ERP1961 Appendixes 3

Appendix C

STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION

121

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


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

123


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

124


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.

125



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).

127


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


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.

128


TABLE C-2.—Gross national product or expenditure, in 1960 prices, 1929-60 l—Continued


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


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.

129


TABLE C—3.—Gross private and government product, in current and 1960 prices, 7929-60


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


TABLE C-4. —Gross national product or expenditure, in 1954 prices, 1929-60l


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


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


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).


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


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


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


132


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


TABLE C-6.—Gross national product: Receipts and expenditures by major economic groups,7929--60


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


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


134


TABLE C-6.—Gross national product: Receipts and expenditures by major economic groups,1929-60— Continued


Period

1929

19301931 _ . .193219331934

19351936193719381939

19401941194219431944

19451946194719481949 _.

1950 _ _19511952 . .1953 _.1954

19551956195719581959I9604


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


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.


135Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE C-7.—Personal consumption expenditures, 7929-60


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


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.



136


TABLE C-8.—Gross private domestic investment, 1929-60


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


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.



137


TABLE G-9.—National income by type of income, 1929-60


Period

1929193019311932 .1933... .19341935193619371938.1939... ...1940...194119421943.. _ . . ..194419451946 ...194719481949 ..... ..19501951195219531954 . . . ....1955195619571958. .- ._ _19591960S

1958: 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


TABLE G-10.—Relation of gross national product and national income, 1929-60


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


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.



139


TABLE C—11.—Relation of national income and personal income, 1929-60


Period

1929

19301931193219331934

1935 _.1936 .19371938 .1939... .-

19401941 _ _.194219431944

19451946194719481949

19501951 .. -195219531954

19551956195719581959

I9601

1958' 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


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,


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


I4O


TABLE C-12.—Sources of personal income, 1929-60


Period

1929

19301931193219331934

19351936193719381939 . ..

19401941194219431944

1945 . .1946194719481949

1950195119521953 ..1954

19551956195719581959

I960* _



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


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.


141


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


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.



142


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...


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


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


TABLE G—15.—Financial saving by individuals, 1939-60l


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


TABLE C-16.—Sources and uses of gross saving, 1920-60


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


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


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


146


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


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


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. -


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.


148


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.


576899 0—61- -11 «49


TABLE C—20.—Unemployed persons, by duration of unemployment, 7946-60

Period

Old definitions: »

1946194719481949 -

19501951.195219531954

19551956

New definitions: »

1957 -19581959

I9604 -


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


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.


150


TABLE C-21.—Unemployment insurance programs, selected data, 1940-60

Period

19401941194219431944

19451946 _1947 _19481949

19501951195219531954

19551956195719581959

I960*

1959: JanuaryFebruaryMarchAprilMayJune _


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.


576899 0—61- -12


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


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


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


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


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.


156


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.


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.


157


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.


158


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


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


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


160


TABLE C-29.—Industrial production indexes, 1947-60—Continued

11957=100]

Period

194719481949

19501951195219531954

1955195619571958 .1959

I9602

1959: 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


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


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


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


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


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


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


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


TABLE C-35.—Manufacturers' sales, inventories, and orders, 1939-60


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.


576899 0—61- -13167


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


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


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


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.


169


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


170


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).


171


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.


172


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


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.


173


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


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


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


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.™


177


TABLE C-43.—Bond yields and interest rates, 1929-60—Continued

[Percent per annum]

Period

1959: January.FebruaryMarchAprilMayJune -_



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


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


TABLE C—45.—Instalment credit extended and repaid, 1946-60


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


TABLE C-46.—Mortgage debt outstanding, by type of property and of financing, 1939-60


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.


Source: Board of Governors of the Federal Reserve System, estimated and compiled from data suppliedby various Government and private organizations (except as noted).

181


TABLE C-47.—Net public and private debt, 1929-60l


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.


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).

l82


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.

183


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).

184


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


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


TABLE C-51.—Federal budget receipts and expenditures ana the public debt^ 1929-62


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.


Sources: Treasury Department and Bureau of the Budget.

186


TABLE C-52.—Federal budget receipts by source and expenditures by Junction, fiscal years 1946-62


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


TABLE C-53.—Government cash receipts from and payments to the public, 7946-62


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


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


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.


Sources: Treasury Department, Bureau of the Budget, Department of Commerce, and Council of Eco-nomic Advisers.

188


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


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.



189


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


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


CORPORATE PROFITS AND FINANCE

TABLE C-57.—Profits before and after taxes, all private corporations, 7929-W


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


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,


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


192


TABLE C-56.—State and local government revenues and expenditures, selected fiscal years 1927-59


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).


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


First quarterSecond quarterThird quarterFourth quarter. . .

1958:First quarterSecond quarterThird quarterFourth quarter. _ _


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


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..


First quarterSecond quarter..Third quarter. __Fourth quarter. .

1959:First quarterSecond quarter..Third quarter....Fourth quarter..

1960:First quarterSecond quarter..Third quarter...


First quarterSecond quarter _.Third quarter. ..Fourth quarter..

1958:First quarterSecond quarter. .Third quarter. ..Fourth quarter..


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


194


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



First quarterSecond quarterThird quarterFourth quarter


1960:First quarterSecond quarterThird quarter


First quarterSecond quarterThird quarterFourth quarter —



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


TABLE C-60.—Sources and uses of corporate funds, 1949-60l


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


TABLE G-61.—Current assets and liabilities of United States corporations, 1939-60l


End of period

1939

1940194119421943 -1944

19451946

194719481949

195019511952 - .19531954 -

195519561Q5719581959


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.


Source: Securities and Exchange Commission.

197


TABLE C-62.—State and municipal and corporate securities offered, 1934-601


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.


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


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.


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


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)


(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


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


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


202


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


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


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


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


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


TABLE C-71.—Comparative balance sheet of agriculture, 1929-61


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


INTERNATIONAL STATISTICS

TABLE C-72.—United States balance of payments, 1955-60 1


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.


209


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.


210


TABLE G—74.—United States merchandise exports and imports, by economic category, 194Q and1955-60


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


TABLE C-75.—United States merchandise exports and imports, by area, 1949 and 7955-60


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 *


212


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


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


Documents

ERP1961 Appendixes 3