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Appendix C
STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION
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CONTENTSNational income or expenditure: Page
G-l. Gross national product or expenditure, 1929-60 127G-2. Gross national product or expenditure, in 1960 prices, 1929-60 128G-3. Gross private and government product, in current and 1960 prices,
1929-60 130C-4. Gross national product or expenditure, in 1954 prices, 1929-60.... * . 131G-5. Implicit price deflators for gross national product, 1929-60 132C-6. Gross national product: Receipts and expenditures by major economic
groups, 1929-60 134G-7. Personal consumption expenditures, 1929-60 136G-8. Gross private domestic investment, 1929-60 137G-9. National income by type of income, 1929-60 138G-10. Relation of gross national product and national income, 1929-60. . . . 139C-ll. Relation of national income and personal income, 1929-60 140G-12. Sources of personal income, 1929-60 141G-l 3. Disposition of personal income, 1929-60 142G-l 4. Total and per capita disposable personal income and personal con-
sumption expenditures, in current and 1960 prices, 1929-60 143G-l5. Financial saving by individuals, 1939-60 144G-l 6. Sources and uses of gross saving, 1929-60 145
Employment and wages:G-l 7. Noninstitutional population and the labor force, 1929-60 146G-l8. Employment and unemployment, by age and sex, 1942-60 148G—19. Employed persons not at work, by reason for not working, and special
groups of unemployed persons, 1946—60 149G-20. Unemployed persons, by duration of unemployment, 1946-60 150G-21. Unemployment insurance programs, selected data, 1940—60 151G—22. Number of wage and salary workers in nonagricultural establishments,
1929-60 152G-23. Average weekly hours of work in selected industries, 1929-60 154G—24. Average gross hourly earnings in selected industries, 1929-60 155G—25. Average gross weekly earnings in selected industries, 1929-60 156G-26. Average weekly hours and hourly earnings, gross and excluding over-
time, in manufacturing industries, 1939-60 157G-27. Average weekly earnings, gross and spendable, in manufacturing
industries, in current and 1960 prices, 1939-60 158G-28. Labor turnover rates in manufacturing industries, 1930-60 159
Production and business activity:G-29. Industrial production indexes, 1947-60 160G—30. Business expenditures for new plant and equipment, 1939 and 1945—61. 162G-31. New construction activity, 1929-60 163G-32. New public construction activity, 1929-60 164G—33. Housing starts and applications for financing, 1929-60 165G-34. Sales and inventories in manufacturing and trade, 1939—60 166G—35. Manufacturers' sales, inventories, and orders, 1939-60 . 167
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Prices: PageC-36. Wholesale price indexes, 1929-60 168G—37. Wholesale price indexes, by stage of processing, 1947—60 170G-38. Consumer price indexes, by major groups, 1929-60 172G-39. Consumer price indexes, by special groups, 1935-60 173
Money supply, credit, and finance:G-40. Money supply, 1947-60 174G-41. Loans and investments of all commercial banks, 1929-60 175G-42. Federal Reserve Bank credit and member bank reserves, 1929-60 176G-43. Bond yields and interest rates, 1929-60 177G-44. Short- and intermediate-term consumer credit outstanding, 1929—60. . 179G-45. Instalment credit extended and repaid, 1946-60 180G-46. Mortgage debt outstanding, by type of property and of financing,
1939-60 181C-47. Net public and private debt, 1929-60 182
Government finance:C-48. U.S. Government debt, by kind of obligation, 1929-60 183C-49. Estimated ownership of Federal obligations, 1939-60 184C-50. Average length and maturity distribution of marketable interest-bear-
ing public debt, 1946-60 185C-51. Federal budget receipts and expenditures and the public debt,
1929-62 186C—52. Federal budget receipts by source and expenditures by function, fiscal
years 1946-62 187C-53. Government cash receipts from and payments to the public, 1946-62. . 188C-54. Government receipts and expenditures as shown in the national income
accounts, 1955-60 189C-55. Reconciliation of Federal Government receipts and expenditures in
the conventional budget and the consolidated cash statement withreceipts and expenditures in the national income accounts, fiscalyears 1958-60 190
C-56. State and local government revenues and expenditures, selected fiscalyears, 1927-59 191
Corporate profits and finance:G-57. Profits before and after taxes, all private corporations, 1929-60 192C-58. Relation of profits before and after taxes to stockholders' equity and
to sales, private manufacturing corporations, by asset size class,1957-60 193
C-59. Relation of profits after taxes to stockholders' equity and to sales,private manufacturing corporations, by industry group, 1957-60.. 194
O60. Sources and uses of corporate funds, 1949-60 196C-61. Current assets and liabilities of United States corporations, 1939-60.. 197C-62. State and municipal and corporate securities offered, 1934-60 198C-63. Common stock prices and earnings and stock market credit, 1939-60. 199C-64. Business population and business failures, 1929-60 200
Agriculture:C-65. Income of the farm population, 1929-60 201C-66. Indexes of prices received and prices paid by farmers, and parity
ratio, 1929-60 202C-67. Farm production indexes, 1929-60 204C-68. Selected measures of farm resources and inputs, 1929-60 205C-69. Farm population, employment, and productivity, 1929-60. 206C-70. Selected indicators of farming conditions, 1929-60 207C-71. Comparative balance sheet of agriculture, 1929*61 208
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International statistics: PageC-72. United States balance of payments, 1955-60 209C—73. Major U.S. Government foreign assistance, by type and by area,
total postwar period and fiscal years 1957-60 210C-74. United States merchandise exports and imports, by economic cate-
gory, 1949 and 1955-60 211G-75. United States merchandise exports and imports, by area, 1949 and
1955-60 212G-76. Estimated gold reserves and dollar holdings of foreign countries and
international institutions, 1949 and 1956-60 213G-77. Price changes in international trade, 1955-60 214
Data for Alaska and Hawaii are not includedin these tables unless specifically noted.
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NATIONAL INCOME OR EXPENDITURE
TABLE G-l.—Gross national product or expenditure, 1Q29-60
[Billions of dollars]
Period
1929
19301931193219331934
19351936 --.19371938193919401941194219431944
19451946194719481949 ---
1950 --- -1951195219531954195519561957 _ _19581959
I9608
1958:First quarterSecond quarter. .Third quarter. --Fourth quarter..
1959:First quarterSecond quarter..Third quarter. _ _Fourth quarter..
1960:First quarterSecond quarter. _Third quarter. ..Fourth quarter 6.
Totalgrossna-
tionalprod-uct
104.4
91.176.358.556.065.0
72.582.790.885.291.1
100.6125.8159.1192.5211.4213.6210.7234.3259.4258.1
284.6329.0347.0365.4363.1
397.5419.2442.8444.2482.1503.2
Per-sonalcon-
sump-tionex-
pendi-tures i
79.0
71.061.349.346.451.9
56.362.667.364.667.6
71.981.989.7
100.5109.8
121.7147.1165.4178.3181.2195.0209.8219.8232.6238.0256.9269.9285.2293.5313.8328.2
Gross private domesticinvestment 2
Total
16.2
10.35.5.9
1.42.9
6.38.4
11.76.79.3
13.218.19.95.67.1
10.428.131.543.133.0
50.056.349.950.348.963.867.466.156.072.072.7
Newcon-
struc-tion
8.7
6.24.01.91.41.7
2.33.34.44.04.8
5.56.63.72.32.73.8
11.015.319.518.824.224.825.527.629.7
34.935.536.135.440.340.4
Pro-ducers'dura-ble
equip-ment
5.8
4.52.81.61.62.33.14.25.13.64.2
5.56.94.34.06.4
7.710.716.718.917.2
18.921.321.322.320.8
23.127.228.523.125.828.9
Netchangein bus-inessinven-tories
1.7
-.4-1.3-2.6-1.6-1.1
.91.02.2-.9
.42.24.51.8-.8
-1.0
-1.16.4-.54.7
-3.1
6.810.23.1.4
-1.65.84.71.6
—2 55.93.3
Netex-
portsof
goodsandserv-ices3
0.8
.7
.2
.2
.2
.4-.1-.1
.11.1.9
1.51.1-.2
-2.2-2.1
-1.44.99.03.53.8
.62.41.3-.41.01.12.94.91.2
-1.02.7
Government purchases of goodsand services
Total
8.5
9.29.28.18.09.8
10.011.811.712.813.314.124.859.788.696.582.930.528.434.540.2
39.060.576.082.875.3
75.679.086.593.597.199.6
Federal
Total
1.3
1.41.51.52.03.02.94.84.65.35.26.2
16.952.081.289.074.820.615.619.322.2
19.338.852.958.047.5
45.345.749.752.653.352.3
Na-tional
de-fense4
1
111232.4.45
1.32.2
13.849.680.488.6
75.918.811.411.613.6
14.333.946.449.341.2
39.140.444.444.846.045.0
Other
3
455009863
3.94.03.22.71.51.6
1.04.55.48.28.95.25.26.79.06.7
6.65.75.78.37.87.9
Less:Gov-ern-mentsales
(*}
(5)(5)(5)(5)(5)(5)
8(5)(5)(5)(5)0.2
.61.22.22.71.1.5.2.1.3.3
!a.4.3.4.5.5.6
Stateandlocal
7.2
7.87.76.66.06.87.17.07.27.58.27.97.87.77.47.58.19.9
12.715.217.919.721.723.224.927.730.333.236.840.843.947.3
Seasonally adjusted annual rates
432.0436.8447.0461.0
473.1487.9481.4486.4
501.3505.0503.5503.5
287.7291.2294.8300.2
306.1313.6316.0319.6
323.3329.0328.3332.0
52.452.555.863.2
70.978.967.570.8
79.375.570.865.8
35.234.335.036.8
39.441.341.139.4
40.840.740.540.4
24.122.722.323.5
23.926.126.526.8
27.129.529.729.4
-6.9-4.5-1.6
2.9
7.611.5-.14.7
11.45.3.6
-4.0
1.71.31.6.4
-1.0-2.2-.2-.4
1.22.03.74.0
90.191.994.897.1
97.197.798.196.4
97.598.6
100.7101.7
50.651.853.754.3
53.353.753.652.5
51.851.752.753.2
44.444.644.945.5
45.946.446.145.5
44.944.745.145.6
6.87.89.19.4
7.97.88.07.5
7.57.68.28.2
.5
.6
.4
.6
.5
.5
.5
.5
.5
.6
.6
.6
39.540.141.242.8
43.844.044.543.9
45.746.948.048.5
* See Table C-7 for major components.2 See Table C-8 for more detail and explanation of components.3 For 1929-45, net exports of goods and services and net foreign investment have been equated, since foreignnet transfers by Government were negligible during that period.4 This category corresponds closely to the major national security classification in the Budget of the UnitedStates Government for the Fiscal Year ending June 30,1962. See Table C-52.
s Less than $50 million.8 Preliminary estimates by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
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TABLE C-2.—Gross national product or expenditure, in 1960 prices, 1929-60*
[Billions of dollars, 1960 prices]
Period
.1929
19301931193219331934
1935 _ _1936 .._193719381939
1940 ... .194119421943 .1944
194519461947 .19481949
19501951195219531954 . _ .
1955195619571958 - _1959
1960 7
1958:First quarterSecond quarter..Third quarter. . _Fourth quarter. .
1959:First quarterSecond quarter. .Third quarterFourth quarter. .
1960:First quarterSecond quarter. _Third quarter. ..Fourth quarter ?.
Totalgross
nationalproduct
207.1
187.6173.4147.5144.1158.0
173.2197.9208.2198.8215.2
233.8272.6311.4350.8376.3
369.1321.7321.1333.6334.2
362.3392.0406.8425.5416.8
449.7459.2467.8459.7490.6
503.2
Personal consumptionexpenditures
Total
141.3
132.9128.8117.2114.4120.3
127.7140.6145. 6143.1151.1
159.2169.7166.1170.5176.6
188.9211.6215.3219.4225.0
238.7240.8247.0258.9262.3
282.0291.3299.1302.0319.3
328.2
Dura-ble
goods
15.8
12.610.98.28.09.2
11.314.014.611.914.1
16.318.711.510.09.1
10.420.624.726.127.9
34.131.030.235.134.4
42.040.440.937.843.4
43.9
Non-durablegoods
70.0
66.666.261.059.263.1
66.674.276.878.182.2
86.091.893.696.5
100.8
108.7115.4112.9112.6114.0
117.1119.2123.3126.8127.9
134.5139.7142.1143.3149.3
152.5
Services
55.6
53.751.747.947.348.0
49.752.454.253.154.8
56.959.260.964.066.7
69.775.777.680.783.1
87.590.693.697.0
100.0
105.5111.2116.0120.9126.6
131.8
Gross private domestic investment
Total
42.3
28.917.95.15.79.9
18.725.831.618.726.1
34.543.622.313.515.0
20.850.750.659.247.2
66.769.260.761.458.9
74.774.369.858.272.9
72.7
New construction
Total
25.3
18.813.27.35.66.2
8.111.413.712.214.7
16.418.49.45.35.9
8.121.024.027.326.9
32.931.431.333.235.8
40.839.038.437.441.3
40.4
Resi-dential(non-farm)
10.1
6.04.92.41.82.2
3.65.35.86.07.9
8.59.24.22.01.7
2.18.5
11.313.413.1
18.215.015.015.918.0
21.219.017.918.922.7
21.1
Other
15.2
12.88.24.93.74.0
4.56.07.96.26.7
7.89.25.23.34.2
6.012.412.813.913.8
14.816.416.317.317.8
19.520.020.418.518.6
19.3
Produc-ers'
durableequip-ment
13.6
10.77.24.34.56.1
8.211.212.78.8
10.3
13.315.69.08.4
11.2
15.519.626.427.724.1
25.926.726.527.425.3
27.430.329.923.625.9
28.9
Changein busi-
nessinven-tories
3.4
-.6-2.5-6.5-4.4-2.4
2.33.35.3
-2.31.1
4.99.63.9-.2
-2.0
-2.810.2
.24.2
-3.8
7.911.12.9.8
-2.2
6.65.01.5
-2.85.8
3.3
Seasonally adjusted annual rates
449.0452.4462.1475.0
485.1497.9488.5491.5
504.8506.3501.7500.6
296.9299.4303.4308.3
313.3319.9320.9323.1
325.3329.2327.8330.2
37.136.937.239.9
41.744.243.843.7
44.444.542.743.9
141.0142.2144. 5145.6
147.2149.9149.6150.6
151.3153.5152.5152.7
118.8120.3121.7122.8
124.3125.8127.6128.8
129.7131.3132.6133.7
54.754.558.065.4
72.679.768.071.3
79.575.370.666.0
37.436.337.038.5
40.842.242.040.1
40.940.640.540.4
18.017.818.920.7
22.523.922.921.5
21.421.321.120.8
19.418.518.117.9
18.318.419.118.7
19.519.419.419.7
24.823.222.723.8
24.126.126.327.0
27.229.429.629.5
-7.4-5.0-1.7
3.0
7.811.4-.44.2
11.45.3.6
-4.0
See footnotes at end of table, p. 129.
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TABLE C-2.—Gross national product or expenditure, in 1960 prices, 1929-60 l—Continued
[Billions of dollars, 1960 prices]
Period
1929 _ _
19301931 _1932 __.19331934 .
1935 _ _ .193619371938 . -1939
1940194119421943 . ... -_1944
194519461947 . .19481949
19501951195219531954
195519561957 .19581959 .
1960 '
1958: First quarterSecond quarter --Third quarterFourth quarter .._ - . _ _ .
1959' First quarterSecond quarter. _.Third quarterFourth quarter ~
1960: First quarter - -Second quarter - -Third quarterFourth quarter 7
Netexportsof goods
andservices a
0.8
.7
.2
.1-.5-.2
-1.5-1.7-1.1
1.4.8
1.6-.1
-2.5-6.2-6.3
-5.04.79.12.83.5
1.13.22.2
(6) ,1.9
2.03.85.11.0
-1.2
2.7
Government purchases of goods and services
Total
22.7
25.126.525.224.528.1
28.433.232.135.637.2
38.559.3
125.4173.0191.0
164.554.746.152.358.6
55.978.896.9
105.193.7
91.089.893.898.599.5
99.6
Federal
Total 3
3.7
4.24.64.96.68.7
8.412.912.114.413.9
16.538.7
106.6155.9174.2
147.435.524.428.831.8
27.249.467.073.959.8
54.852.454.456.054.9
52.3
Nationaldefense 3 4
(5)
(5)(fi)(3)(s)(5)
(6)(5)(5)(5)
3.4
5.931.4
101.1153.0171.2
145. 327.815.916.519.1
19.942.858.562.551.4
46. 845.948.147.246.9
44.5
Other
(')
(5)(s)(s)(')(5)(5)(5)(s)(5)10.5
10.67.25.52.83.0
2.07.78.4
12.312.7
7.36.68.5
11.58.4
7.96.56.38.88.0
7.9
State andlocal
19.0
20.921.820.317.919.3
19.920.320.021.223.4
22.020.718.917.116.8
17.219.221.823.526.8
28.729.429.931.233.8
36.237.439.442.544.7
47.3
Seasonally adjusted annual rates
1.51.01.4.1
-1.5-2.6-.4-.2
1.22.13.74.0
95.997.599.3
101.2
100.7100.999.997.4
98.899.799.6
100.4
54.455.856.557.1
55.755.954.753.2
52.652.651.852.3
47.147.446.947.2
47.547.846.645.6
45.044.943.744.2
7.38.49.69.9
8.28.18.17.6
7.67.78.18.1
41.541.742.844.1
45.045.045.244.2
46.147.147.848.1
* These estimates represent an approximate conversion of the Department of Commerce series in 1954prices. (See Tables C-4 and C-5.) This was done by major components, using the implicit price indexesconverted to a 1960 base. Although it would have been preferable to redeflate the series by minor compo-nents, this would not substantially change the results except possibly for the period of World War II, andfor the series on change in business inventories.
For explanation of conversion of estimates in current prices to those in 1954 prices, see U. S. Incomt andOutput, A Supplement to the Survey of Current Business, 195S.
* For 1929-45, net exports of goods and services and net foreign investment have been equated, since foreignnet transfers by Government were negligible during that period.
3 Net of Government sales, which are not shown separately in this table. See Table C-l for Governmentsales in current prices.
« See footnote 4, Table C-l. • Less than $50 million.« Not available separately. 7 Preliminary.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Department of Commerce and Council of Economic Advisers.
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TABLE C—3.—Gross private and government product, in current and 1960 prices, 7929-60
[Billions of dollars]
Period
1929
1930..19311932..19331934
1935193619371938 .1989 _
1940 .1941194219431944 . -. ..
19451946 ._ __.194719481949
1950 .1951195219531954
195519561957 _ _..19581959
I960 »
Current prices
Totalgrossna-
tionalprod-uct
104.4
91.176.358.556.065.0
72.582.790.885.291.1
100.6125.8159.1192.5211.4
213.6210.7234.3259.4258.1
284.6329.0347.0365.4363.1
397.5419.2442.8444.2482.1
503.2
Gross private product *
Total
100.1
86.671.654.051.359.4
66.675.583.977.683.5
92.8116.4144.0167.0179.2
178.4189.9217.6242.0238.7
263.8301.7316.0333.6330.8
363.5382.8403.8402.3438.0
456.4
Farm 2
9.8
7.76.24.44.64.3
6.96.38.16.76.5
6.89.4
13.415.315.7
16.219.320.723.819.3
20.523.622.820.920.3
19.619.319.421.820.4
21.2
Non-farm
90.3
78.865.449.646.755.1
59.669.275.870.977.0
86.0107.0130.6151.7163.5
162.2170.7196.9218.2219.4
243.2278.2293.2312.7310.5
343.9363.5384.5380.4417.6
435.3
Grossgov-ern-mentprod-uct 3
4.3
4.54.74.44.75.6
5.97.36.97.67.6
7.89.4
15.125.632.2
35.220.716.717.419.4
20.827.331.031.832.3
34.036.438.942.044.0
46.8
1960 prices 4
Totalgrossna-
tionalprod-uct
207.1
187.6173.4147.5144.1158.0
173.2197.9208.2198. 8215.2
233.8272. 6311.4350.8376.3
369.1321.7321.1333.6334.2
362.3392.0406.8425.5416.8
449.7459.2467.8459.7490.6
503.2
Gross private product 1
Total
193.2
173.0158.5133.0128.5140.0
153.9175.3186.9175.7191.9
209.8242.7267.9282.7297.6
292.0281.3290.3302.7301.9
328.8350.3361.9381.0373.1
406.0414.9422.8414.4444.8
456.4
Farm *
15.5
14.216.615.515.412.7
15.513.216.616.716.7
16.417.619.217.618.1
17.017.315.918.117.2
18.217.017.718.319.1
20.119.619.320.220.0
21.2
Non-farm
177.7
158.8141.9117.4113.1127.3
138.4162.0170.3159.0175.2
193.4225.1248.7265.0279.5
274.9264.0274.4284.6284.6
310.6333.3344.2362.7354.0
385.9395.3403.4394.2424.8
435.3
Grossgov-ern-mentprod-uct3
14.0
14.714.914.615.618.1
19.322.621.323.123.3
24.029.943.568.178.8
77.240.430.830.932.4
33.641.745.044.543.8
43.744.345.045.345.8
46.8
1 Gross national product less compensation of general government employees, i. e., gross product accruingfrom domestic business, households, and institutions, and from the rest of the world.
2 See Survey of Current Business, October 1958, for description of series and estimates in current and con-stant prices and implicit deflators for 1910-57.B Includes compensation of general government employees and excludes compensation of employees ingovernment enterprises. Government enterprises are those agencies of government whose operating costsare at least to a substantial extent covered by the sale of goods and services, in contrast to the general activi-ties of government which are financed mainly by tax revenues and debt creation. Government enter-prises, in other words, conduct operations essentially commercial hi character, even though they performthem under governmental auspices. The Post Office and public power systems are typical examples ofgovernment enterprises. On the other hand, State universities and public parks, where the fees and ad-missions cover only a nominal part of operating costs, are part of general government activities.
4 See footnote 1, Table C-28 Preliminary.
NoTE.—Detail will not necessarily add to totals because of rounding.Sources: Department of Commerce and Council of Economic Advisers.
130
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-4. —Gross national product or expenditure, in 1954 prices, 1929-60l
[Billions of dollars, 1954 prices]
Period
1929
19301931193219331934
193519361937 .19381939
19401941194219431944
19451946104719481949
1950. _.1951195219531954
19551956195719581959
I9605
1958:First quarterSecond quarter _ _Third quarter. _ _Fourth quarter _ _
1959:First quarterSecond quarter _ _Third quarterFourth quarter __
1960:First quarterSecond quarter,^Third quarter. _ _Fourth quarter «_
Totagrossna-
tionalprod-uct
181.8
164.5153.0130.1126.6138.5
152.9173.3183.5175.1189.3
205.8238.1266.9296. 7317.9
314.0282.5282.3293.1292.7
318.1341.8353. 5369.0363.1
392.7400.9408.6401.0428.0
439.4
Personal consumptionexpenditures
1EH
128.1
120.3116.6106.0103.5108.9
115.8127.7132.1129.9137.3
144.6154.3150.8154.6160.2
171.4192.3195.6199.3204.3
216.8218.5224.2235. 1238. 0
256.0264.3271.2273.6289.4
297.3
•2320
14.9
11.810.37.87.58.6
10.713.113.811.213.3
15.317.610.99.48.6
9.819.423.324.626.3
32.129.228.533.132.4
39.638.038.535.640.8
41.3
113
§
65.3
62.161.856.955.258.8
62.169.271.672.876.7
80.285.687.390.094.0
101.4107.6105.3105.1106.3
109.2111.2115.0118.3119.3
125.4130.3132.6133.7139.3
142.2
*>
1
48.0
46.444. fi41.440.841.5
42.945.346.845.947.2
49.151.152.655.257.6
60.265.367.069.671.7
75.578.280.883.786.3
91.096.0
100.1104.3109.3
113.8
Gross private domesticinvestment
30
35.0
23.615.03.94.07.4
16.121.027.015.521.6
29.036.718.810.712.3
17.042.441.549.838.5
55.957.750.450.648.9
62.561.758.148.360.9
60.4
|o
!o>fc
20.9
15.410.96.04.65.1
6.79.4
11.310.112.2
13.615.37.84.44.8
6.617.319.922.722.3
27.426.026.027.629.7
33.932.331.831.034.4
33.6
£
iici8B•gS8
PH
11.1
8.85.93.53.75.0
6.79.2
10.57.38.5
10.912.97.46.99.2
12.716.121.722.819.8
21.322.021.822.520.8
22.525.024.619.421.3
23.8
%
JL'55 QJSz£ "5i163.0
-.7-1.8-5.6-4.2-2.8
2.62.45.2
-1.81.0
4.58.63.6-.6
-1.7
-2.49.0-.14.4
-3.6
7.29.72.6.5
-1.6
6.14.51.6
-2.25.2
3.0
Netex-
portsof
Roodsandserv-ices 2
0.2
.2-.3-.3
c-!e
-1.9-2.2-1.6
.8
.3
1.1-.6
-2.9-6.6-6.7
-5.63.88.02.02.6
.22.21.2
-.91.0
.92.53.8
9-2^4
1.3
Governmentpurchases ofgoods andservices
30
18.5
20.521.620.519.922.8
23.026.926.028.830.1
31.147.7
100.1137.9152.2
131.243.937.242.147.2
45.163.377.784.375. 3
73.272.375.579.380.2
80.3
"eS<»
T3
&
2.9
3.43.73.95.36.9
6.710.39.6
11.411.0
13.130.784.7
123.9138.4
117.128.219.422.925.3
21.639.353.358.847.5
43.541.743.244.543.6
41.6
soT3
§
£5m
15.6
17.117.916.614.615.8
16.316.616.417.419.1
18.016.915.414.013.8
14.015.817.819.221.9
23.524.124.525.527.7
29.730.632.234.836.6
38.7
Grosspri-vateprod-uct*
171.5
153.7142. 0119.4115.0125.1
138.7156. 6167.8158.0172.1
188.1216.0234.8246.4259.8
257.0252.7259.6270.3268.7
293.3311.1320.4336.2330.8
360.4368.2375.4367.6394. 2
404.8
Seasonally adjusted annual rates
391.6394.6403.1414.3
422.9434.2426.3429.1
440.5442.2438.0437.3
269.0271.2274.8279.4
283.9290.0290.8292.8
294.8298.3296.9299.1
34.934.735.037.6
39.341.641.241.1
41.841.940.241.3
131.5132.6134.8135.8
137.3139.8139.5140.5
141.1143.2142.3142.4
102.6103.8105.0106.0
107.3108.6110.1111.2
112.0113.3114.4115.4
45.145.148.154.6
60.666.756.759.4
66.262.858.654.7
31.030.130.732.1
33.935.235.033.4
34.033.833.633.6
20.419.118.719.6
19.821.521.722.2
22.424.224.424.3
-6.2-4.1-1.3
2.9
6.810.1(7)3.8
9.84.8.6
-3.2
0.32
.'2-1.1
-2.7-3.8-1.7-1.5
-.1.7
2.22.5
77.278.579.981.5
81.181.280.578.5
79.680.380.380.9
43.244.444.945.3
44.344.443.542.3
41.841.841.241.6
34.034.135.036.1
36.836.837.036.2
37.838.639.139.4
(6)(8)(6)(6)
(6)(•)(6)(6)
(6)(6)(8)(6)
1 For explanation of conversion of estimates in current prices to those in 1954 prices, see U. 8. Income aniOutput, A Supplement to the Survey of Current Business, 1958. See Table C-5 for implicit price deflators.
2 For 1929-45, net exports of goods and services and net foreign investment have been equated, since foreignnet transfers by Government were negligible during that period.
3 Net of Government sales.* Gross national product less compensation of general government employees.8 Preliminary estimates by Council of Economic Advisers.6 Not available.7 Less than $50 million.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-5.—Implicit price deflators for gross national product, 1929-60
[Index numbers, 1954=100]
Period
1929
19301931193219331934 .
1935 . _1936193719381939 -
19401941194219431944
19451946194719481949 .
1950 -- ---19511952 . ._1953 .1954
1955 _19561957 . .19581959
I9602
1958: First quarterSecond quarterThird quarterFourth quarter
1959: First quarterSecond quarterThird quarterFourth quarter
1960: First quarterSecond quarter ..Third quarterFourth quarter 2
Grossnational
prod-uct *
57.4
55.449.944.944.246.9
47.447.749.548.748.1
48.952.959.664.966.5
68.074.683.088.588.2
89.596.298.199.0
100.0
101.2104.6108.4110.8112.6
114.5
110.3110.7110.9111.3
111.9112. 4112.9113.3
113.8114.2115.0115. 1
Personal consumptionexpenditures
Total
61.6
59.052.646.544.847.6
48.649.150.949.849.2
49.753.159.565.068.6
71.076.584.689.588.7
89.996.098.099.0
100.0
100.4102.1105.1107.3108.4
110.4
107.0107.4107.3107.5
107.8108.1108.7109.2
109.7110.3110.6111.0
Dura-ble
goods
62.0
60.553.547.046.148.8
47.947.950.350.850.2
50.754.864.270.378.7
82.882.088.492.493.5
94.6101.1102.299.4
100.0
100.1101.3104.7104.9106.2
106.3
104.7104.7104.8105.4
105.8106.6106.8105. 7
105.8106.4106.3106.5
Non-durable
goods
57.7
54.846.940.040.345.3
47.247.449.146.745.8
46.450.558.865.869.5
72.278.888.794.090.9
91.499.0
100.199.7
100.0
99.5100.9103.9106.2106.0
107.2
106.2106.6106.1105.8
105.8105.6106.1106.5
106.7107.2107.3107.6
Services
66.8
64.260.355.350.750.7
50.951.953.854.554.5
54.856.859.862.865.5
67.171.176.881.783.6
85.989.893.697.7
100.0
101.7104.1107.0109.5112.4
115.9
108.7109.2109.6110.3
111.1111.9112.7113.8
114.9115.5116.1116.8
Gross private domesticinvestment 1
New construction
Total
41.7
40.036.531.131.233.3
34.134.839.039.139.0
40.143.447.653.056.3
57.863.776.685.984.3
88.395.398.4
100.1100.0
103.1109.8113.5114.1117.2
120.3
113.6113.9114.1114.9
116.1117.3117.4117.9
120.0120.4120.5120.3
Resi-dentialnon-farm
41.8
40.837.130.129.833.1
32.634.337.839.239.5
40.944.647.751.456.2
60.065.378.488.685.9
90.997.5
100.3101.3100.0
103.0109.0111.2111.7115.2
117.0
111.1111.1111.6112.7
114.0115.1115.3115.9
117.2117.2117.0116.8
Other
41.6
39.736.231.731.933.4
35.435.239.939.138.4
39.142.247.654.056.3
56.962.674.883.182.6
85.193.196.598.9
100.0
103.2110.7115.7116.8119.7
124.1
116.1116.8116.8117.5
118.6120.1120.0120.2
123.4124.2124.6124.1
Pro-ducers'durableequip-ment
52.5
50.547.945.543.145.9
45.645.448.750.249.4
50.654.058.558.459.3
60.066.776.883.187.0
89.096.897.599.0
100.0
102.6109.0115.7119.0121.3
121.6
118.2118.9119.2119.6
120.7121.6122.1120.9
121. 1122.0122.0121.0
See footnotes at end of table, p. 133.
132
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-5.—Implicit price deflators for gross national product, 1929-60—Continued
[Index numbers, 1954=100]
Period
1929 63.1
1930 _ __ 55.01931 43.21932 _ 36.21933 35.21934 43.0
1935 44.71936 46.01937 48.91938 46.51939 46.9
1940 51.21941 .... 56.11942 64.91943 68.11944 73.3
1945 75.31946 80.81947... 93.41948 98.61949 92.7
1950 90.31951... 103.31952 103.01953 101.01954. 100.0
1955. 100.71956 103.41957 - 107.41958 105.919fi9... 104.5
I960' 105.4
1958: First quarter 107.1Second quarter 106.3Third quarter. _ _ 105.0Fourth quarter 105.1
1059: First quarter 105.1Second quarter.. _ 104.4Third quarter _ 104.0Fourth quarter _ 104.6
1960: First quarter __ 105.6Second quarter _ 104.9Third quarter 105.6Fourth quarter * 105.6
Exports and imports ofgoods and services 1
Exports Imports
57.3
48.939.732.329.333.8
36.036.941.138.038.6
40.943.048.951.353.3
57.465.579.786.382.0
87.8102.8102.898.2
100.0
99.9101.8103.299.298.1
99.9
100.499.698.898.1
97.497.597.799.9
99.999.999.9
Government purchases of goodsand services
Total
45.8
44.942.739.440.342.9
43.444.045.144.544.2
45.251.959.664.363.4
63.269.476.482.085.1
86.595.597.898.3
100.0
103.3109.2114.6117.9121.2
124.0
116.7117.1118.6119.2
119.7120.2121.9122.8
122.4122.7125.4125.6
Federal
44.5
41.841.738.238.343.2
43.746.947.346.146.8
47.055.161.465.664.3
63.973.080.884.488.0
89.698.799.298.6
100.0
104.1109.7114.9118.2122.1
l«5-8
117.1116.8119.4119.8
120.3120.9123.3124.1
123.7123.6128.0127.9
State andlocal
46.1
45.543.039.741.142.8
43.342.243.843.442.7
43.946.249.852.754.6
57.463.071.579.381.7
83.790.294.897.5
100.0
102.2108.6114.2117.4120.0
122.1
116.2117.4117.6118.4
119.0119.5120.2121.3
120.9121.6122.7123.2
1 Separate deflators are not available for total gross private domestic investment, change in businessinventories, and net exports of goods and services.
For explanation of conversion of estimates in current prices to those in 1954 prices, see U.S. Income andOutput, A'Supplement to the Survey of Current Business, 1958.
* Preliminary estimates by Council of Economic Advisers.
Source: Department of Commerce (except as noted).
576899 O—61- -10 133
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-6.—Gross national product: Receipts and expenditures by major economic groups,7929--60
[Billions of dollars]
Period
1920
1930 .. ~1931..193219331934
19351936193719381939
19401941194219431944
1945 . .194619471948. .1949
1950..1951 .-195219531954..
1955195619571958 _.-1959
I9604
1958: First quarter. __Second quarter.Third quarter..Fourth quarter.
1959: First quarterSecond quarter.Third quarter..Fourth quarter.
1960: First quarter. _ _Second quarter.Third quarter..Fourth quarter4.
Persons
Dis-pos-ableper-
sonalincome
83.1
74.463.848.745.752.0
58.366.271.065.770.4
76.193.0
117.5133.5146.8
150.4160.6170.1189.3189.7
207.7227.5238.7252.5256.9
274.4292.9308.8317.9337.3
354.2
Per-sonalcon-
sump-tion ex-pendi-tures
79.0
71.061.349.346.451.9
56.362.667.364.667.6
71.981.989.7
100.5109.8
121.7147.1165. 4178.3181.2
195.0209.8219.8232.6238.0
256.9269.9285.2293.5313.8
328.2
Per-sonal
savingor dis-saving
(-)
4.2
3.42.5-.6-.6
.1
2.03.63.71.12.9
4.211.127.833.036.9
28.713.54.7
11.08.5
12.617.718.919.818.9
17.523.023.624.423.4
26.0
Business
Grossre-
tainedearn-ings i
11.5
8.85.22.72.64.9
6.36.57.87.88.3
10.411.514.116.317.2
15.613.118.926.627.6
27.731.533.234.335.5
42.143.045.644.650.5
«52.3
Grossprivate
do-mesticinvest-ment
16.2
10.35.5.9
1.42.9
6.38.4
11.76.79.3
13.218.19.95.67.1
10.428.131.543.133.0
50.056.349.950.348.9
63.867.466.156.072.0
72.7
Excessof re-ceiptsor in-vest-ment(-)
-4.7
-1.5-.31.81.22.0
.1-1.9-4.0
1.2-1.0
-2.8-6.6
4.310.710.1
5.2-15.1-12.6-16.5-5.4
-22.3-24.8-16.6-16.0-13.4
-21.8-24.3-20.5-11.4-21.6
«-20.4
International
For-eignnet
trans-fers by
gov-ern-
ment 2
(')
0)(2)(»)(')(>)
(»)0)(')0)(')(')0)(»)%(2)0.3.1
1.63.2
2.82.11.51.61.4
1.51.51.51.31.5
1.6
Net exports of goodsand services 2
Netexports
0.8
.7
.2
.2
.2
.4
-.1-.1
.11.1.9
1.51.1
-.2-2.2-2.1
-1.44.99.03.53.8
.62.41.3
-.41.0
1.12.94.91.2
-1.0
2.7
Ex-ports
7.0
5.43.62.52.43.0
3.33.54.64.34.4
5.46.04.94.55.4
7.412.817.914.514.0
13.117.917.416.617.5
19.423.126.222.722.9
26.5
Im-ports
6.3
4.83.42.32.32.5
3.33.64.53.23.5
3.84.85.16.87.5
8.87.98.9
11.010.2
12.515.516.117.016.5
18.320.221.321.523.8
23.8
Excessof
trans-fers or
net er-ports
-0.8
-.7-.2-.2-.2-.4
.1
.1-.1
-1.1-.9
-1.5-1.1
.22.22.1
1.4-4.6-8.9-1.9-.5
2.2-.2
.22.0.4
.4-1.5-3.5
.12.5
-1.1
Seasonally adjusted annual rates
311.4314.0321.9324.9
329.6338.3338.5342.4
347.0354.1357.5358.1
287.7291.2294.8300.2
306.1313.6316.0319.6
323.3329.0328.3332.0
23.722.827.124.7
23.624.822.522.8
23.725.229.226.1
42.043.643.748.6
49.151.849.651.0
52.452.151.6(7)
52.452.555.863.2
70.978.967.570.8
79.375.570.865.8
-10.4-8.9
-12.1-14.6
-21.8-27.1-17.9-19.8
-26.9-23.4-19.2
(7)
1.21.31.21.6
1.51.41.21.9
1.61.71.41.7
1.71.31.6.4
-1.0-2.2-.2-.4
1.22.03.74.0
22.522.722.922.7
21.822.224.023.5
25.226.427.327.3
20.821.421.422.3
22.824.424.223.9
23.924.423.523.3
-0.5(6)
Ll
2.53.61.52.4
.3-.3
-2.3-2,3
See footnotes at end of table, p. 135.
134
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-6.—Gross national product: Receipts and expenditures by major economic groups,1929-60— Continued
[Billions of dollars]
Period
1929
19301931 _ . .193219331934
19351936193719381939
19401941194219431944
19451946194719481949 _.
1950 _ _19511952 . .1953 _.1954
19551956195719581959I9604
1958: First quarterSecond quarterThird quarterFourth quarter
1959: First quarter. _ .Second quarterThird quarterFourth quarter
1960: First quarterSecond quarterThird quarter _ _ _Fourth quarter 4
Government
Receipts
Netre-
ceipts
9.58.96.46.46.77.48.08.9
12.311.211.2
13.321.028.344.444.643.134.641.642.837.0
47.266.672.275.768.578.484.287.582.194.6
599.9
Taxandnon-
tax re-ceiptsor ac-cruals
11.3
10.89.58.99.3
10.511.412.915.415.015.4
17.725.032.649.251.2
53.251.157.159.256.4
69.385.590.694.990.0
101.4109.5116.3115.2129.1
5 137. 3
Trans-fers,
inter-est,andsub-
sidies3
1.71.83.12.52.63.13.44.13.13.84.24.44.04.34.86.5
10.116.515.416.519.422.118.918.419.221.523.025.328.733.134.537.4
Expenditures
Pur-chases
ofgoodsandserv-ices
8.59.29.28.18.09.8
10.011.811.712.813.314.124.859.788.696.582.930.528.434.540.239.060.576.082.875.375.679.086.593.597.199.6
Totalex-
pendi-tures
10.211.012.310.610.712.813.315.914.816.617.518.528.864.093.4
103. 192.947.043.851.059.561.179.494.4
102.096.798.6
104.3115.3126.6131.6137.0
Trans-fers,
inter-est,andsub-
sidies3
1.71.83.12.52.63.13.44.13.13.84.24.44.04.34.86.5
10.116.515.416.519.422.118.918.419.221.523.025.328.733.134.537.4
Sur-plus ordeficit(-) onincome
andprod-uctac-
count
1.0-.3
-2.8-1.7-1.4-2.4-2.0-3.0
.6-1.6-2.1-.7
-3.8-31.4-44.2-51.9-39.7
4.113.38.2
-3.18.26.1
-3.9-7.1-6.7
2.95.21.0
-11.4-2.5
.3
Totalincomeor re-ceipts
104.292.175.457.755.064.272.781.691.084.889.999.8
125.4160.0194.2208.6209.1208.6230.7260.3257.5285.3327.7345.6364.1362.3396.5421.6443.4445.9483.9
5508.0
Statis-ticaldis-
crep-ancy
0.3-1.0
.8
.8
.9
.7-.21.1
-.2.5
1.2.8.4
-.8-1.7
2.84.52.13.5-.8
.5-.71.21.41.3.9
1.0-2.4-.6
-1.7-1.8
5-4.8
Grossna-
tionalprod-uct
or ex-pendi-
ture
104. 4k
91.176.358.556.065.0
72.582.790.885.291.1
100.6125.8159.1192.5211.4
213.6210.7234.3259.4258.1284.6329.0347.0365.4363.1
397.5419.2442.8444.2482.1503.2
Seasonally adjusted annual rates
79.879.282.386.692.697.394.993.6
101.4100.898.9(7)
111.0112.6116.3120.9126.3131.3129.0129.7137.3137.9136.3
(7)
31.233.434.134.433.834.034.136.135.937.037.439.1
90.191.994.897.197.197.798.196.497.598.6
100.7101.7
121.3125.3128.9131.6130.8131.6132.2132.4133. 4135.6138.1140.7
31.233.434.134.433.834.034.136.135.937.037.439.1
-10.3-12.7-12.5-10.6-4.5-.4
-3.2-2.8
3.92.3
-1.8(7)
434.5438.0449.0461.5472.9488.8484.3488.9502.3508.7509.4
(7)
-2.5-1.3-2.1n
.1-1.0-3.0-2.6-1.1-3.9-5.8
(7)
432.0436.8447.0461.0473.1487.9481.4486.4501.3505.0503.5503.5
1 Undistributed corporate profits, corporate inventory valuation adjustment, capital consumptionallowances, and excess of wage accruals over disbursements.
2 For 1929-45, foreign net transfers by Government were negligible; therefore, for that period, net export?of goods and services and net foreign investment have been equated.
3 Government transfer payments to persons, foreign net transfers by Government, net interest pal J bygovernment, and subsidies less current surplus of government enterprises.
• Preliminary estimates by Council of Economic Advisers.5 Data for corporate profits are approximations for the year as a whole; they do not derive from, nor imply,
specific estimates for the quarters. All other data incorporating or derived from these figures are corre-spondingly approximate.
• Less than $50 million.7 Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
135Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-7.—Personal consumption expenditures, 7929-60
[Billions of dollars]
Period
1929
193019311932 _19331934
19351936193719381939
19401941194219431944
19451946 —194719481949
19501951195219531954
19551956195719581959 _.
