Full text of New England Economic Review : August 1962

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Part I, The New England Experience

Retraining the Unemployed
Retraining the unemployed is to be vastly increased by the Federal Manpower
Development and Training Act of 1962. However, the practice of retraining the
unemployed is relatively new and very little actual experience has been obtained.
Two New England states have had pioneering programs in retraining the unemployed, one of which anticipated by several years the first pilot federal program
under the Area Redevelopment Act of 1961. New England has also participated
fully in the ARA program. It is therefore possible to gain some valuable information by looking at the first experiences of retraining in New England.
Seventy-seven percent of the 638 New England trainees of the Area Redevelopment Act have been placed in jobs related to their training with another 5 percent
being placed in other jobs after training. Some of the placements have been outside
the redevelopment area. This program has had from the start a handicap in that a
redevelopment area by definition does not have a normal demand for labor. It should
be noted that l 00 percent placement is not necessary for retraining to be considered
a success.
(Continued on page 2)

~ ~ Review of the Second Quarter:

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Another Puule in Business Trends, page 5.

Supplementary statistical material describing the joint research project by the Massachusetts Division of Employment
Security and the Federal Reserve Bank of Boston may be
obtained from the Bank's research department.

The significance of the Connecticut and Massachusetts state programs initiated before ARA is
that they are not confined to but include "depressed areas," and therefore provide a better
test of the effectiveness of retraining than the
ARA program.•
Connecticut Retrainirig
Early in 1961, the State of Connecticut instituted the Community Action Program training
course for the unemployed. The combined efforts
of the vocational, apprentice training, and research staff of the State set up a program which
was first instituted in Bridgeport on May 15,
1961. Seventeen machine tool operator trainees
started a course in the local high school. Since
then 660 unemployed workers have been trained
in skills including welding, machine tool operation, and power sewing machine operation. In
each case the job openings were identified and
assurances were obtained from employers who
said that they could absorb any trainee graduated from the course. Comprehensive testing and
interviewing was done for the selection of the
trainees. A curriculum was developed and classes
scheduled to be taught at the local technical high
schools with no charge for tuition. The unemployed were able to continue receiving unemployment compensation during training. Almost
all the trainees participating in the Community
Action Program have been placed in jobs which
will give them on-the-job experience in their
new skills.
The Connecticut program was similar to the
Area Redevelopment program in that extensive
screening of applicants was done, and only specific programs were offered to the unemployed.
Massachusetts Retraining
The Massachusetts program is an older, and
far different type of retraining program. A
series of amendments to the unemployment compensation benefit law were made starting in 1956
so that an unemployed person taking a vocational training course could be considered as
"available for work" and therefore eligible to
receive unemployment compensation benefits
while training. In fact, an 18-week extension of
the benefits was provided if this extension were
necessary to complete the approved course providing potential benefits of 48 weeks.
•The Area Redevelopment program in New England was
described in the April 1962 issue of the New England
Business Review . Since that date four additional courses
have been approved for 355 unemployed individuals in
New England "redevelopment areas."

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Each course was selected by the trainee and
approved by the appropriate state agency, Division of Vocational Education or Division of Employment Security, if it would "serve as a means
of realizing employment." The student paid
tuition, if any.
Although no major advertising of this program has been done, approximately 1,300 individuals have taken advantage of the program
since the first active year (1958) with approximately 300 having had a year's work experience
since their retraining. This latter group does
represent one of the largest groups of unemployed who, I) have had retraining, 2) have reentered the labor market, and 3) have a year's
work experience since retraining.
A joint research project was undertaken by the
Federal Reserve Bank of Boston and the Massachusetts Division of Employment Security in
order to evaluate the success of the retrainees
under this program. A questionnaire was sent
to the 900 who had participated in approved
programs by the end of 1961, for most of 1962
applicants were still in school. More than threefourths of all those surveyed responded. In addition, a survey of other claimants who were similar in age, sex, previous occupation, geographic
region, and date of compensation was made to
establish a control group, i.e., a group of people
with similar backgrounds, who had not had retraining. The purpose of this control group was
to establish whether the change in income and
steadiness of employment was due to retraining
or to some other factors such as a better business
climate which would affect all such individuals.
Improved Annual Income
Initial placement is just one test of the effectiveness of retraining. A more difficult and perhaps more important question is: Does retraining
improve income and job stability?
The survey of the retrainees of the Massachusetts program has yielded some impressive results
as to the effectiveness of retraining. Those people
in this program who: I) were laid off, 2) took
some form of vocational training, and 3) have
been out working for more than one year, on
the average increased their yearly income by
almost $1,000, or 35 percent.• The increase in
yearly income for people who were similar to
the retrainees but who did not have the advantage of retraining was $250, or l 0 percent in the
•It was possible to quit a job to go to vocational school.
serve the required IO-week disqualification period for
quitting, and then apply for benefits. About 20 percent
of the applicants were of this type. The results · of the
voluntary quit group were separated from the invol untary separation group for the above statistics. In
general, the voluntary quit group did significantly better
than the control group, but not quite as well as the
involuntary separation group.

