Economic Indicators. Prepared for the Joint Committee on the Economic Report by the Council of Economic Advisers COMMENTS INVITED

Transcription

1 83d Congress, 2d Session Economic Indicators 1954 Prepared for the Joint Committee on the Economic Report by the Council of Economic Advisers COMMENTS INVITED The Joint Committee in House Report 1256, February 26, 1954, directed the committee staff to sponsor an intensive review of Economic Indicators, As part of this review, which is being undertaken with the cooperation of the Council of Economic Advisers and the Bureau of the Budget, it would be helpful to receive comments from the users of Economic Indicators. The purpose of this monthly publication is to provide the committee, the Congress, and others with information on current economic trends in a concise and graphic form. Selections for inclusion are limited to presently available data from Government or recognized private sources. If you have suggestions relating to the series selected or to their presentation, would you please write to the Joint Committee on the Economic Report, Senate Post Office, Washington 25, D. C, by June 30, UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1954

2 ll JOINT COMMITTEE ON THE ECONOMIC REPORT RICHARD M. SIMPSON (Pennsylvania) HENRY O. TALLE (Iowa) GEORGE H. BENDER (Ohio) EDWARD J. HART (New Jersey) WRIGHT PATMAN (Texas)' RICHARD BOLLING (Missouri) (Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.) JESSE P. WOLCOTT, Michigan, Chairman RALPH E. FLANDERS, Vermont, Vice Chairman GROVER W. ENSIXY, Staff Director JOHN W. LEHMAN, Clerk ARTHUR V. WATKINS (Utah) BARRY GOLDWATER (Arizona) FRANK CARLSON, (Kansas) JOHN SPARKMAN (Alabama) PAUL H. DOUGLAS (Illinois) J. WILLIAM FULBRIGHT (Arkansas) ARTHUR F. BURNS, Chairman NEIL H. JACOBY WALTER W. STEWART [PUBLIC LAW sT CONGRESS; CHAPTER 237 IST SESSION] JOINT RESOLUTION [S. I. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the Joint Committee on the Economic Report be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Committee on the Economic Report; and the required number of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce

3 Contents THE TOTAL OUTPUT OF THE ECONOMY Page The Nation's Economic Accounts 1 Gross National Product 2 PRICES Consumer Prices 3 Wholesale Prices '.. 4 Prices Received and Paid by Farmers 5 Stock Prices 6 EMPLOYMENT AND WAGES Labor Force 7 Nonagricultural Employment Selected Industries 8 Average Weekly Hours Selected Industries 9 Average Hourly Earnings Selected Industries 10 Average Weekly Earnings Selected Industries 11 PRODUCTION ACTIVITY Industrial Production 12 Weekly Production Selected Indicators 13 Production of Selected Manufactures 14 Gross Private Domestic Investment 15 Expenditures for New Plant and Equipment 16 New Construction 17 New Housing Starts 18 Inventories and Sales 19 Merchandise Exports and Imports 20 PURCHASING POWER National Income 21 Corporate Profits 22 Personal Income 23 Consumer Income, Spending, and Saving 24 Per Capita Disposable Income 25 Farm Income 26 CREDIT, MONEY, AND FEDERAL Bank Loans and Investments 27 Consumer Credit,,, Bond Yields and Interest Rates 29 Money Supply 30 Federal Budget Receipts and Expenditures 31 Federal Cash Receipts From and Payments to the Public

4 THE TOTAL OUTPUT OF THE ECONOMY THE NATION'S ECONOMIC ACCOUNTS Economic activity as measured by over-all expenditures and incomes showed a further moderate decline in the first quarter of 1954, according to current estimates. CONSUMERS ANNUAL TOTALS SEASONALLY ADJUSTED ANNUAL RATES DISPOSABLE INCOME I I I I i I I I I I J I I I I i BUSINESS GOVERNMENT-FEDERAL, STATE, AND LOCAL pipp* *** ^EXCESS OF RECEIPTS I I I 45 I951 I I/ INCLUDES NET FOREIGN INVESTMENT IN ADDITION TO GROSS PRIVATE DOMESTIC INVESTMENT. 2y INCLUDES UNDISTRIBUTED CORPORATE PROFITS AND CORPORATE INVENTORY VALUATION ADJUSTMENT, AND CAPITAL CONSUMPTION ALLOWANCES. I/ PRELIMINARY ESTIMATES. NOTE: THE SUM OF THE THREE INCOME AND RECEIPT ITEMS SHOWN IN THIS CHART IS NOT EQUAL TO THE SUM OF THE EXPENDITURES, OR GROSS NATIONAL PRODUCT, BECAUSE OF STATISTICAL DISCREPANCIES. FOR EXPLANATION AND USE OF THIS ARRANGEMENT, SEE SENATE REPORT NO. 1295, JOINT ECONOMIC REPORT, PP , , AND THE ANNUAL ECONOMIC REPORT OF THE PRESIDENT, JANUARY, APPENDIX A. SOURCES: DEPARTMENT OF COMMERCE AND.

5 GROSS NATIONAL PRODUCT Gross national product declined about 1 1 /2 percent in the first quarter of 1954, according to current estimates. A decline in inventory investment accounted for most of the drop in total private investment. Lower Federal expenditures were partially offset by a rise in State and local expenditures. Consumer expenditures were close to the level of the fourth quarter of. ANNUAL TOTALS SEASONALLY ADJUSTED ANNUAL RATES 350 GROSS NATIONAL PRODUCT PERSONAL CONSUMPTION. > EXPENDITURES / \ / \ GOVERNMENT PURCHASES OF GOODS AND > SERVICES 50 GROSS PRIVATE DOMESTIC INVESTMENT NET FOREK3N ;* INVESTMENT -50 J ? I J I 1952 'l ^PRELIMINARY ESTIMATES BY. SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED) : Third quarter Fourth quarter : First quarter Second quarter Third quarter Fourth quarter : First quarter 2 _ gross national product Personal consumption expenditures , Gross private domestic investment [Billions of dollars] Net foreign investment Government purchases of goods and services Federal Less: National security 1 Other Government sales I Seasonally adjusted annual rates Includes expenditures for military services, international security and foreign relations (except foreign loans), development and control of atomic energy, promotion of the merchant marine, promotion of defense production and economic stabilisation, and civil defense. For further details, see Annual Economic Report of the President, January 1954 (p. 167), and Survey of Current. Btisiness, July (p. 10). These expenditures are not comparable with the "national security" category in The Budget of the U. 8. Government for the Fiscal Year Ending June SO, 1955, and shown on p. 31 of Economic Indicators. 2 Revised estimates became available after chart was prepared. NOTE, Detail will not necessarily add to totals because of rounding. Source: Department of Commerce State and local

