erp1948 jan appendixes 2

Appendix BStatistical Tables Relating to Employment,

Production, and Purchasing Power

CONTENTS

I. Gross national product or expenditure, 1929-47.II. National income by distributive shares, 1929-47.

III. Personal income, 1929-47.IV. Disposition of personal income, 1929-47.V. Per capita disposable income in current dollars and first half of 1947 dollars,

1929-47.VI. Real disposable income, food consumption, and real farm income, per

capita, 1929-47.VII. Total consumer credit, 1929-47.

VIII. The labor force, 1940-47.IX. Number of wage and salary workers in nonagricultural establishments,

1939-47.X. Average gross weekly earnings in selected industries, 1939—47.

XI. Average hourly earnings in selected industries, 1939—47.XII. Consumers5 price index, 1939-47.

XIII. Wholesale price index, 1939-47.XIV. Index of prices paid and of prices received by farmers and parity ratio,

1939-47.XV. Industrial production index, 1939-47.

XVI. Physical production index, 1935-39, 1946, and 1947.XVII. New construction activity, 1929-47.

XVIII. Gross national product, department store sales, and residential construction,1920-47.

XIX. Business expenditures for new plant and equipment, 1939-48.XX. Business inventories and sales, 1939-47.

XXI. Sales, stocks, and outstanding orders at 296 department stores, 1939—47.XXII. Profits before and after taxes, all private corporations, 1929-47.

XXIII. Profits after taxes, 629 large private industrial corporations, 1939-47.XXIV. Relation of profits before and after taxes to investment and to sales, private

manufacturing corporations, by industry, 1947.XXV. Relation of profits before and after taxes to investment and sales, private

manufacturing corporations, by size classes, 1947.XXVI. Relation of profits before and after taxes to sales, private corporations,

excluding finance, insurance, and real estate, 1946-47.XXVII. Loans and investments of all commercial banks, 1929-47.

XXVIII. Adjusted deposits of all banks and currency outside banks, 1929—47.XXIX. Bond and common stock yields and commercial loan rates, 1929-47.XXX. Public debt and guaranteed obligations of the United States Government

outstanding, 1939-47.

770958°—48 8 107

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

XXXI. United States Government aid to foreign countries, 1946-47.XXXII. United States exports, including reexports, by continents, 1936-38 average

and 1946-47 by quarters.XXXIII. United States general imports, by continents, 1936-38 average and 1946-47

by quarters.XXXIV. Production and exports of selected nonagricultural commodities, 1939, 1946,

and 1947.XXXV. Distribution of selected food supplies moving into consumption channels,

1939, 1946, and 1947.XXXVI. Population by age groups, selected years, 1900-1975.

XXXVII. Changes in selected economic series since 1939.

108


Statistical Tables Relating to Employment,Production, and Purchasing Power

TABLE I.—Gross national product or expenditure, 1929-47

[Billions of dollars]

Year or quarterGross na-

tionalproduct

Personalconsump-tion ex-

penditures

78.870.861.249.246.361.966.262.567.164.667.572.182.390.8

101.6110.4121.7143.7164.5

Gross pri-vate do-

mestic in-vestment

15.810.25.4

.91.32.86.18.3

11.46.39.0

13.017.29.34.65.79.1

24.630.5

Net foreigninvestment

0.8.7. 2. 2. 2.4

- . 1—.1

.11.1

.91.51.1

- . 2-2 .2-2 .1

- . 84.88.8

Govern-ment pur-chases of

goods and

1929.1930.1931.1932.1933.1934.1935.1936.1937.1938.1939.1940.1941.1942..1943..1944..1945..1946-.1947 V

1946—First quarter...Second quarter.Third quarter..Fourth quarter.

1947—First quarter...Second quarter.Third quarter..Fourth quarter

103.890.975.958.355.864.972.282.590.284.790.4

100.5125.3159.6192.6210.6213.1203.7231.8

Seasonally adjusted annual rates

191.7197.0207.5218.6223.1229.1232.3242.5

134.3138.2147.3154.9158.0162.0166.0172.0

18.622.327.030.429.429.130.433.0

3.36.14.55.28.3

10.57.78.5

8.59.29.28.18.09.89.9

11.711.612.813.113.924.759.788.696.683.130.628.0

35.430.328.628.227.427.528.229.0

i Estimates based on incomplete data.

NOTE.—Detail will not necessarily add to totals because of rounding.

Source: Department of Commerce.

IO9


TABLE II.—National income by distributive shares, 7929-47


Year or quarter IsI?O G>

O

Proprietors' and rentalincome

fl8

Corporate profits and inventoryvaluation adjustment

Corporate profits

3 If5*

1929193019311932 _ —1933 -19341935..1936___1937 -1938193919401941194219431944.. .1945 _.1946...1947« _

87.75.58.41.39.48.56.64.73.67.72.81.

103.136.168.182.182.178.203.

50.846.539.530.829.334.137.142.47.44.747.851.864.384.7

109.1121.122.9116.8128.5

19.715.711.87.47.28.7

12.112.615.414.014.16.320.828.132.134.437.141.848.1

8.37.05.33.2.94.35.06.16.66.36.87.9.6

12.114.115.316.719.22.5

5.3.92.91.2.32.34.93.95.64.44.54.96.9

10.611.812.413.515.218.3

5.84.83.62.52.02.12.32.3.13.33.53.64.35.46.26.77.06.97.3

10.36.61.6

- 2 . 0- 2 . 0

1.13.04.96.4.35.89.2

14.619.823.23.519.716.523.1

3.3- . 8

- 3 . 0.2

1.73.25.76.3.36.59.3

17.21.124.523.820.21.128.0

1.4.8.5.4.5.7

1.01.41.51.01.52.97.8

11.714.213.911.38.6

11.1

8.42.5

- 1 . 3- 3 . 4

l'.O2.34.342.35.06.49.49.4

10.49.98.9

12.516.9

0.53.32.41.0

- 2 . 1- . 6- . 2- . 7

1.0— .7- . 1

- 2 . 6- 1 . 3

— .4—.5

- 4 .- 4 . 9


1946—First quarterSecond quarterThird quarterFourth quarter

1947—First quarterSecond quarterThird quarterFourth quarter •

168.2173.5179.9191.0197.6200.1203.3211.1

111.5114.0119.2122.2124.9126.3129.7133.0

39.439.241.946.747.047.247.350.7

18.518.619.922.022.421.922.123.5

14.113.815.217.817.618.017.919.5

6.96.86.87.07.07.27.37.7

14.217.215.618.822.423.322.923.9

15.219.422.927.129.027.427.428.2

6.18.09.3

11.011.610.810.811.4

9.111.513.516.117.416.616.616.8

- 1 . 0- 2 . 3- 7 . 3- 8 . 3- 6 . 6- 4 . 1- 4 . 5- 4 . 3

6.56.25.95.45.04.74.54.54.44.34.24.14.13.93.43.23.13.23.4

3.13.23.23.23.33.33.43.5

1 National income is the total net income earned in production by individuals or businesses. The conceptof national income currently used differs from the concept of gross national product in excluding deprecia-tion charges and other allowances for business and institutional consumption of durable capital goods.

2 Includes wages and salaries, employer contributions for social insurance, and other labor income.3 Includes noncorporate inventory valuation adjustment.* Federal and State income and excess-profits taxes.» Less than 50 million dollars.• Estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.

I I O


TABLE III—Personal income, 1929-47


Year or quarterTotal

personalincome

Wage andsalary

receipts *

Otherlabor

income *

Proprie-tors' and

rentalincome

Divi-dends

Personalinterestincome

Transferpay-

ments

1929..1930._1931..1932..1933..1934..1935..1936..1937-1938..1939..1940..1941..1942..1943..1944..1945..1946..1947».



85.176.264.849.346.653.259.968.474.068.372.678.395.3

122.2149.4164.9171.6177.2197.2

50.045.738.730.128.733.436.341.645.442.345.148.960.980.5

103.5114.9115.2109.2121.2

0.5.5.5.4.4.4.4.5.5.5.5

.7

.91.31.61.61.8

19.715.711.87.47.28.7

12.112.615.414.014.716.320.828.132.134.437.141.848.1

5.85.54.12.62.12.62.94.64.73.23.84.04.54.34.54.74.85.6

7.57.17.06.66.26.05.75.65.65.55.45.45.45.45.56.06.87.77.9


1.51.52.72.22.12.22.43.52.42.83.03.13.13.23.03.66.2

11.311.8

168.7172.5179.5187.5190.9192.3200.4205.3

102.6107.0111.8115.4117.4118.7122.7126.0

1.61.61.61.61.71.81.81.9

39.439.241.946.747.047.247.350.7

5.15.45.65.96.26.36.57.2

7.67.77.77.77.87.87.98.0

12.511.610.910.310.910.614.211.5

1 Total employer disbursements less employee contributions for social insurance.2 Includes compensation for injuries, employer contributions to private pension and welfare funds, pay of

military reservists not on full-time active duty (pay for full-time active duty included in military wages andsalaries), directors' fees, jury and witness fees, compensation of prison inmates, Government payments toenemy prisoners of war, marriage fees to justices of the peace, and Merchant Marine war-risk life and injuryclaims.