I9604 --
1958:First quarterSecond quarterThird quarterFourth quarter
1959:First quarter -Second quarterThird quarterFourth quarter
1960:First quarterSecond quarterThird quarterFourth quarter *
Totalper-sonalcon-
sump-tionex-
pend-itures
79.0
71.061.349.346.451.9
56.362.667.364.667.6
71.981.989.7
100.5109.8
121.7147.1165.4178.3181.2
195.0209.8219.8232.6238.0
256.9269.9285.2293.5313.8
328.2
Durable goods
To-tal
9.2
7.25.53.63.54.2
5.16.36.95.76.7
7.89.77.06.66.8
8.115.920.622.724.6
30.429.529.132.932.4
39.638.540.437.343.4
43.9
.2
1-da03
s1j3.2
2.21.6.9
1.11.4
1.92.32.41.62.2
2.73.4.7.8.8
1.03.96.37.49.8
13.011.611.014.013.4
18.315.817.113.917.9
18.4
ll
•§!<S 3
££32gja
fc
4.8
3.93.12.11.92.2
2.63.23.63.13.5
3.94.94.73.93.8
4.68.7
11.011.911.5
14.014.214.114.714.8
16.617.417.417.418.8
18.6
I0
1.2
.1.1.9.6.5.6
.7
.81.0.9
1.0
1.11.41.61.92.2
2.53.33.43.43.3
3.43.73.94.14.3
4.85.35.86.06.6
6.9
Nondurable goods
To-tal
37.7
34.028.922.822.326.7
29.332.835.234.035.1
37.243.251.359.365.4
73.284.893.498.796.6
99.8110.1115.1118.0119.3
124.8131.4137.7142.0147.6
152.5
1
ll3?1*« «
•§2£
19.5
18.014.711.410.912.2
13.615.216.415.615.7
16.719.423.727.830.6
34.140.745.848.246.4
47.453.455.856.657.7
59.262.265.267.668.6
70.9
0
<aTJ
SIX3
J20
9.4
8.06.95.14.65.7
6.06.66.86.87.1
7.48.8
11.013.414.6
16.518.218.820.119.3
19.621.121.921.921.9
23.424.525.425.727.4
27.9
3•d9o>
13O
1.8
1.71.5.5.5.6
.7
.92.12.12.2
2.32.62.11.31.4
1.83.03.64.45.0
5.46.06.77.58.0
8.89.6
10.410.611.1
11.6
10
7.0
6.35.74.85.37.2
7.99.19.89.5
10.1
10.812.314.516.718.7
20.822.925.226.025.9
27.429.530.731.831.7
33.435.236.738.140.5
42.0
Services
To-tal
32.1
29.826.922.920.721.0
21.923.525.125.025.8
26.929.031.534.737.7
40.446.451.456.960.0
64.970.275.681.886.3
92.5100.0107.1114.2122.8
131.8
I§»
11.4
11.010.39.07.97.6
7.67.98.48.89.0
9.310.010.811.311.9
12.413.815.617.619.3
21.223.225.427.529.1
30.732.735.238.040.5
42.8
|
|
w
4.0
3.93.53.02.83.0
3.23.43.73.63.8
4.04.34.85.25.9
6.46.77.47.98.4
9.310.110.811.712.1
13.514.815.816.918.0
19.2
13|
£
2.6
2.21.91.61.51.6
1.71.92.01.92.0
2.12.42.73.43.7
4.05.15.56.06.1
6.36.97.48.07.9
8.38.69.09.29.9
10.5
I0
14.0
12.711.29.38.58.8
9.410.311.110.711.0
11.412.313.114.716.3
17.520.823.025.426.2
28.129.932.034.637.1
39.943.847.050.254.5
59.3
Seasonally adjusted annual rates
287.7291.2294.8300.2
306.1313.6316.0319.6
323.3329.0328.3332.0
36.536.436.739.6
41.644.444.043.5
44.244.542.744.0
13.513.513.215.7
17.218.918.217.4
18.518.917.518.5
17.217.017.617.8
18.119.019.119.2
18.918.718.318.5
5.95.96.06.1
6.36.66.76.8
6.76.96.96.9
139.7141.4143.0143.8
145.3147.7148.0149.6
150.5153.5152.7153.3
66.967.967.667.9
68.168.668.469.3
69.771.370.871.8
25.025.426.226.2
26.527.827.627.8
27.828.328.227.5
10.310.510.810.8
10.911.111.211.3
11.411.711.711.7
37.337.738.438.8
39.740.340.841.2
41.642.242.042.3
111.5113.4115.1116.9
119.2121.4124.1126.6
128.6130.9132.9134.8
36.937.638.439.1
39.740.240.841.3
41.942.543.143.7
16.516.817.017.2
17.617.618.118.5
18.919.119.319.5
9.09.19.29.4
9.59.7
10.110.1
10.310.510.510.6
49.149.950.551.2
52.453.955.156.6
57.558.860.061.0
1 Quarterly data are estimates by Council of Economic Advisers.2 Includes standard clothing issued to military personnel.3 Includes imputed rental value of owner-occupied dwellings.* Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
136
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-8.—Gross private domestic investment, 1929-60
[Billions of dollars]
Period
1929
1930193119321933 .1934
1935 - .193619371938 .1939
1940 .1941194219431944 ..
19451946194719481949 .
1950195119521953 ._ .. _ _1954
19551956195719581959
I9608 --„
1958:First quarterSecond quarter.Third quarter...Fourth quarter.
1959:First quarterSecond quarter.Third quarter..Fourth quarter.
1960:First quarter....Second quarter.Third quarter..Fourth quarter «_
Totalgross
privatedo-
mesticinvest-ment
16.2
10.35.5.9
1.42.9
6.38.4
11.76.79.3
13.218.19.95.67.1
10.428.131.543.133.0
50.056.349.950.348.9
63.867.466.156.072.0
72.7
Nonfarm producers'plant and equipment
Total i
9.5
7.44.52.52.33.0
3.85.16.64.75.3
7.08.75.34.66.3
9.314.820.723.321.0
23.427.428.130.229.5
33.439.441.433.736.7
41.3
Equip-ment2
5.2
4.02.61.41.52.1
2 73.64.53.13.7
4.96.13.73.54 7
6.99.8
14.916.414.4
16.218.418.619.518.5
20.625.026.220.323.0
26.3
Con-struc-tion 8
4.2
3.41.91.0.8.9
1.11.42.11.61.6
2.02.61.61.11.5
2.35.05.86.96.6
7.29.19.5
10.711.0
12.814.415.213.413.6
15.1
Farm equipmentand construction
Total *
0.9
.7
.4
.2
.2
.3
.5
.7
.8
.7
.7
.81.1.9.8
1 0
1.01.83.2.1.4
.4
.8
.6
.5
.0
4.13.83.94.34.6
4.1
Equip-ment
0.6
.5
.3
.1
.1
.3
.4
.5
.6
.5
.5
.6
.8
.7
.6
.7
.7
.91.82.62.9
2.72.92.72.82.3
2.52.22.32.82.8
2.6
Con-struc-tion
0.3
.2
.1(7)(0
.1
.2
.2
.2
.2
.2
.3
.3
.33
.3
.91.41.51.5
1.61.81.91.71.6
1.61.61.61.51.8
1.5
Resi-dential
con-struc-tion(non-farm)
3.6
2.11.6.6.5.6
1 01.61.92.02.7
3.03.51.7.98
1.14.87.5
10.19.6
14.112.512.813.815.4
18.717.717.018.022.3
21.1
Otherpri-vatecon-
struc-tion*
0.5
.5
.4
.2
.1
.1
.1
.1
.2
.2
.2
.2
.2
.1(7). l
.1
.4
.5
.91.1
1.31.41.31.41.7
1.81.92.22.52.6
2.8
Net change inbusiness inventories
Total
1.7
— 4-1.3-2.6-1.6-1.1
91.02.2-.9
.4
2.24.51.8-.8
—1 0
-1.16.4-.54.7
—3 1
6.810.23.1.4
-1.6
5.84.71.6
-2.55.9
3.3
Non-farm9
1.8
— l-1.6-2.6-1.4
.2
42.11.7
-1.0.3
1.94.0.7
-.6— 6
-.66.41.33.0
-2.2
6.09.12.11.1
-2.1
5.55.1.8
-3.65.4
3.0
Farm
-0.2
— 3.3(0
-L3
5-1.1
.5
.1
.1
.3
.51.2-.2— 4
-.5(7)
-1.81.7
-.9
.81.2.9
-.6.6
.3-.4
.81.0.5
.4
Seasonally adjusted annual rates
52.452.555.863.2
70.978.967.570.8
79.375.570.865.8
35.833.432.533.2
34.436.737.737.7
39.741.942.342.1
21.519.919.520.3
21.023.223.724.1
24.726.927.126.6
14.313.513.012.9
13.413.514.013.6
15.015.015.215.5
4.04.24.34.7
4.54.64.64.6
4.04.24.14.2
2.52.72.83.2
2.92.92.82.7
2.42.62.62.8
1.51.51.51.5
1.61.71.81.9
1.61.61.51.4
17.116.918.019.9
21.923.522.621.3
21.421.321.120.7
2.32.42.52.5
2.52.52.62.6
2.82.82.82.8
-6.9-4.5-1.6
2.9
7.611.5-.14.7
11.45.3.6
-4.0
-8.0-5.7-2.6
2.0
6.911.0-.54.3
11.05.0.3
-4.4
1.11.21.0.8
.7
.5
.5
.4
.4
.3
.3
.4
1 Items for nonfarm producers' plant and equipment are not comparable with those shown in Table C-30principally because the latter exclude equipment and construction outlays charged to current expense andalso investment by nonprofit organizations and professional persons.
2 Total producers' durable equipment less farm machinery and equipment and farmers' purchases oftractors and business motor vehicles.
3 Industrial buildings, public utilities, gas- and oil-well drilling, warehouses, office and loft buildings,stores, restaurants, garages, miscellaneous nonresidential construction, and all other private construction.
< Farm construction (residential and nonresidential) plus farm machinery and equipment and farmers'purchases of tractors and business motor vehicles. (See footnote 2.)
5 Includes religious, educational, social and recreational, and hospital and institutional.8 After inventory valuation adjustment.7 Less than $50 million.« Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
137
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-9.—National income by type of income, 1929-60
[Billions of dollars]
Period
1929193019311932 .1933... .19341935193619371938.1939... ...1940...194119421943.. _ . . ..194419451946 ...194719481949 ..... ..19501951195219531954 . . . ....1955195619571958. .- ._ _19591960S
1958: First QuarterSecond quarterThird quarterFourth quarter
1959: First quarterSecond quarterThird quarterFourth quarter
1960: First quarterSecond quarterThird quarterFourth quarter 6 _ _ - . _
Totalna-
tionalin-
come1
87.8
75.759.742.540.249.0
57.164.973 667.672.881.6
104.7137.7170.3182. 6181.2180.9198.2223.5217.7241.9279.3292.2305. 6301.8330.2350.8366.9367.7399.6
7 418. 4
Com-pen-
sationof em-ploy-ees 2
51.1
46.839.731.129.534. 3
37.342.947 945.048.152.164.885.3
109.6121.3123.2117.7128.8141.0140.8154.2180.3195.0208.8207.6223.9242.5255.5257.0277.8294.4
Business and pro-fessional incomeand inventory
valuationadjustment
Total
8.87.45.63.43.24.6
5.46.57 16.87.38.4
10.913.916.818.019.021.319.922.422.7
23.526.026.927.427.8
30.432.132.732.334.735.9
In-come
ofunin-corpo-ratedenter-prises
8.6
6.75.03.13,74.6
5.46.67 16.67.5
8.511.514.317.018.119.123.021.422.822.2
24.626.326. 727.627.8
30.632.633.032.434.836.0
In-ven-toryvalu-ationad-
just-ment
0.1.8.6.3
-.5-.1
-.1
.2-.2
-.6-.4-.2-.1-.1
-1.7-1.5-.4
.5
-1.1-.3
.22
-.2-.5-.3-.1-.1
-.1
In-come
offarmpro-prie-tors 3
6.0
4.13.21.92.42.4
5.04.05 64.34.3
4.66.5
10.011.411.5
11.815.315.517.812.914.016.315.313.312.7
11.811.611.814.011.8
12.0
Rent-al in-come
ofper-sons
5.4
4.83.82.72.01.7
1.71.82.12.62.72.93.54.55.15.45.66.26.57.38.39.09.4
10.210.510.9
10.710.911.912.212.4
12.5
Corporate profitsand inventory
valuationadjustment
Total
10.16.61.6
-2.0-2.0
1.12.95.06.24.35.79.1
14.519.723.823.018.417.323.630.828.235.741.037.737.333.743.142.041.737.446.6
7 45.0
Cor-porateprofitsbeforetaxes 4
9.63.3-.8
-3.0.2
1.73.15.76.23.36.4
9.317.020.924.623.319.022.629.533.026.440.642.236.738.334.1
44.944.743.237.747.0
7 45.0
In-ven-toryvalu-ationad-
just-ment
0.53.32.41.0
-2.1-.6
-.2-.7
1.0-.7_ 2
-2! 5-1.2-.8-.3-.6
-5.3-5.9-2.2
1.9
-5.0-1.2
1.0-1.0-.3
-1.7-2.7-1.5-.2-.5
Netin-
terest
6.46.05.85.45.04.94.84.74.74.64.64.54.54.33.73.33.23.13.84.24.85.56.37.18.29.1
10.411.713.414.716.418.7
Seasonally adjusted annual rates357.6360.4370.8381.9390.9405.4399.4402.8414.4419.4419.3
(9)
252. 5253.4258.8263.4270.4279.7279.5281.6290.2295.0297.2295.2
31.532.032.633.333.834.835.035.135.436.036.135.9
31.632.132.533.433.935.235.235.035.736.036.036.0
-0.1-.1
.1-.1-.1-.4-.2
.1-.3
'.1-.1
14.713.914.013.513.012.011.111.210.612.112.212.8
12.112.112.212.212.312.412.412.512.512.512.512.5
32.634.738.544.045.550.444.945.548.045.342.2
(8)
32.834.438.844.946.451.745.344.848.845.741.5(s)
-0.2.3
-.2-.9-.9
-1.3-.4
.7-.8-.4
.7
.5
14.114.414.815.415.916.216.516.917.818.519.119.4
1 National income is the total net income earned in production. It differs from gross national productmainly in that it excludes depreciation charges and other allowances for business and institutional con-sumption of durable capital goods, and indirect business taxes. See Table C-10.2 Wages and salaries and supplements to waees and salaries (employer contributions for social insurance;employer contributions to private pension, health, and welfare funds; compensation for injuries; directors'fees; pay of the military reserve; and a few other minor items).3 Excludes income resulting from net reductions of farm inventories and gives credit in computingincome to net additions to farm inventories during the period. Data for 1929-45 differ from those shown inTable C-65 because of revisions by the Department of Agriculture not yet incorporated into the nationalincome accounts.4 See Table C-57 for corporate tax liability (Federal and State income and excess profits taxes) andcorporate profits after taxes.8 Less than $50 million.
«Preliminary estimates by Council of Economic Advisers. v7 Data for corporate profits are approximations for the year as a whole; they do not derive from, nor imply,specific estimates for the quarters. All other data incorporating or derived from these figures are corre-spondingly approximate.
8 Not available.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
138
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-10.—Relation of gross national product and national income, 1929-60
[Billions of dollars]
Period
1929 ._
19301931 _.193219331934 „
19351936. . . .193719381939
194019411942 _19431944
19451946194719481949
19501951 _.. -..195219531954
19551956 .1957 . _1958 .--1959
I9603...
1958:First quarterSecon d quarter _ _Third quarterFourth quarter _ .
1959:First quarterSecond quarter _ -Third quarter...Fourth quarter..
1960:First quarterSecond quarter _ _Third quarterFourth quarter3.
Qrossna-
tionalprod-
uct
104.4
91.176.358.556.065.0
72.582.790.885.291.1
100.6125.8159.1192.5211.4
213.6210.7234.3259.4258.1
284.6329.0347.0365.4363.1
397.5419.2442.8444.2482.1
503. 2
Less: Capital con-sumption allowances
Total
8.6
8.58.27.67.27.1
7.27.57.77.87.8
8.19.0
10.210.912.0
12.510.713.015.517.3
19.122.024.026.528.8
32.034.437.438.140.5
43.2
Depre-ciation
charges
7.7
7.77.67.06.76.6
6.76.76.96.97.1
7.38.19.29.9
10.8
11.29.0
11.113.115.1
16.518.820.923.125.2
27.930.533.435.137.2
39.6
Other i
0.9
.8
.6
.6
.5
.5
.6
.8
.8
.8
.7
.81.01.01.01.2
1.31.72.02.42.2
2.63.23.13.53.6
4.03.94.03.13.3
3.6
Equals:Netna-
tionalprod-uct
95.8
82.668.150.948.857.9
65.375.283.077.483.3
92.5116.8149.0181.6199.4
201.0200.0221.3244.0240.8
265.5307.0323.0338.9334.3
365.5384.8405.3406.1441.6
460.0
Plus:Sub-sidiesless
currentsurplusof gov-
ern-mententer-prises
-0.1
-.1(2)
(2)(2)
.3
.4(2)
.1
.2
.5
.4
.1
.2
.2
.7
.8
.9-.2-.2-.2
.2
.22
-.'42
(2).9
1.01.1.6
.5
Less:
Indirect businesstax
Total
7.0
7.26.96.87.17.8
8.28.79.29.29.4
10.011.311.812.714.1
15.517.318.620.421.6
23.725.628.130.230.2
32.935.738.239.442.6
45.1
Fed-eral
1.2
1.0.9.9
1.62.2
2.22.32.42.22.3
2.63.64.04.96.2
7.17.97.98.18.2
9.09.5
10.511.210.1
11.011.612.211.912.9
13.8
Stateandlocal
5.8
6.16.05.85.45.6
6.06.46.86.97.0
7.47.77.77.88.0
8.49.4
10.812.313.5
14.716.117.619.020.1
21.824.126.027.529.6
31.3
Busi-ness
trans-fer
pay-ments
0.6
.5
.6
.7
.7
.6
.6
.6
.6
.4
.5
.4
.5
.5
.5
.5
.5
.6
.7
.7
.8
.81.01.21.41.3
1.51.61.81.81.8
1.8
Sta-tisti-caldis-
crep-ancy
0.3
-1.0.8.8.9.7
-.21.1
-.2.5
1.2
.8
.4-.8
-1.72.8
4.52.13.5
o
.5
-.71.21.41.3.9
1.0-2.4-.6
-1.7-1.8
<-4.8
Equals:Na-
tionalincome
87.8
75.759.742.540.249.0
57.164.973.667.672.8
81.6104.7137.7170.3182.6
181.2180.9198.2223.5217.7
241.9279.3292.2305.6301.8
330.2350.8366.9367.7399.6
< 418. 4
Seasonally adjusted annual rates
432.0436.8447.0461.0
473.1487.9481.4486.4
501.3505.0503.5503.5
37.737.938.238.7
39.540.240.741.4
42.243.043.644.1
88(5)(8)(•)(•)
(•)(5)(5)(•)
(5)(•)(«)<•)
0)(5)(s)(5)
(5)(5)(•)(•>
394.3398.9408.8422.2
433.6447.7440.7445.0
459.1462.0460.0459.3
1.01.21.21.2
.8
.7
.5
.5
.5
.6
.5
.5
38.439.239.440.4
41.542.243.043.5
44.445.345.145.6
11.712.011.712.1
12.612.813.113.3
13.614.113.813.9
26.727.227.728.3
28.929.429.930.2
30.831.231.431.7
1.81.81.81.8
1.81.81.81.8
1.81.81.81.8
-2.5-1.3-2.1-.7
.1-1.0-3.0-2.6
-1.1-3.9-5.8(5)
357.6360.4370.8381.9
390.9405.4399.4402.8
414.4419.4419.3(5)
1 Accidental damage to fixed capital and capital outlays charged to current account.2 Less than $50 million.* Preliminary estimates by Council of Economic Advisers.
4 Data for corporate profits are approximations for the year as a whole; they do not derive from, nor imply,specific estimates for the quarters. All other data incorporating or derived from these figures are corre-spondingly approximate.
8 Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
139
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—11.—Relation of national income and personal income, 1929-60
[Billions of dollars]
Period
1929
19301931193219331934
1935 _.1936 .19371938 .1939... .-
19401941 _ _.194219431944
19451946194719481949
19501951 .. -195219531954
19551956195719581959
I9601
1958' First quarterSecond quarterThird quarterFourth quarter....
1959: First quarterSecond quarterThird quarterFourth quarter
1960: First quarterSecond quarterThird quarterFourth quarter *
Nationalincome
87.8
75.759.742.540.249.0
57.164.973.667.672.8
81.6104.7137.7170.3182.6
181.2180.9198.2223.5217.7
241.9279.3292.2305.6301.8
330.2350.8366.9367.7399.6
» 418. 4
Less:
Corpo-rate
profitsand in-
ven-toryvalu-ation
adjust-ment
10.1
6.61.6
-2.0-2.0
1.1
2.95.06.24.35.7
9.114.519.723.823.0
18.417.323.630.828.2
35.741.037.737.333.7
43.142.041.737.446.6
* 45.0
Contri-butions
forsocialinsur-ance
0.2
.3
.3
.3
.3
.3
.3
.61.82.02.1
2.32.83.54.55.2
6.16.05.75.25.7
6.98; 2
8.68.79.7
11.012.614.514.817.3
20.2
Excessof
wageac-
crualsoverdis-
burse-ments
0.2-.2
.1
--1
Plus:
Gov-ern-
menttrans-
ferpay-
mentsto
persons
0.9
1.02.11.41.51.6
1.82.91.92.42.5
2.72.62.62.53.1
5.610.911.110.511.6
14.311.612.012.915.0
16.017.220.124.525.2
27.2
Netinter-
estpaidby
gov-ern-
ment
1.0
1.0.1.1.2.2
.1
.1
.2
.2
.2
.3
.3
.52.12.8
3.74.54.44.54.7
4.85.05.05.25.4
5.45.76.26.27.1
8.0
Divi-dends
5.8
5.54.12.62.12.6
2.94.54.73.23.8
4.04.54.34.54.7
4.75.86.57.27.5
9.29.09.09.29.8
11.212.112.612.413.4
14.0
Busi-ness
trans-fer
pay-ments
0.6
.5
.6
.7
.7
.6
.6
.6
.6
.4
.5
.4
.5^5.5.5
.5
.6
.7
.7
.8
.81.01.21.41.3
1.51.61.81.81.8
1.8
Equals:
Per-sonalin-
come
85.8
76.965.750.147.253.6
60.268.573.968.672.9
78.796.3
123. 5151.4165.7
171.2179.3191.6210.4208.3
228.5256.7273.1288.3289.8
310.2332.9351.4860.3383.3
404.2
Seasonally adjusted annual rates
357.6360.4370.8381.9
390.9405.4399.4402.8
414.4419.4419.3(')
32.634.738.544.0
45.550.444.945.5
48.045.342.2(3)
14.614.615.015.2
16.917.417.417.5
19.920.220.420.1
0.6.6
-1.3
22.825.025.625.3
24.825.025.026.0
26.126.727.328.7
6.16.16.16.4
6.66.97.37.6
7.88.08.28.2
12.712.612.612.0
13.013.213.613.8
13.913.914.014.1
1.81.81.81.8
1.81.81.81.8
1.81.81.81.8
353.2355. 9364.7368.1
374.7384. 5384.8389.0
396.2404.2408.0408.5
1 Preliminary estimates by Council of Economic Advisers.i Data for corporate profits are approximations for the year as a whole; they do not derive from, nor imply,
specific estimates for the quarters. All other data incorporating or derived from these figures are corre-spondingly approximate.
»Not available.NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
I4O
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-12.—Sources of personal income, 1929-60
[Billions of dollars]
Period
1929
19301931193219331934
19351936193719381939 . ..
19401941194219431944
1945 . .1946194719481949
1950195119521953 ..1954
19551956195719581959
I960* _
1958:First quarterSecond quarterThird quarterFourth quarter
1959:First quarterSecond quarterThird quarterFourth quarter
1960:First quarterSecond quarterThird quarterFourth quarter «...
Totalpersonalincome
85.8
76.965.750.147.253.6
60.268.573.968.672.9
78.796.3
123.5151.4165.7
171.2179.3191.6210.4208.3
228.5256.7273.1288.3289.8
310.2332.9351.4360.3383.3
404.2
Laborincome
(wage andsalary
disburse-ments
and otherlabor
income)1
51.0
46.739.630.929.434.1
37.242.546.743.646.6
50.562.883.0
106.7118.5
119.4113.8125.2137.9137.4
150.2175.5190.2204.1202.5
218.0235.7247.7249.1268.3
283.5
Proprietors'income a
Farm'
6.0
4.13.21.92.42.4
5.04.05.64.34.3
4.66.5
10.011.411.5
11.815.315.517.812.9
14.016.315.313.312.7
11.811.611.814.011.8
12.0
Busi-ness andprofes-sional
8.8
7.45.63.43.24.6
5.46.57.16.87.3
8.410.913.916.818.0
19.021.319.922.422.7
23.526.026.927.427.8
30.432.132.732.334.7
35.9
Rentalincome
ofpersons
5.4
4.83.82.72.01.7
1.71.82.12.62.7
2.93.54.55.15.4
5.66.26.57.38.3
9.09.4
10.210.510.9
10.710.911.912.212.4
12.5
Divi-dends
5.8
5.54.12.62.12.6
2.94.54.73.23.8
4.04.54.34.54.7
4.75.86.57.27.5
9.29.09.09.29.8
11.212.112.612.413.4
14.0
Per-sonal
interestincome
7.4
6.96.96.66.26.1
5.95.85.95.85.8
5.85.85.85.86.2
6.97.68.28.79.4
10.311.212.113.414.6
15.817.519.620.823.5
26.8
Trans-fer pay-ments
1.5
1.52.72.22.12.2
2.43.52.42.83.0
3.13.13.13.03.6
6.211.411.811.312.4
15.112.613.214.316.2
17.518.821.926.427.0
29.0
Less:Per-sonal
contri-butions
forsocialinsur-ance
0.1
.1
.2
.2
.2
.2
.2
.2
.6
.6
.6
.7
.81.21.82.2
2.32.02.12.22.2
2.93.43.83.94.6
5.25.86.76.87.8
9.3
Non-agricul-tural
personalncome *
77.7
70.860.946.943.649.8
53.963.267.062.867.1
72.688.0
111.5137.6151.6
156.8161.2172.8189.2192.1
211.3237.0254.3271.5273.8
295.0317.9336.1342.6367.6
388.1
Seasonally adjusted annual rates
353.2355.9364.7368.1
374.7384.5384.8389.0
396.2404.2408.0408.5
244.1244.9252.1255.1
261.2270.1270.0272.0
279.4284.0286.1284.3
14.713.914.013.5
13.012.011.111.2
10.612.112.212.8
31.532.032.633.3
33.834.835.035.1
35.436.036.135.9
12.112.112.212.2
12.312.412.412.5
12.512.512.512.5
12.712.612.612.0
13.013.213.613.8
13.913.914.014.1
20.220.420.921.8
22.623.123.824.5
25.626.527.327.6
24.626.827.427.1
26.626.826.827.8
27.928.529.130.5
6.86.77.06.9
7.77.87.97.9
9.29.39.49.2
335.0338.3346.9350.7
357.8368.6370.0373.7
381.4387.7391.6391.6
i The total of wage and salary disbursements and other labor income differs from compensation of em-ployees in Table C-9 in that it excludes employer contributions for social insurance and excludes the excessof wage accruals over wage disbursements.
a Excludes income resulting from net reductions of inventories and gives credit in computing incometo net additions to inventories during the period.
a Data for 1929-45 differ from those in Table C-65 because of revisions by the Department of Agriculturenot yet incorporated into the national income accounts.
4 Nonagricultural income is personal income exclusive of net income of unincorporated farm enterprises,farm wages, agricultural net interest, and net dividends paid by agricultural corporations.
• Preliminary estimates by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
141
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-13.—Disposition of personal income, 7929-60
Period
1929
193019311932.19331934
193519361937. .1938.1939
19401941.194219431944
19451946. .194719481949 - _ _
1950 .195119521953-- . _ ... __. ..1954
195519561957. . _ .19581959
19602
1958: First quarterSecond quarterThird quarter _.Fourth quarter
1959: First quarterSecond quarterThird quarter _ _. ..Fourth quarter
1960: First quarterSecond quarterThird quarterFourth quarter 2 _ _
Personalincome
Less:Personaltaxes i
Equals:Dispos-
ablepersonalincome
Less:Personal
con-sumptionexpendi-
tures
Equals:Personalsaving
Billions of dollars
85.8
76.965.750.147.253.6
60.268.573.968.672.9
78.796.3
123.5151.4165.7
171.2179.3191.6210.4208.3
228.5256. 7273.1288.3289.8
310.2332.9351.4360.3383.3
404.2
2.6
2.51.91.51.51.6
1.92.32.92.92.4
2.63.36.0
17.818.9
20.918.721.521.118.7
20.829.234.435.832.9
35.740.042.642.446.0
50.0
83.1
74.463.848.745.752.0
58.366.271.065.770.4
76.193.0
117.5133.5146.8
150.4160.6170.1189.3189.7
207.7227.5238.7252.5256.9
274.4292.9308.8317.9337.3
354.2
79.0
71.061.349.346.451.9
56.362.667.364.667.6
71.981.989.7
100.5109.8
121.7147.1165.4178.3181.2
195.0209.8219.8232.6238.0
256. 9269.9285.2293.5313. 8
328.2
4.2
3.42.5-.6-.6
.1
2.03.63.71.12.9
4.211.127.833.036.9
28.713.54.7
11.08.5
12.617.718.919.818.9
17.523.023.624.423.4
26.0
Seasonally adjusted annual rates
353. 2355.9364.7368.1
374.7384.5384.8389.0
396.2404.2408.0408.5
41.841.942.843.2
45.146.246.346.5
49.250.050.550.4
311.4314.0321.9324.9
329.6338.3338.5342.4
347.0354.1357.5358.1
287.7291.2294.8300.2
306.1313.6316.0319.6
323.3329.0328.3332.0
23.722.827.124.7
23.624.822.522.8
23.725.229.226.1
Saving aspercentof dis-
posablepersonalincome
(percent)
5.1
4.63.9
-1.2-1.3
.2
3.45.45.21.74.1
5.511.923.724.725.1
19.18.42.85.84.5
6.17.87.97.87.4
6.47.97.67.76.9
7.3
7.67.38.47.6
7.27.36.66.7
6.87.18.27.3
1 Includes also such items as fines and penalties.2 Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
142
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-14.— Total and per capita disposable personal income and personal consumptionexpenditures, in current and 1960 prices, 1929-60
Period
1929
1930193119321933 .1934_.
19351936193719381939 -_
19401941194219431944
1945 _19461947 .19481949
195019511952 .. . .19531954
1955195619571958 -1959
1960 «
1958:First quarterSecond quarter...Third quarterFourth quarter...
1959:First quarterSecond quarter...Third quarterFourth quarter...
1960:First quarterSecond quarter...Third quarterFourth quarter 5.
Total disposablepersonal income
(billions ofdollars)
Currentprices
83.1
74.463.848.745.752.0
58.366.271.065.770.4
76.193.0
117.5133.5146.8
150.4160.6170.1189. 3189.7
207.7227.5238.7252.5256.9
274.4292.9308.8317. 9337.3
354.2
1960prices 1
148.7
139.3134.0115.7112.6120.6
132.2148.8153.7145.7157.5
168.4192.5217.6226.7236.0
233. 5231.1221.5232.8235.7
254.2261.2268.2281.2283.2
301.2316.0323.7327. 1343.1
354.2
Per capita dis-posable personalincome (dollars)
Currentprices
682
604514390364411
458516551506537
576697871976
1,061
1,0751,1361,1801,2911,272
1,3691,4741,5201,5821,582
1,6601,7421,8041,8261,905
1,969
1960prices '
1,220
1,1311,080
926897954
1,0391,1601,1931,1221,201
1,2741,4431,6131,6571,706
1,6691,6351,5361,5881,580
1,6761,6921,7081,7621,744
1,8221,8791,8911,8791,938
1,969
Total personalconsumptionexpenditures(billions of
dollars)
Currentprices
79.0
71.061.349.346.451.9
56.362.667.364.667.6
71.981.989.7
100.5109.8
121.7147.1165.4178.3181.2
195.0209.8219.8232.6238.0
256.9269.9285.2293.5313.8
328.2
1960prices 2
141.3
132.9128.8117.2114.4120.3
127.7140.6145.6143.1151.1
159.2169.7166. 1170.5176.6
188.9211.6215.3219.4225.0
238.7240.8247.0258.9262.3
282.0291.3299.1302.0319.3
328.2
Per capita per-sonal consump-tion expendi-tures (dollars)
Currentprices
648
576494395369410
442488522497516
544614665735793
8701,0401,1481,2161,215
1,2861,3591,4001,4571,465
1,5541,6051,6661,6861,772
1,824
1960prices •
1,159
1,0791,037
938910951
1,0031,0971,1291,1011,153
1,2051,2721,2321,2471,276
1,3501, 4971,4941,4961,508
1,5741,5601,5731,6221,615
1,7061,7321,7471,7351, 803
1,824
Seasonally adjusted annual rates
311.4314.0321.9324.9
329.6338.3338. 5342.4
347.0354.1357.5358.1
321.4322.7331.2333.6
337.4345.2343.7346.2
349.1354. 5356.8356.3
1,8001,8081,8451,854
1,8731,9141,9071,920
1,9391, 9721,9831,977
1,8581, 8581,8981,903
1,9171,9531,9361,941
1,9511,9741,9791,967
287.7291.2294.8300.2
306.1313.6316. 0319.6
323.3329.0328.3332.0
296.9299.4303. 4308.3
313.3319.9320.9323. 1
325.3329.2327.8330.2
1,6631,6761,6901,713
1,7391,7751,7801,793
1,8071,8321,8211,833
1,7161,7241,7391,759
1,7801,8101,8081,812
1,8181,8331,8181,823
Popu-lation(thou-sands) 4
121, 875
123, 188124, 149124, 949125, 690126, 485
127, 362128, 181128, 961129.969131,028
132, 122133, 402134, 860136, 739138, 397
139, 928141, 389144, 126146, 631149, 188
151, 683154, 360157,028159, 636162, 417
165, 270168, 176171, 198174, 054177, 080
179, 922
173, 041173, 703174, 464175, 287
176, 012176, 714177, 493178, 291
178, 938179, 576180, 309181, 100
1 Estimates in current prices divided by the implicit price deflator for personal consumption expendi-tures on a 1960 base.
2 See Table C-2 for explanation.3 Total expenditures in 1960 prices divided by population.4 Population of the United States excluding Alaska and Hawaii; includes armed forces abroad. An-
nual data are for July 1; quarterly data are for middle of period. (Population of United States includingAlaska for 1959 was 177,261,000 and including Alaska and Hawaii for 1960 was 180,670,000.)
s Preliminary estimates by Council of Economic Advisers.
Sources: Department of Commerce and Council of Economic Advisers.
143
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G—15.—Financial saving by individuals, 1939-60l
[Billions of dollars]
Period
193919401941194219431944 - _ _1945 ...19461947194819491950195119521953195419551956195719581959I96010
1958:First quarterSecond quarterThird quarter ___Fourth quarter..
1959:First quarterSecond quarter _ _Third quarter__-Fourth quarter..
1960:First quarterSecond quarterThird quarter- -Fourth quarter 10
Total
4.24.2
10.529.338.741.437.314.16.52.82.2.8
11.113.110.99.57.1
14.115.716.013.912.0
5.0.9
6.13.9
4.92.94.22.0
4.01.33.53.2
Cur-rencyand
bankde-
posits
3.02.94.8
10.916.217.519.010.62.0
-1.8-1.4
3.55.97.04.75.43.34.74.9
10.33.53.8
.7
.65.43.6
.2
.32.7.3
-2.0-.32.93.3
Sav-ings
shares2
0.1.3.4.3.6.8.1.2.3.3.6
1.72.33.34.04.85.25.45.26.57.38.1
1 41.91.02.2
1.42.41.22.2
1.62.31.42.8
Securities
Total
-0.8-.42.6
10.314.115.79.9
-1.42.43.12.4.9.5
3.53.4.4
6.45.24.6.8
11.62.6
6-.3-.91.5
2.92.52.83.3
2.6-.1
.5-.3
U.S.sav-ings
bonds
0.7.9
2.88.0
11.111.86.81.02.01.61.5.2
-.5.1.2.6.3
-.1-1.9-.5
-1.8-.4
— 1— .1-.2-.2
-.2-.4-.5-.6
-.2-.1(9)
Othergov-ern-
ment3
-0.9-.8
.42.33.24.64.2
-2.4-.3
.4
.2-.1-.41.32.0-.93.93.33.8
-1.112.21.5
— . 2-.6
-1.51.2
2.82.73.03.7
2.6
-'.2-.8
Cor-porateand
other
-0.6-.4-.5CO-.3-.7
-1.2(»)
i!i.7.7
1.42.21.2.7
2.22.02.82.51.21.6
.9
.4
.8
.4
.4
.3
.3
.2
.1
.2
.7
.6
Pri-vate
insur-ancere-
serves*
1.71.82.12.52.83.23.53.43.63.83.73.94.14.85.05.25.55.55.15.45.45.1
1 21.21.31.6
1.21.41.31.5
1.21.21.41.4
Non-in-
suredpen-sion
funds
0.1.1.1.1.2.6.9.3.3.4.6.9
1.41.51.81.92.12.42.93.03.43.8
1 05
.6
.9
.9
.8
.8
.9
1.0.9
1.0.9
Gov-ern-mentinsur-anceandpen-sionre-
serves8
1.31.31.92.63.95.05.13.63.53.62.31.14.24.43.22.63.13.63.2.6
2.23.3
_ i7
.2-.1
.11.5.9
-.3
.32.11.0
(9)
Less: Increase indebt
Mort-gage
debt6
0.5.8.8.1
-.4-.1
.23.64.64.74.17.36.66.57.39.0
11.810.37.89.8
13.410.8
1 62 22.93.1
2.93.63.83.0
2.42.73.12.6
Con-sumerdebt7
0.81.0.7
-3.0-1.0
.1
.52.32.82.42.63.61.04.43.61.06.13.12.5.3
6.13.7
— 1 8.4.1
1.6
-.32.21.82.4
-.51.9.7
1.5
Secu-ritiesloans8
-0.2-.2-.1
.3
.61.41.5
-2.3-.8
.4
.3
.2-.3
.6
.4
.9
.6-.8-.1
.4
.2
.4
(9)1.0
-1.5.9
-.6.1
(9).6
-1.3.1.8.8
1 Individuals' saving, in addition to personal holdings, covers saving of unincorporated business, trustfunds, and nonprofit institutions in the forms specified.
2 Includes shares in savings and loan associations and shares and deposits in credit unions.3 "Other government" includes U.S. Government issues (except savings bonds), State and local govern-
ment securities, and beginning 1951, nonguaranteed Federal agency issues, which are included in "corporateand other" for years prior to 1951.
* Includes insured pension reserves.6 Includes Social Security funds, State and local retirement systems, etc.8 Mortgage debt to institutions on one- to-four family nonfarm dwellings.7 Consumer debt owed to corporations, largely attributable to purchases of automobiles and other dur-
able consumer goods, although including some debt arising from purchases of consumption goods. Policyloans on Government and private life insurance have been deducted from those items of saving.
s Change in bank loans made for the purpose of purchasing or carrying securities.9 Less than $50 million.10 Preliminary.
NOTE.—Figures beginning 1957 have been revised since the Economic Report of the President, January1960.
In addition to the concept of saving shown above, there are other concepts of individuals' saving,with varying degrees of coverage, currently in use. The personal saving estimates of the Department ofCommerce are derived as the difference between disposable personal income and expenditures. Conceptually,Commerce saving includes the following items not included in Securities and Exchange Commission sav-ing: Housing, farm and unincorporated business investment in inventories and plant and equipment, netof depreciation, and increase in debt. Government insurance is excluded frorrf the Commerce saving se-ries. For a reconciliation of the two series, see Securities and Exchange Commission Statistical Bulletin,July 1960, and Survey of Current Business, July 1960.
The Federal Reserve Board's flow-of-funds system of accounts includes capital investments as well asfinancial components of saving and covers saving of Federal, State and local governments, businesses, finan-cial institutions and consumers. While the Federal Reserve Board's estimates of consumer saving in fi-nancial form are similar to the Securities and Exchange Commission estimates of individuals' saving, thereare some statistical and conceptual differences in the two sets of data.
Revisions for 1947-56 in the consumer credit statistics of the Board of Governors of the Federal ReserveSystem have not yet been incorporated into these estimates.
Data for Alaska and Hawaii included for all periods.Detail will not necessarily add to totals because of rounding.
Source: Securities and Exchange Commission.
144
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TABLE C-16.—Sources and uses of gross saving, 1920-60
[Billions of dollars]
Period
1929 .
19301931193219331934
19351936193719381939
194019411942 .19431944
194519461947.-- _ _19481949
195019511952. . . _19531954. _ _ . . .
1955.1956-.195719581959
I9603
1958:First quarterSecond quarter _.Third quarter. ..Fourth quarter. -
1959:First quarterSecond quarter ._Third quarter.-.Fourth quarter- -
1960:First quarterSecond quarter -_Third quarter. ..Fourth quarter 3.
Qross private saving and government surplus ordeficit on income and product transactions
Total
16.7
11.94.9.3.6
2.6
6.47.2
12.17.39.0
13.918.810.55.12.3
4.530.636.845.933.0
48.555.348.347.047.6
62.471.370.257.671.4
478.6
Private saving
Total
15.7
12.27.72.01.95.0
8.410.111.58.9
11.2
14.622.641.949.354.2
44.326.523.637.636.1
40.349.252.254.154.4
59.666.169.269.073.9
478.3
Per-sonalsaving
4.2
3.42.5-.6-.6
.1
2.03.63.71.12.9
4.211.127.833.036.9
28.713.54.7
11.08.5
12.617.718.919.818.9
17.523.023.624.423.4
26.0
Grossbusi-ness
saving
11.5
8.85.22.72.64.9
6.36.57.87.88.3
10.411.514.116.317.2
15.613.118.926.627.6
27.731.533.234.335.5
42.143.045.644.650.5
452.3
Government surplusor deficit (-)
Total
1.0
-.3-2.8-1.7-1.4-2.4
-2.0-3.0
.6-1.6-2.1
-.7-3.8
-31.4-44.2-51.9
-39.74.1
13.38.2
-3.1
8.26.1
-3.9-7.1-6.7
2.95.21.0
-11.4-2.5
4 . 3
Fed-eral
1.2
.3-2.1-1.5-1.3-2.9
-2.6-3.5-.2
-2.0-2.2
-1.4-5.1
-33.2-46.7-54.6
-42.32.2
12.28.0
-2.5
9.26.4
-3.9-7.4-5.8
3.85.72.0
-9.3-1.4
43.2
Stateandlocal
-0.1
-.5-.7-.2(2)
.5
.6
.5
.7
.4
.1
.71.31.82.52.7
2.61.91.1.3
-.6
-1.0-.3
.1
.3-.9
-1.0-.5
-1.0-2.0-1.1
4-2.9
Gross investment
Total
17.0
11.05.71.11.53.3
6.28.3
11 87.8
10.2
14.719.29.73.45.0
9.032.740.445.033.5
47.856.649.748.348.5
63.468.869.656.069.5
73.8
Grossprivatedomes-tic in-vest-ment
16.2
10.35.5.9
1.42.9
6.38.4
11.76.79.3
13.218.19.95.67.1
10.428.131.543.133.0
50.056.349.950.348.9
63.867.466.156.072.0
72.7
Net for-eign in-vest-
ment1
0.8
.7
.2
.2
.2
.4
-.1-.1
.11.1.9
1.51.1
-.2-2.2-2.1
-1.44.68.91.9.5
-2.2.2
-.2-2.0-.4
-.41.53.5-.1
-2.5
1.1
Statis-ticaldis-
crep-ancy
0.3
-1.0.8.8.9.7
-.21.1
-.2.5
1.2
.8
.4g-L7
2.8
4.52.13.5-.8
.5
-.71.21.41.3.9
1.0-2.4-.6
-1.7-1.8
4-4.8
Seasonally adjusted annual rates
55.553.758.362.7
68.376.268.971.0
80.079.679.0(5)
65.866.470.873.3
72.876.672.173.8
76.177.380.8(5)
23.722.827.124.7
23.624.822.522.8
23.725.229.226.1
42.043.643.748.6
49.151.849.651.0
52.452.251.6(5)
-10.3-12.7-12.5-10.6
-4.5-.4
-3.2-2.8
3.92.3
-1.8(5)
-8.1-10.9-10.6-8.2
-2.51.0
-2.0-2.2
5.64.71.6
(5)
-2.2-1.8-1.9-2.3
-2.0-1.3-1.2-.6
-1.7-2.5-3.4
(5)
52.952.556.162.0
68.475.266.068.5
79.075.773.168.1
52.452.555.863.2
70.978.967.570.8
79.375.570.865.8
0.5(2)
.4-1.1
-2.5-3.6-1.5-2.4
0
'.32.32.3
-2.5-1.3-2.1-.7
.1-1.0-3.0-2.6
-1.1-3.9-5.8(5)
1 Net exports of goods and services less foreign net transfers by Government. For 1929-45, net foreigninvestment and net exports of goods and services have been equated, since foreign net transfers by Govern-ment were negligible during that period.
