Full text of G.12.3 Industrial Production : March 24, 1939

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BOARD Oi GOVERNORS OF THE FEDERAL RESERVE SYSTEM
R&S BI - 175
March 24, 1939

Released for publication
Sunday moraine, )iarch 26
BUSINESS 11TOEXE!>
(1923-1925 average » 100)

•

Industrial production
total
Manufactures
Total
Durable
Honourable
Minerals
Construction contracts, value
Total
Residential
All other
Factory employment
Total
Durable goods
nondurable goods
Factory payrolls ,
Total
/
Durable goods
Hondurable/goods

Adjusted for
seasonal variation
1939
1938
Feb, ( Jan.
Feb.

Without
seasonal adjustment
1939
1938
Feb.
Feb. 1 Jan.

p98

101

79

p99

99

79

p97
p63
pl03
pl09

100
88
110
110

75
54
04
103

p98
p03
pill
pl04

98
84
111
106

76
54
96
98

p71
p55
p85

86
55
111

61
32
66

p62
p49
p72

70
46
90

44
28
16

88.9
81.0
96.4

pB0.7
p82.6
p98,4

69*5
81.6
97.0

88
80
95

dB5*3
p78e3
p93.1

83.2
76.4
90.9

76
67
87

pSl.3
p83.4
p98.8

91.7
83.6
99.4

• •

• *

* #

Frelght-oa/ loadings
Total /
Miscellaneous

67
75

69
76

62
69

62
64

63
65

67
59

Department store sales, value

87

88

68

69

69

70

Department store stocks, value

68

b7

70

66

60

67

//jp~.Preliminary.

Botes—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 Z-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 deserve Chart Book, multiply total by
1410,269,000, residential by $184,137,000, and all other by $226,132,000.
Employment index, without seasonal adjustment, and payrolls index compiled
by Bureau of Lubor Statistics.



2,

INDUSTRIAL PRODUCTION
(1923-1926 average=100)
Adjusted for
seasonal variation
1938
1939
Feb.
Feb. I Jan#

Without
seasonal adjustment
1938
1939
Feb.
Feb. i Jan.

MANUFACTURES
Durable goods
Iron and steel
Fig iron
Steel ingots
Automobiles
Locomotives
Cedent
Plate glass
Tin deliveries
Beehive coke
nondurable goods
Textiles
Cotton consumption
Silk deliveries
Slaughtering and meat pecking
Hogs
Cattle

Calve*

Sheep
Hhe&t flour
Sugar meltings
Mewaprint production
lewsprint 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 *




80
135

94
72
96
105
13
69
147

50
46
51
62
19
57
35

pS

6

pl09
111
97
83
67
100
108
167
94
70

87
73
88
98

8

48
133
72
p7

90
71
92
105
11
42
147
66
7

53
47
53
62
19
34
35
65
10

109
110
107
87
74
97
111
150
92
106

79
85
88
86
66
109
111
164
89
83

pll5
119
104
83
74
68
100
147
91
69

114
116
122
101
100
98
104
151
90
70

84
90
94
85
73
96
104
154
86
81

61
123

61
121

53
129

61
122

62
116

53
127

pl22

103
81
79
69
81
195

pi 24
*

*
*

124
103
100
118
97
205

*

112

113

114
98
101
98
92
205
262
115
145
106
157
61
232
79

104
83
84
82
84
196
243
115
145
114
143
63
206
78

•
*

m

• •

•#
• •

162
77
231
78

# •

165
79
237
78

157
73
226
77

91
76
92
98
»•

*
*

*
*
m
•
*
*
147
67
211
79

* Data not yet available.

3.
INDUSTRIAL PRODUCTION
(1923-1925 average » 100)
Adjusted for
seasonal variation
1958
1939
Feb .
Feb# 1
MHEHALS
Bituminous coal
Anthracite
Petroleum, crude
Lead
Zinc
Silver

p79
p61
pl68
87
# #

64
53
171
67
90
96

76
69
171
70
88
86

Without
seasonal adjustment
1938
1939
Feb.
Feb. | Jan.
p83
p66
pl64

.»

93
e•

83
74
164
71
94
86

.

68
57
168
69
97
104

p*.-Preliminary .
FACTORY E&PLOYMEKT AHD PAYROLLS
(1023*1925 aver&ge=100)
Payrolls
Bnplojrnent
Without
Without
Adjusted for
seasonal adjustment seasonal adjustment
seasonal variation
1938
1939
1939
1938
1939
iis?;
Fob,
Feb.
Feb.
Feb. | Jan.
Jan. 1 Feb,
Feb, I Jan.
Durable goods
Iron and steel
Machinery
Transportation equip.
Automobiles
Bonferrous metals
Lumber and products
Stone, clay 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
ttubbfcr products

85.7
87.7
92.2 100.0
77.0
93.3
77.4
102.1
88.4
94.0
66,3
65.6
67.6
73.6

87.2
85.9
95.4
91,5
96.5
95.8
105.2 106.2
93.5
92.4
62.3
61.9
66 .5
66.4

80.3
99.7
79.9
82.1
88.0
60.6
63.0

79.8
91.6
91.6
97,0
87.8
52.8
57,7

98.2
89.6
115.9
92.8
121.8
63.9
105.9

98,4
90,0
116.0
92.8
124.2
64.6
106.0

92.2
61,1
116.2
89.9
124.2
64,2
106.1

100.9
91.9
119.4
96.6
111.3
62.7
105.9

97.5
90.8
111.0
92.9
113.7
59.2
105.7

94.7
83.1
U S .8
93.5
113.3
63.2
106.1

87.2
80.9
96.6
83.1
112.2
51,2
102.5

111.7
117.6

112.3
117.7

114.4 112.2 111.9
122.9' 118.4 117.1

110.3
81.2

111.0' 112.4r 111,1
81.3
81.2
74.1

87.6
93.9
92.6
99.2
93.9
65.3
71.4

110.6
81.1

77.7
87.4
91.9
100.6
84.7
52.0
56.8

80.8 77.9
78.7 69.0
82.4 92.8
77.5 77.0
115.2 114.2
49.7 52.6
102.2 101.2

115.1 119.9 119.7 117.3
121.7' 132.2 154.5 138 .2
113.4
74.1

116.1
82.4

115.2 110.8
83.9 58.9

Sot%: --Indexes of factory employment and payrolls are for payroll period ending
nearest the middle of the month• February 1939 figures are preliminary.



63.2
91.1
66.9
62.7
74.4
48.0
51.3