scb_071948
TRANSCRIPT
SURVEY OF
JULY 1948
NATIONAL INCOME NUMBER
U. S. DEPARTMENT OF COMMERCE
B U R E A U OF F O R E I G N AND DOMESTIC COMMERCE
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SURVEY OF CURRENT BUSINESS
No. 7
JULY 1948
C-O/ttenfoPAGE
1THE BUSINESS SITUATION ..........
Changes in Food Supply in 1948 .......... 5
CHANGING PATTERNS OF FUEL CONSUMP-TION ....... ............... 7
NATIONAL INCOME AND PRODUCT STATISTICSOF THE UNITED STATES, 1944-1947 ...... 12
NEW OR REVISED STATISTICAL SERIES . . . . 31
Revised Estimates of Retail Inventories, 1929-48 . . . 31, 32
MONTHLY BUSINESS STATISTICS . . . . S-l to S-40
Statistical Index . Inside Back Cover
Published by the Department of Commerce, C H A R L E S S A W Y E R ,
Secretary. Office of Business Economics, M. JOSEPH MEEHAN, Acting
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DEPARTMENT OF COMMERCEFIELD SERVICE
Albuquerque, N. Mex.203 W. Gold Ave.
Atlanta 1, Ga.50 Whitehall St. SW.
Baltimore 2, Md.103 S. Gay St.
Boston 9, Mass.2 India St.
Buffalo 3, N. Y.117 Ellicott St.
Butte, Mont.14 W. Granite St.
Charleston 3, S. C.18 Broad St.
Cheyenne, Wyo.304 Federal Office Bldg.
Chicago 4, 111.332 S. Michigan Ave.
Cincinnati 2, Ohio105 W. Fourth St.
Cleveland 14, Ohio925 Euclid Ave.
Dallas 2. Tez.1114 Commerce St.
Denver 2, Colo.828 Seventeenth St.
Detroit 26, Mich.230 W. Fort St.
El Paso 7, Tex.310 San Francisco St.
Hartford 1, Conn.135 High St.
Houston 14, Tex.602 Federal Office Bldg.
Jacksonville 1, Fla.311 W. Monroe St.
Kansas City 6, Mo.911 Walnut St.
Los Angeles 12, Calif.312 North Spring St.
Louisville 1, Ky.631 Federal Bldg.
Memphis 3, Tenn.229 Federal Bldg.
Miami 32, Fla.36 NE. First St.
Milwaukee l,Wis.517 E. Wisconsin Ave.
Minneapolis 1, Minn.125 S. Third St.
Mohile, Ala.109-13 St. Joseph St.
New Orleans 12, La.333 St. Charles Ave.
New York 1, N. Y.350 Fifth Ave.
Oklahoma City 2, Okla.102 NW. Third St.
Omaha 2, Nehr.1319 Farnam St.
Philadelphia 2, Pa.42 S. Fifteenth St.
Phoenix 8, Ariz.234 N. Central Ave.
Pittsburgh 19, Pa.700 Grant St.
Portland 4, Oreg.520 SW. Morrison St.
Providence 3, R. I.24 Weybossett St.
Reno, Nev.50 Sierra St.
Richmond 19, Va.801 E. Broad St.
St. Louis 1, Mo.1114 Market St.
Salt Lake City 1, Utah350 S. Main St.
San Francisco 11, Calif.555 Battery St.
Savannah, Ga.125-29 Bull St.
Seattle 4, Wash.909 First Ave.
For local telephone listing, consult sectiondevoted to U. S. Government
PUBLISHED WITH THE APPROVAL OF THE DIRECTOR OF THE BUDGET (42 J. C. P.)
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JULY 1948
FEDERAL FISCAL SUMMARYA small de-cline in outgoand increasein income ex-panded thecash surplusin the fiscalyear 1948....
BILLIONS OF DOLLARS75
- 25
1940 1946 1947 1948FISCAL YEARS ENDED JUNE 30
and permittedfurther repay-ment of theFederal debt.
Repaymenthas largelycentered inbank-heldFederal securi-ties.
BILLIONS OF DOLLARS300
PUBLICLY-HELD FEDERAL DEBT'
HELD BY
HELD BY BANKS
NONBANK INVESTORS*
250
200
150
100
50
0
I 50
100
50
0
150
100
50
1940 1946 1947 1948AMOUNT OUTSTANDING, JUNE 30
EXCLUDING HOLDINGS BY GOVERNMENT AGENCIES AND TRUST FUNDS.
SOURCES OF DATA: U.S. TREASURY DEPARTMENT, EXCEPT DATA FOR 1948 WHICH ARE\RTLY ESTIMATED BY THE U.S. DEPARTMENT OF COMMERCE.
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
THE
SITUATIONBy the Office of Business Economics
HE national product continued its rise during thesecond quarter of 1948 chiefly as a result of the sustaineduptrend of commodity prices. Purchases by consumers andbusiness outlays for plant and equipment were maintainedat or above their previous high levels. Demand for thenational output was further strengthened by the projectedincreases in Government procurement and in exports andby the renewed rise of wage rates. The latter rise alsoexerted price pressure through its effects on costs.
Aggregate production has shown little change since thelatter part of 1947, apart from seasonal influences and theeffects of labor-management disputes. Over a large segmentof industry, operating rates have held at maximum levelsconsistent with available facilities and supplies of materials,particularly of steel. In those areas where there is leewayfor further expansion, such as in cotton textiles, currentrequirements of business and consumers have generallyserved as the basis for steady operations in the recent period;one of the few exceptions is shoes, where output has moveddownward. The field of residential building stands out asan area where volume has continued to increase.
Labor Market Absorbs Summer Entrants
The volume of employment exceeded 61 million in theJune census week, as large numbers of seasonal workersentered the labor force to work on the farms and to takeother summer jobs. The May-to-June rise was better thanthe usual seasonal advance, partly because of higher laborrequirements in construction and because of unseasonableweather which retarded the expansion in farm employment inthe preceding months. The latest increase in nonagriculturalemployment raised the year-to-year gain above 2 millionworkers. On the other hand, the estimated number em-ployed in agriculture has for several months been lower thanin the corresponding months of 1947.
Throughout the second quarter of 1948 there were some-what fewer persons without jobs and actively seeking em-ployment than the same months of the last 2 years. Abouthalf the 2.2 million persons unemployed in June were outof work for 3 weeks or less. Many of these persons, ofcourse, were just out of school.
Retail Trade Pick-up Slows Inventory Accumulation
The quickened pace of retail sales during the second quar-ter of the year was in part attributable to the reduction inindividual income taxes and the granting of wage increases.The pattern of sales has continued to favor the durable goods
794877—48 2
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SUEVEY OF CURRENT BUSINESS July 1948
groups—although sales of automobile dealers declined fromApril to May because of lower production—but food-storesales also are running well ahead of last year. With in-creased income at their disposal, consumers have been ableto step up their durable goods purchases without any furthercurtailment in other types of spending.
Inventory changes have tended to move inversely withchanges in consumer takings. While retail trade was slug-gish in the first quarter, stocks accumulated in the hands ofdistributors—the increase in the book value of inventoriesheld by wholesalers and retailers exceeded 500 million dollarsa month during this period, apart from the expected seasonalchanges. In the 2 months following March, the pick-up inconsumer buying moved goods out of distributors' handsfaster than the rate of merchandise receipts. This permittedsome improvement in stock-sales ratios from March to Mayat the distributive level. The book value of manufacturers'inventories continued to rise through May.
Shift in Federal Fiscal Position
Among the other more dynamic factors during the secondquarter was the shift—actual and prospective—in the fiscalposition of the Federal Government. Business developmentsreflected both the immediate impact of the cut in the income-tax withholding rate and the further fiscal shift in prospectas the flow of funds is stepped up for foreign aid and for theexpanded defense programs.
These fiscal developments mark the reversal of the trendsin receipts and expenditures shown in the chart on the open-ing page. In the fiscal year which ended June 30 the excessof cash income approached 9 billion dollars, as compared withless than 7 billion dollars in the preceding fiscal year. Cashreceipts responded to the higher income level in the privateeconomy and cash outgo moved slightly lower as a result offurther reductions in military outlays. These summaryresults for the fiscal year were only slightly affected by thenew financial developments mentioned above as just gettingunder way.
As shown in the lower three panels of the chart on page 1,there has been a substantial reduction in the public debtduring the past 2 years. That the amount of debt retirementthis past fiscal year was smaller than in 1947, even thoughthe size of the cash surplus was larger, reflects the factthat at the start of the latter fiscal period the Treasury cashbalance was still larger than needed for postwar requirementsand hence provided an additional source of funds for debtretirement.
The debt-reduction program has centered in bank holdings,which have been reduced by about 30 billion dollars sinceFebruary 1946 when the repayment program was initiated.To this extent, therefore, the repayment program did notadd to private bank deposits or currency outside banks.However, the expansion of bank loans during this period, andthe gold inflow, tended to counteract the anti-inflationaryeffects of the Treasury's excess of cash income over outgo.
Corporations and insurance companies have also loweredtheir holdings of Federal securities since 1946, the formerlargely as a result of the need for cash to meet their capitalrequirements, and the latter because of the greater avail-ability of higher-yield private issues as business and consumersincreased their indebtedness.
"Cash" Versus "Budget" Accounts
As in previous years there are sizable differences betweenthe "cash" and "budget" results for the fiscal year 1948.The former accounts reflect the actual money flow betweenthe Federal Government, which is treated on a consolidatedbasis, and the rest of the economy. The official budget
accounts are designed to meet certain legislative and account-ing requirements and thus include various noncash and intra-governmental transactions, while excluding other transac-tions, which involve cash payments or receipts.
A new source of difference between the two sets of accountswas introduced with the passage of the Economic Coopera-tion Act which required that the sum of 3 billion dollars betransferred to a trust fund and "considered as expendedduring the fiscal year 1948, for the purpose of reportinggovernmental expenditures." This transfer is included inbudget expenditures—and the budget surplus for the fiscalyear 1948 is correspondingly reduced—tut the expenditure ofthe funds will not appear in the cash accounts until paymentsare actually made. The "cash" and "budget" results arecontrasted in the following table (amounts are in billionsof dollars):
ReceiptsExpenditures __ __ __ _Surplus or deficit (— )
Fiscal years
1946
Cash
47.865.7
-17.9
Budget
43.063.7
—20.7
1947
Cash
46.640.06.7
Budget
43.342.5
.8
1948
Cash
47.738.78.9
Budget
44.739.35.4
Wage Increases Augment Income Flow
With respect to the amount of income available for con-sumer spending, the major change in the recent period hasbeen the tax cut. However, wage and salary paymentsincreased in May, after declining in the preceding 3 months,and the total personal income recorded a further advance to208 billion dollars on a seasonally adjusted annual rate basis.
For the most part, the small declines in wage paymentshad reflected the variation in industrial activity because ofwork stoppages incident to labor-management disputes andthe uneven flow of materials. The underlying trend ofbasic wage rates was upward throughout this period. Aver-age hourly earnings in manufacturing industries rose to $1.30in May, immediately preceding wage settlements in impor-tant segments of the automobile, electrical-machinery, andmeat-packing industries. In May 1947 the figure was $1.21.
The rise in average weekly earnings in manufacturingindustries in May was relatively smaller than the change inhourly earnings because of a shorter work week. Workstoppages at some auto-manufacturing plants, seasonaldeclines in non-durable-goods industries, and materialsshortages in metal-working industries accounted for thedecline in hours worked.
Weekly Commodity Price Index Tops Earlier Peak
Five months after the BLS weekly index of wholesale;commodity prices turned downward, chiefly because of theweakening of various farm product and food prices, the indexhas regained and exceeded its earlier high point. By the endof June the farm product price average had advanced towithin 1 percent of the mid-January figure, as the easing ofgrain prices in anticipation of enlarged supplies in the coming-crop year was outweighed by advances ffor livestock andlivestock products. Higher meat prices were important inraising the wholesale food price average above the Januarylevel by the end of June and in moving the Consumers' PriceIndex into new high ground.
At the end of June there were only two wholesale com-modity price groups other than farm products which werelower than in mid-January—hides and leather products,about 6 percent lower, and chemicals and allied products,
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July 1948 SURVEY OF CURRENT BUSINESS
about 4 percent lower. As shown in chart 2, the combinedindex for prices outside the farm and food products areasrecorded only a slight dip in February and has edged upwardsince then. As compared with the closing week in June 1947,the average price advance has been 11 percent for farmproducts, 13 percent for foods, and 14 percent for all othercommodities. (It may be noted the chart makes use of aratio scale in order to place the relative changes in the indexesin true perspective.)
Chart 2.—Wholesale Prices by Major Commodity Groups
INDEX, 1926 = 1002501
(RATIO SCALE)
200
150
100
90
ALL COMMODITIES
FARM- PRODUCTS
INDEX, 1926 = 100250
200
150
'ALL OTHER
100
901946 1947 1948 1946 1947 1948
Sources of data: U. S. Department of Labor, Bureau of Labor Statistics, through May1948; data for June 1948 estimated by the y. S. Department of Commerce, Office of BusinessEconomics, from Bureau of Labor Statistics weekly wholesale price indexes through July 3,1948.
Price increases announced during June for industrial prod-ucts affected -copper and brass products, crude rubber andrubber tires, passenger cars and trucks, and electrical prod-ucts. In many cases, the timing of the price adjustmentscoincided with wage settlements.
Plant and Equipment Survey
American business, exclusive of agriculture, plans to makeoutlays of 4.6 billion dollars for new plant and equipmentduring the third quarter of 1948, according to the regularquarterly reports submitted to the Department of Commerceand the Securities and Exchange Commission by businessconcerns.1 These expenditures planned for the third quarterare about on a par with the outlays which business nowanticipates for the second quarter, and are above the actualfirst-quarter outlays largely as a result of seasonal factors.The rates of aggregate business expenditures for new plantand equipment anticipated in the second and third quartersof 1948 are considerably above those in the corresponding-period of 1947, though most of the increase from last yearreflects the upward movement in prices.
According to reports submitted earlier this year, the totalof expenditures for new plant and equipment in 1948 wasexpected to reach 18.6 billion dollars, of which about one-halfwas planned for the first 6 months. Partly because of severeweather conditions, actual outlays of 4.2 billion dollars duringthe first quarter were 300 million dollars below the figureanticipated for that quarter. However, expenditures nowplanned by business for the second and third quarters of1948 do not appear to differ greatly from those originallyanticipated for this period in the opening months of the year.
i This survey was conducted in the second quarter of the year.
For most of the separate areas of business shown in table1, the revised estimates of outlays for new plant and equip-ment through the third quarter of 1948 indicate that expendi-tures in the third quarter are generally expected to continueat the high level of previous months. There are, however,
Table 1.—Expenditures on New Plant and Equipment byU. S. Business 1
[Millions of dollars]
Industrial group
Manufacturing _MiningRailroad _ _Other transportationElectric and gas utilities ,. _ _ _Commercial and miscellaneous3
Total, actual
Second estimate 4 _First estimate 4
Jan.-Mar.
1,450150160180330900
3,160
3,4403,640
Apr.-June
1,850160220230450
1,030
3,940
3,6703,560
1947
July-Sept.
1,870180230200500
1,160
4,140
4,0703,770
Oct.-Dec.
2,290210300190620
1,340
4,950
4,4404,020
Total
7,460690920800
1,9004,430
16, 200
15, 68015, 180
Jan.-Mar.
1,800180270180500
1,240
4,170
4,4804,100
1948
Apr.-June2
2,010180350210610
1,330
4,6904,780
July-Sept.2
1,850180380170650
1,340
4,570
1 Excluding agriculture.2 Estimates based on anticipated capital expenditures of business.3 Includes trade, service, finance, and communications.4 In reporting actual figures for each quarter, business concerns also give estimates of similar
outlays planned for the 2 quarters following. The second estimate is thus a revision of thefirst estimate.
NOTE.—Figures are rounded and will not necessarily add to totals.Source: U. S. Department of Commerce and Securities and Exchange Commission.
some notable differences in trend. Manufacturing companiesanticipate a slight drop in capital outlays from the secondto the third quarter of this year, which may be partly seasonalin character, while railroads and electric and gas utilitieslook forward to further acceleration in the rate of theirexpansion. The other major group, consisting of commercialand miscellaneous companies, showed little change inexpected expenditures.
First-Quarter Corporate Profits
Corporate profits in the first quarter of 1948 were slightlybelow the record levels reached in the last quarter of 1947,according to preliminary estimates of the Department ofCommerce. During recent quarters, seasonally adjustedprofits have followed closely the course of national income.After a period of stability lasting through the first threequarters of 1947, both series showed sharp gains in the fourthquarter which were approximately maintained in the firstquarter of 1948.
Table 2 presents revised estimates of profits before andafter Federal and State income and excess profits taxes foreach of the four quarters of 1947, and an initial estimate forthe first quarter of 1948, classified by broad industry groups.A first-quarter 1948 estimate for corporate sales is also in-cluded. Additional profits data, including seasonally ad-justed aggregates are shown elsewhere in this issue of theSURVEY.
No great significance should be attached to the smalldecline in profits in the first quarter of 1948, inasmuch as theinterpretation of fourth-to-first quarter movements is espec-ially difficult because of seasonal movements and complica-tions introduced by year-end adjustments in reported profitsdata.
Profits before taxes had by the last quarter of 1946recovered from the low levels to which they had fallen insome industries during the reconversion period, especiallyin the metal industries. The level reached in this periodand maintained through the first three quarters of 1947 wasconsiderably higher than the highest wartime quarter, or ata seasonally adjusted annual rate of 28.0 to 29.1 billiondollars as compared with 25.4 billion dollars in the first
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4 SURVEY OF CURRENT BUSINESS July 1948
Table 2.—Corporate Profits Before and After Taxes, and Corporate Sales: 1947 by Quarters, and First Quarter of 1948 1
[Millions of dollars]
Industry group
All industries, total 2 3.
MiningManufacturing
Metal industries 4 . _Other manufacturing
Wholesale and retail tradeFinance, insurance, and real estate 2
TransportationCommunications and public utilitiesAll other industries 5
Corporate profits before taxes
1947
Firstquarter
7,207
1884,3971,6172,7801,151
494215439323
Secondquarter
7,214
2154,3341,6092,7251,183
505290339348
Thirdquarter
7,262
2234,3991,5432,8561,151
518312294365
Fourthquarter
8,101
2505,0701,8413,2291,258
530278358357
Quar-terly
average
7,446
2194,5501,6522,8981,186
512274357348
1948
Firstquarter
7,831
2534,8621,7843,0781,232
542186429327
Corporate profits after taxes
1947
Firstquarter
4,356
1342,655
9521,703
679291120267210
Secondquarter
4,378
1522,627
9481,679
698296171207227
Thirdquarter
4,412
1552,669
9051,764
679306187179237
Fourthquarter
4,929
1763,0861,0812,005
743314161216233
Quar-terly
average
4,519
1542,759
9711,788
700302160217227
1948
Firstquarter
4,794
1782,9791,0561,923
727320111261218
Corporate sales
1947
Quar-terly
average
79, 885
1,47144, 15814, 82429, 33424, 580
3,8242,2703,582
1948
Firstquarter
84, 144
1,58247, 75216, 20831, 54424, 707
3. 9512,5703,582
1 Annual corporate profits and sales estimates by major industrial groups for 1947, andrevised series for 1944,1945, and 1946 are published in this issue of the SURVEY on pp. —. Forsimilar data for the years 1929 through 1943, consult the National Income Supplement to theSURVEY OF CURRENT BUSINESS for July 1947, pp. 30-32,41. Concepts and methodology havebeen described in Trend of Corporate Profits, 1929-45, SURVEY, April 1946, pp. 11-12. Theprincipal change made since that statement was prepared has been to adjust for tax creditsflowing from the carry-back of unused excess-profits tax credit and net operating loss; that is,these tax credits were added to profits after taxes in those years to which the tax credit wascarried back.
2 Sales figures exclude the industrial division of finance, insurance, and real estate. Pres-entation of sales data for these industries would be misleading in view of the large part oftheir receipts which is in the form of property income.
It should be noted that the corporate sales estimates above are gross; that is, they include
quarter of 1944. During this period of stability variationsby industry from the over-all pattern were not appreciable.
In the more dynamic fourth quarter of 1947 and firstquarter of 1948, there were some significant gains and lossesby certain industrial groups. Within manufacturing, profitsin the food and kindred products group dropped off sharplyin the first quarter of 1948. The petroleum and coalproducts and the iron and steel industries reported largeadvances in both the fourth quarter of 1947 and the first of1948. The automobile industry showed a substantialincrease in the fourth quarter of 1947 and a moderate onein the first quarter of 1948.
Outside the manufacturing group, the railroad industryexperienced a large decline in profits in the first quarterof 1948. First-quarter profits in trade, on a seasonallyadjusted basis, represent a moderate increase over thefourth quarter of 1947. The motion-picture industry re-corded a substantial profit decline in the first quarter of 1948.Most of the other industries showed no clear-cut movementfrom the third quarter of 1947 to the first quarter of 1948.
Profit Rates
In evaluating current profits, it is important, first, torealize that the estimates in table 2 represent profits beforeinventory-valuation adjustment. Thus, the 1947 figure of29.8 billion dollars includes over 5 billion dollars whichreflects higher unit costs of inventories. Second, currentprofits should be examined in the light of the record value ofoutput now prevailing. After inventory-valuation adjust-ment, corporate profits before taxes in 1947 representedabout the same proportion of total income originating incorporate business as they did in 1929—that is, about 22percent. Both of these periods were below the wartimepeak of 26% percent, but far above the level during thethirties.
Profits after taxes in 1947, measured either before or afterinventory-valuation adjustment, are below 1929 levels as apercent of income originating in corporate business, due to thecurrently higher income tax rates. Current profit-after-taxrates, however, are sharply higher than during the warperiod, when heavy excess profits tax rates were in force.
interbusiness transactions and thus to a large extent represent a duplicated count. Thisis so since the sales of each firm entering into the corporate total include not only the valueadded by it, but also the value of the materials purchased from other firms, which is alreadyincluded in the sales of those other firms.
3 Total profits for all industries include the adjustment for the net flow from abroad ofdividends and branch profits.
4 Metal industries comprise iron and steel, nonferrous metals, machinery (except electrical),electrical machinery, transportation equipment (except automobiles), and automobiles.
5 All other industries comprise agriculture, forestry and fisheries, contract construction,services, and the international balance adjustment.
Source: U. S. Department of Commerce, Office of Business Economics.
Chart 3.—New Nonfarm Dwelling Units Started: Totaland Number Under F. H. A. Commitments
THOUSANDS125
100
75
50
25
TOTAL I/
1945 1946 1947
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1948
1 Represents privately financed conventional and prefabricated types of dwelling units.Data beginning with 1946 are f9r permanent units only, while data for 1945 also include asmall number of temporary units started which were not reported separately. Estimatesare based upon permit data and sample field surveys and represent starts as of the timefoundation work is begun.
2 Represents units started under F. H. A. insurance commitments, recorded as of the timefootings are put in place. Because of differences in methods of derivation and in timing, theF. H. A. series is not strictly comparable on a month-to-month basis with the estimates oftotal starts.
Sources of data: Total, U. S. Department of Labor, Bureau of Labor Statistics; F. H. A.commitments, Housing and Home Finance Agency, Federal Housing Administration.
Advance in New Construction Activity
The value of new construction put in place rose to 1.6billion dollars in June, bringing the value for the firsthalf of the year to 7.7 billion dollars, as compared with5.7 billion in the first half of 1947. Somewhat more thanhalf of the year-to-year increase has occurred in private
(Continued on page 30)
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July 1948 SUKVEY OF CURRENT BUSINESS
Changes in Food Supply in 1948IVlIDYEAR prospects for crop production indicate a
record outturn in 1948. In spite of this, total food pro-duction for this year is expected by the Department ofAgriculture to be lower than in recent years primarily be-cause of reduced marketings of livestock and livestockproducts.
Total United States food "disappearance" in 1948 isestimated to be lower than in the past two years, but itwill still be about a third higher than the average for theyears 1935-39 (see chart 4). The portion of the total goinginto noncivilian channels is expected to be lower in 1948than a year earlier principally because of a reduction inexports, both commercial and governmental relief shipments.
Domestic civilian food consumption per capita in 1948 isestimated at 112 percent of the 1935-39 average, or 3 per-cent lower than in 1947 (see chart 4). The index of percapita civilian food consumption reached a high point of118 percent of the 1935-39 average in 1946.
Chart 4.—Total U. S. Food Disappearance 1
INDEX, 1935-39 = 100150
100
50
POINTS IN TOTAL INDEX
C I V I L I A N
1940 41 42 43 44 45
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
46 47
1 Includes both domestically produced and imported foods.2 Includes military civilian feeding.3 Data for 1948 are forecasts as of May 1948.Source of data: U.S. Department of Agriculture, Bureau of Agricultural Economics.
Less Meat and Dairy Products
The principal change in the food supply from a year ago isthe reduction in livestock and livestock products, which is anadjustment made necessary by the short corn crop harvestedin 1947. Civilian meat consumption is estimated at about145 pounds per capita, as compared with 155 pounds last year.In the first 6 months of the year the principal reduction hasbeen in the supply of beef; pork production has been runningabout the same as a year earlier. In the latter half of theyear, however, both pork and beef will show reductions fromthe corresponding period in 1947.
Consumption of dairy products on a per capita basis willaverage about 3 percent lower in 1948 than a year earlierand 4 percent below the 1935-39 average, if the high rateof milk production per cow continues during the remainderof the year. The decline below the prewar figure is whollyconfined to butter consumption, as explained below.
Shifting Utilization of Milk
The small changes in total milk consumption mask themajor shifts which have taken place between the consumptionof fluid milk and cream on the one hand and manufactureddairy products on the other. In the war and postwar periodas a whole, the proportion of total milk production consumedas fluid milk and cream has increased over the prewar average,as the failure of production to keep pace with the growthin consumer demand for all dairy products has curtailedthe utilization of milk in other forms, notably butter.
The reason for this lies in the structure of the market formilk products. Milk can be readily diverted from one use toanother, and since a higher price is obtained for that used forfluid purposes, the fluid market is satisfied first and the re-maining milk goes into manufactured products. The shiftsin milk utilization from the prewar pattern have taken placein two distinct phases. From the beginning of the warthrough 1945, fluid milk and cream consumption expanded,reaching a total of 433 pounds per capita in the latter year,or 27 percent more than the average for 1935-39. In part,this expansion reflected the influence of Government sub-sidies in restraining the rise in the price of milk to consumersduring this period. In each year since 1945 fluid milk andcream consumption per capita has fallen concurrently withthe rise in retail milk prices. In 1948, fluid milk and creamconsumption per capita is estimated at 388 pounds, to beabout 14 percent higher than the prewar average but nearly10 percent lower than in 1945. Retail milk prices in May of1948 were 13 percent higher than in May of 1947, and 36percent higher than in May of 1945.
Declines in Some Poultry Products
Egg consumption may be about the same as in 1947, asshown in the lower portion of chart 5, despite a reduction inthe number of layers on farms. Somewhat fewer chickensfor eating will be available and turkey supplies will be thesmallest in 10 years. The number of turkeys being raisedis down 20 percent and cold-storage holdings are only abouthalf as large as last year.
Adjustments in Livestock
Farmers are thus curtailing their livestock programs thisyear as the feed pinch develops. In some cases, however,they are getting more production per head of livestock, andin other instances the full impact of lower output is not beingfelt by consumers either because of withdrawals of food fromstorage holdings or because of reduced exports. Just asthese adjustments have been delayed from several monthsto a year or more after the cause (i. e., the short corn crop)appeared, improvement in food supplies will be correspond-ingly delayed even if—as now appears likely—a bumper corncrop is harvested this fall.
For example, the Department of Agriculture reports, onthe basis of a survey of breeding intentions, that the pig cropto be farrowed this fall (and marketed next spring) is ex-pected to be no larger than the small crop farrowed a yearearlier and nearly 10 percent smaller than the average fallpig crop for the past 10 years.
A dearth of cattle flowing from corn-belt feed lots—partic-ularly of long-fed steers—during spring and early sum-mer, a season in which these classes normally comprise alarge portion of the beef supply, has resulted in advancing
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6 SURVEY OF CURRENT BUSINESS July 1948
beef prices. In the first two weeks in June, the compositeretail price of steer beef in New York City was 26 percenthigher than in the same period a year earlier.
Chart 5.—Per Capita Civilian Consumption of MajorFoods1
ON THE AVERAGE, WE WILL CONSUME LESSFOOD THIS YEAR THAN LAST, BUT SUBSTAN-TIALLY MORE THAN IN 1935-39.
INDEX, 1935-39= 10050 100 150
'ALL FOOD, PERCAPITA
LESS OF THESE FOODS THAN IN 1947.0 50 100 150
CHICKEN,(DRESSED WEIGHT)
CITRUS FRUITS,FRESH
PORK (EXCLUDINGLARD)
BEEF
MILK AND CREAM,FLUID
FRESH FRUITS,(EXCLUDING CITRUS)
SUGAR, REFINED
BUTTER, FARMAND FACTORY(ACTUAL WEIGHT)
ABOUT THE SAME OR MORE OF THESE.0 50 100
FRUIT, CANNED
VEGETABLES,CANNED
EGGS
VEGETABLES,FRESH
FLOUR,WHEAT
POTATOES
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
150
1 Data are for calendar years except fresh citrus fruits, which are for crop years beginningin October of the previous year.
2 Data for 1948 are estimates based upon prospective supplies as of May 1948.
Source of data: U. S. Department of Agriculture, Bureau of Agricultural Economics.
Mixed Changes for Other Foods
Edible fats and oils will be about as abundant on a percapita basis in 1948 as a year earlier. Consumers will haveless butter but more margarine, and about the same quan-tities of the other fats and oils. As compared with theaverage for 1935-39, consumption of fats and oils in 1948will show a decline of about 7 percent, despite substantialadvances for margarine and lard.
Consumption of fresh cirtus fruit from the crop whichstarted to move to market last October will be lower thanfrom the previous year's large crop, but citrus productshave continued in good supply. Consumption of cannedfruit and juices will be about 10 percent higher during thecurrent calendar year than in 1947.
Vegetable supplies, both fresh and canned, are estimatedto be about the same or slightly improved this year overlast year, when consumption was lower than in the precedingtwo years.
Farm Income Sustained at High Level
Cash farm income continues high, averaging about 5 per-cent higher than a year earlier during the first 6 months ofthis year. On the whole, the basic forces sustaining farmincome have been stronger so far in 1948 than in the corres-ponding period in 1947.
An analysis of farm income for the years 1922 through 1947shows that cash farm income is highly correlated with dis-posable income of consumers and the value of agriculturalexports. During this period, each change of 10 billiondollars in disposable income was associated with an averagechange of 1.4 billion dollars in cash income from farmmarketings and each 1-billion-dollar change in agriculturalexports was associated with an average change of 1.8 billiondollars in cash farm income.2 In 1947, the calculated valuefor cash farm income was 28.6 billion dollars, which was 1.6billion less than actual income for the year.
As in the past, any substantial change in farm income willbe closely dependent upon changes in exports and personalincome. The export portion of the market for farm productsin the first few months of 1948 is less strong than in 1947,although the value of farm exports is still high in relationto previous periods.
The domestic demand for farm products has increased.Disposable personal income, at 184 billion dollars in thefirst quarter of 1948, was up 3 billion from the previousquarter and 14 billion from the first quarter of 1947.
The current position of agricultural and food prices whichemerges from a consideration of production, exports, andconsumer demand is one in which the strong elementscontinue to predominate. The reduction in export demandfor food from the extraordinarily high rate of a year ago ismore than offset by the increased civilian demand associatedwith the advance in disposable income. On the supply side,the volume of food for civilian consumption is somewhatlower in areas such as meat and dairy products where pricesare sensitive to changes in volume.
Recent trends in consumption expenditures show littleevidence of a shift away from food purchases. Increasedsales of consumers' durables and building materials havebeen accompanied by lagging sales in apparel and in suchsemiluxuries as jewelry, entertainment, and eating anddrinking establishments rather than in food sales.
2 These relationships, which are averages for the 1922-47 period, show a greater sensitivityof farm income to changes in disposable income and agricultural exports than similar relation-ships fitted for the period through 1940 or 1941. (See SURVEY December 1946, pp. 4-6, andchart 5.) For the years 1922-40, the coefficients in the regression equation which correspondto 1.4 and 1.8 in the test are 1.2 and 1.6, respectively. Inclusion of the years 1941-47 in fittingthe equations increases slightly the absolute divergencies between the actual and calculatedvalues for farm income during the years 1922-40, but results in closer estimates for subsequentyears, particularly the postwar years.
The complete regression equations are as follows (all figures in billions of dollars): 1922-47period: y (cash income from farm marketings) = — 3.0+0.14xi (disposable personal income)-f-1.70x2 (value of agricultural exports). Coefficient of determination CR2)—o. 99 (Note: Thisequation was computed before the revised income estimates published in this issue becameavailable). 1922-40 period: y= -1.6+0.12^+1.SUxz. -R2=0.96.
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By Murray F. Foss
Changing Patterns of FuelConsumption
"EMANDS made on the nation's fuel resources assources of energy in the postwar period have exceeded thewartime use when curtailment of civilian demand was neces-sary to divert fuel to the armed forces. Under conditions ofrising demand and increasing costs, fuel prices have advancedwith the upward movement of the general price level. Rela-tive shifts in prices, however, have differed so that the struc-ture of fuel prices has undergone substantial change.
The basic shift in relative importance from coal to petro-leum and natural gas as primary sources of energy—a, trendwhich has been in progress for decades—has been acceleratedin recent years by the more rapid additions to oil- and gas-consuming equipment than to coal-burning equipment. Theexpanded demand for fuel has made necessary large expendi-tures for new plant and equipment for extraction, processing,transportation, and marketing purposes. Capital expendi-tures in the rapidly expanding petroleum industry haveaccounted for the largest share of new investment in the fuelindustries and in 1947 made up as much as one-seventh ofaggregate plant and equipment outlays by nonfarm busi-nesses. New facilities have not only made possible increasesin present and future fuel supplies but have also contributedheavily to the high volume of investment in recent years.
This article analyzes the changing patterns of consumptionof the primary mineral fuels—coal, petroleum, and naturalgas—and reviews the more important developments in ex-panding the supply side.
Energy Consumption Tops War Peak
Combined consumption of energy in the form of primarymineral fuels and the fuel equivalent of water power aggre-gated about 35,000 trillion B. t. u. (British thermal units)in 1947, or 4 percent more than the wartime peak in 1944 and60 percent above the average for 1935-39. Fuel require-ments in 1948 have been running ahead of last year becauseof the advance in industrial production and the increase infuel-using machinery and equipment—electric-power gen-erators, motor vehicles, locomotives, and heating equipment.
Chart 1 shows energy consumption on a per capita basis foreach individual fuel and for all fuels in the aggregate. Inthese terms, consumption in 1947 was fractionally lower thanin 1944 and some 42 percent greater than the 1935-39 average.
Two fundamental influences have been at work affectingthe long-term trend of fuel consumption. On the one hand,increased mechanization and industrialization have requiredmore power; on the other, technological advances in fuelconsumption have tended to lower fuel requirements perunit of output. During the interwar period, the second ofthese forces was more important than the first. This is seenin the fact that per capita fuel consumption in 1940 waslower than in 1929 and only fractionally higher than in 1920,
NOTE.—Mr. Foss is a member of the Current Business Analysis Division, Office of BusinessEconomics.
while the Federal Reserve index of manufacturing produc-tion, expressed on a per capita basis, shows increases of 6 per-cent from 1929 to 1940 and 37 percent from 1920 to 1940.
Since the latter year, however, the first influence—namely,industrial expansion—has far outweighed the effects oftechnological advances in fuel utilization, and the number of
Chart 1.—Per Capita Consumption of Energy fromMineral Fuels and Water Power l
MILLIONS OF BRITISH
THERMAL UNITS
250
200
150 -
100 —
50 —
1920 25 30 35U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
40 45
1 Data represent domestic consumption of coal, petroleum, natural gas, and fuel equivalentof water power expressed in terms of their heat values, or British thermal units. The follow-ing conversion factors published by the U.S. Bureau of Mines have been used: Bituminouscoal and lignite, 13,100 B. t. u.'s per pound; petroleum, 6,000,000 B. t. u.'s per barrel; naturalgas, 1,075 B. t. u.'s per cubic foot; and anthracite, 13,600 B. t. u.'s per pound. Water powergenerated by hydroelectric plants has been converted to its fuel equivalent, which representsa simple average of fuel consumption computed through the use of a constant fuel factor anda factor varying each year according to the experience in central electric-utility stations.Population data, used to compute per capita consumption, are for Continental United States,including the armed forces abroad.
Sources of data: Fuel consumption, U. S. Department of the Interior, Bureau of Mines;population, U. S. Department of Commerce, Bureau of the Census.
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8 SUEVEY OF CUEEENT BUSINESS July 1948
B. t. u. per capita rose to about 245 million in 1944 and toslightly less than this figure in 1947, as compared with about190 million before the war. In some cases during the recentperiod, the long-term decline in fuel input per unit of outputhas been arrested or reversed, thus adding to total fuelrequirements.
In addition to the year-to-year movements in over-all fuelconsumption, which follow fairly closely the movement ingeneral economic activity, there have been significant shiftsin the relative importance of the different fuels in the totalfuel picture. These changes reflect not only the long-termtrends in the consumption of individual fuels but also thedifferential impact on fuel consumption of changes in businessactivity. The changes are evident from chart 1, but arespecific in table 1 which gives for each year the proportion ofconsumption accounted for by each fuel.
Table 1.—Percent Distribution of Total Domestic EnergyConsumption, by Sources
Year
191919201921192219231924192519261927192819291930193119321933193419351936 . _ _19371938193919401941194219431944194519461947
An-thra-cite
11.911.613.38.8
10.810.48.19.08.98.67.98.18.07.97.57.86.86.35.75.85.95.35.15. 14.84.84.24.53.7
Bi-tumi-nouscoal
67.566.361.463.762.260.061.060.057.656.055.352.549.346.246.947.146.548.347.142.643.345.245.447.347.845.743.440.440.5
Totalcoal
79.477.974.772.573.070.469.169.066.564.663.160. 657.354.154.454.953.354.652.848.449.250.550.552.452.650.547.644.944.2
Pe-tro-
leum
12.013.616.418.117.919.520.320.121.222.222.924.527.428.829.028.629.128.629.432.232.131.432.029.028.029.731.333.033.9
Natu-ralgas
4.34.34.34.75.05.86.06.16.87.28.49.29.29.69.39.8
10.110.110.811.611.611.210.810.911.311.712.413.213.7
Totalpetro-leumandnatu-ralgas
16.317.920.722.822.925.326.326.228.029.431.333.736.638.438.338.439.238.740.243.843.742.642.839.939.341.443.746.247.6
Totalmin-eralfuels
95.795.895.495.395.995.795.495.294.594.094.494.393.992.592.793.392.593.393.092.292.993.193.392.391.991.991.391.191.8
Waterpower(fuel
equiv-alent)
4.34.24.64.74.14.34.64.85.56.05.65.76.17.57.36.77.56.77.07.87.16.96.77.78.18.18.78.98.2
Grandtotal
100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0
Source: See chart I.
Coal a Declining Percentage of Total
The most striking change over the past three decades isthe marked decline in the relative importance of coal as asource of energy and the increase in petroleum, gas, and waterpower. The decline in anthracite, which has always foundits most important use in residential heating, has been almostuninterrupted.
Bituminous coal has declined in relative standing, notonly because of the more rapid growth of petroleum, gas,and water power, but also because of the increased economiesin its utilization. Per capita use declined by more than one-third from 1919 to 1939 and in 1947 was still about one-sixth below the 1919 figure.
The variations in bituminous-coal consumption accountfor most the year-to-year change in the total per capitaconsumption of all fuels. Bituminous coal has been themost important source of energy over the period underconsideration and has shown wide cyclical fluctuationsbecause of its extensive use as an industrial fuel.
The use of petroleum and natural gas has been expandingat a rapid pace for many years. Per capita petroleum con-sumption in 1947 was almost four times the 1919 figureand the increase in natural gas was even larger, relatively,during this same period. Petroleum consumption, in contrast
to bituminous coal, has shown only small cyclical variations.This is in part because of the strength of the underlyinggrowth factors and in part because a greater share of thepetroleum supply finds its way into uses, such as motor fueland heating purposes, which are less affected by the rate ofgeneral industrial activity.
The reasons for the fairly close relationship between themovement of bituminous-coal consumption and industrialactivity are apparent from an examination of domestic con-sumption by class of customer, which is shown in percentageform in table 2 for selected years from 1937 to 1947. About
Table 2.—Percent Distribution of Domestic Bituminous CoalConsumption, by Consumer Classes
Year
193719381939194019411944 .. .1947
Col-lieryfuel
0.77
.7
.65
.55
Elec-tric
powerutilities
9.911 311.711 812 513 315 8
Bunk-er,
foreigntrade
0 44
.43433
Rail-roads(class
I)
20.421 920 919 719 722 320 0
Coke
17.213 816.818 818 817.819 2
Otherindus-trial
32.931 630.628 528 424 726 0
Retail-dealerdeliv-eries
18.520 318.920 319 721 118 2
Totalof
classesshown
100. 0100 0100.0100 0100 0100.0100 0
Source: Basic data from U. S. Department of the Interior, Bureau of Mines.
one-fifth of soft-coal consumption is accounted for by retail-dealer deliveries, which go largely to heating residential,commercial, and small industrial buildings; the remainder isaccounted for by manufacturing and various service indus-tries. Close to 20 percent of the total is used in coke produc-tion, coke being one of the principal ingredients in the manu-facture of pig iron, and another fifth is used by railroads.An increasing proportion—16 percent in 1947—has beenused by the electric-power utilities. Thus, the most stableportion of consumption, that consumed for heating purposes,is a relatively small part of the total. The primary reasonfor the 30 percent rise in per capita consumption since 1939is to be found in the high rate of activity in heavy industry,railroad transportation, and electric utilities.
Diminished Use of Coal by Railroads
While not apparent from the table, the railroads are usingrelatively less coal than formerly. In 1929, coal consumedin yard-switching, freight, and passenger service of class I line-haul railroads was 88 percent of the total equivalent tonnageof all fuels consumed in these services. By 1939, this pro-portion had dropped to 80 percent. It was down to 67percent in 1947.
In absolute terms, total coal consumption in these servicesby railroads dropped from approximately 110 million tonsin 1929 to about 100 million in 1947, while the coal equivalentof all fuels consumed by class I line-haul railroads rose from127 million to almost 150 million over the same period.The shift has been considerably larger in passenger than infreight service.
The reasons for the decline in coal consumption by rail-roads fall into two main categories: (a) Those affecting theaggregate demand for railroad-transportation services and(b) those concerned with competition among fuels consumedby the railroads. The inroads made on railroad traffic bycompeting modes of transportation such as passengervehicles, trucks, and air lines) were discussed in a recentarticle of the SURVEY.1 In terms of fuel consumption, thegrowth of competing carriers has meant a shift from;, trans-portation equipment utilizing coal to equipment utilizingpetroleum products.
Within the railroad field, the decline in the importance1 See, Railroads in the Postwar Economy, SURVEY, May 1948, pp. 16-23.
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July 1948 SURVEY OF CUKEENT BUSINESS 9
of coal during the twenties and thirties is to be found inthe more efficient utilization of coal and in the increased useof fuel oil. In the more recent period, the reduction insteam and the rise in Diesel locomotives have been thedominant influences.
The trend to Diesels is to be found in improved perform-ance, not the least of which is in fuel performance. Thedecrease in efficiency in the use of coal, coupled with higherprices for all fuels, has brought about substantial increasesin unit fuel costs since the war and a widening of the dollar-and-cents differential between the cost per traffic-mile ofcoal and fuel oil, on the one hand, and Diesel fuel, on theother.
Coal Also Lags in Industrial and Domestic Fields
In industry, bituminous coal competes with heavy fuel oiland natural gas as a source of heat and power. Despite thefact that manufacturing production in 1947 had risen ap-proximately 80 percent above 1939, coal consumption(excluding coking coal) rose less than 25 percent in theseindustries. If a rough allowance is made for the coal con-sumed in the production of the additional electric energypurchased by industrial users, the increase is less than 40percent. By way of contrast, fuel-oil consumption increasedalmost 90 percent in this period and natural-gas consumptionrose about 80 percent.
To some extent, the greater rise in oil and gas is due to thefact that industry in the gas and oil producing areas such asthe Southwest, has risen much more than in other areas ofthe country. In large part, however, the small rise in bitu-minous coal means a loss of markets previously supplied bycoal. Even in electric utilities, the rapid growth of whichhas meant a large increase in coal consumption, other fuelshave increased at a somewhat more rapid rate than coal sincejust before the war.
In the residential and commercial fields a somewhatsimilar shift has occurred. Retail-dealer deliveries of bitu-minous coal between 1939 and 1947 rose by less than 40percent, while anthracite consumption was practically un-changed. Consumption of fuel oil for heating purposes,however, rose about 70 percent, while sales by natural-gasutilities to residential and commercial users increased morethan 100 percent.
Lower Coal Efficiency Since War
Over the interwar period there had been a trend—itself acontinuation of earlier developments—toward more efficientutilization of coal. Through the introduction of modernequipment in the preparation and consumption of coal,output per unit of fuel input—output being measured interms of kilowatt-hours of electric energy, ton-miles offreight, or pig-iron production—continued to increase untilearly in the war, though the rate of increase slowed duringthe thirties. With the war and postwar period, however, thisupward trend either leveled off or was reversed. Thesechanges are illustrated in chart 2.
This recent deviation from the trend is traceable in con-siderable part to changes in the quality of coal consumed.With the exhaustion of the better deposits of coal, producershave had to turn to sources of lower quality, especially in thecase of coking coal. But a more important reason for thedecline in quality is to be found in the rapid advance in themechanization of coal mining since the recent prewar periodand the failure of cleaning facilities to keep pace with this rise.For example, where 10 percent of all bituminous-coal produc-tion was mined by stripping in 1939, 22 percent was so minedlast year. The trend to mechanization has also beenimportant in cutting and loading operations. The substitu-
794877—48 2
tion of machine for hand methods, while having a profoundeffect on costs and labor requirements, results in a muchhigher proportion of impurities per ton of coal sold. Itshould be pointed out, however, that with the growth ofcleaning and preparation facilities, the quality of coal soldwill improve.
Chart 2.—Wholesale Prices of Mineral Fuels
INDEX, 1926 = 100200
150
100
50
BITUMINOUS COAL
GAS, MANUFACTUREDAND NATURAL
'ANTHRACITE
CRUDE PETROLEUMAND PRODUCTS
INDEX, 1926 = 100200
150
100
50
I I I I I i I I! 1 1 1 ilnmli mil mi 11 01929 31 33 35 37 39 41 43 45 1947
if. 5. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1948
Source of data: U. S. Department of Labor, Bureau of Labor Statistics.
The economies in the use of coal consumed in the produc-tion of electric energy have been most striking. A pound ofcoal yielded 0.30 kilowatt-hours in 1920 and 0.77 in 1942.These gains have been held but not extended in recent years,in part because of the use of less efficient capacity to takecare of the heavy war and postwar electric-energy require-ments.
Improvements in the utilization of coal in the manufactureof pig iron and ferroalloys were less pronounced than inthe utility and railroad fields over the interwar period, butthe decline since 1941 has been more pronounced than in thecase of the railroads. The lower quality of coal consumedhas meant a lower grade of coke produced, which in turn hasled to a lower yield in pig-iron and ferroalloy production.In 1947, the yield of metal per ton of coal was the lowestsince 1927.
Petroleum
The key to the acceleration of civilian consumption ofpetroleum products in the postwar period lies in the rapidexpansion of petroleum-using equipment—passenger cars,trucks, Diesel locomotives, oil burners, tractors, etc. Thecurtailment of civilian production during the war years hadthe effect of augmenting the long-term growth in theseareas with a large backlog demand. Because some industriesproducing oil-consuming products were able to reconvertmore rapidly than others, there has been an uneven growthin demand for individual petroleum products. On the supplyside, the materials shortages which have characterized thepast three years have held back petroleum production anddistribution. Petroleum imports have been stepped upsharply while exports have been limited, with the resultthat in the first half of 1948 this country became a netimporter of petroleum for the first time since 1922.
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10 SURVEY OF CURRENT BUSINESS July 1948
Petroleum Less Sensitive to Cyclical Changes
The position of petroleum is strengthened by the factthat the demand for the crude products has been relativelyinsensitive to changes in economic activity. To a largeextent, this is derived from the rising growth trend duringthe twenties and thirties. In addition, the importance ofhousehold (as distinct from business) demand for petroleumin the demand total and the relative stability of the majorhousehold uses, for heating and for motor fuel, over thebusiness cycle have contributed a measure of stability tototal petroleum demand. In 1939, motor fuel accounted for45 percent of total petroleum consumption, and of the totalsome 29 percent was consumed in passenger cars. Fuel-oilconsumption accounted for another 37 percent of the total,over 10 percent of aggregate consumption being for heatingoils.
As shown in table 3, the largest increases in petroleumconsumption since 1939 have occurred in fuel oil, whichhas advanced by more than three-fourths; within the fuel-oil category, the lighter oils or distillates, used largely forheating purposes, have increased 120 percent. The heavieroils or residual oil, used to a greater extent for industrialpurposes, have increased half as much relatively as thelight oils. The motor-fuel categon^ has risen the least ofany of the major groups, a reflection of the fact that interms of the income and long-term growth of the car popu-lation, the number of vehicles in use in 1947 was abnormallylow.
Postwar Gains in Petroleum-Using Equipment
Chart 3 illustrates the recent growth in the use of certaintypes of petroleum-using equipment in order to help explainthe changes in the consumption of some of the more im-portant petroleum products shown in table 3.
Table 3.—Domestic Consumption of Petroleum, by Products, andPercent Change, 1939-47 i
Product
Motor fuelKeroseneFuel oil _. .
Distillate ___ ... . _ ._Residual
Lubricating oil _All other products _
Total
Millions of barrels
1939
55661
459135324
24133
1,231
1947
79510381729851837
239
1,989
Percentchange
+43+69+78
+121+60+54+80
+62
i Totals and percentages are computed from unrounded figures.Source: Basic data from U. S. Department of the Interior, Bureau of Mines.
The competition between coal and oil is strikingly illus-trated in the field of residential heating where conveniencesin the use of oil rather than hand-fired coal in central heatingsystems have been of primary importance. The develop-ment of mechanical coal stokers has facilitated the use ofcoal, but the growth in the equipment thus far has been muchless than that of oil burners. The number of residential oilburners in use at the end of 1947, shown in the upper leftpanel of chart 3, has risen by some two-thirds over thenumber in use before the war. As in the prewar period, thebulk of this increase has occurred in "conversion" burners—burners used to convert central heating systems to oil. Out-put of residential burners was quick to expand with the war'send and in 1947 shipments were four times the 1941 rate.Despite the marked rise in the lighter fuel-oil production,supplies were tight in many areas in 1947 and 1948. Thusfar in 1948 there has been a sharp falling off in sales of oil
burners to consumers. Shipments of residential burners inthe first quarter of 1948 were less than a third of their first-quarter 1947 rate and unfilled orders in the hands of pro-ducers at the end of the quarter were one-tenth their size12 months previous.
The fact previously mentioned as to>the number of motorvehicles in use is reponsible for the relatively small rise inmotor-fuel consumption noted in table 3. Motor-fuel con-sumption, which accounted for 45 percent of the totaldomestic consumption in 1939, made up 40 percent of thetotal in 1947.
Chart 3.—Growth in Petroleum-Using Equipment
MILLIONS6
5
4
3
2
1
o
OIL BURNERS.DOMESTIC
-(END OF YEAR)
,
_
-iiiv 1
;c N V|MILLIONS50
40
30
20
10
0
isr
_
)NJ \
1
-
THOUSANDS
LOCOMOTIVES,DIESEL
-(END
_
_
-
1
OF
I
- ELECTRICYEAR)
J
I1mj
f f
11j j
b6
\~ 5
1-4
I-.4
f 2
I''2
& O
MILLIONS
MOTOR-VEHICLEREGISTRATIONS
-(EXCL. PUBLICLY OWNED) -
-
-
T
1 i T
^
p
BOTHER
M
I;s
7T
1
IV(
rra
1,E
IR
7?.
PT]
JJ2 -
-
TRACTORS ONFARMS
-(END
-
1I
OF
I193940 41 42 43 44 45 46 47 193940 41
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS
YEAR)
I11liUi i
b
- 4
- 3
[;
42 43 44 45 46 47ECONOMICS. 48-235
Sources of data: Oil burners, Heating Publishers Inc., N. Y., Fueloil and Oil Heat; locomo-tives, Interstate Commerce Commission; motor-vehicle registrations, Federal Works Agency*Public Roads Administration; and tractors, U. S. Department of Agriculture, Bureau ofAgricultural Economics.
The changes in the number of both cars and trucks in usefrom prewar to present is illustrated in the lower-left panelof chart 3. The number of passenger cars in use during1947 was only one-sixth greater than in 1939; for trucks theincrease was almost 50 percent. The magnitude of thebacklog demand for passenger cars has already been treatedat length in an earlier issue of the SURVEY.2
The upward trend in farm mechanization and in the useof petroleum products on farms has been spurred by the highfarm income during the war and postwar period. Thenumber of tractors in use on farms increased by 90 percentfrom 1939 to 1947 (see chart 3). Despite the fact thattractor production was maintained at a high rate duringmost of the war to assist in meeting wartime food goals,and has since increased, the demand has continued in excessof the supply.
It is estimated by the Department of Agriculture that in2 See Backlog Demand for Consumers' Durable Goods, SURVEY, April 1948.
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July 1948 SURVEY OF CURRENT BUSINESS 11
1940 approximately 70 percent of tractor fuel used for farmtractors was gasoline, but industry estimates place thecurrent figure considerably higher. The remainder of thefuel is accounted for by kerosene and, to a lesser extent, byDiesel oil, distillate, and tractor fuel.
The increase in the number of Diesel electric locomotivesin use over prewar has been the sharpest relatively of anyof the important types of petroleum-consuming equipment.Production of Diesels was maintained during the warbecause of the acute need for railroad motive power. Thus,the number of Diesels in use on class I roads at the end of1947 was 5,772 as compared with 525 in use at the closeof 1939. Whereas before the war, Diesels were used toa large extent in yard-switching service, the war and postwartrend has been to freight and passenger service.
Although the growth of Diesel fuel in recent years hasbeen spectacular, its importance in the total railway fuel-oilpicture should be viewed in perspective. Residual fuel oilused by locomotives in 1947 was more than five times theamount of total Diesel fuel used.
Materials Shortages Limit Supplies
While the heavy demand for petroleum has brought fortha large expansion in the production of both crude andrefined products, supply problems have been acute, partic-ularly as they affect crude where shortages of materials,especially steel, have continued to limit production. Theaverage number of wells drilled during the years 1942-45was only 75 percent of the 1939-41 average; in 1947 welldrillings were estimated at 10 percent above the 1939-41average and fractionally higher than the earlier peak ofabout 33,000 drilled in 1937.
The expansion of refinery capacity has also been restrictedby lack of materials, but here shortages have been local incharacter. As of end of March dates, crude oil refiningcapacity rose from 4.9 million barrels daily in 1946 to 5.8million in 1948, not including capacity of a small number ofrefineries which were completely shut down. A large partof this expansion came not from, new construction but froma reorganization of existing facilities which has increased thecapacity for handling crude. In the first three months ofthis year refineries were running at 94 percent of capacity;this would indicate a very slight slack in refinery capacitywhich can be taken up by increased availability of crudesupplies, although operations are at full capacity in mostareas. In addition, a severe strain has been placed on trans-portation facilities by the record requirements of crude andrefined products, and lack of transportation has been responsi-ble for shortages in particular areas,
Natural Gas
The growth in natural-gas consumption since the prewarperiod has been made possible by the large expansion inplant and in interstate transmission facilities, particularlypipe lines. Since the end of the war the Federal PowerCommission has authorized gas companies to spend overthree-quarters of a billion dollars for these purposes.
Somewhat over one-fifth of total natural-gas consumptionis used in the domestic and commercial fields for heatingand cooking purposes, and it is here that growth has beenmost rapid. Preliminary estimates for 1947 put domesticconsumption at almost double the 1939 figure, while com-mercial consumption has risen by close to 150 percent overthe same period.
Almost 10 million residential customers were being servedby natural-gas utilities at the end of last year, or more than1 million above the number in December 1946 and 2.7million more than at the end of 1939. Users of manufacturedgas declined by more than a half million from December
1946 to December 1947. However, the number in thelatter period was about 1 million higher than in December1939. At the present time the number of manufactured- andnatural-gas residential customers is approximately equal,whereas at the end of 1939 approximately 2 million morecustomers were served manufactured gas. With the expan-sion of transmission facilities following the end of the warand increasing coal costs, gas utilities have tended to shiftfrom the manufactured to the natural product.
The increase in the use of gas for heating purposes hasbeen especially pronounced. The Gas Appliance Manufac-turers' Association estimates that domestic gas appliances inuse (for central heating systems) numbered 2.3 million at theend of 1947, or almost double the figure at the end of 1940.
Chart 4.—Indexes of Fuel Efficiency
INDEX, 1939 = 100125
100
75
50
25
• POUNDS OF PiG IRON ANDFERRO-ALLOYS PER POUNDOF COAL.
•FREIGHT TON-MILES ANDPASSENGER TRAIN CAR-MILESPER POUND OF COAL. 1> 2J
• KILOWATT-HOURS PRODUCEDIN ELECTRIC UTILITIES PERPOUND OF COAL. U
0 I I I I I M I I I I I I M I I I I I I I I I I I I I I I 1
1920 1925 1930 1935 1940 1945 1950U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1 Pounds of coal in the railroad and electric utilities indexes represent all fuels consumed,converted to their coal equivalent.
2 The weights used to combine freight ton-miles per equivalent pound of coal consumed infreight service and passenger train car-miles per equivalent pound of coal consumed in pas-senger service were tons of coal consumed in each class of service for Class I railroads in 1929.
Sources: Basic data, U. S. Department of the Interior, Bureau of Mines; indexes, U. S.Department of Commerce, Office of Business Economics.
Natural Gas in Favorable Price Position
The favorable price position of natural gas relative toprices of coal and oil in the postwar years has abetted thegrowth in consumption, especially in the industrial field.It may be pointed out that the competition between gas andfuel oil is more widespread than between gas and coal, sinceboth are produced in approximately the same areas. How-ever, with the further extension of pipe lines to the industrialNortheast, competition with coal is being intensified.
As an example of the impact of rising fuel prices, cost datafor electric utilities may be cited. For a group of electricutilities using coal, fuel costs per thousand kilowatt-hoursrose 71 percent from 1939 to 1947. For a group of utilitiesusing natural gas, unit fuel costs decreased 9 percent.3
New Pattern of Fuel Prices
Not only have fuel prices risen together with the generallevel of prices during the postwar period, but the pattern offuel prices has undergone a marked transformation, espe-cially in the past year and a half.
As shown in chart 4, the recent changes are striking in3 Data are based on reports filed by a representative sample of electric utilities with the
Federal Power Commission.
(Continued on p. 30)
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oData on ike I /aftonaf Oc<onom
National Income and Product Statisticsof the United States,1944 - 47
Detailed statistics of the nationalincome, national product, and relatedseries for the year 1947 which havebeen completed by the Office of Busi-ness Economics are presented in thisissue. These 1947 estimates are anextension of the series covering theperiod 1929 to 1946 which were pub-lished in the special NATIONAL IN-COME SUPPLEMENT to the July 1947SURVEY OF CURRENT BUSINESS.
i,LN ADDITION to the statistics for 1947, this reportincorporates revisions of many of the series for the years1944 to 1946. It was pointed out in the NATIONAL INCOMESUPPLEMENT that such revisions would occur as morecomplete and accurate source materials become available.During the past year, for example, we have received suchlater basic data as final Statistics of Income tabulations ofcorporate income-tax returns for 1944 and 1945, final tabu-lations for 1946 of wages and employment covered by stateunemployment insurance laws, financial statistics of stateand local governments for 1946, and agricultural data morefully adjusted to the 1945 Census oj Agriculture, as well asrevised information on construction activity inventories, andretail sales.
The tables in the present report replace all previouslypublished annual, quarterly, and monthly series for the years1944 to 1947. Quarterly and monthly estimates thus faravailable for 1948 are shown on pages S-l and S-7 of thisissue of the SURVEY, and the statistics for the second quarterof this year will be presented and analyzed as usual in the
This article has been prepared by the National Income Division,Office of Business Economics.
12
forthcoming August issue. The first-quarter estimates ofcorporation profits are shown herein on page S-l.
The present report is intended to be used in conjunctionwith last year's NATIONAL INCOME SUPPLEMENT. Descrip-tions and definitions of the various series have not beenrepeated. For economy of space the many footnotes ac-companying last year's tables have also been omitted, but itshould be understood that these footnotes apply equally tothe current estimates. Use of the present tables withoutreference to the NATIONAL INCOME SUPPLEMENT may, there-fore, lead to misunderstanding or misuse of the data. Fornew subscribers or others who have not yet secured this basicreference source, copies may be obtained as indicated on thefollowing page.
The income and expenditure accounts for the various sec-tors of the economy, shown in the NATIONAL INCOME SUP-PLEMENT for the year 1939, are here presented for 1947 intables I to VI. All the data necessary to construct theseaccounts for the years 1944 to 1946 are presented in the tableswhich follow.
The numbering and stubs of the various tables correspondto those used in the SUPPLEMENT. This should ease the in-convenience of referring to two sources to obtain continuousseries covering the period since 1929. For added conveni-ence, the summary tables for national income, gross nationalproduct, and personal income (tables 1 to 3) are reproducedfor the entire period.
A limitation of the 1947 estimates of pay rolls and em-ployment in manufacturing should be noted. Adoption ofthe new Standard Industrial Classification for manufactur-ing industries by the Social Security Administration, effec-tive with its 1947 tabulations, has destroyed comparabilitywith past statistics for a number of the industry groups.The estimates presented here have been adjusted to conformwith the National Income Division classification, and there-fore with the data for earlier years, by the use of collateralinformation; but for several of the manufacturing industriesthe 1947 estimates are subject to an unusual margin of possi-ble error.
A discussion of economic developments in 1947 cast in theframework of the national income and product accounts waspublished in the February 1948 Annual Review Number ofthe SURVEY, and similar discussions of developments eachquarter-year are regularly presented throughout each year.
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July 1948 SURVEY OF CURRENT BUSINESS
LIST OF TABLES
13
National Income and Product Accounts
PAGEI. National Income and Product Account, 1947 14
II. Consolidated Business Income and Product Account, 1947 __ 14III. Consolidated Government Receipts and Expenditures
Account, 1947 14
PAGEIV. Rest-of-the-World Account, 1947 15V. Personal Income and Expenditures Account, 1947 15
VI. Gross Saving and Investment Account, 1947 15
7.8.9.
10.11.
12.13.14.15.16.17.
18.
19.
20.21.22.23.24.
25.
26.
Statistical Tables
National Income by Distributive Shares, 1929-47 16Gross National Product or Expenditure, 1929-47 16Personal Income and Disposition of Income, 1929-47 16Relation of Gross National Product, National Income, and
Personal Income, 1944-47 17Sources and Uses of Gross Saving, 1944-47 17Liquid Saving Estimates of the Securities and Exchange Com-
mission and their Reconciliation with Personal Saving Esti-mates of the Department of Commerce, 1944-47 17
Consolidated Business Income and Product, 1944-47 17Government Receipts, 1944-47 17Government Expenditures, 1944-47 18Social Insurance Funds, 1944-47 18Transactions of the Rest of the World with the United States,
1944-47 18National Income by Legal Form of Organization, 1944-47 18National Income by Industrial Origin, 1944-47 19Wages and Salaries, by Industry, 1944-47 19Supplements to Wages and Salaries, by Industry, 1944-47 19Income of Unincorporated Enterprises, by Industry, 1944-47. _ 19Corporate Income before Federal and State Income and Excess
Profits Taxes, by Industry, 1944-47 20Federal and State Corporate Income and Excess Profits Tax
Liability, by Industry, 1944-47 20Corporate Income after Federal and State Income and Excess
Profits Taxes, by Industry, 1944-47 20Net Corporate Dividend Payments, by Industry, 1944-47 20Undistributed Corporate Income, by Industry, 1944-47 21Inventory Valuation Adjustment, by Industry, 1944-47 21Net Interest, by Industry, 1944-47 21Number of Full-time Equivalent Employees, by Industry,
1944-47 22Average Number of Full-time and Part-time Employees, by
Industry, 1944-47 22Average Annual Earnings per Full-time Employee, by Indus-
try, 1944-47 22
27. Number of Active Proprietors of Unincorporated Enterprises,by Industry, 1944-47 23
28. Number of Persons Engaged in Production, by Industry,1944-47 23
29. Corporate Sales, by Industry, 1944-47 2330. Personal Consumption Expenditures, 1944-47 2431. New Construction Activity, 1944-47 2532. Producers' Durable Equipment, 1944-45 2533. Net Change in Business Inventories, 1944-47 2534. Supplements to Wages and Salaries, 1944-47 2535. Employee Contributions for Social Insurance, by Type,
1944-47 2636. Transfer Payments, 1944-47 2637. Monetary and Imputed Interest, 1944-47 2638. Reconciliation of Department of Commerce Estimates of
Corporate Profits with Bureau of Internal Revenue Tabu-lations, 1944-45 26
39. Major Items of Personal Income and Personal ConsumptionExpenditures in Kind, 1944-47 26
40. National Income by Distributive Shares, Quarterly, 1944-47__ 2741. National Income by Distributive Shares, Seasonally Adjusted
Quarterly Totals at Annual Rates, 1944-47 2742. Gross National Product or Expenditure, Quarterly, 1944-47__ 2743. Gross National Product or Expenditure, Seasonally Adjusted
Quarterly Totals at Annual Rates, 1944-47 2844. Disposition of Personal Income, Quarterly, 1944-47 2845. Disposition of Personal Income, Seasonally Adjusted Quar-
terly Totals at Annual Rates, 1944-47 2846. Relation of Gross National Product, National Income, and
Personal Income, Quarterly, 1944-47 2847. Relation of Gross National Product, National Income, and
Personal Income, Seasonally Adjusted Quarterly Totals atAnnual Rates, 1944-47 29
48. Personal Income, Seasonally Adjusted Monthly Totals at An-nual Rates, 1944-47 29
National Income and Gross National Product Series, 1929—47
THE JULY 1948 issue of the SURVEY OF CURRENTBUSINESS provides the latest National Income andProduct data covering the years 1944-47. This pres-entation gives to subscribers the currently officialfigures on fundamental measures of the nationaleconomy.
For completely revised series back to 1929, withdetail for all component segments, reference should bemade to the previously published NATIONAL INCOMESUPPLEMENT to the SURVEY OF CURRENT BUSINESS.
The SUPPLEMENT contains, in addition to extensivestatistical tables incorporating the revisions, an ex-planation of important changes in fundamental conceptsand procedures underlying the data. That publicationfurnishes to business managers and analysts, economists,
and students the basic data to which all subsequentlypublished national income and gross national productfigures are related.
The National IncomeSupplement TO THE
P R I C E 25cSurvey of Current Business
Available from the Superintendent of Documents, GovernmentPrinting Office, Washington 25, D. C., or from your nearest De-partment of Commerce Field Office.
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14 SUEVEY OF CURRENT BUSINESS July 1948
Table I.—National Income and Product Account, 1947
[Millions of dollars]
Compensation of employees:Wages and salariesSupplements
Income of unincorporated enterprises and inventory valua-tion adjustment
Rental income of personsCorporate profits and inventory valuation adjustment:
Corporate profits before tax:Corporate profits tax liabilityCorporate profits after tax:
DividendsUndistributed profits
Inventory valuation adjustmentNet interestNational incomeIndirect business tax and nontax liabilityBusiness transfer paymentsStatistical discrepancyLess: Subsidies minus current surplus of Government
enterprisesCharges against net national productCapital consumption allowances
CHARGES AGAINST GROSS NATIONAL PRODUCT.
122, 1595,342
38, 8667, 131
11, 709
6,88011, 195-5,0754, 293
202, 50018, 488
612-3, 389
-126218, 33713, 299
231, 636
Personal consumption expendituresGross private domestic investmentNet foreign investmentGovernment purchases of goods and services.
164, 75530, 0318,898
27, 952
GROSS NATIONAL PRODUCT. 231, 636
Table II.—Consolidated Business Income and Product Account, 1947
[Millions of dollars]
Compensation of employees:Wages and salaries:
DisbursementsExcess of accruals over disbursements
Supplements:Employer contributions for social insuranceOther labor income
Income of unincorporated enterprises and inventoryvaluation adjustment
Rental income of personsCorporate profits before tax and inventory valuation
adjustment:Corporate profits before tax:
Corporate profits tax liabilityCorporate profits after tax:
DividendsUndistributed profits
Inventory valuation adjustmentNet interestIncome originatingIndirect business tax and nontax liabilityBusiness transfer paymentsStatistical discrepancyLess: Subsidies minus current surplus of Government
enterprisesCharges against net productCapital consumption allowances
CHARGES AGAINST BUSINESS GROSS PRODUCT. _
102, 0140
2,4831,629
38, 8667, 131
11, 709
6,64310, 793
-5, 0753, 154
179, 34718, 488
612-3,389
-126195, 184
13, 090
208, 274
Consolidated net sales:To consumersTo governmentTo business on capital account-To abroad
Change in inventories
158, 00811, 33929, 4138,896618
BUSINESS GROSS PRODUCT. 208, 274
Table III.—Consolidated Government Receipts and Expenditures Account, 1947
[Millions of dollars]
Purchases of goods and services:Purchases of direct services:
Compensation of employees:Wages and salariesSupplements:
Employer contributions for social in-surance
Other labor incomeIncome originating and net and gross product _ .
Net purchases from businessNet purchases from abroad
Transfer paymentsNet interest paidSubsidies minus current surplus of government enterprises.,
GOVERNMENT EXPENDITURES
15, 571
1,020172
16, 76311, 339-150
11, 0644,439-126
43, 329
Personal tax and nontax receiptsCorporate profits tax accrualsIndirect business tax and nontax accrualsContributions for social insurance:
Employee contributionsEmployer contributions:
BusinessGovernmentHouseholds and institutions
Deficit (+) or surplus (—) on income and product trans-actions
GOVERNMENT RECEIPTS AND DEFICIT.
21, 62111, 70918, 488
2,068
2, 4831,020
17
-14, 077
43, 329
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July 1948 SUEVEY OF CUREENT BUSINESS 15
Table IV.—Rest of the World Account, 1947[Millions of dollars]
Net payments of factor income to the United States:Wages and salariesInterestDividendsBranch profitsIncome originating and net and gross product
Net purchases from the United States:From businessFrom governmentFrom persons
NET CURRENT PAYMENTS TO THE UNITEDSTATES
6208237402853
8,896150
-1,001
8,898
Net disinvestment in the United States.
NET DISINVESTMENT IN THE UNITED STATES.
8,898
8,898
Table V.—Personal Income and Expenditure Account, 1947[Millions of dollars]
Personal consumption expenditures:Purchases of direct services:
Compensation of employees:Wages and salaries paidSupplements paid:
Employer contributions for social in-surance
Other labor incomeInterest paidIncome originating in and net product of households
and institutionsInstitutional depreciationGross product of households and institutions
Net purchases from businessNet purchases from abroad
Personal tax and nontax paymentsPersonal saving ;
PERSONAL OUTLAY AND SAVING.
4,568
1721931
5,537209
5, 746158, 0081,001
21, 6218,822
195, 198
Wage and salary receipts:Disbursements by:
BusinessGovernmentHouseholds and institutionsRest of the world
Less: Employee contributions for social insurance.-.Other labor income:
BusinessGovernmentHouseholds and institutions
Income of unincorporated enterprises and inventoryvaluation adjustment
Rental income of personsDividendsPersonal interest incomeGovernment transfer paymentsBusiness transfer payments
PERSONAL INCOME.
102, 01415, 5714, 568
62,068
1,62917221
38, 8667, 1316,8808,73211, 064
612
195, 198
Table VI.—Gross Savings and Investment Account, 1947
[Millions of dollars]
Business purchases on capital accountChange in business inventoriesNet disinvestment in the United States by rest of worldGovernment deficit (+) or surplus (—) on income and
product transactions
GROSS INVESTMENTDEFICIT
AND GOVERNMENT
29, 413618
-14,077
24, 852
Excess of wage accruals over disbursementsUndistributed corporate profits (domestic)Corporate inventory valuation adjustmentStatistical discrepancyCapital consumption allowances by private business-Foreign branch profits (net)Institutional depreciationPersonal saving
GROSS PRIVATE SAVING.
010, 793-5,075-3,38913, 090
402209
8,822
24, 852
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16 SURVEY OF CURRENT BUSINESS July 1948
Table 1.—National Income by Distributive Shares, 1929-47[Millions of dollars]
National income
Compensation of employeesWages and salaries _
PrivateMilitaryGovernment civilian
Supplements to wages and salariesEmployer contributions for social
insuranceOther labor income
Income of unincorporated enterprises andinventory valuation adjustment ._
Business and professionalIncome of unincorporated enterprises. __Inventory valuation adjustment
Farm. .__Rental income of personsCorporate profits and inventory valuation
adjustment .Corporate profits before tax..
