ERP1956 Appendixes 4

Appendix D

STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION

CONTENTSNational income or expenditure: Page

D-l . Gross national product or expenditure, 1929-55 165D-2. Gross national product or expenditure in 1955 prices, 1929-55 166D-3. Gross national product or expenditure in 1947 prices, 1929-55 168D-4. Gross private and government product in current and 1955 prices,

1929-55 169D-5. The Nation's income, expenditure, and saving, 1953-55 170D-6. Personal consumption expenditures, 1929-55 171D-7. Gross private domestic investment, 1929-55 172D-8. National income by distributive shares, 1929-55 173D-9. Relation of gross national product and national income, 1929-55. . . . 174D-10. Relation of national income and personal income, 1929-55 175D-l l . Sources of personal income, 1929-55 176D-l2. Disposition of personal income, 1929-55 177D-l 3. Total and per capita disposable personal income and personal con-

sumption expenditures in current and 1955 prices, 1929-55 178D-l 4. Financial saving by individuals, 1939-55 179D-l5. Sources and uses of gross saving, 1929-55 180D-16. Income of the farm population, 1929-55 181

Employment and wages:D-l 7. Total population 14 years of age and over and the labor force,

1929-55 182D-l8. Employment and unemployment, by age, and by sex for 20-64 year

group, 1942-55 184D-l 9. Employed persons with a job but not at work, by reason for not

working, 1946-55 185D-20. Unemployed persons, by duration of unemployment, 1946-55 186D-21. Unemployment insurance programs, selected data, 1939 and 1946-55. 187D—22. Number of wage and salary workers in nonagricultural establish-

ments, 1929-55 188D-23. Average weekly hours of work in selected industries, 1929-55 190D—24. Average gross hourly earnings in selected industries, 1929-55 191D-25. Average gross weekly earnings in selected industries, 1929-55 192D-26. Labor turnover rates in manufacturing industries, 1930-55 193

Production and business activity:D-27. Industrial production indexes, 1929-55 194D-28. Farm production indexes, 1929-55 196D-29. Business expenditures for new plant and equipment, 1939 and

1945-56 197D-30. New construction activity, 1929-55 198D-31. New public construction activity, 1929-55 199D-32. New nonfarm housing starts, by source of funds and by type of struc-

ture, 1929-55 200

163

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

Production and business activity—Continued PageD-33. Private nonfarm housing starts and proposed home construction:

Government underwritten, 1935-55 201D-34. Sales and inventories in manufacturing and trade, 1939-55 202D-35. Manufacturers' new orders, sales, and inventories, 1939-55 203

Prices:D-36. Wholesale price indexes, 1929-55 204D-37. Wholesale price indexes by economic sector, 1947-55 206D-38. Consumer price indexes, 1929-55 208D-39. Indexes of prices received and prices paid by farmers, and parity

ratio, 1929-55 209Credit, money supply, and Federal finance:

D-40. Short- and intermediate-term consumer credit outstanding, 1929-55. . 210D-41. Instalment credit extended and repaid, 1946-55 211D-42. Mortgage debt outstanding, by type of property and of financing,

1939-55 212D-43. Loans and investments of all commercial banks, 1929-55 213D-44. Member bank reserves and Reserve Bank credit, 1929-55 214D-45. Deposits and currency, 1929-55 215D-46. Bond yields and interest rates, 1929-55 216D-47. Net public and private debt, 1945-55 218D-48. U. S. Government debt—volume and kind of obligations, 1929-55 . . . 219D-49. Estimated ownership of Federal obligations, 1939-55 220D-50. The farm balance sheet, 1940-56 221D-51. Government cash receipts from and payments to the public, calendar

years, 1946-55 222Corporate profits and finance:

D-52. Profits before and after taxes, all private corporations, 1929-55 223D-53. Relation of profits after taxes to stockholders' equity and to sales,

private manufacturing corporations, by industry group, 1947-50average and 1954-55 224

D—54. Relation of profits before and after taxes to stockholders' equity andto sales, private manufacturing corporations, by asset size class,1947-50 average and 1954-55 226

D-55. Sources and uses of corporate funds, 1946-55 227D-56. Current assets and liabilities of all corporations, 1951-55 228D—57. State and municipal and corporate securities offered, 1934—55 229D-58. Common stock prices and stock market credit, 1939-55 230D-59. Business population and business failures, 1929-55 231

International transactions:D-60. United States balance of payments, 1953-55 232D-61. United States balance of payments with individual areas, 1947 and

1953-55 233D-62. United States grants of military supplies and services, by areas, total

postwar period and fiscal years 1951-55 235D-63. United States grants and credits, excluding military supplies and serv-

ices, by areas, total postwar period and fiscal years 1954-55... 236D-64. United States merchandise exports and imports for consumption, by

leading commodities, 1936-38 average and 1950-55 237D-65. Estimated gold reserves and dollar holdings of foreign countries, 1928,

1937, and 1947-55 238

164


NATIONAL INCOME OR EXPENDITURETABLE D-l.—Gross national product or expenditure^ 1929-55

[Billions of dollars]

Period

1929.

1930.1931.1932.1933.1934.

1935.1936.1937.1938.1939.

1940.1941.1942.1943.1944.

1945.1946.1947.1948.1949.

1950..1951..1952..1953..1954..

1955 «..

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

1954: First quarter...Second quarter-Third quarter..Fourth quarter.

1955: First quarter. __Second quarter.Third quarter..Fourth quarter6

Totalgrossna-

tionalprod-uct

104.4

91.176.58.556.065.0

72.582.790.885.291.1

100.6125.8159.1192.5211.4

213.6209.2232.2257.3257.3

285.1328.2345.2364.5360.5

387.4

Per-sonalcon-

sump-tionex-

pendi-tures i

79.0

71.061.349.346.451.9

56.362.667.364.667.6

71.981.989.7

100.5109.8

121.7146.6165.0177.6180.6

194.0208.3218.3230.6236.5

252.4

Gross private domesticinvestment2

16.2

10.35.5.9

1.42.9

6.38.4

11.76.79.3

13.218.19.95.67.1

10.427.129.741.232.5

51.256.949.651.447.2

59.4

New construc-tion

8.7

6.24.01.91.41.7

2.33.34.44.04.8

5.56.63.72.32.7

3.810.314.017.917.5

22.723.323.725.827.8

32.4

3.6

2.11.6.6.5.6

1.01.61.92.02.7

3.03.51.7

1.14.06.38.68.3

12.611.011.111.913.5

16.6

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

10.112.412.613.814.3

15.8

4i

5.8

4.52.81.61.62.3

3.14.25.13.64.2

5.56.94.34.05.4

7.710.716.719.117.8

21.123.223.124.422.3

23.8

Netfor-eignin-

vest-ment

1.7

- . 4- 1 . 3-2 .6-1 .6-1 .1

1.02.2

- . 9.4

2.24.51.8

- . 8-1 .0

-1 .16.1

-1 .04.2

-2 .7

7.410.42.81.2

-2 .9

0.8

.7

.2

.2

.2

.4

- . 1- . 1

.11.1

1.51.1

- . 2-2.2-2.1

-1.44.68.92.0.5

-2 .2.2

- . 2-2 .0

Government purchases ofgoods and services

8.5

9.29.28.18.09.8

10.011.811.712.813.3

14.124.859.788.696.5

82.930.928.636.643.6

42.062.877.584.577.0

75.9

Federal

1.3

1.41.51.52.03.0

2.94.84.65.35.2

6.216.952.081.289.0

74.820.915.821.025.4

22.141.054.359.549.2

45.8

881.32.2

13.849.680.4

75.921.213.316.019.3

18.537.348.851.443.2

40.8

2.22.71.3.5.4

.3

.4

.4

.3

7.2

7.87.76.66.06.8

7.17.07.27.58.2

7.97.87.77.47.5

8.110.012.815.618.2

19.921.823.2

._ 25.0

.4 J27.8

30.1

Seasonally adjusted annual rates

361.9

359.9

358.3357.6358.8367.1

375.3384.8392.0397.3

228.5231.4232.1230.3

232.2235.1237.9241.0

245.8250.5255.7257.5

51.755.052.846.0

45.546.945.950.7

54.160.160.562.8

25.226.225.825.9

25.927.328.529.4

31.232.633.232.3

11.712.212.111.7

11.813.014.215.0

16.116.917.216.2

13.514.013.814.1

14.114.314.314.4

15.115.716.016.2

24.324.425.024.1

22.922.422.221.9

21.523.224.925.5

2.24.52.0

-4 .0

-3 .2- 2 . 7-4 .9

- . 6

1.54.32.45.0

-2 .0-2 .5-2 .2-1 .2

- 1 . 1- . 3- . 7

.9

- . 4- . 7(8)(8)

83.685.484.284.8

81.775.975.874.5

75.874.975.877.0

59.061.059.358.7

54.748.647.745.7

46.445.245.546.0

51.953.251.349.4

46.843.642.140.5

41.240.440.640.8

7.78.38.49.6

8.35.46.15.5

5.55.25.25.5

0.5.4.4. 3

.4

.4

.4

. 3

. 3

. 3

.3

.3

24.624.324.926.2

27.027.328.128.7

29.429.730.231.0

1 See Table D-6 for major components.8 See Table D-7 for more detail and explanation^ components.1 For 1947-55 "national security" expenditures include the items classified as such in The Budget of the

United States Government for the Fiscal Year ending June SO, 1954. The items are: military services, inter-national security and foreign relations, development and control of atomic energy, promotion of merchantmarine, promotion of defense production and economic stabilization, and civil defense. These expendi-tures are not comparable with the "national security" category in the Budget for the Fiscal Year endingJune 30,1955. "National defense" expenditures for goods and services correspond more closely to the newBudget definition; they include items shown under the national security classification in the 1955 Budgetand in addition, defense production and economic stabilization, military manpower selection, promotionof aviation (National Advisory Committee for Aeronautics only), and civil defense. National defenseexpenditures for goods and services since 1947 are as follows: 1947,12.3 billion dollars; 1948,11.6 billion; 1949.13.6 billion; 1950, 14.3 billion; 1951, 33.9 billion; 1952, 46.4 billion; 1953, 49.4 billion; 1954, 41.4 billion; and1955, 38.9 billion.

«Not available separately.8 Less than 50 million dollars.6 Preliminary; fourth quarter by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.SOURCE: Department of Commerce (except as noted).

165


TABLE D-2.—Gross national product or expenditure in 1955 prices, 1929-55x

[Billions of dollars, 1955 prices]

Period

1929

1930 . _1931193219331934

19351936193719381939

1940194119421943 . _1944

19451946194719481949

19501951 _19521953 .1954

1955« .

Totalgross

nationalproduct

181.9

164.7152.7129.8126.5139.5

154.2174.2185.0176.5190.4

207.7240.3271.1301.2324.1

317.5283.1282.7295.8294.9

321.8345.4357.5374.3365.4

387.4

Personal consumptionexpenditures

Total

125.9

118.6115.0104.6102.1107.7

114.5126.2130.7128.6135.9

143.2153.0149.9154.5160.6

171.8191.0194.1198.0203.3

215.6216.9223.4233.4237.3

252.4

Dur-able

goods

14.0

11.29.67.27.18.1

10.112.413.010.512.5

14.516.710.08.77.9

9.118.222.022.724.2

29.526.125-629.029.0

35.3

Non-dur-able

goods

64.5

61.361.056.254.658.4

61.768.871.272.476.2

79.885.387.490.795.2

102.7107.2104.6104.8106.4

109.3111.5115.2118.7120.0

125.9

Serv-ices

47.4

46.144.541.240.541.3

42.745.046.545.747.2

49.051.152.555.157.5

60.165.667.570.572.7

76.779.382.685.888.3

91.1

Gross private domestic investment

Total

36.1

24.415.44.34.07.7

16.621.428.115.922.1

29.837.719.311.112.8

17.642.841.049.938.3

58.559.952.353.348.4

59.4

New construction

Total

21.8

16.111.26.24.85.3

7.09.8

11.810.512.6

14.115.98.14.54.9

6.816.718.921.621.2

26.725625.326.728.5

32.4

Resi-den-tial

[non-farm)

9.0

5.34.42.21.62.0

3.24.75.15.37.0

7.68.13.71.81.5

1.96.38.2

10.09.9

14.411.811.612.213.9

16.6

Other

12.8

10.86.94.13.13.4

3.85.16.65.25.6

6.67.74.42.83.4

4.910.410.711.611.3

12.313.813.814.514.7

15.8

Pro-ducers '

dur-able

equip-ment

11.3

9.06.03.83.85.1

6.99.4

10.77.48.6

11.113.17.77.19.4

13.116.622.223.520.8

24.124.524.325.322.9

23.8

Changein

busi-ness

inven-tories

3.0

- . 6- 1 . 8- 5 . 7- 4 . 6- 2 . 7

2.72.35.7

- 1 . 9.9

4.58.73.4

- . 6- 1 . 6

- 2 . 49.5

—. 14.8

- 3 . 7

7.79.92.61.2

- 3 . 1

3.3

See footnotes at end of table.

166


TABLE D-2.—Gross national product or expenditure in 1955 prices> 1929-55l—Continued


Period

1929

19301931 _193219331934

1935 _19361937 _19381939

19401941 _ _ _194219431944 _ _ _

19451946194719481949 .

19501951195219531954

19555

Netforeigninvest-ment

0.9

.6

.1- . 1- . 5- . 1

—1.3- 1 . 5—1.1

1.41.0

1.7.2

- 2 . 2—5.7- 5 . 7

—4.54.58.91.3

- . 2

- 2 . 41.2.3

—1.9- . 1

- . 3

Government purchases of goods and services

Total

19.0

21.122.121.120.824.1

24.428.127.330.631.5

33.049.4

104.1141.3156.3

132.744.838.646.653.4

50.167.481.489.679.7

75.9

Federal

To ta l '

3.0

3.43.73.95.57.4

7.110.910.312.611.8

14.431.988.1

126.8142.1

118.228.320.026.430.6

25.642.456.063.151.1

45.8

Nationalsecurity8

(«)

(4)(4)(4)(«)(4)

80)(4)

2.95.2

26.083.9

125.6141.3

119.928.716.920.123.2

21.438.650.454.544.9

40.8

Other

<«)

(4)(*)(4)(4)(4)

(4)

*(4)(4)

9.0

9.26.04.52 32.5

1.63.34.87.07.9

4.54.36.09.06.6

5.3

Stateandlocal

16.0

17.618.417.215.316.7

17.317.217.018.019.6

18.617.516.014.514.3

14.516.418.620.322.9

24.525.025.426.528.7

30.1

* These estimates represent an approximate conversion of the Department of Commerce series in 1947prices. (See Table D-3.) This was done by major components, using the implicit price indexes convertedto a 1955 base. Although it would have been preferable to redeflate the series by minor components, thiswould not substantially change the results except possibly for the period of World War II, and for theseries on change in business inventories.

*Net of Government sales, which are not shown separately in this table. See Table D-l for Govern-ment sales in current prices.

3 See Table D-l, footnote 3.* Not available separately.* Preliminary.

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

Source: Council of Economic Advisers.

167


TABLE D-3.—Gross national product or expenditure in 1947 prices, 1929-55l


Period

1929

19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949

19501951195219531954

19553

Totalgrossna-

tionalprod-uct

149.3

135.2126.6107.6103.7113.4

127.8142.5153.5145.9157.5

171.6198.2223.6248.9268.2

263.1233.8232.2243.9241.5

264.7282.9293.3306.5300.5

319.0

Personal consumptionexpenditures

Total

107.3

100.998.088.986.691.5

97.3107.6111.5109.8116.3

122.5130.9128.1131.4135.9

145.2162.4165.0168.0172.3

182.8183.6189.2197.4200.7

213.8

Du-rablegoods

13.0

10.59.16.96.77.6

9.411.612.210.011.8

13.515.610.18.77.9

8.917.220.621.322.4

27.224.223.926.726.9

32.4

Non-du-

rablegoods

58.1

55.255.050.749.252.5

55.461.863.864.968.5

71.676.478.080.884.3

90.695.493.193.394.7

97.299.0

102.3105.3106.5

111.8

Serv-ices

36.2

35.233.931.430.831.4

32.534.335.534.936.0

37.438.940.142.043.7

45.649.851.353.555.2

58.460.463.065.467.4

69.6

Gross private domesticinvestment

Total

26.8

17.912.03.32.14.3

13.615.222.512.116.8

22.828.914.77.49.2

13.032.429.738.828.1

45.345.239.139.636.7

45.5

Newcon-

struc-tion

16.1

11.88.34.63.53.9

5.27.38.77.89.4

10.611.86.03.43.6

5.012.314.016.115.8

20.019.018.819.821.3

24.1

Pro-duc-ers'du-

rableequip-ment

8.5

6.84.62.72.93.9

5.27.18.15.66.5

8.49.85.75.26.9

9.712.316.717.715.7

18.318.418.319.117.4

18.1

Changein

busi-ness

inven-tories

2.1

- . 7- . 9

- 4 . 1- 4 . 2- 3 . 5

3.2.9

5.7- 1 . 2

.8

3.97.33.0

- 1 . 2- 1 . 3

- 1 . 67.8

-1 .05.1

- 3 . 5

7.07.82.0.6

- 1 . 9

3.3

Netfor-eignin-

vest-ment

1.6

1.2.6.3.1.5

- . 5- . 7- . 21.91.6

2.21.1

- 1 . 1- 4 . 1-4 .0

- 2 . 95.08.92.1.8

- 1 . 12.31.6

- . 31.3

1.3

Governmentpurchases of goods

and services

Total

13.6

15.115.915.114.917.2

17.420.319.722.122.8

24.137.381.8

114.2127.1

107.834.028.634.940.3

37.751.863.469.861.7

58.4

Fed-eral

2.3

2.72.93.04.35.7

5.48.37.89.69.0

11.025.170.8

104.3117.4

97.922.715.820.824.3

20.534.245.651.241.5

37.2

Stateandlocal

11.2

12.513.012.110.611.6

11.912.011.812.513.8

13.012.211.09.99.7

9.911.212.814.016.0

17.317.517.818.620.2

21.2

Grosspri-vateprod-uct a

142.3

127.8119.1100.395.6

103.9

117.6130.3142.1133.6145.0

158.6181.7198.7209.0222.0

218.0211.2215.6227.3224.0

246.6259.9268.5281.9276.4

295.2

i See National Income, 1954. Edition, A Supplement to the Survey of Current Business, and Survey of Cur-rent Business, July 1955, for explanation of conversion of estimates in current prices to those in 1947 pricesand for implicit deflators.

a Total gross national product less compensation of general government employees.* Preliminary estimates by Council of Economic Advisers.

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

Source: Department of Commerce (except as noted).

168


TABLE D-4.—Gross private and government product in current and 1955 prices, 1929-55


Year

Current prices

Totalgross

nationalproduct

Gross private product 1

Total Farm a Non-farm

Grossgovern-

mentprod-u c t '

1955 prices*

Total

nationalproduct

Gross private product J

Total Farm* Non-farm

Grossgovern-mentprod-u c t '

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 V

104.4

91.176.358.556.065.0

72.582.790.885.291.1

100.6125.8159.1192.5211.4

213.6209.2232.2257.3257.3

285.1328.2345.2364.5360.5

387.4

100.1

71.654.051.359.4

66.675.583.977.683.5

92.8116.4144.0167.0179.2

178.4188.5215.6240.0238.0

264.3301.0314.3332.9328.7

354.1

9.8

7.76.24.44.64.3

6.96.38.16.76.5

6.89.4

13.415.315.7

16.218.820.623.720.1

21.124.623.421.721.4

20.5

90.3

78.865.449.646.755.1

59.669.275.870.977.0

86.0107.0130.6151.7163.5

162.2169.7195.0216.2217.8

243.1276.4290.8311.2307.3

333.6

4.3

4.54.74.44.75.6

5.97.36.97.67.6

7.89.4

15.125.632.2

35.220.716.717.419.3

20.827.231.031.631.8

33.3

181.9

164.7152.7129.8126.5139.5

154.2174.2185.0176.5190.4

207.7240.3271.1301.2324.1

317.5283.1282.7295.8

321.8345.4357.5374.3365.4

387.4

171.1

153.4141.2118.5114.2125.1

138.8156.4168.3158.4172.2

188.7217.1237.6249.5264.8

259.7252.4259.0272.0270.0

296.0313.5323.2340.3331.9

354.1

15.2

14.116.515.514.912.4

15.512.716.216.516.3

16.117.218.917.317.9

16.817.616.219.117.9

18.717.518.318.819.9

20.5

155.9

139.3124.7103.099.3

112.7

123.3143.6152.1141.9155.8

172.6199.9218.7232.1246.9

242.9234.8242.8253.0252.1

277.3296.0304.9321.5312.1

333.6

10.8

11.311.511.312.214.3

15.417.816.718.118.3

19.023.233.551.759.2

57.830.723.723.824.9

25.831.934.234.033.4

33.3

JGross 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, August 1954, pp. 20-24, for estimates in both current and 1947-49 pricesand for the implicit price deflators for 1929-51. Estimates for 1952-55 are based on unpublished data.

s 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 activ-ities 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 Table D-2, footnote 1.5 Preliminary.


Sources: Department of Commerce and Council of Economic Advisers.

169


TABLE D-5.—The Nation's income, expenditure, and saving, 1953-55

iBillions of dollars]

Economic group

Consumers:Disposable personal incomePersonal consumption expendi-

turesPersonal net saving (-}-)

Business:Gross retained earnings _ _Gross private domestic invest-

ment-Excess of investment (—)- „_

International:Net foreign investment

Excess of receipts (40or investment (—)

Government (Federal, State, andlocal):

Tax and nontax receipts or ac-cruals

Less: Transfers, interest, andsubsidies (net)

Net receipts _

Total government expendituresLess: Transfers, interest, and

subsidies (net)

Purchases of goods and serv-ices.- -

Surplus (-f) or deficit ( - )on income and productaccount

Statistical discrepancy _

Gross national product

1953

Re-ceipts

250.4

34.4

95.9

17.5

78.5

1.3

364.5

Ex-pendi-tures

230.6

51.4

- 2 . 0

102.0

17.5

84.5

364.5

Excessof re-ceipts

or ex-pendi-tures

19.8

-17.0

2.0

—6.0

1.3

1954

Re-ceipts

254.8

36.8

89.8

20.1

69.7

— 8

360.5

Ex-pendi-tures

236.5

47.2

- . 3

97.0

20.1

77.0

360.5

Excessof re-ceipts

or ex-pendi-tures

18.3

-10.5

.3

- 7 . 2

—.8

19551

Re-ceipts

269.2

40.9

98.5

21.4

77.0

.3

387.4

Ex-pend!tures

252.4

59.4

—.3

97.3

21 4

75.9

387.4

Excessof re-ceipts

or ex-pendi-tures

16.8

-18.5

.3

1.2

.3

1 Preliminary; fourth quarter by Council of Economic Advisers.


Source: Based on the national income and product statistics of the Department of Commerce (exceptas noted).

170


TABLE D-6.—Personal consumption expenditures, 1929-55


Period

1929-

1930..1931-1932-1933-1934..

1935-1936-1937-1938..1939-

1940-1941-1942-1943-1944-

1945-1946-1947-1948..1949-

1950-1951-1952..1953-1954-

1955«.

1953: First quarterSecond quarter-Third quarter. _.Fourth quarter..

1954: First quarterSecond quarter..Third quarter. _Fourth quarter.

1955: First quarter ___Second quarterThird quarter _Fourth quarter *

Totalper-sonalcon-

sump-tionex-

pend-itures

79.0

71.061.349.346.451.9

56.362.667.364.667.6

71.981.989.7

100.5109.8

121.7146.6165.0177.6180.6

194.0208.3218.3230.6236.5

252.4

Durable goods

To-tal

9.2

7.25.53.63.54.2

5.16.36.95.76.7

7.89.77.6.66.8

8.115.920.622.223.6

28. 6 12.4 12. 927.1 10.9 12. 726. 6 10.4 12. 529.8 13.2 12.829.3 12. 5 12.9

35.3 16.9 14.3

6.3 11.07.3 11.59.5 10.9

.5

.7

.81.0.9

1.0

1.11.41.61.92.2

2.53.33.43.43.2

Nondurable goods

To-tal

5 i l l .

37.719.5

34.018.028.914.722.8 11.422.310.926.712.2

29.3 13.632.815.235.216.434.015.635.115.7

7.48.8

11.059.3 27.8 13.465.4 30.6 14.6

37.216.743.51.

219.3 23.

2 34.73.84.93.1 45.6 18.8

:. 140.4

7 49.496.948.8 18.5

3.3 100.4 51.0 18.51 58.3 19.8

116.0 61.3 20.1118.9 63.

3.9 120.9 64.5 19.7

4.2 125.9 67.1 20.6

16.518.2

19.6

2.1

1.4

2.2 10.1

2.310.82.6 12.3

14.51.3 16.7

18.7

1.8 20.83.0 22.83.6 25.14.3 25.54.7 24.9

5.0 25.95. 5 27. 46.0 28. 66.6 29.57. 2 29. 5

7.7 30.6

Services

To-tal

32.1 11.4

29.8 11.026.9 10.3

9.07.97.6

22.920.721.0

21.923.525.125.025.8

26.929.0 10.031.5 10.834.7 11.337.7 11.9

40.4 12.446.2 13.651.3 15.456.7 17.560.U9.4

65.0 21.470.1 23.4 10.375.81.

7 25.8 27.

86.4 29.8 12.6

91.1 31.2 13.6

4.0

6 11.1912.1

2.6 14.0

2.2 12.71.9 11.21.61.51.6

1.7

9.38.58.8

9.41.9 10.32.0 11.11.9 10.72.0 11.0

2.1 11.42.4 12.32.7 13.13.4 14.73.7 16.3

4.0 17.55.1 20.85.5 23.05.9 25.25.8 26.4

5.8 28.56.4 30.06.8 32.17.3 34.67.3 36.8

7.438.9


228.5231.4232.1

232.2235.1237.9241.0

245.8250.5255.7257.5

35.1

30.2 13. 5 12. 830.6 13. 8 12. 930. 5 13. 7 12. 928.0 11.6 12.6

28.3 11.8 12.829.0 12.3 12.829.4 12.4 12.930.4 13.4 12. 9

34.4 16.4 13.9

36.9 18. 0 14. 735.0 16.414.4

16.6 14.2

3.9 118.7 62.7 20.33.9 119.7 63.1 20.33. 9 118.8 63.0 19. 53.7 118.6 63.2 19.3

3.7 119.2 63.6 19.54 64.0 19.85 65.1 19.5

4.0120.4 64.0 19.80121.

122.5 65. 3 20.0

4.0 122.4 64.9 19.84.3 125. 3 66.6 20.54.2 127.0 68.1 20.44.2129.0 68.7 21.5

6.2 29. 46.4 29.96.7 29.66.9 29. 2

0 29.1.129.4

1.71.9

2 29.7.4 29.

7.5 30.27.7 30.57.7 30.77.9 30.9

79.6 27.0 11.781.1 27.5 12.182. 7 28.1 12. 383.8 28.8 12. 2

84.7 29.3 12.385.7 29. 6 12. 387.0 29.9 12.788.1 30.2 13.0

89.0 30.613.190.2 31.0 13.491.8 31.4 13.793.5 31.8 14.1

7.2 33.77.3 34.27.3 34.97.3 35.4

7.3 35.87.2 36.57.2 37.17.3 37.6

7.4 37.97.4 38.47.4 39.27.5 40.1

1 Quarterly data are estimates by Council of Economic Advisers.> Includes standard clothing issued to military personnel.«Includes imputed rental value of owner-occupied dwellings.4 Preliminary; fourth quarter by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

171


TABLE D-7.—Gross private domestic investment, 1929-55


Period

Totalgross

privatedo-

mesticinvest'ment

Nonfarm producers'plant and equipment

Total Equip-ment1

Con-struc-t ion '

Total*

Farm equipmentand construction

Equip-ment

Con-struetion

Residential

con-struc-tion(non-farm)

Otherpri-vatecon-

struc-tion*

Net change inbusiness inventories

Total Non-farm6 Farm

1929._..

1931—1932...1933...1934...

1935...1936...1937—1938...1939...

1940—1941...1942—1943—1944...

1945...1946—1947...1948—1949...

1950...1951...1952...1953—1954...

19558..

