scb_021950

FEBRUARY 1950

mmm

U. S. DEPARTMENT OF COMMERCE

OFFICE OF BUSINESS ECONOMICS

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

SURVEY ©F CURRENT BUSINESS

No. 2

FEBRUARY 1950

PAGE

The Economy in Adjustment • * . 1National Income and National Product in 1949 . . . . . . 3The Trend of Prices 10Industrial Production 12Agricultural Product ion and Income . . . 15Construction Activity . * , • . 17Domestic Business Investment. • . 19Retail Sales 21Foreign Trade . . . • , 24Financial Developments • 26Employment and Labor Conditions 29The Business Population , . . 31

• • •

MONTHLY BUSINESS STATISTICS S-l to S-40Statistical Index . . Inside Back Cover

Published by the Department oj Commerce, C H A R L E S SAWYER,

Secretary. Office of Business Economics, M. JOSEPH M E EH AN,

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By the Office of Business Economics

Jke 0ccom&Tmi ina

A REVIEW OF 194O

INETEEN FORTY-NINE was another year of highproduction, income, and employment. The output of theeconomy was as large as in 1948 in real terms. Majorchanges from the earlier postwar period occurred in thedisposition of output, however, and in the trend of economicactivity—which in the first half moved downward for thefirst time since the reconversion shift from war to peaceoutput 3 years earlier.

Two preceding full-employment years in which an unusualproportion of output was laid aside for capital accretion hadeliminated a great part of the backlog investment demandarising from the war, Swift accumulation of inventoriesfrom 1946 through 1948 had brought aggregate businessstocks into adequate relation with sales by the end of thatperiod, and in many industries the most urgent needs forexpansion in plant capacity and equipment had also been met.

In 1949, the proportion of current output devoted to capitalformation was sharply reduced, to a moderate extent becauseof declining plant and equipment expenditures and netforeign investment, but largely because the inventory buildupof the year before ceased and was succeeded by some liqui-dation of stocks. Lower capital formation, with the con-tinuance of total output at about the same high volume asin the previous year, permitted a small increase in the flow ofgoods and services to consumers, at the same time that therewas a marked expansion in purchases by all levels of govern-ment. On the whole, the consumer on a per capita basis

fared at least as well as in any other year, especially when theintangibles of quality, choice, and the previous difficulties ofmeeting his wants under conditions of short supply areconsidered.

• Better balance between supplyand demand

The reduced need for domestic investment, a lessening offoreign demand in our markets as fewer dollars were availableto foreign countries, and some diminution in the urgency ofconsumer requirements for most types of durable goods andfor some nondurables, reduced the pressure of aggregatedemand. Simultaneously, the improved availability of rawmaterials, the expansion in the labor force, and the continuinglarge volume of plant and equipment expenditures expandedtotal productive capacity. The easing of demand andgrowth of capacity brought a better balance in supply-and-demand relationships which was reflected in a moderatelowering of prices. The beginnings of these developmentshad already been evident before the close of 1948.

The modest extent of the price change—1 percent in con-sumer prices and 6 percent in wholesale commodity priceson a year-to-year basis, although more from monthly peakto trough—was due not only to the maintenance of final de-mand despite the changes noted, but also to the fact that

BILLIONS OF DOLLARS300

GROSS NATIONAL PRODUCT

2 5 0

2 0 0

150

100

5Q

GOVERNMENT PURCHASES*

GROSS PRIVATE DOMESTIC ANDNET FOREIGN INVESTMENT

PERSONAL CONSUMPTIONEXPENDITURES*

•


2 5 0

2 0 0

150

100

1929 41 46 47 48 49YEARLY TOTALS

U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS

1948 1949QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES

* INCLUDE GOODS AND SERVICES 50-29

870669—50- -1


SURVEY OF CURRENT BUSINESS February 1950

major elements in the cost structure remained relativelystable. Labor costs were affected by slightly higher wagerates and increased supplementary benefits, which served tocounteract savings from improved productivity and reducedovertime. Transportation costs were higher and overheadcosts, including business rent, were marked by little or nochange.

Except in agriculture, where prices and income weresharply down from the extraordinary levels of the previousyears, price declines were insufficient to affect business earn-ings from current production very much. Because of theshift in price trends, however, corporate profits and profitmargins were substantially reduced when conventionallymeasured so as to include inventory profits and losses.

® Downward adjustment in first halfThe shift from inventory rebuilding, which had absorbed

output at a high rate in the fourth quarter of 1948, to someinventory liquidation by the second quarter of 1949 provideda severe test of the strength of the economy in the first halfof the year. Business investment in plant and equipmentand residential construction were also sliding off in the firsthalf. During this period industrial production fell, unem-ployment increased from the minimal levels prevailing in thepreceding 2 years of labor scarcity, and many prices yieldedground.

However, the impact of the adjustment was largely limitedto the segments of economic activity directly affected by thedecline in investment—particularly manufacturing, mining,and transportation of goods—although agricultural prices,which were affected by other factors, were also movingdownward. Moderating the investment impact was an ex-pansion in government buying, while government operationsin such fields as farm price supports, lending operations, andunemployment insurance—together with declining tax reve-nues—exerted a supporting influence in many sectors of theeconomy.

Supported by sustained high disposable income of con-sumers and stimulated by an expanding flow of automobilesfor which backlog demand continued unsatisfied, aggregateconsumer spending, comprising two-thirds of gross nationalproduct, held firm. The impact of reduced investmentspending was absorbed without touching off a wave ofsecondary effects elsewhere in the economy such as has atother times instituted a downward spiral of deflation.

• Stabilization of economy insecond half

By midsummer, the decline in aggregate investment hadbeen checked. The rate of inventory liquidation began todiminish as the underlying core of demand made necessarya revival of business orders, and substantial recovery oc-curred in residential construction for which the backlog ofdemand continued large.

During the last half of the year these two favorable factorsapproximately offset further declines in business expendituresfor producers' durable equipment and nonresidential con-struction, and a reduction in foreign investment. Concur-rently with the stabilization of aggregate investment,however, the expansion of government buying ceased. Withthese formerly dynamic factors at comparative rest duringthe second half of the year, sales, production, employmentand prices were nearly stable in most industries. Someincreases were appearing, particularly in industrial segments,and such declines as continued—as in agricultural prices—were taking place at a diminished rate.

The year was thus divided into two dissimilar periods. Thefirst half was one of adjustment from the inflationarymovement of the earlier postwar period which had culminatedlate in 1948. The adjustment is seen in retrospect to havebeen remarkably mild insofar as the over-all situation is con-cerned, though it sharply affected individual business concernsand to some extent whole industries, and brought lessenedemployment opportunities for labor. The second half wasone of over-all stability within which were embraced moderateadvances in some of the earlier declining segments. As awhole the year's results, in terms of real production, werepractically on a par with those of 1948.

• Personal sector stableA feature of the year's developments was the extraordinary

stability of the consumer sector. A slight down trend inpersonal income was associated with the farm component;monthly data for nonagricultural income showed an extremevariation between the high and low month of only 2 percent,and 11 of the 12 months were within a 1-percent range.Consumer expenditures, available only quarterly, showedvirtually no variation at all, while monthly data for totalretail sales confirmed the quarterly stability. Accompanyingthe steadiness of consumer income and outlays, the monthlyindex of consumer prices showed only minor changes duringthe year.

With their January 1949 positions somewhat below the1948 peaks, personal income, retail sales, and consumerprices all averaged a little less in 1949 than in 1948. Dispos-able personal income was maintained, despite the smallreduction in personal income, because of lower personaltaxes. Personal consumption expenditures and personalsavings were also the same as in 1948. The reduction in con-sumer prices was such as to indicate an increase of about1.6 percent in the real flow of goods and services moving toconsumers.

• Diversity of economic movementsAmong the myriad of detailed economic series many were

higher in 1949 than in 1948, while many others were lower.This circumstance is apt to yield an impression of extraor-dinary diversity of economic behavior in this period. Tosome extent this impression is, indeed, valid, for the 1949adjustment struck heavily at some areas of the economywhile leaving others untouched.

Nevertheless, it should be pointed out that if rates ofchange, rather than merely direction, are taken as thesignificant measure of variation, the differences in movementwere not notably greater in 1949 than in previous years.In 1947 and 1948, for example, the dispersion had beenagainst a background of sizable increases in aggregate pro-duction, average prices, and other summary measures. Thesegeneral measures changed relatively little from 1948 to 1949.

It is with this caution as a preliminary that subsequentsections of this review record the diversity of experience invarious fields. Thus, it is pointed out that consumerexpenditures for automobiles and services were higher, butcurrent dollar expenditures on most commodities decreased.In industrial production, manufactured foods, automobiles,and aircraft, among others, were above 1948, but a majorityof industries were lower. In the field of constructionactivity, public, institutional, and utility construction werehigher, residential construction was little changed, and in-dustrial and commercial construction were down. Employ-ment outside manufacturing was above 1948 in the aggregate,but the contraction in manufacturing was sufficient to carrywith it the all-industrv total.


February 1950 SURVEY OF CURRENT BUSINESS

Prices, both at wholesale and those paid by consumers,displayed a similarly mixed pattern. Price declines werelargest, most pervasive, and most continuous in the volatilefield of farm products and foods, which prices had pacedthe war and postwar rise. Among industrial commoditiesfor which wholesale quotations are available, declinesoutnumbered advances during the period of adjustment inthe ratio of 3 to 2 (with about one-fifth of all quotationsunchanged), and the average for retail commodities wasslightly lower. The predominant movement in the pricesof consumer services was upward. In general, prices whichhad advanced most in preceding years fell farthest in 1949,while those which had previously advanced least continuedupward, so that on the whole the price structure movedcloser to prewar relationships.

Position at year endIn view of the shifting pattern of business behavior over

the course of the } ear and of the divergent trends of variouseconomic indicators, it is desirable to summarize the positionof the economy as the year ended.

In the fourth quarter of 1949, the gross national productin current dollars was 6 percent below the fourth quarter of1948, its peak. The decline in physical terms was muchsmaller. Employment in December was down a little morethan 1 percent from the end of 1948. Retail sales wereslightly below the previous year in dollar amount, but inphysical terms they were a little higher. From December

1948 to December 1949 consumers' prices were off 2 percentand wholesale commodity prices 7 percent.

The year concluded with a tone of firmness in most areasof economic activity. The two largest sources of demandfor the gross national product—government and consumers—were buying at a stable rate. In the offing for consumerswas the non-recurring receipt of the $2.8 billion NationalService Life Insurance dividend and State veterans7 bonuspayments—to be partly offset, however, by an increase inemployee contributions to the Federal Old Age and Sur-vivors' Insurance fund at an annual rate of nearly one-halfbillion dollars.

The most notable expansionary influence was the mark-edly rising trend of residential construction, which wasbeginning to carry commercial construction upward with it.This revival was sufficient to bring total private constructionback to its peak by the fourth quarter of 1949. Further, therate of liquidation of nonfarm business inventories hadslackened. With business buying more closely geared tocurrent sales for final use, this major factor of change in1949 was no longer exercising its retarding influence.

Exerting a contrary force were the steady declines inbusiness purchases of durable equipment, and in industrialconstruction. Surveys of business plans indicated that thesedeclines would continue into 1950 as backlog demands werefurther reduced, despite low costs of financing. Also oper-ating on the down-side was the contraction in foreign trade,notably in exports of agricultural products, and in theexport balance.

National Income and National Product in 1949

VTROSS national product—the market value of theNation's output of goods and services—amounted to $257billion in 1949, as compared with $262 billion in 1948. Thenational income, which measures output in terms of earningsaccruing from current production, showed a similar move-ment, from $226 billion in 1948 to $22l)i billion in 1949.

Production thus continued at a very high rate during thepast year. In neither of these major aggregates was thedecline in dollar value more than 2 percent. Personalincome, which measures all incomes received by persons,including transfers, was maintained even better. The declinewas only 1 percent, from $212 billion to $210 billion.

When allowance is made for lower prices in 1949, it wouldappear that the change in the physical volume of productionwas slight, although evidence is at present insufficient topermit actual measurement. Available data also suggestthat in private nonagricultural industries as a whole increasesin productive efficiency approximately offset small declinesin employment and in the average workweek.

Although aggregate production in 1949 differed little fromthat in 1948, significant shifts occurred in the use of theNation's output. These shifts were reflected in variationsin the pace of economic activity during 1949 and in thechanged pattern of the income flow.

Maintenance of final demandThere were marked differences in movement between the

inventory and noninventory elements of national output.In 1948, $6.5 billion, or 2}/2 percent of gross national produc-tion, was devoted to net additions to business inventories,whereas in 1949 there was a net reduction of $2.3 billion.Four-fifths of the $9 billion swing stemmed from the move-ment of nonfarm business inventories; farm inventories con-tributed about $2 billion.

That the total reduction in the value of national produc-tion from 1948 to 1949 was slight is attributable to the factthat the flow of goods and services to final purchasers—thatis, domestic consumers, fixed capital investors, government,and foreign nations—increased from $256 billion to $260billion. The substantial growth of Federal and State andlocal government purchases was responsible for the increase.But even exclusive of the government component, finalpurchases made a favorable showing. Thus, the dollarvolume of personal consumption expenditures in 1949 wasabout the same as in 1948; and the decline in business in-vestment in fixed capital assets, including residential con-struction, was of moderate proportions.

Reduction in inventoriesOn a quarterly basis also, final purchases showed a high

degree of stability, and fluctuations in inventory investmentwere the immediate cause of the major changes in the paceof economic activity during the year. The shift from a netinventory accumulation of $9 billion at annual rates in thefourth quarter of 1948 to a net reduction of $3 billion in thesecond quarter of 1949 is reflected in the business recessionthat developed during this period.

The mildness of the recession—national income andnational product declined less than 5 percent—is traceableto the sustained strength of final demand. Inventories con-tinued to be reduced during the second half of the year, butno further shifts in the rate of change comparable to thoseof the first half occurred. In turn, over-all economic activ-ity, as measured by national income and product, wasstabilized in the latter part of 1949.

The pattern of the income flow reflected these changes.In the nonfarm sector, the decline in national income wascentered in manufacturing, where reduced inventory re-


SURVEY OF CURRENT BUSINESS February

quirements resulted in a curtailment of production. Incomeoriginating in other industrial divisions of this sector was, ingeneral, much better maintained. Farm income shranksharply, as a consequence mainly of lower agricultural prices.

These salient features of the economic situation are tracedin greater detail in the following review of the income andproduct flows.

Private Domestic Demand for GrossNational Product

Over-all stability of consumption

Personal consumption expenditures last year, at $179 bil-lion, were about the same as in 1948 in dollar volume andsomewhat larger in real terms. After a decline of modestproportions in the first quarter from the record level of theprevious year end, the total remained almost constant ineach succeeding quarter.

A major cause of this stability, which is depicted in chart2, was that income available for consumer spending andsaving was maintained better than income originating inproductive activity. In contrast to the $5-billion decline innational income, consumer disposable income held up in1949. Stable disbursements of dividends and other prop-erty incomes to individuals in spite of a reduced businessearnings, an increase in government transfer payments, andlower individual income taxes were the major factors ac-counting for the difference.

Chart 2.—Disposition of Personal Income


2 0 0

150 -

100 -

50 -

TOTAL PERSONAL INCOME

1946 1947 1948 1949QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES

U S DEPARTMENT OF COMMERCE, OFFICE OF BUS/NESS ECONOMICS

1 Includes food and alcoholic beverages, and clothing and shoes.

Source of data: V. S. Department of Commerce, Office of Business Economics.

Also, the ratio of consumption to disposable income firmed,after declining in 1948. In interpreting this evidence of thefirming of consumer demand, it should be noted that largerautomobile purchases underlay the increase of the over-allincome-consumption ratio during 1949. These purchases,still reflecting accumulated shortages, increased in eachquarter except the fourth, when model changes interruptedthe flow to consumers. For the year as a whole, automobilepurchases were $2 billion, or about one-fourth, above the

total for 1948. The ratio of consumption exclusive of automobiles to income was approximately constant during th<year.

The movements of consumer purchases of durables othe:than automobiles were mixed. Furniture and householcequipment sales had sagged in the last quarter of 1948 anccontinued downward through mid-1949. In the second halof the year, however, there was a partial recovery, led b;\television sets, but including refrigerators, other appliancesand—toward the end of the year—home furnishings. Despite these upswings, purchases of durables other than automobiles-declined from $15 billion to $14 billion from 1948 tc1949.

Expenditures for nondurables were $99 billion in 1949more than $3 billion below the 1948 total. Purchases o:most of these items declined throughout the year. Foocand clothing were the major factors in the decrease. Out-lays for other nondurable goods also diminished, but not, orthe whole, very substantially. The reduction in food ex-penditures reflected largely price movements, as aggregatevolume was approximately maintained. However, retaisales data suggest an appreciable shift towards home con-sumption. Grocery store sales were scarcely changed from1948, while sales of eating and drinking places fell 7 percent—nearly twice as much as consumer food prices. Expendi-tures for apparel were reduced 8 percent from 1948 to 1949.with price and volume factors contributing fairly equally tcthe decline.

Consumer expenditures for services rose from $53 billiorin 1948 to $56 billion in 1949, continuing the steady advanceof earlier postwar }^ears. Housing, including the imputedrental value of owner-occupied homes, was the biggest singleelement in the 1949 increase.

Weakening of domestic investmentBoth fixed capital formation and business inventory in-

vestment declined last year, the former moderately and thelatter by substantial proportions. The contrast betweenthem is shown in chart 3, where the solid line indicates totalgross private domestic investment, the dotted line fixedinvestment, and the shaded area between them the change inbusiness inventories. The striking feature of the chart isthe rapid shift from inventory accumulation at the rate of$9 billion annually in the final quarter of 1948 to liquidationin the second and subsequent quarters of 1949.

Fixed investment down moderately

Private fixed investment amounted to $37 billion in 1949,a reduction of $iy2 billion from the previous year. Therewas a marked contrast in movement between residentialconstruction and investment in business plant and equip-ment.

Residential building which, on a seasonally adjusted basis,declined substantially from the third quarter of 1948 into thesecond quarter of 1949, picked up thereafter and was an ex-pansionary force in the economy during the latter half of theyear. Improved opportunities for financing and some suc-cess of the building industry in tapping unsatisfied demandsfor less expensive types of housing appear to have beensignificant factors in the upturn, although it is not clear thatthey provide a full explanation. The rapidly expandingsecondary mortgage market provided by the Governmentthrough the Federal National Mortgage Association un-doubtedly contributed to the easing of financing op-portunities.

Downward tendencies in most types of plant and equip-ment expenditures were evident throughout 1949, reflectingthe gradual completion of war-deferred expansion programsand probably also the effects of lower sales and profits ex-


February 1950 SUKVEY OF CURRENT BUSINESS

pectations. Industrial building accounted for most of thedecline in plant expansion. Commercial construction alsofell off during the first 3 quarters, but firmed toward theyear end. An exception to the general trend was furnishedby public utility construction, which advanced well beyond1948 levels before tapering off in the fourth quarter.

Business purchases of durable equipment decreased from$21 billion in 1948 to $20 billion last year. Industrial ma-chinery constituted the biggest element of this decline,which was concentrated in manufacturing. Railroad in-vestment in rolling stock and other equipment held up wellfor the year, although it diminished during the latter half.Other transportation industries purchased considerably lessequipment than in 1948. Agricultural machinery, whilebought in larger dollar amounts last year than in 1948, wasin reduced demand during the past several quarters.

Reduced inventory demand

Last year's inventory liquidation of $2.3 billion was inmarked contrast to the accumulation of $6.5 billion in 1948.By the end of 1948 inventories had been rebuilt after the wardepletion to a volume about in line with high post-war sales,and business demand for this purpose dropped.

Chart 3.—Gross Private Domestic Investment


40

3 0

2 0

10

GROSS PRIVATEDOMESTIC INVESTMENT

J_ I J_ I J_ I I I1946 1947 1948 1949

HALF-YEARLY TOTALS QUARTERLY TOTALSSEASONALLY ADJUSTED, AT ANNUAL RATES

U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-33

1 Includes new construction plus producers' durable equipment.Source of data: U. S. Department of Commerce, Office of Business Economics.

A shift from a situation in which part of current productionwas being used to build up inventories to a situation in whichpart of current demand was satisfied by depletion of themiccurred rather rapidly, reflecting more cautious buyingpolicies adopted by business generally in the face of uncer-tainties about prices and sales.

Widespread cut-backs of new orders began in the Fall of1948 and continued on an accelerated scale until Februaryof last year. With the time lag involved in altering busi-ness commitments, production was lowered in response tosmaller orders. As has been pointed out earlier, currentdemand other than for inventory purposes was relativelywell maintained, and as a consequence the part of produc-tion which went into inventory accumulation was greatlyreduced in the first quarter of 1949. In the second quarter,a moderate inventory liquidation occurred as productionwas cut below the prevailing rate of total final purchases.

Maintenance of a high level of final purchases led to anincrease in business purchasing to a volume in line withthis sustained final demand. This was evidenced by thesharp pick-up of manufacturers' new orders in August andSeptember. Despite this firming, production in each of thelast 2 quarters remained lower than consolidated businesssales. This reflected the normal lag in adjusting productionto demand, as well as special factors interrupting production,such as the steel strike. Thus, the drawing down of in-ventories continued, but no fluctuations in net inventorypurchases comparable to those of the first half of the yearoccurred.

Liquidation of nonfarm inventories for 1949 as a wholeoccurred mainly in manufacturers' stocks. Retailers andwholesalers reduced their inventories during the first halfof 1949. In the second half, a further moderate liquidationof retail holdings occurred, while wholesalers more thanrestored their stocks. At the end of the year, trade inven-tories combined were only slightly lower in physical volume(although much lower in book value) than at the close of1948.

The farm inventory change was minus $% billion lastyear, as compared with plus $lK billion in 1948. The shiftin farm holdings reflected an increased physical volume ofcrop marketings, coupled with somewhat lower crop pro-duction. Livestock inventories showed a slight increase.It should be noted that increased price-support acquisitionsby the Federal Government, which are included in farmmarketings, were responsible for part of the difference infarm inventory movements in the last 2 years. Totalcrop carryovers, inclusive of Government holdings, increasedfurther in 1949, although not so sharply as in 1948.

Foreign Demand and the Role of Government

Last year's decline in private domestic purchases of theNation's output was largely offset by expanded purchases ofthe Government sector. The Federal and State and localgovernments absorbed goods and services valued at $43billion in 1949, as compared with $37 billion the previousyear. Net foreign investment, the remaining componentof the gross national product, declined from $2 billion toapproximately zero.

Large-scale financing by the Federal Government of for-eign purchases of American output deprives the conventionaldistinction between "Government purchases" and "netforeign investment" of some of its significance, and makes itdesirable during the postwar years to consider these com-ponents of aggregate demand jointly. For example, ashift from loans to grants in financing foreign aid will causean increase in Government purchases and an offsettingdecline in net foreign investment, because foreign grantsare included in the former category, whereas loan-financedexports are reflected in net foreign investment. While sucha shift would not be without significance, it would notnecessarily reflect changes either in the flow of goods andservices or in the basic sources of effective demand, andwould be misleading if these are the focus of interest. Shiftsof this type were not substantial from 1948 to 1949, butthey were in earlier postwar years, and allowance shouldtherefore be made for them.

This is done in chart 4, which breaks down the sum of theconventional classifications of Federal purchases and netforeign investment (top panel) to show, first, the net inter-national flow of goods and services—irrespective of thesource of financing—as distinct from Government purchasesfor domestic purposes (middle panel); and, second, the netinternational flow of goods and services, exclusive of foreignaid as distinct from Federal purchases inclusive of all for-eign aid, loans as well as grants (bottom panel). The last


6 SURVEY OF CUKKENT BUSINESS February 1950

panel is the closest statistical approximation to a break-downreflecting the basic sources of effective demand, and henceis best adapted for analyzing the fiscal impact of the FederalGovernment.

Drop in commercial exportsIt is clear from this panel that commercially financed

foreign demand, already far down from earlier postwaryears by 1948, slackened further last year, especially in thelatter half. The exceptional volume of exports character-istic of our postwar foreign trade reflected primarily theenormous needs of war-devastated economies abroad, and

Chart 4.—Break-downs of Federal Government Pur-chases of Goods and Services, and Net ForeignInvestment

NOTE .—U. S. Government foreign aid excludes United States subscriptions to capital ofthe International Bank for Reconstruction and Development and the International Mon-etary Fund, but includes dollar disbursements by these organizations.


2 0

10

i FEDERAL PURCHASES AND NETFOREIGN INVESTMENT

"^•i^v.v/AV/.vAv/^.;-;^-.-**--** '

FEDERAL PURCHASES

50

2 0

1 0

0

S FEDERAL PURCHASES AND NET> w ^ X FOREIGN INVESTMENT

• ^ ^ I N C L U D I N G FOREIGN A I D ^ ^ ^ ^

_ * FEDERAL PURCHASESEXCLUDING FOREIGN AID

1 1 1 1 1 1

-

1 I 1

3 0

2 0

10

t FEDERAL PURCHASES AND NETFOREIGN INVESTMENT

FEDERAL PURCHASESINCLUDING FOREIGN AID

NET EXPORTSEXCLUDING

FOREIGN AID

I I J_ I1946 1947 1948 1949



Source of data: U. S. Department of Commerce, Office of Business Economics.

was supported not only by large-scale assistance from theU. S. Government, but by a very heavy drawing-down ofgold and dollar reserves. By 1949, these reserves had ap-proached low levels, and a further shrinkage in the secondquarter was followed by nearly world-wide devaluation ofcurrencies in the Fall. As a reflection of these critical de-velopments abroad, there was a large reduction of Americanexports after midyear, with some restoration of foreigncountries7 gold and dollar reserves by the year end.

Expansion of Government purchasesThe dotted line in the lowest panel of chart 4 reflects

Federal Government purchases, inclusive of all foreign aid.It will be seen that an expansion began early in 1948, andthat purchases increased through the first half of 1949,tapering off thereafter. A few major programs were pri-marily responsible for this large growth. Chief among themwere military procurement, foreign aid, and agriculturalprice support activities.

Military expenditures rose rapidly from the third quarterof 1948 through mid-1949, after which they were stabilizedby economy measures in the National Military Establish-ment. Foreign aid, relatively low in the second quarter of1948 after exhaustion of the British loan, expanded againwith initiation of the European Recovery Program, reachinga peak in the second quarter of last year. Farm pricesupport outlays for the calendar year exceeded those for1948, although on a seasonally adjusted annual rate basisthey did not rise beyond the previous fourth quarter.There was also a moderate expansion of public works andpay rolls, with increases in both civilian and military payrates contributing to the latter.

State and local government expenditures advancedthroughout the year, so that total purchases in 1949 were$2 billion above 1948. Principal components of this growthwere increased compensation of employees and a growingvolume of school, highway, and other new construction.

Changes in fiscal position of governmentThe influence of government expenditures and receipts

upon the economy in the past 2 years was not confined tothe expansionary force of increased purchases. Otherexpenditures, such as transfer payments, as well as changesin government receipts, provided significant support toprivate components of aggregate demand through theireffects upon individual and corporate incomes. A com-prehensive summary of all these transactions is provided bythe course of the government surplus or deficit.

Federal, State, and local governments together, aftershowing a combined surplus (as measured in the context ofthe national income accounts) of $8% billion in 1948, incurreda deficit of $3 billion last year. Federal Government com-ponents of this shift are illustrated, in broad outline, inchart 5. The State and local contribution, not shown inthe chart, was of lesser magnitude, but reinforced theFederal movement during the past 2 years.

Some of the changes summarized in the shift from surplusto deficit were such as to provide independent stimulus tothe private economy, while others were linked explicitly to afalling-off of business activity. Only the former type canfully offset downward trends in the private sector. Thelatter may have a cushioning effect, but can occur only tothe extent that the declines with which they are associatedmaterialize.

For example, personal incomes were supported in 1949 b j |a $1 billion rise in transfer payments. This rise, however,consisted mainly of unemployment insurance benefits andwas predicated entirely upon the actual growth in unemploy-ment. It eased the impact of the latter upon personal in-comes, but could not entirely replace the ensuing loss ofwages. Similarly, the fall of $2 billion in corporate profitstax accruals was in response to a decline of book profits.

On the other hand, a reduction of $2.8 billion in Federalpersonal taxes stemmed mainly from year-end settlement ofindividual income tax liabilities at rates lower than thoseapplicable in 1948, and tended to bolster disposable personalincome independently of influences from other sources. Withthe exception of price-support operations activated by falling


February 1950 SUKVEY OF CUEKENT BUSINESS

Chart 5.—Federal Government Receipts andExpenditures !

BILLIONS OF DOLLARS

bO

4 0

30

2 0

1 0

0

RECEIPTS^

EXPENDITURES INCLUDINGFOREIGN AID

-

-

, I , i 1 < 1 i i i

DEFICIT ^

—

1 1 !1946 1947 1948 1949


a S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-40

i Receipts consist of personal tax and nontax receipts, corporate profits tax accruals, indi-rect business tax and nontax accruals, and contributions for social insurance. Expendituresconsist of purchases of goods and services, net foreign loans, transfer payments, grants-in-aidto State and local governments, net interest paid, and subsidies less current surplus of gov-ernment enterprises.


farm prices, that part of the fiscal shift embodied in expand-ing purchases of goods and services also contributed directlyto private incomes regardless of existing trends in the latter.

National Income by Industries

Despite the relative stability of the national income from1948 to 1949, thpre were significant shifts in its distributionby industrial origin. As shown in table 1, there were sizabledeclines in income originating in agriculture, mining, andmanufacturing. Marked increases, on the other hand, oc-curred in government and in communications and publicutilities. Comparatively minor changes were recorded forthe other industrial divisions.

Table 1.—National Income by Major Industrial Divisions, 1948 and1949 l

[Billions of dollars]

Item

All industries, totalAgriculture, forestry, and fisheries

joiningContract construction

ManufacturingWholesale and retail tradeFinance, insurance, and real estate

TransportationCommunications and public utilitiesServices

Government and Government enterprises.Rest of the world

1948

226.2

22.54.9

10.2

68.245.116.7

12.25.9

20.0

20.0.5

1949

2 221. 5

17.94.1

10.3

64.645.317.3

11.86.6

20.9

22.3.5

Absolutechange,1948-49

—4.7

-4 .6- . 8

.1

- 3 . 6.2

- . 4.7

2.30

Percent-age

change,1948-49

—2 1

-20.4-17.1

1.1

-5 .3.5

3.4

-3 .211.34.4

11.50

1 Components will not necessarily add to totals because of rounding.2 See footnote 3 to table 2.NOTE: Estimates of national income by industrial origin for the entire 1929-48 period ma y

be obtained from the National Income Supplement to the July 1947 SUKVEY OF CURRENTBUSINESS and the July 1949 SURVEY (National Income Section), table 13.

Source: U. S. Department of Commerce, Office of Business Economics.

Sharp drop in agricultural incomeThe largest decrease, both relative and absolute, was in

agriculture, where income originating dropped from $22.5billion to $17.9 billion. Farm production in 1949 was downby about 3 percent from 1948, but by far the most importantfactor in the decline of agricultural income was the drop of 13percent in farm prices. The drop was mitigated by large-scale price-support outlays of the Federal Government.

The decline in prices received by farmers appeared to stemprimarily from materialization of a second consecutive year oflarge-volume production, as 1949 output, while below 1948,remained high in comparison with all prior years. Thesupplies thus made available, when added to sizable carry-overs of inventories from 1948, were sufficient to exert adownward pressure on prices. Some diminution in theintensity of consumer demand may also have been present, aswas a prospective weakening of export demand. In fact,although agricultural exports increased for the year as awhole, in the second half they were far below the exceptionalamounts sent abroad in the first.

The proportion of national income accruing from agri-culture in 1949 was substantially lower than in the immedi-ately preceding years of high farm prices, but it comparedfavorably with that prevailing in the prewar period. Itshould be noted in this connection that depreciation chargedin the calculation of income originating is on a current-replacement cost basis for agriculture, but on an original-costbasis for other industries. The application of either pro-cedure, on a consistent basis, to all industries would raiseappreciably agriculture's share of the national income inrecent years, when owing to rising prices there was a wideninggap between replacement cost and original cost.

Decline in manufacturingAmong the nonagricultural industries, the largest absolute

decrease occurred in manufacturing, which accounts forroughly 30 percent of the national income. Income originat-ing in this industry fell by nearly $4 billion, or 5 percent.This reflected primarily the direct effects of the 1949 in-ventory recession upon manufacturing. This industry is in aparticularly sensitive position with respect to businessinventory policies, because it produces the bulk of inventorygoods held in the economy. Both reduction of output andlower prices contributed to the adverse movement of incomeoriginating in manufacturing, although the former wasconsiderably the more important factor.

Apart from manufacturing, the only major nonagriculturalindustries in which income originating declined in 1949 werethe closely allied mining and transportation groups. Thedisproportionate decline in the former is traceable mainly tocoal mining, where output was curtailed by a prolonged 3-dayworkweek and several work stoppages. In transportation,the decrease was accounted for by the railroads. Loss ofincome normally earned in hauling coal was a significantspecial factor.

Favorable showing of other industriesThe maintenance or increase of income originating in other

nonagricultural industries in 1949 was a broad reflection ofthe continued strength of final demand for the Nation's out-put. In trade, services, contract construction, and finance,insurance and real estate, 1949 incomes matched or slightlyexceeded those of the preceding year. In government and incommunications and public utilities, relatively large in-creases, about 11 percent, were recorded. Both the Federaland the State and local governments contributed to the riseof income originating in government, which is measured bycompensation of employees. Continued strong and expand-


8 SURVEY OF CURRENT BUSINESS February 1950

Table 2.—National Income and Product, 1948 and 19491


Item

NATIONAL INCOME BY DISTRIBUTIVE SHARES

National income

Compensation of employeesWages and salaries

PrivateMilitaryGovernment civilian

Supplements to wages and salaries

Proprietors' and rental income 2Business and professionalF

1948

FarmRental income of persons

Corporate profits and inventory valuation adjustment-Corporate profits before tax

Corporate profits tax liabilityCorporate profits after tax

Inventory valuation adjustment

Net interestAddendum: Compensation of general Government employees.

GROSS NATIONAL PRODUCT OR EXPENDITURE

Gross national product

Personal consumption expenditur*Durable goodsNondurable goodsServices.

Gross private domestic investmentNew constructionProducers' durable equipmentChange in business inventories, totaL

Nonfarmonly

Net foreign investment

Government purchases of goods and services..FederalLess: Government salesState and local

DISPOSITION OF PERSONAL INCOMEPersonal income..

Less: Personal tax and nontax payments. .FederalState and local

Equals: Disposable personal incomeLess: Personal consumption expenditures.Equals: Personal saving

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME,AND PERSONAL INCOME

Gross national product

Less: Capital consumption allowances ._.Indirect business tax and nontax liabilityBusiness transfer paymentsStatistical discrepancy

Plus: Subsidies less current surplus of Government enterprises.

Equals: National income

Less: Corporate profits and inventory valuation adjustmentContributions for social insuranceExcess of wage accruals over disbursements

Plus: Government transfer paymentsNet interest paid by governmentDividendsBusiness transfer payments

Equals: Personal income

226.2

140.3135.3116.1

3.915.25.0

49.524.518.4

32.634.813.621.2

- 2 . 2

3.817.8

262.4

178.823.5

102.253.1

45.017.920.76.55.1

1.9

36.721.5

.615.8

211.9

21.119.02.1

190.8178.812.0

262.4

15.720.3

.6- . 3

.1

226.2

32.65.1.0

10.54.47.9.6

211.9

1949

3 221.5

141.1135.6114.6

4.216.85.5

44.824.014.16.7

3 31.43 28.83 11.4317.3

2.6

4.219.9

257.4

179.424.498.956.1

34.717.319.7

- 2 . 3- 1 . 8

.0

43.425.8

.418.0

209.8

18.616.22.4

191.2179.411.8

257.4

16.821.2

.6- 2 . 5

.3

3221.5

3 31.45.6.0

11.64.78.4

209.8

Quarterly

55.8

34.933.528.31.04.11.4

11.86.04.11.7

8.17.52.94.6

.5

1.04.9

63.2

42.05.0

23.113.9

10.43.55.01.91.7

.2

10.46.4

.14.1

52.1

7.36.6.7

44.842.02.8

63.2

4.15.0.2

- 1 . 8.1

55.8

8.11.5.0

2.81.01.9.2

52.1

Unadjusted

55.2

35.233.728.51.04.31.4

11.36.03.61.7

7.76.62.63.91.1

1.05.0

62.5

44.55.8

24.614.0

6.44.15.0

- 2 . 7- 2 . 6

.4

11.26.7

.14.6

52.5

3.32.7

.649.244.54.7

62.5

4.25.2.2

- 2 . 2.1

55.2

7.71.5

- . 12.91.42.0

.2

52.5

I I I

55.3

35.434.029.11.13.91.4

10.86.03.11.6

8.17.32.94.4

1.14.7

64.2

44.16.3

23.714.1

9.64.94.9

—.2.1

- . 2

10.76.4

.24.5

51.7

4.43.8.6

47.344.13.2

64.2

4.25.5.2

- . 9.1

55.3

8.11.4.0

2.91.01.9.2

51.7

I V

35.734.428.81.14.51.3

10.96.03.21.7

.2

1.15.3

67.6

48.77.2

27.414.2

8.34.84.8

- 1 . 3- 1 . 1

- . 4

11.06.3

.14.8

53.6

3.63.1

.549.948.71.2

67.6

4.35.5.2

)

(1.3.0

3.01.32.7

.2

53.6

Seasonally adjusted at annual rates

224.7

141.9136.5116.1

4.116.35.4

47.124.116.46.7

31.629.411.517.92.2

4.119.3

262.0

178.723.0

100.455.3

40.016.820.72.51.9

1.0

42.325.5

.317.1

212.0

18.616.22.4

193.4178.714.8

262.0

16.420.6

.6

.0

.3

224.7

31.65.6.1

11.24.58.3

.6

212.0

220.8

140.8135.4114.7

4.116.65.5

45.124.114.36.7

30.726.410.615.84.3

4.219.6

257.9

179.323.699.855.9

33.216.420.0

- 3 . 2- 2 . 5

1.2

44.226.7

.317.8

210.0

18.616.22.4

191.4179.312.1

257.9

16.921.2

.6- 1 . 3

.3

220.8

30.75.6

- . 311.74.68.2

.6

210.0

III

220.7

141.1135.6114.4

4.216.95.5

43.124.012.66.6

32.328.911.417.53.3

4.220.1

254.6

179.725.797.656.5

32.117.419.6

- 5 . 0- 4 . 0

- . 3

43.225.8

.818.2

208.2

18.616.22.4

189.5179.7

254.6

16.921.8

.6- 5 . 0

.3

220.7

32.35.6.0

11.94.78.1.6

208.2

IV

1 Detail will not necessarily add to totals because of rounding. -2 Includes noncorporate inventory valuation adjustment. w3 Data for estimating fourth-quarter corporate profits are not yet available. In order to arrive at national income and corporate profits for the year, corporate profits for the fourth quarter

were obtained arbitrarily through averaging the results derived by holding constant, first, third-quarter corporate profits before tax, and second, third-quarter corporate profits and inventoryvaluation adjustment. It is believed that annual totals calculated on this basis will be sufficiently accurate for general purposes.

4 Not available.

NOTE.—Data for prior years are published in the July 1949 SURVEY OF CURRENT BUSINESS and in the National Income Supplement to the July 1947 SURVEY.



February 1950 SUEVEY OF CURRENT BUSINESS 9

ing demand for their services underlay the advance in thecommunications and public utility industries. Despite thisimprovement, the share of national income earned in theseindustries in 1949 was smaller than in prewar years.

Distributive Shares of National Income

The changes in the distributive shares of national incomefrom 1948 to 1949 were almost entirely the byproduct of in-dustrial developments, rather than of independent move-ments among the distributive shares as such.

Employee compensation stableTotal compensation of employees, which accounts for

nearly two-thirds of the national income, was virtuallyunchanged from 1948 to 1949. Its composition, however,was altered considerably, and a moderate downward trendwas apparent in the first half of last year.

Private wages and salaries were about $1% billion lowerthan in 1948. This small decline stemmed from reducedemployment and, in lesser degree, from a slightly shorteraverage workweek. Roughly three-fifths of the total re-duction in man-hours, however, was offset by moderate, butfairly general, increases in average hourly rates of pay.

The drop in private wages and salaries in 1949 was materi-ally greater from the high rates of late 1948 than on an annualaverage basis. I t was concentrated in the first half of theyear, however, and confined largely to manufacturing payrolls. As early as May, slight monthly advances began toshow up in nondurable-goods industries, although the falling-trend for manufacturing as a whole continued at a reducedrate through midsummer. By August, the decrease ofdurable-goods factory pay rolls was halted, and during theremainder of the year stability prevailed, except for theeffects of the steel strike.

Steady increases in wages and salaries of governmentemployees during 1949 sufficed to counterbalance most of thedecline in the private sector. These movements, however,were not large enough to obscure the predominance of factorypay rolls in the quarterly pattern of total wages and salaries.

Nonfarm proprietors9 income well maintainedThe proprietors' and rental income share embraces groups

whose 1949 experience diverged widely. Business andprofessional earnings and rental income of persons weregenerally well maintained. Because of the preponderanceof the corporate form of organization in manufacturing, theyear's developments in that industry had little direct impactupon total proprietors' income. Factory proprietors sus-tained a relatively large loss of earnings, as might be ex-pected, but this did not figure heavily in the total.

Nearly all of the decline in total proprietors' and rentalincome occurred in the income of farm proprietors. Thesubstantial reduction in farm proprietors' net income—from$18.4 billion to $14.1 billion—was the principal change in thedistributive shares of national income from 1948 to 1949.

Net income of farmers declined steadily throughout thequarters of 1949. The accuracy of the general downward

movement, which was a byproduct largely of falling prices,is not in doubt; but precision should not be attached to theexact quarterly changes. Because of the discontinuouscharacter of farm production, seasonal adjustments aredifficult in this area; and special problems are encounteredin measuring the inventory component of farm income on aless-than-annual basis.

Change in corporate profits share slightInformation on corporate profits in 1949 is at present con-

fined to published reports for the first 3 quarters of the year,as reviewed in last month's issue of the SURVEY. However,a fairly adequate basis for comparison with the previous yearis provided by the estimates for the first 3 quarters in com-bination with an arbitrary assumption about the fourth, asdescribed in footnote 3 to table 2. It is believed that totalsyielded by this assumption will be near enough to the finalestimates for most general purposes.

The corporate profits component of national income—"corporate profits and inventory valuation adjustment"—was an estimated $31.4 billion in 1949, as compared with$32.6 billion in the preceding year. The decline in thismeasure of corporate earnings was very much less than thatshown by "corporate profits before tax". The sizable dropin the latter measure, from $34.8 billion to $28.8 billion,reflected very largely the predominant corporate practice ofcharging inventories to cost of sales in terms of prior-periodprices, rather than current replacement prices.

In 1948, when prices were rising, the replacement cost ofinventories used in production exceeded the reported "book"cost; and the opposite was true in 1949, when the course ofprices was downward. The "inventory valuation adjust-ment"—the difference between the book cost and the currentreplacement cost of inventories used in production—is addedto reported profits before tax in order to eliminate inventoryprofits and losses and thus secure a measure of earningsfrom current production appropriate for inclusion in thenational income.

The sharp difference between the two profit series helpsto explain one striking aspect of corporate financial policyin 1949—the steady flow of dividend disbursements in theface of the apparent substantial decline in total profits. Notonly were corporate profits including the valuation adjust-ment well maintained in 1949 on a before-tax basis, but theyactually increased on an after-tax basis. Tax liabilitiesdeclined by more than $2 billion because of the substantialdrop in book profits, on which they are based.

Accordingly, after account is taken of reduced dollar re-quirements for inventory replacement and for income taxes,corporate profits available for distribution and reinvestmentactually were higher in 1949 than in the previous year. Inaddition to these, other factors—such as diminished invest-ment needs in many industries and the unusually low pro-portion of dividend distribution throughout the war and inthe postwar periods, when capital outlays by business forexpansion created extraordinary demands for investmentfunds—undoubtedly contributed to the maintenance ofdividend disbursements in 1949.

870669—50 2


10 SURVEY OF CURRENT BUSINESS

The Trend of Prices

February 1050

PRICES declined moderately in 1949, in contrast with theinflationary upswing in progress from the end of the warthrough the late summer of 1948. The reversal in movementreflected the passing of widespread scarcities typical of theearlier postwar period and the adjustment in business invest-ment and production which characterized the year. Thoughthe reduction in prices had important repercussions uponthe economy—and especially upon the purchasing policiesof business—it achieved no great momentum during the yearand, in fact, left some sectors of the price system entirelyunaffected. Overall, wholesale prices declined by less than7 percent from the end of 1948 to the end of 1949. Consumerprices were down by 2 percent.

In industrial markets the downtrend was halted in Julyand was followed by stability as business purchasing andindustrial production improved. Farm and food pricesyielded ground throughout the year, but at a graduallyretarded rate. Among consumers' prices, moderately risingrents and services nearly offset reductions for most commod-ities.

Limiting the price declines through the year were thefirmness in demand of final consumers, the heavy supportfor farm products provided by the Government, and thestability of important elements in the cost structure of themajority of industrial goods. Labor costs were buttressedby higher wage rates and larger contributions to pensionand welfare funds which served to counteract savings accruedfrom improved productivity and reduced overtime. Trans-portation costs were higher and overhead costs of business,including rent, were marked by little or no change.

The scattering of adjustments in the Nation's markets—illustrated by the wide variety in the dates of price peaksby type of commodity, shown in table 3—was another factorwhich may have minimized the amplitude of the downswing.

Table 3.—Changes in Wholesale and Consumer Prices

Item

Wholesale prices (1926=100)

Farm productsFoods -Othor than farm products

and foodsHides and leather prod-

ucts .Textile productsFuel and lighting ma-

teriaIsMetals and metal prod-

ucts _ _.Building materials._ _ _Chemicals and allied

productsIlousefurnishings goods.Miscellaneous

Consumer prices (1935-39=100)

FoodApparel -

Fuel, electricity, andrefrigeration - -

HousefurnishingsRentMiscellaneous

1939

77.1

65.370.4

81.3

95.669.7

73.1

94.490.5

76.086.374.8

99.4

95.2100.5

99.0101.3104.3100.7

Postwar peak

169.8 (Aug. 1948)

199.2 (Jan. 1948)189.8 (Aug. 1948)

153.6 (Sept. 1948)

203.4 (Dec. 1947)152.1 (May 1948)

137.6 (Nov. 1948)

175.5 (Feb. 1949)204.1 (Sept. 1948)

137.5 (Apr. 1948)148.8 (Jan. 1949)123 6 (Jan. 1948)

174.5 (Aug. 1948)

216 8 (July 1948)201.6 (Oct. 1948)

139.7 (Dec. 1949)198.8 (Oct. 1948)122.2 (Dec. 1949)155.5 (Dec. 1949)

De-cem-ber1948

162.4

177.3170.2

153.1

185.3146.7

137.2

173.8202.2

131.1148. 4118.5

171.4

205.0200.4

137.8198.6119. 5154.0

De-cem-ber1949

151.3

155. 3155.7

145.5

179.9138.4

130.8

167.8190.3

115. 3144.1110.7

167.5

197.3185.8

139.7185.4122.2155.5

Percent change

1939to

post-warpeak

+120.2

+205.1+169. 6

+88.9

+112.8+118.2

+88.2

+85.9+125. 5

+80.9+72.4+65.2

+75.6

+127. 7+100.6

+41.1+96.2+17.2+54.4

Post-

peak

De-cem-ber1949

-10 .9

-22 .0-18 .0

- 5 . 3

-11 .6- 9 . 0

- 4 . 9

- 4 . 4- 6 . 8

-16 .1- 3 . 2

—10.4

- 4 . 0

9 0- 7 . 8

0- 6 . 7

00

De-cem-ber1948to

De-cem-ber1949

- 6 . 8

—12.4- 8 . 5

—5.0

- 2 . 9- 5 . 7

—4.7

- 3 . 5- 5 . 9

— 12 1- 2 . 9—6 6

- 2 3

3 8—7.3

+1.4- 6 . 6+2.3+1.0

Changing structure of pricesAccompanying the modest decline in the general level of

prices, however, was a pronounced alteration in their internalstructure. Essentially, this adjustment mirrored the re-alignment of market forces as the abnormal relations betweendemand and supply characteristic of the postwar periodwere replaced by more balanced conditions. Typicallysensitive prices, which had increased sharply because ofstrong inflationary pressures in earlier years, moved closerto the general level in 1949. Foremost among these, asdepicted in chart 6, were farm prices which had advancedmore than any other major group throughout the war period—and also in the postwar years under the impetus of theworld food crisis.

Chart 6.—Wholesale Prices

INDEX, 1926=100

175

150

125

100

200

175

150

125

100

175

150

125

100

ALL COMMODITIES^.

I I 1 ! 1 1 1 1 M 1II 1 1 1 1 1 1 1 1 1

FARM PRODUCTS ^ / * /

- * ^ ^ / * ^ - FOODS1

II l 1 1 I 1 I 1 1 |II 1 1 1 1 1 II II

OTHER THAN FARM_ PRODUCTS AND FOODS

r4oK>t0T°n M i l l 1 M 1 1 1 1 I I 1 11 9 4 6 1 9 4 7

U S DEPARTMENT OF COMMERCE, OFFICE Of

t l l

1 1 1

1 1 1

11 11 11

i i 11 i i

111 1 111948

| |

| |

| |

1 1 1

1 1 1

1 1 1

' BUS/NESS ECONOMICS

1 1 1 1 1

II 1 M

1 1 1 M1949

-

-

1 1 1

-

-

1 1 1

>o-oo

-

1 1 1

50-27

Source: U. S. Department of Commerce, Office of Business Economics, from data of U. S.Department of Labor, Bureau of Labor Statistics.

Source of data: U. S. Department of Labor, Bureau of Labor Statistics.

Other highly sensitive prices which had advanced mostduring the inflationary rise such as nonferrous metals, scrapsteel, wood pulp, hides, fats and oils and petroleum products,likewise declined materially. Many of these raw and semi-manufactured material prices remained high—and later inthe year some regained part of the ground they had lost—but in general these movements tended to restore relation-ships among prices more in line with those prevailing inprewar years.

Limited reductions in industrial marketsThe downtrend in industrial prices was not only shortlived

—ending in July, as noted above—but it affected less thanhalf of all industrial prices. This is shown in table 4 which


February 1950 SURVEY OF CURRENT BUSINESS 11

presents a distribution of changes for 777 prices included inthe Bureau of Labor Statistics' wholesale price index.

In August 1949, 53 percent of all commodities, excludingfarm products and foods, were unchanged from, or wereactually higher than, the quotations prevailing in August1948 when the over-all index was at its peak. At the sametime, an additional 4 percent of these commodities wereless than 2 percent below the August 1948 prices. On theaverage, industrial prices w~ere down during this period bysomewhat more than 5 percent, and remained generallystable from this point to the end of the year.Table 4.—Distribution of Percent Changes in

August 1948 to August 1949

Amount of percent change

Total

Precent increases:0.1-1. 9.2-4.95-9.910-14.915-19.920 and over

Total increases

Unchanged

Percent decreases:0.1-1.9 __2-4.95-9.910-14.915-19. 920 and over ___ ._ .

Total decreases

Farm products andfoods

Number ofcommodi-

ties

138

65

14616

38

10

21320148

33

90

Percent oftotal

100.0

4.43.6

10.14.4

.74.4

27.6

7.2

1.59.4

14.510.15.8

23.9

65.2

Wholesale Prices

Commodities otherthan farm products

and foods

Number ofcommodi-

ties

639

4151672299

199

139

255764514460

301

Percent oftotal

100.0

6.48.0

10.53.41.41.4

31.1

21.8

3.98.9

10.08.06.99.4

47.1

Source: U. S. Department of Commerce, Office of Business Economics, from data of U. S.Department of Labor, Bureau of Labor Statistics.

Included among the stable or rising group of prices weresuch important commodities as steel, automobiles, tractorsand other farm machinery, heavy chemicals and constructionmaterials such as brick, tile, and plumbing and heatingequipment. Together, the commodities in this group sharedone or more of the following three characteristics: (1) demandwas sustained at a high rate throughout the period of ad-justment, as in the case of automobiles, cement and certainother types of building materials; (2) price increases fromprewar through 1948 were appreciably smaller than thecorresponding rise in the general price level, as in the caseof steel, many chemicals and most utility rates; (3) pricesare typically sluggish and unlikely to change materiallyexcept under the influence of a revision in the demand orcost situation which is both large and enduring, as in thecase of farm machinery.

Competition increasingIt should be noted, however, that stable price quotations

in 1949 were in some cases coupled with trimming of extracharges, increases in discounts or improvements in quality,all of which reflected the growing pressure of competition andresulted in some reduction in actual net costs to purchasers.There was in addition, particularly among consumer goodssuch as washing machines, some lines of men's apparel,television sets and vacuum cleaners, a more abundantsupply of medium and low-end items which in 1948 wereproduced in only limited volume if at all.

Farm prices weakenFor farm products and foods, the average decline as well as

the proportion of reductions was substantially greater than

for industrial commodities. As indicated in table 4, 63percent of all such commodities were more than 2 percentlower in August 1949 than in August 1948, and in 40 percentof all cases the reductions amounted to more than 10 per-cent. The weighted average of farm and food prices de-clined 15 percent in this period and in contrast to the in-dustrial segment, the downward trend persisted, though ata diminished rate, in the last 4 months of the year.

Chart 7.—Consumers' Prices

INDEX

200

175

150

125

IOO

225

200

175

150

125

IOO

225

200

175

150

125

IOO

150

125

IOO

-

-

mm

I

-

1

-

1

_

—

1935-

/

—s1 1 1 1 1

FOO

Mill

1 1 1 1 1

- 39 = 100

^

^S~~ ^ALL ITEMS

1 1 1 1 1 1 1 1 1 I 1 1 1 1 1 1 1 I 1 i ! 1 1 1 1 1 < 1

^ — v

* ^ HOUSEFURNISHINGS

i i i i 1 i i i i i 1 i i i i i 1 i i i i i 1 i i i i i

APPAREL ^ ^

.-~^m~ ^^MISCELLANEOUS

1 1 I 1 1 1 1 1 1 1 1 1 1 1 I! 1 1 1 1 I 1 1 1 1 1 1 1

AND

".,... r

REFR/GERA TION^^ ~ ^

1 1 1 1 1 1 1 I 1 1 I 1 , 1 1 1 1 1 1 I 1 1 1

1946 1947 1948

" * • • • • •

-

. 1 . 1 1 1 . 1 1 1 1

_

-

1 1 1 1 1 1 1 1 1 1 1

^

- :

-

1 1 1 1 1 1 1 1 1 1 1

1949U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-28

1 Data are available only for March, June, August, and September of 1946.Source of data: U. S. Department of Labor, Bureau of Labor Statistics.

While these declines represented a considerable adjust-ment from the extraordinary supply-demand conditions pre-vailing in the earlier postwar period, even at the end of 1949farm and food prices were high in relation to those for othercommodities when compared with the prewar situation ineither 1939 or 1926, as shown below:

Percent Increase in Wholesale Prices

Item

Farm products .Foods.Commodities, other than farm products and foods

December 1926to

December 1949

63.654.848.5

December 1939to

December 1949

129.7116.673.4



Chart 8.—Retail Prices of Foods Derived From DomesticFarm Products: Actual and Calculated

INDEX, 19352 5 0

200

150

100

50

0

-

-

I i i.1922 24

-39 = 100

^•ACTUAL

\

1 1 1 1 I 126 28 30

U S DEPARTMENT OF COMMERCE,

<

^CALCULATED V

1 1 1 ! 1 | I I 1 1 1 132 34 36 38 40 42

a--

1 ! 1 1 I 144 46 48

OFFICE OF BUSINESS ECONOMICS 50-34

1 Calculated from a linear least squares regression of the logarithms of retail food priceson the logarithms of prices received by farmers for the equivalent physical quantities of foodssold at retail, adjusted for the lag in retail prices, for the years 1922-41.

Sources: Basic data, U. S. Department of Agriculture, Bureau of Agricultural Economics:indexes for Actual and Calculated, U. S. Department of Commerce, Office of BusinessEconomics.

Small reduction in living costsIn the aggregate, living costs were influenced only modestly

by the 1949 adjustment in wholesale prices. The over-allreduction was 2 percent, though some further saving to con-sumers resulted from quality improvements and the greateravailability of low-end items noted above. Rents movedupward slowly over the year, as controls were relaxed inmany areas of the Nation. Persistently strong demandmaintained prices of almost all services, of automobiles andcertain other durables, and of most pharmaceuticals.

Some slackening in demand was reflected in the declinesof about 7 percent in prices of apparel and housefurnishings.

depicted in chart 7. Contributing to these reductionswere lower material costs and also the virtual elimination ofbacklog demands for radios and such electrical appliancesas vacuum cleaners. Furniture prices were also depressedby a lag in expenditures early in the year, but in this casethere was a subsequent firming associated with the rise inresidential building.

Relationship between retail food andfarm food pricesFood costs were only moderately lower—by about 4 per-

cent—in December 1949 as compared with December 1948.When appraised on the basis of historical performance,however, this decline was approximately in line with the 15percent reduction in prices of food at the farm. Changesin retail prices normally follow farm prices only after a lag,and the amplitude of variation is usually smaller becauseof the sluggishness of distribution and processing costs.

The closeness of the relationship between retail and farmprices of food—and the consistency of behavior in this re-spect during 1949—is illustrated in chart 8. The calculatedline depicts the cost of food to consumers as derived from theaverage relationship between comparable retail and farmprices during the years 1922 through 1941. The near coinci-dence of actual and calculated lines—except for the waryears when price controls limited distributive margins—suggests the high degree of consistency with which thishistorical relationship has been followed.

Devaluation has minor effectsExcept for shortlived fluctuations in prices of inter-

nationally traded raw materials, in the short period fromSeptember through the end of the year, the domestic pricelevel was little affected by the devaluation of foreign cur-rencies by Great Britain and 29 other nations in Septemberand October. Domestic demand remained the dominantfactor determining prices of most imported commodities,consumed in large quantities in the United States, with themajor exception of coffee which rose on indications of cropdamage in Brazil. As described in the chapter on foreigntrade, adjustments in international prices are still in progressand it is as yet too early to evaluate the impact of revisionsin exchange rates upon the competitive positions of thenations affected.

Industrial Production

1 HE adjustment in business activity in 1949 was reflectedmore directly in the manufacturing and mining segment thanin any other major area of economic activity except agri-culture. Total industrial production, which reached a peakrate in the fourth quarter of 1948, was reduced significantlythrough the early summer of 1949 and recovered partiallythereafter.

Existing data representing the course of total industrialproduction do not provide exact measures of actual changes inoutput of all of the various industries. An analysis of theproduction data of the Board of Governors of the FederalReserve System and of the data on the value of manufac-turers' sales of the Office of Business Economics, adjusted toa production basis and for price changes, indicates that forthe year 1949 as a whole the decline in total industrial pro-duction was moderate, about 5 percent below the recordpeacetime volume of 1948.

The cut-backs were fairly widespread by industries andwere much sharper for the durable-goods group than the

nondurables. Automobiles provided a major exception tothe trend, as consumers continued to purchase cars in quan-tities limited during most of the year only by the industry'scapacity to produce.

The reduced industrial output which in many cases wasbelow sales was primarily due to: (1) The more cautious pur-chasing policy adopted by business in general during theyear, so that while part of the production in 1948 went foradditions to inventories, this was not the case in 1949, and(2) a reduction in demand for producers' durable goods inline with the reduction of business capital outlays. Manu-facturers' dollar sales—part of which were made from in-ventory in 1949 in contrast to 1948 when all were made fromcurrent production—were only 6 percent below 1948 andabout half of this reduction was due to lower prices. Thepartial recovery in production which occurred in the last 5months of the year reflected the maintenance at a highlevel of final demand.

In contrast to previous postwar years there were no pro-Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


nounced raw material shortages, and no problem of fillingdistributive pipe lines. Only in automobiles did productionproblems still retard the attainment of peak output, andin this case the volume of production exceeded the previoushigh of 1929.

Greatest declines in durable goodsThe sharpest decline in manufacturing activity during

1949 was in the heavy-goods industries, which were affectedby both the inventory adjustment and the slackening indemand for producers' durable goods.

The effect of the decline in business outlays for capitalequipment was evident in the production trends of almostall producers' durables, including especially machine tools,most types of industrial machinery, transportation equip-ment, mining and oil-well equipment, and integral andfractional horsepower motors. Over the year, declines inthe value of manufacturers' shipments for these commodi-ties ranged from 14 to well over 25 percent. Notable ex-ceptions to the general downward trend were heavy electricalequipment, reflecting the continued expansion in investmentby electric utilities, and heavy construction machinerywhich mirrored the record volume of building activity.

The magnitude of the reduction in selected segments ofthe transportation equipment industry is depicted in chart 9.

In the case of freight cars, the precipitous fall in monthlyshipments from the peak rate of 12,600 cars in March to3,400 in December followed the sharp reduction in neworders placed by railroads during the year. While outputfor the year as a whole remained high, backlogs were reducedfrom 107,000 units at the beginning of 1949 to 12,500 at theend of December, the lowest in the postwar period.

All of the drop in truck production in 1949—from around1.4 million to 1.1 million—occurred in the middle-weightand heavy duty classifications where volume in the twopreceding years was at an exceptionally high rate. Loweragricultural incomes as well as diminished backlogs werereflected in a substantial reduction in output of tractors forfarm use.

Steel reflects adjustmentThe over-all reduction in activity in the durable-goods

industries was reflected in the operation of the Nation'ssteel mills in 1949. Following a high first quarter in whichoutput totaled a record 24 million tons of steel ingot andcastings, production moved sharply downward in line withthe behavior of the principal consuming industries, exceptautomobiles and construction. At the low point in Julythe weekly ingot rate was 61 percent of rated capacitycompared with over 100 percent of capacity earlier in the year.

Chart 9.—Production of Selected Durable and Nondurable Manufactured Products l

MILLIONS2.0

1.6

1.2

.8

4

PASSENGER

1949**^^

1

AUTOMOBILES

1 )

MILLIONS24

22

20

18

16

TIRES, RUBBER(PASSENGER CAR ANO TRUCK)

1948

MILLIONS1.4

1.2

1.0

.8

.6

REFRIGERATORS, 2/HOUSEHOLD (ELECTRIC)

MILLIONS1.4.

WASHING MACHINES,HOUSEHOLD (ELECTRIC

A N D GAS)"

MILLIONS THOUSANDS THOUSANDS1.6

f.2

.8

A

O

TELEVISION

-

~ 7949^

— —/948*^

•••••••••••I

RECEIVERS y

/ ~

/

* • • " " "1 i

bOO

400

30.0

200

100

TRUCKS AND

>

1949*

\ \

BUSSES

S*I948

i

bO

40

30

20

JO

FREIGHTRAILWAY

V948

1

CARS,

1949

1 1 ^

MILLION DOZEN PAIRS60

50

40

30

20

HOSIERY

y*1948

" 1949 f

1 1

-

1

MILLION PAIRS(40

MILLION SHORT TONS

130

120

110

100

SHOES AND SLIPPERS,LEATHER

. VI948

1949

PAPER,

"" >

1949

1

TOTAL

^1948

1

-

1

MILLION BARRELS520

440

REFINED PETROLEUMPRODUCTS

QUARTERLY TOTALS


1 Data represent production or shipments,2 Data represent only shipments reported by members of the association.3 Include radio and radio-phonograph combinations. Data represent approximately 100 percent of the industry based upon monthly production reported by members of the

association.4 Include wheel and tracklaying types, but excludes garden type.Sources of data: Passenger cars and trucks, Automobile Manufacturers Association; tires, Rubber Manufacturers Association; refrigerators, National Electrical Manufacturers Associa-

tion; washing machines. American Washer and Ironer Manufacturers Association; television receivers, Radio Manufacturers Association; freight cars, American Railway Car Institute;tractors, Implement and Tractor, Implement Trade Journal Company; hosiery, National Association of Hosiery Manufacturers; shoes, U. S. Department of Commerce, Bureau of theCensus; paper, American Paper and Pulp Association; refined petroleum products, U. S. Department of the Interior, Bureau of Mines.Digitized for FRASER

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


The subsequent recovery was interrupted by the workstoppage in October, but in December output was pushedto an average of 95 percent of rated capacity to meet therising backlog of new orders accumulated during the strike.For the year as a whole, production of steel ingots and cast-ings aggregated 77.9 million tons, about 12 percent below1948.

Nondurable goods reflect steady demandIn the nondurable-goods segment production in 1949 was

considerably more stable. In clothing and food lines,demand was well maintained during the year and someprice reductions from the high 1948 levels helped to sustainthe volume of consumption. In other lines producing finishedgoods, such as shoes and tobacco, output was typicallystable.

Activity in industries producing semifinished commodi-ties, however, reflected the general adjustment of inventorieswhich retarded output especially during the first 7 monthsof the year. Lines particularly affected included textilefabrics and paper, which declined by nearly 25 percent and15 percent, respectively, to the midsummer low. Never-theless, subsequent recovery was swift and by Decemberoutput was as high as, or higher than, in 1948. In petroleumproducts-—shown in chart 9—plentiful supplies of homeheating oils carried over from the previous year remaineda depressing influence, and even with the increase in outputof refined products in the second half of the year the produc-tion rate at year end was still below that of a year ago.

