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Appendix B
STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION
2OI
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CONTENTSNational income or expenditure: Page
B-l. Gross national product or expenditure, 1929-61 207B-2. Gross national product or expenditure, in 1961 prices, 1929-61 208B-3. Gross national product or expenditure, in 1954 prices, 1929-61 210B-4. Gross national product by major type of product, 1947-61 212B-5. Gross national product by major type of product, in 1954 prices,
1947-61 213B-6. Implicit price deflators for gross national product, 1929-61 214B-7. Gross national product: Receipts and expenditures by major economic
groups, 1929-61 216B-8. Gross private and government product, in current and 1961 prices,
1929-61 218B-9. Personal consumption expenditures, 1929-61 219B-10. Gross private domestic investment, 1929-61 220B-ll . National income by type of income, 1929-61 221B-12. Relation of gross national product and national income, 1929-61.. . . 222B-l 3. Relation of national income and personal income, 1929-61 223B-14. Sources of personal income, 1929-61 224B-l 5. Disposition of personal income, 1929-61 226B-l 6. Total and per capita disposable personal income and personal con-
sumption expenditures, in current and 1961 prices, 1929-61 227B-l 7. Financial saving by individuals, 1939-61 228B-18. Sources and uses of gross saving, 1929-61 229
Employment, wages, and productivity:B-l 9. Noninstitutional population and the labor force, 1929-61 230B-20. Employment and unemployment, by age and sex, 1942—61 232B—21. Employed persons not at work, by reason for not working, and special
groups of unemployed persons, 1946—61 . 233B-22. Unemployed persons, by duration of unemployment, 1946-61 234B—23. Unemployment insurance programs, selected data, 1940-61 235B-24. Number of wage and salary workers in nonagricultural establishments,
1929-61 236B-25. Average weekly hours of work in selected industries, 1929-61 238B-26. Average gross hourly earnings in selected industries, 1929-61 239B—27. Average gross weekly earnings in selected industries, 1929-61 240B—28. Average weekly hours and hourly earnings, gross and excluding over-
time, in manufacturing industries, 1939—61 241B—29. Average weekly earnings, gross and spendable, in manufacturing
industries, in current and 1961 prices, 1939-61 242B—30. Labor turnover rates in manufacturing industries, 1930—61 243B-31. Indexes of output per man-hour and related data, 1947-61 244
Production and business activity:B—32. Industrial production indexes, market groupings, 1947—61 245B—33. Industrial production indexes, industry groupings, 1947-61 246B-34. Business expenditures for new plant and equipment, 1939 and 1945—62. 248B-35. New construction activity, 1929-61 249
203621876 O-62-14
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Production and business activity—Continued PageB-36. New public construction activity, 1929-61 250B-37. Housing starts and applications for financing, 1929-61 251B—38. Sales and inventories in manufacturing and trade, 1939—61 252B-39. Manufacturers' sales, inventories, and orders, 1939—61 253
Prices:B-40. Wholesale price indexes, 1929-61 254B-41. Wholesale price indexes, by stage of processing, 1947-61 256B-42. Consumer price indexes, by major groups, 1929-61 258B-43. Consumer price indexes, by special groups, 1935-61 259
Money supply, credit, and finance:B-44. Money supply, 1947-61 260B-45. Loans and investments of all commercial banks, 1929-61 261B-46. Federal Reserve Bank credit and member bank reserves, 1929-61.. . . 262B-47. Bond yields and interest rates, 1929-61 263B-48. Short- and intermediate-term consumer credit outstanding, 1929—61.. 265B-49. Instalment credit extended and repaid, 1946-61 266B-50. Mortgage debt outstanding, by type of property and of financing,
1939-61 " 267B-51. Net public and private debt, 1929-61 268
Government finance:B-52. U.S. Government debt, by kind of obligation, 1929-61 269B-53. Estimated ownership of U.S. Government obligations, 1939-61 270B—54. Average length and maturity distribution of marketable interest-bear-
ing public debt, 1946-61 271B-55. Federal budget receipts and expenditures and the public debt, 1929-63. 272B-56. Federal budget receipts by source and expenditures by function, fiscal
years 1946-63 273B-57. Government cash receipts from and payments to the public, 1946-63 . 274B-58. Government receipts and expenditures in the national income ac-
counts, 1929-61 275B-59. Federal Government receipts and expenditures in the national income
accounts, 1946-61 276B—60. 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 1959-63 277
B-61. State and local government revenues and expenditures, selected fiscalyears, 1927-60 278
Corporate profits and finance:B-62. Profits before and after taxes, all private corporations, 1929—61 279B—63. Relation of profits after taxes to stockholders' equity and to sales,
private manufacturing corporations, by industry group, 1958—61. . . 280B—64. Relation of profits before and after taxes to stockholders' equity and
to sales, private manufacturing corporations, by asset size class,1958-61 282
B-65. Sources and uses of corporate funds, 1950-61 283B-66. Current assets and liabilities of United States corporations, 1939-61. . 284B-67. State and municipal and corporate securities offered, 1934-61 285B-68. Common stock prices and earnings and stock market credit, 1939-61. 286B-69. Business population and business failures, 1929-61 287
204
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Agriculture: PageB-70. Income from agriculture, 1929-61 288B-71. Indexes of prices received and prices paid by farmers, and parity ratio,
1929-61 289B-72. Farm production indexes, 1929-61 291B-73. Selected measures of farm resources and inputs, 1929-61 292B-74. Farm population, employment, and productivity, 1929-61 293B-75. Comparative balance sheet of agriculture, 1929-62 294
International statistics:B-76. United States balance of payments, 1956-61 295B-77. Major U.S. Government foreign assistance, by type and by area,
total postwar period and fiscal years 1958-61 296B-78. United States merchandise exports and imports, by economic category,
1949 and 1956-61 297B-79. United States merchandise exports and imports, by area, 1949 and
1956-61 298B-80. Estimated gold reserves and dollar holdings of foreign countries and
international organizations, 1949 and 1956-61 299B-81. Price changes in international trade, 1954-61 300
Note.—Detail in these tables will not necessarily add to totals because ofrounding.
Data for Alaska and Hawaii are not included unless specifically noted.Unless otherwise noted, all dollar figures are in current prices.
205
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NATIONAL INCOME OR EXPENDITURE
TABLE B-l.—Gross national product or expenditure, 1929-61
[Billions of dollars]
Year orquarter
Totalgrossna-
tionalprod-uct
192919301931193219331934193519361937193819391940194119421943194419451946194719481949
195019511952195319541955195619571958195919601961 «_—
104.491.176.358.556.065.072.582.790.885.291.1
100.6125.8159.1192.5211.4213.6210.7234.3259.4258.1284.6329.0347.0365.4363.1397.5419.2442.8444.5482.8504.4521.2
Per-sonalcon-
sump-tionex-
pendi-tures1
79.071.061.349.346.451.9
56.362.667.364.667.671.81.989.7
100.109.8121.7147.1165.4178.3181.
195.0209.8219.8232.6238.0256.9269.9285.2293.2314.0328.9339.2
Gross private domestic invest-ment2
Total
16.210.35.5
1.42.96.38.4
11.76.79.3
13.218.19.95.67.1
10.428.131.543.133.0
50.056.349.50.348.963.867.466.156.672.472.469.5
New construc-tion
8.76.24.01.91.41.72.33.34.44.04.85.56.63.72.32.73.8
11.015.319.18.824.24.825.527.629.34.935.536.135.540.240.741.8
2.11.6.6.5.6
1.01.61.92.02.7
3.03.51.7
1.14.87.5
10.19.6
14.112.512.813.815.4
18.17.17.018.022.321.1
IO
5.14.12.41.21.01.11.31.72.52.02.1
2.53.12.01.412.76.37.79.39.2
10.112.312.713.814.3
16.217.819.017.417.9
20.5
5.84.52.81.61.62.33.14.25.13.64.25.56.94.34.05.47.7
10.716.718.917.218.921.321.322.320.823.127.228.523.125.927.525.
1.2
1.7- . 4
- 1 . 3- 2 . 6- 1 .- 1 . 1
1.02.2
- . 9.4
2.24.51.8
- . 8- 1 . 0- 1 . 1
6.4- . 54.7
- 3 . 16.8
10.23.1.4
- 1 . 65.84.1.6
- 2 . 0
4.22.0
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 . 4
4.99.03.53.8
.62.41.3
- . 41.01.12.94.91.2
4.0
Government purchases of goodsand services
Total
9.29.28.18.09.8
10.011.811.712.813.314.124.859.788.696.582.930.528.434.40.239.060.576.082.875.3
75.679.086.593.597.1
100.1108.6
Federal
Total
1.31.41.51.52.03.02.94.84.65.35.26.2
16.952.081.289.074.820.615.619.322.219.338.852.958.047.545.345.749.752.653.552.9
57.2
i1.31.41.51.52.03.02.94.84.65.3
1.3 3.92.2
13.849.680.488.675.918.811.411.613.614.333.946.449.341.2
39.140.444.444.846.2
I iStateandlocal
7.27.87.76.66.06.87.17.07.27.58.27.97.87.77.47.58.19.9
12.715.217.919.721.723.224.927.730.333.236.840.843.647.251.4
1959: IIIIll—-IV—.
1960: IIII I I—IV.—
1961: IIIIII.—IV 6...
Seasonally adjusted annual rates
472.2488.5482.3488.3501.5506.4505.1504.5500.8516.1525.8542.0
305.8313.6316.5320.0323.8329.9329.7332.3330.7336.1341.0349.0
70.479.168.271.878.974.670.565.659.868.873.276.0
39.041.241.039.640.940.740.440.739.641.342.743.5
21.923.522.621.321.521.221.020.519.320.622.123.2
17.117.718.418.319.319.519.420.220.420.720.620.3
24.326.326.626.627.128.627.726.724.224.726.028.0
7.111.7
. 75.6
10.95.42.4
- 1 . 9- 4 . 0
2.84 54! 5
- 0 . 6- 1 . 7
- . 5(5)
1.82.33.05.1
5.33.92.64.0
96.797.598.196.596.999.6
101.9101.6105.0107.3109.0113.0
53.253.954.152.951.852.954.053.054.756.657.459.9
45.946.546.345.945.545.545.445.747.248.849.051.6
7.77.98.37.5
6.97.99.17.9
8.08.38.98.9
0.5.5.5.5
.6
.6
.6
.6
.5
.5
.6
.6
43.543.644.043.645.046.848.048.650.350.651.653.2
1 See Table B-9 for major components.2 See Table B-10 for further detail and explanation of components.3 For 1929-45, net exports of goods and services and net foreign investment have been equated, since foreign
net transfers by Government were negligible during that period. See Table B-7 for exports and importsseparately.
* This category corresponds closely to the national defense classification in the Budget of the United StatesGovernment for the Fiscal Year ending June 30, 1963. See also Table B-56.
s Less than $50 million,fi Preliminary estimates by Council of Economic Advisers.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
207
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TABLE B-2.—Gross national product or expenditure, in 1961 prices, 1929—61 1
[Billions of dollars, 1961 prices]
Year or quarter
1929
19301931193219331934 - - .
1935 . - . .1936193719381939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719.581959
I96019616
1959: IIIIIII V
I960: IIIIIIIV
1961: IIIIII -
Totalgross
nationalproduct
209.8
190.3175.9149.8146.3160.3
175.6200.5210.9201.5218.1
236.8275.8315.3355.2381.1
373.8325.4324.9337.5338.3
366.5396.5411.7430. 6422.0
455.1464 8473.6466.1497.3
511.1521.2
490.3504. 4495.2499.4
511.5514.2510. 6508.0
502.9516.9525.0540.2
Personal consumptionexpenditures
Total
142.8
134.3130.2118.5115.7121.6
129.1142.1147.1144.6152.7
160.8171.4167.9172.3178.6
190.9213.8217.4221.6227.3
241.0243.2249.6261.5265.0
284.7294.2302.1304.7322.4
332.7339.2
316.3322.8324.1326.4
329.3333.9333.1334.2
331.7336.7340.6347.8
Dura-ble
goods
15.7'
12.510.88.28.09.1
11.313.914.611.814.1
16.218.711.59.99.1
10.420.524.626.027.8
34.030.830.135.034.3
41.940.240.837.643.3
44.242.3
41.544.144.043.8
44.644.943.244.0
39.842.142.345.2
Non-durablegoods
70.6
67.266.861.559.763.7
67.274.977.578.883.0
86.892.694.597.4
101.7
109.7116.4113.9113.7115.0
118.1120.3124.4128.0129.1
135.7140.9143.4144.2150.2
153.4155.6
Services
56.5
54.652.548.748.048.8
50.553.355.154.055.7
57.860.161.965.067.8
70.976.978.982.084.4
88.992.195.198.5
101.6
107.2113.0117.9122.9128.9
135.1141.2
Gross private domestic investment
Total
42.4
29.118.05.25.79.9
18.725.931.718.826.2
34.643.722.413. 515.0
20.850.850.859.447.4
66.969.360.961.659.1
75.074.670.059.273.5
73.069.5
New construction
Total
25.5
18.913.37.45.66.3
8.211.513.812.314.7
16.518.59 55.45.9
8.221.124.227.527.1
33.131.631.5go e36.0
41.039 238.637.641.4
41.141.8
Resi-dentialnon-farm
1*2
6.05.02.51.92.2
3.65.45.86.08.0
8.69.24.22.01.7
2.28.6
11.313.413.2
18.215.115.016.018.1
21.319.118.019.122.8
21.121.3
Seasonally adjusted annual rates
148.0150.7150.6151.5
152.5154.6153. 6152.9
153.2154.3156.3158.8
126.8128.0129.5131.2
132.3134. 4136.3137.3
138.7140.4142.0143.8
72.180.269.072.6
80.175.070.666.3
60.268.973.075.9
40.742.542.040.4
41.541.140.741.1
40.041.442.543.4
22.724.123.021.6
21.721.221.020.6
19.420.622.023.2
Other
15 3
13.08.34.93.84.1
4.66.17.96.36.8
7 99.35 33.34.2
6.012.512.914.113.9
14 916.516.517.518.0
19.720.220.618.618.6
20.020.5
18.018.419.018.9
19.819.919.720.5
20.620.720.520.2
Produc-ers'
durableequip-ment
13.5
10.77.24.34.56.1
8.211.212.78.8
10.3
13.315.69.08.4
11.1
15.519.626.427.624.1
25.926.726.527.425.3
27.430.329.923.625.9
27.525.7
24.426.226.426.6
27.228.427.626.9
24.224.726.028.0
Changein busi-ness
inven-tories
3 4
— 6- 2 . 5—6 5- 4 . 4- 2 . 4
2.33.25.3
- 2 . 31.1
4 99.63 9
- . 3- 2 . 0
- 2 . 810.1
24.2
- 3 . 8
7 911.02.9.8
- 2 . 2
6.65 01.5
- 2 . 16.2
4.42.0
7.011.5
.65.5
11.45.42.3
- 1 . 7
- 4 . 02.84.54.5
See footnotes at end of table, p . 209.
208
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T A B L E B—2.—Gross national product or expenditure, in 7961 prices, 1929—61 *—Continued
[Billions of dollars, 1961 prices]
Year or quarter
1929.
193019311932.19331934.
1935.1936193719381939.
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961
1959: I....II...III-IV..
1960: I....II...III-IV..
1961: I-..II...III..IV «.
Netexportsof goodsand
services2
1.1
.4
.2- . 3- . 1
- 1 . 3- 1 . 5- . 91.61.0
1.9.2
- 2 . 3-6 .0-6 .1
-4 .85.09.53.13.8
1.43.62.6.4
2.3
2.54.35.71.5
3.74.0
Government purchases of goods and services
Total
23.4
25.927.325.925.228.8
29.234.032.936.538.2
39.560.5
127.3175.4193. 6
166.855.847.253.4
57.280.498.7
107.195.6
92.991.895.8
100.6101.6
101.8108.6
Federal
Total a Nationaldefense 3 *
4.34.74.96.78.8
8.513.112.314.614.0
16.739.1
107.8157.6176.2
149.035.924.629.132.2
27.550.067.874.860.5
55.453.055.056.655.8
53.857.2
(5)
8()()
3.46.0
31.8102.3154.8173.1
147.028.116.116.719.4
20.143.359.263.252.0
47.446.448.747.747.6
45.748.6
Other
()10.6
10.77.35.52.93.1
2.17.88.5
12.412.8
7.46.78.6
11.68.5
8.06.66.38.98.2
8.18.5
State andlocal
Seasonally adjusted annual rates
- 0 . 6-1 .4
2.63.03.65.6
5.33.82.64.0
102.4102.8102.299.5
99.5102.3103.2101.9
105.7107.5108.8112.5
56.256.756.154.3
53.154.454.653.0
54.956.957.259.9
48.048.447.446.6
46.046.245.445.1
46.848.548.351.0
8.28.38.67.6
7.18.29.27.9
8.08.48.98.9
19.7
21.622.621.018.520.0
20.621.020.722.024.2
22.821.419.517.717.4
17.819.922.524.327.7
29.730.431.032.335.0
37.538.740.844.045.8
48.051.4
46.246.146.145.2
46.447.948.648.9
50.850.651.652.7
1 These estimates represent an approximate conversion of the Department of Commerce series in 1954prices. (See Tables B-3 and B-6.) This was done by major components, using the implicit price indexesconverted to a 1961 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. Income andOutput, A Supplement to the Survey of Current Business, 1958.
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.
3 Net of Government sales, which are not shown separately in this table. See Table B-l for Governmentsales in current prices.
* See footnote 4, Table B-l. 8 Preliminary estimates by Council of Economic Advisers.8 Not available separately. 7 Less than $50 million.NOTE.—Data for Alaska and Hawaii included beginning 1960.Sources: Department of Commerce and Council of Economic Advisers.
2 0 9
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TABLE B-3.—Gross national product or expenditure, in 1954 prices, 1929-61l
[Billions of dollars, 1954 prices]
Year or quarterTotalgross
nationalproduct
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..
I960-.1961«.
1959: I — .II—III..IV..
1960: I —II—III..IV..
1961: I.—II—III..IV».
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
318.1341.8353.5
363.1
392.7400.9408.6401.3428.4
440.8448.9
Personal consumptionexpenditures
Total
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
256.0264.3271.2273.2289.3
298.3303.8
Dur-able
goods
14.9
11.810.3
7.87.58.6
10.713.113.811.213.3
15.317.610.9
9.48.6
9.819.423.324.626.3
32.129.228.533.132.4
39.638.038.535.541.0
41.840.0
Non-durable
goods
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
125.4130.3132.6133.3138.8
141.8143.9
Serv-ices
48.0
46.444.641.440.841.5
42.945.346.845.947.2
49.151.152.655.257.6
60.205.367.069.671.7
75.578.280.883.786.3
91.096.0
100.1104.4109.5
114.. 7119.9
Gross private domestic investment
TotalTotal
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
55.957.750.450.6
62.561.758.149.061.1
60.657.6
New construction
20.9
15.410.96.04.65.1
6.79.4
11.310.112.2
13.615.37.84.44.8
17.319.922.722.3
27.426.026.027.629.7
33.932.331.831.134.3
33.934.5
Resi-dentialnon-farm
8.7
5.14.22.11.61.9
3.14.65.05.1
7.37.93.61.71.4
1.87.39.6
11.411.2
15.512.912.813.615.4
18.216.215.316.219.4
18.018.1
Other
12.2
10.46.63.93.03.2
3.64.96.35.05.4
6.37.44.22.73.4
4.810.010.311.211.1
11.913.213.214.014.3
15.716.116.514.814.8
16.016.4
Pro-ducers'durableequip-ment
Seasonally adjusted annual rates
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
22.721.2
Changein busi-
nessinven-tories
3.0
- . 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
- 1 . 55.5
4.01.9
422.1434.4426.6430.7
441.0443.4440.2438.4
433.2445.5451.8465.2
283.8289.7290.8292.8
295.4299.5298.6299.6
297.0301.6305.0311.6
39.241.741.641.4
42.142.540.841.6
37.639.839.942.7
136.8139.3139.2140.0
140.9142.9142.0141.3
141.6142.6144.5146.8
107.7108.8110.0111.4
112.4114.2115.8116. 6
117.8119.2120.6122 2
59.966.957.360.4
66.662.358.654.9
49.657.360.462.9
33.735.234.733.4
34.333.933.633.9
32.934.135.135.9
19.320.519.618.3
18.418.117.917.5
16.517.6J8.719.7
14.414.715.115.1
15.915.915.716.4
16.416.616.416.2
20.121.621.721.9
22.423.422.722.1
19.920.321.423.1
6.210.1
.85.0
9.94.92.3
- 1 . 1
-3.22.93.94.0
See footnotes at end of table, p. 211.
2 I O
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—3.—Gross national product or expenditure, in 1954 prices, 7929-67 J—Continued
[Billions of dollars, 1954 prices]
Year or quarter
1929. ._ _
19301931193219331934
19351936193719381939
19401941. . . .194219431944 .
194519461947.19481949. - _
19501951.19521953.1954
1955 _ _.1956 . -1957.19581959
19601961 s
1959: II IIII .IV . .
1960: I .III I II V
1961: IIIHIIV «
Net exports of goods andservices 2
Netexports
0.2
.2- . 3- . 3—.8- . 6
-1 .9-2 .2-1 .6
.8
.3
1.1- . 6
- 2 . 9-6 .6-6 .7
-5 .63.88.02.02.3
.22.21.2
- . 91.0
.92.53.8
—.2- 2 . 1
1.72.0
Exports
11.1
9.98.46.86.86.9
7.37.79.39.39.5
10.510.67.66.77.4
9.815.819.214.715.1
14.517.316.916.417.5
19.222.424.421.422.2
25.325.5
Imports
10.9
9.78.77.17.77.5
9.29.8
10.98.59.2
9.411.310.513.214.1
15.312.011.112.812.4
14.215.115.717.316.5
18.319.820.6-21.624.3
23.623.5
Government purchases ofgoods and services
Total
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
73.272.375.579.380.1
80.285.6
Federal3
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
43.541.743.244.543.9
42.345.0
Stateand local
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
29.730.632.234.836.2
38.040.7
Grossprivate
product
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
360.4368.2375.4367.9394.6
406.1413.1
Seasonally adjusted annual rates
-2 .2-3 .2-1 .9- . 9
.61.01.63.5
3.31.9.6
2.0
21.121.523.223.1
24.525.425.426.1
25.724.525.226.5
23.424.625.124.0
23.924.423.722.6
22.422.624.524.6
80.781.080.578.4
78.480.681.380.3
83.384.785.788.7
44.244.644.042.7
41.742.742.941.6
43.144.745.047.1
36.536.436.535.8
36.737.838.438.7
40.240.040.841.7
(6)(6)(6)(6)( 6 )
(6)(8)(8)
(6)
(6)(6)
1 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. See Table B-6 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.4 Gross national product less compensation of general government employees; i.e., gross product accruing
from domestic business, households, and institutions, and from the rest of the world.8 Preliminary estimates by Council of Economic Advisers.• Not available.NOTE.—Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce (except as noted).
2 1 1
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B-4.—Gross national product by major type of product, 1947-61
[Billions of dollars]
Year or quarter
1947.1948.1949.
19501951195219531954
19551956195719581959
I960.1961 i
1959:IIIIIIIV
1960:IIIIIIIV
1961:IIIIIIIV i
Totalgrossna-
tionalprod-uct
234.3259.4258.1
284.6329.0347.0365.4363.1
397.5419.2442.8444. 5482.8
Finalsales
Inven-tory
change
234.8254.7261.1
277.8318.7343.9364.9364.8
391.7414.5441.2446.5476.5
504.4 500.2521.2 519.2
-0.4.7
-3.1
6. 8 163.10.23.1
4.2.0
Goods output
Total
- 0 . 5 143. 8 144. 3157.0 152.3149. 3 152. 4
.6191.8198.2
. 4 206. 9197.4
5.8 217.2 211.4. 7 227. 6 223.1. 6 238. 2 236.
- 2 . 0 229. 4 231. 46.3 250. 3 244. 0
2 258,
156.8181.6195.2206.4199.0
i. 5 254. 3258.9 256.9
- 0 . 54.7
- 3 . 1
6.810.23.1
.4- 1 . 6
5.84.71.6
- 2 . 06.3
4.22.0
Durablegoods
47.449.47.9
60.774.475.679.71.6
84.389.694.580.494.9
46.048.949.9
56.767.574.578.974.1
81.386.793.483.391.3
96.7 94.392.8 92.7
96.4. 9 107. 2
101.5
1.4.9
-2.1
Nondurablegoods
4. 0 102. 9 100.16.9 117.41. 2 122. 120. 7
'. 0 127. 5- 2 . 5 125. 9 125.0
9 127.
3.0 13?. 92. 8 138.11.0 143.
-2.3. 6 155. 4
149.0
2. 5 161. 8. 2 166. 0 164. 2
103.4102.4
114.1
130.2136.2143.2148.1152.8
160.0
-1.83.8
-1.0
.5
1.8
71.878.183.5
2.8 89.83. 3 102. 91.9 112.3l
- . 5 119.5.9 124.1
2. 7 133. 41. 8 143. 3
154. 59 164. 2
2. 6 176. 2
1.8 203.5 58.8
18.724.325.2
31.234.236.439.041. 6
46.948.250.150.956.3
189.3 56.6
Seasonally adjusted annual rates
472.2488.5482.3488.3
501.5506.4505.1504.5
500.8516.1525. 8542.0
465.2476.8481.6482.7
490.5501.0502.7506.4
504.!513.2521.3537.5
7 247.
10.'5.2.
-1.1
245. 4 238. 3256. 2 244. 6
. 8 247.1.. 7 246.1
9 261.
9 252.
- 4 . 0 245.7 249.2. 8 257.1
5 261.. 4 256. 95 271.2 266.6
8 250.93 256. 92 254. 88 254.
254.3
7.111.7
.75.6
10.95.42.4
- 1 . 9
93.5L01.191.693.4
102.5
,9.5
-4.02.84.54. 5 102. 6
90.996.1
92.493.690.9
93.196.394.2
92.699.3
5.8.
- 2 . 0 156.22.4
4 1518 155.
158.3
9.4 159.33.
162.6- 3 . 8 163.2
164.1- . 3 166.23. 5 165. 33.3 168.5 167.3
150.2152.2153.5
157.8160.6160.6161.3
162.;163.0164.3
1. 7 170. 72.2. 7 177. 63. 2 182. 2
1.51.52.2.
183.8187.7
.20 191
1. 8 197.3.1. 0 205.1.3 209.9
56.258.156.954.4
55.856.456.7
57.257.959.261.0
1 Preliminary estimates by Council of Economic Advisers.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
2 1 2
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-5.—Gross national product by major type of product, in 1954 prices, 1947-61 l
[Billions of dollars, 1954 prices]
Year orquarter
194719481949
19501951195219531954
1955195619571958.1959
19S01961 2
1959:IIIIIIIV
1960:
III —-I- .IIIIV
1961:IIIIIIIV 2
Totalgrossna-
tionalprod-uct
282.3293.1292.7
318.1341.8353.5369.0363.1
392.7400 9408.6401.3428.4
440.8448.9
Finalsales
282.4288. 7296.3
310.9332.1350.9368.5364.8
386.6396.4406.9402.8422.9
436.8447.1
Inven-tory
change
-0 .14.4
-3 .6
7.29.72.6
.5- 1 . 6
6.14.51.6
- 1 . 55.5
4.01.9
Total
Totalgoods
-0.1 163.3167.7
-3.6 162.3
177.6191.196.207.197.4
216.9221.4223.4211.5228.6
234.6233.6
Finalsales
Inven-tory
change
163.4163.4165.9
170.4182.0194.2207. 2199.0
210.8217.0221.7213.1223.1
230.6231.
-0.14.4
-3.6
7.29.72.6.5
-1.6
6.14.51.
-1 .55.5
4.01.9
Goods output
Durable goods
Total
55.855.451.9
65.374.675.180.871.6
83.184.985.57182.9
84.780.9
Finalsales
54.354.54.3
61.067.473.979.874.1
80.182.384.574.179.8
82.480.8
Inven-tory
changeTotal
1.5.8
-2.4
4.37.11.21.0
-2.5
3.02.71.0
-2.43.1
2.3
107.5112.3110.5
112.3117.1121.8126.9125.9
133.8136.5137.9139.8145. 7
150.0152.
Finalsales
109.2108.8111.6
109.4114.5120.3127.4125.0
134.7137.2139.0143.3
148.31519
goods
Inven-tory
change
-1 .63.5
- 1 . 2
2.92.61.5
5.9
3.11.8
. 7
. 82.4
1.71.8
Serv-ices
94.797.2
100.7
105.0114.2119.8122. 5124.1
130.2135.5141.2145.2151.7
158.7166.3
Con-struc-tion
24.328.229.7
35.436.036.938.841.6
45.643.944.044.548.1
47.549.1
422.1434.4426.6430.7
441.0443.4440.2438.4
433.2445. 5451.8465.2
416.0424.3425.8425.6
431.1438. 5437.9439.5
436.5442.6447.9461.3
6.210.1
. 85.0
9.94.92.3
- 1 . 1
- 3 . 22 93.94.0
224.9234.0226.0229.4
238.3237.9233.3228.9
221.9232.5235.4244.5
Seasonally adjusted annual rates
218.7223.9225.1224.4
228.4233.0231.1230.0
225. 2229.7231.6240.5
6.210.1
. 85.0
9.94.92.3
-1 .1
- 3 . 32.93.94.0
82.188.279.681.6
89.787.482.579.0
71.479.483.589.3
77.580.781.379.6
81.483.982.182.0
76.579.680.586.5
4.67.5
- 1 . 72.0
8.33.5
.4- 3 . 0
-5 .1_ 23^02.8
142.8145.8146.4147.8
148.7150.6150.8149.8
150.5153.2151.9155.2
141.3143.2143 9144.8
147.0149.1148 9148.0
148 7150.0151.0154.0
1.52.62.53.0
1.61.51.91.9
1.83.1
.91.2
148.7150.5152.3155.2
155.6158.0159.4161.6
163.2164.7167.1170.0
48.549.948.446.0
47.147.447.447.9
48.048.349.250.7
1 For explanation of conversion of estimates in current prices to those in 1954 prices, see U.S. Income andOutput, A Supplement to the S'irvey of Current Business, 1958.
2 Preliminary estimates by Council of Economic Advisers.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
213
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-6.—Implicit price deflators for gross national product, 7929-67
[Index numbers, 1954=100]
Year or quarter
1929 - . .-_
193019311932 .19331934
1935 - -1936193719381939
19401941 __.194219431944
1945194619471948 •_ _1949
19501951 .19521953 - --1954 _
1955 ._1956 _-_195719581959
19601961 2
1959* IIIIIIIV
I960* III.IIIIV . -
1961* IIIIIII V 2
Grossnational
prod-uct 1
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
101.2104.6108.4110.8112.7
114.4116.1
111.9112.4113.0113.4
113.7114.2114.7115.1
115.6115 8116.4116.5
Personal consumptionexpenditures
Total
61.6
59.052.646.544.847.6
48.649.150.949.849.2
49.753.159.565.068.6
71.076.584.689.588.7
89.996.098.099.0
100.0
100.4102.1105.1107.3108.6
110.3111.6
107.8108.3108.8109.3
109.6110.1110.4110.9
111.3111.4111.8112.0
Dur-able
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
100.1101.3104.7104.9106.3
106.1105.8
105.9106.7106.8105.7
106.1106.8106.5105. 2
104.9105.7105.9106.6
Non-durablegoods
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
99.5100.9103.9106.3106.1
107.5108.2
105.9105.8106.1106.6
106.8107.3107.5108.3
108.5108.1108.2108.0
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
101.7104.1107.0109.4112.5
115.2117.7
110.9112.1113.0114.0
114.5114.9115.4116.1
116.8117.4118.1118.7
Gross private domesinvestmenti
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
103.1109.8113.5114.2117.4
119.8121.1
115.8117.0118.1118.5
119.2119.9120.0120.0
120.3121.0121.7121.4
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
103.0109.0111.2111.2114.9
117.1117.5
113.3114.5115.6116.1
116.8117.4117.3116.9
116.6117.2118.0117.9
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 7117.6120.7
122.8125.1
119.3120 4121.3121.5
122.0122.7123.1123.4
124.1125.0125.9125.6
tic
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 7118.9121.5
121.5121.5
120.9121 6122.3121.2
121.4121.9121.9120.8
121.6121.5121.5121.4
See footnotes at end of table, p. 215.
2 1 4
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-6.—Implicit price deflators for gross national product, 1929—61—Continued
[Index numbers, 1954= 100]
Year or quarter
1929
1930 _19311932 .19331934
19351936 _ -_19371938. _.1939
19401941194219431944_
1945.1946.1947. . - -._19481949 - . .
1950.1951- .195219531954
195519561957 . . . _19581959
19601961 2
1959: I .IIIII _IV
1960: I - . - - - - - -IIIII __-IV .
1961: IIIIIIIV 2.
Exports and imports ofgoods and services *
Exports
63.1
55.043.236.235.243.0
44.746.048.946.546.9
51.256.164.968.173.3
75.380.893.498.692.7
90.3103.3103.0101.0100.0
100.7103.4107.4105.9103.9
105.2107.3
104.73,03.7103.2104.1
104.7105.2105.5105.6
107.1107.8107.1107.0
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
100.099.4
97.396.497.7
100.0
100.0100.2100.399.4
99.599.599.399.3
Government purchasesand 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
103.3109.2114.6117.9121.3
124.8126.8
119.8120.3121.9123.0
123.6123.6125.3126.5
126.1126.6127.1127.5
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. 3122.0
125.2127.2
120.4120.8122.9124.0
124.2123.7125.8127.4
127.0126.8127.6127.3
of goods
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 2108.6114.2117.3120.3
124.2126.5
119.0119.7120.7122.0
122.9123.5124.9125.6
125.1126.4126.6127.7
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.
2 Preliminary estimates by Council of Economic Advisers.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
215
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B—7.—Gross national product: Receipts and expenditures by major economic groups1929-61
[Billions of dollars]
Year or quarterDis-pos-ableper-
sonalincome
1929.
19301931. - . .1932..19331934
193519361Q37l r38 . - . -1939 . - - .
1940.1941 . . . .194219431944
194519461947.--- --1948 - -.1949
1950-..-1951195219531954
1955.. .1956195719581959
1960 - - - --1961*
1959: I . . . .I I - .III..IV..
1960: I.—II...III..IV..
1961: I—.II__.III..IV*
Persons
83.1
74.463.848.745.752.0
58.366.271.065.770.4
76.193.0
117.5133 5146.8
150.41P0. 6170.11«9.3189.7
207.7227.523$. 7252.5256.9
274.4292.9308.8317.9337.3
351.8364.9
Per-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
195.02,09.8219.8232.6238.0
256.9269.9285.2293.2314.0
328.9339.2
Per-sonal
savingor dis-saving
4.2
3.42.5
2.03.63.71.12.9
4.211.127.833.0
28.713.54.7
11.08.5
12.617.718.919.818.9
17.523.023.624.723.4
22.925.7
Business
Grossre-
tainedearn-ings i
11.5
5.22.72.64.9
6.36.57.87.88.3
10.411.514.116.317.2
15.613.118.926.627.6
27.731.533.234.335.5
42.143.045.644.850.7
51 7»54.2
Grossprivate
do-mesticinvest-ment
16.2
10.35.5
.91.42.9
6.38.4
11.76.7
13.218.19.95.67.1
10.428.131.543.133.0
50.056.349.9£0.348.9
63.867.466.156.672.4
72.469.5
Excessof re-ceiptsor in-vest-ment
For-eignnet
trans-fers by
gov-ern-
ment 2
- 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 .9-21 .7
- 2 0 . 73
International
()0.3
.11.63.2
2.82.11.51.61.4
1.51.51.51.31.5
1.61.6
Net exDorts of goodsand services 2
Netexports
.7
.2
.2
.2
.4
- . 1- . 1
.11.1
1.51.1
- . 2- 2 . 2- 2 . 1
- 1 . 44.99.03.5
2.41.3
- . 41.0
1.12.94.91.2
- . 7
3.04.0
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
19.423.126.222.723.1
26.727.3
Im-ports
6.3
4.83.42.32.32.5
3.33.64.53.23.5
3.84.85.16.87.5
7.98.9
11.010.2
12.515.516.117.016.5
20.221.321.5
23.623.4
Seasonally adjusted annual rates
Excessof
trans-fers ornet ex-ports
329.8338.4338.7342.3
345.7352.7354.4354.9
354.3361.8367.7375.6
305.8313.6316.5320.0
323.8329.9329.7332.3
330.7336.1341.0349.0
23.924.822.322.3
21.822.824.622.7
23.725.826.826.6
49.352.149.851.4
52.051.951.851.2
50.353.954.8
70.479.168.271.8
78.974.670.565.6
59.868.873 276.0
-21 .1-27 .0-18 .4-20 .4
-27 .0-22 .7-18 .7-14 .4
- 9 . 5-14 .9-18 .4
(7)
1.51.41.31.9
1.51.61.51.6
1.61.51.71.5
- 0 . 6- 1 . 7—. 5(6)
1.82.33.05.1
5.33.92.64.0
22.122.324.024.1
25.626.726.827.6
27.626.427.028.4
22.724.024.524.0
23.924 423.822.4
22.322.524.324.4
- 0 . 8
- . 7- . 2- . 2- . 2- . 4
.1;1
- . 1- 1 . 1
- 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
.12.3
- 1 . 5- 2 . 4
2.23.11.81.9
- . 2- . 7
- 1 4
-3 .7-2 .4
-2 .5
See footnotes at end of table, p . 217.
2 l 6
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—7.—Gross national product: Receipts and expenditures by major economic groups,7929-61—Continued
[Billions of dollars]
Year or quarter
192919301931193219331934
1935193619371938193919401941194219431944
19451946194719481949
19501951 .19521953195419551956195719581959.
