Full text of G.12.3 Industrial Production : March 24, 1948

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riNFDUEsawrnoNj
BOARD OF GOVERNORS OF. THE FEDERAL RESERVE SYS' EM
For release in morning papers, Ahuroday, Murcb 25, te-

G.12.3

MAR 2 51948

Murch 24, 1SA6

BUSINESS INDEXES

1939 average • 100 for factory employment and payrolls;
1923-25 average * 100 for construction contracts;
1935-39 average • 100 for all other aeries.
Adjusted for
seasonal variation
1948
1947
Feb. 1 Jan. Feb.
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
Freight carloadinge
Department store sales, value
Department store stocks, value
p—Preliminary•

without
seasonal adjustment
1948
1947
Jan.
Feb.
Feb.

P195

193

189

pl89

189

185

p200
p226
P179
P155

200
228
177
155

197
222
176
IJ46

Pl96
p224
pl74
P150

196
226
173
150

193
220
171
l4l

*

191
152
223

151
152
149

•
*

156
126
181

131
135
127

157.5
184.0
136.7

154.4
180.8
133.6

156.9
183.4
136.0

153.7
180.1
133.0

350.2
392.6
308.7

310.6
316.6
277.4

*
*

P156.2
piei.i
pl36.6
WW

*

P155.5
piao.3
pl36.0
*

• •

• •

• •

—

*
—

*

139

12*5

11*2

129

133

133

p283

285

266

P237

224

222

287

275

251

252

*

#

* Data not yet available.

Bote:—Production, carloadings, and department store sales indexes based on 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 .469, and minerals by .152.
Construction contract indexes based cm 3-month moving averages, centered at
second month, of F. V. 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 $226,132,000.
Employment index, without seasonal adjustment, and payrolls index compiled
iyr Bureau of Labor Statistics.




INDUSTRIAL PBODUCTltil
(1935-39 average - 100)
Adjusted fpr
seasonal.i^ati on
EEl
Feb.
Fefc/f^pn.

Wi thout
seasonal adjustment
M E
ZEE
Jan.
Feb.
Feb.

MANUFACTURES
Iron and steel
Fig Iron
Steel
, Open hearth
Electric
Machinery Transportation equipment
Automobiles (incl. parte)
Honferrouajeetale & products
Smelting & refining
Lumber and products
Lumber
Furniture'
Stone, clay & glass products
Plate glass
Cement
Clay products
Gypsum & plaster products
Abrasive & asbestos products
Textiles ajoid products
Cotton consumption
Bayon deliveries
Wool textiles
Leather products
Tanning
Cattle -M de-leathers
Calffctipleathers
Goat and kid leathers
Sheep & lamb leathers
Shoes
Manufactured food products
Wfreat-flour ...
Meatpacking
"Other manufactured foods
Processed fruits & vegetables
p—Preliminary.




p20Z
*

225
180
550
P283
P236
P198
*

P191
pl5fc
P141
Pl79
P203
166
•
Pl69
P25^
PS23
Pl77
153
293
*
. •

#

*
*
*
*

«
pl58
.pl>0
pl%5
pl6b
pl43

203

m

m

191
224
207
182
174
446
526
286
277
244
233
190
206
208
3#
190
187
156 . 147
143
137
180
167
219
199
154
149
203
199
181 : 164
247
232
260
192
173
177
161
153
262
299
178
178
120
120
118
115
134
131
85
99
81
95
108
100
121
123
156
158
140
158
""'I5<rr~- 159
165
158
137
139,

p202 .

191
203
• 191
197
224
. 20?
225
180 . 182
174
446526
550
286
p283
277
244
233
P236
206
190
P198
208
194
190
167
P191
pl4l
138
135
118
pl21
117
180
167
P179
205
187
P189
166
149 .
154
161
154
pl62
16?
156
221
p242
237
260
p223
192
173
177
P177
161
153
15 3
262
299
293
178
178
120
123
116
127
134
145
83 ' 104
84
95
119
93
121
123
146
140
P143
pl4l
160
140
152
P139 • 175
143
152
pl5l
: 86
SI
P90
*

*

*

*

*
*
*

•

*

*
*
*

* Data not yet available.

3. -

INDUSTRIAL PROLOGTIOK
(1935-59 *v8rage « 100)

•**

, Without
seasonal adjustment
1948
w
Feb. I. Jan. ..Feb*

. Adjusted for
'• seasonal variation
1968
1 *Jia«
P»b.

mi

MANUFACTURES (Cont'd.)
Paper and products
Paperboard
Newsprint production
Printing and publishing
Newsprint consumption
Petroleum and coal products
Gasoline
Fuel oil
Coke
Byproduct
Beehive
Chemicals
Rayon
Industrial chemicals
Rubber products

*

179
83
P153
144
p211
P152
p205
*

p429
P256
P300
p443
p215:

MINERALS

'' *

Fuels
Bituminous coal
Anthracite
Crude petroleum
Metals
Iron ore

pl6l
pl55
pll8
pl68

•

"
•

s

p—Preliminary.

163
187
82
148
134
p2i4
pl60
P205
178
171
44o
255
298
438
223

157
161
89
U*0
125
P165
143
170
172
165
1*16
251
276
429

162
161
112
P167
lis

150
162
107
150
122

2l£

*

179
83
pl 51
141
p211
P152;
P205
\ ,*
*

p429
P256
P300
p443
-215

163
187
82
144
125
P214
pl6o
p205
178
171
ao
254
298
- 438
223

m
1#

165
416
252

S76
429
246

pl6l
162 ' ;
P155 " 161'
pi 18" • 11$
pl68
pl67
*
81
*
' 7b

150
162
107
150
84
73

.

'

•

* Data not yet available.

•FREIGHT CARLOADINGS
(1935-39 average - 100)

"

•

'
•

Coal
Coke
Grain
Livestock
Forest products
Ore
Miscellaneous
Merchandise, l.c.l*

157
181
89
138
122
#85
.143

m
"

178
103
76
140195
146
71

183
132
.. 84
153
180
152
68

"13?—
145
188
171
101
147
6l
-111—
166
135
172
49
137
145
69
76

•

™ w 182
144
81 - ~ .88
159
137
43
45
136
139
65
74

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 .549