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M o n t h l y R e v ie w ATLANTA, GEORGIA, OCTOBER 3 1 , 1953 Jn% isIssue: A Million N e w H om es A g ain In 1953 I n te r e s t R a te s D e c lin e A f te r J u n e H ig h D istric t B u s in e s s H ig h lig h ts SixthDifirid1Statistics: C o n ditio n o f 27 M em b er Banks in Leading C itie s D ebits to Individual Dem and D eposit A ccou n ts D epartm ent S to re Sales and Inventories Instalm ent Cash Loans R eta il Furniture S to re O p eratio ns W holesa le Sales and Inventories SixthDmttIndexes: C o n struction C o n tra cts C o tto n Consum ption D epartm ent S to re Sales and Stocks E le c tric Pow er Production Furniture S to re Sales M anufacturing Em ploym ent M anufacturing Payrolls Petroleum Production Turnover o f Dem and D eposits S e fe m ff ^ s e tv e S m k o J jS f a n ta D I S T R I C T B U S I N E S S H I G H L I G H T S C om m ercial b a n k s rep o rt lo w e r v o lu m e o f n e w con su m er in sta lm e n t lo a n s each month since July because of declines in personal and other non-automotive loans. Despite these month-to-month de creases, however, outstandings continue to expand. • Low er G o v ern m en t a n d p r iv a te d e m a n d d e p o s its reduced total member bank deposits in September, and at banks in leading cities, the decline continued in October. • M em b er b an k e x c e s s r e s e r v e s in c r e a se d in September, partly because the deposit decline reduced required reserves. Consequently, there was less need for member bank borrowing from the Federal Reserve Bank. Total lo a n s a t m em b er b a n k s in c r ea se d according to seasonal expectations during September, principally because of expansions in commercial and industrial loans. • Total sp e n d in g in c r ea se d from August to September about as much as is usual at this time of the year, an increase evidenced by a rise in bank debits. In terest r a te s on n e w b u sin ess lo a n s made by banks in Atlanta and New Orleans in September averaged slightly lower in September than in June, contrary to the customary seasonal movement. Farm m a r k e tin g s w e r e up in the third quarter from a year ago with average prices holding fairly stable. Unless prices change, total cash receipts may almost equal last year’s. • H arvestin g is co stin g fa rm ers m o re this year, although some pro duction items, like feed and hay, are cheaper. D ep a rtm en t sto r e s a le s r o se m o re th a n s e a s o n a lly in October, according to the preliminary figures, but were below year-ago levels. In v en to ries fe ll in August from July and rose again in September. • N e w car reg istr a tio n s d e c lin e d slig h tly in August from July but were well above a year ago, a trend continuing into September. M anufacturing e m p lo y m e n t co n tin u es w e ll a b o v e a y e a r a g o despite a slight month-to-month drop in all lines except transporta tion equipment and chemical products. Also, manufacturing payrolls continue higher even though the average work week is somewhat shorter than at this time last year. • 2 • A M illio n N ew Homes A g a in in 1953 C o n d it io n s U n d e r ly in g B o o m More and more evidence is appearing that the peak of the biggest residential building boom in the history of America has been passed. The floodlights in front of demonstration homes are burning longer into the night, and “Sold” signs are getting bigger as if each sale is becoming more of an accomplishment. It seems likely, however, that when 1953 ends and the new homes are counted, this will have been the fifth consecutive year in which over one million new nonfarm dwelling units were built. Even in comparison with the lush years from 1923 to 1928, the rate of con struction of nonfarm homes in the last five years has been high; one out of every ten homes standing today has been built since 1949. Notwithstanding the 1.1 million new nonfarm dwelling units started this year, a steady decline in the seasonally adjusted number of houses started since February seems to indicate that the peak of such building has been passed and that in the immediate future, the trend of housing starts in the nation will be downward. Although the slow ing down in residential building activity has not reached alarming proportions, it has been more pronounced in the Sixth District than in the United States. B o o m H a s B e e n P r o p t o B u s in e s s Signs of an actual or impending decline in home building activity are causing considerable concern, not only to builders and businessmen