19601961 *
1959: I .IIIIIIV
1960: IIIIIIIV
1961: IIIIIIIV *
Government
Receipts
Netre-
ceipts
9.5
8.96.46.46.77.4
8.08.9
12.311.211.2
13.321.028.344.444.6
43.134.641.642.837.0
47.266.672.275.768.5
78.484.287.582.094.9
102.05102. 4
Taxandnon-
tax re-ceiptsor ac-cruals
Trans-fers,inter-est,andsub-
sidies 3
11.3
10.89.5
10.5
11.412.915.415.015.4
17.725.032.649.251.2
53.251.157.159.256.4
69.385.590.694.990.0
101.4109.5116.3115.1129.3
139.15143. 6
Pur-chases
ofgoodsandserv-ices
1.83.12.52.63.1
3.44.13.13.84.2
4.44.04.34.86.5
10.116.515.416.519.4
22.118.918.419.221.5
23.025.328.733.134.4
37.141.2
Expenditures
Totalex-
pendi-tures
8.5
9.29.28.18.09.8
10.011.811.712.813.3
14.124.859.788.696.5
82.930.528.434.540.2
39.060.576.082.875.3
75.679.086.593.597.1
100.1108.6
Trans-fers,
inter-est,andsub-
sidies 3
10.2
11.012.310.610.712.8
13.315.914.816.617.5
18.528.864.093.4
103.1
92.947.043.851.059.5
61.179.494.4
102.096.7
98.6104.3115.3126.6131.6
137.2149.8
Sur-plus ordeficit i(-) onincome
andprod-uctac-
count
1.83.12.52.63.1
3.44.13.13.84.2
4.44.04.34.86.5
10.116.515.416.519.4
22.118.918.419.221.5
23.025.328.733.134.4
37.141.2
1.0
- . 3- 2 . 8- 1 . 7- 1 . 4- 2 . 4
- 2 . 0- 3 . 0
.6- 1 . 6- 2 . 1
-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 . 2
1.9- 6 . 2
Totalincomeor re-ceipts
Statis-ticaldis-
crep-ancy
104.2
92.175.457.755.064.2
72.781.691.084.889.9
99.8125.4160.0194.2208.6
209.1208.6230.7260.3257.5
285.3327.7345.6364.1362.3
396.5421.6443.4446.0484.5
507.15 523.0
Grossna-
tionalprod-uct
or ex-pendi-
ture
0.3-1 .0
- . 21.1
- . 2.5
1.2
-1 .72.84.52.13.5
- . 8.5
- . 71.21.41.3.9
1.0-2 .4- . 6
-1 .5- 1 . 7-2 .6
s-1.7
104.491.176.358.556.065.072.582.790.885.291.1
100.6125.8159.1192.5211.4213.6210.7234.3259.4258.1284.6329.0347.0365.4363.1397.5419.2442.8444.5482.8504.4521.2
Seasonally adjusted annual rates
92.697. 495.394.
103.103.101.99.
97.100103
(7)
44147
170
126.3131.3129.3130.4139.4140.0138.8138.3
136.9141.9145.4
(7)
33.833.934.036.0
36.036.837.438.6
39.841.242.341.7
96.797.598.196.596.999.6
101.9101.6
105.0107.3109.0113.0
130.4131.4132.1132.5132.9136.5139.3140.2
144.8148.5151.3154.8
33.833.934.036.0
36.036.837.438.6
39.841.242.341.7
- 4 .—
-2*.- 2 .
1180
6.53.
—- L
- 7 .
559
9- 6 . 6- 6 .
(7)0
473.1489.3485.1490. 1
502.5509.3509. 1507.4
503.4517.9527.3
(7)
- 0 .—
-2.- 1 ._ ]
-2.- 4 .- 2 .
- 2 .- 1 .- 1 .
(7)
99881909
685
472.2488.5482.3488.3501.5506.4505.1504.5500.8516.1525.8542.0
1 Undistributed corporate profits, corporate inventory valuation adjustment, capital consumption allow-ances, and excess of wage accruals over disbursements.2 For 1929-45, foreign net transfers by Governrrent were negligible; therefore, for that period, net exportsof goods and services and net foreign investment have been equated.3 Government transfer payments to persons, foreign net transfers by Government, net interest paid bygovernment, and subsidies less current surplus of government enterprises.4 Preliminary estimates by Council of Economic Advisers.5 Data for corporate profits are approximations for the year as a whole; data for fourth quarter are notavailable. All other data incorporating or derived from these figures are correspondingly approximate.
« Less than $50 million.' Not available.NOTE.—Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce (except as noted).
217
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B—8.—Gross private and government product, in current and 1961 prices, 1929—61
[Billions of dollars]
Year
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-
1960..1961 «.
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
397.5419.2442.8444.5482.8
504.4521.2
Gross private product l
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. 5382.8403.8402.6438.6
457.1470.4
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
19.619.319.421.319.9
20.821.0
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
343.9363.5384.5381.2418.7
436.3449.4
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
34.036.438.942.044.1
47.350.8
Totalgrossna-
tionalprod-uct
209.8
190.3175.9149.8146.3160.3
175.6200.5210.9201.5218.1
236.8275.8315.3355.2381.1
373.8325.4324.9337.5338.3
366.5396.5411.7430.6422.0
455.1464.8473.6466.1497.3
511.1521.2
1961 pricej5*
Gross private product1
Total
195.1
174.9160.3134.5129.9141.4
155.4176.8188.6177.3193.7
211.6244.5269.8283.8298.6
292.9283.0292.6305.1304.4
331.3352.9364.6384.0376.1
409.3418.4426.4418.6449.3
461.9470.4
Farm *
15.8
14.516.915.915.713.0
15.813.516.917.117.1
16.818.019.618.018.5
17.417.616.218.517.6
18.617.318.018.719.5
20.520.119.820.019.9
20.921.0
Non-farm
179.3
160.4143.4118.7114.2128.4
139.6163.2171.6160.2176.6
194.9226.5250.2265.8280.1
275.5265.4276.4286. 6286.8
312.8335.5346.6365.3356.6
388.8398.3406.7398.5429.4
441.1449.4
Grossgov-ern-
mentprod-uc t 3
14.7
15.415.615.316.418.9
20.223.722.324.224.4
25.131.345.571.482.5
80.942.432.332.434.0
35.243.747.146.645.9
45.846.447.247.548.0
49.250.8
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.
3 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 in 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.
* See footnote 1, Table B-2.5 Preliminary estimates by Council of Economic Advisers.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
2 l 8
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—9.—Personal consumption expenditures, 1929-61
[Billions of dollars]
Year or quarter
1929
19301931193219331934
19351936193719381939 __.
19401941194219431944
19451946194719481949
195019511952 _.19531954
1955195619571958.1959
19601961 <
1959: I__II.IIIIV
1960: I..II.IIIIV
1961: I..II.IIIIV
Totalper-
sonalcon-
sump-tionex-
pend-itures
79.0
71.061.349.346.451.9
56.362.667.364.67.6
71.981.989.7
100.5109.
121.7147.1165.4178.3181.2
195.0209.8219.8232.6238.0
256.9269.9285.2293.2314.0
328.9339.2
Durable goods
To-tal
9.2
7.25.53.63.54.2
5.16.36.95.76.7
7.89 77.06.6
8.115.920.622.724.6
29.1
32.4
40.4
1.08.7
6. 3 11. 07.4 11.99.8 11.5
13.0 14.029. 5 11. 6 14. 2
11.0 14.32. 9 14.0 14. 7
39. 6 18. 3 16. 638. 5 15. 8 17. 4
17.137.3 13.917.443. 5 18.1 18.9
44.3 18.618.842.3 16. 8 18.5
4.6
13. 4 14. 8
17.4
Nondurable goods
To-tal
37. 7 19. 5
34.0 18.028.9 14. 722. 8 11. 422. 3 10. 926. 7 12.2
29.3 13.632.35.34.35.
32. 8 15, 22 16. 4
34.0 15. 671 15.
3.73. 9 115.14.1
37.243.51.59.365. 4 30. 6 14. 6
16.7L41.7
27.
2 19.3 23.
73. 2 34.1 16. 584. 8 40. 7 18. 293. 4 45. 8 18. 898. 7 48. 2 20.196. 6 46. 4 19. 3
8 47. 4 19.6110.1 53.4 21.1
55. 8 21. 9118.0 56.6 21.9
4. 3 119. 3 57. 7 21. 9
2 23.424.5
4. 8 124. 8 59.5. 3 131. 4 62. 25. 8 137. 7 65. 2 25. 46.0141.6 67.4 25.7 10.6.6 147.3 68.4 27.4
6.9 152.4 70.2 28.17.0 155. 6 71.9 28.4
7.48.8
11.08 13.
2. 2 10.1
2.3
1.4
3.6
10.812.3
1. 3 16. 718.7
1. 8 20. 83.0 22. 9
25.24. 4 26.05.0 25. 9
5. 4 27. 46.0 29. 56. 7 30. 77. 5 31. 88. 0 31. 7
11.6 42.511.8 43. 6
Services
32.1 11.4
29.26.922.920.721.0
21.923.525.125.025.8
8 11
26.929.31.34.737.
40.46.451.4
8.8 33.4 92.5 30.79. 6 35. 2 100. 0 32. 7
10. 4 36. 7 107.1 35. 2i. 5 38.0 114.3 37.7
11.0 40. 123.2
141.2
.010.39.07.97.6
7.67.98.48.89.0
9.30
1.811.3
9
0 105 10.
7 11
4 12.13.815.6
56. 9 17. 660. 0 19. 3
64.9 21.270. 2 23. 275. 6 25. 481. 8 27. 586. 3 29.1
132.2 42.244.5
4.0
3.93.53.02.83.0
3.23.43 73.63.8
4.04.34.85.25.9
6.6.77.47.8.4
9.310.110.811.712.1
13.514.815.816.9
39.9 18.1
19.621.1
2. 6 14.0
2 12.9 11.
9 10.;9.41.3
2.0 11.11. 9 10. 72.0 11.0
6.1
1.7.2
9.38.58.8
11.412.313.114.716.3
0 17.4.15.15. 5 23.06. 0 25. 4
520.8
6.2
6. 3 28.19 29.4 32.
6.17. <8.0 34.67.9 37.1
8. 3 39.9S. 6 43. 89.0 47.0
50.610.0 55.2
10.510. 8 64.9
Seasonally adjusted annual rates
305.8313.6316.5320.0
323.8329.329.7332.3
330.7336.1341.0349.0
41.6 17.2 18.044.5 19.018.944.4 18.443.7 17.6 19.3
44.7 18. 8 19.145.3 19.3 19.043.4 17.8 18. 743.818.618.3
39. 4 14.8 17.842.0 16.7 18.342.3 16.4 18.845.5 19.2 19.2
19.2
6.3 144. 9 68. 0 26.5 10. 7 39.7 119. 4 39.3 17. 56.5 147.3 68.5 27.810.6. 7 147. 7 68.2 27.6 11.1 40.8 124.4 40.16.8149.3 68.9 27.8 11
6. 7 150.5 69.17. 0 153.
6.8 153.1
3 70.5 28.6.9 152.7 70.0 28.3 11
28.1
9 40.2121.9 39.817.8140.1 41.
3 11
9.5 53.29. 8 54. 5
18.210.2 55.85 127.0 40.518.9 10.2 57.3
71.127.7 11.8 42.4 135.4 43.1
6.8 153.7 71.0 27.9 11.7 43.1 17.0 154.1 71.3 27.611.7 43.57. 0 156.2 72.4 28.6 11.8 43. 4 142.4 44.8 21.2 10.9 65.57.1 158. 5 72. 8 29. 6 11.9 44.2 145. 0 45. 5 21. 6 11. 0 (
11.4 41.9 128.6 41.1].642.91. 6 42.8 133.6 42. 7 19.7 10. 5 60. 8
19. 2 10.4 57.9131.2 41.919.5 10.5 59.3
L 137.5 43. 6 20.6 10. 5 62. 8i. 5 139.9 44.2 20.9 10. 7 64.1
20.0 10.5 61.7
1 Quarterly data are estimates by Council of Economic Advisers.2 Includes standard clothing issued to military personnel.3 Includes imputed rental value of owner-occupied dwellings.* Preliminary estimates by Council of Economic Advisers.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
621876 O-62-15 219
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B—10.—Gross private domestic investment, 1929-61
[Billions of dollars]
Year orquarter
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..
1960..1961 <_.
1959: II I . . . .I I I . . .IV. __
1960: II I . . . .III.
1961:I I . . . .I I I . . .IV <__
Totalgross
privatedomes-tic in-vest-ment
16.2
10.35.5.9
1.42.9
6.38.4
11.76.7
13.218.19.95.67.1
10.428.131.543.133.0
50.056.349.950.348.9
63.867.466.156.672.4
72.469.5
Fixed investment
Total
70.479.168.271.8
78.974.670.565.6
59.868.873.276.0
14.6
10.66.83.53.04.0
5.47.49.57.68.9
11.013.68.16.48.2
11.521.831.938.436.0
43.246.146.849.950.5
58.162.764.658.666.1
68.267.5
New construction l
Total
8.7
6.24.01.91.41.7
2.33.34.44.04.8
3.72.32.7
11.015.319.518.8
24.224.825.527.629.7
34.935.536.1-35.540.2
40.741.8
Resi-dential
non-farm
3.6
2.11.6.6.5.6
1.01.61.92.02.7
3.03.51.7
1.14.87.5
10.1
14.112.512.813.815.4
18.717.717.018.022.3
21.121.3
Other 2
Total
5.1
4.12.41.21.01.1
1.31.72.52.02.1
2.53.12.01.41.9
2.76.37.79.39.2
10.112.312.713.814.3
16.217.819.017.417.9
19.620.5
Non-farm
4.8
3.92.31.2.9
1.0
1.21.62.31.81.9
2.22.81.71.21.6
2.55.46.37.87.7
8.510.410.812.112.7
14.616.317.515.916.2
18.018.6
Farm
0.3
Producers' durableequipment
Total
5.8
4.52.81.61.62.3
3.14.25.13. 64.2
5.56.94.34.05.4
7.710.716.718.917.2
18.921.321.322.320.8
23.127.228.523.125.9
27.525.7
Non-farm
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
25.123.4
Farm
0.6
.5
.3
.1
.1
.3
.4
.5
.6
.5
.5
.7
.6
.7
.7
.91.82.62.9
2.72.92.72.82.3
2.52.22.32.82.9
2.42.4
Change in businessinventories
Total
1.7
- . 4-1 .3-2 .6-1 .6-1 .1
1.02.2
- . 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 .06.3
4.22.0
Non-farm
1.8
i
- L 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
- 2 . 96.2
4.01.7
Farm
Seasonally adjusted annual rates
63.367.567.666.2
68.069.368.167.4
63.866.068.771.5
39.041.241.039.6
40.940.740.440.7
39.641.342.743.5
21.923.522.621.3
21.521.221.020.5
19.320.622.123.2
17.117.718.418.3
19.319.519.420.2
20.420.720.620.3
15.616.016.716.6
17.717.817.818.6
18.818.518.518.5
1.51.61.71.7
1.71.71.61.6
1.52.22.11.8
24.326.326:626.6
27.128.627.726.7
24.224.726.028.0
21.423.323.623.8
24.726.025.324.3
21.722.423.825.6
2.92.92.92.8
2.42.52.42.4
2.52.32.22.4
7.111.7
.75.6
10.95.42.4
-1 .9
-4 .02.84.54.5
6.911.6
.75.5
10.85.12.0
- 2 . 2
- 4 . 32.44.14.3
-0.2
.3(3)- . 3
- 1 . 3
.5- 1 . 1
.5
.1
.1
.3
.51.2
- . 2- . 4
- . 5(3)
- 1 . 81.7
1.2.9
- . 6.5
.3- . 4
.3
0.2.1
.1
.3
.3
.4
.4
.2
1 Revisions in series on new construction shown in Table B-35 have not yet been incorporated into theseseries.
2 Includes petroleum and natural gas well drilling, which are excluded from estimates in Table B-35.3 Less than $50 million.4 Preliminary estimates by Council of Economic Advisers.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
2 2 0
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—11.—National income by type of income, 7929—67[Billions of dollars]
Year or quarter
Totalna-
tionalin-
come1
87.875.759.742.540.249.057.164.973.667.672.881.6
104.7137.7170.3182.6181.2180.9198.2223.5217.7241.9279.3292.2305.6301.8330.2350.8366.9367.4399.6417.1430.2
Com-pen-
sationof em-ploy-ees 2
51.146.839.731.129.534.337.342.947.945.048.152.164.885.3
109.6121.3123.2117.7128.8141.0140.8154.2180.3195.0208.8207.6223.9242.5255.5257.1278.4293.7302.9
Business and pro-fessional incomeand inventory
valuationadjustment
Total
8.8
7.45.63.43.24.6
5.46.57.16.87.3
8.410.913.916.818.019.021.319.922.422.723.526.026.927.427.830.432.132.732.535.036.236.5
In-come
ofunin-
corpo-ratedenter-prises
8.6
6.75.03.13.74.6
5.46.67.16.67.5
8.511.514.317.018.119.123.021.422.822.224.626.326.727.627.830.632.633.032.635.236.336.4
In-ven-toryvalu-ationad-
just-ment
In-come
offarmpro-prie-tors 3
6.0
4.13.21.92.42.4
5.04.05.64.34.3
4.66.5
10.011.411.511.815.315.517.812.914.016.315.313.312.711.811.611.813.511.312.013.1
Rent-al in-come
ofper-sons
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
10.210.510.910.710.911.912.211.911.711.5
Corporate profitsand inventory
valuationadjustment
Total
10.16.61.6
-2 .0-2 .0
1.1
2.95.06.24.35.7
9.114.519.723.823.018.417.323.630.828.235.741.037.737.333.743.142.041.737.246.445.1
M6.2
Cor-porateprofitsbeforetaxes 4
9.6
3.3- . 8
-3 .0. 2
1.7
3.15.76.23.36.4
9.317.020.924.623.319.022.629.533.026.440.642.236.738.334.144.944.743.237.446.845.0
M6.1
In-ven-toryvalu-ationad-
just-ment
Netin-
terest
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.
1960.19616
1959: II I —III—IV—
1960: II I —III—IV—
1961: II I —III . . .IV 6..
0.1.8.6.3
- . 5- . 1(5)
.2_ 2
- . 6- . 4- . 2- . 1- . 1-1.7-1.5- . 4
.5
-1.1- . 3
.22
- . 2- . 5- . 3- . 1- . 1- . 1
.1
0.53.32.41.0
-2.1- . 6- . 2- . 7(6)1.0
- . 7- . 2-2.5-1.2- . 8
-5.3-5.9-2.2
1.9-5.0-1.2
1.0-1.0- . 3
-1.7-2.7-1.5- . 3- . 5
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
10.411.713.414.816.618.420.0
Seasonally adjusted annual rates
390.7405.2399.4402.8413. 5419.2419.0416.5412.2426.0434.3
270.6280.0280.5282.4290.2294.6296.0294.0292.6300.2306.2312.7
34.135.235.335.335.836.436.336.336.036.336.637.2
34.235.635.535.236.136.336.136.535.936.036.737.2
-0 .1- . 4- . 2
.1
- . 3(5)
.2- . 2
(5). 3
- . 1(5)
12.511.510.610.810.512.312.412.712.912.912.813.6
12.011.911.811.711.711.711.711.711.511.511.511.5
45.350.244.445.547.445.944.142.940.045.547.0(8)
46.151.544.844.948.146.343.242.639.645.247.2(8)
-0 .9- 1 . 3- . 4
.7
- . 7- . 4
.9
. 3
.4
. 3- . 2(5)
16.216.416.717.017.818.318.618.919.219.620.220.7
1 National incomj 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 B-12.
2 Wages and salaries and supplements to wages 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 B-70 because of revisions by the Department of Agriculture not yet incorporated into the nationalincome accounts.
4 See Table B-62 for corporate tax liability (Federal and State income and excess profits taxes) andcorporate profits after taxes.
s Less than $50 million.e Preliminary estimates by Council of Economic Advisers.7 Data for corporate profits are approximations for the year as a whole; data for fourth quarter are not
available. All other data incorporating or derived from these figures are correspondingly approximate.8 Not available.NOTE.—Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce (except as noted).
221
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-l 2.—Relation of gross national product and national income, 7929-67
[Billions of dollars]
Year or quarter
Grossna-
;ionalprod-
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
397.5419.2442.8444.5482.8
504.4521.2
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
32.034.437.438.640.8
43.145.2
Depre-ciationcharges
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
27.930.533.435.237.2
39.341.5
Other*
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
4.03.94.03.43.7
3.83.7
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
365.5384.8405.3405.9442.0
461.4476.0
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
.2- . 2- . 4- . 2
(2).9
1.01.1.4
. 51.3
Less:
Indirect business
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
32.935.738.239.342.7
45.647.1
taxes
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
11.011.612.211.913.0
14.013.8
Stateandlocal
5.8
6.16.05.86.45.6
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
21.824.126.027.429.6
31.633.3
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
.8
]
L.OL.2L. 4L.3
L.5L.6L.81.81.8
1.81.8
Sta-tisti-caldis-crep-ancy
0.3
-1.0. 8. 8. 9. 7
- . 21.1
- . 25
L 2
.8
.4- . 8
-1 .72.8
4.52.13.5
- . 8. 5
- . 71.21.41.3
.9
1.0-2.4
- . 6-1 .5-1.7
-2.6«-1.7
Equals:Na-
tionalincome
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..
I960..1961 a.
1959: I . . . .I I . . .III . .IV..
1960: I . . . .I I . . .III. .IV..
1961: I . . . .I I . . .III. .IV 3
87.8
75.759.742.540.249.0
57.164.973.667.672.8
SI. 6104.7137.7170.3182.6
181.2180.9198.2223.5217.7
241.9279.3292.2305.6301.8
330.2350.8366.9367.4399.6
417.1< 430.2
Seasonally adjusted annual rates
472.2488.5482.3488.3
501.5506.4505.1504.5
500.8516.1525.8542.0
39.840.641.141.8
42.543.043.243.7
44.245.045.546.1
(s)(5)(5)(5)
(8)(5)(5)(4)
(5)(5)(5)(5)
(5)(8)(5)(e)
(«)(5)(*)(5)
(5)(s)(5)(5)
432.5447.8441.2446.5
459.0463.4461.9460.9
456.6471.1480.3496.0
0.7. 5. 3. 3
. 5
.6
.5
. 5
. 51.41.81.5
41.542.143.143.9
45.345.945.545.9
45.746.447.548.9
12.612.713.313.6
14.114.213.813.8
13.313.614.014.5
28.929.429.830.3
31.231.731.732.1
32.432.933.534.4
1.81.81.81.8
1.81.81.81.8
1.81.81.81.8
-0.9- . 9
-2 .8-1.8
-1.1-2.9-4.0-2.9
-2.6-1.8-1 .50)
390.7405.2399.4402.8
413.5419.2419.0416.5
412.2426.0434.3
1 Accidental damage to fixed capital and capital outlays charged to current account.2 Less than $50 million.3 Preliminary estimates by Council of Economic Advisers.* Data for corporate profits are appoximations for the year as a whole; data for fourth quarter are not
available. All other data incorporating or derived from these figures are correspondingly approximate.a Not available.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
222
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—13.—Relation of national income and personal income, 1929—61
[Billions of dollars]
Year or quarter
1929
193019311932 _ . _19331934
1935 .19361937 - -19381939
1940194119421943 - -1944
19451946194719481949
19501951195219531954
19551956195719581959
I960 -__1961 i
1959* IIIHIIV
I960: IIIIIIIV —
1961: III . . .I l lIV _ . _
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
330.2350.8366.9367.4399.6
417.12 430. 2
390.7405.2399.4402.8
413.5419.2419.0416.5
412.2426.0434.3
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
43.142.041.737.246.4
45.12 46.2
45.350.244.445.5
47.445.944.142.9
40.045.547.0
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
6.98.28.68.79.7
11.012.614.514.817.6
20.721.9
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
16.017.220.124.525.4
27.331.0
Netinter-
estpaidby
gov-ern-
ment
1.0
1.0J-i
:
1L.2L.2
1.1
L 2?
1.31.31.52.12.8
3.74.54.44.54.7
4.85.05.05.25.4
5.45.76.26.27.1
7.87.3
Seasonally adjusted annual rat(
17.117.617.717.8
20.420.721.120.8
21.221.722.022.6
24.925.125.226.3
26.326.827.528.8
30.131.031.631.4
6.66.97.27.5
7.77.87.87.7
7.57.37.27.2
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
14.114.4
JS
13.013.313.713.8
14.014.014.114.3
14.214.214.315.0
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
1.81.8
1.81.81.81.8
1.8
:L.8L.8L.8
L.8L.8
8L.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
310.2332.9351.4360.3383.3
402.2416.7
374.7384. 6385.1388.9
395.5403.1405.1405.4
404.7413.2420.3428.6
1 Preliminary estimates by Council of Economic Advisers.2 Data for corporate profits are approximations for the year as a whole; data for fourth quarter are not
available. All other data incorporating or derived from these figures are correspondingly approximate.3 Not available.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
223
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE R-14.—Sources of personal income, 1929-61
[Billions of dollars]
Year or quarterTotalper-sonal
income
Wage and salary disbursements *
Total
Commodity-producingindustries
TotalManu-factur-
ing
Distrib-utiveindus-tries
Serviceindus-tries
Gov-ern-
ment
Otherlabor
income
Proprietors'income 2
Busi-nessand
profes-sional
Farms
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.
1960.1961 <
1959: I....II...III..IV_.
1960: I....II...III..IV..
1961: I.._.II. _III.IV«.
85.8
76.965.750.147.2
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
402.2416.7
50.4
46.239.130.529.033.7
36.741.946.143.045.9
49.862.182.1
105.6117.0
117.6111.9122.8135.2134.4
146.4170.7184.9198.1196.3
210.9227.6238.5239.8258.5
271.3279.7
21.5
18.514.39.99.8
12.1
13.515.818.415.317.4
19.727.539.249.050.4
45.946.054.360.356.9
63.574.980.588.184.1
91.498.7
102.297.9
107.2
110.4111.2
16.1
13.810.87.77.89.6
10.812.414.611.813.6
15.621.730.940.942.9
38.236.542.546.543.9
49.458.363.069.966.1
72.377.780.676.784.7
87.487.8
15.6
14.512.59.88.8
10.711.813.212.613.3
14.216.318.020.122.7
24.830.935.238.839.0
41.346.048.751.852.3
55.860.363.463.868.2
71.873.4
8.4
8.07.15.85.25.7
5.96.57.16.87.1
7.58.19.09.9
10.9
12.014.316.017.317.9
19.321.122.624.325.5
27.830.532.834.837.7
40.743.1
4.9
5.25.35.05.16.1
6.57.97.58.28.2
8.410.216.026.633.0
34.920.617.318.820.5
22.328.832.933.934.4
36.038.040.243.245.3
48.451.9
0.6
.7
.7
.91.11.5
1.81.92.32.73.0
3.84.85.36.06.2
7.18.19.19.4
10.3
10.911.1
Seasonally adjusted annual rates
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
30.432.132.732.535.0
36.236.5
374.7384.6385.1388.9
395.5403.1405.1405.4
404.7413.2420.3428.6
251.4260.1260.3261.9
268.3272.4273.2271.3
270.1277.3282.7288.7
104.3109.5107.5107.8
111.4111.8110.5108.0
106.1110.7112.8115.2
82.286.685.085.1
88.688.587.285.2
83.887.588.990.8
66.368.169.169.2
70.472.372.572.1
71.872.874.374.8
36.237.438.239.1
39.640.541.241.5
41.842.543.644.7
44.745.145.545.9
46.947.849.049.7
50.451.352.154.0
9.910.210.510.7
10.610.810.911.2
10.810.811.211.5
34.135.235.335.3
35.836.436.336.3
36.036.336.637.2
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
11.811.611.813.511.3
12.013.1
12.511.510.610.8
10.512.312.412.7
12.912.912.813.6
See footnotes at end of table, p. 225.
224
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-14.—Sources of personal income, 1929-61—Continued
[Billions of dollars]
Year orquarter
Rentalincomeof per-sons
5.4
4.83.82.72.01.7
1.71.82.12.62.7
2.93.54.55.15.4
5.6,6.26.57.38.3
9.09.4
10.210.510.9
10.710.911.912.211.9
11.711.5
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
14.114.4
Personalinterestincome
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
15.817.519.621.023.6
26.227.3
Transfer payments
Total
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
17.518.821.926.327.2
29.132.8
Old-ageand sur-vivorsinsur-ance
benefits
(5)(5)(5)
(5)0.1
.1
.2
.2
.3
.4
.5
.6
.7
1.01.92.23.03.6
4.95.77.38.5
10.2
11.112.6
Stateunem-ploy-
ment in-surancebenefits
(5)0.4
.4
. 5
. 3
.3
.1
.1
.41.1
.8
.81.7
1.4. 8
1.01.02.0
1.41.41.83.92.5
2.84.0
Vet-erans'
benefits
0.6
.61.6
.8
. 5
.4
.51.9
. 6
. 5
. 5
. 5
. 5
.5
.5
.9
2.86.86.75.85.1
4.93.93.93.73.8
4.24.24.44.64.5
4.64.8
Other
0.9
.91.11.41.61.8
1.91.61.81.92.0
2.02.22.22.22.4
2.73.23.84.24.9
7.96.06.26.66.7
7.07.58.49.4
10.0
10.611.5
Less:Personalcontri-butions
for socialinsur-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
5.25.86.76.97.9
9.39.7
Non-agricul-
turalpersonalincome *
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..
I960. .1961 6.
1959: III—III—IV—
1960:
1961:
II I —III—
II I —III—IV 6
Seasonally adjusted annual rates
12.011.911.811.7
11.711.711.711.7
11.511.511.511.5
13.013.313.713.8
14.014.014.114.3
14.214.214.315.0
22.823.423.924.4
25.526.126.426. 7
26.827.027.428.0
26.826.927.028.2
28.128.629.330.6
32.032.933.533.2
9.510.310.410.5
10.711.211.311.4
11.812.512.713.4
2.92.22.12.8
2.42.42.93.8
3.84.54.03.8
4.64.64.44.5
4.64.54.54.6
4.74.84.84.8
9.89.9
10.210.3
10.510.510.610.8
11.711.111.911.3
7.87.98.08.0
9.29.29.39.3
9.59.79.8
10.0
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
295.0317.9336.1343.0368.1
386.2399.4
358.2369.1370.8374.1
381.0386.6388.7388.7
387.8396.3403.2410.4
1 The total of wage and salary disbursements and other labor income differs from compensation of em-ployees in Table B-ll in that it excludes employer contributions for social insurance and excludes the excessof wage accruals over wage disbursements.
2 Excludes income resulting from net reductions of inventories and gives credit in computing income tonet additions to inventories during the period.
3 Data for 1929-45 differ from those in Table B-70 because of revisions by the Department of A griculturenot 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.
5 Less than $50 million.6 Preliminary estimates by Council of Economic Advisers.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
225
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TABLE B—15.—Disposition of personal income, 7929-67
Year or quarter Personalincome Personal
taxesi
Equals:Dispos-
ablepersonalincome
Less:Personal
con-sumptionexpendi-
tures
Equals:Personalsaving
Saving aspercentof" dis-posablepersonalincome(percent)
Billions of dollars
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..
I960. .1961 2.
1959: I . . .I I . .I I I .IV..
1960: I . . . .I I . .III. .IV..
1961: I . . .I I . .I I I .IV 2
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
402.2416.7
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
35.740.042.642.346.0
50.451.8
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
351.8364.9
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
256.9269.9285.2293.2314.0
328.9339.2
Seasonally adjusted annual rates
374.7384.6385.1388.9
395.5403.1405.1405.4
404.7413.2420.3428.6
44.946.146.446.6
49.950.550.850.5
50.351.452.553.1
329.8338.4338.7342.3
345.7352.7354.4354.9
354.3361.8367.7375.6
305.8313.6316. 5320.0
323.8329.9329.7332.3
330.7336.1341.0349.0
4.2
3.42.5
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
17.523.023.624.723.4
22.925.7
23.924.822.322.3
21.822.824.622.7
23.725.826.826.6
1 Includes also such items as fines and penalties.2 Preliminary estimates by Council of Economic Advisers.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
226
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B—16.— Total and per capita disposable personal income and personal consumptionexpenditures, in current and 1961 prices, 1929—61
Year or quarter
Total disposablepersonal income
(billions ofdollars)
Currentprices
1961prices ]
Per capita dis-posable personalincome (dollars)
Currentprices
1961prices
Total personalconsumptionexpenditures
(billions ofdollars)
Currentprices
1961prices 2
Per capita per-sonal consump-
tion expendi-tures (dollars)
Currentprices
1961prices 3
Popu-lation(thou-sands) 4
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-
1960..1961«.
1959: I...II..III.IV..
1960: I...II..III.IV..
1961: I...II..III.IV*
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
274.4292.9
317.9337.3
351.8364.9
329.8338.4338.7342.3
345.7352.7354.4354.9
354.3361.8367.7375.6
150.3
140.6135.5117.1114.0121.8
133.7150.1155.0147.0158.9
170.2194.6220.0229.0238.7
235.7233.4223.5235.2238.0
256.7263.6270.9284.0286.1
304.2319.4327.1330.5346.3
355.7364.9
604514390364411
458516551506537
576697871976
1,061
1,0751,1361,1801,2911,272
1,3691,4741,5201,5821,582
1,6601,7421,8041,8261,905
1,9471,987
1,233
1,1421,091938908963
1,0501,1701,2031,1321,212
1,2891,4581,6311,6741,725
1,6851,6511,5511,6041,596
1,6921,7081,7251,7801,762
1,8401,9001,9111,8981,956
1,9693,987
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
256.9269.9285.2293.2314.0
328.9339.2
142.8
134.3130.2118.5115.7121.6
129.1142.1147.1144.6152.7
160.8171.4167.9172.3178.6
190.9213.8217.4221.6227.3
241.0243.2249.6261.5265.0
284.7294.2302.1304.7322.4
332.7339.2
Seasonally adjusted annual rates
576494
410
442488522497516
544614665735793
8701,0401,1481,2161,215
1,2861,3591,4001,4571,465
1,5541,6051,6661,6841,773
1,8201,847
341.1348.5346.7349.3
351.7357.0358.0357.0
355.4362.5367.3374.5
1,8741,9151,9081,920
1,9241,9561,9571,951
1,9401,9741,9982,032
1,9381,9721,9531,959
1,9571,9801,9771,963
1,9461,9781,9962,026
305.8313.6316.5320.0
323.8329.9329.7332.3
330.7336.1341.0349.0
316.3322.8324.1326.4
329.3333.9333.1334.2
331.7336.7340.6347.8
1,7371,7751,7831,795
1,8021,8291,8211,827
1,8111,8341,8531,888
1,172
1,0901,049948921961
,014,109,141,113,165
,217,285,245,260,290
,364,512,508,511,524
,589,576,5901,6381,632
1,7231,7491,7651,7511,821
1,8411,847
1,7971,8271,8261,831
1,8331,8521,8391,837
1,8171,8371,8511,882
121,875
123,188124,1.49124,949125, 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
165,270168,176171,198174,060177,076
180,670183i650
176,012176,714177, 493178, 291
179, 690180, 328181,084181, 898
182, 601183,292184,054184,851
1 Estimates in current prices divided by the implicit price deflator for personal consumption expendi-tures on a 1961 base.
2 See Table B-2 for explanation.3 Total expenditures in 1961 prices divided by population.* Population of the United States including armed forces abroad. Annual data are for July 1; quarterly
data are for middle of period.6 Preliminary estimates by Council of Economic Advisers.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
227
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—17.—Financial saving by individuals, 1939—61l
[Billions of dollars!
Year or quarter
19391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961 10
1959: II II I II V
1960: IIII I IIV
1961- II IIIIIV i°. --
Total
4.24 2
10.529.338.741.4S7.314.16.52.82.2
.811.113.110.99.57.1
14.115.516.913.610 417.94.13.54.61 43.21.64.31.44.88 26.33.5
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
10.23.53 9
10.5.1. 3
2.74
- 2 . 1—. 23.22.91.61 73.83.5
Sav-ings
shares(2)
0.1.3.4.3.6.8
1.11.21.31.31.61.72.33.34.04.85.25.45.26.37.38 19.21.42.41.22 31.62.41.42.72.02 71.43.1
Securities
Total
- 0 . 8- . 42.6
10.314.115.79.9
- 1 . 42.43.12.4
.9
. 53.53.4
.46.45.24.61.3
11.11.41.12.72.43.13 02.6
- . 2. 6
- 1 . 5- 1 . 1
q
1.31.1
U.S.sav-ines
bonds
0.7.9
2.88.0
11.111.86.81.02.01.61.5
.2- . 5
. 1
.2
.6
. 3- . 1
- 1 . 9
- 1 . 8— 2
.8- . 2— .4
— 6
j
(")
. 1
. 2
. 1
Othergov-ern-
ment3
- 0 . 9- . 8
.42.33.24.64.2
- 2 . 4- . 3
.4
.2- . 1- . 41.32.0
- . 93.93.33.8
- . 712.0
- 1 . 02.62.73.33 52.7
—. 2. 1
- 2 . 0- 1 . 3- 1 . 8
1.1.9
Cor-Dorateand
other
- 0 . 6— 4- . 5(9)- . 3- . 7
- 1 . 2(9)
.71.1
.7
.71.42.21.2
.72.22.02.82.6
.91 21.3
.3
. 1
.31
.1
.2
.4(9)
1.4
Pri-vate
insur-ancere-
serves(4)
1.71.82.12.52.83.23.53.43.63.83.73.94.14.85.05.25.55.55.15.35.55 55.71.31.41.21 61.21.31.41.71.31.31.41.6
Non-in-
suredpen-sion
funds
0.1.1. 1.1.2.6.9. 3. 3.4.6.9
1.41.51.81.92.12.42.93.13.43 73.9
.9
. 8
.89
1.0.9
9.9
1 0.9.9
1.0
Gov-ern-
mentinsur-anceandpen-sionre-
serves'
1.31 31.92.63.95.05.13.63.53.62.31.14.24.43.22.63.13.63 2
. 62.33 31.9
.11 5.9
— 2.3
2. 11.0
- . 1- 21.5
.7- . 1
Less:
Mort-gagedebt«
0.58
. 8
. 1- . 4—.1
. 23.64.64.74.17.36.66.57.39.0
11.810.37 99.3
13.011 612.43.32 93.43 43.12.62 73.22 73.03.13.7
Increase indebt
Con-sumerdebt*
0.81 0
.7- 3 0- 1 . 0
. 1
. 52.32.82.42.63.61 04.43 61.06.13.12 5
. 26.33 71.0
- . 32.21,92 4
- . 52.0
.71.5
- 1 7.6.1
2.0
Secu-ritiesloans8
- 0 . 22
—. 136
1 41 5
- 2 . 3— 8
.43
.2— 3
. 649
. 6— 8_ i
4.23
.9- . 6
1
( \- 1 . 3
.1
. 8
.6— 1 0
9.1.9
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 tonds), State and local govern-
ment securities, and beginning 1951, nonguaranteed Federal agency issues, which are included in "corporateand other" for years prior to 1951.
