Wholesale Prices

Name: Wholesale Prices
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 80th Congress 2d Session Joint Committee Print Economic Indicators SEPTEMBER 1948 Prepared for the Joint Committee on the Economic Report by the Council of Economic Advisers and printed for the use of the Joint Committee on the Economic Report UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT COMMITTEE ON THE ECONOMIC REPORT Created pursuant to Sec 5 a of Public Law 304 79th Cong ROBERT A TAFT Ohio Chairman JESSE P WOLCOTT Michigan Vice Chairman JOSEPH H BALL Minnesota RALPH E FLANDERS Vermont ARTHUR V WATKINS Utah JOSEPH C O MAHONEY Wyoming FRANCIS J MYERS Pennsylvania JOHN SPARKMAN Alabama GEORGE H BENDER Ohio CHRISTIAN A HERTER Massachusetts ROBERT F RICH Pennsylvania EDWARD J HART New Jersey WRIGHT PATMAN Texas WALTER B HUBER Ohio CHARLES O HARDYJ Staff Director FRED E BERQUIST Assistant Staff Director JOHN W LEHMAN Clerk WILLIAM H MOORE Economist To the Members of Congress From the time the Joint Committee on the Economic Report was established its members realized that one of its basic needs was a concise and meaningful picture of current economic trends and developments Fortunately the Joint Committee finds that Economic Indicators a set of basic charts and tables compiled monthly by the Council of Economic Advisers admirably fills this need While this material was prepared primarily for the use of the President the Council and other officials in the executive offices the Council has made it available to the Joint Committee Other Members of Congress have also expressed an interest in being able to obtain a quick picture of current economic facts without having to go through voluminous and specialized documents In addition businessmen farm leaders labor organizations and representatives of the press and radio have indicated their desire for this information Since nothing contained 11 in these charts and tables is of a confidential nature they have urged that the material be made available to the general public Accordingly the Joint Committee has for the past several months provided the Congress and the public with a limited number of copies of Economic Indicator The response to these issues has indicated such widespread interest that the Committee has arranged to release Economic Indicators each month as a committee print until action can be taken on authorizing the pul lication on a more permanent basis Comments or suggestions with respect to possibl improvements in this presentation will always I welcome Chairman Joint Committee on the Economic Report Letter of Transmitted Hon ROBERT A TAFT Chairman Joint Committee on the Economic Report United States Congress Washington D C DEAR SENATOR The Council of Economic Advisers is happy to cooperate with the Joint Committee on the Economic Report in your plans to make Economic Indicators available to the Congress as a whole and to the general public In carrying out its mandate under the Employment Act of 1946 the Council has found it desirable to bring together in concise and graphic form the most important facts showing current trends in the Nation s economy Thus the Executive Office is in a better position to point up the key problems of national economic policy and to promote the improvement and coordination of the Federal Government s widespread statistical services We have realized of course that this material has a potential usefulness not only to the President the Council and the executive departments but also to the Congress Furthermore its usefulness to the general public has been impressed upon us particularly by the representatives of business labor agriculture and consumer organizations with whom we regularly consult We believe the Joint Committee will perform a service of real value by giving wide circulation to this material Sincerely yours Chairman Vice Chairman Qp in Contents THE NATION S ECONOMIC BUDGET Page The Nation s Economic Budget 1 PRICES Consumers Prices Wholesale Prices Prices Received and Paid by Farmers Stock Prices EMPLOYMENT Labor Force Nonagricultural Employment Average Weekly Hours Work Stoppages PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Durable Manufactures Production of Selected Nondurable Manufactures New Construction New Housing Starts Expenditures for New Plant and Equipment New Corporate Security Issues