Consumer goods output highThe record output of passenger cars more than offset the

declines from 1948 peaks in most other consumer durables.Aided, except at the year end, by adequate supplies of steelfor the first time since the end of the war, the industryrolled out over 5.1 million passenger cars in 1949, about 1.2million more than in 1948 and well over 500,000 above theprevious record number produced in 1929. The sharpdecline in assemblies in November and December, depicted inthe chart, was due in large measure to model change-overs aswell as to the effects of the work stoppage in steel.

With backlog demands in most cases materially reduced,production declines of major electrical appliances, outsidethe new and growing television industry, ranged from 7_ tonearly 35 percent below volumes of the previous year. Withthe exception of radios, however, output exceeded the 1941rate by a considerable margin as shown in the table below:

Percent Change in Production of Electrical Appliances

Appliance

Electric refrigeratorsWashing machinesVacuum cleanersE lectric rangesElectric water heatersRadios, including phonograph combinations..Television receivers._._

1948 to 1949

- 3 0- 1 4- 3 4- 3 3- 3 4

+180

It is notable that the reduction in output of refrigeratorswas relatively modest and attributable in the main to thematerial shortage in the final quarter of the year followingthe work stoppage in steel mills. Of additional interest isthe pick-up in shipments of washing machines late in theyear—depicted in chart 9 stimulated by the introductionof lower priced models as wTell as the completion of a recordnumber of new dwelling units.

Smaller decline in manufacturers' salesThe total dollar value of manufacturers' sales in 1949 was

$213 billion, 6 percent below the peak of $228 billion in

1948, as shown in table 5. A large part of the drop in salesreflected lower prices and when adjusted for price changes thedecline in sales was less than that in output.

Dollar sales of the durable- and nondurable-goods indus-tries were lowered in the same proportion, with the sharperphysical output decline in durables roughly balanced by themore extensive price cuts for nondurable goods. Movementsin sales of each group throughout the year were similar tothose of total sales, but in the soft-goods lines the post-summer pick-up was somewhat stronger.

Table 5.—Value of Manufacturers' Sales

[Millions of dollars]

Industry

All manufacturing

Durable-goods industries, total

Iron, steel, and productsNonferrous metals and productsElectrical machinery and equipmentMachinery, except electricalAutomobiles and equipment

Transportation equipment, except automo-biles.. __ . .

Lumber and timber basic productsFurniture and finished lumber productsStone, clav, and glass productsOther durable-goods industries

Nondurable-goods industries, total

Food and kindred productsBeveragesTobacco manufactures.Textile-mill productsApparel and related productsLeather and products, _

Paper and allied productsPrinting and publishing.Chemicals and allied productsPetroleum and coal productsRubber productsOther nondurable-goods industries

1939

61,340

22,454

6,0791,7261,8613, 5713 578

8651,1541,3851, 563

672

38,886

11,2531 8421,3344 0203, 2021, 318

1, 7852, 5124, 3395,2661,072

943

1947

205,105

82,597

20, 6156, 6398,772

13, 54511, 540

3, 7114,6284,5983,9734,575

122,508

36, 5905. 9143,026

13 24611, 2934. 279

6, 2346, 301

13. 60815, 0523,5173,503

1948

228,008

94,713

24,1347, 3689,493

15, 27813, 827

4 8595,4784, 9174,4934,865

133,295

37, 5886, 1613,302

14 69712, 4743,848

6, 6226, 711

14. 62620, 140

3, 5053,623

1949 v

213,100

89,100

21, 2006,3008,800

13, 90016, 400

5, 2004,8003,9004,4004,100

124,300

35,1007,2003,300

12 40010, 3003,400

6,^007,000

13, 90018, 800

3, 20f3,500

p Preliminary.


Total sales of the non-durable-goods industries in 1949were $124 billion compared with $133 billion in 1948. Allindustries within the group, except beverages, tobacco, andprinting and publishing, reported a lower value of goodsshipped than in the previous year. The largest declines—each in excess of 10 percent—occurred in textile, apparel, andleather.

Durable-goods sales totaled $89 billion. Increases over1948 sales approached 20 percent for motor vehicles and 10percent for other transportation equipment—with aircraftshowing the major increase in the latter group. All othergroups declined.

Order backlogs decline in 1949Orders placed for manufactured goods, where orders are

not measured by sales, were smaller than sales in 1949—the

Table 6.—Ratios of Manufacturers' New Orders to Sales

Item

All manufacturing

Nondurable-goods industries

Durable-goods industries

Iron, steel, and productsNonferrous metals and productsElectrical machinery and equipmentMachinery, except electricalTransportation equipment, except autosOther durable-goods industries

First Secondhalf half

0.99

.99

1.01.96.94.93

1.32.98

Firs t Secondhalf half

0.98

.98

. 97

.98

.971.00

.871.021.00

0.93

.86

.86

.90

.91 i

.80 j

.50 !

.92

1.00

1.01

.99

1.061.05.98.88.70

1.02

Source: U. S. Department of Commerce, Office of Business Economics.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

February 1950 SUEVEY OF CUEEENT BUSINESS 15

difference representing a reduction in the backlog of orders onhand at the end of the year. In 1948, new orders had beenclosely in line with sales, but late in that year incomingbusiness began to decline more rapidly than sales (see table6). The disparity widened during the first half of 1949.After mid-year the trend reversed and orders in the aggre-gate were equal to sales in the second half.

Among the durable-goods industries the improvement inthe order-sales relationships during the second half of 1949was sizable. For each of the industries in this group, exceptin the cases of general machinery and railroad equipment,

new orders in the second half of 1949 were about in line withsales. However, as a result of the unfavorable first halfbacklogs on the average were reduced by one-fourth during1949 and unfilled orders of durables amounted to 2l/2 monthsof sales at the end of the year as compared with 3 monthsin December 1948. The ratio of unfilled orders to salesremained somewhat higher than it was prior to the war.

In the nondurable-goods industries, the relative impor-tance of unfilled orders is typically of much less significance,and fluctuations in the volume of sales followed movementsin new orders closely throughout the year.

Agricultural Production and Incomer A E M production in 1949 was again near the peak rate

attained in the preceding year, but farm income moveddownward primarily as a result of the effect upon prices ofaccumulating supplies and some decline in foreign demand.Agricultural prices, which had been consistently above paritywith nonagricultural prices since 1942, averaged 100 percentof parity for the year 1949 and were 5 percent below parityin December on the revised basis for calculation recentlyadopted by the Department of Agriculture.

New farm legislation during the year provided highersupport prices for "basic" commodities in 1950 than thosepreviously scheduled to go into effect and changed the com-putation of parity in such a manner that many of the principal"non-basic" commodities now have higher parity prices.

Although stocks of agricultural commodities are not yetburdensome, production has been running in excess of con-sumption since the world food crisis of 2 years ago. A sub-stantial proportion of this output has been acquired by thegovernment as a means of supporting prices. As a part ofthe price support program, production controls were an-nounced for all basic commodities by the year end.

The year 1949 thus represented the last of a series of yearsbeginning in 1942 in which production with the majorexception of tobacco was substantially free of governmentalcontrol measures. Farmers planted the largest crop acreagein 15 years and expanded livestock production for the firsttime since the war. With somewhat less favorable weatherthan in 1948, however, yields per acre and total crop pro-duction were lower than in 1948, but both were higher thanin any other year.

Although few crops were of record size in 1949, output ofmost of the principal crops including cotton, corn, wheat,oats, and soybeans was well above average. Of this group,however, only cotton exceeded the harvest of a year earlier.A total of 16 million bales was ginned—the largest cropsince 1937.

Shift in farm outputThe composition of farm output in each of the past 2 years

was very similar, but this pattern represents an importantshift from that prevailing in the late war and early postwarperiod. Expanded crop production in 1948 and 1949 morethan offset a reduction in livestock output from other recentyears. Furthermore, the crop expansion was in nonfoodproducts—chiefly cotton and feed grains—and some declineoccurred in food crops. Thus, although total farm outputhas been at a record rate, food production has been moder-ately lower in the past 2 years than in the preceding 2- to4-year period and this has been reflected in a moderatedecline in food prices than in agricultural prices as a whole.

Nevertheless, the low point in food production was reachedin 1948 and a gradual upswing in the output of meat, dairyproducts, and poultry and eggs occurred in 1949. Both thebeef and pork output were a little higher thus bringing to anend the declining trend in meat supplies which had persisted

since 1944. The rise in output of dairy products and eggs,however, was about absorbed by purchases for price supportby the Commodity Credit Corporation as prices of theseproducts weakened during the year.

Net income lowerAlthough little change occurred in the domestic demand for

agricultural products, farm income declined substantially in1949 from the peak reached in 1948. As indicated in thenational income and product section, disposable income was alittle higher in 1949 than in 1948 and consumer expendituresfor food were only a little lower. Foreign demand for UnitedStates farm products was also less urgent as supplies abroadrecovered further from the low point reached at the end of1947. Despite the curtailment in shipment of farm productsin the latter half of the year, the value of farm exports for

Chart 10.—Income and Expenses of Farm Operators1


30

20

10

NET FARM INCOMEADJUSTED FORINVENTORY CHANGES \

GOVERNMENT GROSS FARM INCOMEADJUSTED FORINVENTORY CHANGES

INVENTORYDECREASE

INVENTORYINCREASE

II !

i

I I1935-39 40 41AVERAGE

42 43 44 45 46 47 48 49

U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-43

i Value of inventory changes include all crops and livestock whether held for sale or iuruse on the farm.

Source of data: U. S. Department of Agriculture, Bureau of Agricultural Economics.

1949 was as great as in 1948 principally because of expandedshipments under the Economic Recovery program in the first6 months of the year. As indicated below, perhaps the mostimportant influence contributing to the decline in farm in-come was the continued accumulation of agricultural com-modities, principally in the hands of the government.



Cash receipts from marketings, at $27.5 billion were about10 percent below the record established in the precedingyear. There was little decline in production expenses, how-ever, and net income of farm proprietors registered a declineof nearly 25 percent (see chart 10). At about $14.1 billion,farm proprietors' incomes were lower in relation to totalnational income than during the war or in other postwaryears but remained somewhat higher than the average pro-portion obtained during the years 1929-40. On a per capita

Table 7.—Index Numbers of Volume of Production for Sale andHome Consumption

[1935-39 = 100]

Commodity group

Livestock and products:

Meat animalsDairy productsPoultry and eggs

Alllivestock

Crops:

Food grainsFeed cropsCotton (lint and seed)Truck cropsOther vegetablesTobaccoFruits and tree nutsOil-bearing cropsSugar crops

All crops

Food production

Non-food production

All commodities

1940

118105112

112

11011495111101101110171104

107

111

105

110

1944

155115166

143

1481539413710613512327081

128

140

126

137

1945

147119170

141

1551446814211013711329194

122

139

113

134

1946

145119160

138

16417266158128160133277103

135

140

122

137

1947

145117157

137

19713193141107145129300110

135

140

120

136

1948

134114153

130

19020611714412313612736389

154

135

156

139

1949 1

136117163

134

165182126144115137Io5327

99

148

136

151

139

! Production estimates are based on the December crop report and estimated marketingsand home consumption of livestock and livestock products.

Source: U. S. Department of Agriculture, Bureau of Agricultural Economics.

or a per family basis, the comparison is more favorable forfarmers during the recent period since farm population isnow about 10 percent lower than the 1929-40 average,whereas nonfarm population is about 25 percent higher.

Price decline throughout 1949Declining farm income in 1949 was principally the result

of a continued weakening in farm prices. During the courseof the year, farm prices declined 12 percent, which is aboutthe same extent as that occurring during 1948 but the move-ment during the 2 years followed different patterns. Al-though the highest monthly average in 1948 was in Januaryand the lowest in December, on a quarterly average basisprices rose both in the second and in the third quarter beforedropping sharply in the final months of the year. In 1929,however, prices averaged lower in each succeeding quarter.Furthermore, the decline was general. Of 10 major com-modity groups, only fruit and tobacco registered advances.The rise in fruit prices reversed a 2-year decline which hadoccurred in 1947 and 1948 and was the result of a sharp dropin output of citrus fruit. The rise in tobacco represented amixed price situation in which declining prices prevailed forsome of the principal types of tobacco. For 2 years reducedmarketing quotas have curtailed tobacco output and a sub-stantial portion of total production has been placed undergovernment loan in order to support prices.

For the major livestock and products groups, the price de-cline reflected rising production. Among the crops, in-creased world supplies were important factors in price reduc-tions for cotton, grains, and oilseeds.

The decline in farm prices and in farm income was mod-erated by the largest price-support expenditure made by theGovernment in any one calendar year. During the earlypart of the year, heavy expenditures were made to support

the prices of crops grown in 1948 but not marketed beforethe turn of the year, whereas in the latter part of the yearextensive purchases and loans were made for the 1949 crops.Although support was extended to a number of commoditiesin 1949 which did not require either loans or purchases in1948, support expenditures on the current crop at the end of1949 were running a little less than a year earlier primarilybecause of a reduction in the amount of cotton placed underloan.

Parity revised to include labor costThe Agricultural Act of 1949 provides for higher support

levels for "basic" commodities in 1950 than those containedin the previously existing law and includes wages paid tohired farm laborers in the computation of parity with theresult that most "non-basic" commodities as well as twoof the "basic" group now have higher parity prices.

Chart 11.—Percent Change in Parity Prices, ResultingFrom Revisions in the Method of Computation

COMMODITY

AVERAGE, 24COMMODITIES -!/

-10PERCENT CHANGE

+ 10 +20 + 30

BEEF CATTLE

WOOL

RICE

MILK, WHOLESALE

TOBACCO, BURLEY

BUTTERFAT

SOYBEANS

PEAS, DRY FIELD

HOGS

TOBACCO, FLUE CURED

FLAXSEED

TURKEYS, LIVE

CHICKENS, LIVE

BEANS, DRY EDIBLE

WHEAT

CORN

COTTON

PEANUTS

MOHAIR

HONEY, EXTRACTED

HONEY, COMB

EGGS

RYE

POTATOES

'//////////////////////////AY////X

'//////////////A

//////////A

NO CHANGE

V////A

U S DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS

1 Average was weighted on the basis of cash receipts from farm marketings in 1948.Source: Basic data, U. S. Department of Agriculture, Bureau of Agricultural Economics.

In addition to the changes in the formula for calculating"the general parity level, individual parity prices were ad-justed in accordance with price relationships existing duringthe most recent 10-year period, instead of maintaining thepattern existing in the base period, which is 1910-14 for mostcommodities. Any increases in parity which result fromcalculation on this revised basis will be fully effective in 1950,but any decreases in parity prices of the principal basic com-modities are avoided by the use of an alternative calcula-tion, as noted below, and decreases for other commoditiesare limited to 5 percent.



For the basic commodities, support prices will be basedupon the higher of (1) the old method of calculating parityand (2) the new formula. The revised parity calculationsof the Department of Agriculture show that the old formulais higher for 4 of the 6 basic commodities—wheat, corn,cotton, and peanuts. For the other two "basics"—rice andtobacco—the new formula provides higher parity prices.The new formula is also to be used in computing parityprices for all the nonbasic commodities.

The net effect of the revision in parity calculations for1950 is an increase of about 9 percent in average parity prices,weighted on the basis of cash receipts. As shown in chart 11,substantial increases in parity occur for livestock and mostprincipal livestock products except eggs. On the other hand,there is no change in parity for the big crops—cotton, corn,and wheat and the weighted average rise for all crops is only1 percent.

In contrast to the specific mandatory support levels pro-vided for basics, the nonbasic commodities have a rangewithin which support is provided, either on a mandatory ora permissive basis. Dairy products must be supported atfrom 75 to 90 percent of parity with the provision that thesupport level should assure an adequate supply. The othercommodities in this "designated" group for which supportsare mandatory—wool, mohair, tung nuts, honey, and pota-toes—are to be supported at from 60 to 90 percent of parity.However, there is a special provision that the support priceof wool is to be established at a level that will encourageproduction at a rate of 360 million pounds of shorn wool peryear, which is about two-thirds higher than the currentrate of output obtained with a support level of about 95percent.

Support levels not fixedFor the remaining nonbasic products, support is permis-

sive rather than mandatory at not more than 90 percent of

parity. Price support may exceed 90 percent of parity forany agricultural product, however, if the Secretary ofAgriculture determines after a public hearing that such alevel is necessary to prevent or alleviate a shortage of anessential commodity or to stimulate production of a com-modity in the interest of national security.

The Agricultural Act of 1949 also contains a forwardpricing provision, directing the Secretary of Agriculture toannounce the support price level for field crops in advanceof the planting season and for other commodities before thethe start of the marketing year or season. Although for-ward price support levels announced may later be increased,they are not to be reduced, even though actual parity prices,when determined, are lower than the announced forwardprices.

The law also authorizes loans to cooperatives for theerection of storage facilities and places restrictions on thesale of commodities by the Commodity Credit Corporation,but these restrictions have important exceptions. Foods indanger of deterioration may be (1) exchanged for com-modities not produced in the United States, or (2) givento public welfare programs, including school lunches or toprivate welfare organizations for distribution at home andabroad. This provision for disposition of perishable com-modities will ease the problem created by the rise in price-support purchase of these foods in recent months.

The year 1949 was one of transition in American agri-culture from the former period in which attention had beenfocused upon expanding output to fill world-wide demands toa period in which emphasis has shifted to price-supportoperations and the attendant production controls. Thisshift was reflected in the farm legislation during the yearwhich revised the method of calculating parity, extendedwartime price supports with some changes, and designatedmore specific criteria to be used in curtailing production.

Construction ActivityA MAJOR element of strength in the economy in 1949 was

the rise in public works and residential construction. As aresult of the substantial expansion in public construction,aided during the latter months of the year by the sharprecovery in residential housing, the total value of all con-struction put in place reached a new high of $19.3 * billionin 1949, one-half billion dollars over 1948. Additionalexpenditures by public authorities of more than $1 billionoffset a contraction in the private sector of approximatelyone-half billion dollars.

Housing, after a moderate decline during the first 4 monthsof 1949, picked up in the late spring and reached a recordlevel in the fourth quarter. The value of residential con-struction for the year as a whole was slightly below 1948,partly because of the low volume of starts in the closingmonths of the earlier year. However, its upsurge afterApril was sufficient to bring total private construction closeto its postwar high in the fourth quarter of 1949, despite thecontinued downdrift in private nonresidential construction.

Average construction costs declined only slightly from1948 to 1949, implying that the increase in the physicalvolume of construction was slightly more than that indicatedby the dollar expenditures. The price average for allbuilding materials declined about 3 percent in 1949, duechiefly to noticeable declines in lumber prices. The monthlyaverage of most of the remaining building materials pricesshowed increases over 1948.

1 This differs from the new construction total shown in the private domestic investmentcomponent of the gross national product in that the $19.3 billion includes expenditures onpublic construction but excludes oil well drilling activity and other items discussed in the July1949 SURVEY OF CURRENT BUSINESS, p. 7.

At the year end, construction activity was substantiallyabove the year as a whole, on a seasonally adjusted basis,and for some segments, particularly residential construction,commitments for construction presaged high activity forsome months to come. Private work, because of the contra-seasonal increases in residential building, was progressing ata relatively faster rate than public construction. During thelast quarter most building materials prices, including lumber,were already above their low points for the year, reversingthe pattern of slow declines during earlier months.

Public construction up in 1949

Public expenditures for construction amounted to about$5.3 billion or 25 percent more than in 1948. The largestincrease, dollar-wise, was reported in public nonresidentialbuilding. Highway expenditures were still the largest itemof public construction expenditures although the 5 percentincrease in 1949 was considerably less than the relativeincrease in 1948 over 1947.

Public housing, as indicated in table 8, almost tripled in1949, but comprised only about 3 percent of total housingexpenditures. All of these expenditures were under non-Federal programs which will continue to expand during1950 as the Public Housing Act of 1949 is implemented.

Private construction trends mixed

In the private sector, the pattern for 1949 was rathermixed but the over-all total declined. The industrial com-


18 SUEVEY OF CUEEENT BUSINESS February 1950

Table 8.—New Construction Activity, 1948-49 3


Item

Total new construction _

Total private _

ResidentialN"onresidentialIndustrialWarehouses, offices and loft build-

ingsStores, restaurants, garagesOther nonresidential buildings

Farm construction

Public utility

Total public _ _

Residential 2NonresidentialMilitary and naval 2Sewer and waterHighway _ . .Other public

1948

18,775

11 563

7, 2233 5781 397

323901957

500

3 262

4,212

851,057

137481

1,585867

1949

19, 329

14, 059

7,0253,178

974

294707

1,203

450

3,406

5,270

2151,665

120570

1,6701.030

Seasonally adjusted atannual rates

1948

Firsthalf

17, 988

14, 240

7,1763, 4661, 466

294894812

506

3,092

3,748

86886144418

1,448766

Secondhalf

19, 562

14, 886

7,2703, 6901,328

352908

1,102

494

3,432

4,676

841,228

130544

1, 722968

1949

Firsthall

18, 548

13, 498

6,3583, 3541,138

320732

1,164

398

3,388

5,050

1441,642

98572

1, 622972

Secondhalf

20, 110

14, 620

7,6923, 002

810

268682

1.242

502

3,424

5, 490

2861, 6S8

142568

1, 71 s1, OSS

1 Excludes oil well drilling activity and certain other adjustments to gross national prod-uct level.

2 Not seasonally adjusted.Source: U. S. Department of Commerce, Office of Domestic Commerce.

ponent continued the decline apparent in 1948, droppingmore than 10 percent.

Expenditures by the utilities continued to rise because thegas and electric companies, which had not yet completedtheir postwar expansions, increased their expenditures byabout one-sixth over 1948 to $2.4 billion. Expenditures forrailroad construction increased only moderately after thebig expansion recorded in 1948, while telephone and tele-graph companies decreased their expenditures about 20percent.

Construction of stores, restaurants, and garages showedsome increase in the last quarter after declining from thefirst through the third quarter of the year. It is not un-likely that a strong demand for such service establishmentswill continue as a result of the recent trend of residentialconstruction and the new subdivisions which have beendeveloped.

Warehouse, office, and loft buildings also showed a slightimprovement in the last quarter after having declinedsteadily during the first nine months of 1949, resulting inthe yearly total about 9 percent below the total for 1948.

The backlog of demand for institutional services resultedin substantially higher institutional construction in 1949compared with 1948, but with a diminished annual rate ofincrease. Religious edifice construction showed the largestrelative increase in this category.

Residential construction up sharply at year endThe recovery in new residential construction activity from

the low point recorded in April, after allowing for seasonalinfluences, was the most impressive development in con-struction activity during 1949. This rise beginning in thespring was made possible by the large backlogs of the warperiod, but the activation of this demand in its 1949 re-surgence was influenced by: (1) some reduction from thepeak in the unit costs of new houses, (2) easier financingterms, and (3) diminished expectations by prospective buyersthat postponement of purchases would bring savings fromfurther price reductions, a factor in the decline of salesduring the early part of the year. Total dwelling units

placed under construction in 1949, estimated at over 1million, as indicated in chart 12, were well over the numberstarted in 1948 and also above the total for the previousrecord year, 1925, when 937,000 were started. Privatestarts alone in 1949, about 984,000, exceeded the previousrecord which included no public activity.

However, 35,500 publicly financed starts in 1949 werealmost double the 1948 total and will continue to increase asFederal activity approaches the statutory limit of 135,000starts per year. If conditions warrant such action, thislimit could be increased to 200,000 units by Presidentialauthorization.

An important change from 1948 to 1949 in the pattern ofprivately financed starts, indicated in chart 12, is the increasein the number of niulti- and two-family units as well as theproportion it represents of the total, moving from 16 percentin 1948 to 20 percent in 1949. This proportion, however,is still considerably short of the figure in 1925 when approxi-mately 40 percent were of this type.

Chart 12.—Permanent Nonfarm Dwelling Units Started,by Type and Financing1

r~TTHOUSANDS300

250

200

150

PRIVATE, ONE-FAMILYPRIVATE, TWO AND MULTIFAMILY 2/

j PUBLIC, ALL TYPES

.

1925 1947 1948 1949 2/

QUARTERLY AVERAGES

2 3 41948

QUARTERLY

1 2 3 41949 2/

TOTALS


1 Data represent dwelling units privately and publicly financed and include prefabricatedhousing units. Figures exclude temporary units, conversions, dormitory accommodations,trailers, and military barracks.

2 Data include units in 1- and 2-family structures with stores and units in multifamilystructures with stores.

3 Data for total dwelling units started for the fourth quarter of 1949 are preliminary;components are estimated.

Sources of data: U. S. Department of Labor, Bureau of Labor Statistics, except compo-nents for fourth quarter of 1949, which were estimated by the U. S. Department of Commerce,Office of Business Economics.

The rise in rental type housing from 1948 to 1949 wasundoubtedly aided by the liberal use made of Section 603 ofTitle VI of the National Housing Act by the constructionindustry during the past year.

In contrast, the number of single-family units while in-creasing over last year constituted a smaller proportion ofthe total. It is interesting to note that while the number ofthese units increased in 1948 over the 1947 total, the increasein that year occurred in spite of rising costs and the erectionof a substantial number of expensive units. The decline instarts toward the end of 1948 probably reflected the dimin-ished demand for houses with the high costs and financialdifficulties then prevalent.


February 1050 SURVEY OF CUKKENT BUSINESS 19

This condition appears to have been adjusted during 1949with a larger proportion of smaller and less expensive unitsdeveloped by the industry. This, coupled with easierfinancing made possible by continued operations of theFederal National Mortgage Association as a secondarymortgage market, facilitated by the recent liberalizationof the Act and additional authorization of funds aided intapping a broadened base of demand in lower incomebrackets.

In addition to the specific aids achieved by legislation,

the general policies of the Treasury and Board of Governorsof the Federal Reserve System have aided in retaining a lowrate of interest and supply of available funds. Further,there also seemed to be a greater flow of private funds intothe mortgage market as the result of somewhat less attractivealternative forms of investment. These factors in combina-tion appear to have created less restrictive policies bymortgage companies both with respect to interest rates andother terms of financing than prevailed during most of 1948.

Domestic Business Investment

A. DROP of $10 billion in gross private domestic investmentwas the largest change among the major components of thenational product from 1948 to 1949. As pointed out in anearlier section, the principal part of the reduction in grossprivate domestic investment represented a shift fromaccumulation of inventories to disinvestment, and practicallyall of the remainder reflected lower outlays by nonfarmbusiness for plant and equipment.

The portion of the decline in total output resulting frominventory changes was very substantial. However, itshould not be overlooked that inventory liquidation in 1949was small, and that in the main it was the elimination ofthe appreciable accumulation characterizing 1948 whichaccounted for the depressing influence of this componentof investment. But since inventories generally were notexcessive early in 1949, liquidation was checked by thefirm demand for final products earlier discussed.

Plant and Equipment Expenditures

Nonagricultural business firms spent $17.9 billion for newplant and equipment during 1949, a decline of 7 percent fromthe $19.2 billion in 1948.l The year 1949 marked the firstdownward movement in annual capital acquisitions since theend of the war (see chart 13). However, outlays for fixedassets were higher than in any year prior to 1948 both in dollarterms and physical volume. Plant and equipment costs,which had reached their highest point early in 1949, declinedsomewhat during the year and average prices for 1949 ap-proximated the 1948 level.

It is interesting to note that the investment programs re-ported by business at the beginning of 1949 were, as a whole,carried out during the course of the year. Anticipated out-lays were only slightly higher—about 1 percent in total—than actual expenditures for new capital facilities.

Quarterly trendsThe high point of outlays for plant and equipment was

reached in the second half of 1948. After rough allowance forseasonal factors, total outlays during the first quarter of 1949

Table 9.—Year-to-Year Percentage Change in New Plant andEquipment Expenditures

Industry-

All industries^ _

ManufacturingMining _ _ _ _ . . _ _RailroadsOther transportationElectric and gas utilitiesCommercial and miscellaneous

1945to

1946

+82

+84+27+4

+106+65

+123

1946to

1947

+34

+26+23+60+21+83+34

1947to

1948

+19

+12+16+45

+41+22

1948to

1949

-14- 9_i_2

- 2 8+18- 6

1948-1949

Firsthalf

+1

0+26-25+27- 2

Secondhalf

- 1 4

- 2 3- 1 7- 1 8- 3 0+11- 1 1

Chart 13.—Business Expenditures for New Plant andEquipment*

ALL INDUSTRIES


I 5

10

0

10

0

10

5 -

10

5

MANUFACTURINGANO MINING

TRANSPORTATIONAND UTILITIES^/

COMMERCIAL ANDMISCELLANEOUS^/

1939 1945 1946 1947 1948 1949U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-24


1 Exclude expenditures of agricultural business and outlays charged to current account.Data for 1949 include preliminary expenditures for the fourth quarter.

2 Include railroads, other transportation, and electric and gas utilities.3 Include trade, service, communications, construction, and finance.Sources: Data for 1945-49, U. S. Department of Commerce, Office of Business Economics,

and Securities and Exchange Commission; data for 1939, Board of Governors of the FederalReserve System.

slipped slightly below the previous quarter. During sub-sequent quarterly periods this downward tendency wassomewhat accelerated. The decline in the investment rateduring 1949 and the consistent year-to-year gains which hadpreviously characterized capital outlays are shown in table 9.

New investment during the early months of 1949 wasbolstered by the substantial increases made by railroads andelectric and gas utilities. During the remainder of the yearall major industries except electric and gas utilities showedyear-to-year declines. Even the increases shown by theutilities during the latter half of the year were moderate whencompared to previous gains.

1 These expenditures make no allowance for outlays charged by business to current account.The fourth quarter of 1949 is preliminary.


20 SUEVEY OF CURRENT BUSINESS February 1950

Industrial trendsExpenditures for new plant and equipment by the com-

bined manufacturing and mining industries were $7.9 billionin 1949 as compared with $9.1 billion in the preceding yearwith both plant and equipment expenditures declining. Theplant segment, however, bore the brunt of the cut-back asindustrial construction activity fell approximately 30 percentbelow 1948.

Within manufacturing, most of the major industriesconsiderably reduced their rate of investment during 1949.It is worthy of note that from 1948 to 1949 there was a fairlyclose correspondence between the changes in profits andsales of the different industries and the changes in capitalinvestment. This was also true in terms of size of firm withboth profits and capital outlays declining relatively moreamong the small firms than among large ones.

Table 10.—Business Expenditures on New Plant and Equipment, 1945-49 1


Industry

All industries

Manufacturing.MiningRailroadOther transportationElectric and gas utilitiesCommercial and miscellaneous 4

1945

6,630

3,210440550320630

1,480

1946

12, 040

5,910560570660

1,0403,300

1947

16,180

7,460690910800

1,9004,430

January-March

4,170

1,800180270180500

1,240

April-June

4,820

2,140200310190640

1,340

1948

July-Septem-

ber

4,830

2,090200320170690

1, 360

October-Decem-

ber

5,410

2,320220410170850

1,440

Total

19, 230

8, 340800

1,320700

2, 6805,390

1949

January-March

4,460

1,850190360130680

1,260

April-June

4,660

1,880190380140780

1,290

July-Septem-

ber

4,360

1,690180310130790

1,260

October-Decem-

ber 2

4, 430

1,710170290110900

1,250

Total 3

17, 910

7,130730

1,340510

3,1605,040

1 Data represent expenditures of nonagricultural business only and exclude outlays charged to current account.2 Based on anticipated capital expenditures of business in October and November.3 Annual estimates include anticipations for the last quarter of the year.4 Includes trade, service, finance, construction and communication.

Source: U. S. Department of Commerce, Office of Business Economics, and Securities and Exchange Commission.

The rubber, paper, apparel, and lumber products industrieswere among the manufacturing groups showing the largestpercentage declines in plant and equipment expenditures, aswell as in sales and profits. On the other hand, capital out-lays, sales and profits in food and transportation equipment(excluding autos) were close to their 1948 levels. A notableexception was the automobile industry where capital outlaysdid not rise in spite of a sizeable increase in operations. Thiswas due both to the considerably smaller capital outlaysarising from the 1950 model change-over than from the 1949model change-over, and to a decline in outlays for plant. Inaddition, capital expenditures as reported by this industrygenerally do not include a substantial amount of expenditureson special tools which are charged to current account andwhich are closely related to the volume of output.

Since the correspondence between investment and operat-ing experience was not so evident in the earlier postwar years,there is some indication that 1949 marks a return to a morenormal relationship between investment and current opera-tions, reflecting the completion of a large part of the immediatepostwar expansion programs of business. However, analysisbased on the long-term growth in producers' equipmentoutlays suggests that some upward pressure of wartimedeferred demand was still being exerted in 1949.2

Plant and equipment expenditures by the petroleumindustry declined moderately in 1949. The largest relativereduction was in outlays for refining facilities—while invest-ment in pipe lines and oil- and gas-well drilling was littlechanged. In the transportation equipment group, invest-ment was supported by a sharp increase in plant andequipment outlays by the aircraft industry. Despitereductions in over-all outlays by the electrical machineryindustry, expenditures for television production facilitiescontinued at a very high rate during 1949.

Capital outlays by railroads, which increased slightly from1948 to 1949, reached a turning point at the middle of theyear. During the second half of 1949, expenditures declinedabruptly and were approximately one-fifth lower than thecorresponding period of 1948.

Investment of electric and gas utilities reached a record

total of $3.2 billion in 1949, an advance of 18 percent over1948. Both electric and gas utilities shared in this increase.In the gas utility industry, the substantial postwar outlayswere due, in the main, to the expansion of pipe-line facilitiesfrom the Texas fields, arising out of the significant shift tonatural gas consumption.

Examination of investment plans by business for the firstquarter of 1950 gives some evidence of a deceleration of thedownward trend in the rate of investment.3 This may be areflection of the upturn in business expectations whichoccurred in the latter months of the year. However, theyear-end level was well below that of the preceding year.

Inventories

The book value of inventories held by nonfarm businessreached a postwar high early in 1949, and from then to theend of the year moved steadily downward. The value ofbusiness inventories was reduced by $5.1 billion over theyear. Most of this decline was due to price changes, butphysical volume also was lower.

The most important part of business inventories is heldby manufacturing and trade firms, whose stocks of goods onhand had a year-end book value of $53.5 billion (see table 11).Inventories of these companies were reduced by $4.7 billionin 1949 under the effects of declining replacement costs andreductions in physical quantities of goods in stock. Lowerprices were the major factor in this decline. In addition,following the slowing of sales in the early fall of 1948, inven-tory policy turned to physical liquidation rather than toaccumulation.

Table 11.—Book Value of Business Inventories, End of Period, 1948and 1949

[Unadjusted, billions of dollars]

2 See "The Demand for Producers' Durable Equipment" SURVEY June, 1949.3 A detailed analysis of prospective investment trends in 1950, based on the annual survey

of Capital Budgets, will soon be available.

Item

Total _

ManufacturingWholesale t rade. . _Retail trade

1948

FirstHalf

54.6

32 08.8

13.9

SecondHalf

58.2

34 39.6

14.4

1949

FirstHalf

55.4

32 98.8

13.7

SecondHalf

53.5

31 09.2

13.3

Source: U. S. Department of Commerce, Office of Business Economics.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

February 1950 SURVEY OF CURRENT BUSINESS 21Inventory movements during 1949 showed differences in

timing and magnitude in the various sectors. Retailers andwholesalers were the first to adjust their inventories to theshift in business in the fall of 1948. For these groups, inven-tory book values reached their peak late in 1948, and thendeclined through the first half of 1949. During the first 3months of the year lower prices accounted for all of the drop,and there was practically no change in volume of inven-tories. In the second quarter, liquidation became important.

Book values of trade inventories reversed their trend inmid-summer and rose in the third quarter. In the last 3months of the year wholesalers' inventories changed rela-tively little while those of retailers declined, mainly becauseof reductions in the stocks of automobile dealers.

Retailers' stocks at the end of the year were $13.3 billion,about $1 billion below a year ago. Wholesale inventorieswere down $400 million over the year to $9.2 billion.

Major decline in manufacturingThe book value of manufacturers' inventories reached its

post-war high in the middle of the first quarter of 1949.Thereafter book values moved down through most of theyear. The period of the most sizable decline was the thirdquarter, when liquidation was heaviest. In the final monthsof the year declines were small as increases in inventoriesof the nondurable goods industries almost offset the continueddeclines in the durable goods group. The reduction overthe year totaled $3.2 billion, and brought year-end bookvalues to $31.0 billion.

From table 12, it is apparent that the changes in manu-facturing inventories were dominated by the movements ofdurable-goods inventories. Here the decline in book valuesover the year amounted to $2.4 billion, compared with adrop of $900 million in the nondurable industries. Theextent of the reduction in durable goods inventories reflectsin part the year-end tightness in steel supply. However,there are indications that at the beginning of 1949 inventoryholdings were somewhat out of line with sales, so that somedownward adjustment was called for.

Finished-goods inventories of the "heavy goods" indus-

tries continued to increase well into the second quarter ofthe year. In large measure this increase represented invol-untary rather than planned accumulations. During thesecond half of 1949, however, these stocks were substantiallyreduced.

The nondurable-goods industries reduced the book value oftheir inventories during the first 3 quarters of the yearTable 12.—Change in Book Value of Manufacturers' Inventories,

1948 and 1949[Unadjusted, millions of dollars]

Period

1948:First quarter___Second quarter.Third quarter__Fourth quarter

1949:First quarter___Second quarterThird quarter,.Fourth quarter

Durable goods

Total in-ventories

Finishedgoods

446 i439444660

490- 8 8 0

- 1 , 4 7 3

29913883

390

48169

- 5 6 1

Nondurable goods

Total in-ventories

409663761422

- 3 8 8- 5 6 2- 4 4 6

519

Finishedgoods

195644621315

-42-115-152347


but increased them during the last 3 months. Finished-goods inventories of these industries, which had risen rapidlyin 1948, declined throughout most of the year, but increasedin the final quarter.

Inventories in the hands of manufacturing and trade firmsat the end of the year generally did not appear high in relationto sales when judged by prewar standards. The tendency forliquidation to taper off at the end of 1949 appears to be inline with this inference.

In addition, there was an important difference between thesituations at the beginning and end of 1949. At the start ofthe year, continued accumulation at a substantial rate wouldhave been needed to avoid the deflationary effect of a declinein inventory investment. At the close, maintenance of thesize of stocks would imply no reduction in investment andhence would have no retarding influence on total output.

Retail SalesCONSUMER demand in the aggregate remained firm

in 1949, providing a source of economic strength in a year ofdeclining investment. Although the dollar value of retail-store sales dipped slightly, month-to-month movements weremarked by unusual stability, and the difference between thehighest month—September—and the lowest—December—was only about 3 percent.1

Nevertheless, within the retail sector, many groups con-tributed to and were affected by the business downturn,particularly in the early part of 1949. Also, this was thefirst year since 1938 in which retail-store sales failed to ad-vance over the previous year. Purchases in retail establish-

ments, at $128 billion, trailed 1948 by about IK percent(see table 13). In view of the decline in prices, however,the physical volume of goods moving through retail channelsin 1949 was, roughly, equal to the 1948 total.

Automotive sales sustain totalThe unprecedented number of passenger cars sold in 1949,

which permitted motor vehicle dealers to record an 18-percentincrease in dollar sales for the year, contributed materiallyto the strength of consumer buying. Sales of retail storesother than motor vehicle dealers were 5 percent below 1948.

1 The trend of services is not discussed in this section, though they constitute, of course, asubstantial part of consumer expenditures.

Analysis indicates that in 1949 there remained a substan-tial backlog of demand for autos, and output was large enoughto bring dollar sales above the level which would correspond,on the basis of prewar relationships, to current disposableincome.2 However, other major kinds of retail businessgenerally did not appear to be high in relation to income whenjudged by historical standards. The one exception—food—was in line with prewar behavior in real or quantity terms,but high in terms of dollar sales.

Food sales firmAmong the nondurable-goods groups, the greatest strength

was shown by food stores and filling stations with salespractically unchanged from a year ago. With prices downmoderately, there may have been a small increase in thephysical volume of food sold at retail. Food stores accountfor about a third of all nondurable-goods sales and theirhigh activity has helped to prop up the sales total for thenondurable-goods groups.

The remaining groups of nondurable-goods stores reportedfairly substantial decreases in sales. At both men's wearand women's wear stores, dollar sales were down about8 percent from the previous year. However, part of thesedrops—particularly in women's apparel—reflected the avail-

2 See "Trend of Sales of Consumer Durable Goods", SURVEY, April 1949.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 SUE YE Y OF CURRENT BUSINESS February 1950

Table 13.—Sales of Retail Stores by Kinds of Business, 1947-49[Millions of dollars]

Kind of business

AH retail stores_

Durable-goods stores.,

Automotive groupMotor-vehicle dealers-Parts and accessories-

1947

118,908

32,142

15, 52813,8501,678

Building-materials and hardware group..Building materialsFarm implementsHardware

9,092! 5,695

1,180; 2,217

Home-furnishings group__ i 6, 213Furniture and housefurnishings - 3, 746Household appliances and radios i 2, 467

1,309

86,766

Jewelry

Nondurable-goods stores.

130,

38,

19,17,1,

042

008

309530779

10, 7106,8011, 5552, 354

6,4,2,

1,

92,

725045680

264

034

Apparel groupMen's clothing and furnishings---.Women's apparel and accessories-.Family and other apparelShoes

9, 4132,4144,1411,3251,533

3. 65912.03528,38422. 3646.020 I

5,193 |

General-merchandise group • 16,033 jDepartment, including mailorder 10,645 !General, including general merchandise, with food.. 1, 858Dry goods and other general merchandise 1, 538 iVariety !<992

Other retail storesLiquorAll other

Drug storesEating and drinking placesFood group

Grocery and combinationOther food

Filling stations-

9, 8652,4124, 5301, 3861, 537

3, 68712.11230,50624,1116. 395

6, 325

1949

128,183

39,874

22, 72821, 0851,643

9,5096.0201, 4012,088

6. 5373,7442,793

1,100

88, 309

9,1752,2234,1931,2811, 478

3, 60511, 24030, 29824, 1546,144

6, 363

17,11,11,2

015337938609131

16,01910, 618

1, 7691,5092.123

12,0491.916

10,133 !

12,524 S1,854 !

10,670 |

11, 6091, 7609, 849


ability of goods of equal or higher quality at lower prices thanin 1948, and trading down may also have been important.At shoe stores, where prices were more stable, the 1949 declinein sales was about 4 percent. Drug-store sales were down2 percent, and department stores 6 percent.

Data on tax collections indicate that sales of luxury goodscontinued the downward slide evidenced in 1948. Excisetaxes on furs fell about 28 percent, on cabaret expenditures14 percent, and on jewelry 10 percent. In addition, anexamination of department-store sales by departments pointsto greater decreases in sales in those departments in whichhigher-priced merchandise is carried. The same tendency isshown by the fact that sales in basement stores, which gener-ally display lower-priced items, were down only 3 percent forthe year while for the main store the corresponding figure was7 percent.

Most durables declineAlthough the durable-goods group as a whole showed an

increase in sales because of the large gains of motor vehicledealers, declines were registered by most stores whose majorlines of trade consist of consumers' durable goods other thanautos. In the home-furnishings group, trade was bolsteredby increased purchases of television receivers and some majorhousehold appliances, and by strengthening in demand forfurniture and furnishings in the latter part of the year, butdollar sales declined by about 3 percent in 1949. In buildingmaterials and hardware and in jewelry stores the drop in thedollar value of sales was substantially larger. As in the caseof the nondurables these declines reflected in part decreasedprices and the greater availability of lower price lines.

Improvement in fourth quarterIn most of the store groups the downward drift in sales

continued through the first 7 or 8 months of the year, withsome signs of recovery evident subsequently. The home-furnishings group showed a substantial pick-up as price

reductions in television sets and electrical appliances helpedto stimulate demand for these items, while the high level ofresidential construction contributed to higher activity infurniture and house furnishings.

Some of the increased sales strength in the second half ofthe year may be traced to the influence of easier credit terms.Total installment sales credit for the year was up more thana third, with auto and home-furnishing stores showing thegreatest increases. For these groups installment sales creditat the year end had risen 60 and 25 percent respectively. ^

The renewed impetus in buying evident late in the thirdquarter in many lines of trade was offset, however, by a dropin automobile skies. The decline in this group was primarilythe result of the preparations for model change-overs which,together with some tightness in steel supplies, accounted fora reduction in the number of cars produced in the finalmonths of the year.

Retail trade patterns changeTo appraise the current position of retail store sales,

several bases of comparison with prewar conditions haveproved useful. These include correlation and percentagerelations between retail sales and income, and percentagedistributions of retail sales by kinds of business. Thesemeasures are consistent in their summary of the year 1949,in relation to the change from 1948.

Sales in 1949 declined relative to income, the drop comingat the start of the year and bringing total sales closer in linewith the relationship characteristic of the years before thewar. The downward movement reversed a trend whichhad begun immediately following the war's end and had

Chart 14.—Relationship Between Sales of Durable andNondurable Goods Retail Stores and DisposablePersona] Income

AR

S )

DO

LL

JO

NS

O

F(B

ILL

RE

TA

IL

ST

OR

ES

SA

LE

S O

F

u

!OO

9 0

80

70

60

50

40

30

20

10

0

1 ! I I

N O T E - - L I N E S OF REGRESSION WERETO DATA FOR 1 9 2 9 , 1 9 3 3 , AND 1 9 3 5 -

-

-

- NONDURABLE GOODSSTORES v

/

i I I

FITTED41. 4 8 ^

47# 4 9 • "

/

/ »44

*43

.. / DURABLE GOODS ^ r i l

36^ f39 42

1 ! I40 60 80 100 120

DISPOSABLE PERSONAL INCOME

• 4 6

43 4 4 ~

1 1 1140 160 180 200

(BILLIONS OF DOLLARS)

S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS. 5 0 ~ 2 l

Source of data: U. S. Department of Commerce, Office of Business Economics.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

February 1950 SUKVEY OF CURRENT BUSINESS 23

continued until the middle of 1948. During the early post-war surge in buying, sales of retail stores were higher thanmight have been expected on the basis of the prewar relation-ship between sales and income.

Chart 14 shows how sales of durable- and nondurable-goods stores have moved relative to disposable personalincome since 1929. Both cases reveal a divergence from theprewar pattern during the war and early postwar years,and a recent tendency to revert to the historical relationship.

For the nondurables as a whole (upper curve) sales de-clined relative to income during 1949. The downwardmovement in the nondurables began about the middle of1948 and has become more sharply defined in the past year.

Sales at durable-goods stores, on the other hand, havecontinued their upward trend relative to income whichbegan in 1945, althrough the gains have been getting smaller.The 1949 increase carried, durable sales by the second halfof the year to a point a little above the value indicated bythe prewar relation with income.

Chart 15.'—-Percentage Change in Sales of Retail Stores.,1948 to 1949, by Kinds of Business

INDUSTRY GROUP

ALL RETAIL STORES

DURABLE GOODSSTORESNONDURABLE GOODSSTORES

AUTOMOTIVE GROUP

FILLING STATIONS

FOOD GROUP

DRUG STORES

HOME FURNISHINGSGROUP

GENERAL MERCHANDISEGROUP

APPAREL GROUP

EATING AMDDRINKING PLACES

JEWELRY STORES

BUILDING MATERIALAND HARDWARE GROUP

OTHER RETAIL STORES

PERCENTAGE CHANGE

-5 0 +5 +10

U S. DEPARTMENT CF COMMERCE, OFFICE OF BUSINESS ECONOMICS


Autos take larger share of incomeAlthough the proportion of disposable personal income

spent at retail stores has declined somewhat in the past 2years, it remains higher than before the war. In suchyears as 1929 and 1939 or 1941, about 60 percent of dis-posable income was expended in retail establishments,whereas in 1949 retail sales amounted to two-thirds of suchincome.

A good deal of the extra spending went for autos, and salesof motor vehicle dealers represented a higher percentage ofincome than in any earlier year. At other durable-goodsstores, the proportions of disposable income expended weregenerally close to the values that characterized the years1929 and 1941.

The proportion of income going to retail stores in the non-durable categories has moved downward in the last few years.For most groups the ratios are now little different from thosetypical of the prewar years of high activity.

Increasing importance of durablesThe pattern of retail activity may also be analyzed in

terms of the relative importance of the different groups ofstores in the retail structure. Table 14 gives the snaresof the retail dollar spent at each type of store in selectedyears.Table 11.—Percent Distribution of Retail Sales by Kinds of Business

Kind of business

Durable-goods stores..

Automotive group"Victor-vehicle dealersParts and accessories.

Building materials and hard-ware group.

Building materialsFarm implementsHardware

Home-furnishings groupFurniture and house-furnish-

ings.Household appliances and

radiosJewelry

Nondurable-goods s tores

Apparel groupMen's clothing and furnish-

ingsWomen's apparel and acces-

soriesFamily and other apparelShoes

Drug storesEating and drinking placesFood group

Grocery and combinationOther food

Filling stations..

General-merchandise groupDepartment (excluding mail

order)Mail orderGeneral, including general

merchandise with foodDry goods and other general

merchandiseVariety

Other retail storesLiquorAllother

1929

29.3

14.513.31.2

7.9

5.41.11.5

5.7

3.7

1.91.1

70.7

8.8

2.8

3.11.21.7

3.54.4

22.615.27.5

3.7

18.6

8.1.9

2.21.99.2

9.2

1933

19.8

9.78.7.9

5.5

3.5. 7

1.3

3.9

2.6

1.3

.7

80.2

7.9

2.23.1.9

1.7

4.35.8

27. 620.47.2

6.2

20.3

9.5.9

2.42.88.0.1

1939

24.7

13.212.01.2

6.5

4.2.8

1.5

4.1

2.9

1.3

.9

75.3

7.8

2.03.11.11.53.78.4

24.218.45.8

6.7

15.4

8.41.1

2.2

1.4 1.32.3 2.19.2 9.3

15.414.01.4

7.0

4.4.9

1.6

4.7

3.21.51.1

71.9

7.5

2.0

3.01.11.4

3.38.6

22.717.35.4

6.2

14.3

7.91.1

1948 1949

Firsthalf

Sec- i F i rond 1 [half hdl

Sec-ondhalf

1.47.8 !

I

28.7

14.212.91.4

8.3

5.31.21.8 |

5.2 |

3.2 |

2.11.0

71.3j

7.6 |

1 . 9 I!

3.4 j1.11.22.99.4

23.618.74.9

4.9

13.0

7.71.0

1.5

1.21.69.91.48.4

29.7

15.414.11.4

5.21.21.8

5.1

3.1

2.1• 9 i

70.3 |

7.6 |

1.8 |

3.5 |1.11 . 2 I

9.223.318.44.9

30.4 ; 31.8

17.115.8

1 . 3 ii

7.4

4.6 !1.21.7 ;

4.9 ;

2.9 |

2.0 !.9

69.6 I

7.5

1.8

3.41.01.2

2.98.9

23.718.94.8

4.8 | 4.9

13.2 | 12.6

7.81.0

1.21.79.41.48.0

7.4.9

1.4

1.21.79.11.47.7

18.417.11.3

7.4

4.81.01. 6

5.3

2.9

2.3

.8

68.2

6.8

1.63.11.01.1

2. 88.6

23. 618.84.8

5.0

12. 4

7. 4.9

1. 3

1. 11.69.01.47. 7


During the past year the percentage of retail store salesgoing to durable-goods stores was the highest on record.This was due entirely to motor vehicle dealers, the groupincreasing its share of the total business at the expense ofsuch lines as building materials and hardware, apparel, eatingand drinking places and department and other general-merchandise stores. It may be noted that because of theexceptional demand for autos, the proportions of total retailsales at the various types of stores in 1949 were still appre-ciably different from the typical pattern of prewar years ofhigh activity. As previously pointed out7 however, theseresults do not imply that the groups other than autos weregenerally out of line with their historical relationships toincome.



Foreign Trade

UNITED STATES foreign-traders during 1949 felt theimpact of intensified foreign balance of payments difficultieswhich arose from the swifter pace of postwar readjustmentsin the United States than abroad. Largely because of thewidespread dislocations caused by the war, these difficultiesin foreign countries persisted despite the large flow of aidfunds made in the form of grants and otherwise by the UnitedStates to facilitate economic rehabilitation abroad. It is, ofcourse, only through these programs that foreign countrieshave procured an unprecedented volume of peacetime goodsin United States markets. In 1949, United States foreignaid programs financed 30 percent of the total exports of goodsand services, making possible the continuation of the largedisparity between exports and imports.

In domestic markets, supplies of most goods became ade-quate as production came into a more balanced relationshipwith demand, with a resultant downward movement ofprices. In most foreign countries, the same developmenttoward easing of supplies, though already apparent during1949, was as yet far less advanced than in the United Stateswhere wartime dislocations and accompanying inflation wererelatively far less acute and hence overcome with less of atime lag.

Despite the expansion in output to or even beyond prewarlevels in Europe and the at least partial satisfaction of manydeferred demands both in those areas most directly concernedin the recent war and in other areas, there remained a heavydependence upon United States goods.

The continued large import demands from abroad weremet by United States producers, many of whom becameincreasingly interested in foreign markets as in many fieldsdomestic outlets began to absorb a smaller portion of thegreater productive capacity available.

Concurrently, this country's demand for foreign goods con-tracted with the general economic adjustment described inearlier chapters of this review. Domestic requirements forsome major raw and semiprocessed imports declined andwere filled in part from inventories; and domestic output ofsimilar or competitive materials displaced other imports,many of which now became even less able than previouslyto compete pricewise in the American market.

Inevitably, the unbalanced postwar trade relationshipswere reflected in price disparities in international markets,and widespread foreign currency devaluations in the latterpart of the year were undertaken in an effort to bring aboutadjustments in the external currency values which would

Chart 16.—United States Foreign Trade: Percentage Change in Value, First and Second Halves of 1949 from 1948

EXPORTS17773 FIRST HALF, 1949

B H SECONO HALF, 1949 IMPORTS

COMMODITY _ 4 0 .

EXPORTS OF U. S.MERCHANDISE, TOTAL

GRAINS AND PREPARATIONS

OTHER FOODSTUFFS

RAW COTTON. EXCLUDING LINTERS

COAL AND RELATEDPRODUCTSOTHER CRUDE AND SEMI-MANUFACTURED MATERIALSIRON AND STEEL-MILLPRODUCTS

AUTOMOBILES, PARTS,AND ACCESSORIES

OTHER FINISHEDMANUFACTURES

VALUE, 1948(MILLIONS

0 OF 0DOLLARS)

-40 -30 -20 -10

EXPORTS, INCLUDINGREEXPORTS, TOTAL

CANADA

LATIN AMERICAN REPUBLICS

ERP COUNTRIES

FAR EAST

AFRICA

ALL OTHER

COMMODITY - 4 0 -30 -20 -10

IMPORTS FOR CONSUMPTION,TOTAL

N0NFERR0US ORES AND METALS

WOOL,UNMANUFACTURED

CRUDE RUBBER

WOODPULP AND NEWSPRINT

OTHER CRUDE AND SEMI-MANUFACTURED MATERIALSOTHER FINISHEDMANUFACTURES

COFFEE

SUGAR

OTHER FOODSTUFFS

AREA

GENERAL IMP0RT9TOTAL

CANADA

LATIN AMERICAN REPUBLICS

ERP COUNTRIES

FAR EAST

AFRICA

ALL OTHER

VALUE, 1948

- . 0 O tM 'LoV0NSO +.0 +20 , 3 0DOLLARS)


1 Percentage changes are based upon data for the first 6 months of 1949, last 5 months of 1949 (except imports of sugar for which G months data are available), each raised to an annualrate, and 12 months, 1948.

2 Include agricultural, electrical, and industrial machinery, and tractors, parts, and accessories.3 Percentage change is negligible and does not show on chart.Source: Basic data, U. S. Department of Commerce, Bureau of the Census.


February 1950 SUKVEY OF CURRENT BUSINESS 25relieve balance-of-payments pressures while fundamentaladjustments were undertaken.

Exports high through midyear 1949; imports fallDuring the first half of 1949, exports from the United

States reached an annual rate of $13,400 million, $700 millionabove the rate for the previous year. Since at the sametime commodity imports into the United States providedforeign countries with 300 million fewer dollars at an annual,rate than in 1948, the higher exports were financed chiefly byincreased United States Government foreign-aid paymentsand renewed inroads upon foreign reserves of gold and dollars.

Chart 16 compares changes in the annual dollar rates ofexports and imports by areas and by commodities duringthe first and second halves of 1949 with the rate in 1948.Western Europe and the Far East, to which virtually allUnited States Government foreign-aid expenditures weredirected, accounted for most of the expansion in UnitedStates exports during the first half of 1949.

That foreign economic recovery was progressing under thestimulus of American aid is indicated by the commoditycomposition of the expansion in United States exports tothese areas. The increase during the first 6 months waschiefly in shipments of raw cotton, machinery, and othergoods to be used in foreign production lines rather than forimmediate consumption.

By contrast, United States shipments to Latin Americaand Africa in the first 6 months of 1949 fell below the 1948rate. In many of these countries demand and supply wereequated either through satisfaction of the deferred demand orthrough rising prices and declining currency values. Whiledemands for imported goods had thus receded to some extent,they were subject to further curtailment by tighter importrestrictions (especially drastic in the Union of South Africaand Argentina) imposed to conserve, and if possible,strengthen depleted dollar resources.

The reduction in this country's commodity imports,from an annual rate of $7,500 million in the fourth quarter of1948 to an annual rate of $6,400 million by the second quarterof 1949, was more than could be explained by seasonal factorsand the moderate contraction in the gross national product ofthis country. The drop in imports was due mainly to therelatively serious decline in consumption of some majorimported products such as wool, rubber, wToodpulp, andburlap. A further reduction in imports of these and othercommodities, moreover, resulted from the desire on the partof domestic industry to reduce previously accumulatedstocks in view of the more ample conditions of supply and, insome cases, from expectations of further price reductions.

By midyear it had also become apparent that imports fromEurope, for which prices remained comparatively high andeven increased in some cases, were encountering increasingdifficulties as the trend away from a "sellers" marketgradually developed in this country. Such imports asautomobiles, tractors, textiles, and iron and steel productshad been seriously curtailed (see table 15) as the supply ofmore attractively price domestically produced items becamemore ample.

The net result of the lower imports and high exports duringthe first half of the year was an increase in our export surpluswith practically every area except the Latin AmericanRepublics and Africa.

Lower exports after June; imports registerfurther declineIn July 1949, total United States exports declined to

$10,800 million on an annual basis and remained near thatrate for the remainder of the year. The drop in shipments

870669—50 4

extended to almost every major area and commodity group(see chart 16). This reduction was primarily a consequenceof the tighter import control measures instituted during thesecond quarter of the year, particularly by the UnitedKingdom and other countries in the sterling area, to halt therapid drain on their reserves of gold and dollars.

Also contributing to the decline in foreign purchases fromthe United States was the fact that in some foreign countriessupplies from current production gradually became moreclosely equated with prevailing demands. These countrieswere thus in a position to reduce their imports and also tomarket more goods abroad at prices reflecting relativelyfavorable supply conditions. The less countries weresuccessful in reducing the gap between demand and supply

Table 15.—Imports for Consumption into the United States ofCommodities from the 16 Countries Participating in theEuropean Recovery Program


Commodity

Total _

WoodpulpNewsprintClocks, watches, and parts_.

Fibers and textiles, totalWoolens and woolen manufactures-Cotton manufacturesSynthetic fibers and manufactures.Flax, hemp, and ramie manufac-

turesOther fibers and textiles

Cigarette leaf tobacco..DiamondsWhiskeyOther beverages

Steel mill products _ _Iron and steel scrap_.Iron ore

1948Quar-terly

average

Automobiles _Tractors

Coal tar products..Other chemicals...

Chinaware, porcelain, earthenware andglassware

Furs and manufactures

SardinesOther fish and fish products.All other imports

242.9

14.85.5

15.0

41.312.77. 37.1

5.68.6

11.110.89.74.3

8.31.72.3

7.43.1

4.03.7

3.84.4

2.41.7

1948Fourthquarter

271.1

7.55.8

17.4

43.014.28.15.0

5.610.1

10.48.7

12.46.0

18.93.52.7

9.53.7

3.53.8

4.62.2

2.22.3

103.0

Firstquarter

238.9

5.66.6

11.6

37.611.87.43.1

5.79.6

10.45.58.03.6

27.810.8

4.53.2

3.44.3

4.03.7

1.92.1

83.4

Secondquarter

177.6

4.62.2

12.3

24.48.75.21.0

4.25.3

10. 55.48.84.4

12.07.63.4

1.1

2.23.5

1.31.5

65.5

Third | Fourthquarter! quarter1

186.2

5.03.1

12.7

29.712.35.41.0

4.76.3

10.87.59.03.3

3.42.28.4

.5

2.01.6

4.23.2

1.8.9

76.9

230.0

13.51.2

15.9

40.614.77.52.7

5.710.0

9.88.9

14.16.1

2.4.3

3.3

2.1

3.64.5

4.12.9

1.52.4

92.8

1 October-November at quarterly rate.2 Less than $50,000.Source: U. S. Department of Commerce, Bureau of the Census.

the more urgent was the need to devalue their currencies asa means of reducing domestic demands for imported goodsand diverting a greater volume of merchandise to marketsabroad.

The generally higher production abroad made possibleanother development which contributed to the fall in UnitedStates exports. This was the increased success of efforts onthe part of most countries to obtain imports from areas otherthan the United States, as evidenced by the numerousbilateral trade agreements concluded between foreigncountries during 1949, and more concretely, by availabledata covering the foreign trade of other countries. WhileUnited States exports to Western Hemisphere countries andto Western Europe registered sizable declines from thesecond to the third quarters of the year, shipments from eachof these areas to the other showed some increase. Thisdevelopment will be further accentuated by the greaterability, since devaluation, of foreign goods to compete inprice with United States products in third markets.



Tbe further contraction in United States imports duringthe third quarter, although partially a seasonal movement,reflected in general an extension of developments which hadbecome apparent earlier in the year. Relatively large sup-plies of nonferrous metals imported during previous monthsof 1949 remained unconsumed and hence lessened the needfor current imports. Price uncertainties undoubtedly addedsome further impetus to the decline in import demands,particularly for goods supplied by Western Europe andother countries where currency devaluation was anticipatedin many quarters.

Since the decline in imports during the third quarter wassubstantially smaller than the corresponding contraction inexports, there occurred a substantial reduction in the UnitedStates export surplus, especially with Western Europe. InOctober and November, moreover, there was a further dropin the trade deficit of other countries with the United Statesas a result of an upswing in imports and a continued fallin exports.

While the heavier United States foreign buying during thelast months of the year included a substantial amount forthe Christmas trade and larger seasonal shipments of pro-ducts such as coffee, it also reflected the general recovery inUnited States consumption of raw materials in the latterhalf of 1949, and the more limited ability of consumers todraw upon inventories, many of which had now becomerelatively low.

Currency devaluations abroad late in yearWhile the currency devaluations had been in effect for

only about a quarter of the year, and it is too early to statedefinitive conclusions as to the effects in United Statesmarkets, certain generalizations can be made upon theobserved effects to date. Devaluations have had littleeffect on prices of major United States import commodities,most of which are determined by demands prevailing in this,the principal market. Prices of items such as whiskey, forwhich foreign supplies remained low relative to UnitedStates import demands at pre-devaluation prices, alsoremained unaffected.

For numerous products supplied by Europe (such astextiles, brandy, automobiles, olive oil, and leather goods)the drop after devaluation in delivered dollar prices, althoughgenerally not in full proportion to the reduction in foreigncurrency values, was nevertheless substantial. More im-portant, delivered dollar prices currently being quoted byEuropean producers of some items, such as certain iron andsteel products, are below those prevailing for similar itemsproduced in the United States.

As a result of such adjustments and the efforts on thepart of these and other countries to improve techniquesof marketing abroad and to reduce costs in both homeconsumption and export industries, foreign competition willpresumably assume a gradually more prominent role inregulating world trade. At the same time, it should befeasible to eliminate many of the import and foreign exchangecontrols by means of which foreign countries are currentlyattempting to achieve closer balance in their internationalaccounts.

Financial DevelopmentsJL INANCIAL developments in 1949 differed in several

important respects from the pattern which had prevailedthroughout the greater part of the postwar period. One ofthe most significant changes from 1948 was the sharp re-duction in the demand for new capital funds by business—a reflection of the reversal of the expansionary forces whichhad previously dominated the general economic situation.

The terms on which funds were made available to bothbusiness and consumers were eased during the year and in-terest rates were generally lower. This was in part the resultof actions taken to cushion the recessionary tendencies whichemerged early in the year. The reduction in business de-mand for funds was, however, also important in this respect.

Some moderation in the terms of equity financing was alsoindicated by developments in the stock market in 1949. Thegenerally downward trend of stock prices which began in thelatter part of 1946 persisted with some interruptions throughthe spring of 1949. A strong upward surge of stock prices,however, occurred in the second half of the year at a timewhen corporate earnings were well below and corporate divi-dends only slightly above the postwar peak reached in 1948.

Business requirements lower; those ofGovernment higher

With gross private domestic investment lower in 1949,there was less reliance by business on external financing.There was, however, a substantial increase in the financingneeds of the Federal Government as a result of a shift froma surplus in 1948 to a deficit in 1949. This shift largelycounter-balanced the reduction in business investment whichoccurred last year.

With the Federal Government shifting from a surplus todeficit position and thus increasing its outstanding debt,

sales of Federal securities were channeled largely into thehands of nonfinancial business and consumers. Althoughcommercial banks also added to their holdings, there was acoffsetting reduction at Federal Reserve banks, and hencelittle net change in the over-all banking system's ownershipof Federal securities.

