III

More documents

Recommendations

Info

Financial Position of FarmersRealized gross farm income was 1 percent higher in 1957 than in 1956.However, higher cash receipts from livestock and an increase of nearly halfa billion dollars in Soil-Bank payments were not sufficient to counteract reductionsin crop marketings and increases in production expenses. Unusualweather conditions in the autumn lowered cash receipts from cotton, delayedmarketings of hogs to allow feeding of wet corn, and thus adverselyaffected farm income in the fourth quarter. Net realized farm income,while higher than in 1955, declined from $12.1 billion in 1956 to an estimated$12.0 billion in 1957. After adjustment for net change in inventories,net farm income was the same as in 1956.Most of the increase in total expenses was due to higher overhead costs—depreciation charges that reflect heavy capital investment in earlier years, taxpayments, and interest. More expensive feeder livestock, motor vehicles,and farm machinery contributed to a 4 percent rise in the index of pricespaid for all items (including interest, taxes, and wage rates) and held thestatutory parity ratio at its 1956 level.The over-all financial position of agriculture continues to show strength.The value of farm land per acre on November 1, 1957, was 7 percent higherthan a year earlier and one-fourth higher than in 1951. This was themain factor lifting the value of proprietors' equities to an estimated $168.4billion as of January 1, 1958, about 7 percent above the previous peak. Afurther rise in real estate debt also occurred, but the ratio of total liabilitiesto proprietors' equities declined. Relatively few farms are being offeredfor sale, and foreclosures in 1957 were below the relatively low rate in 1956.Efforts to enlarge existing holdings in the interest of improved efficiency,demands for rural home sites, and other nonfarm uses for farm land insome regions all lend strength to farm land values. To some extent, thesehigher land prices also reflect the capitalized value of Government programsto sustain farm income and prices.THE EXTENT OF THE OVER-ALL DECLINEThe decline in over-all economic activity that had taken place by the endof 1957 was moderate. The Nation's output of goods and services in thefourth quarter was less than. 1 J/i percent below the total reached in the thirdquarter. Nonagricultural employment in December, adjusted for seasonalchanges in the number of jobs, was about 2 percent below the summer peak,and personal income had declined by less than 1 percent.Final purchases of goods and services were, in the aggregate, virtuallyunchanged—only $1 billion less than in the third quarter—but inventories,which had been accumulating at the rate of $2 billion annually in the thirdquarter of the year, were being used up in the fourth quarter at the rate of$3 billion or more. Adjustments in inventory holdings, therefore, accountedfor most of the declines in production, employment, and income which developedtoward the year's end.38
Because of the high level of private investment expenditures and of Governmentpurchases, and the strength of consumer demand, labor incomedeclined by only 1 percent between the third and the fourth quarters of theyear. And since other forms of income, notably payments to individualsunder various income-maintenance programs, increased in the fourth quarter,total personal income fell even less than 1 percent. Personal incomeafter taxes fell by $2 billion in the fourth quarter, and personal consumptionexpenditures by $ 1 billion.Thus, the over-all decline has been moderate, despite rather sharp reductionsin inventories and in industrial production. Purchases of goodsand services for final use have been well sustained; incomes have held upwell; and the continuing high level of retail purchases attests to the confidenceof consumers in their economic position.39
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 and 44: CHART 10Interest Rates and Bond Yie
Page 45 and 46: CHART 11Indicators of Agricultural
Page 47: various forms. On dollar sales of w
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

Create successful ePaper yourself

Delete template?

Save as template?