Corporate profits tax liabilityCorporate profits after tax
Dividends _.Undistributed profits
Inventory valuation adjustmentNet interest
1929
87, 355
50, 78650, 16545, 206
3124,647
621
101520
13, 9278, 2628,120
1425,6655,811
10, 2909, 8181,3988,4205,8232,597
4726,541
1930
75, 003
46, 51545, 89440, 720
3154,859
621
106515
10, 9637, 0326,277
7553, 9314,786
6,5633,303
8482, 4555, 500
-3, 0453,2606,176
1931
58, 873
39, 47038, 88633, 607
3084,971
584
111473
8,2145,3164,705
6112,8983,620
1,631-783
500-1, 283
4.098-5, 381
2,4145,938
1932
41,690
30, 82630, 28425, 297
2954,692
542
126416
4,9213,2062,911
2951,7152,508
-1, 995-3, 042
382-3, 424
2, 574-5, 998
1,0475,430
1933
39, 584
29, 33028, 82523,660
2704,895
505
133372
5,2072, 9253,450-5252,2822,018
-1, 981162524
-3622,066
-2, 428-2, 143
5,010
1934
48, 613
34, 06733, 52027, 420
2715,829
547
147400
6,6034,2764,330
2,3272,095
1,0981,723
746977
2,596-1,619
—6254,750
1935
56, 789
37, 10736,50829, 984
3066,218
599
171428
9, 8584, 9875,037-50
4,8712,288
2,9973,224
9652,2592,872-613-2274,539
1936
64, 719
42, 67541, 75433, 866
3387, 550
921
418503
9,9426,0746,194-1203,8682,682
4,9465,6841,4114, 2734, 557-284-7384,474
1937
73, 627
47,69645, 94838, 432
3587,1581,748
1,234514
12,2496, 6306,659-29
5, 6193,140
6.1666, 1971,5124,6854,693
-8-31
4,376
1938
67, 375
44, 74742, 81234, 564
3707,8781,935
1,423512
10, 7686,3476,126
2214,4213,278
4,2923,3291,0402,2893,195—906
9634,290
1939
72, 532
47, 82045, 74537, 519
3987,8282,075
1,540535
11,2826,7766,942-1664,5063, 465
5,7536, 4671,4625, 0053,7961,209-7144,212
1940
81, 347
51,78649, 58741, 130
5917,8662,199
1,624575
12,6607,7207,772-52
4,9403,620
9,1779,3252,8786,4474,0492,398-1484,104
1941
103, 834
64, 28061, 70851, 5371,8628,3092,572
1,983589
16, 5049,566
10, 210-6446, 9384,322
14, 61517,2327,8469,3864,4654,921
-2, 6174,113
1942
136, 486
84, 68981, 68165, 6286,2859,7683,008
2,302706
22, 72412,11212,464-352
10,6125,371
19, 82421, 09811, 6659,4334,2975,136
-1, 2743,878
1943
168, 262
109, 102105, 53778, 67114, 47812, 3883,565
2,677888
25, 95114, 12814, 266-138
11,8236,150
23, 69224, 51614, 15310, 3634,4775,886-£243,367
1944
182, 407
121, 119116, 88283, 33320,70612, 8434,237
2,9351,302
27, 37015, 43515, 486
-5111, 9356,735
24, 03924, 33313, 52510, 8084,6806,128-2943,144
1945
181, 731
122, 908117, 55682, 04622, 47613, 0345,352
3,8031,549
29, 05116,79116, 853
-6212, 2606,991
19, 77620, 38911, 6418,7484,7204,028-6133,005
1946
179, 289
117, 294111, 71091,0167,761
12, 9335,584
3,9511,633
35, 06420, 43621,815
-1,37914, 6286,702
16, 81221, 8409,000
12, 8405, 6057,235
-5,0283,417
1947
202, 500
127, 501122, 159104, 727
3,87613, 5565,342
3,5201,822
38, 86623,21624, 334-1, 16815, 6507,131
24, 70929,78411, 70918, 0756, 880
11, 195-5, 075
4, 293
Table 2.—Gross National Product or Expenditure, 1929-47[Millions of dollars]
Gross national product
Personal consumption expendituresDurable goods _Nondurable goodsServices. ._
Gross private domestic investment.New construction _Producers' durable equipmentChange in business inventories
Net foreign investmentGovernment purchases of goods and ser vices. _ _
FederalWar . .NonwarLess.' Government sales
State and local
1929
103, 828
78, 7619,362
37, 74231, 65715, 8247, 8246,4381,562
7718,4721,311
} 1,34433
7,161
1930
90, 857
70, 7897,275
34, 05229, 46210, 2095,5664,926-283
6909,1691,4101,432
227,759
1931
75, 930
61, 1535,569
28, 95526, 6295,3623,5613,162
-1,361197
9,2181,5371,549
127,681
1932
58, 340
49, 2083,694
22, 74322, 771
8861,6681,781
-2, 563169
8,0771,4801,484
46,597
1933
55, 760
46, 3463,503
22, 25420, 5891,3061,1421,783
-1,619150
7,9582,0182,022
45,940
1934
64, 868
51, 8824,255
26, 73220, 8952,8071,4202,531
-1, 144429
9,7502,9912,997
66,759
1935
72, 193
56, 2155,158
29, 37721, 6806,1461,8903,351
905-54
9,8862,9312,935
46,955
1936
82,483
62, 5156,374
32, 88723, 2548,3182,7834,5311, 004-93
11, 7434,8154,818
36,928
1937
90, 213
67, 1217,005
35, 23224, 88411, 4403,6875,4442,309
6211, 5904,5524,557
57,038
1938
84, 683
64, 5135,754
34, 03224, 7276,3113,3093,975
9731,109
12, 7505,2805,286
67,470
1939
90, 426
67, 4666,729
35, 25825, 4799,0043,9864,577
441888
13, 0685,157
f 1, 258\3, 908
97,911
1940
100, 477
72, 0527,854
37, 59426, 60412, 9834,6006,1082,2751,509
13, 9336,1702,2233,956
97,763
1941
125, 294
82, 2559,750
43, 96028, 54517, 2115,6617,6763,8741,124
24, 70416, 92313, 7943,173
447,781
1942
159, 628
90, 8356,845
52, 96231, 0289,3303,2124,7021,416-207
59, 67052, 02749, 5672,664
2047,643
1943
192, 573
101, 6266,515
61, 20533, 9064,5912,0103,761
-1, 180-2, 24588, 60181, 22380, 3841,480
6417,378
1944
212, 231
111, 4016,890
67, 47337, 0386,3952,3475,402
-1,354-2, 09996, 53489, 00688, 6151,5521,1617,528
1945
213, 429
122, 8308,254
75, 36739, 2099,2443,3147,272
-1,342-1, 43882, 79374, 79675, 9231,0312,1587,997
1946 1947
209, 266 231, 636
147,36316, 24287, 47843, 64326, 4588,903
12, 7844,7714,672
30, 77320, 79221, 1842,4692,8619,981
164, 75520, 96396, 48747, 30530, 03111, 66217, 731
6188, 898
27, 9i>215, 6: 6
}l6, 9261,310
12, 336
Table 3.—-Personal Income and Disposition of Income, 1929—47[Millions of dollars]
Personal income
Wage and salary receiptsTotal employer disbursementsLess: Employee contributions for social insur-
anceOther labor income _ _ __Proprietors' and rental incomeDividends
Transfer paymentsLess1 Personal tax and nontax payments
FederalState and local
Equals: Disposable personal incomeLess: Personal consumption expendituresEquals: Personal saving
1929
85, 127
50,02350, 165
142520
19, 7385,8237 5241,4992,6431,2631,380
82, 48478, 7613,723
1930
76, 195
45, 74745, 894
147515
15,7495,5007,1401,5442,5071,1341,373
73, 68870, 789
2, 899
1931
64, 835
38, 73538, 886
151473
11, 8344,0987,0222,6731,858
6071,251
62, 97761, J531,824
1932
49, 274
30, 13230, 284
152416
7,4292, 5746,5712,1521, 455
3311,124
47, 81949,208
-1,389
1933
46, 629
28, 67328, 825
152372
7,2252,0666,1802,1131,464
474990
45, 16546, 346
— 1, 181
1934
53, 230
33, 36333, 520
157400
8,6982,5965,9802,1931,595
5951,000
51, 63551, 882-247
1935
59, 861
36, 34636,508
162428
12, 1462,8725,6802,3891,888
8271,061
57, 97356, 2151,758
1936
68, 353
41, 57441, 754
180503
12, 6244,5575, 5753,5202,2581,1301, 128
66, 09562,5153,580
1937
73, 976
45, 38245, 948
566514
15, 3894,6935,5802,4182,9211,7231,198
71, 05567, 1213, 934
1938
68, 327
42, 25842, 812
554512
14, 0463,1955, 4822, 8342,8621, 6351,227
65, 46564, 513
952
1939
72, 607
45, 14945, 745
596535
14, 7473,7965,4172, 9632,4401,2351,205
70, 16767, 4662,701
1940
78, 347
48, 92949, 587
658575
16, 2804,0495,3953,1192,6041,3641,240
75, 74372, 0523,691
1941
95, 308
60, 90761, 708
fOl589
20, 8264,4655,4023,1193, 2932,0161,277
92, 01582, 2559,760
1942
122, 159
80, 51581, 681
1,166706
28, 0954,2975,3953,1515,9624,6681,294
116, 19790, 83525, 362
1943
149, 432
103, 489105, 328
1,839888
32, 1014,4775,5072,970
17, 81516, 5171,298
131,617101, 62629, 991
1944
164, 500
114, 839117,075
2,2361, 302
34, 1054,6805,9473,627
18, 92617, 5361,390
145, 574111, 40134, 173
1945
170, 339
115, 208117,542
2,3341.549
36, 0424,7206,6706,150
20, 90919, 3791,530
149, 430122, 83026, 600
1946
178, 054
109, 754111, 740
1,9863,633
41, 7665,6057,883
11,41318, 87817, 1621,716
159, 176147, 36311, 813
1947
195, 198
120, 091122, 159
2, 0681, 822
45, 9S76, 8SO8,732
11,67621, 62119,6611, 960
173, 577164, 755
8,822
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SUEVEY OF CUKEENT BUSINESS 17Table 4.—Relation of Gross National Product, National Income,
and Personal Income, 1944-47[Millions of dollars]
Table 7.—Consolidated Business Income and Product, 1944-47
[Millions of dollars]
Gross national productLess: Capital consumption allowances _ _ _ _ _ _
Depreciation chargesAccidental damage to fixed capitalCapital outlays charged to current expense
Equals: Net national productPlus: Subsidies minus current surplus of government
enterprisesLess: Indirect business tax and nontax liability ..
Business transfer paymentsStatistical discrepancy ... .__ _ _
Equals: National incomeLess: Undistributed corporate profits _..
Corporate profits tax liabilityCorporate inventory valuation adjustment- - _Contributions for social insuranceExcess of wage accruals over disbursements
Plus: Net interest paid by governmentGovernment transfer paymentsBusiness transfer payments
Equals: Personal income
1944
212 23111, 87610 573
360943
200, 355
70514, 021
5454,087
182, 4076,128
13 525-2945,171-1932,8033,082
545164 500
1945
213 42912, 39510 870
3811,144
201, 034
83515, 625
5323,981
181, 7314,028
11,641-6136,137
143,6655,618
532170 339
1946
209 26611, 8269 506
4161,904
197, 440
93517, 529
578979
179, 2897,2359,000
-5,0285,937-30
4,46610, 835
578178, 054
1947
231 63613, 29910, 480
5572,262
218, 337
-12618, 488
612-3, 389202, 50011, 19511, 709-5, 075
5,5880
4,43911, 064
612195, 198
Table 5.—Sources and Uses of Gross Savings, 1944-47[Millions of dollars]
Gross private savingPersonal savingUndistributed corporate profitsCorporate inventory valuation adjustmentBusiness depreciation chargesInstitutional depreciation _ - _ _ _ _Accidental damage to fixed business capitalCapital outlay charged to current expenseExcess of wage accruals over disbursementsStatistical discrepancy _ __
Gross InvestmentGross private domestic investmentNet foreign investment
Government deficit (+) or surplus (— ) on income andproduct transactions
Federal- . __ __ . .State and local
1944
55, 77734, 1736,128-294
10, 373200360943
-1934,0874,2966,395
-2, 099
51,48153, 994
-2, 513
1945
46, 40526 6004,028-613
10, 667203381
1,14414
3,9817,8069,244
-1,438
38, 59941,358
-2, 759
1946
26, 79511,8137,235
-5, 0289,300
206416
1,904-30979
31, 13026, 4584,672
-4, 335-2, 188-2, 147
1947
24, 8528 822
11, 195-5, 07510, 271
209557
2,2620
-3, 38938, 92930, 0318,898
-14,077-12,999-1,078
Table 6.—Liquid Saving Estimates of the Securities and ExchangeCommission and Their Reconciliation With Personal SavingEstimates of the Department of Commerce, 1944-47
[Billions of dollars]
Liquid saving (S. E. C. estimates) *Currency and bank deposits _Savings and loan associationsInsurance and pension reserves
PrivateGovernment *• .. -
SecuritiesU. S. Government ...State and local governmentsCorporate and other __ _.
Liquidation of mortgage debt on nonfarm dwell-ings .
Liquidation of debt, not elsewhere classifiedAdjustments of liquid saving to Department of Com-
merce personal saving conceptOn account of persons other than unincorporated
enterprices :Net purchases of nonfarm residencesNew construction by nonprofit institutions. ._Less* DepreciationLess: Increase in Government insurance and
pension reservesOn account of unincorporated enterprises other
than farms:Increase in inventories .New construction and producers' durable
equipmentLess* DepreciationLess: Increase in net payables to banksLess: Increase in net payables to other cor-
porations and financial intermediariesOn account of farms:
Increase in inventoriesNew construction and producers' durable
equipmentLess* Depreciation . -Less: Increase in farm holdings by corpora-
tions and financial intermediariesLess: Increase in mortgage debt to corpora-
tions and financial intermediariesLess: Increase in other debt to corporations
and financial intermediariesEquals: Liquid saving plus adjustments to personal
saving concept -Personal savingDifference due to errors and omissions _
1944
41.3117.49
828.153 214.94
14 9115.79—.11—.77
.13-.20
-6.61
.75
.061.91
4.94
.27
.781.20.04
.18
—.55
1.621.75
—.11
-.38
.01
34.7034.17
.53
1945
36.9218.991.068.553.465.099 64
10.51— 21-.66
-.24-1.09
-7.02
.73
.111.93
5.09
.09
1.561.07.44
.90
—.36
1.541.94
—.08
—.23
-.37
29.9026.603.30
1946
13.7411.901.186.873.433.44.26.25
—.37.38
—3.31—3.16
-.70
3.08.39
2.01
3.44
1.05
3.621.111.27
1.01
-.26
2.522.12
-.06
-.01
.21
13.0411.811.23
1947
8.093.001.166.703.343.353 922.61.28
1.03
-3.80-2.88
—1.02
4.81.48
2.12
3.35
.57
4.151.191.13
1.24
—2.12
3.502.54
-.02
.03
.83
7.078.82
-1.75
Business gross productConsolidated net sales
To consumers- _ _ __To governmentTo business on capital account ..To abroad
Change in inventories _Charges against business gross product
Income originating in business _ . -Compensation of employees
Wages and salariesDisbursementsExcess of wage accruals over disburse-
mentsSupplements to wages and salaries _ _
Employer contributions for social insur-ance
Other labor incomeIncome of unincorporated enterprises and inven-
tory valuation adjustment _ _Business and professional
Income of unincorporated enterprisesInventory valuation adjustment
FarmRental income of personsCorporate profits and inventory valuation adjust-
mentCorporate profits before tax
Corporate profits tax liabilityCorporate profits after tax _ _.
DividendsUndistributed profits - _ _
Inventory valuation adjustmentNet interest
Adjustments to business net product . _Indirect business tax and nontax liabilityBusiness transfer payments. _ -Statistical discrepancy _ _Less: Subsidies minus current surplus of govern-
ment enterprises _ _ -Capital consumption allowances
1944
174, 727176, 081106, 00662, 7487,749-422
-1, 354174, 727145, 10384, 76881, 26281, 455
-1933,506
2,3131,193
27, 37015, 43515, 486
-5111, 9356,735
23, 74624, 04013, 52510, 5154, 5775,938-2942,484
17, 94814, 021
5454,087
70511, 676
1945
172, 652173, 994116, 85446, 00110, 586
553-1, 342172, 652141, 15783, 25479, 74179, 727
143,513
2,1271,386
29,05116, 79116, 853
-6212, 2606,991
19, 54820,16111, 6418,5204,6453,875-6132,313
19, 30315, 625
5323,981
83512, 192
1946
182, 836178, 065141, 39910, 91721, 6874,0624,771
182, 836153, 06592, 36588, 74588,775
—303,620
2,1151,505
35, 06420,43621, 815
-1, 37914, 6286,702
16, 37521, 4039,000
12, 4035,4676,936
-5, 0282,559
18, 15117, 529
578979
93511, 620
1947
208, 274207, 656158, 00811, 33929, 4138,896
618208, 274179, 347106, 126102, 014102, 014
04,112
2,4831,629
38, 86623, 21624, 384-1, 16815, 6507,131
24, 07029, 14511, 70917, 4366, 643
10, 793-5, 075
3,15415, 83718, 488
612-3, 389
-12613, 090
Table 8.—Government Receipts, 1944-47
[Millions of dollars]
Total receipts .
FederalPersonal tax and nontax receipts before refunds __
Income taxes... ... .. _Estate and gift taxesOther taxesNontaxes
Less* Tax refundsEquals: Personal tax and nontax receipts .Corporate profits tax accrualsIndirect business tax and nontax accruals before
refundsExcise taxes
Liquor _TobaccoOther . ._
Customs dutiesCapital stock taxNontaxes
Less* Tax refundsEquals: Indirect business tax and nontax accruals-Contributions for social insurance
State and localPersonal tax and nontax receipts
Income taxes _Death and gift taxesMotor vehicle licensesProperty taxes. _ _ _Other taxes _ _ _Nontaxes
Corporate profits tax accrualsIndirect business tax and nontax accruals
Sales taxes . . . .GeneralGasoline. _ _ _ _ _ _ . _.LiquorTobacco _ _
Motor-vehicle licensesProperty taxes _ _Other taxesNontaxes
Contributions for social insuranceFederal grants-in-aid
1944
51, 643
41, 58817, 88017, 133
56574
108344
17, 53613, 066
6,2265,2572,083
9252,249
37837221955
6,1714,815
11, 0021,390
33912418414487
512459
7,8501,864
745673289157229
4,453979325356947
1945
54, 312
43, 45920, 71019, 848
66381
1181,331
19, 37911, 194
7,1806,2142,3701,0342,810
39735321652
7,1285,758
11,7231,530
374142190152110562447
8,4972,106
816777344169242
4,7501,040
359379870
1946
51, 344
39, 08118, 81517,987
7341
931,653
17, 1628,534
7,9757,2672,6911,2193,357
503
20579
7,8965,489
13, 3711,716
378154206160133685466
9,6332,7251,0531,043
410219288
4,9891,196
435448
1,108
1947
57, 406
43, 86521, 33520, 446
829
601,674
19, 66111, 224
7,9507,2972,3301,2673,700
436
21772
7,8785,102
15, 2651,960
442177233166156786485
10, 6103,2551,3221, 271
399263325
5,1931, 317
520486
1,724
1 Excludes Armed Forces Leave bonds which amounted to $600 million and $160 millionin 1946 and 1947, respectively.
Source: Securities and Exchange Commission.794877—48 3
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
18 SURVEY OF CURRENT BUSINESS July 1948
Table 9.—Government Expenditures, 1944-47
[Millions of Dollars]
Table 12.—National Income by Legal Form of Organization, 1944-47
[Millions of dollars]
Total expendituresFederal _ _ . _ _ . _ _ _ _ _ _ _
Purchases of goods and servicesC ompensation of employees _ _Net purchases from business
New Construction ___ __ _OtherLess: Domestic sales of surplus consump-
tion goods and materialsNet purchases from abroad
Purchases from abroadLess: Sales to abroad _ _
Transfer paymentsGrants-in-aid to State and local governmentsNet interest paid
Interest paid _ . _Less: Interest received
Subsidies less current surplus of government en-terprises
State and localPurchases of goods and services.. _
Compensation of employeesPurchases from business . _
New constructionOther -. -
Transfer paymentsNet interest paid
Interest paid ._ _ . _ _ _Less* Interest received
Less: Current surplus of government enter-prises
1944
103, 12495, 58289 00627, 97860 103
1,76158 551
209925
1 877952
1 838947
2 4203 262
842
1 3718 4897,5284 8832 645
5522,0931 244
383627244
666
1945
92, 91184, 81774, 79630, 52643 327
1,44042 309
422943
2 6791 7364 300
8703 3354 3351 000
1 5168 9647 9975 3232 674
6522 0221 318
330581251
681
1946
47, 00936, 89320, 79214,5297 256
9027 070
716—9931 1522 1459 2101,1084 1645 2171 053
1 61911 2249 9816 3203 6611 3032 3581 625
302566264
684
1947
43, 32930, 86615, 6169,1736 593
8655 986
258—150
9021 0528 8641,7244 1155 2301 115
54714 18712 3367 5904 7462 2192 5272 200
324598274
673
Table 10.—Social Insurance Funds, 1944-47
[Millions of dollars]
Federal:Contributions for social insurance
Employee contributionsEmployer contributions
Government and government enterprisesPrivate
Less* Transferred to general governmentEquals- Retained bv social insurance fundsPlus' Investment incomeEquals* Net receipts _Less' Benefit paymentsEquals1 Surplus (+) or deficit (— ) _ _
State and local:Contributions for social insurance
EmployeesEmployer (government and government enter-
prises)Less* Transferred to general governmentEquals- Retained by social insurance fundsPlus* Investment incomeEquals- Net receiptsLess: Benefit payments. _ _ _ _Equals' Surplus (+) or deficit (— ) _ _ _ _
1944
4,8152 0922,723
4452,278
1824,633
3654,998
6644,334
356144
2124
35278
430223207
1945
5,7582 1803,5781,4932,085
1995,559
4916,0501 3364,714
379154
2255
37482 '
456233223
1946
5 4891 7733 7161,6512 065
2565 233
6085 8412 3573 484
448213
2357
44187
528245283
1947
5 1021 8323 270
8382 432
1284 974
6675 6412 1403 501
486236
25010
47692
568277291
Table 11.—Transactions of the Rest of the World With the UnitedStates, 1944-47
[Millions of dollars]
Net current payments to the United StatesNet payments of factor income
Wages and salaries. _ _ _ _ .InterestDividends _ _ _ _Branch profits
Net purchases from the United States __ _ .Net purchases from United States business
Purchases from United States businessSales to United States business _ _ _ _ _ _
Net purchases from United States Government _ _Purchases from United States Government _ .Sales to United States Government
Net purchases from United States personsPurchases from United States personsSales to United States persons
Net capital movement to the United StatesLong-termShort-term _Change in gold stockErrors and omissions _ _Adjustment for United States territories and posses-
sions
1944
-2, 099423
12118103190
-2, 522—4223,8774,299-925
9521 877
—1,17545
1,2202,099
21356
1,350-37
409
1945
-1, 43836911
13075
153— 1, 807
5534,9844,431-9431,7362,679
—1,41794
1,5111,438
—1,3991,915
5488
366
1946
4,672611
7167138299
4,0614 0629,8445,782
9932,1451,152-994
1241,118
-4, 672—3, 603
-851-623
155
250
1947
8,898853
6208237402
8,0458 896
15, 7986,902
1501,052
902—1, 001
1451,146
-8, 898—7, 741
2-2, 163
1,004
National income
Income originating in business, totalCorporate business
• Compensation of employees -Wages and salaries
Compensation of corporate officersOther wages and salaries
Supplements to wages and salariesCorporate profits and inventory valuation adjust-
ment _ .Corporate profits before tax
Corporate profits tax liabilityCorporate profits after tax __ _ _
Inventory valuation adjustmentNet interest _ _ -
Sole proprietorships and partnershipsCompensation of employees
Wages and salariesSupplements to wages and salaries
Income of unincorporated enterprises and inven-tory valuation adjustment -_
Business and professionalIncome of unincorporated enterprisesInventory valuation adjustment
Farm __Net interest
Other private businessCompensation of employees
Wages and salaries . _ _ _ _ _ _Supplements to wages and salaries
Income of unincorporated enterprises— businessand professional
Rental income of personsNet interest
Government enterprisesCompensation of employees
Wages and salariesSupplements to wages and salaries
Income originating in general governmentCompensation of employees -
Wages and salariesSupplements to wages and salaries _ __ _ _ _
Employer contributions for social insurance- _Other labor income _ _ _
Income originating in households and institutionsCompensation of employees
Wages and salaries _.Supplements to wages and salaries
Employer contributions for social insurance. _Othp.r labor income
N e t interest - _ _ _ _Income originating in the rest of the world
Wages and salaries _ -_Corporate profits after tax _ _Net interest
1944
182, 407
145, 10394, 02269, 43166, 3603,759
62, 6013,071
23, 74624, 04013, 52510, 515-294
84540, 42712, 94812, 591
357
27, 20315, 26815, 319
-5111, 935
2769,232
96793928
1676,7351,3631,4221,4221,372
5032, 86132, 86132, 165
69660888
4,0203,4783,443
351421
542423
12293118
1945
181, 731
141, 15787, 01366, 72163, 6574,118
59, 5393,064
19, 54820, 16111, 6418,520-613
74443, 06113, 98713, 626
361
28, 86616, 60616, 668
-6212, 260
2089,5721,0351,003
32
1856,9911,3611,5111,5111,455
5635, 84935, 84934, 0441,8051,663
1424,3563,7943,760
341321
56236911
228130
1946
179, 289
153, 06588, 43671, 18868, 097
0)0)
3,091
16, 37521, 4039,000
12, 403-5, 028
87353, 07618, 05417, 628
426
34, 84520, 21721, 596
-1, 37914, 628
1779,7211,2911,256
35
2196,7021,5091,8321,8321,764
6820, 84920, 84918, 9231,9261,819
1074,7644,0734,035
381721
691611
7437167
1947
202, 500
179, 347107, 17581, 99778, 470
83,527
24, 07029, 14511, 70917, 436
-5, 0751,108
59, 55520, 76520, 285
480
38, 58222, 93224, 100-1, 16815, 650
20810, 6931,4401, 404
36
2847,1311,8381, 9241, 9241,855
6916, 76316, 76315, 5711,1921, 020
1725, f>374, 6064, 568
381721
031853
6(.39;>08
1 Data not available.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SUEVEY OF CUKEENT BUSINESS 19
Table 13.—National Income by Industrial Origin, 1944-47
Table 14.—Wages and Salaries, by Industry, 1944-47
Table 15.—Supplements to Wages and Salaries, by Industry, 1944-47
Table 16.—Income of Unincorporated Enterprises, by Industry, 1944-47
[Millions of Dollars]
All industries, total .
Agriculture, forestry and fisheriesFarmsAgricultural and similar service establishments.ForestryFisheries _ _
MiningMetal miningAnthracite miningBituminous and other soft coal miningCrude petroleum and natural gasNonmetallic mining
Contract constructionManufacturing
Food and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished fabric productsLumber and timber basic productsFurniture and finished lumber productsPaper and allied productsPrinting and publishing _Chemicals and allied productsProducts of petroleum and coalRubber products _ _Leather and leather productsStone, clay, and glass productsIron and steel and their products _ _Nonferrous metals and their productsMachinery (except electrical)Electrical machineryTransportation equipment except automobiles- _Automobiles and automobile equipment _Miscellaneous
Wholesale and retail tradeWholesale trade __Retail trade and auto services
Finance, insurance, and real estateBankingSecurity and commodity brokers, dealers and
exchangesFinance, n e eInsurance carriersInsurance agents and combination officesReal estate
TransportationRailroads __ _ __Local railways and bus linesHighway passenger transportation ___ _ __ _Highway freight transportationWater transportation _Air transport (common carriers)Pipe-line transportationServices allied to transportation
Communications and public utilitiesTelephone and telegraphRadio broadcastingUtilities: electric and gas.Local public services, n. e. c _ _ _
Services _ _ _ _ _Hotels and lodging placesPersonal servicesPrivate households __Commercial and trade schools and employment
agenciesBusiness services, n. e. c _Misc repair services and hand trades _ ._Motion picturesAmusement and recreation, except motion pic-
turesMedical and health servicesLegal servicesEngineering and other professional services,
n. e. c .Educational services, n. e. cReligious organizations _ _Nonprofit organizations, n. e. c
Government and government enterprises. _ _Federal — general government
Civilian, except work relief-Military __.Work relief
Federal — government enterprisesState and local — general government
Public education _ _Nonschool, except work reliefWork relief
State and local — government enterprises. ._Rest of the worldAddendum: All private industries ._
Table 13. — National income
1944
182, 407
14, 80514, 469
2173089
2,943417238
1,271793224
4,11860, 0555,040
2932,9592,5341,165
9871,3462,0543,3581,362
996863
1,1239,0521,8965,8403,722
12, 4801,4111,574
23, 8466,803
17, 04313, 2551,664
203266
1,022652
9,44811, 2066,955
571676
1,310857177147513
4,1011,676
1772,167
8113, 569
9121,9852,220
1471,065
718851
4522,2881,046
485539341520
34, 28327, 978
1,0824,883
340226
147, 898
1945
181, 731
15, 25514, 917
20334
1012,799
350219
1,206800224
4,21251, 9375, 155
2173,0152,6681,0891,0071,3482,2633,2401,334
939899
1,1287,4281,6495,0563,0907,7461,1241,542
26, 6197,452
19, 16713, 9641,865
299283
1,011698
9,80810, 5496,058
575692
1,398995193133505
4,3231,787
1892,261
8614, 5551,0032,1452,444
851,223
664889
5412,3961,135
536580354560
37, 36030, 526
1,1515,323
360158
144, 213
1946
179, 289
17, 97217, 585
22945
1133,007
329265
1,255883275
6,48848, 1255,566
2924,1133,2471,4471, 2531,7082,7073, 0971,6321,0291,0241,5245,8121,6894,4802,2921,8721,7591,582
33, 2258,823
24, 40215, 0462,184
299366
1,207910
10, 08010,3185,576
632777
1,681797236137482
4,9482,027
2122,611
9817, 1841,2262,6542,581
1021,554
8451,115
7412,7041,292
656678368668
22, 68114, 529
1,4106,320
422295
156, 313
1947
202, 500
19, 28718, 885
23247
1234,034
560281
1,7291, 123
3418,733
61,7156,469
3695,1003,6732,0531,4392,3483,0953,6102,3501,1281,2011,8998,1862,1346,1173,4201,9803,4161,728
37, 53110, 32627, 20516, 4792,439
198427
1,3291,017
11, 06911, 3826,199
669782
1,972793257153557
5,4022,133
2262,936
10718, 8311,2892,7313,070
1361,698
9481,046
7603,1481,384
777743396705
18, 6879,173
1, 4267,590
498419
183, 394
Table 14.— Wages and salaries
1944
116,882
2,2952,094
1232652
2,197263202
1,052515165
2,88742,9132,946
1582,0461,876
874768879
1,3072,060
600645650839
6,7401,3404,1802, 673
10, 1211,0581, 153
13, 0204,2518,7692,875
758
163219820289626
7,5254,377
46438492674313079
4221,994
98910087134
7,627576
1,1451,743
95651235509
319773161
191420302507
33, 53727, 5086,802
20, 7060
1,0364,6572,0492,608
0336
1283, 333
1945
117,556
2,4442,239
1153258
2,173227196
1,020569161
2,95338, 2333,106
1712,1131,984
848799932
1,4682,072
641637702857
5,7851,2503,9002,3906,490
9141,174
14, 6684,7039,9653,144
826
222236878315667
7,8894,405
495424
1,01488515081
4352,2091,123
11693238
8,333628
1,2741,943
54750236552
362840175
215440315549
35, 49928, 9626,486
22, 4760
1,0995,0822,2562,826
0356
1182, 046
1946
111,710
2,7712,536
1304164
2,377234237
1,066628212
4,44936, 4893,585
1862,6802,4511,0921,0531, 1301,9211,947
697736872
1,1284,5461, 3443,8762, 2041,9781,7491,314
19, 8056,136
13, 6693,963
991
278305
1,090428871
8,4944,771
554528
1,22468323188
4152,8251,480
1431,156
469,843
7921,6171,955
64966306680
498988222
276497329653
20, 68712, 8535,0927,761
01,3476,0702,7453,325
0417
791, 016
1947
122, 159
3,0202,776
1314370
2,916297245
1,383740251
5,87442, 7874,074
2033,1172,6691, 4551,2741,3462,2642,168
859812946
1,3475,6431,5214,7832,6511,8912,3071,457
22, 7267,360
15, 3664,2871,115
231351
1,232460898
9,0254,934
596575
1,401666267100486
3,2841,672
1571, 405
5010, 808
8291,6832, 210
871, 055
336683
5071,246
255
326546356689
17, 4268,2474,3713,876
01,3627,3243,3843,940
0493
6104, 727
Table 15.— Supplements
1944
4,237
95400
87137
39235
1481,900
1446
798836313843
10180242339
31651
1641414143745
43014328715556
420319
35439324
1319391753
19159944
592
16420343
6228
20
1162
67
109
746470
46226
40
3,491
1945
5,352
106400
86127
36256
1551,781
1487
829235314053
119103242438
27849
1551342963043
47115831316461
620311036
467340
1522401795
19184104
5732
17323363
4279
19
1262
67
109
1,8611,564
52241
40
3,491
1946
5,584
116401
101119
4826
7218
1,582153
795
10641364459
109109252745
22149
1411201044645
56418637818968
723361144
499364
16264416125
16224134
682
220227413
5311121
1593
68
1012
1,9941,676
63250
50
3,590
1947
5,342
126501
129121168308
2711,756
1667
10711452414866
118119273051
• 25152
1651371015846
625213412201
74
626391343
62748018274717136
19248149
7902
21227413
6331222
15123
78
1013
1,261926
64266
50
4,081
Table 16.— Income, unincorpor-ated enterprises
1944
27, 421
12, 05811, 935
872
34139
62
35924
9651,536
4055
52313923414982949
35179870
14121258
667,1391,1036,036
5920
118120
332130356
02
63273
700
11165209
4,620184747
1731445858
761,506
886
29084
27, 421
1945
29, 113
12,38112, 260
812
38117
52
34724
1,0121,598
4455
56342
903516
1232949
41148466
12818178
688,0771,2916,786
6790
171120
354142377
02
63293
800
1120720
114,852
206782
10359410
5.7
921,548
961
318109
29, 113
1946
36, 443
14, 76514, 628
923
42139
83
35885
1,7001,973
5526
824691154621
185284
1159256371
1271769
7711, 0071,8089,199
7770
121150
451190439
03
83334
800
1124920
135,619
231927
1144351770
1211,7061,070
378145
36, 443
1947
40, 034
15, 79215, 650
933
46200
93
50131
72,3872,364
6647
1025271545626
233306
1267348281
161206
1086
11, 876-2,028:9,848
8120
63200
526203499
03
92382
90o
1328.1120
156, 076
242935
14482;58762:
1281,8901,130
449157
40,034
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
20 SUEVEY OF CUKKENT BUSINESS July 1948
Table 17^—Corporate Income Before Federal and State Income and Excess Profits Taxes, by Industry, 1944-47 l
Table 18.—Federal and State Corporate Income and Excess Profits Tax Liability, by Industry, 1944-47
Table 19.—Corporate Income after Federal and State Income and Excess Profits Taxes, by Industry, 1944-47 1
Table 20.—Net Corporate Dividend Payments, by Industry, 1944-47
[Millions of dollars]
All industries, total
Agriculture, forestry and fisheries ,Farms.. . __ _.ForestryFisheries
MiningMetal mining .Anthracite miningBituminous and other soft coal mining .. _.Crude petroleum and natural gasNonmetallic mining _
Contract constructionManufacturing
Food and kindred productsTobacco manufacturesTextile-mill products. _Apparel and other finished fabric products"Lumber and timber basic prod TintsFurniture and finished lumber productsPaper and allied products.Printing and publishingChemicals and allied productsProducts of petroleum and coal ..Rubber productsLeather and leather productsStone, clay, and glass productsIron and steel and their products .Nonferrous metals and their productsMachinery (except electrical)Electrical machineryTransportation equipment except automobiles-Automobiles and automobile equipment __Miscellaneous _
Wholesale and retail tradevv^holesale tradeRetail trade and auto services
Finance insurance, and real estateBanking .-Security and commodity brokers, dealers and
exchanges -Finance, n e eInsurance carriersInsurance agents and combination officesReal estate
Tran sportationRailroads .Local railways and bus linesHighway passenger transportation, n. e. C-._ _ _Highway freight transportationWater transportationAir transport (common carriers)Pipe-line transportationServices allied to transportation
Communications and public utilitiesTelephone and telegraphRadio broadcasting and televisionUtilities: electric and gas. _ _.Local public services, n. e. c
ServicesHotels and lodging placesPersonal servicesCommercial and trade schools and employment
agenciesBusiness services, n. e. cMisc. repair services and hand trades _ __Motion picturesAmusement and recreation, except motion pic-
turesRest of the world
Table 17Corporate income before taxes
1944
24, 333
120117
12
51714023
14515950
12713, 9721,591
176822270170167426613
1,194662307150239
1,895443
1,373893
1,943318320
3,4291,3492,0801,447
923
-2543
17427
3052,4521,865
592076290436561
1,588535
7295625
5859960
288114
258
4596
1945
20, 389
122118
04
42811413
1171315397
10, 8701,540
152795266119145365634
1,053557262149229
1,318285938593
1,023179268
3,6331,3862,2471,6091,087
-3154
11125
3631,427
95436
1814486364842
1,57150567
97623
61511457
17906
255
7617
1946
21, 840
140136
04
48611518
12416663
17111, 2641,957
1951,546
422235189581617
1,297876260181378
1,25937057991
-10869
2704,8281,7853,0431,8381,236
-3256
11426
43866123432
1387493-45143
1,52636063
1,07924
80513974
21119
8336
108121
1947
29, 784
151147
04
87628123
24424286
26218,2002,094
2291,923
471492304
1, 053615
1,5591,494
210272528
2,628700
1,26476696
1,156346
4,7431,7133,0302,0471,359
-3256
11626
5221,095
6671987
139104
-205544
1,43025563
1,08824
77514678
28133
9269
112205
Table 18Tax liability
1944
13, 525
706811
15636
752382391
7,98796489
5341698999
26737972592
21690
1451,139
256818463
1,080176197
2, 053801
1,252595224
987
10113
1611,4141,079
351333552172736
82030947
45311
3395228
17448
156
34
1945
11,641
726813
13430
440362468
6,468912
695061575983
21839862110718088
131833152601399660129165
2,115797
1, 318728333
20947812
19187158225
1222749192126
833309
42472
10352
6026
14493
151
49
1946
9,000
646112
14030
441402568
4,70680980
6371648479
239246525237109
74157510141261
776978
1301,979
7321,247
796389
21978012
197322132145633416
2119
60014426
4219
3255328
8513
134
48
1947
11, 709
696612
259755
836135
1057,163
84494
76018216912042824662040388
106218
1,05626749930687
509161
1,944702
1,242840427
21988113
200456256
123663452
2319
56110325
4249
3125630
11543
108
50
Table 19Corporate income after taxes
1944
10, 808
504901
3611041693
1212736
5,98562787
2881018168
159234469570916094
756187555430863142123
1,376548828852699
-34-44
7314
1441,038
78624742738263825
76822625
50314
2464732
11376
102
1196
1945
8,748
5050i1
29484
977952929
4,40262883
2891096062
147236432450826198
48513333719436350
1031,518
589929881754
-51-40
3313
172556372
11591737172716
73819625
50413
2635431
3413
104
2717
1946
12, 840
7675-1
2346851483
12638
1036,5581,148
115909258151110342371772639151107221749229318
14-177
-9140
2,8491,0531,7961,042
847
-53-41
3414
24133910218824152
-103024
92621637
65815
4808646
13685
202
60121
1947
18,075
8281
— 12
617206
1816118151
15711, 0371,250
1351,163
289323184625369939
1,091122166310
1,572433765460
9647185
2,7991,0111,7881,207
932
-53-42
3513
322639411
7517659
-223225
86915238
66415
4639048
17796
161
62205
Table 20Corporate dividend payments
1944
4,680
242220
15761
723481821
2,39530168
1112735256793
271272332752
29592
1891092593039
490179311492252
-158309
144292189
92012246
1715
62418112
42110829
10
4191
33
6103
1945
4,720
141310
138446
26451718
2,421313
621102538227088
298254352658
28790
1821232692348
500177323550273
-2102308
139292203
92011215
1013
62318910
41410891010
3201
35
1075
1946
5,605
161420
158418
24612418
2,84035067
196355230
110121369288492986
31196
19913596
16754
701230471631295
-2159258
146311204
1232112559
1364818313
44210
144149
6241
65
25138
1947
6,880
232120
226611037902824
3, 708471
77271479861
1551244523855139
11140014225119177
24164
884367517584329
-5676
10177308200
930122939
1669818713
48711
1882511
11271
76
37237
1 Corporate income before and after taxes is measured net of capital gains and losses, dividends received, renegotiation refunds, and accelerated emergency amortization charges, but beforededuction of depletion charges. The definition with respect to depletion charges has an important effect on the data for the mining industries. A complete reconciliation of the all-industrytotals for these income series with Bureau of Internal Revenue figures for "compiled net profit" is presented in table 38.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SUEVEY OF CURRENT BUSINESS 21
Table 21.—Undistributed Corporate Income, by Industry, 1944-47Table 22A.—Inventory Valuation Adjustment, by Industry—Corporations—1944-47
Table 22B.—Inventory Valuation Adjustment, by Industry—Unincorporated Enterprises—1944-47Table 23.—Net Interest, by Industry, 1944-47
(Millions of dollars)
All industries, total
Agriculture, forestry, and fisheriesFarms .. _ _ _ __Agricultural and similar service establishments-Forestry . _Fisheries - -
MiningMetal mining _ _ __Anthracite miningBituminous and other soft coal miningCrude petroleum and natural gasNonmetallic mining. __
Contract constructionManufacturing __ _. _
Food and kindred products _Tobacco manufacturesTextile-mill productsApparel and other finished fabric productsLumber and timber basic products - -Furniture and finished lumber productsPaper and allied products _Printing, publishing, and allied industriesChemicals and allied products ._Products of petroleum and coalRubber productsLeather and leather productsStone, clay, and glass products _ . _Iron and steel and their productsNonferrous metals and their productsMachinery (except electrical)Electrical machineryTransportation equipment except automobiles. _Automobiles and automobile equipmentMiscellaneous .
Wholesale and retail tradeWholesale tradeRetail trade and auto services
Finance, insurance, and real estateBankingSecurity and commodity brokers, dealers, and
exchangesFinance, n e eInsurance carriersInsurance agents and combination officesReal estate _ _
Transportation -RailroadsL ocal railways and bus lines -Highway passenger transportationHighway freight transportation and warehous-
ing -Water transportationAir transport (common carriers) -Pipe-line transportationServices allied to transportation .
Communications and public utilities -Telephone, telegraph, and related servicesRadio broadcasting _ . . _Utilities' Electric and gasLocal utilities and public services, n. e. c _ _ .
ServicesHotels and lodging placesPersonal services -Private householdsCommercial and trade schools and employment
agenciesBusiness services n e. cMiscellaneous repair services and hand trades. .Motion pictures _ ..Amusement and recreation, except motion
picturesMedical and health services. . ._Legal servicesEngineering and other professional services,
n e eEducational services, n. e. cReligious organizationsNonprofit organizations, n. e c
Rest of the world
Table 21Undistributed corporate income
1944
6,128
2627
-21
204439
70739
153,590
32619
17774464392
141198298583342
46195
36632160411284
886369517360447
-33-102
435
7465971554
1514202110
144451382
41643822
7185
69
5
-7
1945
4,028
3637
21
156403
51501211
1,98131521
17984224077
148134196473540
19843
15571942755
1,018412606331481
-49-142
35
33264169
239
61612173
1157
15903
1744421
212
69
17
-58
1946
7,235
6061
—32
188446
59651485
3,71879848
7132239980
23225040335110278
135438133119
-121-273—176
862,148
8231,325
411552
-51-200
96
9528
— 1026
50
3027
-152111
2783324
2165
3367237
7444
137
35
-17
1947
11,195
5960
-32
391145
81249123
1337,329
77958
892242225123470245487706
71127199
1,172291514269-68406121
1,915644
1,271623603
-48-109
293
145331211-221
6430
-25239
171-35
25177
42756537
6525
85
25
-32
Table 22ACorporate inventory valuation
adjustment
1944
-294
-3-1
00
-1-1-5
-213-57-56-33-8-6
-13-11
— 1-11
6+8+8-7—2-8
000
-9-56—22-34
-11-9— 1
0
000
-10
-6— 1
0
0
1945
-613
-4-2
0-1-1
0-3
-487-86
-130-23-9-1
0
-5-7
-19+12+5
-14
-54i
-50-34-54
0-9
-84-56-28
-24-20-1
0
-100
— 1-1
— 11-2
0-9
0
1946
-5, 028
-81-31-3
-16—21-10-25
-3, 018-651-118-277-157-28-62-68-61
-267-79-5
-107-46
-300130
-226-131-81
-106-118
-1,683-848-835
-142-116
n-1
-4-2-2-7-3
-79-17-1
-60— 1
1947
-5, 075
-80-31
o-16-20-10-32
-3. 250-507-95
-139-82-84
-218-125-68
-246-164+63105
-54-453-197-236-148-88
-106-198
-1,381-785-596
-203-167-10-2
-6-3
o
-9-4
-129-32-2
-93-2
Table 22BUnincorporated inventory val-
uation adjustment
1944
-51
000000
-4-1+l-2-2-1+1
0—1
00000
+100
+1+100
-46n
-39
1945
-62
600000
-2-9-4
0-1-2
0+1+1
0-1
000
-1-1
001
000
-51-17-34
1946
-1, 379
-14-2
0—1-8-3
-25-145-41
0-7
-39-6-7-1—7-2
00
-5-2-4
-15-2-1-1
0-5
-1, 195-237-958
1947
-1, 168
-13-2
0-1-7-3
-32-163-40
0-4
-20-15-18-2-7-5
00
—62-6
-24-4-t
0-1
-960-202-758
Table 23Net interest
1944
3,144
323318
3116
—440610
-52104
-5-3
0-1
0-5
—15223
-3-4
40
-18-7
-24-9-i
—70-14-56
1,451-73
-57-28-3-5
1,617445398343
100
-110
35054-128611
57333-1474
1-3
36
13
-3
-228294
118
1945
3,005
298294
301
-1-6
10400
-496
12—7-5-2
—1-8
-13172
-3—4180
-15-10-26-7-2
-95-13-82
1,377-109
-69-39-9-6
1,609413379282
8• -t-2
0-135050-128912
58232
A
498
0-3
36
-12
—3
-324292
130
1946
3,417
285279
312
-1-6
1—1
410
-201116
-6-5-2-2
1-7
—15252
-3-4270
-15-82-26-8
-101-7
-941, 577-111
-75-33-33-6
1,835367323343
9-1—1
00
42861-1354
1471537-5623
1-6
38
-11
-428293
167
1947
4,293
312306
3126
-621723
211818
-6-6-0
12
-8-14
364
-a-5411
-16-5
-26-8-1
-98-1
-972,001-109
-70-26-58-8
2,272339285433
90
-11
-154178
—144618
96045-6857
1—5
410
-20
-4
-632303
208
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
22 SUEVEY OF CURRENT BUSINESS July 1948
Table 24.—Number of Full-time Equivalent Employees, by Industry, 1944-47
Table 25.—Average Number of Full-Time and Part-Time Employees, by Industry, 1944—47
Table 26.—Average Annual Earnings per Full-time Employee, by Industry, 1944—47
All industries, total. . _ _ _ _ > _
Agriculture, forestry and fisheriesFarmsAgricultural and similar service establishmentsForestry ._Fisheries
Mining _ _ _ _ _ _Metal miningAnthracite mining ...Bituminous and other soft coalCrude petroleum and natural gasNonmetallic mining
Contract construction _Manufacturing
Food and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished fabric productsLumber and timber basic productsFurniture and finished lumber productsPaper and allied products . _Printing and publishingChemicals and allied products _Products of petroleum and coalRubber products ___Leather and leather productsStone, clay, and glass productsIron and steel and their productsNon ferrous metals and their products ._ _ _ _Machinery (except electrical)Electrical machinery _ _ _ _ _ _Transportation equipment except automobilesAutomobiles and automobile equipment _ . _Miscellaneous
Wholesale and retail trade - - _ _ _Wholesale tradeRetail trade and auto services -_
Finance, insurance, and real estateBanking. _ _ _ _ _ _ _ _ _ _ _Security and commodity brokers, dealers and exchanges. __Finance, n. e. cInsurance carriersInsurance agents and combination officesReal estate - _ _ _ _ _
TransportationRailroads.. _Local railways and bus lines __Highway passenger transportationHighway freight transportationWater transportationAir transport (common carriers)Pipe-line transportation ___Services allied to transportation
'Communications and public utilitiesTelephone and telegraphRadiobroadcasting __Utilities: electric and gas _ _Local public services, n. e. c
ServicesHotels and lodging placesPersonal services __ __ _Private households _ _ _Commercial and trade schools and employment agencies. _Business services, n. e. cMiscellaneous repair services and hand trades _Motion picturesAmusement and recreation, except motion picturesMedical and health services... ___ __Legal servicesEngineering and other professional services, n. e. cEducational services, n. e. c.Religious organizationsNonprofit organizations, n. e. c _
Government and government enterprises _._ _ _ _ _ _ _. ._Federal — general government
Civilian, except work reliefMilitaryWork relief
Federal — government enterprisesState and local — general government.—
Public educationNonsch col, except work reliefWork relief
State and local — government enterprises _ .Rest of the worldAddendum: All private industries _ _
Table 24Full-time equivalent employees
[Data in thousands]
1944
55, 113
2,3342,227
632024
87910780
41519879
1,10917, 0481, 441
1001,2171,049
558406390550790197239355386
2,424492
1,4051,0373,175
341496
6,6221, 5925,0301,301
3363979
328115404
2,8101,616
188. 157
390205
4726
18188748630
35318
5,023418757
1,61635
23879
21419664110559
266196203
17, 09513, 9102,545
11,3650
4422, 5941,1881,406
0149
538, 013
1945
53,335
2,2222,118
602024
8298973
38820673
1, 13615, 189
1, 431102
1,1641,021
524402394570776207234357381
2,072457
1,331925
2,044308489
6. 8611, 6755,1861, 326
3434281
337118405
2,8861,628
1891653982475325
18191150033
35919
4,989412770
1,57221
25480
21519763010366
268199202
16, 98113, 7482,446
11,3020
4642,6211,1981,423
0148
536, 349
1946
47, 235
2,2622,148
692124
8738982
39122289
1, 75214, 527
1, 503102
1,3061,117
620483447669705220259409474
1,686495
1, 358842672620540
8,2392,0036,2361,529
3745396
392147467
2,8801, 564
2031994432008127
1631,101
61336
43022
5,260460885
1,47224
31010622923664611983
277197216
8,8095,2991,8653, 434
0495
2,8541,3021,552
0161
338, 423
1947
47, 071
2, 3372,227
632225
93710078
432233
942, 068
15, 3061,523
1031,3401,151
700520463707689237265411503
1,850521
1,524921606721551
8, 5392,1776,3621, 554
39049
104424148439
2,8661,543
2012034541788528
1741,174
64140
47023
5,478450891
1,60330
32910422622870712593
284197211
6,8103,0431,4641,579
0493
3,0991,4041,695
0175
240, 259
Table 25Full-time and part-time employees
[Data in thousands]
1944
56, 978
2,3662,227
952024
87910780
41519879
1,10917, 0481,441
1001,2171,049
558406390550790197239355386
2,424492
1,4051, 0373,175
341496
7,3621,6425,7201,383
3384792
337138431
2,9251,616
188160469216
4726
20389048633
35318
5,559448811
1,80243
28510023724264111459
266217294
17, 45213, 9102,545
11,3650
4422,9341,2341,700
0166
539, 521
1945
55, 257
2,2522,118
902024
8298973
388206
731,136
15, 1891,431
1021,1641,021
524402394570776207234357381
2,072457
1,331925
2,044308489
7, 6301,7295,9011,412
3455295
346143431
3,0051,628
189168478260
5325
20491450036
35919
5,528444826
1,75326
30410223824463011266
268219296
17, 35713, 7482,446
11, 3020
4642,9791,2451,734
0166
537, 895
1946
49, 404
2,2972,148
1042124
8738982
39122289
1,75214, 5271. 503
1021, 3061,117
620483447669705220259409474
1,686495
1,358842672620540
9,1582,0667,0921,629
37664
113402178496
3,0091,564
2032035392108127
1821,105
61340
43022
5,842494949
1,64230
37013425429264613083
276218324
9,2095,299
• 1, 8653,434
0495
3,2361,3531,883
0179
340, 192
1947
49, 288
2,3692,227
952225
93710078
432233
942,068
15, 3061,523
1031,3401,151
700520463707689237265411503
1,850521
1,524921606721551
9,4812,2467,2351,655
39260
122435179467
2,9921,543
2012075451888528
1951,178
64144
47023
6,076483956
1,78836
39213225128170713693
284217320
7,2243,0431,4641,579
0493
3,4951,4592,036
0193
242, 062
Table 26Average annual earnings
[Dollars]
1944
2,121
983940
1,9521,3002,1672,4992,4582,5252,5352,6012,0892,6032,5172,0441,5801,6811,7881,5661,8922, 2542,3762,6083,0462,6991,8312,1742,7812,7242,9752,5783,1883,1032, 3251,9662,6701,7432,2102,2564,1792,7722,5002,5131,5502,6782,7092,4682,4462,3743,6242,7433,0922,3312,2482,0353,3332,4671,8891,5181,3781,5131,0792,7142,7352,9752,3791,6281,2061,5333,2371,5791,5412,4981,9621,9782,6731,822
2,3441,7951,7251,855
2,2552,2002,192
1945
2,204
1,1001, 0571,9171,6002,4172,6212,5512,6852,629
• 2, 7622,2052,5992, 5172,1711,6761,8151,9431, 6181,9882, 3652,5752,6703,0972,7221,9662,2492,7922,7352,9302,5843,1752,9682,4012,1382,8081,9222,3712,4085,2862,9142.6052,6691,6472,7342.7062,6192,5702,5483,5832,8493,2282,4032,4252,2463,5152,5962,0001,6701,5241,6551,2362,5712,9532,9502,5671,8381,3331,6993,2581,6421,5832,7182,0912,1072,6521,989
2,3691,9391,8831,986
2,4052,4002,257
1946
2,365
1, 2251,1811,8841,9522,6672,7232,6292.8902,7262,8292,3822.5392,5122,3851,8242,0522,1941,7612,1802,5282,8712, 7623, 1682,8422,1322.3802,6962,7152,8542,6182,9432,8212,4332,4043, 0632.1922, 5922, 6505,2453,1772,7812,9121, 8652,9493,0512,7292,6532,7633,4152,8323,2622,5462,5662,4143,9722, 6882,0911,8711,7221,8271,3282,6673,1162,8872,9692,1101,5291,8663,3251,7941,6703,0232,3482,4262,7302,260
2,7212,1272,1082,142
2,5902,6002,369
1947
2, 595
1,2921, 2472,0791, 9552,8003,1122,9703,1413,2013,1762, 6702,8402,7952, 6751, 9712, 3262,3192, 0792, 4502, 9073, 2023,1473, 6243,0642,3022,6783,0502,9193,1382,8783,1203,2002,6442, 6613, 3812, 4152, 7592, 8594,7143, 3752, 9063,1082. 0463. 1493. 1982. 9652. H333. 0863, 7423, 1393, 5882,7932.7972. 6083, 9252. 9892,1741, 9731,8421,8891, 3792, 9003,2073,2313, 0222,2241,7622, 0403, 5051, 3231,3073, 2652, 5592,7102, t)862, i55
2, 7632, 3632, 'HO
2, 324
2, 8172, 9002, 601
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CUKRENT BUSINESS 23
Table 27.—Number of Active Proprietors of Unincorporated Enterprises, by Industry, 1944-47
Table 28.—Number of Persons Engaged in Production, by Industry, 1944-47
Table 29.—Corporate Sales, by Industry, 1944-47
All industries, total
Agriculture, forestry and fisheriesFarms _ _ _ _ _ _ . _ . _ _ _ _ _Agricultural and similar service establishmentsForestry. __ _ _Fisheries
MiningMetal mining _ _Anthracite mining _Bituminous and other soft coalCrude petroleum and natural gasNonmetallic mining
Contract construction _Manufacturing
Food and kindred productsTobacco manufactures _Textile-mill products. _Apparel and other finished fabric productsLumber and timber basic productsFurniture and finished lumber products _ _ _ _ _ _Paper and allied productsPrinting and publishing _Chemicals and allied productsProducts of petroleum and coal _ _ _ _Rubber productsLeather and leather products _Stone, clay, and elass productsIron and steel and their products _Nonferrous metals and their products - -Machinery (except electrical)Electrical machinery - -Transportation equipment except automobilesAutomobiles and automobile equipmentMiscellaneous
Wholesale and retail trade - -Wholesale tradeRetail trade and automobile services
Finance, insurance, and real estate- _ _BankingSecurity and commodity brokers, dealers and exchanges...Finance, n. e. c _ _Insurance carriers .Insurance agents and combination offices- _ _Real estate
TransportationRailroadsLocal railways and bus lines _ _ _Highway passenger transportationHighway freight transportationWater transportationAir transport (common carriers)Pipe-line transportationServices allied to transportation
Communications and public utilitiesTelephone and telegraphRadio broadcastingUtilities' electric and gasLocal public services, n e e
ServicesHotels and lodging placesPersonal servicesPrivate households _ _ _ _ _ _Commercial and trade schools and employment agencies. _Business services, n e. cMiscellaneous repair services and hand tradesMotion pictures. _ _ _ _ _ _ _Amusement and recreation, except motion pictures...Medical and health services ._Legal services _ _ _Engineering and other professional services, n. e. cEducational services, n. e. cReligious organizations. _ __Nonprofit organizations, n. e. c._
Government and government enterprisesFederal — general governmentFederal — government enterprises _ __State and local — general governmentState and local — government enterprises
Rest of the world __Addendum: All private industries _ _
Table 27
Active proprietors (data in thousands)
1944
9,098
4,9294,780
1112
36371318
105
4621334002
161371
19400254417116
1,834128
1,706273
01850
16090
16800
26137
200341102
1,258121376
371
2057
252401075053
9,098
1945
9,313
4,8774,713
1262
36371318
105
5181434103
191471
19400264518117
1,958144
1,814282
01950
16593
17600
27143
300341102
1,318118394
280
2337
262451105053
9,313
1946
10, 110
5,0364,847
1512
36401419
106
6961644213
241791
20400385719118
2,209171
2,038307
020
50
18498
19001
29154
300341102
1,464121427
289
2797
282761305253
10, 110
1947
10, 760
5,2255,015
1712
37411419
116
8201784413
2620101
205003
10582
10118
2,399190
2,209320
0' 20
50
195100200
01
31162
300341102
1,573130458
2100314
731
2911345353
10, 760
Table 28
Persons engaged (data in thousands)
1944
64, 211
7,2637,007
1742260
91612081
42320884
1,57117. 1811,481
1001,2191,065
571413391569794197239357391
2,428496
1,4061,0443,176
342502
8,4561,7206,7361,574
3365784
328275494
2,9781,616
1881835272074726
18489148731
35320
6,281539
1,1331,616
38309284221221881212109319196203
17, 09513, 910
4422,594
1495
47, 111
1945
62, 648
7,0996,831
1862260
866102
7439621678
1,65415,3321,472
1021, 1671,040
538409395589780207234359387
2,076462
1,332933
2,045309496
8,8191,8197,0001,608
3436186
337283498
3,0621,628
1891925412505325
18491550134
35921
6,307530
1,1641,572
23334313222223875213116321199202
16, 98113, 748
4642,621
1485
45, 662
1946
57, 345
7,2986,995
2202360
91310383
40023295
2,44814, 6911,545
1031,3091,141
637492448689709220259412482
1,691502
1,359851673621548
10, 4482,1748,2741,836
37473
101392331565
3,0701,564
2042285972038127
1661,105
61437
43024
6,724581
1,3121,472
26399385236264922249135330197216
8,8095,299
4952,854
1613
48, 533
1947
57, 831
7,5627,242
2342462
97811479
441244100
2,88815, 4841,567
1041,3431,177
720530464727694237265414513
1,855529
1,526931607722559
10, 9382,3678,5711,874
39069
109424343539
3,0661,543
2022346161818528
1771,178
64241
47025
7,051580
1,3491.603
32429418233259998259146337197211
6,8103,043
4933,099
1752
51, 019
Table 29
Corporate sales (millions of dollars)
1944
i 246, 737
879841
1622
3,875744378
1,573821359
3,101150, 96023, 8062,1487,7183,9571,6081,9983,4733,4499,8229, 8533,3322,1502,290
20, 8374,379
11,0128,012
24, 6223,7152,779
61,02332, 31128, 712
14, 30710, 045
612842
1,188726263252379
7,3102,210
3074,687
1065,282
966903
4201,045
1571,483
308
1945
i 239, 512
931885
1432
3,789712354
1,509857357
2,869138, 72523, 9512,2437,6904,0011,4232,0053,5653,8049,834
10, 0073,3662,2012,322
18, 4953,9699,8017,070
17, 1413,0922,745
65, 90534, 74631,159
14, 0529,699
624861
1,232670327219420
7,6582,400
3274,818
1135,5831,035
950
3551,169
1221,574
378
1946
i 253, 104
1,0541,008
1432
4,218654436
1,6571,057
4144,389
129, 09026, 5232,9219,4215,4171,7622,5844,4144,691
10, 56010, 2383,2092,4582, 915
15, 0933,9167,3324,4852,2746,1462,731
85, 92044, 64841,272
13, 3018,437
640879
1,470714488217456
8,2362,692
3575,066
1216,8961,2491,224
4271,529
1601,779
528
1947
i 319, 541
1,1281,081
1433
5,882981537
2,3481,481
5355,836
176, 63035, 8843, 252
12, 3666,7722,9403,2956,0925,572
12,88314, 3473,6583,2923,715
21, 1956,185
10, 7907,4333,307
10, 3843,268
98, 32249, 92648, 396
15, 2969,680
642845
2,058791549240491
9,0822,927
3785,649
1287,3651,3071,283
5851,682
1771,790
541
i Excludes finance, insurance, and real estate.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
24 SUEVEY OF CURRENT BUSINESS July 1948
Table 30.—Personal Consumption Expenditures, by Type of Product, 1944—47
[Millions of dollars]
Group
I. Food and tobacco . . . . _ _ __ _ .1 . Food purchased for off-premise consumption
(ndc)2. Purchased meals and beverages
a. Retail, service, and amusement estab-lishments (ndc)
b. Hotels (ndc)c. Dining and buffet cars (ndc) -d. Schools and school fraternities (ndc)__e. Institutions, clubs, and industrial
lunchrooms (ndc)/. Tips (ndc)g. Less: Nonconsumer purchases in-
cluded in lines a-f (ndc)3. Food furnished government (including mili-
tary) and commercial employees, andwithdrawn by nonfarm proprietors (ndc) _ -
4. Food produced and consumed on farms(ndc) ..
5. Tobacco products and smoking supplies(ndc)_-
II. Clothing accessories and jewelry1 Shoes and other footwear (ndc)2 Shoe cleaning and repair (s)3. Clothing and accessories except footwear
(ndc) ' 34. Standard clothing issued to military per-
sonnel (ndc)5. Fur storage and repair (s)6. Cleaning, dyeing, pressing, alteration, stor-
age, and repair of garments n. e. c. (inshops) (s)
7. Dressmakers and seamstresses (not in shops)(s)
8. Laundering in establishments (s)9. Costume and dress suit rental (s)
10. Net purchases from second-hand clothingdealers (s)
11. Miscellaneous personal services (s) _..12. Jewelry and watches (dc)13 Watch, clock, and jewelry repairs (s)
III. Personal care1. Toilet articles and preparations (ndc)2 Barber shop services (s)3 Beauty parlor services (s)4 Baths and masseurs (s)
IV. Housing -- - -1. Owner-occupied nonfarm dwellings— space-
rental value (s)2. Tenant-occupied nonfarm dwellings (inciud-
3 Rental value of farm houses (s) -4 Transient hotels and tourist cabins (s)5 Clubs schools and institutions (s)
V Household operation1 Furniture (dc)2 Floor coverings (dc)3. Refrigerators, and washing and sewing
machines (dc)4. Miscellaneous electrical appliances except
radios (dc)5 Cooking and portable heating equipment
(dc)6 China, glassware, tableware, and utensils
(dc)7 Durable house furnishings n. e. c. (dc)8. Products of custom establishments n. e. c.
(dc)9 Writing equipment (dc)
lo! Net purchases from second-hand furnitureand antique dealers (s)
11 TJpholstery and furniture repair (s)12! Rug, drapery, and mattress cleaning and
repair (s)13. Care of electrical equipment except radios
and of stoves (s) - -14 Semidurable house furnishings (ndc)15 Lighting supplies (ndc)16. Cleaning and polishing preparations (ndc)-_17. Miscellaneous household paper products
(ndc)18 Stationery and writing supplies (ndc)19 Fuel (except ga^) and ice
d Purchased (ndc)6. Produced and consumed on farms
(ndc) -20 Household utilities - -
a Electricity (s) -b Gas (s) - -
21 Telephone (s) - -22 Telegraph cable and wireless (s)23 Postage (s)24 Express charges (s) -
26. Domestic service (excluding practicalnurses) - -
a Cash payments (s)b Value of meals furnished (s)
27. Fire and theft insurance on personal prop-erty net payments (s)
28. Miscellaneous household operation services(s)
1944
41, 801
25. 8468,882
8,66586498
120
223338
1,426
2,624
1,940
2,50918, 0132,020
256
11, 678
1,71345
645
54462
3
616
1,008107
1,875963421477
1411, 736
6,002
4,611820163140
13, 4531,305
553
153
683
\ 815
2076
35
731,360
692
3142,1231 997
1262,1491,123
690336920
2225036
148
1,6691,464
205
29
28
1945
46, 294
27, 79410, 553
10, 02095698
131
249387
1,288
2,998
2,080
2,86920, 1102,294
256
13, 211
1,74447
671
60484
4
617
1,198118
2,0751,086
45152315
12, 226
6,472
4, 530889184151
14, 8241,548
543
317
864
937
2080
36
861,390
648
3632,2252,103
1222,2691,191
731347
1,07023
27839
168
1,8611,657
204
31
28
1946
55, 005
34. 89512, 568
11,4521, 103
85228
331442
1,073
1,627
2,504
3,41122, 0982,820
293
15, 465
49553
766
60563
4
720
1,415137
2,3711,160
567627
1713, 166
7,161
4,629978203195
18, 6462,170
843
1,425
1,353
1,274
2090
41
1161,792
744
3792,3782,246
1322,3831,266
757360
1,22924
19942
201
1,8721,653
219
42
29
1947
61, 796
40. 90412, 886
11,5711,108
85335
429449
1,091
1,376
2,750
3,88022, 6063,012
304
16, 008
19556
799
68636
5
819
1,365131
2,2641,113
[ 1, 151
14, 429
7,996
4,8721.105
222234
21, 9732,3371,044
2, 565
1, 458
1, 307
21106
43
1341,815
1,152
3902,9012,711
1902,6241,399
854371
1,37026
20543
237
2,1161,826
290
50
29
Group
VI. Medical care and death expenses _ . _ .1 Drug preparations and sundries (ndc) _ _2. Ophthalmic products and orthopedic appli-
ances (dc) - - -3 Physicians (s)4 Dentists (s)5 Osteopathic physicians (s)6 Chiropractors (s) - - -7 Chiropodists and podiatrists (s)8 Private-duty trained nurses (s)9 Practical nurses and mid wives (s) _ _
10. Miscellaneous curative and healing profes-sions (s)
11. Privately controlled hospitals and sanitar-iums (s)
12. Net payments to group hospitalization andhealth associations (s)
13 Student fees for medical care (s)14. Accident and health insurance— net pay-
ments (s) --15. Mutual accident and sick benefit associa-
tions net payments (s)16 Funeral and burial service (s) -17 Cemeteries and crematories (s)18 M^onuments and tombstones (dc)
VII Personal business -- - -1. Miners' expenditures for explosives, lamps,
and smithing (ndc)2 Tools (dc) -3 Theatrical employment agency fees (s)4. Nontheatrical employment agency fees (s) _ _5 Net payments to labor unions (s) --6. Employees' dues and fees to professional
associations (s) --7. Brokerage charges and interest, and invest-
ment counseling (s)8 Trust services of banks (s) - -9. Bank service charges for deposit accounts,
check collection, and foreign exchange (s) _10 Safety-deposit box rental (s)\\ M^oney -order fees (s) - --12. Services furnished without payment by
financial intermediaries except insurancecompanies (s) -
13 Expense of handling life insurance -a Life insurance companies (s)b. Fraternal and assessment associations
(S)14 Legal services (s) --15 Interest on personal debt (s)16 Classified advertisements (s)17. Net purchases from pawnbrokers and mis
cellaneous second-hand stores (s)18 Personal business services n e e . (s)
VIII Transportation -1 User-operated transportation -
a. New cars and net purchases of usedcars (dc) -
b Tires and tubes (dc) -c Parts and accessories (dc)d. Automobile repair, greasing, washing,
parking, storage, and rental (s)e. Gasoline and oil (ndc) _ - _/. Bridge, tunnel, ferry, and road tolls
(s)g. Automobile insurance — net payments
(S)2. Purchased local transportation - -
a. Street and electric railway and localbus (s) - --
b Taxicab — fares and tips (s)c Steam railway — commutation (s)d. Ferry — foot passengers (s)
3. Purchased intercity transportation.a. Steam railway (excluding commuta-
tion) (s) -b. Sleeping and parlor car — fares and
tips (s)c Intercity bus (s)d Air line (s)e. Coastal and inland waterway (s)/. Baggage transfer, carriage, storage,
and excess charges (s)4. Luggage (dc) - -
IX. Recreation _. _ _ _1. Admissions to specified spectator amuse-
ments _a. Motion-picture theaters (s) . .6. Legitimate theaters and opera (s)c. Entertainments of nonprofit organi-
zations, except athletics (s) ._d Professional baseball (s).._e. Professional football (s)/. Professional hockey (s)g Horse and dog race tracks (s)h College football (s)i. Other amateur spectator sports (s) . _ .j. Ticket brokers' mark-up on admis-
sions (s) _ _ _k Purchase of programs (s)
2. Pari-mutuel net receipts (s)_ -3. Non vending coin machines — receipts minus
pay-off (s)
1944
5, 5761,072
3211,333
7087951257574
26
799
442
211
41417176122
4,523
1157209
250
6
21158
1033536
1,1861,4001,336
6461744933
1725
5,5852,661
352j- 426
4961,206
35
1461, 730
1,297370576
1,077
626*
503373220
12117
5,314
1,4061,175
82
481734
143225
42
131
121
1945
5,9411,150
3371, 366
7298154257982
26
893
452
250
48464177133
4,850
10672011
229
7
30162
1063933
1,3251,4241,353
71670468
34
1826
6,4203,426
429615
5621,616
43
1611,751
1,314372
596
1,108
642
46336
5418
12135
6,021
1, 5311,259
80
542346
224430
63
153
128
1946
6,7241,299
3831,500
8118958278783
28
1,084
573
297
48517185168
5,495
111032715
199
7
27572
1074229
1,4831,6761,589
87761598
42
1929
11, 7988,541
2,9981,487
8142,950
59
2331,953
1,330554636
1,098
585
4533510420
9206
8,625
1,8371,427
91
6857127
407847
55
263
147
1947
7,4151, 355
3831,650
90798<>330965)4
:ni, 3:13
<>73
342
->0526201181
6, 022
:i41232610
2,'l>
8
22774
1074529
1, 5171, 8331,731
102817837
47
2032
15, 46712, 171
5. 5:121, 685
9053, 601
1:3
3io2,012
1,327614656
1,053
557
473121!721
9221
9, 3»50
1,8321. 380' 103
;-o(18j.3
41«S8,>2
46
238
154
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CUKEENT BUSINESS 25
Table 30.—Personal Consumption Expenditures by Type of Product, 1944-47—Continued
Group
IX. Recreation — Continued4. Specified commercial participant amuse-
mentsa. Billiard parlors and bowling alleys
(s)6. Dancing, riding, shooting, skating,
and swimming places (s)c. Amusement devices and parks (s)d. Daily fee golf courses — greens fees (s) _ _e. Golf instruction, club rental, and
caddy fees (s)/. Sightseeing busses and guides (s)q Private flying operations (s)
5. Informal recreation ___ -a. Books and maps (dc)&. Magazines, newspapers, and sheet
music (ndc)c Book rental and repair (s)d. Nondurable toys and sport supplies
(ndc)e. Wheel goods, durable toys, and sport
equipment (dc)f Boats and pleasure aircraft (dc)g. Boat and bicycle rental, storage, and
repair (s)h. Radios, phonographs, parts, and
records (dc)i. Pianos and other musical instruments
(dc)j. Radio repair (s) _ _ _k. Photo developing and printing (s)I Photographic studios (s)m. Collectors' net acquisitions of stamps
and coins (s)n. Hunting dog purchase and training,
and sports guide service (s)o. Veterinary service arid purchase of
pets (s)6. Flowers, seeds, and potted plants (ndc)7 Camp fees (s)8 Clubs _ --
a. Athletic and social — dues and fees (s) _b. School fraternities— dues and fees (s)_
1944
224
83
482220
4812
2, 653442
8216
486
27010
9
i 256
7052
172
10
12
37391
29250
7811
1945
258
87
562522
6143
3,042524
8897
595
32912
11
266
8461
201
10
15
3845831
29810413
1946
340
112
763229
8155
4,878618
9998
925
60964
14
1,126
11476
252
10
22
4157738
37313721
1947
363
118
803431
876
5,523611
1,1118
1,008
71365
15
1,393
13190
298
10
24
4662739
40314926
Group
IX. Recreation— Continued8. Clubs— Continued
c. Fraternal, patriotic, and women'sorganizations except school andinsurance — net payments (s)_. _ _ _
d Luncheon clubs (s)9. Commercial amusements n. e. c. (s) -
X Private education and research1. Higher education (s) . .2 Elementary and secondary schools (s)3. Commercial, business, and trade schools-
fees (s)4. Correspondence schools — fees (s)5. Other instruction (except athletics)— fees (s)_6. Foundation expenditures for education and
research (s)XI. Religious and welfare activities _ _
1 Religious bodies (s)2. Social welfare and foreign relief agencies (s)__3 Museums and libraries (s)4. Foundation expenditures (except education
and research) (s)5. Political organizations (s)
XII Foreign travel and remittances — net1. Foreign travel and remittances by United
States residentsa. Payments to United States vessels
(s)b. Other foreign travel expenditures (s).c. Expenditures by United States Gov-
ernment personnel (military andcivilian) (ndc)
d. Personal cash remittances to foreigncountries (s)
2. Less: Expenditures and remittances by for-eigners
a . E xpenditures in the United States (s) _b. Personal cash remittances to the
United States (s)Total personal consumption expenditures
Durable commodities „.Nondurable commoditiesServices
1944
15110
109927372244
1512284
541,594
75077516
1835
1,004
1,218
3172
822
221
214169
45111,401
6,89067,47337, 038
1945
17011
122863362246
7022
109
541,619
78379316
189
1,587
1,884
5229
1,394
256
297203
94122, 830
8,25475, 36739, 209
1946
20114
1721,027
471271
6225
142
561,610
816738
17
1920
798
1,201
38390
479
294
403279
124147, 36316, 24287,47843,643
1947
21117
1811,086
509279
6227
152
571,615
884685
17
209
722
1,226
67526
389
244
504359
145164, 75520, 96396, 48747,305
Table 31.—New Construction Activity, by Type, 1944-47[Millions of Dollars]
Total new construction activity
New private construction activityResidential (nonfarm)Nonresidential building, except farm and public
utilityIndustrial - -CommercialInstitutionalOther
Public utilityFarm construction _ _ _ _ _. _ _ _ _
Residential - -Nonresidential
New public construction activitv _ _ __ _ResidentialNonresidential building _ ._ _ _
IndustrialInstitutionalPublic AdministrationOther _
Military and naval - - -HighwayAll other
1944
4,136
1,823535
350208
594637
72521313677
2,313190638507991121
837346302
1945
4,808
2,716684
1,0146422108874
82719111675
2,09271
6524701441523
690386293
1946
10, 458
8,2533,183
3, 3461,6891,162
268227
1,374350212138
2,20536932584
1861639
188772551
1947
13, 977
10, 8935,260
3,1311,702
878389162
2,052450250200
3,08418250525
3564183
2041,233
960
Table 33.—Net Change in Business Inventories, 1944-47[Millions of dollars]
Table 32.—Producers' Durable Equipment, 1944-45[Millions of dollars]
Net change in business inventories, totalFarm -Nonfarm
Net change in nonfarm inventoriesCorporateNoncorporate, - .
