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Appendix E
STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONTENTSNational income or expenditure: Page
E-l. Gross national product or expenditure, 1929-56 123E-2. Gross national product or expenditure, in 1956 prices, 1929-56 124E-3. Gross private and government product, in current and 1956 prices,
1929-56 126E-4. Gross national product or expenditure, in 1947 prices, 1929-56 127E-5. Implicit price deflators for gross national product, 1929-56 128E-6. The Nation's income, expenditure, and saving, 1954-56 129E-7. Personal consumption expenditures, 1929-56 130E-8. Gross private domestic investment, 1929-56 131E-9. National income by distributive shares, 1929-56 132E-10. Relation of gross national product and national income, 1929-56. . . . 133E—11. Relation of national income and personal income, 1929—56 134E-12. Sources of personal income, 1929-56 135E-13. Disposition of personal income, 1929-56 136E-l 4. Total and per capita disposable personal income and personal con-
sumption expenditures, in current and 1956 prices, 1929-56 137E-15. Financial saving by individuals, 1939-56 138E—16. Sources and uses of gross saving, 1929—56 139
Employment and wages:E-17. Noninstitutional population and the labor force, 1929-56 140E-l 8. Employment and unemployment, by age, and by sex for 20-64 year
group, 1942-56 142E—19. Employed persons with a job but not at work, by reason for not
working, 1946-56 143E-20. Unemployed persons, by duration of unemployment, 1946-56 144E-21. Unemployment insurance programs, selected data, 1939 and 1946-56. 145E-22. Number of wage and salary workers in nonagricultural establish-
ments, 1929-56 146E-23. Average weekly hours of work in selected industries, 1929-56 148E-24. Average gross hourly earnings in selected industries, 1929-56 149E-25. Average gross weekly earnings in selected industries, 1929-56 150E-26. Labor turnover rates in manufacturing industries, 1930-56 151
Production and business activity:E-27 Industrial production indexes, 1929-56 152E-28. Business expenditures for new plant and equipment, 1939 and
1945-57 154E-29. New construction activity, 1929-56 155E-30. New public construction activity, 1929-56 156E-31. Housing starts and applications for financing, 1929-56 157E—32. Sales and inventories in manufacturing and trade, 1939-56 158E-33. Manufacturers' sales, inventories, and orders, 1939-56 159
Prices:E-34. Wholesale price indexes, 1929-56 160E-35. Wholesale price indexes by economic sector, 1947—56 162E-36. Consumer price indexes, 1929-56 164
121
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Money supply, credit, and Federal finance: PageE-37. Deposits and currency, 1929-56 165E-38. Loans and investments of all commercial banks, 1929-56 166E-39. Federal Reserve Bank credit and member bank reserves, 1929-56. . 167E-40. Bond yields and interest rates, 1929-56 168E-41. Short- and intermediate-term consumer credit outstanding, 1929-56 . 170E-42. Instalment credit extended and repaid, 1946-56 171E-43. Mortgage debt outstanding, by type of property and of financing,
1939-56 172E-44. Net public and private debt, 1929-56 173E-45. U. S. Government debt—total and by kind of obligations, 1929-56 . 174E-46. Estimated ownership of Federal obligations, 1939-56 175E-47. Federal budget receipts and expenditures, calendar and fiscal years
1946-58 176E-48. Government cash receipts from and payments to the public, calendar
years 1946-56 176E-49. Government receipts and expenditures as shown in national income
accounts, 1953-56 177Corporate profits and finance:
E-50. Profits before and after taxes, all private corporations, 1929-56 178E-51. Relation of profits before and after taxes to stockholders' equity and
to sales, private manufacturing corporations, by asset size class,1947-50 average and 1955-56 179
E-52. Relation of profits after taxes to stockholders' equity and to sales,private manufacturing corporations, by industry group, 1947-50average and 1955-56 180
E-53. Sources and uses of corporate funds, 1946-56 182E-54. Current assets and liabilities of all corporations, 1952-56 183E-55. State and municipal and corporate securities offered, 1934-56 184E-56. Common stock prices and stock market credit, 1939-56 185E-57. Business population and business failures, 1929-56 186
Agriculture:E-58. Income of the farm population, 1929-56 187E-59. Farm population and employment, 1929-56 188E-60. Farm production indexes, 1929-56 189E-61. Indexes of prices received and prices paid by farmers, and parity
ratio, 1929-56 190E-62. Comparative balance sheet of agriculture, 1940-57 191E-63. Selected indicators of farm conditions, 1929-56 192E-64. Selected measures of farm technology, 1929-56 193
International transactions:E-65. United States balance of payments, 1952-56 194E-66. United States balance of payments with individual areas, 1952-56. 195E-67. United States grants of military supplies and services, by areas, total
postwar period and fiscal years 1952-56 197E-68. United States grants and credits, excluding military supplies and
services, by areas, total postwar period and fiscal years 1952-56. 198E-69. United States merchandise exports and imports for consumption, by
leading commodities, 1936—38 average and 1952-56 199E—70. Estimated gold reserves and dollar holdings of foreign countries, 1937
and 1949-56 200
122
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NATIONAL INCOME OR EXPENDITURETABLE E-l.—Gross national product or expenditure, 1929-56
[Billions of dollars]
Period
Totalgrossna-
tionalprod-uct
1929...- -
1930..- . —1931 -.19321933...- -.1934 _ .-
1935..-193619371938 -1939.-
19401941 -194219431944
1945194619471948 -1949
19501951195219531954-.-
1955_—1956 «
1953: First quarterSecond quarter. _Third q u a r t e r -Fourth quarter.
1954: First quarter.—Second quarter.Third quarter. _Fourth quarter.
1955: First quarter. _.Second quarter.Third quarter. _Fourth quarter .
1956: First quarter . . .Second quarter.Third quarter. _Fourth quarter"
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
285.1328.2345.4363.2360.7
390.9412.4
Per-sonalcon-
sump-tionex-
pendi-tures1
79.0
71.061.349.346.451.9
56.362.667.364.667.6
71.981.989.
100.5109.8
121.146.6165.0177.6180.6
194.0208.3218.3230.523R.5
254.0265.8
Gross private domesticinvestment 2
16.2
10.35.5.9
1.42.9
8.411.76.79.3
13.218.19.95.67.1
10.427.129.741.232.
51.256.949.850.348.0
60.665.3
New construc-tion
8.76.24.01.91.41.7
2.33.34.44.04.8
5.56.63.72.32.7
3.810.314.017.917.5
22.723.323.725.827.9
32.733.2
3.62.11.6
1.01.61.92.02.7
3.03.51.7
.9
.81.14.06.38.68.3
12.611.011.111.913.5
16.615.3
4.12.41.21.01.1
1.31.72.52.02.1
2.3.12.01.41.9
2.76.37.79.39.
10.112.412.613.814.4
16.117.8
5.84.52.81.612.3
3.14.25.13.64.2
5.56.94.34.05.4
7.10.716.19.117.8
21.123.23.124.322.4
23.728.7
Netfor-
eignin-
vest-ment
-A- 1 . 3-2 .6-1 .6- 1 . 1
.91.02.2
- . 9.4
2.4.51.8
- . 8-1 .0
-1 .16.1
-1 .04.2
- 2 .
7.410.43.0.3
- 2 . 3
4.3.4
0.8
- . 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- . 4
- . 51.4
Government purchases ofgoods and services
8.5
9.2
76.879.9
30.132.8
Seasonally adjusted annual rates
361.6367.4366.3357.5357.6358. 5359.4367.1377.3387.4396.8401.9403.4408.3413.8424.0
228.6231.4232.0230.2232.2235.0237.8241.1246.7251.8257.8259.5261.7263.7266.8271.2
51.553.551.844.545.848.246.751.554.760.262.365.163.164.765.168.4
25.226.225.825.925.927.328.729.531.532.933.533.032.633.633.632.9
11.712.212.111.711.813.014.215.016.116.917.216.215.315.615.514.9
13.514.013.814.114.114.314.414.515.316.016.416.817.318.018.118.0
24.324.224.923.822.922.622.521.721.322.425.025.926.427.529.531.5
2.03.11.1
- 5 . 2- 3 . 1- 1 . 7- 4 . 5
. 2
1.94.93.76.1
4.13.52.04.0
- 2 . 1-3 .0-1 .4-1 .7- 1 . 1
- . 2- . 7
. 3
- . 4- . 9
.2- . 8
. 11.21.72.4
83.685.583.884.580.875.575.674.276.376.276.578.178.578.780.282.0
59.061.259.158.654.048.247.745.746.846.346.647.246.446.147.248.3
51.853.351.349.446.543.242.040.141.841.341.340.640.540.741.943.2
7.68.38.29.5
7.85.46.05.9
5.45.55.87.1
6.35.85.75.5
0.5. 4. 4. 3
.4
.4
.4
. 3
.4
.4
.4
. 5
.4
.4
.4
.4
24.624.324.725.9
26.827.328.028.5
29.529.929.9
32.132.633.033.7
1 See Table E-7 for major components.2 See Table E-8 for more detail and explanation of components.3 For 1947-56, 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. They are not comparable with thenational security category in the Budget for the fiscal year ending June 30, 1958, which corresponds moreclosely to national defense expenditures for goods and services. National defense expenditures since 1947are 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, 49.3 billion; 1954, 41.1 billion; 1955, 39.1 billion; and 1956, 39.6 billion.
* Not available separately.« 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).
123
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TABLE E-2.—Gross national product or expenditure, in 1956 prices, 1929-56l
[Billions of dollars, 1956 prices]
Period
1929
19301931193219331934
1935193619371938 _1939
19401941 __194219431944
19451946194719481949 __
19501951 . .195219531954
19551956 *
Totalgross
nationalproduct
187.1
169.5156.9133.5130.1143.6
158.5179.5190.2181.5196.2
213.7247.2278.7309.6332.6
325.7290.6289.6302.7301.8
329.9354.2366.6381.6374.6
401.7412.4
Personal consumptionexpenditures
Total
129.1
121.7118.2107.4104.7110.3
117.2129.2133.8131.8139.4
146.7156.5153.8157.9163.4
174.4194.6197.6201.5206.7
219.1220.6227.6237.2241.4
258.3265.8
Dura-ble
goods
14.4
11.610.07.67.48.4
10.312.813.411.013.0
14.917.211.19.68.7
9.919.022.723.524.8
30.026.726.429.429.7
35.834.0
Non-durable-goods
66.5
63.263.058.056.360.0
63.470.773.074.378.4
81.987.489.392.496.4
103.7109.2106.5106.7108.3
111.2113.2117.1120.7122.0
128.2132.9
Services
48.3
46.945.241.941.141.9
43.445.847.446.548.0
49.951.953.456.058.3
60.966.468.471.373.6
77.880.684.087.189.8
94.398.9
Total
37.2
25.115.64.34.28.3
17.222.429.116.422.9
30.839.119.711.113.1
17.844.342.651.639.9
61.262.354.354.151.4
63.865.3
Gross private domestic investment
New construction
Total
22.3
16.511.56.44.95.5
7.210.112.110.812.9
14.516.38.34.75.1
7.017.119.422.221.8
27.526.226.027.429.6
34.133.2
Resi-dential(non-farm)
9.3
5.44.52.21.72.0
3.34.95.35.47.2
7.88.43.81.81.5
1.96.58.5
10.310.2
14.912.111.912.614.4
17.315.3
Other
13.1
11.07.04.13.23.4
3.95.26.85.35.7
6.77.94.52.83.5
5.010.610.911.911.6
12.614.114.114.815.2
16.817.8
Produc-ers'
durableequip-ment
11.9
9.56.43.84.05.4
7.29.9
11.27.89.1
11.713.77.97.39.7
13.517.123.224.621.9
25.525.725.526.524.4
25.328.7
Changein busi-
nessinven-tories
3.0
- . 8- 2 . 3- 5 . 9- 4 . 7- 2 . 6
2.82.55.8
- 2 . 1.9
4 69.13 5
- . 9- 1 . 6
- 2 . 610.1
4.7- 3 . 8
8.310.32.8.2
- 2 . 6
4.33.4
See footnotes at end of table.
124
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TABLE E-2.—Gross national product or expenditure, in 7956 prices, 1929-56l—Continued
[Billions of dollars, 1956 prices]
Period
1929 _ _ _
1930 _19311932 _ _ _ _ _ __19331934 __ . -
193519361937 _19381939
1940 _ _1941194219431944 _ _
1945 _1946194719481949
19501951 .195219531954
1955 . _19566 _
Netforeigninvest-ment
.9
.6
.1- . 1- . 5
-1 .4—1.6- 1 . 2
1.41.0
1.7.1
- 2 . 3-5 .9-5 .8
- 4 . 74.69.11.2
- . 2
- 2 . 61.1
—2.1- . 3
—.41.4
Government purchases of goods and services
Total
19.9
22.023.122.021.725.1
25.529.428.531.932.9
34.551.5
107.5146.5162.0
138.147.140.348.455.4
52.270.284 592.382.0
80.079.9
Federal
Total 2
3.2
3.73.94.15.87.7
7.511.610.913.212.5
15.233.390.9
131.4147.2
123 130.121.027.331.6
26.744.258 164.952.2
48.347.0
Nationalsecurity3
4)4)4)
.)
4)
4)
3.0
5.527.186.7
130.1146.5
124.930.417.820.823.9
22.340.252 356.145.9
42.641.6
Other
(*)(4)W
wft
9.4
9.76.24.72.42.6
1.73.55.07.28.2
4.74.56 29.26.7
6.15.8
Stateandlocal
16.7
18.419 217.915.917.3
18.017.817.618.720.5
19.418.216.615.114.8
15.117.019.321.123.8
25.526.026 427.529.8
31.732.8
1 These estimates represent an approximate conversion of the Department of Commerce series in 1947prices. (See Table E-4.) This was done by major components, using the implicit price indexes convertedto a 1956 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.
2 Net of Government sales, which are not shown separately in this table. See Table E-l for Government sales in current prices.
3 See Table E-l, footnote 3.* Not available separately.6 Less than 50 million dollars.6 Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Council of Economic Advisers.
125
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TABLE E—3.—Gross private and government product, in current and 1956 prices, 1929—56
{Billions of dollars]
Year
1929
19301931193219331934
1935193619371938.1939
194019411942.19431944.
1945.1946-19471948-.1949 ._
1950195119521953-1954
1955. _ . .1956 8 — _ . -
Current prices
Totalgrossna-
tionalprod-uct
104.4
91.176.358.556.065.0
72.582.790 885.291.1
100.6125.8159.1192 5211.4
213.6209.2232.2257.3257.3
285.1328.2345.4363.2360.7
390.9412.4
Gross private productl
Total
100.1
86.671.654.051.359.4
66.675.583.977.683.5
92.8116.4144.0167.0179.2
178.4188.5215.6240.0238.Q
264.3301.0314.5331.5328.4
356.9376.5
Farm 2
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
21.124.622.721.020.2
19.719.8
Non-farm
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
243.1276.4291.8310.5308.2
337.3356.6
Grossgov-ern-mentprod-ucts
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
20.827.231.031.732.2
33.935.8
Totalgrossna-
tionalprod-uct
187.1
169.5156.9133.5130.1143.6
158.5179.5190.2181.5196.2
213.7247.2278.7309.6332.6
325.7290.6289.6302.7301.8
329.9354.2366.6381.6374.6
401.7412.4
1956 price.3*
Gross private product1
Total
175.9
157.7144.9121.8117.3128.6
142.4160.7172.6162.4177.0
193.7222.6242.8253.7268.5
263.1257.8264.5277.5275.4
302.7320.2330.1345.3339.0
366.2376.5
Farm 2
15.0
13.916.215.214.712.3
15.312.516.616.216.1
15.816.918.516.917.6
16.417.215.818.617.4
18.216.917.217.918.8
19.519.8
Non-farm
160.9
143.8128.7106.5102.5116.3
127.1148.2156.0146.2160.9
177.9205.7224.3236.8250.9
246.7240.6248.7259.0258.1
284.5303.2312.9327.4320.2
346.7356.6
Grossgov-ern-mentprod-ucts
11.2
11.812.011.712.815.0
16.118.817.619.119.2
20.024.635.955.964.2
62.632.825.125.226.4
27.234.036.536. 335.6
35.535.8
1 Gross national product less compensation of general government employees, i. e., gross product accruingfrom domestic business, households, and institutions, and from the rest of the world.
2 See Survey of Current Business, August 1954, pp. 20-24, for estimates in both current and 1947-49 pricesand for the implicit price deflators for 1929-51. Estimates for 1952-56 are based on unpublished data.
3 Includes compensation of general government employees and excludes compensation of employees ingovernment enterprises. Government enterprises are those agencies of government whose operating costsare at least to a substantial extent covered by the sale of goods and services, in contrast to the general activi-ties of government which are financed mainly by tax revenues and debt creation. Government enter-prises, in other words, conduct operations essentially commercial in character, even though they performthem under governmental auspices. The Post Office and public power systems are typical examples ofgovernment enterprises. On the other hand, State universities and public parks, where the fees and ad-missions cover only a nominal part of operating costs, are part of general government activities.
* See Table E-2, footnote 1.6 Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Council of Economic Advisers.
126
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TABLE E-4.—Gross national product or expenditure, in 7947 prices, 1929-561
[Billions of dollars, 1947 prices]
Period
1929
19301931193219331934
19351936193719381939
19401941194219431944
19451946194719481949.
19501951195219531954
19551956 3
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
264.7282.9293.7305.3300.8
322.4330.4
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
182.8183.6189.3197.4200.8
215.2221.2
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
32.530.8
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
102.4105.4106.6
112.1116.3
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
58.460.463.065.367.3
70.774.1
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
45.345.239.338.537.7
46.747.4
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
20.019.018.819.821.5
24.824.0
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
18.318.418.319.017.5
18.220.6
Changein
busi-ness
inven-tories
2.1
- ' .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
7.07.82.2
- . 3- 1 . 3
3.72.8
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 . 12.31.7
- . 31.2
1.22.7
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
37.751.863.469.661.2
59.359.0
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
20.534.245.651.141.0
37.836.8
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
17.317.517.818.520.1
21.522.2
Grosspri-vate
prod-uct 2
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
246.6259.9268.9280.7276.8
298.6306.4
1 See National Income, 1954 Edition, A Supplement to the Survey of Current Business, for explanation ofconversion of estimates in current prices to those in 1947 prices. See Table E-5 for implicit deflators.
2 Total gross national product less compensation of general government employees.3 Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
127
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-5.—Implicit price deflators for gross national product, 1929-56
[Index numbers, 1947=100
Year
Grossna-
tionalprod-uct i
Personal consumptionexpenditures
TotalDur-able
goods
Non-dur-able
goods
Serv-ices
Total
Gross private domesticinvestmentl
New construction
Resi-den-tialnon-farm
Pro-duc-ers'dur-able
Other equip-ment
Total
Government pur-chases of goodsand services
Fed-eral
Stateandlocal
Grossgov-ern-mentprod-uct
Grosspri-vate
prod-uct
1929
193019311932.19331931
19351936 _193719331939
191019 tl19421943194i
19451946._194719481949
19501951195219531954
195519563
70.0
67.460.354.354.057.3
56.758.159.258.457.9
58.663.571.277.378.8
81.289.5
100.0105.5106.6
107.7116.0117.6119.0119.9
121.2124.8
73.6
70.362.655.453.656.7
57.858.260.358.958.1
58.762.670.076.580.8
83.890.3
100.0105.7104.8
106.2113.5115.3116.8117.8
118.0120.2
70.7
67.960.653.052.055.4
54.554.556.957.056.5
57.461.969.276.285.6
90.692.2
100.0104.3105.1
105.1112.0111.3111.7109.1
109.9110.3
64.8
61.652.644.945.350.8
52.953.255.152.351.3
52.056.665.873.477.6
80.888.6
100.0105.9102.3
103.3112.2113.4112.9113.4
112.6114.3
84.879.373.067.2
67.268.470.871.671.6
72.074.578.582.786.3
88.592.9
100.0105.9108.9
111.4116.1120.0125.0128.2
130.4133.4
53.9
52.247.740.840.643.4
44.245.050.450.750.6
51.756.061.669.274.7
76.883.3
100.0111.4110.7
113.9122.8125.9130.1129.6
132.1138.1
52.6
51.346.737.737.541.7
41.143.247.649.249.9
51.556.359.965.271.6
77.083.4
100.0112.0109.2
113.8121.6124.9127.4125.8
128.8134.3
54.9
52.648.442.542.444.4
47.046.852.852.351.5
51.955. 663.171.976.1
76.883.3
100.0110.9112.0
113.9123.9126.9132.4133.4
135.6141.5
68.5
65.862.358.855.759.3
59.159.063.365.464.0
66.070.676.477.278.3
79.387.4
100.0108.1113.3
115.7125.7126.4127.8128.2
130.3139.4
62.4
60.757.953.454.056.7
57.558.359.657.958.3
58.566.373.077.676.0
76.991.0
100.0104.9108.2
111.3121.3122.3121.2
129.6135.4
56.0
52.853.248.947.352.9
53.858.358.055.157.3
55.967.373.477.975.8
76.492.2
100.0100.8104.6
108.0119.9119.0116.3
123.7127.8
63.8
62.458.954.556.758.6
59.258.460.660.159.0
60.764.370.074.877.8
81.888.8
100.0110.8113.6
115.3124.3130.6134.6137.3
140.1148.0
61.5
61.362.060.558.358.7
58.359.761.061.861.2
59.957.260.964.169.7
77.991.9
100.0104.5111.0
115.0118.3124.7128.9134.1
142.4149.4
70.4
67.760.253.953.657.2
56.657.959.058.157.6
58.564.172.579.980.7
81.889.2
100.0105.6106.2
107 2115 8117.0118.1118.7
119 5122.9
1 Separate deflators are not available for total gross private domestic investment, change in businessinventories, and net foreign investment. For explanation of conversion of estimates in current prices tothose in 1947 prices, see National Income, 1954 Edition, A Supplement to the Survey of Current Business.
2 Preliminary estimates by Council of Economic Advisers.
Source: Department of Commerce except as noted).
128
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E—6.—The Nat Ms income, expenditure, and saving, 195/^-56
[Billions of dollars]
Economic group
Consumers:Disposable personal incomePersonal consumption expendi-
turesPersonal net saving (+) —
Business:Gross retained earningsGross private domestic invest-
mentExcess of investment (—)__ _
International:Net foreign investment
Excess of receipts (+)or of 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(+) or deficit(-)on income and productaccount
Statistical discrepancy
Gross national product __
1954
Re-ceipts
254.4
34.8
89.6
19.9
69.6
1.8
360.7
Ex-pend-itures
236.5
48.0
- . 4
96.4
19.9
76.5
360.7
Excessof re-ceipts
or ex-pend-itures
17.9
-13.2
. 4
- 6 . 9
1.8
1955
Re-ceipts
270.6
39.5
100.6
21.6
79.0
1.8
390.9
Ex-pend-itures
254.0
60.6
—.5
98.4
21.6
76 8
390.9
Excessof re-ceipts
or ex-pend-itures
16.6
-21.0
. 5
2.2
1.8
19561
Re-ceipts
286.6
40 9
107 6
23.7
83.9
L0
412.4
Ex-pend-itures
265.8
65.3
1.4
103.6
23.7
79 9
412.4
Excessof re-ceipts
or ex-pend-itures
20.8
-24.4
-1 .4
4.0
1.0
i Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Based on the national income and product statistics of the Department of Commerce (exceptas noted).
129
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E—7.—Personal consumption expenditures, 1929-56
[Billions of dollars]
Period
1929.
1930.1931.1932.1933.1934.
1935.1936.1937.1938.1939.
1940.19411942.1943.1944.
1945.1946.1947.1948.1949.
1950-1951.1952-1953-1954.
1955.1956*
1953: First quarterSecond quarter ___Third quarterFourth quarter
1954: First quarter.Second quarterThird quarterFourth quarter
1955: First quarterSecond quarterThird quarterFourth quarter
1956: First quarterSecond quarterThird quarterFourth quarter *
Totalper-sonalcon-
sump-tionex-
pend-itures
79.0
71.061.349.346.451.9
56.362.667.364.667.6
71.981.989.7
100.5109.8
121.7146.6165.0177. 6180.6
194.0208.3218.3230.5236.5
254.0265.8
Durable goods Nondurable goods
To-tal
9.2
7.25.53.63.54.2
5.16.36.95.76.7
7.89.77.06.66.8
8.115.920.622.223.6
27.1
29.829.4
35.734.0
28. 6 12. 410.9
26. 6 10. 413.212.6
17.214.6
4.68.7
11.07. 3 11. 59. 5 10. 9
12.912.712.512.812.9
14.315.0
To-tal
37.7
5 73.
3.3 100. 4 51,3. 5 111. 13.73. 9 119.1 63.03.9 120.9 64. 3
126.24. 4 132. 9 70. 5
19.5
34.0 18.028.9 14.722.8 11.422.3 10.926. 7 12. 2
29. 3 13. 632.8 15. 235. 2 16.434.0 15.635.1 15. 7
37. 2 16. 743. 2 19.451. 3 23.7 11.059. 3 27.8 13.465.4 30. 6 14. 6
5 40.16.518.2
34.11.4
. . . . 45.6 18.898. 7 49.4 19.696.9 48.8 18.
.. 0 18. 558. 3 19.8
116.1 61. 4 20.119.919.
67.0 20.621.6
.7
.92.12.1 9.52. 2 10.1
2.3 10.82.6 12.3
14.516.718.7
3 16.
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. 6
29.7
30.88.4 32. 5
Services
To-tal
32.1
29.
22.920.721.0
21.923.25.125.025.8
26.929.031.534.37.
65.0
11.4
8 11.026. 9 10.3
9.07.97.6
7.67.98.48.89.0
9.310.010.811.311.9
40.4 12.446.251.356.60.
13.615.417.5
L4119.
21.470.1 23.4 10. 375. 6 25.681. 7 27. 6
29.3
92.1 30. 6 14.098. 9 32. 2
11.112.012.6
2.6J14.0
2.2112.71.9 11.21.61.51.6
1.71.9
9.38.58.8
9.410.3
2.0 11.11.9 10. 7
11.02.0
2.1 :2.42.73.4
12.313.114.7
3.7 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. 87. 3 37.1
7. 5 40.17. 9 43. 5
Seasonally adjusted annual rates
228.6231.4232.0230.2
232.2235.0237.8241.1
246.7251.8257.8259.5
261.7263.7266.8271.2
30. 2 13. 530.30. 5 13. 7 12. 928. 0 11
28. 5 11. 929. 2 12.429. 4 12. 530.4 13.
12.812.9
4 12.9
34.7 16. 8 13.935.3 16.9 14.137. 2 18. 5 14. 535.4 16. 5 14. 5
34. 8 15. 5 14,33.433.0 13. 7 15.034.9 15.4 15.1
12.812.9
12.6
12.8
3. 9 118. 9 62. 8 20.3. 9 119. 8 63.1 20.3.9 118.9 63.0
118. 6 63.1
119. 2 63.3 19. 5
3.7
3.74. 0 120.3 63. 8 19. 74. 0 121. 5 64. 9 19. 54.1 122. 5 65.3 19.9
4.1 122. 5 64. 8 19.94. 2 125.3 66. 5 20.4. 2 127. 6 68.1 20.84. 4 129. 2 68. 6 21. 3
130. 5 69. 5 20.8132.3 70.1 21. 5134.0 71. 2 21. 9134.8 71. 3 22.3
41.3
19.519.3
6. 2 29. 56. 4 29. 96. 7 29. 76. 9 29. 4
7.0 29.47.1 29. 77. 2 29. 97.4 29.8
7. 5 30.37. 7 30. 57. 8 31. 07. 8 31. 5
8.1 32.28. 3 32.48. 5 32. 5
5 26.). 8 11. 7'. 2 12.0
82. 6 27. 8 12.383.6 28. 5 12. 2
0 27.
84. 5 28.8 12.485. 5 29.1 12.486. 9 29. 4 12. 688.3 29.8 13.1
94.9 31.1
8.6 32. 5 101. 5 33.0 15.8
5 30.12 30.9 30.
96.98.99. 7 32. 5 15. 5
4 310 31
13.4I. 5 13. 61.8 14. 2
14.8
. 5 15.0
.9 15. 2
7. 2 33. 87. 3 34. 57. 3 35. 27.3 35. 6
7.3 36.17. 2 36. 87. 2|37. 67.3i38.1
7. 4 38. 67. 4 39. 77. 5 40.57. 6 41.4
7. 7 42.17.8 43.07. 9 43. 88.0 44.7
1 Quarterly data are estimates by Council of Economic Advisers.2 Includes standard clothing issued to military personnel.3 Includes imputed rental value of owner-occupied dwellings.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).
I3O
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E—8.—Gross private domestic investment, 1929—56
[Billions of dollars]
Period
Totalgross
privatedo-
mesticinvest- Totalment
1929._
1930..1931..1932..1933..1934..
1935..1936..1937..1938-1939-
1940..1941..1942..1943..1944..
1945..1946..1947-1948..1949..
1950..1951..1952..1953..1954-
1955..1956 8.
1953:First quarterSecond quarter..Third quarter. _.Fourth quarter.
1954:First quarterSecond quarter.Third quarter...Fourth quarter.
1955:First quarterSecond quarter.Third quarter...Fourth quarter.
