Full text of Economic Indicators : April 1950
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Economic Indicators
APRIL 1950
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1950
JOINT COMMITTEE ON THE ECONOMIC REPORT
(Created pursuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
JOSEPH C. O'MAHONEY, Wyoming, Chairman
EDWARD J. HART, New Jersey, Viet Chairman
FRANCIS J. MYERS, Pennsylvania
WRIGHT PATMAN, Texas
JOHN J. SPARKMAN, Alabama
PAUL H. DOUGLAS, Illinois
ROBERT A. TAFT, Ohio
RALPH E. FLANDERS, Vermont
ARTHUR V. WATKINS, Utah
WALTER B, HUBER, Ohio
FRANK BUCHANAN, Pennsylvania
JESSE P. WOLCOTT, Michigan
ROBERT F. RICH, Pennsylvania
CHRISTIAN A. HERTER, Massachusetts
THEODOBE J. KEEPS, Staff Director
GROVER W. ENSUSY, Associate Staff Director
JOHN W. LEHMAN, Clerk
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. J. Res. 55]
To print the monthly publication entitled "Economic Indicators*7
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Committee on the Econom
Report be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish 01
copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of tl
House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joii
Committee on the Economic Report; and the required number of copies to the Superintendent of Documents for distribution to deposito
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
To the Members of Congress:
From the time the Joint Committee on the Economic Report was established its members realized that one of i
basic needs was a concise and meaningful picture of current economic trends and developments.
Fortunately, the joint committee found that Economic Indicators, a set of basic charts and tables compiled month
by the Council of Economic Advisers, admirably filled this need. While this material was prepared originally for t
use of the President, the Council, and other officials in the executive offices, the Council made it available to the joi
committee.
Other Members of Congress also expressed an interest in being able to obtain a quick picture of current econon
facts without having to go through voluminous and specialized documents. In addition businessmen, farm leade
labor organizations, and representatives of the press and radio indicated their desire for this information.
Accordingly, the joint committee provided the Congress and the public with a limited number of copies
Economic Indicators as a committee print pending final action on authorizing the publication on a more permanent bas
As is indicated above such legislation has now been passed and the committee will issue the report on a regular montl
basis.
Comments or suggestions with respect to possible improvements in this presentation will always be welcome
ti.s.s./
Chairman, Joint Committee on the Economic Report
ii
Letter o£ Transmittal
Hon. JOSEPH C. O'MAHONEY, 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 making Economic Indicators available to the
Congress as a whole and to the general public, in accordance with Public Law 120, Eightyfirst Congress.
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.
In this undertaking the Council has the full cooperation of the several agencies of the
Federal Government that collect statistical material. In many cases these agencies supply
advance estimates for use in Economic Indicators. While the charts are drawn through the
courtesy of the Graphics Unit in the Office of the Secretary of Commerce, the Council takes
complete responsibility for the graphic presentation.
This material has proven useful to the President, the Council, the executive departments, and 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 that the Congress is performing a service of real value by making this
material available.
Sincerely yours,
Chairman.
/
0
111
Contents
THE TOTAL OUTPUT OF THE ECONOMY
The Nation's Economic Budget
Gross National Product
Page
1
2
PRICES
Consumers' Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
3
4
5
6
EMPLOYMENT
Labor Force
Nonagricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries
Work Stoppages
7
8
9
10
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Weekly Production—Selected Indicators
Production of Selected Manufactures
New Construction
New Housing Starts
Expenditures for New Plant and Equipment
New Corporate Security Issues
Inventories and Sales
Merchandise Exports and Imports
11
12
13
14
15
16
17
18
19
PURCHASING POWER
National Income
Corporate Profits
Personal Income
Consumer Income, Spending, and Saving
Personal Consumption Expenditures
Per Capita Income
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
Farm Income
Consumer Credit
20
21
22
23
24
25
26
27
28
29
MONEY, BANKING, AND FEDERAL FINANCE
Bank Loans and Investments
Money Supply
Federal Cash Receipts From and Payments to the Public
IV
30
31
32
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC BUDGET
The peak rate of residential construction and continued high expenditures for consumer durable goods
stimulated economic activity during 1st quarter I960. The payment of the National Service Life Insurance
dividend to veterans resulted in a sharp rise in consumer disposable income, most of which was not
spent during 1 st quarter.
1949 9 4th Quarter
EXCESS OF
EXPENDITURES (-), RECEIPTS (+)
(BILLIONS OF DOLLARS)"
TOTAL (Gross National Product)
-
Transfer payments I/
CONSUMERS
O
-f
T-^*:-:'^! CON•i-:;:::i:::i SUMER
>:;-:£fr:l SAVING
BUSINESS
EXCESS OF
INVESTMENT
INTERNATIONAL
\ EXCESS OF
•\ RECEIPTS
GOVERNMENT
(Federal, state, and local)
57.4
CASH
DEFICIT
SO. 2
^Transfer payments -
I960, 1st
Quarter
(BILLIONS OF DOLLARS)-^
TOTAL (Gross National Product)
CONSUMERS
Transfer p'ayments
:i:|:ii:Sii|i!:!i!il
::::;:-:;:::::-;::::::l
IMER
SUMEI
SAVth
NG
BUSINESS
EXCESS OF
INVESTMENT
INTERNATIONAL
EXCESS OF
RECEIPTS
- 2.0
GOVERNMENT
(Federal, state and local)
57.4
CASH
DEFICIT
MHWCI
SPl ECONOMIC REPORT OF THE PRESIDENT, JANUARY 1950, APPENDIX A
COUNCIL OF ECONOMIC ADVISERS
GROSS NATIONAL PRODUCT
Gross notional product—the market value of the Nation's output of goods and services—in 1st quarter of
1950 was about I percent above 4th quarter of 1949, according to preliminary data. Personal consumption
expenditures and gross private domestic investment accounted for most of the increase.
BILLIONS OP DOLLARS
BILLIONS OF DOLLARS
300
300
ANNUAL RATES, SEASONALLY ADJUSTED
ANNUAL TOTALS
250
GROSS NATIONAL PRODUCT
200
150
PERSONAL CONSUMPTION EXPENDITURES
100
GROSS PRIVATE DOMESTIC
INVESTMENT
50
«••*******
0V***«>^>v
«
•
-^
—
GOVERNMENT PURCHASES OF GOODS AND SERVICES
\'NET FOREIGN
-50
I
I
40
I
1
42
1
I
44
I
I
46
INVESTMENT
I
I
48
3
4
I*
2
I
3
4
I
1949
1948
1947
1
2
3
[Billions of dollars]
Total gross
national
product
Period
1939
1944
1946 _
1947 __
1948-.1949
_ ._
_ _ _ ._
___
_
__
__
91. 3
213. 7
212. 6
235. 7
262.4
257. 4
Personal
Government
consump- Gross private Net foreign purchases of
domestic
tion expen- investment investment
goods and
ditures
services
67. 5
111. 6
147. 8
166. 9
178. 8
179.4
9.9
7. 7
29. 5
31, 1
45. 0
34. 7
0.9
2 1
47
8. 9
1. 9
0
13. 1
96. 5
30. 7
28. 8
36. 7
43. 4
Annual rates, seasonally adjusted
1948: Third quarter
Fourth quarter
266. 5
270. 3
180. 3
180. 9
47. 1
48.0
-0. 1
1.0
39.2
40.3
1949: First quarter
Second quarter
Third quarter _
Fourth quarter
262. 0
257. 9
254. 6
255.2
178. 7
179. 3
179. 7
179.8
40. 0
33. 2
32. 1
33. 7
1. 0
1.2
-.3
-2.0
42. 3
44. 2
43. 2
43.7
258. 0
181.0
35.0
-2.0
44.0
1 950 : First quarter l
1
_
Estimates by Council of Economic Advisers; based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
2
1950
PRICES
CONSUMERS' PRICES
Consumers' prices continued to decline slightly in February. A drop in food prices and a slight decrease in
apparel prices were partially offset by increases in rent and prices of housefurrrishings, fuel, electricity
and refrigeration.
PERCENT OF 1935-39 AVERAGf•
PERCENT OF 1935-39 AVERAGE
220
220
MONTHLY
AVERAGE
A vXX
200
200
S^
FOOD*./
**^»
'
//
180
V
/\
'
"•
i
180
^-^~^">
"•»»
1/
160
APPAREL*.
//
160
1
140
140
/
^^X^ALL ITEMS
120
_^^-»-«^r-
If
100
RENTV^X^
•
»~»
•
, ,
A
- -^-^-^-*-*-»-*-
T
-«—•*
120
•-»—*-*"^
100
*^^
^'
80
80
*—v-»
0
1
939 40
^x-
1
1
41
1
42
1
43
1
44
1
45
1
46
1
47
1
48
1
49
I
'
'
'
'
'
'
'
'
'
1
I
i
I
1
I
I
1
I
1
I
1
1
1
1
1
1
1
1
1
1
0
'
1948
1949
1950
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1935-39=100]
Period
1940 monthly average
1941 monthly average „•
1942 monthly average
1943 monthly average
1944 monthly average . . ..
1945 monthly average
1946 monthly average
1947 monthly average
1948 monthly average .
1949 monthly average
1949: January 15
_
.
February 15
March 15...
April 15_
May 15
June 15
July 15
August 15
.» „
September 15_
.
October 15
November 15
._ .
December 15
1950: January 15 February 15 —
All items
...
.
.
..
100. 2
105. 2
116. 5
123 6
125. 5
128. 4
139. 3
159. 2
171. 2
169. 1
170. 9
169. 0
169. 5
169.7
169. 2
169. 6
168. 5
168. 8
169. 6
168. 5
168. 6
167 5
166. 9
166. 5
Food
96. 6
105. 5
123. 9
138 0
136. 1
139. 1
159. 6
193. 8
210. 2
201. 9
204. 8
199. 7
201. 6
202. 8
202.4
204. 3
201. 7
202. 6
204. 2
200. 6
200. 8
197. 3
196. 0
194. 8
NOTE,—Prices are for moderate-income families in large cities.
Source: Department of Labor.