Change in book valueCorporate . _. .Noncorporate
Inventory valuation adjustmentCorporate _ -Noncorporate
Net change in nonfarm inventories by industrialgroups.-- - _ _ -
ManufacturingChange in book valueInventory valuation adjustment
Wholesale tradeChange in book value _ _Inventory valuation adjustment
Retail tradeChange in book value _._Inventory valuation adjustment
Allother- ...Change in book valueInventory valuation adjustment
1944
-1,354—549—805—805
—1 076271
—460—782
322—345—294
—51
—805—964—750-214
80109
—2945
118-73
3463
-29
1945
-1,342—361—981—981
— 1 07594
—306—462
156—675—613
—62
—981— 1,695— 1 199
-496457530
—7376
138—62181225
—44
1946
4,771—2615 0325 0323 9831 049
11 4399,0112 428
—6, 407—5 028— 1 379
5 0322,3435,506
-3, 163522
1,607—1,085
1 9213,714
—1, 793246612
—366
1947
618—2 125
2 7432 7432 172'571
8 9867,2471 739
—6, 243—5 075— 1 168
2 7431,3314 744
-3, 413735
1,722—987
5981,952
— 1,35479
568—489
To to.1 producers' durable equipment
Special industry machineryAlining machinery -Construction machineryMetal working machinery _ _ _Pumps and pumping equipmentGeneral and miscellaneous machinery and equipmentEngines and turbines _ -Farm machinery and equipmentTractors - - - -Electrical apparatus and equipmentOffice machineryNonresidential furniture and equipmentProfessional and scientific equipmentTools _ _ -. -Durable containersMiscellaneous subsidiary durable equipment _ .__ ___Business motor vehiclesRailroad and transit equipmentShips and boats ._ _ - _ ._AircraftLess: Government purchases, not allocable - - _ ._
1944
5 402
71616818017023947873
629316635174282134178182139335385170
0181
1945
7,272
85320425432531467691
7673897242343481451602202348393781781273
Table 34.—Supplements to Wages and Salaries, 1944-47[Millions of dollars]
Total supplements to wages and salaries
Employer contributions for social insurance -Old-age and survivors insuranceState unemployment insuranceFederal unemployment tax _ _Railroad retirement insuranceRailroad unemployment insuranceFederal civilian employee retirement systemsState and local employee retirement systemsGovernment life insurance
Other labor incomeCompensation for injuries ___ _Employer contributions to private pension and wel-
fare funds _ _Pay of military reservistsOther
1944
4,237
2,935648
1 177184140129190212255
1 302443
7241
134
1945
5,352
3,803630
1 Oil174140130225225
1 2681 549
478
8815
185
1946
5,584
3,951686893184163139238235
1 4131 633
496
97427
136
1947
5 342
3 520779
1 029210271143239250599
1 822526
1,06414191
794877—48 4Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
26 SUKVEY OF CURRENT BUSINESS July 1948
Table 35.—Employee Contributions for Social Insurance, 1944-47
[Millions of dollars]
Total employee contributions for social insurance. .
Old-age and survivors insuranceState unemployment insuranceRailroad retirement insurance .Federal civilian employee retirement systemsState and local employee retirement systemsCash sickness compensation fundsGovernment life insurance . . .
1944
2,236
64890
140282139
5932
1945
2,334
63085
140295150
41,030
1946
1,986
68644
16326316548
617
1947
2,068
77933
27124618056
503
Table 36.—Transfer Payments, 1944r-47[Millions of dollars]
Total transfer payments
Federal government _ _ _ _ . . __Benefits from social insurance funds
Old-age and survivors insurance benefitsState unemployment insurance benefitsRailroad retirement insurance benefitsRailroad unemployment insurance benefitsFederal civilian pensions. _Government life insurance benefits
Direct reliefMilitary pension, disability, and retirement pay-
mentsAdjusted compensation benefitsMustering-out payments to discharged servicemen
and terminal leave benefitsReadjustment, self-employment, and subsistence al-
lowances to veterans *Other2 . -.-
State and local governmentBenefits from social insurance funds...
Government pensionsC ash sickness compensation. __
Direct reliefSpecial types of public assistance .General assistance
OtherBusiness
Corporate gifts to nonprofit institutionsConsumer bad debtsOther ..
1944
3,627
1,83866421862
1371
130116
6487
230
5284
1,244223218
5942853
8979
545234165146
1945
6,150
4,3001,336
287446146
2183272
1,013189
1,403
142217
1,318233228
59889018797
532266149117
1946
11,413
9,2102,357
3871,095
15940
348328
1,68918
2,131
2,781234
1,625245240
51,1771,057
120203578266149163
1947
11, 676
8,8642,140
47977521439
281352
2,1806
1,578
2,605355
2,200277255
221,4781,314
164445612266149197
1 In 1946-47, includes interest on guaranteed loans to veterans.2 Includes enemy alien and civilian war assistance.
Table 37.—Monetary and Imputed Interest, 1944-47
[Millions of dollars]
Net interest (component of national income)Originating in private business
Monetary interest paidImputed interest paidLess' Monetary interest receivedLess* Imputed interest received
Originating in households and institutions. .Monetary interest paid
Originating in rest of the worldMonetary interest received from abroadLess : monetary interest paid to abroad
Personal interest income (component of personal income) -Net interest (component of national income)Net interest paid by government
Monetary interest paid __ __ _Less* Monetary interest received
1944
3,1442,4844,5433,4504,759
75054254211814931
5,9473,1442,8033,8891,086
1945
3,0052,3134,5893,7575,241
79256256213016838
6,6703,0053,6654,9161,251
1946
3,4172,5595,1444,1675,772
98069169116720639
7,8833,4174,4665,7831,317
1947
4,2933,1546,1214,5466,3531,160
93193120824840
8,7324,2934,4395,8281,389
Table 38.—Reconciliation of Department- of Commerce Estimatesof Corporate Profits with Bureau of Internal Revenue Tabulations,1944-45
[Millions of dollars]
Compiled net profit, Bureau of Internal RevenuePlus depletion, Bureau of Internal RevenuePlus net capital loss, Bureau of Internal RevenuePlus net loss, sales of property, other than capital assets, Bureau of
Internal RevenueLess net capital gain, Bureau of Internal RevenueLess net gain, sales of property, other than capital assets, Bureau of
Internal RevenueLess domestic dividends received, Bureau of Internal RevenueLess foreign dividends received, Bureau of Internal RevenuePlus "rest of the world" industry, CommercePlus profits disclosed by audit, CommerceLess profits of mutual life insurance companies based on Bureau of
Internal RevenueLess profits of mutual nonlife insurance companies, Bureau of Internal
RevenueLess foreign income tax on branch profits, CommercePlus State income taxes, CommercePlus profits of Federal Reserve banks, Federal Reserve BoardLess gross renegotiation refunds, Bureau of Internal RevenueLess emergency amortization acceleration, CommercePlus war losses, Commerce
Profits before taxes, Department of CommerceLess Federal income taxes, Bureau of Internal RevenueLess State income taxes, CommerceLess taxes resulting from audit, CommercePlus tax refunds resulting from renegotiation, Bureau of Internal
RevenuePlus tax refunds resulting from emergency amortization acceleration,
CommerceLess income taxes, Federal Reserve banks, Federal Reserve BoardPlus taxes paid by mutual nonlife insurance companies, Bureau of
Internal RevenueLess unjust enrichment tax, CommerceLess excess profits tax, Vinson Act, CommercePlus foreign income tax on dividend income, CommercePlus foreign income tax on branch profits, CommercePlus carry-back tax refund, Commerce
Profits after taxes, Department of Commerce
1944
26, 546712
504428
1401,429
14596
1,670
1,118
1643
45955
1,478912
24,33314,884
4591,020
1,106
5043
93410,8
1945
21,345693
464923
1821,419
18417
1, 640
1,206
1844
44794
385
20,38910,78,5
4478S7
255
5244
1398,748
Table 39.—Major Items of Personal Income and Personal Con-sumption Expenditures in Kind, 1944—47
[Millions of dollars]
Personal income and consumption expenditures in kind_.Food furnished Government (including military) and
commercial employeesStandard clothing issued to military personnel ..Meals furnished domestic servants and nursesNet rent of owner-occupied farm and nonfarm dwell-
ingsServices furnished without payment by financial
intermediaries except insurance companies _ __Employees' lodging
Personal income and consumption expenditures partiallyin kind _
Food produced and consumed on farmsFuel produced and consumed on farms
Personal consumption expenditures in kind not includedin personal income
Depreciation of owner-occupied farm and nonfarmdwellings
Taxes on owner-occupied farm and nonfarm.dwellings_Institutional depreciation
1944
8,348
2,4021,713
214
2,715
1,186118
2,0661,940
126
2,610
1,3311,079
200
1945
9,062
2,7581,744
213
2,897
1,325125
2,2022,080
122
2,799
1,4051,191
203
1946
6,636
1,334495229
2,976
1,483119
2,6362,504
132
2,922
1,5131,203
206
1947
6,32
1,011930
3,17
1,5112
2,942,75
19
3,26
1,651,39
20
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CURRENT BUSINESS 27
Table 40.—National Income by Distributive Shares, Quarterly, 1944-47
[Billions of dollars]
National income _ .Compensation of employees _
Wages and salariesPrivate _MilitaryGovernment civilian. __
Supplements to wages and salariesProprietors' and rental income .
Business and professional .FarmRental income of persons
Corporate profits and inventory • valuation adjust-ment
Corporate profits before taxCorporate profits tax liability
Inventory valuation adjustment.Net interestAddendum: Compensation of general government
employees
I
44.629.228.220.34.63.21.08.43.73.01 6
6.16.23.4
—.18
7.7
II
45.730.029.020.65.13.31.18.63.83.11 7
6.26.33.5
—.18
8.2
1944
III
45.730.529.421.05.43.01.18.43.92.81 7
6.06.13.42. 7.08
8.2
IV
46.531.430.321.35.63.31.18.74.03.01 7
5.65.73.22. 5.08
8.8
Year
182. 4121.1116.983.320.712.84.2
34.115.411.96 7
24.024.313.5
-.33 1
32.9
I
47.331.530.321.25.83.31.39.14.13.31 8
6.06.13.4
-.17
9.1
II
47.731.830.421.25.93.41.49.04.13.11.8
6.16.33.5
-.17
9 3
1945
III
44.330.629.220.25.93.11.48.84.22.91 7
4.24.42.5
-.27
9.2
IV
42.429.027.719.54.93.21.49.14.43.01 7
3.43.62.2
-.28
8.3
Year
181.7122.9117.682.022.513.05.4
36.016.812.37 0
19.820.411.6
-.63 0
35.9
I
41.527.426.020.02.93.11.49.84.73.41 7
3.53.81.7
-.38
6.1
II
44.028.827.422.11.93.31.49.84.93.31.6
4.55.12.1
-.68
5.4
1946
III
45.529.928.523.91.63.01.4
10.75.33.81.7
3.95.92.4
-2.09
4.6
IV
48.431.129.825.01.33.51.3
11.45.64.11.7
4.97.02.8
-2.19
4.7
Year
179.3117.3111.791.07.8
12.95.6
41.820.414.66.7
16.821.89.0
-5.03 4
20.9
I
48.830.729.324.61.13.61.5
11.65.64.21.8
5.47.22.9
-1.81.0
4.4
II
49.931.429.925.71.03.21.4
11.25.73.71.7
6.37.22.8
-.91.1
4.4
1947
III
50.232.030.726.7
.93.11.3
11.15.73. 61.8
6.17.32.8
-1.21.1
3.8
IV
53.633.432.227.7
.93.61.2
12.26.24.11.9
6.98.13.2
-1.21. 1
4.2
Year
202.5127.5122.2104.7
3.913.65.3
46.023.215.67.1
24.729.811.7
-5.14.3
16.8
Table 41.—National Income by Distributive Shares, Seasonally Adjusted Quarterly Totals at Annual Rates, 1944—47
[Billions of dollars]
National income __ _ . .Compensation of employees
Wages and salariesPrivateMilitaryGovernment civilian. __
Supplements to wages and salariesProprietors' and rental income
Business and professionalFarmRental income of persons
Corporate profits and inventory valuation adjust-ment
Corporate profits before tax _ _Corporate profits tax liabilityC orporate profits after tax _ _
Inventory valuation adjustmentNet interest _ _ - - _ _Addendum: Compensation of general government
employees
I
179.9118.0114 182.818.612.73.9
33.715.012 26.6
25.025.414.111.3— 43.2
30.4
II
182.1119.8115.682.620.212.84.2
34.415.212.46.7
24.725.114.011.2— . 43.2
32.3
1944
III
182.7122.3117 983.421.513.04.4
33.515.511.36.7
23.823.913.310.6
.23.1
33.9
IV
184.9124.4119 984.522.512.94.5
34.816. 111.86.9
22.722.912.810.1—.23.0
35.0
Year
182.4121. 1116 900 0
20.712.84.2
34.115.411.96.7
24.024.313.510.8—.33.1
32.9
I
190.9127.3122.486.323.013.15.0
36.416.313.07.0
24.224.714.210.5—.63.0
36.0
II
190.1126.8121.484.823.613.15.4
36.116.612.57.1
24.224.814.310.6—.63.0
37.0
1945
III
177.8122.6117.280.023.813.55.4
35.116.711.57.0
17.017.610.17.6
—.63.0
37.8
IV
168.0114.7109.077. 119.512.45.7
36.617.612.16.9
13.714.48.06.3
—.73.1
32.6
Year
181.7122.9117.682.022.513.05.4
36.016.812.37.0
19.820.411.68.7
—.63.0
35.8
I
167.9111.5105.881.811.612.45.7
39.118.713.66.8
14.115.36. 39.0
— 1.23.1
24.3
II
175.0114.6108.988.47.8
12.75.7
39.419.613 26.6
17.820.38.3
12.0—2.6
3.3
20.9
1946
III
182.1119.9114.494.86.4
13.25.5
42.921.115.26.6
15.823.79.8
13.9—7.9
3.5
19.6
IV
192.0123.0117.598.75.3
13.55.5
45.622.416.46.8
19.628.011.616.5
—8.53.8
18.6
Year
179.3117.3111.791.07.8
12.95.6
41.820.414.66.7
16.821.89.0
12.8—5.0
3.4
20.8
I
197.3125. 0119.3101.7
4.313.35.7
461422.516.97.0
21.828.911.417.5
—7.14.1
17.4
II
199.3125.3119.6102.3
3.913.45.7
44.622.714.97.0
25.228.811.317.5
— 3. 64.2
17.0
1947
III
200.6127.6122 5105.3
3.713.55.1
44.423.014 37.1
24.329.111.417.7
—4 84.4
16.2
IV
212.8132.2127 1109.5
3 614.05 0
48.624.716 57.4
27.532.412.719.7
—4 94.5
16.5
Year
202. 5127 5122 2104 7
3 913. 65 3
46.023 215 6-7.1
24.729.8.11.718.1
—5 14.3:
16. 8
Table 42.—Gross National Product or Expenditure, Quarterly, 1944-47
[Billions of dollars]
Gross national product _ _Personal consumption expenditures
Durable goods .Nondurable goods - - _Services
Gross private domestic investmentNew construction _ __.
Residential nonfarmOther
Producers' durable equipment - - _ . „Change in business inventories — total. .
Nonfarm onlyN e t foreign investment _ _ _ _ . _ _ _ _ _ _Government purchases of goods and services
Federal _WarNonwar - _ - -Less* Government sales
State and local _ _
I
50.625 51.4
15.09 02.1.5.13
1.2.4.6
-.723 821.921 9
.33
1.9
II
51.827 11.6
16.29 31.3.6.15
1.4-.7—.5-.724 222.222 1
.43
2.0
1944
III
53.627 61.6
16.89 32.2.7.16
1.4.2.3
-.324 022.322 2
.53
1.7
IV
56 231 22.3
19.49 5.8.6.15
1.5-1.2— 1 2
—.424 622.622 5
.43
2.0
Year
212 2111 4
6.967.537 06.42.3
51 85.4
-1.4— 8
-2.196 589.088 61.61 27.5
I
54.328 51.6
17.29 71.8.5.14
1.5-.2— . 1—.724.722.722 7
.33
2.0
II
55.029 31.8
17.89 82.0.7.16
1.6-.4-.3-.7 •24.422.422 4
.33
2.0
1945
III
52.930 11.8
18.59 83.2.9.27
1.9.4.5
-.319 918.018 5
.37
1.9
IV
51.234 93.0
21.910 02.21.1
38
2.2-1.1— 1 1
.213 911.712 3
.28
2.2
Year
213.4122 8
8.375 439 29.23.3
72 67.3
-1.3— 1 0-1.482 874.875 91.02 28.0
I
47.332 42.7
19 210 55.41 5
41 02.21.81 8.7
8 86.57 0.37
2.2
11
50.135 33.6
20 910 86.12 1
71 43.1.99
1.37 45.05 5.5
1 12.5
1946
III
53.737 24.2
21.911. 17.92.71.01 73.51.71.71.37 34.84.7.86
2.5
IV
58.242.55.7
25.411.47.12.61.01 64.0.5.6
1.37.34.54.0.9.4
2.8
Year
209.3147 416.287.543.626.58.93.25 7
12.84.85.04.7
30.820.821.22. 5\2 9J
10.0
I
54.737 64.4
21.611.68.22.2
91 34.21.82.32.26 73.94 4. 5
2.8
II
56.240 35.0
23.611.76. 32.61 11 54.5-.8—.22.67.03.94.3.3
3.1
1947
III
56.440 55.0
23.711 96.93.31 51 84.2-.7
.02.17 03.94 2. 2
3.0
IV
64.446 46.5
27 712 28.63 61 81 74 8.27
2.07 33.94 1.2
3 4
Year
231 &164 821 096 547 a30 0'11 75 36 4
17 8.6
.278 9
28 015.616 91.1
12 3
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
28 SURVEY OF CURRENT BUSINESS July IMS
Table 43.—Gross National Product or Expenditure, Seasonally Adjusted Quarterly Totals at Annual Rates, 1944-47[Billions of dollars]
Gross national product-Personal consumption expenditures...
Durable goods _ _ _ _ _Nondurable goodsServices _
Gross private domestic investmentNew construction ._ . __
Residential nonfarmOther
Producers' durable equipmentChange in business inventories — total. _
Nonfarm onlyNet foreign investmentGovernment purchases of goods and services
FederalWar_ _. ._NonwarLess; Government sales
State and local
I
205. 8106.5
6.564.036.07.02.4.7
1 64.8-.2
.7-2.795 087.587.51. 11.07.4
II
208.3109.9
6.766.336.95.12.3.6
1 85.5
-2.7-2.1-2.996.388.888.41.61 27.5
1944
III
216.1113.4
7.069.137.46.92.3.4
1 95.5
9K
-1.296.989.388.62.01 37.6
IV
218.7115. 8
7.470.537.96.52.4.4
2.05.8
-1.7-1.4-1.698.090.490.01.61.27.6
Year
212.2111.4
6.967.537.06.42.3.5
1.85.4
— 1.4-.8
-2.196.589.088.61.61 27.5
I
220.7119.0
7.673.038.45.92.4.4
2 16.0
-2.5-2.2-2.798 590.890.91.01 i7.6
II
221.6119.4
7.772.938.97.82.9.5
2 46.5
-1.6— 1. 1-2.897 289.589.8
1. 11 37.7
1945
III
213.8123.7
8.176.339.411.03.4.7
2.67.7-.1
.4—1.280.272.173.91.12.98.1
IV
197.4129.2
9.779.340.212.24.61.23 48.8
— 1.3— 1.0
.955.246.849.2
.93 48.4
Year
213.4122.8
8.375.439.29.23.3. 7
2 67.3
-1.3-1.0— 1.482 874.875.91.02 28.0
I
196.1136. 812.282 841.821.37.22.34 98.85.35.43.0
35 126.227.91.23 09.0
II
202.8143.115 285.042.825. 18.72.95.8
12.34.14.25.3
29 319.822.21.94 29.5
1946
III
215.6152.618.090.144.528. 19.63.66 0
13.94.64.95.3
29 719.318.73.22 6
10.4
IV
222.4157.019.592 045.531.310.13 96 2
16.25.05.65 1
29 017.916.03.61 7
11.1
Year
209.3147.416.287 543.626 58.93 25 7
12.84.85.04.7
30 820.821.22.52 9
10.0
I
226.4158.119.692.546.032.610.84.56 3
16.65.26.88.8
26 915.6
\17 7j l * . <2.1
11.3
II
228.3164.221.196.346.726.410.34.36 0
17.9-1.8
.810.227.615.717.01.4
11.9
1947
III
227.9165.621.196 847.725.611.65.26 3
17.6-3.5-.98.4
28 315.716. 6
.912.6
IV
243. 8171.122. 1
100 248.835.414.07.06 9
18.92.54.28.2
29 015.516.3
813.5
Year
231. 6164. 821.096. 547.330 011.75.36.4
17.8.6
2.78.9
28.015.6
16. 9
1.312.3
Table 44.—Disposition of Personal Income, Quarterly, 1944—47[Billions of dollars]
Personal income . . _ _ _ . _ _Less; Personal tax and nontax payments
FederalState and local
Equals* Disposable personal incomeLess: Personal consumption expenditures _ _ _Equals: Personal saving
I
39.85.24.8
434.625.59.1
II
40.96.05.6
434.927.17.8
1944
III
41.04.44.1
336 627.69.0
IV
42.73.33.0
339.531.28.2
Year
164. 518.917.51 4
145.6111.434.2
j
42.78.58.0
434.328.55.8
II
43.24.94.5
438.429.39.0
1945
III
41.93.93.6.3
37.930.17.9
IV
42.53.73.3
338.834.93.9
Year
170.320.919.41 5
149.4122.826.6
I
41.67.67.1
534.032.41.6
II
43.63.42.9
440.235.35.0
1946
III
45.24.33.9
440.937.23.7
IV
47.73.73.3
444.042.51.5
Year
178.118.917.21 7
159.2147.411.8
I
47.08.78.2
638.337.6
.7
II
47.64.03.5
543.640.33.3
1947
III
48.94.74.3
444.240.53.7
IV
51.74.23.7
447.646.41.2
Year
195.221.619.72 0
173.6164.8
8.8
Table 45.—Disposition of Personal Income, Seasonally Adjusted Quarterly Totals at Annual Rates, 1944—47
[Billions of dollars]
Personal incomeLess: Personal tax and nontax payments
FederalState and local
Equals* Disposable personal incomeLess* Personal consumption expendituresEquals: Personal Saving _ _ _ _
I
161.318.917.51 4
142.4106.535.9
II
163.318.817.51 4
144.5109.934.6
1944
III
164.818.917.51 4
145.9113.432.5
IV
168.419.017.61.4
149.3115.833.6
Year
164.518.917.51 4
145. 6111.434.2
I
172.821.419.91 5
151.5119.032.5
II
172.521.319.81. 5
151.3119.431.9
1945
III
168.620.719.21.6
147.9123.724.2
IV
167.420.318.71.6
147.1129.217.9
Year
170.320.919.41.5
149.4122.826.6
I
168.817.916.21 6
150.9136.814.2
II
173.618.717.01.7
154.9143.111.8
1946
III
181.719.217.51.7
162.5152.610.0
IV
187.319.717.91.8
167.6157.010.6
Year
178.118.917.21 7
159.2147.411.8
I
190.921.219.31.9
169.7158.111.6
II
189.621.419.41.9
168.2164.2
4.1
1947
III
196.721.719.82.0
175.0165.6
9.4
IV
203.122.220.2
2 0180.9171. 1
9.7
Year
195. 221. 619.72.0
173. 6154.8
8.8
Table 46.—Relation of Gross National Product, National Income, and Personal Income, Quarterly, 1944-47[Billions of dollars]
Gross national productLess* Capital consumption allowances
Indirect business tax and nontax liabilityBusiness transfer paymentsStatistical discrepancy
Plus: Subsidies less current surplus of Government enter-prises
Equals: National incomeLess: Corporate profits and inventory valuation adjust-
mentContributions for social insuranceExcess of wage accruals over disbursements
Plus* Government transfer paymentsNet interest paid by GovernmentDividendsBusiness transfer payments
Equals: Personal income
I
50.62 93. 1.1. 1
244.6
6.11.3
2.76
1.01
39.8
II
51.89 Q
3.5.12
.245.7
6.21.3.0.87
1 l1
40 9
1944
III
53.63 03.7.1
1.2
. 145.7
6.01.3.087
LI1
41 0
IV
56.23 13.7.1
3.0
246.5
5.61.3.0.87
1.5
42 7
Year
212.211 94.0.5
4.1
. 7182.4
24.05 2-.23 12 84 7
5164 5
I
54.33 23.7.1.2
.247.3
6.01 5.098
1 01
42 7
II
55.03 23.8.1.1
. 147.7
6.11.6.0
1 01 01 1
143 2
1945
III
52.93.34.0.1
1.4
.244.3
4.21.5.0
1.29
1. 11
41.9
IV
51.22.74.2.1
2.3
.442.4
3.41.5.0
2.51 01.5
142 5
Year
213.412 415.6
.54.0
.8181.7
19.86. 1.0
5.63 74 7
5170 3
I
47.32 84.1.1
—.7
.441.5
3.51.6.2
3 01 11 2
141.6
II
50.12.94.3.1
—.7
.544.0
4.51.6-.22.81 31.3
143 6
1946
III
53.73.04.5.1.5
.045.5
3.91.4.0
2.61 01 3
145 2
IV
58.23. 14.7.2
1.9
.048.4
4.91.4.0
2.51 11.9
247.7
Year
209.311 817.5
.61.0
.9179.3
16.85.9.0
10.84 55.6
6178. 1
I
54.73 24.4.2
—1.9
.048.8
5.41.6.0
2.61 i1.5
247.0
II
56.23.34.5.2
—1.6
.149.9
6.31.5.0
2.51 31.6
247.6
1947
III
56.43 34.7.2
-2.0
—.150.2
6.11.3.0
3.31 01.6
248.9
IV
64.43 45.0.2
-2.1
—.153.6
6.91.2.0
2.71 12.2
251.7
Year
231. 613 3"18. 5
.6-3.4
— . 1202. 5
24.75.6.0
11. 14.46.9.6
195. 2
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CURRENT BUSINESS 29
Table 47.—Relation of Gross National Product, National Income and Personal Income, Seasonally Adjusted Quarterly Totals atAnnual Rates, 1944-47
[Billions of dollars]
Gross national productLess: Capital consumption allowances
Indirect business tax and nontax liabilityBusiness transfer paymentsStatistical discrepancy
Plus: Subsidies less current surplus of Government enter-prises
Equals: National incomeLess: Corporate profits and inventory valuation adjust-
mentContributions for social insuranceExcess of wage accruals over disbursements
Plus: Government transfer paymentsNet interest paid by Government -DividendsBusiness transfer payments _ .. .
Equals* Personal income
i205 811.412.8
52 0
7179.9
25.04.9-.83.02.54.5.5
161 3
II
208.311.714.1
5.6
7182.1
24.75. 1.0
3.12.74.6.5
163 3
1944
III
216 112.014.5
6 9
6182.7
23.85.3.0
3.02.94.7.5
164 8
IV
218.712.314.8
57.0
8184.9
22.75.4.0
3.23.14.7.5
168 4
Year
212.211.914.0
54.1
7182.4
24.05.2-.23.12.84.7.5
164 5
I
220. 712.614.9
.52.4
. 7190. 9
24.25.8.0
3.43.34 7.5
172 8
n
221.612.915.4
52.9
2190.1
24.26.2.0
4.23.54.7.5
172 5
1045
III
213.813.215.7
57.5
9177.8
17.06.2.0
5.03.84.8.5
168 6
IV
197.410.816.4
53.2
1 6168.0
13.76.3.0
9.94.14.9.5
167 4
Year
213.412.415.6
54.0
8181.7
19.86.1.0
5.63.74.7.5
170 3
I
196.111.116.7
51.6
1 8167.9
14.16.1.8
11.94.45.1.5
168 8
II
202 811.617.2
6.4
2 0175.0
17.86. 1-.911.14.55.4.6
173 6
1946
III
215.612.117.9
63.0
i182.1
15.85.8.0
10.64.55.6.6
181 7
IV
222.412.518.3
6-.9
0192.0
19.65.7.0
9.74.55.9.6
187 3
Year
209.311.817.5
.61.0
.9179. 3
16.85.9.0
10.84.55.6.6
178 1
I
226.412.818.0
.6—2.4
—.1197.3
21.86.2.0
10.14.46.4.6
190 9
II
228.313.318.1
.6-2.7
.3199.3
25.26.1.0
9.94.46.7.6
189.6
1947
III
227.913.418.4
.6-5.4
-.3200.6
24.35.2.0
13.64.56.9.6
196 7
IV
243.813.819.4
.6-3.3
—.4212.8
27.55.1.0
10.64.57.1.6
203 1
Year
231. 613.318.5
.6—3. 4
— 1202. 5
24.75.6.0
11.14.46.9.6
195.2
Table 48—Personal Income, Seasonally Adjusted Monthly Totals at Annual Rates, 1944-1947
[Billions of dollars]
1944:January . _ _ _ . . .FebruaryMarch,. . . . , _ _ _ _ _ _ _ _ _ .April .MayJuneJulyAugust _ , _ .SeptemberOctoberNovemberDecember . , , _
Total1945:
January . _FebruaryMarch, _ _AprilMav_. . -June__July . .AugustSeptember . . . , , , ,OctoberNovemberDecember -
Total1946:
JanuaryFebruary, . . ,MarchAprilMavJune . _ .. . _July,.AugustSeptember .. , ._ ,,October , ,NovemberDecember
Total..1947:
JanuaryFebruary ._MarchApril.. _ _ .MayJuneJulyAugustSeptember _ . . __ _ _.OctoberNovember. _ _December
Total--
Personalincome
158.9162.1162.7162.0163.4164.6164.4165.3164.7167. 1168. 4169. 4164.5
171.6173.3173.7172.1171.6173.7173.6169 1163.3165.4168.6168.3170.3
169. 6167.4169. 7172 1173.5175.2182.1182.9179.9185.4187.4189. 4178. 1
191.0191.3190.6187.9188.6192.4193. 2190.8206.2200.0201.4207.7195.2
Wage and salary receipts
Total
111.7113.4113.0112.5113.3114.3115.4115.7115.7116.7117.5118. 4114.8
119.8119.7120. 6119.4118.5119.0119.6115. 6109. 5107.9107. 2105.2115. 2
103. 2101.2104.6106. 6107.7109. 1110. 6113. 0113.5114. 3115.7117. 1109. 8
117. 1117.3117.3115. 7117.0119.6119.4120.1121. 9122. 7125. 5127. 4120. 1
Wage and salary disbursements
Totaldis-
burse-ments
113.8115.6115.2114.7115.5116.6117.7118.0118.0119.0119.8120.7117.1
122.2122.1122. 9121. 8120. 9121.4122. 0117. 9111.8110.2109. 5107.3117.5
105.3103.2106.6108.7109.7111. 1112.6115.0115. 4116. 1117. 6119.0111.7
119.2119. 5119. 4117.9119.1121.7121.4122.2123.9124.7127.3129. 4122.2
Commod-ity pro-
ducing in-dustries
51.250.950.649.949.750. 150.049.949.850. 150.350.850.3
51.451.251.250.449.148.747.344.039. 138.539.339.645. 8
39. 138.242.443. 544.246. 446.849.149.750.150.952.246.1
53.253.353.352.452.954.053.654.355.455.957.459.254.6
Distrib-utive in-dustries
21.723.622.522.022.222.422.722.922.822.923.323.622.7
23.824.024.124.024.124.425. 024.824.825.126. 126. 624.8
27.728.528. 930.431.530.931.632.232.232.333.333.931.2
33.533.933.833.233.935. 035.235. 436.036. 037.137.435. 0
Serviceindus-tries
10.010.110.210.310.510.610. 710.710.610.610.910.810. 5
11.011.111.111.011.111.311. 611.611.711.812.212.211.5
12.512.913. 313.513.513.814.214.214.314.414.614.613.8
14.714.714.815.015.115.315.515.315.215.215.215.215.1
Govern-ment
30.931.031.932.533.133.534.334.534.835.435.335.533.5
36.035.836.536.436.637.038.137.536.234.831.928.935. 5
26.023.622.021.320.520.020.019.519.219.318.818.320.7
17.817.617.517.317.217.417.117.217. 317. 617.617. 617.4
Less em-ployeecontri-butions
forsocial in-surance
2.12.22.22.22.22.32.32.32.32.32.32.32.2
2.42.42.32.42.42.42.42.32.32.32.32.12.3
2.12.02.02.12.02.02.02.01.91.81.91.92.0
2.12.22.12.22.12.12.02.12.02.01.82.02.1
Otherlabor
income
1.11.21.21.21.31.31.31.41.41.41.41.41.3
1.51.51.51.51.51.61.61.61.61.61.61.61.6
1.61.61.61.61.61.61.61.61.61.71.71.71.6
1.71.71.81.81.81.81.81.81.91.91.91.91.8
Pro-prietors'
andrentalincome
32.933.934.333.934.534.833.433.933.234.535.034.934.1
35.437.236.636.136.236.035.735.234.435.437.137.336.0
39.539.838.139.039.339.945.443.839.645.045.845.941.8
46.646.845.844.544.245.145.342.845.047.547.151.346.0
Divi-dendsand
personalinterestincome
10.110.210.310.510.610.710.710.710.810.810.810.910.6
10.911.011.011.011.211.311.511.611.711.812.012,211.4
12.412.712.913.013.213.313.513. 613.713.814.114.413.5
14.714.915.015.215.315. 415.615. 616.215.916.116. 215.6
Transferpay-
ments
3.13.43.93.93.73.53. 63.63.63.73.73.83. 6
4.03.94.04.14.25.85.25.16.18.7
10.712.06.2
12.912.112.511.911.711.311.010.911.510.610.110.311.4
10.910.610.710.710.310.511.110.521.212.010.810.911.7
Nonagri-culturalincome
143.6146.1146.9146. 4147.4148. 5149. 5149. 9150. 3151.8152.9154.0149. 0
155.4155.7156. 9155.6155.6157.9158.1153. 6148.6150.6152.3151.8154.3
151.5149.3153. 4155.2156.6157.7159.7162.8164.2164.6166.2168.5159.4
168. 8169.6169.8168. 5169.6172.4172.9173. 1187.4179.7181.4184.2174.9
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
30 SURVEY OF CURRENT BUSINESS July 1948
Changing Patterns of Fuel Consumption(Continued from p. 11)
the light of price developments in the decade prior to theoutbreak of the recent war. Between 1929 and 1939 thewholesale price of crude petroleum and refined productsdeclined by more than one-fourth, as supplies were aug-mented by the discovery of new fields both at home andabroad, and demand, while still growing in terms of secularchange, was nonetheless held down by the relatively lowlevel of income. Advances in technology were an addi-tional factor in the price decline. The prices of gas andanthracite also declined over this period—the former, largelybecause of the opening up of new natural-gas fields, and thelatter, because of its declining position in the field of resi-dential heating. Bituminous coal prices, on the other hand,rose between 1929 and 1939 despite the drop in the levelof income, primarily because of increased costs followingthe extension of unionization in the industry, and becauseof the efforts of the industry and Government toward pricestabilization.
Under wartime price control the price of gas drifted down-ward, while prices of coal and petroleum advanced by roughlythe same percentages, under the impact of increased costs.Since the first quarter of 1947, prices of petroleum movedup at a relatively faster rate than did those of bituminouscoal, while gas prices held steady. In May 1948 the BLSwholesale price index for petroleum was 56 percent higherthan in the first quarter of 1947 and 134 percent higherthan the index for 1939. The corresponding advances insoft coal prices were 27 percent and 86 percent, respectively.
Large Capital Expenditures
Both the aggregate demand and the postwar pattern offuel consumption and prices have given considerable impetusto capital-in vestment programs in all the fuel industries.In the case of petroleum and gas, additional facilities havebeen needed primarily to take care of the heavy demandwhich has developed since the prewar years. With coal, onthe other hand, new expenditures have arisen to a largeextent out of the declining position of the anthracite andbituminous-coal industries. Emphasis here has been onmechanization in order to reduce mounting unit labor costs.In addition, new techniques for using coal are being de-veloped, such as the new coal-fired turbine locomotive; andalready pilot plants are in operation manufacturing syn-thetic petrolem products from coal.
High fuel prices have acted as a stimulus to capital expan-sion and the favorable postwar profit position of the fuelindustries has made possible in large measure the heavyvolume of investment which has been undertaken in this area.The tight supply situation in steel has limited expansionprograms here as in other parts of the economy.
While it would be desirable to show total ^ investmentoutlays for all fuel industries, information covering all fieldsis not available at the present time.
As one example of the large expenditures for plant andequipment which are now being made, some data on thepetroleum industry may be cited. In 1947, it is estimatedon the basis of data from the Department of Commerce andthe Securities and Exchange Commission that roughly 2%billions were spent for new production, refining, transporta-tion, and marketing facilities in the domestic petroleum in-dustry. It should be pointed out that these expenditurescut across many fields—-mining, manufacturing, transporta-tion, and distribution.
For the petroleum industry alone, capital expenditures in1947 were almost one-seventh of total nonfarm business ex-penditures for new plant and equipment, according to esti-mates of the Department of Commerce and the Securitiesand Exchange Commission.4 Expenditures in petroleumlast year were some two and one-third times as large as theywere in 1939. This increase is somewhat less, percentage-wise, than that which took place in industry generally overthe same period, because of the fact that investment outlaysfor petroleum already were relatively high in 1939.
While the bulk of plant and equipment expenditures in thepetroleum field have been for the extraction and refining ofcrude, substantial outlays have also been made for transpor-tation and marketing purposes. In 1946, for example, ap-proximately one-fourth of total outlays by petroleum com-panies was for transportation—pipe lines, tank cars, tank-ers—and marketing facilities.6
On the basis of anticipation of a sample of petroleumcompanies reporting to the Department of Commerce andthe Securities and Exchange Commission at the beginning of1948, it appears that expenditures for plant and equipmentin the petroleum industry during 1948 will exceed actualoutlays in 1947 by a sizable margin. The indicated increasein the petroleum field is larger in 1948 than for manufacturingand mining generally and is indicative of the current andprospective strength in the demand for petroleum products.Coupled with the capital expenditures now being made inother fuel industries, these expenditures constitute animportant segment of new capital formation in the domesticeconomy.
Business Situation(Continued from p. 4)
residential building, even though the latter has accountedfor only two-fifths of the construction total this year.Private industrial building has been running under a yearago, but most other components show substantial advances.
Of prime importance in the high levels of housing-con-struction activity initiated during the past 12 monthshave been the mortgage insurance operations of the FederalHousing Administration. Interest rates have generallymoved higher for investment funds, and presumably fornpn-FHA mortgages, though they still are low from anhistorical standpoint. Despite the limits on interest rateson mortgage loans issued under Federal Housing Adminis-tration insurance, housing starts under FHA operationsaccounted for an increasing proportion of the total of privatehousing starts until April 1948. (See chart 3.)
Between 80 and 95 percent of FHA starts in each monthof 1947 and 1948 have been under title VI of the NationalHousing Act. Passed originally as an emergency warhousing measure and extended in May 1946 as an aid toveterans' housing, title VI lapsed on April 30 and failedof extension in the closing hours of the congressional session.After its temporary lapse in late 1947, full-scale activityunder the provisions of title VI in the first 4 months of tiiisyear created a backlog of current applications which canbe expected to maintain total units started under the FHAprogram for several months ahead close to the level ofMarch and April. Thus, the effects of the lack of supportof title VI on the rate of total new housing units startedare not likely to be felt in any appreciable degree at leastuntil the fall.
4 See "Current and Prospective Plant and Equipment Expenditures," SURVEY, April 1948.s See "Financial Analysis of 30 Oil Companies for 1946," Chase National Bank, New York.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
i lew or STATISTICAL SERIESRevised Estimates of Retail Inventories, 1940-48x
Table 1.—Retail Inventories2
[Millions of dollars]
End of month —
1939 monthly average1940 monthly average _ _ _ _ _ _1941: January
FebruaryMarchAprilMayJune -- _ -JulyAugust -_ _ _ _ _ _SeptemberOctober _ _NovemberDecember
1942: JanuaryFebruaryMarch ___AprilM a y _ _ _ _ _ _ _JuneJuly __August - _ _ _September.. __October _ _NovemberDecember.
1943: January ___FebruaryMarchAprilMayJuneJuly _.AugustSeptemberOctober _NovemberDecember _
1944: JanuaryFebruary.. _ _ _MarchApril __MayJune.. _ _JulyAugust ... _SeptemberOctoberNovember _ _ _ _December
1945: JanuaryFebruaryMarchApril ._ __MayJune. _ _ _ _ _JulyAugustSeptember __OctoberNove/mberDecember
1946: JanuaryFebruary _March __AprilMayJune.. _ _ _ _ _JulyAugustSeptember .OctoberNovemberDecember
1947: January _ _February _MarchApril _ _ __MayJune _JulyAugustSeptember __OctoberNovemberDecember
1948: JanuaryFebruaryMarchAprilMay (prel.)
All retailstores
5,3555,7185,8816,1786,5566,6266,6376,5826,6076,6807,1337, 8808,0867,2627,3428,0038,4728,6978, 7528,5948,4908,5198,5068,3558,2327,3077,1897,1457,3817,2917,1667,0717,1297,4417,5267,5907,5576,8726,9407,2607,5167,5437,4667,3627,2907,6807,7748,0698,0186,9066,9467,2087,4397, 6317,7437,6267,5047,7407,8778,0378,1167,0497,2547,6878,0688,3318,5488,6619,1089,787
10, 22611, 07611, 52510, 59110, 88911, 53012, 03712, 17911, 77011, 59411, 43111, 81512, 15513, 09913, 48712, 42612, 77913 62514, 28014, 16413, 808
Durable-goods stores
Total
1,7731,9822,2712,4322,5602,5802,5292,4552,3832,1242,1812,4832,7012,5522,7022,9623,0443,0313,0452,9512,8442,7322,6052,4692,4222,2682,2172,2092,2042,1382,0812,0552,0142,0021,9701,9351,8801,7951,7761,8411,8971,9291,9421,9041,8501. 882.1,8681,8711,8531,7391,7411,8121,8841,9021,9261,9081,8551, 8631,8831,8631,8911,7961,8911,9692,1032,1712,2492,3652,4442,6682,7532,9983,1383, 0653,3553,6463,8594,0283,9723,9543,8783,9544,0134,1824,1954,1484,3584, 6345, Oil4,9464,809
Automo-tive
group
534637851944
1,001977911852753455458685879901971
1,1221,1381,1121,0771,026
967885839796773743719696668637600576563541525521508492488487489494491476453439433429420407419422430426425422410401399407425419441478494508524544588627670719773813853924965967943931924909974997
1,0571,0991,1461,1901,2511,2191,217
Buildingmaterialsand hard-
waregroup
716779806836864879880869886913920920913840903948967958941904858834773707706724713726729721723727703692671647619642632668725740743734705713700691701678682713728725728725689691692653652645666687718713715753770838876945
1,0081,0441,1401, 3001,4371,5371,5711,5701,5101, 5571,5501,5151,5121,5341,6391,7602,0482,0531,965
Homefurnish-
ingsgroup
364395430461493512524524540539568610628586612660685684747731732718690666647575568562575545519497492489483472460431433441441440439433439452448450434416409425447458476467475474482479474464522519563599652718744815805898905852
1,0181,0601,0711,1361,0791,0931,1011,1221,0931,2201,1371,1301,1971,2751,2711,2321,193
Jewelrystores
158170184191202212214210204217235268281225216232254277280290287295303300296226217225232235239255256280291295293230223245242255269261253278287301298238231252279293297294281297310324340268262285328351358350342388402436452356344362386388379360343366396450489385376409441442434
Nondurable-goods stores
Total
3,5823,7363,6103,7463,9964,0464,1084,1274,2244,5564,9525.3975,3854,7104,6405, 0415,4285,6665,7075,6435,6465,7875,9015,8865,8105,0394,9724,9365,1775,1535,0855,0165,1155,4395,5565, 6555,6775,0775,1645,4195, 6195,6145,5245,4585,4405,7985,9066,1986,1655,1675, 2055,3965,5555,7295,8175,7185,6495,8775,9946,1746,2255,2535,3635,7185,9656,1606,2996,2966,6647,1197,4738,0788, 3877,5267,5347,8848,1788,1517,7987,6407,5537,8618,1428,9179,2928,2788,4218,9919,2699,2188,999
Apparelgroup
728750651685774755766727777902
1,0101,1041,100
871843937
1,0431,1491,212
• 1, 2261,2081,3031,3231,3081,2861,007
979939
1,003982
1,012996
1,0711,2351,2821,2831,2561,0241, 0521,1471,1781,1391,1411,1271,1261,2981,3541,4131,3781,0241,0311,1011,1131,1931,2621,1831,1671,2621,2411,2431,195
880928
1,0201,0941,1581,2251,2151,2971, 4731,5671,6751,7251,3721,4421,6621, 7341,6971,6601,4951, 4391,6361,7271,8891,9131, 5581,6521,8872,0092,0641,969
Drugstores
314312334341326328321334324321332369348366368376381386373382384372389418414381384385412421393404403405421428437400407419438440439441420436438462495414429430445461460443444445463494535453438446459472480464476479493560609539525503497500488468472459453523590581568542533530525
Eatingand
drinkingplaces
64749290889499
107109111112123124129150166156168168164164164166182195192200209212211207210205209213219218224208208223233243246245250260269270270273275274267262264281280279285292290306335331360383376385377387379375372363359352352333338322309295316315333352341341339328
Foodgroup
658675696717747762789829849871919968981960905981
1,0661,027
975929946940
1,0001, 0151,0681,0621,0691,0761,0971,0941,046
965912906929
1,0161,1081,1021,0871,0801,0551,009
920886870906930
1,0711,1111,0751,0391,0301,0731,0601, 0351,022
960963
1,0591,2001,3081,2881,2161, 2391,2301,2031,1631,1441,1771,2221,3231,4821,6701,7231,6171,5991,6911,6471,5201,6021,6001,6791,7671,9422,0331,9371,9162,0001,9621,8601,851
Fillingstations
9710710699
101110128140151156157153145141134124115112122127132130131129129117786163688086919292939189808386797989868591919190
10110210699
10298939395
1061061029997
100105109107108113111125134146156151156161150154183184191213228217226203197209181
Generalmerchan-
disegroup
1,2421,2741,1871,2631,3741,4041,4111,3871,4031,5691,7351,9041,889
' 1,5131,5281, 7191,8862,0072,0472,0172,0032,0382,0311,9961,9101,5411,5431,5361,6221,6291,6231,6121,6701,7911,8541,8451,8011,5341,5921,6991,8221,8661,8301,7791,7691,8871,8931,9251,8551,4121,4851,5971,6381,7451,8311,8361,8361,9231,9261,9251,8581,4061,5461,7001,8131,9512,1022,1442,2802,4232,5182,7092,7092,2282,2142,3752,4682,5012,4092,2592,2312,3422,4552,7362,8542,3442,4512,7052,8772,8832,798
Otherretailstores
480543544551586593594603611626687776798730712738781817810798809840861838808739719730768748724743763801765771766704738783817848872890924936940967965882847861906904865872868911931921931834830881938911837846941
1,0321,0741,1481,1651,1461,2171, 2351,2801,2931,2381,3241,3061,2521,2541,2981, 3591,3081,2561,3131,3501, 3331,347
1 For information on these revisions see the June SURVEY.2 Monthly data from December 1938 through December 1940 are available upon request. 31Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
32 SURVEY OF CURRENT BUSINESS July 1943
Table 2.—Retail Inventories, Adjusted for Seasonal Variations 1
[Millions of dollars]
End of month —
1940: January... __ . _ . . _FebruaryMarchAprilMayJune. _ _ _ . _JulyAugust . ___ _SeptemberOctoberNovember. . _ _December
1941: January . _ _ _ _FebruaryMarch ...AprilMayJuneJulyAugust ...SeptemberOctober _ . _ .NovemberDecember
3942: January . _ ...FebruaryMarch . ...AprilMay.. . .-_JuneJulyAugustSeptemberOctoberNovemberDecember
1943' January - ---FebruaryMarch\prilMayJuneJulyAugust . . . .SeDtemberOctober . ._ _ _ _NovemberDecember
1944' JanuaryFebruaryMarch - .AprilM a y _ _ _ _ _ _ _ _ _ _June . . .JulyAugustSeptemberOctoberNovemberDecember
1945' JanuaryFebruary _ _ _March\priljyjgy
June - .JulvAugustSeptemberOctober _NovemberDecember
1946: JanuaryFebruaryMarchApril _May -JuneJulyAueust .September _ _ _OctoberNovember _ __December.. _ _ _
1947* January _ _ _ _ __FebruaryMarchAprilMayJuneJuly _AugustSeptember _ _ _OctoberNovember _ ...December
1948: January.FebruaryMarch _ _AprilMay (prel.) _ _ _ -
All retailstores
5,5435, 6445,6495, 6785,7165, 6955, 6305, 6465,7795,8155, 8766,0116.0346, 1416.2676,3476,4686,7006,9577,0217,2307,6107,5977,6207,8348,2138,4788, 5788,6868,6758,5498,3198,1737,9287,8157,8747,6327,3497,3317, 2507,1657,2007, 2577,2927,2787,1737,0987 3507,3937, 5127,5257,4697, 4587,4877,3997, 5077,5077,6047 5357,3967,3967, 4557,4637,5677. 7557,7707,6297,5707,6267,5777,6167,5027,6567,8648,0238,3238,5778,9179,3879,7609, 995
10, 39110, 68911,04911,42711, 65311,83211,97411,77211, 94811, 92511,94412, 07312, 43512, 62112, 95313,38413, 75114, 04013, 90713, 753
Durable-goods stores
Total
1,8771,9121,9241,9441,9681, 9601, 9511,9622,0322,0772,1142,1412,2062,2752,3032,3392, 3662,3872,4722,4152,4532,6462,7482, 6532,7982, 9532,9932,9692,9932, 9182, 8342,7162,5732, 4522,4152,3882,3082,2312,1712,0952, 0412,0272,0061,9821,9401,9181,8711,9031,8621,8691,8721,8881, 9001,8741,8401,8591, 8371, 8521,8451,8471, 8301,8431, 8631. 8621, 8851,8791, 8451, 8371,8481,8381,8741,9151,9601,9872, 0572,1142,2202,3862. 5062,7262,7712,9483, 0633, 1603,4193, 6323, 7603, 9313, 9423, 9673, 9494, 0244,0464,1474,1264,2704,4354,6124,8884,8084,722
Automo-tive
group
566590588612640635612628675716728736760790780773759766805726734880955923979
1,0971,1051,0891,0691, 023
967.910850810773756726682648623593573563555531529508505495479475482484473451449437435419420427416418415418419408410402412425435439464476490517554601658680727769826851896922943961948943955991
1,0081,0501,1171,1421,1541,2061, 1731,198
Building-materialsand hard-
waregroup
757768781779773772781780785785793802820831836848860864895919924938936865932951939925911881852829776726732756737729708696700708698688673665642671654671704714718713700708702710727708705716707699704706684686694669672677688687695687694743774838877959
1, 031,084,176.299,389,480,525,542,514.556,556,545,554
1,5901,6871,7571,9791,9791,899
Homefurnish-
ingsgroup
391390391389389385387383398400414421437459484506530537552541565588606608631648682677737731728700671648645618588570571540512497489476470460459464448447438436433433436441436438433447424431444454470467472462469467473497522519559594652723755815817879886872
,018,060,064,129,079,100,115,122,108,198,114
1,1541,1971,2751, 2631,2241,193
Jewelry-stores
163164164164166168171171174176179182189195203212217220220229230240251257256257267278276283287277276268265258257250244236236249256263266264262263265272255256265255253261262269266
274280294294293287281279283290304306311317327343357366376415397383377378374377385379377377377391391396408409409426440432432
Nondurable-goods stores
Total
3, 6663,7323,7253. 7343,7483,7353,6793.6843, 7473,7383, 7623,8703,8283,8663, 9644,0084,1024, 3134, 4854,6064,7774,9644,8494, 9675,0365,2605,4855,6095, 6935, 7575, 7155, 6035. 6005,4765,4005, 4865,3245.1185, 1605, 1555,1245, 1735. 2515, 3105, 3385, 2555,2275, 4475, 5315,6435, 6535. 5815, 5585, 6135, 5595, 6485. 6705, 7525, 6905, 5495, 5665, 6125,6005, 7055, 8705, 8915, 7845, 7335,7785, 7395, 7425, 5875, 6965.8775. 9666, 2096,3576, 5316, 8817, 0347.2247, 4437,6267,8898, 0088,0218,0728, 0437, 8307,9817, 9767,9208,0278,2888,4958,6838,9499, 1399, 1529,0999,031
Apparelgroup
749759770752757744743733754744739750726718737736759804878902939975965947970
1,0261,1171,1651,2211,2721,2111,1771,1771, 1591,1481,1501, 1251,0291,0311,0491,0221,0361,0771,1141, 1391,1321,1201,1701,2091, 2631,2521,1741,1531, 1721,1301,1701, 2031,2481,2271,1691,1861,2151,1981,2281,2781, 2311,1731,1371, 1021,0951,0641, 0061,0671,1231, 1361,2341,2441,2671,3061,3481, 3601,4451,4941,5361, 5861,6781,6631,6191,6581,6331,6471, 6531,6841,6901,6641,6881, 8171,9051, 9331,9861,958
Drugstores
311314304308313307313313307309316324320332329330328340339341345357322355379380377377378387395382389399381400396389408412399410414416421408402420420423433430445447432448438441455434442434440451467449456457463471492475434438466476490481499511518534537523520494505505498485495489476499520564563532542535536
Eatingand
drinkingplaces
6863578162897675738082869088899499
108110114117122122126147163158168168165166168173180191188196205215211207211207214222217214219204204226233243247248256.271266265264267270278266262266284287291282286284299329335359383378390387403375368364355352357351333340326317307313309326344335345338328
Foodgroup
668665676653672693673664677661688707709709737752791853885909931943927938923970
1,0521,014
977956988981
1,013988
1,0091, 0381,0221,0381,0471,0751,0861, 0521,0321,0151,019
973980995
1, 0391,0411,007
991955966984
1, 0151, 0201,026
982971993993
1,0241,0411,0751,1151,0861,0781, 1611, 1491,1561,1641, 1631,1951, 1741,1821,2081,2481, 3311,3681,4511,4201,4771, 5561, 5951, 5621,6421. 6211, 5511,6971, 7351, 8131,8601,8761,8581,8191,8901, 9531,9051, 8311,889
Fillingstations
106102104105105106107108108108110114109119123128129132135136139143142144134124115112122127132130131129129117786163688086919292939189808386797989868591919190
10110210699
10298939395
1061061029997
100105109107108113111125134146156151156161150154183184191213228217226203197209181
Generalmerchan-
disegroup
1,2741,2941,2821, 2881,2901,2581,2271,2451,2711,2801,2731,3201,3301.3261, 3631,3751,4021,4481,4951, 5521,6051,6921,6651,7271,7221,8281,8811, 9562,0052,0482,0281,9651,8971,8191,7611, 8031,7381, 6361,6241, 5921,5951,6311,6781,6961,7161,6941,6801,8011,7901,8131, 8281,8261,7981,7981,7691,7831, 7521,7551, 7381,6781,6711,7011,6441,7161,8081,8561,8371,8131,7791,7551, 7381,6641,7781,8231,8531,9422,0782,1782,2772,2752,3072,4292,4962, 5952,5412, 5612,5182,4932,3902,3072,2442,2122, 2552,4372,6092,7342,8142,9112, 9322,8672,778
Other'retailstores
49053553254754953854054(555755655456954457458659,3594G2«64365270173270673076176S78f817822802797800820802781790769760
74873574775276:;72<)73874075378«i81682'84888,'i89^!91 (i8989o92.i93294i i901 ;
89'?file90- i87887i?.Sa.'i86S88788190")89285387 >90291184587297)
1,0321.0711,1151,12:)1. 161)1,2551,2231,2311, 29:51. 25 [)1, 36 ri1,3451, 2521, 2541, 2601,3071. 335l', 2951,3001.2981, 3331,3€1
i Monthly data from December 1938 through December 1939 are available upon request.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS STATISTICSJ.HE DATA here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS. That volume
contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar as available; it also provides adescription of each series and references to sources of monthly figures prior to 1938. Series added or revised since publication of the 1942 Supple-ment are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where historical data and a descriptivenote may be found. The terms "unadjusted" and "adjusted" used to designate index numbers refer to adjustment of monthly figures for seasonalvariation.
Data subsequent tc May for selected series will be found in the Weekly Supplement to the Survey.
Unless otherwise stated, statistics through1941 and descriptive notes may he foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT*
Seasonally adjusted quarterly totals at annual rates:National income bil of dol
Compensation of employees doWages and salaries do
Private doMilitary doGovernment civilian do
Supplements to wages and salaries doProprietors' and rental income do
Business and professional doFarm doRental income of persons do
Corporate profits and inventory valuation ad-justment bil of dol
Corporate profits before tax doCorporate profits tax liability doCorporate profits after tax do
Inventory valuation adjustment doNet interest do
Gross national product doPersonal consumption expenditures do
Durable goods doNondurable goods doServices do
Gross private domestic investment doNew construction doProducers' durable equipment doChange in business inventories do
Net foreign investment doGovernment purchases of goods and services
bil of dolFederal (less Government sales) _ doState and local. do
Personal income doLess: Personal tax and nontax payments doEquals* Disposable personal income doPersonal savings § do
PERSONAL INCOME*Seasonally adjusted, at annual rates:
Total personal income _ bil. of dolWage and salary receipts, total... _do
Total employer disbursements doCommodity-producing industries doDistributive industries _ _ doService industries _ doGovernment . do
Less employee contributions for social insur-ance bil. of doL.
Other labor income doProprietors' and rental income. _ doPersonal interest income and dividends. -doTotal transfer payments _ do
Total nonagricultural income doNEW PLANT AND EQUIPMENT
EXPENDITURES*All industries, total _ mil. of dol
Electric and gas utilities doManufacturing and mining doRailroad _ doCommercial and miscellaneous do
FARM INCOME AND MARKETINGSCash farm income, total, including Government
payments* mil. of dol..From marketings and C. C. C. loans* do
Crops* doLivestock and products* do
Dairy products* _ _ _ _ _ d oMeat animals*.. do_ .Poultry and eggs* do
' 188. 6' 117. 0' 119. 1'52.9'33.9' 15.1r 17.2
2.11.8
'44.2' 15.3r 10. 3
' 169. 6
2,0261,989
6211,368
379705261
' 199.3' 125. 3' 119.6' 102. 3' 3.9' 13.4
r 5.7'44.6'22.7'14.9'7.0
'25.2' 28.8' 11 3' 17.5'—3 6'4 .2
' 228 3r 164. 2'21.1'96.3r 46.7'26.4r 10.3
17.9'—1.8' 10.2
'27.6' 15.7
11.9
' 189. 6'21.4
' 168. 2'4.1
' 192. 4' 119.6' 121.7' 54.0' 35. 0' 15.3'17.4
2.11.8
'45.1' 15.4
10.5
172.4
3,940450
2,010220
1,260
2,2112,185
7431,442
392782234
' 193. 2'119.4' 121. 4'53.6' 35. 2' 15.5'17.1
'2.01.8
'45.3' 15.6
11.1
' 172. 9
2,6622,6571 2051,462
382785251
' 190.8'120.1' 122.2'54.3'35.4' 15.3'17.2
2.11.8
'42.8' 15.6'10.5
' 173. 1
2,5172,5051,1871,318
353711232
' 200. 6' 127. 6' 122. 5' 105. 3
'3.713.55.1
'44.4' 23.0'14.3'7.1
'24.3'29.1' 11.4' 17.7'—4 8
' 4 .4
' 227.9r 165. 6
21. 196.847.725.611.617.6
—3.5'8.4
28.315.712.6
' 196. 7'21.7
' 175. 0'9.4
' 206. 2' 121.9' 123. 9'55.4'36.0
15.2'17.3
2.0' 1.9
'45.0'16.2
21.2
' 187. 4
4,140500
2,050230
1,360
3,0603,0491,4971,552
334958244
' 200. 0' 122.7' 124. 7' 55.9'36.0' 15.2
17.6
2.01.9
'47.5' 15.9'12.0
' 179. 7
3,7733,7592,1221,637
3191,039
262
' 201. 4' 125. 5' 127. 3'57.4'37.1
15.217.6
'1.81.9
'47.1'16.1'10.8
' 181. 4
3,1093,0961,5401,556
293970280
' 212. 8' 132. 2' 127. 1' 109. 5
'3.6' 14.0' 5.048.624.716.5'7.4
27.532.412 719.7
'—4 9' 4.5
' 243 8' 171.1' 22.1
' 100. 2'48.8' 35.4' 14.0'18.9' 2.5
8.2
'29.0' 15. 5'13.5
' 203. 1'22.2
' 180. 9'9.7
' 207.7' 127. 4' 129. 4'59.2' 37.4
15.2'17.6
2.01.9
' 51. 3'16.2'10.9
' 184. 2
4,960620
2,500310
1,530
2,9272,9091,2991,610
3031,019
279
' 209. 4' 127.5' 129. 7'59.3' 37. 5' 15. 3'17.6
'2.21.9
'52.4'16.5
11.1
' 184. 7
2,5812,5551,0441,511
329968206
' 206. 8' 126. 9' 128. 9'58.0'37.8' 15.4
17.7
'2.0'2.0
'50.0' 16.6
11.3
' 184. 5
1,8661,837
7171,120
318593201
215.5' 134. 0' 128. 8' 111. 1
'3.5'14.2' 5.2
'50.6'25.0'18.0'7.5
26.331.412.219.2
'—5. 1'4.6
' 246. 0' 172. 3'21.4
' 101. 3'49.6'40.4'14.3' 19.6'6.5'3.9
'29.4'16.0'13.4
' 207. 3'23.2' 184. 1' 11.8
' 205. 6' 125. 7' 127. 8' 57.0'37.5' 15.4'17.9
2.1'1.9
'49.3' 16.6'12.1
' 184. 1
'4, 170r500
' 1, 980'270
r 1,420
2,0011,961
6981,263
373645237
'207.4' 125. 0' 127.0'56.3'37.2
15.6'17.9
'2.0'2.0
'51.9'16.7' 11.8
' 183. 7
2,0962,047
6701,377
392720250
208.1' 126. 7' 128. 7'57.3'37.9
15.518.0
2.02.0
'51.8'16.7
10.9
' 184. 4
2,1782,140
6781,462
460724255
' Revised. §Personal savings is the excess of disposable income over personal consumption expenditures shown as a component of gross national product above.*New series. Quarterly data for 1939-43 and earlier annual data beginning 1929 for national income and gross national product and monthly data for 1929-43 for personal income are pub-
lished in the "National Income Supplement to Survey of Current Business," which is available from the Superintendent of Documents, Washington, D. C., for 25 cents; revised figures begin-ning 1944 are on pp. 27-29 of this issue. For description of the series on plant and equipment expenditures and data for 1929-45, see p. 24 of the March 1948 Survey; first quarter of 1948 estimatesare based on anticipated capital expenditures of business. Revisions for January 1945-May 1946 for farm income are available on request; see note in September 1947 Survey regarding earlierdata; revisions beginning 1945 were in part to adjust the series to levels indicated by 1945 Census data; 1940-44 data have not been similarly revised.
S—1Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-2 SUEVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated., statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
GENERAL BUSINESS INDICATORS—Continued
FARM INCOME AND MARKETINGS— Con.
Indexes of cash income from marketings andC. C. C. loans, unadjusted:
All commodities! 1935-39=100..Cropsf doLivestock! _ _ _ _ _ _ _ do_
Indexes of volume of farm marketings, unadjusted:All commodities* - 1936-39=100.
Crops* doLivestock* _ _ _ _ _ do. «
INDUSTRIAL PRODUCTION
Federal Reserve Index
Unadjusted combined index! ._ . . 1935-39=100__
Manufactures! _ _ do_ __
Durable manufactures'}' doIron and steel! doLumber and productsf do
Furnituref doLumber! _ _ do_ _
IVTachinery! doNon ferrous metals and products!. do
Fabrfoatin0'* doSmelting and refining* do_ _
Stone clay and glass products! doCement . do_ _Clay products* doGlass containers! do_ _
Trar^portation equipment doAutomobiles!^ _ _ do
Nondurable manufactures! _ doAlcoholic beverages! - __doChemicals! _ do
Industrial chemicals*. do_ _Leather and products! do
Leather tangling* doShoes _ _ _ _ _-do
Manufactured food products! doDairy products! doMeat packing doProcessed fruits and vegetables* do
Paper and products! doPaper and pulp! _ do_
Petroleum and coal products! doCoke - _ _ . do_ _
Printing and publishing! do_ __Rubber products! . doTextiles and products! _ do _
Cotton consumption _ _ doRavon deliveries doWool textile production do
Tobacco products _ do
Minerals? . . _ _ _ _ _ d oFoelsf__ do
Anthracite! doBituminous coal! ._ do_Crude petroleum do
Metals _ _ do
Adjusted, combined index! . _ _ do
Manufactures do
Durable mannfactures do_ _Lumber and products _ _ _ do
Lumber doNonferrous metals do__
Smelting a n d refining*. _ _ _ _ _ _ d oStone, clav, and glass products do
Cement. d o _ _ _Clay products* _ _ _ _ _ _ _ _ _ _ doGlass containers do
Nondurable manufactures . . . doAlcoholic beverages. _ „ doChemicals doLeather and products do
Leather tanning* doManufactured food products do
Dairy products doMeat packing _ _ _ _ _ doProcessed fruits and vegetables* .. _ _ d o _
Paper and products doPaper and pulp _ do_
Petroleum and coal products doPetroleum refining* do
Printing and publishing doTextiles a n d products _ _ _ _ _ _ d oTobacco products d o _ _ _
Minerals - doMetals do
299217361
12687
156
185
191
219197145158138273187183198206148162269225179
169167252435113119109149
J-20215190
161155
'184168
145220164148271161142
153156104165157140
185
191
21814213418719820014116225117C1622531131191 55
'152151138161155
1-184
142164142
151124
329260381
138106161
185
191
220193149160143275179176187209183163254233191
168178247439106112103154
'229150101160155
'191165
146216155133263155165
152153110147169148
184
191
219142133179188207171164257163159250107114154
'155152132160155
'191
146155159
148122
400422383
167180156
178
184
208181141155133266171167180196181160225217185
16418224743899
10097
166'229
146173145140
J-196161
130207142118263130162
14514493
117160151
176
183
207133121171181195164160235163164251101106155
'157156133146140
'195
139142156
140117
377416348
152170138
185
191
212188151160147267170167180207193166241213180
173181245431116114117178
"192127263158152
'201171
139210154ISO267156165
155155114151161151
182
188
210142133170180199171162231169176249116115157
'147145138158153
'201
146154160
150117
459524410
172202150
191
197
219195150164143276174171182210198166248227197
178206248425121118123182
'156136290159153
'203170
145217160130278168172
158160122161164145
187
192
217140128174182202171160243172198248122120158
'148146149159153
'203
144160163
153111
566743432
199255157
194
200
224204150172138280179180176210202169236232198
181252251427126123128167
Pl21144173163157
'204177
156223164139280167181
158162126163166132
190
197
223143128179176201174161229176229248126121156
' 147142134163157
'204
152164175
155107
466539411
160170153
193
200
224202148176133281185188178206192169231234200
180196252431126126126161'91189118165160
9205177
168225172149290172172
155163119169165106
192
199
224150137185177201178162229179219251124122158
'140170129165160
'205
152172169
155109
438455425
151152150
189
196
227205140181119288189192183200178172203244206
171146255438113112114154'88187108157152
»208179
150230163131287166139
15116211116416685
192
198
229153139189183205196166218173167254114113158
'138160138158153
'208
146163149
156117
385366399
134130136
189
197
226203138179117
'285194197187190161166196244206
173142253437120117122146'8717592
163157
»214178
144223
'179153300181153
149160112161165'81
193
200
229155143194187202199179200178167255120116158
'139150141163157
'214
148'179
153
154117
276251295
109102114
190
197
223203137178116284198
'202189193158160201
'232192
'176176
'253434126124127144'9914191
163159
»216179
155215179153
r295185147
14916111815516783
194
201
226150135198189207208168208180198
T 252123116160
'139147
'144163158
'215
157179155
155120
295244333
11186
129
188
197
'227207143177125283200203192201160169219
'241'202
173172
'252'433'114'101
123141
p 11912185
167160
'211166
153'205
175147302
'177155
'13614610897
16982
191
200
229151137200192210196176219177191
'250115102158
'145131155166160
'211
150175164
142118
308235364
'115'80141
'186
'193
'217177
'143'168'131'276'198' 198'202
208'183'168'227'237
198
'174178
'251'439'110
105113
'143'155
116'90169163
'214137
'159'200'174
147297179173
'145'149
105102
'171'125
'188
'195
'217'144'132'199'202
211193
'173'227'177
182'249'110
105'157'149
125'147
168'163f 214
154' 174'183
147136
322237386
12182
150
9 192
' 197
' 222' 207' 140' 162' 128' 2759 199' 1979 2029 111
196' 169
233' 222' 183
' 176173
9 249' 438' 106
' 1079 151
' 127' 97170164
' 225174
' 159' 195' 177
147£.09
163
' 165' 168' 116' 1719 172' 1.48
' 192
' 197
P 2229 138' 1259 1999 202' 205
1.87' 169
218' 177
167v 2509 106
' 168
127' 150
159164' .125
' 156' 177
163
' 163' 132
r Revised. 'Preliminary. {Index is in process of revision.*New series. Data beginning 1939 for the new series under industrial production are shown on pp. 18 and 19 of the December 1943 Survey. See note in January 1948 Survey for source
of indexes of volume of farm marketings and reference to figures beginning 1929; annual indexes for 1939,1941 and 1944-47 are shown on the back cover of the February 1948 Survey; they includerevisions in marketings data and also, for 1945-46, adjustments to 1945 census data which have not been incorporated in monthly figures; 1940-44 annual indexes and 1940-46 monthly data havenot been adjusted to census data.
!Revised series. For revisions for the indicated unadjusted indexes and all seasonally adjusted indexes for the industrial production series, see pp. 18-20 of December 1943 Survey; seasonaladjustment factors for a number of industries were fixed at 100 beginning various months during 1929-42; data for these industries are shown only in the unadjusted series. Revisions for Janu-ary 1945-May 1946 for the indexes of cash income from farm marketings are available on request; see note in September 1947 Survey, p. S-l, regarding earlier data; revisions beginning January1945 were in part to adjust the series to levels indicated by 1945 census data; 1940-44 data have not yet been similarly revised.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SUEVEY OF CUEEENT BUSINESS S-3
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,AND ORDERS t
Sales:Value, total _ millions of dollars
Durable goods industries doNondurable goods industries- do
Index, total average month 1939= 100Durable goods industries do
Iron, steel, and products _ _ _ -doNon ferrous metals and products doElectrical machinery and equipment-. -doMachinery, except electrical doAutomobiles and equipment- - doTransportation equipment, exc. autos-_doFurniture and finished lumber prod doStone, clay, and glass products doOther durable goods industries do _-
Nondurable goods industries doFood and kindred products do ._Beverages doTextile-mill products, excl. apparel do _Leather and products doPaper and allied products- - doPrinting and publishing - . doChemicals and allied products doPetroleum and coal products. doRubber products doTobacco manufactures- _ doOther nondurable goods do
Inventories, book-value, end of month:Value, total millions of dollars
Durable goods doNondurable goods do
Index, total average month 1939=100Durable goods industries do
Iron, steel, and products _do_Nonferrous metals and products doElectrical machinery and equipment -doMachinery, except electrical doAutomobiles and equipment _ doTransportation equipment, exc. autos__doFurniture and finished lumber prod doStone, clay, and glass products doOther durable goods. ... .. __ _.do
Nondurable goods industries doFood and kindred products __ __ doBeverages doTextile-mill products, excl. apparel-— doLeather and products _ doPaper and allied products _ _ _ _ doPrinting and publishing doChemicals and allied products doPetroleum and coal products . _ _ doRubber products . _ . doTobacco manufactures doOther nondurable goods __ do
New orders:Index, total average month 1939=100
Durable goods _ doIron, steel, and products doMachinery, including electrical doOther durable goods, excl. trans, equip, -do
Nondurable goods -do
'35,048' 6, 157
8,891283316298369359330338467
'239228
'276264263258255257312224305242309222269
' 26, 440' 12, 729
13,711246264189255372268431629204160198232200332225201219358269160279219289
235256273294209222
' 15, 063' 6, 129
8, 934295328306376394339364508
'208244
'269'276'286
292279222315242304254322237257
' 26, 479' 12, 833
13, 646246266192253374271443630203161195230194334221208229366265162277216293
245271304315202230
' 14, 361r 5, 545
8,816270285267310331278345390
'215223
'227262286281235245288218280258298223221
' 26, 846' 13,015
13, 831250270197268376275444630205161204234208316223213241373262164268211301
231260271328194213
' 15, 257' 5, 858
9,399287301296327349295326406
'251226
'258279291296275277295251287257312213284
' 27, 051' 13, 131
13, 920252272199262375276452644203161206235213327223207253370261169258212297
231261286307199213
16, 5976,395
10, 202325342321392410324399483
'286249
'270315332356312288312289329269346239336
' 27, 055' 13, 131
13, 924252272200259374277451634201157210235220338220198260368256171246216288
260292312345230240
r 18, 082'7,02811, 054
328348330386421329410489
'279255
'274316320397319306331291336267348223341
' 27, 397' 13, 222
14, 175255274201259375280449637209162213239238345218195262367253174247225288
255291308346230234
' 16, 554T 6, 34810, 206
337353335442444325401486
'271250
'288328335416319251328344328302354226352
' 27, 627' 13, 226
14, 401257274203249373282449621207168219243244336226209265355259176242229290
26830734S348231244
' 17, 523r 6, 98810, 535
330360331423470347424514
'275236
' 272'312
313373327286312300312318307232305
' 28, 020' 13, 335
14, 685261277204251370285447623228170222248250335224223268361271178257233293
252292322344220228
•• 16, 549' 6, 40510, 344
311329325364386304383442
'270223
'27630 1313268301303320235320328282206296
' 28, 491r 13, 446
15, 045265279202249372291462628
' 241168
'218254255357238229268362273177271237301
251291325312240227
' 16, 208' 6, 448
9,760330359336415446356424469
' 308222
'277314305273350327334271327336289216329
' 28, 757' 13, 514
15, 243268280205250376293472627
'234103
'213257244355249238272383279178283234319
251287321299243230
' 18, 100T 7, 364
' 10, 736'328'364
345410442363435501
'273252
'271'307
297251345300333268315322
'285218341
' 29, 053r 13, 555' 15, 498
*• 270281205257384295473619
'242165
r 202262243356255241276398289182
'294'231
329
257314371329243223
' 17, 212' 6, 848
' 10, 364'321'352'325'415'440'350'413' 476'256'274'255'307'299'294'333'266'332' 263'334'318'312'225'326
' 29, 149' 13, 680' 15, 469
271'284'206'262'388
297'472
626'255
163' 204' 261'236'359
253r 241
276'424'285' 186'293'229'332
'252'292'320'309'248'228
16, 5476, 5599,988
324350340419431354382467248269263308303286326232344262327335344234313
29, 43813, 76315, 686
274285213
395295425631259159192265230374256254287414287197302225345
243266276290237230
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESSTURN-OVER*
Operating businesses, total, end of quarterthousands.
