III

More documents

Recommendations

Info

With the large decline in stock prices after July, yields on common* stocks wereabove 4/ 2 percent at the close of the year, considerably above the much loweryields then available on high-grade bonds.AGRICULTUREThere have been a number of favorable developments in agriculture inthe past two years, though net income from farming has not changed significantly(Chart 11). Despite an over-all decline in crop prices, the livestockmarket strengthened sufficiently to raise average prices received byfarmers. Heavy export shipments have made a considerable reduction insurplus stocks. A long drought in the Southwest has ended. Land valuesand the equities of farm proprietors have climbed to new record levels.Realized gross farm income increased both in 1956 and in 1957, but risingproduction expenses offset most of the gains. Conditions in the rest of theeconomy have provided generally favorable opportunities for off-farmearnings, and per capita income of the farm population from all sources hasbeen increasing. The revolution in farm technology is a continuing sourceof agricultural strength, though it complicates current problems of agriculturaladjustment and public policy.Livestock SectorPrices of farm products, as well as cash receipts from farm marketings,have benefited from recent livestock developments. A peak in the hog cycle,coinciding with heavy supplies of fed steers, had seriously depressed livestockmarkets late in 1955. With high slaughter rates continuing into theearly months of 1956, and with forced marketing of cattle from droughtareas that fall, both production and per capita consumption of red meatreached record levels. During 1956, however, the number of cattle onfarms decreased for the first time since 1948, and a 2 percent decline in the1957 calf crop further suggests that cattle numbers have entered a downwardcyclical phase. Pig crops in the spring and fall of 1956 and in thespring of 1957 were reduced below the levels of the preceding year, thoughby successively narrower margins. Prices of meat animals were consequentlyabout one-third higher by late 1957 than they had been two yearsearlier. Since prices of milk and dairy products were firm, cash receiptsfrom marketings of livestock and livestock products were about 6 percenthigher in 1957 than in 1956.Exports and StocksThe value of agricultural exports in fiscal 1957 reached $4.7 billion,an increase of 17 percent over the previous record attained in 1952; and thevolume of exports exceeded by 30 percent the record reached in 1919.Shipments financed through special Government programs (Chart 12) —mainly sales for foreign currencies under Public Law 480, barter transactions,and outright commodity donations—comprised fully 40 percent of the total.Of the remainder, a substantial portion moved under export subsidies in34
CHART 11Indicators of Agricultural ConditionsNet farm income has reflected little of the improvement in grossfarm income since 1955.BILLIONS OF DOLLARS4030REALIZED GROSSFARM INCOME-*/.TOTAL NET FARM INCOME y.7^10REALIZEO NETFARM INCOME-!/NET INCOME FROMNONFARM SOURCES-b/Farm product prices and the parity index increased in 1957.INDEX, 1910-14 = 100300275250225PRICES RECEIVED(ALL FARM PRODUCTS)7PRICES PAID, INTERESTiTAXES, AND WAGE RATES(PARITY INDEX)The value of proprietors' equities is higher than ever.BILLIONS OF DOLLARS160140100FARMPROPRIETORS'EQUITIES(JANUARY I)01950 51 52 53 54 55 56 57& INCOME OF FARM OPERATORS, INCLUDING GOVERNMENT PAYMENTS.2j INCOME OF ALL FARM PEOPLE.SOURCE: DEPARTMENT OF AGRICULTURE.35
Page 3 and 4: Economic Reportof the PresidentTRAN
Page 5 and 6: LETTER OF TRANSMITTALTHE WHITE HOUS
Page 8 and 9: commercial demands and reduce the f
Page 10: APPENDIXESPageA. Summary of Recomme
Page 13 and 14: present consumption standards. Even
Page 15 and 16: favored by temporary conditions or
Page 17 and 18: Federal fiscal policies were also d
Page 19 and 20: growth with reasonable stability of
Page 21 and 22: The decline which became apparent i
Page 23 and 24: CHART 2Shifts in Major Components o
Page 25 and 26: 1957 than in 1956, but in the secon
Page 27 and 28: though there was no significant inc
Page 29 and 30: CHART 4—ContinuedEmployment and I
Page 31 and 32: week was 39.3 hours and average ove