* Estimates based on incomplete data.



I l l


T A B L E IV.—Disposition of personal income, 1929-47

Year or quarter

1929193019311932 . . _193319341935 _19361937 - . _1938193919401941194219431944194519461947 l


1947—First quarter.Second quarterThird quarter..Fourth quarter i

Personalincome

Less:Personaltax andnontax

payments

Equals:Disposable

personalincome

Less:Personalconsump-

tion ex-penditures

Equals:Personalsaving

Billions of dollars -

86.176.264.849.346.653.259.968.474.068.372.678.395.3

122.2149.4164.9171.6177.2197.2

2.62.51.91.51.51.61.92.32.92.92.42.63.36.0

17.818.920.918.821.7

82.573.763.047.845.251.658.066.171.165.570.275.792.0

116.2131.6146.0150.7158.4175.6

78.870.861.249.246.351.956.262.567.164.567.572.182.390.8

101.6110.4121.7143.7164.5

3.72.91.8

-1 .4—1.2- . 21.83.63.91.02.73.79.8

25.430.035.629.014.811.1


168.7172.5179.5187.5190.9192.3200.4205.3

17.818.719.119.521.221.421.722.3

150.9153.8160.4168.0169.7170.9178.7183.0

134.3138.2147.3154.9158.0162.0166.0172.0

16.615.513.113.111.78.9

12.711.0

Saving aspercent ofdisposable

income

4.53.92.9

- 2 . 9- 2 . 7- . 43.15.45.51.53.84.9

10.721.922.824.419.29.36.3

11.010.18.27.86.95.27.16.0

i Estimates based on incomplete data.

NOTE.—Detail will not necessarily^add to totalsjtecause of rounding.


1 1 2


TABLE V.—Per capita disposable income in current dollars and first half of 1947 dollars, 1929-47

Year or quarter

1929193019311932.1933193419351936193719381939194019411942 — .19431944194519461947 3

1946—First quarterSecond quarter .Third quarterFourth quarter.-

1947—First quarterSecond quarterThird quarter . _Fourth quar te r 3

Disposablepersonalincome(billions

of dollars)

82.573.763.047.845.251.658.066.171.165.570.275.792.0

116.2131.6146.0150.7158.4175.6

Seasonallyadjusted

annual rates

150.9153.8160.4168.0169.7170.9178.7183.0

Population(thousands) i"

121,770123,077124,040124,840125,579126,374127,250128,053128,825129,825130,880131,970133,203134,665136,497138,083139,586141,229144,002

«140,549•140,985•141,547«142,288•143,030«143,672»144,356

145,013

Consumers'price index,1st half of1947=100

78.876.869.962.859.561.663.163.866.164.964.064.567.775.079.580.882.689.6

102.4

Not adjustedfor seasonalvariation4

83.684.992.597.499.3

100.6103.5106.2

Per capita disposablepersonal income

Currentdollars

678599508383360408456516552505536574691863964

1,0571,0801,1221,219

1st half of 1947dollars *

860780727610605662723809835778838890

]]1

1,0211,1511,211j308

L, 3061,251

ion

Seasonally adjusted annualrates

]]]

1,0741,091L, 1331,1811,1861,1901,2381,262

:L,2851,2841,2251,2111,1941,1831,1961,188

1 Estimated population of continental United States, including armed forces overseas; annual data as ofJuly 1 and quarterly data as of middle of quarter.

3 Current dollars divided by the consumers' price index on the base first half of 1947=100 to give a roughmeasure of changes in buying power of disposable income.

3 Estimates based on incomplete data.* A small part of the increase may be seasonal.* Interpolated from published data.

Sources: Department of Commerce (disposable income and population) and Department of Labor (con-sumers' price index).


TABLE VI.—Real disposable income, food consumption, and real farm incorne9per capita, 7929-47

[1935-39=100]

1929193019311932193319341935 _.193619371938193919401941194219431944194519461947

YearReal dis-posableincome1

(per capita)

108989177768391

10210598

105112128144152164164157149

Civilianfood con-

sumption 2

(per capita)

1021001009897999699

100100104105108108107112114118117

Net incomefrom farm

marketing topersons on

farms3 (percapita)

10181644962659299

11096

103105141182222213209210201

Computed from the deflated dollar figures in appendix B, table V.2 Based on the retail weight equivalent, weighted by average retail prices for the base period, 1935-39.

Consumption is for total population, 1929-40; civilian only, beginning 1941.3 Realized net income of farm operators plus adjustments for inventory changes and wages to hired workers

living on farms divided by farm population of the United States as of January 1 was adjusted for changes inprices^paid by farmers for family maintenance and then expressed as an index.

Sources: Based on Department of Agriculture, Department of Commerce, and Department of Labor data.

TABLE VII.-— Total consumer credit, 1929-47

(Estimated amounts outstanding)[Millions of dollars]

End of year or monthTotal

consumercredit

7,6373,9297,4917,9949,1469,8956,4785,3345,7766,637

10,15713,300

9,9829,939

10,25510,46410,72910,99211,05511,19111,67112,05012, 70013,300

Instalmentcredit i

3,1671,6053,9714,4495,4485,9202,9481,9572,0342,3653,9766,100

4,0484,1564,3294,5364,7394,9195,0455,1855,2845,4545,7006,100

Chargeaccounts

1,7491,0811,4591,544L,650L7641,5131,4981,7581,9813,0543,500

2,7642,6022,7682,7822,8352,8872,7862,7552,8593,0353,3003,500

Otherconsumer

credit a

2,7211,2432,0612,0012,0482,2112,0171,8791,9842,2913,1273,700

3,1703,1813,1583,1463,1553,1873,2283,2513,5283,5613,7003,700

1929____1933-19371939..19401941___ ._ . .1942 _.19431944-.19451946-...1947 3

1947—January....February, _MarchApril _.MayJuneJulyAugustSeptember.OctoberNovember.December a

1 Includes automobile and other sale credit and repair and modernization loans insured by the FederalHousing Administration.

2 Includes noninstalment single-payment loans of commercial banks and pawnbrokers, and service credit.* Preliminary estimate based on incomplete data.

Source: Board of Governors of the Federal Reserve System.


TABLE VIII.—The labor force, 1940-47

(Thousands of persons 14 years of age and over)

Year or month

Total laborforce

includingarmedforces

Civilian labor force

Totalcivilianlaborforce

Employment

Total Nonagri-cultural

Agricul-tural

Unemploy-ment

1939 monthly average _1940 monthly average _.1941 monthly average.1942 monthly average.1943 monthly average.1944 monthly average.1945 monthly average.1946 monthly average.1947 monthly average...

1946—JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

1947—JanuaryFebruary.. .March.AprilMayJuneJulyAugustSeptember-OctoberNovember..December...

55,60056,03057,38060,23064,41065,89065,14060,82061,608

59,49059,13059,63060,30060, 57062,00062,82062,20061, 34061,16060,98060,32059, 51059,63059,96060,65061, 76064,00764,03563,01762,13062,21961, 51060,870

55, 23055,64055,91056,41055,54054,63053,86057,52060,168

53,32053, 89055,16056,45057,16058,93060,11059,75059,12058,99058,97058,43057,79058,01058,39059,12060,29062,60962, 66461,66560, 78460,89260,21659, 590

45,93047, 52050,35053,75054,47053,96052,82055,25058,027

51,02051,24052,46054,12054,85056, 36057,84057,69057,05057,03057,04056, 31055,39055, 52056,06056,70058, 33060,05560,07959, 56958,87259,20458,59557,947

36,32037,98041, 25044, 50045,39045,01044,24046,93049,761

44,30044,30044,93045,95045,97046,35047,87048,55048, 30048, 41049,14049,10048,89048,60048,82048,84049, 37049,67850,01350,59450,14550, 58350,60950,985

9,6109,5409,1009,2509,0808,9508,5808,3208,266

6,7206,9407,5308,1708,880

10, 0109,9709,1408,7508,6207,9007,2106,5006,9207,2407,'"

10,37710,0668,9758,7278,6227, ""

9,3008,1205,5602,6601,070

6701,0402,2702,142

2,3002,6502,7002,3302,3102,5702,2702,0602,0701,9601,9302,1202,4002,4902,3302,4201,9602,5552,5842,0961,9121,6871,6211,643


Sources: Department of Labor (1939) Department of Commerce (1940-47)

" 5


TABLE IX.—Jsumber of wage and salary workers in nonagricultural establishments, 1939-47l

[Thousands]

Year or month

Manufacturing

•23

2

II

1939 monthly average._.1940 monthly average...1941 monthly average...1942 monthly average...1943 monthly average...1944 monthly average. _.1945 monthly average...1946 monthly average. _.1947 monthly average a_

1946—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. _.OctoberNovember...December...

1947—JanuaryFebruaryMarchAprilMayJune...JulyAugustSeptember....OctoberNovember8-.