Contract construction do. _ _Manufacturing doRetail trade _ _ do. _Wholesale trade doService industries _ _ _ _ _ _ _ d oAll other ... _ _ . do _
New businesses Quarterly do _Discontinued businesses, quarterly _ doBusiness transfers, quarterly _ _ _ _ _ _ do. _
INDUSTRIAL AND COMMERCIALFAILURES
Crand total DUKberCommercial service do .Construction _ _ _ _ _ _ _ _ _ _ do_._Manufacturing and mining doRetail trade _ _ _ _ _ _ _ _ _ do. _Wholesale trade do
Liabilities, grand total _ thous. of dol_Commercial service . doConstruction _ _ _ _ _ d o _ _Manufacturing and mining doRetail trade do _Wholesale trade do
BUSINESS INCORPORATIONS
New incorporations (4 states) _ number-.
3783320
15511951
17, 326739321
10, S713,0372,258
2,870
3, 78f . 02C8. 7316.4
1,744.7177.5720.7£57.9109.5£4.8
102.3
283212395
10836
18, 982610664
14, 22C1,6141 874
2,893
2993017
10710540
37, 13719, 863
3£432, 4662,2802,144
2,595
287231999
10244
14, 903655176
10, 4261,6681,978
2,494
3,816.6276. 3217 6
1, 7£5. 2179.8726.8560.985.154.598.4
2922820
10110340
10, 034829444
5,9641,3901,407
2,612
336292598
12955
21,3221,0742,301
13,3372,2892, 321
3,269
3332325
12413526
16,345505£37
12, 5741, 5311,198
2,767
i-3 848.3" 284. 2P318 9
»1 766 0»382. 2v 733. 1^564 0
p£6 8*55. 0J>76 6
3172326
11212333
25, 4991,232
45520, 9371,908
967
3,160
3562923
10815343
12, 865711820
6, 8922,8373 705
3,688
4174422
15116535
25, 619979
1,98717, 9873,4101 346
2,479
4774743
13619457
17 4811,883
9579,2433 7141 684
2,995
404503099
17550
15 2961 4721 6627,0572 4762 629
2 869
4263031
13515872
13 8141 058
5887, 0302 679o 459
2 594
' Revised. * Preliminary.*New series. For data through 1944 for the series on operating business and business turnover, see pp. 21-23 of the May 1946 Survey and p. 10 of the May 1944 issue.fRevised series. Description and back data for manufacturers sales and inventories are shown on pp. 8, 9, 23, 24, of the May 1948 Survey; the indexes of new orders are being revised.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-4 SUEVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMER S
Prices received, all farm productsf— 1909-14= 100. _Crops _ do _
Food grain doFeed grain and hay doTobacco doCotton doFruit doTruck crops doOil-bearing crops. _ _. _ _do
Livestock and products doMeat animals do _ _Dairy products doPoultry and eggs do ._.
Prices paid:*All commodities- .-. — . 1910-14=100.
Commodities used in living doCommodities used in production __ _ _ do
All commodities, interest and taxes doParity ratio* _ - do
RETAIL PRICES
All commodities (U. S. Department of Commerceindex) 1935-39=100
Coal (U.S. Department of Labor indexes) :Anthracite 1923-25=100.Bituminous do
Consumers' price index (U. S. Department ofLabor) :§
Combined index 1935-39=100__Apparel doFood - _ - _ - . _ do_ _
Cereals and bakery products* doDairy products* . _ _ _ _ do_ __Fruits and vegetables* doMeats* . _ do _
Fuel electricity, and ice doGas and electricity* do _Other fuels and ice* do
Housefurnishings do _Rent _- _ . _ _ _ doMiscellaneous do
WHOLESALE PRICES
U. S. Department of Labor indexes:Combined index d" 1926=100
Economic classes:Manufactured productscf doRaw materials _ _ _ do_Semimanufactured articles. _ „ ...do
Farm products _ . _ _ _ doGrains doLivestock and poultry do. _
Commodities other than farm products cf- -doFoods do
Cereal products. doDairy products doFruits and vegetables . _ _ _ doMeats _ do
Commodities other than farm products andfoods cf 1926 — 100
Building materials . _ doBrick and tile doCement doLumber. _ _ _ doPaint and paint materials do
Chemicals and allied products f doChemicals. _ doDrug and pharmaceutical materialsf. .doFertilizer materials. _ doOils and fats _ do_
Fuel and lighting materials. doElectricity _ d o _ _ _Gas d o _ _ _Petroleum products do
Hides and leather products .doHides and skins doLeather . _ doShoes _ _ do
Housefurnishing goodsf. _._ doFurnishings . doFurniture f do
Metals and metal products c? doIron and steel doMetals, nonferrous doPlumbing and heating equipment do
272268276218390270222286326275327241203
242254226228119
177.1
116.8123.4
156.0185.0187.6154. 2171.5207.0203.9117.792.4
142.4181.9109.2139.0
147.1
141.7158.6144.9175.7202.4198.7140.6159.8151.7138.8144.3203.0
131.9177.0134. 5114.0269. 4169.2127.1118.7173.6102.5179.9103.364.185.086.8
170.8177.7176.3172.2128.8136. 9129.3141.4128. 6143.9120.0
271262253240390275228215318278338233205
244252233230118
178.7
116.8123.6
157.1185.7190.5154.6171.5205.0216.9117.791.7
143.0182.6109.2139.1
148.0
141.7160.2145.9177.9206.0200.9140. 7161.8149.2140.9145.2208.6
131.4174.4134.7114.3266.1159.6120.2118.7156.1101.8139.2103.964.485.887.5
173.2187.1178.9172.6129.2137.2129.4142.6131.4142.9119.1
276263251253390289215189314286343244220
244252234230120
179.7
119.2129.5
158.4184. 7193.1155.0178.8202.0220. 2119.591.7
146.6184.3110.0139.5
150.6
144.0165.3147.0181.4202. 3209.9143.6167.1154.7152.8139.7217.9
133.4175.7143.3114.9269.0156.1118.8119.9137.4103.5134.8108.965.085.589.8
178.4203.5187.4173.2129.8138. 1129.7143.8133.3141.8123.4
276255246270383267177211308295349258224
249256239234118
181.4
126.5139.1
160.3185.9196.5155.7183.8199.8228.4123.892.0
154.8184.2111.2139.8
153.6
147.6167.0149. 518.1. 7208.8215.9147.2172.3153.3164.3133.0234. 6
136.0179.7144.3116.9276.7154. 9117.5117.5136.6105.5133.3112.564.586.092.2
182.1215.6190.7174.9129.7138.1129.3148.9139.4141.8128.6
286254278297352252181179311315367282246
253259246238120
184.9
128.3139. 4
163. 8187.6203.5157.8195.2198.2240.6124.692.1
156.3187.5113.6140.8
157.4
151.6170.8152.0186.4230.3224.8150.8179.3158.7170.6130.1244.8
138.2183.3145.4119.0285.7157.9122.3118.2136.6109.8163.3114.165.287.093.7
184.8221.1197.4175.2130. 6138.5132.1150.7140.4142.0135.9
289261302284357247166238344313360283251
254261246239121
184.9
129.4140.5
163.8189.0201.6160.3190.1196.6235.5125.292.2
157.4187.8114.9141.8
158.5
151.1175.1154.1189.7241.4224.5151. 5177.8167.6167.3130.8230.0
140.0185.8145.6120.1290.0161.4128.6122.1137.5111.3193.4115.964.986.896.5
191.7243.7204.3178.0132.3139.3135.0151.1140.8142.0136.0
287268312283354257151272349304338293242
257264248241119
185.9
130.4143.8
164.9190.2202.7167.9198.4199.6227.0126.992.5
160.5188. 9115.2143.0
159.7
152.3175.5156.4187.9245.5211.0153.3178.0172.5175.9135.5217.6
142.4187.5147.3120.6295.6161.8135.8124.3151.1112.0226. 7118.166.383.699.9
202.4263.4216.0187.0137.7140.0135. 6151.7141.3142.2136.0
301281318305377275149294367320352311262
262268254245123
188.4
130.5144.3
167.0191.2206.9170.5204.9205.3227.3127.892.6
162.0191.4115.4144.4
163.2
154.7182.0157.9196.7252.7226.3155.7178.4170.6183.5135.4214.8
145.6191.0148.8121.6303.2164.0135.0124.1154.9114.4215.9124.366.585.4
112.0203. 1256.9216.2190.7139.7142.8136. 8152.3142.2143.0136.1
307284322318377267135320377328379313231
266272259251122
190.3
131.9145.7
168.8192.1209.7172.7205.7208.3237.5129.593.1
165. 0192.3115.9146.4
165.7
157.7183.9157.6199.2256.3232.9158.1179.9170.1183.9141.1222.3
148.2193.1150.9126.4307.3163.2138.8125.8154.4115.6236.7130.066.484.5
120.7200.3238.9209.2194.3141.4143.9139.1154. 7145.5145.5137.9
279257251261374248136320333300331307218
263270255248112
189.0
132.1146.3
167.5195.1204.7171.8204.4213.0224.8130.093.2
165.9193.0116.0146.4
160.8
154. 5174.9155.3185.3220.0210.0155. 2172.4160.2184.8144.82C6.2
147.5192.6151.1127.2303.8159.6134.6126.5154.3114.8201.5130. 766.685.8
121.7192.8207.2199.9194.7141.8144.4139.4155.3146.3146.8138.7
283262260284372256140295339302342298212
262267255247115
188.6
132.1146.4
166.9196.3202.3171.0201.1206.9224.7130.393.8
166.0194.9116.3146.2
161.4
155.8174.7
'152.9186.0218.0209.4' 155.7
173.8158.6179.8
«• 145. 7217.1
147.7193.1151.6127.4
•• 303. 8156.7136.1126.8154.4114.9211.4130.965.788.7
121.8' 185. 4
186.2«• 185. 9' 193. 8r 142. 0' 144. 7
139.4155.9147.7146.8138.7
291276268291371275142340351304347296214
264268258249117
190.8
132.0r 147. 4
169.3196.4207.9171.0205.8217.4233.8130.793.9
166.7194.7116.3147.8
162.7
157.5175.5
r 154.0186.7217.9204.4
r 157. 3' 176. 7
158. 0181.0
r 148. 6226.0
' 148. 6r 194. 9
152.5127.5
r 309. 2157.9
•• 136. 2126. 8153.8115.2
r 212. 3131.6
89.1121.8186.1199.3183.6191.7
r 142. 3r 145. 2
139.7' 157. 2r 149. 4
149.8138.7
289267261282370284141262£-.572.095.61291211
265270259250116
192, 1
v 132. 4» 150. 5
170.5197.5210.9171.1204.8218.0244.2131.894.1
168.6193.6116.5147.5
163.8
158. 4177.6153. 0189. 1213. fi219. 0158. ].177. 4156. a176. 0147. (i233.2
148. &196.3152.8128.2312.9157.8134.7125.9153. 3115.0205. 0132.6
122.1187.5218.0188.2185.6142.7145.8139.7157.1148.8150.0143.2
r Revised, v Preliminary.§ In August 1947 the number of foods included in the index was reduced from 61 to 50. Beginning July 1947 a new schedule was adopted for collecting prices of apparel, housefurnishings,
and miscellaneous goods and services; prices for these groups are obtained in 10 key cities each month and in 24 other large cities quarterly; prices are collected for 8 of the 24 quarterly citieseach month; information on rents is obtained at least quarterly in each of the 34 cities; national averages for the indicated groups and for rents are weighted averages of indexes for cities sur-veyed during the month and estimated changes for other cities in the index. For January-June 1947 rent changes were estimated from a survey of 5 or 6 cities each month.
cf Current prices on motor vehicles were introduced into the calculations beginning October 1946; April 1942 prices were carried forward in earlier computations; see previous issues of theSurvey for explanation and for October 1946-April 1948 indexes using April 1942 prices; May 1948 indexes using April 1942 prices are as follows: All commodities, 161.3; manufacturedproducts, 154.3, commodities other than farm products, 155.0; commodities other than farm products and foods, 144.9; metals and metal products, 138.8.
*New series. The series on prices paid by farmers and the parity ratio are from the U. S. Department of Agriculture; the latter is the ratio of prices received to prices paid, interest andtaxes; data for 1913-45 will be shown later. For a description of the Department of Commerce index of retail prices of all commodities, see p. 28 of the August 1943 Survey, and for revisedfigures for 1929,1933, and 1935-44, p. 31 of February 1946 Survey. Data for 1923-45 for the indexes of retail prices of the food subgroups are shown on p. 16 of the November 1946 Survey. Databeginning 1935 for the indexes of retail prices of "gas and electricity" and "other fuels and ice" will be published later.
fKevised series. Indexes of prices received by farmers for 1913-45 are shown on pp. 17-19 of the April 1947 Survey; data for June 15,1948, areas follows: Total 295; crops, 261; food grain,249; feed grain and hay, 278; tobacco, 370; cotton, 284; fruit, 155; truck crops, 213; oil-bearing crops, 364; livestock and products, 326; meat animals, 390; dairy, 291; poultry and eggs, 221. Forrevised data for 1941-43 for the indicated series on wholesale prices, except the furniture index, see p. 23 of the November 1945 Survey. The index of wholesale prices of furniture has been re-vised beginning January 1943; revisions prior to 1947 will be shown later; the revision has been incorporated in the group index and other composite indexes only beginning November 1947.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CURRENT BUSINESS S-5
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
COMMODITY PRICES—Continued
WHOLESALE PRICES— Continued
U. S. Department of Labor indexes— ContinuedCommodities other than farm, etc — Con.
Textile products 1926=100..Clothing doCotton goods doHosiery and underwear doRayon do __Silk doWoolen and worsted goods do __
Miscellaneous doAutomobile tires and tubesf doPaper and pulp _ _ do
Wholesale prices, actual. (See respective com-modities.)
PURCHASING POWER OF THE DOLLAR
As measured by-Wholesale prices . 1935-39=100-.Consumers' prices doRetail food prices . _ doPrices received by farmerst - -do
138.9133.9193.0100.837.067.9
129.2116.166.7
154.3
54.764.153.239.2
138.9133.9193.8100.837.068.4
129.21 112. 7
62.5154.2
54.463.652.439.3
139.5134 3195.9100.437.068.2
130.1113.060.8
157.2
53.363.151.738.5
140.8134.3199.299.937.068.2
133.3112.760.8
157.6
52.462.450.838.5
142.0134 4202.399.937.068 3
133.8115 960.8
159.5
51.161.149.137.2
143.0134 7204.6100.037.071 2
134.2117.160.8
159.8
50.861.149.636.8
144.7135 6209.1101.437.073 3
134.9118 861.0
160.7
50.460 649.537.0
147.6136 3213.5103.040.073.3
139.6121.563.4
164.7
49.359.948.335.3
147.6140 4214.8104.440.746 4
141.6123 563.4
168.1
48.659 247.734.7
148.4143 0214.9105.040.746 4
142.8119 963.4
167.1
50.059 748.938.1
' 149. 8144 6218.3105.440.746 4
r 145. 7120 863.4
167.0
49.959 949.437.7
149.6145.8216.7105.440.746.4
147.5121.863.4
167.5
49.559 148.136.6
149.6145.8215.2105.440.746.4
147.5121.563.4
167.4
49.158.747.436.8
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 mil. of dol..Industrial do .-
Farm construction - - doPublic utility do .
Public construction total doResidential do __Military and naval doNonresidential building, total do _.
Industrial _ . doHighway do _-All other do
CONTRACT AWARDS
Contract awards, 37 States (F, W. Dodge Corp.):Total projects _ _ number. _Total valuation thous. of dol
Public ownership do _Private ownership do
Nonresidential buildings:Projects numberFloor area thous. of sq. ftValuation thous. of dol
Residential buildings:Projects _ _ _ number..Floor area . thous. of sq. ft.Valuation thous. of dol
Public works:Projects _ _ - numberValuation thous of dol
Utilities:Projects _. _ _ numberValuation _ _ _ thous. of dol
Value of contracts awarded (F. R. indexes):Total, unadjusted __. 1923-25=100.-
Residential, unadjusted _ _ _ _ do_ __Total, adjusted do
Residential, adjusted doEngineering construction:
Contract awards (E. N. R.)§ thous. of dol. -Highway concrete pavement contract awards:^
Total thous. of sq. yd._Airports doRoads do. -Streets a n d alleys _ _ _ _ _ d o
NEW DWELLING UNITS AND URBANBUILDING
New permanent nonfarm dwelling units started (U.S. Dept. of Labor)* number
Urban building authorized (U. S. Dept of Labor):Urban dwelling units, total t number. _
Privately financed, total do1 -family dwellings _ _ _ _ d o .2-family dwellings doMultifamily dwellings _ _ . do .,
Publicly financed, total. do
1,032790355
24214140
153242
915423
10076
27, 769674, 657233, 873440, 784
4,55430, 238
235, 899
21, 25542, 672
254, 085
1,607119, 713
35364, 960
153130127110
514, 343
3,82835
2,6071,186
72, 900
r 41, 112Ml, 112r 33, 644' 3, 085
4,3830
1,162885405
25014050
180277
815432
12586
24, 044605, 070226, 471378, 599
4,35527, 561
209, 942
17, 60429, 213
209, 458
1,744142, 495
34143, 175
158127136116
517, 175
4,228212
2,4561,560
77, 200r 46, 986r 45, 981r 34, 591' 3, 480r7,910
1.005
1,264966455
25413960
197298
919422
13791
28, 734660, 254202, 571457, 683
4,91232, 123
253, 512
21, 56836, 774
240, 885
1,910127, 454
34438, 403
170138155136
524, 238
5,011169
2,4522,390
81, 100
' 47, 203r 47, 167r 36, 973
3,053r 7, 141
36
1,3641,042
500
260139
75207322
822451
14998
31, 886823, 216217,811605, 405
4,91541,682
290, 807
24, 78947, 805
308, 937
1,761137, 471
42086, 001
173148166150
413, 494
3,28579
1,4681,737
86, 300
-•51,313'51,121r 39, 233' 3, 521r 8, 367
129
1,4231,086
540
26713866
214337
722491
159100
27, 185649, 996192, 660457, 336
4,21324, 114
239, 915
21, 15430, 037
268, 543
1,522110, 556
29630, 982
184168183168
494, 805
2,760163
1,1331,464
93 800
' 52, 152'51,877r 40 834' 2, 992r g 051
275
1,4971,129
590
27513750
214368
923531
178105
36, 339793, 286208, 947584, 339
5,13433 478
277 888
29, 47352, 302
349 490
1,425112 726
30753 182
175164184170
575, 089
3,260203
1,9461 110
94 000r 56, 330' 55, 870r 42 825
3,536r g 509
4fiO
1,4321,141
630
28713625
199291
81950
(a)
11995
29, ?93715 108223, 505491 603
4,24928 552
243, 416
24, 14742 696
290 220
1,114138 606
28342 866
173157193163
474, 357
2,3495
1 592752
79 700
' 41, 875Ml, 010r 30 284
3,3167 410
rSfifi
1,3201 097
610
28413415
188223
81752
(a)
6581
21, 696625 363207, 481417 882
3, 25233 088
244, 495
17, 40232 192
226 796
809113 289
23340 783
159137197161
503, 384
2,863124
1 776963
58 800
' 36, 452* 36, 088T 26 596
2,443r 7 049
364
1,157948500
27313014
161209
914531
5677
23, 125615 206196 530418 676
3 29527 719
240 544
18, 89932 183
238 098
718108 891
21327 673
156126191152
441, 955
1,7236
1 040677
50 000
33, 34332, 52323 7042,2806 539
820
1,009837400
26512514
158172
611491
4165
20, 557681 967248,- 443433 524
3 20529 097
272 395
16, 33631 474
232 250
803143 033
21334 289
161135187152
474, 643
2,30410
1 425869
47 200
33, 28932, 16622 1801,8638 1231. 12fi
1,166940475
26612023
176226
5' 12
651
5787
27, 999689 763181 044508 719
3 62225 671
248 939
23, 22735 385
276 541
915109 596
23554 687
182156181148
508, 096
4,386361
2 6541 371
70 000
50, 94550, 86037 5904,0949 176
8K
1,3021 015
525
26311637
190287
613712
9899
37, 061873, 882236, 330637 552
T 4, 74634 478
337, 603
30, 44846 526
351 604
1 524132 598
34352 077
' 206r i8i' 181' 154
777, 159
5,073353
2 7341 986
92 000
64, 637' 64, 383r 45 700' 6, 993' 11 690
954
1,4451 106
575
27811250
203339
513772
136108
37 282970 789298 213672 576
4 90740 413
395 971
30 32051 710
369 780
1 659159 700
39645 338
v 230P 195P 191P 165
535, 184
5,12410
3 1871 928
97 000
52, 96452, 23141 3413,7067 184' 733
' Revised. » Preliminary, i See note marked "t" regarding revision incorporated in the index beginning June 1947. («) Less than $500,000.§ Data for, May, July, and. October 1947, January and April 1948 are for 5 weeks; other months, 4 weeks.t Based on weekly data combined into 4- and 5-week periods except that a week falling in December and January is prorated; see note in February 1947 Survey.*New series. Data for a number of items under new construction activity have been revised beginning 1945 and there have been revisions in earlier estimates for some series; revised figures
from the earliest year available are published in a supplement to the May 1948 issue of the Department of Commerce Industry Report on Construction and Construction Materials. The seriesfor new permanent nonfarm dwelling units replaces the one previously used, "Estimated number of new nonfarm dwelling units scheduled to be started." It differs from the latter in tworespects. First, the part of the estimates based on building permit records has been adjusted for lapsed permits and for lag between permit issuance and start of construction, beginning with1945. Thus, the new series represents units actually started. Such adjustment was unnecessary prior to 1945 when most building was begun during the month of permit issuance. Secondly,the new series excludes all temporary dwelling units, since these do not add to the country's permanent housing inventory. Data beginning 1910 are available upon request from the U. SDepartment of Labor.
t The index of purchasing power of the dollar based on prices received by farmers was revised in April 1944 Survey. Data for 1920-44 for new urban dwelling units authorized (formerlydesignated scheduled to be started") are shown on p. 15 of the November 1946 Survey (unpublished minor revisions for January 1946-April 1947 are available upon request); these data andthe indexes of urban building, p. S-6, represent the building for which permits were issued and Federal contracts awarded, including an estimate of building in small urban places that do notissue permits; the data do not refer to building actually started. The index of prices of tires and tubes has been revised beginning 1939 (see note in June 1948 Survey); the revision has beenincorporated in the group and other composite indexes only beginning June 1947.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-6 SURVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
CONSTRUCTION AND REAL ESTATE— Continued
NEW DWELLING UNITS, ETC.— Con.
Indexes of urban building construction, authorized(U. S. Bept. of Labor) :t
Number of new dwelling units authorized1935-39= 100. _
Permit valuation:Total building construction do
New residential buildings doNew nonresidential buildings doAdditions, alterations, and repairs do
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)- ..1914=100..American Appraisal Co.:
Average, 30 cities 1913=100Atlanta doNew York _ __ do.San Francisco doSt. Louis do.
Associated General Contractors (all types)1913=100..
E. H. Boeckh and Associates, Inc.:Apartments, hotels, and office buildings:
Brick and concrete:Atlanta .U. S. average 1926-29=100..New York doSan Francisco _ do_ _St. Louis do
Commercial and factory buildings:Brick and concrete:
Atlanta _ doNew York doSan Francisco . . doSt. Louis do
Brick and steel:Atlanta do. .New York-. _ doSan Francisco . _ _.do_ _St. Louis do
Residences:Brick:
Atlanta doNew York _ _ _ do.San Francisco doSt. Louis _ do.
Frame:Atlanta doNew York _ do.San Francisco . do. _St. Louis , do
Engineering News-Record:Building*. 1913=100.Construction (all types) of do
Federal Home Loan Bank Administration:Standard 6-room frame house:!
Combined index 1935-39—100IVTaterials doLabor do
REAL ESTATEFed. Hous. Admn., home mortgage insurance:
Premium -paying mortgages (cumulative)mil. of dol_.
Estimated total nonfarm mortgages recorded($20,000 and under)* .. thous. of dol
Estimated new mortgage loans by all savings andloan associations, total _ thous. of dol.
Classified according to purpose:Mortgage loans on homes:
Construction doHome purchase. _ . . . do. .Refinancing.. _ do.Repairs and reconditioning do
Loans f o r a l l other purposes _ _ _ _ _ d o _ _Loans outstanding of agencies under the Home
Loan Bank Board:Federal Home Loan Banks, outstanding advances
to member institutions mil. of dolHome Owners' Loan Corporation, balance of
loans outstanding mil. of doL__Foreclosures, nonfarm, index, adjusted t
1935-39=100..Fire losses . _ thous. of dol
' 237. 1
' 345. 1338. 5
r 165. 4r 241. 1
419448432392105
290
155. 4205.9178.4182.8
154.3207.0180.8185.4
154. 4203.6181.1182.1
180.4219.3189.0202. 2
184.1221.8187.4202. 2
307.4406.6
183.7189.1175.5
7,147
965, 733
335, 074
78,612186, 14828, 38311, 55830, 373
257
570
'6.656, 545
271.0
278.2387.7180.9284.2
300
427448438396421
294
160.3211.2186.6187.8
159.6212.5190.6187.8
158.8206.6188.0187.5
184.0223.4195.1205.6
187.9225.0194.0207.2
308.9413.8
184.8189.0179.2
7,217
947, 357
323, 368
69, 700184, 62628, 94811, 96328, 131
289
557
'7.050, 840
271.9
306.1405.4217.8311.5
437458442409430
295
162. 4215.5188.9189.9
161.2214.9192.4189.4
161.4209.4190.8190.1
185.4225.5196.7207.0
189.3227.1195.6208.6
317.8422.9
185.1188.5181.0
7,295
994, 787
353, 105
85, 867194, 05728, 93613, 41030, 835
292
544
'6.949, 357
295.9
323.5447.9232.4279. 9
446470448417441
300
164.1216.4192.5191.2
162.3216.0197.4190.8
165.0210.4195. 7192.3
185.6225.9198.4207. 5
189.5227. 5196.3209.0
322.6426.4
7,377
988, 446
351, 757
83, 355200, 18325, 26313, 01829, 938
314
532
'6.951,359
300.9
319.5459.1216.7298.1
304
452475452424446
307
165.0218.5195.4192.2
163.0217.4199.6191.5
165.8213.8198.9193.4
186.9228.7207.1210.7
191.0231.0206.2213. 0
327. 3434.6
7,473
1,022,648
356, 871
86, 097203, 44327, 32212, 29727, 712
336
520
'6. 647, 990
324.5
344.7516.2216.5291.9
456479469427449
312
165.5219.0196.2193.6
163.4217.8200.2192. 5
166.2214.2199.5194.5
187.3229.1207.7212.1
191.4231.4206.8214.0
329.2436.9
7, 593
1, 103, 030
376, 000
95, 364208, 48828, 52313, 21330, 412
360
508
••6.654, 946
241.9
285.5399.8211.9219.8
464494480429456
314
166.9219.8196.8194.9
164.5218.4200.6193.4
169.4215.1200.2196.3
189.3231.3209.7217.5
194.0234.1209.3220.9
333.1441.1
7,691
954, 569
311, 292
76, 718170, 83124, 74710, 41528, 581
391
497
'5.851, 346
210.2
274.0345.8228.6230.8
307
468501488433459
318
168.6225.1199.8198.1
166.7224.6206.8200.9
171.4220.0202.9199.6
191.9242.7212.7220.6
196.7238.8210.5224.0
333.6441.7
7,816
1, 006, 626
310, 201
82, 234163, 70326,0429,806
28, 416
436
486
'6.768, 361
192.3
243.7309.7196.2218.8
472505491435462
320
172.1225.2201. 6.199.4
172.7224.8208.9202.3
173.8220.1203.9200.4
194.4239.2213.8221.4
198.5243.2211.5224.8
335. 5442.7
7,954
909, 447
273, 202
70, 274140, 12225, 8568,679
28, 271
392
475
'6.563, 010
192.0
236.8315.9182. 2200.6
475508495436469
321
172.4233.9201.9200.2
172.9237. 0209.1202.9
174.0229.9204.1201.3
194.6244.8214.0223.6
198.7246.4211.7227.5
334.2443.6
8,084
826, 874
254, 581
66, 894126,46223, 5118,374
29, 340
373
465
6.871, 521
293.4
360.9484.5287.2274.9
310
478514502437470
321
173.6235.9202.7200.6
175.3238.5209.5203.0
175.3232.1204.4201.5
196.2248.6214.9223.8
199.7250.7212.7227.5
334.6443.0
8,244
955, 441
318, 602
97, 325146,21329, 67711,51933, 868
374
454
7.074, 236
' 372. 8
r 408. 6>• 622. 9' 253. 0' 330. 1
481515503441471
321
173.6237. 1202.8200.6
175.3239. 3209. 620^.0
175. 3234. 5204. 6201.5
196.2249.3214.9223.8
199.7251. 6212.7227.5
333.9447. 9
8, 396
993, 678
336, 947
97, 458156,70130, 97314, 18937, 626
397
444
63, 751
307.8
373.4530.4261.8310.0
325
485523503439470
321
173. 9237. 4202.9208.7
175. 5239. 5209. 7210.7
175.5234. 7204.8209.0
196. 4249.5215. 6230.0
199. 9251. 8213.6234. 2
339. 3455. 8
8, 547
999, 453
332, 441
93, 315161, 309
29, 40C14, 3CS34, 10S
418
434
59, 256
DOMESTIC TRADE
ADVERTISINGAdvertising indexes, adjusted:!
Printers' Ink, combined index 1935-39=100..Farm papers cf doMagazines doNewspapers do. _Outdoor . _ doRadio do
281320
'338229295
r288
284331342230287289
263283298215303284
262308280218319291
281309331217289298
284321335214287309
277314330200258312
269312313199229320
258301291205290303
289350321242312319
>-290'351' 346
227322308
294'392
333'247
294314
P302»39&v 343
250329312
7 on p. S-5.nuary 1939 to September 1942 see p. S-5 of the November 1942 Survey. See note in the Febru-
lex of building costs; revisions for November 1946 to March 1947, inclusive: 280.0; 294.6; 301.6; 303.3; 305.2.I -txeviseu series. ± ue IIIUCA ui uuiiiarui luiwiusuies juaa ueen revised beginning 1938 because of changes in the seasonal adjustment factors and discovery of certain errors in reporting; revise:!
data for January 1938—April 1947 are available upon request. Indexes of advertising from Printers' Ink have been completely revised and. all series are now based on dollar costs; data beginning1935 and a description of the indexes will be published later. The indexes of cost of the standard 6-room frame house are shown on a revised basis beginning in the April 1946 Survey; revisionsuntil iui Jniiueu y i»oo—-tvpj. 1.1 i»t/ nic avaiiauic upuu. ic^ucot. J.HU.CA.OO ui ciu-vci 1/101115 IHJIAJ. j. j U-LI/^IO AIJ.JV j_ici v1935 and a description of the indexes will be published later. The indexes of cost of the standard 6-room fr;beginning November 1935 will be published later; the indexes were discontinued after June 1947.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SUEVEY OF CTJKRENT BUSINESS S-7
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
DOMESTIC TRADE—Continued
ADVERTISING— Continued
Tide advertising index, adjusted* 1935-39—100Radio advertising: §
Cost of facilities, total thous of dolAutomobiles and accessories. . d oClothing doElectric household equipment .. _ _ doFinancial _ doFoods, food beverages, confections _ doGasoline and oil _ _ doHousefurnishings, etc doSoap, cleansers, etc _ _ _ _ _ doSmoking materials doToilet goods, medical supplies _ doAll other do
Magazine advertising:Cost, total _ _ _ _ _ _ d o
Automobiles and accessories doClothing _ doFlectric household equipment doFinancial _ _ _ _ doFoods, food beverages, confections doGasoline a n d o i l _ _ _ _ _ _ d oHousefurnishings, etc doSoap, cleansers, e t c _ _ _ _ _ d oOffice furnishing and supplies doSmoking materials _ _ _ _ doToilet goods, medical supplies doAll other _ _ _ do
Linage, total thous. of lines..Newspaper advertising:
Linage, total (52 cities) _ _ _ doClassified doDisplay, total _ . - d o
Automotive doFinancial _ . _ doGeneral doRetail do
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehousespercent of total. .
POSTAL BUSINESS
Money orders:Domestic, issued (50 cities):
Number __ _ thousandsValue thous. of dol__
Domestic, paid (50 cities):Number _ thousandsValue thous. of dol__
PERSONAL CONSUMPTION EXPENDI-TURES
Seasonally adjusted quarterly total at annual rates : *All goods and services bil. of dol
Durable goods * _ doAutomobiles and parts doFurniture and household equipment doOther durable goods . _ do
Nondurable goods doClothing and shoes doFood and alcoholic beverages _ doGasoline and oil doSemidurable house furnishings. _ _ _ doTobacco _ _ _ _ _ . doOther nondurable goods.. do
Services _ doHousehold operation doHousing doPersonal service _ _ _ _ doRecreation doTransportation _ _ doOther services do
RETAIL TRADE
All retail stores:fEstimated sales, total .mil. of dol_.
Durable goods store doAutomotive group do
Motor vehicles do_.I.Parts and accessories do
Building materials and hardware doBuilding materials doFarm implements doHardware .do
Homefurnishings group doFurniture and housefurnishings doHousehold appliance and radios do
Jewelry stores do
196.2
16, 009573111801412
4,120499177
1,7221,4334,7841,877
42, 8012,6014,6611, 541
6985,246
6273,5301,182
995860
6,12014, 7404,332
172, 37641, 301
131, 0766,5121,950
28, 21094, 403
89.2
4,28089, 824
13, 771188, 244
10, 0202,436
993847147744461
79204593397196106
202.9
14, 994505100275400
3,883499167
1,6061,4304,516ls 613
40, 0332,7723,1251,376
6545,348
6832,6671,173
7631,1255,926
14,4213,413
163, 13039, 341
123, 7897,0141,933
26,01188, 831
88.7
4,17787, 284
16,948178, 353
' 164. 2'21.1
r 7. 4'9.8
3.9'96.3
19.6'57.5'3.7'1.8'3.9'9.8
'46.7'6.9
' 14. 13.2
'3.84.4
'14.3
9.4892,402
987839148741476
77187570368202104
218.3
14, 227441130314381
4,106432172
1,5421, 5953,9821,132
3, 377
145, 26337, 778
107, 4856,2142,299
22, 46776, 505
88.1
4,33487, 320
13, 253186, 565
9,3572,4031.014'86115377050977
18453633420284
225.9
14, 461485187278393
4,268439172
1, 4831, 5683, 8681,318
4,132
157, 98040, 625
117, 3556,1071,769
22, 88186, 597
88.3
3,82281, 664
12, 587166, 697
9,6292,396
99483915576351470
17955034720389
231.1
15, 252527151345367
4,402428156
1,7151,5804, 2681,314
i 99, 308i 7, 555
1 10, 1911 3, 872i 1, 567
1 13, 543i 2, 1421 6, 051i 2, 5581 1,6501 2, 827
1 12, 7711 34, 582
4,738
173, 87141, 610
132, 2625,4381,809
27, 17197, 843
87.7
4,04189, 874
13, 334197, 141
' 165. 6'21.1
'9.93.9
'96.8'19.2'58.3'3.6'1.8'3.9
'10.0'47.7
'14.63.2
' 38'4.5
' 14. 5
10, 1412 5821,052
89915283957571
19359438521097
221 4
17 376597139379471
5,128420168
1,7041,8094,9671,594
4,763
198, 47844, 141
154, 3376,5522,194
33, 444112, 148
86.8
4,40191, 665
15, 371223, 262
10, 9102,8311,148
988160941645
92204641408233101
220 8
16 905739195333440
4,907450172
1,4991,6624,6881 820
4, 474
194, 80841, 447
153, 3615,9572,033
32, 004113, 367
87.6
4,18585, 095
13, 922196, 844
10, 7272 6381,070
91016079652871
197651425225121
210 1
17 7-8072892
511464
5,203504152
1,6471 8485,0331,600
2 126, 4362 7 308
2 13 1912 7, 0172 1, 833
2 17 3992 1, 3312 9 9522 2, 5852 2 5322 3, 073
2 15 6912 44, 524
3,229
186, 91337, 530
149, 3835,2151,986
24, 935117, 247
88.1
4,71091, 655
15 652214, 581
' 171. 1'22.1
' 10 3'4.0
' 100. 2'20.0' 59 6'3.8
1.9' 4 0
' 10.9'48.8
' 15 23 2
' 3 8'4 5' 14.8
12, 6572 9581,080
91116880949562
252791496295279
17 544693121569450
5,000585254
1,5441 7984, 9911 538
27 6882 6041 887
' 1,012585
' 4 517304
' 1 117' 613
414918
'3 793' 9, 923
3,641
155, 42839, 600
115, 8285 1802,896
20 40487, 348
88.2
4 58692, 651
14 412201, 299
9,6952 3161,062
946117680450
7115949631018678
16 715' 717133543482
4,766564232
1,4521 5954,6941 535
37, 4862 7713 640
' 1, 590666
' 6 311381
' 1 916' 1, 155
495883
' 5 584' 12, 094
4,175
167, 94540, 048
127, 8976,1811,869
25, 47794, 369
88.5
4 33986, 412
13 135186, 247
8,9212 137
99588610960639861
14646629417271
17 803699118603511
5,122536225
1,7341,7705,0311,456
47, 9923 4506,1212,446
7266,748
6402,8021,104
850990
4, 581
189, 55543, 985
145, 5716,3942,225
28, 106108, 846
89.2
5,281106, 540
16, 749240, 369
'172 3'21.4
'9 8'3 8
'101 3r 18.6'61 7'3 9' 1 9'3 Q
r 11.3'49.6
r 15 4
3 2'3 8
4 5'15 1
10, 6332 6781,2721.133
13975749182
183571362209
78
4,391
197, 22145, 848
151, 3737,0472,295
30, 475111, 557
'88.8
5,12295, 871
15, 552220, 748
' 10, 614' 2 832' 1, 242
1,086'156' 878'567
98' 214'632'405r 227
82
4,288
197 80947 643
150 1667 5572 120
31 092109 396
87.4
4 47088, 565
14 252198, 921
10, 7082 7161,089
93115889458693
21663842021895
» Kevised.. * Total for July, August and September. 2 Total for October, November and December.$ Biginning January 1948, data include advertising in farm magazines and several other magazines not included previously and data for stoves and ranges other than electric formerly
classified under house furnishings, are included under electric household equipment and there have been additional minor changes in the classifications. More complete information on thesechanges will be published later.
*New series. For a brief description of the Tide index of advertising see note marked "*" on p. S-6 of the April 1946 Survey, data beginning 1936, are available on request. The estimatesof consumption expenditures have been recently revised beginning 1944; revised figures for 1944-47 for the grand total and for total durable goods, nondurable goods, and services are shown as acomponent of gross national product on p. 28 of this issue; earlier figures for these series and detailed annual estimates of consumption expenditures for 1929-44 are available in the "National In-come Supplement" referred to in note marked "*" 011 p. S-l; quarterly data beginning 1939 for all series will be published later.
fRevised series. See note marked "t" on p. S-7 of the September 1947 Survey for reference to tables giving data through June 1944 and 1945 revisions for sales of all retail stores; the season-ally adjusted indexes beginning 1942 shown in those tables arid later data published currently on p. S-8 were recently revised because of changes in the seasonal adjustment factors and boththe dollar figures and indexes beginning January 1946 were revised in the January 1948 issue, largely because of adjustment of the series to sales tax data for 1946; all data shown above are onthe revised basis; revised dollar figures for all months of 1946 and revised indexes for 1942-46 are shown on p. 10 of the January 1948 Survey.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-8 SURVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
All retail storesf— ContinuedEstimated sales— Continued
Nondurable goods stores mil. of dolApparel group _ do _ _
Men's clothing and furnishings do _ -Women's apparel and accessories doFamily and other apparel _ _ _ __ do _ _Shoes do
Drugstores - doEating and drinking places doFood group do
Grocery and~ combination doOther food do
Filling stations -_ doGeneral merchandise group do
Department, including mail-order doGeneral, including general merchandise
with food. mil. of doLOther general mdse. and dry goods. __doVariety do
Other retail stores _. ._ do _ _Feed and farm supply doFuel and ice _ _ doL/iquors doOther do _ _
Indexes of sales:Unadjusted, combined index 1935-39=100._
Durable goods stores _ ._do . _Nondurable goods stores do
Adjusted, combined index do _Durable goods stores do
Automotive - - -- doBuilding materials and hardware doHomefurnishings _. _ _ doJewelry do
Nondurable goods stores do_ _Apparel doDrug do _-Eating and drinking places doFood -- - do .Filling stations.. doGeneral merchandise _ _ _ _ _ doOther retail stores do
Estimated inventories total* mil of dolDurable goods stores* doNondurable goods stores* do
Chain stores and mail-order houses :fSales, estimated, total* - _ . do. ._
Apparel group* doMen's wear* _ doWomen's wear* doShoes* _ _ . -_. _ . - do_ _
Automotive parts and accessories* doBuilding materials* .. do. _.Drug* _ do _Eating and drinking* doFurniture and housefurnishings*. _ _ do. _.General merchandise group* do
Department, dry goods, and general merchan-dise* mil. of dol__
Mail-order (catalog sales)* doVariety* do
Grocery and combination* do _Indexes of sales:
Unadjusted, combined index* 1935-39=100.-Adjusted, combined index* do_ _ _
Apparel group* doMen's wear* _ doWomen's wear* _ do. _Shoes* do
Automotive parts and accessories* doBuilding materials* ._ _ d o _Drug* doEating and drinking* doFurniture and housefurnishings* do. __General merchandise group* do
Department dry goods, and general merchan-dise* 1935-39=100
Mail-order* ._ doVariety* do ..
Grocery and combination* doDepartment stores:
Accounts, collections, and sales by type of pay-ment:
Accounts receivable :Charge accounts! 1941 average =100..Instalment accounts§ do
Eatio 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
7,584778192345103138304
1,0782. 7.1 22, 162
550442
1,316874
165130147954272144151387
301.3302.2301.0299.7287.4214.1332.1428.1430.3303.7301.9250.1416. 1331.8203.0254. 2315. 8
r 11,7703,972
r 7, 798
2,15824441
115684490695227
552
32885
127748
275.6278.6308.0294.4394.2229.7246.0306.5230.2223. 5242.0271.7
324.6269.1192.9316.1
16781
5630
55396
7,08770718929196
131290
1,0322, 5181,995
523440
1, 195788
153120134905249155134368
302.9309.4300.8301.6297.7222.1343.1444.2442.6302. 9300. 3248.8406.5329.0201.9253. 1329,5
11, 5943,9547, 640
1,99722939
103684493655026
509
30477
116661
277.1280.9305.0286.7388.1233.4241.6325.1223.9226.5256.9275.2
332.6265.8193.7316.7
16582
5428
55396
6,954558134241
77106293
1,0522,6182,083
535472
1,074677
155110133887251153134349
287.1298.4283.4301.2296.9222.8353. 4426.7417.4302.6293.8246.5409.6329.8221.7251.6317.5
11,4313,8787,553
1,938181258853
. 4597655224
473
27968
115683
258.3280.5306.5292.1382.3241.2232.4328.6222.9222.8243.1273.9
329.0270.0192.7320.5
14683
5328
57376
7,23360613927186
110300
1,0892,7142,170
544485
1,156743
157115140884238139148359
289.7297.3287.2298.0297. 5220.4359. 5428.4416.0298. 1277. 0252.3406. 0324.4221.3249.5313.4
11,8153,9547,861
2,0361872790554699685225
518
30382
121722
257.0280.3300.6305.7360.3240.8240.0333.7229.0220.2245.9272.4
322.4276.3194.2322.4
14584
6128
56386
7,559825201367114143298
1,0862, 6092,063
546466
1,345907
160132146930244170132384
323.6332.6320.7314.7322.5243.1388. 3455.6438.6312.1313.9254.6418.3340. 6218.7258.0329.2
12, 1554,0138,142
2.133'246
441097242
112665227
593
347108126662
295.6291.0326.1346.5390.2253.7228.3361.5229.7221.3265.1286.3
347.9259.0208.7326.0
16787
5331
54406
8,079858212387120139307
1,1312,8252,243
582483
1,457986
168141162
1,018266181162409
328.6343.1323.9317.6327.6255.8395.8439.4409.1314.3293.8257.1426.7355. 2219.6248.4335. 1
13, 0994,1828,917
2,31925347
1137141
117695429
645
366126140754
301.6287.7300.8288.5365.9246.6213.3334.8227.2218.7218.5275.0
322.7265. 7207.4339.5
18195
5731
53407
8,089906247395134131296
1,0332,7682, 212
556496
1,6051,111
168149177985214189162420
342.1348.6340.0324. 7331.5252.1401.2464. 8415.4322.5321.5254. 4408.6357.0240.9266.6343. 3
13, 4874,1959,292
2,34826055
116674788685035
696
399132153755
320.0297.4323.3333.7398.0244.8250.4326.1226.0211.9279.3292.6
347.9283.0214.7338.1
204111
5530
53407
9,6991,202
350495182174401
1,0852,9952,377
618496
2,2071,478
194210326
1,313245260246562
386.1367.5392. 1329.9340.5265.0408.3463.8426. 3326.5310.8251.4423.1363.4230. 2272.6353.8
12, 426r 4, 148
8,278
2,85135265
162965676975442
954
528130281786
377.2301.9320. 8304.5397.3256.9251.8334.4226.8219.1269.3306.0
350.5305.0240.4337.5
264136
5429
54397
7,3796271562858798
2931,0082,8732,308
565479
1,081719
136104122
1,019240309146325
293. 0' 287. 2
294.9324.5330.3260.9394:1441.1410.1322.6290.5254.8418.7372.3243.3248.8351.0
12,7794, 3588,421
2,0141733280462880665121
449
24984
105804
259.1289.9281.1278.0353.5211.2205.3355.0228.0220.2261.1268.4
322.3256.5193.4350.1
206127
5324
5439
7
6,7845651362627988
280942
2,5922,060
532. 4351,033
690
12297
125938223278131306
295.2285. 8298.3322.1326.2261.5390.2425.2388.6320.8292.1255.3418.9369.0238.8249.0346.1
13, 6254,6348,991
1,8741703082442868664922
431
23084
108725
269. 1292.7293.2285.5373.8217.5206.2345.6234.5223.0258. 7271.9
322.3256.3205.4353.7
181124
4923
53407
7,955854194394116151300
1,0432,8422,247
594495
1,384940
148127168
1,038278243145372
321.0325.3319.6327.9341.9287.6389.9433. 9391.6323.3292.6256.1422.4371.8251.7253. 3339.1
14,2805.0119,269
2,31328848
138783781695428
599
330113146797
303.2300.6305.7282.5393.9232.3223.1332.5231. 6228.6261.7286.0
343.6263.0212.7359.8
'190129
5327
'5241r 7
' 7, 779'738
170'346
96'126'289
' 1, 0472,8502, 255
595523
1,336910
160125142
'996294166
'144393
r 330. 4r 356. 6
321.8' 336. 5r 357. 8T 296. 4r 408. 2r 469. 6
404.7r 329. 6r 298. 2'251.4r 425. 5
376.4261.6
' 268. 7r 338. 6
r 14, 164r 4, 946r 9, 218
' 2, 267'240
42112'65'44
'102••65
52'28586
348103123792
r 304. 1r 313. 9r 326. 8r 299. 4r 419. 8r 247. 3r 254. 2r 358. 3r 225. 3r 227. 5* 252. 7
313.8
387.4285.1220.3363.3
'192'131
'5125
51418
7,992763179350100134SCO
1, 0642, 9642,348
616550
1,357902
171131153994269182142402
328.2345. 8222. 5328.9334.8249.4411. 5480. 3400.8327.0301.9249. 5410.3372.5252.7269.2343. 4
p 13, 808p 4, 809* 8, 999
2, 35525640
1257047
112675228
588
35786
132844
310. 9311.3321. 7300.7414. 8242.2254.8365. 5225. 0225. 6264.8297. 9
364. 4283. c206.1371. 0
193136
5224
52417
' Kevised. §Minor revisions in the figures prior to November 1941 are available on request.*New series. See note marked "*" on p. S-8 of the September 1947 Survey for reference to tables giving data through 1943 and 1945 revisions for the chain-store series; the adjusted
indexes beginning 1942 shown in those tables and later data published currently were revised recently because of changes in the seasonal adjustment factors and the dollar figures for the gen-eral merchandise group and the total beginning January 1946 were revised in the January 1948 Survey, necessitating further corrections in indexes for 1946 and 1947; revised indexes for!942-46and dollar figures for 1946 for the two series affected are shown on p. 11 of the January 1948 Survey.iryey. See p. S-9 of the August 1944 Survey for data beginning June 1943 for the series on depart-
»r inventories of retail stores are shown in the article "Revised Estimate of Retail Inventories,
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SUEVEY OF CURRENT BUSINESS S-9
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
Department stores— ContinuedSales, unadjusted, total U. S.f 1935-39 --=100__
Atlantaf doBostonf _ doChicago^ doCleveland! doBallast doKansas Cityf - doMinneapolis! - doNew York f do _Philadelphia! doRichmond! _ _ _ _ _ d o _ _St. Louis! doSan Francisco! _ do_ _
Sales, adiusted, total U. S.f- cloAtlanta! doBoston! _ _ _ doChicago! doCleveland!- _ _ _ _ _ _ . _ d oDallas! doKansas City! do_ ._Minneapolis! _ _ _ doNew York! doPhiladelphia! doPichmond! doSt. Louis! doSan Francisco! do
Stocks, total U. 8., end of month:!Unadjusted 1935-39=100Adjusted do_ _
Mail-order and store sales:Total sales, 2 companies thous. of dol__
Montgomery Ward & Co doSears, Roebuck & Co do
Rural sales of sreneral merchandise :Total U. S., unadjusted 929-31=100
East _ _ doSouth doMiddle West d o _ _ _F a r West . . d o
Total U. S., adjusted doEast _ doSouth doMiddle West doFar West do
WHOLESALE TRADE
Service and limited function wholesalers:*Estimated sales, total mil. of dol__
Durable goods establishments _ _ _ _ _ _ d oNondurable goods establishments _ do
All wholesalers, estimated inventories*^. do
280r 348
241270283356297
' 262237261
r289315
-303'289
367244276298
r378306
-•273253
-•259r301
321325
'253252
275, 884104, 322171,562
?92. 5296.3382.9250.6328.8318.6322.1451.5264. 7365.7
4,9521,7633,1896,734
266307232270267307281264231238278269299289365249278284361305278249256317299330
237242
253, 09189,635
163, 456
287.7278.0384.3251.1335.3315.8302.8478. 0266.0351. 8
4,8431,6993,1446,755
219269164219220288250217171185215249278286336237281281378298268251257301320327
232231
231, 95784, 330
147, 627
243.1223.2332.0215.1288.7333.0313.5489.0291.5352.1
4,9971,6363,3616,660
236310176224237327277242179193233264308283352234266273376307271246258282307348
245227
254, 73897, 334
157, 405
306.6297.0403.9262. 5372.8374.8372.6560. 2318.2404.8
5,0931,6693,4246,768
299368248296293387336311244
r266322340336292361236290290368323287239266303337336
256231
306, 643117,507189,136
375. 9340.6523.6320.8446.9355.6346. 5474.3313.038]. 9
5. 6541J8193, 8356,888
298372234284290396336304253280324330343277348211266271360320276
r226265297308333
283251
333,123127, 144205, 979
405.1398.1612. 6333.4446.3311.8309.3413. 3262. 5371.6
6, 3922,0324,3606,930
374460306364371507392335323370394428411302383248298296415335281248280310339339
295273
355, 255129, 206226, 048
484.6491.4727.8405.4515.3372.5381.2530.1309.2424.8
5,7401, 8533,8877,370
483619419455479633505424408460542516554303394243293309388334277241277322337352
243283
415, 686148, 113267, 573
466.6448.6644.9389.9568.2291.8269.4429.3249.9348.1
5, 8771,9263,9517,499
224284170217216316245214192204214239274284355216271284390306286240272286291339
252288
230, 79474, 116
156, 679
273.8262.8423.8224.6301.4359.7345. 8535. 7293.6410.1
5,4701,7743,6967,634
237316174225233324254206202216245258288283359223281284368292267241280306307319
278303
215, 57575, 631
139, 944
299.8295.7462.6250.5309.4370.5361.5507.3315.1418.1
5,0141,7633,2517,835
284387228266284384301263234284317318319284368235274270384307278229263317318331
302312
301, 627107, 103194, 524
358.8370.4485.1309.4382.3408.6412.4537.2349.2464.5
5,6082,0353,5738,200
287366
'231283280399320
••284237
'262295326
"324'304
390'233
289295448337283255278321343
'353
307308
319, 342115, 382203, 959
342.6343. 3467.7293.4375.6372.8360.2530.8314.2420.6
5,551r 2, 081
3,4698, 115
?299375
*240289304393
f 326z>294
252287312333
P329f 309
394P242
289320418
P336^306
268284314340
P354
P296P295
297, 939104,612193, 327
350. 5306. 9428.4275.1362.7381.8333. 6505. 1290.5403.4
5,2541, 9403,3148,078
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Employment status of noninstitutional population:*Estimated number 14 years of age and over,
total thousFemale doMale _ _ _ _ _ _ _ . d o
Armed forces doCivilian labor force, total do
Female doMale _ do
Employed doFemale . _ _ _ _ _ _ _ d oMale _ doAgricultural employment doNonaericultural employment do
Unemployed _ _ _ _ _ _ _ _ d oNot in labor force do
Employees in nonagricultural establishments:!Unadjusted (U. S. Department of Labor):
Total thousManufacturing doMining doConstruction _ doTransportation and public utilities doTrade _ _ _ doFinance doService _ . doG overnment do
Adjusted (Federal Reserve):Total do
Manufacturing doMining _ . _ _ _ _ doConstruction doTransportation and public utilities. . _ _ do_ _ _Trade d o _ _ . _
107,33054, 46052, 8701,470
60, 29017,12043, 17058, 33016, 58041, 7508,960
49, 3701,960
45, 570
' 43, 345•• 15, 569
r 910' I, 865' 3, 981' 9, 277' 1, 643
4,590'5,510
r 43, 457r 15, 693
' 912T 1, 847' 3, 967r 9, 347
107, 40754, 50652, 9011,398
62, 60918, 14944, 46060, 05517, 30242, 75310, 37749, 6782,555
43, 399
' 43, 816' 15, 672
'919r 1, 957r 4, 129' 9, 324' 1, 650
4,711' 5, 454
r 43, 860r 15, 725
'916' 1, 900' 4, 080r 9, 430
107, 50454, 56152, 9431,371
62, 66417, 80344, 86160, 07917, 00843, 07110, 06650, 0132,584
43, 469
' 43, 686' 15, 580
••890' 2, 043' 4, 155' 9, 316»• 1, 675
4,686' 5, 341
r 43, 854r 15, 705
'883r 1, 927'• 4, 097' 9, 458
107, 59054, 61252, 9781,352
61, 66517,12544, 54059, 56916,54743, 0228,975
50, 5942,121
44, 573
' 44, 125' 15, 962
••923'2,096' 4, 163«• 9, 356' 1, 688
4,619r 5, 318
' 43, 967r 15, 804
'916r 1, 959' 4, 102' 9, 497
107, 67554, 66153,0141,326
60, 78417,23343, 55158, 87216, 71442,1588,727
50, 1451,912
45, 544
' 44, 513r 16, 175
'921r 2, 107r 4, 134' 9, 471' 1, 668
4,634r 5, 403
r 44, 291r 16, 039
'918' 1, 969 '* 4, 128r 9, 542
107, 75554, 71053, 0451,327
60, 89217, 44943, 44359,20416, 94442, 2608,622
50, 5831,687
45, 535
' 44, 758T 16, 209
'922' 2, 099'4 097r 9, 684' 1, 671
4,662r 5, 414
r 44, 557' 16, 161
'919r 1, 999' 4, 101r 9, 613
107, 83954, 75953, 0801,294
60, 21617, 06843, 14858, 59516, 62341, 9727,985
50, 6091,621
46, 330
' 44, 918r 16, 256
'923r 2, 046' 4, 077' 9, 886r 1, 673
4,670r 5, 387
' 44, 625' 16, 161
' 922r 2, 006' 4, 080
9. 636
107, 91854, -80553, 1131,280
59, 59016, 69842, 89257, 94716, 29441, 6536,962
50, 9851,643
47, 047
f 45, 618' 16, 354
r 925r 1, 978' 4, 071
' 10. 288T 1, 676
4,688' 5, 638
r 44, 800r 16, 216
' 926' 2 018' 4, 089T 9. 679
107, 97954, 84453, 1351,241
59, 21416, 36842, 84657, 14915, 87641, 2737,060
50, 0892, 065
47, 524
' 44, 603r 16, 267
r 922r 1, 871r 4, 020r 9, 622r 1,680
4,723' 5, 498
r 45, 019r 16 332
'927' 2 056' 4, 075' 9. 694
108, 05054, 88953, 1611,226
59, 77816, 75243, 02657, 13916, 00241, 1376,771
50, 3682, 639
47, 046
r 44, 279' 16, 1 83
' 914' 1, 731'4,019' 9, 520' 1, 690
4,730' 5, 492
' 44, 755' 16, 208
'920' 1 945' 4, 071' 9. 664
108, 12454, 93453, 1901,236
59, 76916, 76043, 00957, 32916, 08541, 2446,847
50, 4822, 440
47, 119
' 44, 599' 16, 269
' 922' 1, 805' 4, 032' 9, 599' 1 697
4,729' 5 546
r 44, 791' 16 246
'928r 1 941' 4, 069' 9. 636
108, 17354 96953, 2041,236
60, 52417, 15543, 36958, 33016, 52941, 8017,448
50, 8832,193
46, 414
' 44, 279r 15 896
r gISr 1, 966' 3, 977r 9, 573' 1 704
4,768'5 577
r 44^ 543r 15 goo
' 821' 2 006' 3, 998' 9. 697
108 26255 02153 2411 238
60, 42217, 12443 29858 66016, 60242, 0587,861
50, 8001,761
46 602
•p 44, 517P 15 796
v 9302,0644, 0589 6041 7154, 726
P 5 624
P 44 627P 15 Q22
P 931P 2 044P 4, 044p 9. 676
'Revised. 'Preliminary."New series. See note marked "!" on p. S-9 of the September 1947 Survey for reference to data beginning 1939 or 1938 for the series on wholesalers' sales and inventories and recent minor
revisions in the sal^s figures. Estimates of the labor force for November 1945 to date have been published on a revised basis beginning in the January 1947 Survey; earlier revisions for theseseries and 1940-46 data for the series on noninstitutional population will be published later.
!Revised series. For 1919-45 data for the index of department store stocks see p. 24 of Augustl946 Survey. See notes marked "!" on p. S-9 of the June 1948 Survey and p. S-8 of the Septem-ber 1947 issue regarding revisions in the indexes of department store sales. The estimates of employees in nonagricultural establishments have been revised to adjust the series to FederalSecurity Agency data through 1946. Recent revisions affected the unadjusted series beginning 1946 for manufacturing, mining, and government, 1945 for construction, trade, finance, and thetotal, and January 1947 for transportation and utilities, and did not affect data for the service group; see note marked "f" on p. S-9 of the September 1947 issue regarding published andunpublished earlier revisions in the unadjusted series. There have been recent revisions in the seasonally adjusted series affecting the figures in most cases back to 1939. All revisions throughApril 1947 will be published later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-10 SURVEY OF CURRENT BUSINESS July 1948
•Unless otherwise stated, statistics through
1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
EMPLOYMENT CONDITIONS AND WAGES—Continued
r 12, 597' 6, 572r 1, 582
494••564
'1,21650356
••720
'47513827
140'418'710
524••450
226"450
' 6, 025
r 1, 226
509103
164
••990281389
••368213
••1,15221113617383
••388193
M30141175
••575196
••161109
••211119
' 153. 8' 182. 0' 159. 6
127.3r 217. 7' 230. 2
242.3151.5
' 179. 1
r 299. 3348. 4303.4202.7
' 182. 5' 168. 8
167.0' 137. 3
127.0' 148. 9r 131. 5
' 107. 2
121.781.5
104.2
r 125. 4122.2136.0
' 106. 192.1
' 134. 8111.090.3
128.0
' 12, 672r 6, 639' 1, 588
501••584
r 1. 20850154
••758
M7213407
140'408'727
535'452
227'452
' 6, 033
'1,208
502102
163
'993285389
'370214
'1,19221315517684
'388195
'431142176
'561199
'163110
'207118
' 154. 7'183.9' 160. 1
129.0' 225. 5' 228. 5
241.4147.2
' 188. 5
' 297. 5337. 4302.5202.7
' 178. 0'172.9
170.5' 137. 3
127.6' 150. 4' 131. 7
' 105. 6
119.980.3
103.3
' 125. 7123.9135.9
' 106. 692.9
' 139. 5112.0103.3130.6
' 12, 562' 6, 452' 1, 569
498'567
'1,17149151
'753
'4031292788
'393'721
531'445
224'445
'6,110
' 1, 187
493100
158
'992278400
'373217
'1,31121724618284
'380194
'430142176
'562198
'165112
'200115
' 153. 3' 178. 7' 158. 2
129.5' 218. 9'221.7
236.4138.2
'187.3
' 253. 7326.0301.1126.7
'171.4'171.5
169.4' 135. 7
125.9' 146. 5' 133. 4
' 103. 8
117.779.0
100.3
' 125. 7121.1139.8
' 107. 593.9
' 153. 4113.7163.8135.0
' 12, 928' 6, 555'1,597
503'569
' 1, 19849553
'741
'4051312787
'396'745
552'460
230'460
' 6, 373
' 1, 202
494102
163
'1,071295440
'385223
'1,44221835018385
'387197
'434143176
'563196
'166112
'203117
' 157. 8'181.5'161.0
130.9' 219. 6' 226. 8
238.4143.2
' 184. 1
' 255. 0329.3299.9125.8' 172. 8'177.3
175.8' 140. 1
129.4'151.2' 139. 1
' 105. 1
118.180.2
103.3
' 135. 6128.3153.9
'111.196.7
' 168. 8114.5232.7135. 5
' 13, 263' 6, 816' 1, 633
498'596
' 1, 23549951
'785
'463133
26126
'413'750
544'487
247'487
' 6, 447
' 1, 290
523108
177
'1,143311471
'400231
' 1, 25522114920488
'398200
'445146183
'592198
'165110
'212115
' 161. 9' 188. 8' 164. 7
130.4' 230. 2' 233. 8
240.3140.2
' 195. 2
' 291. 6335.8291.0181.5
' 180. 3' 178. 4
173.6' 148. 3
138.7' 154. 7' 140. 7
' 112. 7
125.185.5
112.4
' 144. 8135.2164.4
'115.3100.2
' 146. 9116.099.1
150.8
' 13, 150' 6, 795' 1, 634
509'588
' 1, 23150050
'789
'47213525
133'409'738
531'489
249'445
' 6, 355
' 1, 292
524107
177
'1.147308476
'399232
' 1, 19121512919787
'395200
'439144182
'588198
'164110
'210114
' 160. 5' 188. 2' 164. 9
131.0' 227. 0'233.0
240.9137.6
' 196. 0
' 297. 3339.5284.0191.9
' 178. 4' 175. 6
169.4' 149. 1
139.8' 151. 6' 138. 7
' 113. 0
125.284.9
112.5
' 145. 3134.2166.4
'114.9100.4
' 139. 3113.185.5
145.7
v 12. 694»6. 611P i, 588
P542* 1,213
"746
P440
MOO"773
P458
P451P 6, 083
v 1, 293
p 1, 080
*356
v 1, 083
P 85
"433
"572
"166
EMPLOYMENT—Continued
Estimated production workers in manufacturingindustries, total (U. S. Dept. of Labor)*
thousands. .Durable goods industries do.
Iron and steel and their products do.Blast furnaces, steel works, and rolling mills !
thousands. -Electrical machinery do.Machinery, except electrical do.
Machinery and machine-shop products §.-doMachine tools§ do..
Automobiles do.Transportation equipment, except automobiles
thousands.-Aircraft and parts (excludingengines)}.doAircraft engines} do.Shipbuilding and boatbuilding} do.
Nonferrous metals and products do.Lumber and timber basic products do.
Sawmills and logging camps! doFurniture and finished lumber products, do
Furniture! do.Stone, clay, and glass products do
Nondurable goods industries doTextile-mill products and other fiber manufac-
tures .thousands..Cotton manufacturing, except small wares §
thousands..Silk and rayon goods! do.Woolen and worsted manufactures (except
dyeing and finishing)! thousands.-Apparel and other finished textile products
thousands..Men's clothing! _doWomen's clothing! do
Leather and leather products doBoots and shoes! do
Food and kindred products doBaking! doCanning and preserving! doSlaughtering and meat packing! do
Tobacco manufactures doPaper and allied products do
Paper and pulp! doPrinting, publishing, and allied industries
thousands..Newspapers and periodicals! doPrinting, book and job! do
Chemicals and allied products doChemicals! do
Products of petroleum and coal doPetroleum refining! do
Rubber products .doRubber tires and inner tubes!. do
Production workers, unadjusted index, all manu-facturing (U. S. Dept. of Labor)t..-1939= 100.-
Durable goods industries do.Iron and steel and their products do__
Blast furnaces, steel works, and rolling mills !1939=100..
Electrical machinery doMachinery, except electrical do
Machinery and machine-shop products §_. doMachine tools! do.
• Automobiles doTransportation equipment, except automobiles
1939=100..Aircraft and parts (excluding engines)} do.Aircraft engines} doShipbuilding and boatbuilding} do
Nonferrous metals and products do...Lumber and timber basic products do
Sawmills and logging camps! doFurniture and finished lumber products.-do
Furniture! doStone, clay, and glass products do
Nondurable goods industries _doTextile-mill products and other fiber manu-
factures 1939=100.-Cotton manufactures, except small wares {
1939=100Silk and rayon goods!.... doWoolen and worsted manufactures (except
dyeing and finishing)! 1939=100Apparel and other finished textile products
1939=100..Men's clothing! _ __ .doWomen's clothing! do.
Leather and leather products do.Boots and shoes! do
Food and kindred products ~ _ _ d o _ ~ ~Baking! doCanning and preserving! doSlaughtering and meat packing! do..
' Revised, p Preliminary. }See note marked "§" on p. S-10 of September 1947 Survey for reference to revisions for shipbuilding and aircraft and aircraft engines.!Data for the indicated industries (with the exception of newspapers and periodicals, blast furnaces, etc., and machine tools) have been revised beginning 1939 to adjust the series to 1945
data from the Federal Security Agency; see note marked "§" on p. S-10 of the June 1948 and September 1947 issues for reference to published revisions; revisions for other industries will beshown later. Data for the three industries named above were found to need no similar general revision. January-March 1947 revisions for machine tools: Production workers, thousands—60, 59, 58; employment index—163.4, 161.6, 159.0; pay-roll index—283.1, 279.7, 276.8 (see notes in November 1943 for revisions through July 1942 for the indexes; that issue contains, on p. S-9,the earliest data published for number of workers).
*New series. See note marked "t" with reference to estimates for the industry groups and the totals and notes marked •'§" and "}" regarding revisions for individual industries.fRevised series. See note marked "*" and "t" on p. S-10 of the September 1947 Survey for references to revised estimates of production workers for 1929-45 and employment and pay-
roll indexes for 1939-45 for all manufacturing, total durable goods and nondurable goods, and the industry groups; data for the industry groups and the totals have been further revised begin-ning January 1946 to adjust the series to levels indicated by Federal Security Agency data for 1946; revisions for January 1946-April 1947 will be shown later. Data for the individual industriesin the transportation group have been adjusted only to 1939 Census of Manufactures data; other industries have been adjusted to Federal Security Agency data through 1945* see note marked"§" above.
' 13, 125' 6, 630' 1, 604
499'578
'1,209499
52'767
'4141302793
'400'745
550'466
233'466
' 6, 495
'1,223
499103
169
'1,096299452
'390225
'1,48322038418286
'388197
'437144178
'576195
'166111
'203113
' 160. 2' 183. 6'161.7
130.0' 223. 0' 228. 8
240.2142.9
' 190. 5
' 260. 7327.0299.2134.3
' 174. 7' 177. 3
175.2'141.9
131.0' 152. 3'141.8
' 106. 9
119.381.6
107.0
' 138. 9130.4158.0
'112.297.5
' 173. 6115.5255.7134.7
'13.143' 6. 681' 1, 609
498'588
'1,21449952
'764
'42713426100'404'751550'475239'475
' 6, 462
' 1, 249
508106
171
'1,127307462'393226
' 1, 35322524018389
'392197
'441145181'586195
'165110'208114
' 160. 4' 185. 0' 162. 3
130.0r 226. 9' 229. 7242.2142.4' 190. 0
' 269. 2337.4294.8144.7' 176. 3' 178. 6175.4' 144. 8134.1
'152.8' 141. 1
' 109. 2
121.583.5
108.4
' 142. 7133. 6161.5' 113. 297.8
' 158. 3117.9159.8135.5
'13.176' 6, 746' 1, 619
498'595
'1,21849751
'766
'45213326118'410'751547'483244'483
' 6, 430
' 1, 271
517107
174
'1,117309452'396228
'1,28822517219290
'394198
'444145182'589196
'165110'210115
' 160. 8' 186. 8' 163. 3
130.2' 229. 7' 230. 5239.5139.5' 190. 4
r 284. 6336. 2291.0169.9
r 178. 8' 178. 5174.5' 147. 1136.9' 154. 0' 140. 4
'111.1
123.684.4
110.5
'141.5134.7158.0' 114. 198.5
' 150. 7118.1114.4142.0
' 13, 066' 6, 711' 6, 628
509'584
' 1, 23750350
'720
'46413525128'409'736527'490249'443
' 6, 355
' 1, 306
525111
180
' 1, 166311485'402233
' 1, 15921712318788
'392200
'438144180'588197
'163109'208112
' 159. 5' 185. 8' 164. 2
130.9' 225. 4' 234. 0242.2137.6' 178. 9
' 292. 6341.1280.1' 184. 4' 178. 5' 175. 0167.9' 149. 2140.2' 150. 9' 138. 7
' 114. 2
125.687.6
113.9
' 147. 7135.5169.5
'115.8101.0
'135.6114.182.1138.5
'13,132' 6. 792' 1, 634
516'577
' 1, 23250049
'785
'46513625126
'413'749537'485247'452
' 6, 340
'1,312
529112
178
' 1, 165315482'396230
' 1, 049'22012218187
'393200
'435145178'587196
'165111'204109
'160.3' 188. 1' 164. 8
132.9' 222. 9' 233. 1240.9' 134. 5' 195. 1
' 292. 7342.9276.9' 181. 6'180.0' 178. 3171.1' 147. 8138.8' 153. 9' 138. 4
' 114. 7
126.688.1
113.1
' 147. 5137.0168.3
'114 199.4
' 134. 5' 115. 481.2134.0
' 12, 791' 6, 683' 1, 603
512'563
' 1, 20249648
'775
'46213725123'406'751537'470240
'451' 6, 108
' 1, 301
526112
175
'1,103310440'372213
' 1, 04721812710086
'389200
'432145175'580198'164111'198105
' 156. 1' 185. 1' 161. 7
131.8' 217. 4' 227. 4238.8130.4' 192. 7
' 290. 9346. 0278.4176.8' 176. 9' 178. 7171.1' 143. 4134.7' 153. 7' 133. 3
' 113. 7
125.888.2
111.0
' 139. 8135.0153.7' 107. 192.2
' 122. 6114.384.373.9
"195
v 155. 0p 183. 1v 160. 2
p 209.0p 229. e
P 185. 5
P 277. 0
p 174.4P 183. 9
139. 5
p 153. 6P 132. 8
P 113. 1
p 136. 8
p 102. 6
P 126. 7
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CURRENT BUSINESS S-ll
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October jNo
bv
eerm- Decem-
ber
1948
Janu-ary
Febru-ary March April May
EMPLOYMENT CONDITIONS AND WAGES— Continued
EMP LO YM EN T~Con tinued
Production workers, index, unadjusted!— Con.Nondurable goods industries— Continued
Tobacco manufactures 1939=100..Paper and allied products do
Paper and pulp§ doPrinting, publishing and allied industries.do
Newspapers and periodicals§ doPrinting book and job§ - do_ _
Chemicals and allied products doChemicals§ _ _ do. __
Products of petroleum and coal doPetroleum refining! - - do_ _.
Rubber products doRubber tires and inner tubes§ do
Production workers, adjusted index, all manu-facturing (Federal Reserve)! . 1939=100.-
Durable goods industries! doNondurable goods industries! do
Nonmanufacturing, unadjusted (U. S. Dept. ofLabor) :
Mining:!Anthracite 1939-100Bituminous coal _ _ _ do _Metalliferous doQuarrying and nonmetallic _ _ do. _Crude petroleum and natural gas do
Public utilities:!Electric light and power. _ _ _ _ doStreet railways and busses doTelegraph ... ... doTelephone do
Services:!Dyeing and cleaning _ . _ doPower laundries doYear -round hotels _ _ _ _ do
Trade:Retail, total! _ do
Food* _ _ .doGeneral merchandising! do. _
Wholesale! _ . . doMiscellaneous employment data:
Federal and State highways, total}:. _ ..number.Construction (Federal and State) doMaintenance (State) . do
Federal civilian employees:^United States _ _ _ _ _ thousands
District of Columbia. doRailway employees (class I steam railways) :
Total - thousandsIndexes: Unadiusted! 1935-39=100
Adjusted! _ . do
PAY ROLLS
Production-workers pay rolls, unadjusted index,all manufacturing (XI. S. Dept. of Labor)!
1939=100..Durable goods industries do_ .
Iron and steel and their products... _doBlast furnaces, steel works, and rolling
mills .1939=100Electrical machinery _ _ doMachinery, except electrical do
Machinery and machine-shop products§doMachine tools§ do
Automobiles! _ _ doTransportation equipment, except automo-
biles.. _ 1939**100Aircraft and parts, excluding engines§. .doAircraft engines§ _ _ doShipbuilding and boatbuilding! do
Nonferrous metals and their products doLumber and timber basic products _ _ do
Sawmills and logging camps! doFurniture and finished lumber products.. do...]
Furniture§ doStone, clay, and glass products do
Nondurable goods industries _ _ doTextile-mill products and other fiber manu-
factures 1939=100.Cotton manufactures, exc. small wares§. doSilk and rayon goods§ . d oWoolen and worsted manufactures, except
dyeing and finishing! _1839=100_,Apparel and other finished textile products
A, , ! «,- * 1939=100..Men's clothing! doWomen's clothing!. dol I
Leather and leather products doIITBoots and shoes! do
Food and kindred products doBaking! doCanning and preserving! doSlaughtering and meatpacking! do.