16.2

10.35.5.9

1.42.9

6.38.4

11.76.79.3

13.218.19.95.67.1

10.427.129.741.232.5

51.256.949.651.447.2

59.4

9.3

7.24.42.42.22.9

3.75.06.54.75.3

6.98.65.34.66.2

9.214.820.723.521.7

25.529.129.732.330.8

33.3

5.2

4.02.61.41.52.1

2.73.64.53.13.7

4.96.13.73.54.7

6.910.015.016.815.3

18.520.420.621.920.2

21.3

4.1

3.31.81.0.8.9

1.01.42.11.51.6

2.02.51.61.11.5

2.34.85.76.76.4

7.08.89.1

10.310.6

12.0

0.9

.7

.4

.2

.2

.3

.5

.7

.8

.7

.7

.81.1.9.8

1.0

1.01.63.03.94.0

4.24.74.44.23.7

3.8

0.6

.5

.3

.1

.1

.3

.4

.5

.6

.5

.5

.8

.7

.6

.7

.7

.71.62.32.5

2.62.82.52.52.1

2.5

0.3

.2

i

.4

.5

.5

.6

.81.91.71.6

1.4

3.6

2.11.6.6.5.6

1.01.61.92.02.7

3.03.51.7.9.8

1.14.06.38.68.3

12.611.011.111.913.5

16.6

0.7

.7

.5

.2

.1

.1

.1

.2

.2

.3

.3

.3

.3

.2

.1

.1

.2

.6

.71.01.3

1.51.71.61.82.1

2.3

1.7

- . 4- 1 . 3- 2 . 6- 1 . 6- 1 . 1

1.02.2

- . 9.4

2.24.51.8

- . 8- 1 . 0

- 1 . 1i. 1

- 1 . 04.2

- 2 . 7

7.410.42.81.2

- 2 . 9

3.3

1.8

- . 1- 1 . 6- 2 . 6- 1 . 4

.2

.42.11.7

- 1 . 0

1.94.0.7

- . 6- . 6

- . 66.41.33.0

- 1 . 9

6.49.02.11.9

- 3 . 2

3.1


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

1954:First quarter. . .Second quarter.Third quarter..Fourth quarter.

1955:First quarter. . .Second quarter-Third quarter..Fourth quarters.

51.755.052.846.0

45.546.945.950.7

54.260.160.562.8

-0.2

- . 3.3

- 1 . 3

.5- 1 . 1

.5

.1

.1

.3

.51.2

- . 2- . 4

- . 5- . 2

- 2 . 31.1

- . 9

.91.4.6

- . 7.4

.2

31.632.333.032.3

31.430.830.830.4

30.532.734.635.5

21.621.922.721.7

20.820.320.219.7

19.220.822.223.1

10.110.410.310.5

10.610.610.610.7

11.311.912.312.5

4.54.34.04.1

3.73.73.53.6

3.83.84.03.8

2.72.52.32.4

2.12.12.02.2

2.32.42.72.4

1.8

:

]]

L.8L.71.7

L.6L.6L.5L.5

L.5L.4L.4L.3

11.712.212.111.7

11.813.014.215.0

16.116.917.216.2

1.61.81.81.9

1.92.12.22.2

2.32.42.32.4

2.24.52.0

- 4 . 0

- 3 . 2- 2 . 7- 4 . 9- . 6

1.5.4.32.45.0

2.85.42.8

- 3 . 6

- 3 . 4- 3 . 2- 5 . 4- 1 . 0

1.54.22.04.8

- 0 . 5- 1 . 0- . 8—.4

.2

.4

.4

.3

.2

i Items for nonfarm producers' plant and equipment are not comparable with those shown in Table D-29,principally because the latter exclude equipment and construction outlays charged to current expense andalso investment by nonprofit organizations and professional persons.

a Total producers' durable equipment less farm machinery and equipment, and farmers' purchases oftractors and business motor vehicles.

3 Industrial buildings, public utilities, gas- and oil-well drilling, warehouses, office and loft buildings,stores, restaurants, and garages.

< Farm construction (residential and nonresidential) plus farm machinery and equipment, and farmers'purchases of tractors and business motor vehicles. (See footnote 2.)

8 Includes religious, educational, social and recreational, hospital and institutional, miscellaneous non-residential, and all other private construction.

• After inventory valuation adjustment.1 Less than 50 million dollars.8 Preliminary; fourth quarter by Council of Economic Advisers.



17a


TABLE D-8.—National income by distributive shares, 1929-55


Period

Totalna-

tionalin-

come1

Com-pen-

sationofem-ploy-

Business and pro-fessional incomeand inventory

valuationadjustment

Total

8.8

7.45.63.43.24.6

5.46.57.16.87.3

8.410.913.916.818.0

19.021.319.921.621.4

22.924.825.725.925.9

27.3

In-come

ofunin-corpo-ratedenter-prises

8.6

6.75.03.13.74.6

5.46.67.16.67.5

8.511.514.317.018.1

19.123.021.422.121.0

24.025.125.526.126.0

27.6

In-ven-toryvalu-ationad-

just-ment

In-come

offarmpro-prie-tors'

Rent-al in-come

ofper-sons

Corporate profitsand inventory

valuationadjustment

Total

Cor-porateprofitsbeforetaxes <

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 «.

1953: First quarterSecond quarter.Third quarter. _Fourth quarter.

1954: First quarter.._.Second quarter _Third quarter. _Fourth quarter.

1955: First quarter. _ _Second quarter.Third quarter—Fourth quarter6

87.8

75.759.742.540.249.0

57.164.973.667.672.8

81.6104.7137.7170.3182.6

181.2179.6197.2221.6216.2

240.0277.0289.5303.6299.7

322.2

51.1

46.839.731.129.534.3

37.342.947.945.048.1

52.164.885.3

109.6121.3

123.2117.7128.8140.9140.9

154.3180.4195.3209.2207.9

221.2

0.1

.8

.6

.3- . 5- . 1

- . 2

( )- . 6- . 4- . 2- . 1

- . 1-1 .7-1 .5- . 4

.5

-1 .1- . 3

.2- . 2- . 1

- . 2

6.0

4.13.21.92.42.4

5.04.05.64.34.3

4.66.5

10.011.411.5

11.813.914.516.712.7

13.316.014.312.312.0

11.1

5.4

4.83.82.72.01.7

1.71.82.12.62.7

2.93.54.55.15.4

5.66.26.57.27.9

8.59.19.9

10.310.5

10.7

10.1

6.61.6

- 2 . 0-2 .0

1.1

2.95.06.24.35.7

9.114.519.723.823.0

18.417.323.630.628.1

35.139.936.937.233.8

41.4

3.3

.21.7

3.15.76.23.36.4

17.020.924.623.3

19.022.629.532.826.2

40.041.235.938.334.0

43.2

0.5

3.32.41.0

-2 .1

- . 2- . 7(»)1.0

- . 7

- . 2-2 .5- 1 . 2- . 8- . 3

-5 .3-5 .9- 2 . 2

1.9

-4 .9- 1 . 3

1.0-1 .1- . 2

-1.8


303.7307.9305.1298.0

297.7298.9298.7303.2

311.4320.7325.7330.8

206.3210.3211.5208.9

206.7207.2207.8209.8

213.1219.5224.3228.0

26.326.025.725.6

25.325.926.026.3

26.627.127.628.0

26.626.226.325.4

25.525.726.226.4

26.627.427.928.3

- 0 . 3- . 1- . 6

. 2

—.1. 1

- . 2- . 1

- . 1- . 3- . 3- . 3

12.612.111.712.5

13.211.911.711.2

11.511.010.611.2

10.210.210.310.3

10.410.510.610.7

10.710.710.710.7

40.240.536.831.4

32.634.033.135.5

39.642.241.941.8

41.441.539.430.9

32.733.733.536.0

40.943.044.544.5

-1 .2- 1 . 0- 2 . 6

. 5

- . 2. 2

- . 5- . 5

- 1 . 3- . 8

- 2 . 6-2 .7

6.4

6.05.85.45.04.9

4.84.74.74.64.6

4.54.54.33.73.3

3.23.13.84.55.2

5.96.87.48.89.5

10.5

8.08.79.19.3

9.49.59.59.7

10.310.711.2

1 National income is the total net income earned in production. It differs from gross national productmainly in that it excludes depreciation charges and other allowances for business and institutionalconsumption of durable capital goods, and indirect business taxes. See Table D-9.2 Wages and salaries and supplements to wages and salaries (employer contributions for social insur-ance; 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 computing incometo net additions to farm inventories during the period.4 See Table D-52 for corporate tax liability (Federal and State income and excess profits taxes) andcorporate profits after taxes.4 Less than 50 million dollars.

• Preliminary; fourth quarter by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).

173


TABLE D-9.—Relation of gross national product and national income, 1929-55


Period

Grossna-

tionalprod-uct Total

Less: Capital con-sumption allowances

Depre-ciationcharges

Other i

EqualsNetna-

tionalprod-uct

Plus:Sub-sidiesless

currentsurplusof gov-ern-

mententer-prises

Total

Indirect businesstax

Fed-eral

Stateandlocal

Busi-ness

trans-ferpay-

ments

Sta-tisti-caldis-crep-ancy

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«.

104.4

91.176.358.556.065.0

72.582.790.885.291.1

100.6125.8159.1192.5211.4

213.6209.2232.2257.3257.3

285.1328.2345.2

,5360.5

387.4

1953:First quarter—Second quarter.Third q u a r t e r -Fourth quarter.

1954:First quarter...Second quarter.Third quarter-Fourth quarter.

1955:First q u a r t e r -Second quarter.Third quarter.Fourth quarter3.

361.9369.3366.9359.9

358.3357.6358.8367.1

375.3384.8392.0397.3

8.6

8.58.27.67.27.1

7.27.57.77.87.8

8.19.0

10.210.912.0

12.511.714.116.518.4

20.523.525.527.830.0

32.3

7.7

7.77.67.06.76.6

6.76.76.96.97.1

7.38.19.29.9

10.8

11.210.012.214.316.4

18.020.322.624.626.6

29.0

0.9

.7

1.01.01.01.2

1.31.72.02.22.1

2.53.12.93.23.4

3.3

95.8

82.668.150.948.857.9

65.375.283.077.483.3

92.5116.8149.0181.6199.4

201.0197.6218.1240.8238.9

264.6304.8319.7336.7330.4

355.1

- 0 . 1 7.0

7.26.96.87.17.8

8.28.79.29.29.4

10.011.311.812.714.1

15.517.318.720.421.6

23.725.628.130.230.3

31.9

1.2

1.0

1.62.2

2.22.32.42.22.3

2.63.64.04.96.2

7.17.97.98.18.2

9.09.5

10.511.210.0

10.3

5.8

6.16.05.85.45.6

6.06.46.86.97.0

7.47.77.77.88.0

8.49.5

10.812.313.5

14.716.117.619.020.3

21.6

0.6

.5

.6

.7

.7

.6

1.01.21.21.2

1.2

0.3

-1.0

.7

- . 21.1

- . 2.5

1.2

.4- . 8

-1.72.8

4.5.9

1.4-2 .1

.1

.21.3.7

1.3— 8


27.027.628.028.7

29.229.630.430.9

31.231.932.733.5

334.9341.7338.9331.2

329.1328.0328.4336.2

344.1352.9359.3363.8

-0 .2- . 3- . 3- . 7

- . 4.3

(2)- . 3

.3

.4

.6

. 5

29.530.330.430.4

29.930.430.030.7

31.131.732.232.5

11.011.511.210.9

10.110.29.5

10.0

10.110.310.510.5

18.518.819.219.5

19.820.220.420.7

21.121.421.822.0

1.21.21.21.2

1.21.21.21.2

1.21.21.21.2

0.31.91.9.9

- . 1- 2 . 3—1.5

.7

.7- . 2

.8- . 2

87.8

75.759.742.540.249.0

57.164.973.667.672.8

81.6104.7137.7170.3182.6

181.2179.6197.2221.6216.2

240.0277.0289.5303.6299.7

322.2

303.7307.9305.1298.0

297.7

298.7303.2

311.4320.7325.7330.8

i Accidental damage to fixed capital and capital outlays charged to current account.a Less than 50 million dollars.

' Preliminary; fourth quarter by Council of Economic Advisers.



174


T A B L E D—10.—Relation of national income and personal income, 1929—55


Period

1929

19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949

19501951195219531954

19551

1953: First quarterSecond quarterThird quarterFourth quarter


1955: First quarterSecond quarterThird quarterFourth quarter1—

Nationalincome

87.8

75.759.742.540.249.0

57.164.973.667.672.8

81.6104.7137.7170.3182.6

181.2179.6197.2221.6216.2

240.0277.0289.5303.6299.7

322.2

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

18.417.323.630.628.1

35.139.936.937.233.8

41.4

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

6.98.28.68.79.6

11.0

Excessof

wageac-

crualsoverdis-

burse-ments

0.2- . 2

.1

- . 1

Plus:

Gov-ern-

menttrans-

ferpay-

ments

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

14.311.612.012.815.0

15.9

Netinter-

estpaidby

gov-ern-

ment

1.0

1.01.11.11.21.2

1.11.11.21.21.2

1.31.31.52.12.8

3.74.54.44.44.6

4.74.84.95.05.2

5.0

Divi-dends

5.8

5.54.12.62.12.6

2.94.54.73.23.8

4.04.54.34.54.7

4.75.86.57.27.5

9.29.19.09.3

10.0

11.1

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

.81.01.21.21.2

1.2

Equals:

Per-sonal

income

85.8

76.965.750.147.253.6

60.268.573.968.672.9

78.796.3

123.5151.4165.7

171.2178.0190.5208.7206.8

227.1255.3271.1286.2287.6

303.1


303.7307.9305.1298.0

297.7298.9298.7303.2

311.4320.7325.7330.8

40.240.536.831.4

32.634.033.135.5

39.642.241.941.8

8.88.98.68.5

9.79.69.69.6

10.510.811.211.4

- 0 . 1- . 1- . 1

.1

.4- . 6

12.712.712.713.3

14.315.115.015.7

15.916.215.715.9

4.95.05.05.1

5.15.25.25.2

5.15.05.05.0

9.19.29.49.5

9.79.8

10.010.6

10.210.711.012.6

1.21.21.21.2

1.21.21.21.2

1.21.21.21.2

282.6286.7288.1287.4

285.8286.6287.3290.8

293.6300.5306.1312.2

1 Preliminary; fourth quarter by Council of Economic Advisers.



175


T A B L E D-l l .—Sources of personal incomey 1929-55


PeriodTotal

personalincome

85.8

76.965.750.147.253.6

60.268.573.968.672.9

78.796.3

123.5151.4165.7

171.2178.0190.5208.7206.8

227.0255.3271.1286.2287.6

303.1

Laborincome

(wage andsalary

disburse-ments

and otherlabor

income) i

51.0

46.739.630.929.434.1

37.242.546.743.646.6

50.562.883.0

106.7118.5

119.4113.8125.2137.9137.4

150.3175.6190.5204.6202.8

215.4

Proprietors'income *

Farm

6.0

4.13.21.92.42.4

5.04.05.64.34.3

4.66.5

10.011.411.5

11.813.914.516.712.7

13.316.014.312.312.0

11.1

Bust-ness andprofes-sional

8.8

7.45.63.43.24.6

5.46.57.16.87.3

8.410.913.916.818.0

19.021.319.921.621.4

22.924.825.725.925.9

27.3

Rentalincome

ofpersons

5.4

4.83.82.72.01.7

1.71.82.12.62.7

2.93.54.55.15.4

5.66.26.57.27.9

8.59.19.9

10.310.5

10.7

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

9.29.19.09.3

10.0

11.1

Per-sonal

interestincome

7.4

6.96.96.66.26.1

5.95.85.95.85.8

5.85.85.85.86.2

6.97.68.29.09.8

10.611.612.313.814.7

15.6

Trans-fer pay-ments

1.5

1.52.72.22.12.2

2.43.52.42.83.0

3.13.13.1&03.6

6.211.411.811.312.4

15.112.613.214.016.2

17.1

Less:Per-sonal

contri-butions

forsocialinsur*ance

0.1

.1

.2

.2

.2

.2

.2

.2

.6

.6

.6

.7

.81.21.82.2

2.32.02.12.22.2

2.93.43.83.94.5

5.2

Non-agricul-tural

personalincome8

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*.


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

1954: First quarter.. .Second quarter.Third quarter..Fourth quarter.

1955: First quarter. _.Second quarter.Third quarter..Fourth quarter*

282.6286.7288.1287.4

285.8286.6287.3290.8

293.6300.5306.1312.2

201.4205.5207.0204.4

201.6202.1202.7204.8

207.5213.4218.9221.9

12.612.111.712.5

13.211.911.711.2

11.511.010.611.2

26.326.025.725.6

26.325.926.026.3

26.627.127.628.0

10.210.210.310.3

10.410.510.610.7

10.710.710.710.7

9.19.29.49.5

9.79.8

10.010.6

10.210.711.012.6

12.913.714.214.4

14.614.714.714.9

15.115.415.716.1

13.913.913.914.6

15.516.316.216.9

17.117.416.917.1

3.93.94.03.9

4.64.54.54.5

5.16.15.35.3

77.7

70.860.946.943.649.8

53.963.267.062.867.1

72.688.0

111.5137.6151.6

156.8161.1172.8188.5190.8

210.5235.7253.1270.2271.9

288.3

266.3270.7272.6271.1

268.8270.8271.9275.9

278.3285.7291.7297.3

1 The total of wage and salary disbursements and other labor income differs from compensation of em-ployees in Table D-8 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.

»Nonagricultural income is personal income exclusive of net income of unincorporated farm enterprises,farm wages, agricultural net interest, and net dividends paid by agricultural corporations.

* Preliminary; fourth quarter by Council of Economic Advisers.



176


TABLE D-12.—Disposition of personal income, 1929-55

Period Personalincome

Less:

Personaltaxes1

Equals:

Dispos-able

personalincome

Less:

Personalcon-

sumptionexpendi-

tures

Equals:

Personalsaving

Saving aspercentof dis-

posablepersonalincome

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 2

1953: First quarterSecond quarter-Third q u a r t e r -Fourth quarter. .

1954: First quarterSecond quarter..Third quarter. _.Fourth quarter..

1955: First quarterSecond quarter..Third quarter. _.Fourth quarter2

85.8

76.965.750.147.253.6

60.268.573.968.672.9

78.796.3

123.5151.4165.7

171.2178.0190.5208.7206.8

227.1255.3271.1286.2287.6

303.1

2.6

2.51.91.51.51.6

1.92.32.92.92.4

2.63.36.0

17.818.9

20.918.821.521.118.7

20.929.334.435.832.8

34.0

83.1

74.463.848.745.752.0

58.366.271.065.770.4

76.193.0

117.5133.5146.8

150.4159.2169.0187.6188.2

206.1226.1236.7250.4254.8

269.2

79.0

71.061.349.346.451.9

56.362.667.364.667.6

71.981.989.7

100.5109.8

121.7146.6165.0177.6180.6

194.0208.3218.3230.6236.5

252.4

4.2

3.42.5

- . 6- . 6

.1

2.03.63.71.12.9

4.211.127.833.0

28.712.64.0

10.07.6

12.117.718.419.818.3

16.8


282.6286.7288.1287.4

285.8286.6287.3290.8

293.6300.5306.1312.2

35.435.836.135.9

32.732.732.833.1

32.633.434.435.3

247.3250.9251.9251.4

253.1253.9254.5257.8

261.0267.1271.7276.9

228.5231.4232.1230.3

232.2235.1237.9241.0

245.8250.5255.7257.5

18.719.619.921.1

21.018.816.616.8

15.316.616.019.4

5.0

4.63.9

- 1 . 3- 1 . 4

.2

3.55.45.31.64.1

5.511.923.624.725.2

19.17.92.45.34.0

5.97.87.87.97.2

6.2

7.67.87.98.4

8.37.46.56.5

5.96.25.97.0

i Includes also such items as fines, penalties, and donations.* Preliminary; fourth quarter by Council of Economic Advisers.



177


TABLE"D-13.—Total and per capita disposable personal income and personal consumptionexpenditures in current and 1955 prices, 7929—55

Period

Total disposablepersonal income

(billions ofdollars)

Currentprices

1955prices

Per capita dis-posable personalincome (dollars)

Currentprices

1955prices *

Total personalconsumptionexpenditures

(billions ofdollars)

Currentprices

1955prices

Per capita per-sonal consump-

tion expenditures(dollars)

Currentprices

1955prices

Popu-lation(thou-

sands) 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 3..

1953: First quarterSecond quarter..Third quarter. __Fourth quarter. _

1954: First quarterSecond quarter. _Third quarter. __Fourth quarter..

1955: First quarterSecond quarter..Third quarter . . .Fourth quarter *.

83.1

74.463.848.745.752.0

58.366.271.065.770.4

76.193.0

117.5133.5146.8

150.4159.2169.0187.6188.2

206.1226.1236. 7250.4254.8

269.2

129.8

119.2112.395.594.6

104.0

113.6127.8132.5124.7135.6

145.5169.4192.9206.7223.4

223.8218.7202.6208.9211.7

229.5233.3238.8250.7254.0

269.2

604514

411

458517551505538

576697871977

1,060

1,0751,1261,1731,2791,261

1,3591,4651,5081,5681,569

1,629

1,066

905763754822

893998

1,028958

1,037

1,1011,2701,4301,5121,613

1,6001,5471,4061,4241,418

1,5131,5121,5221,5701,564

1,629

79.0

71.061.349.346.451.9

56.362.667.364.667.6

71.981.989.7

100.5109.8

121.7146.6165.0177.6180.6

194.0208.3218.3230.6236.5

252.4

123.4

113.8107.996.796.1

103.8

109.7120.8125.6122.6130.3

137.5149.2147.3155.6167.1

181.1201.4197.8197.8203.1

216.0215.0220.3230.8235.8

252.4

648

576494395369410

442488522497516

544614665735794

8701,0371,1451,2111,211

1,2791,3501,3901,4441,456

1,527


247.3250.9251.9251.4

253.1253.9254.5257.8

261.0267.1271.7276.9

249.3251.7250.9250.1

252.1253.1253.5257.8

261.5267.6271.2276.1

1,5581,5751,5741,564

1,5681,5671,5631,576

1,5891,6201,6401,664

1,5711,5801,5681,556

1,5621,5621,5571,576

1,5921,6231,6371,659

228.5231.4232.1230.3

232.2235.1237.9241.0

245.8250.5255.7257.5

230.3232.1231.2229.2

231.3234.4237.0241.0

246.3251.0255.2256.7

1,4401,4521,4501,432

1,4381,4511,4611,473

1,4961,5191,5441,548

1,012

923870775764820

862942974943994

1,0401,1181,0921,1381,209

1,2951,4241,3731,3491,362

1,4241,3931,4031,4451,452

1,527

1,4521,4561,4441,425

1,4321,4471,4551,473

1,4991, 5221,5411,543

121,875

123,188124,149124,949125, 690126,485

127,362128,181128,961129,969131,028

132,122133,402134,860136, 739138,397

139,928141,389144,126146,631149,188

151,683154,360157,028159, 643162, 409

165,248

158, 722159,316160,030160,768

161,439162,075162,806163, 582

164, 262164, 911165,628166,396

1 Dollar estimates in current prices divided by the consumer price index on a 1955 base. Personal con-sumption expenditures in this table therefore differ from the data in Table D-2.

2 Population of the continental United States including armed forces overseas. Annual data are forJuly 1; quarterly data are for middle of period.

* Preliminary; fourth quarter by Council of Economic Advisers.


Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.

178


TABLE D-14.—Financial saving by individuals, 1939-55 l


Period Total

4.25

4.2410.5229.3038.7141.41

37.3913.746.672.992.86

1.8011.3412.9811.7611.85

1.882.932.594.35

2.752.242.774.08

1.20- . 4 53.33

Cur-rencyand

bankde-

posits*

3.00

2.884.80

10.9516.1817.55

19.0610.562.01

-1.84-1.46

3.625.966.844.806.84

-1.36.67

1.763.74

-2.231.403.634.03

-1.06.17

2.75

Sav-ingsandloanasso-cia-

tions

0.04

.20

.36

.26

.55

.81

1.061.181.201.211.51

1.512.103.073.644.48

.931.07.60

1.04

1.121.26.73

1.36

1.141.44.68

Insurance andpension reserves

Total

3.01

3.144.015.046.778.17

8.596.977.137.326.05

5.018.289.228.467.92

2.032.232.231.97

1.972.031.961.96

1.752.412.54

Pri-vate

1.72

1.852.142.492.853.21

3.463.423.643.753.71

3.924.074.925.175.30

1.231.151.261.53

1.311.171.261.56

1.471.261.55

Gov-ern-

ment

1.30

1.301.862.553.924.96

6.143.553.493.572.34

1.094.214.293.292.62

.801.08.97.45

.66

.85

.70

.40

.281.15.99

Securities

Total»

-0.53

- . 1 72.83

10.2513.8314.96

9.36.89

3.513.223.03

2.042.063.965.101.56

2.192.22.54.14

1.87.18

-1.02.54

2.00.96

2.40

U.S .sav-ings

bonds

0.66

.862.757.98

11.1411.80

6.85.90

1.782.131.53

.55- . 52

.08

.33

.76

.39- . 26

.07

.12

.23

.18

.12

.23

.32

.08- . 0 1

Othergov-ern-

ment*

-0.83

- . 8 1.44

2.172.883.89

3.43- . 6 5

.89- . 4 3

.52

.12

.01

.822.29

-1.80

1.291.45

- .20- .26

.44- . 8 2

-1.77.36

.90

.191.22

Cor-porateand

other

-0.36

- . 22- . 3 6

.09- .20- . 7 3

- . 92.65.84

1.52.98

1.362.573.062.482.60

.511.03.66.28

1.20.82.63

- . 0 5

.78

.691.19

Liqui-dation

ofmort-gage

debt*

-0.50

- .84- . 82- .09

.38

.06

- .20-3.60-4.46-4.61-3.87

-7.16-6.53-6.26-7.01

Q COO. 05

-1.57-2.00-1.87-1.57

-1.38-2.03-2.39-2.78

-2.64-3.28-3.39

Liqui-dation

ofdebtnotelse-

whereclassi-fied"

1939

19401941194219431944

1945194619471948—-1949

19501951195219531954

1953: First quarter—.Second quarter-Third quarter-Fourth quarter.

1954: First q u a r t e r -Second quarter-Third quarter-Fourth quarter.

1955: First q u a r t e r -Second quarter-Third quarter-

-0.78

- . 9 7- . 6 62.891.01

- .14

- .20 - . 4 8-2.28-2.73-2.31-2.40

-7.16 -3.22- .54

-6.26 -3.85-7.01 -3.24

- . 3 7

- .34-1.26- . 66- . 9 7

1.40- .59

. - .14-2 .78-1 .03

.01-3.28 -2.16-3.39-1.64

i Individuals' saving in addition to personal holdings, covers saving of unincorporated business, trustand pension funds, and nonprofit institutions in the forms specified.

* Includes currency, demand deposits, and time and savings deposits.> Does not include net purchases by brokers and dealers or by other individuals financed by bank loans.* Includes armed forces leave bonds and other U. S. Government bonds (except savings bonds) and

all securities issued by State and local governments.8 Mortgage debt to institutions on 1- to 4-family nonfarm dwellings.* Largely attributable to purchases of automobiles and other durable consumers' goods, although includ-

ing some debt arising from purchases of consumption goods. The other segments of individuals' debthave been allocated to the assets to which they pertain, viz., saving in insurance and securities.

NOTE.—In addition to the concept of saving shown above, there are other concepts of individuals'saving with varying degrees of coverage currently in use. The series with the most complete coverage, thepersonal saving estimates of the Department of Commerce, is derived as the difference between personalincome and expenditures. Conceptually, Commerce saving includes the following items not includedwith SEC saving: Housing net of depreciation, and farm and unincorporated business investment ininventories and plant and equipment, net of depreciation and net of increases in mortgage and other debt tocorporations and financial institutions. Government insurance is excluded from the Commerce savingseries. For a reconciliation of the two series, see Survey of Current Business, July 1955, table 6.

Detail will not necessarily add to totals because of rounding.

Source: Securities and Exchange Commission.

179


TABLE D-15.—Sources and uses of gross saving, 1929—55


Period

Gross private saving and government surplus ordeficit on income and product transactions

Total

Private saving

TotalPer-sonalsaving

Grossbusi-ness

saving

Government surplusor deficit (—)

Total Fed- Stateandlocal

Gross investment

Total

Grossprivate Net for-domes-tic in-vest-ment

eign in-vest-ment

Statis-ticaldis-

crep-ancy

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 ».

1953:First quarterSecond quarter..Third quarter. . .Fourth quarter..

1954:First quarterSecond quarter..Third quarter. . .Fourth quarter. .