Increased liquidity characterized most of nonfinancial busi-ness but was especially pronounced in manufacturing. Inthis sector financial developments permitted not only anincrease in cash and U. S. Government securities at a timewhen prices and sales were lower, but also allowed a sub-stantial reduction in short-term debt.

At the consumer level the net change in cash and U. S.Government security holdings was small, and in contrast tobusiness, indebtedness continued to rise with the increasedhousing and greater availability of durable consumer goodsand the easing of credit terms. On an over-all basis, in-debtedness of both business and consumers at the end of1949 was not abnormally large, if viewed in historical per-spective, with reference to the relation of servicing chargesto the level of incomes currently earned.

Business Financing

Recent changes in the financing of business are picturedin table 16 showing the principal sources and uses of funds ofnonfinancial corporations. In this table, expenditures forfixed assets and additions to other assets are classed as"uses" of funds; corporate savings, depreciation allowances,net sales of new corporate securities and increases in otherliabilities are classed as "sources". Decreases in assets orliabilities are, for convenience, shown as negative uses orsources respectively.



Table 16.—Sources and Uses of Corporate Funds 1946—49 1


Item 1940 1947

15.08.95.74.2

1 1.7' - . 2i 1.3

- 1 . 5- . 1

29.3

11.44.9

! 2.62.7

.62.61.51.2.8

4.41.33.1

30.0

- . 7

1948

17.36.32.3

L 42

- ! i. i

(3)

25.9

12.55.5

.9

.9(3)

1.2.5. 6. 7

6.01.24.8

27.7

— 1.8

1949 2

16.0- 3 . 7

—. 7- 1 . 6

. 9(3)

.91.9

- . 2

14.2

7.86.2

- 1 . 6- 2 . 3

.3- 1 . 8- 1 . 4- . 4

.55.11.33.8

14.2

0

Uses:Plant and equipment \ 11. 6Inventories (book values) j 11.2Receivables 4.8

From business ! 5.1From consumers 1.From government —2.0 |

Cash and deposits* I 1.1U . S . Government securities 4 —5.8Other current assets I

iTotal | 4 22.2

Sources: IRetained profits •> i 7.7Depreciation 4.2 !Payables (trade) | 4.0 |Federal income tax liability j —1. 6Other current liabilities j 1. 8Bank loans (excluding mortgage loans) i 3. 3

Short-term | 1.9 jLong-term 1.4

Mortgage loans I . 6Net new issues i 2.3

Stocks I 1.3Bonds | 1.0

Total ! 4 22.3

Discrepancy i —. 1

1 Excluding banks and insurance companies.2 All data for 1949 are partly estimated,s Less than $50,000,000.4 Previously published tables, cash and U. S. securities were classified as sources of funds

since unusually large wartime accumulations made possible a substantial reduction of theseliquid assets to finance expansion in the early postwar period. In view of the substantialincrease in these assets in 1949—reverting to a more normal status as a use of funds—theseitems were changed to the "uses" side. The shift in classification affects particularly totalsources and uses in 1946 which were reduced by $4.7 billion. Totals for the years 1947 and 1948were changed but slightly since there was little or no net change in these assets.

5 Retained profits include depletion. Actual fourth quarter data on corporate profits arenot yet available. In deriving retained earnings and Federal income tax liability estimatesfor 1949, estimates of corporate profits for the year were obtained in the manner described infootnote 3 of table 2.

Source: U. S. Department of Commerce based on Securities and Exchange Commissionand other financial data.

$12 billion reduction in corporate requirementsTotal uses of corporate funds in 1949 amounted to about

$14 billion, or $12 billion less than in 1948. As may be seenfrom the table, there was only a moderate decline in plantand equipment outlays of corporations from $17.3 billionin 1948 to $16 billion in 1949.l In contrast, the book valueof corporate inventories fell by $3.7 billion in 1949 reversingthe sharp upswing which was maintained throughout theearlier postwar period. The reversal of inventory trendsalone, centering primarily in manufacturing corporations,accounted for a net reduction of about $10 billion from 1948to 1949 in the total demand for new capital; for whereasthe expansion of inventories in 1948 required about $6.3billion of new financing, the 1949 contraction—a negativeuse or a source of funds—actually freed about $3.7 billionfor other uses.

Reduced requirements also prevailed in corporate financ-ing of customers. Throughout the first three full years ofthe postwar period, expanding sales of corporations wereaccompanied by increased credit granted to consumers andother customers. During 1948, the credit expansion, whilebelow that of the previous year, amounted to the sizeabletotal of $2.3 billion. In 1949, corporations reduced theircustomer credit outstanding by $700 million.

A more meaningful picture of the financial requirementsassociated with the changes in corporate receivables is obtainedif viewed in connection with corporate payables, since alarge part of the movement of these items reflects inter-corporate business financing. (For example, if one corpora-tion sells its product on credit to another corporation,corporate receivables and payables both rise by an equalamount and no new outside financing is required at thattime.) Referring to the table, it may be noted that the

1 Unlike related data in the gross national product accounts, these estimates of plant andequipment expenditures exclude capital outlays charged to current account.

drop of $1.6 billion in corporate receivables from businessfirms was equal to the reduction of corporate (trade) pay-ables. Thus, net receivables (total receivables less pay-ables) rose by about $0.9 billion, largely reflecting the furtherextension of credit to consumers. This increase was, how-ever, somewhat lower than that which occurred in 1948.

Corporations add to liquid assetsThe shifting emphasis in corporate financing in the post-

war period is clearly reflected in the trend of liquid assetholdings. Emerging from the war in an unusually liquidstate as a result of the limited private capital investmentoutlets during the war years, corporations helped financetheir heavy initial postwar capital requirements by drawingon their accumulations of U. S. Government securities.Liquidation of these securities in 1946 exceeded additionsto cash by about $4.7 billion. In 1947 and 1948 on the otherhand, holdings of liquid assets—cash and U. S. Governmentsecurities—underwent little change. Relatively, however,the liquidity position of corporations continued downwardin these years as the volume of activity and prices continuedto rise. By way of contrast, in 1949 corporations were ina position to add almost $3 billion to their liquid assets, anincrease which occurred while sales and prices were fallingmoderately. As a result of these changes, there was a sub-stantial increase in corporate liquidity in 1949.

Lower business savings and borrowingIn meeting the reduced financial requirements in 1949,

corporations continued to rely primarily on such sources offunds as retained profits and depreciation allowances. Cor-porate dividend payments were up slightly from 1948 to1949; hence the full impact of the lower profit levels in 1949was reflected in retained corporate earnings which fell byabout $5 billion from 1948. Taking into account the mod-erate increase in depreciation, the total for these sources in1949 amounted to $14 billion as compared with $18 billionin 1948. With total requirements showing a larger per-centage decline, internal financing, including changes intax reserves as well as retained earnings and depreciationallowances, was relatively more important in 1949 than inthe preceding year.

With working capital requirements reduced, corporatebusiness liquidated about $1.8 billion of outstanding bankloans during 1949, thus reversing the steady upward trendof business borrowing from banks which had been under waysince the end of the war. The reduction was largely confinedto the first half of the year, and as might be expected fromthe change in financing requirements, was centered in loanswith maturities of less than a year.

Long-term corporate debt continued to expand throughout1949 reflecting the still heavy fixed capital requirements ofbusiness corporations. Despite the substantial postwar in-crease in interest-bearing indebtedness, corporate interestpayments in 1949 continued low in relation to corporateearnings. These payments represented, for example, ap-proximately 8 percent of corporate profits before taxes andinterest payments in 1949, as compared with 20 percent in1940 and 30 percent in 1929.

Net new securities issues of $5 billionSales of new securities (less retirements) by nonfinancial

business corporations continued to be an important source ofcapital funds in 1949, although the total of $5 billion wasabout $1 billion lower than in the peak year 1948. The $1.3billion sales of equity securities was at about the same levelas in each of the three preceding years. Net sales of debtissued were about $1 billion lower than in 1948 but stillsubstantially higher than in 1946 and 1947. While the



proportion of equity to total new issues rose somewhat in1949; the equity share of total funds raised in the securitiesmarkets has, since 1947, remained below the ratios duringcomparable periods of economic activity in the past.

If, however, account is taken of the considerable volume offinancing from retained earnings in recent years, the shareof total equity financing relative to total requirementscompares favorably with the prewar proportions.

In view of their still heavy financing needs, public utilitiesmaintained their net sales of securities in 1949 at the volumeof the preceding year. It may be noted that these corpora-tions placed more emphasis on stock issues in 1949 than inprevious postwar years and their increased offerings largelyoffset reduced sales of equity issues of other major corporategroups.

Reduced Cost of Raising FundsA general easing of terms of financing for both business

and consumers occurred in 1949. This was a result ofdirect government actions towards easier credit coupled withthe lower investment demand of business. Following thedownturn of general business activity earl}7 in the year, legalreserve requirements of banks were lowered thus freeingbank resources for income-yielding investments. At theend of June, the Federal Reserve Board announced a changein policy related to its investments in U. S. securities whichaimed at moderating terms of borrowing and preventing anypressure on bank lending activity which might be associatedwith a downturn in business activity.

Consumer borrowing—both long and short-term—wasstimulated by the elimination of controls on instalmentpurchases which, after a temporary lapse, had been reimposedin late 1948, and by a broadening of the secondary marketfor "G-I" mortgages. Action was also taken to increasethe availability of credit for stock purchases by reducing

Chart 17.—-Corporate Bond and Common Stock Yields,and Earnings/Price Ratios

PERCENT14

10

I I I I I II9S9 21 23 25 27 29 31 33 35 37 39 41


47 49

50-20

1 Based upon data for common stocks listed on the New York Stock Exchange; totalreported earnings for the year expressed as a percentage of the total market value (num-ber of shares times average prices) of these stocks.

2 Data are averages of daily figures.3 Based upon data for common stocks listed on the New York Stock Exchange; total div-

idends for the year expressed as a percentage of the total market value (number of sharestimes average prices) of these stocks.

Sources of data: Bond yield, Moody's Investors Service; earnings/price ratio and divi-dend yield through 1938, Common Stock Indexes, Cowles Commission Monograph No. 3,and for the following years extrapolated on the basis of movements shown by Moody'searnings, stock prices, and dividend series.

margin requirements to 50 percent, a rate not much higherthan in the late prewar and wartime (through 1944) periodwhen a 40 percent requirement was in effect.

With reserve requirements reduced, banks increased theirholdings of short-term U. S. securities, which were for themost part purchased from the Federal Reserve System. Thestimulus to find investment outlets for funds freed by thereduced requirements served to increase the availability offunds to private borrowers. In 1948, banks found it neces-sary to sell U. S. securities to the Federal Reserve in order tosecure funds for business and consumer loans.

Yields on U. S. Government securities reacted quickly tothe easier monetary conditions. Prices of governmentissues, especially those with intermediate and short-termmaturities, rose substantially in the middle months of theyear and thereafter steadied or continued slowly upward tolevels which involved, for the year as a whole, sizable reduc-tions in yields on both long- and short-term securities.

The easier financing terms for corporate business arereflected in the trends shown in chart 17. Already low inhistorical perspective at the start of the year, though higherthan in the immediate postwar years, the yield on corporatebonds declined from 3.1 to 2.9 percent in 1949, bringing theaverage to the lowest point since early 1947. Terms ofequity financing were also down in 1949, after reaching a3-decade high in 1948. A decline in corporate earnings in1949 coupled with a sharp upturn of stock prices in thesecond half of the year reduced the earnings-price ratio to9.7 percent by the last quarter of the year as compared withan average of 12.6 percent in 1948. By the end of the year,the relation of earnings to stock prices was down to the 1947level. Dividend yields also turned down in the second halfof 1949.

At the close of the year, terms of equity financing ingeneral did not compare unfavorably with those which pre-vailed in the prosperous period of the middle twenties. Sinceinterest rates are currently well below those prevailing inthat earlier period, however, the relative attractiveness ofborrowed funds has been increased considerably.

Consumer Financing

The major factor in determining the level of consumerspending is, of course, the current income received by indi-viduals. Since the end of the war, however, spending out ofcurrent income has been buoyed by record holdings of liquidassets and by the relatively low volume of consumer debt.Actually holdings of U. S. Government securities by indi-viduals and unincorporated businesses continued to increasethrough the postwar period, although in 1948 and 1949 thenet purchases amounted to only about $1.0 billion a year.During each of the last 2 years, holdings of cash were reducedby an approximately equal amount. Individuals have, ofcourse, continued to add to their savings in the form ofinsurance reserves, shares in savings and loan associations,and to an increasing extent in the most recent period, in theform of purchases of securities other than Federal issues.

At the same time, consumers increased their outstandingdebt. During 1949, their mortgage debt rose by about $3.5billion and their short-term instalment indebtedness by $2.0billion. The latter rise was accounted for almost entirelyby increased buying of consumer durables, particularlyautomobiles. While easier terms, following upon the re-moval of all government restrictions by mid-1949, undoubted-ly contributed to the high volume of new consumer short-term borrowing, a major influence in the 1949 rise, as inprevious postwar years, was the expanded flow of goodsavailable to consumers. Despite the rapid postwar rise in con-sumer debt, however, the amount outstanding at the end ofthe year was not unusually high relative to consumer incomecurrently being earned.



Employment and Labor Developments1_ HE demand for labor continued strong throughout most first half of the year, largely because of more favorable

of 1949. However, with activity reduced from the peak weather conditions, but by the year's end the number ofreached in late 1948, notably in manufacturing, and with the farm workers was about 600,000 below December 1948.more effective organization of production, job opportunities After midyear, nonagricultural employment rose for a timewere fewer. and, apart from the adverse effects of the coal and steel

The average number of civilian workers employed during strikes, remained at the higher level. In each of the lastthe year was 58.7 million—670,000 below 1948 but exceeding four months of 1949 nonagricultural employment was aboutthe employment in any peacetime year except 1948. With 300,000 below the corresponding months a year ago.1

the labor force larger, unemployment rose above the minimum The most marked decline in nonagricultural employmentlevels characterizing the earlier postwar years, expanding occurred in manufacturing in which the number of employeesfrom an average of about 2 million workers in 1948 to 3.5 averaged 14.1 million in 1949, about 1.2 million under 1948.million in 1949. With the improvement in economic condi- Even so, average employment in manufacturing in 1949 com-tions around midyear, total employment increased somewhat prised a slightly higher proportion of total private non-although it showed no further significant gains after August. agricultural employment than in 1929 and 1939. Lcss-In the closing months of the year employment was moderately severe losses were experienced in transportation and mining,below the postwar highs of a year earlier. Trade, services, and construction remained virtually un-

Along with reduced employment, weekly hours worked changed at the high 1948 average. Government employ-were also cut, due in part to the increase in involuntary partment, especially at the State and local levels, and financetime work and the lessened necessity for overtime work as increased slightly.production overtook demand in more and more lines. Thus, Thus the commodity-producing industries which had beenthe man-hour input in 1949 in the private sector of the operating at unusually high levels decreased their employ-economy was below 1948. Real private national output was ment as postwar backlogs were replenished. Two majornot materially different from 1948 so that output per man- exceptions, the construction and automobile industries,hour in this sector apparently increased moderately. This con- held their workers while increasing output indicated im-clusion is necessarily based on an approximate measure of the proved efficiency and better-balanced materials supply duringreal output and man-hours because of the inadequacy of the most of the year,basic data and the difficulties in the problems of measurement.

The productivity gain in 1949 is attributable in part to the The trend within manfacturinglarge volume of new and more efficient equipment installed as T h e l o g s i n e m p l o y m e n t i n manufacturing, both in absolutereflected by the extraordinarily high expenditures of pro- a n d r e l a t i v e terms, was generally much greater in the durable-ducers of capital goods in the postwar years Another d s industries than in the nondurable group, as is evidentcontributing factor was the greater availability of resources f r o m c h a r t 1 8 T h i s c h a r t s h o w s a c o m p a r i s o r ] L of t h e

during most of the year in relation to output, which had the employment change by percent and in numbers for 20 majoreffect of removing most production bottlenecks and providing manufacturing industries arranged in the order of the volumean adequate now ol materials. o f c h a n g e from September 1948 to September 1949. Sep-

Maior labor force trends tember was selected as the month of comparison rather thanJ J some later month since employment was at or near the post-

The labor force, including the military services, averaged w a r peak in September 1948 and the volume of employment63.6 million in 1949, more than 800,000 over 1948. The in some major industries in the months after September 1949increment was only moderately in excess of the normal w a s influenced temporarily by the effects of the steel strike,increase based upon population growth. About a fourth of Because of the marked increase in activity in nondurablethe gain in the labor force between 1948 and 1949 originated g o ods beginning in June, employment in these industries asin the entry of veterans of World War II who had not been a whole during the last quarter was only about 3 percentjob seekers m 1948, a fact which accounts for the more than below the 1948 peak. The decline in the durable-goods in-normal increase in the labor force last year. It is to be noted dustries was deepened in October and, to a lesser extent, inthat the growth of the civilian labor force in 1949 was November by the direct and indirect effects of the steelroughly half that of the preceding year. strike. The decline in employment from September 1948

Women, youngsters, and older workers continued working to September 1949 was about \2 percent which representedin proportions above the prewar pattern with the result that a loss of about 1 million jobs,the labor force as a whole remained larger than is implied inthe labor-force projections based on the trend in prewar Unemployment higher during the yearparticipation rates. As a group women comprised 29 percent Unemployment reached a seasonal peak of 4 million inof the labor force in 1949; in 1940 they accounted for a little J u l a n d r e m a i n e d a r o u n d 3.5 million during the last fivemore than 25 percent. About 1 million more boys and girls mo

Jnths o f t h e Unemployment among men rose rela-

t e d 14 to 17, were both employed and enrolled in school at t i v e l m o r e t h a n a m w o m e n , but unemployment ratesJie beginning of the school year than at the time of the 1940 d u r i n g t h e k g t q u a r t e r w e r e a b o u t t h e g a m e ? 5 6 p e r c e n t o f

census. ^ j l e respectjve labor force for both groups.At the same time relatively fewer young men between the Unemployment and its relative incidence as a percent of

ages of 20 and 24 were in the labor force, mainly because of t h e c i v i l i a n l a b o r f o r c e f o r t h e l a g t t h r e e a n d f o r 1 9 4 Q

the extended schooling 01 veterans, bimilarlv, the propor- • «ilowT1 belowtion of working women, aged 20 to 34, was well below the AVumm™m& ^ M Zprewar pattern because of increased responsibility for home Y e a r : (millions) forceand child care. 1940 8. 1 14. 6

1947 2. 1 3. 6Employment in 1949 1948 2.1 3.4

r J . 1949 3.4 5.5Tota l civilian employmen t averaged a b o u t 58.7 million,

670,000 Under 1948, b u t 700,000 above 1947. Agricul tural l Because of a change in sample in August 1949, the data are not strictly comparable, and\ , .1 7 v 1 ,-i i • -1 1 • a according to census reports nonagricultural employment was probably closer to half a million

e m p l o y m e n t On the average Was Slightly h igher dur ing t he below the level of December 1948. The labor-force data were similarly affected.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Chart 18.—Absolute and Percent Change in Employmentfor Major Manufacturing Industries, September 1948to September 1949 *

CHANGE IN THOUSANDS OF PERSONS B B I-300 -250 -200 -150 -100 -50 0 +50 +100 +150

PERCENT CHANGE r~-30 -25 -20 -15 -10 - 5 0 +10 +15

ABSOLUTE CHANGEPERCENT CHANGE

PRINTING, PUBLISHING, 8ALLIED INDUSTRIES

AUTOMOBILES

APPAREL a OTHERFINISHED TEXTILE PRODUCTS

AIRCRAFT 8 PARTS

I

MACHINERY(EXCEPT ELECTRICAL)

PRIMARY METALINDUSTRIES

TEXTILE-MILLPRODUCTS

FABRICATED METALPRODUCTS

ELECTRICALMACHINERY

LUMBER a WOOD PRODUCTS(EXCEPT FURNITURE)

FOOD a KINDREDPRODUCTSTRANSPORTATION EQUIP-MENT (EXCEPT AUTOMO-BILES, a A I R C R A F T aPARTS)CHEMICALS aALLIED PRODUCTS

RU8BER PRODUCTS

STONE, CLAY, aGLASS PRODUCTS

INSTRUMENTS aRELATED PRODUCTS

PAPER a ALLIEDPRODUCTS

FURNITUREFIXTURES

LEATHER a LEATHERPRODUCTS

PRODUCTS OFPETROLEUM a COAL

TOBACCO


1 Include all major industry groups, except ordnance and miscellaneous.Source of data: U. S. Department of Labor, Bureau of Labor Statistics.

The average duration of unemployment in December 1949remained low, although somewhat above December 1948.Furthermore, of the 3.5 million unemployed in December1949 about 2.7 million had been without work less than 15weeks.

The concentration of unemployment in manufacturingcenters in New England and a few other centers of specializedproduction became sufficiently serious to receive specialattention from Federal and State authorities beginning aboutmid-1949.

Fewer job opportunities in 1949Labor turn-over in manufacturing furnishes further evidence

of the loosening of the job market in 1949. The rate of hiringremained below 1948, and about equal to 1939. Separationrates for all causes were about as high as 1948 and well above

1939, a year of increasing employment. The quit rate,which measures the rate of persons voluntarily leaving jobs,was well below 1948 and for the first time in the postwarperiod began to approach the prewar figure. During thefirst six months, the lay-off rate reached the highest level ofthe postwar period.

Decline in hoursNot only did nonagricultural employment decline, but

average weekly hours dropped about half an hour between1948 and 1949. Part-time employment, especially of theinvoluntary type, increased. The average number ofworkers, 38.5 million, who were employed 35 hours per weekor more was down 5 percent from 1948, although total civilianemployment was off only 1 percent.

Weekly hours worked in manufacturing averaged 39.1 in1949, 1 hour less than in 1948. Rather sharp declines inhours worked occurred in the lumber and primary metalmanufacturing industries. Many industries, including thetextile, apparel, furniture, and rubber groups, however,raised hours rather sharply in the fall of the year, apparentlyin an effort to meet increased orders.

Most nonmanufacturing industries, including trade, con-struction, services, communication, and transportation re-duced hours worked moderately during the year. In coaland metal mining, especially copper, average hours weredown markedly.

Average hourly and weekly earnings higherBecause of moderately lower consumers' prices the average

worker was better off in 1949 as a whole than in 1948. Inmanufacturing, real weekly earnings were up about 3 percentin contrast to the movement between 1947 and 1948 whenthe increase was negligible. Utilities workers fared evenbetter. Coal miners, on the other hand, experienced a re-duction in real weekly earnings with the shortened week,though their hourly earnings continued to rise.

Average hourly earnings for all wage earners increasedbetween 2 and 3 percent from November 1948 to November1949. Only workers in the transportation, communication,and gas and electric industries, with about a 12-percent gain,obtained substantially more than this. Establishment ofthe 40-hour week on railroads without loss of pay was animportant factor. The rise in average hourly earnings inmanufacturing during the period was slight.

These comparisons cover cash wages paid and do not in-clude the income secured by employees in the form of insur-ance and retirement benefits. Settlements of labor disputesinvolved substantial increases in so-called fringe benefits ofboth contributory and noncontributory nature, includingpensions, and various types of insurance became of increasingimportance in 1949. These settlements will mean a signifi-cant rise in non-wage income although many of them did notbecome effective until 1950, especially those concerned withlarge numbers of workers in the steel and automotive in-dustries.

Because of reduced hours worked, average weekly earning'increased less than the hourly rates—between 1 and 2 percenton an all-industry basis. The largest gains were obtained intransportation and public utilities, and trade and service.The fall pick-up in hours worked in manufacturing wassufficient to raise weekly earnings for the year to an averageabove 1948 and about equal to the peak reached in the lastquarter of that year—although there was considerable varia-tion in movement among individual manufacturing indus-tries. Construction workers averaged slightly more inaverage weekly earnings in 1949 than in 1948. Wage rateincreases were sufficient to offset slightly reduced hours,Both wholesale and retail trade reported relatively stablehours and moderately higher average hourly and weeklyDigitized for FRASER

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

February 1950 SURVEY OF CURRENT BUSINESS 31earnings. Telephone workers added about $3.00 to theirweekly earnings and utilities workers gained about thesame increase.

Wage rates in manufacturing, as indicated roughly bystraight-time hourly earnings, increased by about 1.4 percent(September to September), slightly more in durable goodsmanufacture, less in nondurable goods. For the year as aw^hole, however, the increase in average straight-time hourlyearnings in 1949 over 1948 was 5 percent, reflecting wagerate increases obtained in 1948 and maintained during thepast year as well as some 1949 increases.

Labor relations and negotiationsWith the moderate decline in the cost of living and reduc-

tion of employment and profits in many industries, no patternof money wage increase emerged and the number and size ofwage increases fell sharply. In a large number of industriesthe emphasis shifted from wage increases to pension and

welfare benefits, resulting in protracted negotiations in whichthe steel and automobile industries set the pace.

A number of industries, including men's clothing and seg-ments of the shoe and textile industries, agreed to the con-tinuation of the existing wage rates. Concurrently, wageincreases were extended to some workers in the public utilities,paper, printing, transportation, and the metal-working in-dustries. In a few instances some workers accepted wagecuts for the first time in the postwar period, in accordancewith previous agreements tying wages with the cost of living.

After more than 7 months during which industrial disputesresulting in work stoppages reached the lowest levels of thepostwar period, the combined effect of the steel and coalstrikes brought the total time lost for the year up to almosthalf that of 1946 and higher than any other postwar yearexcept 1946. Man-days idle because of industrial disputescomprised 0.6 percent of estimated working time in 1949,more than twice the rate of the 1935-39 average.

The Business Population1 HE business population during 1949 followed the course

of business activity, declining in the first 2 quarters and thenleveling off in the later months. Fewer businesses werestarted and discontinuances increased. Firms in operationduring the year averaged approximately 3,900,000, about 2percent lower than in 1948 but 18 percent or 600,000 morethan in 1939.

Seasonal influencesAlthough the number of firms in operation has shown a

steady decline since mid-1948, it is necessary to take accountof the fact that the business population is subject to seasonalinfluences. Characteristically the number of new businessesformed is relatively high in the first half of the year; this wastrue even in years like 1946 and 1947. In this earlier period,however, the number of firms in operation was so low relativeto the general level of business activity that births weresubstantially in excess of deaths and the seasonal declinesin births in the second half of the year were still insufficientto cause a drop in the business population. Now that this"deficit" in firms has been made up, births and deaths aremuch more nearly in balance and these seasonal movementscannot be ignored.

On a seasonally adjusted basis the peak in the businesspopulation was reached about the end of 1948, even thoughthere was an actual drop in the number of operating firms inthe latter half of 1948.

The slackened pace of business activity in the first half of1949 dampened the rise in new firm formation and theincreasingly competitive market situation which accompaniedthe easing in prices and output took heavier toll of existingbusinesses. The 50,000 decline in the number of firms inoperation was clearly counter-seasonal in character. Tenta-tive estimates for the last 6 months of the year indicate littlemore than the usual seasonal decline in births while thestabilization of activity in the remainder of the year hadthe effect of reducing slightly the number of discontinuances.Consequently, the number of firms in existence at the closeof 1949 was substantially unchanged from the mid-yearlevel if seasonal influences are taken into account.

Change in factors affecting births and deathsIn 1949, to a greater extent than in other postwar years,

movements in births and deaths were governed by changes inthe general business situation. The trend in the numberof new and discontinued businesses since 1944 is illustratedin chart 19, which brings out the initial rise and subsequent

fall in the number of new firms and the steady upwardmovement in discontinuances.

During the war the number of firms fell quite sharply,while the immediate postwar years saw an extraordinaryexpansion of the business population until its normal rela-tionship with gross national product was reestablished earlyin 1948. The decline in births between 1946 and 1948 wasa reflection of the fact that a decreasing number of firmswas required to make up the "deficit" in the businesspopulation which had been caused by the war. Althoughthe number of discontinued businesses has shown a steadyrise since 1944, the rise up to 1948 for the most part reflectedthe fact that a large proportion of the firms in the businesspopulation was very young and the mortality rate of suchfirms is ordinarily quite high.

Fewer operating firms in most industriesMore firms were discontinued last year than were formed in

each of the major industry divisions. In terms of the averagenumber of firms in operation during the year, however, thereappears to have been a small rise over 1948 in contractconstruction, as indicated in table 17. With the exceptionof mining and quarrying and manufacturing, however, thepercentage declines in the major industries were quite small.

The excess of deaths over births in manufacturing repre-sents a continuation of the 1948 trend. The decline in thedemand for the products of manufacturing plants in the firsthalf of 1949, which was evident in the sharp drop in manu-facturing output, was accompanied by a marked rise indiscontinuances in a number of industries, notably lumberand wood products, paper, chemicals and metals and metalproducts. Although detailed data on discontinuances in thesecond half of 1949 are not yet available for these industries,what information is at hand suggests that a drop in discon-tinuances accompanied the third and fourth quarter rise inmanufacturing output.

Manufacturing loses much of postwar gainManufacturing represents the interesting case of an indus-

try which has lost a large portion of its postwar growth. Ascan be seen from table 17, the number of manufacturingfirms in operation during 1949 was fractionally below thenumber in existence during 1946, although it was about one-third greater than in 1939, or well above the all-industryaverage increase of 18 percent. In a few manufacturingindustries there have been substantial declines from postwarpeaks—food, tobacco, lumber, chemicals, stone and trans_



Chart 19.—Number of New and Discontinued Businesses

THOUSANDS OF FIRMS800

600 -

400 -

200 -

1944 1945 1946 1947 1948 1949-1/YEARLY TOTALS

U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 5i

portation equipment have declined approximately 15 percentor more from the peak level of firms in operation. Mostother manufacturing industries have experienced rather smallrelative declines while a few-—-petroleum, for example—haveshown a fairly steady rise throughout the postwar period.

One reason for this behavior in the manufacturing popu-lation is traceable to the fact that, unlike the other majorindustry divisions, the business population in manufacturingincreased steadily throughout the defense and war period.As can be seen in table 17, manufacturing firms in operationduring 1943 averaged 7 percent above 1939. The manu-facturing population has typically been much more volatilethat other industries and the postwar demand for goods andhigh profits stimulated a very pronounced expansion in thenumber of manufacturing firms. Data on manufacturingprofits indicate that profits of the smallest firms have under-gone the greatest relative decline since 1947—just as earlierthey had risen the most—and this has had adverse reper-cussions on new firm formation and business discontinuances.

Failures higher

1 Data are preliminary; include estimates tor the last half of year.Source of data: U. S. Department of Commerce, Office of Business Economics.

Not only was there an increase in total discontinuancesbetween 1948 and 1949 but in addition there was a sharpincrease in the number of failures as reported by Dun andBradstreet. As has been pointed out in previous issues of

Table 17.—Average Number of Firms in Operation and Percent Change, by Major Industry Divisions, Selected Years, 1939—49

Industry group

All industriesMining and quarryingContract construction .ManufacturingTransportation, communication, and other public utilities.-Wholesale tradeRetail tradeFinance, insurance and real estateService industries

Average number of firms in operation(Thousands)

1939

3,305. 6

36.0199.7223.0143.2137.0

1, 558. 9306. 0701.8

1943

3,045.1

32.3157.5238.8121.0141.5

1. 400. 3301.2652. 5

1946

3, 605. 4

32.4242.6301.9163.0181.1

1,574.0337. 6772.8

1947

3,879.0

33.8289 3330. 5180. 8196. 6

1, 672. 8344. 7830.5

1948

3, 976.1

35. 0318.4327. 9187.5202.1

1, 704. 7346. 3854.2

1949 p

3, 907. 7

33.1321.8297.1187.0201.9

1, 676. 7345. 4844.9

1939-1943

- 7 . 9

-10 .3— 21.1+7.1

-15.5+3.3

- 1 0 . 2— 1.6- 7 . 0

Percent change

1943-1948

+30.6

+8.4+102. 2+37.3+55.0+42.8+21.7+15.0+30. 9

194S-1949

- 1 . 7

- 5 . 4+1.1-9.4

!i-1.6

q

-LI

1939-1949

+18.2

-8.1+61.1+33.2+30. 6+47.4+7.6

+ 12.9+20.4

•p Preliminary. Source: U. S. Department of Commerce Office of Business Economics.

the SURVEY the Dun and Bradstreet failures represent onlya small fraction of discontinuances, being confined primarilyto bankruptcies.

For the year as a whole failures were about 75 percentgreater than in 1948, although by prewar standards failuresin the aggregate were still quite low, being 20 percent belowthe 1941 level. In terms of the business population increasesince 1941 the comparison of failures over this period appearseven more favorable. It is interesting to note, however,that all the decline in the number of failures since 1941 isconcentrated in retail trade. In manufacturing and mining,wholesale trade, construction, and commercial service thenumber of failures in 1949 averaged higher than in 1941,but for the most part failure rates—failures relative to thebusiness population—were lower than before the war.

Loiver demand for capital goods by new firms

In previous issues of the SURVEY it was pointed out thatthe rapid expansion of the business population in the earlypostwar years gave rise to a considerable demand for newinvestment. In 1946 it is estimated that expenditures onnew plant and equipment and inventories by new nonfarm

business were 10 to 15 percent of the corresponding volumeof investment by all nonfarm business. In a period ofdeclining business population such as has occurred in thepast year the demand for capital goods stemming from newfirm formation has been of slight proportions. The risein discontinuances has resulted in an increasing stock ofcapital goods—in the form of used plant and equipment—available for new businesses.

This is not to suggest that there is no positive demand forinvestment by new firms with a declining business populationsince the used equipment of the discontinuing firms may notbe of the kind required by the new firms; in addition, theremay be geographical differences in the areas where usedplant or equipment is available and where new firms arebeing formed. Moreover, of the large number of new firmswhich came into existence in the 1945-47 period, many arestill in a process of growth and are making new outlays forexpansion.

Nonetheless, with new businesses some 45 percent lowerthan in 1946 and actually lower than deaths, new capitalexpenditures by new firms have shrunk considerably in thepast few years and this has been an important element inthe weakening of aggregate business demand for new invest-ment.


gU S I N E S S STATISTICSTHIIE DATA here are a continuation of the statistics published in the 1949 Statistical Supplement to the SURVEY OF CURRENT BUSINESS.

That volume contains monthly data for the years 1945 to 1948, and monthly averages for earlier years back to 1935 insofar as available; it alsoprovides a description of each series and references to sources of monthly figures prior to 1945. Series added or revised since publication of the1949 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where historical data anda descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers and dollar values refer to adjust-ment of monthly figures for seasonal variation.

Data subsequent to December for selected series will be found in the Weekly Supplement to the SURVEY.

Unless otherwise stated, statistics through1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey

1948

Decem-ber

1949

January Febru-ary March April May June July August October Novem-

berDecem-

ber

GENERAL BUSINESS INDICATORSNATIONAL INCOME AND PRODUCT

Seasonally adjusted quarterly totals at annual rates:National income, total bil. of dol

Compensation of employees totalWases and salaries total

PrivateMilitaryGovernment civilian

Supplements to wages and salaries

dodododododo

Proprietors' and rental income, totals doBusiness and professionalc? dr»FarmRental income of persons

dod o

Corporate profits and inventory valuation ad-justment total bil of dol

Corporate profits before tax totalCorporate profits tax liabilityCorporate profits after tax

Inventory valuation adjustmentNet interest

Gross national rvrodnct totalPersonal consumption expenditures, tota

Durable goodsNondurable goodsServices

Gross Drivate domestic investmentNew construction

dododododo

do1 do

dodododod o

Producers' durable equipment doChange in business inventories do

Net foreicrn investmentGovernment purchases of goods and s

total bilFederal (less Government sales)State and local

Personal income total

doervices,of doldodo

d nLess: Personal tax and nontax payments-__doEquals: Disposable personal income doPersonal saving§ do

PERSONAL INCOME, BY SOURCE

Seasonally adjusted, at annual rates:Total personal income bil. of dol

Wage and salary receipts, totalEmployer disbursements, total _ _

Commodity-producing industries. _Distributive industriesService industries _ __. .Government

" d o " "

"do..do

doLess employee contributions for social insur-

ance _ . .-_ bil. of dolOther labor incomeProprietors' and rental incomePersonal interest income and dividendsTotal transfer payments

Total nonagricultural income _

do

" d o : : ; :do

NEW PLANT AND EQUIPMENTEXPENDITURES

All industries, quarterly total mil. of dol__Manufacturing, ._. _ _doMiningRailroadOther transportationElectric and gas utilitiesCommercial and miscellaneous _.

dodododo

- - d o . . . .

234.3144.9139 8119.6

4.116.15.0

49.724.518.56.7

35.734 513.620.9

1.24.1

270 3180.922 9

103.354 848 017.921.29.01 0

40.323.416.9

216 620.4

196.215.3

217.0137.1139. 462.340.016.920.2

2.32.0

50.316.910.7

193.6

5,4102.320

990410170850

1,440

' 214.6' 135. 9' 138. 2' 60. 5MO. 3'17.1

20.3

2.32.0

M8. 517.0

' 11.2

' 192. 0

'211.3' 134. 0'136.3' 59. 4

39.5'17.0'20.4

2.32.1

M6.6'17.0' 11.6

' 191.0

' 224. 7' 141.9' 136. 5' 116.1

4.1' 16.3'5 .4

' 47.1'24.1' 16. 4

6.7

'31.629.411.517.9' 2 . 2M . I

' 262 0' 178. 7'23.0

' 100. 4' 55 3' 40.0

16.8'20.7' 2 . 5

1 0

42.325.2

' 17.1

' 212. 0'18.6

' 193.4' 14.8

' 210. 2' 132. 3' 134. 6'57.4

39.4' 17.3'20.5

2.12.1

M6.2'17.0' 12.6

' 190.5

4,4601, 850

190360130680

1,260

' 210. 5' 133. 9' 136. 0' 57. 4M0. 7'17.3

20.6

2.22.1

'45. 0' 17.1' 12.4

' 191.8

' 210. 2' 133. 7' 135. 9' 57. 0MO. 9' 17.4'20 .6

2.32.1

' 45. 2'17.0'12 .2

' 191.4

1

' 220. 8' 140 8' 135 4' 114 7

M. 116.6' 5 5

r 45 124 1

' 14. 36.7

'30 .726 410 615.8' 4 3M.2

' 257. 9'179.3' 23. 6'99 .8

55 9' 33 2

16.4'20 .0' - 3 . 2

1.2

'44. 2' 26. 4

17.8

' 210. 0'18 .6

'191.4' 12.1

' 209. 4' 132. 9' 135. 2' 56 7

40.3'17 .3'20 .9

2.2' 2 . 1

' 45. 1' 17.0' 12.3

r 190. 5

4, 6601.880

190380140780

1, 290

' 207. 2'133.0' 135. 2

' 56. 440.5

' 17.1'21 .2

2.22.1

M2.8' 16.9' 12.4

' 190. 2

' 209.1' 133.4' 135. 6' 56. 9

40.517.1

'21 .1

2.2' 2.1

r 43. 9' 17. 1' 12. 6

'191.4

' 220. 7' 141 1' 135 6' 114 4

M.2' 16.9

' 5 . 5' 43 1' 24 0' 12. 6

' 6. 6

'32 .328.911.417.5' 3 3M.2

' 254 6' 179. 7

r 25 7

'

' 97. 6r 56 5r 32 1r 17.4r 19. 6— 5 0' - . 3

43.225 018.2

' 208.2' 18. 6

' 189. 5' 9 . 8

' 208.3' 133. 7' 135. 9

' 57.1M0. 5

17.1'21 .2

2.2' 2.1

M2. 7' 17.2' 12. 6

' 192. 2

4, 3601,690

180310130790

i 1,260

' 207. 0' 132. 7' 134. 9' 55. 5M0. 2' 17.5'21.7

2.2' 2 1

'42. 9' 17.3' 12.0

' 190.3

r 209. 4r 132. 5' 134. 7' 56. 0' 39. 5

17.4'21.8

2.2' 2 2

'44. 9'17.4'12.4

' 191.3

140.9135. 3113.5

4.517.35.6

43.724.012.96.8

.74.3

255. 2179.825. 297.756 933. 718.718.7

- 3 . 7- 2 . 0

43.725. 018.8

209.318.6

190.710.8

211.5134.1136.357.43 9 . <>17.421.9

2.22 2

43.419.112.7

194.1

i 4, 4301 1,710

i 170l 290i 1101900

U.250r Revised. 1 Estimates based on anticipated capital expenditures of business.cf Includes inventory valuation adjustment.§ Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.

S-l


S-2 SURVEY OF CURRENT BUSINESS February 1950


1948

Decem-ber

1949

January Febru-ary March April M a y June July August Septem-

ber October Novem-ber

Decem-ber

GENERAL BUSINESS INDICATORS—Continued

FARM INCOME AND MARKETINGS

Cash receipts from farming, including Governmentpayments, total % .mil. of dol__

Farm marketings and CCC loans, total doCrops _' doLivestock and products, total do

Dairy products doMeat animals doPoultry and eggs do

Indexes of cash receipts from marketings and CCCloans, unadjusted:%

All commodities 1935-39=100_ _Crops doLivestock and products do

Indexes of volume of farm marketings, unadjustedrt-All commodities '. _ .1935-39 = 100__

Crops doLivestock and products do

INDUSTRIAL PRODUCTION

Federal Reserve Index

Unadjusted, combined index 1935-39=100.

Manufactures do

Durable manufactures doIron and steel doLumber and products do

Furniture doLumber do

Machinery doNonferrous metals and products do

Fabricating doSmelting and refining do

Stone, clay, and glass products doC emen t*_ doClay products doGlass containers do

Transportation equipment doAutomobiles (incl. parts) do

Nondurable manufactures do..Alcoholic beverages do..Chemicals products do-.

Industrial chemicals do..Leather and products do-.

Leather tanning do..Shoes do..

Manufactured food products do..Dairy products do.Meat packing. do_.Processed fruits and vegetables do..

Paper and products do_.Paper and pulp . _ do_

Petroleum and coal products do..Coke do..

Printing and publishing do..Rubber products do-Textiles and products do..

Cotton consumption do..Rayon deliveries do..Wool textiles.. do..

Tobacco products do..

Minerals do..Fuels d o -.

A nthracite do..Bituminous coal do..Crude petroleum do^

Metals do.

Adjusted, combined index d* . . d o . .

Manufactures do...

Durable manufactures do..Lumber and products do.

Lumber do..Nonferrous metals do-.

Smelting and refining do..Stone, clay, and glass products do-.

Cement d o -.Clay products do.Glass containers do_.

Nondurable manufactures do_.Alcoholic beverages. do..Chemical products do..Leather and products _ do -.

Leather tanning do..Manufactured food products do..

Dairy products do..Meat packing-. do_.Processed fruits and vegetables do..

Paper and products do..Paper and pulp do..

2, 7062, 6961,3041,392280789312

406457367

157182138

190

197

229223132168113277184185183199193178171246208

171174258450991029715392181111

153149231184158200156114317151136

15116410314517777

192

199

231143131184183205212173184

173197257100103158144154142153150

2.3832, 3671,0801,287305752223

356378340

145160135

187

195

225228118154100268183182186192169166185244209

17015325544710810411114892179

163158228184149193160123313150158

1431568814516768

191

227129117183186204208180189

175181257108103160144152138163158

1,7831, 768689

1,079283589200

266241285

113103120

185

193

22323211515496262185180200187168166179241

16815925143511611511714610414986

158154221185152188157125305143153

14315574142168

189

196

225123107185200202222176184

173177250113107162145156136158154

1,9731,946677

1,269327692242

293237335

12094139

181

190

221233124150110252183172210185171163178240204

1641732484271139912314512414185

151148213178156182142120275122163

1311375293163

184

193

223129119183210195208171178

16818724511399162150153154151147

1,8501,823592

1,231326623265

275209325

11481140

177

183

212219126144116240167151209186202160179235203

1591632394171069611314816013494

146142209182157177129111240112153

14614888144156134

179

184

212126118167209189213164179

16216423710696162154145155146141

1,9441,915

6391,276

361627259

288224337

12389149

174

179

202204129139124232145123200190206156202220184

16018223340610195105156203138102

144139207175158178123103214118170

148149105144155142

174

179

201126120145200185196157189

16117423410195163153137156144139

2,0532, 036

7571,279

359647239

306265338

132110148

170

176

195177129139124225133108192188209151204240211

16119023040410495110165223139133

143138202159148178126105217120179

13713578104153150

169

194123114133193186195152206

16016923310597165151141173143

- 138

2,1772,168972

1,196347592233

326340316

141145138

163

169

156121136113217127105179187209140214249225

1561882253929480104172222140181

128'12519813913317512087238109152

128126

147140

161

168

185115104127180185190140223

1541652289684161151150139129

r 126

2,4172,4111,1621,249328661245

363407330

162190140

••174

181

194178134148126216141128174190207149212246225

17017922638811090123189197134287

155'148203146143178140111259134184

13413482108149135

170

178

193126115141174183183145204

165172

r 22911191166152153151155148

2,6082,6011,3271,274304705250

392465336

168209138

"179

-189

200179141

- 158132224157150175191219

- 151199252231

- 179179

'23840511498125

- 190159145

-267

169160208145159

-202155127

- 294139185

1231225060154128

174

184

199

- 132119157175183189

-146195

- 173174236115100

- 167151158

- 137169160

3,1393,1271,7731,354298787255

471621357

202270150

169

179

- 176-102- 138- 165125226164162167192211154210238216

181180

-245414108- 99115

- 177121155

-192

176168

169-197169134318161171

112- 12011831

- 15661

166

176

175133116164167

-184182146204

177167240108-98- 165 |146155

- 149176 !168 i

3 0503, 0381,7221,316

266- 735-303

M57-603'347

-193-246-153

-174

179

180144144163134217163161170188206153195206

-176

- 178-171-247-418

-9995

- 101-162

97172

-121

177168

-204102167

-195-174

138-340

160172

-141- 152

117133

- 16369

-173

-179

-181- 147

139-163- 169-183

191147193

-177- 187

243-97

92- 159

147154

- 131177168

2, 3262,3171,1751,142

267603262

349411301

155170144

» 177

v 186

P 2 0 0198

v 144*>167M 3 2*226v 167v 164v 174v 181

187P 1 5 4

177P 2 1 8*186

P 1 7 4151

*>249P 4 2 5

*>15396

186P 9 4

166159

?213

162*192v 174

134350

138

v 128*13G

63103

v 157J » 7 9

»179

*187

*>202^ 157v 153* 167v 174P 1 8 7

206P 1 5 0

190

v 175173

*>245

P 1 5 7148157

* 121167160

' Revised. v Prel iminary.% Da ta have been revised beginning January 1947 to incorporate revisions in reports on production and sales of farm products; revised figures for Janua ry 1947-July 1948 are available upon

reques t . c? Seasonal factors for a n u m b e r of industries were fixed at 100 during 1939-42; data for these industries are shown only in the unadjusted series.


February 1050 SURVEY OF CURRENT BUSINESS S-3


1948

Decem-ber

1949

January-Febru-

ary March April M a y .1 uno July August Septem-ber October Novem-

berDecem-

ber


INDUSTRIAL PRODUCTION—Continued

Adjustedcf—ContinuedManufactures—Continued

Nondurable manufactures—ContinuedPetroleum and coal products . _ .1935-39=100.Printing and publishing d o . . .Tobacco products do - . .

Minerals do .Metals do-

B U S I N E S S SALES AND INVENTORIES *

Business sales (adjusted), total bil. of dol.Manufacturing, total do - _.

Durable-goods industries d o . . .Nondurable-goods industries do _ _ _

Wholesale trade, total d o . . .Durable-g x>ds establishments do__.Nondurable-goods establishments do_. -

Retail trade, total do__.Durable-goods stores. do _. _Nondurable-goods stores do . - -

Business inventories, book value, end of month(adjusted), total bil. of dol..

Manufacturing, total doDurable-goods industries doNondurable-goods industries do

Wholesale, total doDurable-goods establishments doNondurable-goods establishments do

Retail trade, total d o . . . .Durable-goods stores-.- doNondurable-goods s to res . . - do

Manufacturing inventories (unadjusted), bystage of fabrication, total bil. of doL

Purchased materials d o . . .Goods in process doFinished goods d o . . .

MANUFACTURERS' SALES AND INVEN-TORIES—VALUE (ADJUSTED)*

Sales, to ta l . . . . . . .m i l . of dol . . .Durable-goods industries, total do_

Tron, steel, and products do.Nonferrous metals and products clo.Electrical machinery and equipment .doMachinery, except electrical do.Motor vehicles and equipment do_Transportation equip., except autos doLumber and timber basic products doFurni ture and finished lumber products . .doStone, clay, and glass products doOther durable-goods industries do.

Nondurable-goods industries, total do.Food and kindred products doBeverages do.Tobacco manufactures do.Textile-mill products do.Apparel and related products doLeather and products. do.Paper and allied products do-Pr in t ingand publishing do.Chemicals and allied products do.Petroleum and coal products doRubber products do..Other nondurable-goods industries do.

In ven lories, book value, end of month, total doDurable-goods industries, total do.

Iron, steel, and products do.Nonferrous metals and products do.Electrical machinery and equipment doMachinery, except electrical do.Motor vehicles and equipment do.Transportation equip., except au tos . . doLumber and timber basic products doFurni ture and finished lumber products.-doStone, clay, and glass products doOther durable-goods industries do

Nondurable-goods industries, total do.Food and kindred products doBeverages . - -doTobacco manufactures . . . d oTextile-mill products doApparel and related p r o d u c t s . . . . . . d oLeather and products doPaper and allied products . . doPrinting and publishing doChemicals and allied products doPetroleum and coal products doRubber products doOther nondurable-goods industries. do

231154146

156110

38.219.18.3

10.78.22.0

' 6 . 111.03.37.7

58. 534.116.217.99.53.36.2

15.05.79.2

34.214.18.1

12.0

19,0658,3412, 251

640812

1, 3401,235

510411355382405

10, 7243,036

537272

,116894272538571

1,1671,742

280298

1,

34,06616,1823, 5231,0782,0183, 6182,133

998666780577792

17, 8843,0151,0521,6192. 4661, 564

609889640

2,4352,432

650513

228155159

149104

36.217.97.6

10.37.71.7

••6.010.63.07.6

58.534.416.517.99.53.46.1

14.75.7

34.614.18.2

12.3

17, 8807,5502, 033

595729

1, 2381,176

406351299358

10,3303,028

498272986958256502588

1,1381,554

260290

34,40916, 5393, 5861,0622, 0593, 6662,212

996737814593814

17, 8703,0111,0521.5982. 5211,540

634909645

2,4282,446

661425

221153160

149113

••36.618.27.8

10.47. 71.85.9

10.73.27.5

58.434.416.617.89.53.46.1

14.55.78.8

34.613.98.3

12.4

18,1757,7572,081

602716

1,2701.217

483349302373364

10, 4183,040

482274

1,014978288497619

1,1291,545

251302

34,40916, 6293, 6331.0292.0883, 6882,217

976744835605813

17, 7802, 9751,0821,5772. 5091,494

606906045

2,4112, 495

661420

213153172

136129

'37 .118.57.8

10.67.91.96.0

10.73.37.4

58.234.216.517.79.33.45.9

14.75.8

34.413.68.2

12.5

18, 4517,8052, 054

567742

1,3251, 222

453384337371351

10, 6462,923

601292

1,0281,043

294486641

1,1521, 584

260342

34, 22316, 5283, 6321,0962, 0633, 6912,194

951698817572815

17, 6953,0101,1181,5682, 4821,436

598919628

2, 3552.516

653412

209152162

148145

35.917.67.4

10.27.41.75.7

10.83.37.5

57.834.016.517.69.33.45.9

14.55.78.8

33.913.38.2

12.4

17,6437, 4451, 883

488720

1,2611,289

426370316332361

10,1982,942

607266943895291461596

1.0861,540

257314

34,01816, 4663. 6541.1232,0243, 6282,201

926737795570808

17, 5523,0281,1141. 5952 3951. 363

595911616

2,3462, 527

648414

207155170

145126

36.017.77.5

10.37.51.85.7

' 10.83.37.4

56. 933. 616.017.69.23.35.9

14.15.48.8

33. 412.88.3

12.4

17, 7417,4881,768

452741

1,2291,389

484381328367350

10, 2533,027

671284936807279451573

1,1441.523

248310

33,56515. 9943,6291,1201,9413, 5332, 008

909725787557785

17, 5722,9931,1081,6142, 4041,404

617894611

2,3162, 539

650420

202149172

133124

36.418.07.7

10.2

L85. 9

10.73.3

56. 433.315.717.59.03.25.8

14.25.4

32.912.48.1

12.4

17,9907, 7451,811

512730

1,1951, 553

454417339369366

10,2443,006

701279984685303461592

1,1431, 525

266300

33, 25015, 727

3, 5641,1361,8883,4841,977

915652786563762

17, 5243,0261,0951,6332. 3611,4! 2

624872609

2. 2782,544

644427

198144146

123105

34.817.17.29.97. 21.65. 5

10.53.37.2

55. 332.415.217.19.13.16.0

13. 95.38.6

32.312.28.0

12.2

17,1147,2071,703

418669

1,0631,558

487362288349310

9,9072,774

674271968770282497555

1,1061,511

271227

32. 36715, 2253,4591,1151,8063,3861,904

903617757548731

17,1422,8421,1021,6112.3161,421

590832580

2,2642,546

625415

151178

129102

37.118.98.0

11.07.51.85.7

r 10.73.57.2

54.631.614.716.99.13.06.0

13.95.38.6

31.712.07.7

11.9

18,9457,9821, 850

546749

1,1301,739

492410336395335

10, 9642, 969

740298

1,111995316583573

1,2391, 598

295245

31, 63814, 7413, 3371, 0641. 7373,3291,824

860586754527724

16, 8982,8841,0621, 6682.2191, 359

598793568

2,2472,513

586400

208159175

37.218.97.9

11.07.51.95.6

r 10. 93.5

r 7. 4

54.631.1.14.316.89.23 06.2

14.45.68.8

31.011.8

' 18, 865' 7, 877r 1.894

579802

1, 1301, 579

365436346388358

10, 9882,989

589285

1, 164964294644596

1,2741,618

277294

"31,076' 14, 282

' 3, 2021,0351, 6483, 2391, 769

869558744506712

16, 7942,8061, 1241.7282.1981,332

614756561

2,2282, 497

562390

198165165

11257

34.616.8' 6 . 510.3

' 7. 11.75.4

' 10. 73.57.1

54.430.713.916.9' 9. 1

2.96.2

14.55. 78.8

30.711.87.2

11.7

r16,805' 6, 542' 1, 088

500756

1,0531,371

359409324354327

10, 2632,890

528256

1,089791274623509

1,1741, 575

262291

r 30, 744r 13, 876' 3, 062

1, 0231,6033,1521,678

839598717492712

16,8672, 9551,0991,7152,2181, 332

611739559

2,2222,507

537373

r204160169

'141r 74

' 35. 5' 17.3

7.2' 10. 3

J.' 8

i a o3.37.3

' 53. 9r 30. 5

13.6r 16.8' 9. 1

2 9' 6 . 214.35.58.8

' 3 0 . 612.0' 6 . 811.7

' 17, 341' 7, 041r 1, 457

'512r 767

' 1,081' 1,258

'410'454' 345' 393'363

' 10, 300' 2, 834

' 522'280

' 1.133'688'254'618'512

r 1, 182r 1, 654

' 3 3 3

' 30, 494' 13,646

' 3, 048T 1, 028r 1. 568' 3. 082'• 1, 626

' 809r602'723'474'687

' 16. 848' 2, 983r 1, 0S2r 1,697r 2. 254r 1.357

'• 616

r 589r 2, 223' 2,472

" V302

P 213159149

P 131p 103

34. 316.66.79.97.21. 75.5

10. 53.17.4

53. 830.813. 817. 09.12.96.2

13.85.08.8

31.012.26.8

12.1

16, 6066, 6751, 657

539687

1, 0641,064

377436303341311

9, 9302,777

544259

1,065644242548635

1, 0691, 583

" " " " 2 7 2 "

30,81713, 8183,1201,0491.5943, 0671,656

806635718488686

16, 9993. 0711,0931, 6932, 3021, 380

610758590

2.2122, 435

359 ~r Revised. *> Preliminary. cf See note marked "d"" on p. S-2.•New series. Except as otherwise stated, seasonally adjusted dollar sales and inventories have been substituted beginning with the October 1949 SURVEY for the unadjusted dollar values

«nd indexes formerly shown; for earlier figures and details regarding the new series, see pp. 12-24 of the October issue. Salos and inventories of service and limited-function wholesalers onlvare publhued currently on p. S-10.and



Unless otherwise s ta ted, stat ist ics th rough1948 and descriptive notes are shown in the1949 Statist ical Supplement to the Survey

1948

Decem-ber

1949

January Febru-ary- March April May June July August Septem-


Decem-ber


MANUFACTURERS' NEW ORDERS, NET *Value (unadjusted), total mil. of doL.

Durable-goods industries, total... doIron, steel, and products doNonferrous metals and their products doElectrical machinery and equipment doMachinery, except electrical doTransportation equipment, except autos - _doOther durable-goods industries do

Nondurable-goods industries do

18,0507,5702,023

582786

1, 075444

2, 66010, 480

16, 8606,7032, 034

594699918

1-1552,613

10,157

16, 5346,7341,832

514612

1, 016384

2,3769,800

17, 9627,1851,816

570754

1, 151296

2, 59810, 778

15, 9686,1271,425

437619985160

2,5019,841

15, 7345,9931,328

358584986495

2,2419,742

16, 3006,5441,504

418702

1,017217

2,6869,756

15,4966,1951,284

365561858263

2,8659,301

18, 6977,4071,776

615687938244

3,14611,290

' 19, 441* 7, 634' 1, 513

583810996377

3, 35511,807

' 18, 359r 7, 432r 1, 837

566841970246

2,97210,926

' 18,165' 7, 402' 1, 771

••525-724-953-711

' 2, 718- 10, 763

BUSINESS POPULATION

OPERATING BUSINESSES AND BUS1TURN-OVER

Operating businesses, total, end of quarter-Contract constructionManufacturingService industriesRetail tradeWholesale tradeAll other

New businesses, quarterly totalContract constructionManufacturingService industriesRetail tradeWholesale tradeAll other

NESS

thousdodododododo

dododododododo

Discontinued businesses, quarterly total doContract construction r>ManufacturingService industriesRetail trade"Wholesale tradeAll other

Business transfers, quarterly total

BUSINESS INCORPORATIONS

New incorporations (48 States)* _. . . . n

INDUSTRIAL AND COMMERCEFAILURES

Failures, totalcT - nCommercial serviced1

ConstructionManufacturing and miningRetail tradeWholesale trade

Liabilities, totald" thousCommercial serviced1

Construction . _Manufacturing and miningRetail tradeWholesale trade

dododododo

..do-—

jmber. .

imber. do

do..do

dodo

ofdoL.do

. do_-_dododo

3,964. 73*>3 8319 8851? 1

1 690 9202.7569. 4

77.611 37.5

16 428.83 99.8

102.012 915 320 638 0

4.011 2

70.6

7,421

5313664

15521759

31,731924

2.39621.9804.2472,184

- - - - -

7,906

5664153

12926776

19,1591.1741,8928, 6254,8412,627

6,362

6854463

17031890

27, 567896

2,47615. 009

5, 7283,458

3,938.1323 2307 9848 8

1 688 3202 2567.5

95.016 19.1

19.834.54 4

11.1

121.6lfi. 621.023 243 14.7

12 9

102.2

7,637

-847-87

77215366102

'37,118' 4, 792

3.01817, 0757,2695, 034

7,273

8777668

22940698

31, 9305,7741.519

14,5236.1393,975

7,445

- 775-58

63202351101

' 24,583' 1, 599

1,43411,1826.0344. 334

3,911.9322.8296.1845. 7

1 679 5202.1565.7

99.016.99.0

20.037.94.2

11.0

125.217.320.823 146.74.4

12.8

83.6

7,260

8287574

21537292

28,1611,8622,476

13, 5006,2344,089

6,424

7194961

188344

77

21, 8041,3931,845

10,1835,6292,754

6,828

8105355

221385

96

31,1751,1872,272

16, 0086,4245,284

6,867

7326771

18332982

20, 5981,2892,1489,3794,9292,853

6,

23,1,1,

11.52,

877

8025890

181364109

894?,4R989897833927

6,755

8356383

197395

97

22, 7991, 2814,3628,4195,9292,808

7,857

7705080

201349

90

19, 251668

1,8147,4656.2843.020

COMMODITY PRICES

PRICES RECEIVED AND PAID BY FARMERS

Prices received, all farm products t§—1910-14=100..Crops do

Food grain doFeed grain and hay doTobacco doCotton doFruit doTruck crops doOil-bearing crops do

Livestock and products doMeat animals doDairy products doPoultry and eggs do

266229236183408249181181303299330285259

247250244

257

104

265239233186404246199256294289323275239

246248242

256

104

255234223171404245198267262275309265216

242245238

252

101

25S232226176403242207235261281327254215

245247243

255

101

256234229177403251225196256276324241220

244246242

254

101

253235229174403252239194245271319235215

244245242

253

100

249225213168404253235155232271323233212

242245239

252

99

246221209171404253217168219269316237213

240244235

250

98

244214205165400246181170241271310244225

238242234

249

98

247212211166393250160188227279319251236

238240234

248

100

242210213161396241180174221271301258230

237239235

246

98

237210215157369233172213220262286261216

236238234

245

97

Prices paidrfAll commodities 1910-14= 100..

Commodities used in living doCommodities used in production do

All commodities, interest, taxes, and wage rates1910-14=100—

Parity ratiot - doi Minus denotes excess of cancellations over new orders, d1 For comparability with data prior to 1945, figures for certain subsequent months have been revised to exclude railroad failures.

Revisions are as follows (for December 1945, November 1946, July 1947, and October 1948, respectively): Total number of failures—41; 103; 297; 459; number of commercial failures— 4; 12; 28; 50;total liabilities (thous. of dol.)—1,654; 9,511; 20,701; 25,114; commercial service liabilities (thous. of dol.)—202; 202; 3,427; 1,763. Revisions for 1949 are as shown above.

*New series. Beginning with the December 1949 SURVEY, dollar values of manufacturers' new orders have been substituted for the indexes shown prior to the October 1919 issue; figuresback to January 1946 and details regarding the new series are given on pp. 18-24 of the December 1949 SURVEY. Data on new incorporations are compiled by Dun and Bradstreet, Inc.; theyare available for the 48 States beginning 1946, and for 47 States (excluding Louisiana") beginning July 1945.

§ January 1950 indexes: All farm products. 23/). crops, 219; food grain. 218, feed grain and hay, 170: tobacco, 382; cotton, 222; fruit, 185; truck crops, 261; oil-bearing crops, 228; livestock andproducts, 249; meat animals, 286; dairy products, 254: poultry and cge.s, 158.

tRevised series. Beginning with this issue of the SURVEY, data are revised (effective back to 1910) to reflect changes prescribed in the Agricultural Acts of 1948 and 1949; revisions prior toDecember 1948 will be shown later.




1948

Decem-ber

1949



Decem-ber

COMMODITY PRICES—Continued

RETAIL PRICES

All commodities (U. S. Department of Commerceindex) 1935-39=100.

Coal (U. S. Department of Labor indexes):Anthracite Oct. 1922-Sept. 1925-100..Bituminous do

Consumers' price index (U. S. Dept. of Labor):All items 1935-39=100-.

Apparel doFood do___

Cereals and bakery products do_ __Dairy products do_._Fruits and vegetables do___Meats, poultry, and fish do._-

Fuel, electricity', and refrigeration do . . .Gas and electricity do_._Other fuels do . . .

House furnishings do___Rent do__.Miscellaneous do

WHOLESALE PRICES tf"

U. S. Department of Labor indexes:tAll commodities 1926=100.

Economic classes:Manufactured products doRaw materials do__.Semimanufactured articles do

Farm products doGrains doLivestock and poultry do

Commodities other than farm products._do

Foods do_.Cereal products do.Dairy products do.Fruits and vegetables do_.Meats, poultry, and fish do..

Commodities other than farm products andfoods 1926=100.

Building materials do . . .Brick and tile do._.Cement do . . .Lumber do___Paint and paint materials do

Chemicals and allied products doChemicals do . . .Drug and pharmaceutical materials, .doFertilizer materials do.__Oils and fats do . . .

Fuel and lighting materials do_Electricity do.Gas do_Petroleum and products do_

Hides and leather products do_Hides and skins do.Leather do_.Shoes do..