6 CONSUMER PRICES PRICES Consumer prices decreased 0.2 percent between mid-february and mid-march. Food and apparel prices averaged 0.4 percent lower and transportation 0.3 percent lower. Rents and some service items continued to increase slowly. The March index for all items was 0.5 percent below the October peak but 1.1 percent higher than a year ago. index, S = (40 INDEX, = 140 J F M A M J J A S O N O 1949 J F M A M JJ A S O N O 1954 SOURCE: DEPARTMENT OF LABOR 1939 monthly average 1942 monthly average 1945 monthly average 1946 monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1951 monthly average 1952 monthly average monthly average : February - M arch. April May J une July August - September _ October November December. _ : January _ February March _ All items Food W (0 «(») [ = ] 3 Housing Rent Apparel , Transportation 0) ( ) ( ) ( ) Medical care ( ) ( ) W (') Personal care (') 8 W Reading and recreation 0 (') «W * The new base = is in compliance with recommendations of the U. B. Bureau of the Budget. Beginning with January the index structure has changed. s Not available. Source: Department of Labor Other goods and services (') (') W (*)

7 WHOLESALE PRICES The slight increase in the average of wholesale prices for all commodities in April was led by farm products, but was shared by processed foods and industrial products. INDEX, «120 INDEX, * SOURCE : DEPARTMENT OF LABOR 1942 monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1951 monthly average..* 1952 monthly average.. monthly average : April May ; June July. August September _ October November December. 1954: January February March. _ April Week ended: 1954: April _ 27 May 4 _ 11 Source: Department of Labor. [ =1 All commodities Farm products Processed foods Other than? arm products and foods (industrial)

8 PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers increased on the average about 0.4 percent during the month ended April 15. Prices were higher for hogs, cattle, potatoes, cotton, and soybeans, and lower for milk, eggs, butterfat, and several commercial vegetables. With prices paid unchanged from their March level, the parity ratio increased by 1 index point. For the seventh straight month the parity ratio has moved within the narrow range of INDEX, = 325 INDEX, »IOO PARITY INDEX (PRICES PAID, INTEREST, TAXES AND WAGE RATES) * PARITY ^RATIO OF INDEX OF PRICES RECEIVED TO PARITY INDEX. SOURCE: DEPARTMENT OF AGRICULTURE monthly average _ 1942 monthly average 1944 mon thl v average _ 1946 monthly average 1948 monthly average 1949 monthly average. _ 1950 monthly average 1951 monthly average monthly average monthly average : March 15 April 15 Mav 15 June 15 July 15 August September 15 October 15 _ November 15 December : January 15 February 15 March April 15 [ =1 Prices pak1 for items uselin Family living Production Parity index (prices paid, and wage rates) Prices received by farmers i Ratio of index of prices received by farmers to parity index.»includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat between October 1943 and June Source: Department of Agriculture. Federal Reserve Bank of 4fl86» 54 St. Louis a Parity ratio l

9 STOCK PRICES Stock prices in April and early May continued their upward movement to reach a new postwar high, participated in the gain. All groups INDEX, 1939 = 300 INDEX, 1939* 300 SOURCE: SECURITIES AND EXCHANGE COMMISSION. COUNCIL OF iconomic ADVISERS Weekly average: _ 1952 _ : April May June July... August September. October November December 1954: January February March April Week ended: 1954: April _ May 7 _ Composite index l [1939=1 Manufacturing Durable goods Nondurable goods Transportation Utilities Trade, finance, and service Mining C »Includes 265 common stocks: 14 for mining, 98 for durable goods manufacturing, 72 for nondurable goods manufacturing, 21 for transportation, 28 for utilities, and 32 for trade, finance, and service. Indexes are for weekly closing prices. Source: Securities and Exchange Commission.

10 EMPLOYMENT AND WAGES LABOR FORCE Employment increased about a half million from early March to early April while unemployment dropped by about a quarter of a million. This was the first reduction of any size in unemployment since last summer. The improvement in the employment situation was, however, somewhat smaller than is usual at this time of the year. MILLIONS OF PERSONS MILLIONS Of PERSONS SOURCE: DEPARTMENT OF COMMERCE 68-area sample : monthly average monthly average. > 1949 monthly average 1950 monthly average, _ monthly average., : April. May June. July August September October November. December 1954: January February _. 230-area sample: : January February..._ March _ April. labor force (including armed forces) 55, , , , , , , , , , , , , , , , , , , , 438 Civilian labor force Employment l Agricultural Nonagricultural Temporary layoffs 2 Thousands of persons 14 years of age and over 55, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 60, 598 9,610 8, 950 8,026 7, 507 6, 683 6,270 6, 590 8, 126 7, 828 7,474 7,262 7, 159 6, 651 5,438 5, 345 5,626 5,284 5,704 5, 875 6,076 36, , , , , , , , , , , , , , , , , , , , Unemployment 3 Number 9, , 395 3, 142 1, 524,582,306,562,548 1,240,246, 162,428,850 2, 359 3,385 3,087 3,671 3,725 3, 465 %pf civilian labor force Insured unemployment (thousands of persons) 4 2,470 1,599 1,058 1, ,198 1,632 2,205 2,362 2,205 2,362 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. 2 The number of temporary layoffs, which the Census Bureau includes in the employment figure (see footnote 1), is shown separately so as to afford a basis for further analysis of employment and unemployment. 3 See footnote 2. < All programs. Weekly average for period. For description of series, see Labor Market and Employment Security, April ' Pertains to labor force data only. Data prior to not compaiable with subsequent data. Preliminary estimate.» Sources: Department of Commerce (labor force) and Department of Labor (Insured unemployment).