1956:First quarter....Second quarter.Third quarter...Fourth quarter1
16.210.35.5.9
1.42.96.38.4
11.76.79.3
13.218.19.95.67.1
10.427.129.741.232.551.256.949.850.348.060.665.3
Nonfarm producers'plant and equipment
Equip-ment2
9.37.24.42.42.22.93.75.06.54.75.36.98.65.34.66.29.2
14.820.723.521.725.529.129.631.930.533.340.2
5.24.02.61.41.52.12.73.64.53.13.74.96.13.73.54.76.9
10.015.016.815.318.520.420.521.619.921.126.4
Con-struc-tion^
Total *
4.13.31.81.0.8.9
1.01.42.11.51.62.02.51.61.11.52.34.85.76.76.47.08.89.1
10.310.612.213.8
Farm equipmentand construction
Equip-ment
0.9.7.4.2.2.3
.5
.7
.8
.7
.7
.81.1
1.01.01.63.03.94.04.24.74.54.44.14.23.8
Con-struc-tion
0.6.5.3.1.1.3.4.5.6.5.5
.7
.6
.7
.7
.71.62.32.52.62.82.62.72.52.62.3
0.3.2.1
.3
.91.41.51.51.61.81.91.71.61.61.5
Resi-dential
con-struc-tion(non-farm)
Otherpri-vatecon-
struc-tion
3.62.11.6.6.5.6
1.01.61.92.02.73.03.51.7
1.14.06.38.68.3
12.611.011.111.913.516.615.3
Total
0.7.7.5.2.1.1.1.2.2.3.3
.3
.3
.2
.1
.1
.2
.6
.71.01.31.51.71.61.82.12.32.6
Net change inbusiness inventories
1.7- . 4
- 1 . 3- 2 . 6- 1 . 6- 1 . 1
1.02.2
- . 9.4
2.24.51.8
- . 8-1 .0- 1 . 1
6.1-1 .0
4.2- 2 . 7
7.410.43.0.3
- 2 . 34.23.4
Non-farm •
1.8—. 1
-1 .6-2 .6-1 .4
.2
.42.11.7
-1 .0
1.94.0.7
- . 66.41.33.0
-1 .96.49.02.1.9
-2 .73.83.6
Seasonally adjusted annual rates
Farm
-0.2- . 3
.3
- 1 . 3.5
- 1 . 1.5.1.1.3.5
1.2- . 2— 4- . 5- . 2
- 2 . 31.1
1.4.9
- . 6.5.3
- . 2
51.553.551.844.5
45.848.246.751.5
54.760.262.365.1
63.164.765.168.4
31.531.832.431.9
31.130.630.530.0
30.231.934.636.3
37.739.441.042.7
21.421.422.221.3
20.520.019.919.3
18.819.822.223.4
24.325.427.028.9
10.010.410.310.6
10.610.610.610.7
11.412.032.512.9
13.414.014.013.7
4.74.64.44.1
4.04.24.34.1
4.14.24.44.1
3.63.74.04.0
2.92.82.72.4
2.42.62.62.4
2.52.62.92.5
2.12.12.52.6
1.81.81.71.7
1.61.61.71.6
1.61.61.61.6
1.51.51.51.5
11.712.212.111.7
11.813.014.215.0
16.116.917.216.2
15.315.615.514.9
1.61.81.81.9
1.92.12.22.2
2.32.42.32.3
2.32.52.62.8
2.03.11.1
-5 .2
-3 .1-1 .7-4 .5
. 2
1.94.93.76.1
4.13.52.04.0
2.54.01.8
-4.9
-3.3-2 .2-5 .1
- . 3
1.44.53.45.9
4.23.92.44.1
- 0 . 5- . 9
1 Items for nonfarm producers' plant and equipment are not comparable with those shown in Table E-28,principally because the latter exclude equipment and construction outlays charged to current expense andalso investment by nonprofit organizations and professional persons.
2 Total producers' durable equipment less farm machinery and equipment, and farmers' purchases oftractors and business motor vehicles.
3 Industrial buildings, public utilities, gas- and oil-well drilling, warehouses, office and loft buildings,stores, restaurants, and garages.
4 Farm construction (residential and nonresidential) plus farm machinery and equipment, and farmers'purchases of tractors and business motor vehicles. (See footnote 2.)
«Includes religious, educational, social and recreational, hospital and institutional, miscellaneous non-residential, and all other private construction.
« After inventory valuation adjustment.7 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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-9.—National income by distributive shares, 1929-56
[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..1956 «.
1953: First quarterSecond quarter-Third quarter-Fourth quarter,
1954: First quarterSecond quarter..Third quarter.-.Fourth quarter. .
1955: First quarterSecond quarter-Third quarter. _Fourth quarter..
1956: First quarter-_.Second quarter.Third quarter. _Fourth quarter6
Totalna-
tionalin-
come1
87.875.759.742.540.249.057.164.973.667.672.881.6
104.7137.7170.3182.6181.2179.6197.2221.6216.2240.0277.0290.2302.1298.3324.0342.3
Com-pen-
sationof em-ploy-ees2
51.146.839.731.129.534.337.342.947.945.048.152.164.885.3
109.6121.3123.2117.7128.8140.9140.9154.3180.4195.1208.1206.9223.2239.0
Business and pro-fessional incomeand inventory
valuationadjustment
Total
In-come
ofunin-corpo-ratedenter-prises
8.87.45.63.43.24.65.46.57.16.87.38.4
10.913.916.818.019.021.319.921.621.422.924.825.725.925.927.329.1
8.66.75.03.13.74.65.46.67.16.67.58.5
11.514.317.018.119.123.021.422.121.024.025.125.526.125.927.629.8
In-ven-toryvalu-ationad-
just-ment
0.1
.3- . 5- . 1
(«).2
- . 2
- . 4- . 2—. 1- . 1-1.7-1.5- . 4
.5-1.1- . 3
.2- . 2- . 1- . 2
In-come
offarmpro-prie-tors s
6.04.13.21.92.42.45.04.05.64.34.34.66.5
10.011.411.511.813.914.516.712.713.316.015.113.312.511.711.7
Rent-al in-come
ofper-sons
Total
5.44.83.82.72.01.71.71.82.12.62.72.93.54.55.15.45.66.26.57.27.98.59.19.9
10.210.510.19.7
Corporate profitsand inventory
valuationadjustment
10.16.61.6
-2 .0-2 .0
1.12.95.06.24.35.79.1
14.519.723.823.018.417.323.630.628.135.139.93G.936.032.940.940.8
Cor-porateprofitsbeforetaxes4
9.63.3
- . 8- 3 . 0
.21.73.15.76.23.36.49.3
17.020.924.623.319.022.629.532.826.240.041.235.937.033.242.743.4
In-ven-toryvalu-ationad-
just-ment
0.53.32.41.0
- 2 . 1
- . 2- . 7(5)1.0
- . 7- . 2
- 2 . 5- 1 . 2
- . 6- 5 . 3
—2^21.9
-4.9- 1 . 3
1.0-1 .0- . 3
- 1 . 7- 2 . 6
Netin-
terest
6.46.05.85.45.04.94.84.74.74.64.64.54.54.33.73.33.23.13.84.55.25.96.87.48.79.7
10.811.9
Seasonally adjusted annual rates
303.0305.8304.1295.7295.8296.7297.6303.1311.3321.9328.3334.4334.9338.7343.5352.0
205.8209.3209.7207.6205.2205.9206.6209.7213.9221.6226.8230.3233.0237.2240.4245.3
26.326.125.825.525.325.926.026.226.527.127.728.028.228.929.529.9
26.626.226.425.225.425.826.226.326.627.428.028.328.929.629.930.7
- 0 . 3- . 1- . 6
. 3
- . 1. 1
- . 1(5)
- . 1- . 3- . 3- . 3
n
-.7- A- . 8
13.613.213.013.313.912.112.111.811.812.211.311.411.511.311.612.4
10.110.110.110.210.410.610.610.510.310.210.09.8
9.89.79.79.7
39.138.736.629.831.732.732.534.738.540.241.643.440.939.840.442.3
39.540.238.829.731.932.932.835.239.741.143.546.443.742.941.246.0
- 0 . 5- 1 . 5-2 .2
. 2
- . 2- . 2- . 3- . 6
-1 .2- . 9
- 1 . 9- 3 . 0-2 .8- 3 . 1
- . 8-3.7
8.28.58.99.29.39.59.8
10.110.410.611.011.311.511.712.012.4
1 National income is the total net income earned in production. It differs from gross national productmainly in that it excludes depreciation charges and other allowances for business and institutionalconsumption of durable capital goods, and indirect business taxes. See Table E-10.
2 Wages and salaries and supplements to wages and salaries (employer contributions for social insurance;employer contributions to private pension, health, and welfare funds; compensation for injuries; directors'fees; pay of the military reserve; and a few other minor items).
3 Excludes income resulting from net reductions of farm inventories and gives credit in computing incometo net additions to farm inventories during the period.
* See Table E-50 for corporate tax liability (Federal and State income and excess profits taxes) andcorporate profits after taxes.
6 Less than 50 million dollars.6 Preliminary; fourth quarter by Council of Economic Advisers.
NOTE.—D etail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
132
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E—10.—Relation of gross national product and national income, 1929-56
[Billions of dollars]
PeriodGrossna-
tionalprod-
uct
1929.
1930..1931 . . . .193219331934
1935 . _ . .19361937._19381939
1940...1941194219431944
194519461947.— -19481949
1950195119521953—1954...
195519563
1953:First quarterSecond quarter..Third quarter....Fourth quarter..
1954:First quarter.._.Second quar ter..Third quarter-Fourth quarter ..
1955:First quarterSecond quarter. .Third quarter—Fourth quarter..
1956:First quarter..-.Second quarter..Third quarter-Fourth quarter 3
Total
104.4
91.176.358.556.065.0
72.582.790.885.91.1
100.6125.8159.1192.5211.4
213.6209.232.257.3257.
285.1328.345.4363.2360.7
390.9412.4
Less: Capital con-sumption allowances
8.6
8.58.7.67.27.1
7.27.57.7.87.8
8.19.0
10.10.912.0
12.511.14.116.518.4
20.523.523.926.528.8
31.334.0
Depre-ciationcharges
Other i
361.367.4366. 3357.5
357.6358.5359.4367.1
377.3387.4396.8401.9
403.4408.3413.424.0
25.626.226.827.4
28.028.529.029.6
31.732.2
32.933.634.435.1
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
18.020.321.023.325.4
27.830.2
Equals:Netna-
tionalprod-uct
0.9
.8
.6
.6
'.5
.6
.8
.8
.8
.7
.81.01.01.01.
1.31.2.02.22.1
2.53.12.93.23.3
3.8
Plus:Sub-sidiesless
iurrentsurplusof gov-
ern-mententer-prises
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
264.6304.8321.6336.7331.9
359. 5378.4
Total
- 0 . 1
- . 1
.2
- . 2- . 2- . 2
. 2- . 1- . 4
Less:
Indirect businesstax
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
23.25.628.130.30.2
32.534.6
Fed-eral
Stateandlocal
1.2
1.0
1.2.2
2.22.32.42.22.3
2.63.64.04.96.2
7.17.97.98.18.2
9.09.5
10.511.210.1
11.011.5
Busi-
;rans-fer
ments
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
14.716.117.619.020.1
2123.1
0.6
.5
.6
.7
.7
.6
.6
.6
.6
.4
.5
.4
.5
.5
.5
.5
.5
.6
.81.01.1.41.4
1.41.4
Sta-tisti-caldis-crep-ancy
Equals:Na-
tionalIncome
0.3
-1.0.8
- . 21.1
- . 2.5
1.2
.4- . 8
- 1 . 72.8
4.5.9
1.4- 2 . 1
.1
.21.32.02.61.8
1.81.0
Seasonally adjusted annual rates
336.0341.2339.5330.1
329.6330.0330.4337.5
347.0356.3365.1369.7
370.5374.7379.4
- 0 . 2
- . 4- . 7
.7
.7
.91.4
29. 8,30.230.430.4
30.030.129.930.6
31.432.432.833.4
33.734.135.135.5
11.311.311.310.
10.310.19.7
10.1
10.611.311.011.3
11.311.311.711.7
18.518.819.219.5
19.720.020.220.5
20.821.221.822.1
22.422.823.423.8
1.31.41.41.4
1.41.41.41.4
1.41.41.41.4
1.41.41.41.4
1.73.63.21.9
1.92.01.42.1
3.01.22.7
1.11.1.2
1.4
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
240.0277.0290.2302.1298.3
324.0342. 3
303.0305.8304.1295.7
295.8296.7297.6303.1
311.3321.9328.3334.4
334.9338.7343.5352.0
1 Accidental damage to fixed capital and capital outlays charged to current account,,2 Less than 50 million dollars.s 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).
133
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E—11.—Relation of national income and personal income, 1929-56
[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..19561
1953: First quarterSecond quarter...Third quarterFourth quarter...
1954: First quarterSecond quarter...Third quarterFourth quarter...
1955: First quarterSecond quarter...Third quarterFourth quarter...
1956: First quarterSecond quarter—Third quarterFourth quarter i_
303.0305.8304.1295.7
295.8296.7297.6303.1
311.3321.9328.3334. 4
334.9338.7343.5352.0
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
240.0277.0290.2302.1298.3
324.0342.3
Less:
Corpo-rate
profitsand in-
ven-toryvalu-ation
adjust-ment
10.1
6.61.6
- 2 . 0—2.0
1.1
2.95.06.24.35.7
9.114.519.723.823.0
18.417.323.630.628.1
35.139.936.936.032.9
40.940.8
Contri-butions
forsocialinsur-ance
0.2
. 3
. 3
. 3
. 3
. 3
. 3
. 61.82.02.1
2.32.83.54.55.2
6.16.05.75.25.7
6.98.28.68.79.7
11.112.5
Excessof
wageac-
crualsoverdis-burse-
ments
0.2- . 2
. . .
- . 1
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
14.311.612.012.915.0
16.117.3
Plus:
Netinter-
estpaidbygov-ern-ment
1.0
1.0M
;
1
]
L.IL. 21.2
L.IL.IL. 2L.2. 9
1.31.31.52.12.8
3.74.54.44.44.6
4.74.84.95.05.2
5.25.5
Divi-dends
5.8
5.54.12.62.12.6
2.94.54.73.23.8
4.04.54.34.54.7
4.75.86.57.27.5
9.29.19.09.3
10.0
11.212.0
Busi-ness
trans-fer
pay-ments
0.6
.5
.6
.7
.7
. 6
. 6
. 6
. 6
. 4
. 5
. 4
. 5
. 5
. 5
. 5
. 5
. 6
. 7
.7
. 8
. 81.01.21.41.4
1.41.4
Equals:
Per-sonalin-
come
Seasonally adjusted annual rates
39.138.736.629.8
31.732.732.534.7
38.540.241.643.4
40.939.840.442.3
8.88.98.78.5
9.69.79.79.8
10.610.911.311.4
12.112.312.713.0
- 0 . 1—.1_ i
12.712.712.813.4
14.314.815.015.8
15.916.216.016.3
16.917.317.217.7
4.95.05.05.1
5.15.25.25.2
5.25.25.25.3
5.45.55.65.7
9.29.59.59.5
9.79.9
10.010.3
10.410.711.012.1
11.812.212.311.8
1.31.41.41.4
1.41.41.41.4
1.41.41.41.4
1.41.41.41.4
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
227.0255.3271.8286.0287.3
306.1325.2
283.4286.9287.7286.8
284.9285.6286.9291.4
295.1303.8309.6314.6
317.5322.9327.0
1 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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-12.—Sources of personal income, 7929-56
[Billions of dollars]
PeriodTotal
personalincome
1929..
1930..1931._1932..1933-1934..
1935-1936-1937..1938-1939-
1940-1941-1942..1943-1944.-
1945..1946-1947-1948-1949..
1950..1951-1952..1953..1954..
1955..1956 *
1953: First quarter. _Second quarter-Third quarter.-Fourth quarter.
1954: First quar ter-Second quarter-Third quarter-.Fourth quarter.
1955: First quarter. __Second quarter.Third quarter..Fourth quarter.
1956: First quar ter-Second quarter.Third quarter..Fourth quarter *.
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
227.0255.3271.8286.0287.3
306.1325.2
Laborincome
(wage andsalary
disburse-ments
and otherlabor
income)1
51.0
46.739.630.929.434.1
37.242.546.743.646.6
50.562.883.0
106.7118.5
119.4113.8125.2137.9137.4
150.3175.6190.3203.4201.8
217.4232.3
Proprietors'income 2
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
13.316.015.113.312.5
11.711.7
Busi-ness andprofes-sional
8.8
7.45.63.43.24.6
5.46.57.16.87.3
8.410.913.916.818.0
19.021.319.921.621.4
22.924.825.725.925.9
27.329.1
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
10.210.5
10.19.7
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
11.212.0
Per-sonal
interestincome
7.4
6.96.96.66.26.1
5.95.85.95.85.8
5.85.85.85.86.2
7.68.29.0
10.611.612.313.714.9
16.117.4
Trans-fer pay-ments
1.5
1.52.72.22.12.2
2.43.52.42.83.0
3.13.13.13.03.6
6.211.411.811.312.4
15.112.613.214.316.4
17.618.7
Less:Per-sonal
contri-butions
forsocialinsur-ance
0.1
.1
. 2
. 2
. 2
.2
. 2
.2
.6
.6
.6
.7
.81.21.82.2
2.32.02.12.22.2
2.93.43.83.94.6
5.25.8
Non-agricul-tural
income3
Seasonally adjusted annual rates
283.4286.9287.7286.8
284.9285.6286.9291.4
295.1303.8309.6314.6
317.5322.9327.0333.3
200.9204.4205.1203.0
200.1200.8201.5204.5
208.2215.4221.3224.2
226.7230.7233.6238.3
13.613.213.013.3
13.912.112.111.8
11.812.211.311.4
11.511.311.612.4
26.326.125.825.5
25.325.926.026.2
26.527.127.728.0
28.228.929.529.9
10.110.110.110.2
10.410.610.610.5
10.310.210.09.8
9.89.79.79.7
9.29.59.59.5
9.79.9
10.010.3
10.410.711.012.1
11.812.212.311.8
13.113.513.914.3
14.514.715.015.4
15.615.816.216.6
16.917.217.618.0
14.014.114.214.8
15.716.216.417.2
17.317.617.417.7
18.318.718.719.1
3.94.04.03.9
4.64.54.64.6
5.05.25.35.3
5.75.85.96.0
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
210.5235.7253.1269.2271.4
290.9309.9
266.4270.1271.1270.0
267.6270.0271.4276.2
279.8288.1294.8299.7
302.4308.0311.9317.4
1 The total of wage and salary disbursements and other labor income differs from compensation of em-ployees in Table E-9 in that it excludes employer contributions for social insurance and excludes theexcess of wage accruals over wage disbursements.
2 Excludes income resulting from net reductions of inventories and gives credit in computing incometo net additions to inventories during the period.
3 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.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
135
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E—13.—Disposition of personal income, 1929—56
Period Personalincome
Less:Personaltaxes l
Equals:Dispos-
ablepersonalincome
Less:Personal
con-sumptionexpendi-
tures
Equals:Personalsaving
Saving aspercentof dis-
posablepersonalincome
(percent)
Billions of dollars
1929..
1930-1931-1932-1933-1934..
1935-1936-1937-1938-1939-
1940-1941-1942..1943-1944-
1945-1946-1947-1948-1949-
1950-1951-1952-1953-1954-
1955-1956 2.
1953: First quarterSecond quarterThird quarterFourth quarter
1954: First quarterSecond quarter. __Third quarterFourth quarter
1955: First quarterSecond quarter. . .Third quarterFourth quarter. —
1956: First quarterSecond quarter. —Third quarterFourth quarter 2__.
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
227.0255.3271.8286.0287.3
306.1325.2
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
20.929.334.435.832.9
35.538.6
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
206.1226.1237.4250.2254.4
270.6286.6
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
194.0208.3218.3230.5236.5
254.0265.8
Seasonally adjusted annual rates
283.4286.9287.7286.8
284.9285.6286.9291.4
295.1303.8309.6314.6
317.5322.9327.0333.3
35.535.936.035.8
32.732.833.033.3
34.535.335.936.3
37.338.138.840.1
247.9251.0251.7251.0
252.3252.8254.0258.0
260.6268. 5273.8278.4
280.2284.9288.2293.2
228.6231.4232.0230.2
232.2235.0237.8241.1
246.7251.8257.8259.5
261.7263.7266.8271.2
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
12.117.719.019.717.9
16.620.8
19.319.619.720.8
20.117.816.216.9
13.916.715.918.8
18.621.221.422.0
5.1
4.63.9
- 1 . 2- 1 . 3
.2
3.45.45.21.74.1
5.511.923.724.725.1
19.17.92.45.34.0
5.97.88.07.97.0
6.17.3
7.87.87.88.3
8.07.06.46.6
5.36.25.86.8
6.67.47.47.5
1 Includes also such items as fines, penalties, and donations.
2 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).
I36
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-14.—Total and per capita disposable personal income and personal consumptionexpenditures, in current and 1956 prices, 7929-56
Period
Total disposablepersonal income
(billions ofdollars)
Currentprices
1956prices J
Per capita dis-posable personalincome (dollars)
Currentprices
1956prices 1
Total personalconsumptionexpenditure*(billions of
dollars)
Currentprices
1956prices i
Per capita per-sonal consump-tion expendi-tures (dollars)
Currentprices
1956prices l
Popu-lation(thou-sands)2
1929..
1930..1931..1932..1933-1934-
1935-1936-1937-1938-1939-
1940-1941-1942-1943-1944-
1945-1946-1947-1948-1949-
1950-1951-1952-1953-1954-
1955...1956 3.
1953: First quarterSecond quarter. _Third quarterFourth quarter. _
1954: First quarterSecond quarter. _Third quarter. _.Fourth quarter..
1955: First quarterSecond quarter. _Third quarter, _.Fourth quarter. _
1956: First quarterSecond quarter. _Third quarter. _.Fourth quarter 3_
83.1
74.463.848.745.752.0
58.366.271.0b5.770.4
76.193.0
117.5133.5146.8
150.4159.2169.0187.6188.2
206.1226.1237.4250.2254.4
270.6286.6
131.7
121.0113.996.896.0
105.5
115.2129.5134.2126.6137.5
147.5171.6195. 8209.6226.5
227.2221.7205.3212.0214.6
232.9236.5242.7254.0257.2
274.4286.6
682
604514389364411
458517551505538
576697871977
1,060
1,0751,1261,1731,2791,261
1,3591,4651,5121,5681,566
1,6371,705
1,081
982918773765834
9051,0121,042973
1,051
1,1161,2861,4521,5341,636
1,6241,5681,4251,4451,438
1,5361,5321,5461,5921,583
1,6601,705
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
194.0208.3218.3230.5236.5
254.0265.8
125.2
115.4109.598.097.5
105.3
111.3122.5127.2124.5132.0
139.3151.1149.5157.8169.4
183.8204.2200.5200.7205.9
219.2217.9223.2234.0239.1
257.6265.8
Seasonally adjusted annual rates
576494395369410
442488522497516
544614665735794
8701,0371,1451,2111,211
1,2791,3501,3901,4441,456
1,5371,581
247.9251.0251.7251.0
252.3252.8254.0258.0
260.6268.5273.8278.4
280.2284.9288.2293 2
253.5255.3254.0253.3
254.6255.4256.3261.7
264.8272.9277.1281.2
283 9286 3285.9288.9
1,5621,5761,5731,561
1,5631,5601,5601,577
1,5861,6281,6531,673
1,6771,6981,7101,732
1,5971, 6031,5871,575
1,5771,5761,5741,599
1, 6121,6541,6731,690
1,6991,7071,6961,706
228.6231.4232.0230.2
232.2235.0237.8241.1
246.7251.8257.8259.5
261.7263.7266.8271.2
233.7235.4234.1232.3
234.3237.4240.0244.5
250.7255.9260.9262.1
265.1265.0264.7267.2
1,4401,4531,4501,432
L, 4381,450L, 4611,474
1,5021,5271,556L, 559
1,5661,5721,583L,602
1,027
937882785775832
874955987958
1,008
1,0541,1331,1081,1541,225
1,3141,4441,3911,3681,381
1,4451,4121,4211,4661,472
1,5591,581
1,4721,4781,4631,445
1,4511,4651,4741,495
1,5261,5521,5751,575
1,5871,5801,5701,578
121,875
123,188124,149124,949125,690126,485
127,362128,181128,961129,969131,028
132,122133,402134,860136,739138,397
139, 928141,389144,126146,631149,188
151, 683154,360157,028159, 636162,417
165,271168,091
158, 718159,304160,028160, 770
161, 436162,078162, 816163, 602
164, 287164, 934165,653166, 424
167,103167, 754168,499169,296
1 Dollar estimates in current prices divided by the consumer price index on a 1956 base. Personal con-sumption expenditures in this table therefore differ from the data in Table E-2.
2 Population of the continental United States including armed forces overseas. Annual data are forJuly 1; quarterly data are for middle of period.
a Preliminary; fourth quarter by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.
137
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TABLE E-15.—Financial saving by individuals, 1939-56x
[Billions of dollars]
Period
1939
194019411942—.19431944
1945—.194619471948-1949
1950—_1951
19511 -19521953—.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.. .Second quarter.Third quarter..
Total
Cur-rencyandbankde-
posits 2
4.25
4.2410.5229.3038.7141.41
37.3913.746.672.992.86
1.8011.29
11.3413.2310.5611.31
8.13
1.732.582.254.00
2.491.712.784.32
1.74- . 3 43.483.26
4.812.213.85
3.00
2.884.80
10.9516.1817.55
19.0610.562.01
-1.84-1.46
3.6:5.95
6.077.154.71
7.03
4.35
- 1 . 3 '.70
1.743.70
-2.131.443.694.03
-1.00.15
3.241.97
- . 5 0.75
1.52
ingsandloanasso-cia-
tions
0.04
.20
.36
.26
.55
.81
1.061.181.201.211.51
1.512.12
2.093.063.644.44
4.90
1.06.59
1.11
1.051.25.72
1.42
1.141.46.66
1.65
1.121.61.68
Securities
Totals
-0 .53
- . 12.83
10.2513.8314.96
.893.513.223.03
2.042.04
.742.832.94
- . 5 1
5.66
1.761.70.01
- . 5 3
1.26- . 6 8
- 1 . 3.27
1.85.83
1.7'1.21
3.68.62
1.88
U.S.
ingsbonds
Othergov-ern-
ment4
0.66
2.757.98
11.1411.80
6.85.90
1.782.131.53
.55- . 4 '
- . 4 '.09.20.60
.27
Cor-porateand
other
-0 .83
- . 8 1.44
2.172.883.89
3.43- . 6 5
.89- . 4 3
.52
.1 :- . 0 9
- . 3 4.90
1.65-1 .11
3.00
1.181.31
- . 2 2—.62
.73- . 8 7
-1.56.60
1.22.4'
1.14.16
2.72.10.74
Insur-ance
- 0 .36
- . 2 2- . 3 6
.09- . 2 0- . 7 3
- . 9 2.65.84
1.5:.98
1.2.60
1.551.841.09
2.39
.22
.66
.23- . 0 2
.49
.07
.03- . 5 9
.42
.34
.63
.99
.601.22
Private in-surance and
pensionreserves
1.72
1.852.142.492.853.21
3.463.423.643.753.71
3.924.06
3.113.783.924.36
4.£
.95
.79
.901.28
1.00
1."1.29
1.17.98
1.201.30
.96
.961.19
Pen-sion
Gov-ern-
mentinsur-anceandpen-sionre-
serves
2.292.572.893.02
3.38
.72
.72
.72
.72
.75
.75
.75
.76
.84
.84
.84
.84
.96
.96
.96
Less: Increasein debt
1.30
1.301.862.553.924.96
5.143.553.493.5:2.34
1.094.24
4.244.403.242.68
3.20
.791.06.9.42
.64
.84
.70
.50
.481.021.00.70
.761.591.02
Mort-agebt«
Con-sumerdebts
0.50
.84
.82
.09- . 3 8- . 0 6
.203.604.464.61
7.166.58
6.616.5:7.319.1
12.23
1.582.101.941.6!
1.4'2.222.592.89
2.693.383.502.66
2.592.952.76
0.78
.97
-2.89-1 .01
.14
.482.282.732.312.40
3.22.54
.584.053.52.54
5.79
.401.36.75
1.02
-1.38.66.20
1.05
.052.261.731.75
-.41 .1.34.63
1 Individuals' saving, in addition to personal holdings, covers saving of unincorporated business, trustand pension funds, and nonprofit institutions in the forms specified. Prior to 1951, separate data on corpo-rate pension fund investments are not available and are reflected in the various components of indi-viduals' saving.
2 Includes currency, demand deposits, and time and savings deposits.3 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.« 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 other consumption goods. The other segmentsjof individuals'debt have been allocated to the assets to which they pertain, viz, saving in insurance and securities.
7 Not available separately. See footnote 1.8 Less than 5 million dollars.
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 includedin Securities and Exchange Commission saving: Housing net of depreciation, and farm and unin-corporated business investment in inventories and plant and equipment, net of depreciation and net of in-creases in mortgage and other debt to corporations and financial institutions. Government insurance isexcluded from the Commerce saving series. For a reconciliation of the two series, see Survey of CurrentBusiness, July 1956.
Revisions for 1948-56 in the consumer credit statistics of the Board of Governors of the Federal ReserveSystem have not yet been incorporated into these estimates.
Detail will not necessarily add to totals because of rounding.
Source: Securities and Exchange Commission.
138
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T A B L E E—16.—Sources and uses of gross saving, 1929—56
[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_.1956 2
1953:First quarterSecond quarter..Third quarterFourth quarter..
1954:First quarterSecond quarter..Third quarter...Fourth quarter..
1955:First quarterSecond quarter..Third quarter. _.Fourth quarter..
1956:First quarterSecond quarter..Third quarter...Fourth quarter2.
Gross private saving and government surplusdeficit on income and product transactions
>lus or
Total
16.7
11.94.9.3.6
2.6
6.47.2
12.17.39.0
13.918.810.55.12.3
4.530.837.345.233.0
48.855.847.745.745.8
58.365.7
Private saving
Total
15.7
12.27.72.01.95.0
8.410.111.58.9
11.2
14.622.641.949.354.2
44.326.624.037.436.2
40.749.651.052.552.7
56.161.7
Per-sonalsaving
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
12.117.719.019.717.9
16.620.8
Grossbusi-ness
saving
11.5
5.22.72.64.9
6.36.57.87.88.3
10.411.514.116.317.2
15.614.020.027.428.7
28.631.932.032.8
39.540.9
Governmentsurplus (-f)
or deficit (—)
Total
1.0
- . 3- 2 . 8- 1 . 7-1 .4-2 .4
-2 .0-3 .0
.6- 1 . 6- 2 . 1
- . 7- 3 . 8
-31.4-44.2-51.9
-39.74.2
13.37.9
-3 .2
8.16.2
- 6 . 9
2.24.0
Fed-eral
1.2
.3- 2 . 1- 1 . 5- 1 . 3- 2 . 9
- 2 . 6- 3 . 5- . 2
- 2 . 0-2 .2
-1 .4- 5 . 1
-33.2-46.7-54.6
-42.32.2
12.28.0
-2 .4
9.26.5
-3 .4- 7 . 1- 6 . 1
3.35.8
Stateandlocal
- 0 . 1
- . 5- . 7- . 2
.5
.7
.4
.1
.71.31.82.52.7
2.62.01.0
- . 1
- 1 . 1- . 40)
.2
- 1 . 2- 1 . 8
Gross investment
Total
17.0
11.05.71.11.53.3
6.28.3
11.87.8
10.2
14.719.29.73.45.0
9.031.738.643.133.1
49.057.149.648.347.6
60.166.7
Grossprivate Net for-domes-tic in-vest-ment
16.2
10.35.5.9
1.42.9
6.38.4
11.76.79.3
13.218.19.95.67.1
10.427.129.741.232.5
51.256.949.850.348.0
60.665.3
eign invest-ment
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
- . 51.4
Statis-ticaldis-crep-ancy
Seasonally adjusted annual rates
47.846.947.341.0
42.846.044.649.6
51.358.059.863.5
62.164.866.669.4
53.152.952.252.2
54.052.551.153.0
52.457.055.658.9
58.560.863.164.4
19.319.619.720.8
20.117.816.216.9
13.916.715.918.8
18.621.221.422.0
33.833.332.531.4
33.934.734.936.1
38.540.339.740.1
39.939.641.742.4
- 5 . 3-6 .0- 4 . 9
-11.2
-11.2- 6 . 5- 6 . 5-3 .4
- 1 . 11.04.24.6
3.64.03.55.0
- 4 . 6- 6 . 9- 5 . 6
-11.3
-10.5- 5 . 7- 5 . 8- 2 . 4
. 62.84.55.6
5.86.14.86.4
— 7!9. 6
0)
- . 7- . 8- . 8
-1 .0
- 1 . 8- 1 . 8
- . 3- . 9
- 2 . 2- 2 . 1- 1 . 4- 1 . 4
49.450.550.442.8
44.748.046.051.8
54.359.362.564.3
63.265.966.870.8
51.553.551.844.5
45.848.246.751.5
54.760.262.365.1
63.164.765.168.4
- 2 . 1-3 .0- 1 . 4- 1 . 7
- 1 . 1- . 2- . 7
. 3
- . 4- . 9
. 2- . 8
.11.21.72.4
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
.21.32.02.61.8
1.81.0
1.73.63.21.9
1.92.01.42.1
3.01.22.7
1.11.1.2
1.4
1 Less than 50 million dollars.
2 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).