30,28732,03136,16439,69742.04241,48039,97740,71242,401

38, 74538,14839,18439,90840,25840,68040,87741,46641,84842,06542,43942,92841,80341,84942.04341,82441,91942,36342,20142,62443,03643,29843,449

10,07810, 78012, 97415,05117,38117, 11115,30214,36515, 515

13,49912, 75113,43314,04514,15914.37114,52614,87615,03515,06415,27115,34815.37215,47515,51015,42915,23715,32815,23315, 59515, 79815,83215,851

4,3574,9756,4858,17910, 29710,2008,4777,1027,850

6,6015,7316,3246,9047,0357,1727,3077,4867,5907,6237,7217,7317,7817,8577,8927,8927,7817,8637,6917,7957,8817,9387,984

5,7205,8056,4886,8737,0846,9126,8257,2637,664

6,8987,0207,1097,1417,1247,1997,2197,3907,4457,4417,5507,6177,5917,6187,6187,5377,4567,4657,5427,8007,9177,8947,867

845916947983917883826836884

864864857542753864873886884883883874883880879856884893866896894894896

1,1501,2941,7902,1701,5671,0941,0821,1,730

1,0851,1011,2031,3561,4381,5321,6271,7131,7471,7531,7131,6441,5271,5021,5341,6191,6851,7681,8471,8941,9041,8951,852

2,9123,0133,2483,4333,6193,7983,8724,0234,049

3,9323,9433,9833,9913,9463,9964,0514,1034,0644,0934,1014,0714,0144,0114,0203,8363,9704,1154,1404,1444,1144,1024,077

6,7057,0557,5677,4817,3227,3997,6548,4488,645

8,0568,0908,1978,3298,3028,3428,3378,4028,5238,6678,8989,2348,5528,5078, 5658,5528,5458,5828,5588,5868,6848,8809,081

4,6104,7815,0165,1485,1875,1695,2745,9536,187

5,6966,7765,8405,9845,9655,9615,9755,9845,9906,0546,0986,1196,0716,1076,1206,1066,1516,2786,2766,2216,2176,2486,264

3,9874,1924,6225,4316,0496,0265,9675,5955,392

5,6135,6235,6715,6615,6955,6145,4885,5025,6055,5515,4755,6386,3845,3675,4155,4265,4475,3995,2815,2885,4255,4475,428

i Number of wage and salary workers in nonagricultural establishments includes all full- and part-timewage and salary workers in nonagricultural establishments who worked or received pay during the pay periodending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and person-nel of the armed forces are excluded. Not comparable with estimates for nonagricultural employment of thecivilian labor force derived from data in appendix B, table VIII, because latter include self-employed, pro-prietors and domestic servants and are based on population enumeration whereas estimates in this table arebased on establishment reports.

3 Average of 11 months.s Preliminary.

Source: Department of Labor.

116


TABLE X.—Average gross weekly earnings in selected industries, 1939-47

Year or month

1939 monthly average..1940 monthly average- _1941 monthly average1942 monthly average..1943 monthly average..1944 monthly average. -1945 monthly average._1946 monthly average..1947 monthly average 4-

1946—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1947—JanuaryFebruaryMarchApril..May _JuneJulyAugustSeptemberOctobersNovember6

Manufacturing

Total

$23.8625.2029.5836.6543.1446.0844.3943.7448.90

41.1540.5842.1542.8842.5143.3143.3844.9945.3945.7345.7946.9647.1047.2947.6947.5048.4449.33

49.1750.4360.9851.02

Dura-able

goods

$26.5028.4434.0442.7349.3052.0749.0546.4952.06

43.6742.5744.7945.7145.1046.3246.2448.0248.3648.9048.6249.5749.6049.7450.3050.3451.7252.9952.1952.4654.0154.6654.70

Non-dur-able

goods

$21.7822.2724.9229.1334.1237.1238.2941.0245.56

38.7539.0139.8340.1339.9340.2840.4641.8942.3442.4542.8744.2444.4744.6744.8944.4044.8845.3145.6145.7846.7847.1747.19

Bitu-minous

coalmining

Privatebuild-

ing con-struc-tion

$23.8824.7130.8635.0241.5851.2752, 2558.03

54.1657.3758.3030.1534.2064.4452.2762.8461.6562.4961.5469.5669.5465.3064.9054.1465.5167.0954.8770.2371.1971.87(5)

$30.3931.7035.1441.8048.1352.1853.7356.24(

52.8953.0452.8754.2953.6355.2356.2556.6758.4959.2057.6560.3259.9758.9261.2360.5362.3862.6863.3066.9765.2266.14(6)

Class Isteamrail-

roads

$30.9931.5534.2538.6543.6846.0645.69

3 51. 22

43.4844.0343.1547.9446.5751.2352.0152.6851.5152.8851.7150.7652.7054.1052.4352.0351.3051.7251.1651.6857.47

)

Tele-phone

$31.9432.4432.7433.9736.3038.39

(8)44.04

)41.1944.3743.7644.0944.8244.9344.8244.1944.1044.3044.4042.9843.3743.3142.5132.2638.1345.5846.5146.9248.0248.77

Whole-sale

trade

$29.8530.3932.3235.5639.4042.2944.0748.06()

45.1446.0746.3147.1347.4847.8848.0648.1449.5449.4449.8051.2050.0550.8750.8051.1351.5752.8852.2252.0552.8652.76()

Retailtrade

$21.1721.1721.9423.2424.8826.5828.3132.55

(5)

30.5430.7731.1231.4031.45

33.6433.8133.7633.1933.0434.0635.0235.2735.3135.9336.5037.8237.9938.1437.5437.46

(4)

Hotels(year

round)1

$15.2515.5216.0917.6220.2122.6524.5326.95()

26.2126.4326.5726.6426.6526.7026.6327.1526.9827.2728.1528.4028.6228.9129.0929.4129.2329.8529.3629.5029.8630.43(6)

1 Money payments only; additional value of room, board, uniforms, and tips are not included.8 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.3 Annual average includes retroactive pay increases not included in the monthly averages.* Average of 11 months.* Not available.6 Preliminary.

NOTE.—Data are for production workers in manufacturing and mining and for all employees in otherindustries.

Source: Department of Labor

117


TABLE XL—Average hourly earnings in selected industries, 1939-47

Year or month

1939 monthly average.... $0.6331940 monthly average .6611941 monthly average.— . 7291942 monthly average 8531943 monthly average 9611944 monthly average.,.. 1.0191945 monthly average 1.0231946 monthly average 1.0841947 monthly average *. _ 1.215

1946—January 1.004February 1.002March _ 1.035April 1.058May 1.071June _ 1.084July 1.August 1.112September _ 1.126October. _ 1.130November. _ 1,139December. _ 1.148

1947—January.. 1.161February--- - 1.170M a r c h . . . _ 1.180April . . . 1.186May 1.207June 1.226July 1.230August 1.237September. 1.249October- 1.257November5 1.266

Manufacturing

TotalDura-able

goods

$0.698.724.808.947

1.0591.1171.1111.1561.285

1.0701.0641.1031.1311.1471.1651.1771.1861.2011.2021.2101.2161.2241.2291.2361.2431.2781.3031.3051.3121.3311.3361.341

Non-dur-able

goods

Bitu-minous

coalmining

$0,582.602.640.723.803.861.904

1.0121.140

.941

.953

.975

.988

.9961.0031.0091.0361.0501.0561.0651.0771.0941.1071.1191.1221.1301.1401.1501.1581.1651.1731.185

Privatebuild-

ing con-struc-tion

.883

.9931.059

.139

.186

.240

.401

259265274239321474457466480460477491491

.491484483470489

1.7401.7871.8191.797

.9581.0101.1481.2521.3191.3791.478

1.4021.4221.4111.4231.4311.4441.4731.4821.5101.5261.5491.5691.5941.5981.6101.6341.6561.6611.6691.6891.7181.738

Class Isteamrail-roads

$0.714.717.751.824.897.938.942

31.116CO

.953

.9341.0491.0731.1211.1211.1161.1371.1181.1291.1331.1311.1511.1301.1191.1201.1221.1171.1211.244

Tele-phone

$0.822.827.820.843.870.911(2)

1.124

1.0301.0951.1051.1311.1431.1471.1351.1291.1481.1371.1311.1321.1321.1411.1241.1741.1891.2181.2111.2151.2301.241

Whole-sale

trade

$0.715.739.793.860.933.985

1.0291.144(

1.0701.0951.1011.1211.1351.1461.1551.1481.1791.1721.1861.2021.1971.2301.2311.2291.2411.2621.2571.2581.2691.283

Retailtrade

Hotels(year

round)1

$0,536.542.568.614.670.724.773.878(8)

.828

.835

.841

.851

.859

.876

.907

.917

.919

.953

.957

.960

.974

1.0Q31.0031.009L.015

( )

$0,324.332.348.386.451.505.550.612()

.604

.602

.600

.599

.596

.598

.602

.614

.620

.626

.642

.651

.648

.654

.642

.642

.643

.650

.652

.660

.672

.683C)

i Money payments only; additional value of room, board, uniforms, and tips are not included.* 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.3 Annual average includes retroactive pay increases not included in the monthly averages.* Average of 11 months.* Preliminary.6 Not available.NOTE.—Data are for production workers in manufacturing and mining and for all employees in other

industries.Source: Department of Labor.

n8


TABLE XII.—Consumers' price index, 7939-47

For moderate-income families in large cities

[1935-39=100]

Year or month All items Foods Apparel RentFuel, elec-

tricity,and ice

Housefurnish-

ingsMiscel-laneous

1939 monthly average.1940 monthly average _1941 monthly average-1942 monthly average_1943 monthly average _1944 monthly average-1945 monthly average _1946 monthly average _1947 monthly average 1

1946—JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

1947—JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember .OctoberNovember.

