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Economic IndicatorsAPRIL 1950
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1950
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JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
JOSEPH C. O'MAHONEY, Wyoming, Chairman
EDWARD J. HART, New Jersey, Viet Chairman
FRANCIS J. MYERS, Pennsylvania WRIGHT PATMAN, Texas
JOHN J. SPARKMAN, Alabama WALTER B, HUBER, Ohio
PAUL H. DOUGLAS, Illinois FRANK BUCHANAN, Pennsylvania
ROBERT A. TAFT, Ohio JESSE P. WOLCOTT, Michigan
RALPH E. FLANDERS, Vermont ROBERT F. RICH, Pennsylvania
ARTHUR V. WATKINS, Utah CHRISTIAN A. HERTER, Massachusetts
THEODOBE J. KEEPS, Staff DirectorGROVER W. ENSUSY, Associate Staff Director
JOHN W. LEHMAN, Clerk
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. J. Res. 55]
To print the monthly publication entitled "Economic Indicators*7
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Committee on the EconomReport be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish 01copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of tlHouse of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the JoiiCommittee on the Economic Report; and the required number of copies to the Superintendent of Documents for distribution to depositolibraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
To the Members of Congress:From the time the Joint Committee on the Economic Report was established its members realized that one of i
basic needs was a concise and meaningful picture of current economic trends and developments.Fortunately, the joint committee found that Economic Indicators, a set of basic charts and tables compiled month
by the Council of Economic Advisers, admirably filled this need. While this material was prepared originally for tuse of the President, the Council, and other officials in the executive offices, the Council made it available to the joicommittee.
Other Members of Congress also expressed an interest in being able to obtain a quick picture of current econonfacts without having to go through voluminous and specialized documents. In addition businessmen, farm leadelabor organizations, and representatives of the press and radio indicated their desire for this information.
Accordingly, the joint committee provided the Congress and the public with a limited number of copiesEconomic Indicators as a committee print pending final action on authorizing the publication on a more permanent basAs is indicated above such legislation has now been passed and the committee will issue the report on a regular montlbasis.
Comments or suggestions with respect to possible improvements in this presentation will always be welcome
ti.s.s./
Chairman, Joint Committee on the Economic Report
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Letter o£ Transmittal
Hon. JOSEPH C. O'MAHONEY, Chairman,Joint Committee on the Economic Report,
United States Congress, Washington, D. C.
DEAR SENATOR: The Council of Economic Advisers is happy to cooperate with theJoint Committee on the Economic Report in making Economic Indicators available to theCongress as a whole and to the general public, in accordance with Public Law 120, Eighty-first Congress.
In carrying out its mandate under the Employment Act of 1946, the Council has foundit desirable to bring together in concise and graphic form the most important facts showingcurrent trends in the Nation's economy. Thus the Executive Office is in a better positionto point up the key problems of national economic policy and to promote the improvementand coordination of the Federal Government's widespread statistical services.
In this undertaking the Council has the full cooperation of the several agencies of theFederal Government that collect statistical material. In many cases these agencies supplyadvance estimates for use in Economic Indicators. While the charts are drawn through thecourtesy of the Graphics Unit in the Office of the Secretary of Commerce, the Council takescomplete responsibility for the graphic presentation.
This material has proven useful to the President, the Council, the executive depart-ments, and the Congress. Furthermore, its usefulness to the general public has been im-pressed upon us, particularly by the representatives of business, labor, agriculture, andconsumer organizations with whom we regularly consult.
We believe that the Congress is performing a service of real value by making thismaterial available.
Sincerely yours,
Chairman.
0/
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ContentsTHE TOTAL OUTPUT OF THE ECONOMY
PageThe Nation's Economic Budget 1Gross National Product 2
PRICESConsumers' Prices 3Wholesale Prices 4Prices Received and Paid by Farmers 5Stock Prices 6
EMPLOYMENTLabor Force 7Nonagricultural Employment—Selected Industries 8Average Weekly Hours—Selected Industries 9Work Stoppages 10
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production 11Weekly Production—Selected Indicators 12Production of Selected Manufactures 13New Construction 14New Housing Starts 15Expenditures for New Plant and Equipment 16New Corporate Security Issues 17Inventories and Sales 18Merchandise Exports and Imports 19
PURCHASING POWERNational Income 20Corporate Profits 21Personal Income 22Consumer Income, Spending, and Saving 23Personal Consumption Expenditures 24Per Capita Income 25Average Hourly Earnings—Selected Industries 26Average Weekly Earnings—Selected Industries 27Farm Income 28Consumer Credit 29
MONEY, BANKING, AND FEDERAL FINANCEBank Loans and Investments 30Money Supply 31Federal Cash Receipts From and Payments to the Public 32
IV
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THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC BUDGETThe peak rate of residential construction and continued high expenditures for consumer durable goodsstimulated economic activity during 1st quarter I960. The payment of the National Service Life Insurancedividend to veterans resulted in a sharp rise in consumer disposable income, most of which was notspent during 1 st quarter.
1949 9 4th QuarterTOTAL (Gross National Product)
(BILLIONS OF DOLLARS)" EXCESS OFEXPENDITURES (-), RECEIPTS (+)
CONSUMERS Transfer paymentsI/- O -f
BUSINESS
INTERNATIONAL
GOVERNMENT (Federal, state, and local)
57.4
SO. 2
^Transfer payments -
T-^*:-:'̂ ! CON-•i-:;:::i:::i SUMER>:;-:£fr:l SAVING
EXCESS OFINVESTMENT
\ EXCESS OF•\ RECEIPTS
CASHDEFICIT
I960, 1st Quarter (BILLIONS OF DOLLARS)-^TOTAL (Gross National Product)
CONSUMERS
BUSINESS
INTERNATIONAL
- 2.0
GOVERNMENT (Federal, state and local)
57.4
Transfer p'ayments
:i:|:ii:Sii|i!:!i!il SUMEI::::;:-:;:::::-;::::::l SAVth
IMERNG
EXCESS OFINVESTMENT
EXCESS OFRECEIPTS
CASHDEFICIT
MHWCI SPl ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1950, APPENDIX A COUNCIL OF ECONOMIC ADVISERS
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GROSS NATIONAL PRODUCTGross notional product—the market value of the Nation's output of goods and services—in 1st quarter of1950 was about I percent above 4th quarter of 1949, according to preliminary data. Personal consumptionexpenditures and gross private domestic investment accounted for most of the increase.
BILLIONS OF DOLLARS300
-50
ANNUAL TOTALS
GROSS NATIONAL PRODUCT
ANNUAL RATES, SEASONALLY ADJUSTED
PERSONAL CONSUMPTION EXPENDITURES
BILLIONS OP DOLLARS300
250
200
GROSS PRIVATE DOMESTIC INVESTMENT
«••*******0V***«>^>v « • -̂ —
GOVERNMENT PURCHASES OF GOODS AND SERVICES
\'NET FOREIGN INVESTMENT
I I I 1 1 I I I I I 1 I
150
100
50
40 42 44 46 48 3 4
1947
I* 2 3
19482 3 4
1949I 2
1950
[Billions of dollars]
Period
193919441946 _1947 __ _ . _ _1948-.- _ _ _ ._ _ _ _ _ _ _ _1949
1948: Third quarterFourth quarter
1949: First quarterSecond quarterThird quarter _ _Fourth quarter
1 950 : First quarter l
Total grossnationalproduct
91. 3213. 7212. 6235. 7262.4257. 4
Personalconsump-
tion expen-ditures
67. 5111. 6147. 8166. 9178. 8179.4
Gross privatedomestic
investment
9.97. 7
29. 531, 145. 034. 7
Net foreigninvestment
0.92 14 78. 91. 90
Governmentpurchases ofgoods andservices
13. 196. 530. 728. 836. 743. 4
Annual rates, seasonally adjusted
266. 5270. 3
262. 0257. 9254. 6255.2
258. 0
180. 3180. 9
178. 7179. 3179. 7179.8
181.0
47. 148.0
40. 033. 232. 133. 7
35.0
-0. 11.0
1. 01.2
-.3-2.0
-2.0
39.240.3
42. 344. 243. 243.7
44.0
1 Estimates by Council of Economic Advisers; based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
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PRICES
220
200
180
160
140
120
100
80
0
CONSUMERS' PRICESConsumers' prices continued to decline slightly in February. A drop in food prices and a slight decrease inapparel prices were partially offset by increases in rent and prices of housefurrrishings, fuel, electricityand refrigeration.
PERCENT OF 1935-39 AVERAGE PERCENT OF 1935-39 AVERAGf
MONTHLY AVERAGE
AF O O D * . / /\
//
1 /APPAREL*. // 1
/ ^^X^ALL ITEMS
If RENTV^X^
*^^
^'
* — v-» ^x-1 1 1 1 1 1 1 1 1 1
939 40 41 42 43 44 45 46 47 48 49
SOURCE; DEPARTMENT OF LABOR
vXX
' '
-̂̂ ~^
_^^-»-«^r-»~» • • •-»— *-*"̂
I ' ' ' ' ' ' ' ' ' '
S^ V
">
A , , T - -^-^-^-*-*-»-*-
1 1 I i I 1 I I 1 I 1
**^»
"• i
"•»»
-«— •*
I 1 1 1 1 1 1 1 1 1 1
1948 1949 1950
COUNCIL OF ECONOMIC ADVISERS
•
220
200
180
160
140
120
100
80
0
[1935-39=100]
Period
1940 monthly average ...1941 monthly average „•1942 monthly average1943 monthly average1944 monthly average . . ..1945 monthly average .1946 monthly average .1947 monthly average ..1948 monthly average .1949 monthly average1949: January 15 _ .
February 15March 15...April 15_May 15June 15July 15August 15 . » „September 15_ .October 15November 15 . _ .December 15
1950: January 15 -February 15 —
All items
100. 2105. 2116. 5123 6125. 5128. 4139. 3159. 2171. 2169. 1170. 9169. 0169. 5169.7169. 2169. 6168. 5168. 8169. 6168. 5168. 6167 5166. 9166. 5
Food
96. 6105. 5123. 9138 0136. 1139. 1159. 6193. 8210. 2201. 9204. 8199. 7201. 6202. 8202.4204. 3201. 7202. 6204. 2200. 6200. 8197. 3196. 0194. 8
Apparel
101. 7106. 3124. 2129. 7138. 8145. 9160. 2185. 8198.0190. 1196. 5195. 1193. 9192. 5191. 3190. 3188. 5187.4187. 2186. 8186. 3185. 8185. 0184. 8
Rent
104. 6106. 2108. 5108. 0108. 2108. 3108. 6111. 2117. 4120. 8119. 7119. 9120. 1120. 3120.4120. 6120. 7120. 8121. 2121. 5122. 0122. 2122. 6122. 8
Fuel, elec-tricity, andrefrigeration
99.7102. 2105.4107. 7109. 8110. 3112. 4121. 1133. 9137. 5138.2138. 8138. 9137.4135.4135. 6135. 6135. 8137.0138.4139. 1139. 7140. 0140.3
House fur-nishings
100.5107.3122.2125.6136.4145.8159.2184.4195.8189.0196.5195.6193.8191.9189.5187.3186.8184.8185.6185.2185.4185.4184.7185.3
Miscellane-ous
101.11040110.9115.8121.3124.1128.8139.9149.9154.6154.1154. 1154.4154. 6154.5154. 2154.3154.8155. 2155.2154. 9155. 5155. 1155. 1
NOTE,—Prices are for moderate-income families in large cities.Source: Department of Labor.
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WHOLESALE PRICESIndustrial prices continued during March the stability which has characterized them since last June. Moderatechanges in farm and food prices left them somewhat lower at the end of the month.
PERCENT OF 1926 AVERAGE200
180
160
140
OTHER THAN FARMPRODUCTS AND FOODS
•(INDUSTRIAL)
120
120 (—
100
PERCENT OF 1926 AVERAGEEtO
200
ISO
160
140
120
too
0 1 IL I i I I i I i } i I | | i i I lj i i i t I 1 i l l i t i i i . i i I i j i i i I i I i I i I i i i l l I.; ) i i i 1 i i i i I I I i l l i I i I I i j I i i i 1 , 1 [ [ i I ' i 1 ' \ I I L I • > - ' -i < I 1 i I i I I.J 01942 1943 1944 1945 1946 1947 1948 1949 1950
LATEST DATA PLOTTED ; MONTHLY - MARCHW E E K L Y - MARCH 28
SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS
[1926=100]
Period
1942 monthly average1946 monthly average - _
June _ _ _ .. .1947 monthly average-1948 monthly average1949 monthly average „1949: February
Mareh__ .AprilMay ,JuneJulyAugustSeptember-October . „ _NovemberDecember _ _
1950: JanuaryFebruaryMarch 1
Week ended:1950: February 28
March 7 _14 _ _. . .2128
April 4 _ . - _
All com-modities
98. 8121. 1112. 9152. 1165. 1155.0158. 1158.4156. 9155. 7154. 5153 5152. 9153. 6152. 2151. 6151. 2151 5152 7152. 5
152. 6152. 0152. 0151. 7152. 1152. 0
Farm prod-ucts
105 9148. 9140. 1181.2188. 3165. 6168. 3171. 5170. 5171. 2168. 8166. 2162. 3163. 1159. 6156. 8154. 9154 7159. 1158. 8
159. 4158. 0159. 2157. 4158. 5157. 6
Foods
99 6130 7112. 9168. 7179. 1
•161. 6161. 5162. 9162. 9163. 8162.4161 3160 6162.0159. 6158.9155.8154. 8156 8155. 2
157. 8156. 0155. 5155. 2155. 9155. 7
Other thanfarm prod-
ucts and foods
95 5109. 5105. 6135. 2151.0147. 3151. 8150.7148.9146.8145.6145 0145. 0145. 3145. 0144. 9145. 5145. 8145. 9146. 0
145.4145.4145.2145.4145. 6145.6
1 Estimate based on change in weekly data.Source: Department of Labor.
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PRICES RECEIVED AND PAID BY FARMERSPrices paid by farmers rose from February 15 to March 15, reflecting increases in commodities used inproduction, especially feeder livestock. A sharp drop in truck-crop prices and a seasonal decrease indairy products were offset by increases in most other groups, so that the prices received index wasunchanged and the parity ratio fell I percent.
PERCENT OF 1910-14 AVERAGE
350
300
150
too ^^
PRICES RECEIVED
PRICES PAID(INCL. INTEREST, TAXES
AND WAGE RATES)
PARITY RATIO*
PERCENT OF I9IOH4 AVERAGE
350
300
250
200
ISO
100
50
1939 40 41 42 43 44 45 46 47 48 49
M I I I I I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I IJ F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
1948 1949 I960
#• RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE
[1910-14= 100]
PricesPeriod received
by farmers
1939 monthly average „ 951942 monthly average 1581944 monthly average 2 1961945 monthly average 2 2061946 monthly average _ 2 2341947 monthly average 2751948 monthly average 2851949 monthly average 249
1949: February 15 255March 15 258April 15 256May 15.._. _ _ 253June 15 249July 15 246August 15 244September 15 _ 247October 15 242November 15 237December 15 233
1950: January 15 235February 15_ _ 237March 15 _ 237
COUNCIL ECONOMIC ADVISERS
Prices paid byfarmers (includ-
ing interest,taxes, and
wage rates)
123152182189207240259250
252255254253252250249248246245246
249248250
Parity ratio l
77104108109113115110100
10110110110099
100989795
949695
1 Ratio of index of prices received to index of prices paid, interest, taxes, and wage rates.2 Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat
between October 1943 and June 1946.Source: Department of Agriculture.
64907—50
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STOCK PRICESWith the stock market continuing strong during March, most stock prices were higher than at any time sincethe 1946 peak.
PERCENT OF 1935-39 AVERAGE175
150
1 2 5
100
75
50
WEEKLY AVERAGE
\_^_
J I I 1 I t I I 1 I
INDUSTRIALS
.
UTILITIES
WEEKLY AVERAGE
COMPOSITE INDEX
1 1 1 1 1
PERCENT OF 1935-39 AVERAGE175
i i i t i l i i i i
150
125
100
75
50
1939 40 41 42 43 44 45 46 47 48 49 J F M A M J J A S O N D
1943
J F M A M J J A S O N
1949M A M J J A S O N
I960
SOURCE: STANDARD AND POOR'S CORPORATION COUNCIL Of CCOWOMIC ADVISERS
[1935-39=100]
Period
Weeklv average:1939 -_ _ '19421946_1948-19491949:
1950:
Week end1950:
FebruaryMarchApril. _May _ _JuneJulyAugust _ _ _SeptemberOctoberNovemberDecemberJanuarvFebruary _ ^ _ _ _ _March _
ed:March 1
815 „_22 _ __ ___29
April 5
Combinedindex l
94. 269. 4
139. 9124.4121. 3117. 2118. 0118. 5117. 7112.0117. 8121. 8123. 8127. 3129. 1132. 7135. 1136. 6138. 8
137.4137. 6139. 1140.4139.5140. 6
Industrials
94. 871. 3
143. 4130. 6127. 5122. 7123. 7124. 2123. 5117.0123.8128. 0130. 3134. 4136. 5140. 3142. 6144.4146. 5
145.0145.2146. 8148. 2147. 3148.6
Railroads
74.766. 1
143.0114. 796.499. 697.497. 195. 888.490. 694.295. 197. 696.2
101.0107. 8107.2108. 5
108.6108.2109. 7108. 6107. 5
• 108. 7
Utilities
98. 661. 3
120. 296. 297. 594. 495. 396. 195. 393.095. 498. 5
100. 0101.2102.6104. 1105.8107.4109. 6
108.2108. 8109. 6111. 0110.3110.9
1 Combined index prior to June 23, 1948, was based on 402 common stocks, and included 354 industrials,20 railroads, and 28 utilities; thereafter, 416 common stocks are represented, with 365 industrials, 20 railroads,and 31 utilities.
Source: Standard & Poor's Corporation.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENTLABOR FORCEUnemployment in March declined by more than 550,000. Agricultural employment increasedseasonally by about 450,000. Employment in nonagricultural industries also increased seasonally.
MILLIONS OF PERSONS MILLIONS OF PERSONS
60
50
40
30
20
10
0
iy;. ..!' ,'ui
•I
•
-
~
1
m
* ''•
••
"'*/•
sffi
9/,
— -9,9*
«. - •
-,-.
M
9
_
_
-
-
UNEMPLOYMENT TOTAL\ LABOR FORCE
.̂ ivXTX !̂*̂ ^^ \ ^^-^^
1 -- ; - -
.
_ ' '
NONAGR
• • : ;
• ;
i i i i i 1 i t i i I
CULTURAL EMPLOYMENT
\ \^\ t " 4 I f I I I I
x'̂ ^x-x-x' —
•
.
; -
'." " ' ;
' - • ' ]
1 1 I 1 1 1 1 1 1 I 1
70
60
50
4O
30
20
10
n
PERCENT PERCENT20
15
10
5
0
ii iMc-R/ im /~>va*rrMT DCTD^CTMT r\c T A T A i I A Q A D crnorc
-
--
fx'::>>:-:JI.Y.V.Y.vl fTTTTTTl l.v.v.v.-J1. ....... .•! 1. . ..-.-. . ,\ [-:•:•:•>»:}
-
^_^--~— -^^^^^WWil̂ ^
1939 1944 1947 1948 1949
MONTHLY AVERAGE " '948
•Xv^\v>>i-x%\tv>>;l>>>;l>;\-:1>>x^-:v>:lv>>>}:v:\'t<v>t-x\%\|v>xt-xxi->. 1 1 1 1 1 1 1 I. _ _ , ) _ . . , .
20
15
10
5
0, , . . » , , . . 0 . D | , „ . . . , , . S 0 . „
1949 1950
Period
1939 monthly average1944 monthly average1947 monthly average1948 monthly average.- _ _1949 monthly average
1949: FebruaryMarchAprilMay _ _ _ _t. "jJuneJuly „AugustSeptemberOctoberNovemberDecember
1950: JanuaryFebruaryMarch
Total laborforce, in-cludingarmedforces
Civilian employment 1
TotalIn non-
agriculturalindustries
In agri-culture
Armedforces
Unemploy-ment
Thousands of persons 14 years of age and over
55, 60065, 89061, 60862, 74863, 571
61, 89662, 30562, 32763, 45264, 86665, 27865, 10564, 22264, 02164, 36363, 47562, 83563, 00363, 021
45, 75053, 96058, 02759, 37858, 710
57, 16857, 64757, 81958, 69459, 61959, 72059, 94759,41159, 00159, 51858, 55656, 94756, 95357, 551
36, 14045, 01049, 76151, 40550, 684
50, 17450, 25449, 99949, 72049, 92450, 07351, 44151, 25451, 29051, 64051, 78350, 74950, 73050, 877
9, 6108,9508,2667,9738,026
6,9937, 3937,8208,9749,6969, 6478,5078, 1587,7107,8786,7736, 1986, 2236,675
37011, 2601,4401,3071,466
1,5081,4911,4921,4691,4681,4631,4681,4591,4451, 4361, 4301,4081, 3661,346
9,480670
2, 1422,0643,395
3, 2213, 1673,0163,2893,7784,0953, 6893, 3513,5763,4093,4894,4804,6844,123
Unemploy-ment as
percent oftotal labor
force
17. 11.03.53. 35.3
5.25. 14. 85. 25. 86. 35.75. 25. 65. 35. 57. 17. 46. 5
1 Includes part-time workers and those who had jobs but were not at work for such reasons as vacation, illness, bad weather,temporary lay-off, and industrial disputes.
NOTE.—Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MILLAND9.0
8.5
8.0
7.5
7,0
0
3,0
2.5
2.0
1.5
1.0
0
NONAGRICULTURAL EMEmployment In February was slightly lower in durable rremployment was seriously affected by the coal strike,increase in nondurable manufacturing and the decrease
IONS OF WAGESALARY WORKERS
DURABLE MANUFACTURING
1947^
<>^^-— ̂ JIcL~"~' """--v^ __f^ ..~-^"*"
i..
1949 ^̂ "̂ N^
r- ^~\-- \̂ /•Elsfrl \ ^/
"~" 1 1 1 1 1 1 1 1 1 1 1 '==L
U F M A M J J A S O N ' D
CONTRACT CONSTRUCTION
*-o»-I948X^^£^ ^^^ "̂̂ ^
/isp 1949 ' ̂ ^*~^. — - ""--^il<^^>^~
1947
~~"" 1 1 1 1 1 1 1 1 1 1 1
J F M A M J J A S O N D
SOURCE: DEPARTMENT OF LABOR
[PLCiqnufactSeason
n trade
MILLIAND J8.0
7.5
7.0
6.5
6.0
0
10.5
10.0
9.5
9,0
8.5
0
)YMENT - SELECTED INDUSTRIESuring because of the auto strike. Miningal factors accounted for the employmentand construction.
ONS OF WAGESALARY WORKERS
NONDURABLE MANUFACTURING
1948 j^^^^o^"" Q" •- ""<<o~««,fmm<. • •• • """""_ JMX*/^IX* " " ^**0^^--- -
m, ,9J9 -
~ 1 1 1 1 1 1 I I 1 1 1 ~J F M A M J J A, S 0 N D
TRADE
//•j/'
,3,3 ^ ̂ /
plsftp . '
—r*>~*~
1947
~~ 1 I 1 1 I 1 ! 1 1 1 1 ~~1J F M A M J J A S O N O
[Thousands of wage and salary workers l]
Period
9 monthly average3 monthly average6 monthly average7 monthly average _ _ _ ~ _8 monthly average _ . « _ _ _9 monthly average 3 ._9: January - -
February^ , . ._March - „ _ _ _ _ . .April. - . ^ _ ^ _MayJune : ,JulyAugustSeptemberOctoberNovemberDecember 3
>0* January 3
February 3
Manufacturing
Total
10, 07817, 38114, 46115, 24715, 28614, 14714, 78214, 64914, 47514, 17713, 87713, 88413, 75714, 11414, 31213, 89213, 80714, 03313, 99714, 016
Durablegoods
(2)(2)(2)8,3738,3157,4658,0447,9237,8197,6567,4417,3927,2557,3027,4096,9867,0507,3007,3547,344
Nondur-able goods
(2)(2)(2)6,8746,9706,6826,7386,7266,6566,5216,4366,4926,5026,8126, 9036,9066,7576,7336, 6436,672
Contractconstruc-
tion
1, 1501,5671,6611,9822,1652, 1562,0161, 9261,9472,0362, 1372,2052, 2772,3402,3412,3132, 2442,0881,9141,829
Trade
6,7057,3228,8159, 1969,4919,4389,3889,2929,3109,4789,3429, 3369,2209,2139,4099, 5059,607
10, 1549,2669, 178
Financeand
service
4,6105, 1875,9946,4276,5156,5446,4546,4476,4696,5256,5676,6086,6316,6166,6046,5616,5346,5066,4736,476
Government(Federal,
State, local)
3,9876,0495,6075,4545,6135,8115,7645,7375,7615,7755,8135,8035,7385,7635,8935,8665,7836,0415,7775, 742
Transporta-tion andpublicutilities
2,9123,6194,0234, 1224, 1513,9794,0544,0243,9753,9914,0214,0314,0073,9923,9593, 8713,8923,9343,8733,835
Mining
845917852943981932991986981984974968943956948593917940858617
1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked or received pay during the pay period endingirest the 1 5th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this
>prietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; andich are based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
3 Not available.* Preliminary estimate. Source: Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1
HOUF
42
40
38
36
34
0
42
40
38
36
34
0
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
"he workweek in February was almost stable in both durable and nondurable manufacturing industries.
*S PER WEEK HOURS PER WEEK
DURABLE MANUFACTURING
-~vy l̂
M M I 1 1 1 1 i
N \̂A^V
1 J 1 1 1 1 1 1 1 1 1
Vv/V
JJI J l l l l 1 IL 1 1 1 II ] 1 U_LI_
1947 1948 1949 I960
BUILDING CONSTRUCTION
*
*,,.
^~M\
ILJI.LLJ.LLL1947 1948
\
,
f
t i i i i i i i i t l
1949 1950
42
40
38
36
34
0
42
40
38
36
34
„:
NONDURABLE MANUFACTURING
. .
1 1 1 ! 1 1 1 1 1 1 1
V-
1 1 1 1 1 1 1 i i 1 1
. S*~h\XV
1 1 ! 1 1 1 1 1 I 1 I
*«•
1 I I 1 1 1 1 1 I I 1
1947 1948 1949 1950
RETAIL TRADE
—TVs*. — /\ ,*_/V/r
i i i i i 1 t i i i i
^r-
1 1 I i I 1 1 1 1 1 11947 1948
SOURCE: DEPARTMENT OF LABOR
1 1 1 1 1 1 | 1 1 1 1 i i i i i 1 i i i l i1949 I95O
[Hours per week, selected industries l]
Period
1939 monthly average1943 monthly average1946 monthly average1947 monthly average.1948 monthly average.1949 monthly average 3
1948: December1949: January . _
FebruaryMarchAprilMay . _ _ -June. _JulyAugustSftptem her - . -. ~OctoberNovemberDecember s
1950 : January 3
February 3
Total
37. 744 940 440 440. 139. 240. 139. 539. 439. 138.438 638 838. 839. 139 639 739 139 939. 739.7
Manufacturing
Durablegoods
(2)(2)
(2)
40 640. 539. 540 740. 139. 939. 539. 039 039 238 839. 339 639 939 040 140 040. 1
r
Nondurablegoods
(2)(2)
(2)
40 139 638. 839 338. 738. 838. 637. 638 138 538 738. 939 639 639 339. 539. 339.4
T>. •! J-.tsuilaingconstruction
(3)M(2)(2)
37 336 637 837 036 536. 136. 437 237 137 137.236 536 936 135 834 8
(2)
Retail trade
(2)
M?2)
40 340 340 440 440 240 240 140 240 340 540 940 940 540 440 140- 740 4
(2)1 For production and related workers.1 Not available.1 Preliminary estimate.Source: Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WORK STOPPAGESDue primarily to the work stoppage in the coal mining and automobile industries, man-days of idleness jumpedfrom 2.6 million in January to 7.8 million in February.
MILLIONS OF MAN-DAYS IDLE MILLIONS OF MAN-DAYS IDLE20
15
MONTHLY AVERAGE
1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949
SOURCE: DEPARTMENT OF LABOR.
Period
19391941... .194219431944 . . . . . . .19451946 ,1947104819491949: January
FebruaryMarch _ „April _ _ _May _ __ ......JuneJulyAugustSeptemberOctober.NovemberDecember
1950: January ^February l _
Man-days of idlenessduring period
Monthlyaverage
(thousands)
1,4831,917
3481,125
7273,1669,6672,8832,8424,208
726675
3,4601, 8803,4304,4702,3502, 1406, 270
17, 5006,2701, 350
2, 6007,850
Percent ofestimated
working time
0. 28.32.05. 15.09.47
1.43.41. 37.59. 10. 10.45.27. 49. 61.35. 27. 87
2.49.93. 19
. 381. 27
Workers involved instoppages
Beginningin
period(thousands)
1, 1702,360
8401,9802, 1203,4704,6002, 1701, 9603,030
7778
490160231572110134507570-5746
18575
In effectduringmonth
(thousands)
100106520208309673249232603977914417
300515
Number of stoppages
Beginningin
period
2,6134,2882,9683,7524,9564,7504,9853,6933,4193,606
275239289360449377343365287256197170
225210
In effectduringmonth
382369436531678632603643536475388323
340325
1 Preliminary estimate. Source: Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTIONThe upward trend in industrial production, which started last November, was interrupted in February by workstoppages. But preliminary March data indicate recovery in the total index in spite of a small drop innondurable manufacturing output.
PERCENT OF 1935-39 AVERAGE400
300
200
100
i I I I J I i I
PERCENT OF 1935-39 AVERAGE400
300
200
100
1939 40 41 42 43 44 45 46 47 48 49
1948 1949 1950
* PRELIMINARY ESTIMATE
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[1935-39=100, seasonally adjusted]
Period
1943 monthly average1946 monthly average1947 monthly average1948 monthly average1949 monthly average -1949" January
FebruaryMarchAprilMay - -JuneJuly _ _ _ __August _SeptemberOctober. _NovemberDecember
1950: Januarv _ _February l
March 1
Totalindustrialproduction
239170187192176191189184179174169161170174166173179183180184
I
Total
258177194198183198196193184179176168177184176179188193191192
Manufacture
Durablegoods
360192220225202227225223212201194185193199175181203209207210
s
Nondura-ble goods
176165172177168175173168162161161154165173177177176179179177
Minerals
132134149155135149149136148145133123129119112141132130118142
1 Preliminary estimate.Source; Boajrd of Governors of the Federal Reserve System.
11Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
M i l3
2
1
O
M I L L3.0
2.0
I.O
0
WEEKLY PRODUCTION -Steel ingot production rose sharply in March. Electric povcoal mining returned to regular operations. Automobilesthan in February but below the January peak rates.
-LIONS OF TONS
STEEL
,S49~Y 1 /
uI I 1 1 1 1 1 1 1 I
J F M A M J J A S O N D
ONS OF SHORT TONS
BITUMINOUS COAL
1948^^ «
1949 Jj / 1 'N 1 L
" lEELj, / 1 ^^ 1
^ r K 1 •Uu i! \ '
j F M A M J J A S O N D
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, EDISON ELECTRIC INSTITUTE, DEPA
SEver prowere b
BILL7.0
6.0
5.O
0
THOU•ISO
120
BO
O
RTMENT 0
LECTED INDICATORSduction continued at peak rates. Bituminouseing assembled at a somewhat higher rate
ONS OF KILOWATT HOURS
ELECTRIC POWER
J 194
s
v^^»^
^
<n/ v V
SANDS
1 1 1F M A
i i iIi J J
CARS AND TRUCKS A
~ l\ IE33 A i V~
Y 7A Mlr^A, \
I1
,/K '/ ,948 S \
1 1 1
y-II
i i i0 F M A M 0 0
F THE INTERIOR, WARD'S AUTOMOTIVE REPORTS.
Steel
PeriodThousands of Percent of
net tons capacity '
Weeklv average:1947 1, 6281948 1, 6951949 1, 493
Week ended:1949: March 5 . 1,853
12 1, 86919 . 1,88026 1, 864
April 2 . 1,8409 ... 1, 821
1950: March 4 - - 1,40511 1,40118 1,71225 1, 821
April 1 1.843
93.094. 181.0
100. 5101.4102. 0101. 199 898.8
73.773. 589-895.596. 7
Electric power,by utilities(millions of
kilowatt-hours)
4,8215,3005,500
5,5525,5315,4965, 4045,3785,360
5,8795,9376,0155,993
3 5, 912
Bituminouscoal
(thousands ofshort tons) !
2,0581,9481,418
1,7691,780
498405
1,9871,909
5132,2002, 2332,085
3 2, 165
I I I IA S 0 N D
.N
'V ^
Ti i i i
A S O N D
COUNCIL OF ECONOMIC ADVISERS
Cars andtrucks
(number)
90, 860100, 670120, 800
113, 317109, 101115, 671115, 168113, 784126, 165
116, 869118,459128, 056133, 897
3 132, 877
1 Based on weekly net ton capacity of 1,749,928 for 1947, 1,802,476 for 1948, 1,843,516 for 1949,and 1, 906,268 for 1950.3 Daily average for week.3 Data became available after chart was prepared.Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Auto-
motive Reports.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
]F1c
PERCI250
800
150
100
0
350
300
250
200
150
100
0
OF^reduction of most durable goods except iron and sfhe largest increases were in machinery and lumber;ontinued at high rates reached last fall.
INT OF 1935-39 AVERAGE
IRON A
/~\ A/Y/ / S*-. ^""-LUMBI f \ f
V x'
sID
ER
STEEL
-*\ r</
\̂'*«»''**'*•*
AND PRODUCTS"
L J L_ 'i r i i i i i i i i T~I MI i 1 1 1 1 1 1 1 1
r\ ,» I |A
x-vf1 I 1 i 1 1 I 1 1 1 1
fX
jV*
1 1 1 1 1 1 i 1 1 if
n•">K; \ v \/ \j \,>\/ /•' \
J NONFERROUS
~"1 1 1 I 1 i 1 | | f~~
H NERYv
METALS AND PROD
LLm 1 1 1 1 1 1 1 1 1
KV,), r'
/ \ 1JCTS V
I 1 1 M 1 i 1 1 1 I
J
f
1 1 1 1 1 1 1 1 1 rr40 42 44 46 48 1948 1949 I960
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
JFEreel and
and pr<
PERCI250
200
150
100
0
350
300
250
200
150
100
0
D MANUFACTUREStransportation equipment increased in February.
Dducts. Output of most nondurable industries
ENT OF 1935-39 AVERAGE
1 \ PETROLEi V «
\ >'*•1 Vi V
r^J^\/ 4 "̂"A. *I/ ^-TEXTILE
/""i i i i i i i i i r~i
UNOC
5
AND COALv^)UCTS ^r--.̂ v
^v>iND PRODUCTS
"77 1 l 1 1 i l l 1 1
\A/
A /•
V
1 1 1 1 1 i 1 1 1 1 1
hl
•s
mi M i nFr
|304\
1 1
1 \
1 » c*.
; \ ̂I V \iijiii1 ****
CAL PRODUCTS
^^s*f — p-
— «s^s^i y^~\^ s1 S ^MANUFACTURED FOOD/ S PRODUCTS
" JLL J Lr~7 i i i i i i i i i i rTi 1 1 1 1 1 1 1 1 1
40 42 44 46 48 1948
x/
^— ̂ x-x.
1 I I i 1 1 I 1 1 i i
••*
1 1 . 1 1 1 1 1 1 rn1949 I960
[1935-39=100, seasonally adjusted]
Period
9 4 3 monthly average. _ _ _946 monthly average. _ _ __947 monthly average948 monthly average9 4 9 monthly average- _ _ _ _ _ _949 * January
FebruarvMarchApril _ _ - _Mav _ _ _ _ _June - - - -- -JulvAugustSeptemberOctoberNovember _ _ _ _ _ _ _ .December _ _ _
950* JanuarvFebruary * _ _
Durable manufactures
Iron andsteel
208150195208188228232233219204177156178179102145201203201
Lumber andproducts
129131143145131129123129126126123115126132133147159145154
Machinery
443240276277234268262252240232225217216224226217227228237
Nonferrousmetals andproducts
267157187193159183185183167145133127141157164163165179182
Nondurable manufactures
Textiles andproducts
153162163169147160157142129123126120140155169175173178174
Petroleumand coalproducts
185173193218209228221213209207202198203208198205219211198
Manufac-tured foodproducts
145150157159163160162162162163165161166167165160160161162
Chemicalproducts
384236251254240257250245237234233228229236240243246249248
1 Preliminary estimate.Source: Board of Governors of the Federal Reserve System.
64007—50 3
13Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CONSTRUCTIONNew construction rose in March, maintaining its lead over last year in all construction activity except privatenonresidential.
M I L L I O N S OF DOLLARS2,000
1,500
1,000
500
i i i\\i
m
i&ii%:
\
!
MILLIONS OF DOLLARS
2,000
1939 1942 1944 1946 1947 1948
* INCLUDES PUBLIC RESIDENTIAL CONSTRUCTION
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
JA S 0 N D J F M A M J J A S 0 N D J F M A M J J A S 0 N D J F M A M J
I,50O
1,000
500
COUNCIL OF ECONOMIC ADVISERS
(Millions of dollars]
Period
1939 monthly average. __ .1 942 monthly average1944 monthly average1946 monthly average1947 monthly average- _1948 monthly average-1949 monthly average1949* February
March ; .April - ;_.-.» _-.i-May : „_ .
. June :JulyAugust - -September... ..October • .NovemberDecember
1950: January i.-. _ _ _February --.March 2
Total newconstruction
5261, 118
345871
1, 1941,5651,6111, 1721, 2671,3701,5761,7351,8331,9031,9221, 8791,7671,6121,4961,3951,500
Private construction
Totalprivate
317251152688932
1,2141,172
905951989
1,1081,2291,3011,3431,3681, 3431,2951,2251, 1391,0681,125
Residential(nonfarm)
17611045
265438602585400420445530600650675710715715690650590620
Other
141141107422493612586505531544578629651668658628580535489478505
Federal,State, and
local »
208867193184262351439267316381468506532560554536472387357327375
1 Includes public residential construction.1 Preliminary estimate.Sources: Department of Commerce and Department of Labor.
14Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW HOUSING STARTSHousing starts continued their record pace in February and again in March, according to preliminary reports.
THOUSANDS OF UNITS
125THOUSANDS OF UNITS
125
50
25
50
SOURCE: DEPARTMENT OF LABOR. COUNCIL OF ECONOMIC ADVISERS
1\ /r j. -L.iVlontn
JanuaryFebruaryMarch _April _ _ _ __MavVMO-J -~ ~ ~ -JuneJuly -_ _ _ - _ -AugustSeptember _OctoberNovemberDecember _ _
Total _ ._ _ - _ _ _ _
Monthly average
1947
39, 30048, 80056, 00067, 10072, 90077, 20081, 10086, 30093, 80094, 00079, 70058, 800
849, 000
70, 750
New nonfarm
1948
53, 50050, 10076, 40099, 500
100, 30097, 80095, 00086, 60082, 20073, 40063, 60052, 900
931, 300
77, 600
units started
1949
50, 00050, 40069, 40088, 30095, 40095, 50096, 10099, 000
102, 900104, 30095, 500
1 79, 0001 1, 025, 800
1 85, 500
1950
1 80, 0001 80, 000
1 Preliminary estimate.Source: Department of Labor.
15
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES FOR NEW PLANTAND EQUIPMENTPlant and equipment expenditures by nonagricultural business firms in 1949 were 6 percent less than in 1948.Anticipated expenditures during 1st half of 1950 are reported 8 percent below those of 1st half of 1949 whilethose for the year I960 are reported II percent below 1949.
BILLIONS OF DOLLARS25
ANNUAL RATES*
BILLIONS OF DOLLARS25
1939 194! 1948 1949 2 31948
£ TRANSPORTATION AND^fe: ELECTRIC AND GAS :££
UTILITIES
MANUFACTURINGAND
MINING
2 31949
20
I 0
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND u.s. DEPARTMENT OF COMMERCE
2 2nd HalfI960
COUNCIL OF ECONOMIC ADVISERS
I Millions of dollars, annual rates, not adjusted for seasonal]
Period
1939..19411945194819491950 3 -_ _1948: Third quarter ... _.„_ __
Fourth quarter1949: First quarter ..
Second quarterThird quarter. _ _ „Fourth quarter. _
1950: First quarter3
Second quarter 3
Second half3 _
Total1
5,2008, 1906,630
19, 230•18, 12016, 09019, 32021, 64017, 84018, 64017, 48018, 52016, 44017, 04015. 440
Manufac-turing
1,9303,4003,2108,3407,2506,7408,3609,2807,4007,5206,7607,3206, 7606,9606. 620
Mining
380680440800740650800880760760720720680680620
Transportation
Railroad
280560550
1,3201,350
9301,3201,6401,4401,5201,240132001,0001,040
840
Other
280340320700520350680680520560560480320360360
Electric andgas utilities
480710630
2,6803, 1402, 9402,7603,4002,7203,1203,1603,5602, 9603,2402, 780
Commercialand miscel-
laneous f
1,8502,4901,4805,3905, 1204,4805,4405,7605,0405, 1605,0405,2804,6804,7204,260
1 Excludes agriculture.2 Commercial and miscellaneous composed of trade, service, finance, and communication.3 Figures for 1950 are based on anticipated capital expenditures.NOTE.—These figures do not agree with the totals included in the gross national product estimates of the Department of Com-
merce, principally because the latter cover agricultural investment and also certain equipment and construction outlays charged tocurrent expense. Figures for 1939-44 are Federal Reserve Board estimates based on Securities and Exchange Commission andother data.
Detail will not necessarily add to totals because annual rates are based on quarterly figures rounded to the nearest 10,000,000.Sources: Securities and Exchange Commission and Department of Commerce (except as noted).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CORPORATE SECURITY ISSUESNew corporate issues showed a seasonal rise in the 4th quarter of the year but were far below the totalfor the 4th quarter of 1948.
BILLIONS OF DOLLARS
3.0
2.5
BILLIONS OF DOLLARS
3.0
2 .5
2. 0
.5
1939 1943 1946 1947 1948
SOURCE: SECURITIES AND EXCHANGE COMMISSION. COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1939 quarterly average- - .. -1943 quarterly average1946 quarterly average - .. •.1947 quarterly average . -- -- -. .--1948 quarterly average - --. -1949 quarterly average 2 _ _ __ -1947" Third quarter . . .
Fourth quarter -1948: First quarter _
Second quarter .. -Third quarterFourth quarter - .. . .. .
1949' First quarter .. ..Second quarter— .. .. .Third quarterFourth quarter 2
Estimatednet pro-
ceeds
529287
1,6891,6171,7481,5201,3742,3111,7691,8171,3522,0541, 1952,4751,0061,403
Proposed uses of net proceeds
New money
Total
8177
8201,1481,4911,209
8842,0001,5111,4931,0871, 874
9542,088
834960
Plant andequipment
4335
529852
1,060948692
1,654918
1,091774
1,459762
1,679677675
Workingcapital
3942
291296431261192347593402314415193409157285
Retirementof debt and
stock '
448210869469257311490310260325265180241386172444
1 Includes small amount for other purposes.3 Preliminary estimate.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Securities and Exchange Commission.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BILL
20
1 0
O
BILL
40
30
20
1 0
0
INVENTORIES AND SALESSales of manufacturing and trad^ concerns, after allowance for seasonal variation, rose moderately inFebruary. Manufacturers' and wholesalers' inventories showed practically no change during the month.
IONS OF DOLLARS BILLIONS OF DOLLARS
WHOLESALE
INVE
>•
••J*9f**^
1 1 i 1 1 1 ! 1 1
Ml
L
ORiES
i 1 1 1 l 1 1 1 i 1 1 I 140 42 44 46 48 1947 1948 1949 I95C
IONS OF DOLLARS
MANUFACTURERS
MONTHLY AVERAGE'
INVE
\j
*
/ ^J^
/1 I 1 1 L i J 1 I
^1T
IL
SE
ORIES
\\>••
••*
-r-^ES
i I l 1 i 1 1 1 l i l
.••••**"**
.-•***"
.. ~*N
1 1 1 1 1 1 1 1 1 1 1
*•*•••.
''--.....
'-^-VVv
1 1 1 1 1 1 1 1 1 1 1
***
! 1
20
I 0
0
)
PERCE
400
300
200
1 00
0
RETAIL
MONTHLY AVERAGE
INVEf
y/** /
.,.~̂ s,
I 1 1 1 I I 1 1 1
T(
L
)RIES
...v. •7 =
1 1 1 II 1 I ! 1 1 1
— „. ,-
1 i 1 l l 1 l l i i l 1 1 1 1 ! 1 I 1 1 1 1
«*
40 42 44 46 48 1947 1948 1949 I960
MT OF 1935-1939 AVERAGE
DEPARTMENT STORES
'¥
fl
//INVEf
S
i J 1 1 1 l 1 I 1
XL
T(
SEASONALLY ADJUSTED
* ^ — , .
'""'•• t /,̂ *»...-**
)RIES
I I I I i 1 1 1 i I l
40 42 44 46 48 1947 1948 1949 1950 40 42 44 46 48 1947
SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1 1 ! 1 1 i 1 1 1 1 1
x/̂ -̂ ,,/XX
i 1 I 1 I 1 1 1 1 1 1
1948 1949
s
950
Period
JanuaryFebruaryMarch _ _April _ _ _ _ _ _ _May _JuneJuly _August _SeptemberOctoberNovemberDecember 6
January 6
February 6
Wholesale
Inventories * Sales 2
Retail
Inventories 1 Sales 2
Manufacturers
Inventories l Sales 2
Millions of dollars, seasonally adjusted 4
3,1753,6844,6386,6658,6539,5119,0319,4649,4799,2939,3309, 1539,0029,0919,0619, 1869, 1379, 1139,0318,9769,002
2,5054,2734,9836,6017,7548,3557,5117,7237,6807,8907,4227,5397,7187, 1587,5227,5187, 1207,5537,2917, 1947,586
5,5327,3617,543
11, 22613, 22114, 96913,69814, 65914, 47914, 70014, 45814, 13914, 18213, 86213,93214, 35514, 47514, 33613, 69813, 84013, 883
3,5045, 2776,3158,3589, 909
10, 83710, 68210,61110, 70610, 72410, 81410, 75910, 68410, 54910, 66910, 85610, 67810, 63010, 50310, 84010, 990
11,46520, 09818, 39024, 81829, 81834, 06630, 89934, 40934, 40834, 22334, 01833, 56533, 25032, 36731, 63831, 06030, 74430, 54730, 89931, 10631, 100
5, 10012, 82212, 88312, 84117, 07618, 99817, 81417, 88018, 17518, 45117, 64317, 74117, 99017, 11"418, 94518, 86616, 80517, 31316, 84017, 58017, 700
Department stores
Inventories 3 Sales 8
1935-39=100, seasonallyadjusted
102155166213255291270279277283280273265256253264270273271272280
106168207264286302285295281277294292285280283289276276293284280
Book value, end of period.Monthly average for year and total for month.Indexes computed from data on retail value of sales for month and retail book value of inventories, end of period.All dollar figures, except for retail sales, have been revised and do not agree with data published prior to October 1949.Preliminary estimates.
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MERCHANDISE EXPORTS AND IMPORTSExports in February recovered o part of their sharp January decline. Imports fell but apparently only becauseof the shortness of the month, since imports per working day maintained or recent expanding levels.
MILLIONS'OF DOLLARS MILLIONS OF DOLLARS1,600
1,200
800
J F M A M J J A S O N O J F M A M J J A1936-38
1,600
1,200
800
400
1946 1947 1948
* RECORDED MERCHANDISE EXPORTS, INCLUDING REEXPORTS, AND CIVILIAN SUPPLIES FOR OCCUPIED AREAS.
* RECORDED GENERAL MERCHANDISE IMPORTS.
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF THE ARMY, AND DEPARTMENT OF THE NAVY.
I Millions of dollars]
Period
1936-38 monthly average .. - _ _1943 monthly average - _ . . « .1946 monthlv average „_1947 monthly average1948 monthlv average1949 monthly average
1949: January _ _Febru aryMarchAprilMav -- - - - - -June . _ _ _ . . . _ . .JulyAugust. .. ._ .SeptemberOctober _ _November _ _ _ _ _ ' _ «December
1950: January _ _February.,
Exports 1
2471,080
8491,2781,0541,000
1, 1041,0431, 1771, 1661,0921, 104
899880906852837944
745770
Imports *
207282410478592553
590567633534541526457491536559594605
623599
Excesi ofexports
40798439801462447
514476544632551578442389370293243339
122171
1 Recorded merchandise exports, including reexports, and civilian supplies for occupied areas.1 Recorded general meichandise imports.Sources: Department of Commerce, Department of the Army, and Department of the Navy.
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PURCHASING POWER
NATIONAL INCOMENotional income, after declining during each quarter of 1949, turned up in 1st quarter of 1950, according topreliminary data. The increase represented a rise in compensation of employees and proprietors' income.
BILLIONS OF DOLLARS250
200
BILLIONS OF DOLLARS250
200
CORPORATE PROFITS AND <:•:•:•>:•:•:•:':':•:•:•:INVENTORY VALUATION •••'•'<•'•'••''•••'••''••'''
>:?:::;:• ADJUSTMENT
SAT I ON
150
100
PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE (except as noted).
[Billions of dollars]
Period
193919441946 . .1947 .19481949 -
1948: Third quarter ..Fourth quarter „
1949: First quarterSecond quarter-Third quarterFourth quarter.
195(): First quarter * _ _
Totalnationalincome
72.5183.8179.6201.7226.2
1 221. 3
Compensa-tion of
employees
47.8121.2117.0127.6140.3141. 1
Proprietors'(business,
professional,farm)
and rentalincome
14.735.541.345. 149.544. 8
Net interest
4.23.13.03.43.84. 2
Corporate profits and inventoryvaluation adjustment
Total
5.824.018.325.632.6
131. 2
Profitsbeforetaxes
6.524.323.631.634.8
*28. 6
Inventoryvaluation
adjustment
-0.7-.3
-5.3-6.0-2.24-2. 6
Annual rates, seasonally adjusted
230.4234.3224.7220. 8220. 7
*219. 1220.3
143.31449141. 9140. 8141. 1140. 9141.7
49.949.747. 145. 143. 143. 744.3
3.94.14. 14. 24. 24. 34.3
33.335.731. 630. 732. 3
!30. 230.0
36.634529.426.428. 9
129. 530.5
-3.3+ 1.2+ 2. 2+ 4.3+ 3.3+.7-.5
1 Estimates by Council of Economic Advisers; based on incomplete data,NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITSPreliminary estimates indicate that the improvement in profits which began in the last half of 1949 hascontinued into I960,
BILLIONS OF DOLLARS
30
20
BILLIONS OF DOLLARS
4 0ANNUAL RATES, SEASONALLY ADJUSTED
!! UNDISTRIBUTE D PROFITSH:K:J::::::::::::::::::::::::::::::::::̂ ^̂ •::::::::::::::::::::::::::::::H•••™::•S:•••••
1947 1948 1949 1950
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED)
[Billions of dollars]
Period
192919391944 _19461947. , .19481949 1
1948: Third quarterFourth quarter
1949: First quarter - .Second quarter . .Third quarter. . _ ._Fourth quarter * _ .
1950: First quarter1. _ _ . _ _ _ _ _
Corporateprofits
before taxes
9.86.5
24.323.631.634.828.6
Corporatetax
liability
1.41.5
13. 59.6
12.513.611.3
Corporate profits after taxes
Total
8.45.0
10. 813.919. 121.217.2
Dividendpayments
5.83.84.75.87.07.98.4
Undistributedprofits
2.61.26. 18.1
12. 113.28.8
Annual rates, seasonally adjusted
36. 634.5
29.426.428.929.5
30.5
14.413.6
11.510.611.411.8
12.2
22.220.9
17.915.817.517.7
18.3
7.98.3
8.38.28.18.9
8.4
14.312.6
9.67.69.48.8
9. 91 Estimates by Council of Economic Advisers; based on incomplete data.NOTE.—No allowance has been made for inventory valuation adjustment.
taxes and inventory valuation adjustment.Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except as noted).
See p. 20 for profits before
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PERSONAL INCOMEPersonal Income reached an all-time high in February as payments on the veterans1 dividend were steppedup. Farm income declined as a smaller volume of crops were placed under loan.
BILLIONS OF DOLLARS250
200
150
BILLIONS OF DOLLARS
250ANNUAL RATES, SEASONALLY ADJUSTED
200
150
100
F M A
1950
*TERMINAL LEAVE BOND CASHING STARTED IN SEPTEMBER,
SOURCE: DEPARTMENT OF COMMERCE
1947; NATIONAL INSURANCE DIVIDEND PAYMENT STARTED IN JANUARY, 1950
[Billions of dollars]
Period
1939 _ _-1944194719481949
1949' JanuaryFebruary^MarchAprilMayJune-July..AugustSeptemberOctoberNovemberDecember
1950: January _February2
Totalpersonalincome
72. 6165.9193. 5211. 9209.9
Salaries, wages,and other
labor income
45.7116.2122.0135. 1135. 6
Proprietors'(business,
professional,farm)
and rentalincome
14. 735. 545. 149.544.8
Dividendsand personal
interest
9.210. 614. 816.217.2
Transferpayments
3.03.6
11.711. 112. 3
Annual rates, seasonally adjusted
214. 6211. 3210. 2210. 5210. 2209.4207.2209. 1208. 3207.0209. 4211.9218. 1219. 1
137.9136. 1134. 4136. 0135. 8135.0135. 1135. 5135. 8134. 8134. 7136.6135. 9135. 7
48.546.646.245. 045.245. 142.843.942.742.944.943.546. 543. 9
17.017.017. 017. 117. 017. 016. 917. 117.217.317.418.917.417. 4
11.211. 612. 612.412. 212. 312.412.612. 612. 012.412.8
1 18. 322. 1
1 Includes veterans' insurance dividend—$5.4 billion, annual rate (or $450 million, monthly total) inJanuary and $9.5 billion annual rate ($800 million, monthly total) in February.
2 Preliminary estimate.NOTE.—Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.
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CONSUMER INCOME, SPENDING, AND SAVINGPayment of the special insurance dividend to veterans during 1st quarter in I960 distorteddisposable personal income. It accounted for most of the increase of $9 billion (annual rate).Expenditures increased by only $1 billion, indicating that the insurance dividend was beingspent slowly. Consumer saving was temporarily high.
BILLIONS OF DOLLARS250
200
150
I 00
BILLFONS OF DOLLARS250
200
ANNUAL RATES, SEASONALLY ADJUSTED
PERSONAL INCOME LESS TAXES. ^^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
[Billions of dollars]
Period
19391940,19411942.194319441945.19461947.19481949
1948:
1949:
1950:
Third quarter - -_Fourth quarter . .First quarterSecond quarterThird quarterFourth quarter _First quarter2 _ _ _ _ _ _ _ _ _
Disposablepersonalincome *
70.275. 792.0
116.2131.6147.0151. 1158. 1172.0190.8191.2
Less: Personalconsumptionexpenditures
67.572. 182.390.8
101.6111.6123. 1147.8166.9178.8179. 4
Equals: Per-sonal saving
2.73.79.8
25.430.035.428.010.35.1
12.011.8
Annual rates, seasonally adjusted
195.2196.2193.4191.4189.5190. 7199. 6
180.3180.9178.7179.3179. 7179. 8181.0
15.015.314.812.19.8
10. 818. 6
1 Income less taxes." K;:| in t j i i . r s hy Council of Economic Advisers; based on incomplete data.NOTK.—-Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
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PERSONAL CONSUMPTION EXPENDITURESPersonal consumption expenditures in 1st quarter of 1950 were back to the peak rate of 4th quarter of 1948,according to preliminary estimates. Increased expenditures for durables and services since 1948 were partiallyoffset by decreased expenditures for nondurables.
B I L L I O N S OF DOLLARS200
100
BILLIONS OF DOLLARS200
I 50
100
ANNUAL RATES, SEASONALLY ADJUSTED
SOURCE. DEPARTMENT OF COMMERCE (EXCEPT A.S NOTED). COUNCIL OF ECONOMIC A D V I S E R S
[Billions of dollars]
Period
1939_1944.1946.1947.19481949_
1948:
1949:
1950:
Third quarterFourth quarterFirst quarterSecond quarterThird quarterFourth quarterFirst quarter J _ _ _ „ _ _
Personal consumption expenditures
Total
67.5111.6147.8166. 9178.8179.4
Nondurablegoods
35.367.186.896.2
102.298. 9
Durablegoods
6.77.1
16.522.023.524.4
Services
25.537.444. 548.853. 156. 1
Annual rates, seasonally adjusted
180.3180.9178. 7179. 3179. 7179.8181.0
101.8103.3100.499. 897. 697.798. 0
24.822.923. 023. 625.725.225. 7
53.754.855. 355. 956.556.957. 3
1 Estimates by Council of Economic Advisers; based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
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PER CAPITA INCOME"Per capita disposable income (including veterans1 insurance dividend) increased in 1st quarter of I960, bothin terms of current dollars and in real purchasing power, according to preliminary estimates.