Inventories and Sales Exports and Imports PURCHASING POWER National Income Corporate Profits Personal Income Consumer Income Spending and Saving Per Capita Income Average Hourly Earnings Average Weekly Earnings Farm Income Personal Consumption Expenditures Consumer Credit MONEY BANKING AND FEDERAL FINANCE Bank Loans and Investments Money Supply Federal Cash Receipts From and Payments to the Public Digitized IV FRASER for THE NATION S ECONOMIC BUDGET THE NATION S ECONOMIC BUDGET Consumer saving and the Government surplus increased between 1947 and first half of 1948 also the excess of business and foreign investment increased EXCESS OF EXPENDITURES RECEIPTS FIRST HALF BILLIONS OF DOLLARS CONSUMERS EXPENDITURES CONSUMER SAVING 185 5 INCOME f s 173 5 BUSINESS 21 5 EXCESS OF INVESTMENT 37 8 INTERNATIONAL i EXCESS OF INVESTMENT GOVERNMENT CASH SURPLUS CALENDAR Y E A R BILLIONS OF DOLLARS CONSUMERS INCOME EXPENDITURES CONSUMER SAVING BUSINESS 19 4 EXCESS OF INVESTMENT 30 0 INTERNATIONAL EXCESS OF INVESTMENT GOVERNMENT 59 9 CASH SURPLUS 53 2 A NNUA L PA TES SEA SON A LLY ADJUSTED NOTE THE COMPONENTS DO NOT ADD TO THE GROSS NATIONAL PRODUCT BECAUSE OF CERTAIN ADJUSTMENTS SEE MIDYEAR ECONOMIC REPORT OF THE PRESIDENT JULY 1948 APPENDIX A SOURCE SEE MIDYEAR ECONOMIC REPORT OF THE PRESIDENT JULY 1948 APPENDIX A PRICES CONSUMERS PRICES Food prices advanced further in July thus pushing consumers prices to new highs prices showed little change Other retail P E R C E N T OF 1935 39 AVERAGE PERCENT OF 1935 39 AVERAGE I i I i I 1 i I i I i I I I I I i i I I I 1 i I i 1 i I I I I i I i i I I I I i I i 1 I i I i i h I TK ALSO INCLUDES HOUSEFURNISHINGS FUEL ELECTRICITY ICE SOURCE DEPARTMENT OF LABOR AND MISCELLANEOUS GOODS AND SERVICES NOT SHOWN ON CHART All items l Period monthly average monthly average monthly average monthly average monthly average monthly average monthly average monthly average monthly average Food Clothing Rent June July August September October November December January February March April May June July Also includes housefurnishings fuel electricity ice and miscellaneous goods and services NOTE Prices are for moderate income families in large cities Source Department of Labor WHOLESALE PRICES Wholesale prices after advancing to new all time highs have fluctuated around that level for several weeks Farm and food prices showed a downward trend while other prices continued their creeping advance PERCENT OF 1926 AVERAGE PERCENT OF 1926 AVERAGE OTHER THAN FARM AND FOODS 120 I SOURCE DEPARTMENT OF LABOR All commodities Week ended Jan 5 June 29 Sept 28 Dec Mar 29 June 28 Sept 27 Dec Jan 17 Feb 14 Mar 20 Apr 17 May 29 June July Aug Source Department of Labor Farm products Foods Other than farm and foods PRICES RECEIVED AND PAID BY FARMERS Prices received in Aug fell 3 percent reflecting a decrease in the prices of most crops Prices paid by farmers remained stable PERCENT OF 1910 14 AVERAGE 350 PERCENT OF 1910 14 AVERAGE 350 MONTHLY AVERAGE PRICES PAID INCL INTEREST TAXES PARITY RATIO t i J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC A D V I S E R S Prices paid by Prices received farmers includ Parity ratio by farmers ing interest and taxes Period 1939 monthly average 1940 monthly average 1941 monthly average 1942 monthly average 1 943 monthly average 1944 monthly average 1945 monthly average 1946 monthly average 1947 monthly average 1947 June July August September October November December 1948 January February March April May June July August Z fcTZ M August 1909 July Ratio of prices received to prices paid interest and taxes Source Department of Agriculture STOCK PRICES Stock prices continued their downward trend in August Security markets were sluggish PERCENT OF AVERAGE 175 MONTHLY AVERAGE PERCENT OF 1935 39 AVERAGE 175 I J F 45 M A M J J 1946 SOURCE STANDARD AND POOR S CORPORATION COUNCIL OF ECONOMIC A D V I S E R S Combined index 1 Period 1939 monthly average 1940 monthly average 1941 monthly average 1942 monthly average 1943 monthly average 1944 monthly average 1945 monthly average 1946 monthly average 1947 monthly average 1947 June July August September October November December 1948 January February March April May June July August Industrials l Railroads Utilities Combined index prior to June was based on 402 common stocks and included 354 industrials 20 railroads and 28 utilities