99.4100.2105.2116.5123.6125.5128.4139.3158.5

129.9129.6130.2131.1131.7133.3141.2144.1145.9146.6152.2153.3153.3153.2156.3156.2156.0157.1158.4160.3163.8163.8164.9

95.296.6

105.5123.9138.0136.1139.1159.6192.6

141.0139.6140.1141.7142.6145.6165.7171.2174.1180.0187.7185.9183.8182.3189.5188.0187.6190.5193.1196.5203.5201.6202.7

100.5101.7106.3124.2129.7138.8145.9160.2185.3

149.7150.5153.1154.5155.7157.2158.7161.2165.9168.1171.0176.5179.0181.5184.3184.9185.0185.7184.7185.9187.6189.0190.2

99.099.7

102.2105.4107.7109.8110.3112.4120.6

110. 8111.0110.5110.4110.3110.5113.3113.7114.4114.4114.8115.5117.3117.5117.6118.4117.7117.7119.5123.8124.6125.2126.9

101.3100.5107.3122.2125.6136.4145.8159.2183.8

148.8149.71.50.2152.0153.7156.1157.9160.0165.6168.5171.0177.1179.1180.8182.3182.5181.9182.6184.3184.2187.5187.8188.9

100.7101.1104.0110.9115.8121.3124.1128.8139.5

125.4125.6125.9126.7127.2127.9128.2129.8129.9131.0132.5136.1137.1137.4138.2139.2139.0139.1139.5139.8140.8141.8143.0

1 Average of 11 months.* Not surveyed this month.



TABLE XIII.—Wholesale price index, 1939-47

[1926=100]

Year or month

Other than farm products and foods

«2

1939 monthly average1940 monthly average1941 monthly average1942 monthly average1943 monthly average1944 monthly average1945 monthly average1946 monthly average1947 monthly average

1946—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1947—JanuaryFebruary _MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember i

77.178.687.398.8

103.1104.0105.8121.1151.

107.1107.108.9110.2111.0112.9124.7129.1124.0134.1139.7140.9141.5144.5149.5147.147.1147.6150.6153.6157.158.5159.5162.7

65.367.782.4

105.9122.6123.3128.2148.9181.0

129.9130.8133.4135.4137.5140.1157.0161.0154.165.3169.8168.1165.0170.4182.6177.0175.177.9181.4181.7186.4189.7187.9196.0

70.471.382.799.6

106.6104.9106.2130.7168.6

107.3107.8109.4110.8111.112.9140.2149.0131.9157.9165.4160.1156.2162.0167.6162.4159.8161.8167.1172.3179.3177.8178.0178.

81.383.089.095.596.998.599.7

109.5134.7

100.8101.3102.2103.3103.9105.6109.5111.6112.2115.8120.7124.7127.6128.5131.1131.8131.9131.4133.4136.0138.140.0142.1144.7

95.6100.108.3117.7117.5116.7118.1137.2181.6

119.4119.6119.8119.8120.4122.4141.2138.9141.6142.4172.5176.7175.1173.8174.6166.4170.8173.178.4182.1184.8191.7202.4206.0

69.773.884.896.997.498.4

100.1116.3140.7

101.6102.2104.7107.9108.8109.2118.1124.0125.7128.6131.6134.7136.6138.0139.6139.2138.9138.9139.5140.8142.0143.0144.7147.4

73.171.776.278.580.883.084.090.1

108.3

84.985.185.086.186.187.890.394.494.394.294.596.197.797.9

100.7103.4103.3103.9108.9112.5114.1115.9118.1122.8

94.495.899.4

103.8103.8103.8104.7115.5144.8

105.7106.6108.4108.8109.4112.2113.3114.0114.2125.8130.2134.7138.0137.9139.9140.3141.4142.6143.8148.9150.7151.1151.5151.8

90.594.8

103.2110.2111.4115.5117.8132.6179.5

120.0120.9124.9126.5127.8129.9132.1132.7133.8134.8145.5157.8169.7174.8177.5178.8177.0174.4175.7179.7183.3185.8187.5190.1

76.077.084.495.594.995.295.2

101.4127.2

96.095.996.096.196.596.499.398.498.499.9

118.9125.7128.1129.3132.2133.2127.1120.2118.8117.5121.3126.3135.8137.0

88.594.3

102.4102.7104.3104.5111.6129.1

106.2106.5106.9107.5108.3110.4111.9112.6113.6115.3118.2120.2123.3124.6125.8127.8128.8129.2129.8129.7130.6132.3132.9134.0

74.877.382.089.792.293.694.7

100.3115.0

95.395.695.695.797.098.5

101.3102.0102.1104.0106.5108.9110.3110.9115.3115.7116.1112.7113.0112.7115.9117.1118.8121.1

i Preliminary estimate based on weekly data for December.


I2O


TABLE XIV.—Index of prices paid and of prices received by farmers and parity ratio, 1939—47

[1910-14=100

Year orjnonthPrices paid(includinginterest

and taxes)

124125132150162170174193232

177179180181185188199202199207211212215221227230229231231235238239241245

Prices re-ceived i

95100124159192195202233278

206207209212211218244249243273263264260262280276272271276276286289287301

Parityratio a

1939 monthly average -1940 monthly average.1941 monthly average.1942 monthly average.1943 monthly average.1944 monthly average.1945 monthly average.1946 monthly average.1947 monthly average.

1946—JanuaryFebruaryMarchAprilMay . .—JuneJuly _._.AugustSeptemberOctober..NovemberDecember

1947—-JanuaryFebruaryMarchAprilMayJune - .JulyAugustSeptemberOctoberNovemberDecember

778094

106119115116120120

116116116117114116123123122132125125121119124121119117119118120121119123

i August 1909-July 1914=100.* Ratio of prices received to prices paid (including interest and taxes).Source: Department of Agriculture.

1 2 1


TABLE XV'.—Industrial production index, 7939-47

[1935-39=100, seasonally adjusted]

Year or monthTotal in-dustrialproduc-

tion

Manufactures

Total Durable Nondu-rable

Minerals

1939 monthly average..1940 monthly average._1941 monthly average~1942 monthly average..1943 monthly average..1944 monthly average..1945 monthly average..1946 monthly average..1947 monthly average l

1946—July.AugustSeptemberOctoberNovemberDecember

1947—JanuaryFebruaryMarchAprilMay . - .June ._-July . . .AugustSeptemberOctoberNovember

109125162199239235203170186

172178180182183182189189190187185184176182186190192

109126168212258252214177193

177184186188191190196197198194191191183188. 192197198

109139201279360353274192219

202208212214214211221222225222218219207210218223225

109115142158176171166165172

157164165168173174176176175172170168163169172175177

106117125129132140137134149

146144146145136137146146148143152148140150153154156

i Average of 11 months.


TABLE XVI.—Physical production index, 1935-39, 7946, and 1947

Industry

Total production.. .

Agriculture3 -Minerals *Manufacturing 6 ._Construction 6

Transportation7 .Electric and gas utilities 8

Weight i

100.0

20.64.9

50.87.6

12.93.2

Indexes, 1935-39=100

1935-39average

100

88

88

88

1946average

165

133134177123200192

1947average 2

176

129149194132208217

Percentagechange, from1946 to 1947

+7

- 3+11+10+7+4

+13

1 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 con-struction has been adjusted to include force account and other construction done outside of the contractconstruction industry, the weights for other industry groups to exclude such construction.

2 Preliminary estimates based on incomplete data.3 Department of Agriculture index of farm output, which measures the physical volume of farm produc-

tion for human use.* Federal Reserve index of mineral production.• Federal Reserve index of manufacturing production.6 Department of Commerce value of new construction activity deflated by their index of construction

costs and converted into relatives with 1935-39 as 100.7 Department of Commerce index of transportation. The figure for 1947 is estimated by the Board of

Governors of the Federal Reserve System on the basis of transportation data.8 The index of electric and gas utilities is based on the following series: electric power generated for public

use as reported by the Federal Power Commission, and gas produced for public use as reported by theAmerican Gas Association. The two series are converted into relatives with the average for the period1935-39 as 100. The relative series are combined into an index of public utility production with electricpower given a weight of 73 and gas 27, the respective percentages of the revenues by each of the utilities tothe total revenues produced by both in the base year 1935-39.