2 Less than $50 million.3 Preliminary estimates by Council of Economic Advisers.4 Data for corporate profits are approximations for the year as a whole; they do not derive from, nor imply,
specific estimates for the quarters. All other data incorporating or derived from these figures are correspond-ingly approximate.
4 Not available.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
H5
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EMPLOYMENT AND WAGES
TABLE G-17.—Noninstitutional population and the labor force, 7929-60
Period
Old definitions: 2
1929
19301931193219331934
1935 __1936193719381939
19401941194219431944
194519461947
New definitions: 2
1947 _19481949
19501951195219531954
19551956195719581959
I9601960 (including Alaska
and Hawaii) *
1959' JanuaryFebruaryMarchAprilMayJune _ _
JulyAugustSeptember. _ _ _ _.OctoberNovember _.December
Nonin-stitu-tionalpopu-
lation i
Totallaborforce
(includ-ing
armedforces) i
Armedforces *
Civilian labor force
Total
Employment 2
TotalAgri-cul-tural
Non-agri-cul-tural
Unem-ploy-ment2
Thousands of persons 14 years of age and over
(')
(')(3)
8(8)
(')(a)(')(')(')
100,380101, 520102, 610103,660104, 630
105, 5201 06, 520107,608
107, 608108, 632109, 773
110,929112,075113, 270115, 094116, 219
117, 388118, 734120, 445121, 950123, 366
124, 878
125, 368
122, 724122, 832122, 945123, 059123, 180123, 296
123, 422123, 549123, 659123, 785123, 908124, 034
49,440
50,08050,68051, 25051, 84052,490
53, 14053, 74054,32054, 95055,600
56,18057, 53060,38064,56066, 040
65,29060,97061,758
61, 75862, 89863, 721
64, 74965,98366,56067, 36267, 818
68,89670, 38770,74471, 28471, 946
72,820
73, 126
70,02770,06270,76871, 21071, 95573, 862
73, 87573, 20472, 10972,62971, 83971, 808
260
260260250250260
270300320340370
5401,6203,9709,020
11,410
11, 4303,4501,590
1,5901,4561,616
1,6503,0973,5943,5473,350
3,0482,8572,7972,6372,552
2,514
2,514
2,5972,5912,5792,5712,5502,538
2,5372,5372,5322,5262,5292,532
49, 180
49,82050, 42051,00051,59052,230
52, 87053, 44054, 00054, 61055,230
55,64055, 91056, 41055, 54054,630
53, 86057, 52060,168
60,16861, 44262, 105
63,09962,88462, 96663,81564,468
65, 84867, 53067, 94668,64769, 394
70,306
70, 612
67, 43067, 47168,18968,63969, 40571, 324
71, 33870, 66769, 57770, 10369, 31069, 276
47,630
45,48042, 40038,94038,76040,890
42,26044, 41046, 30044,22045, 750
47, 52050, 35053, 75054, 47053,960
52, 82055, 25058, 027
57, 81259, 11758, 423
59, 74860,78461, 03561, 94560,890
62, 94464, 70865, Oil63,96665, 581
66,392
66, 681
62, 70662, 72263,82865,01266, 01667, 342
67,59467, 24166, 34766, 83165,64065,699
10,450
10, 34010,29010, 17010,0909,900
10, 11010,0009,8209,6909,610
9,5409,1009,2509,0808,950
8,5808,3208,266
8,2567,9608,017
7,4977,0486,7926,5556,495
6,7186,5726,2225,8445,836
5,696
5,723
4,6934,6925,2035,8486,4087,231
6,8256, 3576,2426,1245,6014,811
37, 180
35, 14032, 11028, 77028,67030,990
32, 15034, 41036,48034, 53036, 140
37, 98041, 25044, 50045, 39045, 010
44, 24046, 93049, 761
49, 55751, 15650, 406
52, 25153, 73654, 24355,39054, 395
56, 22558, 13558, 78958, 12259, 745
60, 697
60, 958
58,01358,03058, 62559, 16359,60860, 111
60,76960,88460, 10560,70760,04060,888
1,550
4,3408,020
12,06012, 83011, 340
10,6109,0307,700
10, 3909,480
8,1205,5602,6601,070
670
1,0402,2702,142
2,3562,3253,682
3,3512,0991,9321,8703,578
2,9042,8222,9364,6813,813
3,913
3,931
4,7244,7494,3623,6273,3893,982
3,7443,4263,2303,2723,6703,577
Totallabor
force aspercentof non-institu-tionalpopu-lation
Unem-ploy-ment
as per-cent ofcivilianlaborforce
Percent
(»)
(»)
8(')(»)
(«)(»)(»)(»)(«)
56.056.758.862.363.1
61.957.257.4
57.457.958.0
58.458.958.858.558.4
58.759.358.758.558.3
58.3
58.3
57.157.057.657.958.459.9
59.959.358.358.758.057.9
3.2
8.715.923.624.921.7
20.116.914.319.017.2
14.69.94.71.91.2
1.93.93.6
3.93.85.9
5.33.33.12.95.6
4.44.24.36.85.5
5.6
5.6
7.07.06.45.34.95.6
5.24.84.64.75.35.2
See footnotes at end of table, p. 147.
146
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TABLE C-17.—Noninstitutional population and the labor force, 1929-60—Continued
Period
New definitions: J
1960: January *FebruaryMarchAprilMayJtjne
JulyAugustSeptemberOctoberNovemberDecember
1959: JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecen>bp,r
1960* January *FebruaryMarchAprilMayJune
JulyAugust - - _ __SeptemberOctoberNovemberDecember
Nonin-stitu-tionalpopu-
lation J
Totallaborforce
(includ-ing
armedforces) J
Armedforces 1
Civilian labor force
Total
Employment *
TotalAgri-cul-tural
Non-agri-cul-tural
Unem-ploy-ment2
Thousands of persons 14 years of age and over
124, 606124, 716124, 839124, 917125,033125, 162
125,288125, 499125, 717125, 936126, 222126, 482
70, 68970, 97070,99372, 33173, 17175, 499
75,21574, 55173, 67273, 59273, 74673, 079
2,5212,5212,5202,5122,5042,497
2,5092,4812,5172,5232,5332,530
68,16868,44968,47369, 81970,66773,002
72,70672,07071, 15571, 06971, 21370,549
64,02064,52064,26766,15967,20868,579
68,68968,28267, 76767,49067, 18266,009
4,6114,6194,5655,3935,8376,856
6,8856,4546,5886,2475,6664,950
59,40959,90159,70260,76561,37161,722
61,80561, 82861, 17961, 24461, 51661, 059
4,1493,9314,2063,6603,4594,423
4,0173,7883,3883,5794,0314,540
Totallabor
force aspercentof non-institu-tionalpopu-lation
Unem-ploy-ment
as per-cent ofcivilianlaborforce
Percent
56.756.956.957.958.560.3
60.059.458.658.458.457.8
6.15.76.15.24.96.1
5.55.34.85.05.76.4
Seasonally adjusted *
69,00068,80069,30069,30069,30069,700
69,50069,40069,30069,70069,30069,900
69,80069,80069,60070,50070,60071,300
70,80070,80070,90070,60071,20071,200
64,70064,70065,30065,90066,00066,200
66,00065,70065,60065,60065,30066,100
66,10066,50065,80067,10067,10067,400
67,10066,70067,00066,30066,80066,400
5,6005,7006,0006,2006,0006,100
5,8005,7005,7005,5005,8005,700
5,7005,6005,3005,8005,5005,800
5,8005,8006,0005,6005,8005,800
58,80058,80059,20059,60059,90060,100
60,30060,10060,00060,30059,50060,300
60,30060,70060,30061,30061,70061,700
61,40061,00061,10060,80061,00060,500
4,1004,1003,9003,5003,4003,500
3,6003,8003,8004,2004,1003,800
3,6003,4003,8003,6003,5003,900
3,8004,2004,0004,5004,5004,900
6.05.95.75.14.95.1
5.15.45.66.05.95.5
5.24.85.45.04.95.5
5.45.95.76.46.36.8
1 Data for 1940-52 revised to include about 150,000 members of the armed forces who were outside theUnited States in 1940 and who were, therefore, not enumerated in the 1940 Census and were excluded fromthe 1940-52 estimates.
» See Note.»Not available.4 Beginning January I960, monthly figures include data for Alaska and Hawaii.8 Seasonally adjusted totals may differ from the sum of components because totals and components have
been seasonally adjusted separately.NOTE.—Civilian labor force data beginning with May 1956 are based on a 330-area sample. For January
1954-April 1956 they are based on a 230-area sample; for 1946-53 on a 68-area sample; for 1940-45 on a smallersample; and for 1929-39 on sources other than direct enumeration.
Effective January 1957. persons on layoff with definite instructions to return to work within 30 daysof layoff and persons waiting to start new wage and salary jobs within the following 30 days are classifiedas unemployed. Such persons had previously been classified as employed (with a job but not at work).The combined total of the groups changing classification has averaged about 200,000 to 300,000 a month inrecent years. The small number of persons in school during the survey week and waiting to start newJobs are classified as not in the labor force instead of employed, as formerly. Persons waiting to open newbusinesses or start new farms within 30 days continue to be classified as employed.
Beginning July 1955, monthly data are for the calendar week ending nearest the 15th of the month; previ-ously, for week containing the 8th. Annual data are averages of monthly figures.
For the years 1940-52, estimating procedures made use of 1940 Census data; for subsequent years, 1950Census data were used. For the effects of this chanse on the historical comparability of the data, seeAnnual Report on the Labor Force, 1954, Series P-50, No. 59, April 1955, p. 12.
Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
147
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TABLE CMS.—Employment and unemployment, by age and sex, 1942-60
[Thousands of persons 14 years of age and over]
Period
Old definitions: »
19421943 ..1944
194519461947 ...19481949
19501951195219531954 ..
19551956
New definitions: 1
1957.19581959
19602
1959:JanuaryFebruaryMarch. _ _AprilMayJune .- _
JulyAugust. __SeptemberOctoberNovemberDecember
I960:2
JanuaryFebruaryMarchAprilMayJune. -
JulyAugustSeptemberOctoberNovemberDecember
Totalcivil-ian
laborforce
56, 41055,54054,630
53,86057, 52060,16861, 44262, 105
63,09962, 88462,96663,81564,468
65,84867,530
67, 94668,64769,394
70, 612
67,43067, 47168,18968, 63969, 40571, 324
71,33870, 66769, 57770, 10369, 31069, 276
68,16868,44968,47369, 81970,66773,002
72,70672,07071, 15571, 06971, 21370,549
Employed
Totalem-
ployed
53,75054, 47053,960
52,82055,25058, 02759, 37858,710
59, 95761,00561,29362, 21361,238
63,19364,979
65, Oil63,96665,581
66,681
62,70662,72263,82865, 01266,01667, 342
67, 59467, 24166,34766, 83165, 64065,699
64,02064,52064,26766,15967,20868,579
68,68968,28267, 76767,49067, 18266,009
14-19years
5,7706,3506,050
5,4804,5504,7174,8414, 512
4,5644,6144,5304,5144,285
4,4464,764
4,7194,5114,789
5,033
3,9324,0004,0624,2684,5235,782
6,3076,1024,7934,7314,4374,538
4.0644,1874,1044,5224,8086,224
6,8276,4395,0154,9614,7294,522
20-44 years
Male
20,79017,55016,380
15,83021, 17023,40923, 84223,483
23,83323,59423,37223, 71523,178
23,76824,051
23,99223,37423,952
24,064
23,17723,08323,46023,95024,09424,328
24, 47124, 45124,24124,27623, 91223,978
23,65923,73223,60623, 95724,22524, 410
24,38024, 43924, 37624,25024, 07023, 679
Fe-male
9,40011, 05011,280
11, 1409,8709,828
10, 09810,087
10, 37610, 83310, 91710,95310,730
11,00011,271
11, 24711,02811,080
11, 282
10, 75210, 81310, 98911, 05811,28711, 099
10, 86810,83911,18811,56411,28811,229
10, 82110,94410,98811,42011,58211,438
11, 23911, 14811,49911, 53411, 47911,303
45 yearsand over
Male
14,16015,16015, 480
15,52015,28015, 47415, 67715,491
15,66616, 14416, 34516, 72516,649
16,87817,294
17, 24717, 03617,316
17,478
16, 76616, 78216, 99117,28317,45217, 534
17, 53917, 49617, 56417, 57917,40417, 398
17, 12417, 15917, 10817, 48217, 62517,654
17, 56717,52917,68717,69417,68417,420
Fe-male
3,6304,3604,770
4,8504,3804,6004,9245,138
5,5175,8196,1306,3066,395
7,1017,598
7,8038,0158,443
8,823
8,0788,0438,3248,4548,6608,602
8,4078,3548,5658,6848,5998,553
8,3508,4998,4638,7758,9688,854
8,6768,7309,1919,0539,2219,087
Unemployed
Totalunem-ployed
2,6601,070
670
1,0402,2702,1422,0643,395
3,1421,8791,6731,6023,230
2,6542,551
2,9364,6813,813
3,931
4,7244,7494,3623,6273,3893,982
3,7443,4263,2303,2723,6703,577
4,1493,9314,2063,6603,4594,423
4,0173,7883,3883,5794,0314,540
14-19years
510290200
190290425415595
543356362312515
471510
574757727
790
607586606648690
1,312
1,007791598605624660
635607698658765
1,569
1,020805665663685728
20-44 years
Male
670180140
3301,200
920757
1.329
1,119515495512
1,158
854784
9361,7151,233
1,276
1,7611,8311,6041,1451,0091,064
1,0231,0031,032
9391,2121,173
1,4841,4021,5311,2671,0591,133
1,1931,1791,0351,0771,3101,648
Fe-male
520260170
270280303353559
552419344300617
502491
566850708
730
897851785655634662
675674646696697627
723708675633656751
784747734737850772
45 yearsand over
Male
770240110
200410396414719
697402345363684
606530
605965789
782
1,0891,095
974787679596
669646629692808797
934904923755680653
670710668111777989
Fe-male
19010050
509099
127194
232190127116256
222230
254392356
348
369386393392375347
370312324341326320
373308380346299316
348345285373412403
1 See Note, Table C-17 for explanation of differences between the old and new definitions.2 Beginning January 1960, data for Alaska and Hawaii are included.
NOTE.—Data are not available prior to 1942 for all the age/sex groups above.See Note, Table C-17 for information on area sample used and reporting periods.Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
148
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TABLE C—19.—Employed persons not at work, by reason for not working, and special groupsof unemployed persons, 7946-60
[Thousands of persons 14 years of age and over]
Period
New definitions: •
1946194719481949
195019511952 -- -1953 -1954
195519561957 . -.19581959
I9607
1959: JanuaryFebruary, _.MarchAprilMayJune
JulyAugust .September ._OctoberNovember _ .December...
1960: January 7February...MarchAprilMayJune
JulyAugustSeptember. .OctoberNovember __December...
Employed persons not at work,by reason for not working
Total
2,1032,2602,4902,243
2,4402,4592,5552,5292,688
2,6832,8883,0173,0763,161
3,231
2,0862,2122,1012,0172,0073,436
7,0856,8123,5752,6442,0641,893
2,3432,7302,7912,2432,0863,772
7,2916,9242,6302,0631,9131,989
Badweather
(6)211197110
151111689673
103109139182115
168
322367171903128
792839557499
351302826328819
2329302638
253
Indus-trial
dispute
<*)959779
8557
1647353
61764559
160
40
364141686673
196426399382128
64
475057394858
38263464127
Vacation
662834
1,0441,044
1,1371,073,130,171,361
,268,346,447,479,494
1,576
290316332437661
2,028
5,1414,7781,907
975622442
334398324868645
2,293
5,6925,2931,339
815543374
Illness
819847844719
718782775827776
835901962882907
942
9521,0081,0831,021
918774
880828841847871867
1,1441,4661,121
856873767
783842817810889934
Allother
reasons >
CO273308291
349436418362425
416456425474484
505
486480473401331533
789752389384369421
466514464448431634
756736410348431420
Special groups of un-employed persons a
Tempo-rary
layoff'
97123141185
92117142167221
133124150166128
147
13914411299
104104
13818913984
142144
133130112140146126
185200140150114188
New wageand salary
job*
5892
121101
116103117101127
117147110120134
119
9096
128124123298
15017114495
12273
859576
12079
272
13415412398
10289
1 Includes persons waiting to open new businesses or start new farms within 30 days.• Under the old definitions of employment and unemployment, these groups were included in the
"employed but not at work" category.• Persons on layoff with definite instructions to return to work within 30 days of the layoff.4 Persons scheduled to start new wage and salary jobs within 30 days. Under the old definitions, the
"new job or business" group included these persons as well as persons waiting to open new businesses orstart new farms within 30 days (see "all other" category in this table) and persons in school during thesurvey week and waiting to start new jobs (these are now classified as "not in the labor force").
• See Note, Table C-17 for explanation.• Not available.• Beginning January I960, data for Alaska and Hawaii are included.
NOTE.—See Note, Table C-17 for information on area sample used and reporting periods.Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
576899 0—61- -11 «49
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TABLE C—20.—Unemployed persons, by duration of unemployment, 7946-60
Period
Old definitions: »
1946194719481949 -
19501951.195219531954
19551956
New definitions: »
1957 -19581959
I9604 -
1958: First quarterSecond quarterThird quarterFourth quarter
1959: First quarter. _ __ _Second quarterThird quarterFourth quarter
1960: First quarter 4
Second quarterThird quarterFourth quarter
Total un-employed
Duration of unemployment
4 weeksand under
5-14weeks
15-26weeks
Over 26weeks
Thousands of persons 14 years of age and over
2,2702,1422,0643,395
3, 1421,8791,6731,6023,230
2,6542,551
2, 9364,6813,813
3,931
4,9555,1544,7013,915
4,6123,6663,4673,506
4,0953,8473,7314,050
(2)1,0411,0871,517
1,3071,003
925910
1,303
1, 1381,214
1.4851,8331,658
1,799
1,9022,0241,7851,620
1,6091,6871,6261,712
1,6341,9571,7411,862
C2)704669
1,195
L055574517482
1,115
815805
8901,3971,113
1,176
1,9001,3771,322
986
1,542831
1,0621,021
1,432910
1,1711,190
(2)234193427
425166148132495
367301
321785469
502
7991,126
683533
684526311357
563545403499
141164116256
3571378479
317
336232
239667571
454
354626911776
777623468417
467435416499
Averagedurationof unem-ployment(weeks)
(3)9.88.6
10.0
12.19.78.38.1
11.7
13.211.3
10.413.814.5
12.8
11.113.515.315.9
15.915.213.612.8
13.312.512.313.0
1 See Note, Table O-17 for explanation of differences between the old and new definitions.2 For duration of less than 6 months, data are available only for under 3 months (1,568,000) and 3 to 6
months (564,000).3 Not available,4 Beginning January 1960, data for Alaska and Hawaii are included.
NOTE.—See Note, Table C-17 for information on area sample used and reporting periods.Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
150
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TABLE C-21.—Unemployment insurance programs, selected data, 1940-60
Period
19401941194219431944
19451946 _1947 _19481949
19501951195219531954
19551956195719581959
I960*
1959: JanuaryFebruaryMarchAprilMayJune _
JulyAugustSeptemberOctoberNovemberDecember
1960: JanuaryFebruaryMarchApril.MayJune
JulyAugustSeptemberOctoberNovemberDecember «.__
All programs
Cov-eredem-
ploy-ment i
Insuredunem-ploy-ment
(weeklyaver-
age) 2 3
Thousands
24, 29128, 13630, 81932, 41931, 714
30, 08731, 85633,87634, 64633, 098
34, 30836, 33437,00638, 07236, 617
40, 01442, 75843, 44744, 50145, 727
46,600
43, 96243, 97444, 52945, 22645, 80346, 509
46, 60946, 43346, 45546, 15146, 19446, 873
45, 44645, 409
745,389
8(7)
(7)(7)(7)
8(7)
1,331842661149111
7202, 8041,8051,4682,479
1,6051.0001,0691,0652,048
1,3951,3181, 5672,7661,856
2,068
2,7392,5962,2821, 936,593,414
,477,451,370,479
1,8532,008
2,3592,3262,3702,0781,8011,700
1,8261,8041,7811,8392,2262,845
Totalbenefits
paid(mil-lions
of dol-lars) 2
534.7358. 8350.480,567.2
574.92, 878. 51, 785. 01,328.72, 269. 8
1,467.6862.9
1,043.51 , 050. 62, 291. 8
1,560.21, 540. 61, 913. 03, 892. 52, 651. 7
3, 020. 7
310.4280.2279.6238.0182.3174.6
171.5170.6177.6171.5199.5250,8
264.4274.6314.6259.6223.0216.8
198.7229.7230.8214.9258.6350.0
State programs
Insuredunem-ploy-
ment'
Initialclaims
Ex-haus-tions *
Weekly average,thousands
1,282814649147105
5891,2951,0091,0021,979
1,503969
1,024995
1, 865
1, 2541,2121,4502,5091,682
1,915
2,4892,3682,0771,7681,4641,298
1,3331,2911,2031, 3091,6771,841
2,1802,1572,2091,9391,6821,588
1,6861,6571,5981,6782,0392,639
2141641223629
116189187210322
236208215218303
226226268370281
332
403316255247209221
267241213272357358
386301301293264272
339306274332396500
50302142
538242037
3616181534
2520235033
31
484544413530
272525232327
293033353131
292827293136
Insured unem-ployment as per-cent of coveredemployment
Unad-justed
Season-ally ad-justed
Percent
5.63.02.2.5.4
2.14.33.13.06.2
4.62.82.92.85.2
3.53.23.66.44.4
4.8
6.36.05.34.53.83.4
3.53.43.13.44.44.8
5.65.55.74.94.34.0
4.34.24.04.25.16.6
4.94.64.33.93.63.5
3.74.14.14.85.54.8
4.34.24.64.24.14.2
4.65.15.35.96.56.5
Benefits paid
Total(mil-
lions ofdollars)
518.7344.3344.179.662.4
445.91, 094. 9
775.1789.9
1, 736. 0
1, 373. 1840.4998.2962.2
2, 026. 9
1, 350. 31, 380. 71, 733. 93, 512. 72, 279. 0
2, 726. 0
274.7251.0250.6213.7162.0142.9
142.5133.4141.8136.9168.3219.5
235.2247.8287.1237.4204.9198.9
183.8206.3201.8189. 9231. 1302.0
Aver-age
weeklycheck(dol-
lars) 8
10.5611.0612.6613.8415.90
18.7718.5017.8319.0320.48
20.7621.0922.7923. 5824.93
25.0427.0228.1730.5830.41
32.75
30.5030.5230.3830.0229.4529.23
29.1029.7630.4930.8132.2131.91
31.9032.2632.3932.5032.2432.33
32.3732.9933.5433.7334.0134.20
1 Includes persons under the State, Federal emoloyee (UCFE) (effective January 1955), and RailroadRetirement Board (RR) programs; beginning October 1958, also includes members of the armed forces,covered under the program of unemployment compensation for ex-servicemen (UCX).
2 Includes State, UCFE, RR, UCX, UCV (unemployment comoensation for veterans, October 1952-January 1960), and SRA (Servicemen's Readjustment Act, September 1944-September 1951) programs.
3 Covered workers who have completed at least 1 week of unemployment.* Individuals receiving final payments in benefit year.' For total unemployment only.«Preliminary.7 March 1960 is latest month for which data are available for all programs combined; workers covered
by State programs account for about 87 percent of the total.
NOTE.—Data for Alaska and Hawaii included for all periods.
Source: Department of Labor.
576899 0—61- -12
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TABLE C-22.—Number of wage and salary workers in nonagricultural establishments, 1920-60
[Thousands of employees]
Period
1929
19301931193219331934
19351936J93719381939
19401941 .194219431944
19451946194719481949 .
19501951195219531954
19551956195719581959 -..
I960'
1958: JanuaryFebruary _ ._MarchAprilMayJune _
JulyAugustSeptember-OctoberNovember..December. .
Totalwageand
salarywork-
ers
31,041
29,14326, 38323, 37723,46625, 699
26, 79228,80230, 71828,90230, 311
32, 05836,22039, 77942, 10641, 534
40, 03741,28743, 46244, 44843, 315
44, 73847, 34748, 30349,68148, 431
50, 05651,76652,16250,543
4 51, 975
« 52, 895
Manufacturing
Total
10,534
9,4018,0216,7977,2588,346
8,9079, 653
10,6069, 253
10, 078
10,78012, 97415, 05117, 38117,111
15, 30214, 46115,29015, 32114, 178
14, 96716, 10416,33417,23815,995
16, 56316,90316, 78215,46816, 168
16,338
Du-rablegoods
(8)
(8)
8(8)(«)
(")(8)(8)(')
4,683
5,3376,9458,804
11,07710, 858
9,0797,7398,3728,3127,473
8,0859,0809,340
10, 1059,122
9,5499,8359,8218,7439,290
9,432
Non-dura-ble
goods
(3)
(')(»)(')(»)(»)
(8)
%(8)
5,394
5,4436,0286,2476,3046,253
6,2226,7226,9187,0106,705
6,8827,0246,9947,1336,873
7,0147,0686,9616,7256,878
6,906
Min-ing
1,078
1,000864722735874
888937
1,006882845
916947983917883
826852943982918
889916885852777
777807809721676
664
Con-tractcon-
struc-tion
1,497
1,3721,214
970809862
912,145,112,055,150
,294,790,170,567,094
,132,661,982
2,1692,165
2,3332,6032,6342,6222,593
2,7592,9292,8082,6482,767
2,770
Trans-porta-tionand
publicutili-ties
3,907
3, 6753,2432,8042,6592,736
2,7712,9563,1142,8402,912
3,0133,2483,4333,6193,798
3,8724,0234,1224,1413,949
3,9774,1664, 1854,2214,009
4,0624,1614,1513,9033,902
3,901
Whole-saleand
retailtrade 2
6,401
6,0645,5314,9074,9995,552
5, 6926,0766,5436,453
J 6, 612
6,9407.4167, 3337,1897,260
7,5228,6029,1969, 5199,513
9,64510, 01210,28110, 52710,520
10,84611, 22111, 30211, 14111,385
11,645
Fi-nance,insur-ance,andreal
estate
1,431
1,3981,3331,2701,2251,247
1,2621, 3131,3551, 3471,399
1,4361,4801,4691,4351,409
1,4281,6191,6721,7411,765
1,8241,8921,9672,0382,122
2,2192,3082,3482,3742,425
2,485
Serv-ice
andmiscel-lane-ous 2
3,127
3,0842,9132,6822,6142,784
2,8833,0603,2333, 196
«3,321
3,4773, 7053,8573, 9193,934
4,0114,4744,7834,9254,972
5,0775,2645,4115,5385,664
5,9166,1606,3366,3956,525
6,637
Gov-ern-
ment(Fed-eral,State,and
local)
3,066
3,1493,2643,2253,1673,298
3,4773,6623,7493,8763,995
4,2024,6605,4836,0806,043
5,9445,5955,4745,6505,856
6,0266,3896,6096,6456,751
6,9147,2777,6267,8938,127
8,455
Seasonally adjusted
51,22350,57550,21950,05450,14750,315
50.41150, 57050,78050,58250,87750,844
15, 96515, 64815, 38915, 24315, 20215, 275
15, 31215, 33015, 52915,35815, 69315, 701
9,1558,8958,7178,5668,4988,556
8,5968,6058,8018,6258,9378,956
6,8106,7536,6726,6776,7046,719
6,7166,7256,7286,7336,7566,745
766747733723718713
709701707708708709
2,6522,4552,5732,6242,6982,698
2,6932,7112,6982,6982,6902,550
4,0453,9903,9303,8903,8773,888
3,8773,8673,8583,8873,8753,859
11, 30511, 23511,11611,05011,08711, 105
11, 12111, 17511,15111,15411, 11911, 143
2,3682,3672,3602,3562,3702,367
2,3632,3772,3922,3922,3862,385
6,3686,3676,3306,3526,3606,392
6,4336,4206,4406,3996,4266,448
7,7547,7667,7887,8167,8357,877
7,9037,9898,0057,9867,9808,049
See footnotes at end ofjtable, p. 153.
152
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TABLE C-22.—Number of wage and salary workers in nonagricultural establishments, 7929-60*—Continued
[Thousands of employees]
Period
1959: JanuaryFebruary. .-MarchAprilMay -June
JulyAugustSeptember..OctoberNovember. .December...
1960: JanuaryFebruary.-.MarchAprilMayJune
Ju ly____—AugustSeptember. .OctoberNovember5.December 5.
Totalwageand
salarywork-
ers
Manufacturing
TotalDu-rablegoods
Non-dura-ble
goods
Min-ing
Con-tractcon-
struc-tion
Trans-porta-tionand
publicutili-ties
Whole-saleand
retailtrade 2
Fi-nance,insur-ance,andreal
estate
Serv-iceand
miscel-lane-ous 2
Gov-ern-
ment(Fed-eral,State,andlocal)
Seasonally adjusted
51,08651, 19451, 45651, 88752, 12552, 407
52, 55852, 02352, 15452, 00252, 25352, 674
52,88052, 97252, 82353, 12853, 10553, 140
53, 14553,04652,99852,80952, 58852, 224
15, 76415, 81916,00616, 18216, 37216, 527
16, 58016, 03716, 14116, 02216, 17416, 436
16, 56216, 56716, 50916, 52716, 54016, 498
16, 41716, 26516, 27516, 13216,03115, 800
9,0079,0499,1929,3199,4629,573
9,6359,0949,2149,1299,2669,542
9,6559,6679,6039,5529,5379,499
9,4529,3389,3919,2669,1949,047
6,7576,7706,8146,8636,9106,954
6,9456,9436,9276,8936,9086,894
6,9076,9006,9066,9757,0036,999
6,9656,9276,8846,8666,8376,753
704693688701708709
714633617621657665
658669666684684678
658665660656645638
2,6502,6262,7192,8292,7872,799
2,8002,8142,7762,7622,7922,800
2,7752,7812,6012,7522,7832,790
2,8582,8352,8002,8042,7892,624
3,8943,8803,8853,8863,9173,928
3,9203,8933,8993,9003,9023,917
3,9413,9333,9203,9243,9273,926
3,9103,8923,8793,8793,8533,822
11, 21611, 27911, 26311, 33311, 36311, 425
11, 46511, 52911, 46411, 47811, 45211, 486
11, 59411, 62711, 59511, 65211, 67511, 712
11,73611,76411, 66511,66811, 57511, 554
2,3872,3952,3982,4032,4132,418
2,4262,4372,4522,4532,4502,450
2,4542,4642,4562,4632,4692,471
2,4802,4992,5152,5142,5112,516
6,4436,4626,4416,4796,4866,525
6,5706,5496,5846,5496,5936,613
6,6066,6166,5776,6116,6186,645
6,6826,6526,6656,6326,6626,681
8,0288,0408,0568,0748,0798,076
8,0838,1318,2218,2178,2338,307
8,2908,3158,4998,5158,4098,420
8,4048,4748,5398,5248,5228,589
i Includes all full- and part-time wage and salary workers in nonagricultural establishments who workedduring, or received pay for, any part of the pay period ending nearest the 15th of the month. Excludesproprietors, self-employed persons, domestic servants, and unpaid family workers. Not comparable withestimates of nonagricultural employment of the civilian labor force (Table C-17) which include proprietors,self-employed persons, domestic servants, and unpaid family workers; which count persons as employedwhen they are not at work because of industrial disputes, bad weather, etc.; and which are based on asample survey of households, whereas the estimates in this table are based on reports from employingestablishments.
* Beginning with 1939, data are not strictly comparable with data shown for earlier years because of theshift of the automotive repair service industry from the trade to the service division.
a Not available.4 Inclading data for Alaska and Hawaii, the number of wage and salary workers in 1959 was 52,205,000
and in 1960, 53,135,000. Monthly data, seasonally adjusted, for 1960 are (in thousands):April 53,362 July 53,407 October 53,047May 53,344 August 53,304 November 52,822June 53,388 September 53,242 December 52,456
January 53,108February 53,201March 53,052
8 Preliminary.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Labor.
153
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-23.—Average weekly hours of work in selected industries, 1929-60
Period
192919301931 -._ ... .193219331934 .193519361937 -_1938193919401941 .__ _194219431944 _ _ _ .1945194619471948194919501951 _ --. .1952195319541955195619571958 -. --.1959I9606
1959: JanuaryFebruaryMarchAprilMay. _ _JuneJulyAugustSeptember. __OctoberNovember...December
1960: JanuaryFebruaryMarch _ __AprilMayJuneJulyAugust. -. .September...OctoberNovember 6 _ _December 6 ._
Manufacturing
Total
44.242.140.538.338.134.636.639.238.635.637.738.140.642.944.945.243.440.440.440.139.240.540.740.740.539.740.740.439.839.240.339.7
Durablegoods
(3)(3)(3)32.634.833.937.341.040.035.038.039.342.145.146.646.644.140.240.640.539.541.241.641.541.340.241.441.140.339.540.840.1
Non-durablegoods
(3)(3)(3)41.940.035.136.137.737.436.137.437.038.940.342.543.142.340.540.139.638.839.739.539.639.539.039.839.539.138.839.639.1
Build-ingcon-
struc-tion
(3)(3)(3)(3)(3)28.930.132.833.432.132.633.134.836.438.439.639.038.137.6
*37.336.736.337.238.137.036.236.236.436.135.735.835.6
Retailtrade
(excepteatingand
drink-ing
places)
(3)(3)(3)(3)(3)(3)(3)(3)(3)(3)42.742.542.141.140.340.440.340.740.340.340.440.540.239.939.239.139.038.638.138.138.137.6
Seasonally adjusted
40.040.240.440.640.740.640.340.440.040.139.740.240.440.039.939.640.139.939.939.739.339.539.038.5
40.640.640.841.141.241.240.840.840.640.839.940.641.240.740.340.140.540.240.240.039.740.139.438.8
39.539.639.740.140.139.839.639.839.439.339.539.539.639.239.039.139.739.539.439.238.738.838.737.9
35.535.535.636.235.936.135.636.035.135.335.636.735.135.834.836.035.435.636.035.835.335.935.2(3)
38.238.138.138.138.138.138.238.038.137.937.937.937.537.637.637.937.637.637.637.737.637.637.9(3)
Whole-sale
trade
(3)(3)(3)(3)(3)(3)41.342.642.8
4 42. 241.741.241.041.342.242.942.741.541.040.940.740.740.740.640.540.440.640.440.240.140.340.2
Bitumi-nouscoal
mining
38.433.528.327.229.527.026.428.827.923.527.128.131.132.936.643.442.341.640.738.032.635.035.234.134.432.637.637.836.633.936.436.1
Class Irail-
roads i
(3)(3)(3)(3)(3)(3)(3)(3)(3)(3)43.744.345.847.048.748.948.546.046.446.243.740.841.040.640.640.841.941.741.741.641.941.8
Tele-phone 2
(3)(3)(3)(3)
8(3)(3)38.838.939.139.540.140.541.942.3
541.739.437.439.238.5-38.939.138.538.738.939.639.539.038.439.239.5
Laun-dries
(3)(3)(3)(3)(3)39.441.042.742.641.641.841.842.142.242.942.942.842.942.641.941.541.241.141.140.540.140.340 339.739.239.739.5
Unadjusted
40.240.040.240.140.340.540.640.540.540.540.440.540.039.839.940.140.240.340.640.540.440.340.3(3)
36.335.635.235.236.738.832.536.735.237.935.840.938.737.338.837.436.437.137.335.033.234.132.0(3)
41.642.441.542.141.342.842.640.741.841.641.142.8
41.042.742.941.641.742.8
41.042.640.640.9(3)(3)
38.338.938.438.438.839.039.439.240.639.940.739.238.839.239.138.939.239.439.839.540.840.040.2(3)
39.339.039.439.940.440.139.539.639.839.839.339.739.239.138.940.039.939.939.839.439.439.739.0
(3)
1 Averages are based upon monthly data (exclusive of switching and terminal companies) summarizedin the M-300 report by the ICC and relate to all employees who received pay during the month, exceptexecutives, officials, and staff assistants (ICC Group I). Beginning September 1949, data reflect a reduc-tion in the basic workweek from 48 to 40 hours.
2 Prior to April 1946, data relate to all employees except executives: from April 1945 to May 1949, mainlyto employees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory em-ployees only.
5 Not available.4 Data beginning with January of year noted are not comparable with those for earlier periods.• Nine-month average, April through December, because of new series started in April 1945.8 Preliminary.NOTE.—Data are for production workers in manufacturing and mining, construction workers in building
construction, and for nonsupervisory employees in other industries (except as noted). Data are for payperiod ending nearest the 15th of the month.
The annual figures for I960 are simple arithmetic averages of the monthly figures shown and are notstrictly comparable with the averages for earlier years, which have been weighted by data on employment.
See Table C-26 for unadjusted average weekly hours in manufacturing.Source: Department of Labor.
154
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C- 24.—Average gross hourly earnings in selected industries, 7929-60
Period
192919301931193219331934 . .1935193619371938193919401941194219431944 - -194519461947194819491950195119521953195419551956-195719581959I9607
1959: JanuaryFebruaryMarchApril.MayJuneJulyAugustSeptemberOctoberNovemberDecember
1960: JanuaryFebruaryMarchAprilMayJune. .JulyAugustSeptemberOctober _ _November ?___December '_-.
Manufacturing
Total
$0.566.552.515.446.442.532.550.556.624.627.633.661.729.853.961
1.019.023.086.237.350.401.465.59.67.77.81.88.98
2.072.132.222.292.192.202.222.232.232.242.232.192.222.212.232.272.292.292.292.282.292.292.292.272.302.302.302.32
Dura-ble
goods
(4)f4)(4)
$0.497.472.556.577.586.674.686.698.724.808.947.059.117.111.156.292.410.469.537.67.77.87.92
2.012.102.202.282.382.452.352.362.382.392.402.402.392.352.372.362.382.432.462.452.452.442.442.452.452.432.462.462.462.47
Non-dura-ble
goods
(4)C4)(4)
$0.420.427.515.530.529.577.584.582.602.640.723.803.861.904
1.0151.1711.2781.3251.3781.481.541.611.661.711.801.881.942.012.081.981.982.002.002.002.002.012.002.032.022.032.042.052.052.062.062.072.082.082.072.092.092.102.11
Build-ingcon-
struc-tion
(4)(4)(4)(4)(4)
$0.795.815.824.903.908.932.958
1.0101.1481.2521.3191.3791.4781.681
5 1.8481.9352.0312.192.312.482.602.662.802.963.103.223.363.193.183.173.173.173.173.203.233.263.273.283.303.323.333.383.323.343.343.373.373.403.423.41
(4)
Retailtrade
(excepteatingand
drinkingplaces)
(4)(4)(4)(4)(4)(4)
88
$0.542.553.580.626.679.731.783.893
1.009.088.137.176.26.32.40.45.50.57.64.70.76.81.74.74.74.75.76.77.77.77.78.78.77.73
1.791.791.791.791.811.821.821.811.821.831.82(4)
Whole-sale
trade
(4)(4)(4)(4)(4)(4)
$0.648.667.698
5.700.715.739.793.860.933.985
1.0291.1501.2681.3591.4141.4831.581.671.771.831.902.012.102.172.242.302.202.202.222.232.242.252.262.262.272.262.272.272.272.272.292.292.302.312.322.312.332.332.32(4)
Bitu-minous
coalmining
$0.681.684.647.520.501.673.745.794.856.878.886.883.993
1.0591.1391.1861.2401.4011.6361.8981.9412.0102.212.292.482.482.562.813.023.023.253.273.163.173.193.263.273.263.233.293.293.263.303.313.293.273.283.273.273.283.263.263.263.273.24
(4)
ClassIrail-
roads i
(4)(4)(4)(4)(4)(4)(4)(4)(4)C4)
$0.730.733.743.837.852.948.955
1.0871.1861.3011.4271.5721.731.831.881.931.962.122.262.442.542.602.542.582.532.522.542.532.522.542.542.532.602.572.602.612.562.582.582.582.622.592.642.65
(4)(4)
Tele-phone2
(4)(4)(4)(4)(4)(4)(4)(4)
$0.774.816.822.827.820.843.870.911
«.9621.1241.1971.2481.3451.3981.491.591.681.761.821.861.952.052.182.262.112.122.132.152.172.182.192.192.202.222.212.232.222.232.242.222.242.242.262.262.342.302.30
(4)
Laun-dries
(4)(4)(4)(4)(4)
$0.378.376.378.395.414.422.429.444.482.538.605.648.704.767.817.843.861.92.94.98
1.001.011.051.091.131.171.221.151.151.161.161*1717171.171.171.181.181.181.191.201.201.201.201.221.221.221.221.231.231.23(4)
Agri-cul-ture'
$0.241.226.172.129.115.129.142.152.172.166.166.169.206.268.353.423.472.515.547.580.559.561.625.661.672.661.675.705.728.757.798.818.865
.718
.796
.806
.896
~~.~75i
.812
""."820
* Averages are based upon monthly data (exclusive of switching and terminal companies) summarized inthe M-300 report by the ICC and relate to all employees who received pay during the month, except execu-tives, officials, and staff assistants (ICC group I). Beginning September 1949, data reflect a wage rateincrease and reduction in the basic workweek from 48 to 40 hours.
3 Prior to April 1945, data relate to all employees except executives; from April 1945 to May 1949, mainly toemployees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory employeesonly.
» Weighted average of all farm wage rates on a per hour basis.* Not available.1 Data beginning with January of year noted are not comparable with those for earlier periods.* Nine-month average, April through December, because of new series started in April 1945.i Preliminary.NOTE.—Data are for production workers in manufacturing and mining, construction workers in building
construction, and for all nonsupervisory employees hi other industries (except as noted). Data are for payperiod ending nearest the 15th of the month.
The annual figures for 1960 are simple arithmetic averages of the monthly figures shown and are notstrictly comparable with the averages for earlier years, which have been weighted by data on man-hours
Sources: Department of Labor and Department of Agriculture.
155
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-25.—Average gross weekly earnings in selected industries, 1929-60
Period
1929193019311932193319341935. .193619371938.1939194019411942 ___1943194419451946.1947194819491950.195119521953195419551956195719581959I9606
1959: JanuaryFebruaryMarchApril ..MayJune __ .July....AugustSeptemberOctoberNovemberDecember
1960: JanuaryFebruaryMarch . _AprilMayJune.JulyAugustSeptemberOctoberNovember 8 . _December 6...