New England BUSINESS REVIEW

same time period. Retraining did pay off for the
50 percent.
typical _ trainee in the Massachusetts program,
Perhaps the greatest testimony of the effecalthough more of the improvement in their antiveness of the program itself is from the many
nual income came from increased steadiness of
comments which were written on the questionemployment, rather than an increase in weekly
naire by the retrainees.
wage. The increase in weeks worked per year
There is a statement of this success from a
was 7 weeks, providing almost steady employ23-year-old male from Somerville who had taken
ment (48.7 weeks per year) while the $8.50 ina course in the operation and wiring of I.B.M.
crease in weekly wage was not much greater than
machines. His testimony follows:
the control groups.
The training I was able to receive made it
possible for me to obtain a good position with
The courses taken by the retrainees were degreat opportunity for advancement. I certainly
termined by individual choice, limited only by
feel that many good workers can be retrained
the available institutions with courses that would
and helped to find steady employment.
be approved by the respective state agencies. As
This
particular individual had worked for 36
it developed, the courses taken were mainly in
weeks
in the previous year at $50 a week. He
preparation for entrance in the service or clerical
is
now
working with I.B.M. equipment at $90 a
field. In fact, half of the whole group was studyweek and working steadily. Another man who
ing to be barbers and beauticians. Six percent
was successful in electronics had this reply to the
of the group were studying to become I.B.M.
question:
Would you have taken the course
office machine operators. A substantial number
without
unemployment
compensation benefits?
of women took a course to qualify as a registered
I
would
have
continued
to try and complete
practical nurse. Other women were taking
my desired education, but I must not minimize
courses in stenography and typing. Technicians,
that help that I received through the unemploymainly electrical, accounted for 9 percent.
ment office. It gave me a feeling that, because I
One of the advantages of this type of training
was trying to improve myself, they were willing
to help me financially.
program was that there were more than 72 types
of training courses offered by both public and
Receiving unemployment compensation while
private institutions taken by these trainees rangthey were learning did provide strong motivation
ing from training to be hospital attendants to a
for self-improvement for other individuals as
six-week course in teacher training.
well. From a woman taking a secretarial course
Because there were so many different courses
came this quotation:
with relatively few in each course - except for
[it is] very satisfying to know that you can
receive an income while learning. More of an
the barbers and beauticians - it was possible to
incentive to improve your position.
compare meaningfully the results of the various
types of training for only a few categories. The
Many of these individuals, particularly those
group taking I.B.M. machine courses did fare
who had quit their jobs, were highly motivated
better than the barbers and beauticians (at least
and would have taken training without the aid.
during their apprenticeships). The practical
However, almost 60 percent of those who were
nurses increased their weekly wage by $8, to $57,
"laid off" would not have taken the course had
and the I.B.M. operators by $ 10, to $75. The
it not been for the program. With the aid of the
program, 90 percent of the entire group finished
barbers and beauticians actually suffered a loss
in weekly wage of $ 10, to $65. But the latter
their course work successfully.
group still managed to increase its annual income
Many of these workers were motivated by the
by a one-fourth increase in employment time.
drive to obtain steady employment as evidenced
If the experience of the barTRAINEE CHARACTERISTICS
bers is excluded
from the experiMass.
Ma ss.
Yea rs of
United States
Mass.
Ma ss.
Ag e
ence of the other
Tra inees Unemployed
School Completed
Unemployed Unemployed
Trainees
Group
retrainees, the re31.2%
12.4%
8 & under .... . ... . . ..
33.2%
14.9%
Under 25 ..
51.8%
sults of the re19.6
17.6
25.6
maining trainees
25 - 34 ....
21.1
18.7
9 & 10 ... . . . ... . ... ...
are even more im17.1
21.6
12.5
35 - 44 .. •..
39.7
58 .0
11 & 12 . . . ...... ... ...
pressive. There is
15.7
8.1
21.3
45 - 54 ....
4.9
7.1
1 or 2 (co ll eg e) . .. . . . .
a 16 percent in10.6
13.7
1.5
55 - 64 ....
3.1
(college)
3.8
More
than
2
crease in weekly
3.8
11.7
.5
65 & Over . .
wage and an in10.0
10.9
Ave rag e educati on . . . . .
35
43
28.4
Average Ag e
crease in average
Source : U.S. Dept. of Lobor and Mass . Division of Employm e nt Security.
annual income of