139
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EMPLOYMENT AND WAGES
T A B L E E—17.—Noninstitutional population and the labor force, 1929—56
Period
Nonin-stitu-tionalpopu-
lation i
Totallaborforce
(includ-ing
armedforces)
Armedforces *
Civilian labor force
Total
Employment2
Total Agricul-tural
Non-agri-
cultural
Unem-ploy-ment
Totallabor
force aspercentof non-institu-tionalpopu-lation
Unem-ploy-
ment aspercentof civil-
ianlaborforce
Thousands of persons 14 years of age and over
1929 ,
19301931193219331934.
1935..1936.1937--1938. ....1939.
1940 ,1941 ,194219431944...
194519461947.19481949
19501951195219531954
19551956
1953: JanuaryFebruaryMarchApri l -May ,June
JulyAugustSeptemberOctoberNovemberDecember
1954: JanuaryFebruaryMarchAprilMay.June __.
JulyAugustSeptemberOctober __.NovemberDecember
8
100,380101, 520102,610103,660104, 630
105,520106,520107, 608108, 632109, 773
110, 929112,075113, 270115, 094116, 220
117,388118, 734
114, 581114, 674114, 755114,828114,931115,032
115,132115,232115,342115,449115, 544115,634
115,738115, 819115, 914115,987116,083116,153
116,217116,329116, 432116. 547116,644116, 763
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, 89670, 387
66,43966,42866,88466, 68366,81868,703
68, 80468,52167,48067,60967,49566,485
66, 29267,13967,21867,43867, 786
68,82468,85668, 56668,19067,90966,811
260 49,180
260260250250
270300320340370
5401,6203,9709,02011, 410
11,4303,450!1,590:1, 4561,616
1,6503, 098!3,5943,5473,350
3,0482,857
3,5433,5433,5453,5283,5333,556
3,5903,5903, 5753,5503,5203,492
3,4523,4143,3933,3753,3613,343
3,3303,3343,3223,3083,2853,285
47, 630
49,820 45,48050,420: 42,40051,00051, 59052,230
52,87053, 44054,00054, 61055, 230
55,64055,91056,41055, 54054,630
38, 94038, 76040,890
42,26044, 41046, 30044,22045, 750
47,52050,35053, 75054,47053, 960
53,860 52,82057,520 55,25060,16s1 58,02761,442 59,37862,105 58,710
63,099 59,95762,884 61,00562,966 61,29363,815 62,21364,468 61,238
65,84767,530
63,19364,979
62,896 61,00462, 885! 61,09763,339 61,66563,155; 61,57363,285 61,97965,147 63,585
65,214 63,66664,931 63,69163,905 62,58464,059 62,75863,975 62,27662,993 60,680
62.84063, 72563,82564,06364, 42565,445
65, 49465, 52265. 24464.88264,62463, 526
59,75360,05560,10060, 59861,11962,098
62,14862, 27762,14562,14161, 73260,688
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
7,5077,0546,805;6,5626,504
6,7306,585
5,7605,6115,9246,2746,4227,865
7,5447,1737,1097,0756,6175,370
5,2845,7045,8756,0766,8227,628
7,'6,9287,5277,2396,1545,325
37,180
35,14032,11028, 77028,67030, 990
32,15034, 410
34, 53036,140
37,98041, 25044, 50045,39045,010
44,24046,93049, 76151, 40550, 684
52,45053,95154, 48855, 65154, 734
56,46458,394
55,24455,48655, 74155,29955, 55755,720
56,12256,51855,47555, 68355,65955,310
54, 46954,35154, 22554, 52254, 29754,470
54,66155, 34954, 61854, 90255,57755,363
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
2,6542,551
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
Percent
56.056.758.862.363.1
61.957.257.457.958.0
58.458.958.858.558.4
58.759.3
58.057.958.358.158.159.7
59.859.558.558.658.457.5
57.358.058.058.158.459.2
59.259.258.958.558.257.2
3.2
8.715.923.624.921.7
20.116.914.319.017.2
14.69.94.71.91.2
1.9
3.45.5
5.03.02.72.55.0
4.03.8
3.02.82.62.52.12.4
2.41.92.12.02.73.7
4.95.85.85.45.15.1
5.15.04.84.24.54.5
See footnotes at end of table.
140
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TABLE E—17.—Noninstitutional population and the labor force, 1929-56—Continued
Period
Nonin-stitu-tionalpopu-
lation i
Totallaborforce
(includ-ing
armedforces)i
Armedforces 1
Civilian labor force
Total
Employment2
Total Agricul-tural
Non-agri-
cultural
Unem-ploy-ment
Totallabor
force aspercentof non-institu-tionalpopu-lation
Unem-ploy-
ment aspercentof civil-
ianlaborforce
Thousands of persons 14 years of age and over Percent
1955: January. . .February .MarchAprilMay_June
116,855116,901117,051117,130117,236117,318
117, 404117, 517117, 634117, 749
November ] 117,864December 117,995
JulyAugustSeptember..October..
1956: January. _.February..MarchAprilMayJune
JulyAugustSeptember..OctoberNovember..December..
118,080118,180118,293118,367118, 537118,632
118, 762118, 891119,047119,198119, 344119, 481
66,70066, 55066,84067, 78468,25669,692
70,42970,69569,85370, 25070,16469, 538
68, 69168,39668,80669,43470, 71172, 274
72,32571, 78770,89670,90570, 56069, 855
3,2033,2293,1863,1373,0642,996
2,9642,9692,9712,9582,9582,946
2,9162,9062,8932,8792,8652,844
2,8362,8402,8272,8232,8282,826
63,49763,32163,65464,64765,19266,696
67,46567, 72666,88267, 29267,20566,592
65, 77565,49065,91366, 55567,84669,430
69,48968,94768, 06968,08267, 73267,029
60,15059,93860,47761,68562,70364,016
64.99465, 48864,73365,16164,80764,165
62,89162, 57663,07863,99065, 23866, 503
66, 65566, 75266,07166,17465,26964, 550
5,2975,0845,6926,2156,9637,681
7,7047,5367,8757,9056.9205,884
5,6355,4695,6786,3877,1467,876
7,7007,2657,3887,1736,1925,110
54,85354,85454, 78555,47055, 74056,335
57,29157, 95256,85857, 25657,88758,282
57,25657,10757, 40057, 60358,09258,627
58,95559, 48758, 68359, 00059, 07659, 440
3,3473,3833.1762,9622,4892,679
2,4712,2372,1492,1312,3982,427
2,8852,9142,8342,5642,6082,927
2,8332,195
1^909!2,463!2,479j
57.156.957.157.958.259.4
60.060.259.459.759.558.9
58.257.958.258.759.7
60.960.459.659.559.158.5
5.35.35.04.63.84.0
3.73.33.23.23.63.6
4.44.44.33.93.84.2
4.13.22.92.83.63.7
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 Not available.
NOTE.—Civilian labor force data beginning with May 1956 are based on a 330-area sample. For January1954-April 1956 they are based on a 230-area sample; for 1946-53 on a 68-area sample; for 1940-45 on a smallersample; and for 1929-39 on sources other than direct enumeration.
Beginning July 1955, labor force data are for the calendar week containing the 12th of the month; previ-ously, 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 ofEconomic Advisers.
141
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TABLE E- l 8.—Employment and unemployment, by age, and by sex for 20-64 year group,7942-56
[Thousands of persons 14 years of age and over]
Period
Totalcivil-ian
laborforce
Employed i
Total 14-19years
20-64 years
Males Fe-males
65yearsandover
Unemployed
Total 14-19years
20-64 years
Males Fe-males
65yearsandover
1942.1943.1944.
1945.1946.1947-1948 _1949.
1950.1951.1952.1953..1954.
1955.1956-
1954: January __February.MarchAprilMayJune.
JulyAugustSeptemberOctoberNovemberDecember
1955: J anua ry . -February _MarchAprilMayJune
56,41055, 54054,630
53,86057,52060,16861,44262,105
63,09962,88462, 96663,81564,468
65,84767, 530
62, 84063,72563, 82564,06364,42565, 445
65, 49465, 52265,24464,88264,62463, 526
63,49763,32163,65464,64765,192
JulyAugustSeptemberOctoberNovemberDecember
1956: January--February -MarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
67, 46567, 72666, 88267, 29267, 20566, 592
65, 77565,49065, 91366, 55567,84669, 430
68, 947
53, 75054,47053,960
52,82055,25058,02759,37858,710
59,95761,00561,29362, 21361,238
63,19364,979
1,75360, 05560,10060, 59861,11962, 098
62,14862, 27762,14562,14161, 73260,688
60,150
67, 73267,029
60, 47761,68562, 70364,016
64, 99465, 48864, 73365,16164,80764,16562,89162, 57663,07863,99065, 23866,503
66, 65566, 75266,07166,17465, 26964, 550
5,7706,3506,050
5,4804,5504,7164,8424,512
4,5644,6144,5304,5144,285
4,4464,764
3,8223,8443,9023,9413,9955,062
5,4845,3634,3434, 1453,9043,625
3,4943,3693,5243,8534,0565,145
5,7875,8094,6304,6304,5814,468
4,0203,8703,9174,2054,5665,814
6,3296,1274,8264,6724,4074,418
32,87030,45029,460
28,92034,17036, 56737, 20636,639
37,15837,35137,36637,94837,405
38,21638,827
37,16436, 94836, 84437, 23137, 35737, 564
37, 64337, 72937, 71437, 61737, 64037, 411
37,19537, 09837,34137, 61038,18038, 482
38, 769
38, 87638, 83238, 73638,586
38,14038,08638, 293
38,80139,193
39,21139,39539, 23239, 21439,06738,707
12,64014,93015,560
15,50013,81013,99114,51714,689
15,32716,11516,46816, 57516,476
17,33618,065
15, 84916, 25316, 33316,37916, 69216,391
15, 97316, 06216,90317,11317, 09116, 673
16, 49416, 52016, 55317, 01917, 25317,238
17, 25817, 55817, 90918, 254
17, 889
17, 46417, 50117,58217, 80018,41118,108
17, 79617, 96518, 62518,89018,43418,205
2,4702,7402,890
2,9202,7202,7542,8152,871
2,9072,9242,9303,1763,070
3,1963,324
2,9173,0103,0243,0473,0753,083
3,0473,1243,1843,2633,0962,978
2,9682,9523,0583,2033,2163,152
3,1813,2273,3193,4443,4053,220
3,2683,1203,2893,4043,4623,390
3,3203,2643,3883,3983,3613,220
2,6601,070
670
1,0402,2702,1422,0643,395
3,1421,8791,6731,6023,230
2,6542,551
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
2,8852,9142,8342,5642,6082,927
2,8332,1951,9981,9092,4632,479
510290200
190290425415595
543356362312515
471510
462540495469519731
734584485377378413
435421400367428751
515396373468461
442508433413548
1,005
759445356331482
360230
5001,5501,2561,0991,929
1,704835776823
1,738
1,3661,229
1,6852,0822,1031,9381,7811,678
1,6741,6711,6341,4901,5071,622
1,9382,0311,9041,7821,3061,209
1,1381,009892938
1,0691,161
1,5751,6111,5701,3221,2121,131
1,153987
1,0961,318
700350210
320360394470733
766595460407856
710713
823926977915890
827855887759872
794732714
628636769716749662
757659734731744691
817671668636778665
12070
30706882139
131967561
120
10999
11812215014211697
11113492116136108
1671351391028980
7893108112144
112137979610397
105926776108101
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.
NOTE.—Data are not available prior to 1942 for all the age and age/sex groups above.See note to Table E-17 for information on change in sample and reporting period.Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
142
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T A B L E E--19.—Employed persons with a job but not at work, by reason for not working, 1946-56
[Thousands of persons 14 years of age and over]
Period
1946 ___.194719481949
19501951195219531954
19551956
1954: JanuaryFebruaryMarchAprilMayJune _
JulyAugustSeptemberOctoberNovemberDecember
1955: JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
1956: JanuaryFebruary.-MarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
Total em-ployed per-sons witha job but
not at work
Temporarylayoff i
2,2582,4742,7512,530
2, 6482,6802,8142,7983, 036
2,9323,160
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
2,4372,3772,3292,0902,0913,831
7,4805,8432,9912,3152,1312,001
97123141185
92117142167221
133124
427216236216294229
298143198136120137
25114575108133107
15717311611786124
14513415397110
14512313911097160
New job orbusiness2
5892
121101
116103117101127
117147
801089218891227
1381511668613364
99557511789233
1532009669109104
628813894178396
156209158108
Vacation
662834
1,0441,044
1,1371,0731,1301,1711,361
Illness
819847844719
718782775827776
1, 2681,346
259347286395470
1,310
6,2114,0081,720736363230
302254297509575
1,373
4,8664,2001,356808412258
304381289399535
1,933
5,3273,9771,357789537327
835901
1,004996780930809784
706672648655670658
862967860781736661
708851842914883957
1,0321,032992913859829
851885859870854835
All other 3
622579602480
585604650531551
580641
867618549556474414
638601442412439606
764762564581471490
581811
477575
741758587411594
1, 002649477439554591
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.
s Includes persons who were not at work because of bad weather, industrial disputes, and all other reasons.
NOTE.—See note on Table E-17 for information on change in sample and reporting period.Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-20.—Unemployed persons, by duration of unemployment, 1946-56
Period
19461947 ._19481949 . __
19501951195219531954 _
19551956
1954: First quarterSecond quarterThird quarterFourth quarter
1955: First quarterSecond quarterThird quarterFourth quarter
1956: First quarterSecond quarterThird quarterFourth quarter
Total mi-employed
Duration of unemployment
4 weeksand under
5-14weeks
15-26weeks
Over 26weeks
Thousands of persons 14 years of age and over
2,2702,1422,0643,395
3,1421,8791,6731,6023,230
2,6542,551
3,4943,3723,2312,824
3,3022,7102,2862,319
2,8782,7002,3422,284
0)1,0411,0871,517
1,3071,003
925910
1,303
1,1381,214
1,3961,3151,3131,189
1,1441,1291,1161,161
1,2121,3071,1381,199
0)704669
1,195
1,055574517482
1,115
815804
1,4291,0721,071
890
1,188702668700
1,041810730638
0)234193427
425166148132495
367301
475659473372
518490239218
347374256227
141164116256
3571378479
317
336232
195325374373
452389262239
278209218221
Averagedurationof unem-ployment(weeks)
(2)9.88.6
10.0
12.19.78.38.1
11.7
13.211.3
9.912.012.212.9
14.114.712.111.3
12.210.810.910.9
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.NOTE.—See note to Table E-17 for information on change in sample and reporting period.Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
144
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T A B L E E—21.—Unemployment insurance programs, selected data, 1939 and 1946-56
Period
1939
1946194719481949 _
19501951195219531954
1955.195610_
1955: JanuaryFebruary.MarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember^
1956: JanuaryFebruary.MarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
Initial claims i
State,veteran,
andFederal
employeepro-
grams 2
Statepro-
grams 3
Insured unem-ployment *
All pro-grams 6
Statepro-
grams 3 6
Exhaus-tions,Statepro-
grams 3
Weekly average (thousands)
188
341280282375
239211215222310
236234
372268226246213213
239199170194219279
315257219239220212
260188195185226297
188
189187210323
236208215218302
228228
362260219240207204
231191165189213271
307250213234216205
254182190181221292
2,470
1,599996
1,0641,0582,039
1,3881,310
2,1982,1091,8751,6511,3921,226
1,2021,068
951864956
1,238
1,6061,6511,5781,4391,3161,234
1,3161,1581,060
9391,0901,353
1,086
1,2951,0091,0021,976
1,503969
1,024995
1,865
1,2541,206
1,9781,9081,6871,5001,2891,144
1,113980875800881
1,144
1,4911,5351,4721,3591,2551,178
1,2091,059
988878
1,0131,263
61
Stateinsuredunem-ploy-mentas per-cent ofcoveredemploy-
ment(per-
cent) 3
5.14.33.13.06.2
4.62.82.92.85.2
3.43.2
5.45.14.64.03.53.1
3.02.62.32.12.33.1
4.04.14.03.63.33.1
3.12.72.62.32.63.1
Benefits paidunder State pro-
grams 3
Total(million'
of dol-lars)8
429.3
1,094.9775.1793.3
1, 737.3
1, 373.4840.4998.2962.2
2, 026.9
1,379.21, 400.0
170.9165.5178.8135.8117.4108.9
91.692.883.270.174.795.2
135.7143.9152.0133.9125.8116.1
111.7112.294.991.591.7
107.0
Averageweeklycheck
(dollars) 9
10.66
18.5017.8319.0320.48
20.7621.0922.7923.5824. 93
25.0827.05
25.1225.0825.0024.8524.4024.36
24.4625.0626.1126.0125.8526.10
26.6126.9527.1327.0326.7026.79
26.9127.0527.7727.5727.2627.20
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 15,1952.3 Data for 1955 and 1956 include State programs and the program for Federal employees; all other yearsare for State programs only. Data for 1956 also include workers added by the extension of coverage tosmaller firms.
* Represents the number of unemployed workers covered by unemployment Insurance programs whohave completed at least one week of unemployment.
5 State, veteran, Railroad Retirement, and Federal employee programs.6 State unemployment insurance programs during the period shown excluded from coverage agriculturalworkers, domestic servants, workers in nonprofit organizations, unpaid family workers, the self-employed,and (in most States) workers in very small firms.
7 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.8 Monthly totals are gross amounts; annual figures are adjusted for voided benefit checks.9 For total unemployment only.10 Preliminary.
Source: Department of Labor.
145
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TABLE E-22.—Number of wage and salary workers in nonagricultural establishments, 1929-56l
[Thousands of employees]
Period
1929
19301931193219331934.
19351936.19371938.1939.
1940.1941.1942.1943.1944.
1945-1946.1947.1948.1949.
1950.1951.1952.1953 _1954.
1955.1956
1953: January- _.February..MarchAprilMayJune
JulyAugustSeptember-OctoberNovember.December.
1954: January. __February. _MarchAprilMayJune
JulyAugustSeptember.October... _November-December,
Totalwageand
salarywork-
ers
31,041
29,14326,38323,37723,46625,699
26, 79228,80230,71828, 90230,311
32,05836, 22039, 77942,10641, 534
40, 03741, 28743, 46244,44843,315
44, 73847,34748,30349, 68148, 431
49, 95051,483
Manufacturing
Total
10,534
9,4018,0216,7977,2588,346
8,9079,653
10,6069,253
10,078
10, 78012,97415,05117,38117, 111
15,30214, 46115, 29015,32114,178
14,96716,10416,33417, 23815, 995
16, 55716,890
Du-rablegoods
(3)
(3)(3)(3)(3)(3)
(3)(3)(3)(3)
4,683
5,3376, 9458,804
11,07710, 858
9,0797,7398,3728.3127,473
8,0859,0809,340
10,1059,122
9,5369,788
Non-dura-ble
goods
(3)
(3)(3)(3)(3)(3)
(3)(3)(3)(3)
5,394
5,4436,0286,2476,3046,253
6,2226,7226,9187,0106,705
6,8827,0246,9947.1336,873
7,0217,102
Min-ing
1,078
1,000864722735874
888937
1,006882845
916947983917883
826852943982918
889916885852111
770795
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
2,3332,6032,6342,6222,593
2,7803,038
Trans-porta-tionand
publicutili-ties
3,907
3,6753,2432,8042,6592,736
2,7712,9563,1142,8402,912
3,0133,2483,4333,6193,798
3,8724,0234,1224,1413,949
3,9774,1664,1854,2214,009
4,0564,145
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, 520
10, 80311,144
Fi-nance
1,431
:
:
1,3981,3331,2701,2251,247
1,2621,313L,3551,347L399
1,4361,480L, 4691,4351,409
1,4281,6191,6721,7411,765
1,8241,8921,9672,0382,122
2,215,300
Serv-ices
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, 5385,664
5,8546,000
49, 60449, 70649, 79549, 83549, 82649, 894
49, 88949, 84249, 69549, 63649, 34449,156
48, 85948, 71448, 50648, 40748, 27148, 274
48,14048,14948,19748, 34848, 60048, 756
Seasonally adjusted
Gov-ern-ment(Fed-eral,
andlocal)
17,18417, 27917, 39217,46217,47117, 473
17, 49517, 36317,21717,06716, 82816, 658
16, 47916, 31816, 20716,09415,96415, 908
15, 74215, 69315, 73915, 83015, 96316,004
10,04110,12910, 23710, 28310, 28110, 275
10, 29210,19910,0919,9839,7989,684
9,5579,4149,2999.2099,1129,060
8,9168,8618,8798,9669,0809,110
7,1437,1507,1557,1797,1907,198
7,2037,1647,1267,0847,0306,974
6,9226,9046,9086,8856,8526,848
6,8266,8326,8606,8646,8836,894
876864856857858854
853847848840839834
821814794786776775
774764751755757757
2,6472,6692,6532,6382,6132,598
2,5882,5962,6122,6322,6232,626
2,5332,5832,6002,6142,6032,599
2,5912,5942,5862,5842,6182,615
4,2264,2094,2134,2024,2304,238
4,2494,2454,2354,2354,1984,155
4,1184,0633,9864,0013,9954,001
3,9993,9863,9863,9933,9793,980
10,49410,50410, 49410, 49610, 52110, 537
10, 53910, 53910, 51410, 55210,56410, 550
10, 56210, 56710, 53510, 50810, 48210, 472
10,50410, 50310,48210, 52110, 54310, 614
2,0032,0132,0162,0192,0252,029
2,0392,0502,0552,0662,0602,068
2,0722,0842,0872,0982,1082,113
2,1172,1292,1542,1612,1602,165
5, 4725,4865,5035, 5125,5165,546
5, 5385,5385,5685,5855,5985,621
5,6065,6135,6215,6265,6305,656
5,6685,6635, 6975, 7115,7345,765
3,066
3,1493,2643, 2253,1673,298
3,4773,6623,7493,8763,995
4,2024, 6605,4836,0806,043
5,9445, 5955,4745,6505,856
6,0266,3896,6096, 6456,751
6, 9157,172
6,7026,6826,6686,6496,5926,619
6, 5886,6646,6466,6596,6346,644
6,6726,6766,6806,7136,750
6,7456,8176,8026, 7936, 8406,856
See footnotes at end of table.
146
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T A B L E E-22.—Number of wage and salary workers in nonagr{cultural establishments,1929-56 i—Continued
[Thousands of employees]
Period
Totalwageand
salarywork-
ers
Manufacturing
TotalDu-rablegoods
Non-dura-ble
goods
Min-ing
Con-tractcon-
struc-tion
Trans-porta-tionand
publicutili-ties
Trade2 Fi-nance
Serv-ices
Gov-ern-
ment(Fed-eral,State,and
local)
Seasonally adjusted
1955: JanuaryFebruary.. _MarchAprilMayJune
JulyAugustSeptember.OctoberNovember.December..
1956: JanuaryFebruary. _MarchAprilMay _-June
JulyAugustSeptember..OctoberNovember4
December *.
48,82048,90649, 22549,40349, 74850,073
50,19350,31550,44850,59450,74550,948
51,08051,12751,05751,32751,45451,600
51,00351, 70251,67651,90251,94351,988
16,02916,11716, 24016,40716, 52716,649
16,64816,67716,68316,81016,94116,975
16, 94416,87916,80416, 91816,90916,877
16,46016,89016,86417,02617,05717,078
9,1349,2149,2979,4199,5169,610
9,6209,6189,6289,7199,8159,850
9,8339,7669,7039,7999,7669,752
9,3929,7849,7799,9199,98610,001
6,8956,9036,9436,9887,0117,039
7,0287,0597,0557,0917,1267,125
7,1117,1137,1017,1197,1437,125
7,0687,1067,0857,1077,0717,077
752750758767772779
776771780778779779
777780783798794808
750809814812805805
2,6242,6182,7032,7522,8042,815
2,8342,8332,8522,8332,8222,827
2,8762,9242,9663,0033,0553,132
3,0563,0763,0783,0853,0853,077
3,9923,9843,9843,9444,0014,066
4,0824,1054,1174,1104,1284,136
4,1454,1314,1274,1284,1414,164
4,1174,1474,1494,1664,1604,154
10,63110,64510, 70110, 67110, 72610, 784
10,84110,87310,90210,92110,95311,020
11,08311,10511,02711,12011,11011,162
11,15211, 21111,16411,21711,21211,218
2,1662,1772,1852,1852,1952,209
2,2192,2322,2482,2522,2492,254
2,2612,2732,2762,2782,2892,297
2,2962,3202,3212,3242,3262,325
5,7815,7985,8205,8215,8305,849
5,8715,8785,8835,8865,9135,942
5,9525,9675,9795,9795,9815,999
6,0176,0176,0156,0156,0416,063
6,8456,8176,8346,8566,893
6,9226,9466,9837,0046,9607,015
7,0427,0687,0957,1037,1757,161
7,1557,2327,2717,2577,2577,268
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 E-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.* Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
147
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TABLE E—23.—Average weekly hours of work in selected industries, 1929-56
Period
1929
1930193119321933__ _.1934
193519361937.19381939
19401941. _.19421943__1944
19451946.1947-1948-1949.
1950.19511952 -.1953— - .1954.
1955-1956 6
1955: JanuaryFebruaryMarch.AprilMayJune _.
JulyAugustSeptember—OctoberNovember...December—.
1956: JanuaryFebruaryMarch _.AprilMayJune
JulyAugustSeptember—OctoberNovember 6.December 6_
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
40.740.5
40.240.440.640.340.840.7
40.440.640.941.141.241.3
40.740.540.440.340.140.2
40.140.340.740.740.641.0
Du-rablegoods
832.634.833.937.341.040.035.038.0
39.342.145.146.646.6
44.140.240.640.539.5
41.241.641.541.340.2
41.441.1
40.941.141.341.241.641.2
40.941.141.541.741.842.0
41.241.040.941.140.840.8
40.740.841.441.441.241.9
Non-du-
rablegoods
()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
39.839.6
39.339.539.739.0
39.839.940.140.340.340.4
39.939.839.639.239.139.2
39.439.639.839.839.639.8
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
37.637.7
37.137.836.937.237.439.0
38.237.536.537.436.1
38.638.538.237.838.038.1
36.137.037.937.836.3()
Build-ingcon-
struc-tion
8(3)()28.9
30.132.833.432.132.6
33.134.836.438.439.6
39.038.137.6
4 37.336.7
36.337.238.137.036.2
36.136.3
35.134.636.035.436.736.7
37.236.737.436.334.736.1
35.135.534.636.036.537.2
37.037.237.437.435.6
Class Irail-
()43.7
44.345.847.048.748.9
48.546.046.446.243.7
40.841.040.640.640.8
41.941.7
40.442.142.041.241.342.6
41.443.142.641.242.641.9
41.342.441.841.042.341.6
40.642.540.742.6
Tele-phone 2
()38.838.939.1
39.540.140.541.942.3
5 41.739.437.439.238.5
39.138.538.738.9
39.639.5
38.939.039.039.439.839.4
40.040.240.139.940.239.7
39.439.139.139.139.039.3
39.939.4
41.0
Whole-sale
trade
(3)
8841.342.642.8
<42.241.7
41.241.041.342.242.9
42.741.541.040.940.7
40.740.740.640.540.4
40.640.4
40.440.340.340.340.640.6
40.940.640.740.740.740.8
40.640.340.240.240.340.3
40.540.340.640.540.4
Retailtrade
(excepteatingand
drink-ing
places)
Laun-dries
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
40.340.3
40.039.840.240.340.840.4
40.640.040.340.640.340.5
40.340.140.140.540.940.9
40.439.940.240.239.9
1 Averages are based upon monthly data (exclusive of switching and terminal companies) summarizedin the M-300 report by the ICC and relate to all employees who received pay during the month, exceptexecutives, officials, and staff assistants (ICC Group I). Beginning September 1949, data reflect a reduc-tion in 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.* Data beginning with January of year noted are not comparable with those for earlier periods.5 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 nonsupervisory employees in other industries (except as noted). Data are for payrollperiods ending closest to the middle of the month.
The annual figures for 1956 are simple arithmetic averages of the monthly figures shown and not strictlycomparable with the averages for earlier years, which have been weighted by data on employment.
Source: Department of Labor.