Manufacturing
Total
$25.0323.2520.8717.0516.7318.4020.1321.7824.0522.3023.8625.2029.5836.6543.1446.0844.3943.8249.9754.1454.9259.3364.7167.9771.6971.8676.5279.9982.3983.5089.4790.9187.3888.0089.2489.8790.3291.1789.6588.7089.4789.0688.9892.1692.2991.1490.9189.6091.3791.6091.1490.3591.0891.3190.1690.02
Dura-ble
goods
$27.2224.7721.2816.2116.4318.8721.5224.0426.9124.0126.5028.4434.0442.7349.3052.0749.0546.4952.4657.1158.0363.3269.4773.4677.2377.1883.2186.3188.6690.0697.1098.2594.9495.1197.1097.7598.6499.3696.8095.8896.7096.5295.4499.87
100. 8698.9898.7497.3698.5898.9897.7697.2098.1598.8997.4297.07
Non-durablegoods
$22. 9321.8420.5017.5716.8918.0519.1119.9421.5321.0521.7822.2724.9229.1334.1237.1238.2941.1446.9650.6151.4154.7158.4660.9863.6064.7468.0671.1073.5175.2779.60
81.3377.8178.0179.0079.0079.4079.6080.0080.2080.7979.7980.3981.1980.7779.9579.9379.5281.3582.1682.3781.7781.7281.5181.4880.60
Build-ingcon-
struc-tion
(3)(3)(3)(3)(3)
$22. 9724.5127.0130.1429.1930.3931.7035.1441.8048.1352.1853.7356.2463.30
« 68. 8570.9573.7381.4788.0191.7694.1296.29
101. 92106. 86110. 67115. 28119. 62111. 65108. 12110. 95114. 44115. 39116. 66116. 16119. 19116. 71117. 72114. 14119. 13114. 87114. 22115.60119. 19119.6l121. 24123. 68123. 68122. 40125. 17117. 30
(3)
Retailtrade
(excepteatingand
drink-ing
places)
(3)
(3)(3)(3)(3)(3)
8(3)(3)
$23. 1423.5024.4225.7327.3629.5331.5536.3540.6643.8545.9347.6350.6552.6754.8856.7058.5060.6062.4864.7767.06
68.0666.2965.9565.9566.3366.7067.7968.6868.3267.8267.1166.3866.0966.9566.9566.9567.4867.6968.8069.5269.3268.4368.4468.25
(3)
Whole-sale
trade
(3)(3)(3)
$27. 7226.1126.3726.7628.4129.87
< 29. 5429.8230.4532.5135.5239.3742.2643.9447.7351.9955.5857.5560.3664.3167.8071.6973.9377.1481.2084.4287.0290.27
92.4688.4488.0089.2489.4290.2791.1391.7691.5391.9491.5391.7191.9490.8090.3591.3791.8392.4693.0994.1993.5694.1393.9093.50
(3)
Bitumi-nouscoal
mining
$25. 7222.2117.6913.9114.4718.1019.5822.7123.8420.8023.8824.7130.8635.0241.6251.2752.2558.0366.5972.1263.2870.3577.7978.0985.3180.8596.26
106. 22110.53102. 38118. 30118.05114. 71112. 85112. 29114. 75120. 01126. 49104. 98120. 74115. 81123. 55118. 14135. 38127. 32121. 97127. 26122. 30119. 03121. 69121.60114. 10108. 23111.51103.68
(3)
Class Irail-
roads i
(3)(3)(3)(3)(3)(3)(3)(3)(3)(3)
$31.9032.4734.0339.3441.4946.3646.3250.0055.0360.1162.3664.1470.9374.3076.3378.7482.1288.4094.24
101.50106. 43108.68105. 66109. 39105.00106. 09104.90108. 28107. 35103. 38106. 17105. 25106. 86110.00106. 60111.45109. 82107. 33107. 59110. 42107. 42110. 33107. 18108. 39
(3)(3)
Tele-phone2
(3)
(3)(3)(3)(3)(3)
(3)(3)
$30.0331.7432.1432.6732.8834.1436.4538.54
« 40. 1244.2944.7748.9251.7854.3858.2661.2265.0268.4672.0773.4776.0578. 7285.46
89.2780.8182.4781.7982. 5684.2085.0286.2985.8589.3288.5889.9587.4286.1487.4287.5886.3687.8188.2689.9589.2795.4792.0092.46
(3)
Laun-dries
(3)(3)(3^(3)(3)
$14. 8915.4216.1416.8317.2217,6417.9318.6920.3423.0825.9527.7330.2032.7134.2334.9835.4737.8138.6339.6940.1040.7042.3243.2744.3046.45
48.1945.2044.8545.7046.2847.2746.9246.2246.3346.9646.9646.3747.2447.0446.9246.6848.0048.6848.6848.5648.0748.4648.8347.97(3)
1 Averages are based upon monthly data (exclusive of switching and terminal companies'* summarized inthe M-300 report by the ICC and relate to all employees who received pay during the month, except execu-tives, officials, and staff assistants (ICC group I). Beginning September 1949, data reflect a wage rateincrease and reduction in the basic workweek from 48 to 40 hours.
2 Prior to April 1945, data relate to all employees except executives: from April 1945 to May 1949, mainlyto employees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory em-ployees only.
3 Not available.4 Data beginning with January of year noted are not comparable with those for earlier periods.• Nine-month average, April through December, because of new series started in April 1945.• Preliminary.NOTE.—Data are for production workers in manufacturing and mining, construction workers in build-
ing construction, and for nons'ipervisory employees in other industries (except as noted). Data are forpay period ending nearest the 15th of the month.
The annual figures for 1960 are simple arithmetic averages of the monthly figures shown and are notstrictly comparable with the averages for earlier years, which have been weighted by data on man-hours.
Source: Department of Labor.
156
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-26.—Average weekly hours and hourly earnings, gross and excluding overtime, inmanufacturing industries, 1939-60
Period
1939
194019411942 .19431944
19451946194719481949 .
1950195119521953 -1954
19551956195719581959
1960S .
1959: JanuaryFebruaryMarch _AprilMay.June.
JulyAugustSeptemberOctoberNovemberDecember
1960: JanuaryFebruaryMarch _AprilMayJune.
July .AugustSeptemberOctoberNovember 3
December 3
All manufacturingindustries
Averageweeklyhours
Gross
37.7
38.140.642.944.945.2
43.440.440.440.139.2
40.540.740.740.539.7
40.740.439.839.240.3
39.7
39.940.040.240.340.540.7
40.240.540.340.339.940.6
40.339.839.739.339.940.0
39.839.839.639.739.238.8
Ex-elud-ing
over-time
0)
0)
80)0)
0)0)0)0)0)
0)
80)0)
0)37.637.437.237.6
37.3
37.637.637.637.737.837.8
37.537.637.337.537.337.9
37.537.237.237.237.537.5
37.437.437.137.237.036.8
Averagehourly
earnings
Gross
$0.633
.661
.729
.853
.9611.019
1.0231.0861.2371.3501.401
1.4651.591.671.771.81
1.881.982.072.132.22
2.29
2.192.202.222.232.232.24
2.232.192.222.212.232.27
2.292.292.292.282.292.29
2.292.272.302.302.302.32
Ex-clud-ing
over-time
(>)
0)$0.702
.805
.894
.947
2.9631.0511.1981.3101.367
1.4151.531.611.711.76
1.821.912.012.082.15
2.22
2.132.132.152.162.162.16
2.162.122.142.142.162.20
2.212.212.222.222.222.22
2.222.212.232.232.240)
Durable goods manufac-turing industries
Averageweeklyhours
Gross
38.0
39.342.145.146.646.6
44.140.240.640.539.5
41.241.641.541.340.2
41.441.140.339.540.8
40.1
40.440.340.840.941.141.4
40.540.840.840.940.141.1
41.040.440.339.940.440.4
39.940.039.940.239.639.3
Ex-clud-ing
over-time
0)
0)
80)0)
0)0)0)
880)0)0)
0)38.137.937.638.1
37.7
38.137.938.238.338.338.4
37.837.837.838.137.638.4
38.137.737.837.838.038.1
37.637.737.437.837.637.4
Averagehourly
earnings
Gross
$0. 698
.724
.808
.9471.0591.117
1.111.156.292.410.469
.537
.67
.77
.87
.92
2.012.102.202.282.38
2.45
2.352.362.382.392.402.40
2.392.352.372.362.382.43
2.462.452.452.442.442.45
2.452.432.462.462.462.47
Ex-clud-ing
over-time
0)
0)$0. 770
.881
.9761.029
21.0421.1221.2501.3661.434
1.4801.601.701.801.86
1.932.032.142.232.30
2.38
2.292.292.312.312.322.32
2.312.272.282.282.312.35
2.372.372.382.382.372.38
2.382.372.392.392.390)
Nondurable goods manu-facturing industries
Averageweeklyhours
Gross
37.4
37.038.940.342.543.1
42.340.540.139.638.8
39.739.539.639.539.0
39.839.539.138.839.6
39.1
39.339.439.539.539.739.8
39.840.139.839.539.639.8
39.439.038.838.639.339.5
39.639.539.139.038.838.2
Ex-clud-ing
over-time
(i)
0)0)0)(00)
0)0)0)0)0)
880)
0)37.036.736.636.9
36.7
36.937.036.937.037.137.1
37.037.236.836.736.937.1
36.836.536.436.436.837.0
37.037.036.536.536.536.1
Averagehourly
earnings
Gross
$0. 582
.602
.640
.723
.803
.861
.9041.0151.1711.2781.325
1.3781.481.541.611.66
1.711.801.881.942.01
2.08
1.981.982.002.002.002.00
2.012.002.032.022.032.04
2.052.052.062.062.072.08
2.082.072.092.092.102.11
Ex-clud-ing
over-time
0)
0)$0.625
.698
.763
.814
2.858.981
1.1331.2411.292
1.3371.431.491.561.61
1.661.751.831.891.94
2.01
1.921.921.931.941.941.94
1.951.931.951.951.961.97
1.981.992.002.012.012.01
2.022.012.022.032.04
0)
1 Not available.2 Eleven-month average; August 1945 excluded because of VJ Day holiday period.* Preliminary.
NOTE.—Data relate to production workers and are for pay period ending nearest the 15th of themonth.
The annual figures for 1960 are simple arithmetic averages of the monthly figures shown and are notstrictly comparable with the averages for earlier years, which have been weighted by data on employment(in the case of hours) and man-hours (in the case of earnings).
See Table C-23 for seasonally adjusted average gross weekly hours.
Source: Department of Labor.
157
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—27.—Average weekly earnings, gross and spendable, in manufacturing industries,in current and 1960 prices, 7939-W
Period
1939.
19401941194219431944
19451946194719481949 _ _
19501951195219531954
19551956195719581959
I9603 -
1959: January _FebruaryMarch _AprilMayJune
JulyAugust. _ _ _ _ _ _ _SeptemberOctoberNovemberDecember _. _ _
I960* JanuaryFebruaryMarchApril -_ _ .MayJune
July . -AugustSeptemberOctoberNovember 3
December 3
Average gross weeklyearnings
Currentprices
$23.86
25.2029.5836.6543.1446.08
44.3943.8249.9754.1454.92
59.3364.7167.9771.6971.86
76.5279.9982.3983.5089.47
90.91
87.3888.0089.2489.8790.3291.17
89.6588.7089.4789.0688.9892.16
92.2991.1490.9189.6091.3791.60
91.1490.3591.0891.3190.1690.02
1960prices l
$50.77
53.1659.4066.5273.7477.45
73.0166.3966.1066.5968.22
72.9873.7075.6979.2279.14
84.4687.0486.6485.4790.74
90.91
89.2589.8991.1591.7092.0792.56
90.7489.8790.2889.6989.5292.81
93.0391.6991.4689.7891.4691.51
90.9690.1790.8190.6889.44
(<)
Average spendable weekly earnings 2
Worker with nodependents
Currentprices
$23.58
24.6928.0531.7736.0138.29
36.9737.7242.7647. 4348.09
51.0954.0455.6658.5459.55
63.1565.8667.5768.4672.83
73.50
71.2071.6972.6573.1473.4974.15
72.9772.2372.8372.5172.4574.92
74.5673.6773.4972.4873. 8574.03
73. 6773.0673.6273.8072.9172.81
1960prices 1
$50. 17
52.0956.3357.6661.5664.35
60.8157.1556.5658.3459.74
62.8461.5561.9864.6965.58
69.7071.6671.0570.0773.86
73.50
72.7373.2374.2174.6374.9175.28
73.8673.1873.4973.0272.8975.45
75.1674.1173.9372.6373.9273.96
73.5272.9173.4073.2972.33
(4)
Worker with threedependents
Currentprices
$23. 62
24.9529.2836.2841.3944.06
42.7443.2048.2453.1753.83
57.2161.2863.6266.5866.78
70.4573.2274.9775.8880.36
81.05
78.7079.1980.1880.6881.0381.71
80.5079.7580.3680.0379.9782.50
82.1481.2381.0580.0181.4181.59
81.2380.6181.1881.3680.4680.35
1960prices !
$50.26
52.6458.8065.8470.7574.05
70.3065.4563.8165.4066.87
70.3769.7970.8573.5773.55
77.7679.6778.8377.6781.50
81.05
80.3980.8981.9082.3382.6082.95
81.4880.8081.0980.5980.4583.08
82.8081.7281.5480.1781.4981.51
81.0780.4580.9480.7979.82
(*)
1 Estimates in current prices divided by the consumer price index on a 1960 base (using 11-month average).2 Average gross weekly earnings less social security and income taxes.8 Preliminary.4 Not available.
NOTE.—Data relate to production workers and are for pay period ending nearest the 15th of the month.The annual figures for 1960 are simple arithmetic averages of the monthly figures shown and are not
strictly comparable with the averages for earlier years, which have been weighted by data on man-hours.
Source: Department of Labor.
158
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TABLE G—28.—Labor turnover rates in manufacturing industries, 7930-60
[Rates per 100 employees]
Period
1930 3.11931 3.11932 3.31933 5.41934 4.7
1935... 4.21936... _ 4.41937 , 3.61938 3.81939 4.1
1940 4.41941 5.41942 7.61943 _ 7.51944 6.1
1945 _. 6.31946 6.71947-. 5.11948 4.41949 3.5
1950 4.41951 4.41952.... 4.41953 3.91954 3.0
1955 _ 3.71956 3.41957 2.91958 3.01959 3.6
I960 « 3.1
1959: January 3.3February 3.3March 3.6April 3.5May 3.6June 4. 4
July 3.3August 3.9September 3.9October 3.1November 3.0December 3.8
1960: January 3.6February , 2.9March ,. 2.7April 2.8May 3.2June 3.9
July 2.9August _ 3.8September 3.8October 2.8November * 2.1
Accession rates
Total i New hires
88(3)
88(3)
88I3.43.33.01.6
2.42.31.81.32.0
1.7
1.51.71.92.02.23.0
2.22.52.62.01.51.3
1.91.71.51.41.72.3
1.71.91.91.5
Separation rates
Total»
5.04.04.43.84.1
3.63.44.44.13.1
3.43.96.57.36.8
8.36.14.84.64.3
3.54.44.14.33.5
3.33.53.63.63.4
3.6
3.12.62.83.02.92.8
3.33.74.34.74.13.1
2.93.03.73.63.33.3
3.64.34.43.83.7
Quits
1.6.9.7
1.11.3.6.8
.92.03.85.25.1
5.14.33.42.81.5
1.92.42.32.31.1
1.61.61.4.9
1.3
1.1
.81.01.11.31.3
1.31.82.21.41.0.9
1.01.01.01.11.11.1
1.11.51.91.0.7
Layoffs
3.02.93.52.73.0
2.52.13.03.42.2
2.21.31.1.6.6
2.31.21.01.32.4
1.11.21.11.31.9
1.21.51.72.31.6
1.9
1.71.31.31.31.11.0
1.41.41.52.82.61.7
1.31.52.22.01.61.7
2.02.22.02.22.5
1 Includes rehires and other accessions, not published separately.2 Includes discharges and miscellaneous separations, not published separately.1 Not available.4 January-November average.8 Preliminary.Source: Department of Labor.
159
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PRODUCTION AND BUSINESS ACTIVITY
TABLE C-29.—Industrial production indexes, 1947-60
[1957=100]
Period
194719481949 - _
195019511952 -19531954
19551956 .195719581959
I9602
1959: JanuaryFebruaryMarrhAprilMayJune . .
July _AugustSeptemberOctober .NovemberDecember
1960: JanuaryFebruaryMarchAprilMayJune
July.AugustSeptemberOctoberNovemberDecember2...
Totalindus-trial
produc-tion i
65.368.064.3
74.580.883.890.885.4
96.099.3
100.092.9
104.9
108.0
Industry groupings
Manufacturing
Total
66.168.664.8
75.581.584.892.185.8
96.799.5
100.092.4
105. 3
108.2
Durable manufactures
Total
61.864.458.5
71.380.385.196.085.0
97.9100.0100.086.8
101.5
104.3
Pri-marymetals
80.884.170.8
89.196.988.5
100.381.3
105.5103.7100.078.089.5
90.5
Fabri-catedmetalprod-ucts
74.976.268.8
84.290.087.898.888.8
96.997.4
100.091.6
103.9
106.0
Ma-chinery
62.663.856.7
69.779.688.496.484.3
92.6102.8100.085.2
102.8
106.4
Trans-porta-tion
equip-ment
40.344.044.2
52.959.068.686.278.7
95.991.5
100.084.297.8
101.7
Instru-mentsand re-latednrod-ucts
54.856.450.3
58.567.179.787.084.7
90.597.3
100.094.1
112.2
118.8
Clay,glass,and
lumber
77.781.874.1
89.994.391.695.192.0
103.3104.7100.096.5
111.3
108.5
Furni-tureand
miscel-laneous
75.379.373.4
85.882.184.491.989.0
100.3103.5100.095.6
111.7
116.1
Seasonally adjusted
100.3101.9103.6106.6109.2109. 6
107.6103.6103.2102.0102.6108.8
111.0109.6109.1108.8109.8109.4
109.5108.4106.8106.3104.6103.1
100.0101.9103.9107.1109.9110.4
108.4104.1103.7102.2102.4109.2
111.8110.3109.6109.1110.3109.8
109.9108.4106.7106.2104.2102.5
96.298.3
101.5104.9109.1109.8
105. 297.896.995.595.8
106.7
110.9109.4107.8106.0107.1105.3
105.6103.7101.9100.898.296.0
91.9101.7109.3113. 5121.9117. 5
80.746.845.243.979.3
113.8
115.4109.8101.799.093.687.5
85.182.879.878.373.871.0
99.399.3
101.4104.2109.3111.6
110.6106.3105. 899.195.3
105.1
108.6108.1106.6103.8107.9108.4
108.7107.7105.8105.4101.5100.0
92.394.195.999.6
103.6106.6
108.2106.8107.8106.7104.4108.2
109.7108.0108.4106.8108.5108.6
110.0107.2105.4102.0102.3100.0
95.995.998.8
101.9104.5104.6
105. 5101.598.497.878.993.0
107. 5106.9103.9102.3106.4101.6
101.5101.3101.5102.596.993.0
102.7103. 5104.8106.2109.5114.0
115.4115. 9117.0118.2118.6120.0
118.4117.3118.6117.0119.5120.6
121.4122.0118.2118.6118.5116.0
103.3103.6107.8112.5114.2114.1
117.6114.2112.4111.3110.5112.5
111.6111.6107.6111.7110.7112.1
113.0108.6106.6105.5102.7101.0
105.6105.6106.7109.7112. 5113.8
116.2113.9113.0113.6114.1115. 5
116.3115.3115.2117.2119.3120.1
120.3118.0113.8114.9112.9110.0
See footnotes at end of table, p. 161.
160
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-29.—Industrial production indexes, 1947-60—Continued
11957=100]
Period
194719481949
19501951195219531954
1955195619571958 .1959
I9602
1959: JanuaryFebruaryMarchAprilMayJune - - -
JulyAugustSeptemberOctoberNovemberDecember
1960: JanuaryFebruaryMarchAprilMayJune
July.AugustSeptemberOctoberNovemberDecember 2_ _ .
Industry groupings
Manufacturing
Nondurable manufactures
To-tal
70.072.371.1
79.181.783.386.986.9
95.098.9
100.099.9
110.3
113.5
Tex-tile,ap-
parel,and
leatherprod-ucts
83.587.183.1
91.990.192.293.689.6
98.4101.1100.099.2
115.2
115.1
Paperand
print-ing
68.170.970.8
78.481.179.484.586.9
94.699.3
100.099.2
107.6
111.6
Chem-ical,
petro-leum,and
rubberprod-ucts
50.654.152.7
64.771.874.580.279.3
91.896.3
100.098.8
112.7
117.8
Foods,bever-ages,
and to-bacco
83.482.783.6
86.588.390.291.292.8
96.299.8
100.0102.1106.5
109.4
Min-ing
76.480.371.2
79.587.386.588.886.2
94.8100.1100.091.495.3
96.8
Util-ities
38.943.446.3
52.760.165.271.176.5
85.493.6
100.0104.5115.0
123.9
Market groupings
Final products
To-tal
64.867.365.1
73.579.385.290.786.5
94.698.9
100.095.1
106.5
110.7
Consumergoods
To-tal
69.671.871.4
81.580.682.588.187.2
96.598.7
100.099.0
110.0
114.7
Auto-motiveprod-ucts
66.069.068.4
86.176.268.686.880.8
112.593.0
100.082.5
102.8
117.1
Equip-ment,includ-
ingdefense
53.055.749.7
53.975.090.096.185.0
90.999.1
100.087.399.5
102.8
Ma-terials
65.868.963.6
75.482.282.790.884.4
97.199.7
100.091.0
103.5
105.6
Seasonally adjusted
105.0106.7107.2110.0110.8111.1
112.7112.7112.8111.3111.3112.4
113.1111.5112.0113.2114.7115.8
115.6114.8113.1113,4112.3111.5
109.1109.4110.9115.6117.8118.6
120.2117.3116.0115.1116.2117.3
116.4114.3115.1116.1118.3118.9
118.7117.1112.1112.1111.3110.0
102.4104.6104.1107.2107.6106.7
109.2109.8110.6110.0108.5110.5
111.3110.4109.6110.3112.1112.0
112.3112.2112.3112.8112.0112.0
105.7107.7109.8110.1111.2114.9
117.2115.9117.0114.5114.1115.1
116.3114.8115.6117.9119.1122.4
122.0120.2117.5117.1116.2115.0
103.4105.3104.4108.3108.1105.5
105.7108.3108.0106.2107.2107.8
109.0107.2108.0108.5109.7109.8
109.6109.7109.9111.1109.2109.0
97.095.895.697.999.597.8
93.691.190.691.496.098.4
97.896.095.897.896.897.2
97.598.096.496.996.996.0
111.0111.5112.0112.5114.1116.1
116.4115.5116.8116.6117.5119.8
120.2120.7123.6123.1122.0123.6
124.5125.8126.6125.5125.8126.0
101.6102.1103.1106.1107.7108.2
109.4108.9108.7108.6106.3109.1
111.7109.7110.0110.8112.3112. 2
112.0111.1110.3110.7109.6108.0
106.2106.7107.3110.6111.3111.4
112.3112.1111.8111.6108.9112.6
116.0113.4113.2115.1116.5116.8
115.9115.1114.0114.8113.2112.0
104.2100.6105.9108.2109.5113.1
115.6105.398.4
105.372.599.2
127.3122.2114.0117.2120.5121.2
113.7115.4116.5121.1111.8104.0
92.493.094.796,9
100.4101.9
103.5102.5102.6102.6101.1102.4
103.0102.3103.5102.3104.1103.2
104.3103.1103.0102.7102.4100.0
99.1101.6104.2107.6110.2110.2
105.998.198.796.7
100.4108.8
110.3109.4108.2107.5107.3106.4
106.2105.1103.7102.9101.199.5
1 Annual indexes for 1929-46 are, respectively: 38, 32, 26, 21, 24, 26, 31, 36, 40, 31, 38, 44, 56, 69, 82, 81, 70,and 59.
2 Preliminary.Source: Board of Governors of the Federal Reserve System.
161
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TABLE C-30.—Business expenditures for new plant and equipment, 1939 and 1945-61
[BiUions of dollars]
Period
1939
194519461947 . . . .1948—-1949
19501951195219531954
19551956 ,19571958 3
19593
I96034
1958: First quarterSecond quarterThird quarter _Fourth quarter
1959: First quarterSecond quarterThird quarterFourth quarter
I960* First quarterSecond quarterThird quarterFourth quarter *
1961* First quarter 4
Total i
5.51
8.6914.8520.6122.0619.28
20.6025.6426.4928.3226.83
28.7035.0836.9630.5332.54
35.74
Manufacturing
Total
1.94
3.986.798.709.137.15
7.4910.8511.6311.9111.04
11.4414.9515.9611.4312.07
14.45
Dura-ble
goods
0.76
1.593.113.413.482.59
3.145.175.615.655.09
5.447.628.025.475.77
7.20
Non-durablegoods
1.19
2.393.685.305.654.56
4.365.686.026.265.95
6.007.337.945.966.29
7.25
Mining
0.33
.38
.43
.69
.88
.79
.71
.93
.98
.99
.98
.961.241.24.94.99
1.01
Transportation
Rail-road
0.28
.55
.58
.891.321.35
1.111.471.401.31.85
.921.231.40.75.92
1.02
Other
0.36
.57
.921.301.28.89
.21
.49
.50
.56
.51
.60
.711.771.502.02
1.94
Publicutili-ties
0.52
.50
.791.542.543.12
3.313.663.894.554.22
4.314.906.206.095.67
5.74
Com-mer-cialand
other 2
2.08
2.705.337.496.905.98
6.787.247.098.008.23
9.4711.0510.409.82
10.88
11.59
Seasonally adjusted annual rates
32.4130,3229.6129.97
30.6032.5033.3533.60
35.1536.3035.9035.6
34.9
13.2011.5310.8610.58
11.2011.8012.2512.85
14.1014.7014.6514.3
14.3
6.585.575.164.86
5.255.755.856.15
7.157.407.356.9
7.1
6.625.965.705.72
5.956.056.406.70
6.957.307.307.4
7.2
1.00.92.88.97
.95
.951.001.05
1.001.051.001.0
1.0
1.02.77.63.58
.651.001.30.85
1.001.101.001.0
.7
1.691.401.291.62
1.702.102.152.15
2.002.151.901.8
1.6
5.875.976.106.26
5.805.805.605.50
5.755.705.605.9
5.7
9.639.739.859.96
10.3510.8511.0511.20
11.3511.6011.7511.7
11.7
1 Excludes agriculture.2 Commercial and other includes trade, service, finance, communications, and construction.3 Annual total is the sum of unadjusted quarterly expenditures; it does not necessarily coincide with the
average of seasonally adjusted figures. See footnote 4.* Estimates for fourth quarter 1960 and first quarter 1961 based on anticipated capital expenditures re-
ported by business in late October and Novembef 1960. The quarterly anticipations include adjustments,when necessary, for systematic tendencies in anticipatory data.
NOTE.—These figures do not agree precisely with the plant and equipment expenditures included in thegross national product estimates of the Department of Commerce. The main difference lies in the inclusionin the gross national product of investment by farmers, professionals, and institutions, and of certain out-lays charged to current account.
This series is not available for years prior to 1939 and for 1940 to 1944.Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commerce.
l62
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-31.—New construction activity, 1929-60[Value put in place, millions of dollars]
Period
•29
>30)3182m)34
&5
937938939
940941942943944 t
945946947948.949 ... _._ .
.950 .1951195219531954
19551956195719581959New series: 4
1959I9605
1959:JanuaryFebruaryMarchAprilMayTuneJuly\ugustSeptemberOctoberNovemberDecember
1960:JanuaryFebruaryMarchAprilMay. _ __JuneJulyAugustSeptemberOctoberNovember 8
December s
Totalnewcon-
struc-tion
10f 793
8,7416,4273,5382,8793,720
4,2326,4976,9996,9808,198
8,68211, 95714, 0758,3015,2595,809
12,62717,90123, 24324, 18329, 94732,70034, 67037,01939,36244, 16445, 77947, 79548,90354,322
56,20655, 017
Private construction
Total i
8,307
5,8833,7681,6761,2311,509
1,9992,9813,9033,5604,389
5,0546,2063,4151,9792,186
3,41110,39614, 58218,53917, 914
23,08123, 44723,88925,78327, 684
32,44033, 06733, 77833, 49138, 131
39, 94938, 956
Resi-dential
building(non-farm)
3,625
2,0751,565
630470625
1,0101,5651,8751,9902,680
2,9853,5101,715
885815
1,2764,7527,535
10, 1229,642
14,10012, 52912, 84213, 77715, 37918, 70517, 67717, 01918, 04722, 309
24, 46922, 067
Nonresldential building and other construction
Total
4,682
3,8082,2031,046
761884
9891,4162,0281,5701,709
2,0692,6961,7001,0941,3712,1355,6447,0478,4178,2728,981
10, 91811,04712,00612, 30513, 73515,39016, 75915, 44415, 822
15,48016, 889
Com-mercial *
1,135
893454223130173
211290387285292
3484091553356
2031,153
9571,3971,1821,4151,4981,1371,7912,2123,2183,6313,5643,5893,908
3,9304,064
Indus-trial
949
53222174
176191
158266492232254
442801346156208642
1,6891,7021,397
9721,0622,1172,3202,2292,0302,3993,0843,5572,3822,102
2,1062,861
Publicutility
1,578
1,527946467261326
363518705605683
771872786570725827
1,3742,3383,0433,3233,3303,7294,0434,4754,2894,3634,8935,4145,1055,033
5,0525,312
Other »
1,020
856582282194194
257342444448480
508614413335382463
1,4282,0502,5802,7953,1743,5743,5473,5113,7743,7553,7824,2244,3684,779
4,3924,652
Publiccon-
struc-tion
2,486
2,8582,6591,8621,6482,211
2,2333,5163,0963,4203,809
3,6285,751
10,6606,3223,0732,3982,2313,3194,7046,2696,8669,253
10, 78111,23611, 67811, 72412, 71214,01715,41216, 191
16, 25716,061
Seasonally adjusted annual rates (New series 4)
55,54054, 89355, 92456,83057, 47058,04657, 89357, 44955, 76754, 80954, 34655, 436
54,72654,88954, 41954,16655, 26055, 18955,39055, 29855, 32554,73655,01154,835
37, 93337, 77638, 41339, 46240, 30940, 91441, 40341,48340,59639,89039, 70240, 127
39, 89439, 70939, 26338, 72238, 91639, 103
39, 03538,66038, 69738, 33138,66538,884
23,23323,00923,60624, 50724, 99625, 20425, 41525, 29024, 98324, 50724, 01623,901
23, 24422, 53622, 39221, 93022, 18022, 36222, 30821,78321, 71621, 22821,49621, 978
14, 70014, 76714, 80714, 95515, 31315, 71015,98816, 19315, 61315,38315, 68616, 226
16, 65017, 17316, 87116, 79216, 73616, 74116, 72716, 87716, 98117, 10317, 16916,906
3,6443,6983,6803,7653,9864,0954,1594,1483,9483,8763,8884,020
4,1404,3564,1164,0563,9603,8813,8703,9224,0364,1334,1984,214
1,8861,8871,8811,9011,9862,0932,1962,2892,1842,2082,3162,448
2,5562,7482,7722,7722,7602,7882,8682,9343,0413,0843,0362,982
4,9895,0295,0735,0725,0435,1255,1365,1525,0404,8724,9805,184
5,2325,2925,2325,2565,3165,4055,3645,4065,2855,2615,2825,320
4,1814.1534, 1734,2174,2984,3974,4974,6044,4414,4274,5024,574
4,7224,7774,7514,7084,7004,6674,6254, 6154,6194,6254, 6534,390
17,60717, 11717, 51117,36817, 16117, 13216,49015,96615, 17114, 91914,64415,309
14,83215, 18015,15615, 44416, 34416,08616, 35516,63816, 62816, 40516, 34615, 951
1 Excludes construction expenditures for crude petroleum and natural gas well drilling, and therefore doesnot agree with the new construction expenditures included in the gross national product. (See Table C-l.)
2 Office buildings, warehouses, stores, restaurants, and garages.3 Farm, institutional, and all other.* New series beginning January 1959 not comparable with prior data. In addition to major differences
between old and new series, data for Alaska and Hawaii are included beginning January 1959. For details,see Construction Activity, C 30-13, Bureau of the Census, August 1960.
8 Preliminary.Source: Department of Commerce.
163
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TABLE C-32.—-New public construction activity, 1929-60
[Value put in place, millions of dollars]
Period
1929.
19301931193219331934
19351936193719381939
19401941194219431944.
19451946194719481949
19501951195219531954
19551956.. . _1957J95819593
I9604--...
Total new public construction 1
Allpublicsources
2,486
2,8582,6591,8621,6482,211
2,2333,5163,0963,4203,809
3,6285,751
10, 6606,3223,073
2,3982,2313,3194,7046,269
6,8669,253
10, 78111, 23611,678
11, 72412, 71214, 01715,41216, 257
16, 061
Federal
Direct
155
209271333516626
814797776717759
1,1823,7519,3135,6092,505
1,737870840
1,1771,488
1,6252,9814,1854,1343,418
2,7772,7282,9913,4193,842
3,619
Federalaid
80
104235111286721
5671,5661,1171,3201,377
946697475268126
99244409417461
465479620713730
778911
1,3852,2442,790
2,361
Stateandlocal
2,251
2,5452,1531,418
846864
8521,1531,2031,3831,673
1,5001,303
872445442
5621,1172,0703,1104,320
4,7765,7935,9766,3897,530
8,1699,0739,6419,7499,625
10, 081
Major types of new public construction
High-way
1,266
1,5161,355
958847
1,000
8451,3621,2261,4211,381
1,3021,066
734446362
398764
1,3441,6612,015
2,1342,3532,6793,0153,680
3,8614,3954,8925,5005,916
5,685
Educa-tional
389
36428513052
148
153366253311468
1561581286341
59101287618934
1,1331,5131,6191,7142,134
2,4422,5562,8252, 8752,656
2,820
Hos-pitaland
institu-tional
101
118110834951
38747397
127
5442354458
858577
213458
499527495369333
300300354390428
400
Sewerand
waterand
miscel-laneouspublicservice
404
500479291160228
246509445492507
469393254156125
152278492699803
819959958
1,0501,171
1,3181, 6591,7371,8382,018
2,139
Con-serva-tionandde-
velop-ment
115
137156150359518
700658605551570
528500357285163
130260424670852
942912900892773
701826971
1,0191,130
1,230
Mili-tary
facili-ties
19
2940343647
37293762
125
3851,6205,0162,550
837
690188204158137
177887
1,3871,2901,003
,287,360,287,402,488
1,324
Allother
public 2
192
194234216145219
214518457486631
7341,9724,1362,7781,487
884555491685
1,070
1,162•2, 1022,7432,9062,584
1,8151,6161,9512,3882,621
2,463
1 For expenditures classified by ownership, combine "Federal aid" and "State and local" columns toobtain State and local ownership. "Direct" column stands as it is for Federal ownership.
2 Includes nonresidential building other than educational and hospital and institutional (industrial,commercial, public administration, social anu recreational, and miscellaneous), public residential buildings,and publicly owned parks and playgrounds, memorials, etc.
3 Beginning with 1959, data include estimates for Alaska and Hawaii. Comparability with earlier datais not seriously affected since these two States accounted for less than one-half of one percent of total newpublic construction in 1959.
* Preliminary.Source: Department of Commerce.
164
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TABLE C—33.—Housing starts and applications for financing, 1929-60[Thousands of units]
Period
1929193019311932193319341935193619371938193919401941194219431944194519461947194819491950195119521953195419551956195719581959
19591960 7
1959: JanuaryFebruaryMarchApril .MayJune _JulyAugust _ _ _ _SeptemberOctober _ _ -NovemberDecember
I960' JanuaryFebruary - _ _ -MarchAprilMayJune _JulyAugustSeptemberOctober 7
November tDecember '_..._
Total housingstarts (farm and
nonfarm)
Totalprivate
andpublic i
(5)
Private
(•)
Nonfarm housing starts
Totalprivate
andpublic !
509.0330.0254.0134.093.0
126.0221.0319.0336.0406.0515.0602.6706.1356.0191.0141.8209.3670.5849.0931.6
1, 025. 11, 396. 01, 091. 31, 127. 01, 103. 81, 220. 41, 328. 91,118.11, 041. 91, 209. 41, 378. 5
Private
Total
509.0330.0254.0134.093.0
126.0215.7304.2332.4399.3458.4529.6619.5301.2183.7138.7208.1662.5845.6913.5988.8
1, 352. 21, 020. 11, 068. 51, 068. 31, 201. 71, 309. 51, 093. 9
992.81,141.51, 342. 8
New series 6
1, 553. 51, 285. 5
99.2100.0130.7155.9156.0153.4149.7142.4140.0123.3106.596.488.490.293.3
125.2130.0127.3114.9129.6102.3112.097.375.0
1,516.81, 248. 2
96.299.0
127.7150.7152.5147.8148.1138.2136.3120.0104.795.6
87.187.990.2
123.5127.3122.2111.1124.896.7
109.295.772.5
1, 531. 31, 261. 9
98.399.0
129.4154.3154.3152. 1146.7142.0136. 1121.2104.393.684.388.892.3
123.4128.2125.7113.2127.5100.3108.996.373.0
1, 494. 61, 224. 6
95.398.0
126.4149.1150.8146.5145.1137.8132.4117.9102.592.883.086.589.2
121.7125.5120.6109.4122.794.7
106.194.770.5
Governmentprograms
FHA
14.049.460.0
118.7158.1180.1220.4165.7146.293.341.269.0
229.0294.1363.8486.7263.5279.9252.0276.3276.7189.3168.4295.4332.5
332.5261.0
19.820.030.033.534.434.831.731.329.826.820.320.015.917.621.925.425.226.523.626.321.922.620.213.9
VA
« 8. 891.8
160.371.190.8
191.2148.6141.3156. 5307.0392.9270.7128.3102.1109.3
109.374.6
6.96.29.7
11.010.311.010.69.9
10.09.47.96.44.14.85.27.36.97.77.48.26.85.95.54.8
Private hous-ing starts,seasonally
adjusted an-nual rates
Totalfarmandnon-farm
Non-farm
New series 6
1,5S81,5461,5981,6131,5971,5771,5781,4501,5091,5781,S561,451
1,8661,3671,1121,3271,3331,3021,1821,2921,0661,2581,2351,100
1,5171,5291,5801,5991,5801,5631,5461,4461,4681,3541,8281,4011,2911,3471,0981,3071,3151,2851,1641,2731>0441,2171,2211,075
Proposedhome con-struction *
FHAappli-cations
3 20 647 849 8
131 1179.8231 2288.5238 5144 462.956.6
121.7286.4293.2327.0397.7192.8267.9253.7338.6306.2197.7198.8341.7369.7
369.7242.4
25.529.538.939.138.260.229.025.625.524.116.118.216.321.127.422.522.423.719.622.920.118.314.813.2
VAap-
praisalre-
quests
(5)(5)(6)(5)(5)(5)164.4226.3251.4535.4620.8401.5159.4234.2234.0
234.0142.917.921.023.218.920.727.226.021.217.916.712.211.111.212.912.913.714.415.28.5
12.411.610.010.310.0
1 Military housing starts, including those financed with mortgages insured by FHA under Section 803 ofthe National Housing Act, are included in total private and public starts but excluded from total privatestarts and from FHA starts.
2 Units in mortgage applications for new home construction.3 FHA program approved in June 1934; all 1934 activity included in 1935.4 Monthly estimates for September 1945-May 1950 were prepared by Housing and Home Finance Agency.* Not available.e In addition to major differences between old and new series arising from revisions in sources and
methods, new series includes data for Alaska and Hawaii. For details, see Housing Starts, C20-11 (Sup-plement), Bureau of the Census, May 1960.
7 Preliminary: December and year 1960 estimated by Council of Economic Advisers.
Sources: Department of Commerce, Federal Housing Administration (FHA), Veterans Administration(VA), and Housing and Home Finance Agency (except as noted).
165
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TABLE G-34.—Sales and inventories in manufacturing and trade, 1939-60
[Amounts in billions of dollars]
Period
1939...
1940194119421943 .1944
1945. .1946...194719481949
1950 . .1951195219531954
19551956195719581959
I96088
1959: JanuaryFebruary. _ _MarchAprilMayJune
JulyAugustSeptember. .OctoberNovember..December.. .
1960: JanuaryFebruary. ..MarchAprilMayJune. _ _ _
JulyAugustSeptember _ _OctoberNovember 6_December 8
Total manufactur-ing and trade 1
Sales 2
10.8
12.115.818.621.923.8
23.927.233.236.134.5
39.744.745.948.447.4
52.354.856.354.060.0
60.8
Inven-tories 3
20.1
22.228.831.131.331.1
30.942.950.555.451.8
62.873.875.478.675.5
81.789.190.785.189.4
92.8
Ratio*
1.77
.72
.58
.66
.40
.33
.30
.33
.43
.48
.56
.39
.581.611.611.62
1.491.561.611.611.47
1.52
Manufacturing
Sales 2
5.1
5.98.2
10.412.813.8
12.912.615.917.616.4
19.322.322.824.523.5
26.327.728.426.229.7
30.5
Inven-tories 3
11.5
12.817.019.320.119.5
18.424.528.931.728.9
34.342.843.845.443.0
46.452.353.549.252.4
54.0
Ratio*
2.11
2.061.781.771.511.45
1.481.661.711.721.86
1.571.771.901.841.86
1.681.791.891.931.72
1.78
Wholesale trade »
Sales 2
2.2
2.43.03.43.84.2
4.56.07.37.57.2
8.49.49.69.89.7
10.611.311.311.112.3
12.4
Inven-tories3
3.1
3.24.03.83.73.9
4.66.67.67.97.6
9.19.7
10.010.510.4
11.413.012.712.012.6
13.2
Ratio*
1.34
1.301.201.19.97.94
.91
.901.011.011.07
.961.051.011.061.07
1.021.081.131.101.00
1.05
Retail trade 1
Sales 2
3.5
3.94.64.85.35.9
6.58.5
10.010.910.9
12.013.013.514.114.1
15.315.816.716.718.0
718.3
Inven-tories 3
5.5
6.17.88.07.67.6
7.911.914.115.815.3
19.321.221.622.722.1
23.923.924.524.024.3
25.5
Ratio*
1.53
.49
.48
.76
.43
.31
.21
.13
.27
.40
.43
.40
.65
.55
.59
.59
.50
.50
.441.441.36
1.37
Seasonally adjusted
57.458.059.260.661.562.0
61.759.660.159.759.160.9
61.662.261.362.661.961.8
60.960.760.360.359.8
85.586.086.687.688.389.3
89.989.589.288.788.489.4
90.591.492.392.693.293.5
93.493.393.192.992.8
.49
.48
.46
.44
.44
.44
.46
.50
.48
.49
.49
.47
.47
.47
.51
.48
.51
.51
.53
.54
.54
.54
.55
28.128.529.130.330.731.2
30.929.329.829.429.030.8
31.131.630.831.031.030.8
30.430.130.129.629.2
49.549.950.551.151.652.1
52.252.151.951.551.652.4
53.353.954.354.755.055.1
54.955.054.754.454.0
1.761.751.73.69.68.67
.69
.78
.74
.75
.78
.70
.71
.71
.76
.76
.77
.79
.80
.82
.82
.841.85
11.811.912.212.412.512.6
12.512.212.512.012.312.7
12.412.512.212.612.412.5
12.312.312.212.212.2
11.911.912.012.112.212.4
12.512.612.512.512.612.6
12.712.712.812.913.113.0
13.013.113.113.213.2
1.011.00.98.97.97.98
1.001.031.001.041.021.00
1.021.021.051.021.051.04
1.061.061.081.091.09
17.517.617.918.018.218.2
18.318.117.818.317.817.5
U8.118.118.218.918.518.5
18.118.218.118.518.418.2
24.224.124.224.524.524.8
25.124.824.824.724.224.3
24.524.825.125.025.225.3
25.425.225.325.425.5
.39
.37
.35
.36
.35
.36
.37
.37
.39
.35
.36
.39
.35
.37
.38
.32
.3637
.40
.394037
.39
1 The series beginning in 1948 are not comparable with the previous years because of changes in definitionfor the wholesale series. Beginning in 1951, the estimates of retail sales and inventories are based on anew method of estimation adopted by the Bureau of the Census.
2 Monthly average shown for year and total for month.3 Seasonally adjusted, end of period.* Inventory/sales ratio. 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.8 Where December data not available, data for year calculated on basis of no change from November.6 Preliminary.7 Beginning January I960, retail sales include data for Alaska and Hawaii.