1955:First quarterSecond quarter..Third quarter. . .Fourth quarter K

16.7

11.94.9.3.6

2.6

6.47.2

12.17.39.0

13.918.810.55.12.3

4.530.837.345.233.0

48.855.848.748.147.8

58.9

15.7

12.27.72.01.95.0

8.410.111.58.9

11.2

14.622.641.949.354.2

44.326.624.037.436.2

40.749.652.054.255.0

57.7

4.2

3.42.5

.1

2.03.63.71.12.9

4.211.127.833.036.9

28.712.64.0

10.07.6

12.117.718.419.818.3

16.8

11.5

8.85.22.72.64.9

6.36.57.87.88.3

10.411.514.116.317.2

15.614.020.027.428.7

28.631.933.634.436.8

40.9

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

39.74.2

13.37.9

- 3 . 2

8.16.2

- 3 . 3- 6 . 0- 7 . 2

1.2

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 . 4

9.26.5

- 3 . 4- 6 . 2- 6 . 2

2.7

- 0 . 1

- . 5- . 7- . 2(0

.5

.6

.5

.7

.4

.1

.71.31.82.52.7

2.62.01.0

—.1- . 8

- 1 . 1

- 1 . 5

17.0

11.05.71.11.53.3

6.28.3

11.87.8

10.2

14.719.29.73.45.0

9.031.738.643.133.1

49.057.149.449.447.0

59.1

16.2

10.35.5.9

1.42.9

6.38.4

11.76.79.3

13.218.19.95.67.1

10.427.129.741.232.5

51.256.949.651.447.2

59.4

0.8

.7

.2

.2

.2

.4

- . 1- . 1

.11.1.9

1.51.1

- . 2- 2 . 2- 2 . 1

- 1 . 44.68.92.0.5

- 2 . 2.2

- . 2- 2 . 0- . 3


49.450.648.743.8

44.548.846.550.9

53.159.659.763.0

53.855.353.354.5

56.655.653.254.5

55.558.856.659.8

18.719.619.921.1

21.018.816.616.8

15.316.616.019.4

35.135.733.433.3

35.636.836.637.7

40.242.240.640.4

- 4 . 4- 4 . 7- 4 . 6

-10.6

-12 .1- 6 . 8- 6 . 7- 3 . 6

- 2 . 4.8

3.13.2

- 3 . 7- 5 . 7- 5 . 1

-10.3

-11.0- 5 . 8- 5 . 7- 2 . 3

- . 52.64.14.5

- 0 . 71.0.6

- . 3

- 1 . 0- 1 . 0- 1 . 0- 1 . 3

- 1 . 9- 1 . 8- 1 . 0- 1 . 3

49.752.550.644.8

44.446.645.251.6

53.759.460.562.8

51.755.052.846.0

45.546.945.960.7

54.160.160.562.8

- 2 . 0- 2 . 5- 2 . 2- 1 . 2

- 1 . 1- . 3- . 7

.9

- . 4- . 70)0)

0.3

- 1 . 0.8.8.9.7

- . 21.1

- . 2.5

1.2

.8

.4- . 8

- 1 . 72.8

4.5.9

1.4- 2 . 1

.1

.21.3.7

1.3

0.31.91.9.9

- . 1- 2 . 3- 1 . 5

.7

.7- . 2

- . 2

i Less than 50 million dollars.

» Preliminary; fourth quarter by Council of Economic Advisers.



180


TABLE D-16.—Income of the farm population, 1929-55

Period

From agricultural sources

Income of farm opera-tors from farming

Total

in-come l

Produc-tion ex-

Netin-

Come1

Farm

of farmresident

Totalfrom

agricul-tural

workers sources1

Fromnon-

agricul-tural

sources

Fromall

sources

Percapita

incomefromall

sources(dol-lars)

Incomefromnon-

agricul-tural

sourcesas per-cent ofincome

fromall

sources(per-cent)

Millions 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 3..

13,773

11,1638,8456,4816,8877,611

10,3649,90612,14510,23310,651

11,31914,24819,866

24,002

25,33329,24732,289

30,775

32,96438,36937,76534,65334,492

33,263

7,631

6,9095,4994,4434,3144,670

5,0615,6746,097

6,162

6,7497,6759,94211,48712,195

12,92214,32416,83118,64317,909

19,24822,25822,87721,84022,185

22,341

6,142

4,254

2,0382,5732,941

5,3034,3326,0484,405

4,5706,5739,92411,82211,807

12,41114,92315,45817,69512,866

13,71616, 11114,88812,81312,307

10,922

472439487

555622706696700

729882,150,426,545

,610,798,9252,0091,785

1,7431,8922,0672,0201,989

1,943

7,024

5,0603,9812,5103,0123,428

5,8584,9546,7545,1015,189

5,2997,45511,07413,24813,352

14,02116,72117,38319,70414,651

15,45918,00316,95514,83314,296

12,865

1,900

2,0002,3002,5002,3002,500

2,7003,100

4,2004,400

4,2004,3004,9005,1005,200

5,3005,6006,1006,0005,700

6,100

7,99910,55514,87417,44817,752

18,22121,02122,28324,80419,851

20,75923,60323,05520,83319,996

18,965

8165244228296

349509654

720793822958765

828977949918913

856

8835.7

25.531.727.031.132.5

29.425.524.124.8

23.120.522.020.626.2

25.523.726.528.828.5

1 Includes Government payments and the net change in farm inventories. Net income in this tablediffers from farm proprietors' income shown in Tables D-8 and D-l l because of revisions by the Depart-ment of Agriculture not yet incorporated into the national income accounts of the Department of Commerce.

2 Not available.• Preliminary estimates by Council of Economic Advisers.

Source: Department of Agriculture (except as noted).

181


EMPLOYMENT AND WAGES

T A B L E D—17-—Total population 14 years of age and over and the labor force, 1929—55

PeriodTotalpopu-

lation i

Totallaborforce

(includ-ing

armedforces) i

Armedforces i

Civilian labor force

Total

Employment2

Total Agricul-tural

Non-agri-

cultural

Unem-ploy-ment

Totallabor

force aspercentof totalpopu-lation

Unem-ploy-

ment aspercentof civil-

ianlaborforce

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 3.1954.-.

1955-.

1953:3 January.. .February-MarchAprilMayJune

Thousands of persons 14 years of age and over

JulyAugustSeptember-OctoberNovemberDecember

87,910

89,44090,60091,70092,84094,080

95,35096,58097,74098,980100,210

101,490102, 640103,690104,750105,750

106,620107, 590108,831109,924111, 095

112, 237113,382114,589116, 576117,664

118,846

115,635115,923116,199116, 272116,375116,476

116, 576116,676116,786116,893116,988117,078

49,440

50,08050,68051,25051,84052,490

53,14053,74054,32054,95055,600

56,18057, 53060,38064,56066,040

65,29060,97061,75862,89863,721

64,74965,98366, 56067,36267,818

68,896

66,43966,42866,88466,68366,81868,703

68,80468, 52167,48067, 60967,49566,485

260

260260250250260

270300320340370

5401,6203,9709,02011,410

11,4303,4501,5901,4561,616

1,6503,0983,5943,5473,350

3,048

3,5433,5433,5453,5283,5333,556

3,5903,5903,5753,5503,5203,492

49,180

49,82050,42051,00051,59052,230

52,87053,44054,00054, 61055,230

55,64055,91056,41055, 54054,630

53,86057,52060,16861,44262,105

63,09962, 88462,96663,81564,468

65, 847

62,89662,88563,33963,15563, 28565,147

65, 21464,93163,90564,05963,97562,993

47,630

45,48042,40038,94038,76040,890

42,26044,41046,30044,22045,750

47,52050,35053,75054,47053,960

52,82055, 25058,02759,37858,710

59,95761,00561, 29362, 21361, 238

63,193

61,00461,09761,66561,57361,97963,585

63,66663,69162, 58462,75862, 27660,680

10,450

10,34010,29010,17010,0909,900

10,11010,0009,8209,6909,610

9,5409,1009,2509,0808,950

8,5808,3208,2667,9738,026

7,5077,0546,8056,5626,504

6,730

5,7605,6115,9246,2746,4227,865

7,5447,1737,1097,0756,6175,370

37,180

35,14032,11028,77028,67030,990

32,15034,41036,48034, 53036,140

37,98041,25044,50045,39045,010

44,24046,93049,76151,40550,684

52,45053, 95154,48855, 65154,734

56,464

55,24455,48655,74155, 29955,55755,720

56,12256,51855,47555, 68355,65955,310

1,550

4,3408,02012,06012,83011,340

10,6109,0307,70010,3909,480

8,1205,5602,6601,070670

1,0402,2702,1422,0643,395

3,1421,8791,6731,6023,230

2,654

1,8921,7881,6741,5821,3061,562

1,5481,2401,3211,3011,6992,313

Percent

56.2

56.055.955.955.855.8

55.755.655.655.555.5

55.456.158.261.662.4

61.256.756.757.257.4

57.758.258.157.857.6

58.0

57.557.357.657.457.459.0

59.058.757.857.857.756.8

3.2

8.715.9

21.7

20.116.914.319.017.2

14.69.94.71.91.2

1.93.93.63.45.5

5.03.02.72.55.0

4.0

3.02.82.62.52.12.4

2.41.92.12.02.73.7


182


TABLE D-17.—Total population 14 years of age and ever and the labor force, 1929-55—Con.

PeriodTotalpopu-

lation i

Totallaborforce

(includ-ing

armedforces)

Armedforces *

Civilian labor force

Total

Employment2

Total Agricul-tural

Non-agri-

cultural

Unem-ploy-ment

Totallabor

force aspercentof totalpopu-lation

Unem-ploy-

ment aspercentof civil-

ianlaborforce

Thousands of persons 14 years of age and over Percent

1954: January...February..MarchAprilMay—....June

JulyAugustSeptember.October....November.December.

1955: January...February..MarchAprilMayJune


117,183117,264117,358117,432117,528117,597

117,664117,773117,877117,991118,103118,206

118,299118,388118,492118,582118,669118, 755

118,846118,961119,078119,198119,311119,424

66,29267,13967, 21867,43867,78668,788

68,82468, 856

68,19067,90966,811

66,70066,55066,84067, 78468,256

70,42970,695

70,25070,16469,538

3,4523,4143,3933,375

3,343

3,3303,3343,3223,3083,2853,285

3,2033,2293,1863,1373,0642,996

2,9642,9692,9712,9582,9582,946

62,84063, 725

64,06364,42565,445

65,49465, 52265, 24364,88264,62463,526

63,49763,32163,65464,64765,192

67,46567,72666,88267, 29267, 20566,592

59,75360,05560,10060,59861,11962,098

62,14862,27762,14562,14161,731

60,15059,93860,47761,68562, 70364,016

64,99565,48964, 73365,16164,80764,165

5,2845,7045,8756,0766,8227,C"

7,4866,9287,5277,2396,1545,325

5,2975,0845,6926,2156,9637,681

7,7047,5367,8757,9056,9205,884

54,46954,35154, 22554, 52254, 29754, 470

54,66155,34954,61754,90255, 57755,363

54.85354.85454, 78555, 47055, 74056,33557,29157, 95256,85857, 25657,88758,282

3,0873,6713,7253,4653,3053,347

3,3463,2453,0992,741

2,838

3,3473,3833,1762,9622,4892,679

2,4712,2372,1492,1312,3982,427

56.657.357.357.457.758.5

58.558.558.257.857.556.5

56.456.256.457.257.558.7

59.359.458.758.958.858.2

4.95.85.85.45.15.1

5.15.04.84.24.54.5

5.35.35.04.63.84.0

3.73.33.23.23.63.6

1 Data for 1940-52 revised to include about 150,000 members of the armed forces who were outside thecontinental United States in 1940 and who were, therefore, not enumerated in the 1940 Census and wereexcluded from the 1940-52 estimates.

2 Includes part-time workers and those with jobs but not at work for such reasons as vacation, illness,bad weather, temporary layoff, and industrial disputes.3 Labor force data for 1953 have been revised by the use of a new estimating procedure to provide greatercomparability with the 1954 data from the 230-area sample, and to improve the reliability of the 1953 datathemselves. For a description of the revisions, see Current Population Reports: Labor Force, Series P-57,No. 155, January 1955. Data of Tables D-18, D-19, and D-20 are also on the revised basis.

NOTE.—-Civilian labor force data beginning with 1954 are based on a 230-area sample. For 1946-53 theywere based on a 68-area sample; for 1940-45 on a smaller sample; and for 1929-39 on sources other than directenumeration.

Beginning July 1955, labor force data are for the calendar week containing the 12th of the month; previously, for week containing the 8th.

Annual population data are as of July 1; monthly data are as of the 1st of the month.For the years 1940-52, estimating procedures made use of 1940 Census data; for subsequent years, 1950

Census 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.

Detail will not necessarily add to totals because of rounding.Sources: Department of Commerce, Department of Labor (labor force, 1929-39), and Council of

Economic.Advisers.

183


T A B L E D-18.—Employment and unemployment, by age, and by sex for 20-64year group, 1942-55

[Thousands of persons 14 years of age and over]

Period

TLotalcivil-ian

laborforce

56,41055,54054,630

53,86057,52060,16861,44262,105

63,09962,88462,96663,81564,468

65,847

62,89662,88563,33963,15563, 28565,147

65, 21464,93163,90564,05963,97562,993

62, 84063, 72563,82564,06364,42565,445

65,49465, 52265, 24464,88264, 62463, 526

63,49763, 32163,65464,64765,19266,696

67,46567,72666,88267,29267, 20566,592

Total

53,75054,47053,960

52, 82055, 25058,02759,37858, 710

59, 95761,00561, 29362, 21361, 238

63,193

61,00461,09761,66561, 57361,97963,585

63,66663, 69162, 58462, 75862, 27660,680

59, 75360,05560,10060, 59861,11962,098

62,14862, 27762,14562,14161, 73260,688

60,15059,93860,47761,68562, 70364,016

64,99565,48964, 73365,16164,80764,165

Employed i

14-19years

5,7706,3506,050

5,4804,5504,7164,8424,512

4,5644,6144,5304,5144,285

4,446

3,9724,1004,1234,1724,1655,422

5,8415,7314,4764,1594,1483,866

3,8223,8443, 9023,9413,9955,062

5,4845,3634,3434,1453,9043,625

3,4943,3693,5243,8534,0565,145

5,7865,8084,6304,6304,5814,468

20-64 years

Males

32,87030,45029,460

28,92034,17036, 56737, 20636,639

37,15837,35137, 36637,94837,405

38,216

37,32737,44537, 74937, 75938,05738, 276

38, 24238,45338, 20638,12638,10737, 627

37,16436,94836,84437, 23137,35737, 564

37,64337, 72937, 71437, 61737, 64037,411

37,19537,09837,34137,61038,18038,482

38,76938,89638,87638,83238, 73638,586

Fe-males

12,64014,93015,560

15,50013,81013, 99114, 51714,689

15, 32716,11516, 46816, 57516,476

17,336

16,51516,38416,61416, 55116, 56816, 650

16, 27916,17616, 70217,20416,94816,301

15, 84916, 25316,33316,37916,69216,391

15, 97316,06216,90317,11317,09116, 673

16,49416, 52016,55317, 01917, 25317,238

17,25917, 56017, 90918,25418,08817,889

65yearsandover

2,4702,7402,890

2,9202,7202,7542,8152,871

2,9072,9242,9303,1763,070

3,196

3,1913,1653,1763,0923,1893,236

3,3043,3303,1983,2673,0742,888

2,9173,0103,0243,0473,0753,083

3,0473,1243,1843,2633,0962,978

2,9682,9523,0583,2033,2163,152

3,1803,2273,3193,4443,4053,220

Total

2,6601,070

670

1,0402,2702,1422,0643,395

3,1421,8791,6731,6023,230

2,654

1,8921,7881,6741,5821,3061,562

1,5481,2401,3211,3011,6992,313

3,0873,6703,7243,4653,3053,347

3,3473,2453,1002,7412,8932,838

3,3473,3833,1762,9622,4892,679

2,4712,2372,1492,1312,3982,427

Unemployed

14-19years

510290200

190290425415595

543356362312515

471

282298252242246512

410280234284291410

462540495469519731

734584485377378413

435421400367428751

638515396373468461

20-64 years

Males

1,330360230

5001,5501,2561,0991,929

1,704835776823

1,738

1,366

1,088982866902714680

720602637601845

1,240

1,6852,0822,1031,9381,7811,678

1,6741,6711,6341,4901,5071,622

1,9382,0311,9041,7821,3061,209

1,1381,009

892938

1,0691,161

J: e-males

700350210

320360394470733

766595460407856

710

430428464364310330

370322403371506576

823926977915890839

827855887759872696

808794732714666639

628636769716749662

65yearsandover

1207030

30706882

139

131967561

120

109

928092743640

483645475785

11812215014211697

11113492

116136108

1671351391028980

667893

108112144

194219431944

19451946194719481949

1950 - -19511952..1953 21954.

1955 -

1953:2 JanuaryFebruaryMarchAprilMayJune

JulyAugustSeptemberOctoberNovemberDecember

1954: JanuaryFebruaryMarch _AprilMay __-June

July —AugustSeptember._,._-October _-NovemberDecember

1955: JanuaryFebruaryMarchApril -MayJune


i Includes part-time workers and those with jobs but not at work for such reasons as vacation, illness,bad weather, temporary layoff, and industrial disputes.

* Eevised series. See Table D-17, footnote 3.

NOTE.—Data are not available prior to 1942 for all the age and age/sex groups above.See note to Table D-17 for information on change in sample and reporting period.Detail will not necessarily add to totals because of rounding.

Source: Department of Commerce.

184


TABLE D-19.—Employed persons with a job but not at work, by reason for not working, 1946-55

[Thousands of persons 14 years of age and over]

Period

Total em-ployed per-sons witha job but

not at work

Temporarylayoff i

New job orbusiness 2 Vacation Illness All other 3

1946194719481949

1950.195119521953*1954

1955...

1953:4 January_._February..MarchAprilMayJune

JulyAugustSeptember.October...November.December.

1954: January. . .February _.MarchAprilMayJune


1955: January...February..MarchAprilMay _June

July.AugustSeptember.October...November.December.

2,2582,4742,7512,530

2,6482,6802,8142,7983,036

2,932

2,3922,0172,1611,9802,633

6,1314,9682,8501,8622,0532,147

2,6362,2871,9432,2862,1382,964

7,9925,5753,1732,0251,7251,694

2,2772,1841,8722,0962,0052,863

6,4656,2352,9082,2941,9672,017

97123141185

117142167221

133

19510884101127123

144170172193273316

427216236216294229

143198136120137

25114575108133107

15717311611786124

5892121101

116103117101127

117

92104138149

78132141897347

1089218891227

1381511668613364

557511789233

1532009669109104

662834

1,0441,044

1,1371,0731,1301,1711,361

1,268

332322263499364

1,392

4,7973,5771,421517369196

259347

4701,310

6,2114,0081,720736363230

302254297509575

1,373

4,8664,2001,356808412258

819847844719

718782775827776

835

1,0301,267945846738585

650672753737830875

1,004996780930809784

706672648655670658

967860781736661

708851842914883957

622579602480

585604650531551

580

743607633611613384

462417363326508713

867618549556474414

638601442412439606

764762564581471490

581811498386477575

1 Includes persons who had been temporarily laid off from their jobs with definite instructions to returnto work within 30 days of layoff, and who were not seeking other work.

2 Includes persons who had a new job or business to which they were scheduled to report within the fol-lowing 30 days.

3 Includes persons who were not at work because of bad weather, industrial disputes, and all other reasons.* Kevised series. See Table D-17, footnote 3.

NOTE.—See note on Table D-17 for information on change in sample and reporting period.Detail will not necessarily add to totals because of rounding.


185


TABLE D-20.—Unemployed persons, by duration of unemployment, 1946-55

Period

1946194719481949 .

1950 - - -195119521953 31954

1955

1953:8 First quarter _Second quarterThird quarterFourth quarter

1954: First quarterSecond quarter _Third quarterFourth quarter


Total un-employed

Duration of unemployment

4 weeksand under

5-14weeks

15-26weeks

Over 26weeks

Thousands of persons 14 years of age and over

2,2702,1422,0643,395

3,1421,8791,6731,6023,230

2,654

1,7851,4831,3701,771

3,4943,3723,2312,824

3,3022,7102,2862,319

0)1,0411,0871,517

1,3071,003

925910

1,303

1,136

920839834

1,049

1,3961,3151,3131,189

1,1441,1291,1161,161

W 7 0 4669

1,195

1,055574517482

1,115

815

600424385519

1,4291,0721,071

890

1,188702668700

W «193427

425166148132495

366

17314784

123

475659473372

518490239218

141164116256

3571378479

317

336

91746680

195325374373

452389262239

Averagedurationof unem-

ploy-ment

(weeks)

(*)9.88.6

10.0

12.19.78.38.1

11.7

13.2

9.08.37.37.5

9.912.012.212.9

14.114.712.111.3

1 For duration of less than 6 months, data are available only for under 3 months (1,568,000) and 3 to 6months (564,000).

2 Not available.3 Revised series. See Table D-17, footnote 3.

NOTE.—See note to Table D-17 for information on change in sample and reporting period.Detail will not necessarily add to totals because of rounding.


186


T A B L E D-21.—Unemployment insurance programs, selected data, 1939 and 1946-55

Period State,veteran,

andFederal

employeepro-

grams

Initial claims»

Statepro-

grams

Insured unem-ployment 3

All pro-grams*

Statepro-

grams (

Exhaus-tions,Statepro-

grams 6

Stateinsuredunem-ploy-ment

as per-cent ofcoveredemploy-

ment(percent)

Benefits paidunder State pro-

grams

Totalmillionsof dol-lars)

Averageweeklycheck

(dollars)*

1946.1947.1948.1949.

1950...1951...1952...1953...1954...1955 8_.

1953: January.. .February-MarchAprilMayJune

JulyAugustSeptember-OctoberNovember..December..

1954: January- -February .MarchAprilMayJune

JulyAugustSeptember..OctoberNovember..December..

1955: January- -February .MarchAprilMayJune

JulyAugustSeptember.OctoberNovember.December«

Weekly average (thousands)

188

341280282375

239211215223314

243190184195192188

219195191215304361

430347314338302301

314275264271282332

372268226246213238

239199170194219278

188

189187210323

236208215218303229

236184179190186182

213189186209296351

416335303328292289

303263255262271315

356257216238205202

228189163187211270

2,470

1,599996

1,0641,0582,0391,392

1,2421,1741,1001,026940878

913868830897

1,1981,632

2,2052,3622,3892,3832,2442,082

2,0371,8711,7521,6311,6431,869

2,2012,1091,8751,6511,3921,226

1,2021,068951864956

1,237

1,086

1,2941,008999

1,970

1,498966

1,019988

1,8571,248

1,1561,0841,014961889833

861816779840

1,1151,509

2,0342,1702,1752,1812,0701,924

1,8621,6921,5801,4661,4631,666

1,9621,8801,6571,4711,2631,121

1,092961858784863

1,123

5.1

4.33.13.06.2

4.62.82.92.85.23.5

3.33.12.92.72.52.4

2.42.32.22.33.14.2

5.66.06.06.05.75.3

5.14.64.44.04.04.6

5.55.24.74.13.63.2

3.12.72.42.22.43.2

429.3

1,094.9775.1789.9

1,736.0

1,373.1840.4998.2962.2

2,029.01,376.6

94.486.892.383.072.172.0

69.264.665.366.179.0

120.8

158.4179.3215.6200.8185.6191.0

168.0162.7153.7135.3132.1153.1

170.6163.1175.0132.4114.2105.8

89.490.481.168.372.7

117.5

10.66

18.5017.8319.0320.48

20.7621.0922.7923.5824.9124.97

23.4423.3723.2523.2823.16

23.0823.4223.7724.0424.3124.34

24.5324.7324.6624.7824.6824.70

24.6525.0225.5625.7225.4725.20

25.1225.0624.9624.7924.3324.29

24.3925.0025.7525.9725.7825.80

1 Indicate, in general, instances of new unemployment.2 Data on veterans relate to those under the following programs: Servicemen's Readjustment Act (which

became effective in October 1944 and expired for most veterans in July 1949) and Veterans ReadjustmentAssistance Act of 1952, effective October 15,1952.

8 Represents the number of unemployed workers covered by unemployment insurance programs whohave completed at least one week of unemployment.

* State, veteran, Railroad Retirement, and Federal employee programs.5 State unemployment insurance programs during the period shown excluded from coverage agricultural

workers, Government employees, domestic servants, workers in nonprofit organizations, unpaid familyworkers, the self-employed, and (in most States) workers in very small firms.

• Represents the number of individuals who received payment for the final week of compensable unem-ployment in a benefit year. Workers who have exhausted benefit rights do not necessarily remain unem-ployed—some find employment, and others withdraw from the labor force.

7 For total unemployment only,i Preliminary.

NOTE.—The program of Unemployment Compensation for Federal Employees became effectiveJanuary 1,1955.

Source: Department of Labor.

187


TABLEJD—22.—Number of wage and salary workers in nonagricultural establishments, 1929-55*

[Thousands of employees]

Period

Totalwageand

salarywork-

ers

31,041

29,14326,38323,37723,46625,699

26,79228,80230,71828,90230,311

32,05836,22039, 77942,10641, 534

40,03741,28743, 46244,44843,315

44,73847,34748,30349, 68148,285

49,395

Manufacturing

Total

10,534

9,4018,0216,7977,2588,346

8,9079,653

10,6069,253

10,078

10,78012,97415,05117,38117, 111

15,30214, 46115,29015,32114,178

14,96716,10416,33417, 23815,989

16, 557

Du-rablegoods

(')

003)3)3)3)

COCO0000

4,683

5,3376,9458,804

11,07710,858

9,0797,7398,3728,3127,473

8,0859,0809,340

10,1059,120

9,543

Non-dura-ble

goods

00

(*)

I8(3)00

5,394

5,4436,0286,2476,3046,253

6,2226,7226,9187,0106,705

6,8827,0246,9947,1336,870

7,014

Min-ing

1,078

1,000864722735874

888937

1,006882845

916947983917883

826852943982918

889916885852770

748

Con-tractcon-

struc-tion

1,497

1,3721,214

970809862

9121,1451,1121,0551,150

1,2941,7902,1701,5671,094

1,1321,6611,9822,1692,165

2,3332,6032,6342,6222,527

2,504

Trans-porta-tionand

publicutili-ties

3,907

3,6753,2432,8042,6592,736

2,7712,9563,1142,8402,912

3,0133,2483,4333,6193,798

3,8724,0234,1224,1413,949

3,9774,1664,1854,2214,008

4,055

Trades

6,401

6,0645,5314,9074,9995,552

5,6926,0766,5436,4536,612

6,9407,4167,3337,1897,260

7,5228,6029,1969,5199,513

9,64510, 01210, 28110, 52710, 498

10,721

Fi-nance

1,431

]]

]

]

]

L,398L,333L,270L,225L,247

1,262L,313L, 355L,347L, 399

1,4361,4801,4691,4351,409

L,4281,6191,672L, 741L, 765

L, 8241,892L,9672,0382,114

<2,192

Serv-ice a

3,127

3,0842,9132,6822,6142,784

2,8833,0603,2333,1963,321

3,4773,7053,8573,9193,934

4,0114,4744,7834,9254,972

5,0775,2645,4115,5385,629

5,693

Gov-ern-

ment(Fed-eral,

State,and

local)

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 *

1953: JanuaryFebruary. _MarchAprilMayJune

JulyAugustSeptember.October—.November.December..