88.4' 146. 1
140.3* 131.0
119.0137.2
r 199. 5280.9
'151. 9148.6
r 174. 6220.0
' 155. 0r 182. 2' 133. 5
91.4' 104. 7
98.1127.4109.8
105.7130. 7102.8159.2
167.5124.9118.4
111.3113.9121.2109.7
240, 83890, 696
109, 641
1,807212
1,395133.8134.3
' 319. 3' 363. 0' 310. 2
237.9* 414. 4' 437. 7
463.4265.4
' 335. 0
' 572. 1639.2477.0395.6
T 354. 8' 383. 3
384.7' 302. 1
278.9' 299. 5' 276. 6r 254. 5
317.3212.9
252.6
* 259. 8270.5260.3
r 220. 9197.0
' 270. 4208.4217.8249.4
90.2' 146. 1
141.3'131.5
119.7137.8
' 194. 6284.3
' 153. 5150.1
' 170. 9217.0
' 155. 2' 183. 4' 133. 0
90.5r 105. 4
99.3129.0112.3
107.5130.4102.3190.4
173.3127.2119.4
111.4113.7120. 6110.5
266, 966107, 192116, 465
1,850205
1,405134.8132.9
' 327. 2' 375. 5r 319. 2
249.1' 440. 5' 443. 0
470.6264.8
r 363. 6
' 571. 1621.5481.5394.3
' 352. 0' 409. 8
412.2' 308. 0
284.7r 311. 5r 280. 0
' 248. 6307.5206.0
252.5
r 262. 3273.0264.1
r 225. 9201.7
' 286. 7213.1249.3259.9
89.8' 143. 3
140. 9r 131.2
119.8138.2
r 195. 0282.8
' 156. 2152.6
' 165. 1212.3
r 154. 5' 178. 8' 135. 4
88.7••97.5
97.8129.4114.3
109.3130.9101.5193.3
167.9127.8118.3
110.2113.0116.7111.1
285, 865116, 116123,877
1,817198
1,413135.5132.7
' 321. 8' 359. 4' 307. 2
237.6' 430. 0' 427. 4
456.2242.3
: 355. 3
r 492. 5622.4485.1243.1
* 332. 1' 394. 2
397.4' 298. 6
274.4' 298. 8r 285. 1
' 243. 7302.6203.0
243.0
' 266. 2260.0283.1
' 229. 0204.8
' 317. 1218.0401.8280.9
91.6'145.7
142.7' 132.3
120.5137.7
' 195. 3280.8
' 157. 0152. 8
' 167. 9214.9
' 156. 3' 180. 7' 137. 1
91.7' 105. 0
98.3129. 8114.5
110.2130.7100.5193.8
160.1125.0117.6
110.0114.7115.7112.2
295, 234125, 999123, 976
1,784196
1,411135.3132.5
••331.5' 366. 8••316. 8
254. 2' 428. 1'434.5
462.1253.6
' 345. 1
' 492. 4637.6486.7241.8
' 335. 3' 429. 7
435.3'311.6
284.7' 315. 5' 297. 0
' 246. 2305.7208.5
233.6
' 288. 4264.8323.1
' 235. 8209.9
r 349. 3218.4653.7270.0
92.3' 146. 2
142.9'133.2
121.7139.1
' 199. 9279.0
' 156. 4151.4' 168. 1
207.5
' 158. 9' 183. 2' 139. 7
91.0' 106. 0
96.8128.7112.5
109.9129.699.8
192.9
162.1124.3117.4
112.4112.6122.8113.3
282, 762120, 546117,605
1,767195
1,393133.6130.4
' 345. 3' 382. 2' 327. 7
254.5' 450. 5'451.4
477.9257.4
'380.6
' 509. 8623.3501.3262.0
' 349. 5r 427. 4
430.5' 324. 3
297.9r 320. 2r 309. 0
' 262. 9317.4220.2
268.5
' 303. 8284.9334.7
' 248. 1221.5' 356. 1
223.2683.8271.9
95.1' 147. 8
142.9'134.6
121. 8141.6
' 203. 2278.9
'155.8149.8
'171.7211.0
' 160. 0' 184. 8' 140. 4
91.2' 106. 8
95.8127.6111.1
109.4128.898.1
191.6
164.4123.1117.7
115.8115.0131.3115.5
271,998115, 565113, 058
1,774195
1,387132.9128.6
' 350. 1' 389. 9••331. 6
251.9' 464. 6' 458. 0
480.0257.5
' 385. 8
' 541. 5663.8499.9289.9
r 359. 3* 427. 2
425.2' 338. 8
315.0' 328. 2'311.2
' 271. 8329.1227.6
270.4
' 320. 5303.5349.5
' 251. 8223.8
' 332. 8230.8437.9271.7
96.5' 148. 6
143.4' 135. 4
122.2142.6
' 204. 5280.9
' 156. 1149.8
' 174. 0212.2
r 160. 4' 186. 8' 139. 7
91.2' 107. 4
96.5126.2110. 5
109.7128.797.2
193.3
159.4121.3117.1
119.8116.1143.6116.5
246, 77791, 065
112, 332
1,773195
1,370131.3130.2
' 353. 4' 395. 0' 335. 1
255.1' 471. 9' 459. 6
481.5253.3
' 395. 6
' 555. 1653.8479.2316.6
' 367. 3' 429. 1
425.3r 343. 0
323.2••331. 2' 312. 8
' 288. 2362.1236.6
276.6
' 304. 8301.5319.3
' 252. 5223.5
' 323. 5227.8265.7317.4
94.4' 149. 9
144.8' 135. 7
122.7143.7
' 205. 4283.3
' 155. 5150.1
' 175. 3211.7
' 161. 1r 188. 6' 139. 3
91.5' 108. 3
97.0122.6110.4
110.3128.697.6
195.0
156.5120.9118.1
130.2117.4175.5117.1
218, 58765, 336
110, 544
1,766196
1,363130.4132.5
' 365. 7'411.0' 345. 8
257.8' 481. 2' 479. 9
500.7262.2
' 427. 7
' 600. 2668.7503. 5378.9
' 377. 8'431.8
422. 0' 355. 7
334.3' 335. 7' 321. 4
' 302. 0376.4248.1
294.4
' 327. 3309.5355.9
' 259. 6231.9
' 321. 9229.2250.2338.9
93.6' 148. 7
145.0' 134. 0
121.0142.3
' 204. 1282.8
' 155. 0149.9
' 173. 5209.2
' 161. 2' 188. 7' 139. 4
91.1' 108. 7
96.9116.7110.5
109.8129.297.2
195.0
152.8120.1117.2
114.4114.4129.4116.3
198, 43847, 734
108, 224
1,769198
1,348129.1134.2
' 358. 7' 403. 1' 341. 9
261.2'471.0r 473. 8
494.9250.1408.7
'611.2657.4482.9416.7
' 372. 7' 413. 5
400.3' 352. 2
333.4' 322. 9' 315. 3
' 303. 0378.7252.6
292. 0
' 337. 0313.4374.8
' 258. 7233.8
' 296. 6221.5216.2304.2
93.9' 147. 8
144.9' 133. 5
121.4140.8
' 204. 2281.0
' 153. 9149.5
' 172. 0205.8
' 159. 8' 186. 4' 138. 7
91.6' 106. 8
97.4113.7111.1
110.3128.697.8
196.2
149.3117.6116.8
111.8113.9122.9116.1
190, 67841, 184
106, 305
1,781200
1,340128.5131.7
' 354. 1' 393. 1' 337. 6
257.5' 465. 1'471.9
495.5254.4357.6
' 593. 3667.3469.4
' 385. 4' 372. 9' 417. 2
401.1' 350. 2
333. 6' 321. 4' 316. 0
' 310. 6377.0262.4
321. 1
' 345. 2316.4387.1
' 262. 5235.9
'288.5234.1216.5263.3
93.4' 148. 0
145.5' 132. 8
122.0139.1
' 203. 6280.8
' 155. 4151.3
' 168. 9200.7
' 160. 1' 188. 4' 137. 7
92.6' 107. 7'97.9118.2111.1
110.9128.898.2
197.4
154.8117.7116.4
113. 5116.7124.5115.3
202, 09050, 461
108,045
1,794201
1,346'129.0
132.3
' 358. 2' 401. 7' 340. 8
260.9' 459. 1' 475. 2
496.4' 249. 2
394.4
' 600. 4675.9473.9' 383. 7' 377. 1' 426. 6
412.4' 349. 2
330.9' 336. 6' 315. 7
' 315. 6385.1267.8
322.1
' 343. 2324.8376.4
'251.7225.6
' 285. 8227.1204.6276.6
92.3'146.8
145.3'131.8
122.5137.4
' 201. 4283.2
' 154. 9151.5
' 163. 8192.9
' 157. 1' 185. 5' 134. 7
91.9'79.3'98.1
'124.0' 112. 0
' 111. 7'126.7'97.9198.5
' 159. 0' 118. 3' 116. 9
' 112. 8116. 1123.6
'114.8
233, 10578, 726
109, 522
1,811202
' 1, 3879 123. 4v 125. 4
346.5392.2329.6
253.0444.3463.8493.6240.2382.5
601.4695.2481.0373.6368.3425.2405.2
' 333. 0314.6337.9301.8
307.1374.7267.4
308.6
306.5317.1307.1227.1198.1266.5227.6216.9178.4
P90.7P 146. 4
p 132. 1
v 198. 6
v 156. 7
v 161. 1
* 156. 1v 183. 29 134. 8
Pi, 826*203
9 1, 3509 129. 49 129. 9
'Revised. 9 Preliminary. §See note on item on p. S-10 regarding re visions in the data.{Total includes State engineering, supervisory and administrative employees not shown separately.ISee note on item in July 1944 and September 1947 Surveys regarding changes in the data beginning in 1943 or 1945. December figures do not include excess temporary Dost office substitutes
employed only at Christmas.*New series,t Revised se:
3. Indexes beginning 1939 for employment in retail food establishments are shown on p. 31 of the June 1943 Survey.Ties. Revisions for 1939 through April 1947 for the adjusted indexes of employment in manufacturing industries wi:•ill be shown later. See note marked "!" on p. S-ll of
exclusion of driver-salesmen, and indexes for these industries have been adjusted to data through 1945 from the Federal Security Agency; revised data for 1939-46 will be published later In-dexes for the mining industries have been adjusted to Federal Security Agency data through 1946; revisions through April 1947 for bituminous coal and through February 1947 for the othermining industries will be shown later. See note marked "!" on p. S-10 with regard to revised unadjusted indexes of employment and pay rolls in manufacturing industries.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-12 SUBVEY OF CURRENT BUSINESS July 1948
1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary
EMPLOYMENT CONDITIONS AND WAGES— ContinuedPAY ROLLS— Continued
Production-workers pay rolls, mfg., unadj.f— Con.Nondurable goods industries — Continued
Tobacco manufactures 1939=100.-Paper and allied products do
Paper and pulp§ doPrinting, publishing, and allied industries
1939=100..Newspapers and periodicals§ doPrinting, book and iob§ do
Chemicals and allied products doChemicals§ do
Products of petroleum and coal doPetroleum refining§ do
Rubber products doRubber tires and inner tubes § do
Nonmanufacturing, unadjusted (U. S. Dept. ofLabor) :
Mining:!A nthracite 1 939 — 100Bituminous coal doMetalliferous _ _ doQuarrying and nonmetallic doCrude petroleum and natural gas do
Public utilities.-!Electric light and power doStreet railways and busses doTelegraph doTelephone do
Services:!Dyein0" and cleaning doPower laundries doYear-round hot°ls do
Trade:Retail, totalf - do
Food* doGeneral merchandising! _ _ _ _ _ do
Wholesale! doLABOR CONDITIONS
Average weekly hours per worker (U. S. Dept. ofLabor):
A 11 manufacturing! hours_ .Durable goods industries* ... do
Iron and steel and their products* doBlast furnaces, steel works, and rolling
mills* hoursElectrical machinery* doMachinery except electrical* do
Machinery and machine-shop products*hours. ~
Machine tools* doAutomobiles* doTransportation equipment, except auto-
mobiles* hoursAircraft and parts (excluding engines)*
hours.-Aircraft engines* doShipbuilding and boatbuilding* do
Nonferrous metals and their products*. doLumber and timber basic products* do
Sawmills and logging camps* doFurniture and finished lumber products*
hours..Furniture* do
Stone clay and class products* doNondurable goods industries* do
Textile-mill products and other fiber manu-factures* hours
Cotton manufactures, except small wares*hours..
Silk and rayon goods* doWoolen and worsted manufactures, except
dyeing and finishins'* hoursApparel and other finished textTle products*
hours..Men's clothing* doWomen's clothing* do
Leather and leather products*. doBoots and shoes* do
Food and kindred products* do. _ .Baking* doCanning and preserving* doSlaughtering and meat packing* do
Tobacco manufactures* doPaper and allied products* do
Paper and pulp* doPrinting, publishing, and allied industries*
hours..Newspapers and periodicals* doPrinting, book and job* do...
Chemicals and allied products*. ... doChemicals*. .do. _ ,
Products of petroleum and coal* do. . _Petroleum refining* do...
Rubber products* ...do...Rubber tires and inner tubes* do
182.8' 296. 3
289.4
r 238. 6209.3255.4
' 389. 1520.9
' 280. 6262.5
r 347. 5399.3
210.2' 290. 3
186.3295.5192.2
168. 2220.0226.9202.9
313.5231.0221.1
195.3206.0212.3191. 4
40.140.540.3
38.939.841.4
41.642.138.3
40.2
39.5| 39.6
40.440.642.041.7
41.541.240.339.7
38.9
38.841.0
39.2
35.837.234.638.137.843.0
242.538. 344.036.343.144.7
40.138.940.641.141.040.039.539.037.6
194.8' 303. 4
302.1
' 240. 3210.0258.1
' 384. 1528. 2
'291.4273.4
'342.3396. 1
219.4r 300. 6
196.7307.1206.0
177.5222.1218.8292.5
328.4239.3226.4
201.6212.1218.9198.0
40.240.740.5
39.539.841.3
41.542.238.7
40.1
39.238.840.740.542.842.5
41.741.640.839.8
38.6
38.340.3
39.4
36.037.235.038.137.743.2
242.637.844.538.242.944.5
39.938.440.641.140.940.740.639.137.7
200.0r 304. 2
309.6
' 238. 0208.9258. 9
r 387. 7533. 7
' 300. 5286.1
'331.2389.5
200.3r 229. 7
186.1307.0204.9
178.4222.1215.2302.2
310.5238.5222.0
198.5213.8214.1196.5
39.840.039.3
37.439.840.9
40.841.637.7
40.1
39.739.239.939.742.242.1
41.140.940.139.7
38.4
38.340.3
39.1
35.836.534.838.237.843.2
M2.739.944.539.642.944.5
39.638.240.540.941.140.540.738.637.9
203.0' 307. 2
312.3
r 240. 0214.0254. 8
r 390. 2527.0
' 302. 1282.8
' 337. 6396.0
244.0'314.7
193.3317.2204.0
182.9225.2213.5306.2
285.0231.3221.0
197.6212.2212.0198.2
39.840.039.6
39.239.240.5
40.941.437.2
39.6
40.039.239.339.543.343.1
41.241.040.639.5
38.2
38.440.0
36.6
35.235.134.638.137.743.4
M1.942.643.039.242.444.1
39.438.540.040.940.740.640.338.737.8
205.3'315.5
317.0
' 249. 7221.6266. 6
' 403. 1527.3
' 307.5287. 6
'348.3397. 9
237. 9'321.6
193.6315.9206. 5
183.1224.1211.8312.3
301.7236.2222.4
202.5209.2220.4203. 3
40.440.640.3
39.040.441.1
41.341.839.2
39.7
39.340.039.540.242.842.5
41.541.440.440.2
39.5
39.240.9
40.2
36.036.835.039.138.843.4
241.942.843.439.242.944.5
40.239.040.841.040.541.040.739.938.9
214.5' 320. 5
317.3
' 252. 8221.6272. 8
r 409. 6529. 8
' 301 . 8279.7
' 354. 4398.0
252. 7' 327. 5
192.7319.2199.9
182.8223. 2208.1314.2
303. 8232.3226. 9
207.1213.8224.5206.9
40.640.940.5
39.040.641.3
41.342.139.5
40.4
40.240.539.840.842.642.2
42.142.340.840.2
39.7
39.641.0
39.7
36.937.935.839.038.742.8
2 41.940.943.239.743.044.4
40.038.740.741.440.840.539.940.138.7
216.3' 325 9
319. 9
' 257. 2224.0279. 3
• 4 1 6 . 4540. 8
' 309. 5288. 9
'361.4407.5
224.4' 327. 4
194.8305. 7211.0
187.6223.6206.8321.5
293.7226.8228.6
216.5220.0251. 1213. 6
40.440.740.5
39.440.641.2
41.441.939.8
38.6
39.339.4
'• 36. 141.142.241.9
41.842.340.540.1
40.1
40.441.2
39.6
36.437.535.338.337.842.5
241.635.946.939.443.244.4
40.038.640.741.340.941.241.039.938.9
219.8'334.0
327.3
r 263. 1230.0285.3
«• 424. 1555. 8
'313.3293. 4
' 373. 6412. 1
239.4' 345. 8
198.8295.3203.2
185.7226.7207.8313.0
292.8233.6233.2
237.6221. 5314.0213.9
41.241.741.2
39.541.142.2
42.743.141.4
40.8
40.641.240.541.843.242.8
42.742.941.040.8
41.0
41.142.3
41.
37.37.36.39.38.43.
242.37.47.739.943.844.9
40.439.141.141.541.240.840.340.939.5
210.5' 328. 0
325.0
r 255. 321 8. 9*283.4
' 426. 7561.3
' 318. 1296.8
' 354. 9388.4
242, 4350. 5198.9270.0215.5
187.9230.1209. 5315. 8
285. 6232. 9230.4
209.4219.4233. 0211.7
40.540.940.6
39.540.541.8
42.042.039.6
40.3
39.440.640.941.242.442.0
41.942.240.040.0
40.5
40.741.9
40.8
36.637.136.039.038.842.0
241.637.344.838.643.144.4
39.537.840.741.441.240.739.839.738.2
195.7' 328. 9
328.3
' 254. 7224.6278.6' 425. 6
559. 2'315.4
295.0' 337. 2
355.9
232.8' 320. 0
201.7262.0219.9
188.2' 234. 7
212.6316. 3
271.9225.4233.2
208.4221.5221.4214.9
'40.240.540.4
39.540.441.4
41.842.338.1
' 39. 6
39.940.1
'38.941.241.741.1
41.441.939.9
'39.9
40.2
40.141.8
40.8
36.737.136.139.038.841.7
' 2 43. 6'38.4
40.7'36.2
43.144.5
39.1'38.3
39.841.141.1
'40.8'40.0
38.51 36.0
March
204.5' 330. 8
330. 0
' 258. 5229.2280.0
' 425. 1558. 6
' 320. 0299.3
' 320. 6330.2
255.9'341.4
199.4287. 3213. 2
184.4232.6 i213.0314.7
291.2227.5 1229.0
209.9226.1225.5210. 8
'40.4'40.9' 40.6
39.4'40.3
41.6
41.8'42.3'38.9
'40.3
40.140.6
'40.341.142.342.0
41.741.9
'40.8'39.9
40.6
40.742.2
40.8
36.737.436.137.837.541.6
241.936.543.3
'37.843.144.5
'39.5'38.4
40.341.241.0
' 40. 9'40.1
37.834.8
April
205.9325. 7327.7 .
259 5235. 0278.6422.1564.8316.7301.3
May
312.8 !323.6
195.4166.1199.0311.7218.4
188.6227.1224.8322, 5
308.0231.5233. 4
210.6225.5225. 5210.8
40.040.439.9
38.639.941.5
41.742. 038.5
40.4
40.640.540.240.841.640.9
40.940.940.8
r39.6
39.9
40.141.8
39.9
36.237.335.136.235.342.3
242.136.946.738.342.744.1
39.238.539.941.041.140.339.937.835.3
p39. 9p40. 3
1 P 39. 6
' Revised. * Preliminary, i The reduction reflects incomplete return to previous work schedule after termination of work stoppages and observance of Armistice Day in some yards.2 Not strictly comparable with data prior to May 1947; comparable April 1947 figure, 41.9. § See note marked "§" on p. 8-10. .*New series! Indexes of pay rolls beginning 1939 for retail food establishments are shown on p. 31 of the June 1943 Survey. Data beginning 1939 for the printing and publishing industries
and the aircraft engine industries will be published later. Data beginning 1939 for all series on average hours will also be published later: see note in the September 1947 issue for reference toearliest data published in the Survey and explanation of a change in January 1945 which affected the comparability of the data for the machine tools, aircraft engines, and shipbuilding m-
!Revised series. See note marked "f" on p. S-10 with regard to revised indexes of pay rolls in manufacturing industries and note marked "f" on p. S-ll with regard to revised data forpay rolls in nonmanufacturing industries. Data beginning 1942 for average weekly hours in all manufacturing industries are available in the March 1943 and later issues of the Survey;revised data prior to 1942 have not been published in the Survey and will be shown later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SUKVEY OF CUERENT BUSINESS
Unless otherwise stated, statistics through1941 and descriptive notes may he foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo- Novem-ber ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS— Continued
Average weekly hours per worker— ContinuedNorimanufacturing industries:*
Building construction _ _ _. _ hours. -Mining:
Anthracite _ _ _ doBituminous coal doMetalliferous _ _ _ _ do ...Quarrying and nonmetallic doCrude petroleum and natural gas do_ _ _
Public utilities:Electric light and power doStreet railways and busses _ do _Telegraph doTelephone do _ -
Services:Dyeing and cleaning.. do .._Power laundries doYear-round hotels _ _ _ do. _-
Trade:Retail doWholesale do
Industrial disputes (strikes and lock-outs) :Beginning in month:
Work stoppages . numberWorkers involved.. thousands..
In effect during month: •Work stoppages numberWorkers involved _ thousands
Man-days idle during month do_._-Percent of available working time*
U.S. Employment Service placement activities:Nonagricultural placements f 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 thousandsContinued claims do_
Claims filed during last week of month.. _doAmount of payments thous ofdol
Labor turn -over in manufacturing establishments:^Accession rate monthly rate per 100 employeesSeparation rate, total do
Discharges doLayoffs doQuits _ _ _ _ _ d oMilitary and miscellaneous do
WAGES
Average weekly earnings (U. S. Dept. of Labor):All manufacturing t_ _ dollars
Durable goods industries t doIron and steel and their products!.. do
Blast furnaces, steel works, and rollingmillst— -, dollars
Electrical machinery! _ _ _ _ _ d oMachinery, except electrical! do
Machinery and machine-shop prod-ucts! _ _ dollars
Machine tools doAutomobiles!- doTransportation equipment, except auto-
mobiles. _ dollarsA ircraf t and parts (excluding engines) .doAircraft engines*. _ _ doShipbuilding and boatbuilding do
Nonferrous metals and products f do_ _Lumber and timber basic products f _ do
Sawmills and logging camps doFurniture and finished lumber products f do
Furniture f-- _ _ _ doStone, clay, and glass products f do
Nondurable goods industries t doTextile-mill products and other fiber
manufactures! _ _ dollarsCotton manufactures, except small wares!
dollarsSilk and rayon goods! doWoolen and w o r s t e d manufactures
(except dyeing and finishing) ! dollarsApparel and other finished textile products!
dollars- -Men's clothing! doWomen's clothing. do -
Leather and leather products! do. _.Boots and shoes do -
37.6
37.244.342.245.640.5
41.647.646.031.5
42.642.745.0
40.041.2
471230
781696
6,7301.0
442
1,1664,802
94072, 295
3543,173
67763, 763
4.85.4.4
1.43.5.1
48.4451.7253.71
56.2650.2455.20
54.4457.1355.96
55.3152.4254.7657.9151.1543. 0641.9543.4544.2147.2444.88
39.89
37.7341.73
45.28
35.3641.4941.5839.4537.78
37.8
39.243.742.645.641.9
42.247.444.837.5
42.942.845.2
40.841.6
379448
701597
3,960.6
453
8784,905
1,00773, 559
4933,021
72258, 542
5.54.7.4
1.13.1.1
49.3352.9955.18
58.1251.5756.30
55.5358.3157.48
55. 5952.5855.4457.7952.0645.0444.1444.2445.0448. 5445.31
39,54
37.1040.97
45.75
35.7741.3541.8740.1238. 30
38.0
37.031.841.245.240.6
42.146.344.838.4
42.142.644.9
41. 141.1
315242
581615
3,970.5
454
9425,219
95476, 534
4763,446
75966, 239
4.94.6.4
1.03.1. 1
48.9852.1953.67
55.2352.0056.06
55.0056.7856.44
56.0254. 4856.1956.7751.1243.5742.8643.5144.1248.0045.61
39.48
37.2141.17
45.33
36.5040.1743.8140.3038.49
38.2
38.539.141.446.140.1
42.446.644.838.7
40.842.245.0
41.041.1
336113
583259
2,520.4
484
6234,296
91566, 804
3863,023
71559, 521
5.35.3.4.8
4.0.1
49.1752.4654.53
58.2551.5355.74
55. 0757.7755.76
55.7555.3056.5856.9351.0745. 3244.0544.0944.5849.0645.78
39.44
37.5041.65
42.28
36.5738.6645.4940.2538.32
37.9
38.239.141.646.140.3
42.046.144.539.1
41.942.444.1
40.041.2
21979
435187
1,970.3
546
5653,742
77959, 258
3152,663
52853, 336
5.95.9.4.9
4.5.1
50.4354.0656.21
58.9653.4657.36
56.4158.6959.35
56.5454.4458.4357.7152.6245.4144.5845. 3846.2449.5746.78
41.39
38.5543.23
46.99
37.6441.0545.7841.8940.12
38.1
40.039.942.346.440.0
42.145.744.839.3
41.542.344.0
40.041.3
21964
393171
1,780.2
528
6173,359
65652, 782
2891,939
41938, 153
5.55.0.4.9
3.6.1
51.0554.6956.61
58.5654.1057.87
56.7559. 2560.30
58.0856.0159.1959.3153.5945.2344.0946. 5347.7650.3847.29
41.94
39.2243.57
46.70
38.7842.7846.9142.1840.41
36.6
36.238.541.744.640.9
42.445.444.039.5
40.941.744.4
39.541.4
17857
328139829.1
451
6022,848
59341, 677
2901,609
39529, 554
4.84.0.4.8
2.7.1
51.2954.8656.96
59.5254.3257.92
57.0359.5361.30
56.4255.4857.5255. 2054.2745.3044.2746.3248.0750.4747.56
43.73
42.4744.84
46.95
37.0942.2443.8241.9339.98
37.9
38.441.242.744.439.5
42.246.843.939.0
41.542.644.1
39.741 6
11932
23657
590. 1
397
8303,700
62152, 202
3982,241
44340, 209
3.63.7.4.9
2.3.1
52.6956.4858.13
60.0155.3459.67
59.2261.3464.64
59. 7957.1260.3961.7455.5345.6544.2047.7249.1051.0048.72
45.15
43.6446.48
49.12
39.0043.1146.7642.6740.87
37.2
39.040.942.542.739.9
42.446.344.438.9
41.442.343.9
39.841.0
*175?75
»250p l O O
» 1, 000» . l374
"-9664,041
'77659, 161
4372,553
62848, 933
4.64.3.4
1.22.6.1
52.0755.4657.43
60.5854.8259.13
58.3359.6460.96
59.5655.5359. 3064.0555.0644.4942.9447.0248. 5450.1048.45
45,19
43.8147.55
48.79
40.0044.1148.5242.6341.09
36.7
36.238.742.942.140.4
42.247.744.538.7
40.541.944.6
40.041.1
P200»70
*>300*>110P725
*.l
344
8994,242
84960, 730
3742,637
65149, 466
'3.94.7.4
1.72.5.1
' 51. 75' 54. 77' 56. 99
59.74f 54. 50
58.65
58.1160.54
' 59. 00
' 58. 6756. 1358.2961. 4555.0745.0143.41
' 46. 6848.38
' 49. 98r 48. 56
' 45. 79
43.4347.92
52.82
40.2344.0549.09
' 42. 3441.35
'37.1
40.3'40. 5'42.3
43.639.7
41.647.344.4
'38.7
41.542.044.0
39.540.9
^225P500
*mP550
v 6, 000p . 8
413
8854,863
92476, 573
3652, 930
60455, 782
'4.04.5.4
'1.2'2.8
.1
' 52. 06' 55. 23' 57. 25
59.26' 54. 41' 59. 16
58.29' 60. 58' 59. 56
' 59, 3556.2859. 5362.07
' 55. 23' 45. 32' 43. 86' 47. 00
48.44' 51. 45' 48. 66
46.32
43.9848.53
53.36
40.0544.7348.07
T 41.8740.21
37.1
132.1i 26.9
42.044.540.1
41.846.644.138.8
42.142.344.2
39.541.0
P275»175
*>400^625
P8,GOOi»l.l
458
1,0714, 636
90473, 576
2992, 323
52246, 940
*4.0P4 .7
p . 4p l . 2»3.0v .1
' 51. 58'54.82
56.47
58.3753. 8659.29
58.6360.3758.70
59.7957.7560.3362.0454.8544.9243.0746.2647. 2551.78
r 48. 26
45.46
43.0848.31
52.33
37.5644.3143.2442.9938.09
*>275»165
P425»350
v 4, 100».6
482
1,0124,258
89966, 432
2441,727
39033, 535
P51.89^54.91
» 48. 60
' Revised. * Preliminary. 1 Data reflect work stoppages.• See p. 23 of December 1946 Survey for 1944-45 data. © Computed from weeks compensated in weeks ended during month.0 Small revisions for January 1940 to May 1944 are available on request.cf1 Rates refer to all employees and are therefore not strictly comparable with data prior to 1943 published in the Survey.§ See note in September 1947 Survey regarding a change in January 1945. also in 1942 for women's clothing industry, which affected the comparability of the data.* New series. See note marked "*" on p. S-12 of the September 1947 Survey for reference to available data for the series on average weekly hours in nonmanufacturing industries with the excep-
tion of the series for year-round hotels which was not shown in the Survey prior to the October 1947 issue. Data are available beginning 1939 for average hours in year-round hotels, averageweekly earnings in the aircraft engine industry, and initial unemployment compensation claims, beginning September 1944 for veterans' unemployment allowances, and beginning 1927 forman-days idle as a percent of available working time.
! Revised series. The indicated series on average weekly earnings and average hourly earnings (p. S-14) have been shown on a revised basis beginning in the March 1943 Survey; see notein that issue for an explanation of the revision.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-14 SURVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES— Continued
Average weekly earnings— ContinuedAll manufacturing— Continued
Nondurable goods industries— ContinuedFood and kindred products! dollars
Baking? doCanning and preserving! doSlaughtering and meat packing do
Tobacco manufactures! doPaper and allied products! _ . _ do
Paper and pulp do _Printing, publishing, and allied industries!
dollars. _Newspapers and periodicals* doPrinting, book and job* __ _ do
Chemicals and allied products! doChemicals do
Products of petroleum and coal! doPetroleum refining do.
Rubber products! _ doRubber tires and inner tubes _ _ _ do_
Average hourly earnings (U. S. Dept. of Labor):All manufacturing! dollars.-
Durable goods industries! doIron and steel and their products! do
Blast furnaces, steel works, and rollingmills! dollars
Electrical machinery! _ _ d o _ _Machinery, except electrical! do
Machinery and machine-shop products!dollars. -
Machine tools doAutomobiles! _ doTransportation equipment, except automo-
biles! dollarsAircraft and parts (excluding engines)
dollars. .Aircraft engines*§ , _ _ doShipbuilding and boatbuilding do_ _-
Nonferrous metals and products! doLumber an d timber basic products! do
Sawmills and logging camps doFurniture and finished lumber products!
dollars.-Furniture . do
Stone, clay, and glass products! _ doNondurable goods industries! do
Textile-mill products and other fiber manu-factures! dollars
Cotton manufactures, except small wares!dollars. .
Silk and rayon goods! doWoolen and worsted manufactures (except
dyeing and finishing)! dollarsApparel and other finished textile products!
dollars.-Men's clothing! _ doWomen's clothing§ do
Leather and leather products! doBoots and shoes do
Food and kindred products! doBaking§ doCanning and preserving! doSlaughtering and meat packing do
Tobacco manufactures! doPaper and allied products! do
Paper and pulp doPrinting, publishing, and allied industries!
dollars.-Newspapers and periodicals* doPrinting, book and job* do
Chemicals and allied products! doChemicals do
Products of petroleum and coal! doPetroleum refining do
Rubber products! doRubber tires and inner tubes do
Nonmanufacturing industries:*Building construction _ doMining:
Anthracite do .Bituminous coal _ doMetalliferous doQuarrying and nonmetallic .do. .Crude petroleum and natural gas§ do
Public utilities:Electric light and power doStreet railways and busses doTelegraph doTelephone § _ do
Services:Dyeing and cleaning§ doPower laundries§ _ doYear-round hotels do
Trade:Retail _ _ _ doWholesale do
47.71i 44. 84
39.3953. 3734.4648.7952.84
59.5567.1056.4149.8056.3557.9260.0155.3061.12
1.2071.2781.333
1.4451.2641.334
1.3071.3571.463
1.376
1.3281.3831.4331.2601.0251.006
1.0461.0741.1731.139
1.025
.9701.019
1.158
.9881.1051.1681.0351.0001.110
] 1.0561.0341.214.948
1.1331.182
1.4861.6991.3971.2101.3751.4481.5201.4161.622
1.656
1.5931.4701.2781.0921.448
1.3581.1951.2421.189
.894
.766
.643
.9851.241
48.27i 45. 50
39.3754.4036.3049.9554.83
59.7667.1656.8150.5956.8059.6462.1755.4961.35
1.2261.3031.363
1.4721.2951.363
1.3361.3811.485
1.387
1.3411.4281.4211.2861.0531.040
1.0611.0851.1901.140
1.024
.9701.017
1.160
.9941.1041.1821.0531.0201.119
i 1. 0671.0451.122.950
1.1651.231
1.4991.7191.4061.2321.3901.4641.5321.4191.615
1.661
1.5961.4891.3231.1211.475
1.3881.2121.2361.218
.898
.767
.650
.9961.262
48.40M5.81
39.9656.8237.7451.0656.36
59.3766.5356.7751.0057.7360.5764.1255.7462.06
1.2301.3051.365
1.4781.3081.371
1.3491.3661.496
1.395
1.3721.4351.4211.2891.0331.018
1.0581.0791.1981.150
1. 028
.9731.023
1.160
1.0201.0981.2411.0551.0181.121
* 1. 0741.0031.282.953
1.1901.266
1.4981.7131.4081.2471.4041.4951. 5701.4451.640
1.669
1.5751.7401.3111.1291.481
1.3741.2311.2261.211
.899
.769
.652
1.0031.257
49.45i 45. 52
45.8854.3337.2650.7256.30
59.4867.7455'. 9551.2757.4460.6263.1255.9261.15
1.2361.3121.376
1.4881.3141.377
1.3531.3941.500
1.406
1.3811.4431.4471.2941.0481.044
1.0701.0891.2081.158
1.032
.9771.043
1.156
1.0381.0901.2851.0571.0181.140
1 1. 0911.0831.267.951
1.1961.276
1.5081.7361.4061.2521.4101.4941.5671.4451.640
1.689
1.7801.7871.3541.1461.486
1.3781.2411.2281.215
.892
.771
.660
1.0031.258
49.04i 46. 14
43.6955.3137.3351.9957.14
61.6169.4058. 3201.8157. 9861.8464.7557.7664.75
1.2491.3311.396
1.5131.3251.395
1.3701.4051.515
1.424
1.3861.4601.4601.3091.0621.049
1.0931.1171.2271.165
1.048
.9851.057
1.169
1.0461.1061.2791.0721.0351.129
1 1. 1041.0251.276.952
1.2101.283
1.5341.7531.4361.2631.4321.5091.5911.4471.661
1.718
1.7651.8191.3701.1561.510
1.3901.2651. 2341.230
.911
.786
.672
1.0121.281
49.61i 46. 85
44.7554. 9837.9052.2257.10
61.6269.1858.6352. 6758.4660. 9463.5157.6263.78
1.2581.3371.397
1.5021.3311.400
1.3741.4081.526
1.437
1.3951.4611.4901.3121.0631.046
1.1051.1301.2341.175
1.055
.9911.062
1.178
1.0511.1201.2791.0821.0461.159
1 1.1151.1001.273.954
1.2151.287
1.5401.7581.4511.2731.4321. 5051.5931.4381.647
1.738
1.7841.7981.3561.1691.494
1.3921.2651.2271.241
.919
.787
.684
1.0131.289
49.90i 46. 26
37.9461.3137. 6752.8057.40
62.3069.7859.3553.1559.2162.5465. 8657. 9964.86
1. 268 '1.3461.404
1.5101.3391.404
1.3811.4121.540
1.462
1.4131.4611.5291.3201.0741.056
1.1081.1371.2471.185
1.090
1.0511.088
1.188
1.0191.1161.2171.0951.0591.1731.1151.0621.305.956
1.2221,292
1. 5561.7761.4691.2871.4481.5181.6071.4531.661
1.765
1.7541. 8511.3801.1781.554
1.4281.2761.2531.254
.925
.786
.687
1.0251.314
50.93i 47. 43
41.1461.5739.1653.6958.21
63.3771.4560.2253.7360.0763.2166.3259.4765.74
1.2781.3541.412
1.5191.3461.413
1.3911.4241.563
1.465
1.4061.^65,.5251.3271.0561.032
1.1171.1451.2451.196
1.100
1.0611.100
1.192
1.0521.1361.2701.0921. 0561.175
1 1. 1191.0931.291
9831.2261.295
1.5681. 7911.4791.2931.4571.5511.6471.4541.658
1.774
1.7561.8261.3601.1761.543
1.4141.2881.2571.229
.921
.797
.693
1.0161.300
49.4447. 0341.1057.1237.9753.2057.75
62.4168.9660.2354.3160.8064.4767.5457.3362.72
1.2851.3551.414
1.5331.3521.415
1.3891.4201.538
1.479
1.4081.4611.5671.3361.0501,023
1.1221.1511.2531.210
1.115
1.0771.137
1.195
1.0941.1781.3271.0951.0591.177
1 1. 1311.1021.275.984
1.2351.301
1.5791.7971.4931.3111.4771.5861.6991.4441.646
1.781
1.7641.8471.3711.1751.627
1.4261.2991.2571.241
.924
.807
.695
1.0441.309
' 49. 18' i 49. 30
42.7351.88
r 35. 0453.6158.41
' 62. 72' 70. 36
60.13••54.1260.82
' 64. 58' 67. 64
54.7058.22
' 1. 287r 1. 352
1.409
1.5131.3481.417
1.3921.432
M..548
' 1. 482
1.4061.452
r 1. 5821.3381.0801.055
1.1271.155
' 1. 255' 1. 217r 1. 139
1.0831.147
1.303
1.0981.1761.3341.1021.0651.181
' i 1, 132"•1.118
1.277'.9681.2451.310
' 1. 604'1.812
1.528T 1.315
1.479r 1. 581' 1. 689
1.4211.613
1.806
1.8171.8261.3701.1861.638
1.4281.2951.2651.238
.923
.802
.695
1.0501.343
'49.36' ! 47. 38
40.7756.03
r 36. 84' 53. 79
58. 50r 63. 97
71.3260.96
r 54. 1460.84
r 64. 87r67.77r 53. 24
55.54
' 1. 289'1.352
1.412
1.510r 1.350
1.422
1.395r 1.433r 1. 534r 1.471
1.4091.467
r 1. 5391.344
r 1.0711.044
r 1.1261.157
r 1.2601.219
1.140
1.0811.151
1.317
1.0911.1881.308
r 1. 1061.0711.187
r 1.131r 1. 120
1.303.975
1.249r 1.313r 1.621' 1. 843
1.528'1.314
1.483r 1. 587' 1. 692r 1. 408r 1. 599
'1.805
1.776r 1.841
1.3651.2121.605
' 1. 4081.2951.2671.223
.930
.805
.695
1.0451.334
50.67148.00
41.6565.5537. 5553. 3458.02
64.5072.9261.2654.3460.9764.3868.0253.4456.54
'1.291' 1. 356
1.415
1.5131. 3501.430
1.4031.4391.526
1.478
1.4171.4911.5411.3431.0801.053
1.1311.1621.270
' 1. 219
1.138
1.0761.156
1.311
1.0381.1731.2021.1161.0801.199
i 1. 1381. 1321.407.980
1. 2501.313
1.6451.8671. 5511.3251.4841.5961.7031.4131.603
1.822
2 1. 7082 1. 822
1.3711.2251.614
1.4271.2931.3491.242
.938
.813
.695
1.0551.346
p 1. 299v 1. 363
v 1. 229
' Revised. » Preliminary.1 Not strictly comparable with data prior to May 1947; comparable April 1947 figures—weekly earnings, $43.62; hourly earnings, $1.039. 2 Data reflect work stoppages.§See note in September 1947 Survey regarding a change in 1945, also in 1942 for the women's clothing industry, which affected comparability of the data.*New series. See note marked "*" on p. S-14 of the September 1947 Survey for reference to available data for the indicated series with the exception of hourly earnings for year-round
hotels which has not been included previously; data beginning 1939 for this item are available on request.!Revised series. See note marked "!" on p. S-13.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CURRENT BUSINESS S-15
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAG E S— Continued
Miscellaneous wage data:Construction wage rates (E. N. R.):§
Common labor dol. perhr..Skilled labor _ do
Farm wages without board (quarterly)dol per month
Railway wages (average class I) dol ppr hrRoad-building wages, common labor:
United States average 0 do
PUBLIC ASSISTANCE
Total public assistance mil. of dolOld-age assistance, and aid to dependent children
and the blind, total mil of dolOld -age assistance do
General relief do
1.1401.94
1.136
.88
122
1088114
r 1.185r2.02
1.140
.89
122
1098213
' 1. 2332.07
114. 001.133
.92
123
1108213
r 1. 2372.08
1 137
125
1128313
'1.2372.10
1 264
126
1128413
' 1. 263r2.13
112.001 250
1.01
128
1148514
r 1. 265r2. 13
1 305
129
1158614
' 1. 272r2.14
1 290
132
1168716
1.2722.14
113 001 297
.91
134
1188816
1.2722.15
1 326
137
1218917
1.2832.15
1.279
138
1208818
.<*
1.2872.17
113. 001.279
.95
r139
1218917
1.3152.18
*139
*>123»90f 16
FINANCE
BANKING
Agricultural loans outstanding of agencies super-vised by the Farm Credit Administration:!
Total mil of dolFarm mortage loans, total do
Federal land banks _ doLand Bank Commissioner do
Loans to cooperatives, total _doShort-term credit, total do
Bank debits, total (141 centers) f. -— do. _New York City _ doOutside New York City do_
Federal Reserve banks, condition, end of month:Assets, total mil. of dol
Reserve bank credit outstanding, total.^doBills discounted doUnited States securities do
Gold certificate reserves.. doLiabilities, total do
Deposits, total doMember-bank reserve balances _do
Excess reserves (estimated) doFederal R eserve notes in circulation do
Reserve rat'o percentFederal Reserve weekly reporting member banks,
condition, Wednesday nearest end of month: tDeposits:
Demand, adjusted _ _mil. ofdoLDemand, 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.... __ _ _ doInvestments, total do
U. S. Government obligations, direct andguaranteed, total mil. of dol__
Bills doCertificates doBonds (incl. 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 to banks . _ _ _ _ doOther loans _._ do
Money and interest rates :1Bank rates to customers:
New York City...' percent..7 other northern and eastern cities do11 southern and western cities do
Discount rate (N. Y. F. R. Bank) doFederal land bank loanscf doFederal intermediate credit bank loans doOpen market rates, New York City:
Acceptances, prime, bankers', 60 dayspercent..
Commercial paper, prime, 4-6 months doTime loans, 90 days (N. Y. S. E.) do...Call loans, renewal (N. Y. S. E.) do
1,6831,034
910124152497
78, 35930, 89547, 464
44, 88222, 738
17922, 08819, 68944, 88218, OC916, 238
99124, 120
46.7
46, 314
45, 8C73,2681,H9
14, 411
14, 005324
10, 12643, 224
39, 220827
5,13530, 5562,7024,004
20, 01511, 7821. 169
1,C092,897
1912,957
1.004.0C1.52
.811.001.501.38
1,7061,033
910123159514
84, 89735, 63249, 267
44, 42522, 170
7021, 87220, 03944, 42517, 74816,112
73824, 154
47.8
46,626
46, 4433,191
59614, 460
14, 055328
10, 58143, 094
38, 990989
4,64830, 7012,6524,104
20, 27711,8091,266
9862,981
1583,077
1.832.442.951.004. CO1.52
.811.001.501.38
1,7311,028
907121180523
83, 95734, 77949, 178
44, 62621, 875
13721, 54920, 29644, 62617, 86916, 007
39924,090
48.4
47, 145
46, 8163,109
64814, 470
14, 061329
10, 32042, 971
38, 739638
4,53530, 9352,6314,232
20, 50811, 9671,095
1,0233,079
2353,109
1.004.001.52
.811.001.501.38
1,7461,018
900118205522
75, 04828, 33146, 720
45,61522, 759
18522, 19220, 53445,61518, 69516, 601
82324, 345
47.7
46, 954
46, 8843,124
94014, 520
14, 104334
10, 83342, 587
38,354582
4,13831,0152,6194,233
21, 21212, 5181,166
9753,171
2153,167
1.004.001.52
.881,001.501.38
1,7461,007
891115240500
81, 79931,83749, 962
46, 15322, 730
9222, 32920, 72346,15318,73816, 784
84124, 482
48.0
47, 056
47,3303,0761,561
14, 561
14,151328
11,17842, 740
38, 400519
4,02531, 2242,6324,340
22, 05613,1161,234
9753,244
2463,241
1.772.252.691.004.001.53
.941.061.501.38
1,739993882111284462
94,05837, 50456, 554
46, 58322, 906
29622, 16821,04446, £8319, 24016,956
86424, 481
48.1
47,771
47, 9883,027
96914, 584
14, 175327
11,11742, 462
38, 192769
4,03230, 973
2,4184,270
22, 57213, 817
970
9763,316
1873,306
1.004.001.54
.941.061.501.38
1,713982875107288444
82, 74031, 73851, 002
47, 20522, 975
33122, 20921, 36347, 20519, 43116, 974
82924, 651
48.5
48, 247
48,3793,146
74114, 478
14, 069328
11, 12141, 798
37, 560948
3,29130, 4742,8474,238
23, 22914, 358
919
9453,388
2303,389
1.004.001.54
.941.061.501.38
1,699973869103281445
106, 52046, 22560, 295
47, 71223, 181
8522, 55921, 49747, 71219, 73117, 8991,499
24, 82048.3
48, 685
49, 8093,246
79314, 609
14, 192338
11, 64341, 487
37, 2271,5303,338
29, 5052,8544,260
23, 32914, 658
784
8803,460
1063,431
1.822.272 611.004.001.58
1.031.191.501.38
1 707962862100278467
93, 96637, 61556, 351
47, 32722, 782
32721, 92521, 70147, 32720,31116, 919
76824, 156
48.8
48, 833
48, 7013,264
69314, 593
14, 127391
10, 68141, 559
37, 3232,2093,410
28, 9652,7394,236
23, 39414, 727
674
8113,516
1803,486
1.254.001.58
1.061.311.501.50
1 72495886098
270495
80, 77132, 27148, 500
46,99122, 109
43121, 02421,77646, 99119, 80717,062
76224, 045
49.7
47, 296
47, 1343,2191,009
14,801
14, 256471
10, 42240, 055
35, 8452,0483 972
27, 2662,5594,210
23, 43914, 540
831
7643,569
2333,502
1.254.001.63
1.061.381.501.50
1,74395586095249539
96, 48339, 58756, 896
46, 58921, 607
43020, 88721, 87846, 58919, 61016, 639
65523, 76850.4
45, 340
45, 4453,3631,29714, 772
14, 221478
9,75038, 768
34, 4331,2723,74527,1112,3054,33523, 45314,417
905
7613,615215
3,540
2.092.522 831.254.001.69
1.061.381.501.50
1,76395486193237574
91, 64637, 95553, 691
45, 49920, 858
24920, 34021,91045, 49919,00716, 944r737
23, 64851.4
46, 671
46, 4183,4841,30914, 790
14, 222492
9,70139, 780
35, 4752,2193,83926, 9972,4204,30523, 16014, 159
809
7493,669190
3.584
1.254.001.83
1.061.381.501.50
1,77895486490223601
87, 22635, 42951, 797
46, 27021, 576
30620, 66222, 03646, 27019, 76117, 021p818
23, 67550.7
46, 646
46, 6273,4781,25214, 877
14, 283517
9,91439, 415
35, 2181,9864,87926, 0182,3354,19723, 52114, 1131,058
7723,755219
3,604
1.254.001.88
1.061.381.501.50
r Revised. *> Preliminary. O Reported quarterly after July 1947 for the week nearest the 15th of the month indicated.IFor bond yields see p. S-19. § Rate as of July 1, 1948: Construction—Common labor, $1.352; skilled labor, $2.25. Revisions, 1947; Common labor, January, $1.110; February, $1.118:
skilled labor, January, $1.90.J The total and total short-term credit have been revised to include emergency crop and drought relief loans which are now supervised by the Farmers Home Administration and publication
of the detail for short-term credit and loans to cooperatives has been discontinued in the Survey; see September 1947 Survey for loans included in these totals.cf R ates on all loans; see note on item in April 1946 Survey.t Revised series. Bank debits were revised in the September 1943 Survey to include additional banks, see p. S-15 of that issue for revised figures for May-December 1942. The series for
weekly reporting banks have been shown on a revised basis beginning in the August 1947 Survey; see note in that issue.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-16 SURVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July 1 August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
FINANCE—ContinuedBANKING— Continued
Money and interest rates— ContinuedOpen market rates, New York City— Continued
Average yield on TJ. S. Govt. securities:3-month bills percent..3-5 year taxable issuest . do
Savings deposits, balance to credit of depositors:New York State savings banks mil. of dol. _U. S. Postal Savings do
CONSUMER SHORT-TERM CREDIT*Total consumer short-term debt, end of month
mil. of dol_.Installment debt, total do
Sale debt, total* . doAutomobile dealers* doDepartment stores and mail-order bouses*
mil. of dol. _Furniture stores*. doHousehold appliance stores* doJewelry stores* _ doAll other* do
Cash loan debt, total* _ doCommercial banks* . doCredit unions.. _ doIndustrial banks* doIndustrial loan companies* doSmall loan companies doInsured repair and modernization loans*
mil. of dol. _Miscellaneous lenders* do.
Charge account sale debt* . doSingle payment loans* doService credit* do
Consumer installment loans made by principallending institutions:
Commercial banks* mil. of dol..Credit unions doIndustrial banks* .... doIndustrial loan companies* doSmall loan companies _ _ do
FEDERAL GOVERNMENT FINANCEBudget receipts and expenditures:!
Expenditures, total mil. of dol.Interest on public debt . doVeterans' Administration doNational defense and related activities...do_All other expenditures. _ do
Receipts, total doReceipts, net do
Customs doIncome taxes __ doSocial security taxes doMiscellaneous internal revenue do.All other receipts. . . do "
Debt, gross, end of month:Public debt, total do
Interest-bearing, total do.Public issues doSpecial issues to trust accounts, etc do_.I.
Noninterest bearing. _ doObligations guaranteed by U. S. Government
, , mil. of dol..U. S. savings bonds:*
Amount outstanding doSales, series E, F, and G doRedemptions. do "
Government corporations and credit agencies:fA^set*' except interagencv total mil of dol
Loans receivable, total (less reserves) doTo aid agriculture doTo aid home owners doTo aid railroads doTo aid other industries doTo aid banks doTo aid other financial institutions doForeign loans doAll other do
Commodities, supplies and materials doU. S. Government securities doOther securities doLand, structures, and equipment doAll other assets do
Liabilities, except interagency, total doBonds, notes, and debentures:
Guaranteed by the United States doOther do
Other liabilities doPrivatelv owned interests doU. S. Government interests _ do
.3761.27
9.4273,387
10, 9344,7391,928
816
40938232
114175
2,8111,167
213138116633
431113
2,8352,460
900
212422424
115
3,86192
1,0121,3272,0353,2052,865
371,619
364595590
258, 343254, 975228, 78926, 1863,368
171
51, 282488421
.3761.29
9,5353,393
11, 2304,9192,036
880
423395
37119182
2,8831,196
224143119638
450113
2,8872,508
916
211432624
117
6,5401,396
6011,4931,0805,4815,473
353,270
121602
1,453
258, 286255, 113227, 74727, 3663,173
83
51,407482433
29, 6667, 6622,054
660164224
6293
4,058597851
1,7773,566
12,6913,1202,634
83506
2,045269
26, 763
.7031.33
9,5563,398
11,3025,0452,092
922
42939839
120184
2,9531,221
233148121649
467114
2, 7862,548
923
217442923
123
3,669245564979
1,8812,4702,397
371,382
80663307
259, 448256, 321227, 80528, 5163,127
74
61, 589559457
.7481.31
9,5803,396
11, 4335,1792,167
965
44040841
124189
3,0121,248
240152124652
482114
2,7552,579
920
204422522
113
3,060103511908
1,5382, 8662,536
311,668
352643172
260.097257', 110227, 89029, 2202,987
73
61, 699460404
.8041.28
9,6303,407
11,6825,2902,2571,004
46242343
128197
3,0331, 255
245154125643
497114
2,8642,607
921
206412724
107
2,932668494
1,OC67P4
4,8854,872
343,435
133699585
259, 145256, 107226, 587
29, 6203,038
70
51,759466432
31, 0379,2122,200
665162240
6340
5,405591
1,0931, 7253,553
12,6622,7922,895
84667
2,144138
28, 005
.8571.35
9,6553,412
12, 0555,4632,3701,047
495443
46131208
3,0931,281
250157127647
517114
3,0292,645
918
218452823
121
2,446157481
1,151656
2,4562,390
421,345
70782217
259, 071256, 270226, 82229, 4472,801
78
51, 928488404
.9321.47
9,6813,413
12, 6365,7332,5511,099
555474
49145229
3,1821,309
257162130670
538116
3,3092,677
917
221442725
142
2,194127526936605
3,0542,743
321,666
329695331
258, 212255, 591226, 07429, 5172,621
83
52, 039412367
.9501.54
9,8023,417
13, 3856,1562,8391,151
650528
52192266
3,3171,358
269166134712
558120
3,6122,697
920
254533330
191
3,224972568996688
4,2604,246
352,769
142767547
256, 900254, 205225, 25028, 9552,695
76
52, 174487434
30, 9669 7142,269
556147272
5442
5,673714822
1,6853, 539
12,6002,6072,808
82689
2,037143
28, 015
.9771.63
9,8553,432
13, 0586,1862,8181,202
63250252
176254
3,3681,385
271165137717
572121
3,2402,708
924
235442726
110
2,879401524
1,069885
4, 3104,275
373,237
51656329
256, 574253, 958224, 81029, 1482,616
72
52, 575770454
.9961.63
9,9043,441
12,9456,2492,8351,254
624492
52164249
3,4141, 403
275167140721
587121
3,0672,701
928
209442525
107
2,402142529850881
4,6144,336
343,159
423629369
254, 605252, 100222, 85429, 2462,505
74
52, 875607364
.9961.60
9,959r3,435
r 13, 391r 6, 498r 2, 986
1,367
653497
54r 160
255r 3, 512r 1,449
287173143733
r604••123
3,2812,686'926
27256
••3229
140
3,546608597850
1,4916, 3656,334
415,165
176739243
252,990250, 634221,36229, 2722,356
73
53. 061'588462
31, 10710, 1342,399
623147259
5379
6,093613570
1,8453,526
12, 5352,4962,724
76781
1,868150
28, 233
.9971.58
9,986«• 3, 415
T> 13, 599p 6, 737p 3, 139p 1, 470
P680P511
P155P263
p 3, 598v 1, 489
P180p 146P739
P621P123
p3,265P 2, 664
P933
P256p58p31P27
P121
3,109154582909
1,4642,8812,806
351,858
83662243
252, 240249, 920220, 71829, 2012,320
70
53, 133468452
.9971.51
10, 017v 3, 391
P 13, 804p 6, 957P 3, 284P 1, 559
P704»529
P155P272
P 3, 673p 1, 516
P30SP19CP148*>747
• P124P 3, 255P 2, 654
P938
P239P 55p 31P25
P123
2,604124530933
1, 0173, 081}2, 707
3:1' 401673191!
252, 23(5249, 95S220, 63629, 3252,278
70
53, 207432428
r Revised, p Preliminary.I This series has been substituted beginning December 1945 for the series formerly designated "taxable treasury notes"; see note on item in September 1947 Survey for earlier data.*New series. Revised monthly figures for 1929- 46 for total consumer short-term credit, total installment credit, total installment sale credit, total installment cash loans, charge account
sale credit, single-payment loans, and service credit outstanding are shown on p. 24 of the April 1948 Survey. See notes marked "*" p. S-15 and p. S-16, respectively, of the April 1946 andSeptember 1947 Survey with regard to unpublished revisions in the detail of sales debt and installment cash loans by lending agencies; except as indicated in these notes, data for these seriesfrom the earliest year available are shown on pp. 17 and 18 of the November 1942 Survey. See note in the February 1947 Survey for information on the series for U. S. savings bonds and ref-erence to the earliest data published.
fRevised series. Total Federal expenditures has been revised to include net expenditures (excluding debt retirement) of wholly-owned Government corporations, shown separately priorto the October 1947 Survey, and several changes have been made in the detail. Data for "national defense and related activities" (formerly designated "war and defense activities") excludebeginning July 1947 certain miscellaneous items included in earlier data (see note 5 on p. S-17 of September 1947 Survey). Data for Veterans Administration include veterans' pensions aridbenefits and transfers to trust accounts. Data for social security taxes have been revised to exclude railroad unemployment insurance contributions which are not classified as internal revenue.See notes in May 1946, October 1946, and February 1947 issues of the Survey for explanation of changes in data for assets and liabilities of Gpvernment corporations and credit agencies; the
• • * " • • - " - - — , , . . . , . , - - - . .. ; the exclusion of these, and privately owned
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1048 SUEVEY OF CURRENT BUSINESS S-17
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
FINANCE—Continued
FEDERAL GOVT. FINANCE— Continued
Reconstruction Finance Corporation, loans out-standing, end of month, totalf mil. of dol_.
Banks and trust cos incl receivers doOther financial institutions doRfiilroads including receivers doLoans to business enterprises, except to aid in
national defense mil ofdolNational defense doOther loans and authorizations do
LIFE INSURANCE
Life Insurance Association of America:Assets, admitted, 36 companies, totali.mtl. of dol__
Mortgage loans, total doFarm _ _ _ doOther do
Real-estate holdings doPolicy loans and premium notes do_ _..Bonds and stocks held (book value), total _ do
Govt. (domestic and foreign), total.. _ _ d o _ ._U. S. Government do
Public utility doRailroad doOther - do _
Cash doOther admitted assets _ d o _
Premium collections total! thous of dolAnnuities doGroup doIndustrial doOrdinary do
Life Insurance Agency Management Association:Insurance written (new paid-for-insurance):f
Value total mil. of dolGroup _ do _ _Industrial doOrdinary, total _ do _ _ _
New England doMiddle Atlantic do .East North Central doWest North Central do_ _South Atlantic doEast South Centra] do _West South Central __.doMountain doPacific do
Institute of Life Insurance:*Payments to policyholders and beneficiaries,
total __thous. of dol__Death claim payments _ doMatured endowments doDisability payments doAnnuity payments ._do_ _Dividends doSurrender values, premium notes, etc ._ do
MONETARY STATISTICS
Foreign exchange rates:Argentina dol. per paper peso. _Belgium dol. per francBrazil, free rate§ __dol. per cruzeiro-.Canada, free rate§ dol. per Canadian dolColombia dol. per pesoFrance _ dol. per francIndia. dol. per rupeeMexico _ dol. per pesoNetherlands dol. per guilderSweden dol. per kronaUnited Kingdom, free rate dol. per £
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®___do
Africa do
United States® doSilver:
Exportsf thous. of doL.Imports^. _ doPrice at New York ... dol. per fine ozProduction:
Canada thous. of fine ozUnited States _ do_..«
1,25017797
144
186232413
39, 7765,750
6155,135
6141,477
30, 57919. 27417, 8884,7512,4914,063
568788
381, 21239, 25527, 16265, 497
249, 298
1,829227373
1,23084
302267120132489742
139
245, 999111, 67934, 5957,693
18, 31541, 26932, 448
.2977
.0228
.0544
.9195
.5698
.0084
.3016
.2058
.3776
.27824. 0274
20, 93313, 0573,028
132, 762' 63, 133' 39, 691
9,4127,220
1,3874,488.725
9293,896
1,27115940
144
203283441
40, 0575,837
6245,213
6221,481
30, 74019, 09317, 7044,9652,5224,160
588789
400, 69746, 30524, 30174, 416
255, 675
1,830291350
1,18979
285259119132479640
132
251, 165108, 44434, 2707,753
18, 86849, 23732, 593
.2977
.0228
.0544
.9159
.5698
.0084
.3016
.2058
.3775
.27834. 0272
21, 266118, 958
2,685202, 917r 60, 108' 38, 142
9,4186,117
1,6854,408.668
1,0852,746
1,15015740
144
207283318
40, 2875,953
6325,321
6311,485
30, 93618, 98617, 6035, 1112,5124, 327
525757
385, 07563, 02132, 10065, 185
224, 769
1,857328318
1,21178
29426712013246
10240
132
247, 203115, 95830, 9978,509
19, 09840, 11932, 522
.2977
.0228
.0544
.9165
. 5698
.0084
.3017
.2058
.3776
.27834. 02V1
21, 53726, 7453,639
222, 839' 64, 601r 39, 785
9,1497,319
1,6363,410.636
1,0291,924
1,15415340
143
214282320
40, 4466,041
6395,402
6391,490
30, 94018,86417, 4785,1692,5004,407
546790
354, 41041,31027, 14762, 122
223, 831
1,616186326
1,10473
257241110122459338
125
218, 389101,41528, 3676,358
17, 57435, 21829, 457
.2977
.0228
.0544
.9200
.5698
.0084
.3017
.2058
.3775
.27834. 0273
21, 76642, 3175, 118
116, 776' 62, 069' 39, 181
9,1317,033
6304,659.657
1,0622,594
1,15115240
142
218280318
40, 6936,131
6415,490
6411,494
30, 89318, 64017, 2555,3032, 5044,446
703831
390, 18347, 41027, 72075, 045
240, 008
1,583212324
1,04868
231231107124439336
114
236, 414108, 17930, 1677,269
17, 79542, 36430, 640
.2977
.0228
.0544
.9036
.5698
.0084
.3017
.2058
.3775
.27824. 0300
21, 955153, 112
2,085111, 685'61,286' 38, 833
8, 6686,979
3744,440.706
9242,180
1,15415140
142
226283312
40, 9036,242
6455,597
6581,498
31.09318, 62317, 2415,4462,4994.525
582830
374, 08448, 64030, 96164, 059
230, 424
1,857201366
1,29090
321290127140489542
138
247, 149112, 52336, 2617,609
18, 02438, 52734, 205
.2977
.0228
.0544
.8999
.5698
.0084
.3017
.2058
.3776
.27824. 0310
22, 294-3, 968
5,619456, 450* 61, 095r 37, 776
9,0578,185
2, 5096.087.716
1,0943,243
1,15214940
142
228280312
41, 0696,340
6495,691
6651,500
31, 20918, 45117, 0595,6092,4994,650
543812
360, 04645, 83822, 47863, 865
227, 865
1,797203336
1,25885
323284124134479339
129
219, 223101, 33429, 8386,924
17, 97535, 32327, 829
.2977
.0228
.0544
.8959
.5698
.0084
.3018
.2058
.3777
.27834. 0305
22, 614-82, 786
1,600267, 301r 60, 188•• 37, 396
8,8266,243
1,0426,917
.746
9543,589
1,16514742
142
246279309
41, 4006,483
6535,830
6761,504
31, 27218, Oil16, 6365,6802,4755,106
695770
550, 395109, 54535, 849
101, 348303, 653
2,201436287
1,47891
34631815316956
11557
173
283, 410122, 77731, 1688,118
16, 21669, 11436, 017
.2977
.0228
.0544
.8836
.5698
.0084
.3018
.2058
.3770
.27834. 0313
22, 754-44, 592
2,509180, 674' 60, 891r 38, 034
9,6147,281
3523,296.746
9213,724
41. 8926,584
6575,927
6951,508
31, 44717, 92516, 5395, 7532,4715,298
854804
402, 58662, 29633,01865, 235
242, 037
1,818178309
1,33190
34430412613851
10043
135
278, 138121, 00738, 9878,723
24, 27552, 45232, 694
.2977
.0228
.0544
.9046
.56991.0084.3017.2058.3765.2783
4. 0307
22, 935-14, 859
6,590241, 568r 39, 079
9,5686,042
1,6367,222.746
9583,938
42, 0706,694
6686,026
7001,513
31,61717,70916, 3385,8502,4795, 579
723823
411, 36651, 27536, 06668, 528
255, 497
1,648195338
1,11572
272252108121418838
124
250, 600113, 86035, 496
7, 11118, 01444. 69431,425
.2977
.0228
.0544
.8906
.57012 . 0047
.3017
. 2058
. 3771
.27834. 0311
23. 036-72, 165
2,250161, 948r 36, 561
9,1775, 489
2206,196.746
r 1, 0362,070
42, 3456,816
6786, 138
7121,523
31, 85117, 58616, 2085,9792, 4725,814
602841
487, 26887, 46834, 67480, 687
284, 439
1,850225383
1,24381
301272118141509941
140
307, 077142, 33940, 1578,356
19, 43855, 08341, 704
.2977
.0228
.0544
.8928
. 57012 . 0047
.3017
.2058
. 3775
.27834. 0313
23, 137-63, 376
27, 385127, 328
6,372
2295,331.746
1,0993,383
42, 5676,943
6926, 251
7491, 533
31, 96017, 36915, 9916,1012,5025,988
524858
1, 858201369
1,28785
326278120148519941
140
273, 084123, 59036, 7067,963
19, 88144, 44640, 498
.2977
.0228
.0544
.9063
.57012. 0047
3 . 3017.2058.3776. 2783
4.0315
23, 169-111,546
28, 178262, 334
5,650
5,7635.560
^746
1,0903.216
42, 7597, 058
7066, 352
7521, 542
32, 00817, 21515, 8376, 2032, 5026,088
533866
1, 74f>157393
1, 19681
289255112140489840
134
244, 544109, 45532,986
7, 47218,16440, 37736, 090
.2977
.0228
. 0544
.9227
.57012.00473.3017.2057.3775.2783
4. 0312
r 23, 304-2, 84161, 887
213,214
2, 5649,146.746
3,253
r Revised. * Preliminary. 1 Based on quotations through January 23 when franc was devaluated.2 Official rate. The February figure is based on quotations beginning February 10; the free rate for this period and succeeding months is $0.0033. 3 Excludes Pakiston.{See note on item in September 1947 Survey for coverage of data and information on a substitution for one company in the assets series in 1944. Beginning January 1948, the data include
total assets of one company that formerly reported assets of the life department only; assets of the accident and health department of this company represent about one-half of 1 percent of totalassets for the 36 companies.
§See note on item in September 1947 Survey regarding official rate.
<8>See notes in the April 1946 and August 1946 issues regarding revisions in the data for 1941-44 and January-May 1945 and note in the January 1948 Survey regarding revisions in the 1946figures for the United States and corresponding revisions in the total. Beginning in this issue figures for Africa and the total include production in Belgian Congo and the total includes alsoproduction in Mexico and revised figures for Australia. Heretofore data for Belgian Congo and Mexico have not been available currently since May 1940 and March 1942, respectively, andfigures reported through May 1940 for Belgian Congo represented only about 50 percent of production while those formerly included for Australia after December 1943 covered WesternAustralia only Revised annual figures for 1938-46 and monthly figures for January 1946-April 1947 for the total and Africa are available upon request.
^Publication of data was suspended during the war period; data for November 1941-February 1945 will be published later.tRevised series. All series for insurance written are estimated industry totals and for group and industrial insurance are not comparable with data published prior to tne March I94b burvey
(see note in that issue); data for 1940-44 for these series will be shown later; data for ordinary insurance continue the data from the Life Insurance Sales Research Bureau published in the 1942.Supplement and subsequent monthly issues. See note in November 1943 Survey for explanation of revision in classifications for the Reconstruction Finance Corporation.
*New series. See November 1942 Survey, p. S-16, for a brief description of the series on payments to policy holders and beneficiaries and data for September-December 1941 and early 1942.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-18 SUBVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
FINANCE—Continued
MONETARY STATISTICS— Continued
Money supply:Currency in circulation mil. of dol_Deposits adjusted, all banks, and currency oufr-
side banks, total* mil. of dol_-Deposits, adjusted, total, including U. S. de-
posits* mil. of dol.Demand deposits, adjusted, excl. IT. S.*_doTime deposits, incl. postal savings* do
Turnover 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)
Industrial corporations (Federal Reserve):Net profits, total (629 cos.)cf -mil. of dol._
Other transportation equip (68 cos ) doNonferrou5! metals and prod (77 cos ) doOther durable goods (75 cos ) doFoods, beverages and tobacco (49 cos.) ---do
Industrial chemicals (30 cos.) doOther nondurable goods (80 cos ) do
Profits and dividends (152 cos.):*Net profits doDividends:
Railways and Telephone cos. (see pp. S-22 andS-23).
SECURITIES ISSUED
Commercial and Financial Chronicle:Securities issued, by type of security, total (new
capital and refunding)! mil. of dol.__New capital total J do
Domestic totalj doCorporate J doFederal agencies doMunicipal, State, etc do
Foreign doRefunding total J do
Domestic, totalj _ _ doC orp orate t doFederal agencies _ do_ _Municipal, State, etc do
Foreign _ _ doSecurities and Exchange Commission^
Estimated gross proceeds, total doBy types of security:
Bonds notes and debentures, total _ doCorporate _ _ _ _ do
Preferred stock _ _ _ _ _ d oCommon stock do
By types of issuers:Corporate total _ . _ _ do_
Industrial - _ - doPublic utility - - doRail -••. doOther (real estate and financial)__.'_.-do
Non-corporate, total® _ do_TJ S Government doFederal agency not guaranteed do_ _ _State and municipal _ _ do__Foreign do
New corporate security issues:Estimated net proceeds, total _._do
Proposed uses of proceeds:New monev total do
Plant and'equipment __ .doWorking capital _ _ do
Retirement of debt and stock doFunded debt _ do _Other debt doPreferred stock do _
Other purposes . _ doProposed uses by major groups:
Industrial total net proceeds - - doNew money - - doRetirement of debt and stock do_ »
Public utility, total net proceeds doNew money do_ _Retirement of debt and stock _ _ _ d o
Railroad total net proceeds doNew money _ _ _ doRetirement of debt and stock do _
Real estate and financial, total net proceedsmil. of dol..
New money do__..
28, 261
165,000
138, 90081, 50055, 200
22.717.3
70935533321215
10622
3543543193310
1,225
1,08830911226
4461702293710
779653
010620
437
18010971
25119819347
16612931
22531
192371622
106
28,297
165, 455
139, 15682, 13455, 655
25.617.9
86710083
105153
465864
110879271
432
23192166
1,03874574551915
2120
293255214382
38
2,041
1,90059611230
7381455422922
1,3041,051
021437
727
498426
7222216415436
1419641
53635318128280
212
28, 149r 166, 200r 140, 200
r 83, 00055,800
22.917.2
2 1, 0442870
619483
12124
117517011840115
1,777
1,58941211079
6012463112814
21,177790
0136
0
588
43537064
129103179
24
23917556
3072347228220
143
28, 434r 166, 900
' 140, 800r 83, 300
55,800
20.616.6
542351326132
818525
1911911474030
1,050
1,0262231510
24881
141233
802614
0188
0
245
1189919
1211021636
796513
14028
10723230
22
28, 567r 168, 400r 142, 100
r 84, 10056, 100
23.118.0
900100
77103157
455985
121819380
432
22190135
78562162125885
2770
16516512242
W o1,357
1,2613466729
44173
3105
53915637
0278
0
434
24417965
163154
91
26
714521
306157136
542
6138
28, 552
169, 700r 143, 500
85, 400r 56, 300
23.918.2
813713713599
0114
0101101762050
2,414
2,207414
57150
6222623083517
1,7921,673
0118
0
612
5103881227815451824
25919365
303280
83531
4
167
28, 766r 170, 200
143, 80085, 90056, 000
26.619.8
74160860847037
1010
134134844820
1,253
1,10441231
118
5612182843722
692589
0103
0
547
42535471
10374227
18
21312971
2772453137370
2115
28, 868
* 171, 346r 144, 970
T 87, 123r 56, 395
29.920.0
1 033112105115146
5971
108160889080
501
23278160
1,1601,0291,026
9260
994
130130834520
2,038
1,859899
70108
1,078504498
2056
960854
0105
0
1,063
93280013210591122
26
49642267
4934801220200
549
28, 111
v 170, 100
9 144, 4009 86, 6009 56, 500
26.218.7
54149549536516
1140
46463
4220
1,376
1,3242942428
34698
1672457
1,030913
0116
0
340
294193101326
260
14
957024
164149
623230
5752
28,019
9 168, 800
p 143, 2009 84, 600v 56, 800
25.618.6
85780280154639
2171
5656143930
1,552
1,332393
49170
6134411213516
939718
0220
0
594
546309237471422121
42539035
1191061234340
1615
27, 781
9 166,400
9 140, 9009 81, 6009 56, 900
26.419.1
9\ 030
9 87P130pi 61
P49P62P83
»196p90
P57
P527
P22P207P186
1,4091,2571,221
56031
63037
15215297£4
0
2,029
1,9836422521
68812632581
1571,341
7080
6330
679
560343217114833016
1238340
32028136804237
157153
27, 716
»167, 700
P142, 400*>83, 000P56, 900
26.518.6
95178478356250
1712
16616650
114
1,407
1,2975265158
6362732695242
771597
0174
0
626
43433410016662
1040
25
26915411026523331513219
4115
Retirement of debt and stock do 5 (°) 1 1 4 (°) 1 26 2 1 («) 7r Revised. f> Preliminary. 1 Partly estimated. 2 Includes $250,000,000 bonds of International Bank. (°) Less than $500, 000.cTSee p. 31 of the October 1946 Survey for revised 1941-44 data for 629 companies and the industrial groups. JSee note in the April 1946 Survey for revisions in the data for 1944® Includes data for nonprofit agencies not shown separately. The July figure includes also $250,000,000 bonds of International Bank.*New series. For data for 1929-40 for profits and dividends of 152 companies, see p. 21 of the April 1942 Survey; 1941-44 revisions are available upon request. See note on p. S
tember 1944 Survey for description of series on net income of electric utilities and data beginning third quarter of 1943. For a brief description of the series on bank deposits and curside banks and data beginning June 1943, see p. S-16 of the August 1944 Survey; beginning January 1947 data are for the last Wednesday of the month instead of the end of the monbeginning 1939 for turn-over rate of bank deposits and a description of the data will be published later.
fRevised series. There have been unpublished revisions in the 1941-44 data for security issues compiled by the Securities and Exchange Commission, as indicated from time tnotes in the Survey, revisions in the 1945 data as shown in the September 1946 and earlier issues, and in the 1946 data shown in the November 1947 and earlier issues; all revisions will belater.
