Full text of Economic Indicators : October 1950
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}lst Congress, 2d Session
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, Via Chairman
FRANCIS J. MYERS, Pennsylvania
JOHN J. SPARKMAN, Alabama
PAUL H. DOUGLAS, Illinois
ROBERT A. TAFT, Ohio
RALPH E. FLANDERS, Vermont
ARTHUR V. WATKINS, Utah
WRIGHT PATMAN, Texas
WALTER B. HUBER, Ohio
FRANK BUCHANAN, Pennsylvania
JESSE P. WOLCOTT, Michigan
ROBERT F. RICH, Pennsylvania
CHRISTIAN A. HERTER, Massachusetts
THEODOBE J. KREPS, Staff Director
GHOVER W. ENSLET, Associate Staff
Director
JOHN W. LEHMAN, Clerk
COUNCIL OF ECONOMIC ADVISERS
(Created pursuant to Sec. 4 (a) of Public Law 304, 79th Cong.)
LEON H. KEYSERLING, Chairman
JOHN D. CLARK
ROY BLOUGH
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION fS. J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
TLesolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joini
Committee on the Economic Report be authorized to issue a monthly publication entitled "Economic Indicators,'
and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the
Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; twc
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Join1
Committee on the Economic Report; and the required number of copies to the Superintendent of Documents fo
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printe
for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce
11
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 AND WAGES
Labor Force
Nonagricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
Work Stoppages
7
8
9
10
11
12
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
13
14
15
16
17
18
19
20
21
PURCHASING POWER
National Income
Corporate Profits
Personal Income
Consumer Income, Spending, and Saving
Personal Consumption Expenditures
,
Per Capita Disposable Income
Farm Income
Consumer Credit
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 —
30
31
32
111
THE TOTAL OUTPUT OF THE ECONOMY
THE NATION'S ECONOMIC BUDGET
Consumer incomes and expenditures both increased sharply in 3rd quarter. Business income declined mainly
because the increase in inventory valuation adjustment more than offset the rise in corporate profits.
Business expenditures increased slightly. The government account changed from a deficit to a surplus.
BILLIONS OF DOLLARS
ANNUAL RATES, SEASONALLY ADJUSTED
50
100
1
1
T
CONSUMERS
I960,
SECOND QUARTER
1950,
THIRD QUARTER
1950,
SECOND QUARTER
1950,
THIRD QUARTER
INTERNATIONAL
1950,
SECOND QUARTER
I960,
THIRD QUARTER
GOVERNMENT
{Federal, slate,and local)
1950,
SECOND QUARTER
Transfer payments
1950,
THIRD QUARTER
EXCESS
OF RECEIPTS l+),
EXPENDITURES (-)
I960, SECOND QUARTER
-25
0
I
1950, THIRD QUARTER
25
I
-25
r
0
25
I
CONSUMERS
BUSINESS
INTERNATIONAL
GOVERNMENT (Federal, state,and local)
^ TRANSFER PAYMENTS ARE INCLUDED IN RECEIPTS OR EXPENDITURES OF THE SEPARATE ACCOUNTS BUT NOT IN THE TOTAL GROSS NATIONAL PRODUCT,
NOTE: SEE PACE 2 FOR THE NATIONS ECONOMIC BUDGET TOTAL (GROSS NATIONAL PRODUCT)
SOURCE: ECONOMIC REPORT OF THE PRESIDENT, JULY 1950, APPENDIX A.
COUNCIL OF ECONOMIC ADVISERS
GROSS NATIONAL PRODUCT
Gross national product rose $12 billion (annual rate), or 4.5 percent, between 2nd and 3rd quarters of
950. Consumption expenditures rose 6 percent, government purchases of goods and services 4 percent,
ond business investment 1 percent. Net foreign investment continued to drop.
BILLIONS O'F DOl-LARS
BILLIO NS OF DOLLARS
300
300
ANNUAL RATES. SEASONALLY ADJUSTED
ANNUAL TOTALS
250
y
200
150
100
250
/—
-/
XRO >S
r«
//' ^
/
50
\
NATIONAL. PRODUCT
200
-•"'
or AL
/7
100
s
'RIVATE DOMESTIC INVESTMENT
50
1
0
<<6":.
. . •"••
/
1
4 0
1
1
42
1
1
4 4
^
N;OVE m WENT
^^_ .
^NET
-50
ISO
CONSUMPTION EXPENDITURES
1
1
'46
1
1
4 8
•a =iEIGN
1
PURCHASES OF GOODS AND SERVICES^
-^
1
5 0
^
.
-
, —.
0
0
INVESTMENT^
3
1
4
1
1948
1
1
1
1
1
£ 3 4
1
1
1
1
2 3 4
1949
1950
-50
2
1951
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ecoMOMIC
flovisras
[Billions of dollars]
Government
Personal Gross private
Total gross consumppurchases
of
Net
foreign
domestic
national
goods
and
tion
expendinvestment
investment
product
services
itures
Period
1929
67.5
111. 6
146.9
165. 6
177. 4
178.8
91. 3
213.7
211. 1
233.3
259. 1
255. 6
1944
194fi
1947
1948
1949
9.9
7.7
28.7
30.2
43. 1
33.0
0.9
.1
4.6
8.9
1.9
.4
13. 1
96. 5
30.9
28.6
36.6
43. 3
Annual rates, seasonally adjusted
1949: First quarter
Second quarter
Third quarter
Fourth quarter
1950: First quarter
Second quarter
Third quarter '
._
__
258. 8
255.2
254. 4
253. 8
177.4
178. 4
179.0
180.6
37.5
31.3
32. 1
31.2
1.0
1.3
.1
-.7
42.9
44.3
43. 2
42.8
262. 5
269.9
282.0
182.4
184.5
195.0
40. 5
45.9
46.5
-1.9
—2.0
-2.5
41.4
41.4
43.0
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.
PRICES
CONSUMERS' PRICES
Despite a seasonal drop in food prices, consumers* prices os a whole rose slightly in August because of gains
in all other categories. The increases in apparel end housefurnishing prices were substantial.
PERCENT OF 1935*39 AVERAGE
PERCENT OF 1935-39 AVERAGE
i 220
220
r-r, , , , i i
1939 4O
41
42
43
44
45
46
17
48
_j
}
i_|_ I
I (
49
SOURCE: DEPARTMENT OF IABOR
[1935-39=100]
Period
1940 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: July 15
..
August 15 September 15
October 15
November 15
December 15
1950: Januarv 15
February 15 _ March 15 ._ ...
April 15
....
Mav 15 ..
June 15
.
July 15
August 151
All items
100. 2
116. 5
123.6
125. 5
128.4
139.3
159.2
171. 2
169. 1
168. 5
168 8
169.6
168 5
168 6
167. 5
166 9
160. 5
1 67. 0
167. 3
168 6
170 2
1""2. 5
173 0
Food
96.6
123.9
138.0
136. 1
139. 1
159.6
193.8
210.2
201. 9
201 7
202 6
204.2
200 6
200 8
197 3
196 0
194 8
196. 0
196. 6
200 3
204 6
210. 0
'209 0
Apparel
101. 7
124.2
129. 7
138. 8
145.9
160. 2
185.8
198. 0
190. 1
188. 5
187. 4
187.2
186 8
186 3
185. 8
185 0
184. 8
185. 0
185. 1
185. 1
185. 0
184. 7
185. 9
Rent
104. 6
108. 5
108. 0
108.2
108.3
108. 6
111. 2
117. 4
120. 8
120. 7
120. 8
121.2
121. 5
122. 0
122. 2
122. 6
122. 8
122. 9
123. 1
123. 5
123. 9
124. 4
124. 8
Fuel, electricity, and
refrigeration
House furnishings
99. 7
105. 4
107. 7
109. 8
110. 3
112 4
121. 1
133.9
137. 5
135. 0
135 S
137. 0
138. 4
139. 1
139. 7
140 0
140. 3
140.9
141. 4
138. 8
138. 9
139. 5
140. 9
100. 5
122. 2
125. 6
136.4
145. 8
159, 2
V84.:i
1 95. 8
189.0
186. 8
184. 8
185.6
185. 2
185. 4
185. 4
184. 7
185.3
185. 4
185.6
185. 4
185. 2
186.4
189. 3
A speciarsurvey during the week of September 11 indicate a decline in food prices of 0.8 percent between August 15 and September 15,.,
NOTE.—Prices are for moderate-income families in large cities.
Source: Department of Labor.
Miscellaneous
101. 1
110. 9
115. 8
121.3
124. 1
128. 8
139.9
149. 9
154. 6
154. 3
154.8
155. 2
155.2
154.9
155. 5
155. 1
155. 1
155. 0
154. 8
155.3
155. 3
156.2
158. 1
WHOLESALE PRICES
Wholesole prices, after continuing to rise during the first three weeks of September, dropped during the 4th
week because of seasonal declines in prices of form products and foods. Industrial prices, however,
continued upward to new peaks.
PERCENT OF 1926
PERCENT OF 1926 AVERAGE
AVERAGE
SCO
220
I_J—I
I
CNrf*"*
[Til I I I I I I I \
I
I
I
I
I
I
I
{
I I l i t I II
I
I
I
I
I
t
Ml
t I I Ml
I
I
|
I
I
I
I
i I t , I I t 1t I I
I
I I I I I I I T I M
I I i I I I IK
I
I .