directly connected with the con struction industry, but to others as well. There is no doubt that the housing boom has been one of the three or four major driving forces to the economy since the end of World War II. There is also evidence that the con struction industry has represented a greater slice of the economy in the Sixth District than it has in the remainder of the nation. A drop in residential construction activity at this time, therefore, can hardly fail to affect the total volume of business, particularly in the District. It is apparent that the causes of the decline in residen tial building are manifold and that they cannot be traced to decisions made in any single area such as Government regulation or monetary policy. Instead, nearly all the major factors determining the volume of home building seem to have been unfavorable for any further increase in the rate of housing construction. Of major importance in explaining the recent decline are conditions surround ing the demand, supply, and financing of new homes. F in a n c in g i m p o r t a n t t o B u ild in g V o l u m e An adequate supply of both short-term construction credit and long-term mortgage credit is necessary to main tain a high volume of home building. Since World War II, the availability of credit has been a particularly strong S e e m T o B e C h a n g in g force affecting the number of new houses because most homes have been built for speculative sale rather than upon order by the prospective owners. Temporary loans to finance construction were available in most cases only if arrangements could be made for long-term mortgage money to be available to future buyers. Thus, the willing ness of credit institutions to make mortgage loans has determined, in effect, whether some builders would be able to start construction. In the trade this all-important agreement to extend mortgage credit to future buyers of homes is known as a commitment. Long-term mortgage funds ordinarily have four im portant sources: commercial banks, savings and loan as sociations, life insurance companies, and mutual savings banks. In the District, life insurance companies and mu tual savings banks are ordinarily represented by mortgage correspondents so that lack of headquarters for these institutions in this area does not mean that they do not serve District home buyers. Commercial banks and mu tual savings banks, as well as life insurance companies, have important alternative outlets for funds other than mortgages. Demands from other users of long-term funds, therefore, have a notable impact upon the availability and terms of long-term mortgage money from these institu tional lenders. These “other users” consist of corporations, state and local governments, the Federal Government, and to some extent, unincorporated businesses. Competition for Long-term Funds. There is little doubt that the demand for long-term funds by all users increased during the first half of 1953. The volume of new securities of state and municipal governments was 11 percent higher than in the first half of 1952; the amount of corporate new money was almost the same as a year earlier; and Federal Government borrowing was almost one-third greater. Also, commercial bank loans failed to decline as much as in previous years. Although the rate of personal saving had increased, resulting in more funds available for lending, the additional demand for long-term funds impinged upon a fairly limited supply. These de velopments were accompanied by a rise in interest rates. Substantially increased rates of interest that investors earn on municipal, corporate, and Federal Government obligations resulted from the heavy demand for long term funds during the first half of 1953. More and more it appeared to lending institutions that mortgages at the then prevailing rates and terms were less attractive than they had been, compared with alternative types of invest ments. Construction expenditures, however, did not slack off sharply because builders had already obtained com mitments for long-term financing, which most financial institutions honored faithfully even though in many cases •3• Residential Real-Estate Loans of Member Banks BILLIO N S OF D O LLA R S M ILLION S OF DO LLARS to do so was to their own disadvantage. But commitments from lending institutions for future long-term financing of new homes became increasingly harder to obtain. The general increase in interest rates in the late winter and spring had its greatest effect upon the supply of funds for VA and FHA mortgages. In view of