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by this quotation from a 41-year-old housewife
now making $40 a week as a beautician:
Two years ago I came over here from England.
It was quite easy to find a job, but not a steady
one. After a few weeks there was always the inevitable layoff. That is why I took the course.
(Beautician). Since finishing school I have had
steady employment. If it had not been for help
I received from the Division of Employment
Security, I doubt if I ever could have finished the
course.

The attempt of the individuals to get a defense
against the irregular employment opportunities
in many of the industrial shops is illustrated
graphically by this quotation from a 5 I-year-old
female from Worcester:
I love taking up hairdressing. There is a
good future in it. When I complete my course,
I won't have to worry about layoff from the shop.

Many of the voluntary quits were people who
were "underemployed," i.e., those who did not
work full time either because of seasonal patterns
or because they could only obtain work two or
three days a week. A 30-year-old truck driver
in Springfield decided to go to barbering school
and quit his union truck driving job partially
because he could only obtain work two or three
days a week.
Not al1 the courses that were taken were satisfactory, nor was employment obtained by all,
although 93 percent of those who had made a
concerted effort to find a job in their new skill
were able to find one.*
A person who was dissatisfied with a business
course taken in air passenger sales and ground
services gave this comment:
Out of 26 people who finished school only 2
are working . . . I am now unemployed and
would appreciate anything you could do for me.

Though the success of retraining was not as
graphic for the old people, there were many
cases of individual triumphs through training in
the older worker. One was a 65-year-old lady
who at the age of 62 had been retired from her
$40 a week typing job. After a period of several
months when she was unemployed for personal
reasons she decided to take a 10-week course in
typing. This lady was very happy with her new
job and her $58 a week pay which she considered
to be a "big improvement."
Some of the individuals who took advantage of
this program were referred to the employment
office by the Massachusetts Rehabilitation Commission. One man who had suffered and was recovering from a nervous breakdown took a course
in electronic mechanical drafting. This man obtained a job as a senior draftsman and has been
•Quite a few barbers and beauticians (15 percent) die!
not remain in their apprenticeship because of low salary
prospects for at least 18 months.

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working steadily ever since.
This program was instrumental in enablinea 38-year-old male from Worcester to finally
realize an I I-year-old ambition to "become a
teacher." This individual was a machinist and
during a period of layoff took the vocational
teaching training course at one of the Massachusetts state colleges during which he was allowed unemployment benefits. After a year of
training he was employed as a machinist again
and took the second year of teacher training two
nights a week. He is now qualified and has been
hired to teach at a vocational school.
Even college graduates have benefited from
this program when they were laid off:
Although I had a B.A. degree in economics, I
had to start in all over again to gain the necessary credits to enter the teaching field. Being
able to attend the intensive teacher training program offered at one of the state teaching colleges
was certainly a great boon to me. This is my first
year teaching and I like it very much.