11 NONAGRICULTURAL EMPLOYMENT - SELECTED INDUSTRIES Seasonal gains in trade, construction, and service employment in April more than offset a further drop in manufacturing employment. The usual post-easter slackening in nondurable goods and the continued downtrend in durable goods accounted for the drop in manufacturing employment. MILLIONS OF WAGE AND SALARY WORKERS DURABLE MANUFACTURING MILLIONS OF WAGE AND SALARY WORKERS NONDURABLE MANUFACTURING I I I I I I I I I I I I 1 A f J F M A M J J A S O N D J F M A M J J A S O N D CONTRACT CONSTRUCTION WHOLESALE AND RETAIL TRADE A. I954 5 f" I I I I I I t I I I 1 ftp" I I t I I I I t» I I J F M A M J J A S O N D J F M A M J J A S O N 0 SOURCE: DEPARTMENT OF LABOR monthly average 1948 monthly average 1949 monthly average 1950 monthlv average 1951 monthly average 1952 monthly average monthly average : March April May :. ; June July August.. September. October November December 1954: January February _ March 2 _. April 2 10, , , , , , ,259 17, , , , , , , , , , , , , , 965 [Thousands of wage and salary workers J Manufacturing Durable goods 4,683 8,312 7,473 8,085 9,080 9,340 10, , , , , , , , , 072 9,897 9,773 9, 591 9,480 9,376 9, 226 Nondurable goods 5,394 7,010 6, 705 6,882 7,024 6,994 7, 131 7,094 7,026 7,014 7,115 7, 146 7,345 7,365 7,229 7,091 6,992 6,843 6,842 6,844 6,739 1, 150 2, 169 2, 165 2,333 2, 603 2,634 2,644 2, 388 2,509 2, 607 2,711 2,768 2,825 2,866 2,889 2,789 2,632 2,349 2, 356 2, 403 2,512 Wholesale and retail trade 6,612 9,519 9,513 9,645 10, , , , , , , , , , , , , , , , , 422 Finance, service, etc. 4,703 6,636 6,736 6, 894 7, 140 7,380 7, 511 7,383 7,492 7,548 7,613 7,674 7,668 7,607 7,546 7, 501 7,475 7,410 7,424 7,464 7,574 Contract construction Government (Federal, State, local) 3,987 5,614 5,837 5,992 6,348 6,609 6,645 6,709 6,691 6, 613 6, 585 6,405 6,422 6,590 6, 692 6,700 6,955 6, 659 6,639 6,667 6, 699 Transportation and public utilities ' Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. derived from this table not comparable with estimates of nonagrieultural employment of the civilian labor force reported by the Department of Commerce (p. 7) which include proprietors, self-employed persons, and domestic servants: which count persons as employed when they are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments. 3 Preliminarv estimates. NOTE. Beginning with 1951, data have beein adjusted to first quarter benchmark levels. Source: Department of Labor. 8 2,912 4, 141 3,949 3,977 4, 166 4, 185 4,224 4, 192 4,197 4,233 4,260 4,283 4,274 4,265 4,257 4,216 4, 187 4,069 4,039 3, 990 4,006 Mining

12 AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES The average workweek of factory production workers dropped a half hour in April to 39 hours. The sharpest declines occurred in nondurable goods where there was a seasonal contraction in hours worked in textiles, apparel, and leather industries. HOURS PER WEEK DURABLE MANUFACTURING HOURS PER WEEK NONDURABLE MANUFACTURING BUILDING CONSTRUCTION RETAIL TRADE 11 i i i I t i j ( i * o 111 i i 11 i *.. i i i 1939 monthly average _ monthly average 1946 monthly average 1948 monthly average _ monthly average 1950 monthly average 1951 monthly average _ monthly average monthly average.. : March. April May June - July _ August September.- _... October November December : January February March 2 ADrll 2 [Hours per week, for production workers or nonsupervisory employees] Manufacturing Durable goods Nondurable goods Building construction J ( 8 ) Retail trade ( s ) i Data beginning with January 1948 are not strictly comparable with those for earlier periods. 1 Preliminary estimate*. 1 Not available. r,«n i Hi'i'imiinj' with HIM. data have been revised as the result of adjusting employment series to a inon- recent boiirhumi 1 fk»uro»: O*pftrtui«nt of l*»bor.

13 AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES Average hourly earnings of $1.80 for production workers in manufacturing industries in April were practically unchanged from the level prevailing since last fall. However, there has been a gain of 5 cents since April of last year. DOLLARS PER HOUR 2.00 DURABLE MANUFACTURING DOLL/ 2.60 irs PER HOUR BUILDING CONSTRUCTION X?* x w PRICES CURRENT PRICES ^ 0***^ "M i i i I i j i i i"l"i i i i i 1 i i i i r S M M i f "i M i i I i i i i r ^ ^ PRICES/ f \\ J -'-"^ / CURRENT PRICES x~ A ^ ~i ti r "i M M it r "i i i M 1 1 it i i~n i i i i i i f I i NONDURABLE MANUFACTURING PRICES 1 f r 1.50 RETAIL TRADE J953 PRICES" 7 _ \^*' * *S -^ CURRENT PRICES ~! i i i i 1 i i i i n r i i i M i rn r"i i M i i i i i i r m^^f^^ CURRENT PRICES 1 FM M M i fr\ f rn 1 1 M 1 1 M i f "i i i M 1 1 it i r ^EARNINGS IN CURRENT PRICES DIVIDED BY CONSUMER PRICE INDEX ON BASE *. SOURCE: DEPARTMENT OF LABOR monthly average monthly average monthly average monthly average- _ 1948 monthly average._ 1949 monthlv average monthlv average 1951 monthly average monthly average monthly average 1958: March April May June July. August September October November December 1954: January._ Februarv March 3 ' April 3 10 [For production workers or nonsupervisory employees] All manufacturing Current prices $ prices 1 $ ( 4 ) Durable goods manufacturing Current prices $ prices J $ ( 4 ) Nondurable goods manufacturing Current prices $ prices l $ ( 4 ) Building construction Current prices $ ( 4 )» Earnings in current prices divided by consumer price index on base * Preliminary estimates.» Data beginning with January 1948 are not strictly comparable with those for earlier periods. NOTE. Beginning with 1951, data have been revised as the result of adjusting employment series to a more recent benchmark. prices l $ ( 4 ) Retail trade Current prices $ ( 4 ) prices! $ ( 4 ) * Not available. Source: Department of Labor.