148
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E—24.—Average gross hourly earnings in selected industries, 1929—56
Period
Manufacturing
Total
$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
1.881.98
1.841.851.851.861.871.87
1.891.881.901.911.931.93
.93L.93L.951.96L.97L.97
L.971.982.002.022.0352.05
Dura-ble
goods
$0.497.472.556
.577
.586
.674
.686
.698
.724
.808
.9471.0591.117
1.1111.1561.2921.4101.469
1.5371.671.771.871.92
2.012.10
;L.96L.96L.97L.98L.99L.982.012.012.042.042.052.06
2.062.052.062.082.082.09
2.072.102.142.152.162.18
Non-dura-
blegoods
i$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
1.711.81
1.681.681.681.701.701.70
1.711.701.721.721.741.74
1.751.751.781.791.801.81
1.821.811.821.831.851.86
Bitu-minous
coalmining
$0.681
.684
.647
.520
.501
.673
.745
.794
.856
.878
.886
.883
.9931.0591.1391.186
1.2401.4011.6361.8981.941
2.0102.212.292.482.48
2.562.79
2.482.502.492.502.512.52
2.502.522.652.672.662.672.702.682.682.792.792.832.832.772.802.922.95(4)
Build-ingcon-
struc-tion
(')
(4)(4)
$0. 795
.815
.824
.903
.908
.932
.9581.0101.1481.2521.319
1.3791.4781.681
51.8481.935
2.0312.192.31% 482.60
2.662.79
2.642.642.622.632.632.64
2.662.672.682.702.712.72
2.742.742.752.752.762.78
2.792.812.842.852.87(4)
Class Irail-
roads 1
»
(4)(4)(4)
(4)(4)(4)(4)
$0. 730
.733
.743
.837
.852
.948
.9551.0871.1861.3011.427
1.5721.731.831.881.93
1.952.11
1.951.981.921.941.941.94
1.961.941.951.981.981.96
2.102.122.102.112.092.11
2.112.092.142.10(4)
(4)
Tele-phone2
(4)
(4)(4)(4)(4)
(4)$0. 774
.816
.822
.827
.820
.843
.870
.9116.9621.1241.197L248L.345
L.398.49
L.59.68
1.76
1.821.86
1.791.821.801.821.831.80
1.801.811.811.841.881.86
1.861.841.841.851.851.86
1.861.851.861.861.88
4)
Whole-sale
trade
(?(4)(4)(4)$0. 648.667.698
5.700.715
.739
.793
.860
.933
.985
1.0291.1501.2681.3591.414
1.4831.581.671.771.83
1.912.01
1.861.851.871.891.901.91
1.911.911.931.941.941.95
1.961.961.992.012.012.02
2.032.022.042.042.04(4)
Retailtrade
(excepteatingand
drinkingplaces)
w(4)(4)(4)1(4)
$0. 542
.553
.580
.626
.679
.731
.783
.8931.0091.0881.137
1.1761.261.321.401.45
1.501.57
1.481.481.481.491.501.51
1.521.52•
•
L.53L.521.52L49
L. 54L.54L.54L.56L56L.58
L.59L.58L.59L.591.58(4)
Laun-Iries
!;j(4)(4)$0.378
.376
.378
.395
.414
.422
.429
.444
.482
.538
.605
.648
.704
.767
.817
.843
.861
.92
.94
.981.00
1.011.05
1011.011.011.011.021.01
1.011.011.011.011.021.02•
:
\
1.03L.02L.04L.04L.04L. 05
1.051.051.061.061.06C4)
Agri-cul-
t u r e 3
192919301931193219331934
19351936193719381939
194019411042. . . .19431944
19451946194719481949 ,
19501951195219531954
19551956 7
1955: January-FebruaryMarch. .April_._MayJuneJuly-.-August.SeptemberOctober.NovemberDecember
1956: JanuaryFebruaryMarch..AprilMayJuneJulyAugustSeptemberOctober „November 7. _December7
$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
.724
"."590
.669
"."76I
.740
.615
1 Averages are based upon monthly data (exclusive of switching and terminal companies) summarized inthe M-300 report by the IOC and relate to all employees who received pay during the month, except executives, 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.
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.3 Composite rate per hour. Weighted average of all farm wage rates on a per hour basis.
* Not available.* 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 1945.1 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 1956 are simple arithmetic averages of the monthly figures shown and not strictlycomparable with the averages for earlier years, which have been weighted by data on man-hours.
Sources: Department of Labor and Department of Agriculture.
149
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-25.—Average gross weekly earnings in selected industries, 1929—56
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
76.5280.13
73.9774.7475.1174.9676.3076.11
76.3676.3377.7178.5079.5279.71
78.5578.1778.7878.9979.0079.19
79.0079.7981.4082.2182.4284.05
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
83.2186.39
80.1680.5681.3681.5882.7881. 58
82.2182.6184.6685.0785.6986.52
84.8784.0584.2585.4984.8685.27
84.2585.6888.6089.0188.9991.34
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
68.0671.45
66.0266.3666.7066.3067.3267.83
68.0667.8368.9769.3270.1270.30
69.8369.6570.4970.1770.3870.95
71.7171.6872.4472.8373.2674.03
Bitumi-nouscoal
mining
$25. 72
22.2117.6913.9114.4718.10
19.5822. 7123.8420.8023.88
2*.7130.8635.0241.6251.27
52.2558.0366.5972.1263.28
70.3577.7978.0985.3180.85
96.26105.21
92.0194.5091.8893.0093.8798.28
95.5094.5096.7399.8696.03
105. 73
104.22103.18102.38105.46106.02107.82
102.16102.49106.12110.38107.09
(3)
TJ..J1J±>un cl-
ing con-struc-tion
(3)
(3)(3)(3)(3)
$22.97
24.5127.0130.1429.1930.39
31.7035.1441.8048.1352.18
53.7356.2463.30
<68.8570.95
73.7381.4788.0191.7694.12
96.03101.32
92.6691.3494.3293.1096.5296.89
98.9597.99
100. 2398.0194.0498.19
96.1797.2795.1599.00
100.74103.42
103.23104. 53106.22106.59102.17
(3)
Class Irail-
roads 1
(3)
(3)(3)(3)(3)(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
81.7187.82
78.7883.3680.6479.9380.1282.64
81.1483.6183.0781.5884.3582.12
86.7389.8987.7886.5188.4187.78
85.6788.8387.1089.46
(3)(3)
Tele-phone 2
(3)
8(3)(3)(3)(3)(3)$30.03
31.7432.14
32.6732.8834.1436.4538.54
8 40.1244.2944.7748.9251.78
54.3858.2661.2265.0268.46
72.0773.38
69.6370.9870.2071.7172.8370. 92
72.0072.7672. 5873.4275. 5873.84
73.2871.9471.9472.3472.1573.10
74.2172.8974.2174.0377.08
(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
77.5581.21
75.1474.5675.3676.1777.1477.55
78.1277.5578.5578.9678.9679.56
79.5878.9980.0080.8081.0081.41
82.2281.4182.8282.6282.42
(3)
Retailtrade
(excepteatingand
drink-ing
places)
(3)
(3)(3)(3)(3)(3)
(3)(3)(3)(3)
$23.14
23.5024.4225.7327.3629.53
31.5536.3540.6643.8545.93
47.6350.6552.6754.8856.70
58.5060.42
57.5757.5757.4257.5158.2059.04
60.3460.1959.8258.9858.6758.71
59.4459.2959.1459.9059.7561.15
62.1761.7861.2260.7460.04
(3)
Laun-dries
1929
19301931...1932...19331934..._
19351936193719381939
19401941..194219431944
1945... _.1946..1947..1948. _.1949
1950—19511952..19531964-._
19551956 8
1955: JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptember-OctoberNovember...December...
1956: JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptember. _OctoberNovember6 .December6.
()$14.89
15.4216.1416.8317.2217.64
17.9318.6920.3423.0825.95
27.7330.2032.7134.2334.98
35.4737.8138.6339.6940.10
40.7042.14
40.4040.2040.6040.7041.6240.80
41.0140.4040.7041.0141.1141.31
41.5140.9041.7042.1242.5442.95
42.4241.9042.6142.6142.29
1 Averages are based upon monthly data (exclusive of switching and terminal companies) summarized inthe M-300 report by the ICC and relate to all employees who received pay during the month, except execu-tives, officials, and staff assistants (ICC group I). Beginning September 1949, data reflect a wage rateincrease and reduction in 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.
3 Not available.4 Data beginning with January of year noted are not comparable with those for earlier periods.5 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 buildingconstruction, 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 1956 are simple arithmetic averages of the monthly figures shown and not strictlycomparable with the averages for earlier years, which have been weighted by data on man-hours.
Source: Department of Labor.I5O
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-26.—Labor turnover rates in manufacturing industries, 1930-56
[Rates per 100 employees]
Period
19301931193219331934
193519361937 __19381939
1940194119421943 . .1944
1945194619471948 _1949
19501951195219531954
1955 .1956 2
1955' January _ _ __FebruaryMarch - -AprilMay - --.June
JulyAugust -- --SeptemberOctoberNovember _ __December
1956: January -__ ._ - --February -MarchAprilMayJune
July -.AugustS ep t emb erOctober _ -November3 - -
Separation rates
Total
5.04.04.43.84.1
3.63.44.44.13.1
3.43.96.57.36.8
8.36.14.84.64.3
3.54.44.14.33.5
3.33.6
2.92.53.03.13.23.2
3.44.04.43.53.13.0
3.63.63.53.43.73.4
3.23.94.43.53.3
Quit*
1.6.9.7.9.9
.91.11.3CD
OO
C
2.03.85.25.1
5.14.33.42.81.5
1.92.42.32.31.1
1.6CD
©
OC
OiC
. 55
1.62.22.81.81.41.1
1.41.31.41.51.61.6
1.52.22.61.7L3
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
1.21.5
1.51.11.31.21.11.2
1.31.31.11.21.21.4
1.71.81.61.41.61.3
1.21.21.41.31.5
Discharge,military,and mis-
cellaneous i
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
.5
.4
.4
.5
. 5
.5
.5
.5
.5
.5
.5
.4
.5
.5
.5
.5
.5
. 5
. 4
. 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
3.73.5
3.33.23.63.53.84.3
3.44.54.44.13.32.5
3.33.13.13.33.44.2
3.33.84. 14.02.9
* Prior to 1940, military and miscellaneous separations are included with quits.2 Based on data through November,s Preliminary.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITYTABLE E-27.—Industrial production indexes, 1929-56
[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
59
4940313740
4756614858
6787
106127125
1079010010497
112120124134125
139143
1929..
1930.1931..1932.1933.1934..
1935..1936..1937..1938..1939..
1940..1941..1942..1943.1944..
1945..1946..1947..1948..1949_.
1950..1951..1952..1953..1954..
1955..1956 i.
1955: JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
1956: JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovember1
December1
See footnotes at end of table.
110133130
1109010010397
113121125136127
140144
60
4531192430
3849553549
6391126162159
1238610110495
116128136153137
155159
10310790
115126116132108
140138
10310493
115122121136123
134135
10410690
105126136143125
135151
101101
131138167194177
194207
96102102
120135154189175
203199
10010595
114128142155140
149166
Seasonally adjusted
10010595
115121118125123
140
132133135136138139
139140142143143144
143143141143141141
136142145146146147
133134136138140141
141142144145145146
145144142144143143
137144147148147148
145147148151153155
155158160161161161
160158156159157157
148158163164165166
127131136138140143
134139146148149150
148148145146141138
68124148147147149
125126129130134135
135137141142139138
136134132135130132
129134142142138138
124124126129134136
136140141143144146
146147147148149149
152155158155155154
187189190191189192
197196199203200199
197192191208206205
210211212215219217
197199200202202198
202203205208212212
205202197193186190
191194196203216219
140142143143142149
151153155156158159
160161160163164164
167171172172172173
132132135134137142
138140141141140139
140139137139141141
142144139139139139
10010495
117116118131121
132135
122124126127132136
134137137136136137
135134132134135136
136138137136132134
152
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-27.—Industrial production indexes, 1929-56—Continued
[1947-49=100]
Period
Industrial production
Manufactures
Nondurable
Total
Tex-tilesandap-
parel
Rub-berand
leatherprod-ucts
Paperand
print-ing
Chem-icaland
petro-leumprod-ucts
Foods,bever-
and to-bacco
Min-erals
Output of consumer durables
Total AutosMajorhouse-holdgoods
Othercon-
sumerdura-bles
1929-..
1930....1931....1932....1933. .1934....
1935-..1936...1937—.1938—.1939—.
1940—.1941....1942—.1943—.1944—.
1945—.1946-..1947—.1948—.1949—.
1950—1951....1952....1953....1954....
1955....1956 i...
1955: JanuaryFebruary.MarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
1956: JanuaryFebruary.MarchAprilMayJune
JulyAugustSeptemberOctoberNovember *December1
56
5148424849
5561645766
698493
103
969599
10299
111114114118116
126129
10397
110106105107100
109108
10610193
110105107113104
122118
96103101
114118118125125
137145
97103100
118132133142142
159167
101100100
103105106107106
109112
929110010694
105115114116111
122129
102101
133114105127116
147131
8593122
159127103146131
190138
Seasonally adjusted
9910596
143118115132122
144144
121121124126127128
126125128129130130
129130128129128128
127129130131129131
106104107109110110
109109111112113112
111112107108107106
106107108111107107
122120122123325127
120119121124122125
126125119120116111
111116116115116120
130131134135138139
139138140141141140
141141142144145146
147148146147147148
148151154156159161
160160163162164166
165166166167369169
166167168167166169
107106107109108109
108107107111111113
111112111113111110
110113113114113113
120123121119121122
120121123123125129
131131130130129130
122128128128130130
139140142144145144
148151152151151150
143137133132124124
129127129125132137
186189192192190173
188189195194196187
171158148142119120
122125119117148162
133133136141141151
150155151147143148
146141141144142141
153143151143136
109105
95969510295
106111
99100100103106
106107111114114114
113111109110110110
110112115112112113
1 Preliminary.NOTE.—Prior to 1947, detail not available.Source: Board of Governors of the Federal Reserve System.
153
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-28.—Business expenditures for new plant and equipment, 1939 and 1945-57
[Billions of dollars]
Period
1945—1946...1947...1948—1949...
1950...1951...1952...1953...1954...
1955...19563 *.
1953: First quarterSecond quarter..Third quarter-Fourth quarter..
1954: F irst quarterSecond quarter..Third quarter.__Fourth quarter..
1955: First quarterSecond quarter _.Third quarter...Fourth quarter..
1956: First quarter..._Second quarter-Third quarter-.Fourth quarter *
1957: First quarter *__.
Total i
5.51
14.8520.6122.0619.28
20.6025.6426.4928.3226.83
28.7034.92
Manufacturing
Total
1.94
3.986.798.709.137.15
7.4910.8511.6311.9111.04
11.4414.93
Dura-ble
goods
0.76
1.593.113.413.482.59
3.145.175.615.655.09
5.447.57
Non-durablegoods
1.19
2.393.685.305.654.56
4.365.686.026.265.95
6.007.36
Mining
0.33
.79
.961.23
Transportation
Rail-road
0.28
.55
.58
.891.321.35
1.111.471.401.31.85
.921.26
Other
0.36
.57
.921.301.28.89
1.211.491.501.561.51
1.601.75
Publicutili-ties
0.52
.50
.791.542.543.12
3.313.663.894.554.22
4.314.82
Com-mer-cialand
other 2
2.08
2.705.337.496.905.98
6.787.247.098.008.23
9.4710.92
Seasonally adjusted annual rates
27.8428.1028.8228.53
27.4626.9226.8426.18
25.6527.1929.6531.45
32.8234.4935.8737.33
37.96
11.9911.9011.9411.83
11.6211.0910.9810.58
10.1710.8411.9712.48
13.4514.6515.7816.41
16.46
5.805.695.605.53
5.405.185.064.80
4.785.065.776.00
6.577.388.208.39
8.18
6.196.216.336.30
6.225.905.935.79
5.395.786.206.48
6.887.277.588.02
8.28
0.
1.1.
i.l.
i.
l.I.l.l.
l.
94910305
94040091
80949908
13282628
22
1.341.341.301.26
1.04.91.80.68
.74
.80
.961.17
1.251.221.201.34
1.54
1.471.511.651.62
1.571.441.511.53
1.461.621.601.70
1.651.631.791.94
1.86
4.404.524.814.48
4.334.374.124.01
4.014.094.434.48
4.564.615.084.87
5.40
7.707.928.088.28
7.978.078.428.46
8.468.909.70
10.54
10.7811.1010.7611.49
11.48
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 1956 and first quarter 1957 based on anticipated capital expenditures re-ported by business in late October and November 1956.
NOTE.—These figures do not agree precisely with the plant and equipment expenditures included in thegross national product estimates of the Department of Commerce. The main difference lies in the inclusionin the gross national product of investment by farmers, professionals, and institutions, and of certain out-lays charged to current account.
This series is not available for years prior to 1939 and for 1940 to 1944.Detail will not necessarily add to totals because of rounding.Sources: Securities and Exchange Commission and Department of Commerce.
154
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-29.—New construction activity, 1929-56
[Value put in place, millions of dollars]
Period
1929..
1930 .1931-1932-4933..1934-
1935..1936-1937-1938..1939-
1940-1941..1942..1943 _1944..
1945-1946-1947-19481949-
1950..1951 .1952..1953..1954..
1955..1956 «.
1955: JanuaryFebruary...MarchAprilMayJune
JulyAugustSeptember..OctoberNovember..December..
1956: JanuaryFebruary...MarchAprilMayJune
July.AugustSeptember.OctoberNovember..December 4.
Totalnewcon-
struc-tion
10, 793
8,7416,4273,5382,8793,720
4,2326,497
8,68211, 95714, 0758,3015,259
5,63312, 00016, 68921, 67822, 789
28, 45431,18233, 00835, 27137, 782
42, 99144, 258
Private construction
Total i
Resi-dential
building(non-farm)
8,307
5,8833,7681,6761,2311,509
1,9992,9813,9033,5604,389
5,0546,2063,4151,9792,186
3, 2359,63813, 25616, 85316, 384
21, 45421, 76422,10723,87725,853
30, 57230,825
3,625
2,0751,565630470625
1,0101,5651,8751,9902,680
2,9853,5101,715885815
1,1004,0156,3108,5808,267
12, 60010, 97311,10011, 93013,496
16, 59515,339
Nonresidential building and other construction
TotalCom-
mercial 2
4,682
3,8082,2031,046761
1,4162,0281,5701,709
2,0692,6961,7001,0941,371
2,1355, 6236,9468,2738,117
8, 85410, 79111, 00711, 94712, 357
13, 97715,486
1,135
893454223130173
211290387285292
3484091553356
2031,132856
1,2531,027
1,2881,3711,1371,7912,212
3,0433,296
Indus-trial
949
53222174176191
158266492232254
442801346156208
6421,6891,7021,397972
1,0622,1172,3202,2292,030
2,3993,065
Publicutility
1,578
1,527946467261326
363518705605683
771872786570725
8271,3742,3383,0433,323
3,3303,7294,0034,4164,341
4,6045,065
Other 3
1,020
856582282194194
257342444448
508614413335382
4631,4282,0502,5802,795
3,1743,5743,5473,5113,774
3,9314,060
Seasonally adjusted annual rates
Publiccon-.
strac-tion
41,88042,34841,86843,14043, 70443, 296
43,17643, 65643, 47643,17643, 21242, 960
43, 50043,63242,84044,19644,92845,048
44,72444, 70044,41243,98044,38844,748
28,98029,47229, 79630, 50430, 93630,936
31, 28431,44031, 54831,12830,61230, 228
30,06030, 26430,33630, 98431,29631,260
31,41631,40431,15230,61230,61230, 504
16,05616,17616, 20016, 69217, 02817, 040
17, 22017,19617, 06416, 50016,10415,864
15,44415,36015,21615, 56415,67215,600
15, 58815,56415,43214,89214,86814,868
12,92413, 29613, 59613,81213, 90813,896
14,06414, 24414,48414,62814, 50814, 364
14,61614, 90415,12015,42015, 62415, 660
15, 82815,84015,72015,72015,74415,636
2,3882,6642,8322,9883,0002,940
3,0363,2643,4803,5043,2763,144
3,1803,3723, 4683,4803.3483,288
3, 2763,3243,2883,2643,1563,108
2,1722,1962,2562,2562,2922,376
2,4602,4842,5082,5562,6042,628
2,5922,6402,7242,9163,1563,288
3,3363,3483,2523,1923,1563,180
4,4524,5004,5724,5844,5844,680
4,6204,6204,6084,6924,6684,668
4,9925,0165.0285,0285,0765,076
5,1005,1245,1005,0765,0885,076
3,9123,9363,9363,9844,0323,900
3,9483,8763,8883,8763,9603,924
3,8523,8763,9003,9964,0444,008
4,1164,0444,0804.1884,3444,272
2,486
2,8582,6591,8621,6482,211
2,2333,5163,0963,4203,809
3,6285,75110, 6606,3223,073
2,3982,3623,4334,8256,405
7,0009,418
10, 90111,39411, 929
12,41913,433
12,90012,87612, 07212,63612,76812,360
11,89212, 21611,92812, 04812,60012, 732
13,44013,36812, 50413, 21213,63213, 788
13,30813, 29613, 26013,36813,77614,244
1 Excludes construction expenditures for crude petroleum and natural gas drilling, and therefore does notagree with the new construction expenditures included in the gross national product, Table E-l.
2 Office buildings, warehouses, stores, restaurants, and garages.3 Includes farm, institutional, and all other.* Preliminary.
Sources: Department of Commerce and Department of Labor.
155
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-30.—New public construction activity, 1929-56
[Value put in place, millions of dollars]
Year
1929 -
19301931193219331934
193519361937.19381939
19401941194219431944
19451956194719481949
19501951195219531954
195519563
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, 929
12, 41913, 433
Federal
Direct
155
209271333516626
814797776717759
1,1823,7519,3135,6092,505
1,737870840
1,1771,488
1,6252,9824,1864,1513,445
2,7782,760
Federalaid
80
104235111286721
5671,5661,1171,3201,377
946697475268126
99244409417461
465479619700709
759882
Stateandlocal
2,251
2,5452,1531,418
846864
8521,1531,2031,3831,673
1,5001,303
872445442
5621,2482,1843,2314,456
4,9105,9576,0966,5437,775
8,8829,791
Major types of new public construction
High-way
1
1]
]
,266
,516,355958847
1,000
8451,3621,2261,4211,381
1,302L,066
734446362
398895
1,4511,7742,131
2,2722,5182,8203,1603,870
1,5205,100
Educa-tional
389
36428513052
148
153366253311468
1561581286341
59101287618934
1,1331, 5131,6191,7142,134
2,4422,548
Hos-pitaland
institu-tional
101
118110834951
38747397
127
5442354458
858585
223477
496528473365365
331309
Sewerand
waterand
miscel-laneouspublicservice
404
500479291160228
246509445492507
469393254156125
152293515720822
844988983
1,0831,200
1,3641,727
Con-serva-tionandde-
velop-ment
115
137156150359518
700658605551570
528500357285163
130240394629793
881853854830704
593675
Mili-tary
facili-ties
19
2940343647
37293762
125
3851,6205,0162,550
837
690188204158137
177887
1,3881, 3071,030
1,2971,398
Allotherpublic 2
192
194234216145219
214518457486631
7341,9724,1362,7781,487
884560497703
1,111
1,1972,1312,7642,9352,626
1,8721,676
1 For expenditures classified by ownership, combine "Federal a id" and "Sta te and local" columns toobtain State and local ownership. "Direc t" column stands as it is for Federal ownership.
2 Includes nonresidential building other than educational and hospital and institutional (industrial,commercial, public administration, social and recreational, and miscellaneous'), public residential buildings,and publicly owned parks and playgrounds, memorials, etc.
3 Preliminary.
Sources: Department of Commerce and Department of Labor.
156
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E—31.—Housing starts and applications for financing, 1929—56
[Thousands of units]
Period
19293..
New nonfarm housing starts
Total
509.0
Pub-licly
fi-nanced
Privately financed
Total
509.0
Government programs
Total FHA VA
Private,season-ally ad-justedannualrates
Proposed homeconstruction
FHAapplica-tions 2
VA ap-praisal
requests
1930193119321933____ _1934. . . .
1935..1936..1937..1938..1939..
330.0 330.0254.0134.093.0
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
1,309.51, 096. 8
87.387.9112.8130.5135.1131.4
121.9122.3113.6104.888.473.5
73.777.093.9109.9110.8104.6
99.0103.290.7
7 90.87 79. 663.6
254.0134.093.0126.0
1940..1941..1942..1943..1944..
1945..1946-1947-1948..1949-
1950-1951-1952-1953-1954..
1955—1956 7.
1955: January...February.MarchAprilMayJune
JulyAugustSeptember.OctoberNovember..December..
1956: January...February.MarchApril.MayJune
July.__AugustSeptember..OctoberNovember. _December L.
221.0319.0336.0406.0515.0
602.6706.1356.0191.0141.8
209.3670.5849.0931.6
1,025.1
1,396.0,091.3., 127. 0, 103. 8, 220. 4
, 328. 9, 120. 2
87.689.9
113.8132.0137.6134.8
122.6124.7114.9105.889.276.2
75.078.398.6
111.3113.7107.4
101.1103.993.9
7 93.07 80.0
64.0
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
19.423.4
2.01.01.52.53.4
.72.41.31.0.8
2.7
1.31.34.71.42.92.8
2.1.7
3.27 2. 2
7 . 4.4
14.049.460.0
118.7158.1
180.1220.4165.7146.293.3
()00
686.7412.2421.2408.6583.3
462.6
46.145.353.660.365.971.6
63.367.659.153.445.637.9
36.030.537.646.346.344.9
42.843.239.239.530.026.3
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
276.7191.9
20.017.223.825.828.032.1
26.026.924.718.617.516.2
13.013.117.019.919.718.5
17.618.715.215.612.2
811.3
4 20.647.849.8
131.1179.8
231.2288.5238.5144.462.9
6 200.0148.7141.3156.6307.0
392.9270.7
26.128.029.934.537.839.5
37.440.834.434.828.121.6
23.017.420.626.426.626.4
25.224.424.024.017.815.0
1,4161,2861,3141,3741,3981,371
1,3181,3461,2621,2091,1791,192
1,1951,1271,0941,1571,1461,091
1,0701,1361,008
7 1,0507 1,060
1,030
56.6121.7286.4293.2327.0
397.7192.8267.9253.7338.6
306.2197.7
25.628.335.633.130.130.8
24.326.423.119.216.313.4
15.618.524.922.322.116.8
16.916.213.413.310.07.7
()164.4226.3251.4535.4
620.8401.5
46.264.271.965.969.352.4
51.456.045.143.130.424.9
29.337.137.545.844.435.6
34.636.530.029.721.919.0
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 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.* FHA program approved in June 1934; all 1934 activity included in 1935.5 Not available.8 Partly estimated.7 Preliminary.s Includes 1,686 units started sometime in 1956 and not reported until December.
Sources: Department of Labor, Federal Housing Administration (FHA), and Veterans Administra-tion (VA).
157
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E—32.—Sales and inventories in manufacturing and trade, 7939-56
[Amounts in billions of dollars]
Period
Total manufactur-ing and trade *
Sales 2 Inven-tories3 Ratio *
Manufacturing
Sales 2Inven-tories3 Ratio
Wholesale trade
Sales 2Inven-tories3 Ratio *
Retail trade i
Inven-tories 3 Ra-
tio4
1939
19401941194219431944
1945.1946.1947.1948.1949.
1950.
1951.1952.1953.1954.
1955.1956
1955: JanuaryFebruary. _.MarchAprilMayJune
JulyAugustSeptember..OctoberNovember.December...
1956: JanuaryFebruary. _MarchAprilMayJune
JulyAugustSeptember-OctoberNovember6
Decemberfl.
Old series
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
]]
]]
]
L. 77
L. 72L.58L. 66L.40L.33
L30L.33L.43L.47L.56
L.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
2.061.781.771.511.45
1.481.661.711.721.86
1.57
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
New series
Seasonally adjusted
1.53
1.491.481.761.431.31
1.211.131.271.401.43
1.40
44.945.948.446.7
51.754.0
75.276.780.376.9
82.287.9
1.611.641.641.68
1.531.58
22.322.824.923.4
26.427.6
42.843.845.943.3
45.951.3
1.771.901.821.89
1.671.77
9.49.49.39.1
9.810.4
11.111.311.711.5
12.313.2
]
.20
.18
.25L.29
L.21L22
13.213.714.214.2
15.515.9
21.221.622.722.1
23.923.5
1.631.531.571.58
1.491.49
48.748.950.750.951.752.2
51.952.853.152.553.253.2
52.952.953.153.254.454.3
52.754.553.955.055.8
76.977.377.577.778.378.8
79.279.680.080.981.682.2
82.883.683.884.585.185.6
85.886.186.587.287.9
1.581.58
]
L.53L.53L.51L.51
L.52L.51L.50L.53L.53L.54
1.561.571.581.581.561.57
1.631.581.601.581.57
24.324.626.026.026.727.1
26.727.227.226.627.327.3
27.027.227.127.227.827.7
26.227.627.628.328.8
43.243.343.343.343.543.8
43.944.344.745.445.745.9
46.346.947.448.048.649.1
49.249.550.150.851.3
]
]
L.78L.75L.67L.661.63L.61
L.64L.62L.63L.69L.66L.68
L.71L.71L.74L.75L.74L.76
1.881.791.801.781.77
9.59.59.79.69.79.7
9.69.9
10.010.110.110.1
10.310.410.310.410.710.6
10.510.610.310.610.6
11.511.711.611.711.811.8
11.912.012.012.212.312.3
12.412.512.612.612.712.7
12.812.813.013.113.2
1.211.221.201.211.211.21
1.231.211.201.201.221.22
1.211.201.221.211.181.19
1.211.211.251.221.24
14.914.815.115.315.415.3
15.515.715.815.815.815.8
15.715.315.715.515.916.0
16.016.316.016.016.416.4
22.222.422.622.823.023.2
23.423.323.223.323.623.9
24.124.223.823.923.923.8
23.823.723.423.323.5
1.491.511.491.491.491.51
1.501.491.471.471.481.50
1.531.571.531.531.501.49
1.491.461.471.461.43
* 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. For a description of the retail sales and inventories series, seeSurvey of Current Business, September and November 1952 and January 1954.2 Monthly average shown for year and total for month.
3 Seasonally adjusted, end of period.4 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.6 Preliminary.NOTE.—The inventory figures in this table do not agree with the estimates of change hi 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.
Source: Department of Commerce.
158
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-33.—Manufacturers'' sales, inventories, and orders, 1939-56
[Billions of dollars]
Period Dura-ble-
goodsindus-tries
Sales i
Non-durable-
goodsindus-tries
Pur-chasedmate-rials
Inventories 2
Durable-goodsindustries
Goods-in-
process
Fin-ishedgoods
Pur-chasedmate-rials
Nondurable-goodsindustries
Goods-in-
process goods
Fin-ished
Total
New orders *
Dura-ble-
goodsindus-tries
Non-durable-
goodsindus-tries
Un-filled
orders(un-
adjust-ed) 3
1939—.
1940—1941—1942—1943....1944—
1945—1946—1947—1948—1949—
1950—1951—1952—1953—1954...
1955—1956 *«.
1955:JanuaryFebruary __.MarchAprilMayJune
JulyAugustSeptember .OctoberNovember .December -
1956:JanuaryFebruary..MarchAprilMayJune
JulyAugustSeptember-OctoberNovember 8.