1954: JanuaryFebruary..MarchAprilMayJune

JulyAugustSeptember.OctoberNovember.December _

3,066

3,1493,2643,2253,1673,298

3,4773,6623,7493,8763,995

4,2024,6605,4836,0806,043

5,9445,5955,4745,6505,856

6,026

6,6456,751

6,924

Seasonally adjusted5

49,52749,68049,73549, 75249,85149,935

49,94749,86749, 72049,68149,38049,149

48,79148,65048,44548,26848,21148,179

48,04648,01247,998.48,09748,35148,432

17,14917, 25617,38317, 43217, 49117, 517

17,48817,36517, 22517,08216, 85216, 651

16,44516,29616,19916,07215,98515,942

15,73315,68815,73915,83515,97215,992

10, 02710,12610,23610,26310, 28110,289

10, 28710,19810,0969,9969,8059,677

9,5449,4109,2989,1919,1159,070

8,9128,8568,8818,9759,0829,105

7,1227,1307,1477,1697,2107,228

7,2017,1677,1297,0867,0476,974

6,9016,8866,9016,8816,8706,872

6,8216,8326,8586,8606,8906,887

876868856852858854

858847848840839834

821814794776769767

768755740743745743

2,6472,6692,6302,6132,6132,598

2,6102,5962,6172,6342,6232,628

2,5332,5832,5772,5572,5552,528

2,5322,5092,4912,4812,5102,491

4,2124,2094,2134,2024,2304,238

4,2494,2454,2494,2354,1984,169

4,1044,0633,9863,9983,9964,001

4,0003,9894,0073,9953,9763,986

10, 49410, 50410, 49410,49610, 52110, 537

10, 53910, 53910, 51410, 55210, 56410, 564

10,56210,52710,53510,50210,47010,455

10,48010,47510,44710,44310,49610,575

2,0032,0132,0162,0192,0252,029

2,0492,0502,0552,0662,0602,068

2,0722,0842,0872,0962,1032,107

2,1182,1192,1412,1472,1452,147

5,4445,4585,4755,5125,5165,546

5,5665,5665,5685,6135,5985,593

5,5865,5885,5915,6115,6165,631

5,6705,6655,6345,6605,6505,644

6,7026,7036,6686,6266,5976,616

6, 5886,6596,6446,6596,6466,642

6,6686,6956,6766,6566,7176,748

6, 7456,8126,7996,7936,8576,854


188


TABLE D—22.—Number of wage and salary workers in nonagricultural establishments, 1929—551—Continued

[Thousands of employees]

Period

Totalwageand

salary-work-

ers

Manufacturing

TotalDu-rablegoods

Non-dura-ble

goods

Min-ing

Con-tractcon-

struc-tion

Trans-porta-tionand

publicutili-ties

Trades Fi- Serv-

Gov-ern-

ment(Fed-eral,

State,and

local)

Seasonally adjusted5

1955: JanuaryFebruary. _.MarchAprilMayJune

JulyAugustSeptember-OctoberNovember *.December 4>

48,40448,47048, 76048,88249,24249,514

49, 63849, 72549,83549, 95050,14650,173

15,99316,09116,22916,38016,54516,688

16,63516,66816,69116,82216, 98717,002

9,1249,2119,3009,4059,5239,627

9,6189,6159,6349,7369,8529,88ft

6,8696,8806,9296,9757,0227,061

7,0177,0537,0577,0867,1357,113

741741739743749756

757747754751750750

2,4862,4512,4832,5022,5392,514

2,5462,5192,5372,5122,4822,458

3,9743,9843,9863,9464,0004,064

4,0824,1064,1354,1164,1344,130

10,57410,54110,63310,60010,65510,711

10.76510,79710,82410,80110,85910,873

2,1452,1542,1612,1612,1712,184

2,2042,2082,2232,2272,2272,236

5,6465,6495,6565,6745,6765,690

5,7305,7325,7055,7305,7205,710

6,8456,8596,8736,8766,9076,907

6,9196,948

6,9916,9877,014

1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who workedduring, or received pay for, any part of the pay period ending nearest the 15th of the month. Excludesproprietors, self-employed persons, domestic servants, and unpaid family workers. Not comparable withestimates of nonagricultural employment of the civilian labor force (Table D-17) which include proprietors,self-employed persons, domestic servants, and unpaid family workers, which count persons as employedwhen they are not at work because of industrial disputes, bad weather, or temporary layoffs, and whichare based on a sample survey of households, whereas the estimates in this table are based on reports fromemploying establishments.

2 Beginning with 1939, data are not strictly comparable with data shown for earlier years because of theshift of the automotive repair service industry from the trade to the service division.

3 Not available.4 Preliminary revisions.5 Estimates incorporate preliminary revisions in the seasonal indexes for employment in contract con-struction and Federal Govvernment.

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

189


T A B L E

Period

1929

19301931193219331934

1935193619371938.1939

1940194119421943..1944

1945...19461947 _19481949.

19501951195219531954

1955 8_ ._

1954: January.FebruaryMarchApriL.May.Tuna


1955: January.FebruaryMarchAprilMayJune ..

JulyAugustSeptemberOctoberNovember 8_ _December 8___

D-23.—Average weekly hours of work in selected industries, 7929-55

Manufacturing

Total

44.2

42.140 538.338.134.6

36.639.238 635.637 7

38 140 642 944.945.2

43 440 440 440 139.2

40.540 740.740.539.7

40.7

39 439.639 539.039 339 5

39 439.739.739.940.240.5

40.240.440.640 340.840.7

40.440.640.941.141.241.4

Du-rablegoods

32.634.833.9

37.341.040 035.038 0

39 342.145 146.646.6

44.140 240.640 539.5

41.241 641.541.340.2

41.4

40.140.240 039.739 940 0

39 740.140.140.440.841.1

40.941.141.441.241.641.2

40.941.141.441.741.942.0

Non-du-

rablegoods

00

(3)41.940.035.1

36.137.737.436.137.4

37.038.940 342.543.1

42.340.540.139 638.8

39.739 539.639.539.0

39.8

38.538.838 838.138 538.9

39.039.239.339.239.539.8

39.339.539.739 039.639.9

39.739.940.140.340.340.7

Bitumi-nouscoal

mining

38.4

33.528.327.229.527.0

26.428.827.923.527.1

28.131.132.936.643.4

42.341.640.738.032.6

35.035 234.134.432.6

37.4

33.232.029 728.930 933.2

30.433.132.635.335.637.1

37.137.836.937 237.439.0

38.237.536.537.436.3

IBuild-

con-struc-tion

(3)

(3)28.9

30.132.833.432.132.6

33.134.836.438.439.6

39.038.137.6

*37.336.7

36.337.238.137.036.2

36.1

33.936.036.436.436.737.1

36.937.036.036.635.836.0

35.134.735.935.436.736.7

37.236.737.436.334.7

Class Irail-

roads *

8(3)(3)

(3)

43.7

44.345.847.048.748.9

48.546.046.446.243.7

40.841.040.640.640.8

41.8

38.740.441.441.139.241.8

40.241.241.440.441.742.3

40.442.142.041.241.342.7

41.443.142.641.2

8

Tele-phone3

n

!(")38.838.939.1

39.540.140.541.942.3

«41.739.437.439.238.5

38.939.138.538.738.9

39.6

38.238.038.238.238.538.7

39.238.940.039.839.739.3

38.939.039.039.439.839.4

40.040.240.139.940.3(3)

Whole-sale

trade

141.342.642.8

4 42.241.7

41.241.041.342.242.9

42.741.541.040.940.7

40.740.740.640.540.4

40.6

40.240.240.240.240.440.4

40.440.440.440.540.440.8

40.440.340.340.340.640.6

40.940.640.740.740.9

Retailtrade

(excepteating

anddrink-

ingplaces)

(J)

i8,42.542.141.140.340.4

40.340.740.340.340.4

40.540.239.939.239.2

39.0

39.039.139.139.138.939.3

39.839.739.138.938.739.5

38.938.938.838.638.839.1

39.739.639.138.738.6

Laun-dries

0

(3)(3)(3)39.4

41.042.742.641.641.8

41.842.142.242.942.9

42.842.942.641.941.5

41.241.141.140.540.1

40.3

39.739.839.640.440.340.5

40.039.440.140.540.040.3

40.039.840.240.340.840.4

40.640.040.340.640.2

1 Averages are based upon monthly data (exclusive of switching and terminal companies) summarizedin the M-300 report by the ICC and relate to all employees who received pay during the month, exceptexecutives, officials, and staff assistants (ICC Group I). Beginning September 1949, data reflect a reductionin basic workweek from 48 to 40 hours.2 Prior to April 1945, data relate to all employees except executives; from April 1945-May 1949, mainlyto employees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory em-ployees only.3 Not available.4 Data beginning with January of year noted are not comparable with those for earlier periods.6 Nine-month average, April through December, because of new series started in April 1945.8 Preliminary.

NOTE.—Data are for production workers in manufacturing and mining, construction workers in buildingconstruction, and for nonsupervisory employees in other industries (except as noted). Data are for payrollperiods ending closest to the middle of the month.

The annual figures for 1955 for industries other than manufacturing are simple arithmetic averages of themonthly figures shown and not strictly comparable with the averages for earlier years, which have beenweighted by data on employment.


i go


TABLE D-24.—Average gross hourly earnings in selected industries, 1929-55

Period

Manufacturing

TotalDura-

blegoods

Non-dura-ble

goods

Bitu-minous

coalmining

Whole-sale

trade

Retailtrade

(excepteatingand

drinking

Laun-dries

Agri-cul-ture1

1929.

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 7.

1954: JanuaryFebruaryMarchAprilMayJune -.

July.. - -AugustSeptemberOctober _NovemberDecember

1955: "January _FebruaryMarchAprilMayJune

JulyAugustSeptemberOctoberNovember 7 . .December 7.._

$0.566

.552

.515

.446

.442

.532

.550

.556

.624

.627

.633

.661

.729

.853

.9611.019

1.0231.0861.2371.3501.401

1.4651.591.671.771.81

1.88

1.801.801.791.801.811.81

1.801.791.811.811.831.83

1.841.851.851.861.871.87

1.891.881.901.911.931.93

()$0,497

.472

.556

.577

.586

.674

.724

.808

.9471.0591.117

1.1111.1561.2921.4101.469

1.5371.671.771.871.92

2.01

1.911.901.901.901.911.91

1.911.911.931.931.941.95

1.961.961.971.981.991.99

2.022.012.042.042.062.06

8$0. 420.427.515.530.529.577.584.582

.602

.640

.723

.803

.861

.9041.0151.1711.2781.325

1.3781.481.541.611.66

1.71

1.651.651.651.651.661.66

1.661.651.661.661.671.67

1.681.681.681.691.701.70

1.711.701.721.721.741.75

$0,681

.684

.647

.520

.501

.673

.745

.794

.856

.878

1.0591.1391.186

1.2401.4011.6361.8981.941

2.0102.212.292.482.48

2.55

2.482.472.462.482.472.50

2.482.482.492.482.482.48

2.482.502.492.502.512.52

2.502.522.652.672.67

(*)

()$0.795

.815

.824

.903

.908

.932

.9581.0101.1481.2521.319

1.3791.4781.6811.8481.935

2.0312.192.312.482.60

2.582.592.592.582.582.58

2.582.602.622.632.632.65

2.672.692.702.69

()$0.730

.733

.743

.837

.852

.948

.9551.0871.1861.3011.427

1.5721.731.831.881.93

1.95

1.941.961.901.911.941.91

1.931.921.941.941.941.93

1.951.981.921.941.941.94

$0. 648.667.698

5.700.715

.739

.793

.985

1.0291.1501.2681.3591.414

1.4831.581.671.771.83

1.91

1.811.801.811.821.831.83

1.841.841.851.851.851.86

1.861.861.881.891.901.91

1.921.921.941.951.93

$0,378

.376

.378

.395

.414

.422

.429

.444

.482

.538

.605

.704

.767

.817

.843

.861

.92

.94

.981.00

1.01

.00

.00

.00

.01

.00

.00

.00

.00

.01

.00

.01

.01

.01

.01

.01

.01

.02

.01

.01

.01

.01

.01

.01

$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

.730

.580

.663

.678

.724

.590

.701

i Averages are based upon monthly data (exclusive of switching and terminal companies) summarized inthe M-300 report by the ICC and relate to all employees who received pay during the month, except execu-tives, officials, and staff assistants (ICC group I). Beginning September 1949, data reflect a wage rateincrease and reduction in basic workweek from 48 to 40 hours.

* Prior to April 1945, data relate to all employees except executives; from April 1945-May 1949, mainly toemployees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory employees only.

» Composite rate per hour. Weighted average of all farm wage rates on a per hour basis.< Not available.8 Data beginning with January of year noted are not comparable with those for earlier periods.6 Nine-month average, April through December, because of new series started in April 1945.7 Preliminary.NOTE.—Data are for production workers in manufacturing and mining, construction workers in building

construction, and for all nonsupervisory employees in other industries (except as noted). Data are for pay-roll periods ending closest to the middle of the month.

The annual figures for 1955 for industries other than manufacturing are simple arithmetic'averages of themonthly figures shown and not strictly comparable with the averages for earlier years, which have beenweighted by data on man-hours.

Sources: Department of Labor and Department of Agriculture.


TABLE D-25.—Average gross weekly earnings in selected industries, 1929-55

Period

Manufacturing

Total

$25.03

23.2520.8717.0516.7318.40

20.1321.7824.0522.3023.86

25.2029. 5836. 6543.1446.08

44.3943.8249.9754.1454.92

59.3364.7167.9771.6971.86

76.52

70.9271.2870.7170.2071.1371.50

70.9271.0671.8672.2273.5774.12

73.9774.7475.1174.9676.3076.11

76.3676.3377.7178.5079.5279.90

Dura-ble

goods

$27.22

24.7721.2816.2116.4318.87

21.5224.0426.9124.0126.50

28.4434.0442.7349.3052.07

49.0546.4952.4657.1158.03

63.3269.4773.4677.2377.18

83.21

76.5976.3876.0075.4376.2176.40

75.8376.5977.3977.9779.1580.15

80.1680.5681.5681.5882.7881.99

82.6282.6184.4685.0786.3186.52

Non-durablegoods

$22.93

21.8420.5017.5716.8918.05

19.1119.9421. 5321.0521.78

22.2724.9229.1334.1237.12

38.2941.1446.9650.6151.41

54.7158.4660.9863.6064.74

68.06

63.5364.0264.0262.8763.9164.57

64. 7464.6865.2465.0765.9766.47

66.0266.3666.7065.9167.3267.83

67.8967.8368.9769.3270.1271.23

Bitumi-nouscoal

mining

$25. 72

22.2117.6913.9114.4718.10

19.5822.7123.8420.8023.88

24.7130.8635.0241.6251.27

52.2558.0366.5972.1263.28

70.3577.7978.0985.3180.85

95.19

82.3479.0473.0671.6776.3283.00

75.3982.0981.1787.5488.2992.01

92.0194.5091.8893.0093.8798.28

95.5094.5096.7399.8696.92

Build-ing con-struc-tion

(3)

i(3)$22. 97

24. 5127.0130.1429.1930.39

31.7035.1441.8048.1352.18

53.7356.2463.30

4 68.8570.95

73.7381.4788.0191.7694.12

95.89

87.4693.2494.2893.9194.6995.72

95.2096.2094.3296.2694.1595.40

93.0291.9694.4293.1096.5296.89

98.9597.99

100.6198.0193.34

(3)

Class Irail-

roads !

|

(3)

(3)(3)

(3)(3)

$31.90

32.4734.0339.3441.4946.36

46.3250.0055.0360.1162.36

64.1470.9374.3076.3378.74

81.51

75.0879.1878.6678.5076.0579.84

77.5979.1080.3278.3880.9081.64

78.7883.3680.6479.9380.1282.84

81.1483.6183.0781.58

(3)

(3)

Tele-phone 2

(3)(3)(3)(3)

(3)(3)

(3)(3)

$30.0331.7432.14

32.6732.8834.1436.4538.54

6 40.1244.2944.7748.9251.78

54.3858.2661.2265.0268.46

72.07

65.7065.7465.7066.0967.3867.34

68.6067.6971.6072.0472.6570.74

69.6370.9870.2071.7172.8370.92

72.0072.7672.5873.4275.76(3)

Whole-sale

trade

(3)(3)

(3)$27.7226.1126.37

26.7628.4129.87

4 29. 5429.82

30.4532.5135.5239.3742.26

43.9447.7351.9955.5857.55

60.3664.3167.8071.6973.93

77.32

72.7672.3672.7673.1673.9373.93

74.3474.3474.7474.9374.7475.89

75.1474.9675.7676.1777.1477.55

78.5377.9578.9679.3778.94(3)

Retailtrade

(excepteatingand

drink-ing

places)

CO(3)

(3)(3)

(3)(3)

(3)

(3)

8$23.14

23.5024.4225.7327.3629.53

31.5536.3540.6643.8545.93

47.6350.6552.6754.8856.84

58.65

55.7755.9155.9155.9156.4157.38

58.5157.9657.0957.1856.5056.88

57.5757.5757.4257.5158.2059.04

60.3460.1959.8258.8258.67(3)

Laun-dries

1929

19301931193219331934

1935...1936193719381939..

1940194119421943...1944

19451946-194719481949

19501951195219531954

19558-

1954: JanuaryFebruary...March _AprilMayJune.


1955: JanuaryFebruary.. _MarchAprilMayJune

JulyAugustSeptember..OctoberNovember6.December8.

3)3)

3$14.8915.4216.1416.8317.2217.64

17.9318.6920.3423.0825.95

27.7330.2032.7134.2334.98

35.4737.81

40.10

40.73

39.7039.8039.6040.8040.3040.50

40.0039.4040.5040.5040.4040.70

40.4040.2040.6040.7041.6240.80

41.0140.4040.7041.0140.60

1 Averages are based upon monthly data (exclusive of switching and terminal companies) summarizedin the M-300 report by the ICC and relate to all employees who received pay during the month except execu-tives, officials, and staff assistants (ICC group I). Beginning September 1949, data reflect a wage rate in-crease and reduction in basic workweek from 48 to 40 hours.

2 Prior to April 1945, data relate to all employees except executives; from April 1945-May 1949, mainly toemployees subject to the Fair Labor Standards Act; and beginning June 1949, to nonsupervisory employeesonly.

a Not available.* Data beginning with January of year noted are not comparable with those for earlier periods.8 Nine-month average, April through December, because of new series started in April 1945.6 Preliminary.NOTE.—Data are for production workers in manufacturing and mining, construction workers in building

construction, and for all nonsupervisory employees in other industries (except as noted). Data are for pay-roll periods ending closest to the middle of the month.

The annual figures for 1955 for industries other than manufacturing are simple arithmetic averages ofthe monthly figures shown and not strictly comparable with the averages for earlier years, which havebeen weighted by data on man-hours.!&Source: Department of Labor.


T A B L E D—26.—Labor turnover rates in manufacturing industries, 1930—55[Kates per 100 employees]

Period

Separation rates

Total

5.04.04.43.84.1

3.63.44.44.13.1

3.43.96.57.36.8

8.36.14.84.64.3

3.54.44.14.33.5

3.3

4.33.53.73.83.33.1

3.13.53.93.33.03.0

2.92.53.03.13.23.2

3.44.04.43.53.0

Quit*

1.6. 9.7. 9.9

. 91.11.3

.6

.8

. 92.03.85.25.1

5.14.33.42.81.5

1.92.42.32.31.1

1.6

1.11.01.01.11.01.1

1.11.41.81.21.0.9

1.01.01.31.51.51.5

1.62.22.81.81.5

Layoff

3.02.93.52.73.0

2.52.13.03.42.2

2.21.31.1

.6

. 6

2.31.21.01.32.4

1.11.21.11.31.9

1.2

2.82.22.32.41.91.7

1.61.71.71.61.61.7

1.51.11.31.21.11.2

1.31.31.11.21.1

Discharge,military,and mis-

cellaneous 1

0.4. 2. 2. 2. 2

.2

. 2

. 2

. 1

. 1

. 3

.71.71.51.1

. 9

.6

. 5

. 5

. 3

. 5

.8

.6

.7

. 4

. 5

. 5

.4

.4

.4

.4

.4

.4

. 5

. 5

.4

. 3

. 4

. 5

. 4

. 4

. 5

.5

. 5

. 5

. 5

. 5

. 5

. 5

Accessionrates

3.13.13.35.44.7

4.24.43.63.84.1

4.45.47.67.56.1

6.36.75.14.43.5

4.44.44.43.93.0

3.8

2.82.52.82.42.73.5

2.93.33.43.63.32.5

3.33.23.63.53.84.3

3.44.54.44.13.3

19301931..1932.1933.1934 _—

1935.1936.19371938.1939

1940 -1941-.1942...1943 - —1944 —

19451946 - .1947 —19481949

1950 . . . .1951195219531954

1955 23. _..

1954: JanuaryFebruary...MarchAprilMayJune


1955: JanuaryFebruary...MarchAprilMayJune. .

July . .AugustSeptember..OctoberNovember3.

' Prior to 1940, military and miscellaneous separations are included with quits.* Based on data through November.3 Preliminary.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Labor.

193


PRODUCTION AND BUSINESS ACTIVITY

TABLE D-27.—Industrial production indexes, 1929-55

[1947-49-100]

Period

Industrial production

Total

Manufactures

Total

Durable

TotalPri-

marymet-als

Fabri-catedmetalprod-ucts

Non-elec-tricalma-chin-ery

Elec-tricalma-chin-ery

Trans-porta-tion

equip-ment

Instru-mentsand re-latedprod-ucts

Clay,glass,andlum-ber

prod-ucts

Fur-nitureand

miscel-lane-ous

man-ufac-tures

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 V

1954: JanuaryFebruaryMarchAprilMay _.June

July—AugustSeptemberOctoberNovemberDecember. _.

1955-. JanuaryFebruaryMarchAprilMayJune

JulyAugustSeptemberOctoberNovember1

December1

4940313740

4756614858

6787

106127125

10790

10010497

112120124134125

139

125125123123125124

123123124126128130

132133135136138139

139140142143144144

110133130

11090

10010397

113121125136127

140

3849553549

6391126162159

12386

10110495

116128136153137

155

10310790

115126116132108

140

10310493

115122121136123

134

10410690

105126136143125

135

101101

131138167194177

194

102102

120135154189175

203

10010595

114128142155140

150

Seasonally adjusted

10010595

115121118125123

138

127126125125126125

124125126128130131

133134136138140141

141142144145146145

141139135134136135

134135137139142143

145147148151153155

155158160161161160

111109103103106108

103105105111118121

127131136138140143

134139146148149151

126123120119121122

121123122124125125

125126129130134135

135137141142139139

130130125125124124

125125125123122121

124125126131134136

138140141143143142

169165167168168169

173178182190196193

187189190191189192

197196199205198196

181179176175174174

170166167166179189

197199200202202198

202203205208212207

148147144139138135

136135137137138140

140142143143142149

151153155156159161

120123123121125118

113114124130130133

132132135136138143

138140141141139139

10010495

117116118131121

132

120120119117118120

120123123123123122

122124126127132136

134137137136136137


194


TABLE D-27.—Industrial production indexes, 1929-55—Continued

[1947-49=100]

Period

1929

19301931 - - -193219331934

19351936193719381939 - -

19401941194219431944

1945194619471948 ___1949

19501951195219531954

19551,

1954* JanuaryFebruaryMarchApril - -MayJune . - *


1955: JanuaryFebruaryMarchAprilMay -June - - -

JulyAugustSeptemberOctober . — .November1

Decemberl

Industrial production

Manufactures

Nondurable

Total

56

5148424849

5561645766

698493

10399

969599

10299

111114114118116

126

Tex-tilesandap-

parel

9910397

110106105107100

110

Kub-berand

leatherprod-ucts

10610193

110105107113104

122

Paperand

print-ing

96103101

114118118125125

137

Chem-icaland

petro-leumprod-ucts

97103100

118132133142142

159

Foods,bever-ages,

and to-bacco

101100100

103105106107106

109

Min-erals

68

5951424851

5563716268

7681848793

9291

10010694

105115114116111

122

Output of consumer di

Total

98101101

133114105127116

146

Autos

8593

122

159127103146131

190

Majorlouse-holdgoods

9910596

143118115132122

143

irables

Othercon-

sumerdura-bles

10910586***•;959695

10195

106

Seasonally adjusted

113114115115117116

114114115117118119

121121124126127128

126125128129130130.

979897979898

101100101103104104

106104107109110110

109109111112115114

103102103103106107

9997

103108108115

123120122123125127

120119121125122124

122123124125126126

126126127127127127

130131134135138139

139138140141141141

138141139140142142

141141144143145148

148151154156159161

160160163162164165

105106105105106106

106106106105107107

107106107109108109

108107107111112111

113113112109111114

112109108109113116

120123121119121122

120121123123125127

111112110112115117

115114115113124131

139141142144145144

150152154152151147

131130129130134133

126118112106142167

188191192192190173

188193195194196187

107110109114117123

127131134133131130

133134136140141151

155155156148143141

959694939396

939198989796

9899

100100103106

106107111114114114

I Preliminary.

NOTE.—Prior to 1947, detail not available.

Source: Board of Governors of the Federal Reserve System.

195


TABLE D-28.—Farm production indexes, 1929-55

[1947-49=100]

Year

1929

19301931 —193219331934 - - .

19351936 -193719381939

19401941 . . _ _- . .194219431944 - - -

1945 -.19461947 _19481949 .

19501951 .-195219531954

1955*

Farmoutputl

74

7279767060

7265827980

8386969497

969895104101

100103107108109

112

All live-stock andproducts

77

7880818275

7277767985

8792102111105

10410110097103

106111112114119

122

Crops

Allcrops2

79

7684807158

7664888382

8586979196

939893106101

9799103103101

105

Feed usedby farm

horses andmules 3

227

219212204198194

191186182176171

167162155148140

13112211010090

8274645751

46

Crop pro-ductionper acre

79

7583797159

7665888585

88901009196

951019510699

9899103102102

107

1 Farm output measures the annual volume of farm production available for eventual human use throughsales from farms or consumption in farm households. Excludes production of feed for horses and mules.

2 Includes production of feed for horses and mules.» Not included in total farm output.* Preliminary.Source: Department of Agriculture.

196


TABLE D-29.—Business expenditures for new plant and equipment, 1939 and 1945-56


Period

1939.

1945.1946.1947.1948.1949.

1950.1951.1952.1953.1954.

1955

1953: First quarter...Second quarter.Third quarter..Fourth quarter.

1954: First quarter..-Second quarter.Third quarter..Fourth quarter.

1955: First quarter...Second quarter.Third quarter..Fourth quarter'

1956: First quarter *.

Total i

14.8520.6122.0619.28

20.6025.6426.4928.3226.83

28.27

Manufacturing

Total

1.94

6.798.709.137.15

7.4910.8511.6311.9111.04

11.32

Dura-ble

Non-durable

0.76

1.593.113.413.482.59

3.145.175.615.655.09

5.42

Mining

1.19

2.393.685.305.654.56

4.365.686.026.265.95

5.90

0.33

.38

.79

.99

Transportation

Rail-road

0.28

.55

.58

.891.321.35

1.111.471.401.31.85

Other

0.36

.57

.921.301.28

1.211.491.501.561.51

1.60

Publicutili-ties

0.52

.50

.791.542.543.12

3.313.663.894.554.22

4.38

Com-mer-cialand

other3

2.08

2.705.337.496.905.98

6.787.247.098.008.23

9.11


27.8428.1028.8228. 53 j

27.4626.9226.8426.18

25.6527.1929.6530.86

31.60

11.9911.9011.9411.83j

ta*11.6211.0910.9810.58

10.1710.8411.9712.64

13.44

5.805.69

^ 5.60[5.53

15.405.185.064.80

4.785.065.776.23

6.80

6.196.21

f6.336.30

mm16.225.905.935.79

5.395.786.206.41

6.64

0.94.91

1.031.05

.941.041.00.91

.80

.94

.99

.97

.95

1.341.341.301.26

1.04.91.80.68

.74

.80

.961.15

1.41

]

L. 47L. 51L. 65L. 62

L.57L.44L. 51L. 53

L. 46L.62L.60L.66

L. 64

4.404.524.814.48

4.334.374.124.01

4.014.094.434.70

4.52

7.707.928.088.28

7.978.078.428.46

8.468.909.709.74

9.64

1 Excludes agriculture.2 Commercial and other includes trade, service, finance, communications, and construction.3 Annual total is sum of seasonally unadjusted quarterly expenditures; it does not necessarily coincide

with average of seasonally adjusted figures, which include adjustments, when necessary, for systematictendencies in anticipatory data.

* Estimates for fourth quarter 1955 and first quarter 1956 based on anticipated capital expenditures re-ported by business in late October and November 1955.

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_-ies is not available for years prior to 1939 and for 1940 to 1944.Detail will not necessarily add to totals because of rounding.Sources: Securities and Exchange Commission and Department of Commerce.

197


TABLE D-30.—New construction activity, 1929-55

[Value put in place, millions of dollars]

Period

1929

19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949

1950195119521953 .1954

19558

1954: January.FebruaryMarchAprilMayJune

JulyAugust.September. . .OctoberNovember. . .December

1955: JanuaryFebruaryMarchAprilMayJune

July. .AugustSeptember...October _November.. _December8 . . .