increases in in terest rates on other types of investments, the maximum rates payable on VA and FHA loans no longer seemed quite so attractive to many lending institutions, and many of them became reluctant to make such loans. Maximum rates payable on those types of loans, therefore, were raised during the first week of May 1953. Some reports indicate, however, that lenders still find the VA and FHA loans relatively less attractive than other investments. VA and FHA loans have been important in the finan cing of mass housing projects, which have accounted for a substantial proportion of the new homes. Maximum rates on these loans, therefore, together with money market conditions, have had a strong influence on the volume of new home construction. As these rates have become less appropriate to changed money market conditions, more mortgage loans have been made without Government insurance or guarantees. In the major cities of the District, commercial banks have not been as important as sources of new residential mortgage loans since 1950 as they were before. Changes in credit conditions in the first half of this year, therefore, had little effect upon mortgage money available to build ers from that source. Apparently, however, many life in surance companies and mutual savings banks did instruct their loan correspondents in District cities to cut down on commitments to accept requests from prospective home buyers for VA and FHA mortgages. District lenders who had formerly accumulated such mortgages to sell in the market generally found themselves stuck with mort gages that were salable only at a discount. Only those savings and loan associations that relied al most exclusively upon inflows of their own share funds seemed to be relatively unaffected by the tighter money situation. Most of these associations, of course, raised their rates, along with other lenders, as some of the demand for VA and FHA loans spilled over to conventional loans. Because funds for Federally underwritten loans in the District come largely through insurance companies and mutual savings banks, however, the money situation un doubtedly has been a significant influence upon the volume of District residential construction. D e m a n d F a c to r s S h o w W e a k n e s s Stringent financing conditions do not seem to have been solely responsible for the moderate decline in residential construction this year. Certain demand factors have been unfavorable for the sustaining of the peak reached in February: the backlog of demand for homes that was built up during the war has been reduced; new families are no longer being formed at such a rapid rate; and personal income is not growing at the same pace of the earlier postwar years. Backlog of Demand Falling In April 1947, almost three million married couples were without their own households and presumably were living doubled up with friends or relatives; by April 1952, this number had dropped 46 percent. The three million families in such a situation in 1947 represented 9 percent of the total num ber of married couples in this country. By 1952, only 4 percent of the married couples did not have their own dwelling places, which was actually a smaller proportion than before the war. Clearly then, as early as a year and a half ago, the number of families forced by the housing shortage to live doubled up had been greatly reduced; and the situation un doubtedly has eased even more since then, with a conse quent diminishing of demand for new homes. It is prob able, moreover, that some of the doubling-up is voluntary, as in the case of aged couples living with their children; so the smaller the number of doubled-up families be comes, the less representative it is of the number of families who are in the market for new homes. New Fam ily Formation Declining The decline in the backlog of demand for new homes is not the only factor tending to bring about a downturn in home building. In addition, the rate at which new households are being formed is also falling off. The peak of new household formation was reached in 1947 when about 1.6 million new units were set up. Since that time, there has been a rather substantial decline; in the year ended April 1953, only about 950,000 new units were set up. Estimates based upon population projections indicate that little if any rise in the rate of household formation is expected until around 1965, when the postwar crop of babies reaches marriageable age. The Census Bureau estimated last year that the annual rate of household for mation in 1955 will run around 697,000 