Housefurnishing goods doFurnishings doFurniture do

Metals and metal products doIron and steel doNonferrous metals doPlumbing and heating do

Textile products doClothing do-.. .Cotton goods doHosiery and underwear doRayon and nylon. doSilk do.-. .Woolen and worsted goods do

Miscellaneous doAutomobile tires and tubes doPaper and pulp.- do

PURCHASING POWER OF THE DOLLARAs measured b y -

Wholesale prices 1935-39=100..Consumers' prices doRetail food prices do

192.5

145.5159.2

171.4200.4205.0170.2199.2192.3241.3137.895.3

191.3198.6119.5154.0

162.4

157.6172.2160.8177.3171.1204.6158.9

170.2150.0171.2139.8220.8

153.1202.2160.5133.5305.9161.2

131.1123.4151.5120.1179.4

137.267.791.1

122.0

185.3197.2186.5188.0

148.4153.6143.1

173.8165.4172.5157.3

146.7148.8189.2103.741.846.4

159.6

118.566.2

169.5

49.558.348.8

191.5

147.0159: 5

170.9196.5204.8170.5196.0205. 2235.9138.295.5

191.8196.5119.7154.1

160.6

156. 2169.3160.4172. 5167.7194.7157.8

165.8148.0163.6145.3214.2

152.9202.3162.5133.9299.5166.3

126.3122.2150.4120.8146.1

137.167.788.1

121.3

184.8198.7185.4187.8

148.8153.6142.8

175.6169.1172.5156.9

146.1147.7186.9102.541.850.1

161.6

117.365.5

168.3

50.158.548.8

149.1160.0

169.0195.1199.7170.0192.5213. 7221.4138.896.1

192.6195.6119.9154.1

158.1

154.0165. 8159.6168.3157.2187.2155.7

161.5146.7159. 8152.3205.1

151.8201.5162.4133.9296.9165.3

122.8119.5148.9120.8131.7

135. 968.591.9

118.7

182.3185. 9183.9187.8

148.3154.2142.3

175.5169.1172.5156.1

145.2147.3184.8101.341.850.1

162.1

115.364.7

168.0

50.959.250.1

189.4

149.1160.0

169.5193.9201.6170.1190.3214. 5229.6138.996.1

192.5193.8120.1154.4

158.4

154.1167.3156.9171.5162.6195.0155.3

162.9146. 5154. 8151.7214.8

150.7200.0162.4133.9294.7162.3

121.1118.4142.4119.6129.3

134.367.992.8

115.9

180.4181.8178.9187.8

148.0153.9142.1

174.4168.3168.4155.3

143. 8147.1180.1101.241.850.1

161.8

115.764.6

167.2

50.859.049.6

144.9158.1

169.7192.5202.8170.3184.9218.6234.4137.496.8

187.8191.9120.3154.6

156.9

153.0165.8153.1170.5163.8189.0153.7

162.9145.3147.2158.1216.0

148.9196.5160.8133.7290.6157.9

117.7117.2123.0119.7121.2

132. 067.992.3

113.3

179.9183.4177.8186.9

147.0152.4141.6

171.8166.2156.4154.9

142.2146.4176.2101.241.850.1

160.9

115.664.6

165.1

51.258.949.5

140.7154.7

169.2191.3202.4170.1182.6220.7232.3135.496.9

182.7189. 5120.4154.5

155.7

151.5165.9149.4171.2159.9191.5152.1

163.8145.1145.9167.3215.2

146.8193.9160.8133.7285.2157.4

118.2116.9123.6118.9127.0

130.168.290.9

110. 7

179.2188.2177.4184.0

146.2151.9140.3

168.4165.1138.2154.7

140.5146.0172.6100.440.850.1

159.7

113.564.5

163.3

51.659.149.4

188.3

142.3154.8

169.6190.3204.3169.7182.0217.9240.6135.696.9

183. 0187.3120.6154.2

154.5

150.7164.5146.5168.8154.9193.3151.2

162.4145.6145.5157.5215.5

145.6191.4160.8133.7280.7153.6

116.8116.9124.3117.5116.9

129.968.990.1

110.4

178.8186.0177.1184.1

145.1150-9139.3

167.5164.7128.8154.7

139.2145.6169.799.639.649.2

159.7

111.062.1

159.6

52.059.048.9

186.8

143.0154.8

168.5188.5201.7169.5182.2210.2236.0135.696.9

183.1186.8120.7154.3

153.5

149.7163.2146.0166.2154.1188.5150.5

161.3146.1149.2145.4212.2

145.0189.0161.5133.1277.4145.2

118.1118.1124.7120.7118.5

129.970.089.5

110.2

177.8184.7175.4183.8

143.0149.1136.8

167.9164.2132.1154.7

138.0144.8167.398.539.649.2

157.6

111.360.6

156.8

52.459.3

186.6

143.4154.9

168.8187.4202.6169.4184.9201.9239.5135.897.1

183.1184.8120.8154.8

152.9

149.4161.3147.9162.3150.4186.3150.6

160.6142.8152.7130.3210.7

145.0188.2161.5133.0277.4143.8

119.7118.0125.0121.8130.3

129.768.588.9

109.7

178.9194.5173.7183.8

142.9149.1136.6

168.2163.8135.9154.7

138.1144.8170.298.439.649.2

152.6

109.8•6t.6156.8

52.659.249.4

187.2

145.4156.4

169.6187.2204.2169.7185.3199.8243.6137.097.1

185.9185.6121.2155.2

153.6

150.1162.0147.8163.1156.4186.6151.2

162.0143.7153.5126.9215.1

145.3189.4161.8133.0279.7143.9

117.7117.4125.0120.4118.4

130.068.989.3

109.1

181.1204.8175.5

142.9149.1136.6

168.3164.0135.7154.6

139.0144.8174.898.439.649.2

150.4

109.660.6

156.5

52.459.049.0

185.6

147.4158. 5

168.5186.8200.6169.1186.7194.5235.1138.497.0

188.3185.2121.5155.2

152.2

149.1160.3145.3159.6155.3177.7150.3

159.6144.6154.6128.1205.0

145.0189.2161.8134.5281.9141.1

116.0115.5123.1120.2115.6

130.570.187.8

109.9

181.3205.6176.5183.4

143.0149.2136.7

167.3163.3131.5154.6

138.0144.6176.598.439.649.2

145.1

109.060.7

156.5

52.859.349.9

r 185. 7

148.3160.5

168.6186.3200.8169.2186.4202.0229.1139.197.0

190.0185.4122 0154.9

151.6

148.1160.4145.1156.8156.4169.6150.2

158.9144.6154.7130.8

145.0189.5

'161.9134.5283.4139.9

'115.9115.2123.0

'118.3118.3

130.0

88.3108.5

180.8199.5177.0184.3

143.4' 149.9136.8

167.3163.4131.7154.6

138.0' 144. 2r 177.9

98.439.649.5

146.0

109.762.5

156.5

53.259.349.8

184.4

148.4162.7

167. 5185.8197.3169.2186.2198.2223.2139.797.2

191.6185.4122.2155.5

151.3

147.9159.9144.7155.3160.9168.2150.2

155.7144.6154.4132.5193.4

145.5190.3161.9134.5285.1139.3

115.3114.6121.6117.9118.2

130.8

108.5

179.9192.8178.1184.3

144.1151.2136.8

167.8165.4129.2154.6

138.4144.0178.498.439.649.9

146.9

110.764.3

156.0

53.259.750.6

r Revised, cf For actual wholesale prices of individual commodities, see respective commodities.JThe Department of Labor is currently reviewing and revising the samples of commodities and of reporters for the indexes, subgroup by subgroup, to reflect postwar changes

in production and distribution. As subgroup revisions are completed, the revisions are incorporated in the pertinent group indexes and the all-commodity index and the subgroup indexesare revised retroactively for the entire period covered by the revision; however, to avoid repeated revisions of the group indexes and the all-commodity index, these are not revised retroactivelymore than 2 months. If introduction of a revised subgroup into the calculations changes significantly the levels of the group indexes and the all-commodity index, the latter indexes computedwith the original sample for the first month of the revision will be provided in a footnote. In some instances, it is necessary to correct previously published indexes because of late reports,incorrect reports, or other errors in prices previously used. Indexes for the latest 2 months are preliminary and are currently revised to incorporate corrections received in the 2 months fol-lowing. Any additional corrections received are incorporated in final annual summaries issued in the middle of the year. Indexes for June-December 1948 were corrected in the August 1949SURVEY. Corrected indexes for January-May 1948 are available upon request.


Sr-6 SUEVEY OF CURRENT BUSINESS February 1950


1949

January Febru-ary March April M a y July October Novem- Decem-

ber

CONSTRUCTION AND REAL ESTATE

CONSTRUCTION ACTIVITY

New construction, total mil. of doL.Private, total do

Residential (nonfarm) doNonresidential building, except farm and public

utility, total rail, of dol..Commercial* doIndustrial do

Farm construction doPublic utility do

Public, total do_Residential do.Military and naval do.Nonresidential building d o.Conservation and development* do.Highway do.Allother do.

CONTRACT AWARDS

Construction contracts awarded in 37 States (F. W.Dodge Corp.):

Total projects number.Total valuation thous. of dol

Public ownership d o . . .Private ownership do._.

Nonresidential buildings:Projects number-Floor area .thous. of sq. ft.Valuation thous. of doL

Residential buildings:Projects number.Floor area thous. of sq. ft.Valuation thous. of dol.

Public works:Projects number-Valuation thous. of dol.

Utilities:Projects number _Valuation thous. of dol.

Value of contract awards (F. R. indexes):Total, unadjusted 1923-25=100-.

Residential, unadjusted doTotal, adjusted do . . .

Residential, adjusted doEngineering construction:

Contract awards (E. N. R.)§ thous. of dol.Highway concrete pavement contract awards:d*

Total thous. of sq. yd.Airports do.__Roads do. _ _Strects and alleys d o . . .

NEW DWELLING UNITS AND URBANBUILDING

New permanent nonfarm dwelling units started(U. S. Department of Labor) number..

Urban building authorized (U. S. Dept. of Labor):New urban dwelling units, totalt number.

Privately financed, total doUnits in 1-family structures doUnits in 2-family structures doUnits in multifamily structures do

Publicly financed, total doIndexes of urban building authorized:

Number of new dwelling units 1935-39=100..Valuation of building, total do

New residential building doNew nonresidential building doAdditions, alterations, and repairs do

CONSTRUCTION COST INDEXES

=100..Aberthaw (industrial building) 1914American Appraisal Company:

Average, 30 cities 1913 = 100Atlanta do_.New York do. .San Francisco do. .St. Louis do

Associated General Contractors (all types)...doE. H. Boeckh and Associates, Inc.:

Average, 20 cities:Apartments, hotels, and office buildings:

Brick and concreteU. S. avg. cost 1926-29 = 100..

Brick and steel doBrick and wood do

Commercial and factory buildings:Brick and concrete doBrick and steel doBrick and wood doFrame doSteel do._...

Residences:Brick doFrame do

1.4471.129

547

30593

11413

264

31879

110508359

24.143694. 023278,147415. 876

3. 37428, 335

266, 399

19. 52931,500

256, 746

956125, 581

28445, 297

145123180145

843, 544

1 5,217i 228

1 2, 9511 2, 038

52, 900

28. 90425, 55319, 2291.9954.3293,351

r 166. 7r 249.5r 298.1r 218 . 9r 219.7

323

501532520457491341

209.0211.3221.1

212.5210.3216.5227.1197. 5

221.4221.5

1,2931,002

475

28582

11012

230

29187

110406858

15, 597482.984159,942323,042

1.172905400

27178

10410

224

7108395253

16. 510568,467 ]

251,866316,601

2.90121,685221, 883

11,85519. 892

159,128

62074, 528

22127, 445

142110174133

565,826

2, 56041

1, 736784

50,000

27, 08023. 42016. 7391,9194,7623,660

156.1234.1263. 4221.8200.0

502532520459491341

208.9211.0220.7

212.8210.4216.4226. 8197.7

221.1221.0

2.92921, 646221,895

12. 77026. 665

193, 073

573117,325

23836,174

146109169123

563,084

1,15137601513

50, 400

29, 00226, 52218. 3311.3456, 8462, 480

157.5221.3265. 3190. 6201.8

499529516452488339

209.3211.5220.9

213.2210.6216. 5226.3197.7

221.2221.1

1,267951420

262799618

251

31610

9122456862

24.281747,619281.947465.672

3.69527. 953

327, 441

19. 28828, 282

251, 770

954120,210

34448,198

176136175130

743, 529

3.30259

2,1641, 079

69, 400

46, 22542,31532. 909

2. 3917.0153?910

267. 5333.4467. 0248. 6265. 0

319

496525513448485339

209. 3211.0219.2

213.3210. 3215.5223. 8197.5

219.7219.1

1.370989445

251768930263

381148

1345610069

31,570842 586318,506524, 080

4,15431,929316, 370

25. 54137, 087

303, 825

1,513169,700

36252, 691

201165177141

589, 693

3, 65353

1,6331,968

88, 300

53, 70450, 96637, 6802.99210,2942,738

308. 7362. 9523. 5257. 0277.0

494521510447482340

20S. 6210.0218.2

212.0209. 5214.5222.5196.7

218.7217.8

1,5761,108530

257838240281

468159

1416716076

33.474880, 344368. 551511,793

4,13830,166320,630

27.18742, 392346, 251

1.737179.396

41234,067

218187181159

601, 709

4,410327

2,1981,885

95, 400

58. 03754, 66736. 5632. 58815, 5163, 370

330. 5380. 4583. 5240. 2287.3

492518508446480340

207.1208.0214.9

209.3207. 5

'211.2219.0194.7

215.6214.3

1,7351,229600

268927650

311

506179

1447418577

37, 203945, 676375. 431570, 245

4, 5'-7832, 961335,961

29, 94945, 804

370,752

2,197175,861

47963,102

226194195176

896,128

7. 966787

4,7922,387

95, 500

59, 07355. 41636, 9472.131

16. 3383, 657

338. 5427. 5578. 3334.8329.0

313

489510501445477343

208.2208.1214.6

211.1208.3211.3218.2195.1

215.4213.6

1. 8331,301650

269917260

322

5322010

1487520079

32, 579943, 560410, 352533, 208

4, 38433, 283350, 282

25, 57042, 950

340, 593

2.142207,130

48345, 555

228202209200

619, 442

5, 03595

2,9501,990

96,100

51, 67948. 52534. 3241,765

12, 4363,154

295. 3342. 3495. 9234.0277.7

488509497445477343

206.5206.2210.8

210. 2207.1208. 6212.6194.1

211.4208.7

1, 9031,343675

264857175

329

560231215277

21581

1,9221.368710

263837065330

55427141557720081

37, 662 46, 925905,748 11,093,724316,409 288,754589, 339 804, 970

4,31825.746278,031

31.07948,146

393, 434

1,892173, 714

37360, 569

238226229228

781. 416

5. 22489

2,8542,281

99,000

58, 59457, 05140, 3402,282

14, 4291, 543

337. 7390.8570. 4267. 5306.9

486506495446474342

207.1206.1210.0

210. 6207. 3208.2211.3194.4

210.6207.6

4,18632, 448345, 023

40.34265,715

1,8791, 343715

261826850

317

53627141587418578

43, 7821, 061, 751331, 892729, 859

4, 52832, 004

357. 085

37. 28960, 801

525,572 I 500.702

1,947171, 576

45051, 553

247254246254

810, 309

3.927208

2,1541,565

' 102, 900

65, 29063.17443, 9982.189

16, 9872,116

377.3412.6627. 5278.2279.0

307

485503493443471343

207.4206.3211.1

210. 7207.6208.9212.7194.4

211.7208.9

1, 566128, 860

39975,104

251260263269

553, 482

2, 648487

1, 0371,124

100, 000

59, 43657,18241, 789

2. 85112. 542

2, 254

343. 5387. 8592. 8253. 6276.5

484505492442471345

207. 9207.2212.9

211.1208. 4210.1215.2194.4

213. 4210.8

1.7671, 295

715

266866825

289

4722412

15165

14575

40,132957, 761315. 683642, 078

3. 51825, 495

266,103

35, 22453, 262

435, 235

1,032125, 891

358130, 532

r240' 245'265r256

498939

1, 891

93,000

53.60451. 60941.4622,0748,0731, 995

'313.7- 354. 2r 556. 0' 233.7' 213.8

484503493442471345

208.3207.5213. 7

211.4208.7210.9

79,000

44, 73643.36531.3271.99610,0421,371

258. 0319.1434. 5271. 7183. 4

307

483503493442471345

208.6207.9213. 4

211.6208.9210.9

216.3194.6

214.0211.6

' Revised. * Data include some contracts awarded in prior months but not reported.* New series. Monthly averages for 1915-38 and monthly figures for January 1939-July 1948 are available upon request.§ Data for December 1948 and March, June, September, and December 1949 are for 5 weeks; other months, 4 weeks.cf Data for December 1948 and March, June, August, and November 1949 arc for 5 weeks; other months, 4 weeks.% Minor revisions in figures for number of dwelling units beginning January 1947 are available upon request.




1948

Decem-ber

1949



Decem-ber

CONSTRUCTION AND REAL ESTATE—Continued

CONSTRUCTION COST INDEXES—Con.

Engineering News-Re cor d:c?BuildingConstruction

Bu. of Public Roads—Highway construction:Composite, standard mile_ 1925-29=100.

.1913 = 100..

CONSTRUCTION MATERIALS

Production of selected construction materials, index:Unadjusted 1939=100-.Adjusted do

REAL ESTATE

Home mortgages insured by Fed. Hous. Admin.:New premium paying mortgages.-.thous. of doL.

Loans outstanding of agencies under the HomeLoan Bank Board:

Federal Home Loan Banks, outstanding advancesto member institutions mil. of doL.

Home Owners' Loan Corporation, balance ofloans outstanding mil. of doL _

New mortgage loans of all savings and loan associa-tions, estimated total thous. of dol..

By purpose of loan:Home construction doHome purchase doRefinancing doRepairs and reconditioning doAll other purposes do

New nonfarm mortgages recorded ($20,000 andunder), estimated total t thous. of doL.

Nonfarm foreclosures,adjustedindex_-1935-39=100_.Fire losses thous. of doL _

•• 355.0477.4

165. 3

132.7150.1

214,407

515

249,828

70,011114,09023,54911,50630,672

• 958, 7649.2

69,397

352.9475.4

117.0137.0

208,312

427

206, 577

56, 42889,19223,19810, 50227, 257

• 802, 4109.4

57,926

352. 5474.8

108.2131.2

183,152

386

214, 931

59, 61190, 34824,18111,82228, 969

"770, 5619.7

62,424

351.4473.5

161.4

129. 9137.5

188,634

357

344

269,128

76, 666111.52330, 56214, 24236,135

896, 79010.3

67,218

348.9472.1

130.5131.3

162,187

339

279, 606

84, 277116,05129, 38315,66334, 232

»• 922, 0239.7

55, 290

349.3473. 8

132.6125. 3

156,122

333

293, 215

87, 517125,073

28, 84917, 37534, 401

* 959,6539.7

54,162

97.141, 674

31, 83817, 71437, 44S

1,018,42710.9

51,787

353.5480.4

148 7

148.7138.3

173, 970

333

291

354,194

108, 280155, 91533,18818, 36238, 449

1,065,43111.9

49, 678

352. 8480.0

' 139. 8' 126.2

198, 235

347

353, 909

102,151159, 05031,81417, 79643, 098

1,117,212

48,914

353.1480.3

v 142.1v 143.4

199, 841

371

343, 260

105, 784150, 87733.44115, 73537, 423

1,114, 041

53,116

356.1484.7

145 3

211, 758

427

342, 028

112, 463141, 059

33, 35814, 38440, 764

1,125, 200

67, 279

DOMESTIC TRADE

ADVERTISING

Advertising indexes, adjusted:Printers' Ink, combined index__ 1935-39=100-.

Magazines doNewspapers doOutdoor doRadio . do

Tide advertising index do

Radio advertising:Cost of facilities, total thous. of dol..

Apparel and accessories doAutomotive, incl. accessories doDrugs and toiletries doElectric household equipment doFinancial do

Foods, soft drinks, confectionery do-.Gasoline and oil do_Household furnishings, etc do-Soap, cleansers, etc do_Smoking materials do_All other do.

Magazine advertising\%Cost, total do..

Apparel and accessories do-Automotive, incl. accessories. do-Building materials§ do_Drugs and toiletries do_Foods, soft drinks, confectionery do-Beer, wine, liquors§ _.do.

Household equipment and supplies§ do..Household furnishings§ do.Industrial materials§ do_.Soaps, cleansers, etc do..Smoking materials do_.All other do_.

Linage, total thous. of lines.

Newspaper advertising:Linage, total (52 cities) _. do..

Classified - do_.Display, total do..

Automotive do-.Financial do-.General.. do..Retail do..

284322237255319

253.5

17,951117772

4,760651364

4,948613186

1. 9551,9661,618

39, 2093,4882,756775

4,6815,2423,420

3,1661,7251,584729

1,35110, 284

3,015

204, 42837, 624166, 8045, 8432,112

25, 703133,146

302277314310

277.8

' 17, 704146782

4, 650624347

4,768636201

1, 708' 2, 0901,752

29,1151,7482,309963

4, 0374,8451,744

1,095965

1,389574

1,0988,349

3,410

163, 97738,498125, 4797,3622, 952

21, 95593, 210

301334274310303

287.6

r 16, 119123612

4,042601320

4, 493570162

1,707r 1,9151,573

39, 0693,3733, 2271,2865, 2036,5842,066

1,9981,6171,6481,0271, 2059,834

3,921

163, 37935, 559127, 8207,3351,744

26, 92091, 820

318350306296307

301.2

' 17, 700124657

4, 616702342

5. 006620164

1, 936' 1, 9481,585

46, 3655,2243,9231,8425,6106,2992, 435

3,0072,2721,9101,3001, 334

11.208

4,301

202,07042,195159, 8759, 6982, 236

34, 029113,914

310346280279309

284.6

' 16, 763119729

4,240653349

4,690530169

1,818r 1, 9601,506

51,1705,5094, 7052,5455,5846,4792,413

3,8612,9782,1651, 3871, 356

12, 187

4,350

205, 46643, 404162, 0629,7912, 143

32, 453117,676

309338290289308

286.4

' 17,074114809

4,470683364

4,608460197

1, 852' 1, 9901,526

50, 6594, 9374,5622,4275, 4636, 3962,432

3,7813,3322, 0751,4781, 455

12, 320

3,806

210, 67745, 386165, 2919, 5542,001

33, 758119,978

302314286296305

283.2

' 15, 42575

6634, 285644336

4,127408158

1, 698' 1, 9661,067

40, 6423,1853, 8561,7745,1625,6782,215

2,9701,7121,9961,0981,3459,651

2,814

193, 28741, 476151,8119,2652,039

31, 045109,462

276284264274252

257.6

r 12,08589332

3,473222318

2,994379148

1,148r 1, 844T 1,139

28, 582771

3,481956

4,5384,9381,755

1,318489

1,456833

1,1916,858

2,854

164,04040, 082123, 9598,1152,252

24, 53489, 057

270297252284256

272.2

r 12, 16071

3353,544

208287

3,073376103

1, 255r 1, 743r 1, 165

31, 4953,4363, 330

9174,2844,8121,614

1,025956

1,2861,0401,3487,447

3,494

170, 50440,713

129,7918,8871, 609

21,87997.416

292301286299278

293.2

14, 08296

4043,829

247298

r 4, 006377112

1,467' 1, 782r 1, 465

41, 7295, 2733, 4901, 7895, 0935, 6652,002

2,1292,6331,8221, 4411, 2529,139

3,921

197, 85840, 050

157, 8088,2241,752

29, 766118,066

306294305323289

284.5

? 16, 423117485

4,494189282

r 4, 597416128

1,547* 2,126

2, 041

51,2134,9194,2162,0016,3977,5682,815

3,3263,3892,1331,6061,634

11,208

4,464

214,93542, 295

172, 64010, 0332,140

38, 417122, 051

»304*308*291J -320*287274.1

15, 856101463

4,382198278

4, 463407139

1, 5832, 0891, 753

45, 8823,8133, 4381, 3466, 0206, 6932,790

2,8062,8271, 8291,2951,416

11, 549

3,645

207, 90938, 306

169, 6039,8912,337

33, 689123,686

2, 838

207, 86536, 061

171, 8057, 3302,139

26, 337135,999

r Revised. v Preliminary. cfData, reported at the beginning of each month, are shown here for the previous month.fRevisions for 1944-November 1948 are available upon request.{Comparable data on magazine advertising cost (Publishers' Information Bureau, Inc.) are available back to January 1948 only. Beginning with the October 1949 SURVEY, five new com-

ponents are shown (marked with "§"); the total of the two components "household equipment, etc." and "household furnishings" covers all items formerly incl.ided in "electric householdequipment" and "housefurnishings, etc." Data for January-July 1948 for the new components are available upon request.

§See note marked "J" above.


S-8 SUEYEY OF CURRENT BUSINESS February 1950


1949

JanuaryFebru-

ary March April M a y June July AugustSeptem-


DOMESTIC TRADE—Continued

POSTAL BUSINESS

Money orders:Domestic, issued (50 cities):

Number thousands _.Value thous. of dol

Domestic, paid (50 cities):Number thousands..Value thous. of doL.

PERSONAL CONSUMPTIONEXPENDITURES

Seasonally adjusted quarterly totals at annual rates:Goods and services, total bil. of dol..

Durable goods, total do_.Automobiles and parts do..Furniture and household equipment..-do.Other durable goods do.

Nondurable goods, total doClothing and shoes do.Food and alcoholic beverages do_Gasoline and oil do.Semidurable housefurnishings do_Tobacco do_Other nondurable goods do_

Services do..Household operation _ do..Housing do.Personal service do..Recreation do..Transportation _ do_.Other services do..

5,22998, 629

17, 235265,659

180.9

22.98.5

10.43.9

103.320.561.74.31.94.1

10.8

54.87.

16.33.74.15.3

17.6

4,72994, 492

14, 395227,123

4,42287, 275

13, 245209,374

5,105101,312

16, 680264, 621

' 178. 7

'23 .0' 9.0

' 10.33.7

' 100.419.3

' 60.1' 4. 3

2.0' 4.3

r 10.5

r 55. 38.1

16.63.6

4,71891,387

14.106218, 673

4,31884,477

13, 971197,015

4,74384, 583

14,711207,673

'179.3

'23 . 6' 9 . 9

'10.0' 3 . 7

' 99 .8"19.3

59. 5' 4 . 6

1.8' 4 . 3

' 10.4

' 55. 9' 8 . 1

r 16.8

4,04281, 320

12,822185, 481

3,96785,093

13,749203,946

4,17583, 785

13, 592201,534

4, 557 4, 40988, 798 83. 938

14, 005207, 377

179.7

'25.711.

'11.2'3.5

' 97 .6'17.9'58 .8' 4 . 6

1.8' 4 . 3

MO. 1

' 56. 5' 8 . 3

'17.03.7

r 4.1' 5.218.3

14,397205, 209

4.05.2

' 17. 7

4.0' 5 . 2

r 18. 0

RETAIL TRADE

All types of retail stores:!Estimated sales, unadjusted, total9__mil. of dol _

Durable-goods stores 9 do.Automotive group 9 do.

Motor-vehicle dealers 9 do_Parts and accessoriesd* do.

Building materials and hardware group d"mil. of doL.

Building materialscf do.Farm implements do.Hardware cf do_

Homefurnishings groupd" do -Furniture and housefurnishingsd" do.Household appliances and radios d1..-do

Jewelry storesd" do_

Nondurable-good stores9 do..Apparel groupcf _.do_.

Men's clothing and furnishingsd" do..Women's apparel and accessories do..Family and other apparelcf do..Shoes do..

Drug stores do..Eating and drinking places9 do..

Food group 9 do.Grocery and combination 9 do_Other food 9 do.

Filling stations do.General-merchandise group§ do

Department, including mail-order§...doGeneral, including general merchandise

with food mil. of doLDry goods and other general merchandise d"

mil. of dol. .Variety do.

Other retail stores© do.Liquor© do.Other§ do_

13,1363,4971,6671,493

174

832480109243727419308271

9,6391,270

359539198174394

1,023

2,7622,180

582531

2,3091,527

196

218368

1, 349265

1,084

10,9873,2541,7421,595

147

855531191554331223103

9,3492,5631,4351,324

111

6213879414043425218272

6,78668718630395102293

2,4391,944495468

1,050

129

101131915132783

"•10,611' 3, 023' 1, 571' 1, 433'138

'805496

'185'547327

'220'100

8,9192,5921,5221,420102

5823579013542024517568

6, 3275781382708089

280853

2,2841,822

462442

1,013657

123

97137877126750

' 10, 706' 3, 207' 1, 783' 1, 645

138

' 797' 4 9 4

181'530

316'214' 9 7

10, 5263, 2801,9891,864

126

728438132159489288201

73

7,246754163369103118

2,5122,002

510500

1,242832

140

116153

1,003137

Estimated sales (adjusted), total do.Durable-goods stores do

Automotive group do_Motor-vehicles dealers do.Parts and accessories___ do.

Building materials and hardware groupmil. of dol. .

Building materials do.Hardware do.

Homefurnishings group doFurniture and housefurnishings doHousehold appliances and radios do

Jewelry stores do

* Eevised.t Revised series. Dollar estimates of sales for all types of retail stores and for chain stores and mail-order houses have been revised for various periods back to 1943; specific periods for which

the series have been revised are as stated in the notes below. Adjusted dollar values for sales and inventories of all types of retail stores have been substituted beginning with the October 1949SURVEY for the index numbers formerly shown; monthly data for 1946-48 for both the unadjusted and adjusted series appear on pp. 21-23 of that issue. Unpublished revisions are availableupon request.

9 Revised beginning 1943. o*Revised beginning 1948. §Revised beginning 1947. ©Revised beginning 1945.

r 10, 724' 3, 309' 1, 902' 1, 764

138

'792492171

'519306

'213' 9 6

11,1373, 4692,0591,925

134

81848214818851530720878

7,668" 934

203437124170300952

2,5832.072

512524

1,401920

162

136184974146828

' 10, 814'3,314' 1,914' 1, 779

' 135

' 788'483' 177'516301

'215'96

10. 7633, 5202,0391,898141

85552313519754232821484

7, 243757178348103127296944

2,4611,961500550

1,303864

156

126157932132799

' 10, 759' 3, 328' 1,885' 1, 746r 139

'813'507' 183'538311

'227'92

10,8093, 6012.0931,945148

87454413919254332022391

7,20873619231597

132297932

2,4911, 973

518552

1,270836

154

123157930130800

' 10, 684' 3, 346' 1.933' 1, 798'135

'792496

' 177'528306

'222'93

' 10, 2103, 3702,0261,880146

486128173

'490'27421666

6, 8395301322267398296945

103151863130733

' 10, 549' 3, 333' 1, 949' 1,813

' 136

' 766'473

177' 533'306'227

r 8 5

' 10, 6303, 6312,1652,019

145

85156312116754130723475

' 6, 9985631182687899293972

2, 5181,997521

' 5631,190783

144

107156899126774

" 10, 669' 3. 480' 2, 081' 1,947

134

783501165

'529'299'230

i, 526!, 006.,872134

88059111417456431624777

' 7,472788171373107136288

2,5662,036

529'5511,347913

146

125162974138836

p 10, 856' 3, 504' 2, 074' 1,942

132

' 786515

'168'546302

' 244'88

' 11, 1253.5962,0111,868143

60611617660333327084

' 7, 529806186385112122295961

2, 5632,040

522'5671,377' 928

145

130173960148812

' 10, 678' 3, 551' 2. 094' 1. 955

'139

'781'507166

'583'318' 265'93

i,872:, 348,794,650144

83556910016762135027197

\ 524835209390121115286895

2,4841,978506

'533' 1, 504' 1,040

143

136184989

' 157832

' 10,630' 3, 334r 1.867' 1, 729

138

798532165579

'318'261' 90




1948

Decem-ber

1949

January Febru-ary

March April M a y June July AugustSeptem-


Decem-ber


RETAIL TRADE—Continued

All types of retail storesf— ContinuedEs t imated sales (adjusted), total—Continued

Nondurable-goods stores mil. of doLApparel group do _ _ _

Men ' s clothing and furnishings do.__Women 's apparel and accessories do.__Fami ly and other apparel do___Shoes do___

Drugstores do___Eating and drinking places do

Food group do_._Grocery and combination do__.Other food do___

Filling stations do___General-merchandise group do_-_

Department, including mail-order do__.Other retail stores do___

Estimated inventories (adjusted), total doDurable-gopds stores do

Automotive group do__.Building materials and hardware group

mil. of dol.Homefurnishings group doJewelry stores do. . .

Nondurable-goods stores do__.Apparel group do___Drug stores doEating and drinking places do.__Food group do___Filling stations do.__General-merchandise group do___Other retail stores do__.

Chain stores and mail-order houses:!Sales, estimated, total? do

Apparel group doMen's wear doWomen's wear doShoes do

Automotive parts and accessories doBuilding materials doDrug doEating and drinking places doFurniture and housefurnishings doGeneral-merchandise group do

Department, dry goods, and general merchan-dise mil. of dol_.

Mail-order (catalog sales) doVariety do

Grocery and combination doIndexes of sales :f

Unadjusted, combined index 9 — -1935-39=100..Adjusted, combined index 9 do

Apparel groupd71 doMen's wearcf doWomen's weard1 doShoesd1 do

Automotive parts and accessoriescf doBuilding materialscf doDrug doEating and drinking placesq* doFurniture and housefurnishingsd1 doGeneral-merchandise groupd1 do

Department, dry goods, and general mer-chandised1 1935-39=100..

Mail-order cf doVariety d1 do

Grocery and combination do

Department stores:Accounts, collections, and sales by type of

payment:Accounts receivable, end of month:

Charge accounts 1941 average=100_-Instalment accounts do

Ratio of collections to accounts receivable:Charge accounts percent--Instalment accounts do

Sales by type of payment:Cash sales percent of total sales. _Charge account sales. doInstalment sales do

Sales, unadjusted, total U. S 1935-39=100-.Atlanta doBoston doChicago doCleveland doDallas doKansas City doMinneapolis doNew York doPhiladelphia doRichmond doSt. Louis doSan Francisco do

r Revised. » Preliminary.fSee note marked " | " on p . S-8. • 9 Revised beginning 1943.

7,733862212386126138301

1,008

2,5642,028

536520

1,458954

1,020

14, 969,5, 7461,996

1,9351,372

4439,2231,838

566458

1,529337

3,0671,428

3,02837566

179986280975539

1,024

556144310850

406.4316.3340.4316.5434.2262.1256.2355.1227.0222.4248.9323.2

378.2301.0254.6359.6

281176

5323

53416

495635428460491

••646502431

'416480

' 5 7 1517

••583

' 7, 588'876••236'381

124135

'308979

' 2, 515' 1, 994

521520

' 1,393'920'997

14,6595,7342,122

1,9301,241

4418,9251,746

591449

1,497326

2,9381,378

1,9681853586482961665119

430

23179

110807

264.8306.2337.2327.8429.1252.6239.0300.0228.4222.5243.5298.8

351.6276.5232.6366.5

219163

5122

52417

226287187216230306223203194209224238272

' 7, 499791

'196'357

111127313

'992

' 2, 552' 2,026

526534

' 1,340'873'977

14, 4795,6752,169

1,8571,215

4348,8041,747

599428

1,511329

2,8751,315

1,85617328854529546448

' 1 8424

22476

116740

267.7300.6316.3284.7409.2242.2238.6292.2232.2226.4222.7291.3

345.4256.1229.9361.1

187157

4921

51427

227314180212227315252202192199239261266

' 7, 415'776

184'352

111129305

'955

' 2, 560' 2, 040

'520528

' 1,317'859'974

14, 7005,7512,150

1,9041,234

4638,9491,833

602465

1,523329

2,9251,272

2,186238

38120

593870685222

530

29892

129816

286.8' 302.0

315.1271.2413.0243.0241.8300.2225.2218.1214.9

' 289.8

' 348. 8246.8226.3367.1

180152

5523

5142

7

254339194239254353280241209249274287289

' 7, 500' 8 0 1

180'380

111130310

'973

' 2, 540' 2, 027

513534

' 1, 367'905'975

14,4585,6692,038

1,9381,235

4588,7891,794

588426

1,458328

2,8471,348

2,401308

46148904285675424

620

36886

155848

310.6' 304. 5

328.8273.4441.1246.9240.8306.5229.8233.2229.4

' 288.3

' 349.3244.3221.2366.3

190152

5323

5141

8

295393256280304377311295237284309327

'332

' 7, 431800

'194'366

112128

'297'920

' 2, 539' 2, 033

506524

' 1,376'909'975

14,1395,3751,841

1,9351,139

4608,7641,798

581423

1,488333

2,7871,354

2,240238

37116664693665126

581

35186

132'789

306.9r 308. 4

315.4291.1404.5241.1248.2325.1225.2221.4236.6

r 303.4

' 368. 2269.6226.0368.7

191153

5322

5042

8

287365241277292373306279230277310328323

' 7, 338' 7 7 2

188'355

105124303

'923

' 2, 527' 2, 009

'518526

' 1, 336'885'951

14,1825,3571,914

1,9041,086

4538,8251,810

596423

1,530347

2,7331,386

2,226235

38108

704799665125

573

34782

132' 7 7 3

300.5' 300.9

304.3271.3392.5235. 7235.2325.6225.3223. 7231.8

' 293.1

r 356.3258.7218.0358.4

187152

5321

5142

7

268323232262265331284255224256287283314

' 7, 216'708' 179'315

99115299

'926

' 2, 500' 1, 939

511526

' 1, 304'868'953

13, 8625,2891,917

1,8821,039

4518,5731,716

571402

1,543347

2,6461,348

2,0951762288524987695223

501

'30062

127797

274.7' 296.7

284.9250.1368.8220.9248.0306.6233.8221.2244.2

«• 285. 6

r 344.0256.7215.0358.0

163151

4919

5239

9

218294155212214310249211155188236254280

'695167

'314' 9 7117296

'915

' 2, 502' 1, 989

'513'528

' 1, 317' 8 8 1'936

13,9325,3332,051

1,840993449

8,5991,752

583398

1,529324

2,6751,338

2,14418021935247102665326562

33090132754

281.0' 300. 5

291.0245.1374.9232.5238.2321.8223. 9224.9242.5

r 294. 5

' 358.4' 262. 9

217.9360.8

161155

5121

504010

238324173229234333275242171201243280313

7, 352'738

173'337

104'124'293'916

2,5402,032'508'534

1,342'897'989

14, 3555,5802,222

1,8691,047

4428,7751,806

596411

1,552327

2,7671,316

2,307249' 4 0117

7141

112645026

622

369105137778

314.9306.9313.0291.9396.6240.6222.5340.5222.4214.5229.4299.3

363.8261.8225. 6368.1

182165

5220

4942

9

299381248296282404328307243280328335331

' 7,127'709

165334' 9 9

'111295

'904

' 2, 465' 1, 964

501'535

' 1, 274'851'945

14, 4755,7252,317

1,8701,112'426

8,7501,809

563396

1,550301

2,8431,288

' 2,358239

381196244

11367

' 5 129

637

381100145812

r 306. 0' 294.0

283.7228.5387.8210.6244.0336.3220.0211.8

' 248. 7' 272. 5

' 328. 5232.3212.1358.8

191175

5320

484210

293395234271274414325314243279314331

'339

' 7, 296762

'179'360

104119296

'900

' 2, 539' 2, 027

512'536

' 1, 297'859'966

' 14, 339' 5, 548' 2,116

r 1, 865' 1,130

'437r 8, 791T 1, 780

' 555'411

r 1, 496'287

r 2, 950'1 ,312

' 2,339236' 4 3113' 5 9' 4 3

99' 6 3

4929

669

378126155789

' 321. 5'301 .0

297.8264.7390.5224.8

' 223.9351.8215.7210.7

' 229. 3' 286. 9

' 342. 2255.8223.1365.6

213189

5420

4843

9

339'425'292

324332442

'347310293355

'378378

'358

7,358747182342104119290937

2,5192,024

495538

1,356911971

13,8395,0501,681

1,8101,122

4378,7891, 846

589431

1,461278

2,9221, 262

3,068358

651689&6478945240

1,041

570140317906

389. 7302. 5301. 0282.3383. 0231.1258.8345.5218.1209.0244.9295.4

346.7269.4235.4361.9

285214

5220

5042

P48O642

M i l438465661

P506-436401472541504

*>564

d"Revised beginning 1948.




1948

Decem-ber

1949




RETAIL TRADE—Cont inued

Department stores—ContinuedSales, adjusted, total U. S.J 1935-39=100

Atlanta^ do^.Boston do _Chicago! do_.Cleveland!.._ _ do_.Dallast do_-Kansas City! do__

Minneapolis! do__.New York do._Philadelphia t._ do._.Richmond! do__St. Louis do__San Francisco! do__

Stocks, total U. S., end of month:!Unadjusted do._Adjusted do__

Mail-order and store sales:Total sales, 2 companies thous. of dol

Montgomery Ward & Co do . .Sears, Roebuck & Co d o . .

Eural sales of general merchandise:!Total U. S., unadjusted 1935-39=100

East do__South do,_Middle West do . .Far West. do__

Total U. S., adjusted _..do__.East do_.South _ __do._Middle West . . d o . .Far West __do__

WHOLESALE TRADEService and limited-function wholesalers:!

Sales, estimated (unadj.), total mil. of dolDurable-goods establishments do_..Nondurable-goods establishments do _ _.

Inventories, estimated (unadj.), total do. . .Durable-goods establishments do. _.Nondurable-goods establishments do._.

'302378245295300

'396320

247284

-•329338

'350

'259

431,601150, 960280,641

446.8422.9513.8427.8517.2334.4316.3386.9316.0346.4

6, 3221,9974,3257, 3253,1244,201

295378246289311387

265243283309290

'342

'249278

205,90266, 689139,213

239.6229.3294.2221.4242.6316.5302.5367.8295.2329.6

5,4721,6103,8627,4123,2324,180

'283374234272284393311

274229265306310

'314

265276

278365208266279392301

267220272294309

'329

287283

196,656 258,69268,316 89,179

128,340 169, 513

237.0218.1278.4219.8233.5283.2254.2302.6274.8312.6

5,2341,6153,6197,4873,3424,145

260.5248.8290.4251.1268.2261.3248.8305.7264.3298.0

5,7371,8393,8987,4133,3924,021

' 293389251277301374314

292242274303321

'335

285278

295,754101,110194,644

278.4265.7302.5264.8290.0290.9267.3329.5271.3310.2

5,2361,7653,4717,2173,3413,876

292'376243275295384309

273239271315335340

277273

292,936100,334192,602

272.4264.0287.7262.6283.2303.7294.0347.0296.4316.1

5,2201,7543,4666,9923,2223,770

285368242262281385309

266238269311314

'335

256265

284, 28990, 678193,611

260.1244.1273.1251.5300.0293.2281.2333.5

' 274. 6331.5

5,2471,7353,5126,8543,0923,762

377227258274387304

261222261326325

'329

245256

240,12677, 005

163,121

209.1183.1228.2202.9249.9283.7274.1326.5271.8306.2

4,8561,5253,3316. 8392,9703, 869

283360234276269366299

269234268304326

r333

251253

280,23395, 517

184, 716

263.5235.9289.4250.3305.4287.4269.0322.3270.3313.2

5,5511,7373,8146,8732,8484, 015

367241282279378312

276241277306332

'326

274264

316, 387106, 735209, 652

317.3285.3354.6305.1338.4286.9275.1311.6283.6295.8

5,8511,8434,0087,0022,8204,182

'276376211258259398301

278219260295309337

297270

315, 329112, 398202,931

318.4278.7384.0297.6352.1266.2232.2300.5253.3313.3

5,7691,8423,927

' 7, 0072,736

' 4, 271

276367234262266362

'299

267226267

'305300

'319

305273

327, 785115, 727212,059

369.4371.7445.2345.5363.6285.0266.1325.4262.9

' 290.0

' 5,9041,762

' 4,142'7,0192, 733

' 4, 286

EMPLOYMENT AND POPULATION

POPULATION

Population, continental United States:§Total, including armed forces thousands..

Civilian population do . . . .

EMPLOYMENT

Employment status of noninstitutional population:Estimated number 14 years of age and over,

total thousands __Male doFemale do

Total labor force, including armed forces doArmed forces doCivilian labor force, total do

Male doFemale doEmployed do

Male doFemale doAgricultural employment doNonagricultural employment do

Unemployed do

147,838146, 381

109,03653, 62455,412

62, 8281,453

61,37543, 57317,80259, 43442,16217, 2727,375

52,0591,941

46,208

45, 28215,1748,2586,9161,002

9980461

26499

2,2004,1581,50416264458505

148,051146, 578

109,11753,65855,459

61,5461,46860,07843,16116.91757, 41441,15016, 2646,763

50, 6512,664

47,571

43,44914,7828,0446,7389919881458

26094

2,0164,0541,44016164157503

148, 245146, 731

109,19553, 68955, 506

61, 8961,508

60,38843, 22917,15957,16840,81216, 3566,993

50,1743,221

47,298

43,06114,6497,9236,72698610180455

25893

1,9264,0241,41416164456504

148,430146, 921

109, 29053, 73055, 560

62,3051,491

60,81443,52517, 28957, 64741,09216, 5557,393

50, 2543,167

46,985

42,91814,4757,8196,65698110279448

25795

1,9473, 9751,370160644.55505

148, 639147,145

109,37353, 76455,609

62,3271,492

60,83543, 66817,16757, 81941, 46316, 3567,820

49, 9993,016

47,046

42,96614,1777,6566,52198410378446

25997

2,0363,9911,38716164155507

148,823147,354

109,45853, 79955,659

63,4521,469

61,98343, 88618,09758, 69441, 52117,1738,974

49, 7203,289

46,006

42, 73113,8777,4416,43697410177438

26098

2,1374,0211,41615963955509

149,014147, 546

109, 54753,83755, 716

64, 8661,468

63,39844, 83218, 56659, 61942, 23317,3869,696

49, 9243,778

44,683

42,83513,8847,3926,49296810077431

26298

2,2054,0311,41015963753515

149,215147, 752

109,66453,89855, 766

65, 2781,463

63, 81545, 26718,54859,72042, 42217, 2989,647

50, 0734,095

44,385

42, 57313, 7577,2556,5029439576410

26499

2,2774,0071,38115863852520

149,452147, 983

109, 76053, 93955, 821

65,1051,46863, 63745,16318, 47459,94742,64417, 3038,507

51, 4413,689

44,655

42,99414,1L47,3026,8129569476425

26399

2,3413,9921,37515763352521

149, 703148, 244

109,86053,98455,876

64, 2221,459

62, 76344, 31918,44459, 41142, 08517,3268,15851, 2543,351

45,638

' 43, 46614, 312' 7, 409' 6,903

9489276

'421

'261'99

2,3413,9591,33915762550519

149, 947148, 502

109,97554, 03655, 939

64, 0211,445

62, 57643, 98818, 58859, 00141, 42617, 5757,710

51, 2903,576

45,953

' 42,590'13,888

• ' 6, 984r 6,904

593'6576

'100

'25796

' 2, 313'3,8721,258' 15661949514

150,183148,747

110,06354,07555,988

64,3631,436

62, 92744,09918,82859, 51841, 78317, 7357,878

51, 6403,409

45, 701

' 42, 743' 13, 776' 7, 023' 6, 753'914'8577

'402

255'96

' 2, 246' 3, 8931,28315461648514

Not in labor force ± do_

Employees in nonagricultural establishments:!Total, unadjusted (U. S. Dept. of Labor)

thousands __Manufacturing do

Durable-goods industries doNondurable-goods industries do

Mining, total- _ doMetal doAnthracite doBituminous coal doCrude-petroleum and natural-gas production

thousands __Nonmetallic mining and quarrying do

Contract construction doTransportation and public utilities do

Interstate railroads _doLocal railways and bus lines doTelephone doTelegraph doGas and electric utilities do

' Revised. » Preliminary.!The adjusted indexes of department-store sales have recently been revised; unpublished revisions available upon request are as follows: Atlanta, 1944-April 1948; Chicago, 1945-April

1948; Cleveland and Minneapolis, 1946-March 1948; Kansas City, 1945-March 1948; Philadelphia, 1944-March 1948; Richmond, 1946-May 1948; San Francisco, 1940-November 1948. Currentrevisions for Dallas are tentative, pending completion of the revision for earlier periods. Department-store sales indexes for the United States reflect all revisions in the districts and, there-fore, are subject to further adjustment. Recent revisions of data on department-store stocks, by districts, are reflected in the U. S. total which is also subject to further revision. The indexesof rural sales of merchandise have been recomputed on a 1935-39 base; data through 1948 appear in the 1949 STATISTICAL SUPPLEMENT. The series on wholesale trade have been revised backto 1939; monthly figures for 1946-48 and annual data beginning 1939 are shown on pp. 18-20 of the October 1949 SURVEY; unpublished revisions are available upon request.

§Data for 1947 and 1948 (shown in the 1949 STATISTICAL SUPPLEMENT) have been revised; revisions prior to August 1948 are available upon request.fRevised series. See note marked " t " on p. S-ll.


February 1050 SURVEY OF CURRENT BUSINESS S-ll

Unless otherwise stated, statistics through i_1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey

1948 1949

D - f • ! January Febru-ary March April May June July August Septem-


Decem-ber

EMPLOYMENT AND POPULATION—Continued

EMPLOYMENT—Continued |

Employees in nonagricultural establishmentsf— IContinued

Unadjusted (U. S. Dept. of Labor)—ContinuedTrade thousands..

Wholesale trade doRetail trade do

General-merchandise stores doFood and liquor do . . . .Automotive and accessories dealers... do ..

Finance doService . do

Hotels and lodging places doLaundries doCleaning and dyeing plants do

Government do

Total, adjusted (Federal Reserve) doManufacturing doMining doContract construction doTransportation and public utilities doTrade doFinance doService.-. doGovernment do

Production workers in manufacturing industries:!Total (U. S. Dept. of Labor), thousands..

Durable-goods industries. doOrdnance and accessories doLumber and wood products (except furni-

ture) thousandsSawmills and planing mills do

Furniture and fixtures do |Stone, clay, and glass products do

Glass and glass products doPrimary metal industries.... do

Blast furnaces, steel works, and rollingmills thousands..

Primary smelting and refining of nonfer-rous metals thousands _

Fabricated metal prod (except ordnance, ma-chinery, transportation equipment) ..thous

Heating apparatus (except electrical) andplumbers' supplies... thousands..

Machinery (except electrical).. doElectrical machinery _doTransportation equipment__. do

Automobiles doAircraft and parts doShip and boat building and repairs doRailroad equipment do

Instruments and related products^. doMiscellaneous mfg. industries do.

Nondurable-goods industries do.Food and kindred products. do_

Meat products do.Dairy products do.Canning and preserving do.Bakery products do iBeverages do

Tobacco manufactures doTextile-mill products do. _.

Broad-woven fabric mills doKnitting mills do

Apparel and other finished textile prod-ucts thousands..

Men's and boys' suits and coats doMen's and boys' furnishings and work

clothing __. thousands. _Women's outerwear do

Paper and allied products doPulp, paper, and paperboard mills...do

Printing, publishing, and allied indus-tries thousands..

Newspapers doCommercial printing do

Chemicals and allied products doIndustrial organic chemicals doDrugs and medicines doPaints, pigments, and fillers do

Products of petroleum and coal doPetroleum refining do

Rubber products doTires and inner tubes do

Leather and leather products doFootwear (except rubber) do

Manufacturing production-worker exmploymentindex, unadjusted (U. S. Dept. of Labor) f

1939=100-.Manufacturing production-worker employment

index, adjusted (Federal Reserve)! 1939=100--' Revised. * Preliminary.

5,

44, 27615, 0551. 0032,2454,1589, 5371,7414,7815. 756

12,5786,845

24

720420297451117

1,101

551

46

801

1311,179643

1,048670186lu672196385

5,7331,171247luu14719615793

1,236607220

1,040135

236315409210

509139170526165604618914920693354228

153.5

9,3882, 5596,8291.4231,186653

1,7314,723447351144

5,764

43, 88114, 816

9972,2154,0909,4791,7404,7715,773

12,2016,640

24

667387284436112

1,090

550

46

767

1171,155623

1,03866519010272190366

5,5611,0972409911819014690

1,200590212

1,015135

225314398208

500136169519163624518714920191354233

148.9

149.3

9,2922,5416,7511,3861,184647

1,7354,712447346142

5,737

43, 65714, 671

9952,1644,0599,4651,7444,7845,775

12,0746,523

23

655380278429110

1,077

553

46

752

1121,133607

1,02164919010072185363

5,5511,0732311U010818914588

1,190582214

1,055139

241324391204

497137166513162624518815019789359235

147.4

147.6

9,3102, 5236,7871,4111,193648

1,7494,720445346144

5,761

43, 44514, 501

9872,1404,0089,4971,7494,7925,771

11,9046,417

23

659385274423107

1,062

552

47

729

1081,108585

1,0176461929872183354

5,4871,06922610311018514985

1,150558211

1,051137

242318386201

496139164511157614418714919489358234

145.3

145.6

9,4782, 5046,9741,5151,204658

1,7574,768451347150

5,775

43, 26314,316

9872,1214,0089,5161,7484,7925, 775

11,6166,262

23

659389268416105

1,028

545

47

706

1031,066560

1,0126491929369181343

5,3541,07121710812518614082

1,100530207

1,008134

241289377196

495140163495148614418814919089348228

141.8

143.4

9,3422, 4S26.8601,4341,203661

1,763

9,3362, 4916, 8451,4011,208670

1,774

464353153

5,813

43,02714, 095

9752,1164, 0249,4751, 7544,8045,784

11,3246,057

21

672399259414106991

534

45

683

971,0145389556011879267177333

5,2671,09522111513118814882

I,u87526202

956118

239257372194

494141162476142604318814918587332216

138.2

140.8

487361154

5,803

42, 89614, 007

9652,1004,0039,4561, 7564,7865,823

11,3376,022

21

686410257409105971

523

45

679

949775189956461878866176333

5,3151,15322612216919215284

1,083525203

959122

236258369192

494142163464139604318915018186339223

138.4

139.9

9,2202,4726,7481,3561,201679

1,7804,851511364151

5,738

42, 71113,917

9392,1283,9689,3681,7554,7775,846

11,2115,894

19

676407253400101934

506

42

671

92939505

1,0146701928659170313

5,3171,22422712222019116982

1,057518200

942116

221263365188

485141162453136594118915017782342226

136.9

138.9

9,2132,5156,6981,3371,181688

1,7804,836504358144

5,763

42. 86413, 979

9492,1673,9479,4201,7624,7885,852

11, 5615,947

18

686414263412107932

498

41

688

1009275079986781858047169347

5,6141,35022911633919416591

1,092530211

1,040131

235306371191

486141161458135604219015018081356234

141.1

139.6

9,4092,5386,871

'1,432' 1, 192

692' 1, 771' 4, 833'475356147

5,893

43, 068' 14.108

r9432,1883,9399. 453

' 1, 780' 4, 7855,872

'11,775'6,060

18

' 684416277

'414107938

'499

42

708

' 110935531

1,0176861917456172366

'5,715' 1, 340

23011032219615794

' 1,132547219

' 1,082133

246'319384197

'4951441634781406142

'189149

'16764354230

143.7

141.3

' 9,496' 2, 5516,954

' 1, 490' 1, 201

696' 1, 768' 4, 794' 451350147

5,866

• 42,154• 13, 704

'591' 2, 203' 3, 878' 9, 377' 1, 786' 4, 7705,845

•11,367' 5, 653

18

' 689' 413284

'411'108'562

'134

39

116'922549

'9856651886953174383

'5,714' 1, 271

236104

'231' 19914992

' 1,169565227

' 1, 082129

251'308'392'200

' 500145

' 1664881416244185148

' 18681

'349224

' 138. 8

' 136. 6

' 9, 597' 2, 538' 7, 059r 1, 589' 1, 208

'703' 1, 767' 4, 767

444347145

5,783

' 42, 343' 13, 664

'913' 2, 202' 3, 896'• 9, 296

p 10,118p 2, 538p 7, 580p 1,986p 1,221

p 713p 1,771p 4, 741

p 6, 061

p 42, 684p 13, 893

P 9 2 7p 2,179p X 9079, 391

1,7854,7675,820

11, 2565,689

17

'690411

'283'411108

'731

315

38

'666

113'908'547'8815681817251174

'381

' 5, 567' 1,182

24399158194146'89

' 1, 185572230

' 1, 029120

250279393201

'4991451654851436244

'187148

' 18681

'332208

' 137. 4

' 136.1

v 1, 789p 4, 765v 5, 829

v 11, 482P 5, 971

p 17

P O 7 8

P 2 8 5P412

P973

P678

P921P552P920

P 173P 3 6 2

v 5, 511P 1,125

P 8 8P 1,183

p 1, 038

P391

P501

P482

v 184

P 1 8 6

P 3 3 3

P 140. 2

p 138. 7




1918

Decem-ber

1919



Decem-ber


EMPLOYMENT—Continued

Miscellaneous employment data:Federal and State highways, total§— number-.

Construction (Federal and State) doMaintenance (State) do

Federal civilian employees:United States _ _ thousands - -District of Columbia do

Railway employees (class I steam railways):Total thousands--Indexes:

Unadjusted 1935-39=100--Adjusted do

PAY ROLLS

Manufacturing production-worker pay roll index,unadjusted (U. S. Dept. of Labor)f.—1939 = 100..-

LABOR CONDITIONS

Average weekly hours per worker (U. S. Dept. ofLabor) :f

All manufacturing industries hours.-Durable-goods industries do

Ordnance and accessories doLumber and wood products (except furni-

ture) hours..Sawmills and planing mills do

Furniture and fixtures doStone, clay, and glass products do

Glass and glass products doPrimary metal industries do

Blast furnaces, steel works, and rolling millshours-

Primary smelting and refining of nonferrousmetals hours. -

Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment)- .hours.

Heating apparatus (except electrical) andplumbers' supplies. hours. _

Machinery (except electrical) doElectrical machinery doTransportation equipment do

Automobiles doAircraft and parts doShip and boat building and repairs. ..doRailroad equipment do

Instruments and related products doMiscellaneous mfg, industries do

Nondurable-goods industries doFood and kindred products do

Meat products doDairy products doCanning and preserving doBakery products doBeverages do

Tobacco manufactures doTextile-mill products do

Broad-woven fabric mills doKnitting mills do.

Apparel and other finished textile productshours. _

Men's and boys' suits and coats doMen's and boys' furnishings and work

clothing hours..Women's outerwear. _ do

Paper and allied products doPulp, paper, and paperboard mills__._do

Printing, publishing, and allied industrieshours..

Newspapers doCommercial printing do

Chemicals and allied products doIndustrial organic chemicals doDrugs and medicines __ doPaints, pigments, and fillers do

Products of petroleum and coal doPetroleum refining- do



Nonmanufacturing industries:M ining:

Metal doAnthracite doBituminous coal doCrude-petroleum and natural-gas production:

Petroleum and natural-gas productionhours. -

Nonmetallic mining and quarrying doContract construction do

Nonbuilding construction doBuilding construction do

227, 80869,381

112,519

1,899212

1,339

127.9129.9

360.7

40.140.741.4

41.040.841.241.039.740.3

39.8

41.0

40.241.140.440.139.741.439.041.540.041.0

39.341.944.144.736.541.941.238.338.438.736.5

35.735.3

34.835.242.643.3

39.638.540.741.840.341.241.340.440.438.535.637.136.5

43.034.039.0

40.044.338.540.737.8

207, 94352.207

110,216

1,901212

1,285

123.0127.9

345.'

39.540.140.9

40.740.839.440.139.340.0

40.0

41.0

40.1

38.140.539.739.939.840.539.040.840.040.2

38.741.542.944.836.840.940.236.237.537.735.7

35.335.4

34.235.141.642.7

38.636.940.141. 139.640.740.941.241.537.935.337.2

42.136.039.2

41.142.737.539.537.0

I

203,08848, 744

109,014

1,900213

1,261

120.6123.6

340.4

39.439.941.3

39.539.339.840.439.939.8

39.9

40.8

39.7

37.240.439.639.839.541.238.540.739.840.3

38.841.341.245.038.242.140.335.437.737.836.3

36.236.5

35.635.841.242.0

38.637.139.641.039.940.640.739.939.937.735.437.737.3

42.426.137.9

39.842.337.339.736.5

214,40559, 507

108,618

1,908214

1,228

117.3120.3

332.8

39.139.539.6

40.340.239.639.939.139.0

39.5

41.0

39. 5

37.639.939.138.637.740.738.939.939.740.2

38.640.940.344.437.241.440.836.137. 236.836.5

36.336.7

36.435.441.041.7

38.637.139.640.939.440.740.540.040.037.035. 837.537.2

43.325.036.4

39.642.536.939.536.1

238, 60580, 881

111, 169

1,922215

1,245

119.1121.0

38.439.036.7

40.540.638.739.338.238.4

39.4

41.3

38.7

36.639.138.538.738.639.438.238.639.339.0

37.640.639.944.636.542.040.934.735.735.235.1

34.434.5

35.233.440.341.2

38.437.639.340. 638.840. 141. 140.139.836.935.435.835.1

42.630.637.4

39.943.337.340.136.4

268, 525106,743113,965

1,933216

1,267

121.2121.7

312.1

38.639.040.3

41.141.138.539.639.138.0

38.7

40.7

39.0

37.139.238.838.237.340.538.139.239.539.0

38.141.340.745.237.442.141.835.735.434.635.3

35.534.2

36.135.040.441.1

38.737.839.740.739.240.440.740.740. 537. 736.335.134.0

42.234.137.5

40.644.338.541.737.2

295. 071124, 025120,469

1.929217

1,261

120. 6119.0

' 315. 7

38.839.239.7

40.740.739.039.438.937.6

37.7

40.5

39.2

37.339.239.039.539.440.538.439. 039.239.4

38.541.640.445.838.342.242. 138.036.335.736.2

35.433.3

35.834.640.741.1

38.737.440.040.839.240.241.240.239.938.236.636.536.0

40.623.430.7

39.743.838.541.937.1

314,414137,965124, 931

1,923217

1,238

118.4116.0

38.838.840.3

39.439.338. 638.737.936.9

36.4

39.1

39.3

37.739.038.739.940.339.938.437.739.039.0

38.742.241.845.739.742.242.737.436.636.336.3

35.433.4

36.133.941.141.8

38.637. 139.840. 639.340.040.940.740.438.436.637.036.8

39.435.025.1

40.343.438.642.237.1

327, 536146,144128, 631

1, 915214

1, 231

117.8115.4

323. 0

39.139.339.7

40.740.840.539.639.037.6

37.6

39.6

39.539.139.139.7

• 39. 840.237.340.039.038.9

38.941.741.045.040.841. 541.438.737.637637.0

35.733.5

36.4'34 .2

41.842.6

38.536.839.640.539.240.041. 140.339.838.336.037.236.7

39.523.426.1

40.144.338.742.437.2

• 320,842• 143.585125. 032

213

1,196

114.2111.5

335.1

39. 6'39.6

40.3

40.740.6

^ 41. 0r 39. 6' 38. 2' 37. 6

'37.1

••40.2

40.339.340.040.140.440.637.738.139.540.2

39.6Ml . 8' 41. 6

44.4'40.1'42.1'40.7

38.938.638.537.8

' 3 6 . 8' 3 5 . 4

' 36. 935. 8

'42.6'43.0

39.137.5

'39.941.439.840.441.541.140.540.339.136.836.0

39.6'31 .8'27.0

40.4' 43. 2

37.740.936.4

302, 399129. 7G4122, 022

1,846211

r 1,116

' 106. 9' 103.4

' 320. 8

39.7' 39.9r 40. 3

'41.6Ml . 6

41.8' 40. 3

39.0'37.5

34.1

MO.O

Ml. 3'39 .2

40.439.139. 0

MO. 536.538.5

'39.8M0. 7

39.6Ml . 7' 41.0

44.240.041.540.538.239.539.639.0

' 36. 4'34 .1

37.434.343.143.7

'38.6' 37. 5' 39. 5

41.739.9

' 40. 641.441.040.339.437.336.435.1

M0.1'39.2'31 .8

Ml . 2' 44.1

38.341.836.9

271,129100. 219120.798

1.S3.5211

'109.15 108. 2

39.2r 39, 2

Ml . 141.341.3

' 39. 938. 636.6

34.7

' 39 .2

40.138. 5

' 39. 9r 38. 0

37. 241.334.938.2

r 40.0M0. 8

39.241.442.744.130.941.240. 1

r 38. 039. i

' 35 .73.3.0

36.933.7

' 43. 043.7

' 3S. 537.239. 3

' 41. 640.140.741.0

'39 .939.8

' 38. 536. 9

'35.133.3

35.235. 035.3

40.042.837.139.936.1

' Revised. v Preliminary. ! Includes all of Fairfax County, Virginia, and Montgomery and Prince Georges Counties, Maryland.§Total includes State engineering, supervisory, and administrative employees not shown separately.tKevised series. See note marked "f" on P- S-ll.




1948

Decem-ber

1949



Decem-ber


LABOR C O N D I T I O N S — C o n t i n u e d

Average weekly hours per worker, etc.f—ContinuedNonmanufacturing industries—Continued

Transportation and public utilities:Local railways and bus lines hours . .Telephone doTelegraph doGas and electric utilities do

Trade:Wholesale trade doRetail trade:

General-merchandise stores doFood and liquor doAutomotive and accessories dealers_._do

Service:Hotels, year-round doLaundries doCleaning and dyeing plants do

Industrial disputes (strikes and lock-outs):Beginning in month:

Work stoppages number. _Workers involved thousands. _

In effect during month:Work stoppages number__Workers involved thousands._

Man-days idle during month doPercent of available working time

U. S. Employment Service placement activities:Nonagricultural placements thousands. _

Unemployment compensation (Soc. Sec. Admin.):Initial claims thousands. .Continued claims doBenefit payments:

Beneficiaries, weekly average doAmount of payments thous. of doL

Veterans' unemployment allowances:Initial claims thousands. .Continued claims do

Claims filed during last week of month___doAmount of payments thous. of dol . .

Labor turn-over in manufacturing establishments:Accession rate monthly rate p er 100 employees..Separation rate, total thousands. .

Discharges doLay-offs doQuits doMilitary and miscellaneous do

WAGES

Average weekly earnings (U. S. Department ofLabor): f

All manufacturing industries dollars. .Durable-goods industries do


ture) dollars,.Sawmills and planing mills do



Blast furnaces, steel works, and rollingmills dollars.