4 Includes insured pension reserves.«Includes Social Security funds, State and local retirement systems, etc.9 Mortgage debt to institutions on one- to four-family nohfarm dwellings.7 Consumer debt owed to corporations, largely attributable to purchases of automobiles and other dura-
ble 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.
8 Change in bank loans to brokers and dealers and others for the purpose of purchasing cr carrying securi-ties.
B Less than $50 million.io Preliminary.
NOTE.—Figures beginning 1957 have been revised since the Economic Report of the President, January1961.
In addition to the concept of saving shown above, there are other concepts of individuals' saving, withvarying degrees of coverage, currently in use. The personal saving estimates of the Department of Com-merce are derived as the difference between disposable personal income and expenditures. Conceptually,Commerce saving includes the following items not included in Securities and Exchange Commissionsaving: Housing, farm and unincorporated business investment in inventories and plant and equipment,net of depreciation, and increase in debt. Government insurance is excluded from the Commerce savingseries. For a reconciliation of the two series, see Securities and Exchange Commission Statistical Bulletin,July 1961, and Survey of Current Business, July 1961.
The flow-of-funds system of accounts of the Board of Governors of the Federal Reserve System includescapital investments as well as financial components of saving and covers saving of Federal, State, and localgovernments, businesses, financial institutions, and consumers. While the Federal Reserve's estimates ofconsumer saving in financial form are similar to the Securities and Exchange Commission estimates ofindividuals' saving, there are some statistical and conceptual differences in the two sets of data.
Revisions for 1955-61 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.
Source: Securities and Exchange Commission.
228
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-18.—Sources and uses of gross saving, 1929—61
[Billions of dollars]
Year or quarter
1929.
1930.1931.1932.1933.1934.
1935.1936.1937.1938_1939.
1940.1941.1942.1943.1944.
1945..1946.1947.19481949.
1950-1951.1952..1953-1954..
1955..1956..1957..1958..1959..
I960..19613
1959: I — .II . . .III..IV..
1960: I—.II . . .III..IV..
1961: I—.IT...III. .IV 3.
Gross private saving and government surplus ordeficit on income and product transactions
Total
16.7
11.94.9
.3
.62.6
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
62.471.370.258.071.8
76.54 73.6
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
59.666.169.269.574.0
74.6*79.9
Per-sonal
saving
4.2
3.42.5
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
17.523.023.624.723.4
22.925.7
Grossbusi-ness
saving
11.5
5.22.72.64.9
6.36.57.87.88.3
10.411.514.116.317.2
15.613.118.926.627.6
27.731.533.234.335.5
42.143.045.644.850.7
51.74 54.2
Government surplusor deficit (-)
Total
1.0
-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 .2
1.9
Fed-eral
1.2
-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
9.26.4g g
—7! 4- 5 . 8
3.85.72.0
- 9 . 4- 1 . 8
3.3- 3 . 6
Stateandlocal
=-0.1
- . 5- . 7- . 2
.5
.7
.4
.1
.71.31.82.52.7
2.61.91.1.3
- . 6
-1 .0- . 3
.1
.3
-1 .0- . 5
-1 .0-2.1- . 4
-1 .4±-2.7
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
63.468.869.656.670.1
73.971.9
Grossprivatedomes-tic in-vest-ment
16.2
10.35.5
.91.42.9
6.38.4
11.76.79.3
13.218.1
9.95.67.1
10.428.131.543.133.0
50.056.349.950.348.9
63.867.466.156.672.4
72.469.5
Net for-eign in-vest-
ment '
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 .3
1.52.4
Statis-ticaldis-
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
- . 8.5
- . 71.21.41.3
1.0-2 .4- . 6
-1 .5-1 .7
-2 .6• -1 .7
69.176.869.371.7
80.378.275.972.0
66.173.175.6(5)
73.276.972.173.7
73.874.776.473.9
74.079.781.6(5)
23.924.822.322.3
21.822.824.622.7
23.725.826 826.6
Seasonally adjusted annua
49.352.149.751.4
52.051.951.751.2
50.453.954.8(5)
-4 .1—. 1
-2 .8-2.0
6.53.5
- . 5-1 .9
-7 .9-6.6-6.0
(5)
-2 .7.5
-2 .5-2 .4
6.54.51.4
.4
-5 .5-4 .3-3 .1
(5)
-1 .4- . 6- . 4
. 4
(2)-1 .0-1 .9-2 .3
-2 .4-2 .3-2 .9
(5)
1 rates
68.276.066.469.9
79.275.371.969.1
63.571.374.178.6
70.479.168.271.8
78.974.670.565.6
59.868.873.276.0
-2 .2-3 .1-1 .8-1 .9
. 2
.71.43.6
3.72.4
.92.5
-0 .9— 9
-2 .8-1 .8
-1 .1-2 .9-4 .0-2 .9
-2 .6-1 .8-1 .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; data for fourth quarter are not
available. All other data incorporating or derived from these figures are correspondingly approximate.5 Not available.NOTE.—Data for Alaska and Hawaii included beginning 1960.Source: Department of Commerce (except as noted).
229
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EMPLOYMENT, WAGES, AND PRODUCTIVITY
TABLE B-19.—Noninstitutional population and the labor force, 1929-61
Year or month
Old definitions:1929 -
1930.1931 _1932.1933.1934.
1935.1936.1937.1938.1939.
1940_1941.1942.1943.1944.
19451946 -1947
New definitions:2
1947.1948.1949.
1950.1951.1952.1953.1954.
1955.1956.1957-1958.1959.
1960Including Alaska and
Hawaii19601961
1960: January...February .MarchAprilMay -June _
JulyAugustSeptember..OctoberNovember.December-.
NTonin-stitu-tionalpopu-lation i
Totallaborforce
(includ-ing i
armed |forces) i
Armedforces i
Civilian labor force
Total
Employment2
TotalAgri-cul-
tural
Non-agri-cul-tural
Unem-ploy-
ment2
Totallabor
force aspercentof non-Institu-tionalpopu-lation
Thousands of persons 14 years of age and over
(3)
(3)(3)(3)(3)(3)
(3)(3)(3)(3)(3)
100,380101, 520102,610103,660104,630
105, 520106, 520107,608
107, 608108,632109, 773
110, 929112,075113, 270115,094116, 219
117,388118, 734120,445121, 950123,366
124, 878
125, 368127,852
124,606124,716124,839124,917125,033125,162
125,288125,499125,717125,936126,222126,482
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
73,12674,175
70,68970,97070,99372,33173,17175,499
75,21574,55173,67273,59273, 74673,079
260
260260250250260
270300320340370
5401,6203,9709,02011,410
11, 4303,4501,590
1,5901,4561,616
1,6503,0973,5943,5473,350
3,0482,8572,7972,6372,552
2,514
2,5142,572
2,5212,5212,5202,5122,5042,497
2,5092,4812,5172,5232,5332,530
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, 61271, 603
68,16868,44968,47369,81970,66773,002
72, 70672,07071,15571,06971,21370,549
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, 01163,96665, 581
66, 392
66, 68166, 796
64,02064,52064,26766,15967,20868,579
68,68968,28267, 76767,49067,18266,009
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
5,7235,463
4,6114,6194,5655,3935,8376,856
6,8856,4546,5886,2475,6664,950
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, 95861,333
59,40959,90159,70260, 76561,37161, 722
61, 80561,82861,17961,24461,51661,059
1,550
4,3408,02012,06012, 83011,340
10,6109,0307,70010,3909,480
8,1205,5602,6601,070670
1,0402,2702,142
2,3562,3253,682
3,3512,0991,9321,8703,578
2,9042,8222,9364 , "3,813
3,913
3,934,806
4,1493,9314,2063,6603,4594,423
4,013,7883,3883,5794,0314,540
Unem-ploy-ment
as per-cent of
civilianlaborforce
Percent
56.056.758.862.363.1
61.957.257.4
57.457.958.0
58.458.958.858.558.4
58.59.58.758.558.
58.3
58.58.0
56.756.956.957.958.560.3
60.059.58.658.458.457.8
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
5.66.7
6.15.76.15.24.96.1
5.55.34.85.05.76.4
See footnotes at end of table, p. 231.
230
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TABLE B—19.—Noninstitutional population and the labor force, 1929-61—Continued
Year or month
Nonin-stitu-tionalpopu-lation i
Totallaborforce
(includ-ing
armedforces)
Armedforces
Civilian labor force
Total
Employment2
TotalAgri-cul-
tural
Non-agri-cul-
tural
Unem-ploy-
ment2
Totallabor
force aspercentof non-institu-tionalpopu-lation
Unem-ploy-ment
as per-cent of
civilianlaborforce
Thousands of persons 14 years of age and over Percent
Including Alaska andHawaii1961: January
FebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember _.
126,725126,918127,115127,337127, 558127,768
127,986128,183128, 372128, 570128,756128,941
72,36172,89473, 54073,21674,05976, 790
76,15375,61073,67074,34574,09673,372
2,5242, 5342,5292, 5202,5132,504
2,5142,5292,5472,5862, 7572,813
69,83770,36071,01170,69671, 54674,286
73,63973,08171,12371,75971,33970, 559
64,45264,65565, 51665,73466, 77868, 706
68,49968, 53967,03867,82467,34966,467
4,6344,7084,9775,0005,5446,671
6,4536,3255,6665.9645,1994,418
59,81859,94760.53960,73461,23462,035
62,04662,21561,37261,86062,14962,049
5,3855, 7O.e
5,4954,9624, 7685,580
5,1404,5414,0853,9343,99(14,091
57.157.457.957.558.160.1
59.559.057.457.957.556.9
7.78.17.77.06.77.5
7.06.25.75 55.65.8
Seasonally adjusted *
1960: January...February.MarchAprilMay _June
JulyAugustSeptember..OctoberNovember..December..
1961: January. _February.MarchAprilMay _June
JulyAugustSeptember..OctoberNovember..December..
69,77369,98969,58670, 52470, 52671,152
70, 72670, 79671,01370,57571,35671,118
71.48171,94372,16671,41071.40372.40471,63371, 78970,98171,26071.48271,128
66.13666,65365, 78066,96367,0O767,168
66,94866, 74767,03066,36267,04866,407
66. 58366, 79267,05866, 53266, 57867,293
66,76366,99866,30966,69067,215
5,6935,7385,2965,6775,4705,737
5,8555, 7996,05f5,6595,7995,824
5,7215,8485,7745,2635,1965,582
5,4875,6835,2085,4025.3215,198
60,25360,81360,36661,25561,61761, 599
61,19361,03560,99660,69761,21060,454
60,66760,86061,21261,22461,48061, 911
61,43261,41761,18861,30861,84061, 435
3,6643,3883,8123,6203, 5673,842
3 !\\ 1324,0374,414
i 819
4,7364,8914,9704,'"4,9234,946
4,9384,9574,8434,8314,3454,344
5.34.85.55.15.15.4
5.55.85.76.36.26.8
6.86.96.86.96.8
6.96.8
6.16.1
i 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.
a See Note.3 Not available.* 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 March 1960 are based on a 333-area sample. For May
1956-February 1960 they are based on a 330-area sample; for January 1954-April 1956 they are based on a230-area sample; for 1946-53 on a 68-area sample; for 1940-45 on a smaller sample; and for 1929-39 on sourcesother 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 continued 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 change on the historical comparability of the data, seeAnnual Report on the Labor Force, 1954, Series P-50, No. 59, April 1955, p. 12.
Source: Department of Labor.
231
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TABLE B-20.—Employment and unemployment, by age and sex, 1942-61
[Thousands of persons 14 years of age and over]
Year or month
Totalcivil-ian
laborforce
Old definitions:1
1942.1943.1944.
1945.1946.1947.1948.1949.
1950.1951.1952.1953.1954.
1955.1956.
New definitions:1
1957.1958.1959.
1960 K.1961...
1960:January-.-February.MarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
1961:January- --February..MarchAprilMayJune
JulyAugustSeptemberOctober...NovemberDecember
Totalem-
ployed
56,41055, 54054,630
53, 86057, 52060,16861,44262,105
63,09962,88462,96663, 81564,468
65, 84867, 530
67,94668, 64769, 394
70, 61271, 603
68,16868,44968,47369, 81970, 66773,002
72,70672,07071,15571,06971,21370, 549
69,83770,36071,01170,71,54674,286
73,63973,08171,12371,75971,33970,559
Employed
53, 75054,47053,960
52, 82055,25058,02759, 37858,710
59, 95761,00561,29362*21361,238
63,19364,979
65,01163,96665, 581
66, 68166, 796
64,02064,52064,26766,15967, 20868,579
68,28267, 76767,49067,18266,009
64,45264,65565,51065, 73466, 77868,706
68,49968,539G7,03867, 82467,34966,467
14-19
5, 770 20, 790350 17,55011,05015,160
6,05016,38011,28015,480
5,48015,83011,14015,5204,550:4,7174,8414,512
21,17023,409 ,23, 842 10,098 15, 67723,483 10,087 15,491
564 23, 833 10, 376,833
372 10,917
4,4,6144,5304,5144,285
4,4464,764
23,23,23,23,178 10, 730 16, 649
23,76811,00016,87824,051 11,271 17,294
5,033
6,827
5,0154,4, 729 24!4,, 522 23!
6,8774,"" '5,0384,4,
20-44 years
Male
15,666594 10,833 16,144
16,345715 10; 953 16, 725
4,719 23,99211,2474,51123,3744,789 23,952 11,080
24,064
23,73* 10,9444,064 23, 659 10, 82117,4,187.4,104 23,
4,' 808 24̂ 721
24,38011,23917,6,439 24,439 11,14817,
24,37611,49917,96124,25011
4,13'4,2374,3714,415 23,663 114,7616,373
92124,28011,050327 11,106
984 24,325 11,273293 11,649
953 24,13611,502816 11, 303829 23,
Fe-male
9,400 14,160
9,870 15,2809,82815,474
5,158 23,894 11,318 17,449
',12417,159
988 17,10817,482
11, 582 17, 6256,224 24, 410 11, 438 17,654
3, 606 10,3,957 11,420
07011,47917,679 11, 303
23,23,187 1123,329 11,42217,
,011,167
,355823 11,540243 11, 438
45 yearsand over
Male
17,24711,02817,036
17,316
11,282 17,478
,567,529,687
,68417, 420
17,18417,152
',34017,37717, 52017, 621
17,44617, 49517,52717, 68217, 62917, 400
Fe-male
3,6304,3604,770
4,8504,3804,6004,9245,138
5,5175,8196,1306,3066,395
7,1017,598
7,8,0158,443
8,8238,978
8,3508,4998,4638,7758,9688,854
8,6768,7309,1919,0539,2219,
8,8168,9149,0558,9219,1349,030
8,7998,736
9.1609,1309, i r
Totalu n e m -ployed
2,6601,070
670
1,0402,2702.1422,0643,395
3,1421,8791,6731,6023,230
2,6542,551
2,9364,6813,813
3,9314,806
4,1493,9314,2063,6603,4594,423
4,0173,7883,3883, 5794,0314, 540
5,3855,7055,4954,9624,7685,580
5,1404,5424,0853,9343,9904,091
Unemployed
14-19years
510290200
190290425415595
543356362312515
471510
574757727
792921
63560769865876£
1,569
1,02080566566368"728
784809827778876
1,763
1,304958797736750669
20-44 years
Male
670180140
3301,200
920757
1,329
1,119515495512
1,158
854784
9361,7151,233
1,2761,549
1,4841,4021,5311,2671,0591,133
1,1931,1791,0351,0771,3101,648
2,0112,1031,9971,7131,5461,499
1,4661,4101,1661,1271,1801,375
Fe-male
520260170
270280303353559
552419344300617
502491
566850708
730911
723708675633656751
784747734737850772
9191,040
980931901965
931888892907819739
45 yearsand over
Male
770240110
200410396414719
697402345363684
606530
605965789
782969
934904923755680653
670710668727777989
1,2001,2601,1931,060
977831
917866808751827934
Fe-male
19010050
509099
127194
232190127116256
222239
254392356
348455
373308380346299316
348345285373412403
472491499480469521
521420424411383372
1 See Note, Table B-19 for explanation of differences between the old and new definitions.2 Beginning January I960, 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 B-19 for information on area sample used and reporting periods.
Source: Department of Labor.
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TABLE B-21.—Employed persons not at work, by reason for not working, and special groups ofunemployed persons, 7946—61
[Thousands of persons 14 years of age and over]
Year or month
New definitions: 5
1946194719481949
19501951195219531954
19551956195719581959
1960 71961
1960: JanuaryFebruary.. .MarchAprilMayJune
JulyAugustSeptember.OctoberNovember .December..
1961: JanuaryFebruary . .MarchAprilMayJune
JulyAugustSeptember-OctoberNovember-December..
Employed persons not at work,by reason for not working
Total
2,1032,2692,4902,243
2,4402,4592,5552.5292,688
2,683
3,0173,0763.161
3,231"3,146
2,3432,7302,7912,2432,0863,772
7,2916,9242,6302,0631,9131,989
2,0452,1732,0442,0202,0263,839
7,3576,6042,9282,3542,1892,170
Badweather
)211197110
151111689673
103109139182115
168143
351302826328819
2329302638253
1942602131895675
172372
Indus-trial
dispute
959779
8557
1647353
61764559
160
4056
475057394858
3826346412
5340
2291664324
Vacation
662834
1,0441,044
1,1371,0731,1301,1711,361
1,2681,3461,4471,4791,494
1,5761,492
334398324868645
2,293
5,6925,2931,339815543374
337430407394641
2,178
5,5684,8051,336815585409
Illness
819847844719
718782775827776
835901962882907
1,1441,4661,121856873767
783842817810
979997942945902807
833831849927910858
Allother
reasons
()273308291
349436418362425
416456425474484
505556
466514464448431634
756736410348431420
515474471460399761
814928427441480505
Special groups of un-employed persons 2
Tempo-rary
layoff 3
97123141185
92117142167221
133124150166128
147149
133130112140146126
185200140150114188
206260210120137127
10218611310199130
New wageand salary
job <
5892
121101
116103117101127
117147110120134
119129
85957612079272
134154123
547110113596
311
1571771601029983
' Beginning 1957, includes persons waiting to open new businesses or start new farms within 30 days.2 Under the old definitions of employment and unemployment, these groups were included in the
"employed but not at work" category.3 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").
5 See Note, Table B-19 for explanation.6 Not available.7 Beginning January 1960, data for Alaska and Hawaii are included.
NOTE.—See Note, Table B-19 for information on area sample used and reporting periods.
Source: Department of Labor.
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TABLE B-22.—Unemployed persons, by duration
Year or quarter
Old definitions: i
1946194719481949
19501951195219531954
1955 . _ .1956
New definitions: *
1957 . -19581959
I960* — —1961
1959- IIIHI -IV
I960: I* —IIIIIIV
1961" IIIIIII V
Total un-employed
of unemployment, 1946-61
Duration of unemployment
4 weeksand under
5-14weeks
15-26weeks
Over 26weeks
Thousands of persons 14 years of age and over
2,2702,1422,0643,395
3,1421,8791,6731,6023,230
2,6542,551
2,9364,6813,813
3,9314,806
4,6123,6663,4673,506
4,0953,8473,7314,050
5,5285,1034,5894,005
1,0411,0871,517
1,3071,003
925910
1,303
1,1381,214
1,4851,8331,658
1,7991,897
1,6091,6871,6261,712
1,6341,9571,7411,861
1,9972,0431,8311,724
704669
1,195
1,055574517482
1,115
815805
8901,3971,113
1,1761,375
1,542831
1,0621,021
1,432910
1,1711,190
1,9221,1881,3141,079
193427
425166148132495
367301
321785469
502728
684526311357
563545403499
903953544512
141164116256
3571378479
317
336232
239667571
454804
777623468417
467435416499
705919900691
r
Averagedurationof unem-ployment
(weeks)
(3)9.88.6
10.0
12.19.78.38.1
11.7
13.211.3
10.413.814.5
12.815.5
15.915.213.612.8
13.312.312.313.0
14.016.016.416.0
i See Note, Table B-19 for explanation of differences between the old and new definitions.» 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.* Beginning January 1960, data for Alaska and Hawaii are included.
NOTE.—See Note, Table B-19 for information on area sample used and reporting periods.
Source: Department of Labor.
234
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TABLE B-23.—Unemployment insurance programs, selected data, 1940-61
Year or month
All programs
Cov-eredem-
ploy-ment1
Insuredunem-ploy-ment
(weeklyaver-lee} 2 3
Totalbenefits
paid(mil-lions
of dol-lars) 2
State programs
[nsuredunem-ploy-
ment3
Initialclaims
Ex-haus-tions 4
Insured unem-ployment as per-cent of covered
employment
Unad-justed
Season-ally ad-justed
Total(mil-
lions ofdollars)
(5)
Benefits paid
Aver-age
weeklycheck(dol-
lars) «
Thousands Weekly average,thousands Percent
1941-1942..1943-.1944..
1945-.1946..1947_.1948..1949..
1950..1951 ..1952..1953.1954..
1 9 5 5 -1956-1957-1 9 5 8 -1959-
1960—1961 7..
1960: JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptemberOctober. _.NovemberDecember
1961: JanuaryFebruaryMarchAprilMayJune
24,29128,13630,81932,41931,714
30, 08731, 85633, 87634,64633,098
34,30836,33437,00638,07236, 617
40,01442, 75843,44744, 50145, 727
46,334(8)
45,44645,40945,38946,24046, 47346,963
46,90047, 01747,01246, 60246,27046,282
44,75644,46744,873(8)
JulyAugustSeptemberOctoberNovemberDecember ?_—
1,331842661149111
7202,8041,8051,4682, 479
1,6051,0001,0691,0652,048
1,3951,3181,5673,2692,099
2,0672,996
2,3592,3262,3702,0781,8011,700
1,8261,8041,7811,8392,2252,847
3,5153,6383,4033,6263,2902,877
2,6782,3572,1222,0182,1722,533
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, 569.21, 540. 61,913.04, 209. 22,803.0
3, 022. 74,358.0
264.4274.6314.6259.6223.0216.8
198.7229.7230.8214.9258.6332.4
436.4435.5500.9419.4457.2403.9
321.9333.5263.4255.3261.4286.1
1,282814649147105
5891,2951,0091,0021,979
1,503969
1,024995
1,865
1,2541,2121,4502,5091,682
1,9062,290
2,1802,1572,2091,9391,6821,588
1,6861,6571,5981,6782,0392,639
3,2663,3943,1682,7792,3281,991
1,9581,7441,5581,5021,6622,017
2141641223629
116189187210322
236208215218303
226226268370281
331350
386301301293264272
339306274332396494
541480372367297279
357271257277320395
16181534
2520235033
3146
293033353131
292827293136
444953585453
504438353435
5.63.02.2.5.4
2.14.33.13.06.2
4.62.82.92.85.2
3.53.23.66.44.4
4.85.6
5.65.55.74.94.34.0
4.34.24.04.25.1
8.18.47.86.85.74.9
4.84.33.83.74.15.0
4.84.24.54.84.24-4
175.15.45.76.86.4
6.16.86.85.95.65.8
5.85.26.15.15.14.8
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, 726.73, 422. 7
235.2247.8287.1237.4204.9198.9
183.8206.3201.8189.9231.1300.2
397.6399.3461.5362.5320.1264.4
224.0237.2185.0180.9190.9218.5
10.5611.0612.6613.8415.90
18.7718.5017.8319.0320.48
20.7621.0922.7923.5824.93
25.0427.0228.1730.5830.41
32.8733.80
31.9032.2632.3932.5032.2432.33
32.3732.9933.5433.7334.0134.18
34.3434.4534.3734.1833.4632.92
32.9133.3633.1233.3033.6734.11
1 Includes persons under the State, UCFE (Federal employee, effective January 1955), and RRB (Rail-road Retirement Board) programs. Beginning October 1958, also includes the UCX program (unemploy-ment compensation for ex-servicemen).
2 Includes State, UCFE, RR, UCX, UCV (unemployment compensation for veterans, October 1952-January 1960), and SRA (Servicemen's Readjustment Act, September 1944-September 1951) programs.Also includes Federal and State programs for temporary extension of benefits beginning June 1958.
3 Covered workers who have completed at least 1 week of unemployment. ^4 Individuals receiving final payments in benefit year.8 Includes benefits paid under extended duration provisions of State laws, beginning June 1958.• For total unemployment only.* Preliminary.s March 1961 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 and for Puerto Rico since January 1961.Source: Department of Labor.
235621876 O - 6 2 - 1 6
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B-24.—Number of wage and salary workers in nonagr{cultural establishments•, 1929-61l
[Thousands of employees]
Year or month
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..
I960..1961 3.
1959: JanuaryFebruary..MarchAprilMayJune
July -.AugustSeptember-October...-November -December.
Totalwageand
salarywork-
ers
31,339
29,42426,64923,62823,71125,953
27,05329,08231,02629,20930,618
32,37636, 55440,12542,45241,883
40,39441,67443,88144,89143,778
45, 22247,84948,82550,23249, 022
50, 67552, 40852, 90451, 42353,380
54,34754,076
Manufacturing
Total
10,702
9,5628,1706,9317,3978,501
9,82710, 7949,44010,278
10,98513,19215,28017,60217,328
15, 52414,70315,54515,58214,441
15,24116,39316, 63217, 54916, 314
16,88217, 24317,17415,94516, 667
16, 76216,268
Dura-ble
goods
()4,715
5,3636,9688,82311,08410,856
9,0747,7428,3858,3267,489
8,0949,0899,34910,1109,129
9,5419,8349,8568,8309,369
9,4419,044
Non-dura-ble
goods
()5,564
5,6226,2256,4586,5186,472
6,4506,9627,1597,2566,953
7,1477,3047,2847,4387,185
7,3407,4097,3197,1167,298
7,3217,224
Min-ing
1,087
1,009873731744883
897946
1,015891854
925957992925892
955994930
901929
791
792822828751731
709667
Con-tractcon-
struc-tion
1,497
1,3721,214970809862
9121,1451,1121,0551,150
1,2941,7902,1701,5671,094
1,1321,6611,9822,1692,165
2,3332,6032,6342,6232,612
2,8022,9992,9232,7782,955
2,8822,760
Trans-porta-tionand
publicutili-ties
3,916
3,6853,2542,8162,6722,750
2,7862,9733,1342,8632,936
3,0383,2743,4603,6473,829
3,9064,0614,1664,1894,001
4,0344,2264,2484,2904,084
4,1414,2444,2413,9764,010
4,0173,923
Whole-saleand
retailtrade
6,123
5,7975,2844,6834,7555,281
5,4315,8096,2656,1796,426
6,7507,2107,118
7,058
7,3148,3768,9559,2729,264
9,3869,74210, 00410,24710,235
10, 53510,85810,88610, 75011,125
11,41211,365
Finance,insur-ance,andreal
estate
1,509
1,4751,407,341,295,319
,335,388,432,425,462
,502,549,538,502,476
,497,697,754,829
1,857
1,9191,9912,0692,1462,234
2,3352,4292,4772,5192,597
2,6842,748
iceand
miscel-lane-ous
3,440
3,3763,1832,9312,8733,058
3,1423,3263,5183,4733,517
3,6813,9214,0844,1484,163
4,2414,7195,0505,2065,264
5,3825,5765,7305,8676,002
6,2746,5366,7496,8117,105
7,3617,514
Seasonally adjusted
Gov-ern-ment(Fed-eral,State,and
local)
52,44652,61252, 84353,32853, 60653, 779
53,87953,35753,41353,35353, 62254,116
16,29416,40016, 60116, 74416,89116,996
17,03616, 53416,55616,44416, 60016,907
9,0979,1849,3459,4829,6019,667
9,6969,1829,2089,1269,2689,569
7,1977,2167,2567,2627,2907,329
7,3407,3527,3487,3187,3327,338
751744747749758756
766693677682722726
2,9142,8962,9112,9882,9812,992
2,9822,9892,9542,9302,9202,982
3,9903,9974,0074,0134,0324,035
4,0344,0074,0053,9893,9974,015
10,89510,94110,87711, 06811,12711,152
11,17311,22211,19811,21611,22811,259
2,5542,5572,5692,5782,5862,593
2,6042,6062,6182,6252,6282,636
6,9626,9947,0237,0657,0887,104
7,1137,1327,1537,1787,2017,232
3,065
3,1483,2643,2253,1663,299
3,4813,6683,7563,8833,995
4,2024,6605,4836,0806,043
5,9445,5955,4745,6505,856
6,0266,3896,6096,6456,751
6,9147,2777,6267,8938,190
8,5208,831
8,1088,1238,1438,151
8,1718,1748,2528,2898,3268,359
See footnotes at end of table, p. 237.
236
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-24.—Number of wage and salary workers in nonagricultural establishments, 1929-67 !—Continued
[Thousands of employees]
Year or month
Totalwageand
salarywork-
ers
Manufacturing
TotalDura-
blegoods
Non-dura-
blegoods
Min-ing
Con-tractcon-
struc-tion
Trans-porta-tionand
publicutili-ties
Whole-saleand
retailtrade
Fi-nance,insur-ance,andreal
estate
Serv-iceand
miscel-lane-ous
Gov-ern-
ment(Fed-eral,
State,and
local)
Seasonally adjusted
1960: JanuaryFebruary. . .MarchAprilMayJune
JulyAugustSeptember..OctoberNovember..December. _
1961 JanuaryFebruaryMarchAprilMayJune - .
JulyAugustSeptember..OctoberNovember 3.December 3.
54,21154,44554,42754,70254, 58454, 538
54, 51454,40354,30154,19053, 99553, 707
53, 58153, 48553, 56153,66353,89454,182
54,33554, 33354,30454, 38554, 51754, 491
16, 98817, 06317, 05417, 03716, 98516, 901
16, 81316, 70116,61916,48916,35116,174
16, 02115, 96216, 02316,11916, 27516, 373
16, 39216, 38116, 32316. 36116, 46916, 521
9,6599,7199,6839,6529,6089,526
9,4519,3779, 3229,2089,1118,988
8,8638,7978,8208,9049,0589,114
9,1389,1319,1059,1129,2219,265
7,3297,3447,3717,3857,3777,375
7,3627,3247,2977,2817,2407,186
7,1587,1657,2037,2157,2177,259
7,2547,2507,2187,2497,2487,256
716723722729725717
698706700698693679
672667668666670669
672665666661666660
2,9222,9742,7592,9012,9212,912
2,9282,9022,8792,8772,8322,757
2,7732,7652,7922,7662,7422,795
2,7762,7702,7542,7582,7202,703
4,0224,0344,0394,0544,0404,039
4,0314,0224,0083,9913,9763,950
3,9313,9223,9193,9013,9033,914
3,9423,9393,9393,9293,9263,908
11,31511, 35511, 35611,43911,44211, 436
11,46511,45511,42211,42311. 37111,334
11,34711,29611,25211, 32011,35511, 392
11, 43711,41011,36311,36511,36811,339
2,6412,6552,6612,6662,6702,679
2,6852,6962,7042,7072,7192,723
2,7272,7312,7322,7322,7392,747
2,7482,7572,7562,7642,7702,772
7,2567,2877,2877,3077,3267,357
7,3987,4027,4007,4157,4317,447
7,4397,4607,4637,4257,4367,471
7, 5337,5467,5677,5807,6037,621
8,3518,3548,5498,5698,4758,497
8,4968,5198,5698,5908,6228,643
8,6718,6828,7128,7348,7748,821
8,8358,8658,9368,9678,9958,967
1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who workedduring, or received pay for, any part of tve pay period ending nearest tbe 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 B-19) 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.
2 Not available.3 Preliminary.
NOTE.—Series revised to conform to 1957 Standard Industrial Classification and March 1959 benchmarkdata. For further details, see Employment and Earnings, Annual Supplement Issue, November 1961.
Data for Alaska and Hawaii included beginning January 1959.
Source: Department of Labor.
237
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-25.—Average weekly hours of work in selected industries, 1929-61
Year or month
Manufacturing
Total Durablegoods
Nondurablegoods
Con-tractcon-
struc-tion
Retailtrade
(excepteating
anddrink-
ingplaces)
Whole-sale
trade
Bitumi-nouscoal
mining
Class Irail-
roads *
Tele-phonecom-
muni-cation3
192919301931193219331934193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961 s
1960: JanuaryFebruary. . .MarchApril „ .May —JuneJuly.AugustSeptember-.OctoberNovember..December...
1961: JanuaryFebruary.. .March.April ._.MayJuneJulyAugustSeptember..OctoberNovember 5.December 5.
44.2
42.140.538.338.134.636.639.238.635.637.738.140.643.145.045.243.540.340.440.039.140.540.640.740.539.6
40.740.439.839.240.339.7
40.440.139.939.840.139.939.939.639.439.539.338.5
39.039.339.339.739.839.940.040.039.640.240.640.3
()32.534.733.837.240.939.934.937.939.242.045.046.546.544.040.440.540.439.441.141.541.541.240.141.341.040.339.540.740.140.2
()41.940.035.136.137.737.436.137.437.038.940.342.543.142.340.540.239.638.939.739.539.739.639.039.939.639.238.839.739.239.3
()38.238.137.737.438.138.937.937.237.137.537.036.837.036.737.0
()43.4
43.242.841.840.941.040.941.341.040.941.041.140.940.539.839.739.639.138.738.738.738.538.1
41.642.943.142.341.841.341.141.442.343.0
42.841.641.141.040.840.740.840.740.640.540.740.540.340.240.640.540.4
38.133.328.127.029.326.826.228.527.723.326.827.830.732.436.343.0
42.041.340.337.732.334.734.933.834.132.337.337.536.333.335.835.835.7
()43.7
44.345.847.048.748.948.546.046.446.243.740.841.040.640.640.841.941.741.741.641.941.742.1
Seasonally adjusted Unadjusted40.940.640.440.240.440.240.240.039.839.939.739.039.339.639.740.040.240.440.540.539.840.641.241.0
39.639.439.339.339.739.539.539.138.938.938.738.138.738.839.139.339.339.539.539.339.239.639.739.7
36.436.935.937.036.536.737.236.837.037.236.834.837.538.136.935.736.336.836.937.136.737.237.5(3)
38.538.538.438.738.538.538.438.538.438.438.538.238.338.438.238.238.338.138.237.938.038.037.9
40.440.140.240.340.440.640.840.640.640.640.540.440.340.140.240.340.340.640.740.640.540.640.6
)
37.736.237.836.235.536.636.534.934.134.933.434.835.334.731.432.934.737.038.036.836.837.937.7
41.042.742.941.641.742.841.042.640.640.940.541.941.142.642.240.443.043.041.643.241.942.1
()38.838.939.139.540.140.541.942.3
*41.739.437.439.238.538.939.138.538.738.939.639.539.038.439.239.639.3
39.239.138.939.239.439.839.540.840.040.439.539.039.138.838.738.939.239.639.540.340.139.4
1 Based upon data summarized in the M-300 report by the Interstate Commerce Commission. Hoursand earnings data relate to all employees who received pay during the month, except executives, officials,and staff assistants.
2 Prior to April 1945, data relate to all employees except executives.3 Not available.4 Nine-month average, April through December, because of new series started in April 1945.6 Preliminary.NOTE.—Series revised; see Note, Table B-24.Data are for production workers in manufacturing and mining, construction workers in contract
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 1961 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 B-28 for unadjusted average weekly hours in manufacturing.Data for Alaska and Hawaii included beginning January 1959.Source: Department of Labor.
238
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-26.—Average gross hourly earnings in selected industries, 1929-61
Year or month
Manufacturing
TotalDura-
blegoods
Non-dura-ble
goods
Con-tractcon-
struc-tion
Retailtrade
(excepteatingand
drinkingplaces)
Whole-sale
trade
Bitu-minous
coalmining
Class Irail-
roads 1
Tele-phonecom-
munica-tion 2
Agri-cul-
ture 3
192919301931193219331934193519361937193819391940_.194119421943—194419451946194719481949195019511952195319541955195619571958195919601961 *1960: January
FebruaryMarch.AprilMayJuneJulyAugustSeptember-OctoberNovember-December--.
1961: JanuaryFebruaryMarchAprilMayJune __.JulyAugustSeptember-OctoberNovember 6-December 6_.
$0.560.546.509.441.437.526.544.550.617.620.627.655.726.851.957
1.011.016.075.217.328378
.440
.56
.651.741.781.861.952.052.112.192.262.32
2.262.262.262.252.262.262.262.252.272.272.272.292.292.292.292.312.322.322.332.312.332.342.362.37
()$0.492
.467
.550
.571
.580
.667
.679
.691
.716
.799
.9371.0481.105
1.0991.1441.2781.3951.453
1.5191.651.751.861.901.992.082.192.262.36
2.432.49
2.432.432.432.412.422.42
2.422.412.442.432.432.46
2.452.452.462.472.482.49
2.492.482.502.512.532.54
(4)$0.412
.419
.505
.520
.519
.566
.572
.571
.590
.627
.709
.787
.844
.886
.9951.1451.2501.295
1.3471.441.511.681.62
1.671.771.851.911.98
2.052.11
2.022.032.032.042.042.05
2.062.042.062.062.072.092.092.092.092.102.112.112.122.102.122.132.132.14
()(4)
(4)
()$1. 5411.7131.7921.8632.022.132.282.39
2.452.572.712.822.93
3.073.18
3.033.043.103.013.023.02
3.063.073.103.123.103.16
3.173.163.143.153.163.16
3.163.173.223.223.24
()$0. 484
.494
.518
.559
.606
.653
.699
.797
.901
.9721.0151.0501.131.181.251.291.341.401.471.521.57
1.621.68
1.611.611.611.621.631.63
1.631.631.641.641.641.61
1.661.651.651.671.681.69
1.691.691.701.711.71
$0.610.628.658.674.688
.711
.763
.828
.898
.948
.990107
,220308.360.427.521.611.701.76
1.831.942.022.092.19
2.252.31
2.222.222.242.242.252.26
2.262.242.252.252.252.26
2.282.282.282.302.302.32
2.322.312.342.332.33
$0.659.662.626.503.485.651
.720
.768
.828
.849
.858
.854
.9601.0301.1011.1471.1991.3571.5821.8351.8771.9442.142.222.402.402.472.722.922.933.123.153.143.173.153.153.163.173.193.143.163.133.143.113.123.143.123.103.123.123.173.173.143.153.133.13
$0. 730.733.743.837.852.948.955.087.186.301,427,572
3,831.881.931.962.122.262.442.542.612.672.602.612.562.582.582.582.622.592.642.652.642.652.652.702.642.682.652.662.682.652.692.67
(0(4)
()$0. 774
.816
.822
.827
.820
.843
.870
.911
s.9621.1241.1971.2481.345
1.3981.491.591.681.76
1.821.861.952.052.18
2.262.36
2.222.232.242.222.242.24
2.262.262.342.302.302.322.322.322.322.332.342.352.362.372.422.412.42
$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
.751
.812
."§20
.909
."757
.825
."§43
1 For coverage of series, see footnote 1, Table B-25.2 Prior to April 1945, data relate to all employees except executives; for April 1945-May 1949, mainly to
employees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory employeesonly.