I t I 11 I I t I I 1 f
1
1
I I .1 ! I I III t
I
"^
J I I I i l l IIJJ
LATEST. DATA PLOTTED s MONTHLY - SEPTEMBER
WEEKLY - SEPTEMBER 26
SOUSCE: DEPARTMENT OF LABOR.
COUNCIL OF
ECONOMIC
»OVI
[1926=100]
All commodities
Farm products
1942 monthly average
1946 monthly average
1947 monthly average...
1948 monthly average
1949 monthly average...
98.8
121. 1
152. 1
165. 1
155.0
105.9
148.9
181.2
188.3
165.5
99.6
130.7
168.7
179.1
161.4
Other than
farm products and foods
95.5
109.5
135.2
151.0
147.3
1949: August
September
October
November
December
152.9
153.5
152.2
151.6
151.2
162.3
163. 1
159.6
156.8
154.9
160.6
162.0
159.6
158.9
155.7
145.0
145.3
145.0
145.0
145.4
_.
.
151. 5
152.7
152.7
152. 9
155.9
157.3
162. 9
166.3
169. 5
154.7
159. 1
159.4
159. 3
164.7
165. 9
176.0
177. 5
180.7
154.8
156.7
155.5
155.3
159.9
162. 1
171. 4
174.6
177.7
145.8
145.9
146.1
146. 4
147.6
148.8
151. 5
155.3
159.0
Week ended:
1950: September 5
12.
1926.
October
3_
167. 7
169. 1
169.8
169, 4
168. 9
179.5
182.0
181. 3
180. 2
_179, 1
177.2
178.9
179.0
177. 4
175.3
156.5
157.8
159.2
159. 4
160.2
Period
1950: January
February
March
April
May
June
July
August
September '
1
_,
;
Estimates based on'change in weekly data.
Source: Department of Labor.
Foods
In spite of o slight rise in prices poid by farmers, the parity ratio climbed to 105 in September, the highest
since October 1948.
PERCENT OF (910-14 AVERAGE
360
MONTHLY AVERAGE
PERCENT OF (910-14 AVERAGE
I3SO
PRICES RECEIVED
PRICES PAID
(INCL. INTEREST, TAXES
AND WAGE RATES]
PARITY RATIO*
I
1939
I
40
I
41
42
43
44
45
46
4?
48
49
I960
COUNCIL ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1910-14=100]
Prices paid by
farmers (includPrices
received
ing interest, Parity ratio '
taxes, and
by farmers
wage rates)
Period
1939 monthly average
1942 monthly average
1 944 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: August 15 ...
September 15
October 15November 15
-___
_
-
__
_ _
_ _
T)fip,Rmher 1 5
1950: January 15 _
February 15
March 15_- _.
April 15
May 15
June 15
July 15
August 15
September 15_
1
1 Ratio
_ _ _
._
.
196
"234
275
285
249
123
152
182
207
240
259
250
77
104
108
113
115
110
100
244
247
242
237
233
249
248
246
245
246
98
100
98
97
95
235
237
237
241
247
247
263
267
272
249
248
250
251
254
255
256
258
259
94
96
95
96
97
97
103
103
105
2
..
_
-_ _
,-
_
95
158
of index of prices received to index of prices paid, interest, taxes, and wage rates.
Includes wartime subsidy payments paid on beef cattle, sheep, iambs, milk, and butterfat between October 1943 and June 1946.
Source: Department of Agriculture.
74065—50
&?P'f\Ct'f?' "DOTfTd
O I iJOiV Jtr j£IV>£j£3
Industrial stock prices advanced above previous postwar peaks during September; railroad stocks continued
the rise started in July. Utilities showed little change from August.
PERC ENT
OF 1935-39
PERCENT Or
AVERAGE
1935-39 &VE RASE
175
175
WEEKLY AVERAGE
WEEKLY' AVERAGE
J
y \i /
ISO
INDUSTRIALS
1
A
v
d$&&
'
100
lAf\
\\ /ii/
75
50
0
1939
41
42
43
44
/v^
:£
_,_
COMPOSITE tHOEX
^; C^"V^^
W-A
UTILITIES
ISO
' f\\f /U
j*
\
^ V
125
^C<
100
**'
75
1111111111
40
^
f^/
//%-'--
125
f/
45
46
47
48
49
50
b
=
! 1 1 1 1 1 1 1 1 1 1
I I 1 1 | I t J^JLI J_
J F M A M J J A S O N O J F M A M J J A S O N D J F M A M J J A S O N D
1948
1949
0
I95O
SOURCE: STANDARD AND POOR'S CORPORATION
COUNCIL OF ECONOMIC AOVISERS
[1935-39=100]
Composite
index •
Period
Weekly average:
1939
1942
1946 —
-1948
1949 _.
1949: August
September
October. _
November
December
1950: January
February _ _ _
March
_
April
May
June
July
. ..
August
September
Week ended:
1950: September 6
13
20_ ^
27
October
4.liCl,J_
1
...
.
_
_ _. _
Industrials
Railroads
Utilities
94. 2
69. 4
139. 9
124. 4
121. 3
121. 8
123. 8
127. 3
129. 1
132. 7
135. 1
136. 7
138. 8
141. 8
146. 9
147. 7
138. 2
147. 2
151. 7
94. 8
71. 3
143. 4
130. 6
127. 5
128. 0
130. 3
134. 4
136. 5
140. 3
142 6
144. 4
146. 5
150. 0
156 1
157. 6
147. 3
158 0
163. 3
74. 7
66 1
143 0
114 7
96 4
94. 2
95 1
97. 6
96 2
101 0
107 8
107 2
108. 5
109 5
109 7
107 1
109 7
120 6
125 1
98. 6
61. 3
120.2
96. 2
97. 5
98. 5
100. 0
101.2
102. 6
104. 1
105. 8
107. 4
109. 6
111. 0
112. 8
111. 5
103. 0
104. 2
104. 9
148.
152.
152.
153.
157.
159
163.
164.
166.
170.
119 6
127 7
126. 7
126 4
129.7
105. 0
104. 7
104. 5
105. 4
106. 2
4
2
3
9
5
3
8
1
0
3
Composite index prior to June 23,1948, was based on 402 common stocks, and included 354 industrials, 20 railroads, and 28 utilities; thereafter,
116 common stocks are represented, with 305 industrials, 20 railroads, and. 31 utilities.
Source: Standard & Poor's Corporation.
<!>&*&
Civilian employment in September was the highest on record for that month, but over I.I million below the
August record peak. Nonagricultural employment declined by almost 800,000. Unemployment declined
by 160,000 to 2.5 million. Most of the decline in employment was due to young people returning to school
and slockenina agricultural activity.
MILLIONS OF PERSONS
70 |
MILLIONS OF
1
(—'
PERC ENT
PER CENT
20
1
1 5
~
10
-
•i
_
PERSONS
1 70
!
UNEMPLOYMENT - PERCENT OF CIVILIAN LABOR FORGE
B
0
1939
—
_
-
-
15
^mm__,,—-"'">.__
—. -
u-_J==3_Jzm £L
1944
1947
1948
_
L i. t ! i 1 1
1949
I I i
X
1 j t
"*"-»-«^_.^
1
i
1949
1
( I
| . i
10
5
|
| | 0
1950
SOURCE: DEPARTMENT OF COMMERCE
Total labor
force (including
armed
forces)
Period
1939
1944
1947
1948
1949
monthly
monthly
monthly
monthly
monthly
average
average
average
average
average
55, 600
65, 890
61, 608
62, 748
63, 571
Civilian labor force
Armed
Total
Employment l
civilian
forces
Agricul- Nonagrilabor
Total
tural
cultural
force
Thousands of persons, 14 years of age and over
36, 140
45, 750
55, 230
370
9, 610
54, 630
53, 960
11,260
45, 010
8,950
8,266
58, 027
1,440
60, 168
49, 761
59, 378
61, 442
51, 405
7,973
1,306
1,466
50, 684
8,026
62, 105
58, 710
Unemployment
Unemployment as percent of total
civilian
labor force
9,480
670
2, 142
2,064
3,395
17.2
1.2
3.6
3.4
5.5
__
65, 105
64, 222
64, 021
64, 363
63, 475
1,468
1,459
1, 445
1,436
1,430
63, 637
62, 763
62, 576
62, 927
62, 045
59, 947
59,411
59, 001
59, 518
58, 556
8, 507
8, 158
7,710
7,878
6,773
51,441
51, 254
51, 290
51, 640
51, 783
3,689
3,351
3,576
3,409
3,489
5.8
5.3
5.7
5.4
5.6
1950: January
_ _.