122


TABLE XVII.—New construction activity, 1929-47

[Millions of dollars]

S"ear or quarter

1929 _ . - .1930 . - -19311932 . . .1933 _1934193519361937193819391940194119421943194419451946

First quarter3

Second quarter 3__Third qua r t e r 3 . . .Fourth quarter 3 _

1947:First quarter3

Second quarter 3_.Third quarter 3..__Fourth quarter3 4.

Totalnewcon-

struc-tion 1

9,9138,0595,9803,2602,2232,7563,1104,7145,3085,0186,0626,807

10,30813,3537,7344,0734,6099,8901,5242,3003,1042,962

12,8782,4602,9013,6823,835

Private construction

Totalpri-vate

7,5225,3063,4161,4821,0051,2211,6482,4863,2742,9413,6194,1995,2382,9081,6691,7462,5617,7391,2571,8622,3762,2449,8781,9482,1952,7752,960

Resi-den-tial

build-ing

(non-farm)

2,7971,4461,228

462278361665

1,1311,3721,5112,1142,3552,7651,315

650535684

3,183432722

1,0271,0024,939

8691,0351,3801,655

Non-resi-den-tial

build-ing 2

2,8222,0991,104

499404455472712

1,088764785

1,0281,486

635232350

1,0143,350

632843953922

3,181782739800860

Pub-lic

util-ityandfarm

1,9031,7611,084

521323405511643814666720816987958787861863

1,206193297396320

1,758297421595445

Public construction

Totalpub-lic

2,3912,7532,5641,7781,2181,5351,4622,2282,0342,0772,4432,6085,070

10,4456,0652,3272,0482,151

267438728718

3,000512706907875

By funds

Fed-eral

237338451510540698822

1,2551,143

9761,2511,4063,8459,5315,6051,9121,5581,067

140199344384

1,156236270346304

Stateandlocal

2,1542,4152,1131,268

678837640973891

1,1011,1921,2021,225

914460415490

1,084127239384334

1,844276436561671

By types

Mili-taryandfed-

erallyfi-

nancedindus-trial

19294034385839333974

148549

2,9008,4534,2181,3441,160

27267617074

22547546658

High-ways

1,2481,4811,323

91667582162287685083783587585067545036034270660

149265232

1,214119287414394

Otherpub-lic

1,1241,2431,201

828505656801

1,3191,1451,1661,4601,1841,3201,3171,397

623546

1,173140228393412

1,561346365427423

1 Excludes construction expenditures for crude petroleum and natural gas drilling, and, therefore doesnot agree with the new construction expenditures in the gross national product.2 Excludes farm and public utility.3 Not adjusted for seasonal variation.

* Estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because ofrounding.Source: Departments of Commerce and Labor.

770958°—18 9 123


TABLE XVIII.—Gross national product, department store sales, and residential construction,1920-47

[1920-39=100]

Year

19201921192219231924192519261927192819291930193119321933

Gross na-tional

product i

1078892

105104112118117119124108917067

Depart-ment store

sales2

999294

105105110113114115117108977573

Residen-tial con-

struction i

7775

12216218519919818517212666552114

Year

1934 _19351936193719381939...19401941194219431944194519461947 3

Gross na-tional

product l

778698

108101108120149190230251254243276

Depart-ment store

sales»

8388

10010799

106114133149168186207264280

Residen-tial con-

struction *

183355687198

11514486663737

162229

1 Converted from the reported dollar figures to an index.2 Converted from the reported base, 1935-39=100.3 Estimates based on incomplete data.

Sources: Department of Commerce (gross national product, 1929-47, residential construction), NationalHousing and Home Finance Agency (gross national product, 1920-28), and Board of Governors of the Fed-eral Reserve System (department store sales).

TABLE XIX.—Business expenditures JOT new plant and equipment, 1939—48l


Year or quarter Total i Manufac-turing

1,9302,5803,4002,7602,2502,3903,2105,9107,210

Mining

380560680410360500440560670

Transportation

Railroad

280440560540460580550570980

Other

280390340260190280320660810

Electricand gasutilities

Commer-cial and

miscellane-ous*

1939..1940..1941..1942..1943-1944..1945..1946-1947 3.

1947—First quarterSecond quarterThird quarterFourth quarter3

1948—F irst quarter 3

5,2006,4908,1906,1104,5305,2106,630

12,04015,680

480550710680540490630

1,0401,820

1,8501,9802,4901,470

730970

1,4803,3004,190

Annual rates, not adjusted for seasonal

12,64015,76016,56017, 76016,400

5,8007,4007,4808,1607,240

600640720760680

640880920

1,4801,440

720920800800760

1,3201,8002,0002,2001,960

3,6004,1204,6404,4004,320

I Excludes agriculture.' Includes trade, service, finance, and communication.» Estimates for fourth quarter of 1947 and first quarter of 1948 based on anticipated capital expenditures

of business.NOTE.— These figures do not agree with the totals included in the gross national product estimates of the

Department of Commerce, principally because the latter cover agricultural investment and also certainequipment and construction outlays charged to current expense. Figures for 1939-44 are Federal ReserveBoard estimates based on Securities and Exchange Commission and other data. Detail will not necessarilyadd to totals because figures are rounded to the nearest 10 million.

Sources: Securities and Exchange Commission and Department of Commerce (except as noted).

124


TABLE XX.—Business inventories and sales, 1939-4?

Year or month

1939 average...1940 average. _.1941 average...1946 average. _.1947 average6..

1946—JanuaryFebruaryMarchAprilMayJuneJuly.AugustSeptember...OctoberNovember. __December

1947—JanuaryFebruaryMarchAprilMay __..JuneJulyAugustSeptember—.OctoberNovember <L.

Manufacturing i

Millions of dol-lars

Inven-tories 3

9,94111,17113,37917,81722,424

16,36916,59016,82916,83716,93417,17518,01018,46618,88619,53319,89620,25920, 80521,17621, 61222,05822,42422,61822, 77822, 93623,12023, 43523, 700

Sales *

4,7415,4827,783

10,47213,953

8,9138,1639,5079,956

10,0589,702

11,15710, 73812,24012,42612, 84913,22612, 94013, 93713,90613, 68813,60213,11513,65114,62815, 98514,800

Ratioof in-ven-

tories

2.102.041.721.701.61

1.842.031.771.691.681.771.811.661.761,601.601.581.571.641.551.591.641.661.741.681.581.471.60

Wholesale3


Inven-tories 3

3,4973,6984,2734,8336,780

4,2944,2094,3044,3904,4644,5784,6854,8905,1315,3435,7135,9946,2486,4446,6116,7786,737

6,726

6,9976,9437,349

Sales *

4,5805,1466,977

10,95512,935

9,6449,8689,6919,592

10,08710,37010,99811,17411,40212, 39913,06913,16012, 71313, 01312,63512, 22712,63912, 54112, 40312, 57113,33113, 73114,479

Ratioof in-ven-tories

to sales

0.76.72.61.44.52

.45

.43

.44

.46

.44

.44

.43

.44

.45

.43

.44

.46

.49

.50

.52

.55

.53

.55

.54

.55

.52

.51

.51

Retail«


Inven-tories 3

5,2845,4846,0407,512

6,4466,5226,729

7,0437,4267,7938,2168,7168,9319,1419,3379,5829,7159,7039,5029,4409,5749,838

10,05210,266

(7)

Sales *

3,5043,8664,6248,056

7,4257,6537,6487,7307,8067,8268,0478,4498,3708,3848,6228,7188,653

8,8248,9578,9749,0038,9378,8459,336

Ratioof in-ven-tories

to sales

1.511.421.31.93

.85

.84

.85

.87

.88

.90

.92

.92

.981.041.041.051.081.081.101.081.061.051.071.111.081.090)

1 Not adjusted for seasonal variation.2 Adjusted for seasonal variation,s Book value, end of month.«Total for month.' Average of 11 months.8 Preliminary.7 Not available.

NOTE .—Detail will not necessarily add to totals because of rounding. The inventory figures in this tabledo not agree with the estimates of "change in business inventories" included in the gross national productestimates of the Department of Commerce. This table covers only manufacturing and trade rather thanall business, and shows inventories in terms of current book value without adjustment for revaluation.

Source: Department of Commerce (Office of Business Economics).

125


TABLE XXI.—Sales, stocks, and outstanding orders at 296 department stores, 1939-47

Year or month

Millions of dollars

(total formonth)

Stocks(end ofmonth)

Outstand-ing orders

(end ofmonth)

Ratio ofstocks to

sales

2.692.602.693.352.492.352.212.252.65

2.192.231.942.022.222.313.022.672.682.592.271.483.003.352.612.642.432.532.902.902.412.492.26

Ratio oforders to

sales

0)0.791.241.472.602.472.852.851.76

4.014.103.232.853.073.464.403.353.112.481.711.062.422.411.461.211.041.552.352.281.941.811.45

Ratio oforders to

stocks

1939 average1940 average1941 average.1942 average1943 average1944 average1945 average.1946 average1947 average2.

