Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-07-14
Initiation Increasing,
Committee Reports;
Prices 0utrun Income
By the Associated Press


A steadily increasing imitation
with at least one brake on high
prices due to loosen soon-was
reported today by a congress
sional Economic Committee.
The monthly economic indica-
tors" issued by the Senate House
Committee on the Economic Report
showed an increase in income for
Americans, but added that it hard
ly kept pace with the rise in con-
sumers' prices"
What's more, the July report said,
one of the big anchors on initiation
a large cash surplus in the Treasury
soon will be lost.
The Treasury took in from the
public, in the six months ended
June 30, a whopping $1,000 100000
more than it paid out. These are cash
transactions, not the conventional
bookkeeping budget figures. But
the next six months. the committee
warned, will bring a CLOSE balance"
between Government income and
outgo.
New Peaks Set in June.
The month of June saw economic
records topple on all sides. Prices
and employment figures reached new
peaks. and postwar highs were hit
bv profits, production and national
income. /
The report was compiled by
President Trumans Council OF .
Economic Advisers from figures sub .
mitted by Government agencies.
The council, headed by DR.. Edwin |
G. Nourse, will submit a midyear
economic report to the President /
later this month based on many of |
the same figures.
Consumer Index at Record High.
Following are summaries from the l
30 pages of charts, tables and COM
ment in economic indicators:
Prices:
The index of consumer prices
marched to an all-time record in 4
May, 10 per cent above 1910 figures.
Except for the February March
markets sag, the climb of retail |
prices and rents has not been in
terrupted for year and half.
Wholesale prices stood in early .
July at another all-time peak. Farm
and food wholesale prices mounted .
toward the high levels of last win
ter but the prices which farmers
had to pay edged up also.
Gross Production Above 1947.
Production:
The gross national productive
dollar value of all goods and serv-
ices produced-reached a rate of
SPAS, 100000, a year in the past
six months, $4,000, 100000 above the I
1947 rate.
Mine and factory output in June
was close to the peacetime peak
reached early in the year. New
construction, both public and pri-
vate hit its postwar top.
Income:
The national income rose slightly
In the April-June quarter. to an
estimated rate of S218,000000 900 a
year. The gain-about $1,000 00,-
O00-was wholly in business and
professional income. Wages. profits
and interest remained at or near
postwar record levels.
Profits Same, Credit Rising.
Profits:
The profits of corporations after
taxes rode along in f1rst-quarter
1948 at the same postwar record
volume achieved late last year
S19.70O000,000 annually.
Credit:
A rise in installment buying
boosted the total of consumer credit
outstanding to a postwar peak of
S13,8OO,o0o,00
Jobs:
Civilian employment in June
reached the new record of 1926, 900.
Adding the armed forces to that
figure, the total employed still was
1.15O,OOO below the top wartime
average Of 1914, when war plants
were going full blast and 100000
Americans we're in military service.
A further employment rise is due
this month as additional students
find vacation jobs and seasonal
activities such as farming. canning
and construction work reach their
height.
Sales:
Department store sales during
May rose more than seasonally, but
retail sales in general were slightly
under April. The inventories of
manufacturers and wholesalers rose
SnQhtly