February
March
April
May
June
July
August _ _September. _ _ _ _
62, 835
63, 003
63, 021
63, 513
64, 108
66, 177
65, 742
66, 204
65, 020
1,408
1,366
1, 346
1, 330
1,320
1,311
1,315
1,337
1,453
61, 427
61, 637
61, 675
62, 183
62, 788
64, 866
64, 427
64. 867
63', 567
56, 947
56, 953
57, 551
58, 668
59, 731
61, 482
61,214
62, 367
61, 226
6,198
6,223
6,675
7,195
8,062
9,046
8,440
8, 160
7,811
50, 749
50, 730
50, 877
51, 473
51, 669
52, 436
52, 774
54, 207
53, 415
4,480
4,684
4,123
3,515
3,057
3,384
3,213
2, 500
2,341
7.3
7.6
6.7
5.7
4.9
5.2
5.0
3.9
3.7
1949: August
September
October
November
December
1
Includes part-time workers and those wbo had jobs but were not at work for sucb reasons as vacation, illness, bad weather, temporary lay-OS, and industrial
disputes.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
MONAGRICULTURAL EMPLOYMENT - SELECTED INDUSTRIES
An increose of over 300,000 workers in durable goods industries between mid-July and mid-August reflected
the high demand for durables. A similar rise in nondurable manufacturing employment was primarily seasonal.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
80
9.0
NONDURABLE MANUFACTURING
l~
CONTRACT CONSTRUCTION
I
I
I
TRADE
1949
V
8.5
r- i
J
L
.0
S
SOURCE: DEPARTMENT OF LASOR
O
N
COUNCIL OF ECONOMIC *
[Thousands of wage and salary workers l]
Manufacturing
Period
Total
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average _
1948 monthly average
1949 monthly average 1949: July
August
September.
October. _
November
December
1950: January _ ..
February
March __
April
May
June 22 - .. . _ _
July .2
.
August
10, 078
17, 381
14, 461
15, 247
15, 286
14, 146
13, 757
14, 114
14, 312
13, 892
13, 807
14, 031
13, 980
13, 997
14, 103
14, 162
14,413
14, 667
14, 763
15, 385
Contract
construction
Durable Nondurgoods able goods
4,683
11,077
7,739
8,373
8,315
7,465
7,255
7,302
7,409
6,986
7,050
7,303
7,342
7,324
7,418
7,548
7,809
7,968
7,976
8,282
5,394
6,304
6,722
6,874
6, 970
6,681
6,502
6,812
6,903
6,906
6,757
6,728
6, 638
6,673
6,685
6,614
6,604
6, 699
6,787
7,103
1,150
1,567
1,661
1,982
2,165
2, 156
2,277
2,340
2,341
2,313
2, 244
2,088
1,919
1,861
1,907
2,076
2,245
2,416
2,524
2, 589
Trade
6,705
7,322
8,815
9, 196
9,491
9,438
9,220
9, 213
9,409
9,505
9,607
10, 156
9,246
9, 152
9,206
9,346
9,326
9,414
9,374
9,426
Finance
and
service
4,610
5, 187
5,994
6,427
6,515
6,544
6, 631
6,616
6, 604
6, 561
6,534
6,508
6,473
6,473
6,499
6,560
6, 602
6, 653
6,680
6,680
Government
(Federal,
State,
local)
1
3,987
6,049
5,607
5,454
5,613
5,813
5,738
5,763
5,893
5,866
5,783
6,041
5,777
5,742
5,769
5,915
5, 900
5,832
5,741
5,798
Transportation
and
public
utilities
2,912
3,619
4,023
4,122
4,151
3,977
4,007
3,992
3, 959
3,871
3,892
3,930
3,869
3,841
3,873
3,928
3,885
4,023
4,058
4,099
Mining
845
917
852
943
981
932
943
956
948
593
917
940
861
595
938
939
940
947
922
962
1
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. Total derived from this table not comparable with estimates, of nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 7) which include proprietors, selfemployed 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.
3
Preliminary estimates.
Source: Department of Labor.
8
WEEKLY HOURS - SELECTED INDUSTRIES
The workweek in durable goods industries rose to a new postwar peak of 41.7 hours in August. In
nondurable industries, it was ot a new postwar high for August.
HOU ?S PER WEEK
HOURS PER WEEK
DURABLE MANUFACTURING
42
40
NONDURABLE MANUFACTURING
7
—w !
42
V^A/^
S
\^yv
40
38
36
36
34
34
T:,,,!
1 1 1 1 1 1 1 1 1 1 1 ii 1 1 1 1 1 1 1 1 1
1947
1948
M 1 1 1 1 1 I
'
1949
rv^rV
^~^
38
0
N~-r^l
M
0
11111 1111 11
1 1 1 1 1 1 1 t M
1947
1948
1950
1
1 1 ) t ! ! t 1 t 1 1
1949
i ii i i 1 i i i ii
1950
RETAIL TRADE
BUILDING CONSTRUCTION
42
42
40
40
^r\s.-vVX/,_/x^r^
38
38
*
36
v^
i i i i i | i i i tt
1 1 ! t 1 1 I M
1947
36
i
\/
~v
34
0
F
N/""X
1948
1 1
1949
34
M M 1 1 11
M
0
T,
, M I , , . II
1947
1950
M M ! . MM
! M
1 | ] 1 1 1 J !
1948
1949
1 1i11 11 1111
1950
SOURCE: DEPARTMENT OF LABOR
[Hours per week, selected industries l]
Manufacturing
Period
Total
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average —
1949- July .
August _ _ _
September
October
-_
-_
--
]Xfov^TTihfvr
December
1950: January
February.
March
April
__
May
June 33
July 3
Auerust
1
_
-_
For production and related workers.
- - -
37. 7
44. 9
40. 4
40. 4
40. 1
39.2
38.8
39. 1
39. 6
39. 7
39. 1
39.8
39. 7
39.7
39.7
39. 7
39. 9
40. 4
40. 5
41.2
Durable
goods
38.0
46. 6
40.2
40. 6
40. 5
39. 5
38.8
39.3
39. 6
39. 9
39. 0
40. 1
40.0
40. 1
40.2
40.7
40. 8
41. 3
41. 1
41. 7
•Not available.
Nondurable construction Retail trade
goods
37.4
42. 5
40.5
40. 1
39. 6
38.8
38.7
38. 9
39.6
39. 6
39.3
39.5
39.4
39.3
39.2
38. 5
38. 9
39.4
39.8
40.6
(2)
(42
()
(4 37.3
36. 7
37. 1
37.2
36. 5
36.9
36. 1
35.8
34.8
33.7
34.5
35. 6
36. 5
37.0
37.0
(?)
(22)
(2)
()
(2)
40. 3
40.3
40.4
40.9
40.9
40. 5
40. 4
40. 1
40-7
40.4
40.4
40.3
40.2
40.4
41.0
41.4
• Preliminary estimates.
Source: Department ot Labor.
AVERAGE
"GS - SELECTED INDUSTRIES
Average hourly earnings in manufacturing industries si lowed a very small upward change in August but
declined slightly in purchasing power because of the rise in the• consumers' price index. Recent widespread
wage increases will not be reflected in these series un il the S jptember and October data are available.
DOLL 4RS PER HOUR
1.50
DOLL* RS PER HOUR
1.60
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
1.40
1.50
1949 DOLLARS*
e~^»S~
X*""^
^ "Ww-JOT
1.30
1.40
^\"^
X~'
1.30
1.20
^\
/
\ 1
/
CURF ENT DOLLARS
/
r^t^^
S**^
i.ao
0
CURRENT
DOLLARS
t.l 0
,
=MII|
1948
1947
1 1 1 1 1 1 1 1 1 ! !
1 i 1 1 t ! 1 1 1 1 1
1949
1950
0
M 1 M i ! 1 1 1 1
M 1 1 1 t ! M
IS4T
1.30
2.10
BUILDING CONSTRUCTION
M
1 f 1 1 1 i ! f M 1
M 1 1 1t M M 1
1949
I960
1948
RETAIL TRADE
1.20
2.00
>
^
\
1949 DOLLARS*
1.90
IX*^?**"*^ f^^~
1. 10
1949 DOLLARS*
f
/
i.eo
X*****'^
1.00
CURRENT DOLLARS
y^^> CURRENT DOLLARS
**
^
1.70
0
.90
1 ! ! L! ! 1 1 M 1
i i i t i 1 i i i 'i i
1947
1948
1 1 *• ! 1 1 1 ! 1
M
1949
1 1 1 M
t 1 1 1 t t
1950
"CURRENT DOLLARS DIVIDED BY-CONSUMERS PRICE INDEX OH BABE OF ISOMOO
0
1 t i t i i i || | i
1947
[_LJ j jj_ij LI J 1 1 1 M 1 1 - I I 1 1
1948
1949
! 1 M 1 1j 1 j 1 1
1950
* * HOT AVA1UA )LE PRIOR TO JANUARY 04B
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Selected industries
All manufacturing
Period
1939 monthly average _ _
1943 monthly average
1946 monthly average
1947 monthly average _ _
1948 monthly average
1949 monthly average
1949: July
August
_
September
October _
November
December
1950: January
February
March
April
_
May 4
June 4
July
August 4
1
Production
1
and related workers.
Not available.
Source: Department ol Labor.