Totalnewcon-

struc-tion

10,793

8,7416,4273,5382,8793,720

4,2326,4976,9996,9808,198

8,68211,95714,0758,3015,259

5,63312,00016,68921,67822,789

28,45431,18233,00835,27137, 577

42,250

Private construction

Total i

8,307

5,8833,7681,6761,2311,509

1,9992,9813,9033,5604,389

5,0546,2063,4151,9792,186

3,2359,638

13,25616,85316,384

21, 45421, 76422,10723, 87725,768

30,250

Kesi-dential

building(non-farm)

3,625

2,0751,565

630470625

1,0101,5651,8751,9902,680

2,9853,5101,715

885815

1,1004,0156,3108,5808,267

12, 60010,97311,10011,93013, 496

16,600

Nonresidential building and other construction

Total

4,682

3,8082,2031,046

761884

9891,4162,0281,5701,709

2,0692,6961,7001,0941,371

2,1355,6236,9468,2738,117

8,85410, 79111,00711,94712,272

13, 650

Com-mercial

1,135

893454223130173

211290387285292

3484091553356

2031,132

8561,2531,027

1,2881,3711,1371,7912,212

3,039

Indus-trial

949

53222174

176191

158266492232254

442801346156208

6421,6891,7021,397

972

1,0622,1172,3202,2292,030

2,403

Publicutility

1,578

1,527946467261326

363518705605683

771872786570725

8271,3742,3383,0433,323

3,3303,7294,0034,4164,341

4,465

Other a

1,020

856582282194194

257342444448480

508614413335382

4631,4282,0502,5802,795

3,1743,5743,5473,5113,689

3,743

Publiccon-

struc-tion

2,486

2,8582,6591,8621,6482,211

2,2333,5163,0963,4203,809

3,6285,751

10,6606,3223,073

2,3982 3623,4334,8256,405

7,0009,418

10,90111,39411,809

12,000


35,79636,13235, 94036,19237,36837,296

37, 59638,38838,38837, 63239, 04841,148

41,06441,43641, 56842,30042,97242,780

42,79242,81642, 87642,31242,21641,868

23,71223, 78423, 95224,63625, 51225, 500

26,16026, 71226,96426, 85627, 22828, 200

28,80029,25629,56830,30030,67230,540

30,93631,09231,18830,61230,20429,832

11,73611, 76011,86812,48013,24813, 224

13,80014,30414,58014, 52014, 74815,684

16,05616,17616,18816,69217,02817,040

17,22017,19617,06416,48816,14015,912

11,97612, 02412, 08412,15612, 26412,276

12,36012, 40812,38412,33612, 48012, 516

12, 74413,08013,38013,60813,64413,500

13,71613,89614,12414,12414,06413,920

2,0642,0882,0762,1002,1602,196

2,2682,4122,4242,3162,2322,208

2,4002,6642,8202,9763,0002,940

3,0363,2643,4803,4923,2643,132

2,0882,0642,1002,0522,0282,016

1,9561,9321,9081,9802,0762,160

2,1722,1962,2562,2562,3042,376

2,4602,4842,5082,5442,6162,664

4,3204,3084,3204,3204,3324,320

4,3324,3444,3564,3684,3804,392

4,4164,4524,4884,5124,4884,488

4,4764,4764,4644,4524,4404,428

3,5043,5643,5883,6843,7443,744

3,8043,7203,6963,6723,7923,756

3,7563,7683,8163,8643,8523,696

3,7443,6723,6723,6363,7443,696

12,08412,34811,98811, 55611,85611, 796

11,43611, 67611, 42410, 77611, 82012, 948

12,26412,18012,00012,00012,30012,240

11,85611,72411,68811,70012,01212,036

»Excludes construction expenditures for crude petroleum and natural gas drilling, and therefore doesnot agree with the new construction expenditures included in the gross national product, Table D- l .

2 Includes farm, institutional, and all other.* Preliminary.

Sources: Department of Commerce and Department of Labor.

198


TABLE D-31.—New public construction activity, 1929-55

[Value put in place, millions of dollars]

Year

1929

19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949

19501951195219531954

1955 *

Total new public construction *

Allpublicsources

2,486

2,8582,6591,8621,6482,211

2,2333,5163,0963,4203,809

3,6285,751

10,6606,3223,073

2,3982,3623,4334,8256,405

7,0009,418

10,90111,39411,809

12,000

Federal

Direct

155

209271333516626

814797776717759

1,1823,7519,3135,6092,505

1,737870840

1,1771,488

1,6252,9824,1864,1513,445

2,766

Federalaid

80

104235111286721

5671,5661,1171,3201,377

946697475268126

99244409417461

465479619700709

757

Stateandlocal

2,251

2,5452,1531,418

846864

8521,1531,2031,3831,673

1,5001,303

872445442

5621,2482,1843,2314,456

4,9105,9576,0966,5437,655

8,477

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

398895

1,4511,7742,131

2,2722,5182,8203,1603,750

4,100

Educa-tional

389

36428513052

148

153366253311468

1561581286341

59101287618934

1,1331,5131,6191,7142,134

2,442

Hos-pitaland

institu-tional

101

118110834951

38747397

127

5442354458

858585

223477

496528473365365

329

Sewerand

waterand

misc.publicservice

404

500479291160228

246509445492507

469393254156125

152293515720822

844988983

1,0831,200

1,364

Con-serva-tionandde-

velop-ment

115

137156150359518

700658605551570

528500357285163

130240394629793

881853854830704

595

Mili-tary

facili-ties

19

2940343647

37293762

125

3851,6205,0162,550

837

690188204158137

177887

1,3881,3071,030

1,300

Allotherpublic

192

194234216145219

214518457486631

7341,9724,1362,7781,487

884560497703

1,111

1,1972,1312,7642,9352,626

1,870

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.

3 Preliminary.

Sources: Department of Commerce and Department of Labor.

199


TABLE D-32.—New nonfarm housing starts, by source ojfunds and by type of structure, 1929-55l

[Thousands of units]

PeriodTotal

nonfarmunits

Source of funds

Private Public

Type of structure

1-family 2-family 2 Multi-family 3

Privateunits,

season-ally ad-justedannualrates

1929 «____

193019311932.-19331934 _

19351936193719381939

19401941194219431944

19451946194719481949 -

19501951195219531954

1955«

1954: JanuaryFebruary...March.AprilMay...June

JulyAugustSeptember..OctoberNovember..December-_


JulyAugustSeptember..October 5__.November8.December«_

509.0

330.0254.0134.093.0

126.0

221.0319.0336.0406.0515.0

602.6706.1356.0191.0141.8

209.3670.5849.0931.6

1,025.1

1,396. 01, 091.31,127.01,103.81,220.4

1,329.9

66.475.295.2

107.7108.5116.5

116.0114.3115.7110.7103.690.6

87.689.9

113.8132.0137.6134.8

122.6124.7114.9107.090.075.0

509.0

330.0254.0134.093.0

126.0

215.7304.2332.4399.3458.4

529.6619.5301.2183.7138.7

208.1662.5845.6913.5

1,352. 21, 020.11,068. 51,068.31, 201.7

1,310.8

65.173.993.2

106.5107.4112.6

112.9113.0113.4110.5103.3

87.387.9

112.8130.5135.1131.4

121.9122.3113.6106.689.272.2

5.314.83.66.7

56.6

73.086.654.87.33.1

1.28.03.4

18.136.3

43.871.258.535.518.7

19.1

1.31.32.01.21.13.9

3.11.32.3.2.3.7

.32.01.01.52.53.4

.72.41.3.4.8

2.8

316.0

227.0187.0118.076.0

109.0

183.0244.0267.0317.0399.0

485.7603.5292.8143.6117.7

184.6590.0740.2766.6794.3

1,154.1900.1942.5937.8

1,077.9

53.164.783.296.197.7

102.0

101.6103.0103.9100.392.879.5

78.378.9

100.1119.9122.2121.5

113.5111.6104.1

51.0

29.022.07.05.05.0

8.014.016.018.029.0

37.334.320.117.810.6

24.333.946.936.5

44.840.445.941.534.2

2.22.32.83.13.02.9

3.13.13.12.72.83.1

2.22.63.73.13.33.0

2.72.72.4

142.0

74.045.09.0

12.012.0

30.061.053.071.087.0

79.668.343.129.613.5

15.956.274.9

118.1194.3

197.1150.8138.6124.5108.3

11.18.29.28.57.8

11.6

11.38.28.77.78.08.0

7.18.4

10.09.0

12.110.3

6.410.48.4

1,0561,1521,1301,1021,0831,175

1,1881,2111,2481,2871,3931,478

1,4161,3701,3671,3501,3621,371

1,2831,3101,2511,2421,2031,187

1 These estimates are based on building permit records which have been adjusted for lapsed permits andfor lags between permit issuance and start of construction. They are based also on reports of Federal con-struction contract awards and on field surveys in non-permit-issuing places. All temporary units areexcluded.

2 Includes units in 1- and 2-family structures with stores.»Includes units in multifamily structures with stores.* The number of starts for the years 1920-28, respectively, was as follows: 247,000; 449,000; 716,000; 871,000;

893,000; 937,000; 849,000; 810,000 and 753,000.8 Preliminary.8 Not available.


200


TABLE D-33.—Private nonfarm housing starts and proposed home construction: Governmentunderwritten, 1935-55

[Thousands of units]

Period

Private nonfarm housing starts

TotalGovernment underwritten

Total FHA V A i

Proposedhome construction

FHAapplica-tions 2

VAappraisalrequests

19351936193719381939 -.

1940194119421943.1944

19451946194719481949

1950 _1951195219531954

19558 -


JulyAugustSeptember..OctoberNovember..December...


JulyAugustSeptember-OctoberNovember..December6.

215.7304.2332.4399.3458.4

529.6619.5301.2183.7138.7

208.1662.5845.6913.5

1, 352. 21, 020.11, 068. 51, 068.31, 201. 7

1,310.8

65.173.993.2

106.5107.4112.6

112.9113.0113.4110.5103.3

87.387.9

112.8130.5135.1131.4

121.9122.3113.6

6 106.66 89.2

72.2

14.049.460.0

118.7158.1

180.1220.4165.7146.293.3

686.7412.2421.2408.6583.3

V668.5

24.730.536.443.649.055.6

52.260.359.858.262.450.7

46.145.353.660.365.971.6

63.367.658.053.445.637.8

14.049.460.0

118.7158.1

180.1220.4165.7146.293.3

41.269.0

229.0294.1363.8

486.7263.5279.9252.0276.3

276.7

13.216.320.523.824.027.7

25.427.025.924.726.321.5

20.017.223.825.828.032.1

26.026.924.718.617.516.2

5 200.0148.7141.3156.6307.0

11.614.215.919.825.027.9

26.833.333.933.536.029.1

26.128.029.934.537.839.5

37.440.833.334.828.121.6

3 20.647.849.8

131.1179.8

231.2288.5238.5144.462.9

56.6121.7286.4293.2327.0

397.7192.8267.9253.7

306.2

15.020.028.132.330.335.2

30.132.234.829.326.924.3

25.628.335.633.130.130.8

24.326.423.119.216.313.4

()164.4226.3251.4535.4

620.8

20.134.436.542.952.252.7

52.355.451.345.647.744.3

46.264.271.965.969.352.4

51.456.045.143.130.424.9

1 Data since June 1950 are based on VA first compliance inspection; prior data are estimates of units startedwhich resulted in VA-guaranteed first mortgage loans.2 Units in mortgage applications for new-home construction.

s FHA program approved in June 1934; all 1934 activity included in 1935.* Not available.6 Partly estimated.6 Preliminary.Sources: Department of Labor, Federal Housing Administration (FHA), and Veterans Administra-

tion (VA).

2OI


T A B L E D—34.—Sales and inventories in manufacturing and trade, 7939—55

[Amounts in billions of dollars]

Period

Total manufactur-ing and trade l

Sales 2 Inven-tories 3 Ratio *

Manufacturing

Sales* Inven-tories 3 Ratio

Wholesale trade

Sales 2Inven-tories 3 Ratio < Sales 2

Retail trade»

Inven-tories'

Ra-tio*

Old series

1939.

19401941.194219431944.

1945.1946.1947.1948.1949.

1950.

1951..1952..1953..1954..

19555.


July..AugustSeptember..OctoberNovember..December...


JulyAugustSeptember..OctoberNovember6.December6..

10.8

12.115.818.621.923.8

23.927.233.236.434.7

39.9

20.1

22.228.831.131.331.1

30.942.950.555.652.1

64.1

1.77

1.721.581.661.401.33

1.301.331.431.471.56

1.40

5.1

5.98.2

10.412.813.8

12.912.615.917.616.4

19.3

11.5

12.817.019.320.119.5

18.424.528.931.728.9

34.3

2.11

2.061.78L.77L.51L.45

L.48L.66L.71L.721.86

L.57

2.2

2.43.03.43.84.2

4.56.07.37.97.4

8.7

3.1

3.24.03.83.73.9

4.66.67.68.17.9

10.5

1.34

1.301.201.19.97.94

.91

.901.01

.991.08

1.03

3.5

3.94.64.85.35.9

6.58.5

10.010.910.9

12.0

5.5

6.17.88.07.67.6

7.911.914.115.815.3

19.3

44.945.948.446.7

51.6

46.046.646.746.946.146.9

46.646.346.445.647.648.7

48.748.950.750.951.752.3

51.952.853.152.553.3

New series

Seasonally adjusted

79.979.679.378.878.978.6

77.677.377.076.977.176.9

76.977.377.577.778.378.8

79.279.680.080.881.4

1.741.71.70.69.71

.67

.58

.531.631.511.51

1.521.511.501.531.52

23.523.523.623.723.223.3

23.223.123.022.524.024.1

24.324.626.026.026.627.1

26.727.227.226.727.3

45.645.345.044.544.344.2

43.443.142.943.243.343.3

43.243.343.343.343.543.8

43.944.344.745.345.6

.95

.94

.91

.89

.91

.90

.89

.87

.87

.91

.80

.80

.78

.75

.67

.661.631.61

1.641.621.631.691.66

8.99.19.19.08.99.1

9.19.19.29.09.39.5

9.59.59.79.69.79.7

9.69.9

10.010.110.2

11.811.911.811.611.811.9

11.811.811.711.711.711.5

11.511.711.611.711.811.8

11.911.912.012.212.3

1.311.301.291.30

.32

.30

.30

.30

.28

.30

.26

.22

.21

.22

.20

.211.201.21

1.231.211.201.201.20

13.614.013.914.214.014.4

14.314.214.214.114.415.1

14.914.815.115.315.415.4

15.515.715.815.815.815.9

22.522.422.622.722.822.6

22.422.522.422. Q22.122.1

22.222.422.622.823.023.2

23.423.323.223.323.5

1.63

1.491.481.761.431.31

1.211.131.271.401.43

1.40

75.276.780.376.9

81.4

1.611.641.641.68

1.53

22.322.824.923.4

26.3

42.843.845.943.3

45.6*

1.771.901.821.89

1.67

9.49.49.39.1

9.8

11.111.311.711.5

12.3

1,201.181.251.29

1.21

13.213.714.214.2

15.5

21.221.622.722.1

23.5

1.631.531.571.58

1.48

1.661.611.621.591.621.57

1.581.581.681.581.531.46

1.491.511.491.491.491.51

1.501.491.471.471.48

i Beginning in 1951, the estimates of retail sales and inventories are based on a new method of estima-tion adopted by the Bureau of the Census. Estimates shown in this table for 1939-50 are on the previouslypublished basis and estimates for 1951-55 are on the new basis. For a description of the retail sales andinventories series, see Survey of Current Business, September and November 1952 and January 1954.

* Monthly average shown for year and total for month,s Seasonally adjusted, end of period.< Inventory/sales ratio. For annual periods weighted average inventories to average monthly sales;

for monthly data, ratio of average end of current and previous month's inventories to sales for month.«Where December data not available, data for year calculated on basis of no change from November.• Preliminary.

NOTE.—The inventory figures in this table do not agree with the estimates of change in business inven-tories included 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.


202


TABLE D-35.—Manufacturers* new orders, sales, and inventories, 1939-55


Period

1940.1941.1942.1943.1944.

1945.1946.1947.1948.1949.

1950.1951.1952.1953-1954.

1955»

1954:JanuaryFebruary—MarchAprilMayJune


1955:JanuaryFebruary-MarchAprilMayJune

July..AugustSeptember. _OctoberNovember«.

New orders *

Total

5.4

6.89.8

13.312.711.9

10.513.715.617.415.9

21.024.523.623.422.4

27.0

Dura-ble-

goodsindus-tries

2.2

3.45.38.06.85.5

3.95.96.47.56.6

10.312.711.711.110.1

13.8

Non-durable-goodsindus-tries

3.2

3.44.55.35.96.4

6.67.89.39.99.3

10.711.811.912.312.3

13.3

Sales »

Dura-ble-

goodsindus-tries

2.0

2.53.85.26.97.3

6.35.06.77.67.1

8.810.410.912.511.1

13.1

Non-durable-

goodsindus-tries

3.2

3.44.45.36.06.4

6.67.69.2

10.09.3

10.511.911.912.412.3

13.2

Inventoriesa

Durable-goods industries

Pur-chasedmate-rials

1.8

2.13.13.73.93.3

3.24.55.15.64.6

6.17.47.37.46.3

7.0

Qoods-in-

process

1.5

2.03.24.65.25.0

3.54.65.25.44.7

6.086

10.210.69.8

10.7

Fin-ishedgoods

2.1

2.22.32.22.12.1

2.12.94.04.74.7

4.76.86.98.37.9

8.2

Nondurable-goodsindustries

Pur-chasedmate-rials

2.4

2.64.04.34.54.7

4.96.57.27.36.5

8.49.18.68.27.8

8.1

Goods-in-

proc-ess

0.8

1.21.21.41.4

1.51.82.22.22.1

2.52.72.72.82.8

3.1

Seasonally adjusted

Fin-ishedgoods

21.521.621.922.321.922.0

21.421.923.322.923.124.8

24.624.826.526.127.727.8

27.028.728.327.528.2

9.49.49.69.69.69.8

9.49.8

11.210.810.512.0

12.112.213.412.914.314.0

13.615.114.914.114.6

12.112.212.312.712.312.1

12.012.212.112.112.712.8

12.512.713.113.213.413.8

13.513.613.413.413.6

11.411.211.311.211.111.3

11.210.910.810.311.311.6

11.812.012.912.813.313.5

13.513.713.713.313.7

12.112.212.312.512.112.1

12.112.212.212.212.612.5

12.412.613.113.213.313.6

13.213.513.513.413.6

7.37.27.27.17.17.1

6.96.76.76.56.56.3

6.46.36.3

. 6.46.56.6

6.66.76.96.97.0

10.510.310.19.99.89.6

9.49.39.39.69.79.8

9.79.89.99.99.9

10.0

10.110.110.210.410.7

8.38.38.38.18.07.9

7.77.87.77.87.87.9

7.97.97.97.97.97.9

7.88.08.08.28.2

8.28.17.97.97.98.0

8.07.87.87.87.97.8

7.87.77.77.77.87.8

7.87.97.98.08.1

2.72.72.72.82.82.8

2.72.72.72.72.82.8

2.82.82.82.82.92.9

2.93.03.03.03.1

2.9

3.03.23.33.03.0

3.24.25.26.56.3

6.68.28.18 686

8.5

8.68.78.88.78.78.8

8.78.78.78.88.68.6

8.68.78.78.68.58.6

8.68.68.68.78.5

1 Monthly average shown for year and total for month.2 Book value, seasonally adjusted, end of period.3 Based on data through November.4 Preliminary.

NOTE.—See Table D-34 for total sales and inventories of manufacturers.


2O3


PRICES

TABLE D-36.—Wholesale price indexes, 1929-55

[1947-49=100] 1

PeriodAll

com-modi-ties

Farmprod-ucts

Proc-essedfoods

All commodities other than farm productsand foods

Total

Textileprod-uctsand

apparel

Chemi-calsand

alliedprod-ucts

Rubberand

prod-ucts

Lumberand

woodprod-ucts

1929

19301931193219331934

19351936193719381939

19401941... ___194219431944

19451946194719481949

19501951195219531954

1955 «

1954: January. __February..MarchAprilMayJune

JulyAugustSeptember-October....November.December.

1955: JanuaryFebruary. .MarchAprilMayJune

JulyAugustSeptember.October....November.December4.

61.9

56.147.442.142.848.7

52.052.556.151.150.1

51.156.864.267.067.6

68.878.796.4

104.499.2

103.1114.8111.6110.1110.3

110.7

110.9110.5110.5111.0110.9110.0

110.4110.5110.0109.7110.0109.5

110.1110.4110.0110.5109.9110.3

110. 5110.9111.7111.6111.2111.3

58.6

49.336.226.928.736.5

44.045.2

36.5

37.846.059.268.568.9

71.683.2

100.0107.392.8

97.5113.4107.097.095.6

89.7

97.897.798.499.497.994.8

96.295.893.693.193.2

92.593.192.194.291.291.8

89.588.189.386.884.183.4

58.5

53.344.836.536.342.6

52.150.152.445.643.3

43.650.559.161.660.4

60.877.698.2

106.195.7

99.8111.4108.8104.6105.3

101.7

106.2104.8105.3105.9106.8105.0

106.5106.4105.5103.7103.8103.5

103.8103.2101.6102.5102.1103.9

103.1101.9101.5100.298.898.2

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

117.0

114.6114.4114.2114.5114.5114.2

114.3114.4114.4114.5114.8114.9

115.2115.7115.6115.7115.5115.6

116.5117.5118.5119.0119.4119.7

()100.1104.495.5

99.2110.699.897.395.2

95.3

96.195.395.094.794.894.9

95.195.395.395.495.295.2

95.295.295.395.095.095.2

95.395.395.495.495.695.6

()51.253.7

56.056.459.055.955.8

56.661.669.369.570.2

70.676.3

101.4103.894.8

110.0104.5105.7107.0

106.6

107.2107.5107.4107.2107.1106.8

106.7106.8106.8106.9107.0107.0

107.1107.1106.8107.1106.8106.8

106.0105.9106.0106.5106.6106.7

83.5

73.062.053.856.865.8

66.471.784.482.786.3

80.286.5

100.6103.3102.0

99.499.0

102.1

120.5148.0134.0125.0126.9

143.8

124.8124.6124.9125.0125.1126.1

126.8126.4126.9128.5131.4132.0

136.8140.6138.0138.3138.0140.3

143.4148.7151.7147.8150.6151.0

31.9

29.423.820.324.228.5

27.428.733.730.831.6

35.241.845.448.051.9

52.560.393.7

107.299.2

113.9123.9120.3120.2118.0

123.6

117.0116.8116.7116.2116.1116.3

119.1119.1119.3119.8119.9120.0

120.3121.2121.4122.4123.5123.7

124.1125.1125.7125.4125.0125.1

1 See footnotes'at end of table.

204


TABLE D-36.-—Wholesale price indexes, 1929-55— Continued

[1947-49=100] i

Period

All commodities other than farm products and foods (continued)

Hides,skins,and!

leatherprod-ucts

Fuel,power,

andlight-ing

mate-rials

Pulp,paper,v andalliedprod-ucts

Metalsand

metalprod-ucts

Machin-ery andmotiveprod-ucts

Furni-tureand

otherhouse-holddura-bles

Non-metal-

licminer-

als(struc-tural)

Tobaccomanu-

facturesand

bottledbever-

Miscel-laneous

1929

19301931193219331934

19351936193719381939

1940194119421943....1944

1945 „1946194719481949

1950 ._.195119521953..__1954

1955*


JulyAugustSeptember.OctoberNovember.December..


JulyAugustSeptember.OctoberNovember..December4-

59.3

54.446.839.744.047.1

48.751.956.950.552.0

54.858.964.063.963.4

64.274.6

101.0102.196.9

104.6120.397.298.594.2

93.8

95.394.994.794.696.0

94.994.093.092.492.891.8

91.992.392.293.292.992.9

93.793.894.095.396.496.7

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

107.8

110.8110.5109.2108.6108.2107.8

106.2106.9106.9106.9107.4107.5

108.5108.7108.5107.4107.0106.8

106.4107.2108.0108.0108.6108.9

()98.6

102.998.5

100.9119.6116.5116.1116.3

119.3

117.0117.1116.6116.3115.8115.8

116.2116. 3116.3116.3116.0115.9

116.3116.6116.8117.4117.7118.3

119.0119.7120.5122.8123.2123.6

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

136.6

127.2126.2126.3126.8127.1127.1

128.0128.6129.1129.7129.9129.8

130.1131.5131.9132.9132.5132.6

136.7139.5141.9142.4142.9143.9

()65.3

66.268.671.271.071.0

71.680.392.5

100.9106.6

108.6119.0121.5123.0124.6

128.4

124.4124.5124.5124.4124.4124.3

124.3124.3124.4124.3125. 3125.7

125.8126.1126.1126.3126.7127.1

127.5128.5130.0131.4132.5132.8

69.3

68.262.855.455.560.2

59.860.667.265.665.4

66.871.276.876.478.4

78.683.095.6

101.4103.1

105.3114.1112.0114.2115.4

115.9

115.2115.1115.0115.6115.5115.4

115.3115.3115.3115.6115.6115.7

115.5115.4115.1115.1115.1115.2

115.5116.0116.4116.9117.2117.4

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

124.2

120.9121.0121.0120.8119.3119.1

120.4120.5121.7121.9121.8121.8

122.0121.8121.9122.3123.2123.7

125.3126.1126.4126.8125.2125.4

86.6

87.184.681.472.876.0

75.975.876.576.476.4

77.378.179.183.083.4

85.889.797.2

100.5102.3

103.5109.4111.8115.7120.6

121.6

118.2118.0117.9121.5121.4121.4

121.4121.5121.5121.5121.4121.4

121.4121.6121.6121.6121.6121.6

121.6121.7121.7121.7121.7121.7

()100.8103.196.1

96.6104.9108.397.8

102.5

91.9

101.1102.8104.9110.3109.2105.1

103.9102.399.196.797.098.0

97.097.195.694.091.389.1

90.889.890.391.588.088.7

1 This does not replace the former index (1926=100) as the official index prior to January 1952. Thesedata from January 1947 through December 1951 represent the revised sample and the 1947-49 weightingpattern. Prior to January 1947 they are based on the month-to-month movement of the former index.The only official index up to and including December 1951 is the former monthly index (1926=100).

2 The data from January 1947 through January 1953 differ from the official series due to a|change in themethod of eliminating excise taxes and discounts.

> Not available.4 Preliminary.


205


TABLE D-37.—Wholesale price indexes by economic sector, 1947-55

[1947-49-100]

PeriodAll

com-modi-ties

Crude materials

Total

98.6108.093.4

101.8116.9107.499.298.3

94.5

100.099.9

100.7101.5100.898.4

97.997.696.695.996.094.3

96.796.696.197.394.796.2

95.193.894.993.289.989.9

Food-stuffsandfeed-stuffs

100.7108.890.5

97.0112.3105.794.694.7

85.7

98.197.799.4

100.498.594.6

93.993.691.890.090.287.7

90.889.789.291.287.789.7

86.583.484.982.777.275.9

Non-foodma-

terials,except

fuel

96.0106.897.2

111.0128.1110.9106.2104.2

110.1

102.0102.2101.9103.2104.8105.0

104.9104.3104.6106.0106.0105.4

106.9108.2107.6108.0106.8107.7

110.6112.8112.9111.8112.5114.9

Fuel

Intermediate materials, supplies, and components1

Total

Materials and components formanufacturing

Total

Ma-terials

forfood

manu-factur-

ing

Ma-terials

fornon-dur-able

manu-factur-

ing

Ma-terials

fordu-

rablemanu-factur-

ing

Com-po-

nentsfor

manu-factur-

ing

Ma-terialsandcom-po-

nentsfor

con-struc-tion

194719481949

19501951195219531954

1955 »

1954:JanuaryFebruary..MarchAprilMayJune

JulyAugustSeptember-OctoberNovember.December..

1955:JanuaryFebruary. ..MarchAprilMayJune

JulyAugustSeptember..OctoberNovember..December3.