Primary smelting and refining of nonferrousmetals dollars..

Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment). dollars..

Heating apparatus (except electrical) andplumbers' supplies dollars..

Machinery (except electrical) doElectrical machinery doTransportation equipment do

Automobiles do .Aircraft and parts doShip and boatbuilding and repairs, . .doRailroad equipment do

Instruments and related products doMiscellaneous mfg. industries do

Nondurable-goods industries doFood and kindred products do

Meat products doDairy products doCanning and preserving doBakery products doBeverages do

Tobacco manufactures-__ doTextile-mill products do

Broad-woven fabric mills _-doKnitting mills do

» Be vised, » Preliminary. fRe vised series.

45.938.744.141.8

41.0

37.540.245.4

44.242.041.2

14441

283

713.1

339

1,3235,175

93979,966

3831,578

35527,997

2.74.3

.32.21.7.1

56.1459.6758.62

51.1351.2450.7655.7257.4564.12

65.87

61.01

59.57

59.5862.8058.1066.2166.8264.7963.3468.8955.2451.78

51.8453.8461.5253.3742.4550.7462.3437.5045.9346.1341.65

45.138.444.341.8

40.8

36.539.845.4

44.142.140.9

••275' 7 7

••385r 100'725

.1

1,5546,544

1, 213103,011

4502,206

57139,849

3.24.6

.32.51.7.1

55.5058.8358.08

49.8250.5948.3454.5057.3063.72

66.24

61.91

58.23

55.9761.7257.0166.2367.7463.1863.3066.5055.3650.77

51.3553.6259.5954.3442.6149.8260.9035.6944.8944.7940.88

45.138.644.541.4

40.5

36.340.045.5

44.041.540.0

' 240'77

'370' 105' 675

.1

276

1,3007,111

1,468115,268

3722,551647

47,103

2.94.1.3

2.31.4.1

55.2058.4959.22

48.0348.7348.9955.0258.5363.16

65.64

61.16

57.72

54.9461.5757.0265.7966.9164. 5261.9965.5355.2850.86

51.3353.0755.7054.5943. 8951.2861.5434.9445.0144.8341.09

45.238.344.741.5

40.6

36.139.745.7

44.541.540.5

'290500

- 4 4 0

' 530' 3, 500

.5

327

1,4588,754

1,786152,204

3763,130

67860, 766

3.04.8

.32.81.6. 1

54.7457.8357.90

50.2150.8548.8754.1856.9761.70

64.90

61.09

57.35

55.5760.8556. 5063.1962.9663.4162.9864.7655.1860.17

61.0752.8055.2553.7742.8950.3462.7536.2144.1943.2841.39

45.238.245.341.3

40.6

36.640.045.7

44.241.842.4

'365'160

' 535r210

' 1,900.3

363

1,8007,886

1,598136, 558

2992,608'592

50, 423

2.94.8

.22.81.7.1

53.8057.2154.13

51.5252.2947.6053.3755.39

64.69

61.95

56.19

53.9959.5555. 5963.5864.7760.9962. 5062. 4254.5148.95

49.6752.3354.9854.1043.0751.0762.2935.1542.2041.0839.87

44.938.645.241.3

40.7

36.339.745.8

44.742.442.7

' 455'235

' 680' 310

r 3, 450.5

403

1,6628,366

1,718146,712

3312,358' 539

44,618

3.55.2

.23.31.6.1

54.0857.2159.32

52.9453.7647.5953.9056.8160.08

63.24

61.05

56.67

54.6159.7055.9963.0363.2262.9861.6163.3954.8348.83

50.4153.4456.1754.4743.6551.6164.5436.2741.9140.5240.07

See note marked " t" on p. S-ll.

46.038.445.041.3

40.6

36.840.445.5

44.141.642.3

'385575

' 635' 675

' 4, 500.6

400

1,5228,778

1,809154,695

4462,486'586

45, 797

4.44.3.22.51.5.1

54.5157.8258.72

52.9153.5648.3653.5855.9859.82

62.21

60.71

57.39

54.7259.9456.1665.4966.9462.9462.8262.7154.6149.72

50.9753.6255.8755.2342. 6352.2965.5938. 5742.9842.0940.73

45.138.545.441.3

40.8

37.241.145.6

44.141.541.0

'350110

'600r250

' 2, 400'.4

369

1,3837,467

1,717148,767

2, 569'582

48, 939

3.53.8.2

2.11.4.1

54.6357.3159.64

50.7551.2547.8652.9455. 2258. 63

59.88

59.00

57.61

54.8559.7156.0066.2768.6762.0861.9460.3254.3748.75

51.5554.6958.0255.7143.5952.6268.7938.1943.2642.8740.44

44.738.445.141.4

40.7

37.241.145. 6

44.240.839.5

'380' 140

'625'240

' 2,100,3

452

1,2528,353

1,952170, 629

52936

' 11324,135

4.44.0.31.81.8.1

54.7057.8958.44

52.8753.5349.6954.1756.0859.45

61.33

58.39

58.13

57. 6359.8656.7365.9067.7862.0760.0564.6454.254S.51

51.3153.0056.8754.7244.2751.8366.2438.5844.3744.4141.11

44.338.644.541.4

40.7

36.640.2

' 4 5 . 5

'44 . 141.2

' 4 1 . 7

' 2 9 0' 4 7 5

'525r 505

r 6, 550.9

1,0137,084

1,744154, 079

31385' 8 3

8,775

4.14.2

2L 82.1

.1

55.72r 58. 69

59.76

' 52.83' 53. 35r 50. 72' 54. 73r 55. 89' 60. 42

' 62. 07

59.24

r 59. 25

59.5660.4457.8867.1369.3363.5861.0061.84

r 55. 26' 50. 57

52.59' 53. 63' 57. 78

55.28' 44. 79«• 52. 88r 64. 92' 38. 39«• 4.'. 82' 45. 74r 42.22

44.438.744.541.7

40.8

' 3 6 . 340.345.9

' 4 4 . 341.2

' 4 1 . 2

250600

4251,000

19, 0002.7

416

1,3638, 363

1,528135, 707

31265' 6 2

5,462

' 3 . 7M . I

.22.3

' 1 . 5.1

55.26' 58.17r 59.97

r 53. 96r 54. 54r 51. 50' 55. 37r 56. 32' 58. 31

' 55. 96

59.87

r 58.28

r 61. 08r 60.17

58.0164.7565.87

r 63. 67' 59. 28' 62. 52' 56.08' 51. 53

r 52. 55' 53. 92' 56. 38' 54.90r 45. 96r 52. 37' 64. 48

37.8647.1647.60

r 43. 72

44.038.843.741.6

40.6

36.240.145. 6

44.040.940.9

20070

360875

7, 5001.0

350

1, 5457,584

1,698152,170

29268

605, 291

3.33.7

.22.21.2

.1

' 54.53' 57. 00' 57. 82

' 52. 4053.24

' 50. 72r 55. 14

56.24r 57. 32

55.87

58 28

' 56. 80

59.5159.17

•" 57.26' 63.08

62.7966.0457. 0363.07

' 56 64' 51. 57

' 52.02' 54. 07

60.5554.4241.1452.1663.68

' 38.49r 47.16

47.6843.27

P 1 2 0M0

M00' 1,200

p. 2

312

1,6308, 259

1 1,8921 170, 573

2928061

5,474

p 56. 20*> 59. 31p 60. 67

p 53. 25

~V51.~66~p 55. 22

~p~6l.~73~

p 61. 06p 58.87» 66. 46

» 57.37*> 52. 56

53. 02v 54.76

P 39. 21P 47.52

i Includes estimate for Ohio.




1948

Decem-ber

1949



Decem-ber


WAGES—Continued

Average weekly earningst—ContinuedAll manufacturing industries—Continued

Nondurable-goods industries—ContinuedApparel and other finished textile products

dollars..Men's and boys' suits and coats doMen's and boys' furnishings and work

clothing dollars..Women's outerwear do

Paper and allied products doPulp, paper, and paperboard mills do

Printing, publishing, and allied industriesdollars..

Newspapers doCommercial print ing do

Chemicals and allied products doIndustrial organic chemicals doDrugs and medicines doPaints, pigments, and fillers-^ do

Products of petroleum and coal doPetroleum refining do



Nonmanufacturing industries:Mining:

Metal doAnthracite doBituminous coal doCrude-petroleum and natural-gas production:

Petroleum and natural-gas productiondollars.

Nonmetalic mining and quarrying doContract construct ion do

Nonbuilding construction doBuilding construction do

Transportation and public utilities:Local railways and bus lines doTelephone doTelegraph doGas and electric utilities do

Trade:Wholesale trade doRetail trade:

General-merchandise stores doFood and liquor doAutomotive and accessories dealers.._do

Finance:Banks and trust companies do

Service:Hotels, year-round doLaundries doCleaning and dyeing plants do

Average hourly earnings (IT. S. Department ofLabor) :f

All manufacturing industries dollars. -Durable-goods industries do


ture) dollars.Sawmills and planing mills do



Blastfurnaces, steel works, and rolling millsdollars..

Primary smelting and refining of non ferrousmetals dollars..

Fabricated metal prod, (except ordnance, ma-chinery, transportation equipment;).dollars. -

Heating apparatus (except electrical) andplumbers'supplies _ dollars. .

Machinery (except electrical). doElectrical machinery._. doTransportation equipment do

Automobiles doAircraft and parts doShip and boat building and repairs...doRailroad equipment do

Instruments and related products doMiscellaneous mfg. industries do

Nondurable-goods industries doFood and kindred products do .

Meat products. do .Dairy products doCanning and preserving doBakery products doBeverages do

Tobacco manufactures-. doTextile-mill products do

Broad-woven fabric mills doKnitting mills do_.. .

r Revised. v Preliminary. fRevised series.

42.9548.01

32.5052.5256.6660.79

69.3079. 3968.5858.3560.0556.3659.1471.5975.0257.6761.2042.4140.22

65. 3663. 2776.28

69. 5256. 7971. 6569.6472.33

63.8549.8561.1762.41

56.87

34.4648.4857.07

42.04

32.3534.9940.62

1.4001.4661.416

1.2471.2561.2321.3591.4471.591

1.655

1.453

1.4821.5281. 4381.651 i1.683 !1.565 |1111

111

624660381263

319285395

1.1941.1.1.

1*1.1.

163211513979 |196 i 1192 I 1141

43.1048. 07

32.0553.8155.5459.91

67.5974.8367.7757.7059.3656.4558.4573.2977.0256.8960.7242.3040.63

64.7567.3976.32

73.3254.9170.1467.5470.88

63. 8249.8461.5863.08

57.24

34.4249.0757.25

43.92

32. 4135. 4940. 37

1.4051.4671.420

1.2241.2401.2271.3591.4581.593

1.656

1.510

1.452

1.4691.5241.4361.6601.7021.560.623.630.384.263

.327

.292

.389

.213

.158

.218

.515

.986

.197

.188145

43.8749.42

32.8953.8454.8458.72

68.3275. 6567.9157.8160. 3756.5258.9770.8273. 8956.5560. 9942. 8341.07

64.7447.9773.56

70.3754. 3669.9668. 0670.53

64.1850.8461.9462.60

56.82

34.0149.1257.15

32. 4734.9039.32

1.4011.4661.434

1.2161.2401.2311.3621.4671.587

1.645

1.454

1.4771.5241.4401.6531.6941.5661.6101.6101.3891.262

1.3231.2851.3521.213 i1.1491.2181.527.987

1.1941.1861.132

43.4150.13

33. 8251.6854.4558.17

69.5676.7269.2657.5159. 6956. 3758.8170.9274.0055. 4361.5042.5640.96

66.1646.1570.54

69.5454.4069.2267. 2569.83

64.1850. 8262. 3162.54

56.88

33.6848.8758.18

43.24

32. 5335. 0739. 93

1.4001.4641.462

1.2461.2651.2341.3581.4571.582

1.643

1.490

1.452

1.4781.5251.4451. 6371.6701.5581.6191.6231.3901.248

1.3231.2911.3711.2111.1531. 2161. 5381.0031.1881.1761.134

39.5346.30

32. 4945.4253. 4857.35

69.3978.4368.4257. 4559.1755.7859.9271.2673.9555. 5060.9240.7438.68

64.7156.8272.33

70.3056. 3869.8668.4770. 33

64.6450. 5863. 3762.82

57.12

34.2649.0859.50

43.49

32. 3535. 2442.15

1.4011.4671.475

1.2721.2881.2301. 3581.4501.584

1.642

1.500

1.452

1.4751. 5231.4441. 6431.6781.5481.6361.6171.3871.255

1.3211.2891.3781.2131.1801.2161. 5231.0131.1821.1671.136

39.9446.00

33. 3645.6153. 7357.58

70.4080.0269.5158.2060.0956.6859.2272.1275.2157.0863. 2040.0537.37

63.7263. 6372.98

71.7858.1771.7071.4271.81

64.4851.8463. 6963.40

57.83

34. 8548.9960.00

32.9936. 0443.17

1.4011.4671.472

1.2881.3081.2361.3611. 4531.581

1.634

1.500

1.453

1.4721. 5231.443.650.695.555.617.617.388.252

.323

.294

.380

.205

.167

.226

.544

.016

.184

.171

.135

40.1143.86

32.7646.3354.5457.95

70.4778.7370.8059.0860. 5656.2859.9071.8474. 7358.2964.0941.4639.24

60. 5345.2859.90

70.5957.8271.4171.3471.44

66.0151.4662. 9663. 6457.49

35. 6250. 2659.70

43. 10

32. 8535.3242.17

1.4051. 4751.479

1.3001.3161.2401.3601.4391.591

1.650

1.499

1.464

1.4671.5291.4401.6581.6991.5541. 6361.6081.3931.262

1.3241.2891.3831.2061.1131. 2391.5581.0151.1841.1791.125

41.0344.93

33.0348.5155. 5759.65

70.4578.0270.0559.4461.5056.4059. 3173.5976. 6058. 3764. 4541.7439. 93

58.7566.0847.94

72.5456.7771.5572. 2071.28

65.2151.9063. 9764.02

58.18

35.8651.1359.83

43.80

32.9035. 0340. 43

1.4081.4771.480

1.2881.3041.2401.3681.4571.589

1.645

1.489

1.466

1.4551.5301.4471.6611.7041.6071.6131.6001.3941.250

1.3321.2961.3881.2191.0981.2471.6111.0211.1821.1811.114

41.9544.96

32.8050.4056. 2660.32

70.6977.8069.6658.7760.6856.3259.5172.3875. 1057.7262.3242. 0040.04

58.1842.8049.51

70.7457.8672. 1372. 5671.95

' 64. 4651. 5763. 6463.92

57.10

35.7551.0059. 55

43. 10

32. 9334. 2738.63

1.3991.4731.472

1.2991.3121.2301.3681.4381.581

1.631

1.482

1.468

1.4591.5311.4511.6601. 7031.5441.6101.6161.3911.247

1.3191.2711.3871.2161.0851.2491. 600.997

1.1801.1811.111

' 44. 01' 47. 90

' 33.87' 53.13' 57. 64' 61. 06

' 72. 0280.14' 70. 2259. 66

' 62.33' 56. 9660.88

' 74. 47'77.11' 61.01' 69. 9541.99

' 39. 74

' 58. 96' 59. 24' 52. 46

72.40' 56.6870. 7370.8270. 69

' 64. 55' 52. 6162 83

' 64. 75

'57.35

' 35.1750. 57

'59. 51

' 43. 62

' 32. 90' 34. 69' 41.28

1.4071.4821.483

' 1. 298' 1. 314r 1.237r 1. 382' 1. 463

r 1. 607

•• 1.673

1.496

1.474

1.4781. 5381.4471.6741.716

r 1. 5661.6181.623

r 1. 399r 1. 2581.3281. 283

' 1. 3891.2451.117

' 1. 256' 1.595'.987

r 1.187' 1.188'1.117

' 42. 70'45.90

' 34.30' 49.8458.31

' 62.10

'71.41' 80.18' 70.19' 59. 5162.08

' 57.16' 60.8674.0976.13

' 59. 6164. 83

'41.61' 38. 65

r 59. 55' 75.81' 63.06

' 74.24' 57. 51' 72. 06' 72. 71' 71. 80

' 64.6553.3362.97

r 65.80

58.26

' 34. 74' 50.33' 59.44

43. 96

' 32.87' 34.69' 40. 38

1.3921.458

' 1. 488

1.297' 1.311' 1.232' 1.3741.444

' 1. 555r 1.641

1.471

' 1. 457

1.4791.5351.4361.6561. 6891.5721. 6241. 6241.4091.266

1.3271.2931. 3751. 2421.1491. 2621. 592.991

1.1941.2021.121

' 40. 6344.19

34.0246. 30

' 58. 2262. 05

' 70. 9679. :i569.84

' 59. 5762. 4057.5960.27

'71.9475. 10

' 58. 1064.02

' 40. 0836. 43

51 7867^8270. 67

71. 3656.9270.1769. 9070.27

63. 9354.4462.0165.44

57.81

34.4650. 4958.92

43. 78

33.2234.4040. 25

r 1.3911.454

r 1. 488

' 1. 2751. 289

" 1. 22Sr 1.382

1. 457' 1. 566

1.610

1.483

' 1. 449

1.4841.537

' 1.435' 1. 660

1.6881.5991. 6341. 651

' 1.416' 1. 264

'1.327' 1. 306

1.4181. 2341.1151. 2661. 588

' 1. 013' 1. 194

1.1981,124

See note marked "f" on p. S-ll


February 1950 SURVEY OF CUERENT BUSINESS S-15


1948

Novem-ber

1949



Decem-ber


WAGES—Continued

Average hourly earnings, etc.f— ContinuedAll manufacturing industries—Continued

N ondurable-goods industries— C ontinuedApparel and other finished textile products

dollars-_Men's and boys' suits and coats doMen's and boys' furnishings and work

clothing dollarsWomen's outerwear

Paper and allied productsdodo

Pulp, paper, and paperboard mills_..doPrinting, publishing, and allied industries

dollars __Newspapers doCommercial printing._

Chemicals and allied productsIndustrial organic chemicalsDrugs and medicinesPaints, pigments, and fillers

Products of petroleum and coalPetroleum refining

Rubber products _ _Tires and inner tubes. _ _

Leather and leather productsFootwear (except rubber) __

Nonmanufacturing industries:Mining:

MetalAnthracite . .Bituminous coal

. . .do.. .do

...dodo

. . .do. . . .dodod o

. . .do. .. do..do

do. do

doCrude-petroleum and natural-gas production:

Petroleum and natural-gas productiondollars

Nonmetallic mining and quarrying._Contract construction

Nonbuilding construction - __Building construction._ _

Transportation and public utilities:Local railways and bus linesTelephoneTelegraphGas and electric utilities

Trade:Wholesale trade _Retail trade:

General-merchandise stores.. _Food and liquorAutomotive and accessories dealers

Service:Hotels, year-roundLaundriesCleaning and dyeing plants

Miscellaneous wage data:Construction wage rates (E. N. R.):§

Common labor _dolSkilled labor

. . . d o -dodo

..do

— d o -dododo

..do

. . . d o —-dodo ._

dodo

..do

per hr..dn

Farm wage rates, without board or room (quar-terly)* dol. Der hr

Railway wages (average, class I)Road-building wages, common labor

. - d o . . . .

. . d o

1.2031.36C

.9341.4921.3301.404

1.7502.0621.6851.3961.4901.3681.4321.7721.8571.4981.7191.1431.102

1.5201.8611.956

1. 7381.2821.8621.7121.915

1.3911.2881.3871.493

1.387

.9191.2061.257

.732

.833

.986

1.4132.347

1.338

1.2211.358

.9371.5331.3351.403

1.7512.0281. 0901.4041.4991.3871.4291.7791.8561.5011.7201.1371.101

1.5381.8721.947

1.7841.2861.8691.7101.918

1.4151.2981.3901.509

1.403

.9431.2331.261

.735

.843

.987

1.417r 2. 354

.771.3521.00

1.2121.354

.9241.5041.3311.398

1.7702.0391.7151.4101.5131.3921.4491.7751.8521.5001. 7231.1361.101

1.5271.8381.941

1.7681.2851.8771.7141.930

1.4231.3171.3921.512

1.403

.93?1.2281.256

738.841.983

1.4172.3E3

1.370

1.1961.366

.9291. 4601.3281.395

1.8022.0681.7491.4061.5151.3851.4521.7731.8501.4981.7181.1351.101

1.5281.8461.938

1.7561.2801 8751.703I.-933

1.4201.3271.3941.507

1.401

.9331.2311.273

731.845.986

1.4242.376

1.337

1.1491.342

.9231.3601.3271.392

1.8072.0861. 7411.4151.5251.3911.4581.7771.8581.5041.7211.1381.102

1.5191.8571.934

1.7621.3021.8721.7091.934

1.4301.3241.3991.521

1.407

.9361.2271.302

732.843.994

1.4242.378

.711.3801.06

1.1251.345

.9241.3031.3301.401

1.8192.1171.7511.4301.5331.4031.4551.7721.8571.5141. 7411.1411.099

1.5101.8661.946

1.7681.3131.8641.7121.930

1.4361.3431.4091.535

1.421

.9601.2341.310

738.850

1.011

1.4312.384

1.389

1.1331.317

.9151.3391.3401.410

1.8212.1051.7701.4481.5451.4001.4541.7871.8731.5261.7511.1361.090

1.4911.9351.951

1.7781.3201 8561.7041.924

1.4351.3401.3991.541

1.416

.9681.2441.312

745.849.997

1.4412.394

1.375

1.1591.306

.9151.4311.3521,427

1.8252.1031.7601.4641.5651.4101.4501.8081.8961.5201.7611.1281.085

1.4911.8881.910

1.8001.3081.8561.7121.922

1.4461.3481.4091.550

1.426

.9641.2441.312

.746

.844

.986

1.4652 412

.741.3921.16

1.1751.342

.9011.4651.3461.416

1.8362.1141.7591.4511. 5481.4081.4481.7961.8871.5071.7311.1291.091

1.4731.8291.897

1.7641.3061.8621.7121.932

1.4421.3431.4111.544

1.403

.9611.2441.306

' 745'.840'.978

1.4702 434

1. 373

' 1.196r 1.353

' . 9 1 8' 1.484

1.3531.420

' 1.8422.137

' 1. 7601.441

' 1.566'1 .410

1.467'1 .812' 1 904' 1. 514' 1. 789

1.141' 1.104

' 1.489' 1.863' 1.943

1.792' 1.312' 1 874' 1.730' 1.938

' 1.457' 1.363

1 412' 1. 564

' 1.409

' .9611 258

' 1.308

' 746' 842'.990

1.4782 453

1.565

' 1 . 1 7 3' 1.346

' .917' 1.453

1.353' 1 . 4 2 1

' 1.850' 2.138

1.777' 1.427

1.556' 1.408' 1. 470

1.8071.889

'1 .5131.738

' 1 . 1 4 3' 1.101

' 1.4851. 934

' 1.983

1.8021.304

' 1.881' 1.741' 1. 944

' 1. 4561.3781.415

' 1. 578

1.428

' .957' 1. 249r 1.295

742' .842.980

1.4782 458

.641. 562

1.17

' 1.1381.339

.9221.374

' 1.3541.420

' 1.8432.1331.777

' 1.4321.5561.4151.470

' 1.8031 887

' 1. 5091. 735

'1 .1421.094

1.4711.9052.002

1.7841.3301 8911. 7511.948

1.4531. 4031 4191.573

1.424

.9521 2591.292

755841

.984

1.4782 462

1.569

1.172

r 1. 356

* 1.855

' 1.437

p 1.808

p 1. 518

p 1 136

1.4782 462

° 75

FINANCE

BANKING

Acceptances and commercial paper outstanding:Bankers' acceptances... mil. of doL.Commercial paper do

Agricultural loans outstanding of agencies super-vised by the Farm Credit Administration:

Total mil. ofdoL-Farm mortgage loans, total do

Federal land banks doLand Bank Commissioner do

Loans to cooperatives doShort-term credit do

Bank debits, total (141 centers) doNew York City doOutside New York City do

, Federal Reserve banks, condition, end of month:Assets, total mil. of doL-

Reserve bank credit outstanding, total - d oDiscounts and advances doUnited States Government securities. . .do

Gold certificate reserves doLiabilities, total do

Deposits, total doMember-bank reserve balances do

Excess reserves (estimated) doFederal Reserve notes in circulation do

Reserve ratio— -percent--

259269

1,677932857

75311435

109, 90846,19463, 714

50, 04324, 097

22323, 33322, 96650, 04322, 79120, 4791,202

24,16148.9

262268

0)0)0)0)

299444

94, 08038, 42955,651

48, 58522, 914

45622,10923, 02548, 58522, 24819, 540

47723,609

50.2

228268

0)0)0)0)

289466

80,18031, 98248,198

48, 44822, 855

25122, 34223, 04548, 44822, 23519,617

80823,528

50.4

215257

1,710936866

70270504

98, 33539, 69858, 637

48, 05122, 267

24621,68823,07748, 05121, 75419,118

68623,383

51.1

204249

( i )( I )(i)

0)262

2 537

89, 20635, 83253,374

47, 39621, 737

30321, 09423,09947,39621, 30419,076

63823,327

51.8

195219

(1)( l )(1)

0)252

2 565

88,96936, 97451, 995

45, 48320, 092

24719, 70423,11645, 48319, 58218, 024

79423, 346

53.8

198199

1,786946880

65250

2 591

98, 27642, 89055,386

45, 50219,696

10319, 34323, 24545, 50219, 24617, 867

94823,373

54.5

194211

(00)0)(0

2582 600

88,35336, 46751,886

44, 93719, 239

31718,52923, 28544, 93718,96817, 437

75223, 305

55.1

189230

1)1)1)

2612 590

88, 53636, 07052,466

44,19218, 225

53117,52423,36244,19218, 03616,5121,175

23, 27356.6

207265

1,791951890

62281

2 559

90, 26637,19153,075

44,32318,415

10918,01023, 35044, 32318,17315,947

77123,278

56.3

215278

0)h0)0)

3062 506

90, 79236, 33454, 458

43, 51317, 860

28317,31623,32043, 51317, 63215, 850

58923,247

57.0/

251'278

80)0)

3132 471

88, 58835, 24953,339

44,27218, 2fi7

32217, 68223, 23244, 27217, 79316,038

'67123,373

56.4

272257

1,71295689957

3062 450

106, 27445, 78160,493

45,64319,499

7818, 88523,17645, 64318, 90616, 568

* 1,03023,483

54.7

' Revised. *> Preliminary. « Rate as of January 1,1950.1 Beginning July 1,1948, farm mortgage loan data are reported quarterly.2 In accordance with Public Law 38,81st Congress, the Regional Agricultural Credit Corporation of Washington, D . C , was dissolved and as of April 16,1949, its assets were transferred to the

Farmers Home Administration.jRevised series. See note marked "f" on p. S-ll .§Rate as of February 1,1950: Common labor, $1,485; skilled labor, $2,466.*New series. Comparable data prior to January 1948 are not available.


S-16 SURVEY OF CUREENT BUSINESS February 1950


1948

Decem-ber

1949



Decem-ber

FINANCE—Continued

BANKING—Continued

Federal Reserve weekly reporting member banks,condition, Wednesday nearest end of month:

Deposits-.Demand, adjusted mil. of doL.Demand, except interbank:

Individuals, partnerships, and corporationsmil. of doL

States and political subdivisions doUnited States Government do

Time, except interbank, total doIndividuals, partnerships, and corporations

mil. of dol_.States and political subdivisions do

Interbank (demand and time) doInvestments, total do

U. S. Government obligations, direct andguaranteed, total mil. of dol

Bills do___Certificates do....Bonds and guaranteed obligations doNotes do

Other securities doLoans, total do

Commercial, industrial, and agricultural .doTo brokers and dealers in securities doOther loans for purchasing or carrying securities

mil. of doL.Real-estate loans doLoans of banks doOther loans do

Money and interest rates:cfBank rates to customers:f

In New York City percent..In 7 other northern and eastern cities doIn 11 southern and western cities do

Discount rate (N. Y. F. R. Bank) do.__.Federal land bank loans doFederal intermediate credit bank loans doOpen market rates, New York City:

Acceptances, prime, bankers', 90 days doCommercial paper, prime, 4-6 months doTime loans, 90 days (N. Y. S. E.) do___.Call loans, renewal (N. Y. S. E) do___.Yield on U. S. Govt. securities:

3-month bills do3-5 year taxable issues do___

Savings deposits, balance to credit of depositors:New York State savings banks mil. of doL.U. S. postal savings do

CONSUMER CREDIT

Total consumer credit, end of month_._mil. of doL.Instalment credit, total do

Sale credit, total doAutomobile dealers doDepartment stores and mail-order houses

mil. of doLFurniture stores doHousehold-appliance stores doJewelry stores doAll other retail stores do

Cash loans, total do—Commercial banks do_._Credit unions do__-Industrial banks do__.Industrial-loan companies do__.Insured repair and modernization loans

mil. of dol.Small-loan companies do__.Miscellaneous lenders do. _.

Charge accounts do_.Single-payment loans do_.Service credit do_.

47,794

48,2143,2821,274

15,028

14,403540

10, 60237,192

32.9871,8074,742

24, 5941,8444,205

25, 55915, 5771,331

6794,062

2413,930

2.342.683.021.504.042.00

1.191.561.631.63

1.1541.64

10,3263,330

16,3198,6004, 5281,961

874750387152404

4,0721,709

312204160

739817131

3,8542,902

963

46,945

46,5763,4081,476

15,087

14, 419582

10,17437,452

33,2681,9875,364

24,8901,0274,184

25, 24415,318

1,297

6634,079

2583,918

1.504.082.02

1.191.561.631.63

1.1601.59

10,4023,334

15,7488,4244,3701,965

815704366141379

4,0541,705

309202159

737812130

3,4572,904

963

46,112

46,0143,4181,706

15,132

14,452593

10,16337,359

33,0692,0005,048

24,9921,0294,290

24,617.15,147

947

6304,082

2663,837

1.504.082.02

1.191.561.631.63

1.1631.57

10,4463,333

15,3258,3394,3061,996

778685353130364

4,0331,695

308201159

734806130

3,1692,865

952

44,909

44,3413, 5882,095

15,151

14, 458602

9,36436,137

31, 7501,0634,624

25,136927

4,38725,03414,9041,548

6384,083

3083,851

2.422.683.121.504.082.02

1.191.561.631.63

1.1621.54

10, 5183,327

15,3358,4294,3642,105

756675348124356

4,0651,720

315203161

729807130

3,1212,816

Consumer instalment loans made during the month,by principal lending institutions:

Commercial banks mil. o fdoL. 251 236 215 287 278 288 303 282 294 278 272Credit unions do 57 42 44 58 58 60 68 59 66 65 59Industrial banks d o . . . . 37 31 28 36 33 35 38 35 37 34 34Industrial-loan companies d o . - . - 31 26 25 30 29 28 28 28 29 27 26Small-loan companies d o . - . . 180 112 109 142 146 135 140 155 143 128 134

FEDERAL GOVERNMENT FINANCE

Budget receipts and expenditures:Receipts, total mil. of d o l - 4,062 3,675 3,935 6,133 2,306 2,751 4,928 2,061 2,917 4,885 1,

Receipts, net — do 4,014 3,579 3,381 5,435 1,340 1,945 4,767 1,946 2,479 4,832 1,881Customs d o . . . . 38 30 29 34 29 28 28 25 32 33 35Income and profits taxes do 3,042 2,762 2,690 5,100 1,308 1,544 3,819 1,209 1,568 3,893 1,060Employment taxes do 134 54 438 168 81 410 137 65 404 144Miscellaneous internal revenue d o . . . . 702 638 654 720 644 656 704 653 749 714 753All other receipts d o . . . . 146 192 '122 111 244 114 240 110 165 101 79

Expenditures, to ta l . d o . . . . 3,603 2,968 2,646 3,621 2,748 2,822 4,579 3,434 3,585 3,995 3,111Interest on public debt do 1,112 319 141 589 178 125 1,570 322 125 544 255Veterans Administration do_ — 555 528 547 640 548 614 525 494 522 859 502National defense and related ac t iv i t i e s - . .do .— 1,017 1,043 930 1,109 1,043 950 1,159 987 1,134 985 959All other expenditures _.do_.._ 920 1,078 1,027 1,283 979 ' 1,133 1,325 1,631 1,804 1,607 1,395r Revised. v Preliminary. * Beginning September 12, series changed from one to two bond issues (2 percent December 1952-54 and 2J^ percent March 1956-58)

series for September is 1.25 percent. 2 Beginning November 1949, data represent interest due and payable; previously, interest paid. cf For bond yields see p . S-19.fRevised series. Bank rates to customers have been revised to reflect a change in the reporting form; for the series shown here no revisions were made prior to June 1948.

46,175

45,7373,5481,188

15,226

14, 485648

9,20336,945

32,9511, 8274,712

25,458954

4,35424,01014,1621,328

6174,078

2633,863

1.504.082.04

1.191.561.631.63

1.1551.53

10, 5503,314

15, 5958,6304,9172,241

760683351123359

4,1131,749

323207163

727815131

3,2322,764

46,364

46,1283,683

79015, 283

14, 513667

9,70338, 525

34,0352,1055, 225

25, 734971

4,49023, 81113,4761,678

4,092333

3,904

1.504.082.04

1.191.561.631.63

1.1561.49

10,6003,294

15,8438,8884,7182,386

771704367123367

4,1701,788

333213165

722818131

3, 2352,739

981

46,093

45,8053,3611,356

15, 375

14, 596664

9, 52638,699

34,1491,7935,274

26,132950

4. 55023,88313,1811,955

6574,118

2923,981

2.352.863.171.504.082.04

1.191.561.631.63

1.1581.42

10,7183,277

16,1249,1234,8702,499

774718382124373

4,2531,836

346219167

726827132

3,2742,752

975

46, 282

45, 6853, 4321,591

15, 282

14, 520641

10, 03240, 637

35, 7732,6035,716

26, 3941,0604,864

23,15912, 8261,520

6634,143

2644,049

1.504.082.04

1.061.561.631.63

1.26

10, 7533,266

16,1989,3355,0102,610

766730405121378

4,3251,866357225169

732843133

3,1232,768

972

46,737

46,4163,3672,196

15, 270

14, 502647

10, 09542, 288

37, 3073,2606,39226, 5361,1194,981

23, 49112,9651,609

6654,185

2734,102

1.504.082.04

1.061.441.631.63

1.0271.26

10, 7863,248

16, 4539,6225,2232,761

781755417121

4,3991,897369230171

747851134

3,0642,799

46, 457

46, 4653,1652,636

15, 255

14, 501632

10,06542,064

37,0042,6087,181

26,0911,1245,060

23, 99813, 3841,668

6384,207

2334,178

2.322.643.071.504.082.04

1.061.381.631.63

1.062U. 37

10, 8303,228

16,8019,8975,4382,876

818784435121404

4,4591,922379235172

761855135

3,1232,808973

46,848

46,8673,2992,335

15, 228

14, 500605

10,68742,341

37, 3882,6187,273

26, 3471,1504,953

24, 32513, 6941,618

5974, 246

2074,266

1.504.082.04

1.061.381.631.63

1.044i 1.38

10,860r 3, 214

r 17, 221r 10, 164

5,6612,986

855822454123421

r 4, 503r 1, 936

385239172

'•778858135

3,197r 2,866

'994

47, 648

48, 0373,2552,117

15, 162

14, 431608

10, 30542, 226

37, 2482,3457,257

26. 4701, 1764,978

24, 61313, 7751,623

6264,299

2144,393

1.504.082.04

1.061.381.631.63

1.0731 1 3 7

10, 296' 3,199

v 17, 810p 10, 439p 5, 882P 3, 085

M65P 127

P 4, 557P 1.944

P 394

*>790*>875

* 3, 454P 2, 926

"269

2,7272,344

371,489356722124

3,1272 306547

1,0241,251

Average for old




1948

Decem-ber

1949



Decem-ber

FINANCE—Continued

FEDERAL GOVERNMENT FINANCE—Con.

Debt, gross:Public debt (direct), end of month, total

mil. of dol__Interest-bearing, total do

Public issuesSpecial issues _ _ _ _ _ _

Noninterest bearing

do-_do_ —

doObligations guaranteed by U. S. Government,

end of month mil. of dolU. S. savings bonds:

Amount outstanding, end of monthSales, series E, F, and G __ __Redemptions

do. .do . . .

do

Government corporations and credit agencies:Assets, except interagency, total mil. of dol

Loans receivable, total (less reserves)To aid agricultureTo aid home ownersTo aid railroadsTo aid other industriesTo aid banksTo aid other financial institutionsForeign loansAll other

Commodities, supplies, and materialsU S Government securitiesOther securities

All other assets

Liabilities, except interagency, totalBonds, notes, and debentures:

Guaranteed by the United StatesOther

Other liabilities.. .

Privately owned interestTT S Government, interest

dodododododododododododododo

__do__._

dodo

_.do

dodo

Reconstruction Finance Corporation, loans andsecurities (at cost) outstanding, end of month,total mil. of dol

Industrial and commercial enterprises, includingnational defense _ _ _ mil. of dol

Financial institutions doRailroads, including securities from PWA._doStates, territories, and political subdivisions .doUnited Kingdom and Republic of the Philippines

mil. of dol._Mortgages purchased doOther loans do

LIFE INSURANCE

Assets, admitted:All companies (Institute of Life Insurance), esti-

mated total . . . . mil. of dolSecurities and mortgages do

49 companies (Life Insurance Association ofAmerica), total .mil. ofdol..

Bonds and stocks, book value, total doGovt. (domestic and foreign) total

U. S. GovernmentPublic utilityRailroad __Other _ .

CashMortgage loans, total

FarmOther

Policy loans and premium notesReal-estate holdings.Other admitted assets

dododo

. .dodo

. .dodo

_-dodo

.-dododo

Life Insurance Agency Management Association:Insurance written (new paid-for-insurance):

Value, estimated total mil. of dol__Group -. doIndustrial.. _ .Ordinary, total

New EnglandMiddle At lant icEast North Central.

dododo

__dodo

West North Central doSouth Atlantic doEast South CentralWest South CentralMountainPacific

dodo

dod o

Institute of Life Insurance:Payments to policyholders and beneficiaries,

estimated total thous. of dolDeath claim paymentsMatured endowmentsDisability payments _ _ __ _Annuity paymentsPolicy dividendsSurrender values

. -dododododo

-do__._

252, 800250, 579218,865

31, 7142,220

55

55,197540432

21,71811, 6923,632

768140310

5520

6,102• 584

6271,8543,5183,060

967

2,666

38964

1,663

16618, 886

1,282

321129138134

19433137

55,38350,265

49,48336,12517, 23515, 2048,2892,8637,737

7318,893

8378,0571,788

9321,013

2,303664321

1,31885

29828913314754

10747

158

333,180131,22942,9758,812

18, 64180, 72750,796

252, 620250, 435218, 675

31, 7602,186

36

55, 467647476

1,323

330127138137

19236337

55, 74650, 465

49, 77836,19117,18915,1518,3222,8617,818

8029,009

8428,1671,800

9471,029

1,821335357

1,12986

292254103118428733

113

296,940123,02446,0768,580

24, 20754,39940,654

252, 721250,603218,799

31, 8042,118

26

55, 763599369

1,362

340126138135

19139537

55, 98450, 735

49,99936,31917,13415,0978,3882,8567,942

7119,128

8558,2731,809

9711,061

1,711193375

1,14378

29825099

123469734

118

269,380117,83938,101

7,82517, 63046, 23941, 746

251, 642249, 573217, 647

31, 9262,068

24

55, 982590440

22, 32412, 2284,209

851141337

5367

6,098589674

2,0773,5153,048

782

2,834

23884

1,927

17019,320

1,411

349125139138

18543837

56,30950,995

50,27836,40417,00514, 9578,4672,8578,076

7279,275

8678,4091,822

9801,070

2,224454433

1,33789

33529012414755

11141

145

326,028143, 48444,4268,142

20, 50058,88950,587

251, 530249, 509217, 67631, 8332,021

23

56,103454398

1,465

362124138138

18248337

56,58951,323

50,51936, 53716,79214,7488,5852,8558,304

6949,404

8828,5221,833

9951,057

1,852182414

1,25684

30226712214152

10641

141

285,303124,88937,9608,013

19, 25646,34848,837

251, 889249,890217,97531,9142,000

23

56,195433415

1,419

38012313830

179531

37

56,87251,498

50, 76336, 54816, 57514, 5298,6782,8538,442

7309,532

8998,6331,8451,0071,100

1,861185431

1,24583

29425811814153

10843

147

274,398119,04337,318

7,38519, 99842,06148, 593

252, 770250,762217, 98632, 7762,009

27

56, 333485451

22,23211, 7703,847

980120364

4368

6,108488

1,1402 0043,5082,946

865

2,377

26865

1,487

17219,682

11,458

384123

U1730

17459237

57, 23351,921

51,07336, 77916,36114,3248.9682,8658,585

6759,687

9128,7751,8591,0281,044

1,890242396

1,25281

28926312713552

11445

145

304,428124,88842,6368,347

20, 86856,11851,571

253, 877251, 880218,83133, 049

1,996

26

56, 522511425

11,522

399122

111730

17364337

57, 50352,251

51,29236, 92116,13314,0939,0822,8618,846

6489,804

9258,8791,8701,0421,008

1,657179356

1,12273

263235113124469940

130

267,451115,81034,227

7,47519,97042,99046,979

255, 852253, 921220, 563

33, 3581,931

27

56, 602449439

11, 603

416123

U1730

17670338

57, 76852,390

51,52036,88316,00113,9629,1272,8558,900

7029,946

9359.0111,8841,0451,060

1,778250381

1,14769

24924311613250

10842

138

286,065130,18835,505

7,91218, 73943,82849,893

256, 680254, 756220, 842

33, 9141,923

29

56,663398411

22 59411 7203 6171 123

120407

4347

6 090494

1 5962 0693 5012,933

775

1,957

28856

1,074

17720,460

11,670

434122

U1730

16776237

58,08252,640

51, 78936, 95715, 97213, 8719,1452,8568,983

69010,092

9449,1471,8961,0591,095

1,718249384

1,08567

23423111212349

10138

128

276, 238115, 71136,027

7,64119, 85647,32949,674

256, 778254, 876221, 06633, 810

1 901

28

56, 729388396

i 1, 737

443121

111730

16582437

58, 40752, 903

52, 06537, 03815, 89113, 7709,1892,8579,101

72110, 209

9559,2541,9071 0771,114

1,861267416

1,17877

277251111137539940

134

276, 422121, 36538, 5658,136

20, 07839, 72948, 549

256,982255,124221, 29533, 829

1,858

29

56,774383415

i 1,825

472118

111729

16189137

•" 58,699' 53,171

52,32137,13615, 78313, 6729,2542,8599,240

69410, 363

9639,4001,9171 0901 121

1,901308395

1,19883

27825611314052

10241

133

276,654120,82838, 559

7,86719,68938,63851,073

257,130255, 019221.12333 8962,111

29

56.910495466

11,874

481114

111229

14995137

59,28053,652

2,195504360

1,33186

28928013315658

11752

160

339,057132,67337, 9338,534

17, 09783, 64059,180

•" Revised. 1 Excludes securities from PWA.




1948

Decem-ber

1949

January Febru-ary March April May June July August Septem-


Decem-ber

FINANCE—Continued

LIFE INSURANCE—Continued

Life Insurance Association of America:Premium collections (39 cos.), total.thous. of dol_.

Accident and health doAnnuities .-doGroup doIndustrial doOrdinary do

MONETARY STATISTICS

Gold and silver:Gold:

Monetary stock, U. S mil. of dol_.Net release from earmark! thous. of dol__Gold exports doGold imports doProduction, reported monthly total j do

Africa doCanada ___ doUnited States! do

Silver:Exports. doImports doPrice at New York dol. per fine oz__Production:

Canadad" thous. of fine oz_.Mexico doUnited States do

Money supply:Currency in circulation mil. of dol__Deposits, adjusted, all banks, and currency out-

side banks, total© mil. of dol__Currency outside banks doDeposits, adjusted, total, including; U. S. de-

posits O mil. of doL_Demand deposits, adjusted, excl. U. S__doTime deposits, incl. postal savings do

Turn-over of demand deposits, except interbank andU. S. Government, annual rate:

New York City ratio of debits to depositsOther leading cities do

PROFITS AND DIVIDENDS (QUARTERLY)

Manufacturing corporations (Federal Reserve):*Profits after taxes, total (200 cos.) mil. of doL.

Durable goods, total (106 cos.) doPrimary metals and products (39 cos.)..doMachinery (27 cos.) doAutomobiles and equipment (15 cos.)_.do

Nondurable goods, total (94 cos.) doFood and kindred products (28 cos.).-doChemicals and allied products (26 cos.).doPetroleum refining (14 cos.)__ do

Dividends, total (200 cos.) doDurable goods (106 cos.) doNondurable goods (94 cos.) _. do

Electric utilities, profits after taxes (Fed. Res.)mil. of dol_.

Railways and telephone cos. (see p. S-23).

SECURITIES ISSUED

Commercial and Financial Chronicle:Securities issued, by type of security, total (new

capital and refunding) mil. of dol__New capital, total do.

Domestic, total do-Corporate do.Federal agencies do_Municipal, State, etc do.

Foreign do_Refunding, total do_

Domestic, total „ do_Corporate do_Federal agencies _._do.Municipal, State, etc do_

Securities and Exchange Commission: JEstimated gross proceeds, total _do

By type of security:Bonds and notes, total do

Corporate doCommon stock . doPreferred stock do

By type of issuer:Corporate, total do

Industrial doPublic utility doRailroad doReal estate and financial do

Noncorporate, total doU. S. Government doState and municipal doForeign governments doNonprofit do

622, 75237, 742

114, 93944, 75998,231

327,081

24,244-45 ,945

24,123r 112, 141

60,20837,68211,444

4,832

1,4194,908

.700

1,2063,6002,281

28, 224

170, 57026,079

145, 49185, 52057, 520

32.121.0

95856424010517639471119141499274225

176

8317537536270

126078783723

1,992

1,9107006814

783231497459

1,2091,0801290

0)

449, 86527,81776,34839,00072,171

234, 529

24, 271-2,6906,399

52, 33358,35837, 45610, 8433,864

5812,116.700

9764,4002,761

27, 580

170,20025,200

145,00085, 40057,600

29.319.3

452,16929,18554,43037,03667, 507264,011

24,290-22,201

4,49925, 97856,33535, 52910,7663,869

2613,278.708

9694,1002,821

27, 557

169,30025,100

144, 20083, 40057,800

27.118.6

6906336184197

1921557571

551

1,408

1,33627365

3451691203620

1,0638701930

0)

50043643623114191064647534

r 1, 275308

3211291065532

••968763

'2040

0)

527,36834,26767,86440,82478,615

305, 798

24,314-16,725

5,10824, 87962, 22739,27511, 9945,544

2146,444.715

1,2984,8002,743

27, 439

167, 60025,100

142, 50081,10058,000

27.219.2

8234982207218032552105119343196146

206

6956005843832617416969639551

1,395

1,3143304140

4111171838823985792175161

406,92326, 39147,37732,18258, 935

242,038

24,332-17,74112,01925,61560, 75537, 94111, 4425,674

4,7832,825.715

1,2464,0003,341

27, 417

167, 50024, 900

142,60082, 40058,100

27.618.6

437, 73931,65546,49734,90568, 541256,141

24, 34237,7751,61211,14263,10938, 90211, 6355,623

51412,190

.715

1,4994,4003,614

27, 507

167, 60025,000

142, 60082, 50058,200

28.318.5

949904904681331900

45451

441

1,606

1,42351513350

340281

1859

908717190

02

757681681295

51335

076763138

7

' 1, 493

••1,3512466082

3881021984939

' 1,105759

-•34600

499,84332,95563,10234, 69075,606

293,490

24, 466121,6325,483

12,38964,76139, 30712,0155,529

1,81810,237

.715

2,1984,3002,676

27, 493

167,93025, 266

142, 66481,87758,483

29.818.7

75049116170229259548792354

180

1,6441,5501,5351,196

2431515949431

2,672

2,5411,126

7457

1,2572119254576

1,4151,09931600

373, 62828,17114, 31630, 36261,015

239, 764

24, 520-19,936

6,890137, 98663,10739, 96611, 4215,728

11, 9106,824.715

1,7353,5002,349

27,394

p167, 900v 24, 900

v 143,000* 83,100p 58,400

28.718.5

76568544143290

244797822560

2,327

2,2684154614

4752511385134

1,8521,60624501

435, 09032, 92750,96537, 53566, 277

247,386

24,608-208,540

11, 563268, 936

40,38012, 5696,505

2,0906,056.719

1,1964,6002,909

27,393

p 170,000* 25,100

v 144,900P 83,400v 58,400

25.517.1

6173092911170

17418

3082048

1951

2,079

2,0121054621

1734799206

1,9071,6081981001

466, 66929, 96452, 86530,48576,015

277,340

24, 602-154, 79915,857114,002

39, 366' 12, 735

6,239

1605,628.732

1,1444,7002,167

27,412

170, 300P 24, 900

p 145, 400p 83, 300p 58,400

28.018.6

P799P504P130

P 7 1P267P295

P 1 0 9

P 3 3 2P 1 8 4p 148

70751951012769

31410188188381464

' 1, 612

r 1, 5501133527

17436991624

r 1, 438894

r32701

414, 82031,11653,96432, 97363,806232, 961

24, 584-89,1172,39758, 527

39,01212, 7987,306

7,508.733

2,884

27,407

171, 500p 24,900

146,600p 84,600v 58,400

27.318.5

8236756394050

2343614814891534

1,667

1,5623456145

4511662034142

1,21697823801

435, 49931, 62751, 97331, 60661, 410

258, 883

24, 479-63, 939

2,998' 10, 629

7,385

1846,370.733

27, 543

p171, 800p 25,100

p 146, 700p 85, 500P 58, 000

27.219.1

4893793791500

2290

109109355222

1,183

1,1021434436

22355

1481011

95970725101

p 24,427-59,39910,111

4,060.733

P27, 596

P173, 100P25, 000

P148, 100P86,700P58,400

32.520.0

1,759

1,60233612335

49389

3123161

1,2661,0112550

0)' Revised. * Preliminary. i Less than $500,000.§Or increase in earmarked gold ( - ) . ^Revisions for January-May 1948 for United States and total gold production are shown in the August 1949 SURVEY p S-18 Revisions for Januarv-

July 1948 for securities issued (SEC data) are available upon request. " y

cfRevised data for January-August 1948 are shown in the November 1949 SURVEY, p. S-18.©U.S. Government deposits at Federal Reserve banks are not included.•New series on large manufacturing corporations (assets end-of-year 1946, $10,000,000 and over); annual data beginning 1939 and quarterly data beginning 1946 are available upon request




1948

Decem-ber

1949

January Febru-ary March April M a y June July August

FINANCE—Continued

Septem-ber October

Novem-ber

Decem-ber

SECURITIES ISSUED—Continued

Securities and Exchange Commission!— ContinuedNew corporate security issues:

Estimated net proceeds, total mil. of dol__Proposed uses of proceeds:

New money, total doPlant and equipment doWorking capital do j

Retirement of debt and stock, total, .do jFunded debt do |Other debt__ do__.Preferred stock do_.

Other purposes do . .Proposed uses by major groups:

Industrial, total do_.New money do_.Retirement of debt and stock do__

Public utility, total do_.New money do._Retirement of debt and stock do . .

Railroad, total do__New money do__Retirement of debt and stock do__

Real estate and financial, total do._New money do__Retirement of debt and stock do_ -

State and municipal issues (Bond Buyer):Long-term thous. of dol _ jShort-term do j

COMMODITY MARKETS

Volume of trading in grain futures: \Corn mil. of bu_.jWheat do I

SECURITY MARKETS

Brokers' Balances (N. Y. S. E. MembersCarrying Margin Accounts)

Cash on hand and in banks mil. of doL_Customers' debit balances (net) doCustomers' free credit balances doMoney borrowed do

BondsPrices:

Average price of all listed bonds (N. Y. S. E.),total § dollars.-

Domestic doForeign do

Standard and Poor's Corporation:Industrial, utility, and railroad:

High grade (11 bonds) dol. per $100 bond. .Medium grade:

Composite (12 bonds) doIndustrial (4 bonds) doPublic utility (4 bonds) doRailroad (4 bonds) do

Domestic municipal (15 bonds) doU. S. Treasury bonds, taxable do

Total, excluding U. S. Government bonds:All registered exchanges:

Market value thous. of dol._Face value do

New York Stock Exchange:Market value doFace value do

New York Stock Exchange, exclusive of stoppedsales, face value, total§ thous. of dol__

IT. S. Government doOther than IT. S. Government, total § do


Value, issues listed o n N . Y . S . E . :Market value, total, all issuescT- mil. of dol__


Face value, total, all issuescf doDomestic doForeign do

Yields:Domestic corporate (Moody's) percent. _

By ratings:Aaa doAa doA doBaa do

By groups:Industrial doPublic utility doRailroad do

Domestic municipal: ]Bond Buyer (20 cities) _.doStandard and Poor's Corp. (15 bonds) do i

U. S. Treasury bonds, taxable do i

67758691807

703

14

22816650

4894612745450952

131, 72084, 614

301337

349550586257

100.18100. 6968.41

90.994.793.684.5

127.8100.89

63,47089, 347

60,15284, 620

78,06321

78,04269, 9418,018

131,306129, 660

1,401131,068128,771

2,048

3.09

2.792.883.163.53

2.853.063.36

2.202.262.44

336

312274389072

16

162139

9118118

036360

2019

0)199, 063126, 809

250328

537573247

100. 47100.9669.82

100.5

92.196.193.886.4

129.9101.16

60,68680, 599

57, 07375, 419

69, 72565

69,66062,1887,301

131, 897130, 230

1,419131, 276128, 994

2,032

3.02

2.712.813.083.46

2.802.993.26

2.172.152.42

318

22017248327

250

1283923

104102

254504

32293

203,674120,198

395445

527565225

100.45100.9370.26

100.5

92.797.094.786.6

128.5101. 51

52,00970,080

49,03866,056

63, 661202

63,45955,1508,043

131, 863130,188

1,426131, 272128, 993

2,030

3.00

2.712.803.053.45

2.792.993.24

2.212.232.39

403

3192536681374403

1148526

1791255487870

23211

171, 704133,002

254357

530551254

100. 58101.0471.35

100.7

91.997.195.583.1

128.8101. 67

56, 22580, 637

52,35975,821

67,82013

67, 80759, 5238,155

132, 065130, 368

1,447131, 304129, 027

2,028

3.00

2.702.793.053.47

2.782.973.27

2.172.212.38

553402151127

1126

07

336215118276270

717170

58512

198, 762110, 200

209368

100. 56101.0172.18

101.0

91.798.095.681.6

129.0101.65

53,18976, 590

50,45972,458

66,8393

54, 95311, 804

132, 098130,392

1,455131,360129,094

2,016

3.00

2.702.793.053.45

2.782.963.27

2.132.202.38

380

3402548533131557

100927

192 ,1 7 1 I2149490

39

349, 55761, 224

173380

537355

100.49100.9372.20

101.0

91.998.995.781.2

129.0101. 62

50, 76767,997

47, 43163,601

62, 2845

62,27954,8477,350

132, 029130, 326

1,452131, 381129,120

2,011

3.00

2.712.783.043.45

2.782.953.26

2.21 !2.20 |2.38 i

1,244

1,0749581161614011649

207113919168565445450766016

324, 825120, 040

169552

280681528493

100.98101.4571.40

100.9

91.798.796.380.0127.5

101. 72

49, 00467,171

46,16563,433

64, 25730

64, 22758,1336,035

131,686130,0001,432

130, 402128,1462,006

3.00

2.712.783.043.47

2.782.933.29

2.202.282.38

468

4303933730181218

2492361113613425151033916

244,17367,450

199660

690530399

101.40101.8671.77

102.0

91.898.696.979.9127.9103.29

72,61587,224

69,94184,074

64, 02131

63,99058, 7795,166

132, 813131,1241,436

130,975128,7242,001

2.98

2.672.753.033.46

2.752.893.29

2.132.262.27

168

140119212471704

462814979342013765

0)218,662196, 516

216420

699548404

101. 82102. 2872.07

103.0

92.698.297.781.9129.1103.63

60, 73778, 549

57,10873, 916

66, 22352

66,17159,3886,769

133,643131, 9561,432

131, 254129,0171,988

2.92

2.622.712.963.40

2.702.863.21

2.122.202.24

171

1188731401922012

352729754371616023221

332, 957105,586

153371

740584418

101.80102. 2771.82

103.1

93.399.098.882.1128.6103.86

47,46859, 560

44,46955, 721

55,41361

55,35247,1698,166

132, 210130, 5351,422

129, 874127, 6441,981

2.90

2.602.692.953.37

2.682.843.19

2.162.222.22

445

27222943885829184

1631182319910865414104150

230, 82246, 514

128244

783586416

101. 81102. 2772.48

102.8

93.799.999.282.0128.8103. 90

51, 48068, 959

47, 93864, 706

63, 93412

63, 92256, 4947,412

132, 221130, 5091,458

129,870127, 6082,012

2.90

2.612.702.943.36

2.682.833.20

2.132.212.22

219

16313429381820018

532323144120161010011100

r 265,519119,155

237294

813596445

102.00102.4572.92

103.2

93.5100.399.580.8129.6104.22

64, 64684,467

60,15779,064

74, 6920

74,69267, 0657,598

132,445130,7261,463

129,854127, 5972,007

2.89

2.602.682.933.35

2.672.813.20

2.112.172.20

484

336226111827561

87775

3061737231274

6069

0)

250, 254125,851

198284

306881633523

102.43102.8973.70

103.7

94.5101.0100.182.2

130.3104.36

84,642111, 120

80, 274105, 909

99, 08022

99,05891,0637,938

128,464126,755

1,452125, 410123,190

1,970

2.86

2.582.672.893.31

2.652.793.14

2.082.132.19

* Revised. 1 Less than $500,000.JRevisions for January-July 1948 are available upon request.§Sales figures include bonds of the International Bank for Reconstruction and Development not shown separately; these bonds are included also in computing average price of all listed

bonds.cfTotal includes bonds of the International Bank for Reconstruction and Development not shown separately.




1948

Decem-ber

1949



Decem-ber

FINANCE—Continued

SECURITY MARKETS—ContinuedStocks

Cash dividend payments publicly reported:Total dividend payments mil. of doL.

Finance doManufacturing doMining doPublic utilities:

Communications doHeat, light, and power do

Railroad doTrade do.__.Miscellaneous do

Dividend rates, prices, yields, and earnings, 200common stocks (Moody's):

Dividends per share, annual rate (200 stocks)dollars..

Industrial (125 stocks) do___.Public utility (25 stocks) doRailroad (25 stocks) do___.Bank (15 stocks) doInsurance (10 stocks) do

Price per share, end of month (200 stocks)..doIndustrial (125 stocks) doPublic utility (25 stocks) doRailroad (25 stocks) do___.

Yield (200 stocks) percent..Industrial (125 stocks) doPublic utility (25 stocks) do_._.Railroad (25 stocks) doBank (15 stocks) do . . . .Insurance (10 stocks) do

Earnings per share (at annual rate), quarterly:Industrial (125 stocks) dollars..Public utility (25 stocks) do . . . .Railroad (25 stocks) do

Dividend yields, preferred stocks, high-grade, 11stocks (Standard and Poor's Corp.) percent..

Prices:Average price of all listed shares (N. Y. S. E.)

Dec. 31, 1924=100-.Dow-Jones & Co., Inc. (65 stocks) dol. per share..

Industrial (30 stocks) doPublic utility (15 stocks) do___.Railroad (20 stocks) do . . . .

Standard and Poor's Corporation:Industrial, public utility, and railroad:§

Combined index (416 stocks),..1935-39=100..Industrial, total (365 stocks) do. . . .

Capital goods (121 stocks) .doConsumers' goods (182 stocks) do

Public utility (31 stocks) doRailroad (20 stocks) do. . . .

Banks, N. Y. C. (19 stocks) do_._.Fire and marine insurance (18 stocks) do

Sales (Securities and Exchange Commission):Total on all registered exchanges:

Market value mil. of doL.Shares sold thousands..

On New York Stock Exchange:Market value mil. of doLShares sold thousands.

Exclusive of odd lot and stopped sales(N. Y. Times) thousands..

Shares listed, New York Stock Exchange:Market value, all listed shares mil. of dol_.Number of shares listed millions..

1,318.9111.5838.7119.8

14.545.968.584.535.5

3.043.143.302.402.341.99

46.3046.3354.2331.31

6.576.786.097.674.743.34

7.653.956.29

4.15

73.064.24176. 3133.0953.27

119.4125.5115.9120.292.9105.890.3135.7

1,07749,092

91435, 534

27, 963

67,0482,018

532.1103.8223.314.0

55.548.022.455.010.1

3.073.173.302.422.351.99

46.4046.3654.6231.14

6.626.846.047.774.673.33

4.09

72.965.37179.7534.4353.16

121.0127.3117.6122.894.2105.992.6138.6

85437,069

71626, 471

18, 825

67, 4782,030

204.037.999.12.1

.436.89.715.82.2

3.073.173.312.422.351.99

44.7944.5254.34

6.857.126.098.394.703.33

4.04

63.15174. 4634.5149.37

117.2122.7113.2120.494.4

140.9

72031, 509

60122,153

17,180

65,3252,045

705. 638.0440.665.2

14.140.837.550.219.2

3.083.183.312.462.351.99

46.2246.2154.6429.60

6.886.068.314.663.27

6.603.841.72

4.07

72.063.29175. 8835.0848.19

118.0123.7113.1120.995.397.493.4

141.5

75436, 915

26,182

21,136

67,5182,051

474.468.3217.76.8

57.552.119.741.810.5

3.093.183.322.462.351.99

45.3745.2854.3128.52

6.817.026.118.634.713.34

4.07

70.563.47175. 6535.7348.27

118.5124.2111.6121.296.197.193.9

140.9

85340, 684

72230, 293

19, 314

66, 2382,060

193.327.0102.01.6

.438.812.67.53.4

3.083.173.322.462.351.99

43.7743.4653.0527.60

7.047.296.268.914.753.38

4.04

67.962.79174.0335.7345.90

117.7123.5110.4121.295.395.893.3139.7

76537,411

63926, 709

18,179

64,1472,072

825.868.8515.070.5

13.749.739.546.622.0

3.053.143.312.462.332.03

43.5843.4852.2826.52

7.007.226.339.284.763.52

6.003.734.04

3.98

67.059. 25165. 5934.3142.89

112.0117.0104.3116.793.088.491.0134.5

70539,437

58728, 776

17,767

63, 9212,140

493.6105.4226.35.3

54.843.413.734.710.0

3.043.123.302.462.332.03

45.7646.0153.4827.43

6.646.786.178.974.703.35

3.97

70.161.61173.3435.3144.31

117.8123.8110.5123.995.490.692.5138.1

62637, 950

52629,139

18,752

67, 2792,150

189.635.193.91.3

.440.95.99.13.0

3.033.103.292.462.332.03

46.6446.9154.2927.52

6.506.616.068.944.513.26

3.90

71.363.79179. 2436.5446.14

121.8128.0114.5127.498.594.295.5144.9

80739, 057

67228, 977

21,785

68,6682,154

725.743.7448.763.7

24.7'47.827.748.520.9

3.013.083.302.452.332.10

47.7248.1854.4428.30

6.316.396.068.664.523.21

»6.25

' 3." 40

3.85

73.164.68180. 9337.6546.65

123.8130.3116.0129.2100.095.196.8

149.0

87140,437

72929, 937

23, 837

70, 7002,162

463.570.4207.36.6

55.557.515.642.38.3

3.013.093.312.362.372.11

49.2549.9455.2328.26

6.116.195.998.354.413.10

3.88

75.966.66

186.4738.25

127.3134.4119.7133.0101.297.699.5157.2

1,08351,455

90638,474

28,891

72,6312,145

190.828.7102.11.5

.442.83.78.03.6

3.263.423.312.302.392.11

49.2749.8955.8728.37

6.626.865.928.114.613.00

3.89

76.267.98191.6139.2248.46

129.1136.5123.8135.2102.696.299.3160.1

1,22255, 245

1,03540,464

27, 244

73,1752,152

1,497.4143.0

1,015.4100.1

26.261.151.765.334.6

3.273.443.282.242.472.34

51.3952.2856.0230.42

6.366.585.867.364.543.18

3.88

79.170.35196. 7840.5551.21

132.7140.3128.6140.2104.1101.099.6

168.1

1,48068, 535

1,25252, 028

39,293

76, 2922,166

INTERNATIONAL TRANSACTIONS OF THE UNITED STATESBALANCE OF PAYMENTS (QUARTERLY)J

Goods and services:Receipts total mil <~>f<ni

For goods exportedIncome on investments abroadFor other services rendered

Payments, totalFor goods importedFor foreign investments in U. SFor other services received

Unilateral transfers (net) totalPrivateGovernment

Long-term capital movements (net) totalPrivateGovernment

dododododododo

dododo

dododo

Gold and short-term capital movements (net), totalmil nf r\n\

Gold and foreign short-term capital in U. SU. S capital abroad

Errors and omissions...

do

4,2013,306

415480

2,6832,028

85570

—1,149- 1 7 4- 9 7 5

- 6 9 5- 1 7 3- 5 2 2

+184+139+45

+142

4,2663,453

263550

2,6081,963

81564

— 1 , 420- 1 4 7

— 1 , 273

- 5 1 9- 2 2 3- 2 9 6

+100+70+30

+181

4,4143,494

350570

2,4221,741

57624

— 1 , 631- 1 4 1

—1,490

- 2 8 3—171—112

- 2 3 6- 3 7 2+136

+158

3 6312,817

298516

2,4701,620

64786

— 1,339- 1 2 4

— 1,215

+32+61- 2 9

—404- 2 8 9- 1 1 5

+550r Revised. * Preliminary.§Number of stocks represents number currently used; the change in the number does not affect the continuity of the series.JBalance-of-payments revisions for the first two quarters of 1948 are shown on p. S-20 of the October 1949 SURVEY.