NOTE.—For a description of the series and their comparability, see Survey of Current Business, Septemberand November 1952, January 1954, and June 1957 for retail, and August 1957 for manufacturing andwholesale.
The inventory figures in this table do not agree with the estimates of change in business inventoriesincluded in the gross national product since these figures cover only manufacturing and trade ratherthan all business, and show inventories in terms of current book value without adjustment for revaluation.
Source: Department of Commerce.
166
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TABLE C-35.—Manufacturers' sales, inventories, and orders, 1939-60
[Billions of dollars]
Period
1939 _ .
194019411942 - .19431944
1945194619471948 _ .1949
I9601951195219531954 .
19551956195719581959
1960 < 5
1959:JanuaryFebruary ___MarchAprilMay _June
JulyAugustSeptember-October.November. _December. _
1960:JanuaryFebruary. _ _MarchAprilMayJune
JulyAugustSeptember ._OctoberNovember 8.
Sales i
Dura-ble
goodsindus-tries
1.9
2.53.85.26.97.3
6.35.06.77.67.1
8.810.410.912.411.2
13.113.814.212.414.5
14.8
13.513.914.415.215.515.8
15.414.014.114.013.515.0
15.415.715.215.015.114.9
14.714.414.414.113.8
Non-durablegoodsindus-tries
3.2
3.44.45.36.06.4
6.67.69.2
10.09.3
10.511.911.912.112.3
13.313.914.213.815.2
15.8
14.614.614.715.115.215.5
15.515.315.715.315.515.8
15.715.915.716.015.915.9
15.715.715.715.515.5
Inventories J
Durable goodsindustries
Pur-chasedmate-rials
1.8
2.13.13.73.93.3
3.24.55.15.64.6
6.17.47.37.46.5
7.48.78.37.58.3
8.0
Goodsin
process
1.5
2.03.24.65.25.0
3.54.65.25.44.7
6.08.6
10.210.79.8
11.112.812.711.312.1
12.1
Fin-ishedgoods
2.1
2.22.32.22.12.1
2.12.94.04.74.7
4.76.86.98.17.7
8.29.2
10.19.09.7
10.9
Nondurable goodsindustries
Pur-chasedmate-rials
2.4
2.64.04.34.54.7
4.96.57.27.36.5
8.49.18.68.17.9
8.18.58.88.68.9
8.9
Goodsin
process
0.8
.9
.2
.2
.4
.4
.5
.82.22.22.1
2.52.72.72.72.6
2.83.03.13.03.0
3.1
Fin-ishedgoods
2.9
3.03.23.33.03.0
3.24.25.26.56.3
6.68.28.18.48.4
8.810.110.59.8
10.4
11.0
New orders l
Total
5.4
6.89.8
13.312.711.9
10.513.715.617.415.9
21.024.523.623.122.5
27.228.327.325.930.1
30.0
Dura-ble
goodsindus-tries
2.2
3.45.38.06.85.5
3.95.96.47.56.6
10.312.711.711.010.2
13.914.413.112.014.9
14.3
Non-durable
goodsindus-tries
3.2
3.44.55.35.96.4
6.67.89.39.99.3
10.711.811.912.112.3
13.313.914.213.915.3
15.7
Seasonally adjusted
7.77.88.18.38.58.9
8.98.78.38.08.18.3
8.68.78.88.88.88.7
8.68.68.48.38.0
11.411.411.511.711.811.9
11.911.912.011.811.812.1
12.312.512.712.612.712.8
12.612.612.412.212.1
9.09.29.39.39.49.5
9.59.59.59.49.49.7
9.910.110.410.510.610.7
10.810.911.010.910.9
8.68.68.68.78.89.0
9.09.08.99.08.98.9
9.09.19.19.19.19.1
9.19.08.98.98.9
3.03.03.03.03.03.0
3.13.13.13.13.13.0
3.03.03.03.13.13.1
3.23.23.13.13.1
9.89.99.9
10.010.09.9
9.89.9
10.110.210.310.4
10.510.510.510.510.610.6
10.610.710.911.011.0
28.529.730.231.230.531.4
30.829.030.630.429.230.7
29.830.630.330.430.530.1
29.230.030.429.229.0
13.914.915.315.815.216.1
15.514.014.715.113.714.8
14.214.814.614.514.714.3
13.814.414.613.713.5
14.614.814.915.415.315.3
15.315.015.815.415.516.0
15.615.815.715.915.815.8
15.415.615.815.515.5
Un-filledorders(unad-just-ed)'
7.0
18.437.972.971.549.0
20.933.830.326.920.8
41.167.676.359.546.9
56.964.250.746.851.5
45.5
47.749.150.450.550.150.4
50.650.651.151.551.551.5
50.950.249.548.447.847.7
47.747.547.546.445.5
1 Monthly average for year and total for month.2 Book value, seasonally adjusted, end of period.s End of period.* Based on data through November.5 Preliminary.
NOTE.—See Table C-34 for total sales and inventories of manufacturers.
Source: Department of Commerce.
576899 0—61- -13167
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PRICES
TABLE C-36.—Wholesale price indexes, 1929-60
[1947-49=100] i
Period
1929
1930 . .-193119321933 -1934 -
1935 _ .1936193719381939 - -
19401941 . ...194219431944
194519461947 - - _ -19481949
19501951195219531954 -
19551956 -- -.195719581959
I9603
1959: JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember __
1960: January ..FebruaryMarchAprilMay ._June
JulyAugustSeptemberOctoberNovemberDecember 3
Allcom-modi-ties
61.9
56.147.442.142.848.7
52.052.556.151.150.1
51.156.864.267.067.6
68.878.796.4
104.499.2
103.1114.8111.6110.1110.3
110.7114.3117.6119.2119.5
119.6
119. 5119.5119.6120.0119.9119.7
119. 5119.1119.7119.1118.9118.9
119.3119.3120.0120.0119.7119.5
119.7119.2119.2119.6119.6119.5
Farmprod-ucts
58.6
49.336.226.928.736.5
44.045.248.338.336.5
37.846.059.268.568.9
71.683.2
100.0107.392.8
97.5113.4107.097.095.6
89.688.490.994.989.1
88.8
91.591.190.892.490.889.8
88.487.188.986.585.485.9
86.587.090.491.190.489.0
88.986.687.789.589.988.7
Proc-essedfoods
58.5
53.344.836.536.342.6
52.150.152.445.643.3
43.650.559.161.660.4
60.877.698.2
106.195.7
99.8111.4108.8104.6105.3
101.7101.7105.6110.9107.0
107.7
108.7107.6107.2107.2107.7108.1
107. 5105. 8107.8106.4104.9104.7
105.6105.7107.3106.8107. 3107.6
108.9107.8108.1109.0109.1109.3
All commodities other than farm productsand foods
Total
65.5
60.953.650.250.956.0
55.756.961.058.458.1
59.463.768.369.370.4
71.378.395.3
103.4101.3
105. 0115.9113.2114.0114.5
117.0122.2125.6126.0128.2
128.3
127.5127.8128.1128.3128.4128.2
128.4128.4128.4128.4128.5128.6
128.8128.7128.6128.7128.2128.2
128.2128.2127.9128.0127.9127.9
Textileprod-uctsand
apparel
64.2
57.147.139.046.051.8
50.450.854.247.449.5
52.460.368.969.269.9
71.182.6
100.1104.495.5
99.2110.699.897.395.2
95.395.395.493.595.0
96.1
93.393.793.994.194.594.9
95.395.795.995.996.396.7
96.696.596.396.396.396.3
96.396.195.995.895.495.2
Chemi-calsand
alliedprod-ucts
(2)
(2)(2)(2)51.253.7
56.056.459.055.955.8
56.661.669.369.570.2
70.676.3
101.4103.894.8
96.3110.0104.5105. 7107.0
106.6107.2109.5110.4109.9
110.2
110.2109.9109.8110.0110.0110.0
109.9109.7109.9110.0110.0110.0
109.9110.0110.1110.2110.2110.2
110.4110.5110.4110.3110.3110.4
Rubberand
rubberprod-ucts
83.5
73.062.053.856.865.8
66.471.784.482.786.3
80.286.5
100.6103.3102.0
98.999.499.0
102.198.9
120.5148.0134.0125. 0126.9
143.8145.8145.2145.0144.5
144.8
145.2145. 4146.0146.7148.0146.2
146.0140.5141.6141.9144.4142.0
143.1144.6144.7144.7146.3146.7
146.9145.3144.9144.7143.6141.8
Lumberand
woodprod-ucts
31.9
29.423.820.324.228.5
27.428.733.730.831.6
35.241.845.448.051.9
52.560.393.7
107.299.2
113.9123.9120.3120.2118.0
123.6125.4119.0117.7125.8
121.3
120.5122.5124.2126.3128.2128.9
128.3128.5127.2126.2124.3124.8
125.1124.9124.5124.3123.7122.4
121.5119.6118.7117.7116.9116.7
See footnotes at end of table, p, 169.
168
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-36.—Wholesale price indexes, 1929-60—Continued
[1947-49=100] i
Period
1929
193019311932 _19331934
19351936193719381939
194019411942 .19431944
194519461947 _19481949
195019511952 _ --19531954
19551956195719581959
19603
1959: JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptember. _.OctoberNovember...December
1960: January __FebruaryMarchAprilMay _June
JulyAugust _. _September. _.OctoberNovember...Decembers..
All commodities other than farm products and foods (continued)
Hides,skins,
leather,and
leatherprod-ucts
59.3
54.446.839.744.047.1
48.751.956.950.552.0
54.858.964.063.963.4
64.274.6
101.0102.196.9
104.6120.397.298.594.2
93.899.399.4
100.6114.3
110.2
104.1105. 4108. 5117.8118. 5118 9
119.3119.7119.1116.2111.7112.3
112.7112.0111.8112.1111.2110.3
110.1108.7108.1108.5108.5108.9
Fuel,power,
andlight-ing
mate-rials
70.2
66.557.259.556.162.0
62.264.565.764.761.8
60.764.566.468.470.3
71.176.290.9
107.1101.9
103.0106.7106.6109.5108.1
107.9111.2117.2112.7112.7
113.8
113.9114.8115.0114.0113.4111.2
111.1112.2111.9111.4111.2111.7
111.9112.0112.3112.2110.8112.3
113.8115.3116.1116.2116.1116.2
Pulp,paper,
andalliedprod-ucts
(2)
(2)(2)(2)(2)(2)
(2)(2)(2)(2)(2)
(2)(2)(2)(2)(2)
(2)(2)98.6
102.998.5
100.9119.6116.5116.1116.3
119.3127.2129.6131.0132.2
133.2
131. 5131.7132. 0132.2132.0132.3
132.4132.3132.4132.5132.3132.4
133.7133.2133.1133.1133.4133.5
133.5133.0133.0133.4133.1132.3
Metalsand
metalprod-ucts
67.0
60.354.149.950.956.2
56.257.365.663.162.6
62.864.064.964.864.8
65.973.991.3
103.9104.8
110.3122. 8123.0126.9128.0
136.6148.4151.2150.4153.6
153.8
152.9153.4153.6152.8153.0153.3
152.7152.8153.8154. 5155.8155.2
155.5155.3154.5154.5154.2153.8
153.4153.6153.5152.8152.3152.2
Machin-ery andmotiveprod-ucts
(2)
(2)(2)(2)(2)(2)
(2)(2)(2)(2)65.3
66.268.671.271.071.0
71.680.392.5
100.9106.6
108.6119.0121.5123.0124.6
128.4137.8146.1149.8153.0
153.3
151.8152.0152.2152. 1152.5153.0
153.6153.8153.9153.7153.6153. 7
153.8153.9153.9154.0153.5153.4
153.2153.2151.3152.8153.5153.6
Furni-tureand
otherhouse-holddura-bles
69.3
68.262.855.455.560.2
59.860.667.265.665.4
66.871.276.876.478.4
78.683.095.6
101.4103.1
105.3114.1112.0114.2115.4
115.9119.1122.2123.2123.4
123.1
123.3123.3123. 5123.4123.5123.6
123.8123.5123.4123.3123. 3123.2
123.4123.5123.7123.5123.2123.0
123.1122.9122.8122.7122.6122.5
Non-metal-
licminer-
als(struc-tural)
72.6
72.467.663.466.971.6
71.671.773.471.169.5
69.771.374.174.575.9
79.184.293.9
101.7104.4
106.9113.6113.6118.2120.9
124.2129.6134.6136.0137.7
138.0
137.2137.5137.7138.3138.4137.4
137. 5137.4137.5137.5137.7137.8
138.4138.2138.2138.3137.9137.8
137.8137.8138.0138.1137.9137.9
Tobaccomanu-
facturesand
bottledbever-ages
86.6
87.184.681.472.876.0
75.975.876.576.476.4
77.378.179.183.083.4
85.889.797.2
100.5102.3
103.5109.4111.8115.4120.6
121.6122.3126.1128.2131.4
131.8
128.6128. 9132. 1132.2132.2132.2
132. 2131. 9131.8131.7131.7131.7
131.7131.7131.7131.7131.7131.7
131.8132.0132.0132.0132.0132.1
Miscel-laneousprod-ucts
(8)
(2)(2)(')(2)(l)
(s)(')(2)(')(»)
(»)(3)(»)(»)(')
(»)(J)100.8103.196.1
96.6104.9108.397.8
102.5
92.091.089.694.294.5
92.1
100.898.597.098.895.291.0
92.992.088.691.893.794.2
95.393.494.095.491.190.9
90.889.991.190.390.692.4
1 This does not replace the former index (1926=100) as the official index prior to January 1952. Databeginning January 1947 represent the revised sample and weighting pattern. Prior to January 1947 theyare based on the month-to-month movement of the former index.
2 Not available,a Preliminary.
Source: Department of Labor.
169
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—37.—Wholesale price indexes, by stage of processing, 1947-60
[1947-49=100]
Period
19471948 . -1949
19501951195219531954. _ —
19551956195719581959
1960«
1959:JanuaryFebruary...MarchAprilMayJune
JulyAugustSeptember..OctoberNovember. .December
1960:JanuaryFebruary...MarchAprilMayJune .
July . .AugustSeptember..OctoberNovember..December *.
Allcom-modi-ties
96.4104.499.2
103.1114.8111.6110.1110.3
110.7114.3117.6119.2119.5
119.6
119.5119.5119.6120.0119.9119.7
119.5119.1119.7119.1118.9118.9
119.3119.3120.0120.0119.7119.5
119.7119.2119.2119.6119.6119.5
Crude materials
Total
98.6108.093.4
101.8116.9107.499.298.3
94.595.097.299.496.7
94.4
98.198.0-98.999.698.598.1
96.495.695.994.493.693.4
94.694.896.496.396.095.3
94.892.792.993.393.093.3
Food-stuffsandfeed-stuffs
100.7108.890.5
97.0112.3105.794.694.7
85.784.087.792.886.8
85.7
89.789.089.891.189.788.7
86.385.285.383.281.882.1
83.784.788.088.087.586.8
86.183.883.985.185.185.5
Non-foodma-
terials,except
fuel
96.0106.897.2
111.0128.1110.9106.2104.2
110.1114.2112.5108.4112.2
107.5
110.5111.3112.7112.6112.3113.1
112.6112.1112.7112.3112.8111.4
111.7110.5108.8108.8108.9108.2
107.7105.9106.1104.8104.1104.1
Fuel
89.4105.6105.0
104.6106.5107.2111.0106.0
105.8113.3119.7121.2123.4
124.4
126.1126.4125.4120.3120.3120.3
119.7122.5124.2124.2125.2125.7
126.0125.5125.7122.0120.7121. 5
122.7124.1126.1126.0126.2126.4
Intermediate materials, supplies, and components l
Total
96.2104.099.9
104.3116.9113.5114.1114.8
117.0122.1125.1125.3127.0
127.0
126.3126.5126.7127.2127.4127.1
127.2127.0126.9127.1127.3127.3
127.5127.4127.5127.6127.1127.0
127.0126.8126.8126.6126.5126.4
Materials and components formanufacturing
Total
96.4104.099.6
104.5118.4113.4115.2115.4
118.2123.7126.9127.2129.0
128.9
127.7128.0128.2128.6129.3129.5
129.4129.1129.4129.4129.5129.4
129.5129.5129.4129.5129.2129.1
129.0128.7128.5128.4128.1127.9
Ma-terials
forfood
manu-factur-
ing
102.8106.091.2
94.9105.7101.5101.8100.9
97.798.099.9
102.298.5
99.3
99.298.597.797.499.099.5
99.398.699.198.597.897.0
97.497.297.998.398.699.0
100.199.8
100.0100.7101.7101.3
Ma-terials
fornon-du-
rablemanu-factur-
ing
99.2105.095.8
100.5116.5104.8104.0102.3
102.7104.3105. 7104.7106.4
106.4
104.5104.8105.2106.4106.8106.8
107.0107.0107.2106.9106.8107.0
106.9106.9106.8106.9106.8106.8
106.9106.5106.2105.9105.5105.2
Ma-terials
fordu-
rablemanu-factur-
ing
91.2103.0105, 8
111.9124.3124.6130.1133.1
139.7148.5153.2154.3157.9
158.1
156.6157.1157.6157.7158.1158.5
157.8157.6158.2158.5159.0158.6
159.0159.0158.9159.0158.8158.4
158.1157.8157.7157.2156.7156.6
Com-po-
nentsfor
manu-factur-
ing
94.4101.9103.8
107.6122.2122.5124.7125.3
130.9142.9148.3149.5151.5
150.5
150.6150.8150.9150.7151.7152.0
151.9151.1151.3151.6152.4152.5
152.1152.4152.0152.0150.8150.3
149.6149.6149.4149.4149.2149.0
Ma-terialsandcom-po-
nentsfor
con-struc-tion
93.3103.2103.5
108.9119.1118.3120.2120.9
125.6132.0132.9132.9136.5
135.6
134.5135.3135.7136.5137.2137.4
137.0137.1137.0136. 9136.7136.9
137.2137.1136.9136.7136.4135.8
135.3134.8134.6134.2133.9133.7
See footnotes at end of table, p. 171.
170
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-37.—Wholesale price indexes t by stage of processing, 7947-60—Continued
[1947-49=100]
Period
19471948 -1949
19501951 _ . ...195219531954
1955_._1956195719581959
I9604
1959: JanuaryFebruary _ ._March _ . _AprilMayJune --
July.AugustSeptemberOctober - .__November.-. ---December - -...
1960: JanuaryFebruaryMarchAprilMayJnnp.
JulyAugustSeptember — _ _OctoberNovember _ _December 4
Finished goods
Total
95.9103.5100.6
102.4112.1111.5110.4110.7
110.9114.0118.1120.8120.6
121.5
120.8120.7120.6120. 8120.6120.5
120.5120.2121.4120.5120.0120.1
120.6120.5121.4121.4121.2121.1
121.8121.5121.5122.4122.7122.3
Consumer finished goods
Total
96.8104.199.2
100.9110.3109.0107.1107.1
106.4108.0111.1113.5112.5
113.6
113.1112.9112.7112.9112.6112. 4
112.4111.8113.4112.3111.7111.9
112.4112.3113.4113.4113.2113.1
113.9113.6113.7114.7114.9114.4
Foods
97.0105.897.2
99.2111.3110.4104.6103.8
101.1101.0104.5110.5105.5
107.7
107.8106.8105.61-06.2105.5105.6
105.4103.6107.2105.0103.5103.6
104.8104.7107.4107.5107.5106.9
108.4107.1108.2110.1110.4109.0
Othernon-
durablegoods
97.4103.599.2
100.8108.5105.9106.9107.2
107.8109.9112.4111.7113.4
114.1
112.7113.1113.7113.6113.5112.8
113.1113.4113.5113.5113.6113.8
113.9113.8113.8113.7113.2113.6
114.1114.6114.8114.8114.7114.7
Du-rablegoods
94.8101.3104.0
105.0112.1113.0113.8114.7
115.9119.7123.3125.0126. 5
126.1
126.4126. 4126.5126.5126.6126.7
126.7126.7126.6126.2126.1126.2
126.4126.4126.5126.5126.3126.2
126.3126.2123.6125.7126. 5126.5
Pro-ducer
finishedgoods
92.8101.1106.1
108.7119.3121.3123.1124.7
128.5138.1146.7150.3153.2
153.7
152.2152.4152.8152.9153.2153.5
153.6153.6153.8153.6153.6153.5
153.8153.8153.9153.9153.6153.7
153.6153.7152.6153.5154.1154.3
Special groups of industrialproducts
Crudemate-rials a
92.9108.598.6
109.9120.8109.3108.5103.3
113.4120.0118.3113.7120.0
115.3
117.7118.8119.5119.0118.2119.6
119.8121.0122.0121.7122.6120.8
121.4119.2116.8116.2116.0115.2
114.8114.4114.2112.7111.8111.0
Inter-mediate
materials,supplies,and com-ponents 3
95.3103.7101.0
105.7118.5114.7116.2116.7
120.1126.0129.3129.1131.2
131.7
129.9130.4130.7131.2131.6131.6
131.6131.5131.6131.5131.6131.7
132.1132.2132.2132.2131.9131.8
131.7131.6131.5131.3131.0130.9
Con-sumer
finishedgoods ex-cludingfoods
96.6102.8100.6
102.1109.6108.0108.9109.4
110.2112.8115.7115. 8117.3
117.8
116.9117.2117.6117.5117.5117.1
117.2117.5117.5117.3117.4117.6
117.7117.6117.6117.6117.2117.4
117.8118.1117.6118.1118.2118.2
1 Includes, in addition to subgroups shown, processed fuels and lubricants, containers, and supplies.2 Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and leaf tobacco.8 Excludes intermediate materials for food manufacturing and manufactured animal feeds.4 Preliminary.
NOTE.—For a listing of the commodities included in each sector and their relative importance, see MonthlyLabor Review, December 1955 and Wholesale Prices and Price Indexes, 1958 (BLS Bulletin No. 1257).
Source: Department of Labor.
171
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—38.—Consumer price indexes^ by major groups, 1929-60
For city wage-earner and clerical-worker families
[1947-49=100]
Period
1929 _
193019311932 . - -19331934
19351936]9371938 _- -._1939 -_
1940 - - -1941194219431944
19451946194719481949 -
1950 _ _19511952 .__19531954
1955 _. .__ _ ._1956195719581959 ---
I9602
1959* JanuaryFebruaryMarchAprilMayJune „ , ,
JulyAugust .SeptemberOctoberNovember _ _ . ._December
I960* JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovember _ - -
Allitems
73.3
71.465.058.455.357.2
58.759.361.460.359.4
59.962.969.774.075.2
76.983.495.5
102.8101.8
102.8111.0113.5114.4114.8
114.5116.2120.2123.5124.6
126.4
123.8123.7123.7123.9124.0124.5
124.9124.8125.2125.5125.6125.5
125.4125.6125.7126.2126.3126.5
126.6126.6126.8127.3127.4
Food
65.6
62.451.442.841.646.4
49.7.50.152.148.447.1
47.852.261.368.367.4
68.979.095.9
104.1100.0
101.2112.6114.6112.8112.6
110.9111.7115.4120.3118.3
119.6
119.0118.2117.7117.6117.7118.9
119.4118.3118.7118.4117.9117.8
117.6117.4117.7119.5119.7120.3
120.6120.1120.2120.9121.1
Housing
Total
0)
0)0)0)0)0)
71.872.875.476.676.1
76.478.381.882.884.7
86.188.395.0
101.7103.3
106.1112.4114.6117.7119.1
120.0121.7125.6127.7129.2
131.5
128.2128.5128.7128.7128.8128.9
129.0129.3129.7130.1130.4130.4
130.7131.2131.3131.4131.2131.3
131.3131.5132.0132.2132.1
Kent
117.4
114.2108.297.183.678.4
78.280.183.886.586.6
86.988.490.490.390.6
90.991.494.4
100.7105.0
108.8113.1117.9124.1128.5
130.3132.7135.2137.7139.7
141.7
138. 8139.0139.1139.3139.3139.5
139.6139.8140.0140.4140.5140.8
140.9141.0141.2141.4141.4141.6
141.8141.9142.1142.5142.7
Ap-parel
60.3
58.953.647.545.950.2
50.651.053.753.452.5
53.255.664.967.872.6
76.383.797.1
103.599.4
98.1106.9105.8104.8104.3
103.7105.5106.9107.0107.9
109.3
106.7106.7107.0107.0107.3107.3
107.5108.0109.0109.4109.4109.2
107.9108.4108.8108.9108.9108.9
109.1109.3110.6111.0110.7
Trans-porta-tion
0)
0)0)0)0)0)
69.670.271.371.970.2
69.872.278.578.278.2
78.182.190.6
100.9108.5
111.3118.4126.2129.7128.0
126.4128.7136.0140.5146.3
146.2
144.1144.3144.9145.3145.4145.9
146.3146.7146.4148.5149.0148.7
147.6147.5146.5146.1145.6145.8
145.9146.2144.7146.1146.5
Medi-cal
care
0)
(00)0)0)0)
71.471.672.372.572.6
72.773.175.178.781.2
83.187.794.9
100.9104.1
106.0111.1117.2121.3125.2
128.0132.6138.0144.6150.8
156.0
148.0149.0149.2149.6150.2150.6
151.0151.4152.2152.5153.0153.2
153.5154.7155.0155.5155.9156.1
156.4156.7156.9157.3157.9
Per-sonalcare
0)
0)0)0)0)054.655.358.559.859.6
59.561.066.973.879.0
81.587.497.6
101.3101.1
101.1110.5111.8112.8113.4
115.3120.0124.4128.6131.2
133.3
129.4129.8129.7130.0130.7131.1
131.3131.7132.1132.5132.7132.9
132.7132.6132.7132.9133.2133.2
133.4133.8133.9134.0133.9
Read-ing andrecrea-
tion
0)
0)0)0)0)0)
58.159.160.862.963.0
64.166.469.575.383.4
86.889.795.5
100.4104.1
103.4106.5107.0108.0107.0
106.6108.1112.2116.7118.6
121.4
117.0117.1117.3117.7117.8118.1
119.1119.1119.6119. 7120.0120.4
120.3120.6120.9121.1121.4121.1
121.6121.9122.1121.9122.5
Othergoodsand
services
0)
0)0)0)0)0)
67.267.068.869.470.6
72.874.276.380.282.4
85.788.696.1
100.5103.4
105.2109.7115.4118.2120.1
120.2122.0125.5127.2129.7
132.2
127. 3127.4127.3128.2128.4129.2
130.8131.1131.5131.6131.6131.7
131.8131.8131.7131.9131.9132.0
132.2132.4132.7132.7132.7
1 Not available.2 January-November average.
Source: Department of Labor.
172
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-39.—Consumer price indexes, by special groups, 1935-60
For city wage-earner and clerical-worker families
[1947-49=100]
Period
19351936193719381939
19401941194219431944
1945 ..1946194719481949
19501951195219531954 .
19551956195719581959
I960 *
1959: JanuaryFebruaryMarchApril. .MayJune
JulyAugustSeptemberOctoberNovemberDecember
I960' JanuaryFebruaryMarchAprilMayJune _
JulyAugust _ -SeptemberOctoberNovember _
Allitems
58.759.361.460.359.4
59.962.969.774.075.2
76.983.495.5
102.8101.8
102.8111.0113.5114.4114.8
114.5116.2120. 2123.5124.6
126.4
123.8123.7123.7123.9124.0124. 5
124.9124.8125.2125.5125.6125.5
125.4125.6125.7126.2126.3126.5
126.6126.6126.8127.3127.4
Allitemslessfood
65.866.568.960.669.1
69.471i476.478.581.5
83.487.095.1
101.9103.0
104.2110.8113.5115.7116.4
116.7118.8122.8125. 5127.9
130.0
126.4126.7126.9127.1127.3127.5
127.9128.2128.7129.2129.5129.5
129.4129.7129.7129.8129.7129.7
129.9130.1130.3130.7130.8
Allitemslessshel-ter
55.556.258.056.455.4
55.859.166.671.672.9
74.882.395.6
103.1101.3
102.0110.5112.7113.1113.0
112.4114.0117.8121.2122.2
123.9
121.5121.4121.4121.5121.6122.2
122.7122.4122.9123.2123.1123.1
122.9123.0123.1123.7123.8124.0
124.2124.1124.3124.8125.0
Commodities
Allcom-modi-ties
52.052.754.752:7
51.6
52.155.763.869.470.2
72.380.196.3
103.2100.6
101.2110.3111.7111.3110. 2,
109.0110.1113.6116.3116.6
117.4
116.2116.0115.9115.9115.9116.6
117.0116.6117.0117.3117.2117.1
116.7116.7116.7117.4117.3117.6
117.7117.6117.7118.2118.3
Food
49.750.152.148.447.1
47.852.261.368.367.4
68.979.095.9
104.1100.0
101.2112.6114.6112.8112.6
110.9111.7115.4120.3118.3
119.6
119.0118.2117.7117.6117.7118.9
119.4118.3118.7118.4117.9117.8
117.6117.4117.7119.5119.7120.3
120.6120.1120.2120.9121.1
Commodities less food
All
57.357.960.460.459.4
59.862.769.872.776.7
79.784.795.7
102.9101.5
101.3108.9109.8110.0108.6
107.5108.9112.3113.4115.1
115.6
114.0114.2114.4114.5114.5114.7
115.1115.3115.7116.3116. 5116.4
115.9116.0115.7115.6115.3115.3
115.4115.5115.6115.9115.9
Dura-bles
53.354.157.558.557.3
56.860.768.971.277. 8
83.787.594.9
101.8103. 3
104.4112.4113.8112.6108.3
105.1105.1108.8110.5113.0
111.7
112.4112.2112.5112.6112.7112.8
113.1112.8112.8113.6114.1113.8
113.3113.3112.5112.1111.9111.5
111.1111.0110.0110.9110.7
Non-dura-bles
57.157.659.959.658.7
59.361.868.471.374.9
77.683.395.7
103.1101.1
100.9108.5109.1110.1110.6
110.6113.0116.1116.9118.3
120.0
116.7117.1117.4117. 5117.5117.8
118.1118.6119.3119.8119.8119.9
119.2119.4119.6119.7119.4119.6
119.9120.1120.9120.9121.1
Services
Allserv-ices
75.676.478.780.380.4
80.681.684.285.887.9
89.090.894.5
100.4105.1
108.5114.1119.3124.2127.5
129.8132.6137.7142.4145.8
149.9
143.9144.2144.4144.8145.2145.4
145.8146.3146.9147.3147.6147.8
148.2148.9149.2149.4149.6149.7
150.0150.3150.8151.2151.3
Rent
78.280.183.886.586.6
86.988.490.490.390.6
90.991.494.4
100.7105.0
108. 8113.1117.9124.1128.5
130.3132.7135.2137.7139.7
141.7
138.8139.0139.1139.3139.3139.5
139.6139.8140.0140.4140.5140.8
140.9141.0141.2141.4141.4141.6
141.8141.9142.1142.5142.7
Allserv-iceslessrent
72.672.272.973.573.5
73.674.577.881.385.2
87.090.294.7
100.1105.2
108.1114.6120.1124.6127.7
130.1133.0138.6143.8147.5
152.0
145.4145.7145.9146.4146.9147.1
147.5148.1148.7149.1149.5149.7
150.1150.9151.3151.5151.7151.8
152.1152. 5153.0153.4153.6
i January-November average.
Source: Department of Labor.
173
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY SUPPLY, CREDIT, AND FINANCE
TABLE C-40.—Money supply, 1947-60
[Averages of daily figures, billions of dollars]
Period
1947: December1948: December1949: December
1950: December1951: December1952: December1953: December1954: December
1955: December1956: December1957: December1958: December....1959: December
1960: December 3 _ _
1959: JanuaryFebruaryMarchAprilMayJune-. .„ „
JulyAugustSeptember. __OctoberNovember. _ _December
1960: JanuaryFebruaryMarchAprilMayJune .
July. ...AugustSeptember. _ _OctoberNovember. . .December s _ _
Money supply
Seasonally adjusted
Total
112.3110.7110.1
115.3122.0126.5128.1131.8
134.6136.5135.5140.8141.5
140.4
141.2141.6142,0142.1142.6142.8
143.3142.7142.8142.4142.2141.5
141.3141.0140.6140.5139.9139.4
139.6139.7140.4140.6140.2140.4
Currencyoutsidebanks
26.425.825.2
25.026.227.427.727.4
27.828.228.328.628.9
29.0
28.728.728.828.828.929.0
29.029.029.029.029.028.9
29.029.029.029.129.028.9
28.928.929.029.029.029.0
Demanddepos-its 12
85.884.985.0
90.395.899.1
100.4104.4
106.8108.3107.2112.2112.6
111.4
112.5112.9113.2113.3113.7113.8
114.3113.7113.8113.4113.2112.6
112.3112.1111.6111.4110.9110.5
110.7110.8111.5111.6111.2111.4
Unadjusted
Total
115.0113.3112.7
118.1125,1129.8131.4135.0
137.9139.7138.8144.3144.9
143.9
144.4141.4140.7141.8140.7141.4
142.2141.8142.1142.3143.3144.9
144.4140.8139.3140.1138.0138.0
138.7138.9139.7140.6141.4143.9
Currencyoutsidebanks
26.826.125.5
25.426.627.828.227.9
28.328.728.929.229.5
29.5
28.628.428.528.528.728.9
29.229.229.129.029.229.5
28.828.628.728.828.829.0
29.129.029.129.129.229.5
Demanddepos-its 12
88.287.287.3
92.798.6
102.0103.3107.1
109.6111.0109.9115.1115.5
114.3
115.8113.1112.3113.3112.0112.5
113.0112.6113.0113.3114.1115.5
115.6112.2110.6111.4109.2109.1
109.6109.8110.7111.5112.2114.3
Deposits at member banks(unadjusted) 2
Demand
74.673.974.2
79.083.686.286.990.5
92.493.292.196.095.7
94.2
96.694.493.994.793.594.0
94.393.893.893.994.595.7
95.692.891.692.390.490.4
90.791.091.692.092.394.2
Time
28.228.629.1
29.430.733.135.839.1
40.341.745.952.753.7
58.1
53.553.653.954.354.654.8
54.854.654.554.453.853.7
53.753.553.854.254.554.9
55.556.256.957.457.658.1
U.S.Govern-ment
0.81.62.5
2.12.54.53.54.6
3.03.03.13.44.4
4.1
2.83.93.34.24.73.5
4.44.54.64.34.24.4
3.63.63.83.35.85.7
6.05.54.85.15.24.1
i Demand deposits at all commercial banks ^member and nonmember).a Member banks are all national banks and those State banks which have taken membership in the
Federal Reserve System.» Preliminary.NOTE.—These are the new series as published in Federal Reserve Bulletin, October 1960.Between January and August 1959, the series were expanded to include data for all banks in Alaska
and Hawaii.Source: Board of Governors of the Federal Reserve System.
174
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—41.—Loans and investments of all commercial banks, 1929-60[Billions of dollars]
End of period 1
1929— June 6
1930— June 8 * --1931 — June 5
1932— June 81933— June 5 . _ _ _ _1934— June 5
1935 _.19361937 -1938193919401941 _194219431944 - - -- --1945 .1946 _1947 _ _19481949 - -1950 - -- - -1951 _1952 - - --19531954195519561957 - --1958 -19591960s1959' January
February ._ .MarchAprilMay .JuneJulyAugustSeptemberOctoberNovember . _-December
I960* January _FebruaryMarch _ _AprilMay . _JuneJulyAugustSeptember -October 8
November 8
December8-
Totalloansand
invest-ments
49.448.944.936.130.432.736.139.638.438.740.743.950.767.485.1
105.5124.0114.0116.3114.3120.2126.7132.6141.6145.7155.9160.9165.1170.1185.2190.3200.3185.6183.8182.9185.7185.8185.9187.7188.2187.8188.4188.3190.3187.8186.5185.7188.8188.6188.9190.9191.2193.3195.7195.7200.3
Loans
Total 2
35.734.529.221.816.315.715.216.417.216.417.218.821.719.219.121.626.131.138.142.543.052.257.764.267.670.682.690.393.998.2
110.8118.297.797.999.2
101.2102.4104.5105. 9107.4107.8108.2109.5110.8109.6110.3111.4113.0113.6114.8114.2114.7115. 4114.8115.0118. 2
Businessloans 3
(6)(6)
8(6)(6)(6)(6)(8)
5.76.47.39.37.97.98.09.6
14.218.218.917.121.925.927.927.226.933.238.740.540.4
740.242.439.239.240.240.641.4
737.837.838.238.738.839.440.239.439.840.940.941.341.941.241.241.841.742. .142.4
Investments
Total
13.714.415.714.314.017.020.923.121.222.323.425.129.048.266.083.997.982.978.271.877.274.474.977.578.185.378.374.876.287.079.482.187.986.083.884.583.481.581.780.880.080.278.879.478.276.374.375.975.074.176.776.677.880.980.782.1
U.S. Gov-ernment
obligations 4
4.95.06.06.27.5
10.313.815.314.215.116.317.821.841.459.877.690.674.869.262.667.062.061.563.363.469.061.658.658.266.458.961.367.565.563.263.662.660.961.160.359.259.658.558.958.056.254.255.855.154.256.756.657.760.560.461.3
Othersecurities
8.79.49.78.16.56.77.17.97.07.27.17.47.26.86.16.37.38.19.09.2
10.212.413.314.114.716.316.716.317.920.620.520.820.420.420.620.920.820.620.620.520.720.620.320.520.320.120.120.019.819.920.020.020.220.420.320.8
1 End-of-year figures (except 1960) are for call dates. Other data (including those for December 1960)are for the last Wednesday of the month.
2 Data are shown net, i.e., after deduction of valuation reserves. Includes commercial and industrial,agricultural, security, real estate, bank, consumer, and other loans.
3 Beginning with 1948, data are shown gross of valuation reserves, instead of net as for previous years.Prior to June 1947 and for months other than June and December, data are estimated on the basis of reporteddata for all insured commercial banks and for weekly reporting member banks.
* Figures in this table .are based on book values and relate only to banks within the United States.Therefore, they do not agree with figures in Table C-49, which are on the basis of par values and includeholdings of banks in United States Territories and possessions.
5 June data are used because complete end-of-year data are not available prior to 1935 for U.S. Govern-ment obligations and other securities.
• Not available.7 Beginning June 1959, business loans exclude loans to financial institutions.s Preliminary; December estimates by Council of Economic Advisers.NOTE.—Between January and August 1959, this series was expanded to include data for all banks in
Alaska and Hawaii.Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System (except as noted).
175
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-42.—Federal Reserve Bank credit and member bank reserves, 7929-60
[Averages of daily figures, millions of dollars]
Period
1929: December _
1930: December1931: December .1932: December _ _1933: December1934: December
1935: December1936: December _1937: December _ ._1938: December.1939: December
1940: December1941: December.1942: December1943* December1944: December
1945: December1946: December _ _1947: December.- _1948- December1949: December.
1950: December.1951: December1952* December1953: December. _1954- December
1955: December1956* December1957: December. _1958: December _ _1959* December
1960: December. .
1959: JanuaryFebruaryMarch...AprilMayJune.. _.
July _AugustSeptemberOctoberNovemberDecember
1960: January _FebruaryMarchAprilMay.. _June
July..AugustSeptemberOctoberNovemberDecember
Reserve Bank credit outstanding
Total
1,643
1,2731,9502,1922,6692,472
2,4942,4982,6282,6182,612
2,3052,4046,035
11,91419, 612
24, 74424, 74622, 85823, 97819, 012
21,60625, 44627, 29927, 10726, 317
26, 85327, 15626, 18628, 41229, 435
29,065
27,56427, 05927,05527, 32327, 66927, 937
28, 44128,50928,68728, 56328, 74129, 435
28, 23627, 27627,04827, 22727, 39327, 751
28, 17828,20928, 09128,50229.33329,065
U. S.Govern-ment se-curities
446
644777
1,8542,4322,430
2,4302,4342,5652,5642,510
2,1882,2195,549
11, 16618, 693
23, 70823, 76721,90523,00218, 287
20,34523, 40924,40025, 63924, 917
24,60224, 76523, 98226, 31227,036
27,248
25, 77625, 53225,44625, 66125, 92025,963
26,42226,58826, 67426, 51726, 73227, 036
25, 93425, 32225, 31025, 48825, 81826, 124
26, 61926, 98326, 65327, 05627, 87127,248
Memberbank
borrow-ings
801
3377632819510
67
1673
354
90265
334157224134118
142657
1,593441246
839688710557906
94
557508601676767921
9571,007
903905878906
905816635602502425
38829322514914294
Allother,
mainlyfloat
396
292410
5714232
5857474799
114180483659654
702821729842607
1,1191,3801,3061,0271,154
1,4121,7031,4941,5431,493
1,723
1,2311,0191,008
986982
1,053
1,062914
1,1101,1411,1311,493
1,3971,1381,1031,1371,0731,202
1,171933
1,2131,2971,3201,723
Member bank reserves
Total
2,395
2,4152,0692,4352,6164,037
5,7166,6656,8798,745
11,473
14,04912, 81213, 15212, 74914,168
16, 02716, 51717,26119,99016,291
17,39120, 31021,18019,92019, 279
19,24019, 53519, 42018,899
2 18, 932
19,283
18, 89318, 57718,42918, 66418,58018, 451
18, 67118,61318, 59318, 61018,62118, 932
18, 87818, 21318, 02718, 10418,23918,294
18, 51818,50118, 57018, 73319,00419, 283
Re-quired
2,347
2,3422,0091,909
U,850i 2, 289
2,7334,6195,8085,5196,462
7,4039,422
10, 77611, 70112, 884
14, 53615, 61716, 27519, 19315, 488
16,36419,48420, 45719,22718, 576
18,64618,88318, 84318,38318,450
18, 515
18, 39618, 11717, 96818,24718, 13218, 043
18, 27118, 14118, 18318,16418, 17618,450
18,33417,75817, 61117, 69617, 77017, 828
18, 01017, 96117, 93118, 09518. 24818, 515
Excess
48
7360
5261766
i 1, 748
2,9832,0461,0713,2265,011
6,6463,3902,3761,0481,284
1,491900986797803
1,027826723693703
594652577516482
768
497460461417448408
400472410446445482
544455416408469466
508540639638756768
Memberbankfree
reserves(excess re-serves lessborrow-
ings)
-753
-264-703
245671
1,738
2,9772,0391,0553,2195,008
6,6433,3852,372
9581,019
1,157743762663685
885169
-870252457
-245-36
-133-41
-424
674
-60-48
-140-259-319-513
-557-535-493-459-433-424
-361-361-219-194-33
41
120247414489614674
i Data from March 1933 through April 1934 are for licensed banks only.* Beginning December 1959, total reserves held include vault cash allowed.