and in 1960 will be about 624,000. Later data, however, seem to indicate that there may be some upward revision of those figures. Because population projections indicate a greater rate of growth in the District states than in the nation, it is quite likely that new household formations will be more im portant as a factor in sustaining housing demand in the Southeast than in most other sections. In addition, the •4 • growing urbanization may be expected to add to housing demand in this area. Personal Income Growth Slowing Down In the decade from 1940 to 1950, the increase in the number of dwelling units in any particular locality, as would be expected, was rather closely associated with the growth in population. Another seemingly important factor in ac counting for the increase in dwelling units, however, was the level of income in the particular locality. Percentage wise, in low- and high-income areas experiencing the same rate of growth of population, more new homes were built in low-income areas than in high-income areas. The numNumber of New Households and Dwelling Units United States TH O U SA N D S * TH O U SA N D S PROJECTED ber of dwelling units in District states, therefore, expanded at a somewhat greater rate than population growth would have indicated. Furthermore, in contrast to the situation in most major cities in other parts of the country, the quality of homes in many District cities, measured in terms of average number of rooms, plumbing facilities, and the like actually improved. It is difficult to gauge the extent of demand for higher quality housing arising from improved income levels. The declining rate of growth of personal income in the nation, however, would not seem to indicate that this factor will give great support in the near future. Bank Announcement The Metropolitan Bank of M iam i, M iam i, Florida, a newly organized nonmember bank, opened for bus iness October 21 and began remitting at par for checks drawn on it when received from the Federal Reserve B a n k. I t has a capital of $1,500,000 and surplus and undivided profits of $500,000. Its offi cers are T . T . Scott, President; Scott L . M oore, Executive Vice President; Clarence B . Beutel, Vice President and Cashier; Ronald N . Aursw ald, A s sistant Vice President; and Francisco Grovas, A s sistant Cashier. S u p p l y F a c to r s A l s o U n f a v o r a b l e The apparent lack of strength in the demand for new housing, together with stringent financing conditions, should result in an eased supply situation. Such an easing has not shown up yet in the statistics. At present, con struction materials production, nearly 70 to 75 percent greater than in 1939, is at or very near peak levels. Pro duction peaks of lumber, cement, brick, and other build ing supply products have been reached within recent months. Likewise, construction employment has remained near peak levels for about a year, and building costs are the highest on record. Non-residential Construction Costs High An increase in building costs at the same time that residential building has been declining is, of course, attributable to the strong demand for labor and materials for non-residential build ing. In effect, builders of new homes have had to compete with builders of roads, schools, and office buildings and with industry for scarce materials and labor. Indications are that, although non-residential building starts or con tract awards may be smaller in 1953 than in 1952, actual expenditures for labor and materials during the year will be just about as great in 1953 as in 1952. Record public construction of roads, schools, and hospitals has been par ticularly important in sustaining non-residential construc tion. Throughout the nation, composite building costs are now about 80 percent higher than in 1946; figures for the city of Atlanta indicate that costs have risen about the same in the District as in the nation. High construction costs, of course, have been reflected in the selling prices of new homes. Thus, despite the appar ent declining demand, the seasonal peak in selling prices of new homes has been almost as high this year as in the last two years. Rising building costs during 1953 and stable selling prices seem to have subjected builders to some profit squeeze. According to reports from District, cities, this seems to have resulted in a shift by some builders to the construction of higher priced homes. H o m e B u ild in g a n d M o n e t a r y P o lic y If the peak of the housing boom is past, it seems clear that financing conditions have not been