1946—JanuaryFebruary. _.MarchAprilMayJuneJ u l y . . .AugustSeptember..OctoberNovember-.December. _

1947—JanuaryFebruary. _.MarchAprilMayJuneJulyAugustSeptember..OctoberNovember 3.

128136156179204227255318313

224239301319304303244303309341404526256250332321336304252273340367417

344353419599508534564714828

491533583644674700738

882919776769838865849818769730793819912943

108194263530560728907551

979971910934

1,0481,0741,014961846691557619603485387351470593622659663605

C1)0.31.46.44

1.041.051.291.27.67

1.831.841.671.411.391.501.461.251.16.96.75.72.80.72.56.46.43.61.81.78.80.73.64

1 Not available.2 Average of 11 months.a Preliminary estimate based on incomplete data.

NOTE.—These figures represent retail sales, stocks, and outstanding orders as reported by a sample of 296of the larger department stores located in various cities throughout the country and are not estimates oftotal sales, stocks, and outstanding orders for all department stores in the United States.

Detail will not necessarily add to totals because of rounding.


126


TABLE XXII.—Profits before and after taxes, all private corporations, 1929-47


Year or quarterCorporate

profitsbefore

Corporatetax lia-bility i

Corporate profits after taxes

Total Dividendpayments

Undis-tributedprofits

1929..1933..1937..1939..1940-.1941..1942..1943_.1944..1945..1946_.1947 3



9.8.2

6.26.59.3

17.221.124.523.820.221.128.0

1.4.5

1.51.52.97.8

11.714.213.911.38.6

11.1

8.4- . 44.75.06.49.49.4

10.4

12.516.9

5.82.14.73.84.04.54.34.54.74.85.66.6

2.6-2.4

1.22.44.95.15.95.24.26.9

10.3


15.219.422.927.129.027.427.428.2

6.18.09.3

11.011.610.810.811.4

9.111.513.516.117.416.616.616.8

5.15.45.65.96.26.36.57.2

4.06.17.9

10.211.210.310.19.6

* Federal and state corporate income and excess profits taxes.2 Minus 8 million dollars.s Estimates based on incomplete data.

NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce (except estimate for fourth quarter of 1947).

TABLE XXIII.—Profits after taxes,1 629 large private industrial corporations, 7939-47


Year or quarter

Number of companies

19391940194119421943194419451946


1947—First quarterSecond quarterThird quarter

otal

En

629

1,4651,8182,1631,7691,8001,8961,9252,545

323604698853870870860

on a

nd

ste

el

47

146278325226204194188283

226796971269998

.1

'A69

115158193159165174163171

-19493261698377

utom

obil

es

15

242274209201222243130

-34

4210294105102

the

r tr

an

s-p

orta

tio

neq

uip

men

t

o

68

102173227182180190169127

-5513844505651

on

ferr

ou

sm

etal

s an

dpr

oduc

ts

77

119133153138128115108136

20264150474646

ther

du

rabl

ego

ods

o

75

708811390838888165

12374157505758

ood,

be

ver-

ages

, an

d t

o-

bacc

o

49

151148159151162175199356

657493124986469

il pr

oduc

ing

and

refi

ning

o

45

98112174152186220223281

5662778590111122

nd

us

tr

ia

lch

emic

als

t—i

30

186194207164170187187273

63666777898778

ther

no

nd

ur-

able

s

O

80

134160187136149147154302

62717791969293

isce

llan

eou

sse

rvic

es

74

122132152161171184203321

82809366637167

i Federal and State income and excess-profits taxes.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System.

127


TABLE XXIV.—Relation of profits before and after taxes to investment and to sales, privatemanufacturing corporations, by industry, 1947

Industry

Firstquarter

Katio of profits (annual rate) tostockholders' equity

Before Federaltaxes

Secondquarter

After Federaltaxes

Firstquarter

Secondquarter

Profits in cents per dollar of sales

Before Federaltaxes

Firstquarter;

Secondquarter

After Federal

Firstquarter

Secondquarter

All private manufacturing cor-porations _

Food —Tobacco manufactures.._Textile mill productsApparel and finished textilesLumber and wood productsFurniture and fixtures.Paper and allied productsPrinting and publishing (except

newspapers)Chemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather productsStone, clay, and glass productsPrimary nonferrous metal industries -Primary iron and steel industriesFabricated metal productsMachinery (except electrical and

transportation)Electrical machineryTransportation equipment (except

motor vehicles)Motor vehicles and partsInstruments; photographic and opti-

cal goods; watches and clocksMiscellaneous manufacturing (in-

cluding ordnance)

28.032.414.840.036.036.432.841.6

35.231.616.828.434.424.424.423.632.0

27.632.4

7.229.2

24.0

26.8

25.228.015.231.228.435.632.838.4

30.824.819.224.421.625.221.618.428.4

29.232.0

5.628.4

23.2

24.4

16.818.88.8

24.021.222.420.025.6

21.619.212.416.420.414.414.814.419.6

16.420.0

3.216.8

14.8

15.2

15.616.49.2

18.816.022.420.023.6

18.815.214.48.4

12.815.613.211.217.2

17.619.2

1.216.8

14.4

14.8

12.38.16.8

15.88.8

19.511.219.6

12.616.913.810.810.113.915.413.614.1

13.211.0

4.811.2

13.5

12.2

11.07.06.1

13.77.6

18.311.118.1

11.314.214.48.77.2

13.914.110.112.1

12.810.3

3.210.4

12.0

10.8

7.54.74.19.55.2

12.16.8

12.0

7.810.410.16.25.98.29.28.28.6

7.9

2.06.4

8.3

7.0

6.74.13.78.24.3

11.46.8

11.2

6.98.7

10.83.04.28.58.56.27.4

7.86.1

6.1

7.5

6.5

Sources: Federal Trade Commission and Securities and Exchange Commission.

T A B L E XXV.—Rela t ion of profits before and after taxes to investment and sales, private manu-facturing corporations, by size classes, 1947

Assets class

All private manufac-turing corporations.

$1,000 to $249,000$250,000 to $999,000...$1,000,000 to $4,999,000$5,000,000 to $99,999,000$100,000,000 and over

Ratio of profits (annual rate) tostockholders' equity

Before Federaltaxes

Firstquarter

28.026.835.238.831.220.8

Secondquarter

25.228.430.832.428.419.6

After Federaltaxes

Firstquarter

16.816.420.423.218.813.2

Secondquarter

15.618.018.019.617.212.4

Profits in cents per dollar of sales

Before Federaltaxes

Firstquarter

12.37.6

10.513.013.312.1

Secondquarter

11.08.09.3

11.211.910.9

After Federal taxes

Firstquarter

7.54.76.17.98.07.6

Secondquarter

6.85.15.46.77.26.9

Thirdquarter

6.55.15.66.46.96.7

Sources: Federal Trade Commission and Securities and Exchange Commission.

128


TABLE XXVI.—Relation of profits before and after taxes to sales, private corporations excludingfinance, insurance, and real estate, 1946-47

Industry

All private corporations, ex-cluding finance, insurance,and real estate _ . --

Mining _ _Manufacturing

Metal industriesOther manufacturing __

Wholesale and retail tradeTransportation.. ___Communication and public utilities-All other industries _ ._

Profits before taxes as percent ofsales

1946

7.912.58.66.09.85.75.7

17.610.4

1947

Firstquar-

ter

9.312.510.810.810.85.77.4

18.39.6

Secondquar-

ter

8.712.810.19.6

10.45.27.9

15.09.5

Thirdquar-

ter

8.512.010.19.9

10.25.07.6

12.59.5

Profits after taxes as percent ofsales

1946

4.79.05.03.05.93.32.9

10.76.5

1947

Firstquar-

ter

5.69.16.46.36.53.44.0

11.16.1

Secondquar-

ter

5.39.26.15.66.33.14.89.16.0

Thirdquar-

ter

5.18.76.15.86.32.94.57.65.9


TABLE XXVII.—Loans and investments of all commercial banks, 7929-47


End of month

1929: June* . . . . _1933: June 1 _1937: December1939: December1941: December1944: December _1945: December1946: June

1947: June _

Total loansand invest-

ments

49,42430,35738,33340,6b850,746

105,530124,019119,448113,993112,756116,740

Loans

35,73816,34917,10017,23821,71421,64426,08327,13031,12233,67937,700

Investments

Total

13,68614,00821,23323,43029,03283,88697,93692,31882,87179,07779,040

U . S .Govern-

ment

4,9417,476

14,15616,31621,80877,55790,60684,47374,78070,53970,120

Othersecurities

8,7456,5327,0777,1147,2256,3297,3317,8458,0918,5388,920

1 Complete end of year figures not available for years prior to 1936.2 Estimates based on incomplete data.Source: Board of Governors of the Federal Reserve System.

129


TABLE XXVIII.—Adjusted deposits of all banks and currrency outside banks, 7929-47


End of calendar year ormonth

Totaldepositsadjusted

andcurrency out-

side banks

U. S.Government

deposits

Other deposits and currency outside banks

TotalDemanddeposits

adjusted2Time Currency

outsidebanks

1929.1933193419371939.19441945

1946: JuneDecember..