^27, 807
P167, 800
P142, 440*>83, 160*>56, 930
27.918.7
65259159137435
1820
61614
4980
1,158
1,0632986926
394146219
244
764574
0190
0
384
34529748211
200
18
14110919
216209
224240
63
(«)
-17ofSep-rency out-th. Data
o time inpublished
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CURRENT BUSINESS S-19
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
FINANCE—ContinuedSECURITIES ISSUED— Continued
State and municipal issues (Bond Buyer):Permanent (lone; term) thous of dolTemporarv (short term) do
COMMODITY MARKETS
Volume of trading in grain futures::}:Wheat mil. of buCorn do _ _
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. MembersCarrying Margin Accounts)^
Customers' debit balances (net) mil of dolCash on hand and in banks doMoney borrowed __do _Customers' free credit balances do
BondsPrices:
Average price of all listed bonds (N. Y. S. E.)dollars..
Domestic doForeign ~ do
Standard and Poor's Corporation:Industrials, utilities, and railroads:
High grade (15 bonds) dol. per $100 bond__Medium and lower grade:
Composite (50 bonds) _ _ _ d oIndustrials (10 bonds) doPublic utilities (20 bonds) doRailroads (20 bonds) do
Defaulted (IE bonds) _ _ do_ _Domestic municipals (15 bonds)f do
U. S. Treasury bonds (taxable)t __ _ . .do__Sales (Securities and Exchange Commission):
Total on all registered exchanges:Market value § thous. of dol. _Face value § _- do
On New York Stock Exchange:Market' value § doFace value § do
Exclusive of stopped sales (N. Y. S. E.), facevalue, total thous. of dol__
U S Government doOther than U.S. Government, total ._ do
Domestic doForeign _ _ do
Value, issues listed on N. Y. S. E.:Face value all issues mil. of dol
Domestic doForeign do
Market value all issues doDomestic - do__Foreign do
Yields:Domestic corporate (Moody 's) percent. .
By ratings:Aaa doAa __ _ doA doBaa _ _ do__
By groups:Industrials doPublic utilities doRailroads do
Domestic municipals:Bond Buyer (20 cities) . doStandard and Poor's Corp. (15 bonds) — do
U. S Treasury bonds, taxablef do
StocksDividends:
Cash dividend payments and rates, 600 cos.,Moody's:
Total annual payments at current ratesmil. of dol. _
Number of shares, adjusted millionsDividend rate per share (weighted average)
dollars _ _Banks (21 cos.) doIndustrials (492 cos.) doInsurance (21 cos.) doPublic utilities (30 cos.) doRailroads (36 cos.) do
Cash dividend payments publicly reported:*Total dividend payments mil, of dnl
Manufacturing _ do __Mining doTrade _ d o _ _ _Finance doRailroads do _Heat, light, and power doCommunications doMiscellaneous do. _
108, 50229, 927
328369
530
201652
102. 491C2. 9275.32
122.9
115.0123.2112.5109.261.9
133.9104.5
71,02498, 349
63,88090,458
82, 526140
82, 38675, 8636,523
137, 019134, 856
2,163140, 426138, 797
1,629
2.79
2.532.632.823.17
2.602.713.05
1.831.952.19
2,310954. 65
2.423.212.502.591.962.66
173.593.51.49.6
22.45.7
37.2.3
3.4
214, 74949,717
358531
552395222650
102. 25102. 7074.02
122.8
114.3122.6113.0107.363.4
134.4104.1
67, 49088, 531
58, 24878, 115
70, 077386
69, 69163, 5906,101
137, 058134, 932
2,126140, 148138, 574
1,574
2.81
2.552.642.833.21
2.602.723.10
1.811.922.22
2,310954. 65
2.423.212.512.591.982.66
662.2389.565.839.454.334.250.010.518.5
144, 801136, 364
601509
564
251677
102. 33102. 7774.16
122.5
115.7122.8113.8110.569.6
134.7103.8
85, 253109, 385
76, 97299, 723
96, 6611,152
2 95, 50976, 9375,101
3 137, 563135, 175
2,1383 140, 763
138, 9231,585
2.80
2.552.642.823.18
2.622.723.06
1.811.912.25
2,329954. 65
2.443.212.522.591.992.67
451.4197.911.929.692.811.143.751.512.9
194, 22030, 715
503482
550
241656
102. 62103. 0973.28
122.3
116. 1123.9113.9110.469.6
134.3103.9
64, 88681, 063
56, 61870, 705
60, 49014
2 60, 47652, 5885,216
3 137, 628135, 210
2,1683141,236
139, 3941, 589
2.80
2.562.642.813.17
2.632.723.03
1.831.932.24
2,348954. 65
2.463.212.552.591.992.68
192.6100.2
1.99.3
36.76.1
32.9.3
5.2
275, 00677, 113
847393
570
280630
1 102. 06102. 5473.28
121.5
115.1121.9114.1109.368.6
134.4104.0
60, 32680, 312
51, 28469, 316
73, 44073
2 73, 36763, 9497,344
s 137, 666135, 281
2,1353 140, 499
138, 7151,533
2.85
2.612.692.863.23
2.672.783.09
1.841.922.24
2,358954. 65
2.473.212.562.591.992.68
573.2362.455.740.631.717.035.510.919.4
121, 03485, 242
651241
606
257616
* 101. 19101. 6571.90
120.0
114.0120.8114.3106.969.4
132.5103.4
85, 862121, 655
78, 192112, 210
105, 990219
2 105, 77195, 2469,265
3 136, 711134, 346
2,1153 138, 336
136, 5681,521
2.95
2.702.792.953.35
2.762.873.22
1.972.022.27
2,387954. 65
2.503.212.622.591.992.63
427.4199.6
6.936 760.613.247.750.712.0
105, 87523, 010
373227
593
247617
i 100. 46100. 9370.51
118.8
113.3120.0114.7105.168.1
129.4102.1
63, 94987, 497
59, 51181, 663
81, 82339
2 81, 78473, 8306,431
3 136, 879134, 556
2,0733 137, 509
135, 8041,462
3.02
2.772.853.013.44
2.842.933.30
2.092.182.36
2,463954. 65
2.583.212.722.591.992.57
176.9101.2
1.38.5
23.24.0
35.9.3
2.5
101, 195148, 464
424282
578393240612
i 99. 62100. 1168.96
117.0
112.5119.1113.9104.6(a)
126.2101.6
145, 181186, 213
137, 971178, 255
141, 873125
2 141, 748131, 041
8,5813 136, 727
134, 3472,130
2 136, 207134, 500
1,469
3.12
2.862.943.163.52
2.923.023.42
2.352.352.39
2,473954. 65
2.593.212.752.591.992.56
1,139.6726.999.967.398.751.346.013.136.4
125, 76377,416
488272
568
217622
i 99. 77100. 2768.77
117.4
112.4118.9113.7104.6(a)
124.5100.7
98, 892134, 381
93, 971128, 055
111,380185
2 111, 195102, 419
7,013
3 136, 543134, 173
2,1203 136, 232
134, 5371,458
3.12
2.862.943.173.52
2.913.033.44
2.402.452.45
2,482954. 65
2.603.212.762.592.002.56
527.8224.9
6.655.9
100.523.750.553.712.0
227, 40879, 895
483291
537
208596
i 99. 84100. 3567.61
117.5
112.4119.3114.1103.8(°)122.6100.7
60, 12684, 508
56, 16179, 154
69, 74516
2 69, 72963, 5115,846
3 136, 531134, 170
2,1113 136, 313
134,6451,427
3.12
2.852.933.173.53
2.903.033.43
2.482.552.45
2,482954. 65
2.603.212.772.592.002.56
199.499.31.4
17.133.78.2
37.2.3
2.2
639, 938103, 453
454280
550
229592
1 99. 97100. 5465.20
118.0
112.1119.1113.5103.7(a)
123.1100.8
67, 05595, 180
62, 79989, 511
85,36779
2 85, 28874, 32610, 721
3 134, 201131, 835
2,1163 134, 167
132, 5441,379
3.10
2.832.903.133.53
2.893.013.40
2.422.522.45
2,511954. 65
2.633.212.792.592.002.68
595.5370.040.443.534.022.456.010.618.6
' 182, 626r 94, 387
390278
572
241614
i 100. 19100. 7465.99
118.6
114.1119.6116.4106.4.(")125.7100.8
87, 151r 132, 534
«• 81, 942125, 834
114, 47951
2 114, 428106, 223
7,931
3 134, 297131, 931
2,1163 134, 546
132, 9031,396
3.05
2.782.873.083.47
2.852.973.34
2.342.382.44
2,539954. 65
2.663.212.832.592.002.68
456.0196.1
6.842.162.930.152.554.311.2
188, 30524, 727
276260
615
258619
100. 80101. 3566.45
118.7
115.6120.4118.9107.4(a)
127.0101.2
87, 363119, 745
83, 047113, 325
108, 95452
2 108, 90299, 5808,975
3 134, 300131, 931
2,1193 135, 370
133, 7141,408
3.02
2.762.863.063.38
2.822.953.27
2.232.312.42
(0)
(a)
(a)(a)
(«)
168.993.82.47.6
23.63.0
35.3.3
2.9r Revised. JData continue series in the 1942 Supplement. ° Discontinued. * Prices of bonds of the International Bank are included in computing the averages.2 Includes sales of bonds of International Banks as follows: 1947— July, $13,471,000; August, $2,672,000; September, $2,074,000; October, $1.260,000; November, $1,523,000; December, $2,126,000;
1948— January, $1,763,000; February, $372,000; March, $241,000; April, $274,000; May, 347,000.3 Includes bonds of International Bank as follows:— Face value— July 1947 to May 1948, $250,000,000; market value— 1947; July, $255,000,000; August, $253,000,000; September, $251,000,000;
October, $248,000,000; November, $244,000,000; December, $238,000,000; 1948; January, $237,000,000; February, $241,000,000; March, $244,000,000; April, $247,000,000; May, 248,000.§Since March 18, 1944, United States Government bonds have not been included. ISee note in September 1947 Survey for source of data.*New series. Data for dividend payments for 1941-44 are available on p. 20 of the February 1944 Survey and p. 31 of the February 1947 issue. Revised data for January 1947 will be shown
in a later issue.fRevised series. For explanation of revision in the series for municipal bonds and data beginning February 1942, see p. S-19 of the April 1943 Survey; earlier data will be published later.
Revised figures through 1943 for prices and yields of U. S. Treasury bonds and a description of the data are on p. 20 of the September 1944 Survey.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-20 SUEVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
FINANCE—Continued
SECURITY MARKETS— Continued
Stocks— Continued
Dividends— ContinuedDividend yields:f
Common stocks (200), Moody's percent..Banks (15 stocks) . . . . d oIndustrials (125 stocks). doInsurance (10 stocks) doPublic utilities (25 stocks) doRailroads (25 stocks) _ do
Preferred stocks, high-grade (15 stocks), Stand-ard and Poor's Corporation percent..
Prices:Average price of all listed shares (N. Y. S. E.)
Dec. 31, 1924=100__Dow-Jones & Co. (65 stocks) dol. per share..
Industrials (30 stocks) _ _ . doPublic utilities (15 stocks) doRailroads ( 2 0 stocks) _ _ _ _ _ _. d o . .
Standard and Poor's Corporation:Industrials, utilities, and railroads:
Combined index (402 stocks) ___1935-39= 100. _Industrials (354 stocks) do
Capital goods (116 stocks) . _ _ _ doConsumer's goods (191 stocks) do
Public utilities (28 stocks) _ . _ doRailroads (20 stocks) do
Banks, N. Y. C. (19 stocks) _ . _ doFire 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 dol.Shares sold thousands
Exclusive of odd lot and stopped sales (N. Y.Times) thousands. .
Shares listed, N. Y. S. E.:Market value, all listed shares mil. of dol__Number of shares listed millions
'5.444.6'5.4'3.8'5.4'6.6
3.76
74.459.49
168. 6733.3943.60
115. 2119.0108.0121. 4102.095.195.0
114.0
88940, 362
74528, 021
20, 616
63, 6461,814
'5.24.6
'5.13.5
'5.5'6.4
3.76
77.361. 26
173. 7633.9844.86
119.1124.1111.9126.4100.897.694.7
117.0
81335, 588
67723, 882
17, 483
66, 5481,829
'5.04.4
'4.9'3.6'5.5'5.9
3.72
80.365.32
183. 5135.6149.39
126.0131.7118.9134.6102.2108.297.3
120.5
1,06245, 845
90033, 259
25, 473
69, 3651,847
'5.24.4
'5.1'3.7'5.5'6.1
3.71
78.364.36
180.0835.5848.73
124.5130.2117.0132.4101.4105.298.0
116.1
72829, 662
62421, 600
14, 153*
68, 1841,862
'5.34.5
'5.2'3.7'5.6'6.2
3.72
77.563.39
176. 8235.2548.10
123.1128.4115.7130.5102.0103.697.5
114.0
72231,649
61121, 556
16, 017
67, 5221,870
'5.24.5
'5.2'3.6'5.6'6.2
3.86
78.763.93
181. 9235.4849.44
125.1131.1119.1132.8101.0104.296. 7
116.4
1,23055, 736
1,04340, 620
28, 635
68, 8841,879
'5.54.7
'5.5'3.6'6.0'6.3
4.01
75.863.98
181. 4234.1047.79
123.6130.3118.9131.197.2
100.194.8
117.3
81237, 277
68126, 326
16, 371
67, 0261,896
5.44.7
'5.43.5
'6.0'5.8
4.07
76.863.66
179. 1833.0449.46
122.4129.2117.5128.494.0
103.991.0
116.9
1, 17853, 160
1,003' 38, 688
27, 605
68, 3131,907
'5.64.6
'5.7'3.5'5.9'5.8
4.13
73.963. 78
176. 2633.0651.44
120.1126.0115.0125.195.1
106. 593.9
119.6
92440, 123
78528, 696
20, 218
66, 0901,923
'5.94.8
'6.0'3.6'6.0'6.1
4.18
70.560.91
168. 4731.9549.19
114.2119.2108. 9117.892.6
101.991.2
117.7
77734, 336
65924, 704
16, 801
83, 1581,928
'5.64.6
'5.6'3.4'6.0'5.9
4.12
75.561.75
169. 9432.2450.64
116.4121.8111.3118.993.0
105.292.5
119.5
89741, 447
75929, 774
22, 993
67, 7571,933
5.54.55.5
'3.3'5.9'5.6
4.12
78.066.03
180. 0533.7556.03
124.6130.8120.0125.696.2
115.294.2
125.4
1,43363,059
1,21945,304
34, 613
70, 2621,938
5.34.45.33.15.85.2
4.09
82.869.11
186. 3835. 1660.32
130.2137. 0125.1131.199.2
122.697.5
131.1
1,71777, 141
1,46857, 304
42, 769
74, 7041,962
FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:Quantity}: 1923-25=100Value}: ___ _. _ _ doUnit value _ _ _ _ do
Imports for consumption:Quantity _ . _ _ doValue doUnit value do. __
Agricultural products, quantity:!Exports, domestic, total:
Unadjusted}: 1924-29—100Ad justed | do
Total, excluding cotton:Unadjusted}: _ _ _ _ doAdjusted}: do
Imports for consumption:Unadjusted . _ _ _ d oAdjusted do
SHIPPING WEIGHT*Exports, including reexports . _ mil. oflbGeneral imports . _ .do
VALUE.Exports, total, including reexports}: mil. of dol_.
Commercial* doForeign aid and relief* do. .
By geographic regions:Africa _ thous. of dolAsia and Oceania J doEurope J - d oNorthern North America doSouthern North America do...South America _ _ _ do
Total exports by leading countries:Europe:
France . _ _ . . . . _ d oGermany}: do_Italyt . doUnion of Soviet Socialist Republics (Russia)
thous. of dol. .United Kingdom ..do
312400128
122143118
115139
288212
102105
26,50910, 317
1,5031, 354
146
' 86, 780256, 074565, 180
' 210,091'148,697' 238, 804
' 88, 11657, 29148, 146
27, 11694, 497
274351128
124147119
111145
173205
93100
24, 93810, 103
1,3201,195
125
74, 829253, 317481, 143191,551126, 988193, 251
75, 10252, 17751, 758
7,14099, 804
262337129
118139118
98127
178220
8493
22, 74511, 264
1,2651,121
143
65, 751240, 882470, 952170, 456130, 155187, 557
65, 09671, 84127, 203
15,74295, 232
255337132
108127118
9894
184170
7480
27, 41810, 530
1,2651,111
153
70, 434227, 822470, 735174, 909126,057197, 148
56, 84158, 35931 457
4,05195, 705
242315130
126148118
9882
172143
9398
23, 6929,799
1,1851.068
117
65, 763191, 747448, 436176, 795
' 124, 762176, 736
64 54544, 98538 445
3,03289, 789
263346131
136158117
10580
183144
101102
23, 4329,978
1,3031,198
105
76 702217, 647446 833202, 776164, 096195, 824
58 24844 85836 812
9,15894, 513
237315133
118141120
9781
163143
8996
20,5649,258
1,1851,095
90
72 184209, 155404 312180 983149,793179 001
57 78034 33740 774
10, 38462, 704
229312136
143176124
9984
159140
114118
14, 72810, 101
1,1721,046
126
57 831225 646403 345151 105161, 485
' 197 889
59 55643 96333 199
15, 42358, 373
' 212290
'136
140175
'124
8687
134142
123115
12, 9848,868
1,091925165
68 967187, 734400, 861138, 356118, 606176, 156
70 85962 01535 711
7,47972, 397
'208289
'139
141180128
85104
139175
111107
' 11, 900' 9, 348
1,086920166
62 374195, 429398 660141, 514113,418174, 884
57 19561 20940 165
5,17560, 127
'223304
'136
154200
'130
91'103
143'162
124109
11, 47711, 281
1,141943197
66, 150190, 621409 202151, 286126, 105197, 977
64,46791 53741 212
8,16151. 704
219298136
126164130
80101
133163
8680
' 1, 123'936'187
78 633201 102374 356150 817127 878188 945
59 38788 64145 730
3,98143. 604
293
170
1, 103921182
r Revised, f Revisions prior to Ma> 1947 for public utilities and railroads and minor revisions for other series will be published later.tThe indexes for exports of agricultural products and the other indicated export series were revised in the May 1948 and the April 1948 issue, respectively, to include civilian supply ship-
ments (see explanation in note marked "§"); revised figures for January or January and February 1947 are given in notes in the indicated issues.§The publication of practically all series on foreign trade included in the 1942 Supplement but suspended during the war was resumed in May 1946 Survey. Revised 1941 figures for total
exports of U. S. merchandise and total imports are shown on p. 22 of the June 1944 Survey; revised figures for 1942-43 for the totals and revised figures for 1941 and later data through February1945 for other series will be shown later. Export statistics cover all merchandise shipped from the U. S. customs area, with the exception of shipments to the Armed Forces for their own use,including commercial trade, lend-lease exports, shipments to U. S. agencies abroad (since June 1945), and relief shipments. Figures published in the March 1948 Survey and earlier issues ex-clude all shipments to the U. S. Armed Forces and therefore exclude goods that reached foreign civilians through them; data for such shipments of civilian goods, with the exception of ship-ments of petroleum and petroleum products other than asphalt for road building, are now available beginning January 1947 and are included in figures shown in this issue.
*New series. See note in March 1948 Survey for explanation of series on shipping weight. Commercial exports represent total exports less lend-lease exports and shipments designatedforeign aid and relief"; the latter includes shipments under the U. S. Foreign Aid, Interim Aid, Greek-Turkish Aid, Economic Cooperation Administration, and UNRRA programs and
Army civilian supply shipments (see note marked "§"). Commercial exports therefore include private relief shipments as well as commercial trade and shipments to U. S. Government agen-cies abroad. Small amounts under the lend lease program, which was practically completed in 1947. are included in total exports but not shown separatelv; separate figures are available,however, in the March 1948 and earlier issues.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SUEVEY OF CURRENT BUSINESS S-21
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
FOREIGN TRADE—Continued
VALXJE§— Continued
Total exports by leading countries — ContinuedNorth and South America:
Canada thous. of dolLatin American Republics, total . _ _ do
Argentina doBrazil ._ _ . do...Chile doColombia* _ _ _ _ _ _ _ d oCuba doMexico _ _ _ doVenezuela* do _
Other regions:Australia (incl. New Guinea)-. doBritish Malaya doChina _ _ do_ _Egypt doIndia and Pakistan _ _ _ _ do__Japant _ _ doNetherlands Indies doRepublic of the Philippines doUnion of South Africa _ _ do_
Exports of IT. S. merchandise, totalt___inil . of dol__By economic classes:
Crude materials:]: _ _ thons. of dolCrude foodstuffs^ doManufactured foodstuffs and beveragest__do_Semimanufactures^ doFinished manufactures:!:. ,. . do
By principal commodities:Agricultural products, total $.. do
Cotton unmanufactured t _ _ _ _ doFruits, vegetables and preparations? doGrains and preparations J _ _ do_Packing house products! do
Nonagricultural products, total} - _ _ _ do_Automobiles, parts and accessories doChemicals and related products^ _ _ _.do_Copper and manufactures doIron and steel and their products ._ _ doMachinervJ do
Agricultural doElectricalt- _ do.Metal working doOther industrial . _ _ do_ _
Petroleum and products} doGeneral imports, total mil. of dol. _
By geographic regions:Africa thous. of dolAsia and Oceania doEurope doNorthern North America. __doSouthern North America _ _ _ _ _ do__South America do
By leading countries:Europe:
France _. _ _ _ doGermany do__Italy. _ _ _ doUnion of Soviet Socialist Eepublics. . do.United Kingdom do
North and South America:Canada doLatin American Republics, total _ _ _ do_
Argentina doBrazil doChile doColombia* doCuba . doMexico _ _ _ do.Venezuela* do
Other regions:Australia (incl. New Guinea) doBritish Malaya doChina do.Egypt__ doIndia and Pakistan doJapan doNetherlands Indies _.. _ doRepublic of the Philippines doUnion of South Africa do_.
Imports for consumption, total _ _ _ mil. of dolBy economic classes:
Crude materials ._ _ _ thous. of dolCrude foodstuffs _ do.Manufactured foodstuffs and beverages. _do_.Semimanufactures _ doFinished manufactures. __ do.
By principal commodities:Agricultural, total _ do
Coffee—. do.Hides and skins doRubber, crude, including guayule doSilk, unmanufactured do__Sugar doWool and mohair, unmanufactured do
r 203, 440r 369, 453
r 71, 422r 68, 532
12, 38723, 46742, 725' 56, 919
39, 095
24, 4587,145
r 41, 3596,765
41, 16036, 89416, 81433, 06641, 763'1,489
145,423121,746
r 174, 693174,064
r 873, 350
r 361, 37141, 13426,401
r 189, 83334, 805
1,127,846r 114,909
84, 1917,111
r 79, 158r 246, 220
31,00855, 726' 20, 903
r 124, 44259, 863
474
19, 795120, 830r 58, 436' 88, 086
86, 026100, 701
3, 856766
2,6734,466
16, 824
r 85, 341r 176, 361
18, 83926, 76314, 12014, 47744, 58617, 46613, 134
15, 20643, 21211,917
95413, 234
8042,584
17,8968, 207M56
160, 06661, 18553, 962
103, 49476, 740
r 233, 13132, 020r 7, 27147, 837
5734,31120, 893
187, 004305, 552
57, 77850, 05011, 32217, 13341,56046, 88135, 430
20, 6685,205
55, 5386,473
55, 81528, 1629,302
29, 31036, 4381,307
154,06793, 585
169,150162,282727, 752
342, 42750, 06019,018
164, 29124, 285
864, 40990, 13273, 1048,673
70, 680194, 46527,61548, 18415, 36594, 11559, 234
463
24, 219100, 69669, 34196, 63893, 83678, 236
3,287196
2,95310, 47519, 044
92, 644164, 89315, 31316,95211,16012, 78550, 84821, 58212, 764
12,05823, 66213, 7273,961
22, 9591,1191,100
14, 1785,145
470
159, 57755, 60360, 257
112, 06381, 839
222, 63525, 0646,934
30, 2816
42, 59517,762
166, 048302, 96153, 68750,12710, 48717, 37432, 74051, 39934, 947
26, 3647,790
39, 3495,284
28,16645, 0808,103
30, 09434, 6981,253
102, 604103,935178,408156,973710,034
320, 38113,16525, 849
174,26418, 801
932, 57389, 48576, 9157, 453
66, 906201,33126,16349, 48917,90998, 05563, 976
450
14, 79995, 75171, 73090, 54791,85384, 927
3,411365
2,0749,956
18, 624
86, 762168, 32110,69131,15410, 8889, 917
53, 70618, 30913, 289
7,07923, 9517,5561,032
29, 1574,739
7398,5035,603
445
133, 40255, 12962, 883
103, 53389, 899
192, 01331, 7278,993
23, 2633,267
42, 81115,529
170, 520309, 065
74, 42845, 29410, 58414, 19033, 24944,71331, 364
23, 8225,619
19, 6785,383
24, 53656, 2246,236
32, 68936, 789
1,254
120,736138,039139, 553170,139685, 806
308, 5965,714
22,006178,62820, 754
945,677101, 078
76, 60411,21067.311
182, 82028, 47443, 50013, 76986, 32657, 284
400
24, 40256, 79864, 12688, 61678, 83987, 538
2,807688
2,1882,508
17, 128
84, 866158,670
5, 81728, 22911, 60213, 75945, 13316, 74914,016
5,34114,2123,0332, 637
13,7592,4793,1069, 0557,114
405
112, 94660, 58655, 678
102, 69272, 829
168, 43934, 8564,428
17,113701
37, 38612, 317
172, 644288, 10064, 99040, 2588,519
12,27535, 07342, 70233, 872
19, 7525, 733
12, 0856,397
29, 10033, 7634,831
35, 90529, 91 11,175
128,471105,188138,100150,667652, 283
r 290, 20818, 22725, 975
146,10825,459
884, 49290, 85967, 28610,07966. 851
175, 76826, 23442, 78413,33382, 37853, 232
473
43, 85077, 87976, 796
101, 12177, 409
103, 370
3,408484
3,04013,99415,684
97,317174, 375
7,23946, 7059,076
14, 69432, 44929, 22615, 657
5,78116,4075,390
13, 39324, 8111,4441,365
10, 03815, 703
473
142, 93585, 48349, 863
103, 63491, 088
201, 07157, 1724 367
14, 924139
26, 63215, 024
198, 557342, 698
59, 45152, 82211, 60517, 93448, 45052, 89937, 055
21,3145,993
11,9473,935
31, 73232, 7555,478
41 , 53535, 828
1,286
140,387103,710148,997156,092736, 853
308, 869r 21, 924
29, 233144,43319,185
977, 07098, 42673, 92111,03675, 662
209, 64829, 35851,62415,760
100, 01455, 576
492
24, 24288, 41278, 847
108, 48571,482
120,051
3,493635
4,9587,835
18, 426
105,305183,44811,45346, 71811, 24323, 32037, 62619, 29214, 596
3,67415, 7896,6341 , 835
21, 5684,0493,474
12, 59312, 739
505
149, 33191,50158, 237
110,47695, 212
227 05759, 8186,152
16, 190555
29, 55916, 323
176, 158313, 490
58, 02645, 5256,818
18, 29751, 38350, 67234, 515
19, 8695, 742
15, 6944,718
26, 07638, 6608,728
40, 14234,2191,173
122,910102,186126, 382145,412676, 453
283,07524, 525?7, 074
135,43320, 588
888, 485r 83, 163
69, 48112, 58972, 224
204, 88227, 55649, 12315,67899, 53951,324
455
26, 17992, 76266, 97594, 31971,417
103, 247
4,515971
3,9975,101
15, 470
91, 802165, 65312, 72439, 55310, 48317 61536, 88715, 73212, 854
9,35715, 8048,434
10618, 7842, 5241,572
15, 13015, 003
449
134, 10283, 33751, 820
100, 50279, 271
r 204, 69149, 3498 696
18, 006276
28, 17815, 702
146 008345, 225
59, 43356, 2219,873
20, 57945, 93360, 26740, 233
21, 3736,925
18, 7613,514
32, 13346, 771
5 85640, 63032, 7541,164
125, 494118 375100,350135,802683, 446
290, 05837, 46722, 381
' 137, 566T 13, 703873, 489
T 86, 32170, 79911,48775, 473
215, 55329, 37347, 83416,615
109, 02852, 331
603
49, 734120,01778, 771
121, 30993, 376
137, 341
3,0531,0786,4035,027
18, 563
117 295220, 08517 21248 62814 08023 76142 70823, 83218 552
11,53324 81414, 166
19521 2704 4422,345
20, 64117, 680
562
156 474125, 74860, 865
131 57687, 735
271 89669 72912 39025, 7391,098
38 36811, 107
136 736280, 73451 06545 8368,028
19, 09933 78944, 01735 340
14, 2036 733
17, 9492 439
r29 35430, 2396 907
42 63238, 273
1,081
112 20999 125
118 126130 324620 724
281 75942 63320, 512
147 40019 383
798 78676 49763 02011 18467 058
201 53928 60642 82113 352
103 67347 277
546
96 523124 14979 149
105 83960 230
149 901
4 8631 2086 0365 547
21 863
101 467200 286
Ql 67442 90612 67K
07 79412 09819 57318 822
4 83532 5046 4781 797
r 22 9152 9582 717
21 8839 608
557
197 738108* 03234, 902
121 34794, 770
272 55368, 65620 79331, 827
1436,090
39, 259
139 200270,61548 24945, 684
5 90920, 43837 01736, 79338 397
9,7067 962
21,8913 058
r 18, 00637, 888
5 53643, 58436, 698
1,076
108, 631118, 742100, 983120, 843626, 489
281 , 19533, 62028,424
141, 75514,429
794, 48072, 15766, 27510, 38461,026
198, 45228, 56646,15914, 99096, 00644, 164
582
45, 513122, 00285,649
101, 55293, 771
133, 529
4,6422,7055,7211,953
20, 184
99, 895212, 73117, 65844, 16517, 14218 13534 68125, 32019, 986
11,13320, 30412, 2992,486
r 27, 3834 3853,255
18, 91211,836
574
177 453115, 91455, 917
133, 77290, 619
277 34862 32412 59222, 459
27630 79630, 597
148,768306, 28748, 87963, 144
5,66220, 69439, 32545, 65540, 807
9,2016,888
23,4862,862
' 18, 46324, 1086 265
41, 54036, 6261,131
108, 36996 744
132, 442129 986663, 026
295, 98045, 88635, 063
127, 64021, 925
834, 58783,81972, 4959,188
63, 708214, 17433, 00348, 98715, 980
104, 17349, 441
666
44, 454139, 02998, 967
128,911114, 962139, 898
6,4851,7348,4147,045
25, 578
126 734237, 254
19 72340 69217, 87417 44247 19527, 20426 880
24, 39323 00410, 5941 980
T 22 7154 6434 906
23^ 99012 983
639
195 293121 98370, 129
140 922110, 164
310 20863 43510 58729, 6391 863
39 81334! 803
148, 416298, 84845, 31246, 1547,028
21, 91340, 20747, 13246, 493
6,44611, 17731, 3643, 455
32, 76211, 7978,308
41, 85149, 593r 1, 113
86, 37189, 745
128, 697122, 428684, 134
274, 60131, 28227, 754
132, 8779,235
836, 77590, 01270, 93513, 98257, 821
216, 28637, 82450, 12814, 437
101, 77258, 845
527
29, 279111, 79580, 747
114,51188, 233
102, 617
4,8541,3589,1356,766
23, 873
112, 953176, 88812, 46430 85215, 6978 694
33 76324, 21623, 344
7,28116 6847,775
46435 5074 0193,511
16, 9429,440
525
153 03984, 75856, 028
121, 298109, 567
224 05439 5318 110
16, 405828
25 52524, 612
1,092
549
544
r Revised.§See note marked "§" on p. S-20.*New series. Data beginning March 1945 are in the May 1946 Surve{Revised in the April 1948 survey to include Army civilian supply s
7', earlier data will be published later,lipments (see note marked "§" on p. S-20).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-22 SURVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Septem-ber
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
FOREIGN TRADE—Continued
VALUE§— Continued
Imports for consumption— Continued.By principal commodities:
Nonagricultural, total _ thous. of dol__Furs and manufactures do_ „_Nonferrous ores and metals, total do
Copper, including ore and manufactures:thous. of dol._
Tin, including ore _ . _ _ _ do__.-Paper base stocks doNewsprint do „_Petroleum and products _ _ do
' 222, 7029,187
35, 789
16, 571853
•• 20, 85628, 66721, 879
246, 91714, 45044, 312
21, 8181,272
29,95830, 42318, 543
252, 50811,94740, 988
15, 6267,435
30, 77330, 98820, 475
236, 2325,576
45, 133
17, 3699,109
36, 55727, 74719, 284
272, 68018, 75645, 121
16,84713, 91325, 19132, 60119, 708
277, 73511,56642, 116
18, 2297,550
27, 05531,93320, 191
243, 8819,408
35, 753
15, 1105,224
25, 39628, 2672], 899
290, 46912, 00151, 618
21, 0919,927
27, 35434, 72128, 743
284, 20116, 79138, 444
12, 4259,335
25, 30529, 37529, 398
296, 32618 35547, 138
19, 1295 692
30, 97827, 48330, 371
328, 28311, 99649, 646
19, 0277,613
28, 87337, 36737, 277
300, 6369,600
44, 653
15, 3768,452
22, 34732, 80132, 341
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Airlines
Operations on scheduled air lines:!Miles flown revenue thous. of milesExpress and freight carried thous of IbExpress and freight ton-miles flown__ thousands. _Passengers carried (revenue) _ doPassenger -miles flown (revenue) do
Express Operations
Operating revenue thous of dolOperating income do
Local Transit LinesFares, average, cash rate centsPassengers carried f _ _ _ _ millionsOperating revenues!- thous. of dol_.
Class I Steam RailwaysFreight carloadings (A. A. R.):<8>
Total cars thousandsCoal _ doCoke doForest products _ doGrains and grain products doLivestock _ _ doMerchandise, 1. c. 1 doOre. _ _ doMiscellaneous do
Freight carloadings (Federal Reserve indexes):Combined index, unadjusted 1935-39=100
Coal. doCoke _ doForest products doGrains and grain products __ _ . doLivestock doMerchandise, 1. c. 1 _ _ _ doOre doMiscellaneous . _ do
Combined index, adjusted!-.. doCoalt doCokef doForest products- _ _ _ _ _ doGrains and grain products! doLivestockf doMerchandise, 1. c. 1 . doOref- _ doMiscellaneous! do
Freight-car surplus and shortage, daily average:Car surplus! - -- number
Box cars doCoal cars do_ _
Car shortage* _ _ _ doBox cars doCoal cars do
Financial operations (unadjusted):Operating revenues, total thous. of dol
Freight do_Passenger do
Operating expenses doTax accruals, joint facility and equipment rents
thous. of doL.Net railway operating income doNet incomej: do
Financial operations, adjusted:!Operating revenues, total— mil. of dol__
Freight doPassenger do_
Railway expenses doNet railway operating income. _ _ _ _ _ doNet income do
Operating results:Freight carried 1 mile mil. of tons-Revenue per ton-mile __cents__Passengers carried 1 mile__ millions..
26, 99415, 6104,4151,151
556, 589
25, 08264
8. 0580' 1, 591
120, 100
4,376922
7223321366
593369
1,909
1441551831541219476
26714614215518514813810476
184145
5,2432,029
2714, 7794,292
10, 247
' 725, 388r 591, 923
r 77, 350T 557, 618
r 90, 951' 76, 818
46, 360
698.0565.378.2
633.264.832.1
r 60, 0141.0553,729
26, 86615, 7224,2951,065
538, 377
24, 39847
8.0774' 1, 464112, 100
3,54370854
18820049
464324
1,555
1421411701511438773
28614613714117314514010774
184142
11, 3335,9041,390
14, 9695,1279,357
696, 909556, 88984, 787
550, 057
86, 65160, 20138, 402
731.0593.481.9
649.281.848.9
56, 6461.0434,096
28, 57215, 2694,2331,100
533, 706
24, 429df>2
8. 1051'1,451
111,400
3,27649549
17827546
429343
1,461
1401151651532028771
31114513411517015216810771
194143
30, 651613
25, 87415, 6979,5925,331
705, 361557, 88193, 642
555, 362
89, 04160,95837, 025
682. 7543.585.9
634.548.217.6
54, 6641.0944,413
28, 88316, 9734,7491,253
600, 262
24, 40647
8. 1134' 1, 429
111,300
4,560886
70248317
62577407
1,992
1481461771601758773
2841501431461841521629273
190149
2,391175127
31,76616, 33614, 566
745, 258596, 59294, 001
565,606
98, 82780, 82551, 343
719.4581.283.8
655.464.031.0
61, 6501.0294,481
27, 51519, 9495,8371,235
599, 683
26, 66817
8. 1854r 1, 472
113, 300
3,600713
5419121074
467299
1,592
15315317816115313977
27215714215318014913710573
181H5
1,322238
034, 44317. 16515, 165
726, 550593, 08980, 369
588, 591
89, 97947, 97920, 147
716.3583.480.7
680.535.83.6
59, 4061.0573,855
28, 37328, 4148,2031,195
569, 885
26, 18363
8. 2104r 1, 570
121, 200
3 80875860
19121691
491274
1,728
15615618815515216178
23516314615619214715210475
163149
942132
040, 10320, 81915, 275
794, 165664, 64875, 009
611, 872
105, 86076, 43348, 904
739.1611.776.7
696.342.89.4
64, 5921.0893,450
24, 28023, 1496,690
904427, 686
27, 790119
8. 3073' 1, 478115, 600
4,424934
7422224593
588238
2,030
15016019514714213377
16315814716019515014510575
163151
2,5057510
27, 86516, 63110, 277
755, 324625, 24173, 661
595, 315
94, 43265, 57743, 358
786.0653.477.0
707.678.446.9
59, 6561.1143,342
24, 59928, 2237,993
853432, 548
32, 07575
8. 3406' 1, 584
127,000
3,16471460
16817750
43266
1,495
139155201141130927160
1471491551911581389674
192156
5,886712172
12, 1465,6436,072
807, 428627, 81689, 461
631, 150
96, 25580, 02360, 212
805.7636.987.8
722.583.249.8
57, 3321.1593,948
23, 62423, 5086,850
752393, 637
26, 57573
8. 4043r 1, 537
120, 100
3 82491675
20522555
49963
1,787
133155192137132816545
1391451551831531328468
180152
12,0133,600
9838,7472,8885,471
750, 735613, 36180, 897
615, 856
93, 58241, 29718, 707
766.6624.184.7
707 059.627 8
55 1251.1973,654
20, 97821 1636,199
694349, 934
25 91078
8. 4652r 1, 438
111, 100
3 07873060
16614434
43456
1,454
129150188135101616949
1371391501781401037671
195146
6, 6571,817
18413, 0304,9227,588
715, 891589, 89472, 065
586, 356
90, 11039, 42517, 798
781.1644 277 4
710 570 6
r38 7
53 5791 1763.198
24, 84925, 5857,817
881431, 156
26 3555
8 5234r 1, 581
121, 800
2 95451053
18114135
46164
1 509
12298
163146100627357
14213098
1621461097972
195150
35,2442,585
27, 9387,7832,9744,380
776, 616642, 34674, 398
618, 759
97, 13260, 72435, 447
760.8623 375.5
705 455 4
r22 2
52 4661 3003.271
25, 71024, 8447,4461,017
473, 950
25, 318131
8. 5816r 1, 491
119, 500
2,98440840
17315349
447204
1,510
1281051341411089470
21214313010513714112310570
••213145
104, 1703,459
95, 1062,3301,0791,097
728, 969601, 37669, 490
585, 625
90,23953, 10426, 916
726.1593 672 1
684 441 78 5
49 9021 2843.043
8. 60931,487
4 40499272
22420063
544395
1,913
1431631831451138669
"277144141163'851391299669
213143
14, 5155,824
1092,656
2272,320
796, 403666, 98471 786
616, 231
89,99390, 178
60 250
T Revised. * Deficit. ® Data for May, August, and November 1947 and January and May 1948 are for 5 weeks; other months, 4 weeks.§ Data continue series published in the 1942 Supplement; data for December 1941-February 1945 will be pulished later. % Revised data for April 1947, $35,692,000.*New series. For comparable data beginning 1943 for total car shortage and surplus and an explanation of a change in the latter series, see p. S-21 of December 1944 Survey.! Revised series. See note in the July 1947 Survey for explanation of revisions in the data for air lines; revised data prior to May 1946 will be published later. Data for local transit lines
revenues beginning in the April 1944 Survey and passengers carried beginning in the May 1945 issue are estimated totals for all transit lines; revised data beginning 1936 will be published later.Revisions for passengers carried not shown above: January-March 1946- -1,613; 1,483; 1,674; January-April 1947—1,609; 1,469; 1,595; 1,575. See note marked "*" regarding car surpluses. Re-visions for 1939-July 1942 for the indicated indexes of carloadings and revisions for January 1937-February 1943 for the adjusted series for financial operations are available on request.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SUEVEY OF CURKENT BUSINESS S-23
Unless other-wise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
TRANSPORTATION AND COMMUNICATIONS—Continued
TR AN SPORTATION — Continued
Waterway Traffic
Clearances, vessels in foreign trade: §Total, U. S. ports _ _ _ thous. net tons__
Foreign doUnited States do
TravelHotels:
Average sale per occupied room dollars.Rooms occupied percent of total..Restaurant sales index, avg. same mo. 1929 =1 00. .
Foreign travel:TJ S citizens, arrivals _ _ _ .number _ _U S citi/ens departures doEmigrants - doImmigrants do —Passports issued do
National parks visitors thousands-Pullman Co.:
Revenue passenger-miles .millions. _Passenger revenues thous. of dol__
COMMUNICATIONS
Telephone carriers: 1Operating revenues . thous. of dol_.
Station revenues do ._Tolls message - - . do __
Operatin0" expenses doNet operating income _. do. _Phones in service, end of month .thousands..
Telegraph and cable carriers :%Operating revenues, total -. .thous. of dol__
Telegraph carriers, total - doWestern Union Telegraph Co., revenues from
cable operations thous. of dol__Cable carriers do
Operating expenses ... __doNet operating revenues doNet income trans, to earned surplus ... do. __
Radiotelegraph carriers, operating revenues. .do
9,6464,3675,278
4.4692
244
35, 87345, 2581,833
14, 03220, 962
442
1,0618,018
184, 948106,81861, 629
154, 40011, 49730, 057
20, 74019, 399
6111,341
16, 3872,1401,0621,637
8,7253,9804,746
4.7593
248
39, 98745, 3201,804
14, 73321, 831
902
1,2159,193
205, 193113, 37175, 477
165, 55117, 91430, 292
18, 98117, 662
5741,320
15, 3471,5411,3351,617
8,9533,9455,008
4.7087
225
48, 147« 48, 137
15, 64419, 6111,467
1,1398,558
209, 134114, 56777, 993
175, 55313, 23930, 553
18, 44917,019
5991,430
16, 01029141
1,609
9,9914,6975,294
5.1693
246
56, 855a 39, 577
13, 43315, 2771,502
1,1668,712
210, 070114. 83678, 063
172, 00616, 30530, 794
18, 12216, 786
6391,336
15, 366682332
1,742
9,1964,2724,924
5.0792
238
60, 324« 34, 112
13, 85312, 182
652
1,1048,374
213, 422118, 13477, 929
175, 07916, 89031,058
18, 36617, 029
6591,337
15, 376928700
1,759
9,1534,4514,703
5.1493
226
46, 492« 32, 168
14, 88013, 402
308
1,0288,924
222, 090121, 96982, 528
179, 94119, 20231, 421
18, 72517, 366
7031,359
15, 5001,117
6271,889
7,9053,6334,273
5.2887
234
36, 074a 25, 099
15, 61810, 456
131
1,0008,737
217, 513121,59678, 132
172, 92720, 81831, 721
16, 58015, 266
6161,315
15, 146*6S6d4741,695
6,5352,8203,715
4.9178
202
37, 4110 31, 743
14, 87911, 786
89
1,0209,762
230, 620127, 13285, 189
184, 80722, 01032, 094
18, 73417, 190
7621,544
15, 5851,216
d 7, 4862,008
6,4002,7743,625
5.0686
227
38, 3800 36, 317
14, 833102
1,20210, 610
229, 797129, 80981, 821
182, 11621, 61132, 385
16, 96515, 813
6221,151
15, 097*25245751,854
6,4462,8153,631
5.0388
211
46, 695« 42, 469
17, 915120
1,0489,328
225, 584128, 44078, 490
174, 36423, 95632, 628
15, 71214, 690
6071,022
13, 827d%05A 5861,760
7,0022.9984,005
4.8189
206
47, 587« 44, 295
26, 883139
1,0459,364
237, 939132, 12487, 003
187, 25223, 80032, 934
17, 94016, 717
6631,222
15, 103799
, 3, 5451,817
5.3589
245
41, 823« 40, 260
25, 110173
9758,676
4.9189
246
37, 517
27, 304378
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:*Ammonia, synthetic anhydrous (commercial) cT
short tons__Calcium arsenate (commercial) thous. of lb_-Calcium carbide (100% CaC2) short tonsCarbon dioxide, liquid, gas and solid <?
thous. of lb_.Chlorine* . __ _ _ short tonsHydrochloric acid (100% HC1) • doLead arsenate thous of IbNitric acid (100% HNOs)cf short tonsOxygen mil. cu ftPhosphoric acid (50% HjPOi) short tons__Soda ash, ammonia-soda process (98-100% Naz
COs) short tonsSodium bichromate and chromate doSodium hydroxide (100% NaOH) • . _ doSodium silicate, soluble silicate glass (anhy-
drous)^ - - short tonsSodium sulfate, Glauber's salt and crude salt
cake • short tonsSulphuric acid (100% H2SO4):
Price, wholesale, 66°, tanks, at works§dol. per short ton__
Production • _ short tonsOrganic chemicals:
Acetic acid (syn. and natural), production*thous. of lb_.
Acetic anhydride, production*. do _Acetyl salicylic acid (aspirin), production*. doAlcohol, denatured :§
Consumption (withdrawals) _thous. of wine gal__Production doStocks do
Alcohol, ethyl: §Production _ thous. of proof galStocks total do
In industrial alcohol bonded warehouses, .doIn denaturing plants. do
Withdrawn for denaturing doWithdrawn tax -paid _ _ _ _ _ d o
Creosote oil, production* -thous. of gal_.Cresylic acid, refined, production*. _ thous. of lb_.Ethyl acetate (85%) production* do
97, 1075,492
56, 286
96, 487f 123, 736' 36, 966
T 3, 694r 101,656
1,18882, 372
396, 2827,474
r 183, 449
39, 726r 74, 502
16.50r 892, 691
33, 87654, 2491,053
14, 09513, 9261,531
27, 98229, 25827, 4521,807
25, 7432,170
13, 4542,1966,088
91, 681r 8, 85948, 136
96, 700' 124, 067
r 33, 196r i , 436
r 97, 1491,089
89, 492
374, 0837,426
r 181, 200
32, 814
'69,432
16.50' 856, 129
31, 72941, 4331,155
13, 68714, 1501,981
23, 79327, 01625, 3231,694
26, 0652,377
12, 7791,9096,826
r 96, 768r 10, 645
53, 388
110, 228' 121, 336
r 33, 654447
' 95, 9211,066
86, 920
377, 9767,331
' 181, 793
' 37, 126
64, 996
16.50r 851, 598
35, 89753, 627
998
15, 06114 6051,529
26, 83327, 76425, 6992,065
27, 3592,768
11, 5812,3295,822
r 93, 4615,064
50, 827
107, 712r 125, 992' 34, 733
(i)r 95, 154
1,10588, 083
363, 8907,219
r 181, 720r 35, 472
65, 942
16.50' 864, 092
35, 36553, 4781,126
16, 42616 4691,560
29,22628, 63726, 9281,709
30, 3032,696
11, 9882,3575,899
' 88, 1203,107
47 177
102, 410r 124 178
r 33, 541(i)
r 94 5641 093
87, 249
359, 0047,350
r 177, 012
«• 36, 329
65, 414
16.50r 856, 783
28, 60650, 3081,083
18, 71818 6101 447
29, 90624 40922, 8941,514
34, 1013,201
13, 4071,6976,785
r 95, 8262,272
48 336r 80, 016
r 127 245r 36, 461
(i)r 99 318
1 31499,213
395, 6098 413
T 186, 254r 43, 724
70, 293
16.50r 897, 297
29, 56055 0711,092
21, 82021 7441 354
39 01226 63425, 938
69738, 5264,275
13, 9092,4037,181
' 92, 1852,709
48 462
61, 368r 124 634
r 37, 6090)
r 101 5581 212
89, 353
379 8217 527
r 181 ' 298
45, 233
71, 245
16.50r 884 365
30, 43955 3471,016
19, 02618 620
943
28 47222 78722, 170
61833, 9814,630
12, 5732,0567,132
r 97, 7732,190
55 343
57, 996r 128 797
r38 149(0
r 104 0961 251
90, 412
389 6567 983
r 182 806r 40 061
73, 846
16.13r967 235
31, 16357 507
615
16, 93717 7101 719
26, 62122 37321, 783
69132, 8394,090
14, 2632,0948,651
95, 4052, 003
58 091
57, 125123 31939? 0893 229
103 8341 271
95, 331
383 4817 664
182 778
37 529
70, 456
15. 00932 933
34, 18962 700
979
12, 43612 5761 850
17 40221 24820, 738
51023, 1032,580
12, 8351,9695,261
90, 5502,433
55 006
59, 304116 14333' 9403 697
100 5461 2S8
90, 601
360 4377 106
173 693
44 090
64, 182
15.00893 440
32, 624'58 184
985
11, 25011 0511 653
20 95193 88622, 6541 232
21, 1512,678
11, 9251,6175,712
100, 1423,379
61 489
70, 590132 66836 5793 654
101 0411 361
105, 097
404 5257 971
198 658
54 702
69 688
15.00956 957
' 34, 60564 8491,054
13, 05313 0161 613
29 26629 79929, 404
39523, 2133 237
r 12, 1792,2875,850
92, 6403,910
57 649
83, 260126 99236 3063 814
94 9041 362
T 97, 510
357 7528 184
186 300r 38 773
70 928
15.00r 904 562
33, 24460 1031,061
13, 20813 3121 712
27 41331 60131, 032
56924, 8992 846
12, 8841, 5805,422
82, 4083, 483
59 009
96, 217130 92638 3493 127
86 4901 370
99, 045
360 1107 962
186 265
33 588
73 510
15.00931 788
14, 20712 9641 245
29 85234 87434, 353
52125, 8064 073
r Revised. d Deficit. IData relate to continental United States. i Not available for publication.« Excludes departures via Canadian and Mexican borders; these usually average from 500-600 monthly.{Compiled on a new basis beginning 1943; see April 1944 Survey for 1943 data and reference to revised 1942 data. Total operating revenues of telegraph carriers includes and operating revenue
of cable carriers excludes cable operations of Western Union; the latter data were revised in May 1947 Survey (see note in that issue).d"Data for carbon dioxide and soaium silicate were revised in the March and the September 1945 Survey, respectively (see notes in those issues) See note in February 1947 Survey with re-,
gard to additional plants included in the data for nitric acid and ammonia; 1947 revisions not shown above: Ammonia—January, 89,762; nitiric acid, January-April, 100,308; 95,906; 103,113; 101,317.§The indicated, series, except series for alcohol stocks in denaturing plants (available only beginning 1942), continue data in the 1942 Supplement; unpublished data beginning 1941 or 1942
through February 1945 for ethyl alcohol and vessel clearances and for June 1944-July 1946 for prices of sulfuric acid will be shown later.*New series. See note marked "*" on p. S-23 of the September 1947 Survey for reference to data prior to 1943 for a number of the chemical series and information regarding revisions that
have not been published.• January-April 1947 revisions not shown above: Chlorine—112,041; 103,348; 119,057; 112,434; hydrochloric—35,158; 33,979; 37,007; 34,652; sulfuric—882,990; 830,824; 920,816; 870,121; sodium
hydroxide—173,614; 157,149; 179,323; 168,624; sodium sulfate—66,304; 63,244; 70,092; 69,984.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-24 SUKVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS—Continued
Organic chemicals— Continued.Glycerin, refined (100% basis):*
High gravity and yellow distilled:Consumption thous. of lb_-Production _ . _ _ _.doStocks do
Chemically pure:Consumption do _Production doStocks do
Methancl, production :d*Crude (80%) - thous. of gal__Svnthetic (100%) do
Phthalic anhydride, production* thous. of lb__
FERTILIZERS
Consumption, total* ._ . thous. of short tons. _Midwest States* doSouthern States© _ do_ _ _
Exports total§ long tonsNitrogen ous§ doPhosphate materials§ doPrepared fertilizers§ do
Import5? total § doNitrosrenous total§ do
Nitrate of soda§ doPhosphates! - - - doPotash § do
Price, wtiofesale, nitrate of soda, crude, f. o. b. cars,port warehouses© dol. per 100 Ib
Potash deliveries short tonsSuperphosphate (bulk):f
Production doStocks end of month _ _ _ ..... do
NAVAL STORES
Rosin (gum and wood):Price, gum, wholesale "H" (Sav.), bulk
dol. per 100 lb_.Production* drums (520 Ib )Stocks* do
Turpentine (gum and wood) :Price, gum, wholesale (Savannah)t--dol. per gal_.Production* bbl (50 gal )Stocks* do
MISCELLANEOUSExplosives (industrial), shipments thous. of lb_.Gelatin:§
Production, total* __ _ _ do _Edible§ do
Stocks, total* ..-doEdible§ . -.-do
Sulfur:*Production _. _ _ _ long tons.Stocks . do
Glue, animal:*Production . . thous. of lb_-Stocks . _ . do. _
Bone black:*Production _ _ _ _ _ _ _ _ short tonsStocks do
OIL SEEDS, OILS, FATS ANDBYPRODUCTS
Animal, including fish oil:Animal fats*
Consumption, factory thous. of lb__Production . _ . _ doStocks, end of month do
Greases :tConsumption, factory doProduction __do_ _Stocks, end of month do
Fish oils:*Consumption, factory _ _ _ _ _ _ _ _ d oProduction doStocks, end of month _ _ do
Vegetable oils, total:Consumption, crude, factory t mil. of lb_.Exports§ thous. of IbImports totaf§ _ _ _ _ . do
Paint oils§ doAll other vegetable oils§ do
ProductionJ mil. of IbStocks, end of month:J
Crude do....Eefined do
7,4286,606
19, 151
5,9579,181
20,789
2866,830
10, 526
609103505
305, 80785, 748
208, 888636
138, 060108, 98880, 5554,696
11,250
2.07573, 802
' 894, 772681,235
7.34
.59
51,296
4,1173,0286,4883, 059
377,2183, 495, Oil
13,7708,643
847979
105, 542262, 265389, 074
43, 93948. 61384, 829
14, 1351,301
57, 728
33313, 65454, 05743, 67210,385
313
571392
6,6176,965
19,843
5,8717,980
20,723
2216,551
11,764
33272
260264, 774
56, 507191,539
2,718117, 760107, 48480, 7864,482
0
2.07583, 121
»• 804, 855855, 352
7.58527, 335243, 086
.61176, 089147, 693
51,048
3,8472,9016,3742,787
359, 3133, 456, 082
12,8438,950
1,0401,021
105, 301255, 713428, 604
41, 22648, 26098, 827
16, 47810. 92759,041
29425, 85552,30637, 75414, 553
283
573385
6,5095,483
18,848
5,6506,200
20, 171
••2366,779
12, 871
385176209
272, 87173, 674
186,9871,661
82, 47475,91241, 623
382,232
2.07573, 708
' 808, 917903, 380
6.83
.59
47, 134
3,1592,3136,3382,453
382, 6743, 438, 367
12,1588,757
1,0481,008
99, 329238, 814444, 602
37, 74646,611
101,964
11,47521, 73965, 152
29714, 54026, 66918, 2088,461
278
566359
6,7617,250
18, 869
6, 3587,998
20, 396
••2466,708
12,396
409130278
284, 74156, 924
215, 726874
93, 64985, 33741,7374,330
0
2.19583,848
' 804, 355866, 919
6.76
.59
53, 275
3,3932,7626,0422,430
391,3963, 444, 607
11,4247,749
1,0651,030
127, 228208, 609400, 170
43, 65844, 434
106, 382
12, 15021, 10986, 445
29416,14810, 7442,1218,623
248
489292
7,0328,812
19, 146
6,7547,957
19, 493
••2436,564
11,800
492130362
239, 80765, 241
162, 3411,659
76, 59167, 16616, 9593,777
0
2.27575, 764
' 822, 448' 852, 303
7.10572, 233284, 840
.62189, 689194,111
55,787
3,1162,4205,9612,356
406, 9643, 449, 732
12,0037,882
1,0851,079
134,765189, 544320, 801
49, 91340, 15498, 924
20, 14822, 70685, 999
32923, 43419, 1063,921
15, 185330
458243
8,1468,292
17,665
7,7709,357
18, 289
••2837,065
12, 529
49581
415204, 08181, 799
114,082617
92, 21473,01530, 62312,617
0
2.27577, 680
r 893, 613' 863, 407
8.46
.62
59,434
4,0173,0775,4312,400
425, 6123, 457, 899
14, 6668,392
1,0851,375
155,630226, 266250, 588
55, 18247, 40297, 555
22, 92919, 889
108, 815
43219, 5255,4622,8012,661
468
471207
7,6337,560
16, 061
7,0678,782
17, 709
2866,832
12, 373
657182476
186, 29586, 57887, 772
44776, 83661, 05625, 2873,2046,838
2.27597, 333
' 881, 041r 950, 556
8.91
.64
52, 365
4,2903,2775,7392,714
405, 2053, 435, 298
13, 6369,509
8481,180
134, 391279, 792258, 425
50, 60450, 03996, 111
22, 9446,852
91, 459
43727, 88523, 66113, 20810, 453
481
485211
7,4688,753
17, 335
7,4639,202
17, 278
3217,199
12, 893
829181648
243, 34054, 664
168, 9741,695
91, 15969, 72522, 3164,4978,173
2.306112, 214
' 973, 554' 1,039,952
8.87508, 543339 269
.64159, 665210, 116
51,940
4,4153,1046,4273,300
389, 0143,371,034
13, 18512, 444
1,1021,254
126, 345307, 560322,045
54, 20750, 586
103, 692
25, 2874,356
85, 286
46937, 30232, 47417, 00815,465
488
502241
7,4268,701
17, 396
8,04910, 43718, 306
2748,806
12, 433
1,454257
1,196186, 75879, 39991, 2888.926
102; 96692, 76560, 787
2842, 213
2.40097, 029
926, 3231,105,813
8.83
.63
49,019
4,6393,2226,3873,034
391, 2143,373,422
14,22910,605
1,0331,474
135, 260302, 208350, 058
55, 35152, 331
119, 272
23, 9801,024
85, 778
45835, 73734, 62811, 65122, 977
513
539247
7,0987,947
17,974
7,37610,29419, 013
2489,161
12,048
1,149168981
136,47512, 774
103, 75410, 303
141, 630120, 76688, 8349,3294,667
2.400
883, 852'1,081,544
8.55
.63
48,848
4,6593,4256,5583,144
388, 3323, 348, 462
13, 13110, 828
1,0101,696
118, 795258, 924369, 460
53, 19546, 815
122, 608
20, 178697
69,069
41014, 19840, 40221, 84718, 555
441
598264
7,2727,699
18, 197
7,84511, 35021, 866
25510, 94414, 082
1,478188
1,291284, 548151, 301114, 529
1,599131, 989113, 21670, 325
3897,355
2.400
r 1,033,294994,464
7.19382, 720277, 980
.64115, 460195, 350
49,145
4,3363,0347,0003,464
402, 8323, 368, 064
11, 79510, 957
1,0172,004
116, 571222, 845369, 989
56, 21245, 153
129, 645
19, 095766
61,021
42521, 19932, 64610, 27022, 376
408
592305
7,4566,715
16, 744
7,1168,293
21,923
'26610, 48913,072
1,114202912
247, 18261, 097
176, 9371,484
162, 579130, 90085, 380
33714,404
2.400
r 974, 420r 965, 480
7.00
.62
47,717
4,0092,8836,8893,392
392, 9913,338,345
12, 165' 12, 062
5191,877
•• 107, 826•• 222, 070' 396, 045
r 51, 525' 45, 543126, 831
15, 7211,000
55, 000
38516, 31929, 59610, 53119, 065
••352
••555292
7,3796,383
15, 221
6,7767,704
21,384
254
657118539
2,400
978, 4331, 116.. 883
6.80
.68
61,361
4,5043,3017,2683,713
409, 5303, 297, 705
11, 50312,964
5201,650
116, 137237, 063412, 169
46,43347, 147
124, 582
16, 5204,296
63, 611
349
329
526251
r Revised, c? See note in the April 1946 Survey with regard to difference between these series and similar data published in the 1942 Supplement to the Survey.© Excludes data for Mississippi, which has discontinued monthly reports, beginning in the October 1946 Survey.§ The indicated series continue data published in the 1942 Supplement; unpublished data beginning 1941 or 1942 through February 1945, and also corrected data for 1937-July 1945 for nitrog-
enous and total fertilizer imports, will be published later. Fertilizer and vegetable oil exports for 1947 have been revised to include Army civilian supply shipments (see note marked "5"on p. S-20).
O For a brief description of this series see note in April 1946 Survey, t See note marked "t" on p. S-25 regarding unpublished revisions.* New series. For source and description of data for glycerin see p. S-23 of November 1944 Survey and for turpentine and rosin, p. S-24 of the May 1946 issue. Small revisions in the data
for June 1943-August 1946 for glycerin will be shown later. Data for 1942-February 1945 for the new series on gelatin, and data prior to August 1946 for bone black and glue will be publishedlater; data for gelatin, bone black, and glue are compiled by the Bureau of the Census and are complete or practically complete. Data for 1940-43 for sulfur are on p. 24 of the May 1946 SurveySee note marked "*" on p. S-23 of the September 1947 Survey for reference to data for phthalic anhydride. Data for fertilizer consumption by midwestern States and the total (compiled bythe National Fertilizer Association from reports of tax tag sales) have been revised beginning in the March 1948 issue to exclude Illinois which has discontinued tag sales. Data beginning1933 will be shown later.
t Revised series. See note in the November 1943 Survey explaining a change in the superphosphate data and note in September 1947 Survey regarding a company included beginningJanuary 1946. Revisions not shown above: 1947—production, January-April, 844,852; 827,818; 891,976; 866,514; stocks, February, 750,307. See note on S-23 of the November 1943 Survey re-garding change in the turpentine price series.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CURRENT BUSINESS S-25
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
CHEMICALS AND ALLIED PRODUCTS—Continued
OIL SEEDS, OILS, FATS, ANDBYPRODUCT S— Con tinue d
Copra:Consumption, factory§ short tons..Imports§___ . _ doStocks, end of month§ do.
Coconut or copra oil:Consumption, factory:t
Crude thous. of IbRefined do _ _ _
Imports § doProduction:!
Crude do_ _.Refined do
Stocks, end of month:!Crude doRefined do
Cottonseed:Consumption (crush) thous. of short tons__Receipts at mills doStocks at mills, end of month _ do
Cottonseed cake and meal:Production short tonsStocks at mills, end of month . _ _ __do
Cottonseed oil, crude:Production thous. of lb_Stocks end of month do. _
Cottonseed oil, refined:Consumption, factory t do
In oleomargarine doPrice, wholesale, summer, yellow, prime (N. Y.)
dol. per l b _ _Production thous. of lb_.Stocks, end of month do
Flaxseed:Imports§ thous. of bu_.Duluth:
Receipts doShipments do_ _Stocks.. do
Minneapolis:Receipts doShipments _ _ doStocks do
Oil mills:*Consumption doStocks end of month do
Price, wholesale, No. 1 (Minneapolis) dol. per bu_.Production (crop estimate) thous of bu
Linseed cake and meal:Shipments from Minneapolis thous. of lb__
Linseed oil:Consumption, factory t doPrice, wholesale (N. Y.) dol. per lb__Productiont thous. of IbShipments from Minneapolis doStocks at factory, end of monthj do
Soybeans:Consumption, factory t thous. of buProduction (crop estimate) doStocks, end of montht do ._
Soybean oil:Consumption, factory, refinedf thous. of lb__Price, wholesale, edible (N. Y.)d* dol. per lb__Production: J
Crude thous of IbRefined do
Stocks, end of month :tCrude doRefined do
Oleomargarine:Consumption (tax -paid withdrawals)! doPrice, wholesale, standard, uncolored, (Chicago)
dol. per lb_.ProductionJ... thous. of lb__
Shortenings and compounds :JProduction _ . . doStocks, end of month do
PAINT SALES
Calcimines, plastic-texture and cold-water paints:*Calcimines thous. of doLPlastic-texture paints _ doCold-water paints:
In dry form. do_In paste form for interior use__ do
Paint, varnish, lacquer, and fillers, total®, .doClassified, total do...
Industrial doTrade _ . do. .
Unclassified .do
53, 34761, 00459, 714
70, 34929, 1032,394
68, 39833, 020
138, 48919, 088
10411
163
45, 879117,052
34, 92533, 979
35, 14012,981
.25645, 388
217, 849
17
1083
145
25787
1,162
1,335855
6.3C
26, 760
45, 094.376
25, 06419, 620
134, 627
15, 006
37, 147
71, 687.268
135, 88992, 605
108, 829114, 604
36, 565
.35437, 809
63, 15149, 995
96213
408332
99, 59588, 74032, 48056, 26110, 854
52, 36851, 34644, 320
61, 63627, 6643,225
66, 07428, 611
134, 949J2,998
6914
108
30, 47787, 958
23, 34119, 990
44, 68716, 407
.24135, 517
204, 106
77
77478
128202516
1,6871,4576.12
26, 160
38, 716.325
32, 05713, 620
144, 544
13, 356
28, 004
75, 842.244
122, 43683, 890
122, 760128, 141
40, 527
.33041, 414
78, 85363, 094
104218
436361
92, 63482, 97331, 74151, 2329,661
45, 33018, 64442, 300
62, 00823, 7841,767
57, 90230, 466
127, 92714,412
7465
100
33, 98046, 941
24,21215, 191
56, 31219, 906
.23426, 410
171, 094
106
2728
9982
296
1,6411,8926.02
29, 580
40, 030.302
32, 25014, 880
157, 724
13, 613
19, 124
82, 261.227
125, 70698, 720
125, 686141, 671
47, 448
.33248, 897
79, 92147, 086
86180
432407
86, 70077, 87430, 01847, 8568,825
40, 73131, 34026, 861
69, 60832, 977
866
51, 90234, 228
105,97810, 737
102167163
47, 06826, 416
31,10919, 209
74, 24320, 115
.17924, 913
116, 709
17
120
20
2,125270453
1,3252,5266.00
18,540
39, 834.291
26, 52721, 240
132, 682
11, 284
10, 248
98,077.209
105, 31591, 251
105, 941140, 430
47, 251
.33050, 041
98, 97845,803
79224
409306
84, 95176, 95631, 07345, 8837,995
41,82848, 29723, 871
72, 25730, 174
G)
53, 60933, 498
89, 36311, 194
345776594
156, 07637,844
104, 34857, 307
74, 75127, 891
.22456, 85292, 081
0
1,435436
1,019
8,4251,1425,004
2,4105,7206.39
45,360
40, 865.303
48, 03027, 240
118, 443
9,733
2,775
109,838.233
91, 35889, 400
79,583124, 043
67, 771
.34067, 422
117,85836, 393
79203
439235
86, 31276, 66231, 60745, 0559,650
47, 14853, 48522, 984
79,65629, 828
0
61, 10335, 388
69, 57810, 998
6471,5091,458
301,37062, 121
197, 83495, 356
119, 10741, 554
.237144, 981107, 882
0
2,7331,0532,699
4,928530
•6,434
3,0516,7896.78
51, 480
44, 820.318
59, 56433, 840
127, 444
11, 439
34, 624
141, 963.264
107, 17088,413
80, 49676, 800
82, 894
.36287, 005
159, 62341, 887
77218
433303
91, 44382, 45934, 97047, 4898,984
48, 82167, 22225, 945
72, 86226, 618
956
62, 28735, 088
59, 6699,213
596654
1,515
276, 45171, 590
181,915112, 684
129, 16644, 146
.276157, 874133, 196
0
9111,1472,463
1,904274
6,305
3,1746,8936.84
49, 500
36, 508.324
61, 59229, 580
124, 541
14, 659
48, 053
119, 523.312
133, 65297, 345
84, 23959, 667
78, 249
.38581, 806
145, 97945, 051
83210
305256
71, 19964, 20028, 62335, 577r 6, 999
60,51185,82941, 611
76, 85728, 3175,080
77, 23833, 225
69, 67211,834
565476
1,426
261, 94274,035
174,444109, 368
122,26542, 368
.289159, 637152,916
2
481,764
747
1,360168
5,833
2,3196,5597.01
2 39, 763
49,020
38, 532.346
45, 49627, 900
126, 678
15,2192 181 362
48, 855
110, 066.326
139, 551112, 683
77, 49164, 161
72, 914
.40079, Oil
131,81953, 488
71187
282217
68, 91462, 21329, 68832, 5266,700
61, 79656, 16737, 259
85, 37029, 31511, 593
81, 37137, 233
75, 58412, 616
522212
1,116
241, 66871, 207
163, 998121, 742
126, 68646, 718
.299140, 848152, 706
5
165183728
1,224257
5,114
2,9306 2907.06
50,460
39, 008.338
5746529, 940
135, 394
16,481
47,824
110, 777.326
152,966110, 912
86, 70363,850
87, 252
.40287, 934
136, 93654, 493
81243
306328
88, 01578, 77831, 74347, 0359,237
53, 13555,54635, 392
68, 33324, 6663,848
67, 73728, 361
86, 54610, 500
41274
778
191, 32585, 139
130, 270117, 424
106, 61142, 779
.246124, 877158, 523
6
660
794
723318
4,263
2,5955,8006.51
49, 740
38, 987.306
51, 66328, 020
141, 504
14, 962
43, 596
94,091.262
139 90099, 320
104, 78871, 561
72 986
.39280, 418
101, 12064, 144
58203
253286
78, 93371, 25630 15941 0977,677
50, 19451, 51336, 471
69, 52323, 3429,598
64, 28031, 502
96, 22611,837
32651
503
154, 38886, 060
105, 16287, 096
105, 98538, 728
.261123, 628182, 206
2
501
843
530298
3,099
2,3094,8796.19
47, 280
40, 871.292
46, 26429, 760
135, 741
14, 762
36, 857
100, 295.269
139, 370108, 829
114, 74584, 848
74, 314
.38271, 817
109, 01359, 550
97271
377336
T 91, 685r 82, 403T 35 328r 47, 074'9,283
40, 13634, 34928, 825
54, 48422, 9857,694
51, 13727, 771
98, 77312, 120
20524
322
95, 37492, 080
67, 53958, 472
96, 60436, 180
.30590. 821
168, 750
1
53189707
653199
2, 500
2,4423,8436.04
47, 580
40, 292.290
48, 97437, 440
134, 511
r 14, 185
' 33, 608
114, 035.298
' 133, 994116, 152
«• 98, 493r 89, 797
75, 063
.39074,079
128, 03351, 396
87254
402333
96, 97987 73333 83853 8959,246
35, 102
22, 659
54, 08820, 914
45, 36226, 935
101, 25414, 214
14714
188
67, 944100, 037
47, 74343, 054
91, 090
.37160, 035
126, 912
4569
683
870308
1,888
2,6613,1566.09
44, 520
40, 248.290
52, 90533, 720
131, 442
13, 287
27, 393
120, 972.322
128 843111, 844
87, 50187, 460
.405
124 14256, 751
r Revised. l Less than 500 pounds. 2 December 1 estimate.§ Data continue series published in the 1942 Supplement; unpublished data through February 1945 for the indicated series will be shown later.} See note marked "§" on p. S-25 of the September 1947 Survey for reference to July 1941-June 1946 revisions for oleomargarine; revisions for July 1946-June 1947 are shown on p. S-25 of
the April 1948 Survey. Small or scattered revisions for 1941-August 1946 for the other indicated series will be published later. Revised data for fish oils are available on a quarterly basis only.cfThis series, compiled by the U. S. Department of Labor, replaces the series for refined oil shown in the 1942 Supplement; earlier data will be published later.•Data for some items are net comparable with data prior to 1945; see note for calcimines, plastics, and cold-water paints at bottom of p. S-23 of the December 1945 Survey.(^Revised figures for January 1946-February 1947 will be shown later.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-26 SURVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
CHEMICALS AND ALLIED PRODUCTS—Continued
PLASTIC PRODUCTS
Shipments and consumption:Cellulose acetate and mixed ester plastics: <8>
Sheets, rods and tubes _ thous. of lb_.Molding and extrusion materials do
Nitrocellulose, sheets, rods, and tubes.® ...doOther cellulose plastics* do. .Phenolic and other tar acid resins* doUrea and melamine resins* do. _Polystyrene* _ . . _ _ . _ _ _ _ _ d oVinyl resins* do _Miscellaneous resins* _ ..... do
1,6894,3171,052fi)
27, 3776,2186,854
13, 1266,435
1, 6823,715
9310)
27, 7366,7615,955
11, 5465,891
1,4102,779
8920)
25, 9306,6525, C88
11, 5735,819
1,4793,404
903(i)
26,0005,5787,075
12,9175,567
1,2844,153
9210)
27, 2625,8398,381
15, 1258,032
1,7995,1051,0400)
28, 1296,836
10, 93118, 0407,388
1,4624,666
8320)
25, 7196,115
10, 59316, 8377,120
1,3433,830
8420)
27, 6626,739
11, 45620, 404
7,157
1,2854,461
865747
28, 7496,824
10, 22619, 5547,677
1,3213,733
930652
26, 7016,7728,382
17, 6347,800
1,3543,960
999769
30, 5947,116
12, 71819,0378,639
1,5683,8771,071
974r26,356
6,56112, 18919, 1988,219
1,4583,630
8661,024
20, 7160)
10, 77715, 9468,488
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial) , total*mil. of kw.-hr__
Industrial establishments* doBy fuels* _ _ _ _ . _ do. .By water power* _ do
Utilities (for public use), total! doBy fuelsf . . _ doBy water power! - - _ _ do. .Privately and municipally owned utilities
doOther producers! do
Sales to ultimate customers, total (Edison ElectricInstitute)! mil. of kw.-hr_.
Residential or domestic .... . . doRural (distinct rural rates) .._._. . do_ „_Commercial and industrial:
Large light and poweHI ._._.._ do....Street and highway lighting! doOther public authorities! . . doRailways and railroads! . do. .Interdepartmental! _ _ _ _ . _ _ _ . d o
Revenue from sales to ultimate customers (EdisonElectric Institute) ...... thous. of dol
GASf
Manufactured and mixed gas (quarterly):Customers, end of quarter, total thousands..
Residential (incl. house-heating) _ _ do. _Industrial and commercial _ . 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 arid commercial.. _ do. _
Sales to consumers, total mil. of cu. f t _ _Residential (incl. house-heating) doIndustrial and commercial _ _do_ .
Revenue from sales to consumers, total, thous. of dol.Residential (incl. house-heating) _.do_...Industrial and comrrerciaL. . do. .