14 AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES Average weekly earnings of factory production workers dropped 51 cents in April to $70.20, reflecting a decline in the workweek. This brought the reduction over the year to $1,20. DOLLARS PER WEEK 85 DOLLARS PER WEEK.rn.nln.nf-,,, n I,,.,.' 1951 I 1952 c n T rn rp 1951 I 1952 i I -'EARNINGS IN CURRENT PRICES Ol\ BASE * SOURCE: DEPARTMENT OF LABOR monthly average 1943 monthly average 1946 monthly average 1947 monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1951 monthlv average monthlv average monthlv average : March April May June July August September October November December 1954; January February March 3 April 3 [For production workers or nonsupervisory employees] All manufacturing Current prices $ G prices * $ «Durable goods manufacturing Current prices $ prices l $ ( 4 ) Nondurable goods manufacturing Current prices $ prices l $ ( 4 ) Building construction Current prices $ ( 4 ) prices 1 $ ( 4 ) Retail trade Current prices $ ( 4 ) prices l $ ( 4 )» Earnings In current prices divided by consumer price index on base -=. * Preliminary estimates. * Data beginning with January 1948 are not strictly with those for earlier periods. * Not available. NOTE. Beginning with 1951, data have been revised as the result of adjusting employment series to a more recent benchmark. Source: Department of Labor. 11

15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The industrial production index in April is estimated at 123 ( =) the same as in March and 10 percent below the July peak. INDEX, = 175 INDEX, « * PRELIMINARY ESTIMATES SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 52 J F M A M J J A S O N D J F M A M J J A S O N O J F M*A M J J A S O N D _ _ - _. : March.._ April May. June. July August -- September _ October November December 1954 : Jan uary February l March 1 April 1 [ =, seasonally adjusted] industrial production Manufactures Durable i Preliminary estimates for April and revised estimates for February and March became available after the chart was prepared. Source: Board of Governors of the Federal fieserve System Nondurable

16 WEEKLY PRODUCTION - SELECTED INDICATORS Steel production in April was virtually the same as in March, averaging 68 percent of theoretical capacity. Electric power distribution was lower than in March, but continued well above a year earlier. Auto assemblies increased again, but were still 13 percent lower than the average for April, which was the peak month of that year. MILLIONS OF TONS 3 MILLIONS OF SHORT TONS (DAILY AVERAGE) \.: I I I I I I I I I I J F M A M J J A S O N D J F M A M J J A S O N D SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR, EDISON ELECTRIC INSTITUTE, AND WARtfS AUTOMOTIVE REPORTS. Weekly average: : March April.... May. June July August... September October. November December 1954: January February March Aprils Week ended: 1954: April May 1 3 _ "_ Thousands of net tons 1,857 2, ,295 2,225 2, ,099 2, , 136 2, , 795 1, 771 1, 646 1, 625 1, 648 1, 622 1, 622 1, 636 1, 637 1, 654 1,636 Steel Percent of theoretical capacity * Electric power, by utilities (millions of kilowatt-hours) 6, , , , , , 347 8,463 8, , 257 8, Bituminous coali (thousands of short tons) , , 113 1, , 113 1, 109 Cars and trucks (number) * , , , , , i Percent of capacity based on weekly net ton capacity ol 1,906,268 for the first half of 1950,1,928,721 beginning July 1,1950,1,999,034 beginning January 1, IVAI. 2,077,040 beginning January 1,1952, 2,254,459 beginning January 1,, and 2,384,549 beginning January 3,1954. * Daily average for week. Preliminary estimates. Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Report n, 46g ' * *

17 14 PRODUCTION OF SELECTED MANUFACTURES Production of most manufacturing industries in April continued close to their March levels. INDEX, =, SEASONALLY ADJUSTED INDEX, =, SEASONALLY ADJUSTED ISO 50 I I I I I I I I I I I I I I I I I I I I i I I I I I I I I I I I I I I I I I I I I I I I I I 50 I I I I I I I 1 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. ' _ : February March April - - May June July August. -- September October November December 1954: January _ February * March l April i Primary metals =, seasonally adjusted] Durable manufactures Lumber and products Machinery Transportation equipment Textiles and apparel 1 Preliminary estimates for April and revised estimates for February and March became available after the chart was prepared. Source: Board of Governors of the Federal Reserve System Nondurable manufactures Petroleum Food and and coal beverage Chemicals products manufactures and allied products

18 GROSS PRIVATE DOMESTIC INVESTMENT According to current estimates, gross private domestic investment in the first quarter of 1954 fell$2 billion (seasonally adjusted annual rate), most of which represented a lower rate of inventory investment. An increase in new construction almost offset a decline of $1.3 billion in producers 1 durable equipment. 8ILLIONS OF DOLLARS 70 ANNUAL TOTALS /\ SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT PRODUCERS' DURABLE EQUIPMENT *^ /\ inew CONSTRUCTION CHANGE IN BUSINESS INVENTORIES I I I I I ^PRELIMINARY ESTIMATES BY. SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED) [Billions of dollars] gross private domestic investment New construction Residential nonfarm Other Producers' durable equipment Change in business inventories _ ~ _ Seasonally adjusted annual rates 1952: Third quarter _. Fourth quarter : First quarter.._ _ Second quarter.. Third quarter Fourth quarter : First quarter l ^ i Revised estimates became available after chart was prepared. NOTE. Detail will not necessarily add to totals because of rounding. Source: Department of Commerce. 15