Many individuals who did not receive a job
directly as a result of training did not feel any
regret as to their taking such training:
I did not receive a job utilizing the knowledge
that I have received in school. However, the
fact that I have furthered my education helped
me to acquire my present job.

Some individuals took a course which would
give them a higher skill in the same industry:
One individual said in describing his experience:
I have been working in shoe factories for l O
to 12 years, always having my pay vary from
$3,000 to $4,500 a year with seasonal layoffs. I
decided to learn a good trade at shoe making
that would keep me busy all year round. That I
did at the ... shoe making school under wonderful guidance and I now have a future to look
forward to.

The man is now making $100 weekly plus overtime and working steadily.
If future retraining experience lives up to the
potential shown in the New England experience,
it might solve the employment problem for many
individuals who have found or will find that
there is little demand for their particular talents,
unless further developed.
However, initial success in the first New England retraining programs does not necessarily
mean that retraining will provide an answer for
finding employment for a substantial number of
the unemployed. As illustrated in the table, the
person who elected to take advantage of the
program is significantly younger and better educated than the unemployed taken as a whole.
Thus it cannot be assumed that all unemployed
would derive comparable benefits from retraining.
A more thorough discussion of the general application of retraining to the unemployed will
be deferred to Part II of this series.
New E11gla11d BUSINESS REVIEW

REVIEW OF THE SECOND QUARTER:

Another Puzzle in Business Trends
Late m the second quarter of 1962 the evaluation of business conditions and trends appeared as a new puzzle. It differed from the
puzzle which had perplexed business analysis
over much of the first quarter.
In that earlier period the underlying trend
in the economy seemed to be still upward. Yet,
many of the lJlOre important statistical measures
of business activity had paused or slackened in
their rate of advance around the beginning of
the yea r. The puzzle was whether this disturbing
development might be signaling a reversal of the
cyclical uptrend which had been in progress
since about February 1961.
The spring months quieted these qualms seemingly by furnishing a resurgence of strength in
many facets of business activity. During the
second quarter, new records were attained in industrial production , construction, employment,
incomes and sales, for example. Faltering confidence was in large part restored, and in the
environment of brightened prospects there was
disposition to dismiss as irrelevant the lack of
persistent advance on the part of some indicators
which characteristically lead the turns in business
cycles. Then in late May, with dramatic impact,
came a sharp drop in one of those leading indicators - common stock prices. Thus arose the
new puzzle: could the economy with all its unusual strengths withstand the shock of this severe
decline in stock market values and sustain its
advance unshaken? The puzzle was still perplexing at midyear.
Stock market activity by no means dominates
the over-all economic picture. Its trend of values,
while recognized as one of many leading indicators, possesses no infallible historical record in
forecasting business weather. Yet, stock market
activity is well publicized, and impinges directly
on the wealth and income of a considerable
share of the consumer and business population.
Indirectly, through its psychological effects, it can
5trongly influence their spending and saving
habits.
From its peak in 1ate 1961, the decline in the
Dow-Jones industrial stock index amounted to
17 percent by May 25, and reached 27 percent
on .June 26. Hindsight judgment concedes that
market values had been unrealistically high.
evertheless, the severity of the decline was a
shock in terms of recent years' experience, and
speculation arose as to its ultimate effect upon
business in general. The puzzle is not finally
solved, but statistics available through midyear

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indicate that business had thus far weathered the
test surprisingly well. A review of the many
phases of New England business discloses more
strengths than weaknesses, and alertness to potential troubles rather than panic before them.
The New England employment picture in the
second quarter was distinctly better than a year
earlier. The more recent trend, however, was
not so clear, and any recent improvement was
more apparent in terms of unemployment than
of employment.
Nonfarm employment expanded during the
quarter to reach an official total of 3,818, I 00.
But the gains were perhaps a little short of
seasonal expectations, and the 12-months' growth
rate narrowed from 2.0 percent as of March to
1.3 percent as of June. In April and May,
seasonal gains in nonmanufacturing offset slight
declines in manufacturing. The best annual
growth rates were attained in the relatively small
ordnance and instrument manufacturing industries. In contrast, June work staffs in the textile,
paper, printing, leather, lumber products and
transportation equipment manufacturing industries, were smaller than a year ago.
Estimated total unemployment continued to
decline from March to May, but rose seasonally
in June to 5.4 percent of the labor force after
adjustment for seasonal factors. In June, 6 of the
15 major labor market areas in the Boston Federal Reserve District had unemployment rates
between 3 and 6 percent, eight had rates between
6 and 9 percent, while only Fall River exceeded