25, CC94,2333,809
42420, 77613, 3877,389
17, 8012,976
17, 6103,437
514
2,9949,375
16647560446
310, 026
24, 4694,2253,825
4CO20, 24413, 4516, 793
17,4142,829
17, 5463,369
558
3,0609,356
15447553144
309, 631
11, 25810, 636
713161,485100,88149, 273
135, 259100, 68233,719
9,7729,061
716596, 470161, 527428, 6C8197, 743104,34892, 106
24, 9384,1563,772
38320, 78214, 2366,546
17,8472 936
17,3083,307
606
3,1239,068
16046963846
305, 855
25, C694,2253,892
OOO
21,74415, 690f,OS3
18,7333,011
18, C993,332
681
3,2629,601
17648363244
315, 590
25, 6344,1533,858
29521, 48115, 8755,606
18, 6302,861
18,4963,512
607
3,4069,724
19349061845
325, 639
11,06810, 350
700108, 43066, 90640,635
108, 51980, 13027, 796
10, 1079,392
708521, 77476, 503
439, 602150,44459, 77089, 584
26, 7484,4104,063
34822, 33816, 8465,492
19, 5402,798
18, 6563,601
498
3,2939,951
21949954846
328, 209
26, 1804,3333, 950
38321, 84715, 7636,084
18,9772,870
18, 7263,876
382
3,3469,757
23450257851
335, 687
27, 9514,4394,085
35523, 51217, 0996,413
20,2923,220
19, 6174,329
379
3,4909,934
25153064856
351, 460
10,85210, 141
703147, 14097, 27148, 479
135, 19899, 71634, 601
30,6889,897
784646, 412185, 386452 909220 431117, 858100 887
28, 4434,4854,119
36623, 95817, 5146,444
20, 6493,309
20, 2674,777
384
3,6709,990
24854868566
362, 163
26, 4654,2713,902
36922, 19415,8216,373
18,9963,198
19, 9044,633
429
3,5189,897
21963461359
367, 698
27, 9664,4884,061
42723, 47816, 0057,473
20,0153,463
19, 9694,391
458
3,49710, 197
21453162369
354, 600
26, 5694,2723,807
46622,29614, 4167,881
18, 8023,494
19,4004,159
463
3,45010, 014
18850956057
346, 646
27, 0354,4273,971
45522, 60914, 9257,684
19, 1223,487
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors :fProduction thous. of bbl_.Tax -paid withdrawals . doStocks, end of month do
Distilled spirits:Apparent consumption for beverage purposes f
thous. of wine gal..Imports§ thous. of proof gal.Production!- - thous. of tax galTax-paid withdrawals!- doStocks, end of month!. do
Whisky:Imports§ . thous. of proof galProduction! - thous. of tax galTax-paid withdrawals!.. doStocks , end of month! __.do
7,9857,5129,531
12, 1731, 125
21, 8546,130
618, 459
1,07114, 1433,185
459, 217
8,3427,9399,565
11,3921,071
16, 4296,039
525, 828
1,0029,9323,280
464, 825
9,0448,7769,453
12, 283834
13, 7265,650
529, 523
7937,1972,975
468, 432
8,8338,8429,050
12,378797
14, 1877,171
533,051
7577,2293,372
471, 273
8,7388,3699,021
14, 2161,172
22, 2188,639
537, 471
1,1029,7904,258
474, 956
9,0648, 3039 414
23, 8931,414
39, 55916,' 497
542, 907
1,3109, 7327,770
474, 507
6,6506, 1269 647
18,0471, 1857 735
16^030527,337
1 108' 56
7,819463, 407
6,0636 398Q 093y, \j6o
18, 323773
4 193lo! 342
516, 406
709655
5,507456, 366
6,3925,952Q' 1R7y, j.o<
13, 1401, 2069 4898^080
513, 896
1,0594 7024*050
455, 409
6,2585 4759 670
12, 871980
21 8848^937
523, 546
89213 7684' 177
462, 090
6,9896, 701Q*fiS4.y, uoit
12, 139943
32 8096^660
545, 365
86620 635
3', 575479, 241
7,3816 977Q' 733y, IOO
13, 1291 099
OO 7HKzo, /uo7,210
564, 119
996on CKQ/U, OOO3,616
494, 969
7, 2646 75*2a QCf-, you
25 95i>e| 78?.
580,827
90 041ZU, U4J3, 30tf.
511, 24S!' Revised, i Not available for publication. § Data continue series published in the 1942 Supplement; data for December 1941-February 1945 will be published later!For 1943-44 revisions for the indicated series see notes at bottom of pp. S-23 and S-24 of the May 1945 Survey.<S>Data for sheets, rods and tubes are comparable with similar data in the 1942 Supplement; see note in September 1946 Survey regarding change in data for molding etc materials*New series. For data for 1939-45 for production of electricity by industrial establishments see p. 32 of the February 1947 Survey; minor revisions for January to October 1946 will be shown
later. The new series for plastic products are from the Bureau of the Census and include all known producers; earlier figures and a description of the data will be published later.TRevised series. Gas statistics are shown on a revised basis beginning in the December 1946 Survey; see note in that issue. For revised figures for the indicated series on electric power
production, except the series for "other producers," see p. 32 of the February 1947 Survey; minor revisions for January to October 1946 will be published later. See note marked "t" on p. S-26of the September 1947 Survey for reference to revisions for 1940-45 for consumption of distilled spirits for beverage purposes and for the fiscal years 1941-46 for the other alcoholic beverageseries;the note also explains a change in the series for stocks of distilled spirits; see p. S-23 for tax-paid withdrawals of ethyl alcohol, which are largely for beverage purposes.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CURRENT BUSINESS S-27
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April j May
FOODSTUFFS AND TOBACCO—Continued
ALCOHOLIC BEVERAGES— Continued
Rectified distilled spirits, production, total fthous. of proof gal. .
Whisky . . do _Wines and distilling materials:
Sparkling wines:Imports§ thous. of wine galProductionf do_ _Tax -paid withdrawals! doStocks, end of month!. -- - do. _
Still wines:Imports§ doProduction© _ _ _ _ doTax-paid withdrawals! doStocks end of month! - - - do
Distilling materials produced at wineries© do
DAIRY PRODUCTS
Butter, creamery:Price, wholesale, 92-score (N. Y.) }_.._dol. per lb__Production (factory) f thous of lbStocks, cold storage, end of month cf do
Cheese:Imports§ _ _ _ _ _ _ _ d oPrice, wholesale, American Cheddars (Wisconsin)
dol. per l b__Production, total (factory)! thous. of lb__
American whole milk! _ _ doStocks, cold storage, end of monthcf do
American whole milk. doCondensed and evaporated milk:
Exports:§Condensed doEvaporated _ . do
Prices, wholesale, U. S. average:Condensed (sweetened). dol. per caseEvaporated (unsweetened)... ...do
Production:Condensed (sweetened):
Bulk goods* _ _ _ thous. of IbCase goods! -_ do
Evaporated (unsweetened), case goods!- _ doStocks, manufacturers', case goods, end of month:
Condensed (sweetened) _ _ _ _ thous. of IbEvaporated (unsweetened). do_
Fluid milk:Price, dealers', standard grade dol. per 100 lb__Production! — mil. of lb__Utilization in manufactured dairy products!
mil. o f l b _ _Dried skim milk:
Exports§ _ _ _ _ _ _ thous. oflbPrice, wholesale, for human consumption, II. S.
average _ _ _ . dol. per IbProduction, total f thous. of lb_.
For human consumption! doStocks, manufacturers', end of month , total
thous. oflb..For human consumption do
FRUITS AND VEGETABLESApples:
Production (crop estimate) thous. of buShipments, carlot no. of carloadsStocks, cold storage, end of month. .thous. of bu_.
Citrus fruits, carlot shipments _.no. of carloadsFrozen fruits, stocks, cold storage, end of month
thous. o f l b _ _Frozen vegetables, stocks, cold storage, end of
month thous. oflb..Potatoes, white:
Price, wholesale (N. Y.) _..dol. per 100 IbProduction (crop estimate)!-. _ ._ thous. of buShipments, carlot no. of carloads
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and meal§thous. of bu_
Barley:Exports, including malt§ doPrices, wholesale (Minneapolis):
No. 2, malting dol. per bu_.No. 3, straight . do
Production (crop estimate)! thous. of buReceipts, principal markets.. doStocks, domestic, end of month:
Commercial _ _ .. do. __On farms* do
6,7066,155
1313062
1,882
172390
5,682168,710
1,040
.613' 147, 692
17, 445
355
.298r 144, 046' 118, 486
133, 495106, 479
7,54939, 518
8.265.23
111, 77513, OCO
416, 200
6,387278,814
4.4612, 134
5,509
19, 648
.09491, 66588, 200
103, 875r 101, 532
1,6871,544
17, 774
327, 700
230, 827
3.812
23, 713
' 73, 726
2,948
2.0101.896
8,449r 8, 872
7,0216,522
1214644
1,975
129309
6,249160, 211
661
.633157,12051, 625
401
0)152,125125, 815161, 363130, 005
8,56242, 869
8.265.18
117, 53512, 950
410, 000
7,1P6440, 952
4.4112, 821
5,814
21, 538
.096102, 02096, 730
115. 105no; 775
627329
13, 857
332, 345
251, 687
4.106
25, 272
'62,684
' 3, 299
2.1362.032
8,252
7,753«• 36, 879
7,8317,012
97451
1,990
99383
6,627152, 534
1,867
.674148, 79083, 286
459
.338136, 425113,505185, 202151, 661
9,20142, 071
8.265.19
74,09515,025
347, 600
9,477501, 177
4.4912, 102
5, 344
28, 309
.09581, 83078, 500
95,74491,028
1,428219
9,429
374, 363
307, 574
(3)
22, 313
' 64, 286
' 4, 277
2.2592.130
7,974
5,593
8,0837,522
94864
1,964
1172,4796,680
146, 6607,948
.745116, 55088, 364
647
.345110,14089, 610
202, 597169, 571
8, 16141,394
8.265.20
32, 47017, IfO
257, 400
10, 561474, 600
4.6010, 595
4,223
29, 803
.09751, 92549, 450
76,71374,030
783264
9,027
408, 119
326, 603
(3)
19, 028
••67,855
4,234
2.2992.143
27, 113
14, 263
9,6898,965
213684
1,911
19431, 5758,180
171, 23949, 423
.802101, 31076, 912
615
.36592, 67074, 480
193, 849164, 651
10, 31655, 278
8.265.24
23, 04521, 100
218, 000
11,333379, 712
4.719,259
3,654
25, 188
.10241, 00039, 740
50, 23748, 813
6,21410, 4357,403
402, 821
353, 239
(3)
25, 187
r 51, 799
2,713
2.2762.117
25, 093
27, 444160,403 1
16, 48015, 126
2829
1551,774
17553, 33111, 431
215, 86096, 627
.71891, 89072,125
1,139
.38682, 72064, 170
176,626151, 455
15, 72672, 852
8.405.31
20, 33019, 500
200, 500
9,463284, 061
4.878,845
3,319
43, 660
.11131, 93531,000
35, 73235, 359
8,62434, 32210, 430
405, 838
347, 466
(3)
25, 504
47,281
2,641
2.3792 218
14, 605
29, 679
17, 59316, 254
2857
1581,656
13811, 42911,220
216, 51731, 179
.79469, 22046, 002
1,554
.39161, 76044, 480
162, 682139, 355
14, 65549, 110
8.805.52
12,09512,650
152, 500
8,501223, 940
4.978,015
2,479
33, 512
.12422, 85022, 320
21, 17220, 450
5,53135, 79013, 275
392, 077
323, 991
(3)
20, 136
••42,395
'859
2.5902 426
12, 111
27 846
12, 73211, 656
1897
1471,581
1392,675
10, 282205,083
8,596
.88174, 49023, 672
1,519
(060, 02542, 395
147, 683128, 188
8,831' 25, 680
8.805.70
14, 16511,475
156,400
9,362158, 551
5.028,056
2,568
28,515
.14131, 52530, 780
15, 24314, 685
2 112, 5033,918
29, 80716, 499
369, 470
291, 752
(3)2 384, 407
15, 974
' 42, 447
'1,370
2.7112 510
2 279, 18210, 021
26, 581117, 300
8,9398,217
2610164
1, 599
237657
9,471195,888
2,554
.85179, 08013, 399
1,369
(065, 14045, 740
124, 106107, 236
7,81819, 601
8.935.83
14, 7208,575
176, 000
8,68295, 433
5.088,354
r 2, 766
19, 710
.14638, 57037, 700
14,97214, 613
4,51622, 77216, 695
343, 539
254, 853
(3)
22, 092
r 49, 622
465
2.6752 507
8, 679
24 205
9,3078,655
127854
1,613
160495
8,804186, 843
1,031
.83677, 0957,323
1,915
0)64, 63046, 730
110, 12593, 570
6,86816, 073
9.125.99
14, 5308,800
193, 000
9,12473, 267
5.108,219
2,769
9,671
.14940, 42539, 650
18, 55918, 155
4,72916, 56714, 701
316, 819
226, 619
(3)
21, 484
42, 269
794
2.3592 142
5, 773
21 521
8,4237,664
1114457
1,685
214799
10, 904176, 213
2,248
.80289, 9903,482
1,591
0)80, 61558, 915
103, 35088, 737
8,83018, 745
9.126.00
17, 57510, 275
270, 400
8,62263, 117
5.099,273
3,360
6,810
.14853, 94052, 750
32,20231, 806
4 17510, 24415, 218
281, 762
196, 628
(3)
27 753
38, 298
1,157
2.4332 243
5,737
15 75668', 696
8,6617,928
2516650
1,792
183647
9,953166, 314
2,096
828T 100, 025' 4, 449
2,012
0)f 96, 230f 73, 490' 105, 263
r 91, 907
16, 12330, 555
9.326.08
25, 25513,900
332, 000
8,77780, 752
5.0710, 002
3,876
5,383
.14365, 67064,100
40, 75040, 293
r3 523' 4, 896
r 15, 061r 247, 895
•• 176, 118
(3)
23 356
39, 312
668
2.3812 267
5,717
10 879
8,1407,307
.801132, 49518, 096
0)128, 270102, 110122, 313106, 419
9.636.39
44, 30013, 500
449, 700
11, 619177, 715
5.0211, 842
5,171
.14392,40090,250
63, 57762, 469
1 7201,848
14, 233
251, 895
159, 831
(3)
23, 405
2.3542 227
4 290 3077,270
7 597
r Revised. 1 No quotation. * December 1 estimate. 3 No comparable data. 4 June 1 estimate.tSee note in June 1945 Survey for explanation of this price series. cfSee note marked "d* "on p. S-29.©Distilling materials produced at wineries, shown separately above, were combined with production of still wines as shown in the Survey through the February 1947 issue.§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later. The 1947 export figures for
dairy products and grains have been revised to include Army civilian supply exports (see note marked "§" on p. S-20).• Revised 1943 data are on p. 13 of the March 1945 Survey; see note on item in February 1945 issue regarding earlier data; 1944-45 revisions are on p. 23 of October 1947 Survey. Final
revisions for 1946 will be shown later.*New series. Data beginning 1936 will be shown later; the June figure includes old crop only.!Revised series. See note marked "t" on p. S-26 of the September 1947 Survey for reference to revised figures for fiscal years 1941-46 for the indicated alcoholic beverage series. Revisions
for all months of the fiscal year 1947 are shown on p. S-27 of the November 1947 Survey. See notes marked " ! " on pp. S-25 and S-26 of the April 1946 Survey for references to 1941-43 revisionsfor the indicated series for manufactured dairy products; data for 1944-45 for these series and for utilization of milk in manufactured dairy products are shown on p. 16 of the April 1946 Surveybut there have been further revisions in the 1944 and 1945 figures for total cheese and 1945 figures for dry skim milk which are shown on p. 23 of the October 1947 Survey; final revisions for theproduction of all manufactured dairy products for 1946 will be shown later. Revisions for 1920-43 for utilization of milk in manufactured dairy products will also be shown later. JanuaryIS tO-December 1945 revisions for milk production are on p. 19 of the April 1947 Survey. Revised estimates of potato crop and barley for 1929-44 are available on request.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
8 28 SURVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS— Con.
Corn:Exports including meal §t thous. ofbu. _Grindings, wet process _ doPrices, wholesale:
No. 3, white (Chicago).., dol. per bu__No 3 yellow (Chicago) doWeighted average, 5 markets, all grades_.do
Production (crop estimate) t niil of buReceipts, principal markets doStocks, deomstic, end of month:
Commercial do
Oats?Exports including oatmeal §t thous ofbuPrice, wholesale, No. 3, white (Chicago)
dol. perbu..Production (crop estimate) t mil ofbuPeceipts, principal markets. _ _ doStocks, domestic, end of month:
Commercial doOn farmst ^o
Pice:Exports §J thous. of IbImports 5 do. __Price, wholesale, head, clean (N. O.)_.dol. per lb_.Production (crop estimate) f thous ofbuCalifornia:
Receipts, domestic, roughthous. of bags (100 lb.)_.
Shipments from mills, milled rice doStocks, rough and cleaned (in terms of cleaned),
end of month thous. of bags (100 lb.)_.Southern States (La., Tex., Ark., Tenn.):
Receipts, rough, at mills.. thous. of bbl. (162 lb,)._Shipments from mills, milled rice
thous. of pockets (100 lb.)_.Stocks, domestic, rough and cleaned (in terms
of cleaned), end of monththous. of pockets (100 lb.)__
Pye:Price, wholesale, No. 2 (Minneapolis) -dol. per bu_.Production (crop estimate) t thous ofbuPeceipts principal markets doS tocks, commercial, domestic, end of month-do
Wheat:Disappearance, domesticf do_ .Exports, wheat, including four§t_ _ __ _do
Wheat only§ do. _.Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)dol. per bu__
No. 2, Red Winter (St. Louis) do....No. 2, Hard Winter (Kansas City).. doWeighted av., 6 mkts., all grades do
Production (crop estimate), total t mil. of buSpring wheat * doWinter wheat do
Receipts, principal markets thous. of bu__Stocks, end of month:
Canada (Canadian wheat) ...do
Commercial _ do
Merchant mills doOn farmsf ^o
Wheat four:Exports $J . thous. of bbl.Grind ings of wheat® thous. of buPrices, wholesale:
Standard patents (Minneapolis).. dol. per bbl.Winter straights (Kansas City) do >
Production (Census):®Elour thous. of bbl
Operations percent of capacityOffal mil. off Ib.
Stocks held by mills, end of month® thous. of bbl
LIVESTOCK
Livestock slaughter (Federally inspected) :Calves. . thous of animalsCattle . doHogs doSheep and lambs ' do
Cattle and calves:Receipts, principal markets.-. thous. of animals.Shipments, feeder, to 8 corn belt Statesf do...Prices, wholesale:
Steers beef (Chicago) dol. per 100 IbSteers, stocker and feeder (Kansas City). ..doCalves, vealers (Chicago) do
27, 78612,385
1.7901.7791.677
38.7
16.3
1,478
.988
14.2
4.6
60, 363163
.090
583496
233
83
515
615
3.192
138r 1, 359
r 41, 51413, 729
2.6772.7052.6932.637
26, 345
80, 514r 15, 780
T 5, 91255, 744
12.7412.39
12,44581.1930
6271,2643,8311,355
2,154100
24.0621.3323.63
18, 01411, 794
2.1432.0971.948
40.2
11.2687.8
2,767
1.021
12.2
5.03 259. 1
52, 4033
.090
300242
171
107
246
476
3.029
1021,024
224, 890r 38, 237
10, 354
2.7192.5872.3732.563
26, 156
70, 4053 83, 623
s 8, 1293 9, 976
3 24, 591MO, 427
' 5, 93255, 462
12.6011.03
12,33283.9928
2.237
6211,2073, 6531,329
2,384120
25.8721.1124.00
16,35311, 635
0)2.1691.995
39.1
11.8
2,274
.952
16.2
5.6
22, 8971
.126
207154
169
99
477
119
2.541
177556
41, 38320, 047
2.9352.3682.2882.400
121, 869
55, 395
114, 913
4,54057, 031
13.2710.77
12,71383.2
944
6561,2743,4551,280
2,435157
27.8521.9122.94
5,82711,083
2.7402.3462.295
22.8
7.7
950
1.014
29.2
15.9
21, 5922
.125
41142
59
573
309
393
2.466
2,6342,214
r 56, 84338, 605
2.7102.3842.3182.472
91,847
58,655
167, 718
r 3, 88059, 619
12.7210.97
13, 23386.4996
6281,2172,7311,253
2,259198
28.8421.2222.63
1,95111, 100
2.5832.5132.370
22.6
7.93 254. 2
663
1.161
22.5
26.6964.3
61, 944204
.118
7569
41
3,306
1,784
2,002
2.817
2,0843,824
3?6, 391r 46, 278
29, 132
2.8402.7042.6462.801
72, 625
113,8631,122,206
175,069196, 631136, 216610, 300r 3, 64856, 720
13.5712.03
12,64685.8
9482,523
7191,4072,9481,458
3,199395
29 5421.6524.30
1,42511,387
2.5082.4032.277
21.1
7.3
609
1.201
16.7
27.8
118,8891,236.114
1,490443
536
5,790
3,051
4,863
2.853
1,3664,262
41, 86226, 366
3.1672.9522.9533.093
68, 872
146, 292
166, 359
3,29760, 393
14.5613.13
13,43284 3
1,012
8131 4973 9781 697
3,353621
29 8220.9625. 38
1,49610, 831
2.4652.4232.345
22.7
11.6
r 2, 728
1.241
7:4
22.1
140, 214424
.121
877449
639
2,644
2, 889
4,755
2.824
5124,427
r 36, 834r 25, 933
3.2313.0202.9993.154
43, 297
130, 639
152, 400
2,31954, 188
14.9713.51
12, 08089 0899
7621 3375 5011 471
2,617321
29 5221.3225.81
r 1,0279,762
2.5722.6112.489
2 2, 401. 020.0
13.21, 517. 9
1,741
1.2732 1, 216. 0
8.1
14.0743.8
90,675209
.1222 79, 345
510292
669
942
1,625
4,141
2.7692 25, 977
4434,072
325, 626r 38, 301' 26, 421
3. 1603.0893.0113.110
2 1, 364. 92 296 9
21,068.040, 028
126,282796 618141,889112 279111, 730427, 620
f 2, 52853, 734
14.2313. 21
11,97778 0896
3 016
6731 3466 2541 451
2,233145
29 0823.5926. 75
60310, 180
2.6922.7112.582
26.9
17.0
2,614
1.401
12.0
10.0
31, 628267
.127
582549
527
621
1,307
3,562
2.763
4373,636
45, 94024, 502
3.1983.1203.0323.149
36, 469
115, 735
124, 041
4,56155 141
14.0613 20
12 33480 0
922
5861 3125 2231 347
2,028103
29 1626.3129. OR
9428,386
0)2.2532.152
18.3
21.0
1,291
1.273
5.8
7.1
104, 889647
.134
820796
284
365
890
3,071
2.410
3672,688
39, 14727, 121
2.7652.8662.5082.684
16 296
102, 328
97 989
2 55947 974
12.3411 24
10 71578 1804
511977
3 7461 209
1. 48559
26 4324.1597 Oft
7837,999
2.4422.3012.229
12.3
9 3849.2
1,091
1.298
8.4
3.3410.6
63, 3221,266.129
728273
481
203
953
2,359
2.562
6091,521
319, 10234, 62419, 397
2.6672.5382.4542.609
14, 895
85, 835477 593
70, 17473 47673 565
256 533
3 24049 631
12.0811 07
11 10669 0831
2 567
566r g%fi
3 5741 175
1,68054
26 7125.579.5 R5
1,2137,804
2.3902.3182.257
19.7
7.5
1,113
1.253
8.2
1.9
93, 137480
.129
1,021668
490
155
1, 217
1,346
2.530
6541,286
36, 20621, 118
2.6692.5462.4452.612
23, 300
72, C82
56, 694
T 3 21050 288
11.9110 92
11 26572 6845
550899
3 3431 045
1,87882
28 4326.6295 75
8,408
2.3882.3062.249
19.9
5.0
1.1704 1,357.2
9.2
1.7
.138
634476
404
207
832
735
2.412
657954
2.6252.4402.4022.596
4 315 2
31, 475
53, 096
49, 622
51 883
11.4610 61
11 56677 7861
5QQ
8773 562
978
1, 898117
q-t oo
27.6098 Qfl
p Revised. l No quotation. 2 December 1 estimate.* Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats and wheat until crop year begins in July. 4 June 1 estimate, oats, spring wheat,§ Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-Ecbruary 1945 will be published later. The unit of measurement
for wheat flour exports was erroneously shown as thousands of bushels in the August 1947 Survey and earlier issues; the figures have been shown in thousands of barrels in all issues.1 The total includes wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins i^ot included in the break-down of stocks.T Revised series. The indicated grain series have been revised as follows: Crop estimate for oats, 1932-44, and rice, 1937-4<i; other crop estimates, 1929-44; domestic disappearance of wheat
and stocks of wheat in country mills and elevators, 1934-44; corn, oat and wheat stocks on farms and total United States stocks of domestic wheat, 1926-44; all revisions are available on requestSee p. S-27 of the August 1943 Survey for revised figures for 1941-42 for feeder shipments of cattle and calves.
®Data for June 1947 and previous months were reported by approximately 1,100 mills believed to account for about 98 percent of the industry; later data are estimates for these millsbased on monthly reports of 425 mills with a daily 24-hour capacity of 401 sacks or more of flour,
t Data include Army civilian supply shipments (see note marked "§" on p. S-20).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CURRENT BUSINESS S-29
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK— ContinuedHogs:
Receipts, principal markets thous. of animals..Prices:
Wholesale, average, all grades (Chicago)dol. per lOOlb..
Hog-corn ratio fbu. of corn per 100 Ib. of live hogs_.
Sheep and lambs:Receipts, principal markets thous. of animals..Shipments, feeder, to 8 corn belt Statesf doPrices, wholesale:
Lambs, average (Chicago) dol. per 100 lb_.Lambs, feeder, good and choice (Omaha) -do
MEATS
Total meats (including lard):Exports§J ...mil. of lb_.Production (inspected slaughter) doStocks, cold storage, end of month (8>cf- __.do
Edible offal® doMiscellaneous meats and meat products®
mil. oflb-Beef and veal:
Exports§J thous. of IbPrice, wholesale, beef, fresh, native steers
(Chicago) dol. per lb_-Production (inspected slaughter) thous. of lb__Stocks, cold storage, end of month (gx^ do
Lamb and mutton:Production (inspected slaughter) doStocks, cold storage, end of month <g>d" do
Pork including lard, production (inspectedslaughter) thous. of lb_-
Pork, excluding lard:Exports^ --'- - do.Prices, wholesale:
Hams, smoked (Chicago)©-- -dol. per lb__Fresh loins, 8-10 Ib. average (New York). do
Production (inspected slaughter) thous. of lb_-Stocks cold storage, end of month <8>c?- --do
Lard:ExportsSf doPrice, wholesale, refined (Chicago).. -dol. per l b _ _Production (inspected slaughter) thous. of lb_.Stocks, cold storage, end of monthd" do
POULTRY AND EGGSPoultry:
Price, wholesale, live fowls (Chicago). -dol. per lb_.Receipts 5 markets thous. of IbStocks cold storage, end of month cT_ __ _ _ d o _ _
Eggs:Dried, production* doPrice, wholesale, U. S. standards (Chicago)*
dol. per doz__Production! millionsStocks, cold storage, end of month :d"
Shell thous. of casesFrozen thous. of lb_.
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturers thous. of dol_.Cocoa or cacao beans:
Imports^ long tons-Price, wholesale, accra (N. Y.)§ dol. per lb_
Coffee:Clearances from Brazil, total thous. of bags.-
To United States doImports § - - doPrice, wholesale, Santos, No. 4 (New York)
dol. perlb.-Visible supply, United States thous. of bags_.
Fish:Landings, fresh fish, 4 ports thous. of IbStocks, cold storage, end of month do
Sugar:Cuban stocks, raw, end of month^
thous. of Span, tons..Onited States:
Deliveries and supply (raw value): *Deliveries, total short tons
For domestic consumption doFor export do
Production and receipts:Entries from off-shore areas doProduction, cane and beet do
Stocks, raw and refined, end of monththous. of short tons..
' Revised. 1 No quotation. ©Prices since Nov2 January- April 1948 total, including corrections fc
2,270
22.24
14.4
1,713128
21.620)
911,625
79767
'62
34, 072
.376705, 739144, 538
60, 1839,563
758, 646
15, 079
.654
.531561, 155364, 531
28, 728.198
144,207148, 663
.27533,063
187, 717
14, 014
.409r 6, 129
3,452202, 245
52,005
18, 859.282
756225973
.2371,222
34, 86879, 733
r 3, 841
' 522, 779' 484, 416
r 38, 363
655, 18616, 512r 1, 605
ember 194(r months ]
2,329
22.06
12.6
1,982134
24.260)
631,490
77269
50
28, 532
.408670, 038114, 568
54, 8239,348
756, 848
4,651
.572
.529556, 305352, 814
22, 007.165
146, 690175, 269
.24434, 800
171, 260
14,163
.4145,202
4,203237, 303
43,684
20,376.301
1,057545776
.2531,132
45, 80590, 158
3,642
998, 180986, 41111, 769
544, 24334, 590
1,148
5 are not t3rior to Af
2,206
22.11
11.7
1,677166
22.750)
521,509
74367
40
18, 424
.434702, 877101, 732
53, 1728,085
753, 173
1,955
.598
.552550, 620331, 746
23, 041.182
148, 100193, 736
.24040, 474
174, 627
9,113
.4344,539
4,268241, 573
36, 258
13, 627.327
912564
1,069
.2561,000
47, 716110, 611
2,991
826, 310778, 97847, 332
719, 95638, 992
1,106
trictly cor)ril, 248,372
1,774
23.74
11.1
1,688283
20.2521.31
621,289
63659
36
15,263
.469650, 486106, 179
52, 0077,837
586, 369
4,651
.641
.593438, 482264, 124
34, 804.176
108, 114162, 565
.23537, 316
183, 024
1,324
.4223,832
3,807234, 434
42, 059
19, 598.345
1,4521, 0181,153
.2641,056
59, 746132, 930
2,591
800, 184792, 920
7,264
605, 07586, 749
1,001
nparable vtons; corr
1,942
26.66
11.3
2,452556
22.5022.60
811,356
50656
29
23, 898
.482749, 02792, 781
60, 0436,645
547, 045
2,905
.664
.622417, 926195, 896
43, 420.232
94, 015125, 579
.24251, 774
205, 653
184
.4503,383
2,804216, 762
63, 089
17, 513.404
1,5701,1171,818
.2721,128
53, 707135, 870
2,238
740, 720730, 790
9,930
465, 489132, 019
861
nth earlierected mon
2,305
27.81
12.4
2,871677
22.6221.05
621,556
48051
27
8,400
.466792, 883112,290
69, 89111, 893
683, 312
2,412
.589
.564539, 982187, 971
38, 286.285
111,61990, 437
.23661, 637
277, 870
226
.4643,457
1,818189, 596
84, 539
12, 645.495
1,412903
1,870
.2701,288
57, 437140, 070
1,121
902, 939887, 34715, 592
459, 202634, 233
911
data; figubhly figure
3,303
24.96
11.1
1,833393
22.7520.98
521,740
63558
31
5,983
.466707, 751151, 856
60, 79017, 280
971, 957
3,228
.551
.480759, 222304, 851
33, 522.302
154, 63973, 377
.21678, 087
317, 112
330
.4553,291
824164, 673
76, 085
12, 625.510
1,5951,1381,515
.2721,110
31, 361142, 102
813
586, 012580, 194
5,818
443, 968636, 444
1,407
re for Nov5 are not a
3,771
26.31
10.5
1,587131
24.0820.53
391,918
98071
42
2,360
.468709, 306196, 252
61, 94320, 317
1, 147, 168
2,400
.577
.456867, b96527, 159
23, 210.290
204, 084113, 286
.24068, 856
317, 463
162
.5173,746
196138, 192
73, 802
31, 858.430
1,5501,1732,157
.2681,369
28, 519133, 844
215
378, 341366, 5.7511, 766
384, 783485, 709
1,904
rniber 1946vailable.
3,272
26.71
10.9
1,42881
25.0021.78
351,7621,130
74
50
1,389
.479698,314193, 316
60, 10719, 294
1, 003, 276
1,756
.612
.482745, 581659, 309
23, 143.292
188, 171133, 513
.26528, 083
293, 640
552
.4414,338
269122, 438
61, 994
18, 415.436
1,4331,0892,055
.2661,144
18, 227112, 046
455
343, 020337, 591
5,429
81, 968144, 172
1,808
, comparalill -U- _ U _
2,305
22.25
11.2
1,25564
23.0020.44
411,3231,168
71
65
1,467
.419541, 914178, 541
55, 85916, 971
724, 834
3,216
.538
.471531,423700, 114
25, 544.239
141, 384137, 416
.26022, 385
262, 374
1,029
.4344,723
374120, 665
65, 094
39, 151.436
1,220760
1,884
.2641,183
26, 16490,491
1,645
388, 071382, 930
5,141
359, 25968, 262
1,880
Die with la
2,309
21.40
10.3
1,25965
21.5019.47
691,2991,097
67
70
9,165
.436563, 238154, 411
55, 04914,890
680, 771
3,430
.561
.523,506, 096661, 399
47, 530.238
127, 736129, 028
.28025, 275
205, 745
1,781
.4326, 093
1,165143, 253
67, 698
32, 147.394
1,285742
1,884
.2641,111
44, 18576, 743
2,911
572, 746565, 503
7,243
566, 62759, 875
1,950
ter date is
2,462
19.79
9.4
1,21169
24.0021.61
251,197'990'56
'68
1,050
.468527, 314120, 898
47, 601' 9, 106
621, 675
1,794
.569
.536473,317
r 606, 827
16, 328.250
108, 165' 138, 924
.29826, 614
' 153, 424
3,213
.4296,304
r 3, 091' 195, 954
56, 189
17, 460.354
1,413979
1,211
.266952
r 68, 268
3,134
552, 391557, 910
4,481
445, 309(2)
1,843
$0.545.
2,660
20.15
9.1
1,382106
28.7522.67
1,22885253
49
.500503, 226103, 821
42, 0398,288
682,325
.576
.545514, 718584, 973
.243122, 340152,634
.29231,221
118,391
5, 541
.4105,992
4,896250, 797
46, 075
.332
1,6051,118
.270948
85, 601
3,810
557, 475553, 807
3,668
512,51025, 260
1,782
§ Data continue series shown in the 1942 Supplement but suspended during the war period; unpublished data beginning October 1941 will be shown later.cfCold storage stocks of dairy products (p. S-27) meats, poultry, and eggs include stocks owned by the U.S. Dept. of Agriculture and other Government agencies, stocks held for Armed
Forces stored in warehouse space not owned or operated by them and commercial stocks; stocks held in space owned or leased by the Armed Forces are not included.<8>See note in May 1946 regarding changes in the indicated series made in that issue and an earlier change beginning June 1944.• Data are from the U. S. Department of Labor. Quotations since July 1943 have been for U. S. Standards; they are approximately comparable with earlier data for fresh firsts.1 For data for December 1941-July 1942 see note in November 1943 Survey.*New series. Data for 1927-43 for dried eggs are on p. 20 of the March 1945 Survey. See note in April 1945 Survey for description of the new sugar series.fRevised series. The hog-corn ratio has been shown on a revised basis beginning in the March 1943 Survey; revisions for 1913-41 will be shown later. See p. S-27 of the August 1943 Survey
for 1941-42 revisions for feeder shipments of sheep and lambs and p. 24 of June 1947 issue for 1940-45 revisions for egg production.JData include Army civilian supply exports (see note marked "§" on p. S-20).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-30 SURVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS— Con.
Sugar— ContinuedUnited States— Continued
Exports refined sugar §c? short tonsImports: §
Raw sugar, total - doFrom Cuba do
Refined sugar, total _ _ _ doFrom Cuba do
Receipts from Hawaii and Puerto Rico:Raw doRefined - - - do
Price, refined, granulated, New York:Retailt dol. per lb__Wholesale do _ _
Tea imports S thous of Ib
TOBACCOLeaf:
Exports incl scrap and stems $c? thous. of IbImports incl scrap and stems § doProduction (crop estimate) mil. of IbStocks, dealers and manufacturers, total,
Domestic:
Fire-cured and dark air-cured doFlue-cured and light air-cured doMiscellaneous domestic do
Foreign grown:vulgar ied.1 ,
Manufactured products:Consumption (withdrawals):
Cigarettes (small):Tax-free* - - millions, .Tax-paid - do
Cigars (large) tax-paid _ thousandsManufactured tobacco and snuff, tax-paid
thous. of lb_-Exports cigarettes §c? - -- millionsPrice, wholesale (list price, composite) :
Cigarettes, f.o.b., destination dol. per thous.-Production, manufactured tobacco, total
thous of IbFine-cut chewing doplug do
Smoking doSnufT - - doTwist do
32, 146
300, 783300, 782
45, 96445, 964
182, 95623, 795
.095
.0812,508
23, 1024,848
2,96625, 068
473, 968
16,1111,094
6.509
16,473295
1,9793,0817,5763,198
344
16, 730
360, 344360, 34461, 22661, 226
234, 1113,162
.096
.0814,826
39, 1565,624
3,187
370243
2,4133
36122
2,26929, 097
432, 527
18, 7922,294
6.509
18, 357326
3,0013,2118,5003,007
312
29, 602
388,185388, 184
34, 94034, 940
180, 09516, 655
.095
.0813,438
30, 3965, 592
2,33329,549
439, 108
21, 0081,619
6.509
21, 266303
4,7563,4679,3452,968
427
18, 451
346, 484346, 48433, 88933, 889
222, 06710, 227
.095
.0821,275
28, 7245,258
2,52829, 060
466, 511
22, 1841,685
6.509
22, 629306
5, 0023,661U, 8813,341
440
8,222
257, 629257, 62613, 00913,009
214, 5904,750
.098
.0824 597
47, 8025 864
3,334
338216
2 6333
34110
2,70629, 204
483, 288
24, 7061,937
6.509
24, 233332
4,8923,975
10,8493,719
466
15, 191
275,544275, 54323, 47723, 477
169, 9576,550
.097
.0825,487
59, 4066,720
3, 52733, 237
587, 880
25, 9092,107
6.509
26, 251366
5,1434,426
11,6834,101
533
8,914
283, 839282, 514
7,2047,204
77, 7522,000
.098
.0826, 665
40, 9055,808
. 2, 53627, 333
495, 401
18,1441,860
6.509
18, 816298
3,8683,4657,8882,883
414
20, 151
384, 959341, 283
7,4977,497
33, 1063,000
.098
.0825,429
46, 0144,007
r 2 2, 108
3,800
318210
3,1143
32123
2,99724, 799
446, 719
15, 6832,140
6.509
17, 283330
3,2213,2006,9983,130
404
4,237
60, 78433, 9102,8442,083
27, 3084,628
.098
.0807,863
23, 6017,713
3,21327, 278
461, 398
19, 5872,000
6.509
19, 232363
3,5163,3838,0173,489
464
5,544
274, 977251, 18726, 70924, 782
63, 9036,473
.093
.0777,105
33, 6015,725
3, 57823, 349
460,141
18,0712,365
6.509
18, 549334
3,5223,1837,7913,265
454
9,305
384, 684363, 97826,29525, 711
92, 00225, 866
.093
.0766,491
19, 1947,153
3,812
351287
3,0153
30127
3,19729,154
470, 099
20, 2222,349
6.509
21, 055322
3,9103,5608,9103,879
473
3,936
210, 620204, 96551, 23249, 787
.093
.07612, 079
27, 7867,075
2,42232, 036
449, 504
21, 8211,417
6.509
.092
.075
2,36328, 498
444, 491
19, 024
6.509
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (see p. S-28).Imports total hides and skins § thous of Ib
Calf and kip skins thous of piecesCattle hides doGoatskins doSheep arid^ lamb skins do
Prices, wholesale (Chicago):Hides, packers', heavy, native steers.. dol. per lb_.Calfskins packers' 8 to 15 Ib do
LEATHERExports: §
Sole leather:Bends backs and sides thous of IbOffal including belting offal do
Upper leather thous of sq ftProduction:
Calf and kip thous. of skinsCattle hide _ . _ thous. of hidesGoat and kid thous. of skinsSheep and lamb _ _ _ do
Prices, wholesale:Sole, oak, bendsf dol. perlb..Chrome, calf, B grade, black, composite
dol. per sq. ft_.
LEATHER MANUFACTURES
Gloves and mittens, production, total*thous. doz. pairs. .
Dress and semi dress, total doLeather doLeather and fabric combination do .Fabric do
Work, total do _Leather. .doLeather and fabric combination. _ doFabric do
14, 0173551
3,0392,013
.223
.534
14859
3,761
1,0112,4733,0372,631
.593
1.007
2,286510893
4181,776
94221
1,461
11, 9912730
4,2831,386
.231
.638
16973
3,183
1,0492,2433,2732,472
.593
1.069
2,089504894
4121,585
103206
1,276
17, 4902338
3,4215,410
.262
.660
29201
2,722
8872,1313,2972,486
.602
1.214
8,5232842
3,0763,806
.295
.619
144245
2,954
1,0692,2692,9853,169
.637
1.218
8,9509429
2,686946
.301
.625
135129
2,674
1,1062,3103,3633,501
.66231.203
6,3921,557
33426
1 1974,835
273633
3,930
13. 52779
1422,9331,304
.343
.669
244235
3,285
1,1252,6383,7753,647
.750
3 1. 246
18, 56182
1863, 5732,872
.375
.756
11695
2,943
8992,3712,8783,094
.808
3 1. 324
31, 447102453
3,6491,203
.359
.745
5253
1,970
9372,4183,3193,001
.813
31.324
7.4281.676
36821
1 2875,752
294761
4,697
58, 027310850
3,6402,709
.308
.650
4360
2,086
9122,4053,4072,782
.784
31.272
26, 21598
1875,8352,342
.257..415
32116
2,180
8342,3303,1882,934
.742
31.165
21, 24276
2744,2262,246
.222
.351
1972
1,789
818r 2, 268T 3, 540r 2, 892
.653
31.042
» 7, 212v 1, 453
v 277v 22
•P i 154v 5 760
P277P 754
* 4, 728
17, 26686
1133,5102,128
.248
.392
25118
2,019
8362,1693,4162,700
.632
3 1. 048
.272
.472
.676
31.055
' Revised. *> Preliminary. 2 December 1 estimate.3 Comparability of the data is affected beginning September 1947 by a change in grade for one reporting firm; September 1947 figure comparable with earlier data $1.223.t See note in March 1947 Survey with regard to a change in the series in January 1946.§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.* New series. For source and a description of the series for tax-free withdrawals of cigarette? and data beginning July 1943, see p. S-29 of the March 1947 Survey. The series for gloves and
mittens were first included in the May 1946 Survey; see note in that issue; data are collected quarterly only beginning the third quarter of 1947 (figures in the September and December 1947columns are totals for the quarters).
t Revised series. The price for sole oak leather beginning in the October 1947 Survey is for packers', steers bends, union trim tannery run, vegetable tanning; earlier data will be shown later.cfRevised to include Army civilian supply exports (see note marked "§" on p. S-20.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CURRENT BUSINESS S-31
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu- Febru-ary ary March April May
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES— Continued
Shoes and slippers:Exports! thous. of pairsPrices, wholesale, factory :cT
Men's black calf oxford _ _ dol. per pairWomen's plain black kid blucher__ _ __do_ _
Production, total^J _ thous. of pairsShoes, sandals, and play shoes except athletic,
total _ _ _ _ _ thous. of pairs.By type of uppers:
All leather doPart leather and nonleather do
Bykinds:f
Youths' and boys' _ _ _ do .Women's. _ do__._Misses' and children's- doInfants' and babies' do. __
Slippers for housewear _ _ doAthletic. _ _ _ do_ _Other footwear _ do
545
6.004.90
36, 404
33, 638
32, 1781,554
9,0781,373
16, 2794,3892,5192,257
365144
414
6.004.90
34, 131
31, 343
29, 8051,532
8,2971,495
15, 0694,0412,4412,272
301215
429
6.304.90
33, 870
30, 875
29, 7281,091
8,0531,521
14, 7683,9852,5482,512
308175
409
6.504.90
38, 982
34, 735
33, 4541,174
8,4491,607
17, 5484,2712,8603.676
363208
358
6.504.90
40, 826
36, 035
34, 7671,331
8,8121,587
18, 0534,5113,0724,186
395210
505
6.634.90
46, 765
40, 098
38, 7301,374
10, 3501,815
19, 2425, 2773,4145,936
492239
430
6.754.90
37, 982
32, 561
31, 2941,185
8,1921 526
15, 3284 5412,9744 894
351176
486
7.154.90
39, 849
35, 794
34, 4711,331
9,3061,556
16, 6935,0043,2353,539
349167
398
7.155.70
40 731
37, 899
36, 1181,816
9,2641,397
18, 4835 3503,4052 349
304179
519
7.155.70
40, 290
37, 346
35 1302,126
9,0881,223
18, 3715 2773,3872 464
298182
450
7.155.70
' 44, 852
' 41, 502
38, 9722,603
r 9, 951'1,284' 20, 372
«• 6, 0443,851' 2, 801
'365184
565
7.015.56
39, 426
36, 315
34, 2922,319
9,2581,254
16, 8975, 3933,5132,591
335185
6.605.15
LUMBER AND MANUFACTURES
LUMBER— ALL TYPES
Exports, total sawmill products§ M bd ftSawed timber§ doBoards, planks, scantlings, etc.§_ _ do
Imports, total sawmill products§ doNational Lumber Manufacturers Association:!
Production, total _ _ _ mil. bd. ftHardwoods doSoftwoods _. _ do
Shipments, total doHardwoods. _ _ doSoftwoods do
Stocks, gross, end of month, total. _ doHardwoods _ _ doSoftwoods do
HARDWOOD FLOORING
Maple, beech, and birch:Orders, new _ _ _ M bd ftOrders, unfilled, end of month doProduction. doShipments doStocks, end of month _ _ do
Oak:Orders, new _ _ doOrders, unfilled, end of month doProduction _ _ _ _ _ _ _ _ _ d oShipments... „ doStocks, end of month. _ do
SOFTWOODSDouglas fir:
Exports, total sawmill products§ M bd. f t _ _Sawed timber§ _ _ _ doBoards, planks, scantlings, etc.§ do
Prices, wholesale:Dimension, No. 1, common, 2" x 4" x 16'
dol. per M bd.f t-Flooring, B and better, F. G., 1" x 4", R.
L_ _ _ do! per M bd ftSouthern pine:
Exports, total sawmill products§ M bd. f t_ .Sawed timber§ _ _ . doBoards, planks, scantlings, etc.§ do_
Orders, newt mil. bd. f t _ -Orders, unfilled, end of montht-- d o _ _ _Prices, wholesale, composite:
Boards, No. 2 common, I" x 6" or 8" x 12'tdol. per M bd.ft .
Flooring, B and better, F. G., I" x 4" x 12-14'fdol. per M bd . f t_ .
Productiont mil. bd. ft—Shipments! doStocks, end of montht-- do
Western pine:Orders, newf-- doOrders, unfilled, end of montht __.doPrice, wholesale, Ponderosa, boards, No. 3 com-
mon, V x 8"_ dol per M bd ftProductiont mil. bd.' ftl"Shipmentst- _ doStocks, end of montht do
West coast woods:Orders, newf _ _ do_. —Orders, unfilled, end of month _ .doProductiont doShipmentst doStocks, end of montht--- do. .
162, 63334, 237
101, 01467, 685
3,333695
2,6383,141
6912,4505,4091,9813,428
5,37510, 1754,8504,8001,500
47, 70843, 12248, 70947, 8397,886
82, 59428, 01454, 580
62. 865
95. 040
25, 0813,623
21, 458793449
65. 694
133. 250954888
1, 464
543273
54.69679585933
606728672675485
r Revised. 1 See note marked t §Data continue series putIData include Government shoes not reported separately; t
uppers) ; revised data beginning 1944 for these series and additionthe distribution by kinds include, beginning May 1947, small amo
131, 79521, 33986, 56860, 598
3,139700
2,4392,803
5962,2075,7432,0853,658
5,90011, 3755,1254,8751,775
48,44444, 34046, 98545, 4358,797
61, 33216, 58344, 749
62.865
95. 040
22, 5913,444
19, 147834494
62. 656
132. 148833789
1,508
573415
54.36671569
1,035
531689622571534
)lished in the classifical revisionunts that c
131, 22620, 48086, 60573, 073
3,284746
2,5382.897
6602,2375,9612,1713,790
6,25012, 2255,5755,2752,050
59, 66368, 43955, 62953, 5799,370
67, 12817, 19049,938
62.865
101. 970
21 , 8831, 952
19, 931962570
63. 462
130.910878886
1,500
599490
55.23711614
1,132
605852635455545
he 1942 Suations by '.s indicatedannot be d
156,60722, 69297, 44796, 768
3,279796
2,4833,269
7762,4936,0482,1913,857
6,50013, 3255,5505,5751,950
57,67858, 06457,99658, 1268,314
74, 43219, 72754,705
64.845
104. 940
16, 5342,214
14, 320981641
67. 978
134. 279861910
1,451
650544
56. 23718645
1,205
632845593632583
oplement 1dnds werein note inistributed
125, 14016, 85488, 788
118, 356
3,256767
2,4893,318
7412,5776,0782,2173, 861
6,07513,8755,8255,4752,425
53, 53560, 19562,69660, 8008,045
74, 52114, 57859, 943
67. 815
111.870
8,9201,4727,448
857626
71. 127
138. 150799S72
1,378
618568
59. 01680621
1,264
730804689765599
)ut suspenrevised inthe Septerto the all 1
102, 56915,01871, 930
148, 984
3,325773
2, 5523,360
8022,5586,0402,1883,852
7,15014, 4757,1506,5003,000
61, 54957, 62669, 62366, 69710, 971
54, 65113, 14941, 502
67.815
111. 870
12, 7531,656
11,097860573
73.311
141. 139876913
1,341
594595
61.23676629
1,311
694801678695579
ded duringthe Octobenber 1947' feather and
109, 79922, 33771, 538
128, 161
2,917726
2,1913,164
7792,3855,8012,1353,666
6,05014, 6505,5505,7252,675
47, 64652, 75156, 66755, 78410, 704
68, 22520. 77647; 449
67.815
111.870
8, 7151,4357,280
693545
74. 521
146. 731676721
1,296
534604
63.22514561
1, 264
708721709795501
the war pjr 1947 SunPurvey wilpart leatt
' 72, 913' 14, 068r 51, 172173, 460
2,763650
2,1132,844
6412,2035,5572,0183,539
5,97514, 7756,1505,3003,450
49,39751, 13557, 88651, 01316,086
45, 94613, 39832,548
70.587
116.820
7,738783
6,955690501
78. 316
149. 273755734
1,317
587526
61.68517567
1,217
572659575626442
eriod.^ey to inclibe publis
ler and no
73, 41415, 43250, 158
129, 394
2,719682
2,0372,788
6722,1165,7392,1403,599
7,57515, 8006,3006,6003,250
62,05754, 45561, 15261, 89414, 605
48, 87514,01534, 860
67. 815
110. 880
6,5271,4025,125
797574
78. 594
150. 326708724
1,301
i ' 504i 5bl
63.55i '388i ' 469
i r 1, 136
687695670649462 1
ide all typbed later,nleather cl
57, 35911,84037, 974
142, 761
2,480631
1,8492,623
6971,9265,6012,0743,527
6,60016, 5756,2505,9253,550
56, 81458, 12957, 95557, 07815, 482
32, 89310, 40322, 490
64. 350
104. 940
7,5851,3926,193
579522
77. 728
150. 326581631
1,251
441576
64. 45384426
1,094
622675630618477
es (leatherThe total
assification
75, 10211, 39055, 022
181, 504
3,022714
2,3083,020
7492,2715,6042,0403,564
7,17517, 3506,5256,5753,650
59, 98855, 32064, 99162, 79715, 626
47, 40810, 26237, 146
64.350
104. 940
7,209953
6,256775508
77. 461
152.019827789
1,289
553648
66.16467481
1,080
680616715711482
, part leat3 for shoess.
56, 8588, 323
41, 669145, 949
r 3, 035703
2,3322,997
7382,2595,7732,0083,765
6,17517, 5756,8006,2254,275
64, 78459, 39767, 54165, 22617, 941
31, 1077,042
24, 065
70.042
116. 078
8,6201,1477,473
778489
77. 007r 152. 164
860797
1,352
500654
66.36515493
1,102
769742633654590
her, and r, sandals,
3,089674
2,4153,077
7522,3255,8051,9313,874
5,95017, 2256,2005,9254,475
60, 29360, 81965, 61663, 44919, 654
74. 250
127. 215
790474
75. 325
152.164894805
1,441
587685
67.66588557
1,131
660754572634550
lonleatheretc., and
<£Data continue series published in the July 1944 and earlier issues of the Survey; see note in August 1947 Survey for data for June 1944-May 1946 "T ' 1
1n(S,seiTu- ?ue not£ mark(;d "J" above regarding revision of the shoe series and note in February 1946 Survey explaining revision in the Southern pine price series. Data beginningJanuary 1946 for the other indicated lumber series (with the exception of Southern pine orders and stocks and Western pine stocks), as published prior to the March 1948 Survey, have beenrevised to adjust the monthly series to Census annual production figures for 1946, and there have been unpublished revisions in the earlier data for the lumber series as indicated in notes in the
i the back cover of the FebruaryT in 2 Oregon counties. Data for
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-32 SUEVEY OF CUREENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
LUMBER AND MANUFACTURES—ContinuedSOFTWOOD PLYWOOD
Production* thous. of sq. ft., Y%" equivalentShipments* doStocks, end of month* . do _
142, 409141,98035, 424
140, 147142,81731. 345
107, 588102, 04236, 332
139,398137, 68937, 036
147, 823146, 99338, 070
170, 769162, 05943, 973
145, 370149, 19740, 524
150,853159, 00531,509
159,395153,01737, 755
156, 666155 87839, 323
185, 716184, 44339, 879
164, 862162, 97540, 435
150, 717150, 05440, 668
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade :§Iron and steel products (excl. advanced mfrs.):
Exports (domestic), total short tonsScrap do _.
Imports total doScrap do
Iron and Steel Scrap
Consumption total* thous of short tonsHome scrap* doPurchased scrap* do
Stocks consumers', end of month, total* doHome scrap* doPurchased scrap* do
OreIron ore:
All districts:*Production thous. of long tonsShipments doStocks, end of month do
Lake Superior district:Consumption by furnaces. do _.Shipments from upper lake ports doStocks, end of month, total _ _ _ do _.
At furnaces doOn Lake Erie docks _ _ _ do _
Imports§ doManganese ore, imports (manganese content) §
thouq of long tons
Pig Iron and Iron Manufactures
Castings, gray iron:*Shipments, total thous. of short tons.
For sale doUnfilled orders for sale.. do _.
Castings, malleable iron:d"Orders new for sale short tonsOrders, unfilled, for sale _ _ doShipments total do
For sale -_ do_ _ -Pig iron:
Consumption* thous. of short tonsPrices, wholesale:
Basic (furnace) do1, per long ton-Composite doFoundry, No. 2, f. o. b. Neville Island*. -do
Production* thous. of short tonsStocks (consumers and suppliers'), end of month*
thous of short tons
Steel, Crude and Semimanufactures
Steel castings:!Shipments, total short tons__
F o r sale, total _ _ _ d oRailway specialties do
Steel forgings, for sale:*Orders, unfilled, total _ do
Drop and upset doPress and open hammer do_ _
Shipments, total . _ _ _ _ _ ._ d oDrop and upset doPress and open hammer __ _ _ do
Steel ingots and steel for castings:Production _ thous. of short tons. _
Percent of capacity tPrices, wholesale:
Composite, finished steel ___dol . per lb._Steel billets, rerolling (Pittsburgh)
dol. per long ton__Structural steel (Pittsburgh) dol. per lb__Steel scran (Chicago) dol. per long ton__
657, 92418, 17515, 7282,184
5,2922,7442,5484,0821,1332,949
10, 98111, 7558,438
6,88510, 37317, 61815, 5412,078
439
46
1,097633
2,783
29, 006262, 117
75, 48842, 304
4,982
33.0033.8133.505,081
748
140, 874103,77928, 850
662, 579544, 058118, 521115,74385, 72930, 014r 7, 339
95
.0329
42.00.025029.25
630, 73129, 57919, 4003,410
5,1842,5602,6244,0671,3032,764
11, 64312, 4997, 582
6,50011,45721, 74619, 5942,152
479
38
1,038597
2,711
31, 972248, 798
78, 52445, 291
4,842
33.0033.8133. 504,810
769
139, 031103, 88831, 879
633, 467519, 760113, 707110,44680, 76129, 685
r 6, 97893
.0329
42.00.025030.88
571, 77720, 52821, 7332,426
4,7522,3842,3684,0961,2572,839
13, 12714, 0696,608
6,15612,61428,44025, 6772,764
576
56
913519
2,675
26, 591234, 65664, 16240, 733
4,507
34.2035.0834.704,585
887
116,95685,01421, 280
630, 925529, 817101, 10892, 35270,31622, 036
' 6, 57985
.0329
42.60. 025636.95
r 568, 87910, 71715, 2693,917
4,8262,5612, 2654,3691,2953,074
12,81913,5335,895
6,63812, 12233, 89630, 3973,499
597
48
952551
2,631
33, 208229, 70862, 39538, 156
4,850
36.0037.2]36.504,917
831
120, 40588, 71922, 584
626, 227526, 39299, 83598, 00969, 63928, 370
'6,99190
.0360
45.00.028039.88
579, 19115, 05314, 9531,828
4,8982,4602,4384,5251,4363,089
11,33611,8655,367
6,49210,68538, 37034, 065
4,305580
45
1,025591
2,680
28, 706218, 27671, 56840, 138
4,745
36.0037.2136.504,801
828
137,457102,91332, 967
617,247518, 26198, 986
108,80479,21929, 585
r 6, 79791
.0360
45.00.028038.75
r 650, 98027, 09413, 5792,025
5,4842,8652,6194,4891,4753,014
10, 10810, 7804,695
7,1519,785
41, 64136, 8524,789
573
42
1,154654
2,669
40, 105210, 67583, 97647, 706
5,254
36.0037.2836.505,228
769
148, 358111,28830, 452
593, 838494, 933
98, 905123, 83091, 22832, 602r 7, 570
98
.0360
45.00.028040.50
r 614, 82314, 05718, 4086,884
5,1762,6432,5334,4491,4423,007
6,0436,3064,432
7,0685,877
43,01038, 1954,816
451
44
1,020562
2,687
35, 804206, 51072,11139, 969
4,912
36.0037.3236.505,015
759
130, 12597, 14325, 835
585, 818492, 80893,010
103, 74076, 83926, 901r 7, 242
r97
.0360
45. 00.028039.13
r 630, 26426, 70218, 9343,789
5,3062,7222,5844,3161,4162,901
2,9721,8795,528
6,970537
36, 09531, 749
4,346297
25
1,066588
2,782
39, 940202, 408
77, 75744, 042
5,057
36.2037.5336.505,177
838
148, 124110, 97034, 919
593, 660495, 94797, 713
116, 79886, 91129, 887
' 7, 37695
.0360
45.00.028038.90
557, 45214, 70121,3235,149
5,2942,7892,5053,9761,2842,692
2,7571,4966,790
7,0570
29, 08125, 2053,877
337
83
1,064584
2,803
49, 159205, 75977, 74445, 808
5,167
38.8840.2839.505,128
794
141, 068108, 28235, 129
618, 155517, 307100, 848118, 53489, 67728, 857
7,47394
.0368
45.00.028039.56
508, 59821, 78415, 2454,219
5,0822, 6402,4423,9361,1962,740
2,6861,4818,009
6,4410
22, 62819,4123,216
269
50
1,024571
2,769
46, 270209, 44775, 19442, 582
4,762
39.0040.6339.504,780
799
142, 434107, 76234, 800
630, 860523, 319107, 541116, 67686, 59230, 084
6,94093
.0373
47.701 r . 0293
39.13
516, 77722,01145, 67219, 973
5,8752,8902,9854,0641,1612,903
3,0191,7079,186
6,6340
16, 02213, 7612,262
379
68
1,169660
2,726
43, 921203, 35186, 76750, 017
5,049
39.0040.6339.505,020
780
162, 891125, 55041, 876
641, 110525, 543115, 567131,11195, 00836, 103
7,60895
.0376
50.40i . 0305
38.95
468, 18028, 98648, 79815, 803
5,2172,4452,7724,5711.1963,375
8,6879,4858,388
4,9767,677
17, 12515, 1721, 953
403
48
1,051585
2,691
42, 168199, 57880, 60245, 941
3,958
39.0040.6339.503,840
688
150, 305114, 89636, 079
628, 123513, 980114, 143114, 31479, 65134, 663r 6, 218
80
.0376
50.40i. 030539.19
6,65611, 60922, 05819, 8852,173
993556
2,602
34, 236191, 55376, 07942, 261
39.0040.9739.505,077
143, 337111,61639, 275
623, 620509, 576114, 044108, 54675, 98332, 563
7,56095
.0368
50.40J.030039. 25
r Revised. 1 Specifications for the series were revised in February 1948; however, the January 1948 price on both the new and old basis is $0.0280.cfSince May 1944 the coverage of the malleable iron castings industry has been virtually complete; see note in the February 1947 Survey for further information.§Data continue series shown in the 1942 Supplement but suspended during the war period (it should be noted that data for iron and steel are shown in long tons in that volume); data for
October 1941-September 1946 for total imports of iron and steel products and for October 1941-February 1945 for other series will be published later. The 1945-46 data for imports of iron andsteel products shown in the November 1947 Survey and earlier issues erroneously include ores and alloying metals other than ferroalloys.
JFor 1948, percent of capacity is calculated on annual capacity as of Jan. 1,1948, of 94,233,460 tons of steel; 1947 data are based on capacity as of Jan. 1,1947, 91,241,000 tons.*New series. For data beginning September 1941 for softwood plywood see p. 16 of the September 1944 Survey. For description of the series on scrap iron and steel and 1939-40 data, sea
note marked "*" on p. S-29 of the November 1942 Survey. The series for iron ore, all districts, are from the Department of the Interior, Bureau of Mines, and cover the entire industry, monthlydata beginning 1943 and earlier annual totals will be shown later. Data for 1943-45 for gray iron castings are shown on p. 24 of the January 1947 Survey. For pig iron consumption and stocksfor 1939-40 and a description of the series, see note marked "*" on p. S-29 of the November 1942 Survey. The series on pig iron production is approximately comparable with data in the 1942Supplement (data in that volume are in short tons instead of long tons as indicated); see p. S-30 of the May 1943 Survey for further information and data for 1941-42. The pig iron price seriesreplaces the Pittsburgh price shown in the Survey prior to the April 1943 issue. For 1945 data for steel forgings see note on p. S-32 of the March 1947 Survey; data for total shipments, includingshipments for own use, and steel consumed have been discontinued.
tRevised series. Data for steel castings are estimated industry totals; see note on p. S-32 of the July 1946 Survey for comparable figures beginning January 1945.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CURRENT BUSINESS S-33
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July A««^ 1 temper October Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued
Steel, Manufactured Products
Barrels and drums, steel, heavy types:®Orders, unfilled, end of month thousands. _Production -doShipments doStocks, end of month _ . do
Boilers, steel, new orders:?Area thous. of sq. f t _ _Quantity number
Cans, metal (in terms of steel consumed):*Shipments (for sale and own use), total
short tonsFood -doNonfood do
Shipments for sale doCommercial closures, production* millions. _Crowns, production* thousand gross. _Steel products, net shipments:©
Total thous. of short tons. .Merchant bars doPipe and tubes do _ _Plates _ . 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:Imports bauxite! long tonsPrice, wholesale, scrap castings (N. Y.)
dol. per lb__Aluminum fabricated products, shipments, total*
mil. of lb_.Castings* doWrought products, total* do
Plate, sheet, and strip* doBrass sheets, wholesale price, mill ,,dol. per lb__Copper:
Imports total § doFor smelting refining and exports doFor domestic consumption total§ do
TJnrefined including scrap § cloRefined§ do
Price, wholesale, electrolytic (N. Y.)_.dol. per lb_.Production:cT
Mine or smelter (including custom intake)short tons__
Refinery doDeliveries, refined, domesticd" _ do. _Stocks, refined, end of monthc" do
Lead:Imports total except mfrs (lead content) § doOre (lead content):
Mine production* doReceipts by smelters, domestic ore :cf do
Refined:Price, wholesale, pig, desilverized (New York)
dol. per lb_.Production, totalcf short tons.,
Primaryf doShipmentsd71 - doStocks, end of monthc? do
Tin:Im ports :§
Ore (tin content) long tonsBars, blocks, pigs, etc . _ _ . _ _ . do_ _
Price, wholesale, straits (N. Y.) dol. per lb_.Zinc:
Imports, total (zinc content) § short tons..For smelting, refining, and export§ __doFor domestic consumption :§
Ore (zinc content). doBlocks, pigs etc - - - . do
Mine production of recoverable zinc* doSlab zinc:
Price, wholesale, prime Western (St. Louis)dol. per lb_.
Productionc? _ _ _ short tons..Sbipmentscf do
Domesticd1 . ... do. _Stocks, end of monthcT do
14, 370' 2, 309' 2, 312
21
1,4281,212
' 207, 218' 145, 697' 61, 521165, 095
r90825, 058
5,442561535579204
1,274142150382305425
189, 615
.0667
144.137.4
106.881.7.293
14, 02140. 1383,233
36, 90525, 09911, 806.2211
91, 275108, 536118, 12084, 560
18, 113
82, 77234, 269
.150053,82249, 98450, 48247, 233
1,40954
.8000
27, 2166,367
13, 9406,609
57, 902
.105073, 97070, 80358, 827
166, 864
13,612«• 2, 255p 2, 253
23
1,9041,345
' 232, 618* 168, 070
r 64, 548193, 281
'75624, 261
5,264501527563205
1,225138141364308407
173, 706
.0444
124.833.091.970.5.300
17, 25452, 5274,115
48, 41232, 99315,419.2135
82, 334103, 474116, 67882, 542
23, 058
32, 45233,688
.150045, 23541, 50554, 62737, 836
694443
.8000
31, 60111, 534
15, 2284,839
60, 879
.105070, 99063, 52752, 390
174, 327
13, 2552,1882,185
26
1,6201,563
' 309, 629r 235, 476' 74, 153275, 541
••69127, 377
4,975493480464199
1,181116131357324335
181, 999
.0440
121.730.291.472.1.296
14 56937, 5243,519
34, 00518, 79615, 209.2123
79, 15294, 610
109, 82277, 773
13, 030
29, 10631, 877
.150046, 01242, 53651, 98931, 290
2,5963,406. 8000
41, 0309,025
26, 4065,599
46, 526
.105069, 12859, 73744, 801
183, 718
12, 3402,2082,212
22
1,4341,452
' 387, 784r 314, 628
r 73, 156344, 236
••79927, 229
5,278534517540190
1,199136135371336393
164, 098
.0600
132.230.4
101.882.5.296
21, 60644, 1852,492
41, 69324, 67917, 014.2123
83, 30188, 12296, 37477, 212
21, 099
30, 59732, 271
.150046, 40943, 72546, 64631, 048
8,3502,105.8000
29, 3648,430
17, 8423,092
47, 700
.105066, 85289 31452, 122
161, 256
11, 2942,2102,201
31
1,2451,417
r 354, 681r 277, 968' 76, 713310, 937
'86730,019
5,119484497495182
1,224136.142360304410
163, 480
.0617
155.135.9
119.398.1.296
18 33741, 5963,338
38, 25826, 62011, 638.2123
83,92292, 14695, 64080, 113
14 261
30, 64732, 081
.150046,82743, 54543, 48334, 385
2,9896,470.8000
22, 0611,510
14, 9535,598
46, 817
.105067, 86792 54950 558
136, 574
10, 9462,3042,305
29
1,1671,331
•• 279, 448r 193, 638' 85, 810240, 670
r96332, 869
5,682555550589214
1,343151157399349454
118, 658
.0625
187.140.5
146.9120.4.296
19 29544, 0455,286
38, 75918, 51520, 244.2121
76, 815108, 277112,31074, 507
14, 132
32, 51233, 780
.150050, 24846, 91956, 24728, 370
1,7453,429.8000
33, 645562
27,2955,788
50, 296
.105071, 745
129 04657, 56479, 273
10, 4502,0642,075
18
1,2021,176
' 21 3, 904•• 136, 427
r 77, 477182, 342
r 75030, 872
5,217494534513209
1,264126137353328400
134, 148
.0625
167.834.7
133.2108.0.296
22 49736, 8024,864
32, 03821, 69410, 344.2120
72, 53497, 525
106, 23266, 622
27, 416
30, 61831, 600
.150051, 48147, 90355, 03424, 809
1,4392,443.8000
19, 1405,659
9,1604,321
48, 332
.105069, 68279 78959 15469, 166
12, 4612,3882,385
21
1,3881,276
' 253, 594>• 169, 103
r 84. 491222, 797
82928, 430
5,613521558591211
1,352134149380370405
133, 995
.0670
175.637.5
138.1110.3.296
r 18 29954, 5131 251
53, 26229 61223, 650.2120
80, 954108, 816113, 44676, 035
23 706
30, 56734, 797
.150049, 33745 53852, 35421, 787
2 5664,855.8539
33, 41510, 392
12, 93910 08447, 790
.105070 99672 15161 25868,011
12, 1912,2362,239
18
1,1091,103
216, 530134, 67181, 859
181, 414818
29, 459
5,410521541530201
1,384146146334267429
217, 602
.0711
177.537.9
139.6109.7.296
r 18 01330, 435
030, 43513, 04117, 394.2120
82, 427102, 314118, 85571, 533
15 784
33, 30632, 019
.150050, 82147, 42151, 95820,645
2 2014,653.9400
12, 660121
7,9584 581
48, 124
.1108r 72 776r 86 000r 66 174r 55, 423
11, 8892,1002,098
20
1,5321,219
202, 537125, 78276, 755
169, 987868
28,002
5,046518519538172
1,198127136324247396
153, 706
.0725
173.938.0
136. 0105.7.302
18 29746, 6382,825
43, 81322, 34621, 467.2120
82, 95993, 588
106, 82370, 146
26 718r 32, 407
32,414
.150043, 59840, 40047, 20017, 034
3 6681,539.9400
22, 6176,240
10, 5805 797
47 612
.1200r 67 917r 74 697r 63 592r 48^ 643
11, 5282,5312,516
34
1,6771,287
' 207, 726r 134, 447
73, 279r 169, 069
1,01232, 454
5,979560613630206
1,410158141382393449
217, 907
.0725
200.941.8
159.1126.7.302
15 04346, 982
' 046, 98226, 00920, 973.2120
r 83, 909110,886122, 98868, 582
20 873r 35, 802
34, 185
.150060,09346 57952, 28714, 837
3 5952 294.9400
21 6632 070
10, 4879 106
r 54 545
.1200r 74 322r 77 334r 65 334' 45', 631
11,4712,2812,290
24r 1, 608T 1, 340
208, 587143, 18365, 404
164, 636980
29, 356
5,096481518528145
1,310148132302310395
161, 961
.0741
177.238.3
139.0106.7.302
23 27237, 727
78336, 94417, 98018, 964.2120
88, 741104, 044116, 47567, 257
21 749
35, 31935, 362
.172149, 65246 57745, 03119 453
2 1373,318.9400
21, 0975,717
4,49810 88252, 561
.1200r 71 500r 73 gig
r 64 801* 43, 216
10, 8102,0162,017
22
1,6231,736
88828, 232
5,321484547563179
1,314142127362322409
.0815
167.233.9
133.3101.9.302
.2120
91, 526104, 524113, 38972, 791
37, 625
.175050, 62647, 14447, 65222, 418
.9400
.120073 88572 84867 29144, 253
r Revised. ® Beginning 1943, data have covered the entire industry.tit is believed that data beginning 1945 represent substantially the entire industry; in prewar years the coverage was about 90 percent.OTotal shipments less shipments to members of the industry for further conversion; data prior to 1944 were production for sale.§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later. The data shown above for
total imports of zinc and imports of zinc ore, and data beginning March 1945 shown in previous issues, have been revised to correct an error.cfBeginnmg January 1947 data for copper include copper from all sources; data prior to 1947 published in earlier issues relate to domestic and duty-free foreign copper; stock figure for January
1947, comparable with later data, is 104,704 tons; the November 1947 Survey provides January-March 1947 figures for production, deliveries, and stocks comparable with earlier data; deliveriesinclude deliveries of Office of Metal Reserve copper for domestic consumption; stocks of Office of Metal Reserve copper are not included in the stock figures. For data for January 1942-April1944 for these series, and also for the indicated lead and zinc series, see p. 24 of the June 1944 Survey. Total shipments of zinc include for August-November 1947shipments for Governmentaccount in addition to shipments to domestic consumers and export and drawback shipments.
*New series. See note marked " * " on p. S-33 of the February 1947 Survey for description of the data on aluminum fabricated products and reference to 1945 figures for the total; data priorto 1946 for the detail will be published later. Data for closures, crowns, and metal cans are compiled by the Bureau of the Census and cover all producers; for data for 1943 to 1945 for metal canssee p. 24 of the December 1947 Survey; revised January-May 1947 data for metal cans (short tons): Shipments, total—174,898, 157,764, 179,912, 204,666; food—129,874, 111,144, 125,395, 139,181;nonfood—45,024, 46,620, 54,517, 65,485. Data prior to 1946 for closures and crowns will be shown later. Data for mine production of lead and zinc are from the Department of the Interior,Bureau of Mines, and are practically complete; monthly figures beginning July 1941 and earlier annual totals will be shown later.
fRevised series. Data shown above and data from the beginning of 1946 in earlier issues include production from both domestic and foreign ore; the 1946-47 data are incorrectly shown inthe October 1947 and earlier issues as production from domestic ore which is no longer reported separately. Some secondary material is included insofar as it enters into base bullion and losesits identity.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-34 SUEVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, EXCEPT ELECTRIC
Toilers, radiators and convectors, cast iron:§Boilers (round and square) :
Production _ _ _ thous. of IbShipments doStocks, end of month _ _ _ . . do
Radiation:Production thous. of sq. ft_Shipments _ doStocks do
Boilers range, shipments* numberOil burners:*
Orders, new, net doOrders, unfilled, end of month doShipments doStocks, end of month _ _ do
Stoves and ranges, domestic cooking, exc. electric:*Production, total number. -
Coal and wood doGas (incl. bungalow and combination) _ _ . doKerosene, gasoline, and fuel oil do
Stoves, domestic heating, production, total* doCoal and wood* _ _ _ _ doGas* doKerosene, gasoline, and fuel oil* _ _ do
Warm-air furnaces (forced air and gravity air flow),shipments, total* _ _ _ _ _* number
Gas* doOil* doSolid fuel* do
Water heaters, nonelectric, shipments* _ _ do
MACHINERY AND APPARATUS
Blowers, fans and unit heaters:Blowers and fans, new orders thous. of doL.Unit heater group, new orders do
Foundry equipment:New orders, net, total -1937-39=100
New equipment doRepairs do_ _
Machine tools, shipments* 1945-47— IQOMechanical stokers, sales:*
Classes 1, 2, and 3 . numberClasses 4 and 5:
Number _ _Horsepower.
Pumps and water systems, domestic, shipments:*Domestic hand and windmill pumps number..Water systems, including pumps, total do
Jet* doNonjet* do
Pumps, steam, power, centrifugal and rotary, neworders? thous. of d o l _ _
Scales and balances (except laboratory), shipments,quarterly* _ _ thous. of dol
Sewing machines, heads, production:*Industrial number.