Durable goods
manufacturing
Nondurable goods
manufacturing
Building
construction
Retail trade
1949
Current
Current
1949
1949
1949
Current
1949
Current
Current
dollars dollars 2 dollars dollars 2 dollars dollars 2 dollars dollars 2 dollars dollars 2
$0. 633
.961
1. 086
1.237
1.350
1. 401
1.408
1.399
1. 407
1.392
1. 392
1.408
1.418
1.420
1.424
1.434
1. 442
1.453
1.462
1.463
$1. 077
1. 286
1.287
1. 312
1. 334
1.401
1. 414
1. 402
1.403
1. 398
1.396
1.421
1.437
1.442
1. 441
1. 450
1. 446
1. 444
1.433
1.430
$0. 698
1. 059
1. 156
1. 292
1. 410
1. 469
1. 477
1. 473
1.482
1. 458
1. 457
1.476
1. 485
1.483
1. 486
1. 499
1. 509
1.523
1. 534
1.537
$1. 187
1.418
1.370
1. 370
1.393
1.469
1.483
1.476
1. 478
1.464
1. 461
1.489
1.505
1.506
1. 504
1.516
1. 514
1. 514
1.504
1.502
(s)
(33)
()
$1. 171
1. 278
1. 325
1. 332
1. 319
1. 328
1.325
1. 325
1.334
1. 343
1.350
1. 353
1. 355
1. 358
1. 364
1.373
1.374
(33)
(3)
()
$1. 242
1. 263
1.325
1. 337
1. 322
1.324
1. 330
1.329
1.346
1. 361
1.371
1. 369
1. 370
1.362
1. 356
1. 346
1.343
(3)
(33)
()
(3)
SI. 848
1.935
1. 922
1. 932
1. 938
1.944
1. 947
1. 964
1. 976
1. 988
1.995
1. 986
1.998
1.993
1. 999
(3)
(3)
(33)
(3)
()
$1. 826
1.935
1.930
1.936
1.932
1. 952
1. 953
1.982
2. 002
2.018
2.019
2. 008
2.004
1.981
1. 960
(3)
(3)
(33)
()
$1. 009
1. 088
1. 137
1. 148
1. 146
1.150
1. 140
1. 138
1. 126
1. 153
1. 145
1.148
1. 156
1. 162
1.173
1. 184
(3)
' Current dollars divided by consumers' price index on base 1949=100. See note 3 to table on page 27.
* Preliminary estimates.
(33)
(3)
()
$1. 070
1.075
1. 137
1. 153
1. 148
1. 147
1. 145
1. 141
1. 136
1. 168
1. 162
1. 162
1. 169
1. 165
1. 166
1. 161
(3)
EMmw
L& « && *FGS •
Weekly earnings in bofh durable goods msnufactur ng and nondurable goods manufacturing ivere rr.fffe
than a dollar higher in August than in July. The i ncrease was primarily due to the lengthened worhweek in both durables and nondurables.
DOL LARS PER
63
WEEK
f^\
GO
1949 DOLLARS*
55
/""V^
H^AJT
/^^
RRENT
SO
DOL L«RS
60
yN^W
DURABLE MANUFACTURING
/
55
«-*"
,1949 DOLLARS*
50
-
-«
***\L
45
iiMf
,,,,,,,,,,;
! M 1 i 1 ! 1 t !
1948
(949
0
1950
^~+S^- CURRENT
' ' ' M ^ 1
f
11 1
DOLLARS
1 1 1 ! 1 1 1 t 1 1 t
1947
eo
1
1 ! M
1948
1 1 1 1 111 1 t t 1
1 ! 1 t 1
,949
1950
50
BUILDING CONSTRUCTION
RETAIL TRADE
ezss
*t*^'***~***<^ ^^^
> 1949 DOLLARS*
75
45
ky^AV
x^J
1949 DOLLARS*.
/
^.^
1
65
4O
¥
'
,^V^^
r^
-^^^CURRENT DOLLARS
35
"^ CURRENT D OLLARS
60
0
^^
^^£^^^^C^
40
1
Ll M l , , , , ,
1947
70
£%/'
DOLLARS
45
0
PER WEEK
NONDURABLE MANUFACTURING
/
30
' M i t f [ [,j,_uL
1947
1 1 ! 1 1 1 M
i 1 1
i i I i I1 t ii ii
1948
1949
1 t 1 1 1 ( 1 1 ! 1 71
0
IS50
1947
1946
IS49
COUNCIL
All manufacturing
Period
1950: January
February
March
_
April
Mav
June 4*
July 4
August _
OF
ECONOMIC
Building
construction
ADVISORS
Retail trade
1949
1949 2 Current
1949 2 Current
1949 Current
1949 Current
Current
dollars dollars 2
dollars dollars
dollars dollars 2 dollars dollars 2 dollars dollars
1939 monthly average
1 943 monthly average 1946 monthly average _
1947 monthly average
1948 monthly average 1949 monthly average _ 1949: July _
_
August
September
October
_
Movember
December
[Selected industries
Durable goods Nondurable goods
manufacturing
manufacturing
1350
$23. 86
43. 14
43. 82
49. 97
54. 14
54. 92
$40. 58
57. 75
51. 92
52.99
53.50
54. 92
$26. 50
49. 30
46. 49
52. 46
57. 11
58.03
$45. 07
66.00
55.08
55. 63
56.43
58.03
(3s)
(3)
()
$46. 96
50.61
51.41
(33)
()
(3)
$49. 80
50. 01
51.41
(33)
()
(33)
()
$68. 85
70.95
(33)
()
(33)
()
$68. 03
70.95
(33)
()
(3)
$40. 66
43. 85
45.93
(33)
()
(3)
$43. 12
43. 33
45.93
54.63
54. 70
55.72
55. 26
54.43
56.04
54. 85
54.81
55.55
55.48
54.59
56.55
57. 31
57. 89
58,69
58. 17
56.82
59. 19
57.54
58. 01
58.51
58.40
56. 99
59.73
51. 55
51.31
52. 59
52. 47
52.07
52.69
51.76
51.41
52. 43
52. 68
52. 23
53. 17
71. 28
71.95
70.69
71.80
70.21
70.26
71.57
72.09
70. 48
72.09
70. 42
70. 90
46.95
46.87
46. 58
46.06
45. 63
45. 83
47. 14
46. 96
46. 44
46. 24
45.77
46.25
56.29
56.37
56. 53
56. 93
57. 54
58. 70
59. 21
60. 28
57.03
57.23
57. 22
57.56
57. 71
58.35
58.05
58.92
59.40
59.47
59. 74
61. 01
61. 57
62. 90
63. 05
64. 09
60. 18
60. 38
60. 47
61.69
61. 76
62.52
61.81
62. 65
52. 91
53. 06
53. 04
52. 17
52. 83
53. 74
54. 65
55. 78
53.61
53.87
53. 68
52.75
52.99
53. 42
53.58
54.53
68.76
67.00
68. 83
70.70
72. 93
73. 74
73.3 96
()
69. 67
68. 02
69.67
71.49
73. 15
73.30
72.3 51
- ()
46. 58
46.26
46. 26
46. 47
46. 94
48. 09
49.02
(3)
47.19
46.96
46. 82
46.99
47.08
47.80
48.06
(3)
_ __
-—
-
* For production and related \yorkers,
I Not available.
Source; Department of Labor,
1
Current dollars divided by consumers' price index on tne base 1949=100. See note 3 to table on page 27.
< Preliminary estimates.
11
WORK STOPPAGES
Man-doys of idleness resulting from work stoppages remained the some in August as in July. Although the
number of work stoppages increased sharply in August, most were of fairly short duration.
MILLIONS OF MAN-DAYS IDLE
MILLIONS OF MAN-DAYS IDLE
20
20
MONTHLY AVERAGE
. I
I
1*1
I
I
I
1933 1940 1941 1342 1343 1944 1945 1946 1947 1949 1949
I960
1948
SOURCE: DEPARTMENT or LASOR.
fiCUKCII. OP ECONOMIC A&VI8M4
Man-days of idleness
during period
Period
1939
1941
1942
1944... .
1945...
1946
1947
1948
1949
Monthly
average
(thousands)
.
1949: July
August
September
October
November
December
1950: January 1
February
*_ _ .
March1
.
April ».
May *
.
June 1*
July _._
August !_
1
12
Preliminary estimates*
1,483
1,917
348
727
3,167
9,667
2,883
2,842
4,208
Workers involved in
stoppages
Beginning
In effect
Percent of
during
in
estimated
month
period
working time (thousands)
(thousands)
0.28
1,170
.32
2,360
.05
840
2,120
.09
.47
3,470
1.43
4,600
.41
2, 170
.37
1,960
.59
3,030
Number of stoppages
Beginning
in
period
In effect
during
month
2, 613
4,288
2,968
4,956
4,750
4,985
3,693
3,419
3,606
2, 350
2,140
6,270
17, 500
6,270
1, 350
.35
.27
.87
2.49
.93
.19
110
134
507
570
57
46
249
232
603
977
914
417
343
365
287
256
197
170
603
643
536
475
388
323
2,600
7,850
3,750
3,150
3,000
2,750
2,900
2,900
.38
1.27
.49
.47
.40
.36
.41
.35
185
75
80
160
325
260
225
350
300
515
530
300
500
400
400
465
225
210
260
400
450
425
425
560
340
325
400
550
650
650
650
800
Source; Department of
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production continued to rise sharply in September, reaching a level more than 7 percent above June
1950 and 22 percent, above September 1949.
PERCENT OF 1935-39 AVERAGE
PERCENT OF 1935-39 AVERAGE
too
400
top
I
1939 4O 41
42
I
43
I
I
44
45
I
46
I
47
I
48
I
49
1950
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- July
August
September
October
November _ _
December
1950: January
February
_
March .
April. _
May
June
July
August *„ 1
September
-
74065—50
i Preliminary estimates.
Total
industrial
production
239
170
187
192
176
161
170
174
166
173
179
183
180
187
190
195
199
197
208
213
Iulanufacture s
Total
258
177
194
198
183
168
178
184
176
179
188
192
192
194
199
203
207
206
217
221
Durable
goods
360
192
220
225
202
185
193
199
175
181
203
209
207
211
222
231
236
235
245
254
Nondurable goods
176
165
172
177
168
154
165
172
177
177
176
179
180
181
180
181
183
181
193
195
Minerals
132
134
149
155
135
123
129
119
112
141
132
130
118
144
140
145
151
146
158
163
Source: Board of Governors of the Federal Reserve System.
