BOARD OF GOVERNORS OF THE FEDERAL RESERVE S STEM For release in afternoon papers Tuesday, May 25, 1944 w

BUSINESS INDEXES

AY 2 41944

tilsti SI - 257 May 25, 1944

1956-59 average * 100 for industrial production and freight carloading6; 1959 * 100 for factory employment and payrolls; 1925-25 average 100 for all other series

Adjusted for seasonal variation

Without seasonal adjustment

1944 1945 1644 1543 Apr. 1 Mar. Apr, Apr. 1 Mar. Apr.

Industrial production Total p240 242 257 p239 259 236 Manufactures

p240 Total P258 260 266 p267 258 255 Durable p562 567 566 p562 566 366 Nondurable pl74 176 176 pl71 171 173

Minerals pl59 159 151 pl38 133 127 Construction contracts. value

pl38 Total p58 40 65 p45 40 71 Residential pl8 17 55 p21 18 59 All other p56 69 87 p62 58 98

Factory employment p56 p62

Total pl61.9 164.2 168.4 pl61.2 163.7 167.7 Durable goods p221.6 226.5 225.8 p221.5 225.0 225.6 Nondurable goods pi14.6 116.0 125.2 pllS.6 116.4 122.0

Factory payrolls pllS.6

Total mm Mm mm # 324 .6 309.7 Durable goods mm mm * 454.9 450,4 Nondurable goods mm mm * 196.9 191.7

Freight carloadings 158 140 156 136 132 132 Department store sales. value!/ pl40 164 128 pl40 143 133 Department store stocks, , valueZ * 101 67 * 103 90

1/ & revised index with the average of the years 1955-59 as the base will appear in the June BULLETIN.

2/ This index, recomputed to a 1956-59 average base, will appear in the June BULLETIN.

Note.Production, carloadings, and department store sales indexes based on daily averages. To convert durable manufactures, nondurable manufactures, and minerals indexes to points in total index, shown in Federal Reserve Chart Book, multiply durable by .579, nondurable by .469, and minerals by .162.

Construction contract indexes based on 3-month moving averages, centered at second month, of F. W. Dodge data for 57 Eastern States, To convert indexes to value figures, shown in the Federal Reserve Chart Book, multiply total by 1410,269,000, residential by #184,157,000, and all other by $226,132,000.

Employment index, without seasonal adjustment, and payrolls index compiled by Bureau of Labor Statistics.

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

2. INDUSTRIAL PRODUCTION (1935-39 average =. 100)

-Adjusted for Without seasonal variation seasonal adjustment

e * 1944 < - 1648 1944 1642 , * Apr,. 1 Mar. hpr. Apr. I Mar. Apr. MANUFACTURES

Iron end steel p213 214 209 p213 214 209 Pig iron * 206 198 * 206 198 Steel 236 238 235 236 238 235

Open hearth 192 191 186 192 191 186 Electric 549 570 580 549 570 580

Machinery p447 p454 441 p447 t>454 441 Transportation equipment P.735 p745 717 p735 p745 717 AutoeiobileB p230 p234 206 p230 pZ34 ' 206

Nonferroue metals and products * 286 259 * 286 259 Smelting and refining p289 297 262 p289 297 262

Lumber and products pi 26 129 130 pl27 124 130 Lumber pll9 119 121 pll8 110 120 Furniture pl46 149 149 pl46 149 149

Stone, clay, and glass products pl63 pl6o 175 pl60 pl62 172 Plate glass 59 es 39 59 59 39 Cement * 83 135 * 68 128 Clay products p!26 pi 28 142 pl23 pi 24 128 Gypsum and plaster products pl62 pi 94 204 pi 81 pl87 202 Abrasive and asbestos products p305 p306 313 p306 p306 513

Textiles and products pl52 151 157 p!52 151 1E7 Cotton consumption 151 150 166 151 150 166 Bayon deliveries pi 97 191 181 plP7 191 101 Wool textiles , * 166 167 155 167

Leather products # 112 119 112 118 Tanning * 107 122 * 106 121

Cattle hide, leathers 113 132 * 113 132-Calf and kip leathers * 79 ' 91 ' ' 77 88 Coat and kid leathers 86 88 ' * 86 90 Sheep and lamb leathers * 155 166 * 150 162

Shoes * 116 117 * 116 117 Manufactured food products pl58 159 142 p-144 142 150 Wheat flour pll3 114 109 pl08 111 105 Meatpacking - p200 ' 202 147 pl84 187 136 Other manufactured foods plGO. pl61 146 p K l p!42 130 Processed fruits and vegetables pl55 pl58 129 p94 p87 79

Tobacco products 126 123 132 120 117 125 Cigars 89 92 103 69 92 103 Cigarettes 161 ; 154 160 150 143 149 Other tobacco products 73 73 86 73 73 86

p--Preliiaiiairy. * {tot* not yet available.

%

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

INDUSTRIAL PRODOCTTOI (1935-39 average 100)

Adjusted for Without seasonal variation seasonal adjustment

. . " . i- < 1944. 1643 1944 1943 Apr, 1 Mar. Apr, Apr. I Mar. Apr,

Manufactures (cont'd,).

Paper and products * 137 141 . * 157 141 Paperboard 152 147 150 152 147 150 l ev sprint production * 77 88 77 89

ing and publishing plQO 100 113 pl03 101 116 c sprint consumption 84 83 101 39 86 107

Ktroleum and coal products * 232 171 * 232 171 Petroleum refining * 241 171 241 171 Gasoline p!30 pl28 101 pl30 pl28 101 Fuel oil * 163 144 m 163 144 Lubricating oil # 130 114 * 128 118 Kerosene . * 130 121 132 124

Coke * 174 169 * 174 169 Byproduct * 165 159 165 159 Beehive p467 488 519 p467 488 519

Chemicals p337 p341 382 pZ39 p343 334 Rayon p254 p231 210 p234 p231 210 Industrial chemicals p403 p403 350 p403 p403 350

Rubber p237 p242 222 p237 p242 222

M i m W L g \

Fuels 142 141 131 142 141 131 Bituminous coal pl55 155 151 pl65 155 151 Anthracite fl29 123 129 pl29 123 129 Crude petroleum pl58 137 124 pl28 137 124

Metals pl24 126 l3o pll2 85 105 Iron ore pl80 76 132

pPreliminary or estioated. * Data not yet available.

FREIGHT CARLOADINGS (1955-39 average 100)

Coal 141 140 133 141 140 133 Coke 190 185 186 186 187 183 Grain 123 156 140 108 125 124 Livestock 120 131 118 107 103 105 Forest products 141 141 138 141 141 138 Ore pl90 174 153 168 51 106 Miscellaneous 146 149 145 144 142 143 Merchandise, l.c.l. 67 67 62 68 67 - 63

Kote.--To convert coal and miscellaneous indexes to points in total index. shown in the Federal Reserve Chart Book, multiply ooal by ,213 and miscellaneous by ,548,

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