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement only),number*.. _ _ thousands
Domestic electrical appliances, shipments:Vacuum cleaners, total* number
Floor _ _ doHand do
Washers* doElectrical products:!
Insulating materials, sales billed 1936—100Motors and generators, new orders do
Furnaces, electric, industrial, sales:Unit kilowattsValue thous. of dol_.
Laminated fiber products, shipments doMotors (1-200 h. p.):cf
Polyphase induction, billings doPolyphase induction, new orders doDirect current, billings do. _Direct current, new orders do
Rigid steel conduit and fittings, shipments!T short tons..Vulcamzed fiber:
Consumption of fiber paper thous. of lb_.Shipments thous. of dol_.
r Revised. * Preliminary. 1 Cancellations exceeICovers 33 companies beginning 1947; 31 compani§See p. 24 of the January 1947 Survey for availabl•See notes on the indicated items rm n ff-33 nr R-f
29, 52823, 18551, 327
4,9844,7463,137
64, 415
6,505874, 97499, 40715,440
288,17844. 814
193, 6844P, 680
415, 78992,349
160,605162,835
54, 8649,876
24, 63120, 357
210, 487
548.6525.9623. 089.2
5,281
17052, 981
38, 74562, 90929, 58133, 328
2,973
11, 835
1,873
330, 675' 319, 781
12, 581313, 724
361
3,586389
4,092
22, 141
5,0861,758
ded new 01es were ince data for ]14. of thp RP
25, 83826, 34250, 824
4,4724,6982, 909
55, 220
35, 047804, 680105, 34118, 972
287, 69739, 373
202, 95445, 370
456, 58090, 728
185, 740180, 112
54, £859, 669
25, 12820, 188
192, 372
10, 2866,074
649.9658.9620.784.1
5,851
27063, 168
24, 74654, 84721,11533, 732
2,999
11,938
11,575
1,737
343, 229r 327, 250
13, 243314, 705
352394
3,341308
4,150
32, 66831,8494,8215,155
22, 218
4,7711,625
-ders. 2 Dluded for 1942-45 for (ntpTnViPr 1 C
20, 50621,04550, 285
4,3024,0323,179
48, 454
1,827703, 776102, 73122, 705
256, 78536, 126
J 79, 64741,012
489, 945103,481197, P21188, 543
56, 4989, f 69
21, 75725, 172
197, 485
458.7426.1565. 365.2
7,092
38081,269
23, 56157, 85426, 20031, 654
3,148
1,433
293, 465r 282, 165
1 2, 880281,826
324
5,298432
4,002
20, 821
4,5821,425
ata not ava945 and 19?ast-iron be)47 RnrvPTr
25, 17528, 46946, 991
4,0734,5402,712
52, 967
85, 561666, 705122, 63220, 397
259, 86336,945
186, 23136, 687
576, 819109, 050232, 693235, 076
• 80,89113,56332, 48034, 848
217, 953
468.9411.3656.863.6
9,041
39897, 752
21,08961,66828, 24133, 427
3,843
2,073
296, 570' 280, 366
17,333279, 229
320
4,464565
3,619
19, 745
5,1241,559
liable.*6 and 27 f)ilers and rfnr crmrr»p
29,08030, 46445, 607
4,7494,7862, 675
51, 986
37, 582576, 326127,96120, 524
290, 76035, 631
213,43641, 693
725,215142, 698286, 685295, 832
90, 21015,21434, 28640, 710
210, 360
8, 4527,912
455.1393.1657.777.0
9,838
34580, 640
26, 55563, 46528, 88134, 584
3, 355
11,628
2,415
347, 601r 326, 882
18,971354, 094
350308
4, 465354
4,150
30, 28022, 3284, 9354,118
23, 638
4,8201,599
}r 1944.adiation; tanrl r>r»T7ora
33, 32837, 19441, 740
5,8635,9802,558
56, 3571 -4, 421443, 457128, 44820, 541
331, 75634, 603
256, 24140,912
834, 866169,442341,498323 ^26
108,41919, 63236, 73952, 048
229, 307
520.0438.2786.794.8
8,194
27352, 523
36, 19073, 85732, 18541, 672
3,475
2,854
r 358, 546
397, 113
381
6,378677
4,397
23,664
5,4421,731
iese series
29, 38131, 37239, 749
5,2175,2472,528
46, Oil
!-58,225304, 31080, 92225, 561
285, 12731,323
215, 84937, 955
661, 592124,375304, 379232, 838
72, 62913, 52227, 79131,316
185, 932
370.1286.1643.184.7
3,728
20851, 603
30,18357, 30225, 50331, 799
2,673
2,683
' 3£0, 470
365, 579
345
3,344350
3,812
22, 336
5,1071,486
continue c
28, 58328, 58339, 749
5,2015,3882,341
42, 884
3,127249, 309
57, 89836, 466
283, 68230, 635
210, 62042, 427
596, 99993, 618
288, 024215, 357
67, 56715, 30628, 32424,012
174, 704
10, 9859 677
521.1467.8694.698.4
2,492
23050, 946
39, 57760, 98527, 92233, 063
3,480
13, 126
2,597
373, 254
351,152
353392
26, 4351,8314, 205
32, 45129, 5345,8345,790
25, 319
4,8521,457
ata publis
29,04322,01846, 774
5,3765,1812,536
51, 722
!-57,449149, 92941, 85950, 070
313, 95931, 999
227, 60254, 358
413,63755, 492
188,248169,897
46, 59010, 82216, 35419, 414
176, 736
380.9
75.3
2,685
16864,870
43, 49061, 00527, 32633, 679
3,819
2,394
304, 273
358, 445
4,083550
4,221
20, 882
5,0651,540
bed in the
29, 48318, 66057/443
5, 1385,0102,664
52, 592
9,727134, 63124, 81660, 286
331,95834, 690
235, 43861, 830
351, 33353, 734
156, 762140, 837
36, 3459,3137,645
19,387159,007
367.3
87.1
4,316
19168, 150
34, 52458, 19226, 46631, 726
3, 635
2,254
311, 342
360, 029
351
2,692310
4,162
22, 730
4,5321,461
1942 Supplr»/% *t 4-V,« A
27, 68713, 86771,262
5,8905,4853,069
58, 908
8,330124, 190
18, 79768, 792
372, 45939, 580
264, 94367, 936
r 369, 656' 61, 406' 155, 828' 152, 422
39, 2979,8908,105
21,302' 173, 291
11, 6286,467
326.2
83.6
5,090r249
T 78, 197
27, 67662, 25230,04832, 204
4,703
12, 628
1,679
355, 520
398, 298
398295
4,487776
4,693
32, 62222 8715,0595 068
23, 194
5,2001,742
ement.
14, 11319, 69965, 676
4,7404,7943,015
52, 123r 6, 110
' 107, 694r 22, 846* 77, 807
342, 63031, 888
253, 48757, 255
367, 31868, 435
156, 461142, 422
45, 60012, 4549,934
23, 212172, 548
412.0
82.0r 4, 548
33692, 642
29, 88255, 18825, 39329, 795
4,312
r 1, 211
306, 588
393, 660
4,328436
4,310
24,653
5,3171,686
22, 74519, 75268, 669
5,1725,1233,064
10, 18891, 83426, 04876, 015
388.5
6,314
31374, 488
26, 80449, 70923, 12126, 588
3,724
1,017
279, 831
362, 658
5,166528
4,118
22, 415
4,9251,500
—~~- —<= , — — "fc^, ,,^^ ^ L^^^V^, ,,ul,^ ^uu^m, ov.YYiJL.ift ^c^xmico oaivi scales and balances are compiled by the Bureau of the Census and are com-plete, or practically complete; data for 1943-45 for domestic heating stoves are shown on p. 20 of the April 1947 Survey; data prior to 1946 for the other series will be shown later (data beginningMarch 1944 for total shipments of warm-air furnaces are available in the May 1945 Survey). Beginning with this issue, the data on machine tool shipments are shown as an index (1945-47=100)"based on member reports of the National Machine Tool Builders' Association, which are estimated to account for approximately 90 percent of total industry shipments For data beginningAugust 1942 for automotive replacement battery shipments, see p. S-31 of November 1943 Survey. '
tBevised series. See note in February 1947 Survey regarding unpublished revisions in the indexes of new orders for motors and generators and sales of insulating materials; the index formotors and generators is now computed on a quarterly basis and represents quarterly totals. Data on rigid steel conduit and fittings were revised in the July 1946 Survey (see note in that issue).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CURRENT BUSINESS S-35
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
PAPER AND PRINTINGPULPWOOD AND WASTE PAPER
Pulp wood:*Consumption tbous. of cords (128 cu. f t . )__Receipts _ _ _ do _ -Stocks, end of month do
Waste paper:*Consumption _ short tonsReceipts _ _ _ d o _ _Stocks do _
WOOD PULPExports, 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 _
Production :fTotal, all grades _ thous. of short tons_
Bleached sulphate short tons.Unbleached sulphate doBleached sulphite _ _ do_ _Unbleached sulphite doSoda - _ do_ _Groundwood doDefibrated, exploded, etc If - do_ _
Stocks, end of monthrfTotal all grades* do
Bleached sulphate _ _ doUnbleached sulphate doBleached sulphite _ _ _ _ do_ _Unbleached sulphite do _Soda doGround wood do_ _
PAPER AND PAPER PRODUCTSAll paper and paperboard mills:*
Paper and paperboard production, totalthcus. of short tons.
Paper _ do _Paperboard doBuilding board _ do_ _
Paper excl. building paper, newsprint, and paper-board (American Paper and Pulp Association):!
Orders new short tonsProduction do_ _Shipments do
Fine paper:Orders new _ _ do_ _Orders, unfilled, end of month do_-_Production _ _ _ do _Shipments doStocks, end of month _ _ _ _ _ _ ^ d o
Printing paper:Orders new doOrders, unfilled, end of month _ do_ _Price, wholesale, book paper, "B" grade, Eng-
lish finish, white, f. o. b. milL.dol. per ICO lb._Production ~ short tonsShipments doStocks, e n d o f month _ _ _ _ _ _ d o _ _
Coarse paper: tOrders new - doOrders, unfilled, end of month do_ _Production _ _ _ . _ _ _ d oShipments doStocks, end of month _.. _ _ do
Newsprint:Canada:
Production __ doShipments from mills doStocks, at mills, end of month . do
United States:Consumption by publishers doImports!-. - - - do_ _Price, rolls (N. Y.) dol. per short ton__Production short tons_.Shipments from mills _ doStocks, end of month:
At mills _ - _ _ doAt publishers doIn transit to publishers do
Paperboard (National Paperboard Association) :fOrders, new _ short tonsOrders, unfilled, end of month doProduction do
Percent of activity. ._ _ _Waste paper, consumption and stocks :d*
Consumption _ _ _ _ short tonsStocks at mills, end of month _ __do_ _r Revised. cf Estimated; see note in April 1946§Data continue series Dublished in the 1942 Surml
1,7141,4653,767
693, 879697, 152473, 917
14, 161175,06719, 98828, 66940, 33059, 4881, 592
25, 000
1,040r 92, 796
r 365, 640164, 791r 79, 453
43, 324184,50667, 096
r 95, 7867,0797,545
26, 29513, 5272,709
35, 452
1,83493080599
714, 296752, 028745, 783
90, 189144, 032107, 558108, 07650, 448
260, 602275, 565
10.05264, 444260, 42062, 861
238, 230143, 327250, 239248, 616
53, 420
384, 520400, 763110, 323
302, 994328, 747
90.0073, 49870, 897
11, 426212, 72464, 985
760, 236511, 918805, 744
101
464, 323293, 347
Survey.p,mp,nt. but,
1,6341,6833,816
648, 768656, 684481,911
7,951227, 246
17, 00846, 81645,67289, 065
1,69226,993
99590, 141
354, 853152, 42673, 51841,696
173,80264, 664
103, 5987,1088,067
27, 47515,3323,102
39, 626
1,72888375195
702, 200714, 440711,061
102, 765149,790101,311100, 28953, 782
242, 080279, 900
10.05248, 796249, 97563, 163
242, 126158,747244, 373241, 498
60, 330
355, 606375, 49890, 431
292, 664349, 134
90.0067, 26866, 743
11, 951228, 79371, 664
721, 312461, 226742, 124
101
426, 713299, 507JSee note
snsnfvndp.rl
1,5591,9014,161
607,061615, 155482,392
7,244225, 80720, 13353,04448, 67875, 2291, 719
27,004
93592, 058
331, 275142, 43664, 26838,345
160, 50762, 000
96, 6017,3206,311
23,95214, 1432,858
38, 725
1,625817708101
664, 872653, 710648, 003
98,017150, 26090, 22786, 64252, 720
234, 580266, 490
10.55236, 295236, 83862, 070
228, 912152,605222, 588220, 63760, 187
379, 731379, 06591, 097
263, 698353,081
90.0067, 65668,955
10, 652278, 91868, 401
736, 454494, 554709, 956
90
398, 123312, 685
in Septemdnn'ncr thf
1,6751,9584,437
650, 690629, 114462, 248
13, 358275,18728, 52775, 96553, 09884, 8721,804
30, 921
1,02698, 415
365, 355161,92276, 29140, 881
170, 08066, 877
99,8345,2598,050
31, 60416, 9823,073
31, 551
1,763892767105
687, 500719,979727, 183
91, 204143,020103, 610105, 58250, 530
249, 259269, 159
10.24250, 563253, 33159, 512
233, 647149, 995247, 641250, 40658, 190
377, 941388, 10680, 932
281, 102315, 932
90.0070, 50769, 326
11, 833295, 38584, 009
720, 388425, 412768,412
99
429, 973302,366 1
ber 1947 Siwar nprin
1,5891,9084,736
638, 318643, 222467,651
11, 603186, 63121, 30137, 06044, 03754, 9961,864
27,373
97092, 335
333,030154, 960
74, 75340, 182
161, 63569,080
94,1215,508
10, 50730, 28816, 8692,771
23, 660
1,720873742105
731,808702, £81693, £66
94, 838136, 927101, 77598, 68052, 120
277, 581299, 893
10. 80245, 916243, 48662, 096
238, 828155, 539233, 482230, 17160, 263
366, 092379, 46067, 564
299, 807357, 998
90.0070, 73270, 168
12, 397312, 57377, 150
788, 601437, 550750,042
96
429, 113302, 668
irvey for nrl • c\ & fa fr»r
1,7441,8264,795
684, 375735, 250512, 880
16, 090195, 88422, 30236, 47053, 45856, 6021,929
25, 123
1,080103, 347374, 438172, 42980, 27243, 840
176, 59379, 974
93, 2445,886
10, 03236, 54714, 7643,033
18, 193
1,898956827115
751, 536776, 549778, 752
109, 851138, 850111,114111,73251, 770
.249, 016269, 004
10.80275, 837275, 68962, 782
264, 665159, 550258, 098260, 40157, 886
396, 251389, 50574, 310
339, 286355, 605
90.0072, 25373, 545
11, 105308, 03383, 957
812, 849436, 178823, 203
101
460, 009324, 763
Terence toOnfnhor 1C
1,6791,4804, 567
635, 597638, 505514, 039
10, 334188, 05323, 00948, 93840, 54453, 9392,075
19, 548
1,02293, 744
356, 488163, 50877, 18642, 218
168, 85975, 041
109, 9686,089
13, 27042, 84617, 7163,492
21, 702
1,777898767111
697, 825732, 765729, 868
82, 720121, 422101, 954101, 16853, 705
252, 829267, 430
10.80257, 210257, 73666, 036
241, 042158,730249, 895247, 65060, 756
364, 483393, 16945, 624
338, 012314, 364
90.0066, 47566, 439
11, 141279, 63189, 755
747, 159420, 456752, 036
100
422, 748322, 814
revisions.
1,6051,6134,566
625, 971633, 122521, 019
8,278210, 21624, 83542, 90749, 42766,0432,293
24, 711
97591,569
332, 597155, 37978, 17641,668
161,04769, 718
98, 9284,4399,815
37, 30818, 4522,895
21,615
1,743894740109
714, 929733, 484728,869
89, 886112, 523103,49595, 77354, 234
252, 172254,943
10.80257, 843261, 72463, 745
245,517155, 245245, 463244, 54059, 931
368, 925369, 986
» 44,563
322, 136389, 907
90.0065, 88068, 720
8,301292, 92084, 113
756, 818452, 124741, 337
89
416, 830318, 617
ISee noI»TT 1 O/4 K Tirril
1,7341,8134,646
674, 747614,143458, 366
11, 109187, 29320, 89838, 62536, 54164, 0781,884
25, 267
1,054102, 641373, 277164, 24482, 20643, 933
161, 06779, 051
91, 2716,316
11, 78628, 93316, 1033,020
20, 368
1,866949808110
795, 400779, 406772, 645
112, 679122, 825107, 304108, 87052, 915
280, 132263, 383
10.80269, 194265, 55766, 078
268, 523149, 956265, 386262, 41663, 276
371, 637346, 87069, 330
292, 534320, 564
96.0065, 09465, 037
8,358295, 05289, 132
826, 946432, 911813, 169
103
450, 176274, 966
;e marked
1,5891,6464,698
618,324595,355429, 676
11, 807215, 85119, 88645, 03342, 37589, 1431,959
17, 455
96195,088
321,089157, 23376, 58639, 762
153, 48875, 000
94,5437,558
11, 55130, 52514, 4273,454
22, 316
1,701877718105
694,795719,036721, 572
89,977121, £4097, 65496,00954, 385
238, 218254, 602
10.80250, 387251, 88867, 470
241, 272150,610242, 667245, 741'62,595
344,645332, 21181, 764
307, 967293, 801
96.0058,01659,019
7,355267, 95890, 864
711, 294423, 510713, 394
100
409, 210253, 519
1,7781,8934,790
704, 677718, 411441, 335
4,906208, 180
26, 25038, 66758, 21658, 7702,414
23, 863
1, 086105, 190390, 188168, 92380, 12742, 598
170, 23081, 388
89, 2116,464
12, 08422, 54314, 6523, 363
24, 776
1,930958854117
' 792, 251' 782, 537r 774, 310
r 107, 673'•I 25, 073r 105, 927r 104, 313
* 55, 237
r 278, 425r 256, 187
10.80' 267, 467r 263, 762' 68, 042
' 268, 636r 145, 093' 268, 999••267,015
T 62, 890
387, 672380, 73288, 704
338, 337398, 283
96.0064, 89465, 943
6,306274, 45375, 785
894,310464, 683861, 215
102
477, 139256,561
r 1, 762' 1, 580' 4, 607
* 684, 277r 687, 267' 443, 742
6,396171, 01018, 42026, 14843, 50251, 4101,674
29, 856r 1, 081
'102,841? 384, 106
161, 535r 76, 564' 43, 119' 184, 129
81, 521
' 96, 598r 7, 127
T 10, 553r 22, 317r 14, 566
r 3, 362* 32, 460
' 1, 908••953••843'112
r 747, 604' 774, 486r 771, 049
T 95, 272r 121, 170r 104, 806' 104, 037
T 56, 585
' 254, 972r 245, 738
10.80r 263, 638r 258, 946
r 70, 370r 260, 567r 136, 093r 265, 504r 268, 628
r 57, 810
385, 606380, 84393, 467
342, 572r 349, 649
96.0069,37169, 199
6,478268, 66588,644
790, 215397.407824, 155
102
449,465257,074
1,8501,6644,405
654, 671654, 257442, 640
1,127107, 369413, 200162, 48275, 85744, 385
191, 15282, 366
105, 1437,6659,637
23, 32916, 4013,325
38, 325
1,907960827121
758, 830774, 565761, 475
90, 130102, 350107, 125108, 31556, 775
274, 725264, 775
1.080261, 240251, 06078, 870
257, 000132, 150265, 475262, 47560, 050
388, 461397, 70684, 222
348, 823
9.60072, 65971, 553
7,584282, 20289, 083
791, 201352, 013821, 795
100
440, 026259, 902
*New series. Data for pulpwood, waste paper and paper and paperboard are from the Bureau of the Census and are industry totals; for 1942 monthly averages and data beginning 1943for total paper and paperboard, see p. S-32 of the August 1944 Survey; data for paperboard and building board were revised in the October 1947 Survey transferring liner for gysum and plasterboard and stock for laminated wallboard and other building board from building board to paperboard; revisions prior to August 1946 for these series and unpublished re vis' - - • -Wil1 &!5? fcfe ^™J£2teg^&MKchm5 for pulpwood and waste paper see p. S-34 of May 1946 Survey; earlier data for these series will be published later.
r all series are on;tion dataxploded,
viously classi-
3 at mills. The series from the American Paper and Pulp'Association b^ginninV^n th%~^ based on„ _.f • w mo i OOVV/AO, LIWJ.I auiuoLcJ to nrodllCtlOTl dfltfl. norrmilfifl hv thp Bnrpan nf tho P.pnsns- tVmrA h ' - " " • • ' - • - . . - . - . . - .
been published;erly shown as
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-36 SURVEY OF CUKRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
PAPER AND PRINTING— Continued
PAPER AND PAPER PRODUCTS— Con.
Paper products:Shipping containers, corrugated and solid fiber,
shipments* mil. sq. ft. surface area-Folding paper boxes, value:*
New orders 1936 = 1 00Shipments do _.
PRINTINGB ook publication, total no. of editions-
New books doNew editions do _
' 5, 273
408.7470.6
811650161
' 4, 575
341.5460. 9
631426105
•• 4, 553
330.8396.0
592439153
' 4, 801
372.6439.3
678526152
' 4, 905
393.5454.3
64754998
•• 5, 416
448.0500.5
772639133
' 5, 130
375.5450.4
1,135885250
'5,063
400.3455.6
1,110835275
5,185
430.4454.8
763612151
5,003
409.2449.0
805607198
5,509
467.4476.5
890732158
' 4, 929
378.6438.5
819637182
4,976
394.0417.9
918715203
PETROLEUM AND COAL PRODUCTS
COALAnthracite:
Exports§ thous. of short tons_.Prices, composite, chestnut:
Retail^ .- _ dol. per short ton. .Wholesale® do
Production thous. of short tons_.Bituminous:
Exports§ doIndustrial 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 doOther consumption:
Vessels (bunker) § _ _ doCoal mine fuel do
Prices, composite:Retail (34 cities)^ dol. per short tonWholesale:®
Mine run _ _ do
Production! thous. of short tons._Stocks, industrial and retail dealers, end of month,
total thous. of short tonsIndustrial, total . do
Byproduct coke ovens doCement mills _ doElectric power utilities. ___ . doRailways (class I) doSteel and rolling mills doOther industrial do
Retail dealers, total _ . doCOKE
Exports§ _ thous. of short tonsPrice, beehive, Connellsville (furnace)
dol. per short ton_.Production:
Beehive thous. of short tons_.Bvproduct __ doPetroleum coke __ do
Stocks, end of month:Byproduct plants, total do
At furnace plants. _ _ doAt merchant plants do
Petroleum coke do
PETROLEUM AND PRODUCTS
Crude petroleum:Consumption (runs to stills) f thous. of bblExports§ doImports§ _ doPrice (Kansas-Okla.) at wells dol. per bblProduction! thous. of bblRefinery operations pet. of capacityStocks, end of month:
Refinable in TJ. S.f thous. of bbl..At refineries doAt tank farms and in pipe lines doOn leasesf . do
Heavy in California doWells completed f number
Refined petroleum products:Fuel oils:
Domestic demand :§Distillate fuel oil ...thous. of bblResidual fuel oil do
Consumption by type of consumer:Electric power plantsf - do_ _Railways (class I) _ _ _ d oVessels (bunker oil) § _ _ _ _ _ do
' Revised. 1 See note marked "<8>" for th
831
16.1713. 4554,549
7,552
40, 68334, 838
9227,861
5156,4229,017
8029,2995,845
200240
12.09
6.3576. 581
56, 464
50, 21847, 3126, 454
98715, 1908,2211,153
15, 3072,906
66
9.125
••6125, 530
218
67144522684
153, 3484,7898,3611.810
156, 02495
237, 76859, 013
163, 74015, 0155,8251,626
19, 26240, 057
3,2646,6536,470
s page.
714
16.1713. 5204,609
7,560
40, 02933, 705
7117,586
6276,3668,385
7429,2886,324
177202
12.10
6.3826.588
47, 424
49, 77846, 3847,0961,079
16, 4098,5171,226
12, 0573,394
63
9.562
4636,322
201
66840026889
153, 6043,7587,7621.810
152, 97897
237, 27859, 160
162, 78415, 3345,4291,523
16, 97738,237
3,2736,5646,080
2 Beginn
700
16.5013.7134,084
5,870
38,66133, 343
6627,696
6486,7198,151
7188,7495,318
149168
12.68
7.1267.342
39, 882
45, 36642, 1764,804
96815, 2926,8081,086
13,2183, 190
66
11. 000
4295,373
224
77345831586
161,8445,1848,0331.810
159, 23798
230, 97456, 656
159, 55614, 7625,2081,842
16, 35540,412
3,7156,7146,371
ing Januar
844
17.4814. 6154,994
8,331
40, 03334, 975
8978,033
6727,4668,527
7368,6445,058
179216
14.01
7.4247.642
50, 879
47, 15745, 199
5,482894
15,7396,5221,128
15, 4341,958
77
12. 000
5785,633
200
982544438110
163, 0684,1397,9191.810
160, 36598
228, 52357, 136
156, 24115, 1465,3201,810
16, 09339, 864
3,8106,6506,676
y 1948 incl
855
17.7114. 7005,141
7,148
43, 70636, 670
9167,658
6627,6168,450
74110, 6277,036
156191
14.04
7.4547.657
52, 381
48, 37046, 3536,216
90916, 1546,2271,089
15, 7582,017
60
12.000
5835,396
192
1,02950952095
159, 7714,0878,5911.810
157, 53099
225, 25854, 050
156, 27614, 9325,1941,522
19, 41440, 677
3,9276,5065,948
uded in "o
830
17.8714. 7605,506
7,023
48, 00640, 252
9658,278
7048,1219,048
82612,3107,754
161209
14.15
7.5287.798
57, 301
50, 27648, 1447,3101,049
16, 7726,3051,076
15, 6322,132
118
12. 125
6165,800
210
1,06351355097
162, 8543,6997,9081.910
164, 91397
226, 66653, 849
157, 85314, 9645,2751,760
23, 11643, 995
4,0396,9415,901
ther indus
765
18.0114. 7964,613
6,034
45, 86337, 853
8668,091
7307,7379,167
86710, 3958,010
131191
14,48
7.5497.889
52, 689
50, 45548, 2558,2071,087
16, 6736,156
98515, 1472,200
76
12. 250
5495,650
175
1,15158956283
158, 7193,8447,5122.010
158, 73698
225, 46253, 660
156, 22415, 5785, 6231,554
28,99743, 538
3,8627,0045, 382
trial."
794
18.0314. 8034,863
4,246
49, 16138, 315
9508,425
7578,4509,652
9669,115
10, 846
93202
14.50
7.5757.922
54, 798
52, 16150, 1249,1481,113
16, 7886,7491,012
15,3142,037
79
12.250
6035,886
210
1,04053550469
165, 8584,0399,3392.410
165, 44398
224, 92952, 864
156, 72615, 3395,7251,416
40, 42652, 015
4,2617,1415,419
396
18.2214.8964,921
3,410
54, 92241, 668
9638,400
7098,7969,7261,104
11, 97013, 254
48(2)
14.64
7.6958.031
55, 780
49, 57648, 1858,6711,049
15, 7926,906
94314, 8241,391
60
12. 500
6065,865
204
91255435867
165, 7962, 9928,6222.510
163, 78196
223, 43053, 891
153, 37816, 1616,4121,733
42, 05648, 853
4,4336,6614,510
423
18.2414. 9124,675
3,209
47, 42335, 746
8467,917
6367,9049,091
9968,356
11,677
55(2)
14.69
7.7108.090
49, 711
48, 61347, 4248,807
99114, 8687,047
97614, 7351,189
59
12. 500
5395,513
203
807618190
79
156, 0142,6267,6382.510
155, 22493
224, 88054, 572
154, 23316, 0756,5391,406
38, 64845, 565
4,0026,1884,800
604
18.24i 15. 022
4,928
2,601
44, 50234, 974
5098,100
6717,8018,4301,0238,4409,528
55(2)
14.70
17.684* 8. 123' 33, 844
43,58542, 5817,435
95613, 6095,599
88114, 101
1,004
67
12. 500
3245,653
242
71658712866
167, 0073,1389,7672.510
167, 59392
227, 40858, 989
152, 75815, 6616,7561,630
33, 77947, 808
4,2566,4095,054
671
18.24i 15. 023
4,438
1,029
34,01129, 600
3896,488
649' 6, 919
7,044819
7,2924,411
88(2)
'14.801 7. 7281 8. 146
r 34, 600
34, 41833, 5764,308
77611, 7454,864
77111, 112
842
37
12. 500
2464,491
225
64653311369
166, 1983, 5389,3932.510
164, 50995
227, 27860, 807
150, 78715, 6847,2281,716
25, 49842, 831
3,6015,9954,651
18.29i 15. 139
4,867
38, 26332,636
9128,185
6927,1127,766
8227,1465,628
110(2)
15.11
i 7. 8621 8. 27256, 590
47, 03245, 6807, 7631, 00 1
14, 6017, 2081, 074
14, 0341, 35'?
12. 900
5785, 723
797639158
2. 510
2,943
4,606
® The comparability of the data for both anthracite and bituminous coal is slightly affected beginning March 1948 by a substitution for one of the reporting companies; February 1948 figuresstrictly comparable with March for anthracite and bituminous coal, prepared sizes, are $15.011 and $8.122, respectively; for bituminous coal, mine run, there was no change in price betweenFebruary and March on the basis of comparable reports.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later. Bituminous coal exports forOctober-December 1947 have been revised to include Army civilian supply shipments (see note marked "§" on p. S-20).
JThe comparability of the series has been affected from time to time by a reduction in the number of cities or by a change in the sample (see note marked "1" in the April 1948 Survey for
Survey.tRevisedse: ._ , ._ r r ._
on petroleum products; 1942-43 revisions for the latter series are available upon request.
Revisions in the January-September 1946 figures for folding paper boxes and January 1943-May 1944 data for shipping containers are available on request.'sed series. ^See note^marked "f' on p.^S-36 of the September^1947 Survey for reference to 1941-45 revisions for bituminous coal production and 1941 revisions for the indicated series
- 1946 revisions for bituminous coal are shown on p .S-36 of the February 1948 issue.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CUREENT BUSINESS S-37
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— ContinuedFuel oils— Continued
Exports:§Distillate fuel oil thous of bblResidual fuel oil do
Price, fuel oil (Pennsylvania) dol. per gal__Production:
Distillate fuel oil ..thous. of bbl__Residual fuel oil do
Stocks, end of month:Distillate fuel oil doResidual fuel oil do
Kerosene:Domestic demand§ doExports^ doPrice, wholesale, water white, 47°, refinery
(Pennsylvania) dol. per gal_.Production thous. of bblStocks refinery, end of month do
Lubricants:Domestic demand§ doExports^ _ _ _ _ doPrice, wholesale, cylinder, refinery (Pennsyl-
vania) dol. per gaL-Production _ _ _ _ thous. of bblStocks, refinery, end of month _ . . do
Motor fuel:All types:
Domestic demand § doExports^ _ _ _ doPrices, gasoline:
Wholesale, refinery (Okla.) dol. per gal__Wholesale, tank wagon (N. Y.)_ _ . doRetail, service stations, 50 cities do
Production, totalf thous of bblGasoline and naphtha from crude oil doNatural gasoline and allied productstt do
Sales of 1. p. g. for fuel, etc. and transferof cycle products thous. of bbl
Used at refineriesf doRetail distributioncT _ . mil. of galStocks, gasoline, end of month:
Finished gasoline, total thous of bblAt refineries _ _ do
Unfinished gasoline doNatural gasoline . _ _ _ . _ _ _ d o
Aviation gasoline:*Production, total do
100 octane and above. _ _ _ _ doStocks, total do
1 0 0 octane a n d above _ _ _ _ _ d oAsphalt:
Imports§ _ short tonsProduction _ doStocks, refinery, end of month do
Wax:Production _ _ . thous. of IbStocks, refinery, end of month _ do _.
Asphalt prepared roofing, shipments, totalfthous. of squares. _
Smooth-surfaced roll roofing and cap sheet. doMineral-surfaced roll roofing and cap sheet -doShingles, all types . do
Asphalt siding, shipments* doSaturated felt, shipments*. short tons
2,189593
.075
24, 95437, 328
34, 27939, 992
6,068202
.0829,2847,328
3,1041,361
.3104,6088,070
70, 8653,480
.080
.172
.17168, 53560, 68110, 392
2,5385,3002,901
86, 72754, 7528,4825,566
2,8701,2194,8111,543
22, 762789, 300
1, 063, 100
89, 60089, 320
5,9681,7981,3992,771
38430, 456
2,088679
.075
24, 21436, 977
39, 67643, 515
5,910711
.0828,7178,956
2,8731,338
.3304,4278,281
71, 3293,937
.080
.172
.17169, 84761, 85510, 505
2,5135, 8982,936
81, 16050, 6108,6145,452
3,0031, 3534,8471,671
12, 424823, 800
1, 000, 500
78, 12088, 200
5,8061,7471,3682,691
33432, 758
2,987600
.079
26, 27038, 550
46, 44447, 600
5,348746
.0889,117
10, 867
.3,0031,300
.3384,2278,188
73, 4414,020
.080
.174
.17273, 49465, 20011,019
2,7256,1763,080
77, 06947, 9298,9345,269
3,4671, 5455,1441,804
24, 591879, 800866, 200
89, 60093, 520
5,6001,6301, 2872,683
27133, 234
3,019781
.085
26, 94638, 592
54, 70751, 334
5,447313
.0928,970
13, 161
3,0511,105
.3504,4008,420
72, 0893,224
.083
.174
.17475, 74567, 40411, 254
2,9136,4773,022
77, 19046, 3988,6595,017
3,6642,0615,4801,968
26, 191987, 500716, 500
66, 08087, 920
5,6721,5901,3322,750
28335, 456
2,990821
.087
27, 32537, 098
59, 76452, 578
6,580476
.0958,547
14, 286
3,217896
.3524,0478,340
71, 3843,084
.084
.176
.17372, 94464, 74411, 096
2,8966,5132,892
75, 88245, 5678,4784,456
3, 7332,2585,8032,198
10 189931, 800597 800
89 88096, 320
5,8861,6991,3682,819
30039, 565
3,058797
.090
'29, 07239, 066
63, 25252, 502
8,163578
.0959,308
14, 908
3,4271,090
.3604,3508,157
73, 2953,171
.085
.176
.17875, 65667, 15011,685
3,1796,3552,959
74, 71045, 0847,8744,221
3,449• 2,121
5,9192,338
47, 889901, 100540, 700
80,08091,000
6,6401,9081,5293,203
35342, 637
1,376410
.092
28, 25437, 344
61, 33452, 455
11, 070372
.0959,352
12, 842
2,917961
.3604,2648, 531
64, 1583,673
.090
.178
.17972, 06163, 62311,951
3,5136,3232,593
78, 66946, 5298,8824,266
3,3162,1876,1062,575
67726, 900661, 300
85, 96096,880
5,5491,6491,2542,647
33136, 667
842769
.102
30, 75939, 746
51, 08147, 091
12, 90466
.10810, 1299,940
3,2951,160
.3784,5668,624
67, 2852,882
.099
.183
.19475, 14066, 77012, 357
3,9875,9942,794
83, 11151, 5709,1924,296
3,3792,1866,0642,422
12, 316638, 500731, 100
96, 32098, 280
5,6861,7361,2852,665
35637, 470
1,585281
.110
33, 53939, 606
41, 03644, 636
16, 198216
.11510, 6976,690
3,0561,028
.3904,287
1 7, 892
61, 3082,075
.105
.188
.19473, 81265. 74412, 047
3,9796,4342,460
93, 29061, 1348,8774,323
3,4432,3856,5572,712
11,031587, 500
i 812, 400
98,000104, 720
5, 5491,7431,2442,562
338„ 40, 180
1,042499
.110
32, 68837, 542
34,59043, 156
12, 60869
.12111, 0305,849
3,0441,143
.3904,132
i 7, 829
56, 4871,426
.105
.188
.19567, 51859, 96411,372
3,8185,6952,297
102, 23568, 6048,7644,673
3,0441,8257,1862,964
12, 382551, 800
1 925, 800
82, 320103, 320
5,1211,6111,1322,378
32937, 633
1,222683
.110
32, 54840, 523
32, 21441, 945
10, 884269
.12511, 2626,039
3,2311,032
.3904,404
1 7, 961
68, 1712,165
.105
.188
.19572, 02563, 60812, 296
3,8796,1872,745
103, 39868, 8248,5514,806
r 3, 315r 2, 329
7,044' 2, 808
17, 793624, 000
1 1,020,700
98, 280100, 800
5,1551,5611,2082,385
35049, 662
1,649907
.110
29, 35239, 104
34, 51443, 301
7,77488
.12510, 2366,872
3,0961,139
.3904,308
i 8, 022
72, 1833,190
.105
.188
.19574, 21965, 83411, 704
3,3196,058
101, 28064,5538,5495,305
4,0882,9457,3593,266
11,904676, 900
'1,082,900
92, 960• 108, 920
' 4, 946' 1, 405' 1, 056r 2, 484
'251r 55, 316
.110
.125
.390
.105
.188
.195
4,6411,217
9982,426
21252, 283
RUBBER AND RUBBER PRODUCTS
RUBBERNatural rubber:
C onsumption § long tonsImports, including latex and Guayule§ doStocks, end of month § _ _ do _
Synthetic rubber:*Consumption _ _ _ do _Exports. _ _ _ _ doProduction doStocks, end of month do
Reclaimed rubber :§Consumption _ doProduction _. _ _ doStocks, end of month ao
TIRES AND TUBESPneumatic casings :§
Exports. . thousands. .Production doShipments _ _ _ _. do .
Original equipment doStocks, end of month do
43, 01893, 026
330, 960
48, 692441
39, 069105, 291
21, 90825, 40837, 145
5028,1047,2832,0056,426
42, 52965, 724
345, 175
42, 5802,290
35, 68197, 612
21, 28324, 14439, 598
4237,5837,5262,1306,670
40, 38957, 626
2 131, 624
37, 607454
31,9172 97, 728
20, 43321, 252
2 39, 704
3626,7907,4411,9745,838
47, 28945, 526
2 130, 040
39, 001287
32, 9012 91, 288
21,09321, 658
2 40, 130
3607,1657,5201,7935,464
50, 55746, 285
2 122, 097
41, 865349
30, 5182 79, 246
23, 80122, 561
2 38, 461
2997,9198,2462,1285,191
57, 28649, 976
2114,115
45, 668202
33, 8342 67, 379
26, 73525, 648
2 36, 643
3248 8898,6392,1785,513 J
52, 07650, 946
2 110, 752
39, 091221
37, 8252 67, 871
23, 49123, 161
2 36 425
2607 7167,9152,0975,277
56, 28471, 596
2 129,038
43, 230413
38, 1342 62, 366
25 22925, 123
2 35 943
2688 0506 5832 3386,975
58, 17480, 852
2 136, 227
43,003419
39 4282 60, 290
25 88525 634
2 36 307
2217 8515 9192 3308,806
51, 01254, 418
2 148, 081
35 375464
39 0252 65 649
22 37423 678
2 38 444
2116 3855 1062 020
10, 172
54 44472, 070
2130 295
38 222387
43 9402 72 885
94 36224 089
2 38 313
179r 6 930
5 7032 366
r 11, 364
r 50 61640, 747
r2123 248
r 34 632569
40 846r 2 78 722
r 22 322r 21 802
r 2 37 946
3 1756 5747 0392 265
10, 940
52 2772 112 879
35 388
42 8662 85 950
22 18821 195
2 36 885
r Revised. 1 New basis excluding distributors' stocks in California; comparable figures for December 31, 1947: lubricants, 7,701; asphalt, 685,600.3 Beginning July 1947 data are reported stocks available to industry, cf See note in the April 1946 Survey. Revisions for January 1945- July 1946 will be shown later.3 Excludes shipments to Alaska and Hawaii; collection of data discontinued beginning April 1948; comparable figures for March 1948: casings, 173: tubes, 130.§Data continue series published in the 1942 Supplement but suspended during the war period; data for 1941-45 for reclaimed and natural rubber and for tires and tubes (p. S-38) are shown on
pp. 22 and 23 of the December 1946 Survey; data for October 1941-February 1945 for other series will be shown later.{Includes natural gasoline, cycle products, liquefied petroleum gases at natural gasoline plants and benzol; sales of liquefied petroleum gas for fuels and for chemicals and transfers of cycle
products are deducted before combining the data with gasoline and naphtha to obtain total motor fuel production.*New series. Data beginning 1939 for aviation gasoline, compiled by the Bureau of Mines, and data beginning
Census, will be published later. For data for 1941-45 for synthetic rubber, see p. 23 of December 1946 Survey.fRevised series. For 1941 revisions for the indicated series on petroleum and products, see notes marked "f" on P- S-33 of the March and April 1943 issues; 1942-43 revisions are available on
request. See note in April 1945 Survey for explanation of revision in data for asphalt roofing.
.ng 1943 for asphalt siding and saturated felts, compiled by the Bureau of the
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-38 SURVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may he foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
RUBBER AND RUBBER PRODUCTS—Continued
TIRES AND TUBES— Continued
Inner tubes :§Exports thousandsProduction __ doShipments doStocks, end of month ._ do
4755,7525,5719,772
3325,4405,7799,413
2824,5426,2167,909
2275,1796,4996,937
1666,5407,2336,339
1917,6197,6166,424
1506,4576,3436,683
1486,5445,3248,088
1126,2265,1529,116
1364,9804,5059,657
1355,5345,1889,930
i 1205,5785,8079,737
STONE, CLAY, AND "GLASS PRODUCTS
ABRASIVE PRODUCTSCoated abrasive paper and cloth, shipments- reams..
PORTLAND CEMENTProduction . thous. of bbl__
Percent of capacityShipments _ _ _ thous. of bbl__Stocks finished, end of month doStocks, clinker, end of month do
CLAY PRODUCTSBrick, unglazed:
Price, wholesale, common, composite, f. o. b. plantdol. per thous..
Production* thous. of standard brickShipments* _ __ _ , _ _ _ doStocks, end of month* do
Structural tile, unglazed:*Production - - short tons__Shipments doStocks _ . _ do. _ _
Vitrified clay sewer pipe:*Production doShipments - - d o _ _ _Stocks do
GLASS PRODUCTSGlass con tainers:f
Production _ - thous. of gross.Shipments domestic, total do
General use food:Narrow neck food _ > doWide mouth food (incl. packers tumblers)
thous. of gross. _Beverage - doBeer bottles _ _ - _ _ _ _ _ doL/iquor and wine doMedicinal and toilet doChemical, household and industrial doDairy products _ _ - doFruit jars and jelly glasses do
Stocks, end of month. _ _ doOther glassware, machine-made:
Tumblers:fProduction- thous. of dozens..Shipments _ ... do.Stocks - -- - - do_ _ _
Table, kitchen, and bouseholdware, shiprrentsfthous. of dozens.-
Plate glass, polished, production.. _thous. of sq. f t__GYPSUM AND PRODUCTS
Crude gypsum:Imports § . . thous. of short tons.
Calcined production doGypsum'products sold or used:
Uncalcined short tonsCalcined:
For building uses:Base-coat plasters doKeene's cement do_All other building plasters doLath thous. of sq. ftTile do._._Wallboardcf do
Industrial plasters - short tons
146, 352
13,38966
15, 32819, 3886,326
19. 416411,991402, 780525,985
105, 681105, 876115,549
117,018114, 588152, 314
10, 5789,492
1,007
2,0799b2
1,697761
1,844673341227
6,085
6,7696,2346,672
3,65823, 171
134, 834
15, 97181
18, 17917, 0955,736
19. 5EO414, 634406, 918528, 873
101,74298, 364
117,080
115,717111,547156, 358
9,6198,316
928
1,6501,0931,616
6631, 309
433305320
6,849
6,2105,2617,729
3,33121,026
4091,4671,166
407, 354
391, 54812, 520
101, 597391, 142
7,281520, 35846, 745
126, 722
16, 34280
20, 09913, 3375,514
19. 668438, 591455,616504, 124
118,814110, 220123,943
109, 686110,012155, 971
8,8778,127
764
1,7541,1521,263
5751,449
397308464
7,065
4,9934,3467,775
2,30217,670
130, 489
17, 48086
20, 36510, 4524,855
19. 937466, 592457, 311511, 977
114, 163112,805124, 935
111,418110, 754156, 544
9,4768,859
1,285
2,3221,212
676627
1,479466307486
7,300
5,8544,8678,158
3,64521, 401
146,111
17,31988
19,8407,9213,889
20. 374456, 943483, 622483, 156
111,230110,343124, 794
117, 038117, 530155, 976
9,3848,781
1,528
2,1891,040
632778
1,645452290227
7,478
4,6885,9947,940
3,48320, 648
9181,5071,279
445, 659
451,07010,084
104, 505462, 222
6,791514, 87146, 148
146, 754
18, 30090
20, 5625,6683,114
20.490511, 366538, 950451, 497
115, 844119, 243119, 289
120, 704119, 913156, 607
9,6468,767
8232 2, 251
955744
1,2791,794
5893152 17
7,896
5,8335,1868,869
4,51122, 989
145, 409
16, 81485
16, 2676,2092,929
20. 636460, 971453, 100456, 272
106, 221100, 579124, 331
117,435110, 906159, 360
8,4027,703
4732 1, 846
632974
1,5021,529
449285213
8,132
4,6744,9618,694
4,18118, 777
125, 743
16, 12379
12, 3799,9753,605
20. 843436, 073431, 130452, 138
97, 36995, 319
120, 653
120, 892116,647166, 450
7,9887,603
4822 1, 745
5261,2711,1671,603
4193842 7
8,057
4,9444,5998,924
3,79320, 089
6441,6671,410
519, 395
499, 48010, 909
116, 881488, 677
7,233592, 627
55, 998
111,889
14, 54171
9,20515, 3364,299
21. 093369, 034335, 438479, 788
84, 67877, 107
127, 576
118, 72098, 540
183, 694
8,0157,006
532
1,820419839840
1,79147924739
8,380
4,5394, 4168,690
3,19521, 958
,
139, 066
13, 34770
8,33820, 3405,196
21. 194317, 619300, 386493, 925
83, 98275, 800
134, 959
110, 77793, 973
200, 385
7,3206,886
578
1,759692704783
1,58450224439
8,488
4,3254,2968,741
3, 05121, 751
161, 110
14, 50271
13, 95720, 8866,072
21. 479r 392, 440r 414, 418r 470, 041
r 99, 575r 97, 871
T 136, 014r 131, 353' 122, 307r 209, 313
8,97710, 399
969
2,5181,3381,0551,0602,281
81327292
6,724
5,2235,3148.659
4,14723, 572
2411,5621,385
506, 561
410, 51811, 944
107, 121530, 444
4 7, 2734 684, 302
50, 692
160, 918
16, 041'80
19, 04717, 8805,930
22. 040440, 282490, 618419, 030
109, 280112, 965131, 479
123, 115125, 602206, 751
r 8, 951r 7, 383
'549
r 1, 769••3729
r605••786
r 1, 861'470
339275
r 7, 876
5,4225,6288,510
3,71423, 417
158, 554
17, 74086
19, M416, (i77
5, e.50
22. 204
8,8257,904
6,53
1,977851692781
1, 6:165c!721.0o?>8
8,423
5, 2785,2778, 398
3,84720, 733
TEXTILE PRODUCTS
CLOTHINGHosiery:
Production thous. of dozen pairsShipments _ doStocks, end of month do
COTTON
Cotton (exclusive of linters):Consumption - balesExports§ . _ _ _ doImports§ doPrices received by farmersf dol. per lb__Prices, wholesale, middling, 1Me", average, 10
markets dol. per lb__
11, 62911, 19919, 910
807, 135248, 54910, 730
.335
.360
10, 54610, 50320, 795
729, 412302, 77362,029
.341
.372
10, 42410, 02021, 198
677, 78083, 9188,163.359
.375
11, 65111, 82821, 021
710, 601« 37, 066
4,984.332
.343
12, 40813, 17020, 259
727, 448123, 54595, 526
.312
.316
13, 96214, 58919, 633
826,216134, 19097, 946
.307
.317
12, 80413, 09919, 338
759, 498164, 66511, 750
.319
.336
12, 54812, 41522, 217
753, 406229, 55315, 319
.341
.358
13, 40513, 19922, 423
860, 202214, 098
9,454.331
.352
13, 36513, 17822, 610
785, 231163, 49819, 014
.307
.328
14, 18514, 31222, 483
878, 714261, 06210, 398
.318
.342
13, 30312, 85022, 936
829, 730155, 08014, 668
.341
.372
12, lf.210, 97424, 1153
785, 440
.353
.3763 Includes small quantity of nonreturnable beverage containers.r Revised. * See note 3 on page S-37. 2 jeily glasses included with wide mouth food containers.
4 Laminated board included with tile temporarily.6 "Revised to include Army civilian supply exports (see note marked "§" on p. S-20); there were no such shipments in other months of 1947.c?Includes laminated board reported as component board. §See note marked "§" on p. S-37.*New series. See note marked "*" on p. S-37 of September 1947 Survey for reference to tables giving the earliest data available for the clay products series.fRevised series. See note on p. S-34 of the July 1944 Survey regarding changes in the data for glass containers and comparable figures for 1940-42 and note in May 1946 Survey for changes
in the reporting companies for other machine-made glassware. For revisions for farm price of cotton for August 1937-July 1942, see p. S-35 of June 1944 Survey.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
July 1948 SURVEY OF CURRENT BUSINESS S-39
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember
Octo-ber
Novem-ber
Decem-ber
1948
Janu-ary
Febru-ary March April May
TEXTILE PRODUCTS—ContinuedCOTTON— Continued
Cotton (exclusive of lintcrs)— ContinuedProduction:
Ginnings of thous. of running bales _Crop estimate, equivalent 500-lb. bales
thouc of balesStocks, domestic cotton in the United States, end
of month:Warehouses thous. of bales-Mills -do
Cotton linters:Consumption - - doProduction doStocks end of month _do
COTTON MANUFACTURES
Cotton cloth:Cotton broad woven grods over 12 inches in width,
production Quarterly* mil of linear yardsCotton goods finished, quarterly:*
Bleached doPlain dyed doPrinted do
Exports^ thous. of sq. ydImports § - _ _ doPrices, wholesale:
Mill margins cents per IbDenims, 28-inch dol. peryd__Print cloth 64 x 60 doSheeting unbleached, 36-inch, 56 x 60-- do _
Cotton yarn, Southern, price, wholesale, mill:22/1 cones carded white dol per Ib40/1 twisted carded® do
Spindle activity:Active spindlesj - thousands.Active spindle hours, total mil. of hr._
Average per spindle in place hours _ _Operationsf pet. of capacity. _
RAYON AND MANUFACTURES AND SILK
Rayon yarn and staple fiber:Consumption:
Filament yarn - mil. oflbStaple fiber . . do _
Imports^ thous. of IbPrices, wholesale:
Yarn, viscose, 150 denier, first quality, minimumfilamentO dol. per Ib
Staple fiber, viscose, \\$. denier doStocks, producers', end of month:
Filament yarn mil. of lb__Staple fiber do
Rayon goods, production, quarterly:*Broad woven goods thous of linear yardsFinished total do
White finished doPlain dyed doPrinted do
Silk, raw:Imports? thous. of lbPrice, wholesale, Japan (N. Y.)§ dol. perlb...
WOOL
Consumption (scoured basis) :JApparel class thous. oflbCarpet class do
Imports § doPrices, wholesale:
Raw, territory, 64s, 70s, 80s, scoured*. dol. per lb_.Raw, bright fleece, 56s, greasy* doAustralian, 64-70s, good topmaking, scoured, in
bond (Boston)* _ __dol. per IbStocks, scoured basis, end of month, total f
thous of IbApparel totalf do
Domcstict doForeignf do
Carpett do
WOOL MANUFACTURES
Machinery activity (weekly average):^Looms:
Woolen and worsted:Pile and Jacquard thous. of active hoursBroad _ _ _ . doNarrow do
Carpet and rug:Broad *. doNarrow _ . _ _ do
Spinning spindles:Woolen -- do. _.Worsted do
Worsted combs do
1,8001,856
8034
'422.
147, 4371,146
47.86.338.216.232
.715
.882
21, 6249,928
415125.6
59.518.6
2,501
.670
.320
9.03.8
414.000
38, 41213, 66862, 112
1.225.565
.990
812,186
45
130117
82, 113112, 268
223
1,1681,601
7323
382
2,461
1,759914442403
125, 349472
46.46.338.228.232
.706
.882
21, 3249,103
382118.8
54.716.5
2,795
.670
.320
8.86.6
467, 277424, 00647, 675
289, 63886, 693
34.150
37, 86413, 19257, 566
1.225.565
1.002
497, 886408, 485271, 009137, 47689, 401
782,242
43
137122
85, 052115, 568
230
194
8561,322
8223
345
129, 2161,076
49.49. 338.242.232
.700
.890
21, 4158,531
358107.0
62.318.4
2,327
.670
.320
9.27.7
4794.009
38, 84012, 68548, 942
1.225.565
1.040
611,864
39
9892
71, 26788, 899
179
647
7811,076
8132
289
140,711883
53.96.338.251.232
.706
.921
21,1979,034
379119.4
62.618.6
2,428
.670
.320
8.46.4
1934.025
38,00814, 05635, 974
1.220.565
1.040
722,171
45
124110
91, 891109, 789
189
3,899
2,5281,058
91105296
2,297
1,535799383353
128, 9211,624
57.91.338.255.232
.706
.921
21, 4109,427
396121.0
61.520.3
3,265
.670
.320
8.66.4
455, 072402, 11245, 650
291, 14665, 316
175(3)
37,98813, 70841, 511
1.220.565
1.108
461, 431384, 070265, 835118,235
77, 361
702,223
47
124112
93, 585118, 720
198
8,362
5,0321,375
103203364
142, 2851,196
58.60.338.268.232
.708
.926
21, 56310, 802
452127.0
65.323.1
1,342
.670
.320
9.55.7
2944.400
49, 21017, 85051, 412
1.227.554
1.165
682,282
45
134129
93, 931122, 410
218
10, 056
5,2971,746
99188420
123, 480718
59. 43.338.277.234
.720
.951
21, 4329,530
400134.8
62.220.3
1,674
.670
.320
9.35.3
1244.400
37, 65214, 00848, 388
1.255.510
1.254
832,324
49
142129
92, 662121, 971
222
10, 596
5,4182,048
102175476
2,569
1,801934449418
102,4174,161
60.29.338.283.239
.725
.960
21, 4129,544
402121.3
62.122.2
1,369
.726
.352
7.74.0
r 515, 951r 466, 948' 48, 985' 321, 738
r 96, 225
3794.400
43, 83016, 17536, 234
1.255.510
1.240
' 442, 951r 364, 755r 236, 565r 128, 190' 78, 196
792,256
45
132119
90, 474117, 489
214
11, 373
5,0632,122
102166511
93, 9072,308
59.63.338.261.240
.7651.019
21, 45010, 802
454139. 0
68.8••22.72,711
.740
.360
8.64.7
1282.60
41, 70015, 948
110, 302
1.255.510
1.240
922,565
52
163146
103, 677132, 418
247
4,4272,151
98129516
82, 4103,461
58.33.338.239.240
.8041.098
21, 4899,8194440
137.6
60.620.6
4,588
.740
.360
8.84.8
3972.60
' 42, 900' 15, 524
79, 981
1.255.510
1.370
r!03r 2, 572
51
163146
r 102. 527' 132, 666
'252
2 11, 5522 11, 851
3,6372,194
104104520
r 2, 587r 1,872
r964r477'431
75, 2992, 364
52.98.338.208.240
.8041.098
21, 70811,005
M92133.6
67.8'22.75,219
.740
.360
9.44.8
537, 900498, 96357, 024
345, 59596, 344
8292.60
' 51, 680r 20, 265
86, 749
1.255.510
1.292
429, 180346, 452216, 171130, 28182, 728
1002,495
40
163144
98, 429129, 269
250
2, 8232,109
9766
500
80, 0302,759
46. 30.338.205.230
.8041.098
21, 69410, 667
4475136.1
r67.9'22.94,599
.740
.360r8. 7'3.8
4172.60
42, 68016, 92862, 324
1.296.510
1.399
1002,497
40
164141
99, 243125, 437
245
2,199-1,929
9947
459
43.22.338.198.230
.8041. 098
21, 72310, 080
4450134. 0
69.923.7
.740
.360
8.73.7
2.60
1.310.510
1.652
'Revised. 1 Total ginnings of 1946 crop. 2 Total ginnings of 1947 crop. 3 Not available. JNumber active on last day of month.4 Average for all cotton system spindles, including those consuming synthetics and blends not comparable with averages prior to February 1948 which are for cotton consuming spindles.<8>Replaces series for 40/1, single, carded; see note 4 on p. S-39 of November 1947 Survey. d*Total ginnings to end of month indicated.OPrice of yarn in cones beginning January 1947; prior to 1947 prices were quoted for yarn in skeins; see note in June 1948 Survey.§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941 to February 1945 (July 1946 for silk) will be published later. Data
for cotton cloth exports have been revised to include army civilian supply exports (see note marked"§" on p. S-20).HData for July, October, and December 1947 and March'1948 are for 5 weeks; other months, 4 weeks. Data for wool consumption were revised beginning September 1946 in the November 1947
Survey to cover consumption only on woolen and worsted goods systems; data through March 1947 published in earlier issues include also consumption on silk, cotton and other systems.fRevised series. See note marked "t" on p. S-39 of September 1947 Survey for reference to 1941 data for the yarn price series and information regarding revisions in data for wool stocks.
See note for cotton spindle activity at the bottom of p. S-34 in the May 1948 Survey with regard to revision in the series for spindle operations as a percent of capacity.*New series. See notes marked "*" on pp. S-38 and S-39 of the September 1947 Survey for reference to earliest data published for the indicated series.Digitized for FRASER
http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
S-40 SURVEY OF CURRENT BUSINESS July 1948
Unless otherwise stated, statistics through1941 and descriptive notes may be foundin the 1942 Supplement to the Survey
1947
May June July August Sep-tember October Novem-
berDecem-
ber
1948
Janu-ary
Febru-ary March April May
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES— Continued
Woolen and worsted woven goods (except wovenfelts):*
Production Quarterly total thous of lin ydApparel fabrics! do
IvTen's and boys' wear! doWomen's and children's wear t doAll other J do _
Blankets doOther n on apparel fabrics do -
Wool yarn:Production total*^| thous of Ib
Knitting**! doWeaving*^ do. _ _Carpet and other*! do
Price, wholesale, worsted yarn, 2/32s (Boston)dol. per lb__
MISCELLANEOUS PRODUCTS
Fur sales by dealers thous of dolPyroxylin-coated fabrics:®
Orders, unfilled, end of month thous. lin. yd__Pyroxylin spread thous of IbShipments billed tbous lin yd
55, 7326,328
36,88212, 512
1.950
2,688
8,1775,6747,121
113,86598, 02150 16135, 44010, 2067,5608,284
56, 7045,764
37, 82413,116
1.950
3,708
7,7784,5206,034
57, 3355,760
39, 21012, 365
1.950
4,000
7,5534,0434,661
59, 1646,316
39, 70413, 144
1.950
4,337
7,7244,9945,409
113 53699,13344 &0843 , 05410,0496,4827,921
61, 7967,052
41,24413, 500
2.000
3,678
7,9844,3104,975
76, 7609,235
49, 58017, 945
2.020
3,804
7,0264,6995,565
60, 9007,024
39, 73214,144
(")
7,1224,5435,138
r 129 382' 114, 063
»• 51 331r 48, 020
r 9, 053' 6, 845r 8, 474
71 7058,785
47, 46015, 460
(°)
6,8165,3855,538
67, 1088,084
43, 76015, 264
(«)
6,6564,9366,186
' 67, 304«• 7, 940
r 43, 872*• 15, 492
C)
5,7334,9586,462
82, 5509,610
53, 73019, 210
C)
5,2284, 3285,687
131 939116,21954 98149, 2958,6205,496
10, 224
65 9167,460
42, 23216, 224
(')
4,4083,6384,800
C)
TRANSPORTATION EQUIPMENT
AIRCRAFTExports, total § number. _Shipments total* do
For TJ. S military customers* doF o r other customers* __ _ _ _ _ _ ._ d o
MOTOR VEHICLES
Exports, assembled total§ numberPassenger cars § . _ _ _ _ _ _ _ _ _ _ _ _ d o _ _-Trucks^ do
Factory sales, total § _ _ _ _ _ do_ _Coaches total _ do
Domestic _ _ _ _ _ _ _ _ _ d o _ _Passenger cars, total do
Domestic _ _ _ _ _ _ do_ _.Trucks, total do
Domestic do_ _Truck trailers, production, total* do
Complete trailers doVans _ _ _ _ _ _ _ _ _ d oAll other do
Chassis shipped a s such _ _ _ _ _ _ _ _ _ do. _Registrations:!
New passenger cars _ doNew commercial cars do_ _-
RAILWAY EQUIPMENT
American Railway Car Institute:Shipments:
Freight cars total numberDomestic do. .
Passenger cars, total doDomestic do
Association of American Railroads:Freight cars, end of month:
Number owned _ _ _ thousands.Undergoing or awaiting classified repairs
thousands..Percent of total on line
Orders, unfilled _ _ carsEquipment manufacturers doRailroad shops do _
Locomotives, end of month:Steam, undergoing or awaiting classified repairs
number. .Percent o f total on line _ _ _ _ _ _
Orders unfilled:Steam locomotives, total number
Equipment manufacturers doRailroad shops _ _ do
Other locomotives, total* doEquipment manufacturers* _ _ _ _ _ d oRailroad shops* do
Exports of locomotives, total f doSteam § doOtherf do
INDUSTRIAL ELECTRIC TRUCKS ANDTRACTORS
Shipments, total numberDomestic _ _ _ _ _ d oExports _ do
3211,740
941,646
61,50229, 54031,962
382, 6401,8531,599
284, 357261, 24096, 43075, 6964,5804,3801,6572,723
200
286, 71976, B01
6,4093,131
6060
1,734
774.6
89, 55466, 46623,088
2,8327.8
30300
718717
1262133129
34930742
2681,332
1391,193
44, 46122, 59121, 870
4CO, 3721,6281,409
307, 124284, 57691,62073, 6133,5443,3061,4371,869
238
26P, 86365, 458
5,2434,230
6763
1,734
774.7
93, 15968, 67524, 484
2,7357.6
24240
770770
01061987
32128833
2221,102
104998
40, 65224,06816, 684
379, 1921,8061,694
279,631257, 88197, 75578, 444r 2, 994r 2, 820«• 1, 354r 1, 466
174
263, 16771, 647
5,3664,846
5345
1,732
814.9
94, 23270, 57823, 654
2,7787.8
29290
786785
11335776
30527134
1661,140
211929
50, 27324,31725,966
349, 4091,7651,570
261, 158240, 35886, 48666,382'3,110' 2, 894r 1, 226»• 1, 668
216
264, 86675,912
4,4104,346
2020
1,730
814.9
97, 39271, 82625, 566
2,7097.6
40400
811810
1989
89
36533926
1841,351
3231,028
42,15721, 83920, 318
420, 2691,6071,412
307, 942285, 590110,72089, 7243,1582,9441,2691,675
214
251,65569, 899
5,7495,668
2929
1,730
784.7
97, 64573,41624, 229
2,7067.6
463610
796794
1621745
35226290
1831,041
239802
47, 59922, 34525, 254
436,0011,6671,527
315,969295, 099118, 36594, 3073,9623,4511,5871,864
511
281, 42887, 167
6,4016,242
7474
1,725
724.3
103,08676, 71326, 373
2,6467.5
453510
922921
1781860
375303
72
218867252615
39, 62220, 48019, 087
394, 1751,4161,141
305, 148284, 73087, 61171, 1613,2412,9881,4061,582
253
258, 93473, 737
6,9646,889
6955
1,728
734.4
104, 78878, 85725, 931
2,6127.5
332310
1,1471,146
11103674
33727364
240790288502
39, 00721,36217, 645
469, 9571,4491,087
366, 939344, 110101, 56985, 971
«• 3, 287«• 3, 121
1,530' 1, 591
166
312, 26367, 690
7,9147,661
7171
1,731
724.3
99, 21674, 63524, 581
2,4837.1
302010
1,1961,195
1872067
394317
77
116607136471
33, 64319, 45814, 185
405, 6511,3701,068
305, 081285,37399,20083, 8933,4453,3061,5481,758
139
274, 97869, 486
6,8666,561
5757
1,735
764.5
101,66274, 00827, 654
2,5817.4
967620
1,4171 416
11506783
31627046
187622155467
30,36616, 42213, 944
382, 9911,090
752274, 847256, 753107, 05488, 8893,6713,4791,6881,791
192
6,3456,306
5454
1,738
794.7
103, 06175, 48227, 579
2,7027.8
1088919
1,4881 487
1711259
« ggg
258100
165863278585
40, 07120, 49319, 578
492,0131,4091,202
349, 998327, 198140, 606118, 572
4,2384,0232,0941,929
215
6,9596,940
7474
1,740
804.8
105, 12080, 77224, 348
2,8738 3
1198930
1,4311 431o
15330
123
338288
50
229937165772
44, 85422, 57022, 284
438, 0821,048
902308, 071288, 356128, 963111, 911r 4, 1163,8982,0811,817r218
7 0416,726
10767
1,743
834.9
109 56786, 94722, 620
2,8798 4
1178928
1,4551 454
^13328
105
00731819
338, 5311,2811,161
225, 461209, 591111, 78996,9093,7533,6061,8861,720
147
7 1716,651
6460
1 744
865 1
103 78681, 06722, 719
2,8878 5
1118625
1,4851 485
Q
qoi
28645
T Revised. ° Data not available.tThe total includes fabrics produced for Government orders not included in the detail as follows (thousands of yards): 1947: 2d quarter, 2,214; 3d quarter, 3,122; 4th quarter (revised),
•{Data for July, October, and December 1947, and March 1948, are for 5 weeks; other months, 4 weeks. ®See note in April 1946 Survey with regard to changes in these series.§Data continue series published in the 1942 Supplement but suspended during the war period. For 1940-45 data for factory sales of motor vehicles see p. 24 of June 1947 Survey. Data
for October 1941-February 1945 for the foreign trade series will be published later. See note on p. S-40 of August 1947 Survey regarding unpublished revisions for registrations.*New series. For available data for 1937-43 for woolen and worsted goods production, see p. 19 of May 1945 Survey. See note on p. S-39 of July 1947 Survey for source of data on wool
yarn production and explanation of a revision in the data in that issue, and p. S-40 of the April 1947 Survey for source and earliest data published for truck trailers. Data beginning January1946 for aircraft shipments are available on request. See May 1946 Survey for description and data beginning March 1945 for unfilled orders of "other locomotives."
fRevised series. Export series for total and "other" locoirotives were revised in the May 1946 Survey (see note in that issue).Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-INDEX TO MONTHLY BUSINESS STATISTICS, PageiPages marked S
Abrasive paper and cloth (coated) 38Acids - - 23Advertising 6, 7Agricultural income and marketings 1, 2Agricultural wages, loans 14,15Air-line operations 22Aircraft - 10,11,12,13,14, 40Alcohol, denatured, ethyl, and methyl 23Alcoholic beverages 2, 26Aluminum 32Animal fats, greases 24Anthracite 2,4,11,12,13,14,36Apparel, wearing... 4, 6, 7, 8,10,11,12,13,14, 38, 39Armed forces 9Asphalt and asphalt products 37Automobiles 2,3, 7, 8,10,11,12,13,14,18Banking 15, 16Barley 27Barrels and drums 33Battery shipments 34Beef and veal__ 29Beverages, alcoholic 2,26Bituminous coal 2,4,11,12,13,14,36Boilers 34Bonds, issues, prices, sales, yields 19Bone black 24Book publication 36Brass 33Brick 4,38Brokers' loans 15,18Building contracts awarded 5Building costs 6Building construction (see Construction.)- "-• • - • retail trade 4,7,8Building materials, prices, retiBusinesses operating and bus!Butter.
iness turn-over __ 327
Candy 29Cans, metal 33Capital flotations - 18Carioadings _ 22Cattle and calves _.. 28Cellulose and other plastic products 26Cement _ _ 2,4,38Cereal and bakery products 4Chain-store sales 8Cheese 27Chemicals 2, 3,4,10,11,12,14,18, 23, 24Cigars and cigarettes 30Civil-service employees 11Clay products (see also Stone, clay, etc.) 2, 38Clothing 5,7,8,10,11,12,13,14,38Coal 2,4,11,12,13,14, 36Cocoa - 29Coffee _ _- 29Coke _ 2,36Commercial and industrial failures 3Construction:
New construction, dollar value 5Contracts awarded 5Costs 5,6Dwelling units scheduled to be started 5Highway 5,11Employment, wage rates, earnings, hours— 9,10
11,12,13,14Consumer credit 16Consumer expenditures 1, 7Consumers' price index 4Copper 33Copra and coconut oil 25Corn -._ -- 19, 28Cost-of-living index (see Consumers' price
index) 4Cotton, raw, and manufactures 2,
4,5,10,11,12,13,14,38,39Cottonseed, cake and meal, oil 25Crops 1, 2, 4, 24, 26, 27Currency in circulation 18Dairy products 1, 2, 4, 27Debits, bank 15Debt, short-term, consumer 16Debt, United States Government 16Department stores, sales, stocks, collections.. 8, 9Deposits, bank 15,18Disputes, industrial 13Distilled spirits.__ 26, 27Dividend payments and rates 1,19Drug store sales 8Dwelling units scheduled to be started 5
Earnings, weekly and hourly 13,14,15Eggs and poultry 1,4, 29Electrical equipment 2,7,34Electric power production, sales, revenues 26Employment estimates 9,10,11Employment indexes:
Factory, by industries 10,11Nonmanufacturing industries 11
Employment security operations 13Emigration and immigration 23Engineering construction 5Exchange rates, foreign 17Expenditures, United States Government 16Explosives 24Exports (see also individual commodities) 20, 21Factory, employment, pay rolls, hours, wages. 9,
10,11,12,13,14Failures, industrial and commercial 3Farm marketings and income 1, 2Farm wages 14Farm products, farm, and wholesale prices 2, 4Fats and oils 4, 24, 25Federal Government, finance 16,17Federal Reserve banks, condition of 15
Pages marked SFish oils and fish 24, 29Flaxseed 25Flooring _- 31Flour, wheat 28Food products 2,
3, 4, 5, 7, 8, 10, 11, 12,13, 14, 17, 26, 27, 28, 29Footwear 2,4,8,10,12,13,14,30,31Foreclosures, real estate 6Foreign trade, indexes, shipping weight, value
by regions, countries, economic classes andcommodity groups 20, 21, 22
Foundry equipment 34Freight cars (equipment) 40Freight carloadings, cars, indexes 22Freight-car surplus and shortage 22Fruits and vegetables 2,4,27Fuel equipment and heating apparatus 33Fuel oils 37Fuels _ _ 2,4,35,36,37Furnaces 33, 34Furniture 2, 4,10,11,12,13,14,15Gas, customers, sales, revenues 26Gasoline 37Glass and glassware (see also Stone, clay, etc.)_ 38Gelatin 23Gloves and mittens 31Glue _ 24Glycerin 24Gold.. _ 17Goods in warehouses 7Grains _ 4,19, 27, 28Gross national product 1Gypsum 38Heating and ventilating equipment 34Hides and skins. 4,30Highways.. 5,11Hogs _. 28,29Home-loan banks, loans outstanding 6Home mortgages 6Hosiery _ 5,38Hotels 11,12, 23Hours of work per week 12,13Housefurnishings . 4, 7,8Housing 4, 5Immigration and emigration 23Imports 20,21,22Income, personal 1Income-tax receipts .. 16Incorporations, business, new ........ 3Industrial production indexes .. 2Instalment loans ... 16Instalment sales, department stores .... 8Insurance, life 17Interest and money rates 15Inventories, manufacturers' and trade 3,9Iron and steel, crude and manufactures 2,
3, 4,10,11,12,13,14,18,31,32Kerosene 37Labor force 9Labor disputes, turn-over 13Lamb and mutton . . 29Lard. 29Lead _ 33Leather and products 2, 4,10,11,12,13,14; 30Linseed oil, cake, and meal 25Livestock 1,2,4,28Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit) 6,15,19Locomotives 40Looms, woolen, activity 39Lubricants 37Lumber 2, 4,10,11,12,13,14,31Machine activity, cotton, wool 39Machine tools 10,11,12,14,34Machinery 2, 10, 11, 12,13,14,18,34Magazine advertising 6, 7Mail-order houses, sales 8,9Manufacturers' orders, shipments, inventories. 3Manufacturing production indexes 2Meats and meat packing 2, 4,10,12,13,14. 29Metals 2, 4,10,11,12,13,14,18, 33Methanol 24Milk _ 27Minerals.- 2,10,11,12,13,14Money supply 18Mortgage loans 6,15Motor f u e l _ _ _ 37Motor vehicles .... 7,40Motors, electrical .... 34National product and income .. 1Newspaper advertising 6, 7Newsprint 35New York Stock Exchange 19,20Oats 28Oil burners 34Oils and fats- _ _ 4,24,25Oleomargarine 25Operating businesses and business turn-over.. 3Orders, new, manufacturers' 3Paint and paint materials 4, 25Paper and pulp 2,3,5,10,11,14,35Paper products 35Passports issued 23Pay rolls, manufacturing and nonmanufactur-
ing industries 11,12Personal income 1Personal savings and disposable income 1Petroleum and products 2,
2,3, 4,10,11,12,14,18,36,37Pig iron.. 32
PorkPostal business LPostal saving! i_LPoultry and e|gg!Prices (see
ConsumersReceived aRetail pricWholesale
PrintingProfits, corpcnPublic assistsPublic utilitiesPullman ConPulp woodPumps___Purchasin^ .Pyroxylin cor
Radio advertfisji:Railways,
tistics, empli
Railways, strejeRayon, and
Receipts, UniiReconstruct] 011Rents (housingRetail trade
departmergeneral m^rp
Rice.Roofing andRosin andRubber, nati
tires, andRubber ind
inventoriiearnings.
Savings depjSavings, per BOXSecurities "Service industrSewer pipe,Sewing mac hiSheep and I; a:Shipbuilding.Shipments,ShoesShortenings.Silver LSkins i.Slaughtering a:Soybeans,Spindle aiSteel inL
Iron andSteel, scrapL.Stocks, d .
turers' in)Stocks, divjdStokers,Stone, clay
StovesStreet railwaySugar.SulphurSulfuricSuperphosp
Tea L.Telephone,
graph can-Textiles- .J..Tile L.Tin..Tires and ipTobacco__Tools, mac hiTrade, retsilTransit HnTransportsTransport
Travel,Truck traiTrucksTurpentines
Unemploymsation..
United StatesUnited St«iUtilities..
Vacuum clVariety st<VegetableVegetablesVessels clVeterans'
Wages, fa<WarWar Sa"Wareh<Washers-WaterWheat aiWholesale prWholesaleWood puto..
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