13
WEEKLY PRODUCTION - SELECTED INDICATORS
Steel was operating at over 100 percent of rated capacity in the second half of September. Electric power
output continued to push forward to new highs. Bituminous coal production was running above the August
figures, the production of automobiles and trucks a little below.
BILLIONS OF KILOWATT
7.0
MILLIONS OF TONS
3
HOURS
SOURCES: AMERICAN IRON AND STEEL INSTITUTE. EDISON ELECTRIC INSTITUTE. DEPARTMENT OF THE INTERIOR, WARD'S AUTOMOTIVE REPORTS.
St 36l
Period
Weekly average:
1947
1948
1949.
Thousands of
net tons
...
Week ended:
1949: September 3 _
10..
17
24__
October
1
8
1950: September 2
9
16
23
30
October
7
...
...
_
.
-.
Percent of
theoretical
capacity1
COUNCIL OF ECONOMIC novisESS
Electric power,
Bituminous
by utilities
coal
(millions of
(thousands of
kilowatt-hours) short tons) a
Cars and
trucks
(number)
1,628
1,695
1, 496
93.0
94. 1
81. 0
4,821
5, 300
5,500
2,058
1 948
1,418
92, 163
82, 340
120, 350
1, 590
1, 552
1, 596
1, 589
1,560
151
86. 3
84. 2
86. 6
86. 2
84. 6
8. 2
5, 544
5, 258
5, 579
5, 556
5,521
5, 450
1 346
1, 231
1 449
331
297
357
138, 796
117, 703
152 228
150, 815
144, 285
141 032
1, 873
1 890
1, 921
1, 936
1, 942
1, 952
97. 1
98 0
99. 6
100. 4
100. 7
101. 2
6,
6
6
6,
6
1, 837
2 013
1 879
1 901
1 904
178
144
176
179,
178
171
459
029
449
457
503
385
271
296
313
644
597
I Based on weekly net ton capacity of 1,749,928 for 1947,1,802,476 for 1948,1,843,516 for 1949, l,906,26Sfor the first half of 1950, and 1,928,721 beginning July 1,1950.
> Daily average for week.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports.
14
PRODUCTION OF SELECTED MANUFACTURES
Increased output was registered in August by almost every major manufacturing group, the only exception
being nonferrous metals and products, which just maintained the July level.
PERCENT OF 1935-39 AVERAGE (ADJUSTED FOR SEASONAL VARIATION!
OPT I I
,H
i i
j
VCHE"
ii
i»/*.^,\
1
1
1
(
(
^r
'
^r~\r1^^
1
/
/ f
"
PRODUCTS
XX
~+^*S*+j. ^—>^~s. ^~-^~
^^MANUFACTURED FOOD
PRODUCTS
JL
L
JL
rr t i i i t , r i n rr« • . • i
40 42
44
46
48
|948
1949
-^W/
^*»«»^%
X
V
1
1
1
c kL
1 1 1 1 1 1 1 1 n i , 1 1 1 , 1 1 , i ,Tl
40 42 44 46 48
1950
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1935-39=100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average.
1949 monthly average
1949: July-August
September
October
__
November
December
1950: January
February
March.
April
May.
June.
July
August 1
' Preliminary estimates.
Iron and
steel
- --
208
150
195
208
188
156
178
179
102
145
201
203
201
205
222
226
231
228
234
Lumber
Nonferrous Textiles
and
Machinery metals and
and
products
products products
129
131
143
145
130
115
126
132
133
147
158
144
150
156
159
158
155
151
160
443
240
276
277
234
217
216
224
226
217
227
229
236
243
251
258
262
265
281
267
157
187
193
160
127
141
157
164
163
166
180
190
200
198
197
207
203
203
153
162
163
170
147
120
140
155
169
175
173
178
179
173
174
175
173
165
187
Petroleum Manufac- Chemical
and coal tured food
products products products
185
173
193
218
209
198
203
208
198
205
219
211
205
207
206
216
222
228
235
145
149
157
159
163
161
166
167
165
160
160
161
161
166
164
164
164
166
166
384
236
251
254
241
228
229
236
240
243
246
248
247
247
252
256
261
261
269
Source: Board ol Governors of the Federal Beserve System.
15
NEW CONSTRUCTION
Expenditures for new construction in September advanced about 2 percent above their August level and were
almost 30 percent higher than a year ago. The increase for Federal, State, and local was almost 4 percent
and for private about I percent.
MILLIONS OF DOLLARS
2,500
MILLIONS OF DOLLARS
ADJUSTED FOR SEASONAL VARIATION
e,ooo
2,000
1,500
1,500
TOTAL PRIVATE
I.OOO
1,000
PRIVATE RESIDENTIAL.
[NON FARM)
FEDERAL, STATE, AND LOCAL
1950
1948
1951
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
Period
1939 monthly average
1942 monthly average- ._
1944 monthly average
1946 monthly average
1947 monthly average-- 1948 monthly average
1949 monthly average
1949: August _ September
October
November December
1950; January
February _ _ . ,
March
April
__ Mav
June
July 3
August
September 2
1
Includes
1
_
-
_
-
[Millions of dollars, seasonally adjusted]
Private construction
Total new
Residential
Total
Other
construction
(nonfarm)
private
142
366
223
683
- 142
285
143
1,173
114
182
438
68
469
803
335
1,000
_. _
568
1,094
526
1,386
_..
674
1,389
715
1,798
659
1,350
691
1,883
_ _ _ _
646
1,322
676
1,853
_
627
706
1,897
1,333
623
1,375
1,934
752
~
636
1,428
792
1,985
629
842
2,039
1,471
- - 643
1,506
863
2,068
„ _
644
956
1,600
2,127
.641
938
1,579
2,167
_ 646
2,216
991
1,637
659
1,674
1,015
2,240
664
1,719
1,055
2,284
673
1,772
2,319
1,099
682
1,109
2,354
}, 791
688
1,125
1, 813
2,397
- _
public residential construction.
Preliminary estimates.
16
Federal,
State, and
local"
317
888
256
197
291
409
532
531
564
559
557
568
562
527
588
579
566
565
547
563
584
Sources: Department ot Commarce and Department of Labor.
NEW HOUSING STARTS
Housing starts dropped moderately in August but still were over 40 percent higher than August a year ago.
Starts during the first eight months of 1950 totalled about 988,000, over 50 percent more than in the
corresponding period of 1949.
THOUSANDS OF UNITS
200
THOUSANDS OF UNITS
200
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
New nonfarm units started
Monta
1948
1949
1950
39, 300
42, 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, 700
82, 300
73, 400
63, 700
52, 900
50, 000
50, 400
69, 400
88, 300
95, 400
95, 500
96, 100
99, 000
102, 900
104, 300
95, 500
78, 300
78, 700
82,900
117, 300
133, 400
149, 100
1
142, 000
1
144, 000
1 141, 000
849, 000
931, 600
1, 025, 100
70, 750
77, 600
85, 425
1947
January
February
March.
_
M a y
_ _ _ _
-
July
_
_ _ _ _ _ _
-
October
December
Total
i Preliminary estimates.
Source: Department of Labor.
17
The survey made between mid-July and mid-August of business investment plans indicates a substantial
expansion of programs for new plant and equipment and en acceleration of expenditures in 3rd quarter
by 13 percent above the amount planned when the May survey was made.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
25
E5
:•:* TRANSPORTATION ANO:->
54SSELECTRIG AND GAS W£
UTILITIES
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND U.S. DEPARTMENT OF COMMERCE
[Millions of dollars, annual rates, not adjusted for seasonal variation]
Total »
Period
Manufacturing
Mining
Transportation
Railroad
Other
Electric and Commercial
miscelgas utilities and
laneous *
5,200
8,190
6,630
19, 230
18, 120
1, 930
3,400
3,210
8,340
7,250
380
680
440
800
740
280
560
550
1, 320
1,350
280
340
320
700
520
480
710
630
2,680
3, 140
1,850
2,490
1,480
5,390
5, 120
1948- Third quarter
Fourth quarter
19, 320
21, 640
8,360
9,280
800
880
1,320
1,640
680
680
2,760
3,400
5,440
5,760
1949: First quarter _ _
Second quarter
Third quarter
Fourth quarter
17, 840
18, 640
17, 480
18, 520
7,400
7,520
6,760
7,320
760
760
720
720
1,440
1, 520
1, 240
1,200
520
560
560
480
2,720
3,120
3,160
3,560
5,040
5,160
5,040
5,280
1950: First quarter
Second quarter—
Third quarter 3
14, 800
17, 320
20, 240
6,080
7,440
9,080
600
640
720
920
1,200
1,280
320
360
440
2,600
3,040
3,640
4,240
4, 640
5,040
1939.,
1941
1945
1948 1949
_ _
3' Excludes agriculture.
Commercial and miscellaneous composed of trade, service, finance, and communication.
* Figures for third quarter are based on anticipated capital expenditures reported in the July-August survey.