2.0
2.53.85.26.97.3
6.35.06.77.67.1
10.410.912.511.1
13.213.8
3.2
3.44.45.36.06.4
6.67.69.2
10.09.3
10.511.911.912.412.3
13.313.9
1.8
2.13.13.73.93.3
3.24.55.15.64.6
6.17.47.37.46.3
7.08.1
1.5
2.03.24.65.25.0
3.54.65.25.44.7
6.08.6
10.210.6
10.912.5
2.1
2.22.32.22.12.1
2.12.94.04.74.7
4.76.86.98.37.9
8.49.3
2.4
2.64.04.34.54,7
4.96.57.27.36.5
8.49.18.68.27.8
8.28.5
0.8
1.21.21.41.4
1.51.82.22.22.1
2.52.72.72.82.8
2.93.1
2.9
3.03.23.33.03.0
3.24.25.26.56.3
6.68.28.1
8.59.8
5.4
6.89.8
13.312.711.9
10.513.715.617.415.9
21.024.523.623.422.4
27.228.2
2.2
3.45.38.06.85.5
3.95.96.47.56.6
10.312.711.711.110.1
13.914.4
Seasonally adjusted
11.812.012.912.813.313.5
13.513.713.713.313.713.7
13.613.613.313.513.813.8
12.613.713.714.214.4
12.412.613.113.213.313.6
13.213.513.513.413.613.6
13.413.613.813.714.113.8
13.514.013.914.114.4
6.46.36.36.56.56.6
6.66.76.97.06.97.0
7.17.37.57.77.88.0
7.97.87.98.08.1
9.79.89.99.9
10.010.0
10.110.110.210.510.810.9
10.911.111.211.411.611.5
11.611.611.912.212.5
7.97.97.97.87.97.9
7.88.08.08.28.38.4
8.58.68.78.78.78.6
8.68.78.99.29.3
7.87.77.77.77.87.8
7.87.97.98.08.18.2
8.28.28.28.28.38.4
8.58.68.58.58.5
2.82.82.82.82.92.9
2.93.03.03.03.12.9
2.93.02.93.03.03.1
3.13.13.13.13.1
8.68.78.78.68.58.6
8.68.68.68.78.48.5
8.68.78.99.09.19.3
9.59.69.89.89.8
24.624.826.526.127.727.8
27.028.728.327.528.329.3
28.127.626.927.828.827.9
27.029.128.128.929.6
12.112.213.412.914.314.0
13.615.114.914.114.715.6
14.714.113.314.114.714.2
13.515.214.314.615.3
3.2
3.44.55.35.96.4
6.67.89.39.99.3
10.711.811.912.312.3
13.313.8
12.512.713.113.213.413.8
13.513.613.413.413.613.7
13.413.513.613.714.113.7
13.513.913.814.314.3
7.0
18.437.972.971.549.0
20.933.830.326.920.8
41.167.676.359.046.5
55.561.9
47.247.548.248.048.449.3
50.851.853.053.353.855.5
56. 657.157.257.457.558.6
60.461.862.261.761.9
1 Monthly average shown for year and total for month.2 Book value, seasonally adjusted, end of period.3 End of period.* Based on data through November.s Preliminary.
NOTE.—See Table E-32 for total sales and inventories of manufacturers.
Source: Department of Commerce.
159
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES
TABLE E-34.—Wholesale price indexes, 1929-56
[1947-49=100] i
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 _
19301931 __19321933 ...1934
19351936193719381939
194019411942 _1943 ._-.1944
19451946194719481949
19501951195219531954
1955.1956*
1955: January. . .February. _MarchAprilMay __June
JulyAugustSeptember.October....November.December.
1956: January. _.February..MarchAprilMayJune-
July. -AugustSeptember.OctoberNovember-December *.
61.9
56.147.442.142.848.7
52.052.556.151.150.1
51.156.864.267.067.6
78.796.4
104.499.2
103.1114.8111.6110.1110.3
110.7114.3
110.1110.4110.0110.5109.9110.3
110.5110.9111.7111.6111.2111.3
111.9112.4112.8113.6114.4114.2
114.0114.7115.5115.6115.9116.2
58.6
49.336.226.928.736.5
44.045.248.338.336.5
37.846.059.268.5
71.683.2
100.0107.392.8
97.5113.4107.097.095.6
89.688.4
92.593.192.194.291.291.8
89.588.189.386.884.1
84.1
88.090.991.2
90.089.190.188.487.988.6
58.5
53.344.836.536. 342.6
52.150.152.445.643.3
50.559.161.660.4
60.877.693.2
106.195.7
99.8111.4108.8104.6105.3
101.7101.7
103.8103.2101.6102.5102.1103.9
103.1101.9101.5100.298.898.2
98.399.099.2
100.4102.4102.3
102.2102.6104.0103.6103.6103.1
65.5
53.650.250.956.0
55.756.961.058.458.1
59.463.76S.369.370.4
71.378.395.3
103.4101.3
105.0115.9113.2114.0114.5
117.0122.2
115.2115.7115.6115. 7115.5115.6
116.5117.5118.5119.0119.4119.8
120.4120.6121.0121.6121.7121.5
121.4122.5123.1123.6124.2124.6
88
((3)(3)
100.1104.495.5
99.2110.699.897.395.2
95.395.3
95.295.295.395.095.095.2
95.395.395.495.495.695.6
95.796.095.995.194.994.9
94.994.894.895.395.495.6
()51.253.7
56.056.459.055.955.8
56.661.669.369.570.2
70.676.3
101.4103.894.8
96.3110.0104.5105.7107.0
106.6107.2
107.1107.1106.8107.1106.8106.8
106.0105.9106.0106.5106.6106.6
106.3106.4106.5106.9106.9107.1
107.3107.3107.1107.7108.2108.3
83.5
73.062.053.856.865.8
66.471.784.482.786.3
80.286.5
100.6103.3102.0
99.499.0
102.198.9
120.5143.0134.0125.0126.9
143.8145.8
140.613S.0133.3133.0140.3
143.4148.7151.7147.8150.6151.0
148.4147.1146.2145.0143.5142.8
143.3146.9145. 7145.8146.9147.9
31.9
29.423.820.324.228.5
27.428.733.730.831.6
35.241.845.448.051.9
52.560.393.7
107.299.2
113.9123.9120.3120.2118.0
123.6125.4
120.3121.2121.4122.4123.5123.7
124.1125.1125.7125.4125.0125.1
126.3126.7128.0128.5128.0127.3
126.6125.2123. 6122.0121.5120.9
See footnotes at end of table.
160
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-34.—Wholesale price indexes, 1929-56—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,and
alliedprod-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—.
1930.1931- .19321933.1934—
1935.193619371938-1939
194019411942._.. ._.19431944-
19451946--.19471948— _1949-
19501951195219531954
19551956*
1955: JanuaryFebruary._MarchAprilMayJune
JulyAugustSeptemberOctoberNovember _December
1956: JanuaryFebruary-MarchAprilMay _June
JulyAugustSeptemberOctoberNovemberDecember
59.3
54.446.839.744.047.1
48.751.956.950.552.0
54.858.964.063.963.4
64.274.6
101.0102.196.9
104.6120.397.298.594.2
93.899.3
91.992.392.293.292.992.9
94.095.396.496.7
96.797.197.7
100.6100.0100.2
100.1100.0100.299.799.899.4
70.2
66.557.259.556.162.0
62.264.565.764.761.8
60.764.566.468.470.3
71.176.290.9
107.1101.9
103.0106.7106.6109.5108.1
107.9111.1
108.5108.7108.5107.4107.0106.8
106.4107.2108.0108.0108.6109.3
111.0111.2110.9110.6110.8110.5
110.7110.9111.1111.7111.2113.1
88(3)102.998.5
100.9119.6116.5116.1116.3
119.3127.2
116.3116.6116.8117.4117.7118.3
119.0119.7120.5122.8123.2123.6
124.8125.4126.8127.4127.3127.4
127.7127.9127.9128.1127.8127.9
67.0
60.354.149.950.956.2
56.257.365.663.162.6
62.864.064.964.864.8
65.973.991.3
103.9104.8
110.3122.8123.0126.9128.0
136.6148.4
130.1131.5131.9132.9132. 5132.6
136.7139.5141.9142.4142.9143.9
145.1145.1146.5147.7146.8145.8
144.9150.2151. 9152.2152.1152.4
(65.3
66.268.671.271.071.0
71.680.392.5
100.9106.6
108.6119.0121.5123.0124.6
128.4137.8
125.8126.1126.1126.3126.7127.1
127.5128.5130.0131.4132.5133.0
133.3133.9134.7135.7136.5136.8
136.9137.7139.7141.1143.4143.5
69.3
68.262.855.455.560.2
60.667.265.665.4
66.871.276.876.478.4
78.683.095.6'
101.4103.1
105.3114.1112.0114.2115.4
115.9119.1
115.5115.4115.1115.1115.1115.2
115.5116.0116.4116.9117.2117.3
118.0118.2118.1118.0118.0118.1
118.3119.1119.7121.0121.1121.4
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
124.2129.6
122.0121.8121.9122.3123.2123.7
125.3126.1126.4126.8125.2125.4
127.0127.1127.9128.6128.6128.9
130.6130.8131.1131.5131.2131.3
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
121.6122.3
121.4121.6121.6121.6121.6121.6
121.6121.7121.7121.7121.7121.7
121.7121.7121.7121.7121.6121.6
121.7122.5122.8123.1123.5123.6
(3)
88
()100.8103.196.196.6
104.9108.397.8
102.5
92.091.0
97.097.195.694.091.389.1
90.889.890 391. 588.088.8
88.788.292.196.192.9
91.391.189.989.291.291.6
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.
s Not available.< Preliminary.
Source: Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-35.—Wholesale price indexes by economic sector, 1947-56
[1947-49=100]
Period
194719481949
19501951195219531954
19551956 2
1955:JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember..OctoberNovember. .December. .
1956:JanuaryFebruary. . .MarchAprilMayJune
JulyAugustSeptember...OctoberNovember. __December 2__
Allcom-modi-
ties
96.4104.499.2
103.1114.8111.6110.1110.3
110.7114.3
110.1110.4110.0110.5109.9110.3
110.5110.9111.7111.6111.2111.3
111.9112.4112.8113.6114.4114.2
114.0114.7115.5115.6115.9116.2
i
Total
98.6108.093.4
101.8116.9107.499.298.3
94.595.0
96.796.696.197.394.796.2
95.193.894.993.289.989.9
91.593.393.495.496.695.7
95.096.496.795.094.996.2
3rude materials
Food-stuffsandfeed-stuffs
100.7108.890.5
97.0112.3105.794.694.7
85.783.9
90.889.789.291.287.789.7
86.583.484.982.777.275.8
77.880.780.883.486.486.2
85.486.887.284.483.484.8
Non-fr\r\r\IOOQ
ma-•
exceptfuel
96.0106.897.2
111.0128.1110.9106.2104.2
110.1114.1
106.9108.2107.6108.0106.8107.7
110.6112.4112.9111.8112.5114.9
115.8115.2115.5116.6114.3111.9
111.5113.1113.1112.6114.3115.5
Fuel
89.4105.6105.0
104.6106. 5107.2111.0106.0
105.8113.0
106.4107.7107.7104.6102.9102.9
102.8102.5106.6107.4108.2110.1
112.4112.7113.1112.6111.9110.6
110.4110.9111.5116.0116.5117.2
Intermediate material
Total
96.2104.099.9
104.3116.9113.5114.1114.8
117.0122.1
115.1115.6115.4115.7115.7115.7
116.8117.6118.6119.1119.1119.4
120.0120.3121.0121.7122.2121.7
121.3122.6123.0123.6123.8124.2
s, supplies, and components *
Materials and components for
Total
96.4104.099.6
104.5118.4113.4115.2115.4
118.2123.7
115.8116.4116.3116.9117.0117.1
118.2119.0120.1120.5120.7120.9
121.3121.9122.6123.1123.4123.1
122.6124.2124.8125.6125.7125.9
manufacturmg
Ma-terials
forfood
manu-factur-
ing
102.8106.091.2
94.9105.7101.5101.8100.9
97.798.0
99.199.798.498.999.0
100.0
99.297.195.595.694.994.8
95.396.798.198.1
100.598.7
97.396.797.098.399.8
100.1
Ma-terials
fornon-du-
rablemanu-factur-
ing
99.2105.095.8
100.5116.5104.8104.0102.3
102.7104.3
102.2102.2102.2102.5102.4102.4
102.8102.8103.1103.3103.6103.7
104.1104.3104.3104.3104.2104.0
104.1104.0104.0104.7104.8105.0
Ma-terials
fordu-
rablemanu-factur-
ing
91.2103.0105.8
111.9124.3124.6130.1133.1
139.7148.5
134.5135.7135.9137.0137.0137.2
140.1141.9143.7144.2144.2144.7
145.0145.7146.8147.4147.3147.1
146.1150.6151.7151.9151.1151.1
Com-po-
nentsfor
manu-factur-
ing
94.4101.9103.8
107.6122.2122.5124.7125.3
130.9142.9
126.4127.3127.4128.0128.3128.2
129.1131.3135.0135.9137.1137.5
137.9138.4139.3141.1142.3142.3
142.0143.3145.2146.7147.9147.9
Ma-terials
andcom-po-
nentsforcon-
struc-tion
93.3103.2103.5
108.9119.1118.3120.2120.9
125.6132.0
121.9122 A122.7123.4124.0124.2
125.9127.7128.7128.9128.7129.0
129.9130.3131.3132.3131.8131.5
131.4132.8133.2133.4133.1133.0
See footnotes at end of table.
l 6 2
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-35.—Wholesale price indexes by economic sector, 1947-56—Continued
[1947-49=100]
Period
Finished goods
Total
Consumer finished goods
Total FoodsOther non-
durablegoods
Durablegoods
Producerfinished
goods
194719481949
19501951.1952—. ~ ~19531954... -
195519562
1955: January.. . .February- _MarchAprilMayJune
JulyAugustSeptember.OctoberNovember -December. .
1956: JanuaryFebruary..MarchAprilMayJune
JulyAugustSeptember _OctoberNovember-December 2
95.9103.5100.6
102.4112.1111.5110.4110.7
110.9114.0
110.6110.8110.2110.6110.2110.6
110.5110.9111.5111.3111.6111.5
111.8112.0112.3112.7113.6114.0
114.0114.1115.3115.6116.2116.0
96.8104.199.2
100.9110.3109.0107.1107.1
106.4108.0
106.7106.9106.2106.6106.1106.5
106.2106.4106.8106.2106.4106.1
106.4106.5106.8107.0108.0108.2
108.3108.1109.1109.1109.4109.2
97.0105.897.2
99 2111! 3110.4104.6103.8
101.1101.0
102.1102.5100.7102.3101.2102.1
101.5101.6102.199.999.4
98.098.098.499.1
101.5102.2
102.1101.4103.7103.0102.7101.8
97.4103.599.2
100.8108.5105.9106.9107.2
107.8109.9
107.8108.0108.0107.5107.3107.4
107.3107.5107.8107.9108.4108.7
109.5109.7109.6109.6109.6109.7
109.7109.8110.0110.3110.3110.7
94.8101.3104.0
105.0112.1113.0113.8114.7
115.9119.8
115.5115.3115.2115.2115.1115.1
115.3115.5115.7116.9117.9118.1
118.3118.5119.0119.1119.1119.1
119.2119.5119.8120.7122.3122.5
92.8101.1106.1
108.7119.3121.3123.1124.7
128.5138.1
125.8126.1126.1126.4126.7127.1
127.4128.7130.3131.7132.4132.9
133.3134.1134.7135.8136.6137.1
137.2138.4140.6141.9143.8143.9
1 Includes, in addition to subgroups shown, processed fuels and lubricants, containers, and supplies.2 Preliminary.NOTE.—For a listing of the commodities included in each sector and their relative importance, see Monthly
Labor Review, December 1955.
Source: Department of Labor.
163
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E E-36.—Consumer price indexes, 1929-56
For city wage-earner aud clerical-worker families
[1947-49=100]
Period AUitems
73.3
71.465.058.455.357.2
58.759.361.460.359.4
59.962.969.774.075.2
76.983.495.5
102.8101.8
102.8111.0113.5114.4114.8
114.5116.1
114.3114.3114.3114.2114.2114.4
114.7114.5114.9114.9115.0114.7
114.6114.6114.7114.9115.4116.2
117.0lib. 8117.1117.7117.8
Food
65.6
62.451.442.841.646.4
49.750.152.148.447.1
47.852.261.368.367.4
68.979.095.9
104.1100.0
101.2112 6114.6112.8112.6
110.9111.6
110.6110.8110.8111.2111.1111.3
112.1111.2111.6110.8109.8109.5
109.2108.8109.0109.6111.0113.2
114.8113.1113.1113.1112.9
Housing
Total
0)
0)0)0)0)0)71.872.875.476.676.1
76.478.381.882.884.7
86.188.395.0
101.7103.3
106.1112.4114.6117.7119.1
120.0121.6
119.6119.6119.6119.5119.4119.7
119.9120.0120.4120.8120.9120.8
120.6120.7120.7120.8120.9121.4
121.8122.2122.5122.8123.0
Rent
117.4
114.2108.297.183.678.4
78.280.183.886.586.6
86.988.490.490.390.6
90.991.494.4
100.7105.0
108.8113.1117.9124.1128.5
130.3132.5
129.5129.7130.0129.9130.3130.4
130.4130.5130.5130.8130.9131.1
131.4131.5131.6131.7132.2132.5
133.2133.2133.4133.4133.8
Ap-parel
60.3
58.953.647.545.950.2
50.651.053.753.452.5
53.255.664.967.872.6
76.383.797.1
103.599.4
98.1106.9105.8104.8104.3
103.7105.4
103.3103.4103.2103.1103.3103.2
103.2103.4104.6104.6104.7104.7
104.1104.6104.8104.8104.8104.8
105.3105.5106.5106.8107.0
Trans-porta-tion
0)
0)0)0)0)(069.670.271.371.970.2
69.872.278.578.278.2
78.182.190.6
100.9108.5
111.3118.4126.2129.7128.0
126.4128.3
127.6127.4127.3125.3125.5125.8
125.4125.4125.3126.6128.5127.3
126.8126.9126.7126.4127.1126.8
127.7128.5128.6132.6133.2
Medi-calcare
0)
0)0)
0)(071.471.672.372.572.6
72.773.175.178.781.2
83.187.794.9
100.9104.1
106.0111.1117.2121.3125.2
128.0132.5
126.5126.8127.0127.3127.5127.6
127.9128 0128.2128.7129.8130.2
130.7130.9131.4131.6131.9132.0
132.7133.3134.0134.1134.5
Per-sonalcare
0)
0)0)0)0)0)54.655.358.559.859.6
59.561.066.973.879.0
81.587.497.6
101.3101.1
101.1110.5111.8112.8113.4
115.3119.9
113.7113.5113.5113.7113.9114.7
115:5115.8116.6117.0117.5117.9
118.5118.9119.2119.5119.6119.9
120.1120.3120.5120.8121.4
Reaing arecrc
tio
d-nd3a-n
0)
0)(i(i
(l
58.159.160.862.963.0
64.166.469.575.383.4
86.889.795.5
100.4104.1
103.4106.5107.0108.0107.0
106.6108.0
106.9106.4106.6106.6106.5106.2
106.3106.3106.7106.7106.8106.8
107.3107.5107.7108.2108.2107.6
107.7107.9108.4108.5109.0
Othergoodsand
services
1929
19301931193219331934. _
193519361937 __19381939___
1940194119421943 _„1944
19451946194719481949
1950_19511952____ ____19531954
1955__ ___1956 2
1955: January. _.February, .MarchAprilMayJune
JulyAugustSeptember.OctoberNovember.December.
1956: January. __February. .MarchAprilMay _June __
JulyAugust—September.OctoberNovember.
67.267.068.869.470.6
72.874.276.380.282.4
85.788.696.1
100.5103.4
105.2109.7115.4118.2120.1
120.2121.9
119.9119.8119.8119.8119.9119.9
120.3120.4120.6120.6120.6120.6
120.8120.9121.2121.4121.5121.8
122.2122.1122.7123.0123.2
1 Not available.2 January-November average.Source: Department of Labor.
164
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY SUPPLY, CREDIT, AND FEDERAL FINANCETABLE E-37.—Deposits and currency, 1929-56
[Billions of dollars]
End of period *Total
depositsand
currency
54.7
53.648.445.442.648.1
52.757.656.859.964.7
71.179.1
100. 5123.4151.4
176.4167.5172.3172.7173.9180.6189.9200.4205.7214.8221.0225.8213. 4212.1210.6212.9212.5213.5214.6214.2214.8216.7217.2221.0217.2216.1217.8217.4217.4219.7217.5219.1220.1220.9222.8225.8
Total excluding U.
Total
54.6
53.247.944.941.546.3
51.356.455.858.163.3
70.076.391.3
112.4130.2
150.8164.0170.0169.1169.8176.9186.0194.8200.9209.7216.6221.6209.2206.9205.3207.4206.7207.7208.1208.6209.7211.3212.2216.6214.4211.6210.8212.4211.2213.6213.3212.8214.1216.6217.1221.6
S. Government deposits 2
Demand deposits and currency
Total
26.4
24.621.920.419.823.1
27.031.029.631.836.2
42.348.662.979.690.4
102.3110.0113.6111.6111.2117.7124.5129.0130.5134.4138.2139.6133.8131.3129.1131.1130.2130.6131.0131.2132.1133.5134.8138.2136.0132.8131.5133.1131.6133.0132.7131.9132.8135.1136.2139.6
Demanddepositsadjusted 3
22.8
21.017.415.715.018.5
22.125.524.026.029.8
34.939.048.960.866.9
75.983.387.185.585.892.398.2
101.5102.5106.6109.9111.1107.0104.5102.4104.5103.3103.2103.9103.9104.9106.1106.9109. 9108.9105.6104.4106.1104.2104.7105.2104.5105.4107.4108.2111.1
Cur-rency
outsidebanks
3.6
3.64.54.74.84.7
4.95.55.65.86.4
7.39.6
13.918.823.5
26.526.726.52b. 125.425.426.327.528.127.928.328.526.826.826.726.726.827.427.127.327.227.327.928.327.127.227.227.027.428.327.427.527.427.728.028.5
Timede-
posits *
28.2
28.726.024.521.723.2
24.225.426.226.327.1
27.727.728.432.739.8
48.554.056.457.558.659.261.565.870.475.378.482.075.475.776.276.276.577.177.177.477.777.977.478.478.478.879.379.379.680.680.780.981.381.580.982.0
U . S .Gov-ern-
mentde-
posits a
1929
1930.1931 -193219331934.-_
1935193619371938._1939
1940194119421943 ._1944
1945194619471948194919501951..19521953195419551956 61955: January
February.._MarchAprilMayJuneJuly. .AugustSeptember..OctoberNovember..December. _
1956: JanuaryFebruaryMarchAprilMayJ u n e . .Ju ly 6
August6
September6
October 6.._November«.December6.
0.2
.5
.51.01.8
1.51.21.01.81.5
1.12.89.2
11.021.2
25.63.52.33.64.13.73.95.64.85.14.44.24.25.15.35.65.95.86.55.65.15.35.04.42.84.57.05.06.26.14.26.36.04.35.74.2
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 'ex-
cludes interbank deposits.* 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; December estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System (except as noted).
165
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-38.—Loans and investments of all commercial banks, 1929-56
[Billions of dollars]
End of period *Totalloansand
invest-ments
49.448.944.936.130.432.736.139.638.438.740.743.950.767.485.1
105.5124.0114.0116.3114.3120.2126.7132.6141.6145.7155.9160.9165.3156.3154.8153.5155.5155.6155.3157.0156.7157.3158.9159.4160.9159.4158.4159.9160.1159.7160.0159.6161.0162.0162.5163.9165.3
Loans
Total 2
35.734.529.221.816.315.715.216.417.216.417.218.821.719.219.121.626.131.138.142.543.052.257.764.267.670.682.690.670.671.272.372.973.975.276.677.378.479.281.482.682.082.584.785.386.086.987.187.588.588.889.690.6
Businessloans 3
(•)(6)(6)<•)(6)(6)(6)(6)(6)
5.76.4
7.39.37.97.98.0
9.614.218.218.917.121.925.927.927.226.933.238.726.626.827.427.628.028.929.129.930.5
8 31.132.333.232.732.934.534.834.836.135.836.437.037.237.838.7
Total
13.714.415.714.314.017.020.923.121.222.323.425.129.048.266.083.997.982.978.271.877.274.474.977.578.185.378.374.785.783.681.282.681.780.180.479.378.979.778.078.377.475.875.274.873.773.172.473.673.673.774.474.7
Investments
U. S. Gov-ernment
obligations4
4.9
5.06.06.27.5
10.313.815.314.215.116.317.821.841.459.877.690.674.869.262.667.062.061.563.363.469.061.658.569.066.864.265.665.063.363.762.562.062.961.461.660.959.258.658.257.356.656.257.257.057.458.158.5
Othersecurities
8.79.49.78.16.56.77.17.97.07.27.1
7.47.26.86.16.3
7.38.19.09.2
10.212.413.314.114.716.316.716.216.716.817.017.016.716.816.716.916.916.816.616.716.516.616.616.616.416.516.316.416.616.316.316.2
1929—June 51930—Junes1931—June6
1932—June 51933—June 81934—June«193519361937193819391940194119421943194419451946194719481949195019511952195319541955195671955: January
February.. .MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..
1956: JanuaryFebruary.-.MarchApril.MayJuneJuly 7August 7___.September 7October 7....November IDecember 7.
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 industrial,agricultural, security, real estate, bank, consumer, and other loans.
3 Beginning with 1948, data are shown gross of valuation reserves, instead of net as for previous years.Prior to June 1947 and for months other than June and December, data are estimated on the basis of reporteddata for all insured commercial banks and for weekly reporting member banks.
* Figures in this table are based on book values and relate only to banks within the continental UnitedStates. Therefore, they do not agree with figures in Table E-46, which are on the basis of par values andinclude holdings of banks in United States Territories and possessions.
6 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; December estimates by Council of Economic Advisers.s 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 30.8 billion.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System (except as noted).
166
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-39.—Federal Reserve Bank credit and member bank reserves, 1929-56
[Averages of daily figures, millions of dollars]
Period
Reserve 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
25,47225, 702
25, 44925,02124, 98925,07024,92424,958
25, 49725, 45025, 52525, 79226,08926, 853
25,87925,18325, 51725,41125, 23725, 516
25, 59925,35725,73725, 69826,09727,156
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, 75623,06624, 66124, 646
23, 89123,709
24, 20023, 83823, 61923, 63223, 66623, 598
23,96723, 88623, 70923, 95123, 99724, 602
23,89723, 40123, 52223, 41023,32223, 522
23,58023, 53023, 72823, 78124,02424,765
Memberbank
borrow-ings
943
27132351823429
76
1494
355
24135
366215156140115
106289780768147
607831
313354463495368401
527765849884
1,016839
807799993
1,060971769
738898792715744688
Allother,mainlyfloat
308
25228298
14341
3744362640
67101212434451
482564503632486
5461,025
955833809
9741,160
936829907944890958
1,003799967956
1,0751,412
1,175983
1,002941943
1,225
1,282929
1,2171,2021,3291,703
Member bank reserves
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, 84318, 965
19,11418, 81918, 63518, 80018, 74618, 715
18, 82418, 72818, 71118. 87018, 90219, 240
19,13818, 70918,92418,84718, 73518,933
18,83618, 78319,02418, 93919,16919, 535
Re-quired
2,315
2,3242,2341,858
i 1,815i 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
18, 25718,403
18, 43218,19518,05018, 21018,16618,146
18, 20518,15218,14818, 34518, 37818, 646
18, 58618,17718, 34018,32018, 26818,359
18, 23718, 22418, 44618,41918, 57918,877
Excess
43
5589
2561528
i 1,564
2,4692,5121,2202,5224,392
6,3265,3242,6681,5101,046
1,121976853837822
783757714677772
586562
682625585590580569
619577564524525594
552533585527467575
599559579520590658
Memberbank"free"
reserves(excess re-serves lessborrow-
ings)
1929
193019311932...19331934 „
1935193619371938 —1939. —
1940194119421943 - - -1944
194519461947 --19481949
19501951 ._ .195219531954 _
19551956 2
1955: JanuaryFebruaryMarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember.
1956: January __FebruaryMarch. . .AprilMayJune
JulyAugust. _SeptemberOctober..NovemberDecember2
-900
-216-234-262
2941,535
2,4622,5061,2062,5134,388
6,3235,3192,6631,486
911
755761697697707
677468-66-91625
-21-269
27112295212168
92-188-285-360-491-245
-255-266-408-533-504-194
-139-339-213-195-154-30
» Data from March 1933 through April 1934 are for licensed banks only.2 Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-40.—Bond yields and interest rates, 1929-56
[Percent per annum]
Period3-monthTreas-
urybills i
1929
19301931193219331934. ___
19351936193719381939
19401941 ___.194219431944
19451946194719481949
19501951195219531954
1955 _.1956
1954:JanuaryFebruary _.MarchAprilMay _June
JulyAugustSeptember.October. __November.December _
U. S. Government securities
()1.402.879.515.256
.137
.143
.447
.053
.023
.014
.103
.326
.373
.375
.375
.375
.5941.0401.102
1.2181.5521.7661.931.953
1.7532.906
1.214.9841.0531.011.782.650
.710
.8921.007.987.948
1.174
9-12monthissues 2
().75.79
.81
.82
.881.141.14
1.261.731.812.07
.92
1.892.83
1.331.011.02.90.76.76
.65
.64
.891.03.94
1.10
Taxable bonds3
10-20years
20yearsandover
8 2.922.52
2.803.06
2.672.582.502.452.522.53
2.452.462.502.522.552.57
2.462.472.48
2.372.192.252.442.31
2.322.572.68
9 3.162.71
2.943.11
2.902.852.732.702.722.70
2.622.602.642.652.682.68
Corporatebonds
(Moody's)
Aaa
4.73
4.554.585.014.494.00
3 603.243.263.193.01
2.842.772.832.732,72
2.622.532.612.822.66
2.622.862.963.202.90
3.063.36
3.062.952.862.852.882.90
2.892.872.892.872.892.90
Baa
Commonstock
yields,200
stocks(Moody's)
5.90
5.907.629.307.766.32
5.754.775.035.804.96
4.754.334.283.913.61
3.293.053.243.473.42
3.243.413.523.743.51
3.533.88
3.713.613.513.473.473.49
3.503.493.473.463.453.45
3.41
4.546.177.364.424.11
4.063.504.774,384.15
5.316.256.674.894.81
4.193.975.135.786.63
6.276.125.505.494.78
4.064.07
5.335.325.144.944.884.82
4.614.754.464.574.394.20
High-grade
munic-ipal
bonds(Stand-ard &
Poor's)
4.27
4.074.014.654.714.03
3.403.073.102.912.76
2.502.102.362.061.86
1.671.642.012 402.21
1.982.002.192.722.37
2.532.93
2.502 392.382.472.492.48
2.312 232.292.322.292.33
Averagerate onshort-termbankloans
to busi-ness-
selectedcities
(6)
(6)(6)(6)(6)(6)
(6)(6)(6)(6)
2.1
2.12.02.22.62.4
2.22.12.12.52.7
2.73.13.53.73.6
3.74.2
3.72
3 60
3.56
3.55
Primecom-mer-cial
paper,4-6
months
5.85
3.592.642.731.731.02
.75
.75
.94
.81
.59
.56,53,66.69a73
.75
.811.031.441.49
1.452.162.332.521.58
2.183.31
2.112 002.00L76L 58L 56
L. 45L 3 3L. 31L. 3 1L.31L. 31
Fed-eralRe-
serveBankdis-
countrate
5.16
3.042.112.822.561.54
1.501.501.331.001.00
1.001.00
7 1.007 1.007 1.00
7 1.007 1.00
1.001.341.50
1.591.751.751.991.60
1.892.77
2.001.791.751.631.501.50
1.501.501.501.501.501.50
See footnotes at end of table.
