Full text of G.12.3 Industrial Production : February 26, 1948

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IN FILES 8BTTI0N
BOARD OF

<*•12.3

Qomaass or THE FEDERAL RESERVE SYSH M

FEB 2 7 1 9 4 8

For release in afternoon papers, Thursday, February 26, 1948
February 26, 1948
BUSINESS INDEXES

1939 average » 100 f o r factory employment and payrolls;
1923-25 average » 100 f o r construction contracts;
1935-39 average • 100 f o r a l l other series.
Adjusted f o r
seasonal variation
1946
1947
Jan.
Dec. 1 Jan.
Industrial production
Total
Manufactures
Total
Durable
Nondurable
Minerals
Construction contracts, value
Total
Residential
All other
Factory employment
Total
Durable goods
Nondurable goods
ftoctoiy payrolls
Total
Durable goods
Nondurable goods

Without
seasonal adjustment
1947
1948
Dec. I Jan.
Jan.

H92

192

189

P109

189

184

P199
P227
P176
pl55

198
229
173
156

196
221
176
146

P195
p224
P172
pl50

196
227
171
151

192
218
171
141

•

197
161
227

146
144
148

•

159
137
177

120
119
120

157.9
184.0
137.3

153.4
178.7
133.4

PI56.7
PI83.O
P135-9

158.2
183-9
138.0

152.7
178.0
132.8

356.6
399.3
314.8

307.3
275-3

*
*

*157.3
PI83.6
pl36.6
•

•

•

-

*

»

*»**

mm

*

mm

+*m

*
*

mm

340.0

Freight carloadings

1*5

149

150

133

139

138

Department store sales, value

282

303

265

223

480

209

*

281

268

241

234

Department store stocks , value

•

* Data not yet available.
Bote:--Production, carloadings, and department store sales indexes based on daily
averages. To convert durable memufacturea, nondurable manufactures, and
minerals indexes to points i n t o t a l index, show in Federal Reserve Chart Book,
multiply durable t y .379, nondurable by .469, and minerals by .152.
Construction contract indexes based on 3-month moving averages, centered
a t second month, at F. V. Dodge data f o r 37 Eastern States. To convert indexes
to value figures, shown in Federal Deserve Chart Book, multiply t o t a l by
1*10,269,000, residential by $1#,137,000 and a l l other by $226,132,000.
Bnploymant index, without seasonal adjustment, and payrolls index
compiled by Bureau of Labor S t a t i s t i c s .




INDUSTRIAL PWUCTIOW
- <1939-39 average • 100)
-

"

Adjusted for
seasonal variation
1947
1948
J a n . ' ' 'Ph- I Jan.

•

MAHUFACTOHES
Iron and eteel
Pig iron
Steel
Open hearth
Electric
Machine**
Transportation equipment
Automobiles ( l a d . parte)
looferrptie metals and products
Smelting and refining
Lumber and products
Lumber
Furniture
Stone, clay and glaaa products
Plate glees
Cement
Clay prodocte
Gypsum and piaster products
Abrasive & asbestos products
Textiles and products
Cotton consumption
Rayon deliveries
Wool textiles
:
Leather products
Tanning
Cattle hide leather
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes .
Manufactured food products
Wheat flour
Meatpacking
Other manufactured foods
Processed f r u i t s & vegetables

192
205
196
193
206
226
223
1%
181
177
414
516
518
288
277
p285
244
229
P239
181
p201
207
• . 188
203
184
pl84
183
pl55
153 , 142
131
»142
139
161
piao
181
p206
219
205
141
149
149
•
182
196
168
166
pl8l
227
236
p253
p210
271
238
*
pl62
172
l£l
131
153
•
287 - 263
»
•
J.71
#
114
116
•
113
113
*
128
127
•
84
98
*
67
89
*
101
117
#
114
118
161
P156
157
162
P134
133
160
163
P151
164
163
Pl63
138
P131
157

p

n

-

-

P

r




e

l

i

m

i

P2O?
*

a

r

y

.

*

Without
seasonal adjustment
1947
1948 1
Jan. | Dec. | Jan.
p202
«
223
181
518
P285
P239
p201
*
pl84
pl38
pll7
pl80
P194
149
*

pl68
p242
p210
«
153
*
. *. .
•
*
•
*
*
*

*
P145
P134
P177
P151
P85

205
196
226
165
516
288
244
207
188
183
140
119
181
199
141
178
172
242
238
pl62
131
287
#

H3
112
128
82
90
96
114
153
132
187
160
108

192

m

206
177
414
277
229
181
203
184
126
107
161
208
149
148
156
218
271
172
161
263
171
116
113
130
96
67
109
118
148
162
191
150
102

Data not yet available.

>WBQ8mtL

; J

r., .

( l935-39-a^a6e-* lOd)
w i M •-r.t^rtT
1
" i^w
-'•'*4juat6d f o r
U'< , ' M W d W ^ a r i atlco

without
aeaaonal adjustment
m*L, . V
~
•<
Decs*-1 -#an.

MANUFACTURES (Cont'd.)
Paper and products '* '
'Papertoifrd
: Newsprint production
Pointing , end publishing
Newsprint consumption
Petroleum & coal products
.Gasoline
. ...
Coke
" '[Byproduct
' beehive
Chemicals,
,>
.
;Kayon
.'
Industrial chemicals
Rubber products
. '

M

» 158
. 177
t. i8d
iM
134

; i*
: pU38
P255
-P298
pW6
ip228

*173
"171
ciJiO
•855
299:
• #t0.
:290.

pl62
pl6l
,pll2
P167
*

162
*lOt,
.111:
1
166
'117.

v 187

,,p21k
; .pl60

SS

-171

- LLO

MTNEBALS
Fuels
^Bituminous coal
'Anthracite
Crude petroleum
Metals
Iron ore

•

,

-151 • . pl62 • pl6l
173
pll2
118
11+6
pl67
*
117
.

«* * ,

*

.

162'-

151

;

118
11*6
81
69

m

in
166
: 8U
• 76

* Data not y&t available 1 .

p--Preliminary.

m

. 'Ul-

.

FI$IGHT CAB[LOADINGS
(19^-39 average « 100)
Coal
Coke
Grain
Livestock
Forest products
Ore
Miscellaneous - Merfchandiee, l . c . l .

"

,I
; *

, 155
. AB3
132
eu
,,153
180
—152 •
66

155;
-191:
139
158.
192
1%'

7k

163 . 155
- 155: .»• 163 -•
201: * • 18U
192
175
150 - 15?
132
157
123 x . * ;81 : 96 •' 118
• lit7
137. ' ll*l
. 163'
60
14..
176
,
M
.
.
... 1 5 2
139 - Ht7 • 139-r
71
65
7k
77

Note:—To convert coal and miscellaneous indexes to points in total index, shown
in Federal Reserve Chart Book, multiply coal by .213 and miscellaneous by .$48.