19 16 EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans call for expenditures of $27.2 billion on new plant and equipment in 1954, according to a survey made in February and early March. This is almost as large as the record amount spent in. ANNUAL TOTALS SEASONALLY ADJUSTED ANNUAL RATES TOTAL* 20 MANUFACTURING*^ J/ SEE NOTE 4 ON TABLE BELOW. SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE _ _ s : First quarter Second quarter Third quarter Fourth quarter 1954: First quarter 4 Second quarter 4 * 5.51 a , ,94 a [Billions of dollars] M anuf acturi ng Durable goods Nondurable goods Mining Transportation Railroads Seasonally adjusted annual rates Other Public utilities a Commercial &nd other 9 i Excludes agriculture. * Commercial and other includes trade, service, finance, communications, and construction. i Annual total is sum of seasonally unadjusted quarterly expenditures; it does not necessarily coincide with average of seasonally adjusted figures, in part because of adjustments when necessary for systematic tendencies in anticipatory data. «Estimates based on anticipated capital expenditures reported by business in February NOTE. These figures do not agree with the totals included to the gross national product estimates of the Department of Commerce, principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense. Detail will not necessarily add to totals because of rounding. Sources: Securities and Exchange Commission and Department of Commerce

20 NEW CONSTRUCTION ixpenditurcs for total new construction continued at a high level in April. The total for the first 4 months of this yec vas 2 percent above the comparable period of. Most of the gain occurred in private nonresidential buildinc 3.5 ADJUSTED FOR SEASONAL VARIATION BILLIONS OF DOLl.ARS ^ TOTAL CONSTRUCTION -S 3.O s<~~ -"TOTAL PRIVATE OJja^^-^-^^^tlB^^eaaSBaSSfeSSfea^, PRIVATE RESIDENTIAL (NONFARM) / OTHER PRIVATE ^^^^A^ -j. -. _^^ FEDERAL, STATE, AND LOCAL.5.5 0, i i i i i! i i i i i j F M A M J J A S O N D! I 1 1 J F M A M J J A S O N D I I 1 1 I 'l J F M A M J J A S O N D 1954 O COUNCIL OF ECONOMIC ADVISER [Millions of dollars, seasonally adjusted] 1939 monthly average _ 1942 monthly average 1944 monthly average - _ 1946 monthly average 1943 monthly average 1949 monthlv average 1950 monthly average 1951 monthly average _ monthly average-- monthly average - March April May June July... August - «September October November - December 1954: January -_ February _ March April 2 _ new construction 683 1, ,000 1, , 371 2,575 2,720 2,904 3, 050 3,025 2, 910 2, 922 2,849 2,811 2,824 2,841 2,900 2,900 2,915 3,038 3,099 3,079 private ],404 1, 365 1,788 1, 797 1,818 1, 968 2, 055 2,059 1,980 1,986 1,955 1,937 1, 928 1,945 1,969 1,985 1, 971 2,036 2, 116 2,088 Private construction Residential (nonfarm) Other , ,089 1, , ,021 1, 101 1, , ,006 1,015 1,015 1,014 Federal, State, and local l , Includes public residential construction. 2 Preliminary estimates. Sources: Department of Commerce and Department of Labor. 17

21 NEW HOUSING STARTS The number of new housing starts increased 13 percent in April ro a total of 110,000, which is nearly equal to the total for April, On a seasonally adjusted basis, private starts in April of this year were at an annual rate of 1,159,000 units. This figure is 8 percent more than the total. THOUSANDS OF UNITS THOUSANDS OF UNITS NEW NONFARM DWELLING UNITS 1 1 SOURCE^ DEPARTMENT OF LABOR All new nonfarm housing units started Public Private Seasonally adjusted annual rates: private Annual totals: _ Monthly average: _ : January February March April May June July, August September _.. October November.._ December 1954: January 3 February 2 March 2 _ April 2 _ 1, 025, 1, 396, 000 1, 091, 300 1, 127, 000 1, 103, , ,300 90, , , , 79, , , , , , , , 90, 81, , , , , ,000 36, , , , , 500 3,000 3,600 5,900 4,900" 3,000 3, 900 5,400 9,700 4,000 2, 700 2, , 000 3, 000 (') 1,600 1,300 1,300 1, 200 1, ,800 1, 352, 200 1, 020, 1, 068, 500 1, 068, , , , , ? , , , 107, , , , , , 90, 79, , , ,800 95, , 1 Less than Preliminary estimates; April data became available after chart was prepared. Source: Department of Labor. 18 1, 137, 000 1, 213, 000 1, 165, 000 1, 141, 000 1, 039, 000 1, 037, 000 1, 006, , 000 1, 023, 000 1, 030, 000 1, 090, 000 1, 075, 000 1, 078, 000 1, 180, 000 1, 161, 000 1, 159, 000

22 INVENTORIES AND SALES business sales (seasonally adjusted) rose again in March. According to preliminary estimates, retail sales in April were 3 percent larger than in March and about the same as in April a year ago. Business inventories continued to decline in March. Manufacturers' new orders increased 4 /2 percent, due chiefly to another sharp rise in orders for transportation equipment., SEASONALLY ADJUSTED, SEASONALLY ADJUSTED RETAIL INVENTORIES^*^ SALES ^^ 1 j i i i i i i 1 M 1 1 M i I M 1 INDEX, =, SEASONALLY ADJUSTED _ : February. March April May June. July August September October November December 1954: January- -- February March G April 6 business 1 Inventories 2 Sales 3 20, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,450 46,714 47, 010 i Retail Inventories 2 Sales 3 Millions of dollars, seasonally adjusted 5,534 11, , ,311 18, 652 B 21, , , ,707 21,981 22, , , , , , , , , , ,421 22, 564 3, 503 8, , , , , , , , , , , ,412 14, , , , , , , , , Manufacturing Inventories 3 2 Sales New orders 3 11,465 24, ,693 28, , , , , , , , , , , , , , , , , , , 698 5, , , ,416 19, , , , , , , , , , , , , , , , , , 045 5, , , , , , , , , , , , , , , , , ,594 22, ,711 22,016 23, 008 Department stores Inventories 4 Sales 3 Index =, seasonally adjusted i Also includes wholesale, not shown separately in this table. 1 New series on retail trade beginning with 1951; not comparable with previous 3 Book value, end of period. data. See &ur?ey of Current Business, September and November 1952, for detail. ' Monthly average for year and total for month. 6 Preliminary estimates. «Book value, end of period, except annual data, which are monthly averages. Sources: Department of Commerce and Board of Governon of the Federal Reserve System,

