Full text of G.12.3 Industrial Production : January 28, 1948

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BOARD OF GOVERNORS OF THE FEDERAL RESERVE

™ 5 g j 5 E s E T W
For release in afternoon papers, Wednesday, Jama:
.0.12.3

V7

BUSINESS INDEXES
1939 average * 100 for factory employment and payrolls;
1923-25 average 0 100 for construction contracts;
1935-39 average • 100 for all other series.
Adjusted for
seasonal variation
1946
15*7
Dec. | Nov.
Dec.
Industrial production
Total
Manufactures
Total
Durable
Nondurable
Minerals
Construction contracts,
value
Total
Residential
All other
Factory employment
Total
Dur ble goods
Nondurable goods
Factory payrolls
Total
Durable goods
Nondurable goods
Freight carloadings
Department store sales,
value
Department store stocks,
value

Without
seasonal adjustment
Annual
indexes
1947
1 1946
Dec. 1 Kov. i Dec. , 1947 1 1946

P191

192

182

P189

192

180

pl87

170

pl98
p228
pl?4
P 155

199
224
178
155

190
211
174
137

pl96
p226
P173
pl50

199
224
179
155

188
209
172
132

pl93
p220
1Pi 72
pl4S

IT/
192
165
134

193
163
217

154
143
163

*

173
157
167

125
122
12?

156.7
181.8
136.9

152.4 P157.8 157.2
177.1 pl83-l 182.1
133.0 P138.0 137.6

*
*
*

pl57-4
pl82.9
P137-3

*

*

*
*
*

*
*

ii

*

152.8 P154.0
177.0 P179.5
133.6 P133.9

344.8 306.2
3 % .5 337.3
306.1 275-b

*
*
*

153
143
lol
142.0
160.6
127.2
266.4
269-3
244.1

149

147

140

139

150

131

143

132

P300

300

276

p477

373

441

p2ob

264

*

272

274

*

294

235

«

213

p-.pMliminary •
Note:—Production, carloadings, and department etore sales indexes based an daily
averages. To convert durable manufactures, nondurable manufactures, and minerals
indexes to points in total index, shown in Federal Reserve Chart Book, multiply
durable by *379# nondurable by .46$, and minerals by .1)2.
Construction contract indexes based on 3-month moving averages, centered at
second month, of F. W. Dodge data for 37 Astern States. To convert indexes to
value figures, shown in Federal Reserve Chart Book, multiply total by
#10,269,000, residential by $164,137,000 and all other by $226,132,000.
Employment index, without seasonal adjustment, and payrolls index compiled
by Bureau of Labor Statistics.



2

mOJSfmUiL PBODUCtlON
i m ^ - 3 9 average --100)

.

T

.:
Without

Adjusted for '

. • • I seasonal varjNation seasonal adjustment
1946
.1946- ^ -1947
"... 1947
* Dee. 4 Nov. - Dec— Bee. - i" Hov; , Dec.

p—Preliminary.




Annual
indexes

19** 6

1947
*

MAHUFAC1URES
Iron and steel
P i g Iron
Steel
Open hearth
Electric
Machinery
Transportation equipment
Automobiles (incl.parte)
Nonferroue metals & prod.
Smelting & refining
Lumber and products
Lumber
Furniture
Stone, clay & glass prod.
Plate glass.
Cement
Clay products
Gypsum & plaster prod.
Abrasive & asbestos prod
Textiles and products
Cotton consumption
Rayon deliveries
Wool textiles
Leather products
Tanning
Cattle hide leathers
Calf & kip leathers
Goat and kid leathers
Sheep & lamb leathers
Shoes
Manufactured food prod.
Wheat flour
Meatpacking
Other manufactured foods
Processed fruits &
vegetables

-

p206
»
226 ,
165
513
P285
9238
P205
*

pieo
P155

pl42
P179
P201
l4l

202
197
222
182
503
281
2-34
201
184
177
150
137
176
201
143
*

pl62
p23l
P22?
pl66
131
289
*
*
*
*

*
*
'

*

pl 54
P i3o

Pl55
P159

P129

161

235
226
172
149
290

171
P125
122
141

88

93
106

pl27
156
143

159 p206
*
152
174 . 226
145
185
381
513
276 i»285
235 P238
187 P205
*
197 ,
pl81
181
l4l
pi4i
132 pl22
160 P179
210 P196
141
135

164

i4i

110

122
94
68
130

117

162
155

281.
234"

201
184
176
148
133
176
206
143
*

167
238
226
172
149
290

pl68

P237
p227
pl66
131

269

254
180

H5

~503

*

*

152
219
263

202
197
222
182

171

*

pl27
126

*

•

*

147

*
*
!