168
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-40.—Bond yields and interest rates, 1929-56—Continued
[Percent per annum]
Period
1955:JanuaryFebruary...MarchAprilMay__June
July.AugustSeptember-OctoberNovember.December..
1956:JanuaryFebruary....MarchAprilMayJune
July —AugustSeptember-OctoberNovember..December- _
U. S. Government securities
3-monthTreas-
urybills i
1.2571.1771.3351.6201.4911.432
1.6221.8762.0862.2592.2252.564
2.4562.3722.3102.6132.6502.527
2.3342.6062.8502.9613.0003.230
9-12monthissues 2
1.361.411.491.711.721.71
1.882.122.142.192.282.56
2.502.382.432.832.832.69
2.623.013.173.073.153.33
Taxable bonds3
10-20years
2.662.722.722.772.762.77
2.882.912.882.822.852.8S
2.862.822.903.052.942.89
2.973.153.193.183.303.43
20yearsandover
2.772.922.922.922.912.91
2.963.023.002.962.962.97
2.942.932.983.103.032.98
3.053.193.253.243.313.37
Corporatebonds
(Moody's)
Aaa
2.932.993.023.013.043.05
3.063.113.133.103.103.15
3.113.083.103.243.283.27
3.283.433.563.593.693.75
Baa
3.453.473.483.493.503.51
3.523.563.593.593.583.62
3.603.583.603.683.733.75
3.803.934.074.174.244.37
Commonstock
yields,200
stocks(Moody's)
4.224.214.214.124.143.87
3.783.913.934.124.094.06
4.214.093.863.874.134.01
3.874.024.244.234.254.13
High-grade
munic-ipal
bonds(Stand-ard &
Poor's)
2.392.422.452.432.412.48
2.622.672.632.562.552.71
2.642.582.692.882.862.75
2.782.943.073.143.383.44
Averagerate onshort-termbankloans
to busi-ness-
selectedcities
3.54
3.56
3.77
3.93
3.93
4.14
4.35
4.38
Primecom-mer-cial
paper,4-6
months
1.471.681.691.902.002.00
2.112.332.542,702.812.99
3.003.003.003.143.273.38
3.273.283.503.633.633.63
Fed-eralRe-
serveBankdis-
countrate
]
;
I
L. 50L.50L. 50L. 63t. 751.75
L. 751.972.182.252.362.50
2.502.502.502.652.752.75
2.752.815.00J.00$.00J. 00
1 Ra te on new issues wi th in period. Issues were tax exempt prior to March 1, 1941, and fully taxablethereafter. For the period 1934-37, series includes issues wi th maturi t ies of more t han 3 months .
2 Includes certificates of indebtedness and selected note and bond issues (fully taxable).3 First issued in 1941. T h e 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 No t available before August 1942.6 No t available on same basis as for 1939 and subsequent years.7 F rom October 30, 1942 to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances
secured by Government securities matur ing or callable in 1 year or less.8 J a n u a r y - M a r c h 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.—Yie lds and rates computed for N e w York Ci ty , except for short-term bank loans.
Sources: Treasury Depar tmen t , Board of Governors of the Federal Reserve System, Moody 's InvestorsService, and Standard & Poor 's Corporation.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-41.—Short- and intermediate-term consumer credit outstanding, 1929-56
[Millions of dollars]
End of period Total
Instalment credit
TotalAuto-mobilepaper 1
Othercon-
sumergoods
paper 1
Repairand
modern-izationloans 2
Per-sonalloans
Noninstalment credit
TotalCharge
ac-counts
Others
1929
1930 . .1931.193219331934
19351936193719381939
19401941194219431944
19451946194719481949-
1950 „195119521953-.1954
19551956s
1955: JanuaryFebruary.MarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
1956: January. . .February-MarchAprilMayJune
JulyAugustSeptemberOctoberNovemberDecember
6,444
5,7674,7603,5673,4823,904
4,9116,1356,6896,3387,222
8,3389,1725,9834,9015,111
5,6658,38411, 57014,39817,305
21,39522,61727,40131,24332,292
42,000
31, 67631,42831,80032,63833,47934,395
34,80735, 52636,16936, 57337,11438, 648
37,84837, 47437, 76138,22238,91939,454
39,47839,87840,07440,19640, 63142,000
3,151
2,6872,2071,5211,5881,871
2,6943,6234,0153,6914,503
5,5146,0853,1662,1362,176
2,4624,1726,6958,996
11,590
14, 70315, 29419,40323,00523,568
29,02031,600
23, 51623,61424,06124, 61225,22926,001
26, 54627,19527, 70227,96828, 26929,020
28,91529,11229,41929, 76330,084
30,29730, 64430, 70730,81131,02431,600
()1,497
2,0712,458742355397
455981
1,9243,0184,555
6,0745,9727,7339,835
13,46814,500
9,86210,02910,41010, 79811,25611, 796
12,23612,71913,07513,24613,32613,468
13,48113, 57413, 74313,89214, 05914, 255
14,38114, 53014, 53314,47814, 44914, 500
()1,620
1,8271,9291,195819791
8161,2902,1432,9013,706
4,7994,8806,1746,7796,751
7,6268,200
6,5636,5546,595
6,769
6,808
6,9597,0257,1697,626
7,4877,3717,3007,3377,4017,417
7,4217,4937,4977,6017,7528,200
371376255130119
182405718853
1,0161,0851,3851,6101,616
1,6701,800
1,5731,5491,5291, 5321,5441,562
1,5741,5991,6251,6481,6611,670
1,6381,6281,6311,6431,6771,700
1,7101,7341,7581,7811,7971,800
2,8143,3574,1114,7815,392
6,2567,200
5,4155,4735,5685,6875,7665,874
5,9285,9936,0436,0496,1136,256
6,342
6,5476,6266,712
6,7856,8876,9196,9517,0267,200
3,293
3,0802,5532,0461,8942,033
2,2172,5122,6742,6472,719
2,8243,0872,8172,7652,935
3,2034,2124,8755,4025,715
6,6927,3237,9988,2388,724
10,400
8,1607,8147,7398,0268,250
8,2618,3318,4678,6058,845
8,9628,5598,649
9,1569, 370
9,1819,2349,3679,3859,60710, 400
1,602
1,4761,2651,020990
1,102
1,1831,3001,3361,3621,414
1,4711,6451,4441,4401,517
1,6122,0762,3532,6732,795
3,2913,6054,0114,1244,308
4,5444,800
3,7923,3653,2303,4593,5603,588
3,5003,5063,5863,7153,8394,544
3,9613,5303,4693,5313,7013,804
3,6743,6963,7803,8754,0294,800
1,691
1,6041,2881,026904931
1,0341,2121,3381,2851,305
1,3531,4421,3731,3251,418
1,5912,1362,5222,7292,920
3,4013,7183,9874,1144,416
5,0845,700
4,3684,4494,5094,5674,6904,806
4,7614,8254,8814,8905,0065,084
5,0015,0295,1805,2725,4555,566
5,5075,5385,5875,5105,5785,700
1 Includes all consumer credit extended for the purpose of purchasing automobiles and other consumergoods and secured by the items purchased.
2 Includes only such loans held by financial institutions; those held by retail outlets are included in "otherconsumer goods paper."
3 Single-payment loans and service credit.* Not available.6 Preliminary estimates by Council of Economic Advisers.
Source: Board of Governors of the Federal Reserve System (except as noted).
170
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E E-42.—Instalment credit extended and repaid, 1946—56
[Millions of dollars]
Period
1946..1947..1948..1949..1950..1951..1952..1953-1954-.1955..1956 V
1955: JanuaryFebruary. . .MarchAprilM a yJuneJulyAugustSeptember-OctoberNovember..December..
1956: JanuaryFebruary. . .MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December».
1955: JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December..
1956: JanuaryFebruary. . .MarchAprilMayJuneJulyAugustSeptember-OctoberNovember.December V
Total
Ex-tended
8,49512, 71315, 58518,10821, 55823, 57629, 51431, 55831,051
39,12839,700
Re-paid
2,5102,5893,3153,2673,3513,6133,2793,5763,3613,2113,2713,7852,8852,9183,3053,3293,4703,3903,3163,5042,9813,3823,3873,800
6,78510,19013, 28415, 514
18,445
25, 40527,95630,48833, 67637,100
Automobilepaper
Ex-tended
5,2176,9678,5308,95611,76412,98111,807
16, 74315,600
Re-paid
1,4432,7494,1235,4307,0119,05810,00310,87911,833
13,08414,700
Other consumergoods paper
Ex-tended
3,0774,4985,3835,8657,1507,4859,1869,2279,117
10, 61511,100
Re-paid
2,6033,6454,6255,0606,0577,4047,8928,6229,145
9,74010,500
Repair andmodernization
loans
Ex-tended
423704714734835841
1,2171,3441,2611,3591,500
Re-paid
200391579689717772917
1,1191,2551.3051,300
Personalloans
Ex-tended
3,0263,8194,2714,5425,0436,2947,3478,0068,866
10,41111,500
Re-paid
2,5393,4053,9574,3354,6605,7516, 5937,3368,2559,54710,700
Unadjusted
2,5622,4912,8682,7162,7342,8412,7342,9272,8542,9452,9703,0343,0192,8893,1083,0223,1263,0693,1033,1572,9183,2783,1743,200
1,0001,1011,4781,4201,5121,6561,5001,6541,5001,3471,2721,3031,1921,2361,3781,3451,4071,3911,3371,3931,1501,2841,2251,300
947934
1,0971,0321,0541,1161,0601,1711,1441,1761,1921,1611,1791,1431,2091,1961,2401,1951,2111,2441,1471,3391,2541,300
701665832850869913832910887905969
1,282760731821894949883872952840
1,0101,0371,300
786768841809801807793834812839825825899847892857885867868880836906886900
6674971051211261151371351351301188897113123145128127137125140125100
10998117102109108103112109112117109120107110111111105117113101117109100
743749908892849918832875839824900
1,082845854993967969988980
1,022866948
1,0001,100
Seasonally adjusted
3,0003,0783,1973,2303,2743,2573,2583,4163,4213,3273,3553,3153,4413,3243,1743,4093,2643,0583,3023,3583,1603,3703,4613,400
2,6332,6422,6682,7192,7862,7882,8302,8642,9002,9672,9612,9183,1092,9482,8883,1453,0633,0093,1603,1473,0873,1833,1613,200
1,2261,3001,3861,3571,4091,4091,4081,5051,5041,4351,4151,3891,4561,3961,2841,3301,2561,1811,2521,2641,1981,3151,3611,400
9991,0061,0271,0461,0851,0841,0931,1221,1371,1691,1731,1431,2451,1841,1301,2581,2261,1581,2291,2141,1851,2841,2321,300
855840875892891876887911900873911904927883859968932841927952883942973
1,000
773774111789807808826829832849843833887821822870858869890891893883905900
9097104107115115111123123125125124119123120129133116121122117125121100
110104109105112107108109108112113108121110102118111104121112104113105100
829841832874859857852877894894904898939922911982943920
1,0021.020962988
1,0061,000
720691813773770810
778810789818836939
821792897858890902
907920834916925
1,000
751758755779782789803804823837832834
856833834
878920930905903919900
1 Preliminary; December by Council of Economic Advisers.
Source: Board of Governors of the Federal Reserve System (except as noted).
17!
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-43.—Mortgage debt outstanding, by type of property and of financing, 1939-56
[Billions of dollars]
End of period
1939 -_. -
194019411942 _19431944
1945 _ -194619471948 -1949
19501951195219531954
195519563
1954: First quarterSecond quarterThird quarterFourth quarter
1955: First quarterSecond quarter _Third quarterFourth quarter
1956: First quarter 3Second quarter3
Third quartersFourth quarter3
All prop-erties
35.5
36.537.636.735.334.7
35.541.848.956.262.7
72.882.291.2
101.1113.6
129.7144.5
103.1106.2109.7113.6
117.2121.8126.1129.7
133.3137.3141.1144.5
Nonfarm properties
Total
28.9
30.031.230.829.929.7
30.836.943.950.957.1
66.775.684.193.5
105.4
120.8134.7
95.398.2
101.6105.4
108.8113.2117.2120.8
124.1127.8131.5134.7
1- to 4-family houses
Total
16.3
17.418.418.217.817.9
18.623.028.233.337.6
45.251.758.566.175.7
88.199.0
67.669.972.675.7
78.582.285.588.1
90.893.796.699.0
Governmentunderwritten
Total
1.8
2.33.03.74.14.2
4.36.19.3
12.515.0
18.922.925.428.132.1
38.944.1
28.829.730.732.1
33.535.337.038.9
40.241.342.444.1
FHAin-
sured
1.8
2.33.03.74.14.2
4.13.73.85.36.9
8.69.7
10.812.012.8
14.315.5
12.212 A12.612.8
13.213.513.914.3
14.715.015.215.5
VAguar-
anteed
0.22.45.57.28.1
10.313.214.616.119.3
24.628.6
16.617.318.119.3
20.321.823.124.6
25.526.327.228.6
Conven-tional^
14.5
15.115.414.513.713.7
14.316.918.920.822.6
26.328.833.138.043.6
49.254.9
38.840.241.943.6
45.046.948.549.2
50.652.454.254.9
Multi-family
and com-mercialprop-
erties"
12.5
12.612.912.512.111.8
12.213.815.717.619.5
21.623.925.627.429.7
32.635.7
27.728.429.029.7
30.331.031.832.6
33.334.134.935.7
Farmprop-erties
6.6
6.56.46.05.44.9
4.84.95.15.35.6
6.16.67.27.78.2
9.09.8
7.88.08.18.2
8.48.78.89.0
9.29.59.69.8
1 Derived figures.2 Includes negligible amount of farm loans held by savings and loan associations.3 Preliminary; fourth quarter by Council of Economic Advisers.
Source: Board of Governors of the Federal Reserve System, estimated and compiled from data suppliedby various Government and private organizations (except as noted).
172
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-44.—Net public and private debt, 1929-56 x
[Billions of dollars]
End ofperiod 2 Total
Fed-eralGov-ern-
ment
Stateandlocalgov-ern-
ment2
Private
Total
Total
Corporate
Long-term
Short-term
Individual and noncorporate
Total Farm 3
Nonfarm
Total Mort-gage
Com-mer-cialand
finan-cial*
Con-sumer
1929
19301931193219331934
19351936193719381939
19401941194219431944
19451946194719481949
19501951195219531954
19551956 fl
190.9
191.0181.9174.6168.5171.4
174.7180.3182.0179.6183.2
189.9211.6259.0313.6370.8
406.3397.4417.9434.0448.4
491.3525.8557.1587.6608.7
660.2693.0
16.5
16.518.521.324.330.4
34.437.739.240.542.6
44.856.3
101.7154.4211.9
252.7229.7223.3216.5218.6
218.7218.5222.9228.1230.2
231.5225.3
13.2
14.115.516.616.715.9
16.016.216.116.016.3
16.516.315.814.914.1
13.713.614.416.218.1
20.723.325.828.633.4
38.442.7
161.2
160.4147.9136.7127.5125.1
124.2126.4126.7123.1124.3
128.6139.0141.5144.3144.8
139.9154.1180.2201.3211.7
251.9284.0308.4330.9345.1
390.3425.0
88.9
89.383.580.076.975.5
74.876.175.873.373.5
75.683.491.695.594.1
85.393.5
108.9117.8118.0
142.1162.5171.0178.6177.5
196.8211.5
47.3
51.150.349.247.944.6
43.642.543.544.844.4
43.743.642.741.039.8
38.341.346.152.556.5
60.166.673.379.584.6
92.5101.5
41.6
38.233.230.829.130.9
31.233.532.328.429.2
31.939.849.054.554.3
47.052.262.865.361.5
81.995.997.799.192.8
104.3110.0
72.3
71.164.456.750.649.6
49.450.350.949.850.8
53.055.649.948.850.7.
54.660.671.383.593.7
121.5137.4152.3167.6
193.5213.5
12.2
11.811.110.19.18.9
9.08.68.69.08.8
9.19.28.98.27.7
7.27.78.6
10.812.0
12.213.615.116.817.5
18.820.5
60.1
59.453.346.641.540.7
40.441.742.340.942.0
43.946.441.040.543.0
47.453.062.772.781.6
97.6107.9122.2135.6150.0
174.7193.0
31.2
32.030.929.026.325.5
24.724.424.324.525.0
26.027.226.826.226.1
27.032.538.745.150.6
59.467.475.283.894.7
108.8121.5
22.4
21.617.614.011.711.2
10.811.211.310.19.8
9.510.08.19.5
11.8
14.812.112.413.213.7
16.817.919.720.623.1
27.229.5
6.4
5.84.83.63.53.9
4.96.16.76.37.2
8.39.26.04.95.1
5.78.4
11.614.417.3
21.422.627.431.232.3
38.642.0
1 Net public and private debt outstanding is a comprehensive aggregate of the indebtedness of borrowersafter elimination of certain types of duplicating governmental and corporate debt. For a further explana-tion of the concept, see Survey of Current Business, October 1950.
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.4 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.
NOTE.—Data for 1948-55 for consumer debt (and related subtotals and totals) have been adjusted bythe Council of Economic Advisers to reflect revisions for 1948-56 in the consumer credit statistics of theBoard of Governors of the Federal Reserve System. No attempt has been made to reconcile other debtitems with the adjustments in consumer debt.
Detail will not necessarily add to totals because of rounding.
Sources: Department of Agriculture, Department of Commerce, Treasury Department, Board of Gov-ernors of the Federal Reserve System, Federal Savings and Loan Insurance Corporation, and InterstateCommerce Commission (except as noted).
173
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TABLE E-45.—U. S. Government debt—total, and by kind of obligations, 1929-56
[Billions of dollars]
End of period
1929.__
19301931193219331934
19351936193719381939
19401941194219431944
19451946194719481949
195019511952.. - - .19531954... -
19551956
1955: January. _.February..MarchAprilMayJune
JulyAugustSeptember.OctoberNovember.December.
1956: January. _.February-MarchAprilMayJune --
JulyAugustSeptemberOctoberNovember.December-
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
280.8276.7
278.5278.2274.1276.7277.5274.4
277.6278.4277.5279.9280.2280.8
280.1280.2276.4275.8276.8272.8
272.7275.6274.3275.4277.1276.7
Interest-bearing public debt
Marketable public
Short-term
issues 3
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
81.379.5
76.076.272.275.477.374.1
76.777.077.680.680.681.3
81.481.477.677.777.773.1
73.175.575.577.178.979.5
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
81.980.8
81.881.481.181.181.181.1
81.881.881.981.981.981.9
81.981.981.981.881.881.8
81.881.8
80.8
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
57.956.3
58.058.258.458.358.358.4
58.458.458.358.358.357.9
57.657.757.757.757.757.5
57.457.357.357.156.956.3
Treasurytax andsavingsnotes
2.56.48.6
8.25.75.44.67.6
8.67.55.86.04.5
4.54.44.34.32.81.9
1.71.2.4.1.1
Invest-ment
bonds3
1.01.01.0
1.013.013.412.912.7
12.311.6
12.712.712.612.612.612.6
12.612.612.512.412.312.3
12.212.212.212.112.012.0
12.011.911.911.811.711.6
Specialissues 4
0 6
.4
.4
.4
.7
.62.23.24.2
5.47.09.0
12.716.3
20.024.629.031.733.9
33.735.939.241.242.6
43.945.6
42.342.042.141.742.243.3
43.344.243.943.744.043.9
43.643.743.743.444.345.1
45.446.145.845.545.745.6
1 Total includes non-interest-bearing debt, fully guaranteed securities (except those held by the Treasury),Postal Savings bonds, prewar bonds, adjusted service bonds, depositary bonds, 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.* Issued to U. S. Government investment accounts. These accounts also held 8 billion dollars of public
marketable and nonmarketable issues on December 31,1956.s Less than 50 million dollars,e The last series of treasury savings notes matured in April 1956.
Source: Treasury Department.
174
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-46.—Estimated ownership of Federal obligations, 1939-56
[Par values *, billions of dollars]
End of period
Gross public debt and guaranteed issues3
Total
Heldby U.S.
Gov-ern-
mentinvest-ment
ac-counts
Held by others
TotalFederalReserveBanks
Com-mercialbatiks 3
Mutualsavingsbanksand in-surance ations *
com-panies
Othercorpor-
Stateandlocal
jovern-ments8
Individ-uals o
Miscel-laneousinves-tors t
1939...
1940..1941_.1942..1943..1944..
1945..1946..1947..1948..1949..
1950-.1951..1952..1953-1954.
1955—1956 8_.
1955: JanuaryFebruary.._MarchAprilMayJune
JulyAugustSeptember..OctoberNovember. -December..
1956: JanuaryFebruary. . .MarchAprilMayJune
JulyAugustSeptember..OctoberNovember 8
December 8 .
47.6
50.964.3
112.5170.1232.1
278.7259.5257.0252.9257.2
256.7259.5267.4275.2278.8
280.8276.7
278.5278.2274.1276.7277.5274.4
277.6278.4277.5279.9280.2280.8
280.1280.2276.4275.8276.8272.8
272.7275.6274.3275.4277.1276.7
6.5
7.69.5
12.216.921.7
27.030.934.437.339.4
39.242.345.948.349.6
51.754.1
49.449.249.448.949.550.5
50.651.651.251.051.651.7
51.751.851.951.652.553.5
53.854.454.253.954.254.1
41.1
43.354.7
100.2153.2210.5
251.6228.6222.6215.5217.8
217.5217.2221.6226.9229.2
229.1222.6
229.0229.0224.7227.8228.1223.9
227.0226.8226.3228.8228.6229.1
228.4228.4224.5224.3224.3219.3
218.9221.2220.2221.5222.9222.6
2.5
2.22.36.2
11.518.8
24.323.322.623.318.9
20.823.824.725.924.9
24.824.9
23.923.623.623.623.723.6
24.123.823.824.024.324.8
23.523.523.623.323.523.8
23.423.923.723.824.424.9
15.9
17.321.441.159.977.7
90.874.568.762.566.8
61.861.663.463.769.2
62.059.1
68.766.964.265.864.863.5
63.862.762.162.761.662.0
60.559.558.358.557.857.1
56.557.657.658.058.759.1
9.4
10.111.915.821.228.0
34.736.735.932.731.5
29.626.325.525.023.8
22.821.0
24.124.023.823.823.723.5
23.723.823.723.523.322.8
22.722.422.222.121.921.6
21.621.421.421.321.121.0
2.2
2.04.0
10.116.421.4
22.215.314.114.816.8
19.720.719.921.619.8
24.019.0
20.521.719.520.621.719.3
20.321.221.022.723.724.0
24.324.421.121.121.518.0
18.319.118.018.919.419.0
0.4
.5
.71.02.14.3
6.56.37.37.98.1
8.89.6
11.112.714.4
15.115.8
14.514.614.614.614.714.7
14.914.914.915.015.015.1
15.415.615.715.715.815.7
15.815.815.815.815.815.8
10.1
10.613.623.737.653.3
64.164.265.765.566.3
66.364.665.164.863.0
64.9
63.664.264.864.965.164.8
65.265.565.765.665.264.9
65.966.567.267.167.166.9
67.067.267.467.367.266.8
0.7
2.34.47.0
9.18.18.48.99.4
10.510.611.713.213.9
15.616.0
13.913.914.214.414.414.4
15.015.015.115.315.415.6
16.016.416.516.516.616.2
16.216.316.316.316.416.0
1 United States savings bonds, series A-D, E, F, and J, are included at current redemption values.2 Excludes guaranteed securities held by the Treasury. Not all of total shown is subject to statutory
debt limitation.3 Includes commercial banks, trust companies, and stock savings banks in the United States and in
Territories and possessions; figures exclude securities held in trust departments. Since the estimates in thistable are on the basis of par values and include holdings of banks in United States Territories and possessions,they do not agree with the estimates in Table E-38, which are based on book values and relate only to bankswithin the continental United States.
* Exclusive of banks and insurance companies.5 Includes trust, sinking, and investment funds of State and local governments and their agencies, and
of Territories and possessions.6 Includes partnerships and personal trust accounts.7 Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers
and brokers, and investments of foreign balances and international accounts in this country. Beginningwith December 1946, the 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.
« Preliminary estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Treasury Department (except as noted).
175
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TABLE E-47.—Federal budget receipts and expenditures, calendar and fiscal years 1946-58
[Billions of dollars]
Calendar year:1946194719481949_
19501 9 5 1 . . . .19521953 _1954
19551956 2 .
Fiscal year:1946 __.19471948 . . _1949
1950195119521953 .1954
19551956 2
1957 3 _ _ .1958 3
Period Net budgetreceipts i
38.640.440.937.5
37.353.064.863.861.2
63.471.0
39.839.841.537.7
36.547.661 464.864.7
60468 270673.6
Budget ex-penditures
41.138.035.641.1
37.756.370.773.064.9
66.167.2
60.439 033.139.5
39.644.165.474.367.8
64.666 568.971.8
Surplus (+) ordeficit (-)
-2 .52.45.2
-3 .6
— 4-3 .4—5.8-9 .2-3 .7
—2 83.8
-20.78
8 4-1 .8
- 3 13.5
—4 0-9 .4- 3 . 1
-4 .21.61.71.8
1 Gross receipts less refunds of receipts and transfers of tax receipts to the Federal old-age and survivorsinsurance trust fund, the Federal disability insurance trust fund, the railroad retirement account, and thehighway trust fund.
2 Preliminary.8 Estimate.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Treasury Department and Bureau of the Budget.
TABLE E—48.—Government cash receipts from and payments to the public, calendar years 1946—56
[Billions of dollars]
Calendar year
19461947 _19481949
1950195119521953 —1954
1955. . . _1956* - - . -
Total
Cashre-
ceipts
53.057.560.057.9
60.679.293.093.393.2
98.0108.9
Cashpay-
ments
50.950.852.160.0
61.378.494.699.295.1
100.0105.1
Excessof re-ceipts(+) orof pay-ments
( - )
2.16.67.9
-2 .1
- . 7
- 1- 5—1
869Q
-2 .03.8
Federal
Cashre-
ceipts
41.444.344.941.3
42.459.371.370.068.6
71.480.2
Cashpay-
ments
41.438.636.942.6
42.058.073.076.269.6
72.274.7
Excessof re-ceipts(+) orof pay-ments(-)
(3)5.78.0
-1 .3
.41.2
-1 .6-6 .2-1 .1
- . 75.5
State and local l
Cashre-
ceipts 2
11.613.215.116.6
18.119.921.723.324.7
26.528.7
Cashpay-
ments 2
9.512.215.217.4
19.320.321.623.025.5
27.830.4
Excessof re-ceipts(+) orof pay-ments(-)
2.01.0
— 1- . 8
-1 .2- . 4
.1
.3—.8
-1 .3-1.7
1 Estimates by Council of Economic Advisers.2 Federal grants-in-aid have been deducted from State and local government receipts and paymentssince they are included in Federal payments.
3 Less than 50 million dollars.* Preliminary.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Treasury Department and Bureau of the Budget (except as noted).
I76
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TABLE E-49.—Government receipts and expenditures as shown in national income accounts,1953-56*
[Calendar years, billions of dollars]
Receipt or expenditure
Total
1953
Firsthalf 2
Sec-ond
half 2Total
1954
Firsthalf 2
Sec-ond
half 2Total
1955
Firsthalf 2
Sec-ond
half 2Total
1956 3
Firsthalf 2
Sec-ond
half*
Total government:ReceiptsE xpendituresExcess of receipts (•+•) or
of expenditures (—)___Federal Government:
Receipts:Personal tax and non-
tax receiptsCorporate profits tax
accrualsIndirect business tax
and nontax accruals-Contributions for so-
cial insuranceTotal receipts
Expenditures:Purchases of goods
and servicesTransfer paymentsGrants-in-aid to State
and local govern-ments
Net interest paidSubsidies less current
surplus of govern-ment enterprises
Total expenditures.Excess of receipts
(-{-) or of expend-itures (-)
State and local govern-ments:
Receipts:Personal tax and non-
tax receiptsCorporate profits tax
accrualsIndirect business tax
and nontax accruals-Contributions for so-
cial insuranceFederal grants-in-aid.
Total receiptsExpenditures:
Purchases of goodsand services
Transfer paymentsNet interest paidLess: Current surplus
of G o v e r n m e n tenterprises
Total expenditures-Excess of receipts
(+) or of expend-itures (-)
95.0101.8
-6.8
32.4
19.5
11.2
7.470.4
59.59.7
2.84.7
77.5
- 7 . 1
3.4
19.0
1.42.8
27.4
24.93.2.3
1.327.2
.2
96.3101.9
- 5 . 6
32.3
21.0
11.3
7.572.1
60.19.5
2.64.6
1.077.8
- 5 . 7
3.4
.9
18.7
1.32.6
26.9
24.53.2.3
1.226.7
. 1
i.7101.8
- 8 . 1
32.4
18.0
11.1
7.2
68.8
58.99.8
3.04.7
.777.2
-8.4
3.5
.7
19.3
1.43.0
27.9
25.33.2
1.327.6
96.4
- 6 . 9
29.1
16.0
10.1
8.163.3
48.911.7
2.94.8
1.269.4
- 6 . 1
3.8
.8
20.1
1.62.9
29.1
27.63.3.4
1.429.9
- . 8
97.7
29.0
15.6
10.2
8.163.0
11.3
2.74.8
1.271.1
- 8 . 1
3.7
.7
19.9
1.52.7
28.5
27.03.3.4
1.429.3
90.395.2
- 4 . 9
29.3
16.4
8.163.7
46.712.0
3.14.8
1.167.7
- 4 . 1
3.9
.8
20.3
1.63.1
29.7
28.23.3.4
1.430.6
- . 9
100.698.4
2.2
31.3
20.6
11.0
9.472.3
46.712.6
3.04.7
1.869.0
4.2
21.5
1.73.0
31.3
30.13.5.5
1.532.5
- 1 . 2
97.998.0
- . 1
30.8
19.5
10.9
9.170.3
46.612.6
2.74.7
2.0
1.7
4.1
21.0
1.72.7
30.4
29.73.5.5
1.532.2
-1.8
103.3
4.4
31.8
21.7
11.2
9.774.4
46.912.6
3.44.7
1.769.4
5.0
4.2
1.0
21.9
1.73.4
32.2
30.43.5.5
1.632.8
107.6103.6
4.0
34.0
21.0
11.5
10.777.2
47.013.7
3.1
2.671.4
5.8
4.6
1.0
23.1
1.83.1
33.6
32.83.6
1.735.3
- 1 . 8
105.6101.8
33.3
20.9
11.3
10.475.8
46.313.5
2.94.9
2.3
5.9
4.4
1.0
22.6
1.82.9
32.7
32.33.5.6
1.634.8
- 2 . 1
109.6105.4
4.2
34.7
21.0
11.7
11.078.5
47.813.8
3.35.0
2.972.8
5.6
4.7
1.0
23.6
1.93.3
34.4
33.33.6.6
1.835.8
- 1 . 4
1 These accounts, like the cash budget, include the transactions of the trust accounts. Unlike both theconventional budget and the cash statement, they exclude certain capital and lending transactions. Ingeneral, they do not use the cash basis for transactions with business. Instead, corporate profits taxes areincluded in receipts on an accrual instead of a cash basis; expenditures are timed with the delivery insteadof the payment for goods and services; and CCC guaranteed price-support crop loans financed by banks arecounted as expenditures when the loans are made, not when COC redeems them.