NOTE.—Data for Alaska and Hawaii included for all periods.Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
I76
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-43.—Bond yields and interest rates, 1929-60
[Percent per annum]
Period
1929
19301931193219331934
1935193619371938 .1939
19401941.194219431944 -
19451946 -194719481949
19501951195219531954
195519561957 -.19581959
1960
1958: JanuaryFebruary .-MarchAprilMay ... . .-June
JulyAugustSeptember . . -OctoberNovemberDecember
U.S. Governmentsecurities
3-monthTreas-
urybills i
(4)
(4)1.402.879.515.256
.137
.143
.447
.053
.023
.014
.103
.326
.373
.375
.375
.375
.5941.0401.102
1.2181.5521.7661.931.953
1.7532.6583.2671.8393.405
2.928
2.5981.5621.3541.1261.046.881
.9621.6862.4842.7932.7562.814
9-12monthissues 2
(5)
(5)(5)(5)(5)(5)
(5)(8)(s)(5)(5)
(5)(s)(5)0.75.79
.81
.82
.881.141.14
1.261.731.812.07.92
1.892.833.532.094.11
3.55
2.561.931.771.351.21.98
1.342.142.842.832.923.24
Taxablebonds 3
2.462.472.48
2.372.192.252.442.31
2.322.572.682.942.55
2.843.083.473.434.08
4.02
3.243.283.253.123.143.20
3.363.603.753.763.703.80
Corporatebonds
(Moody's)
Aaa
4.73
4.554.585.014.494.00
3.603.243.263.193.01
2.842.772.832.732.72
2.622.532.612.822.66
2.622.862.963.202.90
3.063.363.893.794.38
4.41
3.603.593.633.603.573.57
3.673.854.094.114.094.08
Baa
5.90
5.907.629.307.766.32
5.754.775.035.804.96
4.754.334.283.913.61
3.293.053.243.473.42
3.243.413.523.743.51
3.533.884.714.735.05
5.19
4.834.664.684.674.624.55
4.534.674.874.924.874.85
Commonstock
yields,200
stocks(Moody's)
3.41
4.546.177.364.424.11
4.063.504.774.384.15
5.316.256.674.894.81
4.193.975.135.786.63
6.276.125.505.494.78
4.064.074.334.053.31
3.60
4.564.624.504.354.274.15
3.973.913.723.643.543.34
High-grade
munic-ipal
bonds(Stand-ard &
Poor's)
4.27
4.074.014.654.714.03
3.403.073.102.912.76
2.502.102.362.061.86
1.671.642.012.402.21
1.982.002.192.722.37
2.532.933.603.563.95
3.73
3.323.373.453.313.253.26
3.453.743.963.943.843.84
Averagerate onshort-termbankloans
to busi-ness-
selectedcities
(6)
(fl)(6)(8)(8)(6)
(*)(«)(«)(«)2.1
2.12.02.22.62.4
2.22.12.12.52.7
2.73.13.53.73.6
3.74.24.64.35.0
5.2
4.49
4.i7
4.21
4.50
Primecom-mer-cial
paper,4-6
months
5.85
3.592.642.731.731.02
.75
.75
.94
.81
.59
.56
.53
.66
.69
.73
.75
.811.031.441.49
1.452.162.332.521.58
2.183.313.812.463.97
3.85
3.492.632.33.90.71.54
.50
.962.933.233.083.33
Fed-eralRe-
serveBankdis-
countrate
5.16
3.042.112.822.561.54
1.501.501.331.001.00
1.001.00
M.OO71.0071.00
M.OO71.00
1.001.341.50
1.591.751.751.991.60
1.892.773.122.163.36
3.53
2.942.752.352.03.75.76
.75
.75
.912.002.402.™
See footnotes at end of table, p. 178.
177
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-43.—Bond yields and interest rates, 1929-60—Continued
[Percent per annum]
Period
1959: January.FebruaryMarchAprilMayJune -_
JulyAugustSeptemberOctoberNovemberDecember
1960: JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember - -
U.S. Governmentsecurities
3-monthTreas-
urybills i
2.8372.7122.8522.9602.8513.247
3.2433.3583.9984.1174.2094.572
4.4363.9543.4393.2443.3922.641
2.3962.2862.4892.4262.3842.272
9-12monthissues 2
3.263.383.563.663.923.97
4.304.324.804.654.704.98
4.934.583.933.994.193.35
3.132.892.993.012.992.79
Taxablebonds 3
3.913.923.924.014.084.09
4.114.104.264.114.124.27
4.374.224.084.184.163.98
3.863.793.843.913.933.88
Corporatebonds
(Moody's)
Aaa
4.124.144.134.234.374.46
4.474.434.524.574.564.58
4.614.564.494.454.464.45
4.414.284.254.304.314.35
Baa
4.874.894.854.864.965.04
5.085.095.185.285.265.28
5.345.345.255.205.285.26
5.225.085.015.115.085.10
Commonstock
yields,200
stocks(Moody's)
3.363.413.433.293.253.28
3.183.193.343.363.383.28
3.563.533.593.683.603.52
3.603.503.733.743.603.49
High-grade
munic-ipal
bonds(Stand-ard &
Poor's)
3.873.853.763.843.974.04
4.043.964.133.993.944.05
4.133.973.873.843.853.78
3.723.533.533.593.463.45
Averagerate onshort-termbankloans
to busi-ness-
selectedcities
4.51
4.87
8 5.27
5.36
5.34
5.35
4.97
4.99
Primecom-mer-cial
paper,4-6
months
3.303.263.353.423.563.83
3.983.974.634.734.674.88
4.914.664.494.164.253.81
3.393.343.393.303.283.23
Fed-eralRe-
serveBankdis-
countrate
2.502.502.923.003.053.50
3.503.503.834.004.004.00
4.004.004.00^4.004.003.65
3.503.183.003.003.003.00
1 Rate on new issues within period. Issues were tax exempt prior to March 1,1941, and fully taxablethereafter. For the period 1934-37, series includes issues with maturities of more than 3 months.
2 Includes certificates of indebtedness and selected note and bond issues (fully taxable).s First issued in 1941. Series includes bonds which are neither due nor callable before a given number of
years as follows: April 1953 to date, 10 years; April 1952-March 1953, 12 years; October 1941-March 1952,15 years.4 Treasury bills were first issued in December 1929 and were issued irregularly in 1930.
• Not available before August 1942.8 Not available on same basis as for 1939 and subsequent years.7 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for ad-
vances secured by Government securities maturing or callable in 1 year or less.8 Series revised to exclude loans to nonbank financial institutions.NOTE.—Yields and rates computed for New York City, except for short-term bank loans.Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors
Service, and Standard & Poor's Corporation.
I78
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G—44.—Short- and intermediate-term consumer credit outstanding, 7929-60
[Millions of dollars]
End of period
1929 .-
19301931193219331934
19351936193719381939
19401941194219431944
19451946194719481949 -- .-
I960 - - -195119521953 .1954
1955 - _ - . .1956195719581959
I960 '
1959* JanuaryFebruary _ _March _AprilMayJune _
JulyAugustSeptemberOctoberNovemberDecember _
1960: JanuaryFebruaryMarch. __AprilMayJune
JulyAugust _ -September _- .OctoberNovember. .December * _ _
Total
6,444
5,7674,7603,5673,4823,904
4,9116,1356,6896,3387,222
8,3389,1725,9834,9015,111
5,6658,384
11, 59814, 44717, 364
21, 47122, 71227,52031, 39332,464
38, 88242, 51145, 28645, 54452, 119
56,050
45, 09844, 79844, 98045.72646,63547, 528
48, 05448, 87049, 42549, 94450, 50352, 119
51,46851, 18251, 29852,35352, 99153, 662
53,80954, 09254,26554, 34454,62656,050
Instalment credit
Total
3,151
2,6872,2071,5211,5881,871
2,6943,6234,0153,6914,503
5,5146,0853,1662,1362,176
2,4624,1726,6958,996
11, 590
14, 70315, 29419, 40323,00523,568
28, 95831, 89734, 18334, 05739, 852
43, 300
34, 02134, 04434, 27434, 81435, 42936, 222
36, 86937, 64838, 16538, 65939, 02439, 852
39, 73839, 78540, 02040, 65141, 12541, 752
42, 05042, 37842, 51742, 59142,70343,300
Auto-mobilepaper 1
(4)
(4)(4)(4)(4)(4)
(4)(4)(4)(4)
1,497
2,0712,458
742355397
455981
1,9243,0184,555
6,0745,9727,7339,8359,809
13, 47214, 45915, 40914, 23716, 549
17,925
14, 26814, 33214, 48514, 79515, 11215, 545
15, 89716, 25616, 44316, 62616, 63316, 549
16, 51916, 62616, 82617, 17017, 43117, 755
17, 89318, 02018, 02117, 99217, 96717, 925
Othercon-
sumergoods
paper 1
(4)
(4)(4)(4)(4)(4)
(4)(4)(4)(4)
1,620
1,8271,9291,195
819791
8161,2902,1432,9013,706
4,7994,8806,1746,7796,751
7,6348,5808,7828,923
10, 476
11,150
8,8378,7478,7208,7878,9259,083
9,1929,3649,5009,6679,864
10, 476
10, 38610, 25410, 19210, 28110, 33910, 462
10, 45210, 47710, 54310, 62510,71511,150
Repairand
modern-izationloans 2
(4)
(4)(4)(4)(4)(4)
(4)(4)(4)(4)298
371376255130119
182405718853898
,016,085,385,610,616
,689,895
2,0892,3272,784
3,025
2,3142,3162,3372,3712,4342,489
2,5472,6092,6642,7132,7542,784
2,7692,7722,7832,8142,8652,905
2,9342,9753,0013,0133,0203,025
Per-sonalloans
(4)
(4)(4)(4)(4)(4)
(4)(4)(4)(4)
1,088
1, 2451,322
974832869
1,0091,4961,9102,2242,431
2,8143,3574,1114,7815,392
6,1636,9637,9038,570
10, 043
11,200
8,6028,6498,7328,8618,9589,105
9,2339,4199,5589,6539,773
10, 043
10, 06410, 13310, 21910, 38610, 49010,630
10, 77110, 90610, 95210, 96111,00111,200
Noninstalment credit
Total
3,293
3,0802,5532,0461, 8942,033
2,2172,5122,6742,6472,719
2,8243,0872,8172,7652,935
3,2034,2124,9035,4515,774
6,7687,4188,1178,3888,896
9,92410, 61411, 10311,48712, 267
12, 750
11,07710, 75410, 70610, 91211, 20611,306
11, 18511, 22211, 26011,28511, 47912, 267
11, 73011, 39711, 27811,70211, 86611,910
11, 75911,71411, 74811, 75311,92312, 750
Chargeac-
counts
1,602
1,4761,2651,020
9901,102
1,1831,3001,3361,3621,414
1,4711,6451,4441,4401,517
1,6122,0762,3812,7222,854
3,3673,7004,1304,2744,485
4,7954,9955,1465,0605,104
5,150
4,6484,1494,0404,1454,3414,386
4,3204,2814,2884,3784,4595,104
4, 59-54,1043,9274,2454,3424,423
4,3114,2774,2834,3704,4635,150
Other 3
1,691
1,6041,2881,026
904931
1,0341,2121,3381,2851,305
1,3531,4421,3731,3251,418
1,5912,1362,5222,7292,920
3,4013,7183,9874,1144,411
5,1295,6195,9576,4277,163
7,600
6,4296,6056,6666,7676,8656,920
6,8656,9416,9726,9077,0207,163
7,1357,2937,3517,4577,5247,487
7,4487,4377,4657,3837,4607,600
1 Includes all consumer credit extended for the purpose of purchasing automobiles and other consumergoods and secured by the items purchased.
2 Includes only such loans held by financial institutions; those held by retail outlets are included in "otherconsumer goods paper."
» Single-payment loans and service credit.< Not available.« Preliminary estimates by Council of Economic Advisers.NOTE.—Series revised beginning 1958. For details, see Federal Reserve Bulletin, December 1960.Data for Alaska and Hawaii included beginning January and August 1959, respectively.
Source: Board of Governors of the Federal Reserve System (except as noted).
179
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C—45.—Instalment credit extended and repaid, 1946-60
[Millions of dollars]
Period
1946194719481949195019511952195319541955195619571958195919601
1959* JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember.—October . _-NovemberDecember
I960' JanuaryFebruaryMarch _ _ _AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember l—
1959: January.FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1960; JanuaryFebruaryMarchAprilMayJuneJulyAugust _SeptemberOctoberNovemberDecember ».._
Total
Ex-tended
8,49512, 71315,58518, 10821,55823, 57629, 51431,55831, 05139, 03940, 17542,54540, 78949,04550,450
Re-paid
6,78510, 19013, 28415, 51418, 44522, 98525, 40527, 95630, 48833,64937,23640,25940, 91543, 40747,000
Automobilepaper
Ex-tended
1,9693,6925,2176,9678,5308,956
11,76412, 98111, 80716, 74515, 56316, 54514,31617, 94117,950
Re-paid
1,4432,7494,1235,4307,0119,058
10,00310, 87911,83313, 08214, 57615, 59515,48815, 69816, 575
Other consumergoods paper
Ex-tended
3, 0774,4985,3835,8657.1507,4859,1869,2279,117
10,63411, 70211, 74711,63813,83714,175
Re-paid
2,6033,6454,6255,0606,0577,4047,8928,6229,1459,751
10,75611,54511,49712, 30713, 475
Repair andmodernization
loans
Ex-tended
423704714734835841
,217,344,261,3S8,568
1,6601,8612,2012,075
Re-paid
200391579689717772917
1,1191,2551,3151,3621,4661,6231,7511,825
Personalloans
Ex-tended
3,0263,8194,2714,5425,0436,2947,3478,0068,866
10, 27211,34212, 59312, 97415, 06616,250
Re-paid
2,5393,4053,9574,3354,6605,7516,5937,3368,2559,501
10,54211, 65312,30713,65115, 125
Unadjusted
3,3853,3193,8554,0934,1184,4834,3554,2404,1374,2494,0294,7823,5923,7634,2384,5094,3754,6154,1564,3654,0104,0124,0674,750
3,4463,2963,6253,5533,5033,6903,7083,5933,6203,7553,6643,9543,7063,7164,0033,8783,9013,9883,8584,0373,8713,9383,9554,150
1,2501,2621,4881,5911,5771,7741,7131,6181,5161,5571,3121,2831,2691,4241,6291,6921,6581,7331,4731,5701,3721,4071,3641,350
1,2301,1981,3351,2811,2601,3411,3611,3171,3291,3741,3051,3671,2991,3171,4291,3481,3971,4091,3351,4431,3711,4361,3891,400
930877
1,0061,0951,1371,1831,1301,1521,1661,2351,2331,6931,023
9611,0891,2021,1831,2671,0851,1651,1731,2071,2171,600
1,022967
1,0331,028
9991,0251,021
9971,0301,0681,0361,0811, 1131,0931,1511,1131,1251,1441,0951,1401,1071,1251,1271,150
126132163181205204207209203202193176127149167179203198183202177172163150
140130142147142149149153148153152146142146156148152158154161151160156150
1,0791,0481,1981,2261,1991,3221,3051,2611,2521,2551,2911,6301,1731,2291,3531,4361,3311,4171,4151,4281,2881,2261,3231,650
1,0541,0011,1151,0971,1021,1751,1771,1261,1131,1601,1711,3601,1521,1601,2671,2691,2271,2771,2741,2931,2421,2171,2831,450
Seasonally adjusted
3,7933,9213,9264,0114,1224,1194,1714,1724,2444,2624,1854,1194,1594,1964,2594,4984,2544,3254,2094,0714,1244,0954,1324,125
3,4423,5233,4873,5453,6233,5883,6323,6593,6863,7223,7273,7733,8493,7653,7803,9353,9123,9344,0173,9183,9614,0003,9464,000
1,3961,4491,4641,5101,5291,5441,5381,5421,5541,5951,4651,3551,4531,5331,5901,6351,5571,5371,4161,4211,4211,4541,4811,425
1,2421,2841,2761,2881,3121,2961,3321,3321,3241,3331,3271,3521,3591,3301,3421,3791,4021,3921,3851,3881,3751,4211,3971,400
1,0751,1211,1151,1451,1471,1541,1771,1591,1611,1551,1981,2301,2271,1711,1781,2661,1701,2481,1671,1121,1611,1581,1581,175
9841,002
9971,0151,0151,0051,0201,0241,0591,0581,0571,0711,1171,0841,0831,1111,1271,1351,1491,1231,1431,1491,1191,150
154164178181197188190194190185193187158178178182190186176180165160160150
141135140146147144144154147151156146148146152150153155155156150160158150
1,1681,1871,1691,1751,2491,2331,2661,2771,3391,3271,3291,3471,3211,3141,3131,4151,3371,3541,4501,3581,3771,3231,3331,375
1,0751,1021,0741,0961,1491,1431,1361,1491,1561,1801,1871,2041,2251,2051,2031,2951,2301,2521,3281,2511,2931,2701,2721,300
1 Preliminary; December by Council of Economic Advisers.NOTE.—See also Table C-44.Series revised beginning January 1958. For details, see Federal Reserve Bulletin, December 1960.Data for Alaska and Hawaii included beginning January and August 1959, respectively. Therefore the
difference between extensions and repayments for January and August 1959 and for the year 1959 does notequal the net change in credit outstanding.
Source: Board of Governors of the Federal Reserve System (except as noted).
180
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-46.—Mortgage debt outstanding, by type of property and of financing, 1939-60
[Billions of dollars]
End of period
1939
19401941194219431944
19451946194719481949
19501951 _ _-. .195219531954
19551956195719581959 - - -
I9603
1958' First quarterSecond quarter _Third quarterFourth quarter.
1959- First quarter 3Second quarter 3.Third quarter 3
Fourth quarter 3
I960- First quarter 3
Second quarter 3
Third quarter 3 _ _Fourth quarter 3
Allprop-erties
35.5
36.537.636.735.334.7
35.541.848.956.262.7
72.882.391.4
101.3113.7
129.9144.5156.6171.9191.1
206.4
159. 1162.8167.1171.9
175.9181.5186.7191.1
194.4198.5202.8206.4
Nonfarm properties
Total
28.9
30.031.230.829.929.7
30.836.943.950.957.1
66.775.684.293.6
105.4
120.9134.6146.1160.7178.8
193.3
148.5151.9156.0160.7
164.4169.5174.5178.8
181.9185.7189.8193.3
1- to 4-family houses
Total
16.3
17.418.418.217.817.9
18.623.028.233.337.6
45.251.758.566.175.7
88.299.0
107.6117.7130.8
141.7
109.1111.5114.5117.7
120.5124.3128. C130.8
133.2136.1139.1141.7
Government under-written
Total
1.8
2.33.03.74.14.2
4.36.19.3
12.515.0
18.922.925.428.132.1
38.943.947.250.153.8
56.3
47.748.349.150.1
51.352.153.153.8
54.555.055.856.3
FHAin-
sured
1.8
2.33.03.74.14.2
4.13.73.85.36.9
8.69.7
10.812.012.8
14.315.516.519.723.8
26.6
17.117.718.619.7
20.921.822.923.8
24.625.226.026.6
VAguar-
anteed
0.22.45.57.28.1
10.313.214.616.119.3
24.628.430.730.430.0
29.7
30.630.630.530.4
30.430.330.230.0
29.929.829.829.7
Con-ven-
tional i
14.5
15.115.414.513.713.7
14.316.918.920.822.6
26.328.833.138.043.6
49.355.160.467.677.0
85.4
61.463.265.467.6
69.272.274.977.0
78.781.183.385.4
Multi-family
andcom-
mercialprop-erties 2
12.5
12.612.912.512.111.8
12.213.815.717.619.5
21.623.925.727.529.7
32.635.638.543.047.9
51.6
39.340.441.543.0
43.945.246.647.9
48.749.750.751.6
Farmprop-erties
6.6
6.56.46.05.44.9
4.84.95.15.35.6
6.16.77.37.88.3
9.19.9
10.511.312.3
13.1
10.610.911.111.3
11.511.912.212.3
12.512.813.013.1
1 Derived figures.2 Includes negligible amount of farm loans held by savings and loan associations.3 Preliminary; fourth quarter 1960 by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System, estimated and compiled from data suppliedby various Government and private organizations (except as noted).
181
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-47.—Net public and private debt, 1929-60l
[Billions of dollars]
End ofperiod *
1929
19301931193219331934
193519361937 t1938 "1939
1940194119421943... _1944
19451946194719481949...
195019511952......19531954
19551956195719581959
1960 •
Total
190.9
191.0181.9174 6168 5171.4
174.7180.3182.0179 6183.2
189.9211.6259.0313.6370.8
406.3397.4417.4433.6448.4
490.3524.0555.2586.5612.0
672.3707.5739.4779.8846.4
882.0
Fed-eralGov-ern-
ment
16.5
16.518.521.324 330.4
34.437.739.240.542.6
44.856.3
101.7154.4211.9
252.7229.7223.3216.5218.6
218.7218.5222.9228.1230.2
231.5225.4224.4232.7243.2
241.0
Stateandlocalgov-ern-
ment'
13.2
14.115.516.616.715.9
16.016 216.116 016.3
16.516.315.814.914.1
13.713 614.416.218.1
20.723.325.828.633.4
38.442.746.750.955.6
60.0
Private
Total
161.2
160.4147.9136.7127.5125.1
124.2126.4126.7123.1124.3
128.6139.0141.5144.3144.8
139.9154. 1179.7200.9211.7
250.9282.2306.5329.8348.4
402.5439.4468.2496.1547.5
581.0
Corporate
Total
88.9
89.383.580.076.975.5
74.876.175.873.373.5
75 683.491.695.594.1
85 393 5
108.9117.8118.0
142.1162.5171.0179.5182.8
212.1231.7246.7255.7281.7
294.5
Long-term
47.3
51.150.349.247.944.6
43.642.543.544 844.4
43.743.642.741.039.8
38.341 346.152.556.5
60.166.673.378.382.9
90.0100.1112.2121.6129.9
138.5
Short-term
41.6
38.233 230 829.130.9
31.233.532 328 429.2
31.939.849.054.554.3
47.052 262.865.361.5
81.995.997.7
101.2100.0
122.2131.7134.6134.1151.7
156.0
Individual and noncorporate
Total
72.3
71.164 456.750.649.6
49.450.360.949.850.8
53.055.649 948.850.7
54 660.670.883.193.7
108.8119.7135.5150.4165.5
190.4207.7221.5240.4265.8
286.5
Farm'
12.2
11.811.110.19.18.9
9.08 68.69.08.8
9.19.28 98 27.7
7.27.68.6
10.811.9
12.213.615.116.917.6
18.819.520.323.323.7
25.7
Nonfarm
Total
60.1
59.453.346.641.540.7
40.441.742.340.942.0
43.946.441.040.543.0
47.453.062.272.381.8
96.6106.1120.3133.5147.9
171.6188.1201.2217.1242.1
260.8
Mort-gage
31.2
32 030 929026.325.5
24 724 424 324 525.0
26.027 226.826.226.1
27 032.538.745.150.6
59.467.475.283.894.6
108.7121.2131.6144.6160.8
174.2
Com-mer-cialand
finan-cial*
22.4
21.617 614.011.711.2
10.811.211.310.19.8
9.510.08.19.5
11.8
14.812 111.912.913.9
15.816.117.818.320.8
23.9«24. 424.326.929.2
30.6
Con-sumer
6.4
5.84.83.63.53.9
4.96.16.76.37.2
8.39.26.04.95.1
5.78.4
11.614.417.3
21.422.627.431.432.5
38.942.545.345.652.0
56.0
1 Net public and private debt outstanding is a comprehensive aggregate of the indebtedness of borrowersafter elimination of certain types of duplicating governmental and corporate debt. For a further explana-tion of the concept, see Survey of Current Business, October 1950.
* Data for State and local government debt are for June 30.» Farm mortgages and farm production loans. Farmers' financial and consumer debt is included in the
nonfarm categories.« Financial debt is debt owed to banks for purchasing or carrying securities, customers' debt to brokers,
and debt owed to life insurance companies by policyholders.1 Preliminary estimates by Council of Economic Advisers.
NOTE.—Revisions beginning 1958 in the consumer credit data of the Board of Governors of the FederalReserve System have not yet been incorporated into this series.
Detail will not necessarily add to totals because of rounding.
Sources: Department of Agriculture, Department of Commerce, Treasury Department, Board of Gov-ernors of the Federal Reserve System, Federal Savings and Loan Insurance Corporation, and InterstateC ommerce Commission (except as noted).
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GOVERNMENT FINANCE
TABLE C-48.—U.S. Government debt, by kind of obligation, 1929-60[Billions of dollars]
End of period
1929193019311932 --- - ..1933193419351936193719381039194019411942.1943 .. -.1944 _. ._1945 ..1946194719481949196019511952 -195310641055 - _ .1056 ..10571958105910601969: January _
February. __March .AprilMayJuneJuly..August .September...OctoberNovemberDecember
1060: JanuaryFebruary _ _ _MarchAprilMayJuneJulyAugustSeptemberOctoberNovember ._December
Grosspublic
debt andguar-
anteedissues i
16.316.017.820.824.031.535.139.141.944.447.650.964.3
112.5170.1232.1278.7259.5257.0252.9257.2256.7259.5267.4275. 2278.8280.8276.7275.0283.0290.9290.4285.9285.2282.2285.5286.4284.8288.8290.5288.4291.4290.7290.9291.2290.7287.0288.9289.5286.5288.5288.8288.6290.6290.6290.4
Interest-bearing public debt
Marketable publicissues
Short-term
issues 2
3.32.92.85.97.5
11.114.212.512.59.87.77.58.0
27.047.169.978.257.147.745.950.258.365.668.777.376.081.379.582.192.2
103.5109.295.695.192.195.896.193.298.299.698.2
102.6102.1103.5105.1104.6100.7103.0102.5102.5105.6103.9104.0107.0109.1109.2
Treasurybonds
11.311.313.513.414.715.414.319.520.524.026.928.033.449.367.001.6
120.4119.3117.0111.4104.804.076.079.877.281.881.980.882.183.484.879.884.184.284.284.884.884.884.884.884.884.884.884.884.784.784.785.185.181.281.282.382.382.379.779.8
Nonmarketable public issues
UnitedStates
savingsbonds
0.2.5
1.01.42.23.26.1
15.027.440.448.249.852.155.156.758.067.657.057.757.767.956.352.661.248.247.251.051.051.050.850.750.550.250.049.749.449.348.247.947.847.847.647.647.547.447.347.347.447.447.2
Treasurytax andsavingsnotes
2.56.48.69.88.25.75.44.67.68.67.55.86.04.5
<•)(•)(«)<*)00(•)(•)(•)(•)(«)(•)(•)(«)<•)(«)(•)(«)(6)(6)(«)(fl)(«)(•)(6)(')(«)(•)(•)(«)(•)
Invest-ment
bonds 3
1.01.01.01.0
13.013.412.912.712.311.610.39.07.66.28.98.88.78.58.48.48.38.38.17.87.77.67.57.47.27.06.96.86.76.66.56.36.26.2
Specialissues *
O.f.8. 4.4.4.6.7.6
2.23.24.25.47.CO.C
12. 116. S20. (24. C20. C31.733. t33.735 J39.541.242. «43 J45. (45. f44. £43. f44.343 J43. t43. (43.544.544. *44.144.'44.443 (43 (43 A42. (42. *43.:42. 143. (44. <44. J45.145. (44.J44. <44.J
1 Total includes non-interest-bearing debt, fully guaranteed securities (except those held by the Treas-ury), Postal Savings bonds, prewar bonds, adjusted service bonds, depositary bonds, and armed forcesleave bonds, not shown separately. Not all of total shown is subject to statutory debt limitation.
2 Bills, certificates of indebtedness, and notes.3 Series A bonds and, beginning April 1951, Series B convertible bonds.«Issued to U.S.Government investment accounts. These accounts also held $10.7 billion of public
marketable and nonmarketable issues on December 31,1960.• Less than $60 million.• The last series of Treasury savings notes matured in April 1066.
Source: Treasury Department.
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TABLE C-49.—Estimated ownership of Federal obligations, 1939-60
[Par values,1 billions of dollars]
End of period
1939
1940194119421943194419451946 -19471948 . .19491950195119521953 _ —19541965 ^_1956 _ _ _195719581959 —19608-J959: January
FebruaryMarchAprilMayJune- „ _ ^JulyAugustSeptember _ _ -OctoberNovemberDecember
1960: JanuaryFebruaryMarchAprilMayJuneJuly .__AugustSeptemberOctoberNovemberDecember *__ _
Gross public debt and guaranteed issues 2
Total
47.650.964.3
112.5170.1232.1278.7259.5257.0252.9257.2256.7259.5267.4275.2278.8280.8276.7275.0283.0290.9290.4285.9285.2282.2285.5286.4284.8288.8290.5288.4291.4290.7290.9291.2290.7287.0288.9289.5286.5288. 5288.8288.6290.6290.6290.4
Heldby U.S.
Gov-ern-ment
invest-ment
ac-counts
6.57.69.5
12.216.921.727.030.934.437.339.439.242.345.948.349.651.754.055.254.453.755.153.553.653.753.154.254.654.154.654.253.653.853.753.253.253.753.254.455.354.855.955.555.055.455.1
Held by others
Total
41.143.354.7
100.2153.2210.5251.6228.6222.6215.5217.8217.5217.2221.6226.9229.2229.1222.7219.8228.6237.3235.3232.4231.6228.4232.4232.2230.2234.7235.9234.2237.8236. 9237.3238.0237.5233.3235.7235.1231.1233.6232.9233.0235. 6235.2235.3
FederalReservebanks
2.52.22.36.2
11.518.824.323.322.623.318.920.823.824.725.924.924.824.924.226.326.627.425.725.325.525.725.926.026.526.726.626.626.926.625.525.225.325.626.026.526.926.827.027.427.527.4
Com-mercialbanks3
15.917.321.441.159.977.790.874.568.762.566.861.861.663.463.769.262.059.559.567.560.362.168.366.463.364.863.461.562.161.160.360.859.560.359.157.154.957.056.255.657.757.959.161.961.862.1
Mutualsavingsbanksand in-surance
com-panies
9.410.111.915.821.228.034.736.735.932.731.529.626.325.525.124.123.121.320.219.919.318.020.320.120.020.020.019.919.920.019.919.619.419.319.419.319.118.918.718.418.418.418.318.118.118.0
Othercorpora-tions *
2.22.04.0
10.116.421.422.215.314.114.816.819.720.719.921.519.223.519.118.619.623.520.521.321.621.022.422.921.523.424.422.924.124.223.525.426.223.424.124.721.722.121.420.320.120.620.5
Stateandlocal
govern-ments 5
0.4.5.7
1.02.14.36.56.37.37.98.18.89.6
11.112.714.415.116.117.016.717.717.017.016.916.816.916.816.717.117.317.417.517.617.717.818.018.218.018.018.117.917.717.417.317.217.0
Individ-uals 6
10.110.613.623.737.653.364.164.265.765.566.366.364.665.264.863.465.065.763.762.067.866.863.063.764.464.664.864.965.265.566.067.167.267.868.568.769.568.868.568.267.967.767.967.667.466.8
Miscel-laneousinves-tors?
0.7.7.9
2.34.47.09.18.18.48.99.4
10.510.611.713.213.915.616.116.616.622.123.516.817.417.418.018.419.720.620.821.221.922.122.122.322.922.923.322.922.522.823.122.923.222.623.5
i United States savings bonds, series A-F and J, are included at current redemption value.* Excludes guaranteed securities held by the Treasury. Not all of total shown is subject to statutory
debt limitation.»Includes commercial banks, trust companies, and stock savings banks in the United States and
Territories and possessions; figures exclude securities held in trust departments. Since the estimates in thistable are on the basis of par values and include holdings of banks in United States Territories and possessions,they do not agree with the estimates in Table C-41, which are based on book values and relate only ta bankswithin the United States.
4 Exclusive of banks and insurance companies.* Includes trust, sinking, and investment funds of State and local governments and their agencies, and
of Territories and possessions.• Includes partnerships and personal trust accounts.f Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers
and brokers, and investments of foreign balances and international accounts in this country. Beginningwith December 1946, the international accounts include investments by the International Bank for Recon-struction and Development, the International Monetary Fund, and the International Development Asso-ciation in special non-interest-bearing notes issued by the U.S. Government. Beginning with June 30,1947, includes holdings of Federal land banks.
• Preliminary estimates by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Treasury Department (except as noted).
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TABLE C-50.—Average length and maturity distribution of marketable interest-bearing
public debt, 7946-60
End of period
Fiscal year:1946194719481949 .
19501951195219531954
195519561957 -19581959
I960
1959* JanuaryFebruaryM archApril -MayJune
JulyAugust _ -_ -SeptemberOctoberN<"»Vfvmhp.rDecember - __ __
I960* JanuaryFebruaryMarch _-. -AprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
Amountout-
standing
Maturity class
Within1 year
I t o 5years
5 to 10years
10 to 20years
20 yearsandover
Millions of dollars
189, 606168, 702160, 346155, 147
155, 310137, 917140, 407147, 335150, 354
155, 206154, 953155, 705166, 675178, 027
183, 845
179, 816179, 308176, 293180, 709180, 993178, 027
183, 057184, 463183, 057187, 433186, 957188, 269
189, 856189, 384185, 437188, 147187, 735183, 845
186, 915186, 294186, 366189, 358188, 840189, 015
61, 97451, 21148, 74248, 130
42, 33843, 90846, 36765, 27062, 734
49, 70358, 71471, 95267, 78272, 958
70, 467
73, 21071, 19168, 02570, 11575, 95472, 958
77, 97075, 15873, 65675, 83677, 94779, 941
81, 45576, 73572, 72172, 80774, 33570, 467
73, 47973, 89276, 14879, 20375, 32475, 315
24, 76321, 85121, 63032, 562
51, 29246, 52647, 81436, 16129, 866
39, 10734, 40140, 66942, 55758, 304
72, 844
56, 65061, 98662, 11763, 81158, 26558, 304
58, 33162, 55662, 66064, 86462, 28461, 609
61, 69172, 84972, 93475, 13373, 18472, 844
72,91170, 81968, 64668, 59570, 75570, 812
41, 80735, 56232, 26416, 746
7,7928,707
13, 93315, 65127, 515
34, 25328, 90812, 32821, 47617, 052
20, 246
17, 16713, 31213, 31213, 31113, 31117, 052
17, 05217, 05117, 05118, 32618, 32522, 139
22, 13815, 24019, 93119, 93019, 92820, 246
20, 24521, 31421, 31217, 33218, 54418, 684
17, 46118, 59716, 22922, 821
28, 03529, 97925, 70028, 66228, 634
28, 61328, 57826, 40727, 65221, 625
12, 630
24, 78624, 77924, 77125, 38325, 37521, 625
21, 61721, 61121, 60420, 32120, 31616, 494
16, 48917, 36512, 65912, 64912, 64112, 630
12, 62512, 61712, 61012, 60113, 23513, 224
43, 59941, 48141, 48134, 888
25, 8538,797
~6, 5941,5921,606
3,5304,3514,3497,2088,088
7,658
8,0048,0398,0688,0898,0888,088
8,0888,0878,0878,0868, 0858,085
8,0847,1947,1937,6297,6487,658
7,6557,6537,650
11, 62710, 98210, 979
Average length
Years
9998
86555
55454
4
444444
444444
444444
444444
Months
1529
27846
104937
4
899877
865444
234334
332787
NOTE.—All issues classified to final maturity except partially tax-exempt bonds, which are classifiedto earliest call date.
Source: Treasury Department.
576899 O—61- -14 185
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TABLE C-51.—Federal budget receipts and expenditures ana the public debt^ 1929-62
[Millions of dollars]
Period
Fiscal year:1929 ._
19301931193219331934
193519361937 . . . .19381939
1940194119421943 . . .1944
194519461947
19481949
19501951195219531954
1955 .- -195619571958 _ _1959
19601961 *1Q62 4
Netbudget
receipts 1
3,861
4,0583,1161,9242,0213,064
3,7304,0694,9795,6154,996
5,1447,103
12, 55521, 98743, 635
44, 47539, 77139, 786
Budgetexpendi-
tures
3,127
3,3203,5774,6594,6236,694
6,5218,4937,7566,7928,858
9,06213, 26234, 04679, 40795, 059
98, 41660, 44839, 032
New basis 3
41,37537, 663
36, 42247, 48061, 28764, 67164, 420
60, 20967, 85070, 56268, 55067,915
77, 76379, 02482, 333
32, 95539, 474
39, 54443, 97065,30374, 12067, 537
64, 38966, 22468, 96671,36980, 342
76, 53978, 94580, 865
Surplusor
deficit (-)
734
738-462
-2, 735-2,602-3, 630
-2, 791-4, 425-2, 777-1,177-3, 862
-3,918-6, 159
-21, 490-57, 420-51, 423
-53, 941-20, 676
754
8,419-1,811
-3, 1223,510
-4,017-9, 449-3,117
-4, 1801,6261,596
-2,819-12,427
1,22479
1,468
Public debtat end of
year 2
16, 931
16, 18516, 80119, 48722, 53927, 053
28, 70133, 77936,42537, 16540,440
42,96848, 96172,422
136, 696201, 003
258, 682269, 422258, 286
252, 292252, 770
257,357255, 222259, 105266, 071271, 260
274, 374272, 751270, 527276, 343284, 706
286, 331284, 900283, 400
1 Gross receipts less refunds of receipts and transfers of tax receipts to the old-age and survivorsinsurance trust fund, the disability insurance trust fund, the railroad retirement account, and the highwaytrust fund.
2 Excludes guaranteed obligations; therefore, differs from total shown in Tables C-48 and C-49. Thechange in the public debt from year to year reflects not only the budget surplus or deficit but also changesin the Treasury's cash balances, the effect of certain trust fund transactions, and direct borrowing from thepublic by certain Government enterprises.
3 Beginning with fiscal year 1948, net budget receipts and budget expenditures have been adjusted toexclude certain interfund transactions. The change does not affect the budget surplus or deficit. (Figuresfor calendar years have not yet been adjusted to exclude interfund transactions, and therefore are not shownin this table.)
* Estimate.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
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TABLE C-52.—Federal budget receipts by source and expenditures by Junction, fiscal years 1946-62
[Millions of dollars]
Fiscalyear
1946. .1947. .19483-1949 .-
I960.-1951_ _1952 -1953 . _1954. _
1955 - .1956. -1957 . _1958 -.1959. _
1960__1961 *.1962 *_
Budget receipts by source
Total
39, 77139, 78641, 37537, 663
36, 42247, 48061, 28764, 67164, 420
60,20967, 85070, 56268, 55067, 915
77, 76379, 02482,333
Indi-vidualincometaxes
16, 15717, 83519, 30515, 548
15, 74521, 64327, 91330, 10829, 542
28, 74732, 18835, 62034, 72436, 719
40, 71543,30045, 500
Corpo-rationincometaxes
11, 8338,5699,678
11, 195
10, 44814, 10621, 22521, 23821, 101
17,86120, 88021, 16720, 07417, 309
21, 49420,40020, 900
Excisetaxes
6,9997,2077,3567,502
7,5498,6488,8519,8689,945
9,1319,9299,0558,6128,504
9,1379,3229,725
Allother
re-ceipts J
4,7826,1755,0373,418
2,6793,0833,2983,4563,833
4,4694,8544, 7215,1415,384
6,4186,0026,208
Budget expenditures by function
Total
60,44839, 03232, 95539, 474
39, 54443, 97065, 30374, 12067, 537
64,38966, 22468, 96671, 36980, 342
76, 53978, 94580,865
Majorna-
tionalsecurity
43, 17614, 36811, 77112, 908
13,00922, 44443, 97650,36346, 904
40, 62640, 64143, 27044, 14246, 426
45, 62745, 93047, 392
Veter-ans'serv-icesand
bene-fits
4,4157,3816,6536,725
6,6465,3424,8634,2984,256
4,4574,7564,7935,0265,174
5,0605,2275,296
Agri-cul-tureandagri-
cultur-al re-
sources
7471,243
5752,512
2,783650
1,0452,9362,557
4,3884,8674,5254,3896,529
4,8384,9365,101
Inter-est
4,8165,0125,2485,445
5,8175,7145,9346,5836,470
6,4386,8467,3087,6897,671
9,2668,9938,593
Allother
expend-itures 2
7,29411,0268,708
11,884
11,2889,8199,4869,9417,350
8,4809,1149,070
10, 12314, 542
11,74813,85914,484
Budgetsurplusor defi-cit (-)
-20, 676754
8,419-1,811
-3, 1223,510
-4,017-9, 449-3,117
-4,1801,6261,596
-2, 819-12,427
1,22479
1,468
1 Includes employment taxes, estate and gift taxes, customs revenues, and miscellaneous receipts. Seealso footnote 3.2 Includes expenditures for international affairs and finance (including defense support under the mutualsecurity program), labor and welfare, natural resources, commerce, housing, and space technology, andgeneral government; also includes adjustment to daily Treasury statement (for actuals) and allowance forcontingencies (for estimates). See also footnote 3.
3 Beginning with 1948, net budget receipts and budget expenditures have been adjusted to exclude cer-tain interfund transactions. The adjustment was made in the totals and the "all other" categories. Thechange does not affect the budget surplus or deficit.
* Estimate.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Treasury Department and Bureau of the Budget.
187
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TABLE C-53.—Government cash receipts from and payments to the public, 7946-62
[Billions of dollars]
Period
Fiscal year:1946.194719481949
19501951195219531954 .
1955 . _1956. ,1957 _ ._1958-1959 . .
19601961 <_ —1962 <
Calendar year:19461947 _ _ -19481949 . _ _
1950 ..1951195219531954
19551956195719581959
1960 5
Total
Cashre-
ceipts
54.255.659.657.6
58.272.588.793.995.6
93.5105.8113.5115.0117.2
133.5
52.957.460.057.9
60.479.193.093.593.3
98.4110.2116.8115.9124.5
Cashpay-
ments
70.247.550.256.3
61.565.288.999.196.1
97.5101.6111.8118.2132.7
133.5
50.950.751.859.8
61.178.393.6
100.495.3
100.2105.2116.6125.2133.7
Excessof re-ceiptsor ofpay-
ments(-)
-16.08.19.41.3
-3.37.3-.2
-5.2-.4
-4.04.21.7
-3.2-15.5
(3)
2.06.78.2
-1.8
-.6.9
-.6-6.9-2.0
-1.85.0.2
-9.3-9.2
Federal 1
Cashre-
ceipts
43.543.545.441.6
40.953.468.071.571.6
67.877.182.181.981.7
95.199.0
103.1
41.444.344.941.3
42.459.371.370.268.6
71.480.384.581.787.6
97.8
Cashpay-
ments
61.736.936.540.6
43.145.868.076.871.9
70.572.680.083.494.8
94.397.9
101.8
41.438.636.942.6
42.058.072.077.469.7
72.274.883.389.095.6
94.3
Excessof re-ceiptsor ofpay-
ments(-)
-18.26.68.91.0
-2.27.6
(»)-5.3-.2
-2.74.52.1
-1.5-13.1
.81.11.3
(3)5.78.0
-1.3
.51.2-.6
-7.2-1.1
-.75.51.2
-7.3-8.0
3.5
State and local *
Cashre-
ceipts
10.712.114.216.0
17.319.120.722.424.0
25.728.731.433.135.5
38.4
11.413.115.116.6
18.019.921.723.224.7
26.929.932.334.236.9
Cashpay-
ments
8.510.613.715.7
18.419.420.922.324.2
27.029.031.834.837.9
39.2
9.512.114.917.1
19.120.221.623.025.6
28.030.433.336.238.1
Excessof re-ceiptsor ofpay-
ments(-)
2.21.5.5.3
-1.1-.3-.2
.1-.2
-1.3-.3-.4
-1.7-2.4
-.8
1.91.0.2
-.5
-1.1-.4
.1
.3-.9
-1.1-.5
-1.0-2.0-1.2
1 For derivation of Federal cash receipts and payments, see Budget of the United States Government for theFiscal Year ending June 30, 1968, and Table C-55.
* Estimated by Council of Economic Advisers from receipts and expenditures in the national incomeaccounts. Cash receipts consist of personal tax and nontax receipts, indirect business tax and nontaxaccruals, and corporate tax accruals adjusted to a collection basis. Cash payments are total expendituresless Federal grants-in-aid and less contributions for social insurance. (Federal grants-in-aid are thereforeexcluded from State and local receipts and payments and included only in Federal payments.) SeeTable C-54.
» Less than $50 million.4 Estimate.8 Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department, Bureau of the Budget, Department of Commerce, and Council of Eco-nomic Advisers.
188
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-54.—Government receipts and expenditures as shown in the national income accounts,1955-60
[Calendar years, billions of dollars]
Receipts or expenditures
Total government
ReceiptsExpendituresExcess of receipts or of
expenditures (— )
Federal Government *
ReceiptsPersonal tax and non-
tax receipts _ .Corporate profits tax
accrualsIndirect business tax
and nontax accruals.Contributions for so-
cial insurance
E xpendituresPurchases of goods
and servicesTransfer payments
To persons...Foreign (net)
Grants-in-aid to Stateand local govern-ments
Net interest paidSubsidies less current
surplus of Govern-ment enterprises
Excess of receipts or ofexpenditures (-)
State and local govern-ments
ReceiptsPersonal tax and non-
tax receiptsCorporate profits tax
accrualsIndirect business tax
and nontax accrualsContributions for so-
cial insuranceFederal grants-in-aid.