96.4104.499.2

103.1114.8111.6110.1110.3

110.7

110.9110.5110.5111.0110.9110.0

110.4110.5110.0109.7110.0109.5

110.1110.4110.0110.5109.9110.3

110.5110.9111.7111.6111.2111.3

89.4105.6105.0

104.6106.5107.2111.0106.0

105.7

110.9110.4107. 5105.1104.7104.6

104.3104.5104.8104.6104.8105.4

106.4107.7107.7104.6102.9102.9

102.8102.5106.6107.4108.2108.4

96.2104.099.9

104.3116.9113.5114.1114.8

117.0

115.0114.8114.8115.0114.8114.3

114.7114.9114.7114.6114.9114.9

115.1115.6115.4115.7115.7115.7

116.8117.6118.6119.1119.1119.4

96.4104.099.6

104.5118.4113.4115.2115.4

118.2

115.6115.1115.1115.0115.0114.9

115.6115.8115.7115.7115.7115.7

115.8116.4116.3116.9117.0117.1

118.2119.0120.1120.5120.7120.9

102.8106.091.2

94.9105.7101.5101.8100.9

97.7

101.7100.9101.4101.1101.2100.5

101.7102.4101.199.999.899.4

99.199.798.498.999.0

100.0

99.297.195.595.694.994.7

99.2105.095.8

100.5116.5104.8104.0102.3

102.8

103.2102.7102.4102.1102.2102.2

102.1102.2102.0102.1102.0102.0

102.2102.2102.2102.5102.4102.4

102.8102.8103.1103.3103.6103.7

91.2103.0105.8

111.9124.3124.6130.1133.1

139.7

132.1131.5131.6131.9131.8131.9

133.7134.0134.3134.6134.6134.6

134.5135.7135.9137.0137.0137.2

140.1141.9143.7144.2144.2144.6

94.4101.9103.8

107.6122.2122.5124.7125.3

131.0

125.8125.5125.6125.2125.0124.8

124.8124.9125.2125.1125.8126.0

126.4127.3127.4128.0128.3128.2

129.1131.3135.0135.9137.1137.4

93.3103.2103.5

108.9119.1118.3120.2120.9

125.6

120.8120.6120.6120.2119.8119.8

120.8121.1121.4121.6121.7121.8

121.9122.4122.7123.4124.0124.2

125.9127.7128.7128.9128.7129.0


206


TABLE D-37.—Wholesale price indexes by economic sector, 1947-55—Continued

[1947-49=100]

Period

Finished goods

Total

95.9103.5100.6

102.4112.1111.5110.4110.7

110.9

111.1110.5110.4110.8111.0110.2

111.1111.1110.6110.2110.6110.2

110.6110.8110.2110.6110.2110.6

110.5110.9111.5111.3111.6111.5

Total

96.8104.199.2

100.9110.3109.0107.1107.1

106.4

107.7106.9106.8107.4107.6106.6

107.8107.7107.0106.6106.9106.2

106.7106.9106.2106.6106.1106.5

106.2106.4106.8106.2106.4106.3

Consumer finished goods

Foods

97.0105.897.2

99.2111.3110.4104.6103.8

101.2

104.8103.2103.2104.2105.0102.8

106.0105.6103.9102.7103.0101.2

102.1102.5100.7102.3101.2102.1

101.5101.6102.199.999.498.7

Other non-durablegoods

97.4103.599.2

100.8108.5105.9106.9107.2

107.8

107.7107.5107.1107.5107.3107.2

106.8107.0107.1107.1107.3107.4

107.8108.0108.0107.5107.3107.4

107.3107.5107.8107.9108.4108.6

Durablegoods

94.8101.3104.0

105.0112.1113.0113.8114.7

115.9

114.6114.6114.5114.6114.6114.5

114.4114.5114.5114.5115.3115.7

115.5115.3115.2115.2115.1115.1

115.3115.5115.7116.9117.9118.2

xTOQUcerfinished

goods

92.8101.1106.1

108.7119.3121.3123.1124.7

128.4

124.5124.6124.6124.5124.5124.5

124.5124.5124.6124.7125.3125.7

125.8126.1126.1126.4126.7127.1

127.4128.7130.3131.7132.4132.6

1947 -1948..._ _.1949

1950.19511952 _19531954 .._

1955 8 . - —

1954: JanuaryFebruary. _MarchApril _.MayJune

JulyAugustSeptember.OctoberNovember.December. .


JulyAugustSeptember.OctoberNovember .December2

* Includes, in addition to subgroups shown, processed fuels and lubricants, containers, and supplies.8 Preliminary.

NOTE.—For a listing of the commodities included in each sector and their relative importance, see MonthlyLabor Review, December 1955.


207


TABLE D-38.—Consumer price indexes, 1929-55

For city wage-earner and clerical-worker families

[1947-49=100]

Period Allitems

73.3

71.465.058.455.3

^57. 2

"58. 7r59.361.4^60.3.59.4

"59. 962.969.774.075.2

76.983.495.5

102.8101.8

102.8111.0113.5114.4114.8

114.5

115.2115.0114.8114.6115.0115.1

115.2115.0114.7114.5114. 6114.3

114.3114.3114.3114.2114.2114.4

114.7114.5114.9114.9115.0114.7

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

110.9

113.1112.6112.1112.4113.3113.8

114.6113.9112.4111.8111.1110.4

110.6110.8110.8111.2111.1111.3

112.1111.2111. 6110.8109.8109.5

Housing

Total

P)

P)P)P)P)P)

P)

P)p)P)

P)P)

Y(0

P)P)95.0

101.7103.3

106.1112.4114.6117.7119.1

120.0

118.8118.9119.0118. 5118.9118.9

119.0119.2119.5119.5119.5119.7

119.6119.6119.6119.5119.4119.7

119.9120.0120.4120.8120.9120.8

Rent

117.4

"114.2108.297.1

183.678.4

78.280.183.886.586.6

86.988.490.490.390.6

90.991.494.4

100.7105.0

108.8113.1117.9124.1128.5

130.3

127.8127.9128.0128.2128.3128. 3

128.5128.6128.8129.0129.2129.4

129.5129.7130.0129.9130.3130.4

130.4130.5130.5130.8130.9131.1

A p -parel

60.3

58.953.647. 5

" 45. 950.2

"50. 6'51.0

53. 753. 452.5

53.255.664.967.872.6

76.383.797.1

103.599.4

98.1106.9105.8104.8104.3

103.7

104.9104.7104.3104.1104.2104.2

104.0103.7104.3104.6104.6104.3

103.3103.4103.2103.1103.3103.2

103.2103.4104.6104.6104.7104.7

Trans-porta-tion

P)

P)rP)0)P)P)

• P )P)P)P)P)>

P)P)P)P)P)

P)P)90.6

100.9108.5

111.3118.4126.2129.7128.0

126.4

130. 5129.4129.0129.1129.1128.9

126.7126.6126.4125.0127.6127.3

127.6127.4127.3125. 3125.5125.8

125.4125.4125.3126.6128.5127.3

Medi-calcare

P)

"•

J)0

P)

P)P) r

;P) ;

prP)P)P)P)P)

P)0)94.9

100.9104.1

106.0111.1117.2121.3125.2

128.0

123.7124.1124.4124.9125.1125.1

125.2125.5125.7125.9126.1126.3

126.5126.8127.0127.3127.5127.6

127.9128.0128.2128.7129.8130.2

Per-sonalcare

P)

P)

P);

P) iP)

;..P)..,r

P)P)P)

P)P)P)0)P)

P)P)97.6

101.3101.1

101.1110.5111.8112.8113.4

115.3

113.7113.9114.1112.9113.0112.7

113.3113.4113.5113.4113. 8113.6

113.7113.5113.5113.7113.9114.7

115.5115.8116.6117.0117.5117.9

Read-ing andrecrea-tion

P)

P)P)P)

: v1)

P)P)P)P)P)

P)P)P)P)P)

P)P)95.5

100.4104.1

103.4106.5107.0108.0107.0

106.6

108.7108.0108.2106.5106.4106.4

107.0106.6106.5106. 9106.8106. 6

106.9106.4106.6106.6106.5106.2

106.3106.3106.7106.7106.8106.8

Othergoodsand

services

P)

0)P)

P)P)

p>P)0)

8P)P)P)P)P)

P)196.1

100.5103.4

105.2109.7115.4118.2120.1

120.2

120.3120.2120.1120.2120.1120.1

120.3120.2120.1120.1120.0119.9

119.9119.8119.8119.8119.9119.9

120.3120.4120.6120.6120.6120.6

1929...

1930.. - —19311932 _19331934

1935193619371938..1939.

194019411942.. _.19431944....

19451946194719481949

1950.19511952.. _.._19531954__

1955..

1954: January._.February..MarchAprilMayJune.


1955: January. _.February..MarchAprilMayJune


i Not available.Source: Department of Labor.

208


TABLE D~39.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929-55

[1910-14=100]

Period

Prices paid byfarmers for items

used in

Familyliving

154

144124106108122

124124128122120

121130149166175

182202237251243

246268271270274

273

271271272273276276

277277273273272272

273271273274274274

274273272274273274

Produc-tion

146

1351139999114

122122132122121

123130148164173

176191224250238

246273274253252

250

254254255256256252

247250251250251250

254256256254251250

248247246246244243

Parityindex(pricespaid,

interest,taxes, and

wagerates)

160

151130112109120

124124131124123

124133152171182

190208240260251

256282287279281

281

282282283282284282

280281280279279279

283283284284282282

281279279280279279

Pricesreceived

byfarmers

148

12587657090

1091141229795

100124159

2 1932 197

2 2072 236276287250

258302288258249

237

258257255257255247

245249246242242239

243244243247244243

237233235230225223

Parityratio l

1929

19301931 __ .193219331934.._

19351936193719381939...

194019411942.19431944

19451946194719481949

19501951195219531954

1955.

1954: January. _.February..MarchApril.MayJune

JulyAugustSeptember.OctoberNovember.December.

1955: January-_.February..MarchAprilMayJune


8367586475

92937877

8193

105113108

109113115110100

10110710092

84

919190919088

8787

86878786

848484828180

1 Percentage ratio of prices received by farmers to parity index.2 Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between

October 1943 and June 1946.Source: Department of Agriculture.

209


CREDIT, MONEY SUPPLY, AND FEDERAL FINANCETABLE D—40.—Short' and intermediate-term consumer credit outstanding, 1929—55

[Millions of dollars]

End of period Total

6,444

5,7674,7603,5673,4823,904

4,9116,1356,6896,3387,222

8,3389,1725,9834,9015,111

5,6658,384

11, 57014,41117,104

20,81321,46825,82729,53730,125

36,200

28,72428,14027,83328,09528,37228,666

28,72528,73628,85628,97529,20930,125

29,76029, 51829,94830,65531, 56832,471

32,89633,63634,29334,64035,05936,200

Instalment credit

Total

3,151

2,6872,2071,5211,5881,871

2,6943,6234,0153,6914,503

5,5146,0853,1662,1362,176

2,4624,1726,6958,968

11,516

14,49014,83718, 68422,18722,467

27,800

21,83621, 58221,38121,42621,48721,717

21,84921,90121,93521,95222,01422,467

22, 43622, 50822,97423, 51324,14924, 914

25, 47626,15526, 69926,96327, 24727,800

Auto-mobilepaper i

«

(4)(*)

(J)(4)4)

(4)

81,497

2,0712,458

742355397

455981

1,9243,0544,699

6,3426,2428,099

10, 34110,396

14,300

10,15810,0109,9199,942

10,00210,168

10,29810,34910,36510,34010,29610,396

10,45910, 64111,05311,48211,98512, 561

13,03813,54713,92914,09514,17214,300

Othercon-

sumergoods

paper *

(«)

(4)

h0)(4)4)4)4)4)

1,620

1,8271,9291,195

819791

8161,2902,1432,8423,486

4,3374,2705,3285,8315,668

6,400

5,6975,5885,4435,4135,3705,367

5,3285,2945,2875,3245,3985,668

5,6095,4845,4795,4925,5555,639

5,6765,7625,8485,9176,0576,400

Repairand

modern-izationloans*

(4)

(

0000298

371376255130119

182405718843887

1,0061,0901,4061,6491,616

1,600

1,6351,6231,6141,6171,6341,635

1,6371,6421,6421,6371,6311,616

1,5741,5501,5301,5341,5461,562

1,5701,5891,6111,6271,6341, 600

Per-sonalloans

(04)4)«)

J)4)4)4)4)

1 088

1,2451,322

974832869

1,0091,4961,9102,2292,444

2,8053,2353,8514,3664,787

5,500

4,3464,3614,4054,4544,4814,547

4,5864,6164,6414,6514,6894,787

4,7944,8334,9125,0055,0635,152

5,1925,2575,3115,3245,3845,500

Noninstalment credit

Total

3,293

3,0802,5532,0461,8942,033

2,2172,5122,6742,6472,719

2,8243,0872,8172,7652,935

3,2034,2124,8755,4435,588

6,3236,6317,1437,3507,658

8,400

6,8886,5586,4526,6696,8856,949

6,8766,8356,9217,0237,1957,658

7,3247,0106,9747,1427,4197,557

7,4207,4817,5947,6777,8128,400

Chargeac-

counts

1,602

1,4761,2651,020

9901,102

1,1831,3001,3361,3621,414

1,4711,6451,4441,4401,517

1,6122,0762,3532,7132,680

3,0063,0963,3423,4113,518

3,900

3,0022,6822,5642,7232,7862,819

2,7732,7342,8072,8923,0423,518

3,2252,8312,7352,8593,0113,040

2,9913,0193,1083,2183,2853,900

Other'

1,691

1,604s

1,2881,026

904931

1,0341,2121,3381,2851,305

1,3531,4421,3731,3251,418

1,5912,1362,5222,7302,908

3,3173,5353,8013,9394,140

4,500

3.8863,8763,8883,9464,0994,130

4,1034,1014,1144,1314,1534,140

4,0994,1794,2394,2834,4084,517

4,4294,4624,4864,4594,5274,500

1929 -

193019311932 ._19331934 _

19351936193719381939

19401941 _.._1942 -19431944

1945—.1946194719481949

1950 - -19511952 ..-_1953.—1954

1955 «

1954: JanuaryFebruary._MarchAprilMayJune

July —AugustSeptember.OctoberNovember.December-

1955: JanuaryFebruary. _MarchAprilMayJune

JulyAugustSeptember.OctoberNovember .December *

1 Includes all consumer credit extended for the purpose of purchasing automobiles and other consumergoods and secured by the items purchased.

»Includes only such loans held by financial institutions; those held by retail outlets are included in "otherconsumer goods paper."

* Single-payment loans and service credit.* Not available.»Preliminary estimates by Council of Economic Advisers.

Source: Board of Governors of the Federal Reserve System (except as noted).

2 I O


TABLE D-41.—Instalment credit extended and repaid, 1946-55


Period

Total

Ex-tended Repaid

Automobilepaper

Ex-tended Repaid

Other consumergoods paper

Ex-tended Repaid

Repair andmodernization

loans

Ex-tended Repaid

Personal loans

Ex-tended Repaid

1946-1947-1948-1949-

1950-1951-1952-1953-1954-

1955 i


July—.AugustSeptember-OctoberNovember—December

1955: JanuaryFebruaryMarch.AprilMayJune

JulyAugustSeptember-OctoberNovember-December i_

1954: JanuaryFebruary...MarchAprilMayJune _.

JulyAugustSeptember.OctoberNovember..December—

1955: JanuaryFebruary. ..MarchAprilMayJune

JulyAugustSeptember.OctoberNovember..December i.

8,49512,71315, 54018,002

21, 25622, 79128, 39730,32129, 304

37,200

6,78510,19013, 26715, 454

18, 28222, 44424, 55026, 81829,024

31,900

1,9693,6925,2807,182

8,9289,36212,30613,62112, 532

17,800

1,4432,7494,1505,537

7,2859,46210, 44911,37912, 477

13,900

3,0774,4985,2805,533

6,4586,5187,9598,0147,700

9,100

2,6033,6454,5814,889

5,6076,5856,9017,5117,863

8,400

423704702721

826853

1,2431,3871,245

1,300

200391577677

707769927

1,1441,278

1,300

3,0263,8194,2784,566

5,0446,058

7,2997,827

9,000

Unadjusted

1,9471,9562,3802,4002,3972,703

2,5492,4772,4412,4542,5543,046

2,3892,4163,1593,0893,2063,443

3,1313,4363,2413,0513,1033,550

2,2982.2102,5812.3552,3362,473

2,4172,4252,4072,4372,4922,593

2,4202,3442,6932,5502,5702,678

2,5692,7572,6972,7872,8193,000

780809

1,0201,0381,0471,244

1,1631,1141,0621,0311,0401,184

1,0601,1671,5691,5121,6161,766

1,5941,7451,5921,4171,3411,400

963957

1,1111,015987

1,078

1,0331,0631,0461,0561,0841,084

997985

1,1571,0831,1131,190

1,1171,2361,2101,2511,2641,300

538510574615607659

622607629687716936

616529708703741766

711793783785850

1,100

672619719645650662

661641636650642666

675654713690678682

674707697716710750

7588104105121109

10711211510610895

677299106121125

111130128126124100

89100113102104108

105107115111114110

10996119102109109

103111106110117100

554549682642622691

657644635630690831

646648783768728786

715768738723788950

Seasonally adjusted

2,3062,3572,2942,3582,3212,495

2,4552,4092,4742,4612,6122,762

2,823

3,0353,0173,0913,165

3,1223,2003,2793,0643,1753,200

2,3682,3772,4562,3582,3922,413

2,3642,4802,4042,4242,5002,488

2,4962,5212,5622,5522,6342,612

2,6022,7142,6912,7732,8302,900

907959957964984

1,114

1,0601,0351,0771,0681,1091,298

1,2331,3821,4721,4041,5171,580

1,5101,5591,6131,4671,4291,500

9851,0411,0531,0251,0101,056

1,0061,0671,0141,0391,0981,083

1,0201,0711,0961,0931,1391,165

1,1321,1951,1731,2311,2801,300

689636601644604649

666613609633677679

788660741736736754

791770756721802800

681644688629658658

667678634652631643

684680683672687678

697720696719699750

9711911510811595

981001069210199

8797109109115109

107113119111117100

84102110109115108

100105118106113108

10497116109122109

102105108106117100

613643621642618637

631661682668725686

715759713768723722

714758791765827800

2,5393,4053,9594,351

4,6835,6286,2736,7847,406

8,300

574534638593595625

618614610620652733

639609704675670697

675703684710728850

618590605595609591

591630638627658654

688673667678

671694714717734750

* Preliminary; December by Council of Economic Advisers.NOTE.—Detail for preliminary estimates will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System (except as noted).

211


TABLE D-42.—Mortgage debt outstanding, by type of property and of financing, 1939-55


End of period

1939

19401941194219431944

19451946 - ,194719481949

19501951195219531954

1955 2

1954: First quarter- __Second quarterThird quarterFourth quarter

1955: First quarter.Second quarterThird quarterFourth quarter2-

All prop-erties

35.5

36.537.636.735.334.7

35.541.848.956.262.7

72.882.291.2

101.0113.5

130.7

103.1106.2109.7113.5

117.2121.9126.3130.7

Nonfarm properties

Total

28.9

30.031.230.829.929.7

30.836.943.950.957.1

66.775.684.093.4

105.4

121.7

95.398.2

101.6105.4

108.7113.1117.4121.7

1- to 4-family houses

Total

16.3

17.418.418.217.817.9

18.623.028.233.337.6

45.251.758.466.075.7

89.1

67.669.972.775.7

78.582.185.689.1

Governmentunderwritten

Total

1.8

2.33.03.74.14.2

4.36.19.3

12.515.0

18.922.925.428.132.1

38.8

28.829.730.532.1

33.535.337.038.8

FHAin-

sured

1.8

2.33.03.74.14.2

4.13.73.85.36.9

8.69.7

10.812.012.8

14.3

12.212.412.612.8

13.213.513.914.3

VAguar-

anteed

0.22.45.57.28.1

10.313.214.616.119.3

24.5

16.617.317.919.3

20.321.823.124.5

Conven-tional

14.5

15.115.414.513.713.7

14.316.918.920.822.6

26.328.833.037.943.6

50.3

38.840.242.243.6

45.046.848.650.3

Multi-family

and com-mercialprop-

erties 1

12.5

12.612.912.512.111.8

12.213.815.717.619.5

21.623.925.627.429.7

32.6

27.728.329.029.7

30.331.031.832.6

Farmprop-erties

6.6

6.56.46.05.44.9

4.84.95.15.35.6

6.16.67.27.78.2

9.0

7.88.08.18.2

8.48.89.09.0

1 Derived figures, which include negligible amount of farm loans held by savings and loan associations.2 Preliminary estimates by Council of Economic Advisers.Source: Board of Governors of the Federal Reserve System, compiled from data supplied by various

Government and private organizations (except as noted).

2 1 2


TABLE D-43.—Loans and investments of all commercial banks, 1929-55


End of period l

Totalloansand

invest-ments

Loans

Total 2 Businessloans 3

Investments

TotalU. S. Gov-ernment

obligations *Other

securities

1929—June «..

1930—June »..1931—June «..1932—June «..1933—June «_.1934—June K.

1935..

1937-1938-

1940..1941-1942..1943-1944..

1945-1946..1947-1948-1949..

1950-1951-1952..1953..1954-

1955 7

1954: January.-.February.MarchAprilMayJune

JulyAugustSeptember.OctoberNovember.December-.

1955: January-..February-MarchAprilMayJune

JulysAugust8

September 8_.October8

November 8_.December 7_ _

49.4

48.944.936.130.432.7

36.139.638.438.740.7

43.950.767.485.1

105.5

124.0114.0116.3114.3120.2

126.7132.6141.6145.7155.9

160.3

145.3144.9142.8144.1145.7146.4

147.3149.5150.6154.0155.7155.9

156.3154.8153.5155.5155.6155.3

157.0156.7157.3158.9159.4160.3

35.7

34.529.221.816.315.7

15.216.417.216.417.2

18.821.719.219.121.6

26.131.138.142.543.0

52.257.764.267.670.6

81.9

66.566.967.166.867.167.3

67.366.567.367.769.470.6

70.671.272.372.973.975.2

76.677.378.479.281.481.9

()5.76.4

7.39.37.97.98.0

9.614.218.218.917.1

21.925.927.927.226.9

32.5

26.626.426.726.226.026.1

25.825.826.126.226.626.9

26.726.827.427.628.028.9

29.129.930.5

•31.031.932.5

13.7

14.415.714.314.017.0

20.923.121.222.323.4

25.129.048.266.0

97.982.978.271.877.2

74.474.977.578.185.3

78.4

78.978.075.777.478.679.0

80.083.083.386.386.385.3

85.783.681.282.681.780.1

80.479.378.979.778.078.4

4.9

5.06.06.27.5

10.3

13.815.314.215.116.3

17.821.841.459.877.6

90.674.869.262.667.0

62.061.563.363.469.0

61.9

64.263.060.762.163.363.5

64.367.367.370.270.169.0

69.066.864.265.665.063.3

63.762.562.062.961.461.9

9.49.78.16.56.7

7.17.97.07.27.1

7.47.26.86.16.3

7.38.19.09.2

10.2

12.413.314.114.716.3

16.5

14.715.015.115.215.315.5

15.715.716.016.116.216.3

16.716.817.017.016.716.8

16.716.916.916.816.616.5

1 June, December, and end-of-year figures are for call dates. Other data are for the last Wednesday ofthe month.

2 Data are shown net, i. e., after deduction of valuation reserves. Includes commercial and industrialloans, agricultural loans, loans on securities, real-estate loans, loans to banks, consumer credit, and otherloans.

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 Estimates in this table are based on book values and relate only to banks within the continental UnitedStates. Therefore, they do not agree with figures in Table D-49, which are on the basis of par values andinclude holdings of banks in United States Territories and possessions.

• 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 Preliminary estimates by Council of Economic Advisers.• Preliminary.• For October 1955, certain loan items are available on two bases because of a reclassification resulting

from reporting errors. The business loans figure shown above is after reclassification. The figure beforereclassification is 30.7 billion.


Source: Board of Governors of the Federal Reserve System (except as noted).

213


TABLE D-44.—Member bank reserves and Reserve Bank credit, 1929-55

[Averages of daily figures, millions of dollars]

Period

Reservo Bank credit outstanding

Total

1,459

1,0871,2742,0772,4292,502

2,4752,4812,5542,6002,628

2,4872,2933,4088,182

15.358

22, 21124,02922,98922,28320,161

19,06224.07024,80126, 26225,602

25,472

26,24325, 74625.55325,48325,50325,876

25,57124,85524,83825,45925, 77626,317

25, 44925,02124,98925,07024,92424,958

25,49725,45025, 52525, 79226,08926,853

U.S.Govern-ment se-curities

208

564669

1,4612,0522,432

2,4312,4312,5042,5652,584

2,4172,1873,1917,724

14, 772

21,36323,25022,33021,51119,560

18,41022, 75623,0662*. 66124,646

23,891

25,26324, 77024,63324, 63524, 68924,998

24, 77123,98923,94124, 48524,66124, 917

24, 20023,83823,61923,63223,66623,598

23,96723,88623,70923,95123,99724,602

Memberbank

borrow-ings

943

271323518234

29

76

1494

355

24135

366215156140115

106289780768147

607

100293189139155146

641156782

164246

313354464495368401

527765849884

1,016839

Allother,mainly

float

308

252282

9814341

3744362640

67101212434451

482564503632486

5461,025

955833809

974

880683731709659732

736751830892951

1,154

936829906P43890959

1,003799967957

1,0761,412

Member bank reserve balances

Total

2,358

2,3792,3232,1142,3433,676

5,0015,9896,8307,935

10,352

13,24913,40412,64812,62613, 222

15,05515,96916,46118,00117,774

16,40019,29320,35619,99619, 276

18,843

20,17919,55719,57319,39219,53319,670

19,16418,47818,40318,89319,20719, 279

19,11418,81918,63518,80018,74618,715

18,82418,72818,71118,87018,90219,240

Re-quired i

2,315

2,3242,2341,858

21,8152 2,112

2,5323,4775,6105,4135,960

6,9238,0809,980

11,11612,176

13,93414,99315,60817,16416,952

15,61718.53619,64219,31918,504

8 18,256

19,24318,92518, 88118,62718,81718,813

18,32917,63817,62818,17318,39318,576

18,43218,19518,05018,21018,16618,146

18,20518,15218,14818,34518,378

»18,646

Excessl

43

5589

2562 528

U,564

2,4692,5121,2202,5224,392

6,3265,3242,6681,5101,046

1,121976853837822

783757714677772

»586

936632692765716858

836839775720814704

682625585590580569

619576563525525

*594

Memberbank"free"

reserves(excess re-serves lessborrow-

ings)

1929 —

1930.1931.._.1932 — -19331934 -

19351936 -1937 -1938 — .1939

1940 -1941194219431944

19451946194719481949

1950.'1951195219531954

1955



1955: JanuaryFebruaryMarch _AprilMayJune


-900

-216-234-262

2941,535

2,4622,5061,2062,5134,388

6,3235,3192,6631,486911

755761

707

677468-66-91625

1-21

503626561712

772724708638650458

36927112195212

92-189

-491«-245

1 Estimates.2 Data from March 1933 through April 1934 are for licensed banks only.3 Preliminary.



214


TABLE D-45.—Deposits and currency, 1929-55


End of period »

1929-

1930..1931 .1932-1933..1934-

1935-1936 .1937..1938..1939-

1940-1941-1942..1943..1944..

1945—1946—1947—1948—1949—

1950—1951 —1952...1953—1954—

1955«.

1954: January...February.MarchAprilMayJune

JulyAugustSeptember.OctoberNovember..December..

1955: January...February.MarchAprilMayJune

July*August7

September 7_.October 7

November 7_.December6..

Totaldeposits

andcur-

rency

54,742

53,57248,37945,37042, 55148,106

52, 72657, 59556, 78159,87864, 733

71,12979,098

100, 500123,391151, 428

176, 378167, 500172. 330172, 693173,851

180, 574189,861200, 449205,720214, 757

220,600

203, 500202. 400201, 300202, 300203, 600205, 287

204, 800206, 300207, 700211, 400213, 300214, 757

213, 400212,100210, 600213, 000212,600213, 536

214,600214, 200214, 800216, 700217, 200220,600

Demand deposits adjustedand currency 2

Total

26,366

24.57221,88220, 39719,81723,114

27,03230,99929, 59731, 76136,194

42, 27048, 60762,86879, 64090,435

102,341110,044113,597111,599111,165

117,670124,549129,002130,542134, 402

137,900

129, 200126, 500123, 600125, 300125, 500125, 225

126, 800126, 300128,100130, 000131, 500134, 402

133, 800131, 300129,100131, 200130,100130, 609

131,000131, 200132, 100133, 400134, 800137,900

Cur-rency

outsidebanks

3,557

3,6054,4704,6694,7824,655

4,9175,5165,6385,7756,401

7,3259,615

13,94618,83723, 505

26, 49026, 73026, 47626,07925,415

25,39826,31527, 49428,09127,852

28,600

26, 90026,90026, 90026, 70026, 80027, 093

26, 80026, 90026, 90026, 90027, 50027, 852

26, 80026, 80026, 70026, 70026,80027, 375

27,10027. 30027, 20027, 30027, 90028, 600

Demanddeposits

adjusted '

22,809

20,96717, 41215, 72815,03518, 459

22,11525,48323,95925,98629,793

34, 94538,99248,92260,803

75,85183,31487,12185, 52085, 750

92, 27298, 234101,508102,451106, 550

109, 300

102, 30099, 60096, 70098, 60098, 70098,132

100,00099, 400101, 200103,100104, 000106, 550

107, 000104, 500102, 400104, 500103,300103, 234

103,900103, 900104, 900106,100106, 900109,300

Timedeposits

ad-justed* *

28,189

28,67625. 97924,45721, 71523,156

24, 24125.36126. 21826,30527,059

27. 73827, 72928,43132, 74839, 790

48,45253.96056, 41157, 52058,616

59, 24761,45065, 79970,37575, 282

78,300

70, 60071, 00071, 70072, 00072, 50073, 292

73, 70074, 00074, 40074, 80074, 30075,282

75, 40075, 70076,20076, 20076, 50077,129

77,10077,40077,70077,90077,40078,300

U.S.Gov-ern-

mentde-

posits £

187

324518516

1,0191,836

1,4531,235966

1,8121,480

1,1212,7629,201

11, 00321,203

25,5853,4962,3223,5744,070

3,6573,8625,6484,8035,073

4,400

3,7005,0006,1005,0005,6006,770

4,4006,0005,2006,6007,5005,073

4,2005,1005,3005,6005,9005,798

6,5005,6005,1005,3005,0004,400

1 June, December, and end-of-year figures are for call dates. Other data are for the last Wednesday ofthe month.

2 Includes holdings of State and local governments.s Includes demand deposits, other than interbank and U. S. Government, less cash items in process of

collection.* Includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes

interbank deposits.5 Includes U. S. Government deposits at Federal Reserve Banks and commercial and savings banks and,

beginning with 1938, includes U. S. Treasurer's time deposits, open account.6 Preliminary estimates by Council of Economic Advisers.7 Preliminary.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System (except as noted).