2 Seasonally adjusted annual rates.8 Preliminary; fourth quarter estimates by Council of Economic Advisers.
NOTE.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures andState and local receipts and expenditures. Total government receipts and expenditures have been adjustedto eliminate this duplication.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
177
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CORPORATE PROFITS AND FINANCETABLE E-50.—Profits before and after taxes, all private corporations, 1929-56
[Billions of dollars]
PeriodCorporate
profitsbeforetaxes
Corporatetax
liability *
Corporate profits after taxes
TotalDividendpayments
Undistrib-uted
profits
1929..
1930..1931..1932..1933..1934..
1935-.1936..1937-.1938-.1939..
1940..i941_.1942..1943-.1944..
1945..1946-.1947..1948..1949..
1950..1951,.1952..1953..1954..
1955..1956 3.
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.. .Second quarter.Third quarter..Fourth quarter
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
40.041.235.937.033.2
42.743.4
39.540.238.829.7
31.932.932.835.2
39.741.143.546.4
43.742.941.246.0
1.4
.5
.4
.5
.7
1.01.41.51.01.4
2.87.6
11.414.112.9
10.79.1
11.312.510.4
17.822.519.820.316.8
21.522.0
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
22.118.716.116.716.4
21.121.5
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
11.212.0
Seasonally adjusted annual rates
21.722.021.316.3
16.116.616.617.8
20.020.722.023.4
22.121.720.823.2
17.918.217.513.4
15.816.316.217.4
19.720.321.523.0
21.621.320.422.8
9.29.59.59.5
9.79.9
10.010.3
10.410.711.012.1
11.812.212.311.8
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
12.99.67.17.46.4
9.99.5
8.78.78.03.9
6.16.46.27.1
9.39.6
10.510.9
9.89.18.1
11.0
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 E-9 for profitsbefore taxes and inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
178
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TABLE E-51.—Relation of profits before and after taxes to stockholders' equity and to sales, privatemanufacturing corporations, by asset size class, 1947—50 average and 1955-56
Asset size class(thousands of dollars)
All asset sizes
Under 250250-9991,000-4,999. . .5,000-99,999100,000 and over
All asset sizes
Under 250 _.250-9991,000-4,9995,000-99,999100,000 and over.
All asset sizes
Under 250250-9991,000-4,9995,000-99,999 .100,000 and over ._
All asset sizes
Under 250250-999 .1,000-4,9995,000-99,999 .100,000 and over
1947-50average First
quarter
1955
Second Thirdquarter quarter
Fourthquarter
1956
Firstquarter
Secondquarter
Secondquarteri
Thirdquarter1
Ratio of profits before Federal taxes (annual rate) to stockholders' equity(percent)
24.6
16.722.724.225.224.9
22.3
8.315.416.619.226.0
25.0
11.217.520.122.828.1
23.3
16.920.619.422.225.0
24.6
6.512.217.923.328.1
23.4
13.217.019.722.425.4
23.6
18.819.819.823.824.6
24.1
24.022.121.624.024.6
20.2
25.223.021.422.418.5
Profits before Federal taxes in cents per dollar of sales
11.1
4.47.49.0
11.313.2
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
10.3
1.23.25.69.8
13.9
10.3
2.84.66.59.7
13.1
10.2
4.15.16.5
10.012.7
10.2
4.65.26.9
10.112.6
9.0
4.95.36.99.7
10.4
Ratio of profits after Federal taxes (annual rate) to stockholders' equity(percent)
14.8
9.813.114.114.915.3
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
13.5
2.55.38.8
11.916.2
12.2
7.69.09.6
11.013.7
12.6
12.010.79.4
11.813.6
12.8
15.611.510.412.013.6
11.0
15.311.710.711.110.7
Profits after Federal taxes in cents per dollar of sales
6.7
2.64.35.26.78.1
5.1
0.82.22.74.27.0
5.5
1.12.63.24.97.4
5.4
2.23.13.24.87.1
5.6
0.51.42.85.08.0
5.4
1.62.43.24.77.0
5.5
2.62.83.15.07.0
5.4
3.02.73.35.07.0
4.9
3.02.73.54.86.0
1 New sample; see note below.
NOTE.—The sample for these series was changed beginning with the third quarter of 1951 and again begin-ning with the second quarter of 1956. However, the 1947-50 averages have not been adjusted to either ofthese samples and, therefore, are not strictly comparable with data for later periods. For comparativepurposes, the second quarter of 1956 is shown on the basis of the two later samples. For explanatory notesconcerning compilation of the series, see Quarterly Financial Reports for V. S. Manufacturing Corporationsby Federal Trade Commission and Securities and Exchange Commission.
Sources: Federal Trade Commission and Securities and Exchange Commission.
179
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TABLE E-52.—Relation of profits after taxes to stockholders' equity and to sales, privatemanufacturing corporations, by industry group, 1947—50 average and 1955—56
Industry group
1947-501955
First Secondquarter quarter quarter
Third Fourth
1956
Firstquarter quarter quarter quarter1
Second Second Thirdquarter*
Ratio of profits after Federal taxes (annual rate) to stockholders' equity(percent)
All private manufac-turing corporations.
Lumber and wood products(except furniture)
Furniture and fixturesStone, clay, and glass prod-
uctsPrimary iron and steel in-
dustriesPrimary nonferrous metal
industries
Fabricated metal products. _Machinery (except electri-
cal).—Electrical machinery, equip-
ment, and suppliesMotor vehicles and equip-
mentOther transportation equip-
ment
Miscellaneous manufactur-ing (including ordnance) _.
Instruments and relatedproducts
Food and kindred products.Tobacco manufacturesTextile mill products
Apparel and related prod-ucts
Paper and allied products...Printing and publishing
(except newspapers) _Chemicals and allied prod-
uctsPetroleum refining
Products of petroleum andcoal (except petroleumrefining)
Rubber products__Leather and leather prod-
ucts
14.8
17.114.3
15.2
12.9
12.5
15.3
14.5
17.8
21.7
6.6
11.4
14.613.612.114.5
12.016.2
13.4
15.92 15.1
(3)12.8
10.4
11.4
10.35.2
11.5
11.2
14.5
8.4
8.7
12.0
23.6
15.4
5.9
10.17.38.95.7
5.810.3
10.8
13.312.6
6.412.0
8.1
13.0
13.07.5
19.1
14.5
16.1
9.8
11.3
12.3
25.8
16.6
6.8
13.09.2
11.85.2
4.111.9
10.7
14.812.1
10.013.5
7.1
12.3
13.311.7
18.5
12.8
13.5
11.5
10.0
11.9
15.7
14.2
10.3
11.810.713.15.3
7.511.6
10.6
15.012.5
11.413.2
10.1
13.5
7.712.2
13.2
15.5
17.6
10.3
11.2
13.1
21.7
15.5
11.2
15.08.4
11.86.5
7.212.3
8.8
15.716.1
7.013.9
8.7
12.2
7.99.3
12.6
14.6
19.1
10.3
11.5
11.0
16.8
13.3
8.8
9.78.1
10.07.2
7.211.7
13.0
14.612.8
6.912.1
7.0
12.6
10.110.1
17.3
15.1
17.3
10.9
13.6
12.7
13.1
15.7
9.1
13.09.9
12.15.6
4.511.8
11.9
14.312.9
9.513.0
4.3
12.8
11.011.4
17.3
15.1
18.0
11.5
14.2
12.4
13.1
16.7
10.4
11.99.9
12.04.8
4.512.2
15.0
14.712.9
11.113.1
6.6
11.0
9.013.0
15.9
5.9
13.9
11.0
12.0
12.0
6.9
13.6
13.3
12.510.412.75.5
10.911.0
11.0
13.112.9
12.011.0
6.3
See footnotes at end of table.
180
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TABLE E-52.—Relation of profits after taxes to stockholders* equity and to sales, private manu-facturing corporations, by industry group, 1947-50 average and 1955-56—Continued
Industry group
1947-50aver-age
1955
Firstquarter
Secondquarter
Thirdquarter
Fourthquarter
1956
Firstquarter
Secondquarter
Secondquarter^
Thirdquarter1
Profits after Federal taxes in cents per dollar of sales
All private manufac-turing corporations.
Lumber and wood products(except furniture)
Furniture and fixturesStone, clay, and glass prod-
uctsPrimary iron and steel in-
dustriesPrimary nonferrous metal
industries
Fabricated metal products—Machinery (except electri-
cal)Electrical machinery, equip-
ment, and suppliesMotor vehicles and equip-
mentOther transportation equip-
ment
Instruments and relatedproducts
Miscellaneous manufactur-ing (including ordnance)..
Food and kindred products.Tobacco manufacturesTextile mill products
Apparel and related prod-ucts
Paper 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
6.7
9.25.0
8.9
7 9/. &
8.8
6.6
7.1
6.3
7.4
3.4
7.9
5.33.64.86.6
3.18.6
5.0
9.12 11.0
(3)4.8
3.4
5.1
5.41.8
7.1
a a0. D
8.0
3.5
4.7
4.4
7.1
3.8
4.9
2.31.94.12.6
1.35.7
4.0
7.610.2
3.64.1
2.4
5.5
6.32.4
10.1
7 ^/. o
8.6
3.8
5.3
4.5
7.7
3.8
6.4
2.62.34.82.4
0.96.5
3.9
8.010.5
4.84.4
2.1
5.4
6.23.5
9.7
a QD. »
7.6
4.3
4.9
4.3
5.8
3.6
5.8
3.62.75.32.5
1.66.1
3.8
8.710.7
4.94.5
2.8
5.6
3.83.5
7.2
8.9
3.7
5.3
4.3
7.0
3.7
6.6
3.62.25.02.8
1.56.2
2.9
8.812.7
3.24.7
2.4
5.4
4.23.0
7.5
9.8
4.0
5.4
3.9
6.0
3.4
5.0
3.22.24.63.2
1.56.2
4.5
8.310.4
3.74.4
2.0
5.5
4.83.3
9.4
9.4
4.0
6.0
4.2
5.0
3.6
6.2
3.32.65.02.6
1.06.2
4.1
7.911.0
4.44.6
1.2
5.4
4.73.3
9.1
9.8
4.2
5.8
4.0
5.0
3.8
5.8
3.42.65.02.2
1.06.4
5.0
8.111.0
4.74.6
1.9
4.9
3.84.0
8.6
4.0
8.1
4.0
5.3
3.9
3.3
3.2
6.1
4.12.75.32.6
2.15.9
3.7
7.611.1
5.34.1
1 New sample; see note below.2 Petroleum refining and products of petroleum and coal combined.s Not available separately for this period.
NOTE.—The sample for these series was changed beginning with the third quarter of 1951 and again be-ginning with the second quarter of 1956. However, the 1947-50 averages have not been adjusted to eitherof these samples and, therefore, are not strictly comparable with data for later periods. For comparativepurposes, the second quarter of 1956 is shown on the basis of the two later samples. For explanatory notesconcerning compilation of the series, see Quarterly Financial Reports for U. S. Manufacturing Corporationsby Federal Trade Commission and Securities and Exchange Commission.
Sources: Federal Trade Commission and Securities and Exchange Commission.
181
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TABLE E-53.—Sources and uses of corporate funds, 1946-56 1
[Billions of dollars]
Source or use of funds
Uses:Plant and equipment outlaysInventories (change in book value)Change in customer net receivables8
Cash and U. 8. Government securities-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 mort-
gage loansNet new issues
Total external sources
Total sources
Discrepancy (uses less sources)
1946
12.511.21.1
-4 .7- . 6
19.5
7.2
4.2
11.4
-1 .62.1
3.92.4
6.8
18.2
1.3
1947
17.07.13.11.00)
28.2
11.4
5.2
16.6
2.11.5
3.34.4
11.3
27.9
. 3
1948
18.84.22.81.0.2
27.0
12.4
6.2
18.6
1.0.4
1.85.9
9.1
27.7
- . 7
1949
16.3-3 .6
.93.2(*)
16.8
7.6
7.1
14.7
-2 .2.5
-2 .34.9
.9
15.6
1.2
1950
16.99.85.04.5.3
36.5
12.4
7.8
20.2
7.21.0
2.63.7
14.5
34.7
1.8
1951
21.69.42.02.8.6
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 .82.4
3.17.9
10.6
27.4
(*)
1953
23.91.5.7
2.1.2
28.4
6.5
11.8
18.3
.42.2
.57.1
10.2
28.5
- . 1
1954
22.4-2 .3
2.0-1.0
.1
21.2
5.7
13.3
19.0
-3.5.3
- . 95.9
1.8
20.8
.4
1955
24.24.64.94.8.9
39.4
8 8
14.8
23.6
2.81.7
4.47.0
15.9
39.5
- . 1
19562
30.06.06.0
-5 .02.0
39.0
68. 0
16.5
24.5
-1 .01.5
6.08.0
14.5
39.0
(*)
1 Excludes banks and insurance companies.2 Preliminary estimates.3 Receivables are net of payables, which are therefore not shown separately.* Less than 50 million dollars.5 Preliminary estimate by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce based on Securities and Exchange Commission and other financialdata (except as noted).
182
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TABLE E-54.—Current assets and liabilities of all corporations, 1952-56 l
[Billions of dollars, end of period]
Asset or liability
Current assetsCash on hand and in banks. .U. S. Government securities-Receivables from U. S. Gov-
ernment 2Other notes and accounts
receivableInventories. _.Other current assets3 ,
Total current assets
Current liabilitiesAdvances and prepayments,
U. S. Government 2Other notes and accounts
payable _ —Federal income tax liabilities.Other current liabilities
Total current liabilities.
Net working capital
1952
30.819.9
2.8
64.665.82.4
186.2
2.3
57.018.118.7
96.1
90.1
1953
31.221.6
2.6
65.967.22.4
190.9
2.2
57.318.720.7
99.0
91.8
1954
32.019.8
2.4
67.364.42.6
188.5
2.4
54.915.320.8
93.5
95.0
1955
Firstquarter
30.619.5
2.2
68.865.12.8
189.1
2.5
55.113.121.1
91.8
97.3
Secondquarter
31.119.3
2.1
71.264.92.8
191.4
2.3
55.811.921.7
91.7
99.7
Thirdquarter
31.621.2
2.2
75.666.63.0
200.2
2.2
58.915.122.6
98.7
101.5
Fourthquarter
32.624.0
2.3
77.369.12.9
208.1
2.3
62.618.122.3
105.2
102.9
1956
Firstquarter
29.921.1
2.3
78.272.13.2
206.8
2.3
62.015.022.8
102.0
104.8
Secondquarter
30.718.0
2.3
79.973.93.1
207.9
2.5
63.912.122.9
101.5
106.4
Thirdquarter
31.218.0
2.4
83.675.13.1
213.4
2.5
65.414.224.0
106.2
107.2
1 All corporations in the United States, excluding banks and insurance companies. Data for 1952-53 arebased on Statistics of Income, covering virtually all corporations in the United States. Data for 1954-56 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. W n e r e v e r 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.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Securities and Exchange Commission.
183
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TABLE E-55.-—State and municipal and corporate securities offered, 1934-56 1
[Millions of dollars]
Period
1934
19351936 .193719381939...
19401941194219431944
1945 . .1946194719481949
19501951195219531954
19551956s
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._.Second quarter.Third quarter..Fourth quarter^
Stateand
munici-pal se-curitiesofferedfor cash(prin-cipal
amounts)Total
939
1,2321,121
9081,1081,128
1,238956524435661
7951,1572,3242,6902,907
3,5323,1894,4015,558
1,1881,4421,2581,671
1,3842,3721,2321,980
1,4091,4291,1362,002
1,5171,617
9281,347
Corporate securities offered for cash a
Gross proceeds a
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
5,977 10,2405, 409 10, 950
2,0392,6951,6242,540
1,7302,5312,6852,571
2,5302,4132,3582,939
2,2262,9892,7173,020
Com-monstock
Pre-ferredstock
19
222722852587
1081103456163
397891779614736
8111,2121,1,3261,213
2,1852,380
356445196330
297302182432
758562405460
355526461
1,040
86271406
183167112124369
7581,127
762492425
631838564489816
635660
1591508298
115370180151
111208150167
18914798
230
Bondsand
notesTotal
372
2,2244,0281,6182,0441 P ~
2,3862,390
917990
2,670
4,8554,8825,0365,9734,890
4,9205,6917,601
7,488
1,5242,1001,3462,113
1,3181,8602,3231,988
1,6621,6431,8042,312
1,6822,3162,1581,750
Proposed uses of net proceeds *
Total
384
2,2664,4312,2392,1102,115
2,6152,6231,0431,1473,142
5,9026,7576,4666,9595,959
6,2617,6079,3808,7559,365
7, 420 10,0497,910 10,790
2,0062,6471,2,505
1,7002,4892,6482,529
2,4852,3592,3142,892
2,18'2,9352,6703,000
New money
57
208858991681325
569868474308657
3,2794,5915,9294,606
4,0066,5318,1807,9606,780
7,9579,620
1,7982,3721,4202,369
1,4611,8681,8371,615
1,9881,8141,6992,457
1,9212,5862,3762,740
Plantand
equip-ment
32
111380574504170
424661287141252
6382,1153,4094,2213,724
2,9665,1106,3125,6475,110
6,670
1,2721,585
9481,841
1,2401,4521,429990
1,2581,230
8981,948
1,0911,8761,6582,050
Work-ing
capi-tal
96478417177155
145207187167405
4421,1641,1821,708
1,0411,4211 , —2,3131,670
2,6242,950
526787472528
221416408625
730584801509
829710718690
Retire-mentof se-
curities
Otherpur-poses
231
1,8653,3681,1001,2061,695
1,8541,583396739
2,389
4,5552,8681,352307401
1,271486664260
1,875
1,22'420
94693661
92494658632
320307403197
11414610060
95
19320414822295
192172173100
267610524722952
984589537535709
864750
11420514075
147127154282
177238212237
152203194200
1 These data cover substantially all new issues of State, municipal, and corporate securities offered forcash sale in the United States in amounts over $100,000 and with terms to maturity of more than 1 year.
2 Excludes notes issued exclusively to commercial banks, intercorporate transactions, and issues soldthrough continuous offerings, such as securities of open-end investment companies and employee-purchaseplans.
3 Number of units multiplied by offering price.* Net proceeds represents the amount received by the issuer after payment of compensation to distributors
and other costs of notation.«Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission, The Commercial and Financial Chronicle, and The BondBuyer.
184
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TABLE E-56.—Common stock prices and stock market credit, 1939-56
Period
1939_
1940.,1941.1942..1943.1944..
1945..1946.1947.1948.1949.
1950-1951.1952.1953.1954-
1955.1956.
1955: January. _.February.MarchAprilMay _June
JulyAugustSeptember..OctoberNovember..December..
1956: January.. .February.MarchAprilMayJune
JulyAugustSeptember..OctoberNovember..December..
Commonstockprices
1939=100(SEC)
100.0
94.285.774.999.2
108.1
131.2149.4130.9132.7127.7
154.1184.9195.0193.3229.8
304.6345.0
270.6281.0279.6286.8289.0302.9
318.8315.3326.6310.2328.4333.6
325.7330.0350.9355.4347.0341.4
359.4359.4344.8341.6338.5344.0
Stock market credit
Customer creiit (excluding U. S.Government securities)
Total Net debitbalances i
Bank loansto
"others" *
Bank loansto brokers
anddealers3
Millions of dollars
(4)
8(4)1,374
9761,032
9681,249
1,7981,8261,9802,4453,436
4,0303,984
3,5373,6433,7323,7853,7873,870
3,9113,8653,9663,9443,9804,030
4,0403,9914,0384,0434,0474,009
4,0263,9793,9503,9143,946
)
]9
3 942473517499821
1,2371,2531,3321,6652,388
2,7912,823
2,5172, 5902,6522,7042,6842,711
2,7342,7102,8052,7492,7592,791
2,7862,7402,7862,7882,8102,786
2,8122,7852,7822,7482,7842,823
353
432503515469428
561573648780
1,048
1.2391,161
1,0201,0531,0801,0811,1031,159
1,1771,1551,1611,1951,2211,239
1,2541,2511,2521,2551,2371,223
1,2141,1941,1681,1661,1621,161
715
584535850
1,3282,137
2,7821,471
7841,3311,608
1,7421,4192,0022,2482,688
2,8522,214
2,4492,3262,4832,6602,6862,678
2,8082,4672,4062,5872,6052,852
2,5292,4222,4362,3472,4352,380
2,2411,9482,0191,9751,9152,214
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.
185
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TABLE E-57.—Business population and business failures, 1929-56
Period Operat-ing
busi-nesses ?
Operating businesses andbusiness turnover (thou-
sands of firms)1
Newbusi-
nesses;
Dis-con-tin-uedbusi-
Busi-ness
Newbusi-ness
incor-pora-tions(num-ber)*
Business failures, by size of liability3
Number of failures
TotalUnder
$100,000
Liability sizeclass
$100,000andover
Amount of currentliabilities (millions
of dollars)
TotalUnder
$100,000
Liability size
$100,000andover
1929
19301931.193219331934
19351936193719381939.._
19401941.194219431944
19451946.194719481949
1950.19511952.19531954
195519561955: January
February.MarchAprilMay .June
3,029.02.993.72,916.42,828.12, 782.12.884.0
2, 991. 93.069.83,136. 33,073. 73, 222.2
3.318.93, 276.03, 295. 33, 030.02.839.1
2, 995.43, 242. 53,651. 23,872. 93, 984. 2
4, 008. 74, 067.34,121.34,178.84,185.3
4,189.04,252.0
4,189.0
JulyAugustSeptember-OctoberNovember..December..
1956: JanuaryFebruary. . .MarchAprilMay.June
4,232.3
275.2290.0121.2146.0330.9
422.7617.4460.8393.3331.1
348.2363.2363.9340.5334.2
374.2
210.2
164.0
33
318.1270.7386. 5337.0174.6175.6208.7239.2282.0306.5289.6309.3306.3334.0330.6310.9
166.9
144.0
359.4
473.2626.571. 9 112,501.3434.7
9 132,)916
,63896,10185, 491
419.4378.3374.9356.319.
92, 92583, 64992, 819
2 102, 545~ ^164
321.;
145.0
4, 252.0
JulyAugustSeptember..OctoberNovember..December...
7 117,:
3 139, 651140,775
13,18111,36913, 41711, 75612, 02912, 60510, 89310, 98311, 02410, 69810,15"11, 539
13,36312,50312,82212,47513,14211,952
11, 51311,3399,58311, 5469,74910,788
22,909
26,35528, 28531,822
619,85912,091
12, 2449,6079,490
12, 83614,768
13, 61911, 848
9, 4053,2211,222
8091,1293,4745,2509,246
9,1628,0587,6118,86211, f
10, 96912,686
939877
1,038903955914861888822919945908
1,0481,0241,170985
1,1641,105
1,0181,101932
1,158999982
22,16525, 40827, 23030,197618,88011, 421
11,6919,2859,20312, 55314, 541
613,40011. 6859,2823,1551,176759
1,0023,1034,8538,708
8,7467,6267,0818,075
10, 226
10,11311, 615
873803952844900831
801811744862863829
971909
1,08190f
1,0511,020963982859
1,051925
744947
1,0551,6258 979670553322287283227
«2191631236646
50127371397538
416432530787860856
1,071
667486595583
6077785'8279
7:11589801138555119731077484
483.3668.3736.3928.36 457.5334.0
310.6203.2183.3246.5182.5
6166.7136.1100.845.331.7
30.267.3204.6234.6308.1
248.3259.5283.3394.2462.6449.4562.7
37.942.141.236.034.736.
32.536.033.134.842.841.6
42.949.42.641.959.943.0
48.755.039.350.039.950.3
261.5303.5354.2432.6
6 215. 5138.5
135.5102.8101.9140.1132.9
«119.9100.780.331.214.511.415.63.793.9161.4
151.2131.6131.9167.211.4206.4239.8
18.516.919.16.18.117.016.615.515.717.417.617.0
20.519.721.318.821.21.5
20.418.718.021.619.219.0
221.8
364.8382.2495.7
6 242.0195.5
175.1100.481.4106.449.7«46.835.420.514.217.1
18.851.6140.9140.7146.7
97.1128.0151.4226.6251.2
243.0322.9
19.425.222.019.316.619.6
15.920.517.417.325.224.6
22.429.521.423.138.721.5
28.336.321.328.420.731.3
1 Excludes firms in the fields of agriculture and professional services. Includes self-employed persononly if he has either an established place of business or at least one paid employee.
2 Annual data through 1939 are averages of end-of-quarter estimates centered at June 30. Beginning1940, annual data are for January 1.
3 Total for period.* Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933,
of real estate, insurance, holding, and financial companies, steamship lines, travel agencies, etc.5 Not available.« Series revised; not strictly comparable with earlier data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Dun & Bradstreet, Inc.
186
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AGRICULTURETABLE ESS.—Income of the farm population, 7929-56
Period Real-izedgrossfarmin-
come1
Income from agricultural sources
Farm operators' income
Farmpro-duc-tionex-
Net income2
Ex-clud'ingnet
changein in-ven-tories
In-clud'ingnet
changein in-ven-
tories 3
offarmresi-dent
work-ers
Total(in-
clud-ing netchangein in-ven-
tories)
Incomefromnon-
agricul-tural
sources
Incomefrom
allsources
(in-clud-
ing netchangein in-ven-
tories)
Percapitancomefrom
allsources
Farmincome
perworker «
Opera-tors' netincome
perfarms
Billions of dollars Dollars
1929..
1930,.1931..1932..1933..1934..
1935..1936..1937-1938-1939-
1940-1941-1942-1943..1944..
1945-1946-1947-1948..1949..
1950-1951..1952..1953-1954..
1955-1956 7.
1955:First quarterSecond quarter. _Third quarter. _.Fourth quarter..
1956:First quarterSecond quarter--Third quarterFourth quarter 7.
13.9
11.48.46.47.18.5
9.710.711.310.110.6
11.013.818.823.424.4
25.829.334.034.631.6
32.137.136.735.133.5
32.933.8
7.6
6.95.54.44.34.7
5.15.66.15.86.2
6.77.79.9
11.512.2
12.914.316.818.617.9
19.222.322.521.221.4
21.621.9
6.3
4.52.91.92.83.9
4.65.15.24.34.4
4.36.28.8
11.912.2
12.815.017.215.913.7
12.914.814.313.912.0
11.311.9
6.1
4.33.32.02.62.9
5.34.36.04.44.5
4.66.69.9
11.811.8
12.414.915.517.712.9
13.716.115.113.312.5
11.711.7
0.9
.8
.6
. 5
.4
. 5
.6
.6
.7
.7
.7
.7
. 91.21.41.5
1.61.81.92.01.8
1.71.91.91.81.8
1.71.7
7.0
5.14.02.53.03.4
5.95.06.85.15.2
5.37.5
11.113.213.4
14.016.717.419.714.7
15.518.017.015.114.2
13.413.5
(6)
(6)(6)(6)(6)
1.9
2.02.32.52.32.5
2.73.13.84.24.4
4.24.34.95.15.2
5.35.66.16.05.7
6.16.4
()5.3
7.97.39.37.47.7
8.010.614.917.417.8
18.221.022.324.819.9
20.823.623.121.119.9
19.519.9
165
244228296239249
262349509654696
720793822958765
828977953930911
893
1,1,
1,1,1,1,1,
1,1,1,1,
593
456298203266360
423487519452475
484694995331411
515704926829660
671974968943
1,743
1,1,
711862
Seasonally adjusted annual rates
33.233.632.432.5
33.233.433.734.8
21.921.821.421.3
21.621.821.822.3
11.311.811.011.2
11.611.611.912.5
11.812.211.311.4
11.511.311.612.4
ft8(6)(6)(6)(6)
(6)(6)8CO
8(6)
(6)(6)8(6)(•)(6)(6)
(6)(6)(6)(6)
(•)
8(6)
(6)(6)(6)(6)(9)(6)(6)(6)
(6)(8)8(6)(•)(6)(6)
962
691437288410571
676762788655682
675978
1,4231,9502,035
2,1542,5312,9272,7472,389
2,2762,6822,6602,6492,357
2,2682,422
1 Cash receipts from farm marketings, value of farm products consumed in farm households, gross rentalvalue of farm dwellings, and Government payments to farmers.
2 Realized gross farm income less farm production expenses.3 Data prior to 1952 differ from farm proprietors' income shown in Tables E-9 and E-12 because of re-
visions by the Department of Agriculture not yet incorporated into the national income accounts of theDepartment of Commerce.
* Net income of farm operators including Government payments and excluding the net change in inven-tories, plus farm wages of resident workers and other hired workers.
»Including Government payments and excluding the net change in inventories.6 Not available.i Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Agriculture.
187
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TABLE E-59.—Farm population and employment, 7929-56
Period
Farm population *
Number(thou-sands)
(April 1)
Aspercentof totalpopula-tion2
Net mi-gration toand from
farms(thou-
sands) *
-477
- 6 1+156+607-463-527
-799-834-661-545-703
-633-1,424-2,975-1,563
-564
+864+151
-1,686-371
-1,314
-1,302-271
-1,996-1,171
-91
-256O
Farm employment(thousands) *
Total
12,763
12,49712,74512,81612,73912,627
12,73312,33111,97811,62211,338
10,97910,66910,50410,44610,219
10,00010,29510,38210,3639,964
9,3428,9858,6698,5808,451
8,2377,875
Familyworkers
9,360
9,3079,6429,9229,8749,765
9,8559,3509,0548,8158,611
8,3008,0177,9498,0107,988
7,8818,1068,1158,0267,712
7,2526,9976,7486.6456,521
6,3416,025
Hiredworkers
3,403
3,1903,1032,8942,8652,862
2,8782,9812,9242,8072,727
2,6792,6522,5552,4362,231
2,1192,1892,2672,3372,252
2,0901,9881,9211,9351,930
1,8961,850
Averagegross
hourlyearningsof hired
farmworkers
(dollars)»
1929..