3 Weighted average of all farm wage rates on a per hour basis.4 Not available.8 Nine-month average, April through December, because of new series started in April 1945.6 Preliminary.NOTE.—Series revised; see Note, Table B-24.Data are for production workers in manufacturing and mining, construction workers in contract con-
struction, and for all nonsupervisory employees in other industries (except as noted). Data are for payperiod ending nearest the 15th of the month.
The annual figures for 1961 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.
Data for Alaska and Hawaii included beginning January 1959.Sources: Department of Labor and Department of Agriculture.
239
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—27.—Average gross weekly earnings in selected industries, 7929-67
Year or month
1929.... - . .1930....1931....1932....19331934 -19351936....19371938....19391940....194119421943194419451946194719481949...-1950.... .1951 --19521953 -195419551956195719581959 ---19601961 5
1960: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. . .OctoberNovember . . .December
1961: JanuaryFebruaryMarchApril.MayJ u n e . . .JulyAugustSeptember. .OctoberNovember 5_December 5
Manufacturing
Total
$24. 7623.0020.6416.8916.6518.2019.9121.5623.8222.0723.6424.9629.4836.6843.0745.7044.2043.3249.1753.1253.8858.3263.3467.1670.4770.4975.7078.7881.5982.7188.2689.7292.3491.0889.9589.7288.6590.4090.6390.1789.5589.8990.1289.2188.6289.0889.3189.5490.7892.1093.0393.2092.8692.7394.5495.8295.99
Dura-ble
goods
$26. 8424.4220.9815.9916.2018.5921.2423.7226.6123.7026.1928.0733.5642.1748.7351. 3848.3646.2251.7656.3657.2562.4368.4872.6376.6376.1982.1985.2888.2689.2796.0597.44
100.1099.3997.9397.6996.4097.7797.7796.8096.4097.6097.6996.2396.19P6.2996.2997.1798.3199.70
101. 09100.100. 44100.00102.66103.98104. 39
Non-durablegoods
$22. 4721.4020.0917.2616.7617.7318.7719.5721.1720.6521.3621.8324.3928.5733.4536.3837.4840.3046.0349.5050.3853.4856.8859.9562.5763.1866.6370.0972.5274.1178.6180.3682.9279.5979.3778.9778.9580.3881.1881.7880.7880.7580. 5580.5279.8480.4780.4780.8881.2782.2983.5684.1683. 5883.7484.7784.9985.1
Con-tractcon-
struc-tion
()$58. 8765.2767.5669.6876.9682.8686.4188.9190.9096.38
100. 27103. 78108. 41112. 67117.66106.96106. 40107. 88111.67111.74113. 55116.89117.27116.87119.18110.98108.07115. 39114.08112. 41112. 77116. 29119.13
119. 76122.05120. 43123.00118. 26
Retailtrade
(excepteatin?and
drink-ing
places)
()$21. 0121.3422.1723.3724.7926.7728.5932.9236.9439.7541.6243.1646.2247.7949.7551.2153.0654.7456.8958.8260.7662.3764.01
61.6661.5061.5062.3762.2763.2463.7363.9062.9862.6562.4861.8263.2562.8^62.7063.4663.8464.9065.5765.2364.6064.6464.13
Whole-sale
trade
()$26. 7525.1925.4425.3826.9628.3628.5128.7629.3631.3634.2837.9940.7642.3746.0550.1453.6355.4958.0862.0265.5369.0271.2874.4878.5781.4184.0288.9191.1393.32
89.6989.0290.0590.2790.9091.7692.2190.9491.3591.3591.1391.3091.8891.4391.6692.6992.6994.1994.4293.7994.7794.6094.60
Bitumi-nouscoal
mining
$25.1122.0417. 3913.5814.2117.4518.8621.8922.9419.7822.9923.7429.4733.3739.9749.3250.3656.0463.7569.1860.6367.4674.6975.0481.8477.5292.13102. 00106. 0097.57111. 70112. 77112.10
119. 51114. 03119. 07114. 39112. 54116. 75114.61110.28106. 73109. 59103. 87108. 58110. 84108. 2697.34102. 65108. 26117. 29120. 46115. 5,115. 92118. 63118. 00
Class Trail-
roads 1
$31. 9032.4734.0339.3441.4946.3646.3250.0055.0360.1162.3664.1470.9374.3076.3378.7482.1288.4094.24
101. 50106. 43108. 84112. 41106.60111.45109. 82107. 33107. 59110.42107. 42110. 33107.18108.39106.92111.04108. 92115.02111.41108. 27113.95114.38111.49114. 48112. 71112.41
Tele-phonecom-mu-nica-tion2
$30.0331.7432.1432.6732.8834.1436.4538.54
4 40.1244.2944.7748.9251.7854.3858.2661.2265.0268.4672.0773.4776.0578.7285.4689.5092.7586.1487.4287.5886.3687.8188.2689.9589.2795.4792.0092.9291.6490.4890.7190.0290.1791.0392.1293.4693.6297.5396.6495.35
1 For coverage of series, see footnote 1, Table B-25.2 Prior to April 1945, data relate to all employees except executives; for April 1945-May 1949, mainly to
employees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory employeesonly.
3 Not available.* Nine-month average, April through December, because of new series started in April 1945.8 Preliminary.
NOTE.—Series revised; see Note, Table B-24.Data are for production workers in manufacturing and mining, construction workers in contract construc-
tion, and for nonsupervisory employees in other industries (except as noted). Data are for pay periodending nearest the 15th of the month.
The annual figures for 1961 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.
Data for Alaska and Hawaii included beginning January 1959.
Source: Department of Labor.
24O
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B-28.—Average weekly hours and hourly earnings, gross and excluding overtime, inmanufacturing industries, 1939-67
Year or month
All manufacturing industries
Averageweeklyhours
Gross
Ex-;lud-
over-time
Average hourlyearnings
Ex-clud-ing
over-time
Exclud-ing
over-timeand
inter-indus-try shift(1947-
49=100)
Durable goods manufac-turing industries
Averageweeklyhours
Gross
Ex-clud-ing
over-time
Averagehourly
earnings
Gross
Ex-clud-ing
over-time
Nondurable goods manu-facturing industries
Averageweeklyhours
Gross
Ex-clud-ing
over-time
Averagehourly
earnings
Gross
Ex-;lud-ing
over-time
1939..
19401941194219431944
19451946 --194719481949 -
19501951.195219531954
195519561957195*8...1959
1960 -1961 *1960: January
February. __MarchAprilMayJune
JulyAugustSeptember..OctoberNovember..December..
1961: JanuaryFebruary.._MarchAprilMayJune
JulyAugustSeptember-OctoberNovember4.December *.
37.7
38.140.643.145.045.2
43.540.340.440.039.1
40.540.640.40.539.6
40.40.439.839.240.3
39.739.8
40.339.839.739.40.040.139.39.839.639.39.338.
38.939.039.39.339.740.
40.40.39.40.40. €40.
0)0)0)0)0)0)0)0)0)0)0)0)(00)0)0)(037.637.537.237.637.337.
37.537.237.237.237.537.6
37.37.237.36.6
37.37.37.37.37.37.
37.37.37.37.37.37.
$0. 627
.655
. 726 $0.
.851
.9571.011
1.0161.0751.211.3281.378
1.4401.561.651.741.78
1.861.952.052.112.19
2.262.32
2.262.262.262.252.262.26
2.252.272.272.272.29
2.292.292.292.312.322.32
2.332.312.332.342.362.37
0)0)).691.793.881.933
3.9491.0351.181.291.34
1.391.511.591.681.73
1.791.891.992.052.12
2.202.252.192.192.192.192.192.19
2.192.182.202.202.212.23
2.242.232.242.252.252.25
2.262.242.252.262.282.29
51.6
0)2 53.52 60.22 65.52 70.1
2 72.92 80.8
92.7101.3106.0
109.3118.0124.1130.135.2
139.3146.8154.3160.166.
171.6176.2
169.8170.0170.170.171.0171.7
171.7171.172.0172.5173.1174.3
175.0174.9175.3175.8176.3176.2
176.4175.9176.4177.3178.20)
37.9
39.242.045.046.546.5
44.040.440.540.439.4
41.141.541.541.240.1
41.341.040.339.40.7
40.140.2
40.940.340.40.040.440.4
40.040.040.040.39.39.
39.39.39.39.40.40.
40.40.40.40.41.141.1
0)0)0)0)0)0)0)0)0)0)0)0)0)(00)0)(038.037.37.638.037.737.9
38.037.637.737.938.038.0
37.37.637.537.737.537.1
37.537.537.37.838.138.3
38.038.037.338.238.238.2
$0. 691
.716
. 799 $0. 762
.9371.0481.105
1.0991.1441.2781.3951.453
1.5191.651.751.861.90
1.992.082.192.262.36
2.432.49
2.432.432.432.412.422.42
2.422.412.442.432.432.46
2.452.452.46
2.49
2.492.482.502.512.532.54
.872
.9661.019
1.0311.1111.241.351.42
1.461.591.681.791.84
1.912.012.122.212.28
2.362.42
2.352.352.362.352.352.35
2.352.342.362.362.372.40
2.392.392.402.412.422.42
2.422.412.412.432.452.46
37.4
37.038.940.342.43.1
42.340.540.239.638.9
39.739.539.39.639.0
39.939.639.238.839.
39.39.3
39.439.138.938.39.439.6
39.39.639.239.138.938.2
38.538.538.738.739.039.6
39.739.839.539.839.939.8
0)0)0)0)0)0)0)0)0)(00)(00)(00)0)0)37.237.036.637.036.736.8
36.836.636.436.436.937.0
37.137.036.636.636.636.0
36.436.36.536.536.737.0
37.137.036.636.937.137.1
$0. 571
.590627 $0. 613
.709
.787
.844
1.1451.2501.295
1.34:1.441.511.581.62
1.671.771.851.91
2.05
2.022.032.032.042.042.05
2.042.062.062.072.09
2.092 092 092.102.112.11
2.122.102.122.132.132.14
.684
.748
.798
3.841.962
1.111.211.26
1.311.401.461.531.58
1.621.721.801.861.91
1.992.05
1.961.961.971.981.981.98
1.991.981.992.002.012.03
2.042.032.042.052.052.04
2.052.032.052.062.062.07
1 Not available.2 April used. Annual average not available.a Eleven-month average; August 1945 excluded because of VJ Day holiday period.«Preliminary.
NOTE.—Series revised; see Note, Table B-24.Data relate to production workers and are for pay period ending nearest the 15th of the month.The annual figures for 1961 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 employment(in the case of hours) and man-hours (in the case of earnings).
See Table B-25 for seasonally adjusted average gross weekly hours.Data for Alaska and Hawaii included beginning January 1959.
Source: Department of Labor.
241
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B—29.—Average weekly earnings, gross and spendable, in manufacturing industries,in current and 7967 prices, 7939-67
Year or month
1939
19401941194219431944 - - -
19451946 _ . .19471948]949
1950195119521953. . .1954
1955195619571958 _. __1959
I960 - -19613
I960' J anuaryFebruary . _ _MarchApril r ~ .M a yJune
JulyAugustSeptember .OctoberNovemberDecember
1961: January -FebruaryMarchAprilMay,June -
JulyAugustSeptemberOctoberNovember3
December3
Average gross weeklyearnings
Currentprices
$23.64
24.9629.4836.6843.0745.70
44.2043.3249.1753.1253.88
58.3263.3467.1670.4770.49
75.7078.7881.5982.7188.26
89.7292.34
91.0889. 9589.7288.6590.4090.63
90.1789.5589.8990.1289.2188.62
89.0889.3189.5490.7892.1093.03
93.2092.8692.7394.5495.8295.99
1961prices l
$50.84
53.2259.9267.3074.3977.72
73.4266.3465.8266.0767.60
72.5472.8975.6378.7478.50
84.4986.6786.7185.6290.52
90.6392.34
92.8491.5191.1889.8291.5091.55
90.9990.3690.6190.4889.4888.80
89.3589.4989.7290.9692.3893.22
93.0192.6792.3694.0795.44
Average spendable weekly earnings 2
Worker with nodependents
Currentprices
$23.37
24.4627.9631.8035.9537.99
36.8237.3142.1046.5747.21
50.2652.9755.0457.5958.45
62.5164.9266.9367.8271.89
72.5774.60
73.6272.7572.5771.7573.1073.28
72.9272.4472.7172.8872.1871.72
72.0872.2672.4373.3974.4175.15
75.2975.0174.9176.3677.3977.52
1961prices 1
$50.26
52.1556.8358.3562.0964. 61
61.1657.1456.3657.9259.23
62. 5160.9661.9864.3565.09
69.7771.4271.1370.2173.73
73.3074.60
75.0574.0173.7572.7073.9974.02
73.5873.1073.3073.1772.4071.86
72.3072.4072.5873.5474.6375.30
75.1474.8674.6175.9877.08
Worker with threedependents
Currentprices
$23.40
24.7129.1936.3141.3343.76
42.5942.7947.5852.3152.95
56.3660.1862. 9865.6065.65
69.7972.2574.3175.2379.40
80.1182.18
81.1880.2980.1179.2680.6580.83
80.4679.9780.2480.4279.7179.24
79.6079.7879.9780.9581.9982.74
82.8882.6182.5083.9885.0385.17
1961prices *
$50.32
52.6959.3366 6271.3874.42
70.7565 5363.6965 0666 44
70 1069.2570 9273.3073.11
77.8979 4878 9777.8881.44
80.9282.18
82.7581.6881.4180.3081.6381.65
81.1980.7080.8980.7479.9579.40
79.8479.9480.1381.1182.2482.91
82.7182.4582.1783.5684.69
1 Estimates in current prices divided by the consumer price index on a 1961 base (using 11-month average).2 Average gross weekly earnings less social security and income taxes.3 Preliminary.* Not available.NOTE.—Series revised; see Note, Table B-24.Data relate to production workers and are for pay period ending nearest the 15th of the month.The annual figures for 1961 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.Data for Alaska and Hawaii included beginning January 1959.Source: Department of Labor.
242
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B—30.—Labor turnover rates in manufacturing industries, 1930—61[Rates per 100 employees]
Year or month
1930 -1931193219331934
1935... _ .1936193719381939 . .
19401941.. . .194219431944 _ _-
19451946 - - -19471948 _1949
19501951 m195219531954
1955 _..1956195719581959
I960 ---1961* -
I960' JanuaryFebruary. . .MarchApril - -MayJune
July .
September. - -OctoberNovember
1961* JanuaryFebruary. __ -March. . .April- .*MayJune
JulyAugust . . .
October -_ _November 8.— -_ __
Accession rates
Total i
3.83.74.16.55.7
5.15.34.34.75.0
5.46.59.39.17.4
7.78.16.25.44.3
5.35.35.44 83.6
4.54.23.63.64.2
3.84.2
4.34.13.83.73.93.7
3.63.83.73.63.53.3
4.03.84.64.44.23.9
4.04.13.74.44.0
New hires
(3)(3)
(3)
(3)(3)(3)(3)
(3)(3)
(3)(3)(3)
(3)4.14.13 61.9
3.02.82.21.72.6
2.22.2
Total 2
5.94.85.24.54.9
4.34.05.24.83.7
4.04.77.88.68.1
9.67.25.75.45.0
4.15.34.95 14.1
3.94.24.24.14.1
4.34.0
Separation rates
Quits
1 9
1
1911
13580
1.12.44.66.36.2
6.15.24.13.41.9
2.32.92.82 81.4
1.91.91.61.11.5
1.31.2
Seasonally adjusted
2.62.62.42.22.42.2
2.12.22.11.91.91.8
1.81.71.92.02.12.1
2.22.32.22.52.4
3.64.14.34.34.24.5
4.64.44.34.24.34.9
4.74.54.23.53.84.0
4.33.84.13.63.8
1.51.61.51.41.41.4
1.31.31.31.21.1.
1.1.1.1.01.21.2
1.11.21.31.31.3
Layoffs
3.63.54.23.23.7
3 02.43.53.92.6
2.61.61.3.7.7
2.61.41.11.62.9
1.31.41.41 62.3
1.51.72.12.62.0
2.42.2
1.61.92.22.22.22.6
2.62.72.62.32.62.9
2.92.92.31.92.02.2
2.51.92.21.71.8
1 Includes rehires and other accessions, not published separately.2 Includes discharges and miscellaneous separations, not published separately. (Prior to 1940 quits
include miscellaneous separations.)3 Not available.* January-November average.5 Preliminary.NOTE.—Series revised; see Note, Table B-24.Beginning January 1943, data relate to all employees; previously to production workers only.Beginning January 1959, transfers between establishments of the same firm are included in total accessions
and total separations, therefore rates for these items are not strictly comparable with prior data.Data for Alaska and Hawaii included beginning January 1959.Source: Department of Labor.
243
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-31.—Indexes of output per man-hour and related data, 1947-61
[1947-49 = 100]
Year
194719481949
19501951195219531954
19551936195719581959
191019J1 3____
194719481949
19501951195219531954
19551956195719581959
19601961 3____
Output per man-hour
Totalpri-vate
96.7100.2103.1
110.4113.1115.5120.2122.3
127.6127 9132. 4135. 5140.3
143.3148. 2
97.4100.3102.2
110.3115.2118.9123.9127.0
133.1133.6138. 0140.0145. 9
148.3152.3
Agri-cul-ture
90.5107.1102. 2
116.2114.5124.5138.6148.3
153.5156.4166.7181.6181.1
191.3205.6
90.6107.5101.6
116.1114.1124.0138.0147.9
152.9155.8167.0182.2181.4
191.9206.7
Nonagriculturalindustries
Total
97.599.4
103.2
108.7110.5111.9114.9116.7
121.6121.1124.7126.8131.4
133.7137.6
98.499.4
102.4
108.5112.8115.5119.0121.8
127.5127.2130.3131.4136. 9
138. 6141.3
Man-ufac-tur-ing
97.5100. 2102.5
109.2111.2112.8118.1117.1
125.3126.5126.8129.1138.7
141.9146.5
(5)
(5)
( 5 )
(5)
(5)
(5)
(5)
( 5 )
(5)
0)( )(5)(5)
( • )
Non-man-ufac-tur-ing
97.298 9
103.8
108.4109.9111.3112.7116.5
119.7118.4123.7126.3128.1
130.2137.6
(5)
(5)(5)
(5)
( 5 )(5)
( 5 )
( 5 )
( 5 )( 5 )(5)
(5)
( 5 )
(5)
<•>
Totalpri-vate
Output
Agri-cul-ture
Nong
I
igriculturalindustries
Total
Establishment
97.5101.5100.9
110.2116.9120.4126.3124.3
135.4138.3141.0138.2148.2
152.6155.2
97. 5101.5100.9
110.2116. 9120.4126.3124. 3
135.4138. 3141.0138.2148.2
152.6155.2
92.9106.0100.5
106.099.5
103.3107.1111.5
117.6114.8113.2114.8114.3
119.2120.3
97.9101.2101.0
110.5118.1121.6127.7125.2
136.7140.0143.1139 9150.7
155.0157.7
Man-ufac-tur-ing
, basis
100.9103.096.0
111.1121.8125.5138.1125.1
141.3145.0143.0133.7153.0
156.0156.6
Labor force basis i
92.9106.0100.5
106.099.5
103. 3107.1111.5
117.6114.8113.2114.8114.3
119.2120.3
97.9101.2101.0
110.5118.1121.6127.7125.2
136.7140.0143.1139.9150.7
155.0157.7
(5)(5)
( 5 )
(5 )
(5 )(5)
( 5 )
( 5 )
(5 )
(5)
( 5 )
( 5 )
(»)
Non-man-ufac-tur-ing
2
96.2100.2103. 6
110.2116.2119.6122.2125.2
134.3137. 4143.1143.2149.5
154.5162.5
(5)(5 )
( 5 )
(5 )
(5 )(5 )
(5)
( 5 )
( 5 )(5)
(5)(o)
( 5 )
(5)
( 5 )
Totalpri-vate
100.8101.397.9
99.8103.4104.2105.1101.6
106.1108.1106.5102.0105. 6
106.5104.7
100.1101.598. '
99.1101. t101. C101. £97. £
101.7103. £102.298.7
101. 6
102.fi101. 6
Man-hours
Agri-cul-ture
102.799.098.3
91.286.983.077.375.2
76.673.467.963.263.1
62.358.5
102. £i 98. e7 98. £
) 91.287.283.377.675.4
76.973.767.863.063.0
62.158.2
Nonagriculturalindustries
Total
100.4101.897.9
101.7106.9108.7111.1107.3
112.4115.6114.8110.3114.7
115.9114.6
99. f101. g98.6
101.8104.7105. 3107.3102.8
107.2110.1109.8106.5110.1
111.8111.6
Man-ufac-tur-ing
103. 5102.893.7
101.7109.5111.3116.9106.8
112.8114.6112.8103. 6110.3
109 9106.9
(5)
(5)
(5)
(5)
( 5 )(5)
( 5 )
( 5 )
Non-man-ufac-tur-ing
99.0101.399.8
101.7105.7107.5108.4107.5
112.2116.0115.7113.4116.7
118.7118.1
(8)(5)
( 5 )
(5)(5)
( 5 )(5)
( 5 )
(5)
(5)
(5)
(5)
( S )
(5)
( ' )
1 Output refers to gross national product in 1954 prices.2 Man-hour estimates based primarily on establishment data.3 Preliminary.4 Man-hour estimates based primarily on labor force data.s Not available.NOTE.—For information on sources and methodology, see Bureau of Labor Statistics (Department of
Labor) Bulletin No. 1249, Trends in Output per Man-hour in the Private Economy, 1909-58.
Source: Department of Labor.
244
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PRODUCTION AND BUSINESS ACTIVITY
TABLE B-32.—Industrial production indexes, market groupings, 7947-67
11957=100]
Year or month
1947..1948..1949..
1950-1951 _1952..1953..1954..
1055..1956-.1957-1958..1959..
I960-.19613.
I960: JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
1961: JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember3 __
Final products
Total
61867.365.1
73.579.385.290.786.5
94.6S8.9
100.095. 1
106. 5
110.6111.9
Consumer goods 2
Total
69.671.871.4
81.580.682.588.187.2
96.598.7
100.099.0
110.0
114.4116.1
Auto-motiveprod-
66.069.068.4
86.176.268.6
112.593.0
100.082.5
102.8
117.2106.2
Homegoods
71.274.268.7
94.681.581.693.489.1
100.7104.5100.096.2
115.0
115.2116.8
Equipment,includingdefense
Total
53.055.749.7
53.975.090.096.185.0
90.999. 1
100.087.399.5
102.9103.6
Busi-
66.469.060.3
78.989.491.880.8
87.299.4
100.085.299.6
104.7104.7
Materials
Total
65.868.963.6
75.482.282.790.884.4
97.199.7
100.091.0
103.5
105.7106.4
Dur-able
goods
65.167.761.2
75.883.884.896.184.4
99.9100.5100.085.9
100.3
101.7100.0
Non-durablegoods
65.669.064.9
74.179.779.985.184.3
94.198.8
100.096.5
106.9
109.9113.4
Seasonally adjusted
111.1109.6109.1108.7109.7109.4
109.4108.3106.7106. 1104.5103.0
102.3102. 1102.6105.6108.3110.4
112.0113.0111.0112.8114.2115.2
111.7109.9109.9110.7112.3112.1
111.9111.0110.2110.4109.0108.0
106.6106.6106.7109.2110.8112.7
114.3114.7112.9115.5117.1118.2
115.9113.3113.2115.0116.4116.6
115.8115.0113.7114.3112.7111.7
110.2110.2110.6113.7115.4117.8
119.5119.8116.4119.5120.8122.2
127.3122.2114.0117.2120.4121.2
113.7115.4116.0120. 0112.6105.7
93.889.988.0
103.2107.8113.3
115.4116.595.9
110.4121.2128
123.3116.9114.8117.9121.7120.2
117.0114.3112.1110.2109.9110.0
108.3109.0109.7113.6116.9122.3
123.5119.9121.1121.2122.1
103.3103.2103.5102. 1104. 1103.2
104.3103.1103. 1102.7101.7100.6
99.599.599.0
100. 1101.6102.4
103.9104.7105.9107.4109.8110.5
105.6105. 1105.1103.8105.8105.3
106.3105.1104.8104.5102.9101.8
100.8100.799.8
101.6102.6103.9
105.1105.7106.7108.3110.6112
110109108107.107106.
106105.103.102.101.99.
98.98.99.
463534
117810
121
102.9106.108.
109.111.109.110.111.111.
27
522638
110.3109.2106.9105.2104.8101.9
101.199.798.797.393.990.5
89.889.490.495.5
100.6103.5
104.1105.9103.7105.2105.8106
110.6110.0109.9110. 1110.2111.3
111.7111.0109.1108.9109.0108.2
107.2107.8108. 6111.0112.3114.3
115.4117.1115.2116.5117.3118
1 Annual indexes for 1929-46 are, respectively: 38.2, 31.8, 26.3, 20.6, 24.3, 26.4, 30.5, 36.1, 39.5, 31.2, 38.1,43.6, 56.1, 68.9, 82.4, 81.1, 70.0, and 59.2.
2 Also includes apparel and consumer staples, not shown separately.3 Preliminary.i Not available.
Source: Board of Governors of the Federal Reserve System.
245
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—33.—Industrial production indexes, industry groupings, 1947—61
[1957=100]
Year or month
194719481949
19501951 _ _.195219531954
1955195619571958 _ - -1959
I9601961 x
I960* JanuaryFebruaryMarchAprilMayJune.
JulyAugustSeptemberOctoberNovemberDecember
1961: JanuaryFebruaryMarchAprilM a yJune.
JulyAugust-SeptemberOctoberNovemberDecember L._
Totalindus-trial
produc-tion
65.368.064.3
74.580.883.890.885.4
96.099.3
100.092.9
104.9
108.0109.0
111.1109.6109.1108.7109.7109.4
109.4108.3106.7106.1104.5103.0
102.3102.1102.6105.6108.3110.4
112.0113.0111.0112.8114.2115.2
Manufacturing
Total
66.168.664.8
75. 581.584.892.185.8
96.799.5
100.092.4
105.3
108.2108.8
111.9110.3109.5109.0110.2109.7
109.7108.3106.6106.0104.1102.4
101.4101.3101.9105.2108.2110.5
112.2113.1111.0112.8114.2115.3
Total
61.864.458.5
71.380.385.196.085.0
97.9100.0100.086.8
101.5
104.3102.9
110.9109.4107.8105.9107.0105.3
105.4103.6101.8100.698.095.8
94.694.394.798.7
102.7105.3
107.3107.9105)1106.8109.1110.3
Pri-marymetals
80.884.170.8
89.196.988.5
100. 3SI. 3
105.5103.7100.078.089.5
90.388.3
Durable ma
Fabri-catedmetalprod-ucts
74.976.268.8
84.290.087.898.888.8
96.997.4
100.091.6
103.9
106.0104.8
Ma-chinery
62.663.856.7
69.779.688.496.484.3
92.6102.8100.085.2
102.8
106.4106.1
nufactures
Trans-porta-tion
equip-ment
40.344.044.2
52.959.068.686.278.7
95.991.5
100.084.297.8
101.797.3
Seasonally adjusted
115.4109.7105.799.093.687.5
85.182.879.878.373.669.3
71.272.673.582.089.992.3
94.698.298.796.096.9
100
108.6108.1106.6103.8107.9108.4
108.7107.7105.8105.4101.0100.7
96.595.796.398.6
104. 8107.3
108.1111.0105.3109.8111.9112
109.7108.0108.4106.8108.5108.6
110.0107.2105.3101.8102.1101.2
101.3100.8100.5102.9104.3107.3
110.2108.5107.8108.6110.3112
107.0106.7103.7102.3106.1101.4
101.3100.8101.2101.896.793.3
88.987.688.194.099.0
100.6
102.2102.794.5
100.5105.9109
Instru-mentsand re-latedprod-ucts
54.856.450. 3
58.567.179.787.08 1 7
90.597.3
100.094.1
112.2
118.9118.2
118.4117.3118.6117.0119.5120.6
121.4122.0118.2118.6118.7116.4
116.0113.1113.0112.8115.9118.6
119.4121.9121.0121.2122.9123
Clay,glass,and
lumber
77.781.874.1
89.994.391.695.192.0
103.3104.7100.096.5
111.3
108.5107.2
111.7111.6107.6111.3110.8112.9
112.6108.6106.6105.6102.8100.2
100.499.7
101.9105.1107.1111.8
113.0112.2110.5108.2108.2107
Furni-tureand
miscel-laneous
75.379.373.4
85.882.184.491.989.0
100.3103. 5100.095.6
111.7
116.1116.7
116.3115.7115.8117.2119.3120.1
119.1118.0114.0114.9113.4110.4
108.7109.2109.8112.3115.3118.7
118.5119.5119.7121.4124.3123
See footnotes at end of table, p. 247.
246
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-33.—Industrial production indexes, industry groupings, 7947-67—Continued
[1957=100]
Year or month
M anuf acturing
Nondurable manufactures
Total
Textile,apparel,
atadleather
products
Paperand
printing
Chem-ical,
petro-leum,and
rubberproducts
Foods,bever-ages,and
tobacco
Mining Utilities
194719481949
19501951195219531954
19551956195719581959
19601961
1960: JanuaryFebruary.MarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember.
1961: JanuaryFebruary..MarchAprilMayJune
JulyAugustSeptemberOctoberNovember.December
70.072.371.1
79.181.783.386.986.9
95.098.9
100.099.9
110.3
113.4116.7
83.587.183.1
91.990.192.293.689.6
98.4101.1100.099.2
115.2
114.8115.0
68.170.970.8
78.481.179.484.5
94.699.3
100.099.2
107.6
111.5115.1
50.654.152.7
64.771.874.580.279.3
91.896.3
100.098.8
112.7
117.7122.4
83.482.783.6
86.588.390.291.292.8
96.299.8
100.0102.1106.5
109.4113.3
Seasonally adjusted
76.480.371.2
79.587.386.588.886.2
94.8100.1100.091.495.3
97.197.9
113.1111.6112.0113.2114.6115.7
115.5114.8113.0113.3112.3111.2
110.5110.8111.6113.9115.5117.4
119.0120.2118.9121.0121.2122.0
116.4114.3115.0116.0118.3118.8
118.6117.0112.2112.1111.1107.5
105.0107.4110.2111.8113.3115.7
118.2120.3118.1121.7120.9121
111.3110.4109.6110.3112.1112.0
112.3112.2112.3112.8111.9110.8
111.1111.4111.2113.1113.6114.9
114.8117.8117.1117.4118.3121
116.4114.9115.6117.9119.2122.2
121.7120.3117.5116.8116.0114.6
114.0113.4113.3118.0121.7124.6
127.4127.3125.7128.0128.1130
108.8107.2107.9108.4109.2109.6
109.3109.6109.6110.8109.5110.4
110.2110.1111.2111.9112.1113.1
113.9114.2113.8116.1116.2116
98.096.496.097.997.097.2
97.598.096.396.998.097.8
97.696.396.397.497.197.6
97.898.797.199.5
100.6100.5
38.943.446.3
52.760.165.271.176.5
85.493.6
100.0104.5115.0
123.1131.2
120.2120.9123.5122.9121.9123.4
124.0125.2125.5124.0122.9122.9
124.6125.1124.9127.1130.4131.5
131.7134.6135.4135.8136.0137.0
i Preliminary.
Source: Board of Governors of the Federal Reserve System.
247
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—34.—Business expenditures for new plant and equipment, 1939 and 1945-62
[Billions of dollars]
Year or quarter
1939
19451946194719481949
1950—1951195219531954
195519561957_19581959 . - _
I960. - -1961 3
1959: II II I IIV
1960: IIIIIIIV
1961: I - - - - - -IIIIIIV3
1962: I 3 . - -
Total i
5.51
8.6914.8520.6122.0619.28
20.6025.6426.4928.3226.83
28.7035.0836.9630.5332.54
35.6834.50
30.6032.5033.3533.60
35.1536.3035.9035.50
33.8533.5034.7035.90
36.50
Manufacturing
Total
1.94
3.986.798.709.137.15
7.4910.8511.6311.9111.04
11.4414.9515.9611.4312.07
14.4813.72
11.2011.8012.2512.85
14.1014.7014.6514.40
13.7513.5013.6514.00
14.55
Dura-ble
goods
0.76
1.593.113.413.482.59
3.145.175.615.655.09
5.447.628.025.475.77
7.186.27
Non- ,durablegoods
1.19
2.393.685.305.654.56
4.365.686.026.265.95
6.007.3B7.945.966.29
7.307.45
Mining
0.33
.38
.43
.69
.88
.79
.71
.93
.98
.99
.98
.961.241.24.94.99
.99
.99
Transportation
Rail-road
0.28
.55
.58
.891.321.35
1.111.471.401.31.85
.921.231.40.75.92
1.03.67
Other
0.36
.57
.921.301.28.89
1.211.491.501.561.51
1.601.711.771.502.02
1.941.84
Seasonally adjusted annual rates
5.255.755.856.15
7.157.407.356.85
6.506.206.106.35
6.70
5.956.056.406.70
6.957.307.307.55
7.257.307.557.65
7.85
0.95.95
1.001.05
1.001.051.00.90
.951.001.001.00
1.00
0.651.001.30.85
1.001.101.001.00
.70
.70
.65
.60
.70
1.702.102.152.15
2.002.151.901.80
1.751.801.901.90
1.80
Publicutili-ties
0.52
.50
.791.542.543.12
3.313.663.894.554.22
4.314.906.206.095.67
5.685.56
5.805.805.605.50
5.755.705.605.70
5.355.505.655.70
5.50
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
11.5711.71
10.3510. 8511.0511.20
11.3511.6011.7511.65
11.3011.0511.8512.65
12.90
1 Excludes agriculture.2 Commercial and other includes trade, service, finance, communications, and construction.3 Estimates for fourth quarter 1961 and first quarter 1962 based on anticipated capital expenditures re-
ported by business in late October and November 1961. 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.Sources: Securities and Exchange Commission and Department of Commerce.
248
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-35.—New construction activity, 1929-61[Value put in place, millions of dollars]
Year or month
1929 . _.19301931 . . .19321933 . . . . . .1934193519361937 . . - .1938193919401941 '.19421943194419451946 . __19471948194919501951 . . .19521953195419551956195719581959 _-New series:4
1959196019615
1960:JanuaryFebruaryMarch. _ . . .AprilMayJune. . .JulyAugustSeptember . . . -October . . .NovemberDecember __ _ _
1961:JanuaryFebruaryMarchAprilMayJune..-JulyAugustSeptember... . . .OctoberNovember5 _•_December s
Totalnewcon-
struc-tion
10, 7938.7416,4273,5382,8793,7204,2326,4976,9996,9808,1988,682
11,95714, 0758,3015,2595,809
12, 62717,90123, 24324,18329, 94732, 70034, 67037, 01939,23444,16445, 81547, 84548, 95054,109
56,55555, 55657, 492
54, 82055,22054,99854, 65755,24355,51455, 75055, 83755, 59955, 55256,07956, 650
56,01855, 71755, 79455, 50455, 51857,20657,03957, 98358, 91058,90561,18059, 953
Private construction
Total i
8,3075,8833,7681,6761,2311,5091,9992,9813,9033, 5604,3895,0546,2063,4151,9792,1863,411
10, 39614, 58218, 53917, 91423, 08123, 44723, 88925, 78327, 55632, 44033,06733, 76633, 49338,002
40, 34439, 60340, 439
Resi-dential
building(non-farm)
3,6252,0751,565
630470625
1,0101,5651,8751,9902,6802,9853,5101,715
885815
1,2764,7527,535
10,1229,642
14,10012, 52912, 84213, 77715,37918, 70517, 67717,01918,04722, 331
24,96222, 54622, 566
Seasonally
40,29940,09539,84639. 41439, 38339, 76539,48739, 47439, 31639, 20039,62439, 639
38, 57537, 96238,51138, 98639,23240,32841,17641,28141, 70941, 76742,17242, 696
23, 79923,15322, 90822,52622, 60822, 87022, 74822, 44822,10221, 83422,01621,916
20, 64920,01620, 50821,04221,25722,27123,11823, 30623, 78224,02624, 62525,191
Nonresidential building and other construction
Total
4,6823, 8082,2031,046
761884989
1,4162,0281,5701,7092,0692,6961,7001,0941,3712,1355,6447,0478,4178,2728,981
10, 91811,04712, 00612,17713, 73515,39016, 74715, 44615, 671
15,38217,05717,873
adjusted
16,50016,94216,93816, 88816, 77516. 89516, 73917,02617,21417, 36617, 60817, 723
17,92617, 94618, 00317, 94417, 97518,05718,05817, 97517,92717, 74117, 54717,505
Com-mercial 2
1,1358934542231301732112903872852923484091553356
2031,153
9571,3971,1821,4151,4981.1371,7912,2123,2183,6313,5643,5893,914
3,9304,1804,663
Indus-trial
94953222174
176191158266492232254442801346156208642
1,6891,7021,397
9721,0622,1172,3202,2292,0302,3993,0843,5572,3822,098
2,1062,8512,759
Publicutility
1,5781,527
946467261326363518705605683771872786570725827
1,3742,3383,0433,3233,3303,7294,0434,4754,1614,3634,8935,4145,0874,990
5,0085,3235,392
annual rates (New series *)
4,1584,3234,2034,1584,0663,9953,9764,0334,1344,2624,3784,519
4,8484,8214,7434,6364,5154,5104,5784,6464,7184,6814,6084,641
2,5962,7222,7602,7852,7862,7962,8392,8802,9583,0103,0253,025
3,0532,9922,9572,9212,8492,7502,6722,5882,6102,6082,5542,537
5,0885,2165,2815,2445,2145,4135,2525,4105,4185,3615,4525,458
5,3085,3845,3985,3235,3835,3825,4575,4705,4225,4045,3775,368
Other *
1,020856582282194194257342444448450508614413335382463
1,4282,0502,5802,7953,1743,5743,5473,5113,7743,7553,7824,2124,3884,669
4,3384,7035,059
4,6584,6814,6944,7014,7094,6914,6724,7034,7044,7334,7534,721
4,7174,7494,9055,0645,2285,4155,3515,2715,1775,0485, 0084,959
Publiccon-
struc-tion
2,4862,8582,6591,8621,6482,2112,2333,5163,0963,4203,8093,6285,751
10, 6606 3223,0732,3982,2313 3194,7046,2696,8669,253
10, 78111,23611,67811, 72412, 74814,07915, 45716,107
16,21115,95317, 053
14,52115,12515,15215,24315, 86015, 74916,26316,36316, 28316, 35216, 45517,011
17, 44317, 75517,28316, 51816,28616,87815, 86316, 70217,20117,13819,00817, 257
1 Data in this table do not agree with the new construction expenditures included in the gross nationalproduct. The latter data include expenditures for crude petroleum and natural gas well drilling, and donot reflect revisions in the "new series" presented above. (See Table B-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 1059. For details,see Construction Activity, C 30-13, August 1960, and C 30-25 (Supplement), July 1961, Bureau of theCensus.
