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SURVEY OF CURRENT BUSINESS
WEEKLY SUPPLEMENT
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON, D. C, JANUARY 26, 1939
SUMMARY OF BUSINESS TRENDS
TNCOME payments to individuals in December continued the
advance that began in June 1938. The seasonally adjusted
index computed by the Bureau of Foreign and Domestic Commerce rose from 83.6 (1929== 100) in November to 84.5 in December. This compares with the year's low of 80.4 recorded in May.
Income payments during 1938 totaled 64.2 billion dollars, a
decline of 7 percent as compared with 70 billion dollars for 1937
The seasonally adjusted index of employee's compensation for
December rose to 86.3 (1929=100) as compared with 79.4 for
June, the low point of the year and 85.1 for December of last"
year. December was the only month of 1938 in which employees
compensation was larger than for the corresponding month of
1937.
Factory employment continued its upward trend through midDecember when the adjusted index reached 91.4 (1923-25 = 100)
an increase of 11 percent since June. Pay rolls in manufacturing
establishments also increased. As compared with December
1937 factory employment was 4 percent lower but pay rolls
showed a slight increase.
Production of automobiles increased to 90,200 units in the
week ended January 21, with trade reports indicating a relatively
favorable trend in retail deliveries which, however, show some
seasonal decline from those of December. Steel ingot production continues at an even pace, with some slight slackening indicated in the ingot rate for the week ended the 28th. These and
..PJ;hejjivre!^lx^&tflJndij!!jitft..ftL^YQluTtn^ of industrial output, seasonally corrected, somewhat lower than the early December rate, but
all series indicate a substantial gain over January 1938.
Commodity prices continued to move in narrow range during
the week ended January 21. Stock prices advanced during the
early part of the week, but broke rather sharply on Saturday.
Bond prices showed a gain for the week, although they also
moved lower on the final day of the week.
SELECTED BUSINESS INDICATORS
5 T E E L INGOT PRODUCTION
_
(PERCENT OF
AUTOMOBILE PRODUCTION
INGOT CAPACITY)
FREIGHT CAR LOADINGS
(THOUSANDS OF CABS)
_JTHOUSANDS OF V E H I C L E S )
'eicV 1 UiJ 1 'AL 1 '
•JLL' 1 m \l& 1 '*&' I W lAUl 'JI^' ! MM
ol
'JLL1 \\U\M
BITUMINOUS COAL PRODUCTION
f
JM i U ; to I ' ^ ' I MlM 1 '^V.11l&. 1 ' & ' '
C R U D E
P E T R O L E U M
ELECTRIC POWER PRODUCTION
P R 0 D X T 1 0 N
fTHOUSANDS OF BARBELS •*• DAILY AVERAGE)
(THOUSAHOS OF SHORT TONS)
{MILLIONS OF KILOWATT HOURS)
otl
° ^ \ w ] L U \ w l ^ t o l ^ 1 MMwmji'c---'
\ klAR I A C R I I WLMf I JUW: I J JLT I AUG. I S E P T '
A D J U S T E D
V
Z
l
3 * ? S
OCX
I
FACTORY EMPLOYMENT AND PAYROLL!>
INDUSTRIAL PRODUC noN
S E A S O N A L L Y
?'' J«W \IU to, 1':,'«] 1IX} I J»li 1 L ^ ^ t e 1 JtVV 1 'JcV I UA 1 ^ L 1
-
i
W O
( 1 9 2 3 - 2 5
•
1 0 0 )
MOffTMlY
DMT A
M o t r r k t r
D A T A
/v
no
^
A
\
\ -
iiinti'iiu
1 9 3 0
122230—39
( 9 3 )
1 9 3 2
«<>.!
1 9 3 3
f
\
J
"V.
' "•>•*/
'V
•
•
\
IPLOYMENT
AOAaTEa^.
J.
^
—
\ ,
K
/ P A T R OLLS
USTED).
^
^
•
I
,;,,,L-,i,.
1 9 3 4
!
1 9 3 5
; l l
1 9 3 6
•
,'
1 9 3 7
1 9 3 *
1 9 2 9
1 9 3 0
1 9 3 1
t » 3 S
1 9 3 4
M . V I T . ' M .
1 9 3 5
1 9 3 0
WEEKLY BUSINESS INDICATORS
[Weekly average 1923-25=100]
1939
Jan
21
Business activity: 1
New York Times§GT.
Barron'scf
-Business week
__
Commodity prices, wholesale:
Dept. of Labor, 1926=100:
Combined index (813)
Farm products (67)
Food (122)
All other (624)
__„
Fisher's index, 1926=100:
Combined index (120)
Copper, electrolytic!
Cotton, middling, spot
Finance—Continued.
Banking:
Debits, outside N. Y. C. t . . .
Federal Reserve reporting
member banks:
Loans, total
Interest rates:
Call loanst
_
Time loanst
Currency in circulation J
Production:
Automobiles
Bituminous coalt
Cotton consumption!..
_._
Electric powert
Lumber
Petroleum!
Steel ingots®
Receipts, primary markets:
Cattle and calves
Hogs
_
Cotton
Wheat
-'—
9 103.4 105.2
90.7 93.5 92.4 91.8 82.3
4 104.2 108.9
97.5 99.4 101.1 101.1 79.2
105.6 105.0 103.5 82.8 82.1 111.5 113.0
76.6
81.0 85.3 85.7
76.8
67.2
73.4 90.3 92.3
67.3 67.6
76.8 86.7 87.3
72.5 72.2
71.3
83.1 83.1
80.5 80.5 83.7
80.5
79.8 79.7 80.0 80.3 79.7 83.4 83.9 90.2 90.7
79.7 79.7 79.7 79.7 79.7 76.8 75.4 92.0 87.0
?3.5 32.4 32.7 32.7 32.4 31.6 31.6 47.8 47.8
Construction contracts!:
_.
Distribu tion: Carloadings
Employment: Detroit, factory...
Finance:
Failures, commercial
71.7
66.4
Bond yields!
Stock prices!
..
•
107.3
54.9 57.3
126.8 82.3
61.2 55.4 52.1
59.5 60.6 69.4 72.6
114.4
88.6
101.8
102.9
73.7 62.4 58.0 56.3 86.0 67.6 41.3 46.4
67.2 68.1 68.5 72.3 71.4 63.3 63.3
Jan
14
1937
1938
1939
1937
1038
Jan. Jan. Jan. Dec. Dec. Jan. Jan.
31 24 22 15
2t
14 7
Jan. Dec. Dec. Jan. Jan. Jan. Jan.
31
24 22 15 23 16
7
92.5 90.8 133.4 101.8 118.5 89.0 82.4 104.0
66.3
67.3 67.5 67.8 72.7 73.6 71.4 72.3
24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2 24.2
28.6 28.6 28.6 2S.6 28.6 28.6 28.6 23.6 28.6
137.3 138.3 140.5 142.0 143.2 130.7 131.8 130.8 131.4
118.2 113.9 100.5 98.6 121.7 85.7 86.2 106.7
78.8 88.1 92.4 82.2 71.4 74.5 94.2
84.0 106.5 79.5 80.8 126.3
136.3 130.2 127.3 141.8 126.6 127.0 135.5
44.9 8.7 29.5 51.4 36.9 32.6 45.3
.65.6 168.3 166.9 153.9
155.7 154.3 153.8
L53.8 165.6
89.0 87.3 85.6 65,5 87.3 50.3 46.9 132.4
56.0 48.7 57.9
80.1
49.4 45.1 53.6 52.7 75.9 73.1
36.5 56.2 94.2
23.6 44.2 37.3 33.9
fAVeelcly average, 192S-3O=1OO.
^Seasonally adjusted.
107.1 110.5 110.1 107.8 95.9
144.5 143.8
• Data do not cover calendar weeks in all cases.
§Computed normal=l00.
fDailr average.
® Index for week ended Jan. 28, is 86.4.
cfFor description of these indexes, see p . 4 of the Dec. 16,1937 issue.
46.2 44.2
34.7 38.8
120.9
101.6
129.1
135.9
43.5
152.9
129.4
73.1 89.5
48.6 67.5
59.2 50.0
25.0
WEEKLY BUSINESS STATISTICS*
1938
1939
COMMODITY PRICES, WHOLESALE
Copper, electrolytic, New YorkJ
__dol. per lb
Cotton, middling, spot, New York.
__
do.-,
Food index (Brdhstreet-'s)
_
do,..
Iron and steel, composite
dol. per ton.
Wheat, No. 2 hard winter (Kansas City)_..dol. per bu.
FINANCE
Banking:
Debits, New York City
...mil. of dol..
Debits, outside of New York City
..do...
Federal Reserve banks:
Reserve bank credit, total...
do__
U. S. Government securities..
_
do...
Member bank reserve balances
do...
Excess reserves, estimated
do...
Federal Reserve reporting member banks:
Deposits, demand, adjusted
__
do...
Deposits, time
J.
do...
Investments, total
_
do...
U. S. Government direct obligations
do...
Obligations fully guaranteed by TJ. S. Government
mil. of dol.
Loans, total
_
do....
Commercial, industrial, and agricultural loans
rail, of dol.,
Interest rates, call loanst
.percent..
Interest rates, time loanst
...do
Exchange rates:
French franct—
centsPound sterling!
dollars..
Failures, commercial
„
number.
Currency in circulationt
mil. o/dol_.
Security markets:
Bond sales (N. Y, S. E.)
thous. of dol. par value..
Bond yields (Moody's) (120 bonds)!
.
percentStock sales (Ar. Y. S. J£.)
thous. of shares.
Stock prices (N. Y. Times)%
do! per share
Stock prices (Standard Statistics) (420)
1926=100
Industrials (348)
_
do
Public utilities (40)
"do
Railroads (32)
do
PRODUCTION.
ON, CONSTRUCTION, AND
DISTRIBUTION
Production:
Automobiles.
number..
Bituminous coalj
thous. of short tons_.
Electric power
mil. of kw.-hr..
Petroleumt
thous. of bbL.
Steel ingots®...
pet. of capacity..
Construction-contr ct awardst
thous. of dol..
Distribution:
Freight-car loadings, total
cars..
Coal and coke_
do
Forest products
do.. .
Grains and grain products
do
Livestock
do
Merchandise, 1. c. 1...
do™.
Ore
,
do
Miscellaneous
_
do
Receipts:
Cattle and calves
..thousands
Hogs
do
Cotton into sfcht
thous. of bales..
wheft. at primary markets
thous. of bu..
1937
1936
Dec. 31
Dec. 24
Dec. 17
Jan. 22
Jan. 15
Jan. 23
Jan. 16
0.130
.089
2.33
36.3G
.72
0.110
.089
2.35
36.36
.71
0.110
.088
2.34
36.37
0.110
.089
2.38
36.38
.67
0.106
.086
2.51
38.97
1.05
a 104
.086
2.53
38.97
1.05
0.127
.130
2.95
36.57
1.36
0.120
.130
2.99
36.55
1.40
0.090
.119
2.60
33.38
1.11
3,429
4,210
4,620
5,153
3,379
3,937
5,214
5,493
3,676
4,148
3,516
4,130
3,175
3,823
4,618
4t821
4,165
4,583
4,075
3,974
2,588
2,564
9,130
3,559
2,592
2,564
8,956
3,436
2, f>04
2,564
8,819
3,298
2,610
2,564
8,577
3,072
2,656
2,564
8,472
2,979
2,600
2,564
9,034
3,476
2,610
2,564
7,219
1,371
2,599
2,564
7,193
1,386
2,468
2,430
6,755
2,130
2,476
2,430
fi, 740
2,103
2,477
2,430
5,802
3,030
16,124
5,174
13,150
8,183
16,050
5,177
13,110
8,206
15,888
5,161
13,114
8,189
15,986
5,160
13,219
8,266
16,025
5,141
13,269
16,221
6,130
13,008
8,080
14,487
5,199
12,196
8,143
14,463
5,203
12,138
8,907
15,547
5,050
13,734
9,262
15,562
5,053
13,758
9,275
13,836
4,892
12,8P6
8,651
1,732
8,290
1,715
8,367
1,732
8,412
1,718
8,473
1,696
8,496
1,130
1,240
1,162
8,073
3,818
1.00
1.25
1.00
1.25
3,857
1.00
1.25
3,872
1.00
1.25
4,438
1.00
1.25
1,131
9,195
4,501
1.00
1.25
1,229
8,923
1.00
1.25
1,732
8,430
3,843
1.00
1.25
1.00
1.25
1.00
1.25
2.640
4.678
292
6,669
2.636
4.672
300
6,718
2.628
4.646
254
6,823
2.631
4.656
236
6,896
2.633
4.666
229
6,952
2.629
4.670
216
6,881
3.334
350
6,347
3.355
4.998
275
6,402
4.666
4.906
168
6,351
4.670
4.911
189
6,383
.75
1.00
6.620
4.969
259
5,715
34,430
3.83
4,402
104.16
92.6
110.0
82.8
30.0
35,870
3.86
5.405
103.99
91.6
109.2
80.3
29.6
39,410
3.88
5,808
107.33
95.6
114.5
80.8
32.5
50,970
3.93
7,537
106.94
92.6
111.3
77.5
30.1
52,060
3.95
5,980
104.65
91.1
109.7
76.9
28.2
57,080
3.97
7,356
104.48
93.0
112.0
78.3
29.0
42,160
4.17
4,727
93.15
84.0
99.0
75.7
29.6
38,520
4.12
7,099
94.55
SR.4
101.5
78.8
31.4
74,780
3.65
15,542
140.33
128.2
149.0
114.2
57.1
02,040
3.65
17,591
139.63
127.1
147.0
116.4
56.4
102,120
4.01
12,419
115.63
101.5
115.9
98.7
44.9
90,205
86,925
1,342
2,270
3,244
51.7
76,685
1,500
2,169
3,215
50.7
75,215
1,574
2,121
3,204
38.8
20,359
92,890
1,400
2,363
3,450
51.7
13,218
102,905
1,353
3,276
57.6
12,894
65,418
1,216
2,109
3,506
29.8
4,678
65,735
1,268
2,115
3,477
27.8
10,722
81,395
1,605
2,257
3,205
80.6
8,810
92,280
1,731
2,204
3,185
78.8
9,200
86,455
1,430
1,956
2,821
49.9
9,227
586,877
130,636
26,416
34,056
13,152
145,469
7,849
229,299
530,849
126,917
21,733
29,324
12,819
122,302
8,982
208,772
499,895
138,398
17,945
25,897
10,374
115,079
6,995
185,207
574,462
140,435
27,612
30,724
11,997
140,900
9,001
213,793
606,314
133,048
29,113
35,956
13,177
148,091
8,260
238,669
570,333
131,831
27,242
36,151
15,573
145, 547
7,159
206,830
580,740
133, fi23
25,878
42,393
15,219
141,252
7,772
209,603
665,346
166,285
30,133
29,514
12,746
158,677
9,972
258,019
172,999
31,769
31,482
15,768
160,929
11,143
271,945
584,637
157,222
28,306
29,111
12,534
144,1S1
5.281
208,002
188
321
115
3,090
177
293
47
2,145
154
.348
05
1,879
216
418
175
3.837
260
493
245
2,971
231
315
151
1.902
438
130
236
336
217
2.19fi
Jan. 21
Jan. 14
0.110
.091
2.30
36.37
.70
0.110
.088
2.31
36.37
.71
3,391
4.289
120
2,763
•Data do not cover calendar weeks in all cases,
Jan. 7
X Daily average.
183
342
146
3, 519'
253
474
253
2.693
(8Rate for week ended Jan, 2S is 51,2,
Jan. 25
MONTHLY BUSINESS STATISTICS
Monthly statistics, through December 1935, to- 1938
1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem- January Februber
ber
1933J3uppIement to the Survey
BUSINESS INDEXES
Pages 6, 7, 8, 9
Income payments:
Adjusted index
1929=100..
Unadjusted index
_
do
Total...
mil. ofdolCompensation of employees:
Adjusted index
..1929=100
Total
mil. of d o l Mfg., mining, and construction.do
Transportation and utilities
do
Trade and
finance
do
Government, service, and other.do
Work relief
do.~.
Dividends and interest
do
Entrepreneurial withdrawals and net rents
and royalties
mil. of dol..
Direct and other relief.
do
Adjusted service certificate payments.do
Benefit payments under the Social Security Act
__mil. of doL
Industrial production (F. JR.):
Combined index, unadjusted...1923-25= 100..
Manufacturers, unadjusted...
do.
Minerals, unadjusted
do ,
Combined index, adjusted
do
Manufactures, adjusted
do
Automobiles
__
.do...
Textiles
do...
Minerals, adjusted
do...
Marketings:
Agricultural products (quantity):
Combined index
1923-25=100,
Animal products
do
Dairy products.
do
Livestock
do
Poultry and eggs
*
do
Wool
do....
Crops
do
Cotton
___
do
Fruits
_
do....
Grains
_do
Vegetables
.
.
do.-..
Agricultural products, cash income from farm
marketings:
Crops and livestock, combined index:
Unadjusted..1924-29=100..
Adjusted...
do..-.
Crops.
_
do—.
Livestock and products
do
Dairy products
do
Meat animals
_
do
Poultry and eggs
do
1938
March
April
May
June
July
ugust
Sepember
ctober
ovember
84.5
SO. 7
5,945
85.8
98.6
6,454
83.5
83.7
5,482
82.6
76.0
4,975
82.7
81.4
5,331
81.4
81.6
5.342
80.4
76.7
5.020
80.7
82.3
5,38S
'SO. 7
81.0
5,304
"81.5
76.1
4,685
'82.0
83.5
5,465
'82.3
86.3
5,651
'83.6
80.9
5, 2£6
86.3
3,708
1,165
378
680
1,286
199
1,079
85.1
3,659
I,i73
390
692
1,273
131
1,595
82.4
3,444
1,066
138
872
81.4
3,420
1,071
355
632
1,216
146
442
81.0
3,448
1,064
369
630
1,221
164
720
S0.1
3,457
1,035
359
644
1,239
180
752
79.5
3,456
1,022
359
635
1,251
189
440
79.4
3,458
1,006
360
629
1,266
197
79.8
3.357
1.002
366
625
1,175
189
788
81.4
3,418
1,056
373
619
1,173
197
412
82.5
3,570
1,102
374
632
1,265
197
692
83.1
3,675
1,137
386
641
1,305
206
739
'84.6
3, fi0fi>
1,144
372
'64&
' 1. 299'
'209
450
1,030
1,103
91
1,063
94
991
95
1,014
97
995
992
85
993
1,025
86
1,015
85
1,067
84
1,108
84
1,055
85
48
55
52
75
-10S
84
79
78
77
115
79
75
—J0380
76
65
75
108
92
371
641
1,228
-».1O2-
P104
76
81
91
67
116
68
71
78
85
62
61
46
27
36
*»98
*97
79
76
©879
75
61
79
103
78
82
71
102
32
100
142
77
74
71
87
85
80
77
—So
79
75
54
81
103
78
76
—9177
73
54
74
101
72
75
101
63
97
46
69
60
111
72
79
106
59
116
106
64
42
93
63
107
77
93
134
66
119
303
61
22
88
72
117
73
90
156
62
102
333
56
19
77
68
116
37
97
95
106
96
95
84
100
104
103
105
103
103
96
112
102
88
87
45
110
95
102
91
89
46
103
97
92
85
136
60
79
487
100
19
81
205
63
92
89
153
72
73
317
96
61
80
155
46
117
83
137
75
63
76
152
235
90
110
87
114
85
76
139
174
267
113
128
86
99
89
87
78
116
160
108
154
79
85
67
• 97
72.5
68.0
55.0
82.0
89.5
78.0
81.0
80.0
72.5
61.5
84.0
100.0
80.0
71.0
71.5
69.5
54.5
85.0
103.0
83.5
66.5
54.0
62.5
49.0
76.5
95.5
75.0
54.0
60.5
67.0
55.0
79.5
92.5
77.5
66.0
58.0
70.5
60.0
81.5
88.5
75.0
68.0
60.5
67.5
58.0
77.5
84.5
71.5
75.5
61.0
72.0
66.5
77.0
80.5
76.5
76.0
72.0
82.5
86.5
78.5
82.0
80.0
75.0
72.5
72.0
63.0
81.0
84.5
82.0
75.5
85.0
'72.5
"•61.0
84.5
86.5
87.0
75.5
92.0
'67.5
'55.5
80.0
86.0
77.5
77.5
78.0
'69.5
'55.5
84.0
85.5
83.5
83.5
85.8
73.0
80.3
86.0
86.2
96.8
77.7
84.4
86.1
88.7
97.8
87.5
76.7
82.0
86.3
88.2
97.6
85.7
76.0
80.1
86.3
87.8
97.5
75.5
80.3
86.2
87.5
97.8
86.8
75.1
81.1
85.7
87.2
97.6
86.5
74.5
80.8
83.7
87.0
97.6
86.7
73.9
81.9
83.7
86.7
97.5
86.5
73.5
81.7
84.1
86.6
97.4
85.9
73.4
80.1
84.4
86.6
96.9
85.9
73.3
80.4
85.0
86.6
96.8
85.8
73.2
79.8
85.6
86.6
96.8
85.6
73.2
79.5
85.9
86.4
96.8
78.6
82.6
80.3
7S.4
78.6
79.4
79.1
80.2
80.0
78.4
78.7
78.1
77.0
81.7
~85.3
75.4
77.7
72.8
• 79.8
80.9
79.8
79.7
78.7
78.3
78.8
78.1
78,3
77.i
_2TJS_
83.3
73.6
76.1
69.8
73.5
83.4
73.2
75.6
70.3
73.5
82.7
71.3
75.3
68.4
72.3
82.1
70.7
75.4
67.5
72.1
82.2
71.4
74.1
68.7
73.1
82.5
72.3
74.3
69.4
74.3
81.8
71.4
74.4
67.3
73.0
81.8
72.0
74.
68.3
74.5
81.1
70.9
75.9
. 66.8
73.5
80.5
71.5
76.2
67.8
74.1
COMMODITY PRICES
Pages 11,12,13,131,134
Cost of living (N. 7. C. B.):
Combined index
1923 «= 100.
Clothing.
_
do...
Food
_.
do-.
Fuel and l i g h t . . . .
do—
Housing
._.
do...
Sundries
__
do...
Retail prices:
U. S. Department of Labor indexes:
Food
1923-25 *= 100.
Wholesale prices:
U . 8. D e p a r t m e n t of Labor indexes:
Combined index (813 quotations) 1926=100.
Economic classes:
_ , _. ._
Finished products
do
R a w materials
do—
Semimanufacturesdo...
Farm products..do—Foods
—do_.
Comraodities other t h a n farm products
a n d foods.
_
1926=100.
Pig Iron:
Basic (valley furnace)....dol. per long t o n .
Composite
do—
F o u n d r y , N o . 2, northern (Pittsburgh)
dol. per long t o n .
Steel:
Composite, finished steel.
dol. per 1b.
Steel billets, rerolling (Pittsburgh)
dol. per long tonStructural steel (Pittsburgh).-dol. per lb_
Stee! scrap (Chicago) . . . d o L per gross t o n .
8O2
70.9
75.2
67.6
73.1
84.3
74.9
76.9
71.fi
76.3
80.3
83.6
83.5
83.0
82.6
82.0
81.6
81.3
81.4
81.4
81.
81.1
80.6
20.50
21.15
23-50
24.11
23.50
24.11
23.50
24.11
23.50
24.11
23.50
24.13
23.50
24.15
22.50
23.59
19.50
20.15
19.50
20.15
19.75
20.29
20.50
21.14
20.50
21.15
22.89
25.89
25.89
22.89
.0268
.0290
34.00
.0210
13.75
37.00
.0225
12.38
37.00
.0225
13.00
25.89
25.89
25.89
25.89
24.89
21.89
21.89
22.1
22.89
'.0289
'.0289
'.0239
'.0289
'.0286
'.0268
'.0268
'.0268
'.0266
37.00
.0225
12.69
37.00
.0225
12.15
37.00
.0225
11.3S
37.00
.0225
10.95
36.25
.0221
10.38
34.00
.0210
12.00
34.00
.0211
13.7
34.0C
.021!
13. 5C
34.0C
.0211
12.SS
34.00
.0210
14.20
EMPLOYMENT CONDITIONS AND
WAGES
Pages 31, 32, 33, 35, 37, 40, 43
Employment:
Factory, unadjusted (U. S. Department of
'90.5
Labor)t
. . . 1923-25=100.,
81.9
91.1
87.
94.5
85.7
87.8
88.
81.
'82.2
'79.
75.
Durable goods.,
do
70.3
79.3
83.2
77.0
81.7
91.7
75.0
80.1
72.
'98.3
101.
92.
Nondurable goods
do...
• 94.0
93.7
98,6
90.
91.5
95.8
05.9
97.2
'90.0
86.
82. S
82.
85.
90.0
Factory, adjusted (Federal Reserve)t—do,..
83.
87.
88.9
91.4
95.1
'81.4
75.
70.
71.
76.2
83.7
74.1
79.0
81.0
Durable goods
do—
83.3
91.9
'
98.2
97.
94.
92.
94.1
96.0
92.9
95.
Nondurable goods
do
99.3
96.4
98.1
f
Preliminary
' Revised.
t Revised series. Data on factory employment, unadjusted (TJ. S. Dept. of Labor) revised beginning 1935; see table 76 on p. 13 of the November 1938 Survey and table 1,
p. 15 of the December 1938 Survey. Factory employment, adjusted (Federal Reserve), revised in Us entirety; data not shown in table 76, p. 13 qf tfce November 1938 Survey,
or in tabje 1, p . 15, of the December 1938 Survey are available upon request.
MONTHLY BUSINESS STATISTICS—Continued
Monthly statistics, through December 1936, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the Decem1938 Supplement to the Survey
ber
EMPLOYMENT CONDITIONS AND
WAGES—Continued
Employment—Continued.
Nonmanufacturrag, unadjusted (U. S. Department of Labor) :
Mining:
Anthracite
1929=100.
Bituminous coal
..do...
Metalliferous. __
do
Petroleum, crude, producing
do
Quarrying and nometallic
do
Public utilities:
Electric light and power, and manufactured gas
1929=100..
Electric railroads, etc
do
Telephone and telegraph
do...
Trade:
Retail, total
do....
Wholesale
do....
Pay rolls:
Factory, unadjusted (U. S. Department of
Labor)f
—
1923-25=100..
Durable goods.
do
Nondurable goods..
_
do
Nonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:
Anthracite
1929=100..
Bituminous coal
do
Metalliferous
do
Petroleum, crude, producing
do
Quarrying and nonmetallic
do
Public utilities:
Electric light and power, and manufactured gas
1929=100..
Electric railroads, etc
do
Telephone and telegraph
do
Trade:
Retail, total
do.
Wholesale
do.
1937
DecemFebruJanuary
ary
ber
1938
March
April
May
June
July
October
August
50.1
89.1
62.7
07.8
41.5
61.4
99.4
70.4
70. 5
43.9
59.6
96.9
67.4
75.3
38.2
60.0
95.5
63.6
74.2
37.8
59.3
93.2
G2.3
73.6
38.9
57.0
85.8
61.6
73.8
41.7
52.8
82.2
58.8
73.2
43.7
56.0
80.2
£6.0
72.8
43.6
44.6
73.5
49.7
72.3
44.1
37.6
80.1
51.4
72.4
44.6
46.4
83.5
55.8
;i.5
44.6
52.4
-•87.2
'57.9
'69.5
'44.4
51.0
S8.6
'61.4
93.5
69.2
74.1
96.1
72.8
78.0
93.8
72.3
77.8
92.6
71.2
75. 7
92.0
70.8
74.9
91.8
71.1
74.8
91.7
70.6
75.0
92.2
70.4
74. S
92.3
70.1
74.9
92.7
69.5
74.8
92.5
69.3
74.9
'92.5
69.9
74.7
'92.0
'69.5
'74.4
100.4
93.3
84.1
91.0
82.4
90.4
83.0
89.1
88.2
88.5
83.8
87.3
83.6
87.2
81.1
86.8
80.0
87.6
85.0
S3.5
86.]
'S9.1
86.6
80.6
93.3
84.2
81.0
87. 7
75.0
67.1
84.0
76.9
67.2
87.8
77.1
67.4
87.9
74.6
65.6
84.7
72.9
64.2
- 82.6
70.8
61.7
80.9
70.6
53.6
84.1
76.8
63.5
91.6
81.0
68.7
94.9
.83.9
'75.2
'93.4
84.1
78.3
'00.5
42.1
80.2
54.4
62.8
34.3
51.3
95.1
65.1
69.8
33.4
46.5
70.4
59.1
68.2
27.7
46.1
74.0
55.8
69.6
28.6
47.3
68.4
56.3
68.0
30.2
39.0
56.3
53.3
68.0
33.9
38.3
55.3
51.2
66.7
38.3
49.7
57.0
46.1
67.6
37.3
20.2
56.8
38.0
66.7
37.0
20.0
64.2
43.7
66.8
39.2
29.4
71.9
46.7
66.5
38.4
43.4
'78.3
'49.2
'63.7
39.2
36.2
'81.4
'51.6
G2.8
'37.2
98.4
102.4
71.9
94.7
98.9
70.6
93.7
98.5
70.2
98.6
69.9
92.6
97.6
70.0
91.6
97.4
71.2
91.3
69.7
90.9
69.0
90.9
98.9
69.5
91.3
98.4
63.4
92.6
'99.9
68.9
95.3
69.0
'93.0
80.0
75.8
80 6
77.8
70.1
75.4
68.4
75.3
68.6
74.7
72.2
74.6
70.0
75.1
69.5
73.8
68.1
73.6
66.8
73.7
69.7
74.3
71.1
75.1
'71.6
'75.3
FINANCE
Page 60
Life insurance (Ass'n. of Life Insurance Presidents):
Insurance written: <g>
Policies and certificates, total number
thousands.,
1,081
Group
_
do
71
Industrial
do
746
Ordinary
;.
_
do
264
Value, total
thous. of dol.. 972,692
Group
„
.—do
91,294
Industrial
do
223,857
Ordinary
do
657,541
929
44
674
211
764,803
87,386
213,976
463,441
822
760
712
720
784
766
878
892
24
16
20
18
25
12
30
20
16
24
598
682
597
577
518
656
511
580
643
648
200
161
164
176
202
197
174
175
220
589,165 589,407 672,142 617,475 618t 807 597,773 528,452 550,960 519,932 592,432
33,050 37,815 43, 076 45,076 18,659 33,443 24,924
31,401 41,671
179,975 174,092 198,025 193,131 191,648 170,312 153,392 156,304 173,641 179,553
377,789 373,644 441,067
384,083 382,385 356,401 361,213 321,367 380,591
865
34
608
223
671,262
43,754
182,690
444,818
m
FOBEIGN TRADE
Pages 79, 80, 82, 83
Indexes:
Exports:
Total value, unadjusted
1923-25=100..
71
Total value, adjusted
do
67
U. S. merchandise, unadjusted:
Quantity
___do
114
Value
do
71
Unit value
_.___do
62
Imports:
Total value, unadjusted
do
53
Total value, adjusted-do
54
Value:
Exports, including reexports.__thous. of dol.. 268,756
General imports, total
do
171,474
Imports for consumption, total
do
165,522
TEXTILE PRODUCTS
Page 155
Cotton:
Spindle activity:f
Active spindles
thousands..
Active spindle hours, totaU.mil. of hours.,
Average per spindle in place
..hours..
Operations
pet. of capacity..
22,445
7,187
277
82.3
TRANSPORTATION EQUIPMENT
Page 160
Automobiles:
Production:
Canada, total
number.. 18,670
Passenger cars
^.do
15,518
United States (factory sales), t o t a l - d o . . . .
326,006
Passenger cars^_
...do
Trucks
^..do
62,340
84
79
76
75
76
128
86
67
114
77
67
103
70
68
73
72
108
73
67
65
65
53
52
50
51
54
48
319,256
208,863
203,700
22,337
5,730
215
58.3
289,437 262,733
170,763 163,085
163,526 155,941
22,325
B6S1
213
63.5
22,347
5,587
210
66.6
68
72
110
73
105
68
65
95
62
65
94
60
64
61
64
102
65
64
50
4G
46
45
45
47
44
47
51
53
52
55
232,6S6 227,780
145,898 140,836
147,938 147,797
230,621
165,540
171,053
21,915
5,925
225
70.2
22,153
7,375
2S0
76.2
275,711 274,482 257,177
173,405 159,907 148,260
173,328 155,501 147,243
22,291
6,508
245
66.6
65
62
68
21,773
5,204
198
59.5
21,342
5,459
206
59.4
21,142
5,668
214
60.8
66
58
116
74
107
67
63
55
£5
55
54
246,321 277,928 252,231
167,651 177,07!) 176,181
172,947 178,460 171,652
22,189
6,613
252
76.1
22,114
7,118
273
81.0
22,449
7,575
291
83.6
6,089
5,774 17,992
6,452
9,007
16,802 18,819 18,115 14,732
21,115 17,624 16,066
5,412 15,423
4,290
3,063
5,273
11,014
12,276 14,033 13,641
14,799 13,385 11,753
326,234 209,528 186,531 •221,795 219,310 192,059 174,670 141,443 ' 90,494 83,534 2u9.512 '372,413
244,385 155,£05 139,380 174,065 176,078 154,9.58 136,531 106,841 58,624 65,159 187,494 320,344
18,375 "•22,018 '52,069
81,849 '54,023 ' 47,151 '47,730 '43,232 ' 37,101 r 38,139 ' 34,602 •31,870
' Revised.
tRevised series. Data on factory pay rolls (U. S. Dept. of Labor) revised beginning 1933: see table 77 on p. 17 of the November 1938 Survey and table 2, p. 16, of the
December 1938 Survey. Data on cotton spindle operations have been recomputed beginning 1921 on the basis of a 2-shift week; figures not given on p. 54 of the October 1938
Survey will be shown when available.
®40 companies having 82 percent of total life insurance outstanding in all United States legal reserve companies.
@FedFRASER