solely responsible. Instead, declining demand factors and continued high building costs must certainly bear a major portion of the blame. It is even more clear that stringent supplies of mortgage credit have not been solely the result of general monetary policy but rather, the result of increased com petition for long-term funds among corporations, state and local governments, the Federal Government, and business borrowers. Because of the complexity of factors apparently acting to decrease the volume of residential building, it would seem that efforts to maintain a high volume of home con struction must take many channels. In particular, reliance upon the monetary means of stimulating the housing in dustry would appear to provide only a partial answer to the industry’s present problems and one that would create other problems, Thomas R. A tkinson • 5• In te r e s t K a te s D e c lin e Interest rates charged by commercial banks in the Sixth District, after climbing sharply this spring, are apparently leveling off. Reports from selected District banks in New Orleans and Atlanta show that changed money market conditions have affected customer loan rates as well as Government security rates. It is too early to determine whether the recent change in direction of interest rates marks the beginning of a new trend, but banks and their customers may get some indication of future developments from a review of this year’s money market conditions. H eavy Demand for Funds Raised the Cost of Borrowing • • . During the early part of the year, most interest rates were rising, with rates on Government bonds and Treasury bills and certificates showing the most pronounced changes as they have been doing since the end of the war. Rates on Government securities increased sharply during the spring to their highest levels this year. The monthly average rate on United States long-term bonds rose from 2.80 percent in January to 3.09 percent in June, and on bills and certificates the increase was even greater. Moreover, rates on business loans were also rising, judging by data from selected banks in Atlanta and New Orleans. During the early part of the year, the average rate on such loans increased about one third of one percentage point, according to quarterly reports covering selected business loans of over $1,000 made during a fifteen-day period. This meant that the cost of borrowing increased nearly 10 percent from January to June. These increases in rates, which are the sharpest since September 1951, can be attributed to the extremely heavy demand for funds. Not only did corporation and state and local government borrowing increase greatly, but also Government borrowing was heavier than it had been since June 1952. Finally, short-term business borrowing did not decline appreciably from the Christmas peak. A fte r J u n e H ig h thus freeing 1.1 billion dollars of funds for member banks in the country as a whole and 47 million for banks in this District. More recently, increased security purchases by the System have further eased the cash position of banks. Moreover, continued steady growth in personal savings has added to the supply of loanable funds. • . . Fall Credit Demands W ere Below Expectations Although banks were well supplied with money to lend to customers this fall, the demand for both short- and long-term funds was somewhat below expectations. Con sumer credit outstanding is no longer increasing at the rapid rate of last spring. Business loans, which in the past have contributed heavily to the seasonal credit expansion, have not risen as much as usual. In other postwar years, by the third week of October, commercial, agricultural, and industrial loans for United States weekly reporting member banks have averaged 6.4 percent above the summer low; this year, however, the increase was only 1.7 percent. The demand for long-term funds was down also. The narrow margin between the present debt and the debt ceiling has restricted Treasury borrowing. Corporations, Interest Rates PERCENT PER ANNUM PERCENT PER ANNUM . . • To a Postwar Peak in June, but . . . Interest rates apparently reached a postwar peak around the first week of June. After that, rates on Government securities began to drop sharply. The average monthly rate on United States long-term bonds fell from the June peak of 3.09 to 2.97 percent in September; and the rates on Treasury bills and certificates experienced a greater decline. Rates charged on business loans actually declined only slightly between June and September, but the cessa tion of the upward