1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey

1948

Decem-ber

1949



Decem-ber

INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued

FOREIGN TRADE!

Indexes

Exports of U. S. merchandise:Quantity 1023-25=100.Value do__.Unit value do_._

Imports for consumption:Quantity 1 do___Value do___Unit value do. . .

Agricultural products, quantity:Exports, domestic, total:

Unadjusted 1924-29=100.Adjusted do___

Total, excluding cotton:Unadjusted do___Adjusted do__.

Imports for consumption:Unadjusted do___Adjusted do

Shipping Weight

Water-borne trade:Exports, including reexports--thous. of long tons.General imports _do___

Value

Exports, including reexports, total mil. of doLBy geographic regions:

Africa thous. of doLAsia and Oceania do---Europe do—Northern North America do___Southern North America do—South America do

Total exports by leading countries:Africa:

Egypt doUnion of South Africa do—

Asia and Oceania:Australia, including New Guinea doBritish Malaya do- —China do_._India and Pakistan do.-.Japan do.. .Indonesia do__-Republic of the Philippines do—

Europe:France do—Germany do..-Italy d o -Union of Soviet Socialist Republics do__-United Kingdom do

North and South America:Canada.. do.. .Latin-American Republics, total do.-.

Argentina do—BraziL.ChileColombia..CubaMexicoVenezuela..

Exports of U. S. merchandise, total mil. of dol._By economic classes:

Crude materials thous. of dol-Crude foodstuffs do—-Manufactured foodstuffs and beverages. _do__.Semimanufactures doFinished manufactures do

By principal commodities:Agricultural products, total! do

Cotton, unmanufactured doFruits, vegetables, and preparations^-_do—Grains and preparations do..-Packing house productsQ? do.. .

Nonagricultural products, totalj doAircraft, parts, and accessories doAutomobiles, parts, and accessories^--doChemicals and related products^1 doCopper and manufacturescf doIron and steel-mill products doMachinery, totalcf do

Agricultural cf doTractors, parts, and accessories* doElectricalcf doMetal working doOther industrial cf do

Petroleum and products doTextiles and manufactures do

266350131

166221133

130108

181163

130129

5,6545,657

«• 1,318

78,189273,544437, 815165, 451155, 831205, 819

6,28245,602

18,1107,06943,18835, 88230,07716, 75453,132

55,92667, 36248,211

60558, 406

161,043340,19427,15556, 76921, 48218, 66046, 79151,19458, 440

'1,306

183, 943116, 619122, 709128, 860752,131

383,59791, 62327, 060142, 62218, 849

920, 66615, 88990,16685,1215,625

69, 374239, 94411,11927, 26255, 37019, 238112, 27956, 77091,397

222293132

137181133

115114

169175

109104

4, 9755,315

1,104

53,012227,051375, 213148, 961124, 683174, 745

6,56722,345

14, 2625,7669,98235, 93935, 00818,19744, 411

52,16683, 28536, 786

18653,392

146,696281, 09818,17051, 30713, 21017, 74536, 67642, 52451,162

1,092

141,465120, 72594, 594127, 345607,406

324,60568, 88318,372

140, 44013,447

766, 93113, 48672,01563, 99610, 26066,027

209, 38910, 69722, 78541, 62414, 864

107, 45055, 44371, 507

214277130

132174133

120145

165207

97

4,7004,978

1,043

35, 763212, 567380,461156, 634113,956143,770

4,87414,840

13, 4313,592

12,07626, 85446,19015,07235, 454

54, 92771, 36655, 487

17659,415

154,196240, 9599,34444, 82811,21515,15334, 38643, 25544,998

1,033

153,848130, 40584,165119, 230545, 221

338,36785,04918,136

143, 35613, 558

694, 50214,13570,09667, 2625, 358

59, 316190, 66610, 53526,80937, 33815, 56690, 64149, 65160,599

243312129

150196131

125143

165192

109

5,4645,228

1,177

74,087233,399424,668166, 393125, 588152,613

6,65131,036

15, 2034,293

15, 92135, 36246, 82012, 99134, 423

61, 24477,16153, 9801, 901

62, 246

163,390262, 2369,90942, 90010,15319, 57534,18349, 04549,706

1,164

170, 551144, 72376, 915

138,809632, 726

362, 86498, 53823,642

148, 70117, 690

800, 86015, 28277, 59876, 5037,738

68, 449220, 32412, 46131,86742, 98617, 048

103,82853, 23565,218

242310128

131165126

117147

148174

7, 2515,443

1,164

58,187240,487406, 275188, 470115,026156, 021

5,40627,849

10,8223,561

26, 83234, 49236,38512,64741,595

56, 79272, 54254,1883,077

61, 770

187, 550254,0579, 858

36, 02314, 52719, 33629, 52744, 40354,372

1,155

196, 20698, 53897, 030133, 125629, 801

341,983100, 67418,352

114, 23924, 751

812, 71615,09473, 35973, 8345,719

76,711230, 58814,01031, 59343, 36417, 475

112, 74954,04261, 525

230290126

133167126

116146

162180

92

8,2735,683

1,089

51, 745214,262397,947196, 900102, 767125, 594

4,07628, 766

13, 9243,0477,225

33, 26847,81910, 59337,624

40, 98481, 74252, 919

38476,160

194,130213,6765,794

28, 95912, 34614, 69827, 24042, 09245,973

1,079

173,496139, 07586,136127, 212553,399

343,40780, 65315,469

161, 08317, 901

735, 912i 8, 67364,96863,7127,396

70, 440* 205, 299

14, 785l 25, 938l 34, 61015, 31594,69554, 25255,413

233294126

134166124

115159

154181

97104

7, 9455,829

1,104

77,054211,842392, 005185,624104, 906132, 511

4,50129,136

12, 5992,9382,091

36,11241,4719,711

31, 847

62, 06359,18651, 872

8978, 266

184, 482221, 241

8,28233, 93814, 23014,11529, 24136,02344, 265

1,093

179,646111, 52186, 971

125, 932589, 346

320,15790,19113, 813

118, 56521,715

773, 260i 7, 44961, 38064, 3797,832

78, 761* 222, 687

13,041i 26, 644i 36, 663

17,109107.51847, 19357, 964

194238123

117144123

84118

133164

91100

4,9075, 750

898

55, 202194, 633278, 506151, 695

89, 306128, 012

4,29523, 416

12, 9362,9652,433

22, 73841, 0898,434

36, 348

25, 42364, 13723, 370

42250, 248

150, 700202, 819

13, 28628, 69012, 63913, 33525, 53132, 86643,356

889

97, 997r 97, 738

71,635104, 687515, 457

234, 86338, 72910,008

110, 90714,140

652, 651i 7, 891

i 59, 36058, 8124,243

67,795' 201,455

11,344i 24,374i 33, 719

19,19488,36539, 96545, 760

191234123

132161122

91104

154155

97105

' 5, 4595,975

37,641172, 717280.370170, 726106.371112,867

3,63617, 525

7,9382,816965

16, 48934, 3337,953

28, 954

22,86863,33119,139

12853,203

169, 715204,29813, 87625, 02510, 0719,645

26, 60831, 40938,426

872

108, 786124, 54950,013100, 593489, 213

244, 22728, 3819, 389

125, 40512, 778

628, 926i 6, 776i 53, 42158, 5503, 53964,107

1179,38810,199

l 20, 952l 35, 29014, 83679, 34348, 70844,082

196240123

135166123

152124

102108

4, 553' 6, 247

904

49, 814184,540285, 806152, 775104, 725126, 903

3,58918, 076

10, 6062,616

70513, 67742, 5866,605

32, 821

26, 88563, 37920, 420

8052,095

151, 851217, 07211, 46432, 91812, 92011, 72130, 96330, 62641, 791

895

122, 821102, 40053, 054

104, 353512, 765

245, 95036,12611, 299

105, 94912, 429

649, 442i 6, 865i 56, 63558,1905,514

67, 6621190, 458

8,924l 24,1921 31, 05015, 79290, 29840,39750, 270

189226120

144176123

136106

99

3,082

849

42, 604172, 551284, 313146,890104, 65697, 520

2,99120, 480

11,4192,165

28014, 67531,8385,81338,969

29, 27959,10728, 407

6055,210

145, 840190, 31010,17719,4648, 95211,64434, 78535,84734, 287

843

133, 22383, 99263, 50886, 757

474, 576

259,53069, 35818, 40293,11710, 225

582, 525115,128i 53, 36758, 3973,727

37, 7841 175, 294

7,8971 20, 700i 34, 04816, 04675,38942, 65449,872

836

33, 878149,136277, 746149, 686128, 43496, 630

3,54613, 952

8,0641, 839

7149,977

24, 3994,243

35,190

32,17564,17723, 873

2142, 530

149, 111207, 8699,419

18, 9159,289

12, 45332, 87135, 67133, 014

130, 47693, 72559,19883, 561

461,164

258, 39971, 70416,12998, 80412, 599

569, 726i 7, 702

1 44, 44162,1085, 053

26, 2271169, 082

6, 838i 19, 5401 31, 82416, 23874, 94335, 40943,853

T Revised. * Data are not comparable with earlier figures because of the exclusion of "special category" exports not shown separately in the interest of national security.^Revisions for various periods in 1947 and 1948 have been made (since publication of the 1949 STATISTICAL SUPPLEMENT) in most of the foreign-trade items and there will be further changes

beginning 1946 as final data are completed by the Bureau of the Census; moreover, the revaluation of tin imports and the transfer of certain "relief and charity" food items from the nonagricul-tural exports group to the agricultural group have affected the pertinent series back to 1942. Revisions are available upon request.

c?Data beginning 1948 have been adjusted in accordance with the 1949 commodity classifications. Revised figures for January-July 1948 are available upon request.*New series; included with agricultural machinery prior to 1948.


S-22 SURVEY OF CURRENT BUSINESS February l!)50

1948 and descriptive notes are shown in the1949 Statistical Supplement to the Survey

1948

Decem-ber

1949

January F ^ March April - May June July August Septem-ber October Novem-

berDecem-

ber

INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued

35,177178,851113, 201148, 80383, 476160,239

35010,849

13,17134, 20613,73626, 9767 482

15,23525,081

7,3433,49111,8316, 592

29,698

145, 955228, 9369, 830

62, 32718,32728. 69926. 63025, 23224,946704,140

26, 418124,15190,053127, 06578,146

144, 355

2619, 558

9, 38717.15911,83926. 5447,1449,99214.963

FOREIGN TRADE§—Continued j

Value—Continued II

General imports, total thous. of doLJ 719,748 | 590.1S8By geographic regions:

Africa doAsia and Oceania doEurope doNorthern North America doSouthern North America 1 doSouth America __. do

By leading countries:Africa:

Egypt doUnion of South Africa do

Asia and Oceania:Australia, including New Guinea doBritish Malaya doChina doIndia and Pakistan doJapan doIndonesia doRepublic of the Philippines do

Europe:France doGermany doItaly doUnion of Soviet Socialist Republics doUnited Kingdom do

North and South America:Canada doLatin-American Republics, total do

Argentina doBrazil doChile doColombia doCuba . . doMexico doVenezuela do

Imports for consumption, total doBy economic classes:

Crude materials do____ 201,472Crude foodstuffs do 145,154Manufactured foodstuffs and beverages...do 63,862Semimanufactures _. do 165, 627Finished manufactures- do 127,945

By principal commodities:Agricultural products, total d o . . . . 313,886

Coffee do 85,764Hides and skins do_.._ 6,331Rubber, crude, including guayule do j 37,862Silk, unmanufactured do 1, 543Sugar do 21,003Wool and mohair, unmanufactured do j 18, 531

Nonagricultural products, total do j 390,175Furs and manufactures do j 11,932Nonferrous ores, metals, and manufactures, I

total thous. of doL.j 88,028Copper, incf. ore and manufactures. ._do i 22,804Tin, including ore do | 24, 706

Paper base stocks do. —I 22, 562Newsprint do 39,081Petroleum and products do 1 43,907

6, 4594,6487, 9031,613

24, 835

122,013209,143

15,23447.41815.08421.74925,06724, 20924, 566

578, 920

181,419109,62250,414

127, 995109, 469

252,31871, 5555,646

27. 6692, 51719.79221,307

326. 6026,764

74, 59923,3139. 591

17,86935, 44244,004

566, 600

28,997124.420 !89,376119, 42991,716

114,552

3427,567

11,77213,63915,75725, 9499,2067, 26015,159

5, 8474,9945. 7883,257

20,550

115,739195, 24911,13333,46718,55216.20237,40424, 66420,820

554, 700

158. 23599, 43458,105131. 896108, 904

238,28457,3964,780

22, 5803,12932,65921,820

318, 2907,012

66, 57126,12011.00722, 32234, 21036,820

(532, 399

47. 397128,17390, 532133,071108. 795124,431

36712, 693

9, 57025.1858.011

25, 2787, 6258. 758

17, 029

5, 4646,1546, 39S4, 293

22, 695

128. 306221, 7063, 869

39, 27019, 53021, 92347, 45825, 96320,755623,862

164, 599131, 10573, 308137, 502117, 288

275,18173, 6715,465

21,6981.006

44,27816,428

348, 68111, 457

86,95928,96726, 68317, 94837. 40435, 875

21,100128, 24666, 793122,13986,131

109, 962

2316,295

5,31825. 7455, 987

29, 5826, 355

12,11715,075

5, 2474, 3714,4181,318

14,097

119,974185, 063

4, 50041,91913, 52816,19836,51421,72522, 628

526, 769

146,104109,90960,917110.11199, 728

227, 05058, 9065, 439

19,38734

35,20910,813

299, 7199,127

73, 76721,57428, 38312, 42734, 20038, 244

534,371 | 540,077 | 526,806 j 450,083 j 490,569

24.845126, 67067, 287129,58181, 601

110, 093

4297,277

13,91313,8086, 501

20,9495, 535

10.83322, 856

3, 7934, 0063, 7894. 20915,232

126, 522181,9096, 79034,16318.76014,16837,45319,91823,114533,052

154, 82490.28169, 052113,636105, 260

216,25548, 9957.051

19, 93342

39, 77010.629

316, 79811,936

72,04120,55817,51817, 92539,19536,855

27, 625106.20269, 054130,65783. 233109.975

765, 053

11.8129, 9015,888

21,8346, 635

11.33520,441

3, 6722, 8966. 3264. 609

14, 707

127, 664182. 680

7, 54336, 94414, 36718,32435, 06923. 76121,022

530, 346

150,119103,70168.121

109, 60798, 797

234,87856,0386,173

19.198 i86 !

38,276 !15.605

295, 4688,072

66, 37417,76313,49517, 83837,26137, 473

23,47294,11058,425107,445 i68,529 j104,103

1899,339

2, 72610, 8227, 74914,140 |5, 574 j8,904 I

21.874 |

3,926 '1,4995, 4303. 53115,106

105,366 I162,273 !

5, 6'w i34,037 |7. 648

22,63430, 45113. 35623, 620458,614 I

126.868 '92, 46065, 22484, 30089, 762

205, 20758, 5966,15716,649

2336, 52511,671

253, 4079,270

39, 52811, 00711, 68514, 25335, 94236. 490

19. 960101,59464,268120,74568.611115, 391

628, 852

5,18317,0828,878

17, 2525, 7668,932

20, 569

4.9722, 83(56,8172, 96016.122

117,386174, 6!575,044

39,86611,95821,84433,35115.08021,680

512, 744

138,47691.69569,248113.69899, 628

225 27755^ 2947,044

17,17145

37,68320,734287,4678,270

59, 26615,19618, 89216,47838,19235,417

529, 900

29,18198, 08779, 090118,95768. 456136. 787

6,9079, 658

4, 64715, 4846,470

18, 5736,79210, 08616, 543

4,8442, 4844, 4067,090

20, 546

116, 987193. 4206,716

53, 78410, 04620, 64832, 30415, 96323. 357

528,100

161,150103, 25460, 023105, 44199, 445

240, 37066, 0376,66115,165

7128, 29722, 553

288, 94211, 002

51, 04313,17921, 37013, 67733,394 I38.191 I

559,100

27,105110, 05879. 554139, 27869, 664132, 933

17012, 439

5.15315,4759, 430

20, 5456, 275

12, 09017. 043

4, 5962, 5887, 5182,577

18, 919

136, 951188, 6808, 767

48, 8516,519

23, 75432,01416, 09427, 045

561, 478

160, 393110, 49564. 850121, 045104, 696

241, 64065. 8126, 045

15, 892156

29, 27622, 472

319, 83813, 651

59, 71113, 02426, 70719,13237, 49846, 314

592,720 i

7111889

15768

131,

14

61813

81014

0,4.

•/14°r>7385379

502

010

5875S9304070035628962

580 1010

6,6-M I1

22

153.188

661

929 7iV22

591,

15413961

106

270

522

2322

3204

561417?43543

766718 1

564457079334416716586569231568

773567783114339

854359646

595.100

339 i115 ;758 i138714542

367377967136735 . . .036

TRANSPORTATION AND COMMUNICATIONS

TR AN SPORTATION

Airlines

Operations on scheduled airlines:Miles flown, revenue thousandsExpress and freight carried short tons.Express and freight ton-miles flown ..thousands.Mail ton-miles flown do_.-Passengers carried, revenue do. _ _Passenger-miles flown, revenue do

Express Operations

Operating revenues thous. of doLOperating income do. __

Local Transit Lines

Fares, average cash rate cents_Passengers carried, revenue millions.Operating revenues:}: thous. of doL

Class I Steam Railways

Freight carloadings (A. A. R.):d"Total cars thousands..

Coal doCoke doForest products doGrain and grain products doLivestock doOre doMerchandise, 1. c. 1 doMiscellaneous do

26, 25017.63611.085

5. 098978

473, 636

28. 58561

9.13381,475

143,700

' 3, 535'745

r 74'179'230' 5 5' 8 2

'444'1 ,725

23,14112.176

7, 8593, 292

821418,212

23,10528

23,14611,8197,5983,207

868420,147

22,02720

9.1727 | 9.19221,396 1,271

128, 700 117, 300

' 2,844'632' 6 3

'145'179

' 4 3' 5 0

'360'1 ,372

2,767607

631311563452

3691,356

26, 85215,87110,763

3, 6331,092

519,072

20,23542

9.20921,421

130,000

«• 3,345'498

' 7 0'180'226' 4 3

'105'480

r 1, 743

26, 8S416, 48910, 991

3, 5541,226

561, 312

19,99244

9.22871, 358

130,400

' 3,078'634

' 5 9'148'174' 39

'266' 378

' 1,381

28, 25714, 7648,9213,3201,311

591,198

21,81019

9.28951,331

127,700

3,09963354

15918837

303374

1,350

28,08913, 9518,9383,2331,389

659, 605

20, 8771

9.31141,268

122,000

' 3,603'560'57

'191'279'38'396'445

' 1, 637

29, 25713,0828,1772,9151,342

621, 449

19, 736dX5

1,169116,400

' 2, 762••393

' 3 5'139'291' 3 3

'311'329

' 1, 232

29,37115, 73410,1773,1161,326

607,332

19,324

U6

9. 45011,193

121,600

2,923459

3816321641

277364

1,364

28, 08418,16111, 3813,0941, 339

616,559

20, 48751

9. 47931,220

116, 800

r3,391' 4 1 0' 49

' 1 9 3'240' 69

' 299'416

' 1 ,714

28,11619, 01411, 791

3,2481,286

593, 402

19,8

9. 51581,265

125,100

' 2,339'205

' 16'162'217' 75' 3 3

'353' 1, 277

26, 03718, 70911,425

3, 3101,080

490,167

20,07718 I

z \

9. 55231,226

124,200

2,63855926

1602065252

3341,250

r Revised. d Deficit.§See note marked " t " on p. S-21. JData for 1947 revised; see note marked "X" on p. S-22 of the September 1949 SURVEY.cfData for December 1948 and March, June, September, and December 1949 are for 5 weeks; other months, 4 weeks.




1948

Decem-ber

1949



Decem-ber

TRANSPORTATION AND COMMUNICATIONS—Continued

THAN SPORTATION—Continued

Class I Steam Railways—Continued

Freight carloadings (Federal Reserve indexes):Total, unadjusted 1935-39=100--

Coal - doCoke doForest products .. doGrain and grain products doLivestock - do jOre.. _ do jMerchandise, 1. c. 1 do !Miscellaneous do i

Total, adjusted doCoal doCoke doForest products do. _Grain and grain products doLivestock doOre.. doMerchandise, 1. c. 1 ___-do. . .Miscellaneous do

Freight-car surplus and shortage, daily average:Car surplus, total number..

Box cars doCoal cars do

Car shortage, total- doBox cars doCoal cars___ do

Financial operations (unadjusted):Operating revenues, total thous. of dol__|

Freight do jPassenger --do j

Operating expenses --do |Tax accruals, joint facility and equipment rents |

thous. of doL- jNet railway operating income do !Net income! do I

Financial operations, adjusted: JOperating revenues, total mil. of dol__j

Freight do iPassenger do ;

Railway expenses do jNet railway operating income do \Net income do i

Operating results: |Freight carried 1 mile mil. of ton-miles-_|Re venue per ton-mile cents _ -1Passengers carried 1 mile, revenue millions

Waterway Traffic

Clearances, vessels in foreign trade:Total U. S. ports thous. of net tons..

Foreign doUnited States do

Panama Canal:Total thous. of long tons..

In United States vessels do

TravelHotels:

Average sale per occupied room, dollars. _Rooms occupied percent of total-.Restaurant sales index....same month 1929 = 100..

Foreign travel:IT. S. citizens, arrivals number..U. S. citizens, departures doEmigrants doImmigrants doPassports issued do

National parks, visitors thousands.._Pullman Co.:

Revenue passenger-miles millions._Passenger revenues thous. of dol. _

128131201123138

62601391371311921391478520162148

11,5731,9024,7811, 561791670

806, 597648, 06790, 071

649, 013r 93, 082r 64, 50249, 890

810.6659. 489.2738.672.140.0

52,5411.3123, 538

6,5673,1013,466

1,827909

5.2573204

44, 07136, 2802, 300

20, 94112, 669

150

COMMUNICATIONS

Telephone carriers:fOperating revenues thous. of doL.

Stationre venues doTolls, message do

Operating expenses, before taxes doNet operating income do _Phones in service, end of month thousands_.!

Telegraph, cable, and radiotelegraph carriers:Wire-telegraph:

Operating revenues thous. of dol._Operating expenses, incl. depreciation doNet operating revenues do

Ocean-cable:Operating revenues doOperating expenses, incl. depreciation___doNet operating revenues do

Radiotelegraph:Operating revenues doOperating expenses, incl. depreciation doNet operating revenues ._do

8,417

246,660139,08090,172

201, 62320, 46133,462

15, 95917,154d 1,989

2,3621,837315

2,1212,020

47

1201301981161257644571291311301891291257917560141

31,8316, 03116.221

657212429

730, 686594, 74781, 522

616, 269

81,17333,24411, 884

767.8627. 285.1703.464.434.2

49,1971. 2923,368

5,8923,0152,876

2,3411,179

5.4183222

39, 34840,0481,569

12, 61216, 744

155

1,18710, 814

242,267139, 85585, 361193,15121, 51733,686

14,02414,124

1, 9391,611123

i 1, 820U,783

1171241981071116046581281261241871121137518561136

60, 06314, 93034,917

549103320

675, 749559, 18667, 374567, 778

78, 21729, 7544,635

739.7609.074.7

688.551.320.4

45,3591.3142,740

5,5672,7972,768

1,981877

222

47. 54048,1611,46110,96521,975

177

9438, 600

232,667137,06578,603184, 62921,05933,894

13,22713,171*756

1, 9311,584137

11,844U,747

127

111791751171286168611311207917411713977

23660138

114,92617, 80387, 579

510165198

739, 058616, 07467, 608587, 933

85, 70865, 41741, 494

721.6596. 068.4662. 659.026.4

46,7161.3972, 744

6, 6493,4013,248

2, 5541, 280

5.1585210

55, 90754, 6811,88316,66234, 761

243

9418,663

247, 769141,27088,969198,13022,16434,129

14, 95514,345*166

2,0901,662232

i 2,06711,856

i 148

1.25 i129 I18411912168 i2286013012712918811913876

21559132

78,336r 28, 60039. 994

2363574

747, 259620, 29368, 659594, 270

88, 22664, 76339, 989

741.9610.471.0

689.152.821.3

50,1991.321

125 j130 I171128 •

13266

2675912712413017312315073

21559126

49,195 i34,3654,321 I

375 !71 I164

741, 069615, 92367, 858

600, 852

82, 62157, 59532,209

736.9 I611.7 I68.6

676. 260. 629.2 !

|j

1199814712715954

28257126115981501221567018258122

r 60,08335,263 j

r 14, 786'388 i184 ir 32 |

735, 439599, 50777. 076

588, 177

85. 99861, 26342, 476

748.3614. 574.4

677.071.337.8

2,770 | 2,735

51,607 ! 47,9641.283 I 1.332O "9K

7,7513, 9333,819

2,5251,174

5.6284228

50,39753,8992,15217,07432,319

433

7,883

245,937141, 95586, 591

193,09423, 95834,318

14,35414,167

1,9441,696

55

i 1, 896i 1, 862i dgs

8,3054, 4253,880

2,4261,049

5.1684234

47. 74353.9662, 078!, 038

34, 602803

7967,370

250,363143, 75088, 844197,13824, 26634, 493

14,81914,228

2,0781,675180

i 1,979i 1, 843

i 52

3,111

8,3894,5793,810

2,3301,116

5.4884233

51,06271.6952, ."(58

20. 80932, 2941, 732

8878,135

253, 432146, 74488, 828196, 85626, 45834, 635

15,09813, 901

360

2,0191,822

*1

11,950i 1, 845

i 16

1157911511721260

284551211107911811717770

17755120

86,41817, 83959, 8341,7411,632

5

700, 648562, 81182, 564

569, 818

80, 49350, 33726, 861

700.9570.175.7

C49. 851.1 I19.0 !

44, 9911.3453,385

7,2823,9893,294

2,3871,047

5.2778

211

64, 5882 77, 419

19, 6883,333

8417,731

249,852144, 57687, 490195,61724, 67134,766

13, 58213, 939d 1,123

1,8261,764d 127

i 1, 793i 1, 809

M20«• 1 0 31191311497324057128

M17r 1031231251387716057127

63,82211,10343.5702. 4512. 254

113

742, 877606, 20178, fiOfi

587,116

90, 03465,72739,061

697.3569. 070.1

659.138.25.2

47,1071.3383, 256

7,4894,0763,412

1,979928

5.8481222

79. 4592 53, 058

19, 8473,120

8257,587

258,353146,89193, 449199, 77227, 43334, 902

14, 87013, 964

156

1,8921, 733

'*20

i 1,9251 1,800

146

'6012813014010421855135

' 105'601301211257914552125

»• 74, 745"• 7, 69762.109r 3,582r '.\. 173

104

694, 969569, 491

69,833540, 988

90, 44463,53838,131

685.2560.270.1

633.152.118.9

44, 2191.3632,910

7, 2323,8903, 342

2,1251,166

5.5986

223

73.1712 41, 927

15, 5011,446

8337,732

257,096149, 62989,507

196, 78028, 82735,059

14, 52313, 420

314

1,9481,617

149

] 1, 957i 1, 696

i 185

994253

1311531313556

121924254

124153852854

111

190,9783, 451

183. 59410, 92410, 346

132

648, 924534, 88560. 993

520, 920

81. 21946, 78623,592

622.9511.062.3

'591.931.0

0

40,5541.4002,533

6,4563,3783,077

2, 2971,313

5.7186

213

54,0392 37,141

13, 592678

8077, 512

262, 534154,01890, 258

195,13733,11935,231

13,94412, 984

253

' 120r 131

96135149955155

124' 117r 131

96137152754254

119

100, 2082, 368

92, 9385,9643, 9181, 909

704, 806587. 06063,776

537, 354

91,86975, 58254, 425

70H, 558S 86(> 7

636. 472.039.8

46,0361, 3562,488

6,3493,4142, 934

2,0791,079

5.8180

218

39, 2462.31,601

13,608298

7857,260

262, 745156, 36788,159

196, 80926, 33835, 408

13,41312, 673

62

10797

155119123694550

120r 115

9714813413172

14652

127

44,3828, 303

25,8331,021

448517

710, 830575, 66474, 379

568, 292

73, 22969, 309

6, 4623, 4832, 979

2, 6381,576

5.2567

194

13, 932188

1,1,

1,1,1

8175C6145

938741126

11

i 11 1

,788, 548

74

, 938,827i 46

r Revised. d Deficit. {Revised data for November 1948, $62,117,000.1 Beginning January 1949, data are compiled from reports of carriers having operating revenues of $250,000 or more; however, the one company excluded on the new basis accounted for only

0.3 percent of total revenues in December 1948.2 Beginning July 1949, data exclude departures via international land borders; land-border departures during the 12 months ended June 1949 amounted to less thanl percent of total de-

partures.fRevised series. The coverage has been reduced from 100-120 to 53 carriers; however, the comparability of the series, based on annual operating revenues, has been affected by less than

3.0 percent. Also, data are now shown after elimination of intercompany duplications for the Bell System; figures prior to August 1948 on the revised basis will be shown later. Data relate tocontinental United States.




1948

Decem-ber

1949



Decem-ber

CHEMICALS AND ALLIED PRODUCTS

CHEMICALS

Inorganic chemicals, production:Ammonia, synthetic anhydrous (commercial)

short tons..Calcium arsenate (commercial) thous. oflb__Calcium carbide (commercial) short tons__Carbon dioxide, liquid, gas, and solid

thous. of lb__Chlorine short tons. .Hydrochloric acid (100% HC1) doLead arsenate (acid and basic) thous. of lb__Nitric acid (100% HN03) short tons. .Oxygen mil. of cu ft._Phosphoric acid (50% H3PO4) short tons..Soda ash, ammonia-soda process (98-100% Na2

C03) short tons..Sodium bichromate and chromate doSodium hydroxide (100% NaOH) doSodium silicate, soluble silicate glass (anhy-

drous) short tons_ _Sodium sulfate, Glauber's salt and crude salt

cake short tons. _Sulphuric acid (100% H2SO4):

Production doPrice, wholesale, 66°, tanks, at works

dol. per short ton. .Organic chemicals:

Acetic acid (synthetic and natural), productionthous. of lb._

Acetic anhydride, production doAcetyl salicylic acid (aspirin), production.,doAlcohol, denatured:

Production thous. of wine gal__.C on sumption (withdrawals) doStocks do

Alcohol, ethyl:Production thous. of proof g i l . .Stocks, total do

In industrial alcohol bonded warehouses, doIn denaturing plants do

Withdrawn for denaturing doWithdrawn tax-paid do

Creosote oil, production thous. of gal__Ethyl acetate (85%), production thous. of lb._Glycerin, refined (100% basis):

High gravity and yellow distilled:Production thous. of lb_ _Consumption doStocks do

Chemically pure:Production doConsumption doStocks do

Methanol. production:Natural (100%) thous. of gal._Synthetic (100%) do

Phthalic anhydride, production thous. of lb_.

FERTILIZERS

Consumption, (14 States) t thous. of short tons..Exports, total short tons..

Nitrogenous materials doPhosphate materials doPotash materials do.__

Imports, total doNitrogenous materials, total do

Nitrate of soda doPhosphate materials doPotash materials do

Price, wholesale, nitrate of soda, crude, f. 0. b. cars,port warehouses dol. per short ton_.

Potash deliveries short tons..Superphosphate (bulk):

Production doStocks, end of month do

NAVAL STORES

Rosin (gum and wood):Production, quarterly total drums (520 lb.)._Stocks, end of quarter doPrice, gum, wholesale, "WG" grade (Saw), bulk*

dol. per 100 1b__Turpentine (gum and wood):

Production, quarterly total bbl. (50 gal.)__Stocks, end of quarter doPrice, gum, wholesale (Savannah)..dol. per gal_.

MISCELLANEOUS

Explosives (industrial), shipments:Black blasting powder thous. of lb__High explosives do

Sulfur:Production long tons__Stocks do

99,3030)57, 971

59, 668154, 46939,2371,648

95,0991,409

109,149

406,0268,328

221, 479

38,049

71, 868

17.00

43,49667, 9411,113

15,76515, 2572,191

30,79534, 91734, 317

60129,3393,15912, 5918,279

7,2036,65213, 692

10.6007,55120,565

18115,95015, 873

779200, 85893, 86982,14912, 283116,63593, 86949,9139,774241

51.50103,032

822,517, 407, 694

539, 310670, 550

7.87

163, 400262, 670

.37

2,40547, 704

438, 5273,225,014

99,0570)61, 918

60,371152, 83839, 3783. 86697, 8541.403

112, 257

372, 2248,913

209,891

35, 914

72, 477

964, 506

17.00

41,36666, 5201,180

12,85512,9292,193

26, 56737,15436, 587

56723, 6612,94313,1376,379

5,9206,28913, 905

10, 5307,907

21, 987

19814, 50616, 295

1167,42,102.

840, 2761, 387,127

7.66

.37

2,95343, 832

416, 6783, 274, 313

90,9170)56, 480

58,183136, 43138,9944,08990,5451,364

107,134

329, 0767,987

188,340

31, 683

67,539

868, 584

17.00

34, 73957, 8071,069

11,12110,1123,232

22, 37637, 72737,434

29320,1P-53, 18413, 4353,646

4,6895,774

12, 679

8,9566,92121, 764

17212, 78312, 815

1,478214,59197, 58792.2428,116

144, 203130,33988,559

4645,962

54.5090,604

856, 8351,234, 569

.40

1,73044, 985

351,0863,234, 481

103, 418129

58,123

73,255148, 69342, 2972, 833

85, 6801,471

113, 927

349,8498,116

192, 947

35, 423

65, 623

978, 251

17.00

30, 49648,157

609

15,12114,0884,248

28,42637,74137, 454

28827, 8342,94413,8616,374

6, 2346,30512, 400

9,9737,621

21, 307

18714, 03812, 470

1,950254,928104, 414123. 7997,993

170,937150,46682,1238,4011,964

54. 50100,338

1,015,320984, 456

362, 650618,230

6.22

114,860229, 690

.41

r 1,28643, 362

402, 7113, 202, 481

109, 3061,159

50,763

75. 758140,79140,2671,627

101,7901,367

108.045

312,6477,105

175,850

32, 579

60,834

908,599

17.00

29, 61739, 459

804

14, 46812, 9965,708

36, 23243,84243,373

46927,0272,54113, 2506,416

6,2136,182

12, 936

8,9107,065

20, 685

16611,41710.192

1,234250,05899, 590138, 7899.133

152.777123. 80961,3413,21513,130

54. 50114,673

994, 691802, 638

.40

1,33353, 208

396, 4473,181,199

110,1291,515

45, 804

103,665143, 71837,825

71199,8001,286

111,040

285,7415, 286

176, 703

43,277

54, 485

937,255

17.00

29, 52139, 775

940

13.88312, 9756,604

33,855r 49, 94249,441r 502

25,7703,02213, 7285,368

6,0896, 34112,110

9,2467,189

20, 393

2238,8649,507

739207, 80963,127129,6437,828

176, 584141, 30286,54413, 333

548

54.5078,290

928, 882824,080

6.41

.39

1,26957, 992

417, 5263,168,051

103,2171,871

47, 424

116, 758134, 57234, 833

78497,4761,048

97,252

309, 3794,648

170,283

37, 658

48,393

859, 275

17.00

25, 42035, 3341,009

16, 57514,4308,746

31, 79651,01550,544

47130,5933,04013, 2155,479

7,9076, 66813,596

8, 6176,94718, 211

1467,0238,018

375258, 99658,420161,0629, 824

110,04993.06166, 7914,4302,198

54.50114,025

960, 752

521,050719,140

6.42

181,810218, 490

.37

1,08150, 982

399,0253,168, 312

109, 5053,070

44, 227

131,141139,16335, 9780)90, 3821,042

101, 682

289, 9434,029

163, 678

26, 446

42,176

833, 063

17.00

29, 69840, 528

250

10, 09710, 5568,266

23, 76053, 78853, 273

51518, 6632,66410, 5425,798

4,6925,70011,316

6,2586,28614, 926

1367,6097,104

308264, 57579, 592

172, 8418,410

69, 45454,25432, 6818,130

1

54.5077,015

829,0831,161,919

6.49

.36

1,06845,443

88,8113,142,845

113,8942,969

42, 009

132, 266147, 82539, 7090)93,3081,184

109,100

305, 4695,575

175, 933

28, 284

58, 794

871, 458

17.00

31,63850, 785

908

12,31312, 4448,126

26, 66056, 58853,5273,06125,1763,57210,0056,424

6,7817,06811,580

11,5918,18115, 674

1578,05910,103

279351. 94787, 853229, 7848,103

120, 479100, 69952, 37713,570

0

54.50103, 936

876, 8021, 264, 676

6.53

.38

1,50953,158

397, 0243,156, 752

105, 4430)40, 286

95, 085147, 21441,0300)95, 7211,174

111, 224

317, 4065,552

182,143

37,159

49, 377

840, 955

17.00

34, 78862,927

813

13, 94715, 3416,732

22, 77052, 42650, 6521, 77524,3623,67210,4925,339

7,5287,397

11, 790

11,1657,729

15, 479

1469.32312, 602

511289,75498.064162, 59815,392117,352106, 24152,6165,066

0

54.5092, 825

820, 111

574, 840840, 920

6.70

194.110225.070

.39

1, 60648, 548

108, 6040)

47, 27482,139151,12843, 6160)85, 208

829124, 479

328, 8995,938

189, 367

49, 912

56, 166

891, 334

17.00

39. 66768, 704

927

14, 84515, 2596,313

' 22, 68043,13341,9191,214

27, 1173,9365,6366,852

7, 5506,91312,123

11,6558,054

17,214

16511,14316, 284

520300, 301114, 804155, 912

9,98597, 23686, 96147, 6954,737

2

52.25105, 678

816, 7241, 259, 932

6.60

.39

1,59540,130

115, 6671,151

55, 212

66,259155,943

44, 668676

91,832'990

• 118, 217

360, 9715,781

196, 575

46,073

59,012

934, 916

17.00

39, 92370, 853

843

14, 61215,5745,358

23,18137,19236, 223

96926, 8384,2896,0866,469

7,8796,545

13,103

12, 4267,916

17,838

1659,789

16, 340

489391,164150, 907186, 581

11,54084, 42867, 52123, 1478,389

20

51.5072, 787

• 850, 5631,311,085

124,1,

55,

66,166,

45,

99,1,

114,

354,6,

201,

41,

55,

996,

r

900548836

861812655890925306871

412726012

974

339

565

'.00

13, 61815, 077

3, 899

22, 54933, 94933,

24,2

6

204745907288

8346,214

13 591

12, 3357 209

20,071

169

6.58

.39

2,43647, 608

389,682 392,805 ] 400,564 392.6563,139,785 3,097,331 13,115,865 3,099,305

r Revised. 1 Not available for publication.fRevised series. Beginning in the January 1950 SURVEY, data for fertilizer consumption in 14 States have been substituted for the 13-States series formerly shown; revised figures prior

to November 1948 will shown later.*New series. The series for rosin "WG" (window glass) grade, which is compiled by the U. S. Department of Labor beginning November 1948, and prior to that month by the Oil, Paint,

and Drug Reporter, has been substituted for the " H " grade formerly shown. Data beginning 1935 will be shown later.




1948

Decem-ber

1949

January Febru- M arch April M a y June July AugustSeptem-

ber October Novem- Decem-ber ber

CHEMICALS AND ALLIED PRODUCTS—Continued

FATS, OILS, OILSEEDSBYPRODUCTS

Animal fats, greases, and oils:Animal fats:

ProductionConsumption, factoryStocks, end of month

Greases:ProductionConsumption, factoryStocks, end of month

Fish oils:ProductionConsumption, factory.Stocks, end of month

, AND

thous. of lbd o . . . .do

dod o . . . .do

dod o . . . .do

Vegetable oils, oilseeds, and byproducts:Vegetable oils, total:

Production crude • tnil oflhConsumption, crude, factoryStocks, end of month:

CrudeRefined

Exports fImports total

Paint oilsAll other vegetable oils

Copra:Consumption, factoryStocks, end of monthImports

Coconut or copra oil:Production:

CrudeRefined

Consumption, factory:Crude __Refined

Stocks, end of month:CrudeRefined

ImportsCottonseed:

Receipts at mills thous.Consumption (crush)Stocks at mills, end of month

Cottonseed cake and meal:ProductionStocks at mills, end of month .

Cottonseed oil, crude:ProductionStocks, end of month

Cottonseed oil, refined:ProductionConsumption factory

do

dod o . . . .

thous. of lbdododo

._ short tons .dodo

thous. of lbdo_

. . . . dodo

do. do

do

of short tonsdo -do

short tonsdo._

thous. of lb. do

. . . . . d o . .do

In oleomargarine doStocks, end of month doPrice, wholesale, summer, yellow, prime (N. Y.)

dol. per lb__Flaxseed:

Production (crop estimate) thous. of bu__Oil mills:

Consumption finStocks, end of month

Importsd o . .do

Price, wholesale, No. 1 (Minn.) dol. per bu__Linseed oil:

Production thous. of lbConsumption, factoryStocks at factory, end of month..

dod o . .

Price, wholesale (N. Y) dol. per lb_.Soybeans:

Production (crop estimate) thous. of bnConsumption, factoryStocks, end of month..

Soybean oil:Production:

CrudeRefined

Consumption, factory, refinedStocks, end of month:

Crude _ . . .Refined

dod o . .

thous. of lbdodo

d o . . _do

Price, wholesale, edible (N. Y.) dol. per ib__

366,883117, 992402, 332

53,14449,474

104, 308

5,64916, 227

134,465

529453

692279

19, 76761, 35016, 85544, 495

33, 34326, 35958, 361

42, 65721, 203

47, 36921, 842

52,1808,976

24, 930

602670

2,067

300,89181, 515

211,964157, 722

182,062117,05638, 569

168,081

.199

3 54, 529

3,1787,744

126.00

62, 64531,331

226. 403.290

3 223, 00616,67755, 564

160,081110,90897, 934

101,10086, 576

.237

i 361,417i 97. 264

i 464, 820

i 52, 050i 55, 887

i 111,489

2.06414,102

108, 537

2 5062 434

2 7692 395

16,39731, 83411,33522, 500

29, 95920, 57421, 824

38, 45421, 453

43,62019, 962

73, 28010, 05910, 049

212614

1,665

272,678100,297

195,053188,390

156, 949130,37844,065

202, 869

.174

2,6606,775

586.00

6 52, 794e 26, 208

8 209, 559.288

16, 83049, 721

162,648124,10099, 891

134, 229109,463

.209

i 303,420i 94,838

i 485, 516

i 50, 232i 45, 023

i 107, 603

74110, 733

104, 404

2 4492 414

2 8082 423

29, 59630, 54511,49219,053

17, 62419, 55920,638

23, 01420, 545

38, 59217, 838

63,97811,4236,950

115520

1,260

231,63992,253

167,157198,729

141,105122, 99538, 635

220, 937

.155

3,0065,313

206.00

« 58, 5426 27,663

6 239, 449.288

15, 52044, 415

151,137125, 950103,591

140,245119, 744

.173

i 306, 947i 111,062i 446, 760

i 51,138i 48, 539

i 109,933

87913,39588,713

2 4692 450

28122448

47, 74123,1265,739

17,387

25,14816, 61826,006

32,68221, 522

42, 56622, 533

64,2247,8937,796

94473881

209,42295,907

153,918184, 758

150,595133,36140,819

242,512

.143

3,1773,142

466.00

6 60,9496 31,966

6 270, 035.288

17,03236,305

167,689137,081130,314

132, 959123, 562

.154

i 270, 742i 94,188

i 408. 634

i 46, 852i 43, 564

1 110, 882

1,0639,653

80,946

2 3812 405

2 7362 462

97, 2688,8272,8026,025

19, 75414,33722,677

25, 76228,162

46,90325, 224

47, 8808,8052,330

30325586

143,33895, 806

107,085168,447

119, 975124, 75032, 771

236,197

.136

2,2412,104

136.00

6 43, 5106 25, 432

6 310, 827.288

15, 93729,029

156,088127,425130, 934

105,365112, 523

.158

i 272,1921 109, 734i 368, 929

i 49,170i 38, 425

1 113,706

4,71710, 75378.176

2 3742 384

2 7352 376

115,01713, 9552,168

11, 788

30, 20315, 53632, 655

38,93324,473

42, 58522,827

56,1329,0637,852

19262343

117,678104, 700

87,873118,896

115,419125, 58430, 560

227, 587

.134

2,3931,960

10

«45, 4976 23,734

6 321, 765.288

15, 45922, 992

154,183118,045123,969

88,631102,045

.154

i 275,069i 105, 502i 319, 521

i 50. 505i 41,590

i 124,927

13,59912,37778. 442

2 3792 368

2 7392 319

60,17324, 378

1,60922,769

36, 77315, 03440, 940

47, 23125, 022

44, 90524, 483

71,3188,4778.442

15197162

85,66088,354

65, 56976,240

97, 996138, 63932, 728

186.268

.122

3,5281,513

7

« 70,9276 26,402

6 363, 431.276

15,26418,333

150,583124, 209120, 798

82. 79393,929

.141

1 254,8421 61,981

1 322.974

1 45. 7021 32,951

1129, 265

12 73511,12669,511

2 3382 307

2 7322 266

73,12332, 5892,811

29, 778

26,91412,76927,909

34,36823,139

36,01419,689

82,3658,728

14,512

117147132

66,34065, 949

48,65652, 233

61, 255110,95928,882

132,766

.125

3,5052,227

03.86

6 69, 9496 35,262

6378,788.25C

15,30212,477

155,148110,19097,345

90, 88192,807

.142

1 264,3941120,1431 292, 421

1 46, 7531 41,895

1 124,518

18 36212, 82379,062

2 380

2 7182 188

31,00131,0964,505

26, 592

34,93210,01038,594

44,96129,168

53, 21928,147

83,1246,723

14,485

353207278

94,08152, 759

64,80540,908

71,976142, 40937, 53072,590

. 158

3,9854,932

03.91

e 77, 0716 42, 723

6 407, 230.216

13,5516,549

136,015135,106141,462

71,92576,384

.175

1 248, 8881 119, 516' 265, 758

1 44, 7061 46, 031

1 117, 852

21 96217, 66792, 245

2 4642 417

2 7762 171

29, 98238, 5164,925

33, 591

38, 3068,333

51, 251

48, 89230, 374

54, 53826, 248

101,0427, 945

17,020

1,248586941

253, 76398, 076

184, 29188, 766

113, 309115, 28232,07669, 708

.140

3,8868,139

03.94

6 72, 9236 49, 884

6 421,115.208

11,99610, 606

120, 756127, 703136,199

56,22356, 790

.157

1 288,3181 117, 5191 240, 962

1 48,1101 42,016

1 116, 477

24, 90820, 865

102,849

2 6012 480

2 8562231

36, 63028 78510,61618,169

46, 20618, 71060,027

58, 97929,169

55, 24825, 914

112,9778,2838,442

1,382748

1,575

334, 030116, 912

242, 687123, 462

178, 666129, 42435, 728

125,176

.129

3 4687,553

03.85

8 67, 8036 44, 411

6 433, 921.192

17 52263,581

172 491125, 902119, 778

67,31455,410

1 338,0091106, 0271 251,195

» 54, 8611 42, 911

1 112,412

8 43815J 36494, 776

r 2 601*2 496

2963' 2 28871,98635 65411,68923,966

43, 72321,99852,913

55,48225,363

48, 53223,287

134,5708,676

11,158

1,322785

2,112

355,146123, 518

252,640162,355

188, 938144.79936,049

174,981

.118

3 2546,982

03.93

6 62,8566 36,376

6 462,934.186

17,13970, 914

165 473133, 442129,801

69,40557,976

.142

1 378, 4691 96, 214

1 316, 248

1 55, 9351 43. 794

1 111, 379

10,07614, 777

106, 261

2 5532 456

2 1 , 0472338

33,18022,328

42, 72624,304

45, 22222, 344

146, 7399,016

450677

1,884

309. 772142, 801

217,619181, 587

172,940133, 830

218. 210

. 123

* 43, 664

3 1945,412

3.92

661,6816 30. 518

6 485,112.185

4 222 30517, 29066, 948

166, 855119, 251104, 727

90,11659,985

.148

r Revised. * Beginning January 1949, data include for animal fats, 45 plants and for greases, 23 plants not previously reporting; operations at these plants in January (thous. of lbs.): Animalfats—production, 3,290; stocks, 3,804; greases—production, 953; stocks, 1,949. 2 Beginning January 1949, data on original reports show further details on certain refined oils which are believedto have been included formerly in the crude oil figures. January 1949 figures for the items excluded beginning in that month (thous. of lbs.): Sesame—consumption, 29; stocks, 142; rapeseed—consumption, 550; stocks, 2,763; linseed oil—production, 8,900; consumption, 15,062: stocks, 45, 560; other vegetable oils—production, 955; consumption, 1,503; stocks, 1,604.

3 Revised estimate. 4 December 1 estimate. 5 No sales. 6 See note "2" for this page.t Revised series. Beginning in the September 1949 SURVEY, data include oleomargarine of vegetable or animal origin.


S-26 SUEVEY OF CUREENT BUSINESS February 1950


1948

Decem-ber

1949



Decem-ber

CHEMICALS AND ALLIED PRODUCTS—Continued

FATS, OILS, ETC—Continued

Vegetable oils, oilseeds, etc.—ContinuedOleomargarine:

Production thous. of lbConsumption (tax-paid withdrawals) doPrice, wholesale, vegetable, delivered (Chicago)

dol. per lb__Shortenings and compounds:

Production thous. of lbStocks, end of month do _ _

PAINT SALES

Paint, varnish, lacquer, and filler, totalthous. of dol__

Classified, total do _Industrial _ __ do___Trade do

Unclassified do . . .

SYNTHETIC PLASTICS AND RESINMATERIALS

Production:*Cellulose acetate and mixed ester plastics:

Sheets rods and tubes thous of lbMolding and extrusion materials, do

Nitrocellulose, sheets, rods, and tubes doOther cellulose plastics. _ ___ __ _ _ doPhenolic and other tar acid resins doPolystyrene _ __. doUrea and melamine resins doVinyl resins ___ __ __doAlkyd resins doRosin modifications doMiscellaneous resins do

74,30869, 918

.303

129,34166,390

65,82459, 38628, 79730, 5896,438

1,7453,951

7521,034

21, 58813, 209(0

20,110

210,247

81,65280,336

.283

114, 91773,773

76,96169, 85327, 95041,9037,108

1,8264,077

810784

21, 42812, 83010,86822, 46716, 9187,279

18,115

76,04575,305

.269

112,15070,850

70,19063, 96826,12437, 8446,222

1,5214,322

691890

20,19514, 92010,64119,06515, 2427,098

17,095

80,18578, 964

.256

125,60772,800

84,12475, 93830,17845, 7608,186

1, 5634,548

7281,010

20, 58517. 2579,248

22, 21916,0387,848

16,084

65, 75464, 719

.229

119,57680, 436

86,23677, 85228, 47349,3798,384

1,3294,610

7501,022

18,26017, 5488,500

23,61316, 0698,182

14, 547

59, 61360, 415

.224

125,90884, 851

89,08379, 91327, 58252,3319,170

1,6503,449

754709

14, 82816,3318,049

20,40717, 853

7, 51614,162

63, 59061, 978

.224

122, 21385,821

88, 46579, 54628, 75550, 7918,919

1,2424,303

626176

14,95215,029

7, 93120,63619, 1497,584

14, 825

56,11855,366

.224

83,35564,438

74, 21567, 61325, 77541, 8396,601

1,3323,431

372433

11,23215,9056,273

18,85317, 3046,631

14,877

79,10679, 346

.248

156, 69652, 851

87, 91179, 37530,82148, 5548,537

1,4054,626

517113

17,83419,749

9. 56923,66319 2588 103

16,646

74, 40871,172

.249

133,84959, 315

84, 37675, 45330, 22745, 2258,923

1,5305,798

431712

22, 56920, 72310,29929.09821 1149 912

19,399

75, 47173, 938

.224

123,17862, 860

76,21969,01628, 68240,334

7, 203

2,1386,904

453749

25, 05622,15613, 23931, 786

r 20 787r 10 728

18, 896

71,27873, 072

.224

139,96561, 889

r 67,128T 60, 719r 25,215T 35, 503r 6, 409

1,9925,183

440423

29,25620, 90113.31233.50320 619

18, 709

.224

125, 78381, 722

57, 59852,18423, 66428, 550

5, 383

ELECTRIC POWER AND GAS

ELECTRIC POWER

Production (utility and industrial), totalmil. of kw.-hr__

Electric utilities, total doBy fuels doBy water power doPrivately and municipally owned utilities

mil. of kw.-hr__Other producers _ - do __

Industrial establishments, total doBy fuels __ _ _ doBy water power __ . do

Sales to ultimate customers, total (Edison ElectricInstitute) mil of kw.-hr

Commercial and industrial:Small light and power doLarge light and power do __

Railways and railroads doResidential or domestic doRural (distinct rural rates) doStreet and highway lighting _ doOther public authorities doInterdepartmental do

Revenue from sales to ultimate customers (EdisonElectric Institute) - __. _ thous. of dol _

GAS

Manufactured and mixed gas (quarterly):Customers, end of quarter, total. _ thousands. _

Residential (incl. house-heating) doIndustrial and nommprrial do

Sales to consumers, total mil. of cu. ft__Residential doIndustrial and commercial do

Revenue from sales to consumers, totalthous of dol

Residential (incl. house-heating) doIndustrial and commercial do

Natural gas (quarterly):Customers, end of quarter, total thousands..

Residential (incl. house-heating) doIndustrial and commercial do

Sales to consumers, total mil. of cu. ft..Residential (incl. house-heating) doIndustrial and commercial _ do

Revenue from sales to consumers, totalthous. of dol. _

Residential (incl house-heating) doIndustrial and commercial do

30, 47825, 71618, 2507,467

21,9853, 7314,7624,340

422

21, 465

3,82310,720

6134,959

472270557

52

390,128

10, 5379,844

686143, 721

94, 45647,938

143,338105, 36837,089

11, 77310, 894

869749,156216,009501, 618

259,309136, 622117, 423

30, 37425, 57017,8037,767

21,8383,7334,8044,355

449

21,831

3,83410,647

27, 46322, 99615, 7017,295

19, 5063,4904, 4674,027

440

21,143

3,83510. 220

595 \ 5325,424

45926656046

398, 487

5, 26945623355048

389, 527

29,51424, 72116,5858,136

21,0283, 6944,7934,327

466

20,882

3,70910,304

5805,006

46522953<6

52

382,150

10, 5909,885

697186,071128,942

55, 576

176, 698131,379

44, 272

11,97110, 9611,000

924, 244390,136511, 640

358,296224,031130,165

27, 74523, 21515,0578,158

19, 7493, 4664, 5304,053

478

20,420

3,68510,141

5254,763

53120552248

374, 713

27,87523, 34815,2908,058

19,7853, 5634,5264,048

479

19, 914

3, 6119,967

4994,464

62719051046

368, 578

28, 02523,61716, 3937,224

20, 0343, 5834,4074,012

395

19, 904

3, 7599, 888

4734, 375

66417852246

371,446

10, 5419, 842

691139, 23190, 22947, 875

144, 513107,05836, 725

12, 32811. 2931,026

715, 282192, 659501,154

246, 490127, 776115,064

27, 94623, 68416, 3557,330

19,9733,7114,2623,881

381

19, 960

3,9759, 533

4624,419

82518451646

375, 419

29, 49225,02117, 6727,349

20, 9654,0554,4714,067

404

20, 769

4,03310,130

4704,422

87320259246

382,161

28, 35823, 92216, 9466,976

19. 9343,9874.4364,055

382

20, 895

4,04610,158

4524,618

80922454146

387, 529

10, 2629,582

672101, 73060 28840 077

113, 39082, 66329 641

12, 66311 649

1,004615, 33891,452

492, 683

183, 48774, 47198,181

28,11024, 28817. 3536,936

20, 4303,8583,8223,465

357

20, 293

3,8769,693

4704,749

62625158146

383, 250

28. 53924, 32817,4676,861

20,7813, 5484,2113, 837

374

20, 690

3,8919, 835

4995,031

541

31, 09626, 32118, 705

7, 616

22, 4563. 8654,7754,310

465

272 !57249

391, 078

r Revised. 1 Not available for publication. 2 Not comparable with data beginning January 1949 because of the inclusion at that time of some companies not previously reporting.*New series. The data for production, compiled by the U. S. Tariff Commission beginning July 1948, are essentially comparable with the series for shipments and consumption (reported

by the Bureau of the Census) previously shown here, except for inventory changes (which tend to balance out over a short period) and the inclusion of a few companies not formerly covered.Unpublished figures for July 1948 are shown on p. 26 of the October 1949 SURVEY. Data for alkyd resins and rosin modifications are not available prior to 1949.




1948

Decem-ber

1949



Decem-ber

FOODSTUFFS AND TOBACCO

ALCOHOLIC BEVERAGES

Fermented malt liquors:Production thous. of bbl_.Tax-paid withdrawals doStocks, end of month do

Distilled spirits:Production thous. of tax gal__Consumption, apparent, for beverage purposes

thous. of wine gal__Tax-paid withdrawals thous. of tax gal__Stocks, end of month doImports thous. of proof gal._

Whisky:Production thous. of tax gal__Tax-paid withdrawals doStocks, end of month doImports thous. of proof gal_.

Rectified spirits and wines, production, totalthous. of proof gal__

Whisky doWines and distilling materials:

Sparkling wines:Production thous. of wine gal_Tax-paid withdrawals doStocks, end of month doImports do

Still wines:Production doTax-paid withdrawals doStocks, end of month do,Imports do

Distilling materials produced at wineries.__doDAIRY PRODUCTS

Butter, creamery:Production (factory) % thous. of lb-.Stocks, cold storage, end of month doPrice, wholesale, 92-score (New York)_dol. per lb_-

Cheese:Production (factory), total %__ thous. oflb__

American, whole milk $ doStocks, cold storage, end of month, total do. .

American, whole milk doImports. doPrice, wholesale, American, single daisies (Chi-

cago) dol. per lb_-Condensed and evaporated milk:

Production: tCondensed (sweetened):

Bulk goods thous. of lb._Case goods do

Evaporated (unsweetened), case goods.--doStocks, manufacturers', case goods, end of month:

Condensed (sweetened) thous. of lb_-Evaporated (unsweetened) do. -

Exports:Condensed (sweetened)-. doE vaporated (unsweetened) do

Prices, wholesale, U. S. average:Condensed (sweetened).. dol. per case..E vaporated (unsweetened)_._ do

Fluid milk:Production. mil. of lbUtilization in mfd. dairy products do._Price, dealers', standard grade dol. per 100 lb--

Dry milk:Production: t

Dry whole milk thous. of lb.Nonfat dry milk solids (human food) do

Stocks, manufacturers', end of month:Dry wThole milk do_Nonfat dry milk solids (human food) do_

Exports:Dry whole milk do_Nonfat dry milk solids (human food) do

Price wholesale, nonfat dry milk solids (humanfood), U. S. average dol. per lb_.

FRUITS AND VEGETABLESApples:

Production (crop estimate) thous. of bu.Shipments, carlot no. of carloads.Stocks, cold storage, end of month__thous. of bu_.

Citrus fruits, carlot shipments no. of carloads..Frozen fruits, stocks, cold storage, end of month

thous. of lb._Frozen vegetables, stocks, cold storage, end of

month thous. of lb_.Potatoes, white:

Production (crop estimate) thous. of bu_.Shipments, carlot no. of carloads._Price, wholesale, U .S . No. 1 (New York)

dol. per 100 lbs.

6,8076, 5688,212

29, 391

20,1757,379

635, 6881,507

17,5723, 965

559, 8231,329

9,7588,798

71168

1,52597

5, 41311,194

223, 774294

13,476

84, 88833,615

.645

71, 61352,142

148,100126, 534

2, 272

.410

11,767r 9, 933

143,359

12, 576424, 619

8,71349, 058

9.605.95

8,2152,866

5.25

9,15350,180

18, 491r 44, 375

11,43919, 704

1 88,4073,505

17,81315,334

335, 940

281.825

i 454, 65426, 43'

3.699

6,0505,5968,410

21, 863

11, 6906, 549

646, 272941

14, 8783,970

569, 734836

7,4216,627

100

1,54523

9, 856213, 595

2121,060

92, 98018, 737.630

78, 76058. 325135,110116, 7791,423

.371

14, 47010,800155,350

9,504297, 463

11, 44231,152

9.605.81

8,6713,1435.16

10, 85055, 500

16, 09849, 627

11,43126, 496

3,29712, 97112, 633

317, 695

262, 047

21, 394

4.628

5,7215,475

19, 631

12, 7417, 264

654, 589874

14,1484,229

578, 342783

8,4747,739

571,530

25

8339, 696

203,618217491

92, 7808,718.633

78, 57058, 030126, 503111, 0731,533

.348

12, 96510, 250160,300

7,759206, 464

7,32231, 795

8,2763,1135.04

8,54059, 500

14, 92863, 320

8,2295,620

3,2299,02810, 319

301, 249

229, 506

25, 415

4.474

7,7617,0848,708

20, 232

14, 0389.334

661, 7281,109

14, 4624,720

586, 592994

10, 2029,207

7465

1,51521

82111, 709191,799

2531,802

112, 5256,318.616

94, 37570, 945120, 563105, 6082,035

.336

15,14514,100215, 750

8,350177, 077

11, 02121, 688

9.105.45

9,5583,8334.89

11,150' 80, 00015, 47971, 784

4,6168,288

3,1615,49111,571

266, 581

206, 061

35,867

4.568

7,3146,5079,248

16, 922

12, 9197,755

668, 421

11,5363,884

593, 094752

8,3067,345

18853

1,64732

6409,585

182,156238405

124, 61515,338.599

111,16586, 845125, 903109, 9202,393

.337

22,91012, 250266,250

9,511189, 735

9,90120,971

9.105.18

10, 2264,3944.67

12, 27598,350

14,19876,114

6,66626, 248

.117

2, 0653,31810, 210

237,419

191, 666

26, 059

4.623

8,3317, 5679,646

16,823

13, 3007, 826

674, 6611,097

10,9713,732

599, 5611,017

8, 9317,908

621,673

6588,885

173,518221929

160, 62551, 056.597

143, 283116,365134, 765117, 0212,402

.341

39,45012,350

361,150

11, 390298, 661

7,65724, 517

9.105.05

11, 8885,6404.58

13,715122, 400

16, 09695, 387

10,01416, 226

1,7761,29410, 051

237, 856

186,821

22,999

5.258

9, 2588, 6299,879

13,732

13,0787,632

677, 3441,111

7,8523', 537

602, 9261,027

9, 069

16377

1,743

5848,815

162, 586177513

157, 325102,701

.590

137,125112, 545162, 256140, 8592,794

.343

34, 27510,550

350,650

13, 059379, 000

8,90324,391

9.105.09

12, 3035,4824.56

12, 225112, 200

17.377104, 868

5,87314, 042

764343

9,002

255, 787

219,515

24, 226

3.546

9,3828,72210, 147

8,818

12, 3238,067

676, 337878

5,0994,048

602, 865803

8,0086,864

5449

1,74213

4357,763

155,034148713

136, 390136, 786

.599

118, 73596, 760185, 517162, 3462,206

.330

22, 4908,650

306,750

11, 778454, 397

6,20522, 967

9.105.12

11, 5444,8284.61

12, 62088, 360

19, 05998, 020

5,4992,857

.117

549175

7, 902

327,090

237, 847

12,045

3.287

9,1828, 90110, 033

11,581

12,3368,072

675,217

5,9594, 383

603,231914

9,0437,681

12862

1,80814

r 1,3358,788

145, 702145

4,900

128, 440153,855

.618

108, 41087, 370210,411183,2081,804

.352

26,1308, 800

273,650

8,559477, 812

4,50011,209

9.105.11

10,5464,4754.66

10, 89076,750

17, 80896, 994

7,33620, 579

.118

507412

6,390

339, 588

315, 788

14,641

3.498

7, 3927,2859,836

16, 704

14,1219,471

673, 7011,329

8,7035,311

604, 7681,226

10, 2289,250

4799

1,73435

19, 08511, 303154, 365

18837, 979

113,770154, 455

.622

94,15074,135

213, 433188, 259

2, 442

.358

22,3205,750

212, 750

6,758484, 246

5,69212,368

9,3903,862

4.71

10, 72563,050

18, 29180,060

5,44944, 267

.121

2, 56414, 7774,790

355, 552

368, 552

19, 864

3.236

6,1226,4389,252

26, 093

15, 21311,438

671, 3091,529

9,2466,101

606, 2101, 413

12, 40011, 247

47175

1, 63343

58, 45113,112

203, 831286

150, 382

102, 800144, 819

.625

82,15562, 355

209, 515185, 839' 4,003

.356

16,3004,675

167,750

6,925426, 836

1,98418, 903

9.105.08

9,0043,395

4.74

9,15054,150

16, 63957, 037

5,90928, 897

6,41935, 224

5,521

342, 565

387, 681

18, 602

2.873

5,7746,0958,686

19,770

17, 67312,070

669,8841,607

9. 7056, 965

606.0151,461

12,00111,473

54154

1, 77186

14, SSfi13, 540

205, 005342

35,142

r 90, 480130, 452

. (;25

r 71, 875r 51, 395

• 196,1251 175, 764

.356

11,5503,200

134, 000

5,795333, 264

1,61814, 862

9.105.09

8,392' 2, 943

4.75

7,41049, 000

14,18047,100

4,3832,814

4,707r 33, 405

r 7, 524

r 326, 934

• 383, 658

T 17, 411

3.601

6.3126, 2468.484

8, 351676, 016

10-6725 197

610, 365

7, 9167,101

95, 875113,166

.631

74,81553, 005

188, 2f>3168, 037

.353

11, 6756, 300

151, 000

7,386243, 491

1.10

8,5503,1484.75

10, 30058, 700

11.10548, 393

.121

2 133,1813, 990

26, 82611, 406

303, 202

365, 965

2 401, 96216, 314

4.134

'Revised. ] Revised estimate. 2 December 1 estimate. t Revisions prior to October 1948 are available upon request.