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)
18
NEW CORPORATE SECURITY ISSUES
Net proceeds from new security issues increased about 5800 million in 2nd quarter. Over half
of the increased proceeds was used for retirement of debt and stock.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3.0
1939
1943
1946
I94T
1948
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
[Millions of dollars]
Proposed uses of net proceeds
Estimated
net proceeds
Period
New money
Total
1939
1943
1946
1947
1948
1949
quarterly average
quarterly average
quarterly average
quarterly average
quarterly average
quarterly average
1948: Third quarter
Fourth quarter
.
_ _
.
__ .
1949: First quarter
Second quarter
Third quarter Fourth quarter
1950: First quarter
Second auarter_ _ _ ._
_
__
__
«
_
_
_
Plant and
equipment
Working
capital
Retirement
of debt and
stock '
529
287
1,689
1, 617
1,740
1,490
81
77
820
1,148
1,482
1, 151
43
35
529
852
1,055
931
39
42
291
296
428
221
448
210
869
469
258
338
1,321
2,051
1,056
1,870
743
1,469
314
401
264
182
1,210
2,441
1,009
1,299
970
1,986
788
861
784
1,675
669
596
186
312
120
265
240
456
219
438
1,398
2, 193
1,014
1,275
777
958
237
317
384
918
i Includes small amount for other purposes.
NOTE,—Detail will not necessarily add to totals because of rounding.
Source: Securities and Exchange Commission.
19
AND
In August, while department s5ors and ether retail sales, on a seasonally adjusted basis, fell somewhat
below the July bulge, both the sales and new orders of manufacturers jumped to levels far above previous
pecks. Manufacturers* inventories changed litfle.
eiu IONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL'1 AND MANUFACTURING
RETAIL
20
60
MONTHLY AVERAGE
SEASONALLY.,... .....ADJUSTED
'*...
MONTHLY AVERAGE
SEASONALLY AQ JUSTED
^INVENTORIES
.-""'•
TOTAL
INVENTORIES^
:
:
40
/
X-TO
.' —-i //A'••
//
/
r^-vv
~.._ y
TAL SALES*
* •
....-'•""""'
*"•- MANUFAGTUR NG
1 1 ! M
0
1 1 1 1
JJJ uljLtll LLLnlULH
10 42 44 46 48
1948
,..••««,
DEPARTMENT
0
300
I I1 1 L 1
1 1
STORES
/h1/
SALES
/
\ V
•^-^^^^^
./}
INVENTORIES'
200
SALES''
b&
l^f
/
»0 42 44 46 48
1950
SEASONALLY ADJUSTED
MONTHLY AVERAGE
,/
s>
MANUFACT JRINS
1 i 1 H 1 1 II II
400
INVENTORIES
20
'
1949
PERC ENT OF 1935-1939 AVERAGE
f
10
^s-
f SALES
10
50
30
....••""""
/'••••
/
7>*--f"""'
t
;
IOO
1 I M 1 1 11 11 1
1 1 1 1 I 1 M 1! I
1948
1949
1 t 1M 11M t1
0
\
I960
\ \ Y \ | f
| 1
M 1 1 1 111111
I 1 M 1 1 1 11 11
40 42 44 46 4B
1948
1949
II 1 1 1 1 1 1 1 1 1
1950
t WHOLESALE, MANUFACTUfi KG, AND RETAIL
aOURCE : DEPARTMENT OF COMMERCE ANO 60ARO OF GOVERNORS OF THE FE0ERAL RESE RVg EYST EM
Total business J
Period
Inventories a
Sales *
COUNCIL OF ECONOMIC ADVISER?
Manufacturing
Inventories 2
3
Sales
Retail
New
orders 4
Inventories a
Millions of dollars, seasonally adjusted
1939
1943
1945 .
1946-.
1947
1948
1949__
1949: July
August
September *.
October
November
December . _
1950: January
February.
March
April .
May . .
June 77 - - _ July
August ^
20, 172
31, 143
SO, 571
42, 709
51, 692
58, 546
53, 628
55, 320
54, 631
54, 617
54, 356
53, 996
53, 628
54, 125
53, 932
54, 513
54, 741
55, 403
56, 227
55, 235
56,010
11, 109
22, 372
24, 181
27, 800
34, 739
38, 190
35, 997
34, 820
37, 137
37, 239
34, 603
35, 496
34, 651
35, 678
36, 463
37, 946
36, 895
40, 038
41, 387
43, 354
46, 512
11, 465
20, 098
18, 390
24, 818
29, 818
34, 066
30, 899
32, 367
31, 638
31, 076
30, 744
30, 547
30, 899
31, 136
31, 098
31, 103
31,219
31, 509
32, 014
31, 773
31, 600
5, 100
12, 822
12, 883
12, 841
17, 076
18, 998
17, 815
17, 114
18, 946
18, 865
16, 805
17, 313
16, 857
17, 650
18, 035
19, 144
18, 456
20, 695
21, 329
21, 751
24, 300
(6)
(")
(')
14, 004
16, 768
18, 694
17, 189
15, 496
18, 697
19, 441
18, 359
18, 138
16, 775
18, 646
17, 983
20, 228
18, 594
20, 345
22, 121
23, 981
27, 800
Sales »
4
5,532
7,361
7,543
11,226
13, 221
14, 969
13, 698
13, 862
13, 932
14, 355
14, 475
14, 336
13, 698
13, 998
13, 800
14, 282
14, 138
14, 416
14, 720
14, 125
14, 765
3, 504
5,277
6,315
8, 358
9,909
10, 837
10, 682
10, 549
10, 669
10, 856
10, 678
10, 630
10, 503
10, 855
11,101
11, 125
11, 080
11, 327
11, 699
12, 607
12, 475
Department stores
InvenSales '
tories B
1935-39 = 100, seasonally adjusted
102
155
166
213
255
291
270
256
253
263
270
273
271
272
279
285
286
285
276
268
284
106
168
207
264
286
302
285
280
283
289
276
277
293
282
280
274
292
290
298
362
335
' Indexes computed from data on retail value of sales tor month and retail
' Total business includes manufacturing, retail, and wholesale (not shown
book value of inventories, end of period.
separately
in this table).
3
«Not available.
Book value, end of period.
' Preliminary estimates.
' Monthly averageforyear and total for month.
' Data for new orders not adjusted for seasonal variation.
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
20
MERCHANDISE EXPORTS AND IMPORTS
In July exports fell sharply. Imports continued to increase as they have in 10 of the past 12 months,
reaching a level exceeded only once (following a maritime strike). These changes brought the merchandise export surplus down to only $63 million, the lowest since June 1941.
MILLIONS OF DOLLARS
1,600
MILLIONS OF DOLLARS
1,600
1,200
1,200
1946
1947
1948
1949
1949
1950
* RECORDED McRCHl IDISE EXPORTS, INCLUDING REEXPORTS, AND CIVILIAN SUPPLIES FOR OCCUPIED AREAS.
* RECORDED G E N E R J
MERCHANDISE IMPORTS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF THE ARMY, AND DEPARTMENT OF THE NAVr.
[Millions of dollars]
Exports i
Period
1936-38 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1949: July . .
August
September
October
November
.
December
1950: January
February__
March
April
May.,,
June
Julv
1
1
247
1,080
849
.
.
.
_
-
_
-
_
...
.
-- -
-
1,278
1,054
1,000
900
883
909
852
841
944
744
772
866
808
828
876
774
Imports *
207
282
410
478
592
552
456
491
530
557
593
605
623
600
664
583
659
686
711
Excess of
exports
40
798
439
801
462
448
443
393
379
296
248
339
121
172
202
225
169
190
63
Recorded merchandise exports, including reexports, and civilian supplies for occupied areas.
Eecorded general merchandise imports.
Sources: Department of Commerce, Department of the Army, and Department of the Navy.
21
NATIONAL INCOME
The notional income rose almost $10 billion (pnnual rate) from 2nd quarter to 3rd quarter of 1950.
Corporate profits (excluding the inventory valuation adjustment), employees'compensation, and <•
proprietors' income all showed sizeable gains.
BILLIONS OF DOLLASS
250
BILLIONS OF DOLLARS
£50
ANNUAL fiATES, SEASONALLY ADJUSTED
ANNUAL TOTALS
TOTAL NATIONAL INCOME^
iCORPORATE PROFITS AND
INVENTORY VALUATION:
iftOOUSTMEPIT: •
•MS
IS 9
I960
SOURCE.-DEPARTMENT OF COMMERCE (EXCEPT AS NOTED].
[Billions of dollars]
Total
national
income
Period
1939
1944
1946—1947
1948
1949
72.5
183.8
180.3
198.7
223.5
216.8
-
Corporate profits and inventory
valuation adjustment
Compensation of
employees
Proprietors'
(business,
professional,
farm)
and rental
income
Net interest
47.8
121.2
117. 1
128. 0
140.2
140.6
14.7
35.5
42.0
42. 4
47.3
41.7
4.2
3. J
2.9
3.5
4. 1
4.7
Total
5.8
24.0
18. 3
24.7
31.8
29.9
Profits
before
taxes
6.5
24.3
23.5
30.5
33.9
27.6
Inventory
valuation
adjustment
-0.7
__ *.!
—5.2
-5.X
— 2.0
+ 2.2
Annual rates, seasonally adjusted
1949: First quarter
Second quarter
Third quarter
Fourth quarter
1950: First quarter
Second quarter1
Third quarter
1
1
218.8
217.8
216.7
214.2
141.5
140.5
140.0
140.2
43.8
42.2
40. 1
40.7
217. 2
226. 6
236. 0
142. 3
147. 6
153.5
41.5
41. 3
44.5
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).