1947: JuneNovember4.

54,71342, 54847, 98556, 63964,099150,988175,401

171,237167,107

165,455170,400

1581,0161,715824846

20, 76324,608

13,4163,103

1,3671,900

54, 55541, 53246, 27055,81563,253130, 225150,793

157,821164,004

164,088168, 500

22,80915,03518,45923,95929, 79366,93075,851

79,47683, 314

82, 27685,900

28,18921,71523,15626, 21827,05939, 79048,452

51,82953, 960

55, 51356,000

3,5574,7824,6555,6386,40123, 50526,490

26,51626, 730

26, 29926,600

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.2 Includes deposits in commercial banks, mutual savings banks, and Postal Savings System.4 Preliminary.

NOTE.—Detail will not necessarily add to totals because of rounding.Source: Board of Governors of the Federal Reserve System.

TABLE XXIX.—Bond and common stock yields and commercial loan rates, 7929-47

[Percent per annum]

Year or quarter

U. S. Government security yields

9 to 12monthscertifi-cates of

indebted-Long-term

partiallytax-exempt2

Bonds

15 years andover,

taxable

High grarate bo

de corpo-ad yields

(Moody's)

Aaabonds

30 issues

4.734.494.003.263.012.722.622.532.61

2.562.542.572.77

Baabonds

30 issues

5.907.766.325.034.963.613.293.053.24

3.133.183.193.44

Dividendyields oncommon

stock(Moody's)

Commer-cial loan

rates

Number. 1-5 issues 1-9 issues

1929 average1933 average1934 average1937 average1939 average1944 average1945 average1946 average1947 average


0.75.79.81.82

.84

.84

1.00

2.482.372.192.24

2.202.202.242.33

200 stocks

3.54.44.14.84.24.74.13.9

4.75.25.1

19 cities

5.834.273.452.592.782.592.392.342.28

2.312.382.212.22

1 Tax-exempt prior to Mar. 1,1941; taxable thereafter.2 Average of yields on all outstanding partially tax-exempt Government bonds due or callable after 8

years, from 1919 to 1925; after 12 years, from 1926 to 1934; and after 15 years, from 1935.3 No partially t ax-exempt bonds due or callable in 15 years.* Not available.

Sources: Treasury Department, Moody's Investors Service, and Board of Governors of the Federal Re-serve System.

I3O


TABLE XXX.—Public debt and guaranteed obligations of the U. S. Government outstanding*1939-47

[Billions of Dollars]

End of calendar year

Public debt andguaranteed obli-gations

Ownership of public debt and guaranteed obligations

Interest-bearing public debt and guaranteedobligations (par values;*

IIHeld by public

Ill111

1939.1940.1941.1942.1943.1944.1945.1946.1947

47.650.964.3112.5170.1232.1278.7259.5257.0

41.945.057.9108.2165.9230.6278.1259.1256.9

5.75.96.34.34.21.5.6.4.1

47.650.964.3

112.5170.1232.1278.7259.5257.0

47.150.463.8

111. 6168.7230.4276.2258.0254.3

6.57.69.5

12.216.921.727.030.9

634.4

40.642.854.399.4

151.8208. 5249. 2227.1

6 219.9

0.4.5.7

1.02.14.36.56.2

67.0

18.419.523.747.371.596.5

115.097.9

691.5

12.012.516.327.441.255.564.259.5

6 55.9

10.313.623.737.152.263.563.5

665.5

0.6.6.5.9

1.41.82.41.52.7

1 United States savings bonds, series A-D, E, and F are included at current redemption values.2 Includes interest-bearing debt and debt bearing no interest.3 Excludes guaranteed securities held by the Treasury and securities guaranteed as to interest only.* Includes insurance companies, mutual savings banks, savings and loan associations, dealers and brokers,

and investments of foreign balances and international accounts in this country.»Includes matured public debt, International Bank, Monetary Fund, United States savings stamps,

excess-profits-tax refund bonds, and currency items.6 Estimates based on incomplete data.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Treasury Department.


TABLE XXXI.—United States Government aid to foreign countries, 7946-47


Type of aid

A. Unilateral payments:Straight lend-leaseXJNRRA.Post-UNRRA -_.Civilian supplies for occupied

territoriesGreek-Turkish aidInterim aid. _Transfer to PhilippinesOther Government transfers...

Total unilateral payments. __Less: Unilateral receipts

Net unilateralpayments

B . Long-term loans and invest-ments:

Lend-lease creditsSurplus property, including

ship salesExport-Import BankUnited TTingrinTn loanInvestment in International

Bank.Investment in International

Monetary Fund _Other

Total, long-term loans andinvestments

Less: Repayments. >

Net long-term loans and in-vestments, including Bankand Fund

Less: Investments in Inter-national Bank and Fund

Net long-term loans andinvestments, excludingBank and Fund

Net unilateral payments andloans and investments,excluding Bank andFund

1946

Firstquarter

109532

107

20

76852

716

271

135137

54322

521

521

1,237

Secondquarter

46414

207

69

73624

712

173

414333

159

1,07919

1,060

159

901

1,613

Thirdquarter

6382

115

15533

6368

628

78

110231400

17

83618

818

818

1,446

Fourthquarter

194

125

72

39110

381

24

201270200

159

52

86120

841

164

677

1,058

1947

Firstquarter

264

225

3170

590140

450

14

113280500

159

2,74527

3,83850

3,788

2,904

884

1,334

Secondquarter

1881

262

2591

567120

447

6

89249950

159

48

1,50134

1,467

159

1,308

1,755

Thirdquarter

5085

31148

3440

56849

519

2

5661

1,300

4

1,42339

1,384

1,384

1,903

Fourthquarter l

1162

25076502624

58930

559

58205100

36334

329

329

888

I Estimates based on incomplete data.

NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce,

132


T A B L E XXXII.—United States exports, including reexports, by continents, 7936-38 average and1946-47 by quarters

PeriodTotal North

AmericaSouth

America Europe Asia Oceania Africa

Millions of dollars

1936-38 quarterly average.1946—First quarter

Second quarterThird quarterFourth quarter

1947—First quarter. _Second quarterThird quarterFourth quarter1...

1936-38 quarterly average1946—First quarter

Second quarterThird quarter. _Fourth quarter

1947—First quarter.Second quarterThird quarter

7422,2832,4852,3512,6203,5913,9613,3993,600

183500585649809912

1,018905

0)

69236275263379571648561

(2)

3111,1171,093969919

1,3741,4441,210(2)

125268365342367487547424

(2)

2333282630647497

00

32129140103116183230202

Percentage of total

100.0100.0100.0100.0100.0100.0100.0100.0

24.721.923.527.630.925.425.726.6

9.310.311.111.214.515.916.416.5

41.948.944.041.235.138.336.435.6

16.811.714.714.514.013.613.812.5

3.11.41.11.11.11.81.92.9

4.35.75.64.44.45.15.86.9

1 Estimate based on incomplete data.2 Not available.NOTE.—Exports in this table include merchandise shipped from the United States custom area with the

exception of goods destined to United States armed forces abroad, either for their own use or for distributionto civilians in occupied areas. Detail will not necessarily add to totals because of rounding.


TABLE XXXIII.—United States general imports, by continents, 1936-38 average and 1946-47,by quarters

Period Total NorthAmerica

SouthAmerica Europe Asia Oceania Africa

Millions of dollars

1936-38 quarterly average.1946—First quarter.

Second quarterThird quarter.Fourth quarter

1947—First quarterSecond quarterThird quarterFourth quarter1...

1936-38 quarterly average.1946—First quarter..

Second quarterThird quarterFourth quarter

1947—First quarterSecond quarterThird quarter.

6221,0961,1811,2311,4011,4121,4491,3311,450

150364398424462496569528(2)

81254275263303309291277(2)

177165210192229186193213(2)

187193192210286303269205(2)

1041356245475325

(2)

1778728176697483

Percentage of total

100.0100.0100.0100.0100.0100.0100.0100.0

24.133.233.734.433.035.139.339.7

13.023.223.321.421.621.920.120.8

28.515.117.815.616.313.213.316.0

30.117.616.317.120.421.518.615.4

1.63.73.05.03.23.33.71.9

2.77.16.16.65.44.95.16.2

i Estimate based on incomplete data.* Not available.NOTE.—Imports in this table include merchandise entered immediately upon arrival into merchandising

or consumption channels, plus commodities entered into bonded customs warehouse for storage.Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.