*

.

•

»
Pi 50

•

91
90
112

P127

151
158 . 168

Pi 29
pl82
P157

159
144
189
165

170

plOl

118

170

129

Pl95 !

150
146

P 213

162
140
322
240
232
159
157
140

159
152
174
145
381
276

P*66
P2?6

235
187
197

P230
P191
P187

182
129
114

160
203
135
*

pl91

Pi??

P186
Pl43

P132
pi65

IP 206
pi50
*

158
224
263
164
141
254
180
114
110
122
92
68
124
117
157
153
175

pl6?
p224
hp 239
tp 163
pi43
P 272
pi64
pl.17
pllS
1pl33
P 95
p 87

164

pll6
pl 56
pl47
pi54
P 159

132

P 139

plOl

131

122
147
192
125
-

*

148
204
250 •
162
147'
245
171
.122
109
125
82
56.
134
131
149
133
130
158
158

,* Data not yet available.

INDUSTRIAL FROIXJC^N
(1935-39 average « 100) *
AdjusWd 'rttf5 vc- 71 /' Without
asasonal .variation.- aeasqt|6l. adjustment
1947
1#7
i 1^6
D6c . -1 Hov..~ .a&L- VBec.ij - Nov.j Dec.
• ,i—V

MANUFACTURES (Cont'd.)
Paper and products
Paperboard
Newsprint production
Printing and publishing
Newsprint consumption
Petroleum & coal products
Gasoline '
Coke
Byproduct
—
Beehive
•
Chemicals
Bay on
Industrial chemicals
Rubber products

*

177
88
Pl50
131
*

Pl59
*-•

PU23
p250
p296
pii28
p226

150
165
168
186
90 - 87
138
153
120
137
pL73
P203
ll*8 •
159
177 • lL.3- . 1 7 0 - 139:
278
4n
^502L9 '
' 296 * 2 6 0 '
42? -,i 422
.226 - 252

.... -

.

'
*
165
186
177
. 91
67
P153 ; 159
138
149
c p203
pi 59 • 159
* . 177
170
4ll
pL23
p251-' ; 251
296
p296
pli28
427
226
p226

Annual
indexes
i 1946
1947. 1

.

pl58
150
163
pl79
85
P 91
pi44
1U1
126 • pi 29
pl73
P193
148
P152
pl70
143
pl65
139
£78
P399
£50 " p250
£60
p285
422
pU3i
p226
252

145
164
85
127
. 114
P173
140
136
132
2?1
236
255
39b
225

MINERALS
Fuels
Bituminous coal
Anthracite
Crude petroleum Metals
Iron ore
.

pl62
pi64
pill
pl6o
* ,

163
%4l
130
169
119 ' 121165'
147 •
Ill
pl06

pl62
pi6l».
pill
plu6
*
# .

163
169
119
165
pioL
159

1 41

133

121
147
76
53

11*2
pl 55
pi 55
133
pll2
119
148
Pl59
88
PU7
p201 - 155

• Data not yet available.

p-^Preliminary.
FREIGHT CAELOADINGS
(1935-39 average « 100)
Coal
Coke
Grain
Livestock
Forest products
Ore
Miscellaneous
Merchandise, l.c.l.

155
191
138
96
159
192
156
74

loO
132
155
195
162"
?45,
105 " 122'
156
150
rl46
163
148
151
81
75

160
155
20l
195
142
.130
92 • 133
: 147
114
60
163
147 ' 158.
: 77
71

132
163
152
118
139
45
139
78

147
182
150
107
153
181
148
75

130
146
,138
.129
143
136
>139
r 78

r—Revised
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 »5*6*