Unless otherwise s ta ted , stat ist ics tlircmgh1948 and descriptive notes are shown in the1949 Stat ist ical Supplement to the Survey

1948 1949

Decem-ber January Febru- | March April M a y June July August Septem-


Decem-ber

FOODSTUFFS AND TOBACCO—Continued

GRAINS AND GRAIN PRODUCTS

Exports, principal grains, including flour and mealthous. of bu.

Barley:Production (crop estimate) doReceipts, principal markets doStocks, domestic, end of month:

Commercial doOn farms do

Exports, including malt doPrices, wholesale (Minneapolis):

No. 2, malting dol. per bu_.No. 3, straight do

' 54. 232 !

i 315, 894 I.11.300

58,612 60,184

8.323

15,214 | 12,426

65,849

8,991

11,19716, 457156,357 I '_..._i I 111,408

1.162 I 2.614 2,653 2,864

Corn:Production (crop estimate) mil. of bu_-Grindings, wet process thous. of b u . .Receipts, principal markets doStocks, domestic, end of month:

Commercial doOn farms mil. of bu_.

Exports, including meal thous. of bu__Prices, wholesale:

No. 3, white (Chicago) dol. per bu__No. 3, yellow (Chicago) doWeighted average, 5 markets, all grades..do

Oats:Production (crop estimate) mil. of bu-_Receipts, principal markets thous. of b u . .Stocks, domestic, end of month:

Commercial do jOn farms do 1

Exports, including oatmeal do iPrice, wholesale, No. 3, white (Chicago) j

dol. per bii--iRice: j

Production (crop estimate) thous. of bu . -California:

Receipts, domestic, rough . . . . thous. of lb._Shipments from mills, milled rice do. . . jStocks, rough and cleaned (cleaned basis), end j

of mon th . . thous. of lb-- |Southern States (Ark., La., Tenn., Tex.): !

Receipts, rough, at mills.thous. of bbl. (162 lb.)~Shipments from mills, milled rice- thous. of lb--Stocks, domestic, rough and cleaned (cleaned

basis), end of month thous. of lb_.Exportsf - - doImports - doPrice, wholesale, head, clean (N. O.)-.dol. per lb--

Rye

1.4801.346

i 3, 6829,927 !

45,269 I

' 50, 330 ':. 547. 9

1.4741.375

1.3441.242

9,35738, 281 20.139

50,639 | 43,903 !

1.3121.200

9,90223,694

25,895r 1, 797. 5

45,380

491

1,390

11,906

10,057

8,81319,646

15. 266

11,040 I 11.355 ! 13.081 21,267 11,251

1,636

1.2491.184

8,63221,198

r 11, 589

1.4431.4241.329

' 1, 4939, 335

11,434 I928,377 L

2,936 !

1.464 |1.428 j1.303

(1.2711.160

1.4271.3371.224

.866

i 85. 056

40, 83342. 987

9.321

9,544

~2.~988'

.819

53,67721. 904

5,311

5,916

~2.~539

.741

27,300 |18.049 I

8,915

4,215• 578, 832

1.392

.753

1. 4031.3701.322

10,175

3,635

"T809"

.741

37,216 55, 691 48, 91319,003 ! 61,988 30,421

8,209

1.4101.3581.279

9,874

r 4,129

"""503

.701

45,769 j 56,962 ! 56.651

1.485219. 803

519, 213146. 866

534.103

Production (crop estimate) thous. of bu_- 1 26.449Receipts, principal markets do 1,858Stocks, commercial, domestic, end of month .do. . . . I r 4, 740Price, wholesale, No. 2 (Minn.) dol. per b u . . 1. 676

Wheat:Production (crop estimate), total .mil. of bu .

Spring wheat doWinter wheat do

Receipts, principal markets thous. of bu.-Disappearance, domestic doStocks, end of month:

Canada (Canadian wheat) doUnited States, domestic, totalcf do

Commercial doInterior mills, elevators, and warehouses

thous. of bii-.Merchant mills doOn farms do

Exports, total, including flour doWheat only - . . do

1 1,313.51 305. 7

1 1. 007. 930. 397

293. 936

544149,711

434,16792.254

215

'7353,9801.632

17, 923

Prices, wholesale:No. 1, dark northern spring (Minneapolis)

dol. per bu. -No. 2, hard winter (Kansas C i ty ) . . doNo. 2, red winter (St. Louis). doWeighted avg., 6 markets, all grades do

Wheat flour:Production:!

Flour thous. of sacks (100 lb . ) - .Operations, percent of capacityOffal short tons . .

Grindingsof wheatf thous. of bu . -Stocks held by mills, end of month

thous. of sacks (100 lb.) - -Exports doPrices, wholesale:

Standard patents (Minneapolis)dol. per sack (1001b.)

Winter, straights (Kansas City) do

166,144 1 155,367'868,474

166, 348 150,165

' 203, 933'103,113' 391, 379

39,09425, 917

2.3972.2872.4442.308

22,69574.6

431,00051.986

5,1185,897

5.7125.231

684130, 522

379, 90669.715

103.093

59,154 ! 38. 289

841 665141.767 120,202

2452.9711.364

14,067

142, 276

" 125, 504

40, 57229,123

2.3512.2502.2942.286 I

* 22, 620'•74.1

• 429, 293'51.816

5,062

5. 4455.135

41,38930, 771

2.3372.1962.2872.246

r 19, 969' 74.1

381, 285• 45. 779

332.12151,418

439.093

4312,0751.352

36, 604280,287

130, 737• 585, 572124, 656

148,28763, 229

• 246, 02439,09532,358

2.3482.2412.3292.278

4,784

5.469 j5.119 I

r 20, 391r 64.1

r 392.149' 46. 910

286,353117.042

458.092

3,3483,6181.361

27. 560

118, 551

"Il6. 806

29,81223.020

2.3422.2602.3662.285

17,187'56.3

5.4283, 041

5.4005.106

• 333, 615' 39, 581

3.044

5.2694.980

37, 944

412134,241

202,235106.781

809.091

7272,7321.362

49,082

89, 097

114,242

46,55540, 617

2.3282.2212.3442.254

'• 17,33359.2

• 337, 890r 39, 990

2,623

5.2554. 938

47, 295

19,312

14,92259,3082,111

1.2531.163

8,91021,977

10, 8881, 255. 24,611

()1.3531.276

13, 988

6,167270, 5013,182

.673

45, 78526, 728

39,358

377132, 777

113,17360, 952

772

7482,9931.346

64, 749274, 325

70,146' 307, 347128,158

75,85932, 361

r 67,17236, 66730,313

2.3671.9511.8282.160

20,11666.1

390, 72146,344

4,5002,727

5. 5124.869

46,059

24, 843

24,659

4,199

1,2901.236

8,65819,683

4,744

8,926

1.4511.4021.327

33,804

17,745

562

46, 99431,908

35,752

18378,233

57,291

59,045

24, 940

33,056

6,410

1.3271.299

10, 63722, 064

5,711

8,369

1.3401.3071.256

24,804

30,095

"6,719

.637

909.087

1,7724,0911.454

130,305

' 55,199

"234," 493

31,79624,789

2.3792.0041.8722.096

18, 99465.3

380,59744,222

3,007

5. 5754.915

68, 74164, 909

13,806

78181, 631

65, 55439. 932'606.084

3,1316,1701.384

76,031

86, 400

"260,412

37, 36634, 230

2.2852.0601.8652.185

19,95763.5

405, 07146, 561

1,346

5.3404.869

46.153

14, 954

33,976148,9733,382

1.5231.455

10, 50123,967

9,614' 708. 47,116

1.2621.3121.238

26, 706'1,053,296

1.765

678

48, 951

16,508

4,315194,961

316, 54063.013

423.071

1,0435,4351.428

50,170304,149

162. 5241,159,159261,109

r 282, 881' 133,688' 472,209

33,49530,082

2.3742.1522.0132.253

20,35770.2

413,63947,541

4,7571,465

5.6005.069

' 37, 905

11, 003

35, 942

1.5561.502

11, 20643, 947

20, 020

7, 513

1.3901.1521.134

5,953

25, 254

1,045

.687

236, 47248, 435

114, 029

4,188265,382

489, 341r 136, 387

310.070

2,1955,4011.465

27,586

176, 459

244,664

' 26, 58922, 693

2.4312.1882.0832.282

20, 89569.0

424,90748, 740

r 1, 672

5.715' 5.165

49, 150

9,015

34,109

1,468

1. 5601. 451

10,C4758, 975

46, 400

20,238

1.3081.1571.142

5, 460

21,218

"2,430

.759

2 238.1046,820

32, 630107, 532

1. 5091.41S

2 3.3789, 554

33, 364

51.6882,401.3

1.4501.2961.248

39,42722,610

2 1.3237,163

19,029819,701

.762

2 89.141

65. 20781, 654

115,691 81.914

3,703226, 358

650, 284108, 470

252.077

1. 596262. 745

566, 941

5,07110,0051.418

24,296

165,267

~227,~502

24, 06720, 482

2.3952.2022.1612.274

19,22168.9

• 389, 30444,852

1,539

5.7445.119

. 082

2 18. 697569

9. 3381. 457

2 244. 82 901. 718, 492

251,063

165,657908,106219,038

236, 284117, 749327,230

2.3752. 2212.2002.269

18, 67961.8

378,00043, 542

4,948

5.6695.115

r Revised. 1 Revised estimate. 2 December 1 estimate. 3 No quotation.cf The total includes wheat owned by the Commodity Credit Corporation and stored off farms in its own steel and wooden bins; such data are not included in the break-down of stocks.tRevised series. Data for rough rice, included in rice exports, have been revised using a new conversion factor supplied by the U. S. Department of Agriculture, which takes into ac-

count changes in milling practices; revisions for 1933 to July 1948 are available upon request. Revised data for January 1947 to July 1948 for wheat-flour production and grindings of wheatwill be published later.


February 19;">0 SURVEY OF CURKENT BUSINESS S-29

Unless otherwise stated, statist ics through1948 and descriptive notes are shown in the1949 Statistical Supplement t o the Surrey

1948

Decem-ber

1949

January Febru-ary

March April M a y June July August Septem-ber October Novem-

berDecem-

ber


LIVESTOCK

Cattle and calves:Slaughter (Federally inspected):

Calves thous. of animals.Cattle d o . . .

Receipts, principal markets d o . . .Shipments, feeder, to 8 corn-belt States d o . . .Prices, wholesale:

Beef steers (Chicago) dol. per 100 lb .Steers, stocker and feeder (Kansas City)__do.__Calves, vealers (Chicago) do.._

Hogs:Slaughter (Federally inspected)

thous. of animals.Receipts, principal markets do___Prices:

Wholesale, average, all grades (Chicago)dol. per 100 lb .

Hog-corn ratiobu. of corn equal in value to 1001b. of live hog.

Sheep and lambs:Slaughter (Federally inspected)

thous. of animals.Receipts, principal markets do_ _.Shipments, feeder, to 8 corn-belt States d o . . .P rices, wholesale:

Lambs, average (Chicago) dol. per 1001b.Lambs, feeder, good and choice (Omaha) .do._.

MEATS

Total meats (including lard):Production (inspected slaughter) mil. of l b . . .Stocks, cold storage, end of month doExports do

Beef and veal:Production (inspected slaughter) thous. of lb_.Stocks, cold storage, end of month doExports doPrice, wholesale, beef, fresh, steer carcasses, good

(600-700 lbs.) (New York) dol. perlb..Lamb and mutton:

Production (inspected slaughter) thous. of lb . .Stocks, cold storage, end of month do

Pork, including lard, production (inspectedslaughter) thous. of lb_.

Pork, excluding lard:Production (inspected slaughter) doStocks, cold storage, end of month doExports doPrices, wholesale:

Hams, smoked (Chicago) dol. p e r l b . .Fresh loins, 8-10 lb. average (New York).do

Miscellaneous meats and meat products, stocks, coldstorage, end of month:

Edible offal thous. of lb_.Canned meats and sausage and sausage-room

products thous. of lb . .Lard:

Production (inspected slaughter) doStocks, cold storage, end of month doE xports doPrice, wholesale, refined (Chicago).._dol. per lb . .

POULTRY AND EGGSPoultry:

Receipts, 5 markets thous. of l b . .Stocks, cold storage, end of month doPrice, wholesale, live fowls (Chicago) .dol. per lb._

Production, farm millions..Dried egg production thous. of lb._Stocks, cold storage, end of month:

Shell thous. of cases. .Frozen thous. of l b . .

Price, wholesale, extras, large (Chicago) fdol. per doz_.

MISCELLANEOUS FOOD PRODUCTS

Candy, sales by manufacturers thous. of dol_-Cocoa:

1 mports long tons._Price, wholesale, Accra (New York) .dol. per lb_.

Clearances from Brazil, total thous. of bags..To United States do

Visible supply, United States .doImports doPrice, wholesale, Santos, No. 4 (New York)

dol. per lb.-Fish:

Landings, fresh fish, 5 ports thous. of lb_.Stocks, cold storage, end of month do

5721,1971,855

195

26.7823.2630.75

6,089

3,528

21.01

r17.6

1,3291,439133

25.1223. 31

1,890879C-l

671,468170, 5811, 928

.443

58, 33526, 209

1,159, 741

851, 366469,1533,345

.579

.415

58, 081

38,863

225, 748116, 39741,112. 195

54, 511160,834

.346

4,008

554

159104, 932

64, 926

24,698.317

1,8051,1981,0822,560

29, 535150,974

4841,1261,786

94

24.3522.1532.50

5,3773,316

19.46

16.1

1,2351,386151

24.750)

1, 7571,049

46

649,195170, 784

935

.406

55, 52022, 466

1,052,632

762, 355585, 2153,027

.571

.429

64,021

46,065

212, 810160, 61033, 821.171

22,069148, 418

.340

4,5672, 431

15271, 532

.463

55,187

13,863.266

1,214843

1,0362,113

.270

28, 077127, 635

476994

1,52672

22.2521. 2530.38

2,562

19.44

17.5

1,0461,092

74

24.750)

1,4081,083

52

583, 486158, 240

984

47, 54819, 571

777,258

563, 446611,1233,076

.546

.457

62,136

51,980

156, 573179, 62842, 517.152

19,959131,496

.328

4,8156,846

14458, 621

51,876

23, 276.203

1, 359890929

1, 667

.268

29, 033104,138

6191,1021,895126

24.1424.3727.63

4,315

2,615

20.16

16.9

94984561

30.500)

1,5191,018

69

664,174143,1371,709

.392

43,15614, 268

811, 293

593, 593586, 4292,943

.570

.502

61,269

55, 683

159, 474156, 78255, G04. 152

24, 937108, 732

.353

6,13713, 993

530

77, 319

55, 507

44, 434.185

1,4881, 0581,1272,086

.265

r 40, 70582, 722

562996

1, 733100

24.2023. 6627.94

3,8942,471

18.32

15.2

67682463

29.50

(0

1,353930115

606,020119,431

2,388

.404

30,7619,864

715,895

527, 859545, 231

3,866

.550

.518

58, 535

58, 348

137, 441138,21692, 304

.136

26, 79889, 205

.339

6,10513, 285

954107, 058

.483

43,851

26, 698.199

1,294811906

1,782

.261

49,61274, 94l> '

5101, 0251,827

92

24.8824.0226.45

3,7212,438

18.49

14.7

7611, 243

163

29. 250)

1,362779

623, 53694,035

1, 302

.410

33, 5617,007

704, 543

517,974466,108

5, 855

.520

.515

54, 707

50,941

136,470125, 82363, 282

. 147

31, 64477, 823

.298

5. 8457, 875

1,943141,361

.483

34. 642

24, 963.190

1.572942796

1,477

.270

69, 89091, 453

5331,0951,896

140

26.4722.5325.94

3,7452,406

19.08

15.5

8981,164

138

27.120)

1,43871697

645, 24981,148

1,227

.433

37, 4276,761

754, 870

556,838419,590

12, 105

.556

.533

55, 322

49, 570

144, 798103, 89076, 508

. 136

38, 05474. 733

.268

4,9057,640

2,290166, 582

.493

36,028

32,103.187

1,326906808

1,685

.272

71,117114,031

5011,0901,833

164

25.8620.6224.88

3,1652,072

18.23

15.4

9761,202

144

24.500)

1,35864365

038,25275,6271,482

.431

40,9756,651

678,466

495,142367,043

6,102

.586

.546

56,671

41,209

134,17896,25552,293

.132

34, 76971,261

.241

4,3346,118

1,936168, 394

. 533

25, 580

21, 845.211

1.672933859

1,687

.277

66,145127.217 i

5491,2322,470

384

26. 2820.0625.70

3,4172,314

19.09

16.4

1,1261,650

335

23. 6222.66

1,44152145

716, 73772,0532,511

.438

48, 2576, 869

675, 735

500,186283,178

6,749

.613

.558

54, 958

34,310

128,25768, 81928,305

. 166

38, 99183, 466

.260

3,8533, 963

1, 4%146, 868

.559

40, 928

22,119.226

1,8681,129

7961,603

.284

77, 219146,344

552r 1. 224

2.528586

28.1119.7427.25

3,8792,395

19.74

17.2

1,1801,932

534

23.0023.21

1,43641145

698,99371, 475

2. 260

.464

50, 4147, 268

686,365

518,143204. 678

4. 342

.569

.551

51, 245

27,374

122, 74348, 76832, 682

.152

49, 399132, 380

.238

3,5761,778T 810

121, 476

.628

66, 713

11,253.200

2,3321,403

7981,932

.302

64,091150, 608

5681,1563,061

869

28.9320.5727.15

4,9593,055

17.87

16.1

1,1722,054

572

23.7523. 28

1,56440941

660, 89078, 7631. 070

.476

51, 3388,222

851, 970

634,343209, 687

2,479

.489

.453

47, 642

26, 094

158, 86138, 32031, 503

.158

58,185211, 517

.236

3,749933

50196, 382

.564

69, 382

9,936.205

1,9451,280

7631,929

.355

156,077

5851.1162,280r432

28.2121.4526.75

6,0033,618

15.87

15.3

1,0601, 296

212

23. 3823.25

1,763"•532

58

640,589r 103, 582

1,167

.476

47, 893' 10, 534

1,074,324

801,460r 297, 205

3,878

.468

.386

r 51,174

r 30, 014

199, 237r 39, 808

49, 467.130

82, 866r 267, 508

.217

3,8511,207

r 250r 72, 556

.527

65,913

21,019.246

2,1851,507

8502,010

. 496

158, 719

5111,0641,676

198

26.4721.4427.25

6,4773, 813

15.05

13.1

1,0581,139

71

22.3822.88

1,864804

616,302138, 713

.445

48, 99213, 680

1,198, 884

880, 945478, 447

.469

.351

62, 914

37, 854

232, 48372, 617

.128

73,034292,085

.213

4,4998, 579

9753, 888

.381

52, 730

.259

1,439874992

.490

146, 813r Revised. , : No quotation.jRevised series. U. S. Department of Agriculture data replace the series for U

% are available upon request.S. standards published prior to the October 1949 issue of the SURVEY. Data for September 1944 to July


S-30 SURVEY OF CURRENT BUSINESS February


1948

Decem-ber

1949

January Febru- March April M a y June July


AugustSeptem-


MISCELLANEOUS FOOD PRODUCTS—Con.

Sugar:Cuban stocks, raw, end of month

thous. of Spanish tons..United States:

Deliveries and supply (raw basis):Production and receipts:

Production short tons..Entries from off-shore do

Hawaii and Puerto Rico doDeliveries, total do

For domestic consumption doFor export do-_._

Stocks, raw and refined, end of monththous. of short tons..

Exports, refined sugar short tons__Imports:

Raw sugar, total doFrom Cuba doFrom Philippine Islandscf do

Refined sugar, total doFrom Cuba do

Price (New York):Raw, wholesale dol. pe r lb . .Refined:

Retail do__.Wholesale do

Tea, imports thous. of lb

'326

275,318210,06079,992

564,079556.439

7, 640

1,4938,447

• 216, 954• 208, 396

5,6001

.056

.092

.0769. 332

Leaf:TOBACCO

Production (crop estimate) mil. oflb.__Stock, dealers' and manufacturers', end of quarter,

total mil. of l b _Domestic:

Cigar leaf doAir-cured, fire-cured, flue-cured, and miscel-

laneous domestic mil. of lb.Foreign grown:

Cigar leaf doC igarette tobacco do

Exports, including scrap and stems thous. of lb__Imports, including scrap and stems do

Manufactured products:Production, manufactured tobacco, totaL__do

Chewing, plug, and twist doSmoking doSnuff do

Consumption (withdrawals):Cigarettes (small):

Tax-free millions..Tax-paid do

Cigars (large), tax-paid thousands. _Manufactured tobacco and snuff, tax-paid

thous. of lb_.Exports, cigarettes millions..Price, wholesale (composite), cigarettes, f. o. b.,

destination dol. per thous_.

21, 980

3,875

307

3,416

24128

57, 7736,035

17,5177,1526,8303,535

3,18524, 897

440, 267

16, 4922,368

6.862

434

125,201245, 436

56, 243563, 238558, 390

4,848

1,3483,149

197, 907174, 95215,2366,4526,450

.057

.092

.0787,689

46, 9497,209

18,0317.2187,3863,427

2,20827, 967

438,286

18, 2141,280

6.862

1,091

54,358485,090138.038504, 622503, 222

1,400

1,4164,095

313,176287. 96625.17626.20425, 950

.056 |

.092 '

.0787,606

36,1676,713

17, 5766,7687, 5483,260

2,57025,024

410,170

17,1381,237

6.862

2,490

0)681.532225, 273619,578611,382

8,196

1,4423,657

386, 786329, 91350,84968,58568,147

.057

.093

.0788,128

3, 851

345

3, 350

22134

25,1559,287

20, 8807,6189, 5673,695

3,16831,448457,149

20, 4901,649

6, 862

3,728

0)567.82923C\ 686537, 449535,1022,347

1,5252,785

318, 647264,13352.84542,32841,820

.056

.093

.0799,774

22, 2496,905

18,7296,9408,5353,254

3,56827, 307428, 452

18, 3922,446

6.862

3,678

0)577, 439156,084608,479604,6983,781

1,4921,863

382,265267, 999114,26625,95125,901

.058

.093

.0787,465

20,4007,521

20,5917,22610,1203,246

3,17230, 691428, 357

20, 3621,937 |

6.862 I

3,215

0)509, 595123,322792,936789,8783,058

1,2521,997

346, 792253, 34888,40939,18036, 555

.059

.093

.0788,411

2,599

0)471, 23784, 350747, 453743, 6983,755

9561, 879

342,089232,097104,07223, 40123,398

.058

.093

.0776,129

3,509

367 |_i

2,970 I.

23149

33, 4028,217

i

21, 7408,5589,7473,435

3,23632, 849519, 509

20,5831,611

30, 5636. 606

16, 6256,9187,3112,396

2,15525, 806

422, 496

16, 6251,449

6.862 ! 6.862

2,022

43, 899642,038132, 227924, 533921, 3913,242

6172 379

342,392272, 69061,90128, 25423,684

.059

.093

.0777,877

61,875

22, 9868,83910,3083,838

3,04135, 347516, 208

22, 8691,476

116, 207391, 859165, 4417o3.977729, 9204,057

4042,403

248, 878227, 2178,54928, 27228, 259

.060

.093

.0778,443

3, 690

330

3, 206

20134

76, 7687,483

22, 5658,34510, 5793,641

2,68031, 743532, 446

22, 6741,720

6. 862

1,021

548, 576402, 253133,168523, 702519, 3584,344

8791, 475

250, 846242. 2781,416

27, 76326, 639

.060

.093

.0797,702

55, 7817,261

22, 4347,774

10, 9973,664

2,77729,194

534, 274

21, 9751,523

6.862 I

I

766, 441252, 30799, 018539, 902537, 2572, 645

1,4461,133

197, 959190, 8787,070

24, 52124,511

.059

.093

.0799,327

37, 6756,903

19,6757,0729,0553,547

2,215 S 2,432'29,657 ! 24,776508, 626 386,169

19,324 • 16,5561,341 |

6.862

LEATHER AND PRODUCTS

HIDES AND SKINS

Imports total hides and skins thous. of lbCalf and kip skins thous. of piecesCattle hides doGoatskins doSheep and lamb skins do

Prices, wholesale (Chicago):Calfskins, packers', 8 to 15 lb _ _ .dol. per lb . .Hides, steer, packers', heavy, native . d o

LEATHERProduction:

Calf and kip thous of skinsCattle hide - thous. of hidesGoat and kid thous. of skinsSheep and lamb do

Exports:Sole leather:

Bends, backs, and sides thous. of lb__Offal including belting offal do

Upper leather thous of sq. ftPrices, wholesale:

Sole, bends, steer, f. o. b. tannery dol. per lb__Chrome calf, black, B grade, composite

dol. per sq. ft__

14, 32051

1043, 4331,011

.410

.267

1,0532,2393,2322, 665

57122

3,676

.701

1.046

13, 73882

1472,497

885

.398

.267

9432,0733,0132,564

314527

6,080

.681

1.051

9, 9006797

2,722925

.385

.229

8862,1242,9822,537

466890

6,314

.657

1.036

10,2816765

3,221991

.421

.209

9472,1633,4572,463

189704

6,035

.592

1.030

10,7145885

3,2941,477

.422

.200

7661,8912,8592,154

6185

3,329

.578

1.025

15, 3024753

3,6312,629

.414

.213

7971,9422,7642,214

56151

3,113

.578

1.023

11,94244

1034,005

965

.398

.214

8771,9763,0182,419

93116

3,153

.568

1.024

14, 0822327

3,3192,705

.385

.209

5711,5662,3641,834

87106

2,906

.564

1.016

16, 95111835

2,6574,076

.410

.238

8671,9822,7302,619

7073

3,462

.555

.975

15, 56914541

2,3123,276

.421

.246

8311,9592,9972,532

9249

2,886

.559

.977

16, 02812047

2,7712,571

.425

.244

8861,870

' 2, 9562,694

6041

3,938

.559

.975

16, 499116

2,6882,723

.425

.245

8581, 8692, 7472,691

96

2,882

.549

.975

.445

.232

.549

.988

' Revised.1 Corrected monthly figures are not available; January-July 1949 total (including revisions for January and February) is 218,055 short tons.2 Revised estimate. 3 December 1 estimate.cf This series continues data in the 1942 STATISTICAL SUPPLEMENT to the SURVEY; there were no shipments for 1942 to 1947 except for January, February, and May 1942 (12,136,1,120, and

8,618 short tons, respectively). Data for January-July 1948 are shown on p. S-30 of the October 1949 SURVEY.NOTE FOR LUMBER SERIES, p. S. 31.—Exports of sawmill products for 1948 have been adjusted to exclude box shooks, in accordance with the revised commodity classification effective

January 1949. Revisions for January-July 1948 are shown in a footnote on p. S-38 of the October 1949 SURVEY.Minor revisions for total lumber production, shipments, and stocks for 1946-47 (since publication of the 1949 STATISTICAL SUPPLEMENT) are available upon request. Revised data for total

lumber for January-July 1948 and revised data for Western pine for January 1947-March 1948 are also shown in the above-mentioned note.




1948

Decem-ber

1949

January Febru-ary March April M a y June July August Septom- October Novem-

berDecem-

ber

LEATHER AND PRODUCTS—Continued

LEATHER MANUFACTURES

Shoes and slippers:§Production, total thous. of pairs..

Shoes, sandals, and play shoes, except athletic,total thous. of pairs. _

By types of uppersrcfAll leather doPart leather and nonleather do

By kinds:Men's doYouths' and boys' doWomen's doMisses' and children's doInfants' and babies' do

Slippers for housewear doAthletic doOther footwear do

E xports doPrices, wholesale, factory, Goodyear welt, leather

sole:Men's black calf oxford, plain toe._dol. per pair..Men's black calf oxford, tip toe doWomen's black kid blucher oxford do

35, 508

31, 639

30,1101,567

8,9011,319

13, 8754,5203, 0243,357271241

9.6536.7505.150

36, 921

34,327

32, 2672,058

8,6771,18116, 4854,8293,1552,177236181336

9.6536.7505.150

37,089

34,180

31, 6972, 506

8,1411,07717,1514,6293,1822,497227185341

9.6536.7505.150

44, 818

41, 266

38,0373,183

9,6231,407

20, 8185,6343,7843,068261223358

9.6536.7505.150

37, 626

34, 262

31,1714,454

7,7901,20917, 5374, 4973,2292,931216217392

9.6536.7505.150

35, 098

31, 429

28,0183,351

7,2831,21716,1493, 9562,8243,212246211323

9.6536.6005.150

38, 509

34,152

32, 6225,911

8,4311,63916, 7484,2673,0673,877255225287

9.6536. 6005.150

32, 987

28, 845

26, 3602,580

6,3831,46415, 2343,5412,2233, 706

221215334

9.6536. 6005.150

44, 969

38, 926

35, 6303,405

8,7021,797

20, 7914, 7822, 8545,476306261527

9.6536.6005.150

41, 538

34, 858

32, 2932,660

8,4091,710

18, 0524,1562,5316,067299314406

9.6536. 6005.150

r 38,208

' 31,225

29,4741,802

r 8, 249r 1,608

r 14,8183,9412,609

r 6,379'304'300413

9.6046.6005.150

33, 610

26, 994

25, 4571,617

7,2021,131

12, 3403,7492,5726,127264225365

9.5556. 6005.150

9. 5556.6005.150

LUMBER AND MANUFACTURES

LUMBER—ALL TYPESExports, total sawmill products! M bd. ft..Imports, total sawmill products doNational Lumber Manufacturers Association:

Production, totaU mil. bd. ft-_HardwoodsJ: doSoftwoods^ do

Shipments, totalj doHardwoods X doSoftwoods % do

Stocks, gross (mill and concentration yards), endof month, totalj mil. bd. ft_.

HardwoodsJ doSoftwoods J do

SOFTWOODS

Douglas fir:Exports, total sawmill products M bd. ft_.

Sawed timber doBoards, planks, scantlings, etc do

Prices, wholesale:Dimension, No. 1, common, 2" x 4" x 16'

dol. per M bd. ftFlooring, B and better, F. G., 1" x 4", R. L.

dol. per M bd. ft_.Southern pine:

Orders, new mil. bd. ft__Orders, unfilled, end of month doProduction doShipments doStocks, gross (mill and concentration yards), end

of month mil. bd. ft__Exports, total sawmill products M bd. ft__

Sawed timber doBoards, planks, scantlings, etc do

Prices, wholesale, composite:Boards, No. 2 common, 1" x 6" or 8" x 12'

dol. per M bd. ftFlooring, B and better, F. G., 1" x 4" x 12-14'

dol. per M bd. ft..Western pine:

Orders, new mil. bd. ft__Orders, unfilled, end of month doProduction! doShipments^ doStocks, gross, mill, end of month doPrice, wholesale, Ponderosa, boards, No. 3 com-

mon, 1" x 8" dol. per M bd. ft_.West coast woods:

Orders, new mil. bd. ft._Orders, unfilled, end of month doProduction doShipments doStocks, gross, mill, end of month do

SOFTWOOD PLYWOOD

Production thous. of sq. ft., W equivalent..Shipments doStocks, end of month do

HARDWOOD FLOORING

57, 641126, 299

2, 541539

2,0022,318

4851,833

7,4112,3035,108

32, 8638, 83624,027

133.650

605332732645

1,7039,8421,7438,099

69.872

152.151

438638422411

1,675

69.59

592448609573983

155, 286156,01363, 688

45, 09294,181

2,258609

1,6492,220576

1,644

7,4552, 3385,117

24, 572i 7, 97016, 602

66.330

133.650

597303694626

1,7719,0762,5556,521

67.292

149.144

589223299

1,599

68.00

641547526541966

118, 284107, 83775,894

51, 42198, 673

2,057450

1,6071,946378

1,568

7, 5152,4065,109

25, 943i 12,32613,617

67.815

133.650

539282598560

1,8099,2993,2186,081

65.400

148.409

306531238288

1,548

68.05

621610577559940

143,180133,19284, 534

54,161123, 435

2,658568

2,0902,533463

2,070

7,6792,5125,167

28, 9141 17, 40711,507

68.310

738307706713

1,80211,3904,3307,060

64.167

146.650

457466381400

1,529

67.48

770650761743979

176,061179,02181, 526

49, 924103, 852

2,613377

2,2362,625407

2,218

7, 6712,4825,189

24,231i 11, 83712, 394

68.310

660276661691

1,7727,3462,9304,416

62.001

144.513

545492579523

1,586

66.80

705584743760981

153, 516158, 27976,148

Maple, beech, and birch:Orders, new M b d . ft_. 3,925 3,475 4.025 5,000 3,950 3,400 4,299 4,275 4,200 4,300 4,800 4,525 4,325Orders, unfilled, end of month do 10,025 9,300 8,750 7,575 8,500 7,325 6,872 6,875 6,300 6,6C0 6,850 7,125 5,900Production do 5,550 4,200 4,200 5,000 4,175 4,275 5,246 4,650 4,900 4,325 4,175 4,375 4,450Shipments do 4,700 3,900 3,700 5,200 3,950 3,675 4.651 4,000 4,550 3,950 4,575 4,200 4,250Stocks, mill, end of month d o . . . . 7,425 7,300 7,850 8,550 7,725 8,000 8,843 9,300 9,700 10,150 9,650 10,000 10,025

r Revised. v Preliminary. i Beginning 1949, data include some treated sawed timber which cannot be segregated.§ 1948 data for production of shoes and slippers have been revised; revisions January-July are shown in the September 1949 SURVEY on p. S-31.cfThe figures include a comparatively small number of "other footwear" which is not shown separately from shoes, sandals, etc., in the distribution by types of uppers; there are further

small differences between the sum of the figures and the totals for shoes, sandals, and play shoes, because the latter, and also the distribution by kinds, include small revisions not availableby types of uppers. JSee note at the bottom of p. S-30 of this issue regarding revised lumber series.

59, 784117,351

2,731414

2,3172,653

4062,247

7, 7432,4905,253

29,617i 4, 30725, 310

68.310

725261728740

1,76010,2023,7976,405

60.380

142.865

568498619561

1,644

65.84

642524709701984

154, 677152,13777, 811

60, 234121,115

2,778426

2, 3522,729368

2,361

2,5485,228

27, 606i 9, 68117, 925

67. 568

690228703723

1,7409,8483,4576,391

59.033

139.374

684539712643

1,713

65.20

646403683751904

151, 386160,85668. 742

44, 549100,176

2,432413

2,0192,371379

1,992

7,S592,5825, 277

20, 594i 4, 85215, 742

64.680

114.660

697247670678

1,7329,0283,0166,012

59. 479

139. 200

643607628578

1,763

62.54

612476513534903

96, 538102, 57862, 947

61, 796123, 722

2,938471

2,4682,901450

2,451

7,9142,6035,311

31, 062i 5, 47425, 588

63. 896

913340744820

1, 6569,2182,7376,481

61.173

136. 484

673629721655

1,829

59.21

570735720936

169, 274172,47859, 756

74, 447146, 880

2,874469

2,4052,951478

2,473

7, 8512,5945, 257

42, 275i 9, 05433, 221

62. 720

114. 660

842372782810

1, 6288,8692,4886,381

63.326

138. 542

693699627626

1, 840

57. 02

813582725

168, 747169, 83258, 881

52, 426170,493

2,790501

2,2892,903500

2,402

7, 7772,5945,183

24, 305i 5, 00819, 297

62. 720

765374701763

1,5668,3802,3766,004

139. 583

643734617610

1,847

57.56

790607723769

176,197178, 76455,984

62, 363200, 848

2,947538

2,4093,209603

2,606

7,3062,5294,777

30, 7847, 8«4

22, 900

62. 720

105.448

711304760781

1, 5459, 2263,2985,928

65. 008

140.256

630759563627

1,724

58.00

573824922643

176, 501180, 94551, 316

2,956654

2,3022,985656

2.329

7,2792,5424,737

63. 210

104. 860

627253756678

1,623

65. 467

140. 256

624767477569

1,632

59.18

776517820832631




1948

Decem-ber

1949



Decem-ber

LUMBER AND MANUFACTURES—Continued

HARDWOOD FLOORING—Continued

Oak:Orders, new M bd. ftOrders, unfilled, end of month do_.Production do..Shipments do_.Stocks, mill, end of month do

51,80634, 73067, 84958, 23749, 230

54, 85132, 38962,04356, 37854, 895

50,08632,96454, 46051, 20458,151

61, 26434, 74465, 50464, 86958, 786

54,15634, 93361,44160, 36059, 867

58, 74931,87964, 40961, 80362, 473

56, 87631, 90866, 58462, 82566, 232

62, 72230. 22958, 25061, 69162, 791

78, 06635, 02970. 60673,26657,135

' 87, 382-• 47, 846' 71, 309' 74, 565r 53, 879

85, 52555,91872,16277, 45347, 202

74, 61555, 71572, 95374, 81844, 201

METALS AND MANUFACTURESIRON AND STEEL

Foreign trade:Iron and steel products (excl. advanced mfrs.):

Exports, total short tons.Scrap do.. .

Imports, total doScrap do-_-

Iron and Steel Scrap

Consumption, total thous. of short tons.Home scrap d o . . .Purchased scrap d o . . .

Stocks, consumers', end of month, total d o . . .Home scrap d o . . .Purchased scrap d o . . .

463, 37616,010

181, 716

436, 7379,971

284,14276,214 I 166,448

Ore

Iron ore:All districts:

Production thous. of long tons..Shipments doStocks, end of month do

Lake Superior district:Shipments from upper lake ports doConsumption by furnaces doStocks, end of month, total do

At furnaces doOn Lake Erie docks do

Imports doManganese ore, imports (manganese content)

thous. of long tons..

Pig Iron and Iron Manufactures

Castings, gray iron:Unfilled orders for sale thous. of short tons._Shipments, total do

For sale doCastings, malleable iron:

Orders, new, for sale short tons..Orders, unfilled, for sale doShipments, total do

For sale doPig iron:

Production thous. of short tons..Consumpti'on doStocks (consumers' and suppliers'), end of month

thous. of short tons..Prices, wholesale:

Composite dol. per long ton..Basic (furnace) doFoundry, No. 2, f. o. b. Neville Island...do

Steel, Crude and Semimanufactures

Steel castings:Shipments, total short tons..

For sale, total doRailway specialties do

Steel forgings, for sale:Orders, unfilled, total do

Drop and upset doPress and open hammer do

Shipments, total doDrop and upset doPress and open hammer do

Steel ingots and steel for castings:Production thous. of short tons..

Percent of capacity!Prices, wholesale:

Composite, finished steel dol. per lb__Steel billets, rerolling (producing point)

dol. per long ton..Structural steel (Pittsburgh) dol.perlb..Steel scrap, heavy melting (Pittsburgh)

dol. per long ton..

Steel, Manufactured Products

Barrels and drums, steel, heavy types:Orders, unfilled, end of month thousands.-Shipments doStocks, end of month do

5,6152,8192, 7966,0651,5504, 515

3,6752,6985,433

5017,351

39, 46034, 5574,903

58

2,2841,111625

34, 360137, 38579, 88243, 397

5,5955,420

1,212

47.5946.0046.50

157,395116, 28538, 730

600, 500493, 487107, 013131, 54494, 48737, 057

7,78198

.0415

58.24.0350

42.75

10,0412,461

27

5,7592,9152,8446,0301,4854,545

2,9201,4986,835

07, 590

31, 90427, 8824,022371

43

2,0651,040573

26, 948126, 39371, 87638,040

5,7325,610

1,262

47.6546.0046.50

140, 577103,50331,891

570,665469, 059101, 606124, 58290, 09334, 489

8,183100

.0420

58. 24.0350

42.05

9,0882,065

33

388, 67110,157

293, 209199, 846

5,3462,6582,6885,8821,4034,479

2,8821,6108,107

06,992

24, 98121,8113.170

391

55

1,857987 !535 i

5, 9252,9762,9495,8421, 4664,376

4, 3352, 7999,643

7, 73517, 30815, 0502, 258

1,6391,075567

26,999 i 22.204118,318 j 102.37966,744 72.05235,074 | 38,143

5,223 i5,135 I

1.295 !

5, 8205.771

1. 350

47.67 i 47.6746.00 I 46.0046. 50 46. 50

135, 04299, 42532, 545

539,717439, 79099, 927111.21779, 75831, 459

7,481101

.0420 j

58.24.0350

39. 50

7,5821.801 I

31 i

138, 889102,02730, 313

504,142410, 24893, 894120, 03585, 98634,049

8,388103

.0420

58. 24.0350

37.25

7,6931,917

34

457,025 ! 565,14012.244 I 33,217

298,844 j 184,289239,226 ! 118,839

5, 2232,7222,5015,7711.5554,216

10, 9108,623

8,8687,322

17, 80315, 7702,033

560

38

1,446929467

24, 30794, 95861. 32931, 728

5, 5315, 406

1,525

47. 5546.0046.50

119,95383, 27723,834

464. 782379, 67385, 109

104. 30576,11628,189

7,785

.0420

.'8. 24

. 0350

6,6931,745

22

553.696 I 599,09353.114 j 50,866

161, 729 ! 109,133127, 675 91, 838

4,9682,7192,2495, 7451,6264,119

11,86512, 549

11, 6567,277

21. 50819, 2732, 235

650

37

1, 243867439

11, 62978, 94454, 57227, 643

5,5175,290

1, 775

46.6246. 0046.50

106,17875,53722,165

411, 601338, 91272, 68991, 77567, 58024,195

7,590

.0420

58.24.0350

23.25

6,2001,921

32

4,3982,5001,8985.8241,7514,073

12, 92313, 7507,112

12,1626,249

27, 69624, 9572,739642

1,087906455

23, 56069, 86559, 59732, 639

4,8194,573

1.942

46.6246.0046. 50

116, 05284,11226, 940

376, 761310,18266, 579100, 75677, 87722, 879

6,49882

.0420

58.24.0350

23.00

5,1972,087

29

507, 212184,05256,13352,359

3,8002,2411,5595,7481,8203,928

12, 53113, 6966.172

12, 7685.258

35, 06431, 4933,571946

42

1,032697342

24,14770, 79644, 36023, 216

4,1734,054

2,013

46.6246.0046. 50

78, 71050,12414, 625

348, 239293,20655,03370,12955, 07215,057

5,77971

.0420

58.24.0350

21.00

5,8151,833

30

509, 64427, 34250. 66743, 207

4,7562,7472,0095,3511,7893,563

11, 98612, 5825, 576

11,3155,711

40,81136, 0844,7281,025

46

1,048872446

20, 86161, 33058,12130, 327

4,4774,604

1,847

46.6246.0046.50

89, 96459, 41213,348

311, 923257,25954,66495, 79473, 63022,164

6,71582

.0420

58.24.0350

21.00

5,6451,990

33

521, 55322, 43319, 3275,618

4,6312,6581,9734,8241,5313,293

10,16410, 4215,319

9,4615. 541

45, 35639, 3466,010

50

881459

57,51260, 48830,646

4,3504,495

2,230

46.6846.0046.50

86, 50255,85311,823

294, 240250,23944,00188,41771,78116,636

6,59084

.0420

58.24.0350

' 27. 75

5,4012,419

28

255, 78720, 22225, 24617, 086

1,664765899

5,3401,7373,603

' 7, 0921,5914,456

1, 575877

47, 01739,5857, 432461

44

955716398

25, 39254, 32257,15028, 582

612753

1,616

46.6846.0046.50

70, 69048, 2638,964

280, 291231, 84948, 44281, 27865, 65115, 627

'92511

.0420

58.24.0350

' 29.38

5,3711,712

31

187, 45117, 55756, 04911,924

3, 4011, 7951,6065,4971,6933,804

2,0492,0794,407

1,1033, 520

44, 78637, 8486, 939

654

719395

26, 72355, 79549, 43925, 250

2,7222,773

1,446

46.6846.0046.50

76, 43750, 6857,270

286, 897240,71546,18272. 85956, 45516, 404

T 4, 216' 5 3

58.24.0350

31.38

5.2981,682

26

*• Revised.JFor 1949, percent of capacity is calculated on annual capacity as of January 1, 1949, of 96,120,930 tons of steel; 1948 data are based on capacity as of January 1,1948, 94,233,460 tons.




1948

Decem-ber

1949

January Febru- March rApril i May

June July August Septem-ber October

METALS AND MANUFACTURES—Continued

IRON AND STEEL—Continued

Steel, Manufactured Products—Continued

Cans, metal, shipments (in terms of steel consumed),total short tons..

Food doNonfood do

Shipments for sale doCommercial closures, production millions.-!Crowns, production thousand gross..-!Steel products, net shipments: j

Total thous. of short tons_. jBars, hot rolled—Carbon and alloy do

Reinforcing doSemimanufactures doPipe and tubes doPlates doRails doSheets doStrip—Cold rolled do

Hot rolled doStructural shapes, heavy doTin plate and terneplate doWire and wire products do

NONFERROUS METALS AND PRODUCTS

Aluminum:Production, primary short tons..Imports, bauxite long tons_ _Price, wholesale, scrap castings (N. Y.)

dol. per lb__Aluminum fabricated products, shipments, total

mil. of lbs..Castings doWrought products, total do

Plate, sheet, and strip doBrass sheets, wholesale price, mill dol. per lb_.Copper:

Production:Mine production, recoverable copper

short tons..Crude (mine or smelter, including custom in-

take) short tons_.Refined do

Deliveries, refined, domestic doStocks, refined, end of month doExports, refined and manufactures doImports, total do

Unrefined, including scrap doRefined do

Price, wholesale, electrolytic (N. Y.)__dol. per lb_.Lead:

Ore (lead content):Mine production short tons..Receipts by smelters, domestic ore do

Refined:Production, total do

Primary doShipments (domestic) doStocks, end of month do___Price, wholesale, pig, desilverized (New York)

dol. per lb..Imports, total, except mfrs. (lead content)

short tons..Tin:

Production, pig long tons..Consumption, pig doStocks, pig, end of month, total § do

Government § doIndustrial do

Imports:Ore (tin content) doBars, blocks, pigs, etc do

Price, wholesale, Straits (N. Y.) dol. per lb_.Zinc:

Mine production of recoverable zinc_.short tons..Slab zinc:

Production doShipments, total do

Domestic doStocks, end of month do

Price, wholesale, prime Western (St. Louis)dol. per lb_.

Imports, total (zinc content) short tons,.For smelting, refining, and export doFor domestic consumption:

Ore (zinc content) doBlocks, pigs, etc do

HEATING APPARATUS, EXCEPTELECTRIC

Boilers, radiators and convectors, cast iron:Boilers (round and square):

Shipments thous. of lb.Stocks, end of month.__ do_-_

Radiation:Shipments thous. of sq. ft.Stocks, end of month do___

266,139186, 54479. 595230, 872

93221, 889

6. 056745136294637658190

1,476155143394400430

53, 474218, 591

.1325

157. 731.8125.994.5.346

50,668

64, 45196,117102, 29296, 08013, 72552, 22223, 89828, 359. 2320

36, 99738,357

52,31549, 66744, 45640, 647

.2150

52,809

3,4365,203

2 39, 3142 24, 32214, 992

4,1947,1111. 0300

55,141

76, 69675, 33267, 99620, 848

.175020,1654,057

5,91910,189

14,19269,092

3,3215,101

186, 272119, 81066, 462157, 631

94323, 824

5,762708139289611608181

1,462164155356299428

53,356171,918

.1263

148.429.1119.390.2.346

«" 50,178

69, 43878, 29894, 07091, 05321, 04148, 32925, 92022, 409.2320

* 33, 01032, 307

50, 66448, 77550, 44038, 656

.2150

64,286

3,5414,696

39, 27423, 92915, 345

3, 977587

I. 0300

r 51, 656

75, 81576, 23462, 61420, 429

.175024, 9524, 966

8,039II, 947

10,63281, 260

2,4047,179

190,755126,377f>4, 378163, 389

83322, 316

5, 520655133308584590179

1,365150146359300404

49, 749175, 704

.1022

137.327.2110.080.7.346

' 56, 576

76, 94180, 27597, 86183, 84110, 65359.16027, 86131, 299.2320

' 32, 56232, 285

44, 75142, 25441,652

38, 514

.2150

30, 8593,5454, 461

39, 82725,19914, 628

2,4432,5261.0300

r 52, 963

69,19368, 52260, 82721, 100

.175013, 0442,211

5,0145,819

8,23990,152

1,8239,226

208,188131, 00477,184172, 320

90525, 496

6, 306757150308721684207

1,562170169394333451

54,852254, 512

.0847

152.927.5125.492.4.345

' 77, 906

97,12388,165113,15468, 45015,41564, 41431, 82232, 592.2318

r 39, 71443;558

53, 94751,37328, 36856, 737

.1891

33, 250

3,3824,723

41, 60227, 90313, 699

3,1748,7951.0300

' 62, 049

78,12171,01751, 38128, 204

. 170621, 2134,090

7,6069,517

7,127100, 759

1,41211,896

204,353126,89877, 455169,194

76823, 408

5 597677141223635619199

1,437144155375295365

54.076180, 765

. 0702

129.523.8105. 773.1. 331

* 72. 568

91, 58993, 87376,13476,49411,24848,45727,13121, 326.2145

' 36.97938; 715

50,15048, 95716, 74372, 347

. 1515

26,430

3.0664, 228

43, 32231,11612? 206

4, 2058,4931.0300

* 59.185

75, 92153,14335. 94850, 982

. 140620, 0665, 447

7,9946, 625

6.042105, 574

1,30513, 833

230.167147. 80882, 359189,024

73723.422

5. 235597134202618590193

1. 330132142378292338

56, 909182,760

.0630

110.421.489.056.9.295

•' 67, 343

81, 25898,13932, 566128, 44114.91046, 54819. 04427, 504.1776

' 36. 73138, 347

51.60551.20619, 79294.132

.1372

48, 731

3,2414,18641,13030, 55010, 580

3. 8014,2101. 0300

• 55. 925

77, 53752, 68935, 56475, 830

.118836, 4849,025

19, 8687, 591

8,528112,115

1,51014,803

303, 921208, 63395,288

259, 026779

27, 559

5,177564141139623517211

1,355121150327387347

54,184262? 247

.0605

103. 923.380.748. 1.276

r 61, 314

72, 05192,11845, 653166, 92517, 06646, 57020, 22126, 349.1634

r 36,06936, 654

46, 42945, 45530,017100,117

.1200

71, 661

3,3464,16143, 43133, 7049, 727

2,1084,0491.0300

* 54. 271

73, 98966. 90044, 82082, 919

.095530, 5346,873

15,0938, 568

13,155109, 624

2,22113, 706

314,372219, 06795.305282. 977

74626,984

4, 535432125125550464182

1,29076125290418241

55, 777182,171

.0575

90.418.671.742.8.277

r 56,735

62, 44985, 63845,316212, 81710, 34933, 82914, 41419, 415.1706

' 29, 77832,126

J 39, 28238, 332

! 34, 894

1 94, 201

.1356

9,2873.1293,99040,67931,1469, 533

2,2103,3181.0300

r 40, 256

74, 56972, 08062. 44385, 408

.093621,1135,669

5,7479,697

14, 265101, 842

2,74712,068

489, 794383,603106,191444, 976

92029, 709

4,918465156136648481196

1.377106153300322334

52,001276, 727

.0651

104.224.080.249.3.282

* 55, 851

62,27985, 57790, 739217,1678,695

45, 37224,37221,000.1733

r 33,85232, 255

1 39,36237, 754

1 36,059

1 76, 782

.1503

30,856

3,3075,04531,41621, 7039,7132,3326, 4341.0300

' 45, 068

73, 81974, 33968,65984, 888

.100024, 7563,839

9,94110,976

27. 27089, 724

4,13010,485

416, 974312,538104,436371, 691

91025,511

r 5, 236524162125655467162

1,497122179309

49, 742245, 978

.0725

123.427.695.865.3.282

' 58, 013

64, 87079, 949103,115193, 89014,21438,17715,74522, 432. 1733

'30, 54930,161

35. 92434, 92829. 56661,433

.1505

19, 240

3.1714,852

30, 28720,8739;414

3,2846, 4581.0209

' 41,887

' 70, 368' 70. 228r 60, 371r 85. 028

.100123,1981,692

8,26513, 241

33, 83974, 863

5,3638,548

285, 644188,09297, 552

252, 522874

19, 936

9358931181215112

316643888171

45,790252,431

.0737

135.329.1106.275.9.282

' 60,108

69,05286, 882108,192164, 4649,38837,23125,10212,129.1733

' 29, 73429, 497

47, 21046, 24623, 73866, 005

.1342

28,159

3,2462,411

32, 07022,4039,667

4,8997, 558.9572

' 38, 823

64,39951, 76143, 998

' 97, 666

.093220,5471,109

4,93114,507

36,98961,511

5,9706,491

227, 359150,98776,372198, 034

81119, 554

r 3, 297'325••125'104M00'290'31'990'78'90' 215'246

35, 865243, 748

.0775

107.126.380.754.1.286

62, 243

' 80, 598' 92, 602-117,133" 139, 199 I

.0775

119. 826.893.161.2.287

62, 565

80,00494, 947107, 662116,027

41, 78621, 79319, 975.1820

31,18636, 329

49, 22348, 50037, 77965, 954

.1252

25,951

3, 3133,92535,16523,12912, 036

4,1224,881.9119

40,112

65, 05573, 70263, 85989, 019

.097528, 454

935

9,93117,588

25,18556, 796

.1820

33, 86837, 888

49, 74348, 89623, 48671,412

.1200

"22," 452"

. 8300

41, 687

71.327<-t\ 12557. 80194, 221

. 0975

4,190 '5,602

r Revised. v Preliminary. ! Beginning July 1949, figures exclude data for one secondary plant included previously. 2 See note marked " § . "§Government stocks represent those available for industrial use; data for December 1948 reflect a considerable transfer of pig tin to strategic stock piles.


S-34 SUEVEY OF CURRENT BUSINESS February 1950


1948

Decem-ber

1949



Decem-ber

METALS AND MANUFACTURES—Continued

HEATING APPARATUS, ETC.—Continued

Boilers, range, shipments number..Oil burners:

Orders, unfilled, end of month doShipments doStocks, end of month do

Stoves and ranges, domestic cooking, exc. electric:Shipments, total number..

Coal and wood doGas (inc. bungalow and combination) doKerosene, gasoline, and fuel oil do

Stoves, domestic heating, shipments, total_._doCoal and wood do.Gas do.Kerosene, gasoline, and fuel oil do.

Warm-air furnaces (forced-air and gravity-air flow),shipments, total number.

Gas do.Oil do._.Solidfuel do. . .

Water heaters, nonelectric, shipments do__.

MACHINERY AND APPARATUSBlowers, fans, and unit heaters, quarterly:

Blowers and fans, new orders thous. of dol_.Unit heater group, new orders do

Foundry equipment (new), new orders,net 1937-39=100..

Furnaces, electric, industrial, new orders:Unit kilowatts. .Value thous. of dol..

Machine tools, shipments 1945-47 = 100..Mechanical stokers, sales:

Classes 1, 2, and 3 number . .Classes 4 and 5:

NumberHorsepower

Pumps, steam, power, centrifugal and rotary, neworders thous. of doL.

ELECTRICAL EQUIPMENT

Batteries (automotive replacement only), shipmentsthousands. .

Domestic electrical appliances, sales billed:Refrigerators, index 1936=100..Vacuum cleaners, standard type number . .Washers do

Insulating materials and related products:Insulating materials, sales billed, index. 1936=100..Fiber products:

Laminated fiber products, shipmentsthous. of dol._

Vulcanized fiber:Consumption of fiber paper thous. of lb._Shipments of vulcanized products

thous. of dol._Steel conduit (rigid) and fittings, shipments

short tons . .Motors and generators, quarterly:

New orders, index 1936=100..Polyphase induction motors, 1-200 h p . : ^

New orders thous. of dol__Billings do

Direct current motors and generators, 1-200 h p . : ^New orders thous. of dol__Billings do

33,810

51, 22527, 09045, 501

175, 61516, 536

136, 68322, 396

234,43479, 62883, 00471, 802

51,16313, 04415, 56322, 556

114,817

12, 98411,201

243.7

4,96069096.9

2,851

24563, 206

4,263

1,906

217'273, 890

183, 700

391

4,862

4,328

1, 525

28,113

301

24, 69729,090

34, 513

45, 94726, 20143, 781

136, 32114, 440107,14814, 733125, 56324,11440, 07661, 373

31,8558,8769,71413, 265116, 402

149.9

9,328948

1,949

19352, 677

3,390

1,243

254228, 769172, 400

359

4,462

4,424

1,518

22, 705

31, 892 36, 295

47, 72223, 87843, 581

154, 23016, 285118,17119, 77498, 80015, 10232, 98650, 712

33, 1258, 5438,83415, 748108, 485

3,80240270.3

1,820

14443, 781

3,247

826

224241.267201, 300

329

4,077

4,227

1. 454

21,630

47, 67325, 89547,112

189,38817,107

152, 21720, 064112,21211,10742. 03859, 067

41,37612,14610. 33.018, 900133,674

12, 6726,549

190.8

4,24243675.8

1,784

13347, 957

560

245309.897242, 500

366

4,702

4,324

1,496

24,590

262

21,14822, 421

27, 799

51, 23125, 50456, 430

177, 96212,610

150, 73714,61589,12512, 98634, 35441, 785

34, 59512, 2639, 66812, 664

140, 597

5,47354374.7

1,524

11737, 836

499

216252,656192, 500

315

4,170

3, 844

1,247

21,931

24,867

51, 38834, 90654,684

177, 29210, 797

152, 38214,11399,69117, 71645,82136,154

42, 42717,13112,61312, 683150,111

76272.8

1,552

15830, 910

2,775

685

220222,850211, 700

285

3,697

3,966

1,133

17, 566

29, 250

51, 21046, 86248, 050

187, 29410, 477163,11513,702

187, 62642,24962, 69282, 685

55, 85724, 57316, 82014, 464

165, 597

16,2666,075

2,27819679.0

2,676

25258,142

3,019

1,059

179207.354260, 700

282

3,646

3, 649

982

13, 240

240

18, 67920, 542

27, 587

55,06041, 58946, 910

149,39911, 780126, 61911, 000

288,10275, 257104, 603108, 242

48, 55120, 05915, 23713, 255

144, 701

146.6

2,40132960.7

2,378

19131, 703

3,358

1,637

210161, 920200, 900

240

3,329

2,776

810

12, 568

39, 273

60, 80174,11642,004

241, 97717,144

207, 52117,312563, 694146, 962220, 861195, 871

84, 25036, 49226,14321,615

180, 632

127.1

1,892210

67.3

4,214

34365,118

3,767

2,648

205219, 909323, 789

273

3,649

2, 678

947

12, 400

41, 492

65, 36494, 80535, 451

262,19318, 926

229, 24414, 023

734, 975213, 955263, 859257,161

111,58248, 23530, 85232, 495191, 787

17,02911,432

166. 6

3,03331867.6

6,671

26850,693

2,914

2,786

206250,036357,281

318

4,380

3,038

1,013

14,992

221

r 17, 71519, 655

44,164

56, 51896, 96329,014

291,03016, 718

257, 50616, 806

666, 940206, 025263,134197, 781

102, 98944, 60634, 67623, 707

200, 959

133.5

4,948565

62.3

4,257

23940, 923

2,539

2,573

168272,520333, 700

330

4,479

3,201

1, 063

17, 683

37, 937

47, 75360, 34232, 785

269,61615,012 I238,780 I15,824

505,989140,391 ;243,369122,229

78, 82838. 47224, 65015,706 ,184,147 !

270.4

2,312293

r 67. 6

' 2, 257

20952, 631

' 2,132

147253, 516298, 700

345

4,723

3,231

1,112

5,0166,708

5,266 ! _5,236 I

4,9974,833

r 2, 8903,248

PETROLEUM, COAL, AND PRODUCTSCOAL

Anthracite:Production thous. of short tons..Stocks in producers' storage yards, end of month

thous. of short tons._Exports doPrices, composite, chestnut:

Retail dol. per short ton..Wholesale do

Bituminous:Production thous. of short tons..Industrial consumption and retail deliveries, total

thous. of short tons..Industrial consumption, total.. do

Beehive coke ovens doByproduct coke ovens doCement mills doElectric-power utilities doRailways (class I) doSteel and rolling mills doOther industrial do

Retail deliveries do

4,499

964

20.1016.389

50,385

46, 91338,014

9998,655

7778,5087,710

85910, 5068,899

3,722

305

20. 30i 15. 982

47, 802

47, 29137. 814

9818,654

7338,2517,498

87810, 8199,477

2,927

837338

20.60i 16. 029

45, 342

42, 27033. 703

9837,835

6407,1676,628

8129,6388,567

2,373

442301

20.59i 16. 029

33, 096

44, 33734, 553

6958,513

6667,3476,565

8499,9189,784

3,722

573424

20.01i 15. 695

46, 417

37, 49431, 363

9958,253

6496,3306,121

7148,3016,131

4,403

584617

19.44i 15. 565

47,945

34, 76429, 718

8258,305

6706,1425,892

6217,2635,046

3,403

450610

19.65115. 615

35,170

32, 60826, 891

4177,523

6336,3385, 274

5596,1475,717

3,921

661358

19.75i 15. 759

26, 748

29, 88425, 842

447,008

6296,1684,974

5056, 5144,042

3,707

879382

19.8015.814

37,153

33, 59128,005

797,384

6416,7325,133

5517,4855,586

2,112

601399

20.081 16.102

19, 370

36, 53727,292

477,161

6256,3414,709

5277,8829,245

4,975

724510

20.361 16.165

10, 469

28,06821, 569

162,466

6546,2794,584

1927,3786,499

4, 653

1,090421

20.49i 16.185

43, 755

' 34, 948T 26, 343

525. 033r675

6,4165,080

521' 8, 566

8,605r Revised. " Preliminary. 1 Data beginning January 1949 are not strictly comparable with earlier figures because of a reduction in the number of reporting cities; December 1948

figure strictly comparable with January 1949, $15,844.d"The number of companies reporting beginning the second quarter of 1949 is as follows: Direct current, 28; polyphase induction, 32.§Data for coal-mine fuel are included in "other industrial."


February 1950 SUEVEY OF CUEEENT BUSINESS S-35


1948

Decem-ber

1949



Decem-ber

PETROLEUM, COAL, AND PRODUCTS—Continued

CO A L—Con ti nued

Bituminous—ContinuedConsumption on vessels (bunker fuel)

thous. of short tons-.Stocks, industrial and retail dealers', end of month,

total thous. of short tons.Industrial, total do

Byproduct coke ovens doCement mills doElectric-power utilities doEailways (class I) doSteel and rolling mills doOther industrial do

Retail dealers doExports doPrices, composite:

Retail dol. per short ton_.Wholesale:

Mine run doPrepared sizes do

COKEProduction:

Beehive thous. of short tons.B yproduct do _ -.Petroleum coke do_ _ _

Stocks, end of month:Byproduct plants, total do__.At furnace plants do.-_At merchant plants do.__Petroleum coke do.__

Exports do_._Price, beehive, Connellsville (furnace)

dol. per short ton.