23 MERCHANDISE EXPORTS AND IMPORTS Commercial exports declined in March. Grant-aid exports and merchandise imports increased, but both were again considerably below the average for. The export surplus contracted sharply. MILLIONS OF DOLLARS 1*600 MILLIONS OF DOLLARS 1,600 1,200 J/ SEE FOOTNOTES I AND 2 ON TABLE BELOW SOURCES: DEPARTMENT OF COMMERCE AND Dl COUNCIL Of ECONOMIC ADVISERS, monthly average 1946 monthly average 1948 monthly average 1949 monthly average 1950 monthly average 1951 monthly average 1952 monthly average monthly average : February. March April May. _ June July August September October November.. _. December 1954: January February. March» ,054 1, ,253 1,266 1,312 1,199 1,390 1, 394 1,453 1,384 1,358 1, 186 1,255 1,253 1,246 1,351 1,091 1, 181 1, 122 [Millions of dollar*] Merchandise exports Grant-aid shipments a J5 301) I S-J Includes shipments under the various grant-aid programs; for some of th<>sc i»n»r?;i'n' * Beginning with 1950, figures include only Department of Defense shipim-uts <»i n.u. Program. Shipments for the first 6 months of the program (July-December li.'/.u) :UIH»UIUC 20 NOTE. Detail will not necessarily add to totals because of rounding. Excluding grant-aid shipments , 164 1, 1, ,052 1, , (Wf» J, 012 tm'.o in i 1, O.M I, Ol'» I, n;;o i, i,"><* *'*'V ',''»v «,j v Merchaiidiw imports ,005 1, R'K) U25 KM S l!» tin/ him,m)'i ICxCMiMH Of L or impf } 258 i HT;? ;» :MH x ports ( + ) rtn (- -) Excluding grant-aid shipments Miituul Horuritv

24 PURCHASING POWER NATIONAL INCOME Compensation of employees continued to fall moderately in the first quarter of 1954 as employment and hours continued downward. Proprietors' income and net interest showed little or no change. Insufficient data account for the absence of profits estimates. 350 ANNUAL TOTALS SEASONALLY ADJUSTED ANNUAL RATES 350 TOTAL NATIONAL INCOME- 300 :>: C 0 R POR AT E PR OF if S" A' NO 1N VENTO RYMi : :i : : : l ' EVALUATION ADJUSTMENTS: ^954 -^PRELIMINARY ESTIMATES BY. SOURCE DEPARTMENT OF COMMERCE (EXCEPT AS NOTED) _ : Third quarter. Fourth quarter * First quarter Second quarter Third quarter Fourth quarter 1954' First quarter 1 national income ( 2 ) Compensation of employees [Billions of dollars] Proprietors' (business, professional, farm) and rental income Net interest Corporate profits and inventory valuation adjustment Seasonally adjusted annual rates * *35. 0 ( 2 ) Profits before taxes ( 2 ) Inventory valuation adjustment i Revised estimates became available after chart was prepared. NOTE. Detail will not necessarily add to totals because of rounding. 2 Not available. Source: Department of Commerce. 21

25 CORPORATE PROFITS Although corporate profits, both before and after taxes, fell sharply in the fourth quarter of, the total was above that for J ^NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT. SOURCE: DEPARTMENT OF COMMERCE (Billions of dollars] Corporate profits before taxes Corporate tax liability Corporate profits after taxes Dividend payments Undistributed profits _ _ i 1952: First quarter Second quarter.. Third quarter Fourth quarter , , Seasonally adjusted annual rates : First quarter Second quarter. Third quarter Fourth quarter! i Preliminary estimates for fourth quarter and revised estimates for 1958 became available, after chart was prepared. NOTE.- See p. 21 for profits before taxes and inventory valuation adjustment. Detail will not necessarily add to totals because of rounding. Source: Department of Commerce. 22

26 PERSONAL INCOME Personal income in March was af an annual rate of $283 billion (seasonally adjusted), about the same as in February. A further decline in wages and salaries was partially offset by an increase in unemployment insurance benefits and other transfer payments. Other types of personal income continued stable I SOURCE: DEPARTMENT OF COMMERCE _ _ : March.. April May June - July August September October November December 1954: January - Februarj 7 March 3 _ personal income [Billions of dollars] Proprietors' income Labor income (salaries, wages, and other labor income) Farm Business, professional, and rental income l Seasonally adjusted annual rates Dividends and personal interest Transfer payments * Excludes social insurance contributions of employees and, beginning January 1952, of self-employed persons. * Includes $2.7 billion National Service Life Insurance dividend, most of which was paid in the first half of the year.»preliminary estimates. NOTE. Detail will not necessarily add to totals because of rounding. Source: Department of Commerce

27 CONSUMER INCOME, SPENDING, AND SAVING Disposable personal income, reflecting a reduction in personal income taxes, showed a small rise in the first quarter of Consumer spending continued close to the fourth quarter of rate with the increase in expenditures for services almost offsetting the drop in outlays for durable goods. Personal net saving is estimated at 8 percent of disposable income ^PERSONAL INCOME LESS TAXES. -^PRELIMINARY ESTIMATES BY. SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED), _ _ 195(L_ : Third quarter... Fourth quarter : First quart er Second quarter Third quarter Fourth quarter 1954: First quarter 2 Disposable persona] income l Less: Personal consumption expenditures Durable goods Nondurable goods Billions of dollars Seasonally adjusted annual rates Services , Equals: Personal net saving i Income less taxes. 2 Revised estimates became available after chart was prepared. NOTE. Detail will not necessarily add to totals because of rounding. Source: Department of Commerce Net saving as percent of disposable income

