Full text of G.12.3 Industrial Production : July 22, 1939

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*

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SY3TBi

Released for publication
Monday morning, July 24

F&5 BI - 179
July 22, 1939
BUSINESS INDEXES
(1923-1925 average » 100)
Adjusted for
seasonal variation
1938
1939
June 1 May
June

Industrial production
Total
Manufactures
Total
Durable
Nondurable
Minerals
Construction contracts, value
Total
Residential
ill other
Factory employment
Total
Durable goods
Nondurable goods
Factory payrolls
Total
Durable goods
Nondurable goods

Without
seasonal adjustment
1938
1939
June
May
June

P97

92

77

P98

94

77

p96
p31
pl09
pl05

91
71
108
98

74
50
95
92

P96
p84
pl07
pl05

94
78
107
97

75
52
94
92

p63
p58
p66

63
55
68

54
42
64

P 72

75
65
84

63
46
76

90.4
82.2
98.2

82.4
71.9
92.4

90.1
33.3
96.7

81.6
72.4
90.3

84.4
79.5
89.9

70.8
61.7
80.9

*
*
*

e * '

# #

..

# •

p63
p80
*
#

#
*

*

Freight-car loadings
Total
Miscellaneous

67
71

62
70

58
62

67
74

62
73

58
64

Department store sales, value

86

85

82

83

87

79

p66

66

68

p64

68

65

Department store stocks.i value

>—Preliminary.
tote:—Production, carloadings, 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 ,537.
Construction contract indexes based on 3-month 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, OCX).
Employment index, without seasonal adjustment, and payrolls index compiled
by Bureau of Labor Statistics.



2.
INDUSTRIAL PRODUCTION
(1923-1925 average»100)
Adjusted for
seasonal variation .

fa
une

Without
seasonal adjustment
1938
1939
June
June i May

LAHUFACTURES
Durable goods
Iron and steel
Pig iron
Steal ingots
Automobiles
Locomotives
Cement
Plate glass
Tin deliveries
Beehive coke
Nondurable roods
Textiles
Cotton consumption
Silk deliveries
Slaughtering and meat packing
Hogs
Cattle
Calves
Sheep
IThoat floor
Sugar meltings
Newsprint production
Newsprint consumption
Leather and products
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Petroleum refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Tobacco products
Cigars
Cigarettes
Manufactured tobacco
p—Preliminary.




89
73
90
81

89
72
90
91

79
56
81
88

*

*

*

88
93
102
2

46
36
47
52
14
86
72
73
4

124

75
89

46
36
47
46
U
69
80

P5

2

5

112
93
P5

pUfl
115
84
67
73
103
104
143
100
66

104
110
76
94
84
104
108
142
95
72

87
88
101
81
58
108
110
151
98
78

pl05
111
75
86
76
96
108
140
88
78

104
113
75
92
81
101
122
139
90
81

83
85
90
80
60
101
114
148
86
93

#
*

65
127

51
123

»

*

66
131

52
122

pllO

113
94
91
89
104
211

91
75
74
76
74
193

pl06

104
88
87
85
96
211
269
119
143
119
172
78
248
85

87
73
73
74
74
192
248
109
126
103
169
80
241
86

*
*

*

«
*
*

*
• «

73
55
74
73
*

• •

*
#
#

*
#

*

*

124

117

*
#
*

170
75
247
84

170
75
246
85

154
73
219
84

186
81
272
86
*

Data not yet available.

3,
BfflUSTHJAL PRODUCTION
(1923-1925 average-100)
Without
seasonal adjustment
1939
| 1933
May
1 June
June

Adjusted for
seasonal variation
1938
1939
June
June | May
MINERALS
Bituminous coal
Anthracite
Petroleum, crude
Lead
Zinc
Silver
Iron ore

P72
p59
plTO
*

90
#

67

46
73
175
82
89
71
55

p—Preliminary.

40
73
177
80
90
69
82

p64
p51
P173

57
76
153
64
70
91
34

*

87
*

132

51
64
156
65
68
89
67

# Data not yet available.

|

FACTORY EMPLOYMENT AND PAYROLLS
<1923-1925 average-100)

Durable goods
Iron and steel
Machinery
Transportation equip.
Automobiles
Nonferrous metals
Lus&er and products
Stone, d a y and glass
Nondurable roods
Textiles and products
Fabrics
Wearing apparel
Leather products
Food products
Tobacco products
Paper and printing
Chemicals and petroleum
products
Petroleum refining
Chemicals group,
except petroleum
refining
Rubber products

*

*
*
*
*
*
*

86.7
94.4
86.3
88.9
93.2
65.2
69.7

77,8
86,0
61.1
60,0
81,3
59.9
63,2

*

#
#
#

*
*

96.4 87.4
89,0
79,3
111,7 104.1
88.1
84,4
123.7 121.2
65.2
63.7
106.3 103,0

*

«

113.1 108,4
117.6 120.4

#
*

112,0 105.5
81.2
71.3

*

*
*

*
#

#

#
*

87.3
94.9
90.3
93.3
92.4
66.3
72.5

l

I

Payrolls
En®la|naent
Without
Without
Adjusted for
seasonal adjustment
seasonal variation
1939
r VW
1939
1938
1939
,1923
Juq*» I Maar 1 June
May 1 June
June 1 May
June
June
77, a
86.1
62.4
61.5
79.8
60.7
65.8

•K
*

•K#

*
*«-

*

*
*
*

96.1
84.6
88.4
77.2
112.2
99.7
81.8
87.0
116.8 H 9 . 4
62.8 64.8
106.0 101.9

»

111.6 105.2
117.0 121.1

*

*
*

#
#

110.3 101.4
81.2
TO. 6

*
*

#
#

*

*

»
#

78.5
94.9
87.6
8b.O
86.8
58.2
63.7

77.8
62.4
61.2
74.3
82.0
'2.6
64.2
',7.5
120.9 121.7
55,8
59.4
96.0
103.9
120.5
132.1

112.8
137.3

116.9 105.1
82.1
63.5

* Data not yet available.
Note:—Indexes of factory employment and payrolls are for payroll period ending
nearest the middle of the month.

http://fraser.stlouisfed.org/
I Bank of St. Louis
Federal Reserve

59.1
76.4
57.4
54<4
66,3
>1.2
56,4