STOCK PRICES

hr mt
IO Staadard and Poor's Composite

1941-43! 10

10- -· _ J

&O r - - - - - + - - - - + - - - + --

--+---+--

50 ---------'------'-----'---__,____-L---_

Dec

1961

Jan

Feb

Mar

1962

Apr

May

_._____,

June

the 9 percent rate. During the quarter favorable
developments in the New Bedford, Brockton and
Lowell areas dropped their rates below 9 percent.
Average workweeks of factory employees, seasonally adjusted, lengthened from 40.4 hours in
March to 40.9 in April, but then contracted to
40.6 in May. In all six states, average workweeks in May were appreciably longer than a
year earlier. Combinations of factory employment and workweek statistics yielded man-hour
indexes which were essentially comparable between March and June on a seasonally adjusted
basis.
Electric Power output by New England producers for all types of usage declined seasonally
during most of the quarter, but averaged 7 percent above that of the 1961 second quarter.
New England manufacturing fJroduction, mea5ured by this bank's index, is a mathematical
derivation from trends in the amounts of manhours and electrical energy which are utilized in
the manufacturing processes. On a seasonally adjusted basis, that index set new records by a
strong rise of 1.9 percent in April and a modest
rise of 0.3 percent in May. The May index of
127.1, expressed in terms of a 1950-1952 base,
denoted an 8 percent rise from a year ago.
Monthly surveys by the New England Purchasing Agents Association indicated that production
continued to increase during the second quarter,
but at a decelerating pace.
Increases in the flow of orders and in inventories during the quarter were noted by the
same Purchasing Agents' reports. Yet, in each
case there was a perceptible narrowing between
March and June in the excess of firms reporting
increases over those reporting decreases.
Construction continued to provide a busy segment of the New England economy during the
second quarter, as attested not only in actual

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new construction in progress, but also in demolition of existing buildings for urban renewal
and public works projects and in the awards of
contracts for future work. Construction employment in June was slightly greater than a year
ago. The value of new contract awards reported
by the F. W. Dodge Corporation slipped 2 percent behind the 1961 pace for April and June,
but scored a 14 percent gain for May, averaging
a 5 percent gain for the quarter.
Consumer spending at New England department stores set a record for Easter sales in April,
lagged slightly behind 1961 performance in May,
but then resurged comfortably above the rather
strong 1961 performance in June. Sales were
relatively strongest in departments selling radio
and television sets, records, women's quality
dresses, blouses, skirts and sportswear, furniture,
floor coverings, aprons and housedresses. Inventories continued to be in good volume, moderately above a year ago. Orders for new merchandise were well above year-earlier levels,
particularly at Metropolitan Boston stores. Revolving credit sales continued to gain relative to
other types of sales. Credit collections were
deemed in generally satisfactory condition.
It continued to be a good year for automobile
dealers. Registrations of new cars in the six
states exceeded comparable 1961 figures by 23
percent in April and by 25 percent in May. Preliminary reports for June noted surprisingly little
effect on sales from the stock market crisis.
For New England vacation business, springtime is a quiet interlude between major seasons
and affords an inadequate measure of trends in
the industry. Reported guest occupancies in
June, however, were 5 percent better than those
of a year ago. Advance reservations for the summer period suggest, relative to 1961, more business for July and August but less for September.
For boys' and girls' camps the flow of reservations
generally sustained cumulative totals above last
year's.
Total personal income of New Englanders for
the month of May was estimated by Business
Week to be 6.8 percent above May, 1961.
The banking and credit situation during the
year's second quarter continued to provide a basis
of balance between the desired goals of domestic
economic expansion and a less adverse balance in
international payments.
Federal Reserve System open market operations permitted net free reserves of the Nation's
member banks to ease down to around $400 million. For weekly reporting member banks in the
First Federal Reserve District, the adjusted total
of loans outstanding in the last week of the
quarter showed a 12 months' net increase of 7.6
percent, while security holdings showed a net inNew England BUSINESS REVIEW