22
.
.
+.r.
4.6
4.7
4.8
4.8
28.8
30.4
31. 8
28.4
28.3
26.4
28.2
27.6
+ 3.!)
+ 3.7
+..S
5.0
5.0
5.0
28.4
'32.7
33.0
29.2
>35. 0
40.0
-2. ;s
—. 7
-7.1)
Preliminary estimates indicate that corporate profits again rose sharply in 3rd quarter of 1950. Both
dividend payments and undistributed profits shared in the increase.
BILLIONS OF DOLLARS
40
BILLIONS OF DOLLARS
40
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED)
[Billions of dollars]
Corporate
profits
before taxes
Period
1939
1944
1946 .1947
1948
1949
_.
-
.-
1949' First quarter
Second quarter
Third quarter
Fourth quarter
1950: First quarter l
Second quarter:
Third quarter
-
6.5
24. 3
23.5
30. 5
33.9
27.6
_
28. 3
26.4
28. 2
27. 6
__ -
29. 2
35.0
40.0
Corporate
tax
liability
Total
Dividend
payments
5.0
1.5
3.8
4.7
13.5
10. 8
9.6
13. 9
5.8
18.5
6.6
11.9
13.0
20.9
7.5
10.6
17.0
7.8
Annual rates, seasonally adjusted
17.4
10.9
7.9
10. 0
16. 4
7.7
10.8
17.3
7.4
10.6
16.9
8.2
11.4
14.7
16. 8
' Estimates by Council of Economic Advisers; based on incomplete data.
NOTE.—No allowance has been made for inventory valuation adjustment.
adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
Corporate profits after taxes
17.8
20.3
23. 2
8. 1
8. 1
9. 1
Undistributed
profits
1.2
6. 1
8. 1
12.0
13.4
9.2
9.5
8.7
10.0
8.7
9.7
12.2
14. 1
See p. 22 for profits before taxes and inventory valuation
23
PERSONAL INCOME
Personal income advanced sharply in August as increased employment and longer working hours
expanded labor income. Proprietors' income, dividends, and interest also rose.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ANNUAL TOTALS
ANNUAL RATES, SEASONALLY ADJUSTED
..TOTAL
W
i..i..£V..i. i..!:..( TV lik / i
(948
1949
1950
J
A
S
O
N
D
J
F
M
A
1948
M
J
.L.t.1 t t"i.'..t.. i i i i
_L
1949
SOURCE: DEPARTMENT OF COMMERCE.
I
F
J
I I I
M A M J
1951
IUNCIL OF ECONOMIC AOVISEN;
[Billions of dollars]
Period
72.6
165.9
191.0
209.5
206. 1
1939
1944
1947
1948
1949
1949: July
August.
_.
Sp,pf,pTnbfir
October
November
December
1950: January
February
March
April
May
Proprietors' income
Dividends
Business,
and personal
professional,
Farm
interest
and rental
income
14.3
45.7
10. 2
9.2
116.2
23. 7
10. 6
11.8
15.6
26.8
122.3
14.5
29. 6
135.0
16. 1
17.7
134.9
13.4
28.3
17.2
Annual rates, seasonally adjusted
12. 3
27. 9
16. 6
134.3
134.2
27.9
16.8
12.8
27.7
17.0
134.6
11.6
17.2
12. 1
133. 3
27.7
134.4
28.
1
17.2
13. 1
136.0
12.7
27.9
18.9
135. 2
14.6
28.9
17.5
28. 7
17.7
134.5
12.3
11.4
28. 8
18.0
136.9
18.2
28.8
138. 6
11. 0
29.4
141. 1
12. 1
17.8
30.2
17.8
12. 1
143. 1
17.8
13.6
145.1
31. 9
13. 8
32.1
17.9
147.7
Labor income
(salaries,
Total per- wages,
and
sonal income other labor
income)
June July. __1 _.
Aueust
_.
203.5
204.3
203.4
202.4
205. 7
208.4
214.6
215.4
219.3
213.8
214.5
217.1
220.7
223.4
Transfer
payments
3.0
3. 6
11.8
11.2
12.3
12.4
12.6
12. 6
12. 1
12.4
12. 9
"18.4
122. 2
124. 2
117.2
J 14. 1
113.4
12.3
11.9
i Includes veterans' insurance dividend. During first quarter, the payment was at annual rate of $8.5 billion (or $2.1 billion, quarterly total)
and during second quarter at $2.0 billion (or $602 million, quarterly total).
' Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
24
CONSUMER INCOME, SPENDING, AND SAVING
Consumption expenditures rose more rapidly than incomes in 3rd quarter, resulting in a drop in saving.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1951
SOURCE: DEPARTMENT OF COMMERCE
Disposable
personal
income:
Period
1939 .
1941
1942 .
1944
1946
1947
1948
1949
_-
70.2
92. 0
116.7
147. 0
158. 9
169. 5
188. 4
187.4
-
__. -_ -
..
1949: First quarter _ _
Second quarter _
Third quarter- _ _
Fourth quarter
1950: First quarter
Second quarter2
Third quarter _ _
__ _
__
189. 9
188.2
185. 1
186. 8
197.7
195.5
202. 0
Net saving as
Less: Personal Equals: Personal net
percent of disconsumption
saving
posable income
expenditures
Billions of dollars
3.8
67. 5
2.7
10. 7
82. 3
9. 8
21.9
25.6
91.2
24. 1
35.4
111. 6
7.6
12. 0
146. 9
2.3
3.9
165. 6
5.8
10. 9
177.4
4. 6
178. 8
8.6
Annual rates, seasonally adjusted
6. 6
12. 5
177.4
5.2
178.4
9.8
6.2
3.3
179. 0
3.3
180. 6
6.2
182.4
184. 5
195. 0
15.3
11. 0
7.0
7.7
5.6
3.5
' Income less taxes.
»Estimates by Council of Economic Advisers; based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of roundingSource: Department of Commerce.
2S
CONSUMPTION EXPENDITURES
Consumption expenditures rose $10.5 billion (annual rate) from 2nd to 3rd quarter. Expenditures for durable
goods were 16 percent above the high levels of first half of this year. Expenditures -for nondurable goods ond
services also reached new peaks.
BILLIONS OF D O L L A R S
BILLIONS OF DOLLARS
ANNUAL.RATES, SEASONALLY ADJUSTE
TOTAL EXPENDITURES
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars]
Personal consumption expenditures
Period
Nondurable
goods
Total
1939
1944
1946
1947.
1948
1949
67.5
111. 6
146. 9
165.6
177. 4
178. 8
35.3
67. 1
85. 8
95. 1
100.9
98.5
Durable
goods
6. 7
7. 1
16.6
21.4
22. 9
23.8
Services
25. a
37. 4
44. tf
49. 1
53.7
56.4
Annual rates, seasonally adjusted
1949: First quarter __ __
Second quarter
Third quarter
Fourth quarter
1950: First quarter
Second quarter _ _
Third quarter ' _ _
_ _ _
_
_ _ _ _
' 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.
26
177.4
178. 4
179.0
180.6
182. 4
184. 5
195.0
99.4
99.2
97.6
97.9
97.5
99.0
104.0
22.4
23.0
24. 7
25.3
26.9
26.7
31. 0
55.6
56. 2
56.6
57.4
58.0
58.8
60.0
PER CAPITA DISPOSABLE IMGOME*
Per capita disposable income increased slightly in terms of current dollars but showed little change in terms
of purchasing power.
1,600
ANNUAL RATES, SEASONALLY ADJUSTED
ANNUAL AVERAGES
1949 DOLLARS-^
1,200
1,200
CURRENT DOLLARS
1
3
4
1948
I
1
1
2
3
1949
2
1
3
I960
Z
1
195!
SOURCES ! DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
Per capita disposable personal
income '
Current
1949 dollars8
dollars
$912
$536
1,110
691
1,247
867
1,388
1,065
1,125
1,333
1,248
1, 177
1,270
1,285
1,
256
1,256
Period
1939
1941
1942
1944
1946
1947-.
1948
1949
__
$1, 280
1,264
1,237
1,243
$1, 275
1,261
1,239
1,249
58. 8
62.2
69. 5
76.7
84.4
94.3
101. 2
100.0
Not adjusted
for seasonal
variation
100.4
100. 2
99.9
99.5
1,310
1,291
1.328
1,329
1,294
1.297
98.6
99.8
102.4
Annual rates, seasonally
adjusted
1949: First quarter
Second quarter.
Third quarter
Fourth quarter
1950: First quarter
,
Second quarter..
_
4
Third quarter _ - _ _ _
1
Income less taxes.
!
Current dollars divided
1
__ .
.
Consumers'
price index3
1949 = 100
by the consumers' price index on the base 1949=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.
INCOME
Farm income in August was about the same as a year ago. Prices paid, however, were up 3 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
MONTHLY AVERAGE
1949 DOLLARS"
•CURRENT DOLLARS*
0 I
I
I
I
I
I
I
I
I „ I
I
1940 41 42 43 44 45 46 47 48 49 50
SOURCE: DEPARTMENT OF AGRICULTURE.
Period
1939 monthly average1941 monthly average
1942 monthly average
1944 monthly average
1946 monthly average .
1947 monthly average
1948 monthly average
- -«
1949 monthly average.