E xpenditures ..Purchases of goods
and servicesTransfer paymentsNet interest paidLess: Current surplus
of Government en-terprises
Excess of receipts or ofexpenditures (— )
1955
101.498.6
2.9
72.8
31.5
20.9
11.0
9.3
68.9
45.314.012.51.5
3.04.9
1.6
3.8
31.7
4.2
1.0
21.8
1.73.0
32.7
30.33.5.5
1.6
-1.0
1956
109. 5104.3
5.2
77.5
35.2
20.2
11.6
10.6
71.8
45.714.913.51.5
3.35.2
2.7
5.7
35.2
4.8
1.0
24.1
2.03.3
35.7
33.23.7.5
1.7
t
1957
116.3115.3
1.0
81.7
37.3
19.9
12.2
12.2
79.7
49.717.416.01.5
4.15.7
2.8
2.0
38.6
5.3
1 0
26.0
2.34.1
39.6
36.84.1.5
1.8
-1.0
1958
115.2126.6
-11.4
78.6
36.7
17.6
11.9
12.4
87.9
52.621.320.01.3
5.45.6
3.0
-9.3
42.1
5.7
1.0
27.5
2.55.4
44.1
40.84.5.6
1.9
-2.0
1959
129.1131.6
-2.5
89.5
39.8
22.0
12.9
14.7
90.9
53.322.020.51.5
6.66.4
2.6
-1.4
46.2
6.2
1.2
29.6
2.66.6
47.4
43.94.7.7
2.0
-1.1
I9601
2137.3137.0
2.3
295.4
43.4
220.8
13.8
17.4
92.2
52.323.922.31.6
6.17.2
2.6
23.2
248.0
6.721.2
31.3
2.86.1
50.9
47.34.9.8
2.1
2-2.9
1958
Firsthalf
Sec-ondhalf
1959
Firsthalf
Sec-ondhalf
1960
Firsthalf
Sec-ond
half1
Seasonally adjusted annual rates
111.8123.3
-11.5
76.0
36.2
15.7
11.8
12.2
85.4
51.220.619.41.2
5.15.6
3.0
-9.5
41.0
5.6
.9
27.0
2.45.1
43.0
39.84.5.6
1.9
-2.0
118.6130.2
-11.5
81.2
37.2
19.6
11.9
12.6
90.7
54.022.220.81.4
5.85.6
3.0
-9.4
43.2
5.8
1.1
28.0
2.55.8
45.3
42.04.6.6
1.9
-2.1
128.8131.2
-2.4
89.8
39.6
22.9
12.7
14.6
90.5
53.521.620.21.4
6.66.1
2.6
-.8
45.7
6.0
1.3
29.2
2.66.6
47.4
43.94.8.7
1.9
-1.6
129.3132.2
-3.0
89.2
40.1
21.0
13.2
14.8
91.2
53.022.420.81.6
6.66.8
2.5
-2.1
46.8
6.2
1.2
30.0
2.66.6
47.6
44.24.8.7
2.0
-.9
137.7134.6
3.0
96.1
43.0
21.8
13.9
17.4
90.9
51.723.221.51.6
6.27.1
2.6
5.2
47.8
6.6
1.2
31.0
2.76.2
49.9
46.34.9.8
2.0
-2.1
139.6
00
43.7
13.8
17.5
93.6
62.924.623.01.6
6.17.4
2.6
CO
6.8
31.5
2.6.
51.9
48.35.0.8
2.1
1 Preliminary estimates by Council of Economic Advisers.2 Approximation for the year as a whole. See footnote 4, Table C-57.»Not available.< These accounts, like the cash budget, include the transactions of the trust accounts. Unlike both the
conventional budget and the cash statement, they exclude certain capital and lending transactions. Ingeneral, they do not use the cash basis for transactions with business. Instead, corporate profits taxes areincluded in receipts on an accrual instead of a cash basis; expenditures are timed with the delivery insteadof the payment for goods and services; and CCC guaranteed price-support crop loans financed by banks arecounted as expenditures when the loans are made, not when CCC redeems them.
NOTE.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures andState and local receipts and expenditures. Total government receipts and expenditures have been adjustedto eliminate this duplication.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
189
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TABLE C—55.—Reconciliation of Federal Government receipts and expenditures in the conventionalbudget and the consolidated cash statement with receipts and expenditures in the national incomeaccounts, fiscal years 1958-60
[Billions of dollars]
Receipts or expenditures
RECEIPTS
Budget receiptsLess* Intragovernmental transactions
Receipts from exercise of monetary authorityPlus: Trust fund receipts _ . _Equals: Federal receipts from the public (consolidated cash receipts)Less: Adjustment for agency coverage:
District of Columbia revenues ...Plus: Adjustments for netting and consolidation:
Federal Government contributions to:Employee retirement funds . _ _ _ _Veterans' life insurance funds .
Federal Government employee contributions to employeeretirement funds
Interest, dividends, and other earningsAdjustments for timing:
Excess of taxes included in national income accounts overcash collections:
Personal _ _ _ _ _ _ _ _ _ _Corporate profitsOther
MiscellaneousLess: Adjustments for capital transactions:
Realization upon loans and investmentsProceeds from sale of Government property-Recoveries and refunds _ _ _
Equals: Receipts — national income accounts.
EXPENDITURES
Budget expenditures . _ _Less' IntraejovemTnental transactions
Accrued interest and other noncash expenditures (net)Plus: Trust fund expenditures _ _.
Government-sponsored enterprise expenditures (net) __ _Equals: Federal payments to the public (consolidated cash expenditures).Less: Adjustment for agency coverage:
District of Columbia expenditures _Plus: Adjustments for netting and consolidation:
Federal Government contributions to:Employee rp-tireTH6int fundsVeterans' life insurance funds
Federal Government employee contributions to employeeretirement funds
Interest received and proceeds of Government salesAdjustments for timing:
Accrued interest on savings bonds and Treasury billsCommodity Credit Corporation guaranteed non-recourse
loans (net change)Increase in clearing account.. _ . _Miscellaneous
Less: Adjustments for capital transactions:Loans and other adjustments:
Federal National Mortgage Association secondary mar-ket operations
OtherPurchase of land and existing assets. ....Trusts and deposit fund expendituresRedemption of International Monetary Fund notes
Equals: Expenditures — national income accounts
]
1958
68.62 9
116 381.9
.2
.7
.0
7— 9
.2-2.8
— 2— 4
3.3.5
77.9
71.42 9
516.1-.683.4
.2
.7
.0
7—.7
.3
.1
.6-.3
.11.1.1.0.4
82.8
7iscal yean
1959
67.93 3o
17 181.7
2
go
.8—.8
.23.7o.5
.6
.3
.485.3
80.33 32.1
18.61.3
94.8
.3
.8
.0
.8— .6
.9
-.2-.1-.4
.15.1.0
1.6-1.490.1
5
1960
77 84 1\
21 495 1
2
gog
1 4
— 3oo__ 3
441
93 5
76 54 1
421 8
594.3
.3
g.0
g—.9
.6
—.1-.4-.9
1.0.7.1
1.1-.391.3
NOTE.—See also Table C-51.Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department, Bureau of the Budget, and Department of Commerce.
190
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITS AND FINANCE
TABLE C-57.—Profits before and after taxes, all private corporations, 7929-W
[Billions of dollars]
Period
1929 - -
19301931193219331934 .
19351936193719381939 .
19401941194219431944
19451946194719481949
1950 .19511952...^19531954 --
1955 _195619571958 .1959
1960 8 4
1958: First quarterSecond quarter.Third quarter. ._Fourth quarter_
1959: First quarter... .Second quarter..Third quarter...Fourth quarter_
1960: First quarter... .Second quarterThird quarter ..Fourth quarter a.
Corporate profits (before taxes) andinventory valuation adjustment
AllIndus-tries
10.1
6.61.6
-2.0-2.0
1.1
2.95.06.24.35.7
9.114.519.723.823.0
18.417.323.630.828.2
35.741.037.737.333.7
43.142.041.737.446.6
45.0
Manufacturing
Total
5.1
3.91.3
-.6-.5
.9
2.03.13.62.23.2
5.49.3
11.713.713.0
9.58.4
12.816.815.3
20.424.421.121.418.4
25.023.522.918.824.8
23.7
Dura-ble
goodsindus-tries
2.6
1.5(')
-1.1-.5
.2
.91.71.7.7
1.6
3.06.37.18.07.3
4.52.15.37.47.9
12.013.511.812.110.1
14.212.613.19.2
12.8
11.9
Non-durable
goodsindus-tries
2.5
2.41.3.4
(2)
1.11.42.01.41.5
2.33.04.55.65.7
5.06.37.49.47.4
8.410.99.39.38.3
10.810.99.89.6
12.0
11.8
Transpor-tation,commu-nication,
andpublic
utilities
2.0
1.2.6.2.1.4
.5
.7
.8
.61.0
1.32.03.54.43.9
2.81.82.12.92.9
4.04.54.84.94.4
5.45.65.55.46.3
6.4
Allotherindus-tries
3.0
1.5-.2
-1.5-1.5^-.2
.51.21.81.51.5
2.43.24.55.76.1
6.17.18.7
11.210.1
11.312.011.811.011.0
12.812.913.313.215.5
14.9
Corpo-rate
profitsbeforetaxes
9.6
3.3-.8
-3.0.2
1.7
3.15.76.23.36.4
9.317.020.924.623.3
19.022.629.533.026.4
40.642.236.738.334.1
44.944.743.237.747.0
45.0
Corpo-ratetax
liabil-ity i
1.4
.8
.5
.4
.5
.7
1.01.41.51.01.4
2.87.6
11.414.112.9
10.79.1
11.312.510.4
17.922.419.520.217.2
21.821.220.918.623.2
22.0
Corporate profitsafter taxes
Total
8.3
2.5-1.3-3.4-.41.0
2.24.34.72.35.0
6.59.49.5
10.510.4
8.313.418.220.516.0
22.819.717.218.116.8
23.023.522.319.123.8
23.0
Divi-dendpay-
ments
5.8
5.54.12.62.12.6
2.94.54.73.23.8
4.04.54.34.54.7
4.75.86.57.27.5
9.29.09.09.29.8
11.212.112.612.413.4
14.0
Undis-tributedprofits
2.4
-3.0-5.4-6.0-2.4-1.6
-.7-.2
(2)-.91.2
2.44.95.26.05.7
3.67.7
11.713.38.5
13.610.78.38.97.0
11.811.39.76.7
10.5
9.0
Seasonally adjusted annual rates
32.634.738.544.045.550.444.945.548.045.342.2(5)
16.116.519.622.924.328.123.823.226.223.521.6(')
7.77.89.2
11.912.615.811.511.313.611.610.5(5)
8.48.7
10.410.911.712.312.212.012.611.911.1(«)
4.95.25.66.16.26.56.16.36.56.46.4
(s)
11.613.013.315.015.015.815.016.015.315.514.2(5)
32.834.438.844.946.451.745.344.848.845.741.5(5)
16.217.019.122.122.925.522.322.123.822.320.3(8)
16.617.419.622.723.526.222.922.725.023.421.3(5)
12.712.612.612.013.013.213.613.813.913.914.014.1
3.94.87.0
10.810.512.99.38.9
11.09.57.3
(5)
1 Federal and State corporate income and excess profits taxes.2 Less than $50 million.3 Preliminary estimates by Council of Economic Advisers.* Data for corporate profits are approximations for the year as a whole; they do not derive from, nor imply,
specific estimates for the quarters. All other data incorporating or derived from these figures are corre-spondingly approximate.
«Not available.NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
192
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TABLE C-56.—State and local government revenues and expenditures, selected fiscal years 1927-59
[Millions of dollars]
Fiscal year 1
1927
1932193419361938
19401942194419461948
1950195219531954
19551956195719581959s
Revenues by source 2
Total
7,271
7,2677,6788,3959,228
9,60910, 41810, 90812, 35617, 250
20, 91125, 18127, 30729, 012
31, 07334, 66738, 16441, 21945, 306
Prop-ertytaxes
4,730
4,4874,0764,0934,440
4,4304,5374,6044,9866,126
7,3498,6529,3759,967
10, 73511, 74912,86414, 04714, 983
Salesandgrossre-
ceiptstaxes
470
7521,0081,4841,794
1,9822,3512,2892,9864,442
5,1546,3576,9277,276
7,6438,6919,4679,829
10, 437
Indi-vidualincometaxes
70
7480
153218
224276342422543
788998
1,0651,127
1,2371,5381,7541,7591,994
Corpo-ration
netincometaxes
92
7949
113165
156272451447592
593846817778
744890984
1,0181,001
Reve-nuefromFed-eralGov-ern-
ment
116
2321,016
948800
945858954855
1,861
2,4862,5662,8702,966
3,1313,3353,8434,8656,377
Allotherreve-nue 3
1,793
1,6431,4491,6041,811
1,8722,1232,2692,6613,685
4,5415, 7636,2526,897
7,5848,4659,2509,699
10, 516
Expenditures by function 2
Total
7,210
7,7657,1817,6448,757
9,2299,1908,863
11,02817, 684
22, 78726, 09827, 91030, 701
33, 72436, 71140, 37544, 85148, 887
Edu-cation
2,235
2,3111,8312,1772,491
2,6382,5862,7933,3565,379
7,1778,3189,390
10, 557
11,90713, 22014, 13415, 91917, 283
High-ways
1,809
1,7411,5091,4251,650
1,5731,4901,2001,6723, 036
3,8034,6504,9875,527
6,4526,9537,8168,5679,592
Publicwel-fare
151
444889827
1,069
1,1561,2251,1331,4092,099
2,9402,7882,9143,060
3,1683,1393,4043,7294,019
Allother *
3,015
3,2692,9523,2153,547
3,8623,8893,7374,5917,170
8,86710,34010, 61911, 557
12, 19713, 39915, 02016, 63517, 994
1 Fiscal years not the same for all governments.2 Excludes revenues or expenditures of publicly owned utilities and liquor stores, and of insurance-trust
activities. Intergovernmental receipts and payments between governments in these categories are alsoexcluded.
3 Includes licenses and other taxes and charges and miscellaneous revenues.* Includes expenditures for health, hospitals, police, local fire protection, natural resources, sanitation,
housing and community redevelopment, local recreation, general control, interest on general debt, andother and unallocable expenditures.
8 Includes data for Alaska.
NOTE.—Data are not available for intervening years.See Table C-47 for net debt of State and local governments.Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (Bureau of the Census1).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-58.—Relation of profits before and after taxes to stockholders' equity and to sales,private manufacturing corporations, by asset size class, 1957-60
Period
BASED ON 1945 SIC 11957:
First quarterSecond quarter- _ _Third quarterFourth quarter. _ _
1958:First quarterSecond quarter- __Third quarterFourth quarter- _ _
BASED ON 1957 SIC *1958:
First quarterSecond quarter- _ _Third quarterFourth quarter- _ _
1959:First quarterSecond quarter ___Third quarterFourth quarter. __
1960:First quarterSecond quarter. __Third quarter
BASED ON 1945 SIC 11957:
First quarterSecond quarterThird quarterFourth quarter. . .
1958:First quarterSecond quarterThird quarterFourth quarter. _ _
BASED ON 1957 SIC 11958:
First quarterSecond quarterThird quarterFourth quarter. . .
1959:First quarterSecond quarterThird quarterFourth quarter...
1960:First quarterSecond quarter. _.Third quarter
Asset size class (millions of dollars)
All assetsizes Under 1 I t o l O 10 to 100 100 to 1,000 1,000 and
over
Ratio of profits (annual rate) to stockholders' equity— percent
Beforetaxes
22.521.619.116.8
12.913.915.918.8
12.913.915.918.8
18.723.117.116.8
18.418.015.4
Aftertaxes
11.911.610.59.8
6.87.89.0
10.8
6.87.89.0
10.7
10.012.49.69.6
9.89.98.7
Beforetaxes
15.619.319.66.7
5.511.416.47.8
5.511.416.57.8
12.520.421.18.8
11.715.216.7
Aftertaxes
7.810.410.41.9
.45.49.32.5
.45.49.32.5
5.711.712.43.3
5.08.09.0
Beforetaxes
18.620.219.113.0
9.813.317.114.9
9.813.317.114.9
15.120.219.814.6
14.116.414.6
Aftertaxes
8.79.89.36.0
3.56.18.37.3
3.56.08.37.3
6.910.19.97.0
6.37.66.9
Beforetaxes
21.421.420.117.0
13.114.416.918.5
13.014.416.918.5
17- 522.420.719.0
17.117.916.3
Aftertaxes
10.510.710.08.9
6.47.28.59.7
6.37.28.59.7
8.711.410.510.0
8.49.08.2
Beforetaxes
22.221.419.718.2
14.215.717.920.3
14.215.717.820.2
19.223.817.618.4
18.518.316.9
Aftertaxes
11.611.210.210.2
7.48.49.4
11.3
7.48.39.4
11.2
10.112.59.4
10.4
9.810.19.1
Beforetaxes
27.323.117.719.3
14.312.312.321.4
14.312.312.321.4
21.724.512.115.9
21.919.013.3
Aftertaxes
16.014.011.813.7
9.58.89.1
14.2
9.58.89.1
14.2
12.914.38.6
10.7
13.011.59.1
Profits per dollar of sales— cents
Beforetaxes
9.79.48.57.6
6.46.87.78.6
6.46.87.78.6
8.910.28.27.9
8.78.47.6
Aftertaxes
5.15.04.74.4
3.43.84.44.9
3.43.84.44.9
4.75.54.64.5
4.74.64.3
Beforetaxes
3.54.24.21.5
1.32.53.61.6
1.32.53.61.6
2.84.24.31.8
2.63.23.5
Aftertaxes
1.82.22.2.4
.11.22.1.5
.11.22.1.5
1.32.42.6.7
1.11.61.9
Beforetaxes
6.66.96.64.5
3.85.06.15.3
3.85.06.15.3
5.46.66.74.9
5.05.65.1
Aftertaxes
3.13.33.22.1
1.42.32.92.6
1.42.32.92.6
2.53.33.42.4
2.22.62.4
Beforetaxes
9.39.38.97.7
6.57.08.18.5
6.57.08.18.5
8.49.99.58.7
8.18.27.7
Aftertaxes
4.64.64.44.0
3.23.54.04.5
3.13.54.04.5
4.25.04.84.5
4.04.13.9
Beforetaxes
10.410.09.48.8
7.58.08.99.8
7.58.08.99.7
9.610.98.89.1
9.39.08.7
Aftertaxes
5.45.24.94.9
3.94.34.75.4
3.94.24.75.4
5.05.74.75.1
4.95.04.7
Beforetaxes
15.414.311.912.6
10.69.7
10.414.9
10.69.7
10.414.9
15.216.410.212.2
14.513.210.6
Aftertaxes
9.08.67.99.0
7.06.97.79.9
7.06.97.79.9
9.09.67.38.2
8.68.07.3
i Standard Industrial Classification.NOTE.—Data on a comparable basis are not available for earlier periods. For details concerning compila-
tion of the series, see Quarterly Financial Reports for U.S. Manufacturing Corporations, Federal TradeCommission and Securities and Exchange Commission.
Data for Alaska and Hawaii included for all periods.Sources: Federal Trade Commission and Securities and Exchange Commission.
193
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TABLE C-59.—Relation of prof ts after taxes to stockholders' equity and to sales, private manu-facturing corporations, by industry group, 7957-60
Period
BASED ON 1945 SIC '1957:
First quarterSecond quarter. .Third quarter. ..Fourth quarter ..
1958:First quarterSecond quarter ..Third quarter. ..Fourth quarter..
BASED ON 1957 SIC '1958:
First quarterSecond quarter..Third quarter. __Fourth quarter. .
1959:First quarterSecond quarter..Third quarter....Fourth quarter..
1960:First quarterSecond quarter..Third quarter...
BASED ON 1945 SIC 11957:
First quarterSecond quarter _.Third quarter. ..Fourth quarter..
1958:First quarterSecond quarter. .Third quarter. ..Fourth quarter..
BASED ON 1957 SIC '1958:
First quarterSecond quarter ..Third quarter. . .Fourth quarter ._
1959:First quarterSecond quarter. .Third quarter.,.Fourth quarter..
1960:First quarterSecond quarter..Third quarter...
Allpri-vateman-ufac-tur-ingcor-
pora-tions
Durable goods industries
Lum-berandwoodprod-ucts(ex-cept
furni-ture)
Fur-nitureandfix-
tures
Stone,clay,andglassprod-ucts
Pri-maryironandsteelin-
dus-tries
Prin-marynon-fer-rous
metalin-
dus-tries
Fab-ri-
catedmetalprod-ucts
Ma-chin-ery(ex-ceptelec-
trical)
Elec-trical
ma-chin-ery,
equip-ment,andsup-plies
Mo-tor
vehi-clesand
equip-ment
Othertrans-porta-tion
equip-ment
In-stru-
mentsandre-
latedprod-ucts
Mis-cella-neousman-ufac-tur-ing(in-
clud-ingord-
nance)
Ratio of profits after Federal taxes (annual rate) to stockholders' equity — percent
11.911.610.59.8
6.87.89.0
10.8
6.87.89.0
10.7
10.012.49.69.6
9.89.98.7
2.06.26.54.1
.23.1
11.08.4
.23.1
11.08.4
6.111.312.97.0
3.36.24.6
7.39.29.77.8
2.03.48.7
11.1
2.03.48.6
11.0
6.29.1
11.78.3
5.55.88.2
10.013.713.811.9
4.011.114.911.9
3.411.014.711.4
8.017.415.79.8
6.713.111.9
13.813.09.98.9
5.36.56.5
10.4
5.36.56.5
10.4
11.716.7
-2.76.3
12.18.04.0
12.49.78.17.1
5.74.65.68.0
5.74.65.67.9
8.210.36.76.7
8.08.26.8
9.510.911.05.8
4.97.38.87.6
5.07.38.87.9
5.99.7
10.95.6
5.36.97.2
12.313.010.17.5
5.77.77.27.7
5.67.77.17.0
7.112.510.78.5
8.29.76.9
13.912.911.511.9
8.59.2
10.313.2
8.39.19.9
13.4
10.712.712.114.3
10.410.09.1
18.815.39.2
13.6
8.35.91.6
17.0
8.35.91.5
16.9
19.120.58.0
10.8
18.516.16.1
14.816.413.913.8
11.09.9
10.110.3
11.610.310.310.6
7.89.66.66.7
6.77.85.3
10.612.411.613.2
6.99.3
12.113.1
7.09.6
12.213.6
10.812.014.514.8
11.612.111.9
6.97.5
10.45.8
1.66.9
14.77.8
3.65.7
13.79.2
7.27.1
12.410.2
4.87.6
11.3
Profits after taxes per dollar of sales— cents
5.15.04.74.4
3.43.84.44.9
3.43.84.44.9
4.75.54.64.5
4.74.64.3
1.02.93.12.1
.11.65.03.8
.11.65.03.8
3.04.75.43.2
1.72.72.1
2.32.83.12.4
.71.22.83.3
.71.22.83.2
2.02.83.42.4
1.91.92.6
6.68.17.87.4
3.17.38.97.6
2.77.28.87.3
5.79.89.16.4
5.08.27.4
7.17.06.15.8
4.25.05.07.2
4.24.95.07.1
7.18.1
—3.14.8
7.05.33.2
8.16.66.05.5
4.83.94.45.8
4.73.84.45.8
6.07.05.15.0
5.96.05.2
3.74.14.22.3
2.23.13.53.0
2.33.23. 63.2
2.63.84.12.3
2.42.93.0
5.35.54.73.7
3.13.93.94.1
3.03.93.93.7
3.85.85.34.3
4.24.63.7
4.54.34.04.0
3.23.53.94.5
3.23.53.94.7
4.04.54.44.8
3.93.63.5
6.35.74.05.4
3.72.91.06.8
3.72.91.06.8
7.47.84.25.0
6.96.63.5
3.23.33.12.9
2.62.32.52.5
2.72.32.42.5
2.02.21.51.5
1.61.81.3
5.35.85.76.0
3.74.86.26.0
3.85.06.36.3
5.76.07.36.8
6.06.26.2
2.42.43.21.9
.62.34.72.6
1.52.24.83.3
2.92.64.63.7
2.03.04.1
See footnotes at end of table, p. 195.
194
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-59.—Relation of profits after taxes to stockholders' equity and to sales, private manu-facturing corporations, by industry group, 1957-60-—Continued
Period
BASED ON 1945 SIC *1957:
First QuarterSecond quarterThird quarterFourth quarter
1958:First quarterSecond quarterThird quarterFourth quarter
BASED ON 1957 SIC '1958:
First quarterSecond quarterThird quarterFourth quarter
1959:First quarterSecond quarterThird quarterFourth quarter
1960:First quarterSecond quarterThird quarter
BASED ON 1945 SIC 11957:
First quarterSecond quarterThird quarterFourth quarter —
1958:First quarterSecond quarterThird quarterFourth quarter
BASED ON 1957 SIC 11958:
First quarterSecond quarterThird quarterFourth quarter
1959:First quarterSecond quarterThird quarterFourth quarter
1960:First quarterSecond quarterThird quarter
Nondurable goods industries
Foodandkin-dredprod-ucts
To-baccoman-ufac-tures
Tex-tilemillprod-ucts
Ap-par eland
relatedprod-ucts
Paperand
alliedprod-ucts
Print-ingandpub-lish-ing(ex-cept
news-pa-
pers)
Chem-icalsand
alliedprod-ucts
Petro-leumrefin-ing
Prod-ucts ofpetro-leumandcoal(ex-cept
petro-leumrefin-ing)
Rub-ber
prod-ucts
Leatherand
leatherprod-ucts
Ratio of profits after Federal taxes (annual rate} to stockholders' equity— percent
7.48.4
10.48.3
6.98.69.99.7
6.88.59.89.7
7.89.5
10.49.4
7.68.89.8
10.311.913.913.8
11.813.314.514.3
11.813.314.514.3
12.014.214.412.8
12.013.613.7
4.44.44.83.4
.92.75.26.0
.62.55.15.8
5.98.17.68.6
6.66.15.7
6.75.99.73.0
3.41.39.55.5
3.31.59.45.5
8.67.5
10.18.1
5.26.9
11.9
10.29.08.77.8
6.87.67.48.7
7.07.97.99.3
8.510.29.69.6
8.59.38.2
12.314.811.98.0
8.39.3
11.56.5
8.49.4
11.56.6
9.812.014.98.8
11.310.211.8
13.713.913.112.3
9.911.312.013.0
9.811.011.812.8
13.015.614.111.9
12.513.612.1
14.411.811.112.5
8.98.2
10.412.3
8.98.2
10.412.3
10.19.49.7
10.1
9.88.8
10.3
4.38.2
10.87.6
-.86.29.87.1
-2.48.3
12.46.2
4.013.619.37.2
.98.3
22.1
11.511.610.910.6
6.78.1
11.312.1
5.38.7
11.510.8
10.013.111.19.9
9.810.58.2
6.66.56.98.0
4.13.28.47.0
4.13.28.36.9
6.98.98.79.2
10.46.23.6
Profits after taxes per dollar of sales— cents
2.02.22.62.3
1.82.22.52.4
1.82.22.52.4
2.12.52.72.5
2.12.42.6
4.74.95.55.4
5.15.25.55.6
5.15.25.55.6
5.25.55.65.2
5.25.45.5
2.02.02.21.5
.41.32.42.5
.31.22.32.4
2.53.23.03.3
2.82.52.5
1.41.21.8.6
.7
.31.71.0
.7
.31.71.0
1.61.41.81.4
1.01.32.0
5.74.94.94.5
4.14.54.35.0
4.34.84.65.3
5.05.55.25.2
4.95.44.8
4.04.83.82.5
2.83.34.02.2
2.93.44.12.3
3.64.25.12.9
4.03.63.9
7.87.97.67.3
6.46.77.07.5
6.46.77.17.6
7.78.58.17.2
7.67.87.4
11.010.29.8
11.3
8.28.29.9
11.3
8.28.29.9
11.3
9.39.49.59.9
9.48.9
10.2
2.13.64.43.4
-.52.93.93.6
-1.53.54.22.9
1.95.77.13.3
.53.26.4
4.44.34.04.1
3.03.44.54.5
2.23.34.43.9
3.94.44.13.7
3.83.93.3
1.81.92.02.4
1.31.02.41.9
1.31.02.41.9
1.92.42.22.4
2.71.6.9
i Standard Industrial Classification.NOTE .—Data on a comparable basis are not available for earlier periods. For explanatory notes concerning
compilation of the series, see Quarterly Financial Reports for U.S. Manufacturing Corporations, FederalTrade Commission and Securities and Exchange Commission.
Data for Alaska and Hawaii included for all periods.Sources: Federal Trade Commission and Securities and Exchange Commission.
195
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-60.—Sources and uses of corporate funds, 1949-60l
[Billions of dollars]
Source or use of funds
Total uses
Plant and equipment outlaysInventories (book value)Customer net receivables 3
Cash and U.S. Government se-curities. .
Other assets
Total sources
Internal sources
Retained profits and deple-tion allowances
Depreciation and amortiza-tion allowances
External sources
Federal income tax liability-Other liabilitiesBank loans and mortgage
loans ---Net new issues
Discrepancy (uses less sources)..
1949
16 8
16.3-3.6
9
3.2(4)
IS 8
14.9
7.8
7 1
9
-2.25
-2.34 9
1.0
1950
36 S
16.99.85 0
4.53
35 4
20.8
13.0
7 8
14 6
7.31 0
2.63 7
1.1
1951
36 8
21.69.82 0
2.86
36 9
19.0
10.0
9 0
17 9
4.31 9
5.46 3
-.1
1952
?,7 3
22.41.33 1
.14
28 1
17.8
7.4
10.4
10 3
-3.12 4
3.17 9
-.8
1953
28 2
23.91.8
7
1.8(4)
30 0
19.7
7.9
11.8
10 3
.62 2
.47 1
-1.8
1954
24.0
22.4-1.6
2 4
(4)8
22,4
19.8
6.3
13.5
2 6
-3.14
-.65.9
1.6
1955
45 1
24.26.76 4
5.02 8
44 8
26.6
10.9
15.7
18 2
3.82 1
5.46 9
.3
1956
39, 5
29.97.63 3
-4.33 0
42,4
27.8
10.5
17.3
14 6
-1.73 0
5.47.9
-2.9
1957
37 8
32.72.12 1
-.31 3
40,1
28.0
8.9
19.1
12 2
-2.22 1
1.710 6
-2.3
1958
31 8
26.4-3.3
4 3
3.59
32,2
26.3
6.1
20.2
6.0
-2.4— .1
-1.09 5
-.5
1959
45.3
27.75.34 3
3.84 2
46 8
30.6
9.1
21 5
16 1
2.41 9
3.88 0
-1.5
19602
40.0
31.02.05 5
-3.55 0
41.0
29.5
8 6.5
23.0
11 5
-1.51 5
3.58 0
-1.0
1 Excludes banks and insurance companies.2 jPreliin nary estimates.3 Receivables are net of payables, which are therefore not shown separately.< Less than $50 million.6 Preliminary estimate by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce based on Securities and Exchange Commission and other financial
data (except as noted).
196
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-61.—Current assets and liabilities of United States corporations, 1939-60l
[Billions of dollars]
End of period
1939
1940194119421943 -1944
19451946
194719481949
195019511952 - .19531954 -
195519561Q5719581959
1958:First quarterSecond quarter...Third quarterFourth quarter...
1959:First quarterSecond quarter-Third quarterFourth quarter...
1960:First quarterSecond quarter —Third quarter
Current assets
£
54.5
60.372.983:693.897.2
97.4108.1
123.6133.0133.1
161.5179.1186.2190.6194.6
224.0237. 9244.7246.4268.3
237.5235.5240.4246.4
249.8257.6262.1268.3
270.2271.5273. 9
1'fl-w
jl110.8
13.113.917.621.621.6
21.722.8
25.025.326.5
28.130.030.831.133.4
34.634.834.937.337.2
32.534.435.437.3
34.535.835.537.2
33.834.535.0
|108. wCQ
P
2.2
2.04.0
10.116.420.9
21.115.3
14.114.816.8
19.720.719.921.519.2
23.519.118.619.623.5
17.415.316.319.6
21.021.522.923.5
23.421.720.3
2a
»!lS*5§s».8t>
0.1.6
4.05.04.7
2.7.7 •>
3S4242
1.12.72.82.62.4
2.32.62.82.82.9
2.72.62.72.8
2.82.72.72.9
2.92.92.9
II
jjj!
22.1
23.927.423.321.921.8
23.230.0
. '.3.4.0
55.758.864.665.971.2
86.695.199.4
102.1112.7
96.597.8
101.7102.1
103.8107.7110.6112.7
113.6115.6118.2
1>a18.0
19.825.627.327.626.8
26.337.6
44.648.945.3
55.164.965.867.265.3
72.880.482.277.583.6
81.478.377.277.5
80.081.782.183.6
87.287.487.8
"8
If& w3*0
1.4
1.51.41.31.31.4
2.41.7
1.61.61.4
1.72.12.42.43.1
4.25.96.77.08.3
7.07.17.27.0
7.88.38.48.3
9.49.59.6
Current liabilities
I30.0
32.840.747.351.651.7
45.851.9
61.564.460.7
79.892.696.198.999.7
121.0130.5133.1126.7139.5
124.3120.7123.5126.7
127.6132.4135.2139.5
139.6140.3141.4
0) .&Si^ a
jy•**<
0.6.8
2.02.21.8
.9
.1* *
373937
.41.32.32.22.4
2.32.42.31.71.7
2.11.91.81.7
1.71.71.71.7
1.81.81.8
i|j|O c3
21.9
22.625.624.024.125.0
24.831.5*. "
.6
.3
.5
47.953.657.057.359.3
73.881.584.381.089.4
79.578.279.481.0
81.584.385.889.4
89.891.091.3
x
1T3
£
1.2
2.57.1
12.616.615.5
10.48.5
10.711.59.3
16.721.318.118.715.5
19.317.615.413.015.4
12.29.6
11.113.0
12.613.514.415.4
14.013.013.4
li110
6.9
7.17.28.78.79.4
9.711.8
13.213.514.0
14.916.518.720.722.5
25.729.031.131.032.9
30.430.831.231.0
31.932.933.332.9
34.034.634.9
Network-ing
capi-tal
24.5
27.532.336.342.145.6
51.656.2
62.168.672.4
81.886.590.191.894.9
103.0107.4111.6119.7128.8
113.2114.8116.9119.7
122.2125.3126.9128.8
130.7131.2132.5
1 All United States corporations, excluding banks, savings and loan associations, and insurance companies.Year-end data through 1957 are based on Statistics of Income (Treasury Department), covering virtually alicorporations in the United States. Statistics of Income data may not be strictly comparable from year toyear because of changes in the tax laws, basis for filing returns, and processing of data for compilation pur-poses. All other figures shown are estimates based on data compile! from many different sources, includingdata on corporations registered with the Securities and Exchange Commission. As more complete informa-tion becomes available, estimates are revised.
a Receivables from and payables to U.S. Qovernment do not include amounts offset against each otheron the corporation's books or amounts arising from subcontracting which are not directly due from or tothe U.S. Qovernment. Wherever possible, adjustments have been made to include U.S. Qovernmentadvances offset against inventories on the corporation's books.
»Includes marketable securities other than U.S. Qovernment.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Securities and Exchange Commission.
197
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-62.—State and municipal and corporate securities offered, 1934-601
[Millions of dollars]
Period
1934
19351936193719381939
19401941194219431944
194519461947 . ..19481949
19501951195219531954
19551956195719581959
I960*
1958:First quarter...Second quarter.Third quarter ..Fourth quarter.
1959:First quarter...Second quarter.Third quarter _.Fourth quarter.
1960:First quarter...Second quarter.Third quarter ..Fourth quarter 5.
Stateand
munici-pal se-curitiesofferedfor cash(prin-cipal
amounts)
939
1,2321,121
9081,1081,128
1,238956524435661
7951,1572,3242,6902,907
3,5323,1894,4015,5586,969
5,9775,4466,9587,4497,681
7,212
2,2062,2281,6681,347
2,1572,5041,5001,520
1,8852,2521,7641,311
Corporate securities offered for cash 2
Gross proceeds '
Total
397
2,3324,5722,3102,1552,164
2,6772,6671,0621,1703,202
6,0116,9006,5777,0786,052
6,3617,7419,5348,8989,516
10,24010,93912,88411,5589,748
10,248
3,3182,8982,9102,432
2,2822,6652,0622,739
2,2832,5212,5182,926
Com-mon
stock
19
222722852587
1081103456
163
397891779614736
8111,2121,3691,3261,213
2,1852,3012,5161,3342,027
1,675
289216345484
518639333537
429578330338
Pre-ferredstock
6
862714068698
183167112124369
7581,127
762492425
631838564489816
635636411571531
388
182154104131
14217363
154
10095
11281
Bondsand
notes
371
2,2254,0291,6182,0441,980
2,3862,390
917990
2,669
4,8554,8825,0365,9734,890
4,9205,6917,6017,0837,488
7,4208,0029,9579,6537,190
8,184
2,8462,5282,4611,818
1,6221,8541,6662,048
1,7531,8482,0762,507
Proposed uses of net proceeds 4
Total
384
2,2664,4312,2392,1102,115
2,6152,6231,0431,1473,142
5,9026,7576,4666,9595,959
6,2617,6079,3808,7559,365
10,04910,74912,66111,3729,527
10,015
3,2732,8482,8622,389
2,2322,6032,0162,675
2,2332,4512,4672,863
New money
Total
57
208858991681325
569868474308657
1,0803,2794,5915,9294,606
4,0066,5318,1807,9606,780
7,9579,663
11,7849,9078,578
9,014
3,0662,2812,5352,025
1,8992,4141,8172,448
2,0202,1842,2622,548
Plantand
equip-ment
32
111380574504170
424661287141252
6382,1153,4094,2213,724
2,9665,1106,3125,6475,110
5,3336,7099,0407,7926,084
5,804
2,5661,9331,9001,393
1,3671,7121,0961,909
1,1841,4241,4991,696
Work-ing
capi-tal
26
96478417177155
145207187167405
4421,164,182,708882
,041,421,868
2,3131,670
2,6242,9542,7442,1152,494
3,210
501347635633
531702721539
835760763852
Retire-mentof se-
curities
231
1,8653,3681,1001,2061,695
1,8541,583
396739
2,389
4,5552,8681,352
307401
1,271486664260
1,875
1,227364214549135
262
13422510189
28363733
82844155
Otherpur-poses
95
19320414822295
19217217310096
267610524722952
984589537535709
864721663915814
739
73342225275
306153162195
132183164260
1 These data cover substantially all new issues of State, municipal, and corporate securities offered forcash sale in the United States in amounts over $100,000 and with terms to maturity of more than 1 year.
2 Excludes notes issued exclusively to commercial banks, intercorporate transactions, sales of invest-ment company issues, and issues to be sold over an extended period, such as offerings under employee-purchase plans.
3 Number of units multiplied by offering price.4 Net proceeds represents the amount received by the issuer after payment of compensation to distributors
and other costs of flotation.8 Preliminary.
NOTE.—Data for Alaska and Hawaii included for all periods.Detail will not necessarily add to totals because of rounding.Sources: Securities and Exchange Commission, The Commercial and Financial Chronicle, and The Bond
Buyer.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-63.—Common stock prices and earnings and stock market credit, 7939—60
Period
1939
194019411942—19431944
194519461947-- -_19481949
19501951 . _. _-,195219531954 _ .
19551956195719581959
I960
1959: January ..FebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
1960: January . __FebruaryMarchAprilMay -_JuneJulyAugustSeptember _ _.OctoberNovemberDecember
Commonstockpricesindex,
1957-59=100(SEC) i
26.8
25.323.020.126.629.0
35.240.135.135.634.3
41.449.652.351.961.7
81.892.689.893.2
116.7
113-9
112.5111.1113.9115.8117.7116.7
121.3120.7116.3116.3116.5120.5117.6114.1112.1113.5113.2117.0
114.5115.6112.1109.1112.6115.2
Commonstockprice/
earningsratio-
industrials(Standard
& Poor's) 2
12. 17
11.039.65
10.1417.5816.95
22.9911.019.145.866.76
7.519.62
10.229.68
12.17
12.6513.5412.9117.7119.79
16.08
15.82
19.06
19.79
15.87
17.80
18.17
Stock market credit
Customer credit (excluding U.S.Government securities)
Total Net debitbalances 3
Bank loansto
"others" 4
Bank loansto brokers
anddealers 6
Millions of dollars
(6)(6)(6)(6)(6)(6)1,374
9761,032
9681,249
1,7981,8261,9802,4453,436
4,0303,9843,5764,5374,454
4,5974,5694,6364,7644,7584,734
4,6484,5284,4434,4014,4604,4544,3654,2744,1584,1534,1324,214
4,1334,2434,2824,2944,294
(6)
(6)(6)(6)(6)(6)
942473517499821
1,2371,2531,3321,6652,388
2,7912,8232,4823,2853,280
3,2973,2533,3053,4013,3853,3883,3743,2693,2503,2103,2733,2803,1983,1293,0283,0373,0213,0823,0043,1093,1373,1333,141
(6)
(6)(6)(6)(6)
353
432503515469428
561573648780
1,048
1,2391,1611,0941,2521,174
1,184
1,3001,3161,3311,3631,3731,346
1,2741,2591,1931,1911,1871,174
1,1671,1451,1301,1161,1111,132
1,1291,1341,1451,1611,1531,184
715
584535850
1,3282,137
2,7821,471
7841,3311,6081,7421,4192,0022,2482,6882,8522,2142,1902,5692,5792,610
2,1461,9391,8522,2262,0752,017
2,1062,1032,0612,1152,0872,579,917,811,479,812,588,665
1,6581,8602,0581,9571,8512,610
1 Based on 300 stocks.2 Based on 50 stocks for 1939-56 and 425 stocks beginning 1957. Ratio is obtained by dividing the stock
price index as of the end of the period by the seasonally adjusted annual rate of earnings for the quarterthen ending.
3 As reported by member firms of the New York Stock Exchange carrying margin accounts. Includesnet debit balances of all customers (other than general partners in the reporting firm and member firms ofnational exchanges) whose combined accounts net to a debit. Balances secured by U.S. Governmentobligations are excluded. Data are for end of period.
< Loans by weekly reporting member banks to others than brokers and dealers for purchasing or carryingsecurities except U.S. Government obligations. From 1953 through June 1959, loans for purchasingor carrying U.S. Government securities were reported separately only by New York and Chicago banks.Accordingly, for that period any loans for purchasing or carrying such securities at other reporting banksare included. Series also revised beginning July 1946, March 1953, and July 1958. Data are for last Wednes-day of period. For details, see Federal Reserve Bulletin, August 1959.
' Loans by weekly reporting member banks for purchasing or carrying securities, including U.S. Govern-ment obligations. Series revised beginning July 1946, January 1952, July 1958, and July 1959. Data arefor last Wednesday of period. For details, see Federal Reserve Bulletin, August 1959.
• Not available.Sources: Securities and Exchange Commission, Board of Governors of the Federal Reserve System,
Standard & Poor's Corporation, and New York Stock Exchange.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-64.—Business population and business failures, 1929-60
Period
1929193019311932 _1933193419351936 . _ ..193719381939
19401941194219431944194519461947194819491950195119521953195419551956195719581959I9601959: January —
February..MarchAprilMayJuneJulyAugust .September.OctoberNovember.December .
I960* JanuaryFebruary. .MarchAprilMayJuneJulyAugustSeptember.October....November.December .
