Full text of G.12.3 Industrial Production : April 25, 1939

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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
R&S BI - 176
April 26, 1939

Released for publication
Wednesday afternoon, April 26
BUS HESS INDEXES
(1923-1926 average • 100)
Adjusted for
seasonal variation
1938
im
Mar.
Mar. | Feb,
Industrial production
Total
Manufactures
Total
Durable
Nondurable
Minerals
Construction contracts. value
Total
Residential
All other
Factory employment
Total
Durable goods
Nondurable goods
Factory payrolls
Total
Durable goods
Nondurable goods

Without
seasonal adjustment
1938
1939
Mar,
Mar. | Feb,

p98

98

79

plOO

99

80

p9€
p79
pllO
pllO

97
83
108
110

76
64
93
103

p99
p86
pill
pl02

98
83
111
106

77
57
94
95

p68
p68
p76

73
58
86

46
33
66

p69
p81
p76

63
51
72

46
35
55

p91.0
p82.9
p98.S

91.3
83.4
98.7

87.4
79.0
95.4

p91.3
p83.4
p98 .9

90.7
82.6
98.4

87.7
79.3
95.8

p86.8
p79.9
p94.6

85.4
78.4
93.2

77.1
67.4
87.9

# #

# *

* #

* *

#*

*#

# #

Freight-oar loadings
Total
Miscellaneous

66
73

67
75

60
67

63
70

62
64

57
64

Department store sales. value

86

87

86

82

69

77

Department store stocks, value

68

68

70

69

65

71

p—lpreliminary.
Note t—Product ion, oarloading®# and department store sales Indexes based on daily
averages. To convert durable and nondurable manufactures indexes to points in
total index of manufactures figures, shown in Federal Reserve Chart Book, multiply durable by .463 and nondurable by .637.
Construction contract Indexes based on 3-eonth moving averages, centered at
second month, of F. W. Dodge data for 37 Eastern States. To convert indexes to
value figures, shown in Federal Reserve Chart Book, multiply total by $410,269,000, residential by $184,137,000, and all other by #226,132,000.
Employment index, without seasonal adjustment, and payrolls index compiled
by Bureau of Labor Statistics.



INDUSTRIAL PROMOTION
(1925-1926 average-100)
Adjusted for
seasonal variation
1938
1688
Bar,
War. I Feb,

Without
seasonal adjustment
1938
1939
Mar,
Mar. | Feb.

MANUFACTURES
Durable goods
Iron and steel
Pig iron
Steel ingots
Automobiles
Locomotives
Cement
Plate glass
Tin deliveries
Beehive coke
Nondurable goods
Textiles
Cotton consumption
Silk deliveries
Slaughtering and meat packing
Hogs
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
Newsprint production
Newsprint consumption
Leather and products •
Tanning
f
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Petrol etan refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Tobacco products
Cigars
Cigarettes
Manufactured tobacco
p~Preliminary




7

138
76
P6

91
75
92
98
11
48
153*
72
7

55
48
56
63
23
46
44
77
8

109
111
97
83
67
100
108
167
94
70

81
90
100
83
69
111
116
151
90
63

pll2
119
104
84
74
92
111
142
91
92

115
119
104
83
74
88
100
147
91
69

83
94
96
78
60
97
117
137
84
74

62
122

61
123

63
126

61
127

61
122

52
131

pl25

105
78
77
87
74
191

pi 28
*

*
*
*

124
105
104
118
97
201

*

113

126
108
111
108
101
202
256
115
138
117
147
67
211
79

108
77
78
77
76
191
239
117
137
113
152
70
216
84

49
46
49
54
23
66
42

p5

87
75
88
98
11
80
153
M
6

pl09
114
108
69
73
106
110
156
97
78

82
76
85
91
*
#

131

*

*

* *

•e
• •

164
78
256
80

»•

*
*

*

*

120

*
*
*
*

160
77
227
83

»
156
71
224
81

• *

# #
* *

162
77
231
78

92
79
94
105

* Data not yet available

INDUSTRIAL PRODUCTION
(1923-1926 average-100)

Without

Adjusted for
1939
Mar. I Feb.
MIH5RALS
Bitwinous coal
Anthracite
Petroleum, crude
Lead
Zine
Silver

p77
p61
pl73
69
90
•

79
61
169
75
87
100

1636
1939
MM*, 1 >ur. I Feb.
58
68
172
64
87
98

p77
pSO
pl72
70
96
•

83
66
166
75
93
108

l4>38
Mar.
58
56
170
65
92
106

* Data not yet available.

p—Preliminary,
FACTORY EMPLOYMENT ASD PAYROLLS
<1923-1925 average=100)

Payrolls
salesmen*
Adjusted for
Without
Without
seasonal variation seasonal adjustment seasonal adjustment
1959
19*8
1689
1938
1939
1938
kar. | Feb, liar. tiar. 1 Feb. Mar, Mar", 1 Feb, Mar.
Durable good#
Iron and steel
Machinery
Transportation equip.
Automobiles
Honferrous metals
Lumber and products
Stone, olay and glass
Nondurable goods
Textiles and products
Fabrics
Hearing apparel
Leather products
Food products
Tobacco products
Paper and printing
Chemicals and petroleum
products
Petroleum refining
Chemicals group,
except petroleum
refining
Rubber products

87.6
94.9
90.5
96,6
93.9
63,2
71.8

87.6
93,9
92.1
98.6
94.0
65.6
71,5

83.8 88.3 87.2
96.9 94.7 93.4
73.3 95.8 96.0
74.1 103.4 104.5
86.5 94.3 93.6
63.4 62.1 62.6
65,7 69.6 66.6

84,4
96,9
77.4
79,3
86,9
62.3
63.7

81,6
94.2
91.6
96.0
89.1
53.6
61.7

79.7
91.8
91.4
96.7
88.3
53.0
58.0

97.7 98.5 91.4 101.4 101,2 95.0 88.7 87.7 78.0
89.1 89.8 80.3 91.2 92.1 82.2 79.3 81.1 67.6
115.5 116.7 115.2 123.0 120.2 122.7 104.4 97.7 95.8
93.2 92.8 89.9 97.6 96.6 94.2 83.2 83.3 76.6
122.2 121.1 122.4 111.8 110.9 112.0 113,6 111.9 113.3
60.3 63.5 64.6 59.5 62.4 63.8 51.4 50.9 54.7
106.4 105,9 105.6 106.0 105.9 105.3 104.2 102.3 101.3
111.9 111.7 112.7 114.3 112.1 115.1 121.5 119.8 117.3
117.4 117.6 122.4 116.2 116.4 121.2 131.2 132.1 136.5

110.6 110.2 110.3 113.8 111.1 113.6 118.5 116,0 111.3
82.2

81.2

72.4

82.7

81.3

72.9

85.3

82*8 60.9

Note:—Indexes of factory employment and payrolls are for payroll period ending
nearest the middle of the month. March 1939 figures are preliminary.



64.3
88.0
65.1
62.3
74.3
51.8
53.0