movement, as shown by reports of Atlanta and New Orleans banks, occurred at the time when rates ordinarily increase. Supply and demand factors that acted to increase rates in the early part of the year seem to have undergone sub stantial changes since then. The amount of available funds is apparently greater than it had been in the early part of the year, and the demand somewhat lower than it usu ally is. Early in July, the Board of Governors of the Federal Reserve System reduced reserve requirements, after selling their large spring issues, were borrowing slightly less. Security sales by state and local governments were the only major type of borrowing that was maintained at the springtime level. In the immediate future, as in the past, the course of interest rates will depend largely upon the demand for funds by governmental units, business, and consumers and upon the supply of savings and the ability of banks to make loans and investments. The recent leveling off of customer loan rates at Atlanta and New Orleans banks is indicative of future developments, therefore, only if the fundamental forces determining interest rates continue in their new direction. Charles S. Overmiller • 6 • Sixth District Statistics Instalment Cash Loans Condition of 2 7 Member Banks in Leading Cities (In Thousands of Dollars) No. of Lenders Report ing 37 19 9 Lender Federal credit unions . . State credit unions . . . Industrial banks . . . . Industrial loan companies Small loan companies . Commercial banks . . . Outstandings Percent Change Sept. 1953 from Aug. Sept. 1952 1953 +0 + 29 + 34 + 29 Volume Percent Change Sept. 1953 from Aug. Sept. 1952 1953 + 25 +5 —2 + 28 + 29 +1 —6 +2 10 32 33 —1 +1 +1 +10 +0 —0 — 16 +1 —1 +8 +9 + 24 Retail Furniture Store Operations Percent Change _______ September 1953 from August 1953______ September 1952 Number of Stores Item______________________________________ Reporting Total sales ........................................................... 145 Cash s a le s .................................................................129 Instalment and other credit sales . . . . 129 Accounts receivable, end of month . . . 138 Collections during m o n th ................................ 138 Inventories, end of m o n th ................................ 103 — 10 —7 — 10 —0 —5 — 10 —2 — 10 +5 +3 +6 —1 W holesale Sales and Inventories* No. of Firms Report ing 5 5 9 Sales Percent change Sept. 1953 from Aug. Sept. 1952 1953 — 14 +5 +9 — 31 +4 +5 +4 —0 + 14 No. of Firms Report ing Inventories Percent change Sept. 30 1953 from Aug. 31, Sept. 30, 1952 1953 Type of Wholesaler —2 Automotive supplies . 0 Electrical appliances . —3 —9 H a rd w a re ......................... +0 + 23 Industrial supplies —1 Je w e lry ............................... 5 Lumber and bldg. mat’ ls. —2 —7 3 4 Plumbing & heating suppl + 26 +4 3 +5 + 13 Refrigeration equipment — 27 6 —3 +4 Confectionery . . . . + 26 — 11 3 + 42 + 17 Drugs and sundries . 13 +9 4 +4 +8 Dry goods . . . . 13 +3 9 —3 Groceries— Full-line 46 28 —1 “ Specialty lines 9 + 17 5 +4 — 11 Tobacco products . 9 5 —3 — 14 Miscellaneous . . . 17 +4 +9 +1 T o ta l.............................. 170 +7 99 —0 +8 *Based on information submitted by wholesalers participating in the Monthly Wholesale Trade Report issued by the Bureau of the Census. 20 6 6 +10 +6 +10 +8 +8 +2 +1 +6 +1 +2 +1 +21 12 Departm ent Store Sales and Inventories* Percent Change Sales Sept. 1953 from Aug. Sept. 1953 1952 +7 —6 + 12 —6 —4 +1 —5 — 11 —3 —1 —5 —9 —6 —1 +3 +5 +3 —1 +5 —0 +2 —1 +4 —2 +5 +3 +4 — 22 —2 — 10 +8 —1 + 13 —3 — 12 +1 —0 +2 + 10 —2 —1 +3 +9 —6 +5 —6 + 16 +2 +5 +0 -—6 +5 Yr.-to-Date 19531952 +3 +2 +9 +3 +5 —3 +6 +5 +4 +5 +4 +1 +2 —8 —4 +2 +5 +2 +5 +9 +5 —0 —2 +6 +7 —3 Inventories Sept. 30, 1953, from Aug. 31 Sept. 30 1953 1952 +5 +4 +6 +3 Place ALABAMA ...................... Birmingham . . . . M o b ile ........................... Montgomery . . . . FLO RIDA ........................... +4 +8 Jacksonville . . . . +9 +9 M i a m i ........................... +0 +7 O rlando........................... St. Ptrsbg-Tampa Area S t. Petersburg . . +9 +3 T a m p a ...................... GEORGIA ...................... +7 +8 Atlanta** . . . . +7 +9 Augusta ...................... C o lu m b u s...................... +8 + ii M a c o n ........................... +9 +8 Rome** ...................... Savannah** . . . . L O U IS IA N A ...................... +2i +9 Baton Rouge . . . . + 13 +1 New Orleans . . . . + 28 +8 M ISSISSIPPI . . . . +4 +9 Jackson ........................... +3 +6 Meridian** . . . . TEN N ESSEE ...................... +6 + io B r i s t o l * * ...................... +7 + 22 Bristol-Kingsport+4 —4 Johnson City** . . +1 Chattanooga . . . . +0 +5 +8 Knoxville . . . . . +8 + 12 + 10 +5 +4 +2 N ash vM Ie ...................... —8 +4 +6 +5 D ISTRIC T . ..................... +2 —3 +3 +8 +9 ♦Includes reports from 125 stores throughout the Sixth Federal Reserve District. **To permit publication of figures for this city, a special sample has been constructed that is not confined exclusively to department stores. Figures for non-department stores, however, are not used in computing the District percent changes. Sept. 23 1953 Oct. 22 1952 2,939,882 1,273,661 1,295,287 2,912,755 1,228,941 1,250,569 2,893,195 1,167,356 1,187,861 +1 +4 +4 744,836 696,311 671,605 +7 + 11 13,690 14,739 16,059 —7 — 15 37,519 89,963 6.314 402.965 1,666,221 38,844 89,984 6,273 404,418 1,683,814 39,976 94,473 2,712 363,036 1,725,839 —3 —0 +1 —0 —1 —6 —5 * + 11 —3 762,877 6^6,212 267,132 535,769 45,978 791,796 622,743 269,275 510,765 46,379 744,469 714,712 266,658 536.316 47,818 —4 +2 —1 —1 —1 +2 — 11 +0 —-6 —4 225,319 2,139,505 Demand deposits adjusted 577,163 Time d e p o sits........................... 64,704 U. S. Gov’t deposits . . . 648,225 Deposits of domestic banks . 36,400 217,839 2,111,535 573,725 109,862 603,019 36,900 205,123 2,097,363 556,095 129,043 623,875 42,500 +3 +1 +1 — 41 +7 —1 + 10 +2 +4 — 50 +4 — 14 Item Loans and investments— T o t a l ...................................... ........................... Loans— Net Loans— G r o s s ........................... Commercial, industrial and agricultural loans . Loans to brokers and dealers in securities Other loans for purchasing or carrying securities . Real-estate loans . . . Loans to banks . . . . Other lo a n s ...................... Investments— Total . . . Bills, certificates, and notes ...................... U. S. bonds ...................... 0-her securities . . . . Reserve w th F. R. Banks Cash in v a u l t ........................... Balances wuh domestic +2 +9 +9 *100 Percent or over. Debits to Individual Demand Deposit Accounts +10 +8 +22 Percent Change Oct. 21, 1953, from Oct. 22 Sept. 23 1952 1953 Oct. 21 1953 (In Thousands of Dollars) Percent Change August 1953 September 1952 Aug. 1953 31,469 432,097 19,762 24,616 184,728 103,815 36,263 29,436 416,904 17,600 23,522 154,942 92,838 32,107 30,282 434,646 19,848 23,294 162,817 99,349 30,503 +7 +4 + 12 +5 + 19 + 12 + 13 +4 —1 —0 +6 + 13 +4 + 19 +3 —0 +1 +8 +8 +4 + 10 395,261 346,136 513,449 77,298 53,326 81,602 161,807 48,322 388,445 337,738 498,429 70,335 54,605 77,129 164,218 49,309 377,655 309,616 469,306 73,696 50,060 76,243 155,864 45,756 +2 +2 +3 + 10 —2 +6 —1 —2 +5 + 12 +9 +5 +7 +7 +4 +6 + 11 + 15 + 11 + 11 + 14 +9 + 13 +9 38,462 1,358,966 87,271 11,475 77,952 5,608 30,127 14,469 78,339 9,990 32,062 129,663 18,485 37,165 1,193,413 83,432 13,738 77,080 4,645 24,702 12,940 82,402 9,588 30,931 119,814 35,066 32,630 1,175,619 95,735 11,651 79,832 5,922 28,568 14,315 84,127 11,167 28,269 114,556 16,609 +3 + 14 +5 — 16 +1 + 21 + 22 + 12 —5 +4 +4 +8 — 47 + 18 + 16 —9 —2 —2 —5 +5 +1 —7 — 11 + 13 + 13 + 11 + 17 + 10 —2 +6 +0 +9 +4 +7 +3 —8 + 18 + 11 +6 43,304 126,018 50,988 948,636 42.027 126,284 49,902 923,246 47,641 119,837 52,003 881,827 +3 —0 +2 +3 —9 +5 —2 +8 —2 + 14 +4 +8 20,639 154,106 33,790 16,706 20,589 159,787 30,286 14,411 21,696 177,249 36,638 16,034 +0 —4 + 12 + 16 —5 — 13 —8 +4 +4 —3 +0 + 13 208,032 166,590 436,961 207,673 154,342 460,255 178,429 130,323 382,169 +0 +8 —5 + 17 + 28 + 14 + 21 + 24 +8 5,890,594 5,630,830 5,437,423 +5 +8 +9 147,873,000 134,589,000 136,067,000 + 10 +9 +8 ALABAMA Anniston . . . Birmingham . . Dothan . . . Gadsden . . . Mobile . . . Montgomery . . Tuscaloosa* . . FLORIDA Jacksonville . . Miami . . . Greater Miam.* Orlando . . . Pensacola . . St. Petersburg . Tampa . . . . West Palm Beach" GEORGIA Albany . . . Atlanta . . . Augusta . . . Brunswick . . Columbus. . . Elberton . . . Gainesville* . . Griffin* . . . Newnan . . . Savannah . . . Valdosta . . . LOUISIANA Alexandria* . . Baton Rouge Lake Charles New Orleans M ISSISSIPPI Hattiesburg . . Jackson . . . Meridian . . . Vicksburg . . . TEN N ESSEE Chattanooga . . Knoxville . . . Nashville . . . SIXTH DISTRICT 32 Cities . . UNITED STATES 345 Cities . . Sept.9Mos.1953 1952 from 1952 September 1953 Place ,. *Not included in Sixth District totals. Sixth District Indexes Manufacturing Employment Aug. 1953 UNADJUSTED District Total Alabama . Florida . . Georgia. . Louisiana . Mississippi Tennessee . SEASONALLY District Total Alabama . Florida . . Georgia. . Louisiana . Mississippi Tennessee . ..................... 