Operating busi-nesses and business
turnover (thou-sands of firms)1
Oper-atingbusi-
nesses 2
3,0292,9942,9162,8282,7822,8842,9923,0703,1363,0743,2223,3193,2763,2953,0302,8392,9953,2423,6513,8733,9844,0094,0674,1184,1884,2404,2874,3814,4714,5334,5834,6594,595
4 615
4,635
4,655
4,670
4,690
4,710
4,725
Newbusi-ness-es s
CO(8)(6)CO(«)COCO(6)CO(6)CO275290121146331423617461393331348327346352366408431398397423
Dis-con-tin-uedbusi-ness-es 3
CO(6)COCOCOCOCO(«)COCOCO318271386337175176209239282306290276276299319314342335347347
Newbusi-ness
incor-pora-tions(num-ber) 3
COCOCOCOCOCOCOCOCOCOCOCOCO8COCO
132, 916112, 63896, 10185,49192,92583,64992, 819
102, 545117, 164139, 651140, 775136, 697150, 280
8193,070» 182, 443
18, 84215, 70118, 17617, 61516, 72116,20816,65014, 40614, 66414, 52613, 01516, 45618, 18914, 66917, 43715, 44615, 53016, 67614, 67614, 99314,00713, 76012, 412
614,648
Business failures 3 4
Busi-nessfail-ure
rate*
103.9121.6133.4154.1
7100.361.161.747.845.961.1
769.663.054.544.616.46.54.25.2
14.320.434.434.330.728.733.242.041.648.051.755.951.857.051.150.950.452.048.353.849.253.358.450.556.449.651.050.751.154.964.157.254.859.665.263.362.06S.4
Number of failures
Total
22,90926,35528, 28531, 822
7 19, 85912,09112,2449,6079,490
12,8367 14, 76813, 61911,8489,4053,2211,222
8091,1293,4745,2509,2469,1628,0587,6118,862
11, 08610, 96912, 68613, 73914,96414, 05315, 4451,2731,1611,2631,2921,1351,2441,0711,1351,1441,1251,1301,0801,1811,2141,3351,3701,2731,3341,1461,3151,2691,3441,3111,353
Liability sizeclass
Under$100,000
22,16525, 40827,23030, 197
718,88011, 42111, 6919,2859,203
12,5537 14, 54113,40011,6859,2823,1551, 176
7591,0023,1034,8538,7088,7467,6267,0818,075
10, 22610, 11311, 61512, 54713,49912, 70713, 6501,1361,0471,1431,1531,0361,147
9621,0481,0261,0441,020
9451,0551,0911,1721,2351,1531,1571,0081,1371,1181,1921,1261,206
$100,000andover
744947
1,0551,625
7979670553322287283
7227219163123664650
127371397538416432530787860856
1,0711,1921,4651,3461,795
1371141201399997
10987
11881
110135126123163135120177138178151152185147
Amount of currentliabilities (millions ofdollars)
Total
483.3668.3736.3928.3
7457.5334.0310.6203.2183.3246.5
7182.5166.7136.1100.845.331.730.267.3
204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.673.658.665.171.950.949.251.254.554.750.453.259.653.760.970.269.273.3
126.461.797.680.681.584.579.0
Liability sizeclass
Under$100,000
261.5303.5354.2432.6
7215.5138.5135.5102.8101.9140.1
7 132. 9119.9100.780.330.214.511.415.763.793.9
161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.223.921.625.424.422.625.822.822.222.323.423.521.124.624.427.028.927.826.523.127.428.628.628.931.5
$100,000andover
221.8364.8382.2495.7
7 242. 0195.4175.1100.481.4
106.4749.746.835.420.515.117.118.851.6
140.9140.7146.797.1
128.0151.4226.6251.2243.0322.9348.2430.7413.9611.449.737.039.747.528.323.428.432.332.527.029.738.429.036.643.240.345.5
100.038.670.252.052.955.647.5
1 Excludes firms in the fields of agriculture and professional services. Includes self-employed persononly if he has either an established place of business or at least one paid employee. Series revised beginning 1951.
2 Data through 1939 are averages of end-of-quarter estimates centered at June 30. Beginning 1940, dataare for beginning of period. Quarterly data shown here are seasonally adjusted.
1 Total for period.4 Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933,
of real estate, insurance, holding, and financial companies, steamship lines, travel agencies, etc.i Failure rate per 10,000 listed enterprises. Monthly data are seasonally adjusted.• Not available.7 Series revised; not strictly comparable with earlier data.8 Beginning January 1959, data for Hawaii are included. Total for 1958 including Hawaii is 150,781.9 Preliminary.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Department of Commerce and Dun & Bradstreet, Inc.
200
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AGRICULTURETABLE C-65.—Income of the farm population, 7929-60
Period
1929
19301931193219331934
19351936193719381939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
1960 fl - -
1959:First quarterSecond quarter.Third quarter . _Fourth quarter .1960:First quarter...Second quarter.Third quarter ..Fourth quarter 9
Income received by tota 1farm population
Fromall
sources
From agri-culturalsources
Total' Farmwages 2
Fromnon-
agricul-tural
sources
Income received by farm operators fromfarming
Realizedgross
Totals
Cashre-
ceiptsfrommar-keting
Pro-duc-tionex-
penses
Net
Ex-clud-ing
inven-tory
change
In-clud-
ing netinven-tory
change*
Billions of dollars
(8)(8)
8(L7.97.39.37.47.7
8.010.614.917.417.8
18.221.422.424.919.9
21.023.723.421.120.2
19.820.120.222.220.420.7
7.0
5.14.02.53.03.4
5.95.06.85.15.2
5.37.5
11.113.213.4
14.017.017.519.814.7
15.718.117.315.114.4
13.613.413.615.813.613.8
0.9
.8
.6
.5
.4
.5
.6
.6
.7
.7
.7
.7
.91.21.41.5
1.61.81.92.01.8
1.71.81.91.81.8
1.71.71.81.81.81.8
(8)
(8)(8)(8)(8)1.9
2.02.32.52.32.5
2.73.13.84.24.4
4.24.34.95.15.2
5.35.66.16.05.8
6.36.76.66.46.86.9
13.911.48.46.47.18.5
9.710.711.310.110.6
11.013.818.823.424.4
25.829.734.434.931.8
32.537.337.035.333.9
33.334.634.438.237.537.9
11.39.16.44.75.36.4
7.18.48.97.77.9
8.411.115.619.620.5
21.724.829.630.227.8
28.533.032.631.130.0
29.630.629.833.533.1
33.7
7.6
6.95.54.44.34.7
5.15.66.15.86.2
6.77.79.9
11.512.2
12.914.517.018.918.0
19.322.222.621.421.7
21.922.623.425.226.226.3
6.3
4.52.91.92.83.9
4.65.15.24.34.4
4.36.28.8
11.912.2
12.815.217.316.113.8
13.215.214.413.912.2
11.512.011.013.011.3
11.6
6.14.33.32.02.62.95.34.36.04.44.5
4.66.69.9
11.811.8
12.415.315.517.812.9
14.016.315.313.312.7
11.811.611.814.011.812.0
Net incomeper farm in-cluding netinventorychange 6
Cur-rent
prices1960
prices •
In-comefromall
sourcesperper-son 7
Dollars
943
650506305382434
778643911675697
7201,0441,6001,9421,967
2,0802,5742,6483,0652,2592,4792,9512,8292,5022,440
2,3132,3382,4262,9522,5482,640
1,779
1,3001,177
8241,0321,033
1,8091,4952,0701,6071,700
1,7142,3203,1373,4073,278
3,3023,6773,2293,5232,689
2,9163,2083,0422,6902,624
2,4872,4872,5012,9822,5742,640
(8)(8)(8)
165
244228296239249
262349509654696
720806825962767
838983962931916
883897933
1,039965
(8)
Seasonally adjusted annual rates
(8)(8)(8)(8)
88
(8)(8)(8)(8)
88
88(8)(8)
8
88
88
38.537.836.736.9
36.538.338.138.6
34.033.532.432.7
32.334.134.034.3
26.226.326.126.1
26.326.526.226.2
12.311.510.610.8
10.211.811.912.4
13.012.011.111.2
10.612.112.212.8
2,8002,5902,3902,410
2,3302,6702,6902,820
2,8302,6202,4102,410
2,3302,6702,6902,820
(8)(8)
8(8)(8)
81 Net income of farm operators from farming (including net inventory change) and farm wages as shown.2 Farm wages received by farm resident- workers.3 Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.4 Includes net change in inventory of crops and livestock valued at the average price for the year. Data
prior to 1946 differ from farm proprietors' income shown in Tables C-9 and C-12 because of revisions bythe Department of Agriculture not yet incorporated into the national income accounts of the Departmentof Commerce.
« Based on estimated number of farms as reported by the Department of Agriculture according to 1954Census definition (see footnote 1, Table C-70).' Income in current prices divided by the index of prices paid by farmers for family living items on a
1960 base.? Based on farm population as defined in 1950 Census of Population. See footnote 1, Table C-69.s Not available.* Preliminary.Note.—Detail will not necessarily add to totals because of rounding.Source: Department of Agriculture.
576899 0—61- -15 201
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-66.—Indexes of prices received and prices paid by farmers, and parity ratio, T929-60
[1910-14=100]
Period
1929
19301931193219331934
19351936193719381939
194019411942 ..19431944
1945194619471948 . .. _.1949
19501951 .195219531954
19551956 ..19571958 ..1959
19607
1959:JanuaryFebruary..March .. ..AprilMayJune
July .. ..AugustSeptemberOctoberNovemberDecember
1960:JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
Prices received by farmers
Allfarmprod-ucts i
148
12587657090
109114'1229795
100124159
81936 197
e 2076236276287250
258302288255246
232230235250240
238
244243244244244242
241239240235231230
232233241242241236
238234237240241242
Crops
Allcrops i
135
11575577198
1031081188082
90108145187199
202228263255224
233265267240242
231235225223221
221
213216219223228229
226220220218217218
220218222225228221
226218222220218217
Foodgrains
116
9356446690
971081207572
8497120148166
172201271250218
224243244234232
228224225208202
203
199202205205205199
199201198203206206
206208210209209199
194196197200204204
Feed grainsand hay
Total
118
10674485795
1071031257172
8592115152172
167202256258177
193226234206203
183182166154156
151
152154155161163163
161159156149150149
151153153158158158
156152152147136141
Feedgrains
124
10971445797
1121101357372
8694117156175
168212275273176
198237242212209
187186169156157
150
153155157164167168
164161157148149146
148150150155158159
158153153146132137
Cot-ton
150
104644968101
9899947074
83111156167172
179238274272246
282336310268274
272268263253266
253
239243258267272277
289281280274260254
248237238244248251
265273271267254243
To-bacco
171
1409884107156
171163200173152
134157247319348
360376374380398
402436432433443
437452466482506
496
499505505508508509
508511511509499494
484494494494494494
493479502508502520
Oil-bear-ingcrops
143
111734457103
1271201299596
103138183202222
228260363351242
276339296279304
249255244225219
214
218221223225230228
222214204208216215
216216213216218216
213211208209213217
Livestock and products
Alllive-stockandprod-ucts i
159
13498727081
114119126112107
109138171198196
211242288315272
280336306268249
234226244273256
252
271266265262258253
253255257250243240
242245257257252248
249247251258261263
Meatani-mals
155
13391635968
115118130113110
108143186203190
62076248329361311
340409353288283
246235275335313
296
330324329336338330
316314308292276268
279287309310310305
302290285288289296
Dairyprod-ucts
166
1421118687101
114125131115110
120140163
e 1986222
62296268273301252
249286303267246
247255259254256
258
264258250241233231
242252267277280273
266261256244237234
244254269278281278
Poul-tryandeggs
161
12898817489
11611511111096
98122152191177
198201223242221
186228206221178
191176162169142
158
160158153136125125
140139143138139148
144142153163153148
148152162175180178
See footnotes at end of table, p. 203.
202
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-66.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929-60—Continued[1910-14 = 100]
Period
1929
19301931 .193219331934
193519361937193819391940 -.19411942 . .1943194419451946194719481949195019511952 . . .19531954195519561957195819591960 7 .1959:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1960:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
Prices paid by farmers
Allitems,in-
terest,taxes,andwagerates(parityindex)
160151130112109120124124131124123124133152171182190208240260251256282287277277276278286293297299
298297297298298298297297296296296296
299299300302301299
298298298297297298
Commodities and services
Allitems
150
140119102104118
123123130122121122130149165174179197230250240246271273261262259260267273275275
276275275276276276275275274275275275
275276276278277275275274274274274275
Fam-ily
livingitems
154
144124106108122
124124128122120121130149165175
182202237251243246268271269270270274282287288290
287288287287287288288288288289290291
290289289291291290290290290290291290
Production items
Allproduc-tion
items !
146
1351139999114
122122132122121
123130148164173176191224250238246273274256255251250257264266
264
268266267269268267266266264264264264
265266267268267265263262263262262264
Feed
136
122866473103
1061091249393100108132156173172200236250206210236251227226211206201198199194
202202200203202199199198195194195195
197197197199198196
195193193191188189
Motorve-
hicles
148
144143141140148
150157162172165163172186195211
218224260291320320342358355355358367395412426419
429
427
424420
418
425440
432
427
420420
414403
Farmma-chin-ery
153
152150142138144
148150153158155153155164170174176182206240270275297308311312312326342357372382
365
371
377
377
379
381
385
Fer-ti-
lizer
130
12611410093105
104981031021019898109116118120121134146150144152156157158155152153153152152
151
152
"I52~
153
In-ter-est 2
213
206197185164147
13512511711010610298948479
75747678828998108117126136150163176194
213
194194194194194194194194194194194194
213213213213213213
213213213213213213
Taxes 3
279
281277254220188
178180181187185189187189185185192213237276298320335350365381394421440470496536
496496496496496496496496496496496496
536536536536536536536536536536536536
Wagerates 4
186
1771391048899
107114129130127129151197262318359387419442430425470503513510516536558574612631
G10
680
618
602
6S2
~~6~49~
6S1
"~61~S~
Par-ity
ratio »
928367586475
889293787781931051131081091131151101001011071009289
848382858180
828282828281818081797878
787880808079807980818181
1 Includes items not shown separately.2 Interest payable per acre on farm real estate debt.3 Farm real estate taxes payable per acre (levied in preceding year).* Monthly data are seasonally adjusted.* Percentage ratio of prices received for all farm products to parity index.6 Includes wartime subsidy payments.* Preliminary.Source: Department of Agriculture.
203
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-67.—Farm production indexes, 7929-60
[1947-49=100]
Period
1929..-
1930. ._1931--.1932...1933. ..1934...
1935. „ _1936...1937...1938...1939...
1940...1941...1942...1943-..1944...
1945..-1946...1947...1948...1949...
1950...1951 ...1952...1953 ...1954...
1955...1956...1957. ..1958...1959...
19604..
Farmout-put i
74
7279767060
7265827979
8285969497
959895104101
101104108109109
113114114124126
129
Crops
Total 2
79
7684807158
7664888382
8587979196
939893106101
9799104103101
105106106118117
122
Feedgrains
83
7384957348
8053878483
859110496100
9710681116103
10497103101106
112112122135140
144
Hayandforage
88
7579867967
9674879893
105106115109108
1121041029999
106110106109108
115109122122116
124
Foodgrains
66
7276624544
5352727561
6776806985
899210810389
83821059685.
80847911793
111
Vege-tables
78
7980807784
8580868685
88899510398
10011197103100
102959610198
102109104108104
107
Fruitsandnuts
76
7594767772
91729585101
9610210187101
9211010495101
101103100101102
102107103109116
109
Cot-ton
104
98119919168
75871338483
8875908086
636183105112
7010610611596
103937780102
101
To-bacco
75
8176496854
6558786993
7263706996
981141049898
101116112102111
109108838689
97
Oilbear-ingcrops
21
2323211821
3427303647
5661929882
888491109100
115106104103116
128152147180159
172
Livestock and products
TotaP
77
7880818275
7277767985
8792102110105
10410110097103
107112112114117
120122121124130
129
Meatani-mals
77
7882838673
6674717788
8994108120108
10310110097103
109117117116121
127123119124134
132
Dairyprod-ucts
82
8486868785
8687868990
929610099101
10310210198101
101100100105107
108110111111111
112
Poul-tryandeggs
63
6563636259
5963636570
707789102102
106999896106
111116117120125
123136137145150
149
1 Farm output measures the annual volume of farm production available for eventual human use throughsales from farms or consumption in farm households. Total excludes production of feed for horses and mules.
2 Includes production of feed for horses and mules and certain items not shown separately.3 Includes certain items not shown separately.* Preliminary.Source: Department of Agriculture.
204
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TABLE C-68.—Selected measures of farm resources and inputs, 1929—60
Year
1929 .
19301931193219331934 .
19351936193719381939
1940 .1941 .. -_194219431944
19451946 .. -._19471948 .1949
1950 .1951195219531954
19551956195719581959
I9608
Croplandharvested(millionsof acres)1
Total
365
369365371340304
345323347349330
339342346356361
354351354356360
345344349348346
340326326328332
328
Exclu-sive ofuse forfeed forhorsesandmules
298
304303311281247
289269295301285
296302307319325
322322328332338
326326334335335
330317318321326
322
Live-stockbreed-ingunits(1947-49=100) 2
92
9293959898
8690878793
9594104117114
1081071039899
102103102100104
106104102100104
102
Man-hoursof
farmwork(bil-lions)
23.2
22.923.422.622.620.2
21.120.422.120.620.7
20.520.020.620.320.2
18.818.117.216.816.2
15.115.214.413.913.1
12.812.111.411.111.0
10.5
Index numbers of inputs (1947-49=100)
Total
98
9796939186
8889949194
9797101101101
999999100101
101104104103102
102102100101103
103
Farmlabor
138
137140135135121
126122132123123
122120123121120
11310810310097
9091868378
7672686666
63
Farmreal
estate 3
98
9694919291
9394959697
9898969493
939698101101
103104105105106
106105105106107
106
Me-chani-cal
powerandma-
chinery
53
5552484444
4548525555
5861666970
748089100111
118127133134135
136137138137141
(6)
Ferti-lizerandlime
36
3628192125
2935413941
4852586675
78929798105
118126139143152
156158163167188
(6)
Feed,seed,andlive-stockpur-
chases *
38
3732343433
3243404252
6365808890
1019710210197
101112113112115
120128130141145
(fl)
Miscel-laneous
96
96991009788
8487868992
9394959797
97989997104
108112112115115
120124122127133
(6)
1 Acreage harvested (excluding duplication) plus acreages in fruits, tree nuts, and farm gardens.2 Animal units of breeding livestock, excluding horses and mules.3 Includes buildings and improvements on land.* Nonfarm inputs associated with farmers' purchases.6 Preliminary.9 Not available.Source: Department of Agriculture.
205
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TABLE G-69.—Farm population, employment, and productivity, 1929-60
Period
1929....
1930....1931....1932....1933....1934....
1935....1936....1937-..1938....1939... .
1940.-.1941....1942—.1943—.1944....
1945—.1946—.1947—.1948—.1949—.
1950—.1951-..1952-..1953—1954—
1955—1956—1947—1958—1959—
19607..
Farm popu-lation
(April 1) i
Num-ber
(thou-sands)
30, 580
30, 52930, 84531, 38832, 39332, 305
32, 16131, 73731, 26630, 98030, 840
30, 54730, 27329, 23426, 68125, 495
25, 29526, 48327, 12425, 90325, 954
25, 05824, 16024, 28322, 67922,099
22, 43822, 36221, 60621, 38821, 172
(fi)
As per-cent oftotalpopu-
lation 2
25.1
24.824.825.125.825.5
25.324.824.223.823.5
23.122.721.719.518.4
18.118.718.817.717.4
16.515.715.514.213.6
13.613.312.612.312.0
(6)
Netmigra-tion to
andfromfarms(thou-sands) 3
-477
-61156607
-463-527
-799-834-661-545-703
-633-1,424-2, 975-1,563
-564
864151
-1,686-371
-1,314
-1, 302-271
-1, 996-962-25
-435-1,134
-576-548(«)
(6)
Farm employment(thousands) *
Total
12, 763
12, 49712, 74512, 81612, 73912, 627
12, 73312, 33111, 97811, 62211,338
10, 97910, 66910, 50410, 44610, 219
10,00010, 29510, 38210, 3639,964
9,9269,5469,1498,8648,639
8,3647,8207,5777,5257,384
7,118
Familyworkers
9,360
9,3079,6429,9229,8749,765
9,8559,3509,0548,8158,611
8,3008,0177,9498,0107,988
7,8818,1068,1158,0267,712
7,5977,3107,0056,7756,579
6,3475,8995,6825,5705,459
5,249
Hiredworkers
3,403
3,1903,1032,8942,8652,862
2,8782,9812,9242,8072,727
2,6792,6522,5552,4362,231
2,1192,1892,2672,3372,252
2,3292,2362,1442,0892,060
2,0171,9211,8951,9551,925
1,869
Farm output
Perunit
oftotalinput
Per man-hour
Total Crops Live-stock
Croppro-duc-tionper
acre 8
Live-stockpro-
ductionper
breed-ing
unit
Index, 1947-49=100
76
7482827770
8273878784
8588959396
969996
104100
100100104106107
111112114123122
125
54
5356565250
5753626464
6771787881
849192
104104
112114126131140
149158168188191
205
51
5054555048
5750606363
6771787679
859291
104105
114112125129138
148161180203203
218
76
7675757369
7073737679
8082889290
91949799
104
107114117120124
130136138144151
155
79
7583797159
7665888585
8890999296
9510195
10699
9798
104103101
106109112126122
130
84
8586858477
8486879191
9298989492
96949799
104
105109110114112
113117119124125
126
1 Farm population as defined by Department of Agriculture and Department of Commerce, i.e., civilianpopulation living on farms, both urban and rural, regardless of occupation, according to concept in" us eprior to 1960.
2 Total population of United States as of July 1, excluding Alaska and Hawaii; includes armed forces abroad.3 Net change for year beginning in April, estimated by Department of Agriculture. For 1940 and sub-
sequent years, includes inductions and enlistments into the armed forces, and persons returning from thearmed forces. For all years, includes persons who have not moved but who are in and out of the farm popu -lation because agricultural operations have begun or have ceased en the place where they are living.
4 Includes persons doing farm work on all farms. These data, published by the Department of Agri-culture, Agricultural Marketing Service, differ from those on agricultural employment by the Departmentof Labor (see Table O-17) because of differences in the method of approach, in concepts of employment,and in time of month for which the data are collected. For further explanation, see monthly report onFarm Labor, September 10,1958.
5 Computed from variable weights for individual crops produced each year.8 Not available.' Preliminary.Sources: Department of Agriculture and Department of Commerce.
206
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TABLE C-70.—Selected indicators of farming conditions, 7929-60
Year
1929
19301931193219331934
19351936193719381939
19401941194219431944
194519461947 . ...19481949
1950195119521953 . -.-1954
19551956195719581959
1960 8
Numberof farms(thou-
sands) 1
6,512
6,5466,6086,6876,7416,776
6,8146,7396,6366,5276,441
6,3506,2936,2026,0896,003
5,9675,9265,8715,8035,722
5,6485,5355,4215,3085,201
5,0874,9694,8564,7494,641
4,540
Value of production assets(dollars) 2
Current prices
Perfarm 1
(7)
(7)(7)(7)(7)(7)
(7)(7)(7)(7)(7)
6,0946,3407,4498,934
10,328
11,34612, 43514, 15415, 90617, 144
16, 97920, 43423, 20622, 94622, 592
23, 80625, 05527, 18329, 52233, 398
34, 648
Perfarm-
worker
(7)
(7)(7)(7)(7)(7)
(7)(7)(7)(7)(7)
3,4133,6344,3305,1795,935
6,6257,3708,0728,8909,466
9,62511, 39413, 17813, 31313, 256
14, 01814, 88616, 88018, 47720, 598
21, 303
1947-49 prices
Perfarm 1
(7)
(7)(7)(7)(7)(7)
(7)(7)(7)(7)(7)
13, 11813, 44414, 07614, 74815, 042
15, 10015, 15115, 36415, 50916,480
16, 97917, 74218, 42819, 00919, 631
20, 30621, 09121, 52022, 06823, 185
23, 921
Perfarm-
rworker
(7)
8(7)(7)(7)
(7)(7)(7)(7)(7)
7,3477,7068,1838,5498,644
8,8178,9808,7628,6789,100
9,6259,893
10, 46511, 02911, 519
11,95712, 53013, 36313,83114, 299
14, 707
Investmentduring year
in farm plantand equipment
(millions ofdollars)
Gross
966
717408194189376
560756903685774
8721,1991,202
9181, 488
1,5332,0353, 2454,3164,492
4,5944,8254,6964,7854,230
4,2293,8633,9554,5264,878
(7)
Nets
50
-238-448-540-455-274
-10428
107-148
-7
76325
-168-485
25
193811
1,6412,2572,064
1,8581,5991,2971,265
614
50714170
565753
(7)
Realestate
debt aspercentof value
(percent)4
20.3
20.121.524.527.523.9
22.821.720.319.819.9
19.618.917.014.311.2
9.27.87.26.96.9
7.47.07.07.58.2
8.48.89.19.09.0
9.5
Fore-closurerate per
1,000farms 5
15.7
18.728.438.828.021.0
20.318.114.313.412.5
10.46.14.33.01.9
1.51.11.01.21.4
1.51.61.31.72.0
2.32.01.71.61.6
(7)
Percentof allfarms
havingcentralstation
electricalservice 6
(7)
8(7)(7)(7)
10.912.315.819.122.1
30.434.938.340.342.2
45.754.361.068.678.2
77.284.288.190.892.3
93.494.294.895.496.0
97.0
1 Number of farms as estimated by the Department of Agriculture according to the 1954 Census defini -tion, with adjustment for Census underenumeration. The number of farms as reported by the Censusfor 1950, 1954, and 1959 is found in Table B-9. For further explanation of the difference between the twoseries, see Census of Agriculture, 1954, Volume II.2 Farm real estate less value of dwellings; livestock; crops held for feed; machinery; farm share of valueof automobiles; and demand deposits used for production. Data are for January 1.
8 Gross investment less depreciation and other capital consumption.* Data are for January 1.« Data are for year ending March 15 of the year following that indicated.« Data are for June 30, except for Census of Agriculture years: 1935 (January 1), 1940 (April 1), 1945
(January 1), and 1950 (April 1).7 Not available.8 Preliminary.
Source: Department of Agriculture.
207
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TABLE C-71.—Comparative balance sheet of agriculture, 1929-61
[Billions of dollars]
Beginningof period
1929
1930 .1931193219331934
19351936193719381939
1940 . _194119421943 .1944
1945 ___194619471948 .-.1949
19501951 _195219531954
19551956 - -19571958 .--1959
19601961 4
Assets
Total
68.4
53.055.162.573.383.8
93.1102.0113.9125.2132.1
130.8149.6165.6162.9159.7
164.7168.1176.3186.0202.3
203.6199.3
Realestate
48.0
47.943.737.230.832.2
33.334.335.235.234.1
33.634.437.541.648.2
53.961.068.573.776.6
75.386.896.096.694.7
98.8102.7109.5116.3125. 1
129.1125.0
Other physical assets
Live-stock
6.6
6.54.93.63.03.2
3.55.25.15.05.1
5.15.37.19.69.7
9.09.7
11.913.314.4
12.917.119.514.811.7
11.210.711.114.118.1
16.2
Ma-chin-eryand
motorvehi-cles
3.2
3.33.22.92.52.2
2.22.42.63.03.0
3.13.34.04.95.3
6.35.25.17.09.4
11.313.015.215.616.3
16.216.517.117.017.7
18.4
Crops i
2.5
2.73.03.85.16.1
6.76.37.19.08.6
7.67.98.89.09.2
9.68.38.37.69.3
8.0
House-holdfur-nish-ingsand
equip-ment2
4.0
4.34.34.54.64.6
4.74.85.46.27.0
7.88.79.5
10.210.8
11.411.912.412.813.1
13.5
Financial assets
Depos-its
andcur-
rency
3.6
3.23.54.25.46.6
7.99.4
10.29.99.6
9.19.19.49.49.4
9.49.59.49.5
10.0
9.1(3)
U.S.savingsbonds
0.2.4.5
1.12.2
3.44.24.24.44.6
4.74.74.74.64.7
5.05.25.15.15.2
5.2
Invest-mentin co-opera-tives
0.6
.8
.9
.91.01.1
1.21.41.51.71.9
2.12.32.52.72.9
3.13.33.43.63.8
4.1
Claims
Total
68.4
53.055.162.573.383.8
93.1102.0113.9125.2132.1
130.8149.6165.6162.9159.7
164.7168.1176.3186.0202. 3
203.6199.3
Realestatedebt
9.8
9.69.49.18.57.7
7.67.47.27.06.8
6.66.56.46.05.4
4.94.84.95.15.3
5.66.16.77.37.8
8.39.19.9
10.511.3
12.313.1
Otherdetit
5.0
3.43.94.14.03.5
3.43.23.64.26.1
6.97.07.98.89.3
9.59.89.69.7
12.0
12.012.6
Pro-prie-tors'equi-ties
53.8
43.044.752.063.374.9
84.894.0
105.4115.9120.7
118.3136.5151.0146.8142.6
146.9149.2156.8165.8179.0
179.3173.6
1 Includes all crops held on farms for whatever purpose and crops held off farms as security for CommodityCredit Corporation loans. The latter on January 1, 1960, totaled $499 million.
2 Estimated valuation for 1940, plus purchases minus depreciation since then.3 Not available.* Preliminary.Source: Department of Agriculture.
208
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INTERNATIONAL STATISTICS
TABLE C-72.—United States balance of payments, 1955-60 1
[Millions of dollars]
Type of transaction
Recorded transactions other than changesin monetary gold stock and in liquidliabilities:
United States payments: Total
Imports of goods and services: Total. _
Merchandise, adjusted- _. _ _TransportationTravelMiscellaneous servicesMilitary expenditures.Income on investments:
Private _Government
Unilateral transfers, net: Total
Government grantsRemittances and pensions
United States capital, net: Total
Private, net: Total. .-
Direct investments, netNew issuesRedemptionsOther long-term, netShort-term, net
Government, net: TotalLong-term capital, outflow...RepfiymfvptsShort-term, net
United States receipts: TotaL
Exports of goods and services: Total. -
Merchandise, adjustedTransportationTravel - -Miscellaneous services __Military transactionsIncome on investments:
Direct investmentsOther privateGovernment _ _
Foreign long-term investments inthe United States, net
Balance on recorded transactions [netreceipts or net payments (—)]._
Unrecorded transactions— errors and omis-sions [net receipts or net payments(— )]
Increase in liquid liabilities to foreign coun-tries and international institutions
United States gold sales or purchases (— )
1955
21, 944
17, 937
11, 5271,2041,153
7282,823
40894
2,486
1,901585
],521
1,211
779128
-190303191
310383
-416343
20, 349
20, 003
14, 2801,420
6541,001
204
1,912258274
346
-1,595
446
1,108
41
1956
25, 846
19, 829
12, 8041,4081,275
8072,955
426154
2,398
1,733665
3,619
2,990
1,859453
-174324528
629545
-479563
24, 235
23, 705
17, 3791,642
7051,210
158
2,120297194
530
-1,611
643
1,274
-306
1957
27, 374
20, 923
13, 2911,5691,372
8733,165
452201
2,318
1,616702
4,133
3,175
2,058597
-179441258
958993
-659624
27, 094
26, 733
19, 3901,999
7851,306
372
2,313363205
361
-280
748
330
-798
1958
27, 206
21, 053
12, 9511,6361,460
9183,412
537139
2,338
1,616722
3,815
2,844
1,094955
-85574306
9711,176-544
339
23, 349
23, 325
16, 2631,672
8251,347
296
2, 198417307
24
-3, 857
380
1,202
2,275
1959
28, 621
23, 560
15, 3151,7841,610
9313,090
549281
2,402
1,623779
2 2, 659
2,301
1,310624
-9437289
235821,018-1,013
353
24, 012
23, 464
16, 2251, 649
9021,343
297
2,235467346
548
-4, 609
783
2 3, 095
2731
January-September
1959
21, 460
17, 598
11, 3291,3611,287
7032,338
395185
1,739
1,163576
2 2, 123
1,528
945496
-69301
-145
25952771-531
355
17, 516
17, 096
11, 8971,240
7041,008
222
1,492342191
420
-3, 944
557
2 2, 728
2659
1960
22, 485
17, 832
11,2331,5011,436
6682,290
440264
1,813
1,196617
2,840
2,093
911436
-69202613
747795
-436388
20, 229
19, 893
14, 2771,323
7651,003
293
1,656374202
336
-2, 256
-339
1,814
781
1 Excludes transfers of goods and services under military grant programs.2 Excludes $1,375 million for increase in United States subscription to the International Monetary Fund,
of which $344 million was paid in gold and $1,031 million in non-interest-bearing notes.
Source: Department of Commerce.
209
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TABLE C—73.—Major U.S. Government foreign assistance, by type and by area, total postwarperiod and f seal years 1957-60
[Fiscal years, billions of dollars]
Period
Total, netTotal postwar ! _ _1957195819591960
Investment in four interna-tional financial institutions 2
Total postwar ! _ _19571958 .-1959I960
Under assistance programs, netTotal postwar *1957195819591960
Net grants of military suppliesand services
Total postwar J
1957195819591960
Other aid, netTotal postwar l
195719581959I960
Net grants (less conver-sions)
Total postwar *1957195819591960
Net credits (including con-versions)
Total postwar *1957195819591960
Other assistance (throughnet accumulation of for-eign currency claims) *
Total postwar l
195719581959I960 _.-
Total
80.04.74.86.04.2
4,9(3)
1.4.1
75. 14 74 84.64. 1
26.52 32.32.22 0
48 62 42.52 42.1
34.01.71.51.61.6
12 1-.2
.6
.6
. l
2.6.9.3.2.4
WesternEurope
(excludingGreece
andTurkey)
39.61 51.1.74
39.61 51 1.74
14 21 2.8.7g
25 43
.4(3)
-.3
16 9.32
. 11
7 8-.3
.2-.1— 4
.6
.3(3)(3)
— . 1
Near East(including
Greeceand
Turkey)and South
Asia
11.11. 11.31.51 5
11. 11 i1.31.51 5
4.24
.6
.54
6.97
.7
.91.1
4 3.33
.5
.4
1 4(3)
. 1
.23
1.2.4.2.2.3
OtherAfrica
0.51
. l
. 12
51112
(3)(3)(3)
(«)(3)
.5(3)
. 1
. 1
.2
2(3)(3)
. 11
3(3)
(3)(3)(3)
(3)
(3)
(3)(3)
Far Eastand
Pacific
17.91 71 71.51 5
17.91 71 71.51 5
7.278
.87
10 61 i.9.7.7
9 6.8.8.7.7
81
.1
. 1(3)
.3
.2(3)
(»)(3)
AmericanRepub-
lics
3 02463
3 024
.63
5111
(3)
2 52
.36
.2
8. l1
. l1
1 5(3)
2. 51
2(3)(3)(3)
. 1
Interna-tional or-ganiza-
tions andunspeci-fied areas
8 012
1 63
4 9(3)
1 41
3 11222
3(3)(3)
(»)(3)
2 81222
2 2. l1
. l1
4(3)(3)(3)(3)
2
11
. l
1 Fiscal years 1946-60.2 Inter-American Development Bank, International Bank for Reconstruction and Development, Inter-
national Finance Corporation, and International Monetary Fund.s Less than $50 million.< Other assistance (net) represents the transfer of United States farm products in exchange for foreign
currencies, less the U.S. Government's disbursements of the currencies as grants, credit, or for purchases.
Source: Department of Commerce.
210
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TABLE G—74.—United States merchandise exports and imports, by economic category, 194Q and1955-60
[Millions of dollars]
Category
Domestic exports : Total 1 _
AgriculturalNonagricultural
Food and drugsAgricultural foodstuffs _..Nonagricultural foodstuffsDrugs and medicinals
Industrial supplies and materialsCotton, tobacco, and other ag-
ricultural -. _-Nonagricultural industrial ma-
terials
Capital equipmentMachinery and related itemsCommercial t r a n s p o r t a t i o n
equipmentSpecial category 2
Consumer goods, nonfood
Government military sales and un-classified
General imports: Total
Industrial supplies and materialsPetroleum and productsNewsprint and paper base
stocksMaterials associated with non-
durable goods outputSelected building materials (ex-
cluding metals)All other industrial supplies and
materials (associated mainlywith durable goods output)
Food and beverages
Materials associated with farm pro-duction
Consumer goods, nonfood
Capital equipment (including ag-ricultural machinery)
All other and unclassified
1949
11, 789
3,5788,211
2,5042,259
48197
4, 850
1,319
3,531
3,3792,289
926164
851
205
6,622
3,727485
670
991
143
1,438
2,004
286
410
107
88
1955
14, 165
3,19810, 967
2,2852,014
44227
6,068
1,184
4,884
4,2422,818
1,213211
1,247
323
11, 384
6,5221,034
984
1,275
493
2,736
3,018
350
1,064
256
174
1956
17, 183
4,17013, 013
2,9962,708
42246
7,361
1,462
5,899
5, 2423,523
1,470249
1,274
310
12,615
7,2991,282
1,093
1,321
487
3,116
3,086
365
1,260
368
237
1957
19, 316
4,50614, 810
3,0302,704
42284
8,630
1,802
6,828
5,9063,986
1,643111
1,287
463
12, 982
7,2011,534
1,032
1,301
407
2,927
3,175
380
1,524
412
290
1958
16, 185
3,85412, 331
2, 8332,517
38278
6,418
1,337
5,081
5,2553,590
1,427238
1,243
436
3 12, 834
6,5881,612
989
1,163
435
2,389
3,354
366
1,701
481
377
1959
16, 156
3,95112, 205
3,0802,751
44285
6,161
1,200
4,961
5,2603,599
1,371290
1,255
400
15,212
8,0261,532
1,087
1,549
603
3,255
3,362
369
2,425
614
416
January-September
1959
11,861
2,7659,096
2,2702,027
30213
4,449
738
3,711
3,9152,691
1,015209
925
302
11, 250
5,8801,146
793
1,162
459
2,320
2,602
283
1,731
447
307
1960
14, 260
3,40410, 856
2,4442,210
29205
5,812
1,192
4,620
4,6952,966
1,391338
938
371
11,174
5,8321,125
814
1,158
425
2,310
2,424
272
1,860
466
320
1 Excludes military aid shipments of supplies and equipment under the Mutual Security Program,1955-60; in 1949, excludes military shipments under the Greek-Turkey and the China military aid programs.
2 Excludes Government military cash sales.3 Total adjusted to exclude $33 million of the value reported by economic category.Source: Department of Commerce.
211
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TABLE C-75.—United States merchandise exports and imports, by area, 1949 and 7955-60
[Millions of dollars]
Area
Exports (including reexports) :Total*
CanadaOther Western Hemisphere..Western EuropeOther EuropeAsiaOceaniaAfrica
General imports: Total
CanadaOther Western Hemisphere..Western EuropeOther EuropeAsiaOceaniaAfrica
1949
11, 560
1,9282,8203,980
651,997
176594
6,622
1,5122,483
90972
1,184125338
1955
13, 838
3,2353,4034,187
112,121
270612
11, 384
2,6533,6C92,391
621,876
174619
1956
16, 901
4,0163,9935,173
172,781
245677
12,615
2,8943,9622,890
731,996
203598
1957
18, 868
3,9134,8305,697
913,375
280683
12, 982
2,9074,1413,078
691, 985
216587
1958
15, 823
3,4224,3184,466
1172,648
243610
212,834
2,6854,0503,297
681,997
209561
1959
15, 779
3,7273,7444,488
962,729
322673
15, 212
3, 0414,0404, 523
842,596
338590
January-October
1959
12, 918
3,1333,1123, 562
812,213
251566
12, 452
2,4613,3533, 661
732, 139
288478
1960
15, 458
3,1163,1355,118
1542,920
385631
12, 331
2,4323,3363,514
702,284
238457
1 Excludes special category items.2 Total adjusted to exclude $33 million of the value reported by *
Source: Department of Commerce.
212
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TABLE C-76.—Estimated gold reserves and dollar holdings of foreign countries and internationalinstitutions, 1949 and 1956-60
[Millions of dollars; end of period]
Area and country
Total
Continental Western Europe _ _ _. _.Austria _ _BelgiumFrance _ _Germany __ItalyNetherlandsScandinavian countries (Sweden, Norway,
Denmark, and Finland)SwitzerlandOther
United Kingdom
Canada
Latin AmericaArgentinaBrazilChile. ._ColombiaCubaMexico . _Peru... _UruguayVenezuela ._ _ _Other
Asia _JapanOther
All other countries
International institutions
1949
18, 677
6,10192
820713149564370
3942,067
932
2,027
1,516
3,07841851010113846327082
236517343
2,008356
1,652
679
3,268
1956
32, 489
14, 008377
1,0541,5573,3431,270
983
8822,6431,899
3,015
2,986
4,314370550138210514604119260
1,061488
3,4001,1492,251
1,231
3,535
1957
32, 565
14, 683460
1,053944
4,1131 533
957
9802,8131,830
3,080
3,180
4,54426345711621552556988
2361,556
519
2,937716
2,221
1,222
2,919
1958
36, 543
17, 244612
1,3911,2944,4072 2091,399
1,1212,8531,958
3,917
3,438
4,12321046414024145256596
2621,215
478
3,2511,0952,156
1,199
3,371
1959
42, 232
19, 255630
1 2791,9804,6403 1181,634
1 1192,9911,864
3,813
3,611
4,016393479228288296587111242934458
4,0021,5662,436
1,309
6,226
1960
Sep-tember i
45, 342
20 408523
1 2472 2906,013
2 3 0151,660
9632,8631,834
4,865
3 984
3,754455461179242171500
97245800604
4,2681,9862,282
1,264
6,799
1 Preliminary.2 Includes latest available figure (July 31) for gold reserves.NOTE. Includes gold reserves and dollar holdings of all foreign countries with the exception of gold
reserves of U.S.S.R., other Eastern European countries, and Communist China, and of international in-stitutions (International Bank for Reconstruction and Development, International Monetary Fund,United Nations and others). Holdings of the Bank for International Settlements and the EuropeanPayments Union/European Fund and the Tripartite Commission for Restitution of Monetary Goldare included under "other" Continental Western Europe.
Source: Board of Governors of the Federal Reserve System.
213
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TABLE C-77.—Price changes in international trade, 1955-60
[1953=100]i
Area or commodity class
Area:
Developed areas:Exports -Terms of trade 2
Underdeveloped areas:ExportsTerms of trade 2
Latin America:ExportsTerms of trade 2
Latin America excluding petro-leum:
Exports . -.Terms of trade 2
Commodity class: 3
Manufactured goodsNonferrous base metals
Primary commodities' TotalExcluding crude petroleum
FoodstuffsCoffee, tea, cocoaCereals
Other agricultural commoditiesPats oils oilseedsTextiles
Wool
MineralsMetal ores
1955
9898
102105
99103
97101
99119
10099
9610387
102929586
102103
1956
10199
101102
9999
9798
103123
101100
9710086
101999287
109110
1957
10498
10198
9694
9491
106100
102101
989783
101959798
114107
1958
101102
9798
9090
8585
10690
9694
949482
90947869
108100
18
Firstquar-
ter
99103
9497
8586
7980
10698
9291
898181
89997062
10599
59
Thirdquar-ter
99104
9396
8384
7980
10698
9493
898079
95947779
10299
Firstquar-
ter
101104
9597
8585
8080
109105
9494
877679
98998177
102101
1960
Secondquar-
ter
100105
9596
8484
8079
109104
9393
867578
98938277
101101
Thirdquar-
ter
100105
Q495
8484
7979
109102
9392
897778
93937769
101101
1 Data shown for area groups and for manufactured goods are unit value indexes. All others are priceindexes.2 Terms of trade indexes are unit value indexes of exports divided by unit value indexes of imports.
* Manufactured goods indexes are for exports. Primary commodities indexes are for exports and importscombined.
NOTE.—Data exclude trade of Soviet area and Communist China.
Source: United Nations.
214U.S. GOVERNMENT PRINTING OFFICE: 1961 0—576899
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