Statement by the President Reviewing the Economic Gains of 1964.

1. JUST A YEAR AGO--in reviewing our economic progress--I pointed out five historic milestones we had reached in 1963. Today, we can look back down the road to see how far we moved beyond those milestones in 1964.

a. By this time a year ago, gross national product had passed the $600 billion mark-a $100 billion gain in 3 years of expansion,

Today, gross national product is more than $35 billion higher than a year ago-a 1 year gain as large as a year's total public and private expenditures on education.

b. By the end of 1963, weekly earnings in manufacturing had crossed the $100 mark.

Today, they are at $106.55 a week--$3.89 higher or nearly a 4 percent increase over a year ago, through longer hours and higher pay.

c. At its peak during 1963, civilian employment crossed the 70 million mark.

Today, and during the past year, civilian employment has been running 1.5 million above a year earlier--the largest gain in the current expansion.

d. In 1963, annual corporate profits had crossed the $50 billion mark before taxes and the $25 billion mark after taxes.

In 1964, corporate profits are estimated to have risen another $6 billion before taxes, and a healthy $5 billion after taxes.

e. 1. During 1963, plant and equipment outlays crossed the $40 billion mark.

By the end of 1964, they amounted to nearly $47 billion, a strong 13½ percent above a year earlier.

2. In the course of 1964, we passed some further milestones:

a. Total consumer buying passed $400 billion around midyear, after consumption spending per person had topped $2,000 at the start of the year;

b. Personal income crossed a half-trillion dollars in November; and

c. Most important of all, unemployment dipped below 5 percent twice during the year, and averaged exactly 5 percent in the whole quarter. You have to go back to the third quarter of 1957 to find a better record.

Today, there are new milestones to be seen and to be passed down the road. With the cooperation of labor and of business, we have good reason to believe that in this 48th consecutive month of unparalleled national prosperity, we can look to healthy and continued expansion.