28 PER CAPITA DISPOSABLE INCOME Per capita disposable income dropped very slightly in the first quarter of 1954, according to current estimates. DOLLARS 2,000 ANNUAL AVERA6ES SEASONALLY ADJUSTED ANNUAL RATES DOLLARS 2,000 y!953 PRICES- 17 1,500 1,500 1,000 CURRENT PRICES 1, I I I I J I SEE NOTE 2 ON TABLE BELOW. ^PRELIMINARY ESTIMATES. SOURCES: DEPARTMENT OF COMMERCE AND. I _ _ Third quarter Fourth quarter - First quarter Second quarter. _ Third quarter. Fourth quarter ~ 1954: First Quarter 4 disposable personal income (billions of dollars) 1 Current prices prices * Per capita disposable personal income (dollars) 1 Current prices ,062 1, 124 1, 176 1,285 1,255 1,357 1,458 1,497 1,553 prices 2 Seasonally adjusted annual rates ,503 1,537 1,546 1,555 1,561 1, ,067 1,284 1,432 1,537 1, 461 1,392 1, 442 1,424 1,509 1, 508 1,516 1,553 1,520 1,550 1, 560 1, 559 1,554 1, Population (thousands) * 131, , , , , , , , , , , , , , , , , , Income less taxes. 2 Dollar estimates in current prices divided by an over-all implicit price index for personal consumption expenditures. This price index is based on Department of Commerce data, shifted from & 1939 base, s Including armed forces overseas Annual data a? of July 1: quarterly data centered in the middle of the period, Interpolated from monthly figures. 4 Revised estimates became available after chart was prepared. Sources: Department of Commerce and Council of Economic Advisers. 25

29 FARM INCOME During the first quarter of 1954, farmers received on the average $2.2 billion per month from cash marketings and Government payments, about 3 percent below the same period in. Livestock receipts were about the same as last year, with increased hog receipts offsetting small declines for dairy products, cattle, broilers, sheep, and lambs. Crop receipts were lower: Lower receipts from vegetables, cotton, soybeans, and wheat only partially offset an increase from com monthly average 1942 monthly average 1944 monthly average monthly average 1948 monthly average 1949 monthly average monthly average 1951 monthly average 1952 monthly average monthly average _ : February March. ApriL. May June July August._ September- October November _ _ December _ : January February March 3 Farm income (millions of current dollars) i Converted from the reported base, , to the base =. * Farm income in current dollars divided by parity index on base «=. s Revised estimate became available after chart was prepared. 26 NOTE.- Farm income includes cash receipts from marketings and Government payments ,345 1,763 2, 111 2, 539 2,344 2,384 2,757 2,721 2, 599 1,918 2, 119 2, 020 2, 009 2, 156 2, 404 2,461 3, 169 3, 700 3, 443 2,986 2, 649 1, 942 2,016 Parity index (prices paid, interest, taxes, and wage rates) = * Farm income (millions of dollars) 2 Source: Department of Agriculture. 1, 625 2,491 2,712 2,815 2, 730 2,604 2,591 2,730 2, 642 2,599 1,899 2,098 2, 020 2,009 2, 178 2,404 2,461 3,201 3,737 3,478 2,986 2,623 1,923 1,996

30 CREDIT, MONEY, AND FEDERAL FINANCE BANK LOANS AND INVESTMENTS Loans by commercial banks rose slightly in March, but may have declined in April. Bank holdings of U. S. Government securities dropped almost $2 /2 billion in March, while holdings of other securities rose $ million END OF YEAR 1952 END OF MONTH End of period _ _ : February. March April... May June July. August September. October November December _ 1954: January^ February March 2 _ April 2 loans and investments [Billions of dollars] All commercial banks Investments Loans U.S. Government securities Other securities Weekly reporting member banks business loans l i Commercial, industrial, and agricultural loans; revised series beginning January Preliminary estimates. NOTE. Detail will not necessarily add to totals because of rounding Source: Board of Governors of the Federal Reserve System. 27

31 CONSUMER CREDIT Consumer credit outstanding, decreasing for the third consecutive month, totaled $27.2 billion at the end of March, or $327 million less than a month earlier. All types of instalment credit except personal loans decreased. A drop in charge accounts, in part seasonal, was responsible for the reduction in noninstalment credit END OF YEAR 1952 END OF MONTH 1954 [Millions of dollars] End of period 7,222 5,665 20, ,468 25, , 896 4,503 2,462 14, , , , 807 consumer credit outstanding Automobile paper * 1, ,342 6,242 8,099 10, 289 Instalment credit Other consumer goods paper > 1, ,337 4,270 5,328 5,605 Repair and modernization loans ,006 1,090 1,406 1,606 Personal loans 1,088 1,009 2,805 3,235 3,851 4,307 Noninstalment credit 2,719 3,203 6,323 6,631 7, 143 7,089 Charge accounts 1,414 1,612 3,006 3,096 3,342 3,249 Other * 1,305 1,591 3,317 3,535 3,801 3,840 : February March April May June July August September October _ November December - _ 25, , , , , , , , , , ; , , , , , , , , , , , 807 8,480 8,799 9, 111 9,432 9,692 9, , , , , , 289 5,208 5,217 5,217 5, 272 5, 333 5, ; 352 5, 366 5,406 5,605 1,404 1,416 1,435 1,462 1,493 1,516 1, 534 1,562 1,585 1,604 1,606 3, , 004 4,047 4, 117 4, 164 4, 186 4,201 4, 198 4,218 4,307 6,522 6,555 6,688 6,843 6,776 6,577 6,592 6,632 6,680 6,666 7,089 2,678 2,613 2, 682 2,763 2,781 2,705 2,668 2,716 2,811 2,840 3,249 3,844 3,942 4,006 4,080 3, 995 3, 872 3,924 3,916 3,869 3,826 3, : Jan u ar v February - - March ,478 27, , , , , 084 9, ,495 5,377 5, 220 1,587 1,570 1,554 4,278 4,289 4, 326 6, 681 6,327 6, 251 2,893 2,550 2, 438 3,788 3, 777 3,813 1 Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased. * Includes only such loans held by financial institutions; those held by retail outlets are included in "other consumer goods paper." 1 Single-payment loans and service credit. Source; Board of Governors of the Federal Eeserve System. NOTE. Detail will not necessarily add to totals because of rounding. 28