Apparel
101. 7
106. 3
124. 2
129. 7
138. 8
145. 9
160. 2
185. 8
198.0
190. 1
196. 5
195. 1
193. 9
192. 5
191. 3
190. 3
188. 5
187.4
187. 2
186. 8
186. 3
185. 8
185. 0
184. 8
Rent
104. 6
106. 2
108. 5
108. 0
108. 2
108. 3
108. 6
111. 2
117. 4
120. 8
119. 7
119. 9
120. 1
120. 3
120.4
120. 6
120. 7
120. 8
121. 2
121. 5
122. 0
122. 2
122. 6
122. 8
Fuel, electricity, and
refrigeration
House furnishings
99.7
102. 2
105.4
107. 7
109. 8
110. 3
112. 4
121. 1
133. 9
137. 5
138.2
138. 8
138. 9
137.4
135.4
135. 6
135. 6
135. 8
137.0
138.4
139. 1
139. 7
140. 0
140.3
100.5
107.3
122.2
125.6
136.4
145.8
159.2
184.4
195.8
189.0
196.5
195.6
193.8
191.9
189.5
187.3
186.8
184.8
185.6
185.2
185.4
185.4
184.7
185.3
Miscellaneous
101.1
1040
110.9
115.8
121.3
124.1
128.8
139.9
149.9
154.6
154.1
154. 1
154.4
154. 6
154.5
154. 2
154.3
154.8
155. 2
155.2
154. 9
155. 5
155. 1
155. 1
WHOLESALE PRICES
Industrial prices continued during March the stability which has characterized them since last June. Moderate
changes in farm and food prices left them somewhat lower at the end of the month.
PERCENT OF 1926 AVERAGE
200
PERCENT OF 1926 AVERAGE
EtO
180
200
160
ISO
140
160
120
140
120 (—
120
too
100
OTHER THAN FARM
PRODUCTS AND FOODS
•(INDUSTRIAL)
0 1 I L I i I I i I i } i I | | i i I lj i i i t I 1 i l l i t i i i.i i I i j i i i I i I i I i I i i i l l I.; ) i i i 1 i i i i I I I i l l i I i I I i j I i i i 1,1 [ [ i I ' i 1 ' \ I I L I •>-' -i < I 1 i I i I I.J 0
1942
1943
1944
1945
1946
1947
1948
1949
1950
LATEST DATA PLOTTED ;
MONTHLY - MARCH
W E E K L Y - MARCH 28
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF
ECONOMIC ADVISERS
[1926=100]
All commodities
Period
1942 monthly average
1946 monthly average
June
___
1947 monthly average1948 monthly average
1949 monthly average
1949: February
Mareh__
April
May
June
July
August
SeptemberOctober
November
December
1950: January
February
March 1
Week ended:
1950: February 28
March 7 _
14 _ _.
21
28
.. .
- _
„
.
,
.„_
_ _
. .
April 4 _ . - _
Estimate based on change in weekly data.
Source: Department of Labor.
1
Farm products
Foods
Other than
farm products and foods
98. 8
121. 1
112. 9
152. 1
165. 1
155.0
158. 1
158.4
156. 9
155. 7
154. 5
153 5
152. 9
153. 6
152. 2
151. 6
151. 2
151 5
152 7
152. 5
105 9
148. 9
140. 1
181.2
188. 3
165. 6
168. 3
171. 5
170. 5
171. 2
168. 8
166. 2
162. 3
163. 1
159. 6
156. 8
154. 9
154 7
159. 1
158. 8
99 6
130 7
112. 9
168. 7
179. 1
•161. 6
161. 5
162. 9
162. 9
163. 8
162.4
161 3
160 6
162.0
159. 6
158.9
155.8
154. 8
156 8
155. 2
95 5
109. 5
105. 6
135. 2
151.0
147. 3
151. 8
150.7
148.9
146.8
145.6
145 0
145. 0
145. 3
145. 0
144. 9
145. 5
145. 8
145. 9
146. 0
152. 6
152. 0
152. 0
151. 7
152. 1
152. 0
159. 4
158. 0
159. 2
157. 4
158. 5
157. 6
157. 8
156. 0
155. 5
155. 2
155. 9
155. 7
145.4
145.4
145.2
145.4
145. 6
145.6
PRICES RECEIVED AND PAID BY FARMERS
Prices paid by farmers rose from February 15 to March 15, reflecting increases in commodities used in
production, especially feeder livestock. A sharp drop in truck-crop prices and a seasonal decrease in
dairy products were offset by increases in most other groups, so that the prices received index was
unchanged and the parity ratio fell I percent.
PERCENT OF I9IOH4 AVERAGE
PERCENT OF 1910-14 AVERAGE
350
350
PRICES
RECEIVED
300
300
250
PRICES PAID
(INCL. INTEREST, TAXES
AND WAGE RATES)
200
ISO
150
too
^^
100
PARITY RATIO*
50
M I I I I I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I I
1939 40
41
42
43
44
45
46
47 48
J
49
F
M
A
M
J
J
A
S
O
N
D
J
F
1948
#• RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST,
SOURCE:
DEPARTMENT
TAXES
AND WAGE
M
A
M
J
J
A
S
O
N
D
J
F
M
A
1949
Prices paid by
Prices
farmers (including interest, Parity ratio l
received
by farmers
taxes, and
wage rates)
„
2
2
2
_
__
_
_
_
95
158
196
206
234
275
285
249
255
258
256
253
249
246
244
247
242
237
233
235
237
237
123
152
182
189
207
240
259
250
77
104
108
109
113
115
110
100
252
255
254
253
252
250
249
248
246
245
246
101
101
101
100
99
249
248
250
100
98
97
95
94
96
95
Ratio of index of prices received to index of prices paid, interest, taxes, and wage rates.
Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat
between October 1943 and June 1946.
Source: Department of Agriculture.
A
S
O
N
D
COUNCIL ECONOMIC ADVISERS
Period
64907—50
J
RATES.
[1910-14= 100]
1
2
J
I960
OF AGRICULTURE
1939 monthly average
1942 monthly average
1944 monthly average
1945 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: February 15
March 15
April 15
May 15.._.
June 15
July 15
August 15
September 15
October 15
November 15
December 15
1950: January 15
February 15_
March 15
M
STOCK PRICES
With the stock market continuing strong during March, most stock prices were higher than at any time since
the 1946 peak.
PERCENT OF 1935-39 AVERAGE
PERCENT OF 1935-39 AVERAGE
175
175
WEEKLY AVERAGE
WEEKLY AVERAGE
150
150
INDUSTRIALS
125
125
.
COMPOSITE INDEX
\
_^_
100
100
UTILITIES
75
75
50
50
J
1939 40
I
1
I
41
42
t
I
43
44
I
45
1
I
46
I
47 48 49
1 1 1 1 1
J F
M A M
J
J A S O N D
J F M A M J
J A S O N
1949
1943
i i i t i
l
i i i
I960
COUNCIL Of CCOWOMIC ADVISERS
SOURCE: STANDARD AND POOR'S CORPORATION
[1935-39=100]
Period
Combined
index l
Industrials
Railroads
Utilities
Weeklv average:
98. 6
74.7
94. 8
94. 2
1939 -_
_
'
61. 3
66. 1
69. 4
1942
71. 3
120. 2
143.0
143. 4
139. 9
1946_
96. 2
114. 7
130. 6
124.4
194897. 5
96.4
127. 5
1949
121. 3
94. 4
99. 6
122. 7
117. 2
1949: February
95. 3
97.4
123. 7
March
118. 0
96. 1
97. 1
124. 2
April. _
118. 5
95. 3
95. 8
123. 5
May _ _
117. 7
93.0
88.4
117.0
112.0
June
95. 4
90. 6
123.8
117. 8
July
94.2
98. 5
128. 0
August
___
121. 8
100. 0
95. 1
130. 3
123. 8
September
101.2
97. 6
134. 4
127. 3
October
96.2
102.6
136. 5
129. 1
November
104. 1
101.0
140. 3
132. 7
December
107. 8
105.8
142. 6
135. 1
1950: Januarv
107.2
107.4
144.4
136. 6
February
_^
__ __
109. 6
108. 5
146. 5
138. 8
March _
Week end ed:
108.2
108.6
145.0
137.4
1950: March 1
108.2
108. 8
145.2
137. 6
8
109. 6
109. 7
146. 8
139. 1
15 „_
111. 0
108. 6
140.4
148. 2
22
_ __ ___
110.3
107. 5
147. 3
139.5
29
110.9
• 108. 7
148.6
140. 6
April 5
1
Combined index prior to June 23, 1948, 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 Corporation.
i
M A M J J A S O N
EMPLOYMENT
LABOR FORCE
Unemployment in March declined by more than 550,000. Agricultural employment increased
seasonally by about 450,000. Employment in nonagricultural industries also increased seasonally.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
70
UNEMPLOYMENT
\
iy;. ..!' ,'ui
-,-.
sffi
•
50
•
1
40
—- M
•
I
60
-
m
TOTAL
LABOR FORCE
.^ivXTX^!*^^^
x'^^x-x-x'
9/, 9* 9
1
;
--
•
.
.
_
'
'
••
-
;
:
•
"'*/•
i
' -•'
;
-
10 -
I.Y.V.Y.vl
1. ....... .•!
fx'::>>:-:J
1. . ..-.-. . ,\ l.v.v.v.-J
[-:•:•:•>»:}
fTTTTTTl
0
\
1944
1947
1948
MONTHLY AVERAGE
I f
I I I I
1
10
1
I
1
1
1
1
1
1
I
1
-
15
10
^_^--~—-^^
5
^^^WWil^^ •Xv^\v>>i-x%\tv>>;l>>>;l>;\-:1>>x^-:v>:lv>>>}:v:\'t<v>t-x\%\|v>xt-xxi->. 1
, ..»
" '
, . .
0
.
D
| ,
„
.
1 1
.
1949
948
Civilian employment
Total
,
1
In nonagricultural
industries
., ,
. S
0
1950
1
In agriculture
1 1 1 I. __,)_..,.
Armed
forces
Unemployment
Unemployment as
percent of
total labor
force
Thousands of persons 14 years of age and over
1939
1944
1947
1948
1949
monthly average
monthly average
monthly average
monthly average.- _ _
monthly average
1949: February
March
April
May _ _ _ _
t. "j
June
July
August
September
October
November
December
1950: January
February
March
„
600
890
608
748
571
45, 750
53, 960
58, 027
59, 378
58, 710
36, 140
45, 010
49, 761
51, 405
50, 684
9, 610
8,950
8,266
7,973
8,026
370
11, 260
1,440
1,307
1,466
9,480
670
2, 142
2,064
3,395
17. 1
1.0
3.5
3. 3
5.3
61, 896
62, 305
62, 327
63, 452
64, 866
65, 278
65, 105
64, 222
64, 021
64, 363
63, 475
62, 835
63, 003
63, 021
57, 168
57, 647
57, 819
58, 694
59, 619
59, 720
59, 947
59,411
59, 001
59, 518
58, 556
56, 947
56, 953
57, 551
50, 174
50, 254
49, 999
49, 720
49, 924
50, 073
51, 441
51, 254
51, 290
51, 640
51, 783
50, 749
50, 730
50, 877
6,993
7, 393
7,820
8,974
9,696
9, 647
8,507
8, 158
7,710
7,878
6,773
6, 198
6, 223
6,675
1,508
1,491
1,492
1,469
1,468
1,463
1,468
1,459
1,445
1, 436
1, 430
1,408
1, 366
1,346
3, 221
3, 167
3,016
3,289
3,778
4,095
3, 689
3, 351
3,576
3,409
3,489
4,480
4,684
4,123
5.2
5. 1
4. 8
5. 2
5. 8
6. 3
5.7
5. 2
5. 6
5. 3
5. 5
7. 1
7. 4
6. 5
55,
65,
61,
62,
63,
1
Includes part-time workers and those who had jobs but were not at work for such reasons as vacation, illness, bad weather,
temporary lay-off, and industrial disputes.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
n
20
1949
Total labor
force, including
armed
forces
Period
t"4
]
I A Q A D crnorc
,
1939
\^\
20
PERCENT
DCTD^CTMT r\c T A T A i
15
5
- 30
'." " ' ;
;
i i i i i 1 i t i i I
0
iiMc-R/im /~>va*rrMT
4O
NONAGR CULTURAL EMPLOYMENT
20
PERCENT
20
50
--
«. - •
* '•
— 60
•
_
~
^^-^^
9,
30
10
\
_
0
. „
NONAGRICULTURAL EM[PLC )YMENT
- SELECTED INDUSTRIES
Employment In February was slightly lower in durable rriqnufact uring because of the auto strike. Mining
employment was seriously affected by the coal strike, Seasonal factors accounted for the employment
increase in nondurable manufacturing and the decrease n trade and construction.