1930..1931-1932..1933..1934_.
1935..1936..1937-1938..1939..
1940-1941..1942..1943-1944-
1945..1946..1947..1948-1949-
1950-1951-1952-1953-1954-
1955-1956 «
30,580
30,52930,84531,38832,39332,305
32,16131,73731,26630,98030,840
30,54730,27329,23426,68125,495
25,29526,48327,12425,90325,954
25,05824,16024,28322,67921,890
22,15822,257
25.1
24.824.925.125.825.6
25.324.824.323.923.6
23.122.721.719.518.4
18.118.718.817.717.4
16.515.715.514.213.5
13.413.2
$0,241
.226
.172
.129
.115
.129
.142
.152
.172
.166
.166
.169
.206
.268
.3*3
.423
.472
.515
.547
.580
.559
.561
.625
.661
.672
.661
.675
i Farm population as denned by the Department of Agriculture and Department of Commerce, i. e.,population living on farms, both urban and rural, regardless of occupation.
a Total population as of July 1 including armed forces overseas.s Net change for year beginning in April. For 1940 and subsequent years, includes inductions and enlist-
ments into the armed forces, and persons returning from the armed forces. For all years, includes personswho have not moved but who are in and out of the farm population because agricultural operations havebegun or have ceased on the place where they are living.
* Includes persons doing farm work on all farms. These data, published by the Department of Agri-culture, Agricultural Marketing Service, differ from those on agricultural employment by the Departmentof Commerce, Bureau of the Census (see Table E-17) because of differences in the method of approach, inconcepts of employment, and in time of month for which the data are collected. For further explanation,see monthly reports on Farm Labor by the Department of Agriculture.
« Weighted average of all farm wage rates on a per hour basis.«Preliminary.7 Not available.Sources: Department of Agriculture and Department of Commerce.
188
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TABLE E-60.—Farm production indexes, 1929-56
[1947-49=100]
Year
1929
19301931193219331934
1935193619371938...-1939
19401941194219431944
19451946....194719481949..-
1950....1951195219531954
1955...1956 *—
Farmout-put1
74
7279767060
7265827980
8386969497
969895104101
100103107108108
113114
Livestock and products
Total 2
77
7880818275
7277767985
8792102111105
10410110097103
106111112114117
121123
Meatani-mals
77
7882838673
6674717787
8994107120108
10310110097103
107114115114121
127126
Dairyprod-ucts
82
8486868785
8687868990
929610099101
10310210198101
101100101106107
108111
Poul-tryandeggs
63
6563636259
5963636569
707789102102
106999896106
111119123127125
123134
Crops
Total 3
79
7684807158
7664888382
8586979096
939893106101
9799103103101
106106
Feedgrains
83
7384957348
8053878483
859110496100
9710581116103
10497102101105
112111
Hav-anafor-age
88
7579867967
9674879893
106106115110109
11310410310097
105110105108107
116111
Foodgrains
66
7276624544
5352727561
6776806985
899210810389
83811059685
8083
Vege-tables
81
8283838087
8883898988
91929610399
1011109810399
101959610098
102106
Fruitsandnuts
76
7594767772
9172958598
9510210087102
9311010496100
102105102104105
108111
Cot-ton
104
98119919168
75871338483
8875908086
636183104113
7010610611596
10394
To-bac-co
75
8176496854
6558786994
7262707096
981141059897
101115112102111
109106
Oilcrops
21
2323211821
3427303647
5661929882
888591109100
116106104102116
129155
1 Farm output measures the annual volume of farm production available for eventual human use throughsales from farms or consumption in farm households. Total excludes production of feed for horses and mules.
2 Includes certain items not included in separate groups shown.• Includes production of feed for horses and mules and crops not included in separate crop groups listed in
this table.* Preliminary.
Source: Department of Agriculture.
189
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TABLE E—61.—Indexes of prices received and prices paid by farmers, and parity ratio, 1929—56
[1910-14=100]
Period
1929
19301931.193219331934. .
19351936-19371938-1939 __
19401941194219431944
19451946194719481949
1950195119521953 . .1954
19551956
1955: January..-February ~MarchAprilM ayJune
JulyAugustSeptember-October. _-November-December-
1956: January—February-MarchAprilMayJune
JulyAugustSeptember.October...November.December,
Prices received
Allfarmprod-ucts1
148
12587657090
1091141229795
100124159
41934197
4 2074 236276287250
258302288258249
236236
243244242246242241
236232235229224222
226227228235242247
244237236234234237
1fa
116
9356446690
971081207572
8497120148166
172201271250218
224243244231232
228224
241240239236240232
222214217220220221
220220223229226218
216218222225232234
tub
fa
124
10971445797
1121101357372
8694117156175
168212275273176
198237242213211
189188
206206200200204201
196182176166162169
170172175188197199
201205203178182185
s"oO
150
104644968101
9899947074
83111156167172
179238274272246
282336310268274
272268
275268269270266266
271277285278274264
259262267275270273
274263275270270262
171
1409884107156
171163200173152
134157247319348
360376374380398
402436432429439
437453
425436437437436435
435437427443438455
452452453453454453
453451455453443461
1bo
o
143
111734457103
1271201299596
103138183202222
228260363351242
376339296274279
250250
274270264261259256
257246225227228232
236239245253265259
250249234249262264
1131
14997787493
891021177274
8194127207233
228240186166196
194181191209219
212225
222204204216209240
236208212189194208
225212211218233266
225210233232218216
O>
,Q
'aigso
137
1281071009094
1161081149698
122138178270236
240217262253232
211269274239223
233254
249254249270263220
206208224208231217
248264258260272310
286230178203264277
11<v
155
13391635968
115118130113110
108143186203190
4 2074 248329361311
340409353296292
249238
261261258266260271
259251249239214201
207215221237251252
246259254245231239
1ft
£?Q
166
1421118687101
114125131115110
120140163
4 1984 222
4 2294 268273301252
249286302274252
252259
258255248241236236
242249257264267266
261257250246247247
253256264272277275
to
s?
1o
161
12898817489
11611511111096
98122152191177
198201223242221
186228206221176
188177
163191200186176177
179191203195194204
205188187180178171
174171172167164165
Prices paid
Fam-ilyliv-in?
items
154
144124106108122
124124128122120
121130149166175
182202237251243
246268271270274
273278
273271273274274274
274273272274273273
272272274274278280
282281279279281282
Pro-duc-tionitems
146
1351139999114
122122132122121
123130148164173
176191224250238
246273274253252
249249
253255256254251250
248247246246244243
246245246248250248
248250252250252252
Parityindex(pricespaid,inter-est,
taxes,andwagerates)
160
151130112109120
124124131124123
124133152171182
190208240260251
256282287279281
281286
283283284284282282
281280279280279278
281280282284286286
287288287287289289
Par-ity
ratio *
92
8367586475
8892937877
8193105113108
109113115110100
1011071009289
8483
868685878685
848384828080
808181838586
858282828182
1 Includes items not shown separately.* For fresh market.» Percentage ratio of index of prices received by farmers for all farm products to parity index.* Includes wartime subsidy payments.Source: Department of Agriculture.
i go
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TABLE E-62.—Comparative balance sheet of agriculture, 1940-57
[Billions of dollars]
Beginningof year
1940-1941-1942-1943-1944-
1945-1946-1947-1948-1949-
1950-1951-1952-1953-1954-
1955-1956-1957 3.
Assets
TotalReal
estate
53.855.863.374.485.1
94.7103.8115.7127.0133.8
133.5151.3167.2164.8161.5
166.5170.2176.0
33.634.437.541.648.2
53.961.068.573.776.6
75.386.898.096.694.7
98.8102.7106.4
Other physical
Live-stock
5.15.37.19.69.7
9.09.7
11.913.314.4
13.917.119.514.811.7
11.210.8(<)
Ma-chin-eryand
motorvehi-cles
3.13.34.04.95.3
6.35.25.16.99.3
11.212.814.915.415.9
16.016.6
Crops
House-holdfur-nish-ingsand
equip-ment2
2.73.03.85.16.1
6.76.37.19.08.6
7.67.98.89.09.2
9.68.3
Depos-itsandcur-
rency
4.34.34.54.64.6
4.74.85.36.16.9
7.78.69.3
10.010.6
11.111.5
Financial
3.94.25.06.57.9
9.511.312.211.911.5
10.910.911.311.311.3
11.311.3
U.S.Savingsbonds
Invest-mentin co-opera-tives
0.3.4.5
1.12.2
3.44.14.14.44.6
4.84.94.95.05.2
5.45.6
(*)
0.8
1.01.1
1.21.41.51.71.9
2.12.32.52.72.9
3.13.3
Claims
Total
53.855.863.374.485.1
94.7103.8115.7127.0133.8
133.5151.3167.2164.8161.5
166.5170.2176.0
Realestatedebt
6.66.56.46.05.4
4.94,4.95.15.3
5.66.16.67.27.7
8.29.09.8
Otherdebt
3.43.94.14.03.5
3.43.23.64.26.1
6.97.07.98.89.4
9.59.8
10.9
Pro-prie-tors*equi-ties
43.845.452.864.476.2
86.495.8
107.2117.7122.4
121.0138.2152. 7148.8144.4
148.8151.4155.3
1 Includes all crops held on farms for whatever purpose and crops held off farms as security for CommodityCredit Corporation loans. The latter on January 1,1956, totaled 1.4 billion dollars.
2 Estimated valuation for 1940, plus purchases minus depreciation since then.* Preliminary.* Not available.
NOTE:—-Detail will not necessarily add to totals because of rounding.
Source: Department of Agriculture.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-63.—Selected indicators of farm conditions, 1929-56
PeriodNumberof farms(thou-sands)
Percentof allfarmswith
centralstation
electricalservice 1
Beal estatedebt as
percent ofvalue of
real estate(percent) 2
Foreclosurerate per
1,000farms3
Productionexpenses
as percentof totalgrossfarm
income(percent)4
Incomeof farm
populationfrom
farmingas percentof incomefrom allsources
(percent) s
Parityratio «
1929..
1930..1931..1932..1933..1934..
1935-1936..1937-1938-1939-
1940-1941-1942 .1943-1944-
1945..1946-1947-1948..1949-
1950-1951-.1952-1953-1954-
1955-1956 8-
6,512
6,5466,6086,6876.7416,776
6,8146,7396,6366,5276,441
6.3506.2936,2026.0896,003
5 9675 9275,8735.8045,723
5,6485,5205,3605,2405,100
5,0004,900
10.912.315.819.122.1
30.434.938.340.342.2
45.754.361.068.678.2
77.284.288.190.892.3
93.494.2
20.3
20.121.524.527.523.9
22.821.720.319.819.9
19.618.917.014.311.2
9.27.87.26.96.9
7.47.06.97.48.1
14.8
15.718.728.438.828.0
21.020.318.114.313.4
12.510.46.14.33.0
.5
.1
.0
.2
.4
.5
.6
.31.7
2.02.3
55.4
61.962.268.662.661.4
48.856.350.257.057.9
59.653.950.049.350.8
51.049.052.151.358.2
58.458.059.861.663.2
65.2
64.3
74.568.373.068.967. 5
66.270.674.575.975.2
76.979.578.079.473.8
74.576.373.671.671.4
67.8
92
8367586475
92937877
8193105113108
109113115110100
1011071009289
8483
i Data are for June 30, except for the Census of Agriculture years, as follows: January 1,1935 and 1945and April 1, 1940 and 1950.
i Data are for January 1.3 Data are for year ended March 15.* Total gross farm income including Government payments and the net change in inventories.* Income from farming is net incorre of farm operators (including Government payments and the net
change in inventories) and farm wages of farm resident workers.* Percentage ratio of index of prices received by farmers to parity index (prices paid, interest, taxes, and
wage rates).7 Not available.* Preliminary.
Source: Department of Agriculture.
192
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TABLE E-64.—Selected measures of farm technology, 1929-56
Period
Specified machines on farms (January 1)
Trac-tors i
Auto-mobiles
Motor-trucks
Farmswith
milkingma-
chines
Graincom-bines
Cornpickers
Feedused by
farmhorsesand
mules2
Live-stock
produc-tionper
breed-ing
unit 3
Crop production
Perman-hour
Ferti-lizeruse
Thousands Index, 1947-49=100
1929
19301931193219331934
193519361937....19381939
19401941194219431944
1945__._1946194719481949
19501951195219531954
1955..._1956 8
827
5 920997
1,0221,0191,016
1,0481,1251,2301,3701,445
8 1, 5451,6651,8602,0552,160
5 2,3542,4802,6132,8213,123
«3,3943,6783,9074,1004,243
7 4,3454,450
3,970
5 4,1354,0773,7983,3993, 399
3,6423,7353,9624,1094,030
5 4,1444,3304,6704,3504,185
5 4,1484,2604,3504,2254,290
s 4,1994,2204,2304,2404,250
4,2584,260
840
5 900920910865875
890923990
1,0421,020
« 1,0471,0951,1601,2801,385
51,4901,5501,7001,9002,065
5 2, 2072,3102,4102,5202,610
2,7012,800
(4)
100(4)(4)(4)(4)
(4)(4)(4)(4)(4)
175210255275300
6 365440525575610
6 636655675690705
712715
(4)
61(4)(*)(4)(4)
(4)(4)(4)(4)(4)
190225275320345
6 375420465535620
6 714810887930965
9801,000
50
110120130138146
168203236299372
5 456522588630660
700
227
219212204198194
191186182176171
167162155148140
13112211010090
8274645751
4339
84
8586858477
8486879191
9298989592
96949799
104
104107108111112
114117
53
5256575149
5852626565
6973797781
869291
105104
115112121123128
133139
79
7583797159
7665888585
8890
1009196
9510195
10699
9899
103102101
106108
(*)
4132212428
3237434143
4751576573
77909599106
120130146153163
167171
i Excludes steam and garden tractors.3 Hay and concentrates only.3 Excludes horses and mules.* Not available.6 Census of Agriculture. Census dates: January 1,1945 and April 1,1930,1940, and 1950.6 Census of Agriculture of 1940 reported 1,567,430 tractors on farms April 1. The figure shown here is an
adjusted census figure to make allowance for tractors added to the number on farms between January 1and April 1. Similar adjustments for other census years were not considered worthwhile.
7 Census of Agriculture, November 1954.8 Preliminary.Source: Department of Agriculture.
193
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INTERNATIONAL TRANSACTIONS
TABLE E-65.—United States balance of payments, 1952-56
Excluding transfers under military grant programs
[Millions of dollars]
Item 1952 1953 1954 1955First 3 quarters
1955 1956
Exports of goods and services: Total.
Merchandise, adjusted, excludingmilitary _.
TransportationTravelMiscellaneous services_._Military transactionsIncome on investments:
Direct investmentsOther privateGovernment
Imports of goods and services: Total.
Merchandise, adjusted, excludingmilitary.. __
Transportation . _TravelMiscellaneous services, excluding mil-
itary _Military expendituresIncome on investments:
PrivateGovernment
Balance on goods and services, excludingmilitaiy transfers
Unilateral transfers, excluding military:T o t a l - -
Private remittances-Government
United States capital, net: Total-
Private, net: Tota l . . --
Direct investments, net-.New issues.RedemptionsOther long-term, netShort-term, net
Government, net: Total-
Long-term capital, outflowRepaymentsShort-term, net
Foreign capital, net
Gold sales [purchases (-)]-
Foreign capital and gold..
Errors and omissions
18,058
13,3191,488
511912
1,419205204
15,688
10,8381,115
811
5771,957
64
2,370
-2,534
- 4 4 6- 2 , 0 8 8
- 1 , 5 7 8
- 1 , 1 5 8
- 8 5 0- 2 8 6
666
- 9 4
- 4 2 0
- 8 4 7429- 2
1,612
- 3 7 9
1,233
509
17,081
12,2941,198
574913192
1,442216252
16,644
10,9901,081
6592,535
36486
437
-2,454
- 4 7 6- 1 , 9 7 8
- 5 8 7
- 7 2 1- 2 7 0
139316167
- 2 1 8
- 7 1 6487
11
1,147
1,161
2,308
296
17,938
12,8141,171
179
1,725230272
16,088
10,3541,0261,009
6772,603
36059
1,850
-2,262
- 4 8 6- 1 , 7 7 6
- 1 , 5 2 6
- 1 , 619
- 6 6 4- 3 0 9
124- 1 3 5- 6 3 5
93
- 3 0 6507
- 1 0 8
1,462
298
1,760
178
19,915 14,474
14,2641,336645956202
1,978260274
10,421985501694150
1,376189158
17,923
11,5161,2021,155
7342,804
41894
1,992
-2,462
- 4 5 6- 2 , 0 0 6
- 1 , 4 5 5
- 1 , 1 5 3
- 6 7 9- 1 2 4
203- 3 5 9- 1 9 4
-302
- 3 7 5416
- 3 4 3
1,433
41
1,474
451
13,265
8,400901
5482,113
30463
1,209
- 1 , 8 8 8
- 3 3 0- 1 , 5 5 8
- 9 3 9
- 6 5 1
- 4 6 7- 9 8182
- 2 4 5- 2 3
- 2 8 8
- 2 7 1259
- 2 7 6
1,210
49
1,259
359
16,906
12,4171,184
554722117
1,525235152
14, 931
9,5561,1011,043
5872,204
334106
1,975
-1,682
-372-1,310
-2,423
-1.912
-1.139-298117
-334-258
-511
-402308
-417
1,961
-278
1,683
447
Source: Department of Commerce.
194
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E—66.—United States balance of payments with individual areas, 1952—56
Excluding transfers under military grant programs
[Millions of dollars]
Area and type of transaction 1952
4,803
2,659709
1,16482189
4,007
3,955
52
-796
3,465
2,539188
5599683
2,842
2,847
-5
-623
3,429
2,835150
642513
3,926
3,855
71
497
1953
4,835
2,9431,047
736-110219
3,465
3,402
63
-1,370
3,272
2,424289
4214593
2,623
2,567
56
-649
3,546
2,961192
537711
4,132
4,066
66
586
1954
5,055
2.8301,196
74505189
3,946
3,865
81
-1,109
3,174
2,279417
16421797
2,939
2,804
135
-235
3,493
2,851194
-24437
3,812
3,830
-18
319
1955First 3 quarters
1955 1956
Continental Western Europe and depend-encies:
United States payments: Total
Nonmilitary imports of goods andservices
Military expenditures abroadGovernment grants and capital,
excluding military aid transfers-Private investments, netOther payments, net
Foreign payments to the UnitedStates: Total
Purchases of goods and services 1-Lo rig-term investments in the
United States _
Balance _._
Sterling area:United States payments: Total.
Nonmilitary imports of goods andservices
Military expenditures abroadGovernment grants and capital,
excluding military aid transfers-Private investments, netOther payments, net
Foreign payments to the UnitedStates: Total _ _._
Purchases of goods and services.__Long-term investments in the
United States
Balance
Canada:United States payments: Total
Nonmilitary imports of goods andservices
Military expenditures abroadGovernment grants and capital,
excluding military aid transfers-Private investments, netOther payments, net
Foreign payments to the UnitedStates: Total
Purchases of goods and services...Long-term investments in the
United States
Balance
See footnotes at end of table.
5,855
3,2791,368
789203216
4,750
4,549
201
-1,105
3,561
2,635464
30361
3,424
3,322
102
-137
3,756
3,224216
- 931015
4,400
4,402
- 2
644
4,340
2,3681,060
634125153
3,510
3,335
175
-830
2,630
1,985328
287- 4 1
71
2,395
2,307
88
-235
2,761
2,399160
19212
3,210
3,215
- 5
449
4,792
2,874
440301181
4,289
4,141
148
-503
3,344
2,193440
275363
73
2,638
2,497
141
-706
3,481
2,609182
- 568510
3,927
3,855
72
446
195
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E—66.—United States balance of payments with individual areas, 1952—56—Continued
Excluding transfers under military grant programs
[Millions of dollars]
Area and type of transaction 1952 1953 1954 1955First 3 quarters
1955 1956
Latin America:United States payments: Total.
Nonmilitary imports of goods andservices
Military expenditures abroadGovernment grants and capital,
excluding military aid transfers-Private investments, netOther payments, net
Foreign paymentsStates: Total
to the United
Purchases of goods and services.._Long-term investments in the
United States - -
Balance _Other countries:
United States payments: TotaL
Nonmilitary imports of goods andservices
Military expenditures abroadGovernment grants and capital,
excluding military aid transfers.Private investments, net .Other payments, net
Foreign paymentsStates: Total
to the United
Purchase of goods and servicesLont-term investments in the
United States.
Balance..
International institutions:United States payments: Total..
Nonmilitary imports of goods andservices
Military expenditures abroadGovernment grants and capital,
excluding military aid transfers.Private investments, netOther payments, net
Foreign payments to the UnitedStates: Total
Purchases of goods and services...Long-term investments in the
United States
Balance..
4,805
4,21429
8741857
4,839
4,823
16
34
3,064
1,435881
49818
232
2,507
2,506
1
-557
234
49
4,621
4,32227
373-133
32
4,396
4,382
14
-225
3,255
1,411
429173262
2,596
2,597
- 1
-659
156
4,823
4,18424
76501
4,711
4,679
32
-112
3,137
1,304772
510267284
2,677
2,673
4
-460
194
37
4,824
4,31321
12132940
4,844
4,822
22
20
3,701
1,631735
223228
2,743
2,734
9
-958
143
37
11961
-156
97
87
10
-97
12
- 4 5
3,501
3,16615
11117930
3,532
3,515
17
31
2,740
1,200550
644177169
2,043
2,036
7
-697
120
34
76
10
4,205
3,61520
13839141
4,025
4,012
13
-180
3,064
1,392566
784156166
2,341
2,334
7
-723
150
44
9016
75
67
8
- 7 5
i Special category exports to European Sterling area countries and dependencies are included In conti-nental Europe and to "other" Sterling area countries, in "other countries."
Source: Department of Commerce.
196
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-67.—United States grants of military supplies and services, by areas, total postwarperiod and fiscal years 1952-56
[Fiscal years, millions of dollars]
AreaTotal
postwarperiod1
18,051
242
17,809
10,9222,2734,176
262174
1952
1,854
66
1,789
1,13121828211543
1953
4,380
62
4,318
3,1763147722135
1954
3,542
9
3,533
2,3623827264518
1955
2,566
10
2,556
1,6062895984320
1956
Gross military grants2
Less: Reverse grants and returns -
Equals: Net military grants2
Western Europe (excluding Greece and Turkey)2 .Near East (including Greece, Turkey, and Africa).Other Asia and Pacific - --American Republics -Unspecified
3,056
12
3,044
1,8573867403823
1 Postwar period covers July 1,1945, through June 30,1956.2 Includes cash contributions to the multilateral-construction program of the North Atlantic Treaty
Organization.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
197
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE E-68.—United States grants and credits, excluding military supplies and services, byareas, total postwar period and fiscal years 1952—56
[Millions of dollars]
Item TotalNorth-westernEurope *
South-ern
Europe 2
EuropeanInterna-tional
institu-tions 3
Indo-China,Korea,
andFormosa
Rest ofworld 5
Gross new grants:Total postwar period s_.Fiscal year 1952.Fiscal year 1953-Fiscal year 1954Fiscal year 1955Fiscal year 1956
Reverse grants and returns on grants:Total postwar period •Fiscal year 1952. _Fiscal year 1953Fiscal year 1954.Fiscal year 1955Fiscal year 1956
Net new grants:Total postwar period *Fiscal year 1952Fiscal year 1953Fiscal year 1954Fj^calyear 1955Fiscal year 1956
New credits, excluding prior grants con-verted into credits:
Total postwar period 6
Fiscal year 1952Fiscal year 1953..Fiscal year 1954Fiscal year 1955Fiscal year 1956
Repayments:Total postwar period 6_Fiscal year 1952Fiscal year 1953.Fiscal year 1954Fiscal year 1955Fiscal year 1956
Net new credits:Total postwar period 8 .Fiscal year 1952Fiscal year 1953.. _Fiscal year 1954Fiscal year 1955Fiscal year 1956.
Prior grants converted into credits:Total postwar period 6
Fiscal year 1952Fiscal year 1953Fiscal year 1954 »Fiscal year 1955Fiscal year 1956
31,0452,5942,0411,6762,0261,708
1,405103105855364
29,6402,4911,9371,5921,9731,644
12,589659635624444472
3,899326528501460511
8,690332106124-16-40
2,256
15,0231,161932686749295
92758635421
5
14,096•1,104
868632727290
7,811201217129
7
1,910208359328186239
5,902- 8
-142-199-186-233
5,100563473288296301
2462931262848
4,853535442262268253
9537536371283
2983643414532
65539
- 7- 4
- 3 351
240187
(0
240187
100
100
100
100
1,000 1,000
Total net grants and eredits:Total postwar period 6
Fiscal year 1952Fiscal year 1953Fiscal year 1954Fiscal year 1955Fiscal year 1956
38,3302,8232,0431,7151,9571,604
19, 9981,09672643354257
5,509574435259236304
340187
11001
3,216275311270532580
3,189273 I309268532571
247
43
12922111
118- 2- 2-1- 142
60
3,307271307267531612
7,467407326431448532
205159332
7,261392317428446530
3,478383383458332340
:,56280124131229239
1,915303258328103101
236
9,177695575756549
1Includes Austria, Belgium-Luxembourg, Denmark, Finland, France, Germany, Iceland, Ireland,Netherlands, Norway, Sweden, and the United Kingdom.
2 Includes Greece, Italy and Trieste, Portugal, Spain, Turkey, and Yugoslavia.8 Includes European Coal and Steel Community, European Payments Union, and European Produc-
tivity Agency.* Includes United States contribution to U. N. Korean Reconstruction and Relief Administration.«Includes other international organizations outside Western Europe.«Postwar period covers July 1, 1945, through June 30, 1956. Excludes United States subscription to
International Bank for Reconstruction and Development and International Monetary Fund.r Less than $500,000.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
198
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TABLE E-69.—United States merchandise exports and imports for consumption, by leadingcommodities, 7936—38 average and 1952-56
[Millions of dollars]
Commodity l
Exports of United States merchandise: Total-
Nonmilitary exports: Total2
Agricultural commoditiesNonagricultural commodities *
Exports, excluding "special category"commodities: Total3
Agricultural commodities: Total.
Raw cotton, excluding lintersVegetable oils, fats, and oilseeds4
Tobacco, unmanufactured .-.Wheat, including flourOther grains and preparations._..Other agricultural commodities..
Nonagricultural commodities: Total«_.
Machinery ».__Automobiles, parts, and accessories B
Chemicals and related products •Textile manufacturesIron and steel-mill products, excluding scrap. _.Iron and steel scrap _Petroleum and products »Coal.Nonferrous metals, including ferroalloys..Other nonagricultural commodities •
Imports for consumption: Total
Agricultural commodities: Total.
Coffee _Cane sugar _Cocoa or cocao beansOther foodstuffs.Crude rubberWool, unmanufacturedOther agricultural commodities.
Nonagricultural commodities: Total..
Nonferrous metals and ferroalloys...Petroleum and productsPaper and paper-base stocksTextile manufacturesMachinery and vehiclesSawmill productsChemicals and related productsFish, including shellfishIron and steel-mill products, excluding scrap.Iron ore and concentratesOther nonagricultural commodities
1936-38
aver-
2,925
7782,147
778
3135
1436254
201
2,147
44029212987
15148
34456
114
2,461
1,260
14115235
32317957
373
1,201
17842
22117421188731195
405
1952
15,049
13,051
3,4319, 620
12, 434
3,431
862158246942541682
9,003
2,71298780166061011572494219
1,937
10, 747
4,519
1,376416178890619382
6,228
1, 56369292851335422224418120983
1,239
1953
15, 652
12,141
2,8479,293
11, 525
2, 847
517173341589470757
8,677
2,74796380064048510498335176
2,023
10,779
4,185
1,469425167908332296588
6, 594
1,66276293746435323629319425197
1,345
1954
14,978
12,723
3,0549,669
12,120
3,054
780306304427323914
9,066
2,5951,03698362146551431304305
2,275
10,240
3,973
411252827262223512
6,267
1,392829926440359252249210116119
1,375
1955
15, 413
14,157
3,19710,960
13,501
3,197
469324356481459
1,108
10,304
2,8231,2381,077615644174442485317
2,489
11,335
3,9821,357415185798442260525
7,353
1,5281,025985585438323255214145177
1,678
January-October
1955 1956
12, 708
11,609
2,5919,018
11,064
2,591
413227284415371881
8,473
2,3081,019
889512518141374394263
2,055
9,283
3,3001,095
368158662357224436
5,983
1,236823807478361277212174114150
1,351
15,303
13,837
3,2P510, 572
13,246
3,265
493333
4311,096
9,981
2,8651,1151,033518619222382603323
2,301
10,442
3,3921,228403127652331213438
7,050
1,4091,054912546515264225203177215
1,530
1 Commodity data for 1936-38 and 1952-55 have been adjusted to conform as nearly as possible to 1956statistical classifications. The distributions of nonagricultural exports by principal commodities, however,are based on total exports for 1936-38 and on exports excluding "special category" items in 1952 and laterperiods. (See note 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.
* "Special category" commodities are those to which security restrictions apply as regards publication ofdetailed export statistics.
4 Data exclude essential oils.« Data for 1952 and later periods exclude "special category" exports.
NDTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
199
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TABLE E-70.—Estimated gold reserves and dollar holdings of foreign countries,1937 and 1949-56
[Billions of dollars]
End of year
1937
1949
1950. _1951._19521953 . ._1954
19551956 i _
Allforeign
countries
15.1
15.8
19.919.821.223.725.7
27.529.1
Sterling area
Total
4.9
2.8
4.63.93.54.34.4
4.04.2
UnitedKing-dom
4.4
2.0
3.72.92.53.23.4
2.93.1
Conti-nentalOEEC
countriesand
depend-encies
6.8
6.1
7.07.28.5
10.111.6
13.214.1
OtherEuropeancountries
1.0
.6
.5
.5
.5
.6
.6
.7
.6
Canada
0.4
1.5
2.12.32.62.52.7
2.62.9
LatinAmericanRepublics
1.0
3.1
3.53.43.43.73.8
4.04.2
Allother
countries
1.0
1.7
2.22.52.72.52.6
3.03.1
i As of September 30.
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)aad of the Tripartite Commission for Restitution of Monetary Gold are included with the holdings ofcontinental OEEC countries and dependencies. Figures represent (1) reported and estimated gold reservesof central banks and governments, and (2) official and private short-term dollar holdings reported by banksin the United States, including foreign-held deposits, U. S. Government securities and certain othershort-term liabilities to foreigners, and (3) estimated holdings of U. S. Government bonds and notes withoriginal maturities of more than one year. Figures for 1937 are not strictly comparable with those forsubsequent years owing to exclusion of long-term U. S. Government bonds and notes.
Source: Board of Governors of the Federal Reserve System.
2 0 0
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis