erp appendixes jan 1949 3
TRANSCRIPT
Appendix CStatistical Tables Relating to Employment,
Production, and Purchasing PowerCONTENTS
National Income: PageC-l. Gross national product or expenditure, 1929-48 99G-2. Disposition of gross national product, 1939-48 100G-3. National income by distributive shares, 1929-48 101G-4. Personal income, 1929-48 102C-5. Disposition of personal income, 1929-48 103C-6. Per capita disposable income in current and 1947 dollars, 1929-48. 104
Employment and Wages:G-7. Labor force, 1929-48 105C-8. Number of wage and salary workers in nonagricultural establishments,
1929-48 106G-9. Average gross weekly earnings in selected industries, 1929-48 107G-10. Average hourly earnings in selected industries, 1929-48 108C-ll . Average weekly hours in selected industries, 1929-48 109
Production and Business Activity:G-12. Physical production index of goods and utilities, 1929-48 110C-13. Industrial production index, 1929-48 I l lG-14. New construction activity, 1929-48 112C—15. Business expenditures for new plant and equipment, 1929—49 113C-l6. Inventories and sales in manufacturing and trade, 1939-48 114C—17. Inventories and sales, by durable and nondurable goods, in manu-
facturing and trade, 1939-48 115C-l 8. Sales, stocks, and outstanding orders at 296 department stores, 1939-
48 116C-l 9. Distribution of selected agricultural products moving into consumption
channels, 1939 and 1946-48 117Prices:
C-20. Consumers' price index, 1929-48 119C-21. Wholesale price index, 1929-48 120C-22. Indexes of prices received and prices paid by farmers and parity
ratio, 1929-48 121Money, Banking, and Credit:
G-23. Consumer credit outstanding, 1929-48 122C-24. Loans and investments of all commercial banks, 1929-48 123C—25. Adjusted deposits of all banks and currency outside banks, 1929—48. 124C-26. Estimated ownership of Federal securities, 1939-48 125C-27. Bond yields, long and short term interest rates, and commercial
loan rates, selected years, 1929-48 126
97
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Corporate Profits and Finance: PageC-28. Profits before and after taxes, all private corporations, 1929-48 127G—29. Profits after taxes, 629 large private industrial corporations, by indus-
try groups, 1939-48 128C-30. Relation of profits before and after taxes to sales, private corporations
excluding finance, insurance, and real estate, 1946-48 128G—31. Relation of profits before and after taxes to investment, private manu-
facturing corporations, by industry groups, 1947—48 129C—32. Relation of profits before and after taxes to sales, private manufacturing
corporations, by industry groups, 1947-48 130C-33. Relation of profits before and after taxes to investment and to sales,
all private manufacturing corporations, by size classes, 1947-48.... 131C-34. Sources and uses of corporate funds, 1947-48 131
International Transactions:C-35. The international transactions of the United States, 1946-48 132C-36. United States Government aid to foreign countries, 1946-48 133G-37. United States merchandise exports, including reexports, by areas,
1936-38 quarterly average, 1947 and 1948 134C-38. United States domestic merchandise exports, by economic classes,
1936-38 quarterly average, 1947 and 1948 135C-39. Indexes of quantity and unit value of United States domestic merchan-
dise exports, by economic classes, 1936-38 quarterly average, 1947and 1948 136
C-40. United States general merchandise imports, by areas, 1936-38quarterly average, 1947 and 1948 137
G-41. United States merchandise imports for consumption, by economicclasses, 1936-38 quarterly average, 1947 and 1948 138
G-42. Indexes of quantity and unit value of United States merchandise im-ports for consumption, by economic classes, 1936-38 quarterlyaverage, 1947 and 1948 139
Summary:C-43. Changes in selected economic series since 1939 and 1947 139
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TABLE C-l.—Gross national product or expenditure, 1929-48
{Billions of dollars]
PeriodGross
nationalproduct
Personalconsump-tion ex-
penditures
Grossprivate
domesticinvestment
Net foreigninvestment
Govern-ment pur-chases of
goods andservices
1929.
19301931193219331934
19351936193719381939
19401941194219431944
1945194619471948
1947—First half..Second half
1948—First halfSecond half i
1947—First quarterSecond quarter. .Third quarter.. .Fourth quarter-.
1948—First quarterSecond quarter..Third quarter...Fourth quarter V
103.8
90.975.958.355.864.9
72.282.590.284.790.4
100.5125.3159.6192.6212.2
213.4209.3231.6252.7
227.4235.9
247.6257.8
226.4228.3227.9243.8
244.9250.2254.9260.8
78.8
70.861.249.246.351.9
56.262.567.164.567.5
72.182.390.8
101.6111.4
122.8147.4164.8176.8
15.8
10.25.4.9
1.32.8
6.18.3
11.46.39.0
13.017.29.34.66.4
9.226.530.038.8
0.8
.7
.2
.2
.2
.4
- . 1—.1
.11.1
1.51.1
- . 2- 2 . 2- 2 . 1
- 1 . 44.78.91.8
Annual rates, seasonally adjusted
161.2168.4
174.3179.2
158.1164.2165.6171.1
172.1176.5178.5180.0
29.530.5
38.239.5
32.626.425.635.4
38.737.639.040.0
9.58.3
3.3.2
8.810.28.48.2
3.92.7
- . 3
8.5
9.29.28.18.09.8
9.911.711.612.813.1
13.924.759.788.696.5
82.830.828.035.3
27.328.7
31.838.8
26.927.628.329.0
30.133.537.740.0
i Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
99
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T A B L E C—2.—Disposition of gross national product, 1939—48
PeriodTotalgross
nationalproduct
Disposition of gross national product
Export surplus of goods andservices 1
TotalFinancedby Gov-ernment
aid
Financedby othermeans
Govern-ment
war ornationaldefense
expendi-tures
Productfor
domesticcivilian
use
1939..
1940...1941..1942..1943..1944..
1945..1946..1947..1948 s.
Annual rates:1947—First half....
Second half..
1948—First halfSecond half *_.
1947—First quarterSecond quarter..Third quarter...Fourth quarter.
1948—First quarterSecond quarter. _.Third quarterFourth quarter8..
Billions of dollars
90.4
100.5125.3159.6192.6212.2
213.4209.3231.6252.7
227.4235.9
247.6257.8
226.4228.3227.9243.8
244.9250.2254.9260.8
1.1
1.72.36.1
10.712.0
5.77.5
11.36.5
11.810.7
7.25.9
11.212.510.910.5
7.86.55.26.6
(2) -
0.11.36.4
12.814.0
7.75.15.74.6
6.64.8
4.34.8
5.28.06.82.9
5.33.34.35.3
1.1
1.61.0
- . 3- 2 . 1-2 .0
- 2 . 02.55.61.9
5.35.9
2.81.1
6.04.54.17.6
2.53.2.9
1.3
1.2
2.212.843.267.173.7
67.215.910.010.2
10.29.8
9.810.6
9.410.99.2
10.3
9.410.310.211.0
1939
1940.1941.194219431944
194519461947.1948 3
1947—First halfSecond half
1948—First halfSecond half a...
1947—First quarter. _Second quarter.Third quarter..Fourth quarter
1948—First quarter. _Second quarter.Third quarter.Fourth quarter
100
100100100100100
100100100100
100100
100100
100100100100
100100100100
Percentage of total
1.2
1.71.83.85.65.7
2.73.64.92.6
5.24.5
2.92.3
4.95.54.84.3
3.22.62.02.5
(*)
0.11.04.06.66.6
3.62.42.51.8
2.92.0
1.71.9
2.33.53.01.2
2.21.31.72.0
1.2
1.6.8
- . 2-1 .1- . 9
- . 91.22.4.8
2.32.5
1.1.4
2.72.01.83.1
1.01.3.4.5
1.3
2.210.227.134.834.7
31.57.64.34.0
4.54.2
4.04.1
4.24.84.04.2
3.84.14.04.2
88.1
96.6110.2110.3114.8126.5
140.5185.9210.3236.0
205.4215.4
230.6241.3
205.8204.9207.8223.0
227.7233.4239.5243.2
97.5
96.187.969.159.659.6
65.888.890.893.4
90.391.3
93.193.6
90.989.891.291.5
93.093.394.093.3
i U. S. Government unilateral transfers to foreign countries are included in the export surplus and are ex-cluded from the Government war or national defense expenditures and from product for domestic civilianuse.
a Less than $50,000,000.* Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.* Percent not shown because dollar figure was less than $50,000,000.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Department of Commerce and Bureau of the Budget (except as noted).
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TABLE C—3.—National income by distributive shares, 7929-48
[Billions of dollars]
Period
1929___
1930—1931...1932...1933...1934...
1935...1936...1937..,1938___1939._.
1940—1941...1942...1943...1944...
1945...1946...1947...1948 8..
1947—First halfSecond half
1948—First halfSecond half •
1947—First quarterSecond quarter.Third quarterFourth quarter.
1948—First quarterSecond quarter-Third quarterFourth quarter
87.4
75.058.941.739.648.6
56.864.773.667.472.5
81.3103.8136. 5168.3182.4
181.7179.3202.5224.0
8
f em
ploy
eti
on
o:
3
1Q
50.8
46.539.530.829.334.1
37.142.747.744.747.8
51.864.384.7
109.1121.1
122.9117.3127.5137.8
Proprietors' and rentalincome
CO
119.7
15.711.87.47.28.7
12.112.615.414.014.7
16.320.828.132.134.1
36.041.846.050.7
iii
1m
8.3
7.05.33.22.94.3
5.06.16.66.36.8
7.79.6
12.114.115.4
16.820.423.225.2
gC3
5.7
3.92.91.72.32.3
4.93.95.64.44.5
4.96.9
10.611.811.9
12.314.615.618.0
ft
11s5.8
4.83. 62.52.02.1
2.32.73.13.33.5
3.64.35.46.26.7
7.06.77.17.6
Corporate profits and inventoryvaluation adjustment
OEH
10.3
6.61.6
- 2 . 0-2 .0
1.1
3.04.96.24.35.8
9.214.619.823.724.0
19.816.824.730.7
Corporate profits
1
11£9.8
3.3- . 8
- 3 . 0.2
1.7
3.25.76.23.36.5
9.317.221.124.524.3
20.421.829.834.0
o3EH
1.4
.8
.5
.4
.5
.7
1.01 41.51.01.5
2.97.8
11.714.213.5
11.69.0
11.713.2
i118.4
2.5- 1 . 3-3 .4- . 41.0
2.34.34.72.35.0
6.49.49.4
10.410.8
8.712.818.120.8
i
11p |
°'*>
0.5
3.32.41.0
- 2 . 1- . 6
- . 2- . 7
1.0- . 7
- . 1-2 .6-1 .3- . 8- . 3
- . 6-5 .0- 5 . 1- 3 . 3
6.5
6.25.95.45.04.7
4.54.54.44.34.2
4.14.13.93.43.1
3.03.44.34.7
Annual rates, seasonally adjusted
198.3206.7
218.4229.7
197.3199.3200.6212.8
215.1221.7227.4232.0
125.2129.9
134.0141.7
125.0125.3127.6132.2
133.7134.2140.6142.8
45.546.5
51.250.3
46.444.644.448.6
50.651.850.250.3
22.623.9
25.225.2
22.522.723.0"24.7
25.025.424.825.6
15.915.4
18.417.5
16.914.914.316.5
18.018.917.917.1
7.07.3
7.67.6
7.07.07.17.4
7.57.67.57.6
23.525.9
28.632.8
21.825.224.327.5
26.230.931.634.0
28.930.8
32.435.5
28.928.829.132.4
31.433.435.535.5
11.412.1
12.613.8
11.411.311.412.7
12.213.013.813.8
17.518.7
19.821.7
17.517.517.719.7
19.220.421.721.7
-5 .4-4 .9
-3 .9- 2 . 7
- 7 . 1-3 .6-4 .8-4 .9
- 5 . 3- 2 . 5-3 .9- 1 . 5
4.24.5
4.64.8
4.14.24.44.5
4.64.74.84.9
1 National income is the total net income earned in production by individuals or businesses. The con-cept of national income currently used differs from the concept of gross national product in that it excludesdepreciation charges and other allowances for business and institutional consumption of durable capitalgoods.
2 Includes wage and salary receipts and other labor income (see appendix table C-4), and employer andemployee contributions for social insurance.
3 Net income after inventory valuation adjustment. This adjustment was -1.2 billion dollars in 1947,and —0.8 billion (annual rate) in each half of 1948.
* Federal and Stato income and excess-profits taxes.«Less than $50,000,000.8 Estimates based on incomplete data; profits by Council of Economic Advisers and all others by De-
partment of Commerce.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
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TABLE C-4.—Personal income, 1929-48
[Billions of dollars]
PeriodTotal
personalincome
Salaries,wages,
and otherlabor
income
Proprie-tors' and
rentalincome2
Divi-dendsandpersonalinterestincome3
Transferpay-
ments
Nonagri-cultural
income *
1929..
1930-1931-_1932-1933..1934..
1935..1936-1937-1938-1939-
1940-1941-1942-1943-1944-
1945-1946-1947-1948».
1947—First half.Second half
1948—First half—Second halffi
1947—First quarterSecond quarter..Third quarter.._Fourth quarter—
1948—First quarterSecond quarter-Third quarter...Fourth quarter 8.
85.1
76.264.849.346.653.2
68.474.068.372.6
78.395.3
122.2149.4164.5
170.3178.1195.2211.5
50.5
46.339.230.529.033.8
36.842.145.942.845.7
49.561.581.2
104.4116.1
116.8111.4121.9132.8
19.7
15.711.87.47.28.7
12.112.615.414.014.7
16.320.828.132.134.1
36.041.846.050.7
13.3
12.611.19.18.28.6
8.610.110.38.79.2
9.49.99.7
10.010.6
11.413.515.617.1
1.5
1.52.72.22.12.2
2.43.52.42.83.0
3.13.13.23.03.6
6.211.411.710.9
76.8
70.060.146.243.049.5
53.462.866.562.166.3
71.586.1
108.7134.3149.0
154.3159.4174.9
CO
Annual rates, seasonally adjusted
190.3199.9
208.2214.8
190.9189.6196.7203.1
207.3209.0213.9215.8
119.1124.7
129.0136.6
119.0119.2122.3127.1
128.7129.2135.6137.6
45.546.5
51.250.3
46.444.644.448.6
50.651.850.250.3
15.116.0
16.717.6
14.915.315.816.1
16.616.817.317.8
10.612.8
11.410.4
10.710.514.311.2
11.511.210.810.1
169.8179.8
184.8(6)
169.4170.2177.8181.8
184.4185.3191.0(6)
1 Differs from "compensation of employees" in appendix table C-3, in that it excludes employerand employee contributions to social insurance. Includes wage and salary receipts and other laborincome—compensation for injuries, employer contributions to private pension and welfare funds, pay ofmilitary reservists not on full-time active duty (pay for full-time active duty included in military wagesand salaries), directors' fees, jury and witness fees, compensation of prison inmates, Government paymentsto enemy prisoners of war, marriage fees to justices of the peace, and merchant marine war-risk life andinjury claims.
2 See appendix table O-3, for major components.8 See appendix table C-28 for dividend payments.* Equals personal income exclusive of net income of unincorporated farm enterprises, farm wages, agri-
cultural net rents, agricultural net interest, and net dividends paid by agricultural corporations.« Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.fl Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
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T A B L E C—5. Disposition of personal income, 7929-48
Period Personalincome
Less:Personaltax andnontax
payments
Equals:Dispos-
ablepersonalincome
Less:Personalconsump-
tionexpendi-
tures
Equals:Personal
netsaving
Netsaving aspercentof dis-
posableincome
1929-
1930_.1931-1932..1933-1934..
1935—1936-1937-1938-1939-
1940-1941-1942-1943-1944-
1945-1946—1947-19481.
1947—First half-Second half..
1948—First halfSecond half i.
1947—First quarterSecond quarter-Third quarter.. .Fourth quarter-
1948—First quarterSecond quarter..Third quarter. _.Fourth quarter 1
Billions of dollars
85.1
76.264.849.346.653.2
59.968.474.068.372.6
78.395.3
122.2149.4164.5
170.3178.1195.2211.5
2.6
2.51.91.51.51.6
1.92.32.92.92.4
2.63.36.0
17.818.9
20.918.921.621.2
82.5
73.763.047.845.251.6
58.066.171.165.570.2
75.792.0
116.2131.6145.6
149.4159.2173.6190.4
78.8
70.861.249.246.351.9
56.262.567.164.567.5
72.182.390.8
101.6111.4
122.8147.4164.8176.8
3.7
2.91.8
- 1 . 4- 1 . 2—.2
1.83.63.91.02.7
3.79.8
25.430.034.2
26.611.88.8
13.6
Annual rates, seasonally adjusted
190.3199.9
208.2214.8
190.9189.6196.7203.1
207.3209.0213.9215.8
21.322.0
22.020.3
21.221.421.722.2
23.220.820.220.4
169.0178.0
186.2194.6
169.7168.2175.0180.9
184.1188.2193.7195.4
161.2168.4
174.3179.2
158.1164.2165.6171.1
172.1176.5178.5180.0
7.99.6
11.915.3
11.64.19.49.7
12.011.715.215.4
4.5
3.92.9
- 2 . 9- 2 . 7—.4
3.15.45.51.53.8
4.910.721.922.823.5
17.87.45.17.1
4.75.4
6.47.9
6.82.45.45.4
6.56.27.87.9
i Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
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TABLE C~6.—Per capita disposable income in current and 1947 dollars, 1929-48
Period
Disposablepersonalincome
(billions ofdollars)
82.5
73.763.047.845.251.6
58.066.171.165.570.2
75.792.0
116.2131.6145.6
149.4159.2173.6190.4
Annualrates,
seasonallyadjusted
169.0178.0
186.2194.6
169.7168.2175.0180.9
184.1188.2193.7195.4
Population(thou-sands)!
121,770
123,077124,040124,840125,579126, 374
127, 250128,053128, 825129,825130,880
131,970133,203134, 665136,497138,083
139,586141, 235144,034146,571
143,385144,807
146,018147,147
143,049143,702144,411145,150
145,716146,298146,914147,380
Consumers'price index,1947=100
76.9
74.968.261.258.060.0
61.562.264.463.262.4
62.966.0
3 73.83 79.23 81.4
3 83.63 89.6
3100.0107.4
Not ad-justed forseasonalvariation
397.8102.3
106.1108.7
3 97.498.1
100.9103.6
105.2107.0109.3108.2
Per capita disposablepersonal income
Currentdollars
678
599508383360408
456516552605536
574691863964
1,054
1,0701,1271,2051,299
1947dollars *
882
800745626621680
741830857799859
9131,0471,1691,2171,295
1,2801,2581,2051,209
Annual rates
1,1791,229
1,2751,322
1,1861,1701,2121,246
1,2631,2861,3181,326
1,2061,201
1,2021,216
1,2181,1931,2011,203
1,2011,2021,2061,226
1929..
1930..1931..1932..1933..1934..
1935..1936..1937..1938_.1939..
1940..1941..1942..1943..1944..
1945..1946..1947..1948*
1947—First halfSecond half
1948—First half.. _Second half*
1947—First quarterSecond quarter..Third quarter...Fourth quarter..
1948—First quarterSecond quarter..Third quarterFourth quarter *.
1 Estimated population of continental United States, including armed forces overseas; annual data as ofJuly 1 and quarterly and semiannual data as of middle of period, interpolated from published monthlyestimates.
2 Current dollars divided by the consumers' price index on the base 1947=100 to give a rough measure ofchanges in buying power of disposable income.3 The consumers' price index has been roughly adjusted to take account of the understatement during theprice control period. This adjustment is in line with the report of the Mitchell Committee. The unad-justed index will be found in appendix table C-20.
* Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.Sources: Department of Commerce (disposable income and population) and Department of Labor (con-
sumers' price index).
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TABLE C-7.—Labor force, 1929-48
[Thousands of persons, 14 years of age and over]
Period
Totallaborforce
(includ-ing
armedforces)1
Armedforces1
Civilian labor force
Totalcivilian
laborforce
Employment
Total Nonagri-cultural
Agricul-tural
Unem-ploy-ment
Monthly average:1929
193019311932 _1933 _1934
1935 ._.-1936193719381939
19401941___1942 -1943 _1944
1945__ _1946_19471948
1947—First half...Second half.
1948—First half—Second half.
1947—January.FebruaryMarchApril . . . ._MayJuneJuly. . .AugustSeptemberOctoberNovemberDecember
1948—January.FebruaryMarchAprilMayJuneJulyAugustSeptemberOctober. __NovemberDecember
49,440
50,08050,68051, 25051, 84052,490
53,14053, 74054,32054,95055, 600
56, 03057,38060,23064,41065, 890
65,14060, 82061, 61062, 748
60, 92062,297
61,77163,726
59, 51059,63059, 96060, 65061,76064,00764,03563,01762,13062, 21961, 51060,870
60,45561,00461, 00561,76061, 66064, 74065,13564,51163,57863,16663,13862,828
260
260260250250260
270300320340370
3901,4703,8208,87011, 260
11,2803,3001,4401,307
1,5511.328
1,2401,374
1,7201,6201,5701,5301,4701,3981,3711,3521,346I,b271,2941,280
1,2411,2261,2361,2361.2381,2611,2931,3251,3661,3911,4141,453
49,180
49,82050,42051,00051, 59052, 230
52, 87053,44054, 00054,61055, 230
55, 64055,91056, 41055, 54054, 630
53, 86057, 52060,17061,442
60,968
60,53162, 352
57,79058,01058,39059,12060, 29062, 60962, 66461,66560, 78460, 89260,21659, 590
59,21459,77859,76960,52460.42263,47963,84263,18662,21261,77561,72461,375
47,630
45,48042,40038,940
40,890
42,26044,410
44, 22045, 750
47, 52050,35053, 75054, 47053,960
52, 82055, 25058, 03059,37857,00959,044
58,31760,439
55,39055, 52056,06056, 70058,33060,05560,07959, 56958, 87259, 20458, 59557,947
57,14957,13957,32958,83058.66061,29661,61561,24560,31260,13459,89359,434
37,180
35,14032,11028, 77028, 67030,990
32,15034,41036,48034, 53036,140
37,98041,25044, 50045, 39045, 010
44, 24046, 93049, 77051,405
49,03350,488
50,75452,057
48,60048,82048,84049,37049,67850.01350,59450,14550,58350,60950,985
10,450
10,34010,29010,17010,0909,900
10,11010,0009,8209,6909,610
9,5409,1009,2509,0808,950
8,5808,3208,2607,973
7,9768,556
7,564
6,500
7,2407,8608,96010,37710,0668,9758,7278,6227,9856,962
50,08950,36850,48250,88350,80051,89952,45252,80151, 59051,50651, 93252,059
7,0606,7716,8477,4487,8619,3969,163
* 8,4448,7238,6277,9617,375
1,550
4,3408,02012,06012,83011,340
10,6109,0307,70010,390
8,1205,5602,6601,070670
1,0402,2702,1402,064
2,3591,924
2,2141,914
2,4002,4902,3302,4201,9602,5552,5842,0961,9121,6871,6211,643
2,0652,6392,4402,1931,7612,1842,2271,9411,8991,6421,8311,941
1 Data for 1940-48 exclude about 150,000 members of the armed forces who were outside the continentalUnited States in 1940 and who were therefore not enumerated in the 1940 Census. This figure isdeducted by the Census Bureau from its current estimates for comparability with 1940 data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Labor (1929-39) and Department of Commerce (1940-48).
105
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-8.—Number of wage and salary workers in nonagricultural establishments, 1Q20-48i
[Thousands of employees]
Period
Totalwageand
salarywork-
ers
Manufacturing
TotalDur-able
goods
Non-dur-able
goods
Min-ing
Con-tractcon-
struc-tion
Trans-portstionand
publicutili-ties
Trade Fi-nance Service
Fed-eral,
State,andlocal
govern-ment
Monthly average:1929
1930_193119321933___1934
1935_.1936193719381939
1940___ —1941. . . .19421943._.1944
1945__194619471948 3
1947—First half. _.Second halL
1948—First half...Second half3.
1947—January. _February. _MarchAprilMayJuneJulyAugust.. .SeptemberOctoberNovemberDecember
1948—January _ _February..March...April . . .MayJuneJulyAugust..SeptemberOctober *November *
31,041
29,14326,38323,37723,46625,699
26,79228,80230,71828, 90230,287
32,03136,16439, 69742,04241,480
40,06941,49443,97045,132
43,33744,603
44, 56845,696
43,06343,16943,41043, 22143,34543,81643,68644,12544, 51344, 75844,91845,618
44,60344,27944,60044,29944,61645,00945,09845,47845,87545,87245, 701
10,534
9,4018,0216,7977,2588,346
8,9079,65310,6069,25310,078
10,78012, 97415,05117,38117, 111
15,30214, 51515,90116,282
15,71316,089
16,11316,450
15,67715,78315, 82615, 75015, 56915,67215, 58015, 96216,17516, 20916,25616,354
16,26716,18316,26915, 95015,89216,11516,17216,44116,68316, 57616,403
4,9756,4858,17910,29710,200
8,4777,1808,0558,221
8,022
()5,720
5,805
8,1808,261
7,9498,0308,0718,0687,9628,0507,8747,9878,0708,1268,1948,274
8,2568,1678,2588,1648,1148,1228,1658,1888,280
6,8737,0846,912
6.8257,3357,8468,061
7,6918,002
7,9328,189
7,7287,7537,7557,6827,6077,6227,7067,9758,105
8,062
8,304
8,0118,0168,0117,7867,7787,9938,0078,2538,4038,2708,099
1,078
1,000864722735874
9371,006882845
916947983917883
852911924
906917
910
910907906881910919890923921922923925
922914924817935950922952948941934
1,497
1,3721,214
970809862
9121,1451,1121,0551,150
1,2941,7902,1701,5671,094
1,1321,6611,9212,056
1,7812,062
1,9282,185
1,6901,6681,709
1^8651,9572,043
2,1072,0992,0461,978
1,8711,7311,8051,9332,0522,1732,2192,2532,2392,1972,150
3,907
3,6753,2432,8042,6592,736
2,7712,9563,1142,8402,912
3,0133,2483,4333,6193,798
3,8724,0234,0604,066
4,0034,116
4,0324,101
4,0184,0164,0273,8453,9814,1294,1554,1634,1344,0974,0774,071
4,0204,0194,0323,9744,0424,1054,1364,1394,0924,0904,076
6,401
6,0645,5314,9074, r~"5,552
6,0766, 5436,4536,705
7,0557,5677,4817,3227,399
7,6858,8209,4509,741
9,2329,667
9,6009,8S2
9,1609,1439,2369,2559,2779,3249,3169,3569,4719,684
10,288
9,6229,5209,5989,5769,6179,6709,6469,6609,7339,889
10, Q33
1,431
V1,3331,2701,2251,247
1,1,3131,3551,3471,382
1,4191,4621,4401,4011,374
1,3941,5861,6561,718
1,6371,675
1,7021,734
1,6261,6281,6381,6361,6431,6501,6751,6881,6681,6711,6731,676
1,1,6901,6971,7041,7161,7261,7541,7611,7321,7231,718
3,127
3,0842,9132,6822,6142,784
2,8833,0603,2333,1963,228
3,3623,5543,7083,7863,795
3,8914,4304,6224, " "
4,5844, " "
4,7254,656
4,5274,5614,5654,5524,5904,7114,6864,6194,6344,6624,6704,688
4,7234,7304,7294,7684,7384,6634,6454,6224,6474,6674,673
3,066
3,1493,2643,2253,1673,298
3,4773,6623,7493,8763,987
4,1924,6225,4316,0496,026
5,9675,6075,4495,654
5,4825,417
5,5575,751
5,4555,4635,5035,5045,5105,4545,3415,3185,4035,4145,3875,638
5,4985,4925,5465,5775,6245,6075,6045,6505,8015,7895,714
1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who workedor received pay during the pay period ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Not comparable with estimatesof nonagricultural employment of the civilian labor force reported by the Department of Commerce (ap-pendix table C-7) which include proprietors, self-employed persons, and domestic servants; which countpersons as employed when they are not at work because of industrial disputes, bad weather, or temporarylay-offs and which are based on an enumeration of population, whereas the estimates in this table are basedon reports from employing establishments.
2 Not available.3 Includes preliminary estimates for December.* Preliminary estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Labor.
106
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-9.—Average gross weekly earnings in selected industries, 1929-48
Period
M anufacturing
Total
$25.03
23.2520.8717.0516.7318.40
20.1321.7824.0522.3023.86
25.2029.5836.6543.1446.08
44.3943.7449.2553.12
47.89
50.61
52.06
54.18
47.1047.2947.6947.5048.4449.3348.9849.1750.4751.0551.2952.69
52.0751.7552.0751.7951.8652.8552.9554.0554.1854.5054.49
Dur-able
goods
$27.22
24.7721.2816.2116.4318.87
21.5224.0426.9124.0126.50
28.4434.0442.7349.3052.07
49.0546.4952.4556.73
50.78
54.12
55.23
58.16
49.6049.7450.3050.3451.7252.9952.1952.4654.0654. 6954.8656.48
55.4654.7755.2554.9654.8156.1356.2158.1957.9059.1358.58
Non-durable
goods
$22.93
21.8420.5017.5716.8918.05
19.1119.9421.5321.0521.78
22.2724.9229.1334.1237.12
38.2941.0245.8749.33
44.77
46.96
48.67
49.98
44.4744.6744.8944.4044.8845.3145.6145.7846.8047.2947.5648.72
48.4548.5648.6648.3348.6549.3749.4949.7950.3849.6850.14
Bitu-minous
coalmining
$25.72
22.2117.6913.9114.4718.10
19.5822.7123.8420.8023.88
24.7130.8635.0241.6251.27
52.2558.0366.8672.09
64.41
69.20
69.77
74.41
69.5465.3064.9054.1465.5167.0954.8770.2371.1971.9171.7775.22
75.7870.5474.84
6 49. 5374.0873.8767.6278.1074.9876.40(2)
Private"Kn-fMDUUQ-
ing con-struc-tion
<•>
(2)(2)(2)(2)
$22.97
24.5127.0130.1429.1930.39
31.7035.1441.8048.1352.18
53.7356.2463.3069.57
60.94
65.32
67.57
71.57
59.9758.9261.2360.5762.2662.7163.6064.7165.3666.3664.5567.31
66.2866.3166.8967.3168.1370.4971.3871.8972.0671.79(2)
Class Isteamrail-
roads
$28.49
27.7626.7623.3423.0924.32
26.7628.0129.2030.2630.99
31.5534.2538.6543.6846.06
45.694 51. 22
54.1758.70
52.38
56.02
58.70
(2)
52.7054.1052.4352.0351.3051.7251.1651.6857.4758.4458. 3859.02
59.6060.5458.9456.8657.2459.0558.2259.17(2)(2)(2)
Tele-phone
m(2)(2)(2)(2)(2)
(2)$29.8131.5331.94
32.4432.7433.9736.3038.39
(3)
44.0444.9648.75
40.86
47.92
48.06
49.45
43.3743.3142.51
e 32. 266 38.13
45.5846.5146.9248.0248.7749.4447.83
48.2047.8247.3147.5648.8248.6749.1948.3549.2149.75
(2)
w noie-sale
trade
<>)
(2)$27.7226.1126.37
26.9328.5329.9429.4829.85
30.3932.3235.5639.4042.29
44.0748.0652.4056.41
51.22
53.54
55.64
57.21
50.0550.8750.8051.1351.5752.8852.2252.0553.6553.6854.7054.97
54.3655.8755.1755.8456.6156.0056.5457.5157.6757.58(2)
Retailtrade
«
8$20.7119.1819.86
19.9620.6821.7321.1421.17
21.1721.9423.2424.8826.58
28.3132.5536.6740.26
35.98
37.40
39.08
41.45
35.0235.2735.3135.9336.5037.8237.9938.1437.0636.7437.1437.36
37.6238.3338.8939.2739.8440.5241.1941.1940.4840.32
(2)
Hotels(year
round) *
Monthly average:1929
19301931. _1932 _1933_. ...1934
1935.. _19361937.1938__1939.
1940-1941..1942.._1943...1944
1945194619471948 8.. _
1947—First half.Second
half.-..
1948—First half.Second
half e. _
1947—January.FebruaryMarch _!AprilMay _June. . .JulyAugust __September-__OctoberNovember...December
1948—JanuaryFebruaryMarchApril...MayJuneJuly-AugustSeptember...October»November7..
8$14.2512.7913.17
13.5713.9714.7814.9315.25
15.5216.0917.6220.2122.65
24.5326.9529.6531.77
29.18
30.10
31.31
32.23
28.6228.9129.0929.4129. 2329.8529.3629.5029.8630.4530.5430.89
30.5531.1930.9631.5931.7031.8832.0432.3432.2132.45
)
1 Money payments only; additional value of room, board, uniforms, and tips is not included.2 Not available.3 Not available. New series, beginning April 1945; includes only employees subject to provisions of the
Fair Labor Standards Act and is not comparable with preceding series, which includes all employees.< Annual average includes retroactive pay increases not included in the monthly averages.* Includes preliminary estimates for November and December except in the case of class I steam railroads
for which data are available only through August.6 Data for these months reflect work stoppages.7 Preliminary estimates based on incomplete data.
NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-roads, and for all employees in other industries. Data are for pay-roll periods ending closest to the middleof the month except in railroads where monthly pay-roll and employment figures are used.
Source: Department of Labor.
107
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E G—10.—Average hourly earnings in selected industries
Period
Monthly average:1929- _
19301931193219331934
19351936 —193719381939
19401941194219431944
19451946 . ._19471948 8
1947—First half.Second
half.....
1948—First half.Second
half's...
1947—JanuaryFebruaryMarchAprilMay.JuneJulyAugust _September. __OctoberNovember. _.December
1948—JanuaryFebruaryMarch.AprilMay.JuneJulyAugust _ .September. „October eNovember 6__
Manufacturing
Total
$0,566
.552
.515
.446
.442
.532
.550
.556
.624
.627
.633
.661
.729
.853
.9611.019
1.0231.0841.2211.327
1.188
1.253
1.295
1.359
1.1611.1701.1801.1861.2071.2261.2301.2361.2491.2581.2681.278
1.2851.2871.2891.2921.3011.3161.3321.3491.3621.3661.370
Durablegoods
:
$0,497.472.556
.577
.586
.674
.686
.698
.724
.808
.9471.0591.117
1.1111.1561.2921.401
1.252
1.331
1.361
1.441
1.2241.2291.2361.2431.2781.3031.3051.3121.3311.3371.3461.354
1.3551.3521.3521.3571.3661.3851.4071.4311.4491.4511.452
Non-durable
goods
:
$0,420.427.515
.530
.529
.577
.584
.582
.602
.640
.723
.803
.861
.9041.0121.1451.247
1.119
1.172
1.223
1.270
1.0941.1071.1191.1221.1301.1401.1501.1581.1651.1751.1851.196
1.2101.2171.2201.2201.2301.2421.2521.2621.2721.2721.280
Bitu-minous
coalmining
$0,681
.684
.647
.520
.501
.673
.745
.794
.856
.878
.886
.883
.9931.0591.1391.186
1.2401.4011.6331.896
1.485
1.804
1.838
1.955
1.4911.4911.4841.4831.4701.4891.7401.7871.8191.7981.8511.826
1.8471.8261.8421.8211.8411.8501.9361.9671.9661.959
Privatebuilding
con-struc-tion
(2)
(2)(2)(2)
(2)$0,795
.815
.824
.903
.908
.932
.9581.0101.1481.2521.319
1.3791.4781.6811.865
1.625
1.729
1.817
1.913
1.5941.5981.6101.6321 6551.6611.6761.6941.7231.7431.7651.774
1.7811.8061.8051.8181.8351.8581.8901.9011.9191.920
Class Isteamrail-
roads
$0,636
.644
.651
.600
.595
.602
.651
.659
.676
.712
.714
.717
.751
.824
.897
.938
.942* 1.116
1.1701.272
1.129
1.212
1.272
1.1311.1511.1301.1191.1201.1221.1171.1211.2441.2331.2831.272
1.2791.3021.2621.2581.2721.2591.2631.278
Tele-phone
(2)
(2)(2)(2)
(2)(2)
$0.774.816.822
.827
.820
.843
.870
.911
1.1241.1991.243
1.163
1.230
1.233
1.254
1.1321.1411.1241.1741.1891.2181.2111.2151.2301.2411.2541.229
1.2411.2381.2231.2251.2401.2321.2371.2291.2501.264
, 7929-48
Whole-sale
trade
(2)
(2)(2)
$0,648.667.698.700.715
.739
.793
.860
.933
.985
1.0291.1441.2581.362
1.232
1.283
1.341
1.382
1.1971.2301.2311.2291.2411.2621.2571.2581.2811.2891.3141.300
1.3091.3431.3341.3461.3631.3531.3651.3791.3811.385
Retailtrade
(a)
(2)(2)
$0,528
.521
.522
.551
.543
.536
.542
.568
.614
.670
.724
.773
.878
.9911.068
.971
1.012
1.054
1.082
.953
.957
.960
.974
.985
.9961.0031.0031.0121.0131.0251.016
1.0441.0501.0441.0551.0641.0701.0771.0801.0861.080
Hotels(year
round) *
(2)(2)(2)(2)
$0,273
.279
.287
.308
.315
.324
.332
.348
.386
.451
.505
.550
.612
.661
.710
.646
.675
.700
.720
.648
.652
.644
.642
.643
.650
.652
.660
.672
.684
.687
.693
.695
.695
.695
.700
.707
.711
.714
.709
.722
.723
* Money payments only; additional value of room, board, uniforms, and tips is not included,a Not available.3 Not available. New series, beginning April 1945; includes only employees subject to provisions of the
Fair Labor Standards Act and is not comparable with preceding series, which includes all employees.* Annual average includes retroactive pay increases not included in the monthly averages.«Includes preliminary estimates for November and December except in the case of class I steam railroads
for which data are available only through August.«Preliminary estimates based on incomplete data.
NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-roads, and for all employees in other industries. Data are for pay-roll periods ending closest to the middle ofthe month except in railroads where monthly pay-roll and employment figures are used.
Source: Department of Labor.
108
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C- l 1.—Average weekly hours in selected industries, 1929-48
Period
Manufacturing
Total
44.2
42.140.538.338.134.6
36.639.238.635.637.7
38.140.642.944.945.2
43.440.440.340.1
40.3
40.4
40.2
39.9
40.640.440.440.140.140.239.839.840.440.640.441.2
40.540.240.440.139.940.239.840.139.839.939.8
Durablegoods
0)0)0)32.634.833.9
37.341.040.035.038.0
39.342.145.146.646.6
44.140.240.640.5
40.6
40.6
40.6
40.4
40.540.540.740.540.540.740.040.040.640.940.741.7
40.940.540.940.540.140.540.040.740.040.740.4
Non-durablegoods
0)0)0)41.940.035.1
36.137.737.436.137.4
37.038.940.342.543.1
42.340.540.139.6
40.0
40.1
39.8
39.4
40.740.440.139.639.739.839.739.540.240.240.140.8
40.039.939.939.639.639.839.539.539.639.139.2
Bitu-minous
coalmining
38.4
33.528.327.229.527.0
26.428.827.923.527.1
28.131.132.936.643.4
42.341.640.637.8
43.1
38.3
37.9
37.7
46.743.643.7
4 36.444.343.7
4 31.839.139.139.938.541.2
40.938.740.6
4 27.040.339.9
4 34.239.437.738.60)
Privatebuilding
con-struc-tion
0)0)0)0)(028.9
30.132.833.432.132.6
33.134.836.438.439.6
39.038.137.637.3
37.5
37.8
37.2
37.4
37.636.938.037.137.637.838.038.237.938.136.637.9
37.236.737.137.037.137.937.837.837.537.4C1)
Class Isteamrail-
roads
44.8
43.141.138.938.840.4
41.142.543.242.543.4
44.045.646.948.749.1
48.545.946.346.2
46.4
46.2
46.2
0)46.647.046.446.545.846.145.846.146.247.445.546.4
46.646.546.745.245.046.946.146.30)0)0)
Tele-phone
0)
(J)0)0)(0
838.838.939.1
39.540.140.541.942.3
(2)
39.437.339.2
35.0
39.0
39.0
39.5
38.438.037.9
4 26.94 31.5
37.538.438.739.139.339.539.0
38.938.738.738.839.439.539.839.439.439.40)
Whole-. . 1 .saie
trade
0)0)0)0)0)(041.342.642.842.241.7
41.241.041.342.242.9
42.741.841.241.1
41.2
41.3
41.0
41.1
41.540.840.841.241.241.641.141.141.241.341.441.6
41.041.140.941.041.241.141.241.341.241.00)
Retailtrade
0)
80)41.5
41.843.543.342.643.0
42.942.541.640.540.3
40.340.540.240.0
40.1
40.2
39.9
40.1
39.940.140.040.040.040.841.141.040.040.039.539.7
39.840.039.839.839.940.340.841.040.239.70)
Hotels(year
round)
Monthly average:1929
1930 -1931 _1932___1933__1934 . . .
1935__1936___.193719381939
19401941194219431944
1945194619471948 3 . . .
1947—First half.Second
half..._
1948—First half.Second
half3___
1947—JanuaryFebruary...MarchAprilMayJune.JulyAugustSeptember..October...November..December...
1948—JanuaryFebruary...MarchAprilMayJuneJuly.AugustSeptember..October s___.November3.
47.2
47.848.347.746.846.6
46.345.645.344.744.5
44.243.944.544.2
44.6
44.4
44.2
44.3
43.844.344.744.945.045.244.945.044.144.044.444.1
43.944.644.044.244.244.144.044.943.944.3
C1)
1 Not available.J Average for the year not available because new series was started in April.3 Includes preliminary estimates for November and December except in the case of class I steam rail-
roads for which data are available only through August.* Data for these months reflect work stoppages.
NOTE.—Data are for production workers in manufacturing and mining, hourly-rated employees in rail-roads, and for all employees in other industries. Data are for pay-roll periods ending closest to the middleof the month except in railroads where monthly pay-roll and employment figures are used.
Source: Department of Labor.
109
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TABLE C-12.—Physical production index of goods and utilities, 1929-48
[1935-39=1001]
Period
Weights: aTotalNonagricultural
1929
193019311932 - . _1933 _1934
193519361937 .19381939
19401941194219431944
1945 1194619471948 3
1947—First halfSecond half
1948—First halfSecond half3 -_
Totalpro-duc-tion
100.0
112
9786707375
8799
11194
109
122152184206202
182166179186
88
Agri-cul-turalpro-duc-tion
19.2
97
951041019379
9685
108105106
110114128125130
129134129141
88
Nonagricultural production
Totalnon-agri-cul-
turalpro-duc-tion
80.8100.0
116
9882636975
8510211191
110
124161198225219
195174190197
189191
197197
Industrial production
Total
55.468.5
110
9175586975
8710311389
109
125162199239235
203170187192
187186
192192
Manu-fac-
tures
50.662.6
110
9074576874
8710411387
109
126168212258252
214177194198
194193
199197
Min-erals
4.85.9
107
9380677680
8699
11297
106
117125129132140
137134149155
147152
153157
Con-struc-tion
7.69.4
180
153124795358
69101106101123
13318220211260
68127143163
134152
160165
Trans-porta-tion
12.916.0
117
10489737683
8810111095
106
116142180214224
217198208209
208208
208210
Elec-tricandgas
util-ities
4.96.1
82
8278717278
8597
106100112
123141158184193
190192219244
218219
243245
1 All half year data have been seasonally adjusted except the electric and gas utilities for which no satis-factory adjustment factor is available.
2 Computed from the Department of Commerce data of national income. The weight factors are per-centages of the national income for each industry to the total for the 6 industries. The weight for construc-tion has been adjusted to include force account and other construction done outside of the contract construc-tion industry, the weights for other industry groups to exclude such construction.
8 Estimates based on incomplete data.* Not available. See footnote 5.*Because of the extreme seasonal nature of agricultural crop production, only an annual index has been
computed.
Sources; Based on the following data:Agricultural production.—Department of Agriculture index of farm output which measures the physical
volume of farm production for human use.Minerals.—Federal Reserve index of mineral production.Manufactures — Federal Reserve index of manufacturing production.Construction.—Department of Commerce value of new construction activity deflated by their index of
construction costs and converted into relatives with 1935-39 as 100.Transportation.—Department of Commerce index of transportation. The figures for 1947 and 1948 are
estimated by the Board of Governors of the Federal Reserve System on the basis of transportation data.Electric and gas utilities— Based on the following series: Electric power generated for public use as reported
by the Federal Power Commission, and sales of gas to consumers as reported by the American Gas Asso.ciation. The two series are converted into relatives with the average for the period 1935-39 as 100. Therelative series are combined into an index of public utility production with electric power given a weightof 73 and gas 27. the respective percentages of the revenues by each of the utilities to the total revenuesproduced by both in the base period 1935-39.
IIO
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-13.—Industrial production index, 1929-48
[1935-39=100, seasonally adjusted]
Period
Monthly average:1929
19301931193219331934
19351936 . _193719381939
1940194119421943 .1944 „. .
19451946194719481
1947—First halfSecond half
1948—First half .Second half1
1947—JanuaryFebruaryMarch. _AprilMay - _JuneJulyAugust _SeptemberOctober _NovemberDecember _. _. __
1948—JanuaryFebruary..MarchAprilMayJuneJulyAugust --SeptemberOctober _ «_November iDecember * -
Total in-dustrial
production
110
9175586975
8710311389
109
125162199239235
203170187192
187186
192192
189189190187185184176182186191192192
193194191188192192186191192195194191
Manufacture
Total
110
9074576874
8710411387
109
126168212258252
214177194198
194193
199197
196197198195192191183188192197199198
201201200195197198191197199202200195
Durable
132
9867415465
8310812278
109
139201279360353
274192220224
221219
224225
221223225222218219208211216223224230
229226229217221222219222224230229226
3
Nondurable
93
8479707981
9010010695
109
115142158176171
166165172177
173172
178175
176176175172170168163169172176179173
178180177177178179169176178179177173
Minerals
107
9380677680
8699
11297
106
117125129132140
137134149155
147152
153157
146146148143151148140150153155155156
154155142147162159153159156158160155
i Estimates based on incomplete data.
Source: Board of Governors of the Federal Reserve System
I I I
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TABLE O14.—New construction activity, 1929-48
[Value put in place, millions of dollars]
Period
Totalnewcon-
struc-tion *
Private construction
Totalpri-vate
Resi-den-tial
build-ing
(non-farm)
Non-resi-den-tial
build-ing2
Pub-lic
util-
andfarm
Public construction
Totalpub-lic
By source offunds
Fed-eral
Stateandlocal
By type of con-struction
Mili-tary
and fed-erally fi-nancedindus-trial
High-ways
Otherpub-lic
1929-
1930-1931-1932-1933-1934-
1935-1936-1937-1938-1939-
1940-1941-1942-1943-1944-
1945-1946-1947-1948 3
1947—First halfSecond half___
1948—First halfSecond half 3. . . .
1947—JanuaryFebruaryMarchAprilMayJuneJulyAugust _.SeptemberOctober. ___NovemberDecember. _.
1948—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember _OctoberNovemberDecember3
9,873
8,0425,9673,2902,3762,805
3,2304,8365,4875,1866,307
7,04210,49013,4127,7844,136
10,45813,97717,666
7,476
5,2653,3751,4671,0121,235
1,6762,5503,3903,0763,808
4,3905,4263,0071,7441,823
2,7168,25310,89313,631
2,797
1,4461,228462278361
6651,1311,3721,5112,114
2,3552,7651,315650535
6843,1835,260
2,822
2,0991,104499404455
472712
1,088764785
1,0281,486635232350
1,0143,3463,1313,615
1,857
1,7201,043506330419
539707930801909
1,0071,1751,057862938
1,0181,7242,5023,036
2,397
2,7772,5921,8231,3641,570
1,5542,2862,0972,1102,499
2,6525,064
10,4056,0402,313
2,0922,2053,0844,035
237
451510552720
1,2621,154989
1,257
1,3973,8539,5445,6141,912
1,5581,0741,1751,339
2,160
2,4392,1411,313812850
1,024943
1,1211,242
1,2551,211861426401
5341,1311,9092,696
19
2940343858
39333974148
5492,9008,4534,2181,344
1,160272229164
1,254
1,5051,351961
70.9927902858
882800616420346
386772
1,2331,500
Totals for period, not adjusted for seasonal variation
1,124
1,2431,201828517
8061,3261,1561,1781,484
1,2211,3641,3361,402623
5461,1611,6222,371
5,6778,300
7,7209,946
873823859928
1,0321,1621,2641,3641,4231,4971,4321,320
1,1571,0091,1661,3111,4611,6161,7151,7991,7821,7071,5521,391
4,4326,461
6,1047,527
703662679713790885966
1,0421,0861,1291,1411,097
948837940
1,0241,1201,2351,3181,3541,3321,2651,1781,080
1,9353,325
3,1203,860
300280285310355405455500540590630610
500400475525585635680695685650600550
1,5041,627
1,6501,965
275258241238242250254260267275287284
273265266264277305324332334333330312
9931,509
1,3341,702
128124153165193230257282279264224203
175172199235258295314327313282248218
1,2451,839
1,6162,419
170161180215242277298822337368291223
209172226287341381397445450442374311
518657
531808
83817684901041121201211289977
71557194113127133155154146120100
7271,182
1,0851,611
8780104131152173186202216240192146
138117155193228254264290296296254211
102127
8381
181515191817212323241917
151213151513141515141211
426807
555945
3936507610012513714915917811965
5641579813616716920019018012680
717905
978
113110115120124135140150155166153141
138119156174190201214230245248236220
1 Excludes construction expenditures for crude petroleum and natural gas drilling, and, therefore does notagree with the new construction expenditures in the gross national product.
2 Excludes farm and public utility; for 1929-32 includes negligible amount of public industrial and com-mercial building not segregable.
3 Estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Sources: Departments of Commerce and Labor.
112
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TABLE C-15.—Business expenditures for new plant and equipment, 1929-49
[Millions of dollars]
Period Total i
Manufacturing and mining
Total
3,596
2,5411,435
930992
1,460
1,7902,4503,3301,8302,310
3,1404,0803,1702,6102,890
3,6506,4708,1508,950
Manufac-turing
0
33333
333
(3)1,930
2,5803,4002,7602,2502,390
3,2105,9107,4608,180
Mining
m
18(3)(3)
380
560680410360500
440560690770
Transportation
Rail-road
840
865360164101218
166306525238280
440560540460580
550570910
1,310
Other
(4)
8(4)
(4)280
390340260190280
320660800690
Electricand gasutilities
(4)
?4)
4)
(4)(4)(4)
480
550710680540490
6301,0401,9002,610
Commer-cial andmiscella-neous a
1929..
1930..1931..1932..1933..1934..
1935..1936..1937..1938-.1939..
1940..1941-.1942..1943..1944..
1945-.1946..1947..1948«
1947—First half-Second half
1948— First halfSecond half 5. _.
1947—First quarter...Second quarterThird quarter,iFourth quarter.
1948—First quarter .Second quarterThird quarterFourth quarter
1949—First quarter «..
9,165
7,6104,7122,6082,1373,080
3,7385,0776,7304,5205,200
6,4908,1906,1104,5305,210
6,63012,04016,18018,840
Annual rates, not adjusted for seasonal variation
14,20018,160
17,98019,680
12,64015,76016,56019,760
16,68019,28019,32020,040
17,560
7,2209,100
8,6409,260
6,4008,0408,200
10,000
7,9209,3609,1609,360
7,840
6,6008,320
7,8808,500
5,8007,4007,4809,160
7,2008,5608,3608,640
7,120
620780
760760
600640720840
720800800720
720
7601,060
1,1601,460
640880920
1,200
1,0801,2401,3201,600
1,480
820780
740660
720920800760
720760680640
600
1,5602,240
2,2802,940
1,3201,8002,0002,480
2,0002,5602,7603,120
2,720
4,729
4,2042,9171,5141,0441,402
1,7822,3212,8752,4521,850
1,9802,4901,470730970
1,4803,3004,4305,280
5,000
5,1605,380
3,6004,1204,6405,360
4,9605,3605,4405,320
4,880
1 Excludes agriculture.2 Includes trade, service, finance, and communication for all years shown. Also includes prior to 1939,
transportation other than railroad, and electric and gas utilities not available separately for those years.3 Not available separately for years prior to 1939.* Included hi commercial and miscellaneous prior to 1939.« Estimates for fourth quarter of 1948 and first quarter 1949 were based upon anticipated capital expendi-
tures of business.
NOTE.—These figures do not agree with the totals included in the gross national product estimates of theDepartment of Commerce, principally because the latter cover agricultural investment and also certainequipment and construction outlays charged to current expense. Figures for 1929-44 are Federal ReserveBoard estimates based on Securities and Exchange Commission and other data.
Detail will not necessarily add to totals because figures are rounded to the nearest $10,000,000.
Sources: Securities and Exchange Commission and Department of Commerce (except as noted).
"3
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G-16.—Inventories and sales in manufacturing and trade, 1939-48
Period
Manufacturing 1
Millions ofdollars
Inven-tories 3
11,516
12,87317,02419,22119,89719,122
17,92423,43528,020
26,47928,020
29,727
24, 21324,83125,39825,85326,44026,47926,84627,05127,05527,39727,62728,020
28, 50128, 76829,06429,16129,43729, 72730, 23630, 42930, 71030, 78431,000
Sales *
5,112
5,8598,172
10,34612,60313,402
12,37112,02015,671
14,94716,396
17,129
14,45314,17515, 54615,39815,04815,06314,36115, 25716, 59718,08216, 55417, 523
16, 55216, 22518,11717, 22916, 77717,87116, 40318,16918, 78118, 89418,200
Ratioof in-vento-ries tosales
2.25
2.202.081.861.581.43
1.451.951.79
1.771.71
1.74
1.681.751.631.681.761.761.871.771.631.521.671.60
1.721.771.601.691.751.661.841.671.641.631.70
Wholesale *
Millions ofdollars
Inven-tories a
3,200
3,3574,1513,7023,5773,686
4,2165,8237,545
6,8377,545
8,011
6,1356,3986,8416,7496,6906,8376,6997,0687,2337,3427,4677,545
7,8507,8857,8697,7777,8017,9537,9308,1008,2438,3948,536
Sales *
2,505
2,7903,6504,0164,3304,505
4,7776,1387,304
6,7877,820
7,558
6,9676,4596,7966,8436,8596,8007,0967,0727,7638,7168,0138,262
7,6927,1217,7267,6527,3897,7667,7968,1618,2868,3768,248
Ratioof in-vento-ries tosales
1.28
1.201.14.92.83.82
.88
.951.03
1.01.96
1.06
.88
.991.01.99.98
1.01.94
1.00.93.84.93.91
1.021.111.021.021.061.031.02.99.99
1.001.03
Retail *
Millions ofdollars
Inven-tories *
5,502
6,0117,6207,8747,3507,396
7,50211,04912,953
11,94812,953
14,065
11,42711,65311,83211,97411, 77211,94811,92511,94412,07312,43512,62112,953
13,38413,75114,04013,90713,95114,06514,08014,14514, 53114,51414, 652
Sales *
3,504
3,8664,6244,8035,3105,798
6,3878,3999,860
9,52010,202
10,660
9,1569,3549,4539,6489,6979,8109,8229,786
10,26410,29210,42610,620
10,46410,46310, 65810,89110,62010,86210,85710,89310,96810,90610,775
Ratioof in-vento-ries tosales
1.57
1.551.651.641.381.28
1.171.321.31
1.261.27
1.32
1.251.251.251.241.211.221.211.221.181.211.211.22
:
:'.
1.28L.31L.32L.28L.31L.29L.30L.301.321.33]L.36
1939
194019411942.19431944
1945. -19461947.- —
1947—First half. __Second half.
1948—First half. . .
1947—JanuaryFebruary. __MarchAprilMayJuneJulyAugustSeptember._OctoberNovember. .December...
1948—JanuaryFebruary . . .MarchAprilMayJuneJulyAugustSeptember. _October 5.. _November ».
1 Not adjusted for seasonal variation.2 Adjusted for seasonal variation.• Book value, end of period.4 Monthly average shown for year and half year and total for month.«Preliminary figures based on incomplete data.
NOTE.—The inventory figures in this table do not agree with the estimates of "change in business inven-tories" included in the gross national product since they cover only manufacturing and trade rather than allbusiness,, and show inventories in terms of current book value without adjustment for revaluation.
Detail]*will not necessarily add to totals because of rounding.
Source: Department of Commerce (Office of Business Economics).
114
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TABLE G-17.—Inventories and sales, by durable and nondurable goods, in manufacturingand trade; 1939-48
[Not adjusted for seasonal variation]
Period
Total
Millions ofdollars
Inven-tories *
20,001
21,99728,43730, 23030, 34629, 714
29,18939, 84647, 98744,91047, 991
51,354
41,23742, 75944,27644, 78144, 90044, 91044, 97645,93446,44347,83848,58147,991
49,13050, 27851,21351,10251,23051,29651,76352,50053,65554, 52655,337
Sales a
11,119
12,51516,37619,16522, 24223, 704
23, 53526,55630,64330,83134,841
34,908
29, 71828, 51031,67831,72531,94531,40930,91732,11334,61237,73935,23938,426
33,93932, 26736,47635,49534,87836,39234,93637,00438,12538,74137,286
Ratioof in-vento-ries tosales
1.80
1.761.741.581.361.25
1.241.501.571.461.38
1.47
1.391.501.401.411.411.431.451.431.341.271.381.25
1.451.591.401.441.471.411.481.421.411.411.48
Durable goods
Millions ofdollars
Inven-tories 1
7,938
9,26012.15913', 29713, 40512, 559
11, 23015,96420,00318,95320,007
21, 704
16,63217, 45418, 22718,66518, 86418, 95319,04119,41619,53619,80819,86020,007
20,40820,82321,32821,44121,51521,64621,75621,78722,19122, 52722,852
Sales 2
3,335
4,1736,0276,6688,1008,543
7,6607,735
10, 61610,13311,098
11,483
9,3729,269
10, 34210, 71310, 61310, 4919,856
10,18411,07212,20211,12212,151
10,62510,49512, 23511,92411,40312,21611,74912,70513,02713, 30312,733
Ratioof in-
vento-ries tosales
2.38
2.242.021.991.651.47
1.472.061.881.871.80
1.89
1.771.88]
:]
]]]]:
L.76L.74L. 78L.81L. 93L.91L.76L.62L.79L.65
L.92L.98L.74L.80L.891.78L.86L.721.711.69]L.79
Nondurable goods
Millions ofdollars
Inven-tories i
12,063
12,73716, 27816, 93316,94117,155
17,95923, 88227, 98425, 95727,984
29,650
24,60525, 30526, 04926,11626, 03625, 95725, 93526,51826,90728,03028,72127,984
28,72229,45529,88529,66129,71529,65030,00730,71331,46431,99932,485
Sales 2
7,784
8,34210,34912,49714,14215,161
15, 87518,82120,02720, 69823, 743
23,425
20,34619, 24121,33621,01221, 33220,91821, 06121,92923, 54025,53724,11726,275
23,31421, 77224,24123,57123,47524,17623,18724,29925,09825,43824,553
Ratioof in-vento-ries tosales
1.55
1.531.571.351.201.13
1.131.27
:]
]
]]
]]]]i:
ii
L.40L.25L.18
L.27
L.21L.32L.22L.24L.23L.221.23L.21L.14L.10L.19L.06
L.23L.35L.23L.26L.27L.23L.29L.26.25.26
L32
1939..
1940...1941...1942...1943—1944...
1945194619471947—First half....
Second half..
1948—First half....
1947—JanuaryFebruary. . .MarchApril.MayJuneJulyAugustSeptember-OctoberNovember..December..
1948—JanuaryFebruary. _.MarchAprilMayJune.JulyAugustSeptember-OctoberNovember..
* Book value, end of period.8 Monthly average shown for year and half-year and total for month.NOTE.—The inventory figures in this table do not agree with the estimates of "change in business inven-
tories" included in the gross national product since they cover only manufacturing and trade rather than allbusiness, and show inventories in terms of current book value without adjustment for revaluation.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (Office of Business Economics).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE G—18.—Sales, stocks, and outstanding orders at 296 department stores, 1939-48
Period
Millions of dollars *
Sales(total formonth)
Stocks(end ofmonth)
Out-standing
orders(end ofmonth)
Ratio ofstocks
Ratio oforders
Ratio oforders
to stocks
Monthly average:1939
1940—1941—1942—1943.1944....
1945...1946—1947—1948 8-
1947—First half....Second half.
1948—First halfSecond half 3.
1947—JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember-OctoberNovember..December-.
1948—JanuaryFebruary...MarchAprilMayJuneJuly.AugustSeptember-OctoberNovember..
128
136156179204227
255318336329
299373
316344
255250331321336304253274341367416584
271263355331339
295357387412
344
353419
534
563714823918
817828
887955
766835866850817765731789827913941770
789878941938919859827893944
1,0581,051
<*>
108194263530560
729909553483
487619
464505
619607
354469
625677
544
575420356339462551545539507385
2.69
2.602.693.352.492.35
2.212.252.452.79
2.732.22
2.812.78
3.003.342.622.652.432.522.892.882.432.492.261.32
2.913.342.652.832.712.563.093.032.642.732.55
0.791.241.472.602.47
2.862.861.651.47
1.631.66
1.471.47
2.432.431.481.201.051.542.362.281.991.811.45
2.342.191.181.081.001.382.061.851.511.31
0.31.46.44
1.041.05
1.291.27.67.53
.60
.75
.52
.81
.73
.56
.45
.43
.61
.82
.79
.82
.73
.64
.71
.80
.65
.45
.38
.37
.54
.67
.61
.57
.48
.37
i Not adjusted for seasonal variation.a Not available.3 Estimates based on incomplete data.
NOTE.-—These figures represent retail sales, stocks, and outstanding orders as reported by a sample of296 of the larger department stores located in various cities throughout the country and are not estimatesof total sales, stocks, and outstanding orders for all department stores in the United States. Data are notavailable prior to 1939.
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
TABLE G-19.—Distribution of selected agricultural products moving into consumption channels.7939 and 7946-48
Commodity and year
Distribution of supplies
Total iExportsand ship-
t *
Militarydistribu-
tion
Civiliandistribu-
tion
Percapita
civiliandistribu-
tion
Exportsand ship-ments, asa percentof total
distribu-tion
Food:Meat (carcass equivalent):
1939.19461947.1948«
Dairy products (milk equivalent):19391946.19471948 K
Food fats and oils, excluding butter(fat content basis):
1939194619471948 3
Canned fruit, excluding fruit juices(processed weight):
1938-39 pack year19461947.1948 2
Dried fruit (processed weight):1938-39 marketing year1945-46 marketing year1946-47 marketing year1947-48 marketing year
Fresh fruits (farm weight):1939194619471948 2
Canned vegetables (processed weight):1938-39 pack year _1946.1947.1948 2 _. „
Fresh vegetables (farm weight):193919461947-1948 2 _
Eggs (fresh egg equivalent):193919461947.19482
Millionpounds
17,73923,46923,25221,792
108,985121,612119,621116,573
4,6125,0675,3735,425
2,3613,2243,0323,007
1,1861,110954
1,159
21,35921,20322,54720,724
4,1636,9486,2426,020
32,15338,60836,67737,417
Milliondozen
3,4184,8464,8504,896
Millionpounds
2461,215
366166
4296,3534,5862,766
365
617468
35920224485
478
299497
1,2771,1671,445
913
57361222100
134494475175
Milliondozen
3414229194
Millionpounds
887644
2,5931,3911,512
8977
no
484213162
151214345
470208250
Milliondozen
Millionpounds
17,49321,36722,24221,232
108,556112,666113,644112,295
4,2474,357
4,905
2,0022,9332,7112,812
708797641653
20,08219,55220,88919,649
4,1066,4365,8065,575
32,01937,64435,994
Milliondozen
3,4154,3384,5424,616
Pounds132.8153.4155.0145
824809792768
32.231.332.833.6
15.321.118.919.2
5.45.94.54.5
152.5140.4145.6134.4
31.346.240.538.1
243270251253
Number
374380379
Percent1.45.21.6.8
.45.23.82.4
7.913.211.58.6
15.26.38.02.8
40.325.931.342.9
6.05.56.44.4
1.45.23.61.7
.41.31.3
.18.54.74.0
See footnote at end of table.
117
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T A B L E C—19.—Distribution of selected agricultural products moving into consumption channels,7939 and 1946-48— Continued
Commodity and year
Distribution of supplies
Total iExports
and ship-ments 1
Militarydistribu-
tion
Civiliandistribu-
tion
Percapitacivilian
distribu-tion
Exportsand ship-ments, asa percentof total
distribu-tion
Food and nonfood:Wheat (grain equivalent):3
1939..1946— _1947- -1948 2.... _
Corn (grain equivalent): *19391946 . „ .19471948 2
Nonfood:Cotton:
1938-39 crop year.1945-46 crop year.1946-47 crop year.1947-48 crop year.
Tobacco:6
1938-39 crop year.1945-46 crop year.1946-47 crop year.1947-48 crop year.
Millionbushels
7821,1931,2101,310
2,1692,6582,7952,343
Thou-sand
bales *10,26412, 79613,59211,337
Millionpounds
1,5202,0202,1001,960
Millionbushels
93357494520
3324
13027
Thou-sand
bales *3,6294,2054,5973,228
Millionpounds
7 5407 6607 7307 520
Millionbushels
Millionbushels
689832709785
2,1362,6322,6642,315
Thou-sand
bales *5 6,635«8,591«8,9956 8,109
Millionpounds
« 9808 1,360«1,370«1,440
Poundsfood use
218209204203
Pounds8 24.88 29.88 30.75 27.2
8 7.589.68 9.58 9.8
11.940.839.7
1.5.9
4.71.2
35.432.933.828.5
35.532.734.826.5
1 Includes military civilian feeding programs in liberated and occupied areas, both from current procure-ment and from surplus stock.
2 Preliminary estimates based on reports for first 8 months and forecasts for balance of year.a Includes amounts used for animal feed, industrial raw materials, and seed, except in per capita column.If these amounts were excluded the percentages in the last column would be: 1939, 16.3; 1946, 42.2; 1947,49.9; 1948, 51.0.
* Thousands of "running" bales, equal to about 490 pounds net per bale. Exports include cotton textilesand yarns, on a raw cotton equivalent.
8 Estimated domestic distribution (i. e., 17. S. civilian plus U. S. military).6 Domestically produced tobacco on a farm-sales weight equivalent basis, and imported tobacco on anunstemmed-weight basis.7 Includes unmanufactured tobacco and an estimated farm-sales weight equivalent of the tobacco used inthe exports of manufactured tobacco products.
Source: Department of Agriculture.
n8
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-20.—Consumers'' price index, 1929-48
For moderate-income families in large cities
[1935-39=100]
Period Allitems
122.5
119.4108.797.692.495.7
98.199.1
102.7100.899.4
100.2105.2116.5123.6125.5
128.4139.3159.2171.2
155.4163.0
169.1173.7
133.3
153.3153.2156.3156.2156.0157.1158.4160.3163.8163.8164.9167.0
168.8167.5166.9169.3170.5171.7173.7174.5174.5173.6172.2
Food
132.5
126.0103.986.584.193.7
100.4101.3105.397.895.2
96.6105.5123.9138.0136.1
139.1159.6193.8210.7
187.0200.7
208.3213.5
145.6
183.8182.3189.5188.0187.6190.5193.1196.5203.5201.6202.7206.9
209.7204.7202.3207.9210.9214.1216.8216.6215.2211.5207.5
Ap-parel
115.3
112.7102.690.887.996.1
96.897.6
102.8102.2100.5
101.7106.3124.2129.7138.8
145.9160.2185.8197.7
183.4188.1
195.7200.2
157.2
179.0181.5184.3184.9185.0185.7184.7185.9187.6189.0190.2191.2
192.1195.1196.3196.4197.5196.9197.1199.7201.0201.6201.4
Kent
141.4
137.5130.3116.9100.794.4
94.296.4
100.9104.1104.3
104.6106.2108.5108.0108.2
108.3108.6111.2117.2
109.0113.4
116.4118.2
108.5
108.8108.9109.0109.0109.2109.2110.0111.2113.6114.9115.2115.4
115.9116.0116.3116.3116.7117.0117.3117.7118.5118.7118.8
Fuel,elec-
tricity,and re-frigera-
tion
112.5
111.4108.9103.4100.0101.4
100.7100.2100.299.999.0
99.7102.2105.4107.7109.8
110.3112.4121.1133.6
117.7124.6
130.8136.9
110.5
117.3117.5117.6118.4117.7117.7119.5123.8124.6125.2126.9127.8
129.5130.0130.3130.7131.8132.6134.8136.8137.3137.8137.9
Housefur-
nish-ings
111.7
108.998.085.484.292.8
94.896.3
104.3103.3101.3
100.5107.3122.2125.6136.4
145.8159.2184.4195.6
181.5187.4
193.9197.6
156.1
179.1180.8182.3182.5181.9182.6184.3184.2187.5187.8188.9191.4
192.3193.0194.9194.7193.6194.8195.9196.3198.1198.8198.7
Miscel-laneous
Monthly average:1929
1930_1931193219331934 . . ._
1935193619371938.1939
1940... .-_1941194219431944
1945._-1946 _..194719481 ._
1947—First half....Second half..
1948—First half.. .Second half V
1946—June.
1947—JanuaryFebruary.MarchApril..May.JuneJulyAugustSeptemberOctober _NovemberDecember
1948—January _FebruaryMarchApril.. .MayJuneJulyAugustSeptemberOctoberNovember
104.6
105.1104.1101.798.497.9
98.198.7
101.0101.5100.7
101.1104.0110.9115.8121.3
124.1128.8139.9149.6
138.3141.6
147.0152.7
127.9
137.1137.4138.2139.2139.0139.1139.5139.8140.8141.8143.0144.4
146.4146.4146.2147.8147.5147.5150.8152.4152.7153.7153.9
* Estimates based on data available through November 1948.
Source: Department of Labor.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-21.— Wholesale price index, 1929-48
[1926=100]
Period
Other than farm products and foods
Average:1929
19301931193219331934
19351936193719381939
19401941..1942 _19431944
194519461947.19481
1947—First half.. .___Second half
1948—First half.. .Second half *
1946—June
1947—JanuaryFebruaryMarchAprilMay __.June .-JulyAugustSeptember- _OctoberNovemberDecember
1948—January.February -March..April -MayJuneJulyAugustSeptemberOctober...NovemberDecember1
95.3
86.473.064.865.974.9
80.080.886.378.677.1
78.687.398.8
103.1104.0
105.8121.1152.1164.9
146.7157.:
163.5166.4
112.9
142.0145.2150.0148.0147.147.150.6153.7157.4158.5159.6163.2
165.7160.9161.4162.8163.9166.2168.7169.5168.7165.163.9162.3
104.9
88.364.848.251.465.3
78.880.986.468.565.3
67.782.4
105.9122.6123.3
128.2148.9181.2188.4
174.7187.3
190.4186.4
140.1
165.0170.4182.6176.9175.4177.8181.4181.6186.4189.7187.9196.7
199.2185.3186.0186.7189.1196.0195.2191.0189.9183.5180.8178.0
90.574.661.060.570.5
83.782.185.573.670.4
71.382.799.6
106.6104.9
106.2130.7168.7179.1
161.8175.4
176.9181.:
112.9
156.6162.3167.9162.4159.6161.8167.1172.3179.2177.177.9178.4
179.9172.4173.8176.177.4181.4188.3189.5186.9178.174.3169.8
91.6
85.275.070.271.278.4
77.979.685.381.781.3
83.089.095.596.998.5
99.7109.5135.2150.6
131.0139.3
148.5152.8
105.6
128.4129.4131.7132.4132.3131.6133.5136.138.3140.1142.1145.5
148.3147.6147.148.7149.1149.5151.1153.1153.3153.1153.3152.9
109.1
100.086.172.9
89.695.4
104.692.895.6
100.8108.3117.7117.5116.7
118.1137.2182.4188.5
173.8191.1
190.1186.9
122.4
176.2174.1175.1172.1171.5173.8179.1182.8185.6193.1202.5203.4
200.3192.8185.4186.1188.4187.189.188.4187.5185.5186.184.4
90.4
80.366.354.964.872.9
70.971.576.366.769.7
73.884.896.997.498.4
100.1116.3141.7148.5
139.7143.6
149.5147.4
109.2
138.139.5140.5140.3139.9139.9140.5141.8142.4143.4145.148.0
148.4148.9149.8150.3150.149.6149.4148.9147.9146.9146.1145.4
83.0
78.567.570.366.373.3
73.576.277.676.573.1
71.776.278.580.883.0
84.090.1
108.7134.2
101.2115.8
131.5136.8
87.8
97.798.2
100.7103.2103.4104.0109.0112.6114.2116.1118.2124.6
130.0130.8130.9131.6132.6133.1135.7136.6136.7137.2137.3137.
100.5
92.184.580.279.886.9
86.487.095.795.794.4
95.899.4
103.1103.8103.8
104.7115.5145.0163.6
140.8149.1
156.4170.8
112.2
139.0139.141.1141.3141.9142.0143.1148.5150.1150.5150.8151.5
154.3155.3155.9157.157.1158.162.2170.9172.0172.4173.3173.8
95.4
79.271.477.086.2
85.386.795.290.390.5
94.8103.2110.2111.4115.5
117.8132.6179.7198.5
175.2183.8
194.6202.5
129.9
170.2174.8177.5178.1176.2174.1175.5179.6183.4185.8187.191.0
193.3192.193.1195.0196.4196.8199.9203.6204.0203.5202.9201.2
94.0
79.373.972.175.3
79.078.782.677.076.0
77.084.495.594.995.2
95.2101.4127.3134.5
128.5126.3
136.0132.9
96.4
128.3129.3132.2133.5127.1120.8118.8117.5122.3128.6135.8135.0
138.8134.6136.1136.134.135.8134.4132.0133.3134.4133.130.0
94.3
92.784.975.175.881.5
80.681.789.786.886.3
88.594.3
102.4102.7104.3
104.5111.6131.1144.4
128.7133.4
142.2146.6
110. <
126.5128.3129.0129.1129.5129.7129.8129.9131.3132.4137.5139.4
141.3141.8142.0142.3142.6143.2144.5145.4146.6147.4148.2147.5
82.6
77.769.864.462.569.7
68.370.577.873.374.8
77.382.089.792.293.6
94.7100.3115.5120.5
114.1116.6
121.6119.5
98.5
110.9111.7115.6116.1116.9113.5113.2113.1115.9117.1118.8121.5
123.6120.1120.8121.8121.5121.5120.3119. 7119.9119.0119.2118.7
i Estimates based on incomplete data.
Source: Department of Labor.
120
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TABLE C-22.—Indexes of prices received and prices paid by farmers and parity ratio, 1929-48
Monthly average:1929
19301931193219331934
19351936193719381939
19401941194219431944
19451946 __19471948. . . .
1947—First halfSecond half
1948—First halfSecond half
1947—January.... *__FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember.
1948—JanuaryFebruaryMarch _ __ __April 9 ,MayJuneJulyAugustSeptemberOctoberNovemberDecember
Period Pricesreceived1
149
12890687290
1091141229795
100124159192195
202233278287
270286
291283
260262280276272271276276286289287301
307279283291289295301293290277271268
Prices paid(including
interestand taxes) *
167
160141124120129
130127133126124
125132150162169
172193231249
225238
249249
215221226229228230230234238239241245
251248247249250251251251250249247247
Parityratio»
89
8064556070
8490927777
8094
106119115
117121120115
120120
117114
121119124121119118120118120121119123
122112115117116118120117116111110109
i August 1909 to July 1914=100.a 1910-14=100.• Ratio of prices received to prices paid (including interest and taxes).
Source: Department of Agriculture.
121
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TABLE C-23.—Consumer credit outstanding, 1929-48
[Millions of dollars]
End of periodTotal
consumercredit
Instalment credit
Total Automobilesale credit Other i
Chargeaccounts
Otherconsumer
credit a
1929
1930__1931...1932__1933._1934... _.
1935—1936... -.1937.—1938—.1939—
1940—1941..1942..1943—1944
1945.-1946-19471948 »
1947—JanuaryFebruary. _.MarchAprilMay _.JuneJulyAugustSeptember..OctoberNovember..December...
1948—JanuaryFebruary. _.MarchAprilM a y . .JuneJulyAugustSeptember..October *.__.November *.December 3.
7,628
6,8215,5184,0853,9124,389
5,434
7,4807,0477,969
9,1159,8626,4525,3105,747
10.10113,42616,100
9,9779,98010,34910,60810,91811, 22411,30411,44111,69812,07412,66313,426
13,12713,05313, 53913,76213,98614,32114,35414, 52214,81515.10215,31916,100
3,158
2,6882,2041,5181,5881,860
2,6223,5183,9603,5954,424
5,4175,8872,9221,9332,005
2,3253,9106,1878,200
3,9994,1154,2974,5104,7204,9095,0425,1805,3005,4805,7586,187
6,2216,2996,5556,7976,9937,1857,3697,5787,7747,8177,9178,200
1,318
928637322459576
9401,2891,384970
1,267
1,7291,942482175200
227544
1,1512,000
581631691753816880922965
1,0041,0471,0991,151
1,2021,2541,3671,4681,5361,6021,6891,7811,8581,8891,9362,000
1,840
1,7601,5671,1961,1291,284
1,6822,2292,5762,6253,157
3,9452,4401,7581,805
3,3665,0366,200
3,4183,4843,6063,7573,9044,0294,1204,2154,2964,4334,6595,036
5,0195,0455,1885,3295,4575,5835,6805,7975,9165,9285,981
1,749
,611,381,114,081,203
,292,419,459,487,544
,650,764,513,498,758
1,9813,0543,6124,000
2,7642,6022,7682,7822,8352,8872,7862,7552,8643,0293,3093,612
3,2403,0613,2753,2363,2453,3523,1853,1303,2273,4573,5574,000
2,721
2,522\ 933, 453[,243,326
,520,851
2,0611,9652,001
2,0482,2112,0171,8791,984
2,2923,1373,6273,900
3,2143,2633,2843,3163,3633,4283,4763,5063,5343,5653,5963,627
3,6663,6933,7093,7293,7483,7843,8003,8143,8143,8283,8453,900
1 Includes other sale credit and repair and modernization loans insured by Federal Housing Admin*istration.2 Includes single-payment loans of commercial banks, and pawnbrokers and service credit.
3 Estimates by Council of Economic Advisers.* Estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System (except as noted).
122
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TABLE C-24.—Loans and investments of all commercial banks, 1929-48
[Billions of dollars]
End of month
1929—June 1
1930—June 11931—June 1
1932—June i1933—June1
1934—June1
1935—June»1936—December __1937—December1938—December1939—December
1940—December1941—December _1942—December1943—December1944—December
1945—December
1946—JuneDecember
1947—June.
1948—June -December2
Totalloans and
invest-ments
49.4
48.944.936.130.432.7
34 639 538.338 740.7
43 950.767.485 1
105.5
124.0
119.4114.0
112.8116.3
113.9114.2
Loans
35.7
34.529.221.816.315.7
14.916.417.116.417.2
18.821.719.219.121.6
26.1
27.131.1
33.738.1
39.942.3
Total
13.7
14.415.714.314.017.0
19 723.121.222 323.4
25.129.048.266.083.9
97.9
92.382.9
79.178.2
74.071.9
Investments
U. S. Gov-ernment
obligations
4.9
5.06.06.27.5
10.3
12.715.314.215.116.3
17.821.841.459.877.6
90.6
84.574.8
70.569.2
64.862.8
Othersecurities
8.7
9.49.78.16.56.7
7.07.87.17.27.1
7.47.26.86.16.3
7.3
7.88.1
8.59.0
9.29.1
1 Complete end-of-year figures are not available for years prior to 1936.2 Estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System (except as noted).
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TABLE C-25.—Adjusted deposits of all banks and currency outside banks, 1929-48
[Billions of dollars]
End of period
1929
1930 „193119321933. . . . .1934
1935 . . . . . .1936193719381939
19401941194219431944
1945
1946—June
1947—JuneDecember _ - - -
1948-—JuneDecember4 .
Totaldepositsadjustedand cur-
rency out-side banks
54.7
53.648.345.442.548.0
62.257.456.659.064.1
70.878.299.7
122.8151.0
175.4
171.2167.1
165.5171.4
167.9170.1
U. S. Gov-ernmentdeposits l
0.2
.3
.5
.51.01.7
.91.0.8.9.8
,81.98.4
10.420.8
24.6
13.43.1
1.41.5
2.22.1
Other deposits and currency outside banks
Total
54.6
53.247.944.941.546.3
51.356.455.858.163.3
70.076.391.3
112.4130.2
150.8
157.8164.0
164.1170.0
165.7168.0
Demanddeposits
adjusted2
22.8
21.017.415.715.018.5
22.125.524.026.029.8
34.939.048.960.866.9
75.9
79.583.3
82.187.1
82.784.7
Timedeposits3
28.2
28.726.024.521.723.2
24.225.426.226.327.1
27.727.728.432.739.8
48.5
51.854.0
55.756.4
57.457.4
Currencyoutsidebanks
3.6
3.64.54.74.84.7
4.95.55.65.86.4
7.39.6
13.918.823.5
26.5
26.526.7
26.326.5
25.625.9
1 Beginning with December 1938, includes U. S. Treasurer's time deposits, open account.2 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of
collection.8 Includes deposits in commercial banks, mutual savings banks, and Postal Savings System.* Estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System (except as noted).
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TABLE C-26.—Estimated ownership of Federal securities, 1939-48
[Billions of dollars—par values *]
End of period
1939—December1940—December1941—December. . . .1942—December1493—December _1944—December1945—D ecember1946—D ecember _1947—December1948—June
December 6__
Gross debt and guaranteed obligations outstanding
Total
47.650.964.3
112.5170.1232.1278.7259.5257.0252.4252.9
Held byU.S.
Govern-ment
agenciesand trust
funds
6.57.69.5
12.216.921.727.030.934.435.737.3
Held by public
Total
41.143.354.7
100.2153.2210.5251.6228.6222.6216.6215.6
Stateand localgovern-ments 2
0.4.5.7
1.02.14.36.5
* 6.37.37.88.0
Com-mercialbanks 3
15.917.321.441.159.977.790.874.568.764.662.8
FederalReservebanks
2.52.22.36.2
11.518.824.323.322.621.423.3
Nonbankprivatecorpora-
tionsand
associa-tions 4
12.012.516.327.441.256.165.359.557.555.953.9
Indi-viduals*
10.410.914.124.538.453.564.864.966.667.067.6
i United States savings bonds, Series A-D, E, and F, are included at current redemption values.* Includes trust, sinking, and investment funds of State and local governments and their agencies, and
Territories and insular possessions.8 Includes commercial banks, trust companies, and stock savings banks in the United States and in Ter-
ritories and insular possessions. Figures exclude securities held in trust departments.* Includes insurance companies, mutual savings banks, savings and loan associations, dealers and brokers
and foreign accounts in this country. Beginning with December 1946, the foreign accounts include invest-ments by the International Bank for Reconstruction and Development and International Monetary Fundin special non-interest bearing notes issued by the U.S. Government. Beginning with June 30,1947, includesholdings of Federal land banks.
* Includes partnerships and personal trust accounts.fi Estimates by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Treasury Department (except as noted).
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T A B L E G-27.—Bond yields, long and short term interest rates and commercial loan rates,selected years, 1929-48
[Percent per annum]
Period
U. S. Government securityyields
9-12monthcertifi-cates of
indebted-ness l
Bonds
Long-term par-tially tax-exempt 2
15 yearsand over,taxable
High grade cor-porate bond
yields(Moody's)
Aaabonds
Baabonds
Averageof rateschargedcustom-ers by
banks inprincipal
Bankersaccept-ances 90days—NewYork
FederalReserve
Bankdiscountr a t e -NewYork
1929 average..1933 average..1935 average..1937 average.1939 average..
1941 average.1943 average.1945 average.1946 average.1947 average.
3.603.311.79
1948 average 8
1947—First quarterSecond quarter. __Third quarterFourth quarter...
1948—First quarterSecond quarter. __Third quarterFourth quarter 5_.
0.75.81.82
1.14
.84
.84
.861.00
1.091.091.141.22
2.742.41
5.051.981.66
2.472.372.192.25
2.44
2.202.202.242.34
2.452.422.452.44
4.734.493.603.273.01
2.772.732.622.532.61
2.82
2.562.542.572.78
2.852.772.832.83
5.907.765.755.034.96
4.333.913.293.053.24
3.47
3.133.183.193.44
3.533.403.423.52
5.834.272.932.592.78
2.542.722.392.342.28
2.61
2.312.382.212.22
2.462.592.702.70
5.03.63.13.43.44
.44
.44
.44
.61
.87
1.11
.81
.81
.88
.97
1.061.061.131.19
5.162.561.501.001.00
1.00U.OOU.008 1.00
1.00
1.34
1.001.001.001.00
1.221.251.381.50
1 Tax-exempt prior to Mar. 1,1941; taxable thereafter.a Average of yields on all outstanding partially tax-exempt Government bonds due or callable after 8 years,
rom 1919 to 1925; after 12 years, from 1926 to 1934; and after 15 years, from 1935.3 From October 30,1942 to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances
secured by Government securities maturing in one year or less.* No partially tax-exempt bonds due or callable in 15 years.« Estimates by Council of Economic Advisers.
Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the FederalReserve System (except as noted).
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TABLE C-28.—Profits before and after taxes, all private corporations, 1929-48
[Billions of dollars]
PeriodCorporate
profitsbeforetaxes
Corporatetax lia-bility i
Corporate profits after taxes
Total Dividendpayments
Undis-tributedprofits
1929..
1930-1931..1932..1933..1934..
1935..1936..1937..1938..1939..
1940..1941..1942-.1943..1944..
1945..1946..1947..1948 3.
1947—First half....Second half..
1948—First halfSecond half 3_
1947—First quarterSecond quarter..Third quarter...Fourth quarter..
1948—First quarterSecond quarter...Third quarterFourth quarter 3_.
9.8
3.3- . 8
-3 .0.2
1.7
3.25.76.23.36.5
9.317.221.124.524.3
20.421.829.834.0
1.4
.8
.5
.4
.5
.7
1.01.41.51.01.5
2.97.8
11.714.213.5
11.69.0
11.713.2
8.4
2.5- 1 . 3-3 .4- . 41.0
2.34.34.72.35.0
6.49.49.4
10.410.8
8.712.818.120.8
5.8
5.54.12.62.12.6
2.94.64.73.2
4.04.54.34.54.7
4.75.66.97.6
Annual rates, seasonally adjusted
28.930.8
32.435.5
28.928.829.132.4
31.433.435.535.5
11.412.1
12.613.8
11.411.311.412.7
12.213.013.813.8
17.518.7
19.821.7
17.517.517.719.7
19.220.421.721.7
6.67.0
7.37.9
6.46.76.97.1
7.37.37.78.1
2.6
- 3 . 0- 5 . 4- 6 . 0- 2 . 4- 1 . 6
- . 6- . 3
(2)- . 91.2
2.44.95.15.96.1
4.07.2
11.213.2
10.911.7
12.513.8
11.110.810.812.6
11.913.114.013.6
1 Federal and State corporate income and excess profits taxes.2 Minus 8 million dollars.3 Estimates based on incomplete data; fourth quarter by Council of Economic Advisers.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
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TABLE C-29.—Profits after taxes, 629 large private industrial corporations, by industry groups,1939-48 i
[Millions of dollars]
Period
Manufacturing and mining
t m 3
Number of companies
1939
194019411942..19431944.
19451946..1947 _._.
629 47 69 15 77 75 49 45 30 80 74
1,465
1,8182,1631,7691,8001,896
1,9652,5523,671
146
278325226204194
189282437
115
158193159165174
164171334
223
242274209201222
241131417
102
173227182180190
207129205
119
133153138128115
109135198
70
881139083
90163
151
148159151162175
199357354
98
112174152186220
224281480
186
194207164170187
187275345
134
160187136149147
155302370
122
132152161171184
202324293
Totals for period, not adjusted for seasonal variation
1947—First half....Second half..
1948—First half—.Second half..
966
1,065
1947—First quarterSecond quarter.„__Third quarterFourth quarter
1948—First quarterSecond quarterThird quarter. . .
871866900
1,033
1,0231,1011,178
113106
115
126100100112
114110150
90
708377
105
100109
140
94105103115
129151163
66 50
81
6485
108
778691
100140
193
110121160
192194186
878188
9198
103
100
929390
101100107
6780
67
63718080
577780
1 Profits after Federal and State income and excess-profits taxes.2 Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amuse-
ment industry, 21 in shipping and transportation other than railroads (largely air lines), and 11 companiesfurnishing scattered types of service.
Source: Compiled by the Board of Governors of the Federal Reserve System and based on publishedreports of various industrial corporations.
TABLE C-30.—Relation of profits before and after taxes to sales, private corporations, excludingfinance, insurance, and real estate, 7946-48
Period
Profits before taxes as per-cent of sales:
194619471948—First quarter
Second quarterThird quarter 2... _
Profits after taxes as percentof sales:
194619471948—First quarter.
Second quarterThird quarter«. . .
Private corporations, excluding finance, insurance, and real estate
Total
7.98.68.68.99.2
4.65.25.25.45.6
Mining
11.514.916.016.316.9
8.210.511.211.411.8
Manufacturing
Total
8.710.310.210.511.1
5.16.26.26.46.8
Metalindus-tries
5.811.111.011.212.7
2.96.66.56.77.5
Othermanu-factur-
ing
10.09.99.8
10.210.2
6.06.16.16.36.3
Whole-saleand
retailtrade
5.64.85.04.84.5
3.32.82.92.92.7
Trans-porta-tion
6.07.24.78.9
11.4
2.54.22.85.36.9
Com-muni-cations
andpublicutilities
18.515.716.715.213.6
11.29.6
10.29.38.3
Allotherindus-tries i
9.08.37.58.07.9
5.34.94.44.84.7
i Includes agriculture, forestry and fisheries, contract construction, and services.s Estimates based on incomplete data.Source: Department of Commerce.
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TABLE C-31.—Relation of profits before and after taxes to investment) private manufacturingcorporations, by industry groups, 1947—48
Industry group
All private manufacturing corporations.
FoodTobacco manufacturesTextile mill products. _Apparel and finished textiles __Lumber and wood products..
Furniture and fixtures.Paper and allied productsPrinting and publishing (except newspapers)Chemicals and allied products..Products of petroleum and coal__
Rubber productsLeather and leather productsStone, clay, and glass products..Primary nonferrous metal industriesPrimary iron and steel industries
Fabricated metal productsMachinery (except electrical and transportation)Electrical machineryTransportation equipment (except motor vehicles)Motor vehicles and parts
Instruments; photographic and optical goods; watchesand clocks.-
Miscellaneous manufacturing (including ordnance)
All private manufacturing corporations..
FoodTobacco manufacturesTextile mill productsApparel and finished textilesLumber and wood products.
Furniture and fixturesPaper and allied productsPrinting and publishing (except newspapers)..Chemicals and allied productsProducts of petroleum and coal «
Rubber products _.Leather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries -Primary iron and steel industries
Fabricated metal products.Machinery (except electrical and transportation).Electrical machinery..Transportation equipment (except motor vehicles)Motor vehicles and parts
Instruments; photographic and optical goods; watchesand clocks.._ _.
Miscellaneous manufacturing (including ordnance)
Ratio of profits (annual rate) to stockholders'equity
Before Federal taxes
24.7
29.516.230.631.4
28.933.828.825.118.8
24.223.822.719.319.2
28.025.830.54.8
28.2
22.624.3
15.1
17.49.8
18.418.522.0
17.320.817.415.514.0
12.213.813.711.611.7
17.015.418.4
.415.8
14.114.0
26.8
18.416.039.231.638.8
32.831.225.627.632.8
20.020.018.421.620.8
28.028.828.812.030.8
19.621.2
25.2
22.018.034.017.6
28.828.026.422.827.6
23.617.226.021.620.4
26.028.026.814.429.6
22.418.4
After Federal taxes
16.8
10.810.024.018.824.8
19.619.215.617.223.2
11.212.011.214.012.8
17.217.616.86.8
17.6
12.412.4
16.0
13.611.620.810.420.8
17.617.216.014.020.0
13.610.416.413.612.8
16.417.215.68.4
17.6
13.610.4
25.2
24.028.026.823.630.8
24.826.025.224.0
20.820.027.621.224.0
28.024.822.811.636.4
21.623.6
16.0
14.817.616.014.419.2
13.615.216.816.018.0
12.011.617.213.614.8
17.214.814.06.8
21.2
13.214.8
Sources: Federal Trade Commission and Securities and Exchange Commission.
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TABLE C—32.—Relation of profits before and after taxes to sales, private manufacturing corpora'tions, bjy industry groups, 7947—48
Industry group
Profits in cents per dollar of sales
1947 total
1948
Firstquarter
Secondquarter
Thirdquarter
All private manufacturing corporations
Food _ _Tobacco manufactures _-.Textile mill productsApparel and finished textilesLumber and wood products
Furniture and fixtures.-Paper and allied productsPrinting and publishing (except newspapers)Chemicals and allied productsProducts of petroleum and coal
Rubber products.. - . -_Leather and leather products _Stone, clay, and glass products.Primary nonferrous metal industriesPrimary iron and steel industries
Fabricated metal productsMachinery (except electrical and transportation)Electrical machineryTransportation equipment (except motor vehicles)Motor vehicles and parts
Instruments; photographic and optical goods; watchesand clocks
Miscellaneous manufacturing (including ordnance)
All private manufacturing corporations..
Food -Tobacco manufacturesTextile mill productsApparel and finished textiles _Lumber and wood products._
Furniture and fixturesPaper and allied productsPrinting and publishing (except newspapers).Chemicals and allied products—Products of petroleum and coal _
Rubber productsLeather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries..Primary iron and steel industries
Fabricated metal productsMachinery (except electrical and transportation)Electrical machinery _Transportation equipment (except motor vehicles)Motor vehicles and parts
Instruments; photographic and optical goods; watchesand clocks.. _
Miscellaneous manufacturing (including ordnance)
Before Federal taxes
11.0
7.16.7
13.77.8
18.1
10.117.410.114.214.6
8.77.4
13.114.610.9
12.112.110.42.8
10.7
12.510.8
11.5
5.06.6
15.17.6
19.4
11.215.99.1
15.119.1
7.75.9
11.014.611.3
12.012.610.46.9
11.1
12.19.5
11.1
5.66.6
14.74.8
16.1
9.914.69.4
12.818.8
8.85.7
14.913.311.0
11.412.110.37.3
10.7
12.78.8
After Federal taxes
6.7
4.24.18.24.6
11.4
6.010.76.18.7
10.9
4.44.37.98.86.6
7.47.26.3.3
6.0
7.86.2
7.2
2.94.19.24.5
12.3
6.79.75.69.4
13.5
4.33.56.69.46.9
7.37.76.13.86.4
7.55.5
7.0
3.44.29.02.8
10.3
6.08.95.77.9
13.6
5.13.49.38.46.7
7.17.46.04.46.4
7.74.9
11.0
6.19.7
12.85.8
15.1
8.312.89.4
14.516.4
7.86.2
15.512.612.5
11.411.59.05.3
12.5
12.310.4
6.9
3.76.17.73.69.5
4.87.86.19.2
12.2
4.53.79.68.17.7
7.06.95.53.07.3
7.66.4
Sources: Federal Tra.de Commission and Securities and Exchange Commission.
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TABLE C-33.—Relation of profits before and after taxes to investment and to sales, all privatemanufacturing corporations, by sizje classes, 1947-48
Assets class (thousandsof dollars)
All sizes. _
1 to 249250 to 9991,000 to 4,9995,000 to 99,999100,000 and over __
All sizes. _
1 to 249250 to 9991,000 to 4.9995,000 to 99,999100,000 and over
Before Federal taxes
1947total
1948
Firstquarter
Secondquarter
Thirdquarter
After Federal taxes
1947total
1948
Firstquarter
Secondquarter
Thirdquarter
Katio of profits (annual rate) to stockholders' equity
24.7
24.429.230.627.320.3
26.8
14.428.028.027.226.8
25.2
21.627.626.426.823.6
25.2
23.223.225.225.626.4
15.1
14.816.918.216.512.9
16.8
7.216.416.416.417.2
16.0
13.617.216.016.415.2
16.0
15.214.015.215.617.2
Profits in cents per dollar of sales
11.0
6.58.8
10.711.911.4
11.5
4.08.4
10.011.613.5
11.1
5.68.59.5
11.512.5
11.0
5.87.39.2
11.112.8
6.7
3.95.16.37.27.2
7.2
2.04.96.07.18.7
7.0
3.65.35.87.18.1
6.9
3.84.45.66.88.3
Sources: Federal Trade Commission and Securities and Exchange Commission.
TABLE C-34.—Sources and uses of corporate funds, 1947-48*
[Billions of dollars]
Use or source of funds
Uses:Plant and equipment outlaysInventories (increase in book value)Increase in customer financing _Net repayment of RFC loans _- _Other net uses
Total uses of funds....
Sources:Internal sources:
Funds retained from operations:Depreciation reservesRetained net earnings and depletion allowances--
Reduction in cash and XT. S. Government securitiesExternal sources:
Increase in bank loans:Short-term _Long-term
Increase in mortgage loansNew security issues:
Bonds _ _ _ _Stocks
Increase in liability for Federal income tax_Increase in trade debt
Other net sources
Total sources of funds
Discrepancy (sources less uses) __
1947
15.07.25.9.2
0
28.3
4.510.6
.3
1.61.3.8
3.11.32.42.4.8
29.1
.8
1948 *
17.15.53.3
26.3
4.912,5
.2
.4
.4
.8
4.81.11.2.6
0
26.9
.6
i Excludes banks and insurance companies.3 Estimates based on incomplete data.s Net increase (less than 50 million dollars) of such loans.
Sources: Department of Commerce estimates based on Securities and Exchange Commission and otherfinancial data.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-35.—The international transactions of the United States, 1946-48
[Millions of dollars]
Item
Exports of goods and services:Recorded goods *Other goods8
Total goodsServices _ -_ _Income on investments
Total exports
Imports of goods and services:Recorded goodsOther goods 3
Total goods -ServicesIncome on investments
Total imports.-
Surplus of exports of goods and services:Recorded goods. _ _Other goods
Total goodsServicesIncome on investments
Total surplus of exports
Means of financing surplus of exports of goodsand services:
Net liquidation of gold and dollar assetsby foreign countries
Net dollar disbursements by:International Monetary FundInternational Bank
Net U. S. private capital outflow to for-eign countries
Net U. S Government loansNet U. S. Government unilateral trans-
fersNet private unilateral transfers
Total means of financingErrors and omissions
1946
10,1881,686
11,8742,272
820
14,966
4,908260
5,1681,783
216
7,167
5,2801,426
6,706489604
7,779
1,968
3352,774
2,279598
7,954-155
1947
Total
15,339717
16,0562,6111,074
19,741
5,733338
6,0712,165
227
8,463
9,606379
9,985446847
11, 278
4,514
464297
7273,900
1,812568
12,282-1,004
Firsthalf
7,961301
8,2621,376
455
10,093
2,861208
3,069996106
4,171
5,10093
5,193380349
5,922
2,341
5692
5082,392
901264
6,554-632
Secondhalf
7,378416
7,7941,235
619
9,648
2,872130
3,0021,169
121
4,292
4,506286
4,79266
498
5,356
2,173
408205
2191,508
911304
5,728-372
Total i
12,495810
13,3052,1891,282
16,776
6,902615
7,5172,467
269
10,253
5,593195
5,788-2781,013
6,523
1,129
170206
905402
4,164598
7,574-1,051
1948
Firsthalf
6,558489
7,0471,082
536
8,665
3,487324
3,8111,164
112
5,087
3,071165
3,236- 8 2424
3,578
920
154170
446547
1,602319
4,158-580
Secondhalfi
5,937321
6,2581,107
746
8,111
3,415291
3,7061,303
157
5,166
2,52230
2,552-196
589
2,945
209
1636
459-145
2,562279
3,416-471
1 Estimates based on incomplete data.2 Figures for recorded exports of goods in 1946 and 1947 have been adjusted to include goods shipped to
United States armed forces abroad for distribution to civilians in occupied areas in order to make themcomparable with figures for 1948. Such shipments are included in exports as recorded by the Bureau ofthe Census in 1948 but were not so included in prior years.