1T5 . . . . 108 . . . . 125 ..................... 116 ......................I l l . . . . 113 ......................119 ADJUSTED . . . . 115 ..................... 107 . . . . 134 ......................115 ......................109 ......................112 ......................117 July 1953 1 9 4 7 -4 9 = 100 Manufacturing Cotton Payrolls Consum ption** Aug. 1952 Aug. 1953 July 1953 Aug. 1952 Sept. 1953 Aug. 1953 Sept. 1952 114 106r 124 114 109 114r 118 llO r 105r 118r 112 104 111 112r 157 145 166 159 154 163 164 154 139r 166 155r 152 160 163r 142 130 152 143 135 155 147 103 100 102 99 110 113 104 104 109 114 104 126 103 129 104r 116 109r 132 116r 110 115r 119 HOr 104 127 111 103 109 111 159 145 180 161 152 162 166 161 142r 182 162r 151 164r 164 143 130 165 144 134 154 149 101 107 108 122r 122p 121r 132 lllr 117 116r 122 121 134 107r 115 110 98 106r 123 129r 142 131 108p 118 113 117r 120p 129 117p 119 112 137r____________ 152p 114 121 103 104 122 105 99 110 127 111 107 117 109 106 141 125r 129 119r 129r 133 121 108 110 144 108 123 117 118 113 141r 'To permit publication of figures for this city, a special sample has been constructed that is not confined exclusively to department stores. Figures for non-department stores, how ever, are not included in the District index. *Does not include data for all of La., Miss., and Tenn. Other totals for entire six states. **D aily average basis. Sources: Mfg. emp. and payrolls, state depts. of labor; cotton consumption, U. S. Bureau Census; construction contracts, F. W. Dodge Corp.; furn. sales, dept, store sales, turn over of dem. dep., FRB Atlanta; petrol, prod., U. S. Bureau of Mines; elec. power prod., Fed. Power Comm. Indexes calculated by this Bank. Aug. 1953 Sept. 1952 167 183 175 237 103 149 63 172 152 165 103 171 95 165 140 109 126 2737+ Sept. 1953 98 108 103 100 99 84 Aug. 1953 Sept. 1952 104r 113r 98 108r 104r 107r 113 117r 111 108 97r 91 lOOr 106r 94 103r 100 lOOr 95 98r 103 91 92 91 86 93 99r 76 92r 83 _________ Adjusted _________ Adjusted__________ ________ Unadjusted_________ Sept. Aug. Sept. Sept. Aug. Sept. _________________________________ 1953 1953 1952___________1953 1953 1952 130 119 115 117 137 118 114 121 146 148 117 127 135 126 141 Sept. 1953 Furniture Store S a le s * / * * Other District Indexes Department Store Sales and Stocks** D ISTRIC T S A LES * . . . . 119p Atlanta1 ................................ 123 Baton Rouge........................... 108 B irm in g ham ...........................110 Chattanooga..............................121 Jack so n .........................................102 Ja c k s o n v ille ..............................99 K n o x v ille ................................ 119 M a c o n .........................................128 M ia m i...................................... 132p N a s h v ille ................................ ...109 New O rle a n s........................... 120p St. Ptrsbg-Tampa Area . 129 T a m p a ........................................118 D ISTRIC T STOCKS* ■ . 148p Construction Contracts Sept. 1953 Construction c o n tra c ts *....................... Residential............................................ Other ....................................................... Petrol, prod, in Coastal Louisiana and Mississippi** 145 Turnover of demand deposits* . 23.6 In d e x ........................................... 122.3 144 24.1 125.0 Unadjusted Sept. 1952 140 22.9 118.9 Sept. 1953 Aug. 1953 175 186 168 148r 162r 137r 144 23.8 144 22.5 July 1953 Aug. 1952 Aug. 1953 A p p a re l......................................139 143 C h e m ic a ls ................................ 121 121 Fabricated metals . . . . 176 182 F o o d ........................................... 106 108r Lbr., wood prod., furn. & fix. 91 92 Paper and allied prod. . . 142 143 Primary m e t a ls ......................103 104 T e x t ile s ......................................99 lOOr Trans, equip.................................183 173 Elec. power p r o d . * * ............................ Hydro-gen................................................. Fuel-gen.................................................... r Revised p Preliminary t Includes contract for atomic energy project 129 115 148 104 93 131 141 118 173 107 92 142 103 99 175 188 87 280 Mfg. emp. by type Aug. 1953 Aug. 1953 101 99 142 July 1953 140 116 172 104 92 142 103 99r 168 183 94 266 Sept. 1952 693 160 1097 139 23.1 Aug. 1952 130 111 146 105 94 131 101 100 136 167r 77 249r
@FedFRASER