccruals

13. 614,915. 616. 517.3

12. 211. 913.014.014. 215. 216.215. 215. 415. 716. 016. 416. 516. 5

s

Contri-butionsto social

insur-ance

18.019. 721. 923.724. 2

12. 212. 414. 917. 618.220. 423. 420. 520. 522. 823. 323. 623. 924.3

Total

97.8106. 4112. 6119. 1121. 5

79.787. 991. 493.1

102. 8109. 8116. 1109. 1112. 4114. 5115. 3116. 1118. 2118.9

Federa

Pur-chases

of goodsand

services

54. 960. 164. 467. 869. 1

49. 752. 653. 653.157. 462. 466.362. 463.665. 566. 566. 466. 667. 2

1 Governr

Trans-fer pay-ments

25. 927.829.330. 531. 8

17. 421. 322. 223. 827.428.330. 128. 129. 230. 129. 729.830. 831. 1

nent expe

Grants-in-aid

to Stateandlocal

gover-ments

6.67. 37. 99.49. 7

4. 15. 46. 76.37.07.78. 97. 58. 18.28.59.29.49.3

nditures

Netinterest

paid

7.07.07. 68.08.5

5. 75. 66. 47. 16. 97.27.57. 27. 37. 47. 57. 67. 67.7

Subsidiesless

currentsurplusof Govt.enter-prises

3.44. 23.53. 52.5

2. 83.02.52.84. 14. 23.43. 94 23.43.03.23.83.6

Surplusor

deficit(-)

-2.7-2.7-3.3-5.5-2.8

2. 0-9.4— 1. 1

3.5-4.5— 4.3-2.7— 3. 6-5.3-4.6-3.0-1. 8— 1. 5

1 Preliminary estimates by the Bureau of the Budget.! Preliminary estimates.

NOTE.—Data for Alaska and Hawaii included beginning 1S60.Source: Department of Commerce (except as noted).

37


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WASHINGTON, D.C. 2O4O2

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OFFICIAL BUSINESS

First-Class Mail

ContentsTOTAL OUTPUT, INCOME, AND SPENDING

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.

PageThe 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 15

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

38For sale by the Superintendent of Documents, U.S. Government Prtntine Office, Washington, D.C. 20402

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