thereafter 416 common stocks are represented with 365 industrials 20 railroads and 31 utilities Source Standard Poor s Corp EMPLOYMENT LABOR FORCE Civilian employment remained above 61 million in July as a large number of youths entering the summer labor market were absorbed by agriculture and industry Due primarily to vacations the number employed but not at work increased greatly Unemployment continued at a low level MILLIONS OF PERSONS MONTHLY A V E R A G E J F M A M J J A S 0 N D J F M A M J J A SON D O F M A M J J A S O N D UNEM PLO YEC i i E 1 1941 SOURCE L t I I i i MS t L I 1 i i i i i I o I DEPARTMENT OF COMMERCE COUNCIL Thousands of persons 14 years of age and over Total labor force including armed forces Period 1941 monthly 1944 monthly 1945 monthly 1946 monthly 1947 monthly average average average average average 1 Total In nonagricultural industries In agri Armed forces Unemployed June July August September October November December 1948 January February March April May June July August l C vilian employ 3d Data became available after chart was prepared NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce OF ECONOMIC AOVI NONAGRICULTURAL EMPLOYMENT Nonagricultural employment continued at peak levels in July MILLIONS OF EMPLOYEES MILLIONS OF EMPLOYEES mmFEDERAL STATE AND LOCAL GOVERNMENT WrWS Wft I0 I SEE TABLE FOOTNOTE I SOURCE COUNCIL OF ECONOMIC A D V I S E R S DEPARTMENT OF LABOR Thousands of employees Total wage and salary workers l Period 1939 monthly average 1941 monthly average 1944 monthly average 1945 monthly average 1946 monthly average 1947 monthly average 1947 June July August September October November December 1948 January February March April May June July Manufacturing Trade Federal State and local government Other Includes all full and part time wage and salary workers in nonagricultural establishments who worked or received pay during the pay period ending nearest the 15th of the month Excludes proprietors self employed persons domestic servants and personnel of the armed forces Not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce p 6 which include proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes and which are based on an enumeration of population whereas the estimates in this table are based on reports from employing establishments 2 Preliminary estimate Source Department of Labor I i jBL 3E W EEKLY HOUR15 f E Tlie we rl W 36K in manufactur ing and mos t nonmanufcacturing iiid ust rieIS 3P 0 dmated 40 hours in P Ju n Vvit h pr Hi m inary data indicating o small decnBase in VJu ly 1fo r ITia nu fcacturing inclustries HOUF s PE HOUFIS PEF VEE K VEE K A LL N4A N UFACTURINi3 INDUSTRI ES B IT UMINOUS CO AL MINING N OK IHl Y ftVE v TT 4f If RA 3E I F tt wn m V n 30 X IS 1 0 i PF IVAlFE 50 MON THL Y t BUILDING CONSTRUCT noN i i i i i 1 i i i tt RETAIL T RADE 50 VER AGE PI 40 F H x i r i i i i IS33S I l i I SO JRC E C EP ART MEN T OF LABOR 8 Hours per week selected industries All manufacturing industries Period monthly average monthly average monthly average monthly average monthly average monthly average 1947 June July August September October November December 1948 January February March April May June 3 July Bituminous coal mining Private building 1 construction Retail trade Covers only employees at the site of privately financed building projects Based on pay period during coal stoppage Preliminary estimate Source Department of Labor 1 I 1 1 I j I 1 1 1 WORK STOPPAGES About 2 million workdays were lost in July because of work stoppages This represents only a slight increase over the June loss MILLIONS OF MAN DAYS IDLE MILLIONS OF MAN DAYS IDLE PEAK MONTH J F M A M J J A S PRELIMINARY ESTIMATE SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Man days idle thousands Period 1939 Monthly average April peak month 1940 Monthly average 1941 Monthly average April peak month 1942 Monthly average 1943 Monthly average J une peak month 1944 Monthly average 1945 Monthly average October peak month 1946 Monthly average 1947 Monthly average 1947 June July August September October November December 1948 January February March April May June 1 July Preliminary estimate Principal stoppage Coal Coal Coal Source Department of Labor Coal Coal meat packing Coal meat packing PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION Industrial production increased about 2 percent in August thus regaining most of the loss in July when there were many plant wide vacations PERCENT OF 1935 39 AVERAGE Points in Total Index AVERAGE 1943 AVERAGE 1945 AVERAGE A M J J 1946 PRELIMINARY ESTIMATE SOURCE Board of Governors of the Federal Reserve S y s t e m seasonally adjusted Point 3 in total inclex a rerage for total 100 Inde ces Period Mining monthly average 1943 monthly average 1945 monthly average 1946 monthly average 1947 monthly average 1947 June July August September October November December 1948 January February March April May June July i l August 10 ManufcEictures Manufact ures Total industrial production Total Durable Nonduragoods ble goods Preliminary estimate Durable goods Nondurable goods Source Board of Governors of the Federal Reserve System Mining PRODUCTION OF SELECTED DURABLE MANUFACTURES Production of transportation equipment in July increased more than 5 percent above the June rate as the number of passenger cars and trucks assembled reached a new postwar peak Lumber production increased more than seasonally The output of iron and steel decreased about 3 percent PERCENT OF A V E R A G E PERCENT OF 1935 39 A V E R A G E TRANSPORTATION EQUIPMENT LUMBER AND PRODUCTS MONTHLY AVERAGE SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Transportation equipment Period 1948 January February March April May June July Preliminary estimate Source Board of Governors of the Federal Reserve System Iron and steel monthly average 1943 monthly average 1945 monthly average 1946 monthly average 1947 monthly average 1947 June July August September October November December Lumber and products PRODUCTION OF SELECTED NONDURABLE MANUFACTURES The July output of textile industries was about 9 percent below the June level The output of most other nondurable industries continued steady PERCENT OF 1935 39 AVERAGE PERCENT OF 1935 39 AVERAGE TEXTILES AND PRODUCTS 300 PETROLEUM AND COAL PRODUCTS 300 MONTHLY AVERAGE CHEMICAL PRODUCTS IVIA NlIR CTURED FO OD PRODUC TS 400 MC NTHU AV R 6E tn I 00 i M i i i COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Textiles and products Period monthly average 1943 monthly average 1945 monthly average 1946 monthly average 1947 monthly average 1947 June July August September October November December 1948 January February March April May June July i Chemical products Preliminary estimate Source Board of Gpvernors of the Federal Reserve System Manufactured food products Petroleum and coal products NEW CONSTRUCTION Construction of 1 8 billion in August exceeded the previous postwar record volume reached in July MILLIONS OF DOLLARS MILLIONS OF DOLLARS MONTHLY AVERAGE TOTAL NEW CONSTRUCTION i FEDERALii ESTATE AND LOCAL ii OTHER PRIVATE RESIDENTIAL NONFARM J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J COUNCIL OF A S O N O INCLUDES PUBLIC RESIDENTIAL CONSTRUCTION SOURCE DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR ECONOMIC ADVISERS Millions of dollars Private construction Total new construction Period 1939 monthly average 1942 monthly average 1944 monthly average 1945 monthly average 1946 monthly average 1947 monthly average 1947 June July August September October November December 1948 January February March April May June July 2 August Total private Residential nonfarm Includes public residential construction Preliminary estimate NOTE Detail will not necessarily add to totals because of rounding Sources Department of Commerce and Department of Labor OtVuvn Federal State and local NEW HOUSING STARTS The number of new houses started in July was 2 000 below the June number but 13 000 above that of a year ago THOUSANDS THOUSANDS OF UNITS OF UNITS H NEW NONFARM FAMILY DWELLING UNITS SOURCE DEPARTMENT OF LABOR New nonfarm units conveiitional and prefabricated J Period Total 1947 January February March April May June July August September October November December 1 Rural nonfarm monthly average 1947 monthly average January February March April May June July Urban New nonfarn family dwelling units Temporary units are excluded after 1947 when the program ended NOTE Detail will not necessarily add to totals because of rounding Source Department of Labor 14 EXPENDITURES FOR NEW PLANT AND EQUIPMENT Plans of nonagricultural business for spending 18 3 billion annual rate on new plant and equipment in 3rd quarter 1948 are at about the same level as 2nd quarter and 1 7 billion more than actual expenditures a year ago The anticipated increase over a year ago reflects mainly the upward movement of prices BILLIONS OF DOLLARS BILLIONS OF DOLLARS 25 25 ANN UAL TOTALS TRANSPORTATION AND ELECTRIC AND GAS MANUFACTURING AND MINING NOT ADJUSTED FOR SEASONAL VARIATION SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE Millions of dollars annual rates not adjusted for seasonal Transp ortation Total i Period Manufacturing Mining Railroad First quarter Second quarter Third quarter Fourth quarter 1948 First quarter 8 Second quarter Third quarter 3 Electric and Commercial gas utilities and miscel Other Excludes agriculture Includes trade service finance and communication Estimates based on anticipated capital expenditures of business NOTE These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense Figures for 1939 44 are Federal Reserve Board estimates based on Securities and Exchange Commission and other data Detail will not necessarily add to totals because annual rates are based on quarterly figures rounded to the nearest Sources Securities and Exchange Commission and Department of Commerce except as noted 15 NEW CORPORATE SECURITY ISSUES New issues in 2nd quarter 1948 were slightly higher than in the previous quarter The proportion of proceeds earmarked for plant and equipment continued to increase BILLIONS BILLIONS OF DOLLARS OF DOLLARS QUARTERLY AVERAGE SOURCE SECURITIES AND EXCHANGE C O M M I S S I O N Millions of dollars D 1 roposed uses of net proceed 3 Estimated net proceeds Period New money Total 1939 quarterly 1943 quarterly 1945 quarterly 1946 quarterly 1947 quarterly average average average average average First quarter Second quarter Third quarter Fourth quarter 1948 First quarter Second quarter Working capital Includes small amount for other purposes NOTE Detail will not necessarily add to totals because of rounding Source Securities and Exchange Commission Plant and equipment Retirement of debt and stock l INVENT OKIES 1IND SAILiES 1Manufacturing sa les in July were 10 percent below June b ecause of plant wide vacations in many Depar tment store sales showed a slight increa se i ndustries BILL IONS OF DOLLARS BILL IONS OF DOLLARS WHOLESALE MANUFACTURING 30 30 NOT ADJUSTED FOR SEAS 3NAL VARIATION SEASONALLY ADJUSTED INVENTORIES yv s A S S i SALES x i 1I 1 I i I i i i i i i i 1i i i i j BILL IONS i I PERCE NT OF 1935 39 AVERAGE OF DOLLARS RETAIL DEPARTMENT STORE S 30 4OO SEASONALLY ADJUSTED SEASONALLY ADJUSTED 20 s SALES y s l f INVENTORIES X r S ALES 1 0 X 200 INVENTORIES J X I 1 I i t i I i 1 i t i i i I I 1 I I 1 t I 1 I i i 11 i i I i i 1 t i i i I i I x SALES ARE TOTAL FOR ONTH AND INVENTORIES ARE BOOK VALUE END OF MONTH Manufa Bturing Sales COUNCIL OF ECONOMIC ADVISER 5 Ret ail Whol jsale Inventories Sales 4 Inventories 3 Departnujnt stores Sales Inventories Sales seasonally ad jus ted Millions Df dollars 1946 March June September December March April May June July August September October November December 1948 January February March April May June 0 July I I 1 1 K INDEXES COMPUTED FROM DATA ON RETAIL VALUE OF SALES FOf 7 MOUTH AND RETAIL BOOK VALUE OF INVENTORIES END OF MONTH SOURCES DEPARTMENT OF COMMERCE AND BOARD OF 60 VERNORS OF THE FEDERAL RICSERVE SYS1PEM Period 1 1 f Indexes computed from data on retail value of sales for month and retail book value of inventories end of month 8 Preliminary estimate Sources Department of Commerce and Board of Governors of the Federal Reserve System 1 Not adjusted 1 for seasonal variation Adjusted for seasonal variation 8 4 Book value end of month Total for month 17 EXPORTS AND IMPORTS Imports increased again in June The value of exports continued down MILLIONS OF DOLLARS MILLIONS OF DOLLARS RECORDED MERCHANDISE EXPORTS INCLUDING REEXPORTS AND CIVILIAN SUPPLIES FOR OCCUPIED AREAS X RECORDED GENERAL MERCHANDISE IMPORTS SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF THE ARMY AND DEPARTMENT OF THE NAVY Millions of dollars Period Exports May June July August September October November December 1948 January February March April May June Julys 1 Recorded 2 Recorded 3 Excess of exports Imports s monthly average 1943 monthly average 1945 monthly average 1946 monthly average 1947 monthly average merchandise exports including reexports and civilian supplies for occupied areas general merchandise imports Data became available after chart was prepared Sources Department of Commerce Department of the Army and Department of the Navy PURCHASING POWER NATIONAL INCOME National income increased very little in 2nd quarter the only significant increase being in business and professional income part of proprietors income as shown on the chart BILLIONS OF DOLLARS BILLIONS OF DOLLARS ANNUAL TOTALS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL 88S INCOME I 50 I 00 I I COMPENSATION OF EMPLOYEES PRELIMINARY ESTIMATE COUNCIL OF ECONOMIC A D V I S E R S SOURCE DEPARTMENT OF COMMERCE Billions of dollars Total National Income Period Compensation of employees Corporate profProprietors its and invenand rental Net interest tory valuation income adjustment Annual i ates seasonall y adjusted 1947 First quarter Second quarter Third quarter Fourth quarter First quarter1 1 Second quarter 1 Revised NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce 19 CORPORATE PROFITS Corporate profits for 1st quarter of this year were just below the peak reached in 4th quarter 1947 BILLIONS OF DOLLARS BILLIONS OF DOLLARS ANNUAL TOTALS ANNUAL RATES SEASONALLY ADJUSTED PlYiV I 0 Ii l fflfli V L If i r PROFITS AFTER TAXES I0 s UNDISTRIBUTED PROFITS t hi i i i VjWJSm lK hiiB M I ill iril i H ii l ll i Ji A0 ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE COUNCIL OP ECONOMIC ADVISERS Billions of dollars Corporate profits before taxes Period Corporate tax liability Corporate profits af1ter taxes Total Dividend payments Undistributed profits Annual i ates seasonal y adjusted 1947 First quarter Second quarter Third quarter Fourth quarter 1948 First quarter NOTE No allowance has been made for inventoryjvaluation adjustment See p 19 for profits after taxes and inventory valuation adjustment Detail will not necessarily add to totals because of rounding Source Department of Commerce ao PERSONAL INCOME Wage increases and a further rise in farm income part of proprietors1 income shown on chart pushed personal income in June to the record level of 211 9 billion annual rate 4 7 billion higher than the May rate BILLIONS OF DOLLARS BILLIONS OF DOLLARS ANNUAL RATES SEASONALLY ADJUSTED I J F M A M J J A S O N D J F M A M 1946 J J A S O N D J F M 1947 A M J J A S O N D TERMINAL LEAVE BOND CASHING STARTED IN SEPTEMBER 1947 SOURCE COUNCIL OF ECONOMIC A D V I S E R S DEPARTMENT OF COMMERCE Billions of dollars Total personal income Period Salaries wages Proprietors1 Dividends Social security and rental and interest and GI payand other ments income labor income Annual nites seasonal r adjusted 1947 May June July August September October November December 1948 January February March April May June NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce 21 CONSUMER INCOME SPENDING AND SAVING Consumption income increased more than expenditures in the 2nd quarter according to revised data There was a small increase in the rate of saving BILLIONS OF DOLLARS BILLIONS OF DOLLARS ANNUAL RATES SEASONALLY ADJUSTED I 50 I 50 DISPOSABLE PERSONAL INCOME f 00 I 00 CONSUMPTION EXPENDITURES PERSONAL INCOME LESS TAXES PRELIMINARY ESTIMATE SOURCE DEPARTMENT OF COMMERCE Billions of dollars Disposable personal income J Period Less Personal consumption expenditures Equals Personal saving Annual rates seasonally adjusted 1947 First quarter Second quarter Third quarter Fourth quarter First quarter 2 Second quarter Income less taxes Revised NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce 22 9 7 PER CAPITA INCOME Real purchasing power per capita has been almost stationary for a year DOLLARS DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 1947 DOLLARS CURRENT DOLLARS I I PERSONAL INCOME LESS TAXES COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR Per capita disposable personal mcome Period Current dollars 1947 dollars Annual rate s seasonally adju isted 1947 First quarter Second quarter Third quarter Fourth quarter 1948 First quarter 8 3 Second quarter PRELIMINARY ESTIMATES CURRENT DOLLARS DIVIDED BY THE CONSUMERS PRICE INDEX ON THE BASE Consumers price index Not adjusted for seasonal variation Income 8 Current 1 less taxes dollars divided by the consumers price index on the base Revised Sources Department of Commerce and Department of Labor 23 AVERAC3E HOU RLY EA RNINGS 1 Average hourly ecirnings continued to increase geneirally in June as further wage increase agreements were reached P reliminary data 1 or manufacturin g Industries indicate a continuation of this trend 1n July DOLLA RS PER HOUR OOLLA RS PER HOUR RETAIL TRADE MANUFACTURING DOLLARS ajSU K V DOLLARS i S l S S B CUR RENT DOLLARS UF i i i t i 1 t i i i i I i 1 I i i i i i i i i i i i i i i i i 1 i i i i i RENT DOLLARS PRIVATE BUILDING CONSTRUCTION BITU MINOUS COAL Ml NING CUF J rr i 1947 DOLLARS x y DOLLARS CUF RENT DOLLARS RENT DOLLARS i i i i i 1 i i i i i i i i i 1 i i i i i I 1 1 I 0 i t i i i 1 i i i i i i CURRENT DOLLARS DIVIDED BY CONSUMERS PRICE INDEX Ot V THE BASE SOURCE DEPARTMENT OF COUNCIL OP ECONOMIC ADVISERS LABOR Selected industries Manufa icturing Retail trade Bituminous coal mining Private building construetion Period Current dollars 1939 monthly average 1941 monthly average 1944 monthly average 1945 monthly average 1946 monthly average 1947 monthly average 1947 May June July August September October November December 1948 January February March April May 4 June4 July dollars Current dollars Covers only employees at the site of privately financed building projects Current dollars divided by consumers1 price index on the base Source Department of Labor 24 1947 dollars Current dollars dollars Current dollars dollars J Based on pay period during coal stoppage Preliminary estimate AVERACJE WEEKLY EA RN3INGS 1 Average weekly Darnings rose ag ain m June refle cting b oth wage increo es and a slight y lengthened workweek Prelim inary data show that a shorter workwe ek kept manufaicturing earnings stable n July DOLL ARS PER WEEK DOLL ARS PER WEEK MANUFACTURING RETAIL TRADE CURRENT DOLLARS CUR RENT x J 1947 DOLLARS U M DOLLARS X DOLLARS 20 0 KM I i i i i i 1 i i i i i I 1 1 1 t 1 1 1 t t i t i 1 i i i t i BITU MINOUS COAL Ml NING I 1 I I 1 1 t 1 t 1 1948 PRIVATEI BUILDING CONSTRUCTION CUR RENT DOLLARS f N CUR RENT DOLLARS DOLLARS y 1947 DOLLARS i i i t i 1 i t i i i EARNINGS SOURCE DATA DISTORTED 1 1 1 t i i i i i 1 i i i ii DURING THESE MONTHS DEPARTMENT OF 1 1 f 1 I 1 t I I I BECAUSt OF WORK STOPPAGES 0 OR VAC AT IONS X CURRENT DOLLARS DIVIDED 8 CONSUMER S PRICE INDEX 01 BASE OF V c OUNCIU LABOR OF ECONOMIC ADVISERS Selected industries Manuffi icturing jrenoa Bituminous coal mining Retail trade Private bu ilding construc tion TJA J J 1939 monthly average 1941 monthly average 1944 monthly average 1945 monthly average 1946 monthly average 1947 monthly average 1947 May June July August September October November December 1948 January February March April May 4 June 4 July Current dollars dollars Current dollars dollars Covers only employees at the site of privately financed building projects Current dollars divided by consumers price index on the base Source Department of Labor Current dollars dollars Current dollars dollars Based on pay period during coal stoppage Preliminary estimate FARM INCOME Income of farmers in July rose 10 percent over June as the peak of wheat harvesting was reached Farm income in August is expected to be just below the July level BILLIONS OF DOLLARS 4 BILLIONS OF DOLLARS M 45 A M J J A S O N D J F M A M J 1946 J A S O N O J F M A M J J A S 0 N CASH RECEIPTS FROM MARKETING AND GOVERNMENT PAYMENTS FARM INCOME IN CURRENT DOLLARS DIVIDED BY THE INDEX OF PRICES PAID INTEREST AND TAXES ON THE BASE 1939 SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Farm income millions of current dollars Period 1939 monthly average 1940 monthly average 1941 monthly average 1942 monthly average 1943 monthly average 1944 monthly average 1945 monthly average 1946 monthly average 1947 monthly average 1947 June July August September October November December 1948 January February March April May June4 July Prices paid by farmers incl interest and taxes Farm income millions of 1939 dollars 8 Includes cash farm income from marketings and Government payments Converted from the reported base to the base Farm income in current dollars divided by prices paid by farmers interest and taxes Preliminary Source Department Agriculture PERSONAL CONSUMPTION EXPENDITURES In 2nd quarter durable purchases more than recovered from their 1st quarter drop services and nondurables continued up BILLIONS OF DOLLARS BILLIONS OF DOLLARS ANNUAL ANNUAL RATES SEASONALLY ADJUSTED TOTALS TOTAL EXPENDITURES NONDURABLE GOODS I PRELIMINARY ESTIMATE SOURCE COUNCIL OF ECONOMIC A D V I S E R S DEPARTMENT OF COMMERCE Billions of dollars Per sonal consump tion expenditiires Period Nondurable goods Total Durable goods Services An nual rates se isonally adjust ed 1947 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter J Revised NOTE Detail will not necessarily add to totals because of rounding Source Department of Commerce 27 CONSUMER CREDIT An increase in instalment credit in July was about offset by a drop in charge accounts BILLIONS OF DOLLARS 16 BJLLIONS OF DOLLARS J F 1943 END OF YEAR M J J A S O N D J F M A M J J A S O N D J M A M J J A S O N D END OF MONTH SINGLE PAYMENT LOANS AND SERVICE CREDIT SOURCE Board of Governors of the Federal Reserve S y s t e m Council of Billions of dollars Total consumer credit outstanding End of period June July August September October November December 1948 January February March April May June July 3 Instalment credit Charge accounts Other consumer credit Includes automobile and other sale credit and repair and modernization loans insured by Federal Housing Administration 2 Includes single payment loans of commercial banks and pawnbrokers and service credit 3 Preliminary estimate NOTE Detail will not necessarily add to totals because of rounding Source Board of Governors of the Federal Reserve System Economic Advisers MONEY BANKING AND FEDERAL FINANCE BANK LOANS AND INVESTMENTS Commercial bank loans increased significantly from June to July Government security holdings were somewhat higher BILLIONS OF DOLLARS BILLIONS OF D O L L A R S TOTAL All commercial banks I J 1945 F M A M J J A S O N D J F M A M J J A I I S I 0 I N 1 D I J I F I M 1 A I M I J I J I A I S I 0 1 N D 1948 END OF YEAR END OF MONTH PRELIMINARY ESTIMATE SOURCE Boord of Governors of the Federal R e s e r v e S y s t e m C o u n c i l of Economic Advisers Billions of dollars Investments Total loans and investments Bank loans January February March ApriL May June July 1 1 Preliminary estimate NOTE Detail will not necessarily adcfto totals because of rounding Source Board of Governors of the Federal Reserve System End of period June July August September October November December Total U S Government securities 4 8 Other securities MONEY SUPPLY Total money supply increased in July chiefly as a result of a rise in private demand deposits BILLIONS OF DOLLARS 150 BILLIONS OF DOLLARS U S GOVERNMENT DEPOSITS m END OF Y E A R PRELIMINARY ESTIMATE END OF MONTH Council of Econom ic Advisers SOURCE Board of Governors of the Federal R e s e r v e S y s t e m Billions of dollars Total money supply End of period June July August September October November December 1948 January February March April May June July Currency outside banks Adjusted demand deposits l U S Government deposits Includes demand deposits other than interbank and U S Government less cash items in process of collection 2 Beginning December 1938 includes U S Treasurer s time deposits open account Preliminary estimate NOTE Detail will not necessarily add to totals because of rounding Source Board of Governors of the Federal Reserve System 30 FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC The excess of Federal cash receipts over cash payments for the 1st half of 1948 was 7 6 billion Preliminary estimates for the last half of 1948 indicate a close balance BILLIONS OF DOLLARS BILLIONS OF DOLLARS 20 20 QUARTERLY TOTALS NOT ADJUSTED FOR SEASONAL I I I SOURCE TREASURY DEPARTMENT COUNCIL OF ECONOMIC ADVISERS Millions of dollars Federal cash receipts from the public Federal cash payments to the public 1946 First quarter Second quarter Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter Calendar year by quarters 1948 First quarter l Second quarter Excess of receipts 4 or payments Preliminary estimate Source Treasury Department For sale by the Superintendent of Documents TJ S Government Printing Office Washington 25 D C Price 15 cents 31

Wholesale Prices

DATE: September 1948

PART OF:

Economic Indicators : September 1948

AUTHOR:

Council of Economic Advisers (U.S.)

CONTRIBUTING AUTHORS:

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Wholesale Prices," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "September 1948," Economic Indicators (September 1948) : 7-7. https://fraser.stlouisfed.org/title/1/item/227/toc/375907 , accessed on December 14, 2019.

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Economic Data