3 Includes goods sold to or bought from other countries tha t have not been shipped from or into the UnitedStates customs area and other adjustments.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
132
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TABLE C-36.—United States Government aid to foreign countries, 1946-48
[Millions of dollars]
Type of aid
A. Unilateral payments:Straight lend-leaseUNRRAPost-UNRRACivilian supplies for occupied
areasTransfers to PhilippinesChinese aid _ _ __Greek-Turkish aid.International Refugee Organiza-
tions-Interim aid. _European Recovery ProgramOther —
Total unilateral paymentsLess: Unilateral receipts. _
Ejq u a 1 s: Net unilateral pay-ments
B. Long-term loans and investments:Lend-lease creditsSurplus property including ship
sales - - . . .Export-Import BankUnited Kingdom loanInvestment in International
Bank ._ ._ -Investment in International
Monetary FundEuropean Recovery ProgramOther
Total, long-term loans and in-vestments
Less: Repayments _ _
Equals: Net long-term loansand investments, includingInternational Bank and In-ternational Fund
Less: Investments in InternationalBank and International Fund
Equals: Net long-term loansand investments, excludingInternational Bank and In-ternational Fund
C. Short-term loans (net)
Net unilateral payments and loansand investments, excluding Inter-national Bank and InternationalFund (A+ B-f- C)
1946total
2091,524
5396015
170
2,517238
2,279
600
841945600
317
5
12
3,32090
3,230
322
2,908
-134
5,053
1947
Firstquar-
ter
285
21918
101
623179
444
96280500
159
2,715
28
3,80851
3,757
2,904
853
1
1,298
Secondquar-
ter
2092
24020
113
584127
457
60249950
159
49
1,46734
1,433
159
1,274
264
1,995
Thirdquar-
ter
4998
30638
38
15
33
57785
492
1
5361
1,300
1
1,41640
1,376
1,376
-175
1,693
Fourthquar-
ter
145
21520
36
212
58
48869
419
1
65206100
2
37449
325
325
-18
726
1948
Firstquar-
ter
56
34111
91
33301
45
87871
807
177170300
5
65252
600
600
-89
1,318
Secondquar-
ter
21
287231
95
2119720443
89297
795
44145
4
19232
161
161
-125
831
Thirdquar-
ter
12
4004577
105
1262
56443
1,32078
1,242
1370
6
89212
-123
-123
-32
1,087
Fourthquar-ter i
(2)
888(2)(2)1,420
100
1,320
(2)
8
(2)(2)7040
30
30
-20
1,330
i Estimates based on incomplete data.»Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
133
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TABLE G-37.—United States merchandise exports, including reexports, by areas, 1936-38 quarterlyaverage, 1947 and 1948
Period
Totalexports,includ-
ingreex-ports
Canada
OtherWes-tern
Hemi-sphere
E R Pcoun-tries *
OtherEurope Asia*
Aus-traliaand
OceaniaAfrica
Millions of dollars
Quarterly average:1936-3819471948 *
1947—First quarterSecond quarter..Third quarter. _.Fourth quarter..
1948—First quarterSecond quarter..Third quarter. . .Fourth quarter *
Quarterly average:1936-381947-
1947—First quarter...Second quarter.Third quarter..Fourth quarter.
1948—First quarter..,Second quarter.Third quarter.
7423,8353,124
3,7754,1863,716
3,3193,2382,9373,000
11351900471572509522
425494484(3)
1381,027(3)
1,0061,089952
1,063
914902736(3)
2821,323(3)
1,3681,4401,3241,160
1,1431,062968(3)
31118(3)
1331628692
843338
09
12256209550618547532
51350748609
2380
0964749786
423430
09
Percentage of total
100100
88
88
88
8
15.313.5
12.513.713.714.3
12.815.216.5
18.626.8
26.626.025.629.0
27.527.8
, 25.1
38.134.5
36.234.435.631.7
34.432.833.0
4.23.1
3.53.92.32.5
2.51.01.3
16.414.7
14.614.814.714.5
15.515.716.5
3.12.1
1.71.82.62.3
1.31.01.0
32205
09183230202206
197207195
09
4.35.4
4.85.55.45.6
6.06.46.6
Exports to Germany in the postwari Turkey is included with E R P countries and excluded from Asia.period relate almost wholly to exports to the three Western zones.
* Estimate based on incomplete data.»Not available.
NOTE.—Data in this table cover all merchandise, includmg reexports, shipped from the United Statescustoms area to foreign countries including, in 1947 and 1948, goods destined to United States armed forcesatjroad for distribution in occupied areas as civilian supplies.
Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
134
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TABLE G-38.—United States domestic merchandise exports, by economic classes, 1936-38 quarterlyaverage, 1947 and 1948
Period
Quarterly average:1936-38194719481
1947—First quarterSecond quarterThird quarterFourth quarter
1948—First quarterSecond quarterThird quarterFourth quarter *
Quarterly average:1936-38-1947
1947—First quarter..Second quarter__Third quarterFourth quarter
1948—First quarterSecond quarter___Third quarter. . . .
Totaldomesticexports
Crudematerials
Crudefoodstuffs
Manufac-tured food-
stuffsSemimanu-
facturesFinishedmanufac-
tures
Millions of dollars
7313,7903,094
3,7134,1403,6833,624
3,2883,2072,9092,970
167400
(2)
430431352389
329328374
(2)
34336
<2)
319333369324
322246360
(2)
42439
(2)
455490436376
344371308
(2)
130446
00
384485478438
381357314
(J)
3582,168
2,1242,4022,0492,097
1,9121,9051,552
<2)
Percentage of total
100100
100100100100
100100100
22.810.6
11.610.49.6
10.7
10.010.212.9
4.78.9
8.68.0
10.08.9
9.87.7
12.4
5.711.6
12.311.811.810.4
10.511.610.6
17.811.8
10.311.713.012.1
11.611.110.8
49.057.2
67.258J355.657.9
58.259.463.4
1 Estimate based on incomplete data.2 Not available.NOTE.—Data in this table cover all domestic merchandise shipped from the United States customs area
to foreign countries including, in 1947 and 1948, goods destined to United States armed forces abroad fordistribution in occupied areas as civilian supplies.
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
TABLE C-39.—Indexes of quantity and unit value of United States domestic merchandiseexports, by economic classes, 1936-38 quarterly average, 1947 and 1948
Period
Quarterly average:1936-3819471948 i .
1947—First quarterSecond quarter __Third quarter.. _Fourth quarter__
1948—First quarterSecond quarter^.Third quarter
Quarterly average:1936-38194719481
1947—First quarterSecond quarterThird quarterFourth quarter
1948—First quarterSecond quarterThird quarter
Totaldomesticexports
[1936-38=
Crudematerials
100]
Crudefoodstuffs
Manufac-tured
foodstuffsSemiman-ufactures
Finishedmanufac-
tures
Quantity indexes
100275211
281299260249
220217197
10012391
130127101110
8786
100
100397333
421414426334
324266409
100478353
497523480388
355388316
100203146
189221213191
160149130
100332258
341367303307
275275225
Unit value indexes
100188203
181189194199
204202202
100196227
197203208210
227229224
100247272
221235252283
290269267
100218230
217222215229
230227232
100169186
157169173177
184185187
100182194
174183189191
194194193
i Average of three quarters.
NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value of changesinaverage prices has been eliminated. The indexes of unit value provide a measure of change in the averageprices at which trade transactions are reported in official foreign trade statistics, including change in averageprices that result from changes in the commodity composition of trade. The indexes for 1947 and 1948 arebased on data which include goods destined to the United States armed forces abroad for distribution tocivilians in occupied areas.
Source: Department of Commerce.
x36
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TABLE G—40.—United States general merchandise imports, by areas, 1936—38 quarterly average,1947 and 1948
Totalgeneralimports
CanadaOther
WesternHemi-sphere
E R Pcoun-tries i
OtherEurope Asia i
Australiaand
OceaniaAfrica
Millions of dollars
Quarterly average:1936-3819471948 2
1947—First quarter. . . .Second quarter..Third quarter.. .Fourth quarter..
1948—First quarterSecond quarter..Third quarter.. .Fourth quarter3.
6221,4331,726
1,4121,4491,3231,549
1,7941,6931,7151,700
86274(3)
244268269314
328355410(3)
145571
09561591527606
700623577
(3)
152174(3)
173165160197
230223228(3)
3045
(3)
37425647
454949
(3)
183248(3)
281255202254
326316296(3)
1039
0947542530
483448
09
Percentage of total
Quarterly average:193648...._.1947....
1947—First quarter-..Second quarter.Third quarter..Fourth quarter.
1948—First quarter...Second quarter.Third quarter..
100100
100100100100
100100100
13.819.1
17.318.520.320.3
18.321.023.9
23.339.8
39.740.839.839.1
39.036.833.6
24.412.1
12.311.412.112.7
12.813.213.3
4.83.1
2.62.94.23.0
2.52.92.9
29.417.3
19.917.615.316.4
18.218.717.3
1.62.7
3.33.71.91.9
2.72.02.8
1782
7483101
11694107
09
2.75.7
4.95.16.36.5
6.55.66.2
1 Turkey is included with ERP countries and excluded from Asia. Imports from Germany in the post-war period relate almost wholly to imports from the three Western zones.
2 Estimate based on incomplete data.8 Not available.NOTE.—Data in this table cover all merchandise received in the United States customs area from foreign
countries. General imports include merchandise entered immediately upon arrival into merchandisingchannels, plus entries into bonded customs warehouses.
Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.
137
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TABLE C-41.—United States merchandise imports for consumption, by economic classes, 7936-38quarterly average, 7947 and 7948
Period
Quarterly average:1936-3819471948 1
1947—First quar ter . .Second quarterThird quar ter . .Fourth quarter
1948—First quarter. _Second quarter. _Third quarter. _Fourth quarter1
Quarterly average:1936-381947
1947—First quarterSecond quarterThird quarterFourth quarter
1948—First quarterSecond quarterThird quarter
Total im-ports for
consump-tion
Crude ma-terials
Crude food-stuffs
Manufac-tured food-
stuffsSemi-manu-
facturesFinishedmanufac
tures
Millions of dollars
6151,4111,716
1,3951,4091,3221,516
1,7691,6651,7401,690
190436
460453389440
571494530
85254
288227201300
346287271
95164
134182169171
161180199
126311
281312310342
396385418
120246
231236254262
295319322
Percentage of total
100100
100100100100
100100100
30.930.9
33.032.229.429.0
32.329.730.5
13.818.0
20.616.115.219.8
19.617.215.6
15.411.6
9.612.912.811.3
9.110.811.4
20.522.0
20.122.123.422.6
22.423.124.0
19.517.4
16.616.719.217.3
16.719.218.5
1 Estimate based on incomplete data.* Not available.
NOTE.—Imports for consumption include merchandise entered immediately upon arrival into mer-chandising or consumption channels, plus withdrawals from bonded customs warehouses for consumption.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
138
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TABLE C—42.—Indexes of quantity and unit value of United States merchandise imports forconsumption, by economic classes, 7936—38 quarterly average, 7947 and 7948
[1936-38=100]
Period
Quarterly average:1936-38 _194719481
1947—First quarter __Second quarterThird quarter.Fourth quarter
1948—First quarter.Second quarterThird quarter.
Quarterly average:1936-3819471948 1
1947—First quarter.Second quarter _Third quarter. _ _Fourth quarter
1948—First quarterSecond quarter. _Third quarter
Total im-ports for
consump-tion
Crude ma-terials
Crude food-stuffs
Manufac-tured food-
stuffsSemiman-ufactures
Finishedmanufac-
tures
Quantity indexes
100109121
113107102115
126117120
100130142
138133120135
156132138
10096
103
1168578
107
11810091
1008390
73878687
818999
100130148
126129126140
153142150
1008498
86808386
93100102
Unit value indexes
100211232
201214211215
228232236
100176197
175179170172
193196203
100311343
293314302330
343338349
100208212
195220208206
210215212
100191214
177193196194
206215221
100245266
226245256255
266268265
i Average of three quarters.
NOTE.—The indexes of quantity are a measure of the volume of trade after the influence on value of changesin average prices has been eliminated. The indexes of unit value provide a measure of change in the averageprices at which trade transactions are reported in official foreign trade statistics, including changes in averageprices that result from changes in the commodity composition of trade.
Source: Department of Commerce.
T A B L E C—43.—Changes in selected economic series since 7939 and 7947
Source:Appendix
tablenumber
Economic series1939=100
1946
232218294522235
247245
245227437
210146
1091041211308724
1947
256244333989214
279267
269247326
225140
1111091271388623
1948
280262431200269
309288
291271504
242141
1131111301428322
Percentchanges,1947 to
1948
+9.4+7.4
+29.4-79.8+25.7
+10.8+7.9
+8.2+9.7
+54.6
+ #
+1.8+1.8+2.4+2.9- 3 . 5- 4 . 3
Gross national productPersonal consumption expendituresGross private domestic investmentNet foreign investmentGovernment purchases of goods and services
National incomeCompensation of employees
Personal incomeDisposable personal incomePersonal net saving
Per capita disposable personal income:Current dollars _1947 dollars ._.
Labor force, including armed forces..Civilian labor force.
Employment..Nonagricultural.. _Agricultural
Unemployment
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE C-43.—Changes in selected economic series since 1939 and 1947—Continued
Source:Appendix
tablenumber
12
13
14
20
21
22
23
Economic series
Average gross weekly earnings:ManufacturingBituminous coal miningPrivate building construction.—Retail trade
Physical production of goods and utilities: totalAgricultureNonagriculture
Industrial production index: total __.Durable manufacturesNondurable manufacturesMinerals
New construction: total _Private
Residential - _ _.Nonresidential _ _ __,Public utility and farm. _
Public _ -—
Business expenditures for new plant and equipment
Inventories:ManufacturingWholesale-—Retail.. _ _ _
Sales:ManufacturingWholesale ._Retail
Consumers' price index: All itemsFoodsApparelRent ._
Wholesale price index: All commodities. __.Farm products _FoodsOther than farm products and foods
Prices received by farmersPrices paid by farmers (including interest and taxes).Parity ratio
Consumer credit outstanding, end of period
Corporate profits:Profits before taxesProfits after taxes—
Dividend paymentsUndistributed profits
Merchandise exports, including reexports2
General merchandise imports 3_._
1939=100
1946
183243185154
152126158
156176151126
166217151426190
232
203182201
235245240
140168159104
157228186135
245156157
127
335256147600
197
1947
206280208173
164122173
172202158141
222286249399276123
311
243236235
307292281
160204185107
197277240166
293186157
168
458362182
517
1948
223302229190
171133179
176206162146
280358330461334161
362
172221197112
214286254185
302201149
202
523416200
1,100
421
277
Percentchanges,1947 to
1948
+8.3+7.9
+10.1+9.8
+4.3+9.0+3.5
+2.3+2.0+2.5+3.5
+26.1+25.2+32.5+15.5+21.0+30.9
+16.4
+7.5+8.3+6.5+4.7
+8.6+3.2+5.8
+11.4
+3.1+8.1-5.1
+20.2
+14.2+14.9+9.9
+17.9
-18.6
+20.4
i Not available.a 1936-38 average=100.Sources: Appendix C, tables as indicated above. Data have been converted to the base 1939—100.
U. 5. GOVERNMENT PRINTING OFFICE: 1949
For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. O.Price 45 cents
I4O
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