Page 33 and 34: CHART 5Price ChangesWholesale price
Page 35 and 36: CHART 6Consumer PricesAfter declini
Page 37 and 38: few decades and the still higher av
Page 39 and 40: CHART 7The Pattern of Credit Expans
Page 41 and 42: CHART 9Member Bank ReservesMember b
Page 43: CHART 10Interest Rates and Bond Yie
Page 47 and 48: various forms. On dollar sales of w
Page 49 and 50: Because of the high level of privat
Page 51 and 52: TABLE 7.—World industrial product
Page 53 and 54: CHART 13World and U. S. Foreign Tra
Page 55 and 56: CHART 14U. S. Balance of PaymentsTh
Page 57 and 58: a still larger outflow of capital.
Page 59 and 60: Chapter 4Economic Opportunities and
Page 61 and 62: of the sources of strength for the
Page 63 and 64: The strength of our financial insti
Page 65 and 66: Chapter 5A Legislative Program To H
Page 67 and 68: growth and stability. Although Fede
Page 69 and 70: housing loans insured by the Federa
Page 71 and 72: directions, without sacrificing eit
Page 73 and 74: medical and dental teaching facilit
Page 75 and 76: standards and help maintain the inc
Page 77 and 78: funds, on financial dealings betwee
Page 79 and 80: on basic crops and dairy products.
Page 81 and 82: partners, and particularly on the s
Page 83: FEDERAL ECONOMIC STATISTICSA well-c
Page 87 and 88: Summary of Recommendations in the E
Page 89 and 90: e) Authorize the Secretary of Labor
Page 91: Appendix BREPORT TO THE PRESIDENT O
Page 95 and 96:
Report to the President on the Acti
Page 97:
Advisory Board on Economic Growth a
Page 101 and 102:
Program for Improving Federal Stati
Page 103 and 104:
various divisions. Improvements in
Page 105 and 106:
InventoriesSeparate stage-of-fabric
Page 107:
Appendix DTHE CONSUMER PRICE INDEX9
Page 110 and 111:
total market basket since the base
Page 112 and 113:
described are applied whenever poss
Page 114 and 115:
were employed under contracts conta
Page 117 and 118:
Productivity StatisticsThe terms "p
Page 119 and 120:
5 percent. Some improvement over th
Page 121:
Appendix FSTATISTICAL TABLES RELATI
Page 124 and 125:
Prices:PageF-36. Wholesale price in
Page 127 and 128:
NATIONAL INCOME OR EXPENDITURETABLE
Page 129 and 130:
TABLE F-2.—Gross national product
Page 131 and 132:
TABLE F—4.—Gross national produ
Page 133 and 134:
TABLE F—6.—The Nation's income,
Page 135 and 136:
TABLE F-8.—Gross private domestic
Page 137 and 138:
TABLE F-10.—Relation of gross nat
Page 139 and 140:
TABLE F-12.—Sources of personal i
Page 141 and 142:
TABLE F-14.—Total and per capita
Page 143 and 144:
TABLE F—16.—Sources and uses of
Page 145 and 146:
TABLE F-17.—Noninstitutional popu
Page 147 and 148:
TABLE F—19.—Employed persons no
Page 149 and 150:
TABLE F-21.—Unemployment insuranc
Page 151 and 152:
TABLE F-22.—Number of wage and sa
Page 153 and 154:
1929.193019311932193319341935193619
Page 155 and 156:
TABLE F-26.—Average weekly hours
Page 157 and 158:
TABLE F-28.—Labor turnover rates
Page 159 and 160:
TABLE F-29.—Industrial production
Page 161 and 162:
TABLE F-31.—New construction acti
Page 163 and 164:
TABLE F-33.—Housing starts and ap
Page 165 and 166:
TABLE F-35.—Manufacturers* sales,
Page 167 and 168:
TABLE F-36.—Wholesale price index
Page 169 and 170:
TABLE F-37.— Wholesale price inde
Page 171 and 172:
TABLE F—39.—Consumer price inde
Page 173 and 174:
TABLE F—41.—Loans and investmen
Page 175 and 176:
TABLE F-43.—Bond yields and inter
Page 177 and 178:
TABLE F—44.—Short- and intermed
Page 179 and 180:
TABLE F-46.—Mortgage debt outstan
Page 181 and 182:
GOVERNMENT FINANCETABLE F—48.—U
Page 183 and 184:
TABLE F-50.—Federal budget receip
Page 185 and 186:
TABLE F-52.—Government cash recei
Page 187 and 188:
TABLE F—54.—Reconciliation of F
Page 189 and 190:
CORPORATE PROFITS AND FINANCETABLE
Page 191 and 192:
TABLE F-58.—Relation of profits a
Page 193 and 194:
TABLE F-59.—Sources and uses of c
Page 195 and 196:
TABLE F-61.—State and municipal a
Page 197 and 198:
Period19291930193119321933193419351
Page 199 and 200:
TABLE F-65.—Farm population, empl
Page 201 and 202:
TABLE F—67.—Indexes of prices r
Page 203 and 204:
TABLE F—70.—Selected indicators
Page 205 and 206:
TABLE F—72.—United States balan
Page 207 and 208:
TABLE F—73.—United States merch
Page 209:
TABLE F—75.—U. S. Government gr
show all

III

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?