32 BOND YIELDS AND INTEREST RATES Yields on 3-monfh Treasury bills resumed their downward course in April, after increasing slightly in March. Treasury bond yields and commercial paper rates also dropped while corporate bond yields leveled off. PERCENT PER ANNUM 3.5 PERCENT PER ANNUM SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM _ _ -. -_. _ - April May - June July.... August September October November December _. 1954* January February March -' April Week ended: April _ _ Mav! _ 8 15 [Percent per annum] U. S. Government security yields 3-month Treasury bills > Oil Taxable bonds 3 Old series New series Corporate Aaa bonds (Moody's) i Rate on new issues within period. 2 Bonds in this classification were first issued in March * 214-percent bonds first callable after 12 years. Prior to April 1952, only bonds due or callable after 15 years were included. 3Ji-percent bonds of , issued May 1,. Source: Board of Governors of the Federal Reserve System Prime commercial paper, 4-6 months

33 MONEY SUPPLY Demand deposits declined again in March, reflecting the seasonal transfer of funds from private to U. S. Government accounts and further contraction of bank credit. Time deposits continued to increase E5 TOTAL EXCLUDING U.S. GOVERNMENT DEPOSITS {PRIVATELY HELD MONEY SUPPLY) ! END OF YEAR SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM End of period _ 1952 : February March April May June July August. _ September October. November. December 1954: January February March <] deposits and currency [Billions of dollars] U.S. Government deposits * excluding U. S. Government deposits (privately held money supply) Currency Demand outside deposits Time banks adjusted 2 deposits Includes U. S. Government deposits at Federal Reserve banks and commercial and savings banks, and U. S. Treasurer's time deposits f open account. ' Includes demand deposits, other than interbank and TJ. S. Government, less cash items in process of collection.»includes deposits in commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposits. < Preliminary estimates. 30 NOTE. Detail will not necessarily add to totals because of rounding. Source: Board of Goveraorsj>f the Federal Reserve System.

34 FEDERAL BUDGET RECEIPTS AND EXPENDITURES Record receipts in March reduced the budget deficit for the first 9 months of the fiscal year to $2.3 billion, budget expenditures rose to $5.6 billion of which $3.8 billion was for national security programs. March TOTAL BUDGET EXPENDITURES NET BUDGET RECEIPTS NATIONAL SECURITY PROGRAMS FIRST 9 MONTHS (JULY-MARCH) + 5 IS BUDGET SURPLUS (+) OR DEFICIT (-) (MAGNIFIED SCALE) -5 * ESTIMATED FISCAL YEARS SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Pf»ri<xi Arfuiil, JM-* 1 -rtir HM-1 i < / 1 <-nr I',! 17 4 r-ri 1 -i-tir 1 IMS 'im-i i -i-iir IU. r»(),._.._ 'i«o 1 '<-nr 1951 FiHCfii veftt 1952 KiHoiil yt*ar 8 K -t imat.od: Fiscal voar 1954 Fiscal voar _ To To till for «'rio< , Budget expenditures ial Cumulative fiscal year totals [Billions of dollars] National security l for period Cumulative fiscal year totals Net budget receipts for period Cumulative fiscal year totals Budget surplus (+) or deficit ( ) for period Cumulative fiscal year totals Public debt (end of period) \rtiml: a I'lfj.'i" Fobruary March j'k r )l- February March «< i iu inr.lude the items classified as "national security" in The Budget of The United States Government for the Fiscal Year Ending June SO, These ir items are: Military services, foreign military assistance, development and control of atomic energy, and allocation of critical and strategic materials, iiirs 1'imnintood securities, except those held by the Treasury. Not all of total shown is subject to statutory debt limitation. uiiiih' with February 1954, the reporting of budget receipts and expenditures has been changed to a basis consistent with that used in preparing budget Koi comparative purposes, figures for fiscal are shown on a like basis.. i )ntn for earlier months have not been published by the Treasury Department, i u ill not necessarily add to totals because of rounding. * : Treasury Department and Bureau of the Budget. 31

35 FEDERAL RECEIPTS FROM AND PAYMENTS TO THE PUBLIC The excess of cash payments over cash receipts in the fourth quarter of was $4.6 billion, or slightly lower than in the corresponding quarter of EXCESS OF CASH RECEIPTS - -EXCESS OF CASH PAYMENTS CALENDAR YEARS SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT. Calendar Quarterly year total; Calendar year totals, not adjusted for seasonal variation : Third quarter Fourth quarter [Millions of doil&rsj First quarter Second quarter - _ Third quarter. Fourth quarter First quarter _ Second quarter Third quarter Fourth quarter._. _ Federal cash receipts from the public 41, , f , ,419 59, , , , , , , 35 '1 H, 722 oo r^sm) is r»v i 13, M'.', Federal cash payments to the public 41 S , , , , , , 541 I 5, , Of>4 Hi, 921 IS, 701!'.» -130 is. ir.r, '1, <)!«.» i'i HI;, i.- :-; i i EXCCBH of receipts ( + ) or payments ( ) , , 027 1, , 244 1, 641 6, 159-1, 277 4, , ,567 4, , NOTE. Detail will not necessarily add to totals because of rounding Sources: Bureau of the Budget and Treasury Department For sale by the Superintendent of Documents. U. S. Governim-m I'm Price 20 cents per copy ; $2.00 per year ;»; : «32