MILLI ONS OF WAGE
AND JSALARY WORKERS
MILL IONS OF WAGE
AND SALARY WORKERS
9.0
8.0
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
1947^
8.5
<>^^-—
^JIcL~"~' """--v^
__ f ^
..~-^"*"
7.5
1948
j^^^^o^
i.
.
7.0 "" Q" •- ""<<o~««,fmm<.
8.0
1949
7.5
r-
^~\--^\
•Elsfrl
/
\
"
^**0^^--- -
6.5
m, ,9J9 -
^/
1
1
F
1
M
1
A
1
M
1
J
J
1
1
A
1
S
1
O
'==L
1
N
'
0
~ 1
J
D
3,0
1
F
1
M
1
1
A
M
1
J
I
J
I
A,
1
S
1
0
1
N
~
D
10.5
TRADE
CONTRACT CONSTRUCTION
2.5
//•
10.0
*-o»I948X^^£^
1.5
"
6.0
"~"
U
2.0
/ I
JMX* ^ X*
•• • """""_
^^"^N^
7,0
0
•
j/'
^ ^ " ^
^ ^ ^
/isp 1949' ^^*~^.— -
""--^i
l
<^^>^~
1947
9,0
^ ^/
,3,3
9.5
plsftp
.
'
—r*>~*~
1947
1.0
0
8.5
~~""
J
1
1
F
1
M
1
A
1
M
1
J
1
J
1
A
1
S
1
O
0 ~~
1
N
D
J
1
I
F
1
M
1
A
I
M
1
J
!
J
1
A
1
S
1
O
1 ~~1
N
O
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers l]
Manufacturing
Period
9 monthly average
3 monthly average
6 monthly average
7 monthly average
_ _ _ ~_
8 monthly average _3 . « _
9 monthly average
._
9: January
- February^ ,
. ._
March „____..
April.
- .^
_
May
June :
,
July
August
September
October
November
December 3
>0* January 3 3
February
Total
__
^_
10, 078
17, 381
14, 461
15, 247
15, 286
14, 147
14, 782
14, 649
14, 475
14, 177
13, 877
13, 884
13, 757
14, 114
14, 312
13, 892
13, 807
14, 033
13, 997
14, 016
Durable
goods
(2)
(2)
(2)
8,373
8,315
7,465
8,044
7,923
7,819
7,656
7,441
7,392
7,255
7,302
7,409
6,986
7,050
7,300
7,354
7,344
Contract
Nondur- construction
able goods
(2)
2
(2)
()
6,874
6,970
6,682
6,738
6,726
6,656
6,521
6,436
6,492
6,502
6,812
6, 903
6,906
6,757
6,733
6, 643
6,672
1, 150
1,567
1,661
1,982
2,165
2, 156
2,016
1, 926
1,947
2,036
2, 137
2,205
2, 277
2,340
2,341
2,313
2, 244
2,088
1,914
1,829
Trade
6,705
7,322
8,815
9, 196
9,491
9,438
9,388
9,292
9,310
9,478
9,342
9, 336
9,220
9,213
9,409
9, 505
9,607
10, 154
9,266
9, 178
Finance Government Transportation and
and
(Federal,
public
service State, local)
utilities
4,610
5, 187
5,994
6,427
6,515
6,544
6,454
6,447
6,469
6,525
6,567
6,608
6,631
6,616
6,604
6,561
6,534
6,506
6,473
6,476
3,987
6,049
5,607
5,454
5,613
5,811
5,764
5,737
5,761
5,775
5,813
5,803
5,738
5,763
5,893
5,866
5,783
6,041
5,777
5, 742
2,912
3,619
4,023
4, 122
4, 151
3,979
4,054
4,024
3,975
3,991
4,021
4,031
4,007
3,992
3,959
3, 871
3,892
3,934
3,873
3,835
Mining
845
917
852
943
981
932
991
986
981
984
974
968
943
956
948
593
917
940
858
617
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked or received pay during the pay period ending
irest the 1 5th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this
>prietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and
ich are based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
3
Not available.
* Preliminary estimate.
Source: Department of Labor.
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
1"he
workweek in February was almost stable in both durable and nondurable manufacturing industries.
HOUF*S PER WEEK
HOURS PER WEEK
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
42
42
40
-~vy^lN^\A^V
.
.
40
Vv/V
V-.
38
*«•
36
34
h\X
38
36
S*~
34
0
MMI
1 1 1 1 i1
1947
J 1 1 1 1 1 1 1 1 1
1948
JJI J l l l l 1 I L 1 1 1 II ] 1 U_LI_
1949
I960
V
1 1 1 ! 1 1 1 1 1 1 1
0
111 1 111 i i 11
1947
1948
1 1 ! 1 1 1 1 1 I 1 I
1 I I 1 1 1 1 1 II 1
1949
1950
RETAIL TRADE
BUILDING CONSTRUCTION
42
42
40
40
38
*
36
^~M\
r
38
36
\
f
34
0
—TVs*.—/\^ ,*_/V/r
*,,.
1947
34
,
ILJI.LLJ.LLL
1948
1949
t i i i i i i i i tl
1950
„: i i i i i 1 t i i i i 1 1 I i I 1 1 1 1 1 1
1947
1948
1 1 1 1 1 1 | 1 1 1 1
1949
SOURCE: DEPARTMENT OF LABOR
[Hours per week, selected industries l]
Manufacturing r
Period
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average.
1948 monthly average.
1949 monthly average 3
1948: December
1949: January
._
February
March
April
May
._ _June.
_
July
August
Sftptem her - . -. ~
October
November
December s
1950 : January 3 3
February
1
For production and related workers.
1
Not available.
1
Preliminary estimate.
Source: Department of Labor.
.tsuilaing
construction Retail trade
T>.
Total
37. 7
44 9
40 4
40 4
40. 1
39. 2
40. 1
39. 5
39. 4
39. 1
38.4
38 6
38 8
38. 8
39. 1
39 6
39 7
39 1
39 9
39. 7
39.7
Durable
goods
Nondurable
goods
(2)
(2)
(2)
(2)
(2)
(2)
40 6
40. 5
39. 5
40 7
40. 1
39. 9
39. 5
39. 0
39 0
39 2
38 8
39. 3
39 6
39 9
39 0
40 1
40 0
40. 1
40 1
39 6
38. 8
39 3
38. 7
38. 8
38. 6
37. 6
38 1
38 5
38 7
38. 9
39 6
39 6
39 3
39. 5
39. 3
39.4
•! J -
(3)
M
(2)
(2)
37 3
36 6
37 8
37 0
36 5
36. 1
36. 4
37 2
37 1
37 1
37.2
36 5
36 9
36 1
35 8
34 8
(2)
(2)
M
?2)
(2)
40 3
40 3
40 4
40 4
40 2
40 2
40 1
40 2
40 3
40 5
40 9
40 9
40 5
40 4
40 1
40- 7
40 4
i ii ii1i i i li
I95O
WORK STOPPAGES
Due primarily to the work stoppage in the coal mining and automobile industries, man-days of idleness jumped
from 2.6 million in January to 7.8 million in February.
MILLIONS OF MAN-DAYS IDLE
MILLIONS OF MAN-DAYS IDLE
20
MONTHLY AVERAGE
15
1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949
SOURCE: DEPARTMENT OF LABOR.
Man-days of idleness
during period
Period
Beginning
Monthly
Percent of
in
average
estimated
period
(thousands) working time (thousands)
1939
1941...
.
1942
1943
1944 . . . . . . .
1945
1946
,
1947
1048
1949
1949: January
February
March _ „
April _ _ _
May _ __ ......
June
July
August
September
October.
November
December
1950: January ^l
February _
1
Preliminary estimate.
Workers involved in
stoppages
1,483
1,917
348
1,125
727
3,166
9,667
2,883
2,842
4,208
726
675
3,460
1, 880
3,430
4,470
2,350
2, 140
6, 270
17, 500
6,270
1, 350
0. 28
.32
.05
. 15
.09
.47
1.43
.41
. 37
.59
. 10
. 10
.45
.27
. 49
. 61
.35
. 27
. 87
2.49
.93
. 19
1, 170
2,360
840
1,980
2, 120
3,470
4,600
2, 170
1, 960
3,030
77
78
490
160
231
572
110
134
507
570
-57
46
2, 600
7,850
. 38
1. 27
185
75
Number of stoppages
In effect
during
month
(thousands)
Beginning
in
period
In effect
during
month
100
106
520
208
309
673
249
232
603
977
914
417
2,613
4,288
2,968
3,752
4,956
4,750
4,985
3,693
3,419
3,606
275
239
289
360
449
377
343
365
287
256
197
170
382
369
436
531
678
632
603
643
536
475
388
323
300
515
225
210
340
325
Source: Department of Labor.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The upward trend in industrial production, which started last November, was interrupted in February by work
stoppages. But preliminary March data indicate recovery in the total index in spite of a small drop in
nondurable manufacturing output.
400
PERCENT OF 1935-39 AVERAGE
400
300
300
200
200
100
100
PERCENT OF 1935-39 AVERAGE
i
1939 40
I
41
42
I
I
43
44
J
45
i
I
46
47
I
48
49
1950
1949
1948
* PRELIMINARY ESTIMATE
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[1935-39=100, seasonally adjusted]
Period
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average 1949" January
February
March
April
May
- June
July
_ _ _ __
August _
September
October. _
November
December
1950: Januarv l
_ _
February
1
March
Total
industrial
production
239
170
187
192
176
191
189
184
179
174
169
161
170
174
166
173
179
183
180
184
IManufactures
Minerals
Total
258
177
194
198
183
198
196
193
184
179
176
168
177
184
176
179
188
193
191
192
Durable
goods
Nondurable goods
360
192
220
225
202
227
225
223
212
201
194
185
193
199
175
181
203
209
207
210
176
165
172
177
168
175
173
168
162
161
161
154
165
173
177
177
176
179
179
177
132
134
149
155
135
149
149
136
148
145
133
123
129
119
112
141
132
130
118
142
1
Preliminary estimate.
Source; Boajrd of Governors of the Federal Reserve System.
11
WEEKLY PRODUCTION - SE LECTED INDICATORS
Steel ingot production rose sharply in March. Electric povver pro duction continued at peak rates. Bituminous
coal mining returned to regular operations. Automobiles were b eing assembled at a somewhat higher rate
than in February but below the January peak rates.
BILL ONS OF KILOWATT HOURS
7.0
M i l-LIONS OF TONS
3
STEEL
ELECTRIC POWER
2
6.0
<n
s
,S49~Y
1
I
O
J
I
F
1
M
A
1
1
M
J
u
1
1
J
1
A
1
S
/
I
1
F
D
1948^^
Jj
«
/
" lEELj,
/
^ r
Uu
1 'N
1
1
Ii
A
i i i
J
I
J
A
I
S
I
0
I
N
D
1
K
i!
^^
r^A, \
1
1 •
\ '
M
J
A
J
S
O
/ ,948 S
\
D
yII
I
N
.N
,/K '
BO
1
O
A
A
A i V~
Y 7A Ml 'V ^
L
0
M
V
CARS AND TRUCKS
120
F
1
M
~ l\ IE33
2.0
j
v
THOU SANDS
•ISO
B I T U M I N O U S COAL
1949
v^^»^
/
0
N
M I L L ONS OF SHORT TONS
3.0
I.O
194
^
1
O
J
5.O
0
1
F
1
M
1
A
M
i i
0
0
i
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, EDISON ELECTRIC INSTITUTE, DEPA RTMENT 0 F THE INTERIOR, WARD'S AUTOMOTIVE REPORTS.
Steel
Period
Thousands of
net tons
Weeklv average:
1947
1948
1949
A
i
S
.
.
.
-
1
Based on weekly net ton
3
Daily average for week.
3
O
i
N
...
-
Cars and
trucks
(number)
93.0
94. 1
81.0
4,821
5,300
5,500
2,058
1,948
1,418
90, 860
100, 670
120, 800
1,853
1, 869
1,880
1, 864
1,840
1, 821
100. 5
101.4
102. 0
101. 1
99 8
98.8
5,552
5,531
5,496
5, 404
5,378
5,360
1,769
1,780
498
405
1,987
1,909
113, 317
109, 101
115, 671
115, 168
113, 784
126, 165
73.7
73. 5
89-8
95.5
96. 7
5,879
5,937
6,015
5,993
3
5, 912
513
2,200
2, 233
2,085
3
2, 165
116, 869
118,459
128, 056
133, 897
3
132, 877
1,405
1,401
1,712
1, 821
1.843
D
COUNCIL OF ECONOMIC ADVISERS
capacity of 1,749,928 for 1947, 1,802,476 for 1948, 1,843,516 for 1949,and 1, 906,268 for 1950.
Data became available after chart was prepared.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports.
T
i
1, 628
1, 695
1, 493
Week ended:
1949: March 5
12
19
26
April 2
9
1950: March 4
11
18
25
April 1
Percent of
capacity '
Electric power, Bituminous
coal
by utilities
(thousands !
of
(millions of
kilowatt-hours) short tons)
i
]
JFED MANUFACTURES
OF
F^reduction of most durable goods except iron and s reel and transportation equipment increased in February.
1
fhe largest increases were in machinery and lumber and pr<Dducts. Output of most nondurable industries
c;ontinued at high rates reached last fall.
PERCIINT OF 1935-39 AVERAGE
PERCIENT OF 1935-39 AVERAGE
250
250
r\ ,
/Y ^
1 \
-*\ r</
A
/~\
800
fX
»
\
150
I |A
/ /
I f
100
0
S
*-.
^""-LUMB ER AND PRODUCTS"
\ f
Li
i r
'
300
150
/•
V
/
1 1 1 1 1 1 i 1 1 if
1 I 1 i 1 1 I 1 111
0
""i i i i i i i i i r~i
"77 1 l 1 1 i l l 1 1
1 1 1 1 1 i
1 1 1 1 1
mi M i nFr
1
300
H NERYv
1
f
L
PROD JCTS
\
1
150
1
V
i
1
I 1 1 M 1 i 111 I
1 1 1 1 1 1 1 1 1 rr
1948
1949
I960
100
0
^^s*f —p-
PRODUCTS
"
JL
L
JL
r~7 i i i i i i i i i i rTi 1 1 1 1 1 1 1 1 1
40
x/
**** —«s^s^ ^—^x-x.••*
y^~\^
s
S
^MANUFACTURED FOOD
/ S
L
m 1 1 1 1 1 1 1 11
48
V \
PRODUCTS
i
ji
i
i
i
200
), r'
c*. C AL
\^
I
J
/
»
;
250
V,
\
1
K
0 ~"1 1 1 I 1 i 1 | | f~~
44 46
^v>
|304\
100
40 42
l
^-TEXTILE 5 iND PRODUCTS
1
NONFERROUS METALS AND
J
h
•s
A
*
^ "
" A
.
\A/
350
;\ \
/ \
j \,>\
/ /•' \
200
4
-.^v
100
v
250
/
I/
-vf
J L_ '
i i i i i i i T~I MI i 1 1 1 1 1 1 1 1
n
•">K
350
r^J^\
150
x
x
V
j
«
\ >'*•
V
i1 V
200
V*
'*«»''**'*•*
PETROLEUN AND COALv^
^rOC)UCTS
iV
IRON A sID STEEL
42 44
46 48
1948
1 IIi 11I1 1 i i
1949
1 1 . 1 1 1 1 1 1 rn
I960
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[1935-39=100, seasonally adjusted]
Durable manufactures
Period
9 4 3 monthly average. _
946 monthly average.
947 monthly average
948 monthly average
9 4 9 monthly average949 * January
Februarv
March
April
_
Mav
_ _ _ _
June
Julv
August
September
October
November
_ _ _
December
__
950* Januarv
February *
__
Iron and
steel
__
_ _
_
_
-
_ _
__
_ _ _ _ _
_ -_
- - -- -
__.
_
Nondurable manufactures
Lumber and
products
Machinery
Nonferrous
metals and
products
Textiles and
products
129
131
143
145
131
129
123
129
126
126
123
115
126
132
133
147
159
145
154
443
240
276
277
234
268
262
252
240
232
225
217
216
224
226
217
227
228
237
267
157
187
193
159
183
185
183
167
145
133
127
141
157
164
163
165
179
182
153
162
163
169
147
160
157
142
129
123
126
120
140
155
169
175
173
178
174
208
150
195
208
188
228
232
233
219
204
177
156
178
179
102
145
201
203
201
Petroleum
and coal
products
185
173
193
218
209
228
221
213
209
207
202
198
203
208
198
205
219
211
198
Manufactured food
products
145
150
157
159
163
160
162
162
162
163
165
161
166
167
165
160
160
161
162
Chemical
products
384
236
251
254
240
257
250
245
237
234
233
228
229
236
240
243
246
249
248
1
Preliminary estimate.
Source: Board of Governors of the Federal Reserve System.
64007—50
3
13
NEW CONSTRUCTION
New construction rose in March, maintaining its lead over last year in all construction activity except private
nonresidential.
M I L L I O N S OF DOLLARS
2,000
MILLIONS OF DOLLARS
2,000
I,50O
1,500
m
1,000
500
\ii !
i \ii
ii
\
1,000
500
&
%:
1939
1942
1944 1946
1947
* INCLUDES PUBLIC RESIDENTIAL
1948
JA
S
0
N
D
J
F M A M
J
J
A
S
0
N
D J
F
M
A
M
J
J
A
S
0
N
D
J
F
M
A
COUNCIL OF ECONOMIC ADVISERS
(Millions of dollars]
Private construction
Period
1939 monthly average. __ .
1 942 monthly average
1944 monthly average
1946 monthly average
1947 monthly average- _
1948 monthly average1949 monthly average
1949* February
March
;
.
April ;_.-.»
_-.i
-May
:„_
.
. June
:
July
August September... ..
October
•.
November
December
1950: January
i.-.
__ _
February
--.
2
March
Total new
construction
526
1, 118
345
871
1, 194
1,565
1,611
1, 172
1, 267
1,370
1,576
1,735
1,833
1,903
1,922
1, 879
1,767
1,612
1,496
1,395
1,500
Total
private
317
251
152
688
932
1,214
1,172
905
951
989
1,108
1,229
1,301
1,343
1,368
1, 343
1,295
1,225
1, 139
1,068
1,125
public residential construction.
Preliminary estimate.
Sources: Department of Commerce and Department of Labor.
14
J
CONSTRUCTION
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
1
Includes
1
M
Residential
(nonfarm)
176
110
45
265
438
602
585
400
420
445
530
600
650
675
710
715
715
690
650
590
620
Other
141
141
107
422
493
612
586
505
531
544
578
629
651
668
658
628
580
535
489
478
505
Federal,
State, and
local »
208
867
193
184
262
351
439
267
316
381
468
506
532
560
554
536
472
387
357
327
375
NEW HOUSING STARTS
Housing starts continued their record pace in February and again in March, according to preliminary reports.
THOUSANDS OF UNITS
THOUSANDS OF UNITS
125
125
50
50
25
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
New nonfarm units started
1\ /r
j. -L.
iVlontn
1948
1949
39, 300
48, 800
56, 000
67, 100
72, 900
77, 200
81, 100
86, 300
93, 800
94, 000
79, 700
58, 800
53, 500
50, 100
76, 400
99, 500
100, 300
97, 800
95, 000
86, 600
82, 200
73, 400
63, 600
52, 900
50, 000
50, 400
69, 400
88, 300
95, 400
95, 500
96, 100
99, 000
102, 900
104, 300
95, 500
1
79, 000
849, 000
931, 300
70, 750
77, 600
1947
January
February
March
April
_ _ _ __
Mav
VMO-J
-~
June
July
August
September
October
November
December
Total
_
~
~
-
-_ _ _ - _ _
_
_
_._ _ - _ _ _ _
Monthly average
1
1950
1
80, 000
1
80, 000
1, 025, 800
1
85, 500
1
Preliminary estimate.
Source: Department of Labor.
15
EXPENDITURES FOR NEW PLANT
AND EQUIPMENT
Plant and equipment expenditures by nonagricultural business firms in 1949 were 6 percent less than in 1948.
Anticipated expenditures during 1st half of 1950 are reported 8 percent below those of 1st half of 1949 while
those for the year I960 are reported II percent below 1949.
BILLIONS OF DOLLARS
25
BILLIONS OF DOLLARS
25
ANNUAL RATES*
20
£ TRANSPORTATION AND^
fe: ELECTRIC AND GAS :££
UTILITIES
I0
MANUFACTURING
AND
MINING
1939
194!
1948
1949
2
3
2
1948
3
2
1949
2nd Half
I960
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND u.s. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
I Millions of dollars, annual rates, not adjusted for seasonal]
Total1
Period
Manufacturing
Mining
Transportation
Railroad
1939..
1941
1945
1948
1949 3
1950
-_ _
1948: Third quarter
Fourth quarter
1949: First quarter
Second quarter
Third quarter. _ _ „
Fourth quarter.
1950: First quarter 3 3
Second quarter
Second half 3
_
... _.„_ __
..
_
1
Excludes agriculture.
2
Commercial and miscellaneous
3
5,200
8, 190
6,630
19, 230
•18, 120
16, 090
19, 320
21, 640
17, 840
18, 640
17, 480
18, 520
16, 440
17, 040
15. 440
1,930
3,400
3,210
8,340
7,250
6,740
8,360
9,280
7,400
7,520
6,760
7,320
6, 760
6,960
6. 620
380
680
440
800
740
650
800
880
760
760
720
720
680
680
620
280
560
550
1,320
1,350
930
1,320
1,640
1,440
1,520
1,240
1 3 200
1,000
1,040
840
Other
280
340
320
700
520
350
680
680
520
560
560
480
320
360
360
Electric and Commercial
gas utilities and miscellaneous f
480
710
630
2,680
3, 140
2, 940
2,760
3,400
2,720
3,120
3,160
3,560
2, 960
3,240
2, 780
1,850
2,490
1,480
5,390
5, 120
4,480
5,440
5,760
5,040
5, 160
5,040
5,280
4,680
4,720
4,260
composed of trade, service, finance, and communication.
Figures for 1950 are based on anticipated capital expenditures.
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 10,000,000.
Sources: Securities and Exchange Commission and Department of Commerce (except as noted).
NEW CORPORATE SECURITY ISSUES
New corporate issues showed a seasonal rise in the 4th quarter of the year but were far below the total
for the 4th quarter of 1948.
BILLIONS OF DOLLARS
3.0
BILLIONS OF DOLLARS
3.0
2.5
2.5
2. 0
.5
1939
1943
1946
1947
1948
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
[Millions of dollars]
Proposed uses of net proceeds
Estimated
net proceeds
Period
New money
Total
1939 quarterly average- - ..
1943 quarterly average
1946 quarterly average
1947 quarterly average .
-- -1948 quarterly average
1949 quarterly average 2
1947" Third quarter
Fourth quarter
1948: First quarter _
Second quarter ..
Third quarter
Fourth quarter
1949' First quarter
.. ..
Second quarter—
.. ..
Third quarter 2
Fourth quarter
1
3
.. •.
-.
--.
__
__ .
.
.
.--
-
..
. .. .
.
529
287
1,689
1,617
1,748
1,520
1,374
2,311
1,769
1,817
1,352
2,054
1, 195
2,475
1,006
1,403
Includes small amount for other purposes.
Preliminary estimate.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Securities and Exchange Commission.
81
77
820
1,148
1,491
1,209
884
2,000
1,511
1,493
1,087
1, 874
954
2,088
834
960
Plant and
equipment
43
35
529
852
1,060
948
692
1,654
918
1,091
774
1,459
762
1,679
677
675
Working
capital
39
42
291
296
431
261
192
347
593
402
314
415
193
409
157
285
Retirement
of debt and
stock '
448
210
869
469
257
311
490
310
260
325
265
180
241
386
172
444
INVENTORIES AND SALES
Sales of manufacturing and trad^ concerns, after allowance for seasonal variation, rose moderately in
February. Manufacturers' and wholesalers' inventories showed practically no change during the month.
BILL IONS OF DOLLARS
BILLIONS OF DOLLARS
WHOLESALE
RETAIL
20
20
MONTHLY AVERAGE
INVEf T()RIES
..v. •=
y
INVE Ml ORiES
1 0
/
** /
I0
>•
..
,~ s L
^ ,
L
••J*9f**^
O
1
1
40
i
1
42
1
1
44
!
1
46
I1
i 1 1 1 l 11 1 i 1 1
1
48
1947
1948
0
7
I 1 1 1 I I 1 1 1
40
I95C)
1949
42 44
46
«*
—„. ,-
1 1 1 II 1 I ! 1 1 1
48
1 i 1 l l 1 l l i i l 1 1 11 ! 1 I 1 1 1 1
1947
1948
1949
I960
PERCE MT OF 1935-1939 AVERAGE
BILL IONS OF DOLLARS
DEPARTMENT STORES
MANUFACTURERS
400
40
SE
MONTHLY AVERAGE
'
SEASONALLY ADJUSTED
INVE ^1T ORIES
\j
*•*•••.
\
30
.••••**"**
'- . . .
' -..
.-•***"
\
>••
'¥
300
XL *
fl
••*
^—, .
x/^-^,,/ s
XX
'""'••t
/
,^*»...-**
*
20
-r-^
.
.
//INVEf T( )RIES
200
~*N
'-^-VVv
***
IL ES
/ ^J^
1 00
1 0
S
/
0
1 I 1 1 L i J 1 I
40
42
44
46 48
i I l 1 i 1 1 1l i l
1947
1 1 1 1 1 1 1 1 1 1 1
1948
1 1 11 1 1 1 1 1 1 1
1949
1950
!1
0
40
i J 1 1 1 l 1 I 1
42
44
46
I II I i 1 11 i I l
48
1 1 ! 1 1 i 1 1 1 1 1
i 1 I 1 I 1 1 1 1 11
1948
1949
1947
950
SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
Retail
Wholesale
Inventories *
Sales 2
Inventories 1
Manufacturers
Sales 2
Inventories l
Millions of dollars, seasonally adjusted
January
February
March
_ _
April
_ _ _ _ _ _ _
May
_
June
July
_
August _
September
October
November 6
December
January 6 6
February
3,175
3,684
4,638
6,665
8,653
9,511
9,031
9,464
9,479
9,293
9,330
9, 153
9,002
9,091
9,061
9, 186
9, 137
9, 113
9,031
8,976
9,002
2,505
4,273
4,983
6,601
7,754
8,355
7,511
7,723
7,680
7,890
7,422
7,539
7,718
7, 158
7,522
7,518
7, 120
7,553
7,291
7, 194
7,586
5,532
7,361
7,543
11, 226
13, 221
14, 969
13,698
14, 659
14, 479
14, 700
14, 458
14, 139
14, 182
13, 862
13,932
14, 355
14, 475
14, 336
13, 698
13, 840
13, 883
3,504
5, 277
6,315
8,358
9, 909
10, 837
10, 682
10,611
10, 706
10, 724
10, 814
10, 759
10, 684
10, 549
10, 669
10, 856
10, 678
10, 630
10, 503
10, 840
10, 990
Sales 2
5, 100
12, 822
12, 883
12, 841
17, 076
18, 998
17, 814
17, 880
18, 175
18, 451
17, 643
17, 741
17, 990
17, 11"4
18, 945
18, 866
16, 805
17, 313
16, 840
17, 580
17, 700
Book value, end of period.
Monthly average for year and total for month.
Indexes computed from data on retail value of sales for month and retail book value of inventories, end of period.
All dollar figures, except for retail sales, have been revised and do not agree with data published prior to October 1949.
Preliminary estimates.
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
Sales 8
1935-39=100, seasonally
adjusted
4
11,465
20, 098
18, 390
24, 818
29, 818
34, 066
30, 899
34, 409
34, 408
34, 223
34, 018
33, 565
33, 250
32, 367
31, 638
31, 060
30, 744
30, 547
30, 899
31, 106
31, 100
Department stores
Inventories 3
102
155
166
213
255
291
270
279
277
283
280
273
265
256
253
264
270
273
271
272
280
106
168
207
264
286
302
285
295
281
277
294
292
285
280
283
289
276
276
293
284
280
MERCHANDISE EXPORTS AND IMPORTS
Exports in February recovered o part of their sharp January decline. Imports fell but apparently only because
of the shortness of the month, since imports per working day maintained or
recent expanding levels.
MILLIONS'OF DOLLARS
MILLIONS OF DOLLARS
1,600
1,600
1,200
1,200
800
800
400
1936-38
1946
1947
J F M A M J J A S O N O J
1948
F M
A M J J
A
* RECORDED MERCHANDISE EXPORTS, INCLUDING REEXPORTS, AND CIVILIAN SUPPLIES FOR OCCUPIED AREAS.
* RECORDED GENERAL MERCHANDISE IMPORTS.
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF THE ARMY, AND DEPARTMENT OF THE NAVY.
I Millions of dollars]
Exports 1
Period
1936-38 monthly average
1943 monthly average
1946 monthlv average
„_
1947 monthly average
1948 monthlv average
1949 monthly average
1949: January
_ _
Febru ary
March
April
Mav -- June .
July
August. ..
September
October _ _
November _ _ _ _ _ ' _ «
December
1950: January
February.,
..
-
__
_..«.
247
._
.
_ _
Excesi of
exports
207
282
410
478
592
553
40
798
439
801
462
447
1, 104
1,043
1, 177
1, 166
1,092
1, 104
899
880
906
852
837
944
590
567
633
534
541
526
457
491
536
559
594
605
514
476
544
632
551
578
442
389
370
293
243
339
745
770
623
599
122
171
1,080
849
1,278
1,054
1,000
- ___..._..
Imports *
1
1
Recorded merchandise exports, including reexports, and civilian supplies for occupied areas.
Recorded general meichandise imports.
Sources: Department of Commerce, Department of the Army, and Department of the Navy.
19
PURCHASING POWER
NATIONAL INCOME
Notional income, after declining during each quarter of 1949, turned up in 1st quarter of 1950, according to
preliminary data. The increase represented a rise in compensation of employees and proprietors' income.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
250
CORPORATE PROFITS AND <:•:•:•>:•:•:•:':':•:•:•:
INVENTORY VALUATION •••'•'<•'•'••''•••'••''••'''
>:?:::;:• ADJUSTMENT
200
200
150
100
SAT I ON
PRELIMINARY E S T I M A T E S BY COUNCIL OF ECONOMIC A D V I S E R S
SOURCE: DEPARTMENT OF COMMERCE (except as noted).
[Billions of dollars]
. .
.
Proprietors'
(business,
professional,
farm)
and rental
income
Net interest
72.5
183.8
179.6
201.7
226.2
1
221. 3
Period
1939
1944
1946
1947
1948
1949
Corporate profits and inventory
valuation adjustment
Compensation of
employees
47.8
121.2
117.0
127.6
140.3
141. 1
14.7
35.5
41.3
45. 1
49.5
44. 8
4.2
3.1
3.0
3.4
3.8
4. 2
230.4
234.3
224.7
220. 8
220. 7
*219. 1
220.3
143.3
1449
141. 9
140. 8
141. 1
140. 9
141.7
Total
national
income
-
Total
5.8
24.0
18.3
25.6
32.6
131. 2
Profits
before
taxes
Inventory
valuation
adjustment
6.5
24.3
23.6
31.6
34.8
*28. 6
-0.7
-.3
-5.3
-6.0
-2.2
4-2. 6
36.6
345
29.4
26.4
28. 9
129. 5
30.5
-3.3
+ 1.2
+ 2. 2
+ 4.3
+ 3.3
+.7
-.5
Annual rates, seasonally adjusted
1948: Third quarter ..
Fourth quarter
1949: First quarter
Second quarterThird quarter
Fourth quarter.
195(): First quarter *
1
„
__
49.9
49.7
47. 1
45. 1
43. 1
43. 7
44.3
Estimates by Council of Economic Advisers; based on incomplete data,
NOTE.—Detail will not necessarily add to totals because of rounding.
3.9
4.1
4. 1
4. 2
4. 2
4. 3
4.3
33.3
35.7
31. 6
30. 7
32. 3
!30. 2
30.0
Source: Department of Commerce (except as noted).
CORPORATE PROFITS
Preliminary estimates indicate that the improvement in profits which began in the last half of 1949 has
continued into I960,
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
4 0
ANNUAL RATES, SEASONALLY ADJUSTED
30
20
!! UNDISTRIBUTE D PROFITS
H:K:J::::::::::::::::::::::::::::::::::^^^•::::::::::::::::::::::::::::::H•••™::•S:•••••
1948
1947
1950
1949
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED)
[Billions of dollars]
Corporate
profits
before taxes
Period
1929
1939
1944
1946
1947.
1948
1949 1
9.8
6.5
24.3
23.6
31.6
34.8
28.6
_
,
.
Corporate
tax
liability
1.4
1.5
13. 5
9.6
12.5
13.6
11.3
Corporate profits after taxes
Total
8.4
5.0
10. 8
13.9
19. 1
21.2
17.2
Dividend
payments
5.8
3.8
4.7
5.8
7.0
7.9
8.4
Undistributed
profits
2.6
1.2
6. 1
8.1
12. 1
13.2
8.8
Annual rates, seasonally adjusted
36. 6
34.5
1948: Third quarter
Fourth quarter
1949: First quarter Second quarter
Third quarter.
Fourth quarter *
.
.
.
. _ ._
_.
14.4
13.6
22.2
20.9
7.9
8.3
14.3
12.6
29.4
26.4
28.9
29.5
11.5
10.6
11.4
11.8
17.9
15.8
17.5
17.7
8.3
8.2
8.1
8.9
9.6
7.6
9.4
8.8
8.4
18.3
12.2
9. 9
1950: First quarter1. _ _ . _ _ _ _ _
30.5
1
Estimates by Council of Economic Advisers; based on incomplete data.
NOTE.—No allowance has been made for inventory valuation adjustment. See p. 20 for profits before
taxes and inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
21
PERSONAL INCOME
Personal Income reached an all-time high in February as payments on the veterans1 dividend were stepped
up. Farm income declined as a smaller volume of crops were placed under loan.
BILLIONS OF DOLLARS
250
BILLIONS OF
DOLLARS
250
ANNUAL RATES, SEASONALLY ADJUSTED
200
200
150
150
100
F
M A
1950
*TERMINAL LEAVE BOND CASHING STARTED IN SEPTEMBER, 1947; NATIONAL INSURANCE DIVIDEND PAYMENT STARTED IN JANUARY, 1950
SOURCE:
DEPARTMENT OF COMMERCE
[Billions of dollars]
Total
personal
income
Period
1939
1944
1947
1948
1949
_ _-
72. 6
165.9
193. 5
211. 9
209.9
Proprietors'
(business,
Salaries, wages, professional, Dividends
and other
and personal
farm)
labor income
interest
and rental
income
45.7
116.2
122.0
135. 1
135. 6
14. 7
35. 5
45. 1
49.5
44.8
9.2
10. 6
14. 8
16.2
17.2
Transfer
payments
3.0
3.6
11.7
11. 1
12. 3
Annual rates, seasonally adjusted
1949' January
February^
March
April
May
JuneJuly..
August
September
October
November
December
1950: January _2
February
214. 6
211. 3
210. 2
210. 5
210. 2
209.4
207.2
209. 1
208. 3
207.0
209. 4
211.9
218. 1
219. 1
137.9
136. 1
134. 4
136. 0
135. 8
135.0
135. 1
135. 5
135. 8
134. 8
134. 7
136.6
135. 9
135. 7
48.5
46.6
46.2
45. 0
45.2
45. 1
42.8
43.9
42.7
42.9
44.9
43.5
46. 5
43. 9
17.0
17.0
17. 0
17. 1
17. 0
17. 0
16. 9
17. 1
17.2
17.3
17.4
18.9
17.4
17. 4
11.2
11. 6
12. 6
12.4
12. 2
12. 3
12.4
12.6
12. 6
12. 0
12.4
12.8
1
18. 3
22. 1
1
Includes veterans' insurance dividend—$5.4 billion, annual rate (or $450 million, monthly total) in
January and $9.5 billion annual rate ($800 million, monthly total) in February.
2
Preliminary estimate.
NOTE.—Detail will not necessarily add to totals because of rounding. Source: Department of Commerce.
CONSUMER INCOME, SPENDING, AND SAVING
Payment of the special insurance dividend to veterans during 1st quarter in I960 distorted
disposable personal income. It accounted for most of the increase of $9 billion (annual rate).
Expenditures increased by only $1 billion, indicating that the insurance dividend was being
spent slowly. Consumer saving was temporarily high.
BILLIONS OF DOLLARS
250
BILLFONS OF DOLLARS
250
ANNUAL RATES, SEASONALLY ADJUSTED
200
200
150
I 00
PERSONAL INCOME LESS TAXES.
^^PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS.
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED).
[Billions of dollars]
Disposable
personal
income *
Period
1939
1940,
1941
1942.
1943
1944
1945.
1946
1947.
1948
1949
70.2
75. 7
92.0
116.2
131.6
147.0
151. 1
158. 1
172.0
190.8
191.2
Less: Personal
consumption
expenditures
Equals: Personal saving
67.5
72. 1
82.3
90.8
101.6
111.6
123. 1
147.8
166.9
178.8
179. 4
2.7
3.7
9.8
25.4
30.0
35.4
28.0
10.3
5.1
12.0
11.8
Annual rates, seasonally adjusted
1948: Third quarter
Fourth quarter .
1949: First quarter
Second quarter
Third quarter
Fourth quarter _
1950: First quarter 2
__
.
__
_ _ _ _ _
- -_
195.2
196.2
193.4
191.4
189.5
190. 7
199. 6
180.3
180.9
178.7
179.3
179. 7
179. 8
181.0
15.0
15.3
14.8
12.1
9.8
10. 8
18. 6
1
Income less taxes.
" K;:| intjii.rs hy Council of Economic Advisers; based on incomplete data.
NOTK.—-Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
23
PERSONAL CONSUMPTION EXPENDITURES
Personal consumption expenditures in 1st quarter of 1950 were back to the peak rate of 4th quarter of 1948,
according to preliminary estimates. Increased expenditures for durables and services since 1948 were partially
offset by decreased expenditures for nondurables.
B I L L I O N S OF DOLLARS
200
BILLIONS OF DOLLARS
200
ANNUAL RATES, SEASONALLY ADJUSTED
I 50
100
100
SOURCE.
COUNCIL OF ECONOMIC A D V I S E R S
DEPARTMENT OF COMMERCE (EXCEPT A.S NOTED).
[Billions of dollars]
Personal consumption expenditures
Period
Nondurable
goods
Total
1939_
1944.
1946.
1947.
1948
1949_
67.5
111.6
147.8
166. 9
178.8
179.4
35.3
67.1
86.8
96.2
102.2
98. 9
Durable
goods
6.7
7.1
16.5
22.0
23.5
24.4
Services
25.5
37.4
44. 5
48.8
53. 1
56. 1
Annual rates, seasonally adjusted
1948: Third quarter
Fourth quarter
1949: First quarter
Second quarter
Third quarter
Fourth quarter
1950: First quarter J _ _
1
_ „ _ _
180.3
180.9
178. 7
179. 3
179. 7
179.8
181.0
101.8
103.3
100.4
99. 8
97. 6
97.7
98. 0
Estimates by Council of Economic Advisers; based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
24.8
22.9
23. 0
23. 6
25.7
25.2
25. 7
53.7
54.8
55. 3
55. 9
56.5
56.9
57. 3
PER CAPITA INCOME"
Per capita disposable income (including veterans1 insurance dividend) increased in 1st quarter of I960, both
in terms of current dollars and in real purchasing power, according to preliminary estimates.
ANNUAL R A T E S , S E A S O N A L L Y A D J U S T E D
CURRENT DOLLARS
I
1939
1940
I
1941
I
1942
t
1943
I
1944
I
1945
I
1946
I
1
1947 1948
1949
1949
**CURRENT DOLLARS D I V I D E D BY THE CONSUMERS* PRICE INDEX ON THE BASE
SOURCE: D E P A R T M E N T OF C O M M E R C E AND
DEPARTMENT
OF L A B O R
COUNCIL OF ECONOMIC ADVISERS
(EXCEPT A S NOTED).
Per capita disposable personal
income *
Current
1948 dollars 3
dollars
$923
$536
574
981
1, 125
691
1,262
867
1,314
970
1,065
1,405
1,082
1,389
1,342
1,119
1,282
1, 194
1,302
1,302
1,297
1,281
Period
193919401941
1942
1943
1944_
1945
1946
1947
1948
1949
Annual rates, seasonally
adjusted
1948: Third quarter
Fourth quarter
1949: First quarter
Second quarter.
Third quarter
Fourth quarter1950: First quarter 4 _
I960
1948= 100
.. _ _
>
. .
_ _
1, 328
1,328
1,304
1,285
1,267
1,269
1,323
1,305
1,319
1,315
1,298
1,284
1,292
1,360
Consumers'
price index*
1948=100
58. 1
58.5
61.4
68.7
73.8
75.8
77. 9
83.4
93. 1
100.0
98.8
Not adjusted
for seasonal
variation
101.8
100.7
99.2
99.0
98. 7
98.2
97.3
1
3
2
Income less taxes.
Current dollars divided by the consumers' price index on the base 1948=100.
The consumers' price index has been roughly adjusted to take account of the understatement from
December 1941-February 1947. This adjustment is in line with the report of the Mitchell Committee. The
unadjusted|;index will be found on page 3,
4
Estimates by Council of Economic Advisers based on incomplete data.
Sources: Department of Commerce and Department of Labor.
25
AVERAGE HOURLY EAE>NIN'GS
- SELECTED INDUSTRIES
Hourly earnings for durable goods industries showed lift le chang e in February. But nondurable earnings increased
partly because of the new minimum rates.
DOLLA RS
PER
DOLL/*RS PER
HOUR
HOUR
1.50
1.60
DURABLE
MANUFACTURING
-^*^™£S/
1.50
NONDURABLE
,.
1.40
^™»
1948
1.40
J
1.30
1.30
^r^
J
CURRENT
DOLLARS*
'
r=M'
_,
/
S~^
1.20
DOLLARS
S^
CURRENT
DOLLARS
MO
1.20
l i I | i [ i i i i i
l i | i l 1i i | | i
1 1 1 1 1 1 1 1 1 1 1
1947
0
MANUFACTURING
1948
1949
0
1 1 1 1 1 1 11 1 l l
1l l 1 1 1 | 1 }J J
II l l i i l 1 i t i
1947
1 1 1 I 1 1 1 1 1 1 1
1948
1949
1950
1 1 1 1 1 1 II
1 1 1
1950
1.30
2.1 0
RETAIL TRADE.
BUILDING CONSTRUCTION
1.20
2.00
,J
f
r
1948 DOLLARS*
-</*
1.90
fZ^/^*^*^
1.10
1948' DOLLARS*/^/
/*^*"^
1.80
** ' f**^
/
^* CURRENT
CURRENT DOLLAF
1.00
s
DOLLARS
^
.90
1.70
1 i 1 1 i 1 1 1 1 1 !
1 1 1 1 ! 1 1 1 1 1 1
1 1 1 1 1 1 1 1 1 1 1
1948
1949
1 | 1 t I 1 1 ! 1 | 1
1 1 1 1 1 i 1 1 1 | 1
i 1 1 1 1 1 1 1 1 1 1
1947
! ! 1 1 1 | | 1 1 1 1
1947
0
1948
1949
1950
0
1 1 M 1 1 1 II
I 1
1950
* NOT A V A I L A3LE PRIOR TO JANUARY 1948
SOURCE: DEPARTMENT OF LABOR
[Selected industries J]
All manufacturing
Period
Current
' dollars
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average 4
1949 monthly average
1 949 : January February
March _ „
April
__ -. ..
May
June
July
August
September. _ _ _
October
November 4
December
1950: January 4 _4
February
1
3
3
4
$0. 633
.961
1.084
1.237
1.350
1.402
1.405
1.401
1.400
1.401
1.401
1.405
1. 408
1.399
1.407
1. 392
1.392
1.408
1.419
1.420
1948
dollars 2
$1. 090
1.302
1.300
1.329
1.350
1.419
1.408
1.419
1.414
1.414
1.418
1.418
1.431
1.419
1.420
1.415
1. 413
1.440
1.455
1.459
Durable goods manufacturing
Current
dollars
1948
dollars 2
3
(3)
(3)
()
$1. 292
1.410
1.469
1.467
1.466
1.464
1.467
1.467
1.475
1.477
1.473
1.482
1.458
1.457
1.475
1.486
1.482
Production and related workers.
Current dollars divided by consumers' price index on base 1948= 100.
Not available.
Preliminary estimates.
26
(3)
(3)
(3)
$1. 388
1.410
1.487
1.470
1.485
1.480
1.480
1.485
1.488
1.501
1.494
1. 495
1.482
1.479
1.508
1. 524
1.523
Nondurable goods
manufacturing
Current
dollars
3
(3)
(3)
()
$1. 171
1.278
1.325
1.327
1.323
1. 323
1.321
1. 323
1.324
1.332
1.319
1. 328
1. 325
1.325
1.335
1. 344
1.352
1948
dollars 2
3
(3)
(3)
()
$1. 258
1.278
1. 342
1.330
1.340
1. 336
1.333
1. 339
1. 336
1.354
1. 338
1. 340
1. 347
1. 345
1.365
1. 378
1.390
Building construction
Current
dollars
3
(3)
(3)
(3)
()
$1. 848
1.935
1.918
1. 930
1. 933
1. 934
1. 930
1.924
1.922
1.932
1.938
1. 944
1.947
1. 964
1.960
(3)
1948
dollars 2
3
(3)
(3)
(3)
()
$1. 848
1. 960
1.922
1.955
1.953
1. 952
1. 953
1. 941
1. 953
1.959
1.956
1. 976
1.977
2. 008
2.010
(3)
Retail trade
Current
dollars
3
(3)
(3)
()
$1. 009
1.088
1.136
1. 132
1. 123
1. 121
1. 127
1. 141
1. 147
1. 148
1. 146
1. 150
1. 140
1. 138
1. 122
1.155
(3)
1948
dollars
2
(3)
(3)
(3)
$1. 084
1.088
1. 1511. 134
1. 138
1. 132
1. 137
1. 155
1. 157
1. 169
1. 162
1. 160
1. 159
1. 155
1. 147
1. 185
(3)
See note. 3 to table on page 25.
Source: Department of Labor,
AVERAGE WEEKLY EAE»NINrGS
- SELECTED INDUSTRIES
/Mthough weekly earnings of $59.43 in February for inchistries m anufacturing durable goods were about the
same as in January, there were divergent trends within the grou p. In nondurable goods industries, weekly
earnings reached a new record high of $53.27.
DOLL ARS
DOLL ass PER WEEK
65
55
_*
v
WEEK
NONDURABLE
DURABLE MANUFACTURING
60
PER
60
DOLLARS
1948
_
-
y -y]
y^-ci
. .-. ..j
yx/»
55
0mm
•Sss^V
1948 DOLLARS*
-%.
S
s**/**S
^ ^*s^^\^r^
50
RRENT
MANUFACTURING
^
DOLLARS
50
45
45
,^-S/^^ CURR £NT DOLLARS
40
1 1 l I 1 1 l 1 l 11
1 1 1 1I 1 11 1 1 1
1948
0 T i l II 1 M 1 M
1947
1949
1 t 1 1 1 1 1 1 II
1
0
1950
I ' M 1 1 I ' l l '| 1
1947
I I i ii I l l i i i
1949
_L i 1 1 1 1 U 1 I I
1948
I 1?
1950
50
80
RETAIL TRADE
BUILDING CONSTRUCTION
^V.
^ 1948 DOLLARS*
^^^^^
45
75
^t\^svu
k
70
1 1 1 1 1 1 II
1948
•s
40
ft
/-*NF
is'
DOLLAF
^
^/~f
DOLLARS
35
65
^•CURRENT C OLLARS
60
0
30
1 I 1 1 tJ 1 t t.....l I i 1 1 1 LI I 1 J_ 1 1
1947
1948
SOURCE :
DEPARTMENT
1 i LI J 1 1 1 1 1 J_
1949
I
-^
1 1 1 1 1 1 J 1 L i L
1 1 ! 1 1 1 | 1 1 | 1
1 LI 1 I 1 1 1 l I1
1947
0
1948
1950
l i 1 1 ( 1 11 i U 1
1949
OF LABOR
COUNCIL
1 1 1 1 1 1 I 1 1 M
1950
OF
ECONOMIC
ADVISORS
[Selected industries J
All manufacturing
Durable goods manufacturing
Nondurable goods
manufacturing
Building construction
Retail trade
Period
Current
dollars
1939 monthly average
1943 monthly average
1 946 monthly average _ .. .
1947 monthly average
1948 monthly average
1 949 monthly average 4
1949: January
February
March
April
May _ „ .
June
July
AugustSeptember
OcUbor _._
Nov miber 4
!)t»(!i nibor
HIM): J n m iirv 4 4
_
!•'«*}» u n r v
„
„
.
"
$23. 86
43. 14
43.74
49. 97
54. 14
54.90
55. 50
55.20
54.74
53.80
54.08
54.51
54.63
54.70
55.72
55. 26
54.43
56. 18
6. 33
56. 37
1948
dollars 3
$41. 07
58.46
52.45
53. 67
54. 14
55. 58
55. 61
55.93
55. 29
54. 29
54.74
55.00
55. 52
55.48
56. 23
56. 16
55. 26
57.44
57.77
57. 93
Current
dollars
(3)
(g)
(3)
$52. <if»
57. 1 1
f>7. 0,r>
58. H.'t
f>8. -Hi
r>7. na
57. 'JJ
f>7. 2 1
57. S'J
57. ;u
57. SO
r>s. r»9
5«S, 17
,r)(i, h-j
5<J. !,'>
r»ti. 'H
f>!l. -\?t
10-18
(lollnrH
3
(3)
(:r)
(a)
$5r». :ir»
57. 1 J
5S. (',7
5K. 05
50. 2f5
5K, •} 1
57, 73
57. 00
5S, ,'i5
5K. 1M
5S. 7 1
f>0. 22
50, 12
57, (i8
f»0. -IS
f)H. Of>
r»i, 08
* I MI |»ri.*iltit'i.irin and related workers.
* w i » ' n < <fn|)ani divided by eoiiBumers' price index on the nw HHS- • 100.
1
Current
dollars
(3)
3
(3)
()
$46. 96
50. 61
51. 46
51.35
51. 33
51.07
49. 67
50. 41
50.97
51.55
51. 31
52. 59
52. 47
52.07
52. 73
52.82
53.27
1948
dollars 3
(3)
(3)
(3)
$50. 44
50. 61
52. 10
51.45
52.01
51. 59
50.12
51,02
51.43
52.39
52.04
53.07
53.32
52.86
53. 92
54. 17
54.75
Current
dollars
s
(3)
()
a)
(
3
$68. 85
70.92
70.88
70. 53
69.83
70.33
71.81
71.44
71.28
71.95
70.69
71.80
70.21
70. 26
68.20
«
1948
dollars 2
(3)
3
(3)
(3)
()
$68. 85
71.80
71.02
71.46
70. 54
70.97
72. 68
72.09
72.44
72.97
71.33
72. 97
71.28
71. 84
69. 95
(8)
Current
dollars
(3)
s
(3)
()
$40. 66
43. 85
45. 92
45.51
45. 14
44. 95
45.31
45.98
46.45
46.95
46.87
46. 58
46.06
45.63
45.67
46.66
(3)
1948
dollars *
(3)
(3)
(3)
$43. 67
43. 85
46.50
45. 60
45.73
45.40
45.72
46.54
46.87
47.81
47. 54
47. 00
46.81
46.32
46.70
47.86
(s)
See note 3 to'table on page 25.
* N*it f»VHiiiit>|« ,
; H»|mriit)ntit of Lnbor,
27
FARM INCOME
Formers* cash receipts in February, usually a low month, were substantially smaller than in January, both
for crops and for livestock products. Total February receipts were nearly 10 percent smaller than in February 1949.
BILLIONS OF DOLLARS
liLLlONS OF DOLLARS
4
1939
40
41
42
43
44
45
46
47
48
*INCLUDES CASH FARM INCOME FROM MARKETING AND GOVERNMENT PAYMENTS.
SOURCE: DEPARTMENT OF AGRICULTURE.
COUNCIL OF ECONOMIC ADVISERS
Period
Farm income Prices paid by Farm income
farmers (incl.
(millions of
(millions of
interest, taxes,
current
and wage rates) 1948 dollars) 8
2
dollars) »
1948=100
1,540
724
47
1939 monthly average
_.
1,924
981
51
1941 monthly average
2,271
1, 340
59
1942 monthly average _-. __
2, 521
70
1944 monthly average
1,765
2, 544
73
1,857
1945 monthly average
.2,638
80
2, 110
1946 monthly average,.
_
2,733
2,542
93
1947 monthly average
2,609
100
2, 609
1948 monthly average
2,380
97
2,309
1949 monthly average
.
2,407
99
1949: January
2,383
1,838
97
February
1,783
2,013
98
1,973
March.
. _ _
..
1,888
98
1,850
April
„
May!
....
1,984
98
1,944
2, 116
97
2,053
June ...
2, 244
97
2,177
July__
_
2, 518
96
2,417
August
2, 717
96
2, 608
September
.. 3,304
95
October ..
3, 139
3,211
95
3, 050
November
95
2, 448
2, 326
December
2,348
2,254
96
1950: January 4 4
_ _ _
96
1,693
1,625
February
__
1
Includes cash farm income from marketings and Government payments.
2
Converted from the reported base, 1910-44=100, to the base 1948=100.
8
Farm income in current, dollars divided by prices paid by farmers, interest, taxes, and wage rates,
4 1948=100.Preliminary estimates.
Source: Department!ofkAgriculture,
CONSUMER CREDIT
Charge accounts declined seasonally in February while automobile credit continued to rise.
BILLIONS
OF
BILLIONS
DOLLARS
OF DOLLARS
25
25
10
1943
1948
END OF YEAR
1949
END OF MONTH
SOURCE :
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Total
consumer
credit
outstanding
End of period
1939_
1943_
1946
1947
1948
1949
__ .
1949: January
„__
February _ _
March
April
May
June
July
August
September __
October
November „_
December
1 950; January 2
February
_
_.
_ _ _
.
_ _
7,969
5,378
10, 191
13, 673
16, 319
18, 779
15, 748
15, 325
15, 335
15, 595
15, 843
16, 124
16, 198
16, 453
16, 803
17, 223
17,815
18, 779
IS, ;M7
IS, I2<>
Instalment credit
Total
4,424
2, 001
4, 000
6,434
8, 600
10, 890
8,424
8, 339
8,429
8, 630
8, 888
9, 123
9, 335
9, 622
9, 899
10, 166
1C), 441
10, 890
10, 839
10, 892
Automobile
sale
credit
Other sale
credit and
loans
1,267
175
544
1, 151
1,961
3, 144
1,965
1,996
2, 105
2,241
2,386
2,499
2,610
2,761
2,876
2,986
3,085
3, 144
3, 179
3,258
3,157
1,826
3,456
5,283
6, 639
7,746
6,459
6,343
6,324
6,389
6,502
6,624
6,725
6,861
7,023
7, 180
7,356
7,746
7,660
7,634
Charge
accounts
1,544
1,498
3,054
3,612
3,854
3,909
3,457
3, 169
3, 121
3,232
3,235
3,274
3, 123
3,064
3, 123
3, 197
3, 454
3,909
3,506
3,227
Other
consumer
credit *
2,001
1,879
3,137
3,627
3,865
3,980
3,867
3,817
3,785
3,733
3,720
3, 727
3,740
3,767
3,781
3,860
3,920
3,980
4,002
4,007
1
3
Im'hidoH singlt'-payrmmt IOHIIH of coininomitl hunks and pawnbrokers and service credit.
Preliminary estimates.
NOTK.— Detail will not ww.s.sjirily add to totals because of rounding.
Motirw: Board of UovernorH of the Federal Reserve System.
29
MONEY, BANKING, AND FEDERAL FINANCE
BANK LOANS AND INVESTMENTS
Loans of commercial banks rose moderately in February. U.S.Government security holdings were about
$ I billion lower.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
150
150
125
125
100
100
25
1939
1943
1948
1949
J F M A M J J
END OF YEAR
A S O N D
J
F
M
A
M
1948
J
J
A
S
O N D
J F M A M . J
1949
END
j
A S O N D
I960
OF M O N T H
SOURCE : B O A R D OF G O V E R N O R S OF THE FEDERAL- R E S E R V E SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, all commercial banks]
End of period
1929
1939
.
1945
1947
1948
1949
1 949 : January
February..
March
April
May
June
July
.,
August
September „.
October
November
"December
1950: January... .
February1
1
o
-
...
_
.
.
_._
Investments
Total
loans and
investments
-. ._
Bank loans
49. 5
40. 7
124.0
116.3
114.3
120.8
1145
113.4
112.5
112.5
113.4
113.8
114.8
117.9
118. 8
119. 8
120. 2
120.8
121. 6
121.0
36.0
17.2
26. 1
38. 1
42.5
43.3
42.4
42.0
42.4
41.3
40.9
41.0
40.5
41.2
41. 8
41. 9
42, 9
43.3
43. 1
43.3
Total
13. 5
23.4
97.9
78.2
71.8
77.5
72.0
71.4
70. 1
71.2
72.6
72.7
74.3
76.7
77.0
77.9
77.3
77.5
78.5
77.8
U.S.
Government
securities
4.8
16.3
90.6
69.2
62.6
67.3
63.0
62.2
60. 9
62.0
63.2
63.2
64.4
66.7
66.8
67. 7
67. 1
67.3
68.2
67.2
Other
securities
8.7
7. 1
7.3
9.0
9.2
10.2
9. 1
9. 1
9. 2
9.2
9. 3
9,5
9.8
10.0
10.2
10. 2
10.2
10.2
10. 4
10.4
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
MONEY SUPPLY
The decline of $1.5 billion in the money supply in February wos primarily a reflection of seasonal factors.
MILLIONS Of DOLLARS
BILLIONS OF DOLLARS
200
200
TOTAL DEPOSITS AND CURRENCY
(EXCLUDING U.S. GOVERNMENT DEPOSITS)
175
150
125
125
100
100
J
GOUMCJ
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
U
J
A
S
O
N
D
HOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Billions of dollars]
End of period
1930 .
1943
1946, .
. . . .
1947., „
'
1948
. •
1949 ._
.
..
"
1949: January
.
February
_ „
March
„
„ „ „
„.-..
April
Mav,
.
June
July
August
-.„-,-.
September
„_ _
October „ _
__ „ „
November
December
_
1950: January 3
_ „ „_
February
Total money
supply
63.3
112.4
164.0
170.0
169. 1
170. 1
168.2
166. 3
164. 2
165.5
165. 6
165. 6
166. 3
160. 9
106. 0
3 OS. 0
108. 0
170. 1
170. 0
ion. r»
Currency
outside
banks
6. 4
18. 8
26. 7
26. 5
26. 1
25. 0
25. 2
25. 1
25. 1
24. <)
25. 0
2/i. a
24, 9
25. 1
2«1. 1)
2-1. <>
25. 1
25. 0
2-1. 5
2-1. 7
Adjusted
demand
deposits *
29. 8
60. 8
83.3
87. 1
85. 5
86. 7
85.4
83. 4
81. 1
82.4
82. 5
81. 9
83. 1
83.4
83. 3
84. 6
85. 5
86. 7
86.8
84. 9
Time
deposits 8
27. 1
32. 7
54.0
56,4
57.5
58.4
57.6
57.8
58. 0
58. 1
58.2
58.5
58.4
58.4
58.4
58.4
58.0
58.4
58.7
58.9
1
Includes demand deposits, other than interbank and U. 8. Government, less cash items in process of collection.
2
Includes deposits in commercial banks, mutual navingH hankw, and Postal Savings System,
3
Preliminary estimates.
NOTE.—Detail will not necessarily add to totalH because of rounding.
Source: Board of Governors of the Federal Reserve System.
31
FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
The cosh surplus of about $1.7 billion for the 1st quarter of 1950 compares with a surplus of about $3.2
billion for the same quarter of 1949, reflecting o decline of about $900 million in receipts ond an
increase of $ 500 million in payments.
BtLLIONS OF DOLLARS
BILLIONS OF DOLLARS
1947
2
1948
1950
1949
EXCESS OF CASH RECEIPTS
EXCESS OF GASH PAYMENTS
i
* ,947 a
4
i
3
4
I
CALENDAR
I95O
YEARS
* PRELIMINARY ESTIMATES
SOURCE: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
Calendar years
[Millions of dollars]
Federal cash
receipts from
the public *
Calendar year total:
1946
•
1947
1948
1949
Quarterly total, not adjusted for seasonal:
1947: First quarter
_.
.
Second quarter
Third quarter.
Fourth quarter
1948: First quarter
..
Second quarter
Third quarter
_^
Fourth quarter
.
1949: First quarter
Second quarter
Third quarter
Fourth quarter
1950" First quarter 2
—
_ __
.
_
.
._
Federal cash
payments to
the public l
41, 426
44, 279
44 920
41, 346
41, 372
38, 584
36 954
42 634
14, 345
9,847
10, 220
9,869
15, 037
10, 238
10, 085
9,560
13, 122
8,814
10, 143
9,267
12 200
9, 163
10, 628
10, 257
8,536
8,637
9,033
8,798
10, 486
9, 964
11, 389
10, 528
10, 753
10, 500
Excess of receipts (+) or
payments (— )
+ 54
+ 5,695
+ 7,967
— 1, 288
+ 5, 182
—781
— 37
+ 1,331
+ 6,400
+ 1, 205
+ 1, 287
—925
+ 3, 158
—2, 575
— 385
— 1,486
+ 1, 700
1
Payments of refunds of Government receipts are now reported as deductions from total receipts; previously, they were reported as expenditures,
1
Preliminary estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
12
For sale by the Superintendent of Documents, TJ. S. Government Printing Office, Washington 25, D. C.
Price IB cents per copy ; $1.75 per year; $2.25 foreign