crease of 3. 7 percent.
Over the same 12 months' period, the 3.6 percent rise in demand deposits at those banks
continued to be greatly outpaced by the 22 percent rise in savings and other time deposits. At
a sample group of New England mutual savings
banks, where interest rates on deposits had risen
more gradually, deposit balances as of June 30
showed a 12 months' growth of 9.2 percent.
Interest rates were relatively stable during the
quarter with some firming towards the end of the
period. Yields on 3-month Treasury bill auctions
were generally somewhat below 2.75 percent
until late June when they reached 2.79 percent.
A comparable firming took place in yields on
longer-term Treasury issues and tax-exempt securities. The Federal Reserve Bank discount rate
and the prime bu iness loan rate remained at 3
and 4½ percent respectively.
New England farmers found few signs for optimism this spring, aside from higher values for
their real estate holdings. Egg prices drifted
downward from Easter to reach the lowest levels
in three years by early June, with only a .modest
recovery following. The regional hatch of eggtype chicks was running above a year ago. With
broiler hatchings and placements somewhat less
than in 1961, prices appear to be declining more
moderately. Milk production continued to exceed last year's rate, but prices paid to producers
dropped lower in May and ,Tune than a year ago.
Rainfall shortages have reduced forage for pastures and hay crops. Last year's potato crop
was considered one of the least profitable ever
marketed.
Durable Goods Manufacturing
Employment in New England's primary and
fabricated metals industries for June was somewhat less than for March, but was 3 percent
higher than a year ago. Brass mills in Connecticut had considerably better business in early
1962 until the seasonal slowdown of orders appeared in June. Advance stockpiling of steel
supplies in anticipation of a possible strike in
the summer resulted in a compensating slowdown
in operations as excess stocks were worked off
again. Ferrous foundry operations continued at
about the first quarter rate. Iron and steel scrap
markets were depressed and exports slow.
New England's electrical machinery employment declined slightly in April and May, but
rose in June. Although the industry total remained above that of a year ago, there was
appreciable loss in the electronic component segment. Average weekly hours likewise tended to
decrease from this first quarter but remained
above year-ago levels. However, the outlook remained hopeful with scattered signs of strength

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in new orders. Prices of electronic goods held
generally steady.
Employment at nonelectrical machinery plants
in 1 ew England was rising in the second
quarter, and for June was 2.8 percent better than
a year ago. Average weekly hour were well up
from a year earlier. Machine tool orders, which
had been experiencing a discouraging pace of recovery and had been dependent largely upon
order from foreign sources, took a more hopeful
turn in May. Iron pourings at textile machinery
plants during the second quarter were 10 percent
more than in the same period a .year ago.
New England's transportation equipment industry was again subject to divergent trends. The
high level of automobile sales led to increased
employment on the region's assemblies, and
substantial orders for aircraft components kept
such plants busy. On the other hand, shipyard
activities continued to be relatively quiet with
little prospect of substantial improvement.
Nondurable Goods Manufacturing
New England textile mills again presented a
picture of no over-all growth, relative weakness
in cottons, and relative strength in woolens and
worsteds. Total employment changed little during early 1962, with a June figure 2.6 percent
below that of a year ago. Early 1962 employment trends were upward at woolen and worsted
mills, downward at cotton mills. Average workweeks tended to lengthen in both cases. Orders
were reported to be strengthening for industrial
fabrics, synthetic cloths, and at finishing and
dyeing mills.
The spring seasonal slowdown at New England
apparel shops was relatively mild in terms of employment, while hours of work remained higher
than in 1961. Manufacturers of women's sportswear, in particular, had a good season. Orders
for men's fall clothing were received in good
volume and earlier than last year.
ew England shoe production was maintained
at an improved level during the second quarter,
and for the half year is expected to average 5
percent over a year ago. Retail sales continued
in strong volume even after Easter, but some industry representatives sensed a slackening pace
in .June sales and in orders for fall and winter
lines. Rising imports constituted a continuing
problem.
The New England jewelry industry had a fairly
good quarter. Work staffs fluctuated about 1961
levels, while workweeks were longer. The declining popularity of cheap imported beads has
benefited the market for ]ocally made metal costume jewelry, and the domestic industry is vigorously striving to become more competitive in
world markets for jewelry in general.
7