* Preliminary.Source: Department of Commerce.
249
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-36.—New public construction activity, 7929-67[Value put in place, millions of dollars]
Year
1929
19301931193219331934
19351936193719381939
19401941194219431944
19451946194719481949
19501951195219531954
19551956 __ ___1957 .19581959 3
19601961 *
Total new public construction x
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, 74814,07915,45716,211
15,95317,053
Federal
Direct
155
209271333516626
814797776717759
1,1823,7519,3135,6092,505
1,737865840
1,1771,488
1,6252,9814,1854,1343,418
2,7772,7422,9933,3883,755
3,6653,830
Federalaid
80
104235111286721
5671,5661,1171,3201,377
946697475268126
99244409417461
462481626687728
790896
1,3142,1302,790
2,4532,484
Stateandlocal
2,251
2,5452,1531,418
846864
8521,1531,2031,3831,673
1,5001,303
872445442
5621,1222,0703,1104,320
4,7795,7915,9706,4157,532
8,1579,1109,7729,9399,666
9,83510,739
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
3,8614,4314,9545,5455,870
5,4645,800
Educa-tional
389
364285130
52148
153366253311468
1561581286341
59101287618934
1,1331,5131,6191,7142,134
2,4422,5562,8252,8752,656
2,8183,053
Hos-pitaland
institu-tional
101
118110834951
38747397
127
5442354458
858577
213458
499527495369333
300300354390428
400370
Sewerand
waterand
miscel-laneouspublicservice
404
500479291160228
246509445492507
469393254156125
152278492699803
819959958
1,0501,171
1,3181,6591,7371,8382,018
2,1362,166
Con-serva-tionandde-
velop-ment
115
137156150359518
700658605551570
528500357285163
130260424670852
942912900892773
701826971
1,0191,130
1,2211,361
Mili-tary
facili-ties
19
2940343647
37293762
125
3851,6205,0162,550
837
690188204158137
177887
1,3871,2901,003
1,2871,3601,2871,4021,488
1,3861,386
Allother
public2
192
194234216145219
214518457486631
7341,9724,1362,7781,487
884555491685
1,070
1,1622,1022,7432,9062,584
1,8151,6161,9512,3882,621
2,5282,917
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 and 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 two-thirds of one percent of total newpublic construction in 1959.
* Preliminary.Source: Department of Commerce.
250
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-37.—Housing starts and applications for financing, 1929-61[Thousands of units]
Year or month
Total housingstarts (farm and
nonfarm)
Totalprivate
andpublic 1
Private
Nonfarm housing starts
Totalprivate
andpublic 1
Private
TotalGovernment
programs
FHA VA
Private hous-ing starts,
adjusted an-nual rates
Totalfarmandnon-farm
Non-farm
FHAappli-cations
Proposedhome con-struction 2
VAap-
praisalre-
quests
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..
509.0330.0254.0134.093.0
126.0221.0319.0336.0406.0515.0602.6706.1356.0191.0141.8209.3670.5849.0931.6
., 025.1396.0091.3327.0103.8220.4
118.1041.9209.4378.5
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
19591960196U1960: January
February __MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1961: JanuaryFebruaryMarchApril.MayJuneJulyAugustSeptemberOctober7
November7
December 7
1, 553.51,296.01,354.6
87.493.393.9
124.8133.8128.2118.3135.1102.6113.294.570.972.581.0
109.7115.3130.7138.3128.5130.1128.2128.9104.886.6
1,516.81,252.11,303.5
86.090.790.5
123.0130.2122.8114.3130.396.9
110.492.864.269.875.8
104.6111.0126.6132.4125.2127.0122.4124.0101.982.8
1, 531.31,274.01,326.3
83.492.392.8
123.0131.7126.6116.6133.0100.6110.193 570^471.077.7
107.3113.0128.3135.3126.0127.3126.5126.4103.184.4
1, 494. 61,230.11,275.3
82.089.789.4
121.2128.1121.2112.6128.294.9
107.391.863.7
68.372.5
102.2108.7124.2129. 5122.7124.2120.7121.5100.280.6
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
332.5260.9244.415.917.621.925.425.226.523.626.321.922.620.213.8
14.013.020.120.123.722.121.325.520.923.422.917.4
3 20.647.849.8
131.1179.8231.2
*8.891.8
160.371.190.8
191.2148.6141.3156.5307.0392.9270.7128.3102.1109.3
109.374.683.34.14.85.27.36.97.77.48.26.85.95.54.8
4.94.96.46.18.07.87.38.47.39.27.35.7
New series 6
1,3821,3831,1041,2981,3311,2791,2271,3551,0891,2731,220
996
1,1271,1691,2961,1661,2911,3811,3431,3261,3831,4341,3421,306
1,3021,3661,0891,2751,8091,2641,2091,3351,0671,2371,206
1,1151,2621,1431,2681,3511,3181,3011,3651,4041,319U264
288.5238.5144.462.956.6
121.7286.4293.2327.0397.7192.8267.9253.7338.6306.2197.7198.8341.7369.7
369.7242.4243.816.321.127.422.522.423.719.622.920.118.314.813.2
14.316.924.020.823.923.420.624.419.622.117.416.4
88()164.4226.3251.4535. 4620.8401.5159.4234.2234.0
234.0142.9177.811.212.912.913.714.415.28.5
12.411.610.010.310.0
9.412.017.717.514.717.615.117.415.716.113.511.0
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.6 Not available.6 In addition to major differences between old and new series arising from revisions in sources and methods,new series include data for Alaska and Hawaii. For details, see Housing Starts, C20-11 (Supplement),Bureau of the Census, May 1960.7 Preliminary; December and year 1961 estimated by Council of Economic Advisers.
NOTE.—Data for VA programs include Alaska and Hawaii; FHA programs include Alaska, Hawaiiand Puerto Rico.
Sources: Department of Commerce, Federal Housing Administration (FHA), Veterans Administration(VA), and Housing and Home Finance Agency (except as noted).
621876 O-62-17251
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-38.—Sales and inventories in manufacturing and trade, 1939-61
[Amounts in billions of dollars]
Year or month
1939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961
1960: JanuaryFebruary...MarchAprilMayJune
JulyAugustSeptemberOctoberNovember.December..
1961: JanuaryFebruary..MarchAprilMayJune
JulyAugustSeptember.OctoberNovemberDecember '
Total manufactur-ing and trade i
Sales2
10.8
12.115.818.621.923.8
23.927.033.036.334.8
40.044.745.948.447.4
52.354.856.354.060.0
61.061.7
Inven-tories 3
20.1
22.228.831.131.331.1
30.942.750.255.651.9
62.973.674.877.474.3
80.688.790.885.590.6
94.195.0
Ratio
1.77
1.721.581.661.401.33
1.301.331.411.471.55
1.381.581.601.591.59
1.471.551.601.611.48
1.541.52
Manufacturing
Sales2
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
30.430.8
Inven-tories s
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
53.755.0
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
1.781.75
Wholesale trade i
Sales 2
2.43.03.43.84.2
4.55.76.97.57.2
8.49.4
9.7
10.611.311.311.112.3
12.312.6
Inven-tories3
3.24.03.83.73.9
4.66.27.17.97.6
9.19.7
10.010.510.4
11.413.012.712.012.6
13.2'13.3
Ratio
1.34
1.301.201.19.97.94
.91
.911.001.011.07
.961.051.011.061.07
1.021.081.131.101.00
1.051.06
Retail trade i
Sales 2
3.5
4.64.85.35.9
6.58.7
10.211.111.1
12.313.013.514.114.1
15.315.816.716.718.0
M8.318.3
Inven-tories £
6.17.88.07.67.6
7.912.114.216.015.5
19.521.021.021.520.9
22.823.424.624.325.5
7 27.226.8
Ratio4
1.53
1.491.481.761.431.31
1.211.151.261.391.41
1.381.631.521.531.51
1.431.471.441.431.39
1.451.45
Seasonally adjusted
61.662.361.362.561.961.8
60.960.760.460.359.959.4
58.759.360.260.161.661.9
61.762.461.663.264.5
91.792.693.693.994.694.8
94.694.794.694.894.694.1
93.693.492.793.093.193.1
93.593.694.394.695.0
1.491.491.531.501.531.53
1.551.561.571.571.581.59
1.601.581.541.551.511.50
1.521.501.531.501.47
31.131.630.831.031.030.8
30.430.130.129.629.329.1
28.729.029.630.130.830.9
31.231.431.431.832.2
53.353.954.354.755.055.1
54.955.054.754.454.053.7
53.753.653.353.453.453.4
53.554.054.454.855.0
1.711.711.761.761.771.79
1.801.821.821.841.851.84
1.871.851.801.771.731.73
1.721.721.731.721.71
12.412.512.212.612.412.5
12.312.312.212.212.212.3
812.212.412.512.112.812.8
12.512.812.112.813.1
12.712.712.812.913.113.0
13.013.113.113.213.313.2
813.113.213.313.413.513.5
13.613.613.513.513.3
1.021.021.051.021.051.04
1.061.061.081.091.081.07
1.081.061.061.111.051.06
1.091.061.091.071.02
718.118.218.218.918.418.5
18.118.218.118.518.417.9
17.817.818.117.918.018.2
18.018.218.118.619.219 0
7 25.626.026.426.326.626.6
26.726.626.827.227.427.2
26.826.626.126.226.226.2
26.326.026.326.426.8
1.421.431.451.391.441.44
1.471.461.481.471.491.52
1.511.491.441.471.461.44
1.461.431.451.421.40
1 The series beginning in 1946 for wholesale trade and for retail trade are not comparable with previousyears because of changes in definitions.
2 Monthly average shown for year and total for month.3 Seasonally adjusted, end of period.4 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.5 Where December data not available, data for year calculated on basis of no change from November.6 Preliminary.7 Beginnine January 1960, retail sales and inventories include data for Alaska and Hawaii.8 Beginning January 1961, wholesale sales and inventories include data for Alaska and Hawaii.
NOTE.—For a description of the series and their comparability, see Survey of Current Business, Septemberand November 1952, June 1957, and December 1961 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.
252
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—39.—Manufacturers' sales, inventories, and orders, 1939—61
[Billions of dollars]
Year ormonth
1939—
1940—1941 —1942—.1943—1944—.
1945—.1946—.1947—.1948—.1949....
1950—1951....1952....1953—.1954—.
1955—.1956—.1957—.1958....1959....
I960—1961 ««.
1960:JanuaryFebruary--.MarchAprilMay..June
JulyAugustSeptember-.OctoberNovember-.December..
1961:JanuaryFebruary. _.MarchAprilMayJune
JulyAugustSeptember-.OctoberNovember5
December 6.
Sales *
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
14.714.6
Non-durable
goodsindus-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
15.716.3
Inventories 2
Durable goodsindustries
15.415.715.215.015.114.9
14.714.414.414.113.813.6
13.213.313.714.114.614.7
14.815.115.015.315.715.8
Pur-chasedmate-rials
1.8
2.13.13.73.9
3.24.55.15.64.6
6.17.47.37.46.5
7.48.78.37.58.3
8.08.2
Goodsin
process
1.5
2.03.24.65.25.0
3.54.65.25.44.7
6.08.6
10.210.7
11.112 812.711.312.1
12.112.8
Fin-ishedgoods
Pur-chasedmate-rials
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
10.810.6
Nondurable goodsindustries
process goods
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
8.7
Goods
0.8
.91.21.21.41.4
1.51.82.22.22.1
2.52.72.72.72.6
2.83.03.13.03.0
3.13.3
Fin-ished
2.9
3.03.23.33.03.0
3.24.25.26.5
6.68.28.18.48.4
8.810.110.59.8
10.4
11.111.2
New orders 1
Total
5.46.89.8
13.312.711.9
10.513.715.617.415.9
21.024.523.623.122.5
27.228.327.325.930.1
29.931.1
Dura-ble
goodsindus-tries
Non-durablegoodsindus-tries
2.2
3.45.38.06.85.5
3.95.96.47.5
10.312.711.711.010.2
13.914.413.112.014.9
14.214.8
Seasonally adjusted
15.715.915.716.015.915.9
15.715.715.715.515 415.5
15.515.715.916.016.216.2
16.416.416.416.516.6
8.68.78.88.88.88.7
8.48.38.18.0
8.08.07.97.87.87.6
7.77.78.08.18.2
12.312.512.712.612.712.8
12.612.612.412.212.112.1
12.112.111.911.911.912.0
12.112.312.412.612.8
9.910.110.410.510.610.7
10.810.911.010.910.910.8
10.710.610.510.510.510.6
10.610.810.710.710.6
9.09.19.19.19.19.1
9.19.08.98.98.88.7
8.78.78.88.99.09.0
9.08.99.08.98.9
3.03.03.03.13.13.1
3.23.23.13.13.13.1
3.13.03.03.13.23.3
3.33.33.33.33.3
10.510.510.510.510.610.6
10.610.710.911.011.011.1
11.111.211.211.211.010.9
10.911.011.111.111.2
29.830.630.330.430.530.1
29.230.030.429.229.028.7
28.529.129.930.431.131.1
31.332.132.332.732.7
14.214.814.614.514.714.3
13.814.414.613.713.613.2
12.913.413.814.414.814.9
15.015.615.816.116.2lb. 4
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
15.716.3
15.615.815.715.915.815.8
15.415.615.815.515.415.5
15.615.816.016.116.316.2
16.316.516.516.616.5
Un-filledorders(unad-just-ed) 3
7.0
18.437.972.971.549.0
20.933.830.326.920.8
41.167.676.359.540.9
56.964.250.746.851.5
45.447.7
50.950.249.548.447.847.7
47.747.547.546.445.845.4
45.345.545.645,845.845.9
46.847.247.447.547.7
1 Monthly average for year and total for month.2 Book value, seasonally adjusted, end of period.3 End of period.4 Based on data through November.5 Preliminary.
NOTE.—See Table B-38 for total sales and inventories of manufacturers.
Source: Department of Commerce.
253
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES
TABLE B-40.— Wholesale price indexes, 1929-61
[1947-49=100] i
Year or monthAll
com-modi-ties
Farmprod-ucts
Proc-essedfoods
All commodities other than farm productsand foods (industrials)
Total
Textileprod-uctsand
apparel
Chemi-calsand
alliedprod-ucts
Rubberand
rubberprod-ucts
Lumberand
woodprod-ucts
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-.
1960-.1961 «.
1960: January..February.MarchAprilMayJune
JulyAugustSeptember - _OctoberNovember. _.December«..
61.9
56.147.442.142.848.7
52.052.556.151.150.1
51.156.864.267.067.6
JulyAugustSeptemberOctoberNovemberDecember
1961: January. _February.MarchAprilMayJune
68.878.796.4
104.499.2
103.1114.8111.6110.1110.3
110.7114.3117.6119.2119.5
119.6119.1
119.3119. 3120.0120.0119.7119.5
119.7119.2119.2119.6119.6119.5
119.9120.0119.9119.4118.7118.2
118.6118.9118.8118.7118.8119.2
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
88.888.0
86.587.090.491.190.489.0
88.986.687.789.589.988.7
89.790.089.988.586.885.1
87.188.687.287.187.687.9
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
111.4108.8104.6105.3
101.7101.7105.6110.9107.0
107.7108.5
105.6105.7107.3106.8107.3107.6
108.9107.8108.1109.0109.1109.2
109.9110.5109.6108.7107.5106.7
107.5108.1108.1108.3107.9108.8
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
128.3127.7
128.8128.7128.6128.7128.2128.2
128.2128.2127.9128.0127.9127.9
128.1128.1128.2128.0127.6127.4
127.4127.4127.5127.3127.5127.7
64.2
57.147.139.046.051.8
50.450.854.247.449.5
52.460.368.969.2
71.182.6
100.1104.495.5
99.2110.699.897.395.2
95.395.395.493.595.0
96.194.4
96.696.596.396.396.396.3
96.3- 96.195.995.895.495.2
94.894.794.494.194.093.7
94.294.494.794.894.8
83.5
73.062.053.856.865.8
66.471.784.482.7
80.286.5
100.6103.3102.0
99.499.0
102.198.9
120.5148.0134.0125.0126.9
143.8145.8145.2145.0144.5
144.7139.3
143.1144.6144.7144.7146.3146. 7
146.9145.3144.9144.7143.6141.2
139.7139.6139.9140.1140.2139.6
139.0139.4139.6139.4138.4137.0
See footnotes at end of table, p. 255.
254
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-40.— Wholesale price indexes, 1929-61—Continued
[1947-49=100] i
Year or month
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-
1960196151960: January
February. _.MarchAprilMayJune
JulyAugustSeptember--OctoberNovember. -December. __
1961: JanuaryFebruaryMarchAprilMayJune
July . . .AugustSeptember..OctoberNovember..December 5_
All commodities other than farm products and foods (industrials)—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
99.399.4
100.6114.3
110.3111.3112. 7112.0111.8112.1111.2110.3
110.1108.7108.1108.5108.5108.8
108.3108.0109.5109.9110.7110.1
111.1113.1113. 5114.1113.8113.4
Fueland
relatedprod-ducts,and
power 2
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
113.8115.0111.9112.0112.3112.2110.8112.3
113.8115.3116.1116.2116.1116.2
117.2117.7117.5115.2113.6114.3
114.6114.4113.7113.0114.0114.9
Pulp,paper,
andalliedprod-ucts
()98.6
102.998.5
100. 9119. 6116.5116.1116.3
119.3127.2129.6131.0132.2
133.2129.4
133.7133.2133.1133.1133.4133.5
133.5133.0133.0133.4133.1132.3
132.2132.2131.5131.0126.1126.5
126.4126.3129.5130.4129.9130.4
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
153.8152.9
155.5155.3154.5154.5154.2153.8
153.4153.6153.5152.8152.3152.2
152.2152.3152.4152.7153.0153.1
153.2153.6153.7153.2152.4152.7
Machin^ery andmotiveprod-ucts
()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
153.2153.1
153. 8153.9153.9153.7153.3153.2
153.3153.3151.4152.9153.0153.1
153.5153.4153.4153.1153.1153.2
153.0152.7152.7152.8152.9153.1
Furni-tureand
otherhouse-holddura-bles
69.3
68.262.855.455.560.2
59.860.667.265.665.4
71.276.876.478.4
78.683.095.6
101.4103.1
105.3114.1112.0114.2115.4
115.9119.1122.2123.2123.4
123.1122.3
123.4123.5123.7123.5123.2123.0
123.1122.9122.8122.7122.6122.6
122.3122.2122.2122.5122.4122.4
122.3122.1122.2122.2122.3122.2
Nonme-tallic
mineralprod-ucts 3
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
138.0138.5
138.4138.2138.2138.3137.9137.8
137.8137.8138.0138.1137.9137.9
138.5138.4138.6138.6138.5138.3
138.4138.5138.5138.9138.6138.5
Tobaccomanu-
facturesand
bottledbever-
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
131.8132.6
131.7131.7131.7131. 7131.7131.7
131.8132.0132.0132.0132.0132.1
132.1132.1132.1132.0132.1132.1
132.6132.8133.4133.4133.5133.4
Miscel-laneous
prod-ucts
(*)(4)100.8103.196.1
96.6104.9108.397.8
102.5
92.091.089.694.294.5
92.196.4
95.393.494.095.491.190.9
90.889.991.190.390.692.4
95.695.296.897.799.595.9
95.695.695.693.497.5
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 Formerly titled "Fuel , power, and lighting materials."3 Formerly titled "Nonmetallic minerals—structural."4 Not available.5 Preliminary.
Source: Department of Labor.
255
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-41.—Wholesale price indexes', by stage of processing, 1947-61
[1947-49=100]
Year ormonth
1947 .19481949
1950 - . -1951195219531954 .
19351956195719581959
1960 .19614 _.
1960:JanuaryFebruary.._MarchAprilMayJune
JulyAugustSeptember..OctoberNovember..December...
1961:JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptember-OctoberNovember-December *.
All
modi-ties
96.4104. 499.2
103.1114.8111 6110 1110.3
110.7114 3117.6119.2119.5
119.6119.1
119.3119.3120.0120.0119 7119.5
119 7119.2119.2119.6119.6119.5
119.9120.0119.9119.4118.7118.2
118.6118.9118.8118.7118.8119.2
Crude materials
Total
98.6108.093.4
101.8116.9107.499.298.3
94.595.097.299.496.7
94.593.9
94.694.896.496.396.095.3
94.892.792.993.393.093.3
94.795.195.294.693.291.6
92.794.893.893.793.394.3
Food-stuffsandfeed-stuffs
100.7108.890.5
97.0112.3105.794.694.7
85.784.087.792.886.8
85.784.6
83.784.788.088.087.586.8
86.183.883.985.185.185.5
87.387.586.985.783.681.5
82.885.183.483.183.584.7
Non-foodma-
terials,except
fuel
96.0106.897.2
111.0128.1110.9106.2104.2
110.1114.2112.5108.4112.2
107.5108.7
111.7110.5108.8108.8108.9108.2
107.7105.9106.1104.8104.1104.1
104.4105.4107.2108.6108.7108.5
109.2110.6111.3111. 5109.3109.7
Fuel
Intermediate materials, supplies, and components i
Total
Materials and components formanufacturing
Total
Ma-terials
forfood
manu-factur-
ing
Ma-terials
fornon-du-
rablemanu-factur-
ing
Ma-terials
fordu-
rablemanu-factur-
ing
Com-po-
nentsfor
manu-factur-
ing
Ma-terialsandcom-po-
nentsfor
con-struc-tion
89.4105.6105.0
104.6106.5107.2111.0106.0
105.8113.3119.7121.2123.4
124.4124.2
126.0125.5125. 7122.0120.7121.5
122.7124.1126.1126.0126.2126.3
126.9127.4126.8123.3122.3121.2
121.9122.6123.2124.7124.9124.7
96.2104.0
104.3116.9113.5114.1114.8
117.0122.1125.1125.3127.0
127.0126.1
127.5127.4127.5127.6127.1127.0
127.0126.8126.8126.6126.5126.4
126.7126.7126.9126.9126.3125.8
125.6125.5125.7125.4125.8126.1
96.4104.0
104.5118.4113.4,115.2115.4
118.2123.7126.9127.2129.0
128.9127.4
129.5129.5129.4129.5129.2129.1
129.0128.7128.5128.4128.1127.9
127.8127.8127.9127.9127.8127.4
127.1127.1127.0127.0126.9127.0
102.8106.091.2
94.9105.7101.5101.8100.9
97.798.099.9
102.298.5
99.3102.3
97.497.297.998.398.699.0
100.199.8
100.0100.7101.7101.3
102.4103.6103.9103.7103.0102.0
101.6101.4101.3101.7101.4101.8
99.2105.095.8
100.5116.5104.8104.0102.3
102.7104.3105.7104.7106.4
106.5104.1
106.9106.9106.8106.9106.8106.8
106.9106.5106.2105.9105.5105.2
104.9104.8104.8104.8104.5104.1
103.6103.7103.5103.6103.6103.6
91.2103.0105.8
111.9124.3124.6130.1133.1
139.7148.5153.2154.3157.9
158.1155.9
159.0159.0158.9159.0158.8158.4
158.1157.8157.7157.2156.7156.6
155.5155.4155.4155.6156.0156.0
156.2156.4156.4156.0155.8155.9
94.4101.9103.8
107.6122.2122.5124.7125.3
130.9142.9148.3149.5151.5
150.7149.1
152.1152.4152.0152.0150.8150.3
150.1150.0149.8149.8149.5149.3
150.0150.1150.0149.3149.2149.1
149.1148.5148.4148.5148.5148.8
93.3103.2103.5
108.9119.1118.3120.2120.9
125.6132.0132.9132.9136.5
135.5133.6
137.2137.1136.9136.7136.4135.8
135.3134.8134.6134.2133.9133.7
133.7133.5133.5134.3134.1134.1
134.0133.6133.5133.2133.1133.1
See footnotes at end of table, p. 257.
256
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B - 4 1 . — Wholesale price indexes, by stage of processing, 1947-61—Continued
[1947-49=100]
Year or month
Finished goods
Total
Consumer finished goods
Total FoodsOthernon-
durablegoods
Du-rablegoods
Pro-ducer
finishedgoods
Special groups of industrialproducts
Crudemate-rials 2
Inter-mediate
materials,supplies,and com-ponents »
Con-sumer
finishedgoods ex-
cludingfoods
1947 -..19481949
19501951195219531954
1955_._1956195719581959
19601961*
1960: JanuaryFebruary..MarchAprilMayJune
JulyAugustSeptemberOctoberNovember.December.
1961: JanuaryFebruary..MarchAprilMayJune
JulyAugustSeptember-OctoberNovemberDecember 4
95.9103.5100.6
102.4112.1111.5110.4110.7
110.9114.0118.1120.8120.6
121.5121.5
120.6120.5121.4121.4121.2121.1
121.8121.5121.5122. 4122.7122.2
122.4122.6122.2121.3120.7120.6
121.2121.4121.3121.3121.4121.6
104.199.2
100.9110.3109.0107.1107.1
106. 4108.0111.1113.5112.5
113.6113.4
112.4112.3113.4113.4113.2113.1
113.9113.6113.7114.7114.9114.4
114.5114.8114.3113.3112.5112.4
113.1113.3113.2113.2113.2113.5
97.0105.897.2
99.2111. 3110.4104.6103.8
101.1101.0104.5110.5105.5
107.7107.2
104.8104.7107.4107.5107.5106.9
108.4107.1108.2110.1110.4109.0
109.1109.5108.6106.8105.7105.0
106.8107.2106.9107.1106.8107.1
97.4103.599.2
100.8108.5105.9106.9107.2
107.8109.9112.4111.7113.4
114.1114.2
113.9113. 8113.8113.7113.2113.6
114.1114.6114.8114.8114.7114.7
114.9115.2115.0114.2113.5113.8
113.9114.0113.9113.8114.1114.5
94.8101.3104.0
105.0112.1113.0113.8114.7
115.9119.7123.3125.0126.5
126.0125.5
126.4126.4126.5126.5126.3126.2
126.3126.2123.6125.7125.8125.8
125.8125.6125.5125.5125.5125.6
125.6125.5125.5125.3125.4125.4
92.8101.1106.1
108.7119.3121.3123.1124.7
128.5138.1146.7150.3153.2
153.5153.9
153.8153.8153.9153.6153.3153.4
153.6153.7152. 5153.4153.6153.8
154.0153.9153.8153.7153.7153.9
153.8153.8153.8154.0154.1154.3
92.9108.5
109.9120.8109.3108.5103.3
113.4120.0118 3113.7120.0
115.3114.1
121.4119.2116.8116.2116.0115.2
114.8114.4114.2112.7111.8111.0
111.3112.1113.3113.3113.3113.6
114.4115. 8116.4117.0114.1114.2
95.3103.7101.0
105.7118.5114.7116.2116.7
120.1126.0129.3129.1131.2
131.7130.0
132.1132.2132.2132.2131.9131.8
131.7131.6131.5131.3131.0130.9
130.8130.7130.7130.6129.9129.8
129.6129.5129.8129.6129.7129.8
96.6102.8100.6
102.1109.6108.0108.9109.4
110.2112.8115.7115.8117.3
117.8117.6
117.7117.6117.6117.6117.2117.4
117.8118.1117.4118.1118.0118.0
118.2118.3118.1117.6117.1117.3
117.4117.4117.4117.3117.5117.7
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.3 Excludes intermediate materials for food manufacturing: and manufactured animal feeds.4 Preliminary.
NOTE.—For a listing of the commodities included in each sector and their relative importance, see MonthlyLabor Review, December 1955 and Wholesale Prices and Price Indexes, 1958 (BLS Bulletin No. 1257).
Source: Department of Labor.
257
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—42.—Consumer price indexes, by major groups, 1929-61
For city wage-earner and clerical-worker families
[1947-49=1001
Year or month 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
126.5127.8
125.4125.6125.7126.2126.3126.5
126.6126.6126.8127.3127.4127.5
127.4127.5127.5127.5127.4127.6
128.1128.0128.3128.4128.3
Food
65.6
62.451.442.841.646.4
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
119.7121.1
117.6117.4117.7119.5119.7120.3
120.6120.1120.2120.9121.1121.4
121.3121.4121.2121.2120.7120.9
122.0121.2121.1120.9120.3
Housing
Total
(0
0)0)(00)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
131.5132.5
130.7131.2131.3131.4131.2131.3
131.3131.5132.0132.2132.1132.3
132.3132.4132.5132.3132.2132.4
132.4132.3132.6132.7132.9
Rent
117.4
114.2108.297T183.678.4
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
141.8143.5
140.9141.0141.2141.4141.4141.6
141.8141.9142.1142.5142.7142.8
142.9143.1143.1143.3143.4143.5
143.6143.6143.9144.1144.2
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
109.4110.1
107.9108.4108.8108.9108.9108.9
109.1109.3110.6111.0110.7110.6
109.4109.6109.8109.5109.6109.6
109.9109.9111.1111.4111.2
Trans-porta-tion
0)
(00)0)(00)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
146.2147.8
147.6147.5146.5146.1145.6145.8
145.9146.2144.7146.1146.5146.5
146.2146.2145.7145.8146.6147.7
148.3149.3149.4153. Z150.5
Medi-cal
care
0)
0)(00)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
156.2160.7
153.5154.7155.0155.5155.9156.1
156.4156.7156.9157.3157.9158.0
158.5159.4159.6159.9160.4160.9
161.2161.4161.7162.3162.4
Per-sonalcare
0)
0)0)0)0)0)54.655.358.559.859.6
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
133.3134.0
132.7132.6132.7132.9133.2133.2
133.4133.8133.9134.0133.9133.7
133.7133.8133.6133.8133.8133.9
134.3134.2134.3134.0134.3
Read-ing andrecrea-tion
(0
(00)0)(00)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
121.5124.0
120.3120.6120.9121.1121.4121.1
121.6121.9122.1121.9122.5122.3
122.2122.7123.4124.1123.9123.5
124.1124.4125.0125.4125.2
Othergoodsand
services
1929
19301931193219331934
1935.193619371938 ._1939
19401941 J194219431944
1945..1946194719481949
19501951195219531954
19551956._195719581959
I960-1961 2_ -
1960: January. __February..MarchAprilMayJune
JulyAugustSeptember.October.. -November.December.
1961: January.._February..MarchAprilMayJune
JulyAugust.SeptemberOctober...November
1 Not available.2 January-November average.Source: Department of Labor.
258
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-43.—Consumer price indexes, by special groups, 1935-61
For city wage-earner and clerical-worker families
[1947-49=100]
Yew or month
1935193619371938..1939.
1940... _19411942...19431944-.
1945 - -1946 ._19471948-..1949
19501951195219531954
1955-.-1956-19571958 -1959
19601961 L —
1960: JanuaryFebruaryMarchAprilMayJune
July-August-SeptemberOctoberNovemberDecember
1961: JanuaryFebruaryMarchAprilMayJune
July . ._ .August —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
126.5127.8
125.4125.6125.7126.2126.3126.5
126.6126.6126.8127.3127.4127.5
127.4127.5127.5127.5127.4127.6
128.1128.0128.3128.4128.3
Allitemslessfood
65.866.568.969.669.1
69.471.476.478.581.5
83.487.095.1
101.9103.0
104.2110.8113.5115.7116.4
116.7118.8122.8125.5127.9
130.0131.4
129.4129.7129.7129.8129.7129.7
129.9130.1130.3130.7130.8130.8
130.6130.8130.9130.8131.0131.2
131.4131.6132.0132.3132.4
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
124.0125.3
122.9123.0123.1123.7123.8124.0
124.2124.1124.3124.8125.0125.0
124.8125.0125.0125.0124.9125.2
125.7125.6125.8126.0125.8
Commodities
Allcom-modi-
ties
52.052.754.752.751.6
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
117.5118.3
116.7116.7116.7117.4117.3117.6
117.7117.6117.7118.2118.3118.4
118.0118.1118.0117.9117.7118.0
118.7118.4118.7118.8118.5
Commodities less food
Food
49.750.152.148.447.1
47.852.261.368.367.4
79.095.9
104.1100.0
101.2112.6114.6112.8112.6
110.9111.7115.4120.3118.3
119.7121.1
117.6117.4117.7119.5119.7120.3
120.6120.1120.2120.9
121.3121.4121.2121.2120.7120.9
122.0121.2121.1120.9120.3
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
115.7115.9
115.9116.0115. 7115.6115.3115.3
115.4115.5115.6115.9115.9115.9
115.4115.5115.4115.2115.3115.6
116.0116.1116.6117.0116.9
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
111.6111.2
113.3113.3112.5112.1111.9111.5
111.1111.0110.0110.9110.7110.8
110.2110.3109.9110.7110.8111.2
111.5111.9111.9112.7112.6
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
120.1120.7
119.2119.4119.6119.7119.4119.6
119.9120.1120.9120.9121.1121.0
120.5120.6120.7120.0120.0120.3
120.6120.7121.5121.5121.5
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
150.0152.7
148.2148.9149.2149.4149.6149.7
150.0150.3150.8151.2151.3151.4
151.7151. 9152.2152.3152. 5152.7
152.8153.0153.2153.4153.7
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
141.8143.5
140.9141.0141.2141.4141.4141.6
141.8141.9142.1142.5142.7142.8
142.9143.1143.1143.3143.4143.5
143.6143.6143.9144.1144.2
Allserv-
lessrent
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
152.1155.0
150.1150.9151.3151.5151.7151.8
152.1152.5153.0153.4153.6153.6
154.0154.2154.6154.7154. 9155.0
155.2155.4155.6155.8156.1
i January-November average.
Source: Department of Labor.
259
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY SUPPLY, CREDIT, AND FINANCETABLE B-44.—Money supply, 1947-61
[Averages of daily figures, billions of dollars]
Year and month
1947: December..1948: December..1949: December..
1950: December.,.1951: December. _1952: December..1953: December..1954: December..
1955: December. .1956: December..1957: December.-1958: December..1959: December..
1960: December..1961: December 2_
1960: January _February.MarchAprilMayJune
JulyAugustSeptember-OctoberNovember..December..
1961: January..February.MarchAprilMayJune
JulyAugustSeptember. _OctoberNovember..December 2.
Money supply
Seasonally adjusted
Total
112.3110.7110.1
115.3122.0126.5128.1131.8
134.6136.5135.5140.8141.5
140.4144.9
141.3141.0140.6140.5139.9139.4
139.6139.7140.4140.6140.2140.4
140.6141.2141.5142.0142.0142.1
142.0141.8143.0143.7144.1144.9
Currencyoutsidebanks
26.425.825.2
25.026.227.427.727.4
27.828.228.328.628.9
29.029.5
29.029.029.029.129.028.9
28.928.929.029.029.029.0
28.928.929.029.029.028.9
29.029.029.229.329.429.5
Demanddepos-its i
85.884.985.0
90.395.899.1
100.4104.4
106. 8108.3107.2112.2112.6
111.4115.4
112.3112.1111.6111.4110.9110.5
110.7110.8111.5111.6111.2111.4
111.7112.3112.6113.0113.0113.2
113.0112.8113.8114.4114.6115.4
Unadjusted
Total
115.0113.3112.7
118.1125.1129.8131.4135.0
137.9139.7138.8144.3144.9
143.8148.5
144.4140.8139.3140.1138.0138.0
138.7138.9139.7140.6141.4143.8
143.7140.9140.1141.7140.0140.7
141.1141.1142.4143.6145.3148.5
Currencyoutsidebanks
26.826.125.5
25.426.627.828.227.9
28.328.728.929.229.5
29.530.1
28.828.628.728.828.828.9
29.129.029.129.129.229.5
28.828.628.628.728.728.9
29.229.229.329.429.730. 1
Demanddepos-
i t s 1
88. 287.287.3
92.798.6
102.0103.3107.1
109.6111.0109.9115.1115.5
114.3118.4
115.6112.2110.6111.4109.2109.1
109.6109.8110.7111.5112.2114.3
114.9112.3111.4113.0111.3111.8
111.9111.9113.1114.2115.6118.4
Related deposits(unadjusted)
Grosstime
35.335.936.3
36.638.341.344.748.5
50.051.857.165.167.0
72.582.3
67.066.867.367.968.268.6
69.570.371.271.872.072.5
73.775.175.976.978.179.0
79.980.781.382.082.082.3
U.S.Govern-ment
1.01.82.8
2.42.74.93.85.0
3.43.43.53.94.9
4.74.9
4.14.14.33.76.36.3
6.76.15.45.75.84.7
4.14.84.72.94.64.5
4.35.55.26.55.84.9
1 Demand deposits at all commercial banks (member and nonmember).2 Preliminary.NOTE.—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.
260
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE R-45.—Loans and investments of all commercial banks, 1929—61
[Billions of dollars, end of period]
Year or month 1
Totalloansand
invest-ments
Loans
Total 2 Businessloans 3
Investments
TotalU.S. Gov-ernment
obligations •Other
securities
1929—June 5_.
1930—June 5_.1931—June »..1932—June «..1933—June «..1934—June «..
1935..1936..1937..1938..
19401941194219431944
194519461947—19481949
19501951195219531954
19551956 -1957. . .19581959
1960196U1960: January.._
February _MarchAprilMayJune^ yAugustSeptember..OctoberNovember..December..
1961: JanuaryFebruary B.MarchAprilMayJuneJulyAugustSeptember...October 8November 8_.December 8 . .