21'


TABLE D-46.—Bond yields and interest rates, 1929-55

[Percent per annum]

Period

1929..

1930..1931..1932..1933..1934..

1935..1936..1937..1938..1939..

1940..1941_.1942..1943..1944_.

1945..1946..1947..1948..1949..

1950..1951..1952..1953..1954..

1955



U. S. Government securitiesCorporate

bonds(Moody's)

3-monthTreas-

urybills i

()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

1.753

1.214.984

1.0531.011.782.650

.710

.8921.007

.987

.9481.174

9-12monthissues2

1.89

1.331.011.02.90.76.76

.65

.64

.891.03.94

1.10

Taxable bonds 3

2.462.472.48

2.372.192.252.442.31

2.322.572.68

8 2.922.52

2.80

2.672.582.502.452.522.53

2.452.462.502.522.552.57

3.162.71

2.94

2.902.852.732.702.722.70

2.022.602.642.652.682.68

Aaa

4.73

4.554.585.014.494.00

3.603.243.263.193.01

2.842.772.832.732.72

2.622.532.612.822.66

2.622.862.963.202.90

3.06

3.062.952.862.852.882.90

2.892.872.892.872.892.90

Baa

5.90

5.907.629.307.766.32

5.754.775.035.804.96

4.754.334.283.913.61

3.293. OS3.243.473.42

3.243.413.523.743.51

3.53

3.713.613.513.473.473.49

3.503.493.473.463.453.45

High-grade

munic-ipal

bonds(Stand-ard &Poor's)

4.27

4.074.014.654.714.03

3.403.073.102.912.76

2.502.102.362.061.86

1.671.642.012.402.21

1.982.002.192.722.37

2.53

2.502.392.382.472.492.48

2.312.232.292.322.292.33

Averagerate onshort-termbankloans

to busi-ness-

selectedcities

()2.1

2.12.02.22.62.4

2.22.12.12.52.7

2.73.13.53.73.6

3.7

3.72

~3.~60"

3.56

~3.~55~

Primecom-

mercialpaper,

4-6months

5.85

3.592.642.731.731.02

.75

.75

.94

.81

.59

.56

.53

.66

.69

.73

.75

.811.031.441.49

1.452.162.332.521.58

2.18

2.112.002.001.761.581.56

1.451.331.311.311.311.31

FederalReserve

Bankdis-

countrate

5.16

3.042.112.822.561.54

1.501.501.331.001.00

1.001.00

7 1.00U . 0 0M.00

7 1.007 1.00

1.001.341.50

1.591.751.751.991.60

1.89

2.001.791.751.631.501.50

1.501.501.501.501.501.50


2l6


TABLE D-46.—Bond yields and interest rates, 1929-55—Continued

[Percent per annum]

Period



U. S. Government securities

3-monthTreas-

urybills i

1. 2571. 1771.3351.6201.4911.432

1. 6221.8762. 0862. 2592.2252.562

9-12monthissues 2

1.361.411.491.711.721.71

1.882. 122.142.192.2S2.56

Taxable bonds3

10-20years

2.662.722.722.772.762.77

2.882.912.882.822.852.88

20yearsandover

2.772.922.922.922.912.91

2.963.023.002.962.962.97

Corporatebonds

(Moody's)

Aaa

2.932.993.023.013.043.05

3.063.113.133.103.103.15

Baa

3.453.473.483.493.503.51

3.523.563.593.593.583.62

High-grade

munic-ipal

bonds(Stand-ard & .Poor's)

2.392.422.452.432.412.48

2.622.672.632.562.552.71

Averagerate onshort-termbankloans

to busi-ness—

selectedcities

3.54

3.56

3.77

3.93

Primecom-

mercialpaper,

4-6months

1.471.681.691.902.002.00

2.112.332.542.702.812.99

FederalReserveBankdis-

countrate

1.501.501.501.631.751.75

1.751.972.182.252.362.50

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. The single series on these bonds (which continued through March 1953) included:

October 1941-March 1952, bonds due or callable after 15 years; April 1952-March 1953, bonds due or callableafter 12 years.

4 Treasury bills were first issued in December 1929 and were issued irregularly in 1930.5 Not available before August 1942.6 Not available on same basis as for 1939 and subsequent years.7 From October 30, 1942 to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances

secured by Government securities maturing or callable in 1 year or less.8 January-March 1953, bonds due or callable 12 years and after; beginning April 1953, bonds due or

callable from 10 to 20 years.9 Beginning April 15, 1953, bonds due or callable 20 years and after.

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.

217


TABLE D-47.—Net public and private debt, 1945-55 1


E n d ofp e r i o d *

19451946194719481949

19501951195219531954

1955 «

Total

406.3397.4417.9434.0448.1

490.7524.6555.4584.7605.5

650.4

Fed-eralGov-ern-ment

252.7229.7223.3216.5218.6

218.7218.5222.9228.1230.2

231.2

Stateandlocalgov-ern-

ment2

13.713.614.416.218.1

20.723.325.828.633.4

38.4

Private

Total

139.9154.1180.2201.3211.4

251.3282.8306.7328.0341.9

380.8

Corporate

Total

85.393.5

108.9117.8118.0

142.1162.5171.0177.9176.6

190.4

Long-term

38.341.346.152.556.5

60.166.673.378.883.7

89.5

Short-term

47.052.262.865.361.5

81.995.997.799.192.9

101.0

Individual and noncorporate

Total

54.660.671.383.593.4

109.2120.3135.7150.1165.3

190. 4

FarmJ

7.27.78.6

10.812.0

12.213.615.116.817.6

18.4

Nonfarm

Total

47.453.062.772.781.4

96.9106.8120.6133.3147.7

172.0

Mort-gage

27.032.438.745.150.6

59.367.475.183.694.5

108.8

Com-mer-cialand

finan-cial 4

14.812.112.413.213.7

16.817.919.720.123.1

26.9

Con-sumer

5.78.4

11.614.417.1

20.821.525.829.530.1

36.2

1 Net public and private debt outstanding is a comprehensive aggregate of the indebtedness vf 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 are for June 30 of each year.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.5 Preliminary estimates by Council of Economic Advisers.


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).

2 l 8


TABLE D—48.—U. S. Government debt—volume and kind of obligations, 1929—55


End of period

1929

19301931193219331934

19351936193719381939

19401941194219431944

19451946194719481949

19501951195219531954

1955

1954: January__.February..MarchAprilMayJune

JulyAugustSeptemberOctober...November.December.

1955: January.. .February..MarchAprilMayJune


Grosspublic

debt andguar-

anteedissues 1

16.3

16.017.820.824.031.5

35.139.141.944.447.6

50.964.3

112.5170.1232.1

278.7259.5257.0252.9257.2

256.7259.5267.4275.2278.8

280.8

274.9274.9270.3271.1273.6271.3

271.0275.0274.8278.8278.9278.8

278.5278.2274.1276.7277.5274.4

277.6278.4277.5279.9280.2

Interest-bearing public debt

Marketable publicissues

Short-

issues 2

3.3

2.92.85.97.5

11.1

14.212.512.59.87.7

7 58.0

27.047.169.9

78.257.147.745.950.2

58.365.668.777.376.0

81.3

77.371.767.268.272.569.9

69.969.869.773.973.976.0

76.076.272.275.477.374.1

76.777.077.680.680.681.3

Treasurybonds

11.3

11.313.513.414.715.4

14.319.520.524.026.9

28 033.449.367.991.6

120.4119.3117.9111.4104.8

94.076.979.877.281.8

81.9

77.282.782.882.880.780.4

80.484.284.284.284.281.8

81.881.481.181.181.181.1

81.881.881.981.981.981.9

Nonmarketable public issues

UnitedStates

savingsbonds

0.2.5

1.01.42.2

3 26.1

15.027.440.4

48.249.852.155.156.7

58.057.657.957.757.7

57.9

57.757.857.958.058.058.1

58.058.158.158.158.257.7

58.058.258.458.358. 358.4

58.458.458.358.358.357.9

Treasurytax andsavingsnotes

2.56.48.69.8

8.25.75.44.67.6

8.67.55.86.04.5

(5)

6.05.95.65.55.35.1

5.04.94.84.84.74.5

4.54.44.34.32.81.9

1.71.2.4. 1. 1

(5)

Invest-

bonds 3

1.01.01.0

1.013.013.412.912.7

12.3

12.912.912.812.812.812.8

12.812.812.712.712.712.7

12.712.712.612.612.612.6

12.612.612.512.412.312.3

Specialissues 4

0.6

.4

.4

.4

.6

2.23.24.2

5.47.09.0

12.716.3

20.024.629.031.733.9

33.735.939.241.242,6

43.9

41.041.141.041.041.442.2

42.242.542.442.242.442.6

42.342.042.141.742.243.3

43.344.243.943.744.043. 9

1 Total include? non-interest-bearing debt, fully guaranteed securities (except those held by the Treasury),Postal Savings bonds, prewar bonds, adjusted service bonds, depositary bond?, and armed forces leavebonds, not shown separately. Not all of total shown is subject to statutory debt limitation.

2 Includes bills, certificates of indebtedness, and notes.3 Includes Series A bonds and, beginning in April 1951, Series B convertible bonds.4 Issued to U. S. Government investment accounts. These accounts also held 8 billion dollars of public

marketable and nonmarketable issues on December 31,1955.8 Less than 50 million dollars.

Source: Treasury Department.

219


TABLE D-49.—Estimated ownership of Federal obligations, 1939-55

[Par values 1, billions of dollars]

End of period

1939.

19401941194219431944

194519461947...19481949

19501951195219531954

1955 8


JulyAugustSeptember..OctoberNovember...December-_.

1955: JanuaryFebruary....MarchAprilMay ._.June

July _AugustSeptember..OctoberNovember 8_December8.

Gross public debt and guaranteed issues 2

Total

Heldby U.S.

Gov-ern-ment

invest-ment

ac-counts

47.6

50.964.3

112.5170.1232.1

278.7259.5257. 0252.9257.2

256.7259.5267. 4275. 2278.8

274.9274.9270. 3271.1273.6271.3

271.0275.0274.8278. 8278.9278.8

278.5278. 2274.1276.7277.5274.4

277.6278.4277.5279.9280.2280.8

6.5

9.512.216.921.7

27.030.934.437.339.4

39.242.345.948.349.6

51.7

48.348.348.248.248.549.3

49.249.549.449.349.449.6

49.449.249.448.949.550.5

50.651.651.251.051.651.7

Held by others

TotalFederalReserveBanks

41.1

43.354.7

100.2153. 2210.5

251. 6228.6222.6215.5217.8

217.5217.2221.6226.9229.2

229.1

226.7226.6222.1222.9225.0222.0

221.7225.5225.4229.5229. 5229.2

229.1229.0224.7227.7228.1223.8

227.0226.8226.3228.9228.6229.1

2.22.36.2

11.518.8

24.323.322.623.318.9

20.823.824.725.924.9

24.8

24.624.524.624.624.825.0

24.324.024.324.424.924.9

23.923.623.623.623.723.6

24.123.823.824.024.324.8

Com-mercialbanks 3

Mutualsavingsbanksand in-surancecom-

panies

15.9

17.321.441.159.977.7

90.874.568.762.566.8

61.861.663.463.769.2

62.0

64.163.160.962.563.463.6

67.167.170.169.769.2

68.766.964.265.864.863.5

63.862.762.162.761.562.0

9.4

10.111.915.821.228.0

34.736.735.932.731.5

29.626.325.525.023.8

23.2

25.025.024.824.724.624.3

24.124.124.024.023.823.8

24.124.023.823.823.723.5

23.723.823.723.523.423.2

Othercorpor-ations 4

2.2

2.04.0

10.116.421.4

22.215.314.114.816.8

19.720.719.921.019.3

22.3

21.021.619.218.719.116.4

16.418.118.118.719.319.3

20.021.219.020.121.218.8

19.921.020.922.222.822.3

Stateandlocal

govern-ments 5

Individ-uals 6

0.4

.5

.71.02.14.3

6.56.37.37.98.1

11.112.713.8

15.4

13.013.013.313.513.713.9

13.813.913.813.913.813.8

14.114.314.514.614.714.7

15.015.115.115.315.415.4

10.1

10.613.623.737.653.3

64.164.265.765. 566.3

66.364.665.165.464.2

66.0

65.365.565.665.165.565.0

64.764.764.464.564.264.2

64.464.965.565.565.565.3

65.565.665.865.865.966.0

Miscel-laneousinves-tors 7

0.7

2.34.47.0

9.18.18.48.99.4

10.510.611.713.213.9

15.4

13.613.913.813.713.813.7

13.713.613.714.013.813.9

13.913.914.214.414.414.4

15.014.915.015.215.315.4

1 United States savings bonds, series A-D, E, F, and J, are included at current redemption values.3 Excludes guaranteed securities held by the Treasury. Not all of total shown is subject to statutorydebt limitation.

s Includes commercial banks, trust companies, and stock savings banks in the United States and in Ter-ritories 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 D-43, which are based on book values and relate only to bankswithin the continental 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 foreign accounts include investments by the International Bank for Reconstruc-tion and Development and the International Monetary Fund in special non-interest-bearing notes issuedby the U. S. Government. Beginning with June 30, 1947, includes holdings of Federal land banks.8 Preliminary estimates by Council of Economic Advisers.

NOTE.—Detail will not necessarily add to totals because of rounding.Source: Treasury Department (except as noted).

220


TABLE D-50.—-The farm balance sheet, 1940--56


Beginning of year

19401941194219431944

19451946194719481949

19501951195219531954 . _

19551956 3

Assets

Total

53.856.364.576.086.9

96.7107.2120.0132.0138.8

137.6154.9170.0166.1160.9

2 163. 2167.6

Realestate "•

33.634.637.942.148.8

54.861.868.873.976.8

75.385.893.792.789.1

2 91.497.0

Otherphysical

15.316.220.024.826.2

26.827.131.337.741.7

42.348.855.251.949.9

49.848.6

Finan-cial

4.95.56.69.1

11.9

15.118.319.920.420.3

20.020.321.121.521.9

22.022.0

Claims

Total

53.856.364.576.086.9

96.7107.2120.0132.0138.8

137.6154.9170.0166.1160.9

2 163.2167.6

Realestatedebt

6.66.56.46.05.4

4.94.84.95.15.3

5.66.16.67.27.7

8.29.0

Otherdebt

3.43.94.14.03.5

3.43.23.64.26.1

6.97.07.98.89.4

9.89.8

Owners'equities

43.845.954.066.078.0

88.499.2

111.5122.7127.4

125.1141.8155.5150.1143.8

2145.2148.8

1 Data for 1951-56 are being revised to bring them into line with the 1954 Census of Agriculture.2 Revised.3 Preliminary.

Source: Department of Agriculture.

221


TABLE D-51.—Government cash receipts from and payments to the public, calendar years, 1946-55


Calendar year

1946 _- -194719481949

19501951195219531954 __

1955*

Total

Cashre-

ceipts

53.057 560 057.9

60.679 293.093 393 3

97.9

Cashpay-

ments

50.950 852.160.0

61.378 494.699 395.4

100.2

Excessof re-ceipts

(-{-)or pay-ments

2.16 67 9

- 2 . 1

- . 78

- 1 . 6—6 0- 2 . 1

- 2 . 3

Federal

Cashre-

ceipts

41.444 344.941.3

42.459 371.370 068.6

71.5

Cashpay-

ments

41.438 636.942.6

42.058 073.076 269.6

72.2

Excessof re-ceipts("f")

or pay-ments

(3)5 78.0

- 1 . 3

.41.2

- 1 . 6—6 2- 1 . 1

- . 7

State and local1

Cashre-

ceipts 2

11.613 215 116.6

18.119 921.723 324 7

26.4

Cashpay-

ments 2

9.512 215 217.4

19.320 321.623 125.8

28.0

Excessof re-ceipts

(4~)or pay-ments

2 01 0

— l- 8

- 1 . 2— 4

. 12

—1 0

- 1 . 6

1 Estimated by Council of Economic Advisers on the basis of incomplete data.2 Federal grants-in-aid have been deducted from State and local government receipts and payments

since they are included in Federal payments.3 Less than 50 million dollars.4 Preliminary.


Sources: Treasury Department and Bureau of the Budget (except as noted).

222


CORPORATE PROFITS AND FINANCE

TABLE D-52.—Profits before and after taxes, all private corporations, 1929-55


Period

1929

193019311932 _19331934

1935 _ _1936 _ _19371938 -1939

19401941 _ ___194219431944 _

1945 __1946 -1947 .19481949

19501951 .__ _ . .1952 _.-1953 _ _1954 _ _

I9553

1953* First quarterSecond quarterThird quarterFourth quarter

1954* First quarterSecond quarterThird quarter - -Fourth quarter

1955* First quarterSecond quarter - - -Third quarterFourth quarter ' _ - -

Corporateprofitsbeforetaxes

9.6

3.3- . 8

-3 .0. 2

1.7

3.15.76.23.36.4

9.317.020.924.623.3

19.022.629.532.826.2

40.041.235.938.334.0

43.2

Corporatetax

liability 1

1.4

.8

.5

. 4

. 5

.7

1.01.41.51.01.4

2.87.6

11.414.112.9

10.79.1

11.312.510.4

17.822.519.821.317.1

21.7

Corporate profits after taxes

Total

8.3

2.5- 1 . 3-3 .4

- . 41.0

2.24.34.72.35.0

6.59.49.5

10.510.4

8.313.418.220.315.8

22.118.716.117.017.0

21.5

Dividendpayments

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

9.29.19.09.3

10.0

11.1

Undistrib-uted

profits

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

11.713.08.3

12.99.67.17.77.0

10.4


41.441.539.430.9

32.733.733.536.0

40.943.044.544.5

23.023.121.917.2

16.416.916.818.1

20.521.622.322.3

18.418.417.513.7

16.316.816.717.9

20.421.422.222.2

9.19.29.49.5

9.79.8

10.010.6

10.210.711.012.6

9.39.28.14.2

6.67.06.77.3

10.210.711.19.6

1 Federal and State corporate income and excess profits taxes.2 48 million dollars.3 Preliminary; fourth quarter by Council of Economic Advisers.

NOTE.—No allowance has been made for inventory valuation adjustment. See Table D-8 for profitsbefore taxes and inventory valuation adjustment.

Detail will not necessarily add to totals because of rounding.


223


TABLE D—53.—Relation of profits after taxes to stockholders9 equity and to sales, privatemanufacturing corporations, by industry group, 1947—50 average and 1954-55

Industry group

1947-50aver-

1954

Year First Second Third Fourthquarter quarter quarter quarter quarter quarter quarter

1955

First Second Third

Ratio of profits after Federal taxes (annual rate) to stockholders' equity(percent)

All private manufac-turing corporations.

FoodTobacco manufacturesTextile-mill productsApparel and finished tex-

tilesLumber and wood products.

Furniture and fixturesPaper and allied products-Printing and publishing

(except newspapers)Chemicals and allied prod-

uctsPetroleum refining

Products of petroleum andcoal (except petroleumrefining)

Rubber productsLeather and leather prod-

uctsStone, clay, and glass prod-

uctsPrimary nonferrous metal

industries

Primary iron and steel in-dustries

Fabricated metal products..Machinery (except electri-

cal)Electrical machineryTransportation equipment

(except motor vehicles)

Motor vehicles and parts- _.Instruments, photographic

and optical goods, watchesand clocks

Miscellaneous manufactur-ing (including ordnance)..

14.8

13.612.114.5

12.017.1

14.316.2

13.4

15.9U5.1

(2)12.8

10.4

15.2

12.5

12.915.3

14.517.8

6.6

21.7

14.6

11.4

9.8

8.010.01.8

4.66.3

5.99.7

9.2

11.412.2

6.110.5

6.0

12.2

10.2

7.97.5

8.612.2

15.8

13.9

12.1

7.5

9.4

6.49.02.1

3.72.3

3.29.7

10.5

11.212.8

3.810.3

4.0

7.6

9.2

7.66.6

9.512.9

15.5

15.3

10.7

5.0

10.4

8.610.01.0

3.86.7

5.210.3

10.0

11.812.0

6.810.9

5.4

14.6

11.0

8.39.0

10.211.8

18.4

17.4

11.4

6.5

9.3

9.211.41.9

4.96.9

6.49.5

7.9

11.011.4

9.59.5

7.6

15.4

9.5

6.58.6

7.810.5

15.6

9.7

12.9

9.1

10.6

8.110.22.4

5.79.2

9.010.2

8.4

12.514.5

4.711.6

6.7

12.2

11.9

10.06.2

7.014.5

16.5

14.0

14.1

9.3

11.4

7.38.95.7

5.810.3

5.210.3

10.8

13.312.6

6.412.0

8.1

11.5

14.5

11.28.4

8.712.0

15.4

23.6

10.1

5.9

13.0

9.211.85.2

4.113.0

7.511.9

10.7

14.812.1

10.013.5

7.1

19.1

16.1

14.59.8

11.312.3

16.6

25.8

13.0

6.8

12.3

10.713.15.3

7.513.3

11.711.6

10.6

15.012.5

11.413.2

10.1

18.5

13.5

12.811.5

10.011.9

14.2

15.7

11.8

10.3


224


TABLE D-53.—Relation of profits after taxes to stockholders' equity and to sales, privatemanufacturing corporations, by industry group, 1947—50 average and 1954—55—Con.

Industry group

1947-50aver-

1954

Year Firstquarter

Secondquarter

Thirdquarter

Fourthquarter

1955

Firstquarter

Secondquarter

Thirdquarter

Profits after Federal taxes in cents per dollar of sales

All private manufac-turing corporations.

FoodTobacco manufacturesTextile-mill productsApparel and finished tex-

tilesLumber and wood products.

Furniture and fixturesPaper and allied products...Printing and publishing

(except newspapers)Chemicals and allied prod-

uctsPetroleum refining

Products of petroleum andcoal (except petroleumrefining)

Rubber productsLeather and leather prod-

ucts.Stone, clay, and glass prod-

uctsPrimary nonferrous metal

industries

Primary iron and steel in-dustries

Fabricated metal products-Machinery (except elec-

trical)Electrical machineryTransportation equipment

(except motor vehicles)..

Motor vehicles and parts. _.Instruments, photographic

and optical goods, watchesand clocks

Miscellaneous manufactur-ing (including ordnance).

6.7

3.64.86.6

3.19.2

5.08.6

5.0

9.1i l l .O

(2)4.8

3.4

8.9

8.8

7.26.6

7.16.3

3.4

7.4

7.9

5.3

4.5

2.14.21.0

1.13.4

2.15.6

3.4

6.810.6

3.34.0

1.9

7.4

6.6

5.33.1

4.44.5

3.7

5.1

5.5

2.8

4.3

1.74.01.1

0.91.4

1.25.6

3.9

6.610.3

2.44.0

1.4

5.1

6.1

4.72.8

4.64.6

3.4

5.2

4.8

2.0

4.7

2.24.10.6

0.93.5

1.95.9

3.8

6.810.2

3.44.1

1.8

8.5

6.8

5.23.7

4.94.3

3.9

5.9

5.1

2.6

4.4

2.34.51.0

1.13.7

2.35.5

3.0

6.710.0

4.53.7

2.4

8.7

6.2

4.63.4

4.24.0

3.7

4.1

6.1

3.4

4.7

2.04.31.1

1.24.5

2.95.6

2.9

7.311.8

2.64.3

2.1

7.0

7.2

6.72.5

3.75.0

3.8

5.0

6.0

3.2

5.1

1.94.12.6

1.35.4

1.85.7

4.0

7.610.2

3.84.1

2.4

7.1

8.0

6.63.5

4.74.4

3.8

7.1

4.9

2.3

5.5

2.34.82.4

0.96.3

2.46.5

3.9

8.010.5

4.74.4

2.1

10.1

8.6

7.33.8

5.34.5

3.8

7.7

6.4

2.6

5.4

2.75.32.5

1.66.2

3.56.1

3.8

8.710.7

4.9

4.5

2.8

9.7

7.6

6.94.3

4.94.3

3.6

5.8

5.8

3.6

1 Petroleum refining and products of petroleum and coal combined.2 Not available separately for this period.NOTE.—Beginning with the third quarter of 1951, these series are based on a new sample. However, the

1947-50 averages have not been adjusted and therefore are not strictly comparable with data for later periods.For explanatory notes concerning compilation of the series, see Quarterly Financial Reports for United StatesManufacturing Corporations by Federal Trade Commission and Securities and Exchange Commission.

Sources: Federal Trade Commission and Securities and Exchange Commission.

225


TABLE D—54.—Relation of profits before and after taxes to stockholders* equity and to sales, privatemanufacturing corporations, by asset size class, 1947—50 average and 1954-55

Asset size class(thousands of dollars) 1947-50

average

1954

YearFirst

quarterSecondquarter

Thirdquarter

Fourthquarter

1955

Firstquarter

Secondquarter

Thirdquarter

Ratio of profits before Federal taxes (annual rate) to stockholders' equity(percent)

All asset sizes.

Under 250250-999 _1,000-4,9995,000-99,999.100,000 and over

All asset sizes.

Under 250250-9991,000-4,9995,000-99,999100,000 and over

All asset sizes.

Under 250250-9991,000-4,9995,000-99,999100,000 and over

All asset sizes..

Under 250250-9991,000-4,9995,000-99,999-100,000 and over_

24.6

16.722.724.225.224.9

18.2

7.812.512.917.120.7

18.5

3.311.112.817.221.7

19.8

12.815.313.718.422.4

17.5

13.715.513.016.819.1

18.3

1.38.9

11.916.821.9

22.2

8.315.416.619.226.0

25.0

11.217.520.122.828.1

23.3

16.920.619.422.225.0

Profits before Federal taxes in cents per dollar of sales

11.1

4.47.49.0

11.313.2

8.4

1.83.74.78.0

11.3

8.4

0.93.44.77.9

11.3

8.9

2.94.65.08.3

11.7

8.2

3.04.64.87.9

10.7

8.2

0.32.54.27.7

11.5

9.9

1.94.55.78.8

13.2

10.6

2.44.86.69.8

13.9

10.2

3.55.66.69.7

13.0

Ratio of profits after Federal taxes (annual rate) to stockholders' equity(percent)

14.8

9.813.114.114.915.3

9.8

3.26.25.68.4

11.8

9.4

0.14.65.38.1

11.7

10.4

8.18.16.18.8

12.3

9.3

8.08.15.68.1

10.8

10.6

- 3 . 54.65.48.8

13.7

11.4

3.67.67.99.3

13.8

13.0

5.39.49.7

11.315.0

12.3

10.411.39.4

11.013.5

Profits after Federal taxes in cents per dollar of sales

6.7

2.64.35.26.78.1

4.5

0.71.92.03.96.5

4.3

0.01.41.93.76.1

4.7

1.82.42.24.06.4

4.4

1.82.42.13.86.1

-0.71.31.94.07.2

5.1

0.82.22.74.27.0

5.5

1.12.63.24.97.4

2.23.13.24.87.1

NOTE.—Beginning with the third quarter of 1951, these series are based on a new sample. However, the1947-50 averages have not been adjusted and therefore are not strictly comparable with data for later periods.For explanatory notes concerning compilation of the series, see Quarterly Financial Reports for United StatesManufacturing Corporations by Federal Trade Commission and Securities and Exchange Commission.

