Full text of G.12.3 Industrial Production : January 27, 1950

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BOARD OF GOVERNORS OF 1HE FEDERAL RESERVE |YSTEM^ - ; » " ^

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For r e l e a s e i n norning p a p e r s , Saturday, January 28, 1950
G.12.3

January 27, 1950

BDSIK28S INDEXES

1939 average =* 100 f o r f a c t o r y employment and p a y r o l l s ;
1923*25 average = 100 f o r c o n s t r u c t i o n c o n t r a c t s ;
1955-39 average * 100 f o r a l l o t h e r s e r i e s #
Adjusted f o r
seasonal v a r i a t i o n
1948
1949 s
Dec.
Deo. 1 I«ov#
Industrial production
Total
Manufactures
Total
Durable
iendurable
*xnerals
Co s tru<:tion c o n t r a c t s ,
value
Total
Residential
All other
Employment
Total n o n a g r i c u l t u r a l
Total factory
Factory p a y r o l l s , t o t a l
F r e i g h t carloadings
Department s t o r e s a l e s ,
value
Department s t o r e s t o c k s ,
value

Without
seasonal adjustment
1948
1949
Dec.
Dec. | Nov.

Annual
indexes
1949 y

1549

P178

173

192

pl?6

173

190

176

192

pl 86
p202
pl?l&
pl31

178
180
177
l4l

199
231
173
156

pl85
p200
P173
pl28

179
180
179
124

197
229
171
151

183
201
168
135

198
225
177
155

p267
P259
p27!i

265
256
273

180
145
209

p217
p220
p2l4

2I4O
245

145
123
164

211
192
226

190

plW.9
p!38#7

139.6 146.2
136.1 152.1

pi44.2
pl40.2
©321.6

141.1 149.5 - pl42.0
137.4 153.5 p i 4 i . 5
313.5 360.7 e325.1

—

—

235

162

214

145.9
155.2
351.4

115

rll7

137

107

r!20

128

116

138

p293

276

302

p480

339

495

285

302

*

273

268

*

305

259

*

*

e—Estimated
note*—Product!on, c a r l o a d i n g s , and department s t o r e s a l e s indexes based on d a i l y
averages# To convert durable manufactures, nondurable manufactures, and minerals
indexes t o points in t o t a l index, shown i n Federal Keserve Chart Book, m u l t i p l y
durable by *379$ nondurable by . W 9 , and minerals by #152.
Construction c o n t r a c t indexes based on 3-month moving averages, centered a t
second month, of F# V»# Dodge d a t a f o r 37 Eastern States# To convert indexes to
value f i g u r e s , shown i n Federal Reserve Chart Book, m u l t i p l y t o t a l by
^ 1 0 , 2 6 9 , 0 0 0 , r e s i d e n t i a l by v l 8 4 , 1 3 7 , 0 0 0 and a l l other by v226,132,000.
Factory employment index, without seasonal adjustment, and p a y r o l l s index
compiled by Bureau of Labor S t a t i s t i c s #
1 / Annual indexes f o r 19L9 are preliminary*




2.

INDUSTRIAL PRODUCTION
(1935-39 average * 100)
Adjus ted f o r
seasonal variation
1949
Dec.
Dec. 1 tOVe
WABUFACTORES
Iron and s t e e l 2/
Mg iron
Steel g /
Open hearth
Electric
Machinery
Transporation equipment
Automobiles(incl•parts)
&onferrous m e t a l s & p r o d .
Smelting and r e f i n i n g
Lumber and products
Lumber
Furniture
Stone, c l a y & g l a s s prod.
Cement
Clay p r o d u c t s
T e x t i l e s and products
Cotton consumption
it&yon d e l i v e r i e s
Wool t e x t i l e s
Leather p r o d u c t s
Tanning
Cattle aide leathers
Calf & k i p l e a t h e r s
Goat & k i d l e a t h e r s
Sheep I lamb l e a t h e r s
Shoes
Manufactured food prod#
Viheat f l o u r
Meatpacking
Other manufactured foocfe
Processed f r u i t s k
vegetables

'without
seasonal adjustment
1948
19L9
bee.
Dec. | !lov.