PETROLEUM AND PRODUCTS

Crude petroleum:Wells completed number.Production thous. of bbl_Refinery operations percent of capacity-Consumption (runs to stills) thous. of bbl__Stocks, end of month:

Gasoline-bearing in TJ. S., total ___do_At refineries_ _" do.At tank farms and in pipe lines do_On leases do_

Heavy in California do_

Exports doImports doPrice (Kansas-Oklahoma) at wells_-dol. per bbl._

Refined petroleum products:Fuel oil:

Production:Distillate fuel oil thous. of bbl__Residual fuel oil do

Domestic demand:Distillate fuel oil doResidual fuel oil do

Consumption by type of consumer:Electric-power plants do jRailways (class I) do |Vessels (bunker oil) do

Stocks, end of month:Distillate fuel oil doResidual fuel oil do

Exports:Distillate fuel oil doResidual fuel oil do

Price, wholesale, fuel oil (Pennsylvania)dol. per gal__

Kerosene:Production thous. of bbl__Domestic demand doStocks, end of month doExports doPrice, wholesale, water white, 47°, refinery

(Pennsylvania) dol. per gal__Lubricants:

Production thous. of bbl.Domestic demand doStocks, refinery, end of month ... _.. doExports - doPrice, wholesale, cylinder, refinery (Pennsyl-

vania) del. per gal__

51

69,37366.66712,1041,291

24, 8129,4111,052

17, 9972,7062,316

15.96

8.7569.250

r 670r 6,100

279

r 1, 561r 1, 073

48812938

14. 500

2,036176, 329

98177, 335

246,19960,783169,32116,09510,055

3,06814,1662.510

34, 27440, 276

41, 24347,300

4,3345,7335,805

75,95376,942

1,153

821

.110

10, 85112, 38424, 010

246.120

4,3682,9539,8431,142

.300

32

67,79565, 55212, 4811,184

24,1509,5511,01717,1692,2432,083

15.99

8.8169.276

6246,076

1,5411,113428154

14. 500

1,737167,072

94175, 295

2 258,6482 64, 857

2 176,3162 17,057(2)

2,12714, 6832.510

33,01641,999

41, 61548,097

5,3565,3804,923

3 61, 7293 62, 585

1,376774

.110

10, 53812, 917

4 21, 261189

.120

4,1932, 59710,3261,068

.274

46

68,83466, 92713,7591,103

24,1209,8611,12116,9631,9072,021

16.04

8.8329.303

6235,475

253

1,5041,12238215832

14. 500

1,397150,519

90153,440

2 265, 2162 66, 317

2182, 4232 16. 476

(

1,94212, 8542.510

28,11535, 904

34, 89942, 911

4, 6514, 6874,604

3 53,937s 59,398

1,121562

.108

8,78910,593

418, 953489

.118

3,6382,195

10,856870

.222

49

60,51159,04811, 452

98422,1278,9081,023

14, 5541,4632,016

16.04

8.7789.237

4375,958276

1,31395236117442

14. 500

1,771161,955

87165, 919

2 269,3412 66, 203

2187,034216,104

(2)

1,86611, 5542.510

28,91438, 996

32,49044, 344

4, 6154,9065,370

3 48,9233 58,190

1,344

.103

8,9749,913

417, 801148

.112

3,6982,426

10, 9311,138

.200

99

65,16463,06612, 9141,105

23,4999,2961,16015,0922,0983,752

15.84

8.5709.029

6335,761

261

1,4731,01545819834

14. 450

1,726150, 354

84154,223

2 272, 5202 68,331

2188,1522 16,037(2)

3,65512, 3322.510

25, 36834, 417

22,14938,085

3,9164,3665, 353

3 51,2313 59, 668

.098

8,1666,605

419,052258

.112

3,4572,62310,5881,031

.190

118

72, 7557C, 27315, 8701,433

25,4449,7011,36016,4652,4824,827

15.51

8.5398.921

5285,798323

1,7481,18256622753

14. 250

1,763154,146

85161,053

2 273, 9122 66, 799

2190, 868216, 245(2)

2,87212, 9442.510

25,19935, 277

17, 57535,378

4,1484,5135,063

3 58,3813 63, 576

7111,019

.088

7,3614,577

4 21, 546181

.112

3,6062,752

10,0891,301

.168.

114

74,16171,35115, 7471,614

25,6079,8181,37617,1892,8104,349

15.52

8.5188.929

5, 242282

1,7051,07762922879

13. 812

2,090147,098

84154, 861

2 274, 6912 64,0402194, 685215, 966(2)

3,07113,0922.510

23,13431, 218

16, 50434,877

4,9874,5775,345

3 64, 7303 64, 628

656608

6,7154, 531

4 23, 64845

3,8043,0239,922

.150

87

69,11966, 39913, 8961,469

25, 0628,6691,214

16, 0892,7201,923

15.53

8.5318.945

244,911

302

1,9061,077

830241

63

13. 250

1,731145, 818

85160, 358

2 267,5862 62, 793

2 16,410(2)

2,86613,0612. 510

25, 87032, 250

18,79035, 682

5,4784,3294,665

3 71,5533 66,084

453730

.088

6,9745,676

4 24,82679

3,5542,6999,731

998

.150

85

68,62165,77613,6041. 454

25,4588,1961,15215,9122,8452,274

15.54

8.5158.964

455,142304

2,0271,05497325038

13.250

1,840148,192

85162, 485

2 260, 5852 60, 760

2 183, 8492 15, 976

3,40312, 0912. 510

27, 97233, 414

22, 85838, 281

5, 4324,0754, 836

3 76, 0373 66, 843

769599

.083

7,1756,315

4 25, 490111

3,5103,111

1,115

.148

78

62, 06459, 99011, 9031,422

24,1426,6801,029

14, 8142,0741,806

15.69

8.5809.060

304,952

267

1,92697395223643

13. 250

1,967148, 206

86162, 812

2 251, 6892 58, 244

2 177,5712 15 . 874

2,61912, 3482.510

30,04733, 299

22, 47839, 639

5,8104,1844,765

3 83,2133 67,117

627514

.084

8,0936, 799

4 26, 65093

3,7293,0268,734

.140

54

47,16545, 7559,9461,018

19, 7064,170

916

1,410282

15.89

i 8. 6401 9. 358

1, 727293

2,1201,227

89321759

13. 250

1,822r 154, 908

86166, 568

2 250, 8092 58, 653

2 175, 9842 16,172

2,91615, 061

2.510

31, 02435, 361

23,14141,130

6,6564,7554,238

3 90, 6433 68, 673

750817

9,3398, 269

4 27, 00943

4,1162,9278,894

976

.140

71

r 45. 804' 44. 359

10, 0601,001

18, 5084,094

907r 9, 789

1,4451,101

16.10

1 8. 653r 1 9. 463

' 3 43,471

2,0171,200

81716030

13. 250

1,994156, 285

84158, 782

2 256, 0102 59, 835

2180, 0862 16, 089

(2)

3,01013, 6992.510

28, 87135,411

30, 77245, 535

45,07343, 683

9, 8551, 063

17, 7943,849

91210, 2101,390

16.32

i 8. 814i 9. 569

805, 538

1,714991723

13. 250

7, 3164. 3774,198

3 88, 2123 65,112

666852

.088

9,27311,454

4 25, 267118

(5)

3,9842,9829,109

754

.140

7,938

.088

(5)

.140r Revised.1 Because of substitutions in the reporting companies, data beginning October 1949 are not strictly comparable with earlier figures. September 1949 figures strictly comparable with October:

Mine run, $8,618; prepared sizes, $9,300.2 Beginning January 1949, stocks of heavy crude in California are included in gasoline-bearing figures.3 Beginning January 1949, data exclude cracking stocks (formerly included with finished stocks in California) and stocks held in distributors' tanks in California (formerly included with

bulk terminal stocks). Comparable figures for December 1948 (thous. of barrels): Distillate fuel oil, 71,381; residual fuel oil, 63,993.4 Beginning January 1949, stocks held by distributors in California (formerly included in bulk terminal stocks) are excluded; comparable figure for December 1948, 23,895,000 barrels.s No quotation.


S-36 SUEVEY OF CUEEENT BUSINESS February 1050


1948

Decem-ber

1949

January Febru-ary M arch April M a y June July August Septem-


Decem-ber

PETROLEUM, COAL, AND PRODUCTS—Continued

PETROLEUM AND PRODUCTS—Continued

Refined petroleum products—ContinuedMotor fuel:

All types:Production, total thous. of bbl__

Gasoline and naphtha from crude petro-leum thous. of bbl__

Natural gasoline and allied products._.doSales of 1. p. g. for fuel, etc., and transfers

of cycle products thous. of bbl__Used at refineries. do

Domestic demand doStocks, gasoline, end of month:

Finished gasoline, total doAt refineries do

Unfinished gasoline doNatural gasoline and allied products do

Exports thous. of bbl__Prices, gasoline:

Wholesale, refinery (Oklahoma)dol. per gal_.

Wholesale, tank wagon (N. Y.) doRetail, service stations, 50 cities do

Aviation gasoline:Production, total thous. of bbl._

100-octane and above doStocks, total do

100-octane and above doAsphalt:

Production short tons. -Stocks, refinery, end of month do

Wax:Production ... thous. of lb_.Stocks, refinery, end of month. .do

Asphalt products, shipments:Asphalt roofing, total thous. of squares..

Roll roofing and cap sheet:Smooth-surfaced doMineral-surfaced do

Shingles, all types doAsphalt sidings doSaturated felts short tons__

83,279 j

74,268 I13,476 !

4.465 I7.143

72.162

95, 42255, 051

8, 2755, 5792.975

.103

.188

.201

4, 3733, 7136,0682,603

601. 500, 028, 500

78. 960154. 280

3. 231

935860

1,437226

29, 500

71,357

72,310 ! 63,22412.998 I 12,081

4.5296,49763, 083

108, 54465, 3418, 3946,2173,501

.102

.191

.201

4.1573, 297

i 6, 790i 3,170

556.4001, 224. 200

77, 560151, 760

3,077

908810

1.360208

27.563

3,9486. 31457, 934

117,49673. 2128. 5587.0283, 374

.100

.191

.201

3,6762.7467, 4013, 430

455. 8001, 351. 500

61,600138. 600

3.108

936843

1, 330184

27, 403

79, 025 77,157 I 82,162

69. 984 68, 43212,783 | 12,346

3. 7426, 57773,118

118. 82274, 7068.6217, 4053, 406

.099

.191

.201

3, 8053,078

i 7, 056i 3,123

526 7001.445,800

76, 720136,640

3, 695

3, 6216.39975, 279

117.02070.8178,3317,2533,364

.099

.196

.204

3,9753,106

i 7, 357i 3, 500

1, 510, 000

69,160134,680

4, 650

1.023 1,189865 976

1.807 2,484207 j 180

32,256 ! 45.341

72, 90512, 476

3,2197,241

SI, 622

113, 16465, 9888,4387,4183,668

.099

.196

.204

3,9513,125

i 6, 852i 3,088

798, 9001, 500. 000

72. 520

140, 560

4,196

991897

2,308166

38, 012

79,383

70, 60311, 964

3,1847,296

83, 338

106,06860,8717, 9737,0313,205

.100

.196

.204

4,1323,039

> 6. 841i 3,144

899,1001, 354, 000

73,080148, 680

4,596

9771,0342,584190

43,153

82, 953

73, 74012, 479

3,2667,269

82,118

103, 86758, 7407,3507,6681,913

.100

.196

.204

3,6142,735

i 6, 5841 3,156

934,0001, 247,100

82, 232

73,06913,054

3, 8917,319

84,632

97, 72455. 2817.1557,3913,277

.100

.196

.204

4,0362,954

i 6,179i 2, 782

1,018.7001,044,700

64,120 66, 640148,400 i 139,720

4, 273

990 ;2,296

18142,232 !

5. 482

1.2671,3092,906225

53,387

80,310

71,04613, 270

4,0067,470

80, 780

94, 44553, 7277,3547,6072,271

.100

.196

.203

3,7182,805

1 6,171i 2, 817

952, 200830,000

72.800125,160

5,968

1,4181,4373,113272

53,911

83,185

73, 62613, 965

4,4068,30179, 253

96,19455,1177,0936,9232,476

.100

.196

.203

3,9552,844

i 6, 606i 3,117

902, 500798, 400

99, 680130, 200

r 1,516r 1,502r 3,084'289

r 59,277

79, 733

70,36914,265

4,9017,449 |

76 270

97,17354,200

7, 5347,1411,812

.098

.195

.201

3,8482, 529

i 6, 8221 2, 902

684.700790, 400

71, 960126, 000

5,177

1.2691, 2542, 655

58,198

.098

.192

.201

3.021

751720

1,550170

41,228

PULP, PAPER, AND PRINTING

PULPWOOD AND WASTE PAPER

Pulpwood:Receipts ..thous. of cords (128 cu. ft.)..Consumption doStocks, end of month do

Waste paper:Receipts . short tons..Consumption ... doStocks, end of month do

WOOD PULPProduction:

Total, all grades thous. of short tons..Bleached sulph ate . - short tons -.Unbleached sulphate doBleached sulphite doUnbleached sulphite doSoda doGroundwood doDefibrated, exploded, etc do

Stocks, own pulp at pulp mills, end of month:Total, all grades short tons..

Bleached sulphate doUnbleached sulphate doBleached sulphite doUnbleached sulphite doSoda doGround wood do

Exports, all grades, total do__.Imports, all grades, total do_-_

Bleached sulphate do_ - -Unbleached sulphate do.- .Bleached sulphite do.--Unbleached sulphite do_..Soda do . . .Groundwood do....

PAPER AND PAPER PRODUCTS

All paper and paperboard mills:Paper and paperboard production, total

thous. of short tonsPaper (incl. building paper) do . . .Paperboard do. _ _Building board do . . .

1,7061,6885, 622

591,356571.176516, 620

1.023103,714373, 350146, 467

70, 69841,286

181.17856, 692

104.12611.19214. 53521. 71316. 8522,880

28,186

7.946167.107

21, 33921, 31249.10044. 079

1. 49828, 724

1, 753'889

761102

1,7881,8245,604

497, 232509, 269504.084

1,117118,969428, 796158.635

70, 48242, 328

177.71963, 973

114, 57712, 58216.84224. 74419, 3563,088

29, 942

24, 451127, 036

25, 38518,09436, 28529. 908

1, 51715,035

1,74788776298

1.6441,6195, 575

498. 892513,396488. 811

979109,373366. 048150, 924

61, 41839. 692

160,75957, 802

123.56915.58417. 58027. 80920. 4863.008

30,311

5,147141. 36632.12724. 02436. 52331, 5722,497

13, 979

1. 595821700

74

1.6281.7395. 465

545.024545, 882481, 050

1,057120, 949381,575164. 23567.14043, 891

180. 19752, 375

139, 62612, 81917, 98234. 65322, 477

3, 38838,616

11, 321126. 685

27, 69013, 45939. 87228, 764

2, 35213, 784

1.712895735

81

1.2261,5725.112

509,123525, 914439, 983

946112,324344, 744156, 712

56, 96339, 405

165, 32232, 376

151, 92012, 86617, 00340, 80323, 6343.463

44,171

10. 92397, 51724, 39311, 52225,19319,1552,197

14, 461

1, 571826695

49

1,3111.5374,876

492, 256511,138418.706

951116, 830343, 235155,353

58, 98838, 061

166, 00632, 282

161,18814, 45913. 22445, 44326, 711

3, 63146, 778

17, 750143, 365

39. 27216. 84437, 52824, 941

2. 10021, 939

I. 543807683

54

1, 4511,5024,877

491,700512,582397. 963

920112,129347, 366135, 302

56, 30933, 256

160, 91733, 592

158, 49617, 65012, 04339, 82328, 831

5, 11043,840

22, 487129, 611

36, 63514,30933, 68627, 020

1, 69515, 629

1.556801699

56

1,3881,3304,918

427,149419,348405, 228

806104,061307,177117,955

39, 24932,128

142,10128,475

145, 52217, 59310,19037, 28823.1734,488

40,584

6.266113,977

26. 39415, 99435,02723.435

1,90710, 784

1,348717579

53

1,7781,6705,015

552,539586. 250367, 874

1,019119,599408,055149,967

57,50540,654

157.05735,463

139,65818, 237

9. 63438.04521,5154,668

36,024

6,068135, 280

37, 40913, 54935, 53130,430

2,35115, 548

1.749862823

64

1,6831,6844,995

588, 734591, 334367, 980

1,030112, 819400, 941149, 496

54, 21938. 844

155, 65852, 441

121,39515,4429,650

33,35117,9173,883

30,863

4,989118,63228,009

7,84835, 49126.1872,357

18,193

1. 793r881r 828

85

1,841-• 1, 869

4,964

r 655, 365' 639, 735r 379, 549

1,146128, 507445, 225165,553

63, 04342, 506

167, 39576,925

114, 94812, 0478,445

33,35119, 8083,364

27, 492

4,510174, 922

41, 73918, 43346,12542, 436

2.77421, 346

r 1. 953r 960-896

98

1,7721, 8414, 875

615,491625, 420367, 840

1,137r 128.443* 436,166

169, 203r 59. 742r 43 341

r 165, 99176, 907

113,93612, 8968,117

32, 41219, 4392,992

27, 626

r 3 937237, 797

40, 84549, 34665, 66655, 534

2, 76322, 947

1,920943884

92

1.810899825

85r Revised. i Beginning January 1949, data exclude slocks of unfinished aviation gasoline; comparable figures for December 1948 (thous. of bbl.): Total, 5,915; 100-octane, 2,504.




1949

Decem-ber January Febru- March April M a y June Julv August Septem-

ber OctoberNovem- | Decem-

ber ber

PAPER AND PAPER PRODUCTS—-Continued

Paper, excl. building paper, newsprint, and paper-board (American Paper and Pulp Association):

Orders, new short tons..Orders, unfilled, end of month doProduction doShipments doStocks, end of month do

Fine paper:Orders, new _doOrders, unfilled, end of month doProduction doShipments doStocks, end of month do

Printing paper:Orders, new .doOrders unfilled, end of month doProduction doShipments doStocks, end of month doPrice, wholesale, book paper, **B" grade, Eng-

lish finish, white, f. o. b. mill. _dol. per 100 lb'__Coarse paper:

Orders, new short tons..Orders, unfilled, end of month doProduction doShipments doStocks, end of month do

Newsprint:Canada:

Production doShipments from mills doStocks, at mills, end of month _ do

United States:Consumption by publishers doProduction doShipments from mills doStocks, end of month:

At mills doAt publishers doIn transit to publishers do

Imports doPrice, rolls (New York) dol. per short ton..

Paperboard (National Paperboard Association):^Orders, new short tons__Orders, unfilled, end of month doProduction, total doPercent of activity

Paper products:Shipping containers, corrugated and solid fiber,

shipments mil. sq. ft. surface area..Folding paper boxes, value:

New orders 1936=100.Shipments do

PRINTING

Book publication, total number of editions..New books do.New editions do.

PULP, PAPER, AND PRINTING—Continued

716,171431, 978720,715717,139288,089

77,96643, 36486,19682,27587, 638

250,963203,008253,493248,61390,416

11.30

257,401117,930251,800257,02961,207

385,819406, 678

54,391

363, 69874, 81773, 584

8,946373, 590

84, 555407, 527100,00

• 942, 800•313,900• 766,100

84

4,942

451.4

1,226987239

707,112416,125735,997724, 647300,816

83,76237, 74087,64989,86885, 400

240,315192, 520248, 708243,89096, 344

11.30

254,792119,000270, 069261, 48570,000

385,961375, 66764,685

332,67175, 62675, 096

9,476382, 69198,165

369, 223100.00

783, 700304,100769,400

88

4,710

386.9433.6

675541134

643, 472385,086676,795662,996307, 643

80,65038,15581,44779,30083, 510

221,004181,840231, 686229,00097, 683

11.30

218, 65097, 225239, 403232,06176,000

372,344356, 96380,066

308, 75368, 62169, 235

8,862391, 58092, 609

360,047100.00

656,300267, 700694,300

85

4,346

390.2414.4

714550164

726, 594381,980732,694720, 730321,039

86,61039,07087,48484,42286,075

258,988178,880255,393252, 550100,365

11.30

244,15096,165

252, 040246,50981, 500

415, 792388,148107, 710

366, 88778,32277,404

9,780392, 60182, 380

392,317100.00

727,300272,000731, 800

430.7480.2

748586162

640,445354,868664, 594665,185323,650

86,23443, 28083, 70686,12885,970

237,156169, 705240,199240, 920101,015

11. 30

195,35074,950

217, 475215,04383, 500

404,973403, 542109,141

368, 94575, 45973,930

11,309381,86579, 724

362, 996100.00

688,000260,300696, 700

79

4,646

397.2424.8

1,074822252

629,447344, 235639,482634,235330,495

80,14538,79584, 82284,30289, 250

241,305166, 870237,088238,60098,480

11.30 |

193,67272,425

201,355195,34389,700

404,869425. 67588, 335

392, 21276, 72376,898

11,134373,04171,404

414, 526100.00

686, 700238, 700692, 300

78

4,555

390.3408.0

945755190

638,617347,135631,906626, 319335, 220

84,21538,50085,36385, 56589,000

230,732161, 569225,219230, 05893,925

11.30

208,61681,068

206, 055196, 50698, 250

399, 891401, 53886, 688

349, 94476,31674,359

13, 091384,87275, 863

397, 741100.00

692,000243, 300696,800

4, 773

407. 5436.2

760570190

594,904376, 893560, 472568, 696327, 440

71,14545, 39066, 60366, 40788, 500

218, 920177.400202, 468204,10893,000

11.30

198, 51387, 200187, 236192, 38094,100

385,027382, 05989, 656

313,11869,90370, 818

12,176416, 59576, 848

377,409100. 00

618,100268, 500583,800

64

4,324

360.5335.4

863669194

721,374417, 250684, 243680,005332,135

87, 44545,79087, 84787, 90888,440

263,150194, 945248,153243,04398,000

11.30

248,105108, 500225, 676226, 79592, 980

408, 761399,22399,194

318,04675, 74973, 746

14,179446, 96486, 044404,129100.00

890,200365,600821,600

86

5,681

447.6452.4

704554150

768,425475,159699, 796706, 642326, 385

87, 25045, 50086, 98387, 87088,160

272, 762211, 538251, 456251, 87898, 000

11.30

280, 775146, 500236, 977242, 74787, 210

377,147396, 31380, 028

356, 52868, 91967, 933

15,165444, 33585, 333353,410100. 00

873, 000360,900833, 800

87

5, 668

513.9472.0

763597166

• 804, 756500, 630765, 612768, 592322, 760

100,172' 45, 270' 93, 235r 96, 342' 85, 085

• 275, 816217, 785266, 393263, 717• 100, 500

11.30

• 288, 365• 166, ?00• 267, 024• 268, 577

85, 650

395, 766390, 01685, 778

399, 26273, 35075, 013

13, 502412,80575, 708

399,910100. 00

945, 000400, 600888, 500

94

6,171

482.0506.6

1,129944185

• 756.845• 485, 020• 762,172• 756, 345• 326, 935

' 92.150r 44, 500r 93, 339r 92, 850' 85, 200

' 261, 265' 208,195' 265, 228• 258, 455• 107,140

11.30

' 269, 340' 161,400' 269, 166' 270, 600r 84, 215

400, 288423,15162, 915

378, 62672,13072, 417

13, 215378, 57887, 677

386, 639100. 00

887, 000429, 800882, 800

93

5,665

453.9493.5

1,019758261

727, 500466, 365744, 000744, 000327.920

88, 00039, 50095, 00093, 00087, 200

243, 000195, 000258, 000255, 000110,000

11.300

266, 000161,500260, 000265, 00079, 200

381,312394, 56949, 658

372, 49769, 85472, 255

10, 814371,13174, 732

100. 00

801, 200359, 300827, 400

4,565

411. 7448.3

1,4981,114384

RUBBER AND RUBBER PRODUCTS

RUBBERNatural rubber:

Consumption long tons.Stocks, end of month do__.Imports, including latex and gnayule do...Price, wholesale, smoked sheets (New York)

dol. per lbChemical (synthetic):

Production long tons.Consumption do__Stocks, end of month do__.Exports do__.

Reclaimed rubber:Production do__.Consumption do__Stocks, end of month _do__.

TIRES AND TUBES

Pneumatic casings:Production thousands.Shipments, total do__.

Original equipment do_.Replacement equipment do__Export do...

Stocks, end of month do...Exports do__.

Inner tubes:Production do__.Shipments do...Stocks, end of month do__Exports do...

45,985141, 54187, 635

.189

42,13335, 446

115, 111486

21, 43021,37732,630

5,7025,4412,2992,953

18910,698

188

5,0324,7239,641

135

50,188125,05067, 680

.192

36, 765118, 357

632

19,74119,03132,868

5,8965,2852,3042,855

12711, 339

179

5,0624,9269,815

130

46,285118, 80357,176

.185

36,10334, 611

118,932342

18, 27017,71232, 738

5,8914,8662,1722,589

10512, 385

161

4,9224,406

10, 442142

53,108117, 66456,679

.191

36,06338, 746

116, 843975

19,99119, 50833, 397

6,5785,9032,5193,229

15513,091

142

5,9485,174

11, 231113

47,859112,91650,623

.185

35, 44536, 454114,944

509

18, 46318,64932,825

6,9596,6112,7713,718

12113,191

171

6,0595,39611,748

no

46,128111,87553,434

.178

32,33535, 267112, 739

622

18,18418, 32332, 326

6,9346,8242,3804,323121

13,301169

6,0885,296

12, 410127

47,117103, 62651,217

.163

31,95336, 949106,813

587

18,84919, 31630,684

7,3927,5353,2344,185116

13,134130

6,4306,40912, 466

89

40,597103,01746,187

.164

34,27030, 014113,595

691

14,62615,96629,126

6,2647,6943,0984,488

10811,717

120

5,2306,30011,364

80

45,30799, 85049, 579

.167

33,88534,419111,333

384

17, 81319, 29727, 526

6,2287,7683,1914,463

1159,970

133

5,1696,6039,858

72

43,978100, 61845,620

.176

30, 87832, 443110, 848

425

18, 30418, 51726, 257

5,6046,7463,0563,576

1148,936

123

4,9025,8438,916

81

51, 24390, 73347, 285

.163

28,01533, 687

103, 955425

20, 68319, 63826, 619

6,5006,8402,9423,740

1588,675

151

5,2965,5578,644

105

* 52,093r 99, 20867,152

.167

28,619' 31, 664

r 101, 430478

' 19, 382' 18, 512r 27, 801

6,0405,2671,7463,422

999,542

109

5,1554,2169,645

53

52, 681105, 039

.177

27, 23431, 44398, 205

19, 68418, 24728, 452

6,2755, 2342,1582,944

13110, 651

5,3394,22210, 713

T Revised.cf Revised data for 1948 are in accordance with those published in the Yearbook of the National Paperboard Association; comparable data prior to November 1948 arc shown in the 1949

STATISTICAL SUPPLEMENT to the SURVEY OF CURRENT BUSINESS.




1948

Decem-ber

1949



Decem-ber

STONE, CLAY, AND GLASS PRODUCTS

ABRASIVE PRODUCTS

Coated abrasive paper and cloth, shipments, reams. -

PORTLAND CEMENT

Production thous. of bbLPercent of capacity

Shipments thous. of bbLStocks, finished, end of month do_._Stocks, clinker, end of month do

CLAY PRODUCTS

Brick, unglazed:Production thous. of standard brick._Shipments doPrice, wholesale, common, composite, f. o. b. plant

dol. per thous. _Clay sewer pipe, vitrified:

Production short tons..Shipments do

Structural tile, unglazed:Production doShipments do

GLASS PRODUCTS

Glass containers:Production-.. _____.___.___._- .thous. of gross..Shipments, domestic, total do

General-use food:Narrow-neck food doWide-mouth food (incl. packers' tumblers)

thous. of gross._Beverage (returnable and nonreturnable)

thous. of gross..Beer bottles - - doLiquor and wine ..doMedicinal and toilet doChemical, household and industrial doI)airy products doFruit jars and jelly glasses do

Stocks, end of month doOther glassware, machine-made:

Tumblers:Production thous. of dozens. _Shipments doStocks --do

Table, kitchen, and householdware, shipmentsthous. of dozens. _

GYPSUM AND PRODUCTS

Crude gypsum:Imports _-. thous. of short tons..Production - d o

Calcined, production doGypsum products sold or used:

Uncalcined ..short tons_.Calcined:

For building uses:Base-coat plasters doKeene's cement doAll other building plasters doLath thous. of sq. ft__Tile doWallboardc?-- do

Industrial plasters

122, 239

17, 42584

12, 74111, 0843,781

483, 574413, 324

23.868

124, 647100, 836

103, 51494, 289

6,7516,026

569

1,731

250332872

1,564417281

118,745

4,8354, 3478,245

2,785

8951,8271, 607

612, 919

490, 29712,419

139, 265649, 924

6, 991729, 939

125,701 i 131,393

15,26173

8,75617, 5915,475

389,199307, 702

24.085

116,01583, 965

100, 39885, 222

7,3026,203

601

1,761

159278811

1,79250727716

9,459

4,7224,2888, 366

2,959

13, 75173

9, 13422, 2066,752

345, 696289, 331

24.060

114,31180, 815

101,05989, 899

6,5016,029

589

1,667

218327799

1,60554024439

9,713

4,7074,4508,693

3,084

143, 753

15, 43974

14, 53923,104

7,764

399, 729380, 361

24.050

124, 781112, 870

117, 742105, 978

7,2886,929

645

1,822

396464

1,0351,678

56326264

9,801

4,7965,0388,474

3,645

1,4061,382

397, 76310, 263

108, 453512,0156, 05.

132, 813

17, 68285

17, 77922, 9777,560

420, 477407, 003

24.021

125, 128112, 584

114, 878100, 093

7,0356,869

649

1,763

538480841

1,612587251148

9,763

4,6214,9058,270

3,264

120, 863

18, 62286

19, 42622,1707,440

459, 671433, 772

24.002

126, 612117, 523

112,150112, 997

7,6637,811

715

2,020

816567840

1, 666628227333

9,374

5,2425,0558,615

3,672

123, 343

18, 27987

20, 66719, 7856,922

488,860464, 536

24.000

125,012121,010

111,533111,846

8,0367,928

701

2,084

1,025646837

1,584553242255

9,270

4,6084,9938,154

3,368

1, 5901,313

485, 097

443, 06911,734

108, 400393, 7256, 991

111,262

18,85687

19,32119, 3136,212

449,182444,523

23. 964

105,703111,298

120, 780105,648

8,1087,746

748

2,022

911538874

1,526561253311

9,425

3,8994,1977,689

2,528

132,950

18,71587

23. 63314,3815, 798

506, 890507, 886

24. 045

126,139132,431

121,209118,388

8, 6628, 933

1,108

2,528

486443942

1,992728346359

8,906

4,9075,1577,715

3,323

144, 716

19,18192

22, 76310, 7974,461

492,123500, 344

24.043

123, 021129, 811

109, 675115, 559

7, 5507,981

1,164

1,965

206317

1,1211, 975687341205

8,318

4, 7704,7347,618

3,349

9911, 6151,418

473, 462

514, 53112, 659

118, 814538, 4279, 341

148, 461

' 19, 06988

21, 2778,5693,610

511, 501526,164

24. 010

122, 020136, 580

111,161107, 601

8,2837,737

7601 2,157

164298

1,3592,024652308i 15

8,602

5,5215,4367,676

3,801

126, c

18, 04086

17, 269'9,341' 3, 356

491,254499, 371

' 24. 045

126,101120, 750

107,355101, 739

' 632

1 1, 861

176304

1,227' 1,887

' 611255

' i 108,681

4,9404. 961

522

1 1,701

228333968

1,823444304

0)9,039

7, 615

3, 647

.short tons. 55, 067

629, 052

57, 575

574, 797

57, 052

610,334

54, 958I

TEXTILE PRODUCTS

CLOTHINGHosiery:

Production thous. of dozen pairs.-Shipments _____ doStocks end of month do _.

COTTON

Cotton (exclusive of linters):Production:

Ginnings§ thous of running balesCrop estimate, equivalent 500-lb. bales

thous of balesConsumption balesStocks in the United States, end of month, total

thous. of bales._Domestic cotton, total _ - _ _ do. _-

On farms and in transit do _Public storage and compresses _ do.Consuming establishments do

Foreign cotton, total do

11, 2809, 663

25,051

13,430

675, 466

'12,526'12,410

' 2, 0508,7851,575

116

11,16510, 93925,420

14,140

674, 283

11,47011,361' 1, 603

8,2031,554

110

11, 24311, 40825,234

640,179

10,34610, 247

' 1, 1677,5321,548

99

12, 00912, 80824, 386

2 14, 580

2 14, 868721, 378

9,0198,925' 775

6, 6571,492

95

11,15811,71423,820

598, 502

7,8777,786

5575,8421,385

91

11,02410, 89823,938

580, 476

6,8366,754

4795,0571,216

83

11, 78611,20525,800

600,651

5,7815,705'319

4,388998

76

9,6939,450

26,044

298

454, 426

5,283'5 ,214

' 2 5 14,128

83469

12, 35412,80925, 589

1,247

664,133

18, 829' 18,771

14,194' 3,942

'635' 5 8

12, 99713, 88324, 703

5,309

709, 958

18, 36918, 30511, 4876,120

69864

13, 56414, 52623, 741

9,544

725, 602

' 17, 403' 17, 328

7,9078,3441,077

75

13, 90514, 43423, 212

13, 976

771, 833

16, 548' 16, 483

4,57610, 5011,405

65

12, 65311, 63524, 230

15, 641

316, 034734, 013

15, 36915, 3043,036

10, 6641,604

65

«• Revised. i Data for wide-mouth food containers include jelly glasses in October and November 1949 and both jelly glasses and fruit jars in December 1949.2 Total ginnings of 1918 crop. 3 December 1 estimate of 1949 crop.^Includes laminated board, reported as component board. §Total ginnings to end of month indicated.


February 1950 SUEVEY OF CURKENT BUSINESS S-39


1948

Decem-ber

1949



Decem-ber

TEXTILE PRODUCTS—Continued

COTTON—Continued

Cotton (exclusive of linters)—ContinuedExports bales..Imports doPrices received by farmers dol. per lb.-Prices, wholesale, middling, 1Me / /, average, 10

markets dol. per lb__Cotton linters:

Consumption thous. of bales..Production doStocks, end of month do

COTTON MANUFACTURES

Cotton cloth:Cotton broad-woven goods over 12 inches in width,

production, quarterly mil. of linear yards..Exports thous. of sq. yd-_Imports doPrices, wholesale:

Mill margins cents per lb._Denims, 28-inch dol. per yd. .Print cloth, 38^-inch, 64 x 60 doSheeting, unbleached, 36-inch, 56 x 60 do

Cotton yarn, Southern, prices, wholesale, mill:22/1, carded, white, cones do!, per lb._40/1, twisted, carded, skeins do

Spindle activity (cotton system spindles):Active spindles, last working day, total.__thous__

Consuming 100 percent cotton doSpindle hours operated, all fibers, total. _mil. of hr_ _

Average per spindle in place hours..Consuming 100 percent cotton mil. of hr__

Operations as percent of capacity

RAYON AND MANUFACTURES AND SILK

Rayon yarn and staple fiber:Consumption:

Filament yarn mil. of lb__Staple fiber do

Stocks, producers', end of month:Filament yarn doStaple fiber do

Imports thous. of lb._Prices, wholesale:

Yarn, viscose, 150 denier, first quality, mini-mum filament dol. per lb__

Staple fiber, viscose, 1H denier doRayon broad-woven goods, production, quarterly

thous. of linear yards. _Silk, raw:

Imports thous. of lb__Price, wholesale, Japan, white, 13/15 (N. Y.)

dol. perlb_.WOOL

Consumption (scoured basis) :§Apparel class thous. of lb__Carpet class do

Imports doPrices, wholesale, Boston:

Raw, territory, 64s, 70s, 80s, scoured__dol. perlb__Raw, bright fleece, 56s, greasy doAustralian, 64s, 70s, good topmaking, scoured, in

bond dol. per lb__

WOOL MANUFACTURES

Machinery activity (weekly average) :§Looms:

Woolen and worsted:Pile and Jacquard thous. of active hours..Broad doNarrow do

Carpet and rug:Broad doNarrow do

Spinning spindles:Woolen doWorsted do

Worsted combs doWool yarn:

Production, total § thous. of lb__Knitting§ doWeaving! doCarpet and other§ do

Price, wholesale, worsted yarn (Bradfordweaving system) 2/32s dol. perlb__

521,5685,443.296

.322

114204

2,261116, 046

2,216

33.99.338.158.172

.666

22, 04320, 7769,102

3838,544104.1

75.021.2

11.14.6

4,344

.770

.370

542,401

614

2.60

37, 09919, 00039, 495

1.790.560

1.801

772,106

159103

84,11391,989

165

66, 8986,958

41,16618, 774

3.350

402,92312, 244

.293

.326

123188671

102,3212,270

32.78.338.155.170

.659

.882

22,18620,9278,940

3768,425112.0

69.817.815.26.2

2,824

.770

.370

1,018

2.60

29, 62416, 92842, 870

1.800.560

1.925

852,153

23

17297

82, 54785,177

164

54, 6885,584

32, 76016, 344

3.410

496, 5788,533.291

.326

119159667

88,1721,765

32.30.338.152.170

.642

.862

21,95020, 7588,425

3557,966112.3

63.514.7

20.39.7

1,827

.770

.370

1,215

2.60

27, 68815, 67639, 745

1.800.560

1.925

801,987

27

172

78,00680,209

156

52,2085,232

31,17615, 800

3.425

576,8467,595.287

.326

134144

' 2, 25793, 5252,411

31.35.317.146.170

.629

.827

21,51520, 4259,352

3938,922106.8

'57.97.8

32.916.2

1,433

.770

.370

512, 663

423

2.60

29,11018, 57531, 272

1.800.560

1.925

24

171

67,40473,066

142

59,4356,485

34, 36018, 590

3.425

591,1054,497.299

.330

12099

660

79,3551,188

29.94.303.138.170

.612

.789

20,86419, 8017,776

3277,44297.9

'47.96.2

44.119.1718

.770

.370

20,15212, 84024, 511

1.800.560

731,543

26

15875

68, 20159, 803

110

45,9365,056

27,05613, 824

3.395

463, 9783,014

.300

.329

126

74,3171,616

28.76.303.131.168

.604

.776

20,93619, 8627,737

3257,35893.8

52.17.8

49.820.4297

.746

.362

48

2.60

21,57612, 26422,118

1.781.556

11. 675

791,669

14374

75,64163,969

115

49,3564,996

31, 25613,104

3.375

4,057.301

.328

12258

503

' 2,00481,115

649

27.75.303.126.163

.598

.764

20, 56819, 4647,975

3377,50695.8

56.810.9

49.718.9106

.710

.350

435, 699

460

2.60

28, 78511,41529, 878

1.725.545

11.675

1,74625

120

76,25769, 738

123

60, 4956,650

41,12012,725

3.375

221,94111,218

.301

.321

10344

456

65,886822

28.18.303.128.161

.600

.764

20,13719,0125,988

2555,63779.6

'58.813.7

48.616.8

32

.710

.350

90

2.60

22, 6366,520

23,082

1.600.545

11.675

671,620

25

7041

72,03062,884

122

42,8844,916

31,1246,844

3.375

167,6165,324.293

.310

13663

385

60,0181,057

30.61.303.144.160

.610

.772

20,94119,7478,827

3778, 267102.5

69.219.4

41.912.8468

.710

.350

27

29, 24410, 58838,046

1.525.545

11.675

831,960

30

12465

88,83181, 906

145

56,0966,544

38,41611,136

3.375

211,37 255,88 9

.297

.300

141182411

1,94266,384

1,198

34.70.303.163.165

.620

.799

21,18019,9759,287

3968,725115.2

74.822.7

31.17.8257

.710

.350

451, 903

25

2.60

36,16013,35039, 252

1.525.545

11.675

791,926

26

12565

82, 77890,413

151

46, 23514,030

3.244

415,08813, 789

.287

.296

143227468

60,3832,167

36.08.303.166.167

.639

.823

21, 45020, 2159,540

4098,978123.3

74.9'25 .2

24.7' 4 . 5

767

.710

.350

164

2.60

' 33, 51213,03246,456

1.525.545

11.675

90r 2, 283

'91,983110,119

176

62,3567,624

41, 23213,500

2.850

433, 59612,419

.278

.298

132235

'531

52, 8112,310

38.17.303.170.169

.647

.823

21,55720,31410,021

4299,442124.8

'75 .7'24 .3

' 18.93.5

2,952

.710

.350

133

2.65

29,12014,02046,158

1.525.545

1.375

2,25130

139

86, 07398, 298

167

57, 5806,808

36,87613, 896

2.912

.265

.303

131203

38.05.303.170.170

.647

.823

21,47620,2419,781

4199,206124.7

79.923.9

14.32.9

.710

.350

2.68

1.562.552

1.375

2.975r Revised. *> Preliminary. l Nominal price.§ Data for December 1948 and March, June, and September 1949 are for 5 weeks; other months, 4 weeks.


S-40 SUBVEY OF CURRENT BUSINESS February 1950


194S*

Decem-ber

1949



Decem-ber

TEXTILE PRODUCTS—Continued

WOOL MANUFACTURES—Continued

Woolen and worsted woven goods, except wovenfelts:

Production, quarterly, total thous.of lin. yd_.Apparel fabrics total do

Government ordersOther than Government orders tota

Men's and boys'"Women's and children'sUnclassified

BlanketingOther nonarjnarel fabrics

dododododododo

Prices, wholesale, f. o. b. mill:Suiting, unfinished worsted, 13 oz-.dol. per yd._Women's dress goods, flannel, 8 oz, 54-inch

dol. per yd.,

MISCELLANEOUS

Fur sales by dealers thous- of dol

115,48399,7673,651

96,11639,71149,1307,2755,9909,726

3.589

2.698

1,416

3.589

2.722

3,033

3.589

2.722

2,471

102,25087,5564,953

82,60334, 42040, 6347,5495,5559,139

3.589

2.722

1,532

3.589

2.722

1,487

3.589

2.722

1,981

91, 92175, 9373,218

72, 71933, 22730, 3449,1485,704

10, 280

3.589

2.722

1,769

3.459

2.475

3.069

2.475

108, 27391, 7453,613

88 13235, 26945 0147,8496,165

10,363

3.069

2.475

3.069

2.475

3.069

2.475

3.069

2.475

TRANSPORTATION EQUIPMENT

AIRCRAFT

Civil aircraft, shipments J1 - _. - number-Exports do.--

MOTOR VEHICLES

Factory sales, total number..Coaches, total do

Domestic doPassenger cars, total do

Domestic doTrucks, total do

Domestic..- do

Exports, total doPassenger cars doTrucks do

Truck trailers, production, total doComplete trailers do

Vans doAll other. do

Chassis shipped as such doRegistrations:

New passenger cars doNew commercial cars do

RAILWAY EQUIPMENT

American Railway Car Institute:Shipments:

Freight cars, total number..E quipment manufacturers, total do

Domestic d o —Railroad shops, domestic do

Passenger cars, total doEquipment manufacturers, total. do

Domestic doRailroad shops, domestic do

Association of American Railroads:Freight cars (class I), end of month:§

Number owned thousands..Undergoing or awaiting classified repairs

thousands-.Percent of total on line

Orders, unfilled number..Equipment manufacturers. doRailroad shops do

Locomotives (class I), end of month:Steam, undergoing or awaiting classified repairs

number. .Percent of total on line

Orders, unfilled:Steam locomotives, total number..

Equipment manufacturers doRailroad shops do

Other locomotives, total doEquipment manufacturers doRailroad shops do

Exports of locomotives, total doSteam doOther do.__.

INDUSTRIAL ELECTRIC TRUCKS ANDTRACTORS

Shipments, total number-Domestic doExport... do

235183

486,981824763

378,455360, 986107, 70290,667

42,47618, 82223,6543,4263,2991,9351,364

127

311,41970,282

10,4917,8887,3642,603

1,755

804.7

84,16153,11831,043

2,4397.5

726012

1,5611,561

0871077

23719443

160139

431,276658618

326,019312,199104, 59991,282

29,13113, 53615, £952,7662,6951,4901,205

71

273,16166,423

9,4276,6446,1302,783

9182719

1,757

5.281,68351,00730,676

2,4797.7

736211

1,4901,490

0811467

20418420

257161

426,665418326

324, 547310,343101, 70088,540

27,16612,67614, 4902,2962,1811,095

115

258,21867, 537

10,8007,9067,4212,894

8075

1,761

915.4

73,38446,40326,981

2,5047.8

433310

1,4521,452

050842

27025515

399196

518,118545423

402,402385,834115,17199,925

31,71715,67316, 0442,6342,5101,2541,256124

360, 58487,165

12,6269,6748,9582,952

7674

1,763

945.5

63,41038,65424,756

2,6508.3

35269

1,2871,287

0481038

24721433

452223

543,118514494

436,392422,149106,21291,808

30,00414, 59815, 4062,7602,5681,2311,337192

390,93278,857

11,184

8,4992,288

8585850

1,767

5.753, 97530,85023,125

2,6028.3

381721

1,1341,134

01134370

19914257

474

481,467564511

394, 703380,48986,20075, 518

25, 09412,42012, 6742,7522,6311,4261,205121

446,25186,375

9,532

6,8792,646

9595770

1,770

1096.4

45, 05723,81621,241

2,7378.8301020

1,0431,043

0907

83

17929

439189

593,640632522

493,882480,009

99, 12689,174

22,64812, 02810, 6202,8172,6861,5751,111

131

432,47079,069

9,1485,8325,8053,316

1,771

1136.6

36,33119,36816,963

2,6658.7

291019

01236954

20517530

301156

579,048439399

483, 261471,75295,34885, 427

i 24,27512, 993

i 11,2822,1972,1091,314

795

448, 47776, 866

6,6453,8663,6552,779

1,769

1267.4

31,74616, 47415, 272

2,8339.3

257

18

16813335

272

657, 664444420

557,370544, 63099,850

i 20, 23410,853i 9,3812,eoi2,5041,4821,C22

97

478,55685, 539

7,1844,2514,245

1,767

1257.3

26, 59913,47313,126

2,949

236

17873873

0641252

20218319

284143

626,180298274

534, 493521, 52491,38982,487

i 21,38712, 326i 9,061

459, 64789, 253

6,2013,9963,9362,205

9393870

1,766

1247.3

20,6099,419

11,190

2,99210.0

215

16775775

0804

76

18516817

228170

572,917322275

487,891476,461

84, 70476, 584

i 20,06711,21618,851

465,765

4,5372,8332,8281,704

909084

0

1,765

1327.7

16,1836,4429,741

3,18910.8

172

15816816

0622537

25423519

455,008308279

381,951373,838

72, 74966,090

i 17,1059,145

i 7, 9f)0

409, 70279,699

4,4562,7292,6491,727

8585760

1,763

1307.7

12,6614,1228,539

3,29711.3

151

14954954

0655

22719730

r Revised.i Data beginning May 1949 for aircraft exports, and beginning July 1949 for truck exports and total motor-vehicle exports are not comparable with earlier figures; see note " i " for p. S-21.cf Publication of data for military shipments and the total, previously shown here, has been discontinued by the Civil Aeronautics Administration§ Not including railroad-owned private refrigerator cars.

U. S. GOVERNMENT PRINTING OFFICE: 1 9 5 0


-INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40-

Abrasive paper and cloth (coated). _AcidsAdvertisingAgricultural income and marketingsAgricultural wages, loansAirline operations.

Pages marked S382472

1522

Aircraft 11,12,14,40Alcohol, denatured and ethyl .- 24Alcoholic beverages 2,27Aluminum 33Animal fats, greases 25Anthracite 2,5,10,12,14,15,34Apparel, wearing 5,7,8,9,11,12,14,15,38Armed forces 10Asphalt and asphalt products 36Automobiles 2,3,7,8,9,11,12,14,18,21

Balance of payments 20Banking 15,16Barley .__ 28Barrels and drums 32Battery shipments 34Beef and veal 29Beverages, alcoholic 2,27Bituminous coal 2, 5,10,12,14,15,34,35Boilers 33,34Bonds, issues, prices, sales, yields 19Book publication 37Brass 33Brick _ 5,38Brokers' loans 16,19Building contracts awarded 6Building costs 6,7Building construction (see Construction).Building materials, prices, retail trade 5,7,8,9Business, orders, sales, inventories 3Businesses operating and business turn-over __ 4Butter 27Candy 29Cans, metal 33Capital notations 18,19Carloadings 22,23Cattle and calves 29Cement _- 2,5,38Cereal and bakery products, price 5Chain-store sales 9Cheese 27Chemicals 2,3,5,11,12,14,15,18,21,24Cigars and cigarettes 30Civil-service employees 12Clay products (see also Stone, clay, etc.) 2,38Clothing 5,8,9,11,12,14,15,38Coal 2,5,11,12,14,15,34,35Cocoa 29Coffee _ 22,29Coke 2,35Commercial and industrial failures 4Construction:

New construction, dollar value . 6Contracts awarded 6Costs 6,7Dwelling units started 6Highway 6,12Employment, wage rates, earnings, hours __ 10,

11,12,13,14,15Consumer credit 16Consumer expenditures 1, 8Consumers' price index 5Copper - 21,33Copra and coconut oil 25Corn 19,28Cost-of-living index (see Consumers' price

index) 5Cotton, raw, and manufactures 2,

4,5,11,12,13,14,21,38,39Cottonseed, cake and meal, oil 25Crops 2,4,25,28,30Currency in circulation 18

Dairy products 2,4,5,27Debits, bank _ . . 15Debt, short-term, consumer. 16Debt, United States Government 17Department stores : 8, 9,10,16Deposits, bank 15,16,18Disputes, industrial ___ 13Distilled spirits . 27Dividend payments and rates 1,18, 20Drug store sales 8,9Dwelling units started _, 6

Earnings, weekly and hourly 13,14,15Eggs and poultry 2,4,29Electrical equipment 3,4,7,34Electric power, production, sales, revenues 26Employment estimates 10,11,12Employment indexes 11Employment security operations 13Emigration and immigration 23Engineering construction 6Expenditures, United States Government 16Explosives 24Exports (see also individual commodities) 21Express operations 22

Factory, employment, pay rolls, hours, wages. _ 10,11,12,13,14,15

Failures, industrial and commercial 4Farm income and marketings 2Farm wages 15Farm products, and farm prices 2,4Fats and oils 5,25,26Federal Government, finance 16,17Federal Reserve banks, condition of 15,16Federal Reserve reporting member banks 15,16Fertilizers 5,24Fiber products 34

Pages marked SFire losses 7Fish oils and fish 25, 29Flaxseed 25Flooring 31,32Flour, wheat 28Food products 2,3,

4, 5, 7,8,9,11,12,13,14,27,28,29,30Footwear 2,5,8,9,11,12,14,31Foreclosures, real estate 7Foreign trade, indexes, shipping weight, value

by regions, countries, economic classes, andcommodity groups 21,22

Foundry equipment 34Freight cars (equipment) 40Freight carloadings, cars, indexes 22, 23Freight-car surplus and shortage 23Fruits and vegetables 2,4,5,21,27Fuel equipment and heating apparatus 33,34Fuel oil ___ 35Fuels 2,5,35Fur 22,40Furnaces 34Furniture 2,5,7,8,9,11,12,13,14

Gas, customers, sales, revenues 26Gasoline . 36Glass and glassware (see also Stone, clay, etc.)- 2,38Generators and motors 34Glycerin 24Gold . . . 18Grains 4,19,21,28Gross national product 1Gypsum 38

Heating and ventilating equipment 33,34Hides and skins 5,22,30Highways 6,7Hogs __., 29Home-loan banks, loans outstanding 7Home mortgages 7Hosiery 5,38Hotels 11,13,15,23Hours of work per week 12,13Housefumishings 5,7,8,9Housing 5,6Immigration and emigration 23Imports (see also individual commodities) 21, 22Income, personal 1Income-tax receipts 16Incorporations, business, new 4Industrial production indexes 2,3Instalment loans 16Instalment sales, department stores 9Insulating materials 34Insurance, life 17,18Interest and money rates „., 16International transactions of the U. S 20, 21, 22Inventories, manufacturers' and trade 3,9,10Iron and steel, crude and manufactures 2,3,

4,5,11,12,13,14,21,32,33

KeroseneLabor forceLabor disputes, turn-over.Lamb and muttonLardLead.

_. 3510

__ 13292933

Leather and products 2,3,5,11,12,14,30,31Linseed oil, 25Livestock 2,4,29Loans, real estate, agricultural, bank, brokers*

(see also Consumer credit) 7,15,17,19Locomotives 40Looms, woolen, activity 39Lubricants 35Lumber 2,5,11,12,14,31,32Machine activity, cotton, wool. _. 39Machine tools 34Machinery 2,3,4,11,12,14,18,21,34Magazine advertising 7Mail-order houses, sales 10Manufacturers' sales, inventories, orders 3,4Manufacturing production indexes 2,3Meats and meat packing 2,4,5,11,12,13,14,29Metals 2,3,4, 5,10,11,12,13,14,18,32,33Methatiol 24Milk 27Minerals 2,3,12,14,15Money supply 18Mortgage loans . 7,15Motor fuel 36Motor vehicles 8,40Motors, electrical 34National income and product. 1Newspaper advertising 7Newsprint 22,37New York Stock Exchange 19, 20

Oats 28Oil burners 34Oils and fats 5,25,26Oleomargarine 26Operating businesses and business turn-over. _ 4Orders, new, manufacturers' . 4

Paint and paint materials 5, 26Paper and pulp 2,3,5,11,12,14,36,37Paper products 36,37Passports issued 23Pay rolls, indexes 12Personal consumption expenditures 8Personal income 1Personal savings and disposable income 1Petroleum and products 2,3,

5,10,11,12,14,15, 21, 22,34,35,36Pig iron 32

Pages marked SPlant and equipment expenditures 1Plastics and resin materials, synthetic 26Plywood 31Population 10Pork 29Postal business. _ 8Postal savings 16Poultry and eggs 2,4,5,29Prices (see also individual commodities):

Consumers' price index 5Received and paid by farmers 4Retail price indexes 5Wholesale price indexes 5

Printing 2,3,11,12,15,37Profits, corporation 18Public utilities... 1,5,10,11,13,14,15,17,18,19, 20Pullman Company 23Pulpwood 36Pumps 34Purchasing power of the dollar 5

Radio advertising 7Railways, operations, equipment, financial sta-

tistics, employment, wages __ 1,11,12,13,14,15,17,18,19,20,22,23,40

Railways, street. (See Street railways, etc.)Rayon, and rayon manufactures 2,5,39Real estate 7Receipts, United States Government 16Reconstruction Finance Corporation, loans 17Refrigerators 34Rents (housing), index 5Retail trade, all retail stores, chain stores, de-

partment stores, mail order, rural sales, gen-eral merchandise 3,4,8,9,10

Rice 28Roofing and siding, asphalt 36Rosin and turpentine 24Rubber, natural, synthetic, and reclaimed,

tires and tubes 22,37Rubber industry, production index, sales, in-

ventories, employment, pay rolls, hours,earnings 2,3,11,12,14,15

Rye 28

Savings deposits 16Savings, personal 1Securities issued 18,19Service industries, employment 11Sewer pipe, clay. 38Sheep and lambs 29Shipbuilding 11,13,14Shoes 2,5,8,9,11,12,14,31Shortenings _. 26Silk, imports, prices 5, 22,39Silver _ 18Skins 5,22,30Slaughtering and meat packing 2,

11,12,13,14,29Soybeans, and soybean oil 25Spindle activity, cotton, wool 39Steel ingots and steel manufactures (see also

Iron and steel) 32,33Steel, scrap 32Stocks, department stores (see also Manufac-

turers' inventories) 10Stocks, dividends, issues, prices, sales, yields.- 20Stokers, mechanical 34Stone, clay, and glass products 2,

11,12,13,14,38Stoves 34Street railways and buses 13,14,15, 22Sugar 22,30Sulfur . 24Sulfuric acid 24Superphosphate 24Tea 30Telephone, telegraph, cable, and radio-tele-

graph carriers 10,13,14,15,23Textiles 2,3,5,11,12,13,14,21,38,39,40Tile 38Tin : 22,33Tires and inner tubes. __ 5,11,12,14,15, 37Tobacco „ 2,3,4,7,11,12,13,14,30Tools, machine 34Trade, retail and wholesale.. 3,4,8,9,10,11,13,14,15Transit lines, local 15,22Transportation, commodity and passenger 22, 23Transportation equipment 2,3,4,11,12,13,14,40Travel 23Truck trailers 40Trucks 40Turpentine and rosin 24

Unemployment and unemployment compensa-tion 10,13

United States Government bonds 17,18,19United States Government, finance 16,17Utilities 1,5,10,11,13,14,15,17,18,19, 20

Vacuum cleaners 34Variety stores 8,9Vegetable oils 25, 26Vegetables and fruits 2,5,21,27Vessels cleared in foreign trade 23Veterans' unemployment allowances 13

Wages, factory and miscellaneous 13,14,15Washers 34Water heaters 34Wax 36Wheat and wheat flour 19, 28Wholesale price indexes 5Wholesale trade 10Wood pulp 36Wool and wool manufactures 2.5,22,39,40

Zinc. 33


for 1949rummaru

MAJOR BUSINESS INDICATORS, 1939-49Item

National Income and Product

Gross national product, total (bil. of dol.)_Personal consumption expendituresGross private domestic investmentNet foreign investmentGovernment purchases of goods and

servicesNational income (bil. of dol.)

Personal IncomeTotal (bil. of dol.) .

Wage and salary receipts, totalTotal employer disbursements

Commodity producing industries. _Distributive industriesService industriesGovernment

Less employee contributions for so-cial insurance

Other labor income.Proprietors' and rental income-Personal interest income and dividendsTotal transfer payments

Total nonagricultural income _New Plant and Equipment ExpendituresAll industries, total (mil. of dol.)

Electric and gas utilitiesManufacturingMining —Railroad and other transportation.Commercial and miscellaneous.

ProductionFarm marketings, physical volume, total

(1935-39=100) - . . -CropsLivestock _

Industrial production, total (1935-39=100)

ManufacturesDurable manufactures _Nondurable manufactures

Minerals. -Selected commodities, production:

Coal, bituminous (thous. of short tons).Crude petroleum (mil. of bbls.)Electric power, industrial and utility

(mil. of kw. hrs.)Lumber (mil. of board feet)Steel ingots and steel for castings

(thous. of short tons)Motor vehicles, factory sales, total

(thous.)

Trucks and coaches...Business Sales. Inventories, New OrdersBusiness sales, total (mil. of dol.)

Manufacturing, totalDurable-goods industriesNondurable-goods industries

Wholesale, total. _Durable-goods establishmentsNondurable-goods establishments

Retail, totalDurable-goods storesNondurable-goods stores

Business inventories, book value, averageof month-end data (mil. of dol.)..

Manufacturing, totalDurable-goods industries.Nondurable-goods industries

Wholesale, total .._Durable-goods establishmentsNondurable-goods establishments

Retail, totalDurable-goods storesNondurable-goods stores

Manufacturers' new orders, net.Prices

Prices received by farmers (1910-14=100).Consumers' price index (1935-39=100)...Wholesale prices (1926= 100):

All commodities, combined indexFarm productsFoods _Allother

By economic classes:Raw materialsSemimanufacturesManufactured products

1939 1945 1946 1947 1948 1949*

91.367.5

13.172.5

72.645.145.717.413.36.98.2

.6

.514.79.23.0

66.3

5,200480

1,930380560

1,850

109111108

109109109109106

394,8551,265

161,308^28,755

52, 798

3,5772,867

710

133,40061,34022,454

30,0577,193

22,86442,04210,37931,663

19,20010,8124,8215,9913,048

9552,0935,3831,7973,587

9599.4

77.165.370.481.3

70.277.080.4

215. 2123.110.7-1.4

82.8182.7

171.9115.3117.745.924.711.535.6

2.31.537.511.46.2

155.7

6,630630

3,210440870

1,480

140127150

203214274166137

577,6171,714

271, 25528,122

79, 702

36170291

290,100154,48172, 50481,97759,79910, 78749,01275,78112,28563,496

30,70019,0309,5849,4464,1011,0433,0587,6101,8115,799

206128.4

105.8128.2106.299.7

116.895.9

101.8

212.6147.829.54.7

30.7179.6

176.9109.4111.546.030.813.720.9

2.01.6

41.213.211.4

158.5

12,0401,0405,910560

1,2303,300

141135145

170177192165134

533,9221,734

269,60934,158

3,0902,149941

333,600154,07557,33396, 74279,20816,62962,579100, 29822,61177,687

36,30021,44910,08411,3655,4591,5263,9339,3942,5966,798

168,041

234139.3

121.1148.9130.7109.5

134.7110.8116.1

235.7166.931.1

28.8201.7

193.5120.2122.354.335.215.217.5

2.11.8

45.114.811.7

173.5

16,1801,9007,460690

1,7104,430

146146145

187194220172149

630,6241,857

307,40035,404

84,894

4,7983,5581,240

417,100205,10582, 597122,50893,05422,32270, 732118,90832,14286,766

48,40028,17713,47414,7028,0782,4835,59512,1574,2167,940

201,216

275159.2

152.1181.2168.7135.2

165.6148.5146.0

262.4178.845.01.9

36.7

226.2

211.9133.1135.260.439.216.619.1

2.12.0

49.516.211.1

188.8

19,2302,6808,340800

2,0205,390

141147136

192198225177155

599,5182,016

336,80936,051

88,640

5,2853,9091,376

458,300228,00894,713133,295100,26325,53274,731130,04238,00892,034

55,70032,16615,09017, 0769,1443,0056,13814,4325,2779,155

224,329

285171.2

165.1188.3179.1151.0

178.4158.0159.4

257.4179.434.7- . 0

43.4221.5

209.8133. 5135. 757.340.217.321.0

2.22.1

44.817.412.2

191.4

17,9103,1607,130

7301,8505,040

147156141

176183201168135

435,0001,841

344,53832,052

77,861

6,2385,1091,129

431,500213,34089,055124,28589,99321,23668,757128,18339,87488,309

56.10032, 58415,28917,2959,2053,1686,03714, 2855,5078,778

205,255

249169.1

155.0165.2161.6147.3

163.9150.2151.2

Item

Construction

New construction, total (mil. of dol.)Private, total

Residential (nonfarm)Nonresidential, except farm and pub-

lic utility _Public utility. . . .

Public, totalResidentialMilitary and naval _.Nonresidential building __Highway

Employment Status of the Noninstitu-tional Population

Total 14 years of age and over, monthlyaverages (thous. of persons)

Labor force, inch armed forces, total. _.Armed forcesCivilian labor force

Employed, totalAgricultural employmentNonagricultural employment

UnemployedNot in labor force, total

Employment and WagesEmployees in nonagricultural establish-

ments, mo. avg., total (thous.)ManufacturingMiningConstructionTransportation and public utilitiesTrade. . .FinanceServiceGovernment _

Production workers, all manufacturing:Employment index, monthly averages

(1939=100)Payroll index, monthly averages

(1939=100)Average weekly hours per worker:

All industriesDurable-goods industriesNondurable-goods industries

Average hourly earnings (dollars):All industries _ _

Durable-goods industriesNondurable-goods industries

FinanceMoney supply, Dec. 31:

Currency in circulation (mil. of dol.)___Deposits, adjusted, all banks (mil. of

dol.):Demand, excluding U. S. depositsTime, including postal savings

Federal finance (mil. of dol.):Debt, gross, Dec. 31Budget receipts and expenditures:*

Receipts, netIncome and profits taxes

Expenditures, totalNational defense and related activi-

ties

Bond prices (dollars):Average, all listed bonds (N. Y. S. E.)

DomesticForeign

Stock prices (1935-39=100):Combined index (416 stocks)

Industrials (365 stocks)Public utilities (31 stocks). . . . .Railroads (20 stocks)

Foreign TradeExports and imports (mil. of dol.):

Exports, including reexportsGeneral imports

Indexes (1923-25=100):Exports of U. S. merchandise:

Quantity _ValueUnit value __

Imports for consumption:QuantityValueUnit value

TransportationRailroads (class 1):

Freight carloadings (thous. of cars)Freight carried 1 mile (mil. of ton-miles^Passengers carried 1 mile (millions).__!

1939 1945 1946 1947 1948 19491

6,3073,8082,114

785683

2,49965125859867

55,600370

55,23045,7509,61036,140

30,28710,078

8451,1502,9126,7051,3823,2283,987

100.0

100.0

37.738.037.4

.633

.698

.582

7,598

29,79327,059

41,961

4,9191,851

*8,888

1,358

91.4994.9255.49

94.294.898.674.7

3,1772,318

1107064

1085955

33,911364.72322, 657

4,8082,716684

1,014827

2,09271690652386

105,37065,14011,28053,86052,8208,58044,2401,04040,230

40,06915,302

8261,1323,8727,6851,3943,8915,967

157.0

293.5

43.444.142.3

1.0231.111.904

28,515

75,85148,452

278,115

43,92834,21287,522

78,752

102.89103. 4080.50

121.5123.3106.1136.9

9,8064,147

192215112

12310687

41,918726, 04691,745

10,4648,2533,183

3,3461,3742,211369188325778

106,37060,8203,30057, 52055,2508,32046,9302,27045,550

41,41214,461

8521,6614,0238,8151,5864,4085,607

147.8

271.1

40.440.240.5

1.0841.1561.012

28,952

83,31453,960

259,148

38,81029,07041,322

24,087

103.60104.0180.34

139.9143.4120.2143.0

9,7394,909

201213106

13012697

41,341632,53864, 698

14,32411,1795,260

3,1312,3383,145186204505

1,300

107,45861,6081,44060,16858, 0278,26649,7612,14245,850

43,37115,247

9431,9824,1229,1961,6414,7865,454

156.2

326.9

40.440.640.1

1.2371.2921.171

28,868

87,12156,411

256,900

41,01029,28638,576

14,541

102.03102.4873.98

123. 0128.0102.9105.3

715,3405,733

7 2687 3397 126

124148119

44, 502>96,83345, 929

1 Data for most items are preliminary.2 U. S. Forest Service estimates.3 Data are based on eleven months.4 Data for 1945-49 exclude (1) refunds of receipts and (2) payments to the Treasury, princi-

pally by wholly owned Government corporations, for retirement of capital stock and for dis-position of earnings.

s Excludes net expenditures of wholly owned Government corporations.«Includes 3 billion dollars transfer in June 1948 to Foreign Economic Corporation T n

Fund; expenditures subsequently made from this fund are excluded.7 Includes Army Civilian Supply shipments.8 Includes estimates for December.


scb_021950

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