Sources: Federal Trade Commission and Securities and Exchange Commission.

226


TABLE D-55.—Sources and uses of corporate funds, 1946-55 l


Source or use of funds

Uses:Plant and equipment outlaysInventories (change in book value) -Change in customer net receiv-

ables 8

Cash and IT. S. Government secu-rities

Other assets .__

Total uses

Sources:Internal:

Retained profits and depletionallowances

Depreciation and amortizationallowances

Total internal sources.

External:Change in Federal income tax

liabilityOther liabilitiesChange in bank loans and

mortgage loansNet new issues _..

Total external sources

Total sources

Discrepancy (uses less sources)

1946

12.511.2

1.1

- 4 . 7- . 6

19.5

7.2

4.2

11.4

- 1 . 62.1

3.92.4

6.8

18.2

1.3

1947

17.07.1

3.1

1.0(*)

28.2

11.4

5.2

16.6

2.11.5

3.34.4

11.3

27.9

.2

1948

18.84.2

2.8

1.0.2

27.0

12.4

6.2

18.6

1.0.4

1.85.9

9.1

27.7

- . 7

1949

16.3- 3 . 6

.9

3.2(4)

16.8

7.6

7.1

14.7

- 2 . 2.5

- 2 . 34.9

.9

15.6

1.2

1950

16.99.8

5.0

4.5.3

36.5

12.4

7.8

20.2

7.21.0

2.63.7

14.5

34.7

1.8

1951

21.69.4

2.0

2.8.6

36.4

9.1

9.0

18.1

4.41.9

5.46.3

18.0

36.1

.3

1952

22.4.9

3.1

.1

.8

27.4

6.4

10.4

16.8

—2.92.4

3.17.9

10.6

27.4

(4)

1953

23.92.6

.7

1.2- . 1

28.2

6.8

11.7

18.5

1.3.8

.57.0

9.6

28.1

.1

1954

22.4- 2 . 8

1.9

- 1 . 0.6

21.2

6.2

13.1

19.3

- 4 . 1.3

- . 96.1

1.4

20.8

.4

1955 *

24.54.0

6.5

3.51.0

39.5

»9.5

14.5

24.0

3.51.5

4.56.0

15.5

39.5

(4)

i Excludes banks and insurance companies.* Preliminary estimates.3 Receivables are net of payables, which are therefore not shown separately.* Less than 50 million dollars.8 Preliminary estimate by Council of Economic Advisers.


Source: Department of Commerce based on Securities and Exchange Commission and other financialdata (except as noted).

227


TABLE D-56.—Current assets and liabilities of all corporations, 1951-55 l

[Billions of dollars, end of period]

Asset or liability

Current assets

Cash on hand and in banks . .U. S. Government securities..Receivables from U. S. Gov-

ernment 2

Other notes and accounts re-ceivable . - -

InventoriesOther current assets 3 _._

Total current assets

Current liabilities

Advances and prepayments,U. S. Government2

Other notes and accountspayable

Federal income tax liabilities.Other current liabilities.. __.

Total current liabil-ities

Net working capital _.

1951

30.020.7

2.7

58.864.92.1

179.1

1.3

53.621.316.5

92.6

86.5

1952

30.819.9

2.8

64.665.82.4

186.2

2.3

57.018.118.7

96.1

90.1

1953

30.921.0

2.6

64.867.92.4

189.6

2.2

56.319.219.3

97.0

92.6

1954

March

28.119.2

2.8

63.067.72.5

183.3

2.5

52.915.319.5

90.2

93.1

June

29.116.4

2.4

63.265.92.6

179.6

2.4

51.812.018.9

85.2

94.4

Sep-tem-ber

30.318.1

2.3

65.165.42.7

183.9

2.6

52.314.019.5

88.4

95.5

De-cem-ber

31.719.3

2.4

66.265.12.6

187.3

2.4

54 015.719.4

91.5

95.8

1955

March

30.319.0

2.2

67.865.82.8

187.9

2.5

54.213.419.7

89.8

98.1

June

30.818.8

2.1

70.165.52.8

190.1

2.3

54.912.120.1

89.6

100.6

Sep-tem-ber

31.320.6

2.2

74.567.33.0

198.9

2.2

58.015.321.0

96.6

102.3

1 All corporations in the United States, excluding banks and insurance companies. Data for 1951-52 arebased on Statistics of Income, covering virtually all corporations in the United States. Data for 1953-55 areestimates based on data compiled from many different sources, including data on corporations registeredwith the Commission. As more complete data become available, estimates are revised.

2 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 to theU. 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.

228


TABLE D—57.—State and municipal and corporate securities offered, 1934—551


Period

Stateand

munici-pal se-curitiesoffered(prin-cipal

amounts)

Corporate securities offered

Gross proceeds *

TotalCom- Pre-

ferredstock stock

Bondsand

notes

Proposed uses of net proceeds 3

TotalTotal

New money-

Plantand

equip-ment

Working

capi-tal

Retire-mentof se-

curities

Otherpur-poses

1934

19351936193719381939

19401941194219431944

19451946194719481949 _.

19501951195219531954

1955 4

1953: First quarterSecond quarter-_Third quarterFourth quarter..

1954: First quarterSecond quarter- _Third quarter....Fourth quarter..

1955: First quarterSecond quarter. _Third quarter....Fourth quarter 4_

1,2321,121908

1,1081,128

1,238956524435661

7951,1572,3242,6902,907

3,532

4,4015,558

397

2,3324,5722,3102,1552,164

2,6772,6671,0621,1703,202

6,0116,9006,5777,0786,052

6,3617,7419,534

9,516

5,959 10,160

1,"1,4421,2581,671

1,3832,3731,232i r ~

1,4091,4301,136lf~

2,0392,6951,6242,540

1,7292,5312,6852,571

2,5932,4692,3732,725

222722852587

1081103456163

397891779614736

8111,2121,3""1,31,213

2,200

356445195330

302181432

760561394485

271406

183167112124

7581,127762492425

631838564489816

640

15915082

115369181151

115206151170

372

2,2244,0281,6182,044i r ~ -2,3862,390

917990

2,670

4,855

4,r~5,<_..5,9734,8904,9205,6917,6017,0837,488

7,320

1,5232,1011,3462,113

1,3171,8602,3231,9""

1,7191,7021,8""2,070

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

2,0062,6461,5972,505

1,62,4892,6482,529

2,5482,4142,3282,690

57

208858991681

569868474308657

3,2794,5915,9294,606

4,0066,5318,1807,9606,780

7,920

I,1

2,3731,420

1,4611,8681,8371,615

2,0171,8701,6992,335

32

111380574504170

424661287141252

2,1153,4094,2213,724

2,9665,1106,3125,6475,110

5,360

1,2721,585948

1,842

1,2401,4511,429990

1,2611,267902

1,930

26

96478417177155

145207187167405

4421,1641,1821,708

1,0411,4211,8682,3131,670

526787472528

221415408625

756603796405

231

1,8653,3681,1001,2061,695

1,8541,

739

4,555

1,352307401

1,271486664260

1,875

1,220

91494658632

305320411185

95

19320414822295

192172173100

267610524722952

984589537535709

840

11320614176

147127154281

224219170

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 Number of units multiplied by offering price.3 Net proceeds represents the amount received by the issuer after payment of compensation to distributorsand other costs of flotation.

* Preliminary.NOTE.—Detail will not necessarily add to totals because of roundingSources: Securities and Exchange Commission, The Commercial and Financial Chronicle, and The Bond

Buyer,

229


TABLE D-58.—Common stock prices and stock market credit, 1939-55

Period

Commonstockpricesindex,

1939=100(SEC)

Stock market credit

Customer credit (excluding U. S.Government securities)

Total Net debitbalances *

Bank loansto

"others" J

Bank loansto brokers

anddealers 3

Millions of dollars

1939

19401941.19421943__1944..

19451946..194719481949

19501951_19521953...1954 _

1955

1954: January. . .February..MarchAprilMayJune


1955: January. . .February..MarchApril.MayJune.


100.0

94.285.774.999.2

108.1

131.2149.4130.9132.7127.7

154.1184.9195.0193.3229.8

304.6

198.4203.1207.1215.8223.2223.9

233.0237.1240.4243.6254.4267.7

270.6281.0279.6286.8289.0302.9

318.8315.3326.6310.2328.4333.6

1,374976

1,032968

1,249

1,7981,8261,9802,4453,436

4,025

2,4432,4052,4442,5352,6662,678

2,7342,8302,9533,0503,2033,436

3,5373,6433,7323,7853,7873,870

3,9113,8653,9663,944

4,025

0)(4)(*)(4)

942473517499821

1,2371,2531,3321,6652,388

2,786

1,6551,653',677,748,796,822

,893,967

2,0482,0952,2022,388

2,5172,5902,6522,7042,6842,711

2,7342,7102,8052,7492,7592,786

353

432503515469428

561573648780

1,048

1,239

788752767787870856

841863905955

1,0011,048

1,0201,0531,080:, 081,103,159

,177,155,161,195,221,239

715

584535850

1,3282,137

2,7821,471784

1,3311,608

1,7421,4192,0022,248

2,852

1,5831,6821,7581,7442,1082,379

2,0052,2862,4032,4072,3332,688

2,4492,326

2,6602,6862,678

2,4672,4062,5872,6052,852

1 Ledger balances of member firms of the New York Stock Exchange carrying margin accounts. Excludesbalances secured by U. S. Government obligations. Data are for end of period.

2 Loans by weekly reporting member banks to others than brokers and dealers for purchasing or carryingsecurities except U. S. Government obligations. However, some U. S. Government securities may beincluded after 1952. Series revised beginning July 1946 and March 1953. Data are for last Wednesday ofperiod.

3 Loans by weekly reporting member banks for purchasing or carrying securities, including U. S. Govern-ment obligations. Series revised beginning July 1946 and January 1952. Data are for last Wednesday ofperiod.

Not available.

Sources: Securities and Exchange Commission, Board of Governors of the Federal Reserve System,and New York Stock Exchange.

230


T A B L E D—59.—Business population and business failures, 1929—55

Period

Operating businesses andbusiness turnover 1

Operat-ing

busNewbusi-

nesses3

Dis-con-tin-uedbusi-ness-es 3

Busi-ness

trans-fers3

New-busi-ness

incor-pora-tions 3

Business failures, by size of liabilities *

Number of failures8

Total "0"nderi o t a l $100,000

$100,000andover

Amount of currentliabilities3

TotalU n d e r $100 00000 00

Thousands of firms Number of firms Thousands 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

1954: January. _.February.March..ApApril.May..y_June..

July —AugustSeptember-OctoberNovember. _December..

1955: January.. .February.MarchAprilMayJune _


3.029.0

2,993.72,916.42.828.12,782.12,884.0

2,991.93.069.83,136.33.073.73, 222.2

3,290.83,269.63,185.82,905.12,916.5

3,113.93.487.23,783. 23.948.34,000.0

4,050.74,108.54.167.44.193.94.189.8

4,196.7

4,180. 2

4,225.0

0s)

275,2290.0121.2146.0330.9

422.7617.4460.8393.3331.1

348.2363.2363.9340.5334.2

189.0

145.2

210.2

318.1270.7386.5337.0174.6

175.6208.7239.2282.0306.5

289.6309.3306.4334.0

177.6

161.7

165.4

00

00

00

88880s)

00

800359.4473.2626.9 132,916571.9 112,638501.3434.7

419.4378.3374.9

96,10185,491

92,92583,64992,819

356.2 102, 545117164319.7

181.8

137.9

176.3

117,164

139,639

9,5438,53310,51410,2729,2809,748

9,4099,0419,2569,8529,73511,981

13,18111,36913,41711,75612,02912,605

10,89310,98311,02410,69810,15711, 527

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

9,1628,0587,6118,86211,086

10,969

867926

1,102975943965

856912819871933917

939877

1,038903955914

861888822919945908

22,165

25,40827,23030,197

« 18,88011,421

11,6919,2859,20312, 553

7 14, 541

13,40011,6859,2823,1551,176

7591,0023,1034,8538,708

8,7467,6267,0818,07510,226

10,113

810848998904874884

788842752817870839

873803952844900831

801811744862863829

744 483,252

947 668, 282 303,464354,159432,625

6 9796457,5206215,510138, 509

1,055 736,3101,625 928,313

670 333,959

553 310,580322 203,173287 183,253283 246, 505

7 2277182,520

219 166,684163 136,104123 100,763" 45,339

31,66046

50127371397

30, 22567,349204,612234,620

538 308,109

416 248,283432 259,547530 283,314787 394,153860 462, 628

856 449,380

5778104

81

29, 59247,77457, 28042, 51238,49441,613

32,23032,58236,38129,00035,06740,103

37, 87242,05641, 20935,96834,71436,667

32,54336,02833,12034,77742,78341,643

261,458

135,489102,803101,856140,120132,863

119,904100,66080,28631,18414,548

11,38515,71763,66893,899161,386

151,189131,593131,871167,530211,392

206,364

17,39218,41121,62317,65717,74818,800

16,03016,81815,93016,37817,33517,270

18,49016,85219,24816,68818,10917,020

16,63115,52715,73517,43117,61617,017

221,794

364,818382,151495,688242,010195,450

175,091100,37081,397106,3857 49,657

46,78035,44420,47714,15517,112

18,84051,632140,944140,721146,723

97,094127,954151,443226,623251, 236

243,016

12, 20029,36335,65724,85520,74622,813

16,20015,76420,45112,62217,73222,833

19,38225,20421,96119,28016,60519,647

15,91220,50117,38517,34625,16724,626

^Excludes firms in fields of agriculture and professional services. Includes self-employed person only ifhe has either an established place of business or at least one employee.

3 Annual data are averages of end-of-quarter estimates centered at June 30; half-yearly data are for end ofperiod.

3 Total for period.* Industrial and commercial only; excludes banks, railroads, insurance companies, etc.8 Not available.• Revised series no longer carries group of agents and commercial services (such as real estate and insur-

ance brokers, holding and finance companies, tourist agencies, etc.).7 Eevised series has more complete coverage of small firms.

Sources: Department of Commerce and Dun & Bradstreet, Inc.

231


INTERNATIONAL TRANSACTIONS

TABLE D—60.—United States balance of payments, 1953—55

Excluding transfers under military grant programs[Millions of dollars]

Item 1953 1954First 3 quarters

1954 1955

Exports of goods and services: Total

Merchandise, adjusted, excluding militaryTransportation _TravelMiscellaneous services __.Military transactionsIncome on investments:

Direct investments _Other privateGovernment

Imports of goods and services: Total

Merchandise, adjusted, excluding militaryTransportation _TravelMiscellaneous services, excluding militaryMilitary expenditures _Income on investments:

PrivateGovernment

Balance on goods and services, excluding military transfers

Unilateral transfers, excluding military: Total _ _

Private remittances _

Government .-

United States capital, net: Total.

Private, net; Total

Direct investments, netNew issuesRedemptionsOther long-term, netShort-term, net ._.

Government, net: Total _Long-term capital, outflowRepaymentsShort-term, net _ _

Foreign capital, net

Gold sales _ _._

Foreign capital and gold. _

Errors and omissions

16,964

12,2451,231

527903192

1,398216252

16,467

10,9541,059

895597

2,512

364

497

- 2 , 4 4 9

- 4 7 7- 1 , 972

- 5 8 7

- 7 2 1- 2 7 0

139316167

- 2 1 8

- 7 1 6487

11

1,105

1,161

273

17,764

12,7071,222

538952179

1,665229272

15,872

10,3041,001

958595

2, 595

36059

1,892

- 2 , 1 5 8

- 4 5 2- 1 , 706

- 1 , 5 2 8

- 1 , 621

- 7 6 1-309

124- 4 0

- 6 3 5

- 3 0 6507

- 1 0 8

1,459

298

1,757

37

12,788

9,206908418

1,125167154

11,978

7,729763790447

1,944

26243

810

- 1 , 5 4 9

- 3 2 7- 1 , 222

- 5 3 6- 2 7 7

10864

- 3 4 8

101

- 1 8 0377

1,135

228

1,363

264

14,292

10,357965467688150

1,321187157

13,052

8,374862883478

2,089

30363

1,240

-1,864

-326-1,538

-926

-635

-572-90182

-143-12

-291

-271255

-275

1,184

1,232

318



232


TABLE D—61.— United States balance of payments with individual areas, 1947 and 1953—55

Excluding transfers under military grant programs


Area and type of transaction 1947 1953 1954First 3 quarters

1954 1955

Continental Western Europe and dependencies:

United States payments: Total

Nqnmilitary imports of goods and servicesMilitary expenditures abroadGovernment grants and capital, excluding military aid

transfersPrivate investments, netOther payments, net

Foreign payments to the United States: Total

Purchases of goods and servicesLong-term investments in the United States..

Balance

Sterling area:

United States payments: Total..

Nqnmilitary imports of goods and servicesMilitary expenditures abroadGovernment grants and capital, excluding military aid


Foreign payments to the United States: Total


Balance

Canada:

United States payments: Total-.

Nqnmilitary imports of goods and services.._Military expenditures abroadGovernment grants and capital, excluding military aid


Foreign payments to the United States: TotalPurchases of goods and servicesLong-term investments in the United States..

3,344

1,126159

1,66792

300

5,571

5,769-198

2,227

4,491

1,61034

2,64280

125

3,728

3,70226

-763

1,338

1,4958

- 1 2-180

27

2,688

2,688

Balance. 1,350

4,786

2,9351,031

736-134

218

3,462

3,39963

- 1 , 324

3,253

2,405292

4203997

2,621

2,56556

-632

3,539

2,956192

537511

4,128

4,06266

589

4,973

2,8021,183

72855

205

3,964

3,88381

-1,009

3,155

2,262429

159202103

2,950

2,810140

-205

3,464

2,842192

- 2425

7

3,790

3,830- 4 0

326

3,514

2,075851

462- 1 9145

2,806

2,74660

-708

2,330

1,719331

1446274

1,962

1,863

2,617

2,113147

- 3356

4

2,831

2,854- 2 3

214

4,308

2,3301,061

622125170

3,485

3,319166

-823

2,652

1,975333

296- 2 1

2,383

2,29687

2,695

2,370136

1857

3,178

3,199- 2 1

483

Continued on following page.

233


T A B L E D—61.—United States balance of payments with individual areas, 7947 and1953-55— Continued

Excluding transfers under military grant programs


Area and type of transaction 1947 1953 1954

First 3 quarters

1954 1955

Latin America:

United States payments: Total.

Nonmilitary imports of goods and services _.Military expenditures abroad...Government grants and capital, excluding military aid

transfersPrivate investments, netOther payments, net _

Foreign payments to the United States: Total-

Purchases of goods and services _Long-term investments in the United States-

Balance.

Other countries:

United States payments: Total.

Nonmilitary imports of goods and servicesMilitary expenditures abroadGovernment grants and capital, excluding military aid

transfers.Private investments, netOther payments, net

Foreign payments to the United States: Total.


Balance.

International institutions:United States payments: Total.

Nonmilitary imports of goods and servicesMilitary expenditures abroadGovernment grants and capital, excluding military aid


3,582

2,6908

21962738

4,761

4,765- 4

1,179

2,020

734246

701125214

2,705

2,7023

685

3,950

52

4,527

4,21127

370-139

58

4.331

4,31714

-196

3,203

1,403970

427169234

2,551

2,552

-652

195

45

4,704

4,05424

7150154

4,680

4,64832

- 2 4

2,998

1,276767

470274211

2,520

2,5182

- 4 7 8

264

41

3,522

3,12119

4729441

3,407

3,39017

-115

2,201

974596

336138157

1,878

1,8762

231

32

Foreign payments to the United States: Total.


Balance.

3,649243

160

8575

-3,790

59164

41158

77

-118

85

-179

67

-164

3,380

3,06715

10815634

3,46716

103

2,706

1,186544

654172150

1,973

1,9667

-733

101

35

4818

55

4510

- 4 6


234


T A B L E D—62.—United States grants of military supplies and services, by areas, total postwarperiod and fiscal years 1951-55

[Fiscal years, millions of dollars]

AreaTotal

postwarperiod *

14,827

163

14,663

9,0291,8853,375

224151

1951

1,148

16

1,132

745167189

(3)31

1952

1,854

66

1,789

1,13121828211542

1953

4,378

62

4,317

3,1763147702135

1954

3,530

9

3,521

2,3623827144520

1955

Gross military grants

Less: Reverse grants and returns..

Equals: Net military grants 2

Western Europe (excluding Greece and Turkey) *_Near East (including Greece, Turkey, and Africa).Other Asia and PacificAmerican RepublicsUnspecified

2,552

10

2,543

1,5702866234320

1 Postwar period covers July 1, 1945, through June 30,1955.2 Includes supplies, services, and contributions to the multilateral-construction program of the North

Atlantic Treaty Organization.3 Less than $500,000.



235


TABLE D—63.—United States grants and credits, excluding military supplies and services, byareas, total postwar period and fiscal years 1954—55


Items

Gross grants:Total postwar period8.Fiscal year 1954. _Fiscal year 1955.

Net new grants:Total postwar period 6_.Fiscal year 1954.Fiscal year 1955

New credits, excluding prior grants con-verted into credits:

Total postwar period6

Fiscal year 1954 __Fiscal year 1955

Repayments:Total postwar period fl_Fiscal year 1954_Fiscal year 1955_

Prior grants converted into credits:Total postwar period6 __Fiscal year 1954 _.Fiscal year 1955_

Total net grants and credits:Total postwar periodfl

Fiscal year 1954_Fiscal year 1955

Total

29,2721,6711,985

27,9421,5861,944

12,116624443

3,386500460

2,2561,000

36,6731,7111,927

North-westernEurope 1

14,729684750

13,807633732

7,807129

1,671327187

1,9691,000

19,943435545

SouthernEurope 2

Europeaninter-

nationalinstitu-tions 3

4,793288290

4,601262

2674144

5,203258235

2391

3391

100

Indo-china,Korea,

and For-mosa4

2,602268501

2391

100

100

2,585266500

204

12311

50

2,666265

Rest ofworld 8

6,909430444

6,710424444

3,136458332

1,325131228

236

8,521752548

1 Includes Austria, Belgium-Luxembourg, Denmark, Finland, France, Germany, Iceland, Ireland, Netherlands, Norway, Sweden, and the United Kingdom. Fiscal years 1954 and 1955 largely defense or militarybudget support.

2 Includes Greece, Italy and Trieste, Portugal, Spain, Turkey, and Yugoslavia. For fiscal years 1954 and1955, economic aid and defense support.

3 Includes European Coal and Steel Community, European Payments Union, and European Produc-tivity Agency.

* Defense and military budget support and relief and reconstruction and development assistance, including United States contribution to U. N. Korean Reconstruction and Relief Administration.

6 Includes other international organizations outside Western Europe. Mainly economic developmentand technical assistance.

6 Postwar period covers July 1, 1945, through June 30, 1955. Excludes United States subscription toInternational Bank for Reconstruction and Development and International Monetary Fund.



236


TABLE D-64.—United States merchandise exports and imports for consumption, by leadingcommodities, 1936-38 average and 1950-55


Commodity * 1950 1951 1952 1953 1954January-October

1954 1955

Exports of United States merchandise:Total 2,925

Nonmilitary exports: Total 2_

Agricultural commodities -Nonagricultural commodities2_

Exports, excluding "special category"commodities: Total 3

Agricultural commodities: Total—

Raw cotton, excluding lintersVegetable oils, fats, and oilseeds *..Tobacco, unmanufacturedWheat, including flourOther grains and preparationsOther agricultural commodities. _.

Nonagricultural commodities, exclud-ing "special category": Total •

Machinery 5 __ _Automobiles, parts, and accessories 6

Chemicals and related products 8

Textile manufacturesIron and steel-mill products, including scrap.Petroleum and products 8

Coal .__Nonferrous metals, including ferroalloysOther nonagricultural commodities 8.

Imports for consumption: Total--

Agricultural commodities: Total .

Coffee— -_-Cane sugarCocoa or cacao beansOther foodstuffs.Crude rubberWool, unmanufacturedOther agricultural commodities..

Nonagricultural commodities:Total „ ___

Nonferrous metals and ferroalloysPetroleum and products -.Paper and paper-base stocksTextile manufacturesMachinery and vehiclesSawmill productsChemicals and related productsFish, including shellfishIron and steel-mill products, including scrap.Other nonagricultural commodities

778

3135

1436254

201

2,147

44029212987

199344

56114486

2,461

1,260

14115235

32317957

373

1,201

17842

2211742118873119

410

10,142

9,860

2,8736,987

9,479

2,873

1,017158251489350

1,907717711517393381269124

1,587

8,743

3,987

1,092381167751458428710

4,756

967592747451158265170157131

1,118

14,879

13,814

4,0409,774

13,310

4,040

1,138253326997494832

9,270

2,4511,182981819514585585161

1,992

10,817

5,179

1,362387197

714823

5,638

963601960539243229301157343

1,302

15,049

13,052

3,4319,620

12,435

3,431

158246942541682

9,004

2,678987801660621572494219

1,972

10,747

4,519

1,376416178890619382658

1,563692928513354222244181213

1,318

15,652

12,141

2,8479,293

11,525

2,847

517173341589470757

8,677

2,747963800640495498335176

2,023

10,779

4,185

1,469425167908332296588

6,594

1,662762937464353236293194256

1,437

14,966

12,711

3,0509,662

12,112

3,050

780305304425322914

9,062

2,7321,036983622515431304305

2,134

10,235

3,972

410252826262223513

6,263

1,389828926440359252249210121

1,489

12,422

10,350

2,3777,973

9,852

2,377

612207237335273713

7,475

2,143855813513416359246255

1,875

8,471

3,323

1,205387203686214191437

5,149

1,17566676135230220421117899

1,201

12,674

11, 575

2,586

11,035

2,586

413226281414372

8,449

2,2881,017887513656371393263

2,061

9,279

3,2971,095367158661356224436

5,982

1,234825806478361277212174119

1,496

1 Commodity data for 1936-38 and 1950-54 have been adjusted to conform as nearly as possible to 1955statistical classifications. The distribution of nonagricultural exports by principal commodities, however,is based on total exports for 1936-38 and on exports excluding "special category" items thereafter. (Seenote 3.)

2 Data represent total exports minus shipments of military equipment and supplies by the Departmentof Defense under the Mutual Security Program. Commodity breakdowns of nonmilitary exports are notavailable.

3 " Special category" commodities are those to which security restrictions apply as regards publication ofdetailed export statistics.

* Data exclude essential oils.6 Data for 1950 and later periods exclude "special category" exports.



237


T A B L E D-65.—Estimated gold reserves and dollar holdings of foreign countries, 1928, 1937,and 1947-55

[End of year, billions of dollars]

Area 1928

8.8

1.41.1

4.3.8.41.1.8

1937

15.1

4.94.4

6.81.0.41.01.0

1947

15.2

3.72.3

5.3.8.72.91.8

1948

15.0

2.92.2

5.6.71.22.71.9

1949

15.4

2.71.9

6.0.61.43.11.6

1950

19.1

4.53.6

6.6.62.03.51.9

1951

19.2

3.82.8

6.9.52.23.42.4

1952

20.5

3.32.3

8.1.62.53.42.6

1953

23.1

4.13.0

9.8.52.43.62.7

1954

25.0

4.23.2

11.4.62.63.72.5

1955»

All foreign countries _

Sterling area: Total. __United Kingdom

Continental OEEO countriesand dependencies _

Other Europe -CanadaLatin American RepublicsAll other countries

26.7

3.72.6

13.0.7

2.63.82.9

i Preliminary.

NOTE.—Includes gold reserves and dollar holdings of all foreign countries with the exception of U. S. S. R.gold reserves. Holdings of the Bank for International Settlements (both for its own and EPU accounts)and of the Tripartite Commission for Restitution of Monetary Gold are included with the holdings of Con-tinental OEEC countries and dependencies. Figures represent (1) reported and estimated gold reserves ofcentral banks and governments, and (2) official and private dollar holdings reported by banks in the UnitedStates, including foreign-held deposits, U. S. Government securities maturing within 20 months after dateof purchase, and certain other short-term liabilities to foreigners. Year-end estimates for all years except1928; the 1928 figures are estimated on the basis of gold reserves at the end of that year plus dollar holdingsreported by certain New York City banks as of May 31,1929.


238


Documents

ERP1956 Appendixes 4