133


TABLE XXXIV.—Production and exports of selected nonagricultural commodities, 7939, 7946,and 7947

Commodity and period Unit

Production

TotalFor do-

mestic useFor ex-

port

Exportsas

percentof totalproduc-

tion

Agricultural machinery and implements:193919461947—January-June (annual rate) _ _ _

July-September (annual rate)Chemicals and related products:

193919461947—January-June (annual rate)

July-September (annual rate) _. _Coal, bituminous:


July-September (annual rate) _..Electrical machinery and apparatus:


July-September (annual ra te) . . .Freight cars: 3


July-September (annual rate)Lumber, sawmill products:


July-September (annual rate) - . _Motor trucks:8


July-September (annual ra te) . . .Passenger cars:5

1939.. ___19461947—January-June (annual rate)

July-September (annual rate) _ _ _Petroleum, crude:


July-September (annual rate)__.Rolled steel products:7


July-September (annual rate) _ _ _Wearing apparel:

1939 ._19461947—January-June (annual rate)

July-September (annual ra te) . . .

Million dollars...do

. . . . -dodo

._—do_-do

. . . . . do-do

Million short tons.. . . . .do. .—do. .—do.—

Million dollars..—do.....do.....do

1,000 dollarsdo

....dodo

Million board feet-.....do.—do

do

Thousand— d o

do.—do

Thousand.......do

dodo

Million barrels«_.do

.....do

.....do

1,000 short tons

dodo

Million dollars..— d o....-do— .._

do.

416

3,2988,600(2)

395532624568

1,7884,5006,7586,856

63, 249208, 216331, 792360,816

24,97530,30031,37234,284

710951

1,2361,180

2,8672,1493,4423,396

1,2651,7331,7801,908

34,95548, 77662,34461, 792

3,3517,0317,022(2)

347834

(2)003,1238,077(2)(2)

383491564484

1,6834,1966,2006,312

62,830167, 665195, 634349, 900

23, 87129, 65130, 06432,640

558764970940

2,7022,0053,1783,136

1,1931,6901,7381,856

32,42743,97655, 78655,536

3,329

158302320

175523820844

12416084

105304558544

41940, 551

* 136,15810, 916

1,104649

1,3081,644

152187266240

165144264

72434252

2,5284,8006,5586,256

22151186

(2)

16.616.0

5.36.16.

83 07.79.6

14.8

5.96.88.37.9

.719.5

4 41.03.0

4.42.14.24.8

21.419.721.520.3

5.86.77.77.7

5.72.52.42.7

7.29.8

10.510.1

0.72.12.6

1 Sales; production data not available.8 Not available.3 Estimated value of shipments to United States railroads and to foreign markets.* Eighty-nine percent of the cars exported during this period went to France as a result of an accumulation

of deliveries against orders previously placed.6 Factory sales are used to represent production. Exports are as reported by the Automotive Manufac-

tures' Association and include exports shipped as completed cars and parts for assembly aboard.6 Barrels of 42 gallons each.7 Net shipments for sale; production data not available.

NOTE.—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.

134


TABLE XXXV.—Distribution of selected food supplies moving into consumption channels, 1939,7946, and 1947

Commodity and year

Meat (carcass equivalent):1939. _ _19461947 2

Dairy products (milk equivalent):19391946 _ ___1947 2

Food fats and oils (excluding butter): 319391946 __1947 2

Canned fruit (processed weight):1938-39 pack year19461947 2 _ _ _

Fresh fruits (farm weight):19391946 _. ._1947 2

Canned vegetables (processed weight):1938-39 pack year19461947

Fresh vegetables (farm weight):19391946 . __ _1947 2

Wheat (grain equivalent): *19391946 .19472

Eggs (fresh egg equivalent):1939194619472

Distribution of food supplies *

Total i

Millionpounds

17,73923, 36223,189

108, 985121,480120, 798

4,6125,0675,236

2,3613,2393,263

21,35921, 20622,604

4,1636,9767,117

32,15338, 85537,162

Millionbushels

571844

1,005Milliondozen3,4184,8624,781

Exportsand

ship-ments i

Millionpounds

2461,187

300

4296,3393,540

365669792

359202215

1,2771,1671,483

57361125

134494444

Millionbushels

93340494

Milliondozen

3430156

Militarydistri-bution

Millionpounds

941600

2,6441,734

4174

94110

484243

153313

470230

Millionbushels

155

Milliondozen

9490

Civiliandistri-bution

Millionpounds

17, 49321,23422, 289

108, 556112,497115, 524

4,2474,3574,370

2,0022,9432,938

20,08219, 55520,878

4,1066,4626,679

32,01937, 89136, 488

Millionbushels

478489506

Milliondozen3,4154,3384,535

Percapita

civiliandistri-bution

Pounds132.8152.8156

824809811

32.231.330.5

15.321.220.5

152.5140.7145.7

31.346.546.6

243273255

217.8207.2211.0

Numberof eggs

311374380

Exportsand ship-ments aspercent oftotal dis-tribution

1.46.11.3

.45.22.9

7.913.215.1

15.26.26.6

6.05.56.6

1.45.21.8

.41.31.2

16.340.349.2

.18.83.4

1 Includes military civilian feeding programs in liberated and occupied areas, both from current pro-curement and from surplus stock.

2 Preliminary estimates based on reports for the first 9 months and forecasts for the balance of the year.3 Actual weight except for margarine which is on a "fat content" basis.* Excludes amounts used for animal feed, industrial raw materials, and seed. If these amounts were

included, percentages in last column would be 1939,11.9; 1946, 28.9; 1947, 38.8.Source: Department of Agriculture.

TABLE XXXVI.—Population by age groups, selected years, 1900-1975

[Thousands of persons]

Age

All agesUnder 20 years20 to 64 years______65 years and over_ _ _Age unknown. _

1900

75,99533, 68139,0323,080

201

1920

105, 71143,04357, 5864,933

149

1930

122, 77547, 60968, 4386,634

94

1940

131, 66945, 30677,3449,019

1947esti-

mate 1 2

143, 98048, 63184, 66910, 650

1960 forecast 2

Me-dium

153, 37549, 07590, 32113, 978

High

162,01154, 06293, 27414, 674

1975 forecast 2

Me-dium

162, 33745, 84398, 84917, 646

High

185,07156, 858

108, 27919,935

1 The total differs slightly from the independent estimate of 144,002,000 published in "Current PopulationReports, Series P-25, No. 3."

2 Estimate for 1947 and high forecasts for 1960 and 1975 assume high fertility, low mortality and 1million net immigration in each 5-year period after July 1, 1945. Medium forecasts assume mediumfertility and mortality and no net immigration after July 1, 1945.

NOTE .—Detail will not necessarily add to totals because of rounding.Source: Department of Commerce.


TABLE XXXVII.—Changes in selected economic series since 1939

[1939=100]

Source,appendix B,

tablenumber

I I -

IV.

VI.

VII..VIII.

IX .

X

XII ._.

XIII

XIV.

X V . .

XVII .

X I X . .X X I I .

Economic series

Gross national product _Personal consumption expendituresGross private domestic investment..Net foreign investmentGovernment purchases of goods and services.

National incomeCompensation of employees

Personal income..Disposable personal incomePersonal saving

Per capita disposable income:Current dollars . . -First half of 1947 dollars

Civilian food consumption (per capita)Net income from farm marketings to persons on farms (per

capita).Consumer credit outstanding, end of year _Labor force, including armed forces...

Civilian labor forceEmployment

Nonagricultural--Agricultural

UnemploymentWage and salary workers in nonagricultural establishments.

Manufacturing...Mining _Construction _ _ _.Transportation and public utilities.. _TradeFinance and serviceFederal, State- and local government

Average gross weekly earnings:ManufacturingBituminous coal miningPrivate building construction ._.Wholesale tradeRetail trade

Consumers' price index: all itemsFoodsApparel ._._Rent

Wholesale price index: All commodities. _Farm products.Foods _Other than farm products and foods

Prices paid by farmers (including interest and taxes)Prices received by farmersParity rat io . . _ _Industrial production index: total—_

Durable manufacturesNondurable manufacturesMinerals

New constructionPrivate

Residential.—Nonresidential -Public utility and farm _

Public -Business expenditures for new plant and equipmentCorporate profits before taxes

Corporate tax liabilityCorporate profits after taxes

Dividend paymentsUndistributed profits

1939

100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0

100.0100.0100.0100.0

100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0

100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0

1946

225.3212.9273.3533.3233.6245.8244.4244.1225.6548.1

209.3149.3113.5203.9

127.1109.4104.1120.3129.286.624.4

134.4142.598.9

129.8138.2126.0129.1140.3

183.3243.0185.1161.0153.8140.1167.6159.4104.1157.1228.0185.7134.7155.6245.3155.8156.0176.1151.4126.4163.1213.8150.6426.8167.588.0

231.5324.6573.3250.0147.4575.0

1947

256.4243.7338.9977.8213.7280.0268.8271.6250.1411.1

227.4142.0112.5195.1

166.4110.8108.9126.3137.086.023.0

140.0153.9104.6150.4139.0128.9134.2135.2

204.9

159.5202.3184.4106.2196.8277.2239.5165.7187.1292.6155.8170.6200.9157.8140.6212.4272.9233.6405.2244.2122.8301.5430.8740.0338.0173.7858.3

NOTE.—For some series, 1947 data are based on 11-month averages.

Sources: Data in indicated appendix B tables have been converted to the base, 1939=100.

For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C«Price 35 cents

OI36