BANKING

PRICES, MAN-HOURS, AND EARNINGS

Bill ions of Dollars

:
J

Federal Reserve District 1

Percent
1957-59 =100

'"""'
90 ~-u•~------'-----'--l_ __ _.1_ _ _ __.__I_ _ _II'
110 Percent

D::':

CONSUMER PRICES - MASS.

110 '-

PRODUCTION -WORK ER
MAN -HOURS - N .E.

1950= 100

4.2
=========
~
======:'.:=======~========::'
~~
.:======~j_
1.8....

~__,,,,,cOMMER~LO ~

1.4 ~ , . . _ _ _ _ _ _ _ _ ~

1.0c,l'------'------'--'-----JIL.... -_ _ __.__
I _ __
V

1958

1960

60 ~1 ' - - - - - ' - - - - - ' - - - - - - - ' - - - - - ~ - - -'V"
1960
1958
1962

.,,.

1962

*REVISED

MASSACHUSETTS

(1950-52

MANUFACTURING INDEXES

(seasonally ad justed)

NEW ENGLAND

100)

(1950-52

June '62

May "62

June '61

June '62

May '62

122
109
42
117
104

124
110
43
116
108

116
107
44
121
107

127
119
68
119
119

127
121

All Manufacturing
Primary Metals
Textiles
Shoes and Leather
Paper

UNITED STATES

100)

(1957

June '61
118
100
65
122
122

125
128

Commercial and Indu strial Loans ($ millions)
[Weekly Reporting Member Banks)
Deposits [$ millions)
[Weekly Reporting Member Banks)
Check Payments ($ millions)
(Selected Cities)
Consumer Installment Credit Outstanding
(index, seas. adj . 1957 = 100)

1001

May '62

118
86
n.a.
n.a .
n.a .

118
91
122
n.a .
124

Ju ne "61
111 r
92
112
104
118

UNITED STATES
Percent Change from:

NEW ENGLAND
Percent Change from:
BANKING AND CREDIT

June '62

June '62
1,573

May '62
+2

June '61
+6

June •62
33,092

4,898

124,873

10,758

-2

292,500

123.8

132.3

112

111

-4

115

118

3,818
105

+2
-14

+1
-30

55,654
1,505

+1
-6

+2
- 28

105.3

100.5

97.03

185 ,040
88,423
25 ,560

-22
+9
-70

+6
+4
-6

3,922,925
1,763,456
683,396

-1
+2
-4

+14
+16
+9

128
54
976

+1
0
0

+1
-5
+4

130
1,281
15,234

-2
- 7
-7

+8
- 9
-7

May '62
0

June '61
+5

TRADE

Deportment Store Sales
(index, seas. adj. 1957-59*
Department Store Stocks
(index, seas . odj . 1957-59*

100)

EM PLOYMENT, PRI CES, MAN-HOURS & EARNINGS

Nonagr icultural Employment (thqusands)
Insured Unemployment (thousands)
(excl . R. R. and temporary programs)
Consumer Prices
(index, 1957-59 = 100)
Production-Worker Mon-Hours
(index, 1950 = 100)
Weekly Earnings in Manufacturing ($)

106.9
(Mass .')
88.4
90 .90
(Moss.)

OTHER INDICATORS

Construction Contract Awards ($ thous.)
(3-mos . moving averages April , May, June)
Total
Residential
Publ ic Works
Electrical Energy Production
(index, seas . adj . 1957-59 = 100)
Bu si ness Fa il ures (number)
New Busine ss Incorporations (number)
* Index revised

8
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

revised

n.a .

not available

New England BUSINESS REVIEW

Full text of New England Economic Review : August 1962

FRASER