49.448.944.936.130.432.736.139.638.438.740.743.950.767.485.1
105.5124.0114.0116.3114.3120.2126.7132.6141.6145.7155.9160.9165.1170.1185.2190.3199.5215.6187.8186.5185.7188.8188.6188.9190.9191.2193.3195.6195.5199.5197.0199.3198.0199.7201.2202. 5205.1205.1210.0210.3211.3215.6
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
110.8117.6125.2109.6110.3111.4113.0113.6114.8114.2114.7115.4114.8115.0117.6114.2116.7116.6117.2117.9118.6118.1118.5120.8120.5121.7125.2
5.76.47.39.37.97.98.09.6
14.218.218.917.121.925.927.927.226.933.238.740.540.440.2
43.144.439.439.840.940.941.341.941.241.241.841.842.343.141.541.842.842.442.342.842.342.542.943.143.544.4
13.714.415.714.314.017.020.923.121.222.323.425.129.048.266.083.997.982.978.271.877.274.474.977.578.185.378.374.876.287.079.481.990.478.276.374.375.975.074.176.776.677.880.880.581.982.882.681.482.583.384.087.086.789.289.889.690.4
4.95.06.06.27.5
10.3
13.815.314.215.116.317.821.841.459.877.690.674.869.262.667.062.061.563.363.469.061.658.658.266.458.961.066.558.056.254.255.855.154.256.756.657.760.460.261.061.961.359.760.761.561.964.764.266.066.666.266.5
8.79.49.78.16.56.77.17.97.07.27.17.47.26.86.16.37.38.19.09.2
10.212.413.314.114.716.316.716.317.920.620.520.923.920.320.120.120.019.819.920.020.020.220.420.320.920.921.321.721.821.922.122.322.523.223.223.423.9
1 End-of-year figures (except 1961) are for call dates. Other data (including those for December 1961)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.
4 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 B-53, 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.
6 Not available.7 Beginning June 1959, business loans exclude loans to financial institutions.8 Preliminary; December estimates by Council of Economic Advisers.9 Data for March 1, 1961 used instead of last Wednesday of February.
NOTE.—Between January and August 1959, this series was expanded to include data for all banks inAlaska and Hawaii.
Source: Board of Governors of the Federal Reserve System (except as noted).
26l
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B-46.—Federal Reserve Bank credit and member bank reserves, 1'920-67
[Averages of daily figures, millions of dollars]
Year and month
1929: December
1930: December1931: December1932: December1933: December1934: December
1935: December1936: December1937: December1938: December1939: December
1940: December1941: December1942: December1943: December1944: December
1945: December1946: December1947: December1948: December1949: December
1950: December1951: December1952: December1953: December1954: December
1955: December1956: December1957: December1958: December1959: December
1960: December1961: December
I960* JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
1961* JanuaryFebruaryMarchApril. .-MayJune
JulyAugust.SeptemberOctober ___NovemberDecember
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
29,06031,217
28, 23427,21027, 04727,18127, 37827, 737
28,17628,20628, 08828, 49029,24129, 060
28,48428,14528.03027,92528,00728,304
28,49828, 66129,08029,50430,14231,217
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
27.24829,098
25, 93425, 32225, 31025, 48825, 81826,124
26, 61926, 98326, 65327,05627,87127, 248
26.94226 82926,83126,67626. 74726, 935
27 02427,41527, 56328. 04428, 61629, 098
Memberbank
borrow-ings
801
3377632819510
67
1673
354
90265
334157224134118
142657
1,593441246
839688710557906
87149
905816635602502425
38829322514914287
4913770569663
51673765
105149
Allother,
mainlyfloat
396
292410
5714232
5857474799
114180483659654
702821729842607
1,1191,3801,3061,0271,154
1,4121,7031,4941,5431,493
1,7251,970
1,3951,0721,1021,0911,0581,188
1,169930
1,2101,2851,2281,725
1,4931,1791,1291,1931,1641,306
1,4231,1791,4801,3961,4201,970
Member bank reserves
Total
2,395
2,4152,0692,4352,5884,037
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
218,932
19,2833 20,118
18, 87818,21318,02718,10418,23918,294
18, 51818, 50118, 57018, 73319, 00419,283
19 31518.96418,80918,88418,85619,042
19,06319,22319, 37219, 66019, 832
3 20,118
Re-quired
2,347
2,3422,0101,909
i 1,8222,290
2,7334,6195,8085,5206,462
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, 527319, 545
18,34817, 76217, 61117,69617, 77017, 832
18,01017,96117, 93118,10418, 24818, 527
18,57018, 31018,26318, 26618, 30718, 430
18,48218,61918, 78319,15319,218
319,545
Excess
48
7360
5261766
1,748
2,9832,0461,0713,2265,011
6,6463,3902,3761,0481,284
1,491900986797803
1,027826723693703
594652577516482
7563 572
530451416408469462
508540639629756756
745654546618549612
581604589507614
3572
Memberbank freereserves(excess
reservesless bor-rowings)
-753
-264-703
245671
1,738
2,9772,0391,0553,2195,008
6,6433,3852,372
9581,019
1,157743762663685
885169
-870252457
-245- 3 6
-133- 4 1
-424
6693 423
-375-365-219-194- 3 3
37
120247414480614669
696517476562453549
530537552442509
3 423
1 Data from March 1933 through April 1934 are for licensed banks only.2 Beginning December 1959, total reserves held include vault cash allowed.3 Preliminary.
NOTE.—Data for member banks in Alaska and Hawaii included beginning 1954 and 1959, respectively.
Source: Board of Governors of the Federal Reserve System.
262
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-47.—Bond yields and interest rates, 1929-61
[Percent per annum]
Year or month3-monthTreas-ury-
bills i
U.S. Governmentsecurities
9-12monthissues2
Taxablebonds3
Corporate' bonds
(Moody's)
Aaa Baa
Commonstock
yields,200
stocks(Moody's)
High-grade
munic-ipal
bonds(Stand-ard &Poor's)
Averagerate onshort-vcrmbankloans
to busi-n e s s -
selectedcities
Primecom-mer-cial
paper,4-6
months
Fed-eralRe-
serveBankdis-
countrate
5.16
3.042.112.822.561.54
1.501.501.331.001.00
1.001.00
i 1.00U.007 1.00
n.oou.oo
1.001.341.50
1.591.751.751.991.60
1.892.773.122.163 36
3.533.00
2.502.502.923.003.053.50
3.503.503.834.004.004.00
1929
1930193119321933._. -1934
193519361937 —19381939
19401941194219431944
19451946194719481949...
19501951 f195219531954
1955..195619571958,1959
19601961
1959: JanuaryFebruaryMarch. _AprilMayJune
JulyAugust __SeptemberOctoberNovemberDecember
)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
2.9282.378
2.8372.7122.8522.9602.8513.247
3.2433.3583.9984.1174.2094.572
00(5)
()0.75.79
.81
.82
.881.141.14
1.261.731.812.07.92
1.892.833.532.094.11
3.552.91
3.263.383.563.663.923.97
4.304.324.804.654.704.98
2.462.472.48
2.372.192.252.442.31
2.322.572.682.942.55
2.843.083.473.434.08
4.023.90
3.913.923.924.014.084.09
4.114.104.264.114.124.27
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
4.414.35
4.124.144.134.234.374.46
4.474.434.524.574.564.58
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
5.195.08
4.874.894.854.864.965.04
5.085.095.185.285.265.28
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
3.603.07
3.363.413.433.293.253.28
3.183.193.343.363.383.28
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 933̂ 603.563.95
3.733.46
3.873.853.763.843.974.04
4.043.964.133.993.944.05
()2.12.12.02.22.62.4
2.22.12.12.52.7
2.73.13.53.73.6
3.74.24.64.3
8 5.0
5.25.0
4.51
'I'sY
8 5.27
~5.~36"
5.85
3.592.642.731.731.02
.75
.75
.94
.81
.59
.56
.53
.73
.75
.811.031.441.49
1.452.162.332.521.58
2.183.313.812.463,97
3.852.97
3.303.263.353.423.563.83
3.983.974.634.734.674.88
See footnotes at end of table, p. 264.
263
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-47.—Bondyields and interest rates, 7929-61
[Percent per annum]
Continued
Year or month3-monthTreas-
urybills i
U.S. Governmentsecurities
9-12monthissues'
Taxablebonds 3
Corporatebonds
(Moody's)
Aaa Baa
Commonstock
yields,200
stocks(Moody's)
High-grade
munic-ipal
bonds(Stand-ard &Poor's)
Averagerate onshort-termbankloans
to busi-n e s s -
selectedcities
Primecom-mer-cial
paper4-6
months
Fed-eralRe-
serveBank
dis-countrate
1960: January. . .February-.MarchAprilMayJune
JulyAugustSeptemberOctoberNovember.December .
1961: January. . .February-MarchApril.MayJune
JulyAugustSeptemberOctober...November.December.
4.4363.9543.4393.2443.3922.641
2.3962.2862.4892.4262.3842.272
2.3022.4082.4202.3272.2882.359
2.2682.4022.3042.3502.4582.617
4.934.583.933.994.193.35
3.132.892.993.012.992.79
2.702.842.862 832.823.02
2.873.033.032.972.953.03
4.374.224.084.184.16
3.863.793.843.913.933.88
3.893.813.783.803.733.88
3.904.004.023.983.984.06
4.614.564.494.454.464.45
4.414.284.254.304.314.35
4.324.274.224.254.274.33
4.414.454.454.424.394.42
5.345.345.255.205.285.26
5.225.085.015.115.085.10
5.105.075.025.015.015.03
5.095.115.125.135.115.10
3.563.533.593.683.603.52
3.603.503.733.743.603.49
3.283.223.153.153.093.16
3.053.003.032.952.932.90
4.133.973.873.843.853.78
3.723.533.533.593.463.45
3 443.333.383.443.383.53
3.533.553.543.463.443.49
5.34
~5.~35~
4.97
~4.~99'
4.97
~4.~97'
4.99
4.914.664.494.164.253.81
3.393.343.393.303.283.23
2 983.033.032.912.762.91
2.722.923.053.002.983.19
4.004.004.004.004.003.65
3.503.183.003.003.003.00
3.003 003.003.003.003.00
3.003.003.003.003.003.00
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).3 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.
* Treasury bills were first issued in December 1929 and were issued irregularly in 1930.5 Not available before August 1942.« Not available on same basis as for 1939 and subsequent years.i From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances
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 InvestorsService, and Standard & Poor's Corporation.
264
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T A B L E B—48.—Short- and intermediate-term consumer credit outstanding, 7929—61
[Millions of dollars]
End of year or month Total
Instalment credit
TotalAuto-mobilepaper 1
Othercon-
sumergoods
paper l
Repairandtodern-zationloans 2
Per-sonalloans
Noninstalment credit
TotalCharge
ac-counts
Other 3
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..
1960...1961 5-
1960: January . . .February.MarchAprilMayJune
JulyAugustSeptember.OctoberNovember.December..
1961: January.. .February.MarchAprilMayJune
JulyAugustSeptember..OctoberNovember...December 5_
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, 80742, 26244, 84844, 98451, 331
55, 75756, 850
50, 72850, 49450, 63451, 67252,33253,026
53, 23153, 59453, 85253,97954, 29855, 757
54, 72653,84353, 64153, 75654,19654,602
54, 50554, 73954, 75754,90255, 45156,850
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
28,88331, 64833,74533,49739, 034
42, 58843,100
38,92138,96239,18939, 78340, 24640,859
41,20141, 58041, 77441,85941,99642,588
42,12241,66241, 46541, 42341, 58441, 888
41,90942, 09042,03942,18142, 41943,100
1,497
2,0712,458
742355397
455981
1,9243,0184,555
6,0745,9727,7339,8359,809
13,43714, 34815, 21814, 00716,209
17, 44416,950
16,17616, 27316, 46216, 79417,03917,348
17, 47617, 59817, 59517, 55317, 54417, 444
17, 22017, 01716, 92216,87716,93317, 061
17, 06317, 06116,90216,91316, 96016,950
1,620
1,8271,9291,195819791
8161,2902,1432,9013,706
4,7994,8806,1746,7796,751
7,6418,6068,8449,028
10, 630
11, 52511,700
10, 54710,42310,36510, 43710, 50110,634
10,66810, 73110,82010, 90911,00311, 525
11,36511,13611, 00710, 91510, 92910,966
10,93410, 96611,00611,08511,21511, 700
298
371376255130119
182405718853898
1,0161,0851,3851,6101,616
1,6931,9052,1012,3462,809
3,1393,200
2,8002,8122,8312,8712,9352,984
3,0203,0743,1093,1293,1443,139
3,1003,0753,0663,0733,1003,122
3,1333,1653,1803,1833,1923,200
1,088
1,2451,322974832869
1,0091,4961,9102,2242,431
2,8143,3574,1114,7815,392
6,1126,7897,5828,1169,386
10,48011, 250
9,3989,4549,5319,6819,7719,893
10,03710,17710, 25010,26810,30510,480
10,43710,43410,47010, 55810,62210, 739
10,77910, 89810,95111,00011,05211, 250
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, 61411,10311,48712,297
13,16913, 750
11, 80711, 53211, 44511,88912, 08612,167
12,03012, 01412,07812,12012,30213,169
12,60412,18112,17612,33312,61212, 714
12, 59612,64912,71812, 72113,03213, 750
1,602
1,4761,2651,020990
1,102
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
5,3295,550
4,6254,1804,0164,3284,4354,529
4,4134,3904,4114,5044,6055,329
4,7214,1324,0964,2034,3804,474
4,3974,4094,4234,5174,6845,550
1,691
1,6041,2881,026904931
1,0341,2121,3381,2851,305
1,3531,4421,3731,3251,418
1,5912,1362,5222,7292,920
3,4013,7183,9874,1144,411
5,1295,6195,9576,4277,193
7,8408,200
7,1827,3527,4297,5617,6517,638
7,6177,6247,6677,6167,6977,840
7,8838,0498,0808,1308,2328,240
8,1998,2408,2958,2048,3488,200
1 Includes all consumer credit extended for the purpose of purchasing automobiles and other consumergoods.
2 Includes only such loans held by financial institutions; those held by retail outlets are included in "otherconsumer goods paper."
3 Single-payment loans and service credit.* Not available.5 Preliminary estimates by Council of Economic Advisers.NOTE.—Series revised beginning 1955. For details, see Federal Reserve Bulletin, December 1961.Data for Alaska and Hawaii included beginning January and August 1959, respectively.Source: Board of Governors of the Federal Reserve System (except as noted).
265
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TABLE B-49.—Instalment credit extended and repaid, 1946-61
[Millions of dollars]
PeriodTotal
Ex- Re-tended paid
Automobilepaper
Ex-tended
Re-paid
Other consumergoods paper
Ex-tended
Re-paid
Repair andmodernization
loans
Ex-tended
Re-paid
Personalloans
Ex-tended
Re-paid
1946-1947-19481949195019511952195319541955-1956195719581959I9601961 i
1960: JanuaryFebruaryMarchApril - .May__June
1961
JulyAugustSeptemberOctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJune
July .AugustSeptember....OctoberNovemberDecember1 . . .
1960: J a n u a r y . . .FebruaryMarchAprilMayJuiie
1961:
JulyAugustSeptemberOctoberNovemberDecember
January .FebruaryMarchAprilMayJune
July.AugustSeptemberOctoberNovemberDecember L —
8,49512,71315, 58518,10821, 55823, 57629, 51431, 55831, 05138, 94439, 77541,87139,96247,81849,31348,025
3,5113,6694,1394,3924,2694,4944.0754,3043,9753,9413,9984,5473,4263,1833,9073,7214,2034,3473,9054,2343, 7894,2444,2754,800
4,1124,1554,1404,3504,1274,1214,1414,0484,0894,0344,0183,9843,8663,8123,8943,8003,9073,-9623,9094,0383,9424,2094,3174,275
6,78510,19013, 28415, 51418.44522, 98525,40527, 95630,48833,62937,00939, 77540,21142,43545, 75947, 525
1,9693,6925,2176,9678,5308,95611, 76412, 98111,80716, 70615,42116,32114,06917,54417,40815,800
1,4432,7494,1235,4307,0119,05810,00310,87911, 83313,07714,51015,45115,28115,41116.17216,300
3,0774,4985,3835,8657,1507,4859,1869,2279,11710,64211, 72111,80711, 74713,98214,47014,450
2,6033,6454,6255,0606,0577,4047,8928,6229,1459,75210, 75611,56911,56312,40213,57414,275
423704714734835841
1,2171,3441,2611,3931,5821,6741,8712,2222,2122,050
200391579689717772917
1,1191,2551,3161,3701,4771,6261,7651,8832,000
3,0263,8194,2714,5425,0436,2947,3478,0068,86610,20311,05112.06912,27514.07015,22315,725
Unadjusted
3,6243,6313,9153,7953,8023,8823,7313,9273,7793,8553,8673,9523,8953,6434,1043,7644,0434,0423,8854,0533,8394,1024,0374,100
1,2421,3871,5911,6541,6161,6851,4341,5341,3361,3651,3441,2201,1301,0491,3231,2431,4491,5151,3651,3951,1681,4521,4021,325
1,2751,2911,4031,3221,3691,3781,3061,4141,3391,4051,3541,3191,3541,2521,4181,2901,3941,3871,3621,3961,3271,4411,3551,325
1,042976
1,1071,2071,1931,2811.1181,2011,2071,2291,2361,6761,031888
1,1111,0731,2211,2361,1131,2291,2001,3001,3271,700
1,1241,1011,1651,1341,1281,1481,0821,1361,1181,1401,1441,1521,1931,1161,2421,1641,2071,1991,1451,1981,1591,2211,1971,200
135159177191218213193219192185176154127127161166200196175206184186177150
144148159151153163157166156165163158167152169159173174165174169183168150
1,0921,1471,26413401,2421,3151,3301,3501,2401,1621,2421,4971,1381,1191,3121,2391,3331,4001,2521,4041,2371,3061,3691,625
Seasonally adjusted
3,7493,6863,7333,8203,8223,8223,8733,8223,8633,8623,8563,8663, 8753,8893,9073,9073,8953,9623,9373,9943,9564,0284,0174,075
1,4611,5231,5271,5821,4881,457
1,3901,4041,4171,3991,4081,3511.2861,2161,2551,2251,2701,2961,3001,3021,2711,4051,5111,450
1,3371,3211,3371,3441,3681,3551,3431,3531,3551,3651,3581,3481,3561,3531,3481,3561,3361,3541,3641,3621,3501,3721,3591,375
1,2351,2081,1881,2761,1881,2271,1991,1711,2031,2041,1741,2071,1791,1651,1881,1621,1731,1751,1841,2121,1991,2541,2491,250
1,1221,0851,1011,1281,1401,1411,1411,1321,1431,1511,1381,1531,1631,1511,1761,1891,1661,1881,1831,1971,1901,2101,1881,200
170190189189203194187196181175174166155157172167181177167186175173174175
149150155153154160160161155163162162167160164165169171165170170178166175
1,2461,2341,2361,3031,2481,2431,3651,2771,2881,2561,2621,2601,2461,2741,2791,2461,2831,3141,2581,3381,2971,3771,3831,400
2,5393,4053,9574,3354,6605,7516,5937,3368,2559,484
10,37311,27811,74112,85714,13014,950
1,0811,0911,1881,1881,1521,1931,1861,2111,1661,1451,2061,3231,1811,1231,2751,1511,2691,2821.2131,2851,1841,2571,3171,425
1,1411,1301,1401,1951,1601,1661,2291,1761,2101,1831,1981,2031,1891,2251,2191,1971,2241,2491,2251,2651,2461,2681,3041,325
1 Preliminary; December by Council of Economic Advisers.
NOTE.—See also Table B-48.Series revised beginning 1955. For details, see Federal Reserve Bulletin, December 1961.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).
266
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TABLE B—50.—Mortgage debt outstanding, by type of property and of financing, 1939—61
[Billions of dollars]
End of year or quarterAll
prop-erties
35.5
36.537.636.735.334.7
35.541.848.956.262.7
72.882.391.4
101.3113.7
129.9144.5156.6171.9190.9
206.2223.1
176.0181.5186.6190.9
194.5198.5202.6206.2
209.3214.0219.0223.1
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
193.1208.9
164.6169.7174.6178.8
181.9185.7189.6193.1
196.0200.3205.0208.9
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
107.6117.7130.9
141.3152.9
120.5124.3128.0130.9
133.1135.9138.8141.3
143.2146.5149.9152.9
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
56.459.6
51.352.153.153.8
54.555.055.756.4
57.157.858.759.6
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
26.729.6
20.921.822.923.8
24.625.226.026.7
27.428.028.829.6
VAguar-
anteed
0.22.45.57.28.1
10.313.214.616.119.3
24.628.430.730.430.0
29.730.0
30.430.330.230.0
29.929.829.729.7
29.729.829.930.0
Con-ven-
tional 1
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
84.893.3
69.272.274.977.0
78.680.983.284.8
86.188.791.293.3
Multi-family
andcom-
mercialprop-
erties a
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
51.856.0
44.045.446.647.9
48.849.850.851.8
52.853.955.156.0
Farmprop-erties
1939
19401941194219431944
19451946 .194719481949
19501951195219531954
19551956195719581959
196019613
1959: I . . . .I I —I I I . .IV. .
1960: I . . . .I I—III_.IV. .
1961: 13...113..III 3.IV 3.
6.6
6.56.46.05.44.9
4.84.95.15.35.6
6.16.77.37.88.3
9.19.9
10.511.312.2
13.114.3
11.511.912.112.2
12.512.813.013.1
13.313.714.014.3
1 Derived figures.2 Includes negligible amount of farm loans held by savings and loan associations.3 Preliminary.
Source: Board of Governors of the Federal Reserve System, estimated and compiled from data suppliedby various Government and private organizations.
621876 O-62-18267
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-51.—Net public and private debt, 1929-61 *
[Billions of dollars]
End ofyear 2
1929
19301931193219331934
1935193619371938.1939
19401941194219431944
1945194619471948.1949
19501951195219531954
19551956195719581959
19601961 ». .„.
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
672.3707.5739.4783.5846.3
882.9932.6
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
241.0248.1
Stateandlocalgov-ern-
ment 2
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
60.065.0
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
402.5439.4468.2499.9547.5
581.9619.5
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
212.1231.7246.7259.5281. 6
295.0312.5
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
90.0100.1112.2121.2128.9
137.5146.5
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
122.2131.7134.6138.4152.7
157.6166.0
Individual and noncorporate
Total
72.3
71.164.456.750.649.6
49.450.350.949.850.8
53.055.649.948.850.7
54.660.670.883.193.7
108.8119.7135.5150.4165.5
190.4207.7221.5240.4265.9
286.9307.0
Farm 3
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
18.819.520.323.324.0
25.427.2
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
171.6188.1201.2217.0241.9
261.5279.8
Mort-gage
31.2
32.030.929.026.325.5
24.724.424.324.525.0
26.027.226.826.226.1
27.032.538.745.150.6
59.467.475.283.894.6
108.7121.2131.6144.6160.9
173.9188.0
Com-mer-cialand
finan-cial4
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
23.924.424.326.928.8
31.535.0
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
21.422.627.431.482.5
38.942.545.345.552.1
56.056.8
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.
2 Data for State and local government debt are for June 30.3 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.* Preliminary estimates by Council of Economic Advisers.
NOTE.—Revisions beginning 1955 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 InterstateCommerce Commission (except as noted).
268
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GOVERNMENT FINANCE
TABLE B-52.—U.S. Government debt, by kind of obligation, 1929-61[Billions of dollars]
End of year or month
1929... —193019311932__ -1933193419351936193719381939...- —19401941194219431944..19451946194719481949195019511952195319541955 -1956195719581959196019611960: January. . .
February..MarchAprilMayJune _JulyAugustSeptember.October. _.November.December.
1961: January. . .February. .MarchAprilMayJuneJuly. .AugustSeptemberOctober...November.December.
Grosspublic
debt andguar-
anteedissues 1
16.316.017.820.824.031.535.139.141.944.447.650.964.3
112.5170.1232.1278.7259.5257.0252.9257.2256.7259.5267.4275.2278.8280.8276.7275.0283.0290.9290.4296.5291.2290.7287.0288.9289.5286.5288.5288.8288.6290.6290.6290.4290.2290.7287.7288.2290.4289.2292.6294.0294.0296.0297.3296.5
Interest-bearing public debt
Marketable publicissues
Short-term
issuesa
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
103.5109.2120.5105.1104.6100.7103.0102.5102.5105.6103.9104.0107.0109.1109.2109.5110.1105.8107.2108.0106.3
110.5111.5112.6116.0120.4120.5
Treasurybonds
11.311.313.513.414.715.414.319.520.524.026.928.033.449.367.991.6
120.4119.3117.9111.4104.894.076.979.877.281.881.980.882.183.484.879.875.584.784.784.785.185.181.281.282.382.382.379.779.879.879.880.680.980.880.880.879.779.379.375.275.5
Nonmarketable public issues
UnitedStates
savingsbonds
0.2.5
1.01.42.23.26.1
15.027.440.448.249.852.155.156.758.057.657.957.757.757.956.352.551.248.247.247.547.947.847.847.647.647.547.447.347.347.447.447.2
47.247.347.447.447.547.5
47.647.647.747.747.847.5
Treasurytax andsavingsnotes
2.56.48.69.88.25.75.44.67.68.67.55.86.04.5
8CO( e)
Invest-ment
bonds *
1.01.01.01.0
13.013.412.912.712.311.610.39.07.66.25.17.57.47.27.06.96.86.76.66.56.36.26.26.16.16.05.95.85.85.85.75.65.25.15.1
Specialissues*
0.6.8.4.4.4.6.7.6
2.23.24.25.47.09.0
12.716.320.024.629.031.733.933.735.939.241.242.643.945.645.844.843.544.343.5
42.642.843.342.843.944.944.245.245.044.344.644.343.843.744.043.044.545.044.245.645.043.944.243.5
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.4 Issued to U. S. Government investment accounts. These accounts also held $11.0 billion of public
marketable and nonmarketable issues on December 31, 1961.s Less than $50 million.6 The last series of Treasury savings notes matured in April 1956.
Source: Treasury Department.
269
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TABLE B-53.—Estimated ownership of U.S. Government obligations, 1939-61
[Par values,i billions of dollars]
End of year ormonth
19391940-1941_19421943 _.19441945.19461947194819491950195119521953..1954...1955... ..__1956..._19571958 ._19591960. ._1961 81960: January
FebruaryMarchAprilMay _June _.JulyAugustSeptemberOctober _NovemberDecember
: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember 8_._
1961:
Gross public debt and guaranteed issues 2
Total
Heldby U.S.
Gov-ern-
mentinvest-mentac-
counts
47.650.964.3
112.5170.1232.1278.7259.5257.0252.9257.2256.7259.5267.4275.2278.8280.8276. 7275.0283.0290.9
290.4296.5291.2290.7?87.0288.9289.5286.5288.5288.8288.6290.6290.6290.4290.2290.7287.7288.2290.4289.2292.6294.0294.0296.0297.3296.5
6.57.69.5
12.216.921.727.030.934.437.339.439.242.345.948.349.651.754.055.254.453.7
55.154.553.253.253.753.254.455.354.855.955.555.055.455.154.654.554.954.055.556.155.256.555.955.055.454.5
Held by others
TotalFederalReservebanks
41.143.354.7
100.2153.2210.5251.6228.6222.6215.5217.8217.5217.2221.6226.9229.2229.1222.7219.8228.6237.3
235.3242.0
238.0237.5233.3235.7235.1231.1233.6232.9233.0235.6235.2235.3235.6236.3232.8234.2234.9233.1237.4237.5238.1241.0241.9242.0
Com-mercialbanks
2.52.22.36.2
11.518.824.323.322.623.318.920.823.824.725.924.924.824.924.226.326.6
27.428.9
25.525.225.325.626.026.526.926.827.027.427.527.426.626.726.726.826.927.327.427.727.828.329.2
Mutualsavingsbanksand in-surancecom-
panies
15.917.321.441.159.977.790.874.568.762.566.861.861.663.463.769.262.059.559.567.560.3
62.167.359.057.054.756.856.055.357.457.558.661.461.262.162.761.959.761.762.162.565.565.166.667.366.967.3
Othercorpora-tions 4
9.410.111.915.821.228.034.736.735.932.731.529.626.325.525.124.123.121.320.219.919.5
18.117.619.619.519.319.118.918.618.618.618.518.318.218.118.318.218.317.917.917.717.817.817.817.817.717.6
Stateandlocal
govern-ments fi
2.22.04.0
10.116.421.422.215.314.114.816.819.720.719.921.519.223.519.118.618.822.6
19.719.424.425.222.423.123.720.721.120.419.320.120.619.720.121.219.520.521.219.419.519.818.419.420.319.4
0.4.5.7
1.02.14.36.56.37.37.9S.I
11.112.714.415.416.316.616.518.018.218.518.218.418.618.518.618.818.718.518.318.318.318.218.318.518.718.518.518.718.718.618.518.418.418.5
individ-uals 6
10.110.613.623.737.653.364.164.265.765.566.366.364.665.264.863.464.765. 564.063.068.2
65.665.569.069.370.169.469.068.468.167.767.866.666.565.665.765.865.964.964.764.364.865.265.365.365.365.5
Miscel-laneousinves-tors?
0.7.7.9
2.34.47.09.18.18.48.99.4
10.510.611.713.213.915.616.116.616.622.1
24.224.822.322.922.923.322.922.723.023.423.523.622.824.224.023.924.123.923.523.223.723.223.724.524.124.8
1 United States savings bonds, series A-F and J, are included at current redemption value.2 Excludes guaranteed securities held by the Treasury. Not all of total shown is subject to statutorydebt limitation.3 Includes commercial banks, trust companies, and stock savings banks in the United States and Terri-tories 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 B- 45, which are based on book values and relate only to bankswithin the United States.
4 Exclusive of banks and insurance companies.5 Includes trust, sinking, and investment funds of State and local governments and their agencies, andof Territories and possessions.6 Includes partnerships and personal trust accounts.7 Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealersand 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.8 Preliminary estimates by Council of Economic Advisers.
Source: Treasury Department (except as noted).
270
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TABLE B—54.—Average length and maturity distribution of marketable interest-bearingpublic debt, 1946-61
End of year or monthAmount
out-standing
Maturity class
Withinlyear
1 to 5years
5 to 10years
10 to 20years
20 yearsandover
Average length
Millions of dollars Years
Fiscal year:1946194719481949
19501951195219531954
19551956195719581959
19601961
1960: January....February..MarchAprilMayJune
JulyAugustSeptemberOctober...November.December.
1961: January.. .February..MarchAprilMayJune
JulyAugustSeptember.October...November.December.
189,606168,702160,346155,147
155,310137,917140,407147,335150,354
155,206154,953155,705166,675178,027
183,845187,148
189,856189,384185,437188,147187,735183,845
186,915186,294186,366189,358188,840189,015
189,320189, 919186, 520188,147188, 893187,148
191, 275191,138191,925105, 234195, 643195,965
61,97451,21148,74248,130
42,33843,90846,36765,27062,734
49,70358,71471,95267,78272,958
70,46781,120
81,45576,73572,72172,80774,33570,467
73.479'73,89276,14879,20375,32475,315
75, 61380,05476, 62278,73178, 89681,120
85, 22480, 67581,33482, 57883,64185,913
24,76321,85121,63032,562
51,29246,52647,81436,16129,866
39,10734,40140,66942,55758,304
72,84458, 400
61,69172,84972,93475,13373,18472,844
72,91170,81968,64668*59570,75570,812
70,83667,00761, 00760, 54162, 34958, 400
58, 43763, 60763, 74765, 82867,10564, 874
41,80735,56232,26416,746
7,7928,70713,93315,65127,515
34,25328,90812,32821,47617,052
20,24626, 435
22,13815,24019,93119,93019,92820,246
20,24521,31421,31217,33218, 54418,684
18, 68418. 68327, 65827. 65426, 43826,435
26, 43325, 69321, 93421, 93019, 48719, 782
17,46118,59716,22922,821
28,03529,97925,70028,66228,634
28,61328,57826,40727,65221,625
12,63010,233
16,48917,36512,65912,64912,64112,630
12,62512,61712,61012,60113,23513,224
13, 21113, 20310, 26210. 25410, 24510, 233
10,22510, 21211, 47911, 46911,98211,976
43,59941,48141,48134,888
25,8538,7976,5941,5921,606
3,5304,3514,3497,208
7,65810,960
8,0847,1947,1937,6297,6487,658
7,6557,6537,65011,62710,98210,979
10, 97610, 97310, 97010, 96810,96510,960
10, 95610,95213, 43113, 42813,42813,419
Months
104
NOTE.—All issues classified to final maturity except partially tax-exempt bonds, which are classified toearliest call date.
Source: Treasury Department.
271
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TABLE B-55.—Federal budget receipts and expenditures and the public debt, 1929-63
{Millions of dollars]
Fiscal or calendar yearNet
budgetreceipts 1
Budgetexpendi-
tures
Surplusor
deficit (-)
Public debtat end of
year 2
Fiscal year: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. . .
1960.. .1961 . . .1962 3.1963 3.
Calendar year:19481949
1950-.1951 . .1952..1953. .1954. .
1955. .1956. .1957. .1958. .1959. .
1960-.1961 *.
3,861
4,0583,1161,9241,9973,015
3,7063,9974,9565,5884,979
5,1377,096
12, 54721,94743, 563
44,36239,65039,67741,37537,663
36,42247,48061,28764,67164,420
60,20967,85070,56268f55067,915
77,76377,65982,10093, 000
40,80037,464
37, 23552,87764, 70563, 65460,938
63,11970,61671, 74968, 26272,738
79,51878,200
3,127
3,3203,5774,6594,5986,645
6,4978,4227, 7336,7658,841
9,05513,25534,03779,36894,986
98,30360,32638,92332,95539,474
39, 54443,97065,30374,12067,537
64,38966,224
71,36980,342
76,53981,51589, 07592,537
35,55941,056
37,65756,23670, 54772,81164,622
65,89166,83871,15775, 34979,778
77,56584, 500
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
7548,419
-1,811
-3,1223,510
-4,017-9,449-3,117
-4,1801,6261,596
- 2 , 819-12,427
1,224-3, 856—6,975
463
5,241-3,592
-422-3,358-5,842-9,157-3,683
-2,7713,779592
-7,088-7,040
1,953—6,300
16,931
16,18516,80119,48722,53927,053
28,70133,77936,42537,16540,440
42,96848, 96172, 422136,696201,003
258, 682269,422258,286252,292252,770
257,357255,222259,105266,071271,260
274,374272,751270,527276,343284,706
286,331288, 971295,370294,920
252,800257,130
256,708259,419267,391275.168278,750
280,769276,628274,898282,922290,798
290, 217296.169
1 Gross receipts less refunds of receipts and transfers of tax receipts to the old-age and survivors insurancetrust fund, the disability insurance trust fund, the railroad retirement account, the unemployment trustfund, and the highway trust fund.
2 Excludes guaranteed obligations; therefore, differs from total shown in Tables B-52 and B-53. Thechange in the public debt from year to year reflects not only the budget surplus or deficit but also changesin the Government's cash on hand, and the use of corporate debt and investment transactions by certainGovernment enterprises.
3 Estimate.4 Preliminary.NOTE.—Certain interfund transactions are excluded from budpet receipts and expenditures beginning
fiscal year 1932. For years prior to 1932, the amounts of such transactions are not significant.Sources: Treasury Department and Bureau of the Budget.
272
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TABLE B-56.—Federal budget receipts by source and expenditures by function, fiscal years 7946—63
[Millions of dollars]
Fiscalyear
1946-.1947_-1948..1949..
1950._1951__1952__1953._1954--
1955._1956_.1957-_1958._1959.-
I960._1961_.1962 3.1963 3.
Budget receipts by source
Total
39,65039,67741,37537,663
36,42247, 48061,28764,67164,420
60,20967, 85070, 56268, 55067, 915
77, 76377,65982,10093,000
Indi-vidualincometaxes
16,15717,83519,30515, 548
15,74521,64327,91330,10829, 542
28, 74732,18835, 62034, 72436, 719
40,71541,33845,00049,300
Corpo-rationincometaxes
11,8338,5699,678
11,195
10,44814,10621,22521,23821,101
17, 86120,88021,16720,07417,309
21,49420,95421,30026,600
Excisetaxes
6,9997,2077,3567,502
7,5498,6488,8519,8689,945
9,1319,9299,0558,6128,504
9,1379,0639,6279,956
Allother
re-ceipts1
4,6616,0665,0373,418
2,6793,0833,2983,4563,833
4,4694,8544,7215,1415,384
6,4186,3046,1737,144
Budget expenditures by functior
Total
60,32638,92332, 95539, 474
39, 54443,97065,30374,12067, 537
64,38966,22468,96671,36980,342
76, 53981, 51589,07592,537
N a -tional
defense
43,17614,36811,77112,908
13,00922, 44443,97650, 44246,986
40,69540,72343,36044, 23446,491
45,69147, 49451,21252,690
Veter-ans'serv-icesand
bene-fits
4,4157,3816,6536,725
6,6465,3424,8634,3684,341
4,5224.8104,8705,1845,287
5,2665,4145,5755,298
Agri-cul-tureandagri-
cultur-al re-
sources
7471,243
5752,512
2,783650
1,0452,9552,573
4,3884,8684,5464,4196,590
4,8825,1736,3435,836
Inter-est
4,8165,0125,2485,445
5,8175,7145,9346,5786,470
6,4386,8467,3077,6897,671
9,2669,0508,9989,398
L
Allother
expend-itures 2
7,17310,9178,708
11,884
11,2889,8199,4869,7777,167
8,3468,9778,8839,843
14,303
11.43414,38416,94719, 315
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
1,224-3,856-6,975
463
1 Includes employment taxes, estate and gift taxes, customs revenues, and miscellaneous receipts. Seealso Note below.
2 Includes expenditures for international affairs and finance; space research and technology; naturalresources; commerce and transportation; housing and community development; health, labor, and welfare;education; and general government. Also includes adjustment to daily Treasury statement (for actuals)and allowance for contingencies (for estimates). See also Note below.
3 Estimate.
NOTE.—Total budget receipts and total budget expenditures and the "all other" categories exclude cer-tain interfund transactions.
Sources: Treasury Department and Bureau of the Budget.
273
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TABLE B—57.—Government cash receipts from and payments to the public, 1946—63
[Billions of dollars]
Fiscal or calendar year
Fiscal year:1946194719481949
1950..1951..1952..1953..1954..
1955..1956..1957..1958..1959..
I960 . . .1961 —1962 4.1963 *.
