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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Released for publication
Saturday morning, June 24

HAS BX - 178
June 22, 1939
BUSINESS INDEXES
(1925-1925 average * 100)
Adjusted for
seasonal variation
1938
1936
1 Apr.
W

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
May
&V
1 Af.

p92

92

76

p94

96

77

p91
p72
pl07
p98

92
76
105
96

73
51
93
91

p94
p79
pl07
p98

96
84
106
88

75
65
93
90

p61
p55
p66

67
58
74

61
37
62

p73
p65
p80

76
68
83

61
44
76

90.9
83.2
98.2

83.7
74.1
92.9

91.2
84.1
98.0

83.4
75.0
91.5

84.9
80.2
90.2

72.9
64.2
82.6

*

*
*

*
*

*
*
*
*

Freight-oar loadings
Total
Miscellaneous

62
70

60
70

58
61

62
73

58
72

57
64

Department store sales, value

85

88

78

87

88

80

Department store stocks, value

p66

67

69

po8

69

71

p—Preliminary.
* Data not yet available!
Bote:—Production, oarloadings, 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 .557.
Construction contract indexes based on 5-month moving averages, centered at
second month, of F. W. Dodge data for 37 Eastern States. To convert indexes to
value figures, shewn in Federal Reserve Chart Book, multiply total by $410,269,000, residential by $184,137,000, and all other by $226,132,000.
Bnployment index, without seasonal adjustment, and payrolls index compiled
by Bureau of Labor Statistics.



2.
INDUSTRIAL PRODUCTION
(1923-1925 average=100)
Adjusted for
seasonal variation
m a
1958
Hay
| tor.

Without
seasonal adjustment
1938
1939
May
t Apr,
*ay ,

MOZFACTURBS
Durable goods
Iron sad steel
Pig Iron
Steel ingots
Auteeobilee
LOMMtlTM
C«Mafc
Plate gleet
Tla deliveries
Beehive ooke

Leather and products
flatting
Cattle hide leathers
Calf and kip leathers
Coat and kid leathers
Fetroleua refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
Tobacco products
Cigars
Cigarettes
Manufactured tobacco
p—Preliminary.




51
41
52
69
12
82
47
69
6

97
108
88
90
81
99
105
155
100
94

77
81
87
84
66
105
110
164
86
81

pl04
113
76
92
81
101
122
159
90
81

100
113
B7
81
72
87
114
127
91
109

77
83
66
82
64
100
126
161
81
91

66
127

68
rl30

55
rl26

66
151

54
rl39

54
129

pll4
s

105
75
77
68
74
198

pioe

*
*
*

114
96
91
101
106
199

116

112
94
91
91
105
199
249
121
143
115
161
72
215
78

97
71
73
65
69
197
253
114
133
108
165
72
240
84

79
res
81
87

*
89

81
88

47
40
48
49
12
69
44

* •

»•

»»

P*

2

pl04
110
76
94
84
104
108
142
85
72

*

,

nondurable good#
Testttes
'
'
Cotton oonsuaption
811k deliveries
Slaughtering and meat packing
Hogs
Cattle
Calve#
Sheep
Wheat flour
Sugar meltings
XewsprlBt production
Bewsprint ooaisuHptlon

6

98
108
p2

88
r?0
90
106
*
79
91
82
2

75
56
74
75

*

.
.

*

*

122

••

«#

* e

e e >

170
75
246
65
r—Revised.

79
56
81
86
*
*

*

„

#

*
*
*
*
*

»
•

164
77
236
81

165
70
237
84
'

172
78
248
as

* Data not yet available.

3.
INDUSTRIAL PRODUCTION
(1923-1926 average-100)
Without
seasonal adjustment
r 1%$
:
: :1939
May
May
1 Apr*

Adjusted for
seasonal variation
1S38
im
May
May
1 Apr*
MINERALS
Bituminous ooal
Anthracite
Petroleum, crude
Lead
Zinc
Silver
Iron ore

p46
p73
pl76
•• *

89
*

55

67
64
156
60
79
92
19

31
80
174
71
91
101

p~Preliminary

26
83
174
70
94
102

p40
p73
pi 77
•

90
m

82

49
64
158
59
80
89
28

* Data not yet available.
FACTORY DEPLOYMENT AND PAYROLLS
(1923-4.926 average*=100)
BBPICQwent
Adjusted for
Without
seasonal variation
seasonal adjustment
j W "
16*9
1938
A jr
**y . P » 1 *»y
1
"ay , 1 *P*>

%

Durable goods
Iron and steel
Machinery
Transportation equip*
Automobiles
Honferrous metals
Lumber and products
Stone, olay and glass
Nondurable goods
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

*
#
*
*
•
*
*

87.6
94.9
90.4
96.3
93.6
64.6
72.2

80.2
89.1
65.1
65.3
82.4
60.9
63.4

*
*
*
*
*
*
*

96.4
88.3
113.8
91.7
122.3
63.2
106.3

87.6
78. 6
106.6
87.1
120.0
64.8
103.7

•
*

112.8 110.2
116.7 121.5

*
*

111.9
81.4

107.5
71.3

.

88.3
95.1
95.4
102.1
93.4
64.3
72.7

*

#
*

*
*
*
*

•
*
*

•
*
$
*

»
*

*
*

•

80.7
89.7
68.2
68.6
81.8
61.0
66,0

98.6
87.4
88.8
78.0
119.0 107.2
94.0
86.0
114.0 113.6
61.8
63.8
105.9 103.4
114.9
116.1

108.8
120.9

114.6
82.1

105.9
71.4

Payrolls
Without
seasonal adjustment
1939
1 1938
May t Apr. } May
*
*
*
*
*

*
*

•
*

*
*

*
*

*

*

*
*

80.1 62.7
93.8 80.6
94.4 59.5
99.5 56.8
86.2 69.0
55.7 50.5
62.6 57.7
79.8 66.3
73.9 62.0
88.8 72.5
74.5 60.9
114.0 117.3
53.0 66.6
103.3 98.5
120.5 115.7
128.5 139.6
118.0 108.3
83.0 63.3

Bote*—Indexes of factory employment and payrolls are for payroll period ending
nearest the middle of the month. May 1839 figures not yet available.



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