ANNUAL RATES, SEASONALLY ADJUSTED
CURRENT DOLLARS
I I I t I I I I 11939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949
1949 I960
**CURRENT DOLLARS DIVIDED BY THE CONSUMERS* PRICE INDEX ON THE BASE 1948= 100
SOURCE: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR (EXCEPT AS NOTED). COUNCIL OF ECONOMIC ADVISERS
Period
1939-1940-1941194219431944_19451946194719481949
1948:
1949:
1950:
Third quarter .. _ _Fourth quarter >First quarter . .Second quarter. _ _Third quarterFourth quarter-First quarter 4_
Per capita disposable personalincome *
Currentdollars
$536574691867970
1,0651,0821,1191, 1941,3021,281
1948 dollars 3
$923981
1, 1251,2621,3141,4051,3891,3421,2821,3021,297
Annual rates, seasonallyadjusted
1, 3281,3281,3041,2851,2671,2691,323
1,3051,3191,3151,2981,2841,2921,360
Consumers'price index*1948=100
58. 158.561.468.773.875.877. 983.493. 1
100.098.8
Not adjustedfor seasonal
variation
101.8100.799.299.098. 798.297.3
1 Income less taxes. 2 Current dollars divided by the consumers' price index on the base 1948=100.3 The consumers' price index has been roughly adjusted to take account of the understatement from
December 1941-February 1947. This adjustment is in line with the report of the Mitchell Committee. Theunadjusted|;index will be found on page 3,
4 Estimates by Council of Economic Advisers based on incomplete data.Sources: Department of Commerce and Department of Labor. 25
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DOLLA
1.60
1.50
1.40
1.30
1.20
0
2.1 0
2.00
1.90
1.80
1.70
0
AVERAGE HOURLY EAEHourly earnings for durable goods industries showed liftpartly because of the new minimum rates.
RS PER HOUR
DURABLE MANUFACTURING
-̂ *^™£S/
J ̂ r^J CURRENT DOLLARS
l i I | i [ i i i i i l i | i l 1 i i | | i 1 1 1 1 1 1 1 1 1 1 1
,.^™»
1 1 1 I 1 1 1 1 1 1 1
1947 1948 1949 1950
BUILDING CONSTRUCTION
-</*1948' DOLLARS*/^/
** ' f**^/ ^* CURRENT
! ! 1 1 1 | | 1 1 1 1 1 i 1 1 i 1 1 1 1 1 !
,J
DOLLARS
1 1 1 1 ! 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1947 1948 1949 1950
SOURCE: DEPARTMENT OF LABOR
>NINle chang
DOLL/
1.50
1.40
1.30
1.20
MO
0
1.30
1.20
1.10
1.00
.90
0
* NOT A V A I L A
'GS - SELECTED INDUSTRIES
e in February. But nondurable earnings increased
*RS PER HOUR
NONDURABLE MANUFACTURING
1948 DOLLARS* ' _,
/ S~^
S^ CURRENT DOLLARS
1 1 1 1 1 1 1 1 1 l l 1 l l 1 1 1 | 1 } J J
r=M
I I l l i i l 1 i t i
'
1 1 1 1 1 1 II 1 1 1
1947 1948 1949 1950
RETAIL TRADE.
1948 DOLLARS* fZ^/^*^*^
/*^*"^ CURRENT DOLLAF
^
1 | 1 t I 1 1 ! 1 | 1 1 1 1 1 1 i 1 1 1 | 1
1947 1948
3LE PRIOR TO JANUARY 1948
s
i 1 1 1 1 1 1 1 1 1 1
fr
1 1 M 1 1 1 II I 1
1949 1950
[Selected industries J]
Period
1939 monthly average1943 monthly average1946 monthly average1947 monthly average1948 monthly average1949 monthly average 4
1 949 : January -FebruaryMarch _ „April __ -. ..MayJuneJulyAugustSeptember. _ _ _OctoberNovemberDecember 4
1950: January 4_February 4
All manufacturing
Current' dollars
$0. 633.961
1.0841.2371.3501.4021.4051.4011.4001.4011.4011.4051. 4081.3991.4071. 3921.3921.4081.4191.420
1948dollars 2
$1. 0901.3021.3001.3291.3501.4191.4081.4191.4141.4141.4181.4181.4311.4191.4201.4151. 4131.4401.4551.459
Durable goods manu-facturing
Currentdollars
(3)(3)(3)
$1. 2921.4101.4691.4671.4661.4641.4671.4671.4751.4771.4731.4821.4581.4571.4751.4861.482
1948dollars 2
(3)(3)(3)
$1. 3881.4101.4871.4701.4851.4801.4801.4851.4881.5011.4941. 4951.4821.4791.5081. 5241.523
Nondurable goodsmanufacturing
Currentdollars
(3)(3)(3)
$1. 1711.2781.3251.3271.3231. 3231.3211. 3231.3241.3321.3191. 3281. 3251.3251.3351. 3441.352
1948dollars 2
(3)(3)(3)
$1. 2581.2781. 3421.3301.3401. 3361.3331. 3391. 3361.3541. 3381. 3401. 3471. 3451.3651. 3781.390
Building construction
Currentdollars
(3)(3)(3)(3)
$1. 8481.9351.9181. 9301. 9331. 9341. 9301.9241.9221.9321.9381. 9441.9471. 9641.960(3)
1948dollars 2
(3)(3)(3)(3)
$1. 8481. 9601.9221.9551.9531. 9521. 9531. 9411. 9531.9591.9561. 9761.9772. 0082.010(3)
Retail trade
Currentdollars
(3)(3)(3)
$1. 0091.0881.1361. 1321. 1231. 1211. 1271. 1411. 1471. 1481. 1461. 1501. 1401. 1381. 1221.155(3)
1948dollars 2
(3)(3)(3)$1. 0841.0881. 151-1. 1341. 1381. 1321. 1371. 1551. 1571. 1691. 1621. 1601. 1591. 1551. 1471. 185
(3)
1 Production and related workers.3 Current dollars divided by consumers' price index on base 1948=3 Not available.4 Preliminary estimates.
100. See note. 3 to table on page 25.
Source: Department of Labor,
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/
DOLL65
60
55
50
45
0
80
75
70
65
60
0
AVERAGE WEEKLY EAEMthough weekly earnings of $59.43 in February for inchsame as in January, there were divergent trends withinearnings reached a new record high of $53.27.ass PER WEEK
DURABLE MANUFACTURING
_* _ - .. .-.. ..j1948
yv-y]y^-ci
T i l II 1 M 1 M
DOLLARS yx/»
RRENT DOLLARS
1 1 l I 1 1 l 1 l 1 1
•Sss^V
1 1 1 1 I 1 1 1 1 1 1
0mm
1 t 1 1 1 1 1 1 II 1
1947 1948 1949 1950
BUILDING CONSTRUCTION
^t\1948 DOLLAF
•s
1 I 1 1 tJ 1 t t.....l I
is' /-*NF
^•CURRENT C
i 1 1 1 LI I 1 J_ 1 1
^svu
OLLARS
1 i LI J 1 1 1 1 1 J_
k
ft
I -^1 1 1 1 1 1 J 1 L i L
1947 1948 1949 1950
SOURCE : DEPARTMENT OF LABOR
»NINistries mthe grou
DOLL
60
55
50
45
40
0
50
45
40
35
30
0
rGS - SELECTED INDUSTRIES
anufacturing durable goods were about thep. In nondurable goods industries, weekly
ARS PER WEEK
NONDURABLE MANUFACTURING
1948
,̂ -S/̂ ^ CURR
I ' M 1 1 I'll '| 1
DOLLARS*
^ ^*s^
£NT DOLLARS
_L i 1 1 1 1 U 1 I I
-%. s**/**S^\^r^
^
I I i ii I l l i i i
S
1 1 1 1 1 1 II I 1?
1947 1948 1949 1950
RETAIL TRADE^V.
^ 1948 DOLLARS* ^^^^^
^/~f
1 1 ! 1 1 1 | 1 1 | 1
DOLLARS
1 L I 1 I 1 1 1 l I 1
1947 1948l i 1 1 ( 1 1 1 i U
^
1 1 1 1 1 1 1 I 1 1 M
1949 1950
COUNCIL OF ECONOMIC ADVISORS
[Selected industries J
Period
1939 monthly average1943 monthly average1 946 monthly average _ .. . „1947 monthly average1948 monthly average1 949 monthly average 4
1949: January „FebruaryMarchAprilMay _ „ .JuneJulyAugust-SeptemberOcUbor _._ .Nov miber!)t»(!i nibor 4
HIM): Jnm iirv 4 _!• '«*}» u n r v 4
"
All manufacturing
Currentdollars
$23. 8643. 1443.7449. 9754. 1454.9055. 5055.2054.7453.8054.0854.5154.6354.7055.7255. 2654.4356. 186. 3356. 37
1948dollars 3
$41. 0758.4652.4553. 6754. 1455. 5855. 6155.9355. 2954. 2954.7455.0055. 5255.4856. 2356. 1655. 2657.4457.7757. 93
Durable goods manu-facturing
Currentdollars
(3)(g)(3)
$52. <i f»57. 1 1f>7. 0,r>58. H.'tf>8. -Hir>7. na57. 'JJf>7. 2 157. S'J57. ;u57. SOr>s. r»95«S, 17,r)(i, h-j5<J. !,'>r»ti. 'Hf>!l. -\?t
10-18( lollnrH 3
(3)(:r)(a)
$5r». :ir»57. 1 J5S. (',7
5K. 0550. 2f55K, •} 157, 7357. 005S, ,'i55K. 1M5S. 7 1f>0. 2250, 1257, (i8f»0. -IS
f)H. Of>r » i , 08
Nondurable goodsmanufacturing
Currentdollars
(3)(3)(3)
$46. 9650. 6151. 4651.3551. 3351.0749. 6750. 4150.9751.5551. 3152. 5952. 4752.0752. 7352.8253.27
1948dollars 3
(3)(3)(3)
$50. 4450. 6152. 1051.4552.0151. 5950.1251,0251.4352.3952.0453.0753.3252.8653. 9254. 1754.75
Building construction
Currentdollars
(s)(3)a(3)
$68. 8570.9270.8870. 5369.8370.3371.8171.4471.2871.9570.6971.8070.2170. 2668.20«
1948dollars 2
(3)(3)(3)(3)
$68. 8571.8071.0271.4670. 5470.9772. 6872.0972.4472.9771.3372. 9771.2871. 8469. 95(8)
Retail trade
Currentdollars
(3)(s)(3)
$40. 6643. 8545. 9245.5145. 1444. 9545.3145.9846.4546.9546.8746. 5846.0645.6345.6746.66(3)
1948dollars *
(3)(3)(3)$43. 6743. 8546.5045. 6045.7345.4045.7246.5446.8747.8147. 5447. 0046.8146.3246.7047.86
(s)
* I MI |»r i .* i l t i t ' i . i r in and related workers.1 * w i » ' n < < f n | ) a n i divided by eoiiBumers' price index on the* N*it f»VHii i i t>|« ,
nw HHS- • 100. See note 3 to'table on page 25.