Calendar year:19461947. . . .1948.—1949
1950-1951-1952..1953-1954-
1955..1956-1957-1958-1959-
1960—1961 «_
Total
Cashre-
ceipts
54.255.659.657.6
58.272.588.793.995.6
93.5105.8113.5115.0117.2
134.1138.2
52.957.460.057.9
60.479.193.093.593.3
98.4110.2116.8115.9124.7
138.3
Cashpay-
ments
70.247.550.256.3
61.565.288.999.196.1
97.5101.6111.8118.2132.2
133.2142.4
50.950.751.859.8
61.178.393.6
100.495.3
100.2105.2116.6125.2133.2
136.1
Excessof re-ceiptsor ofpay-
ments)
-16.08.19.41.3
- 3 . 37.3
- . 2- 5 . 2- . 4
- 4 . 04.21.7
-3 .2-15.0
.9- 4 . 1
2.06.78.2
- 1 . 8
.9- . 6
- 6 . 9- 2 . 0
-1 .85.0.2
- 9 . 3- 8 . 5
2.3
Federal i
Cashre-
ceipts
43.543.545.441.6
40.953.468.071.571.6
67.877.182.181.981.7
95.197.2
102.6116.6
41.444.344.941.3
42.459.371.370.268.6
71.480.384.581.787.6
98.397.2
Cashpay-
ments
61.736.936.540.6
43.145.868.076.871.9
70.572.680.083.494.8
94.399.5
111.1114.8
41.438.636.942.6
42.058.072.077.469.7
72.274.883.389.095.6
94.7103.8
Excessof re-ceiptsor ofpay-
ments
-18.26.68.91.0
- 2 . 27.6
- 5 . 3- . 2
- 2 . 74.52.1
-1 .5-13.1
- 2 . 3- 8 . 5
1.8
5.78.0
- 1 . 3
.51.2
- . 6-7 .2- 1 . 1
- . 75.51.2
- 7 . 3- 8 . 0
3.6
State and local2
Cashre-
ceipts
10.712.114.216.0
17.319.120.722.424.0
25.728.731.433.135.5
39.041.1
11.413.115.116.6
18.019.921.723.224.7
26.929.932.334.137.1
40.1
Cashpay-
ments
8.510.613.715.7
18.419.420.922.324.2
27.029*. 031.834.837.4
38.943.1
9.512.114.917.1
19.120.221.623.025.6
28.030.433.336.237.6
41.4
Excessof re-ceiptsor ofpay-
ments
2.21.5.5.3
- 1 . 1- . 3- . 2
.1- . 2
- 1 . 3- . 3- . 4
- 1 . 7-1 .9
.1- 2 . 0
1.91.0.2
- . 5
- 1 . 1- . 4
.1
.3- . 9
- 1 . 1- . 5
-1 .0- 2 . 1- . 5
- 1 . 3
1 For derivation of Federal cash receipts and payments, see Budget of the United States Government for theFiscal Year ending June 30, 196S, and Table B-60.
2 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.) Seealso Table B-58.
3 Less than $50 million.4 Estimate.5 Preliminary.
Sources: Treasury Department, Bureau of the Budget, Department of Commerce, and Council of Eco-nomic Advisers.
274
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TABLE B-58.—Government receipts and expenditures in the national income accounts, 1929-61
[Billions of dollars]
Calendar year or quarter
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..
1960...1961 3.
1959: I—I I -III.IV.
1960: :I I -III.IV.
1961: III....I I I -IV 3.
Total government
Re-ceipts
11.3
10.89.5
9.310.5
11.412.915.415.015.4
17.725.032.649.251.2
53.251.157.159.256.4
69.385.590.694.990.0
101.4109.5116.3115.1129.3
139.1143.6
Ex-pendi-tures
10.2
11.012.310.610.712.8
13.315.914.816.617.5
18.528.864.093.4
103.1
92.947.043.851.059.5
61.179.494.4
102.096.7
98.6104.3115.3126.6131.6
137.2149.8
Sur-plus ordeficit(-) onincome
andprod-
uct ac-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
-39.74.1
13.38.2
-3 .1
8.26.1
-3 .9-7 .1-6 .7
2.95.21.0
-11.4-2 .2
1.9—6.2
Federal Government i
Re-ceipts
3.8
3.02.01.72.73.5
4.05.07.06.56.7
8.615.422.939.341.0
42.539.243.343.439.1
50.264.567.770.363.8
72.877.581.778.589.4
96.097.9
Ex-pendi-tures
2.6
2.84.23.24.06.4
6.58.57.28.59.0
10.120.556.186.095.6
84.837.031.135.441.6
41.058.071.677.7
68.971.879.787.991.2
92.8101.4
Sur-plus ordeficit(-)onincome
andprod-
uct ac-count
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
5.72.0
-9.4-1.8
3.3—3.6
State and localgovernment
Re-ceipts
7.87.77.37.28.6
9.18.69.19.39.6
10.010.410.610.911.1
11.613.015.517.819.6
21.423.525.527.429.1
31.735.238.642.046.5
49.252.3
Ex-pendi-tures
Seasonally adjusted annual rates
7.7
8.48.47.67.28.1
8.58.18.48.99.6
9.29.08.88.48.4
9.011.114.417.620.2
22.423.825.427.130.1
32.735.739.644.146.9
50.655.0
Sur-plus ordeficit(-) onincome
andprod-
uct ac-count
126. 3131.3129.3130. 4
139.4140.0138.8138.3
136.9141.9145.4(4)
130.4131.4132.1132.5
132.9136.5139.3140.2
144.8148.5151. 3154.8
- 4 . 1- . 1
- 2 . 8- 2 . 0
6.53.5
- . 5- 1 . 9
- 7 . 9- 6 . 6- 6 . 0(4)
87.491.689.189.6
97.096.995.694.6
92.596.899.3(4)
90.191.191.692.0
90.592.594.294.2
98.0101.1102.4104.3
- 2 . 7.5
- 2 . 5- 2 . 4
6.54.51.4
.4
- 5 . 5- 4 . 3- 3 . 1(4)
45.546.346.947.3
48.649.249.449.7
51.451.952.4(4)
46.946.947.247.0
48.650.151.352.0
53.854.255.356.8
- 0 . 1
- . 5- . 7- . 2
(2).5
.5.7.4.1
.71.31.82.52.7
2.61.91.1
.3
- 1 . 0- . 3
.1
.3
- 1 . 0- . 5
- 1 . 0- 2 . 1
- . 4
- 1 . 4—2.7
- . 4.4
()-1.0-1.9-2.3
-2.4-2.3-2.9
1 See Note, Table B-59.2 Less than $50 million.3 Preliminary estimates by Council of Economic Advisers.* Not available.
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 expend itures have been adjustedto eliminate this duplication.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce (except as noted).
275
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TABLE B-59.-—Federal Government receipts and expenditures in the national income accounts,1946-61
[Billions of dollars]
Year or quarter
Receipts
Total
Per-sonaltaxandnon-taxre-
ceipts
Cor-po-rate
profitstaxac-
cruals
Indi-rectbusi-
taxand
cru-als
Con-tribu-tionsfor
socialinsur-ance
Expenditures
Total
Pur-chases
ofgoodsandserv-ices
Transferpayments
To For-eign(net)
Grants-in-aid
to Stateandlocal
govern-ments
Netin-ter-est
paid
Subsi-dieslesscur-rentsur-plus
ofgov-ern-
mententer-prises
Sur-plusor
defi-cit(-)onin-
comeand
prod-uctac-
count
-18.011.211.4
.2- . 216.3
- 1 . 1- 6 . 3-8 .6-1 .1
6.84.4
- 4 . 9- 4 . 8
2.2- 2 . 2- . 54.4
2.212.28.0
- 2 . 59.26.4
-3.9-7 .4- 5 . 8
3.85.72.0
-9 .4- 1 . 8
3.3-3.6
Fiscal year:19461947..19481 9 4 9 . . . .
19501951195219531954
19551956i195719581959
196019611962 21963 2
Calendar year:1946194719481949
19501951195219531954
19551956195719581959
19601961 3
Calendar quarter:1959: I
IIIIIIV
1960: III . . . .III...IV
1961: III . . . .Il lIV3
38.342.943.740.142.061.765.569.965.967.076.380.977.885.494.194.8
105. 6116.3
39.243.343.439.150.264.567.770.363.8
72.877.581.778.589.4
96.097.9
17.818.820.016.316.523.529.031.530.429.933.536.736.338.142.042.946.751.7
17.219.619.016.218.226.331.232.429.2
31.535.237.336.639.6
43.243.9
7.310.711.210.911.721.819.319.817.118.421.020.417.321.221.620.124.627.5
8.610.711.89.8
17.121.618.619.416.5
20.920.219.917.721.9
21.221.6
7.57.98.08.18.3
11.010.710.411.212.112.012.313.813.614.515.3
7.97.98.18.29.09.5
10.511.210.1
11.011.612.211.913.0
14.013.8
5.85.54.64.85.56.67.37.67.78.3
10.511.712.313.816.718.119.821.8
5.55.14.54.95.97.17.47.48.1
9.310.612.212.414.9
17.718.6
56.331.732.340.042.245.366.676.274.5
68.169.576.582.890.291.997.0
106.1111.9
37.031.135.441.641.058.071.677.7
71.879.787.991.2
92.8101.4
41.316.916.621.820.026.547.756.853.945.045.248.350.553.852.954.660.264.2
20.615.619.322.219.338.852.958.047.5
45.345.749.752.653.5
52. 957.2
0)8.38.78.1
11.38.28.79.4
10.612.212.914.618.120.321.224.2
27.829.4
0)0.2.6
2.93.12.31.81.71.31.61.31.51.31.41.61.5
9.28.97.78.8
10.98.78.99.7
11.6
12.513.516.020.02Q.6
/22.225.6
.3
.11.63.22.82.11.5
1.51.51.51.31.5
1.61.6
0.91.51.82.12.42.42.52.82.82.93.13. 64.56.06.66.47.07.7
1.11.72.02.22.32.52.62.82.9
3.03.34.15.46.6
6.16.6
3.94.24.24.34.44.64.84.84.94.95.05.55.65.9
6.9
4.24.24.34.44.54.74.74.85.04.95.25.75.66.4
7.06.5
2.1.7.4.8
1.01.31.1.9
1.01.41.93.12.72.82.83.34.53.7
1.6.6.6.7
1.21.31.0.8
1.2
1.62.72.83.02.6
2.9
Seasonally adjusted annual rates
87.491.689.189.6
97.096.995.694.6
92.596.899.30)
38.739.839.940.042.743.343.543.1
42.643.644.544.8
21.624.121.021.022.621.820.320.0
18.621.222.10)
12.612.713.313.614.114.2'13.813.813.313.614.014.5
14.515.015.01/5.0
At 517.718.017.618.018.418.719.3
90.191.191.692.090.592.594.294.298.0
101.1102.4104.3
53.253.954.152.951.852.954.053.054.756.657.459.9
20.220.420.521.421.221.822.423.724.825.726.125.9
1.51.41.31.9
1.51.61.51.6
1.61.51.71.5
6.66.66.76.5
6.16.16.26.0
7.16.86.46.3
6.06.26.56.8
7.07.17.17.0
6.86.66.46.5
2.72.62.52.5
2.82.92.92.9
3.04.04.54.2
- 2 . 7.5
- 2 . 5- 2 . 4
6.54.51.4.4
-5 .5- 4 . 3- 3 . 10)
1 Not available.2 Estimate3 Preliminary estimates by Council of Economic Advisers.NOTE.—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.In general, they do not use the cash basis for transactions with business. Instead, corporate profits taxesare included in receipts on an accrual instead of a cash basis; expenditures are timed with the delivery in-stead of the payment for goods and services; and CCC guaranteed price-support crop loans financed bybanks are counted as expenditures when the loans are made, not when CCC redeems them.
Data for Alaska and Hawaii included beginning 1960.Sources: Department of Commerce and Bureau of the Budget (except as noted).
276
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T A B L E B—60.—Reconciliation of Federal Government receipts and expenditures in the conventionalbudget and the consolidated cash statement with receipts and expenditures in the national income
accounts, fiscal years 1959-63
[Billions of dollars!
Receipts or expendituresFiscal years
1959 1960 1961 1962 1963
Budget receipts .
Less:
RECEIPTS
Intragovernmental transactionsReceipts from exercise of monetary authority
Plus: Trust fund receipts
Equals: Federal receipts from the public (consolidated cashreceipts)
Adjustments for agency coverage:Less: District of Columbia revenues
Adjustments for netting and consolidation:Less: Interest, dividends, and other earningsPlus: Contributions to Federal employees' retirement
funds, etcAdjustments for timing:
Plus: Excess of corporate tax accruals over collections;personal taxes, social insurance contributions,etc
Adjustments for capital transactions:2
Less: Realization upon loans and investments, sale ofGovernment property, etc
Equals: Receipts—National income accounts
Budget expenditures.EXPENDITURES
Less:
Plus:
Intragovernmental transactionsAccrued interest and other non-cash expenditures
(net)Trust fund expendituresGovernment-sponsored enterprise expenditures
(net)
Equals: Federal payments to the public (consolidated cashexpenditures)
Adjustments for agency coverage:Less: District of Columbia expenditures
Adjustments for netting and consolidation:Less: Interest received and proceeds of Government sales.Plus: Contributions to Federal employees' retirement
funds, etcAdjustments for timing:
Plus: Excess of interest accruals over payments onsavings bonds and Treasury bills
Excess of deliveries over expenditures and mis-cellaneous items 3
Less: Commodity Credit Corporation foreign currencyexchanges
Adjustments for capital transactions 2
Less: Loans—Federal National Mortgage Associationsecondary market mortgage purchases, redemp-tion of International Monetary Fund notes,etc
Trust and deposit fund itemsPurchase of land and existing assetsOther*
67.93.3
0)17.1
81.7
.2
.8
1.5
4.3
1.2
85.4
80.3
3.3
2.118.6
1.3
.3
.6
1.5
3.81.5
77.84.4.1
21.8
95.1
.2
1.4
1.5
94.1
76.5
4.4
.422.2
.5
94.3
.3
1.0
1.5
.6
- . 6
.9
77.7
4.2.1
23.8
97.2
.3
1.1
1.7
- 1 . 3
1.5
94.8
81.5
4.2
.823.2
o
99.5
.3
.6
1.7
.2
.5
1.0
1.3.4.1
1.3
4.0.1
24.5
102.6
.4
1.0
1.7
3.5
.9
105.6
89.1
4.0
.125.6
.5
111.1
.4
1.0
1.7
.5
.1
1.1
3.71.0.1
Equals: Expenditures—National income accounts. 90.2 91. S 97.0 106.1
93.03.9
0)27.5
116.6
1.1
1.7
1.3
116.3
92.5
3.9
.826.7
.3
114.8
.4
1.0
1.7
1.0
2.51.0.1
1 Less than $50 million.2 Consist of transactions in financial assets and liabilities, land and secondhand assets. Acquisition of
newly produced tangible assets are included in expenditures for goods and services as defined in the nationalnprtTTin QnH nrnHnof Qr>r>nnnfoincome and product accounts.
3 Includes net change in Commodity Credit Corporation guaranteed non-recourse loans and increase inbearing account.
4 Commodity Credit Corporation inventory valuation adjustment.
Sources: Bureau of the Budget and Department of Commerce.
277
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TABLE B-61.—State and local government revenues and expenditures, selected fiscal years, 1927-60
[Millions of dollars]
Fiscal year ]
1927..
1932-1934..1936..1938..
1940..1942..1944-1946..1948-
1950..1952..1953-1954..
1955..1956..1957..1958..1959 5
1960 •
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, 31041,21945,306
50,505
Prop-ertytaxes
4,730
4,4874,0764,0934,440
4,4304,5374,6044,9866,126
7,3498,6529,3759,967
10, 73511, 74913, 09714, 04714,983
16, 405
Salesandgross
re-ceiptstaxes
470
7521.0081,4841,794
1,9822,3512,2892,9864,442
5,1546,3576,9277,276
7,6438,6919,4619,829
10, 437
11, 849
Indi-vidualincorretaxes
70
7480
153218
224276342422543
788998
1,0651,127
1,2371,5381,7671,7591,994
2,463
Corpo-ration
netincometaxes
92
7949
113165
156272451447592
593846817778
744890984
1,0181,001
1,180
Reve-nuefromFed-eralGov-ern-ment
116
2321,016
948800
945858954855
1,861
2,4862,5662,8702,966
3,1313,3353,8384,8656,377
6,974
Allotherreve-nue 3
1,793
1,6431,4491,6041,811
1,8722,1232,2692,6613,685
4,5415,7636,2526,897
7,5848,4659,1639,699
10, 516
11,634
Expenditures by function
Total
7,210
7,7657,1817,6448,757
9,2299,1908,863
11, 02817,684
22,78726,09827,91030, 701
33, 72436, 71140, 43844, 85148,887
51, 876
Edu-cation
2,235
2,3111,8312,1772,491
2,6382,5862,7933,3565,379
7,1778,3189,390
10,557
11,90713, 22014, 50115, 91917,283
18, 719
High-ways
1,809
1,7411,5091,4251,650
1,5731,4901,2001,6723,036
3,8034,6504,9875,527
6,4526,9537,7628,5679,592
9,428
Publicwel-fare
151
444889827
1,069
1,1561,2251,1331,4092,099
2,9402,7882,9143,060
3,1683,1393,4113,7294, 19
4,404
Allother*
3,015
3,2692,9523,2153,547
3,8623.8893,7374,5917,170
8,86710,34210,61911,557
12,19713,39914, 76416,63517,994
19, 325
1 Fiscal years not the same for all governments.a 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.
5 Includes data for Alaska.9 Includes data for Alaska and Hawaii
NOTE.—Data are not available for intervening years.See Table B-51 for net debt of State and local governments.
Source: Department of Commerce (Bureau of the Census).
278
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CORPORATE PROFITS AND FINANCETABLE B-62.—Profits before and after taxes, all private corporations, 1929-61
[Billions of dollars]
Year or quarter
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..
1960. .19613 «
1959: I . . ._I I . . .III . .IV_.
1960: I—.I I -III . .IV..
1961: I . . . .I I . . .III. .IV 3.
Corporate profits (before taxes) andinventory valuation adjustment
Allindus-tries
Total
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
43.142.041.737.246.4
45.146.2
Manufacturing
5.1
3.91.3
- . 6- . 5
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
25.023.522.918.324.8
23.323.0
Dura-ble
goodsindus-tries
2.6
1.5(2)
-1 .1- . 5
.2
1.71.7.7
1.6
3.06.37.18.07.3
4.52.15.37.47.9
12.013.511.812.110.1
14.212.613.19.0
13.2
12.011.6
Non-durablegoodsindus-tries
Transpor-tation,
commu-nication,
andpublic
utilities
2.5
2.41.3.4
(2).7
1.11.42.01.41.5
2.33.04.55.65.7
5.06.37.49.47.4
8.410.99.39.38.3
10.810.99.89.3
11.6
11.311.4
Allotherindus-tries
2.0
1.2.6.2.1.4
.5
.7
1.0
1.32.03.54.43.9
2.81.82.12.92.9
4.04.54.84.94.4
5.45.65.55.66.4
6.87.1
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
12.812.913.313.315.2
15.016.0
Corpo-rate
profitsbeforetaxes
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
44.944.743.237.446.8
45.046.1
Corpo-ratetax
liabil-ity i
1.4
.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
21.821.220.918.623.1
22.322.8
Total
Corporate profitsafter taxes
Divi-dendpay-
ments
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
23.023.522.318.823.7
22.723.3
Undis-tributedprofits
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
9.29.09.09.2
11.212.112.612.413.4
14.114.4
Seasonally adjusted annual rates
45.350.244.445.5
47.445.944.142.9
40.045.547.0
(5)
23.927.724.123.4
25.523.422.621.6
18.822.323.6(5)
12.815.812.211.9
13.912.011.410.7
8.511.212.1(5)
11.112.011.911.5
11.511.411.310.9
10.411.211.5(5)
6.36.86.06.4
6.76.96.66.8
6.57.17.3
(5)
15.115.714.315.8
15.215.514.914.6
14.616.116.1(5)
46.151.544.844.9
48.146.343.242.6
39.645.247.2(5)
22.825.422.122.1
23.923.021.421. 1
19.622.423 3(5)
23.426.122.722.7
24.223.321.721.4
20.022,823.8(5)
13.013.313.713.8
14.014.014.114.3
14.214.214.315.0
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
11.811.39.76.4
10.3
8.8
10.412. 89.0
10.29.37.67.2
5.88.69.5
()
1 Federal and State corporate income and excess profits taxes.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; data for fourth quarter are not
available. All other data incorporating or derived from these figures are correspondingly approximate.5 Not available.Source: Department of Commerce (except as noted).
279
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TABLE B-63.—Relation of profits after taxes to stockholders' equity and to sales, privatefacturing corporations, by industry group, 1958-61
Year or quarter
Allpri-vateman-ufac-tur-ingcor-
pora-tions
Durable goods industries
Lum-berand
woodprod-ucts(ex-cept
furni-ture)
Fur-nitureandfix-
tures
Stone,clay,and
prod-ucts
Pri-maryironandsteelin-
dus-tries
Pri-marynon-fer-rousmetalin-
dus-tries
Fab-ri-
catedmetalprod-ucts
Ma-chin-ery(ex-ceptelec-
trical)
Elec-tricalma-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
BASED ON 19S7 SIC
1958: IIIIllIV
1959: IIIIllIV
1960: IIIIllIV
1961: I -IIIll
BASED ON 1957 SIC '
6.87.89.010.7
10.012.49.69.6
9.89.98.78.4
6.89.28.8
0.23.111.08.4
6.111.312.97.0
3.36.24.6.3
-.66.26.8
2.3.8.11.
6.9.11.8.3
5.55.88.26.5
-1.14.07.0
3.41.04.71.4
8.017.415.79.8
6.713.111.97.8
2.910.911.7
5.36.56.510.4
11.716.7-2.76.3
12.18.04.04.6
3.27.06.4
5.74.65.67.9
8.210.36.76.7
8.08.26.85.5
6.18.06.1
5.07.38.87.9
5.99.710.95.6
5.36.97.23.0
2.57.37.7
5.67.77.17.0
7.112.510.78.5
8.19.76.95.6
5.79.17.8
8.39.19.913.4
10.712.712.114.3
10.410.09.18.6
7.38.28.1
8.35.91.516.9
19.120.58.010.8
18.516.16.113.2
8.013.26.3
11.610.310.310.6
7.89.66.66.7
6.77.85.33.6
6.48.38.2
7.09.612.213.6
10.812.014.514.8
11.612.111.910.8
7.19.911.6
Profits after taxes per dollar of sales—cents
1958:
1959:
1960:
1961:
IIIIIIIV..
IIIIllIV . .-.
I __II - -.IllIV.. -
IIIIII _
3.43.84.44.9
4.75.54.64.5
4.74.64.34.0
3.54.44.3
0.11.65.03.8
3.04.75.43.2
1.72.72.1.1
-.32.93.0
0.71.22.83.2
2.02.83.42.4
1.91.92.62.1
-.41.32.1
2.77.28.87.3
5.79.89.16.4
5.08.27.45.4
2.46.87.0
4.24.95.07.1
7.18.1
-3.14.8
7.05.33.23.9
2.75.04.6
4.73.84.45.8
6.07.05.15.0
5.96.05.24.3
4.85.94.8
2.33.23.63.2
2.63.84.12.3
2.42.93.01.3
1.23.03.1
3.03.93.93.7
3.85.85.34.3
4.14.53.63.0
3.24.64.2
3.23.53.94.7
4.04.54.44.8
3.93.63.53.2
2.93.23.3
3.72.91.06.8
7.47.84.25.0
6.96.63.55.8
4.15.83.8
2.72.32.42.5
2.02.21.51.5
1.61.81.3.8
1.51.81.9
3.85.06.36.3
5.76.07.36.8
6.06.26.25.3
4.05.36.0
3.65.7
13.79.2
7.27.1
12.410.2
5.77.9
11.511.6
5.97.2
12.6
1.52.24.83.3
2.92.64.63.7
2.43.14.14.1
2.52.84.2
See footnotes at end of table, p. 281.
280
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-63.—Relation of profits after taxes to stockholders'equity and to sales, private manu-facturing corporations, by industry group, 1958-67—Continued
Year or quarter
Nondurable goods industries
Foodandkin-dredprod-ucts
To-baccoman-ufac-tures
Tex-tilemillprod-ucts
Ap-pareland
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
BASED ON 19S7 SIC1958: I.
II.I l l -IV
1959: III -I I I . .IV
1960: IIIIIIIV
1961: IIIIII
BASED ON 1957 SIC i
6.88.59.89.7
7.89.5
10.49.4
7.68.89.88.7
7.29.2
10.0
11.813.314.514.3
12.014.214.412.8
12.013.613.714.2
12.014.114.3
0.62.55.15.8
5.98.17.68.6
6.66.15.75.0
2.64.36.0
3.31.59.45.5
8.67.5
10.18.1
5.26.9
11.96.8
2.12.6
11.2
7.07.97.99.3
8.510.29.69.6
8.59.38.28.1
6.68.37.3
8.49.4
11.56.6
9.812.014.98.8
11.310.211.89.0
7.56.8
11.2
9.811.011.812.8
13.015.614.111.9
12.513.612.110.6
9.813.211.8
8.98.2
10.412.3
10.19.49.7
10.1
9.88.8
10.311.5
10.69.69.6
- 2 . 48.3
12.46.2
4.013.619.3
7.2
.98.3
22.18.8
-6 .614.420.6
5.38.7
11.510.8
10.013.111.19.9
9.810.58.27.9
6.710.69.2
4.13.28.3
8.98.79.2
10.46.23.65.0
3.32.64.7
Profits after taxes per dollar of sales—cents
1958: I —I I -
IV. .
1959: I —II—III..I V -
1960: :II . .III.IV..
1961 I - . .I I . .III.
1.82.22.52.4
2.12.52.72.5
2.12.42.62.2
1.92.42.6
5.15.25.55.6
5.25.55.65.2
5.25.45.55.8
5.35.75.9
0.31.22.32.4
2.53.23.03.3
2.82.52.52.1
1.21.82.5
0.7. 3
1.71.0
1.61.41.81.4
1.01.32.01.1
. 4
. 51.8
4.34.84.65.3
5.05.55.25.2
4.95.44.84.8
4.14.84.3
2.93.44.12.3
3.64.25.12.9
4.03.63.92.9
2.62.33.7
6.46.77.17.6
7.78.58.17.2
7.67.87.46.9
6.57.87.4
8.28.29.9
11.3
9.39.49.59.9
9.48.9
10.211.0
10.4•9.99.8
-1 .53.54.22.9
1.95.77.13.3
.53.26.43.1
-3 .04.96.0
2.23.34.43.9
3.94.44.13.7
3.83.93.33.2
2.94.23.8
1.31.02.41.9
1.92.42.22.4
2.71.6.9
1.4
.71.2
1 Standard Industrial Classification.NOTE.—Data on a comparable basis are not available for earlier periods. For explanatory notes con-
cerning compilation of the series, see Quarterly Financial Reports for U.S. Manufacturing Corporations,Federal Trade Commission arid Securities and Exchange Commission.
Data for Alaska and Hawaii included for all periods.Sources: Federal Trade Commission and Securities and Exchange Commission.
281
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-64.—Relation of profits before and after taxes to stockholders* equity and to sales,private manufacturing corporations, by asset size class, 1958-61
Year or quarter
BASED ON 1957 SIC *1958: I ^ .
II
IV
1959: IIIIIIIV
I960: IIIIII . . .IV
1961- IIII I I -
BASED ON 1957 SIC >1958: I _
IIH I __ _.IV.
1959: I .IIIIIIV
I960: I -IIIIIIV
1961- III . .._I l l
Asset size class (millions of dollars)
All assetsizes
Beforetaxes
12.913.915.918.8
18.723.117.116.8
18.418.015.414.8
12.616.815.8
Under 1
Ratio of profits
Aftertaxes
6.87.89.0
10.7
10.012.49.69.6
9.89.98.78.4
6.89.28.8
Beforetaxes
5.511.416.57.8
12.520.421.18.8
11.715.216.75.0
6.313.715.8
Aftertaxes
0.45.49.32.5
5.711.712.43.3
5.08.09.0.5
.96.88.4
1 to 10
{annual
Beforetaxes
9.813.317.114.9
15.120.219.814.6
14.116.414.69.2
8.314.716.8
rate)
Aftertaxes
3.56.08.37.3
6.910.19.97.0
6.37.66.93.6
2.66.98.2
10 to 100
to stockholders
Beforetaxes
13.014.416.918.5
17.522.420.719.0
17.117.916.314.5
11.816.316.3
Aftertaxes
6.37.28.59.7
8.711.410.510.0
8.49.08.27.4
5.68.38.1
100 to 1,000 1,000 andover
equity—percent
Beforetaxes
14.215.717.820.2
19.223.817.618.4
18.518.316.916.2
13.917.117.1
Aftertaxes
7.48.39.4
11.2
10.112.59.4
10.4
9.810.19.19.2
7.59.19.2
Beforetaxes
14.312.312.321.4
21.724.512.115.9
21.919.013.317.4
14.418.013.6
Aftertaxes
9.58.89.1
14.2
12.914.38.6
10.7
13.011.59.1
11.4
9.511.29.2
Profits per dollar of sales—cents
Beforetaxes
6.46.87.78.6
8.910.28.27.9
8.78.47.67.1
6.58.07.7
Aftertaxes
3.43.84.44.9
4.75.54.64.5
4.74.64.34.0
3.54.44.3
Beforetaxes
1.32.53.61.6
2.84.24.31.8
2.63.23.51.1
1.42.93.4
Aftertaxes
0.11.22.1.5
1.32.42.5.7
1.11.61.9.1
.21.51.8
Beforetaxes
3.85.06.15.3
5.46.66.74.9
5.05.65.13.2
3.04.85.5
Aftertaxes
1.42.32.92.6
2.53.33.42.4
2.22.62.41.3
.92.32.7
Beforetaxes
6.57.08.18.5
8.49.99.58.78.18.27.76.9
6.07.67.7
Aftertaxes
3.13.54.04.5
4.25.04.84.5
4.04.13.93.5
2.83.93.8
Beforetaxes
7.58.08.99.7
9.610.98.89.1
9.39.08.78.3
7.48.48.5
Aftertaxes
3.94.24.75.4
5.05.74.75.1
4.95.04.74.74.04.54.6
Beforetaxes
10.69.7
10.414.9
15.216.410.212.2
14.513.210.612.7
11.613.611.4
Aftertaxes
7.06.97.79.9
9.09,67.38.28.68.07.38.3
7.78.57.7
i Standard Industrial Classification.NOTE.—Data on a comparable basis are not available for earlier periods. For explanatory notes concern-
ing 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.
282
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-65.—Sources and uses of corporate funds, 1950-61J
[Billions of dollars]
Source or use of funds
Total uses.
Plant and equipment outlaysInventories (book value)Customer net receivables 3
Cash and U.S. Government se-curities _
Other assets
Total sources-
Internal sources-
Retained profits and deple-tion allowances
Depreciation and amortiza-tion allowances.. _..
External sources.
Federal income tax liability _.Other liabilitiesBank loans and mortgage
loansNet new issues
Discrepancy (uses less sources)
1950
36.5
16.99.85.0
4.5.3
35.4
20.8
13.0
7.8
14.6
7.31.0
2.63.
1.1
1951
36.8
21.69.82.0
2.8.6
36.9
19.0
10.0
9.0
17.9
4.31.9
5.46.3
- . 1
1952
27.3
22.41.33.1
.1
.4
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)
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
().8
22.4
19.8
6.3
13.5
2.6
- 3 . 1.4
- . 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
31.5
26.4- 2 . 4
2.9
2.61.9
35.7
26.0
5.7
20.3
9.8
- 2 . 51.8
1.19.4
-4.2
1959
45.2
27.75.75.5
3.62.7
48.0
30.6
9.1
21.5
17.4
2.42.0
5.27.8
- 2 . 8
1960
30.83.05.5
- 3 . 12.9
41.4
30.3
7.4
22.9
11.1
- 1 . 51.5
3.18.0
-2.3
1961»
42.1
30.42.24.8
1.53.2
44.4
32.1
»7.7
24.4
12.3
()1.2
1.79.4
-2.2
1 Excludes banks and insurance companies.3 Preliminary estimates.» Receivables are net of payables, which are therefore not shown separately.4 Less than $50 million.8 Preliminary estimate by Council of Economic Advisers.
Source: Department of Commerce based on Securities and Exchange Commission and other financialdata (except as noted).
621876 O - 6 2 - 1 9 283
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-66.—Current assets and liabilities of United States corporations, 1939-61l
[Billions of dollars]
Year or quarter
Current assets Current liabilities
Network-
ingcapi-tal
1940—1941—1942—1943—1944—
1945—1946—
1947-1948—1949—
1950-1951-1952-1953..1954-
1955-1956-1957-1958-1959..
I960-
1959: I...II-III.IV.
1960:II-III.IV.
1961: I-.II-III.
54.5
60.372.983.693.897.2
97.4108.1
123.6133.0133.1
161.5179.1186.2190.6194.6
224.0237.9244.7255.3278.7
287.4
259.3267.5272.3278.7
281.3283.0285.8287.4
291.4296.2
10.8
13.113.917.621.621.6
21.722.8
25.025.326.5
28.130.030.831.133.4
34.634.834.937.437.2
37.0
34.635.935.637.2
33.834.635.037.0
34.836.136.8
2.2
2.04.0
10.116.420.9
21.115.3
14.114.816.8
19.720.719.921.519.2
23.519.118.618.822.6
19.7
20.220.721.922.6
22.420.719.319.7
19.519.418.4
0.1.6
4.05.04.7
22.1
23.927.423.321.921.8
38.342.443.0
1.12.72.82.62.4
2.32.62.82.82.9
3.1
2.82.72.72.9
2.92.92.93.1
3.23.13.2
55.758.864.665.971.2
95.199.4
106.9119.0
126.5
109.0113.3116.5119.0
120.3122.8125.8126.5
125.5129.2132.9
18.0
19.825.627.327.626.8
26.337.6
44.648.945.3
55.164.965.867.265.3
72.880.482.281.988.2
91.3
84.586.386.788.2
91.992.192.691.3
92.992.393.2
1.4
1.51.41.31.31.4
2.41.7
1.61.61.4
1.72.12.42.43.1
4.25.96.77.58.8
8.38.78.9
10.010.1
10.711.311.7
30.0
32.840.747.351.651.7
45.851.9
61.564.460.7
79.892.696.1
121.0130.5133.1136.6151.2
154.9
137.8143.1146.4151.2
151.6152.9154.2154.9
152.3153.5156.9
0.6.8
2.02.21.8
21.9
22.625.624.024.125.0
24.831.5
37.639.337.5
1.32.32.22.4
2.32.42.31.71.7
1.8
1.71.71.71.7
1.81.81.81.8
1.81.71.8
47.953.657.057.359.3
73.881.584.388.799.0
102.6
89.592.894.999.0
99.6101.3101.9102.6
100.9102.4104.0
1.2
2.57.1
12.616.615.5
10.48.5
10.711.59.3
16.721.318.118.715.5
19.317.615.412.915.3
13.8
12.513.414.315.3
13.912.913.413.8
12.111.712.7
6.9
7.17.28.78.79.4
9.711.8
13.213.514.0
14.916.518.720.722.5
25.729.031.133.335.2
36.8
34.235.235.635.2
36.236.937.236.8
37.537.738.4
24.5
27.532.336.342.145.6
51.656.2
62.168.672.4
81.686.590.191.894.9
103.0107.4111.6118.7127.5
132.5
121.5124.4125.9127.5
129.7130.2131.6132.5
134.3137.9139.3
1 All United States corporations, excluding banks, savings and loan associations, and insurance companies.Year-end data through 1958 are based on Statistics of Income (Treasury Department), covering virtually allcorporations 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 compiled from many different sources, includingdata on corporations registered with the Securities and Exchange Commission. As more complete informa-tion becomes available, estimates are revised.
* Receivables from and payables to U.S. Government 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. Government. Wherever possible, adjustments have been made to include U.S. Governmentadvances offset against inventories on the corporation's books.
3 Includes marketable securities other than U.S. Government.
Source: Securities and Exchange Commission.
284
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TABLE B-67.—State and municipal and corporate securities offered, 1934-611
[Millions of dollars]
Year or quarter
1934.
1935.1936.1937.1938.
1940-.1941._1942..1943-.1944._
1945-1946,1947.1948.1949.
1950.1951-1952.1953.1954-
1955.1956-1957-1958-1959-
1960.1961 »
1959: I —II - .III..IV-
1960: I....I I -III.IV..
III. . _III..IV*.
1961
Stateand
munici-pal se-curitiesofferedfor cash(prin-cipal
amounts)
1,2321,121
9081,1081,128
1,238956524435661
7951,1572,3242,6902,907
3,5323,1894,4015,558
5,9775,4466,9587,4497,681
7,2308,330
2,1572,5041,5001,520
1,8852,2521,7641,329
2,1222, 3701,7662,072
Corporate securities offered for cash '
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
10,15412,894
2,2822,6652,0622,739
2,2652,5372,5202,832
1,9925.3522,5662,984
Com-monstock
19
222722852587
1081103456
163
397891779614736
8111,2121,3691,3261,213
2,1852,3012,5161,3342,027
1,6643,281
518639333537
435582337310
3541,582
571774
Pre-ferredstock
2714068698
183167112124
7581,127762492425
631838564489816
635636411571531
409447
14217363154
10011092106
1928277
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
8,0819,167
1,6221,8541,6662,048
1,7291,8452,0912,417
1,5433,5781,9132,133
Proposed uses of net proceeds «
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
10,01910, 74912,66111,3729,527
9,92412, 619
2,2322,6032,0162,675
2,2142,4652,4672,778
1,9515,2612.5012,906
New money
Total
57
208858991681325
474308657
1,0803,2794,5915,9294,606
4,0066,5318,1807,9606,780
7,9579,663
11,7849,9078,578
8,75810, 635
1,8992,4141,8172,448
1,9722,1812,2222, 384
1,6484,2722,1202, 596
Plantand
equip-ment
32
111380574504170
424661287141252
6382,1153,4094,2213,724
2,9665,1106,3125,6475,110
5,3336,7099,0407,7926,084
5,6627,354
1,3671,7121,0961,909
1,1801,4121,4801,589
9523,3731,3961,633
Work-ing
capi-tal
26
96478417177155
145207187167405
4421,1641,1821,708882
1,0411,4211,8682,3131,670
2,6242,9542,7442,1152,494
3,0973,281
531- 702
721539
791768742795
695899723963
Retire-mentof se-
curities
231
1,8653,3681,1001,2061,695
1,8541,583396739
2,389
4,5552,8681,352307401
1,271486664260
1,875
1,227364214549135
271885
28363733
69833980
14256663
113
Otherpur-
95
19320414822295
19217217310096
267610524722952
984589537535709
864721663915814
8951,099
306153162195
174201205315
161423318198
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.* Preliminary.