1949: July
August
„
September
October
November
_
December
1950* January
February
M arch
_~
April
May
June 4
July
August
4
--
,
_
__
--
--
--
___
_- _ _
-
-_ __
_
paid by
Farm income Prices
farmers (inch Farm income
(millions of
(millions of s
interest, taxes,
current
1949
dollars)
and
wage
rates)
2
dollars) '
1949 = 100
1,478
49
724
1,851
53
981
-.
2,195
61
1, 339
2,416
73
1, 764
2,573
83
2, 136
2, 632
96
2, 527
.
2, 468
104
2, 567
2,359
100
2,359
__
2,258
100
2, 258
--2, 565
100
2,565
.
2,959
99
..
2, 929
3,435
98
3, 366
2,964
98
2,905
2,523
98
2,473
2,254
100
2,254
.
1,630
99
1, 614
1,674
100
1, 674
1,594
100
1,594
-1, 783
102
1,819
1,823
102
1,859
2,310
102
2,356
2,494
103
2,569
1
Includes cash farm income from marketings and Government payments.
1
Converted from the reported base, 1910-14=100, to the base 1949=100.
3
Farm
income in current dollars divided by prices paid by fanners, interest,
1
Preliminary estimates.
Source: Department of Agriculture.
28
tajes, and wage rates, 1949=100.
CONSUMER CREDIT
Consumer credif increased in August by $614 million, to reach o total of nearly $ 2 1 billion, 27.5
percent above the level of August 1949.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
25
25
1939
1943
1949
1949
END OF YEAR
1949
END OF MONTH
SOURCE:
SOAR,
COUNCIL OF ECONOMIC
[Millions of dollars]
Total
consumer
credit
outstanding
End of period
1939
.__
1943 _
1946
1947
1948-. ..
1949
1949: July_
August
September
October
_
November
December _•
1950: JanuaryFebruary
March
April
Mav
_
June
July
_
August a _ -_
_
_
__.
.
-_
Instalment credit
Total
Automobile
sale
credit
Charge
accounts
Other
consumer
credit l
7,969
5,378
10, 191
13, 673
16,319
18, 779
16, 198
16, 453
16, 803
17, 223
17, 815
18, 779
4,424
2,001
4,000
6,434
8,600
10, 890
9,335
9,622
9, 899
10, 166
10, 441
10, 890
1,267
175
544
1,151
1,961
3,144
2, 610
2,761
2, 876
2,986
3,085
3,144
3, 157
1,826
3, 456
5, 283
6,639
7,746
6,725
6,861
7, 023
7,180
7,356
7,746
1,544
1,498
3,054
3, 612
3,854
3,909
3, 123
3,064
3, 123
3,197
3,454
3,909
2,001
1,879
3,137
3, 627
3,865
3,980
3,740
3,767
3,781
3,860
3,920
3,980
18, 344
18, 126
18, 302
18, 620
19, 085
19, 682
20, 365
20. 979
10, 836
10, 884
11, 077
11, 322
11, 667
12, 105
12, 604
13,015
3, 179
3,256
3,355
3,470
3,600
3, 790
3,994
4.095
7,657
7,628
7, 722
7,852
8,067
8, 315
8,610
8, 920
3, 506
3,233
3, 211
3,241
3, 290
3,392
3, 527
3.654
4,002
4,009
4,014
4,054
4, 128
4, 185
4,234
4,310
i Includes single-payment loans of commercial banks and pawnbrokers and service credit.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
Other sale
credit and
loans
3
Preliminary estimates.
29
MONEY, BANKING, AND FEDERAL FINANCE
Commercial bank loans expanded $ 1.3 billion during August to a level $6,1 billion, or 15 percent,
above a year ago. Investments in U.S. Government securities declined and investments in corporate and
municipal securities continued to rise.
BILLIONS OF DOLLARS
BILLIONS OF
150 |
DOLLARS
1 |
1939
1943
1948
1949
1 150
J
F
M
A
END OF YEAR
M
d
J
A
S
O
N
D
J
F
M
A
M
1948
J
J
A
S
O
N
D
J
1949
END
OF
MONTH
SOURCE : BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISER:
fBillions of dollars, all commercial banksl
loans and
investments
End of period
1929
1939
1945
1947
_
1948
1949
1949: July
_
August
September —
October
November
December .
1950: January
February
March _
April
_
_
May .
June
July !
.
August _ _ _
1
._ _ _
_
_
_
...
.
_
_
_ _
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
30
49. 5
40. 7
124. 0
116. 3
114. 3
120.2
114. 7
117. 9
118 5
119. 5
119. 7
120. 2
121. 2
120. 6
120. 3
120. 4
121. 2
122. 1
122. 4
123. 5
Bank loans
36. 0
17. 2
26. 1
38. 1
42.5
43. 0 .
40. 5
41.2
41. 7
41. 8
42. 7
43. 0
42. 9
43. 1
43.7
43. 8
44. 1
45. 0
46. 0
47. 3
Total
13. 5
23. 4
97.9
78. 2
71.8
77.2
74. 3
76.7
76. 8
77.7
77.0
77.2
78. 3
77.5
76.7
76. 6
77. 1
77. 2
76.4
76. 2
Investments
U. 8.
Government
securities
4.8
16. 3
90.6
69. 2
62.6
67.0
64. 4
66.7
66. 7
67.6
66.9
67.0
68. 0
67.1
65. 8
65. 6
66. 1
66. 0
65.0
64. 3
Other
securities
8. 7
7.1
7.3
9. 0
9.2
10.2
9.8
10.0
10. 2
10. 1
10. 1
10.2
10. 3
10.4
10. 9
11.0
• 11. o
11.2
11.4
11.8
The privately-held money supply rose $700 million during August. Demand deposits, which exceeded the
previous high reached in 1947; accounted for the increase. The slight rise in currency was more than offset
by a drop in time deposits.
BILLIONS OF DOLLARS
200
BILLIONS OF DOLLARS
TOTAL DEPOSITS AND CURRENCY
(EXCLUDING U.S. GOVERNMENT DEPOSITS)
1539
1943
IS48
J...J. i 1 1. .t....t..l..l...l...i.J... L J- L±...L..I
J . F M A M J J A S O N D J F M A M J J A S O
1349
END OF YEAR
1948
N
D
1949
J
F
M
A
M
J
J
A S
0
N D
1950
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
INCH OF ECOI
[Billions of dollars]
Total privately-held
money supply
End of period
1939
1943
1946 _ . ._.
1947
___
1948
1949
1949: July
August
Septem ber
October
November
December
1950: January-February _
March
April
_. _,
Mav
:
__
_
_
i.iO.J'
June
Julv
August 3 _ _
.
_
_
-
- -
63.3
112. 4
164.0
170.0
169. 1
169.8
166. 3
166. 9
166. 3
167. 7
168. 1
169. 8
169. 7
168. 2
167. 1
168. 5
169. 5
169. 7
170. 4
171. 1
Currency
outside
banks
6. 4
18. 8
26. 7
26. 5
26. 1
25.4
24. 9
25. 1
24. 9
24. 9
25. 1
25. 4
24. 5
24. 7
24. 6
24. 6
24. 7
24. 6
24 4
24. 5
Adjusted
demand
deposits '
29. 8
60. 8
83.3
87. 1
85. 5
85. 8
83. 1
83. 4
83. 1
84. 3
85. 0
85 8
86. 4
84. 5
83. 3
84. 5
85. 3
85. 4
86. 6
87. 5
Time
deposits '
27. 1
32. 7
54. 0
56. 4
57. 5
58. 6
58.4
58. 4
58 4
58. 4
58. 0
58 6
58. 7
59 0
59 3
59. 5
59 5
59. 7
59. 4
59. 1
is Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection,
Includes deposits in commercial banks, mutual savings banks, and Postal Savings System
8
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Eeserve System.
31
FEDERAL GASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
In 3rd quarter of 1950, cash payments to the public were $ 1.0 billion smaller than receipts. In the
corresponding quarter of 1949 payments exceeded receipts by $386 million.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
CASH PAYMENTS
2
1947
1949
1950
EXCESS OF CASH RECEIPTS
PI
y
EXCESS OF CASH PAYMENTS
1949
1947
CA LENDAR
YEARS
SOURCE: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT,
:n. OF ECONOMIC ADVISER:
[Millions of dollars]
Federal cash
receipts from
the public
Federal cash
payments to
the public
41, 451
44 282
44, 922
41, 346
41, 399
38 616
36, 897
42, 642
+ 52
+ 5 666
+ 8,027
— 1, 295
10 220
9, 869
10, 288
8, 536
— 67
+ 1, 332
_
15, 037
10 239
10, 085
9, 560
8,641
9, 033
8, 735
10, 488
+ 6, 399
+ 1 205
+ 1,349
—926
_.
13, 122
8,814
10, 143
9,267
9, 964
11, 389
10, 528
10, 762
+ 3, 159
—2, 574
— 386
— 1,495
Calendar years
Calendar year total:
1946
1947
1948
1949
- -
Quarterly total, not adjusted for seasonal:
1947: 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
.
Second quarterl
Third quarter
_
1
Preliminary pstimates based on incomplete data.
Sources: Treasury Department and Bureau of the Budget.
32
Excess of receipts (+) or
payments ( — )
.. _
12, 235
10, 760
+ 1,475
9 303
11, 105
— 1 803
9,700
10, 700
+ 1, 000
NOTE.—Detail will not necessarily add to totals because of rounding.
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