; H»|mriit)ntit of Lnbor, 27Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FARM INCOMEFormers* cash receipts in February, usually a low month, were substantially smaller than in January, bothfor crops and for livestock products. Total February receipts were nearly 10 percent smaller than in February 1949.
BILLIONS OF DOLLARS liLLlONS OF DOLLARS
4
1939 40 41 42 43 44 45 46 47 48
*INCLUDES CASH FARM INCOME FROM MARKETING AND GOVERNMENT PAYMENTS.
SOURCE: DEPARTMENT OF AGRICULTURE. COUNCIL OF ECONOMIC ADVISERS
Period
1939 monthly average _.1941 monthly average1942 monthly average _-. __1944 monthly average - -1945 monthly average .- -1946 monthly average,. _1947 monthly average -1948 monthly average1949 monthly average .1949: January
FebruaryMarch. . _ _ ..April „May! ....June ...July__ _August -September .. - - -October ..NovemberDecember
1950: January 4 _ _ _February 4 _ _
Farm income(millions of
currentdollars) »
724981
1, 3401,7651,8572, 1102,5422, 6092,3092,3831,7831,9731,8501,9442,0532,1772,4172, 6083, 1393, 0502, 3262,2541,625
Prices paid byfarmers (incl.interest, taxes,
and wage rates)1948=1002
47515970738093
100979997989898979796969595959696
Farm income(millions of
1948 dollars) 8
1,5401,9242,2712, 5212, 5442,6382,7332,6092,3802,4071,8382,0131,8881,9842, 1162, 2442, 5182, 7173,3043,2112, 4482,3481,693
1 Includes cash farm income from marketings and Government payments.2 Converted from the reported base, 1910-44=100, to the base 1948=100.8 Farm income in current, dollars divided by prices paid by farmers, interest, taxes, and wage rates,
1948=100.-4 Preliminary estimates. Source: Department!ofkAgriculture,
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CONSUMER CREDITCharge accounts declined seasonally in February while automobile credit continued to rise.
BILLIONS OF DOLLARS
25
BILLIONS OF DOLLARS
25
10
1943 1948
END OF YEAR
SOURCE : BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1949
END OF MONTH
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
End of period
1939_ _1943_1946194719481949 __ .1949: January „ _ _ _ .
February _ _ _ _ _March .AprilMayJuneJulyAugustSeptember _ _OctoberNovember „_ _ _December
1 950; JanuaryFebruary 2
Totalconsumer
creditoutstanding
7,9695,378
10, 19113, 67316, 31918, 77915, 74815, 32515, 33515, 59515, 84316, 12416, 19816, 45316, 80317, 22317,81518, 779IS, ;M7IS, I 2 < >
Instalment credit
Total
4,4242, 0014, 0006,4348, 600
10, 8908,4248, 3398,4298, 6308, 8889, 1239, 3359, 6229, 899
10, 1661C), 44110, 89010, 83910, 892
Automobilesale
credit
1,267175544
1, 1511,9613, 1441,9651,9962, 1052,2412,3862,4992,6102,7612,8762,9863,0853, 1443, 1793,258
Other salecredit and
loans
3,1571,8263,4565,2836, 6397,7466,4596,3436,3246,3896,5026,6246,7256,8617,0237, 1807,3567,7467,6607,634
Chargeaccounts
1,5441,4983,0543,6123,8543,9093,4573, 1693, 1213,2323,2353,2743, 1233,0643, 1233, 1973, 4543,9093,5063,227
Otherconsumercredit *
2,0011,8793,1373,6273,8653,9803,8673,8173,7853,7333,7203, 7273,7403,7673,7813,8603,9203,9804,0024,007
1 Im'hidoH singlt'-payrmmt IOHIIH of coininomitl hunks and pawnbrokers and service credit.3 Preliminary estimates.NOTK.— Detail will not ww.s.sjirily add to totals because of rounding.Motirw: Board of UovernorH of the Federal Reserve System.
29Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY, BANKING, AND FEDERAL FINANCE
BANK LOANS AND INVESTMENTSLoans of commercial banks rose moderately in February. U.S.Government security holdings were about$ I billion lower.
BILLIONS OF DOLLARS150
125
100
BILLIONS OF DOLLARS150
125
100
25
1939 1943 1948 1949 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M . J j A S O N D
END OF YEAR 1948 1949 I960
END OF MONTH
SOURCE : BOARD OF GOVERNORS OF THE FEDERAL- RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, all commercial banks]
End of period
19291939 . ...1945 _1947 -194819491 949 : January .
February..MarchAprilMayJune - . -July ., _._August . ._September „.OctoberNovember"December
1950: January... .February1
Totalloans and
investments
49. 540. 7
124.0116.3114.3120.81145113.4112.5112.5113.4113.8114.8117.9118. 8119. 8120. 2120.8121. 6121.0
Bank loans
36.017.226. 138. 142.543.342.442.042.441.340.941.040.541.241. 841. 942, 943.343. 143.3
Total
13. 523.497.978.271.877.572.071.470. 171.272.672.774.376.777.077.977.377.578.577.8
Investments
U.S.Government
securities
4.816.390.669.262.667.363.062.260. 962.063.263.264.466.766.867. 767. 167.368.267.2
Othersecurities
8.77. 17.39.09.2
10.29. 19. 19. 29.29. 39,59.8
10.010.210. 210.210.210. 410.4
o1 Preliminary estimates. NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY SUPPLYThe decline of $1.5 billion in the money supply in February wos primarily a reflection of seasonal factors.
200
175
150
125
100
BILLIONS OF DOLLARS MILLIONS Of DOLLARS
1 2 5
100
TOTAL DEPOSITS AND CURRENCY
(EXCLUDING U.S. GOVERNMENT DEPOSITS)
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M U J A S O N D
200
GOUMCJ HOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Billions of dollars]
End of period
1930 .19431946, . . . . .1947., „ '1948 . •1949 ._ . . . "1949: January .
February _ „March „ „ „ „ „.-..AprilMav, .JuneJulyAugust -.„-,-.September „_ _October „ _ _ _ „ „NovemberDecember _
1950: January _ „ „ _February 3
Total moneysupply
63.3112.4164.0170.0169. 1170. 1168.2166. 3164. 2165.5165. 6165. 6166. 3160. 9106. 03 OS. 0108. 0170. 1170. 0ion. r»
Currencyoutsidebanks
6. 418. 826. 726. 526. 125. 025. 225. 125. 124. <)25. 02/i. a24, 925. 12«1. 1)2-1. < >25. 125. 02-1. 52-1. 7
Adjusteddemand
deposits *
29. 860. 883.387. 185. 586. 785.483. 481. 182.482. 581. 983. 183.483. 384. 685. 586. 786.884. 9
Timedeposits 8
27. 132. 754.056,457.558.457.657.858. 058. 158.258.558.458.458.458.458.058.458.758.9
1 Includes demand deposits, other than interbank and U. 8. Government, less cash items in process of col-lection.
2 Includes deposits in commercial banks, mutual navingH hankw, and Postal Savings System,3 Preliminary estimates.NOTE.—Detail will not necessarily add to totalH because of rounding.Source: Board of Governors of the Federal Reserve System.
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FEDERAL CASH RECEIPTS FROMAND PAYMENTS TO THE PUBLICThe cosh surplus of about $1.7 billion for the 1st quarter of 1950 compares with a surplus of about $3.2billion for the same quarter of 1949, reflecting o decline of about $900 million in receipts ond anincrease of $ 500 million in payments.
BtLLIONS OF DOLLARS BILLIONS OF DOLLARS
1947 1948 2 1949 1950
EXCESS OF CASH RECEIPTS
EXCESS OF GASH PAYMENTS
i * ,947 a 4 i
* PRELIMINARY ESTIMATES
SOURCE: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
3 4 I
C A L E N D A R Y E A R SI95O
[Millions of dollars]
Calendar years
Calendar year total:1946 • —194719481949
Quarterly total, not adjusted for seasonal:1947: First quarter _ . .
Second quarterThird quarter.Fourth quarter
1948: First quarter . . _ _ _Second quarterThird quarter _ ^ . ._Fourth quarter . _
1949: First quarter .Second quarterThird quarterFourth quarter
1950" First quarter 2
Federal cashreceipts fromthe public *
41, 42644, 27944 92041, 346
14, 3459,847
10, 2209,869
15, 03710, 23810, 0859,560
13, 1228,814
10, 1439,267
12 200
Federal cashpayments tothe public l
41, 37238, 58436 95442 634
9, 16310, 62810, 2578,5368,6379,0338,798
10, 4869, 964
11, 38910, 52810, 75310, 500
Excess of re-ceipts (+) orpayments (— )
+ 54+ 5,695+ 7,967— 1, 288
+ 5, 182—781
— 37+ 1,331+ 6,400+ 1, 205+ 1, 287
—925+ 3, 158—2, 575
— 385— 1,486+ 1, 700
12
1 Payments of refunds of Government receipts are now reported as deductions from total receipts; pre-viously, they were reported as expenditures,
1 Preliminary estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Treasury Department and Bureau of the Budget.
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