NOTE.—Data for Alaska and Hawaii included for all periods.
Sources: Securities and Exchange Commission, The Commercial and Financial Chronicle, and The BondBuyer.
285
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-68.—Common stock prices and earnings and stock market credit, 1939-61
Year or month
Commonstockpricesindex,
1957-59= 100(SEC) i
Commonstockprice/
earningsratio—
industrials(Standard& Poor's)2
Stock market credit
Customer credit (excluding U.S.Government securities)
TotalNet debitbalances 3
Bank loansto
"others" *
Bank loansto brokers
anddealers 5
1939..
1940-1941..1942..1943..1944..
1945..1946..1947-1948-1949..
1950-1951..1952..1953-1954..
1955..1956..1957..1958..1959..
I960..1961..
1960: January...February -MarchAprilMayJune
JulyAugustSeptember-OctoberNovember.December..
1961: January . . .February .MarchAprilMayJune
JulyAugustSeptember.OctoberNovember .December..
Millions of dollars
26.825.323.020.126.629.0
35.240.135.135.634.3
41.449.652.351.961.7
81.892.689.893.2
116.7
113.9134.2
117.6114.1112.1113.5113.2117.0114.5115.6112.1109.1112.6115.2
120.9125.4129.8133.0134.9132.8
132.7137.4136.2138.0144.0145.8
12.1711.039.65
10.1417.5816.95
22.9911.019.145.866.76
7.519.62
10.229.68
12.17
12.6513.5412.9117.7119.79
18.92
15.87
~l7~80
17.29
18.92
23.88
21.65
18.58
1,374976
1,032968
1,249
1,7981,8261,9802,4453,436
4,0303,9843,5764,5374,461
4,4155,602
4,3724,2814,1654,1614,1424,221
4,1434,2524,2924,3034,3034,415
4,4244,5324,7875,1905,3865,367
5,3555,3495,3115,3335,4605,602
942473517499821
1,2371,2531,3321,6652,388
2,7912,8232,4823,2853,280
3,2224,259
3,1983,1293,0283,0373,0213,082
3,0043,1093,1373,1333,1413,222
3,2533,3583,6013,9364,0604,024
3,9913,9723,9914,0294,1414,259
()353
432503515469428
561573648780
1,048
1,2391,1611,0941,2521,181
1,1931,343
1,1741,1521,1371,1241,1211,139
1,1391,1431,1551,1701,1621,193
1,1711,1741,1861,2541,3261,343
1,3641,3771,3201,3041,3191,343
715
584535850
1,3282,137
2,7821,471784
1,3311,608
1,7421,4192,0022,2482,688
2,8522,2142,1902,5692,584
2,6143,418
1,9211,8161,4871,8171,5911,670
1,6651,8712,0711,9611,8552,614
1,9692,0011,8052,3972,4392,441
2,7322,1362,6372,7432,5833,418
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 purchasing orcarrying 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.
286
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-69.—Business population and business failures, 7929-67
Operating busi-nesses and business
turnover (thou-sands of firms) >
Year or month Oper-atingbusi-ness-es 2
Newbusi-ness-es 3
Dis-con-tin-uedbusi-ness-es 3
New-busi-ness
incor-pora-tions(num-ber) 3
Business failures 3 4
Busi-nessfail-ure
rate 5
Number of failures
Total
Liability sizeclass
Under5100,000
$100,000 Totaland
Amount of currentliabilities (millions
of dollars)
Liability sizeclass
Under5100,000
$100,000andover
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.
1960.1961.
1960
3,029
2,9942,9162,8282,7822,8842,9923,0703,1363,0743,222
3,3193,2763,2953,0302,839
2,9953,2423,6513,8733,984
4,0094,0674,1184,1884,240
4,2874,3814,4714,5334,583
4,6604,717
0)
()
CO275290121146331423617461393331
348327346352366
408431398397423
443
JanuaryFebruaryMarch.._AprilMayJune
4,670
4,6
July..AugustSeptemberOctoberNovember.December _
1961: January. _February.MarchAprilMayJune
4,710
~4~7~U
4,730
4,740
JulyAugust.. _September.October...NovemberDecember
4,755
4,770
(6)
8(6)318
271386337175
176209239282306
290276276299319
314342335347347
386
()132,916112,63896,10185,49192,92583,64992,819102,545117,164139,651140,775136,697150,280193,067
182,713181, 53818,20214,68117, 17315, 48415, 57116, 71014,70915,02814,04313, 78312,43514, 594
16, 35013,28116, 78314, 81516,37116,418
14, 48315,07913, 61615, 49214,04514. 805
103.9121.6133.4154.1100.361.161.747.845.961.1
7 69. 663.054.444.616.46.54.25.2
14.320.434.434.330.728.733.242.041.648.051.755.951.857.064.4
51.050.751.154.954.167.264.859.665.263.362.063.461.164-262.9
60.7
62.6
6t'.569.563. 863.6
22,909
26,35528,28531,82219,85912,091
12,2449,6079,49012,83614,768
13,61911,8489,4053,2211,222
8091,1293,4745,2509,246
9,1628,0587,611
11,086
10,96912,68613,73914,96414,053
15,44517,0751,1811,2141,3351,3701,2731,3341,1461,3151,2691,3441,3111,353
1,4041,4491,6101,4411,5451,403
1,2751,6041,2851,4461, 3351,278
22;165
25,40827,23030,19718,88011, 42111,6919,2859,20312,55314,541
13,40011,6859,2823,1551,176
7591,0023,1034,8538,708
8,7467,6267,0818,07510,226
10,11311,61512, 54713,49912,707
13,65015,0061,0551,0911,1721,2351,1531,157
1,0081,1371,1181,1921,1261,2061,2411,2741,3691,2711,3701,206
1,1331,4121,1431,3011,1451,141
744947
1,0551,6257 979670
553322287283
"227
2191631236646
50127371397538
416432530787
8561,0711,1921,4651,346
1,7952,069
126123163135120177138178151152185147
163175241170175197
142192142145190137
483.3668.3736.3928.3457.5334.0310.6203.2183.3246.5182.5166.7136.1100.845.331.730.267.3
204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.6
1,090.153.760.970.269.273.3
126.461.797.680.681.584.579.081.588.1
126.686.180.583.869.2
102.7116.7
70.3119.265.5
261.5303.5354.2432.6
7 215. 5138.5135.5102.8101.9140.1
7 132. 9119.9100.780.330. 214.511.415.763.793.9
161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1
24.624.427.028.927.826.523.127.428.628.628.931.533.031.733.332.134.828.928.934.127.531.227.327.3
221.8364.8382.2495.7
7 242.0195.4
175.1100.481.4
106.47 49.7
46.835.420.515.117.118.851.6
140.9140.7146.797.1
128.0151.4226.6251.2243.0322.9348.2430.7413.9611.4720.029.036.643.240.345.5
100.038.670.252.052.955.647.548.656.493.354.045.755.040.268.689.139.092.038.2
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 beginning1951.
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.
3 Total for period.< 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.5 Failure rate per 10,000 listed enterprises. Monthly data are seasonally adjusted.6 Not available.7 Series revised; not strictly comparable with earlier data.s Includes data for Hawaii beginning 1959 and Alaska beginning 1960. (Data for 1958 comparable to 1959
are 150,781; data for 1960 comparable to 1959 are 182,374.)
Sources: Department of Commerce and Dun & Bradstreet, Inc.
287
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AGRICULTURETABLE B-70.—Income from agriculture, 1929-61
Year or quarter
Income re-ceived by totalfarm popula-
tion fromagricultural
sources
Total 1 Farmwages2
Income received by farm operators from farming
Realized gross
Total 3
Cash re-ceiptsfrom
market-ings
Produc-tion ex-penses
Net
Exclud-ing netinven-tory
change
Includ-ing netinven-tory
change*
Net income perfarm includingnet inventory
change«
Current 1961prices •
Billions of dollars Dollars
1929
19301931193219331934
19351936193719381939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961
1960: I.__.II...III..IV..
1961: I*...11 8 .Ill».IV s.
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
13.513.413.615.413.1
13.714.8
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
1.71.71.81.81.8
1.81.8
13.9
11.48.46.47.18.5
9.710.711.310.110.6
11.013.818.823.424.4
25.829.734.434.931.8
32.537.337.035.333.9
33.334.634.437.937.5
38.139.6
11.3
9.16.44.75.36.4
7.18.48.97.77.9
8.411.115.619.620.5
21.724.829.630.227.8
28.533.032.631.130.0
29.630.629.833.433.5
34.034.8
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
21.922.623.425.326.3
26.426.9
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
11.512.011.012.611.2
11.712.7
6.1
4.33.32.02.62.9
5.34.36.04.44.5
4.66.69.911.811.8
12.415.315.517.812.9
14.016.315.313.312.7
11.811.611.813.511.3
12.013.0
943
650506305382434
778643911675697
7201,0441,6001,9421,967
2,0802,5742,6483,0652,259
2,4792,9512,8292,502
7 2,700
7 2,572i 2,6117 2,7247 3,2267 2,760
7 2,9907 3,333
1,779
1,3271,177
8471,0321,033
1,8091,4952,0701,6071,700
1,7142,3203,1373,4073,278
3,3023,7303,2693,5642,689
2,9163,2083,0422,7202,903
2,7662,7782,8083,2592,788
2,9903,333
Seasonally adjusted annual rates
(9)(9)(9)(9)
(9)(9)(9)(9)
36.838.538.338.7
39.339.239.340.6
32.734.434.234.7
35.334.034.435.5
26.426.526.326.3
26.726.726.927.2
10.412.012.012.4
12.612.512.413.4
10.512.312.412.7
12.912.912.813.6
2,6203,0803,1003,180
3,3103,3103,2803,490
2,6503,0803,1003,180
3,3103,3103,2803,490
1 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.* 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 B-l l and B-14 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 of Agriculture definition, except as noted in footnote 7.
8 Income in current prices divided by the index of prices paid by farmers for family living items on a1961 base.
7 Per farm figures for 1954-61 based on interim approximations of number of farms consistent with the1959 Census of Agriculture definition of a farm.
8 Preliminary.»Not available.
Source: Department of Agriculture.
288
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T A B L E B—71.—Indexes of prices received and prices paid by Jarmers, and parity ratio, 7929-67
[1910-14=100]
Year or month
1929
19301931193219331934
193519361937 . . .19381939
19401941194219431944
1945194C194719481949
1950195119521953...1954.
1955—1956..195719581959
1960 _1961 7.--
1960:JanuaryFebruaryMarchAprilM a y . _._June
JulyAugustSeptemberOctoberNovemberDecember
1961:JanuaryFebruaryMarchApril ___.MayJune
July -AugustSeptemberOctoberNovemberDecember
Prices received by farmers
Allfarmprod-ucts l All
crops1
148
12587657090
1091141229795
100124159
«193•197
•207•236
276287250
258302288255246
235250240
238240
233234241242240235
234238241241242
241244243239236234
237241242240238240
Crops
135
116755771
1031081188082
90108145187199
202228263255224
265267240242
231235225223221
221226
220218221224225221
222219222222219217
218221224226230231
229229226223224
Foodgrains
116
9369446690
971081207672
8497120148166
172201271250218
224243244234
224225208202
203209
206208210209209199
194196197200204204
207209208202203200
201209214217218219
Feed grainsand hay
Total
118
10674485796
1071031257172
8592115152172
167202256258177
103226234206203
183182166154156
151151
151153153158158158
156152152147136141
146150150145151152
156154156154149150
Feedgrains
124
10971446797
1121101357372
8694117156175
168212275273176
198237242212209
187186169156157
150151
148150150155158159
158153153146132137
143148149143151153
158155157154147149
Cot-ton
To-bacco
150
104644968
101
99947074
83111156167172
179238274272246
282336310268274
272268263253267
254259
253240240244247250
265273272267254243
227240249250261
265276277286280
171
1409884107156
171163200173152
134157247319348
360376374380
402436432433443
437452466482506
500524
485495495494495494
491488510513517517
508517516516517516
516523542537530544
Oil-bear-ing
crops
143
111734457103
1271201299596
103138183202222
228
351242
276339296279304
249255244225219
214257
216216213216218216
213211208209213217
231250264286285261
261259242242248250
Livestock and products
Alllive-stockand
prod-ucts l
159
13498727081
114119126112107
109138171198196
211242288315272
280336306268249
234226244273256
253251
243247257257252248
249247251257260263
261263259251241236
241251252252250255
Meatani-mals
Dairyprod-ucts
155
13391635968
115118130113110
108143186203190
•207«248329361311
340409353288
246235275335313
296299
280289309311309303
300290285
298
304
305292286
288302303297291299
166
1421118687101
114125131115110
120140163
«1988222
•229«268273301252
249286303267246
247255259254257
259259
266261256244237235
244254269277282278
271263256247241240
248257266274275273
Poul-tryand
161
128
8174
116115111110
122152191177
198201223242221
186228206221178
191176162170143
160146
146145155163154149
149154163176182178
165169160145139131
138142138141140146
See footnotes at end of table, p. 290.
289
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-71.-—Indexes of prices received and prices paid by farmers, and parity ratio, 1929-61—Continued
Year or month
1929 -.
19301931193219331934
19351936193719381939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961 7
1960:JanuaryFebruaryMarchAprilM a yJuneJulyAugustSeptemberOctoberNovemberDecember _ _
1961:JanuaryFebruaryMarch _.AprilMayTuneJuly .August... ... -September -October _November -D e cember -
[1910-14= 100]
Prices paid by farmers
Allitems,in-
terest,taxes,andwagerates(parityindex)
160151130112109120
124124131124123124133152171182
190208240260251
256282287277277276278286293297299301
299299300302301299298298298296297298
301302302302302300300301301301301302
Commodities and services
Allitems
150140119102104118123123130122121
122130149165174
179197230250240
246271273261262
259260267273275
275276
275275276277277275274274274273274275
276277277277277275275276276276276277
Fam-ilylivingterns
154
144124106108122124124128122120
121130149165175
182202237251243
246268271269270270274282287288290291
289289289291291290290290289290291291
291291290290291290290290291291291292
Production items
Allproduc-tion
items 1
146
1351139999114
122122132122121
123130148164173
176191224250238
246273274256255
251250257264266265266
265266267268267265263262263262262265
267267268267266265264265266265265267
Feed
136122866473103
1061091249393
100108132156173
172200236250206
210236251227226211206201198199
194196
197197197199198196195193193191188189
194196197195199198198197197194194197
Motorve-
hicles
148144143141140148
150157162172165
163172186195211
218224260291320
320342358355355
358367395412425
420416
432
427
420420
414403
417
417
417
416416
415414
Farmma-chin-ery
153152150142138144
148150153158155
153155164170174
176182206240270
277298308311312
312326342357372382390
379
381
385
385
388
389
393
Fer-ti-lizer
13012611410093105
10498103102101
9898109116118
120121134146150144152156157158
155152153153152152154
152
153
153
154
In-ter-est 2
213
206197185164147
135125117110106
10298948479
75747678828998108117126136150163176194213228
213213213213213213213213213213213213
228228228228228228228228228228228228
Taxes3
279
281277254220188
178180181187185
189187189185185
192213237276298
320335350365381
394421440470496
534578
536536534534534534534534534534534534
578578578578578578578578578578578578
Wageates*
186
1771391048899
107114129130127
129151197262318
359387419442430
425470503513510
516536558574612
631641
6326SB63t649649649631631631613613613
636636636647647647648648648635636636
Par-ityatio*
92
8367586475
8892937877
819310S113108
10C112IK11C10(10110'10(958*&81858»8]8(81
71718(8(8477784888
888777788877
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).4 Monthly data are seasonally adjusted.8 Percentage ratio of prices received for all farm products to parity index.8 Includes wartime subsidy payments.7 Preliminary.Source: Department of Agriculture.
290
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TABLE B-72.—Farm production indexes, 1929-61
[1947-49=100]
Year
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...
I960...1961 *__
Farmout-put i
74
7279767060
7265827979
8285969497
959895104101
101104108109109
113114114124125
128128
Total 2
79
7684807158
7664888382
8587979196
939893106101
9799104103101
105106106118117
121119
Feedgrains
83
7384957348
8053878483
859110496100
9710681116103
10497103101106
112112122135140
143130
Hayandforage
88
7579867967
9674879893
105106115109108
1121041029999
106110106109108
115109122122115
119117
Foodgrains
66
7276624544
5352727561
6776806985
899210810389
83821059685
80847911793
111102
Crops
Vege-tables
78
7980807784
8580868685
88899510398
10011197103100
102959610198
102109104108106
108114
Fruitsandnuts
76
7594767772
91729585101
9610210187101
9211010495101
101103100101102
102107103109111
108119
Cot-ton
104
98119919168
75871338483
8875908086
636183105112
7010610611596
103937780102
100101
To-bacco
75
8176496854
6558786993
7263706996
981141049898
101116112102111
109108838689
96100
Oilbear-ingcrops
21
2323211821
3427303647
5661929882
888491109100
115106104103116
128152147180158
170200
Livestock and products
Totals
77
7880818275
7277767985
8792102110105
10410110097103
107112112114117
120122121124128
126132
Meatani-mals
77
7882838673
6674717788
8994108120108
10310110097103
109117117116121
127123119124130
125130
Dairyprod-ucts
82
8486868785
8687868990
929610099101
10310210198101
101100100105107
108110111111109
110112
Poul-tryandeggs
63
6563636259
5963636570
7̂07789102102
106999896106
111116117120125
123136137145152
151164
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.1 Includes certain items not shown separately.4 Preliminary.
Source: Department of Agriculture.
291
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T A B L E R-73.—Selected measures of farm resources and inputs, 1929-61
Year
Croplandharvested(millionsof acres)1
Total
Exclu-sive ofuse forfeed forhorses
andmules
Live-stockbreed-
ingunits(1947-49=
)
Man-hoursof
farmwork(bil-lions)
Index numbers of Inputs (1947-49=100)
Total
98
9796939186
8889949194
9797101101101
999999100101
101104104103102
102102100101102
102101
Farmlabor
138
137140135135121
126122132123123
122120123121120
11310810310097
9091868378
7672686664
6261
Farmreal
estate'
98
9694919291
9394959697
9898969493
939698101101
103104105105106
106105105106106
106106
Me-chani-cal
powerandma-
chinery
53
5552484444
4548525555
5861666970
748089100111
118127133134135
136137138137139
140139
Ferti-lizerandlime
36
3628192125
2935413941
4852586675
78929798105
118126139143152
156158163167189
189193
Feed,seed,andlive-stockpur-
chases*
38
3732343433
3243404252
6365808890
1019710210197
101112113112115
120128130141149
152155
Miscel-laneous
1929
19301931193219331934
19351936193719381939
19401941194219431944....
19451946194719481949
1950195119521953....1954
19551956.--195719581959
19601961 «
365
365371340304
345323347349330
342346356361
354351354356
345344349348346
340326326328
323303
298
304303311281247
289269295301285
296302307319325
322322328
326326334335335
330317318321324
317297
94104117114
108107103
102103102100104
106104102100100
97
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
12.812.111.411.110.8
10.310.1
969910097
8487
92
94959797
97989997104
108112112115115
120124122127133
135136
i Acreage harvested (excluding duplication) plus acreages in fruits, tree nuts, and farm gardens.* Animal units of breeding livestock, excluding horses and mules.* Includes buildings and improvements on land.* Nonfarm inputs associated with farmers' purchases.»Preliminary.
Source: Department of Agriculture.
292
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T A B L E B—74.—Farm population, employment, and productivity, 1929—61
y f l a ri ear
1929—
1930—1931—1932....1933—1934—
1935—1936—1937—1938—1939....
1940—1941....1942—1943—1944—
1945—1946—1947—1948—1949—
1950—1951195219531954....
1955—1956—1957—1958.—1959....
I960— _19618..
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
7 20,541(»)
As per-cent oftotalpopu-
lation 2
25.1
24.824.925.125.825.6
25.324.824.323.923.6
23.122.721.719.518.4
18.118.718.817.717.4
16.515.715.514.213.6
13.613.312.612.312.0
7 11.4(«)
Netmigra-tion to
andfromfarms(thou-
sands) 8
- 4 7 7
- 6 1156607
- 4 6 3- 5 2 7
- 7 9 9- 8 3 4- 6 6 1- 5 4 5- 7 0 3
- 6 3 3- 1 , 4 2 4- 2 , 9 7 5- 1 , 5 6 3
- 5 6 4
864151
- 1 , 6 8 6- 3 7 1
- 1 , 3 1 4
- 1 , 3 0 2- 2 7 1
- 1 , 9 9 6- 9 6 2
- 2 5
- 4 3 5- 1 , 1 3 4
- 5 7 6- 5 4 8(«)
CO(«)
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
7,1186,990
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
5,2495,104
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
2,017,921,895,955,925
L, 869L, 886
Perunit
oftotalinput
Farm output
Per man-hour
Total Crops Live-stock
Croppro-duc-tionper
acre 6
Live-stockpro-
ductionper
breed-ingunit
Index, 1947-49=100
76
7482827770
8273878784
8588959396
969996
104100
100100104106107
111112114123123
125127
54
5356565250
5753626464
6771787881
849192
104104
112114126131140
149158168188195
206210
51
5054555048
5750606363
6771787679
859291
104105
114112125129138
148161180203202
220225
76
7675757369
7073737679
8082889290
91949799
104
107114117120124
130136138144156
159167
79
7583797159
7665888585
8890999296
9510195
10699
9798
104103101
106109112126123
130134
84
8586858477
8486879191
9298989492
96949799
104
105109110114112
113117119124128
130135
i Farm population as denned 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 useprior to 1960.
» Total population of United States as of July 1, excluding Alaska and Hawaii; includes armed forcesabroad.
s 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 on the place where they are living.
* Includes persons doing farm work on all farms. These data, published by the Department of Agri-culture, Statistical Reporting Service, differ from those on agricultural employment by the Departmentof Labor (see Table B-19) 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.
» Computed from variable weights for individual crops produced each year.• Not available.* On the basis of i960 Census definitions, farm population for 1960 is 15,635,000, or 8.7 percent of total popu-
lation. Comparable figures for earlier years are not yet available.• Preliminary.
Sources: Department of Agriculture and Department of Commerce.
293
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TABLE R-75.—Comparative balance sheet of agriculture, 7929-€2
[Billions of dollars]
Beginningof year
Total
1929..
1930..1931..1932..1933..1934..
1935..1936..1937..1938-.1939..
1940._1941. .1942..1943..1944..
19451946194719481949
1950.1951.1952.1953.1954.
19551956195719581959
I960..1961.
Assets
Realestate
68.4
53.055.162.573.383.8
93.1102.113.9125.2132.1
130.8149.6165.6162.9159.7
164.7168.0176.2185.8201.9
202. S204.
Live-stock
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
129.1130.6
Other physical assets
Ma-chin-eryand
motorvehi-cles
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
11.210.611.013.917.7
15.515.5
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
18.618.1
Crops
House-holdfur-
nish-ingsand
iquip-ment8
2.5
2.73.03.85.16.1
6.76.37.19.08.6
7.67.98.89.09.2
8.38.37.69.3
7.98.1
Depos-its
andcur-
rency
4.0
88
V /
84.34.34.54.64.6
4.74.85.46.27.0
7.88.79.5
10.210.8
11.411.912.412.813.1
13.513.7
Financial assets
U.S.savingsbonds
Invest-mentin co-opera-tives
Total
(3)
0.6
2.12.32.52.72.9
3.13.33.43.63.8
4.14.3
Claims
Realestatedebt
68.4
53.055.162.573.383.8
93.1102.0113.9125.2132.1
130.8149.6165.6162.9159.
164.168.0176.185.8201.9
202.9204.1
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
Otherdebt
Pro-prie-tors'
equi-ties
New basis *
3.8
<*>
43.044.752.063.374.9
84.894.0
105.4115.9120.7
118.3136.5151.0146.8142.6
146.9149.1156.7165.6178.6
178.8178.7
196019611962 5
?04?06211
813
134.8136.5140.6
1515(3
f>
)
1818
61
78q1
1010
13
9.18.7
4.74.6
4413
?04?06211.
813
1?1314.
310
111?13.
832
180180184.
771
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 1,1961, totaled $648 million.
2 Estimated valuation for 1940, plus purchases minus depreciation since then.3 Not available.4 Tentative estimates based on revisions in process as a result of the 1959 Census of Agriculture.5 Preliminary.
Source: Department of Agriculture.
294
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INTERNATIONAL STATISTICS
TABLE B-76.—United States balance of payments, 1956-61 l
[Millions of dollars]
Type of transaction
Recorded transactions other than changesin monetary gold stock and in liquidliabilities:
United States payments: Total
Imports of goods and services: Total..
Merchandise, adjustedTransportationTravelMiscellaneous servicesMilitary expendituresIncome on investments:
PrivateGovernment
Unilateral transfers, net: Total
Government grants _____Remittances and pensions
United States capital, net: Total....
Private, net: Total
Direct investments, netNew issues __Redemptions0 ther long-term, netShort-term, net
Government, net* Total
Long-term capital, outflow..RepaymentsShort-term, net
United States receipts* Total
Exports of goods and services: Total..
Merchandise, adjustedTransportationTravelMiscellaneous services _.Military transactionsIncome on investments:
Direct investmentsOther privateGovernment
Foreign investments in the UnitedStates, other than liquid funds, 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 (—)
1956
25,846
19,829
12,8041,4081,275
8072,955
426154
2,398
1,733665
3,619
2,990
1,859453
— 174324528
629
545- 4 7 9
563
24,281
23,705
17,3791,642
7051,210
158
2,120297194
576
- 1 , 5 6 5
643
1,228
- 3 0 6
1957
27,374
20,923
13,2911,5691,372
8733,165
452201
2,318
1,616702
4,133
3,175
2,058597
- 1 7 9441258
958
993- 6 5 9
624
27,161
26,733
19,3901,999
7851,306
372
2,313363205
428
- 2 1 3
748
263
- 7 9 8
1958
27,206
21,053
12,9511,6361,460
9183,412
537139
2,338
1,616722
3,815
2,844
1,094955
- 8 5574306
971
1,176- 5 4 4
339
23,298
23,325
16,2631,672
8251,347
296
2,198417307
- 2 7
- 3 , 9 0 8
380
1,253
2,275
1959
28,689
23,537
15,2941,7591,610
9353,109
549281
2,424
1,633791
a 2,728
2,375
1,372624
- 9 5397
77
»353
2 1,051- 1 , 0 5 4
356
24,418
23,709
16,2821,646
9021,534
302
2,228466349
709
- 4 , 2 7 1
528
2 3,012
2 731
1960
30,781
23,327
14,7221,9421,744
9423,048
597332
2,489
1,641848
4,965
3,856
1,694573
- 1 0 0377
1,312
1,109
1,213- 6 3 1
527
27,500
27,300
19,4091,816
9681,567
335
2,338518349
200
- 3 , 2 8 1
- 6 4 8
2,227
1,702
January-September
1960
22,788
17,900
11,2371,5161,416
7082,321
438264
1,828
1,210618
3,060
2,299
961472
- 6 9233702
761
825- 4 5 0
386
20,265
19,974
14,2771,374
7521,139
250
1,602376204
291
- 2 , 523
- 1 9 6
1,938
781
1961
22,121
17,102
10,5501,4551,441
7762,245
436199
2,087
1,445642
2,932
2,494
1,194388
- 6 1141832
438
1,231- 1 , 0 0 6
213
21,134
20,662
14,5911,321
7371,197
340
1,801460215
472
- 9 8 7
- 1 8 4
886
285
* Excludes transfers of goods and services under military grant programs.» Excludes $1,375 million for increase in United States subscription to the International Monetary Fund,
of which $344 million was paid in gold and $1,031 million in non-interest-bearing notes.Source: Department of Commerce.
295
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T A B L E R-77.—Major U.S. Government foreign assistance, by type and by area, total postwarperiod and fiscal years 1958-61
[Fiscal years, billions of dollars]
Fiscal year
Total, netTotal postwar 1 --19581959I960 ,1961
Investment in five interna-tional financial institutions4
Total postwar 1___1958-- --1959 _I960--1961
Under assistance programs, netTotal postwar *19581959I9601961
Net grants of military suppliesand services
Total postwar 1 -19581959 .19601961
Other aid, netTotal postwar l
19581959I960-1961 _ _ _ _ _
Net grants (less conver-sions)
Total postwar l -1958 -1959I9601961
Net credits (including con-versions)
Total postwar *1958 -1959I9601961
Other assistance (throughnet accumulation of for-eign currency claims)4
Total postwar i_. -1958195919601961
Total
84.74.86.04.24.0
4.9
1.4.11
79.84.84.74.13.9
28.82.32.22.01.7
51.02.52.42.12.2
35.91.51.61.61.8
12.2.6.7.1
3.0.3.2.4.4
WesternEurope
(excludingGreece
andTurkey)
39.51.1.7.4
- . 1
39.51.1.7.4
- . 1
14.7.8.7.8.6
24.8.4
- ! 6
17.0.2.1.2.1
7.1.2
- . 1- . 4- . 7
.6( 3 }
- . 1
Near East(including
Greeceand
Turkey)and South
Asia
12.61.31.51.51.6
12.61.31.51.51.6
4.5.6.5.4.3
8.1.7.9
1.11.3
4.8.3.5.4.6
1.8.1.2.3.4
1.5.2.2.3.3
OtherAfrica
0.8.1.1.2.2
.8,1.1.2.2
.1
(J)
.7
.1
.1
.2
.2
.4
.2
.3
(3)
(3)
1?s
Far Eastand
Pacific
20.01.71.51.51.5
20.01.71.51.51.5
8.6.8.8.7.7
11.4.9.7.7.8
10.3.8.7.7.7
.9
.1
( 3 ) ' 1
.3
1
AmericanRepub-
lics
3.4.4.6.3.4
3.4.4.6.3.4
.6
.1
.1
.1
.1
2.8.3.6.2.3
.9
.1
.1
.1
.1
1.8.2.5.1.2
.2(3)(3)
( 3 ) '
Interna-tional or-
ganiza-tions andunspeci-
fied areas
8.4.2
1.6
.4
4.9
1.4.1.1
3.4.2.2.2.3
.3(3)
3.1.2.2.2.3
2.4.1.1.1.2
(3)
1 Fiscal years 1946-61.2 Inter-American Development Bank, International Bank for Reconstruction and Development, Inter-
national Development Association, International Finance Corporation, and International MonetaryFund.
3 Less than $50 million.« Other assistance (net) represents the transfer of United States farm products in exchange for foreign
currencies, less the U.S. Government's disbursements of the currencies as grants, credit, or for purchases.
Source: Department of Commerce.
296
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TABLE B—78.—United States merchandise export and imports, by economic category, 1949 and1956-61
[Millions of dollars]
Category 1949 1956 1957 1958 1959 1960
January-September
1960 1961
Domestic exports: Total *
AgriculturalNonagriculturaL.
Food and beveragesAgricultural foodstuffsNonagricultural foodstuffs.
Industrial supplies and materialsCotton, tobacco, and other ag-
riculturalNonagricultural industrial ma-
terials
Materials used in farming-
Capital equipment.Machinery and related itemsCommercial transportation
equipmentSpecial category equipment2—._
Consumer goods, nonfood
Government military sales and un-classified
General imports: Total
Industrial supplies and materialsPetroleum and productsNewsprint and paper base stocks.Materials 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 used in farming-
Consumer goods, nonfood-
Capital equipment (including agri-cultural machinery)
All other and unclassified.
11,789
3,5788,211
2,3022,254
48
4,870
1,273
3,597
167
3,3782,296
918164
913
159
6,622
3,727485670
991
143
1,438
2,004
286
410
107
17,183
4,17013,013
2,7442,702
42
7,281
1,360
5,921
297
5,2713,568
1,454249
1,314
276
12,615
7,2991,2821,093
1,321
487
3,116
1,260
368
237
19,316
4,50614,810
2,7382,696
42
1,720
303
5,9314,028
1,626277
1,333
428
12,982
7,2011,5341,032
1,301
407
2,927
3,175
380
1,524
412
290
16,202
3,85412,348
2,5492,511
38
6,404
1,262
5,142
5,3288,667
1,423238
1,271
387
312,834
6,5851,610988
1,161
435
2,391
3,354
366
1,710
481
371
16,211
3,95512,256
2,7962,751
45
6,110
1,088
5,022
300
5,3633,706
1,369288
1,274.
15,207
8,0211,5361,089
1,556
603
3,237
3,364
366
2,424
618
414
19,351
4,82414, 527
3,0963,053
43
7,797
1,653
6,144
331
6,3564,109
1,789458
448
14,654
7,5931,5471,099
1,489
540
2,918
3,211
353
2,453
605
439
14,241
3,39210,849
2,2242,196
28
5,753
1,115
4,638
2414,7373,026
1,371340
950
11,179
5,8431,141
813
1,158
424
2,307
2,416
271
1,860
466
323
14,526
10,957
2,3412,315
26
5,654
1,170
4,484
251
4,9353,323
1,148464
1,006
339
10,535
5,4171,254
808
1,067
400
1,888
2,405
294
1,555
527
337
i Excludes military aid shipments of supplies and equipment under the Mutual Security Program,1956-61; in 1949, excludes military shipments under the Greek-Turkey and the China military aid programs.
3 Excludes Government military cash sales.1 Total adjusted to exclude $33 million of the value reported by economic category.
Source: Department of Commerce.
297
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TABLE B-79.—United States merchandise exports and imports, by area, 1949 and 1956-61
[Millions of dollars]
Area
Exports (Including reexports):Total i
CanadaOther Western Hemisphere-Western EuropeOther EuropeAsia..OceaniaAfrica
General imports: Total
Canada - _.Other Western Hemisphere-Western EuropeOtjher EuropeAsia -OceaniaAfrica
1949
11, 560
1,9282,8203,980
651,997
175594
6,622
U 5122,483
90972
1,184125338
1956
17, 015
4,0354,0085,216
182,801
249688
12, 615
2,8943,9622,890
731,996
203597
1957
18,990
3,9354,8485,748
913,391
282695
12, 982
2,9074,1413,077
691,985
216587
1958
15, 919
3,4384,3344,509
1182,658
245618
»12, 834
2,6844,0493,297
681,997
209561
1959
15, 915
3,7433,7774,530
962,755
323691
15, 207
3,0424,0294,523
852,603
338589
1960
18, 834
3,7073,7556,299
2073,627
475765
14, 654
2,9023,9644,184
832,721
266535
January-October
1960
15, 485
3,1233,1415,128
1532,922
386632
12, 336
2,4303,3263,514
712,302
237456
1961
15, 772
3,0333,0425,173
1333,387
338667
11, 874
2,5433,0863,288
692,112
268506
1 Excludes special category items.2 Total adjusted to exclude $33 million of the value reported by area.Source: Department of Commerce.
298
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B—80.—Estimated gold reserves and dollar holdings of foreign countries and internationalorganizations, 1949 and 1956-61
[Millions of dollars; end of period]
Area and country 1949
18,677
6,10192820713149564370
3942,067932
2,027
1,516
3,07841851010113846327082236517343
2,008356
1,652
679
3,268
1956
32, 489
14,008377
1,0541,5573,3431,270983
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
4,1131,533957
9802,8131,830
3,080
3,180
4,54426345711621552556988236
1,556519
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
4,12321046414024145256596262
1,215478
3,2511,0952,156
1,199
3,371
1959
42,237
19, 254630
1,2791,9804,6403,1191,634
1,1132,9911,868
3,813
3,610
4,014393479228288296587111242932458
4,0081,5662,442
1,313
6,225
1960
46, 371
21,058539
1,3142,1656,4503,0801,783
9412,9571,829
4,887
3,770
3,64542048318023779541114232797562
4,4442,1692,275
1,273
7,294
1961
Sep-tember l
Total
Continental Western EuropeAustriaBelgiumFranceGermanyItalyNetherlandsScandinavian countries (Sweden,
Norway, Denmark, and Finland)..SwitzerlandOther
United Kingdom
Canada ..
Latin AmericaArgentinaBrazilChileColombiaCubaMexico _.PeruUruguayVenezuelaOther
AsiaJapanOther
All other countries
International
'48,267
23,071527
1,4793,0196,4033,3761,807
1,1453,2632,052
5,302
4,040
3,69844655217822346536124230847516
4,2471,9562,291
1,302
6,607
1 Preliminary.
NOTE.—Includes gold reserves and dollar holdings of all foreign countries (with the exception of goldreserves of U.S.S.R., other Eastern European countries, and Communist China), and of international or-ganizations (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 the Restitution of Monetary Goldare included under "other" Continental Western Europe.
Source: Board of Governors of the Federal Reserve System.
299
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B-81.—Price changes in international trade, 1954-61
[1953=100]
Area or commodity class 1954
9898
102106
106111
105110
9899
103103
10713689
1009810195
9996
1955
9898
102105
99102
97100
99119
10099
9610387
102929586
102103
1956
10199
101102
9899
9696
103123
101100
9710086
101999287
109110
1957
10498
10198
9694
9391
106100
102101
989783
101959798
114107
1958
101102
9798
8989
8484
10690
9694
949482
90947869
108100
1959
99104
9396
8384
7878
10699
9493
898080
94987573
10399
1960
100105
9496
8585
80.81
109102
9393
887679
96928074
101101
1961
Thirdquarter
Area:
Developed areas:ExportsTerms of trade 1
Underdeveloped areas:ExportsTerms of trade i
Latin America:Exports.Terms of trade *
Latin America excluding petroleum:ExportsTerms of trade !
Commodity class:3
Manufactured goodsNonferrous base metals...
Primary commodities: TotalExcluding crude petroleum
FoodstuffsCoffee, tea, cocoaCereals
Other agricultural commoditiesFats, oils, oilseedsTextiles
Wool
MineralsMetal ores
101107
9295
>85»87
>80>82
110102
9190
856981
92888275
100102
1 Terms of trade indexes are unit value indexes of exports divided by unit value indexes of imports.2 Data are for second quarter.3 Manufactured goods indexes are for exports. Primary commodities indexes are for exports and imports
combined.
NOTE.—Data shown for area groups and for manufactured goods are unit value indexes,are price indexes.
Data exclude trade of Soviet area and Communist China.
Source: United Nations.
All others
3OOU.S. GOVERNMENT PRINTING OFFICE: 1962 O — 6 2 1 8 7 6
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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