Annual
indexes
194917

1948

-

198
198
2)9
194
557
p226
p219
*

P171

pm
pi 52
Pl45
pl6?
pl8U
206
pl 50
pl71
1 34
3U5

144
107
137
105
559
217
206
176
163
169
147

pl06
157
P165

139
163
183
191
11*7
174
13a
34o
160
97
92
101
77
80
86
101
159
110
151*
167

pi2l

131

*
*

*
*
*
*
*

*

pl56

128
154
164

22?
212
254
194
682
277
246
208
184
183
132
113
168
199
193
178
156
114
317
151
99
102
114
68
83
82
97
153
127
181
161

187
175
199
162
46o
234
236

P153
pi05
186
plol

144
107
137
2.05
359
217
206
176
163
170
ll*4
l%
163
188
206
153
174
1J8
34a
160
99
95
105
78
77
91
101
162
111
172
174

1U2

P 94

121

111

141*

223
212
254
194
682
277
246
208
181
183
11*3
131
160
205
212
173
156
Hi
317
151

100
103
114
89
82
87
97
158

193
198
239
194
557
p226
p218
*

P171

P 186

pu*o
pl26
pl67
P179
187

pl5L
Pl7l
154
345
$

*
$
*

*
*
*

*

•

160
187
150
119
151
158
197
155
147
118
280
135
106
97
108
76
81
82
112
162
114
151
170

208
196
2J6
183
620
277
235
rigs
193
191
H» 5
134
168
206
193
173
170
1 Ho
312

W

111
lJo
121

79

88
94
111*
159
134
11*1
166
143

p—Preliminary#
r—Revised*
* Data "not y e t a v a i l a b l e .
V Annual indexes f o r 19W a r e preliminary#
2 / S p e c i a l a d j u s t m e n t s have been made t o t h e iron and s t e e l group index f o r November
and December 19ii9* The a d j u s t m e n t s a l l o v f o r t h e f a c t t h a t i n t h e s e months t h e r e
were marked d i v e r g e n c e s between changes i n output of p i r i r o n and s t e e l i n g o t s
and changes i n i r o n and s t e e l f a b r i c a t i n g a c t i v i t i e s , whiqh a r e u s u a l l y
r e p r e s e n t e d by output of p i g i r o n and s t e e l . I f computed by the u s u a l method,
t h e t o t a l index of i n d u s t r i a l production would be 3 p o i n t s lower in November
and 2 points h i g h e r i n December, and t h e indexes f o r manufactures, durable
m a n u f a c t u r e s , and iron and s t e e l changed a c c o r d i n g l y .




INDUSTRIAL PRODUCTION
(1935-39 average = 100)
Without
seasonal adjustment
1948
19#
Dec.
Dec. 1 ho v .

Annual
indexes
1

Adjusted f o r
seasonal v a r i a t i o n
I9k8
1949
Dec. | Nov.
Deo.
immFACIURj:S (Cont*d)
Paper and p r o d u c t s
Paperboard
Newsprint production
P r i n t i n g & publishing
Newsprint consumption
Petroleum & coal p r o d u c t s
Gasoline
Fuel o i l
Coke
Byproduct
Beehive
Chemicals
Paints
Rayon
I n d u s t r i a l chemicals
Rubber products

Pl65
193
9k
pl 60
152
P213
pl80
P187
P 58
p22*5
P137
P535
pi+25
p!92

177
210
9k
160
153
20i*
177
182
102
102*
23
22*3
12*2
, 317
2*18
195

153
167
100
15k
lkB
231
179
20k
18U
176
2*66
257
12*8
311
450

pl?6
95
103
63
p!57
plOl

152
130
133
117
163
7k

161*
137
12*5
103
177
110

*

200

pl66
193
92
pl63
159
p213
pl80
P187

177
210
95
167
167
202*
177
182

*

ro2

*

10l*

23

167
98
158
155
231
179
202*
182*
176
2*66
258
12*8
311
2*50

200

156
179
99
155
155
209
176
178
12*9
12*2*
206
22*1
139
235
2*15
186

162*
rlB5
r 96
152*
12*5
218
168
197
172*
168
393
252*
155
306
2*1*2
206

153

P 58
p2l*9
P138
p335
pl*25
pl92

22*7
li*l
317
2*18
195

P136
95
103
63
P157
P 77
P 6L*

152
130
133
117
16?
75
52*

16k
137
li+5
103
177
77
93

139
103
107
32*
157
107
183

l6l
139
12*7
112
172
120
219

131
96
12*9
95
135
51
12k
55

131
r202
136
82
123
r 56
139
60

100
12*5
12*2
77
123
151
127
57

12*1
rl82*
136
88
12*9
rl82*
12*6
68

MINERALS
Fuels
Coal
Bituminous coal
Anthracite
Crude petroleum
lie t a l s
I r o n ore

r—Revised

p--Preliminary

FREIGHT CiRLOADDOS
(1935-39 average * 100)
Coal
Coke
. . ..
Grain
Livestock
Forest products
Ore
Miscellaneous
Merchandise, l . c . l #

97
12*8
• 131
72
132*
ll*6
127
52

131
rl3i
1^2
96
152 . . 12*7
85
75
139
137
2*2
rl37
1L8
119
62
52*

97
155
123
69
119
2*5
120
50

Note {--To convert coal azi(* i a s c e l l a n e ^ s indexes to points in %ct-l index, shown
in Federal Reserve Char» doo/, multiply coal by #213 and miscellaneous by *$L8»
ly/ Annual indexes f o r 19^y &re preliminary.