The following text was automatically extracted from the image on this page using optical character recognition software:
INDEX OF TEXAS INDUSTRIAL PRODUCTION,
TOTAL MANUFACTURING
INDE X- ADJUST EO FOR SE ASONAL V ARI AT iON- 957-1959 . 00
0
15i
101
0
1953 '54 '55 '56 '57 '58 '59 '60 '6 6 6 6
volue lst n Apil.It s stll oo arlyto etemin
accuratel whetherthe redued volum oftelsw
monts idicaes chnge n te unerlingtren ofcon
DatE: fored reaisdalroso elieo oa uies saivy in the United States. m r
optimistic wthfr Thexas.dPredlnayestimtes bys twhe
Buraufth ess indicate ne that Maeyin salend roe 1.4-
tomanew mhgh for there sesal adjuestmed seakes The
preioseo all-tme highx wa icnmy Feray n h a
volmetopped etiss ir tby 0.7i.Whil te atioa
volume of consumer spending is slightly more favorable
than for Texas, it still does not indicate that the tax cut
has stimulated any substantial amount of consumer spend-
ing. Retail inventories, adjusted for seasonal variation,
were higher at the end of April than at any previous
time.
SELECTED BAROMETERS OF TEXAS BUSINESS
(1957-59=100)
Percent change
May 1964 May 1964
196 1964 1963 Apro1964 Mayro1963
Index
T eabusinessr aivty.... .. ..146.5 149.1 142.7r - 2
ings in S.W. district.. ... . .. .. ..77.1 79.6 79.7 - 3
Crude petroleum production .....101.8: 98.1* 96.3r + 4
Crude oil runs to stills. .. ... . .. ..116.0 113.7 106.5 + 2
Total electric power consumption 165.5* 163.01 149.4r + 2
Industrial power consumption ..150.6: 110.8: 134.6r -=
Bank debits ..........146.6 149.5 142.7 - 2
Ordinary life insurance sales . 143.7 117.1 143.7 - 9
Total retail sales. . .. ... . .. .. .. ..122.6: 118.1* 124.4r + 4
Nondurable-goodssales121 177:144
Urban building permits issued . .115.8 143.9 136.7 - 20
Residential. . .. ... . .. .. . .... ....110.4 117.0 133.3 - 6
Nonresidential . . 126.5 169.0 144.9 - 25
Total industrial production ......126: 124: 120r + 2
Manufactungempoym ent 0. 0. 162r
Total unemployment ...........90.4 91.4 104.9 -1
Insured unemployment . ....... 88.0 91.0 103.2 - 3
Average weekly earnings-
manufacturing .. .. . .. ... .. .. ..117.5: 118.1* 113.8r - 1
Average weekly hours--
manufacturing. . .. . ... .. .. .. ...102.2: 102.5* 102.Or **
Adjusted for seasonal variation.
1Preliminary.
rRevised.
**Change is less than one-half of 1%.
+ 3
- 3
+ 6
+ 9
+ 11
+ 12
+ 3
- 1
- 15
- 17
-- 13
+ 5
- 14
- 15
+ 3
INDEX OF TEXAS INDUSTRIAL PRODUCTION,
DURABLE MANUFACTURES
INDE X- ADJUST EO FOR SE ASONAL V ARiATION-19S7-1959. 00
50
00
'A
1953 '54 '55 '56 '57 '58 '59 '60 '61 '62 '63 '64
NOTE: Sh~add resndict peid fdcn fttlbsns aciiyi h Uie tts
Personal income for the United States rose 0.2% in
May, which is a somewhat smaller monthly increase than
has been maintained since last summer. All components of
nonagricultural income increased at approximately the
same rate, but farm proprietors' income declined slightly.
The general slowing down in the increase in personal in-
come probably is a factor in the slowing down in con--
sumer spending, as reflected in retail sales. No informa-
tion is available for personal income in Texas, but it
seems logical to assume that the trend in the state is
approximately the same as in the country as a whole.
Information on weekly earnings in manufacturing and
other selected industries in Texas represents the only
component of personal income for which information is
available, and this data is reasonably consistent with the
national trend in personal income. Average weekly earn-
ings for May increased from April in all but a few cate-
gories, but the overall increase in earnings was very small.
For the United States wages and salaries represent ap-
proximately two-thirds of total personal income, so the
information on weekly earnings in Texas gives a reason-
able basis for the conclusion that the slowing down in
retail sales is related to smaller increases in income.
The total number of persons in the labor force in Texas
increased from 3,739,200 in April to 3,762,900 in May,
with the number unemployed decreasing from 147,000 to
142,500. The number un employed in T exas in May rep-
resented 3.8% of the labor force, compared to 4.9% for
the United States. The total number of persons employed
in Texas in May increased 28,100, with employment in
agriculture accounting for 21,300, and in manufacturing
for 1,600.
The index of industrial production in the United States
increased for the eighth consecutive month, bringing the
index to 130.3% of the 1957-59 base. The increase was
widespread, with practically all major industry groups
contributing to the rise. The index of industrial produc-
tion in Texas, compiled by the Federal Reserve Bank of
Dallas, rose to an all-time high of 126 in May, 2% above
the A pril level and 5% above a year ago. This index has
been rising, although somewhat irregularly, with the re-
sult that the first five months of 1964 averaged 7% above
the same period in 1963. The mining component of the
index rose from 101 in A pril to 106 in May, reflecting
the improved condition of the oil industry. The manufac-
turing component rose from 141 to 142.
Industrial power consumption in Texas remained un-
changed in May but was 12% higher than a year earlier.
158 TEXAS BUSINESS REVIEW
158